Está en la página 1de 8

Q

Q
P
P ' HUeYbcQ TU
+,4,*-2
8l9@<EK8C
Q
Q;`Uec[_S&Afc[dacfVW_U[S&
Q ]WY[d]SU[u_h GcqUe[US
Q (
Af][` JWae[W^TcW,**/
;[cW e`c4Erde`c 8( :SXXWcSeeS
Q
Q
CWi[dT]Wi[d"
L_S afT][USU[u_ VW
CWi[dEWi[d
8cYW_e[_SJ8
;[cWUe`c<V[e`c[S]
8]W\S_Vc` G(=(Kfk[`
IWVSUU[u_
:Sc]`d 9`]]SWce
8_VcWS:S\ScSg[]]W
A[^W_S B]SaaW_TSUZ
JfdS_S DSce[_
Gc`VfUU[u_
ISv] ?Wc_q_VWkK`ccWk
$%,%#&+ !)"''*-!(
+?E<:GCE
Erde`c 8( :SXXWcSeeS
*CA?GL *CBFH@G?IC 18:?CB8@
Cf[d 8_V`c_`& ?`^Wc` D( 9[T[]`_[& :Sc]`d 8( 9`eSdd[&JWcY[`
;fY`& 8_sTS] =S]T`& A`cYW8( =cS_kS&A`cYWD( >S]Vud&@d[V`c`?(
>`]VW_TWcY&=W][aW>`_kq]Wk 8ckSU&<VfScV` G(A[^r_Wk& 8sVS I(
BW^W]^S\WcVW:Sc]fUU[& 9WSec[kBc`^& ;S_[W] ?( CSY`&I[UScV`
C(C`cW_kWee[& EScU[d` A(CfY`_Wd&ISv] DSVfWt`& 8fYfde` D(
D`cW]]`& A`cYWD`ddWe @efccSdaW& <VfScV` 8( G[YcWee[& I`ddS_S
J[]gS IWaWee`&;S_[W] 8( JSTdSj& DSc[` =(MS]]d&8jVrW MqkbfWk
M[]]Sc&AfS_ I`Vc[Y` NS]dZ&KW`V`cSPS^fV[`
*CA?GL *CBFH@G?IC .BG<EB8:?CB8@
8_e`_[` ?( 9W_\S^[_ #9cSd[]$&J[]g[S ASbfW_`V Pd`Y`_ #<daStS$&
GSf]` 8XX`_d` CW^WDSUZSV` #9cSd[]$&EWuX[e`CuaWkIS^`d
#Dri[U`$& I[UScV` DWc]` #GScSYfSj$&M]SV[^[c GSdd`d VW=cW[eSd
#9cSd[]$&A`dr 8_e`_[` GW]qWk9ScVS]Wd#GWcv$& D [UZW]Gc[Wfc
#=cS_U[S$& 8bf[][_` MqkbfWk >ScUsS#Dri[U`$
,
/ H@?C # 5 <D G?<A9 E<& $ $ '
HUeYbcQ TU
+ , 4,* '/ . ' +
!)"'%*'!(
+C:GE?B8!/ HE?FD EH;<B:?8!
0<>?F@8:?MB0 3EK:G?:8
+?E<:GCE( 1LFGCE)" *8==<E8GG8
5 jjjjjjj
"k
+'
N
f
: $
Q3 3
' 5 Y!!Y4S!Jj
& ' l (
("
;UaUSX^ Q\RYU]cQ[(TYaYWYT^ _^a Dubc^a 8 : QVVUaQccQ & *j UTb&9dU]^b 8YaUb3
BUgYbDUgYb8aWU]cY]Q%3 +)).' !
e', %+0) _' 4 +,g[/ S\3
@I9D 210& .2+& ))0& $ #
[' ;UaUSX^8\RYU]cQ[ [' : QVVUaQccQ% Dubc^a 84 TYa'@['J[cda^
: ;; ,-/')-/'
BI'9' Dm210& .2+& ))0& L
BQaUb_^]bQRY[YTQT _^a [^b XUSX^bUYTUQb Ug_dUbc^bU] [^b QacvSd[^b
VYa\QT^bUY]YSYQ[QT^b% Ubct UgS[dbYeQ\U]cUQSQaW^TU[^b Qdc^aUb
l B<L@ID<L@I 8H><DJ@D8 I'8'
: Qa[^b FU[[UWaY]Y 110,m FYb^#: [))289G$ 9dU]^b 8YaUb& 8aWU]cY]Q
JU['3 #.-& **.+,/& 11)) ' =Qg3 #.-& **$ .+,/& 11**
aTQ\R7[UgYb]UgYb'S^\'Qa
&-+/5 -2 ,-6>90:5 7;- -9:)*2-+- 2) 2-= **'0+,' %-8-+/59 8-9-8<),59#
'368-95 -4 2) $8.-4:04)# (804:-, 04 $8.-4:04)!
IU cUa\Y]x TUY\_aY\YaU[,* TUQW^bc^TU+)).
U] <D: K8;<HD8: qrD B8J@DE 8CpH@: 8 I'H'B'%
NURQ[[^b11.%8eU[[Q]UTQ%FSYQ3TU9dU]^b 8YaUb%8aWU]cY]Q
JYaQTj..) UZU\_[QaUb
/ 74.5 347+,1*.) )126)+)
"W
: EHJ< IKFH<C8 ;<ZKIJ@: @8 ;< [j8 D8: @rD
#*/(2(+)), & Fa^eY]SYQTU : XQS^ e3 "<bcQT^]QSY^]Q["
b(QSSYx]TUS[QaQcYeQ$ %
S^] ]^cQ TU8'ch*qB: 8H CEM8DE
&
H<: KHIEI D8JKH8B<I %%
;UaUSX^ TU[QU]UaWvQ & <]UaWvQXYTa^U[uScaYSQ6 HUWQ[vQb j : ^\_[UZ^ MQSYaUct&
;YbcaYRdSYx]&;USaUc^ aUW[Q\U]cQaY^ "
"*& <[ SaYcUaY^ dcY[YiQT^ U] U[SYUS' W***22. _QaQTYbVaYRdYj [Qb<WQ[vQb X%Y& "
Ta^U[uScaYSQb RY]QSY^]Q[Ub TUMQSYaUct RQbQT^U] [Qd;YSQSY/]"TU[QbVdU]cUb"%
bUVdYYQQ UwP \QaQi^]QR U[@sUa_aUcQSYxk4 aUWOQ\U]cQjYQ TU[auWY\U]VUTUaQ[ U]
& "[Q \QcUaYQ"& M!!5" %& " " ' ' %" "
j%" +
-
""""3 D^ ed[]UaQ] U[_aY]SY_Y^ "UbcQR[US@T^ jk3 kU[Qac'223 Y]S"%+m%: D% [^b TU&
SaUc^baUW[Q\U]cQaY^b `dU bUUg_YTQ]_QaQ[Q\UZ^a UZUSdSYx] TU[Qb[UhUb%
SdQ]T^ [j"]^a\Q TUWaQT^Y]VUaY^a \Q]cYUnUY]t"[cUXaR[U"b [^b VY]Ub hU[ bU]cYT^
S^] `dU[Q[Uh XQhQI@T^bQ]SY^]QTQ'& % %
% , & Ix"k^U] Uab4[_dUbc^%5[U& `dU d]TUSaUc^aUW[Q\U]cQaY^ TUbS^]^iSQ^ aUb&
caY]ZQTU\Q]UaQ YaaQi^]QR[U[^b TUaUSX^b`dU[Q[Uh aUS^]^SUTUSdQ[`dYUa
\^T^ bdReYUacQ bdUb_vaYcd ^ VY]Q[YTQT bU+n"HcaQaqQ [QZUaQa`dvQ]^a\QcYeQ S^]& "
VYWdat]T^bU d] UgSUbxTU[F^TUa<ZUSdcYe^ U] U UZUaSYuY^ TU[QbVd]SY^]Ub` dU
AUb^] U]S^\U]TQTQb _^a [Q: ^]bcYcdSYx]' ! "
( & " ("5"( l (" l' '5&( l m((
:FI+<&JLG(5 +0#3),**- ' Gc`g[_U[SVW]:ZSU` <" !<deSV` A]Sl[`_S] d)SUU[u_(VWU]ScSe[gS
9fW_`d 8[cWddWae[W^TcW+0 VW,**-&' IWdf]eS4*$ 8 Xd(+1)-. dWacWdW_eS ]S ac`g[_U[S
