Documentos de Académico
Documentos de Profesional
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PPC Proceso 09-1-41333 268406011 960735
PPC Proceso 09-1-41333 268406011 960735
LIBERTAD Y ORDEN
ALCALDIA DE LEBRIJA
DEPARTAMENTO DE SANTANDER
Secretaria de Planeación
" # $
% $ ##&
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EL MUNICIPIO DE LEBRIJA, puede seleccionar en igualdad de oportunidades a quien ofrezca las mejores condiciones para
contratar por el sistema de precios unitarios, con las cantidades de obra, la calidad y las especificaciones técnicas contenidas
en el presente Proyecto de Pliegos de Condiciones para adelantar el proceso de Licitación Publica Nº003-2009 de acuerdo al
siguiente cuadro:
,-./0 0 $
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$ $ 1
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$%&% $ '( (
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- . *
07 4/-5-I
07 6-/- =- J
% * +K 05I340 .3 =-
6/373843 =: 9:4-9:C8 .353/B8 /3-=: G-/73 38 7, 404-=:
.-. : 89=,:
.- =- 384/3<- > /39: 50 -
7-4:
72-99: C8 .384/0 .3= 6=-G0 ;BE: ;0 374:6,=-.0 A,3 37 .3 ) /01 ) ) 9084-.07 -
6-/4:/ .3= .?- 7:
<,:3843 - =- 239@- .3 7,79/:
69:C8 .3= -94- .3 :
8:9:-9:C8 .3 =- 05/-
5
Es de exclusiva responsabilidad del CONTRATISTA ejecutar los cálculos técnicos, jurídicos y económicos teniendo en cuenta
las situaciones favorables o desfavorables que se puedan presentar durante la ejecución del contrato para cumplir con el plazo
convenido, previendo y dando estricto cumplimiento con el pago de salarios a sus trabajadores por jornadas supletorias,
domingos o feriados que sea necesario laborar para cumplir con el plazo contractual.
. * 2 * )
= 6=-G0 .3 =:
A,:
.-9: C8 60/ ;,4,0 -9,3/.0 .3= 9084/-40 A,3 73 .3/:
D3 .3= 6/373843 6/09370
.3 73=399:C8 37 .3 9,-4/0 * + ;3737 9084-.07 .37.3 =- 239@- .3 43/;:8-9: C8 .3= 9084/-40
8- D3G D389: .0 3743 4F/;: 80 73 6/093.3/B - =:A,:.-/ 3= 9084/-40 ,8: =-43/-=;3843 .3
90820/;: .-. 908 3= -/4?
9,=0 $$ .3 =- 3> $$M .3
0 * * * )*
0./B8 6/37384-/ 6/06,374- 6-/- 3743 6/09370 .3 : 9:4-9:C8 ,5=:9- =-7 63/708-7 8-4,/-=37 0
I,/?
.:9-7 6L5=: 9-7 0 6/:
D-.-7 8-9: 08-=37 0 3E4/-8I3/-7 .3 ;-83/- : 8.3638.: 3843 0 38 20/;-
908I ,84- *38 90870/9: 0 ,8:C8 43;60/-=+ 709: 3.-.37 908 05I 340 L8:90 :=- 6/06,374- 73
6/37384- 38 20/;- 908I ,84- =07 6/060838437 -9364-/B8 7: 8 908.:9:08-;: 3840 -=<,80 =-
3E:74389:- .3 ,8- 05=: <-9:C8 70=:.-/:
- 38 /3=-9: C8 908 =- 6/37384-9: C8 .3 =- 023/4- =-
7,79/:69:C8 > =3<-=:G-9:C8 .3= 9084/-40 -7?90;0 7, 9,;6=: ;:3840 38 3= 6=-G0 908D38: .0
=- =:A,:.-9: C8 > =- 90874: 4,9:C8 .3 =- <-/-84? - L8: 9- > =- .3 /376087-5: =:
.-. 9: D:=
3E4/-9084/-94,-= */376087-5: =:
.-. 70=:.-/: - 38 =-7 2-737 6/3O9084/-94,-= 9084/-94,-= >
6074O9084/-94,-=+ -/- =- 3E: 74389:- .3 =- 05=: <-9: C8 70=:.-/:
- 70=-;3843 73/B 83937-/: 0
A,3 =- 023/4- 73 6/373843 38 20/;- 908I ,84- 38 908739,389: - 80 73 /3A,: 3/3 A,3 73
/32:3/- - 374- 9:
/9,874-89: - .3 ;-83/- 3E6/37-
3 *
= ;-/90 =3<-= .3= 6/09370 .3 73=399: C8 > .3= 9084/-40 A,3 73 .3/:D3 .3 7, -.I,.:
9-9: C8
374B 90820/;-.0 60/ =- 0874: 4,9:C8 0=? 4:
9- =-7 =3>37 .3 =- 36L5=: 9- .3 0=0;5: - > 38
37639: -= 60/ =- 3> .3 $##& > 7,7 .39/3407 /3<=-;384-/: 07 =-7 80/;-7 0/<B8:9-7 .3=
6/37,6,3740 =-7 .: 7607:9: 0837 9-;5: -/:-7 74-4,40 /: 5,4-/:0 .39/340 &M$ .3 & 3>
$$M .3 39/340 .3= .3 I ,=:
0 .3 39/340 .3= .3 .:
9:3;5/3 .3
> 3= .39/340 $ .3 > =-7 .3;B7 80/;-7 90890/.-8437 908 =- ;-43/: - A,3
/:
I-8 0 ==3<,38 - /3<:
/ =07 -7639407 .3= 6/373843 6/09370 .3 73=399: C8
-7 80/;-7 -94,-=;3843 D: <38437 A,3 /37,=438 63/4: 838437 .3 -9,3/.0 908 =- 3>
90=0;5:-8- 73 6/37,;38 90809:.-7 60/ 40.07 =07 6/060838437
4 + 5 * )
- 7:
<,:
3843 37 =- 9/080=0<?
- .3 =- 6/373843 :
9:4-9:
C8 ,5=:
9-)
Aviso de la Convocatoria y
10 de marzo de 2009 Pagina Web www.contratos.gov.co
Estudios Previos
Cierre y entrega de propuestas 1º de abril de 2009 a las Alcaldía Municipal de Lebrija – Secretaría de
9:00a.m. Planeación. EXCLUSIVAMENTE
$) = 6=:
3<0 .3 908.: 9:0837 .3= 6/373843 6/09370 73 60./B 9087,=4-/ 38 =- 6B<: 8- P35)
PPP 9084/-407 <0D90 > 38 % Q 7,
6,5=: 9-9: C8 37 3E9=,7:
D-;3843 .3 9-/B943/ : 820/;-4:D0 > =07 38 40.0 9-70 60./B8
73/ /34: /-.07 .3 =- % 6/3D: - 9-893=-9: C8
38 =- 370/3/? - .3= D-=0/ 60/ 90893640 .3 2040906: -7 .3 90820/;:.-. 908 3= -/4? 9,=0 .3=
6-/- 3= 323940 =07 :
843/37-.07 .353/B8 -60/4-/ 3= /39:50 .3 6-<0 > /3<: 74/-/73 38 =-
6=-8: ==-
6 ) * ) ) ) ) -7 -9=-/-9:
0837 70=:
9:4-.-7
-= 6/0>3940 .3 6=:3<0 .3 908.: 9:0837 > - =- .:74/:
5,9:C8 .3 /:37<07 .3538 73/ 6/37384-.-7
.384/0 .3 =07 4F/;:807 6/3D:
7407 38 3= 9/080</-;- > 4/B;: 43 .3= 6/09370 8,;3/-= $ M -
384:.-. 6,5=:9-/B 38 =- 6B<:8- R 35 PPP 9084/-407 <0D90 ,8 20/;,=-/: 0 .3 6/3<,84-7 >
/376,374-7 38 3= 9,-= 73 9087:<8-/B8 =-7 0573/D-9: 0837 > 7,<3/389: -7 .3 =07 6/060838437
-7?90;0 =-7 -6/39: -9:0837 705/3 3= 6-/4:9,=-/' * 60./B :89=,:
/
-7,8407 .3 =-7 0573/D-9: 0837 A,3 9087: .3/3 /3=3D-8437 38 =- 374/,94,/-9: C8 .3= 6=:
3<0
.32:8:4:
D0 > 38 40.0 9-70 ;04:D-/B =- -9364-9: C8 > /39@-G0 .3 =-7 ;: 7;-7
* ) ) +* * ) ) )*
74-7 0573/D-9:
0837 .353/B8 73/ :
.384:
2:
9-.-7 .3 =- 7:
<,:
3843 20/;-)
3H0/37
* *
' 2 * ) ) )* * ) 70 *
-778
8
Cualquier observación al respecto será recibida únicamente en EL MUNICIPIO DE LEBRIJA, de lunes a viernes en la fecha y
horario hábil indicado en el cronograma del proceso.
089=,:
.0 3= -843/:
0/ 4F/;:
80 * 80 -9364-/B 38 =-7 34-6-7
7,57:<,:38437 .3= 6/09370 .3 73=399: C8 9,374:
08-;: 38407 705/3 3= 908438:
.0 .3= -=9-893
.3 =-7 374:
6,=-9:0837 > 3E:
<389: -7 374-5=39:
.-7 38 3= 6/373843 6=:
3<0
9 ) *
8 3= 9-70 .3 A,3 =- D: 7:
4- 73 /3-=:
93 60/ 3= /36/37384-843 =3<-= .3 ,8- 63/708- I,/?
.:9- 3743
.353/B -9/3.: 4-/ 7, /36/37384-9: C8 ;3.: -843 =- 6/37384-9:C8 .3 .09,;3840 3E63.: .0 60/
=- 9B;-/- .3 90;3/9: 0 6-/- 90870/9: 0 0 ,8: C8 43;60/-= .353/B 6/37384-/ 3= .09,;3840
90870/9: -= 0/:<:8-= 2040906: - .3 =- 93.,=- .3 9: ,.-.-8? - .3= /36/37384-843 =3<-= > 9,;6=:/
908 =07 /3A,: 7:
407 .3 =- D:7:
4- .3 05/-
8 =- D:
7:4- =07 607:
5=37 023/38437 .3538 :876399: 08-/ .3438: .-;3843 =07 43//3807 .08.3 73
3I39,4-/B =- 05/- 6-/- 054383/ =- : 820/;-9: C8 7,2:
9:3843 705/3 =-7 908.:
9:0837 .3 4/-5-I0
A,3 4:3838 A,3 D3/ 908 =- 3I 39,9: C8 .3 =-7 05/-7 384/3 04/-7 * 80
-9364-/B /39=-;-9: 0837 60743/:0/37 -= /3763940 >- A,3 73 38438.3/B A,3 40.07 =07
6/060838437 6-/- 3239407 .3 =- 6/37384-9: C8 .3 7, 6/06,374- 9080938 6=38-;3843 3= 7: 4:0
7,7 9-/-943/? 74:
9-7 -993707 3840/80 709: 0O3908C;: 90 908.: 9:
0837 9=: ;-40=C<:
9-7
<30=C<:9-7 > <304F98: 9-7 > A,3 @-8 438: .0 38 9,384- 3743 90809: ;: 3840 6-/- =-
3=-50/-9: C8 .3 =- 6/06,374-
- 90874-89: - .3 D:7:
4- .3 05/- 73/B 3E63.: .- 60/ 3= 2,89: 08-/:
0 .37: <8-.0 60/
* .3 -9,3/.0 908 3= 83E0 L8:9-;3843 - A,:3837 9,;6=-8 908 =0
3E:
<:.0 38 3= 6=:3<0 .3 908.: 9:0837 74- 90874-89: - 908 =07 /3A,:
7:407 3E:
<:.07 73/B .3
9-/B943/ 05=:
<-40/:
0 > .353 73/ 6/37384-.- .384/0 .3 =- 6/06,374-
: ; < * )
9
El número mínimo de participantes hábiles que se exige para no declarar desierta esta Licitación Publica es de uno (1). Se
entiende por participante hábil, aquel que cumpla con la totalidad de los requisitos exigidos en el presente pliego de
condiciones.
8 = * * ) * * )
Los proponentes no podrán encontrarse incursos dentro de ninguna de las causales de inhabilidad o incompatibilidad para
contratar a que se refieren la Constitución Política, el artículo 8º de la Ley 80 de 1993, el artículo 18 de la ley 1150 de 2007, la
ley 1148 de 2007 y demás normas concordantes y reglamentarias. El Proponente declarará en la Carta de Presentación de la
propuesta bajo la gravedad de juramento que no se encuentra incurso dentro de ninguna de las causales anteriormente
citadas.
7 . +* )
07 7:
4:
07 .08.3 73 D-8 - 3I
39,4-/ =-7 05/-7 90//37608.:
38437 -= 6/0>3940 05I
340 .3 =-
6/373843 =:
9:4-9:
C8 708)
J
*
% * +K
+ * ) )
* 32394,-/B =- D3/:
2:
9-9: C8 4F98:9- 2:
8-89:3/- > I,/?
.:9- .3 =-7
6/06,374-7' > 60./B 70=:
9:4-/ - =07 6/060838437 =-7 -9=-/-9:
0837 - A,3 @->- =,<-/ 0 =-
6/37384-9:
C8 .3 =07 .09,;38407 A,3 908.,G9-8 - 3==0 90820/;3 - =0 3E:
<:.0 38 3= 6=:
3<0 .3
908.:9:0837
7 /376087-5:
=:
.-. 3E9=,7: D- .3= 023/3843 D3/: 2:9-/ =- 3D-=,-9:C8 38 =- 6B<:8- R 35
.374:8-.- 6-/- 3==0 *PPP 9084/-407 <0D90+ 0 38 * > -438.3/ =07
/3A,3/:;:
38407 .3 =- ;:7;- 38 3= 6=-G0 374-5=39:
.0 60/ =- 384:
.-.
- * * * ) > ) ) * *
* + , + )* ) ) * ** * )
3/B /376087-5:=:
.-. .3= 6/06083843 908093/ 40.-7 > 9-.- ,8- .3 =-7 :
;6=:
9-9:0837 A,3
908==3D- =- 6/37384-9: C8 .3 7, 023/4- > 6-/- 4-= 323940 .353/B /3-=: G-/ 40.-7 =-7
3D-=,-9: 0837 A,3 73-8 83937-/: -7 6-/- 7, 6/37384-9:
C8 705/3 =- 5-73 .3 ,8 3E-;38
9,:.-.070 .3 =-7 9-/-943/?
74:
9-7 .3= 83<09:
0
0/ =- 70=- 6/37384-9:
C8 .3 =- 6/06,374- 73 9087:
.3/- A,3 3= 6/06083843 @- /3-=:G-.0 3=
3E-;38 90;6=340 .3 40.07 =07 -7639407 A,3 : 89:
.38 > .343/;:8-8 =- 6/37384-9:
C8 .3 =-
;:7;-
10
= /34:
/0 .3= =: 3<0 .3 08.:9:
0837 > =- 6/37384-9:C8 .3 =- /376394: D- 6/06,374-
90874:4,>38 /390809: ;:3840 > -9364-9:C8 60/ 6-/43 .3= 6/06083843 .3 40.-7 =-7
3E:<389: -7 A,3 @- 374-5=39:
.0 6-/- 3= 6/373843 6/09370 .3 73=399:
C8
0.-7 =-7 -94,-9: 0837 .3= 6/373843 6/09370 73 @-/B8 .3 ;-83/- 379/: 4- .35: .-;3843
7,79/:
4-7 60/ 3= 90;6343843 9084/-94,-= 60/ =0 4-840 80 73/B8 DB=:
.-7 =-7 ;-8: 2374-9:0837
D3/5-=37 60/ 6-/43 .3 -7370/37 2,89:
08-/:07 A,3 :843/D:
3838 38 3= .37-//0==0 .3 =-7 34-6-7
.3= 6/09370 .3 73=399: C8 7?;: 7;0 9,-=A,:3/ .39=-/-9:C8 A,3 80 374F -D-=-.- 60/ 3=
0/.38-.0/ .3= <-740 9-/393 .3 D-=: .3G > 60/ =0 4-840 3E: ;3 .3 /376087-5: =:
.-. -=
0* * ) )
3 ) + ) * ) )
=0 374-5=39:
.0 38 3= 8,;3/-= $ M .3= 6/373843 6=:
3<0 .3 908.:
9:0837 6-/- A,3 6/3738438 =-7
0573/D-9: 0837 A,3 9087:
.3/38 63/4:838437
0/ =0 -843/:
0/ 3= 6/06083843 .353/B /3;: 4:
/ - % =07 .09,;38407
/3A,3/:.07 > .-/B /376,374- - =-7 70=:
9:4,.37 .3 -9=-/-9:C8 - =- 6/06,374- @-74- 3= .?
- @B5:
=
374-5=39:.0 60/ =- .;: 8:
74/-9:
C8 8 3I 3/9:9:0 .3 374- 2-9,=4-. =07 023/38437 80 60./B8
;0.: 2:
9-/ >S0 ;3I0/-/ 7,7 6/06,374-7
,-8.0 3= 6=-G0 :
8:9:-=;3843 2:
I-.0 6-/- =- D3/:
2:
9-9:
C8 > 3D-=,-9:C8 .3 =-7 6/06,374-7 80
63/;: 4- <-/-84:
G-/ ,8- 73=399:C8 05I34:
D- F743 60./B 6/0//0<-/=0 @-74- 60/ =- ;:4-. .3=
4F/;:80 :8:
9:-=;3843 73H-=-.0
- )
El proponente deberá elaborar la propuesta por su cuenta y riesgo, de acuerdo con lo solicitado en el pliego de condiciones y
su(s) Adenda (s), si lo (s) hubiere,
770? -778
* +*
* * * / 1
* +
-- * .* )
* 60./B 70=:
9:4-/ 7: 3==0 2,3/3 83937-/:
0 =- -;6=:
-9:
C8 .3 =-
D:
<389:
- .3 =- 6/06,374-
-0 ) ) )
En ningún caso los proponentes podrán ofertar parcialmente alguna de las obras que conforman el proyecto de la presente
Licitación Publica so pena de ser rechazado.
-3 * *
13
8 .323940 .3 =07 ;389: 08-.07 -9,3/.07 3= : 843/37-.0 .353/B -.I ,84-/ - =07 .09,;38407
.3 =- 6/06,374- ,8 93/4:2:
9-.0 3;: 4:
.0 60/ -,40/:
.-. 90;6343843 .3 7, 6-? 7 6-/- 3= 323940
38 3= 9,-= 908743 A,3 =07 8-9:08-=37 90=0;5: -807 <0G-8 .3 =- 060/4,8:.-. .3 6-/4: 9:
6-/ 38
=07 6/093707 .3 9084/-4-9: C8 6L5=: 9- 38 =-7 ;:7;-7 908.:9:
0837 > 908 =07 ;: 7;07 /3A,:7:
407
3E:<:.07 - =07 8-9:
08-=37 .3 7, 6-?7
= 08438:.0 ;? 8:
;0 .3 =- 93/4:2:
9-9:C8 - A,3 73 @-93 -=,7:
C8 3= 6B//-20 -843/:
0/ .353/B
:
8.:9-/ 60/ =0 ;3807 =07 7:
<,:
38437 -7639407)
-+ -?7 .3 0/:<38
5+ ,89: 08-/:0 90;6343843 Q 9: 4-9:C8 .3 =- .: 7607:
9:C8 =3<-= A,3 =0 2-9,=4- 6-/-
3E63.: / =- 93/4:2:
9-9:
C8
9+ 0874-89: - -93/9- .3= 4/-40 : <,-=:4-/:
0 - =07 6/060838437 90=0;5: -807 38
;-43/: - .3 -99370 - 9084/-4-9: 0837 374-4-=37
.+ : 7607:9:C8 =3<-= 0 80/;-4:D- A,3 73H-=3 4-= 4/-4-;:3840 :
<,-=:4-/:0
3+ 0;5/3 =3<: 5=3 9-/<0 > 2:
/;- .3= 2,89:08-/:
0 A,3 3E6: .3 =- 93/4:
2:
9-9:
C8
-4 2 ) ) * ) ) +* ) * *
)
En este sobre el proponente deberá incluir los documentos de verificación que se relacionan a continuación de conformidad con
la ley 80/93, la Ley 1150 de 2007 y Decreto 2474 de 2008.
-4- ('( ! A(
$ # (
! & $#! ( @# B!"
> !$& $ #!$ % C ( !$> #! % !" $ #
$! " (
D (# D (> "$ D (D $ %#( # $ D & !" $ #$ ( $ E%
14
O 8- D: <389: - .3 =- 2:
/;- 60/ 3= 4F/;: 80 .3 .,/-9: C8 .3= 9084/-40 ;B7 .07 * + -H07
O - 7,2:9:389: - .3 =- 9-6-9: .-. .3= /36/37384-843 =3<-= 6-/- =- 6/37384-9: C8 .3 =-
6/06,374- > 6-/- =- 7,79/: 69:C8 .3= 9084/-40 02/39: .0 ,-8.0 3= /36/37384-843 =3<-=
438<- =: ;:4-9:0837 374-4,4-/: -7 73 .353/B 6/37384-/ -.: 9:08-=;3843 906: - .3= -94-
38 =- A,3 908743 =- .39: 7:
C8 .3= C/<-80 709: -= 90//37608.:3843 A,3 -,40/: 93 -=
/36/37384-843 =3<-= 6-/- =- 6/37384-9: C8 .3 =- 6/06,374- =- 7,79/: 69:C8 .3= 9084/-40
> 6-/- -94,-/ 38 =07 .3;B7 -9407 /3A,3/: .07 6-/- =- 9084/-4-9: C8 38 3= 9-70 .3
/37,=4-/ -.I,.:9-4-/: 0
O ,3 3= 05I 340 709: -= >S0 -94: D:
.-. ;3/9-84: = 6/:89:6-= .3 =- 709:3.-. >S 0
374-5=39: ;: 38407 .3 90;3/9: 0 73 389,384/- .: /394-;3843 /3=-9: 08-.0 908 3= 05I340
.3= 9084/-40 .3 ;-83/- A,3 =3 63/;: 4- - =- 63/708- =- 93=35/-9: C8 > 3I39,9:C8 .3=
9084/-40 438: 38.0 38 9,384- 6-/- 37407 3239407 3= -=9-893 > =- 8-4,/-=3G- .3 =-7
.:23/38437 05=: <-9:0837 A,3 -.A,: 3/3 7-=D0 9,-8.0 73 4/-43 .3 63/708-7 8-4,/-=37
80 :879/:4-7 90;0 90;3/9: -8437 38 =- 9B;-/- .3 90;3/9: 0
- 9/3.:4-/ 7, 3E: 74389:- > /36/37384-9: C8 =3<-= 7-=D0 A,3 .: 9@- 3E: 74389:
- >
/36/37384-9: C8 73 .3/: D38 .3 =- 0874:4,9:C8 0 =- =3> -/- 3= 323940 .353/B8
;389: 08-/73 =07 .09,;38407 > -9407 -.;: 8:
74/-4:D07 A,3 90820/;3 - =- 3> 73-8
3E63.: .07 38 9-.- 9-70 60/ =- -,40/: .-. 90;6343843 908 =-7 20/;-=: .-.37 > /3A,: 7:
407
3E:<:.07 60/ =- =3> 6-/- 7, 32:9-9:- > 0608: 5:=:
.-. -843 43/93/07 8 40.0 9-70 .353/B
;389: 08-/73 3= .09,;3840 ;3.: -843 3= 9,-= 73 .: 0 =- -,40/:
G-9:C8 6-/- =- 7,79/:
69:C8
.3= 9084/-40 : ;6-/4: .- 60/ 3= C/<-80 90;6343843 7: 8 63/I,:
9:0 .3 =0 9,-= 73/B
/376087-5: =:
.-. .3 =- 63/708- I ,/?
.:9- 90//37608.: 3843 -73<,/-/73 .3 @-53/ 9,;6=: .0
908 40.07 =07 /3A,: 7:
407 6/37,6,374-=37 > -.;: 8:74/-4:D07 83937-/:
07 6-/- 05=:
<-/73 > 6-/-
60.3/ 3I 39,4-/ -.39,-.- > 060/4,8-;3843 =-7 05=: <-9:0837 A,3 9084/-3 ;3.: -843 =-
6/37384-9: C8 .3 =- 6/06,374-
5 9/3.:
4-/ A,3 3= 3843 6L5=:
90 023/4-843 4:
383 9-6-9:
.-. =3<-= 6-/- =- 93=35/-9:
C8 >
3I
39,9:C8 .3= 9084/-40
9 9/3.:4-/ =- 7,2:
9:389:- .3 =- 9-6-9: .-. =3<-= .3= /36/37384-843 =3<-= 6-/- =-
6/37384-9:C8 .3 =- 6/06,374- > 6-/- =- 7,79/:
69:
C8 .3= 9084/-40 438:38.0 38 9,384-
6-/- 37407 3239407 3= -=9-893 > =- 8-4,/-=3G- .3 =-7 .: 23/38437 05=:
<-9:0837 A,3
-.A,:3/3
! V ! (
%
= 60.3/ 040/<-.0 .353 374-/ 6/3D:
-;3843
-,4384:
9-.0 60/ 804-/:
0 6L5=:
90 > 73 384/3<-/- 38 0/:
<:8-=
-44 D& D(
$ !# ( %& (
@# 73<L8 83E0 0 $
8 4-= 9-70 73 438./B 90;0 6/06083843 6-/- 40.07 =07 3239407 3= </,60 90820/;-.0 60/ =-
6=,/-=:.-. .3 63/708-7 > 80 =-7 63/708-7 A,3 =0 90820/;-8 :
8.:
D:.,-=;3843 9087:.3/-.-7
0./B8 6-/4:9:
6-/ 90870/9:
07 > ,8:
0837 43;60/-=37 6-/- =0 9,-= 73 .353/B8 9,;6=:
/ =07
7:
<,:
38437 /3A,:7:
407)
• 9/3.:
4-/ ,8 4F/;:80 ;?
8:;0 .3 .,/-9: C8 .3= 90870/9:
0 0 .3 =- ,8:
C8 43;60/-= .3
;?8:
;0 .07 * + -H07 9084-.07 - 6-/4:
/ .3 =- 43/;:
8-9:
C8 .3 =- D:
<389:
- .3= 9084/-40
16
• 9/3.:4-/ =- 3E:
74389:
- /36/37384-9: C8 =3<-= 9-6-9: .-. =3<-= > I ,/?
.:9- .3 =-7
63/708-7 8-4,/-=37 0 I,/?
.:9-7 90870/9:-.-7 0 -709: -.-7 38 ,8:C8 43;60/-= > =-
9-6-9: .-. .3 7,7 /36/37384-8437 6-/- =- 90874: 4,9:C8 .3= 90870/9: 0 0 ,8:
C8
43;60/-= -7?90;0 .3 =- 6/06,374- 6-/- =- 6/37384-9: C8 93=35/-9: C8 > 3I
39,9:
C8
.3= 9084/-40 740 6-/- 7:
<8:2:
9-/ A,3 40.07 =07 ;:
3;5/07 A,3 90820/;-8 3= 0870/9: 0
0 =- 8: C8 3;60/-= .3538 .37-//0==-/ ,8- -94: D:.-. :8.,74/:
-= 0 90;3/9: -=
.:/394-;3843 /3=-9:08-.- 908 3= 05I
340 .3= 6/09370
• - .37:<8-9:
C8 .3 ,8 /36/37384-843 A,3 .353/B 374-/ 2-9,=4-.0 6-/- -94,-/ 38
80;5/3 > /36/37384-9:C8 .3= 0870/9: 0 0 8: C8 3;60/-= <,-=;3843 .353/B
.37:
<8-/ ,8 7,6=3843 A,3 =0 /33;6=-93 38 =07 9-707 .3 -,7389: - 43;60/-= 0
.32:
8:4:
D-
• 07 /3A,:7:
407 /3=-9:08-.07 908 =- 3E:74389:- /36/37384-9: C8 =3<-= > .,/-9: C8 .3 =07
90870/9:07 0 ,8: 0837 43;60/-=37 .353/B8 -9/3.: 4-/73 ;3.:-843 =- 6/37384-9: C8 .3=
.09,;3840 90870/9: -= 0 .3 90874:
4,9:C8 .3 =- ,8:C8 43;60/-= 38 3= A,3 73 9087:<838
=07 -9,3/.07 > =- :
820/;-9: C8 /3A,3/:.- A,3 .353/B 4383/ 6/37384-9: C8 63/708-= 60/
9-.- ,80 .3 =07 ;: 3;5/07 .3= 90870/9:0 0 ,8:C8 43;60/-=
• 07 /3A,:7:
407 /3=-9:
08-.07 908 =- 3E: 74389:- /36/37384-9:C8 > 9-6-9:.-. I,/?.:
9- .3
9-.- ,80 .3 =07 : 843</-8437 .3= 90870/9:0 0 ,8:
C8 43;60/-= /3763940 .3 =-7 63/708-7
I
,/?
.: 9-7 0 8-4,/-=37 A,3 73 -709: 38 38 90870/9: 0 0 38 ,8: C8 43;60/-= 6-/- =-
6/37384-9: C8 .3 =- 6/06,374- .353/B8 -9/3.: 4-/73 90820/;3 73 :8.: 9- 38 =07
8,;3/-=37 /376394: D07 .3= 6/373843 =:3<0 .3 08.: 9:0837
• -.- ,80 .3 =07 : 843</-8437 .3= 90870/9: 0 0 ,8:C8 43;60/-= .353/B 2-9,=4-/
3E6/37-;3843 -= .37: <8-.0 90;0 /36/37384-843 6-/- A,3 -94L3 38 7, 80;5/3 38
=- 6/37384-9:C8 .3 =- 6/06,374- =- 2: /;- .3= 9084/-40 > 40.-7 =-7 -94: D:
.-.37
.3/:
D-.-7 .3 =- 3I 39,9: C8 9084/-94,-= -7?90;0 4-;5: F8 .353/B 4383/ 2-9,=4-.
3E6/37- 6-/- /36/37384-/=07 I
,.:
9:-= > 3E4/-I
,.:
9:-=;3843 *D3/ -83E07 $U 0 $ 73<L8 3=
9-70+
• 8 40.07 =07 9-707 .3 6/06,374-7 6/37384-.-7 60/ .07 0 ;B7 63/708-7 8-4,/-=37 >S0
I,/?
.:9-7 38 =-7 A,3 80 73 3E6/373 .3 ;-83/- 9=-/- > 3E6=? 9:4- =- 9=-73 .3 -709: -9: C8
A,3 73 90874: 4,>3 *90870/9:
0 0 ,8:C8 43;60/-=+ 73 6/37,;: /B > 73 -7,;: /B =- :
84389: C8
.3 9089,//: / -= 6/09370 .3 73=399:C8 38 90870/9: 0 908 =07 3239407 > 908739,389: -7
A,3 .: 9@- 20/;- .3 -709: -9: C8 908==3D3 6-/- =07 6/060838437 .3 -9,3/.0 908 =0
6/3D: 740 38 3= -/4?9,=0 .3 =- =3> .3 $##& 8 9,-=A,: 3/ 9-70 73 D3/: 2:
9-/B A,3 40.07
=07 ;: 3;5/07 .3= 0870/9: 0 0 =- 8:C8 3;60/-= .37-//0==38 =- -94: D:.-. : 8.,74/:
-= 0
90;3/9: -= .:/394-;3843 /3=-9: 08-.- 908 3= 05I340 .3= 6/09370
93/4:
2:
9-.0 3E63.:.0 60/ =- 084/-=0/? - 383/-= .3 =- 36L5=:
9- .08.3 908743 A,3 80
-6-/393 /360/4-.0 38 3= 50=34?
8 .3 /376087-5=37 2:
79-=37
-4: * * ) > ) +
) ; * )
3 90820/;:
.-. 908 3= 39/340 U& .3 M -.:
9:08-.0 60/ 3= 39/340 0 $ $ .3 U 73
374-5=393 A,3 - 6-/4: / .3 $W .3 383/0 .3 U =- /380D-9:C8 .3 7, :
879/:
69:
C8 .353/B
32394,-/73 .384/0 .3 =07 4/37 6/:
;3/07 ;3737 .3 9-.- -H0 8 3= 3D3840 A,3 374- 80 73-
/3-=:G-.- 937-/B8 =07 3239407 .3 =- :
879/:
69:
C8
= 6/06083843 > 40.07 =07 ;: 3;5/07 .3= 90870/9: 0 0 ,8:C8 43;60/-= A,3 D->-8 - 6/0D33/ =07
5:3837 05I 340 .3= 6/373843 6/09370 .3 73=399: C8 4/B4373 .3 63/708-7 8-4,/-=37 >S0 I ,/?
.:9-7
8-9: 08-=37 .353/B *8+ 374-/ /3<:
74/-.0 *7+ 38 =- *7+ -94:D:
.-. *37+ 37639: -=:
.-. *37+ > </,60 *7+
3E:<:.0 *7+ 8 9,;6=: ;:3840 .3 =0 .:76,3740 38 3= : 89:70 2:
8-= .3= /4?9,=0 .3= 39/340 MU .3
$## 74- :820/;-9:C8 .353 9087: <8-/73 60/ 3= 6/06083843 38 =- -/43 .3= V 0 $$
J 9/3.: 4-9:C8 .3 =- 9-6-9: .-. 3908C;: 9- > 6-4/: ;08: -= .3= 6/06083843
07 023/38437 .353/B8 374-/ /3<: 74/-.07 38 =- *7+ -94: D:
.-.*37+ 37639: -=:
.-.*37+ > </,60*7+
3E:<:.0*7+ -7?)
(
J( ! $ 0874/,940/
$& (
!"(! .:
2:
9-9:
0837 > 5/-7 .3 /5-8:
7;0
%& $ $ .:2:
9-9:0837 7389:
==-7 ;->0/37 .3 M ; > .3 -=4,/-7
;380/37 .3 $M ;47
-48 . * ) * ** )
-4 7 * 2 * * )
07 6/060838437 :
8.:9-/B8 7:7, 6-/4:
9:6-9:
C8 37 - 4?
4,=0 .3 90870/9:
0 0 ,8:
C8 43;60/-= .3
-9,3/.0 - =07 V 73<L8 90//37608.-
18
-4 * * * )*) ) , ** * <
-4 - * * * ) ) , ** * )
* * ) * ) ) . * * )
= =
-4 0 ? ) * ) )
-4 0 # " !$ * ' # $ ! ( #!" $ 07 023/38437 8-9: 08-=37 .353/B8 6/37384-/
.3 7,7 74-.07 :8-89: 3/07 3= -=-893 383/-= 3= 74-.0 .3 37,=4-.07 > =-7 804-7 - =07
374-.07 2:
8-89:
3/07 *7,79/:
407 60/ 36/37384-843 3<-= 084-.0/ L5=: 90+ 908 90/43 - &$
.3 .: 3;5/3 .3= -77: .35:
9: .-;3843 -6/05-.07 60/ 3= C/<-80 90;6343843
) 0//:
38437 80 90//:
38437 > 404-=
) 0//:38437 80 90//:
38437 > 404-=
3= 38 =-7 9,384-7 A,3 =0 90820/;-8
3:
<,-= ;-83/- 73 /3A,:
3/3 73 -==3<,3)
$ - 93/4:2:
9-9: C8 - =07 74-.07 : 8-89:3/07 .35: .-;3843 7,79/: 4- 60/ 3= 36/37384-843
3<-= > 3= 084-.0/ L5=: 90 5-I 0 9,>- /376087-5: =:
.-. 73 @,5: 3738 6/36-/-.0 =07
;: 7;07 * /4 & 3> .3 $##M+
= : 94-;38 - =07 74-.07 : 8-89: 3/07 .35: .-;3843 7,79/: 40 60/ 3= 3D: 70/ :79-= C 3=
084-.0/ L5=: 90 8.3638.: 3843 A,3 =07 @,5: 3/3 3E-;: 8-.0 .3 90820/;: .-. 908 =-7
80/;-7 .3 -,.: 40/:- <383/-=;3843 -9364-.-7 7407 374-.07 * -=-893 383/-= >
74-.0 .3 37,=4-.07+ .3538 73/ 7,79/: 407 60/ .: 9@0 6/0237: 08-= -843608: 38.0 =-
3E6/37:C8 JD3/ 06:8:C8 -.I,84-K , 04/- 7:;:=-/ * /4 & 3> .3 $##M+
& 06:- .3 =- 4-/I34- 6/0237:08-= > .3 =- 93/4: 2:9-9: C8 .3 D: <389: - .3 : 879/:69:C8 > .3
-84393.38437 .: 79:6=:
8-/:
07 3E63.: .- 60/ =- %,84- 384/-= .3 084-.0/37 .3=
084-.0/ A,3 6/36-/C > 3=-50/C =07 74-.07 : 8-89: 3/07 > .3= /3D:70/ 2:
79-= C 9084-.0/
6L5=:90 : 8.3638.: 3843 A,3 =07 @,5: 3/3 -,.: 4-.0 - 93/4: 2:
9-9: C8 .353 389084/-/73
D:<3843 - =- 239@- .3 6/37384-9: C8 .3 =- 023/4-
04-7 - =07 74-.07 : 8-89: 3/07) 07 374-.07 2: 8-89: 3/07 374-/B8 -90;6-H-.07 .3 7,7
804-7 908 =-7 9,-=37 90820/;-8 ,8 40.0 : 8.: D:7:5=3 * &U 3> .3 $##M+
19
M -7 63/708-7 8-4,/-=37 I
,/?.:9-7 709:
3.-. ,8:63/708-= > 9-.- ,80 .3 =07 :843</-8437
.3 90870/9:0 >S0 ,8: 0837 43;60/-=37 .353/B8 6/37384-/ 3= /3<:
74/0 L8:
90 4/:
5,4-/:
0 Q
U * "
!! (
@# #! "!K B !J! " -779
) 0//:
38437 80 90//:
38437 > 404-=
) 0//:38437 80 90//:
38437 > 404-=
3= 38 =-7 9,384-7 A,3 =0 90820/;-8
3 :<,-= ;-83/- 73 /3A,: 3/3 73 -==3<,3 3= .: 94-;38 - =07 74-.07 :8-89: 3/07
.35:.-;3843 7,79/:
40 60/ 3= 3D:70/ :
79-= .3= 6/06083843 C 60/ ,8- ,.:40/:
- E43/8- .3=
6-?
