Čć! (-!+ēŊ 4-%41 '4
Äž ĹŠ } Ä?
ƒ
1#1.2ĹŠ!#+# 1 -ĹŠ 24ĹŠ"~ ĹŠ!+;2(!.
ĹŠĹŠÄˆĹŠ ĹŠ ĹŠ ĹŠÄ‰Ä‡ÄˆÄˆ Ĉ ĹŠ ĹŠ ĉćĈĈ
Ä?ĉŊ'.1 2ĹŠ#ĹŠ'4#+% ĹŠ
-%1#ĹŠ#-ĹŠ ( ( ĹŠ-.ĹŠ!#2 ;%(- ĹŠ Ä’
;%(- ĹŠ Ĉ
;%(- ĹŠ ĈĊĔ ĈÄ?
#"4+ !(¢-Ŋ 3(#-#Ŋ !.%("
!34 +#2ĹŠ".!4Äą ,#-3.2ĹŠ2(%4#-ĹŠ 5(%#-3#2ĹŠ' 23 ĹŠĹŠ Ä‰Ä‡ÄˆÄŠĹŠ8ĹŠ2#15(1;-ĹŠ#-ĹŠ + 2ĹŠ#+#!!(.-#2Ä“
9ed [b fhefŒi_je Z[ Wj[dZ[h W jeZei bei Y_kZWZWdei gk[ Z[iZ[ ^WY[ lWh_Wi i[cWdWi i[ ZWd Y_jW Wb H[]_ijhe 9_l_b Z[ Jkd]khW^kW" fWhW ieb_Y_jWh bW dk[lW YƒZkbW Z[ Y_kZWZWd‡W" bW [dj_ZWZ ^W _c# fbWdjWZe dk[l[ cŒZkbei fWhW kdW c[`eh Wj[dY_Œd$ >WijW Wo[h bW fh[i[dY_W Z[ kikWh_ei \k[ cWi_lW" [ie W f[iWh gk[ bW cWoeh‡W Z[ bWi ieb_Y_jkZ[i [i fWhW h[delWh [b ZeYkc[dje f[hiedWb cW]dƒj_Ye$ :[iZ[ ^WY[ YkWjhe i|XWZei" [b eh]Wd_ice [djh[]W dehcWb Wj[d# Y_Œd" Yed [b fhefŒi_je Z[ gk[ bei
Y_kZWZWdei eXj[d]Wd ik YƒZkbW" i_d Z[`Wh Z[ c[dY_edWh gk[ bW Yƒ# ZkbW Wdj_]kW W‘d [ij| [d l_][d# Y_W o fk[Z[ i[h kj_b_pWZW [d bei fhÂŒn_cei Yec_Y_ei [b[YjehWb[i Z[b - Z[ cWoe Z[ (&''$ : ĹŠ ĉ
1 -ĹŠ"~ ĹŠ/ 1 ĹŠ#+ĹŠ,4-".ĹŠ! 3¢+(!. ÂĄ ēŊ ĹŠ 3#-!(¢-ĹŠ2#1;ĹŠ!.-3(Äą -4 ĹŠ' 23 ĹŠ#+ĹŠÄ?ĹŠ"#ĹŠ, 8.Ä“
.8ĹŠ 4 -ĹŠ +.ĹŠ ĹŠ2# ĹŠ # 3(ÄƒĹŠ! ".ēŊ ĹŠ!#1#,.-( ĹŠ2#1;ĹŠ5(23 /.1ĹŠ,(++.-#2ĹŠ"#ĹŠ!1(23( -.2ĹŠ04(#-#2ĹŠ 1#!4#1" -ĹŠ!.-ĹŠ,4!'.ĹŠ ,.1ĹŠ8ĹŠ%1 -ĹŠ"#5.!(¢-ĹŠ +ĹŠ -3.ĹŠ "1#ēŊ +ĹŠ/1(,#1.ĹŠ#-ĹŠ5#-#1 1ĹŠ ĹŠ 4 -ĹŠ +.ĹŠ #%4-".ĹŠ2#1;ĹŠ#+ĹŠ/.-3~ÄƒĹŠ!#ĹŠ #-#"(!3.ĹŠ ēŊŊ ;%(- ĹŠ ĉÄ?
. Ĺ‹*),Ĺ‹ & Ĺ‹ )(-/&. Ĺ‹ )*/& , I[_i fWd[b_ijWi" Z[XWj_[hed ieXh[ iki fei_Y_ed[i Wdj[ bW 9edikbjW FefkbWh o H[\[hƒdZkc" fhe# ckb]WZe feh [b [`[Ykj_le fWhW [b fhÂŒn_ce i|XWZe - cWoe$ ;d [b Yedl[hiWjeh_e Y_kZW# ZWde" h[Wb_pWZe [d [b WkZ_jeh_e Z[ bW 9|cWhW Z[ 9ec[hY_e Z[ 7cXWje fWhj_Y_fWhed0 8[jjo 9W# hh_bbe" WiWcXb[‡ijW1 L‡Yjeh >k]e @WhWc_bbe" [n h[Yjeh Z[ bW Kd_# l[hi_ZWZ JƒYd_YW Z[ 7cXWje o [b YedY[`Wb 9Whbei H_l[hW Z[\[d# Z_[dZe [b leje feh [b I_$ C_[djhWi gk[ [b De" \k[ h[fh[# i[djWZe [d bW lep Z[ bei WiWc# Xb[‡ijWi L_Y[dj[ JW_Wde" Bk_i CehWb[i o @kWd 9Whbei BÂŒf[p$
-ŋ -ŋ3ŋ-/ŋ - )( (., #š(
¥ ēŊ .2Ŋ/ -#+(23 2Ŋ"(#1.-Ŋ Ŋ!.-.!#1Ŋ+ 2Ŋ1 9.-#2Ŋ/.1Ŋ+ 2Ŋ!4 +#2Ŋ 5.3 1Ŋ Ŋ$ 5.1Ŋ.Ŋ#-Ŋ!.-31 Ŋ Ŋ+ Ŋ .-24+3 ē
:khWdj[ [b [l[dje" gk_[d[i fh[i[dY_Whed [b Z[XWj[" eXi[hlW# hed kd Z_|be]e Z[ WbjkhW" ZedZ[ h[YehZWhed W ]eX_[hdei Wdj[h_e#
h[i" ik [hheh[i" WY_[hjei o be Yec# fWhWhed Yed [b WYjkWb$ : ĹŠ ÄŽ
:[b[]WZei Z[ bWi fhel_dY_Wi gk[ Yed\ehcWd bW PedWb )" WdWb_pWhed [b fheY[ie Z[ Z[i# YedY[djhWY_ÂŒd Z[b ;`[Ykj_le [d [b j[hh_jeh_e$ BW I[Yh[jWh‡W DWY_edWb Z[ FbWd_\_YWY_ÂŒd o :[iWhhebbe I[dfbWZ[i [djh[]ÂŒ _d\ehcW# Y_ÂŒd o Z[if[`ÂŒ _dgk_[jkZ[i Z[ bei h[fh[i[djWdj[i Z[ bei =eX_[hdei 7kjÂŒdecei :[i# Y[djhWb_pWZei =7:i " [d kdW h[kd_ÂŒd cWdj[d_ZW [d [b =e# X_[hde Ckd_Y_fWb Z[ 8W‹ei Z[ 7]kW IWdjW$ 7gk‡ i[ i[‹WbÂŒ gk[ [b =e# X_[hde dWY_edWb ^W [cfh[d# Z_Ze kd fheY[ie gk[ _cfb_YW kd WY[hYWc_[dje Z[ bWi _di# j_jkY_ed[i Z[b ;`[Ykj_le W bei j[hh_jeh_ei$ : ĹŠ ÄŠ
ēŊ 43.1(" "#2Ŋ /1.5(-!( +#2Ŋ - +(9 1.-Ŋ3#, 2Ŋ"#Ŋ (,/.13 -!( ē
666Ä“+ '.1 Ä“!.,Ä“#!
Ä‚ 0%!),+ (! 01. Ä Ä†Ĺ?)%*Ä‹
Ĺ?Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ?
ĹŠ ĹŠ ĹŠ ĹŠ ĹŠ ĹŠ ĹŠ ^ Fh[]kdjW De$ /
:[ bW h[]kbWY_ÂŒd Z[ bW h[ifediWX_b_ZWZ Z[ bei c[# Z_ei Z[ Yeckd_YWY_ÂŒd$ Ä 23;ĹŠ423#"ĹŠ"#ĹŠ !4#1".ĹŠ04#ĹŠ+ ĹŠ 2 , +# ĹŠ !(.- +ĔŊ2(-ĹŠ"(Äą + !(.-#2ĔŊ "#-31.ĹŠ "#+ĹŠ /+ 9.ĹŠ #23 +#!(".ĹŠ /.1ĹŠ + ĹŠ #8ĹŠ 1%;-(! ĹŠ "#ĹŠ+ ĹŠ 4-!(¢-ĹŠ #%(2+ 3(5 ĔŊ#7/(" ĹŠ4- ĹŠ #8ĹŠ"#ĹŠ .,4-(! !(¢-ĹŠ 04#ĹŠ!1##ĹŠ#+ĹŠ .-2#).ĹŠ"#ĹŠ #%4+ !(¢-ĹŠ04#ĹŠ1#%4+#ĹŠ+ ĹŠ"($42(¢-ĹŠ"#ĹŠ !.-3#-(".2ĹŠ#-ĹŠ+ ĹŠ3#+#5(2(¢-ĔŊ1 "(.ĹŠ8ĹŠ/4 +(! !(.-#2ĹŠ"#ĹŠ/1#-2 ĹŠ #2!1(3 ĹŠ04#ĹŠ!.-3#-% -ĹŠ,#-2 )#2ĹŠ"#ĹŠ5(.+#-!( ĔŊ#7/+~!(3 ,#-Äą 3#ĹŠ2#74 +#2ĹŠ.ĹŠ"(2!1(,(- 3.1(.2ĔŊ8ĹŠ04#ĹŠ#23 +#9! ĹŠ!1(3#1(.2ĹŠ"#ĹŠ 1#2/.-2 (+(" "ĹŠ4+3#1(.1ĹŠ"#ĹŠ+.2ĹŠ!.,4-(! ".1#2ĹŠ.ĹŠ+.2ĹŠ,#"(.2ĹŠ #,(2.1#2Ä&#x;ĹŠĹŠI? DE
Fh[]kdjW De$ '&
:[ bW j_f_Ă’ YWY_ÂŒd Z[b Z[b_je Z[ _dYkcfb_c_[dje Z[ bWi eXb_]WY_ed[i bWXehWb[i feh [b [cfb[WZeh$ Ä 23;ĹŠ423#"ĹŠ"#ĹŠ !4#1".ĹŠ04#ĹŠ+ ĹŠ 2 , +# ĹŠ !(.- +ĔŊ2(-ĹŠ"(+ Äą !(.-#2ĔŊ"#-31.ĹŠ"#+ĹŠ/+ 9.ĹŠ#23 +#!(".ĹŠ/.1ĹŠ+ ĹŠ #8ĹŠ 1%;-(! ĹŠ"#ĹŠ + ĹŠ 4-!(¢-ĹŠ #%(2+ 3(5 ĔŊ ĹŠ/ 13(1ĹŠ"#ĹŠ+ ĹŠ/4 +(! !(¢-ĹŠ"#ĹŠ+.2ĹŠ1#24+Äą 3 ".2ĹŠ "#+ĹŠ /+# (2!(3.ĔŊ 3(/(ÄƒĹŠ04#ĹŠ !.,.ĹŠ (-$1 !!(¢-ĹŠ /#- +ĹŠ + ĹŠ -.ĹŠ ÄƒĹŠ+( !(¢-ĹŠ +ĹŠ -23(343.ĹŠ !4 3.1( -.ĹŠ"#ĹŠ #%41(" "ĹŠ .!( +ĹŠ"#ĹŠ+.2ĹŠ 31 ) ".1#2ĹŠ#-ĹŠ1#+ !(¢-ĹŠ"#ĹŠ"#/#-"#-!( Ä&#x;ĹŠI? DE
/.'-'
/ )Ĺ‹' -#0 Ĺ‹*, - ( # Ĺ‹* , ) . ( ,Ĺ‹ Z /& Ĺ‹ Ĺ‹# (.#
43.1(" "#2ĹŠ(-Äą 2(23#-ĹŠ#-ĹŠ04#ĹŠ-.ĹŠ #2ĹŠ. +(% 3.1(.ĹŠ1#-Äą .5 1ĹŠ#+ĹŠ".!4,#-3.ĹŠ / 1 ĹŠ#+ĹŠÄ?ĹŠ, 8.Ä“
F[i[ W gk[ bWi Wkjeh_ZWZ[i fhe# l_dY_Wb[i Z[b H[]_ijhe 9_l_b Z[ Jkd]khW^kW" _dZ_YWhed gk[ bW YƒZkbW Z[ _Z[dj_ZWZ Wdj_]kW j_[# d[ l_][dY_W ^WijW [b W‹e (&')" bei Y_kZWZWdei i_]k[d ieb_Y_jWdZe [b ZeYkc[dje$ ;i Wi‡ gk[ Z[iZ[ ^WY[ lWh_Wi i[cWdWi i[ h[]_ijhÂŒ kd _dYh[# c[dje dejWXb[ Z[ kikWh_ei [d bWi W\k[hWi Z[b eh]Wd_ice" gk[ [ij| kX_YWZe [d bW pedW WbjW Z[ bW Y_k# ēŊ ĹŠ#-3(" "ĹŠ+ .1¢Ŋ 8#1ĹŠ"#ĹŠ$.1, ĹŠ-.1, +Ä“ ZWZ$ JWd_W >Whe" Z_h[YjehW fhe# &)0&& [d bWi W\k[hWi Z[ bW [dj_# BekhZ[i :‡Wp" WcW Z[ YWiW gk[ l_dY_Wb Z[b eh]Wd_ice" c[Z_Wd# ZWZ fWhW eXj[d[h ik ZeYkc[dje" WYkZ_ÂŒ Wo[h W eXj[d[h ik ZeYk# f[i[ W gk[ Yk[djWd Yed [b c[dje$ j[ kd Yeckd_YWZe Z[ Feh ik fWhj[ >Whe" i[‹WbÂŒ gk[ Wdj_]ke$ fh[diW" i[‹WbÂŒ gk[ fWhW ĹŠ 7dj[ be [nfk[ije" [d bW YƒZkbW dk[lW Yk[djW Yed bWi bWi dk[lWi [b[YY_ed[i [b H[]_ijhe i[ i_]k[d [n# i[]kh_ZWZ[i Z[b YWie" fWhW [l_jWh gk[ i[ ZWh|d [b fhÂŒn_ce j[dZ_[dZe c|i Z[ )&& \Wbi_Ă’ YWY_ed[i e ikfbWdjWY_ed[i - Z[ cWoe" de [i d[Y[# ĹŠ 3#-!(¢-ĹŠ"#+ĹŠ #%(231.ĹŠ (5(+ĹŠ YƒZkbWi cW]dƒj_YWi Z_W# Z[ _Z[dj_ZWZ$ iWh_e gk[ jeZei j[d]Wd 2#%4(1;ĹŠ"#ĹŠ :[ _]kWb \ehcW ^_pe kd bbW# h_Wi$ h[delWZe ik ZeYkc[dje , -#1 ĹŠ-.1, +ĹŠ ' 23 ĹŠ#+ĹŠÄ?ĹŠ"#ĹŠ ÆGk[h[cei iWYWh Z[ cWZe W bW Yeb[Yj_l_ZWZ fWhW gk[ f[hiedWb" oW gk[ i_ de be , 8.ĔŊ"~ ĹŠ#-ĹŠ04#ĹŠ 2#ĹŠ1# +(9 1;-ĹŠ+ ĹŠ kdW l[p bW dk[lW YƒZkbW" fehj[d i_[cfh[ ik ZeYkc[dje j_[d[d fk[Z[d ik\hW]Wh .-24+3 ĹŠ fehgk[ Z[ifkƒi ^W Z[ i[h eh_]_dWb" oW gk[ ƒij[ de [i l|b_# Yed bW YƒZkbW Wdj[h_eh$ ./4+ 1ĹŠ8ĹŠ#+ĹŠ #$#1_-"4,Ä“ f[eh o de gk[h[cei [if[# Ze YkWdZe [i iWYWZe Yef_W o [c# I_d [cXWh]e bei kikW# hWh ^WijW [b Ă’ dWbÇ" i[‹WbÂŒ fbWij_YWZe$ h_ei cWZhk]Wd Z[iZ[ bWi
0 (4 ŋ &ŋ *,) -)ŋ ŋ ., $)ŋ (ŋ & ŋ )( &ŋý #/1#2#-3 -3#2Ŋ "#Ŋ+.2Ŋ 2Ŋ!.Ĺ .1"(- -Ŋ !!(.-#2Ŋ / 1 Ŋ(-"#/#-"(9 1Ŋ Ŋ+ 2Ŋ/1.5(-!( 2ē
9ed bW fh[i[dY_W Z[ jh[i Wb# YWbZ[i Z[ 9^_cXehWpe" Zei Z[ 9ejefWn_" kde Z[ FWijWpW" Zei l_Y[fh[\[Yjei Z[ 9^_cXehWpe o FWijWpW" Wi‡ Yece Z[b[]WZei Z[ Wb]kdWi Wkjeh_ZWZ[i Z[ bW PedW Z[ FbWd_Ă’YWY_ÂŒd ) [d [if[Y_Wb Z[b Ckd_Y_f_e Z[ 7cXWje" ZedZ[ i[ _d_Y_ÂŒ bW h[kd_ÂŒd YedleYWZW feh [b 7iWcXb[‡ijW CWhYe Ckh_bbe Z[ 9^_cXehWpe" fWhW WdWb_pWh [b fheY[ie Z[ Z[iYedY[djhWY_ÂŒd Z[b ;`[Ykj_le [d [b j[hh_jeh_e$ BW I[Yh[jWh‡W DWY_edWb Z[ FbWd_Ă’YWY_ÂŒd o :[iWhhebbe I[d# fbWZ[i W jhWlƒi Z[ 7dW CWh‡W BWhh[W" l_Y[c_d_ijhW" [djh[]ÂŒ jeZW bW _d\ehcWY_ÂŒd o Z[if[`W# hed _dgk_[jkZ[i Z[ bei h[fh[i[d# jWdj[i Z[ bei =eX_[hdei 7kjÂŒde# cei :[iY[djhWb_pWZei =7:i " gk_[d[i [ijkl_[hed fh[i[dj[i [b fWiWZe (+ Z[ WXh_b [d [b iWbÂŒd
fh_dY_fWb Z[b =eX_[hde Ckd_Y_# fWb Z[ 8W‹ei Z[ 7]kW IWdjW$ I[ ^WXbŒ Z[ bW :[ceYhWj_pW# Y_Œd Z[b ;ijWZe0 _dij_jkY_ed[i Z[ bW \kdY_Œd ;`[Ykj_lW" j_febe]‡Wi Z[ Z[iYedY[djhWY_Œd" d_l[b[i Z[ Z[iYedY[djhWY_Œd Z[ bei c_d_ij[# h_ei i[Yjeh_Wb[i o i[Yh[jWh‡Wi dW# Y_edWb[i" c[Z_Wdj[ [b YkWb [b =e# X_[hde dWY_edWb ^W [cfh[dZ_Ze kd fheY[ie gk[ _cfb_YW kd WY[h# YWc_[dje Z[ bWi _dij_jkY_ed[i Z[b ;`[Ykj_le W bei j[hh_jeh_ei$
.+4!(.-#2ĹŠ
Ieb[ZWZ :k[‹Wi" ikXi[Yh[jWh_W Z[ bW PedWb ) Z[ bW I[dfbWZ[i" i[‹WbÂŒ gk[ bW 9edij_jkY_ÂŒd [d [b fheY[ie Z[ Z[iYedY[djhWY_ÂŒd [i Wjh_XkY_ÂŒd Z[b Fh[i_Z[dj[ Z[ bW H[f‘Xb_YW" gk_[d j_[d[ bW \WYkb# jWZ Z[ Z[Y_Z_h Yece eh]Wd_pW bW \kdY_ÂŒd ;`[Ykj_lW$ I_d [cXWh]e" bei \kdY_edWh_ei Z[ bW I[Yh[jWh‡W Z[ FbWd_Ă’YWY_ÂŒd o :[iWhhebbe ^Wd [ijWZe fh[i[d# j[i [d bWi h[kd_ed[i W bWi YkWb[i ^Wd i_Ze YedleYWZei Yed [b Ă’d Z[ ZWh W YedeY[h bei WlWdY[i" WYbWhWh ZkZWi [ _dgk_[jkZ[i Z[ bei =eX_[hdei Fhel_dY_Wb[i" Ck# d_Y_fWb[i o @kdjWi FWhhegk_Wb[i" fWhW gk[ bW dk[lW \ehcW Z[ Z_i#
Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ?
5#-3.ĹŠ"#ĹŠ,." 2
Ĺ—ĹŠĹŠ
ēŊ #/1#2#-3 -3#2Ŋ,4-(!(/ +#2Ŋ!.-.!(#1.-Ŋ,;2Ŋ+.2Ŋ/1.8#!3.2Ŋ04#Ŋ 2#Ŋ5(#-#-ē
jh_XkY_ÂŒd Z[b ;`[Ykj_le de ][d[# h[ fheXb[cWi" i_de c|i X_[d i[W kdW iebkY_ÂŒd W bei c‘bj_fb[i _d# Yedl[d_[dj[i gk[ j_[d[ bW feXbW# Y_ÂŒd fWhW WYY[Z[h W bei i[hl_Y_ei f‘Xb_Yei$ 1.!#2.2ĹŠ
;b fheY[ie Z[ Z[iYedY[djhWY_Œd WfkdjW ieXh[ jeZe W bW ][d[hW# Y_Œd Z[ [gk_ZWZ j[hh_jeh_Wb" hec# f[h bWi Wi_c[jh‡Wi Z[ feZ[h gk[ [n_ij‡Wd [djh[ Wb]kdWi fhel_d# Y_Wi" kdWi Yed kdW YedY[djhW# Y_Œd _dij_jkY_edWb \k[hj[ o ejhWi gk[ de [hWd Wj[dZ_ZWi$ BW _Z[W [i bb[]Wh W jeZWi bWi
fhel_dY_Wi o YWdjed[i be c|i Y[hYW Z[ bW Y_kZWZWd‡W" fWhW be YkWb _dYbkie i[ jhWXW`W [d [b Z_i[# ‹e Z[ Z_ijh_jei o Y_hYk_jei" dk[lW \ehcW Z[ eh]Wd_pWY_ÂŒd j[hh_jeh_Wb Z[b ;`[Ykj_le fWhW jhWdi\ehcWh [b fW‡i" ZedZ[ bei Y_kZWZWdei j[dZh|d [d YWZW beYWb_ZWZ i[hl_# Y_ei Z[ YWb_ZWZ o YWb_Z[p$ ;d bW h[kd_ÂŒd i[ Z[Y_Z_ÂŒ Yed# \ehcWh kd [gk_fe Z[ jhWXW`e YeehZ_dWZe feh bei ]eX_[hdei fhel_dY_Wb[i" gk_[d[i fh[i[djW# h|d kdW fhefk[ijW [d bW gk[ i[ _dYehfeh[ bW Z[ Jkd]khW^kW" W Ă’d Z[ iWX[h bWi d[Y[i_ZWZ[i o bei fheo[Yjei Z[ Z_Y^W fhel_dY_W$
/( #š(ŋĒ , #- ŋ ŋ
-Ä-ēŋ , ŋ-/-ŋ*/ ,. -
".-3¢+.%.2Ŋ1#-.5 1.-Ŋ"(1#!3.1(.
#2"#ĹŠ+ 2ĹŠ/1(,#1 2ĹŠ'.1 2ĹŠ"#ĹŠ 8#1ĔŊ04(#-#2ĹŠ2.-ĹŠ 2.!( ".2ĹŠ +ĹŠ .+#%(.ĹŠ "#ĹŠ ".-3¢+.%.2ĹŠ"#ĹŠ 4-%41 '4 ĔŊ !4"(#1.-ĹŠ ĹŠ24$1 % 1ĹŠ/ 1 ĹŠ1#-.5 1ĹŠ #+ĹŠ"(1#!3.1(.ĔŊ#+ĹŠ!4 +ĹŠ/#1, -#!#1;ĹŠ#-ĹŠ#+ĹŠ/#1~.".ĹŠÄ‰Ä‡ÄˆÄˆÄąÄ‰Ä‡ÄˆÄŠÄ“ĹŠ ĹŠ!.-Äą !411#-!( ĹŠ$4#ĹŠ5 1( +#ĹŠ"41 -3#ĹŠ#+ĹŠ"~ ĔŊ".-"#ĹŠ +ĹŠÄƒ- +ĹŠ"#+ĹŠ#-!4#-31.ĹŠ #+#!3.1 +ĔŊ2#ĹŠ!.-3 (+(9 1.-ĹŠ+.2ĹŠ5.3.2ēŊ
ă
8W`e [b b[cW ĂˆJhWXW`WdZe feh [b X_[d[ijWh Z[ f[hiedWi Yed YWfW# Y_ZWZ[i [if[Y_Wb[iÉ" bW <kdZWY_ÂŒd ĂˆDWhY_iW Z[ @[i‘iÉ _d_Y_Wh| ik bW# Xeh X[dÂƒĂ’YW Z[iZ[ [ij[ bkd[i ( Z[ cWoe Z[ (&''" Yed ik WcX_[d# j[ WZc_d_ijhWj_le kX_YWZe [d bWi YWbb[i ;if[`e &+#*' o HeYW\k[hj[" [igk_dW$ FWhW [bbe" bei h[fh[i[djWdj[i Z[b eh]Wd_ice j_[d[d fh[l_ijW bW _dWk]khWY_ÂŒd Z[b i_j_e [b Z‡W i[# ‹WbWZe W fWhj_h Z[ bWi '-0)& [d bWi _dijWbWY_ed[i c[dY_edWZWi" [b eX`[j_le [i ZWh W YedeY[h bW c_# i_ÂŒd Z[ bW [dj_ZWZ gk[ lW fheo[Y# jWZW [d bW ieb_ZWh_ZWZ o Wfeoe W bei c|i d[Y[i_jWZei$ H_X[h :edeie" [i [b fh[i_Z[d# j[ Z[b eh]Wd_ice" gk_[d _dl_jÂŒ W bW Y_kZWZWd‡W fWhW gk[ YedepYWd [b Y[djhe$
ēŊ 2ĹŠ/ + 1 2ĹŠ"#ĹŠ2.+(" 1(" "ĹŠ "#ĹŠ 1!(2 ĹŠ"#ĹŠ #2ĂŒ2ĹŠ2.-ĹŠ /+(! " 2ĹŠ#-ĹŠ #23#ĹŠ!#-31.Ä“
;b jhWXW`e gk[ _d_Y_W bW <kd# ZWY_ÂŒd [ij| [d\eYWZe [d [b Wfe# oe Z[i_dj[h[iWZe" jecWdZe [d Yk[djW gk[ [b i_j_e de j_[d[ Ă’d[i Z[ bkYhe o i[ XWiW ‘d_YWc[dj[ [d bW ][ij_ÂŒd ieY_Wb$
Gk_[d[i Yed\ehcWd bW Kd_ÂŒd Z[ Eh]Wd_pWY_ed[i Z[ 9ec[hY_Wdj[i Ăˆ;YkWZeh IeX[# hWdeÉ" h[Wb_pWh|d ^eo [b :[iĂ’b[ Z[ CeZWi" eh]Wd_pWZe feh bei fheZkYjeh[i Z[ hefW gk[ bWXehWd YWZW Zec_d]e o bkd[i [d [b |h[W Z[ bW Yed\[YY_ÂŒd Z[b C[hYWZe CWoeh_ijW$ ;b [l[dje i[ ZWh| W bWi '+0&& [d [b fWhgk[WZ[he Z[ FbWd^e\W$ Feh jWb cej_le bei eh]Wd_pWZe# h[i _dl_jWd W bei WcXWj[‹ei W WZc_hWh bWi fh[dZWi gk[ Wgk‡ i[ Yed\[YY_edWd$
1.!#2.2Ŋ"#Ŋ ,."#1-(9 !(¢-
Ĺ—ĹŠĹŠĹŠ
9ehh[ei Z[b ;YkWZeh" i[ ceZ[hd_pW Yed YWcX_ei Z[ j[Ydebe]‡W Z[ fkdjW" dk[lei fheZkYjei o i[hl_Y_ei" Yed [b W\|d Z[ fej[dY_Whbei [d X[d[Ă’Y_e Z[ bWi [cfh[iWi" d[]eY_ei o bW Yeckd_ZWZ$ ;i feh [bbe gk[ bWi ĂˆKhWak_dZW ;YkWZehÉ" Yed ik i_]d_Ă’YWZe Xk[dWi dej_Y_Wi" [ijWh| [d jeZWi bWi fhel_dY_Wi Z[b fW‡i" [if[Y_Wbc[dj[ [d 7cXWje" Yed ik fh[i[djWY_ÂŒd eĂ’Y_Wb fWhW [b bkd[i ( Z[ cWoe Z[ (&'' [d [b IWbÂŒd Z[ bW 9_kZWZ$
-4-!( -Ŋ/.2(!(¢-
Ĺ—ĹŠ ĹŠĹŠBW 7ieY_WY_ÂŒd ?dZ‡][dW ;lWd]ƒb_YW Z[ Jkd]khW^kW" WdkdY_Wd ik fei_Y_ÂŒd \h[dj[ W bW 9edikbjW FefkbWh" [ij[ bkd[i ( Z[ cWoe Z[ (&'' [d [b 7kZ_jeh_e Z[b =eX_[hde fhe# l_dY_Wb W fWhj_h Z[ bWi '&0)&$
ĹŠ ĹŠ Â&#x;
ĹŠ ĹŠ ĹŠ ĹŠ ĹŠ ĹŠ ĹŠ }
Ä…
Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ?
"),, ,Ĺ‹* , Ĺ‹0#0#,Ĺ‹ (Ĺ‹ * 4Ĺ‹ (Ĺ‹&)-Ĺ‹ ˜)-Ĺ‹ Ĺ‹0 $ 4
.2Ŋ /.13#2Ŋ +Ŋ Ŋ-.Ŋ2.-Ŋ2.+.Ŋ 2 +4"ĔŊ2.-Ŋ31 -Ĺ 04(+(" "Ŋ Ŋ+ 1%.Ŋ /+ 9.ēŊ
(2(3 ĹŠ"#/.13(5
Ĺ—ĹŠĹŠ
9ece fWhj[ Z[ ik Yecfhe# c_ie ieY_Wb" bW 9eef[hWj_lW Z[ 7^ehhe o 9hƒZ_je IWd <hWd# Y_iYe" _cfkbiWd [d bW d_‹[p [b YWh_‹e ^WY_W bei [gk_fei Z[ \‘jXeb WcXWj[‹e" [i Z[Y_h" bei YbkXi ieY_Wb o Z[fehj_le JƒY# d_Ye Kd_l[hi_jWh_e o CWYWh|$ 7o[h bW [iYk[bW Ăˆ/ Z[ EYjk# Xh[É Z[ >kWY^_ =hWdZ[ jkle bW l_i_jW Z[ `k]WZeh[i Z[b CWYWh| fWhW YecfWhj_h ]hWjei cec[djei Yed bei d_‹ei [d `k[]ei Z[ \‘jXeb" \ejei o Ă’hcW Z[ WkjÂŒ]hW\ei$
ÄĽ 3 '4 +/ ÄŚĹŠ"#ĹŠÄƒ#23
Ĺ—ĹŠĹŠ
;b 9eb[]_e JƒYd_Ye 7jW^kWb# fW _d_Y_W iki \[ij_l_ZWZ[i fW# jhedWb[i o fWhW [bbe fh[i[djWd kd fhe]hWcW lWh_WZe fWhW YecfWhj_h ik Wb[]h‡W Yed bW Yeb[Yj_l_ZWZ$ ;b bkd[i ( Z[ cWoe" [d [b fWj_e Y[djhWb Z[ bW _dij_jkY_ÂŒd Z[ &-0&& W &-0)&" i[ h[Wb_pWh| [b bWdpWc_[dje eĂ’Y_Wb Z[ bWi Ă’[ijWi Wdj[ bWi Wkjeh_ZWZ[i" ZeY[dj[i o [ijkZ_Wdj[i$ Bk[]e Z[ [bbe i[ h[Wb_pWh| bW Z[ceijhWY_ÂŒd Z[ bei j_fei Z[ [nfh[i_ÂŒd ehWb o kdW eXhW Z[ j[Wjhe bbWcWZW ĂˆKdW ^_ijeh_W c|iÉ$
.-"#ĹŠ24$1 %
Ĺ—ĹŠĹŠ
Fk[Z[ c[diW`[Wh Wb d‘c[he '+& Yed ik d‘c[he Z[ YƒZkbW fWhW iWX[h [b h[Y_dje [b[YjehWb ZedZ[ lejW$ ;b Yeije Z[ YWZW c[diW`[ [i Z[ (& Y[djWlei c|i _cfk[ijei$ ;ij[ [i kd i[hl_Y_e Z[b 9edi[`e DWY_edWb ;b[YjehWb$ H[Yk[hZ[ gk[ ik Z[X[h Y_kZW# ZWde [i _d\ehcWhi[ cko X_[d ieXh[ bW 9edikbjW FefkbWh o j[d[h cko YbWhW ik Z[Y_i_ÂŒd feh [b ĂˆI‡É e [b ĂˆDeÉ$
=[d[hWbc[dj[ W jeZW f[hiedW gk[ WfehjW Wb ?dij_jkje ;YkWje# h_Wde Z[ I[]kh_ZWZ IeY_Wb ?;II " de b[ W]hWZW ckY^e bW _Z[W Z[ l[h [d ik heb Z[ fW]ei kd hkXhe Yed# i_Z[hWXb[ Z[i_]dWZe W [ij[ i[]k# he" f[he bW l[hZWZ [i gk[ jeZei Z[X[h‡Wd YedĂ’Wh [d ƒb" oW gk[ [i ik Wb_WZe [ijhWjƒ]_Ye [d bei ce# c[djei Z[ ieb[ZWZ o l[`[p$ ;kbWb_W EY^eW" Z_h[YjehW fhe# l_dY_Wb Z[ ?;II" [nfb_YW gk[ [ij[ i[]khe eXb_]Wjeh_e [i ckY^e c|i X[d[Ă’Y_eie Z[ be gk[ bW ][d# j[ f_[diW" fk[i j_[d[ dkc[heiWi l[djW`Wi fWhW bei WĂ’b_WZei$ ÆDe [i iebWc[dj[ iWbkZ be gk[ ]WhWdj_pW [b i[]khe" [b WĂ’# b_WZe j_[d[ Z[h[Y^e W ik f[di_ÂŒd Z[ `kX_bWY_ÂŒd" Y[iWdj‡W" ]Wijei cehjkeh_ei o WZ[c|i WokZW Yed ik Wfehj[ Wb i[]khe YWcf[i_deÇ WYbWhÂŒ$ 1.3#!!(¢-ĹŠ#-ĹŠ+ ĹŠ5#)#9
;ij[ i[]khe jecW bW fei_Y_ÂŒd fWj[hdWb_ijW YkWdZe [b WĂ’b_WZe [djhÂŒ W bW j[hY[hW [ZWZ o oW de fk[Z[ jhWXW`Wh" [d [i[ cec[d# je [b i[]khe Wikc[ bei ]Wijei Z[
$ 23 Ŋ(-23(34!(¢-Ŋ$.,#-3 Ŋ#+Ŋ '.11.Ŋ#-Ŋ+ 2Ŋ/#12.- 2ĔŊ 4-04#Ŋ2#Ŋ+.Ŋ3#-% Ŋ04#Ŋ' !#1Ŋ. +(% " ,#-3#ēŊ
[ijW f[hiedW$ I_ kdW f[hiedW de i[ WÒb_W" i_cfb[c[dj[ [d ik l[`[p de j[d# Zh‡W Z_d[he fWhW YecfhWh c[# Z_Y_dWi d_ fWhW WZgk_h_h be gk[ d[Y[i_j[$ ÆC_ cWc| \k[ YWcf[i_dW jeZW
Ä’ ēŋ- Ĺ‹'/ 0 Ĺ‹ (Ĺ‹& Ĺ‹*,)0#( # 9ed [b W\|d Z[ fhecel[h bWi hWpe# d[i feh bWi YkWb[i lejWh Ăˆi‡É [d bW 9edikbjW FefkbWh Z[b - Z[ cWoe" lWh_ei [l[djei i[ fhe]hWcWd [d bW Y_kZWZ o fhel_dY_W fWhW h[Y_# X_h W bWi Wkjeh_ZWZ[i gk[ Z[iZ[ ik fei_Y_ÂŒd Z[\[dZ[h|d ik fei# jkhW Z[ h[ifWbZe Wb ]eX_[hde$ ?h_dW 9WX[pWi" l_Y[fh[i_Z[djW Z[ bW 7iWcXb[W DWY_edWb" l_i_jÂŒ [ij[ c[Z_e Z[ Yeckd_YWY_ÂŒd [ _d\ehcÂŒ ieXh[ bWi WYj_l_ZWZ[i gk[ i[ bb[lWd W YWXe [d X[d[Ă’Y_e Z[ bei [YkWjeh_Wdei" o jWcX_ƒd Z_e Z[jWbb[i ieXh[ bW l_i_jW Z[b Fh[i_Z[dj[ o L_Y[fh[i_Z[dj[ Z[ bW H[f‘Xb_YW [d [ij[ Ă’d Z[ i[cW# dW W Jkd]khW^kW$ B[dd_d Ceh[de" l_Y[fh[i_# Z[dj[" [ijWh| [d 7cXWje [ij[ l_[hd[i W bWi .0)&" Yed [b eX`[j_le Z[ j[d[h kdW Yedl[hiWY_ÂŒd i[h_W Yed bei i[Yjeh[i fheZkYj_lei" gk[ [ij|d fh[eYkfWZei feh ik jhWXW`e Z[X_Ze W bW i_jkWY_ÂŒd Z[ h[bWY_ed[i _dj[hdWY_edWb[i Yed ;ijWZei Kd_Zei$ Jkd]khW^kW h[Y_X_h| W HW\W[b 9ehh[W" fh[i_Z[dj[" [ij[ i|XWZe W bWi '*0)&$ Bb[]Wh| Wb YWdjÂŒd 8W# ‹ei Yed bW _Z[W Z[ fheceY_edWh [b ĂˆI?É o ^WXbWh ieXh[ bWi eXhWi gk[ i[ [ij|d [`[YkjWdZe [d bW fhel_d# Y_W$ Bk[]e Z[ l_i_jWh [ijW Y_kZWZ"
$Ŋ 1(- Ŋ #9 2ĔŊ#23;Ŋ #-! 1% " Ŋ"#Ŋ+ Ŋ! ,/  Ŋ#-Ŋ+ Ŋ /1.5(-!( ēŊ
i[ jhWibWZWh| W ejhei YWdjed[i$ ,/ Â ĹŠ
9WX[pWi WĂ’hcÂŒ gk[ [d bW fhe# l_dY_W i[ [ij|d h[Wb_pWdZe YWc# fW‹Wi \k[hj[i fWhW fhecel[h [b Ăˆi‡É Z[ bW YedikbjW" [if[Y_Wbc[dj[ [d bei YWdjed[i$ ;b Ă’d Z[ i[cWdW fWiWZe i[ jhWXW`ÂŒ [d lWh_ei Z[ [bbei Yed bW [djh[]W Z[ jh‡fj_Yei o \ebb[jei" fWhW gk[ bW ][dj[ i[ _d\ehc[$ ÆI[ [ij| jhWXW`WdZe Yed bW ce# ZWb_ZWZ Z[ fk[hjW W fk[hjW jWc# X_ƒd" l_i_jWcei W bWi f[hiedWi o b[i _dZ_YWcei bWi hWped[iÇ h[YWb# YÂŒ ?h_dW 9WX[pWi$
ik l_ZW o de j[d‡W i[]khe" W^ehW gk[ oW de fk[Z[ jhWXW`Wh [d [b YWcfe" deiejhei Yece ^_`ei j[# d[cei gk[ Wikc_h bei ]Wijei Z[ iki c[Z_Y_dWi o [ijWh f[dZ_[d# j[i Z[ iki d[Y[i_ZWZ[iÇ Yec[djÂŒ M_bied F_Ye" [cfb[WZe fh_lWZe
'* ˜ Ĺ‹ (Ĺ‹ (.)( -Ĺ‹ /(!/, "/ 9kcfb_[dZe Yed ik Yecfhe# c_ie Z[ h[Wb_pWh kdW YWcfW# ‹W _d\ehcWj_lW" bei c_[cXhei Z[b Yeb[Yj_le HKFJKH7 (+ [d Jkd]khW^kW h[Yehh_[hed lW# h_ei YWdjed[i Z[ bW fhel_dY_W [d [b ‘bj_ce Ă’d Z[ i[cWdW$ <WXh_Y_e 9[lWbbei" YeehZ_# dWZeh fhel_dY_Wb Z[b cel_# c_[dje" _dZ_YÂŒ gk[ jecWhed bW Z[Y_i_ÂŒd Z[ Z[lebl[h bei h[Ykh# iei Z[ bWi \hWd`Wi fkXb_Y_jWh_Wi Wi_]dWZWi feh [b 9D;" o ^WY[h kdW YWcfW‹W Yed iki fhef_ei h[Ykhiei$ ÆIWX‡Wcei gk[ bW h[ifk[ijW Z[ bW Y_kZWZWd‡W _XW W i[h fei_# j_lW1 feh [ie [ijWcei ^WY_[d# Ze YWcfW‹W Yed _d\ehcWY_ÂŒd f[hiedW W f[hiedW" fk[hjW W fk[hjW" Wh]kc[djWdZe bWi hW# ped[i feh bWi YkWb[i [b fk[Xbe Z[X[ Z[Y_hbe DE W bW YedikbjWÇ WĂ’hcÂŒ 9[lWbbei$ 7YecfW‹WZei Z[ XWdZ[hWi" f[h_\ed[e o ^e`Wi lebWdj[i" bei i_cfWj_pWdj[i Z[ [ij[ cel_# c_[dje efei_jeh Wb ]eX_[hde" h[Yehh_[hed 8W‹ei" FWjWj[" 9[#
Z[ )+ W‹ei$ ;i feh [bbe gk[ [i Z[ l_jWb _c# fehjWdY_W bW W\_b_WY_ÂŒd Z[ kdW f[hiedW Wb ?;II" fWhW gk[ [d iki W‹ei Z[ fheZkYj_l_ZWZ W^e# hh[ Wkdgk[ eXb_]Wjeh_Wc[dj[ " o fk[ZW Z[iYWdiWh bk[]e$ lWbbei" CeY^W o Gk[he$ 7Z[c|i W\_hcWhed gk[ i[]k_h|d Yed [i[ j_fe Z[ YWc# fW‹W" oW gk[ ^Wd be]hWZe gk[ ckY^Wi f[hiedWi i[ kdWd W ik f[diWc_[dje i_d gk[ ^WoW kj_# b_pWY_ÂŒd Z[ h[Ykhiei f‘Xb_Yei fWhW bW YWcfW‹W$ ÆDei _dZ_]dW YkWdZe l[cei Yece jhWjWd Z[ fkXb_Y_jWhi[ l_[`Wi Ă’]khWi feb‡j_YWi Yed [b Z_d[he jeZei bei Y_kZWZWdei$ Bei \edZei Z[ bWi \hWd`Wi fk# Xb_Y_jWh_Wi ied fWhW [b Z[XWj[ Z[ bWi _Z[Wi" de fWhW gk[ bei feb_j_gk[hei Z[ i_[cfh[ i[ Wfhel[Y^[d o i[ ^W]Wd fkXb_# Y_ZWZ f[hiedWbÇ h[_j[hÂŒ [b Yeeh# Z_dWZeh$
ē Ŋ%#-3#Ŋ2#Ŋ(-3#1#2¢Ŋ/.1Ŋ !.-.!#1Ŋ+ 2Ŋ1 9.-#2Ŋ"#+Ŋ ēŊ
#Ŋ% - 1Ŋ#+Ŋ (ĔŊ+ Ŋ )423(!( Ŋ#23 1;Ŋ 3 " Ŋ /.104#Ŋ#+Ŋ .-2#).Ŋ"#Ŋ + Ŋ 4"(! 341 ĔŊ2#1;Ŋ -., 1 ".Ŋ-#3 ,#-3#Ŋ/.1Ŋ #-3(" "#2Ŋ Ŋ+(% " 2Ŋ +Ŋ#)#Ĺ !43(5.Ģ
Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ?
Ć
ĹŠ
} Ŋ Ŋ Ŋ Ŋ Ĺ Ŋ ¥ Ŋ Ŋĸ Ě
+ĹŠ. )#3(5.ĹŠ"#ĹŠ+ ĹŠ .-Äą 24+3 ĹŠ8ĹŠ #$#1_-"4,ĔŊ #2ĹŠ,#).1 1ĹŠ+ ĹŠ)423(!( ĹŠ "#+ĹŠ/ ~2ĔŊ "#,;2ĹŠ"#ĹŠ 3#-#1ĹŠ#ÄƒĹŠ!(#-!( ĹŠ#-ĹŠ+ ĹŠ+4!' ĹŠ !.-31 ĹŠ+ ĹŠ"#+(-!4#-!( Ģē ĹŠ
} ĹŠ ĹŠ ĹŠ }
;2Ŋ"#+ŊđđŊ/.1Ŋ!(#-3.Ŋ "#Ŋ+.2Ŋ#!4 3.1( -.2Ŋ !4"(1;-Ŋ Ŋ+ 2Ŋ41- 2ĔŊ 2(-Ŋ!.-.!#1Ŋ#+Ŋ5#1" Ĺ "#1.Ŋ$.-".Ŋ"#Ŋ+ Ŋ .-24+3 Ŋ8Ŋ #$#1_-"4,Ģē
ĹŠ ĹŠ ÂĄ
} Ŋ Ŋ ĔŊ Ŋ Ŋ Ŋ ¥ Ŋĸ Ě
ēŊ .2Ŋ#7/.2(3.1#2Ŋ/1#2#-3 1.-Ŋ242Ŋ/4-3.2Ŋ"#Ŋ5(23 Ŋ2. 1#Ŋ+.2Ŋ/1.2Ŋ8Ŋ!.-31 2ĔŊ"#Ŋ+ Ŋ .-24+3 Ŋ ./4+ 1ē
. Ĺ‹*)&v.# )Ĺ‹-) , Ĺ‹& Ĺ‹ )(-/&.
.2Ŋ#7/.2(3.1#2Ŋ ,.231 1.-Ŋ4- Ŋ "(2!42(¢-Ŋ"#Ŋ +3.Ŋ -(5#+Ŋ#-Ŋ242Ŋ/4-Ĺ 3.2Ŋ"#Ŋ5(23 ē
;d [b WkZ_jeh_e Z[ bW 9|cWhW Z[ 9ec[hY_e Z[ 7cXWje" i[ h[Wb_# pÂŒ [b Z[XWj[ ieXh[ bWi Y_dYe fh[# ]kdjWi Z[b H[\[hƒdZkc o Y_dYe Z[ bW 9edikbjW FefkbWh fbWd_# Ă’ YWZei fWhW [b fhÂŒn_ce - Z[ cWoe" bei j[cWi c|i jhWiY[d# Z[djWb[i Z[ bW Z_iYki_ÂŒd \k[hed bei YWcX_ei [d [b i_ij[cW `kZ_# Y_Wb" i[]kh_ZWZ" c[Z_e WcX_[d# j[" c[Z_ei Z[ Yeckd_YWY_ÂŒd o XWdYW fh_lWZW$
3URIHVRU $OEDxLO
0HFiQLFR
BW feijkhW Z[b I_" \k[ h[# fh[i[djWZW feh 8[jjo 9Whh_bbe" WiWcXb[‡ijW1 L‡Yjeh >k]e @W# hWc_bbe" [n h[Yjeh Z[ bW Kd_l[h# i_ZWZ JƒYd_YW Z[ 7cXWje o [b YedY[`Wb 9Whbei H_l[hW$ C_[djhWi gk[ [b De" \k[ Z[# \[dZ_Ze feh bei WiWcXb[‡ijW L_Y[dj[ JW_Wde" Bk_i CehWb[i o @kWd 9Whbei BÂŒf[p$ BW fh_c[hW _dj[hl[dY_ÂŒd Z[ YWZW kde Z[ bei [nfei_jeh[i \k[ Z[ '& c_dkjei$ @WhWc_bbe" [nfb_# YÂŒ gk[ ÆHW\W[b 9ehh[W" fh[i_# Z[dj[ Yedij_jkY_edWb Z[b ;YkW# Zeh" [ij| cWhYWdZe kdW ^k[bbW _dZ[b[Xb[ [d bW ^_ijeh_W Z[b fW‡i" oW gk[ i[ fheckb]W kdW l[hZW# Z[hW Z[ceYhWY_W gk[ [d ejhei ]eX_[hdei [ij| b_]WZW d[jWc[d# j[ W ]hkfei Z[ feZ[h [YedÂŒc_# Ye" o bei YWcX_ei fheckb]WZei
ied X[d[Ă’ Y_eiei fWhW jeZei bei Y_kZWZWdei Z[ [ij[ fW‡iÇ$É :[ _dc[Z_Wje L_Y[dj[ JW_Wde" Z_`e gk[ Æ[b j_[cfe c[ ^W ZWZe bW hWpÂŒd [d cko feYe j_[cfe" bW WYjkWb 9edij_jkY_ÂŒd \k[ [iYh_jW fWhW (&& W‹ei" i[]‘d bei _dj[# ]hWdj[i Z[b fWhj_Ze ]eX_[hd_ijW" f[he [d jWd iebe Zei W‹ei oW [ij| ik\h_[dZe YWcX_ei" fehgk[ i[ Z_[hed Yk[djW Z[ gk[ de bWi YeiWi de [ij|d \kdY_edWdZe Yece [bbei gk_[h[dÇ$ H[YWbYÂŒ gk[ [i kd fheY[ie _dYedij_jkY_edWb" ÆWZ[c|i bei [b[c[djei fWhW iWdY_edWh W be gk[ i[ fh[]kdjW [d bW 9edikbjW" oW [n_ij[d" f[he de ^Wo gk_[d be Wfb_gk[ Z[iZ[ [b c_ice [ijWZeÇ 8[jjo 9Whh_bbe" [d\Wj_pÂŒ gk[ bW bWXeh Z[ bei WiWcXb[‡ijWi Z[ 7b_WdpW F7?I" [ij|d [dYWc_#
dWZWi W \ehjWb[Y[h bW Z[ceYhW# Y_W" o gk[ bW YedikbjW [ij|d bWi h[\ehcWi fWhW j[d[h bWi Æ^[# hhWc_[djWi d[Y[iWh_Wi Yed [b eX`[j_le Z[ j[d[h `kij_Y_W fWhW jeZei" WZ[c|i iWdY_edWh W bWi f[hiedWi%[cfh[iWh_ei" gk[ de fk[ZWd `kij_Ă’ YWh iki _d]h[iei [YedÂŒc_Yei Z[ cWd[hW b_Y_jWÇ$ @kWd 9Whbei BÂŒf[p" [d\Wj_# pÂŒ gk[ Æ [b .. feh Y_[dje Z[ bei [YkWjeh_Wdei _h|d W bWi khdWi W ZWh kd leje i_d YedeY_c_[dje o Yecfh[i_ÂŒd Z[b i_]d_Ă’ YWZe Z[ bWi fh[]kdjWi o Z[ bei YWcX_ei gk[ Wbb‡ i[ fheckb]WdÇ$ H[YWbYÂŒ gk[ [i bW fh_c[hW l[p gk[ kd fh[i_Z[dj[ Z[ bW H[fkXb_YW" iWdY_edW W gk_[d[i de f_[diWd Yece ƒb" YeiW gk[ [d ejhei ]eX_[hdei de ^W eYk# hh_Ze$
ÂĄ ēŊ ĹŠ!(4" " -~ ĹŠ' ĹŠ ./3 ".ĹŠ/.1ĹŠ#+ĹŠ42.ĹŠ"#ĹŠ, 2! 1(++ 2ĹŠ ĹŠ ÄƒĹŠ-ĹŠ"#ĹŠ/1.3#%#1ĹŠ24ĹŠ2 +4"Ä“
Ĺ‹#( , ' (. Ĺ‹ & Ĺ‹ .#0# Ĺ‹ &Ĺ‹ /(!/, "/ I[]‘d [b _d\ehc[ [c_j_Ze feh [b ?dij_jkje =[e\‡i_Ye Z[ bW ;i# Yk[bW Feb_jƒYd_YW DWY_edWb" bW WYj_l_ZWZ Z[ bW ĂˆCWcW Jkd]k# hW^kWÉ [i Yedi_Z[hWZW Yece ceZ[hWZW # WbjW" Yed [c_i_ed[i YedijWdj[i Z[ Y[d_pW$ ;b _d\ehc[ Y_[dj‡Ò Ye _dZ_YW gk[ bWi [c_i_ÂŒd Z[ ]Wi[i o h[i_# Zkei Z[ heYW lebY|d_YW ikf[hW# hed bei i_[j[ a_bÂŒc[jhei Z[ Wb# jkhW ieXh[ [b Yh|j[h Z[b Yebeie$ ;d FWjWj[" @k_l[" Hkdj‘d" 8WiY‘d o 8W‹ei [n_ij[ fh[i[d# Y_W Z[ ]hWd YWdj_ZWZ Z[ Y[d_pW" c_[djhWi gk[ bei l_]‡Wi kX_YW# Zei [d bei Ă“ WdYei Z[b lebY|d h[fehjWd \k[hj[i jh[ceh[i Z[ [c_i_ÂŒd Wb _]kWb gk[ ^Wd i_Ze j[ij_]ei Z[b heZWh Z[ bWi f_[# ZhWi Z[iZ[ bW YkcXh[$ BWi Wkjeh_ZWZ[i fhel_dY_W# b[i f_Z[d W bW Y_kZWZWd‡W kiWh cWiYWh_bbWi o ]W\Wi [d bWi pe# dWi c|i W\[YjWZWi feh YW‡ZW Z[ Y[d_pW" oW gk[ [ij[ cWj[h_W lebY|d_Ye fk[Z[ YWkiWh i[l[# hei W\[YY_ed[i [d bW ]Wh]WdjW" dWh_p o e`ei$
(OHFWULFLVWD 3LQWRU $ERJDGR D
&RQ GLDULR
9?D;C7HA
6HFUHWDULD &RQWDGRU D
$UTXLWHFWR D
()
3XEOLFD WXV VHUYLFLRV
ŏāŏ ŏ ŏ ŏĂĀāā
ŏ +. ŏ
āĈ
7 Ä Ä‰
Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ?
ĹŠ, "1#ĹŠ !34 +ĹŠ "# #ĹŠ2#-3(1ĹŠ#+ĹŠ /.8.ĹŠ"#ĹŠ+ ĹŠ$ ,(+Äą ( ĹŠ#-ĹŠ+.2ĹŠ04#' !#Äą 1#2ĹŠ"#+ĹŠ'.% 1Ä“ BWi cWZh[i jhWXW`WZehWi ied bWi i‘f[h ^[he‡dWi Z[b ckdZe ceZ[hde$ :khWdj[ [b Z‡W" WjWl_W# ZWi Yed iki hefWi Z[ [`[Ykj_lWi" i[ WXh[d fWie feh [b ckdZe Z[b jhWXW`e$ Feh bW deY^[" i[ YWbpWd YÂŒceZWi Y^WdYbWi fWhW Yed\[Y# Y_edWh kd Wj‘d fWhW bW Yec_ZW" o Z[Z_YWh lWh_Wi ^ehWi W WokZWh W bei d_‹ei [d iki jWh[Wi$ I_d [c# XWh]e ^WijW bei ikf[h^ƒhe[i Yed# \hedjWd i[dj_c_[djei Z[ _di[]k# h_ZWZ$ O [ie eYkhh[ [d [b YWie Z[ bWi cWZh[i jhWXW`WZehWi$ 9ed \h[Yk[dY_W" WXhkcWZWi feh [b cWdj[d_c_[dje Z[ kdW YWiW eh]Wd_pWZW" bW Wb_c[djW#
Ŋ(,/.13 -!( Ŋ "#Ŋ+ Ŋ!.+ .1 !(¢-
Y_ÂŒd Z[ \Wc_b_W o cWiYejWi" bWi ][ij_ed[i o bei jhWibWZei Yece Y^e\[h#jeZe [d bWi _dikĂ’ Y_[dj[i ^ehWi Z[ifkƒi Z[b jhWXW`e#bWi ck`[h[i jhWXW`WZehWi i[ i_[d# j[d _dYWfWY[i o Wdi_eiWi feh de Z[Z_YWh j_[cfe ikĂ’ Y_[dj[ W bei d_‹ei" o i[ fh[eYkfWd fehgk[ b[i fWh[Y[ gk[ de [ij|d WYec[# j_[dZe W YWXWb_ZWZ bei Z[X[h[i Z[ cWZh[$ .-2#).2ĹŠ/ 1 ĹŠ+ ĹŠ, "1#ĹŠ,."#1-
BW bb[]WZW Z[ bei ^_`ei jhWdi\eh# cW dk[ijhW hkj_dW" fehgk[ oW de Z_ifed[cei Z[b j_[cfe gk[ Wdj[i feZ‡Wcei h[fWhj_h [djh[ dk[ijhWi WYj_l_ZWZ[i Yece c|i dei ]kijWhW$ 9k_ZWh dk[ijhW \Wc_b_W Z[X[ i[h dk[ijhW fh_eh_ZWZ" f[he dkd#
/.',/
%RXTXHW GH IUXWDV
YW f[hZ_[dZe Z[ l_ijW bW _cfeh# jWdY_W Z[ jeZei bei Wif[Yjei Z[ dk[ijhW l_ZW$ xi[ [i `kijWc[dj[ [b Z[iW\‡e0 i[h kdW [nY[b[dj[ cW# Zh[ i_d Z[iYk_ZWh bei heb[i Z[ ck`[h" fhe\[i_edWb o Z[c|i$
Ä Â˘,.ĹŠ+.%1 1+.Ä&#x;
Feh [b X_[d Z[ ik iWbkZ" Z[X[ [dYedjhWh bW cWd[hW Z[ [d# YW`Wh iki WYj_l_ZWZ[i Z[djhe Z[ ik j_[cfe0 YkWdZe lWoW W ^WY[hbe de j[cW W [gk_leYWhi[ kdW e c_b l[Y[i" \ehcW fWhj[ Z[b Wfh[dZ_pW`[$ De Z[`[ Z[ Ykbj_lWh YWZW kde Z[ bei _dj[h[i[i gk[ bW l_ZW j[ ^W Z[if[hjWZe$ H[Yk[hZ[ gk[ cWd# j[d[hbei l_lei j[ WokZWh| W i[h kdW cWZh[ c[dei eXi[i_lW" o lWbehWh|i ckY^e c|i YWZW ce# c[dje gk[ YecfWhjWi Yed jki ^_`ei$ BW cWj[hd_ZWZ de [i [n# YkiW fWhW Z[iYk_ZWh jk Whh[# ]be f[hiedWb0 eh]Wd‡pWj[ Z[ cWd[hW gk[ fk[ZWi Ykcfb_h Yed jki jWh[Wi i_d Z[`Wh Z[ bWZe [b Yk_ZWZe Z[ jk f_[b" jk YWX[bbe o Z[ jk Yk[hfe$ ;b i[ne c[h[Y[ kd YW# f‡jkbe WfWhj[0 Yed jWdjWi WYj_l_ZWZ[i" [i dWjkhWb gk[ Wb]kdW gk[ ejhW l[p de j[d# ]Wi ]WdWi Z[ ^WY[h [b Wceh$ I_ de [ij|i Z[ ^kceh de be
4_ĹŠ-#!#2(3 Ä–
.2Ŋ04#' !#1#2Ŋ".,_23(!.2Ŋ04#Ŋ 2#Ŋ3(#-#-Ŋ04#Ŋ1# +(9 1ĔŊ2.-Ė ŊŊŊŊŇŊ 5 1Ŋ+ Ŋ1./ ŊŊŊŊŇŊ 5 1Ŋ8Ŋ2#! 1Ŋ+.2Ŋ/+ 3.2 ŊŊŊŊŇŊ ! 1Ŋ+ Ŋ 241 ŊŊŊŊŇŊ .-#1Ŋ+ Ŋ,#2 ŊŊŊŊŇŊ 4(3 1+#Ŋ#+Ŋ/.+5.Ŋ Ŋ+.2Ŋ,4# +#2
^W]Wi" f[he i_ [ijW i_jkWY_ÂŒd i[ h[f_j[ YedijWdj[c[dj[ Xki# YW [dYedjhWhb[ [b cej_le$ ;d jeZe cec[dje WY[fjW bW WokZW Z[b fWZh[ fWhW Ykcfb_h Yed bWi jWh[Wi h[bWY_edWZWi Wb Yk_ZWZe Z[ bei d_‹ei0 kdW cWZh[ ceZ[hdW iWX[ gk[ ^WY[hbe fWhj‡# Y_f[ [i cko iWbkZWXb[ fWhW bW \W# c_b_W" fWhW bW h[bWY_ÂŒd Z[ fWh[`W o fh_dY_fWbc[dj[ fWhW j_" gk[ j[ i[dj_h|i c|i Wb_l_WZW$ 7fh[dZ[cei Z[ dk[ijhei [hheh[i" o iÂŒbe [d bW fh|Yj_YW fe# Zh|i [dYedjhWh jk fhef_W cWd[hW Z[ i[h bW c[`eh cWZh[ ceZ[hdW" gk[ [i ‘d_YW$ /1#-"#1ĹŠ +%.ĹŠ-4#5.