VW]:ZSU`& a`c ^WV[` VWSa`csWcSV`j VW^S_VS&W_]`d'erc^[_`d VW]Sce`-,,& :G::E& ]S
VWU]ScSU[u_ VW[_U`_de[efU[`_S][VSVVW] VWU(+.+)+33/ VW]'G`VWc<\WUfe[g`_SU[`_S] ^W"
V[S_eWW]UfS] dWcWY]S^W_eu W]aSY` VW]SdcWYS]sSd Z[Vc`W]rUec[USd acWg[deSd W_W]Sce`.-&
]Wj +/(--0& ^`V[X[USV` a`c ]S ]Wj,-(+0.&W_ ]`d dfafWde`d VWSac`gWUZS^[W_e`dT[_SU[`'
_S]Wd#Sce4 +7$&j dWSac`Tu W]U`_gW_[` bdbSYv_c^ W_ecWW]<deSV` _SU[`_S] j ]Sd ac`g[_U[Sd
VW:`cc[W_eWd1D[d[`_Wd aScS]S V[dec[TfU[u_Vr ]Sd cWYS]sSd U`ccWda`_V[W_eWd S] U`^a]W\`
Z[Vc`W]rUec[U` VWOSU[cWeq& " 4 R
:fWde[`_S r] VWUcWe` ^W_U[`_SV` a`cbfW S] cWU`_`UWc VWcWUZ` S ]SdcWYS]sSd du]` S ]Sd
ac`g[_U[SdW_]SdUfS]WddWW_UfW_ecS_ fT[USVSd]SdXfW_eWd Z[Vc`W]rUec[USd& cWY]S^W_eu ]S
]Wj W_X`c^S [ccSk`_ST]WW[c[WbfeeSe[gS(\cS_dYcWV[W_V`Sde ]`d Sced(-+ j 33& [_U(,n& UE(
' <_ Sa`j` VWeS]a`defcS d`de[W_WbfW"W] V`^[_[` VW]`d cs`dU`ccWda`_VWS ]Sdac`g[_U[Sd
VWSr[cWcV`U`_ W]ac["_U[a[`VW]Sce`+,+&]Wj Xf_VS^W_eS]&jdW Wie[W_VWd`TcWW]]WUZ`&W_
]S a`cU[u_ bfW TStS_ dfd cWdaWUe[gSd c[TWcSd& ZSdeSW]]s^[eW@_eWcac`g[_U[S]& j d`TcW]Sd
IWg[deS VW ;WcWUZ` (8^T[W_eS] En -
+)/ ALI@JGIL;<E:@8 8EFK8;8
SYfSd& j bfW a`c ]S ac`l[S _SefcS]WkS U`^aSce[VS VW] cWUfcd` _SefcS] W_ ]`d cs`d [_eWcac`
g[_U[S]Wd U`^` W] GScS_S&Wi[deWf_ U`_V`^[_[` ` VWcWUZ`VWfd` U`^aSce[V`( KS] Uc[eWc[`
'SX[c^S'4'' ac`g[W_W VW] VWcWUZ` @_eWc_SU[`_S] avT][U` j ZS d[V` SV`aeSV` a`c WdeS: ^a[
W_ 6@AL@:@FdWYf[V` a`c ]S ac`g[_U[S VWCS GS^aS U`_ecS ]S VWDW_V`kS W_ W]USd` VW] V`
8efW] #=S]]`d -+*4,.12$(
l`c `ec` ]SV`& cWU`_`UW ]S \fc[dV[UU[u_ VW] <deSV` _SU[`_S] aScS cWY]Sc]S _SgWYSU[u_ V`
]`d _`d ^eWc[`cWd j W] U`^WcU[` @_eWc_SU[`_S]&Sds U`c_` aScS WdeST]WUWc ]s^[eWd j UW]WTcSc
ecSeSV`d U`_ a`eW_U[Sd WiecS_\WcSd&j WdW_ g[cefV VWeS]WdU`^aWeW_U[Sd bfW dWZS_ UW]W
TcSV` ]`d ecSeSV`d j U`_gW_[`d cW]Se[g`d S] fd` j Sac`gWUZS^[W_e` VW] cs` GScS_q(
(8YcWYS bfW J@T[W_ ]S ]Wj +/(--0 XWVWcS] [ku ]S YW_WcSU[u_ VWW_WcYsSW]rUec[US UfS]
bf[WcS dWSdf XfW_eW #Sce(0n$&W]]` _` S]eWcSW]VWcWUZ`VW]Sd ac`g[_U[Sd S W\WcUWc W_ df
cWdaWUe[g`deWcc[e`_`d ]`d VWcWUZ`dbfW _` VW]WYSc`_ W_ W] <deSV` _SU[`_S](
<ia][US bfW ]S U[eSVS]Wj V[da`_W W]aSY` VWf_ US_`_ S] <deSV` ac`a[WeSc[` VW] cWUfcd`
_SefcS] bfW YWlWcS]S W_WcYsSW]lUec[USS ^`V` VWU`^aW_dSU[u_ a`c ]`d aWc\f[U[`d bfW ac`
VfUW ]S eccfaU[`_ 4_ ]S \fc[dV[UU[u_ac`g[_U[S] S] bf[eSc]W W]SYfS j ]S U`^aWeW_U[S d`TcW ]S
UW_ecS]WdZ[Vc`W]rUec[USd(<dS cWYS]sS&_` `TdeS_eW&_` U`^aW_dS ]`d VSt`d USfdSV`d a`c
]`d YcS_VWdW^TS]dWd W_ ]`d cUa]c^av^bS]WVSt`d& d[_` bfW cWec[TfjWW]fd` VW]cs` #df XfWck
^`e_k$ aScS ]S YW_WcSU[u_'VWW_WcYsS((
<ia`_W bfW ]S [_eWcacWeSU[u_VW] Sce` .-& ]Wj +/(--0& U`_ ]S ^`V[X[USU[u_ [_ec`VhU[V
a`c @l ]Wj ,l(+0.& ZS VSV` ]fYSc S V`d `a[_[`_Wd U`_ecSafWdeSd( G`c f_S aSceW ]S eW`c[
VW] _`& dWYf_ ]S UfS] e`V`d ]`d c[TWcWt`d VW] Ufcd` VWSYfS U`^v_ e[W_W_VWcWUZ` S aSc
esUcaScWbf[eSe[gS j cSU[`_S]^W_eW W_ ]S V[dec[TfU[u_ VW]S cWYS]sS(G`c ]S `ecS&]S eW`csSVW@
XfW_eW&bfW SUfWcVS eS] VWcWUZ`S ]`d _TWcWt`d VW] ecS^` VW] cs` bfW Sa`ceS ]S USsVSV @
SYfS #aW_V[W_eW$ ` W]USfVS] bfW YW_WcS]S XfWckS^`ec[k U`_ WiU]fd[u_ VW]`d c[TWcWt`d V
SYfSd STS\`(
( :`_d[VWcSR bfW W]4Wie` ]WYS]WdU]Sc` W_ UfS_e` cWU`_`UW W] VWcWUZ`VWe`VSd ]Sd ac`'
g^U[Sd _TWcW_SdVW] _` GScS_q S aSce[U[aScW_ ]S V[dec[TfU[u_ VW]Sd cWYS]sSd&W_ ]S ^WV[V
W_ bfW dWecSeWVWfl cWUfcd` _SefcS] U`^aSce[V`( KS] W]eW^aWcS^W_e` dWYf[V` W_ W]USd`
VW]S cWacWdSZ[Vc`W]rUec[US VWJS]e` >cS_VW d`TcW W]cs` LcfYfSj( 8ds ]` ZS_ W_eW_V[V` YcS_
aSceWVW]S V`Uec[_S _SU[`_S]& W]:`_dW\` =WVWcS] VW<_WcYsS<]rUec[US j ]S Gc`UfcSU[u_ V @
KWd`c`"&S] WiaWV[cdWd`TcW W]USd` VW]Sd cWYS]sSdZ[Vc`W]rUec[USd U`ccWda`_V[W_eWdS ]S `Tc
Z[Vc`W]rUec[US<] E[Zf[] (
