SlideShare una empresa de Scribd logo
1 de 144
Descargar para leer sin conexión
!""#$%&'(")*%+%),-
 ,.*#/,+%.',"0#)/,)-%1
  &'2/%/%"3%)%)0+%$41
       /,)-%1)5!6


!"#$%&'()$'*+&,+-.(+/./0/(1/2(+%&+3(
   4-.%(0/5.+6/7&'2$3-.1('/$,)




         %&,0('*(1&+&,1&+3/7'$+&.
           7778929#:8&#.
A$+0$"&'0/(3+QA$.+6$""&'0/(3RB+&3+"(1&'/(3+$'/*/.(3+S+3$,
1'(7(T$,+%&'/2(%$,+#-&%&.+,&'+%/,1'/7-/%$,8+0$#/(%$,+S+&UE
P/7/%$,+"/&.1'(,+,-+-,$+.$+,&(+0$"&'0/(3)


4-.%(0/5.+6/7&'2$3-.1('/$,8+9::;
<=+!%/0/5.+
>?@AB+;CDEDFE;;<GE:HFE9
IJB+KL+GD;E9::;
>"#'&,$+&.+!,#(M(+N+!"#$%&'(#$()*+#$
>"#'&,$+#$'+@-7$O+K-73/,P/.*
;"/'&,




!"#$%V'(1&+ ))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))H


                                   E+>+E++
I>?!WXY6>ZA+?[@W!+!J !LK[I!WYL>!AX[
!"#$%&'("/&.1$+#('(+3(+/..$2(0/5.+,$0/(3+))))))))))))<<


                                  E+>>+E++
K!W?K!6X>Y?+?[@W!+!J !LK[I!WYL>!AX[
X/"&+1$+&(1+$-'+$].+%$*+^$$%_+ ))))))))))))))))))))))))))))))9`
a(0/(+3(+0/-%(%(.b(+%/*/1(3+ ))))))))))))))))))))))))))))))))))))9;
>.1&'.&1+#$'+S+#('(+3(,+#&',$.(,+ ))))))))))))))))))))))))))))`H
!3+#$%&'+&,+%&3+#-&73$c+S+3(+1&0.$3$*b(+1("7/V.+ ))))F<
>6X,+^$'+1P&+&"#$]&'"&.1+$^+0/1/d&.,+))))))))))))))))))))FC
YP$'(+&,+&3+"$"&.1$+%&+(#$,1('+%&0/%/%("&.1&+#$'
3(,+.-&2(,+1&0.$3$*b(,+ ))))))))))))))))))))))))))))))))))))))))))HH
J(+'&%+%&+3(,+#&',$.(,B+05"$+>.1&'.&1+#-&%&+&"#$E
%&'('+(+3(+0/-%(%(.b(+ ))))))))))))))))))))))))))))))))))))))))))))H;
L('0$+1&5'/0$8+,$0/(3+&+/.,1/1-0/$.(3+#('(+3(+/..$2(0/5.
,$0/(3+S+&3+&"#$%&'("/&.1$+%&+3(+0/-%(%(.b(+))))))))GH
E+>>>+E++
!eK!W>!A6>Y?+I!+!LK[I!WYL>!AX[
6-(.%$+3(+'&%+,&+0$.2/&'1&+&.+&3+"&T$'+(3/(%$+0$.1'(
3(+0'/,/,+ ))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))CC
J(+ ,-#&'(0/5.+ %&+ 3$,+ 3b"/1&,+ 0-31-'(3&,)+ J(+ #-&'1(
(7/&'1(+(+3(+0-31-'(+*3$7(3+ ))))))))))))))))))))))))))))))))))))))D<
f$'3%,+ 6$33/%/.*B+ X&0P.$3$*S+ 6'(,P&,+ ]/1P+ Y-1/,"
(.%+@$1P+f/.+))))))))))))))))))))))))))))))))))))))))))))))))))))))))))DC
g.(+(#'$U/"(0/5.+(+3$,+"/"7'&,+/"#'&,0/.%/73&,));`
>6X,+E+X$$3,+^$'+(01/2&+0/1/d&.,P/#+ ))))))))))))))))))))))))));;
X&0.$3$*b(,+h-&+#$1&.0/(.+3(,+0(#(0/%(%&,+ ))))))<:C