7 .3 0/:
<38
- 9=-7:
2:
9-9:
C8 .3 9,384-7 -7? 90;0 =- 908D3/7: C8 .3 =07 74-.07 : 8-89:3/07 - =-
;083.- 2,89: 08-= 0=0;5:-8- .3538 73/ -D-=-.-7 38 .09,;3840 : 8.3638.: 3843
.35:.-;3843 7,79/:40 60/ ,8 084-.0/ L5=:90 0=0;5: -80 > 3= 36/37384-843 3<-= C
60.3/-.0 .3= 23/3843 38 0=0;5: -
= 9084-.0/ 6L5=:
90 90=0;5: -80 A,3 -D-=- =- 9=-7:
2:
9-9:
C8 .3 9,384-7 > =- 908D3/7:
C8 .3
=07 74-.07 : 8-89:3/07 - =- ;083.- 2,89: 08-= 0=0;5: -8- .353 -==3<-/ 906: - .3 =-
20
4-/I
34- 6/0237:08-= > .3 =- 93/4:2:
9-9:C8 .3 D:<389:- .3 : 879/:
69:
C8 > .3 -84393.38437
.:79:6=:
8-/:
07 3E63.: .- 60/ =- %,84- 384/-= .3 084-.0/37 93/4: 2:
9-9:
C8 =- 9,-= .353
389084/-/73 D:<3843 - =- 239@- .3 6/37384-9:
C8 .3 =- 023/4-
,-8.0 =- 02: 9:
8- : 8-89: 3/- 38 .37-//0==0 .3 =- D3/: 2:
9-9:C8 2:8-89: 3/- /3A,: 3/-
.09,;38407 -.: 9:08-=37 .3= 6/06083843 60./B 70=: 9:4-/ =07 A,3 9087:.3/3 83937-/: 07
6-/- 3= 379=-/39: ;:3840 .3 =- : 820/;-9: C8 4-=37 90;0 374-.07 2: 8-89: 3/07 .3 90/437
-843/:0/37 -83E07 37639? 2:907 0 9,-=A,: 3/ 04/0 7060/43 /3A,3/: .0 7?;: 7;0 /3A,3/: / =-7
-9=-/-9:0837 A,3 9087: .3/3 83937-/: -7 7:
3;6/3 A,3 908 3==0 80 73 D: 0=38 =07 6/:
89: 6:
07 .3
:
<,-=.-. > 4/-876-/389: - .3 =- 9084/-4-9: C8 7:8 A,3 =-7 -9=-/-9: 0837 0 .09,;38407 A,3
3= 6/06083843 -==3<,3 - 70=: 9:4,. .3 =- 02: 9:8- D3/:2:9-.0/- 6,3.-8 ;0.: 2:
9-/ >S0
-.:9:08-/ =- 6/06,374-
-7 .: 7607:
9:0837 .3 37407 6=:
3<07 .3 908.: 9:0837 38 9,-840 - 6/060838437 3E4/-8I 3/07 73
/32:
3/3 /3<: /B8 7:
8 63/I,:9:0 .3 =0 6-94-.0 38 4/-4-.07 0 908D38: 07 :843/8-9:08-=37
,-8.0 3= 6/06083843 3E4/-8I 3/0 7:8 .0;: 9:
=:
0 0 7,9,/7-= 38 0=0;5: - 6/0D38<- .3 ,8
6-? 7 A,3 @-93 6-/43 .3 =- J 08D389: C8 705/3 =- -50=: 9:
C8 .3 /3A,:7:
407 .3 =3<-=:
G-9:C8
6-/- .09,;38407 6L5=: 907 3E4/-8I 3/07K 80 73 /3A,: 3/3 .3 =- 9087,=-/:
G-9:C8 - A,3 73
/32:
3/3 38 3= 6B//-20 -843/: 0/ 7: 80 A,3 73/B 7,2:9:3843 A,3 =07 .09,;38407 73 -.: 9:0838
908 3= 93/4:2:9-.0 .3 J-6074: ==-K 60/ 6-/43 .3 =- -,40/:
.-. 90;6343843 .3= 6-? 7 .08.3 73
0/:<:8- 3= .09,;3840
* * ) )*
% 32394,-/B =- D3/:
2:
9-9:
C8 > -8B=:
7:7 .3 =07 74-.07 :
8-89:
3/07 .3=
63/?
0.0 70=:
9:4-.0 -7?
)
-4 3 * L
21
X 94:D0 0//:
3843 Q -7:D0 0//:3843 Y M D3937 3= D-=0/ .3= 6/37,6,3740 02:
9:-= .3 =-
:
9:4-9:
C8 ,5=:
9- 6-/- =-7 63/708-7 8-4,/-=37 I
,/?
.:9-7 > 709:
3.-.37 ,8:
63/708-=37
L -6:4-= .3 /-5-I0
L -7:
D0 0//: 3843
L 94:D0 0//:3843
) ) ) +M ) )
= 9-6:4-= .3 4/-5-I
0 73/B 3= /37,=4-.0 .3 =- 7,;-40/:
- .3= .3 9-.- ,80
.3 =07 :843</-8437 /374-.0 .3 =- 7,;-40/: - .3= .3 9-.- ,80 .3 =07
:
843</-8437 > F743 .353/B 73/ Z $ D3G 3= D-=0/ .3= 6/37,6,3740 02:
9:-= -7:
<8-.0
= -6:
4-= 73/B) Z $ D3G 3= D-=0/ .3= 6/37,6,3740 02:
9:-=
LN N
L 94:
D0 0//:
3843 Q -7:
D0 3843 Y $ D3G 3= D-=0/ .3= 6/37,6,3740 02:
0//: 9:-=
L 94:D0 90//:3843
L -7:
D0 90//:3843
L -6: 4-= .3 4/-5-I
0
-4 3 * *
743 :
8.:9-.0/ ;: .3 3= </-.0 .3 2:
8-89:
-9:
C8 .3 =- 3;6/37- 908 6-7:
D07 3E43/807 > 3= 8:
D3=
.3 /:37<0 .3 =- 90;6-H? -
8.3,.-;:
3840 04-= X V$ [ -= N
) )> * ) +) * * ) ) )
= 38.3,.-;:
3840 73/B .3 [ -= N
) ) +M ) )
8.3,.-;:
3840 04-= X \
OOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOV $ [ -= N
\
-4 3-
22
) ) )> O* ) +) * * ) ) )
X] E M^
08.3)
X -6-9:
.-. 6-4/:
;08:
-= /3A,3/:
.-
X -=0/ 404-= .3= 6/37,6,3740 .3 =- =:
9:4-9:
C8
3 7, -=-893)
X Q
- 2:
/;- .353 -9/3.:
4-/ ,8 Z- * -6-9:
.-. -4/:
;08:
-= 3A,3/:
.-+
) ) +M ) )
X] E M^
08.3)
X -6-9:
.-. 6-4/:
;08:
-= /3A,3/:
.-
X -=0/ 404-= .3= 6/37,6,3740 .3 =- :
9:4-9:
C8
L5=:
9-
3 7,7 -=-8937)
X\ Q\
,-8.0 =- 384: .-. 6/06083843 73- ,8 <05: 3/80 3E4/-8I 3/0 0 -=<,8- 384: .-. 374-4-=
3E4/-8I3/- .3= 0/.38 8-9: 08-= 80 /3A,3/: /B -9/3.:4-/ =- 9-6-9:.-. 6-4/: ;08: -= - A,3 73
/32:
3/3 3= 83E0 0 $$ O
7:
3;6/3 > 9,-8.0 73 -83E3 ,8- 9-/4- .3 90;6/0;: 70 :
//3D09-5=3 3
:8908.: 9:
08-= 3;: 4:
.- 60/ 3= 2,89: 08-/:
0 90;6343843 .3= 6-? 7 .3 0/:<38 38 =- 9,-= 908743
A,3 7, <05: 3/80 -7,;3 70=: .-/:-;3843 =-7 05=: <-9: 0837 3908C;: 9-7 .3/: D-.-7 .3=
9084/-40 .09,;3840 A,3 .353/B 73/ -60/4-.0 908 3= 9,;6=: ;: 3840 .3 =-7 20/;-=:.-.37
6/3D:74-7 38 =- 3> 90=0;5: -8- 6-/- =- 0608: 5:=:
.-. 38 0=0;5: - .3 .09,;38407
3E63.: .07 38 3= 3E4/-8I3/0 438: 38.0 38 9,384- =0 .: 76,3740 38 =07 -/4?
9,=07 M# > U .3=
C.:<0 .3 /093.: ;: 3840 : D:
= > .3;B7 80/;-7 D:<38437
23
-4 30 ) ) )
07 :8</3707 063/-9:
08-=37 6-/- =- 023/4- 73 .343/;:8-/-8 908 3= 5-=-893 > 374-.0 .3
/37,=4-.07 - .:
9:3;5/3 &$ .3 A,3 6-/- 374- 73=399:
C8 73/B =- 7:
<,:
3843)
P _
-4 4 * ** )*
0 -843/:
0/ 053.393 - A,3 ,8- 384/3<- =3<-=;3843 /39:
5:.- > -9364-.- 90874:4,>3 ,8-
9,384- 60/ 905/-/ .3= 9084/-4:
74- -,;384B8.073 3= 6-4/:;08: 0 > 60/ 9087:
<,: 3843 =-
9-6-9: .-. .3 9084/-4-9:
C8
- 9-6-9: .-. .3 9084/-4-9: C8 /37: .,-= .353/B 374-/ 3E6/37-.- 38 7-=-/: 07 ;? 8: ;07
;387,-=37 =3<-=37 D:
<38437 > 6-/- 3= 6/373843 6/09370 .353/B 73/ :
<,-= 0 ;->0/ -= D-=0/ 404-=
.3= 6/37,6,3740 -/- 3= 323940 73 .: =:
<389:-/B 3= 83E0 0 $$
) ) )
-4 6 * * + ) )
= 6/06083843 .353/B .:
=:
<389:
-/ 3= -83E0 0 $& J 9/3.:
4-9:
C8 .3= ,;6=:
;:3840 .3
084/-407 843/:
0/37K
-/- 3= -8B=:
7:7 .3 9,;6=:
;:3840 .3 9084/-407 -843/:
0/37 73 438./B8 38 9,384- =07 7:
<,:
38437
-7639407)
%
0 /3<:74/- ;,=4- >S0 7-89:C8 6,8407
= D-=0/ .3 =- ;,=4- M $!# ( @# 37 @-74- 3= $N .3= D-=0/ 404-= .3=
OM 6,8407
9084/-40 05I 340 .3 =- ;,=4-
= D-=0/ .3 =- ;,=4- M $!# ( @# $ $ " 7 Q I!$! "0Q>
OU 6,8407
.3= D-=0/ 404-= .3= 9084/-40 05I
340 .3 =- ;,=4-
= D-=0/ .3 =- ;,=4- M $!# ( @# $ $ "0 7 Q I!$! "4Q >
O 6,8407
.3= D-=0/ 404-= .3= 9084/-40 05I
340 .3 =- ;,=4-
%
0 /3<:74/- 6/09370 -.;: 8:74/-4:
D0 6,8407
= D-=0/ .3= 7:
8:374/0 05I
340 .3= 6/09370 -.;: 8:74/-4:
D0 37 @-74- 3=
O$ 6,8407
$N .3= D-=0/ 404-= .3= 9084/-40 05I 340 .3= 6/373843 6/09370
= D-=0/ .3= 7:
8:374/0 05I
340 .3= 6/09370 -.;: 8: D0 $ $
74/-4:
O 6,8407
" 7 Q I!$! "0Q .3= D-=0/ 404-= .3= 9084/-40 05I 340 .3=
25
6/373843 6/09370
= D-=0/ .3= 7:
8:374/0 05I
340 .3= 6/09370 -.;:
8:74/-4:
D0 37 .37.3
0 7 Q I!$! "4Q .3= D-=0/ 404-= .3= 9084/-40 05I 340 .3= O& 6,8407
6/373843 6/09370
-/- 3= 9-70 .3 0870/9: 07 > 8: 0837 3;60/-=37 73 7,;-/B 3= 6,84-I3 /360/4-.0 60/
9-.- ,80 .3 =07 :843</-8437 6/060/9: 08-= - =- 6-/4:
9:6-9:
C8 .384/0 .3= ;:7;0 > 73
9-=:
2:
9-/B .3 -9,3/.0 908 =07 6B//-207 -843/:
0/37
-4 6 ! ! D& D(
$ $ "& $ #!"& ' $( #!" ' ( /=! (
"(! # =! (
"(!1
- 4 9 A& ( # ( ! " # A 9
= -83E0 0 .353 73/ .:=:
<389:-.0 6-/- 9-.- ,80 .3 =07 : 843</-8437 .3= 90870/9:0 0
,8: C8 43;60/-= 6-/- 374-5=393/ 7, 3E63/: 389:-: 8.:
D:.,-= :
8.:9-8.0 9,-= 73/B 3= 9084/-40
- -9/3.: 4-/ 90;0 3E63/: 389: - <383/-= .3= 6/06083843 ! & $ #! E% ! ( (I
# ! /&! ! ! (! " ! A& ( # ( ! " & & # # 1> # E%( ! ( ( #!
#% J!D # " ! A& ( # ( !( # (J( %!"
= .353/B /3=-9: 08-/ 38 =- 3E63/:
389:- 38 9084/-407 .3 90874/,99:C8
3I 39,4-.07 -7?)
A& ( # (
! B # !" "& & # #
A& ( # (
! $& (
'( ! "& & # #
0 $Q
8 S 73 9-=9,=-/B ;,=4:6=:
9-8.0 3= D-=0/ .3=
9084/-40 -9/3.:
4-.0 60/ 3= 60/9384-I
3 .3 6-/4:
9:6-9:
C8 .3 =07 :
843</-8437
- 3E63/: 389:- <383/-= 3 : 8.:D:.,-= .353/B -9/3.: 4-/73 - 4/-DF7 .3 =07 .07
.09,;38407 A,3 73 70=: 9:
4-8 - 9084: 8,-9:C8 =- 2-=4- .3 ,80 .3 37407 73/B
7,57-8-5=3 @-74- =- 239@- A,3 .343/;: 83 =- -.;: 8:74/-9: C8 7:3;6/3 > 9,-8.0 =-
05/- 93/4:
2:9-.- 73- =- ;:
7;- /3=-9:08-.- 38 3= -83E0 .: 76,3740 6-/- 3= 323940)
! "
(E%( ! (
@# 906: - =3<:5=3 .35:.-;3843 2: /;-.- 60/ =07 :
843/D:
8:38437
.08.3 73 /3=-9:
08-8 =-7 9-/-943/?
74:
9-7 .3= 9084/-40 > 7, D-=0/
27
!$ &(
!$ "$ %D # $& $ # ! !$ #$ D &" !D # " B( " $
-4 : #$!# (
! (
$(! ! /=! (
"(! # I! (
"(!1
* )2 * ) * )
07 D-=0/37 9087: <8-.07 38 3= 83E0 $& .3538 90//37608.3/ - =07 .3= 9,-./0 .3
9-84: .-.37 .3 =- 6/06,374- 3908C;: 9- .3= 83E0 0 $ 8 9-70 .3 6/37384-/73
.:23/389:-7 384/3 37407 .07 .09,;38407 =- -.;:8:
74/-9:C8 6-/- 40.07 =07 3239407 438./B
38 9,384- =07 D-=0/37 374-5=39:
.07 38 3= 83E0 0 $ 6/37384-.0 38 3= ;3.: 0 379/:
40
- 4 -- *
= 6=-G0 ;BE:
;0 .3 3I 39,9:C8 .353 90:89:
.:/ 908 3= 90843;6=-.0 38 3= 9,-./0 0 .3=
8,;3/-= $ $ > .3 90820/;:
.-. 908 3= 8,;3/-= $ .3= 6=:3<0 .3 908.:
9:0837
7?;:7;0 3= :
89,;6=: ;:3840 .3 =07 6=-G07 > -94:D:
.-.37 .34-==-.07 38 =- 6/0</-;-9: C8 .3
05/- -9-//3-/B =-7 7-89: 0837 60/ :
89,;6=: ;:3840 .3 90820/;: .-. 908 =0 374-5=39:.0 38 3=
6/373843 6=:3<0 .3 908.: 9:
0837 38 =0 /323/3843 - ;,=4-7 > 7-89:0837 38 9,;6=: ;:3840 .3=
-/4?9,=0 $ .3 =- =3> $$M .3 0=0 73 -9364-/B =- /36/0</-;-9: C8 7:
3;6/3 > 9,-8.0
=07 @39@07 A,3 0/: <:8-8 3= /34/-70 80 73-8 : ;6,4-5=37 -= 9084/-4:74- > 9:/9,879/:
5-8 38
7:4,-9:C8 .3 :
89,;6=: ;:3840 9084/-94,-= 6-/9:-=
- 2:
/;- -.I,.:9-4-/:- 9084-/B 908 ,8 6=-G0 .3 & .?-7 @B5:=37 - 6-/4:/ .3= .?
- 7:
<,:
3843 .3
=- /3,8:C8 .3 6/390874/,99:C8 6-/- 6/37384-/ =- 6/0</-;-9: C8 .34-==-.- *60/ ?43;7 > 908
2=,I
0 .3 208.07 73;-8-= > ;387,-= -9,;,=-.0+ > 3= 6/0</-;- .3 : 8D3/7: 0837 .3 9-.- ,8-
.3 =-7 05/-7 A,3 @-938 6-/43 .3= 6/0>3940 05I 340 .3 =- 6/373843 =:
9:4-9:C8 90;0 /3A,: 7:
40
.3= 6-<0 .3= -84: 9:60 > .353/B :89=,:/ 90;0 ;? 8:;0 =- : 820/;-9: C8 9087: <8-.- 38 3=
8,;3/-= .3= 6/373843 6=:
3<0 .3 908.: 9:
0837
- 4 -0 * *
3=-9: 08-/ =07 53832:
9:07 02/39:
.07 60/ 3= 6/06083843 .3 -9,3/.0 908 =-7 908.:
9:0837 .3
6-/4:9:6-9:C8 > .3 90820/;: .-. 908 3= -/4?
9,=0 $ .3= .39/340 .3
)* * ) ) )
0 * . * ;
En la fecha y hora indicadas, en acto público, se declarará cerrado el presente proceso de selección. Acto seguido se abrirá los
sobres y se procederá a relacionar las ofertas una por una indicando el nombre del proponente, la suscripción de la carta de
presentación y el número de folios.
En dicho acto se suscribirá un acta por parte de los funcionarios designados para ello, en conjunto con los proponentes que
hayan participado.
EL MUNICIPIO DE LEBRIJA no será responsable de la apertura de una propuesta, en el caso de no ser correctamente dirigida,
marcada, entregada o foliada.
29
90/.3 908 =0 374-5=39: .0 38 3= 8,;3/-= M .3= -/4?9,=0 .3= .39/340 $M& .3 $## =-
@0/- 02:9:-= /323/:
.- 6-/- 3= 6/373843 6/09370 73 9084/0=-/B 908 5-73 38 =- @0/- 2:
I-.- 60/
=- 7,63/:
8438.389: - .3 8.,74/:
- > 0;3/9: 0 .3= : 8:
743/:
0 .3 0;3/9: 0 8.,74/:- > ,/:
7;0
J! K
-/- 3239407 .3 3743 8,;3/-= 73 9087:.3/-/B 607:5=3 6/06083843 A,:38 @->- -7:74:
.0 - =-
D:
7:4- .3 05/- > 73 389,384/3 38 9,-=A,: 3/- .3 =-7 7:<,:38437 7:4,-9:
0837) @-53/
6/37384-.0 0573/D-9: 0837 -= 6/0>3940 .3 6=:
3<0 .3 908.: 9:
0837 -9=-/-9: 0837 -= 6=:
3<0
.32:8:
4:D0 > -= /36-/40 .3 /:
37<07 .3 90820/;: .-. 908 3= 6-/B</-20 .3= -/4?9,=0 .3=
39/340 .3
0- *
8 -,.:389:- 6L5=:
9- .3 -.I ,.:9-9: C8 0 .39=-/-40/:
- .37:3/4- .3= 6/373843 6/09370 .3
9084/-4-9:
C8 38 =- 239@- > @0/- 6/0</-;-.-7 73 /3-=:G-/B8 =-7 7:
<,:
38437 -94:
D:.-.37)
• 3 .-/B =394,/- 2:
8-= .3 =-7 023/4-7 A,3 9,;6=-8 908 =- 3D-=,-9:
C8 I
,/?
.:9- 2:
8-89:
3/- >
4F98:9- 05438: .-7 @-74- 3= ;0;3840
• * 6/093.3/B - -5/:
/ =07 705/37 73<L8 3= 8,;3/-= & $
• 3 040/<-/B 608.3/-9:C8 60/ 3= 6/39:0 > 73 @-/B8 =07 .379,38407 - =07 A,3 @->- =,<-/
.3 90820/;:.-. 908 3= 9,;6=:;: 3840 .3 9084/-407 -843/:0/37
0- )*
• ,3 3= 90740 .:
/3940 6/06,3740 80 73- : 0/ -= 84Q > 8:7,63/:
823/: 0/ -= 77Q .3= 90740
.:/3940 .3= /37,6,3740 2: 9:-= .3 =- 73=399: C8 8 9-70 A,3 80 73 9,;6=- 908
374- 908.: 9:
C8 =- 6/06,374- 73/B /39@-G-.-
00 )> * )+
= D-=0/ .3 =- ;3.:
- <30;F4/:
9- 73 9-=9,=-/B -7?
)
32:8:
.- =- ;3.: - <30;F4/:9- .3= 90740 .:/3940 =-7 023/4-7 A,3 73 389,384/38 38 3= /-8<0
.3 # N > $ $N 73/B8 =-7 @-5: =:
4-.-7 6-/- =- 608.3/-9: C8 .3 6/39:07 8 3= 9-70 A,3
8:
8<,8- 6/06,374- 73 389,384/3 38 3743 /-8<0 73 -;6=: -/B 38 ,8 6,840 *@-9:- -//:5- >
@-9:- -5-I 0+ 3= 60/9384-I3 .3 9=-7:2:
9-9: C8 7,937:D-;3843 @-74- =0</-/ =- 9=-7:2:
9-9: C8
.3 ,80 0 ;B7 023/38437 7:
8 7,63/-/ 3= 90740 .:
/3940 02:9:-='-7?
)
!#B 8:Q 7 Q
!#B - 89Q 7-Q
!#B 0 86Q 70Q
!#B 3 84Q 73Q
-7 023/4-7 @-5:
=:
4-.-7 38 3743 /-8<0 73 =37 -7:
<8-/B 3= 6,84-I
3 .3 =- 7:
<,:
3843 20/;-)
- 9-=:
2:
9-9:C8 .3 6/39:07 73 32394,-/B L8: 9-;3843 /3763940 .3 -A,3==-7 023/4-7 A,3 73
389,384/38 @-5:=:
4-.-7 .384/0 .3= /376394:
D0 /-8<0
=- 023/4- 3=3<:
5=3 A,3 6/373843 3= ;380/ D-=0/ .384/0 .3= /-8<0 374-5=39:
.0 60/ =-
;3.: - <30;F4/: 9- 73 =3 -7: <8-/B 3= ;->0/ 6,84-I 3 37 .39:/ M 6,8407 6-/- =-
D-=0/-9:
C8 .3 =-7 .3;B7 023/4-7 73 -6=:
9-/B =- 7:
<,:
3843 2C/;,=-)
31
L ???????????????????????????????????????? R -47
S/ 1 R3
= D-=0/ .3 =- ;3.:
- <30;F4/:
9- 73 9-=9,=-/B -7?
)
32:
8:.- =- ;3.: - <30;F4/:9- .3= 90740 : 8.:/3940 =-7 023/4-7 A,3 73 389,384/38 38 3=
/-8<0 .3 # N > $ $N 73/B8 =-7 @-5:=:
4-.-7 6-/- =- 608.3/-9: C8 .3 6/39:07 8 3= 9-70 A,3
8:8<,8- 6/06,374- 73 389,384/3 38 3743 /-8<0 73 -;6=: -/B 38 ,8 6,840 *@-9: - -//:
5- >
@-9: - -5-I0+ 3= 60/9384-I3 .3 9=-7:2:
9-9: C8 7,937:D-;3843 @-74- =0</-/ =- 9=-7:2:
9-9:C8
.3 ,80 0 ;B7 023/38437 7:
8 7,63/-/ 3= 90740 :
8.:/3940 02:
9:-='-7?
)
!#B 8:Q 7 Q
!#B - 89Q 7-Q
!#B 0 86Q 70Q
!#B 3 84Q 73Q
-7 023/4-7 @-5:
=:
4-.-7 38 3743 /-8<0 73 =37 -7:
<8-/B 3= 6,84-I
3 .3 =- 7:
<,:
3843 20/;-)
- 9-=:
2:
9-9:C8 .3 6/39:07 73 32394,-/B L8: 9-;3843 /3763940 .3 -A,3==-7 023/4-7 A,3 73
389,384/38 @-5:=:
4-.-7 .384/0 .3= /376394:
D0 /-8<0
=- 023/4- 3=3<:
5=3 A,3 6/373843 3= ;380/ D-=0/ .384/0 .3= /-8<0 374-5=39:
.0 60/ =-
;3.: - <30;F4/: 9- 73 =3 -7: <8-/B 3= ;->0/ 6,84-I 3 37 .39:/ M 6,8407 6-/- =-
D-=0/-9:
C8 .3 =-7 .3;B7 023/4-7 73 -6=:
9-/B =- 7:
<,:
3843 2C/;,=-)
L ?????????????????????????????????????? R -47
S/ 1 R3
L ' ! # !"
L !" ' ! ! J!"
%!
= 6,84-I
3 ;BE:;0 A,3 37 607:5=3 054383/ 38 =- 9-=:
2:
9-9:C8 .3 6/39:
0 37 .3 M 6,8407
0/ :89,;6=:
;:3840 .3 9084/-407 -843/:
0/37 73 =3 .379084-/B .3 -9,3/.0 - =-7 7:
<,:
38437
4-5=-7)
$O -7 ;,=4-7 >S0 7-89: 0837 /360/4-.-7 38 3= /3<: 74/0 .3 B;-/- .3 0;3/9: 0 :;6,374-7
.384/0 .3 =07 .07 * + -H07 -843/:
0/37 - =- 239@- .3 9: 3//3 .3 =- =:
9:4-9:
C8 =-7 023/4-7 A,3
6/3738438 .:9@-7 S 73 .379084-/B -= 6,84-I 3 .3= 6/39:0 05438: .0 38
=- 9-=:
2:
9-9:C8 3908C;: 9- .3 -9,3/.0 - =- 7: <,:
3843 4-5=-)
%
0 /3<:74/- ;,=4- >S0 7-89:C8 6,8407
= D-=0/ .3 =- ;,=4- M $!# ( @# 37 @-74- 3= $N .3= D-=0/ 404-= .3=
OM 6,8407
9084/-40 05I 340 .3 =- ;,=4-
= D-=0/ .3 =- ;,=4- M $!# ( @# $ $ " 7 Q I!$! "0Q>
OU 6,8407
.3= D-=0/ 404-= .3= 9084/-40 05I
340 .3 =- ;,=4-
= D-=0/ .3 =- ;,=4- M $!# ( @# $ $ "0 7 Q I!$! "4Q >
O 6,8407
.3= D-=0/ 404-= .3= 9084/-40 05I
340 .3 =- ;,=4-
* * / 77 &%# $1
3 438./B8 38 9,384- 6-/- 374- 3D-=,-9: C8 =- 9-=: .-. .3 =07 5:3837 - 023/4-/ .3
90820/;: .-. 908 =-7 37639:2:
9-9: 0837 4F98:
9-7 > =07 6=:
3<07 .3 908.:
9:0837 6-/- =0 9,-=
3= 90;:4F 3D-=,-.0/ -8-=:
G-/- =-7 908.:9:0837 > -7:
<8-/B 3= 6,84-I
3
3 9087: .3/- 3;6-43 9,-8.0 .07 0 ;B7 023/38437 05438<-8 3= ;: 7;0 6,84-I3 40;-8.0 3=
8L;3/0 3843/0 > .07 .39: ;-=37 38 3743 9-70 73 6/093.3/B .3 =- 7: <,:3843 ;-83/-) 07
023/38437 7-9-/B8 ,8- 5-=04- 8,;3/-.- > F743 73/B 7, 8L;3/0 .3 : .384:2:
9-9:C8 38 3=
6/093.: ;:3840 .3 .373;6-43 940 73<,:.0 73 :
8</37-8 8,3D-;3843 =-7 5-=04-7 38 =- 50=7-
> =07 023/38437 38 0/.38 -7938.3843 - 7, 8L;3/0 -7:<8-.0 3E4/-3/B8 ,8- 5-=04- 9-.- ,80
=- 9,-= 73 9087: .3/-/B 90;0 3=:
;:8-.- @-74- 054383/ ,8- 70=- 5-=04- .384/0 .3 =- 50=7-
A,3 73/B =- 73=399:08-.-
O 3/B8 /3D:
7-.-7 =-7 063/-9:0837 -/:
4;F4:
9-7 - A,3 @->- =,<-/ 38 3= 83E0 0 $
38 6-/4:
9,=-/ =-7 7:
<,:
38437)
O ,3 40.07 =07 ?
43;7 90//37608.-8 38 7, .379/:
69:
C8 - =07 374-5=39:
.07 38 3= -83E0
0$
33
O - ;,=4:
6=:
9-9:
C8 .3 =-7 90=,;8-7 J -84:
.-.K 60/ J /39:
0 8:
4-/:
0K .3= 83E0 0
$
O -7 7,;-7 90//37608.:
38437 - =- 90=,;8- J -=0/ -/9:
-=K .3= 83E0 0 $
O = -I ,743 -= 6370 >- 73- 60/ 3E9370 0 60/ .323940 .3 =07 6/39: 07 ,8:4-/:
07
6/06,37407 -7? ) 9,-8.0 =- 2/-99: C8 .39: ;-= .3= 6370 73- : <,-= 0 7,63/: 0/ -
9:89,384- 73 -6/0E: ;-/B 60/ 3E9370 -= 8L;3/0 3843/0 7: <,:3843 .3= 6370 > 9,-8.0
=- 2/-99: C8 .39:;-= .3= 6370 73- :
823/:
0/ - 9:89,384- 73 -6/0E:;-/B 60/ .323940 -=
8L;3/0 3843/0 .3= ;: 7;0 6370 8 8: 8<L8 9-70 =- 023/4- 90//3<:.- 60./B 3E93.3/
.3= 6/37,6,3740 02:9:-=
• ,3 73 @->- .:
=:
<389:
-.0 > 6/37384-.0 60/ 379/:
40 3= 9B=9,=0 .3= * 83E0 0 M+
8- D3G 9,;6=:
.- 374- D3/:2:9-9:
C8 .3 =- 6/06,374- 73=399:
08-.- 7:
8 @-53/ 389084/-.0
:890820/;:.-.37 - =0 -843/:
0/;3843 3E6,3740 = 90;: 4F .3 .A,:7:
9:0837 80;5/-.0 6-/-
3= 323940 6/093.3/B - /390;38.-/ -= /.38-.0/ .3= -740 =- -.I ,.: 9-9:
C8 .3 =-
73=399:C8
03 ) )* = . * ) ) )
04 * * ) ) )
8- D3G 2:8-=:G-.0 3= 6/09370 .3 73=399: C8 =07 6/060838437 A,3 @->-8 09,6-.0 .3=
43/93/ 0/.38 .3 3=3<: 5:
=:
.-. 38 -.3=-843 80 2-D0/39: .07 908 =- -.I ,.:9-9: C8 .3=
9084/-40 60./B8 -93/9-/73 - /39=-;-/ 3= 0/: <:
8-= > =-7 906:-7 .3 7, 6/06,374- 38 =-
39/34-/?
- .3 =-83-9: C8 .3= * - 6-/4:
/ .3 =07 A,: 893 *$M+ .?-7
9-=38.-/:0 7:<,: 38437 - =- 239@- .3 E63.: 9:C8 .3 =- /370=,9:C8 .3 -.I ,.:
9-9: C8 .3=
9084/-40 6/3D: 74- 38 3= ,;3/-= $ M .3= 6/373843 6=:
3<0 .3 908.: 9:0837'.3 =0 9084/-/:0
* 6/093.3/B -= -/9@:D0 .3 =- 6/06,374- 0/:<:
8-= > - =- .374/,99:C8 .3
7,7 906:
-7
06 * * * * * ) * ) * )
- .39: 7:
C8 .3 -.I ,.:9-/ 0 .39=-/-/ .37: 3/40 3= 6/09370 =- 40;-/- 3= 90;6343843
9084/-94,-= 908 60743/:0/:
.-. - =- /390;38.-9: C8 .3 =07 /376394: D07 90;: 4F7' -/- 3=
323940 73 93=35/-/B -,.: 389:- 6L5=:9- 38 =- 239@- 374-5=39: .- 38 3= 8,;3/-= $ M .3=
6/373843 6=:3<0 .3 908.:9:0837 .3 90820/;: .-. 908 3= -/4?9,=0 # .3 =- =3> $$M .3
38 =- 9,-= 73 .-/B8 - 908093/ =07 :
820/;37 2:
8-=37 .3 3D-=,-9: C8 73 .-/B /376,374- - =-7
0573/D-9: 0837 6/37384-.-7 38 060/4,8: .-. 73 @-/B =- 3D-=,-9: C8 .3 =- 6/06,374-
3908C;: 9- > 2:8-=;3843 73 374-5=393/B 9,-= .3 =07 023/38437 @-5:=:
4-.07 37 2-D0/39: .0
908 =- -.I ,.:9-9:C8 60/ 9,;6=: / 908 40.07 =07 /3A,:7:
407 .3 0/.38 I ,/?.:
90 4F98: 90 >
36
3908C;: 90 374-5=39:.0 38 =07 6/3738437 6=: 3<07 .3 908.: 9:0837 0 7:60/ 3= 9084/-/:
0
8:
8<,8- 6/06,374- 73 -I ,74- - =07 /3A,3/:;:
38407 .3 =- -.;:
8:74/-9:
C8 > 38 908739,389: -
37 83937-/:
0 .39=-/-/ .37:3/40 3= 6/09370
En la audiencia de que trata el presente numeral se dará lectura de la parte resolutiva del correspondiente acto administrativo
de adjudicación. Así las cosas el proponente favorecido será notificado en dicha audiencia.
El valor básico de adjudicación corresponderá al valor de la oferta presentada pero la adjudicación se efectuará por el valor total
del presupuesto oficial con el fin de incorporar en el contrato un ítem global que será utilizado para el pago de mayores
cantidades de obra, obras adicionales o complementarias y cualquier otro concepto o actividad que se requiera para el
adecuado cumplimiento del objeto contratado. Sin embargo EL MUNICIPIO DE LEBRIJA se reservará el derecho de adjudicar
sólo por el valor de la oferta básica cuando a su juicio lo considere conveniente.
* = ) ) * * ) =
-.I ,.:
9-4-/: 0 .3= 6/373843 6/09370 .3 73=399: C8 73- 63/708- 8-4,/-= I ,/?
.:9- 90870/9: 00
,8:C8 43;60/-= .353/B -5/: / - ;B7 4-/.-/ .384/0 .3 =07 9:
890 *M+ .?
-7 @B5: =37 7:
<,:
38437 -
=- 7,79/:
69: C8 .3= 9084/-40 ,8- 9,384- 908I ,84- .3 -@0//07 0 90//: 3843 - 80;5/3 .3=
9084/-4:74- > .3= :
843/D3840/ .3= 6/0>3940 6-/- 3239407 .3 9087:<8-/ 3= -84:
9:60
7?;:7;0 D389:
.0 F743 4F/;:
80 9084-/B 908 .07 .?
-7 @B5:
=37 -.:
9:08-=37 6-/- -==3<-/ =-
7:
<,:
3843 .09,;384-9:C8)
-+ 3/4:
2:
9-9:C8 5-89-/: - 0/:
<:8-= 38 =- 9,-= 73 :
8.:
A,3 3= 80;5/3 .3 =- 384:
.-.
2:
8-89: 3/- > 3= 8L;3/0 .3 =- 9,384- .3 -@0//07 0 90//:3843 6-/- 3239407 .3=
6-<0 .3= 9084/-40
5+ 040906:
- .3= 93/4:
2:
9-.0 .3 3E: 74389:
- > /36/37384-9:
C8 =3<-= .3 =- 9B;-/-
.3 90;3/9:0 6-/- 63/708-7 I
,/?
.: 9-7
9+ 3<:
74/0 "8:
90 4/:
5,4-/:
0
< 3
* )*
-7 908.: 9:
0837 .3= 9084/-40 6-/- =- 023/4- 73=399:
08-.- 73 389,384/-8 374-5=39: .-7 38
3= 6/373843 9-6:
4,=0 > 38 =- ;:
8,4- .3= 9084/-40 -83E- -= 6/373843 6=:
3<0 .3 908.:
9:0837
3 *
= 9084/-4:
74- 73 05=:<- 6-/- 908 * - 3I 39,4-/ - =07 6/39: 07
904:G-.07 38 =- 6/06,374- > 908 7,7 6/06:07 ;3.:07 O ;-43/:
-=37 3A,: 607 > 63/708-= O 38
20/;- :8.3638.: 3843 > 908 6=38- -,4080;? - 4F98:9- > -.;: 8:74/-4:
D- @-74- 7, 404-=
43/;:8-9:C8 > -9364-9: C8 2:
8-= =-7 9-84:
.-.37 .3 05/- A,3 73 .34-==-8 38 7, 6/06,374-
38 3= -83E0 0 $
Estas cantidades son aproximadas, por lo tanto, se podrán aumentar, disminuir o suprimir durante la ejecución de la obra y sus
variaciones no viciarán ni invalidarán el contrato producto de esta contratación. El constructor está obligado a ejecutar las
mayores cantidades de obra que resulten a los mismos precios de la propuesta, previa autorización de EL MUNICIPIO DE
LEBRIJA.
