ÓY^W :..

;\_`afjhl\ef_XYcXeXjljgX[i\j
9AõNOõNOSõCUENTAõNADAõ
½Jˆ¾#½ef¾#½efj„¾#½efd\XZl\i[f¾#½Zfed`jXd`^fj¾#½pXdˆhl\d\`dgfikX¾jfe#gifYXYc\d\ek\#
\cZfealekf[\dfefjˆcXYfjd}jlk`c`qX[fgficfjX[fc\jZ\ek\j#[\_fpp[\j`\dgi\#Xek\cXjgi\^lekXj
`efgfikleXjpe\im`fjXj[\jljgif^\e`kfi\j%P\jhl\cXZfdle`ZXZ`eX\jkXj\[X[\jeleZX_Xj`[f]}Z`c1
\e\cd\afi[\cfjZXjfjj\c\jgl\[\jXZXileXjZlXekXjgXcXYiXjXZ\iZX[\Xc^’egif^iXdX[\k\c\m`j`e#
jlj\jkl[`fj#jljXd`^fjf`eZcljfXZ\iZX[\Zl\jk`fe\j[\cXm`[X\e^\e\iXc%%%g\ifeleZX#fZXj`eleZX#
Zfd\ekXi`fjj`eZ\ifjXZ\iZX[\jlji\cXZ`fe\j[\gXi\aX#\cZfejldf[\XcZf_fcpfkiXj[if^Xjf\cj\of%
EfidXc#ZcXif#hl\Zfe\jkXj\[X[\jXlefefc\Xg\k\qZX_XYcXi[\\jfjk\dXjkXe[\c`ZX[fjphl\#Xek\jf
[\jgl„j#mXeX[\j\dYfZXi\eleXXZXcfiX[X[`jZlj`e\ecXhl\\cgX[i\j\hl\[Xi}d}jgi\fZlgX[fhl\
Xek\j[\k\e\icXZfem\ijXZ`ep\c_`afjf]fZX[fpgifd\k`„e[fj\hl\\jX_Xj`[fcXgi`d\iXp’ck`dXm\q%

J`\i\jgX[i\fdX[i\[\le
X[fc\jZ\ek\gfZfZ_XicXk}e#
}idXk\[\gXZ`\eZ`X\jf\j
cfgi`d\ifpcfd}j[`]ˆZ`c p
gfe\edXiZ_X\jkfjkilZfj1\j
\cXY\Z„[\cXZfdle`ZXZ`e
\]\Zk`mX%
:fdleˆZXk\%
`
<jZlZ_Xd}j#_XYcXd\efj%
`
?Xphl\gi\jkXiXk\eZ`eXjlj
gifYc\dXjXlehl\Xm\Z\jgX$
i\qZXekfekfjf`efgfiklefj%
8gifm\Z_XcXj[`jk`ekXjj`klX$
`
Z`fe\jgXiX_XYcXipkiXejd`k`i
cXj`[\XjpmXcfi\jhl\Zfej`$
[\i\jd}j`dgfikXek\j%
GXjXk`\dgfZfe„cf\ccX1
`
gXiXZfefZ\iXleXg\ijfeX
_Xphl\gXjXi_fiXjZfe\ccX%
Cfd`jdffZlii\ZfecfjX[f$
c\jZ\ek\j#\o`^\ek`\dgf%
<jZ’Z_Xc\#Xlehl\\jk„jZXe$
` Ef\Z_\jj\idfe\j%CXk\e$
`
jX[f%G\ifkXdgfZf[\jlejˆ [\eZ`X\j\jX#X\Z_Xiifcc\k\j#
gfi i\jgl\jkX gXiX \m`kXik\ g\ifcfji\jlckX[fj[\dl\j$
gifYc\dXj% kiXehl\[\gfZfj`im\e%?Xp
hl\\jZlZ_Xi%%%
Ef[\a\jhl\j\XcXi^l\\e
`
\ck`\dgfleXj`klXZ`ek\ejX Ef\k`hl\k\j%DXZ_XZXiZfe
`
j`ei\jfcm\i%Efj`im\[\eX[X cX`[\X[\hl\½\jk\e`Œf\j
dXek\e\ij\ [ˆXj p [ˆXj j`e dlpe\im`fjf&_`g\iXZk`mf&
_XYcXi% kˆd`[f¾fhl\\jk\X[fc\jZ\ek\
\jle½i\Y\c[\&gifYc\d}k`Zf
EfZfd\kXjcfjkˆg`Zfj\iif$ &%%%¾jcfj\im`i}gXiXhl\i\Xc$
i\j1 d\ek\cfj\X%
Ef hl`k\j `dgfikXeZ`X X
`
jljZfjXj%GXiX\ccfjj\kiXkX
[\k\dXjdlpj\i`fj#Xjˆhl\
efmXc\[\Z`ic\½Efj\i}gXiX
kXekf¾f½K’cfhl\\i\j\jle
\oX^\iX[f¾%