( 8X[c^S bfW W]VWUcWe`[^afY_SV` S]eWcudfdeS_U[S]^W_eW ]S X`c^S VWV[dec[TfU[u_ ac`
g]deS&W_]S ]Wj +/(--0 j df ^`V[X[Ule`c[S ,-(+0. a`cbfW& d` acWeWie`VWcWY]S^W_eSc[S&^`
V[X[UuW] VWcWUZ`&VWaWcU[T[ccWYS]sSdbfW e[W_W_e`VSd ]Sd ac`g[_U[Sd c[TWcWtSd(
(d`fUseS&a`c f]e[^`& ]S U[eSU[u_ VW]Sd ac`g[_U[Sd VW:`cc[W_eWd& D[d[`_Wd& <_ecWIX` c
JS_eS =Wj 9fW_`d 8[cWd&e`VS gWkbfW dWgW_ SXWUeSVSda`c W] U`_X][Ue` dfdU[eSV`(
+$8 Xd(0,)2- dW acWdW_eSW] <deSV` _SU[`_S](
;ldeSUS bfW ^lV[S_eW ]S ]Wj +/(--0 W\WcUW\fc[dV[UU[u_( d`TcW W]Sac`gWUZS^[W_e` Z]
Vc`W]WUe_U`OSU[cWeq&]S lfW @_U]fjW]S Sec[TfU[u_ VWfe[][kSc j cWY]Sc]Sd XfW_eWdVWW_WcY](
W_ UfS]bf[Wc ]fYSc VW] aScd j W_ ]S ^WV[VS _WUWdSc[SS ]`d X[_WdbfW e[W_WW_U`^W_VSV`"
;[UZS ]Wj j df ^`V[lUSe`c[S #]Wj ,.(*0/$ U`_X`c^S_ W] DScU` IWYf]Se`c[` <_WcYre[U`( @5l"
]ScWUeS[_eWcacWeSU[u_ VW]`d Sced(/n& +/ O.- VW]S ac[^WcS& SdsU`^` VW]Sd V[da`d[U[`_ w
cWY]S^W_eSc[Sd U`ccWda`&_V[W_eWdUW_ecWW]]Sd W] VWU'&+-32)+33, j ]Sd cWd&2)+33. h
+/2)+33/( VW]S JWUcWeS_SVW<_WcYsS&j W_ aSce[Uf]Sc VW] VWU(+.+)+33/& dfcYW bf /*]
]Sd ac`g^UcSd W&_Ufj`d eWc_e`_`d dWW_UfW_ecS_ ]Sd XfW_eWd_]Vc` _uUec]USde[W_W_V c +$#
S aWcU[T[c cWYS]sSd( " *
,*"#
I<:LIJFJ E8KLI8C<J
<ia][US ]S X`c^S W_bfW dWYW_WcSW_WcYsSa`c W]Sac`gWUZS^[W_e` VW]Sd SYfSd& cWdS]eS
bfW WdWe[a` VWW_WcYsS_` U`_df^W W]cWUfcd` j d`de[W_WbfW f_ ^[d^` g`]f^W_ VWSYfS
U[cUf]S_V` a`c W]^[d^` cs` afWVW eW_Wcf_ gS]`c a`eW_U[S] W]WUec`W_WcYre[U` V[gWcd` dWYv_
]Sd T`_VSVWd VW]S aW_V[W_eWj VW] U[WccWVWUSVS ecS^`( G`c W]]` 'SX[c^S' W]Uc[eWc[`VW
V[dec[TfU[u_ VW]Sd cWYS]sSdbfW W] <deSV` _SU[`_S] U`_d[VWcu \fde` j cSU[`_S]& dWYv_ ]` Wd'
eST]WUW]S cWd(+/2)+33/ VW]S JWUcWeScsS VW<_WcYsS&TW_WX[U[SS ]Sd ac`g[_U[Sd c[TWcWtSd
W_W]ecS^` UfjS W_WcYsSa`eW_U[S] Wd]S Sac`gWUZSVS WXWUe[gS^W_eW a`c W]W^acW_V[^[W_e`
Z[Vc`W]rUec[U` d[_ Sd[Y_Sc aSce[U[aSU[u_ S ]Sd bfW dWW_UfW_ecS_SYfSd Scc[TS` SYfSd STS\`(
IWU`_`UW ]S Wi[deW_U[SVW]S U`_ec`gWcd[S W_ e`c_` S] VWcWUZ`VWaSce[U[aSU[u_ W_ ]Sd
cWYS]sSdVW]`d cWUfcd`d _SefcS]Wd&bfW dW^S_[X[WdeS W_ ]Sd eW`csSdVW] cs` j VW]S XfW_eW&
j d`de[W_WbfW W_ W]WdbfW^S VW]S ]Wj +/(--0 W]]WY[d]SV`c Sa][Uu ]S dWYf_VS VW]Sd ^W_'
U[`_SVSd j ]S V[XWcW_U[u W_ ecWdW]W^W_e`d4 S$]S W_WcYsSVW]S USsVS&T$ W]SYfS j U$]Sd e[W'
ccSd(CSac[^WcS Wdeqd`^We[VS S] V`^[_[` j \fc[JV[UU[u_ VW] <deSV` _SU[`_S] W_X`c^S a]W_S
#Sce(+/& [_U( 3*$ j Wddu]` W_ cSku_ VW]S ac[gSU[u_ VW]S W_WcYsSbfW ]Sd ac`g[_U[Sd cWU[TW_
S esef]` VWU`^aW_dSU[u_ ]`d a`cUW_eS\WdbfW VWeWc^[_S W]Sce` .-( CS ]Wj _` acWeW_VWcW'
Yf]Sc `ec`d fd`d VW] SYfS _[ VW]Sd e[WccSd&d[_` du]` ]`d cW]SU[`_SV`d V[cWUeS^W_eWU`_ ]S
W_WcYsSVW]S USsVS(
<_e[W_VW&ecSd cWU`cVSc`a[_[`_Wd VWV`Uec[_S j S_eWUWVW_eWd ]WY[d]Se[g`d&bfW ]S eW`csS
VW]S XfW_eWWd]S v_[US bfW dWU`^aSVWUW U`_ ]`d ac[_U[a[`d VW\fde[U[S j cSU[`_S][VSV& cW'
df]eS_V` ]S SVWUfSVS S] eWie` j S ]S ZWc^W_rfe[US VW]S ]Wj XWVWcS] VW]S W_WcYsS( G`c ]` VW'
^qd 'SX[c^S'& ]S eW`csSVW] cs` UScWUWVWdfdeW_e` W_ d]a]S_` [_eWc_SU[`_S] Odf Sa][US'
U[u_ VWdU`_`UWcsS X]SYcS_eW^W_eW]S a`]se[US WieWc[`c VW]S ESU[u_ W_ cW]SU[u_ U`_ dfd
gWU[_`d(
IWUZSkS ]S [_eWcacWeSU[u_bfW cWS][kS]S U`_ecSc[S VW]eWie` VW]Sce`.-& ]Wj +/(--0& OcW['
eWcSbfW ]S ]Wj du]` XWVWcS] [kS ]S W_WcYsSVW]S USsVSVWSYfS j _` dWWie[W_VWS dfd VW^qd
fd`d( <]]` dWVWTWS bfW ]S YW_WcSU[u_VWZ[Vc`W]WUec[U[VSV_` [^a`ceS f_ fd` U`_df_e[g`
VW]cWUfcd`( :`_d[VWcS [_Sa][UST]W S] USd` ]S V`Uec[_S VW=S]]`d -+*4,.12& a`cbfW S]]s]` bfW
dWV[dUfesS WcS]S cWUfaWcSU[u_VWf_ cWUfcd` aWcV[V` a`c ^S] fd` U`_df_e[g`( JW cWX[WcW S
]S Sa][USU[u_ VW]S eW`csSVW] U`_V`^[_[` [_g`USVS a`c ]S SUe`cS j acWU[dSdfd S]US_UWd(
<_ UfS_e` S ]Sd a`eWdeSVWdcWY]S^W_eSc[SdVW] G`VWc <\WUfe[g` _SU[`_S]& W_e[W_VWbfW
