&%

gZXdbZcYVX^dcZh
eVgVZajhd
cdhZm^hiVYZa
aZc\jV_Z
hZ\jcYVZY^X^c

8DC6EG:9'%%.!hZ\jcYVZY^X^c
&%gZXdbZcYVX^dcZheVgVZajhdcdhZm^hiV
YZaaZc\jV_Z!IZmidhYZaXVgVXda!cb#&#
9VciZcb#&)!Xda#6cojgZh!
9Za#B^\jZa=^YVa\d!
&&*.%!Bm^Xd!9;#
:Y^X^c/
?jVcBVcjZaGVbgZoKaZo

HjeZgk^h^cnYZhVggdaadYZXdciZc^Ydh/
NVb^aZi]J\VaYZ7ZcVkZciZ>cbj_ZgZh
6jgdgVBdgVaZh9Za\VY^aad>cbj_ZgZh
8Za^V7VggZidHIEH
;did\gVV/6cidc^dHVVkZYgV
;didVgiZ/:aVh8gjoG^dh
>ajhigVX^c/BngcV9Zc^hhZK^Yg^d?{jgZ\j^
>H7C/

HZeZgb^iZaVgZegdYjXX^cidiVadeVgX^VaYZZhiZbViZg^Va
egZk^VVjidg^oVX^cZhXg^iVedgeVgiZYZaV^chi^ijX^c#
>begZhdZcBm^Xd
Eg^ciZY^cBZm^Xd
:_ZbeaVg\gVij^id#Egd]^W^YVhjkZciV#

C9>8:

Egad\dVaVhZ\jcYVZY^X^c

 *

AZc\jV_ZnhZm^hbd

 .

>#JhdYZa\Zcg^Xdjc^kZghVa

&&

>># JhdYZVWhigVXidh 

&'

>>># JhdYZVgiXjadhnegdcdbWgZh 

&(

>K# JhdYZY^V\dcVaZhneVgciZh^h





 ZcadhkdXVi^kdh

&*

&+

K# JhdYZiijadhVXVYb^Xdh
 ndXjeVX^dcZh

K># JhdYZaVh[dgbVhYZXdgiZhV

&-

K>># JhdYZaVVggdWV5

&.

K>>># H^\c^XVYdhhZm^hiVh

&.

>M# JhdYZ^b{\ZcZhcdhZm^hiVh

'&

M# AZc\jV_Z\ZhijVa 

'(

<adhVg^d'*
CdgbVi^k^YVYhdWgZZajhdcdhZm^hiV
YZaaZc\jV_Z





',

7^Wa^d\gV[V 

'.

EGAD<D6A6H:<JC96:9>8>C

:ah^\c^XVYdYZaVheVaVWgVhnZahZci^YdYZaVh
egdedh^X^dcZhZhi{ZchjjhdZcZaaZc\jV_Z#
AjYl^\L^ii\ZchiZ^c

HZ\c aV AZn ;ZYZgVa eVgV EgZkZc^g n :a^b^cVg aV 9^hXg^"

b^cVX^c A;E:9! hiV hZ YZcZ Xdbd idYV Y^hi^cX^c!
ZmXajh^cdgZhig^XX^cfjZ!WVhVYVZcZadg^\Zcic^Xdd
cVX^dcVa!hZmd!ZYVY!Y^hXVeVX^YVY!XdcY^X^chdX^VadZXd"
cb^XV!XdcY^X^dcZhYZhVajY!ZbWVgVod!aZc\jV!gZa^\^c!
de^c^dcZh! egZ[ZgZcX^Vh hZmjVaZh! ZhiVYd X^k^a d XjVafj^Zg
digV!iZc\VedgZ[ZXid^beZY^gdVcjaVgZagZXdcdX^b^Zcid
dZaZ_ZgX^X^dYZadhYZgZX]dhnaV^\jVaYVYgZVaYZdedgij"
c^YVYZhYZaVheZghdcVh#
:cZhiZhZci^Yd!ZagVh\dXZcigVaYZaVY^hXg^b^cVX^cZh
ZaZ[ZXidfjZi^ZcZcaVZmXajh^cnZaigVidY^[ZgZcX^VYdZcZa
VXXZhd n Z_ZgX^X^d eaZcd YZ adh YZgZX]dh ]jbVcdh# Edg
ZaadhZVgbVfjZhZigViVYZjcegdWaZbVfjZV\jY^oV
adhYZhZfj^a^Wg^dhhdX^VaZh!Y^XjaiVZaYZhVggdaadYZaVYZ"
bdXgVX^VnaVXdchda^YVX^cYZaVh\VgVciVh^cY^k^YjVaZh#
:ciVcidfjZeg^cX^e^d_jgY^Xd!ZaYZgZX]dVaVcdY^hXg^b^"
cVX^c[jZgZXdcdX^YdedgaVhCVX^dcZhJc^YVhXdbdjcV
XdcY^X^c^cY^heZchVWaZeVgVaVegdiZXX^cYZadhYZgZX]dh
]jbVcdhZc&.)-#&9ZZhiZ]^idVaV[ZX]VhZ]VcYZ"
c^Yd eVXidh! egdidXdadh n XdckZcX^dcZh fjZ ZheZX^XVc
adhigb^cdhYZaVcdY^hXg^b^cVX^c]VX^VY^kZghdh\gjedh
kjacZgVYdhedgZaaV!hj_ZidhnXdcY^X^dcZheVgi^XjaVgZh#
:cigZaVh[dgbVhYZY^hXg^b^cVX^c!ZahZm^hbdZhjcV
YZaVhb{hZmiZcY^YVhn[gZXjZciZhZcZabjcYd#8dch^hiZ
ZcZaigVidYZh^\jVanZcaVhZ\gZ\VX^cYZaVheZghdcVhYZ
jchZmdedgXdch^YZgVgaVh^c[Zg^dgZhVaVhYZadigd#8dcWVhZ
ZcaVY^[ZgZcX^VhZmjVa!aVhbj_ZgZh]^hig^XVbZciZ]Vch^Yd
nhdcY^hXg^b^cVYVh#
AVY^hXg^b^cVX^chZmjVahjXZYZYZbai^eaZh[dgbVhn
ZcidYdhadh{bW^idhYZaVk^YVhdX^Va/ZcZaigVWV_d!aVXVhV!
aVedai^XV!adhbZY^dhYZXdbjc^XVX^cn!edghjejZhid!Zc
Za aZc\jV_Z# AVh aZc\jVh hdc h^hiZbVh YZ Xdbjc^XVX^c
fjZgZZ_VcaVhk^h^dcZhnXdcXZeX^dcZhegZhZciZhZcaVh
hdX^ZYVYZh0hiVhhjZaZcZhiVWaZXZgjcVY^[ZgZcX^VhdX^Va
& KVhZDCJ!9ZXaVgVX^cJc^kZghVaYZadh9ZgZX]dh=jbVcdh#

ZcigZadhhZmdhfjZhZgZZ_VnigVchb^iZVigVkhYZadh
h^\c^XVYdhVh^\cVYdhVaVheVaVWgVh!adhY^hXjghdh!aVhZm"
egZh^dcZhYZa]VWaV!aVh^b{\ZcZhnadhXY^\dh\g{Xdh#
9VYVaV^cjZcX^VYZahZm^hbda^c\hi^XdZcZagZ[dgoV"
b^ZcidngZegdYjXX^cYZaVYZh^\jVaYVYZcigZbj_ZgZhn
]dbWgZh!adh\dW^ZgcdhfjZ^ciZ\gVcZaH^hiZbVYZCVX^d"
cZhJc^YVhhZ]VcXdbegdbZi^YdVVYdeiVgbZY^YVheVgV
ZggVY^XVg adh jhdh ZmXajnZciZh YZa aZc\jV_Z# :a edhijaVYd
W{h^XdfjZ^che^gVZhiVigVch[dgbVX^cZhcdbWgVgadY^"
[ZgZciZ!adh^aZcX^VYd]^hig^XVbZciZ!egdbdk^ZcYdkVadgZh
YZ gZheZid! ZhXjX]V n cd Y^hXg^b^cVX^c ZcigZ adh hZgZh
]jbVcdhn]VX^Vad[ZbZc^cdZheZXXVbZciZ#