                                   E+>+E++
ij Xk+6[L[+!?+!J !LK[I!WYL>!AX[_+
4&'.(.%$+@$1P&3P$+ ))))))))))))))))))))))))))))))))))))))))))))))<<H
[,0('+!,#/'/1-,(.1$+ ))))))))))))))))))))))))))))))))))))))))))))))<<;
>*.(0/$+4&'.l.%&d+))))))))))))))))))))))))))))))))))))))))))))))))<9C
>,/%'$+L(S(+ ))))))))))))))))))))))))))))))))))))))))))))))))))))))))))<`<
>3%&^$.,$+L(S$'*(,+ ))))))))))))))))))))))))))))))))))))))))))))))<`C
<.*#/4+%0,



   X$%(,+ 3(,+ #&',$.(,+ %&.1'$+ %&+ 3(+ 4-.%(0/5.
6/7&'2$3-.1('/$,8+ %&,%&+ ,-+ .(0/"/&.1$8+ 1'(7(T("$,
%b(+ (+ %b(+ &.1$'.$+ (+ -.(+ 2/,/5.B+ ,%#-#.+"( -+/( 0,&1+/
2&3$4-456+/(3474(7&'#4(*+"+(*"4*#3#+"(-+(#$$41+3#8$
/43#+-(9(&-('&/+""4--4(:,7+$4;
   j &"#/&d$+%/0/&.%$+%4'+/(-+/(*&"/4$+/('&$%"4('&
$,&/%"+(&$%#'+' #$'h-&+&3+0$"#'$"/,$+h-&+1&.&"$,
S+3(+*&.1&+h-&+.$,+(0$"#(M(+2(+"l,+(33l+%&+3(+$'*(E
./d(0/5.)+ K&',$.(,+ %&+ (%"/./,1'(0/$.&,8+ &.1/%(%&,8
&"#'&,(,8+ "&%/$,8+ (*&.1&,+ ,$0/(3&,8+ 0/7&'2$3-.1(E
'/$,m+0/&.1$,+%&+#&',$.(,+h-&+(#-&,1(.+#$'+&3+0("E
7/$+,$0/(38+0$.+-.(+#&',#&01/2(+%/2&',(+S+"-31/,&01$E
'/(38+ h-&+ 0'&&.+ &.+ 3$+ h-&+ P(0&"$,8+ .$,+ (0$"#(M(.
%b(+(+%b(+S+,&+/"#3/0(.+0$.+.-&,1'(+2/,/5.)
   !,1&+ 3/7'$+ &,+ -.+ &T&"#3$+ %&+ &,1(+ /"#3/0(0/5.8+ -.
#-.1$+%&+(#$S$+0$.+&3+h-&+"$2&'+&3+"-.%$+P(0/(+-.(
.-&2(+ '&(3/%(%)+ !,+ 0/&'1$+ h-&+ &3+ -,$+ $+ .$+ %&+ P&''(E
"/&.1(,+1&0.$35*/0(,+&,1l+#'$2$0(.%$+%&,/*-(3%(%&,
#&'$+1("7/V.+&,+2&'%(%+h-&+.-.0(+&.+3(+P/,1$'/(+P(
P(7/%$+ -.(+ P&''("/&.1(+ "&T$'+ #('(+ &3/"/.('+ $1'(,
7'&0P(,8+S(+,&(.+7'&0P(,+,$0/(3&,8+&0$.5"/0(,8+0-3E
1-'(3&,8+&%-0(1/2(,+$+%&+$1'$+1/#$)+j &.+&,$+&,+&.+3$
h-&+ .$,+ &.^$0("$,8+ .$+ &.+ -1/3/d('+ 3(+ 1&0.$3$*b(+ #&'
,&8+,/.$+0$"$+"&%/$+#('(+#'$#/0/('+3(+/..$2(0/5.+,$E
0/(3+&+/"#-3,('+&3+&"#$%&'("/&.1$+#&',$.(3)
  ij h-V+&,+&3+&"#$%&'("/&.1$_+K$'+^(2$'8+15"(1&
-.$,+"/.-1$,8+0/&''(+3$,+$T$,8+'&,#/'(+#'$^-.%("&.1&8