df W\WcU[U[`XfW [_V[daW_dST]W W_ W]USd` a`cbfW ]S ]Wj VWX`_V` _` Wd Sfe`dfX[U[W_eW Oa`c
W]]` VW]WYSW_ SbfW] ucYS_`& WiacWdS` [^a]sU[eS^W_eW& ]S XSUf]eSV VWU`^a]WeSc]`( G`c W]]`
Wd]uY[U` bfW a`c gsSVWcWY]S^W_eSU[u_ dWacWU[dW_]Sd aSfeSd `T\We[gSd OVWUScqUeWcYW'
_WcS]aScS VWeWc^[_Sc]` bfW WdWbf[eSe[g` j cSU[`_S] W_ USVS USd` U`_UcWe`( <]]` Wd]` bfW
SU`_eWU[uU`_ W]V[UeSV` VW]VWU(+.+++33/& bfW cWUWaeSW]Uc[eWc[`VW]S XfW_eW(G`c df aSc'
eW&]S cWd&+/2)+33/ SU]ScSU`_ ^Sj`c acWU[d[u_ ]Sd aSfeSd Wbf[eSe[gSd OcSU[`_S]Wd aScS ]S
V[dec[TfU[u_ VW]Sd cWYS]sSdW_ Sac`gWUZS^[W_e`d [_eWc_SU[`_S]Wd d[W^acW bfW _` Wi[deS_
SUfWcV`d W_ecW]Sd aSceWd(
G`c v]e[^`& SVfUW ]Sd V[X[Uf]eSVWdacqUe[USdbfW ecSWcsSSaScW\SVS]S SV`aU[u_ VW] Uc['
eWc[` bfW a`def]S ]S SUe`cS(
+++$ 8 Xd(+-,)+-3& +33),*2& +.+)+.1& +0.)+23 O-..)-.0& ]Sd ac`g[_U[Sd VW9fW_`d
8[cWd&JS_eS =W&:`cc[W_eWd& D[d[`_Wd O <_ecWIs`d U`_eWdeS_ ]S U[eSU[u_ V[dafWdeS SXd(
.*).+( <_ eS_e` ]Sd V`d ac[^WcSd cWdaS]VS_ ]S a`defcS VW]S SUe`cS U`_ ScYf^W_e`d dfd'
CS_U[S]^W_eWd[^[]ScWd& :`cc[W_eWd j(D[d[`_Wd SV`aeS_ ]S ^S_eW_[VS a`c W]<deSV` _SU[`_S](
W_UfS_e` S ]S ac`g[_U[S VW <_ecWIs`d& d[ T[W_ VfcS_eW W] St` +33. Sa`ju W] cWU]S^` VW
@ Ue`cc & @]WbfW U`_ W] V[UeSV` VW] VWU(+.+)+33/ US^T[u df SUe[efV& SUWaeS_V` df
&*+Q +Q]@@U @:$@Q]]]]U@& W]([Qc&cWYS bfW S a" cfc V` `dW ^`^W_e` `Tefg` f_S _fWgS V[dec[TfU[u_ VW
,*2 ALI@JGIL;<E:@8 8EFK8;8
]Sd cWYS]sSdac`gW_[W_eWdVW]S cWacWdSVWJS]e` >cS_VW&]` bfW ]Wd[Y_[X[Uuf_S ^W\`cS cWd'
aWUe` VW]crY[^W_ S_eWc[`caScS ]S V[dec[TfU[u_ VWWd`d X`_V`d( =`c^f]S cWdWcgSaScS W]USd`
VWbfW W]VWUcWe`^W_U[`_SV` dWSVWU]ScSV` [_U`_de[efU[`_S](
:`_d[VWcS_V`4 "
+n$HfW WdeW\f[U[` Wd VW]S U`^aWeW_U[S `c[Y[_Sc[S VW ]S :`ceW JfacW^S #Sced(++0 j
++1& :E$(
,n$ HfW ]S ac`g[_U[S VW] :ZSU` [^afY_S W] VWU(+.+$+33/ a`c UfS_e` du]` cWU`_`UW
VWcWUZ`dS ]Sd cWYS]sSdZ[Vc`W]rUec[USd a`c OSU[cWeqS ]Sd ac`g[_U[Sd W_ Ufj`d eWcc[e`c[`d dW
W_UfW_ecW_]Sd XfW_eWdZ[Vc`W]rUec[USd #:`cc[W_eWdj D[d[`_Wd$ cWY]S^W_eS_V` W]Sce`.-& ]Wj
+/(--0& VWf_S ^S_WcS ScT[ecSc[S&[ccSk`_ST]W W[_Wbf[eSe[gS&j g[`]S_V` ]S ]WecSj W]Wdasc[ef
VW]S _`c^S ((( #Xd(,0$( HfWVS U]Sc` W_e`_UWdbfW df SYcSg[` cSV[USW_W]WiUWd` cWY]S^W_'
eSc[` bfW Sec[TfjW S] VWUcWe`^W_U[`_SV`(
-n$ HfW W] ec[Tf_S] ZS d`deW_[V` VW ^S_WcS cW[eWcSVSbfW ]S U`_X`c^[VSV bfW VWTW
YfScVSc f_ VWUcWe`cWY]S^W_eSc[SU`_ ]S ]Wj _` U`_d[deW W_ f_S U`[_U[VW_U[S eWiefS] W_ecW
S^TSd _`c^Sd5 d[_` VWWdasc[ef&j bfW& W_ YW_WcS]&_` gf]_WcS_ W]ac[_U[a[` WdeST]WU[V`W_
W]Sce`33&[_U(,n& :E& SbfW]]`d bfW dWWia[VS_ aScS ]S ^W\`c W\WUfU[u_VW]Sd ]WjWd&UfS_V`
]S _`c^S VWYcSV` [_XWc[`c^S_e[W_W [_S]eWcST]Wd]`d X[_Wdj W]dW_e[V` U`_ bfW ]S ]Wj ZSjS
d[V` dS_U[`_SVS #=S]]`d -+24+1*1 j dfd U[eSd$(Ju]` W_ W]dfafWde` VWbfW f_ VWUcWe`cW'
Y]S^W_eSc[` VWdU`_`kUS ` cWdec[_\SVW^S_WcS [ccSk`_ST]W ]`d VWcWUZ`dbfW ]S ]Wj cWU`_`UW
` VWUfS]bf[Wc ^`V` dfTg[WceS df Wdasc[ef` X[_S][VSVdWU`_ecScsS]S\WcScbfsS _`c^Se[gS U`_'
X[Yfcq_V`dW f_ WiUWd` VW] G`VWc <\WUfe[g` W_ W] W\WcU[U[`VW]Sd Xf_U[`_Wd bfW ]Wd`_ W_'
U`^W_VSVSd a`c ]S :`_de[efU[u_(
8 ]S ]fk VWeS]WdacW^[dSd VWTWWdefV[ScdWW]USd` VWSfe`d& U`_d[deW_eWW_ VWeWc^[_Sc
d[ W]VWU(+.+$+33/& W_UfS_e` V[da`_W bfW W] <deSV` _SU[`_S] aSYScq S ]Sd ac`g[_U[Sd W_
Ufj`d eWcc[e`c[`d dWW_UfW_ecW_]Sd XfW_eWdVWW_WcYsS ]Sd cWYS]sSdacWg[deSdW_ W]Sce` .-&(
]Wj +/(--0& W_]`d USd`d VWSac`gWUZS^[W_e`d Z[Vc`W]rUec[U`d T[_SU[`_S]Wd& S]eWcS]`d X[_Wd
VWWdeS_`c^S ]WYS](
.n$ HfW ]S cWU`cVSVS ]Wj +/(--0 j df ^`V[X[USe`c[S ,.(*0/ U`_de[efjW_& \f_eS^W_eW
U`_ `ecSd V[da`d[U[`_Wd U`^a]W^W_eSc[Sd& W]^ScU` W_WcYre[U` cWYf]Se`c[` W_ f_S ^SeWc[S
VWcWU`_`U[VS cS[YS^TcW XWVWcS] #=S]]`d -,*4 +-*,& W_ecW`ec`d$(
<_ eS] U`_eWie` VWTW_[_eWcacWeScdW]Sd V[da`d[U[`_Wd bfW \f_eS^W_eW U`_ SbfW]]S _`c'