BngcVK^Yg^d?{jgZ\j^

:cXdchdcVcX^VXdciVaZhXdbegdb^hdhcdgbVi^kdh^c"
iZgcVX^dcVaZh!Za8dchZ_dCVX^dcVaeVgVEgZkZc^gaV9^hXg^"
b^cVX^c8DC6EG:9!Za>chi^ijidCVX^dcVaYZaVhBj_ZgZh
>cbj_ZgZh n aV HZXgZiVgV YZa IgVWV_d n EgZk^h^c HdX^Va
HIEH!]VcVhjb^YdaVgZhedchVW^a^YVYYZegdbdkZgbZ"
Y^VciZ ZhiZ YdXjbZcid aV Y^[jh^c YZ gZXdbZcYVX^dcZh
eg{Xi^XVhfjZ[VX^a^iZcaVXdbjc^XVX^ca^WgZYZhZm^hbd#

:c ZhiV hZ\jcYV ZY^X^c hZ egdedcZ jc Xdc_jcid YZ

XVbW^dheVgVbZ_dgVgaVZmedh^X^cYZaVhgZXdbZcYVX^dcZh
eg{Xi^XVhnVbea^VgaVhedh^W^a^YVYZhYZadhnaVhjhjVg^Vh^c"
iZgZhVYdh$Vh#:aegde^diijadYZa[daaZiddg^\^cVaejWa^XVYd
ZmXajh^kVbZciZedgZa8DC6EG:9!&%Xg^iZg^dhW{h^XdheVgV
Za^b^cVgZaaZc\jV_ZhZm^hiVZcaVVYb^c^higVX^ceWa^XV
[ZYZgVa[jZbdY^XVYd!ejZhhZXdch^YZgcZXZhVg^dVb"
ea^VgaVedWaVX^cjhjVg^VYZaiZmid!edgadfjZcdkVY^g^\^Yd
ZmXajh^kVbZciZVaeZghdcVaYZahZgk^X^deWa^Xdh^cdVidYV
aVX^jYVYVcV^ciZgZhVYVZcZbeaZVgZaaZc\jV_ZYZbVcZgV
cdY^hXg^b^cVidg^V#H^cZbWVg\d!ZhegZX^hdhZVaVgfjZaV
egdbdX^cYZeg{Xi^XVh^cXajnZciZhZcigZZaeZghdcVaYZa
hZgk^X^deWa^XdbZm^XVcdZhjcdYZadhdW_Zi^kdhXZcigV"
aZhYZaVh^chi^ijX^dcZheVgi^X^eVciZhZcZhiVZY^X^c#
:adigdXVbW^dhjhiVci^kdYZZhiVcjZkVkZgh^cZhXdc"
XZeijVanb{hhji^a#:c[Vi^oVbdhfjZZahZm^hbdhZbVc^"
ZhiVZcadhjhdhncdZcZaaZc\jV_ZZchb^hbd!adXjVa
h^\c^XVfjZhZegdYjXZhdX^VabZciZnZcZhigZX]VgZaV"
X^cXdcaV[dgbVYZgZegZhZciVgad[ZbZc^cdnadbVhXja^"
cd!nZh!ZcXdchZXjZcX^V!igVch[dgbVWaZ#8dc[dgbZVZhiV
edh^W^a^YVY!hZhjhi^ijnZaigb^cdXg^iZg^dedggZXdbZc"
YVX^c!XdcZacYZhjWgVnVgaV^ck^iVX^cVaXVbW^d#
8dcgZheZXidVaVhgZXdbZcYVX^dcZh!ZhiVkZgh^cbZ"
_dgVadhZcjcX^VYdhZ^cigdYjXZYdhb{h#AVeg^bZgV]VXZ
gZ[ZgZcX^VVahZm^hbdZcaVh^b{\ZcZh0aVhZ\jcYVVaaZc\jV"
_ZcdkZgWVa!XdcZacYZZmea^X^iVgZaeVeZaYZaVhZmegZh^d"
cZhXdgedgVaZh!adh\Zhidh!aVhZcidcVX^dcZhnadhbdYdhYZ
aVXdbjc^XVX^cbZY^VciZadhXjVaZhhZejZYZcgZ[dgoVgadh
hZci^Ydhb{hY^hXg^b^cVidg^dhnkZaVYdhYZahZm^hbd#
CdedYZbdh^\cdgVgfjZaVZm^hiZcX^VYZ^chigjbZcidh
aZ\VaZheVgVXdbWVi^gaVY^hXg^b^cVX^c]VX^VaVhbj_ZgZh
cd]Vh^\c^XVYdZaZhiVWaZX^b^ZcidgZVaYZaVdWhZgkVcX^V
dgZheZidVaYZgZX]dYZ^\jVaYVYVciZaVaZnnaVhdedgij"
c^YVYZh#9ZhejhYZaVejWa^XVX^cYZaV9ZXaVgVX^cJc^"
kZghVaYZadh9ZgZX]dh=jbVcdhnaV8dckZcX^chdWgZaV
:a^b^cVX^cYZIdYVhaVh;dgbVhYZ9^hXg^b^cVX^cXdc"
igVaVBj_Zg8:96L!edghjhh^\aVhZc^c\ah!Za\gVcgZid
h^\jZ h^ZcYd hj Vea^XVX^c XdcXgZiV Zc aVh Y^hedh^X^dcZh
adXVaZhYZadh:hiVYdheVgiZYZaVDCJ#
:heZgVbdhfjZZaegZhZciZ[daaZidh^gkVXdbdjcVWVhZ
ha^YVhdWgZaVXjVaVednVgaVigVch[dgbVX^cYZjcVXjaijgV
fjZi^ZcZjcVaVg\jh^bVYZjYV]^hig^XVXdcaVhbj_ZgZh#
8DC6EG:9!>cbj_ZgZh!HIEH

:a^Vh8gjo

A:C<J6?:NH:M>HBD

:c hj hZci^Yd b{h aaVcd! adh aZc\jV_Zh hZ YZcZc Xdbd
h^hiZbVhYZXdbjc^XVX^cfjZhZXdbedcZcYZXY^\dh!
hbWdadhnh^\cdh!adhXjVaZhXdWgVch^\c^XVYdZcZaXdc"
iZmidYZaVhXdbjc^YVYZhfjZadhji^a^oVc#AVhXdbeaZ_Vh
[VXjaiVYZhYZgZegZhZciVX^cnXdbjc^XVX^cfjZ^ciZgk^Z"
cZcZcZaaZc\jV_ZhdcY^hi^ci^kVhYZadhhZgZh]jbVcdhn
jcVYZaVhXaVkZhYZaYZhVggdaadYZcjZhigVZheZX^Z#6igVkh
YZ aV eVaVWgV! kZgWVa d ZhXg^iV! aVh hdX^ZYVYZh igVchb^iZc
^YZVh!hZci^b^Zcidh!bdYdhYZeZchVgnZhfjZbVhYZeZg"
XZeX^cnkVadgVX^c!eZgeZijVcYdhjhjhdhnXdhijbWgZh
nXdchda^YVcYdaVhgZaVX^dcZhZcigZaZc\jV!eZchVb^Zcidn
XjaijgV#
:cZaaZc\jV_Z!aVY^hi^cX^cZcigZad[ZbZc^cdnadbVh"
Xja^cdZchb^hbVcdZh^cY^XVi^kVYZhZm^hbdc^YZY^hXg^"
b^cVX^c!nVfjZZcdXVh^dcZhgZhjaiVcZXZhVg^dcdbWgVg
hZeVgVYVbZciZVaVhbj_ZgZhYZadh]dbWgZh#9Z]ZX]d!
ZajhdYZa\cZgd\gVbVi^XVaXVbW^VYZjc^Y^dbVVdigd#Edg
Z_Zbead! Zc VaZb{c Za Hda Zh jc hjhiVci^kd [ZbZc^cd n aV
AjcV!bVhXja^cd#:cXVbW^d!Zc^c\ahadhVgiXjadhhdccZj"
igdh!Va^\jVafjZVa\jcdhhjhiVci^kdh#:cZaXVhdYZaVaZc\jV
ZheVdaV idYdh adh hjhiVci^kdh edhZZc \cZgd \gVbVi^XVa!
eZgdcdidYdhVajYZcVgZVa^YVYZhhZmjVYVh#
:ahZm^hbdhZegdYjXZXjVcYdZhiVhY^hi^cX^dcZhhZidg"
cVc_Zg{gfj^XVhnZmXajnZciZh!kVadgVcYdVjcVYZaVheVg"
iZhhdWgZaVdigV#:aegdWaZbVhZjW^XVZcaVhhdX^ZYVYZh
nXjaijgVhXjVcYdVaVgZegZhZciVX^cnh^\c^XVX^cYZad
bVhXja^cdhZaZVh^\cVjckVadghjeZg^dgnjc^kZghVafjZ
^ck^h^W^a^oVnYZhXVa^XVad[ZbZc^cd#:cY^X]dhXVhdh!adh
h^hiZbVha^c\hi^XdhegZhZciVcjcVbVgXVYVei^XVbVh"
Xja^cV!fjZhZ]VYZcdb^cVYdVcYgdXZcig^hbd#:hiVeVaV"
WgVYZg^kVYZa\g^Z\dVcYgdh]dbWgZZ^bea^XVaVegZkVaZc"
X^VYZaVb^gVYVbVhXja^cV!XZcigVYVZcaVXdch^YZgVX^cYZ
fjZZa]dbWgZZhZabdYZad!aVbZY^YVnaVgZegZhZciVX^c
YZaV]jbVc^YVY#IVak^h^cegdk^ZcZYZjcV[VahV^YZVhZ\c
aVXjVahZ_jhi^XVaVYZh^\jVaYVYYZ\cZgdXdbdgZhjaiVYd
YZaVhY^[ZgZcX^VhW^da\^XVhnaVh[jcX^dcZhgZegdYjXi^kVhYZ
]dbWgZhnbj_ZgZh#K^h^cfjZ]Vh^YdXdchigj^YVVigVkh
YZaaZc\jV_ZbZY^VciZZmea^XVX^dcZhfjZgZZ_VcZaeZhdYZ
Y^X]VhXgZZcX^Vh!XjnV^cjZcX^VhZbVc^ZhiVVhjkZoZc
aVbZciVa^YVYnaVbVcZgVYZhZci^gnVXijVgYZadhhZgZh
]jbVcdh#