                                                            C
/"(*/.(8+ #/&.,(+ S+ #'&*n.1(1&3$)+ o-/&'$+ h-&+ 3$+ 2/,/$E
.&,8+ h-&+ %&,"/*(T&,+ 3(+ #(3(7'(8+ h-&+ (7(.%$.&,+ 3$
&,1(73&0/%$8+ h-&+ "&+ %/*(,+ h-V+ ,/*./^/0(+ #('(+ 1/8+ h-V
0'&&,+h-&+#-&%&+,/*./^/0('+#('(+3(+#&',$.(+h-&+1/&.&,
(+ 1-+ 3(%$c+ $+ 3$+ h-&+ ,/*./^/0('b(+ #('(+ (3*-/&.+ "-S+ 3&E
T(.$8+"-S+%/,1/.1$+(+1/m
   ?&*-'$+ h-&+ -.(+ 2&d+ '&,-&31(+ &,(+ #'&*-.1(+ ,&+ 1&
#3(.1&(.+$1'(,+0-&,1/$.&,8+0$"$+#$'+&T&"#3$8+i05"$
,&+ &"#$%&'(+ -.(+ #&',$.(_+ io-V+ #(#&3+ T-&*(.+ 3(,
1&0.$3$*b(,+&.+&33$_+ij 3(+/..$2(0/5._+i!,+&3+&"#$E
%&'("/&.1$+-.(+/..$2(0/5.+&.+,b+"/,"$_+io-V+0$.E
,&0-&.0/(,+ 0$.33&2(_+ ia(S+ &"#$%&'("/&.1$+ &.+ "/
&.1$'.$_+
   !.+&,1(+3b.&(8+(+3$,+(-1$'&,+%&+&,1&+3/7'$+#&.,('+&.
&"#$%&'("/&.1$+3&,+P(+33&2(%$+(+-.(+,&'/&+%&+'&^3&E
U/$.&,+ #&',$.(3&,8+ (+ %&7(1/'+ 0$.+ ,-,+ 0$"#(M&'$,
(.1&,+%&+&,0'/7/'+&3+1&U1$8+(+0$.1('+,-+&U#&'/&.0/(+%&
&"#$%&'("/&.1$8+$+,&.0/33("&.1&+%&0/'+3$+h-&+#&.,(E
7(.)+!,(+&,+3(+"(*/()+
   K$'+&33$8+(*'(%&0&"$,+,-+0$.$0/"/&.1$8+&U#&'/&.E
0/(+S+%&,/.1&'V,)+6(%(+-.$+P(+#3(,"(%$+-.(+#'/"&'(
2/,/5.+%&+1$%$+3$+h-&+1&.&"$,+#$'+%&3(.1&+%&,%&+-.(
#&',#&01/2(+"-S+#&',$.(38+(+2&0&,+/3-,/$.(.1&+S+"$E
1/2(%$'(8+ (+ 2&0&,+ #'l01/0(8+ 1(.*/73&8+ 0(,/+ #(3#(73&8
$1'(,8+,/"#3&"&.1&8+#&'1-'7(%$'()+
   Y .$,$1'$,+ #3(.1&('.$,+ &,1(,+ 0-&,1/$.&,+ .$,+ P(
#'$#/0/(%$+ -.(+ &U0&3&.1&+ %/,&'1(0/5.+ /.1&'.(+ h-&+ P(
0$.,&*-/%$+ &.'/h-&0&'.$,+ #&',$.(3"&.1&+ S+ '&^$'d('
.-&,1'(+2/,/5.)+