^S U`_de[efjW_ W] crY[^W_ VW]Sd cWYS]sSdZ[Vc`W]rUec[USd(8ds&W]eWie` VW] Sce` .-& ^`V[X['
USV` a`c ]S ]Wj ,-(+0. WdeST]WUWbfW ]Sd ac`g[_U[Sd W_ Ufj`d eWcc[e`c[`ddWW_UfW_ecW_]Sd
XfW_eWdZ[Vc`W]rUec[USd aWcU[T[cq_ ^W_dfS]^W_eW W]V`UW a`c U[W_e` #+,!$ VW][^a`ceW bfW
cWdf]eWVWSa][USc S ]S W_WcYsSgW_V[VS S ]`d UW_ec`d VWU`_df^`& ]S eSc[XSU`ccWda`_V[W_eW
S ]S gW_eSW_ T]`bfW VWeWc^[_SVS dWYv_ ]`d ^WUS_[d^`d WdeST]WU[V`dW_ W] Sce` -3(
<_ W]USd` VWbfW ]Sd XfW_eWdZ[Vc`W]rUec[USd dWW_UfW_ecW_W_ cs`d ][^sec`XWdW_ecWac`'
g[_U[Sd ` bfW SecSg[WdW_S ^qd VWf_S VWW]]Sd&WdeWa`cUW_eS\WVW] #+,!$ V`UW a`c U[W_e`
dWV[dec[Tf[cq Wbf[eSe[gS j cSU[`_S]^W_eW W_ecWW]]Sd ( <d Wg[VW_eWbfW dWU`_dSYcS Sds f_
Uc[eWc[`VWaSce[U[aSU[u_ W_ecW]`d <deSV`d ac`g[_U[S]Wd W_ ]`d bfW dWW_UfW_ecS_ fT[USV`d
]Sd XfW_eWdZ[Vc`W]rUec[USd (
FecSd V[da`d[U[`_Wd VW ]S cWYf]SU[u_ XWVWcS] W_ ^SeWc[S Z[Vc`W]rUec[US S]fVW_ S ]Sd
XfW_eWd (8ds&W] Sce` /n WdaWU[X[USbfW ]S W_WcYsSVW]Sd USsVSdVWSYfS Wd f_S U`dS \f'
csV[US^W_eWV[de[_eSVW]cWUfcd` SUfsXWc`j VW]]WUZ`&jW] Sce`+/& [_U(3n&S]fVW WiacWdS^W_'
eWS ]Sd XfW_eWdVWW_WcYsSZ[Vc`W]rUec[US aScS cWU`_`UWc W] US_`_ bfW ST`_Scq W] U`_'
UWd[`_Sc[` W_ U`_UWae` VWcWYS]sSd(" (
;[da`d[U[`_Wd U`^a]W^W_eSc[Sd S]fVW_ S ]S W_WcYsSYW_WcSVSa`c ]S c]] (@]]Z[Vc`W]rU'
ec[US #VWU(+-32)+33,& S_Wi` **%cWd(2)+33. J<& O+/2)+33 @$
I<>8Cs8J JF9I< O8:OI<Ko 8 GIFGpJ@KF;< C8J I<>8Cs8J JF9I< <CE@?L@C
:STW dWtS]Sc&S ]S gWk&bfW ]S ac`a[S SUe`cS ZS SX[c^SV` bfW ]Sd cWYS]sSdZ[Vc`W]rUec[USd
U`^aW_dS_ W]fd` VW]S XfWckS^`ec[k YW_WcSVSa`c W] cWUfcd` SYfS #gWcXd(,-$& ]` bfW df'
a`_W W] cWU`_`U[^[W_e` [^a]sU[e` VW]S eW`csSVW]S XfW_eW 'S ]S bfW V[UW`a`_WcdW%d[
dWSVg[WceWbfW S Xd(,- geS(&S] U`_UWaefS][kSc]S& ]S US][X[USU`^` U`_UWV[W_V` VWcWUZ`d
du]` ]`d c[TWcWt`d VW]ecS^` VW] cs` bfW Sa`ceS ]S USsVSVWSYfS #aW_V[W_eW$ j)` USfVS] VW
SYfS bfW YW_WcS]S XfWckS ^`ec[k ( (
/n$ HfW VW]` WiafWde` dWVWdacW_VWbfW W]Uc[eWc[`fe[s[kSV` W_ W]VWU(+.+$+33/ a`c
W]G`VWc <\WUfe[g` _SU[`_S] aScS V[dec[Tf[c ]Sd cWYS]sSd& TSdSV` W_]S fT[USU[u_ VW]SdXfW_eWd
Z[Vc`W]rUec[USd&dWXf_VS W_ f_S cSk`_ST]W [_eWcacWeSU[u_cWY]S^W_eSc[SVW]crY[^W_ XWVWcS]
W_ ]S ^SeWc[S&e`VS gWkbfW _` S]eWcSdfd X[_Wdj W]dW_e[V` bfW ]WXfW SU`cVSV`& a`c ]` bfW
]S [^afY_SU[u_ VW]S SUe`cS j VW]`d ][e[dU`_d`ceWd bfW U`SVjfgS_ W_ df a`defcS UScWUWVW
Xf_VS^W_e`(
:STW SYcWYSc&S ^Sj`c STf_VS^[W_e`& bfW cWdf]eS [_Sa][UST]W S ]S WdaWU[WW] USd` VW
=S]]`d -+*4,.12& e`VS gWkbfW ]S d[efSU[u_ S]]sa]S_eWSVSWcSV[gWcdS(<_ WXWUe`& dWV[dUfesS
]S Wbf[VSV j cSk`_ST[][VSV VW]fd` U`_df_e[g` VW]SYfS& d[efSU[u_ bfW _` Wd]S VWSfe`d& W_
bfW dWecSeSVWf_ Sac`gWUZS^[W_e` Z[Vc`W]rUec[U` bfW _` dfa`_W eS] fe[][kSU[u_( G`c W]]`&
dWVWU[VW4IWUZSkSc ]S VW^S_VS dWYf[VS a`c ]Sd ac`g[_U&[SdVW]:ZSU`& 9fW_`d 8[cWdj JS_eS
=WU`_ecS W] <deSV` _SU[`_S] h ]Sd ac`g[_U[Sd VWD[d[`_Wd& :`cc[W_eWd h <_ecWIs`d( E`e[t'
bfWdW j& `a`cef_S^W_eW& ScUZsgWdW(' :Sc]`d J( =Sje(' 8fYfde` :( 9W]]fdU[`(' <_c[bfWJ( GW'
ecSUUZ[(' <VfScV` D`][_r F":`__`c('8_e`_[` 9`YY[S_`(' >f[]]Wc^` 8( =( CuaWk('8V`]X` H'
MqkbfWk(
H<>8Bq8I IE9H< M8: MH<Jo 8 FHEFrI@JE
;< B8I H<>8Bq8I IE9H< <B 1.-7.0J
a`c 8CqB: 8H CEM8DE
*' FHEFrI@JE
+( J[ a`c XfW_eWZ[Vc`W]rUec[US dWW_e[W_VWS] cs`( O d[ a`c W] fd` dW aSYS f_S cWYS]sS
S ]`d VfWt`d VW] cs`( ;WTW W_eW_VWcdWbfW ]S Xsd[USVW EWhe`_ jS _` Wi[deW&j bfW ]S
ac`a[WVSV jS _` Wd f_ VWcWUZ` W_ 8cYW_e[_S( C`d aqccSX`d bfW d[YfW_ [_eW_eS_ Wia][USc
Uu^` ]`d Wcc`cWdbfW ]S Z[de`c[S _` dfTdS_S_& du]` SUf^f]S_ ScT[ecSc[WVSVW[_[bf[VSV
S ]S a`]se[US bfW acWdf^W bfW W]e[W^a` e`V` ]` SccWY]S&j bfW 'aW`c Sv_' ecSWW] `]'
g[V`& ]S [^af_[VSV j W_dWt`cWS S] VW][e` U`^` VWde[_`(
% % "EH@><D ;<B : ECFB<AE <B D@?K@B