BngcVK^Yg^d?{jgZ\j^

:aVcYgdXZcig^hbd]VXdchda^YVYdjcVk^h^cfjZhZ\bZc"
iVZaeVeZaYZaVhbj_ZgZhnadh]dbWgZhhZ\cadhgdaZhfjZ
YZWZcXjbea^gZcY^kZghdh{bW^idhYZaVk^YVeWa^XVnaVk^YV
eg^kVYV#6h!aVhbj_ZgZhhZa^\Vc^cYZ[ZXi^WaZbZciZXdcaV
bViZgc^YVY!aVk^YVci^bVYZaVh[Vb^a^VhnZabjcYdYZaVh
ZbdX^dcZh!b^ZcigVhfjZadh]dbWgZhhZXdcX^WZcXdbd
egdkZZYdgZh!gVX^dcVaZhnVgfj^iZXidhYZadgYZchdX^VanaV
k^YVeWa^XV#
AVk^h^cVcYgdXcig^XViVbW^c^bedcZjci^edYZbVh"
Xja^c^YVYfjZVcjaVZagZXdcdX^b^ZcidYZaVY^kZgh^YVYhd"
X^Va!VjcZcigZadhegde^dh]dbWgZh#:abdYZadbVhXja^cd
fjZVeVgZXZXdbdgZegZhZciVX^cYZaV]jbVc^YVYgZcZ
jcXdc_jcidYZVig^Wjidhegdidie^XdhYZX^ZgiVXdcY^X^chd"
X^Va!egZ[ZgZcX^VhhZmjVaZh!XgZYdgZa^\^dhdnVeVg^ZcX^V[h^XV#
6h!aVgZegZhZciVX^cYZaV\jgVbVhXja^cVhZY^hi^c\jZ
edghZg_dkZc!_Z[ZYZ[Vb^a^V!egd[Zh^dcVa![h^XVbZciZVeid!
WaVcXdn]ZiZgdhZmjVa#9ZV]fjZidYVhVfjZaaVheZghdcVh
fjZcdXjbeaZcXdcY^X]dhVig^WjidheZghdcVhXdcY^hXV"
eVX^YVY!VYjaiVhbVndgZh!edWgZh!dWgZgdh!]dbdhZmjVaZhZ
^cY\ZcVh!ZcigZdigdhhdc^ck^h^W^a^oVYVhdZhi^\bVi^oVYVh
XdcZmegZh^dcZha^c\hi^XVhd^b{\ZcZhfjZgZ[jZgoVcaVk^"
\ZcX^VYZZhiZgZdi^edhhZm^hiVhXaVgVbZciZY^hXg^b^cVidg^dh#

&%

6YZb{h!Zm^hiZjcVY^hXg^b^cVX^cYZhZ\jcYddgYZcVaVh
bj_ZgZhfjZXdck^kZcXdc]dbWgZhVhjkZoY^hXg^b^cVYdh#
:chjbV!hZejZYZVgbVgfjZZahZm^hbdZcZaaZc\jV_Z
ZhZmegZh^cYZXdckZcX^dcZhhdX^VaZhXdchigj^YVhZcidgcd
VaVhZmeZg^ZcX^Vh!bZchV_ZhnY^hXjghdhfjZhZ\ZhiVcZc
jcVhdX^ZYVYnZhi^\bVi^oVcaVh[dgbVhYZhZgnVXijVgYZ
bj_ZgZhn]dbWgZh!YZhXdcdX^ZcYdZaXVg{XiZghdX^VaZ]^h"
ig^XdYZaVh^YZci^YVYZh#IVaZhXdcXZeX^dcZhhdcgZXgZV"
YVhZcaVXdbjc^XVX^cXdi^Y^VcV!\ZcZgVabZciZh^ciZcZg
XdcX^ZcX^VYZZaad!edgadfjZX^gXjaVcXdbdZmegZh^dcZh
YZahZci^YdXdbc#EdgZaadZhcZXZhVg^d]VXZgXdcX^ZcX^V
YZadhjhdhhZm^hiVhYZaaZc\jV_ZnegdbdkZg[dgbVhVaiZg"
cVi^kVhYZZmegZh^cnXdbjc^XVX^c#
:cZhiViZh^ijgV!Za^b^cVgZahZm^hbdZcZaaZc\jV_ZeZg"
h^\jZ Ydh dW_Zi^kdh/ k^h^W^a^oVg V aVh bj_ZgZh n aV Y^kZgh^"
YVYhdX^Va!nZfj^a^WgVgaVhVh^bZigVhYZ\cZgd#:aeg^bZgd
^bea^XVZk^iVgZmegZh^dcZhhZm^hiVhfjZYZcdiVcYZhegZX^d!
hjWdgY^cVX^cdg^Y^Xja^oVX^cYZaVhbj_ZgZh!ngZVgbVghj
XdchigjXX^cXdbdeZghdcVhVXi^kVh!^cYZeZcY^ZciZh!Xdch"
X^ZciZhYZhjhYZWZgZhnYZgZX]dhZcaVhZh[ZgVheWa^XVn
eg^kVYV#:ahZ\jcYdXdggZhedcYZVaV[jcX^cbdYZaVYdgV
YZa aZc\jV_Z! fjZ ^cX^YZ Zc adh ZhfjZbVh YZ eZgXZeX^c
YZaVgZVa^YVY!nXdcZaadegZiZcYZXdcig^Wj^gV[dg_VgjcV
hdX^ZYVYfjZgZXdcdoXVZ^ciZ\gZaVY^kZgh^YVY!aV^\jVaYVY
naVZfj^YVYYZ\cZgd#
:a iZmid fjZ i^ZcZ Zc hjh bVcdh egdedcZ! ejZh! jcV
hZg^ZYZgZXdbZcYVX^dcZhYZji^a^YVYeg{Xi^XVeVgVigVch"
[dgbVg!YZbVcZgVYZa^WZgVYVnXdchX^ZciZ!adhjhdhhZm^h"
iVh YZa aZc\jV_Z! Z ^cigdYjX^g Zc aV hdX^ZYVY [dgbVh YZ
Xdbjc^XVX^c^cXajnZciZh!VcZhXdcaVhcjZkVhnY^kZghVh
gZVa^YVYZhYZaVhbj_ZgZhnadh]dbWgZhYZah^\adMM>#