1 ).ĹŠ#-ĹŠ! 2
4_ĹŠ' !#1Ä–
ŊŇŊ +#ĹŠ!.-ĹŠ24ĹŠ-( .ĹŠ2. 1#ĹŠ#+ĹŠ04#' !Äą #1ĹŠ04#ĹŠ5 -ĹŠ ĹŠ!.,#-9 1ĹŠ)4-3.2ēŊ 7/+(04#ĹŠ /.1ĹŠ04_ĹŠ+ ĹŠ$ ,(+( ĹŠ-#!#2(3 ĹŠ04#ĹŠ#23.ĹŠ2#ĹŠ ' % ēŊ #2!1( ĹŠ!¢,.ĹŠ+.ĹŠ' 1;-ĹŠ8ĹŠ!¢,.ĹŠ #+ĹŠ-( .ĹŠ+#ĹŠ/4#"#ĹŠ 84" 1Ä“ ŊŊŊŊŇŊ -2_ #+#ĹŠ -4#5 2ĹŠ/ + 1 2ĹŠ04#ĹŠ 2#ĹŠ1#+ !(.- -ĹŠ!.-ĹŠ! " ĹŠ3 1# Ä–ĹŠÄĄ 1(,#1.ĹŠ 5 ,.2ĹŠ ĹŠ/.-#1ĹŠ#+ĹŠ, -3#+ĹŠ#-ĹŠ+ ĹŠ,#2 ĔŊ8ĹŠ +4#%.ĹŠ2(%4#-ĹŠ+ 2ĹŠ2#15(++#3 2ēĢ ŊŊŊŊŇŊ 5 1ĹŠ + ĹŠ1./ ĹŠ+#2ĹŠ.$1#!#ĹŠ,4!' 2ĹŠ ./.134-(" "#2ĹŠ/ 1 ĹŠ /1#-"#1ēŊ 1#%ĂŒ-Äą 3#+#ĹŠ !4;-3 2ĹŠ /1#-" 2ĹŠ 2#ĹŠ 3(#-#-ĹŠ 04#ĹŠ + 5 1ēŊ ĹŠ 5#1ĹŠ !4 -3 2ĹŠ /4#"#ĹŠ -., 1 1Ä–ĹŠ ,#"( 2ĔŊ ! ,(2#3 2ĔŊ /() , ĔŊ 24_3#1#2ĔŊ ! ,(2 2ēŊ ĹŠ ĹŠ ĹŠ ŇŊ #,4_231#+#ĹŠ !¢,.ĹŠ ,#"(1ĹŠ #+ĹŠ ) ¢-ĹŠ8ĹŠ/~" +#ĹŠ04#ĹŠ+#ĹŠ/.-% ĹŠ) ¢-ĹŠ ĹŠ+ ĹŠ + 5 ".1 ēŊ #)#ĹŠ 04#ĹŠ /.-% ĹŠ + ĹŠ 1./ ĹŠ #-ĹŠ + ĹŠ+ 5 ".1 ĔŊ-., 1 -".ĹŠ! " ĹŠ/1#-" ēŊ / 13#ĹŠ4- ĹŠ,#"( ēŊ 4 -".ĹŠ+ ĹŠ+ 5 ".1 ĹŠ #23_ĹŠ++#- ĹŠ"#ĹŠ %4 ĔŊ2 04#ĹŠ+ ĹŠ.31 ĹŠ,#"( ĹŠ "#+ĹŠ/ 1ēŊ 1#%ĂŒ-3#+#ĹŠ +ĹŠ-( .ĹŠ!4;+ĹŠ,#"( ĹŠ 2#ĹŠ2(#-3#ĹŠ,;2ĹŠ/#2 " ĹŠ8ĹŠ!4;+ĹŠ,;2ĹŠ+(%#1 ēŊ +ĹŠ ! 1ĹŠ"#ĹŠ+ 5 1ĹŠ+ ĹŠ1./ ĔŊ/~" +#ĹŠ +ĹŠ-( .ĹŠ 04#ĹŠ / 13#ĹŠ24ĹŠ/1./( ĹŠ1./ ĹŠ8ĹŠ %14/#ĹŠ+ 2ĹŠ !.2 2ĹŠ04#ĹŠ2.-ĹŠ2(,(+ 1#2Ŋĸ/.1ĹŠ#)#,/+.ĔŊ + 2ĹŠ! ,(2#3 2ĔŊ+ 2ĹŠ,#"( 2Ěē
Bei gk[^WY[h[i Zecƒij_Yei fk[Z[d WokZWh W gk[ bei d_‹ei Wfh[dZWd dk[lWi fWbWXhWi" YÂŒce [iYkY^Wh o i[]k_h _dijhkYY_ed[i" jWcX_ƒd b[i WokZWd W c[`ehWh ik YÂŒce YedjWh o YÂŒce YbWi_Ă’ YWh YeehZ_dWY_ÂŒd \‡i_YW o b[i [di[‹Wd bWi YeiWi$ Bei Z[X[h[i Z[ bW YWiW W i[h h[ifediWXb[i$
7RUWDV HQ )RQGDQW
7RUWDV YDULHGDG GH VDERUHV
3DQFDNHV
0DQ]DQDV FKRFRODWDGDV
7RUWDV (VWDPSDGDV )UHVDV FKRFRODWDGDV
%RXTXHW GH *DOOHWDV
&DMDV GH EURXQLHV
ēŊ .2Ŋ04#' !#1#2Ŋ".,_23(!.2Ŋ"# #-Ŋ' !#12#Ŋ#-31#Ŋ3.".2Ŋ/ 1 Ŋ-.Ŋ! 1% 1+#Ŋ3.".Ŋ Ŋ+ Ŋ, ,;ē
Ē #(#-. ,#)-ŋ &ŋ )' , ŋ # , ē
ũ/1#2#-3 !(¢-ũ"#ũ+ ũ. 1 ũ2#ũ'(9.ũ + ũ-.!'#ũ"#+ũ5(#1-#2ũ#-ũ+ ũ 2 ũ"#ũ+ ũ 4+341 ũ"#ũ , 3.ē '_!3.1ũ#231#++ ũ)4-% +43'
ÈBei EÒY_ei FkheiÉ" eXhW ik_ ][# d[h_i Z[ CWh_e 9eXe 8WhedW" Yed [nY[b[dj[ o i[dj_Ze fh be]e" [d jh[i j_[cfei" Z[ 7dZh i FWY^W# de" [i kd Z_[jWh_e Z[b W\[Yje" Wb]e Wi Yece kd _dl[djWh_e [if_h_jkWb Z[ f[hiedW`[i Z[iYh_jei [d b[d# ]kW`[ [djhW WXb[ o f[d[jhWdj[" fhef_e Z[ gk_[d ^_pe Z[ ik l_ZW" kd Wkje Z[ \[ Z[ bW Wc_ijWZ$ ;i" kd Z[hheY^[ Z[ i[di_X_b_# ZWZ [Ykc d_YW" i_de Yece fe# Zh W [dj[dZ[hi[ gk[ [d kdW eXhW YWi[hW" Yej_Z_WdW feh bei f[hie# dW`[i \Wc_b_Wh[i Wb kd_l[hie Z[b ;iYh_jeh" [dYedjh[cei W FWbecW IWd 8Wi_b_e" BW CWZh[ J[h[iW Z[ 9WbYkjW" :_WdW Z[ =Wb[i" Iedd_W PWdY^[jW" FWYe JeXWh i_ de [i feh [i[ Z[iXehZ[ _dÒ]khWXb[ [ _d[\WXb[ Z[ c_hWh Z[ Y[hYW W bei ikf[hl_l_[dj[i Z[ bW l_ZW5$ De Z[iYh_X_h [b Yedj[d_Ze Z[ bW eXhW" ik dWjkhWb[pW [i jWb" gk[ ^WY[hbe" [i gk_jWhb[ be c|i l|b_Ze Z[ [bbe0 bW [nf[YjWj_lW Z[b h[Ykh# ie ^kcWd ij_Ye gk[ ^Wo gk[ [d# j[dZ[hbe feh i_ iebe" i_d c|i ]k W gk[ bW ÒZ[b_ZWZ Z[b YehWp d Z[ gk_[d bW b[W$ 9h[e gk[ jeZe ij[ j_[cfe b# j_ce Z[ Wki[dY_Wi" dei ^Wd bWij_# cWZe bWi eh\WdZWZ[i" bWi dWZWi o i_b[dY_ei gk[ ^Wd Yh[Y_Ze Yece Wi\ Z[bei [d bW kcXh W Z[ kd `Wh# Z d Z[ ieb[ZWZ[i" i[Yk[ijhWZei feh bW hkj_dW Z[b l_l_h$
BW dWZW kdW l[p c|i" [d [b i[dj_Ze i_cWb Z[ bW [n_ij[dY_W feh ikfk[ije$ 9k|djWi dWZWi dei gk[ZWd jeZWl W5 ÆFWhW cWi Z[ l_l_h" j[d[cei gk[ ceh_h jeZei bei Z Wi$$$Ç Z_Y[ 9Whbei ;ZkWhZe @WhWc_bbe" Yk|d# jWi l[Y[i ^WXh[cei ck[hje [d ij[ bj_ce j_[cfe Z[ f[iWZkc# Xh[i _hh[Z[djWi o b[`Wd Wi i_d h[# ]h[ie5 Gk Z[Y_h5 BW l_ZW Z[ CWh_e" b[YY_ d ik# fh[cW Z[ _dj[h^kcWd_ZWZ [d bW YkhlW beneZh c_YW Z[ ik f[hie# dW Yed bW XedZWZ [b h[if[je o [b Wceh$ ;b YWh_ e _cfeij[h]WXb[ [ _dc[Z_Xb[ W ik j_[hhW" W bW ^[# h[ZWZ" ^edZWc[dj[ fhWYj_YWZe Z_Wh_Wc[dj[" Yece YedZ_Y_ d [i[dY_Wb Z[ ^ecXh[ Z[ X_[d$ Ie# Xh[ jeZe [i[ [dehc[ ÆYWh_ WbÇ gk[ fheZ_]WXW i_d fh[`k_Y_ei" d_ Y[h[ced_Wb[i \h ei o YWZkYei" i_d c|iYWhW" i_d fei[i" feh [ie ik bWj_jkZ _dj[h_eh Z[ b_X[hjWZ b[ _c# f[Z W kdW l_ZW _dj[h_eh \|Y_b" i[ ^WX W [n_b_WZe Z[djhe Z[ i_ c_i# ce" Yece kd WiY[jW ieb_jWh_e [d ehWY_ d f[hf[jkW$ Feh ik j_[hhW l_l_ " feh gk_[# d[i WcWXW" feh iki Æc_d_ij[h_ei Z[ ^ecXh[ b_Xh["Ç _dYecfh[dZ_# Ze ckY^Wi l[Y[i" [d kdW bkY^W W YedjhWl W" fhef_W Z[b ^ecXh[ [if_h_jkWbc[dj[ _diWj_i\[Y^e" Yed kdW YWh]W [n_ij[dY_Wb [djh[ bW dWZW o bW Wd]kij_W _d[l_jWXb[" feh [ie de gk_ie gk[ iki bj_cei jhWXW`ei gk[ZWi[d [d [b Yh[f i#
āŏ ŏ ŏ ŏĂĀāā
ŏ +. ŏ
Ċ
1 ũ 1(.Ĕũ4-ũ'., 1#ũ 4#-.Ĕũ 2~ũ- " ũ,;2Ĕũ 04#1~ ũ2#1ũ1#!.1" ".Ĕũ 2~ũ+.ũ1#!4#1".ũ8.Ĕũ 2~ũ+.ũ 1#!.1" ,.2ũ3.".2ēēēĢ ^ ũ
ũ
+ũ2.-1#(1;ũ#-ũ +%4- ũ / 13#Ĕũ#23.8ũ2#%41.Ĕũ 2 (#-".ũ04#ũ-.ũ+.ũ "#) ,.2ũ,.1(1Ĕũ04#ũ-.ũ +.ũ"#) 1#,.2ũ,.1(1Ĕũ04#ũ '#,.2ũ1#2/#3 ".ũ24ũ,#ı ,.1( Ĕũ24ũ/ + 1 Ĕũ04#ũ-.ũ+.ũ '#,.2ũ"#$1 4" ".Ģē ^ ũ
ũ
Ykbe Wd d_ce Z[b i_b[dY_e" Wb# ]k_[d j[dZh W gk[ [Z_jWhbei" fWhW gk[ ik fWbWXhW de \hWYWi[ jhWi kd j[b d Z[ ebl_Ze$ ;hW CWh_e" kd ^ecXh[ Xk[de" Wi dWZW c|i" gk[h W i[h h[Yeh# ZWZe" Wi be h[Yk[hZe oe" Wi be h[YehZWcei jeZei$$$ >ecXh[ i_d c[ceh_W fWhW bW cWb[Z_Y[dY_W o bWi Z[ib[WbjW# Z[i" i[ WiecXhWXW Z[ gk[ [iei [ijhef_Y_ei Z[b WbcW" fkZ_[hWd Óeh[Y[h [d [b YehWp d ^kcWde" ieb W iedh[ h o Wikc W ik \hWi[ fh[Z_b[YjW0ÇfeXh[Y_jei" Yece fe# Zh|d l_l_h Yed [b YehWp d Wceh# jW`WZe5Ç" o i[]k W WcWXb[c[dj[ iWbkZWdZe Yece i_ dWZW ^kX_[i[ fWiWZe$$$ Ik ][d[hei_ZWZ Z[ [if h_jk" be bb[l W YedikcWh WYjei Z[ deXb[# pW _dj[h_eh feYe YedeY_Zei" gk[ bei jecWXW Yece fWhj[ Z[b l_l_h o Z[ ik _d][dk_ZWZ _hh[dkdY_W# Xb[" [ijWXW c|i Wbb| Z[b X_[d o Z[b cWb" o [ie [hW ikÒY_[dj[$ F[diWXW CWh_e" [d kd i[]kd#
Ze jece Z[ ÆBei EÒY_ei FkheiÇ" feh bei f[hiedW`[i ec_j_Zei _d# lebkdjWh_Wc[dj[" o eXi[Z_Ze feh [b ZhWcW [n_ij[dY_Wb Z[b Æ:eYjeh P^_lW]eÇ$ Be [ijh[c[Y W [b ÒdWb Zebeheie o f_Ye Z[b ^ecXh[ ck[hje feh Wceh Yed [b YehWp d heje" Wdj[ bW _dZ_\[h[dY_W [if[Y# jhWb Z[ ÆBWhWÇ" gk[ l_W`W [d [b jh[d Y_hYkdijWdY_Wb Z[ bW ÆZ[il_# ZWÇ" o gk[ de lW W d_d]kdW fWhj[ W YedjhWl_[dje Z[b Wceh$ Feh [ie" Yh[e gk[ kdW cWZhk# ]WZW j[cfhWdW" [d fh_cWl[hW" YkWdZe ^WX W bb[]WZe W bW [nY[bi_# jkZ Z[ ik YWhh[hW" ik YehWp d" i[
Z[if_Z_ i_d Z[Y_h dWZW" Yece kdW ]hWY_W Ò[b W ik Z[ij_de Z[ [iYh_jeh$ 9h[e gk[ ^[cei Ykcfb_Ze kdW fWhj[ _cfehjWdj[ Z[b b[]WZe \hWj[hde" o ^eo gk[ ik c[ceh_W [i ^edhWZW Yed ÆBei EÒY_ei Fk# heiÇ [d bW iWbW Z[ bW ?dij_jkY_ d CWoeh Z[ bW 9kbjkhW" ik 9WiW" fWhj[ Z[ ik ^[h[dY_W YkbjkhWb o Wceh kd_l[hiWb" [ij| Ykcfb_ZW$ ;b iedh[_h| [d Wb]kdW fWhj[" [ijeo i[]khe" iWX_[dZe gk[ de be Z[`Wcei ceh_h" gk[ de be Z[`Wh[# cei ceh_h" gk[ ^[cei h[if[jWZe ik c[ceh_W" ik fWbWXhW" gk[ de be ^[cei Z[\hWkZWZe$
(/ &20,7e '( 3$'5(6 '( )$0,/,$ '(/ PR $f2 3$5$/(/2 ´%µ '(/ , 6 7 ( ´/8,6 $ 0$57,1(=µ 6$/8'$ (1 68 ',$ $/ 75$%$-'25 (&8$725,$12 < $*5$'(&( $ /$6 6,*8,(17(6 ),50$6 &20(5&,$/(6 7$//(5 '( (1'(5(=$'$ < 3,1785$ /23(= 'H *XLGR /ySH] 6HUYLFLR GH HQGHUH]DGD SLQWXUD \ UHIRU]DGD GH WRGD FODVH GH YHKtFXORV 'LU 3DQDPHULFDQD 6XU .P YtD D 5LREDPED %DUULR HO %RVTXH
7HOI FHO
3,/272 7$//(5 'LU ,QJDKXUFR %DMR
)(55(7(5,$ < 3,1785$6 6,021 %2/,9$5 9HQWDV GH WRGD FODVH GH SLQWXUDV PDWHULDO GH IHUUHWHUtD HQ JHQHUDO 'LU $Y /RV &KDVTXLV \ &DFLTXH ÉOYDUH] 7HOI
08(%/(6 *$5=Ð1 2IUHFH PXHEOHV HQ PDGHUD SDUD VX KRJDU 3XHUWDV &ORVHWV 0XHEOHV GH FRFLQD 3LVRV 'LU $ULFD \ 1DSR 7HOI FHO ZZZ PXHEOHV JDU]RQ FRDP
129('$'(6 1$7+< &5,6
&RPSUD YHQWD FDPELR \ FRPLVLyQ 'LU $WDKXDOSD \ 3DOWDV HVT 7HOI ² $PEDWR (FXDGRU
'(/7$
0DUFRV SDUD FXDGURV 'LU *XD\DTXLO HQWUH &HYDOORV \ 6XFUH
)$50$&,$ &2081,7$5,$ 9,&725 +8*2 'LU 9tFWRU +XJR \ 3DUHMD 'LH] &DQVHFR 7HOI
2IUHFH D VX GLVWLQJXLGD FOLHQWHOD JDIDV PDUFRV SDUD OHQWHV D ORV PHMRUHV SUHFLRV GHO PHUFDGR YHQ \ YHULÀFD QXHVWUDV SURPRFLR QHV PHQVXDOHV 9HQWDV DO SRU PD\RU \ PHQRU 'LU &HQWUR FRPHUFLDO 3DODFLRV ORFDO
6DOXGR DO GtD GHO WUDEDMDGRU \ DO GtD GH ODV PDGUHV GH WRGR HO PXGR \ HQ HVSHFLDO D ODV PDGUHV GH ,67(/$0
&2035$ < 9(17$ '( 9(+,&8/26 18(926 < 86$'26 $O PHMRU SUHFLR GHO PHUFDGR 'LU &GOD /DV FDWLOLQDULDV 7HO
& & ' 52%(572 %$7$7$
)$50$&,$ 6$1 -8$1
3LRQHUR HQ HO GHSRUWH EDUULDO GHO &DQWyQ $PEDWR VDOXGD DO WUDEDMDGRU HFXDWRULDQR HQ VX GtD FOiVLFR
2IUHFH PHGLFLQDO QDFLRQDO \ H[WUDQMHUD 'LU 3LFKLQFKD $OWD H ,PEDEXUD 7HOI
9(/$6 '(&25$7,9$6
3$1$'(5Ì$ /26 75,*$/(6
2IUHFH YHODV HQ WRGR FRORU IRUPD \ WDPDxR $GHPiV KDFHPRV UHFXHUGRV SDUD WRGR WLSR GH RFDVLyQ YHODV GH JHO LQFLHQVRV HVHQFLDV GLIXVRUHV 'LU & &RPHULDO $UWHVDQDO ORFDO (VSHMR \ GH QRYLHPEUH
'H -RUJH -HUH] 2IUHFH SDQ SDVWDV WRUWDV SDUD WRGR FRPSURPLVR VRFLDO $ ORV PHMRUHV SUHFLRV 'LU 3LFKLQFKD $OWD \ 6LQFKRUURFD 7HO
0$'(59,/
$872685
*5832 5,2 63257 7HODV H LQVXPRV SDUD OD FRQIHFFLyQ ,QJ -RVp 7LHUUD 3HxD *(5(17( 0DOGRQDGR HQWUH 'DUTXHD \ %ROtYDU (Q 5LREDPED ² (Q $PEDWR 7HOI FHO
0RELOLDULR \ GHFRUDFLyQ ,QJ 'DQQ\ 9LOODFUpV 5DPRV 'SWR GH 3URGXFFLyQ 'LU %ROLYDULDQD \ 6H\PRXU 3/$17$ '( 352'8&&,Ð1 $UDXMR \ /DODPD (VT 7HO
9$8' )5$1&( &DPLVHWDV EXVRV FKRPSDV FDSXFKDV \ DFFHVRULRV %~VFDOR HQ ORV PHMRUHV FHQWURV FRPHUFLDOHV \ ERXWLTXHV GHO SDtV 7HOI &20(5&,$/ *8=0$1 %$55$*$1 *(5$/'2 5(<12/'6 3RU HO GtD GH ODV PDGUHV GHPXHVWUD VX FDULxR RIUHFLpQGROH D VX TXHULGD PDGUHFLWD XQD OLQGD ÁRU 7HOI &HO
6*$0$
(ODERUDFLyQ GH SXHUWDV YHQWDQDV SDVDPDQRV \ WRGR WUDEDMR HQ KLHUUR SDUD VX FDVD R HGLÀ FLR 6HUYLFLR D GRPLFLOLR FRQ VXHOGD SRUWiWLO 'LU /RV 6K\ULV \ $PDXWD MXQWR D $QGLQDWHO 7HOI FHO
'(63(16$ '20(5,. 3URSLHWDULD 6UD &DUPHQ *XHYDUD (UD]R 9tYHUHV HQ JHQHUDO \ IUXWHUtD &GOD (O UHFUHR &DOOH &RUD]yQ \ 3DVDMH HVSDxRO 7HO /.'&.
āĀ
ŏāŏ ŏ ŏ ŏĂĀāā
ŏ +. ŏ
(/ &20,7e '( 3$'5(6 '( )$0,/,$ < /26 $/80126 '(/ 7(5&(5 $f2 '( %$&+,//(5$72 &217$%,/,'$' 3$5$/(/2 ´%µ '(/ &2/(*,2 7(&1,&2 $*52,1'8675,$/ 3('52 )(50,1 &(9$//26 6$/8'$ $ (67( 12%/( &2/(*,2 (1 686 $f26 '( &5($&,21 ,167,78&,21$/ < $ /26 75$%$-$'25(6 '( /$ 3529,1&,$ '( 781*85$+8$ < '(/ &$1721 &(9$//26 (1 68 ',$ &/$6,&2
3DEOR ( 1~xH] $FXxD ,QJ &LYLO
1DYH \ %RGHJD 1R 'H 6DOYLQR 9LOODFtV
&RQVWUXFFLRQHV PHGLFLRQHV SDUWLFLRQHV GH WHUUHQR SODQLPHWUtD HQ JHQHUDO 7HOI
2IUHFH SURGXFWRV GH SULPHUD QHFHVLGDG 9HQWDV DO SRU PD\RU \ PHQRU 7H HVSHUDPRV HQ HO 0HUFDGR 0D\RULVWD 'HVFXHQWRV HVSHFLDOHV $WHQFLyQ SHUVRQDOL]DGD \ VHUYLFLR D GRPLFLOLR 'LU $Y %ROLYDULDQD \ DYHQLGD (O &yQGRU
9tYHUHV ,/ 0DUFKHVVH 3URSLHWDULD -LPHQD 9LOODOYD
+HUPRVD FDVD GH YHQWD
2IUHFHPRV SURGXFWRV GH SULPHUD QHFHVLGDG IUXWDV \ YHUGXUDV $ SUHFLRV &yPRGRV 'LUHFFLyQ ,VLGUR $\RUD \ %DTXHUL]R 0RUHQR HVTXLQD
PW GH FRQVWUXFFLyQ SRU HVWUHQDU 8UEDQL]DFLyQ /D 0HUFHG 'LUHFFLyQ ,]DPED IUHQWH DO &ROHJLR 7LUVR GH 0ROLQD &HOXODU
'LVWULEXLGRUD -6
&RPHUFLDO )HUUHWHUR 526,7$
3URYHHGRU GH SURGXFWRV GH OD PiV DOWD FDOLGDG &XHURV SHJDV KLORV ÀEUDV KHUUDMHV HWF $GHPiV GH PDWHULDO GH WDSLFHUtD \ PXFKR PiV -RUJH 6DLOHPD 3523,(7$5,2 3ULQFLSDO $PEDWR (OR\ $OIDUR HQWUH 'DUTXHD \ %ROtYDU 7HOI 6XFXUVDO &DQWyQ &HYDOORV %XFKHOL \ 2ULHQWH 7HOI
0LQL &RPHUFLDO
5REHUWR 9ODGLPLU %HQLWH] $6(625 &20(5&,$/ 2IUHFH KLHUUR FHPHQWR \ KHUUDPLHQWDV SDUD OD FRQVWUXFFLyQ \ OD DJULFXOWXUD 3DUD FHUUDMHUtD SDQHOHV GH SXHUWDV GH DFHUR DGRUQRV YLVDJUDV \ URGDPLHQWRV HQ JHQHUDO 'LU +XDFKL (O %HOpQ ² $Y $WDKXDOSD 7HOIV $PEDWR (FXDGRU
0DU \ VDO /D VDO GH OD YLGD
2IUHFH SURGXFWRV GH SULPHUD QHFHVLGDG 'LUHFFLyQ 3DUURTXLD 0RQWDOYR %DUULR 6DQ 0LJXHO 3URSLHWDULD 6UD -HV~V $FRVWD
/LF 0LULDQ 0R\D 'LVWULEXLGRUD )DPRVDO 6 $ 6DO HQ JUDQR 6DO LQGXVWULDO 6DO UHÀQDGD $PEDWR 5RVD %ODQFD \ 7RUWXJD 7HOI &HO
5HPROTXH] <DQH]
&RQVWUXFFLRQ GH SODWDIRUPDV \ DXWRWDQTXHV \ UHSXHVWRV SDUD WUDFWRFDPLRQHV 'LUHFFLRQ &ULVWREDO 3ULQFLSDO V Q \ YLD D 5LREDPED &HO 7LVDOHR ² (FXDGRU 3URSLHWDULR <DQH] 5DPLUH] -DFLQWR /HRQDUGR
/DERUDWRULRV \ 7LQWDV -DYLHU /HRQ 5 6DOHV 0QDJHU ,QVXPRV GH LPSUHVRUDV 6LVWHPDV FRQWLQXRV UDFUDJDV FDUWXFKRV RULJLQDOHV \ JHQHULFRV 6HUYLFLR WHFQLFR HQ FRPSXWDGRUDV H LPSUHVRUDV 9HQWDV GH HTXLSRV SDUWHV \ SLH]DV &RPSXWDGRUDV SRUWDWLOHV (SVRQ &DQRQ /H[PDUN &HO $PEDWR $Y &HYDOORV \ 4XLWR 7HOI *\H ( PDLO MDYROHRQU#KRWPDLO FRP ZZZ ODEWLQWDV FRP
&2/25 0$67(5 -* -RVp *DUFtD 3523,(7$5,2
/,&25(5$ (/ %$%2 'H 5REHUWR =DPRUD \ 6UD
2IUHFHPRV WRGD FODVH GH SLQWXUD HQ ODFDV VLQWpWLFR DXWRPRWUL] (VPDOWH +RUQHDEOHV &DUERQDWRV HPSDVWH UHVLQDV \ WRGD FODVH GH SLQWXUD DUTXLWHFWyQLFD 'LU (OR\ $OIDUR \ 5RFDIXHUWH GLDJRQDO D OD FOtQLFD VDQ 6HEDVWLiQ &HO $PEDWR ² (FXDGRU
2IUHFH /LFRUHV FHUYH]D FLJDUULOORV HWF 'LUHFFLyQ -XDQ ( %XFKHOL \ 0LJXHO 9DUJDV &HO
&UHDFLRQHV -RUGL ŮV /D HOHJDQFLD D WXV SLHV 3URSLHWDULR 6U *LOPHU )ORUHV 'LUHFFLyQ FDQWyQ &HYDOORV 3ODQWD GH SURGXFFLyQ &DVHUtR (O 0LUDGRU &HOXODU
$JUR SURGXFFLyQ GH ,QJ &HVDU /OHUHQ \ (VSRVD 2IUHFHPRV ,QVXPRV DJUtFRODV \ YHWHULQDULDV DOLPHQWRV 3521$&$ PDt] SROYLOOR DIUHFKRV PDt] VDEURVD 7HO 'LUHFFLyQ 2ULHQWH \ GH PD\R
$VHVRUDPLHQWR FRQWDEOH 5HDOL]DPRV
0DQWHQLPLHQWR \ UHSDUDFLRQ GH WRGR WLSR GH PRRWRUHV D JDVROLQD $UUHJOR GH FDMDV GH &DPELR 7UDQVPLVLRQHV IUHQRV FRURQDV \ WRGR OR UHODFLRQDGR DO UDPR ',$*1267,&2 &21 6&$1(5 < /$9$'2 '( ,1<(&725(6 'LU %DUULR GH PD\R ² FDOOH GH 0D\R YLD DO -DUGLQ &HYDOORV (FXDGRU
'U ÉQJHO 2FDPSR 5(*,675$'25 '( /$ 3523,('$' \ 0(5&$17,/ '( &(9$//26 6$/8'$ $/ 75$%$-$'25 &(9$//(16( (1 68 ',$ 'LU )HOLSD 5HDO \ -XDQ ( %XFKHOL &HYDOORV (FXDGRU
´*5((1µ ',6(f2 *5$),&2 352)(6,21$/
2IUHFH SURGXFWRV GH SULPHUD QHFHVLGDG SROORV SHODGRV KXHYRV 9HQWD DO SRU PD\RU \ PHQRU 'LUHFFLyQ -XDQ ( %XFKHOL \ )HOLSD 5HDO 7HOpIRQR &HYDOORV (FXDGRU
5HSDUDFLyQ GH PRWRUHV D GLHVHO \ JDVROLQD KLQR PD]GD +\XQGDL 3URSLHWDULR +HUQiQ 1~xH] 'LUHFFLyQ +XDFKL *UDQGH D PWV GH OD PDQ]DQD GH RUR YLD D 5LREDPED 7HOI ² &HO
%,2'(17$/
$JXMLWDV GH FULVWDO 'H 0DUtD 6DQJXLO
%D]DU 3DSHOHUtD ´/83,7$µ
3HOXTXHUtD ,QWHUQDFLRQDO (VWLORV /HR &RUWHV SDUD FDEDOOHURV GDPDV \ QLxRV 7LQWHV WLSV SHUPDQHQWHV 'HSLODFLRQHV PDTXLOODMHV H[WHQVLRQHV GH SHVWDxDV PDQLTXLXUH SHGRTXLUH $WHQFLyQ GH OXQHV D GRPLQJR 3523,(7$5,$ /(21(/$ -$55,1 'LUHFFLyQ GH PD\R \ 0DUWtQH]
&RPHUFLDO <RJXLWR
(/ *5$1(52
3$8/<
$/0$&e1 $*523(&8$5,2 ´(/ &$50(1µ
2IUHFH YtYHUHV GH WRGD FDOLGDG \ ]DSDWHUtD GH WRGD YDULHGDG 'LUHFFLyQ &DQWyQ 4XHUR 7HOI
3HOXTXHUtD 8QLVH[ $WHQGLGR SRU HVWLOLVWDV SURIHVLRQDOHV 6H UHDOL]D 0DQLFXLUH 3HGLTXLUH FRUWHV DOLVDGR SHUPDQHQWH FRQ TXHUDWLQD HWF 'LUHFFLyQ $FRVWD 6ROtV \ :DOWHU %HOOROLD 7HOI &HO $PEDWR (FXDGRU
2IUHFH VHPLOODV GH WRGD YDULHGDG \ EXHQD FDOLGDG 'LUHFFLyQ FDQWyQ 4XHUR 7HOI
'(/ ,1* $*5 9,1,&,2 *8(9$5$ 2)5(&( ,QVXPRV DJUtFRODV SURGXFWRV YHWHULQDULRV DOLPHQWRV EDODQFHDGRV FX\HV VHPLOOD DVLVWHQFLD WpFQLFD 'LU 0RQWDOYR 3DODKXD (O &DUPHQ 7HO ² ²
+XDFKL *UDQGH 7HOI 7RGR SDUD DJULFXOWXUD \ IUXWLFXOWXUD $VHVRUDPLHQWR *UDWXLWR 'H ÉQJHO 3pUH] 6DOLQDV
6HFRQVWUX )DEULFDFLyQ \ DOTXLOHU GH FRQFUHWHUDV HOHYDGRUHV FRPSDFWDGRUHV SDUD OD FRQVWUXFFLRQ FLYLO 'LU %DUULR /D (VSHUDQ]D D 0WV GH OD GLVWULEXLGRUD GH JDV YLD D 5LREDPED D PDQR L]TXLHUGD
7HOI &HO $PEDWR ² (FXDGRU
´6(5&21µ 6(59,&,2 3$5$ (/ &216758&725 'LVWULEXLGRU DXWRUL]DGR GH FHPHQWR &KLPERUD]R ULSLR DUHQD JULIHUtD VDQLWDULRV WXEHUtD JDOYDQL]DGD 3 9 & +HUUDPLHQWDV PDWHULDO HOpFWULFR WDEODV ODGULOORV SHUQRV $VLVWHQFLD WpFQLFD 'LUHFFLyQ $Y Y GH PD\R \ RULHQWH 7HOpIRQR
,QJ )DELiQ 0D\RUJD \ *ORULD -DWL
3URSLHWDULRV
'H 2OJXLWD %D\DV 6H UHDOL]D WDUMHWDV GH SUHVHQWDFLyQ ORJRWLSRV KRMDV PHPEUHWDGDV WUtSWLFRV YRODQWHV DÀFKHV FDOHQGDULRV GLVHxR \ GLDJUDPDFLyQ GH OLEURV JLJDQWRJUDÀDV PRQWDMHV HWLTXHWDV HWF 6HUYLFLR GH LQWHUQHW LPSUHVLyQ ODVHU 'LUHFFLyQ FDOOH GH DEULO \ )HOLSD 5HDO 7HOI ²
5(67$85$17( (&/,36( 2IUHFH GHVD\XQRV DOPXHU]RV PHULHQGDV $GHPiV SROOR FRQHMR FX\ DO FDUEyQ 6H UHDOL]D UHFHSFLyQ GH WRGR FRPSURPLVR VRFLDO $WHQFLyQ SHUVRQDOL]DGD 3URSLHWDULD &HFLOLD 6ROLV 'LU (VSDxD \ 2ULHQWH 7HOpIRQR
/DYDGRUD \ OXEULFDGRUD )HUUDUL +HFWRU &D]D 5 3URSLHWDULR
$OPDFpQ $JUtFROD /D 0DQR $PLJD
0(&$18&$ $8720275,= ´18f(=µ
$OTXLODPRV \ FRQIHFFLRQDPRV WRGR WLSR GH GLVIUDFHV 2IUHFHPRV WUDMHV GH QRYLDV \ TXLQFHDxHUDV 'LUHFFLyQ &DPLQR (O 5H\ \ %R\DFD 7HOI ² $PEDWR ² (FXDGRU
5HVWDXUDQW PDGULJDO
3DVDYHO 3DWULFLR 9HODVWHJXL
0HFDQLFD GRQ 3DWR 'H MXDQ *RUGRQ
2IUHFH SDSHOHUtD DUWtFXORV GH ED]DU WUDQVFULSFLRQHV VHUYLFLR GH LQWHUQHW 'LU /L]DUGR 5XL] \ 2ELVSR ,WXUUDOGH HVTXLQD
7HOI $PEDWR ² (FXDGRU
3,&2 6$1 2IUHFH SLH]DV SDUD FDUURFHUtDV (Q ÀEUD GH YLGULR )UHQWHV UHVSDOGRV WDEOHURV 'LUHFFLyQ +XDFKL *UDQGH PDQ]DQD GH RUR D PW GHO LQJUHVR DO FDQWyQ &HYDOORV 7HOI $PEDWR (FXDGRU
+ *2%,(512 3529,1&,$/ '( 781*85$+8$ ,1* :$/7(5 -$&20( )DFLOLWDGRU $JURSHFXDULR 6H EULQGD DVHVRUDPLHQWR 7pFQLFR SHFXDULR HODERUDFLyQ GH SUR\HFWRV FRQVXOWRUtDV HQ GHVDUUROOR HFRQyPLFR ORFDO 7HOpIRQR ² &RUUHR SURGXFWLYLGDG\FRPHUFLDOL]DFLRQ GLUSUR#WXQJXUDKXD JRE HF
325 027,92 '( 9,$-( 6H YHQGH FDELQDV WHOpIRQLFDV 6HFWRU +XDFKL *UDQGH 7HOI ²
6HUSDJUL $OPDFpQ DJURSHFXDULR 'LVWULEXLGRU GH SURGXFWRV $JURTXtPLFRV YHWHULQDULRV DOLPHQWRV EDODQFHDGRV \ SROOLWRV GH WRGD HGDG /LF $JU -RUJH -DWL 5DPRV *HUHQWH 3URSLHWDULR 'LU 2ULHQWH \ GH 0D\R 7HOpIRQRV ² &HYDOORV (FXDGRU
(QFHEROODGRV QRUPDOHV \ PL[WRV FHYLFKHV GH FDPDURQ DUUR] FDPDURQ VHFRV GHSROOR FDUQH \ MXJR P 7HUHVD 7RUUHV * 3URSLHWDULD $WHQFLyQ GH MXHYHV D PDUWHV GH D P D S P 'LU GH QRYLHPEUH \ 9DUJDV 7RUUHV 7HOI $PEDWR (FXDGRU
*(5(17( 3523,(7$5,2 $QWRQLR 0DFKDGR \ *XVWDYR $GROIR %HFNHU SXHUWDV GHO 6RO
7HOpIRQR ² $PEDWR ² (FXDGRU
(FR /XLV %DURQD 3523,(7$5,2 &DVHUtR $QGLJQDWR &DQWyQ &HYDOORV 7HOI ²
/H RIUHFH WRGR SDUD HO +RJDU /LEUHUtD %D]DU -XJXHWHV \ SURGXFWRV GH SULPHUD QHFHVLGDG 'LU GH PD\R \ RULHQWH 7HOpIRQR &HYDOORV (FXDGRU
'HFODUDFLRQHV GH LPSXHVWRV ,9$ 5HWHQFLRQHV HQ OD IXHQWH ,5 ,PSXHVWRV D OD UHQWD $QH[RV WUDQVDFFLRQDOHV 'HYROXFLyQ GH LPSXHVWRV 7UDPLWHV ² 65, $ÀOLDFLRQHV DO ,(66 $VHVRUtD &RQWDEOH HWF /OiPDQRV \ WH YLVLWDUHPRV 7HOpIRQR ² (PDLO GDUZLQWREDU #KRWPDLO FRP ,QJ 'DUZLQ 7REDU
'HVSHQVD ´/DXULWDµ 'H +HUQiQ 5LFDFKL \ 6UD
'U -RUJH %D\DV 2GRQWyORJR ([WUDFFLRQHV FDO]DV FXUDFLRQHV RUWRGRQFLD 'LUHFFLyQ FDOOH GH DEULO \ )HOLSD 5HDO &DQWyQ &HYDOORV
&RPHUFLDO 0yQLFD
$YtFROD )HUDQGL
-8*2 '( &$f$ ´+,/',7$µ 'LUHFFLyQ 0DULDQR %HQtWH] \ GH DEULO )UHQWH DO SDUTXH FHQWUDO 4XHUR ² (FXDGRU
3DQDGHUtD ´(/ *8$172µ 2IUHFH D VXV FOLHQWHV ODV GHOLFLRVDV \ H[TXLVLWDV FKRODV 'LU 6DQ GHO *XDQWR 7HOI ² 4XHUR (FXDGRU
61$&. %$5 ´3$77<µ 2IUHFH GHOLFLRVDV KDPEXUJXHVDV VDOFKLSDSDV SDSL FDUQH SDSL SROORV FRODV FHUYH]DV KHODGRV 'LUHFFLyQ GH PD\R \ )HOLSD 5HDO IUHQWH DO SDUTXH FHQWUDO 7HOI &HYDOORV (FXDGRU
/D IDPLOLD 5DPtUH] )UHLUH VDOXGD DO &DQWyQ &HYDOORV HQ YLJpVLPR TXLQWR DQLYHUVDULR GH &DQWRQL]DFLyQ
$QDOXL]D *ODG\V
6DOXGD DO &ROHJLR 3HGUR )HUPtQ &HYDOORV HQ VXV DxRV GH YLGD ,QVWLWXFLRQDO )RPHQWDQGR OD MXYHQWXG &HOD\HQVH \ GH OD 3URYLQFLD
/DYDGR ² (QJUDVDGR ² 3XOYHUL]DGR &DPELR GH DFHLWH GH WRGD FODVH GH YHKtFXORV ² &DMD ² &RURQD \ PRWRU 9HQWD GH OODQWDV ² EDWHUtDV \ PXFKR PDV SDUD VX YHKtFXOR $7(1&,21 ,1,17(55803,'$ '( '20,1*2 $ '20,1*2 'LU 3DQDPHULFDQD 6XU \ $Y -XDQ 0RQWDOYR 7HOI &HO 0RFKD ² 7XQJXUDKXD ² (FXDGRU
7HFQRDODUP 7HFQRORJtD HQ DODUPDV ,QJ -RVH 0RQWR\D *(5(17( 7(&1,&2 $ODUPDV &HQWUDOHV WHOHIyQLFDV 9LGHR SRUWHURV &FWY 0DQWHQLPLHQWR HOHFWURQLFR ,QGXVWULDO 3DQDVRQLF $YWHFK ,SKRQH '6' 'LUHFFLRQ 3DUURTXLD 0RQWDOYR ² %DUULR 6DQ -RVH H PDLO WHFQRDODUPDPDPEDWR#JPDLO FRP
WHOIV ² &HO ² $PEDWR
(/(&752 621,'2 < 9,'(2 5HSDUDFLyQ GH 7Y D FRORU \ '9' ² 9&' HTXLSR GH VRQLGR DXWRUDGLRV SODQFKDV OLFXDGRUDV VHFDGRUDV EDWLGRUDV PLFURRQGDV \ WRGR HOHFWURGRPpVWLFRV HQ JHQHUDO 7UDEDMR JDUDQWL]DGR +XJR &DJXDQD 3523,(7$5,2 'LU /L]DUGR 5XL] 5RGR IUHQWH DO FROHJLR 81( 7HOIV ²
6DOD GH %HOOH]D ´5266<µ 'H 5RFtR 9LOODIXHUWH 2IUHFH FRUWHV WLQWHV RQGXODGRV SHLQDGRV HWF 'LU -XDQ ( %XFKHOL \ 0DQXHO 9DUJDV 7HOpIRQR &HYDOORV (FXDGRU
7(&1,$*52 ´9$/(1&,$µ 'HO ,QJ 2OLYHULR 9DOHQFLD 2IUHFH %DODQFHDGRV PDWHULD SULPD SURGXFWRV DJUtFRODV \ YHWHULQDULRV $O SRU PD\RU \ PHQRU 'LUHFFLyQ +XDFKL *UDQGH MXQWR D JDVROLQHUD )ORUHV 7HOI
0$5,648(( $48Ì 2IUHFH (QFHEROODGRV &HYLFKHV GH &RQFKD FDPDUyQ (QFHEROODGRV PL[WRV $UUR] FRQ FDPDUyQ JXDWLWDV $WHQFLyQ GH MXHYHV D OXQHV +RUDULR D SP 3HGLGRV DO WHOpIRQR 3URSLHWDULD 0HUF\ 0D\RUJD 'LUHFFLyQ GH PD\R \ 0DUWtQH] HQ HO FDQWyQ &HYDOORV
0LFURPHUFDGR ´'RQ 9tFWRUµ 3URSLHWDULD 6UD ,UODQGD %D\DV 2IUHFH DEDUURWHV SROORV FULROORV SHODGRV FDUQHV HPEXWLGRV OLFRUHV FLJDUULOORV &RODV HWF 'LUHFFLyQ GH $EULO \ )HOLSD 5HDO 7HOI &HYDOORV (FXDGRU
7+( .,1* %$5 3URSLHWDULD &DUPHOLQD 7LWH 9HQ \ GLVIUXWD OD QRFKH 2IUHFHPRV WRGR GH OLFRU 'LUHFFLyQ &HYDOORV HQWUH -XDQ 9DUJDV \ (VSDxD HVTXLQD 7HOI &HO
0DU \ VDO /D VDO GH OD YLGD /LF 0LULDQ 0R\D 'LVWULEXLGRUD )DPRVDO 6 $ 6DO HQ JUDQR 6DO LQGXVWULDO 6DO UHÀQDGD $PEDWR 5RVD %ODQFD \ 7RUWXJD 7HOI &HO
/.'+'
ŏāŏ ŏ ŏ ŏĂĀāā
ŏ +. ŏ
\hWdp
āā
āĂ
āŏ ŏ ŏ ŏĂĀāā
ŏ +. ŏ
.-,#,.1 -ũ -(5#12 1(.
&ŋ (.,)ŋ / .#0)ŋ #&#(!Ê ŋ (. ,( #)( &ŋĢ ģŋ,  ŋ & ŋ- -# (ŋ-)& '( ŋ (ŋ &ŋ & (ŋ ŋ& ŋ #/ ŋ (ŋ &ŋ /(# #*#)ŋ ŋ ' .)ąŋ* , ŋ )(' '), ,ŋ/(ŋ (#0 ,- ,#)ŋ'6-ŋ ŋ-/ŋ , Ě # (Ąŋ &ŋ .)ŋ -#-.# ,)(ŋ /.),# -ąŋ ) (. -ąŋ -./ # (. -ąŋ * , -ŋ ŋ '#&# ŋ ŋ#(0#. )-ŋ -* # & -Ąŋ ũ
#1¢-(! ũ ¢/#9Ĕũ1#!3.1 ũ"#+ũ Ĕũ1#!( #ũ4-ũ1#!.-.!(,(#-3.ũ/.1ũ#+ũ -(5#12 1(.ũ"#ũ, -.2ũ"#ũ 1(.ũ %4( 1Ĕũ1#/1#2#-3 -3#ũ "#ũ+ ũ (1#!!(¢-ũ"#ũ "4! !(¢-ēũ
1(23(- ũ _1#9Ĕũ Ì+ũ #- +!;9 1Ĕũ .,#+ũ ';5#9ũ8ũ #+_-ũ .8 ũ".!#-3#2ũ"#+ũ #23 +#!(,(#-3.2ũ04#ũ-.ũ/4"(#1.-ũ$ +3 1ũ#-ũ#23#ũ#5#-3.ēũ
/.&+'
4 -ũ .2_ũ .8 Ĕũ 1~ ũ 4+ ũ .8 ũ8ũ 1 -".-ũ (++ !1_2ũ3 , (_-ũ$4#1.-ũ1#!.-.!(".2ũ/Ì +(! ,#-3#ũ/.1ũ24ũ"#23 ! " ũ / 13(!(/ !(¢-ũ#-ũ#+ũ"#/.13#ēũ
+ĹŠ5 +.1ĹŠ"#+ĹŠ31 ).
.2Ŋ)¢5#-#2Ŋ2.-Ŋ4-Ŋ/(+ 1Ŋ$4-" ,#-3 +Ŋ"#Ŋ+ Ŋ $4#19 Ŋ. 1#1 Ŋ"#+Ŋ,4-".Ŋ#-3#1.ĔŊ/.1Ŋ#2.Ŋ#2Ĺ /#1 -Ŋ,;2Ŋ#2/ !(.Ŋ"#-31.Ŋ"#Ŋ+ 2Ŋ#,/1#2 2ē
Yeb[Yj_le ^ece]ƒd[e$ Iki f[hi# f[Yj_lWi Z[ [cfb[e eX[Z[Y[d W \WYjeh[i Yece [b ]ƒd[he" bW [ZWZ" [b d_l[b Z[ [ZkYWY_ÂŒd" [b eh_][d ƒjd_Ye" [b [ijWZe Z[ iWbkZ o bW Z_i# BW Y[djhWb_ZWZ Z[b jhWXW`e i[ YWfWY_ZWZ" [jY$ ;d ckY^ei fW‡# ;b jhWXW`e [i kd heb X|i_Ye o Y[djhWb [d bW l_ZW fWhW bei i[h[i h[Ă’ [h[ W bW _cfehjWdY_W fWhW kdW i[i" bWi jWiWi Z[ Z[i[cfb[e o ik# f[hiedW [d ik l_ZW [d kd X[cfb[e Z[ bWi `ÂŒl[d[i ikf[hWd ^kcWdei" feh bW YWdj_ZWZ cec[dje Z[j[hc_dWZe$ YWi_ i_[cfh[ bWi Z[ bei `ÂŒl[d[i" Z[ j_[cfe gk[ Z[Z_YWcei W ƒij[" fehgk[ f[hc_j[ bW iWj_i\WYY_ÂŒd Z[ d[Y[i_ZWZ[i ĹŠ ĹŠ +ĹŠ31 ).ĹŠ8ĹŠ "#ĹŠ+.2ĹŠ)¢5#-#2ĹŠ [YedÂŒc_YWi o fi_YeieY_Wb[i 42! -ĹŠ31 ).ĹŠ +.2ĹŠ)¢5#-#2 !4 -".ĹŠ ĂŒ-ĹŠ o feh ik _dj[hh[bWY_ÂŒd Yed #23;-ĹŠ#234"( -".ĹŠ ;d jeZe [b ckdZe" ejhWi |h[Wi Z[ bW l_ZW$ + ĹŠ4-(5#12(" "Ä“ bei `ÂŒl[d[i Z[ WcXei FWhW @ei[\_dW Ieb‡i" i[nei fh[ijWd kdW cW[ijhW Z[ [ZkYWY_ÂŒd i[# Yedjh_XkY_ÂŒd _c# YkdZWh_W" i[‹WbÂŒ gk[ Z[iZ[ f[# fehjWdj[ Yece jhWXW`WZeh[i gk[‹ei [i _cfehjWdj[ _dYkbYWh# fheZkYj_lei" [cfh[iWh_ei" b[ W bei `ÂŒl[d[i bW _cfehjWdY_W Yedikc_Zeh[i" Y_kZWZWdei" Z[b jhWXW`e" fk[i [ie b[i f[h# c_[cXhei Z[ bW ieY_[ZWZ Y_# c_j_h| [ijWh c|i fh[fWhWZei l_b" o W][dj[i Z[b YWcX_e$ Ik Wb cec[dje Z[ [d\h[djWhi[ Wb [d[h]‡W o YWfWY_ZWZ Z[ _dde# ckdZe bWXehWb$ lWY_ÂŒd ied h[Ykhiei _d[ij_# ÆI_ Z[iZ[ f[gk[‹ei deiejhei cWXb[i gk[ d_d]‘d fW‡i fk[# b[i [di[‹Wcei W dk[ijhei ^_`ei Z[ f[hc_j_hi[ Z[if[hZ_Y_Wh$ eXj[d[h Wb]kdW h[Yecf[diW feh 7kdgk[ [d jeZei bei fW‡# bei jhWXW`ei gk[ ^WY[d [d [b ^e# i[i bei `ÂŒl[d[i Yedij_jko[d ]Wh" [bbei Yecfh[dZ[h|d [b lWbeh kd l[hZWZ[he YWf_jWb dWY_e# Z[b Z_d[he o bW _cfehjWdY_W Z[ dWb" ied jWcX_ƒd [njh[cWZW# ]WdWhbe ^edhWZWc[dj[Ç" W]h[]ÂŒ c[dj[ lkbd[hWXb[i1 W\hedjWd bW cW[ijhW$ kd Wbje ]hWZe Z[ _dY[hj_Zkc# I_d [cXWh]e" bW _cfehjWdY_W Xh[ [YedÂŒc_YW o ieY_Wb$ 7 gk[ [b jhWXW`e j_[d[ [d bW l_ZW" lW# c[dkZe de i[ Wfhel[Y^Wd h‡W Z[ kdW f[hiedW W ejhW o [i kd jeZWi iki fej[dY_Wb_ZWZ[i Yecfed[dj[ Y[djhWb Z[b Yed`kdje fehgk[ de j_[d[d WYY[ie W Z[ Yh[[dY_Wi" lWbeh[i o WYj_jkZ[i [cfb[ei fheZkYj_lei o Z[# gk[ Yedij_jko[d [b i_]d_Ă’ YWZe Z[b Y[dj[i$ jhWXW`e$ Bei `ÂŒl[d[i de \ehcWd kd
Ċć
35,1&,3$/
c_[djhWi [d [ijW c_icW \hWd`W Z[ [ZWZ bWi jWiWi Z[ Z[i[cfb[e Z[ bei WZeb[iY[dj[i Z[ '+ W '/ W‹ei ik[b[d i[h c|i [b[lWZWi gk[ bWi Yehh[ifedZ_[dj[i W bWi f[hiedWi Z[ feYe c|i Z[ (& W‹ei$ ÆBei `ÂŒl[d[i de [dYedjhWcei jhWXW`e Yed \WY_b_ZWZ" fk[i bei [cfh[iWh_ei gk_[h[d gk[ i[W#
ƒ Ĺ? Ĺ?
Ä Äƒ
Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ?
cei Z_d|c_Yei" Xk[dei YebWXe# hWZeh[i o gk[ Yedj[cei Yed bW [nf[h_[dY_W fWhW ^WY[h X_[d bWi bWXeh[i" f[he i_ de dei f[hc_j[d jhWXW`Wh Yece be]hWcei [ieÇ" [d# \Wj_pÂŒ =WXh_[b 8ecXÂŒd" _d][d_[# he [d i_ij[cWi gk[ bb[lW Z[i[c# fb[WZe YkWjhe c[i[i Z[iZ[ gk[ eXjkle ik j‡jkbe$
6DOXGD IUDWHUQDOPHQWH D ORV WUDEDMDGRUHV GHO (FXDGRU XQ UHFRQR FLPLHQWR HVSHFLDO D WRGRV TXLHQHV KDFHQ SRVLEOH DYDQ]DU GtD D GtD HQ QXHVWUR SURJUHVR
/225 $/ 75$%$-$'25 (&8$725,$12 (1 68 ',$ &/$6,&2
'LUHFFLyQ $Y GH 1RYLHPEUH \ 8QLGDG 1DFLRQDO (GLILFLR ´%2:(5¾ 7HOHIRQRV )D[
/.'+/
6XFXUVDO (O 3X\R 6XFXUVDO $Y $WDKXDOSD 6XFXUVDO $Y (O 5H\
0LFDHOD 9LOODFtV
/.','
ēŊ +Ŋ#23 1Ŋ Ŋ/4-3.Ŋ!.-Ŋ+ Ŋ3#!-.+.%~ ĔŊ#2Ŋ4- Ŋ"#Ŋ+ 2Ŋ$.13 +#9 2Ŋ04#Ŋ 3(#-#Ŋ+ Ŋ)45#-34"Ŋ#-Ŋ#+Ŋ;, (3.Ŋ+ .1 +ē
" #
!
ƒ Ĺ? Ĺ?
Ä Ä…
Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ?
~ ĹŠ"#+ĹŠ. 1#1.ĹŠ#!4 3.1( -.
[i[dY_Wb dehcW Z[ l_ZW" Yed [b Z[X[bWZe [i\k[hpe [d bWi Z_ij_d# jWi WYj_l_ZWZ[i" be]hWdZe Yed ik jhWXW`e Yej_Z_Wde [b \ehjWb[Y_# c_[dje Z[ ik YWh|Yj[h" [if‡h_jk" o ik c[dj[$ ;ij[ :‡W Fh_c[he Z[ CWoe [i [b eh_][d h[_l_dZ_YWj_le Z[ bW bkY^W eXh[h_b fWhW c[`ehWh iki YedZ_Y_ed[i Z[ jhWXW`e" [nfh[iW# Ze [d [ijW efehjkd_ZWZ Z[ b_c_jWh [b j_[cfe [d bW `ehdWZW Z[ jhWXW`e [d bWi . ^ehWi bWXehWXb[i$ >eo bei eX`[j_lei Z[b jhWXW# B_Y$ MWbj[h 7$ Ceh[jW I$ `WZeh i_]k[d l_][dj[i" Wkdgk[ ;ij[ Fh_c[he Z[ CWoe [dl_Wcei [d kd Yedj[nje Z_\[h[dj[ gk[ ^W W jeZei bei jhWXW`WZeh[i Z[ bW FW# YWcX_WZe [d ckY^ei YWiei ^Wi# jh_W o Z[b ckdZe [b c|i \hWj[hde jW bW dWjkhWb[pW Z[ bei fheXb[cWi o YehZ_Wb iWbkZe [d [ijW \[Y^W gk[ bWXehWb[i W h[iebl[h o Z[iZ[ bk[#
+ĹŠÄˆĹŠ"#ĹŠ 8.ĹŠ#2ĹŠ+ ĹŠ ÄƒĹŠ#23 ĹŠ%1 -"#ĹŠ"#+ĹŠ 31 ) ".1ĔŊ#2ĹŠ24ĹŠ 5(2(¢-ĹŠ'(23¢1(! ĹŠ"#ĹŠ +4!' ĹŠ/.1ĹŠ+.%1 1ĹŠ 24ĹŠ#, -!(/ !(¢-Ä“
fh_c[hWi Yedgk_ijWi ieY_Wb[i Z[b jhWXW`e" f[i[ W gk[ ik eh_[djW# Y_Œd i[ [dYk[djhW c[deiYWXWZW Yed Wif_hWY_ed[i Z[ jhWdi\ehcW# Y_Œd [d XWi[ W kd Yh[Ze ieY_Wb Z[ _d\bk[dY_W d[eb_X[hWb$ BW YbWi[ eXh[hW ^W bkY^WZe [d kdW \ehcW deXb[ _hhWZ_WdZe bkp YbWh‡i_cW Z[ bW b_X[hjWZ" b[lWdjWdZe ik lep o ik XhWpe fWhW [dWhXebWh bW XWd# Z[hW Z[ bW H[lebkY_Œd" Z[ bW @kij_# Y_W gk[ ^W i_dj[j_pWZe iki deXb[i Wif_hWY_ed[i [d i[h iebe f[d# iWc_[dje Z[ kdW iebW _Z[W fWhW \ehjWb[Y[h iki _Z[Wb[i" fehgk[ bW ^_ijeh_W Z[ bWi `ehdWZWi Z[ bkY^W ^ecƒh_YWi oW i[ Z_[hed$ ;b Fh_c[he Z[ CWoe [i \[Y^W Z[ bkje" Z[ Zebeh" bW iWd]h[ Z[hhW#
/.'+*
ÂĄ ēŊ +ĹŠ31 ).ĹŠ"(%-(ÄƒĹŠ! ĹŠ ĹŠ+.2ĹŠ2#1#2ĹŠ'4, -.2Ä“
[d [b J_[cfe o [d [b fWiWZe [d bW ^edZW jkcXW Z[ bW l_[`W ce# dWhgk‡W gk[ i[ Z[hhkcXÂŒ fWhW i_[cfh[1 dWY_[dZe [b ][d_e [b b_Z[hWp]e Z[ bei jhWXW`WZeh[i b_# Xh[i$ ÂśE> _dZecWXb[i o ^[he_Yei bkY^WZeh[i gk[ [d he`W iWd]h[ j[‹_ij[ bWi c|gk_dWi Z[ bWi \|# Xh_YWi" Z[b :[h[Y^e [d bWi ƒf_YWi `ehdWZWi" YW‡ij[ Yece []h[]_ei o ]bWZ_WZeh[i" ^_Y_ij[ Z[ bW deY^[ o iki d[]heh[i XhejWh h[ifbWdZ[# Y_[dj[i WbXehWZWi Z[ kd fk[Xbe Z[ efh_c_Zei o efh[ieh[i" gk[ i[]k_h|d ik YWc_de ^WijW bb[]Wh Wb j[cfbe Z[ bW =beh_W [d jedWdZe [b ^_cde Z[b JhWXW`e$
+Ŋ 1(,#1.Ŋ"#Ŋ 8.Ŋ #2Ŋ$#!' Ŋ"#Ŋ+43.ĔŊ "#Ŋ".+.1ĔŊ+ Ŋ2 -%1#Ŋ "#11 , " Ŋ"#Ŋ+.2Ŋ,;13(1#2Ŋ "#Ŋ '(! %.Ŋ8Ŋ !4 ".1Ŋ2.-Ŋ 1"(#-3#2ĔŊ/.104#Ŋ"#) 1.-Ŋ 242Ŋ'4#++ 2Ŋ242Ŋ("# 2ĔŊ2#Ŋ 5.+!¢Ŋ#-Ŋ+ Ŋ#-31  Ŋ"#Ŋ4- Ŋ 3(#11 Ŋ$#!4-" Ŋ04#Ŋ3#-~ Ŋ#+Ŋ 2/#!3.Ŋ#23_1(+Ŋ8Ŋ ;1 1 ēŊ
/.',*
Z[`Whed iki ^k[bbWi iki _Z[Wi" i[ lebYŒ [d bW [djhW‹W Z[ kdW j_[# hhW \[YkdZW gk[ j[d‡W [b Wif[Yje [ijƒh_b o X|hXWhW$ BW ]k[hhW Z[ bWi YbWi[i eXh[hWi Yec[dpŒ [d '../" ^W i_Ze i_d ZkZW [b WYed# j[Y_c_[dje feb‡j_Ye c|i _cfeh# jWdj[ Z[ bW ^_ijeh_W bWXehWb [d jeZe [b ckdZe" ik ^k[bbW Z_e fhefk[ijW W bW fh[c_iW fWhW bW eh]Wd_pWY_Œd Z[ bei [ijWZei ceZ[hdei" hWpŒd feh bW YkWb de feZ[cei fh[iY_dZ_h Z[ bW c[# ceh_W ^_ijŒh_YW Z[b Fh_c[he Z[ CWoe$ EXh[he [YkWjeh_Wde Yh[e [d jk h[X[bZ‡W" Yh[e [d jk h[W# b_ZWZ fei_j_lW Z[ jki 8WjWbbWi" Yh[e [d [b \kb]eh Z[ jk \ehcW" [d bW [nj[di_Œd Z_|\WdW o fkhW Yece \kb][ [d j_ [b Xh_bbe Z[ kd lebY|d gk[ i[ Z[iXehZW Z[ bWlW _dYWdZ[iY[dj[ gk[ i[ Z[`W [iYk# Y^Wh ik XhWc_Ze Wc[dWpWdj[ W ck[hj[ Yed ebeh Z[ Wpk\h[$ DeXb[i jhWXW`WZeh[i gk[ [d _]kWb XhWlkhW ied Z[ bW =beh_W o Z[b lWbeh fej[dj[" o Wdj[ bW Wk# i[ h_dZ[ ^ec[dW`[ W bei ^ecXh[i ]e ^Wo gk[ iebkY_edWh1 jeZe [bbe cWZW Z[ bei c|hj_h[i Z[ 9^_YW]e ]kijW [ifb[dZ_Z[p Z[b Y_[be ckZe o ck`[h[i gk[ Ykcfb[d Yed kdW i[ YWhWYj[h_pW feh WhhWdYWh bWi o ;YkWZeh ied WhZ_[dj[i" fehgk[ j[ij_]e Z[b ^kcWde" Z[ ik Zk[be
ēŊ Ŋ"( 1(.Ŋ+.2Ŋ. 1#1.2Ŋ" -Ŋ24Ŋ!.-3(-%#-3#Ŋ/ 1 Ŋ04#Ŋ+ Ŋ(-"4231( Ŋ"#+Ŋ / ~2Ŋ#-3#1.Ŋ2(% Ŋ!1#!(#-".Ŋ8Ŋ-.Ŋ"#! (% ē
ƒ Ä
0%!),+ (! 01. Ä Ä†Ĺ?)%*Ä‹
Ĺ?Ä€Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ?
-* ˜ Ćŋ (Ĺ‹0#!),Ĺ‹ - !/,# Ĺ‹-) # & * , Ĺ‹#('#!, (. -Ĺ‹
ēŊ Ŋ,#3 Ŋ/1(-!(/ +Ŋ"#+Ŋ !4#1".Ŋ#2Ŋ 2#%41 1Ŋ+ Ŋ 3#-!(¢-Ŋ2.!( +Ŋ"#Ŋ+.2Ŋ31 ) ".1#2Ŋ04#Ŋ#,(%1 1.-Ŋ Ŋ 41./ ē
ēŊ -ĹŠ24ĹŠ'.% 1ĹŠ3#,/.1 +ĹŠ -#3'ĹŠ!#+# 1¢Ŋ#+ĹŠ!4,/+#  .2ĹŠ-ĂŒ,#1.ĹŠÄˆÄŠĹŠ"#ĹŠ24ĹŠ '() ĹŠ #-(22#Ä“8ĔŊ +ĹŠ,(2,.ĹŠ3(#,/.ēŊ' ĹŠ1#!( (".ĹŠ#+ĹŠ /.8.ĹŠ"#ĹŠ,4!'.(2ĹŠ!(4" " -.2Ä“
( ."Ĺ‹ , Ĺ‹ /'*& Ĺ‹ Ä ĂźĹ‹"), -Ĺ‹ (Ĺ‹"/ &! Ĺ‹ @Wd[j^ EhX[ Yedj_d‘W bW ^k[b]W Z[ ^WcXh[ [d bWi W\k[hWi Z[ bW <_iYWb‡W =[d[hWb Z[b ;ijWZe$ :[i# Z[ [b cec[dje gk[ jecÂŒ [ijW Z[# Y_i_ÂŒd" EhX[" ^W h[Y_X_Ze Wfeoe Z[ bW ][dj[ W YWZW cec[dje$ :[# Y[dWi Z[ f[hiedWi Z[ jeZWi bWi [ZWZ[i i[ WY[hYWd ^WijW [b bk]Wh fWhW ieb_ZWh_pWhi[ [d ik bkY^W$ ÆKij[Z [i kdW ck`[h \k[hj[" i_]W Wi‡" deiejhei [ijWcei ehWd# Ze fWhW gk[ i[ ^W]W `kij_Y_WÇ1 Æ[b Yehed[b 9Whh_ÂŒd [i kd ^ecXh[ Z_]de" gk[ :_ei b[i X[dZ_]WÇ" ied bei c[diW`[i gk[ h[Y_X[$ :[d_ii[ 9Whh_ÂŒd" Ykcfb_ÂŒ Wo[h ') W‹ei" [i bW ^_`W cWoeh Z[b Yehed[b" gk_[d \k[ Z[j[d_Ze [b (- Z[ eYjkXh[ Z[ (&'& WYkiWZe Z[ j[djWj_lW Z[ Wi[i_dWje YedjhW [b fh[i_Z[dj[ HW\W[b 9ehh[W" jhWi bei ^[Y^ei Z[b )& i[fj_[cXh[ fW# iWZe Z‡W Z[ bW h[lk[bjW feb_Y_Wb$ BW YWhfW gk[ ik cWZh[ b[lWd# jÂŒ [d bei [nj[h_eh[i Z[ bW [dj_# ZWZ" [ijWXW WZehdWZW feh ]beXei XbWdYei o kdWi b[jhWi Z[ Yebeh[i gk[ Z[Y‡W Ăˆ9kcfb[W‹eiÉ" Wkdgk[ i[]‘d Yec[djÂŒ" feh bei cec[d# jei Z_\‡Y_b[i gk[ [ij|d WjhWl[iWd# Ze" [ijW l[p de [i Ăˆ\[b_pÉ$
"5#13#-!(
7 bWi '+0&& Z[b l_[hd[i kd h[fh[# i[djWdj[ Z[ bW @kdjW C[jhefeb_# jWdW Z[ Fhej[YY_ÂŒd Z[ bei :[h[# Y^ei Z[ bW D_‹[p Z[ bW pedW BW :[b_Y_W" b[ [if[hWXW fWhW Z[`Whb[ kdW WZl[hj[dY_W [iYh_jW gk[ bW WYY_ÂŒd gk[ [bbW cWdj[d‡W [ijWXW YWkiWdZe ZW‹e fi_YebÂŒ]_Ye W bei d_‹ei$ ;ijW `kdjW Yed bW fh[i[d# Y_W Z[ jh[i c_[cXhei" >[hd|d CeoW" C_h[oW 9|hZ[dWi o 8[W# jh‡p Okc_XWdZW" i[‹WbWd [d [b ZeYkc[dje gk[ Æ[d kie Z[ bWi Wjh_XkY_ed[i gk[ b[i YedĂ’[h[ [b Whj‡Ykbe (&," b_j[hWb W Z[b 9ÂŒZ_]e Z[ bW D_‹[p o bW 7Zeb[iY[dY_W$$$ bW i[‹ehW @Wd[j^ EhX[ [ij| lkb# d[hWdZe bei Z[h[Y^ei W bW iWbkZ" l_ZW o [ZkYWY_ÂŒd Z[ bei d_‹eiÇ$ EhX[ cWd_\[ijÂŒ gk[ bei h[fh[# i[djWdj[i Z[ bW @kdjW dkdYW l[h_# Ă’YWhed YkWb [i bW i_jkWY_ÂŒd" oW gk[ iki ^_`ei [ij|d WYecfW‹|dZeb[" f[he gk_[d h[Wb_pW bW ^k[b]W Z[ ^WcXh[ [i [bbW o de bei d_‹ei$ Æ9kWdZe [b I[Yh[jWh_e @kh‡Z_# Ye Z[ bW Fh[i_Z[dY_W jhWjÂŒ cWb W c_ ^_`W" dWZ_[ Z[ [ijW eh]Wd_pW# Y_ÂŒd c[ WfeoÂŒĂ‡" h[YehZÂŒ @Wd[j^$
+1#"#".1ĹŠ"#ĹŠ,#"(.ĹŠ,(++¢-ĹŠ"#ĹŠ#!4 Äą 3.1( -.2ĹŠ1#2("#-3#2ĹŠ#-ĹŠ+ ĹŠ- !(¢-ĹŠ#4Äą 1./# ĹŠ/."1;-ĹŠ #-#ă!( 12#Ä“ ĔŊ ĹŠ ěŊ ;b fh_c[h 9ed#
l[d_e Ckbj_bWj[hWb ?X[heWc[# h_YWde Z[ I[]kh_ZWZ IeY_Wb [djhWh| [d l_]eh ^eo" Yed [b eX`[j_le Z[ ]WhWdj_pWh bW fhe# j[YY_ÂŒd ieY_Wb o bWi f[di_ed[i Z[ bei _dc_]hWdj[i [d YkWb# gk_[h fW‡i Z[ ?X[heWcƒh_YW$ ;b 9edl[d_e \k[ WfheXWZe [d bW NL?? 9kcXh[ Z[ `[\[i Z[ ;ijWZe o Z[ =eX_[hde Y[b[# XhWZW [d IWdj_W]e Z[ 9^_b[ [d del_[cXh[ Z[ (&&-" Wkdgk[ ^WijW [b cec[dje ^W i_Ze hW# j_Ă’YWZe iÂŒbe feh 8hWi_b" 9^_b[" ;YkWZeh" ;b IWblWZeh" ;ifW‹W" Fehjk]Wb" 8eb_l_W o FWhW]kWo$ :[b 9edl[d_e feZh|d X[# d[Ă’Y_Whi[ Z_h[YjWc[dj[ c|i Z[ i[_i c_bbed[i Z[ _dc_]hWd# j[i bWj_deWc[h_YWdei" Wkdgk[ ik [ifWY_e Z[ fhej[YY_ÂŒd i[ [nj_[dZ[ W jeZW bW feXbWY_ÂŒd Z[ bei (( fW‡i[i _X[heWc[h_# YWdei" kdei ,&& c_bbed[i Z[ f[hiedWi$
/+(! !(¢-
2ĹŠ/1#23 !(.-#2
Ŋ +Ŋ;, (3.Ŋ, 3#1( +Ŋ"#Ŋ /+(! !(¢-Ŋ"#Ŋ#23#Ŋ ŗ!.-5#-(.Ŋ,4+3(+ 3#1 +Ŋ 1! Ŋ+ 2Ŋ/1#23 !(.Ĺ
-#2ĹŠ#!.-¢,(! 2ĹŠ!.-31( 43(5 2ĹŠ"#ĹŠ(-5 +("#9ĔŊ 5#)#9ĔŊ24/#15(5#-!( ĹŠ8ĹŠ+ 2ĹŠ"#1(5 " 2ĹŠ"#ĹŠ !!("#-3#2ĹŠ"#ĹŠ31 ).ĹŠ8ĹŠ#-$#1,#" "#2ĹŠ /1.$#2(.- +#2Ä“ ĹŠ #ĹŠ#7!+48#-ĹŠ+ 2ĹŠ/1#23 !(.-#2ĹŠ-.ĹŠ Ĺ—!.-31( 43(5 2ĔŊ+ 2ĹŠ"#ĹŠ 2(23#-!( ĹŠ2.!( +ĹŠ8ĹŠ+ 2ĹŠ 1#!.-.!(" 2ĹŠ ĹŠ$ 5.1ĹŠ"#ĹŠ5~!3(, 2ĹŠ"#ĹŠ%4#11 Ä“ ĹŠĹŠ ,/.!.ĹŠ2#ĹŠ(-!+48#-ĹŠ#-ĹŠ24ĹŠ;, (3.ĹŠ+ 2ĹŠ Ĺ—/1#23 !(.-#2ĹŠ2 -(3 1( 2ĔŊ"# (".ĹŠ ĹŠ+ 2ĹŠ"(ÄƒÄą
!4+3 "#2Ŋ"#Ŋ!..1"(- !(¢-Ŋ#-31#Ŋ+.2Ŋ/ ~2#2ē
1.3#%(#-".ĹŠ+.2ĹŠ"#1#!'.2
JWb o Yece _dZ_YÂŒ Wo[h [b h[fh[# i[djWdj[ [d ;ifW‹W Z[ bW I[# Yh[jWh‡W DWY_edWb Z[b C_]hWdj[ I[dWc_ Z[ ;YkWZeh" EiYWh @WhW" Yed [ij[ 9edl[d_e Æi[ ik# f[hWd YWh[dY_WiÇ _dYbk_ZWi [d WYk[hZei X_bWj[hWb[i [n_ij[dj[i Wdj[h_ehc[dj[" feh [`[cfbe"
4 (+ !(¢-Ŋ 2#%41 " ŗŊŊ +Ŋ !4#1".Ŋ04#Ŋ#-31 Ŋ#-Ŋ5(%.1Ŋ#23#Ŋ ".,(-%.Ŋ1#2/#3 Ŋ+ 2Ŋ+#%(2+ !(.-#2Ŋ
- !(.- +#2Ŋ5(%#-3#2Ŋ#-Ŋ, 3#1( Ŋ"#Ŋ #%41(" "Ŋ .!( +Ŋ8Ŋ3(#-#Ŋ!.,.Ŋ,#3 Ŋ /1(-!(/ +Ŋ 2#%41 1Ŋ+ Ŋ!. #1341 Ŋ2.!( +Ŋ "#Ŋ+.2Ŋ31 ) ".1#2Ŋ04#Ŋ Ŋ+.Ŋ+ 1%.Ŋ "#Ŋ24Ŋ5(" Ŋ+ .1 +Ŋ.Ŋ/1.$#2(.- +Ŋ2#Ŋ "#2/+ 9 -Ŋ"#Ŋ4-Ŋ 23 ".Ŋ Ŋ.31.ē #1,(3#Ŋ 2~Ŋ04#Ŋ+.2Ŋ#,(%1 -3#2Ŋ"#Ŋ+ Ŋ 1#%(¢-Ŋ( #1. ,#1(! - Ŋ/4#" -ĔŊ/.1Ŋ #)#,/+.ĔŊ24, 1Ŋ#-Ŋ#+Ŋ,.,#-3.Ŋ"#Ŋ 24Ŋ)4 (+ !(¢-Ŋ+ 2Ŋ!.3(9 !(.-#2Ŋ#$#!Ĺ 34 " 2Ŋ Ŋ+.Ŋ+ 1%.Ŋ"#Ŋ24Ŋ5(" Ŋ+ .1 +Ŋ 4-04#Ŋ_23 Ŋ' 8 Ŋ31 -2!411(".Ŋ#-Ŋ "($#1#-3#2Ŋ/ ~2#2ē
Yed bW Yh[WY_ÂŒd Z[ kdW Yec_i_ÂŒd gk[ f[hc_jW i[]k_h bW Wfb_YWY_ÂŒd YedYh[jW Z[b j[nje$ Æ;i kdW hWY_edWb_pWY_ÂŒd Z[b j[cW Z[ bW c_]hWY_ÂŒdÇ o ikfed[ ÆbW cWj[h_Wb_pWY_ÂŒd Z[ [i[ [if‡# h_jk Z[ij_dWZe W Yh[Wh h[Wb_pW# Y_ed[i YedYh[jWi [d [iW cWj[h_W" gk[ _cf_ZWd bW YedYkbYWY_ÂŒd Z[ bei Z[h[Y^ei Z[ bei _dc_]hWdj[iÇ" W‹WZ_ÂŒ @WhW$
, $ ), -ŋ,  (ŋŋ' , " -ŋ (ŋ.) )ŋ &ŋ* v-
ēŊ .,.Ŋ3.".2Ŋ+.2Ŋ  .2ĔŊ+.2Ŋ2(-"! 3.2Ŋ2#Ŋ' 1;-Ŋ2#-3(1Ŋ'.8ē
:_\[h[dj[i eh]Wd_pWY_ed[i h[W# b_pWhWd cWhY^Wi [d Z_ij_djei bk]Wh[i Z[b fW‡i" [d Yedc[ce# hWY_ÂŒd Z[b :‡W ?dj[hdWY_edWb Z[b JhWXW`e$ ;d Gk_je" Z[iZ[ bWi &.0)&" kdW cWhY^W Z[ bei eXh[hei i_d# Z_YWb_pWZei iWbZh| Z[iZ[ [b ;Z_Ă’# Y_e Z[b ?dij_jkje ;YkWjeh_Wde Z[ I[]kh_ZWZ IeY_Wb ?;II " ^WijW bW FbWpW Z[ IWd <hWdY_iYe$ C_b[i Z[ eXh[hei cWhY^Wh|d [d bWi YWbb[i Z[ bW YWf_jWb fWhW Yedc[cehWh bW
\[Y^W" Wi‡ Yece fWhW fhej[ijWh feh iki Z[h[Y^ei" gk[ ^Wd l_i# je Wc[dWpWZei [d bei ‘bj_cei W‹ei$ FWhW [b fh[i_Z[dj[ Z[ bW 9ed\[Z[hWY_Œd ;YkWjeh_WdW Z[ Eh]Wd_pWY_ed[i 9bWi_ijWi Kd_# jWh_Wi Z[ JhWXW`WZeh[i 9[Ze# Ykj " C[i‡Wi JWjWck[p" [n_ij[d Wjhef[bbei fehgk[ [b i[Yjeh [ij| Z[X_b_jWZe$ 7 bW fhej[ijW jWcX_ƒd i[ ikcW bW 9ed\[Z[hWY_Œd Z[
DWY_edWb_ZWZ[i ?dZ‡][dWi Z[b ;YkWZeh 9edW_[ " i[]‘d be _d# \ehcŒ [b fh[i_Z[dj[ Z[ bW eh]Wd_# pWY_Œd" >kcX[hje 9^ebWd]e$ ;b cel_c_[dje e\_Y_Wb_ijW 7b_WdpW F7?I o [b =eX_[hde" h[Wb_pWh|d jWcX_ƒd kdW cWhY^W$ BW YedY[djhWY_Œd _d_Y_Wh| [d [b fWhgk[ ;b 7hXeb_je Z[ bW Y_kZWZ Z[ Gk_je W bWi &.0&& o h[Yehh[h| bW Wl[d_ZW =hWd 9ebecX_W o L[# d[pk[bW ^WijW bb[]Wh W bW FbWpW Z[ ?dZ[f[dZ[dY_W W bWi ''0&&$
Ä‚
0%!),+ (! 01. Ä Ä†Ĺ?)%*Ä‹
Ĺ?Ä€Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ?