,( <_ *224, ]S Wi ;[cWUU[u_ ESU[`_S] VW@cc[YSU[u_ac`^`g[u W]c[WY` j fd` VWXfW_eWd
Z[Vc`W]rUec[USd W_ ]Sd ac`g[_U[Sd& S ecSgrd VWecSeSV`d W_ecW]S ESU[u_ j ]S ac`g[_U[S cWd'
aWUe[gS #dWYv_ W] Sce` +*1& SUefS] Sce` +,/ VW ]S cWX`c^S U`_de[efU[`_S] VW +33.$( CS
Sfe`c[kSU[u_ aScS cWS][kScW]ecSeSV` U`_ ]S ac`g[_U[S dW`e`cYu S] <\WUfe[g` _SU[`_S] a`c
]Wj VW] :`_YcWd`4 CS +,(*33 Sfe`c[ku W]ecSeSV` VW ]Sd `TcSd VW:cfk VWG[WVcSW_ JS_
Cf[d( CS +,(,*,& aScS <] :SV[]]S] j <dUSTS W_ KfUf^q_( CS +,(,/3& aScS ]Sd `TcSd VW
F]][]#$Al&] ^ JS_e[SY` VW] <deWc`( CS +,(0/3& aScS ]Sd `TcSd W_ ]`d cs`d >cS_VW j CSgSjr_
"! ?>>>$X UX#XXXX>XX > " ! ; ; ; ; ; > ? ; 3 ;
QZ?aVae)J XMXQe,-)10+ $4*,+*,4/+% Ma`[^Ufq MXMBMOUqZM a O^XNX^X`^ X 7X[N S ;
,2*1*,4/,& ]aQ XMXQePQAQZP[fM ,/-2 $1*,+*,4/,% M\^[Nq \M^MQVQ[a` ^XZ_[XZ
PQ<XBUTaUX& \M^MU^^USM^ XM_,-)1.1 TQO`m^QM_ QY\MP^[ZMPM_ QZQX8`aQXe P ) ) ; E ; >,>
P^[QXQO`^UOUPMP& X[ ]aQ ^M`URUOq QXPQO)ZMOU[ZMX ,+1)++/*.,/1 $,4*4*,4/,)%)
; ; ; &? 4B3 C 67 <3 8E 7> D7 :; 6B? 7<]5DB; 53
g .) @MBMOUqZZ[ OaY\XUqO[Z QX^UQS[PQXM_,.-)1.1 TQO`m^QM_ O[ZOQPUPM_ ,+$,,,
YQZ`Q QZAQZP[fMO[Z XM_MSaM_PQX^o[8`aQX&e _qX[ U^^USq 20)01, $:[^`Q Ga\)& RU2&
`) .,+(.6 \) -/4,%) ;Q X[_M^`_).j e ,0 PQX`^M`MP[&_a^SUQ^[ZXM_[N^M_ TUP^[QXnO`^X[ >
\M^MXM_`^Q_OQZ`^MXQ_ PQ<XBUTaUX& ]aQ R[^YMZ XM\QZPUQZ`Q&OMoPM[ RaQZ`QM\^[b
OTMPM\[^ XMBMOUqZ) :[Y[ QXP[YUZU[ PQXOMaOQe XM_MSaM_]aQ OMQZ\[^ XM_`^Q_Q ) )
`^MXQ__[Z\M^`Q PQXP[YUZU[ `Q^^U`[^UMX PQAQZP[fM& XM\QZPUQZ`Q[ OMoPMM\^[bQOTMP
_USaQXMYU_YM_aQ^`Q&^Q_aX`MZP[_Q^\^[\UQPMP QdOXa_UbM PQXM\^[bUZOUM& UZ`QS^MZP
aZM_[XMRaQZ`Q$M^`_)-..4 e -./+& UZO) .j& ::Ub)%) @M_[N^M_ O[Z_`^aUPM_PQZ`^[ o>
XMXoZQM PQ^UNQ^M MOOQPUQ^[Z MXP[YUZU[ PQAQZP[fm $M^`-033 e -034 PQXYU_Y[ :1
PUS[%& MaZ]aQ ^QOUnZ _Q`^M_\M_M^[ZQZ,44-) <Z OaMZ`[ MXa_[ QZ^UQS[O[Z MSaM_N S ;
8`aQX&TMZ]aQPMP[ _UZQX^Q_\MXP[PQXM_QZ`QZOUM 02)+20 TQO`m^QM_ Q^Z\MP^[ZMPZ
PQAQZP[fM $<; ,-4(1,4%) )
; F&E > DB3 D3 6? C; > D7B57B3 C @3 BD7C
/) <X`^M`MP[ \[^ <XBUTaUX _Q_a_O^UNUq QZ`^QQX<_`MP[ ZMOU[ZMX O^QMP[QZ ,30.
,31+& J QX<_`MP[ PQAQZP[fM O^QMP[QZ,01,) AQZP[fM TMNoMRUVMP[ _a XoYU`Q Ga^ \[^
XQePQX2*,+*,3./& ]aQ UZ`QS^qM_a :[Z_`U`aOUqZPQ,30/&)e ^M`URUOq QX:[ZS^Q_[ B[
OU[ZMXPQDM^MZm$\[^ XQe.1%) @MXQePQX:[ZS^Q_[ PQ,31/ PQ_O[Z[OUqMXM_OM`[^[
\^[bUZOUM_ \^QQdU_`QZ`Q_ QXP[YUZU[ _[N^Q_a_ `UQ^^M_ Z[ [Oa\MPM_) 8_o_a^SUQ^[Z&PQX[&
`Q^^U`[^U[_\^[bUZOUMXQ_& X[_ZMOU[ZMXQ_& ]aQ&O[Y[ @MDMY\M $O^QMPM \[^ XMXQeZMOU[ZMX
,/)+.2)QZ ,40,%& PUO`q_a :[Z_`U`aOUqZ QZ ,40-& O[Z X[_ XoYU`Q_ PQXMXQeZMOU[Z>
0-,2 H XM[^SMZUfMOUqZ PQXMXQeZMOU[ZMX) <XX[UY\XUOM ]aQ QX`^M`MP[ PQX,2*1*,4/,) Z[
Q_PQM\XUOMOUqZ M@MDMY\M _[N^Q _a \M^`QQZ XMQ_O[^^QZ`oMPQX8`aQX&\[^]aQ XMBM
OUqZ&]aQ QZQ_QQZ`[ZOQ_MPYUZU_`^MNM _a `Q^^U`[^U[&Z[ O[Z_UPQ^q]aQ ZUQXMSaM\M^
^UQS[&ZUXMRaQZ`QTUP^[QXnO`^UOM& \Q^`QZQOoMZ MXMMO`aMX\^[bUZOUMPQ@MDMY\M5 TUS
Q]aob[OM\^Q`QZ_UqZXMO[Z_`U`aeQQX`QXQS^MYM]aQ QX,-*,-*,42. QZbUqQX<VQOaZb[
\MY\QMZ[ MGMZ?aMZ&^QOXMYMZP[ ]aQ XMO[Z_`^aOOUqZPQXPU]aQHXXrY!baXZQ^MPQ(
^QOT[_ \MY\QMZ[_!)
F&7< E C? 67 <3 8E 7> D7 :; 6B? 7<]5DB; 53
0) @M@QeBMOU[ZMX PQ<ZQ^SoM& ,0)..1 $-+*4*,41+%& PQRUZUq MXMQZQ^SoMPQXM_OMX(
PM_PQMSaMO[Y[ O[_MVa^oPUOM PU_`UZ`M PQXMSaM$M^`0%&Q_`MNXQOUQZP[ ]aQ QXHGE ZU(
P^[QXnO`^UO[ \[^ XMBMOUqZ[^USUZMNM aZMO[Z`^M\^Q_`MOUqZ \QOaZUM^UM $^QSMXoM%& M\MSM^(
_QMXM\^[bUZOUMPaQpMPQXMRaQZ`Q&\QZPUQZ`Q[ OMoPM$M^`/.%) @[ ]aQ XMQdQY\^Q_M
ZMOU[ZMX PQQZQ^SoM^QO[Z[OUqQdOXa_UbMYQZ`Q MRMb[^PQAQZP[fM) C`^[ OM_[ Q_QXQVQ
XMOaM^`MOQZ`^MX $BUTaU>>I%& ]aQ Q_`MZP[ QZXMYU_YM\QZPUQZ`QQdOXa_UbM PQAQZP[fM&
Q_ _qX[ a_MPM\[^ XM\^[bUZOUM& _UZQ_`M^O[ZQO`MPMMXYQ^OMP[ QXnO`^UO[ YMe[^U_`M&
_UQZP[&\[^ X[ `MZ`[& MVQZMMX\MS[ PQXM^QSMXoM PQXMXQe,0)..1 ))
@QdU_BQdU_ " [ Y Q
"!!