>

#JHD9:A<:CwG>8DJC>K:GH6A

JcWjZccbZgdYZhjhiVci^kdhZcZheVdahdcji^a^oVYdh
XdcZa\cZgd\gVbVi^XVabVhXja^cdXdbdjc^kZghVaeVgV
gZ[Zg^ghZVaVidiVa^YVYYZaVheZghdcVh!XdcadfjZhZ^c"
XjggZZcZaZggdgYZgZ[dgoVgaVVhdX^VX^cYZaidYdXdc
adh]dbWgZh#
:m^hiZcY^[ZgZciZhdeX^dcZhfjZhZejZYZcji^a^oVgeVgV
]VWaVgdgZ[Zg^ghZVXdaZXi^kdh!\gjedhdeajgVaZh[dgbVYdh
edg bj_ZgZh n ]dbWgZh h^c ^cXjgg^g Zc jc jhd hZm^hiV d

&&

Y^hXg^b^cVidg^d!XdbdedgZ_Zbead!ji^a^oVghjhiVci^kdhXd"
aZXi^kdhcdhZmjVYdh!aVheVaVWgVheZghdcVhdeZghdcVa0
hjhi^ij^gZa\gjedgZegZhZciVYdedghjh[jcX^dcZhdgZXjgg^g
VaVYdWaZ[dgbV[ZbZc^cd"bVhXja^cd/
:megZh^chZm^hiV

6aiZgcVi^kVcdhZm^hiV

:a]dbWgZ]VXgZVYd
h^hiZbVh

AV]jbVc^YVY]VXgZVYd
h^hiZbVh

AdhYZgZX]dhYZa]dbWgZ

AdhYZgZX]dh]jbVcdh

C^dhYZaVXVaaZ

AV\ZciZZch^ijVX^cYZ
XVaaZ

AdhigVWV_VYdgZh

:aeZghdcVaVhVaVg^VYd

AVhZc[ZgbZgVh

:aeZghdcVaYZZc[ZgbZgV

>>#JHD9:67HIG68IDH
DigdZggdgbjnXdbcZcZajhdhZm^hiVYZaaZc\jV_ZZh
]VXZggZ[ZgZcX^VVadhXVg\dhXdbdh^idYVhaVheZghdcVh
fjZadhdXjeVc[jZgVc]dbWgZh!^ck^h^W^a^oVcYdVaVhbj"
_ZgZh#EVgVXdggZ\^gZhidhZgZXdb^ZcYVji^a^oVgVWhigVXidh/
:megZh^chZm^hiV

6aiZgcVi^kVcdhZm^hiV

:ck^VgadhYdXjbZcidhVadh
XddgY^cVYdgZh

:ck^VgadhYdXjbZcidhVaVh
XddgY^cVX^dcZh

:hgZhedchVW^a^YVYYZXVYV
_Z[ZYZYZeVgiVbZcid

:hgZhedchVW^a^YVY
YZaVh_Z[VijgVhYZ
YZeVgiVbZcid

HZkVcVgZjc^gidYdhadh
Y^gZXidgZh

HZkVcVgZjc^gadhnaVh
i^ijaVgZhYZaVhY^gZXX^dcZh

H^cdhZXdcdXZZahZmdYZaVeZghdcVVfj^ZchZ]VXZ
gZ[ZgZcX^V! Zk^iZ Za jhd YZ adh egdcdbWgZh bVhXja^cdh n
ji^a^XZaVheVaVWgVhfj^Zcdfj^ZcZh/

&'

:megZh^chZm^hiV

6aiZgcVi^kVcdhZm^hiV

HZg{Za_jZoZafjZad
YZiZgb^cZ

Fj^Zc_jo\jZYZiZgb^cVg{

:ahjeZgk^hdgZb^i^g{hj
de^c^c

Fj^ZchjeZgk^hZZb^i^g{hj
de^c^c

IgVhaVeaVcZVX^c!adh
VYb^c^higVYdgZh^c^X^Vg{cZa
egdXZhd

IgVhaVeaVcZVX^c!fj^ZcZh
VYb^c^higZc^c^X^Vg{cZa
egdXZhd

>>>#JHD9:6GI8JADH
NEGDCDB7G:H
AdhVgiXjadhhZejZYZcji^a^oVgeVgVZcjcX^VgaVY^[ZgZcX^V"
X^cYZ\cZgdh^cgZeZi^gZahjhiVci^kd#:hgZXdbZcYVWaZ
VaiZgcVg n Xj^YVg aV XdcXdgYVcX^V ZcigZ Za ai^bd VgiXjad
XdcZahjhiVci^kd/
:megZh^chZm^hiV

6aiZgcVi^kVcdhZm^hiV

AdhigVWV_VYdgZhYZWZc
eZgbVcZXZgZchjh^i^dYZ
igVWV_d

AdhnaVhigVWV_VYdgVhYZWZc
eZgbVcZXZgZchjh^i^dYZ
igVWV_d

AdhjhjVg^dhbdgdhdh
YZWZc

AVhnadhjhjVg^dhbdgdhdh
YZWZc

DigdjhdcdhZm^hiVYZaaZc\jV_ZadedYZbdhgZVa^oVgVa
hjhi^ij^gZa\Zcg^XdbVhXja^cdedgadhegdcdbWgZhcdh!
cjZhigd!cjZhigV!cjZhigdhdcjZhigVh!iVanXdbdhZ
bjZhigVVXdci^cjVX^c/
:megZh^chZm^hiV

6aiZgcVi^kVcdhZm^hiV

:hWjZcdeVgVZaW^ZcZhiVg
YZa]dbWgZ###

:hWjZcdeVgVZaW^ZcZhiVg
YZaV]jbVc^YVYdZh
WjZcdeVgVcjZhigd
W^ZcZhiVg#

&(

&)

BngcVK^Yg^d?{jgZ\j^

JcVVaiZgcVi^kVeVgVZk^iVgaVh\ZcZgVa^oVX^dcZhbVhXja^"
cVh!ZhgZXjgg^gV[dgbVh^beZghdcVaZhVaji^a^oVgZakZgWdZc
iZgXZgVeZghdcVaYZah^c\jaVgegZXZY^YVedgZaegdcdbWgZ
h^cZheZX^XVgZcfj^cgZXVZaVVXX^c#IVbW^chZejZYZ
ji^a^oVgaViZgXZgVeZghdcVYZaeajgVa!XdbdVXdci^cjVX^c
hZZ_Zbea^XV#

:megZh^chZm^hiV

6adhk^h^iVciZhaZh
gZXdbZcYVbdhji^a^oVghj
iVg_ZiVXdggZXiVbZciZ#

6aiZgcVi^kVcdhZm^hiV
GZXdbZcYVbdhfjZji^a^XZ
hjiVg_ZiVXdggZXiVbZciZ#

HZgZXdb^ZcYVjcjhd
XdggZXidYZaViVg_ZiV#

>K#:AJHD9:9>6<DC6A:HN
E6GwCI:H>H:CADHKD86I>KDH

8jVcYdhZYZhXdcdoXVh^ZabZchV_ZhZg{gZX^W^Ydedgjc
]dbWgZdjcVbj_ZgjhZaVhY^V\dcVaZhdZaeVgciZh^hZc
adhkdXVi^kdh/'

'

:megZh^chZm^hiV

6aiZgcVi^kVcdhZm^hiV

:hi^bVYd/

:hi^bVYV$d/

>ciZgZhVYd/

>ciZgZhVYdV/

 HjhiVci^kddVY_Zi^kdXdcZafjZhZaaVbVVVa\j^Zc#

&*

K#JHD9:IIJADH6869wB>8DH
ND8JE68>DC:H

JcZggdg\ZcZgVa^oVYdZhbZcX^dcVgadhiijadhVXVYb^Xdh
naVhdXjeVX^dcZhZcbVhXja^cd#:k^iZZajhdYZabVhXja^cd
XjVcYdhZgZZgVcVaVhbj_ZgZh#
:megZh^chZm^hiV