Ä’ &Ĺ‹ ) # ,()Ĺ‹ ()Ĺ‹ (.# ( ēŋ ;b Z_h[Yjeh [`[Ykj_le Z[b ?di# j_jkje Z[ Fh[diW o IeY_[ZWZ Z[ F[h‘ ?FOI " H_YWhZe KY[ZW" Yh[[ gk[ [i d[Y[iWh_e bW h[]kbWY_ÂŒd Z[ bei c[Z_ei$ F[i[ W [ije" i[‹WbW gk[ i_ bb[]W W Yh[Whi[ [b Yedi[`e" be \kdZWc[djWb [i gk[ i[W _d# Z[f[dZ_[dj[$ ÆBe _cfehjWd# j[ [i gk[ de [ijƒ iec[j_Ze W bW lebkdjWZ Z[ kd ]eX_[hde d_ W bWi _dĂ“k[dY_Wi Z[ ]hk# fei [YedÂŒc_Yei" fWhW gk[ i[W kd eh]Wd_ice jƒYd_Ye gk[ WYj‘[ i_d Yedi_]dWi fe# b‡j_YWiÇ" Wi[]khW$ Feh ejhe bWZe" i[‹WbW gk[ bW b_X[hjWZ Z[ [nfh[i_ÂŒd [d ;YkWZeh j_[d[ ÆYehjWf_iWi cko fh[eYkfWdj[i$ >Wo b_c_# jWY_ed[i _dWY[fjWXb[i o gk[ fhel_[d[d Z[ kd \WYjeh fi_Ye# bÂŒ]_Ye$ ;n_ij[ kdW Yed\ki_ÂŒd feh fWhj[ Z[b Hƒ]_c[d Z[ gk[ bWi Yh‡j_YWi gk[ ^Wo [d bW fh[d# iW" ied Yh‡j_YWi gk[ eX[Z[Y[d W kdW W][dZW feb‡j_YWÇ$ 7\_hcW jWcX_ƒd gk[ [d ;YkWZeh bW efei_Y_ÂŒd [d jƒh# c_dei Z[ fWhj_Zei [i ZƒX_b" oW gk[ de ^Wo kdW efei_Y_ÂŒd eh]|d_YW gk[ [i bW gk[ i[ Z[# X[h‡W fed[h \h[dj[ Wb =eX_[h# de$ Æ;djedY[i bWi Yh‡j_YWi Z[ ZÂŒdZ[ lWd W iWb_h" i_de Z[ bei c[Z_ei" o bW Fh[i_Z[dY_W Yed# \kdZ[ [ie o i[ [dĂ’bW YedjhW [bbei" Yh[WdZe kd cWhYe `k# h‡Z_Ye WiĂ’n_Wdj[ o YedjhWfhe# ZkY[dj[Ç" Wi[]khW KY[ZW$
ēŊ (! 1".Ŋ !#" Ŋ#2Ŋ4-Ŋ /#1(."(23 Ŋ1#!.-.!(".Ŋ Ŋ-(5#+Ŋ+ 3(-.Ĺ ,#1(! -.ĔŊ 43.1Ŋ"#+Ŋ+( 1.Ŋļ 4#13#Ŋ #-Ŋ#+Ŋ #-3 %.-(3.Čē
ēŊ , %#-Ŋ"#Ŋ4- Ŋ"#Ŋ+ 2Ŋ, -($#23 !(.-#2Ŋ!(4" " - 2Ŋ#-Ŋ!.-31 Ŋ"#Ŋ+ Ŋ+#8Ŋ"#Ŋ!.,4-(! !(¢-ĔŊ#-ŊĉććĒē
ŋ ŋ ™ ą
™ ŋ ŋ ŋ Ŋ+ 2Ŋ/4#13 2Ŋ"#+Ŋ ~ Ŋ 4-"( +Ŋ "#Ŋ+ Ŋ ( #13 "Ŋ"#Ŋ 1#-2 ĔŊ+ 2Ŋ ,#- 9 2Ŋ5(#-#-Ŋ"#+Ŋ/."#1ēŊ
.-2#).ĹŠ ,#- 9 -3#ĹŠ BW fh[]kdjW * Z[ bW YedikbjW fefkbWh ^W Z_ifWhWZe bWi WbWhcWi [d h[bWY_ÂŒd W bW Wc[dWpW W [ijW b_X[hjWZ$ ;b =eX_[hde gk_[h[ Yh[Wh kd Yedi[`e Z[ h[]kbWY_ÂŒd gk[" lWb]W bW h[ZkdZWdY_W" Yedjheb[ bei Yedj[# d_Zei Z[ bei c[Z_ei$ OW be _dj[djÂŒ [d (&&/" YkWdZe HebWdZe FWdY^WdW F7?I fh[# i[djÂŒ kdW fhefk[ijW Z[ b[o gk[ fed‡W [d [b jhede Z[ [ij[ [dj[ Z[ Yedjheb Wb ;`[Ykj_le$ BW 7iWcXb[W" feh bW fh[i_ÂŒd Y_kZWZWdW o Z[ bW efei_Y_ÂŒd" be]hÂŒ kd WYk[hZe ƒj_Ye feb‡j_Ye fWhW gk[ [iW b[o" Z[ W ][dj[ Z_Y[ gk[ ^Wo j[ceh" c_[Ze Z[ ^WXbWh ^eo [d Yh[WY_ÂŒd eXb_]Wjeh_W feh bW 9edij_jkY_ÂŒd" j[d]W kd Yedi[`e _dZ[# Z‡W$ 7i[]khWd gk[ bW b_X[hjWZ Z[ [nfh[i_ÂŒd [ij| [d`Wk# f[dZ_[dj[$ 7b Hƒ]_c[d de b[ ]kijÂŒ [b fWYje [ _dYbkoÂŒ [b j[cW [d bWZW$ 7b]kdei [`[cfb_Ă’YWd [iW h[Wb_ZWZ Yed [b [dYWh# bW YedikbjW$ ;b `kh_ijW @kWd 9Whbei Ieb_d[i Wi[]khÂŒ gk[ dWZ_[ i[ efed[ W bW Yh[W# Y[bWc_[dje Z[ gk_[d[i ^Wd h[ifedZ_Ze Z[ kdW k ejhW cWd[hW Wb fh[i_Z[dj[ Z[ bW H[f‘Xb_YW$ Ejhei Yh[[d gk[ Y_ÂŒd Z[ kdW b[o Z[ Yeckd_YWY_ÂŒd$ Æ>Wo kd Yedi[die ][d[hWb_pWZe [d gk[ bWi b[o[i l_][dj[i ied eXieb[jWi" Yed lWY‡ei [b c[`eh [`[cfbe ied bei `k_Y_ei gk[ i[ ." 2ĹŠ+ 2ĹŠ"(!3 "41 2ĔŊ [ _cfh[i_ed[iÇ$ I_d [cXWh]e" WĂ’hcÂŒ gk[ be gk[ b[ _cfbWdjWd Yed bW fh[diW Yh‡j_YW$ ;i gk[ "#ĹŠ"#1#!' 2ĹŠ8ĹŠ"#ĹŠ(9Äą fh[eYkfW [i gk_ƒd Yed\ehcWh| [b Yedi[`e$ >Wo ejhei W‘d ^Wo ][dj[ gk[ Yh[[ gk[ [ijW b_X[hjWZ [i kd Z[h[Y^e 04(#1" 2ĔŊ/1 !3(! -ĹŠ+ ĹŠ gk[ de Yh[[d be c_ice$ =kWhZ[hWi" feh [`[cfbe" Wb gk[ de ^Wo YÂŒce h[dkdY_Wh$ ;b fhÂŒn_ce cWhj[i [i [b !#-241 ĹŠ8ĹŠ42 -ĹŠ#+ĹŠ!' -3 )#ĔŊ Z_Y[ gk[ ÆbW c[`eh Y[dikhW gk[ ^Wo [i YkWdZe kde :‡W CkdZ_Wb Z[ bW B_X[hjWZ Z[ ;nfh[i_ÂŒd$ c_ice [b_][ be gk[ gk_[h[ e de b[[h" l[h e [iYkY^Wh ;ie Yh[[ IWdj_W]e =kWhZ[hWi$ 9edeY[ [b WbYWdY[ b[# + ĹŠ(-3(,(" !(¢-ĹŠ.ĹŠ#+ĹŠ2. .1Äą [d bei c[Z_eiÇ$ ;i Z[Y_h" gk[ kde YWcX_[ Z[ YWdWb" ]Wb Z[ [ijW ]WhWdj‡W$ Be iWX[ fehgk[ [i [b Z[YWde Z[ bW -.ĹŠ/ 1 ĹŠ!.-31.+ 1ĹŠ#+ĹŠÄ„4).ĹŠ de gk[ [b ;ijWZe [b_`W feh kde$ <WYkbjWZ Z[ @kh_ifhkZ[dY_W Z[ bW Kd_l[hi_ZWZ 9WjÂŒb_YW "#ĹŠ(-$.1, !(¢-ēŊ #ĹŠ/4#"#ĹŠ ;b Yedi[`e de [i [b \WdjWicW" [b j[hheh [i Wb jhWi\ed# Z[b ;YkWZeh$ ÆBW b_X[hjWZ Z[ [nfh[i_ÂŒd [d jeZWi iki ,#"(1ĹŠ+ ĹŠ2 +4"ĹŠ"#,.!1;3(! ĹŠ Ze" W gk[ i[W HW\W[b 9ehh[W [b gk[ Z_]W gkƒ l[h [d bei \ehcWi o cWd_\[ijWY_ed[i [i kd Z[h[Y^e \kdZWc[djWb "#ĹŠ4-ĹŠ/ ~2ĹŠ#5 +4 -".ĹŠ+ ĹŠ dej_Y_[hei" gkƒ b[[h [d bei Z_Wh_e o gkƒ [iYkY^Wh [d bWi [ _dWb_[dWXb[ Z[b i[h ^kcWde$ ;i [i[dY_Wb" fh_cWh_e o "(5#12(" "ĹŠ"#ĹŠ./(-(.-#2ĔŊ + ĹŠ+( #13 "ĹŠ"#ĹŠ#7/1#2(¢-ĹŠ8ĹŠ hWZ_ei$ H[Wb_ZWZ[i gk[ [b fbWd[jW oW ^W l_l_Ze [d Z_Y# Y[djhWb [d kdW ieY_[ZWZ Z[ceYh|j_YWÇ$ jWZkhWi jejWb_jWh_Wi Z[b i_]be NN$ OW [d [ij[ hƒ]_c[d" =kWhZ[hWi ^W [ijkZ_WZe [b j[cW o Z[`W [d YbWhe gk[ #+ĹŠ#2/~1(34ĹŠ!1~3(!.ĹŠ"#ĹŠ242ĹŠ [b [n9edWhj[b Z_ifkie [d kd fh_dY_f_e gk[ l[h bW i[h_[ [ij[ Z[h[Y^e [i kd fWjh_ced_e de iebe Z[ bW fh[diW" "(5#12.2ĹŠ,#"(.2ĹŠ"#ĹŠ!.,4Äą Wd_cWZW Bei I_cfied [hW cWb_]de o gk[ bWi Yehh_ZWi i_de \kdZWc[djWbc[dj[ Z[ bW f[hiedW Yec‘d" Z[b Y_k# -(! !(¢-Ģē Z[ jehei iebe feZ‡Wd [c_j_hi[ [d ^ehWh_e WZkbje$ ZWZWde Z[ W f_[$ Æ;i [b Z[h[Y^e Z[ kdW f[hiedW Z[ [n# ĹŠ ĹŠ
I_ [ij[ Yedi[`e i[ Yh[W" Z[X[h‡W" fWhW [b YeehZ_dW# fh[iWh ik fhef_e f[diWc_[dje [ _Z[Wi" Z[ h[Y_X_h YkWb# ĹŠ ĹŠ ĹŠ ĹŠÄ‰Ä‡ÄˆÄ‡ĹŠĹŠĹŠ Zeh Z[b Fhe]hWcW Z[ bWi 7cƒh_YWi fWhW bW Fhej[Y# gk_[h _d\ehcWY_ÂŒd" ef_d_ÂŒd e h[bWje$ ;i kd c[Z_e fWhW Y_ÂŒd Z[ F[h_eZ_ijWi" 9Whbei BWkh‡W" dWY[h Yece kd [dj[ WkjÂŒdece" [b _dj[hYWcX_e Z[ _Z[Wi [ _d\ehcWY_ÂŒd [djh[ bWi f[hiedWiÇ$ 9ece fWhW Ied_W 9^|l[p" kdW WcW Z[ YWiW o YedjWZehW gk_j[‹W$ b[`ei Z[ bei lW_l[d[i Z[ bW feb‡j_YW o Z[ bei YedeY_Zei _dj[h[i[i Z[ ;bbW Yh[[ gk[ bW b_X[hjWZ Z[ [nfh[i_ÂŒd i[ XWiW [d [b h[if[je ^WY_W ]hkfei [YedÂŒc_Yei$ C_]k[b Ă›d][b 8Wij[d_[h" cW[ijhe [ifW‹eb Z[b f[h_eZ_ice" i_[cfh[ kd f[diWc_[dje Z_\[h[dj[$ ÆFeZ[h Z[Y_h be gk[ kde gk_[h[" i_[dj[" f_[diW o be gk[ b[ ]kijW" [i be gk[ h[fh[i[djW fWhW c‡ bW b_X[hjWZ Z[ ^W Z[`WZe YbWhe gk[ bW c[`eh b[o Z[ Yeckd_YWY_ÂŒd [i bW gk[ de [n_ij[ o [i gk[ [b [`[hY_Y_e Z[b f[h_eZ_ice [i" i[]‘d bei jhWjWZ_ijWi" kd WYje Z[ [nfh[i_ÂŒd$ BWc[djWXb[c[dj[ ^eo de i[ bW h[if[jWÇ$ Kbf_Wde DWhWd`e" [ijkZ_Wdj[ kd_l[hi_jWh_e Z[ dkjh_Y_ÂŒd" Yedi_Z[# Xk[dW \[$ ;b h[fehj[he de WdZW feh [b ckdZe ^WY_[dZe be gk[ b[ ZW bW hW gk[ [ijW b_X[hjWZ Z[X[ i[h _dZ[f[dZ_[dj[ Z[ bW feb‡j_YW$ ÆDe feh ]WdW" Wi[]khW [b Z_h[Yjeh [`[Ykj_le Z[ <kdZWc[Z_ei" 9ƒiWh H_YWkhj[" i[h Z[ kdW Z[j[hc_dWZW _Z[ebe]‡W j[ lWd W fhe^_X_h cWd_\[ijWh jki gk_[d WZ[c|i h[iWbjW gk[" Æ[b f[h_eZ_ijW j_[d[ ^eo i[l[hWi b_c_jWY_e# f[diWc_[djei$ BWc[djWXb[c[dj[ [d [ij[ fW‡i de [n_ij[ b_X[hjWZ Z[ d[i fWhW [b [`[hY_Y_e Z[ iki \kdY_ed[i o ieXh[ [i[ WcX_[dj[ ^eij_b" j_[d[ gk[ ^WY[h ik jhWXW`eÇ$ [nfh[i_ÂŒd o i_ i[]k_cei Wi‡" i[ j[hc_dWh| Z[Ă’d_j_lWc[dj[Ç$
-Ĺ‹ # , -Ĺ‹ Ĺ‹& Ĺ‹ ' ( 4 F[h_eZ_ijWi [dYWhY[bWZei" Wc[# dWpWi Z[ ck[hj[" W]h[i_ed[i l[hXWb[i o \‡i_YWi" Y_[hh[ Z[ c[Z_ei$ ;iW [i bW h[Wb_ZWZ gk[ h[l[bW [b _d\ehc[ Z[ bW eh]Wd_# pWY_ÂŒd <kdZWc[Z_ei ieXh[ bei Wj[djWZei W bW b_X[hjWZ Z[ [n# fh[i_ÂŒd" h[bWY_edWZW Wb [`[hY_# Y_e Z[ bW fh[diW$ ;d (&&. i[ h[fehjWhed bei YWiei Z[ C_bjed 9^WYW]kWiWo o <h[ZZo 7fedj[" f[h_eZ_ijWi
[dYWhY[bWZei feh Z[b_jei Z[ ef_# d_Œd$ FWhW (&&/ bW Y_\hW Z[ i[ _d# Yh[c[djŒ W '&)$ ;d [b W‹e (&'& ikcWd kd jejWb Z[ '+' o [d [b fh_# c[h jh_c[ijh[ Z[ (&'' ied oW +)$ ;d bei jh[i ‘bj_cei W‹ei bWi Y_\hWi i[ ^Wd Z_ifWhWZe$ BWi Y_kZWZ[i Z[ =kWoWgk_b o Gk_je ied bWi gk[ h[]_ijhWhed cWoeh YWdj_ZWZ Z[ Wc[dWpWi" i[]k_ZWi feh pedWi WcWpŒd_YWi o ejhWi |h[Wi Yeij[hWi$
-ĹŠÄ‰Ä‡ÄˆÄˆ
1(-!(/ +#2Ŋ! 2.2ēŊ 4#-3#ĖŊ 4-" ,#"(.2ēŊŊ
Ĺ—ĹŠĹŠĹŠ +ĹŠ/ 2 ".ĹŠ, 13#2ĔŊ+ ĹŠ/#1(."(23 ĹŠ"#ĹŠ"( 1(.ĹŠ +ĹŠ -(5#12.ĔŊ 31(!( ĹŠ -".5 +ĔŊ$4#ĹŠ(,Äą /#"(" ĹŠ"#ĹŠ1# +(9 1ĹŠ+ ĹŠ!. #1341 ĹŠ8ĹŠ$.1,4+ 1ĹŠ/1#%4-3 2ĹŠ"41 -3#ĹŠ4- ĹŠ14#" ĹŠ"#ĹŠ/1#-2 ĹŠ "#+ĹŠ ("#(!.,(2.ĹŠ Äą ĹŠ .ĹŠ ;2ĹŠ ,/4-(" "ĔŊ#-ĹŠ 4(3.ĹŠ/.104#ĔŊ24/4#23 ,#-3#ĔŊ #+ĹŠ/#1(¢"(!.ĹŠ/ 1 ĹŠ#+ĹŠ04#ĹŠ31 ) ĹŠ3#-~ ĹŠÄĄ4-ĹŠ 24-3.ĹŠ/#-"(#-3#ĹŠ!.-ĹŠ #1- -".ĹŠ +5 1 Äą ".ĢĔŊ2#!1#3 1(.ĹŠ- !(.- +ĹŠ"#ĹŠ .,4-(! !(¢-Ä“ Ĺ—ĹŠĹŠĹŠ +ĹŠ+4-#2ĹŠ"#ĹŠ+ ĹŠ2#, - ĹŠ04#ĹŠ!.-!+48#ĔŊ 4%#8ĹŠ )) 1ĔŊ1#/.13#1 ĹŠ"#ĹŠ +ĹŠ -(5#12.ĔŊ$4#ĹŠ 2 ! " ĹŠ"#ĹŠ+ ĹŠ2 + ĹŠ"#ĹŠ/1#-2 ĹŠ"#ĹŠ+ ĹŠ 1#2("#-!( ĹŠ/.104#ĹŠ+ ĹŠ #!1#3 1~ ĹŠ"#ĹŠ .,4-(! Äą !(¢-ĹŠ-.ĹŠ+#ĹŠ1#-.5¢Ŋ24ĹŠ!1#"#-!( +ēŊ 23#ĹŠ3#, ĹŠ04#"¢Ŋ24/4#23 ,#-3#ĹŠ9 -) ".ĹŠ!.-ĹŠ4- ĹŠ 1#!3(ă! !(¢-ĹŠ04#ĹŠ +ĹŠ -(5#12.ĹŠ"(!#ĹŠ-.ĹŠ' #1ĹŠ'#!'.ĹŠ8ĹŠ04#ĹŠ#+ĹŠ . (#1-.ĹŠ1#2 +3 ĹŠ#-ĹŠ !4 -3.ĹŠ .+#3~-ĹŠ"#ĹŠ/1#-2 ĹŠ#23;ĹŠ ĹŠ24ĹŠ +! -!#ēŊŊŊ
ŗŊŊŊ !#Ŋ".2Ŋ2#, - 2ĔŊ+.2Ŋ/#1(."(23 2Ŋ Ĺ
+.Ŋ8Ŋ (-".-Ŋ -, 13~-Ŋ ."1~%4#9ĔŊ04(#Ĺ -#2Ŋ+ .1 -Ŋ#-Ŋ "(.Ŋ 3#+(3 +Ŋ"#Ŋ .) ĔŊ 1#-4-!( 1.-Ŋ31 2ĔŊ"(!#-ĔŊ1#!( (1Ŋ/1#2(.-#2Ŋ "#Ŋĥ ) 1Ŋ#+Ŋ3.-.ĢŊ#-Ŋ242Ŋ!.,#-3 1(.2Ŋ8Ŋ /#"(".2Ŋ"#Ŋ!#-241 Ŋ#-Ŋ3#, 2Ŋ!.,.Ŋ#+ŊŊ $ ++#!(,(#-3.Ŋ"#Ŋ-#.- 3.2ĔŊŊŊ24/4#23 2Ŋ (11#%4+ 1(" "#2Ŋ"#-31.Ŋ"#+Ŋ .-2#).Ŋ"#Ŋ + Ŋ 4"(! 341 Ŋ8Ŋ/.1Ŋ+ 2Ŋ!1~3(! 2Ŋ04#Ŋ' -Ŋ '#!'.Ŋ +Ŋ%. #1- ".1Ŋ"#Ŋ+ Ŋ/1.5(-!( ē
Ĺ—ĹŠĹŠĹŠ +ĹŠÄ‰ÄˆĹŠ"#ĹŠ 1(+ĔŊ#+ĹŠ#, ) ".1ĹŠ"#ĹŠ !4 ".1ĹŠ#-ĹŠ 4#-.2ĹŠ (1#2ĔŊ #++(-%3.-ĹŠ -".5 +ĔŊ '(9.ĹŠ4-ĹŠ/#"(".ĹŠ5#1 +ĹŠ +ĹŠ1#/1#2#-3 -3#ĹŠ"#ĹŠ+ ĹŠ ;, 1 ĹŠ !4 3.1( - ĹŠ"#+ĹŠ ( 1.ĹŠ/ 1 ĹŠ 04#ĹŠ1#3(1#ĹŠ+.2ĹŠ#)#,/+ 1#2ĹŠ"#+ĹŠ+( 1.ĹŠÄĽ +ĹŠ 1 -ĹŠ #1, -.ÄŚĹŠ"#ĹŠ+.2ĹŠ/#1(."(23 2ĹŠ 4 -ĹŠ 1+.2ĹŠ +"#1¢-ĹŠ8ĹŠ '1(23( -ĹŠ 41(3 ĹŠ8ĹŠ04#ĹŠ"# ~ -ĹŠ#7'( (12#ĹŠ#-ĹŠ+ ĹŠÄŠÄ?ĹŠ #1( ĹŠ -3#1- !(.- +ĹŠ"#+ĹŠ
( 1.ĹŠ"#ĹŠ 4#-.2ĹŠ (1#2Ä“ Ĺ—ĹŠĹŠĹŠ +ĹŠÄˆÄˆĹŠ"#ĹŠ 1(+ĔŊ#+ĹŠ/#1(."(23 ĹŠ ĂŒ+ĹŠ .,#1.ĔŊ"#ĹŠ"( 1(.ĹŠ +ĹŠ -(5#12.ĔŊ$4#ĹŠ#7/4+2 ".ĹŠ"#ĹŠ 4- ĹŠ14#" ĹŠ"#ĹŠ/1#-2 ĹŠ/.1ĹŠ#+ĹŠ3(34+ 1ĹŠ"#+ĹŠ .-2#).ĹŠ !(.- +ĹŠ +#!3.1 +ĔŊ , 1ĹŠ (,.-ĔŊ 04(#-ĹŠ2#ĹŠ,.+#23¢Ŋ -3#ĹŠ4- ĹŠ/1#%4-3 ĹŠ$.1,4+ " ĹŠ/.1ĹŠ#+ĹŠ1#/.13#1.ĹŠ1#2/#!3.ĹŠ +ĹŠ!.-31.+ĹŠ "#ĹŠ$.-".2ĹŠ/ĂŒ +(!.2ĹŠ#-ĹŠ+ ĹŠ! ,/  Ŋ"#ĹŠ+ ĹŠ!.-24+3 Ä“ Ĺ—ĹŠĹŠĹŠ ĹŠÄƒ-#2ĹŠ"#ĹŠ, 19.ĔŊ#+ĹŠ/1#2("#-3#ĹŠ $ #+ĹŠ .11# ĹŠ "#, -"¢Ŋ ĹŠ+.2ĹŠ"(1#!3.1#2ĹŠ8ĹŠ#+ĹŠ#"(3.1ĹŠ"#ĹŠ./(-(¢-ĹŠ"#ĹŠ +ĹŠ -(5#12.ĔŊ ,(+(.ĹŠ + !(.ĔŊŊ/.1ĹŠ+ ĹŠ/4 +(! !(¢-ĹŠ"#+ĹŠĹŠ 13~Äą !4+.ĹŠ"#ĹŠ./(-(¢-ĹŠÄƒ1, ".ĹŠÄĽ .ĹŠ ĹŠ+ 2ĹŠ,#-3(1 2ČēŊ .11# ĹŠ /("(¢Ŋ4- ĹŠ(-"#,-(9 !(¢-ĹŠ"#ŊđćŊ,(++.-#2ĹŠ"#ĹŠ"¢+ 1#2ĹŠ 8ĹŠ31#2ĹŠ  .2ĹŠ"#ĹŠ/1(2(¢-ĹŠ/ 1 ĹŠ3.".2Ä“ Ĺ—ĹŠĹŠĹŠ ĹŠ,#"( ".2ĹŠ"#ĹŠ, 19.ĔŊ#+ĹŠ/1#Äą 2("#-3#ĹŠ"#ĹŠ+ ĹŠ #/ĂŒ +(! ĔŊ/1#2#-3¢Ŋ 4- ĹŠ"#, -" ĹŠ/.1ĹŠÄˆÄ‡ĹŠ,(++.-#2ĹŠ"#ĹŠ "¢+ 1#2ĹŠ!.-31 ĹŠ+.2ĹŠ/#1(."(23 2ĹŠ '1(2Äą 3( -ĹŠ 41(3 ĹŠ8ĹŠ 4 -ĹŠ 1+.2ĹŠ +"#1¢-ĹŠ /.1ĹŠ"  .ĹŠ,.1 +ēŊ .2ĹŠ(-5#23(% ".1#2ĹŠ /4 +(! 1.-ĹŠ4-ĹŠ+( 1.ĹŠ04#ĹŠ1#5#+ ĹŠ+.2ĹŠ ,(++.- 1(.2ĹŠ!.-31 3.2ĹŠ04#ĹŠ#+ĹŠ'#1, Äą -.ĹŠ"#+ĹŠ -" 3 1(.ĹŠ, -3#-~ ĹŠ!.-ĹŠ #+ĹŠ 23 ".ēŊ $ #+ĹŠ .11# ĹŠ"(!#ĹŠ04#ĹŠ #++.2ĹŠ+.ĹŠ $#!3 1.-ĹŠ +ĹŠ#2!1( (1ĹŠ04#ĹŠ_+ĹŠ !.-.!~ ĹŠ"#ĹŠ+.2ĹŠ!.-31 3.2ēŊ ++.2ĹŠ"(!#-ĹŠ 04#ĹŠ#+ĹŠ3#73.ĹŠ-4-! ĹŠ"(!#ĹŠ#2.ēŊ
( Ĺ‹'#, 2., ($ , <_dbWdZ_W [i kd fW‡i \h‡e Z[b [n# jh[ce dehj[ Z[ ;khefW$ 7^‡ bei jh[d[i bb[]Wd i_[cfh[ W j_[cfe" ^Wo jhWXW`e" dWZ_[ WcWd[Y[ Yed kdW fk‹WbWZW [d bW [ifWbZW o WZ[c|i" bW ][dj[ [i b_Xh[$ ;d [i[ fW‡i [iYWdZ_dWle ^Wd [Z_# Ă’YWZe kdW ieY_[ZWZ [Ă’Y_[dj[" XWiWZei" [djh[ ejhWi YeiWi" [d bW b_X[hjWZ Z[ [nfh[i_ÂŒd$ Feh [ie" <_dbWdZ_W [i [b fW‡i c[`eh fkdjkWZe feh bW eh]Wd_pWY_ÂŒd _dj[hdWY_edWb Z[ Z[\[diW W bW b_X[hjWZ Z[ [n# fh[i_ÂŒd H[fehj[hei I_d <hed# j[hWi Yece [b fW‡i ZedZ[ [i[ Z[h[Y^e [i YWi_ _dl_ebWXb[$ ;d [b [njh[ce efk[ije" [d [b bWZe Z[ bei Z[fh[ZWZeh[i Z[ [ijW b_X[hjWZ [ij|" [d ‘bj_ce fk[ije '-. ;h_j[W" kd [ijW# Ze Z[b deh[ij[ Z[ Ă›\h_YW$ ;d [i[ f[bejÂŒd Z[ [d[c_]ei Z[ bW [nfh[i_ÂŒd [ij| jWcX_ƒd ?h|d fk[ije '-+ " kd Xk[d Wc_]e Z[b ]eX_[hde Z[ bW H[lebkY_ÂŒd 9_kZWZWdW$ ;YkWZeh [ij| [d bW kX_YW# Y_ÂŒd '&(" feh Z[XW`e Z[ fW‡i[i Yece CepWcX_gk[" K]WdZW" [djh[ ejhWi dWY_ed[i$ H[ikbjW gk[ fWhW [b ckdZe Z[iWhhebbW# Ze [ijW b_X[hjWZ [i kd h[gk_# i_je \kdZWc[djWb fWhW gk[ ik Z[ceYhWY_W i[W [n_jeiW$ H[fehj[hei I_d <hedj[hWi ^W ceijhWZe ik fh[eYkfWY_ÂŒd feh bWi YeiWi gk[ ikY[Z[d [d ;YkWZeh$ :[iZ[ (&&-" YkWdZe Wikc_ÂŒ [b feZ[h HW\W[b 9ehh[W" ^W [c_j_Ze (( Wb[hjWi ieXh[ [b fW‡i$ 7b]kdWi ieXh[ Wi[i_dW# jei Z[ f[h_eZ_ijWi" WXkiei Z[ feZ[h" f[he ieXh[ jeZe Yh‡j_YWi W bWi WYY_ed[i Z[b =eX_[hde [d YedjhW Z[ bW fh[diW b_Xh[ o" feh Yedi_]k_[dj[" W bW b_X[hjWZ Z[ [nfh[i_ÂŒd$ ;ijW eh]Wd_pWY_ÂŒd Wi[djWZW [d FWh‡i de ^W i_Ze bW ‘d_YW$ 9ece h[ifk[ijWi W bWi WYY_e# d[i Z[b =eX_[hde Z[ [d`k_Y_Wh W f[h_eZ_ijWi Yh‡j_Yei" h[ijh_d#
Ä€Ä Ĺ? Ĺ?Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. ÄŒĹ?Ĺ?
ă
+%4-.2ĹŠ/ ~2#2ĹŠ31 3 -ĹŠ ĹŠ +.2ĹŠ/#1(."(23 2ĹŠ!.,.ĹŠ3ĂŒĹŠ 31 3 2ĹŠ4-ĹŠ#2$#1.ēŊ
ēŊ ă!'#ĹŠ"#ĹŠ4- ĹŠ"#ĹŠ+ 2ĹŠ! ,/  2ĹŠ(-3#1- !(.- +ĹŠ"#ĹŠ+ ĹŠ.1% -(9 !(¢-ĹŠĹŠ #/.13#1.2ĹŠ (-ĹŠ 1.-3#1 2ēŊ
]_h [b WYY[ie W bW _d\ehcWY_ÂŒd" ^W WZl[hj_Ze W ;YkWZeh gk[ WjWYWh YWZW i[cWdW W bei Ye# [b YWc_de de [i [i[$ I_d [c# XWh]e" [d 9WhedZ[b[j ckd_YWZeh[i ^Wd i_Ze Wi[]khWd gk[ jeZe [ij| lWh_Wi bWi eh]Wd_pWY_e# Ĉćĉ [d ehZ[d" gk[ de Yh[Wd d[i ckdZ_Wb[i gk[ ^Wd #2ĹŠ#+ĹŠ/4#23.ĹŠ04#ĹŠ fk[ije [b ]h_je [d [b Y_[# .!4/ ĹŠ#!4 ".1ĹŠ W bei c[Z_ei _dZ[f[d# Z_[dj[i" gk[ i[ Z[X[ be$ BW 9ec_i_ÂŒd ?dj[hW# #-ĹŠ4-ĹŠ1 -*(-%ĹŠ"#ĹŠ ĈÄ?đŊ/ ~2#2ĹŠ#-ĹŠ 1#+ !(¢-ĹŠ ĹŠ+ ĹŠ b[[h" ĂˆfWhW Yedi[]k_h c[h_YWdW Z[ :[h[Y^ei +( #13 "ĹŠ"# kdW _d\ehcWY_ÂŒd l[# >kcWdei" bW Kd[iYe" /1#-2 ēŊ hWp" l[h_Ă’YWZW" efeh# [b 9ec_jƒ Z[ :[\[diW jkdW" Yedj[njkWb_pWZW" Z[ bei F[h_eZ_ijWi" bW IeY_[ZWZ ?dj[hWc[h_YWdW Z[ fbkhWb" ^Wo gk[ b[[h bW f|]_dW Fh[diW" [d Ă’d" [b ckdZe b[ m[X Z[ bW Fh[i_Z[dY_WÉ$
Ĺ‹ ' , " ,6Ĺ‹ *),Ĺ‹& Ĺ‹ &# ,. Ĺ‹ L_Y[dj[ EhZŒ‹[p" fh[i_Z[dj[ Z[ bW Kd_ÂŒd DWY_edWb Z[ F[h_eZ_ijWi KDF " Wi[]khW gk[ [b Z‡W ?dj[h# dWY_edWb Z[ bW B_X[hjWZ Z[ ;n# fh[i_ÂŒd" gk[ i[ Y[b[XhW [b cWh# j[i" Z[X[ i[h kd cec[dje fWhW bbWcWh W bW YedY_[dY_WY_ÂŒd Z[ bei ēŊ (!#-3#ĹŠ 1"¢ #9ĔŊ/1#2(Äą fk[Xbei$ BW _dij_jkY_ÂŒd eh]Wd_pW "#-3#ĹŠ"#ĹŠ+ ĹŠ ĔŊ" ĹŠ4-ĹŠ"(2!412.ĹŠ#-ĹŠ+ ĹŠ kdW YedY[djhWY_ÂŒd [d bW YWf_jWb$ !#+# 1 !(¢-ĹŠ"#+ĹŠ  .ĹŠ/ 2 ".ēŊ Ä 4_ĹŠ,.3(5.ĹŠ3(#-#ĹŠ#23 ĹŠ !.-!#-31 !(¢-Ä&#x;
hhkfY_ÂŒd Yece bei WjhWYei XWd# YWh_ei" [b YWie F[‹WhWdZW" [b <be# ;i fWhW h[iWbjWh gk[ ]hWY_Wi W bW h[i o C_[b" bW ceY^_bW [iYebWh" [b b_X[hjWZ Z[ [nfh[i_ÂŒd bW fh[diW YWie <oX[YW o h[Y_[dj[c[dj[" be ^W ^[Y^e YedeY[h YWiei Z[ Ye# Z[b Ăˆ9ec[ 9^[gk[iÉ$
Ä Â˘,.ĹŠ2#ĹŠ"#2 11.++ 1;ĹŠ+ ĹŠ !.-!#-31 !(¢-Ä&#x;
BW KDF ^W _dl_jWZe W jeZei bei f[h_eZ_ijWi o f‘Xb_Ye [d ][d[# hWb fWhW gk[ i[ Z[d Y_jW W bWi &/0&& [d [b FWhgk[ ;b ;`_Ze" [d [b 7hYe Z[ bW 9_hYWi_WdW" fWhW ^WY[h kdW bkY^W kd|d_c[ feh bW b_X[hjWZ Z[ [nfh[i_ÂŒd o f[d# iWc_[dje$ ;b [l[dje [i Z[ YWh|Yj[h Y‡l_Ye" de j_[d[ d_d]‘d j_dj[ feb‡j_Ye o i_ Wb]‘d ]hkfe i[ kd[ W bW cWhY^W" b[i ieb_Y_jWh[cei gk[ de bb[l[d WĂ’Y^[i" XWdZ[hWi e Z_ij_dj_lei Z[ ik W]hkfWY_ÂŒd$ Ä Â˘,.ĹŠ5#ĹŠ423#"ĹŠ ĹŠ+( #13 "ĹŠ"#ĹŠ#7Äą /1#2(¢-ĹŠ#-ĹŠ#+ĹŠ/ ~2Ä&#x;
;ij| [d h_[i]e" Z[X_Ze W gk[ [b =eX_[hde ^WY[ WdkdY_ei Z[ fhe# Y[iei b[]Wb[i W f[h_eZ_ijWi" be YkWb bb[lW W kd [ijWZe Z[ c_[Ze$ Feh [ie Yh[e gk[ [ijei [l[d# jei ^WY[d gk[ bei f[h_eZ_ijWi i[ \ehjWb[pYWd o fheYkh[d i[h c[`eh[i$
ƒ ą
Ĺ? Ä€Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. ÄŒĹ?
, )- Ćŋ ')-ŋ" # ŋ& 2 & ( # ŋ (ŋ / #š(ŋ
+ĹŠ1#!3.1ĹŠ! -!(++#1ĹŠ"#ĹŠ+ ĹŠ ĹŠ' + ĹŠ"#+ĹŠ /.13#ĹŠ"#+ĹŠ!#-31.ĹŠ"#ĹŠ#234"(.2ĹŠ"41 -3#ĹŠ 242ĹŠÄŒÄ‡ĹŠ  .2ĹŠ"#ĹŠ5(" ĹŠ(-23(34!(.- +Ä“ 7 l‡if[hWi Z[b Wd_l[hiWh_e *& gk[ bW Kd_l[hi_ZWZ JƒYd_YW FWhj_YkbWh Z[ Be`W KJFB Ykcfb_h| [b fhÂŒn_# ce ) Z[ cWoe" [b h[Yjeh YWdY_bb[h Z[ bW KJFB" @eiƒ 8WhXeiW 9WhXW# Y^e" ^WXbW Z[b Wfehj[ gk[ ^W ZWZe W bW h[]_ÂŒd" fW‡i o [b ckdZe bW fhe# fk[ijW [ZkYWj_lW gk[ fheck[l[ Z_Y^e Y[djhe [ZkYWj_le$ BW Wkjeh_ZWZ kd_l[hi_jWh_W cWd_Ă’[ijW gk[ Z[iZ[ ik Yh[W# Y_ÂŒd bW KJFB ^W ZWZe ck[ijhWi Z[ i[h kdW _dij_jkY_ÂŒd Yed kdW l_i_ÂŒd [d [b \kjkhe$ Fkie Yece [`[cfbe [b gk[ bW kd_l[hi_ZWZ bk[]e Z[ Y_dYe W‹ei Z[ ik Yh[W# Y_ÂŒd ^WoW e\h[Y_Ze [ijkZ_ei [d d_l[b ikf[h_eh [d bW ceZWb_ZWZ Z[ [ZkYWY_ÂŒd W Z_ijWdY_W$ 7]h[# ]ÂŒ gk[ Z[iZ[ W^‡ ^W ^WX_Ze kdW i[h_[ Z[ be]hei gk[ bb[dWd Z[ iW#
j_i\WYY_ÂŒd W jeZei gk_[d[i ^WY[d bW KJFB$ #$#1#-3#ĹŠ#-ĹŠ+ ĹŠ!(4" "
;b h[Yjeh YWdY_bb[h ^WXbÂŒ Z[ bWi _d][d_[h‡Wi Y_l_b o W]hef[YkW# h_W" Yed bWi YkWb[i WfWh[Y_ÂŒ bW KJFB o [b jhWXW`e gk[ i[ Z[i# fb[]ÂŒ$ ;i gk[ Yed [iWi YWhh[hWi i[ Yh[Whed bWXehWjeh_ei fWhW bW Wfb_YWY_ÂŒd Z[ bWi fh|Yj_YWi Z[ bei [ijkZ_Wdj[i$ 7YjkWbc[dj[" [iei i_j_ei Z[ [ijkZ_ei ied kd h[\[h[dj[ [d bW Y_kZWZ$ 7i_c_ice" Z[ijWYÂŒ [b jhWXW`e YedijWdj[ Z[ bW kd_l[hi_ZWZ feh _hi[ [nfWdZ_[dZe$ BW fh[i[dY_W Z[ Wbkcdei Z[ c|i Z[ )) dWY_e# dWb_ZWZ[i [i kdW ck[ijhW Z[ be gk[ bW Wkjeh_ZWZ YWb_Ă’YW Yece kd jhWXW`e Yed ckY^e [i\k[hpe
o fheo[YjWZe W h[ifedZ[h d[Y[i_ZW# Z[i Z[b [djehde$ @eiƒ 8WhXeiW Z_`e gk[ W f[iWh Z[ bei be]hei eXj[d_Zei" bW KJFB [i kdW _dij_jkY_ÂŒd [d fheY[ie Z[ Yh[Y_c_[d# je$ 7‹WZ_ÂŒ gk[ bWi YkWjhe ZƒYWZWi gk[ Ykcfb[d ied Yece kdW [jWfW Z[ WZeb[iY[dY_W gk[ WfkdjW W Ykcfb_h lWh_ei h[jei Z[djhe Z[b |cX_je Y_[dj‡# Ă’Ye o WYWZƒc_Ye$ :[ W^‡ ieij_[d[ gk[ bW KJFB [ij| \ehcWdZe W iki [ijk# Z_Wdj[i fWhW gk[ WikcWd Z[iW\‡ei o Yedjh_XkoWd W bW jWh[W Z_Wh_W gk[ ^WY[ bW kd_l[hi_ZWZ [d ik W\|d Z[ ZWh ik Wfehj[ W jeZe be gk[ bW heZ[W$ ;b h[Yjeh YWdY_bb[h Z_`e gk[ de i[ fk[Z[ [dj[d# Z[h [b Yh[Y_c_[dje Z[ Be`W" i_d Wdj[i h[YedeY[h [b jhWXW`e Z[Z_YWZe gk[ ^W ^[Y^e bW KJFB$ #!.-.!(,(#-3.ĹŠ
Feh ejhe bWZe" [b h[Yjeh YWdY_bb[h Z[i# jWYŒ [b h[YedeY_c_[dje gk[ j_[d[ bW KJFB [d [b ckdZe$ >WXbŒ Z[ kdW _dl_jWY_Œd gk[ ^_pe bW kd_l[hi_ZWZ Z[ 9WcXh_Z][ W bW KJFB fWhW gk[ fWh# j_Y_f[ Z[ kd [l[dje gk[ YWZW W‹e eh#
ēŊ .2_ĹŠ 1 .2 ĹŠ 1 !'.ĔŊ1#!3.1ĹŠ! -!(++#1ĹŠ"#ĹŠ+ ĹŠ ĔŊ!.-5#12¢Ŋ !.-ĹŠ ĹŠ .1 ĹŠ !#1! ĹŠ"#ĹŠ+.2ĹŠÄŒÄ‡ĹŠ  .2ĹŠ"#ĹŠ+ ĹŠ(-23(34!(¢-ēŊ
]Wd_pW [i[ Y[djhe Z[ [ijkZ_ei [d ?d]bWj[hhW$ ?di_ij_ÂŒ [d gk[ [iei ^[Y^ei ied kdW ck[ijhW Z[ gk[ bW KJFB lW feh Xk[d YWc_de" f[he gk[ [b |d_ce [i i[]k_h Yh[Y_[dZe o fWhW [bbe [ij| fhefed_[dZe kd fheY[ie Z[ _dl[ij_]WY_ÂŒd WkjÂŒdecW o Yed c_hWi ^WY_W bW [nY[b[dY_W [d bW [ZkYWY_ÂŒd$ ;d [i[ i[dj_Ze" @eiƒ 8Wh# XeiW h[iWbjÂŒ bW \ehcWY_ÂŒd Z[ [ijkZ_ei Z[ YkWhje d_l[b gk[ j_[d[d bei ZeY[dj[i Z[ bW kd_l[hi_ZWZ o bW \ehcW [d bW gk[ i[ cej_lW W bei fhe\[i_edWb[i W i_[cfh[ eX# j[d[h cWoeh YWfWY_jWY_ÂŒd$ :[djhe Z[ be gk[ Yedij_jko[ bW _dijhkYY_ÂŒd" bW Wkjeh_ZWZ ^WXbÂŒ Z[ bei [dYk[djhei o Yed]h[iei _dj[hdWY_edWb[i gk[ ^W eh]Wd_pWZe bW KJFB fWhW Z[XWj_h de iebWc[dj[ |cX_jei WYWZƒc_Yei i_de Z[ Z_ij_djW ‡dZeb[$ BW Wkjeh_ZWZ Ă’dWbc[dj[ ^_pe kdW _dl_jWY_ÂŒd W bWi WY# j_l_ZWZ[i fhe]hWcWZWi Yed cej_le Z[ bei *& W‹ei Z[ l_ZW _dij_jkY_edWb$ ;i gk[ Z[djhe Z[ bW W][dZW Z[ Ă’[ijWi ^Wo [l[djei WYWZƒc_Yei" Ykbjk# hWb[i o ieY_Wb[i gk[ _d_Y_Whed [b Z‡W (. Yed bW _dWk]khWY_ÂŒd
23 ,.2Ŋ#-Ŋ4-Ŋ/1.!#2.Ŋ "#Ŋ!1#!(,(#-3.Ŋ!.-Ŋ#+Ŋ!4 +Ŋ /4-3 ,.2Ŋ Ŋ+ Ŋ#7!#+#-!( Ŋ #-Ŋ#"4! !(¢-Ģē
^ĹŠ
ĹŠ
ĹŠ ĹŠ ĹŠ
Ŋ"#Ŋ -(5#12 1(. 1.%1 , !(¢-
ĹŠÄŠĹŠ"#ĹŠ, 8.Ä–ĹŠ!#+# 1 !(¢-ĹŠ#4! 1~23(! ĔŊ Ĺ—ÄˆÄ‡Ä–Ä‡Ä‡Ä”ĹŠ#-ĹŠ+ ĹŠ! /(++ ĹŠ"#ĹŠ+ ĹŠ Ä“ ĹŠÄŠĹŠ"#ĹŠ, 8.Ä–ĹŠ2#2(¢-ĹŠ2.+#,-#ĹŠ#-ĹŠ#+ĹŠ #-31.ĹŠ Ĺ—"#ĹŠ .-5#-!(.-#2ĔŊ"#2"#ĹŠ+ 2ĹŠÄˆÄ‘Ä–Ä‡Ä‡Ä“ ĹŠ 1.%1 , !(¢-ĹŠ2#ĹŠ#73(#-"#-ĹŠ' 23 ĹŠ#+ŊĉĊŊ Ĺ—"#ĹŠ)4-(.ēŊ ĹŠÄŒÄ“ÄŽÄ‡Ä‡ĹŠ +4,-.2ĹŠ' 8ĹŠ#-ĹŠ+ ĹŠ,." +(" "ĹŠ Ĺ—/1#2#-!( +ĹŠ"#ĹŠ+ ĹŠ
Ŋ 4#-3 Ŋ!.-ŊĉĊŊ! 11# 2Ŋ#-Ŋ+ Ŋ,." +(" "Ŋ ŗ/1#2#-!( +
Ĺ—ĹŠ -ĹŠÄˆÄ’Ä?ÄˆĹŠ2#ĹŠ!1#¢Ŋ+ ĹŠ
ĹŠÄˆÄ‘ĹŠ! 11#1 2ĹŠ.$1#!#ĹŠ#-ĹŠ+ ĹŠ,." +(" "ĹŠ ĹŠ Ĺ— (23 -!( ĹŠ ĹŠ ĹŠ!4#-3 ĹŠ!.-ĹŠ!#-31.2ĹŠ"(231( 4(".2ĹŠ Ĺ—#-ĹŠ+ 2ĹŠÄ‰ÄŒĹŠ/1.5(-!( 2ĹŠ"#+ĹŠ/ ~2ĹŠ8ĹŠ#-ĹŠ#+ĹŠ#731 -Äą )#1.ĹŠ#-Ä–ĹŠ 4#5 ĹŠ .1*ĔŊ "1("ĹŠ8ĹŠ ., ēŊ
Z[b i[hl_Y_e Z[ h[iedWdY_W cW]# dƒj_YW [d bW Kd_ZWZ <Wc_b_Wh Z[ bW KJFB W bWi '-0&&$
ēŊ Ŋ Ŋ!4#-3 Ŋ!.-Ŋ,."#1- 2Ŋ(-23 + !(.-#2ē
.#0# Ĺ‹ 0)& 6(# Ĺ‹- Ĺ‹ #( , ' (.
ēŊ ĹŠ! ,/  Ŋ#+#!3.1 +ĹŠ2#ĹŠ' ĹŠ(-3#-2(ă! ".ĹŠ#-ĹŠ+.2ĹŠĂŒ+3(,.2ĹŠ"~ 2Ä“
&ŋ vŋ3ŋ &ŋ ) #(/( (ŋ& -ŋ && -ŋ
-31#ĹŠ/+ -3.-#2ĹŠ8ĹŠ! 1 5 - 2ĔŊ2(,/ Äą 3(9 -3#2ĹŠ"#ĹŠ , 2ĹŠ3#-"#-!( 2ĹŠ2#ĹŠ#-Äą !.-31 1.-ĹŠ#-ĹŠ#+ĹŠ241ĹŠ"#ĹŠ 4(3.Ä“ BW YWf_jWb Z[b fW‡i l_l_ÂŒ Wo[h kdW Yedj_[dZW feb‡j_YW _dj[d# iW0 [d bW cW‹WdW 8[jjo 7ce# h[i o @kb_e 9ƒiWh Jhk`_bbe" Z[ Cedj[Yh_ij_ L_l[ CL " o FWYe CedYWoe 7B " [cfh[dZ_[hed kd h[Yehh_Ze feh [b ikh Z[ bW YWf_jWb _cfkbiWdZe [b De [d bW YedikbjW fefkbWh$ BW YWhWlWdW cejeh_pWZW iW# b_ÂŒ Z[iZ[ bW Jh_XkdW Z[b Ikh o fWiÂŒ feh ;b H[Yh[e" C[hYWZe C_deh_ijW Bei 7dZ[i" <[h_W B_Xh[ Z[ =kWcWd‡" Gk_Y[djhe Ikh" 9^_bbe]Wbbe" <[h_W B_Xh[ Z[ JeWYWpe" 9Wbb[ @ Z[ IebWdZW o bW C_Y^[b[dW$ Bei h[fh[i[djWdj[i Z[ CL [nfh[iWhed gk[ [b eX# `[j_le [hW _d\ehcWh W bW Y_k# ZWZWd‡W WY[hYW Z[ bei Yed# j[d_Zei Z[ bWi fh[]kdjWi Z[ bW YedikbjW fefkbWh o bWi hW# ped[i \kdZWc[djWb[i feh bW YkWb[i Z[Y_h De$
+Ŋ/+ -3¢-
7i‡ c_ice [d [b h[ZedZ[b Z[ bW Wl[d_ZW 7jW^kWbfW Wbh[Z[Zeh Z[b c[Z_eZ‡W i[ YedY[djhWhed kdei i_cfWj_pWdj[i Z[ 7b_WdpW F7?I" gk_[d[i Ye_dY_Z_[hed [d bW kX_YWY_ÂŒd Yed Wb]kdei c_[c# Xhei Z[ Kd_Zei feh bW :[ceYhW# Y_W" gk[" Yece i[ iWX[" [ij|d W \Wleh Z[b De$ ;b fbWdjÂŒd i[ Yedl_hj_ÂŒ [d kdW c[pYbW Z[ Yebeh[i l[hZ[ o XbWdYe" bei f_jei Z[ bei l[^‡Yk# bei o ]h_jei Z[ bei i_cfWj_pWdj[i fk]dWXWd feh ]WdWh [ifWY_e o Wj[dY_ÂŒd" ;djh[c[pYbWZei kdei Yed ejhei" bei i_cfWj_pWdj[i h[fWhj‡Wd \ebb[jei" WZ^[i_lei o XWdZ[hWi$ BWi Yedi_]dWi [d YWc_i[# jWi o XWdZ[hWi l[hZ[i Z[Y‡Wd ÆbW h[lebkY_ÂŒd Y_kZWZWdW [ij| [d cWhY^W o dWZW bW Z[j_[d[Ç" ÆLejW I‡Ç e i_cfb[c[dj[ [b hei# jhe Z[b Fh[i_Z[dj[ Z[ bW H[f‘#
Xb_YW" c_[djhWi gk[ bWi XbWdYWi h[pWXWd ÆLejW DeÇ" ÆLeje De" DWY‡ b_Xh[Ç o Æ:[\[dieh[i Z[ bW B_X[hjWZÇ" [djh[ ejhei$
9ebkcdWi Z[ [c_i_Œd Z[ ]Wi[i Yed Yedj[d_Zei Z[ Y[d_pW" gk[ ikf[hWd bei - a_bŒc[jhei Z[ Wb# jkhW ieXh[ [b Yh|j[h Z[b lebY|d Jkd]khW^kW" ck[ijhWd gk[ bW WYj_l_ZWZ Z[b Yebeie [i ceZ[# hWZW#WbjW" i[]‘d [b _d\ehc[ Z[b ?dij_jkje =[e\‡i_Ye Z[ bW ;iYk[bW Feb_jƒYd_YW DWY_edWb$ =hWd YWdj_ZWZ Z[ h[i_Zkei Z[ heYW lebY|d_YW ^Wd YW‡Ze [d bWi ‘bj_cWi ^ehWi fh_dY_fWbc[dj[ [d 8W‹ei Z[ 7]kW IWdjW" FWjWj[" F[# b_b[e" @k_l[" Hkdj‘d o" [d c[deh [iYWbW" [d 7cXWje$ Bei l_]‡Wi kX_YWZei [d bWi \WbZWi Z[b Yebeie Z_Y[d [iYkY^Wh \k[hj[i XhWc_Zei o [iYkY^Wh [b Z[iY[die Z[ Xbegk[i gk[ bb[]Wd ^WijW +&& c[jhei Z[b Yh|j[h" fheZkYje Z[b _dYh[c[dje Z[ bW WYj_l_ZWZ Wb _dj[h_eh Z[b Yede lebY|d_Ye$ BW cW‹WdW Z[ Wo[h i[ h[]_ijhWhed Zei \k[hj[i [nfbei_e# d[i gk[ ^_Y_[hed l_XhWh l[djWdW#
ƒ Ĺ? Ä€Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. ÄŒĹ?