D
ij 05"$+ P&"$,+ 33&*(%$+ (+ &,1&+ #-.1$_+ iK$'+ h-V
.$,+#3(.1&("$,+&,1(,+0-&,1/$.&,_+I&,%&+,-,+/./0/$,
3(+4-.%(0/5.+#('1/0/#5+"-S+(01/2("&.1&+&.+3(+6-"7'&
L-.%/(3+%&+3(+?$0/&%(%+%&+3(+>.^$'"(0/5.8+&.+3(+^("/E
3/(+ %&+ 3$,+ 2$3-.1('/$,8+ #'/"&'$+ &.+ 3(,+ *"&*347/ &.
p/.&7'(+ S+ 3-&*$+ &.+ Xn.&d)+ g.(+ &U#&'/&.0/(+ *'(1/^/E
0(.1&+h-&+.$,+(#$'15+-.(+2/,/5.+*3$7(3+%&3+"$"&.1$
&.+h-&+.$,+&.0$.1'("$,+'&^$'d5+.-&,1'(+0'&&.0/(+&.
&3+1'(7(T$+"-31/,&01$'/(3+S+.$,+,/'2/5+#('(+'&/2/.%/0('+3(
/"#$'1(.0/(+ %&3+ #(#&3+ h-&+ 3$,+ 2$3-.1('/$,+ 1&0.$35*/E
0$,+P(.+1&./%$8+1/&.&.+S+1&.%'l.+&.+&3+%&,(''$33$+%&+3(
,$0/&%(%+%&+3(+/.^$'"(0/5.+S+%&3+0$.$0/"/&.1$+0$"E
#('1/%$)
   K&'$+.$,+#'&*-.1("$,8+i&,+0(,-(3+h-&+3(+#'/"&'(
0-"7'&+&.+3(+h-&+A(0/$.&,+g./%(,+%&T(+#('1/0/#('+(0E
1/2("&.1&+(+3(+,$0/&%(%+0/2/3+,&(+-.(+0-"7'&+,$7'&+&3
%&,(''$33$+ %&+ 3(+ ,$0/&%(%+ %&+ 3(+ /.^$'"(0/5._+ i?&'l
0(,-(3+1("7/V.+h-&+,&+%&.$"/.&+0-"7'&+%&+3(+,$0/&E
%(%+%&+3(+/.^$'"(0/5.+&.+2&d+%&+0-"7'&+%&+3(,+1&0.$E
3$*b(,+%&+3(+/.^$'"(0/5.+$+3(,+1&3&0$"-./0(0/$.&,_
   i!,1$+ (+ h-V+ .$,+ 33&2(_+ A$,$1'$,+ 2&"$,+ -.
(2(.0&8+ 2&"$,+ 05"$+ 1b"/%("&.1&+ ,&+ #'$%-0&.+ -.(
,&'/&+ %&+ 0$.0&,/$.&,8+ %&+ %&1(33&,8+ %&+ (#-&,1(,8+ %&
#3(.1&("/&.1$,8+(.1&,+/"#&.,(73&,m+K&'$+(.1&+1$%$
2&"$,+ &3+ 2(3$'+ h-&+ 0(%(+ -.$+ %&+ .$,$1'$,+ 1/&.&+ &.
&,1$8+S+3(+/"#$'1(.0/(+%&+^$'"('+#('1&8+%&+,&'+#('1b0/E
#&,8+,/.+%-%(8+(#$,1(.%$+#$'+-.$+"/,"$+#('(+#$%&'
(#$'1('+&.+&3+0$.T-.1$)+
   !,+ 0-&,1/5.+ %&+ (-1$&,1/"(8+ %&+ 0'&&'+ &.+ .-&,1'(,
0(#(0/%(%&,+S+%&,(''$33('3(,8+%&+1&.&'+3(+^-&'d(+S+3(
/3-,/5.+%&+1$"('+3(+/./0/(1/2(8+%&+P(0&'3(+.-&,1'(+S+33&E

                                                         ;
2('3(+ P(,1(+ &3+ ^/.(3)+ !.+ %&^/./1/2(8+ %&+ &"#$%&'('.$,8
%&+,&'8+%&+#('1/0/#(')+
   ?&'+0$.,0/&.1&,+%&+.-&,1'$+0$.$0/"/&.1$+S+0(#(0/E
%(%+#('(+0("7/('+3(+'&(3/%(%+&,+&3+"(S$'+#$%&'+h-&
1&.&"$,+ 3(,+ #&',$.(,)+ ?&'+ 0(#(0&,+ %&+ -1/3/d('3$,
#('(+/..$2('+&,+.-&,1'(+'&,#$.,(7/3/%(%+S+3$+h-&+.$,
%/^&'&.0/()