3- * *
74B 90874:4,:
.- 60/ =07 .09,;38407 A,3 73 .34-==-8 - 9084: 8,-9:C8'=- -6/05-9: C8 .3 =07
;: 7;07 60/ 6-/43 .3 * 90874: 4,>3 /3A,:7:
40 6/3D:
0 6-/- A,3
* :;6-/4- 0/.38 .3 : 8:9:
0 .3 3I39,9: C8 .3= 9084/-40'60/ =0 4-840 3=
6/06083843 - A,: 38 73 =3 -.I,.:A,3 3= 9084/-40 .353/B 384/3<-/=07 .384/0 .3 =07 4/37 *&+
.?-7 @B5:=37 7:
<,:38437 - =- 7,79/:
69:C8 .3= 9084/-40 > =- 384:.-. D3/:2:
9-/B A,3 =07 ;: 7;07
73 -I,7438 - =-7 3E:<389: -7 .3= 6/373843 6=:3<0 .3 908.: 9:0837 70 638- .3 : 89,//:/ 38
9-,7-= .3 : 89,;6=:;: 3840 .3= 9084/-40 7-89:08-5=3 38 =- 20/;- 374-5=39: .- 38 =- ;: 8,4-
.3= 9084/-40
3- #' D ! (
@# $ "& $ #!"& ' $( #!"
= 9084/-4:
74- .353/B 6/37384-/ =-7 @0I -7 .3 D:.- 908 3= 63/2:
= /3A,3/:
.0 .3= 63/708-=
6/0237:08-= -6/05-.0 60/ 90;: 4F 063/-4:
D0 .37:
<8-.0 60/ % .384/0
.3 =07 4/37 *&+ .?
-7 @B5:=37 7:
<,: 38437 - =- 2:
/;- .3= 9084/-40 3= :
89,;6=:;:
3840 .3 3743
/3A,3/:;: 3840 .-/B =,<-/ - A,3 % -6=:A,3 =-7 ;,=4-7 60/
:89,;6=: ;:3840 6-/9:
-= .3= 9084/-40
0/ =0 -843/:
0/ 908 =- 023/4- 80 73 .353/B8 6/37384-/ =-7 @0I
-7 .3 D:
.- .3= 63/708-=
L8:9-;3843 =- 9-/4- .3 90;6/0;:70
'(
" "& $ #!"D C
#(D &! ! "
! % (
@# "$ ! ! $
'(
" "& $ #!"D C
#(D &! ! "
! % (
@# "$ ! ! $
J
$
% * +K
0.0 6/0237:
08-= 02/39:
.0 6-/- 3= 6/0>3940 .353/B -9/3.: 4-/ =- D:
<389:- .3= ?4,=0 0
:6=0;- 040/<-.0 60/ ,8- 874:4,9:
C8 .3 .,9-9: C8 ,63/:
0/ /390809: .- 60/ 3= :
8:743/:
0
.3 .,9-9: C8 -9: 08-= > .3 =- ;-4/?
9,=- 6/0237:
08-= 3E63.:.- 60/ 3= 0873I0 /0237:08-=
90//37608.:
3843
- 9084/-D389: C8 - =0 -843/:
0/;3843 /3A,3/:.0 38 =- 239@- 374:6,=-.- 60/ =- 384:
.-. >S0
:
843/D3840/?- 09-7:08-/B /34-/.0 38 3= 9,;6=:;:3840 .3 =-7 05=:
<-9:0837 908438: .-7 38 =07
6=:
3<07 > 3= 9084/-40 .3 =0 A,3 73 .3/:
D-/B ,8- 7-89:C8 639,8: -/:
- .3 90820/;: .-. 908 =0
-90/.-.0 60/ =-7 6-/437 38 3= 9084/-40
= 63/708-= 6/0237:
08-= ;?8:;0 6/06,3740 .353/B 9,;6=:
/ 908 =0 374-5=39:.0 38 3743 6=:
3<0
.3 908.: 9:
0837 -7?90;0 3= 63/708-= 3790<: .0 6-/- -.3=-84-/ =- D:
7:4- .3 05/- :
8.: 9-.-
38 3= ?43; $ :7:
4- .3 05/-
39
07 6/0237:
08-=37 3E: <:.07 .3538 9,;6=: / > -9/3.:
4-/ 90;0 ;?
8:;0 =07 /3A,:
7:407
374-5=39:
.07 38 3= 6/373843 6=:
3<0 .3 908.:
9:0837
- 404-=:
.-. .3 =- :
820/;-9:
C8 .353/B 73/ :
89=,:
.- .384/0 .3= 0/<-8:
</-;- .3 =07 4/-5-I
07
3-- #F"
($(
$ & ( $%#(! ( $
3-0 !"
(! "
! !
- D3/:
2:
9-9:
C8 .3 =- : 843/D3840/?
- 80 3E083/-/B .3 /376087-5: =:
.-. -= 9084/-4:
74- 60/ =-
9-=:
.-. .3 =- ;: 7;- = 9084/-4: 74- <-/-84:
G-/- 3= 7060/43 4F98:90 > 9-=:.-. .3 =07
6/0.,9407 A,3 7,;: 8:74/38 3= 2-5/:9-843 0 6/0D33.0/ -7? 90;0 =- : 874-=-9:C8 >
-90;6-H-;: 3840 4F98: 90 .,/-843 =- 3I
39,9:
C8 .3 =07 4/-5-I
07
8- D3G 43/;: 8-.-7 =-7 6-/437 .3 =- 05/- A,3 .35-8 A,3.-/ 09,=4-7 > -8437 .3 : 8: 9:-/ 3=
4/-5-I0 7,57: <,:3843 3= 9084/-4: 74- :820/;-/B - =- :843/D3840/?
- 6-/- A,3 F74- 6/093.- -
;3.: / =- 05/- 90874/,:.- - : 843/D3840/? - 60./B 0/.38-/=3 60/ 379/: 40 3= .379,5/: ;: 3840
.3 =-7 6-/437 09,=4-7 .3 =- 05/- 6-/- A,3 F74- 6,3.- 3I 3/93/ 7,7 2,89:0837 .3 9084/0= =
9084/-4: 74- 32394,-/B 3743 4/-5-I 0 > 3= .3 /3-908.: 9:08-;:3840 60743/: 0/ 7:
8 A,3 3==0 =3 .F
.3/39@0 -= /390809: ;: 3840 .3 907407 -.: 9:08-=37 8:- 3E4387:
0837 -= 6=-G0 .3 3I39,9: C8
90874/,99:C8 0 60/ .3239407 38 3==- ;: 7;- .353/B 73/ /3438: .- /390874/,:.- 0 /36-/-.-
60/ 9,384- .3= 9084/-4: 74- .3;B7 3= 9084/-4: 74- A,3.- 05=:
<-.0 - /34: /-/ .3= 7:4:0
/376394:D0 =07 ;-43/: -=37 0 3=3;38407 .32394,0707 * 60./B /34: /-/
=07 ;-43/:-=37 0 =07 3=3;38407 > /33;6=-G-/=07 60/ 04/07 /36-/-/=07 0 /390874/,: / =- 6-/43
/39@-G-.- .3 =- 05/- 40.0 - 9-/<0 .3= 9084/-4: 74- 740 @39@0 80 =0 3E083/-/B .3 .-/
9,;6=: ;:3840 374/:940 - =- 6/0</-;-9: C8 .3 05/- 0 .3 =- -6=:9-9:
C8 .3 =-7 7-89:0837 - =-7
A,3 @->- =,<-/ 60/ : 89,;6=: ;:3840 6-/9:
-= .3 =-7 05=:<-9:
0837 9084/-94,-=37
07 ;-43/:-=37 3;6=3-.07 38 =- 3I 39,9:C8 .3 9-.- ,80 .3 =07 ? 43;7 .3= 9084/-40 .3538
73/ .3 6/:
;3/- 9-=: .-. /376-=.-.07 908 =- 93/4: 2:
9-9:C8 .3= 6/0D33.0/ .3 -9,3/.0 - =07
6=-807 > 37639: 2:
9-9:0837 4F98: 9-7 -83E-7 - 3743 6=:
3<0 .3 908.: 9:
0837 > - =07 6/093707
90874/,94:D07 :
8.:9-.07 60/ 3= 2-5/:
9-843 >S0 6/0D33.0/
3-3 B !D ! !
- 739,389:
- =C<:
9- .3 =-7 -94:
D:.-.37
= 2=,I
0 .3 :
8D3/7:
C8 73;-8-= > ;387,-= 38 05/- :
89=,>38.0 3= > 3=
07 .:
-</-;-7 .353/B8 374-5=393/ =- /,4- 9/? 4:
9- .3 3I 39,9: C8 .3 =-7 05/-7 A,3
90;60838 3= 6/0>3940 05I340 .3 =- =:
9:4-9:C8 > 3= 8:D3= .3 .34-==3 6-/- 9-.- ,80 .3 =07
?
43;7 .3= 6/0</-;- .3 05/- .353/B :8.: 9-/73 =0 7:
<,:3843)
a) = D0=,;38 .3 05/- - 3I
39,4-/73 60/ 73;-8-
b) .384:
2:
9-/ 3= /376087-5=3 .384/0 .3 =- 0/<-8:
G-9:
C8
c) .384:
2:
9-/ 3= 3A,: 60 >S0 3= /39,/70 .3 ;-80 .3 05/- A,3 9084/0=- 3=
/38.:;:3840 > =- .,/-9:C8 .3 7, 3I39,9:C8
3-4 B !D ! (
#J $( # $
7 =- ;-8:2374-9:
C8 </B2:
9- .3 =-7 :
8D3/7:
0837 A,3 .3 -9,3/.0 908 7, 6/0</-;- .3 05/-
3= 6/06083843 73 90;6/0;343 - 3I 39,4-/ =07 /39,/707 .3 -9,3/.0 - =-7 7:
<,:
38437
:
8.: 9-9:0837
3=-9:08-/B =- :
8D3/7:C8 A,3 3I
39,4-/B 73;-8-=;3843 60/ 90893640 .3 9-.- ? 43; 74-
:
8D3/7:C8 .353 90//37608.3/ -= 6/0.,940 .3 =-7 9-84: .-.37 73;-8-=37 > ;387,-=37
9087:<8-.-7 38 3= 6/0</-;- .3 05/- 60/ 3= 6/39:
0 ,8:
4-/:
0 .3= ?
43;
0/ L=4:
;0 /3=-9:
08-/- =- :
8D3/7:
C8 ;387,-= -9,;,=-.-
= :
89,;6=:
;:3840 .3 =- 6/0</-;-9: C8 .3 05/- -9-//3-/B =-7 7-89: 0837 - =-7 A,3 @->-
=,<-/ .3 90820/;:
.-. 908 =0 6/379/:
40 38 3= -/4?
9,=0 $ .3 =- =3> $$M .3
30 * ) ) < )* ) )
42
30 * ) )
La iniciación de los trabajos se supedita a la orden de iniciación de obra emitida por EL MUNICIPIO DE LEBRIJA, la cual será
posterior a las reuniones de los comités preconstrucción programados por la Entidad.
30- *
La cancelación de los recursos se efectuará previo cumplimiento de los trámites administrativos a que haya lugar.
El contratista favorecido recibirá los recursos para la cancelación del contrato que se derive del presente proceso, en el plazo
establecido en el cuadro No. 2 del numeral 1.1 de los presentes Pliegos de condiciones.
300 2 *)
El Proponente deberá tener disponible para la ejecución de las obras, el equipo necesario para dar cumplimiento al objeto del
contrato. El Contratista tiene la obligación de suministrar oportunamente todos los equipos necesarios para cumplir con los
programas, plazos y especificaciones técnicas de la obra, so pena de la aplicación de las sanciones que se establezcan en el
contrato por incumplimiento de sus obligaciones contractuales.
303
EL MUNICIPIO DE LEBRIJA, mantendrá durante todo el tiempo que dure la ejecución del contrato, una Interventoría y ejercerá
la supervisión para verificar que las obras se estén desarrollando y ejecutando de conformidad con el contrato de obra
respectivo, de acuerdo con las especificaciones y términos del contrato.
0/ 4/-4-/73 .3 ,8 9084/-40 .3 05/- A,3 .3 90820/;: .-. 908 =- 3> .3 $##& -/4?9,=0 &
/3A,: 3/3 ,8- :843/D3840/?- 3E43/8- - =- 384: .-. 374-4-= 3= 9084/-4:74- 90;0 05=: <-9:C8
9084/-94,-= .353/B .-/ 9,;6=: ;:3840 - 40.07 =07 /3A,3/:
;:38407 3E:
<: .07 60/ 3= :
843/D3840/
.37:<8-.0 7-=D0 =07 A,3 3E6/37-;3843 /3A,: 3/-8 -,40/:
G-9:C8 .3 *
> 38 40.0 9-70 .353/B 908093/ 40.0 3= 9=-,7,=-.0 .3= /376394: D0 9084/-40 > =-7 3E:
<389: -7
.3 =07 =:3<07 .3 908.: 9:0837 .3 =- 843/D3840/?
-
304 ) ) * ) * * * ) + *
)
El oferente se comprometerá con EL MUNICIPIO DE LEBRIJA desde la iniciación de las obras y hasta la entrega definitiva de
las mismas, a cumplir con la normatividad existente en lo referente a seguridad industrial y salud ocupacional de sus
trabajadores, usando los equipos de protección adecuados para el desarrollo de los trabajos contratados y al manejo ambiental
de obras tanto para el entorno (Unidad donde se ejecuten las obras), como para el personal que ejecute y visite la obra,
cumpliendo como mínimo manejo ambiental de obras. El incumplimiento de esta obligación dará lugar a las sanciones
contractuales a las que haya lugar
306 . *
43
,/-843 =- 3I
39,9:C8 .3 =07 4/-5-I 07 > -= 2: 8-=:
G-/ =-7 05/-7 3= 9084/-4: 74- 73 .353
90;6/0;343/ - /3-=:G-/ ,8- -.39,-.- > 90//394- =: ;6:3G- -/- .3I -/ =- 05/- 404-=;3843
=:
;6: - .:-/:
-;3843 3= 9084/-4: 74- .353 4383/ 38 9,384- =- /34: /-.- .3 3790;5/07 >
/37:.,07 .3 ;-43/:
-=37 705/-8437 0 /34-=37 .3 ;-.3/- -/38- </-D: ==- =-./:==0 5-=.07?
8
349 A,3 @->- A,3.-.0 38 : 843/:0/37 0 3E43/:
0/37 .3I-8.0 =07 -;5: 38437 63/2394-;3843
-73-.07
33 * ) )
33 *
Las obras que conforman el proyecto objeto de la presente LICITACION PUBLICA son:
J
$ % * +K
33- ) ) ) * ) * ) *
7?;:7;0 73 2:
I-/B8 =-7 239@-7 6-/- =-*7+ -,.:
40/:
-*7+ .3 9-=:
.-. 4-840 - =- 2:
/;- :
843/D3840/-
90;0 - =- 2: /;- 9084/-4: 74- 3= /37,=4-.0 .3 =-*7+ ;: 7;-*7+ 73 3=-50/-/B ,8 :820/;3 A,3
73/B :
8</37-.0 - =- 5-73 .3 .-407 6-/- 73/ 438: .0 38 9,384- 38 2,4,/-7 -.I ,.:
9-9:0837
(F ! "
! ! -/- 9-.- 05/- .3 =-7 A,3 90;60838 3= 6/0>3940 05I 340 .3 =-
6/373843 =:9:4-9: C8 73 .353/B ==3D-/ ,8- ;3;0/: - .:-/:
- .3 40.07 =07 -908439: ;:38407
7,93707 > .39: 7:0837 40;-.-7 38 =- 3I 39,9:C8 .3 =07 4/-5-I 07 /3<:74/-/73 =- D:7:
4- .3
2,89:08-/:07 A,3 438<-8 A,3 D3/ 908 =- 05/- 349 .353 63/;: 4:
/ =- 90;6/387: C8 <383/-= .3
=- 05/- > .37-//0==0 .3 =-7 -94:
D: .-.37 .3 -9,3/.0 908 3= /080</-;- .3 3I 39,9: C8 3
:8D3/7:
C8 -6/05-.0 353 2: /;-/73 60/ 3= .:/3940/ .3 05/- 3= .:/3940/ .3 =- 843/D3840/? -0
7,63/D:70/ > -.:9:08-=;3843 .353 374-/ 20=:
-.-
!" "
!( #' D ! (J!) = 084/-4: 74- .353 :874-=-/ 38 =- 05/- A,3 90;6083 3= 6/0>3940 05I 340
.3 =- 6/373843 =:9:
4-9:C8 ,8- D-==- :820/;-4: D- .3 ;34/07 .3 -89@0 > ;34/07 .3
-=40 > ,5:
9-.- - ;34/07 .3= 8:D3= .3 6:70 73<L8 3= .:73H0 - 6-/4:
/ .3 =- 7,79/:
69:C8 .3=
94- .3 8: 9:-9:C8 6/3D: - 900/.: 8-9:C8 908 3= 843/D3840/ .37:<8-.0 60/ *
> 73 ,5:9-/- 38 3= -99370 - =- 05/-
(
'( ! (@# " $*($ K $ 353/B 4383/73 38 9,384- 6-/- =- :
8:9:-9:C8 > .37-//0==0 .3 =07
4/-5-I07 .3 90874/,99: C8 > 38 9-70 .3 6/37384-/73 -=<,8- .,.- 0 83937: .-. .3
;0.: 2:9-9:C8 .3 =07 .:
73H07 * /0>39407 F98:
907+ 73 .353/B 9087,=4-/ 908 =- 843/D3840/?->
-= 90;: 4F 063/-4:
D0
44
Toda modificación que requiera el proyecto original, deberá contar con el aval de la interventoría y de EL MUNICIPIO DE
LEBRIJA, comité operativo, sin que afecte el total del presupuesto ni el plazo de ejecución.
34 ) ) V )
34 $& (
'( ! ( # $
- .379/:
69:C8 9-84: .-.37 .3 05/- 9-/-943/?74:
9-7 > 37639:2:
9-9:
0837 .3 05/- - 3I
39,4-/
73 389,384/-8 9087:<8-.-7 38 =- 39/34-/?
- .3 =-83-9: C8 .3 * 38
.?-7 > @0/-7 @B5:
=37 7639: 2:
9-9:0837 F98: 9-7 .3 =-7 05/-7 A,3 90820/;-8 3= /0>3940
* 83E0 0 &+ > 6/37,6,3740 02:9:
-= * 83E0 0 $+
07 :87,;07 3;6=3-.07 38 =- 3I
39,9:
C8 .3= 6/0>3940 .353/B8 374-/ 93/4:
2:
9-.07 908 =-7
80/;-7 .3 9-=:.-. 0 38 7, .323940 90;0 ;? 8:
;0 9,;6=: / 908 =-7 0/;-7 F98: 9-7
0=0;5:-8-7
08 3= .:
=:
<389:-;: 3840 .3= 83E0 0 $ 73 .- 60/ @39@0 A,3 3= 023/3843 908093 > -9364-
38 7, 404-=:.-. =-7 7639: 2:
9-9:
0837 F98:9-7 * 83E0 0 &+ -= : <,-= A,3 =07 =:3<07 .3
908.: 9:0837 > .38.-7
3 4 - !&! ( ! & ! ( J! W #( !
340 #F"
($(
$ & ( $%#(! ( $* # A -+
07 -8B=:
7:7 .3 6/39:07 ,8:4-/:
07 73/B8 384/3<-.07 60/ =- 023/4- <-8-.0/- 4/37 *&+ .?
-7
.376,F7 .3 73/ =3<-=:
G-.0 3= 9084/-40
:73 6/37384-8 -94: D:.-.37 -.: 9:08-=37 0 90;6=3;384-/: -7 .,/-843 =- 3I39,9: C8 .3 =-7
05/-7 9,>07 6/39: 07 ,8:4-/:
07 2:I
07 80 6,3.38 73/ 3=-50/-.07 908 =07 -8B=: 7:7 .3 6/39:07
,8:4-/:07 9084/-94,-=37 73 .3538 6/37384-/ - % 6-/- -6/05-9: C8
-8437 .3 3I 39,4-/ =-7 05/-7 =07 8,3D07 -8B=:7:
7 .3 6/39:
07 90893/4-.07 384/3 =- :843/D3840/?
-
> 3= 9084/-4:
74- .3 -9,3/.0 - =- /3-=: .-. .3= ;3/9-.0 38 4:3;60 > F609-
343 $%&% $ * # A +
-/- 7, .:
=:
<389:
-;:
3840 73 .3538 4383/ 38 9,384- =07 7:
<,:
38437 -7639407)
3<:74/-/ 3= 6/39:
0 .3= -8B=:
7:7 ,8:4-/:
0 -I
,74-.0 -= 6370 -= 2/3843 .3 9-.- ,80 .3 =07 ? 43;7
> 9-84:.-.37 -==?9087: <8-.-7 07 D-=0/37 .3538 -6/0E: ;-/73 -= 6370 7:
<,: 3843 7:=- 9:
2/-
.39:;-= 37 M 0 ;->0/ > -= 6370 -843/: 0/ 7:=- 9:
2/- .39:;-= 37 ;380/ .3 M 8 40.0
9-70 3= -I ,743 80 60./B 60/ 8: 8<L8 ;04: D0 3E93.3/ 3= 6/37,6,3740 02:9:-= 70 638- .3 73/
/39@-G-.0
:=- 9-84:
.-. .3= 43; 80 90//37608.3 - =- .: 76,374- 60/ 3= 83E0 0 $ 384/3<-.0 60/
* 73/B 90//3<:
.- > 73 =3 @-/B =- 90//37608.:
3843 063/-9:
C8 -/:
4;F4:
9-
36 * * > + . *
* -.I
,.:
9-/B 3= 9084/-40 .3 -9,3/.0 - =0 6/3D:
740 38 3=
-/4?
9,=0 # .3 =- =3> $$M .3 38 =- 239@- 374-5=39:
.- 38 3= 9/080</-;- .3=
6/09370
= 6=-G0 6-/- =- 2:
/;- .3= 9084/-40 73/B .3 -9,3/.0 -= 9/080</-;- 374-5=39:
.0 38
=07 .3 908.: 9:0837
Si el adjudicatario no suscribe el contrato correspondiente dentro del término señalado EL MUNICIPIO DE LEBRIJA y no lo
legaliza dentro de los (05) cinco días hábiles siguientes al perfeccionamiento del mismo, la , sin menos cabo de las acciones
legales conducentes al reconocimiento de perjuicios causados.
46
En este evento, EL MUNICIPIO DE LEBRIJA mediante acto administrativo debidamente motivado podrá llevar a cabo una
nueva adjudicación.
39 )*
= 9084/-4:
74- .353/B 040/<-/ =-7 <-/-84?-7 83937-/:-7 - 4/-DF7 .3 =07 ;39-8: 7;07
73H-=-.07 38 3= /4:
9,=0 & .3= 39/340 .3 > - 2-D0/ .3= ,8:9: 6:
0 .3 35/: I-
-;6-/-8.0 3= 9,;6=: ;:3840 .3 =-7 05=:
<-9:
0837 A,3 7,/I
-8 908 09-7:C8 -= 9084/-40 .3 =-
05/- -7?)
$ C=:G-7 .3 ,;6=: ;:3840) 0/ D-=0/ 3A,: D-=3843 -= $ N .3= D-=0/ .3= 9084/-40 908
D: <389: -: <,-= -= 4F/;:80 .3= 9084/-40 > 4/37 *&+ ;3737 ;B7 9084-.07 - 6-/4: / .3= -94-
.3 : 8:9:-9:C8
/374-9: 0837 09: -=37) 0/ D-=0/ 3A,: D-=3843 -= MN .3= D-=0/ .3= 9084/-40 908 D: <389: -
:<,-= -= 4F/;: 80 .3= 9084/-40 > 4/37 *&+ -H07 ;B7
& 84: 9:
60) 0/ ,8 D-=0/ 3A,: D-=3843 -= $ N .3= ;0840 .3= -84: 9:
60 D:<3843 @-74- =-
=:
A,: .-9: C8 .3= 9084/-40
3 376087-5: =:
.-. : D:
= > E4/-O9084/-94,-=) 0/ D-=0/ 3A,: D-=3843 - > 908
,8- D: <389: -:<,-= -= 4F/;: 80 .3= 9084/-40
M 74-5:=:
.-. > -=: .-. .3 =- 5/-) A,: D-=3843 -= D3:
843 * N+ 60/ 9: 3840 .3= D-=0/ 2:8-=
.3= 9084/-40 908 D: <389:- .3 9:890 *M+ -H07
) * * * *
3/- 05=:
<-9:C8 .3= 9084/-4:
74- ;-84383/ :
8.3;83 -= % .3 9,-=A,:3/
/39=-;-9: C8 6/0D38:3843 .3 43/93/07 A,3 438<- 90;0 9-,7- =-7 -94,-9:
0837 .3=
9084/-4:
74-
3: ) +) )
-7 6-/437 908D: 3838 A,3 60/ 3= : 89,;6=: ;:3840 .3 =-7 05=: <-9: 0837 9084/-94,-=37 73
-6=:9-/B8 .3 90820/;: .-. 908 =0 374-5=39: .0 38 3= -/4?9,=0 $ .3 =- =3> $$M .3 > 908
3= 2:8 .3 908;: 8-/ -= 9084/-4: 74- - 9,;6=: / -.39,-.-;3843 908 3= 05I 340 9084/-4-.0
:;6083/ =-7 90//37608.: 38437 ;,=4-7 A,3 73 -6=: 9-/B8 .3 =- 7: <,:3843 20/;-) -+ 8- 7,;-
3A,: D-=3843 -= $ MN .3= D-=0/ 404-= .3= 9084/-40 60/ 9-.- : 89,;6=:;: 3840 6/37384-.0 38 =-
6/0</-;-9: C8 .3 05/- 0 60/ ;-= 6/093.: ;: 3840 90874/,94: D0 A,3 908==3D3 908739,389: -7
83<-4: D-7 38 =- 80/;-= 3I 39,9:C8 .3 =- ;:7;- + 8- 7,;- 3A,: D-=3843 -= $N .3= D-=0/
404-= .3= 9084/-40 2/3843 -= : 89,;6=: ;:3840 .3 05=: <-9: 0837 9084/-94,-=37 .3 9-/B943/
-.;: 8:74/-4:
D0 4-=37 90;0) $ !0I -7 .3 D:.- .3= 63/708-= 6/0237: 08-= 874-=-9:C8 .3 =-
D-==- & 0 7,;: 8:
74/-/ =- :
820/;-9: C8 4F98:9- -.;: 8:74/-4:
D- > 2:
8-89: 3/- .3= 6/0>3940 0
-7:74:
/ - =-7 9:4-9:
0837 .3 * 0/.38-.-7 60/ 379/: 40 M 0 6/37384-/ =-
/36/0</-;-9: C8 .3 05/- > 3= 6=-8 .3 9084: 8<389: - .384/0 .3= 6=-G0 /3A,3/: .0 60/
* - 7-89:C8 .3 A,3 4/-4- 3= 6/373843 =: 43/-= 73/B 90;6,4-.- .3
47
* ) ? 08 3= 2:
8 .3 -6/3;: -/ -= 60/ 3= @39@0 .3
.39=-/-/73 =- 9-.,9: .-. -.;: 8:
74/-4:
D- 0 73 .39=-/3 3= : 89,;6=: ;:3840 .32: 8:
4:D0 .3=
9084/-40 =-7 6-/437 908D: 3838 6-94-/ - 4? 4,=0 .3 9=B,7,=- 638-= 639,8: -/:
- ,8- 7,;-
3A,: D-=3843 -= D3:843 60/ 9:3840 * N+ .3= D-=0/
.3= 9084/-40 7: 8 63/I,:
9:0 .3 A,3 3= .35- 9,;6=: / 908 =- 05=:<-9:C8 6/:89:6-= >
.3 =-7 -99: 0837 I ,.:9:-=37 - A,3 @->- =,<-/ 9,-8.0 3= 63/I ,: 9:0 /37,=43 ;->0/ -7 7,;-7
A,3 73 .3/:D38 .3 =- -6=: 9-9:C8 .3 =- 9=B,7,=- 638-= 639,8: -/:- 374-5=39: .- 38 3= 6/373843
6-/B</-20 73 6-94- - 4? 4,=0 .3 638- 80 .3 : 8.3;8: G-9:C8 /-GC8 60/ =- 9,-=
* 73 /373/D- 3= .3/39@0 .3 /39=-;-/ -= 3= 6-<0 .3 =07 63/I,:9:07 A,3
7, :
89,;6=: ;: 3840 =3 @,5: 373 09-7:08-.0
-7 7-89:
0837 639,8: -/:
-7 374-5=39: .-7 73 @-/B8 32394: D-7 .3 ;-83/- .: /394- 60/
* .379084-8.0 3= D-=0/ A,3 /37,=43 .3 =-7 ;: 7;-7 .3 =07 7-=.07
638.:38437 - 2-D0/ .3= 9084/-4:
74- >S0 60/ 9,-=A,:
3/ 04/0 ;3.:0 -,40/:
G-.0 60/ =- =3>
* !1 8- D3G 73 @- D3/: 2:
9-.0 3= /34/-70 38 =-
6/0</-;-9: C8 .3 05/- * /3A,3/:
/B 60/ 379/:40 -= 9084/-4:
74- 6-/- A,3
7,743843 =- /-G0837 .3= :
89,;6=:;: 3840 5+ ,8- D3G D389: .0 3= 6=-G0 6-/- 3= 9,;6=: ;:3840 .3
=-7 05=:
<-9: 0837 9084/-94,-=37 > 3= 6=-G0 .3 384/3<- .3 =- 05/- .379/: 4-7 38 3= 6/373843
43E40 * /3A,3/: /B 60/ 379/:
40 -= 9084/-4:74- 6-/- A,3 7,743843 =-
/-G0837 .3= : 89,;6=: ;: 3840 A,3 38 40.0 9-70 .353/B8 73/ @39@07 3E: ;38437 .3
/376087-5: =:.-. 9084/-94,-= 6-/- :8@:5:/ =- -6=:
9-9:C8 .3= 6/373843 43E40
38 ) ) )
48
= 084/-4:74- 6-<-/B 3= D-=0/ 3E-940 60/ 90893640 .3 40.07 =07 : ;6,37407 4-7-7 >
7:
;:=-/37 A,3 73 .3/:
D38 .3 =- 3I39,9:C8 .3= 9084/-40 84/3 37407 438./B 38 9,384- 3=
;6,3740 .3 : ;5/3 3= 9,-= .353/B 6-<-/=0 7: - 3==0 @-> =,<-/ > 7, 6-<0 .353/B
32394,-/73 38 =- ;:
7;- 239@- 38 A,3 73 7,79/:5- 3= 9084/-40 > - =- 4-/:
2- -6=:
9-5=3 A,3
73H-=3 =- 3> D:
<3843 -= ;0;3840 .3 7,79/:
69:
C8 .3= 9084/-40
3 7 *
* * -778 ) ) *
05=: <- 908 3= ,8: 9:6:0 - /3-=: G-/ =07 4/-5-I 07 :8.: 9-.07 38 =- 6/06,374- =- 9,-= @-93
6-/43 : 843</-= .3= 6/373843 9084/-40 =07 9,-=37 .3538 73/ 3I 39,4-.07 - 9-5-=: .-. .3
90820/;: .-. 908 =-7 9-84: .-.37 .3 05/- > 6/39: 07 ,8: 4-/:07 6/3D: -;3843 -6/05-.07 60/
=- 39/34-/? - .3 =-83-9: C8 ,8: 9:6-= 5 ) * 5
73 90;6/0;343 - : 874-=-/ 38 3= 7: 4:0 .3 3I 39,9: C8 .3 =-7 05/-7 ,8- D-==-
6,5=: 9:
4-/: - A,3 : 8.: A,3 3= 80;5/3 .3= 9084/-4-843 80;5/3 .3= 9084/-4: 74- -60/4-843 .3
=07 /39,/707 7:37407 708 6/0D38: 38437 .3 908D38: 07 .3 902: 8-89: -9: C8 0 7:73 4/-4- .3=
,8: 9:
6: 0 7:- 3==0 @,5: 3/3 =,<-/ 5 ) ) * * = D-=0/ .3=
6/373843 9084/-40 37 60/ =- 7,;- .3 AAAAAAAAAAAAA ) * ) ) /XAAAAA777 1
M ? .39=-/- A,3 3= 6/39: 0 .343/;: 8-.0 38 374- 9=B,7,=- : 89=,>3
40.07 =07 907407 .: /39407 3 : 8.: /39407 /3A,3/: .07 6-/- =- 3I 39,9: C8 .3 =- 05/- 0/ 4-840 =
80 /3908093/B 7,;-7 .: 23/38437 - =-7 -A,?3E6/37-.-7 60/ =- 3I 39,9: C8 .3 =-7
;: 7;-7 > .3 =0 374-5=39: .0 6-/- =07 907407 : ;6/3D: 7407 09-7: 08-.07 60/ /34-/.07 38 =07
6-<07 -7?90;0 =07 A,3 73 0/: <:838 38 =- /3D: 7:C8 .3 =07 6/39: 07 6-94-.07 60/ /-GC8 .3
=07 9-;5: 07 0 -=43/-9: 0837 38 =-7 908.: 9:0837 : 8:9: -=37 .3= 9084/-40 5 ) c
* + . * * = 6=-G0 .3 3I 39,9: C8 37
.39: / 3= 4F/;: 80 .,/-843 3= 9,-= 73 90;6/0;343 - 3I 39,4-/ > 384/3<-/ -
3843/- 7-4: 72-99: C8 .3 = =- 404-=:.-. .3 =- 05/- 05I 340 .3= 6/373843 9084/-40
73/B ) /01 ) 9084-.07 - 6-/4: / .3= 9,;6=: ;: 3840 .3 =07 /3A,: 7:407 .3 3I 39,9: C8 .3=
9084/-40 > =- D: <389: - .3= 9084/-40 73/B 3= 4F/;: 80 .3 4: 3;60 .343/;: 8-.0 6-/- 3D-=,-/
60/ 6-/43 .3 = =- 3I 39,9: C8 9084/-94,-= -.3=-84-/ =-7 -99: 0837 83937-/: -7
6-/- -73<,/-/ 3= 9,;6=: ;: 3840 .3= 05I 340 9084/-4-.0 0 : ;6083/ =-7 7-89: 0837 38 3=
3D3840 9084/-/: 0 5 -/- =- 7,79/: 69: C8 .3= -94- .3 : 8:9:0 73
/3A,3/: /B 6/3D: -;3843 A,3 @->- 9,;6=: .0 908 =07 /3A,: 7:407 .3
3I 39,9: C8 374-5=39: .07 60/ =- =3> 73 05=: <- - : 8: 9:-/ =- 3I 39,9: C8 .3 =-7
05/-7 - 6-/4: / .3= .? - @B5: = 7:<,: 3843 - =- 7,79/: 69: C8 .3= -94- .3 : 8:9: -9: C8 7,79/: 4- 908 3=
:843/D3840/ .3 =- 05/- 5 ) c) * ) )
) ) ) = 6-<-/B 3= <-740 A,3 09-7: 083 3= 6/373843 9084/-40 908
9-/<0 -= /37,6,3740 383/-= .3 384-7 > -7407 .3 = 73<L8 3/4: 2:9-.0 .3
:
7608: 5: .-. /37,6,374-= 0 777,,,, %D !",,,,,, 90//37608.:
=: 3843 - =- D: <389: -
2:79-= .3 # .3 239@- VVV.3 VVVV .3 # 3E63.: .0 60/ =- 39/34-/? - .3 !-9: 38.- .3=
,8: 9:
6: 0 5 ) 2 c * = 6-<-/B -
3= D-=0/ 374: 6,=-.0 38 =- 9=B,7,=- -843/: 0/ 38 =- 7: <,: 3843 20/;-) 3-=: G-.0 3= 9,;6=: ;: 3840
.3 =07 /3A,: 7:407 .3 =3<-=: G-9: C8 .3= 9084/-40 73 .-/B ,8 -84: 9: 60 .3= M N .3= D-=0/ .3=
9084/-40 > 3= /374-843 M N 38 -94-7 6-/9: -=37 6/3D: - .: 7608: 5:=:
.-. 38 9-I - > D: 740 5,380
.3= : 843/D3840/ 5 ) ) , c) ) ) 0/ 9: /9,874-89: -7 .3 2,3/G-
;->0/ 0 9-70 20/4,: 40 73 60./B .3 90;L8 -9,3/.0 384/3 =-7 6-/437 7,7638.3/
43;60/-=;3843 =- 3I 39,9: C8 .3= 9084/-40 ;3.: -843 =- 7,79/: 69: C8 .3 ,8 -94- .08.3
908743 4-= 3D3840 7: 8 A,3 6-/- =07 3239407 .3= 6=-G0 3E4: 84:D0 73 90;6,43 3= 4: 3;60 .3 =-
7,76387: C8 8 3743 9-70 6/0//0<-/B =- D: <389: - .3 =- <-/-84? - L8: 9- 60/
,8 4F/;: 80 : <,-= -= .3 =- 7,76387: C8 8 3= -94- .3 7,76387: C8 73 3E608./B8 =07 ;04: D07
A,3 @->-8 .-.0 =,<-/ - =- ;: 7;- =- 05=: <-9: C8 .3 .3 6/0//0<-/ =-
D: <389: - .3 =- <-/-84? - L8: 9- 60/ ,8 4F/;: 80 : <,-= -= .3 =- 7,76387: C8 > 73 2: I-/B =- 239@-
38 =- 9,-= 73 /3: 8:9:-/B =- 05/- 5 ) ) c ) * ) -=D0 =0
.: 76,3740 38 =- 3> .3 $##& -/4? 9,=0 $U 705/3 ;0.: 2:
9-9: C8 ,8: =-43/-= 9,-8.0 @->-
83937: .-. .3 : 84/0.,9: / ;0.: 2:
9-9: 0837 38 3= .: 73H0 6=-807 0 37639: 2:
9-9: 0837 A,3 D-/? 38
37389: -=;3843 3= 6=-8 .3 4/-5-I 0 0 73 6-9438 ;->0/37 9-84: .-.37 .3 05/- 0 =- 3I 39,9: C8
.3 05/-7 80 37639: 2:
9-.-7 38 3= 9084/-40 63/0 90;6/38.: .-7 38 7, 05I 340 A,3 @-<-8
50
83937-/: 0 ;0.: 2:
9-/ 3= 6=-G0 0 3= D-=0/ 908D38: .0 > 80 73 4/-43 .3= /3-I ,743 .3 =07 6/39: 07
6/3D: 7407 38 =- 9=B,7,=- 094-D- .3 3743 9084/-40 73 7,79/: 5:/B ,8 9084/-40 -.: 9:08-= 9,>0
D-=0/ 80 60./B 3E93.3/ =- 9: 2/- /37,=4-843 .3 7,;-/ =- ;: 4-. .3 =- 9,-84? - 0/:<: 8-=;3843
6-94-.- 3E6/37-.- F74- 38 7-=-/: 07 ;? 8:;07 =3<-=37 ;387,-=37 *
+ 07 9084/-407 -.: 9:08-=37 /3=-9: 08-.07 908 3= D-=0/ > 3= 6=-G0 A,3.-/B8
63/2399: 08-.07 ,8- D3G 7,79/: 407 F7407 > /3A,: 3/38 6-/- 7, 3I 39,9: C8 3= /3<: 74/0
6/37,6,374-= 9,-8.0 73 4/-43 .3 -.: 9:0837 38 D-=0/ > =- -6/05-9: C8 .3 =- -.: 9:C8 >S0
6/C//0<- .3 =- <-/-84? - L8:9- .3 9,;6=: ;:3840 ,-8.0 73 4/-43 .3 9084/-407 -.: 9: 08-=37
6-/- ;0.: 2:
9-/ 3= D-=0/ 60/ ,8 8L;3/0 ;->0/ .3 .3 =07 : 8: 9:-=;3843 6-94-.07 0 60/
=- : 89=,7: C8 .3 ,807 8,3D07 37407 73 374-5=393/B8 .3 90;L8 -9,3/.0 384/3 =-7 6-/437
40;-8.0 90;0 5-73 6-/- 7, -8B=: 7:
7 =-7 908.: 9:0837 <383/-=37 .3= ;3/9-.0 -= ;0;3840
.3 6-94-/73 3= 9084/-40 -.: 9:08-= 3==0 908 3= 2: 8 .3 ;-84383/ 3= 3A,: =:
5/:0 3908C;: 90 .3=
;: 7;0 4-840 6-/- 4-/: 2-7 /38.: ;: 38407 6/39: 07 .3 ;-43/: -=37 I 0/8-=37 907407 .: /39407
349 3/B /3A,: 7:
40 : 8.: 76387-5=3 6-/- A,3 6,3.- : 8:9:-/73 =- 3I 39,9: C8 .3= 9084/-40
-.: 9:08-= 7, 63/2399: 08-;: 3840 -.: 9:C8 >S0 6/C//0<- .3 =- <-/-84? - L8: 9- > -6/05-9: C8
.3 =- ;: 7;- > -.3;B7) 3= 6-<0 .3 =07 : ;6,37407 /376394: D07 > =- 6,5=: 9-9: C8 38 =-
-934- 0 : -/: 0 2: 9:-= .3 =- 384:.-. 90//37608.: 3843 5 ) ?