6aiZgcVi^kVcdhZm^hiV

AVbY^XdIZgZhVEZgVaiV

AVbY^XVIZgZhVEZgVaiV

IZgZhVEZgVaiV!VhZhdgYZa
egZh^YZciZ

IZgZhVEZgVaiV!VhZhdgVYZa
egZh^YZciZ


IVbW^c]VnfjZZk^iVgZajhdZmXajh^kdYZa\cZgd\gV"
bVi^XVa [ZbZc^cd eVgV aVh egd[Zh^dcZh igVY^X^dcVabZciZ
VhdX^VYVh Xdc aVh bj_ZgZh# JcV deX^c Zh VciZedcZg aV
eVaVWgVeZghdcVaVahjhiVci^kd/
:megZh^chZm^hiV

:megZh^ccdhZm^hiV

AVhhZXgZiVg^Vh

:aeZghdcVahZXgZiVg^Va

AVhZc[ZgbZgVh

:aeZghdcVaYZZc[ZgbZgV

AVhiZgVe^hiVh

:aeZghdcVaYZiZgVe^V


:c\gVb{i^XVcdZm^hiZchjhiVci^kdh^ckVg^VWaZh#AV[Zb^"
c^oVX^cYZaVheVaVWgVhZhi{YZiZgb^cVYVedgadhXVbW^dh
ZcaVgZVa^YVYhdX^VanZcZaXdchZchdYZaVXdbjc^YVYYZ
]VWaVciZh#EdgZaad!Zk^iZZajhdZmXajh^kdYZabVhXja^cdeVgV
cdbWgZhfjZi^ZcZchjXdggZhedcY^ZciZ\cZgd[ZbZc^cd!
njhZadhVgiXjadhnXdcXdgYVcX^VhXdggZhedcY^ZciZh/
:megZh^chZm^hiV

:megZh^ccdhZm^hiV

AVhZcVYdgBVngV
=Zgc{cYZo

AVhZcVYdgVBVngV
=Zgc{cYZo

AV_jZoBVngV=Zgc{cYZo

AV_jZoVBVngV=Zgc{cYZo

AV_Z[ZYZhZXX^cBVngV
=Zgc{cYZo

AV_Z[VYZhZXX^cBVngV
=Zgc{cYZo

&+

&,

BngcVK^Yg^d?{jgZ\j^

K>#JHD9:A6H;DGB6H
9:8DGI:H6

=VnjchZm^hbddXjaidZcaVh[dgbVhYZXdgiZhV!nVfjZ
gZ\jaVgbZciZhZZbeaZVhZdg^iV$hZdgVeVgVgZ[Zg^ghZV
aVbj_ZghdaiZgVdXVhVYV!gZheZXi^kVbZciZ0cddWhiVciZ!
eVgVZa]dbWgZhZ]Vji^a^oVYdhZdgXdc^cYZeZcYZcX^V
YZ hj ZhiVYd X^k^a# :c cjZhigd aZc\jV_Z adh ]dbWgZh Y^h"
edcZcYZeZghdcVa^YVYngZheZidZchb^hbdh!b^ZcigVh
fjZaVhbj_ZgZhadVYfj^ZgZcedghjgZaVX^cXdchidhZh
YZX^g!h^Zhi{XVhVYVdedgeVgZciZhXd#
6h^b^hbd!Zaigb^cdhZdgVhjZaZji^a^oVghZeVgVYZ"
cdiVgjcVgZaVX^cYZhjWdgY^cVX^cnegde^ZYVYZcgZaV"
X^cXdcZaZhedhd!ZbeaZVcYdedgZ_ZbeadHZdgVYZ
EgZodHZdgVEgZo!h^ijVX^c^cZm^hiZciZZcZaXVhd
YZadh]dbWgZhXVhVYdh#
:cXdchZXjZcX^V!eVgVZk^iVgaVegZhZgkVX^cYZaVhYZh"
^\jVaYVYZhnVh^bZigVhZcigZbj_ZgZhn]dbWgZhZcaVh[dg"
bVhYZXdgiZhV!hZhj\^ZgZji^a^oVgZaigb^cdhZdgVh^c
Y^hi^cX^cYZZYVYdZhiVYdX^k^a!VbVcZgVYZjckdXVWad
YZgZheZideVgVidYVhaVhbj_ZgZh!XjVcYdZaXdciZmidYZ
aVh [dgbVh YZ XdgiZhV ad eZgb^iV n iVa Xdbd hZ ]VXZ Zc
digdheVhZh#6h^b^hbd!VagZ[Zg^ghZVjcVbj_ZgXVhVYV!cd
YZWZji^a^oVghZZaVeZaa^YdYZhjXcnj\Zc^jhVghZaVegZed"
h^X^cYZ#

:megZh^chZm^hiV

6aiZgcVi^kVcdhZm^hiV

HZdgVYZEgZod
HZdgVEgZod
HZdgV:g^`V<bZoYZEgZo

:g^`V<bZod
HZdgV<bZo

8jVcYdhZY^g^\ZjcV^ck^iVX^cVjcVeVgZ_V!hjZaZZb"
eaZVghZ Hg# EgZo n ZhedhV d Hg# n HgV# EgZo! ad XjVa
hdhaVnVZa]ZX]dYZfjZaVbj_ZgZhjcVeZghdcVh^c\j"
aVg! ^cYZeZcY^ZciZbZciZ YZ aV gZaVX^c bVg^iVa# :c Zhidh
XVhdh hZ gZXdb^ZcYV ^cXaj^g Za cdbWgZ n VeZaa^Yd YZ aVh
eZghdcVh! VciZXZY^Yd edg aV VWgZk^VijgV HgV# d Hg#! d
W^ZcgZ[Zg^ghZh^beaZbZciZVacdbWgZYZXVYVjcdYZadh
Xcnj\Zh!XdbdhZbjZhigVVXdci^cjVX^c#

&-

:megZh^chZm^hiV

6aiZgcVi^kVcdhZm^hiV

Hg#EgZonZhedhVd
Hg#nHgV#EgZo

HgV#<bZonHg#EgZod
HgV#:g^`V<bZonHg#EZYgdEgZo
d:g^`V<bZonEZYgdEgZo

K>>#JHD9:A66GGD76

Cdji^a^XZaVVggdWV5eVgVYZh^\cVgYZbVcZgV^cY^h"
i^ciVV]dbWgZhn$dbj_ZgZh0cdZhjch^\cda^c\hi^Xdn
Zcigb^cdhYZjcaZc\jV_Z^cXajnZciZcjZhigd^Y^dbVZh
g^XdZckdXVWadheVgVgZ"XgZVgaV^\jVaYVYnZfj^YVYZcigZ
aVheZghdcVh#
Jhd^cXdggZXid

6aiZgcVi^kVcdhZm^hiV

;jcX^dcVg^5h

;jcX^dcVg^Vhn
[jcX^dcVg^dh

9^gZXidg5h

:aXjZgedY^gZXi^kd

BVZhig5h

AVhnadhbVZhigdh



K>>>#H><C>;>869DHH:M>HI6H

JcV YZ aVh Y^bZch^dcZh Zc aVh fjZ Za hZm^hbd hZ Xg^h"
iVa^oVZhVigVkhYZah^\c^XVYdfjZaZVig^Wj^bdhVX^ZgiVh
eVaVWgVhdZmegZh^dcZh!XjndhZci^YdZmeaX^iVd^beaX^iV"
bZciZ gZ[jZgoV XdcXZeX^dcZh fjZ Xdbd hZ ]V ^cY^XVYd
hdcVcYgdXcig^XVh!edgfjZdXjaiVcaVegZhZcX^VYZad[Z"
bZc^cd Z ^chi^ijX^dcVa^oV ad bVhXja^cd! Xdbd gZ[ZgZciZ
eg^cX^eVa#
:a hZm^hbd Zc Za am^Xd hZ egdYjXZ ZheZXXVbZciZ
XjVcYd hZ ji^a^oVc eVaVWgVh Xjndh h^\c^XVYdh ]VXZc gZ"
[ZgZcX^VVadhVig^Wjidh[h^XdhnbdgVaZhZc[jcX^cYZadh
ZhiZgZdi^edh YZ \cZgd# :hidh h^\c^XVYdh XdcY^X^dcVc n
YZiZgb^cVcZaeZchVb^ZcidnaVhXdcYjXiVhYZadh]VWaVc"
iZhVciZhjgZVa^YVYXdi^Y^VcV#

&.