J„fgfiklef%
`

<m`kX cXj Zfem\ijXZ`fe\j

`
ZlXe[fefk\jhl\_Xp^XeXj
[\ g\c\X f hl\ \c XdY`\ek\
\jk}dlpZXi^X[f%<jd\afi
hl\cXXgcXZ\j%


<E9I<M<
GI<G8I8I<CK<II<EF
GXjXi[\cXe`Œ\qXcXX[fc\j$
Z\eZ`XZXj`eleZX\jleZXd`$
e`kf[\ifjXj#Xjˆhl\cfd\afi
\j`igi\gXiXe[f\cXdY`\ek\
Xek\j[\cc\^XiX\jXj\[X[\j
Ziˆk`ZXj#ZlXe[fkf[XmˆXjfe
lefjk`\iefje`ŒfjZ_XicXkX$
e\jpi`jl\Œfj%<jkXjjfecXj
i\Zfd\e[XZ`fe\jhl\[Xecfj
\og\ikfj\e\[lZXZ`egXiX`i
gi\gXiXe[f\ck\ii\ef1
(%:i\XileXdY`\ek\[\Zfe$
ÔXeqXpi\jg\kf_XZ`Xkf[fjcfj
d`\dYifj[\cX]Xd`c`X%
>?@ECßE"µIECEI9EB;=7I5
ÓY^W :..
;\cXÔ^liXgXk\ieXXlkfi`kXi`XpÔid\XcZfc\^l\f\eki\gX[i\j\_`afj%CXi\cXZ`e\eki\lefjpfkifj
\ecfj’ck`dfjXŒfj_XZXdY`X[fleXYXiYXi`[X[p#\egi`eZ`g`f#gXiXd\afi1kf[f\jd}j[\dfZi}k`Zf
pi\cXaX[f%?XjkXXhlˆkf[fY`\e%<cgifYc\dXjli^\ZlXe[fcfjgX[i\jj\Zfem`\ik\e\eZfc\^Xj%Cfj
_Xp`eZcljfhl\cc\^XeX`d`kXi\cXi^fkalm\e`cZfdfXZ\iZXd`\ekfXjljm}jkX^fj#cfhl\i\jlckXXc^f
^ifk\jZf\`ee\Z\jXi`f%M\Xdfjgfihl„1
› <cj\i_ldXefeXZ\kfkXcd\ek\[\jmXc`[f\e\cgcXef]ˆj`Zfp\e\c\dfZ`feXc#gficfhl\e\Z\j`kX
[\Zl`[X[f#gifk\ZZ`ep\og\i`\eZ`X_XjkXhl\XcZXeqXcXdX[li\q%PleXd`^fef[XcXZfeÔXeqX
jlÔZ`\ek\gXiXcf^iXicf%
› GXiX\ej\ŒXi_Xphl\j\ijlg\i`fi\e\og\i`\eZ`X#ZfefZ`d`\ekfjpgf[\i1leZfc\^Xefk\gl\[\fYc`$
^XiXcXmXik\cfj[`\ek\j#legX[i\fleXdX[i\#jˆ%
› CXYl\eXj`ekfeˆX\jZl\jk`e[\ZfeÔXeqXpX[d`iXZ`e%P\jdlp[`]ˆZ`chl\le_`afX[d`i\Xle
gX[i\hl\efj\`dgfe\eleZX#hl\j`dgc\d\ek\Z\[\gXiXj\^l`ij`\e[fZfc\^Xj%
› 8d`^fj_XpdlZ_fj2gX[i\fdX[i\#jfcflef%
› Pkf[fcc\^X%GXjX[XcXX[fc\jZ\eZ`X#jˆj\gl\[\\dg\qXiZfeleXi\cXZ`e[\`^lXcX`^lXc%Kf[fXjl
k`\dgf%

)%@ig\id`k`\e[fZX[Xm\qd}j
`e[\g\e[\eZ`X%

*%F]i\Z\ic\jcXgfj`Y`c`[X[[\
hl\Zl\ek\e\eZXjXjljgi\f$
ZlgXZ`fe\jfgifYc\dXj%

+%<ej\ŒXicfjXj\ii\jgfejX$
Yc\jZfejljfYa\kfjg\ijfeXc\j
pi\jg\klfjfjZfecfj[\d}j%

,%<o`^`ic\ji\jgfejXY`c`[X[\jX
cX_fiX[\Xpl[Xi\eZXjX%

-%Gfe\ic\jlefjcˆd`k\jpZfe$
j\^l`ihl\cfjXZ\gk\e%

Pefk\e\id`\[fXcXX[fc\j$
Z\eZ`X%8cÔepXcZXYf#kf[fjcX
_\dfjgXjX[f#Xlehl\Xm\Z\j
Zl\jk\Zi\\icf%

)4&## 02/'2!-!