* ) + ) ) * ) * ) 37 3= L8: 90
/376087-5=3 60/ =- D: 89,=-9: C8 .3 63/708-= =- 9,-= /3-=: G- 38 7, 6/06: 0 80;5/3 60/ 7,
9,384- > /: 37<0 7: 8 A,3 = -.A,: 3/- /376087-5: =:
.-. -=<,8- 60/ .: 9@07 -9407
0/ =0 4-840 90//37608.3 - 3= 6-<0 .3 =07 7-=-/: 07 937-84? -7 6/374-9: 0837
709: -=37 3 : 8.3;8: G-9: 0837 - A,3 @->- =,<-/ 5 ) c )
7C=0 60./B 93.3/ 3= 6/373843 9084/-40 908 6/3D: - -,40/: G-9: C8 379/: 4- .3 =
5 ) * c) ) 7C=0 60./B 7,59084/-4-/
40.0 -A,3==0 A,3 80 : ;6=:A,3 =- 3I 39,9: C8 .3 40.0 3= 05I 340 .3= 6/373843 9084/-40 908
-,40/: G-9: C8 6/3D: - > 379/:4- .3 = 8 3= 43E40 .3 =07 7,59084/-407 -,40/: G-.07
73 .3I -/B 90874-89: - .3 A,3 73 384: 38.38 93=35/-.07 .384/0 > 7: 8 63/I ,:9:0 .3 =07
4F/;: 807 .3 F743 9084/-40 > 5-I 0 =- 3E9=,7: D- /376087-5: =:
.-. .3 =
60./B 0/.38-/ =- 43/;: 8-9: C8 .3= 7,59084/-40 38 9,-=A,: 3/ 4:
3;60 7: 8 A,3
8:3= ,59084/-4: 74- 438<-8 .3/39@0 - /39=-;-/ : 8.3;8: G-9: C8 .3 63/I ,:9:07
0 - : 874-,/-/ -99: 0837 9084/- = 60/ 374- 9-,7- 5 ) * c
- 843/D3840/? - .3= 6/373843 9084/-40 73/B 3I 3/9: .- 60/ : 843/D3840/
3E43/80 .37: <8-.0 6-/- 3==0 = :843/D3840/ 80 60./B 3E083/-/ - .3
8:8<,8- .3 =-7 05=: <-9: 0837 0 .353/37 9084/-94,-=37'4-;6090 60./B 7: 8 -,40/: G-9:C8
379/: 4- 6/3D: - .3 = 0/.38-/ 4/-5-I 0 -=<,80 A,3 4/-: <- 9087: <0 D-/: -9: 0837 38
3= 6=-G0 0 38 3= D-=0/ .3= 9084/-40 8:32394,-/ 8: 8<,8- ;0.: 2:9-9: C8 .3 =- 9089369: C8 .3=
.:73H0 .3 =-7 05/-7 9084/-4-.-7 = : 843/D3840/ /39@-G-/B 40.07 -A,3==07 4/-5-I 07 0
;-43/: -=37 A,3 80 /3L8-8 =-7 908.: 9: 0837 3E: <:.-7 38 =07 .09,;38407 .3= 9084/-40 >
73 05=: <- - 3I 39,4-/ - 7, 9074- =07 9-;5: 07 > ;0.: 2:9-9: 0837 A,3 73-8
83937-/: 07 6-/- 3= 374/: 940 9,;6=: ;: 3840 .3 =0 6-94-.0 38 F743 .09,;3840 :
73 8: 3<- - 3I 39,4-/ =07 9-;5: 07 > ;0.: 2:9-9: 0837 : 8.: 9-.-7 60/ 3=
:843/D3840/ = 60./B 3I 39,4-/=07 .: /394-;3843 0 60/ : 843/;3.: 0 .3 43/93/07
9-/<-8.0 =07 <-7407 A,3 374-7 90//399: 0837 09-7: 0838 - 7:8 63/I,: 9:0 .3
=-7 ;,=4-7 > 7-89: 0837 - A,3 @->- =,<-/ 5 ) * * c *
73 05=: <- - 3I 39,4-/ =-7 05/-7 05I 340 .3= 6/373843 9084/-40 .3 -9,3/.0 908
=07 6=-837 > 6/0</-;-7 <383/-=37 .3 4/-5-I 0 =: 89,;6=: ;: 3840 .3 =07 4/-5-I 07 -9-//3-/B -
=-7 7-89: 0837 A,3 73 374-5=3938 38 3743 9084/-40 5 ) *
c <) = 9084/-4: 74- .353/B 040/<-/ =-7 <-/-84? -7 83937-/: -7 - 4/-DF7
51
.3 =07 ;39-8: 7;07 73H-=-.07 38 3= /4: 9,=0 & .3= 39/340 .3 > - 2-D0/ .3=
,8:9: 6:0 .3 35/: I
- -;6-/-8.0 3= 9,;6=: ;: 3840 .3 =-7 05=: <-9: 0837 A,3 7,/I -8 908
09-7: C8 -= 9084/-40 .3 =- 05/- -7?$ C=: G-7 .3 ,;6=: ;: 3840) 0/ D-=0/ 3A,: D-=3843 -= $ N
.3= D-=0/ .3= 9084/-40 908 D: <389: -: <,-= -= 4F/;: 80 .3= 9084/-40 > 4/37 *&+ ;3737 ;B7
9084-.07 - 6-/4: / .3= -94- .3 : 8: 9:-9: C8 /374-9: 0837 09: -=37) 0/ D-=0/ 3A,: D-=3843 -=
MN .3= D-=0/ .3= 9084/-40 908 D: <389: -:<,-= -= 4F/;: 80 .3= 9084/-40 > 4/37 *&+ -H07 ;B7 &
84:9: 60) 0/ ,8 D-=0/ 3A,: D-=3843 -= $ N .3= ;0840 .3= -84: 9: 60 D: <3843 @-74- =-
=:A,:.-9: C8 .3= 9084/-40 3 376087-5: =:
.-. :D:= > E4/-O9084/-94,-=) 0/ D-=0/
3A,: D-=3843 - > 908 ,8- D: <389: -: <,-= -= 4F/;: 80 .3= 9084/-40 M 74-5: =:
.-. >
-=:
.-. .3 =- 5/-) A,: D-=3843 -= D3: 843 * N+ 60/ 9: 3840 .3= D-=0/ 2: 8-= .3= 9084/-40 908
D: <389: - .3 9: 890 *M+ -H07 3/- 05=: <-9: C8 .3= 084/-4:74- ;-84383/ : 8.3;83 -=
% .3 9,-=A,: 3/ /39=-;-9: C8 6/0D38: 3843 .3 43/93/07 A,3 438<-
90;0 9-,7- =-7 -94,-9: 0837 .3= 9084/-4: 74- 5 ) * c
> * + ) ,-8.0 7,/I -8 ;04: D07
60743/: 0/37 -= 63/2399: 08-;: 3840 .3= 9084/-40 A,3 @: 9:3/38 83937-/: - =- : 843/6/34-9: C8
;0.: 2:9-9: C8 > 43/;: 8-9: C8 ,8: =-43/-=37 .3 F743 73 .-/B -6=: 9-9: C8 - =0 .: 76,3740 38 =07
-/4?9,=07 $M $U > $ .3 =- 3> .3 $##& 5 ) * 2 c ) 8 9-70
.3 ;0/- 0 .3 : 89,;6=: ;: 3840 6-/9: -= .3 =-7 05=: <-9: 0837 9084/-94,-=37 - 9-/<0 .3
F743 -,40/: G- 3E6/37-;3843 ;3.: -843 3= 6/373843 .09,;3840 - =
6-/- 32394,-/ =- 4-7-9: C8 > 905/0 6/3D: 0 /3A,3/: ;:3840 .3 ;,=4-7 .: -/:
-7
7,937: D-7 .3= ,80 60/ 9: 3840 *$N+ .3= D-=0/ 404-= .3= 9084/-40 7: 8 A,3 F74-7 705/36-738 .3=
$ N .3= D-=0/ 404-= .3= ;: 7;0 - =: A,:.-9: C8 .3 =-7 ;,=4-7 =- 32394,-/B 3= : 843/D3840/ 38 3=
-94- 2: 8-= >S0 .3 /39: 50 .3 =- 05/- 7: 8 :843/37-/ 3= ;0;3840 38 A,3 73 09-7: 0838 > 7,
905/0 73 32394,-/B .379084-8.0 3= D-=0/ .3 =-7 ;: 7;-7 38 3= 6-<0 2: 8-= 8 3= 3D3840 38
A,3 80 6,3.-8 73/ .379084-.-7 060/4,8-;3843 0 80 73-8 6-<-.-7 .384/0 .3= ;37
7:<,:3843 - 7, 4-7-9: C8 60/ 6-/43 73 :89=,: /B8 38 =- =:A,: .-9: C8 32394,-.-
=- 9,-= 6/374-/B ;F/: 40 3I39,4: D0 > 7, 905/0 60./B 32394,-/73 908 9-/<0 - =- <-/-84? -
.3 9,;6=: ;: 3840 3 =-7 ;,=4-7 4-7-.-7 : ;6,374-7 > 905/-.-7 73 : 820/;-/B -
=- B;-/- .3 0;3/9: 0 5 ) * ) , c 5 )
: 73 ==3<-/3 - 7,93.3/ 3= 3D3840 .3 : 89,;6=: ;: 3840 404-= .3
=-7 05=:<-9: 0837 - 9-/<0 F743 .353/B 6-<-/ - 4? 4,=0 .3
:8.3;8: G-9: C8 .3 =07 63/I ,: 9:07 9-,7-.07 3= .: 3G 60/ 9: 3840 *$ N+ .3= D-=0/ 404-= .3=
9084/-40 : 89=,: .07 /3-I ,7437 .3 6/39: 07 D-=0/ A,3 73 60./B .3.,9: / .3= -;6-/0 .3
9,;6=: ;: 3840 040/<-.- 60/ - 4/-DF7 .3 =- 6C=: G- .3 9,;6=: ;: 3840 *
!"
+ 5 ) * ) c 2 * * = 6/373843 9084/-40
73 =:A,: .-/B .3 90;L8 -9,3/.0 60/ =-7 6-/437 9084/-4-8437 .384/0 .3 =07 9,-4/0 * + ;3737
9-=38.-/: 0 9084-.07 - 6-/4: / .3 =- 2: 8-=:G-9: C8 .3= 9084/-40 0 .3 =- 3E63.: 9:C8 .3= -940
-.;: 8: 74/-4:D0 A,3 0/.383 =- 43/;: 8-9: C8 0 - =- 239@- .3= -9,3/.0 A,3 =0 .: 7608<-
* # $ + -;5: F8 38 374- 34-6- =-7 6-/437
-90/.-/B8 =07 -I ,7437 /3D: 7:0837 > /390809: ;:38407 - A,3 @->- =,<-/ 8 3= -94- .3
=:A,:.-9: C8 90874-/B8 =07 -9,3/.07 9089: =:
-9: 0837 > 4/-87-99: 0837 - A,3 ==3<-/38 =-7
6-/437 6-/- 6083/ 2: 8 - =-7 .: D3/<389: -7 6/37384-.-7 > 60.3/ .39=-/-/73 - 6-G > 7-=D0
-/- =- =: A,:.-9: C8 73 3E: <: /B -= =- 3E4387: C8 0 -;6=: -9: C8 7:37 .3= 9-70 .3
=- <-/-84? - .3= 9084/-40 - =- 374-5: =:.-. .3 =- 05/- - =- 9-=: .-. .3= 5: 38 0 73/D: 9:0
7,;: 8: 74/-.0 - =- 6/0D: 7:
C8 .3 /36,37407 > -99370/: 07 -= 6-<0 .3 7-=-/: 07 6/374-9: 0837 3
:8.3;8: G-9:0837 - =- /376087-5: =:
.-. 9: D:= > 38 <383/-= 6-/- -D-=-/ =-7 05=: <-9: 0837 A,3
.35- 9,;6=: / 908 60743/: 0/: .-. - =- 3E4: 89: C8 .3= 9084/-40 5 ) * c
52
2 * : 80 73 6/37384- - =- =:
A,:
.-9:C8 0 =-7 6-/437
80 ==3<-8 - -9,3/.0 705/3 3= 908438:
.0 .3 =- ;:
7;- .384/0 .3= 6=-G0 374-5=39:.0 38 =-
9=B,7,=- -843/: 0/ > =07 7,57:<,:38437 .07 ;3737 73/B 6/-94: 9-.- .:/394- > ,8: =-43/-=;3843
60/ =- 384:.-. > 73 -.064-/B 60/ -940 -.;: 8:74/-4:
D0 ;04: D-.0 7,79364: 5=3 .3= /39,/70 .3
/3607: 9:
C8 5 ) * * ) * 0/;-8 6-/43
:843</-843 .3 F743 9084/-40 =07 7: <,:
38437 .09,;38407) - -7 37639: 2:
9-9: 0837 > 80/;-7
.3 90874/,99: C8'5+ - 6/06,374- .3 '9 + -7 -94-7 .3 ;0.: 2:
9-9: 0837 3
:843/6/34-9:0837 32394,-.-7 60/ = - =07 6=-807 .: 73H07 .: 7607: 9:0837 >
908.: 9:0837 /3=-4:D-7 -= 6/373843 9084/-40 *38 3= 3D3840 38 A,3 09,//-8+'.+ 0.-7 =-7
-94-7 A,3 73 6/0.,G9-8 .,/-843 =- 3I 39,9: C8 .3= 9084/-40 5 ) V) c
+ 2 ) ) * 07 9084/-407 .3= 74-.0 73
63/2399: 08-8 9,-8.0 73 =0</3 -9,3/.0 705/3 3= 05I 340 > =- 9084/-6/374-9: C8 > F743 73
3=3D3 - 379/: 40 -/- =- 3I 39,9: C8 73 /3A,:3/3) 6/05-9: C8 .3 =- <-/-84? - L8: 9- .3
9,;6=: ;:3840 - 3<: 74/0 /37,6,374-= 5 ) V) ? )
.3;B7 .3 =0 374: 6,=-.0 38 =- 3> .3 $##& 3> $$M .3 > 7,7 .39/3407
/3<=-;384-/: 07 3743 9084/-40 73 7,I 34- 38 40.-7 7,7 6-/437 - =0 6/379/: 40 38 =- 3> .3
$## > 38 =07 39/3407 && > & .3 $## 5 ) V) ) * c* -/-
40.07 =07 3239407 =3<-=37 .3= 6/373843 9084/-40 3= .0;: 9:=:
0 73/B 3= ,8: 9:6:0 .3 35/: I-
-/- 90874-89: - 73 2:/;- - =07 EEEE ?-7 .3= ;37 .3 EEEEEE.3 #
0/
, )
ANEXO N°1
FORMULARIO DE LA PROPUESTA
2.2.20
Concreto de 3000 psi para andenes e=,10m m2 86,00
Cubierta en estructura metálica y teja
2.2.21
termoacustic m2 90,00
2.2.22
Suministro e instalación de canal metálico ml 40,00
Sum. e instalación bajantes en tubería pvc.
2.2.23
D=3" ml 90,00
SUBTOTAL
2.3 INSTALACIONES ELECTRICAS
2.3.1 Acometida eléctrica und
1,00
2.3.2
Salida monofásica doble 110v und 18,00
SUBTOTAL
2.4 PINTURA
2.4.1
Pintura en vinilo sobre muro m2 920,00
2.4.2
pintura en esmalte doméstico und 370,00
SUBTOTAL
2.5 REDES HIDRAULICAS Y SANITARIAS
2.5.1
Tubería sanitaria en pvc D=4" ml 20,00
2.5.2
Tubería sanitaria en pvc D=3" ml 15,00
2.5.3
Caja de inspección 0.60x0-60x0.60 und 2,00
2.5.4
Puntos sanitarios D=3" und 8,00
2.5.5
Tubería acueducto pvc D=1/2" ml 15,00
2.5.6
Puntos hidráulicos und 12,00
2.5.7
Sanitarios und 5,00
2.5.8
Orinal de pared und 4,00
2.5.9
Lavamanos und 6,00
SUBTOTAL
TOTAL COSTO DIRECTO
56
ADMINISTRACION
IMPREVISTOS
UTILIDAD
VALOR TOTAL DEL PROYECTO
4384-;3843
YYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY
* 0;5/3 .3= /06083843 0 36/37384-843 3<-=+
* F.,=- .3 : ,.-.-8? - 0 +
57
, -
)) ) )
/ ) * * 1
, 0
-7 6/3738437 37639:2:
9-9:0837 4F98:
9-7 .3 90874/,99:C8 .3 05/-7 9:
D:=37 @-938 6-/43 .3
=07 9084/-407 93=35/-.07 60/ "
%
-7 37639:2:
9-9:0837 6-/4: 9,=-/37 .3 90874/,99:C8 .3 9-.- 6/0>3940 6/3D-=3938 705/3 =-7
37639: 2:
9-9:0837 <383/-=37 > 60./B8 ;0.: 2:
9-/=-7 0 90;6=3;384-/=-7 0.07 =07 4/-5-I07
A,3 80 374F8 9,5: 3/407 60/ 37639: 2:
9-9:0837 6-/4: 9,=-/37 73 3I
39,4-/B8 90820/;3 - =-7
6/3738437 37639:2:
9-9: 0837
) Z . * . * ) )
37.3 =- 0/.38 .3 : 8:9:-9: C8 > 384/3<- .3 =- G08- .3 =-7 05/-7 -= 0874/,940/ > @-74- =-
384/3<- .32: 8:4:
D- .3 =-7 05/-7 - =- 384: .-. 9084/-4-843 3= 0874/,940/ 374B 38 =-
05=:
<-9: C8 .3 73H-=: G-/ 3= B/3- .3 4/-5-I0 9084/-4-.0 90;0 6/3D389: C8 .3 /:37<07 - =07
,7,-/:07 > 63/708-= A,3 4/-5-I - 38 =- 05/- 38 90874/,99: C8 .3 -9,3/.0 908 =-7
374:
6,=-9: 0837 > 37639: 2:
9-9: 0837 D:<38437 705/3 =- ;-43/: - 37.3 4-= ;0;3840 3=
0874/,940/ 37 3= L8:
90 /376087-5=3 .3 =- 73H-=:G-9:C8 38 3= 73940/ 05I340 .3= 9084/-40
. +
= 6/0>3940 .353/B =09-=: G-/73 > /36=-843-/73 @0/: G084-= > D3/4:9-=;3843 .3I -8.0
3=3;38407 .3 /323/389:
- 63/;-83843 908 5-73 38 =-7 =: 5/34-7 .3 4060</-2?- > =07 6=-807
.3= 6/0>3940 = /36=-8430 > 8: D3=-9:
C8 .3 =- 05/- 73/B 3I 39,4-.0 60/ 3= 084/-4: 74-
,4:
=:
G-8.0 63/708-= A,3 6073- =: 9389:
- 6-/- 3I3/93/ =- 6/0237:C8 > 3A,:607 .3 6/39: 7:C8
-.39,-.07 6-/- 4/-5-I0 - /3-=:G-/ 8437 .3 :
8:9:
-/ =-7 05/-7 3= 084/-4:74- 70;343/B - =-
58
D3/:
2:
9-9:C8 > -6/05-9: C8 .3 =- 843/D3840/?
- =- =09-=:G-9:
C8 <383/-= .3= 6/0>3940 > 7,7
8:
D3=37
,/-843 =- 90874/,99:
C8 3= 084/-4: 74- .353/B D3/:2:
9-/ 63/:C.:9-;3843 =-7 ;3.: .-7 >
904-7 9,-84-7 D3937 73- 83937-/: 0 6-/- -I ,74-/73 -= 6/0>3940 353/B .:76083/
63/;-83843;3843 38 =- 05/- .3 ,8 3A,: 60 -.39,-.0 6-/- /3-=: G-/ 374- -94:
D:.-.
9,-8.0 73 /3A,:
3/-
= 90740 .3= /36=-8430 .3 ;,/07 374/,94,/-7 7,63/: 0/37 > 04/07 4/-5-I07 .353/B
9087:.3/-/73 38 3= -8B=:
7:7 .3= 6/39:
0 ,8:
4-/:
0 .3 =07 ?
43; 90//37608.:
38437 > 80 73 6-<-/B
60/ 736-/-.0
" !"
(G! (
@# &"!# %! ! /D -1
* )
*
59
- !"
"!(
#' D ! (
J! %#( ! /%# 1
* +
* )
# !"
(! $
"
!$(
'( ! (
@#
- .3;0=:
9:C8 404-= 0 6-/9:-= > =- /3;09:
C8 .3 374/,94,/-7 > 0574B9,=07 73 9=-7:
2:
9-/B8 .3
-9,3/.0 908 =07 7:
<,:38437 9/:43/:07)
O 3;0=:
9:C8 .3 374/,94,/-7 3E: 7438437
O 37;084-I3 > 4/-7=-.0 .3 374/,94,/-7 ;34B=:
9-7 > -=9-84-/:
==-7
O 3;09:C8 .3 37639: 37 D3<34-=37
O 3;09:C8 .3 93/9-7 .3 -=-;5/3
O 3;09:C8 .3 0574B9,=07
O 3;09:C8 .3 73/D: 9:
07 3E:7438437
07 3A,:607 A,3 3;6=33 3= 0874/,940/ 38 374- -94: D:.-. .353/B8 4383/ =- -6/05-9:
C8
6/3D:- .3= 843/D3840/ > 73/ 7,2:
9:38437 6-/- <-/-84:
G-/ 3= 9,;6=:
;:3840 .3 374-
37639:2:9-9:C8 > .3= 6/0</-;- .3 4/-5-I 0
,-8.0 =-7 9:
/9,874-89:
-7 =0 -;3/:438 3= 843/D3840/ 60./B -,40/:
G-/ 3= ,70 .3 3E6=07:
D07
-7,;:38.0 3= 0874/,940/ =- /376087-5:=:
.-. .3 9,-=A,: 3/ .-H0 9-,7-.0 60/ ,8 ;-83I 0
:
890//3940 .3 3==07
60
* ) )
# !"
(! $
07 4/-5-I07 .353/B8 32394,-/73 38 4-= 20/;- A,3 6/0.,G9-8 =- ;380/ ;0=374: - 607:
5=3 -
=07 @-5:4-8437 .3 =-7 G08-7 6/CE:
;-7 - =- 05/- > - =07 ,7,-/:07 .3 =- D?
- ;-43/:- .3=
9084/-40 9,-8.0 F74- 63/;-83G9- -5: 3/4- -= 4/B87:
40 .,/-843 =- 90874/,99:
C8
* D "
( (@# &!J(D # $> !# # $ # (
""$
07 6-D: ;38407 -93/-7 > 50/.: ==07 .3 9089/340 5-737 .3 9089/340 > 04/07 3=3;38407 9,>-
.3;0=: 9:C8 374F 6/3D:
74- 38 =07 .09,;38407 .3= 6/0>3940 .353/B8 73/ A,35/-.07 38
63.-G07 .3 4-;-H0 -.39,-.0 6-/- A,3 6,3.-8 73/ ,4: =:
G-.07 38 =- 90874/,99:
C8 .3
/3==3807 0 .:
76083/ .3 3==07 90;0 73- -,40/: G-.0 60/ 3= 843/D3840/
*(
$& $( (
@# " $D ! (
!" $
I
,:9:0 .3= 843/D3840/ > .3 -9,3/.0 908 7,7 :
874/,99:
0837 -= /3763940 =07 ;-43/: -=37 .3 =-7
3.:2:
9-9: 0837 0 374/,94,/-7 .3;0=:
.-7 A,3 73-8 -6407 > 83937-/: 07 6-/- /3==38-/ >
61
3;6-/3I -/ =- G08- .3 .3;0=:9:C8 , 04/-7 G08-7 =-43/-=37 .3= 6/0>3940 73 .353/B8 ,4: =:
G-/
6-/- 373 2:
8 0.07 =07 .3;B7 ;-43/: -=37 6/0D38: 38437 .3 374/,94,/-7 .3;0=: .-7 A,3.-/B8
.3 6/06:3.-. .3= 0874/,940/ A,: 38 .353/B 4/-7=-.-/=07 0 .: 76083/=07 2,3/- .3 =- G08- .3
=- D?
- 908 6/093.: ;:38407 -.39,-.07 > 38 =07 7: 4:
07 -6/05-.07 60/ 3= 843/D3840/
07 3=3;38407 A,3 .35-8 73/ -=;-938-.07 73<L8 =0 374-5=3G9-8 =07 6=-807 0 =-7
37639: 2:
9-9:
0837 6-/4:
9,=-/37 73 4/-7=-.-/B8 -= 7:
4:
0 374-5=39:
.0 38 3==07 > 73 .:
7608./B8
.3 =- ;-83/- A,3 /37,=43 -6/06:
-.- 6-/- 3= 843/D3840/
* ) * ) )
# "$
,/-843 =- 3I
39,9:
C8 .3 =07 4/-5-I
07 3= 843/D3840/ -.3=-84-/B =07 7:
<,:
38437 9084/0=37
6/:
89:6-=37)
O 3/:2:
9-/ A,3 3= 0874/,940/ .: 7608<- .3 40.07 =07 63/;: 707 /3A,3/:
.07
O 0;6/05-/ 3= 374-.0 > 2,89: 08-;: 3840 .3= 3A,:60 ,4:
=:
G-.0 60/ 3= 0874/,940/
O .384:2:9-/ 40.07 =07 3=3;38407 A,3 .35-8 73/ .3;0=: .07 0 /3;0D: .07
O 3H-=-/ =07 3=3;38407 A,3 .-538 63/;-8393/ 38 3= 7: 4:
0 > 0/.38-/ =-7 ;3.:
.-7 6-/-
3D:4-/ A,3 73-8 .-H-.07
O 3/:2:
9-/ =- 32:9:
389: - > 73<,/:
.-. .3 =07 6/093.:;: 38407 -.064-.07 60/ 3= 0874/,940/
O :<:
=-/ 3= 9,;6=: ;: 3840 .3 =07 6/0</-;-7 .3 4/-5-I 0
O 3.: / =07 D0=L;3837 .3 4/-5-I 0 3I
39,4-.0 60/ 3= 0874/,940/ .3 -9,3/.0 908 =-
6/373843 37639: 2:
9-9: C8
**
5 0/ ,8:.-. 90;6=34- *,+ 9,-8.0 73 4/-43 .3 .3;0=: 9:C8 .3 0574B9,=07 3.: 2:9-9:0837
6,38437 -=9-84-/: ==-7 > 04/-7 374/,94,/-7 0 /3;09:
C8 .3 374/,94,/-7 ;34B=: 9-7 37639: 37
D3<34-=37 0574B9,=07 > 73/D: 9:
07 3E:7438437
9 0/ ;34/0 9,-./-.0 *; + -6/0E: ;-.0 -= 3843/0 38 3= 9-70 .3 .3;0=: 9:
C8 .3
6-D: ;38407 -8.3837 .3 9089/340 > 04/07 8 3743 9-70 =- ;3.: .- .3 =- 374/,94,/- 73
32394,-/B -8437 .3 .374/,: /=-
. 0/ ;34/0 =: 83-= *;+ -6/0E: ;-.0 -= 3843/0 9,-8.0 73 4/-43 .3= /34: /0 .3 374/,94,/-7
4-=37 90;0 -=9-84-/: ==-7 93/9-7 .3 -=-;5/3 73/D: 9:
07 3E:7438437 > 04/07 0574B9,=07 A,3
73-8 7,79364: 5=37 .3 ;3.: /73 60/ 7, =08<:4,. 8 3743 9-70 =- ;3.: .- 73 32394,-/B ,8-
D3G /3:874-=-.0 .35: .-;3843 3= 3=3;3840
= 6/39:
0 ,8:4-/:
0 .353/B 9,5/: / 40.07 =07 907407 60/ 90893640 .3 ;-80 .3 05/-
3E6=07: D07 -7370/?- 3A,: 60 @3//-;: 384-7 ;-43/: -=37 -6,84-=-;: 38407 -8.-;: 07 05/-7
.3 6/04399: C8 - 43/93/07'=-7 063/-9: 0837 83937-/: -7 6-/- 32394,-/ =-7 .3;0=:9:0837 >
6-/- @-93/ =07 .37;084-I 37 6=-807 736-/-9: C8 .3 ;-43/: -=37 -6/0D39@-5=37 9-/<,3 >
4/-8760/43 .3 F7407 -= =,<-/ .3 .36C7: 40 .379-/<,3 > -=;-938-;: 3840'/3;09: C8
4/-7=-.0 > 7:
3;5/- .3 37639: 37 D3<34-=37'4/-7=-.0 > /3:874-=-9:C8 .3 0574B9,=07 > 93/9-7
.3 -=-;5/3'4/-7=-.0 9-;5: 0 0 /374-,/-9:C8 .3 908.,99: 0837 .3 73/D: 9:
07 3E:
7438437'
9-/<,3 .3 ;-43/: -=37 .3739@-5=37 4/-8760/43 > .379-/<,3 38 3= 7: 4:
0 .3 .:7607:
9:C8 2:
8-=
.3 -9,3/.0 908 =0 73H-=-.0 60/ 3= 843/D3840/
= 6/39:
0 ,8:
4-/:
0 .353/B :
89=,:/ -.3;B7 =- 6/04399: C8 .3 -A,3==07 3=3;38407 A,3
-,8A,3 73 389,384/38 38 =- G08- .3 =07 4/-5-I
07 80 .35-8 73/ /3;0D: .07
= 6/39:
0 ,8:4-/:
0 .353/B :89=,:/ -.3;B7 =07 907407 60/ 90893640 .3 =- 3E9-D-9: C8 6-/-
=- .3;0=: 9:
C8 > /3;09: C8 > 60/ 3= 7,;:
8:74/0 90820/;-9:C8 > 90;6-94-9: C8 .3= ;-43/:
-=
6-/- /3==380 .3 =-7 9-D:.-.37 /37,=4-8437'=- 73H-=:
G-9:
C8 43;60/-= /3A,3/:.- > 38
<383/-= 40.0 90740 /3=-9: 08-.0 908 =- 90//394- 3I 39,9:
C8 .3 =07 4/-5-I
07 37639: 2:
9-.07
$$& 3;0=: 9:
C8 ;,/07 38 ;-;60743/? - 34/0 9,-./-.0 *; +
$$ 37;0843 .3 9,5: 3/4- 34/0 9,-./-.0 *; +
$$M 3;0=:9: C8 .3 6-D:;38407 6: 707 -8.3837
50/.:==07 .3 9089/340 34/0 9,-./-.0 *; +
$ 3;0=:9:C8 374/,94,/-7 38 9089/340 34/0 9,-./-.0 *; +
63
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743 4/-5-I0 9087:743 38 =- 3E9-D-9: C8 83937-/:- 6-/- =-7 2,8.-9: 0837 .3 =-7 374/,94,/-7 -
A,3 73 /32: 3/3 3= 6/373843 /4? 9,=0 .3 -9,3/.0 908 =07 -=: 83-;: 38407 638.: 38437 > 904-7
:8.: 9-.-7 38 =07 6=-807 , 0/.38-.07 60/ 3= 843/D3840/ 0;6/38.3 -.3;B7 =-
90874/,99: C8 .3 38902/-.07 -4-<,? -7 > 9-I 0837 > 3= 7: 743;- .3 ./38-I 3 A,3 2,3/3
83937-/: 0 6-/- =- 3I39,9: C8 .3 =07 4/-5-I 07 -7?90;0 3= /34: /0 7,57:<,:
3843 .3 38902/-.07
> -4-<,? -7 89=,>3 4-;5: F8 =- /3;09: C8 4/-8760/43 > .:7607: 9:C8 .3 40.0 ;-43/: -= A,3
73 389,384/3 .384/0 .3 =07 =? ;: 437 .3 =-7 3E9-D-9:0837
A !J! ( # $J! (
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'( ! !$
0;6/38.38 =- 3E9-D-9: C8 .3= ;:
7;0 4:
60 .3 ;-43/:
-= .379/:
40 38 =-7 6/3738437
37639:
2:
9-9:0837
A !J! ( # $J! (
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0;6/38.38 40.- 3E9-D-9: C8 9,5: 3/4- 60/ 3= -6-/43 -843/: 0/ .08.3 =- 6/37389:
-
63/;-83843 .3 -<,- 705/3 3= 8:
D3= .3 =- 3E9-D-9:
C8 .:
2:
9,=43 =- 3I39,9:
C8 .3 F74-
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0;6/38.38 40.- 3E9-D-9: C8 9,5: 3/4- 60/ 3= -6-/43 -843/: 0/ .08.3 =- 6/37389:
-
63/;-83843 .3 -<,- 705/3 3= 8:D3= .3 =- 3E9-D-9:
C8 .:
2:
9,=43 =- 3I39,9:
C8 .3 F74-
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07 ;-43/:-=37 6/0D38:38437 .3 =-7 3E9-D-9: 0837 D-/:
-7 A,3 73-8 -.39,-.07 > 83937-/: 07
6-/- =- 3I 39,9: C8 .3 /3==3807 .353/B8 73/ -=;-938-.07 60/ 3= 0874/,940/ 6-/-
-6/0D39@-/=07 38 =- 90874/,99: C8 .3 =07 /3==3807 73<L8 =0 .343/;:83 3= 843/D3840/ :
9@07
;-43/:-=37 80 73 60./B8 .3739@-/ 8:/34: /-/ .3 =- G08- .3 =- 05/- 6-/- 2:837 .: 74:
8407 -
F74- 7:
8 =- -6/05-9: C8 6/3D:- .3= 843/D3840/
07 ;-43/:
-=37 .3 =-7 3E9-D-9:
0837 D-/:-7 A,3 80 73-8 ,4:
=:
G-5=37 .353/B8 73/ .:
76,37407
.3 -9,3/.0 908 =0 A,3 374-5=3G9-8 =07 .09,;38407 .3= 6/0>3940 > =-7 :
874/,99:
0837 .3=
843/D3840/ 38 G08-7 -6/05-.-7 60/ F743
2
= 0874/,940/ 6/0608./B 6-/- 9087: .3/-9: C8 .3= 843/D3840/ =07 3A,: 607 ;B7 -6/06:-.07
6-/- =-7 063/-9:0837 60/ /3-=:
G-/ =07 9,-=37 80 .353/B8 6/0.,9: / .-H07 :883937-/:
07 38
64
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-/- =-7 3E9-D-9:0837 38 /09- =07 6/093.: ;: 38407 4:607 > 9-84:
.-.37 .3 3E6=07: D07 A,3
3= 0874/,940/ 6/0608<- ,4: =:
G-/ .353/B8 9084-/ 908 =- -6/05-9: C8 6/3D:
- .3= 843/D3840/
-7?90;0 =- .:7607:9: C8 > 739,389: - .3 =-7 D0=-.,/-7 =-7 9,-=37 73 .353/B8 6/0>394-/ .3
;-83/- A,3 7, 323940 73- ;? 8:;0 60/ 2,3/- .3 =07 4-=,.37 6/0>394-.07 8 =- .: /399: C8 >
3I39,9:C8 .3 37407 4/-5-I 07 73 .353/B 3;6=3-/ 63/708-= A,3 438<- -;6=: - 3E63/:389: - -=
/3763940
A !J! ( # $&! ! (
D # ! (# $ $ % % !$ #
A !J! (
@#
65
07 =,<-/37 6-/- 9: ;384-9: 0837 73 .353/B8 3E9-D-/ 90820/;3 =-7 =? 83-7 .3 6-<0
:
8.:9-.-7 38 =07 6=-807 , 0/.38-.-7 60/ 3= 843/D3840/ 6-/- 63/;:
4:/ =- 90874/,99:C8 .3 =-7
;:7;-7 - 40.0 7, -89@0 > =08<: 4,. > .3I -8.0 ,8 208.0 908 ,8- 7,63/2: 9:
3 6=-8- >
@0/:
G084-=
,-8.0 73 ,738 6: =0437 6-/- 7060/4-/ G-6-4-7 .3 374/:507 0 6: =-7 .3 6,38437 0 D: -.,9407
=- 3E9-D-9: C8 .3 9-.- 208.0 .353/B 90;6=34-/73 -8437 .3 : 8:9:-/ =- @: 89- > F74- .353/B
2:
8-=:G-/ -8437 .3 90;38G-/ =- 2,8.: 9:C8 .3 =- G-6-4- A,3 73 4/-43 = 43/;:
8-/ =- @:89- .3
=07 6:=0437 3= 0874/,940/ .353/B /34:/-/ 40.0 3= ;-43/:-= 7,3=40 0 .376=-G-.0 908 3= 2: 8 .3
A,3 A,3.3 ,8 =39@0 6=-80 > 7C=: .0 6-/- /39:5:/ 3= 9089/340
!B%C
!$ # '! $
-7 -4-<,?-7 > 38902/-.07 A,3 73 90820/;38 6-/- =- 6/04399: C8 .3 =-7 3E9-D-9: 0837
.08.3 73 D-8 - 90874/,: / =07 9:
;:38407 73 .353/B8 ==3D-/ - 6/02,8.: .-.37 > -=4,/-7
-6/06: -.-7 6-/- A,3 73-8 73<,/-7 > 4-8 :;63/;3-5=37 90;0 73- 607: 5=3 6-/- /3-=:G-/
-.39,-.-;3843 3= 4/-5-I 0 60/ 3I39,4-/ .384/0 .3 3==-7 -7 .:;387:0837 :843/8-7 .3 =-7
-4-<,? -7 > 38902/-.07 .353/B8 .3I -/ 376-9: 0 7,2:9:
3843 6-/- =- 90874/,99: C8 .3
20/;-=34-7 > =- :
876399:
C8 .3 7,7 6-/437 3E43/8-7 -7?90;0 6-/- 63/;: 4:
/ 3= 50;530 60/
2,3/- .3 -A,3==07
0 73 63/;: 4:
/B 8:8<L8 -6,84-=-;: 3840 .3 -4-<,?-7 > 38902/-.07 A,3 6,3.- 6/0.,9:
/
372,3/G0 <0=63 0 D:5/-9:
C8 38 =- 374/,94,/- 63/;-83843
= 43/;:
8-/ 3= 4/-5-I
0 .3 A,3 73 4/-43 3= 0874/,940/ .353/B .37;084-/ > /34:
/-/ =- 05/-
2-=7- .3 4-= ;-83/- A,3 80 09-7:083 8:8<L8 .-H0 -= 9:
;:3840 43/;:
8-.0
66
) "
" #
,-8.0 - I ,:
9: 0 .3= 843/D3840/ 09,//-8 9:/9,874-89: -7 A,3 80 63/;: 4-8 2,8.:/ 3= 9:
;:3840
38 7390 60./B 3E: <:/ =- 90874/,99:
C8 .3 ,8 73==0 .3 9089/340 .3 =-7 .:;387: 0837 A,3 73-8
83937-/:-7 = 9089/340 .353/B 73/ .3 =- 9=-73 .3 -9,3/.0 908 =0 .32: 8:
.0 38 374-7
37639:2:
9-9:0837
,-8.0 73 ,4: =:
938 38902/-.07 .3 6370 9087: .3/-5=3 908 3= 2: 8 .3 90;6387-/
6-/9: -=;3843 =- 6/37:C8 @:
./074B4:
9- A,3 -94L- 9084/- =- 5-73 .3= 73==0 .3 9089/340
.353/B8 6/0D33/73 -89=-I 37 37639:-=37 4-=37 90;0 376:<07 0 ==-D37 6-/- 4/-8723/:
/ 3= 6370
404-= .3= 38902/-.0 - .:
9@0 73==0
#$ J! (
@# " $ !% $
,-8.0 73 389,384/3 /09- >- 73- 38 374/-407 0 38 20/;- 7,3=4- 0 9,-=A,:3/ 04/0 ;-43/:
-=
A,3 60/ 7, .,/3G- 80 63/;: 4- 90820/;-/ ,8 =39@0 -6/06: -.0 6-/- 90=09-/ =- 4,53/? -
.:9@0 ;-43/: -= .353/B 73/ /3;0D:.0 @-74- ;B7 -5-I 0 .3 =- 904- .3 9: ;384-9: C8 >
/33;6=-G-.0 60/ ,8 ;-43/:-= .3 7,55-73 </-8,=-/ 90;6-94-.0 38 ,8 376370/ ;? 8:
;0 .3
A,:893 9384?;34/07 *$M 9;+ 74- 9-6- 73 .353/B 90;6-94-/ 90;0 ;? 8:;0 -= 80D384- >
9:890 60/ 9:3840 *#MN+ .3 =- .387: .-. ;BE: ;- 05438: .- 38 3= 387->0 ;0.: 2:
9-.0 .3
90;6-94-9: C8
-7 3E9-D-9: 0837 6-/- =- 2,8.-9: C8 .3 <-D: 0837 > ;,/07 .3 9084389: C8 .3 7,3=0
/320/G-.0 908 <3043E4:= -7?90;0 =-7 83937-/:-7 6-/- =- 90874/,99:
C8 .3 .3790=37 G-8I-7
> 05/-7 7:;:=-/37 73 .353/B8 /3-=:G-/ .3 90820/;: .-. 908 =-7 .: ;387:
0837 > .34-==37
73H-=-.07 38 =07 6=-807 0 .343/;:
8-.07 60/ 3= 843/D3840/
0 73 .353/B : 8:9:
-/ 3= 50;530 6-/- ./38-/ ,8- -4-<,? - 0 38902/-.0 73==-.0 @-74- 4-840
3= 73==0 @->- 2/-<,-.0 7,2:9:
3843;3843 6-/- /37:
74:
/ =- 6/37:
C8 @:
./074B4:
9-
* ) * ) )
# "$
68
,/-843 =- 3I
39,9:
C8 .3 =07 4/-5-I
07 3= 843/D3840/ -.3=-84-/B =07 7:
<,:
38437 9084/0=37
6/:
89:6-=37)
O 3/:
2:9-/ A,3 3= 0874/,940/ .: 7608<- .3 40.07 =07 63/;: 707 /3A,3/:
.07 6-/- =- 3I
39,9:C8
.3 =07 4/-5-I 07
O 0;6/05-/ 3= 374-.0 .3= 3A,: 60 ,4:=:
G-.0 60/ 3= 0874/,940/
O 3/:
2:9-/ =- 32:9:389: - > 73<,/:.-. .3 =07 6/093.: ;: 38407 -.064-.07 60/ 3= 0874/,940/
O :<:=-/ 3= 9,;6=: ;:3840 .3= 6/0</-;- .3 4/-5-I 0
O 3/:2:9-/ -=:83-;: 3840 63/2:= > 7399:0837 .3 =-7 B/3-7 3E9-D-.-7
O 0;6/05-/ =- =: 7,/- > 2:
/;3G- .3= 208.0 .3 =-7 3E9-D-9: 0837
O 3.: / =07 D0=L;3837 .3 4/-5-I 0 3I
39,4-.0 60/ 3= 0874/,940/ 38 -9,3/.0 - =- 6/373843
37639: 2:9-9:C8
# ( ( # $ $& C
'( !$&! ! " ( " !# (
!$
= 4/-5-I0 73 .-/B 60/ 43/;: 8-.0 9,-8.0 3= -=: 83-;: 3840 3= 63/2:
= > =- 7399: C8 .3 =-
3E9-D-9: C8 374F8 .3 -9,3/.0 908 =07 6=-807 .3= 6/0>3940 > =-7 : 874/,99:0837 .3=
843/D3840/ > F743 9087:.3/3 -.3;B7 A,3 =- 90873/D-9: C8 .3 9-,937 37 7-4:72-940/:
-
8 8: 8<L8 6,840 =- 3E9-D-9: C8 /3-=:
G-.- 60./B D-/:
-/ 908 /3763940 - =- -,40/:G-.- 60/ 3=
843/D3840/ 38 ;B7 .3 4/37 9384?;34/07 *& 9;+ 38 904- 8:38 ;B7 .3 9: 890 9384? ;34/07 *M
9;+ 38 =- =09-=:G-9:C8 38 6=-84-
**
- ,8:
.-. .3 ;3.: .- .3 =-7 3E9-D-9:
0837 D-/:
-7 73/B 3= ;34/0 9,5:90 *;&+ -6/0E:;-.0
-= ;34/0 9L5:90 90;6=340 .3 ;-43/: -= 3E9-D-.0 38 7, 607: 9:C8 0/:
<:8-= .343/;:
8-.0
.384/0 > @-74- =-7 =?