b[i Z[ bWi l_l_[dZWi Y[hYWdWi Wb lebY|d$ #2.+4!(.-#2
7 bWi '+0&& Z[ Wo[h" [b 9ec_jƒ Z[ Ef[hWY_ed[i ;c[h][dj[i 9E; Z[ F[b_b[e" Z[Y_Z_Œ ieb_Y_jWh Wb C_# d_ij[h_e Z[ ?dYbki_Œd ;YedŒc_YW o IeY_Wb C?;I " hWY_ed[i Wb_# c[dj_Y_Wi o [b Xede Z[ [c[h][d# Y_Wi" fWhW bWi \Wc_b_Wi kX_YWZWi [d bWi pedWi Z[ cWoeh _cfWYje$ I[ f[Z_h| Wb C_d_ij[h_e Z[ :[iWhhebbe KhXWde o L_l_[dZW C_Zkl_ gk[ [lWb‘[ bei ZW‹ei o Z[j[hc_d[ |h[Wi W\[YjWZWi fWhW [dl_Wh Wi_ij[dY_W kh][dj[$ ;b 9E; jWcX_ƒd fbWd_\_YW [dl_Wh kd e\_Y_e Wb C_d_ij[h_e Z[ JhWdifehj[ o EXhWi F‘Xb_YWi CJEF " fWhW bW YebeYWY_Œd Z[ kdW YWhf[jW Wi\|bj_YW Z[iZ[ [b YWi[h‡e bW 9kh_bbW" 9^WYWkYe W 9ejWbŒ gk[ [i bW ‘d_YW l‡W Z[ [lW# YkWY_Œd$
31 2ĹŠ/1.5(-!( 2
7b_WdpW F7?I jWcX_ƒd bb[lW W YWXe lWh_Wi WYj_l_ZWZ[i fhei[# b_j_ijWi feh [b I‡" feh [`[cfbe bWi b[]_ibWZehWi 7c_djW 8k[# dW‹e ^_pe YWcfW‹W [d [b =kW# oWi" FWebW FWXŒd [d 9WoWcX[ o CWho L[hZk]W [d IWdje :e# c_d]e Z[ bei Ji|Y^_bWi$ ;d bei fhŒn_cei o ‘bj_cei Y_dYe Z‡Wi Z[ YWcfW‹W" [b FWh# j_Ze IeY_[ZWZ FWjh_Œj_YW FIF \ehjWb[Y[h| bW fheceY_Œd Z[b De [d bWi fhel_dY_Wi Z[ =kWoWi o CWdWX‡" Wi‡ Yece [d bW 7cW# ped‡W" _d\ehcŒ <Wkije 9eXe" fk[ije gk[ ejhei cel_c_[djei feb‡j_Yei jhWXW`Wd [d F_Y^_dY^W" 7pkWo o [b h[ije Z[b fW‡i$ <_dWbc[dj[ fWhW ^eo [ij|d fhe]hWcWZWi cWhY^Wi feh [b :‡W CkdZ_Wb Z[b JhWXW`e" bWi Yk|b[i Z[X_Ze Wb Yedj[nje feb‡# j_Ye i[ Z_l_Z_h|d [djh[ i_cfWj_# pWdj[i o de i_cfWj_pWdj[i Z[b =eX_[hde o bW YedikbjW fefkbWh$
ēŊ 2Ŋ9.- 2Ŋ $#!3 " 2Ŋ1#!( (1;-Ŋ 3#-!(¢-Ŋ#-Ŋ+.2Ŋ/1¢7(,.2Ŋ"~ 2ē
Z- ,ŋ )(.Ä ,ŋ !, # ) ŋ*),ŋŋ-#'* .#4 (. -ŋ ŋ
ēŊ +ĹŠ+#%(2+ ".1ĹŠ .-3ĂŒ$ 1ĹŠ(-2(23#ĹŠ#-ĹŠ"# 3(1ĹŠ!.-ĹŠ .11# Ä“
Ć
F[i[ Wb cWb cec[dje gk[ oW fWiWhed 9ƒiWh Cedj‘\Wh o i_c# fWj_pWdj[i Z[b cel_c_[dje 9ed# Y[hjWY_Œd DWY_edWb :[ceYh|j_YW" ZkhWdj[ kd fbWdjŒd [d bW FbWpW Z[ bW ?dZ[f[dZ[dY_W" [b l_[hd[i" fWhW f[Z_hb[ Wb fh[i_Z[dj[ HW\W[b 9ehh[W gk[ Z[XWjW ieXh[ bW Yed# ikbjW" Wo[h [d 7cXWje lebl_[hed W i[h eX`[je Z[ WjWgk[i$ ;b b[]_ibWZeh o bei i_cfWj_pWd# j[i Z[ bW W]hkfWY_Œd feb‡j_YW h[W# b_pWhed [b c_ice fbWdjŒd [d [b FWhgk[ CedjWble" ZedZ[ 9ehh[W bb[lŒ W YWXe ik [dbWY[ iWXWj_de1 W^‡ i[ fh[fWhŒ kd [ifWY_e gk[ f[hc_j_[hW bb[lWh W YWXe [b Z[XW# j[" i_bbWi o kdW c[iW$
C_[djhWi jWdje ZkhWdj[ bW YW# Z[dW iWXWj_dW" 9ehh[W Z[dkdY_ÂŒ gk[ Cedj‘\Wh gk[h‡W fheleYWh _dY_Z[dj[i \k[hW Z[b [dbWY[ o f_# Z_ÂŒ W bW ][dj[ Wb _dj[h_eh Z[b Yeb_# i[e gk[ ÆiWb]Wcei jeZei `kdjeiÇ$ Cec[djei Z[ifkƒi [b WiWcXb[‡i# jW o iki i_cfWj_pWdj[i i[ l_[hed heZ[WZei Z[ ][dj[ o Cedj‘\Wh \k[ W]h[Z_Ze \‡i_YWc[dj[ feh kdW f[hiedW" gk[ be WjWYÂŒ feh bW [i# fWbZW o be ]ebf[ÂŒ [d [b heijhe$ ;b W]h[ieh [ij| Z[j[d_Ze o Cedj‘\Wh fh[i[djÂŒ bW Z[dkdY_W h[if[Yj_lW$
Z[ ik jWh_cW o Z[`Wh ik cedÂŒbe# ]eÇ" WZ[c|i Yh_j_YÂŒ ZkhWc[dj[ gk[ de ^WoW WY[fjWZe bW fhe# fk[ijW Z[ kd Z_|be]e Z[ceYh|# j_Ye" oW gk[ Æ[b Fh[i_Z[dj[ de iWb_ÂŒ Z[b 9eb_i[e" f[he cWdZÂŒ W W]h[Z_hc[Ç" YedYbkoÂŒ$ 9WX[ h[YWbYWh gk[ [b WiWc# Xb[‡ijW [dl_ÂŒ kd f[Z_Ze \eh# cWb Wb Fh_c[h CWdZWjWh_e" fWhW j[d[h kd Z[XWj[ YedY[f# jkWb ieXh[ bWi fh[]kdjWi Z[ bW 9edikbjW FefkbWh" XW`e bW ‘d_YW YedZ_Y_ÂŒd Z[ gk[ i[W i_d _dikbjei" [d _]kWbZWZ Z[ YedZ_Y_ed[i" i_d Wjhef[bbei d_ (-ĹŠ1#2/4#23 ;b b[]_ibWZeh bWc[djÂŒ gk[ [b Z[iYWb_\_YWY_ed[i" [b YkWb de Fh[i_Z[dj[ de fk[ZW ÆXW`Whi[ ^W j[d_Ze h[ifk[ijW$
ć
ŏĀāŏ ŏ ŏ ŏĂĀāā
ŏ +. ŏ
! !$ ! ! %& ! $& ! %& &' . "/ #' & $ #' $ %! % %! * "$! ! . % $( ! "/ ! % !% $+ & ! '$%! ,$ &!% * !"!% . ! !$ ! '! , %"!% . $ % &!$ . ! $ + ! ' . ' * % %"!% ! % $ & . & $ #' $ ' !% ! '$%!% ,$ &!% * "!% . " $ ! '" $ "' %&!% % - $ %& ! ! (! ! !% % ' !% % #' ' " ! !% " $0 % * $ #' % &!% ) !% " $& " $ ! '$%! $&! ,$ &!% * "!% . " $ ! '" $ !% "' %&!% !% $ & % $ !% % % - % - % * % % - % $!( % #' % & $ ! & ' . ! ! ! $ &! ),6&$/,$ 3529,1&,$/ '( %2/,9$5 $*(17( ),6&$/ ± ),6&$/,$ ,1',*(1$ 6(&5(7$5,2 '( ),6&$/ ± ),6&$/,$ ,1',*(1$ $6,67(17( '( ),6&$/ ± ),6&$/,$ ,1',*(1$ $*(17(6 ),6&$/(6 0(',&2 /(*,67$ ',5(&&,Ï1 $Y &iQGLGR 5DGD \ GH $EULO *XDUDQGD ),6&$/,$ 3529,1&,$/ '( &$f$5 $*(17( ),6&$/ ± ),6&$/,$ ,1',*(1$ 6(&5(7$5,2 '( ),6&$/ ± ),6&$/,$ ,1',*(1$ $6,67(17( '( ),6&$/ ± ),6&$/,$ ,1',*(1$ $*(17( ),6&$/ $6,67(17( '( ),6&$/ ',5(&&,Ï1 %ROtYDU \ 6XFUH $]RJXHV ),6&$/,$ 3529,1&,$/ '( &+,0%25$=2 $*(17( ),6&$/ ± ),6&$/,$ ,1',*(1$ 6(&5(7$5,2 '( ),6&$/ ± ),6&$/,$ ,1',*(1$ $6,67(17( '( ),6&$/ ± ),6&$/,$ ,1',*(1$ $*(17( ),6&$/ ',5(&&,Ï1 $Y 0LJXHO $QJHO /HyQ 1R \ -RVp 9HOR] 5LREDPED ),6&$/,$ 3529,1&,$/ '( &2723$;, $*(17( ),6&$/ ± ),6&$/,$ ,1',*(1$ 6(&5(7$5,2 '( ),6&$/ ± ),6&$/,$ ,1',*(1$ $6,67(17( '( ),6&$/ ± ),6&$/,$ ,1',*(1$ ',5(&&,Ï1 &DOOH $QWRQLR 9HOD \ *UDO 0DOGRQDGR /DWDFXQJD ),6&$/,$ 3529,1&,$/ '( (/ 252 $6,67(17( '( ),6&$/ $1$/,67$ $'0,1,675$7,92 ),1$1&,(52 ',5(&&,Ï1 $Y 5RFDIXHUWH HQWUH *XD\DV \ QXHYH GH 0D\R 0DFKDOD ),6&$/,$ 3529,1&,$/ '( (60(5$/'$6 $*(17(6 ),6&$/(6 $6,67(17(6 '( ),6&$/ ',5(&&,Ï1 0DQXHOD &DxL]DUHV 1R HQWUH %ROtYDU \ 0DOHFyQ (VPHUDOGDV ),6&$/,$ 3529,1&,$/ '( *8$<$6 $*(17( ),6&$/ ± ),6&$/,$ ,1',*(1$ 6(&5(7$5,2 '( ),6&$/ ± ),6&$/,$ ,1',*(1$ $6,67(17( '( ),6&$/ ± ),6&$/,$ ,1',*(1$ $*(17(6 ),6&$/(6 $6,67(17( $'0,1,675$7,92 ',5(&&,Ï1 &DOOHV 3HGUR &DUER \ $JXLUUH HVTXLQD (GLILFLR )pQL[ GpFLPR SLVR *XD\DTXLO
),6&$/,$ 3529,1&,$/ '( ,0%$%85$ $*(17( ),6&$/ ± ),6&$/,$ ,1',*(1$ 6(&5(7$5,2 '( ),6&$/ ± ),6&$/,$ ,1',*(1$ $6,67(17( '( ),6&$/ ± ),6&$/,$ ,1',*(1$ ',5(&&,21 *DUFtD 0RUHQR HQWUH $QWRQLR -RVp GH 6XFUH \ 9LFHQWH 5RFDIXHUWH ,EDUUD ),6&$/,$ 3529,1&,$/ '( /2-$ $*(17( ),6&$/ ± ),6&$/,$ ,1',*(1$ $*(17( ),6&$/ ± ),6&$/,$ ,1',*(1$ 6(&5(7$5,2 '( ),6&$/ ± ),6&$/,$ ,1',*(1$ $6,67(17( '( ),6&$/ ± ),6&$/,$ ,1',*(1$ $6,67(17( '( ),6&$/ ',5(&&,21 6XFUH HQWUH 0LJXHO 5LRIUtR \ 5RFDIXHUWH /RMD ),6&$/,$ 3529,1&,$/ '( /26 5,26 $*(17( ),6&$/ 0(',&2 /(*,67$ 75$%$-$'25 62&,$/ ',5(&&,Ï1 $YHQLGD (OR\ $OIDUR HQWUH *HQHUDO %DURQD \ GH $JRVWR %DEDKR\R ),6&$/,$ 3529,1&,$/ '( 0$1$%, $6,67(17(6 '( ),6&$/ ',5(&&,Ï1 &DOOH 6XFUH HQWUH GH 2FWXEUH \ )UDQFLVFR 3DFKHFR 3RUWRYLHMR ),6&$/,$ 3529,1&,$/ '( 02521$ 6$17,$*2 $*(17( ),6&$/ ± ),6&$/,$ ,1',*(1$ 6(&5(7$5,2 '( ),6&$/ ± ),6&$/,$ ,1',*(1$ $6,67(17( '( ),6&$/ ± ),6&$/,$ ,1',*(1$ $*(17( ),6&$/ ),6&$/ '( $'2/(6&(17(6 ,1)5$&725(6 0(',&2 /(*,67$ $6,67(17( '( ),6&$/ ',5(&&,Ï1 -XDQ GH OD &UX] HQWUH 6RDVWL \ GH 0D\R 0DFDV ),6&$/,$ 3529,1&,$/ '( 1$32 $*(17( ),6&$/ ± ),6&$/,$ ,1',*(1$ 6(&5(7$5,2 '( ),6&$/ ± ),6&$/,$ ,1',*(1$ $6,67(17( '( ),6&$/ ± ),6&$/,$ ,1',*(1$ $6,67(17( '( ),6&$/ ',5(&&,Ï1 &DOOH 5XEpQ /HU]RQ \ (GZLQ (QUtTXH] %DUULR (OR\ $OIDUR 7HQD ),6&$/,$ 3529,1&,$/ '( 25(//$1$ 0(',&2 /(*,67$ $6,67(17(6 '( ),6&$/ ',5(&&,Ï1 $YHQLGD GH 2FWXEUH \ 9LFHQWH 5RFDIXHUWH %DUULR &HQWUDO )UDQFLVFR GH 2UHOODQD
),6&$/,$ 3529,1&,$/ '( 3$67$=$ $*(17( ),6&$/ ± ),6&$/,$ ,1',*(1$ 6(&5(7$5,2 '( ),6&$/ ± ),6&$/,$ ,1',*(1$ $6,67(17( '( ),6&$/ ± ),6&$/,$ ,1',*(1$ 0(',&2 /(*,67$ $1$/,67$ $'0,1,675$7,92 ),1$1&,(52 ',5(&&,Ï1 $WDKXDOSD \ GH 2FWXEUH 3X\R ),6&$/,$ 3529,1&,$/ '( 3,&+,1&+$ $*(17( ),6&$/ ± ),6&$/,$ ,1',*(1$ 6(&5(7$5,2 '( ),6&$/ ± ),6&$/,$ ,1',*(1$ $6,67(17( '( ),6&$/ ± ),6&$/,$ ,1',*(1$ $*(17( ),6&$/ $6,67(17(6 '( ),6&$/ ',5(&&,Ï1 (GLILFLR 3DWULD $YHQLGD 3DWULD \ $Y GH 2FWXEUH SODQWD EDMD 4XLWR ),6&$/,$ 3529,1&,$/ '( 68&80%,26 $6,67(17(6 '( ),6&$/ $6,67(17( $'0,1,675$7,92 ',5(&&,Ï1 &DOOH 0DQDEt HQWUH 9HQH]XHOD \ GH $JRVWR 1XHYD /RMD ),6&$/,$ 3529,1&,$/ '( 781*85$+8$ $*(17( ),6&$/ ± ),6&$/,$ ,1',*(1$ 6(&5(7$5,2 '( ),6&$/ ± ),6&$/,$ ,1',*(1$ $6,67(17( '( ),6&$/ ),6&$/,$ ,1',*(1$ $6,67(17( '( ),6&$/ ',5(&&,Ï1 &DOOH /DODPD \ $YHQLGD &HYDOORV $PEDWR ),6&$/,$ 3529,1&,$/ '( =$025$ &+,1&+,3( $*(17( ),6&$/ ± ),6&$/,$ ,1',*(1$ 6(&5(7$5,2 '( ),6&$/ ± ),6&$/,$ ,1',*(1$ $6,67(17( '( ),6&$/ ),6&$/,$ ,1',*(1$ ',5(&&,Ï1 &DOOH -RUJH 0RVTXHUD \ GH )HEUHUR HVTXLQD =DPRUD ),6&$/,$ *(1(5$/ -()( '(3$57$0(17$/ '( 0(',&,1$ /(*$/ -()( '(3$57$0(17$/ '( *(67,21 325 352&(626 -()( '(37 '( ,1)5$(6758&785$ < 0$17(1,0,(172 $1$/,67$ $'0,1,675$7,92 ),1$1&,(52 6(&5(7$5,$ '( ',5(&&,21 ',5(&&,Ï1 (GLILFLR 3DWULD $YHQLGD 3DWULD \ GH 2FWXEUH SODQWD EDMD 4XLWR
5(081(5$&,21 0(168$/ 81,),&$'$ (VWDUi GHWHUPLQDGD GH FRQIRUPLGDG DO JUDGR TXH FRUUHVSRQGD DO SXHVWR \ ORV FRPSRQHQWHV UHPXQHUDWLYRV TXH VH FRQVLGHUHQ EHQHILFLRV GH OH\
127$ (;3/,&$7,9$ (Q FDVR GH TXH OD GHFODUDFLyQ MXUDPHQWDGD SUHVHQWDGD QR FRQWHPSOH HO FRQWHQLGR GHWDOODGR HQ ORV OLWHUDOHV DQWHV LQGLFDGRV VHUi GHVFDOLILFDGD R SRU LQFXPSOLU ORV UHTXLVLWRV OHJDOHV H[LJLGRV
/8*$5 '( 75$%$-2 3DUD WRGRV ORV SXHVWRV HO DOFDQFH \ FRPSHWHQFLD HV SURYLQFLDO \ VHUiQ GHVWLQDGRV D ORV FDQWRQHV HQ GRQGH H[LVWDQ GHSHQGHQFLDV GH OD )LVFDOtD
3DUD HO FDVR GH ORV DVSLUDQWHV D ODV )LVFDOtDV ,QGtJHQDV DGHPiV GHEHUiQ DJUHJDU
5(48,6,726 /(*$/(6 /RV ODV DVSLUDQWHV GHEHUiQ SUHVHQWDU HQ RULJLQDOHV R FRSLDV FHUWLILFDGDV QRWDULDGDV \ DFWXDOL]DGDV ORV VLJXLHQWHV GRFXPHQWRV &pGXOD GH FLXGDGDQtD \ FHUWLILFDGR GH YRWDFLyQ D FRORU FRUUHVSRQGLHQWH D ODV ~OWLPDV HOHFFLRQHV UHDOL]DGDV HQ HO SDtV 7tWXORV $FDGpPLFRV (Q HO FDVR GH SURIHVLRQDOHV GH WHUFHU \ FXDUWR QLYHO VH SUHVHQWDUiQ ORV WtWXORV REWHQLGRV HQ XQD GH ODV 8QLYHUVLGDGHV OHJDOPHQWH UHFRQRFLGDV FXPSOLHQGR FRQ ORV UHTXLVLWRV SUHYLVWRV HQ OD /H\ GH (GXFDFLyQ 6XSHULRU &HUWLILFDGR DFWXDOL]DGR GH FXPSOLPLHQWR GH REOLJDFLRQHV FRQ HO 65, &HUWLILFDGR DFWXDOL]DGR GHO 0,1,67(5,2 '( 5(/$&,21(6 /$%25$/(6 GHO TXH FRQVWH QR WHQHU LPSHGLPHQWR SDUD HMHUFHU XQ FDUJR HQ HO VHFWRU S~EOLFR &HUWLILFDGR DFWXDOL]DGR GH OD &HQWUDO GH 5LHVJRV TXH DFUHGLWH TXH QR VH HQFXHQWUD HQ PRUD HQ HO SDJR GH FUpGLWRV HVWDEOHFLGRV D IDYRU GH HQWLGDGHV X RUJDQLVPRV GHO VHFWRU S~EOLFR 'HFODUDFLyQ MXUDPHQWDGD DFWXDOL]DGD RWRUJDGD DQWH QRWDULR S~EOLFR FRQ HO VLJXLHQWH FRQWHQLGR D 4XH QR VH HQFXHQWUD HQ LQWHUGLFFLyQ FLYLO QR VHU GHXGRU DO TXH VH VLJD SURFHVR GH FRQFXUVR GH DFUHHGRUHV \ QR VH KDOOD HQ HVWDGR GH LQVROYHQFLD IUDXGXOHQWD GHFODUDGD MXGLFLDOPHQWH E 4XH QR KD VLGR VXMHWR GH VDQFLRQHV ILUPHV GH VXVSHQVLyQ R GHVWLWXFLyQ GH XQ SXHVWR HQ OD )LVFDOtD *HQHUDO GHO (VWDGR 3DUD HO FDVR GH IXQFLRQDULRV \ H[ ± IXQFLRQDULRV MXGLFLDOHV OD GHFODUDFLyQ VH UHIHULUi DGHPiV D QR KDEHU UHFLELGR VDQFLRQHV ILUPHV GH VXVSHQVLyQ R GHVWLWXFLyQ SRU SDUWH GHO &RQVH MR GH OD -XGLFDWXUD QL GHO 3OHQR GH OD &RUWH 1DFLRQDO GH -XVWLFLD F 4XH QR VH HQFXHQWUD FRPSUHQGLGR HQ ORV FDVRV GH QHSRWLVPR H LQKDELOLGDGHV HQ OD IRUPD TXH GHWHUPL QD HO &yGLJR 2UJiQLFR GH OD )XQFLyQ -XGLFLDO \ ODV OH\HV TXH UHJXOHQ VREUH HVWD PDWHULD G 4XH HQ FDVR GH VHU QRPEUDGR UHVLGLUi HQ HO OXJDU GH WUDEDMR HQ TXH WHQJD VX VHGH HO SXHVWR SDUD HO TXH FRQFXUVD H 1R HVWDU LQPHUVR HQ ODV SURKLELFLRQHV OHJDOHV SDUD HO LQJUHVR \ UHLQJUHVR DO VHFWRU S~EOLFR FRQWHQLGDV HQ OD /H\ 2UJiQLFD GHO 6HUYLFLR 3~EOLFR
&HUWLILFDGR TXH DFUHGLWH SHUWHQHFHU D XQ SXHEOR R QDFLRQDOLGDG LQGtJHQD UHFRQRFLGD \ VHU RULJLQDULR GH XQD FRPXQLGDG GH OD SURYLQFLD GRQGH VH HQFXHQWUD OD YDFDQWH \ &HUWLILFDGR GH ODV RUJDQL]DFLRQHV GH OD SURYLQFLD TXH DYDOL]DQ VX SDUWLFLSDFLyQ D ILQ GH TXH FRQ HVWH UHVSDOGR SXHGDQ DFFHGHU FRQ IDFLOLGDG D ODV FRPXQLGDGHV D UHDOL]DU VX WUDEDMR \ VRFLDOL]DU FRQ VXV PLHPEURV 5(48,6,726 0,1,026 3$5$ (/ 38(672 '( $*(17( ),6&$/ < ),6&$/ '( $'2/(6&(17(6 ,1)5$&725(6 $ PiV GH ORV UHTXLVLWRV OHJDOHV VHxDODGRV ORV \ ODV DVSLUDQWHV SDUD ORV SXHVWRV GH $*(17( ),6&$/ < ),6&$/ '( $'2/(6&(17(6 ,1)5$&725(6 GHEHUiQ DFUHGLWDU OR VLJXLHQWH D ,QVWUXFFLyQ IRUPDO +DEHU REWHQLGR HO WtWXOR GH 'RFWRU HQ -XULVSUXGHQFLD R $ERJDGR GH ORV 7ULEXQDOHV \ -X]JDGRV GH OD 5HS~EOLFD HQ XQD 8QLYHUVLGDG OHJDOPHQWH UHFRQRFLGD E ([SHULHQFLD SURIHVLRQDO $FUHGLWDU DxRV GH HMHUFLFLR SURIHVLRQDO R KDEHU GHVHPSHxDGR XQ FDUJR S~EOLFR SDUD HO TXH VH UHTXLHUH VHU $ERJDGR F &DSDFLWDFLyQ &HUWLILFDGRV GH DVLVWHQFLD D FXUVRV QDFLRQDOHV H LQWHUQDFLRQDOHV SUHVHQFLDOHV &HUWLILFDGR GH VXILFLHQFLD HQ RWUR LGLRPD RWRUJDGR SRU XQ FHQWUR GH HVWXGLRV OHJDOPHQWH UHFRQRFLGR RSFLRQDO G 'RFHQFLD (Q PDWHULDV DILQHV DO iUHD SHQDO FRPR SURIHVRU WLWXODU HQ FDWHJRUtD SULQFLSDO R DJUHJDGR SURIHVRU GH SRVWJUDGR HQ FHQWURV GH HGXFDFLyQ VXSHULRU OHJDOPHQWH UHFRQRFLGRV \ HQ FDOLGDG GH FRQIHUHQFLVWD PRGHUDGRU R SDQHOLVWD GH HYHQWRV DFDGpPLFRV RSFLRQDO H $UWtFXORV \ REUDV SXEOLFDGDV &RPR DXWRU R FRDXWRU HQ PDWHULDV DILQHV DO iUHD SHQDO /DV REUDV SXEOLFDGDV GHEHUiQ VHU GH SiJLQDV R PiV \ HVWDU UHJLVWUDGDV HQ HO ,(3, R ,6%1 \ VHU DQH[DGD D OD FDUSHWD RSFLRQDO 127$6 (;3/,&$7,9$6 6H HQWLHQGH FRPR FDSDFLWDFLyQ R GRFHQFLD HVSHFtILFD DTXHOOD TXH YHUVH VREUH PDWHULD FRQVWLWXFLRQDO GHUHFKRV KXPDQRV SHQDO SURFHVDO SHQDO MXVWLFLD LQGtJHQD WULEXWDULR DGXDQHUR WUiQVLWR DPELHQWDO LQIRUPiWLFR \ DILQHV
ŏĀāŏŏ ŏ ŏ ŏĂĀāā
ŏ +. ŏ
/D GRFXPHQWDFLyQ TXH GHEH DFUHGLWDU VHJ~Q ORV OLWHUDOHV F G \ H QR VRQ H[LJLEOHV SHUR SXQWXDUiQ VLHPSUH \ FXDQGR FXPSODQ OD FRQGLFLyQ GH HVWDU UHODFLRQDGDV FRQ PDWHULD FRQVWLWXFLRQDO SHQDO MXVWLFLD LQGtJHQD \ RWUDV DILQHV SDUD HO FDVR GH $JHQWH )LVFDO 3DUD HO SXHVWR GH )LVFDO GH $GROHVFHQWHV ,QIUDFWRUHV DGHPiV GHEHUi HVWDU UHODFLRQDGR FRQ HO iUHD GH PHQRUHV \ DGROHVFHQWHV /RV FHUWLILFDGRV GH DVLVWHQFLD D FXUVRV VH FRQVLGHUDUiQ D SDUWLU GH OD IHFKD GH KDEHU REWHQLGR HO WtWXOR SURIHVLRQDO 5(48,6,726 0,1,026 3$5$ (/ 38(672 '( 6(&5(7$5,2 '( ),6&$/(6
Ĉ
5(48,6,726 0,1,026 3$5$ (/ 38(672 '( 0(',&2 /(*,67$ $ PiV GH ORV UHTXLVLWRV OHJDOHV VHxDODGRV ORV \ ODV DVSLUDQWHV D ORV SXHVWRV GH 0(',&2 /(*,67$ GHEHUiQ DFUHGLWDU OR VLJXLHQWH D ,QVWUXFFLyQ IRUPDO +DEHU REWHQLGR HO WtWXOR GH WHUFHU QLYHO GH 'RFWRU HQ 0HGLFLQD *HQHUDO \ 3RVWJUDGR HQ PHGLFLQD OHJDO HQ XQD 8QLYHUVLGDG OHJDOPHQWH UHFRQRFLGD E ([SHULHQFLD SURIHVLRQDO $FUHGLWDU DxRV GH H[SHULHQFLD ODERUDO HQ HO iUHD GH 0HGLFLQD /HJDO F &DSDFLWDFLyQ $VLVWHQFLD D FXUVRV VHPLQDULRV WDOOHUHV HQ PDWHULD GH 0HGLFLQD /HJDO FRQRFLPLHQWRV HQ 'HUHFKR H ,QIRUPiWLFD :RUG \ ([FHO
$ PiV GH ORV UHTXLVLWRV OHJDOHV VHxDODGRV ORV \ ODV DVSLUDQWHV DO SXHVWR GH 6(&5(7$5,2 '( ),6&$/ GHEHUiQ DFUHGLWDU OR VLJXLHQWH
127$6 (;3/,&$7,9$6 6H HQWLHQGH FRPR FDSDFLWDFLyQ HVSHFtILFD DTXHOOD TXH YHUVH VREUH WHPDV UHODFLRQDGRV FRQ 0HGLFLQD D ,QVWUXFFLyQ )RUPDO 6HU HJUHVDGR GH OD FDUUHUD GH 'HUHFKR HQ XQD 8QLYHUVLGDG OHJDOPHQWH UHFRQRFLGD /HJDO /D GRFXPHQWDFLyQ TXH GHEH DFUHGLWDU VHJ~Q HO OLWHUDO F QR HV H[LJLEOH SHUR SXQWXDUi VLHPSUH \ FXDQGR E ([SHULHQFLD $FUHGLWDU WUHV DxRV GH H[SHULHQFLD ODERUDO HQ HO iUHD MXUtGLFD \ R SDVDQWtDV HQ OD )LVFDOtD F &DSDFLWDFLyQ $VLVWHQFLD D FXUVRV VHPLQDULRV WDOOHUHV \ FRQIHUHQFLDV UHODFLRQDGDV FRQ HO iUHD MXUtGLFD FXPSODQ OD FRQGLFLyQ GH HVWDU UHODFLRQDGDV FRQ OD PDWHULD UHIHUHQWH DO FDUJR RSFLRQDGR ODV TXH VHUiQ FRQVLGHUDGDV D SDUWLU GH OD IHFKD GH KDEHU REWHQLGR HO WtWXOR SURIHVLRQDO /RV DVSLUDQWHV GHEHUiQ DFUHGLWDU FRQRFLPLHQWRV HQ ,QIRUPiWLFD PDQHMR GH XWLOLWDULRV
5(48,6,726 0,1,026 3$5$ (/ 38(672 '( 75$%$-$'25 62&,$/ 5(48,6,726 0,1,026 3$5$ (/ 38(672 '( $6,67(17( '( ),6&$/(6 $ PiV GH ORV UHTXLVLWRV OHJDOHV VHxDODGRV ORV \ ODV DVSLUDQWHV DO SXHVWR GH 75$%$-$'25 62&,$/ $ PiV GH ORV UHTXLVLWRV OHJDOHV VHxDODGRV ORV \ ODV DVSLUDQWHV DO SXHVWR GH $6,67(17( '( ),6&$/ GHEHUiQ DFUHGLWDU OR VLJXLHQWH GHEHUiQ DFUHGLWDU OR VLJXLHQWH D ,QVWUXFFLyQ IRUPDO +DEHU REWHQLGR HO WtWXOR GH WHUFHU QLYHO GH /LFHQFLDGR HQ 7UDEDMR 6RFLDO HQ XQD 8QLYHUVLGDG OHJDOPHQWH UHFRQRFLGD D ,QVWUXFFLyQ )RUPDO +DEHU DSUREDGR HO VH[WR QLYHO R WHUFHU DxR GH OD FDUUHUD GH 'HUHFKR HQ XQD 8QLYHU E ([SHULHQFLD SURIHVLRQDO $FUHGLWDU DxRV GH H[SHULHQFLD ODERUDO HQ HO iUHD GHO WUDEDMR VRFLDO VLGDG OHJDOPHQWH UHFRQRFLGD F &DSDFLWDFLyQ $VLVWHQFLD D FXUVRV VHPLQDULRV WDOOHUHV HQ PDWHULD GH WUDEDMR VRFLDO FRQRFLPLHQWRV HQ E ([SHULHQFLD $FUHGLWDU XQ DxR GH H[SHULHQFLD ODERUDO HQ HO iUHD MXUtGLFD \ R SDVDQWtDV HQ OD )LVFDOtD F &DSDFLWDFLyQ $VLVWHQFLD D FXUVRV VHPLQDULRV WDOOHUHV \ FRQIHUHQFLDV UHODFLRQDGDV FRQ HO iUHD MXUtGLFD LQIRUPiWLFD :RUG \ ([FHO /RV DVSLUDQWHV GHEHUiQ DFUHGLWDU FRQRFLPLHQWRV HQ ,QIRUPiWLFD PDQHMR GH XWLOLWDULRV
127$6 (;3/,&$7,9$6 6H HQWLHQGH FRPR FDSDFLWDFLyQ HVSHFtILFD DTXHOOD TXH YHUVH VREUH WHPDV UHODFLRQDGRV FRQ 7UDEDMR 6RFLDO 127$ (;3/,&$7,9$ /D GRFXPHQWDFLyQ TXH GHEH DFUHGLWDU VHJ~Q HO OLWHUDO F QR HV H[LJLEOH SHUR SXQWXDUi VLHPSUH \ FXDQGR /RV \ ODV DVSLUDQWHV D ORV SXHVWRV GH $JHQWHV )LVFDOHV 6HFUHWDULRV \ $VLVWHQWHV GH ODV )LVFDOtDV ,QGtJH QDV VH VRPHWHUiQ DGHPiV D XQD SUXHED RUDO GH VXILFLHQFLD GHO LGLRPD GHO SXHEOR R QDFLRQDOLGDG LQGtJHQD FXPSODQ OD FRQGLFLyQ GH HVWDU UHODFLRQDGDV FRQ OD PDWHULD UHIHUHQWH DO FDUJR RSFLRQDGR ODV TXH VHUiQ FRQVLGHUDGDV D SDUWLU GH OD IHFKD GH KDEHU REWHQLGR HO WtWXOR SURIHVLRQDO D OD TXH SHUWHQHFH SDUD OR FXDO VH GHVLJQDUi XQ H[SHUWR HQ HO iUHD 5(48,6,726 0,1,026 3$5$ (/ 38(672 '( -()( '(3$57$0(17$/ '( 0(',&,1$ /(*$/
5(48,6,726 0,1,026 3$5$ (/ 38(672 '( $1$/,67$ $'0,1,675$7,92 ),1$1&,(52
D ,QVWUXFFLyQ IRUPDO +DEHU REWHQLGR HO WtWXOR GH WHUFHU QLYHO HQ 0HGLFLQD \ &LUXJtD \ WHQHU (VSHFLDOL]DFLyQ HQ 0HGLFLQD /HJDO HQ XQD 8QLYHUVLGDG OHJDOPHQWH UHFRQRFLGD E ([SHULHQFLD SURIHVLRQDO 0tQLPR DxRV FRPR 3HULWR 0pGLFR /HJDO DFUHGLWDGR F &DSDFLWDFLyQ $VLVWHQFLD D FXUVRV VHPLQDULRV WDOOHUHV HQ iUHDV DILQHV DO FDUJR RSFLRQDGR &HUWLILFDGR GH 6XILFLHQFLD HQ RWUR LGLRPD RWRUJDGR SRU XQ FHQWUR GH HVWXGLRV OHJDOPHQWH UHFRQRFLGR RSFLRQDO G 'RFHQFLD (Q PDWHULDV DILQHV DO iUHD GH PHGLFLQD OHJDO FRPR SURIHVRU WLWXODU HQ FDWHJRUtD SULQFLSDO R DJUHJDGR SURIHVRU GH SRVWJUDGR HQ FHQWURV GH HGXFDFLyQ VXSHULRU OHJDOPHQWH UHFRQRFLGRV \ HQ FDOLGDG GH FRQIHUHQFLVWD PRGHUDGRU R SDQHOLVWD GH HYHQWRV DFDGpPLFRV RSFLRQDO H $UWtFXORV \ REUDV SXEOLFDGDV &RPR DXWRU R FRDXWRU HQ PDWHULDV DILQHV DO iUHD GH PHGLFLQD OHJDO /DV REUDV SXEOLFDGDV GHEHUiQ VHU GH SiJLQDV R PiV \ HVWDU UHJLVWUDGDV HQ HO ,(3, R ,6%1 \ VHU DQH[DGD D OD FDUSHWD RSFLRQDO
D ,QVWUXFFLyQ IRUPDO +DEHU HJUHVDGR GH ODV FDUUHUDV GH ,QJHQLHUtD &RPHUFLDO $GPLQLVWUDFLyQ GH (PSUH VDV )LQDQ]DV (FRQRPtD R $XGLWRUtD HQ XQD 8QLYHUVLGDG OHJDOPHQWH UHFRQRFLGD E ([SHULHQFLD SURIHVLRQDO $FUHGLWDU DxRV GH H[SHULHQFLD ODERUDO HQ iUHDV DILQHV DO FDUJR RSFLRQDGR F &DSDFLWDFLyQ $VLVWHQFLD D FXUVRV VHPLQDULRV WDOOHUHV HQ PDWHULDV DILQHV H LQIRUPiWLFD :RUG \ ([FHO &HUWLILFDGR GH 6XILFLHQFLD HQ RWUR LGLRPD RWRUJDGR SRU XQ FHQWUR GH HVWXGLRV OHJDOPHQWH UHFRQRFLGR RSFLRQDO
127$6 (;3/,&$7,9$6 6H HQWLHQGH FRPR FDSDFLWDFLyQ R GRFHQFLD HVSHFtILFD DTXHOOD TXH YHUVH VREUH PDWHULD UHODFLRQDGD D PHGLFLQD OHJDO \ iUHDV DILQHV /D GRFXPHQWDFLyQ TXH GHEH DFUHGLWDU VHJ~Q ORV OLWHUDOHV F G \ H QR VRQ H[LJLEOHV SHUR SXQWXDUiQ VLHPSUH \ FXDQGR FXPSODQ OD FRQGLFLyQ GH HVWDU UHODFLRQDGDV FRQ PHGLFLQD OHJDO /RV FHUWLILFDGRV GH DVLVWHQFLD D FXUVRV VH FRQVLGHUDUiQ D SDUWLU GH OD IHFKD GH KDEHU REWHQLGR HO WtWXOR SURIHVLRQDO
5(48,6,726 0,1,026 3$5$ (/ 38(672 '( $1$/,67$ $'0,1,675$7,92 ),1$1&,(52 D ,QVWUXFFLyQ IRUPDO +DEHU DSUREDGR FXDUWR DxR X RFWDYR QLYHO GH ODV FDUUHUDV GH ,QJHQLHUtD &RPHUFLDO $GPLQLVWUDFLyQ GH (PSUHVDV )LQDQ]DV (FRQRPtD R $XGLWRUtD HQ XQD 8QLYHUVLGDG OHJDOPHQWH UHFRQRFLGD E ([SHULHQFLD SURIHVLRQDO $FUHGLWDU DxRV GH H[SHULHQFLD ODERUDO HQ iUHDV DILQHV F &DSDFLWDFLyQ $VLVWHQFLD D FXUVRV VHPLQDULRV WDOOHUHV HQ PDWHULDV DILQHV H ,QIRUPiWLFD :RUG \ ([FHO &HUWLILFDGR GH 6XILFLHQFLD HQ RWUR LGLRPD RWRUJDGR SRU XQ FHQWUR GH HVWXGLRV OHJDOPHQWH UHFRQRFLGR RSFLRQDO
5(48,6,726 0,1,026 3$5$ (/ 38(672 '( $6,67(17( $'0,1,675$7,92 $ PiV GH ORV UHTXLVLWRV OHJDOHV VHxDODGRV ORV \ ODV DVSLUDQWHV D ORV SXHVWRV GH $6,67(17( $'0,1,675$ 7,92 GHEHUiQ DFUHGLWDU OR VLJXLHQWH
5(48,6,726 0,1,026 3$5$ (/ 38(672 '( -()( '(3$57$0(17$/ '( *(67,21 '( 352&(626
D ,QVWUXFFLyQ IRUPDO +DEHU REWHQLGR HO WtWXOR GH %DFKLOOHU E ([SHULHQFLD $FUHGLWDU DxRV GH H[SHULHQFLD ODERUDO HQ ODV iUHDV $GPLQLVWUDWLYD \ GH 5HFXUVRV D ,QVWUXFFLyQ IRUPDO +DEHU REWHQLGR HO WtWXOR GH WHUFHU QLYHO HQ $GPLQLVWUDFLyQ GH (PSUHVDV ,QJHQLHUtD +XPDQRV &RPHUFLDO 6LVWHPDV R ,QJHQLHUtD HQ 3URFHVRV HQ XQD 8QLYHUVLGDG OHJDOPHQWH UHFRQRFLGD F &DSDFLWDFLyQ $VLVWHQFLD D FXUVRV VHPLQDULRV WDOOHUHV HQ PDWHULD DGPLQLVWUDWLYD FRQRFLPLHQWRV GH E ([SHULHQFLD SURIHVLRQDO $FUHGLWDU DxRV GH H[SHULHQFLD ODERUDO HQ iUHDV DILQHV LQIRUPiWLFD :RUG \ ([FHO F &DSDFLWDFLyQ 6HU $XGLWRU FHUWLILFDGR HQ 6LVWHPDV GH *HVWLyQ GH &DOLGDG EDVDGR HQ ODV QRUPDV ,62 \ &HUWLILFDGR GH 6XILFLHQFLD HQ RWUR LGLRPD RWRUJDGR SRU XQ FHQWUR GH HVWXGLRV OHJDOPHQWH UHFRQRFLGR $VLVWHQFLD D FXUVRV VHPLQDULRV WDOOHUHV HQ PDWHULD DILQHV RSFLRQDO
&HUWLILFDGR GH 6XILFLHQFLD HQ RWUR LGLRPD RWRUJDGR SRU XQ FHQWUR GH HVWXGLRV OHJDOPHQWH UHFRQRFLGR RSFLRQDO 5(48,6,726 0,1,026 3$5$ (/ 38(672 '( 6(&5(7$5,$ '( ',5(&&,21 G 'RFHQFLD (Q PDWHULDV DILQHV DO iUHD FRPR SURIHVRU WLWXODU HQ FDWHJRUtD SULQFLSDO R DJUHJDGR SURIHVRU GH SRVWJUDGR HQ FHQWURV GH HGXFDFLyQ VXSHULRU OHJDOPHQWH UHFRQRFLGRV \ HQ FDOLGDG GH FRQIHUHQFLVWD $ PiV GH ORV UHTXLVLWRV OHJDOHV VHxDODGRV ORV \ ODV DVSLUDQWHV DO SXHVWR GH 6(&5(7$5,$ '( ',5(&&,21 PRGHUDGRU R SDQHOLVWD GH HYHQWRV DFDGpPLFRV RSFLRQDO GHEHUiQ DFUHGLWDU OR VLJXLHQWH H $UWtFXORV \ REUDV SXEOLFDGDV &RPR DXWRU R FRDXWRU HQ PDWHULDV DILQHV DO iUHD /DV REUDV SXEOLFDGDV GHEHUiQ VHU GH SiJLQDV R PiV \ HVWDU UHJLVWUDGDV HQ HO ,(3, R ,6%1 \ VHU DQH[DGD D OD FDUSHWD D ,QVWUXFFLyQ IRUPDO +DEHU REWHQLGR HO WtWXOR GH WHUFHU QLYHO HQ 6HFUHWDULDGR HQ XQD GH ODV 8QLYHUVLGDGHV RSFLRQDO HFXDWRULDQDV OHJDOPHQWH UHFRQRFLGDV E ([SHULHQFLD $FUHGLWDU DxRV GH H[SHULHQFLD ODERUDO 127$6 (;3/,&$7,9$6 F &DSDFLWDFLyQ $VLVWHQFLD D FXUVRV VHPLQDULRV WDOOHUHV HQ PDWHULDV UHODFLRQDGDV &RQRFLPLHQWRV HQ 6H HQWLHQGH FRPR FDSDFLWDFLyQ R GRFHQFLD HVSHFtILFD DTXHOOD TXH YHUVH VREUH PDWHULD UHODFLRQDGD D LQIRUPiWLFD :RUG \ ([FHO JHVWLyQ SRU SURFHVRV &HUWLILFDGR GH 6XILFLHQFLD HQ RWUR LGLRPD RWRUJDGR SRU XQ FHQWUR GH HVWXGLRV OHJDOPHQWH UHFRQRFLGR /D GRFXPHQWDFLyQ TXH GHEH DFUHGLWDU VHJ~Q ORV OLWHUDOHV F G \ H QR VRQ H[LJLEOHV SHUR SXQWXDUiQ RSFLRQDO
VLHPSUH \ FXDQGR FXPSODQ OD FRQGLFLyQ GH HVWDU UHODFLRQDGDV FRQ JHVWLyQ SRU SURFHVRV /RV FHUWLILFDGRV GH DVLVWHQFLD D FXUVRV VH FRQVLGHUDUiQ D SDUWLU GH OD IHFKD GH KDEHU REWHQLGR HO WtWXOR /RV ODV DVSLUDQWHV SDUD WRGRV ORV FDUJRV GHEHUiQ SUHVHQWDU HQ RULJLQDOHV FRSLDV FHUWLILFDGDV R QRWDULDGDV SURIHVLRQDO HQ HO RUGHQ GHWHUPLQDGR DQWHULRUPHQWH \ GHELGDPHQWH IROLDGRV OR GRFXPHQWRV TXH DFUHGLWHQ ORV UHTXLVLWRV OHJDOHV \ PtQLPRV MXQWR FRQ HO )RUPXODULR 1R SXEOLFDGR HQ OD SiJLQD ZHE LQVWLWXFLRQDO GRFXPHQWRV TXH 5(48,6,726 0,1,026 3$5$ (/ 38(672 '( -()( '(3$57$0(17$/ '( ,1)5$(6758&785$ < VHUiQ HQWUHJDGRV HQ ODV RILFLQDV GH OD 'LUHFFLyQ GH 5HFXUVRV +XPDQRV GH OD )LVFDOtD *HQHUDO GHO (VWDGR 0$17(1,0,(172 (GLILFLR 3DWULD XELFDGR HQ OD FLXGDG GH 4XLWR $YHQLGD GH RFWXEUH \ $Y 3DWULD SODQWD EDMD HQ KRUDV ODERUDEOHV GH K D + \ GH K D K R HQ ODV )LVFDOtDV 3URYLQFLDOHV FX\DV GLUHFFLRQHV D ,QVWUXFFLyQ IRUPDO +DEHU REWHQLGR HO WtWXOR GH WHUFHU QLYHO HQ $UTXLWHFWXUD R ,QJHQLHUtD &LYLO HQ XQD FRQVWDQ HQ HVWD FRQYRFDWRULD 8QLYHUVLGDG OHJDOPHQWH UHFRQRFLGD E ([SHULHQFLD SURIHVLRQDO $FUHGLWDU DxRV GH H[SHULHQFLD ODERUDO HQ iUHDV DILQHV (O SOD]R SDUD OD HQWUHJD GH OD GRFXPHQWDFLyQ VHUi GH ',(= ',$6 FDOHQGDULR FRQWDGRV D SDUWLU GHO GtD F &DSDFLWDFLyQ $VLVWHQFLD D FXUVRV VHPLQDULRV WDOOHUHV HQ PDWHULD DILQHV VLJXLHQWH GH OD SXEOLFDFLyQ GH OD FRQYRFDWRULD HVWR HV KDVWD HO GtD GH PD\R GH D ODV K &HUWLILFDGR GH 6XILFLHQFLD HQ RWUR LGLRPD RWRUJDGR SRU XQ FHQWUR GH HVWXGLRV OHJDOPHQWH UHFRQRFLGR YHQFLGR HO FXDO QR VH UHFHSWDUi GRFXPHQWDFLyQ DOJXQD RSFLRQDO G 'RFHQFLD (Q PDWHULDV DILQHV DO iUHD FRPR SURIHVRU WLWXODU HQ FDWHJRUtD SULQFLSDO R DJUHJDGR SURIHVRU /RV \ ODV LQWHUHVDGRV DV HQ SDUWLFLSDU HVWDUiQ VXMHWRV D OR HVWDEOHFLGR HQ OD SUHVHQWH FRQYRFDWRULD \ HQ OD GH SRVWJUDGR HQ FHQWURV GH HGXFDFLyQ VXSHULRU OHJDOPHQWH UHFRQRFLGRV \ HQ FDOLGDG GH FRQIHUHQFLVWD QRUPDWLYD SHUWLQHQWH SDUD HO SURFHVR GH UHFOXWDPLHQWR \ VHOHFFLyQ GHO SHUVRQDO GH OD )LVFDOtD *HQHUDO GHO PRGHUDGRU R SDQHOLVWD GH HYHQWRV DFDGpPLFRV RSFLRQDO (VWDGR SXEOLFDGD HQ OD SiJLQD ZHE LQVWLWXFLRQDO ZZZ ILVFDOLD JRE HF H $UWtFXORV \ REUDV SXEOLFDGDV &RPR DXWRU R FRDXWRU HQ PDWHULDV DILQHV DO iUHD /DV REUDV SXEOLFDGDV GHEHUiQ VHU GH SiJLQDV R PiV \ HVWDU UHJLVWUDGDV HQ HO ,(3, R ,6%1 \ VHU DQH[DGD D OD FDUSHWD RSFLRQDO 'U :DVKLQJWRQ 3HViQWH] 0XxR] 127$6 (;3/,&$7,9$6 ),6&$/ *(1(5$/ '(/ (67$'2 6H HQWLHQGH FRPR FDSDFLWDFLyQ R GRFHQFLD HVSHFtILFD DTXHOOD TXH YHUVH VREUH PDWHULD UHODFLRQDGD D LQIUDHVWUXFWXUD \ PDQWHQLPLHQWR /D GRFXPHQWDFLyQ TXH GHEH DFUHGLWDU VHJ~Q ORV OLWHUDOHV F G \ H QR VRQ H[LJLEOHV SHUR SXQWXDUiQ VLHPSUH \ FXDQGR FXPSODQ OD FRQGLFLyQ GH HVWDU UHODFLRQDGDV FRQ LQIUDHVWUXFWXUD \ PDQWHQLPLHQWR /RV FHUWLILFDGRV GH DVLVWHQFLD D FXUVRV VH FRQVLGHUDUiQ D SDUWLU GH OD IHFKD GH KDEHU REWHQLGR HO WtWXOR SURIHVLRQDO
$5
ĉ
., 3#Ŋ Ŋ/. 1#9 Ŋ#Ŋ(-Ą !(¢-Ŋ
ĹŠ/1#2("#-3 ĹŠ"#ĹŠ 1 2(+ĔŊ (+, ĹŠ .422#ĂĔŊ ă1,¢Ŋ 8#1ĔŊ!.-ĹŠ,.3(5.ĹŠ"#ĹŠ+ ĹŠ!#+#Äą 1 !(¢-ĹŠĹŠĹŠ'.8ĹŠ"#+ĹŠ ~ ĹŠ -3#1- !(.- +ĹŠ"#+ĹŠ 1 ).ĔŊ04#ĹŠ#+ĹŠ!., 3#ĹŠ ĹŠ+ ĹŠ/. 1#9 ĹŠ 8ĹŠ+ ĹŠ(-Ä„ !(¢-ĹŠ2.-ĹŠÄĄ/.+~3(! 2ĹŠ/#1, -#-3#2ĢŊ"#ĹŠ24ĹŠ . (#1-.ēŊ
Ĺ? Ä€Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. ÄŒĹ?
2/ Â Ä–ĹŠ,;2ĹŠ"#2#,/+#.
)-Ĺ‹-#( # .)-Ĺ‹' 3),#. ,#)-Ĺ‹ -* ˜)& -Ĺ‹ & , ,6(Ĺ‹ -. Ĺ‹ )'#(Äš !)Ĺ‹'6-Ĺ‹ ŋĂúŋ .)-Ĺ‹3Ĺ‹' (# -. #)( -Ĺ‹ (Ĺ‹.) Ĺ‹ -* ˜ Ĺ‹ )(Ĺ‹').#Äš 0)Ĺ‹ &Ĺ‹ ,#' ,)Ĺ‹ Ĺ‹ 3)Ä…Ĺ‹ v Ĺ‹ (. ,( #)( &Ĺ‹ &Ĺ‹ , $)Ä…Ĺ‹ )(Ĺ‹& Ĺ‹ &)- Ĺ‹ Ĺ‹ -#Ĺ‹ #( )Ĺ‹'#&&)( -Ĺ‹ Ĺ‹ - '*& )-Ä…Ĺ‹- !Ă„(Ĺ‹& ŋÄ&.#' Ĺ‹ ( / -. Ĺ‹ Ĺ‹ ) & #š(Ĺ‹ .#0 ŋĢ ģĄŋŋ
,6 .# -ŋ 0v )& -ŋ ' $), (ŋ *,) / #š(ŋ
-ĹŠ/1.%1 , ĹŠ(-!#-3(5 ĹŠ+ ĹŠ!1( -9 ĹŠ!.1Äą 1#!3 ĹŠ"#ĹŠ 5#2ĹŠ/ 1 ĹŠ% 1 -3(9 1ĹŠ/1."4!3.2ĹŠ 2 -.2ĹŠ8ĹŠ+(,/(.2ĹŠ/ 1 ĹŠ#+ĹŠ!.-24,.ēŊ 7bh[Z[Zeh Z[ *+& Yh_WZeh[i Z[ fe# )#3(5. bbei Z[b fW‡i c[`ehWhed ik fheZkY# @eiƒ Eh[bbWdW" fh[i_Z[dj[ Z[ bW Y_ÂŒd W jhWlƒi Z[b fhe]hWcW 8k[dWi 9ehfehWY_ÂŒd DWY_edWb Z[ 7l_Ykb# Fh|Yj_YWi 7l‡YebWi$ BW _d_Y_Wj_lW" jeh[i Z[b ;YkWZeh 9edWl[ " [dj_# gk[ YWfWY_jW Z[ cWd[hW ]hWjk_jW ZWZ gk[ WZc_d_ijhW [b fhe]hWcW W fheZkYjeh[i" _d_Y_Wh| ik [d YeehZ_dWY_ÂŒd Yed [b ?97" j[hY[hW \Wi[ bW fhÂŒn_cW i[# [nfb_YÂŒ gk[ [b eX`[j_le Z[b cWdW$ I[ [if[hW YWfWY_jWh W fhe]hWcW [i Æ_cfkbiWh bW ĹŠ fheZkYY_ÂŒd iWdW Z[ febbei +&& Wl_Ykbjeh[i c|i$ "41 ĹŠ#+ĹŠ o ^k[lei Ç W jhWlƒi Z[ bW Æ[d# ;b fhe]hWcW [i Ă’dWd# /1.%1 , ĹŠ#-ĹŠ Y_WZe feh [b I[hl_Y_e Z[ ! " ĹŠ/1.5(-!( Ä“ i[‹WdpW Z[ fheY[Z_c_[djei gk[ i[ Z[X[d i[]k_h fWhW IWd_ZWZ 7]hef[YkWh_W Z[ gk[ bW WYj_l_ZWZ i[W bb[lWZW ;;$KK$ JWcX_ƒd Yk[djW Yed h[Ykhiei Z[ j[hY[hei" f[he Z[ Xk[dW cWd[hWÇ$ Feh [`[cfbe i[ YWfWY_jW W bei [d c[deh[i YWdj_ZWZ[i$ Feh [`[cfbe" fWhW bW j[hY[hW \Wi[ i[ Wl_Ykbjeh[i [d X_ei[]kh_ZWZ b_c# Yk[djW Yed -& c_b ZÂŒbWh[i" Z[ f_[pW Z[ ]hWd`Wi" cWd[`e Z[ i_i# bei YkWb[i ,& c_b fhel_[d[d Z[ bW j[cWi Z[ W]kW" Yedjheb Z[ fbW]Wi" ZedWY_ÂŒd [njhWd`[hW o bei '& c_b [jY " lWYkdWY_ÂŒd j_fei Z[ [d\[hc[# ZÂŒbWh[i h[ijWdj[i Z[b =eX_[hde ZWZ[i" cWd[`e Z[ lWYkdWi" Zei_i" Fhel_dY_Wb IWdje :ec_d]e Z[ bei [jY " fh[fWhWY_ÂŒd o [gk_fWc_[dje JiWY^_bWi$ Z[ f[hiedWb ^_]_[d[" fhej[YY_ÂŒd"
ÄŽ
¥ ēŊ +Ŋ/1.!#2.Ŋ! / !(3 ĔŊ#-31#Ŋ.31 2Ŋ!.2 2ĔŊ#-Ŋ+ Ŋ 4#- Ŋ+(,/(#9 Ŋ"#Ŋ+ 2Ŋ%1 -) 2ēŊ
[jY $ BW _Z[W [i gk[ i[ Wfb_gk[d ]WXW [djh[ bei - o . [d YWZW (+& c_b ZÂŒbWh[i$ BW i[]kdZW \Wi[" [d YWcX_e" Xk[dWi fh|Yj_YWi [d jeZei bei YWcWZW Z[ fheZkYY_ÂŒd f[he fheY[iei$ XW`ÂŒ W Wbh[Z[Zeh Z[ ) o * Ç" WXWhYÂŒ pedWi Z[ YkWjhe fhe# l_dY_Wi c|i =kWoWi" CWdWX‡" _dZ_YÂŒ Hec[he$ I[]‘d ;if‡d" [d ][d[hWb bW ?XWhhW o 9ejefWn_ $ O i[ _dl_h#
2ĹŠ5#-3 ) 2 BW Wfb_YWY_ÂŒd Z[ [ij[ j_fe Z[ cehjWb_ZWZ Z_ic_dkoÂŒ [d kd j_ÂŒ Wbh[Z[Zeh Z[ -& c_b ZÂŒbWh[i$ fh|Yj_YWi h[ZkY[d bW cehjWb_# + [d bWi ]hWd`Wi Z[ jeZei bei ;d ƒijW [jWfW i[ _cfb[c[djÂŒ kd ZWZ" c[`ehWd bei f[iei Z[ bWi Wl_Ykbjeh[i YWfWY_jWZei [d bWi dk[le [b[c[dje" kd YWfWY_jWZeh Wl[i" fheZkY[d febbei o ^k[lei Zei \Wi[i gk[ ^WijW W^ehW i[ i[ gk[ZW [d YWcfe ^WY_[dZe i[]k_c_[dje Z[ bW _cfb[c[djW# c|i iWdei" [djh[ ejhei X[d[Ă’# ^Wd Z[iWhhebbWZe$ Y_ÂŒd Z[ jeZei bei YedeY_c_[djei Y_ei$ Feh [`[cfbe" bei febbei Z[ bW ]hWd`W Wl‡YebW Z[ Zed L‡Yjeh 2#2 [djh[]WZei$ >k]e Hec[he ;b Ehe f[iWXWd 7b fh_dY_f_e" [b fhe]hWcW iÂŒbe BW j[hY[hW jWcX_ƒd Yedj[c# [djh[ +"+ b_XhWi bX$ W ,"+ bX Wdj[i i[ XWiÂŒ [d bWi YWfWY_jWY_ed[i W fbWh| YWfWY_jWY_ed[i o bW Wi[# Z[ bW Wfb_YWY_ÂŒd Z[b fhe]hWcW [d Wl_Ykbjeh[i Z[ Z_\[h[dj[i pedWi ieh‡W [d YWcfe ZkhWdj[ i_[j[ (&&. $ 7^ehW f[iWd [djh[ -"+ bX$ Z[ YkWjhe fhel_dY_Wi =Wb|fW# i[cWdWi$ W - bX$ ;i[ f[ie WbYWdpWd [d bWi ]ei" ;b Ehe" IWdje :ec_d]e" BWi pedWi [d gk[ i[ Wfb_YWh| i_[j[ i[cWdWi Z[b Y_Ybe Z[ Yh_WdpW Gk[l[Ze" F_Y^_dY^W $ [ijW l[p ied0 F_Y^_dY^W Dehe# Z[b febbe$ :_WdW ;if‡d" YeehZ_dWZehW YY_Z[dj[ o Deheh_[dj[ " 9W‹Wh" JWcX_ƒd i[ h[Zk`e bW cehjW# Z[b fhe]hWcW Z[b ?97" _dZ_YÂŒ 7pkWo" Be`W o Wb]kdei i[Yjeh[i b_ZWZ$ Æ7dj[i bW cehjWb_ZWZ bb[# gk[ i[ _dl_hj_[hed Wbh[Z[Zeh Z[ Z[b Eh_[dj[$
&ŋ'/( )ŋ &&), ŋ& ŋ'/ ,. ŋ ŋ 6 .) Ŋ ĔŊ ŊěŊ;b [iYh_jeh ;h#
d[ije I|XWje" Fh[c_e 9[hlWdj[i" ‘bj_ce c_je l_l_[dj[ Z[ bW b_j[hW# jkhW" o kde Z[ bei ]hWdZ[i Wkje# h[i Wh][dj_dei Z[b i_]be NN" gk[ gk[h‡W i[h h[YehZWZe Yece Ækd YWiYWhhWX_Wi f[he Xk[d j_feÇ" ckh_ÂŒ Wo[h W bei // W‹ei [d ik YWiW Z[ IWdjei Bk]Wh[i" fhel_d# Y_W Z[ 8k[dei 7_h[i$ ;b Wkjeh Z[ eXhWi \kdZWc[djW# b[i Z[ bW b_j[hWjkhW Wh][dj_dW Yece Ăˆ;b j‘d[bÉ" ĂˆIeXh[ ^ƒhe[i o jkcXWiÉ o Ăˆ7XXWZÂŒd" [b [nj[hc_dWZehÉ ck# h_ÂŒ W Yedi[Yk[dY_W Z[ kdW Xhed# gk_j_i" fh[Y_iÂŒ ik YecfW‹[hW Z[ )& W‹ei o YebWXehWZehW f[hiedWb" ;bl_hW =edp|b[p <hW]W$
ēŊ 2/#!3.ĹŠ#73#1(.1ĹŠ"#ĹŠ+ ĹŠ1#2("#-!( ĹŠ"#ĹŠ " ÄƒĹŠ 3 ! " ĹŠ 8#1ēĔŊ
. (Ĺ‹ Ĺ‹/(Ĺ‹ "#$)Ĺ‹ Ĺ‹ ð +ĹŠ+~"#1ĹŠ+( (.ĹŠ2#ĹŠ#-!.-31 ĹŠ#-ĹŠ+ ĹŠ,(2, ĹŠ ! 2 ĹŠ ., 1"# " ĹŠ/.1ĹŠ+ 2ĹŠ$4#19 2ĹŠ"#ĹŠ + ĹŠ ĔŊ/#1.ĹŠ#2! /¢Ŋ(+#2.Ä“ ÆI[ jhWjW Z[ kd _dj[dje Z_h[Y# je Z[ Wi[i_dWh Wb b‡Z[h Z[b fW‡iÇ" ieijkle$ IW_\ Wb 7hWX" Z[ (/ W‹ei" [hW [b i[nje ^_`e Z[ =WZWĂ’ o [b c[dei YedeY_Ze Z[ jeZei [bbei$ 9khiÂŒ [ijkZ_ei [d 7b[cWd_W o de ^WX‡W [\[YjkWZe d_d]kdW WfWh_Y_ÂŒd f‘# Xb_YW Z[iZ[ [b _d_Y_e Z[b YedĂ“_Yje [b fWiWZe ', Z[ \[Xh[he$ ;d Jh‡feb_ i[ [iYkY^Whed WdeY^[ \k[hj[i [nfbei_ed[i o bW j[b[l_i_ÂŒd [ijWjWb Wi[]khÂŒ gk[ bW EJ7D [ijWXW XecXWhZ[WdZe lWh_Wi pedWi Z[ bW Y_kZWZ$ ;b YWdWb eĂ’Y_Wb ceijhÂŒ" _]kWb# c[dj[" kdWi _c|][d[i" gk[ Wi[# ]khÂŒ [hWd Z[ bW YWiW Z[b ^_`e Z[
} ĔŊ Ĺ ŊěŊ IW_\ Wb 7hWX" [b
^_`e f[gk[‹e Z[ CkWcWh Wb =W# ZWĂ’" Wi‡ Yece jh[i Z[ bei d_[jei Z[b b‡Z[h b_X_e ckh_[hed Wo[h W YWkiW Z[ kd XecXWhZ[e Z[ bW EJ7D" Wi[]khÂŒ WdeY^[ [b feh# jWlep Z[b =eX_[hde b_X_e" CkiW ?XhW^_c$ ;d kdW Yed\[h[dY_W Z[ fh[d# iW [d Jh‡feb_ Z_\kdZ_ZW feh bW j[b[l_i_ÂŒd [ijWjWb" ?XhW^_c WĂ’h# cÂŒ gk[ =WZWĂ’ i[ [dYedjhWXW [d bW YWiW XecXWhZ[WZW Z[ IW_\ Wb 7hWX" f[he h[ikbjÂŒ _b[ie$ ?XhW^_c Wi[]khÂŒ gk[ jWdje =WZWĂ’ Yece ik [ifeiW h[ikbjW# hed _b[iei" f[he _dZ_YÂŒ gk[ ejhWi f[hiedWi ik\h_[hed ^[h_ZWi$
2!1(3.1ĹŠ -3#ĹŠ3.".
ÄĽ .ĹŠ,# (1_ĹŠ) ,;2ÄŚ ĹŠĹŠ +ĹŠ!.1.-#+ĹŠ+( (.ĹŠ 4 , 1ĹŠ +ĹŠ Ĺ— " ÄƒĹŠ1#/(3(¢Ŋ 8#1ĹŠ04#ĹŠ-.ĹŠ1#-4-Äą
Fh[c_e 9[hlWdj[i Z[ B_j[hWjkhW [d '/.*" I|XWje _XW W i[h ^ec[# dW`[WZe [b Zec_d]e [d bW <[h_W Z[b B_Xhe feh [b ?dij_jkje 9kbjkhWb Z[ bW fhel_dY_W Z[ 8k[dei 7_h[i" W feYe Z[ Ykcfb_h '&& W‹ei$
Ĺ? Ä€Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. ÄŒĹ?
ÄŠ
ÆOe [iYh_Xe" fehgk[ i_ de c[ ^kX_[hW ck[hje" fWhW XkiYWh [b i[dj_c_[dje Z[ bW [n_ij[dY_WÇ" Z_`e I|XWje kdW l[p [d kdW [d# jh[l_ijW$ .!4,#-3.
;d '/.* [dYWX[pÂŒ W kd i[b[Yje Yed`kdje Z[ f[hiedWb_ZWZ[i [d bW 9ec_i_ÂŒd DWY_edWb feh bW :[i# WfWh_Y_ÂŒd Z[ F[hiedWi 9edWZ[f gk[ fkXb_YÂŒ [b \Wceie ĂˆDkdYW c|iÉ" Yed h[bWjei o j[ij_ced_ei Z[ bWi l‡Yj_cWi o ieXh[l_l_[dj[i Z[ bW Z_YjWZkhW '/-,#'/.) $ ÆDk[ijhe fk[Xbe iÂŒbe ^W Ye# deY_Ze ^ehheh[i i[c[`Wdj[i W jhWlƒi Z[ YhÂŒd_YWi Z[ ejhWi bWj_# jkZ[iÇ" WZl_hj_ÂŒ [b W^ehW \Wbb[# Y_Ze [iYh_jeh ;hd[ije I|XWje [d [i[ j[ij_ced_e _dl[ij_]Wj_le$ Æ>[cei l_l_Ze kd Z[iY[die W bei _dĂ’[hdeiÇ" Z_`e I|XWje" gk_[d [dYWX[pÂŒ bW Yec_i_ÂŒd Z[ dejW# Xb[i W _dijWdY_Wi Z[ 7b\edi‡d" Wb fh[i[djWh [b _d\ehc[$
!( 1;Ŋ +Ŋ/."#1Ŋ#Ŋ(-5(3¢Ŋ Ŋ 23 ".2Ŋ -(".2Ŋ8Ŋ 1 -!( Ŋ Ŋ-#%.!( 1Ŋ !.-Ŋ_+Ŋ4- Ŋ2 +(" Ŋ"#Ŋ!1(2(2ĔŊ4- Ŋ /1./4#23 Ŋ04#Ŋ1;/(" ,#-3#Ŋ$4#Ŋ 1#!' 9 " Ŋ/.1Ŋ+ Ŋ1# #+(¢-Ŋ8Ŋ/.1Ŋ + Ŋ ē
ĹŠ +( -9 ĹŠ 3+;-3(! ĔŊ04#ĹŠ #$#!3ĂŒ ĹŠ ., 1"#.2ĹŠ _1#.2ĹŠ#-ĹŠ #+ĹŠ/ ~2ĔŊĥ"# #ĹŠ -".- 1ĹŠ3." ĹŠ #2/#1 -9 ĹŠ"#ĹŠ4- ĹŠ/ 13(" ĹŠ"#ĹŠ 4 , 1ĹŠ +ĹŠ " ÄƒÄ“ĹŠ .ĹŠ3#-%.ĹŠ $4-!(¢-ĹŠ.ă!( +ĹŠ/ 1 ĹŠ1#-4-!( 1ĹŠ ĹŠ #++ ĹŠ8ĹŠ!., 3(1_ĹŠ' 23 ĹŠ+ ĹŠ,4#1Äą 3#ĢĔŊ"#!+ 1¢Ŋ " ăē
=WZWĂ’ jhWi [b XecXWhZ[e" gk[ ceijhWXWd ]hWdZ[i Xegk[j[i [d bWi fWh[Z[i o [b j[`WZe Z[ bW l_l_[dZW$ C_[djhWi" BWi jhefWi Z[ =WZWĂ’ [ij|d _dj[djWdZe WlWd# pWh fei_Y_ed[i [d [b j[hh_jeh_e XW`e Yedjheb Z[ bei h[X[bZ[i [d [b [ij[ Z[ B_X_W" WjWYWdZe Z[iZ[ [b Z[i_[hje Wb ikh Z[b fW‡i" _dZ_YÂŒ OWbWb 7b =WbWb" kde Z[ bei fehjWleY[i Z[ bei _dikh][dj[i [d 8[d]Wi_$
ēŊ +ĹŠ#2!1(3.1ĹŠ"41 -3#ĹŠ4-ĹŠ'.,#- )#ĹŠ#-ĹŠÄˆÄ’Ä’ÄŒÄ“ĹŠ
6W \M XQMZLI[ V]M[\ZW M[XMKQIT
!& ! ' !
" ! #
! ! ! ! ! $
"
!
% ! (
$ # $ !
# ! ( ! !
Ä Ä€
} ēŊ (+#8Ŋ#-Ĺ !#-"(¢Ŋ Ŋ+.2Ŋ/1#2#-3#2Ŋ !.-Ŋ+ Ŋ,.5(" Ŋ! -!(¢-Ŋ ļ ( #138Ŋ6 +*ČēŊ
0%!),+ (! 01. Ä Ä†Ĺ?)%*Ä‹
Ĺ?Ä€Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ?Ĺ?
ĹŠ ĹŠ
ēŊ .5#-!(3 2Ŋ ".+#2!#-3#2Ŋ8Ŋ/1# ".+#2!#-3#2Ŋ$4#1.-Ŋ+ 2Ŋ04#Ŋ,;2Ŋ .5 !(.- 1.-Ŋ Ŋ+ Ŋ 13(23 ēŊ
-Ŋ1#/ 2.Ŋ,48Ŋ %1 " +# ŊŊ Ŋ! +(" "Ŋ5.! +Ŋ"#Ŋ (+#8Ŋ 8142Ŋ#2Ŋ(-"(2!43( +#Ŋ8Ŋ24Ŋ1#/ 2.Ŋ"#Ŋ +%4-.2Ŋ!+;2(!.2Ŋ ŗ"#Ŋ1.!*Ŋ#23 ".4-("#-2#Ŋ++ , 1.-Ŋ,4!'.Ŋ+ Ŋ 3#-!(¢-ēŊ 1(,#1.Ŋ$4#Ŋ!.-Ŋ! -!(.-#2Ŋ
"#ĹŠ+ ĹŠ(!¢-(! ĹŠ1.04#1 ĹŠ . -ĹŠ #3ĹŠ!.,.ĹŠÄĽ ĹŠ+.5#ĹŠ1.!*ĹŠÄĽ-ĹŠ1.++ÄŚĹŠ8ĹŠÄĽ "ĹŠ1#/43 3(.-ČēŊ 31.ĹŠ3#, ĹŠ +ĹŠ04#ĹŠ (+#8ĹŠ"(.ĹŠ$1#2!41 ĹŠ8ĹŠ! +(" "ĹŠ$4#ĹŠÄĽ 5#18ĹŠ1.2#ĹŠ' 2ĹŠ(32ĹŠ3'.1-ČĔŊ 4-ĹŠ!+;2(!.ĹŠ"#ĹŠ+ ĹŠ -" ĹŠ"#ĹŠ%+ ,ĹŠ,#3 +ĹŠ .(2.-ĔŊ04#ĹŠ#-ĹŠÄˆÄ’Ä‘Ä’ĹŠ5(.ĹŠ+ ĹŠ+49ĹŠ#-ĹŠ+ ĹŠ5.9ĹŠ"#ĹŠ 1#3ĹŠ (!' #+2ĔŊ04(#-ĹŠ/.1ĹŠ!(#13.ĔŊ!.,/ 13(¢Ŋ#23 ĹŠ + " ĹŠ#-ĹŠ4-ĹŠ2'.6ĹŠ"#ĹŠ+ ĹŠ 13(23 ĹŠ#-ĹŠ )4-(.ĹŠ/ 2 ".ĹŠ#-ĹŠ 23 ".2ĹŠ -(".2Ä“ #1.ĹŠ+ 2ĹŠ!.2 2ĹŠ2#ĹŠ#-!#-"(#1.-ĹŠ,;2ĹŠ!4 -".ĹŠ (+#8ĹŠ2#ĹŠ/42.ĹŠÄĽ%14-%#1 ÄŚĹŠ#ĹŠ(-3#1Äą /1#3¢Ŋ, %(231 +,#-3#ĹŠÄĽ ,#++ĹŠ+(*#ĹŠ3##-ĹŠ2/(1(32ČĔŊ! -!(¢-ĹŠ04#ĹŠ"(.ĹŠ%1 -ĹŠ-.3.1(#" "ĹŠ ĹŠ (15 - ĹŠ ĹŠ(-(!(.2ĹŠ"#ĹŠ+.2ŊĒćŊ8ĹŠ04#ĹŠ2(ĹŠ'4 (#1 ĹŠ#2!4!' ".ĹŠ#+ĹŠ$ ++#!(".ĹŠ 413ĹŠ . (-ĔŊ -.2ĹŠ 31#5#,.2ĹŠ ĹŠ"#!(1ĹŠ04#ĹŠ2#ĹŠ'4 (#1 ĹŠ,.231 ".ĹŠ$#+(9ēŊ .1ĹŠĂŒ+3(,.ĹŠ8ĹŠ!.-ĹŠ4-ĹŠ/ 1_-3#2(2ĹŠ / 13#ĔŊ (+#8ĹŠ#,4+¢Ŋ,48ĹŠ (#-ĹŠ ĹŠ 3#5(#ĹŠ (!*2ĔŊ+ ĹŠ #75.! +(23 ĹŠ"#ĹŠ+ ĹŠ -" ĹŠ +##36..!ĹŠ !ĔŊ!4 -".ĹŠ(-3#1/1#3¢Ŋ+ ĹŠ! -!(¢-ĹŠÄĽ -"2+("#ČĔŊ /4#2ĹŠ+ ĹŠ).5#-ĹŠ"#ĹŠÄˆÄ‘ĹŠ  .2ĹŠ! -3¢Ŋ#-ĹŠ5#12(¢-ĹŠ !ĂŒ23(! ĹŠ#23#ĹŠ3#, ĹŠ3 +ĹŠ8ĹŠ!.,.ĹŠ+.ĹŠ'(9.ĹŠ (!*2ĹŠ#-ĹŠ#+ŊĉĊŊ"#ĹŠ, 8.ĹŠ"#ĹŠÄˆÄ’Ä’Ä?ĔŊ!4 -".ĹŠ+ ĹŠ"#2 / 1#!(" ĹŠ %14/ !(¢-ĹŠ%1 ¢Ŋ4-ĹŠ !.-!(#13.ĹŠ#-ĹŠ5(5.ĹŠ#-ĹŠ 41 -*ĔŊ +($.1-( Ŋĸ Ä“ ēĚē (+#8ĹŠ2#ĹŠ/ 1#!(¢Ŋ,4!'.ĹŠ ĹŠ (!*2ĹŠ#ĹŠ(-!+42.ĹŠ#23 ĹŠ5#9ĹŠ24ĹŠ%4(3 11(23 ĹŠ3 , (_-ĹŠ #,4+¢Ŋ ĹŠ (-"2#8ĹŠ 4!*(-%' ,ĹŠ#-ĹŠ+ 2ĹŠ!4#1" 2ēŊ
4#231 24Ŋ!.1 9¢-Ŋ
Ŋ! -3 -3#Ŋ#23 ".4-("#-2#Ŋ 1(¢ #-Ŋ !4 ".1Ŋ24Ŋ%(1 Ŋ+ 3(-. ,#1(! - Ŋ ļ .1 9¢-Ŋ%(3 -.ČēŊ
ĹŠ ĹŠÄ› BW [nY^_YW :_id[o i[ bkY_ÂŒ [d Gk_je bW deY^[ Z[b l_[h# d[i" [d kd i^em [if[YjWYkbWh [d [b ;ijWZ_e Eb‡cf_Ye 7jW^kWbfW Wb gk[" bWc[djWXb[c[dj[" iebe l_[hed kdWi '+$&&& f[hiedWi" [d ik cWoeh‡W WZeb[iY[dj[i [d Yec# fW‹‡W Z[ iki fWZh[i" [d kd W\ehe gk[ [ijWXW Z_ifk[ije W WYe][h W YWi_ [b ZeXb[ Z[ f‘Xb_Ye$ C_b[o 9ohki" gk_[d WXh_ÂŒ [d [b 9[djhe Z[b CkdZe ik ]_hW cki_YWb bWj_deWc[h_YWdW Ăˆ=of# io ^[WhjÉ Ăˆ9ehWpÂŒd ]_jWdeÉ " Z_e kd h[Y_jWb YWh]WZe Z[ [d[h]‡W" Yeh[e]hW\‡Wi" Xk[dW c‘i_YW" [n# Y[b[dj[ fheZkYY_ÂŒd gk[ i[ fkZe Wfh[Y_Wh [d bWi fWdjWbbWi ]_]Wd# j[i o kd ^ec[dW`[ W ]hWdZ[i Z[b heYa [ijWZekd_Z[di[$
+ĹŠ#2/#!3;!4+.