BngcVK^Yg^d?{jgZ\j^

6Xdci^cjVX^c!h^gkVYZbjZhigVZah^\j^ZciZa^hiVYdYZ
eVaVWgVh fjZ ZmegZhVc XgZZcX^Vh d ZhiZgZdi^edh hZm^hiVh
fjZhjZaZcji^a^oVghZZcaV[Vb^a^V!aVZhXjZaV!adhXZcigdh
YZigVWV_d!adhbZY^dhYZXdbjc^XVX^c!VcjcX^dhejWa^X^"
iVg^dh!XVcX^dcZh!X]^hiZh![gVhZh]ZX]Vh!gZ[gVcZhdY^X]dh!
XjZcidh!ZiXiZgV#

9Z^\jVabVcZgV!ZaaZc\jV_ZhZm^hiVY^hXg^b^cVVadh\gj"
edhfjZcdXjbeaZcXdcadhVig^WjidhVh^\cVYdhVa]db"
WgZ Xdbd gZegZhZciVX^c YZ aV ]jbVc^YVY! iVaZh Xdbd
\gjedhic^Xdh!eZghdcVhXdcegZ[ZgZcX^VhZmjVaY^hi^ciVV
aV]ZiZgdhZmjVa!eZghdcVhfjZk^kZcXdc K>=h^YV!VYjaidh
bVndgZh!b^\gVciZh!\gjedhgZa^\^dhdhneZghdcVhXdcY^h"
XVeVX^YVY#
Bj_ZgZh

=dbWgZh

6kZcijgZgV/egdhi^ijiV

6kZcijgZgd/dhVYd!kVa^ZciZ!
Vgg^Zh\VYd

Bj_ZgojZaV/egdhi^ijiV

=dbWgZojZad/]dbWgZX^aad

Bj_ZgeWa^XV/egdhi^ijiV

=dbWgZeWa^Xd/ZafjZ
^ciZgk^ZcZZcadhcZ\dX^dh!
aVedai^XV

HdaiZgV/VcYVWjhXVcYd!
fjZYVYV

HdaiZgd/XdY^X^VYd

'%

:h ^bedgiVciZ ZggVY^XVg adh igb^cdh eZndgVi^kdh fjZ

hZ jhVc Zc Za aZc\jV_Z Xdbc eVgV Zhi^\bVi^oVg V Zhidh
\gjedh!gZg^cYdadhXdcZagZheZidfjZbZgZXZc#

Jhd^cXdggZXid

6aiZgcVi^kVcdhZm^hiV

B^cdgVhic^XVh
Adh^cY\ZcVh

AVhnadh^cY\ZcVh
AVhXdbjc^YVYZh^cY\ZcVh
AdhejZWadh^cY\ZcVh

AVhbVg^bVX]Vh
AdhYZhk^VYdh
AVhidgi^aaZgVh

EZghdcVhXdcegZ[ZgZcX^VhZmjVa
Y^hi^ciVVaV]ZiZgdhZmjVa
AZhW^VcVh

AVhkZhi^YVh

EZghdcVhigVkZhi^h
EZghdcVhigVch\cZgd

AdhZc[ZgbdhYZh^YV
Adhh^Ydhdh

EZghdcVhfjZk^kZcXdcK>=h^YV
EZghdcVhXdcK>=h^YV

Adhk^Z_^idh
AdhVcX^Vcdh
AVheZghdcVhYZaV
iZgXZgVZYVY

EZghdcVhVYjaiVhbVndgZh

Adhbd_VYdh
AdhWgVXZgdh

EZghdcVhb^\gVciZh

AVhhZXiVhgZa^\^dhVh

<gjedhgZa^\^dhdh

AdhY^hXVeVX^iVYdh
EZghdcVhXdc
XVeVX^YVYZhY^[ZgZciZh
Adhb^cjhk{a^Ydh

EZghdcVhXdcY^hXVeVX^YVY

>M#JHD9:>B<:C:HCDH:M>HI6H

AVh ^b{\ZcZh iVbW^c hdc eVgiZ YZa aZc\jV_Z n gZegd"

YjXZcdVbeaVcaVXVg\VhZm^hiVZcZajhdYZab^hbd#:c
aVbVndgVYZadhXVhdh!aVh^b{\ZcZhfjZhZji^a^oVcZcaVh
^chi^ijX^dcZh!eWa^XVhneg^kVYVh!bjZhigVc/

'&

BngcVK^Yg^d?{jgZ\j^

 JcV Y^k^h^c YZa igVWV_d ZcigZ ]dbWgZh n bj_ZgZh/

VfjZaadhZcaVZXdcdbV!adhYZedgiZh!aVedai^XVnaVh
bj_ZgZhZcaVXVhVdZcZbeaZdhhjWdgY^cVYdh!Xj^YVc"
YdVadhYZb{h#
 JcbdYZad[h^XdYZbj_ZgYdcYZaVhegdiV\dc^hiVhhdc
_kZcZh!WaVcXVh!YZa\VYVhng^XVh!egZdXjeVYVhhadedg
hjVheZXid[h^XdnYZhkVadg^oVYVhZchjhXVeVX^YVYZh
^ciZaZXijVaZh#
 Bj_ZgZhXdbddW_ZidhhZmjVaZhVhdX^VYVhVaVejWa^X^"
YVYYZidYdi^edYZegdYjXidh#
 Bj_ZgZhfjZXdbe^iZcXdcdigVhbj_ZgZhedgaVhZYjX"
X^cnVegdWVX^cbVhXja^cV#
 Bj_ZgZhXdbdaVhc^XVhgZhedchVWaZhYZaVhVajYhZmjVa
ngZegdYjXi^kV!VhXdbdYZaXj^YVYdYZc^Vh!c^dhn
Y^[ZgZciZh^ciZ\gVciZhYZaV[Vb^a^V#
 Bj_ZgZh gZ"k^Xi^b^oVYVh Zc h^ijVX^dcZh #YZ k^daZcX^V d
egdXjgVX^cYZ_jhi^X^V#
8dbd hZ dWhZgkV! YZ [dgbV gZ^iZgVYV! hZ gZegdYjXZc
ZhiZgZdi^edhfjZZcaVbVndgVYZadhXVhdhgZ[jZgoVcgZ"
aVX^dcZhYZh^\jVaZhnhZh\dhhZm^hiVhZcaVhXdcXZeX^dcZh
YZad]jbVcd#
6a\jcdhXg^iZg^dhfjZcdhejZYZcdg^ZciVgZcZajhdcd
Y^hXg^b^cVidg^d YZa bViZg^Va k^hjVa Xdc Za fjZ igVWV_Vbdh
ejZYZchZg/

''

 EgZhZciVgVbj_ZgZhn]dbWgZheVgi^X^eVcYdZcVXi^k^"
YVYZh YZ bVcZgV a^WgZ YZ ZhiZgZdi^edh n YZ bVcZgV
Zfj^iVi^kV#
 EgZhZciVgVadh]dbWgZhZciVgZVhYdbhi^XVh!Xj^YVc"
YdVaVhc^Vh!c^dhjdigdh^ciZ\gVciZhYZaV[Vb^a^V#
 EgZhZciVgVbj_ZgZhn]dbWgZhgZVa^oVcYdigVWV_dYdbh"
i^Xddji^a^oVcYdegdYjXidhVhdX^VYdhVZhiVVXi^k^YVY#
 9ZhVhdX^VgVaVhbj_ZgZhYZadheVeZaZhYdbhi^Xdhn
YZaVhZhigViZ\^VhYZXdchjbdYZidYdi^edYZegdYjX"
idhdZhigViZ\^VhYZbVg`Zi^c\#
 EgZhZciVgVaVhbj_ZgZhZcZabjcYdeWa^Xd!aVk^YV
ZXdcb^XVnaVeVgi^X^eVX^cedai^XV#
 >cXaj^gYZ[dgbVZfj^iVi^kVVaVhbj_ZgZhnVadh]dbWgZh
ZcZheVX^dhegd[Zh^dcVaZhegZhi^\^VYdhhdX^VanZXdcb^"
XVbZciZ#
 BdhigVgVaVbj_ZgXdcYZhZdhnkdajciVYZhegde^Vh#
 :a^b^cVg aV egZhZciVX^c YZ aVh bj_ZgZh Xdbd gZXdb"
eZchVhYZam^idbVhXja^cddYZhjheg{Xi^XVhYZXdc"
hjbd#
 BdhigVgaVY^kZgh^YVYYZbj_ZgZhfjZZm^hiZ#