83-7 .3 6-<0 :8.:9-.-7 38 =07 6=-807 > 38 374- 37639: 2:
9-9:C8 0
-,40/:
G-.-7 60/ 3= 843/D3840/
=43/8-4:
D-
E9-D-9:
0837 D-/:
-7 7:
8 9=-7:
2:
9-/ 90 *;&+
34/0 9L5:
=43/8-4:
D-
E9-D-9:0837 D-/:
-7 38 /09- 38 7390 34/0 9L5:
90 *;&+
E9-D-9:
0837 D-/:-7 38 /09- 5-I0 -<,- 34/0 9L5:
90 *;&+
E9-D-9:
0837 D-/:-7 38 ;-43/:-= 90;L8 5-I
0 -<,- 34/0 9L5:
90 *;&+
- 4 A !J! ( # $J! (
!$ # D ! (
!" D H# # $ H ( /D 01
70
)
= 93;3840 A,3 73 ,73 6-/- 9089/3407 ;0/43/0 > =39@-.-7 73 @-/B .3 2-5/: 9-9: C8 8-9: 08-=
C/4=-8. 0=0 73 -9364-/- 93;3840 .3 9-=: .-. > 9-/-943/?74:
9-7 ,8:
20/;37 A,3 80 6: 3/.-
/37:74389:
- 60/ -=;-938-;: 38407 38 908.: 9:
0837 80/;-=37 > 38 9-70 .3 A,3 73 7,;:8:74/3 38
7-907 37407 .353/B8 73/ =07 7,2:
9:3843;3843 @3/;F4: 907 2,3/437 3 :
;63/;3-5=37 6-/- A,3 3=
93;3840 80 7,2/- -=43/-9:
0837 .,/-843 3= 4/-8760/43 ;-83I 0 > -=;-938-;: 3840
07 -</3<-.07 </,3707 > 2: 807 6-/- =- 2-5/: 9-9:C8 .3 9089/3407 .353/B8 90820/;-/73 908 =-7
37639: 2:
9-9: 0837 .3 =- .37: <8-9: C8 Q && .3 =- 8 40.0 9-70 9,-8.0 =07 -</3<-.07 80
73-8 7,;: 8:74/-.07 60/ ,8- 4/:4,/-.0/- A,3 93/4: 2:
A,3 =- 9-=:.-. .3 =07 ;:
7;07 73 6/093.3/B -
3E4/-3/=07 .3 9-843/- 0 /: C 7:37 ;-43/: -= .3 -//-74/3 6/3D:- -,40/:
G-9:C8 > D:740 5,380 .3 =-
:843/D3840/?- 38 9-70 .3 3E: 74:
/ -=<,8- .,.- 705/3 =- 9-=: .-. .3 =07 ;-43/:-=37 73 40;-/- ,8-
;,374/- > 73 38D: -/- -= =-50/-40/: 0 6-/- 7, /376394:D0 -8B=:
7:7
71
= -</3<-.0 </,370 73/B </-D- 4-;: G-.- 0 /09- 4/: 4,/-.- =-D-.- .3 =- ;3I 0/ 9-=:.-.
05438: 5=3 38 2,38437 -6/05-.-7 60/ 3= : 843/D3840/ = 9084/-4: 74- .353/B 9084/0=-/ A,3 =07
.376-9@07 .3 ;-43/: -= 73 @-<-8 .3 .343/;: 8-.- 2,3843 73-8 .3 9-=: .-. ,8: 20/;3 > D38<-8
=:
5/37 .3 =0.0 > ;-43/: -= 0/<B8: 90 =- 9-=:
.-. .3= ;-43/: -= 70;34: .0 - =- 6/,35- .3 .37<-743
38 =- ;-A,: 8- .3 =07 B8<3=37 80 .353 9-,7-/ ,8 .37<-743 7,63/: 0/ -= N 38 6370 07
4-;-H07 .3 =07 -</3<-.07 </,3707 6,3.38 D-/: -/ 384/3 e J > $ e J =0- -</3<-.07 80 6,3.38
6/37384-/ 6=-807 .3 3E20=: -9:C8 .32:8:
.07 > .3538 6/0D38: / .3 6: 3./-7 0 /09-7 .3 </-80 2:80 :
60/ .: 2:
9,=4-.37 =09-=37 2,3/- 83937-/: - -=<,8- 3E9369: C8 38 =07 =: ;: 437 -843/:
0/37 3==-7
.3538 -90/.-/73 908 3= : 843/D3840/ = 4-;-H0 .3= -</3<-.0 </,370 73/B .3 $ e J6-/- ;,/07
> =07-7 908 376370/ ;->0/ .3 9; > .08.3 80 @->- 9089384/-9: C8 4-8 </-8.3 .3 -93/0
.3 /32,3/G0 A,3 3E:I
- 3= ,70 .3 ,8 4-;-H0 ;380/ -/- ;,/07 > =07-7 908 376370/ ;380/ .3
9; 37639: -=;3843 38 =-7 D:<-7 9-8-=37 3= 4-;-H0 ;BE: ;0 6-/- 3= -</3<-.0 </,370 73/B .3
fJ
= 9084/-4:
74- 05438./B =- -/38- 38 2,38437 A,3 .3538 70;343/73 - =- -6/05-9: C8 .3=
:
843/D3840/ =- -6/05-9: C8 .3 .343/;: 8-.- 2,3843 .3 7,;: 8:
74/0 80 90874:4,>3 =- -6/05-9: C8
.3 40.0 3= ;-43/: -= 7-9-.0 .3 3==- = 9084/-4: 74- 73/B 3= /376087-5=3 .3 A,3 =- 9-=: .-. .3 =-
-/38- 73- ,8: 20/;3 =: ;6:- .387- > =: 5/3 .3 =0.0 > ;-43/: - 0/<-8: G- = 4-;-H0 .353 374-/
90;6/38.: .0 384/3 M ;; > ;; ;,> 5: 38 </-.-.0
= ;0.,=0 .3 2:8,/- .3 =- -/38- .353 374-/ 90;6/38.: .0 384/3 M > & $ 3= : 843/D3840/ @-/B
63/:C.:
9-;3843 =07 -8B=: 7:
7 .3 =-7 -/38-7 6-/- 3= 5,38 9084/0= .3 =-7 ;3G9=-7 - 05/- .353/B
.:76083/ .3 =07 3=3;38407 83937-/: 07 6-/- 2-9: =:
4-/ 37407 -8B=:7:7 = 9084/-4:74- .353/B @-93/
63/:C.:
9-;3843 =07 387->07 .3 ;,374/-7 38 =-7 -/38-7 6-/- 93/9: 0/-/73 .3 =- 508.-. .3 =-7
;: 7;-7 38 9,-840 -= 908438: .0 .3 -/9: ==- > .3 ;-43/: - 0/<B8: 9- * 8 40.0 9-70 38 L=4:;-7 73
@-/B 90820/;3 - =07 6=-807 L=4:;07 90874/,94: D07+
= -=;-938-;: 3840 .3 -</3<-.07 2:807 > </,3707 .3538 @-93/73 37639: -=;3843 6/36-/-.07
6-/- 3743 2: 8 A,3 63/;: 4-8 A,3 3= ;-43/: -= 73 90873/D3 =:5/3 .3 4: 3//- 0 .3 3=3;38407
3E4/-H07
-.- -</3<-.0 73 -=;-938-/- 736-/-.-;3843 38 20/;- 4-= A,3 73 3D: 43 =- 736-/-9: C8 0
73</3<-9: C8 .3 4-;-H07 0 73 63/;: 4:
/B =- 063/-9: C8 .3 3A,: 60 .3 4/-99: C8 908 0/,<-
705/3 6: =-7 .3 -</3<-.0 </,370 - 3E4/-99: C8 .3 =07 ;-43/:-=37 .3 =-7 6: =-7 .3 -</3<-.07 73
@-/B 38 4-= 20/;- A,3 73 3=: ;: 83 @-74- 3= ;BE: ;0 =- 736-/-9: C8 .3 =07 ;-43/: -=37 =
9084/-4:74- .353 054383/ .3= : 843/D3840/ =- -6/05-9: C8 .3 =07 -</3<-.07 -8437 .3 ,4: =:
G-/=07
-7 6:=-7 .3 =07 -</3<-.07 .353/B8 6/0D33/73 908 2-9: =:
.-.37 .3 ./38-I 37 908 -843/: 0/:.-. -
7, ,70 = 9084/-4: 74- .353/B ;-84383/ .,/-843 40.0 3= 4: 3;60 ,8 -=;-938-;: 3840 .3
-</3<-.07 A,3 =3 63/;: 4-8 3= D-9:-.0 9084: 8,0 .3 9089/340 73<L8 3= 2=,I 0 83937-/: 0 *
9,-8.0 3= 9089/340 A,3 73 D- - ,4: =:
G-/ 37 .3 6=-84- *6/3;3G9=-.0+ 73 6,3.38 05D: -/ 374-7
/390;38.-9: 0837 -.3;B7 3= 6/0D33.0/ .3= 9089/340 .353 7,;: 8:74/-/ =- 93/4:2:
9-9:C8 .3 =-
9-=:.-. .3 =07 9089/3407 @39@- 60/ ,8 =-50/-40/: 0 /390809:.0
*-6=:
9- 70=0 38 3= 9-70 A,3 3= -<,- 80 73- 40;-.- .3= -9,3.,940 ;,8:
9:6-= 0 .3 A,35/-.-
A,3 ,73 6-/- 9-64-9: C8 .3 -9,3.,940 D3/3.-=+
0 374- 6/3D:
740 3= ,70 .3 -.:4:
D07 6-/ 3= 9089/340 - ;3807 A,3 38 9-707 37639: -=37 73 -D:73
3E6/37-;3843 6/3D: - -,40/:G-9:C8 379/: 4- .3 =- : 843/D3840/? - 908 5-73 38 387->07 .3
=-50/-40/:0 0 60/ 908.: 9:0837 3E4/3;-7 .3= 9=: ;- = 7,;: 8:74/0 0 :
890/60/-9:
C8 .3 -.: 4:
D07
,7-.07 60/ 3= 9084/-4: 74- 38 7, 6/0D39@0 73/B - 90740 7,>0 *90;0 37 3= 9-70 .3 =07
-93=3/-8437 0 =07 /34-/.-8437 6-/- 3D: 4-/ =-7 .37@:
./-4-9:0837 -93=3/-.-7 .35: .0 - =-7 -=4-7
43;63/-4,/-7 A,3 73 6,3.-8 6/37384-/ 38 3= .? - > 5-I -7 43;63/-4,/-7 38 =-7 @0/-7 .3 =-
809@3
= 9084/-4:74- .353/B 7,;: 8:74/-/ 3= 3A,:60 -.39,-.0 -6/05-.0 60/ =- : 843/D3840/?- 6-/- A,3
=-7 9-84: .-.37 .3 ;-43/: -=37 90;60838437 .3= 9089/340 73 ;: .-8 -= 6370 0 -= D0=,;38 -
I,: 9:
0 .3= : 843/D3840/ A,:38 60./B 0/.38-/ A,3 73 D3/: 2:
A,3 =- 3E-94:4,. .3 =-7 5-=-8G-7
93/9: 0/-/73 A,3 80 @->- 3//0/37 .3 ;3.: .- 7,63/:0/37 -= $N 38 ;-7 0 ;3807 = -<,- 6,3.3
;3.: /73 -= 6370 0 D0=,;38 908 D-/: -9:
0837 .3 3E-94: 4,. A,3 73 ;-8438<- 60/ .35-I 0 .3 $N
-7 9-84: .-.37 .3 93;3840 -/38- -</3<-.0 </,370 > -<,- A,3 3= 9084/-4: 74- 73 6/0608<-
,7-/ 38 =-7 ;3G9=-7 6-/- =0</-/ =-7 /37: 74389:-7 37639: 2:
9-.-7 .353/B8 73/ 70;34: .-7 - =-
-6/05-9: C8 .3 =- :
843/D3840/?- 6-/- =-7 90//37608.: 38437 6/,35-7 .3 =-50/-40/: 0
- /37:
74389:
- .3 =- 90;6/37:
C8 A,3 73 3E:
<:/B8 - =07 9089/3407 73/B8 38 <383/-= =-7 7:
<,:
38437)
-/- .?
-7)
• =-73 )& 67:X $ g<S9; && h< .3 93;3840 60/ ;& .3 9089/340
• =-73 ) M 67:X $ M g<S9; # h< .3 93;3840 60/ ;& .3 9089/340
• =-73 ) 67:X $ g<S9; MU h< .3 93;3840 60/ ;& .3 9089/340
• =-73 ) $M 67:X $ M g<S9; h< .3 93;3840 60/ ;& .3 9089/340
• =-73 ) : 9=C630 9089/340 9=-73 908 : 89=,7:
C8 .3 ,8 N .3 6: 3./- 38 D0=,;38
8 9-707 6-/4: 9,=-/37 38 A,3 73 /3A,: 3/38 /37: 74389:-7 7,63/:0/37 0 .: 23/38437 - =-7
;389: 08-.-7 73 : 8.:9-/-8 38 =07 6=-807 > 38 =07 20/;,=-/: 07 .3 9-84:
.-.37 .3 05/-
- /3=-9: C8 .3 -<,- 93;3840 73 9084/0=-/- 908 =- 6/,35- .3 J =,;6K =- 9,-= .353/B
-I ,74-/73 - =0 37639:2:
9-.0 38 3= -6-/43 7:<,: 3843)
087: 74389:- > ;-83I -5:=:
.-.) * =,;6+ 80 73 63/;: 4:
/B8 38 9089/3407 908 3E9370 .3 -<,- 0 7:
38 -=<L8 ;0;3840 3= 9089/340 4: 383 ,8- 9087: 74389: - ;B7 -==B .3 =07 =:
;:437 37639: 2:
9-.07
73/B /39@-G-.0 0 73 63/;: 4:/B A,3 -<,- -.: 9: 08-= 73- -</3<-.- 60/ =07 05/3/07 0
90874/,940/37 .3 =07 9-;: 0837 ;3G9=-.0/37 7:=07 @,5: 3/3 - ;3807 A,3 3==0 73- 70=:9:4-.0 6/0
=- : 843/D3840/? - 38 9-707 37639: -=37 = @39@0 .3 80 9,;6=: / 908 37407 /3A,: 7:407 73/B
I,74:2:
9-9: C8 6-/- /39@-G-/ 3= 9089/340
(
73
-9 . =* ) *
* )
743 4/-5-I
0 9087: 743 38 =- 3=-50/-9:
C8 4/-8760/43 90=09-9: C8 > D:
5/-.0 .3 ,8- ;3G9=-
.3 9089/340 @: ./B,=:90 90;0 374/,94,/- .3 6:70 6-/- 3= 60=:
.360/4: D0 908 0 7:8 /32,3/G0'
=- 3I39,9: C8 .3 I,84-7 3= -9-5-.0 3= 9,/-.0 > .3;B7 -94: D:.-.37 83937-/: -7 6-/- 7,
90//394- 90874/,99: C8 .3 -9,3/.0 908 =07 -=:83-;: 38407 904-7 7399: 0837 > 376370/37
:8.: 9-.07 38 =07 6=-807 .3= 6/0>3940 0 .343/;:8-.07 60/ 3= 843/D3840/
74-/B 90820/;-.0 60/ ,8- ;3G9=- @0;0<F83- .3 93;3840 -<,- -</3<-.07 2: 80 >
</,370 > -.:4:
D07 9,-8.0 37407 L=4:
;07 73 /3A,:
3/-8 ;-43/:
-=37 A,3 .353/B8 9,;6=:
/ =07
7:
<,:38437 /3A,:7:
407 5B7:
90
74
D #
= 93;3840 ,4: =:
G-.0 73/B 0/4=-8. .3 ;-/9- -6/05-.- 02: 9:-=;3843 3= 9,-= .353/B
9,;6=:/ =0 37639: 2:
9-.0 38 =- 80/;- ! M :=07 .09,;38407 .3= 6/0>3940 0 ,8-
37639:2:9-9: C8 6-/4:9,=-/ 80 73H-=-8 -=<0 .:
23/3843 73 3;6=3-/B 3= .380;:
8-.0 : 60
B%!
= -<,- A,3 73 3;6=33 6-/- =- ;3G9=- 0 6-/- 3= 9,/-.0 .3= 6-D:;3840 .353/B 73/ =:
;6:-
> =:
5/3 .3 -93:437 B9:.07 -GL9-/ ;-43/:- 0/<B8: 9- > 9,-=A,:
3/ 04/- 7,74-89:
- 63/I
,.:9:
-=
-= 6-D:;3840 43/;: 8-.0 8 <383/-= 73 9087: .3/- -.39,-.- 3= -<,- A,3 73- -64- 6-/-
3= 9087,;0 @,;-80
= 6! ;3.:
.0 73<L8 80/;- O$ #& 80 60./B 73/ :
823/:
0/ - 9:
890 *M+
= 908438:
.0 .3 7,=2-407 3E6/37-.0 90;0 X 80 60./B 73/ ;->0/ .3 ,8 </-;0 60/ =:
4/0
*$<S=+ , .343/;:8-9: C8 73 @-/B .3 -9,3/.0 908 =- 80/;- OM$U
, 908438:
.0 .3 : C8 9=0/0 .343/;:
8-.0 73<L8 80/;- OM$ 80 60./B 3E93.3/ .3
73:
7 </-;07 60/ =:
4/0 *U <S=+
B B! '(
#
= -</3<-.0 2:
80 .353/B 9,;6=:
/ 908 =07 7:
<,:
38437 /3A,:
7:407)
! # #( $%$!# (
!$& % ((
!" $
V
N
.3;B7 80 73 63/;: 4:
/B 3= 3;6=30 .3 -/38- A,3 38 3= 387->0 90=0/:
;F4/:
90 6-/-
.34399:C8 .3 ;-43/:
-
0/<B8:9- 73<L8 80/;- .3 387->0 O $ 6/0.,G9- ,8 90=0/ ;B7 079,/0 A,3 3= .3 =-
;,374/- 6-4/C8
75
! (J( !
: Y 9,-8.0 ≥
: Y &M i M 9,-8.0 j
!#%" D C !
- 9,/D- </-8,=0;F4/:
9- .3= -</3<-.0 2:
80 .353/B 389084/-/73 .384/0 .3 =07 =?
;:437 A,3
73 73H-=-8 - 9084:
8,-9:C8)
( %
0/;-= =43/80
# M ;; &S K $
M ;; 0 #MO$
&U ;; 0 O$
$ $ ;; 0 $U M O M
U µ; 0& MOU
& µ; 0M $ O&
$M µ; 0$ O$
8 8:
8<L8 9-70 3= -</3<-.0 2:80 60./B 4383/ ;B7 .3 9,-/384- > 9:
890 60/ 9:
3840 * MN+
.3 ;-43/:
-= /3438:
.0 384/3 .07 4-;:
937 908739,4:D07
,/-843 3= 63/?
0.0 .3 90874/,99:C8 80 73 63/;: 4:
/B8 D-/:
-9: 0837 ;->0/37 .3 38 3=
;C.,=0 .3 2: 8,/- 908 /3763940 -= D-=0/ 90//37608.:3843 - =- 9,/D- -.064-.- 6-/- =-
2C/;,=- .3 4/-5-I0
!$! $ J! (
""
!$ %#(
@#
.:
=-4-9:C8 3= 3E4/3;0 90//37608.:3843 - =- 6-/43 4/-4-.- 73 6/043<3/B 908 ,8- 9B67,=-
.3 =08<:
4,. 90;6/38.: .- 384/3 9:
89,384- > 9:38 ;: =?
;34/07 *M ;;O$ ;;+
-7 D-/:
==-7 .3 @:
3//0 A,3 73 ,4:
=:
938 6-/- ,8:
C8 0 -89=-I
3 73/B8 90//,<-.-7
-7 9-/-943/?
74:9-7 > .:
;387:
0837 .3 =07 6-7-.0/37 > =-7 D-/:
==-7 .3 ,8:
C8 73/B8 =-7
:
8.: 9-.-7 38 =07 .09,;38407 .3= 6/0>3940
% $E%C D ( $&! ! % !
:7, ,4:
=:
G-9:C8 374B 6/3D:74- 38 =07 .09,;38407 .3= 6/0>3940 73 3;6=3-/B ,8 6/0.,940
A,?;: 90 .3 /390809: .- 9-=: .-. A,3 -6=:9-.0 ;3.: -843 -763/7:
C8 705/3 =- 7,63/2:
9:3 .3=
6-D:;3840 <-/-84: 93 3= 90//3940 9,/-.0 .3 F743 = 6/0.,940 60/ ,4:=:
G-/ .353/B 7-4:72-93/
40.-7 =-7 37639:2:
9-9: 0837 .3 9-=: .-. A,3 :
8.:A,3 7, 2-5/:
9-843
D !#!$&! ! "
! $ &! ! (
@# "&!J(
D # &! ! " % !
) "
"!# &! ! "
!$ %# !$
= ;-43/:
-= 73==-843 6-/- =- 6-/43 7,63/:0/ .3 =-7 I
,84-7 .3= 6-D:
;3840 .353/B -73<,/-/ =-
374-8A,3: .-. .3 =-7 ;: 7;-7 > 73/ /37:
743843 - =- -</37:C8 .3 -<38437 3E43/807 6-/- =0
9,-= .353/B 63/;-8393/ -.@3/: .0 - =07 50/.37 .3 =-7 =07-7
= ;-43/:
-= 73==-843 60./B 374-/ 90874:
4,:
.0 60/)
5 3G9=-7 6=B74:
9-7 .3 -6=:
9-9: C8 38 2/?
0 0 9-=: 3843 9,>07 90;60838437 6/: 89:6-=37 708
9-,9@07 > -72-=40 38 6/060/9: 0837 D-/:-5=37 8 3743 9-70 3= 0874/,940/ .353/B
:
8.:9-/ =-7 6/060/9:0837 .3 =07 ;-43/:-=37 > =07 /37,=4-.07 .3 =07 387->07 .3 9-=:
.-.
63/4:
838437
= ;-43/:
-= A,3 73 ,73 6-/- 3= /3==380 .3 =-7 I
,84-7 .3 .:=-4-9:C8 .353/B 4383/ =- 7,2:9:3843
90;6/37: 5:=:
.-. 6-/- 63/;: 4:
/ =- .: =-4-9:
C8 .3 =-7 =07-7 7:
8 2=,:
/ @-9:
- 3= 3E43/:
0/ -7?90;0
9-6-9: .-. 6-/- /39,63/-/ =- ;->0/ 6-/43 .3 7, D0=,;38 -= .3790;6/: ;:/73 0
-570/53/B -<,- .3= 9089/340 2/3790 > 73/B =0 7,2: 9:3843;3843 : ;63/;3-5=3 6-/- : ;63.: /
=- 63834/-9: C8 .3= -<,- .3= 3E43/: 0/ , 376370/ 374-/B 90;6/38.: .0 384/3 A,: 893 >
.:39:09@0 ;: =?
;34/07 *$M;;O$ ;;+
2
77
07 6/:
89:
6-=37 3=3;38407 /3A,3/:
.07 6-/- =- 3I
39,9:
C8 .3 =07 4/-5-I
07 708 =07 7:
<,:
38437)
E%(
& &! ! "
! "
! ! (
@# !B B! $ "
! '! ( ! (
@# " #
-/- =- 3=-50/-9:
C8 .3 =07 -</3<-.07 6F4/307 73 /3A,: 3/38 3A,: 607 6-/- 7, 3E6=04-9: C8
9-/<,3 4/-8760/43 > 6/09370 - ,8: .-. .3 6/09370 9087: 74:/B 38 ,8- ,8: .-.
9=-7:
2:9-.0/- > .3 73/ 83937-/:0 ,8- 6=-84- .3 4/:4,/-9: C8 6/0D: 74- .3 4/:
4,/-.0/-7
6/:
;-/: - 739,8.-/:- > 43/9:
-/:
- 7:3;6/3 A,3 374- L=4: ;- 73 /3A,: 3/- -7?90;0 ,8 3A,: 60
.3 =-D-.0 - 6=-84- .353/B 374-/ 6/0D: 74- .3 =07 2:
=4/07 83937-/: 07 6-/- 9084/0=-/ =-
9084-;: 8-9:
C8 -;5: 384-= .3 -9,3/.0 908 =- /3<=-;384-9: C8 D: <3843
D !" !$
-7 20/;-=34-7 6-/- =- 90874/,99: C8 80 .353/B8 4383/ ,8- =08<:4,. ;380/ .3 4/37 ;34/07
*& ;+ > 7, -=4,/- 73/B :
<,-= -= 376370/ .3= 6-D:
;3840 60/ 90874/,:/ 353/B8 4383/ =-
7,2:9:3843 /:
<:.3G 6-/- A,3 80 73 .320/;38 .,/-843 =- 90=09-9: C8 .3= 9089/340 > 7:D-8 -
73/D:/ 90;0 /:3=37 6-/- 3= .376=-G-;:3840 .3 3A,:607 6-/- 80 .320/;-/73 5-I 0 =-
9:/9,=-9:C8 .3 =07 ;: 7;07
- 2:
I-9:
C8 .3 =-7 20/;-=34-7 -= 7,3=0 73 @-/B ;3.: -843 6-7-.0/37 .3 -89=-I3 A,3 :
;6:
.-8
9,-=A,:3/ .376=-G-;: 3840 D3/4:
9-= , @0/:G084-= .35:38.0 374-/ 736-/-.07 90;0 ;BE:;0
,8 ;34/0 *$ ;+ > 3E: 74:
38.0 -= ;3807 ,80 *$+ 38 9-.- 3E4/3;0 .3 =-7 20/;-=34-7 0 38 =-
,8:C8 .3 =-7 ;:
7;-7
E%(
& &! ! "
! #$ % (
@# "&!J(D #
74-/B :
843</-.0 60/ ,8- 3E438.3.0/- A,3 .3I -/B 3= 9089/340 2/3790 /36-/4:.0
,8:20/;3;3843',8- 43/;: 8-.0/- 4/-87D3/7-= 908 3=3;38407 .3 38/-73 90;6-94-9: C8 60/
D:5/-9:C8 > -=:
7-.0 4/-87D3/7-='> ,8- 43/;:
8-.0/- =08<: 4,.:
8-= A,3 /3-=: 93 3= -=:
7-.0 38
.:9@0 7384:.0
78
07 D:
5/-.0/37 7,63/2:9:-=37 .353/B8 4383/ ,8- 2/39,389: - 80 :
823/:
0/ - 4/37 ;:
= A,:
8:38407
*& M + 9:9=07 60/ ;:8,40 > =07 :
843/807 .3 9:890 ;: = *M + 9:
9=07 60/ ;: 8,40 - -;6=: 4,.
.3 =- D:
5/-9:C8 .353 73/ 7,2: 9:
3843 6-/- 73/ D:
7:5=3 38 =- 7,63/2:
9:3 .3= 9089/340 > <383/-/
,8- 08.- - 4/379: 38407 ;:=?
;34/07 *& ;;+ .3= D: 5/-.0/
-/- =- 3I
39,9:
C8 .3 =-7 I
,84-7 38 2/3790 73 3;6=3-/B ,8 3A,: 60 908 9,9@:==-7 D:
5/-8437 0
60./B8 3;6=3-/73 .:
7607: 4:
D07 6-/- =- :
873/9:
C8 .3 4:
/-7 9084:
8,-7 .3 6=B74:
90
:=-7 I
,84-7 73 3I39,4-8 705/3 3= 9089/340 38.,/39: .0 73 3;6=3-/B8 7:3//-7 9,>0 .:790
/3A,: 3/3 =- -6/05-9:C8 6/3D:
- .3= 843/D3840/ 38 =0 /3=-9:08-.0 908 3= ;-43/: -= 376370/ >
.:B;34/0 = 8L;3/0 83937-/: 0 .3 7:
3//-7 73 .343/;:8-/B ;3.: -843 387->07 .3 D3=09:.-.
.3 90/43 .3= 9089/340 3;6=3-.0 38 =- 90874/,99: C8 .3= 6-D:
;3840
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08 7,2:9:
3843 -843=-9: C8 -= :
8:9:0 .3 =07 4/-5-I 07 3= 0874/,940/ 7,;:8:
74/-/B -= 843/D3840/
6-/- 7, D3/:
2:
9-9: C8 ;,374/-7 /36/37384-4: D-7 .3 =07 -</3<-.07 93;3840 -<,- >
3D384,-=37 -.: 4:
D07 60/ ,4:
=:
G-/ -D-=-.-7 60/ =07 /37,=4-.07 .3 387->07 .3 =-50/-40/: 0 A,3
<-/-84:938 =- 908D38: 389: - .3 3;6=3-/=07 38 3= .: 73H0 .3 =- ;3G9=-
O -7 .07:
2:
9-9:0837 .3 93;3840 -<,- =:
5/3 > 3D384,-=37 -.:
9:0837 60/ ;34/0 9L5:
90
*;&+ .3 9089/340 2/3790
O - 9087:
74389:
- .3= 9089/340
O = 4:
60 9=-73 0 9-43<0/?
- .3= 93;3840 > 7, ;-/9-
O = 4:
60 -570/9:
C8 0 4-;-H0 ;BE:
;0 .3= -</3<-.0 </,370
O = ;C.,=0 .3 2:
8,/- .3= -</3<-.0 2:
80 38 ;B7 .3 .07 .F9:
;-7 * +
O - 8-4,/-=3G- 0 6/060/9:
C8 .3 =07 -.:
4:D07
07 387->07 .3 /37:
74389:- 73 ==3D-/B8 - 9-50 705/3 6/0534-7 6/093.38437 .3 9,-4/0 * +
-;-7-.-7 .: 23/38437 .3 9089/340 9082399: 08-8.0 73/: 37 .3 9,-4/0 * + 6/0534-7 60/
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7407 387->07 4:
3838 60/ 05I340 D3/:2:
9-/ A,3 908 =07 ;3.:07 .:
7608:
5=37 38 =- 05/- /37,=4-
607:5=3 2-5/:
9-/ ,8 9089/340 .3 =-7 9-/-943/?74:
9-7 3E:
<:.-7
3= 4/-5-I 0 7-4:
72-940/:0 73 3E4/-3/B8 73: 7 *U+ 4374:
<07 9:
=?