ēŊ 23 ĹŠ!' 04#3 ĹŠ"#ĹŠ (+#8ĹŠ$4#ĹŠÄĽ 11 -!' " ÄŚĹŠ/.1ĹŠ +%4(#-ĹŠ"#+ĹŠ/ĂŒ +(!.ĔŊ !4 -".ĹŠ+ ĹŠ 13(23 ĹŠ2#ĹŠ+ ĹŠ2 !¢Ŋ8ĹŠ+ ĹŠ/ 2#¢Ŋ/.1ĹŠ+ ĹŠ3 1(, ēŊ
7hhWdYÂŒ W bWi (&0)& Yed bW fh[# i[djWY_ÂŒd Z[b YWdjWdj[ [YkWje# h_Wde 8hWdZWe" gk_[d YWdjÂŒ YkW# jhe j[cWi" [djh[ [bbei Ăˆ;i WcehÉ" ik c|i h[Y_[dj[ i[dY_bbe$ 7 bWi ('0'+ WfWh[Y_ÂŒ C_b[o 9ohki" gk_[d Yed kd Wjk[dZe i[dikWb" gk[ bW Wb[`W Z[ ik j_[hde f[hiedW`[ [d bW i[h_[ Z[ :_id[o Ăˆ>WddW^ CedjWdWÉ" [dY[dZ_ÂŒ W
Fe_ied" D_hlWdW o <b[[jmeeZ CWY l[h h[YkWZhe $ BW Whj_ijW" gk_[d i[ YWcX_ÂŒ [d i[_i eYWi_ed[i Z[ l[ijkWh_e jeZei cko i[dikWb[i " jWcX_ƒd bbehÂŒ Z[ifkƒi Z[ YWdjWh [b Yb|i_# bei fh[i[dj[i Yed bW YWdY_ÂŒd ĂˆB_# Ye Ăˆ;l[ho hei[ ^Wi _ji j^ehdÉ o i[ X[hjo mWbaÉ" fWhW Z[ W^‡ YWdjWh WXhWpÂŒ [ceY_edWZW W kdW XW_# j[cWi Z[ ik Z_iYe Ăˆ9WdÉj X[ jW# bWh_dW [d [b i_]k_[dj[ j[cW fWhW Z[ifkƒi [nfb_YWh0 Æ[ijeo bbehWd# c[ZÉ" bWdpWZe [d `kd_e Z[ (&'&$ 9ehj[i Yece ĂˆJ^[ Yb_cXÉ [b Ze fehgk[ [ijeo jWd \[b_p Z[ [ijWh c|i Yeh[WZe" ieXh[ jeZe feh bWi Yed kij[Z[i [ijW deY^[Ç$ Y^_YWi " ĂˆJWa[ c[ Wbed]É" Ăˆ9WdÉj ;b YedY_[hje ZkhÂŒ .& c_dkjei X[ jWc[ZÉ gk[ ZW j‡jkbe o ]hWd YWdj_ZWZ Z[ `el[d# Wb |bXkc " ĂˆM^e emdi co ĹŠ Y_jei iWb_[hed Yedj[djei ^[WhjÉ" [djh[ ejhei" YWkj_# Yed [b [if[Yj|Ykbe gk[ lWhed W bei fh[i[dj[i$ Xh_dZÂŒ C_b[o 9ohki$ Ejhei j[cWi gk[ ^_# ĹŠ%(1 ĹŠ/1.,.Äą !(.- +ĹŠÄĽ .1 9¢-ĹŠ Y_[hed iWbjWh W bei Y^_Yei %(3 -.ÄŚĹŠ(-!+4(1;ĹŠ ,/1#2(.-#2 \k[hed0 ĂˆIYWh[É" ĂˆJ^_d]iÉ" / 1 " 2ĹŠ/.1ĹŠ 7b i^em Wi_ij_[hed" ieXh[
(, ĔŊ 1 ! 2ĔŊ ĂˆA_Ya_d] WdZ iYh[Wc_d]É" .%.3;ĔŊ (4" "ĹŠ jeZe" `el[dY_jWi [djh[ / "#ĹŠ _7(!.ĹŠ8ĹŠ ĂˆFWhjo _d j^[ KI7É" Ăˆ- "(5#12 2ĹŠ!(4" Äą o ', W‹ei" gk_[d[i [d ik j^_d]iÉ" Ăˆ<bo ed j^[ mWbbÉ o "#2ĹŠ"#ĹŠ 4231 +( Ä“ cWoeh‡W i[ ^_Y_[hed i[# ĂˆJme ceh[ bed[bo f[efb[É$ ]k_ZehWi Z[ C_b[o 9ohki ;b bWZe hec|dj_Ye de feZ‡W YkWdZe [ijW [hW fhejW]ed_ijW Z[ \WbjWh o bW Whj_ijW Z[ '. W‹ei" Yed Ăˆ>WddW^ CedjWdWÉ$ kdW YWb_ZWZ leYWb [dl_Z_WXb[" ;ij[\Wd‡W LWbb[`e" Z[ )+ W‹ei" _dj[hfh[jÂŒ XWbWZWi Yece Ăˆ<eh# o ik ^_`W D_Yeb '' " W bW iWb_ZW Z[b ]_l[d[ii WdZ bel[É" gk[ W]hWZÂŒ" i^em i[ ceijhWhed Yedj[djWi _dYbkie" W bei de jWd `ÂŒl[d[i gk[ Yed [b h[Y_jWb$ ÆIeo \Wd Z[ C_b[o Wi_ij_[hed eXb_]WZei W WYecfW# Z[iZ[ i_[cfh[$ 9Wdje iki YWd# ‹Wh W iki h[je‹ei$ Y_ed[i o bW gk[ c|i c[ ]kijW [i I_d [cXWh]e" gk_[d[i de ied Ăˆ9b_cXÉ" Z_`e bW d_‹W" gk_[d WZ[# \Wd|j_Yei Z[ C_b[o 9ohki" ieXh[ c|i i[ ceijhÂŒ [ceY_edWZW Wdj[ jeZe fWZh[i" i[ l_[hed [dYWdjW# [b hkceh Z[ gk[ [d `kb_e fhÂŒn_# Zei Yed kd h[fWie cki_YWb j_fe ce ZWh‡W kd YedY_[hje [d Gk_je ^ec[dW`[ W ]hWdZ[i Z[b heYa [b ‡Zebe fef Z[b cec[dje0 @kij_d [ijWZekd_Z[di[" Yece @eWd @[j" 8_[X[h$
Ĺ? Ä€Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. ÄŒĹ?
Ä Ä
ĹŠ ĹŠ
1;ĹŠ2'.62 #-ĹŠ 1 2(+ĹŠ
ĹŠ ĹŠ
.2/.-#-ĹŠ+4- ĹŠ"#ĹŠ,(#+ĹŠ
Ŋě Bei fh‡dY_f[i Z[ ?d]bWj[hhW ^Wd Z[Y_Z_Ze de fWhj_h
} ĹŠ ĹŠ ŊěŊ +ĹŠ! -3 43.1ĹŠ 1(3;-(!.ĹŠ.$1#!#1;ĹŠ31#2ĹŠ!.-!(#13.2ĹŠ #-ĹŠ 1 2(+ĹŠ#23#ĹŠ.!34 1#Ä”ĹŠÄˆÄ‡ĹŠ  .2ĹŠ "#2/4_2ĹŠ"#ĹŠ24ĹŠĂŒ+3(, ĹŠ5(2(3 ĹŠ +ĹŠ / ~2ĔŊ(-$.1,¢Ŋ#+ĹŠ/.13 +ĹŠ"#+ĹŠ+#%#-Äą " 1(.ĹŠ%4(3 11(23 ēŊ -ĹŠ#+ĹŠ, 1!.ĹŠ"#ĹŠ 24ĹŠ-4#5 ĹŠ%(1 ĹŠ241 ,#1(! - ĔŊ04#ĹŠ 3 , (_-ĹŠ+#ĹŠ++#5 1;ĹŠ ĹŠ 1%#-3(- ĹŠ 8ĹŠ '(+#ĔŊ + /3.-ĹŠ !34 1;ĹŠ#+ĹŠÄ?ĹŠ"#ĹŠ .!34 1#ĹŠ#-ĹŠ .13.ĹŠ +#%1#ĔŊ#-ĹŠ#+ĹŠ241ĹŠ "#ĹŠ 1 2(+ĔŊ31#2ĹŠ"~ 2ĹŠ"#2/4_2ĹŠ#-ĹŠ ~.ĹŠ"#ĹŠ -#(1.ĹŠ8ĹŠ#+ĹŠ"~ ĹŠÄˆÄ‰ĹŠ#-ĹŠ .ĹŠ 4+.ēŊ ĹŠ
fWhW ik bkdW Z[ c_[b Z[ _dc[Z_Wje" o bei h[Y_ƒd YWiWZei i[ gk[ZWh|d [d =hWd 8h[jW‹W [ij[ Ă’d Z[ i[cWdW" Z_`[hed \kdY_edWh_ei Z[ fWbWY_e Wo[h$ =k_bb[hce" gk_[d i[ YWiÂŒ Yed 9WjWb_dW [b l_[hd[i [d kdW efkb[djW Y[h[ced_W [d bW 7XWZ‡W Z[ M[ijc_dij[h" fbWd[W h[]h[iWh Wb i[hl_Y_e c_b_jWh WYj_le Yece f_beje Z[ kd ^[b_YÂŒfj[he Z[ h[iYWj[ Z[ bW H[Wb <k[hpW 7ƒh[W [d =Wb[i [b cWhj[i" gk[ _dYbko[ [b \[h_WZe Z[b bkd[i" Z_`[hed bei \kdY_edWh_ei$ ĹŠ
ĹŠ
2/#1 ĹŠ24ĹŠ /1(,#1ĹŠ'().ĹŠ
Ŋ !31(9Ŋ"#Ŋ+ Ŋ#7(3.2 Ŋ2#1(#Ŋļ "Ŋ #-ČŊ -4-!(¢Ŋ24Ŋ#, 1 9.Ŋ Ŋ31 5_2Ŋ "#Ŋ24Ŋ/4 +(!(23 Ŋ Ŋ #./+#ēŊ
Ŋ: ĔŊ Ŋě Æ@WdkWho @ed[i
Æ9h[e gk[ lW W i[h kdW ]hWd [ij| Yedj[djW Z[ WdkdY_Wh gk[ cWZh[$ J_[d[ ckY^W fh|Yj_YW [if[hW ik fh_c[h ^_`e fWhW [b Wb _dj[hfh[jWh W kdW cWZh[ j[# fhÂŒn_ce eje‹e i[fj_[cXh[ Ç" hh_Xb[ [d bW i[h_[" Wi‡ gk[ fheXW# Z_`e ik h[fh[i[djWdj[ W bW h[l_i# Xb[c[dj[ ^W Wfh[dZ_Ze be gk[ jW F[efb[" i_d gk[h[h ZWh c|i de Z[X[ ^WY[hÇ" W‹WZ_ÂŒ$ Z[jWbb[i Z[b [cXWhWpe$ JWcfe# BW _djƒhfh[j[ hecf_ÂŒ ik Ye Z_e W YedeY[h [b decXh[ Z[b h[bWY_ÂŒd [d [d[he Yed [b WYjeh @Wied IkZ[_a_i" Z[b fhe# fWZh[$ Æ;ij| Z[i[WdZe Ye# ĹŠ ]hWcW IWjkhZWo D_]^j B_l[$ c[dpWh [ij[ dk[le YW# @ed[i" Z[ )) W‹ei" j_[# f‡jkbe [d ik l_ZW Yece cWZh[ iebj[hWÇ" [nfb_YÂŒ -4 18ĹŠ- !(¢Ŋ#-ĹŠ d[ f[dZ_[dj[ [b [ijh[de (.47ĹŠ ++2ĔŊ W bW fkXb_YWY_ÂŒd kdW *.3 ĹŠ"#+ĹŠ 41ĹŠ Z[ ĂˆN#C[d0 <_hij YbWiiÉ" \k[dj[ Y[hYWdW W bW Ye# ĸ Ä“ ēĚĔŊ#+ĹŠÄŽĹŠ"#ĹŠ fh[l_ije fWhW [b fhÂŒn_ce #-#1.ĹŠ"#ĹŠÄˆÄ’Ä?đēŊ ) Z[ `kd_e [d ;;$KK$" deY_ZW _djƒhfh[j[" gk[ [dYWhdW W 8[jjo :hWf[h Ă’bc[ ZedZ[ [dYWhdW Wb f[hiedW`[ Z[ ;ccW <heij$ [d ĂˆCWZ C[dÉ$ BW WYjh_p" YedeY_ZW feh j‡# # !!(.-#2ĹŠ jkbei Yece ĂˆĂ‰BeYei Z[ _hWÉ o Æ;ijeo cko Yedj[dje feh Ăˆ7c[h_YWd m[ZZ_d]É" WcXWi Z[ [bbW" h[Wbc[dj[ \[b_pÇ" Z_`e @ed (&&)" fWhj_Y_fÂŒ h[Y_[dj[c[dj[ >Wcc" fhejW]ed_ijW `kdje W [d ĂˆKdademdÉ Ăˆ:[iYedeY_ZeÉ " [bbW Z[ bW i[h_[" [d kd Yeckd_# f[b‡YkbW Z_h_]_ZW feh [b [ifW‹eb YWZe h[c_j_Ze Wb fehjWb Z[ bW @Wkc[ 9ebb[j#I[hhW" Yed B_Wc D[[ied Yece fhejW]ed_ijW$ YWZ[dW Z[ dej_Y_Wi 9DD$
āĂ
ŏĀāŏ ŏ ŏ ŏĂĀāā
ŏ +. ŏ
$$% ' ) + G )*#) &* I !)
)*#) &*
$# $( (%$# ! (
.7.
2<P?6@;? <.>. 2:0.72
.:0;? E ;@>.? 6:?@6@A06;:2? 36:.:062>.? 320@;? 12 0;/>; 6:9216.@;
'292?.? 2: @>L:?6@;
$% ' $# ( #) ' # ' ( #+ '( $# ( %.>. :24;06.> 12 2:@61.12? 128 ?20@;> <>6B.1;
%.>. :24;06.> 128 2?@.1; ; 12 2:@61.12? 128 ?20@;> <R/860;
6?<;:6/82? <.>. 8. B2:@. 12 2:@61.12? 128 ?20@;> <>6B.1;
6?<;:6/82? <.>. 8. B2:@. 128 2?@.1; ; 12 2:@61.12? 128 ?20@;> <R/860;
".:@2:61.? 5.?@. 28 B2:06962:@; 12 2:@61.12? 128 ?20@;> <>6B.1;
".:@2:61.? 5.?@. 28 B2:06962:@; 128 2?@.1; ; 12 2:@61.12? 128 ?20@;> <R/860;
2 16?<;:6/6861.1 >2?@>6:461.
%>;B6?6P: <.>. 6:B2>?6;:2?
') ' ' )$(
.>@2>. 12 0>M16@;? 0;92>06.8 <;> B2:02>
2 . 1N.?
2 . 1N.?
2 9L? 12 1N.?
.>@2>. 12 0>M16@;? 12 0;:?A9; <;> B2:02> 2 . 1N.? 2 . 1N.? 2 9L? 12 1N.? .>@2>. 12 0>M16@;? 12 B6B62:1. <;> B2:02> 2 . 1N.? 2 . 1N.?
2 9L? 12 1N.? .>@2>. 12 0>M16@;? <.>. 8. 960>;29<>2?. <;> B2:02> 2 . 1N.? 2 . 1N.? 2 9L? 12 1N.? .>@2>. 12 0>M16@;? 0;92>06.8 >22?@>A0@A>.1. <;> B2:02>
.>@2>. 12 0>M16@;? 12 0;:?A9; >22?@>A0@A>.1. <;> B2:02>
.>@2>. 12 0>M16@;? 12 B6B62:1. >22?@>A0@A>.1. <;> B2:02>
.>@2>. 12 0>M16@;? <.>. 8. 960>;29<>2?. >22?@>A0@A>.1. <;> B2:02>
.>@2>. 12 0>M16@;? 0;92>06.8 =A2 :; 12B2:4. 6:@2>2?2?
.>@2>. 12 0>M16@;? 12 0;:?A9; =A2 :; 12B2:4. 6:@2>2?2?
.>@2>. 12 0>M16@;? 12 B6B62:1. =A2 :; 12B2:4. 6:@2>2?2? .>@2>. 12 0>M16@;? <.>. 8. 960>;29<>2?. =A2 :; 12B2:4. 6:@2>2?2?
.>@2>. 12 0>M16@;? 0;92>06.8 >22?@>A0@A>.1. =A2 :; 12B2:4. 6:@2>2?2?
.>@2>. 12 0>M16@;? 12 0;:?A9; >22?@>A0@A>.1. =A2 :; 12B2:4. 6:@2>2?2?
.>@2>. 12 0>M16@;? 12 B6B62:1. >22?@>A0@A>.1. =A2 :; 12B2:4. 6:@2>2?2?
.>@2>. 12 0>M16@;? <.>. 8. 960>;29<>2?. >22?@>A0@A>.1. =A2 :; 12B2:4. 6:@2>2?2?
.>@2>. 12 0>M16@;? 0;92>06.8 B2:061.
.>@2>. 12 0>M16@;? 12 0;:?A9; B2:061. .>@2>. 12 0>M16@;? 12 B6B62:1. B2:061. .>@2>. 12 0>M16@;? <.>. 8. 960>;29<>2?. B2:061.
.>@2>. 12 0>M16@;? 0;92>06.8 >22?@>A0@A>.1. B2:061.
.>@2>. 12 0>M16@;? 12 0;:?A9; >22?@>A0@A>.1. B2:061.
.>@2>. 12 0>M16@;? 12 B6B62:1. >22?@>A0@A>.1. B2:061.
.>@2>. 12 0>M16@;? <.>. 8. 960>;29<>2?. >22?@>A0@A>.1. B2:061.
%>;B6?6;:2? <.>. 0>M16@;? 6:0;/>./82?
* $' ( %$' %) $# ( * #) ( %$' $ ' ' ' ! % $ '' # " ' #$ *) ! . $( #) %'$% ( - &* %$
$)'$( ) +$( :B2>?6;:2? 2: .006;:2? E <.>@606<.06;:2?
$@>.? 0A2:@.? 12 ;@>;? .0@6B;?
%>;B6?6P: <.>. ;@>;? .0@6B;? 6>>20A<2>./82? )$) ! ! ) +$
()$( )$) ! # ' ! ! ) +$ - ()$(
' $' ( B.82?
6.:F.? E 4.>.:@N.?
.>@.? 12 0>M16@;
>M16@;? .<>;/.1;? :; 12?29/;8?.1;?
;9<>;96?;? 3A@A>;?
)N@A8;? E 1;0A92:@;? 29696@;? <;> 92>0.12>N.? >206/61.?
;9<>.? . 3A@A>; 2: 9;:21. :.06;:.8
+2:@.? . 3A@A>; 2: 9;:21. 2D@>.:72>.
$/864.06;:2? 2: ;<06;:2?
$/864.06;:2? <;> ;<2>.06;:2? ?C.<
$@>.? ;<2>.06;:2? . 3A@A>;
$@>.? 0A2:@.? 0;:@6:42:@2? .0>221;>.?
)$) ! * #) ( $#) # #) ( )$) ! * #) ( $' #
$ ! $# ( $# ! %* ! $
2<P?6@;? . 8. B6?@.
$<2>.06;:2? 12 >2<;>@;
2<P?6@;? . <8.F; 2 . 1N.? 2 . 1N.?
2 . 1N.? 2 . 1N.?
2 9L? 12 1N.? 2<P?6@;? <;> 0;:36>9.>
2<P?6@;? 12 4.>.:@N.
12<Q?6@;? >2?@>6:461;? $% ' $# ( #) ' # ' ( $ ! $# ( #" ) ( %) $# ( # ' *! $# * #) ( %$' % '
$ ! $# ( # # ' (
+ !$' ( # ' *! $# $ ! $#+ $# ( - % *)*' ( %
$)'$( % ( +$( )$) ! ! % ( +$ % ) ! ($ ! .<6@.8 <.4.1;
006;:2? 2: @2?;>2>N.
<;>@2? 12 ?;06;? %' " $ ( * #)$ # $!$ $# $# ( ' ( '+ ( !24.82? 2:2>.82?
?<206.82?
'2?2>B. <.>. >2.1=A6?606P: 12 .006;:2? <>;<6.?
'2B.8;>6F.06P: 128 <.@>69;:6; %;> >2?A8@.1;? :; ;<2>.@6B;?
$)'$( %$') ( % )' "$# ! ( (*% ' + ) %$' + !* $# ( ' (*!) $(
*@6861.12? ; 2D0212:@2? .0A9A8.1;?
%M>161.? .0A9A8.1.?
*@6861.1 128 272>0606; %M>161. 128 272>0606;
)$) ! ! % )' "$# $
# ' ($( )$) ! # ' ! % ( +$ % )' "$# $ # ' ($(
* $' (
0@6B;? 0.?@64.1;? $<2>.06;:2? .0@6B.? 0;: ;@>.? 29<>2?.? B6:0A8.1.?
$<2>.06;:2? .0@6B.? 0;: ;@>.? 2:@61.12? 128 4>A<;
$@>.? 0A2:@.? 12 ;>12: 12A1;>2? ' $' (
$<2>.06;:2? <.?6B.? 0;: 29<>2?.? B6:0A8.1.?
$<2>.06;:2? <.?6B.? 0;: 29<>2?.? ?A/?616.>6.? E .3686.1.?
2<P?6@;? E ;@>.? 0.<@.06;:2? :; 0A/62>@.? <;> 28 $( $@>.? 0A2:@.? 12 ;>12: .0>221;>.?
.<6@.8 ?;06.8 %>69. 2: 0;8;0.06P: 12 .006;:2? '2?2>B.? 824.82? '2?2>B.? 42:2>.82? '2?2>B.? <.>. 3A@A>.? .<6@.86F.06;:2?
$@>;? .<;>@2? <.@>69;:6.82? *@6861.12? ; 2D0212:@2? .0A9A8.1;? H ?.81;? .A16@.1;? %M>161.? .0A9A8.1.? H ?.81;? .A16@.1;? %>M?@.9; ?A/;>16:.1; <;>@2? <.>. 3A@A>. 0.<6@.86F.06P: " #$( %8A?B.8N. 92>0.:@68 2?0A2:@; 2: 0;8;0.06P: 12 .006;:2? )$) ! % )' "$# $ ) # $ %' " ' $
H
$/864.06;:2? 0;:B2>@6/82? 2: .006;:2? 2A1.? ?A/;>16:.1.? . <8.F; '2?2>B.? 2?<206.82? '2?2>B.? <;> >2B.8;>6F.06P: 128 <.@>69;:6; >2?2>B.? <;> >2?A8@.1;? :; ;<2>.@6B;? ?A<2>LB6@ <;> B.8A.06;:2? *@6861.12? ; 2D0212:@2? .0A9A8.1;? %M>161.? .0A9A8.1.? *@6861.1 128 272>0606; %M>161. 128 272>0606; :4>2?;? 92:;? 4.?@;? " (
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
" #$( 8 0.<6@.8 .?64:.1; . A:. ?A0A>?.8 ; .42:06. 2: 28 2D@2>6;> !;? >2=A2>6962:@;? 12 <.@>69;:6; @M0:60; 12 8.? 2:@61.12? =A2 12 .0A2>1; 0;: 8.? 16?<;?606;:2? B642:@2? .?N 8; >2=A62>.: 8 B.8;> <.@>69;:6.8 <>;<;>06;:.8 12 .=A288.? 2:@61.12? =A2 :; >2=A62>2: 12 8. 0;:3;>9.06P: 12 A: <.@>69;:6; @M0:60; :B2>?6;:2? 2: ;@>.? 6:?@6@A06;:2? 128 ?6?@29. 36:.:062>; =A2 8.? 0;:B62>@.: 2: ?A/?616.>6. ; .3686.1. 12 1605. 6:?@6@A06P: !;? ?.81;? >246?@>.1;? 2: 8. 0A2:@. :@606<; <.>. .1=A6?606P: 12 .006;:2? 0A.:1; 0;>>2?<;:1.: . 6:B2>?6;:2? 2: .006;:2? .:@606<;? 2: 8. 0.<6@.86F.06P: ; 0;:?@6@A06P: 12 0;9<.ON.? ?A/?616.>6.? ; .3686.1.? * $# ( ! % )' "$# $ ) # $ )$) ! % )' "$# $ ) # $
$#() )* $ ) +$( - $#) # #) ( %$# ' $( %$' ' ( $ 0@6B;? <;:12>.1;? 0;:
0@6B;? <;:12>.1;? 0;:
0@6B;? <;:12>.1;? 0;:
0@6B;? <;:12>.1;? 0;:
0@6B;? <;:12>.1;? 0;:
0@6B;? <;:12>.1;? 0;:
)$) ! ) +$( - $#) # #) ( %$# ' $( %$' ' ( $ %$( $# ' &* ' " #)$ - ' ! $# % )' "$# $ ) # $ 7 % )' "$# $ ) # $ ' &* ' $
, #) $ # % )' "$# $ ) # $ ' &* ' $ ) +$( )$) ! ( - $#) # #) ( 7
# ' ($( # # '$( :@2>2?2? E 12?0A2:@;? 4.:.1;? ;96?6;:2? 4.:.1.? *@6861.12? 36:.:062>.? :4>2?;? <;> ?2>B606;? ' ($( # # '$( :@2>2?2? 0.A?.1;? ;96?6;:2? 0.A?.1.? %M>161.? 36:.:062>.? " ' # '*)$ # # '$ $)'$( # ' ($( , ()$( $% ' $# ! ( # ' ($( $% ' $# ! ( $@>;? 6:4>2?;? ;<2>.06;:.82? ' ($( $% ' $# ! ( .?@;? 12 ;<2>.06P: $@>.? <M>161.? ;<2>.06;:.82? " ' # $% ' $# ! #) ( %'$+ ( $# ( %'$+ ( $# ( %' $# ( , "$') - $# ( %>;B6?6;:2? 2<>206.06;:2? 9;>@6F.06;:2? " ' # $% ' $# ! # )$ # ' ($( , ()$( #$ $% ' $# ! ( $@>;? 6:4>2?;? $@>;? 4.?@;? E <M>161.? *) ! #) ( "%* ()$( - % ') % $# ( %.>@606<.06P: @>./.7.1;>2? ( "%$# ! "%* ()$ ! ' #) 9<A2?@; . 8. >2:@. ' (*!) $( (%* ( "%* ()$( - )' $' (
# $ ! 'K# ' #) # ' ! (
" ( % !$ J * )$' #) '#$
#$) 8 ?.81; 12 >2?A8@.1;? 128 272>0606; 0;>>2?<;:12 . 8. 1632>2:06. 12 8;? 28292:@;? E ?6: =A2 69<86=A2 8. 86=A61.06P: 12 8.? >232>61.? 0A2:@.?
$% ' ) + $''$ - ': )$ 8 )*#) &* 9 !)
! " ' !
. . / . / 0 1 2 3 4 5 . / 0 1 . / . / .0
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
" ,$' ( %$( ) #) (
22304/516/ )*#) &*
( () "
#% # # ' $ # $%# # $! % ' & % $ - $ "& & % $ ' . ) $ % # $ $ ) $ $ $ ) # $ $ # ' #$ $ & % $ # $& % $ $ - $ ) $ # $%# ! # % $ %# & & % # # $ & % $ ' $ #% # # ) ' ' ' $ # %- ! % # $ %# $/ # & % ## $! % #% # ' $ - $ ! $% # # $ ' % ! # . $ ! # & # $ % # $ $ # ## $! % $ #% # $& $ # $%# #+ $ $ $ #% # ' $ "& $ # ( $ ) $ ! # $ # #, % $ - $ $ % # $ $ ) $ $ $ # ' #$ ! # # $ $ %# $ - $ ! $% # # $ $& ( ! $ # $%# #+ ! # % $ %# $& & % # % # $ $ $&$! $ $ & !# % $ %& #+ ! # # ' #$ $ - $ $ & % $ ' $ $ #, % $ #% * . # & #% # # ) ' ' $ "& - $ #% # $& ) $ - $ $ ! # $ # #, %
.1 .6
# ! + !! ( $#) $' # ' !
ŏĀāŏŏ ŏ ŏ ŏĂĀāā
ŏ +. ŏ
āă
)RUP 3
5(38%/,&$ '(/ (&8$'25 683(5,17(1'(1&,$ '( %$1&26 ,17(1'(1&,$ 1$&,21$/ '( ,167,78&,21(6 ),1$1&,(5$6
%$1&2 352&5(',7 6 $ %$/$1&( &2162/,'$'2 < &21'(16$'2 (1 8 6 '2/$5(6
(17,'$' 2),&,1$ (1
%$1&2 352&5(',7 6 $ 48,72
&Ð',*2
'(6&5,3&,Ð1
&2',*2 2),&,1$ $f2 0(6 ',&,(0%5( ',$
727$/
)21'26 ',6321,%/(6 &DMD 'HSyVLWRV SDUD HQFDMH %DQFRV \ RWUDV LQVWLWXFLRQHV ILQDQFLHUDV (IHFWRV GH FREUR LQPHGLDWR 5HPHVDV HQ WUiQVLWR 23(5$&,21(6 ,17(5%$1&$5,$6 )RQGRV LQWHUEDQFDULRV YHQGLGRV ,19(56,21(6 3DUD QHJRFLDU GH HQWLGDGHV GHO VHFWRU SULYDGR 3DUD QHJRFLDU GHO HVWDGR R GH HQWLGDGHV GHO VHFWRU S~EOLFR 'LVSRQLEOHV SDUD OD YHQWD GH HQWLGDGHV GHO VHFWRU SULYDGR 'H GLVSRQLELOLGDG UHVWULQJLGD 3URYLVLyQ SDUD LQYHUVLRQHV &$57(5$ '( &5(',726 &DUWHUD GH FUpGLWRV FRPHUFLDO SRU YHQFHU 'H D GtDV 'H D GtDV 'H D GtDV 'H D GtDV 'H PiV GH GtDV &DUWHUD GH FUpGLWRV GH FRQVXPR SRU YHQFHU 'H D GtDV 'H D GtDV 'H D GtDV 'H D GtDV 'H PiV GH GtDV &DUWHUD GH FUpGLWRV GH YLYLHQGD SRU YHQFHU 'H D GtDV 'H D GtDV 'H D GtDV 'H D GtDV 'H PiV GH GtDV &DUWHUD GH FUpGLWRV SDUD OD PLFURHPSUHVD SRU YHQFHU 'H D GtDV 'H D GtDV 'H D GtDV 'H D GtDV 'H PiV GH GtDV &DUWHUD GH FUpGLWRV FRPHUFLDO UHHVWUXFWXUDGD SRU YHQFHU &DUWHUD GH FUpGLWRV GH FRQVXPR UHHVWUXFWXUDGD SRU YHQFHU &DUWHUD GH FUpGLWRV GH YLYLHQGD UHHVWUXFWXUDGD SRU YHQFHU &DUWHUD GH FUpGLWRV SDUD OD PLFURHPSUHVD UHHVWUXFWXUDGD SRU YHQFHU &DUWHUD GH FUpGLWRV FRPHUFLDO TXH QR GHYHQJD LQWHUHVHV &DUWHUD GH FUpGLWRV GH FRQVXPR TXH QR GHYHQJD LQWHUHVHV &DUWHUD GH FUpGLWRV GH YLYLHQGD TXH QR GHYHQJD LQWHUHVHV &DUWHUD GH FUpGLWRV SDUD OD PLFURHPSUHVD TXH QR GHYHQJD LQWHUHVHV &DUWHUD GH FUpGLWRV FRPHUFLDO UHHVWUXFWXUDGD TXH QR GHYHQJD LQWHUHVHV &DUWHUD GH FUpGLWRV GH FRQVXPR UHHVWUXFWXUDGD TXH QR GHYHQJD LQWHUHVHV &DUWHUD GH FUpGLWRV SDUD OD PLFURHPSUHVD UHHVWUXFWXUDGD TXH QR GHYHQJD LQWHUHVHV &DUWHUD GH FUpGLWRV FRPHUFLDO YHQFLGD &DUWHUD GH FUpGLWRV GH FRQVXPR YHQFLGD &DUWHUD GH FUpGLWRV GH YLYLHQGD YHQFLGD &DUWHUD GH FUpGLWRV SDUD OD PLFURHPSUHVD YHQFLGD &DUWHUD GH FUpGLWRV FRPHUFLDO UHHVWUXFWXUDGD YHQFLGD &DUWHUD GH FUpGLWRV GH FRQVXPR UHHVWUXFWXUDGD YHQFLGD &DUWHUD GH FUpGLWRV SDUD OD PLFURHPSUHVD UHHVWUXFWXUDGD YHQFLGD 3URYLVLRQHV SDUD FUpGLWRV LQFREUDEOHV '(8'25(6 325 $&(37$&,21(6 &8(17$6 325 &2%5$5 %,(1(6 5($/,=$%/(6 $'-8',&$'26 325 3$*2 3523,('$'(6 < (48,32 27526 $&7,926 ,QYHUVLRQHV HQ DFFLRQHV \ SDUWLFLSDFLRQHV 2WUDV FXHQWDV GH RWURV DFWLYRV 3URYLVLyQ SDUD RWURV DFWLYRV LUUHFXSHUDEOHV 727$/ '(/ $&7,92 *$6726 727$/ *(1(5$/ '(/ $&7,92 < *$6726 '(8'25$6 'HUHFKRV RSHUDFLRQHV 6ZDS $&5(('25$6 )LQDQ]DV \ JDUDQWtDV &UpGLWRV DSUREDGRV QR GHVHPEROVDGRV 2EOLJDFLRQHV SRU RSHUDFLRQHV VZDS 727$/ &8(17$6 &217,1*(17(6 727$/ '( &8(17$6 '( 25'(1
5(38%/,&$ '(/ (&8$'25 683(5,17(1'(1&,$ '( %$1&26 ,17(1'(1&,$ 1$&,21$/ '( ,167,78&,21(6 ),1$1&,(5$6
&Ð',*2
,1*5(626 ),1$1&,(526 ,17(5(6(6 < '(6&8(1726 *$1$'26 &20,6,21(6 *$1$'$6 ,1*5(626 325 6(59,&,26 (*5(626 ),1$1&,(526 ,17(5(6(6 &$86$'26 &20,6,21(6 &$86$'$6 0$5*(1 %5872 ),1$1&,(52 27526 ,1*5(626 < *$6726 23(5$&,21$/(6 ,1*5(626 23(5$&,21$/(6 87,/,'$'(6 ),1$1&,(5$6 27526 ,1*5(626 23(5$&,21$/(6 (*5(626 23(5$&,21$/(6 3e5','$6 ),1$1&,(5$6 *$6726 '( 23(5$&,21 275$6 3(5','$6 23(5$&,21$/(6 0$5*(1 23(5$&,21$/ $17(6 '( 3529,6,21(6 3529,6,21 '(35(&,$&,21 $0257,=$&,21 3URYLVLRQHV 'HSUHFLDFLRQHV $PRUWL]DFLRQHV 0$5*(1 23(5$&,21$/ 1(72 ,1*5(626 < *$6726 12 23(5$&,21$/(6 27526 ,1*5(626 27526 *$6726 < 3(5','$6 ,038(672 < 3$57,&,3$&,21 $ (03/($'26 5(68/7$'2 '(/ (-(5&,&,2 3$57,&,3$&,21 75$%$-$'25(6 %$6( ,0321,%/( '(/ ,038(672 $ /$ 5(17$ ,038(672 $ /$ 5(17$ 5(68/7$'26 $ ',6326,&,21 $&&,21,67$6
3('52 $55,2/$
5(/$&,21 (175( (/ 3$75,021,2 7(&1,&2 727$/ < /26 $&7,926 < &217,1*(17(6 321'(5$'26 325 5,(6*2 (1 8 6 '2/$5(6
727$/
&Ð',*2 0(126 $
5(38%/,&$ '(/ (&8$'25 $&7,926 '( 5,(6*2 68-(726 $ &$/,),&$&,Ð1 683(5,17(1'(1&,$ '( %$1&26 < 6(*8526 ,17(1'(1&,$ 1$&,21$/ '( ,167,78&,21(6 ),1$1&,(5$6
( & '
5(35(6(17$17( /(*$/
&2',*2 2),&,1$
9$/25 '( 0(5&$'2
3$5$ 1(* (17 6(&725 35,9$'2 3$5$ 1(* (67$'2 2 (17 6(&725 38%/,&2 ',63 3$5$ 9(17$ '(/ 6(&725 35,9$'2 ',63 9(17$ (67$'2 2 (17 6(&725 38%/,&2 0$17(1,'$6 9(1&,0,(172 6(&725 35,9$'2 0$17 9(1&,0,(172 (67 2 (17 6(&725 38%/,&2 '( ',6321,%,/,'$' 5(675,1*,'$ 727$/
3529,6,21(6 *(1e5,&$6
3529,6,21(6 &2167,78,'$6
3529,6,21(6 (;&(6 2 '()
$&7,926 < &217,1*(17(6 321'(5$'26 325 5,(6*2 $FWLYRV SRQGHUDGRV FRQ $FWLYRV SRQGHUDGRV FRQ $FWLYRV SRQGHUDGRV FRQ $FWLYRV SRQGHUDGRV FRQ $FWLYRV SRQGHUDGRV FRQ $FWLYRV SRQGHUDGRV FRQ
* ) [ + ( *
3$75,021,2 7e&1,&2 5(48(5,'2 (;&('(17( 2 '(),&,(1&,$ '( 3$75,021,2 7(&1,&2 5(48(5,'2 $&7,926 727$/(6 < &217,1*(17(6 [
'HORLWWH
,19(56,21(6 ',&,(0%5(
3$75,021,2 7e&1,&2 &2167,78,'2
127$ 7e&1,&$ /D FDUWHUD FRPHUFLDO YHQFLGD VH UHJLVWUD HQ OD UHVSHFWLYD FXHQWD D ORV GtDV TXH HO GRFXPHQWR VH YHQFLy \ ORV LQWHUHVHV \ FRPLVLRQHV JDQDGRV \ QR FREUDGRV VH UHYHUVDQ GH ODV FXHQWDV GH UHVXOWDGRV D ORV GtDV \ VH UHJLVWUDQ SDUD HIHFWRV GH FRQWURO HQ XQD FXHQWD GH RUGHQ 3DUD HO FDVR GH FXRWDV R GLYLGHQGRV GH OD FDUWHUD FRPHUFLDO \ YLYLHQGD YHQFLGDV FRQ JDUDQWtD KLSRWHFDULD VH WUDQVÀHUHQ D OD FXHQWD FRUUHVSRQGLHQWH GH YHQFLGR D ORV GtDV SRVWHULRUHV D OD IHFKD GH YHQFLPLHQWR GH OD RSHUDFLyQ VLQ SHUMXLFLR GHO FREUR GH ORV LQWHUHVHV GH PRUD FRUUHVSRQGLHQWHV /D FDUWHUD GH FRQVXPRV VH UHJLVWUDUiQ ORV VDOGRV HQ FDUWHUD YHQFLGD D ORV TXLQFH GH VHU H[LJLEOHV \ ODV RSHUDFLRQHV GH PLFURFUpGLWR D ORV FLQFR GtDV /RV LQWHUHVHV \ FRPLVLRQHV VH UHYHUVDQ SRU QR KDEHU VLGR FDQFHODGRV GHQWUR GH ORV GtDV SRVWHULRUHV D VX H[LJLELOLGDG GH SDJR VH UHJLV WUDUiQ SDUD HIHFWRV GH FRQWURO HQ OD VXEFXHQWD GH RUGHQ ´,QWHUHVHV HQ VXVSHQVR 9HQFLGRV ,JXDO SURFHGLPLHQWR VH HIHFWXDUi SDUD HO UHYHUVR D ORV GtDV GH ODV FXRWDV R GLYLGHQGRV GH ORV FUpGLWRV GH DPRUWL]DFLyQ JUDGXDO GH OD FDUWHUD FRPHUFLDO \ GH YLYLHQGD D ORV TXLQFH GtDV OD FDUWHUD GH FRQVXPR \ D ORV FLQFR GtDV HQ ODV RSHUDFLRQHV GH PLFURFUpGLWR
127$6 $/ 3$75,021,2 7e&1,&2 6H FRQVLGHUDUiQ HQ HO SDWULPRQLR WpFQLFR SULPDULR ODV XWLOLGDGHV R SpUGLGDV DFXPXODGDV FXDQGR GHO LQIRUPH GH ORV DXGLWRUHV GH OD 6XSHULQWHQGHQFLD GH %DQFRV \ 6HJXURV \ R GH ORV DXGLWRUHV LQWHUQRV R H[WHUQRV QR VH GHWHUPLQHQ VDOYHGDGHV UHVSHFWR D OD UD]RQDELOLGDG GHO VDOGR GH HVWD FXHQWD \ H[LVWD OD GHFLVLyQ GH OD MXQWD JHQHUDO GH DFFLRQLVWDV R VRFLRV GH TXH GLFKRV UHFXUVRV VHUiQ FDSLWDOL]DGRV 3DUD TXH ORV DSRUWHV SDUD IXWXUDV FDSLWDOL]DFLRQHV IRUPHQ SDUWH GHO SDWULPRQLR WpFQLFR SULPDULR GHEH H[LVWLU FRQVWDQFLD HVFULWD H LUUHYRFDEOH GH ORV DSRUWDQWHV TXH WDOHV UHFXUVRV QR VHUiQ UHWLUDGRV (O VDOGR WRWDO GH ORV GRFXPHQWRV HPLWLGRV VH FRQVLGHUDUi KDVWD HO GHO FDSLWDO \ UHVHUYDV GH OD LQVWLWXFLyQ D OD IHFKD HQ TXH VH FDOFXOD HO SDWULPRQLR WpFQLFR 6H FRQVLGHUDUi HO WRWDO GH ODV XWLOLGDGHV GHO HMHUFLFLR FRUULHQWH XQD YH] FXPSOLGDV ODV FRQGLFLRQHV GH ODV OHWUDV D \ E GHO DUWtFXOR GH OD /H\ *HQHUDO GH ,QVWLWXFLRQHV GHO 6LVWHPD )LQDQFLHUR /D GLIHUHQFLD HQWUH LQJUHVRV PHQRV JDVWRV VH FRQVLGHUDUiQ HQ ORV PHVHV TXH QR FRUUHVSRQGDQ DO FLHUUH GHO HMHUFLFLR 3DUD HO FDVR GH ORV FUpGLWRV FRPHUFLDOHV GH FRQVXPR SDUD OD YLYLHQGD \ PLFURFUpGLWR VH FRQVLGHUDUi OD SURYLVLyQ JHQHUDO FRQ XQ OtPLWH Pi[LPR GH GH GLFKDV RSHUDFLRQHV ´ 3DUD TXH IRUPHQ SDUWH GHO SDWULPRQLR WpFQLFR VHFXQGDULR ORV LQVWUXPHQWRV GH GHXGD VXERUGLQDGD D SOD]R R ORV FRQWUDWRV GH PXWXR FRUUHVSRQGLHQWHV GHEHQ WHQHU XQ SOD]R RULJLQDO PtQLPR GH YHQFLPLHQWR GH PiV GH FLQFR DxRV QR HQFRQWUDUVH JDUDQWL]DGRV \ HVWDU WRWDOPHQWH SDJDGRV HQ HO FDVR GH LQVWUXPHQWRV HPLWLGRV QR VH SXHGH HIHFWXDU HO SDJR GHO SULQFLSDO DQWHV GH VX YHQFLPLHQWR \ DGLFLRQDOPHQWH GHEHQ GHMDU FRQVWDQFLD H[SUHVD TXH FXHQWDQ FRQ OD DXWRUL]DFLyQ GH OD 6XSHULQWHQGHQFLD GH %DQFRV \ 6HJXURV \ OD DFHSWDFLyQ GHO RUJDQLVPR DFUHHGRU 'XUDQWH ORV ~OWLPRV FLQFR DxRV GHO YHQFLPLHQWR GHO SOD]R DO TXH IXHURQ HPLWLGRV R GHO FRQWUDWR GH PXWXR UHVSHFWLYR VH OHV DSOLFDUi XQ IDFWRU GH GHVFXHQWR R DPRUWL]DFLyQ DFXPXODWLYR GH DQXDO (VWRV LQVWUXPHQWRV R FRQWUDWRV QR VH HQFXHQWUDQ GLVSRQLEOHV SDUD SDUWLFLSDU HQ ODV SpUGLGDV GH OD LQVWLWXFLyQ H[FHSWR FXDQGR XQD LQVWLWXFLyQ GHO VLVWHPD ILQDQFLHUR VHD VRPHWLGD D OLTXLGDFLyQ IRU]RVD GRQGH VHUYLUiQ SDUD HQMXJDU ODV SpUGLGDV GH GLFKD OLTXLGDFLyQ (O WRWDO GH LQVWUXPHQWRV UHSUHVHQWDWLYRV GH GHXGD VXERUGLQDGD D SOD]R R GH FRQWUDWRV GH PXWXR SHUWLQHQWHV QR SRGUiQ H[FHGHU GHO GHO SDWULPRQLR WpFQLFR SULPDULR GH OD LQVWLWXFLyQ GHXGRUD GHO VLVWHPD ILQDQFLHUR µ
&$57(5$ '( &5e',726 &217,1*(17(6 < 27526 $&7,926 ',&,(0%5( 3529,6,21(6 3529,6,21(6 3529,6,21(6 6$/'2 *(1e5,&$6 &2167,78,'$6 (;&(6 2 '() 5,(6*2 1250$/ 5,(6*2 327(1&,$/ '(),&,(17( '8'262 5(&$8'2 3(5','$ 727$/ (9$/8$'2 12 (9$/8$'2 727$/ $&7,92 5,(6*2
&$7(*25Ì$6
9$/25
' '('8&&,21(6 $/ 3$75,021,2 7(&1,&2 727$/
5(680(1 '( /$ &$/,),&$&,Ð1 '( 5,(6*2 (1 86 'Ð/$5(6 (17,'$' %$1&2 352&5(',7 6 $ )(&+$ '( ',&,(0%5( '(/
3OXVYDOtD PHUFDQWLO 'HVFXHQWR HQ FRORFDFLyQ GH DFFLRQHV 727$/ 3$75,021,2 7(&1,&2 35,0$5,2
326,&,Ð1 5(48(5,0,(172 < 5(/$&,Ð1 '( 3$75,021,2 7e&1,&2
&$7(*25Ì$6
&21)250$&,Ð1 '(/ 3$75,021,2 7e&1,&2 727$/ 3$75,021,2 7e&1,&2 35,0$5,2 '(6&5,3&,Ð1 &DSLWDO SDJDGR 3ULPD HQ FRORFDFLyQ GH DFFLRQHV 5HVHUYD /HJDO 5HVHUYDV JHQHUDOHV 5HVHUYDV HVSHFLDOHV 3DUD IXWXUDV FDSLWDOL]DFLRQHV 2WURV DSRUWHV SDWULPRQLDOHV 8WLOLGDGHV R H[FHGHQWHV DFXPXODGRV VDOGRV DXGLWDGRV 3pUGLGDV DFXPXODGDV VDOGRV DXGLWDGRV 3UpVWDPR VXERUGLQDGR $SRUWHV SDUD IXWXUD FDSLWDOL]DFLyQ
3$75,021,2 7e&1,&2 6(&81'$5,2 &Ð',*2 '(6&5,3&,Ð1 9$/25 &Ð',*2 '(6&5,3&,Ð1 9$/25 2EOLJDFLRQHV FRQYHUWLEOHV 'HXGD VXERUGLQDGD D SOD]R 5HVHUYDV HVSHFLDOHV 5HVHUYDV SRU UHYDORUL]DFLyQ GHO SDWULPRQLR UHVHUYDV SRU UHVXOWDGRV QR RSHUDWLYRV VXSHUiYLW SRU YDOXDFLRQHV 8WLOLGDGHV R H[FHGHQWHV DFXPXODGRV 3pUGLGDV DFXPXODGDV 8WLOLGDG GHO HMHUFLFLR 3pUGLGD GHO HMHUFLFLR ² ,QJUHVRV PHQRV JDVWRV 0$6 3URYLVLRQHV SDUD FUpGLWRV LQFREUDEOHV 3URYLVLyQ JHQHUDO SDUD FDUWHUD GH FUpGLWRV 0(126 'HILFLHQFLD GH SURYLVLRQHV DPRUWL]DFLRQHV \ GHSUHFLDFLRQHV 3pUGLGDV DFWLYDGDV TXH IXHUHQ GHWHFWDGDV D WUDYpV GH DXGLWRUtDV GH OD SURSLD HQWLGDG GH OD 6XSHULQWHQGHQFLD GH %DQFRV \ 6HJXURV R GH ODV DXGLWRUtDV H[WHUQDV \ HO YDORU GH ORV DXPHQWRV GH FDSLWDO UHDOL]DGRV FRQWUDYLQLHQGR ODV GLVSRVLFLRQHV GHO DUWtFXOR % 727$/ 3$75,021,2 7e&1,&2 6(&81'$5,2 & $ % 3$75,021,2 7e&1,&2 727$/ 0(126 (O FDSLWDO DVLJQDGR D XQD VXFXUVDO R DJHQFLD HQ HO H[WHULRU /RV UHTXHULPLHQWRV GH SDWULPRQLR WpFQLFR GH ODV HQWLGDGHV TXH GH DFXHUGR FRQ ODV GLVSRVLFLRQHV YLJHQWHV DVt OR UHTXLHUDQ GH DFXHUGR FRQ OD GLVSRVLFLyQ WUDQVLWRULD (O YDORU GH VX SDUWLFLSDFLyQ HQ HO FDSLWDO SDJDGR PiV ODV UHVHUYDV H[FHSWXDQGR ODV SURYHQLHQWHV GH YDOXDFLRQHV GHO DFWLYR HQ XQD LQVWLWXFLyQ VXEVLGLDULD R DILOLDGD ,QYHUVLRQHV HQ RWUDV LQVWLWXFLRQHV GHO VLVWHPD ILQDQFLHUR TXH ODV FRQYLHUWDQ HQ VXEVLGLDULD R DILOLDGD GH GLFKD LQVWLWXFLyQ /RV VDOGRV UHJLVWUDGRV HQ OD FXHQWD ´$QWLFLSR SDUD DGTXLVLFLyQ GH DFFLRQHVµ FXDQGR FRUUHVSRQGDQ D LQYHUVLRQHV HQ DFFLRQHV DQWLFLSRV HQ OD FDSLWDOL]DFLyQ R FRQVWLWXFLyQ GH FRPSDxtDV VXEVLGLDULDV R DILOLDGDV
&2',*2 2),&,1$
&$3,7$/ &2%(5785$ 3$75,021,$/ '( $&7,926 62/9(1&,$ 3$75,021,2 7(&1,&2 6(&81'$5,2 3$75,021,2 7(&1,&2 35,0$5,2 &$/,'$' '( $&7,926 02526,'$' %587$ 727$/ 02526,'$' &$57(5$ &20(5&,$/ 02526,'$' &$57(5$ &216802 02526,'$' &$57(5$ '( 9,9,(1'$ 02526,'$' &$57(5$ '( 0,&52(035(6$ 3529,6,21(6 &$57(5$ '( &5(',72 ,0352'8&7,9$ &2%(5785$ '( /$ &$57(5$ &20(5&,$/ &2%(5785$ '( /$ &$57(5$ '( &216802 &2%(5785$ '( /$ &$57(5$ '( 9,9,(1'$ &2%(5785$ '( /$ &$57(5$ '( 0,&52(035(6$ 0$1(-2 $'0,1,675$7,92 $&7,926 352'8&7,926 3$6,926 &21 &2672 *5$'2 '( $%625&,Ð1 *$6726 23(5$&,21$/(6 0$5*(1 ),1$1&,(52 *$6726 '( 3(5621$/ $&7,926 727$/(6 3520(',2 *$6726 23(5$7,926 $&7,926 727$/(6 3520(',2 5(17$%,/,'$' 5(1',0,(172 23(5$7,92 62%5( $&7,92 52$ 5(1',0,(172 62%5( 3$75,021,2 52( /,48,'(= )21'26 ',6321,%/(6 727$/ '(3Ð6,726 $ &2572 3/$=2 &2%(5785$ 0$<25(6 '(326,7$17(6 &2%(5785$ 0$<25(6 '(326,7$17(6
&2',*2 2),&,1$ $f2 0(6 ',&,(0%5( ',$
(17,'$' %$1&2 352&5(',7 6 $ 2),&,1$ (1 48,72
%$1&2 %$1&26 352&5(',7 6 $ 35,9$'26
3$5&,$/
)RUP 3
5(38%/,&$ '(/ (&8$'25 683(5,17(1'(1&,$ '( %$1&26 ,17(1'(1&,$ 1$&,21$/ '( ,167,78&,21(6 ),1$1&,(5$6
$/ '( ',&,(0%5( '(/
&Ð',*2 2),&,1$ $f2 0(6 ',&,(0%5( ',$
'(6&5,3&,Ð1
727$/
,1',&$'25(6 ),1$1&,(526
&Ð',*2
%$1&2 352&5(',7 6 $
)RUP 3
(67$'2 '( 3e5','$6 < *$1$1&,$6 &2162/,'$'2 < &21'(16$'2 (1 8 6 '2/$5(6 (17,'$' %$1&2 352&5(',7 6 $ 2),&,1$ (1 4XLWR
'(6&5,3&,Ð1
2%/,*$&,21(6 &21 (/ 3Ô%/,&2 'HSyVLWRV D OD YLVWD 'HSyVLWRV PRQHWDULRV TXH JHQHUDQ LQWHUHVHV 'HSyVLWRV PRQHWDULRV TXH QR JHQHUDQ LQWHUHVHV 'HSRVLWRV PRQHWDULRV GH LQVWLWXFLRQHV ILQDQFLHUDV &KHTXHV FHUWLILFDGRV 'HSyVLWRV GH $KRUUR 2WURV GHSyVLWRV 'HSyVLWRV SRU &RQILUPDU 'HSyVLWRV D SOD]R 'H D GtDV 'H D GtDV 'H D GtDV 'H D GtDV 'H PiV GH GtDV 'HSyVLWRV GH *DUDQWtD 'HSyVLWRV 5HVWULQJLGRV 23(5$&,21(6 ,17(5%$1&$5,$6 2%/,*$&,21(6 ,10(',$7$6 $&(37$&,21(6 (1 &,5&8/$&,21 &8(17$6 325 3$*$5 2%/,*$&,21(6 ),1$1&,(5$6 9$/25(6 (1 &,5&8/$&,21 2%/,*$&,21(6 &219(57,%/(6 (1 $&&,21(6 < $3257(6 3$5$ )8785$ &$3,7$/,=$&,21 27526 3$6,926 727$/ '(/ 3$6,92 &$3,7$/ 62&,$/ &DSLWDO 3DJDGR 5(6(59$6 /HJDOHV (VSHFLDOHV 27526 $3257(6 3$75,021,$/(6 683(5$9,7 325 9$/8$&,21(6 5(68/7$'26 8WLOLGDGHV R H[FHGHQWHV DFXPXODGRV 3pUGLGDV DFXPXODGDV 8WLOLGDG GHO HMHUFLFLR 727$/ '(/ 3$75,021,2 ,1*5(626 727$/ *(1(5$/ '( 3$6,92 3$75,021,2 ( ,1*5(626 $1(;26 &8(17$6 '( 25'(1 '(8'25$6 9DORUHV \ ELHQHV SURSLRV HQ SRGHU GH WHUFHURV $FWLYRV FDVWLJDGRV /tQHDV GH FUpGLWR QR XWLOL]DGDV &DUWHUD GH FUpGLWRV \ RWURV DFWLYRV HQ GHPDQGD MXGLFLDO ,QWHUHVHV FRPLVLRQHV H LQJUHVRV HQ VXVSHQVR 2WUDV FXHQWDV GH RUGHQ GHXGRUDV $&5(('25$6 9DORUHV \ ELHQHV UHFLELGRV GH WHUFHURV 'HSyVLWRV \ RWUDV FDSWDFLRQHV QR FXELHUWDV SRU OD $*' 'HSyVLWRV GH HQWLGDGHV GHO VHFWRU S~EOLFR 2ULJHQ GHO FDSLWDO 3URYLVLRQHV &RQVWLWXtGDV ,QWHUHVHV SDJDGRV SRU GHSyVLWRV R FDSWDFLRQHV FRQVWLWXLGRV FRPR JDUDQWtD 2WUDV FXHQWDV GH RUGHQ DFUHHGRUDV
-8/,2 1$9$6
$8',725 ,17(512
,1)250( '( /26 $8',725(6 ,1'(3(1',(17(6 $ ORV 6HxRUHV $FFLRQLVWDV \ -XQWD GH 'LUHFWRUHV GH %DQFR 3UR&UHGLW 6 $ ,QIRUPH VREUH ORV HVWDGRV ÀQDQFLHURV +HPRV DXGLWDGR ORV HVWDGRV ÀQDQFLHURV TXH VH DGMXQWDQ GH %DQFR 3UR&UHGLW 6 $ TXH FRPSUHQGHQ HO EDODQFH JHQHUDO DO GH GLFLHPEUH GHO \ ORV FRUUHVSRQGLHQWHV HVWDGRV GH UHVXOWDGRV GH FDPELRV HQ HO SDWULPRQLR \ GH ÁXMRV GH FDMD SRU HO DxR WHUPLQDGR HQ HVD IHFKD \ XQ UHVXPHQ GH ODV SROtWLFDV FRQWDEOHV VLJQLÀFDWLYDV \ RWUDV QRWDV H[SOLFDWLYDV 5HVSRQVDELOLGDG GH OD *HUHQFLD GHO %DQFR SRU ORV HVWDGRV ÀQDQFLHURV /D JHUHQFLD GHO %DQFR HV UHVSRQVDEOH GH OD SUHSDUDFLyQ \ SUHVHQWDFLyQ UD]RQDEOH GH HVWRV HVWDGRV ÀQDQFLHURV GH DFXHUGR FRQ QRUPDV \ SUiF WLFDV FRQWDEOHV HVWDEOHFLGDV SRU OD 68SHULQWHQGHQFLD GH %DQFRV \ 6HJXURV GHO (FXDGRU \ GHO FRQWURO LQWHUQR GHWHUPLQDGR SRU OD JHUHQFLD FRPR QHFHVDULR SDUD SHUPLWLU OD SUHSDUDFLyQ GH ORV HVWDGRV ÀQDQFLHURV OLEUHV GH HUURUHV PDWHULDOHV GHELGR D IUDXGH R HUURU 7DO FRPR H[SOLFD HQ OD 1RWD ORV HVWDGRV ÀQDQFLHURV PHQFLRQDGRV HQ HO SULPHU SiUUDIR KDQ VLGR SUHSDUDGRV VREUH OD EDVH GH QRUPDV \ SUiFWLFDV FRQWDEOHV HVWDEOHFLGDV SRU OD 6XSHULQWHQGHQFLD GH %DQFRV \ 6HJXURV GHO (FXDGRU ODV FXDOHV GLÀHUHQ G HODV QRUPDV LQWHUQDFLRQDOHV GH LQIRUPDFLyQ ÀQDQFLHUD (VWDV EDVHV GH SUHSDUDFLyQ IXHURQ DGRSWDGDV SDUD DWHQGHU ODV GLVSRVLFLRQHV HPLWLGDV SRU OD 68SHULQWHQGHQFLD GH %DQFRV \ 6HJXURV GHO (FXDGRU SRU HVWD UD]yQ ORV HVWDGRV ÀQDQFLHURV QR GHEHU VHU XVDGRV SDUD RWURV SURSyVLWRV 5HVSRQVDELOLGDG GHO $XGLWRU 1XHVWUD UHVSRQVDELOLGDG HV H[SUHVDU XQD RSLQLyQ VREUH HVWRV HVWDRGV ÀQDQFLHURV EDVDGRV HQ QXHVWUD DXGLWRUtD 1XHVWUD DXGLWRUtD IXH HIHFWXDGD GH DFXHUGR FRQ QRUPDV LQWHUQDFLRQDOHV GH DXGLWRUtD 'LFKDV QRUPDV UHTXLHUHQ TXH FXPSODPRV FRQ UHTXHULPLHQWRV pWLFRV \ SODQLÀTXHPRV \ UHDOLFHPRV OD DXGLWRUtD SDUD REWHQHU FHUWH]D UD]RQDEOH GH VL ORV HVWDGRV ÀQDQFLHURV HVWiQ OLEUHV GH HUURUHV PDWHULDOHV 8QD DXGLWRUtD FRPSUHQGH OD UHDOL]DFLyQ GH SURFHGLPLHQWRV SDUD REWHQHU HYLGHQFLD GH DXGLWRUtD VREUH ORV VDOGRV \ UHYHODFLRQHV SUHVHQWDGDV HQ ORV HVWDGRV ÀQDQFLHURV /RV SURFHGLPLHQWRV VHOHFFLRQDGRV GHSHQGHQ GHO MXLFLR GHO DXGLWRU LQFOX\HQGR OD HYDOXDFLyQ GH ORV ULHVJRV GH HUURU PDWHULDO HQ ORV HVWDGRV ÀQDQFLHURV GHELGR D IUDXGH R HUURU $O HIHFWXDU HVWD HYDOXDFLyQ GH ULHVJR HO DXGLWRU WRPD HQ FRQVLGHUDFLyQ ORV FRQWUROHV LQWHUQRV UHOHYDQWHV SDUD OD SUHSDUDFLyQ \ SUHVHQWDFLyQ UD]RQDEOH GH ORV HVWDGRV ÀQDQFLHURV GHO %DQFR D ÀQ GH GLVHxDU SURFHGLPLHQWRV GH DXGLWRUtD DSURSLDGRV D ODV FLUFXQVWDQFLDV SHUR QR FRQ HO SUSyVLWR GH H[SUHVDU XQD RSLQLyQ VREUH OD HIHFWLYLGDG GHO FRQWURO LQWHUQR GHO %DQFR 8QD DXGLWRUtD WDPELpQ FRPSUHQGH OD HYDOXDFLyQ GH TXH ODV SROtWLFDV FRQWDEOHV XWLOL]DGDV VRQ DSURSLDGDV \ GH TXH ODV HVWLPDFLRQHV FRQWDEOHV KHFKDV SRU OD JHUHQFLD VRQ UD]RQDEOHV DVt FRPR XQD HYDOXDFLyQ GH OD SUHVHQWDFLyQ JHQHUDO GH ORV HVWDGRV ÀQDQFLHURV &RQVLGHUDPRV TXH OD HYLGHQFLD GH DXGLWRUtD TXH KHPRV REWHQLGR HV VXÀFLHQWH \ DSURSLDGD SDUD SURSRUFLRQDU XQD EDVH SDUD QXHVWUD RSLQLyQ GH DXGLWRUtD 2SLQLyQ (Q QXHVWUD RSLQLyQ ORV UHIHULGRV HVWDGRV ÀQDQFLHURV SUHVHQWDQ UD]RQDEOHPHQWH HQ WRGRV ORV DVSHFWRV PDWHULDOHV OD SRVLFLyQ ÀQDQFLHUD GH %DQFR 3UR&UHGLW 6 $ DO GH GLFLHPEUH GH HO UHVXOWDGR GH VXV RSHUDFLRQHV \ VXV ÁXMRV GH FDMD SRU HO DxR WHUPLQDGR HQ HVD IHFKD GH DFXHUGR FRQ QRUPDV \ SUiFWLFDV FRQWDEOHV HVWDEOHFLGDV SRU OD 6XSHULQWHQGHQFLD GH %DQFRV \ 6HJXURV GHO (FXDGRU 5RGROIR -iWLYD /LFHQFLD 1R 4XLWR 0DU]R
&/$5$ &É5'(1$6
&217$'25$ *(1(5$/
$% FO
ŏĀāŏ ŏ ŏ ŏĂĀāā
ŏ +. ŏ
āą
& $) ) #& ')$ & "( " " " #' , ' )&#' "( " " " #" "'( () #" ' " " & '
"( " # # # " " #
& $) ) #& ')$ & "( " " " #'
" #"'# # , #" "' # $) #" 4 )' 0@3.617
(#(
& #" "(& $ (& !#" # ( " # (#( , #' ( *#' , #"( " "( ' $#" & #' $#& & ' # " ) ' # & '
# # # "
=#
! '
# # ' & $ #"
#&!) & #
"( & $#&( "( " # # ! &
# #
' & $ #"
#" #' '$#" '
$-$
(2E5,615 $ .$ 8,56$
(2E5,615 2$4$ (0&$-(
(2E5,615 $ 2.$;1
$0&15 : 164$5 ,056,67&,10(5 ),0$0&,(4$5
( $ 'C$5
)(&615 '( &1%41 ,0/(',$61
# # "(
(#(
#" #&! >" $ (& !#" # (< " # (#(
(/(5$5 (0 64A05,61
"* &' #" '
# #" ' #" $) #
(
$ 'C$5
( $ 'C$5 ( $ 'C$5
$4$ 0(*1&,$4 '( (06,'$'(5 '(. 5(&614 24,8$'1
( /A5 '( 'C$5
,5210,%.(5 2$4$ .$ 8(06$ '(. (56$'1 1 '( (06,'$'(5 '(. 5(&614 2G%.,&1
$06(0,'$5 +$56$ (. 8(0&,/,(061 '(. (56$'1 1 '( (06,'$'(5 '(. 5(&614 24,8$'1
(2E5,615 (564,0*,'15
$ (& !#" # (< " # $& ! & #
> #
' & $ >"
$2,6$. $*$'1
4,/$ (0 &1.1&$&,10 '( $&&,10(5
* #&
(5(48$5 (*$.(5
(5(48$5 (0(4$.(5
(5(48$5 52(&,$.(5 $4$ )7674$5 &$2,6$.,;$&,10(5
6415 2146(5 $64,/10,$.(5
"6,.,'$'(5 1 (9&('(06(5 $&7/7.$'15 5$.'15 $7',6$'15
B4','$5 &7/7.$'$5 5$.'15 $7',6$'15
4B56$/1 57%14',0$'1
2146(5 2$4$ )7674$ &$2,6$.,;$&,E0
! "#'
.758$.C$ /(4&$06,.