M#A:C<J6?:<:HIJ6A

8Vh^aVidiVa^YVYYZaVXdbjc^XVX^cZcigZadhhZgZh]jbV"
cdh^cXajnZdhZVXdbeVVYZ\Zhidh!h^\cdhXdgedgVaZhn
ZmegZh^dcZhcdkZgWVaZh#
Cd]VngZ\aVhfjZ^cY^fjZcXbdZmegZhVgcdh\ZhijVa"
bZciZh^chZm^hbd!nVfjZbjX]dhYZadh\ZhidhVYfj^Z"
gZchZci^YdZcZaXdciZmidZheZXXdYZaVXdbjc^XVX^c#
CddWhiVciZ!Zh^bedgiVciZgZeVgVgZckVg^VhZmegZh^dcZh
XVg\VYVhYZhZm^hbd!iVaZhXdbd/
 :ajhdnVWjhdYZaV^b^iVX^cYZidcdhV[Zb^cVYdhXdc
ZacYZg^Y^Xja^oVgnZhi^\bVi^oVgVaVhbj_ZgZhnVaVh
eZghdcVh]dbdhZmjVaZh#
 AVeg{Xi^XVbVhXja^cVYZZk^iVgZaXdciVXidk^hjVaXdcaVh
bj_ZgZhfjZ^ciZ\gVcjc\gjedb^midgZhiVcYd^bedg"
iVcX^VVhjeVgi^X^eVX^c#
 AVZmVaiVX^cYZaV\Zc^iVa^YVY[{a^XVXdbdhbWdadYZ
edYZgdgZVgbVX^cYZYdb^c^d#
EVgVXdbWVi^gZhiVheg{Xi^XVhZhcZXZhVg^didbVgXdc"
X^ZcX^VngZZm^dcVghdWgZZajhdYZagZeZgidg^d\ZhijVaVa
bdbZcid YZ igVchb^i^g cjZhigVh ^YZVh n de^c^dcZh Zc aV
^ciZgVXX^chdX^VaXdi^Y^VcV#

'(

IZcZbdhaVZmeZXiVi^kVYZfjZaVh&%gZXdbZcYVX^d"
cZheVgVZajhdcdhZm^hiVYZaaZc\jV_Zh^gkVcXdbdjc
bVeVeVgVigVch^iVg]VX^VjcVcjZkVk^h^cYZa\cZgd\gV"
bVi^XVa!YZadhVWhigVXidh!VgiXjadh!egdcdbWgZh!^b{\ZcZh
nYZidYdhadhZaZbZcidhfjZZhigjXijgVcn]VXZc[jcX^d"
cVgcjZhigdh^hiZbVa^c\hi^Xd#

BngcVK^Yg^d?{jgZ\j^

6h^b^hbd!Zm]dgiVbdhVidbVgXdcX^ZcX^VYZaV^cjZc"
X^VfjZaV^ciZgVXX^cXdi^Y^VcVeVgaVciZi^ZcZZcaVgZegd"
YjXX^cYZahZm^hbdnaVY^hXg^b^cVX^cfjZiVcidaVXZgVc
aVXdck^kZcX^VhdX^Van]jbVcV!ZheZX^VabZciZZc^chi^ijX^d"
cZhfjZ]Vch^YdXgZVYVheVgVkZaVgedgZaW^ZceWa^Xd#

')

<ADH6G>D

6cYgdXZcig^hbd
Dg\Vc^oVX^cYZadgYZch^bWa^Xd!hjhZhigjXijgVhZXdcb^"
XVhnhdX^dXjaijgVaZhVeVgi^gYZaV^YZVYZa]dbWgZXdbd
hj_ZidXZcigVanYdb^cVciZ#
9^hXg^b^cVX^cXdcigVaVbj_Zg
9ZVXjZgYdXdcaV8dckZcX^chdWgZaV:a^b^cVX^cYZId"
YVhaVh;dgbVhYZ9^hXg^b^cVX^cXdcigVaVBj_Zg8:96L!
ZhidYVY^hi^cX^c!ZmXajh^cdgZhig^XX^cWVhVYVZcZahZmd
fjZiZc\VedgdW_ZiddedggZhjaiVYdbZcdhXVWVgdVcjaVg
ZagZXdcdX^b^Zcid!\dXZdZ_ZgX^X^dedgaVbj_Zg!^cYZeZc"
Y^ZciZbZciZYZhjZhiVYdX^k^a!hdWgZaVWVhZYZaV^\jVaYVY
YZa]dbWgZnaVbj_Zg!YZadhYZgZX]dh]jbVcdhnaVha^"
WZgiVYZh[jcYVbZciVaZhZcaVhZh[ZgVhedai^XVh!ZXdcb^XV!
hdX^Va!XjaijgVanX^k^adZcXjVafj^ZgdigVZh[ZgV#
9^hXg^b^cVX^cY^gZXiV
:haVeg{Xi^XVYZYZhegZX^d!VcjaVX^c!bZcdhXVWd!gZhig^X"
X^cYZagZXdcdX^b^Zcid!\dXZdZ_ZgX^X^dYZadhYZgZX]dh
]jbVcdhnYZaVha^WZgiVYZh[jcYVbZciVaZh!fjZV\gZYZV
eZghdcVhdV\gjedhZceVgi^XjaVg#
9^hXg^b^cVX^c^cY^gZXiV
8dch^hiZZcVXi^ijYZhneg{Xi^XVhfjZegdeV\Vc^YZVh!iZd"
gVhdhbWdadhYZhjeZg^dg^YVYYZVa\c\gjeddfjZVa^Zc"
iVc Za YZhegZX^d ]VX^V eZghdcVh d \gjedh YZiZgb^cVYdh#
6jcXjVcYdZadW_Zid^cbZY^VidniVc\^WaZcdhZVVcjaVgd
a^b^iVgZaVXXZhdYZaVheZghdcVhnadh\gjedhVadhYZgZX]dh
nVaVhdedgijc^YVYZh!hXdcig^WjnZVgZXgZVgaVhXdcY^X^dcZh
hdX^VaZhnXjaijgVaZhfjZaZ\^i^bVchjZmXajh^c#
IVbW^chZXdch^YZgVY^hXg^b^cVX^c^cY^gZXiVVfjZaaV
fjZ[VkdgZXZaVcZ\VX^cYZYZgZX]dhndedgijc^YVYZhVa
ZhiVWaZXZg XdcY^X^dcZh fjZ cd ejZYZ Xjbea^g jcV eVgiZ
ZheZXXVYZaVedWaVX^c#

'*

<cZgd
9ZhYZZaejcidYZk^hiV\gVbVi^XVa!Za\cZgdZhjcVXViZ"
\dgVfjZeZgb^iZXaVh^XVgadhcdbWgZhZcbVhXja^cdhn
[ZbZc^cdh!nfjZZcZheVdacdh^ZbegZhZVhdX^VXdcaV
gZ[ZgZcX^VZmigVa^c\hi^XVVahZmdcVijgVa#
:cZaaZc\jV_ZhdX^da\^XdXdciZbedg{cZd!gZZgZVaXdc"
_jcid YZ ^YZVh! XgZZcX^Vh! gZegZhZciVX^dcZh n Vig^WjX^dcZh
hdX^VaZhXdchigj^YVhZcXVYVXjaijgV!idbVcYdXdbdWVhZ
aVY^[ZgZcX^VhZmjVa#
=dbd[dW^V
:haVVkZgh^c!b^ZYdd^cidaZgVcX^V]VX^VaVheZghdcVhfjZ
cdXjbeaZcXdcZaeVeZaZhiVWaZX^YdeVgVXVYVjcdYZadh
\cZgdh#
AZc\jV_ZhZm^hiV
6fjZaaVhZmegZh^dcZhYZaVXdbjc^XVX^c]jbVcVfjZ^c"
k^h^W^a^oVcVaVhbj_ZgZh!aVhhjWdgY^cVc!aVh]jb^aaVcnZhiZ"
gZdi^eVc#
HZm^hbd
:h aV Y^hXg^b^cVX^c ]VX^V aVh eZghdcVh YZ jc hZmd edg
Xdch^YZgVgad^c[Zg^dgVadigd#6ajYZVjcXdc_jcidYZcdX^d"
cZh!ZmegZh^dcZhneg{Xi^XVhhdX^VaZhfjZ!XdcWVhZZcaV
Y^[ZgZcX^VhZmjVa!aZ\^i^bVcnVVcoVcaVYZh^\jVaYVYhdX^Va
ZcigZaVheZghdcVh#Fj^ZcZh]Vch^Yd]^hig^XVbZciZY^h"
Xg^b^cVYVhhdcaVhbj_ZgZh#

'+

CDGB6I>K>9697H>86HD7G:
:AJHDCDH:M>HI69:AA:C<J6?:

 8dchi^ijX^c Edai^XV YZad :hiVYdh Jc^Ydh BZm^XVcdh!