8./:907 - =07 9:89,384- > 9,-4/0
*M + .? -7 .3 =- 6,374- 38 05/- 6-/- =- .343/;: 8-9:C8 .3 =- /37:
74389: - .3= 9089/340
9-.- ,80 .3 =07 9,-=37 .: 74-/B .3= ;B7 6/CE: ;0 9,-8.0 ;3807 7: 343 ;34/07 * ;+ 38
7384: .0 =08<: 4,.:8-= > 374-/B 736-/-.0 ;B7 .3 A,: 8:
38407 ;:=?
;34/07 *M ;;+ .3
9,-=A,: 3/ I
,84- 0 50/.3 7407 4374: <07 73 387->-/B8 - 4/-99: C8 :
8.: /394- * O $$+ - =-
3.-. .3 9: 89,384- > 73: 7 *MU+ .?-7 =,3<0 .3 73/ 70;34: .07 - 9,/-.0 @L;3.0 .,/-843 =-7
9,-/384- > 09@0 * + @0/-7 6/3D: -7 -= 387->0
"
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= 93;3840 38 7-907 73 .353/B -=;-938-/ 38 7:
4:
07 73907 > -:
7=-.07 .3= 7,3=0 38 -906:
07
.3 80 ;B7 .3 7:343 ;34/07 * ;+ .3 -=4,/-
0.0 93;3840 A,3 438<- ;B7 .3 .07 * + ;3737 .3 -=;-938-;: 3840 38 7-907 0 4/37 *&+
38 7:=07 .353/B 73/ 3E-;:
8-.0 60/ 3= 843/D3840/ 6-/- D3/:
2:
9-/ 7:-L8 37 7,79364:
5=3 .3
,4:
=:
G-9: C8
F$ %"!$
-7 5B79,=-7 6-/- 3= 637-I3 .3 =07 ;-43/:
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;- .3 ,80
60/ 9:
3840 *l$N+ 3 9-=: 5/-/B8 9-.- D3G A,3 3= 843/D3840/ =0 9087:.3/3 83937-/:
0>
90;0 ;? 8:;0 9-.- A,: 893 *$M+ .? -7
% (@# "
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8 =-7 I
,84-7 =08<:4,.:8-=37 /37,=4-8437 .3 90=09-/ ,8- 2/-8I
- .3 9089/340 9084/- 04/- >-
90874/,: .- 73 -6=:9-/B -= 9-840 .3 F74- ,8 6/0.,940 A,3 3D: 43 =- -.@37:
C8 .3= 9089/340
8,3D0 908 3= -84: <,0
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-=D0 A,3 73 :
874-=3 ,8 3A,:
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8-9:C8 A,3 /37,=43 :
.C830 - I
,:9:
0 .3= 843/D3840/ =-
90=09-9:C8 .3= 9089/340 73 7,7638.3/B 908 7,2:
9:3843 -84:9:6-9:
C8 6-/- A,3 =-7
063/-9:0837 .3 -9-5-.0 73 6,3.-8 9089=,: / 908 =,G 8-4,/-=
8 6-D:
;38407 .374:8-.07 - 73/D:
/ 4/B87:
40 =:
<3/0 0 38 =,<-/37 A,3 60/ 7, 20/;- 0 ,5:
9-9:
C8
80 63/;:4-8 3= 3;6=30 .3 ;BA,:8-7 3= 38/-7-.0 60./B 32394,-/73 908 ==-8-7 ;-8,-=37
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83
,/-843 3= 4:
3;60 .3 2/-<,-.0 3= 9089/340 .353/B 73/ 6/043<:
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==,D:- =- :
870=-9:
C8 .:/394- 3= D:
3840 > =- @,;3.-. -;5: 3843 5-I-
8 F609-7 ==,D:07-7 3= 843/D3840/ 60./B 3E: <:/ -= 0874/,940/ =- 90=09-9: C8 .3 ;-43/: -=37
:;63/;3-5=37 705/3 3= 9089/340 2/3790 @-74- A,3 -.A,: 3/- =- /37:
74389:
- 7,2:
9:3843 6-/-
A,3 3= -9-5-.0 7,63/2: 9:-= 80 73- -2394-.0 60/ =- ==,D:
- :3= 0874/,940/ 80 -4: 38.3 374-
7,<3/389:- > =-7 =07-7 7,2/38 .37=-D-.0 60/ 4-= 323940 .353/B 70;343/ =- 7,63/2: 9:
3-
/-8,/-.0 4/-87D3/7-= - 7, 9074- > - 6=38- 7-4: 72-99:C8 .3= 843/D3840/
,/-843 3= 63/?
0.0 .3 6/04399: C8 A,3 38 <383/-= 80 73/B :
823/:
0/ - 4/37 *&+ .?-7 - 6-/4:
/
.3 =- 90=09-9:C8 .3= 9089/340 374-/B 6/0@:5:.0 40.0 4:
60 .3 4/B87:40 705/3 F= 3E93640 3=
83937-/:0 6-/- 3= -73//-.0 .3 =-7 I
,84-7 9,-8.0 73 3;6=338 7:3//-7 ;39B8: 9-7
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D ( $E% ' D !# & "C %"
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,-8.0 3= 9,/-.0 73 /3-=: 93 908 6/0.,9407 .3 3743 4:60 3==07 73 .353/B8 -6=: 9-/
:
8;3.: -4-;3843 @->-8 9089=,: .0 =-7 =-50/37 .3 90=09-9:C8 > -9-5-.0 .3= 9089/340 > 3=
-<,- =:5/3 .3 =- 7,63/2:9:
3 @->- .37-6-/39: .0 90;6=34-;3843 : 8 3;5-/<0 5-I 0
908.: 9:0837 -;5: 384-=37 -.D3/7-7 .3 5-I- @,;3.-. /3=-4: D- -=4-7 43;63/-4,/-7 2,3/437
D:38407 0 ==,D:
-7 3= 6/0.,940 .353/B -6=: 9-/73 -8437 .3 9,;6=: /73 .:9@0 6=-G0
= 6/0.,940 .3 9,/-.0 A,3 73 3;6=33 .353/B 9,;6=: / =-7 37639:2:9-9: 0837 .-.-7 60/ 3=
2-5/:9-843 > =- .07:
2:
9-9:C8 .3 37407 6/0.,9407 73 @-/B 7: <,: 38.0 =-7 :
874/,99: 0837 .3=
;: 7;0 , -6=: 9-9:C8 73 ==3D-/B - 9-50 908 3A,: 607 A,3 -73<,/38 7, -763/7: C8 90;0 ,8
/09?0 2:
80 .3 20/;- 9084: 8,- > ,8:20/;3 = 3A,: 60 -763/70/ .353/B 374-/ 38 9-6-9: .-.
.3 ;-84383/ 3= 6/0.,940 38 7,76387: C8 > 438./B ,8 .:7607: 4:
D0 A,3 63/;: 4- 9084/0=-/ =-
9-84: .-. -6=:9-.- .3 =- ;3;5/-8-
6/0E:;:.-.37 .3 =-7 I
,84-7 9,-8.0 3==-7 >- @->-8 7:
.0 73==-.-7 908 ,8 6/0.,940
5:4,;:8070
0 73 63/;:
4:/B =- ,4:
=:
G-9:
C8 .3 6/0.,9407 A,3 20/;38 63=?
9,=-7 9,>0 90=0/ 73- 83</0
%! & I%D !
:
384/-7 ==3<- 3= ;0;3840 .3 90=09-/ 3= 6/0.,940 6/043940/ =- 7,63/2:
9:3 .3= 6-D: ;3840
73 ;-8438./B @L;3.- -6=: 9-8.0 -<,- 38 20/;- .3 /09?0 2:
80 > 8,89- 38 20/;- .3
9@0//0 07 ;-43/: -=37 ,4:
=:
G-.07 38 3= 9,/-.0 73 ;-8438./B8 7-4,/-.07 40.0 3= 4:
3;60
A,3 .,/3 3= 9,/-.0
0 73 63/;:
43 3= 3;6=30 .3 6/0.,9407 A,3 -4-A,38 0 .390=0/38 3= 9089/340
* $' D !" !
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8 =-7 I
,84-7 4/-87D3/7-=37 3= 9089/340 38.,/39:.0 73 -73//-/B .3 20/;- > 38 :874-843 4-=37
A,3 3= 50/.3 .3 =- /-8,/- 73- =:;6:0 > -8437 .3 A,3 73 6/0.,G9-8 </: 34-7 .3 /34/-99:C8 38
=- 7,63/2:
9:3
-7 I
,84-7 =08<: 4,.:
8-=37 6,3.38 -73//-/73 38 9,-=A,:3/ ;0;3840 .376,F7 .3
4/-879,//:
.-7 D3: 84:
9,-4/0 * + @0/-7 .3 90874/,:.0 3= 6-D:
;3840 7: 3;6/3 A,3 73 -73<,/3
A,3 80 9: /9,=-/B 8:
8<L8 4/B2:
90 8:7:
A,: 3/- .3 05/- @-74- A,3 73 @->- @39@0 374-
063/-9: C8
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,84-7 73 =:
;6:
-/B8
9,:.-.07-;3843 3= 208.0 > =07 50/.37 .3 =- /-8,/- ;3.: -843 6/093.: ;:38407
7-4:
72-940/:07 6-/- 3= 843/D3840/ > 73 -6=:
9-/B ,8 /:3<0 .3 =:<- 38 =07 50/.37 9,-8.0 =0
/3A,:3/- 3= 4:
60 .3 ;-43/: -= 60/ 3;6=3-/
85
0743/:
0/;3843 73 90=09-/B 3= ;-43/: -= .3 73==0 6/3D:
740 38 =07 .09,;38407 .3= 6/0>3940
9,:.-8.0 =- =:
;6: 3G- .3 =- 063/-9:C8 /390<: 38.0 =07 3E93707 .3= ;-43/:-= .3 73==0 >
40;-8.0 6/39-,9: 0837 6-/- 3D: 4-/ A,3 =- I
,84- 73==-.- A,3.3 908 ;38: 790 908D3E0 0
6/373843 70=,9:0837 .3 9084:8,:
.-. 38 =07 50/.37
= 6-D:
;3840 73 .-/B -= 73/D:9:
0 9,-8.0 3= 9089/340 @->- -=9-8G-.0 ,8- /37: 74389:
--
2=3E04/-99:C8 .3= 09@384- 60/ 9:3840 * N+ .3 =- 37639: 2:
9-.- - D3: 84:
09@0 * + .? -7
2-=4- .3 374- :
820/;-9: C8 3= 6-D:;3840 73 60./B -5/:/ -= 4/B87:
40 7C=0 .376,F7 .3
4/-879,//:
.07 .: 3G *$ + .?
-7 .37.3 =- 90=09-9:
C8 .3= 9089/340
:,8- =07- 6/37384- ,8- 70=- 2: 7,/- 6-/-=3=- 0 63/638.:9,=-/ - ,8- .3 =-7 I
,84-7 3=
843/D3840/ 60./B -,40/:G-/ 7, /39:50 7:.:
9@- 2:7,/- 63/;:
43 73/ 73==-.- 32394:D-;3843
:
9@0 73==0 73/B 32394,-.0 - 9074- .3= 0874/,940/
:73 6/37384-8 2:
7,/-7 .3 04/- 8-4,/-=3G- 90;0 =-7 .3 37A,: 8- 3= 843/D3840/ 60./B
-9364-/=- 6/3D:0 73==-.0 , 0/.38-/ 7, .3;0=:9:
C8 6-/9: -= > /390874/,99:
C8 0.-7 =-7
063/-9: 0837 - A,3 @->- =,<-/ 90//3/B8 60/ 9,384- .3= 0874/,940/
#$ J! (
@#
= 6-D:
;3840 .3 9089/340 @: ./B,=:
90 .353/B 73/ ;-8438: .0 38 63/2394-7 908.:
9:0837 60/
3= 0874/,940/ @-74- 3= /39:
50 .32: 8:
4:D0 .3 =07 4/-5-I
07
* ) * ) )
# "$
,/-843 =- 3I
39,9:
C8 .3 =07 4/-5-I
07 3= 843/D3840/ -.3=-84-/B =07 7:
<,:
38437 9084/0=37
6/:
89:6-=37)
O 3/:
2:
9-/ 3= 374-.0 > 2,89:
08-;:
3840 .3 40.0 3= 3A,:
60 3;6=3-.0 60/ 3= 0874/,940/
O 74-5=393/ 90//3=-9:
0837 384/3 =- /37:
74389:- - 2=3E04/-99:
C8 > =- /37:
74389:
- - 4/-99:
C8
:8.:
/394- 6-/- 3= 9089/340 908 3= 9,-= 73 90874/,>3 3= 6-D:
;3840
O :<:
=-/ =- /3<,=-/:
.-. 38 =- 6/0.,99:C8 .3 =07 -</3<-.07 > =- ;3G9=- .3 9089/340
.,/-843 3= 63/?0.0 .3 3I39,9: C8 .3 =-7 05/-7
O 0;-/ 904:.:
-8-;3843 ;,374/-7 .3 =- ;3G9=- A,3 73 3=-50/3 6-/- .343/;:
8-/ 7,
/37:
74389:
- - 2=3E04/-99:
C8
O 3-=:
G-/ ;3.:
.-7 6-/- =3D-84-/ 63/2:
=37 ;3.:
/ =- 43E4,/- 7,63/2:
9:-= > 90;6/05-/ =-
,8:
20/;:.-. .3 =- 7,63/2:
9:3
07 0/:
2:
9:07 A,3 .3I38 =07 8L9=307 40;-.07 60/ 3= 843/D3840/ 6-/- .343/;: 8-/ 3= 376370/
.3= 6-D:;3840 > 04/07 9084/0=37 - A,3 @->- =,<-/ 73/B8 /3==38-.07 60/ 3= 0874/,940/ 7:8
90740 -=<,80 6-/- =- 384:
.-. 9084/-4-843 908 ,8- ;3G9=- .3 : <,-=37 9-/-943/?
74:
9-7 A,3
=- 3;6=3-.- 38 =- 90874/,99: C8 .3= 6-D:;3840 =- 9,-= .353/B 73/ 90//394-;3843
90;6-94-.- > 38/-7-.-
# ( ( # $ $& C
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3;6/3 A,3 73 438<- -=<,8- 707639@- 705/3 7, 9-=:.-. 73 .343/;:
8-/B8 7, 6! > 7,7
908438:
.07 .3 ;-43/:- 0/<B8:
9- 7,=2-407 > 9=0/,/07
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O = .37<-743 38 =- ;BA,:
8- .3 07 8<3=37 73<L8 =- 80/;- O $
O -7 6F/.:
.-7 38 3= 387->0 .3 70=:
.3G 38 7,=2-40 .3 70.:
0 0 .3 ;-<837:
0 .3 -9,3/.0 908
=- 80/;- O
O = 3A,:
D-=3843 .3 -/38- .3= -</3<-.0 2:
80 -6=:
9-8.0 =- 80/;- O$&&
87
O = 908438:
.0 .3 ;-43/:
- 0/<B8:
9- .3= -</3<-.0 2:
80 ;3.:
-843 3= 387->0 90=0/:
;F4/:
90
73<L8 80/;- .3 387->0 O $
O - 9089384/-9:
C8 .3 : > =- /3.,99:
C8 .3 -=9-=:
8:.-. .3 =07 -</3<-.07 2:
80 > </,370
.3 -9,3/.0 908 =- 80/;- O &
!"
(! &!$! $> J! (
""
!$ %#(
@#
-.- D3G A,3 =0 9087:.3/3 908D38: 3843 3= 843/D3840/ 32394,-/B =-7 6/,35-7 83937-/:-7
6-/- D3/:
2:
9-/ A,3 =- 9-=:
.-. .3= @:
3//0 3;6=3-.0 /37608.3 - =-7 3E: <389:-7 .3= 6/0>3940
% $E%C
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0/ 9-.- 9: 89,384- ;34/07 9L5: 907 *M ;&+ 73 40;-/B ,8- ;,374/- 90;6,374- 60/
9,-4/0 * + 37639? ;3837 908 =07 9,-=37 73 2-5/:9-/B8 6/0534-7 6/: 7;B4:9-7 6-/- 387->07
.3 /37:74389:- - 2=3E04/-99: C8 * O $ + .3 =-7 9,-=37 73 2-==-/B8 .07 * + - 7:
343 * + .?
-7
> .07 * + - D3: 84:09@0 * + .? -7 =,3<0 .3 73/ 70;34: .-7 -= 9,/-.0 80/;-=: G-.0 07
D-=0/37 .3 /37:74389:- - 7:343 * + .?-7 73 3;6=3-/B8 L8: 9-;3843 6-/- 9084/0=-/ =-
/3<,=-/:.-. .3 =- 9-=: .-. .3 =- 6/0.,99: C8 .3= 9089/340 ;: 384/-7 A,3 =07 05438:.07 -
D3:84:
09@0 * + .? -7 73 3;6=3-/B8 38 =- 90;6/05-9: C8 .3 =- /37: 74389:
- .3= 9089/340
= 6/0;3.: 0 .3 =- /37:
74389:- .3 =07 .07 * + 37639: ;3837 40;-.07 7: ;,=4B83-;3843 .3 =-
;: 7;- ;3G9=- 73 9087: .3/- 90;0 ,8 387->0 :8<L8 D-=0/ .3 387->0 60./B 374-/ - ;B7
.3 .07 * + g<S9; 60/ .35-I 0 .3 =- /37:
74389:
- - 2=3E04/-99:C8 37639:2:
9-.- 60/ 3=
.: 73H-.0/ > 3= 6/0;3.: 0 .3 9,-=A,: 3/ </,60 .3 9,-4/0 * + 387->07 908739,4: D07 .353/B
73/ :<,-= 0 ;->0/ A,3 =- /37: 74389:- - 2=3E04/-99:C8 37639: 2:
9-.- 60/ 3= .:73H-.0/ ;B7 .07
g:=0</-;07 60/ 9384? ;34/0 9,-./-.0 * g<S9; +
7407 4374:
<07 .353/B8 73/ 40;-.07 -8437 .3 =07 9:89,384- > 9,-4/0 *M + .?-7 .3 =- 6,374-
38 05/- .3= 9089/340 > 73 387->-/B8 - 4/-99:C8 :8.:/394- * O $$+ - =- 3.-. .3
9:89,384- > 73:7 *MU+ .?
-7 =,3<0 .3 @-53/ 7:.0 90873/D-.07 .,/-843 9,-/384- > 09@0
* + @0/-7 38 9,/-.0 @L;3.0
= D-=0/ ;3.:0 .3 =07 /37,=4-.07 .3 37407 387->07 73 90;6-/-/B 908 3= D-=0/ ;3.:0
05438: .0 908 =07 4374:<07 3E4/-?.07 .3= 4/-;0 .3 6/,35- ;389: 08-.0 38 374-
37639: 2:9-9:
C8 :3= D-=0/ : <,-=- 0 7,63/- 3= 05438:.0 38 3= 4/-;0 .3 387->0 73
9087: .3/-/B -9364-5=3 =- /37: 74389:- .3= 9089/340 5-I0 .:
79,7: C8 8 9-70 9084/-/:0 73
-6=:9-/B8 =-7 7-89:0837 -8437 ;389: 08-.-7
:3= /37,=4-.0 .3 ,8 387->0 37 ;380/ 38 ;B7 .3 .07 g: =0</-;07 60/ 9384? ;34/0 9,-./-.0
* g<S9; + A,3 =- /37: 74389:- .3 .: 73H0 0 7:3= 6/0;3.: 0 .3 ,8 </,60 .3 9,-4/0 * +
387->07 908739,4: D07 /37,=4- :
823/:0/ - =- /37:
74389:
- .3 .:73H0 73 .3;0=3/B 3= 4/-;0 .3=
6-D: ;3840 05I 340 .3 =- 9084/0D3/7: - - 3E6387-7 .3= 0874/,940/ A,: 38 =0 /33;6=-G-/B -
7, 9074- 908 04/0 .3 9-=: .-. 7-4: 72-940/:-
-/- 2-9:=:
4-/ 3= 9084/0= F743 73 60./B /3-=:
G-/ 60/ ;3.:0 .3 6/0534-7 9:=?
8./:
9-7 70;34:.-7
- =- 6/,35- .3 4/-99: C8 :
8.: /394- 38 =,<-/ .3 387->-/ D:
<-7 6/:
7;B4:9-7 - 2=3E04/-99:
C8 7:
6-/- 3= 9089/340 908 3= A,3 73 90874/,>3 3= 6-D: ;3840 3= 843/D3840/ 374-5=393 ,8-
90//3=-9:C8 908 ,8 9032: 9:3843 .3 90//3=-9:C8 */ + ;->0/ .3 8,3D3 .F9: ;-7 * #+
!"
(! "& % D(
#!
- .:
74-89:- 384/3 3= 3I
3 .3= 6/0>3940 > 3= 50/.3 .3 =- 9-6- 90874/,:
.- 80 60./B 73/
;380/ A,3 =- :
8.:9-.- 38 =07 6=-807 0 =- .343/;:8-.- 60/ 3= 843/D3840/
- 904- .3 9,-=A,:
3/ 6,840 .3= 6-D:
;3840 9,/-.0 80 .353/B D-/:
-/ 38 ;B7 .3 .:
3G
;:
=?
;34/07 *$ ;;+ .3 =- 6/0>394-.-
! $& $
- D3/:
2:
9-9: C8 .3 376370/ 73 /3-=:G-/B 7,5.:D:
.:38.0 =- 7,63/2:
9:3 .3= 6-D:;3840 38 G08-7
908 ,8 B/3- .3 4/37 ;:= A,:8:
38407 ;34/07 9,-./-.07 *& M ; + 9-.- ,8- -.- G08-
73 7,5.:D:
.:/B 38 73940/37 .3 4/379: 89,384- ;34/07 9,-./-.07 *&M ; + 9-.- ,80
38407 9:
.35: 38.0 3E4/-3/73 .3 9-.- 73940/ .07 * + 4374:<07 9:=?
8./:
907 ;3.: -843 3A,: 607 6/0D:
7407
.3 5/09-7 /04-4:D-7 07 4374:<07 73 3E4/-3/B8 =,3<0 .3 4/-879,//:
.07 A,: 893 *$M+ .?-7
.37.3 =- 90=09-9: C8 .3= 9089/340
= /34:
/0 .3 =07 3790;5/07 90//3/B 4-;5:
F8 60/ 9,384- .3= 0874/,940/
3 9087:.3/-/B 90;0 376370/ 6/0;3.: 0 .3 =- G08- *3;+ -= 6/0;3.: 0 .3 =-7 -=4,/-7 .3 =07
4374:
<07 3E4/-?
.07 .3 3==- /3.08.3-.0 -= ;: =?;34/0 *;;+ ,-8.0 90//37608.- =-
.3;0=:9:C8 .3 ,8 73940/ 60/ =07 ;04:
D07 3E6,37407 38 3= 6B//-20 -843/:0/ =-7 -=4,/-7 .3 7,7
4374:
<07 80 73 9087:
.3/-/B8 38 3= 9B=9,=0 .3= 376370/ 6/0;3.: 0 .3 =- G08-
*3; i +
X $O _$
3.
(
$% !
- ,8:
20/;: .-. .3 =- 7,63/2:
9:3 73 90;6/05-/B 908 ,8- /3<=- .3 4/37 ;34/07 *& ;+
90=09-.- 6-/-=3=- 0 80/;-=;3843 -= 3I 3 .3 =- D?
- 38 7:
4:07 A,3 80 6/3738438 9-;5:07 .3
638.:3843 -7 : //3<,=-/:
.-.37 80 60./B8 3E93.3/ 38 8: 8<L8 6,840 3= =?;:43 :
8.:9-.0 38
3= -6-/43 M $& .3 374- 37639: 2:
9-9:
C8
A% !
= .?
- 7:<,:3843 .3 3I
39,4-.07 =07 4/-5-I07 A,3 73 :8.:
9-8 38 3= -6-/43 M $ .3 374-
37639: 2:
9-9:C8 73 .343/;:8-/B =- 6/02,8.:.-. .3 43E4,/- 60/ ;3.: 0 .3= 9?
/9,=0 .3 -/38-
* O #$+ -= ;3807 38 .:
3G *$ + 6,8407 -=3-40/: -;3843 3=3<:.07 60/ .?- .3 4/-5-I0
.35: 38.0 054383/73 ,8- 6/02,8.: .-. ;3.: - 80 ;380/ - 09@0 .F9: ;-7 .3 ;: =?
;34/0 *
;;+ 908 D-=0/37 : 8.:D:
.,-=37 80 :
823/:0/37 - 73:
7 .F9:;-7 .3 ;: =?
;34/0 * U ;;+ .3;B7
90
3= 9032:
9:3843 .3 /37:
74389:- -= .37=:
G-;: 3840 * O # + .353/B 73/ 9,-8.0 ;3807 .3
9,-/384- > 9:890 9384F7:;-7 * M+ :80 73 9,;6=38 374-7 3E: <389: -7 73 /39@-G-/B 3=
4/-;0 @-74- A,3 3= 0874/,940/ 6/373843 70=,9: 0837 6-/- -=9-8G-/ =07 D-=0/37 :
8.:
9-.07
9,>- :;6=3;384-9: C8 73/B - 7, 3E9=,7:
D0 90740
%B $( !
- /,<07:
.-. 7,63/2:
9:-= ;3.:
.- 38 ,8:
.-.37 80 60./B 73/ ;->0/ .3 4/37 ;34/07 60/
g:
=C;34/0 *& ;Sg;+
**
- ,8:
.-. .3 ;3.:.- .3= 6-D:
;3840 .3 9089/340 @: ./B,=: 90 *;&+
90 73/B 3= ;34/0 9L5:
-6/0E:
;-.0 -= .F9:;0 .3 ;34/0 9L5:
90 .3 9089/340 7,;: 8:
74/-.0 90=09-.0
90;6-94-.0 > 43/;:8-.0 .35: .-;3843 60/ 3= 843/D3840/
= D0=,;38 73 .343/;:
8-/B ;,=4:6=:
9-8.0 =- =08<:
4,. /3-= ;3.:.- - =0 =-/<0 .3= 3I
3 .3=
6/0>3940 60/ 3= -89@0 > 3= 376370/ 37639:
2:
9-.07 38 =07 6=-807 0 ;0.: 2:
9-.07 60/ 3=
843/D3840/
0 73 ;3.:
/B8 9-84:
.-.37 60/ 2,3/- .3 37407 =?
;:437
= 6/39: 0 ,8:4-/:
0 .353/B 9,5/: / 40.07 =07 907407 .3 -.A,: 7:9:
C8 054389: C8 .3 63/;: 707 >
.3/39@07 .3 3E6=04-9: C8 0 -=A,: =3/ .3 =-7 2,38437 .3 ;-43/: -=37 > 3= .379-6043 > =-
6/36-/-9: C8 .3 =-7 G08-7 60/ 3E6=04-/ 353/B 9,5/: / 4-;5: F8 40.07 =07 907407 .3
3E6=04-9: C8 .3 =-7 2,38437 .3 ;-43/: -=37'=- 73=399: C8 4/:4,/-9: C8 3D384,-= =-D-.0 >
9=-7: 2:9-9: C8 .3 =07 ;-43/: -=37 6F4/307'3= 7,;: 8:74/0 -=;-938-;: 3840 .3763/.: 9:07
9-/<,37 4/-8760/437 .379-/<,37 > ;3G9=- .3 40.07 =07 ;-43/: -=37 90874: 4,4:
D07 .3 =-
;3G9=- 9,>- 2C/;,=- .3 4/-5-I 0 73 @->- -6/05-.0 : 89=,: .07 =07 -.: 4:
D07'3= 7,;: 8: 74/0
-=;-938-;: 3840 .3763/.: 9:07 9-/<,37 4/-8760/437 .379-/<,37 > 90=09-9: C8 .3 =07
6-7-.0/37 D-/: ==-7 .3 ,8:C8 ;-==-7 3=394/070=.-.-7 3=3;38407 6-/- 736-/-9: C8 .3=
6-D: ;3840 0 9,/-.0 > ;-43/: -=37 6-/- 3= 73==0 .3 40.-7 =-7 I ,84-7 73<L8 =0 90843;6=3 3=
6/0>3940'3= 4/-8760/43 .3= 9089/340 -= 7: 4:
0 .3 =07 4/-5-I 07 7, 90=09-9: C8 > D:5/-.0 =-
3I 39,9: C8 .3 I,84-7 3= -9-5-.0 7,63/2: 9:-= > 3= 9,/-.0 /3A,3/: .0'=-7 :874-=-9: 0837
6/0D: 7:08-=37'=07 907407 .3 -//3<=0 0 90874/,99: C8 .3 =-7 D? -7 .3 -99370 - =-7 2,38437 .3
;-43/: -=37'=- -.39,-9: C8 6-: 7-I ?74:
9- .3 =-7 2,38437 6-/- /39,63/-/ =-7 9-/-943/? 74:9-7
@: ./0=C<: 9-7 7,63/2: 9:-=37 -= 43/;: 8-/ 7, 3E6=04-9: C8'=- 2-73 .3 3E63/: ;384-9: C8'=-
73H-=: G-9:C8 6/3D384: D- .3 =- D? - > 3= 0/.38-;: 3840 .3= 4/B87: 40 6L5=: 90 .,/-843 =-
/3-=: G-9: C8 .3 =-7 05/-7 > 3= 63/? 0.0 .3 9,/-.0 =- .3;0=: 9:C8 /34: /0 > .:7607: 9:
C8 .3 =-7
=07-7 /39@-G-.-7 > 38 <383/-= 40.0 90740 /3=-9: 08-.0 908 =- 90//394- 3I 39,9: C8 .3 =07
4/-5-I 07 37639: 2:9-.07
- 6/36-/-9:C8 .3 =- 7,63/2:
9:3 3E:
743843 73 9087:
.3/- : 89=,:
.- 38 3= :
43; /323/3843 - =-
9-6- - =- 9,-= 90//37608.3 .: 9@- 7,63/2:
9:3 > 60/ =0 4-840 80 @-5/B =,<-/ - 6-<0
91
$ 0G- 38 9089/340 @:
./B,=:
90 6-/- 6:
70 60=:
.360/4:
D0
34/0 9L5:90 *;&+
* .
* )
743 4/-5-I
0 9087:743 38 3= 7,;:
8:74/0 4/-8760/437 -=;-938-;: 3840 90/43 .05=-;: 3840 >
90=09-9: C8 .3 =-7 5-//-7 .3 -93/0 .384/0 .3 =-7 .: 23/38437 374/,94,/-7 63/;-838437 .3
9089/340 .3 -9,3/.0 908 =07 6=-807 .3= 6/0>3940 374- 37639: 2:
9-9: C8 > =-7 :
874/,99:
0837
.3= 843/D3840/
! !$ '% G
"
!D D !"
"!$ !"!D
353/B8 9,;6=:
/ 908 =-7 7:
<,:
38437 80/;-7 ! 73<L8 90//37608.-) O& OMM O
$> O M
$ $ @( $ "
!$ ! !$ '% G
! "
! 637
) * ) ) * ** *
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- 7 63 M3 7 -4
0 7 84 0M: 7 46
92
3 -9 M- 77
4 49 4M: 44
6 8 0M3 - -3
9 - -- 9M: 0 73
: - 43 0 89
8 - :9 M: 4 76
7 0 -0 M3 63
0 4: 0M: 98
3 3 07 0M3 0:
: 4 90 - M3 -7 -3
3 /3A,:
3/3 3A,:
60 :
.C830 6-/- 3= 90/43 > .05=-.0 .3 =-7 5-//-7 .3 /32,3/G0
: 73 -,40/:
G- 3= 3;6=30 .3 70=.-.,/- 3= 0874/,940/ .353/B .:
76083/ .3= 3A,:
60
-6/06:-.0 6-/- .:9@- =-50/
* ) )
"
!# $ $&(
:3= 0874/,940/ .373- /3=09-=: G-/ ,8- I,84- .3 90874/,99: C8 38 9,-=A,: 3/ 6-/43 .3 ,8-
374/,94,/- 6-/- =- 9,-= 3= 843/D3840/ =3 @->- 7,;: 8:74/-.0 6=-807 .3 /32,3/G0 > =:
74-7 .3
.376: 393 > .: 9@- /3=09-=:G-9:C8 37 -6/05-.- 60/ 3= 843/D3840/ 3= 0874/,940/ .353/B
/3D:7-/ - 7,7 3E6387-7 =07 6=-807 > =: 74-7 .3 .376: 393 A,3 90//37608.-8 - =- I ,84-
6/06,374- > 70;343/ =-7 ;0.: 2:
9-9: 0837 /376394:D-7 - -6/05-9: C8 .3= 843/D3840/ 9,-8.0
;3807 4/3: 84- *& + .?
-7 -8437 - =- 239@- 6/3D:74- 6-/- 3= 90/43 > .05=-;:3840 .3= /32,3/G0
6-/- .: 9@- 6-/43 .3 =- 05/- : 60/ 9,-=A,: 3/ /-GC8 3= 0874/,940/ 80 9,;6=3 3743
/3A,: 7:
40 =- I,84- > 3= /32,3/G0 90//37608.: 3843 .353/B8 73/ .3I -.07 7:8 ;0.: 2:
9-9: C8
-=<,8- 73<L8 73 ;,374/3 38 =07 6=-807 7,;: 8:
74/-.07 60/ 3= 843/D3840/
)%D (
#($ !"
D! #!D ( #
93
= -93/0 .353/B 73/ -=;-938-.0 38 20/;- 0/.38-.- 60/ 389: ;- .3= 8:D3= .3= 43//380
705/3 6=-4-20/;-7 =-/<,3/07 , 04/07 7060/437 .3 ;-43/: -= -.39,-.0 > .353/B 73/
6/043<: .0 @-74- .08.3 73- 607: 5=3 9084/- .-H07 ;39B8: 907 > .343/:
0/0 7,63/2: 9:-=
:89=,>38.0 =07 3239407 .3 =- :
843;63/:3 > -;5:
38437 90//07:
D07
* "
!D ( #
! "
! 637 -
* * *
- U .:
B;34/07 .3 5-//-
# - $$ .:
B;34/07 .3 5-//-
$ -$ $ .: B;34/07 .3 5-//-
= .:
B;34/0 ;?8:;0 .3 .05=-;: 3840 6-/- 2=3I
37 , 04/07 3=3;38407 7:
;:=-/37 .3 -;-//3 80
73/B ;380/ A,3 9,-4/0 * + .:
B;34/07 .3 =- 5-//- 6-/- 5-//-7 0 M 0 ;380/37
" ! (
@# !D !
-7 D-/:==-7 .353/B8 73/ 90=09-.-7 908 3E-94: 4,. .3 -9,3/.0 908 =-7 : 8.:9-9:0837 .3 =07
6=-807 > .353/B8 73/ -73<,/-.-7 2: /;3;3843 38 =-7 607:9:
0837 73H-=-.-7 .3 ;-83/-
A,3 80 7,2/-8 .376=-G-;: 38407 .,/-843 =- 90=09-9: C8 > 2/-<,-.0 .3= 9089/340 -
607: 9:
C8 .3= /32,3/G0 .384/0 .3 =-7 20/;-=34-7 .353/B 73/ ;-8438: .- 60/ ;3.: 0 .3
4:/-8437 5=0A,37 7:==34-7 .3 ;34-= 376-9: -.0/37 0 9,-=A,:3/ 04/0 7060/43 -6/05-.0 07
5=0A,37 .353/B8 73/ .3 ;0/43/0 .3 93;3840 6/32-5/: 9-.0 .3 9-=: .-. 20/;- >
.: ;387:0837 -6/05-.-7 -7 7:==34-7 .3 ;34-= A,3 384/38 38 9084-940 908 =- 7,63/2:9: 3
3E43/:0/ .3= 9089/340 .353/B8 73/ <-=D-8: G-.-7 0 73 63/;: 4:/B 3= ,70 .3 <,:I
-//07
2/-<;38407 .3 6: 3./- 0 =-./:
==07 A,35/-84-.07 4,53/?- .3 ;34-= 0 5=0A,37 .3 ;-.3/-
94
,-8.0 73 90=0A,38 .07 * + 0 ;B7 2: =-7 .3 5-//-7 =-7 .3 =-7 2:=-7 7,63/:
0/37 .353/B8
90=09-/73 .:/394-;3843 389:;- .3 =-7 .3 =- 2:
=- :
823/:
0/ > =- 736-/-9:C8 =:
5/3 384/3 2:
=-7 80
.353/B 73/ ;380/ .3 D3:
84:9:
890 ;:=?
;34/07 * M ;;+
7407 /3A,:
7:407 73 .353/B8 9,;6=:/ 4-;5:F8 38 =- 736-/-9:
C8 =:
5/3 384/3 ,8 3;6-=;3 60/
4/-7=-60 > 04/07 3;6-=;37 , 04/-7 5-//-7
!$"
!& $ %#( # $
07 4/-7=-607 .3 =-7 5-//-7 .3 /32,3/G0 .353/B8 9,;6=: / =07 /3A,: 7:407 .3= C.:<0
0=0;5: -80 .3 0874/,99: 0837 :
7;0 37: 7438437 > 73 32394,-/B8 38 =07 7:4:
07 ;074/-.07 38
=07 6=-807 0 .08.3 =0 :
8.:
A,3 3= 843/D3840/ .35: 38.0 73/ =09-=:G-.07 .3 -9,3/.0 908 =-7
I,84-7 .3= 9089/340
8 =07 4/-7=-607 =-7 5-//-7 .353/B8 A,3.-/ 90=09-.-7 38 9084-940 384/3 7? -;-//B8.073
908 -=-;5/3 .3 4-= ;-83/- A,3 ;-8438<-8 =- -=: 83-9: C8 > 7, 376-9:
-;:3840 .384/0 .3
=-7 .:74-89: -7 =:
5/37 ;? 8:
;-7 37639: 2:
9-.-7 38 /3=-9: C8 - =-7 .3;B7 D-/: ==-7 > - =-7
7,63/2:9:37 .3= 9089/340
)%$(% ( # $
- 7,74:
4,9:
C8 .3 =-7 .: 23/38437 7399:0837 .3 /32,3/G0 7C=0 73 60./B 32394,-/ 908
-,40/:
G-9:C8 .3= 843/D3840/ 8 4-= 9-70 3= -93/0 7,74:
4,>3843 .353/B 4383/ ,8 B/3- >
63/?