(5&7(061 (0 &1.1&$&,E0 '( $&&,10(5
(#( $ (& !#" # (< " # $& ! & #
( ',5210,%,.,'$' 4(564,0*,'$
418,5,E0 2$4$ ,08(45,10(5
&( & & (#'
$46(4$ '( &4B',615 &1/(4&,$. 214 8(0&(4
# #" ' "! ( '
( $ 'C$5
( $ 'C$5
( /A5 '( 'C$5
) "( ' $#& $ &
$46(4$ '( &4B',615 '( &1057/1 214 8(0&(4
( $ 'C$5
( $ 'C$5
( /A5 '( 'C$5
# #" ' " " & '
$46(4$ '( &4B',615 '( 8,8,(0'$ 214 8(0&(4
( $ 'C$5
( $ 'C$5
( /A5 '( 'C$5
#(&#' $ ' *#'
$46(4$ '( &4B',615 2$4$ .$ /,&41(/24(5$ 214 8(0&(4
( $ 'C$5
( $ 'C$5
( /A5 '( 'C$5
$46(4$ '( &4B',615 1/(4&,$. ((5647&674$'$ 214 8(0&(4
$ (& !#" # ( " # ' )" & #
> #
' & $ >"
%.,*$&,10(5 &108(46,%.(5 (0 $&&,10(5
(7'$ 57%14',0$'$ $ 2.$;1
(5(48$5 214 4(8$.14,;$&,E0 '(. 2$64,/10,1
(5(48$5 214 4(57.6$'15 01 12(4$6,8$5
!72(4A8,6 214 8$.7$&,E0(5
"6,.,'$'(5 1 (9&('(06(5 $&7/7.$'15
(5(48$5 (52(&,$.(5
(#( $ ' *#
* #&
$46(4$ '( 4B',615 '( 1057/1 ((5647&674$'$ 214 8(0&(4
B4','$5 $&7/7.$'$5
$46(4$ '( 4B',615 '( #,8,(0'$ ((5647&674$'$ 214 8(0&(4
"6,.,'$' '(. (-(4&,&,1
$46(4$ '( 4(',615 2$4$ .$ ,&41(/24(5$ ((5647&674$'$ 214 #(0&(4
B4','$ '(. (-(4&,&,1
$46(4$ '( &4B',615 &1/(4&,$. 37( 01 '(8(0*$ ,06(4(5(5
$2,6$. 2$*$'1
0*4(515 /(015 $5615
$46(4$ '( &4B',615 '( &1057/1 37( 01 '(8(0*$ ,06(4(5(5
$46(4$ '( &4B',615 '( 8,8,(0'$ 37( 01 '(8(0*$ ,06(4(5(5
! '
$46(4$ '( &4B',615 2$4$ .$ /,&41(/24(5$ 37( 01 '(8(0*$ ,06(4B5
#$.14
418,5,E0 *(0(4$. 2$4$ &$46(4$ '( &4B',615
$46(4$ '( &4B',615 &1/(4&,$. 4((5647&674$'$ 37( 01 '(8(0*$ ,06(4(5(5
$%51.761
$46(4$ '( &4B',615 '( &1057/1 4((5647&674$'$ 37( 01 '(8(0*$ ,06(4(5(5
$46(4$ '( &4B',615 2$4$ .$ /,&41(/24(5$ 4((5647&674$'$ 37( 01 '(8(0*$ ,06(4(5(5
$46(4$ '( &4B',615 &1/(4&,$. 8(0&,'$
$46(4$ '( &4B',615 '( &1057/1 8(0&,'$
$46(4$ '( &4B',615 '( 8,8,(0'$ 8(0&,'$
$46(4$ '( &4B',615 2$4$ .$ /,&41(/24(5$ 8(0&,'15
$46(4$ '( &4B',615 &1/(4&,$. 4((5647&674$'$ 8(0&,'$
$46(4$ '( &4B',615 '( &1057/1 4((5647&674$'$ 8(0&,'$
$46(4$ '( &4B',615 2$4$ .$ /,&41(/24(5$ 4((5647&674$'$ 8(0&,'$
418,5,E0 2$4$ &4B',615 ,0&1%4$%.(5
) "( ' $#& # & &
" ' & - ' ) $#& $ # && " ! & "(
$&#$ ' , %) $#
#(&#' ( *#'
08(45,10(5 (0 $&&,10(5 : 2$46,&,2$&,10(5
64$5 &7(06$5 '( 16415 $&6,815
418,5,E0 2$4$ 16415 $&6,815 ,44(&72(4$%.(5
(#( ( *#
$ ( '#
& ' &* '
(*$.(5 52(&,$.(5 (8$.14,;$&,E0 '(. 2$64,/10,1
& ') ( #'
(),&,(0&,$ '( 2418,5,10(5 $/146,;$&,E0(5 : '(24(&,$&,10(5
B4','$5 $&6,8$'$5 37( )7(410 '(6(&6$'$5 $ 64$8B5 '( 7',614C$5
'( .$ 2412,$ (06,'$' '( .$ !72(4,06(0'(0&,$ '( $0&15 1 '( .$5 $7',614C$5
(96(40$5 : (. 8$.14 '( .15 $7/(0615 '( &$2,6$. 4($.,;$'15 &1064$8,0,(0'1
.$5 ',5215,&,10(5 '(. $46C&7.1 '( .$ 1',),&$&,E0 '( .$ (: (0(4$. '(
056,67&,10(5 '(. !,56(/$ ,0$0&,(41
$*1 '( ',8,'(0'15 $06,&,2$'15
(#( $ (& !#" # (< " # ' )" & #
$ (& !#" # (< " # (#(
(#( $ (& !#" #
! "#'
. &$2,6$. $5,*0$'1 $ 70$ 57&745$. 1 $*(0&,$ (0 (. (96(4,14 15 4(37(4,/,(0615 '( 2$64,/10,1 6B&0,&1 '( .$5 (06,'$'(5 37( '( $&7(4'1 &10 .$5 ',5215,&,10(5 8,*(06(5 $5C .1 4(37,(4$0 '( $&7(4'1 &10 .$ ',5215,5,&,E0 64$05,614,$ . 8$.14 '( 57 2$46,&,2$&,F0 (0 (. &$2,6$. 2$*$'1 /A5 .$5 4(5(48$5 (9&(267$0'1 .$5 2418(0,(06(5 '( 8$.7$&,10(5 '(. $&6,81 (0 70$ ,056,67&,E0 57%5,',$4,$ 1 $),.,$'$ 08(45,10(5 (0 164$5 ,056,67&,10(5 '(. !,56(/$ ,$0$0&,(41 37( .$5 &108,(46$0 (0 57%5,',$4,$ 1 $),.,$'$ '( ',&+$ ,056,67&,E0 15 5$.'15 4(*,564$'15 (0 .$ 57%&7(06$
06,&,21 2$4$ $'37,5,&,E0 '( $&&,10(5 &7$0'1 &144(5210'$ $ ,08(45,10(5 (0 $&&,10(5 $06,&,215 (0 .$ &$2,6$.,;$&,E0 1 &1056,67&,E0 '( &1/2$DC$5 57%5,',$4,$5 1 $),.,$'$5
(#( " & ( *# , '(#'
" +# ) "( ' #& "
& #& '
8$.(5
(#( " & $ ' *# $ (& !#" # " & '#'
) #& '
&6,815 &$56,*$'15
,$0;$5 : *$4$06C$5
4B',615 $241%$'15 01 '(5(/%1.5$'15
& #& '
2(4$&,10(5 2$5,8$5 &10 (/24(5$5 8,0&7.$'$5
(#( ) "( ' #"( " "( '
2(4$&,10(5 $&6,8$5 &10 (/24(5$5 8,0&7.$'$5 64$5 7(06$5 '( 4'(0 (7'14$5
(#( ) "( ' #& "
$ &$46(4$ &1/(4&,$. 8(0&,'$ 5( 4(*,564$ (0 .$ 4(52(&6,8$ &7(06$ $ .15 'C$5 37( (. '1&7/(061 5( 8(0&,E : .15 ,06(4(5(5 : &1/,5,10(5 *$0$'15 : 01 &1%4$'15 5( 4(8(45$0 '( .$5 &7(06$5 '( 4(57.6$'15 $ .15 'C$5 : 5( 4(*,564$0 2$4$ ()(&615 '( &10641. (0 70$ &7(06$ '( 14'(0 $4$ (. &$51 '( &716$5 1 ',8,'(0'15 '( .$ &$46(4$ &1/(4&,$. : '( 8,8,(0'$ 8(0&,'$5 &10 *$4$06C$ +,216(&$4,$ 5( 64$05),(4(0 $ .$ &7(06$ &144(5210',(06( '( 8(0&,'1 $ .15 'C$5 2156(4,14(5 $ .$ )(&+$ '( 8(0&,/,(061 '( .$ 12(4$&,E0 5,0 2(4-7,&,1 '(. &1%41 '( .15 ,06(4(5(5 '( /14$ &144(5210',(06(5 $ &$46(4$ '( &1057/1 5( 4(*,564$4A0 .15 5$.'15 (0 &$46(4$ 8(0&,'$ $ .15 37,0&( '( 5(4 (9,*,%.(5 : .$5 12(4$&,10(5 '( /,&41&4B',61 $ .15 &,0&1 'C$5 15 ,06(4(5(5 : &1/,5,10(5 5( 4(8(45$0 214 01 +$%(4 5,'1 &$0&(.$'15 '(0641 '( .15 'C$5 2156(4,14(5 $ 57 (9,*,%,.,'$' '( 2$*1 5( 4(*,564$4A0 2$4$ ()(&615 '( &10641. (0 .$ 57%&7(06$ '( 14'(0 < 06(4(5(5 (0 5752(051 #(0&,'15 *7$. 241&(',/,(061 5( ()(&67$4A 2$4$ (. 4(8(451 $ .15 'C$5 '( .$5 &716$5 1 ',8,'(0'15 '( .15 &4B',615 '( $/146,;$&,E0 *4$'7$. '( .$ &$46(4$ &1/(4&,$. : '( 8,8,(0'$ $ .15 37,0&( 'C$5 .$ &$46(4$ '( &1057/1 : $ .15 &,0&1 'C$5 (0 .$5 12(4$&,10(5 '( /,&41&4B',61
! "#'
"58.7 8?/42/.7
) #" ' $ (& !#" # ( " # (#(
$ (& !#" # (< " # #"'( () #
( *#' , #"( " "( ' $#" & #' $#& & ' #
&6,815 210'(4$'15 &10
&6,815 210'(4$'15 &10
&6,815 210'(4$'15 &10
&6,815 210'(4$'15 &10
&6,815 210'(4$'15 &10 &6,815 210'(4$'15 &10 &6,815 210'(4$'15 &10 (#( ( *#' , #"( " "( ' $#" & #' $#& & ' #
$#' >" & %) & ! "(# , & >" $ (& !#" # (< " #
9
$ (& !#" # (< " # & %) & #
+ "( # " $ (& !#" # (< " # & %) & #
( *#' (#( ' , #"( " "( ' +
ŏĀāŏŏ ŏ ŏ ŏĂĀāā
ŏ +. ŏ
$% ! # $ ) $ $ ) $ !& 3 &$ .<1+5/6 %
$ # !
0- ! #
# $ $ # $ 5:.8.9.9 = -.9,;.5:69 0*5*-69 6419165.9 0*5*-*9 &:131-*-.9 /15*5,1.8*9 508.969 768 9.8<1,169 # $ $ # $ 5:.8.9.9 ,*;9*-69 6419165.9 ,*;9*-*9 !A8-1-*9 /15*5,1.8*9 # #&% # %# $ # $ $ ) $% $ ! # $ # $ $ ! # $ :869 1508.969 67.8*,165*3.9 # $ $ ! # $ *9:69 -. 67.8*,1B5 :8*9 7A8-1-*9 67.8*,165*3.9 # ! # % $ !# ' $ $ !# ' $ $ !# $ ) #% * $ !86<19165.9 .78.,1*,165.9 468:1>*,165.9 # ! # % # $ $ ) $% $ ! # $ :869 1508.969 :869 0*9:69 = 7A8-1-*9 &% % $ !& $% $ ) ! #% ! $ !*8:1,17*,1B5 :8*+*2*-68.9 $ ! !& $% # % 47;.9:6 * 3* 8.5:* # $& % $ $! $ $% $
# !& & # $&! # % $ ) $ &# $
% %
# & #
!
% ' $ # $ 3 &$ <1+5/6
%
; $ 0-0/2,5/
#% # # % $ % % $ 8 %# $ % ' $ % # $ # $ # # $ ! % % & $ # & ! # % % ' & ' & % % % ' $ # $
%
0-0/2,5/ !# ' $ # "& #
!# ' $ $% %&
( %
' #$ $
! # # % $ $ % # !# ' ! # # $% % $ $ % # !& $! $ ! # ' % $ % # !# ' $! $ ' % $% % $ $ % # !& % $ $% $& ' % $ % # !# ' % $ ' % $% % $ $ % # !& $! # $%# # $ & # $ ' #$ $
% ' #%
% # $ 0-0/2,5/ !# ' $ !# ' $ # "& # $% %&
( %
$ $ # $
# $ # $
! %
#%&# ! %# % ' $
! %# % % ' $ ! # $ ! # # $
! %# $ & # ! %# !# # % ' $ # $ #&% % % # $ #% # # # $ #% # $& # $ #% # ' ' # $ #% # # !# $ !# ' $ $ #% # # % !# & % ' #%&# #% # # #%&# #% # $& #%&# #% # ' ' #%&# #% # # !# $
$%# % '
% ' $ !# & % ' $ ! $ ' $ $%
# $ # *9:69 7.8*,165*3.9 *80.5 15*5,1.86
$% $ ! #$ % ' % % !#
$% $ ! # % ' $ % ' % % !# # % # % ! # % ' $ # % ' # # % $ # ! %# # "& * $ $! $ % % ! $ % $ #% ! ) "& ) & # $! $ $% % @ # $ & $ $&! # % $ ( $ &# $ ( & % # #%&# ( # $ ! $ % % $ #%&# ( # $ ! $ % % $
$ $% $ !# ' $
47+ 5-1,.9 *5;*31>*-69
*(5(17( *(1(5$/ ,QJ /HRQDUGR %XUQHR 0XOOHU
$8',725 ,17(512 'U -RIIUH <DVEHN *
&217$'25$ *(1(5$/ /FGD (QD *XHUUHUR 0RUD 5HJ
āĆ
ŏĀāŏ ŏ ŏ ŏĂĀāā
ŏ +. ŏ
āć
&223(5$7,9$ '( $+2552 < &5(',72 ´3$'5( -8/,$1 /25(17(µ /7'$ #
#
# !
! " # ! " % ! " !
! # 3 2
"! "& &#"! & ,5, 0:J=4>9= :,<, 08.,50 ,8.9= C 9><,= 8=>4>?.4980= 48,8.40<,= 10.>9= /0 .9-<9 4870/4,>9 %070=, 08 '<G8=4>9 "# % "! & !' % ! % & !) %& "! & $,<, 8029.4,< /0 08>4/,/0= /06 =0.>9< :<4@,/9 $,<, 8029.4,< /06 0=>,/9 9 /0 08>4/,/0= /06 =0.>9< :K-64.9 4=:984-60= :,<, 6, @08>, /0 08>4/,/0= /06 =0.>9< :<4@,/9 4=:984-60= :,<, 6, @08>, /06 0=>,/9 9 /0 08>4/,/0= /06 =0.>9< :K-64.9 !,8>084/,= 3,=>, 06 @08.47408>9 /0 08>4/,/0= /06 =0.>9< :<4@,/9 !,8>084/,= 3,=>, 06 @08.47408>9 /06 0=>,/9 9 /0 08>4/,/0= /06 =0.>9< :K-64.9 0 /4=:984-464/,/ <0=><4824/, $<9@4=4J8 :,<, 8@0<=4980= %' % % '" ,<>0<, /0 .<H/4>9 .970<.4,6 :9< @08.0< 0 , /I,= 0 , /I,= 0 7G= /0 /I,= ,<>0<, /0 .<H/4>9 /0 .98=?79 :9< @08.0< 0 , /I,= 0 , /I,= 0 7G= /0 /I,= ,<>0<, /0 .<H/4>9 /0 @4@408/, :9< @08.0< 0 , /I,= 0 , /I,= 0 7G= /0 /I,= ,<>0<, /0 .<H/4>9 :,<, 6, 74.<907:<0=, 0 , /I,= 0 , /I,= 0 7G= /0 /I,= ,<>0<, /0 .<H/4>9 .970<.4,6 <00=><?.>?<,/, :9< @08.0< ,<>0<, /0 .<H/4>9 /0 .98=?79 <00=><?.>?<,/, :9< @08.0< ,<>0<, /0 .<H/4>9 /0 @4@408/, <00=><?.>?<,/, :9< @08.0< ,<>0<, /0 .<H/4>9 :,<, 6, 74.<907:<0=, <00=><?.>?<,/, :9< @08.0< ,<>0<, /0 .<H/4>9 .970<.4,6 ;?0 89 /0@082, 48>0<0=0= ,<>0<, /0 .<H/4>9 /0 .98=?79 ;?0 89 /0@082, 48>0<0=0= ,<>0<, /0 .<H/4>9 /0 @4@408/, ;?0 89 /0@082, 48>0<0=0= ,<>0<, /0 .<H/4>9 :,<, 6, 74.<907:<0=, ;?0 89 /0@082, 48>0<0=0= ,<>0<, /0 .<H/4>9 .970<.4,6 <00=><?.>?<,/, ;?0 89 /0@082, 48>0<0=0= ,<>0<, /0 .<H/4>9 /0 .98=?79 <00=><?.>?<,/, ;?0 89 /0@082, 48>0<0=0= ,<>0<, /0 .<H/4>9 /0 @4@408/, <00=><?.>?<,/, ;?0 89 /0@082, 48>0<0=0= ,<>0<, /0 .<H/4>9 :,<, 6, 74.<907:<0=, <00=><?.>?<,/, ;?0 89 /0@082, 48>0<0=0= ,<>0<, /0 .<H/4>9 .970<.4,6 @08.4/, ,<>0<, /0 .<H/4>9 /0 .98=?79 @08.4/, ,<>0<, /0 .<H/4>9 /0 @4@408/, @08.4/, ,<>0<, /0 .<H/4>9 :,<, 6, 74.<907:<0=, @08.4/, ,<>0<, /0 .<H/4>9 .970<.4,6 <00=><?.>?<,/, @08.4/, ,<>0<, /0 .<H/4>9 /0 .98=?79 <00=><?.>?<,/, @08.4/, ,<>0<, /0 .<H/4>9 /0 @4@408/, <00=><?.>?<,/, @08.4/, ,<>0<, /0 .<H/4>9 :,<, 6, 74.<907:<0=, <00=><?.>?<,/, @08.4/, $<9@4=4J8 :,<, .<H/4>9 48.9-<,-60= ( "% & #"% #' "! ( !' & #"% " % % % # " %% ! % + !" (' , "& #"% !' #%"# & + $( #" "'%"& ' )"& 8@0<=4980= 08 ,..4980= C :,<>4.4:,.4980= #><,= .?08>,= /0 9><9= ,.>4@9= $<9@4=4J8 :,<, 9><9= ,.>4@9= 4<<0.?:0<,-60= '"' ' )" &'"& '"' ! % ' )" + &'"& % "% & @,60= 4,8D,= C ,<,8>I,= ,<>,= /0 <H/4>9 <H/4>9= ,:<9-,/9= 89 /0=07-96=,/9= 97:<974=9= , 1?>?<9= 'I>?69= C /9.?708>9= 074>4/9= :9< 70<.,/0<4,= <0.4-4/,= 97:<,= , 1?>?<9 08 7980/, 8,.498,6 )08>,= , 1?>?<9 08 7980/, 0B><,850<, #-642,.4980= 08 9:.4980= #-642,.480= :9< 9:0<,.4980= =A,: #><,= 9:0<,.4980= , 1?>?<9 #><,= .?08>,= .98>48208>0= ,.<00/9<,= '"' ( !' & "!' ! !' & '"' ( !' & "% !
" "! & "! #( "
0:J=4>9= , 6, @4=>, #:0<,.4980= /0 <0:9<>9
0:J=4>9= , :6,D9 0 /I,=
0 , /I,=
0 , /I,= 0 , /I,=
0 7G= /0 /I,=
0:J=4>9= :9< .9814<7,<
0:J=4>9= 08 2,<,8>I,
0:J=4>9= <0=><4824/9= "# % "! & !' % ! % &
" "! & ! ' &
#' "! & ! % ( "!
( !' & #"% # %
" "! & ! ! % &
) "% & ! % ( "!
" "!) "! & + # ('(% & #
"'%"& # & )"&
'"' # & )"
# ' &" ,:4>,6 :,2,/9
..4980= 08 >0=9<0<I,
:9<>0= /0 =9.49= #% " & ( !'" ! " " "! & "! &
% & %) & 02,60= 080<,60=
=:0.4,60= %0=0<@, :,<, 6, <0,;?4=4.498 /0 ,..4980= :<9:4,=
%0@,69<4D,.4J8 /06 $,><479849
$9< <0=?6>,/9= 89 9:0<,>4@9= "'%"& #"%' & # '% "! & &(# % ) ' #"% ) ( "! & % &( ' "& (>464/,/0= 9 0B.0/08>0= ,.?7?6,/9=
$H</4/,= ,.?7?6,/,= (>464/,/ /06 050<.4.49 $H</4/, /06 050<.4.49
'"' # '% "! "
! % &"& '"' ! % # & )" # '% "! " ! % &"&
! *" ( !' & "% ! ( "% & ),69<0= C -4080= :<9:49= 08 :9/0< /0 >0<.0<9=
.>4@9= :<9:49= 08 :9/0< /0 >0<.0<9= .>4@9= .,=>42,/9= 480,= /0 .<H/4>9 89 ?>464D,/,=
#:0<,.4980= ,.>4@,= .98 07:<0=,= @48.?6,/,= #:0<,.4980= ,.>4@,= .98 08>4/,/0= /06 2<?:9 148,8.40<9
,<>0<, /0 .<0/4>9 08 /07,8/, 5?/4.4,6
8>0<0=0= .974=4980= 0 482<0=9= 08 =?=:08=9 #-642,.4980= B>482?4/,= :9< ,.?0</9= .98.9</,>,<49= #><,= .?08>,= /0 9</08 /0?/9<,= % "% &
),69<0= C -4080= <0.4-4/9= /0 >0<.0<9= #:0<,.4980= :,=4@,= .98 07:<0=,= @48.?6,/,=
#:0<,.4980= :,=4@,= .98 07:<0=,= =?-=4/4,<4,= C ,1464,/,=
0:9=4>9= C 9><,= .,:>,.4980= 89 .?-40<>,= :9< 6,
#><,= .?08>,= /0 9</08 ,.<00/9<,=
$<9@4=4980= 98=>4>?4/,= 0:9=4>9= 9 .,:>,.4980= .98=>4>?4/,=
-0$/ 04&,)&$/
, .,<>0<, .970<.4,6 @08.4/, =0 <024=><, 08 6, < 0=:0.>4@, . ?08>, , 6 9= /I,= ;?0 06 /9.?708>9 =0 @08.4J C 6 9= 48>0<0=0= C .974=4980= 2,8,/9= C 89 .9-<,/9= =0 <0@0<=,8 /0 6,= .?08>,= /0 <0=?6>,/9= , 69= /I,= C =0 <024=><,8 :,<, 010.>9= /0 .98><96 08 ?8, .?08>, /0 9</08 $,<, 06 .,=9 / 0 .?9>,= 9 /4@4/08/9= /0 6, .,<>0<, .970<.4,6 C /0 @4@408/, @08.4/,= .98 2,<,8>I, 34:9>0.,<4, =0 ><,8=140<08 , 6, .?08>, .9<<0=:98/408>0 /0 @08.4/9 , 69= /I,= :9=>0<49<0= , 6, 10.3, /0 @08.47408>9 /0 6, 9:0<,.4J8 =48 :0<5?4.49 /06 .9-<9 /0 69= 48>0<0=0= /0 79<, .9<<0=:98/408>0= , .,<>0<, /0 .98=?79 =0 <024=><,<G8 69= =,6/9= 08 .,<>0<, @08.4/, , 69= ;?48.0 /0 =0< 0B424-60= C 6,= 9:0<,.4980= /0 74.<9.<H/4>9 , 69= .48.9 /4,= 9= 48>0<0=0= C .974=4980= =0 <0@0<=,8 :9< 89 3,-0< =4/9 .,8.06,/9= /08><9 /0 69= /I,= :9=>0<49<0= , =? 0B424-464/,/ /0 :,29 =0 <024=><,<G8 :,<, 010.>9= /0 .98><96 08 6, =?-.?08>, /0 9</08 8>0<0=0= 08 =?=:08=9 )08.4/9= 2?,6 :<9.0/47408>9 =0 010.>?,<G :,<, 06 <0@0<=9 , 69= =0=08>, /I,= /0 6,= .?9>,= 9 /4@4/08/9= /0 69= .<H/4>9= /0 ,79<>4D,.4J8 2<,/?,6 /0 6, .,<>0<, .970<.4,6 C /0 @4@408/, , 69= ;?48.0 /I,= 6, .,<>0<, /0 .98=?79 C , 69= .48.9 /I,= 08 6,= 9:0<,.4980= /0 74.<9.<H/4>9
#
#
# #
! , 5*$.(/ * '( )&)(+%.( '(*
# !
% & # "#%!
!
!
"
% & # $#' "
"'
( #&# % ( #
$ %
'"' ) ( " "# ) ( # '"' ' )"& ! % & "
! ! ! "
$ % " # % &' # # "' & '#% $( #
$ % " # % "' & & '#% $% ) #
&$#" & $ % ) "' & '#% $% ) #
&$#" & $ % ) "' &' # # "' & '#% $( #
! "' " & $ % &( ) " ! "'# & '#% $% ) #
! "' " & $ % &( ) " ! "'# &' # # "' & '#% $( #
&$#" % &'% " '"'
,QJ +XJR $ (VSLQRVD $ *(5(17( *(1(5$/
(FRQ -XVWR /DQFKL 0RQWR\D $8',725 ,17(512
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
/FGD -DQHWK /RMiQ &217$'25$ *(1(5$/ 5HJLVWUR
'"' # '% "! " ' ! " #% % " '"' # '% "! " ' ! " & (! % " # '% "! " ' ! " '"' ( "! & # '% "! " ' ! " '"' # '% "! " ' ! " "!&' '( "
&?50>9 , 6,= <0=><4..4980= /0 6, >0<.0<, /4=:9=4.4J8 ><,8=4>9<4, /0 6, =0..498 ) /06 .,:I>?69 =?->I>?69 ) >I>?69 ) /0 6, 9/414.,.4J8 /0 %0=96?.4980= /0 6, &?:0<48>08/08.4, /0 ,8.9= C &02?<9= C ?8>, ,8.,<4,
.>4@9= :98/0<,/9= .98
.>4@9= :98/0<,/9= .98
.>4@9= :98/0<,/9= .98 .>4@9= :98/0<,/9= .98
.>4@9= :98/0<,/9= .98 .>4@9= :98/0<,/9= .98
'"' ' )"& + "!' ! !' & #"! % "& #"% % & "
! #
# -
# '% "! " ' ! " % $( % " * !' " ! # '% "! " ' ! " % $( % " ' )"& '"' & + "!' ! !' & -
# ' # %'(% $ '% !#" ' )#& $ '% !#" # ' #"& '( # ' )#& * #" ' " "' & $#" % #& $#% % & # $ ' & (" % # $'$% ! % #
' )"& !#%#& %(' '#' !#%#& %' % #! % !#%#& %' % #"&(!# !#%#& %' % ) ) " !#%#& %' % ! %# !$% & $%#) & #" & %' % % '# !$%# ( ' ) # %'(% %' % #! % # %'(% %' % #"&(!# # %'(% %' % ) ) " # %'(% %' % ! %# !$% &
! " ! &'% ' )" ' )#& $%# ( ' )#& $ & )#& #" #&'# % # &#% #" &'#& #$ % #" & ! % " " " %# &'#& $ %&#" ' )# '#' $%#! # &'#& #$ % ' )#& ' )# '#' $%#! #
% !' % " ! "'# #$ % ' )# &# % ' )# %# % " ! "'# &# % $ '% !#" # %# $( , #" #& &$#" & '#' $#& '#& #%'# $ +# # %'(% ! *#% & $#& ' "' & # %'(%
! *#% & $#& ' "' &
,')&( )&
#ð #)-ŋĒ -*)($ ēŋ * , ŋ&#'*# ,ŋ &ŋ #, ŋ
Ŋ2.+4!(¢-Ŋ#23 Ĺ 1~ Ŋ#-Ŋ4- Ŋ5 1(#Ĺ " "Ŋ"#Ŋ!#1;,(! Ŋ !.+.! " Ŋ#-ŊŊ+ 2Ŋ !.-2314!!(.-#2ē
Ä Â˘,.ĹŠ$4-!(.- Ä&#x;
I[]‘d iki Yh[WZeh[i" [ijW ie# bkY_ÂŒd j[YdebÂŒ]_YW ikh]_ÂŒ fWhW Whh[]bWh kd fheXb[cW0 bWi Y_kZW# Z[i [khef[Wi [ij|d ieXh[fWiWd# Ze [b b‡c_j[ jeb[hWXb[ Z[ ]Wi[i YedjWc_dWdj[i [d bW WjcÂŒi\[hW$ ÆBe _Z[Wb i[h‡W Z[`Wh Z[ [c_# j_h ]Wi[i Z[ [\[Yje _dl[hdWZ[he kiWdZe YecXkij_Xb[i gk[ de YedjWc_d[d" f[he c_[djhWi i_# ]Wcei YedjWc_dWdZe ^WXh| gk[ XkiYWh Wb]e gk[ b_cf_[" Wi‡ gk[ [ijW j[Ydebe]‡W fk[Z[ WokZWh W ikXiWdWh [b ZW‹e gk[ ^WY[ceiÇ"
Ä Äˆ
Ĺ? Ä€Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. ÄŒĹ?
#'/& (ŋ # (. ŋ (/ & , } Ŋ Ŋ ĔŊ Ŋě 7Yj_l_ijWi Z[
=h[[df[WY[ i_ckbWhed [ijW i[# cWdW kd WYY_Z[dj[ dkYb[Wh [d H‡e Z[ @Wd[_he Wb [ifWhY_h kd ]Wi dWhWd`W de jÂŒn_Ye \h[dj[ W bW i[Z[ Z[b 8WdYe DWY_edWb Z[ :[iWhhe# bbe ;YedÂŒc_Ye o IeY_Wb 8dZ[i fWhW Z[dkdY_Wh [b Wfeoe [YedÂŒ# c_Ye gk[ bW _dij_jkY_ÂŒd fh[ijW W [ij[ j_fe Z[ [d[h]‡W [d 8hWi_b$ Æ;d 8hWi_b [n_ij[d \WYjeh[i Z[ h_[i]e fehgk[ bWi Y[djhWb[i dk# Yb[Wh[i Z[b fW‡i [ij|d Yedijhk_# ZWi [d |h[Wi cko i[di_Xb[i" Z[d# iWc[dj[ feXbWZWi o Yed h_[i]ei Z[ Z[ib_pWc_[djei Z[ j_[hhWÇ" Z_`e H_YWhZe 8W_j[be" YeehZ_dWZeh Z[ YWcfW‹W Z[ =h[[df[WY[ YedjhW bW [d[h]‡W dkYb[Wh$
ĹŠÄ› Âľ9ÂŒce b_cf_Wh [b ice] Z[
bWi Y_kZWZ[i5 Kd [gk_fe Z[ Y_[d# j‡ÒYei [ifW‹eb[i Z_Y[ j[d[h kdW iebkY_ÂŒd0 Yedl[hj_h W bei [Z_Ă’# Y_ei [d Ăˆ[ifed`WiÉ gk[ WXiehXWd bW YedjWc_dWY_ÂŒd$ BW \ehcW Z[ be]hWhbe" Z_Y[d" [i c[Z_Wdj[ [b kie Z[ kdW ÆY[h|# c_YW gk[ fkh_Ă’YW [b W_h[Ç$ ;ij| Yecfk[ijW feh kdW iki# jWdY_W bbWcWZW E<<DEn" Yh[WZW feh kd [gk_fe Z[ _d][d_[hei Z[b ?dij_jkje Z[ J[Ydebe]‡W Gk‡c_YW Z[ bW Kd_l[hi_ZWZ Feb_jƒYd_YW Z[ LWb[dY_W$ E<<DEn \kdY_edW ][d[hWd# Ze kdW h[WYY_ÂŒd gk‡c_YW Yed bei ]Wi[i gk[ [ij|d fh[i[dj[i [d bW WjcÂŒi\[hW$ :[ \ehcW dWjkhWb" bWi fbWdjWi ^Wh‡Wd [b jhWXW`e Z[ jhWdi\ehcWh [b Z_ÂŒn_Ze Z[ YWhXede 9E( o ejhei ]Wi[i Z[ bW WjcÂŒi\[hW$ ÆDk[ijhe cWj[h_Wb [i kd c‡c_Ye Z[ kdW fbWdjWÇ" [nfb_YW [b fhe\[# ieh >[hc[d[]_bZe =WhY‡W$ ÆBW _Z[W [i Yedl[hj_h W bei [Z_Ă’Y_ei [d |hXeb[i o W bWi Y_k# ZWZ[i [d Xeigk[iÇ" W]h[]W [b Y_[dj‡ÒYe$
4#ĹŠ-.ĹŠ2#ĹŠ1#/(3
ēŊ .2ĹŠ#"(ă!(.2ĹŠ$4-!(.- 1~ -ĹŠ!.,.ĹŠ;1 .+#2ĹŠ04#ĹŠ 2.1 -ĹŠ#+ĹŠ2,.%Ä“
[nfb_YW =WhY‡W$ ;b E<<DEn [i kd i[c_# YedZkYjeh gk[ jhWdi\ehcW bW [d[h]‡W Z[ bW bkp iebWh e bei \ejed[i [d kdW [d[h]‡W gk‡c_YW$ Bei ÂŒn_Zei Z[ d_jhÂŒ][de gk[ [ij|d [d bW WjcÂŒi\[hW" #o gk[ ZW‹Wd Wb c[Z_e WcX_[dj[ o ied deY_lei W bW iWbkZ# ied jhWdi\ehcWZei [d d_jhWje" gk[ [i _de\[di_le$ BW ikijWdY_W i[ fk[Z[ W‹W# Z_h W cWj[h_Wb[i fWhW bW Yedi# jhkYY_ÂŒd Z[ [Z_Ă’YWY_ed[i Yed Y[h|c_YW e f_djkhWi WYh‡b_YWi o Z[ [nj[h_eh" o Wb i[h [nfk[i# jei W bW bkp iebWh Yec_[dpW bW h[WYY_ÂŒd gk‡c_YW o i[ lW jhWdi\ehcWdZe [b Z_ÂŒn_Ze Z[ d_jhÂŒ][de$
(,/( 1ĹŠ#+ĹŠ (1#ĹŠ Ĺ—ĹŠĹŠ 4-04#ĹŠ+.2ĹŠ#7/#13.2ĹŠ ĂŒ-ĹŠ-.ĹŠ' -ĹŠ/1. ".ĹŠ#+ĹŠ, 3#1( +ĹŠ#-ĹŠ4- ĹŠ 3,¢2$#1 ĹŠ (#13 ĔŊ ' -ĹŠ+.%1 ".ĹŠ"#,.231 1ĹŠ04#ĹŠ$4-!(.- ĹŠ ĹŠ-(5#+ĹŠ"#ĹŠ+ .1 3.1(.Ä“ -ĹŠ#+ĹŠ #-31.ĹŠ 3,.2$_1(!.ĹŠ"#ĹŠ +#-!( ĹŠ2(,4+ 1.-ĹŠ+ ĹŠ 3,¢2$#1 ĹŠ!.-ĹŠ% 2#2ĹŠ!.-3 ,(Äą - -3#2ĹŠ#-ĹŠ! -3(" "#2ĹŠ2(,(+ 1#2ĹŠ ĹŠ+ 2ĹŠ04#ĹŠ' 1~ ĹŠ#-ĹŠ4- ĹŠ%1 -ĹŠ!(4" "Ä“ +ĹŠ#7/.-#1ĹŠ#+ĹŠ, 3#1( +ĹŠ ĹŠ+ ĹŠ+49ĹŠ2.+ 1ĔŊ42 -".ĹŠ3_!-(! 2ĹŠ#2/#!31.2!¢/(! 2ĹŠ/ 1 ĹŠ"#3#1Äą ,(- 1ĹŠ+ ĹŠ!.,/.2(!(¢-ĹŠ 3,.2$_1(! ĔŊ/4"(#1.-ĹŠ"#,.231 1ĹŠ04#ĹŠ+ ĹŠ! -3(" "ĹŠ"#Ŋ¢7(".ĹŠ"#ĹŠ -(31¢%#-.ĹŠ5 ĹŠ"(2,(-48#-".ĹŠ8ĹŠ+ ĹŠ!.-!#-31 !(¢-ĹŠ ) ĹŠ ĹŠ-(5#+#2ĹŠ! 2(ĹŠ"#2/1#!( +#2Ä“
BW fhej[ijW i[ Z[iWhhebbÂŒ feh bei (+ W‹ei Z[ bW YWj|ijhe\[ Z[ 9^[h# dÂŒX_b KYhWd_W " Yedi_Z[hWZe Yece [b WYY_Z[dj[ dkYb[Wh c|i ]hWl[i Z[b ckdZe o kde Z[ bei cWoeh[i Z[iWijh[i c[Z_eWc# X_[djWb[i Z[ bW ^_ijeh_W$ 8W_j[be WZl_hj_ÂŒ gk[ 8hWi_b fk[Z[ [d\h[djWh kd WYY_Z[dj[ i_c_bWh Wb eYkhh_Ze [d 9^[hdÂŒX_b [d '/., fehgk[ [n_ij[d Z_Ă’Ykb# jWZ[i fWhW WbcWY[dWh bei Z[i[# Y^ei hWZ_WYj_lei ][d[hWZei feh bWi Y[djhWb[i dkYb[Wh[i Z[b fW‡i$ ÆJ[dZh[cei fheXb[cWi fWhW [lWYkWh W bW feXbWY_ÂŒd [d YWie Z[ gk[ i[ eh_]_d[ kd WYY_Z[dj[$ De [ijWcei fh[fWhWZei fWhW [ije" Wb YedjhWh_e Z[ be gk[ WĂ’hcWd bWi Wk# jeh_ZWZ[iÇ" W‹WZ_ÂŒ [b WYj_l_ijW$
Ä Ä‰
Ĺ? Ä€Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. ÄŒĹ?
ÂĄ
ÄŠĹ‹
?% D8I:<CF D<A@8 I% _d\a`X7cX_fiX%Zfd%\Z
&$/&8/$5 (/ 35(&,2 '( $/*2 (63(&,( '( %Ă”)$/2 3,*0(2
,*8$/'$' (1 /$ 683(5),&,( &5(0$ '( /$ /(&+(
%58f,5
1(*$&,Ă?1
6ĂŒ0%2/2 '(
6ĂŒ0%2/2 '( 'e6327$
$/7$5
48ĂŒ0,&2 '( 6ĂŒ0%2/2 1( +(50$12 '( $%(/
3$'(&,0,(172
ĹŠĹŠ
3(5)80( '(/,&$'2 )/27$ (6&8$'5$
685*,5 1$&(5
&85$5
6ĂŒ0%2/2 '( /,7,2
626$
&,8'$' '( (( 88
6ĂŒ0%2/2 '( &2%$/72
&$16$'$
5$0$-(
)85,$
6ĂŒ0%2/2 '(
$68172 ',63(56$
6ĂŒ0%2/2 '(
$5*2//$
&2/0$5
92= '( $558//2
62',2
+(1&+,5
'20,1$5 '20(67,&$5
+(50$1$ '( 0$0É 7(50,1$&,�1
ĹŠĹŠ
5(/$7,92 $ /$
9(5%$/
%2&$
75$03$ 7$5($ 75$%$-2
32/ĂŒ7,&2 &+,12 $/,6$5 /,-$5
75(,17$ 'ĂŒ$6
3(48(f$
62/,7$5,$
(6&5,725
3257(5ĂŒ$
0(;,&$12
),/75$5
352%$5 &$5&$-($5 ',/89,2 6ĂŒ0%2/2 '( 7$17$/,2
$
5ĂŒ2 '( $/(0$1,$ 812 (1
%(%(5
3$75,$5&$ '(/
3 & , (
,1*/e6
5(/,*,26$
&2*(5 $6,5 &219,&72
&$03e21
$
1
$
&
$
/
6ĂŒ0%2/2 '( $/80,1,2 +8(62 '( /$
$ 6ĂŒ0%2/2 '(
,
*
$
ĹŠ ." ĹŠ"#ĹŠ ,(ĹŠ,#).1ĹŠ ,(%.
$3$6,*8$5 $3/$&$5
&,(/2 5$6*Ă?1 '(6*$55Ă?1
ĹŠ Ä”ĹŠÄˆÄ?ĖĊć
5
&
&$/0$
'( ,7$/,$
$ ',26 (/ (/ ,6/$0 +$%7$5
1
5ĂŒ2 '( )5$1&,$
3
^ ĹŠ
6ROXFLyQ DQWHULRU
$&75,= '( /$ 7(/(129(/$ /$ )($ 0É6
$1725&+$
&219,&7$
&$'(5$
&
* %8/72 6Â?,0%2/2 '( <2'2
, &,8'$' '( &2/20%,$
( '
2
,
/
,
&$5&$-($5
1
$
2
5
$
5
086,&$/ (67$'2 '( (8523$
3$72
0
1 (67$'2 &217,1(17(
, (
1 $57ĂŒ&8/2
(
5(/,*,26$
7
5
(
1
6
$
2
1
$
6,*12 0$7(0É7,&2 5ĂŒ2 '( ,7$/,$
3
$ 5 & $ &(/(%5,'$'(6 8I:8E><CF :FI<CC@ (-,* $ (.(* :FDGFJ@KFI @K8C@8EF# 8LKFI ;< :FE:<IK@ >IFJJ@ P F9I8J ;< :Ă?D8I8% LEF ;< CFJ :I<8;FI<J ;< C8 <J:L<C8 M@FC@EĂ JK@:8
5
78/&É1
8
2
&
0 6(*81'$ 127$
$
/2&202725$
,
5
3$6,21(6
$
/
&$5%212
/ $&725 '( /$ 7(/(129(/$ 7,(55$ '(
9,9,(1'$ '(/ (648,0$/
812 (1 ,1*/e6
2
1(8752
(67$'2 '( %5$6,/
,
6 0(0%5$1$ &,5 &8/$5 '(/ 2-2 +(0%5$ '(/ /252
$
(
5
/
2
$
/
/ +8(/*$ $3Ă?&23( '( 6$172
2 6 2 3/$17ĂŒ*5$'2
$
/
$/7$5
$57ĂŒ&8/2 )(0(1,12 6ĂŒ0%2/2 '( /,7,2
2 $&&,Ă?1 '( 9(/$5
6ĂŒ0%2/2 '( <2'2
, 0(6 '(/ $f2 6ĂŒ0%2/2 '( %$5,2
&
3
$
/
1
$6,'(52
5
2
1
5(32//2
6
$
3
,
&
(
,
=
$57( '( 3(6&$
1
$
3
%
$
$
$
$
,1*/e6
$
(0%$5&$&,Ă?1 '(/ ',/89,2 *$162
6
$
3/80$ (1
5
$
$
9
1
$
1
*5$1'(
5
(
(
12%(/,2
,1*/e6
3
/
2
1
$1Ă?1,0$
$
$ /21*,78' &,8'$' '( 580$1,$
1 6ĂŒ0%2/2 '(
62&,('$'
5 0(','$ '(
$
$3Ă?&23( '(
&$552 (1
$
',0,1872
5
/,&25
/,67$
7 5ĂŒ2 '(/ (&8$'25 $3Ă?&23( '( 7$172
(/2*,$5 *52685$ '( 81 $1,0$/
1
5
,
&
5
,
$
3$&$ 0$0ĂŒ)( 52 52('25 (0$1$&,Ă?1
*
$
6
5 5,=20$ 25,*(1
$/,6$5 /,-$5
'(/7$
2 /
'
$ &5(&,'$ 12 68$9( $/ 7$&72
,
92= '( $558//2
6
$ 6ĂŒ0%2/2 '( 52(17*(1
)85,$
' 6,59,(17$ '20e67,&$ 3(f$6&2
3,e/$*2
5
5
2
/ ( *5$1 (;7(1 6,Ă?1 '( $5(1$ 5ĂŒ2 '( &2/20%,$
$
7 5 $ 7 2 3,//2 58,1 92= '( $558//2
$
&
2
0
$
5
ÄŠĹ‹
}
4%.ĹŠ +$5_ĸĈđÄ?Ä‰ÄąÄˆÄ’Ä?ćĚ
ĹŠKde Z[ bei cWoeh[i Yecfe# Ĺ—ĹŠ i_jeh[i ik[Yei o h[fh[i[djWdj[ Z[b hecWdj_Y_ice [d \ehcWje WYWZƒc_Ye" dWY[ kd Z‡W Yece ^eo$ I[ Z[i[dlebl_ÂŒ Yece Z_h[Yjeh Z[ ehgk[ijW o l_eb_d_i# jW" WZ[c|i Z[ _dYkhi_edWh [d bW f_djkhW o bW [iYh_jkhW$ ;djh[ ik eXhW fh_cWd Yecfei_Y_ed[i fWhW f_Wde" c‘i_YW Z[ Y|cWhW" eX[hjkhWi" cWhY^Wi" YWdjWjWi fWhW iebe" Yehe o ehgk[ijWi$ ?ddelWZeh" kj_b_pÂŒ [b \ebYbeh[ Z[ ik fW‡i _djheZkY_[dZe [d iki hWfieZ_Wi j[cWi Z[ ZWdpW j‡f_YWc[dj[ ik[YWi$
-ĹŠ%#-ĹŠ++#5 ĹŠ ĹŠ+ ĹŠ"#/1#2(¢fh[i[djW bW fei_X_b_ZWZ Z[ feZ[h Z[iWhhebbWh [d [b \kjkhe dk[lei jhWjWc_[djei c|i [\[Yj_lei fWhW [ijW [d\[hc[ZWZ Z_iYWfWY_jWdj[$ 7kdgk[ i[ iWX[ gk[ bW Z[# fh[i_ÂŒd [i YWkiWZW feh kdW YecX_dWY_ÂŒd Z[ h_[i]ei Wc# X_[djWb[i o ][dƒj_Yei" ^WijW W^ehW ^W i_Ze cko Z_\‡Y_b fWhW bei Y_[dj‡\_Yei _Z[dj_\_YWh bei \WYjeh[i ][dƒj_Yei$ BW ZeYjehW ;b_pWX[j^ 8_dZ[h o ik [gk_fe bb[lWhed W YWXe kd Wd|b_i_i Z[b cWj[h_Wb ][dƒj_Ye Z[ fWY_[dj[i Z_W]deij_YWZei Yed Z[#
ĸ, 8.ĹŠÄ‰ÄˆĹŠÄąĹŠ)4-(.ĹŠÄ‰ÄˆÄš #/#-3(-.2ĹŠ! , (.2ĹŠ#-ĹŠ#+ĹŠ31 ).ĹŠ.ĹŠ/1.$#Äą 2(¢-ēŊ -3#-% ĹŠ+ ĹŠ. )#3(5(" "ēŊ .13(ă04#ĹŠ + ĹŠ1#+ !(¢-ĹŠ!.-ĹŠ242ĹŠ/ "1#2ēŊ !#/3#ĹŠ+ 2ĹŠ +#!!(.-#2ēŊ Ä–ĹŠ -ĹŠ'., 1#ĹŠ"#ĹŠ #7/#1(#-!( ĹŠ2 #ĹŠ,;2ĹŠ04#ĹŠ4-ĹŠ "(5(-.Ä“
: ĹŠĹŠ
ĸ)4-(.ŊĉĉŊĹŊ)4+(.ŊĉĉĚ - +(!#ĹŠ3." ĹŠ24ĹŠ#-#1%~ ĹŠ8ĹŠ"(1~) + ĹŠ ĹŠ 42! 1ĹŠ"#-31.ĹŠ"#ĹŠ2~ĹŠ+.ĹŠ04#ĹŠ-#!#2(3 ēŊŊ (ÄƒÄą !4+3 "#2ĹŠ#-ĹŠ5( )#2ĹŠ+ 1%.2ĹŠ'.8ēŊ Ä–ĹŠ 42! -".ĹŠ#+ĹŠ (#-ĹŠ"#ĹŠ-4#231.2ĹŠ2#,#) -3#2ĹŠ #-!.-31 ,.2ĹŠ#+ĹŠ-4#231.Ä“
ĹŠĹŠ
: ĹŠ }
ĹŠ ěŊ 9_[dj‡\_Yei [d 7b[cWd_W _Z[dj_\_YWhed kd ][d" bbWcWZe IB9,7'+" gk[ fheleYW YWcX_ei [d [b Y[h[Xhe o ^WY[ W bei _dZ_l_# Zkei c|i ikiY[fj_Xb[i W bW Z[# fh[i_ÂŒd i[l[hW$ JWb Yece i[‹WbWd bei _dl[i# j_]WZeh[i" jWcX_ƒd be]hWhed eXi[hlWh feh fh_c[hW l[p YWc# X_ei Ă’i_ebÂŒ]_Yei [d [b Y[h[Xhe YkWdZe kdW f[hiedW ik\h[ [ijW [d\[hc[ZWZ$ ;b ^WbbWp]e" i[]‘d bei _dl[ij_# ]WZeh[i Z[b ?dij_jkje Z[ Fi_gk_W# jh‡W CWn FbWdYa" [d Ckd_Y^"
ĸ 1(+ŊĉćŊĹŊ, 8.ŊĉćĚ 42Ŋ/1.8#!3.2Ŋ/4#"#-Ŋ1#31 2 12#ĔŊ3#-% Ŋ / !(#-!( ēŊ 1.!41#Ŋ4- Ŋ!.,4-(! !(¢-Ŋ ,;2Ŋ24 5#Ŋ8Ŋ 1,.-(.2 Ŋ!.-Ŋ242Ŋ ,(%.2ēŊŊ ĖŊ 2Ŋ$;!(+Ŋ!.-.!#1Ŋ#+Ŋ (#-ēŊ .Ŋ "($~!(+Ŋ#2Ŋ31 -2$.1, 1+.Ŋ#-Ŋ'#!'.2ē Ŋ
(0%867(
%(//$
Ĺ—ĹŠĹŠ
ĸ, 19.ĹŠÄ‰ÄˆĹŠÄąĹŠ 1(+ĹŠÄˆÄ’Äš 1.!41#ĹŠ!.-31.+ 1ĹŠ24ĹŠ(,/4+2(5(" "ēŊ 4204#ĹŠ #+ĹŠ!.-3 !3.ĹŠ!.-ĹŠ+ ĹŠ- 341 +#9 ēŊ #"(3#ĹŠ8ĹŠ !.-$~#ĹŠ#-ĹŠ242ĹŠ! / !(" "#2ēŊ +ĹŠ_7(3.ĹŠ"#/#-Äą "#ĹŠ"#ĹŠ24ĹŠ#2$4#19.ĹŠ#-ĹŠ+.%1 1+.ēŊ Ä–ĹŠ
2ĹŠ!.-5(!!(.-#2ĹŠ2.-ĹŠ#-#,(%.2ĹŠ"#ĹŠ+ ĹŠ 5#1" "Ä“
027,92
7($)5,&$12
&$5%212
ĹŠĹŠ
3$&72 $-867(
6ĂŒ0%2/2 '( <2'2 (67$'2 125
3$6$5
KdW Yh‡j_YW Z[ h[ijWkhWdj[i Z[ D[m Oeha i[ [dj[hW gk[ ik Wc_]e Z[ jeZW bW l_ZW i[ ^W Yecfhec[j_Ze [d cWjh_# ced_e$ 7cXei ^WX‡Wd ^[Y^e" fh[l_Wc[dj[" [b Yecfhec_ie Z[ YWiWhi[ Yed [b ejhe Wb Ykc# fb_h bei (. W‹ei Z[ [ZWZ i_ [i gk[ WcXei i[]k‡Wd iebj[hei$ F[he [ijW XhecW [hW jecWZW Z[cWi_WZe [d i[h_e feh bW Yh‡# j_YW" gk_[d" i[Yh[jWc[dj[ [ijW# XW [if[hWdZe gk[ ikY[Z_[hW$ BW Y_djW \k[ Z_h_]_ZW feh F$ @$ >e]Wd o fhejW]ed_pWZW feh @kb_W HeX[hji" 9Wc[hed :_Wp" o HWY^[b =h_Üj^i$
)Ă?6)252
1257($0e5,&$ 5ĂŒ2 '(/ (&8$'25
/8=
ĹŠKdW i[h_[ Z[ Z_Xk`ei Ĺ—ĹŠ Wd_cWZei" Yh[WZW feh CWjj
6ĂŒ0%2/2 '(
(67$'2 '(
%$f$'2 '(
Ä”ĹŠÄˆÄ?Ä–ÄŽÄŽ
ĸ$# 1#1.ŊĉćŊĹŊ, 19.ŊĉćĚŊ 4#13#Ŋ"#2#.Ŋ"#Ŋ+( #13 "ēŊŊ #"(3#ĔŊ "#2! -2#Ŋ8Ŋ1#+;)#2#ēŊ .-31.+#Ŋ24Ŋ! 1;!3#1Ŋ (,/4+2(5.Ŋ#Ŋ(-3.+#1 -3#ēŊ 5(3#Ŋ!.-Ą(!3.2Ŋ #-Ŋ24Ŋ'.% 1ēŊ ĖŊ Ŋ +#%1~ Ŋ"#Ŋ5#1Ŋ 8Ŋ#-3#-"#1Ŋ#2Ŋ#+Ŋ,;2Ŋ/#1$#!3.Ŋ".-Ŋ"#Ŋ+ Ŋ - 341 +#9 ē
',(= &(17(1$6
21'$
3/$1$
=he[d_d]" [b Yh[WZeh Z[ Bei I_cfied$ BW i[h_[ i_]k[ bWi Wl[djkhWi Z[ kd h[fWhj_Zeh Z[ f_ppW" F^_b_f @$ <ho" gk[ [b )' Z[ Z_Y_[cXh[ Z[ '/// YW[ feh YWikWb_ZWZ [d kdW Y|fikbW Yh_e]ƒd_YW o Z[if_[hjW c_b W‹ei Z[ifkƒi [d kd ckdZe jejWbc[dj[ Z_\[h[dj[ f[he gk[ i[ WYefbW W bW f[h\[YY_Œd W bei ]kijei Z[b `el[d Z[b i_]be NN?$
ĸ#-#1.ŊĉćŊĹŊ$# 1#1.ĹŠÄˆÄ’Äš - -!( 2ĹŠ.ĹŠ/_1"(" 2ĹŠ(-#2/#1 " 2ēŊ .ĹŠ 1# +(!#ĹŠ% 23.2ĹŠ(--#!#2 1(.2ēŊ 4204#ĹŠ+.2ĹŠ 5#1" "#1.2ĹŠ5 +.1#2ĹŠ"#-31.ĹŠ"#ĹŠ "ēŊ8ĹŠ+.2ĹŠ"#Äą ,;2ēŊ Ä–ĹŠ ĹŠ/ 9ĹŠ,#-3 +ĹŠ!.-"4!#ĹŠ ĹŠ+ ĹŠ2#1#-(" "ĹŠ"#+ĹŠ +, Ä“
&$&,48(
&,8'$' '( %5$6,/ (1)(50('$'
4341 ,
ĹŠĹŠ
%5202
*5$02
(19$6( 7$&+$ (;75$f$ 3$5(-$
Ä !(¢Ŋ4-ĹŠ"~ ĹŠ!.,.ĹŠ'.8Ä&#x;
"ēŊ#2ĹŠ4- ĹŠ/#12.- ĹŠ04#ĹŠ , ĹŠ+ ĹŠ 1,.-~ ĹŠ8ĹŠ + ĹŠ #++#9 ĹŠ#-ĹŠ3." 2ĹŠ242ĹŠ$.1, 2ēŊ #ĹŠ%423 ĹŠ+ ĹŠ 5(" ĹŠ'.+% " ĹŠ8ĹŠ!¢,." ĹŠ/.1ĹŠ+.ĹŠ04#ĹŠ31 ) ĹŠ 1"4 ,#-3#ĹŠ/ 1 ĹŠ!.-2#%4(1+ ēŊ 2ĹŠ,48ĹŠÄƒ#+ĹŠ 8ĹŠ2(-!#1.ĹŠ#-ĹŠ#+ĹŠ ,.1ĹŠ+.ĹŠ!4 +ĹŠ' !#ĹŠ"#ĹŠ423#"ĹŠ 4- ĹŠ 4#- ĹŠ/ 1#) ĹŠ2#-3(,#-3 +ēŊ
$&75,= '( /$ 3(/ĂŒ&8/$ 5(35(66,216
$&725 '( /$ 3(/ĂŒ&8/$ &$6,12 52<$/(
ĸ)4+(.ŊĉĊŊĹŊ %.23.ŊĉĉĚŊ 1 -2,43#Ŋ24ŊŊ3#-2(¢-Ŋ#Ŋ(11(3 (+(" "Ŋ#-Ŋ +%.Ŋ/.2(3(5.ĔŊ1#+ );-".2#Ŋ8Ŋ/1.!41 -".ŊŊ+ Ŋ ! +, ēŊ +% Ŋ Ŋ! ,(- 1Ŋ8Ŋ' % Ŋ#)#1!(!(.2Ŋ "#Ŋ1#2/(1 !(¢-ēŊ ĖŊ (Ŋ24$1#2Ŋ (-)423(!( 2Ŋ!.-24_+ 3#ĔŊ/.104#Ŋ+ Ŋ"#2%1 !( Ŋ #2Ŋ!.,#3#1+ 2ē
ĹŠĹŠ
ĸ %.23.ŊĉĊŊĹŊ2#/3(#, 1#ŊĉĉĚ 4#13#Ŋ"#2#.Ŋ"#Ŋ(-"#/#-"#-!( ĔŊ"41 -3#Ŋ 4-Ŋ3(#,/.Ŋ-.Ŋ3.,#Ŋ"#!(2(.-#2Ŋ(,/.1Ĺ 3 -3#2Ŋ2. 1#Ŋ24Ŋ, 31(,.-(.ēŊ 4204#Ŋ#+Ŋ (#-#23 1Ŋ"#Ŋ24Ŋ/ 1#) ēŊ ĖŊ +Ŋ ,.1Ŋ"# #Ŋ2#1Ŋ24Ŋ-.1, Ŋ24/1#, ē
ĹŠĹŠ
ĸ2#/3(#, 1#ŊĉĊŊĹŊ.!34 1#ŊĉĉĚ -ĹŠ"~ ĹŠ/ 1 ĹŠ!4(" 1ĹŠ+ ĹŠ2 +4"ĔŊ!.-31.+ -".ĹŠ 242ĹŠ#,.!(.-#2ēŊ # +(!#ĹŠ !3(5(" "#2ĹŠ04#ĹŠ+.ĹŠ ,.3(5#-ĹŠ8ĹŠ$.13(ă04#-ēŊ Ä–ĹŠ ĹŠ5(" ĹŠ #2ĹŠ4- ĹŠ+#8#-" Ä–ĹŠ+.ĹŠ(,/.13 -3#ĹŠ#2ĹŠ04#ĹŠ#23_ĹŠ (#-ĹŠ- 11 " ēŊŊ
ĹŠĹŠ
ĸ.!34 1#ŊĉĊŊĹŊ-.5(#, 1#ĹŠÄ‰ÄˆÄšĹŠ 1_23#+#2ĹŠ 3#-!(¢-ĹŠ ĹŠ242ĹŠ'().2ĔŊ#2!ĂŒ!'#+.2ēŊ # +(!#-ĹŠ"#/.13#2ĹŠ)4-3.2ēŊ 23.2ĹŠ 42! 1;-ĹŠ , 8.1ĹŠ+( #13 "ĔŊ /1#-" ĹŠ ĹŠ !#/3 1+.2ēŊ Ä–ĹŠ #ĹŠ#-!4#-31 ĹŠ ĹŠ (.2ĹŠ"#31;2ĹŠ "#ĹŠ! " ĹŠ/4#13 ĹŠ04#ĹŠ+ ĹŠ!(#-!( ĹŠ 1#Ä“
ĹŠĹŠ
fh[i_ÂŒd o Z[ kd ]hkfe Z[ fWY_[d# j[i iWdei$ :[iYkXh_[hed ÆZ_\[h[dY_Wi _cfehjWdj[iÇ [d [b 7:D Z[ Wc# Xei ]hkfei [d kdW h[]_ÂŒd fWhj_# YkbWh Z[b YheceiecW '($ O [ijWi lWh_WY_ed[i" Z_Y[d bei Y_[dj‡ÒYei" ÆYbWhWc[dj[ i[ fh[i[djWXWd [d [b Yedj[nje Z[ bW Z[fh[i_ÂŒdÇ$
ĸ-.5(#, 1#ŊĉĉŊĹŊ"(!(#, 1#ĹŠÄ‰ÄˆÄšĹŠ 4!#2.2ĹŠ(,/1#5(23.2ĹŠ#-ĹŠ#+ĹŠ'.% 1ĔŊ/4#"#-ĹŠ .! 2(.- 1ĹŠ3#-2(.-#2ĹŠ!.-ĹŠ/ "1#2Ä“ -ĹŠ"~ ĹŠ / 1 ĹŠ3#-#1ĹŠ/1#! 4!(.-#2ĹŠ8ĹŠ#5(3 1ĹŠ1(#2%.2ĹŠ (--#!#2 1(.2ēŊ Ä–ĹŠ +ĹŠ,(23#1(.ĹŠ#2ĹŠ+ ĹŠ 5#1" "#1 ĹŠ$4#-3#ĹŠ"#+ĹŠ 13#ĹŠ8ĹŠ"#ĹŠ+ ĹŠ!(#-!( Ä“
ĹŠĹŠ
ĸ"(!(#, 1#ŊĉĉŊĹŊ#-#1.ĹŠÄˆÄ’Äš # ĹŠÄ„#7( +#ĹŠ!.-ĹŠ+.2ĹŠ! , (.2ĹŠ04#ĹŠ2#ĹŠ /4#" -ĹŠ" 1ĹŠ#-ĹŠ+ 2ĹŠ!.,4-(! !(.-#2ēŊ #+;)#2#ēŊ Ä–ĹŠ ĹŠ ,#- 9 ĹŠ5(#-#ĹŠ "#ĹŠ 04#++.2ĹŠ04#ĹŠ/#1,(3#-ĹŠ+ ĹŠ, +" "Ä“
Ä ÄŠ
0%!),+ (! 01. Ä Ä†Ĺ?)%*Ä‹
Ĺ?Ä€Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä Ĺ?
Ĺ? +. Ĺ?
Ă‹ ĹŠ
+ĹŠÄĽ '4!'.ÄŚ 54#+5#ĹŠ ĹŠ, 1! 1
+ĹŠ -3.2ĹŠ %4- ĹŠ% -¢Ŋ#+ĹŠ5(#1-#2ĹŠ/.1ĹŠ+ ĹŠ-.!'#ĹŠ +ĹŠ 234"( -3#2ĹŠÄŠÄąÄˆĹŠ8ĹŠ#+ĹŠ#!4 3.1( -.ĹŠ 1(23( -ĹŠ #-~3#9ĹŠ 5.+5(¢Ŋ ĹŠ, 1! 1ēŊ #2#ĹŠ ĹŠ+ ĹŠ5(!3.1( ĔŊ#+ĹŠ!4 "1.ĹŠ ÄĽ -3.ÄŚĹŠ"#/#-"#ĹŠ"#ĹŠ.31.2ĹŠ1#24+3 ".2ĹŠ/ 1 ĹŠ!+ 2(ÄƒÄą ! 12#ĹŠ ĹŠ+ ĹŠ+(%4(++ ĹŠÄƒ- +ēŊ .2ĹŠ%.+#2ĹŠÄĽ+ %4-#1.2ÄŚĹŠ$4#1.-ĹŠ . 1 ĹŠ"#ĹŠ -(#+ĹŠ 4"4# ĔŊ $ #+ĹŠ (%4#1.ĹŠ8ĹŠ 1(23( -ĹŠ #-~3#9ĔŊ,(#-31 2ĹŠ04#ĹŠ#+ĹŠ"#2!4#-3.ĹŠ++#%¢Ŋ/.1ĹŠ (-3#1,#"(.ĹŠ"#ĹŠ 41.ĹŠ #) 2ēŊ +ĹŠ -3.2ĹŠ3#-"1;ĹŠ04#ĹŠ #2/#1 1ĹŠ+ 2ĹŠ"#11.3 2ĹŠ"#+ĹŠ .-3#11#8ĹŠ8ĹŠ"#+ĹŠ ,_1(! ĹŠ 8ĹŠ "#,;2ĹŠ04#ĹŠ#+ĹŠ -ĹŠ 4(2ĹŠ8ĹŠ .+4! ĹŠ/ 1 ĹŠ04#ĹŠ/4#" ĹŠ "(2/43 1ĹŠ#+ĹŠ3~34+.ēŊ
13(".ĹŠ"#!(2(5.