                !"#$%&'()*(+&(#+&,)-
   .%)*$'&(/%)'0&1(*&2)'(3%)(3%)')'()*(456)'-(
.%)*$'&*(7&28+86&6)*1(+&(#')&$8,86&6(9(+&(8:&;8<&#8=<-
       .%)*$'&(7)''&:8)<$&1(+&($)#<5+5;>&-
            .%)*$'5(:5:)<$5---(759-?

   !,1("$,+ (.1&+ -.+ (3d("/&.1$+ #&',$.(3+ h-&+ 1'(,E
0/&.%&+3$+0$"n.8+0(#(d+%&+0$.2&'1/',&+&.+0$3&01/2$+S
#'$#/0/('+ -.+ 0("7/$+ ,$0/(3)+ a&"$,+ 0$.,&*-/%$+ (7'/'
-.+%&7(1&)+YP$'(+1n+1/&.&,+3(+#(3(7'()+J(+#-&'1(+&,1l
(7/&'1()


                                          j$3(.%(+W-&%(
         K'&,/%&.1(+%&+3(+4-.%(0/5.+6/7&'2$3-.1('/$,




<:
=)!)=)

>!?<@5A6!BC)?DE@<)
<F <GHD><@AG!<C5D




                     <<
<9
!"#$%&'(")&*+$, #('(, -(
              )**$.(/)0*,1$/)(-


>I"%&'#       =/%&(+"%63,-4(+$+-#.+(&-(/#5$#>#3+'4('&(-+(*+-+?
 G%+0'")      @"+(&"#$]&'"&.1A(+/6(3474(-+/(*4/#@-&/(3+,?
E'+*%#1&      /+/('&(B,&('#3:+(*+-+@"+($4(&C#/%+(&$(&/*+?
              D4-;(E'#3#4$+-7&$%&( /&( *-+$%&+( ,$+( :#*8%&/#/
              '&-(74%#14(*4"(&-(B,&(:49(&$('6+(&-(+$5-#3#/74
              &7*4'&"+7#&$%4(&/(3+'+(1&.('&(,/4(7F/(>"&?
              3,&$%&(&$($,&/%"+(-&$5,+;(G#$+-7&$%&(/&('&?
              ',3&( '&( %4'4( -4( *-+$%&+'4( -+( $&3&/#'+'( '&-
              '&/+""4--4( '&( ,$+( 3#,'+'+$6+( &7*4'&"+'+
              B,&(/#"1+('&(74%4"(*+"+(-+(#$$41+3#8$(9(-+(+3?
              3#8$(/43#+-;



      !"0+#/2&&'("
     I&0b(+f/11*&.,1&/.8+&3+^/35,$^$+h-&+"l,+&,1-%/5+3(
  /"#$'1(.0/(+ %&3+ 3&.*-(T&+ #('(+ .-&,1'(+ 0(#(0/%(%+ %&
  0$.$0&'+ 3(+ '&(3/%(%8+ h-&+ q3$,+ 3b"/1&,+ %&+ "/+ 3&.*-(T&
  ,$.+3$,+3b"/1&,+%&+"/+"-.%$r)+K('1/&.%$+%&+&,1(+#'&E
  "/,(+'&,-31(+.&0&,('/$+&,1-%/('+.$+,53$+&3+,/*./^/0(%$
  %&+ 3(+ #(3(7'(+ &7*4<&"7&$% ,/.$+ 1("7/V.+ &3+ P&0P$
  %&,1(0(73&+ %&+ h-&+ %/0P(+ #(3(7'(+ .$+ 1-2/&,&+ 1'(%-0E
  0/5.+(3+&,#(M$3+S+h-&+n31/"("&.1&+,&+-1/3/0&+&3+(.*3/E
  0/,"$+&7*4'&"+" #('(+0$"#&.,('+&,(+^(31()+J(+#'&E
  *-.1(+ h-&+ ,&+ %&,#'&.%&+ .(1-'(3"&.1&+ &,B+ i#$'+ h-V
  .$+&U/,1b(+&,1(+#(3(7'(+&.+&,#(M$3_+i6-l3&,+&'(.+3$,
  3b"/1&,+%&3+"-.%$+P/,#(.$P(73(.1&+h-&+3(+P(0b(.+/.E