;34/0 3A,:D-=38437 0 ;->0/37 A,3 3= B/3- > 63/?
;34/0 .3 .:73H0
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9:4-/ -= 0874/,940/ 906: - 93/4:2:
9-.- .3 =07 -8B=: 7:
7 A,?
;: 907 > 6/,35-7 2? 7:
9-7
/3-=:
G-.-7 60/ 3= 2-5/:
9-843 - ;,374/-7 /36/37384-4:
D-7 .3 9-.- 7,;:8:
74/0 .3 5-//-7 .3
-93/0
O 3/:2:
9-/ A,3 3= 90/43 .05=-.0 > 90=09-9: C8 .3= /32,3/G0 73 32394L38 .3 -9,3/.0 908
=07 6=-807 374- 37639:2:
9-9:C8 > 7,7 :
874/,99:
0837
O :<:
=-/ =- /3<,=-/:
.-. .3= 7,;:
8:74/0 .3= -93/0 .,/-843 3= 63/?
0.0 .3 3I
39,9:
C8 .3 =07
4/-5-I07
O 3/:2:
9-/ A,3 9,-8.0 73 7,74:4,>- 3= /32,3/G0 :
8.:9-.0 38 =07 6=-807 73 ,4:
=:
93 -93/0 .3
B/3- > 63/?
;34/0 :
<,-=37 0 7,63/:0/37 - =07 .3 .:
73H0
O 2394,-/ =-7 ;3.:.-7 90//37608.: 38437 6-/- 3= 6-<0 .3= -93/0 .3 /32,3/G0
90//394-;3843 7,;:
8:74/-.0 > 90=09-.0
# ( ( # $ $& C
'( !$&! ! " ( " !# (
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96
-7 5-//-7 > ;-==-7 .3 /32,3/G0 .353/B8 73/ 387->-.-7 38 =- 2B5/:9- > 7,7 /37,=4-.07
.353/B8 7-4:72-93/ =07 /3A,3/:
;:38407 .3 =-7 80/;-7 /376394:
D-7 .3 =- ! 0
90//37608.:38437
-7 D-/:
==-7 A,3 438<-8 2:
7,/-7 0 @38.:
.,/-7 38 =07 6,8407 .3 2=3E:
C8 73/B8 /39@-G-.-7
!"
(! "& % D(
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3 -9364-/B8 =-7 7:
<,:
38437 40=3/-89:
-7 38 =- 90=09-9:
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! * $J(
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D (#
08 /39,5/:
;:3840 ;380/ 0 :<,-= - 9:
890 9384?
;34/07 *≤ M 9;+ M 9;
08 /39,5/:
;:3840 7,63/:
0/ - 9:
890 9384?;34/07 *> M 9;+ $ 9;
* $J(
! (@# # " $ $&! (
!D ( # $& $ ( $
3 .353/B 9,;6=:
/ =0 :
8.:
9-.0 38 3= -6-/43 J 0=09-9:
C8 > -;-//3K .3 374-
37639:
2:
9-9:
C8
0 73 63/;:
4:/B =- 90=09-9:
C8 .3 -93/0 908 B/3-7 > 63/?
;34/07 :
823/:
0/37 - =07 .3 .:
73H0
0.0 .323940 .3 9-=: .-. 0 .3 : 874-=-9:C8 A,3 3E93.- =-7 40=3/-89:-7 .3 374-
37639:
2:9-9:C8 .353/B 73/ 90//3<: .0 60/ 3= 0874/,940/ - 7, 9074- .3 -9,3/.0 908
/093.:
;: 38407 -9364-.07 60/ 3= 843/D3840/ > - 6=38- 7-4:
72-99:
C8 .3 F743
637 6 ** - ,8:
.-. .3 ;3.: .- 73/B 3= g:=0</-;0 *g<+ -6/0E:;-.0 -= .F9:;0 .3
g:
=0</-;0 .3 -93/0 .3 /32,3/G0 6-/- 374/,94,/-7 .3 9089/340 /3-=;3843 7,;:8:
74/-.0 >
90=09-.0 38 05/- .35:.-;3843 -9364-.0 60/ 3= 843/D3840/
- ;3.: .- 6-/- 5-//-7 73 5-7-/B 38 3= 6370 90;6,4-.0 6-/- =07 4-;-H07 > =08<:
4,.37 .3
5-//-7 ,4:
=:
G-.-7 ,7-8.0 =07 63707 ,8:4-/:07 :
8.:
9-.07 38 =- -5=- 0 U $
- ;3.: .- 6-/- ;-==- .3 -=-;5/3 73/B 3= 6/0.,940 .3= B/3- 38 ;34/07 9,-./-.07 .3 =-
;-==- 32394:
D-;3843 : 890/60/-.- > -9364-.- 38 =- 05/- 60/ 7, 6370 /3-= 38 g:
=0</-;07
60/ ;34/0 9,-./-.0
637 9 *
= 6/39: 0 ,8:4-/:
0 .353/B : 89=,:
/ 4-;5: F8 40.07 =07 907407 60/ 90893640 .3 3=-50/-9: C8
.3 =:74-7 .3 .376: 393 > .:-</-;-7 .3 .05=-.0 9,-8.0 3==07 80 @->-8 7: .0 7,;:8:
74/-.07'
60/ 7,;: 8:
74/0 3 :874-=-9:C8 .3 -5/-G-.3/-7 736-/-.0/37 7: ==34-7 .3 -=-;5/3 0 9,-=A,:3/
04/0 3=3;3840 ,4: =:G-.0 6-/- 7074383/ > ;-84383/ 3= /32,3/G0 38 7, 7:4:
0'-7?90;0 =07 .3 =-
73H-=: G-9:C8 6/3D384: D- .3 =- D?- > 3= 0/.38-;: 3840 .3= 4/B87: 40 -,40;040/ .,/-843 =-
3I39,9: C8 .3 =07 4/-5-I07 > 38 <383/-= 40.0 90740 /3=-9:08-.0 908 =- 90//394- 3I 39,9:C8
.3 =07 4/-5-I 07 37639: 2:
9-.07
0 @-5/B =,<-/ - 6-<0 736-/-.0 60/ 3= -93/0 .3 /32,3/G0 6-/- 9089/340 90=09-.0 908
3= 6/06C7: 40 .3 /33;6=-G-/ 374/,94,/-7 .3 9089/340 A,3 73 .343/: 0/38 0 A,3.38
.32394,07-7 0 38 3= 9089/340 A,3 3= 0874/,940/ @->- ,4: =:
G-.0 60/ 7, 908D38:389: - 908
0 7:8 -,40/:
G-9:C8 .3= 843/D3840/ -;6090 73 6-<-/B 60/ 736-/-.0 3= -93/0 9,>0 6-<0
73 @->- 374:6,=-.0 38 04/07 /38<=0837 .3= 9084/-40 8:60/ =07 4/-5-I
07 .3 70=.-.,/- A,3 73
-,40/:938 6-/- ,8:0837 70=.-.-7 38 /33;6=-G0 .3 ,8: 0837 4/-7=-6-.-7
* )
* )
! (
!" "
" # &! ! "! # ( ( #!D ( # "
! $%& '( (
) "
"!# &! ! %# !$
= /3763940 37 -6=:
9-5=3 40.0 =0 A,3 /37,=4- 63/4:
83843 38 =- 37639:
2:
9-9:
C8 J 0/.:
==07 38
9089/340
* ) )
# ( ( #!D ( # "
! %# ! # ( !
07 6/093.:;:38407 /3A,3/:
.07 6-/- 9,;6=: / 908 374- -94: D:
.-. 60./B8 : 89=,:/ =-
3E9-D-9: C8 9-/<,3 4/-8760/43 > .:
7607:
9:C8 38 7:4:
07 -6/05-.07 .3 =07 ;-43/:-=37 80
,4:
=:
G-5=37 -7? 90;0 =- 90820/;-9: C8 .3 =07 ,4:
=:
G-5=37 > 3= 7,;:
8:74/0 90=09-9: C8 >
99
" ! (
@# ' D !" !$
"
! ! (@# " #
#$ % (
@#
/3D:
0 3= /34:
/0 .3 9,-=A,:
3/ ;-43/: - 3E4/-H- 0 7,3=4- A,3 73 389,384/3 705/3 =- 7,63/2:
9:3
38 4:
3//- 73 6/093.3/B - 90=09-/ 3= 9089/340 90;38G-8.0 60/ 3= 3E4/3;0 : 823/:
0/ .3=
-8.38 > -D-8G-8.0 38 7384: .0 -7938.3843 .3 =- ;: 7;- > D3/:
2:
9-8.0 A,3 7, 376370/ 73-
90;0 ;? 8:;0 3= 73H-=-.0 38 =07 6=-807
* ) * ) )
# "$
# ( ( # $ $& C
'( !$&! ! " ( " !# (
!$
:38 9-70 .3 .: 79,7:C8 =- /37: 74389: - .3 =07 8L9=307 40;-.07 .3 =- 05/- 3I 39,4-.- 80
/37,=4- 7-4:
72-940/:- 3= 843/D3840/ /39@-G-/B 3= 4/-;0 /36/37384-.0 60/ .: 9@07 8L9=307 > 3=
0874/,940/ .353/B .3;0=3/ =- 05/- 3I 39,4-.- /3;0D3/ =07 3790;5/07 9-/<-/=07
4/-8760/4-/=07 > .3607: 4-/=07 38 7:
4:07 -6/05-.07 > ;3.: -843 6/093.:
;: 38407 7-4:
72-940/:
07
6-/- 3= 843/D3840/ > /390874/,: /B 3= -8.38 38 -9,3/.0 -= 6/373843 /4? 9,=0 063/-9: 0837
A,3 .353/B /3-=: G-/ 7:
8 90740 -=<,80 6-/- =- 384: .-. 9084/-4-843
100
8 9,-840 - =- 9-=: .-. .3= 6/0.,940 43/;: 8-.0 3= 843/D3840/ 7C=0 -9364-/B -8.3837
9,>- 20/;- 90//37608.- - =- : 8.:9-.- 38 =07 6=-807 > 9,>-7 .: ;387:
0837 80 73-8
:
823/:
0/37 - =-7 73H-=-.-7 38 =07 6=-807 0 -,40/:
G-.-7 60/ F=
**
- ,8: .-. .3 ;3.: .- 73/B 3= ;34/0 9L5: 90 *; + -6/0E: ;-.0 -= .F9: ;0 .3 ;34/0
9,-./-.0 .3 -8.38 7-4: 72-940/:
-;3843 3=-50/-.0 > 43/;: 8-.0 .3 -9,3/.0 908 =-
7399: C8 4/-87D3/7-= 904-7 > -=:
83-;: 38407 :
8.:9-.07 38 =07 6=-807 0 .343/;:8-.07 60/ 3=
843/D3840/
= 6/39: 0 ,8:4-/:0 .353/B 9,5/: / 40.07 =07 907407 60/ 90893640 .3 3E6=04-9: C8 7,;: 8:
74/0
4/-8760/43 90=09-9: C8 > 90;6-94-9: C8 .3 =07 ;-43/: -=37 .3 /3==380 83937-/: 07 6-/- 3=
-908.: 9: 08-;: 3840 6/3D:0 .3 =- 7,63/2: 9:3'=- 3=-50/-9: C8 7,;: 8:74/0 90=09-9: C8 > /34:/0
.3 20/;-=34-7'=- 3E6=04-9: C8 .3 -</3<-.07 : 89=,: .07 40.07 =07 63/;: 707 > .3/39@07 6-/-
3==0'3= 7,;: 8:74/0 .3 40.07 =07 ;-43/: -=37 83937-/: 07 6-/- 3=-50/-/ =- ;3G9=- .3 9089/340
7, .: 73H0 3=-50/-9: C8 .379-/<,3 4/-8760/43 384/3<- 90=09-9: C8 D: 5/-.0 > 9,/-.0'=-
3I 39,9: C8 .3 =-7 I ,84-7 : 89=,>38.0 3= 7,;: 8:74/0 > 90=09-9: C8 .3= ;-43/: -= 73==-843' 3=
7,;: 8:74/0 .3 ;-43/: -=37 3=-50/-9: C8 > 90=09-9: C8 .3= ;0/43/0 /3A,3/: .0 6-/- =-7
63A,3H-7 90//399: 0837 7,63/2: 9:-=37' =- 73H-=: G-9:C8 6/3D384: D- .3 =- D? - .,/-843 =-
3I 39,9: C8 .3 =07 4/-5-I 07'40.0 3A,: 60 > ;-80 .3 05/- /3A,3/: .07 6-/- =- 3=-50/-9: C8 >
43/;: 8-9: C8 .3 =07 -8.3837 > 38 <383/-= 40.0 90740 /3=-9: 08-.0 908 =- 90//394-
3I 39,9: C8 .3 =07 4/-5-I07 37639: 2:
9-.07
&V &
3 /32:
3/3 374- 37639: 2:
9-9: C8 - =- 90874/,99: C8 .3 =-7 D:<-7 A,3 38=-G-8 =-7 90=,;8-7 >
90=,;834-7 - 8: D3= .3 43//380 > 7:/D38 6-/- -570/53/ =07 372,3/G07 7?7;:907 > 9084/0=-/ =07
-7384-;: 38407 .:23/389: -=37 = 9084/-4: 74- .353/B D3/: 2:
9-/ =07 8:D3=37 .3 =07 6=-807
90874/,94:
D07 43/;:
8-.07 6-/- 9,;6=: / 908 374- /390;38.-9: C8
93/0 >X 6-
089/340 2m9X $ 6-
- D:
<- .3 9: ;384-9: C8 438./B ,8 B/3- 4/-87D3/7-= .3 # 9; 9,;6=: 38.0 908 =- #
A,3 3E:<3 ,8 B/3- ;? 8:;- .3 U M 9; 73 2,8.: /B 705/3 ,8- 5-73 .3 9089/340 9:9=C630 .3
102
3/B 3= 8,;3/0 .3 ;34/07 =:83-=37 6-/- 3= 9-70 .3 =-7 D:<-7 .3 9:;384-9: C8 > ;34/07 9L5:907
6-/- 3= 9-70 .3 3= 9089/340 9: 9=C630 ;3.: .-7 /37,=4-8437 > 05438:
.- 38 05/- 908 40.-7 =-7
37639: 2:
9-9:0837 .3 =07 6=-807 374/,94,/-=37 = 6-<0 73 @-/B 60/ ;= - =07 6/39:07 374-5=39:
.07
38 3= 9084/-40
M :
<-7 .3 9:
;384-9:
C8 & E & ;) ;34/0 =:
83-= *;=+
MV M
93/0 >X 6-
089/340 2m9X $ 6-
743 ?
43; 73 6-<-/- 60/ ;= -= 6/39:
0 374:
6,=-.0 38 3= 9084/-40 908 6/3D:
- -6/05-9:
C8 60/ =-
843/D3840/:
-
0=,;8-7 .3 9082:
8-;:
3840 ME M;) ;34/0 =:
83-= *;=+
103
0=,;834-7 .3 9082:
8-;:
3840 .3 $M E $M 4:
60 =
93/0 >X 6-
089/340 2m9X $ 6-
74-7 90=,;834-7 4:3838 ,8- 7399:C8 .3 M 9; > 9,;6=38 908 =0 3E: <:
.0 60/ =- #
38 3= 9-6: 4,=0 90874-8 .3 5-//-7 .3 -93/0 .3 .:
B;34/0 &S K > .3 6- 908 2=3I
37
9-.- U 9; 38 G08- 9082: 8-.- > 3= /3740 9-.- 9;
08<: 4,. & MM ;
743 ?
43; 73 6-<-/- 60/ ;= -= 6/39:
0 374:
6,=-.0 38 3= 9084/-40 908 6/3D:
- -6/05-9:
C8 60/ =-
843/D3840/:
-
o 0=,;834-7 .3 9082:
8-;:
3840 .3 $M E $M) ;34/0 =:
83-= *;=+
0=,;834-7 .3 9082:8-;:
3840 .3 $ E 4:
60 ==
93/0 >X 6-
089/340 2m9X $ 6-
743 ?
43; 73 6-<-/- 60/ ;= -= 6/39:
0 374:
6,=-.0 38 3= 9084/-40 908 6/3D:
- -6/05-9:
C8 60/ =-
843/D3840/:
-
0=,;8347 .3 9082:
8-;:
3840 .3 $ E ) ;34/0 =:
83-= *;=+
b MV M
93/0 >X 6-
089/340 9X $ 6-
74- D:<- 73 -8-=:G0 90;0 ,8 3=3;3840 .3 6C/4: 90 .08.3 73 4,D0 38 9,384- 7, 6/06: 0
6370 3= 6370 .3 =- 9,5: 3/4- > 3= 6370 60/ 9-/<- D:
D- 5438: 38.0 90;0 /32,3/G0 $ UM
9; 73<L8 9,-84? - ;?8:;- # * && 6-/- 3=3;38407 .3 D: <-+ 3/0 =- 0/;-
7,<:3/3 ,8 /32,3/G0 ;?8:
;0 .3 5-//-7 .3 MS J 38 -93/0 90//,<-.0 .3 6- 908
374/:
507 .3 .:B;34/0 &S K 9-.- .S 38 G08- 9082: 8-.- > 3= /3740 - .S
104
743 ?
43; 73 6-<-/- 60/ ;= -= 6/39:
0 374:
6,=-.0 38 3= 9084/-40 908 6/3D:
- -6/05-9:
C8 60/ =-
843/D3840/:
-
U :
<- -F/3- .3 ME M) ;34/0 =:
83-= *;=+
:
<- 9:
84- $M E $
93/0 >X 6-
089/340 2m9X $ 6-
08 =-7 A,3 /3;-4-8 =07 ;,/07 6-/-63407 0 -843639@07 4: 3838 ,8 -89@0 :<,-= -= .3= ;,/0
* $M ;+ > ,8- -=4,/- .3 $ ; 90874-8 .3 ,8 /32,3/G0 .3 5-//-7 .3 &S K 80 /3A,: 3/38
374/:
507 63/0 73 90=09-8 -=<,807 6-/- A,3 =-7 D-/:
==-7 80 73 ;,3D-8 - =- @0/- .3 D-9: -/ 3=
9089/340 *374/:
507 9-.- ; 38 D-/:
==- .3 nK+
743 ?
43; 73 6-<-/- 60/ ;= -= 6/39:
0 374:
6,=-.0 38 3= 9084/-40 908 6/3D:
- -6/05-9:
C8 60/ =-
843/D3840/:
-
:
<- 9:
84- .3 $M E $ ) ;34/0 =:
83-= *;=+
:
843= 9089/340 $ E$ 9;
93/0 >X 6-
089/340 2m9X $ 6-
7407 3=3;38407 90874-8 .3 ,8 /32,3/G0 .3 D-/:
==-7 .3 eK 908 2=3I
37 9-.-
& ; 38 D-/:
==- .3 nK
743 ?
43; 73 6-<-/- 60/ ;= -= 6/39:
0 374:
6,=-.0 38 3= 9084/-40 908 6/3D:
- -6/05-9:
C8 60/ =-
843/D3840/:
-
:
843= 38 9089/340 $ E $ ) ;34/0 =:
83-= *;=+
0;6/38.3 =- 90874/,99: C8 .3 40.07 =07 ;,/07 > 4-5: A,37 38 =-./:==0 38 5=0A,3 .3 -/9:==-
> .3 6:3./- .3 -9,3/.0 - =-7 .: ;387: 0837 > .34-==37 .3 =07 6=-807
07 =-./:
==07 6-/- =07 ;,/07 > 4-5:A,37 73/B8 .3 4:
60 40=343 43;07- $ !O$ 0 63/20/-.0 .3
-9,3/.0 908 =-7 .: ;387: 0837 .3 =07 6=-807 .353/B8 73/ .3 6/: ;3/- 9-=: .-. 7C=:
.07 5: 38
909: .07 .3 20/;- > .: ;387: 0837 /3<,=-/37 43E4,/- 90;6-94- 3E3840 .3 43//0837
/-I-.,/-7 @38.: .,/-7 > 04/07 .3239407 A,3 -239438 7, -763940 /37: 74389:
- > .,/-5:=:
.-.
105
-7 374/?
-7 .3 =07 =-./:
==07 @,3907 .353/B8 73/ 8?
4:.-7 > ,8:
20/;37 353/B8 374-/ 3E38407 .3
/37A,35/-I -.,/-7 2: 7,/-7 > </:
34-7 *37639:
-=;3843 6-/- =07 =-./:
==07 A,3 A,3.-8 - =- D:
74-+
=- /37:
74389:- - =- 90;6/37: C8 73/B 90;0 ;?8:;- =- 7:
<,:3843)
• -./:
==0 ;-9:G0) $ g< S9;
• -./:
==0 @,390) $MM g< S9;
• =0A,3 .3 93;3840) MM g< S9;
( #
- - ;-;60743/? - .353 -I ,74-/73 .3 -9,3/.0 908 =0 374: 6,=-.0 38 =07 6=-807 438: 38.0 38
9,384- A,3 40.07 =07 ;,/07 90//37608.-8 3E-94-;3843 -= .: 73H0 > 376370/ : 8.:9-.07
5 8437 .3 : 8:9:
-/ =- 90874/,99: C8 .3 ,8 ;,/0 .353 @-93/73 ,8 4/-G-.0 A,3 7: /D- .3 <,? --
=07 063/-/: 07 6-/- -=:83-/ =- ;-;60743/? -
9 = -=:
83-;: 3840 73 @-/B 908 @: =07 438707 > 374-9-7 7:73 4/-4- .3 ;,/07 705/3 9: ;: 38407 8
3= 9-70 .3 =07 ;,/07 705/3 6=-9-7 =07 4/-G07 : 8:9:-=37 73 @-/B8 908 4: G- 0 9/->0=-
. ;3.: .- A,3 73 6-7- .3 ,8- @: =-.- - =- 7: <,:3843 3= -=: 83-;: 3840 73 @-/B 60/ @: =07
438707 2: I
-.07 60/ ;3.: 0 .3 =-./: ==07 38 =07 3E4/3;07 0 38 4/-;07 : 843/;3.: 07 80 ;->0/37
- M ;34/07 = ;,/0 .353 6=0;-/73 - ;3.: .- A,3 73 90874/,>3 6-/- A,3 A,3.3
63/2394-;3843 D3/4: 9-=
3 -7 @: =-.-7 .3 =-./: ==0 .3538 A,3.-/ 90//394-;3843 8: D3=-.-7 > 6=0;-.-7 80
-9364B8.073 38 374-7 063/-9: 0837 3//0/37 ;->0/37 .3 MN
2 -7 I ,84-7 .3 63<-7 D3/4: 9-=37 > @0/: G084-=37 438./B8 ,8 376370/ ;BE: ;0 .3 ;34/07
< -7 ;3G9=-7 .3 ;0/43/0 .3 63<- 73/B8 =-7 7: <,: 38437) 6-/- .: D:
7:0837 :843/: 0/37 $)U .3
93;3840 > -/38- .3 63H- 6-/- 2-9@-.-7 - =- D: 74- $) .3 93;3840 -/38- .3 63H- >
9-= 8 .08.3 80 73 6,3.- 3;6=3-/ -/38- .3 63H- 3= ;0/43/0 73 @-/B 908 -/38-
=-D-.- $) 38 9,-=A,: 3/ 9-70 3= ;0/43/0 .3 63<- .353 .: 73H-/73 6-/- ,8- /37: 74389: -
;? 8:
;- .3 M =: 5/-7S6,=< - =07 .?
-7
@ :=- ;-;60743/? - D- - 4/-5-I -/ 90;0 ;,/0 .3 9084389: C8 0 D- - /37: 74:/ -=<L8 4:60 .3
9-/<- =- ;3G9=- .353 73/ ;-7 /: 9- 38 6/060/9: C8 $)& .3 93;3840 > -/38- =-D-.-
-.3;B7 .3 9082: 8-/73 908 90=,;834-7 74- ;3G9=- 73 ,7-/- 4-;5: F8 6-/- =07 -6-/3I 07
9-=-.07
: 07 ;0/43/07 73 6/36-/-/-8 : 8;3.: -4-;3843 -8437 .3 ,7-/=07 908 ;-43/: -=37 73907
-9,;,=-.07 38 3= =,<-/ .3 4/-5-I 0 6-/- 3D: 4-/ 63/.: .-7 .3 4:3;60 *80 73 -9364-/-8
;0/43/07 A,3 @->-8 : 8:9: -.0 3= 2/-<,-.0+
I - 9-84: .-. .3 -<,- 6-/- 3= ;0/43/0 .353 6/0.,9: / ,8- ;3G9=- @0;0<F83- 2B9: = .3
063/-/ 908 3= 6-=,74/3 8437 .3 A,3 73 73A,3 =- ;3G9=- .353 =: ;6: -/73 =- A,3 @->-
379,//: .0 705/3 =07 =-./: ==07 * 37639: -=;3843 6-/- =- ;-;60743/? - - =- D:
74-+
g = =-./:
==0 .353 @,;3.393/73 -8437 .3 7, 90=09-9: C8 6-/- A,3 80 /3743 -<,- -= ;0/43/0
106
= 07 3;6-437 .3 ;,/07 A,3 73 I ,84-8 ,80 908 04/0 .3538 @-93/73 38 .384-.07 A,3 =07
4/-538 3/0 7:73 4/-4- .3 3;6-4-/ ;,/07 .3 =-./: ==0 ;-9: G0 908 04/07 =-./:==07 @,3907 0
908 ;-43/: -=37 A,3 80 73 63/;: 4-8 3= 4/-53 73 90873<,: /B 3= 3;6-43 60/ ;3.: 0 .3
4-9@37 0 63/807 ;34B=: 907 90=09-.07 384/3 =-7 I ,84-7 .3 ;-;60743/? -
; 8 374/,94,/-7 .3 6=-9- > 90=,;8- 38 =-7 9,-=37 =07 ;,/07 80 708 60/4-8437 37407 80
.353/B8 -89=-/73 - =-7 6=-9-7 .3 6: 70 8:.3 9: 3=0 /-70 0 - =-7 D: <,34-7 A,3 =07 =: ;:4-8
6-/- 3D: 4-/ </: 34-7 60743/: 0/37 60/ 3239407 .3 9084/-99: C8 * -7384-;: 38407 .:23/389:-=37+ >
.: =-4-9: C8 .: 23/38437 384/3 3= 9089/340 > =- ;-;60743/? -
8 :-= /36-/4: / =-7 @:=-.-7 73 389,384/- ,8- .: 23/389:- .3 ;3807 .3 U ;34/07 73 .353/B8
7,6=: / 60/ ;3.: 0 .3 ,8 -=: 74-.0 <,?- 38 =- 6=-9- .3= 6: 70
0 0.07 -A,3==07 3=3;38407 A,3 .35-8 A,3.-/ : 89/,74-.07 38 =07 ;,/07 4-=37 90;0 9-I -7
9@-G07 349 3 90=09-/-8 38 =07 7: 4:
07 :
8.: 9-.07 -= 4: 3;60 .3 20/;-9: C8 .3= ;,/0 :=07
9@-G07 708 .3 ;-.3/- : /B8 :8;,8: G-.07 > 908 ;-==- =-43/-= 6-/- =0</-/ ,8 5,38 -89=-I 3
6 -/- 3= 9-70 .3 ;,/07 3;6-H34-.07 6/3D: -;3843 - 374- 063/-9: C8 73 .353 4-6-/ 908
6-63= =-7 9-I -7 .3 : 843//,640/37 *.3538 A,3.-/ 8: D3=-.07 @0/: G084-= > D3/4:9-=;3843+
7-=: .-7 7-8: 4-/: -7 40;-7 349
A -7 /3<-4-7 6-/- : 874-=-9: C8 3=F94/:9- 7-8: 4-/:- 349 3 3I 39,4-/-8 4/37 .? -7 .376,F7 .3
20/;-.- =- ;-;60743/? - 3D: 4-8.0 -7?3= 2/-<,-.0 : 890//3940 .3 =07 ;0/43/07 .3 63<-
/ 8 =07 =-./:==07 @,3907 =-7 -6-/3I 07 .3538 73/ 7: 3;6/3 705/3 =-7 9-/-7 ==-8-7 63/0 38 =-7
4/-5-7 .3 37A,: 8- -6-/393/B8 =07 D-9? 07 6-/- ==38-/ 3= ;0/43/0
743 ?
43; 73 6-<-/- 60/ ; -= 6/39:
0 374:
6,=-.0 38 3= 9084/-40 908 6/3D:
- -6/05-9:
C8 60/ =-
843/D3840/:-
$ -;60743/?
- 38 =-./:
==0 ! O$ ) ;34/0 9,-./-.0 *; +
07 ;,/07 73 /3D374:
/B8 .3 ,8- 9-6- .3 93;3840 > -/38- .380;: 8-.- ;0/43/0 38 =-
7:
<,:3843 20/;-) =- ;-;60743/?- 73 =:
;6:-/- .3 40.07 =07 /37:
.,07 .3I
-.07 .,/-843 =-
107
/ 0&)* &'
0/43/0 .3 93;3840 > -/38- =-D-.- 38 6/060/9:
C8 $)
& $)
/:
70 :
843/:
0/ 6/060/9:
C8 $)
743 ?
43; 73 6-<-/- 60/ ; -= 6/39:
0 374:
6,=-.0 38 3= 9084/-40 908 6/3D:
- -6/05-9:
C8 60/ =-
843/D3840/:-
$$ /:
70 =:
70 705/3 ;,/0 $) ;34/0 9,-./-.0 *; +
/:
70 :
843/:
0/ *;380/ .3 U + /3=-9:
C8 $) 73 /32:
3/3 -= 2/:
70 38 G08-7 ;380/37 A,3 U 9;7 .3
-89@0
743 ?
43; 73 6-<-/- 60/ ;= -= 6/39:
0 374:
6,=-.0 38 3= 9084/-40 908 6/3D:
- -6/05-9:
C8 60/ =-
843/D3840/:
-
108
M $
3 /32:
3/3 - =- 8:D3=-9:
C8 .3= 404-= .3= 6: 70 705/3 3= 9,-= 73 2,8.-/B 3= -8436: 70 38
9089/340 73 @-/B ;3.: -843 =- 8:
D3=-9:
C8 4060</B2:9- > -6=-8-;:3840 .3 =- 7,63/2:
9:3
3.:
.- > 20/;- .3 6-<0
, ;3.:.- > 20/;- .3 6-<0 37 3= ; > =- -94: D:.-. 9087:743 38 90;6-94-/ 3= =- 7,63/2:
9:3
@-74- 054383/ =07 8:
D3=37 /3A,3/:
.07 6-/- 3= D3/4:
;:3840 .3= 9089/340
74- -94:D:
.-. 9087: 743 38 90874/,:
/ ,8- 40/4- .3 9089/340 .3 67:.3 9384? ;34/07 .3
376370/ =- 9,-= 73/D:/B 90;0 5-73 6-/- =- : 874-=-9:
C8 .3= ;0/43/0 .3 8: D3=-9:
C8 > 63<- .3=
-5=C8 *-9-5-.0 2: 8-= .3 =- 7,63/2:
9:3+ -.3;B7 7: /D3 6-/- 7060/4-/ 3= 6370 6/0.,9:.0 60/
3= ;05:=:
-/:0 > =-7 63/708-7 A,3 09,6-/-8 =-7 -,=-7 .3 9=-73
743 ?
43; 73 6-<-/- 60/ ; -= 6/39:
0 374:
6,=-.0 38 3= 9084/-40 908 6/3D:
- -6/05-9:
C8 60/ =-
843/D3840/:-
8436:
70 38 9089/340 .3 67:376370/ .3 9;7
* +
743 ?
43; 9087:743 38 ,8 ;0/43/0 .3 63<- .3 /3=-9: C8 $) = ;0/43/0 4:
383 .07 2:
837
6/:;3/0 =- 8:
D3=-9:C8 .3= -8436: 70 > 90;0 73<,8.0 =- 2: I
-9:C8 .3 =-7 ,8: .-.37 .3 6:70
4-5=C8 A,3 9,5/:/B8 =- 7,63/2:
9:3 = 376370/ .3 3743 ;0/43/0 73/B .3 -6/0E:;-.-;3843
9;
:80 374B :
89=,:
.0 38 =07 907407 .3 :874-=-9:C8 .3= 4-5=C8 0 93/B;: 9- 73 6-<-/- 60/ ; -=
6/39:
0 374:
6,=-.0 38 3= 9084/-40 908 6/3D:- -6/05-9: C8 60/ =- 843/D3840/:
-
MV M
743 ?
43; 73 6-<-/- 60/ ; -= 6/39:
0 374:
6,=-.0 38 3= 9084/-40 908 6/3D:
- -6/05-9:
C8 60/ =-
843/D3840/:-
109
$ :
70 38 4-5=C8 .3 </37 34/0 9,-./-.0 *; +
-/- 9,5/:
/ =- 7,63/2:9:3 .3 =- 5-43/?
- 7-8:
4-/:
- 73 ,4:
=:
G-/- 6:
70 .3 93/B;:
9- 6-/- 5-H07
73<L8 37639: 2:9-9: 0837 .-.-7 5-7-.-7 38 =-7 80/;-7 80/;- 3
= 389@-63 - ,4: =:
G-/ 73/B .3 6/:
;3/- > .3 90=0/37 ,8:
20/;37
743 ?
43; 73 6-<-/- 60/ ; : 89=,>3 :874-=-9:C8 > 5/39@-.0 -.3;B7 .3 =- =:;6: 3G- :
8:9:-= > 73
/3-=:
G-/B -= 6/39:
0 374:
6,=-.0 38 3= 9084/-40 908 6/3D:- -6/05-9:
C8 60/ =- 843/D3840/:-
M$ !
3 /32:
3/3 3743 ?
43; - 3= -9-5-.0 38 =07-7 .3 93/B;: 9- A,3 /B8 705/3 =07 2/:
707 38 =-
5-43/?- .3 5-H07 74- =07- 73/B .3 4: 60 93/B;:90 > .353 9,;6=: / 908 =-7
37639:2:9-9:
0837 4F98:
9-7 3E:<:.-7 60/ =-7 80/;-7 6-/- 4-= 2:
8
743 ?
43; 73 6-<-/- 60/ ; : 89=,>3 7, :874-=-9:C8 > /3==380 .3 .:=-4-9:0837 *5/39@-+ > 73
/3-=:
G-/B -= 6/39:
0 374:
6,=-.0 38 3= 9084/-40 908 6/3D:
- -6/05-9: C8 60/ =- 843/D3840/:
-
$& :
70 38 93/B;:
9- 34/0 9,-./-.0 *; +
743 ?
43; 73 /32: 3/3 - 40.07 =07 4/-5-I 07 .3 -6=:9-9:C8 .3 374,90 > 6: 84,/- 705/3 =-7
7,63/2:
9: 37 2/:
7-.-7 38 ;,/07 : 843/:
0/37 3<L8 73 37639: 2:
A,38 38 =07 6=-807 /3D: -;3843 3=
9084/-4:74- 7,;: 8:
74/-/- -= :843/D3840/ ,8 9-4-=0<0 .3 90=0/37 6-/- A,3 3743 73=399: 0837 =0
A,3 .353 3;6=3-/73 .3 -9,3/.0 - =-7 : 8.:9-9:0837 0.-7 =-7 37639: 2:
9-9: 0837 A,3
D->-8 - 6: 84-/73 73 =:;6: -/-8 9,: .-.07-;3843 908 4/-60 7390 A,: 4B8.0=37 3= 60=D0 =-
</-7- > 3= ;0/43/0 A,3 6,3.-8 4383/ > /37-8-8.0 =07 @,3907 > .3760/4: ==-.,/-7 73
-6=:9-/- =,3<0 ,8- 0 .07 9-6-7 .3 374,90 908 ==-8- ;34B=: 9- 2:
8-=;3843 73 =: I-/- @-74-
054383/ ,8- 7,63/2: 9:3 ,8:20/;3 > 43/7-
,89- 73 -6=: 9-/- 6:84,/- 705/3 7,63/2: 9:
37 @L;3.-7 0 -8437 .3 A,3 =- ;-80 -843/: 0/ 3743
90;6=34-;3843 739- > @->- 4/-879,//: .0 60/ =07 ;3807 ,8- @0/- .3 7, -6=:9-9: C8
110
/ 0&)* &'
- 6:84,/- 73/B 4:
60 .3 D:8: =0 ;-43 0 7:;:=-/ 38 =07 90=0/37 -,40/:G-.07 60/ 3= :
843/D3840/
08 -843/:0/:.-. - 7, ,4:=:
G-9: C8 3= 9084/-4:
74- .353/B 6/37384-/ - =- : 843/D3840/:
- ;,374/-7
7,2:9:
38437 > /36/37384-4: D-7 .3 =07 ;-43/: -=37 A,3 73 6/060838 - ,4: =:
G-/ 6-/- 054383/ 7,
-6/05-9: C8
07 ;-43/: -=37 A,3 73 384/3<,38 38 =- 05/- .3538 : / 38 7,7 38D-737 > /39: 6:38437 .3
0/:<38
353/B8 -=;-938-/73 @-74- 7, ,4: =:
G-9:
C8 - : 843/D3840/: - /39@-G-/- =07 ;-43/:-=37 A,3 73
@,5: 3/38 -=43/-.0 0 374/063-.0 =07 9,-=37 .353/B8 /34: /-/73 .3 =- 05/-
$ :
84,/- 38 D:
8:=0 705/3 ;,/0 34/0 9,-./-.0 *; +
:
84,/- 38 37;-=43 705/3 9-/6:
843/?
- ;34B=:
9- 34/0 9,-./-.0
*; +
07 4/-5-I07 3 : 874-=-9:
0837 05I340 .3 374-7 37639: 2:9-9:0837 .3538 73/ 3I39,4-.-7 908
;-43/: -=37 > ;-80 .3 05/- .3 6/: ;3/- 9-=: .-. > 38 ,8 40.0 .3 -9,3/.0 908 =-7 80/;-7
D:<38437 38 =-7 3;6/37-7 .3 383/<? - > 43=F20807 0 38 =-7 374-5=39: .-7 38 3= 90<: .0
8-9: 08-= .3 3=394/: 9:
.-.
- -6/05-9: C8 .3 =-7 : 874-=-9:
0837 .35: .-;3843 43/;: 8-.-7 73/B 70=:9:4-.- 60/ 3=
9084/-4:74- - =-7 3;6/37-7 6/374-8437 .3 =07 /376394:
D07 73/D:
9:07 3 384/3<-/- - =- 384:
.-.