F< <3 B7 3 <S 3 67 7< > S :E ; <
1) @M_ `^Q_OQZ`^MXQ_ PQX<XBUTaUX SQZQ^MZ^QSMXoM_ ]aQ \MSq XMBMOUqZQZR[^YMQd(
OXa_UbM MAQZP[fM PQ_PQXMbUSQZOUM PQXMXQe,0)..1) GUZQYNM^S[&QXPQO)ZMOU[ZMX
5@01+$-.*-*,42.%&XQ ]aU`q MAQZP[fM QX0l" PQXM_^QSMXoM_ PQ<XBUTaUX& \M^MQZ`^Q(
SMZM_M@MDMY\M) <XX[_aOQPQPQ_PQ,42. \[^ ]aU`M_PQXMBMOUqZ)& e T[e \[^ QXO[Z(
OQ_U[ZM^U[) ;Q MOaQ^P[O[Z QXPQO)ZMOU[ZMX ,0+3 $,,*3*,44-%& QXOmXOaX[ PQXM^QSMXoM
TXP^[Q`nO`^oOM ^QSXMPM \[^ QXM^`[/.& XQe,0)..1& Y[PURUOMPM \[^ XMXQe-.),1/& _QQRQO(
`rM _[N^Q QXUY\[^`Q ]aQ ^Q_aX`QPQbMX[^UfM^ XMQZQ^SoMSQZQ^MPM\[^ XMRaQZ`QTUP^[Q(
XnO`^UOM& MX\^QOU[]aQ O[^^Q_\[ZPM MXO[ZOQ_U[ZM^U[ PQXMRaQZ`QPQSQZQ^MOUqZ QZ QX
AQ^OMP[ G\[` Z _Q`QZP^mO[Y[ bMX[^PQ^QRQ^QZOUM PQXMQZQ^SoMQXnO`^UOM ]aQ _Q^Q(
OUNM& QZO[ZOQ\`[ PQ\MS[ \[^ ^QSMXoM TWo^OQXnO`^XOM a [`^[ _Q^bUOU[& MX[_QRQO`[_PQ_a
O[YQ^OUMXUfMOUqZ YMe[^U_`MQZQXAQ^OMP[G\[`& QX]aQXQO[^^Q_\[ZPM&QZQX(YQ^OMP[&
MXO[ZOQ_U[ZM^U[ PQXMOQZ`^MX TUP^[QXnO`^UOM QZ XMOaMX_Q[^USUZM`MX\MS[ $M^`9%&
F; ; &<3 AE ; D3 67< -( 3 =7> 6? I3 7C E > 3 F^3 67 :75:?
2) ;Q MOaQ^P[O[Z X[_ M^`_)2j e 3j& :B& _UZ^QR[^YM_&!X[_ MO`[_ \rNXUO[_PQaZM
\^[bUZOUM$QZQXOM_[ QX`^M`MP[ PQXMBMOUqZe AQZP[fM%S[fMZ PQQZ`Q^MRQQZXM_PQ(
Ym_&]aQ PQNQZM`^UNaU^XQ_ X[_YU_Y[_ QRQO`[_]aQ TaN`Q^MZPQ\^[PaOU^#QZXM\^[bUZOUM
PQP[ZPQ Q^ZMZM^QZ! $:[^`Q Ga\)& =MXX[_,4.+#& ,045/1& ), /( !G[MVQ!%) <XPQO)ZMOo +(
ZM,,01+*,42. \^Q`QZOXPM^ZQZ`Q _QPQNUqNM_M^QZQXM^`[ 2j& :B& \Q^[ X[ PQ_O[Z[OUq
MXTMOQ^OM_[ [YU_[ PQX`^M`MP[ PQX,2*1*,4/,& XQe,-)10+& e PQXMXQe+#* !" e PQXM
^M`URUOMOUqZ ZMOU[ZMX)
F; ; ; & <3 @B7D7> C; _> 67 63 B 8? B=3 67 675B7D? B79<3 =7> D3 B; ?
3 E > 3 F^3 67 :75:? 97> 7B3 ; > 7G; CD7> 5; 3
3) <XPQO),01+*,42. Q_aZMboMPQTQOT[) B[ \aQPQ QdU_`U^ O[Y[ PQO^Q`[)M%IU[XM
QXM^`[ 44& UZO) -j& :B& ]aQ [NXUSMM^o[ MX`Q^M^ XMXQ`^M6 ZUQXQ_\o^U`aPQXMXQe,0)..1
QZX[_ ^QSXMYQZ`[_PQQVQOaOUqZ& \[^]aQ _a M^`[ 0j QdUSQO[Z_UPQ^M^ MXMRaQZ`QO[Y[
MXMOMoPMPURQ^QZ`Q PQX^o[) N%IU[XMQX`^M`MP[PQX,)2*1*,4/,& XM_XQeQ_ ,-)10+e ,/-2&
]aQ [NXUSMZ MXMBMOUqZMZ[ M\M^`M^_QPQ_a_ \^[\U[_ MO`[_&^Q_[XbUQZP[ aZM_U`aMOUqZ
MZmX[SMQZR[^YM PU_`UZ`M& eM]aQ& \[^ aZ XMP[&H_MXMRaQZ`Q_qX[ QZ`Q^^U`[^U[ PQAQZ(
P[fM&e \[^ QX[`^[& \MSM \[^ Q_QYU_Y[ a_[ MAQZP[fM e M@MDMY\M) O%IU[XMQXM^`[
,+4& :B& \[^]aQ _a\[ZQ ]aQ @MDMY\M _aR^QaZ \Q^VaUOU[ _[N^Q QXa_[ PQXMRaQZ`Q&
e _QZ`QZOUM& M`^Mbn_PQaZ PQO^Q`[&XM]aU`MMAQZP[fM PQX0+" PQ_a ^QSMXoM) P%IU[XM
QXM^`) ,2& PQO)ZMOU[ZMX -+2.*,41,& \[^]aQ XMBMOUqZZ[ OaY\XUqO[Z PM^UZ`Q^bQZ(
OUqZ\^QbUM(MX PUO`MP[ PQXPQO),01+*,42.( MX:[Z_QV[ =QPQ^MX(PQ XM<ZQ^SoM<XnO(
`^UOM& X[ ]aQ XM:[^`Q OMXURUOM PQM^NU`^M^UQPMP ) Q%IU[XMQXM^`[ 2j& XQe,4)0/46 ]aQ #QdUSQ
^Mf[^UMNUXUPMP& eM]aQ QXPQO),01+*,42. UZbQZ`MQX\MS[ PQaZM^QSMXoM M@MDMY\M&
\[^ _a\[ZQ^ ]aQ XM_^Q\^Q_M_PQ<XBUTaUX XQTMZUY\QPUP[QXa_[ PQXMSaM&OaMZP[#Q`
a_[ TUP^[QXnO`^UO[ Q_Z[ O[Z_aZ`Ub[) R%IU[XMXM\^aQNMM\[^`MPM\[^ XMQdQY\^Q_M PQ
QZQ^SoMPQXMBMOUqZ& ]aQ QZ_a nd\`Q) 1133.*,43+ ^QO[Z[OQ]aQ XM^QSMXoM XM\MSMNM
_qX[ MAQZP[fM \[^ M\XUOMOUqZ PQX[_ M^`_)0j #e/.& XQe,0)..1& TM_`MQXPUO`MP[ PQX
PQO),01+*,42.& e X[ YU_Y[ TMOoMO[Z [`^M_ /. RaQZ`Q_Ym_) S%IU[XMQXM^`[.,& :B&
QZXMYQPUPMQZ]aQ QXPQO),01+*,42. _Q[\[ZQ MXO[ZOQ\`[ PQRaQZ`QTUP^[QXnO`^UOM
FQbU_`MPQ;Q^QOT[ 8YNUQZ`M Bj .