ēŊ Ŋ"#$#-2 Ŋ , 3# Ŋ/ 2¢Ŋ,;2Ŋ"#Ŋ4-Ŋ 2423.ĔŊ/#1.Ŋ/4".Ŋ2 ! 1Ŋ24Ŋ 1!.Ŋ(-5(!3.ē
+ĹŠ _!-(!.ĹŠ 2(%4#ĹŠ(, 3( +# ĹŠ
+ĹŠ!4 "1.ĹŠ , 3# .ĹŠ% -¢Ŋ ĹŠ 4-ĹŠ1(5 +ĹŠ"(1#!3.ĹŠ8ĹŠ2#ĹŠ +#) ĹŠ"#ĹŠ 242ĹŠ#2!.+3 2Ä“ ;b l_[hd[i feh bW deY^[ i[ Z_ifk# jÂŒ [b fWhj_Ze c|i [ceY_edWdj[ Z[ bW I[h_[ 8" [djh[ [b JƒYd_Ye Kd_# l[hi_jWh_e o bW Kd_l[hi_ZWZ 9WjÂŒ# b_YW" fWhj_Ze `k]WZe [d [b [ijWZ_e 8[bbWl_ijW Z[ 7cXWje$ BW l_Yjeh_W \k[ fWhW [b ĂˆHeZ_bbe He`eÉ feh bW c‡d_cW Z_\[h[dY_W o b[ iWYÂŒ eY^e fkdjei Z[ Z_\[h[dY_W Yed bei Ăˆ9W# cWhWjWiÉ gk[ [iYebjWXWd Wb [gk_# fe WcXWj[‹e$ ;b ejhe h[ikbjWZe Z[ bW `ehdWZW \k[ bW ]eb[WZW gk[ b[ fhef_dÂŒ [b HeYW\k[hj[ Wb LWbb[ Z[b 9^ejW *#& [d [b [ijWZ_e 7b[`WdZhe FedY[$
;b fWhj_Ze [djh[ [b JƒYd_Ye Kd_l[hi_jWh_e o bW 9WjÂŒb_YW i_d ZkZW gk[ \k[ [b c|i [ceY_edWd# j[ Z[ bW `ehdWZW" oW gk[ bei Zei [gk_fei iWX‡Wd Z[ bW _cfehjWdY_W Z[b Yej[`e o bW eXb_]WY_ÂŒd Z[ ]W# dWh" f[he f[i[ W bW \ƒhh[W Z[\[diW gk[ fbWdjÂŒ [b ĂˆJh[dY_je 7pkbÉ de fkZ_[hed [l_jWh bb[lWhi[ kdW Z[# hhejW [d ik l_i_jW W 7cXWje$ 9ed bW l_Yjeh_W" [b ĂˆHeZ_bbe He`eÉ ikcÂŒ (- fkdjei o b_Z[hW [b jehd[e Yed jejWb YeceZ_ZWZ" c_[djhWi gk[ bW 9WjÂŒb_YW WbYWdpÂŒ Wf[dWi '/ kd_ZWZ[i o i[ Wb[`W Z[b fkdj[he$
;b ejhe fWhj_Ze Z[ bW `ehdWZW \k[ [djh[ [b HeYW\k[hj[ o [b LWbb[ Z[b 9^ejW$ ;b [gk_fe _cXWXk# h[‹e" h[l[bWY_ÂŒd Z[b jehd[e" de fkZe bb[lWhi[ kd fkdje [d ik l_# i_jW W =kWoWgk_b o YWoÂŒ ]eb[WZe *#& Wdj[ [b YkWZhe Ăˆ9[c[dj[heÉ$ ;b YkWZhe ]kWoWgk_b[‹e de jkle YecfWi_ÂŒd fWhW Z[hhejWh W bei Z[b LWbb[" WZ[c|i gk[ j[d‡W bW Yedl_YY_ÂŒd Z[ de Z[if[]Whi[ Z[b f[bejÂŒd Z[ bei b‡Z[h[i o Wi‡ eYk# hh_ÂŒ$ 9ed [b jh_kd\e [b HeYW\k[hj[ ikcÂŒ (& fkdjei o oW [i YkWhje" c_[djhWi gk[ [b YkWZhe _cXWXk# h[‹e [i gk_dje Yed '/ kd_ZWZ[i$ LWb[ h[YehZWh gk[ bW i_]k_[d# j[ i[cWdW i[ fheZkY_h| bW hk[ZW Z[ h[lWdY^Wi" oW gk[ cW‹WdW YedYbko[ bW fh_c[hW [jWfW o W i[# cWdW i[]k_ZW i[ [d\h[djWh|d bei c_icei h_lWb[i Z[ [ijW `ehdWZW$
;b CWdY^[ij[h Kd_j[Z feZh‡W ZWh [b ]ebf[ Ă’dWb Z[ YWhW Wb j‡jkbe ^eo YkWdZe i[ [d\h[dj[ Wb 7hi[dWb o 7djed_e LWb[d# Y_W \k[ YedleYWZe fWhW [ij[ [dYk[djhe o feZh‡W i[h j_jk# bWh [d kd fWhj_Ze _cfehjWdj[ fWhW bei _dj[h[i[i Z[ bei Ăˆ:_W# Xbei He`eiÉ$ BW bkY^W feh [b j‡jkbe Z[ bW ĂˆFh[c_[h B[W]k[É [ij| Y[# hhWZe o jh[i [gk_fei f[b[Wd feh WZk[‹Whi[ Z[ bW YehedW" WZ[c|i Z[b CWdY^[ij[h" [d bW f[b[W [ij|d [b 9^[bi[W o [b 7hi[dWb$ F[he [b fWhj_Ze [d# jh[ [b Kd_j[Z o bei Ăˆ=kdd[hiÉ ^eo feZh‡W WbbWdWh [b YWc_# de fWhW [b [gk_fe Z[b ĂˆJe‹eÉ LWb[dY_W Z[ YWhW Wb j‡jkbe" oW gk[ bW Z_\[h[dY_W [djh[ bei Zei [gk_fei fWiWh‡W Z[ dk[# l[ W '( fkdjei$ ;d [b YkWZhe gk[ Z_h_][ Ă›b[n <[h]kied bW del[ZWZ [i bW fh[i[dY_W Z[b Z[bWdj[he X‘b]Whe" :_c_jWh 8[hXWjel"
.-5.! ".2 14!( +ĹŠ
Ĺ—ĹŠ "6(-ĹŠ -ĹŠ"#1ĹŠ 1 Ĺ—ĹŠ ., 29ĹŠ 429!9 * Ĺ—ĹŠ $ #+ĹŠ" ĹŠ (+5 Ĺ—ĹŠ .'-ĹŠ ÄŚ '# Ĺ—ĹŠ #2ĹŠ 1.6Ĺ—ĹŠ (.ĹŠ #1"(- -" Ĺ—ĹŠ '1(2ĹŠ , ++(-% Ĺ—ĹŠ #, -) ĹŠ ("(! Ĺ—ĹŠ .--8ĹŠ 5 -2 Ĺ—ĹŠ 31(!#ĹŠ 51 Ĺ—ĹŠ (.ĹŠ" ĹŠ (+5 ĹŠ
Ĺ—ĹŠ -3.-(.ĹŠ +#-!( Ĺ—ĹŠ 11#-ĹŠ ( 2.Ĺ—ĹŠ -"#12.Ĺ—ĹŠ (ĹŠ 4-%ĹŠ 1* Ĺ—ĹŠ (!' #+ĹŠ 11(!* Ĺ—ĹŠ 8 -ĹŠ (%%2 Ĺ—ĹŠ -( Ĺ—ĹŠ 8-#ĹŠ ..-#8 Ĺ—ĹŠ 5(#1ĹŠ #1-;-"#9 Ĺ—ĹŠ (,(3 1ĹŠ #1 3.5ĹŠ Ĺ—ĹŠ (!' #+ĹŠ 6#-
gk_[d [ij| fb[dWc[dj[ h[Ykf[# hWZe o [djhÂŒ [d bW YedleYWjeh_W$ 7djed_e LWb[dY_W jWcX_ƒd [i# jWh| [d [ij[ Yej[`e" f[he bW j_jk# bWh_ZWZ [ij| [d ZkZW" oW gk[ [b ĂˆJe‹eÉ ^W j[d_Ze kdW i[]k_Z_bbW Z[ fWhj_Zei [d [ijWi i[cWdWi o [b Z[i]Wij[ \‡i_Ye fk[Z[ c[hcWh iki YedZ_Y_ed[i" Z[ifkƒi Z[ bW ]hWl[ b[i_ÂŒd gk[ ik\h_ÂŒ$
ēŊ +#-!( ĹŠ !34¢Ŋ#+ĹŠ/ 2 ".ĹŠÄƒ-ĹŠ"#ĹŠ2#, - ĹŠ -3#ĹŠ#+ĹŠ 5#13.-Ŋĸ$.3.ĚŊ8ĹŠ#+ĹŠ , 13#2ĹŠĂŒ+3(,.ĹŠ+.ĹŠ'(9.ĹŠ -3#ĹŠ#+ĹŠ !' +*#ĹŠÄ‡ÄŒĹŠ#-ĹŠ+ ĹŠ ' ,/(.-2ĹŠ # %4#Ä“
8.5~ĹŠ2#ĹŠ(+42(.- ĹŠ!.-ĹŠ#+ĹŠ 4-"( +ĹŠ"#ĹŠ +4 #2ĹŠ
ēŊ +Ŋ5.+ -3#Ŋ#!4 3.1( -.Ŋ! " Ŋ5#9Ŋ04#Ŋ. 3(#-#Ŋ4-Ŋ3~34+.Ŋ!#+# 1 Ŋ!.-Ŋ+ Ŋ -"#1 Ŋ31(!.+.1ē
MWbj[h 7oel‡ Yedl[hiÂŒ Yed <W# X_|d =WbbWhZe Z[ hWZ_e HkcXW :[fehj_lW o [nfh[iÂŒ ik Wb[]h‡W feh [b j‡jkbe Yedi[]k_Ze Yed ik [gk_fe [b Cedj[hh[o [d bW 9ed# YWY^Wcf_edi o oW f_[diW [d [b CkdZ_Wb Z[ 9bkX[i o i[ _bki_edW Yed `k]Wh bW Ă’dWb Z[b jehd[e Wdj[ [b CWdY^[ij[h Kd_j[Z Z[ 7dje# d_e LWb[dY_W$ 7oel‡ WĂ’hcÂŒ gk[ [ij| [ceY_e# dWZe feh [b be]he eXj[d_Ze" h[iWb# jWdZe bW bWXeh gk[ Z[i[cf[‹W [b [gk_fe Z‡W W Z‡W" jWcX_ƒd i[ i_dj_ÂŒ
Yedj[dje Z[ h[fh[i[djWh Z[ Xk[# dW cWd[hW Wb fW‡i o [nfh[iW gk[ Wfh[dZ[ Z_Wh_Wc[dj[ Z[ iki Yec# fW‹[hei" Yece >kcX[hje IkWpe" D[ho 9WhZepe o 7bZe Z[ D_]h_i$ 7oel‡ [d ik jhWo[Yjeh_W ^W be# ]hWZe i[_i j‡jkbei" Zei [d ;YkW# Zeh o bei h[ijWdj[i Yed [b [gk_fe Z[ bei ĂˆHWoWZeiÉ$ ?dYbki_l[ [b `k]WZeh WĂ’hcÂŒ gk[ [d bW 9edYW# Y^Wcf_edi ik [gk_fe j[hc_dÂŒ [b jehd[e Z[ cWd[hW _dl_YjW$ <_dWbc[dj[" _dZ_YÂŒ gk[ ik[# ‹W Yed feZ[h [d\h[djWhi[ [d [b
CkdZ_Wb Z[ 9bkX[i Wb feZ[heie CWdY^[ij[h Kd_j[Z$ ÆE`Wb| i[ fk[ZW be]hWh" feZ[hdei [d\h[d# jWh Yed 7djed_e LWb[dY_W [d kdW Ă’dWb Z[b CkdZ_Wb Z[ 9bkX[i i[h‡W Wb]e cWhWl_bbeie" kd ^edeh fWhW c‡ o Wb]e cko c[h_jeh_e fWhW [b \‘jXeb [YkWjeh_Wde" W^eh_jW be leo W bbWcWh W 7djed_e W Z[i[Whb[ ckY^ei ƒn_jei o gk[ e`Wb| fk[ZW WbpWh bW 9efW 9^Wcf_edi B[W# ]k[ " `k]WZeh[i Yece ƒb ^WY[d gk[ [b decXh[ Z[b `k]WZeh [YkW# jeh_Wde i_]W Yh[Y_[dZeÇ" Ă’dWb_pÂŒ$
1(,#1 ĹŠ$ 2# +(-# !(.-#2
ĂĀ
Ĺ? Ä€Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä Ĺ?
Ĺ? +. Ĺ?
#+# 1 -ĹŠ #-ĹŠ3(#11 ĹŠ ÄĽ .+.1 " ÄŚ
>WY[ ., W‹ei kd Z‡W Yece ^eo" kd ]hkfe Z[ ^_dY^Wi [YkWje# h_Wdei o [ifW‹eb[i \kdZWhed [b YbkX c|i fefkbWh Z[ ;YkWZeh o bW c[`eh \ehcW Z[ Y[b[XhWh [b Wd_l[hiWh_e fWhW bei i[]k_Zeh[i ĂˆYWdWh_eiÉ i[h| Yed kdW l_Yjeh_W ieXh[ ;ifeb_" gk[ b[ WXh[ bWi fk[hjWi Z[b [ijWZ_e Eb‡cf_Ye Z[ IWdje :ec_d]e Z[ bei Ji|# Y^_bWi" fWhW c[Z_hi[ Z[iZ[ bWi '+0&&$ Ă›b[n 7]k_dW]W o ik jhefW [i# j|d Yedi_[dj[i Z[ gk[ [b YkWZhe Ăˆfeb_Y_WbÉ [i kd h_lWb jWd Yecfb_# YWZe Yece bei ejhei o gk_p| W‘d c|i feh bW Yecfb_YWZW i_jkWY_ÂŒd [d bW gk[ i[ [dYk[djhW [d bW jW# XbW Z[ fei_Y_ed[i" fk[ije gk[ [i ‘bj_ce$ ;b Ăˆ=”[heÉ YedY[djhÂŒ W '. `k# ]WZeh[i fWhW [ij[ Yecfhec_ie" [d bei gk[ de i[ [dYk[djhW [b le# bWdj[ 8hoWd Z[ bW Jehh[" gk_[d i[ [dYk[djhW b[i_edWZe$ ;d ;ifeb_ bW i_jkWY_ÂŒd [i fh[# eYkfWdj[" fehgk[ [b [gk_fe de iWX[ be gk[ [i ]WdWh Z[iZ[ bW
1 +~Ŋ ē 4#11#1.Ŋ ē  #3#Ŋ ē ¢,#9Ŋ ē . .Ŋ ē #)~ Ŋ ē (9! ~-.Ŋ ē ++ 1".Ŋ ē "(++ Ŋ ē 4(-3 - Ŋ ē 4 1(-.Ŋ ē
-%4#1 Ŋ ē 11 Ŋ ē 413 ".Ŋ ē 413 ".Ŋ ē 149Ŋ ē 8.+ Ŋ ē 4( ¢-#9Ŋ ē (!#".Ŋ ē 1 -%.-(Ŋ ē -%4+.Ŋ ē .1%'#++.Ŋ ē
Ä–ĹŠ -3( %.ĹŠ 23.+ 9
Ä–ĹŠ:+#7ĹŠ %4(- % Ä“
.1 Ä–ĹŠÄˆÄŽÄ–Ä‡Ä‡ :1 (31.Ä–ĹŠ +$1#".ĹŠ -31( %. 23 "(.Ä–ĹŠ +~,/(!.ĹŠ"#ĹŠ -3.ĹŠ .,(-%.ĹŠ 1 -2,(3#Ä–ĹŠ #+# , 9.- 2
ēŊ 1!#+.- ĹŠ5( ) ĹŠ ĹŠ -3.ĹŠ .Äą ,(-%.ĹŠ#-ĹŠ24ĹŠ.-.,;23(!.ĹŠ-ĂŒ,#1.ĹŠÄ‘Ä?Ä“
\[Y^W ') o ik h[dZ_c_[dje de [i [b gk[ Z[i[Wd iki ^_dY^Wi" Z_h_# ][dj[i o [b [djh[dWZeh IWdj_W]e EijebWpW$ ;b [b[dYe Z[b Ăˆ=Wbb_jeÉ _dj[djW# h| h[YeXhWh [b YWc_de Wdj[ 8Wh# Y[bedW" gk[ [d YWcX_e de gk_[h[ Wb[`Whi[ Z[ bei fkdj[hei$
.1ĹŠ+ ĹŠ1#!4/#1 !(¢;b :[fehj_le Gk_je gk_[h[ Z[i# gk_jWhi[ Z[b ‘bj_ce [cfWj[ (#( Yed Ebc[Ze" YkWdZe ^eo '&0&& h[Y_XW W ?dZ[f[dZ_[dj[ Z[b LWbb[" gk[ [d YWcX_e l_[d[ Z[ Z[hhejWh '#& W ;b DWY_edWb o i[ [dYk[djhW [d [b YWc_de Z[ bW h[Ykf[hWY_ÂŒd$ ;b Yecfhec_ie WXh[ [b ZeXb[# j[ gk[ i[ Z[iWhhebbWh| [d [b [ijW# Z_e 7jW^kWbfW o gk[ j_[d[ Yece fWhj_Ze Z[ \edZe" [b Zk[be [djh[ bei ĂˆYh_ebbeiÉ o CWdjW <9$ <WX_|d 8kijei" [djh[dWZeh Ăˆ9^kbbWÉ oW fk[Z[ YedjWh Yed @W_# he 9Wcfei o EimWbZe C_dZW" gk_[d[i oW Ykcfb_[hed Yed iki fWhj_Zei Z[ ikif[di_ÂŒd" i_d [c# XWh]e bWi del[ZWZ[i [ij|d [d bWi Wki[dY_Wi YedĂ’hcWZWi Z[ Bk_i
IWh_jWcW" gk[ [ij| [d \hWdYe fheY[ie Z[ h[Ykf[hWY_ÂŒd$ ;b [ijhWj[]W ]WkY^e j_[d[ [d ZkZW W CWhY[be ;b_pW]W" gk_[d fWZ[Y[ kdW YedjhWYjkhW cki# YkbWh" f[he [b Yk[hfe cƒZ_Ye Ăˆ7pkb]hWdWÉ jhWXW`W W ZeXb[ jkhde fWhW h[Ykf[hWhbe W j_[cfe fWhW [b fWhj_Ze$ Bei l_i_jWdj[i" feh ik fWhj[" gk_[h[d cWdj[d[h bW hWY^W Z[ Zei Yecfhec_iei i_d f[hZ[h o iWb_h Z[ bWi fei_Y_ed[i Z[ Z[iY[d# ie [d bWi gk[ i[ [dYk[djhWd$ 9Whbei I[l_bbW" ik jƒYd_Ye" YedeY[ W bW cWoeh‡W Z[ bei _dj[# ]hWdj[i Z[b fbWdj[b Z[ bW ĂˆFbWpW Z[b J[WjheÉ" be gk[ fk[Z[ i[h kdW l[djW`W W ik \Wleh$
ēŊ -"#/#-"(#-3#Ŋ"#+Ŋ ++#Ŋ+#Ŋ04(3¢Ŋ#+Ŋ(-5(!3.Ŋ Ŋ +Ŋ !(.- +ē
ĹŠ
'.! -Ŋ/.1Ŋ + Ŋ/4-3 ēŊ +Ŋ!4 "1.Ŋļ (++.- 1(.ČŊ04(#1#Ŋ2#%4(1Ŋ!.,.Ŋ+~"#1ē
,#+#!ĹŠ1#!( #ĹŠ#-ĹŠ24ĹŠ#23 "(.ĹŠ ĹŠ (% ĹŠ"#ĹŠ 4(3.ĹŠ#-ĹŠ#+ĹŠ/ 13(".ĹŠ ,;2ĹŠ 31 !3(5.ĹŠ"#ĹŠ+ ĹŠ"_!(,.ĹŠ 2#73 ĹŠ$#!' ĹŠ"#+ĹŠ3.1-#.ĹŠ+.! +Ä“
F[diWdZe [d cWdj[d[h [b b_Z[# hWje [d bW jWXbW Z[ fei_Y_ed[i ;c[b[Y h[Y_X[ ^eo '+0)& [d [b [ijWZ_e 9Wfm[bb W B_]W Z[ Gk_je" gk[ `kdje W :[fehj_le Gk_je ied iki [iYebjWi$ ;b fWhj_Ze Yehh[i# fedZ[ W bW ZƒY_ce i[njW `ehdWZW Z[b YWcf[edWje dWY_edWb$ Bei Ăˆc_bbedWh_eiÉ iWX[d gk[ ik h_lWb bb[]W W =kWoWgk_b Zeb_# Ze feh bW Z[hhejW )#& ik\h_ZW [d 7h][dj_dW Wdj[ Lƒb[p" feh bei eYjWlei Z[ bW 9efW B_X[hjW# Zeh[i$ I_d [cXWh]e Yece beYW# b[i _dj[djWhWd WZk[‹Whi[ Z[ bW f[bejW o WXheY^Wh bWi efY_ed[i Z[ cWhYWh gk[ i[ b[i fh[i[dj[$ FWhW [ije" [b [djh[dWZeh EcWh 7iWZ" jhWXW`ÂŒ Z[iZ[ [b ‘bj_ce `k[l[i Yed [b [gk_fe gk[ [d\h[djWh| W bei ĂˆWbXeiÉ$ ;b
h[jehde Z[ CWhY[be <b[_jWi" i[# h‡W bW fh_dY_fWb del[ZWZ [d bW j_[dZW Ăˆ;bƒYjh_YWÉ$ ;d [b YWcf[ÂŒd [YkWjeh_Wde fh[eYkfWd bWi b[i_ed[i Z[ ;p[# gk_[b =edp|b[p o FW‘b 7cXhei# i_" [b fh_c[he [ijWh‡W fWhW [b Zk[be Z[ h[lWdY^W Wdj[ Lƒb[p" c_[djhWi gk[ Wb bWj[hWb _pgk_[h# Ze b[ \WbjWh‡W kdW i[cWdW fWhW lebl[h W i[h Yedi_Z[hWZe$ ;Z]WhZe 8WkpW" [ijhWj[]W ĂˆC[h[d]k[É" fedZh| Z[iZ[ [b _d_Y_e Z[b Yej[`e [d [b [iY[dWh_e fehj[‹e W Dƒ_Y[h H[WiYe o Bk_i 8ebW‹ei" gk_[d[i de feZh|d `k]Wh Wdj[ [b [b[dYe Wh][dj_de feh [ijWh ikif[dZ_Zei$ Feh [b cec[dje [b jƒYd_Ye Ăˆ7pkY[dWÉ de gk_[h[ f[diWh [d bW h[cedjWZW gk[ j_[d[d gk[
1(,#1 ĹŠ$ 2# +(-# !(.-#2
Äą
+(,.6(!9Ŋ ē 4( ¢-#9Ŋ ē +#(3 2Ŋ ē !'(+(#1Ŋ ē %Õ~Ŋ ē _-"#9Ŋ ē 4( ¢-#9Ŋ ē (,_-#9Ŋ ē ( .1Ŋ ē 9 Ŋ ē #-_-"#9Ŋ ē
.,~-%4#9Ŋ ē 4 %4 Ŋ ē 1 4).Ŋ ē +"#1¢-Ŋ ē # 2!.Ŋ ē -!'.2.Ŋ ē #1 Ŋ ē (" +%.Ŋ ē #Ŋ+ Ŋ 149Ŋ ē .+  .2Ŋ ēŊ 1!.2Ŋ ē
Ä–ĹŠ , 1ĹŠ 2 "
Ä–ĹŠ #1-;-ĹŠ 1!.2
.1 Ä–ĹŠÄˆÄŽÄ–ÄŠÄ‡ :1 (31.Ä–ĹŠ ,4#+ĹŠ 1. 23 "(.Ä–ĹŠ /6#++ 1 -2,(3#Ä– !4 5(2
be]hWh fWhW fWiWh W YkWhjei Z[ bW B_X[hjWZeh[i" i_de gk[ [d\eYWd ik jhWXW`e [d ;c[b[Y" Yed bW Ò# dWb_ZWZ Z[ WZk[‹Whi[ Z[ bW fkd# jW [b Zec_d]e$
-3#-#1Ŋ#+Ŋ!1#!(,(#-3. F[i[ W f[hZ[h [b _dl_Yje Z[ i_[# j[ fWhj_Zei" bei _dj[]hWdj[i Z[ ;b DWY_edWb gk_[h[d cWdj[# d[h [b Yh[Y_c_[dje WbYWdpWZe [d bWi ‘bj_cWi \[Y^Wi" YkWdZe ^eo '(0'+ h[Y_XWd [d [b [ijW# Z_e 7jW^kWbfW Wb CWdjW <9" gk[ i[ [dYk[djhW Wfh[c_WZe feh Xk[dei h[ikbjWZei$ Bei cWdWX_jWi fed[d [d `k[]e" [d YWZW fWhj_Ze" bW Yed# j_dk_ZWZ Z[ ik [djh[dWZeh =W# Xh_[b F[hhed[" fehgk[ bW ikcW Z[ cWbei h[ikbjWZei fkie [d bW Yk[hZW Óe`W Wb Wh][dj_de$ ;d iki Zei l_i_jWi W Gk_#
je" \h[dj[ W B_]W Z[ Gk_je o :[fehj_le Gk_je" F[hhed[ kj_b_pÂŒ kd i_ij[cW Z[\[di_le" gk[ jkle Yece WhcW e\[di_# lW [b YedjhW]ebf[$ 7dj[ bei ĂˆY^kbbWiÉ YWi_ b[ ZW h[ikbjWZe" f[he j[hc_dÂŒ f[hZ_[dZe '# ( " c_[djhWi gk[ \h[dj[ W bei ĂˆWbXeiÉ b[ \kdY_edÂŒ [d [b fh_# c[h j_[cfe" bk[]e i[ Z[i_dĂ“ÂŒ o YWoÂŒ feh +#&$ ;ijWi Zei fh[i[djWY_ed[i ^WY[d f[diWh W CWh_e IWhWb[# ]k_" [djh[dWZeh Z[ bei Ăˆc_b_jW# h[iÉ gk[ [b [b[dYe cWdWX_jW i[ fbWdjWh| Z[ bW c_icW \ehcW$
ēŊ 1(.Ŋ 1 +#%4(Ŋ!.-5#12¢Ŋ !.-Ŋ242Ŋ"(1(%(".2Ŋ/ 1 Ŋ!.11#%(1Ŋ#11.1#2ē
Feh be gk[ iki Z_h_]_Zei Z[X[h|d [dYedjhWh bW \ehcW Z[ hecf[h [i[ [igk[cW$
.1#2ũ04#ũ!.-23148#-ũ+ ũ!(4" " 4(#-#2ũ3(#-#-ũ31 ).ũ 2#%41 -ũ04#ũ#2ũ4- ũ #-"(!(¢-ũ04#ũ' 8ũ04#ũ!4(" 1+ ũ8ũ "#"(! 1+#ũ3(#,/.ũ8ũ 4#-ũ;-(,.ē
ġ .ũ04#ũ,#-.2ũ "# #,.2ũ"#2/#1ı "(!( 1ũ8ũ"#2/1#!( 1ũ #-ũ#23 ũ5(" ũ#2ũ#+ũ 31 ).Ĕũ!.-ũ-4#2ı 31.ũ#2$4#19.ũ"( 1(.ũ /."#,.2ũ, -3#-#1ũ ũ-4#231.2ũ'().2ē
2ũ!.2 2ũ-.ũ2.-ũ $;!(+#2ũ/.1ũ+.ũ04#ũ 2(#,/1#ũ2#1;ũ-#!#ı 2 1(.ũ04#ũ1#!.1"#ı ,.2ũ04#ũ-4#231.ũ ,#).1ũ#2$4#19.ũ-.2ũ/#1,(3(1;ũ. 3#-#1ũ,#-24 +,#-3#ũ +.2ũ(-%1#2.2ũ-#!#2 1(.2ũ/ 1 ũ+ ũ#"4! !(¢-Ĕũ2 +4"ũ8ũ +(,#-3 !(¢-ũ"#ũ-4#231 ũ$ ,(+( ē -3#2ũ04#ũ5#1ũ ũ-4#231.ũ31 ).ũ!.,.ũ4- ũ. +(% !(¢-Ĕũ -.ũ"# #,.2ũ.+5(" 1ũ) ,;2ũ#2ũ04#ũ#23#ũ-.2ũ/#1,(3#ũ 24/+(1ũ-#!#2(" "#2ũ8ũ" 1-.2ũ!(#13.2ũ%423.2ũ!.-ũ+ 2ũ /#12.- 2ũ04#ũ , ,.2Ģē (;-ũ (1 ".ũĸČĊĹ ,(!1.#,/1#2 1(.ũ 13#2 - +
ġ +ũ31 ).ũ#2ũ$4-" ,#-3 +ũ/ 1 ũ 24 2(23(1Ĕũ8 ũ04#ũ-.2ũ/#1,(3#ũ24/+(1ũ + 2ũ-#!#2(" "#2ũ04#ũ' 8ũ#-ũ-4#231 2ũ $ ,(+( 2ē (ũ! " ũ"~ ũ3#-#,.2ũ#-ũ04#ũ#,/+# 1ũ -4#231.ũ3(#,/.ũ' 8ũ04#ũ" 1+#ũ %1 !( 2ũ ũ (.2ũ8ũ' !#1ũ+ 2ũ!.2 2ũ!.-ũ 4#-ũ;-(,.Ĕũ8 ũ04#ũ#2.ũ' 1;ũ04#ũ+ ũ $4#-3#ũ"#ũ#,/+#.ũ2(% ũ#7(23(#-".ũ 8ũ/." ,.2ũ% - 1ũ'.-1 " ,#-3#ũ -4#231.ũ"(-#1.ē +ũ04#ũ+#ũ%423 ũ31 ) 1ũ+.ũ' !#ũ !.,.ũ2# ũ8ũ"#ũ$.1, ũ,48ũ'.-1 " ũ 8ũ1#2/.-2 +#Ĕũ/.1ũ#2.ũ#2ũ,48ũ(,ı /.13 -3#ũ1#!.1" 1ũ04#ũ' 8ũ04#ũ' !#1ũ (#-ũ+ 2ũ!.2 2Ģē + 22ũ .1#-.ũĸČĎĹ #,/+# ".ũ/1(5 ".
ġ 23#ũ#2ũ4-ũ31 ).ũ2 !1(ăũ! ".Ĕũ/#1.ũ #+ũ2#-3(12#ũÌ3(+ũ8ũ#+ũ/."#1ũ++#5 1ũ4-ũ / -ũ ũ+ ũ,#2 ũ"#ũ-4#231 2ũ$ ,(+( 2ũ 5 +#ũ!4 +04(#1ũ2 !1(ăũ!(.ē -ũ#+ũ/ ~2ũ2(ũ' 8ũ$4#-3#2ũ"#ũ31 ).ũ 2.+.ũ3#-#,.2ũ04#ũ#23 1ũ 3#-3.2ũ/ 1 ũ !4 -".ũ2#ũ-.2ũ/1#2#-3#-ũ+ 2ũ./.134ı -(" "#2ũ/ 1 ũ2 #1+ 2ũ /1.5#!' 1ē .ũ"# #,.2ũ.+5(" 1ũ04#ũ#+ũ3#-#1ũ 4- ũ$4#-3#ũ"#ũ#,/+#.ũ#2ũ4- ũ%1 -ũ #-"(!(¢-ũ"#ũ (.2ũ8ũ/.1ũ#-"#ũ #23 ,.2ũ#-ũ+ ũ. +(% !(¢-ũ"#ũ!4(" 1+ ũ !.-ũ,4!'.ũ!4(" ".Ĕũ8 ũ04#ũ!.-ũ #++ ũ/."#,.2ũ 84" 1ũ ũ, -3#-#1ũ -4#231.2ũ'.% 1#2Ģē , " ũ 413 ".ũĸĉćĹ ! -(++(3
ġ ,;2ũ5 ,.2ũ ũ#-!.-31 1ũ4-ũ31 ).ũ$;!(+Ĕũ,4!'.ũ,#ı -.2ũ4-.ũ04#ũ-.2ũ/ %4#ũ3.".ũ+.ũ04#ũ04(2(_1 ,.2Ĕũ/#1.ũ 2(ũ' 8ũ04#ũ2 #1ũ5 +.1 1ũ#+ũ04#ũ3#-#,.2ũ/.104#ũ#2ũ#+ũ 04#ũ-.2ũ/#1,(3#ũ++#- 1ũ ũ"( 1(.ũ+ 2ũ.++ 2ũ#-ũ-4#231 ũ ! 2 ē "#,;2ũ!.-ũ#23#ũ#2$4#19.ũ"( 1(.ũ 42! ,.2ũ" 1+#ũ ũ -4#231.2ũ'().2ũ+ ũ#"4! !(¢-ũ-#!#2 1( ũ04#ũ+#2ũ/#1,(3 ũ . 3#-#1ũ,#).1#2ũ2(3( +#2ũ#-ũ24ũ5(" ũ8ũ04#ũ++#%4#-ũ ũ2#1ũ ,;2ũ"#ũ+.ũ04#ũ2.,.2ũ242ũ/ "1#2ē -ũ31 ).ũ'.-1 ".ũ) ,;2ũ2#1;ũ4- ũ.$#-2 ũ/ 1 ũ- "(#Ĕũ 8ũ#2ũ/1#$#1( +#ũ3#-#1ũ4-ũ #,/+#.ũ"(%-.ũ ũ-.ũ3#-#1ũ - " ēũ 2.ũ"# #,.2ũ#-ı 2# 1+#ũ ũ+ ũ)45#-34"ũ"#ũ '.1 ũ/ 1 ũ04#ũ5 +.1#-ũ #+ũ31 ).ũ04#ũ+ 2ũ/#12.ı - 2ũ "4+3 2ũ' !#,.2ũ ũ "( 1(.Ģē
4 -ũ .1#3 ũĸČĎĹ !.-2#1)#
ŏ ŏ
āĆ
āŏ ŏ ŏ ŏĂĀāā
ŏ +. ŏ
ġ +ũ31 ) 1ũ-.ũ2.+.ũ-.2ũ /#1,(3#ũ24/+(1ũ-4#231 2ũ -#!#2(" "#2Ĕũ2(-.ũ3 , (_-ũ 04#ũ-.2ũ 84" ũ ũ!1#!#1ũ!.,.ũ 2#1#2ũ'4, -.2Ĕũ/4#2ũ#+ũ#23 1ũ !3(5.2ũ8ũ3#-#1ũ"(-#1.ũ-.2ũ 84" ũ ũ#23 1ũ31 -04(+.2ē "#,;2ũ#2ũ-#!#2 1(.ũ1#!.1ı " 1ũ04#ũ2(ũ' !#,.2ũ (#-ũ-4#2ı 31.ũ31 ).ũ5 ,.2ũ ũ. 3#-#1ũ 4#-.2ũ!.-3 !3.2ũ04#ũ-.2ũ 5 -ũ ũ2#1ũ,48ũÌ3(+#2ũ#-ũ +%Ì-ũ ,.,#-3.ũ"#ũ-4#231 ũ5(" ē #1ũ04#ũ ũăũ- +ũ"#ũ,#2ũ3#-"1#,.2ũ-4#231.ũ!'#04#ũ.ũ-4#2ı 31.ũ"(-#1(3.ũ-.2ũ/#1,(3#ũ' !#1ũ/+ -#2ũ/ 1 ũ(1ũ "04(1(#-".ũ/#1ı 3#-#-!( 2ũ, 3#1( +#2Ĕũ04#ũ2(ũ (#-ũ#2ũ!(#13.ũ-.ũ" -ũ$#+(!(" "ũ2(ũ 2.-ũ,48ũÌ3(+#2ũ/ 1 ũ3#-#1ũ4- ũ,#).1ũ! +(" "ũ"#ũ5(" Ģ 3 +8ũ -3 - ũĸĉĊĹ 3#-!(¢-ũ +ũ,.231 ".1
Ĺ? Ĺ?
Ĺ?
ƒ Ĺ? Ĺ?
Ä Ä‡
Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ?
-Ŋ 4-%41 '4 ĔŊ Ŋ /#2 1Ŋ"#Ŋ3.".2Ŋ+.2Ŋ /1. +#, 2Ŋ04#Ŋ/4#Ĺ " -Ŋ' #1ĔŊ2(#,/1#Ŋ-.2Ŋ '#,.2Ŋ/1#.!4/ ".Ŋ/.1Ŋ 2#1Ŋ/1."4!3(5.2Ŋ8Ŋ#,/1#-Ĺ "#".1#2Ģ
ĹŠ
ĔŊ
ĹŠ ĹŠ
, 3.ĔŊ/4# +. Ŋ/4) -3#Ŋ8Ŋ31 ) ".1
Ŋ!(4" "Ŋ#2Ŋ4- Ŋ"#Ŋ+ 2Ŋ04#Ŋ,;2Ŋ ).Ŋ~-"(!#Ŋ"#Ŋ "#2#,/+#.Ŋ3(#-#Ŋ Ŋ#2! + Ŋ- !(.- +ēŊ +Ŋ#2$4#19.Ŋ "#Ŋ24Ŋ%#-3#Ŋ2#Ŋ#5("#-!( Ŋ#-Ŋ#23 "~23(! 2ē
Æ7‘d YkWdZe i[ ^Wd fh[i[djW# Zei W‹ei ^WY_[dZe jhWXW`ei Ze lWh_Wi feb‡j_YWi Z[ ;ijWZe" eYWi_edWb[i [d YedijhkYY_ÂŒd o Yed [b WYjkWb =eX_[hde" fWhW fbec[h‡W" f[he dWZW Ă’ `e$ Æ?dj[djƒ ^WY[h kd YhƒZ_je Z[ c[`ehWh bW i_jkWY_ÂŒd bWXehWb Z[ bei gk[ ^W fbWdj[WZe [b bei [YkWjeh_Wdei" de [i =eX_[hde f[he Yece de c[dei Y_[hje gk[ 7cXW# je o Jkd]khW^kW i_[c# ĹŠ ĹŠ j[d]e Yed gkƒ ikij[djWh fh[ ^Wd i_Ze Z[ijWYWZWi +ĹŠ+ ĹŠ3 2 ĹŠ"#ĹŠ"#2Äą [b Z_d[he gk[ h[gk_[he de c[ WokZWd" [djedY[i feh ik [cfh[dZ_c_[djeÇ" #,/+#.ĹŠ ĹŠ#2! + ĹŠ - !(.- +Ä“ YÂŒce ^W]e fheZkY_h c_i i[‹WbÂŒ =_bX[hje KbbeW" Ye# j_[hhWi$$$W‘d ^Wo ckY^e c[hY_Wdj[$ feh ^WY[h feh fWhj[ Z[ ;i[ fhedkdY_Wc_[dje h[if[Yje W bWi [ijWZ‡ij_YWi ĹŠ bW 7Zc_d_ijhWY_ÂŒd 9[d# fhedkdY_WZWi feh [b ?di# 2ĹŠ+ ĹŠ3 2 ĹŠ"#ĹŠ"#2Äą jhWb fWhW gk[ i[ Wj_[d# #,/+#.ĹŠ#-ĹŠ ZWd jeZei bei i[Yjeh[i j_jkje DWY_edWb Z[ ;ijW# , 3.Ä“ fheZkYj_lei Z[b fW‡iÇ" Z‡ij_YWi o 9[diei ?D;9 h[if[Yje W gk[ bW Y_kZWZ [i bW W]h[]ÂŒ [b YWcf[i_de$ I_d [cXWh]e jeZWi bWi f[h# gk[ c|i XW`W jWiW Z[ Z[i[c# iedWi" [cfb[WZWi e Z[i[cfb[W# fb[e j_[d[ W [iYWbW dWY_edWb$ Bei d‘c[hei fkXb_YWZei ZWi i[‹WbWhed gk[ [i cko _c# bb[dWd Z[ eh]kbbe W YWZW kde Z[ fehjWdj[ j[d[h cko [d Yk[djW bei jkd]khW^k[di[i" oW gk[ [ie gk[ Æ[b jhWXW`e Z_]d_Ă’ YW W bei ZW ck[ijhWi Z[b feZ[h fheZkY# i[h[i ^kcWdeiÇ" Wi‡ gk[ gk_[# d[i be j_[d[d Z[ \ehcW f[hcW# j_le gk[ ^Wo [d [ij[ j[hh_jeh_e$ ÆBW i_jkWY_ÂŒd de [i \|Y_b fWhW d[dj[ Z[X[d Yk_ZWhbe Yed ^ed# dWZ_[ [d bW WYjkWb_ZWZ" f[he hWZ[p o Z[Z_YWY_ÂŒd$ Yece i_[cfh[ Wgk‡ iWXh[cei ieXh[bb[lWh bWi YeiWi fWhW c[# `ehWh o cWdj[d[h dk[ijhWi f[# gk[‹Wi [cfh[iWi o bei [cfb[ei gk[ [bbWi Xh_dZWdÇ" Yec[djÂŒ -3#2ĔŊ#-ĹŠ+ ĹŠ 5#-(" ĹŠ #5 ++.2ĹŠ C_bjed FWZ_bbW" \WXh_YWdj[ Z[ 8ĹŠ 8++¢-ĔŊ+.2ĹŠ, 13#2ĹŠ2#ĹŠ4 (! -ĹŠ YWbpWZe$ . 1#1.2Ŋĸ +  (+#2ĔŊ% ÄƒĹŠ3#1.2ĔŊ2 231#2ĔŊ
Ä?
ĊēĎ
14#+ĹŠ1# +(" " Ĺ—ĹŠĹŠ
31 ĹŠ1# +(" "
/.',)
ÆBW Yh_i_i bW i[dj_cei YWZW l[p c|i" de jeZe be gk[ Xh_bbW [i ehe o ^Wo i[Yjeh[i fheZkYj_lei gk[ i[ ^Wd l_ije cko cWb [dYW# c_dWZei Z[iZ[ [b W‹e Wdj[h_eh o [ie dei Z[`W i_d jhWXW`e W ck# Y^Wi f[hiedWiÇ" Yed b|]h_cWi [d bei e`ei [d\Wj_pÂŒ =[eh]_dW =WbWhpW" cWZh[ Z[ jh[i ^_`ei gk[ bb[lW YWi_ eY^e c[i[i Z[i# [cfb[WZW$ 9Wie i_c_bWh [i [b Z[ CWdk[b I_iWb[cW" W]h_Ykbjeh" gk_[d feh Ăˆc[`ehÉ ^WY[h c_]hÂŒ W bW Y_kZWZ o ĂˆZ[iYk_ZÂŒĂ‰ iki j_[hhWi o bb[lW
".,_23(! 2ĔŊ#3!ĚŊ/ 1 Ŋ.$1#!#1Ŋ24Ŋ , -.Ŋ"#Ŋ. 1 Ŋ Ŋ04(#-Ŋ+ Ŋ1#04(1(#1 ē '.1 Ŋ#2 Ŋ1# +(" "Ŋ-.Ŋ#2Ŋ2.+.Ŋ"#Ŋ4-Ŋ "~ Ŋ Ŋ+ Ŋ2#, - ĔŊ/4#2Ŋ+ Ŋ-#!#2(" "Ŋ "#Ŋ31 ) 1Ŋ' Ŋ/1.5.! ".Ŋ04#Ŋ"(!' Ŋ #204(- ĔŊ"#Ŋ+4-#2Ŋ Ŋ5(#1-#2ĔŊ2# Ŋ#+Ŋ /4-3.Ŋ"#Ŋ#-!4#-31.Ŋ/ 1 Ŋ04(#-#2Ŋ 42! -Ŋ4- Ŋ./.134-(" "Ŋ"#Ŋ,.231 1Ŋ 242Ŋ' (+(" "#2Ŋ+ .1 +#2Ŋ8Ŋ 2~Ŋ . 3#-#1Ŋ4-Ŋ#,/+#.Ŋ 4-04#Ŋ2# Ŋ 3#,/.1 +ē "#,;2Ŋ' 8Ŋ.31 2Ŋ! ++#2Ŋ"#Ŋ+ Ŋ!(4Ĺ " "ĔŊ04#Ŋ#-31#Ŋ2#, - ĔŊ2#Ŋ.!4/ -Ŋ /.1Ŋ/#12.- 2Ŋ04#Ŋ#23;-Ŋ Ŋ+ Ŋ#2/#1 Ŋ "#Ŋ04#Ŋ +%4(#-Ŋ-#!#2(3#Ŋ"#Ŋ242Ŋ2#15(Ĺ !(.2ēŊ 23.Ŋ.!411#Ŋ#-Ŋ+ Ŋ! ++#Ŋ 2/#).Ŋ Ŋ + Ŋ +341 Ŋ"#+Ŋ,#1! ".Ŋ ."#+.ē
+ " &$ * $ # #
' '$%
"&$# #! $ #% " %
" #$&
' $ % " "&$ #"& (# ) %& #
ēŊ -Ŋ+ Ŋ!(4" "Ŋ+.2Ŋ, 13#2ĔŊ8Ŋ +%4-.2Ŋ.31.2Ŋ"~ 2Ŋ"#Ŋ+ Ŋ2#, - ĔŊ' 8Ŋ 04(#-#2Ŋ"#2#2/#1 " ,#-3#Ŋ 42! -Ŋ4-Ŋ#,/+#.Ŋ 4-04#Ŋ2# Ŋ.! 2(.- +ē
Ĺ? 7 Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ?
Ä Äˆ
ēŊ .,#1Ŋ$143 2Ŋ8Ŋ,4!'.2Ŋ5#%#3 +#2Ŋ#2Ŋ+.Ŋ,#).1Ŋ"41 -3#Ŋ#+Ŋ#, 1 9.ē
+(,_-3#2#ĹŠ (#-ĹŠ"41 -3#ĹŠ#+ĹŠ#, 1 9.
KdW Z_[jW XWbWdY[WZW o dkjh_# j_lW" i_ X_[d [i fh_cehZ_Wb W be bWh]e Z[ bW l_ZW Z[ bWi f[hie# dWi" be [i cko [if[Y_Wbc[dj[ ZkhWdj[ [ijW [jWfW Z[ bW \kjkhW cWc|$ ;i gk[ [d [ij[ f[h‡eZe" i[ _cfed[ iWj_i\WY[h jWcX_ƒd bei h[gk[h_c_[djei dkjh_Y_e# dWb[i Z[b X[Xƒ$ KdW Z[ bWi YedZ_Y_ed[i \kd# ZWc[djWb[i fWhW cWdj[d[h kdW Z_[jW X_[d XWbWdY[WZW [i de Ye# c[h Z[cWi_WZe Z[ YWZW kde Z[ bei ]hkfei Z[ Wb_c[djei" oW gk[ i[ d[Y[i_jW lWh_[ZWZ fWhW eXj[# d[h WZ[YkWZei ikfb[c[djei Z[ fhej[‡dWi [i[dY_Wb[i" c_d[hWb[i o l_jWc_dWi$ Bei Wb_c[djei fhej[_Yei Z[ WbjW YWb_ZWZ Yece bWi YWhd[i" b|Yj[ei o ^k[lei Z[X[d Yec# fb[c[djWhi[ Yed bei bbWcWZei Wb_c[djei [d[h]ƒj_Yei Yece be ied bei ]hWdei" [b fWd o iki Z[h_# lWZei$ I_[cfh[ [d kdW YWdj_ZWZ WZ[YkWZW$ ;d Wgk[bbei YWiei [d gk[ bW \kjkhW cWc| j[d]W ieXh[f[ie" Z[X[h| b_c_jWh [b Yedikce Z[ Wb_# c[djei YWbÂŒh_Yei jWb[i Yece Zkb# Y[i" Wp‘YWh[i o ]hWiWi$ ;i Wgk‡" [djedY[i" ZedZ[ ^WXh| gk[ Yec# fb[c[djWh bW Z_[jW Yed kd Xk[d _d]h[ie Z[ fhej[‡dWi" \kdZWc[d# jWbc[dj[ Yed bW _d][ijW Z[ YWh# d[i" oe]kh" b[Y^[" gk[ie o ^k[lei gk[ [b dkjhÂŒbe]e _dZ_YWh|$ 1."4!3.2ĹŠ+;!3#.2
BW b[Y^[ [i [b c[`eh Z[ [ijei Wb_# c[djei feh ik Wbje Yedj[d_Ze Z[ o YWbY_e$ >Wo gk[ jhWjWh Z[ _d# Ybk_hbWi Z_Wh_Wc[dj[ [d bW Z_[jW" Z[iYh[cWZW o l_jWc_d_pWZW$ ;b gk[ie [i ckY^e c|i h_Ye [d fhej[‡dWi o YWbY_e" Yedj[d_[dZe" WZ[c|i" l_jWc_dWi 7 o :1 f[he Wb]kde Z[ [bbei" [d [if[Y_Wb bei gk[iei Zkhei" Yedl_[d[ [l_jWhbei oW gk[ fei[[d kd cWoeh Yedj[d_# Ze Z[ ]hWiW$ Bei c|i iebkXb[i ied bei gk[# iei XbWdYei Z[ kdjWh Z[iYh[cW# Zei o bei bbWcWZei XbWdZei0 \h[i# Ye" fehj iWbkj" o ceppWh[bbW1 e bei
Z[ XW`Wi YWbeh‡Wi$ BW cWdj[YW o bW Yh[cW Yedj_[# d[d kd Wbje fehY[djW`[ Z[ ]hWiWi" feh [ij[ cej_le [i Yedl[d_[dj[ h[[cfbWpWhbei feh gk[iei kdjW# Xb[i$ ;d Wgk[bbei YWiei [d gk[ bW b[Y^[ de i[W Z[ ik W]hWZe" [i fe# i_Xb[ _dj[djWh _dYbk_hbW feh c[Z_e Z[ ikij_jkjei Yece [b oe]kh e b[# Y^[ Ykbj_lWZW Z[iYh[cWZW$ JWcX_ƒd fk[Z[ _dYbk_hi[ bW b[# Y^[ Yece h[[cfbWpe Z[b W]kW [d bW fh[fWhWY_ÂŒd Z[ ][bWj_dWi fh[# \[h[dj[c[dj[ Z[ XW`Wi YWbeh‡Wi$ 1-#2ĹŠ8ĹŠ'4#5.2
BWi YWhd[i he`Wi" gk[ Z[X[d i[h cW]hWi gk_jWhb[ bW ]hWiW Wdj[i Z[ YeY_dWh " _dYbk_hbWi feh be c[# dei kdW l[p Wb Z‡W$ 9edj_[d[d kdW Xk[dW YWdj_# ZWZ Z[ fhej[‡dWi Z[ WbjW YWb_ZWZ o ^_[hhe" dkjh_[dj[i gk[ jWcX_ƒd i[ ^WbbWd [d bWi bbWcWZWi YWhd[i XbWdYWi" oW i[W febbe e f[iYWZe$ F[he ƒijWi" Yed kdW l[d# jW`W WZ_Y_edWb" j_[d[d c[deh YWdj_ZWZ Z[ ]hWiW o c|i \|Y_b Z_][ij_X_b_ZWZ$ ;b ^_[hhe" YWb# Y_e" ]hWiWi" fhej[‡dWi" l_jW# c_dWi 7 o : ied Yecfed[d# j[i Z[b ^k[le o f[hc_j[d gk[ [ij[ Wb_c[dje h[[cfbWY[ [d Wb]kdWi eYWi_ed[i W bW YWhd["
[d ec[b[j[i gk[ fk[Z[d i[h Yed gk[ie o l[hZkhW " XkZ_# d[i" fh[fWhWZei h[lk[bjei" [jY$" f[he i_[cfh[ j[d_[dZe [d Yk[djW gk[ [b j_fe Z[ fh[# fWhWY_ÂŒd [b[]_Ze de _cfb_gk[ [nY[i_lWi YWbeh‡Wi$ BW YWdj_ZWZ Z[ ^k[le [d bW Z_[jW Z[ kdW [cXWhWpWZW [i Z[ ( kd_ZWZ[i i[cWdWb[i" o fk[Z[" WZ[c|i" _dYehfehWh kdW YbWhW feh Z‡W$ -ĔŊ% ++#3(3 2ĹŠ8ĹŠ!#1# +#2
Bei Y[h[Wb[i Yedij_jko[d kdW \k[dj[ _cfehjWdj[ Z[ YWhXe^_# ZhWjei o Z[ Ă’ XhW i_ i[ bWi Yedik# c[ [d \ehcW _dj[]hWb fWd d[]he e ]Wbb[j_jWi _dj[]hWb[i $ ;d YWdj_ZWZ ceZ[hWZW" ied ēŊ 23 1ĹŠ/#-"(#-3#ĹŠ"#+ĹŠ 4,#-3.ĹŠ"#ĹŠ/#2.ĹŠ"41 -3#ĹŠ#+ĹŠ#, 1 9.ĹŠ#2ĹŠ$4-" Äą kd Xk[d Yecfb[c[dje [d bW Z_[# ,#-3 +ĹŠ/ 1 ĹŠ!4(" 1ĹŠ24ĹŠ2 +4"Ä“ jW" oW gk[ [ijei fei[[d Ă’ XhWi l[# ][jWb[i o ckY^W c|i YWdj_ZWZ Z[ YWdj_ZWZ Z[ X[jWYWhej[dei ~04(".2 fh[Ykhieh[i Z[ bW l_jWc_dW 7$ I[ Z[X[ jhWjWh Z[ X[X[h Wb c[dei l_jWc_dWi Z[b Yecfb[`e 8$ ;d YkWdje W bei Y‡jh_Yei" \hk# ( b_jhei feh Z‡W Z[ `k]ei Z[ Yec# j_bbWi o a_m_ fei[[d WZ[YkWZW fejW i_d Wp‘YWh" jƒ" cWj[ YeY_Ze" 143 2ĹŠ8ĹŠ5#%#3 +#2 W]kW c_d[hWb" ieZW" YWbZei Z[i# Bei l[][jWb[i Z[ ^e`W fei[[d YWdj_ZWZ Z[ l_jWc_dW 9$ H[Yec_[dZWd bW _d][ijW c‡d_# ]hWiWZei" `k]ei e ]Wi[eiWi Z_[# _cfehjWdj[ YWdj_ZWZ Z[ l_jW# jƒj_YWi" ' b_jhe feh Z‡W c_dW 9 o \_XhWi l[][jWb[i$ ;i cW Z[ kdW kd_ZWZ Wb Z‡W$ c[`eh Yedikc_hbei YhkZei e YeY_Zei Wb lWfeh fWhW [l_jWh /.'+& bW fƒhZ_ZW Z[ _cfehjWdj[i ikijWdY_Wi dkjh_j_lWi$ ;d [b YWie Z[ bW pWdW^eh_W o [b pW# fWbbe e YWbWXWpW fei[[d ]hWd
.-31.+Ŋ"#Ŋ/#2.Ŋ#-Ŋ#+Ŋ#, 1 9. ŗŊŊ Ŋ#, 1 9 " Ŋ!.-Ŋ2. 1#/#2.Ŋ"# #1;Ŋ1#"4!(1+.Ŋ ).Ŋ#231(!3.Ŋ!.-31.+Ŋ,_"(!.ĔŊ 8 Ŋ04#Ŋ4- Ŋ"(#3 Ŋ(- "#!4 " Ŋ#-Ŋ! +.1~ 2Ŋ/4#"#Ŋ!.-"(!(.- 1Ŋ4-Ŋ ).Ŋ /.13#Ŋ"#Ŋ
-431(#-3#2Ŋ#2#-!( +#2Ŋ+.Ŋ04#Ŋ(-ĄŊ4(1;Ŋ-#% 3(5 ,#-3#Ŋ#-Ŋ#+Ŋ-.1, +Ŋ"#2 11.++.Ŋ # _Ŋ 8Ŋ#-Ŋ#++ Ŋ,(2, ē
2ĹŠ/1.3#~- 2ĹŠ"#ĹŠ+ ĹŠ"(#3 ĹŠ"# #-ĹŠ2#1ĔŊ$4-" ,#-3 +,#-3#ĔŊ/1.3#~- 2ĹŠ"#ĹŠ +3 ĹŠ! +(" "ĹŠ ĸ! 1-#ĔŊ'4#5.2ĔŊ+;!3#.2ĚŊ/4#2ĹŠ2.-ĹŠ+ 2ĹŠ04#ĹŠ#+ĹŠ # _ĹŠ,#).1ĹŠ /1.5#!' ĹŠ/ 1 ĹŠ$.1, 1ĹŠ 242ĹŠ/1./(.2ĹŠ3#)(".2Ä“ #+#!!(.- -".ĹŠ "#!4 " ,#-3#ĹŠ$4#-3#2ĹŠ/1.3#(! 2ĹŠ!.-ĹŠ ).ĹŠ/.1!#-3 )#ĹŠ"#ĹŠ%1 2 ĹŠ ĸ+#!'#ĹŠ"#2!1#, " ĔŊ/#2! ".ĔŊ! 1-#2ĹŠ, %1 2ĚĔŊ2#ĹŠ% 1 -3(9 ĹŠ4-ĹŠ 4#-ĹŠ /.13#ĹŠ"#ĹŠ /1.3#~- 2ĔŊ5(3 ,(- 2ĹŠ8ĹŠ,(-#1 +#2ĹŠ#2#-!( +#2ĹŠ2(-ĹŠ 4,#-3 1ĹŠ,4!'.ĹŠ+ 2ĹŠ! +.1~ 2ĹŠ"#ĹŠ + ĹŠ"(#3 Ä“ 1 +#+ ,#-3#ĔŊ#+ĹŠ2. 1#/#2.ĹŠ"41 -3#ĹŠ+ ĹŠ%#23 !(¢-ĹŠ1#04(#1#ĹŠ1#"4!(1ĹŠ+ ĹŠ(-%#23(¢-ĹŠ "#ĹŠ +(,#-3.2ĹŠ,48ĹŠ#-#1%_3(!.2Ŋĸ"4+!#2ĔŊ 9ĂŒ! 1#2ĔŊ,(#+ĔŊ!.-ÄƒĹŠ341 2ĔŊ%1 2 2ĚŊ8ĔŊ#-ĹŠ ,#-.1ĹŠ,#"(" ĔŊ+ 2ĹŠ' 1(- 2ĔŊ+(,(3;-".+ 2ĹŠ ĹŠ+ 2ĹŠ! -3(" "#2ĹŠ,~-(, 2ĹŠ/1#5(23 2ĹŠ/ 1 ĹŠ !4 1(1ĹŠ#+ĹŠ5 +.1ĹŠ! +¢1(!.ĹŠ04#ĹŠÄƒĹŠ)#ĹŠ#+ĹŠ-431¢+.%.ĹŠ#-ĹŠ! " ĹŠ! 2.Ä“
Ĺ? Ĺ?
Ĺ?
7 Ä Ä‰
Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ?
ĹŠ, "1#ĹŠ !34 +ĹŠ "# #ĹŠ2#-3(1ĹŠ#+ĹŠ /.8.ĹŠ"#ĹŠ+ ĹŠ$ ,(+Äą ( ĹŠ#-ĹŠ+.2ĹŠ04#' !#Äą 1#2ĹŠ"#+ĹŠ'.% 1Ä“ BWi cWZh[i jhWXW`WZehWi ied bWi i‘f[h ^[he‡dWi Z[b ckdZe ceZ[hde$ :khWdj[ [b Z‡W" WjWl_W# ZWi Yed iki hefWi Z[ [`[Ykj_lWi" i[ WXh[d fWie feh [b ckdZe Z[b jhWXW`e$ Feh bW deY^[" i[ YWbpWd YÂŒceZWi Y^WdYbWi fWhW Yed\[Y# Y_edWh kd Wj‘d fWhW bW Yec_ZW" o Z[Z_YWh lWh_Wi ^ehWi W WokZWh W bei d_‹ei [d iki jWh[Wi$ I_d [c# XWh]e ^WijW bei ikf[h^ƒhe[i Yed# \hedjWd i[dj_c_[djei Z[ _di[]k# h_ZWZ$ O [ie eYkhh[ [d [b YWie Z[ bWi cWZh[i jhWXW`WZehWi$ 9ed \h[Yk[dY_W" WXhkcWZWi feh [b cWdj[d_c_[dje Z[ kdW YWiW eh]Wd_pWZW" bW Wb_c[djW#
Ŋ(,/.13 -!( Ŋ "#Ŋ+ Ŋ!.+ .1 !(¢-
Y_ÂŒd Z[ \Wc_b_W o cWiYejWi" bWi ][ij_ed[i o bei jhWibWZei Yece Y^e\[h#jeZe [d bWi _dikĂ’ Y_[dj[i ^ehWi Z[ifkƒi Z[b jhWXW`e#bWi ck`[h[i jhWXW`WZehWi i[ i_[d# j[d _dYWfWY[i o Wdi_eiWi feh de Z[Z_YWh j_[cfe ikĂ’ Y_[dj[ W bei d_‹ei" o i[ fh[eYkfWd fehgk[ b[i fWh[Y[ gk[ de [ij|d WYec[# j_[dZe W YWXWb_ZWZ bei Z[X[h[i Z[ cWZh[$ .-2#).2ĹŠ/ 1 ĹŠ+ ĹŠ, "1#ĹŠ,."#1-
BW bb[]WZW Z[ bei ^_`ei jhWdi\eh# cW dk[ijhW hkj_dW" fehgk[ oW de Z_ifed[cei Z[b j_[cfe gk[ Wdj[i feZ‡Wcei h[fWhj_h [djh[ dk[ijhWi WYj_l_ZWZ[i Yece c|i dei ]kijWhW$ 9k_ZWh dk[ijhW \Wc_b_W Z[X[ i[h dk[ijhW fh_eh_ZWZ" f[he dkd#
/.',/
%RXTXHW GH IUXWDV
YW f[hZ_[dZe Z[ l_ijW bW _cfeh# jWdY_W Z[ jeZei bei Wif[Yjei Z[ dk[ijhW l_ZW$ xi[ [i `kijWc[dj[ [b Z[iW\‡e0 i[h kdW [nY[b[dj[ cW# Zh[ i_d Z[iYk_ZWh bei heb[i Z[ ck`[h" fhe\[i_edWb o Z[c|i$ Ä Â˘,.ĹŠ+.%1 1+.Ä&#x;
Feh [b X_[d Z[ ik iWbkZ" Z[X[ [dYedjhWh bW cWd[hW Z[ [d# YW`Wh iki WYj_l_ZWZ[i Z[djhe Z[ ik j_[cfe0 YkWdZe lWoW W ^WY[hbe de j[cW W [gk_leYWhi[ kdW e c_b l[Y[i" \ehcW fWhj[ Z[b Wfh[dZ_pW`[$ De Z[`[ Z[ Ykbj_lWh YWZW kde Z[ bei _dj[h[i[i gk[ bW l_ZW j[ ^W Z[if[hjWZe$ H[Yk[hZ[ gk[ cWd# j[d[hbei l_lei j[ WokZWh| W i[h kdW cWZh[ c[dei eXi[i_lW" o lWbehWh|i ckY^e c|i YWZW ce# c[dje gk[ YecfWhjWi Yed jki ^_`ei$ BW cWj[hd_ZWZ de [i [n# YkiW fWhW Z[iYk_ZWh jk Whh[# ]be f[hiedWb0 eh]Wd‡pWj[ Z[ cWd[hW gk[ fk[ZWi Ykcfb_h Yed jki jWh[Wi i_d Z[`Wh Z[ bWZe [b Yk_ZWZe Z[ jk f_[b" jk YWX[bbe o Z[ jk Yk[hfe$ ;b i[ne c[h[Y[ kd YW# f‡jkbe WfWhj[0 Yed jWdjWi WYj_l_ZWZ[i" [i dWjkhWb gk[ Wb]kdW gk[ ejhW l[p de j[d# ]Wi ]WdWi Z[ ^WY[h [b Wceh$ I_ de [ij|i Z[ ^kceh de be
4_ĹŠ-#!#2(3 Ä–
.2Ŋ04#' !#1#2Ŋ".,_23(!.2Ŋ04#Ŋ 2#Ŋ3(#-#-Ŋ04#Ŋ1# +(9 1ĔŊ2.-Ė ŊŊŊŊŇŊ 5 1Ŋ+ Ŋ1./ ŊŊŊŊŇŊ 5 1Ŋ8Ŋ2#! 1Ŋ+.2Ŋ/+ 3.2 ŊŊŊŊŇŊ ! 1Ŋ+ Ŋ 241 ŊŊŊŊŇŊ .-#1Ŋ+ Ŋ,#2 ŊŊŊŊŇŊ 4(3 1+#Ŋ#+Ŋ/.+5.Ŋ Ŋ+.2Ŋ,4# +#2
^W]Wi" f[he i_ [ijW i_jkWY_ÂŒd i[ h[f_j[ YedijWdj[c[dj[ Xki# YW [dYedjhWhb[ [b cej_le$ ;d jeZe cec[dje WY[fjW bW WokZW Z[b fWZh[ fWhW Ykcfb_h Yed bWi jWh[Wi h[bWY_edWZWi Wb Yk_ZWZe Z[ bei d_‹ei0 kdW cWZh[ ceZ[hdW iWX[ gk[ ^WY[hbe fWhj‡# Y_f[ [i cko iWbkZWXb[ fWhW bW \W# c_b_W" fWhW bW h[bWY_ÂŒd Z[ fWh[`W o fh_dY_fWbc[dj[ fWhW j_" gk[ j[ i[dj_h|i c|i Wb_l_WZW$ 7fh[dZ[cei Z[ dk[ijhei [hheh[i" o iÂŒbe [d bW fh|Yj_YW fe# Zh|i [dYedjhWh jk fhef_W cWd[hW Z[ i[h bW c[`eh cWZh[ ceZ[hdW" gk[ [i ‘d_YW$ /1#-"#1ĹŠ +%.ĹŠ-4#5.