                                                             <`
.&0&,('/(_+ij 05"$+P(.+2('/(%$+%/0P$,+3b"/1&,+#('(
h-&+ (P$'(+ ,&+ &"#/&0&+ (+ P(0&'+ .&0&,('/$+ &3+ -,$+ %&
%/0P$+(.*3/0/,"$_


     ?'I"'J'&%/#
   ?/+-.$+&.1'(+&.+&3+H#33#4$+"#4 %&+3(+W&(3+Y0(%&"/(
%&+3(+J&.*-(+&.+>.1&'.&1+S+&,0'/7&+&7*4'&"+" /."&E
%/(1("&.1&+&,+'&%/'/*/%$+(+3(+#(3(7'(+(#$%&'('8+0$"$
,/+V,1(+^-&'(+3(+0$''&,#$.%&.0/(+0$''&01(+(3+&,#(M$3)
iK&'$+ ,$.+ +*4'&"+" S+ &7*4'&"+" '&(3"&.1&+ ,/.5./E
"$,_+J(+%&^/./0/5.+%&+3(+#(3(7'(++*4'&"+" ,&*n.+&,1&
%/00/$.('/$+ &,B+ qK$.&'+ (3*$+ &.+ #$%&'+ %&+ (3*-/&.+ $
%('3&+3(+#$,&,/5.+%&+&33$r)+!,+%&0/'8+(#$%&'('+,/*./^/0(
%('+(-1$'/%(%c+*4'&"(/4@"& (3*$+$+(3*-/&.)+
   ?/.+ &"7('*$+ &"#$%&'('+ 1/&.&+ -.+ "(1/d+ %/,1/.1$8
,-1/3+S+,/.+&"7('*$+0'b1/0$)+=7*4<&"7&$%8+#$'+"/+0$E
.$0/"/&.1$+%&+3(+3&.*-(+/.*3&,(8+,/*./^/0(+1&.&'+3(+0(E
#(0/%(%+ %&+ P(0&'+ (3*$8+ &,+ %&0/'8+ ,&+ 1'(1(+ %&+ 1&.&'
*4'&"( *+"+8+ S+ .$+ *4'&"( /4@"&)+ j (-.h-&+ &3+ *4'&"
/4@"&(S+&3+*4'&"(*+"+ #-&%(.+'&,-31('+&h-/2(3&.1&,+&.
(3*-.(,+ $0(,/$.&,8+ &.+ $1'(,8+ ,/.+ &"7('*$8+ ,$.+ 0$.E
0&#1$,+0$"#3&1("&.1&+%/,1/.1$,+&+/.03-,$+0$.1'('/$,)+
    !"#$%&'('8+&-(*4'&"(*+"+8+,-#$.&+h-&+(3*-/&.8+/.E
%/2/%-$+$+*'-#$8+1/&.&+-.(+,&'/&+%&+0(#(0/%(%&,+h-&
&.+ #'/.0/#/$+ 3&+ #&'"/1&.+ (,-"/'+ 3(+ '&,#$.,(7/3/%(%
,$7'&+,-+#'$#/$+^-1-'$)+!3+/.%/2/%-$+$+*'-#$+,&+2-&32&
(*&.1&8+&,+%&0/'+1/&.&+3(+0(#(0/%(%+#('(+(^'$.1('8+/.E
^3-/'+ &+ /.03-,$+ /.1&.1('+ *&.&'('+ ,-+ ^-1-'$+ %&+ (0-&'%$
0$.+,-+2$3-.1(%+S+(.P&3$,)+j V,1(+&,+$1'(+0('(01&'b,E
1/0(+^-.%("&.1(3B+&3+&"#$%&'("/&.1$+&,+-.(+0(#(0/E