9084/-4-843 =07 6=-807 > .34-==37 90//37608.: 38437 - 40.- 3D384,-= ;0.: 2:
9-9: C8 .3=
6/0>3940 : 8:9:-= A,3 @->-8 7: .0 3I 39,4-.-7 6/3D: - -6/05-9: C8 > -,40/: G-9:
C8 .3=
:
843/D3840/
( ) (0&)3 '0*
( ' %& '*
'0&/
0//:
3843) /:
2B7:9-
387:0837) -=4- X $$ D -I
-X S$ D
/39,389: -) U 9 S7
:
74/:
5,9:C8) 34/-2:
=-/ *& 908.,940/37 6-/- 2-737 > $ 90;0 83,4/0 - 4:
3//-+
+ -1 '
07 6=-807 .3 =- .: 7607:9:C8 3=F94/:9- 80 ;,374/-8 .34-==37 6/39: 707 > 90;6=3407 38 =07
3.: 2:
9:07 3==07 : 8.:9-8 =- ,5: 9-9:C8 -6/0E: ;-.- > -//3<=0 <383/-= 63/0 80 708 7,7
:
84389: 0837 :8.:9-/ .34-==37 .3= 3A,:
60 8:=- ,5: 9-9: C8 3E-94- .3 908.,9407 0 .3 7-=: .-7
08 3E9369: C8 .3 =-7 ;3.: .-7 A,3 73 : 8.: 9-8 =- =09-=: G-9:C8 3E-94- .3 =-7 7-=:.-7 .3
908.,9407 > 7, /3=-9: C8 908 3= 3A,: 60 73 .343/;: 8-/B8 38 =- 05/- 908 =- -6/05-9: C8 .3=
:
843/D3840/ =- A,3 374-/B .3 -9,3/.0 38 <383/-= 908 =0 : 8.:9-.0 38 =07 6=-807 .3
.:7607:9: C8
,/-843 3= 6/0</370 .3 =- 05/- 3= 9084/-4: 74- ;-/9-/- 38 ,8 I ,3<0 .3 906: -7 .3 =07 L=4:;07
6=-807 .3= 6/0>3940 A,3 73 @->-8 3;: 4:.0 6-/- =- 90874/,99: C8 40.07 =07 .34-==37 4-=
90;0 73 3I 39,4-/08 =-7 05/-7 > /3<: 74/-/- =-7 ;0.: 2:
9-9: 0837 @39@-7 38 =- ;: 7;-
3/;: 8-.- =- 90874/,99: C8 3= 9084/-4:74- 7,;: 8:74/-/- ,8 I
,3<0 .3 6=-807 374/:94-;3843 .3
-9,3/.0 908 =- 05/- 3I 39,4-.- > -6/05-.- 60/ 3= : 843/D3840/
07 6=-807 -.: 9:08-=37 0 .3 .34-==37 A,3 73 83937: 4-738 6-/- =- 90874/,99:C8 -.39,-.-
.3 =-7 : 874-=-9:0837 90//3/B8 60/ 9,384- .3= 9084/-4: 74- > 7, 3I
39,9: C8 73 70=:
9:4-/- 60/
;3.: 0 .3 =- :843/D3840/?- ,3.- 9=-/-;-83843 374-5=39: .0 A,3 =-7 ;0.: 2:
9-9: 0837 > =07
6=-807 -.: 9:08-=37 - =07 A,3 73 @:G0 /323/389: - 73/B8 -6/05-.07 38 20/;- 374/: 94- 60/ 3=
:
843/D3840/ -8437 .3 =- 3I 39,9:C8 .3 =- :874-=-9: C8 /376394: D-
07 3A,: 607 * , : 874-=-9:C8 > 6,374- 38 ;-/9@- 90//3 60/ 9,384- > /: 37<0 .3= 6/0D33.0/
.3 =07 ;: 7;07+ > ;-43/: -=37 3=F94/:
907 73 : 874-=-/-8 .3 -9,3/.0 908 =07 6=-807 .3=
2-5/: 9-843 =07 6=-807 .3 90874/,99: C8 =-7 =:
74-7 .3 ;-43/: -=37 374-7 37639: 2:
9-9:0837 >
908 =-7 : 874/,99: 0837 .3= :843/D3840/
0=-;3843 73 63/;: 4:
/B -6-/4-/73 .3 =07 A,3 73 374-5=3938 =07 6=-807 0 =-7
37639: 2:9-9: 0837 7: ;3.: - 3= 9087384: ;:3840 379/: 40 .3= : 843/D3840/ 07 3A,: 607 >
;-43/: -=37 : 874-=-.07 38 20/;- .32394,07- 73 -I ,74-/-8 0 : 874-=-/-8 8,3D-;3843 -
7-4: 72-99: C8 .3= :843/D3840/
= 4/-5-I 0 73 ;-8: 6,=-/- > 73 ==3D-/- - 7, 607: 9:C8 2: 8-= 908 9,: .-.0 3 : 820/;-/- -=
:843/D3840/ .3 9,-=A,: 3/ .-H0 38 3= 3A,: 60 > 80 73 6/073<,: /B 908 7, : 874-=-9:C8 @-74-
A,3 =- : 843/D3840/? - 438<- =- 060/4,8: .-. .3 .343/;: 8-/ =- ;-<8: 4,. .3 =- -D3/? - >
.39: .:/ 3= 6/093.: ;: 3840 - 73<,: /73 = 9084/-4:74- /36-/- 3= 3A,: 60 .-H-.0 * 70=0 -6=: 9-
6-/- 3= 6/0D33.0/ .3 =07 3A,: 607 + .,/-843 =- 90874/,99: C8 5-I 0 =- .: /399:C8 .3=
:843/D3840/ 0.0 3A,: 60 374-/B 2:/;3 90=09-.0 - 379,-./- > 8: D3= > .3I -.0 38 5,38-
-6-/: 389: -
/ 0&)* &'
-7 37639:
2:
9-9:0837 .3 =07 ;-43/:-=37 - ,4:
=:
G-/ ==38-/-8 40.07 =07 /3A,:
7:407 3E:
<:.07 60/ =-
,-8.0 80 73 37639: 2:
A,3 3E9=,7:D-;3843 3= ,70 .3 ,8 ;-43/: -= .3 9: 3/4- ;-/9-
.3 2B5/:
9- 3= 9084/-4:
74- 60./B 73=399: 08-/=0 =:
5/3;3843 7: 3;6/3 A,3 3743 .3 -9,3/.0
112
8 905/3 3=394/0=?4:
90 43;6=3 7,-D3 908 -7: =-;:3840 38 6-/- U D0=4: 07 > -640 6-/-
:
874-=-9:C8 38 -;5: 3843 @L;3.0 08.,940/37 9-5=3-.07 *D-/: 07 @:=07+ 6-/- 9-=:5/37
8,;3/0 U > 7,63/:0/37 08.,940/37 .3 7-=: .- *,8 @: =0+ 6-/- 9-=:
5/37 8,;3/0 R
3 :
823/:
0/37 07 9-=: 5/37 73/B8 =07 :
8.: 9-.07 38 3= 6=-80 0.0 3;6-=;3 .353 <-/-84: G-/
63/23940 -:7=-;:3840 3 :;63/;3-5: =:
.-. - /37: 74389:- .3 -: 7=-;:
3840 73 @-/B 908 9: 84-
.3 9-,9@0 D,=9-8: G-.0 > /39,5/: ;:3840 .3 9:84- -:7=-843 6=B74:9-
= 9084/-4:
74- :874-=-/- 40.07 =07 908.,940/37 ;34B=:
907 9-I-7 .3 9083E:0837 9-I -7 .3
-99370 ,8: 0837 -906=-;: 38407 90.07 9,/D-7 -99370/: 07 .3 3E6-87: C8 </-6-7 >
7060/437 6-/- =07 .,9407 .3 =07 7:743;-7 .3 -=,;5/-.0 2,3/G- 43=3208?
- > .3 708:.0 4-=
90;0 =0 /3A,: 3/38 =07 6=-807 .3 90874/,99:C8 =07 /3<=-;38407 > 9C.:<07 =-7 =:
74-7 .3
;-43/:-=37 > 374-7 37639:2:
9-9:0837
07 6=-807 :8.:9-8 =- =09-=:G-9:C8 -6/0E:;-.- .3 =-7 9-I -7 > 7, -</,6-9: C8 38 =07 9: /9,:407
- A,3 D-8 908394-.07 , =09-=: G-9:C8 3E-94- 73 374,.:-/B 38 =- 05/- 60/ 3= 9084/-4: 74-
.3 -9,3/.0 908 3= : 843/D3840/ -7 9-I -7 73/B8 .3 -93/0 <-=D-8: G-.0 908 63/20/-9: 0837
6-/- 908.,9407 60/ 40.07 =07 =-.07 -7 7-=: .-7 6-/- : =,;:8-/? -7 73 @-/B8 908 9-I -
094-<08-=37 .3 K E $ e J =-7 7-=: .-7 .3 90//:3843 43=F2080 : 843//,640/37 7389:==07 > 38
<383/-= 40.-7 =-7 9-I -7 - .08.3 ==3<,3 ,8 70=0 908.,940 73 6/0D33/B8 .3 ,8- 9-I -
/394-8<,=-/ .3 K E K E $ e J 6/0D: 74-7 .3= 7,6=3;3840 90//37608.: 3843 -= 4: 60 .3
-99370/: 0 A,3 73 D->- - : 874-=-/ 0 .3 =- 4-6- ;34B=: 9- 0.-7 =-7 9-I -7 .3 7-=: .-
3;604/-.-7 38 90=,;8- 0 ;,/07 438./B8 7, 4-6- 0 7,7 6=-9-7 -= ;: 7;0 8:D3= .3= 6-H343
> -=4,/- 9,-8.0 @->- D-/: -7
-7 -=4,/-7 .3 ;084-I 3 .3 -6-/-407 73/B8 =-7 7: <,:38437 - ;3807 A,3 73 : 8.: A,38
.:23/38437 38 =07 6=-807
*
-0&))5+01 )&' %& + )&%
&: 5**
;)*
1 %& 4 '&'
= 9084/-4:74- 3A,: =:
5/-/- 9,:.-.07-;3843 =- 9-/<- 3=F94/:
9- .3 =- 2-73 9,-8.0 9083943
=07 9:/9,:407 .3 =07 4-5=3/07 -,40;B4:
907 = .373A,:=:
5/:
0 404-= 80 60./B 3E93.3/ .3 ,8 $ N
'*
'0&/ %& 0*
&)) '
= 9084/-4:
74- :
874-=-/- > 908394-/- 40.07 =07 ;-43/: -=37 6-/- 6,374- - 4:
3//- :89=,>38.0 =-7
9083E: 0837 - =-7 374/,94,/-7 4-5=3/07 3A,: 607 908.,9407 : 874/,;38407 349 -7
9083E: 0837 - 4:3//- .3= 3A,: 60 > 374/,94,/-7 73 @-/B8 60/ ;3.: 0 .3 9083E: 0837 - 6/37: C8
.3 5/0893 0 905/3 908 6-/43 ;34B=: 9-7 80 23//07-7 - ;3807 A,3 73 : 8.:A,3 =0 9084/-/: 0
0.07 =07 9-5=37 .3 4:3//- > =07 9083940/37 73 =:
;6: -/-8 9,:.-.07-;3843 908 ,8 936: ==0 .3
-=-;5/3 908 7,7 6,84-7 .3 9083E: 0837 0 73 -9364- =: ;6:3G- 908 B9: .0
0.-7 =-7 374/,94,/-7 > 5-737 .3 3A,: 60 ;39-8: 7;07 .3 9084/0= ;040/37 4-5=3/07 > 7,7
374/,94,/-7 .3 7060/43 <-5: 83437 ;34B=:907 3=3;38407 .3 9-5=3 7: 743;-7 .3 908.,9407
114
• :
/9,:
40 .3 .07 -=-;5/37) ,80 83</0 ,80 5=-890
• :
/9,:
40 .3 4/37 -=-;5/37) ,80 83</0 ,80 5=-890 ,80 /0I
0
• :
/9,:
40 .3 9,-4/0 -=-;5/37) ,80 83</0 ,80 5=-890 ,80 /0I
0 ,80 -G,=
-5=3/0 <383/-=
3 ,4:=:
G-/-8 4-5=3/07 4/:
2B7:
907 6-/- 7:
743;- .3 .: 74/:
5,9:C8 34/-2:=-/ 90874/,:
.07 38 =B;:8-
.3 -93/0 908 6,3/4- 93//-.,/- > ==-D3 3 : 843//,640/37 ;08060=-/37 -,40;B4: 907 90;0 73
.34-==- 38 =07 6=-807
= 4-5=3/0 <383/-= .353/B 73/ .3= 4:60 <-5:8343 0 -,40 7060/4-.0 73<L8 3= 9-70 74-/B
90874/,: .0 38 =-;:8- .3 -93/0 9-=: 5/3 0 $ 0 0 $ /376394: D-;3843 > 73 6/0D33/B .3
6,3/4-7 5: 7-</-.-7 93//-.,/-7 ==-D37 > 4-/I
343/0'5-/-I 37 -6/06:-.07 38 6=-4: 8- .3 905/3
/0I0 0874-/- .3 =-7 7399: 0837 :8.:76387-5=37 6-/- 3= ;084-I 3 .3 =07 -99370/: 07 >
.:7607:4:D07 .3 ;3.: .- > 9084/0= :
8.:9-.07 38 =07 6=-807 3 4/-4-/- 908 ,8- 5-73 .3
6:84,/- -84: 90//07:
D- > 2:8-=;3843 908 .07 9-6-7 .3 37;-=43 </: 7 @0/83-5=3 90=0/ </:
7
6=0;0
3 /32:
3/3 - =- :
874-=-9:C8 .3= 908I
,840 .3 908.,940/37 A,3 63/;: 438 3= 7,;: 8:74/0 .3 383/<?-
- -90;34: .- .353/B 73/ 7,543//B83- > 73 @-/B 38 4,50 4:
60 637-.0 .3 fK > =-
90//:3843 ;BE: ;- 4/-8760/4-.- 60/ =07 908.,940/37 80 .353/B 3E93.3/ 3= =?
;: 43 4F/;:90 .3 =07
908.,940/37 - =08<: 4,. ;BE: ;- .3 =- -90;34:.- 73/B .3 & ;
,50 4:
60 637-.0 .3 fK
743 ?
43; 73 6-<-/- 60/ ,8:
.-. -= 6/39:
0 374:
6,=-.0 38 3= 9084/-40 908 6/3D:
- -6/05-9:
C8 60/
=- 843/D3840/:
-
& $ 90;34:
.- 3=F94/:
9- 8:
.- *,8.+
-7 7-=:
.-7 6-/- :
=,;:
8-/?
-7 73 @-/B8 908 9-I
- 094-<08-=37 .3 K E $ eJ 6/0D: 74-7 .3=
7,6=3;3840 90//37608.:
3843 -= 4:
60 .3 -99370/:
0 A,3 73 D->- - :
874-=-/ 0 .3 =- 4-6-
;34B=:9-
743 ?
43; 73 6-<-/- 60/ ,8:
.-. -= 6/39:
0 374:
6,=-.0 38 3= 9084/-40 908 6/3D:
- -6/05-9:
C8 60/
=- 843/D3840/:
-
3 ,4: =:
G-/-8 4-5=3/07 4/:
2B7:907 6-/- 7: 743;- .3 .: 74/:
5,9:C8 4/:2:
=-/ 90874/,:
.0 38 =B;: 8- .3
-93/0 908 6,3/4- 93//-.,/- > ==-D3 3 : 843//,640/37 ;08060=-/37 -,40;B4: 907 90;0 73
.34-==- 38 =07 6=-807
= 4-5=3/0 <383/-= .353/B 73/ .3= 4:
60 <-5: 8343 74-/B 90874/,: .0 38 =-;:8- .3 -93/0 9-=:5/3
0 $ 0 0 $ /376394: D-;3843 > 73 6/0D33/B .3 6,3/4-7 5: 7-</-.-7 93//-.,/-7 ==-D37 >
4-/I 343/0' 5-/-I37 -6/06: -.07 38 6=-4: 8- .3 905/3 /0I 0 0874-/- .3 =-7 7399: 0837
:8.: 76387-5=37 6-/- 3= ;084-I 3 .3 =07 -99370/: 07 > .:7607:
4:D07 .3 ;3.: .- > 9084/0= :
8.:
9-.07
38 =07 6=-807 3 4/-4-/- 908 ,8- 5-73 .3 6: 84,/- -84:90//07:D- > 2:
8-=;3843 908 .07 9-6-7
.3 37;-=43 </: 7 @0/83-5=3 90=0/ </:7 6=0;0
743 ?
43; 73 6-<-/- 60/ ,8:
.-. -= 6/39:
0 374:
6,=-.0 38 3= 9084/-40 908 6/3D:
- -6/05-9:
C8 60/
=- 843/D3840/:
-
$$
116
743 ?
43; 73 6-<-/- 60/ ,8:
.-. -= 6/39:
0 374:
6,=-.0 38 3= 9084/-40 908 6/3D:
- -6/05-9:
C8 60/
=- 843/D3840/:
-
& -=:
.- ;0802B7:
9- .05=3 $$ D 8:
.- *,8.+
-7 7-=:
.-7 ;0802B7:9-7 73 @-/B8 908 9-I - /394-8<,=-/ .3 K E K E$ eJ 6/0D: 74-7 .3=
7,6=3;3840 90//37608.: 3843 -= 4:60 .3 -99370/: 0 A,3 73 D->- - :
874-=-/ 0 .3 =- 4-6-
;34B=:9- 0.-7 =-7 9-I-7 .3 7-=:
.- 3;604/-.-7 38 90=,;8- 0 ;,/07 438./B8 7, 4-6- 0 7,7
6=-9-7 -= ;:
7;0 8:
D3= .3= 6-H343 > -=4,/- 9,-8.0 @->- D-/:-7
743 ?
43; 73 6-<-/- 60/ ,8:
.-. -= 6/39:
0 374:
6,=-.0 38 3= 9084/-40 908 6/3D:
- -6/05-9:
C8 60/
=- 843/D3840/:
-
-7 7-=:
.-7 ;0802B7:9-7 73 @-/B8 908 9-I - /394-8<,=-/ .3 K E K E$ eJ 6/0D: 74-7 .3=
7,6=3;3840 90//37608.: 3843 -= 4:60 .3 -99370/: 0 A,3 73 D->- - :
874-=-/ 0 .3 =- 4-6-
;34B=:9- 0.-7 =-7 9-I-7 .3 7-=:
.- 3;604/-.-7 38 90=,;8- 0 ;,/07 438./B8 7, 4-6- 0 7,7
6=-9-7 -= ;:
7;0 8:
D3= .3= 6-H343 > -=4,/- 9,-8.0 @->- D-/:-7
743 ?
43; 73 6-<-/- 60/ ,8:
.-. -= 6/39:
0 374:
6,=-.0 38 3= 9084/-40 908 6/3D:
- -6/05-9:
C8 60/
=- 843/D3840/:
-
= 9084/-4:74- :
874-=-/- > 908394-/- 40.07 =07 ;-43/: -=37 6-/- 6,374- - 4:3//- :
89=,>38.0 =-7
9083E: 0837 - =-7 374/,94,/-7 4-5=3/07 3A,: 607 908.,9407 : 874/,;38407 349 -7 9083E: 0837 -
4:
3//- .3= 3A,: 60 > 374/,94,/-7 73 @-/B8 60/ ;3.:0 .3 9083E: 0837 - 6/37:
C8 .3 5/0893 0 905/3
908 6-/43 ;34B=: 9-7 80 23//07-7 - ;3807 A,3 73 :8.:A,3 =0 9084/-/:
0
117
-7 7-=:
.-7 ;0802B7:9-7 73 @-/B8 908 9-I - /394-8<,=-/ .3 K E K E$ eJ 6/0D: 74-7 .3=
7,6=3;3840 90//37608.: 3843 -= 4:60 .3 -99370/: 0 A,3 73 D->- - :
874-=-/ 0 .3 =- 4-6-
;34B=:9- 0.-7 =-7 9-I-7 .3 7-=:
.- 3;604/-.-7 38 90=,;8- 0 ;,/07 438./B8 7, 4-6- 0 7,7
6=-9-7 -= ;:
7;0 8:
D3= .3= 6-H343 > -=4,/- 9,-8.0 @->- D-/:-7
743 ?
43; 73 6-<-/- 60/ ,8:
.-. -= 6/39:
0 374:
6,=-.0 38 3= 9084/-40 908 6/3D:
- -6/05-9:
C8 60/
=- 843/D3840/:
-
-7 7-=:.-7 ;0802B7: 9-7 73 @-/B8 908 9-I - /394-8<,=-/ .3 K E K E$ eJ 6/0D: 74-7 .3=
7,6=3;3840 90//37608.: 3843 -= 4:60 .3 -99370/: 0 A,3 73 D->- - :
874-=-/ 0 .3 =- 4-6-
;34B=: 9- 0.-7 =-7 9-I -7 .3 7-=:
.- 3;604/-.-7 38 90=,;8- 0 ;,/07 438./B8 7, 4-6- 0 7,7
6=-9-7 -= ;:7;0 8: D3= .3= 6-H343 > -=4,/- 9,-8.0 @->- D-/:-7
- -=4,/- .3 =-7 7-=:
.-7 .3 43=3D:7:
C8 37 .3 & ;
743 ?
43; 73 6-<-/- 60/ ,8:
.-. -= 6/39:
0 374:
6,=-.0 38 3= 9084/-40 908 6/3D:
- -6/05-9:
C8 60/
=- 843/D3840/:
-
<&-0 - /&07 *
( = >
743 ?
43; 73 6-<-/- 60/ ,8:
.-. -= 6/39:
0 374:
6,=-.0 38 3= 9084/-40 908 6/3D:
- -6/05-9:
C8
60/ =- 843/D3840/:
-
118
$ ,;:
8:74/0 3 :
874-=-9:
C8 .3 D384-8- ;34B=:
9- $ E$ M 8:
.-.
*,8.+
V$ ! $
743 ?
43; 73 6-<-/- 60/ ,8:
.-. -= 6/39:
0 374:
6,=-.0 38 3= 9084/-40 908 6/3D:
- -6/05-9:
C8 60/
=- 843/D3840/:
-
- ;3.: .- 73/B 3= 8,;3/0 .3 ,8: .-.37 90=09-.-7 60/ 9-.- 4: 60 > /39:5:.-7 - 3843/-
7-4:
72-99:C8 *:89=,>3 6:
84,/-+ 60/ 3= :
843/D3840/ 3= 6-<0 73 @-/B - =07 6/39:
07 374-5=39:
.07
38 3= 9084/-40 60/ 9-.- 4:
60 .3 6,3/4-
$ ,;:
8:74/0 3 :
874-=-9:
C8 .3 6,3/4- ;34B=:
9- E$ 8:
.-.
*,8.+
$ V
74- 6,3/4- 73 =09-=:
G-/- 6-/- =- 384/-.- - =-7 5-43/?
-7 7-8:4-/:
-7
-7 6,3/4-7 73 @-/B8 38 =B;: 8- 0== 0=. .3 9-=: 5/3 :
89=,:/B8 3= 6-7-.0/ > 40.-7 =-7
6,3/4-7 73 384/3<-/-8 38 6: 84,/- -84: 90//07:
D- .3= 90=0/ A,3 3= .:73H0 -/A,:4394C8:
90 =0
3E:I
-
$M ,;:
8:74/0 3 :
874-=-9:
C8 .3 D384-8- ;34B=:
9- $ E 8:
.-.
*,8.+
$U V U
74- 6,3/4- 73 =09-=:
G-/- 6-/- =- 384/-.- - 9-.- ,80 .3 =07 9,5? 9,=07 7-8:
4-/:
07
-7 6,3/4-7 73 @-/B8 38 =B;: 8- 0== 0=. .3 9-=: 5/3 :89=,:
/B8 3= 6-7-.0/ > 40.-7 =-7
6,3/4-7 73 384/3<-/-8 38 6: 84,/- -84: 90//07:
D- .3= 90=0/ A,3 3= .:73H0 -/A,: 4394C8:
90 =0
3E:I
-
119
$M ,;:
8:74/0 3 :
874-=-9:
C8 .3 6,3/4- ;34B=:
9- $ U E U 8:
.-.
*,8.+
% U V U
087:
743 38 =- 90874/,99: C8 .3 ,8- 9-I - .3 :876399:C8 38 =-./:==0 40=343 .3 U E U
.35:.-;3843 2/: 7-.- 3 :;63/;3-5: =:
G-.- 908 ,8- 4-6- 38 9089/340 /320/G-.0 6-/- 60.3/
:
876399: 08-/ 7, 2,4,/0 2,89:08-;:
3840 38 =- 3D-9,-9:C8 .3 -<,-7 73/D:.-7
743 ?
43; 73 6-<-/- 60/ ,8:
.-. -= 6/39:
0 374:
6,=-.0 38 3= 9084/-40 908 6/3D:
- -6/05-9:
C8 60/
=- 843/D3840/:
-
M & -I
-7 .3 :
876399:
C8 .3 U E U 8:
.-. *,8.+
!
3 /32:3/3 - 40.07 =07 6,8407 .3 =- /3. @:./B,=:
9- 6-/- =- 5-43/?- 7-8: 4-/:
- A,3 2,3/08
.35:.-;3843 9-=9,=-.07 38 3= 374,.:0 @:./07-8:
4-/:0 A,3 73 -</3<0 -= 6/0>3940 *6-/- ;-7
.34-==37 D3/ 374,.:
0+
743 ?
43; 73 6-<-/- 60/ ,8:
.-. -= 6/39:
0 374:
6,=-.0 38 3= 9084/-40 908 6/3D:
- -6/05-9:C8 60/
=- 843/D3840/:
- , 20/;- .3 6-<0 37 60/ 6,840 > 3= :
89=,>3 =07 ;-43/:
-=37 3 :
874-=-9:
C8 .3 =-7
4,53/?-7
M U ,840 @:
./B,=:
90 8:
.-. *,8.+
K
3 /32:
3/3 - =07 6,8407 A,3 73/D:/B8 6-/- 3D-9,-/ =-7 -<,-7 83</-7 > A,3 @-938 6-/43 .3 =-
/3. 7-8:4-/:
- *D3/ 374,.:
0 @:
./07-8: 4-/:
0+
743 ?
43; 73 6-<-/- 60/ ,8: .-. .3 6,840 3 :
89=,>3 =- :
874-=-9:
C8 .3 =- 4,53/?
- > 3= /3==380 .3
=- G-8I- A,3 73 @: G0 6-/- 7, :874-=-9:
C8 -= 6/39:
0 374:6,=-.0 38 3= 9084/-40 908 6/3D: -
-6/05-9: C8 60/ =- 843/D3840/:
-
120
&K K
3 /32:
3/3 - =07 6,8407 A,3 73/D:/B8 6-/- 3D-9,-/ =-7 -<,-7 83</-7 > A,3 @-938 6-/43 .3 =-
/3. 7-8:4-/:
- *D3/ 374,.:
0 @:
./07-8: 4-/:
0+
743 ?
43; 73 6-<-/- 60/ ,8: .-. .3 6,840 3 :
89=,>3 =- :
874-=-9:
C8 .3 =- 4,53/?
- > 3= /3==380 .3
=- G-8I- A,3 73 @: G0 6-/- 7, :874-=-9:
C8 -= 6/39:
0 374:6,=-.0 38 3= 9084/-40 908 6/3D: -
-6/05-9: C8 60/ =- 843/D3840/:
-
,840 7-8:4-/:
0 .3 K 8:
.-. *,8.+
M ,840 7-8:
4-/:0 .3 &K 8:
.-. *,8.+
,840 7-8:4-/:
0 .3 K 8:
.-. *,8.+
%&'()*
+(*
, - . /&01 %1 1 2 3
/ 0&)* &'
743 ?
43; 73 6-<-/- 60/ ,8:
.-. 3 : 89=,>3 : 874-=-9:C8 73 /3-=:
G-/B -= 6/39:
0 374:
6,=-.0 38 3=
9084/-40 908 6/3D:
- -6/05-9:C8 60/ =- 843/D3840/:-
M -8:
4-/:
07 8:
.-. *,8.+
3 /32:
3/3 3743 ?43; -= 7,;: 8:74/0 3 :
874-=-9:
C8 .3 =-D-;-807 A,3 .3538 9,;6=: / 908 =-7
80/;-7 6-/- 3743 4:
60 .3 -/432-9407 7407 73 .353/B8 90=09-/ .3 4-= 20/;- A,3 73
<-/-84:93 7, 2,89:08-;:3840 > -@0//0 .3 -<,- 7:
8 379-637 8:2:=4/-9:
0837 -.3;B7 =-7 ==-D37
121
8437 .3 389@-6-/ 73 .35: 3/08 .3I -/ =07 6,8407 .3 =07 /376394:D07 -6-/-407 3= 9,-= .353
9,;6=: / 908 =-7 .:
74-89:
-7 ;? 8:
;-7 .3 : 874-=-9:
C8 908438:.-7 38 3= C.: <0 .3 084-83/? - .3
0=0;5: - 3 6/093.3 - 3;50A,: ==-/ 908 93;3840 5=-890 =- -53/4,/- .3 =- 4,53/?- 7-8:4-/:
-
3:874-=-/ 3= =-D-;-807 > 2:
8-=;3843 73 908394- - =- 4,53/?- 7-8:4-/:
-
743 ?
43; 73 6-<-/- 60/ ,8:
.-. 3 : 89=,>3 : 874-=-9:C8 73 /3-=:
G-/B -= 6/39:
0 374:
6,=-.0 38 3=
9084/-40 908 6/3D:
- -6/05-9:C8 60/ =- 843/D3840/:-
M # =-D-;-807 8:
.-. *,8.+
#
7407 708 =07 -6-/-407 - : 874-=-/ 38 =- 5-43/?- 7-8:4-/:
- 73<L8 374,.:0 @:./07-8:4-/:
0 > 6-/-
;->0/37 .34-==37 3= 6=-80 @:./07-8: 4-/:0
7407 -6-/-407 .3538 9,;6=: / 908 =-7 80/;-7 3 A,3 73 3E:
<38 > =- 20/;- .3
6-<0 .3 3743 ? 43; :89=,>3 3= D-=0/ .3= -6-/-40 -7?90;0 3= .3 7, /376394:
D- :
874-=-9:C8
743 ?
43; 73 6-<-/- 60/ ,8:.-. 3 :89=,>3 : 874-=-9:C8 73 /3-=:
G-/B -= 6/39:
0 374:
6,=-.0 38 3=
9084/-40 908 6/3D:- -6/05-9:
C8 60/ =- 843/D3840/:-
M /:
8-=37 .3 6-/3. 8:.-. *,8.+
- =:
;6: 3G- 9087:74:
/B 38 3= /34:
/0 .3 ;-43/:
-= .3 .3763/.:
9:0 > =-D-.0 .3 =-7 -,=-7 6-/- 7,
60743/:
0/ 384/3<-
- ;3.:.- 6-/- =- =:
;6:3G- 73/B 60/ ,8:
.-. <=05-= > =- 20/;- .3 6-<0 73/B .3 -9,3/.0 -=
6/39:
0 374:
6,=-.0 38 3= 9084/-40 908 6/3D:
- -6/05-9: C8 60/ =- 843/D3840/:
-
%&'()*+(*, - . /&01 %1 1 2 3
8- D3G 43/;: 8-.07 =07 6:
707 38 4-5=C8 73 6/093.3/B - =: ;6:-/ 7, 7,63/2:
9:3 908 4/-60 0
37406- ;0I -.- > 908 376B4,=- 6-/- A,:4-/ =07 /37:.,07 .3 ;0/43/0 9089/340 0 6: 84,/- A,3
@->-8 A,3.-.0
9084:
8,-9: C8 73 ,7-/- -<,- I-5C8 > 936: ==0 .3 2:
5/- 2,3/43 ,3<0 73 : ;6/3<8-/- 3= 6:70
908 93/- > 73 5/:
==-/-
122
/ 0&)* &'
%-5C8 .343/<3843 936: ==0 .3 2:
5/- 2,3/43 37905-7 376B4,=-7 B9:
.0 ;,/:
B4:
90 ;-A,:
8-
6,=:
.0/- 07 6:707 .3538 A,3.-/ 5/: ==-8437
087: 743 38 3= /34: /0 .3 ;-43/: -= 6/0.,940 .3 =-7 3E9-D-9: 0837 6-/- =07 .: D3/707 6/093707
90874/,94: D07
-/- 3= /34:/0 .3 =07 705/-8437 =- ,8:
.-. .3 ;3.: .- 73/B 3= ;34/0 9L5:90 - .:74-89:- 6/0;3.: 0
.3 .:3G g:=C;34/07 .3 -9-//30 - 6-/4: / .3= =?
;:43 .3= 6/39:
0 73<L8 =- =09-=:
G-9:C8 > =0 0/.38-.0
60/ 3= :
843/D3840/
-/- .3I -/ =- 05/- 404-=;3843 =: ;6: - 3= 9084/-4:74- .353/B 4383/ 38 9,384- =- /34: /-.- .3
3790;5/07 > /37: .,07 .3 ;-43/: -=37 705/-8437 0 /34-=37 .3 ;-.3/- -/38- =-./: ==07
</-D:==- 5-=.07? 8 349 A,3 @->-8 A,3.-.0 38 : 843/:
0/37 0 3E43/: 0/37 .3I -8.0 =07
-;5: 38437 63/2394-;3843 5-//: .07
743 ?
43; 73 6-<-/- 60/ ;& 73 /3-=:
G-/B -= 6/39:
0 374:
6,=-.0 38 3= 9084/-40 908 6/3D:
-
-6/05-9:C8 60/ =- 843/D3840/:
-
, 3
) * ) * * ) )
, 74
5 ))* *
123
, 76
* ) * ) ) .
) 0 &O # 6-/- =- 3I
39,9:
C8 .3 =-7 7:
<,:
38437 05/-7)
= 7,79/:
40 EEEEEEEEEEEEEEEEEEEEEEE =3<-=;3843 -,40/: G-.0 6-/- -94,-/ 38 80;5/3
.3 EEEEEEEEEEEEEEEEEEEEE .3 -9,3/.0 908 =-7 80/;-7 374-5=39: .-7 38 =07
.3 908.: 9:
0837 .3 =- :9:
4-9:08 ,5=:
9- 0 &O # 6-/- =-
EEEEEEEEEEEEEEEEEEEEEEEEEE 38 EEEEEEEEEEEEEEEEEEEEEEEEEEEE @-<0 90874-/ A,3 ;3
90;6/0;340 - 6/37384-/ -8437 .3 4/37 .? -7 -843 * =-7
@0I -7 .3 D:.- .3= 63/708-= 6/0237: 08-= - 3;6=3-/ 38 =- 90874/,99: C8 .3 .: 9@-7
05/-7 .3 -9,3/.0 -= 63/2: = /3A,3/:
.0 60/ =07 .3 908.: 9:0837 .3 374-
=:
9:4-9:C8 6-/- A,3 73-8 -6/05-.-7 60/ * 6-/- 3=
63/2399: 08-;: 3840 .3= 084/-40 38 3= 9-70 .3 73/ -.I ,.:
9-.- ;:023/4-
0/.:-=;3843
0;5/3 > 63==: .07 90;6=3407
F.,=- .3 : ,.-.-8?-
-4/?
9,=- 0
:/399:C8
3=F2080
124
ANEXO No 07
, 7:
) * )
YYYYYYYYYY
:
,.-. > 239@-
= 7,79/:
40
908 4-/I
34- 6/0237:
08-= 0 pppppppppppppppppppppppppppp 36/37384-843 .3 =- 2:
/;-
pppppppppppppppppppppppppppppppppppppppppppppppppp 32394L0 =- D:
7:4- -= 7:
4:
0 .08.3
3 .37-//0==-/B pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp
%
126
, 78
* ) * )
% ppppppppppp .3= #
3H0/37
*
= -5-I0 2:
/;-843 -94,-8.0 38 80;5/3 > /36/37384-9: C8 .3 ppppppppppppppppp .3
-9,3/.0 908 =07 .3 908.:9:0837 @-93;07 =- 7: <,:3843 6/06,374- 6-/-
ppppppppppppppppppppp> 38 9-70 A,3 807 73- -9364-.- 60/ *
807 90;6/0;343;07 - 2:/;-/ 3= 9084/-40 90//37608.:3843 > .39=-/0)
= -5-I0 2:/;-843 .39=-/0 A,3 @3 /39:5:.0 40.07 =07 .09,;38407 > -83E07
.379/:
407 38 =07 .3 908.:
9:0837 -7?90;0 3=S=07 -.38.0*7+ 07 pppp
3 ,743.37 -4384-;3843
) ppppppppppppppppppppp
) pppppppppppppppppppppp ppppppppppppppppppppppppp
) pppppppppppppp V) pppppppppppppppp
)ppppppppppppppppppppppppppppppp
) ppppppppppppppppppppppppp
) ppppppppppppppppppp
) pppppppppppppppp
) pppppppppppppppppppppp ) ppppppppppppppp
129
, 7
PRIMERA: Que EL MUNICIPIO DE LEBRIJA adelanta un proceso de LICITACION PUBLICA para la celebración del
respectivo contrato estatal cuyo objeto es la ejecución de las siguientes obras:
pppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppppp
) * ) ,3 37 : 843/F7 .3 -60>-/ *
6-/- 20/4-=393/ =- 4/-876-/389: - 38 =07 6/093707 .3 9084/-4-9:
C8 > =-
/376087-5:=:
.-. .3 /38.:/ 9,384-7'
,3 7:
38.0 3= : 843/F7 .3 6-/4:9:
6-/ 38 3= 6/09370 .3
:9:
4-9:08 ,5=: 9- -=,.: .0 38 3= 9087:.3/-8.0 6/: ;3/0 6/393.3843 73 389,384/-
.:76,3740 - -7,;: / =- :820/;-9: C8 6/06: - A,3 /37,=43 83937-/: - 6-/- -60/4-/
4/-876-/389: - 38 3= 6/09370 38 4-= 7384: .0 7,79/:
53 3= 6/373843 90;6/0;: 70
,8:=-43/-= -84:
90//,69: C8 A,3 73 /3<:/B 60/ =-7 7:
<,:
38437 9=B,7,=-7)
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