1 ).ĹŠ#-ĹŠ! 2
4_ĹŠ' !#1Ä–
ŊŇŊ +#ĹŠ!.-ĹŠ24ĹŠ-( .ĹŠ2. 1#ĹŠ#+ĹŠ04#' !Äą #1ĹŠ04#ĹŠ5 -ĹŠ ĹŠ!.,#-9 1ĹŠ)4-3.2ēŊ 7/+(04#ĹŠ /.1ĹŠ04_ĹŠ+ ĹŠ$ ,(+( ĹŠ-#!#2(3 ĹŠ04#ĹŠ#23.ĹŠ2#ĹŠ ' % ēŊ #2!1( ĹŠ!¢,.ĹŠ+.ĹŠ' 1;-ĹŠ8ĹŠ!¢,.ĹŠ #+ĹŠ-( .ĹŠ+#ĹŠ/4#"#ĹŠ 84" 1Ä“ ŊŊŊŊŇŊ -2_ #+#ĹŠ -4#5 2ĹŠ/ + 1 2ĹŠ04#ĹŠ 2#ĹŠ1#+ !(.- -ĹŠ!.-ĹŠ! " ĹŠ3 1# Ä–ĹŠÄĄ 1(,#1.ĹŠ 5 ,.2ĹŠ ĹŠ/.-#1ĹŠ#+ĹŠ, -3#+ĹŠ#-ĹŠ+ ĹŠ,#2 ĔŊ8ĹŠ +4#%.ĹŠ2(%4#-ĹŠ+ 2ĹŠ2#15(++#3 2ēĢ ŊŊŊŊŇŊ 5 1ĹŠ + ĹŠ1./ ĹŠ+#2ĹŠ.$1#!#ĹŠ,4!' 2ĹŠ ./.134-(" "#2ĹŠ/ 1 ĹŠ /1#-"#1ēŊ 1#%ĂŒ-Äą 3#+#ĹŠ !4;-3 2ĹŠ /1#-" 2ĹŠ 2#ĹŠ 3(#-#-ĹŠ 04#ĹŠ + 5 1ēŊ ĹŠ 5#1ĹŠ !4 -3 2ĹŠ /4#"#ĹŠ -., 1 1Ä–ĹŠ ,#"( 2ĔŊ ! ,(2#3 2ĔŊ /() , ĔŊ 24_3#1#2ĔŊ ! ,(2 2ēŊ ĹŠ ĹŠ ĹŠ ŇŊ #,4_231#+#ĹŠ !¢,.ĹŠ ,#"(1ĹŠ #+ĹŠ ) ¢-ĹŠ8ĹŠ/~" +#ĹŠ04#ĹŠ+#ĹŠ/.-% ĹŠ) ¢-ĹŠ ĹŠ+ ĹŠ + 5 ".1 ēŊ #)#ĹŠ 04#ĹŠ /.-% ĹŠ + ĹŠ 1./ ĹŠ #-ĹŠ + ĹŠ+ 5 ".1 ĔŊ-., 1 -".ĹŠ! " ĹŠ/1#-" ēŊ / 13#ĹŠ4- ĹŠ,#"( ēŊ 4 -".ĹŠ+ ĹŠ+ 5 ".1 ĹŠ #23_ĹŠ++#- ĹŠ"#ĹŠ %4 ĔŊ2 04#ĹŠ+ ĹŠ.31 ĹŠ,#"( ĹŠ "#+ĹŠ/ 1ēŊ 1#%ĂŒ-3#+#ĹŠ +ĹŠ-( .ĹŠ!4;+ĹŠ,#"( ĹŠ 2#ĹŠ2(#-3#ĹŠ,;2ĹŠ/#2 " ĹŠ8ĹŠ!4;+ĹŠ,;2ĹŠ+(%#1 ēŊ +ĹŠ ! 1ĹŠ"#ĹŠ+ 5 1ĹŠ+ ĹŠ1./ ĔŊ/~" +#ĹŠ +ĹŠ-( .ĹŠ 04#ĹŠ / 13#ĹŠ24ĹŠ/1./( ĹŠ1./ ĹŠ8ĹŠ %14/#ĹŠ+ 2ĹŠ !.2 2ĹŠ04#ĹŠ2.-ĹŠ2(,(+ 1#2Ŋĸ/.1ĹŠ#)#,/+.ĔŊ + 2ĹŠ! ,(2#3 2ĔŊ+ 2ĹŠ,#"( 2Ěē
Bei gk[^WY[h[i Zecƒij_Yei fk[Z[d WokZWh W gk[ bei d_‹ei Wfh[dZWd dk[lWi fWbWXhWi" YÂŒce [iYkY^Wh o i[]k_h _dijhkYY_ed[i" jWcX_ƒd b[i WokZWd W c[`ehWh ik YÂŒce YedjWh o YÂŒce YbWi_Ă’ YWh YeehZ_dWY_ÂŒd \‡i_YW o b[i [di[‹Wd bWi YeiWi$ Bei Z[X[h[i Z[ bW YWiW W i[h h[ifediWXb[i$
7RUWDV HQ )RQGDQW
7RUWDV YDULHGDG GH VDERUHV
3DQFDNHV
0DQ]DQDV FKRFRODWDGDV
7RUWDV (VWDPSDGDV )UHVDV FKRFRODWDGDV
%RXTXHW GH *DOOHWDV
&DMDV GH EURXQLHV
ēŊ .2Ŋ04#' !#1#2Ŋ".,_23(!.2Ŋ"# #-Ŋ' !#12#Ŋ#-31#Ŋ3.".2Ŋ/ 1 Ŋ-.Ŋ! 1% 1+#Ŋ3.".Ŋ Ŋ+ Ŋ, ,;ē
.-2(#-3 Ŋ,4!'.Ŋ Ŋ, ,;Ŋ #!4#1"#Ŋ04#Ŋ +.2Ŋ"#3 ++#2Ŋ2.-Ŋ (,/.13 -3#2Ŋ8Ŋ $.1, -Ŋ/ 13#Ŋ"#+Ŋ ,.1ēŊ
Ĺ—ĹŠĹŠĹŠ
+ĹŠ24# .ĹŠ"#ĹŠ34ĹŠ/#04# . +ĹŠ1(3,.ĹŠ"#+ĹŠ24# .ĹŠ/4#"#ĹŠ! ,Äą ( 1ĹŠ"41 -3#ĹŠ+.2ĹŠ/1(,#1.2ĹŠÄŒÄ‡ĹŠ "~ 2ēŊ .ĹŠ2#ĹŠ/1#.!4/#ĹŠ2(ĹŠ"4#1,#ĹŠ ,4!' 2ĹŠ'.1 2ĹŠ2#%4(" 2ĹŠ"41 -Äą 3#ĹŠ#+ĹŠ"~ ĔŊ-.ĹŠ#2ĹŠ-#!#2 1(.ĹŠ04#ĹŠ +.ĹŠ"#2/(#13#ĹŠ/ 1 ĹŠ!.,#1ēŊ #).1ĹŠ /1.5#!'#ĹŠ/ 1 ĹŠ"#2! -2 1ēŊ #!4#1"#ĹŠ04#ĹŠ#-ĹŠ+ 2ĹŠ-.!'#2ĹŠ "#2/#13 1;ĹŠ4-ĹŠ/ 1ĹŠ"#ĹŠ5#!#2ĹŠ.ĹŠ ,;2ĹŠ8ĹŠ#2ĹŠ,#).1ĹŠ#23 1ĹŠ+(23 ēŊ
Ĺ—ĹŠĹŠĹŠ
Ŋ/(#+Ŋ"#Ŋ24Ŋ # _ .3 1;Ŋ04#Ŋ+ Ŋ/(#+Ŋ"#+Ŋ # _Ŋ 1#!(_-Ŋ- !(".Ŋ! , ( Ŋ!.-23 -Ĺ 3#,#-3#Ŋ8Ŋ3 +Ŋ5#9Ŋ#-Ŋ+ Ŋ$1#-3#Ŋ 8Ŋ#-Ŋ+ Ŋ- 1(9Ŋ/4#"#-Ŋ / 1#!#1Ŋ 4-.2Ŋ/4-3(3.2Ŋ + -!.2ĔŊ!.,.Ŋ #2/(-(++ 2Ŋ04#Ŋ#-Ŋ1# +(" "Ŋ2.-Ŋ %+;-"4+ 2Ŋ(-, "41 2Ŋ"#Ŋ%1 2 ēŊ #Ŋ(1;-ĔŊ-.Ŋ2#Ŋ/1#.!4/#ēŊ
Ĺ—ĹŠĹŠĹŠ
(,/(#9 Ŋ"#Ŋ24Ŋ!.+(3 1 Ŋ#5(3 1Ŋ+ 2Ŋ(11(3 !(¢-Ŋ#-Ŋ+ Ŋ 9.- Ŋ"#+Ŋ/  +Ŋ! 42 " 2Ŋ/.1Ŋ+ Ŋ .1(- ĔŊ+(,/(#Ŋ,48Ŋ (#-Ŋ24Ŋ!.+(3 Ŋ !.-Ŋ/1."4!3.2Ŋ'#!'.2Ŋ#2/#Ĺ !( +,#-3#Ŋ/ 1 Ŋ#++.2ēŊ , (_-Ŋ $~)#2#Ŋ#-Ŋ+ Ŋ"(#3 Ŋ,48Ŋ!.-"(Ĺ ,#-3 " Ŋ04#Ŋ3 +Ŋ5#9Ŋ#23_Ŋ++#Ĺ 5 -".Ŋ2(Ŋ+.Ŋ +(,#-3 Ŋ!.-Ŋ+#!'#Ŋ , 3#1- Ŋ8Ŋ!;, ( +#Ŋ#+Ŋ/  +Ŋ+.Ŋ ,;2Ŋ$1#!4#-3#,#-3#Ŋ/.2( +#ē
Ĺ—ĹŠĹŠĹŠ
42ĹŠ/(#2ĹŠ8ĹŠ, -(3.2 .-ĹŠ+ ĹŠ/ 13#ĹŠ"#+ĹŠ!4#1/.ĹŠ04#ĹŠ3#ĹŠ (-"(! 1;ĹŠ2(ĹŠ3(#-#ĹŠ$1~.ēŊ (ĹŠ-.ĹŠ#23;-ĹŠ 3( (.2ĔŊ!ĂŒ 1#+.2ĹŠ"#ĹŠ(-,#"( 3.ēŊ +ĹŠ/1(-!(/(.ĹŠ3#-"1;ĹŠ242ĹŠ/4 .2ĹŠ !#11 ".2ĹŠ8ĹŠ/.!.ĹŠ ĹŠ/.!.ĹŠ+.2ĹŠ(1;ĹŠ 1(#-".ēŊ +#2ĹŠ4-ĹŠ, 2 )(3.ĹŠ8ĹŠ $1¢3 + 2ĹŠ4- ĹŠ!.-31 ĹŠ+ ĹŠ.31 ēŊ
Ĺ—ĹŠĹŠĹŠ
.2ĹŠ2.-(".2 .ĹŠ#2ĹŠ!.-5#-(#-3#ĹŠ04#ĹŠ+#ĹŠ /.-% ĹŠ,ĂŒ2(! ĹŠ!.-ĹŠ#+ĹŠ5.+4,#-ĹŠ +3.ĹŠ.ĹŠ"#ĹŠ1(3,.ĹŠ/#2 ".ĹŠ/4#2ĹŠ24ĹŠ 2(23#, ĹŠ-#15(.2.ĹŠ!#-31 +ĹŠ/4#"#ĹŠ 5#12#ĹŠ2#1( ,#-3#ĹŠ $#!3 ".ēŊ
.2ĹŠ1(3,.2ĹŠ24 5#2ĹŠ8ĹŠ"#ĹŠ,ĂŒ2(! ĹŠ !+;2(! ĹŠ2.-ĹŠ1#!.,#-" ".2ĹŠ/.1ĹŠ #7/#13.2ĹŠ(-!+42.ĹŠ/ 1 ĹŠ#23(,4+ 1ĹŠ 24ĹŠ(-3#+(%#-!( ĹŠ!.,.ĹŠ+ 2ĹŠ!.,Äą /.2(!(.-#2ĹŠ"#ĹŠ .9 13Ä“
Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ?
Ä ÄŠ
YWiW" f[he WZ[c|i [ijW \ehcW Z[ Y[b[XhWh ik Z‡W i[ h[Wb_pW Z[ cW# d[hW cWi_lW [d [l[djei _dij_jk# Y_edWb[i" ]h[c_ei" WieY_WY_ed[i o c|i$ Feh be ][d[hWb YedjhWjWd cWh_WY^_i fWhW gk[ b[i YWdj[d c[beZ‡Wi o ZWh cec[djei Z[ Wb[]h‡W$ ;ijW cWd[hW Z[ \[ij[`Wh [hW c|i \h[Yk[dj[ [d ZƒYWZWi Wd# j[h_eh[i" Z_Y[ ;ij^[h BŒf[p kdW WXk[bW Wb h[YehZWh gk[ YkWdZe [bbW \k[ cWZh[ feh fh_c[hW l[p W bei (+ W‹ei" ik [ifeie b[ Z[Z_Ye kdW i[h[dWjW W cko j[cfhWdWi ^ehWi [d ik YWiW" [ije b[ ^WXh‡W fheleYWZe cWi Z[ kdW bW]h_cW Z[ Wb[]h‡W o iehfh[iW$ F[he jWcX_ƒd ^Wo YWiei o gk[ ied bW ]hWd cWoeh‡W gk[ de j_[d[d fei_X_b_ZWZ[i Z[ fW]Wh Whj_ijWi d_ cWh_WY^_i o [i W^‡ ZedZ[ _dj[hl_[d[d bei ]hkfei gk[ i[ Z[Z_YWd W bW bWXeh ieY_Wb$
BWi Óeh[i i[ ^Wd Yedl[hj_Ze [d [b i‡cXebe c|i l_i_Xb[ [d jeZei bei c[hYWZei Z[b ckdZe W bW ^ehW Z[ [djh[]Wh kd Z[jWbb[ [d Y[b[XhWY_ed[i _cfehjWdj[i Yece [b :‡W Z[ bW CWZh[" ckY^ei Yed# i_Z[hWd gk[ h[]WbWh kd ^[hceie hWce Z[ heiWi lWb[ bW f[dW$ CWh]Wh_jW" [i kdW cWZh[ Z[ \Wc_b_W XWijWdj[ `el[d" fWhW [ijW ck`[h bW X[bb[pW Z[ bWi Óeh[i de i[ YecfWhW Yed dWZW c|i W‘d [d bei ‘bj_cei j_[cfei ZedZ[ bei ]hWdZ[i fheZkYjei i[ ^Wd _d][#
Â&#x; ĹŠ ĹŠĹŠĹŠ
7
¥ ēŊ +Ŋ1.+Ŋ"#+Ŋ/ "1#Ŋ8Ŋ+.2Ŋ'().2Ŋ2.-Ŋ,48Ŋ(,/.13 -3#2Ŋ/ 1 Ŋ!4(" 1Ŋ Ŋ+ Ŋ1#(- Ŋ"#+Ŋ'.% 1ē
d_WZe fWhW e\h[Y[h jeZei bei Ye# beh[i fei_Xb[i" i_d [cXWh]e iki \Wleh_jWi ied bWi XbWdYWi o he`Wi$ ÆC_ [ifeie c[ YecfhW kd h[# ]Wbe f[he i_[cfh[ bb[]W WYecfW# ‹WZe Z[ kd Whh[]be Ă“ehWb" [iW [i ik YeijkcXh[" fehgk[ iWX[ gk[ c[ ]kijW o [if[he gk[ [ijW l[p de i[W bW [nY[fY_ÂŒdÇ" Yec[dje iedh_[dj[$
/.',.
>Wo ejhWi cWZh[i gk[ Yedi_# Z[hWd W bW Ă“eh Yece [b i‡cXebe Z[ bW X[bb[pW o gk[ [ijW [d jeZei bWZei" ckY^e c[`eh YkWdZe [i dWjkhWb Yec[djW" Wi[]khWd jWc# X_ƒd gk[ [d bW cWoeh‡W Z[ Y[b[# XhWY_ed[i ieXh[ jeZe YkWdZe i[ jhWjW Z[ bW ck`[h1 bei ^_`ei" [i# feie" Wc_]ei" [dWcehWZei" de# l_ei e YecfW‹[hei l[d W bW Ă“eh
'.!.+ 3#ĹŠ
7 _]kWb gk[ bWi heiWi k ejhei Z[jWbb[i bei Y^eYebWj[i ied [b [dYWdje fWhW ckY^Wi cWZh[i" [d [if[Y_Wb fWhW bWi cWi `ÂŒl[d[i gk[ b[i ]kijW i[h Yedi[dj_ZWi Yed kd h[]Wbe Z[ [ijei$ NWl_[h 7kp" kd fWZh[ Z[ \W# #1#- 3 ĹŠ 7 c|i Z[ kdW cWZh[ i[ b[ ^W c_b_W" Z_`e gk[ WZ[c|i YecfhWh dkXbWZe bW l_ijW feh [b bbWdje kdW YW`W Z[ Y^eYebWj[i [l_jW [ceY_edWdj[ Wb h[Y_X_h kdW i[# Yecfb_YWY_ed[i W Z_\[h[dY_W Z[ h[dWjW Z[ iki i[h[i gk[h_Zei [d YkWdZe i[ [b_][d ejhei h[]Wbei$ [b fh_dY_fWb Z[jWbb[" i_d [cXWh]e ^WXh| kdW ck`[h [djh[ '&& gk[ de b[ ]kijW gk[ b[ h[]Wb[d heWi" Wh]kc[djWhed$
Ĺ? Ĺ?
Ĺ?
Ĺ? 7 ĂĀ
Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ?
&Ĺ‹*,#0#& !#)Ĺ‹ Ĺ‹- ,Ĺ‹' '6Ĺ‹ ēŊ +ĹŠ!.-3 !3.Ä”ĹŠĂŒ-(!.ĹŠ04#ĹŠ' 8ĔŊ#-31#ĹŠ+ ĹŠ, "1#ĹŠ8ĹŠ#+ĹŠ'().ĹŠ"#2"#ĹŠ+ ĹŠ+ !3 -!( ĹŠ-.ĹŠ2#ĹŠ04# 1 -3 ĹŠ) ,;2ēŊ 2#ĹŠ#2ĹŠ4-ĹŠ".-ĹŠ" ".ĹŠ/.1ĹŠ (.2ĹŠ/ 1 ĹŠ+ 2ĹŠ,4)#1#2ĹŠ04#ĹŠ3(#-#-ĹŠ#+ĹŠ/1(5(+#%(.ĹŠ"#ĹŠ2#1ĹŠ, "1#2Ä“
.-!# (1ĹŠ ĹŠ4-ĹŠ'().ĹŠ#2ĹŠ#+ĹŠ".-ĹŠ,;2ĹŠ %1 -"#ĹŠ8ĹŠ, 1 5(++.2.ĹŠ04#ĹŠ (.2ĹŠ#-31#%¢Ŋ ĹŠ+ 2ĹŠ,4)#1#2Ä“ Dk[l[ c[i[i" ied bei Z‡Wi c|i _cfehjWdj[i [d bW l_ZW Z[ kdW ck`[h" o [i gk[ [b i[dj_h gk[ kd dk[le i[h [ijW \ehcWdZe Z[djhe Z[ ik l_[djh[" iebe i[ be fk[Z[ [d# j[dZ[h YkWdZe [i cWZh[$ L[hÂŒd_YW" Z[ (' W‹ei" cWd_Ă’[i# jW gk[ YkWdZe l_i_je feh fh_c[hW
l[p Wb c[Z_Ye o h[Y_X_ÂŒ bW dej_Y_W Z[ gk[ [ijWXW [cXWhWpWZW" c_b f[diWc_[djei i[ YhkpWhed feh ik c[dj[1 Z[i[ei Z[ bbehWh1 h[‡h" ]h_jWh o f[diWh Âľo W^ehW" gk[ leo W ^WY[h5$ FWhW [ijW fh[]kdjW" bW h[i# fk[ijW bW eXjkle [d ik fh_c[h
c[i Z[ [cXWhWpe" oW gk[ dkdYW i[ _cW]_de [b YWcX_e jejWb gk[ j[dZh‡W [d ik Yk[hfe o [d ik [i# jWZe Z[ |d_ce$ Bei lŒc_jei" cWh[ei o d|k# i[Wi" i[]‘d Yec[dje L[hŒd_YW" bei l_l_Œ ZkhWdj[ bei jh[i fh_c[# hei c[i[i1 f[he be gk[ b[ _cfkb# iWXW W i[]kh WZ[bWdj[ o ikf[hWh [iW [jWfW jWd Z_\‡Y_b" [hW gk[ kd ^[hceie i[h [ijWXW Yh[Y_[dZe Z[djhe Z[ ik Yk[hfe" fheZkYje Z[b _dj[die Wceh gk[ j_[d[ Yed ik [ifeie$
/.'+)
I[dj_h bei fh_c[hei bWj_Zei Z[ ik ^_`e" [b fh_c[h cel_c_[dje" bW fh_c[hW VfWjWZ_jW " [i [b c[`eh h[]Wbe gk[ @[i‘i Z_e W bW ck`[h$ Æ9h[e gk[ kd ^ecXh[ de fk[# Z[ _cW]_dWh d_ kd fegk_je Z[ be gk[ i_[dj[ bb[lWh W kd ^_`e ZkhWdj[ dk[l[ c[i[iÇ" [nfh[ie L[hÂŒd_YW$ C_[djhWi fWiWXWd bei Z‡Wi c|i Wb[]h‡Wi o ]WdWi Z[ l_l_h j[d‡W oW gk[ Yed Wdi_Wi" Wceh o ckY^e Z[i[e" [if[hWXW gk[ dWp# YW ik fh_c[h d_‹e$ L[hÂŒd_YW YkWdjW gk[ dkdYW i[ _cW]_de gk[ kd '& Z[ [d[he Z[b (&''" Wfhen_cWZWc[dj[ W bWi ')0)& i[dj_h‡W kdei Zebeh[i gk[ [ijh[c[Y‡Wd jeZe ik Yk[hfe$ C_[djhWi fWiWXWd bWi ^ehWi cWi \k[hj[ [hW [b Zebeh" feh be gk[ ik [ifeie bW bb[le _dc[Z_WjWc[d# j[ ^WijW kdW Yb‡d_YW Z[ iWbkZ$ ÆDkdYW [d c_ l_ZW c[ _cW# ]_dƒ gk[ Zeb[h‡W jWdje ZWh W bkp" oe ]h_jWXW" i[dj‡W gk[ [b ckdZe
i[ c[ l[d_W [dY_cW" bei ZeYjeh[i iebe c[ Z[Y‡Wd fk`W" fk`W c|i \k[hj[1 YkWdZe [iYkY^[ W kde Z[ [bbei Z[Y_h gk[ oW [ijWXW bW YWX[# Y_jW W\k[hW" c[ Whc[ Z[ lWbeh o iWgk[ \k[hpWi Z[ bWi gk[ de j[d_W" Z[ fhedje [iYkY^[ kd bbWdje cko \k[hj[" [hW c_ ^_`_jW gk[ dWY_ÂŒ Ç" h[bWjÂŒ L[hÂŒd_YW Yed ik heijhe bb[# de Z[ Wb[]h‡W o Wceh$ BW `el[d cWZh[ [nfh[ie gk[ bW c[`eh \ehjkdW [d bW l_ZW" [i j[d[h kd ^_`e" Æf_[die gk[ [i [b c[`eh h[]Wbe gk[ :_ei c[ fkZe ^WX[h ZWZe" [b fh[ijWhc[ W kde Z[ iki Wd][b_jei" [b ^WX[h j[d_Ze [d c_ l_[djh[ fWhW Yk_ZWhbe" Wb_c[djWh# be o WcWhbe1 Z[ifkƒi" bW Wb[]h‡W Z[ l[hbe dWY[h [i kd i[dj_c_[d# je _d[nfb_YWXb[" i_[cfh[ b[ ZWhƒ ]hWY_Wi W :_ei feh ^WX[h ZWZe [iW ]hWd efehjkd_ZWZ o [i[ ]hWd fh_l_b[]_e Z[ i[h cWZh[" Wb]e gk[ de YkWbgk_[hW be j_[d["ÇÒdWb_pe [ijW W\ehjkdWZW cWc|$
$ &21 $025 3$5$ 0$0Ăˆ
# "% ! ! " " & ! '
$PEDWR &DOOH 6XFUH \ 0DUWLQH] HU SLVR RI $OWRV GH 029,67$5 /XQHV \ 0LpUFROHV GH K D K
Ĺ? Ĺ?
Ĺ?
ĂĂ
Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ?
11#23 ".ĹŠ/.1ĹŠ , -#) 1ĹŠ# 1(.
Ĺ—ĹŠ ĹŠĹŠ<WX_|d IWdj_W]e I^kdjW" Z[ (. W‹ei" \k[ Whh[ijWZe feh c_[cXhei Z[ bW Feb_Y‡W DWY_e# dWb" bk[]e gk[ be [dYedjhWh|d h[Wb_pWdZe cWd_eXhWi f[b_# ]heiWi [d ik WkjecÂŒl_b Yed fbWYW FMO#,)/" XW`e [\[Yjei Z[b b_Yeh [d bW Wl[d_ZW L‡Yjeh >k]e o Bei 9^Wigk_i W bWi ((0)& Z[b l_[hd[i Wdj[h_eh$ I[]‘d [b _d\ehc[ feb_Y_Wb" IWbWpWh" \k[ jhWibWZWZe Wb I[hl_Y_e Z[ ?dl[ij_]WY_ÂŒd Z[ 7YY_Z[dj[i I?7J " ZedZ[ bW fhk[XW Z[ WbYe^eb[c_W Z[j[h# c_dÂŒ gk[ fei[‡W &"*', ]hWcei feh b_jhe Z[ iWd]h[" feh be gk[ \k[ bb[lWZe Wb 9[djhe Z[ :[# j[dY_ÂŒd Fhel_i_edWb 9:F $
.-"4!3.1Ŋ/1.$#2(.- +Ŋ !.-ŊĉĉŊ(-$1 !!(.-#2Ŋ
Ĺ—ĹŠ ĹŠĹŠ7 bWi &&0*& Z[ Wo[h W][dj[i Z[ Jh|di_je Z[ bW Feb_Y‡W DW# Y_edWb" Z[jkl_[hed bW cWhY^W Z[b YWc_ÂŒd i_d fbWYW cWhYW @79" gk[ YedZkY‡W Ă›d][b C_]k[b CWoeh]W C[Z_dW" [d bW Wl[d_ZW 8eb_lWh_WdW o @kb_e @WhWc_bbe$ Bei kd_\ehcWZei l[h_Ă’ YWhed" W jhWlƒi Z[ bW 9[djhWb Z[ HWZ_e FWjhkbbW" gk[ bW b_Y[dY_W fhe# \[i_edWb Z[ CWoeh]W" [ijWXW Xbegk[WZW Z[X_Ze W gk[ de ^W YWdY[bWZe (( _d\hWYY_ed[i Z[ jh|di_je" be gk[ [i kdW Yed# jhWl[dY_ÂŒd cko ]hWl[" o \k[ bb[lWZe Wb 9[djhe Z[ :[j[d# Y_ÂŒd Fhel_i_edWb 9:F " fWhW _dl[ij_]WY_ed[i$
'.04#ĹŠ#-ĹŠ +. ,
Ĺ—ĹŠ ĹŠĹŠ7 bWi '+0*& Z[ Wo[h" kd `[[f eĂ’ Y_Wb ZedZ[ i[ jhWdifehjWXW kd _cfehjWdj[ c_d_ijhe \k[ hepWZe feh kdW Wkjecejeh [d bW l‡W 7cXWje Ă„ 9[lWbbei$ ;d [ij[ WYY_Z[dj[ d_d]kdW f[hiedW h[ikbjÂŒ ^[h_ZW" f[he bei Wkjecejeh[i \k[hed bb[lWZei Wb fWj_e Z[ h[j[dY_ÂŒd l[^_YkbWh W Ă’ d Z[ [ijWXb[Y[h h[ifediWX_b_ZWZ[i$
¥ ēŊ .2Ŋ4-($.1, ".2Ŋ31 ) -Ŋ#-Ŋ 2#Ŋ Ŋ+ Ŋ(-$.1, !(¢-Ŋ 1(-" " Ŋ/.1Ŋ+ Ŋ!(4" " -~ ē
Ĺ‹*, 0 (#,Ĺ‹ &Ĺ‹,) )Ĺ‹ (Ĺ‹ )'# #&#) ĹŠ"#-4-!( ĹŠ"#ĹŠ+.2ĹŠ $#!3 ".2ĔŊ#2ĹŠ#+ĹŠ /1(,#1ĹŠ/ 2.ĹŠ/ 1 ĹŠ#+ĹŠ(-(!(.ĹŠ"#ĹŠ+ ĹŠ! /34Äą 1 ĹŠ"#ĹŠ+.2ĹŠ -3(2.!( +#2Ä“ :[X_Ze Wb _dYh[c[dje Z[ heXei W _dck[Xb[i" l[^‡Ykbei o beYWb[i Yec[hY_Wb[i" ZkhWdj[ [b fh_c[h YkWjh_c[ijh[ Z[b (&''" [i _cfeh# jWdj[ gk[ bW Y_kZWZWd‡W W\[YjWZW Yebegk[ bW Z[dkdY_W Yehh[ifed# Z_[dj[ Wdj[ bW Feb_Y‡W @kZ_Y_Wb e <_iYWb‡W Z[ Jkd]khW^kW" fWhW gk[ [cf_[Y[d bWi _dl[ij_]WY_e# d[i o i[ bb[l[ kd h[]_ijhe WYjkWb Z[ bei Z[b_jei$ >ƒYjeh @|j_lW" `[\[ Z[ bW Feb_Y‡W @kZ_Y_Wb" _dZ_YÂŒ gk[ ckY^Wi l[Y[i
bW Yeb[Yj_l_ZWZ Z[dkdY_W bei Z[b_# jei l‡W j[b[\ÂŒd_YW" f[he de i_[c# fh[ YebeYW bW WYkiWY_ÂŒd feh [i# Yh_je" W‘d YkWdZe [n_ij[d Z[b_jei Ă“ W]hWdj[i" gk[ Wb bb[]Wh cWdei Z[ kd `k[p ][d[hWbc[dj[" gk[ZW i_d [\[Yje Z[X_Ze W bW feYW YebWXehW# Y_ÂŒd Z[b W\[YjWZe$ @|j_lW" W]h[]ÂŒ gk[ bW Z[dkdY_W [i [b ikij[dje b[]Wb fWhW ZWh i[# ]k_c_[dje [ _dl[ij_]Wh i_ [b Z[j[# d_Ze" j_[d[ e de h[bWY_ÂŒd Yed ejhei ^[Y^ei \k[hW Z[ bW B[o$
")+/ Ĺ‹ (Ĺ‹ (. Ĺ‹
/ # BW YWc_ed[jW Yed fbWYW F8:# (---" Ykoe YedZkYjeh [iYWfÂŒ Z[b bk]Wh" Y^eYÂŒ YedjhW kd YW# c_ÂŒd YWh]WZe Z[ cWZ[hW" [d [b YWi[h‡e IWdjW BkY‡W" l‡W 7cXW# je Ă„ H_eXWcXW W bWi (&0*& Z[b l_[hd[i Wdj[h_eh$ I[]‘d bW l[hi_ÂŒd Z[ gk_[d[i eXi[hlWhed [b Y^egk[" bW YW# c_ed[jW Y_hYkbWXW W WbjW l[be# Y_ZWZ" c_[djhWi gk[ [b YWc_ÂŒd _XW Z[ifWY_e oW gk[ YWh]WXW cWZ[hW" o feh bW fh_iW gk[ bb[# lWXW" Y^eYÂŒ [d bW fWhj[ feij[# h_eh$ Kd_\ehcWZei Z[b Z[ijWYW# c[dje feb_Y_Wb Z[ CeY^W" bb[]W# hed Wb bk]Wh ZedZ[ eXi[hlWhed bei i[l[hei ZW‹ei cWj[h_Wb[i Yece ]kWhZWY^egk[ gk[XhWZe"
Feh ik fWhj[ [b Yehed[b F[Zhe FWXbe =Wbb[]ei" YecWdZWdj[ Z[ Feb_Y‡W Z[ Jkd]khW^kW" [d\Wj_pŒ gk[ [i _cfehjWdj[ gk[ [d [l[djei Z[ Wi_ij[dY_W cWi_lW" fh_lWZei" bW i[]kh_ZWZ de b[ Yehh[ifedZ[ ‘d_YWc[dj[ W bW Feb_Y‡W DWY_e# dWb" i_de jWcX_ƒd Wb [cfh[iWh_e" gk_[d Z[X[h‡W Z[ij_dWh kd hkXhe Z[ bW [djhWZW" fWhW [b fW]e Z[ ]kWhZ_Wd‡W fh_lWZW$ Ejhe Z[ bei fkdjei _cfehjWd# j[i" i[]‘d =Wbb[]ei" [i bW Z[dkdY_W h[i[hlWZW Z[ bei jkd]khW^k[di[i ieXh[ WYjei e f[hiedWi gk[ Z[Z_# YWd W Yec[j[h WYjei Wb cWh][d Z[ bW B[o" fWhW gk[ bWi _dZW]WY_ed[i [cf_[Y[d o Wi‡ i[ iWdY_ed[d W bei cWbei [b[c[djei$
84" ĹŠ !(4" " - Ĺ—ĹŠĹŠ
2Ŋ(,/.13 -3#Ŋ04#Ŋ+ Ŋ!.+#!3(5(" "Ŋ 04#Ŋ/1#2#-!(#Ŋ !3.2Ŋ(+#% +#2ĔŊ+.2Ŋ "#-4-!(#Ŋ8Ŋ"#Ŋ#7(23(1Ŋ+ Ŋ/.2( (+(" "Ŋ "#Ŋ! /341 1Ŋ +Ŋ"#+(-!4#-3#ĔŊ+.Ŋ' % -ĔŊ / 1 Ŋ#-Ŋ+.Ŋ/.23#1(.1Ŋ#-31#% 1+.Ŋ Ŋ+ Ŋ .+(!~ Ŋ !(.- +ēŊ
2ĹŠ 43.1(" "#2ĹŠÄƒĹŠ2! +#2ĹŠ8ĹŠ)4"(!( +#2ĹŠ 3 , (_-ĹŠ)4#% -ĹŠ4-ĹŠ/ /#+ĹŠ$4-" Äą ,#-3 +ĹŠ/ 1 ĹŠ+ ĹŠ/1#5#-!(¢-ĹŠ"#ĹŠ+ ĹŠ "#+(-!4#-!( Ä“
#!/ (ŋ )* , .#0)-ŋ ŋĒ#& ! & -ē
Â&#x; ēŊ ĹŠ! ,(.-#3 ĹŠ/1#2#-3 ĹŠ+ ĹŠ $4#19 ĹŠ"#+ĹŠ(,/ !3.ĹŠ#-ĹŠ+ ĹŠ/ 13#ĹŠ"#+Äą -3#1 ĹŠ"#ĹŠ24ĹŠ#2314!341 Ä“
cWiYWh_bbW hejW" YWfŒ Yed ^kdZ_# c_[dje" fWhWXh_iWi jh_iWZe" hWZ_W# Zeh Z[\ehcWZe o YWhZ|d \k[hW Z[ iki XWi[i" cej_le feh [b YkWb Z[X_Ze i[h jhWibWZWZe Wb fWj_e Z[ h[j[dY_Œd [d ?pWcXW$ ;djh[ jWdje [b YWc_Œd" Z[b gk[ de i[ eXi[hlŒ bW fbWYW" i_]k_Œ ik YWc_de ^WY‡W H_eXWcXW$
*/ kd_ZWZ[i Z[ jhWdifehj[ [d# jh[ YWc_ed[jWi" WkjecÂŒl_b[i o \kh]ed[jWi gk[ ef[hWd Wb cWh# ][d Z[ bW B[o" Xh_dZWdZe jhWdi# fehj[ f‘Xb_Ye" ^Wd i_Ze h[j[d_# ZWi feh bei W][dj[i Z[ jh|di_je Z[ Jkd]khW^kW$ I[]‘d CWhYe IWbWpWh" ikX# j[d_[dj[ Z[ Feb_Y‡W" `[\[ Z[b :[# fWhjWc[dje Z[ B‡d[Wi o <h[# Yk[dY_Wi" _dZ_YÂŒ gk[ ZkhWdj[ bei ef[hWj_lei Z[ Yedjheb ^Wd h[j[# d_Ze kdW ]hWd YWdj_ZWZ Z[ l[^‡# Ykbei feh Y_hYkbWh Yed cWjh‡YkbW YWZkYWZW o h[Wb_pWdZe YWhh[hWi Yece ĂˆjWn_i [`[Ykj_leiÉ e f_hWjWi$ ;d\Wj_pÂŒ gk[ Z[ WYk[hZe W bW B[o WYjkWb" feh Y_hYkbWh Yed bW b_Y[dY_W YWZkYWZW" [b Wkjece# jeh Z[X[ i[h h[j[d_Ze c_[djhWi [b fhef_[jWh_e b[]Wb_pW ik i_jkW#
¥ ēŊ .2Ŋ 43.,.3.1#2Ŋ04#Ŋ ./#1 -Ŋ +Ŋ, 1%#-Ŋ"#Ŋ+ Ŋ #8ĔŊ/#1, -Ĺ #!#-Ŋ#-Ŋ#+Ŋ/ 3(.Ŋ"#Ŋ 9 , ē
Y_Œd$ F_Z_Œ W bW Y_kZWZWd‡W gk[ [l_# j[ kiWh kd_ZWZ[i fWhj_YkbWh[i YedZkY_ZWi feh Z[iYedeY_Zei" oW gk[ [n_ij[d YWiei ZedZ[ bei ^Wcfed[i kiWd [ij[ i_ij[cW fWhW Yec[j[h heXei e i[Yk[ijhei ;nfh[ii$ 7b cec[dje [b fWj_e Z[ h[j[d# Y_Œd Z[ ?pWcXW" [ij| jejWbc[dj[ iWjkhWZe feh [b Wbje d‘c[he Z[ _d\hWYjeh[i [n_ij[dj[i [d bW fhe# l_dY_W$
ŏ ŏ
ŏ
#-".ũ 3#11#-.ũ "#ũ ĉĐćũ ,#31.2Ĕũ 4-ũ
Ăą
,(-(ũ"#/ 13 ,#-3.ũ!.-ũ3#11 9 Ĕũ,#"( 2ũ %4 2ũ 5ēũ , +#ũ 13~9ũ8ũ 2 )#ũ 14) ũ #11 -.Ĕũ #+4+ 1ũćĒđĊĎđĈďĊũĵĉıČĈćĉČđũ ĸ 8.ũĈŇĒĐđĒĈĹ
ũ : ũ ũ ı ũ ıĈıũ ũ ũ ĖĉĉďĊĒĐĐũ ıũ ćĒĎćĎĒĒĎĒũũ ĵĉĒĈĈĒĵ
āŏ ŏ ŏ ŏĂĀāā
ŏ +. ŏŏ
!4 "1 2ũ "#ũ 3#11#-.ũ -$ēĖũ ćĒđĒćĒĊĉĉũ ıũćĒďĉĐČĊČď
ũ ũ ũ 5#-".ũ
'.1-.ũ %(1 3.1(.ũ ũ % 2ũ ! / !(" "ũ ĉČũ /.++.2ũ #+$ēĖũ ĉđĐĊďćĉũ ıũ ćđĊĎĈĎďćĈũ ĸ 8.ũĉũŇũĒđćČĒĹ
ũ ũ /1./(#" "ũ ,#).1ũ 2#!ı
3.1ũ 3 3#ũ ĊĊćēćććũ -#%.!( +#2ũ ďũ
#-".ũ ! 2 ũ #-ũ #!'.ũ 1./(.ũ ĈČĎũ ,ũ
"#ũ!.-2314!!(¢-ũ8ũĉđĐũ,ũ"#ũ3#11#-.Ĕũĉũ /+ -3 2ũ5 +.1ũŌũČĐēćććũ-#%.!( +#2ũ #+ēĖũ ćĒĐĈČĐĈćďũıũćĒĎĒČćđĎđ
#11#-.ũ"#ũ./.134-(" "ũ#7!#+#-3#ũ4 (ı
! !(¢-Ĕũ 2#!3.1ũ ũ #-~-24+ ũ )4-3.ũ ũ + ũ + 9 ũ #-31 +ĔũĊĎć,ĉũ!#+ēũćĒĒđĉćĒĐĉēũũ ĵđĉĊĐČĵ!!
ũ
ũ ēũ #/ 13 ,#-3.ũ#-ũ 4(3.Ĕũ #-ũ+ ũďũ"#ũ"(!(#, 1#ũ8ũ ~.ũ .! Ĕũ .11#2ũ "#ũ -ũ 2("1.ēũ #+$ēũćĒĒćĉďĒĒĉē ũ ēũ -ũ!4 13.ũ!.-ũ .ũ/1(ı 5 ".ũ#-ũ ũ (!3.1( ēũ -$ĖũćĒćđĎĉďĉćē
.+(3_!-(! Ĕũ -"(- Ĕũ 3¢+(! ũ ĉĎČČĉďđũ ĵũ ĉĎĉĒĊĈĈũ ũ 666ē1#2("#-!( 4-(5#12(3 ı 1( %(1 2.+ē!.,ũũũũũũ ĵđĉĐĉĊĵ!!
ēũ #!#2(3 ũ).5#-ũ!.-ũĉũ
.8ũ 2#15(!(.ũ "#ũ 31 -2/.13#ũ / 1 ũ /#1ı
ũ ũ ^ ı ũ #-ũ #-31.ũ "#ũ 13#2ũ _"(! 2ũ , 3.ũ )4-3.ũ ũ +~-(! ũ , 3.ũ ! ++#ũ .+~5 1ũćĒĉĐũ8ũ +".- ".ũ -$ēĖũĉđĉĈďđĈũ ĸ 8.ũĈũŇũĒĐĐĈĉĹũũ
+ -3 , 3.ũ ē ēũ-#!#2(3 ũ!.-31 3 1ũĉũ ,#!;-(!.2ũ04#ũ3#-% -ũ!.-.!(,(#-3.ũ#-ũ +(-# !(¢-Ĕũ + -!#.ũ8ũ,#!;-(! ũ1;/(" ũ / 1 ũ31 ) 1ũ#-ũ (. , Ĕũ#7/#1(#-!( ũ ,~-(, ũ "#ũ ĉũ .2Ĕũ #-ũ /4#23.2ũ 2(,(+ ı 1#2Ĕũ2#1ũ !'(++#1ũ _!-(!.Ĕũ"(2/.-( (+(" "ũ (-,#"( 3 ēũ -$ēũ /2.1( ľ++ -3 , 3.ē !.,ũũ!1.2#1.ľ++ -3 , 3.ē!.,ũĵũ #+$ēũ ĉČĈĈĐĊĊũ
+ -3 , 3.ũ ē ēũ -#!#2(3 ũ !.-31 ı
11(#-".ũ .! +ũ -4#+(3 ũ ;#-9ũ ĸ 1./#9¢-Ĺũ #+ēĖũ ćĒđČĒĐČĎČũ ĸ 8.ũ ĈŇĒĐđććĹ 11(#-".ũ #-ũ #"($(!(.ũ -4#5.ũ .-(3.ũ 24(3#ũ / 1 ũ /#12.- ũ 2.+ Ĕũ / 1#) ēũ 31 ũ !.-ũ 3#11 9 ũ ,48ũ (-"#/#-"(#-3#ēũ $(ı !(- ũ %1 -"#ũ 2.+.ũ /#12.- 2ũ '.-.1 +#2ũũ #+$ēĖũ ĉđĉĒĈĒČũ +ēĖũ ćĒĊđĒďđĒĒĸ 8.ũ ĈŇĒĐĎđĒĹũ
-ũ 4(3.ũ2.+.ũ#234"( -3#2ũ' (3 !(.-#2ũ ,. + " 2ũ !#1! ũ $ !4+3 "ũ ,#"(!(- Ĕũ
IJũ ++#ũ +(ũ/ 2 -".ũ+ 2ũ ."#% 2ũ"#+ũ 4-(!(/(.ũ ćđćĎĉđĉĎď
/-.*(
0(',&,1$ ),6,&$ (67(7,&$ 'LU &GOD (VSDxD FDOOH 0XUFLD HQWUH %DUFHORQD \ 4XL] 4XL] 7HOI 0RYL ² &ODUR
/.&-*
$5 FF
/-.*(
/.&-*
HQ PLQXWRV VLQ FLUXJtD %,23/$67,$
0(',&,1$ ),6,&$ (67(7,&$
'LU &GOD (VSDxD FDOOH 0XUFLD HQWUH %DUFHORQD \ 4XL] 4XL] 7HOI 0RYL ² &ODUR
7$1 %8(1$ &202 /$ /,32 /.&//
&$0%,$ 78 1$5,=
´0$-2ҋ6 '5,9(µ
1LYHODFLyQ FODVHV GH PDQHMR ,QI y
ćđČĎĎĐĎđć
+,'52 ² 8/75$&$9,7$&,Ð1 3,(5'$ FP (1 7$1 62/2 81$ 6(6,Ð1
)5(17( $ /$ $/,$1=$ )5$1&(6$
+,'52 ² 8/75$&$9,7$&,Ð1 '5 &$5/26 5 52'5Ì*8(= /2=$'$ 3,(5'$ FP (1 7$1 62/2 81$
6(6,Ð1
/-/,(
:; EFEHJKD?:7: ũ
0(',&,1$ ),6,&$ (67(7,&$ 'LU &GOD (VSDxD FDOOH 0XUFLD HQWUH %DUFHORQD \ 4XL] 4XL] 7HOI 0RYL ² &ODUR
&,58*,$ /$3$526&23,&$ (1)(50('$'(6 '( /-,/+
ũ ũ ũ ēēēũ ũ ũ Ėũ ćĒĎıďĈıćĈıĒĐ
&,58*,$ %$5,$75,&$ /$3$526&23,&$ 2%(6,'$'
',5(&&,21 7RPiV 6HYLOOD \ &ROyQ 7HOI ([W
'5 (15,48( 0$/'21$'2
/.'+.
,10812 $/(5*2/2*2
(1)(50('$'(6 $/e5*,&$6
(;&(/(17( 2325781,'$' 1 ũ 1 -(9 !(¢-Ĕũ#,/1#2 Ĕũ!.,/ ~ ũ #3!ēũ .-ũ #15(!(.2ũ ;2(!.2Ĕũ31#2ũ5~ 2ũ ũ24ũ !.-3.1-.Ĕũ24/#1$(!(#ũ/+ -(!(#Ĕũ!.-ũ;1# ũ "#ũĈČēĐĎćũ,ĉĔũ2#!3.1ũ 11(.ũ .+~2ēũ #+$ēĖũ ćđĎďďĈĒđĉũıũćĒĊĊČđĈćĊũıũćĒĒĒćĈĉĊćũıũ ćĒĎĊĎđďĉćũıũćĊĉČĈĈĊĉČ /.&('
$7(1&,Ð1 PLpUFROHV GH 0D\R GH
'LUHFFLyQ 3DUHMD 'LH]FDQFHFR \ %ROtYDU 6HYLOOD 7HOpIRQRV ² H[W ² &HO
/-,,+
/-,.-
/.',+
/-.&.
$VPD ULQLWLV JULSH EURQTXLWLV XUWLFDULD DOHUJLD GH OD SLHO VHQVLELOLGDG D LQVHFWRV DFQp WUDWDPLHQWR FRQ YDFXQDV /XJDU +RVSLWDO 0LOOHQQLXP
ũ
-23 + ,.2ũ !#1!.2ũ #+_!31(!.2ũ #+ēĖũ
7$1 %8(1$ &202 /$ /,32
/.').
FXUVRVGHWXULVPR#KRWPDLO FRP
2À FLQDV FRQ EDxR SULYDGR ,QIRUPHV -R\HUtD 7LIIDQ\ 0HUD \ 6XFUH )RQR
ũũ
0(',&,1$ ),6,&$ (67(7,&$
%É6,&2 < $9$1=$'2 7(/e)212 PDLO
$55,(1'2
ĉćıĊĎũ .2ũ/ 1 ũ ."#% ũ8ũ!'.$#1ũ2/.1ı 3, -ēũ -$ēũĉđĎĉćđđũ
0(',&,1$ ),6,&$ (67(7,&$ 'LU &GOD (VSDxD FDOOH 0XUFLD HQWUH %DUFHORQD \ 4XL] 4XL]
7HOI 0RYL ² &ODUR
/.&-*
&85626 '( $0$'(86
$ 3 N P
48,72 $55,(1'2 KDELWDFLyQ SDUD HVWXGLDQWH XQLYHUVLWD ULR DPELHQWH IDPLOLDU \ VHJXULGDG ,QWHUQHW 'LUHFWY DOLPHQWDFLyQ ODYDGR GH URSD HWF ,QIRUPDFLyQ
ũ -#!#2(3 ũ ".2ũ /#12.- 2ũ #-31#ũ
&8562 '( 326*5$'2 (1 7(5$3,$ 5$&,21$/ (027,9$ < &2*1,7,9$ &21'8&78$/ 7 5 ( & & (1 %8(126 $,5(6 $5*(17,1$ &21 &(57,),&$&,21 '( /$ 81,9(56,'$' '( )/25(6 < '(/ $/%(57 (//,6 ,167,787( '( 1(: <25. 3VLFRWHUDSLD HQ VLWXDFLRQHV DPHQD]DQWHV QHJDWLYDV GHO HQWRUQR SHUVRQDO IDPLOLDU PDOWUDWR FRQ\XJDO VH[XDO YHUEDO HPRFLRQDO DIHFWLYR $FRVR /DERUDO DFFLGHQWHV GHVSLGRV GH WUDEDMRV TXH GHVERUGDQ DQVLHGDG DQJXVWLD GHSUHVLyQ SiQLFR EDMD DXWRHVWLPD DOWHUDFLRQHV GH QXHVWUD VDOXG ItVLFD
-$ēĖũćĉĉĉČćďĎĐũIJũćĒĒćĈĐďďĐũ
3 1ũ 4- ũ /#12.- ũ / 1 ũ ) ũ 8ũ 3#-!(¢-ũ #-ũ $(!(- ũ / 1 ũ + ũ !(4" "ũ "#ũ (. ,ı Ĕũ "# #ũ 3#-#1ũ !.-.!(,(#-3.2ũ ;2(ı !.2ũ "#ũ !.,/43 !(¢-Ĕũ !.-3 (+(" "Ĕũ ".-ũ "#ũ %#-3#2Ĕũ 3#-#1ũ ,~-(,.ũ ĉũ .2ũ "#ũ #7/#1(#-!( ũ #-ũ /4#23.2ũ 2(,(+ ı 1#2ēũ -$ēũ /2.1( ľ++ -3 , 3.ē!.,ũ !1.2#1.ľ++ -3 , 3.ē!.,ũ ĵũ #+$ēũ ĉČĈĎĒĐĐ
3 1ũ ! )#1 Ĕũ ĉũ .2ũ "#ũ #7/#1(#-!( ũ #-ũ #,/1#2 2ũ "#ũ 5#-3 ũ "#ũ ++ -3 2Ĕũ 5#'~!4ı +.2ũ.ũ1#/4#23.2ũ 43.,.31(!#2ēũ 234"(.2ũ 24/#1(.1#2ēũ -$ēĖ "#,.1 ľ++ -3 , 3.ē !.,Ĕũ!1.2#1.ľ++ -3 , 3.ē!.,
HQ PLQXWRV (6&8(/$ '( &260(72/2*Ì$ VLQ FLUXJtD %,23/$67,$
I; L;D:;
2#15(!(.2ũ ;2(!.2ũ4 (! ".ũ#-ũ+ ũ "+ ēũ 2' / , ũ
+ -3 , 3.ũ ē ēũ -#!#2(3 ũ !.-31 ı
2.- 2ũ .ũ #-!.,(#-" 2ēũ -$ēĖćĒĊĐĒĉĒć ČĵćĒĎĎđČĊĊďũ
&$0%,$ 78 1$5,= ),*85$ %(//(=$ < 6$/8'
-ũ+.3#ũ"#ũ3#11#-.ũ"#ũďđĊĈũ,ĉĔũ!.-ũ3.".2ũ+.2ũ
2#,#231#2ũ4-(5#12(3 1(.2ũ .+~5 1ũČıĉĎũ8ũ -(" "ũ !(.- +ēũĸ 8.ũĈũŇĒđććČĹ
,17(51$7,21$/ .$5$7( $662&,$7,21
'2
&85626 3(50$1(17(6 '( '()(16$ 3(5621$/ 32/,&,$/ (&&,21 .$5$7( 75$',&,21$/ +25$5,26 $ (/ 6 .$5$7( 3$5$ (-(&87,926 '$0$6 &$%$//(526 < 1,f2 -8 -8768 < $,.,'2 3(6$6 '(6$552//2 086&8/$5
'LU 0DOGRQDGR \ %ROtYDU WR 3LVR /.'-) 7HOI ±
ĂĆ
J$ FEHJ70 &/)*()+)& % J$ CEL?IJ7H0 &/+'())-'
/.&&/
/-/.)
³ &2%5$1=$6 (&8$'25´
/-.+/
+PZFSÓB Z 3FMPKFSÓB
t&YDMVTJWPT NPEFMPT FO 1MBUFSÓB öOB
'LU -XDQ %HQLJQR 9HOD 1 \ *XD\DTXLO
7HOI &HO
!
.02)-!1 %01)!-!1 .0)7.-2!+%1 6 %02)#!+%1 +&.,"0!1 )1. +.2!-2% "0!1 $% 02%
325 &$'$ ',6&2 *5$%$'2 5(&,%$ &21 (67( &8321 81 //$9(52 )272*5$),&2
5HFXSHUDPRV FDUWHUD YHQFLGD /HWUDV GH &DPELR &KHTXHV \ 3DJDUpV 8G QR SDJD ORV JDVWRV 4XLWR \ &HYDOORV GR 3LVR 7HOI &HO
āŏ ŏ ŏ ŏĂĀāā
ŏ +. ŏŏ
'()(16$ 3(5621$/ 5($/
/.'+(
BW efehjkd_ZWZ gk[ YWcX_Wh| jk l_ZW o j[ ZWh| \[b_Y_ZWZ fWhW i_[cfh[$ ;IJ7I IEBE 7 [ijWi Z[i[f[hWZe W j[ ^Wd WXWdZedWZe" j[ ^Wd i_Ze _dÒ [b e i[ ^Wd XkhbWZe Z[ j_ ¶OW de ik\hWi d_ j[ bWc[dj[i c|i " [b cW[ijhe @>EIC7H [i [b d_Ye o l[hZWZ[he [d h[Wb_pWh [b c|i [\[Yj_le jhWXW`e Z[ Wceh gk[ jWdje [ijWXWi [if[hWdZe" fWhW gk[ ik fWh[`W h[]h[i[ _dc[Z_WjWc[dj[ feh cko Z_ijWdj[" \h_W e b[`ei gk[ i[ [dYk[djh[" [b e [bbW l[dZh| i_d gk[ KZ$ bW bbWc[ e bW Xkigk[" i_]W e f[hi_]W" ik fWh[`W j[ he]Wh|" j[ ikfb_YWh|" j[ bbehWh|" i[ ^kc_bbWh|" o j[ f[Z_h| gk[ h[]h[i[i W ik bWZe" `WcWi j[ WXWdZedWh| " W jWd iebe (+$&& :EB7H;I$ JhWXW`ei ]WhWdj_pWZei" j[ b_XhWcei Z[ Xhk`[h_Wi" iWbWc_[djei" [d\[hc[ZWZ[i" cWbWi e Z[iYedeY_ZWi o cWbW ik[hj[$ B[YjkhW Z[b JWhej /.'&)
,.$ .$5$7(
@ > E I C 7 H
;nf[hje [d b_]WZkhWi o 9khWY_ed[i W YehjW o bWh]W Z_ijWdY_W
/.&*)
B7 97I7 :; 8EJJ;HE H;IJ7KH7DJ;$
D[Y[i_jW fWhh_bb[he Yed [nf[h_[dY_W ik[bZe *+&" c|i X[d[Ò Y_ei Z[ b[o$ Fh[i[djWhi[ 0 Gk_je o IkYh[ Z[ ''^&& W ',^&& o Z[ '.^&& W ((^&&$ &/').().,
0(',&,1$ ),6,&$ (67(7,&$
&XLGD D 0DPi 2%6(48,$1'2/(
)+1.- 3%4!0! !00! .-78+%7 380%7 6 %$0. !0". %+& ,!)+ #.02)+3*. 5('/ (.2,!)+ #.,
.,)#)+). %+
/-),-
8Q WUDWDPLHQWR GH UHGXFFLyQ GH PHGLGDV FRQ OD PHMRU WHFQRORJtD ± +LGUR 8OWUD FDYLWDFLyQ WDQ EXHQD FRPR OD OLSR 5HMXYHQHFLPLHQWR IDFLDO /LPSLH]D IDFLDO % + # ! % , * !
#!#2(3 ũ!.-31 3 1ũ./#1 ".1#2ũ "#ũ31 !3.1#2ũ8ũ#2! 5 ".1 2ũ/ 1 ũ 31 ) 1ũ#-ũ"($#1#-3#2ũ/ 13#2ũ "#+ũ/ ~2ũ #04(2(3.ũ(-"(2/#-2 +#ũ +(!#-!( ũ3(/.ũ ēũ -$.1,#2ũ +ũ3#+_$.-.ũ ćĒĒĎĊĎćĉđ
$/(0$1
³*5$1'(6 '(6&8(1726 325 (/ ',$ '( /$ 0$'5(´
0$;)/2$7,1* )/225 (852)/25,1
/.'*+
-R\DV )LQDV GH SODWD 2UR GH /H\ 7UDEDMRV ([FOXVLYRV 5HORMHV GH ODV 0HMRUHV 0DUFDV
'(6'( ,167$/$'2 ,1&/8<(
7(1(026 /26 0(-25(6 35(&,26
(&-))
$* % +) 4 %%! -* $ !',*! * !%(' / -$0 -$0 !%" (.$ 1 /.&-+ % *(
-2<(5,$
$Y /DV $PpULFDV \ &RORPELD 7HOI &HO 0RYL &ODUR
' &" #
(035(6$ &216758&725$
³6$1'5,7$´
%$55('(5$6 32/<63$1'(5 $,6/$17( 0$12 '( 2%5$ ,1&/8<( ,9$
$ % ! ! &
2 %3& '(+ / / !+, + ) *,$ $) ' (222
*5832 )(55(7(52
3,62 )/27$17(
³523$ ,17(5,25 (1 /$6 0(-25(6 0$5&$6´
%$' ")% * %)! # & "+ %$%
%#! !"!% # '% ( %&
*
'(6'( (&-))
/--/
%% # #! & ( '! # % " !!# ) #& &$' & !
32//2 < &$51( $6$'$ '( 6$%25(6 3$5,//$'$6 3,1&+26 $/08(5=26 '(6$<8126 (16$/$'$6 %8))(7
³35202&,21(6 325 (/ 0(6 '( 0$<2´ 5(672%$5
%(+%"2 % ' , . (%").* )" ) $ "!/ %7) !" "!%! ,") &" %)#4.% * - &"- ).%"-.,5-
< 325 /$ 12&+( /$6 0(-25(6 ),(67$6 < 6+2:6 (1 9,92
"''1 , )&* *'60 , 1 '*1 '# ,* 3 "'# ( .*
9$5,('$' (1 &2&7(/(6 75$*26 &25726 < /$5*26
5(672%$5 &$)(7(5,$
/.'+-
ŏ ŏ
ŏ
/--&*
Ăć
3RU HO 'tD GH OD 0$'5( WX PHMRU UHJDOR HV XQD VHUHQDWD
āŏ ŏ ŏ ŏĂĀāā
ŏ +. ŏŏ
/*,/(
´0(;,&2 /(6 (63(5$ 0,6 &$51$/(6µ # " !
/-.&-
/.'--
0$5,$&+, 7(48,/$ $=8/
;b c[`eh h[]Wbe fWhW bWi cWZh[i FWhW jeZe Yecfhec_ie ieY_Wb0 Yed fkdjkWb_ZWZ" [b[]WdY_W o fhe\[i_edWb_ice :h$ <[hdWZe LWh]Wi :?H;9JEH
9[bkbWh0 F$ &//',*-/( # C$ &/.,+-+'&
'HVD\XQRV DOPXHU]RV PHULHQGDV SODWRV D OD FDUWD &DIp FRQ KXPLWDV \ PRURFKR
#/Ì +(! ũ"#+ũ !4 ".1ũ . (#1-.ũ 43¢-.,.ũ #2!#-31 +(9 ".ũ 4-(!(/ +(" "ũ"#ũ , 3. ũ }
5IUn \M LWa MV ^QLI IUWZ a KIVKQWVM[ XWZY]M LM U]MZ\I XIZI Y]M \IV\I[ NTWZM[
+-4=4): !!
/.&,-
+WV 2]IV /IJZQMT MK]I\WZQIVW )UWZ M\MZVW
/-/,+
/.')-
ũ ũ ũ
ũ 4-3 ũ "#ũ #, 3#2ũ 4-(!(/ +#2Ĕũ !.-5.! ũ ũ +.2ũ !.+(-" -3#2ũ (-3#1#2 ".2ũ #-ũ / 13(!(/ 1ũ#-ũ#+ũ1#, 3#ũ"#ũ+ ũ $1 -) ũ"#ũ3#11#-.ũ"#ũ/1./(#ı " "ũ 4-(!(/ +Ĕũ 4 (! " ũ #-ũ + 2ũ! ++#2ũ +ũ ¢-".1ũ8ũ ., ũĈũ "#ũ+ ũ/ 11.04( ũ 4(2 /(-!' Ĕũ ! -3¢-ũ , 3.Ĕũ /1.5(-ı !( ũ "#ũ 4-%41 '4 Ĕũ "#ũ + 2ũ 2(%4(#-3#2ũ! 1 !3#1~23(! 2Ėũ : ũ Ĕũ Ĕũ ũ ĉĔČĉũ ,ĉĔũ ũ 1~ ũ #.-.1ũ 11(.-4#5.ũ (" +%.Ĕũ ŌĈĉĔĈćũ +ũ 1#, 3#ũ 2#ũ 1# +(9 1;ũ ,#"( -3#ũ !.-!412.ũ "#ũ .$#13 2ũ #-ũ 2. 1#ũ !#11 ".Ĕũ "#ũ !.-$.1,(" "ũ +ũ ¢"(%.ũ 1%;-(!.ũ "#ũ 1% -(9 !(¢-ũ
#11(3.1( +Ĕũ 43.-.,~ ũ 8ũ #2!#-31 +(9 !(¢-ėũ 8Ĕũ #%+ ,#-3.ũ #-#1 +ũ 423(343(5.ũ / 1 ũ #+ũ -#).ũ 8ũ ",(-(231 !(¢-ũ "#ũ (#-#2ũ "#+ũ #!3.1ũ Ì +(!.ėũ 2#ũ #$#!ı 34 1;ũ#+ũ+4-#2ũĒũ"#ũ, 8.ũ"#+ũ ĉćĈĈĔũ ũ/ 13(1ũ"#ũ+ 2ũĈČũ ććũ ' 23 ũ+ 2ũĈĎ ČĎũ+ ũ/1#2#-3 ı !(¢-ũ"#ũ2. 1#2ũ8ũ24ũ /#1341 ũ ũ + 2ũ Ĉď ććũ #-ũ + ũ .$(!(- ũ "#ũ 2#2.1~ ũ 41~"(! ũ "#ũ + ũ 4-(!(/ +(" "ũ"#ũ , 3.ēũ
2ũ 2.+(!(34"#2ũ 2#ũ "# #1;-ũ /1#2#-3 1ũ #-ũ / /#+ũ 2#++ ".ũ 4-(!(/ +Ĕũ".-"#ũ!.-2(%- ı 1;-ũ 242ũ " 3.2ũ /#12.- +#2Ĕũ "(1#!!(¢-ũ ".,(!(+( 1( ũ 8ũ #+ũ 5 +.1ũ "#ũ + ũ .$#13 Ĕũ !.,/ ı -".ũ+ ũ!./( ũ"#ũ+ ũ!_"4+ ũ "#ũ ("#-3(" "ũ 8ũ !#13($(! ".ũ "#ũ 5.3 !(¢-ėũ #+ũ ĉćŘũ "#ũ + ũ .$#13 Ĕũ#-ũ"(-#1.ũ#-ũ#$#!3(5.ũ .ũ!'#04#ũ!#13($(! ".ũ ũ-.,ı 1#ũ "#ũ + ũ 4-(!(/ +(" "ũ "#ũ , 3.Ĕũ 04#ũ 2#1;ũ / 13#ũ "#ũ / %.ũ#-ũ#+ũ! 2.ũ"#ũ2#1ũ ")4ı "(! ".ėũ8Ĕũ#-ũ2. 1#ũ!#11 ".ēũ ēũ ũ
ũ ũ ũ ũ ũ ĈĒďĉĊĵĒđĈĐćũ
1L OR DOWR QL OR SURIXQGR QL QLQJXQD FRVD FUHDGD QRV SRGUi VHSDUDU GHO DPRU GH 'LRV GHO DPRU GH ORV SDGUHV GHO DPRU GH ORV KLMRV« < GHO DPRU GH ORV DPLJRV
3UHVHQWDPRV QXHVWUD PDV VHQWLGD QRWD GH SHVDU D VX HVSRVR ,QJHQLHUR :LOVRQ 6DQWDQD VXV KLMRV 9HUyQLFD 'DYLG 'LHJR VX KLMR SROtWLFR VXV KHUPDQRV VXV FXxDGRV \ D WRGRV VXV DPLJRV TXH VLHQWHQ LJXDO TXH QRVRWURV OD ODPHQWDEOH SDUWLGD GH
/&'$ 526$ 0(5&('(6 1$9$55(7( /23(= 5RFtR
6XV HWHUQRV DPLJRV
$TXLOLQR ÉYDORV \ %HUWKD &DEUHUD 7HPtVWRFOHV &ROODQWHV \ 1HOO\ $ULDV 5XSHUWR )UHLUH \ *ODG\V 8UTXL]R 5RGULJR =DPEUDQR \ 6XVDQD 5LYDV )DELROD %DUUHUD $PEDWR DEULO GHO
2* ,# ( # Ĺ‹#()&0# & $/(.)Ĺ‹ Ĺ‹ / (Ĺ‹ &)Ĺ‹
Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ?
ĂĈ
1 ĹŠ+ ĹŠ/#04# Ŋ-( Ŋ#+ĹŠÄˆÄŠĹŠ"#ĹŠ.!34 1#ĹŠ "#ĹŠÄˆÄ’Ä’Ä‰ĹŠ2#1;ĹŠ4- ĹŠ"#ĹŠ+ 2ĹŠ$#!' 2ĹŠ,;2ĹŠ !.-,#,.1 +#2ĹŠ"#ĹŠ24ĹŠ5(" Ä“ BW Y[h[ced_W Z[ X[Wj_Ă’ YWY_ÂŒd Z[ @kWd FWXbe ?? j[dZh| bk]Wh ^eo" Z[ifkƒi Z[ gk[ 8[d[Z_Y# je NL? Ă’ hcWhW [b Z[Yh[je Z[ X[Wj_Ă’ YWY_ÂŒd" fh[i[djWZe feh [b Fh[\[Yje Z[ bW 9ed]h[]WY_ÂŒd fWhW bW 9WkiW Z[ bei IWdjei" [b YWhZ[dWb 7d][be 7cWje$ ;ije ^W YWkiWZe ]hWd [ce# Y_ÂŒd [d jeZei bei fW‡i[i feh be gk[ [b IWdje Fedj‡Ò Y[ YWc_dÂŒ ZkhWdj[ ik fWfWZe" [i Wi‡ gk[ [d bW Y_kZWZ CWh‡W @eiƒ Hece IWb]WZe Yed ckY^e [djki_Wi# ce o ]hWd Z[leY_ÂŒd Yk[djW
gk[ [b ^WX[h h[Y_X_Ze bW h[d# Z_Y_Œd Z_h[YjW Z[ @kWd FWXbe ??" [i Wb]e gk[ bW lW W WokZWh W i[]k_h WZ[bWdj[ [d jeZei bei YWc_dei Z[ ik l_ZW$ ;b fWhj_YkbWh eYkhh_Œ YkWdZe [b FWfW l_i_jWXW H[# f‘Xb_YW :ec_d_YWdW [b ') Z[ eYjkXh[ Z[ '//(" \[Y^W gk[ [ij[ 7f_W i[h| ckY^e c|i h[YehZWZW feh bW Z[b[# ]WY_Œd [YkWjeh_WdW gk[ jkle bW ]hWdZ_eiW efehjkd_ZWZ Z[ YecfWhj_h ]hWjei cec[djei Yed @kWd FWXbe ??$
¥ ēŊ +Ŋ' #1Ŋ3#-(".Ŋ!.-3 !3.Ŋ"(1#!3.Ŋ!.-Ŋ 4 -Ŋ +.Ŋ Ŋ' Ŋ++#- ".Ŋ+ Ŋ5(" Ŋ"#Ŋ#23 2Ŋ,4)#1#2ē
L7D=K7H:?7
ēŊ .-Ŋ3 -Ŋ2.+.Ŋ2(#3#Ŋ  .2Ŋ 1~ Ŋ .2_Ŋ .,.Ŋ +% ".Ŋ1#!( (¢Ŋ+ Ŋ #-Ĺ "(!(¢-Ŋ"#+Ŋ / ē
/.&/(
Ĺ? Ĺ?
Ĺ?
Čć! (-!+ēũ ũũĈũ ũ ũ ũĉćĈĈ
#3(#-#-ũ ũ(+#% +#2ũ
4-%41 '4
ČČũ :
%#-3#2ũ"#ũ + ũ #$ 341 ũ"#ũ 1;-2(3.ũ"#ũ 4-%41 '4 Ĕũ ' -ũ1#3#-(".ũČĒũ 5#'~!4+.2ũ/.1ũ !(1!4+ 1ũ!.-ũ, ı 31~!4+ 2ũ! "4ı ! " 2ũ8ũ 1(-" 1ũ 2#15(!(.ũ/Ì +(!.ũ 2(-ũ3#-#1ũ 43.1(ı 9 !(¢-ē : ũ ĉĉ
¡ ũ ũ ũ +(" ũ"#ũ (!(!1.2 +ũ/ 104#ũ +ũ24# .ũ2#1;ũ'.8ũ#+ũ#2!#- 1(.ũ"#/.13(5.ũ/ 1 ũ+ ũ!4 13 ũ5;+(" ũ "#+ũ (!(!1.22ũ04#ũ 11 -! 1;ũ"#2"#ũ+ 2ũĈĈĖććē
1#2#-3 1ũ+ ũ"#-4-!( ũ#2!1(3 ũ -3#ũ+ 2ũ 43.ı 1(" "#2ũ8ũ 84" 1ũ ũ+ ũ"#3#-!(¢-ũ"#ũ+.2ũ' ,ı /.-#2ũ2.-ũ/ 13#ũ"#ũ+ ũ+4!' ũ!.+#!3(5 ũ -3#ũ+ ũ "#+(-!4#-!( ēũ : ũ ĉĉ
#1"(#1.-ũ /4-3.2 ! 1;ũ-.ũ/4".ũ (,/.-#12#ũ +ũ #ı /.13(5.ũ 9.%4#9ũ8ũ /#1"(¢ũ4-.ũ ũ!#1.ē : ũ ĉĈ
(+#8Ĕũ#-ũ2'.6ũ #2/#!3 !4+ 1ũ
ũ! -3 -3#ũ#23 ".4-(ı "#-2#ũ 1(¢ũ#-ũ !4 ".1ũ 24ũ%(1 ũĥ .1 9¢-ũ%(3 ı -.ĦĔũ#-ũ4-ũ2'.6ũ".-"#ũ 3 , (_-ũ'.,#- )#¢ũ ũ1.04#1.2ũ"#ũ24ũ/ ~2ē : ũ Ĉć
(2(3 ũ/1#2("#-!( +ũ ũ 4-%41 '4 $ #+ũ .11# Ĕũ/1#2("#-3#ũ"#+ũ !4 ".1Ĕũ1#!.11(¢ũ+ 2ũ9.- 2ũ $#!3 " 2ũ/.1ũ#+ũ5.+!;-ũ 4-%41 '4 ũ8ũ/1#2("(¢ũ#+ũ .,(3_ũ "#ũ /#1 !(.-#2ũ ,#1%#-3#2ũĸ Ĺũ"#ũ #+(+#.ũ8ũ .2Ĕũ".-"#ũ"().ũ04#ũ+ ũ 84" ũ++#% 1;ũ/1.-3.ũ ũ+ ũ/1.5(-!( ē