VgiXjadh&n)#
 AZn;ZYZgVaeVgVEgZkZc^gn:a^b^cVgaV9^hXg^b^cVX^c!
VgiXjadh)n.!Bm^Xd!'%%)#
 8dckZcX^chdWgZaV:a^b^cVX^cYZIdYVhaVh;dgbVh
YZ9^hXg^b^cVX^cXdcigVaVBj_Zg8:96L!DCJ!&.,.#
 GZhdajX^c&)#&VegdWVYVedgaV8dc[ZgZcX^V<ZcZgVa
YZaVJC:H8D!Zchjk^\h^bdXjVgiVgZjc^c!VeVgiVYd&
YZae{ggV[d'!DCJ!&.-,#
 GZhdajX^c&%.!VegdWVYVedgaV8dc[ZgZcX^V<ZcZgVa
YZaV JC:H8D!Zchjk^\h^bdfj^ciVgZjc^c!e{ggV[d(!
DCJ!&.-.#
 8dckZc^d&*.YZaVDg\Vc^oVX^c>ciZgcVX^dcVaYZaIgV"
WV_dhdWgZaVgZVYVeiVX^cegd[Zh^dcVanZaZbeaZdYZ
aVheZghdcVhXdcY^hXVeVX^YVY!VgiXjad)!D>I!&.-(#

',

'-

BngcVK^Yg^d?{jgZ\j^

7>7A>D<G6;6

7^Wa^d\gV[V ji^a^oVYV YjgVciZ aV ^ciZ\gVX^c YZ aV hZ\jcYV

ZY^X^c#

7Zc\dZX]ZV
BZgXZYZh#HZm^hbdnVcYgdXZcig^hbdZcadhiZmidh
VYb^c^higVi^kdhcdgbVi^kdh#Jc^kZgh^YVYYZ6aXVa{#
8VaZgd;Zgc{cYZo
BVgVYZadhc\ZaZh#HZm^hbda^c\hi^Xd/Vc{a^h^hn
egdejZhiVhVciZaVY^hXg^b^cVX^chZmjVaZcZaaZc"
\jV_Z#CVgXZV!BVYg^Y!&...#
8DC6EG:9
&%8g^iZg^dhW{h^XdheVgVZa^b^cVgZaaZc\jV_ZhZm^hiV
ZcaVVYb^c^higVX^ceWa^XV[ZYZgVa#Xda#IZmidhYZa
8VgVXdacb#&#Bm^Xd!'%%,#
AdbVh!8Vgadh
>\jVaZhdY^[ZgZciZh4<cZgd!Y^[ZgZcX^VhZmjVa!aZc"
\jV_ZnZYjXVX^c#EV^Yh!7VgXZadcV!&...#

'.

9>G:8IDG>D

EG:H>9:C8>69:A8DC6EG:9N9:HJ?JCI69:<D7>:GCD
EZgaVEVig^X^V7jhiVbVciZ8dgdcV
?JCI69:<D7>:GCD
9Vc^Za;gVcX^hXd8VWZoVYZKVXV=Zgc{cYZo!9^dc^h^d
6gijgdEgZo?{XdbZ;g^X^dcZ!BVjg^X^d=Zgc{cYZok^aV!
<j^aaZgbd7ZgcVaB^gVcYV!EVig^X^V:he^cdhVIdggZh!B^\jZa
8VgWdcZaaH{cX]Zo!6gijgd9Vo7ZiVcXdjgi!Da^k^V?dVccV
<VaaHdcVWZcY!AdjgYZh6g^oeZHX]adhhZg!BVgVYZaGdX^d
<VgXV<Vni{c!>hVWZaEg^hX^aVKZgV=Zgc{cYZo!MVk^Zg
6cidc^d6WgZjH^ZggV!6aZ_VcYgdAjXVhDgdoXdGjW^d!?dh
6cidc^d>oVodaVA^XZV!HZg\^dBZY^cV<dco{aZo!HVbjZa
6aXdXZg;adgZh!:b^a^d?Vk^ZgBVgicZoBdgVaZh
6H6B7A:68DCHJAI>K6
GdhVBVgVakVgZoYZAVgV!;gVcX^hXd?Vk^ZgGVc\Za
<dco{aZo!GdWZgid?Vk^Zg7aVcXVgiZE^bZciZa!?dhAjh
7jZcYV=Z\Zl^hX]!GZcZZ9Vn{cH]VWdi!BVg^dAj^h
;jZciZh6aXVa{!Da^k^V?dVccV<VaaHdcVWZcY!GdWZgid
<ji^ggZoAeZo!?jY^i:hiZg7d`hZgB^hhZhYZA^lZgVci!
6gijgd9Vo7ZiVcXdjgi!>hVWZa<VgYZV:he^cd!BVgV
6c\a^XVAjcVEVggV!8dkVYdc\VEgZoK^aaZ\Vh!?Zhh
:YjVgYdIdaZYVcdAVcYZgd!6aZ_VcYgdFj^ciZgdCdkZaaV!
HVcYgV?^bcZoAdoV!Gdn8Vbedh:hfjZggV!6Yg^VcV
Dgi^oDgiZ\V!Gd\Za^d=Zgc{cYZoAeZo

(%

9>G:8IDG>D8DC6EG:9

H:8G:I6G>6Iw8C>86N9>G:8IDG69:8DDG9>C68>CI:GG>IDG>6A
:>CI:G>CHI>IJ8>DC6A
CViVa^V;ZgcVcYV<dco{aZoIdaZYVcd
9>G:88>C<:C:G6A69?JCI69::HIJ9>DH!
A:<>HA68>CNEDAI>86HE7A>86H
HZg\^d6aWZgid8Vbedh8]VXc
:cXVg\VYdYZYZheVX]d
9>G:88>C<:C:G6A69?JCI69:K>C8JA68>C!
EGD<G6B6H:9J86I>KDHN9>KJA<68>C
?dhIdb{hGdbZgdGjkVaXVWV
:cXVg\VYdYZYZheVX]d
9>G:8IDG6<:C:G6A69?JCI69:FJ:?6HNG:8A6B68>DC:H
K^abVGVbgZoHVci^V\d
9>G:8IDG9:69B>C>HIG68>CN;>C6CO6H
?dg\ZK^kZhIgZ_d
I>IJA6G9:AEGD<G6B6:CB6I:G>69:9>H8G>B>C68>C
EDGEG:;:G:C8>6H:MJ6ANK>=
6abV6aYVcV<VgXV

(&

&%gZXdbZcYVX^dcZheVgVZajhdcdhZm^hiV
YZaaZc\jV_Z!Xda#IZmidhYZaXVgVXda!cb#&!
hZ^beg^b^YjgVciZdXijWgZYZ'%%.
Zc>begZhdgVn:cXjVYZgcVYdgVEgd\gZhdH6YZ8K!
HVcAdgZcodIZodcXd'))!Xda#EVgV_ZHVc?jVc!
YZa#>oiVeVaVeV!%.-(%!Bm^Xd!9;#
9^hZdn[dgbVX^c/Atril, excelencia editorial.
:ai^gV_ZXdchiYZ,!*%%Z_ZbeaVgZh#
:aXj^YVYdYZaVZY^X^cZhijkdVXVg\dYZaV
9^gZXX^c<ZcZgVa6Y_jciVYZK^cXjaVX^c!
Egd\gVbVh:YjXVi^kdhn9^kja\VX^cYZa
8DC6EG:9

('