"!" H>g>#V!X X?X%> B$&>>K >KBC>8> 8
MOQ\`MP[ \[^ 8^SQZ`UZMQZ_a_ `^M`MP[_UZ`Q^ZMOU[ZMXQ_& O[Y[ QZQXMOa ^P[ `^X\^a`X`a
O[Z 9^M_UX e DM^MSaMe _[N^Q:[^\a_ Q>`MU\rPQX) 1') (') 1/1 $\m^^)-\$ XU`Q^MX M%& Z X[ ) ) ) )
\[ZQ M^NU`^M^UMYQZ`Q MAQZP[fM& O[Z`^M^UMZP[ XMUSaMXPMP QZ`^Q<_`MP[_ ]a \^ #>I ,
QXPQ^QOT[PQSQZ`Q_)T%@[_bUOU[__QpMXMP[_UZPUOMZ QZQXM^`[1
(
$ XQe) 1&-,1$ ]H$ +,
<VQOa`Ub[ ZMOU[ZMX _QPQNUqMN_`QZQ^ PQO[Y\[^`MYUQZ`[_ ]aQ UY\[^`QZ boM_PQT QXX[&
XQ_UbM_ PQPQ^QOT[_O[Z_`U`aOU[ZMXQ_& \[^ X[ ]aQ _a QRQO`[ Q_XMUZQdU_`QZOUM& ^Q`^[M `Xb
MXMRQOTMMZ`Q^U[^MXPUO`MP[ PQXPQO)) -.(') 1/+&
; G&<3 8E 7> D7 :; 6B? 7<]5DB; 53
4) @MRaQZ`QTUP^[QXnO`^UOM Q_aZ TQOT[ Ro_UO[ ]aQ&PQ_PQ>_MMOBQc`[Z& _QOMZR[^
YM O[Z XMYM_MPQMSaMe _a MOQXQ^MOUqZ& \^[PaOUPM\[^ _a OMoPMQZaZM\QZPUQZ`Q>
X[ ]aQ& M_a bQf&XQ\Q^YU`QSQZQ^M^QXQO`^UOUPMP& _UZO[Z_aYU^_Q) D[^ QXM^`[ !" > J
) -&++.$ Q_PURQ^QZ`Q PQXMYM_MPQMSaM&e \[^ QXM^`[ ,+ PQNQbQ^URUOM^_Q _a a_[ !
QX`^MY[ PQ\QZPUQZ`QM\^[bQOTMP[) <Z X[_ ^o[__aOQ_Ub[_&\aQPQZ PM^_QP[_ OM_[_) >>
S^mRUO[ >PQ_O^UNQ XM_U`aMOUqZ PQXMRaQZ`QPQ<XBUTaUX& QZ]aQ& \Q_Q M]aQ QX^o[ M`^M
bUQ_MP[_ \^[bUZOUM_& +%.(,')(,1( [ &%4'%(013 05+- (, $(,'-2% e&\[^ QZPQ&QXa [
]aQ TMOQaZ `Q^OQ^[ $ZMOUqZ[ O[ZOQ_U[ZM^U[%PM[^USQZMaZM O[Z`^M\^Q_`MOUqZ?
^QSMXoM ]aQ _Q PQNQ\MSM^ QdOXa_UbMYQZ`QMAQZP[fM) <XS^mRUO[ ) ) PQ_O^UNQXM >
`aMOUqZQZ]aQ XM\QZPUQZ`QM\^[bQOTMPM\Q^`QZQOQMP[_ [ Ym_ \^[bUZOUM_& e&\[^
QZPQ&QXa_[ ]aQ TMOQaZ `Q^OQ^[ _Q \MSM MOMPM\^[bUZOUMQZ \^[\[^OUqZ MOMP[
`^MY[ PQ\QZPUQZ`QM\^[bQOTMPM&O[Y[ QZQXOM_[ PQJMOU^Q`m_[N^Q QXDM^MZm& QZ
QX]aQ XM^QSMXoM _Q\MSMM:[^^UQZ`Q_ e AU_U[ZQ_&O[Y[ X[ ^QO[Z[OQQXPQO)ZMOU[ZMX
) ,) ') 11-&
G&7< DB3 C@3 C? 67 <3 8E 7> D7 7< > ; :E ; < 3 =7> 6? I3
) (&<XMQaQ^M[PQX/'*') 11* QZ`^QXMBMOUqZe AQZP[fM $]aQ M\^[Nq XMXQe\^[bUZ(
OUMX -0*-# `^MZ_RU^Uq _UZOM^S[XM_[N^M_ PQ&<>BUTaUX MAQZP[fM) @MBMOUqZ_Q[NXUSqM
O[Z_`U`aU^aZM_[OUQPMPMZqZUYM\M^MSQZQ^M^ QXQO`^UOUPMP PQ[^USQZ`n^YUO[ QTUP^[Q(
XnO`^UO[& _[N^QXMaZUPMPPQZQS[OU[O[ZR[^YMPM\[^ XM_OQZ`^MXQ_ TUP^[QXnO`^UOM_ BUTaUX
) $ ) ) H ) ) ) $ O[Z _a_ [N^M_ Q UZ_`MXMOU[ZQ_ MOOQ_[^UM_& O[ZOQ_U[ZMPM\[^ XMBMOUqZPQ
MOaQ^P[O[Z XMXQe) -&++. e _a_ Y[PURUOM`[^UM_)
G; &<3 7> DB793 67 3 9E 3 @? D3 4<7 @3 B3 E C? :E =3 > ? 3 <3 @3 =@3
) ) &DM^MRMOUXU`M^ \[Xo`UOMYQZ`QXMQZ`^QSMPQXM_[N^M_PQ<XBUTaUX MAQZP[fM& [`^[
O[ZbQZU[ PQXYU_Y[ PoM" /'*') 11*# QZ`^QAQZP[fM& XMBMOUqZe @MDMY\M $]aQ M\^[Nq
XMXQeYQZP[OUZM-0*.#$ O[Y\^[YQ`Uq MAQZP[fM MQZ`^QSM^ M@MDMY\M MSaM\[`MNXQ
)\M^MQXa_[ TaYMZ[ PQGMZ`M>_MNQX e 8XSM^^[N[PQXkSaUXM& TM_`MaZ YmdUY[ PQ.&(((
TMNU`MZ`Q_) <X\aZ`[ PQQZ`^QSM_QRUVq QZXM_UZYQPUMOU[ZQ_ PQXM^a`M) ,+$ [ MZ[ Ym_
PQ-( WYPQ8XSM^^[N[PQXkSaUXM& QZ8SaM<_O[ZPUPM) @MOMXUPMP XMPQ`Q^YUZMNM CGA&
]aQ QZ Q_QQZ`[ZOQ_ Q^MG[OUQPMPPQX<_`MP[ YQZP[OUZ[&e ]aQ T[e PQNQ^oMTMOQ^XM
QX<D8G \[^ XMXQe.(,,& @MBMOUqZ& M`^Mbn_PQXAUZU_`Q^U[ PQX>Z`Q^U[^ O[Y\^[YQ`Uq _a_
^QOa^_[_\M^MQXMOaQPaO`[)
@QdU_BQdU_i
"!#
G; ; &5? > 5<E C; _>
) *&@MRaQZ`QTUP^[QXnO`^UOM Q_aZ TQOT[ Ro_UO[ ]aQ QX) P^5O) ) -.(') 1/+ PQgO[Z[OQ)
<Z QX[^PQZMYUQZ`[ Va^oPUO[ _a QdU_`QZOUM O[Y[ Z[^YM Va^oPUOM OM^QOQPQXMTMNUXU`M(
OUqZ!O[Z_`U`aOU[ZMX) <Z O[Z_QOaQZOUM& MPQYm_PQXMUZQdU_`QZOUM ^Q`^[MO`UbMgaQ XM
BMOUqZPQNQPQOXM^M^ PQXPQO)) -.(') 1/+$ PQNQ\MSM^MAQZP[fM X[ ]aQ XQ]aU`[ PQ_(
PQ) 1/+$ e X[ ]aQ [NXUSqMXO[ZOQ_U[ZM^U[ M]aU`M^MAQZP[fM PQ_PQ) 11*$ QZO[ZOQ\(
`[ PQ^QSMXoM \[^ <XBUTaUX)
7XY KMV 3
7XY KMV 4
( L( LL g K BUbQX
%$22RS J%< )OP&(&(:>L^oL[L(V
N >
U
9W`OQ LV)
FQbU_`MPQ;Q^QOT[ 8YNUQZ`MXBj .
7XY KMV 3
7XY KMV 4
g
)gUg(5
h g
) %
(L(L>(g
)L( V( PQX^o[
N )
> N
9W`OQ LV; ;

También podría gustarte