<F
%(%+h-&+.$+#(,(+%&+,&'+-.+"&'$+#$1&.0/(3+P(,1(+h-&
.$+,&+#$.&+&.+(00/5.)+J(+3+*+3#'+'(*+"+ &U/,1&8+&.+&3
"$"&.1$+&.+h-&+,&+&T&0-1(c+P(,1(+&.1$.0&,+&,+,/"E
#3&+#$1&.0/(3)+K$'+&,$+&.+&3+0(,$+%&3+&"#$%&'("/&.1$
/*-(3+%&+0'b1/0$+h-&+3(+0(#(0/%(%+#('(+(01-('8+&,+3(+2$E
3-.1(%+%&+P(0&'3$)+j 3(+2$3-.1(%8+3(+&3&00/5.+%&+#(,('
%&3+#$1&.0/(3+(+3(+(00/5.8+/"#3/0(+.&0&,('/("&.1&+-.(
%&0/,/5.+'&,#$.,(73&+%&3+/.%/2/%-$)+!,+#$'+&33$+#$'+3$
h-&+/&(*4'"6+('&>#$#"(&-(*4'&"(/4@"&(3474(,$(*4%&$?
3#+-( '&( +,%4"#'+'( /4@"&( 4%"4/( 7#&$%"+/( B,&( &-( *4'&"
*+"+(-4(&/('&(-+("&/*4$/+@#-#'+'(*&"/4$+-;
   !.+0$.,&0-&.0/(8+&3+&"#$%&'("/&.1$+1/&.&+.&0&E
,('/("&.1&+ -.+ 0$"#$.&.1&+ V1/0$+ S+ "$'(38+ S(+ h-&+ 3(
%&0/,/5.+%&+#(,('+%&3+#$1&.0/(3+(+3(+(00/5.+1/&.&+h-&
&,1('+.&0&,('/("&.1&+^-.%("&.1(%(+&.+-.(+^$'"(+%&
&.1&.%&'+ S+ 2(3$'('+ 3(+ '&(3/%(%)+ I/0&+ W-,,&3+ Y0O$^^8
-.$+%&+3$,+#(%'&,+%&3+#&.,("/&.1$+,/,1V"/0$8+h-&+3(
q&^/0(0/(+ &,+ &^/0/&.0/(+ &2(3-(%()+ !,+ &^/0/&.0/(+ "-31/E
#3/0(%(+ #$'+ 2(3$'8+ &^/0/&.0/(+ #('(+ -.+ '&,-31(%$+ 2(3$E
'(%$r)+ =$( 7#( 4*#$#8$( &-( &7*4'&"+7#&$%4( /&( "&>#&"&
*,&/(+(-+(&>#3+3#+A(9($4(/4-4(+(-+(&>#3#&$3#+; ?/+,/"#3&E
"&.1&+,&+(-"&.1(.+3(,+0(#(0/%(%&,+%&3+/.%/2/%-$+$
*'-#$8+ ,/.+ 0$.,/%&'('+ 3(+ 0$"#$.&.1&+ %&+ 2(3$'(0/5.
"$'(38+ 3(+ (,-.0/5.+ %&+ '&,#$.,(7/3/%(%+ S+ &3+ 0$"#'$E
"/,$+h-&+/"#3/0(+&3+&"#$%&'("/&.1$8+,53$+,&+&,1l+(-E
"&.1(.%$+ 3(+ &^/0/&.0/() )&( :+3&( 7&I4"( -4( B,&( 9+( /&
:+36+A( *&"4( $4( /&( :+3&( $+'+( $,&14J( $4( /&( *"4',3&
3+7@#4;(04(:+9(#$$41+3#8$;




                                                          <H
!",K'10,"&'%
   K&'$+&.1$.0&,8+i#$'+h-V+.$+&U/,1b(+&,1(+#(3(7'(+&.
&,#(M$3_+i6-l3&,+&'(.+3$,+3b"/1&,+%&3+"-.%$+P/,#(E
.$P(73(.1&+ h-&+ .$+ 0$.,/%&'(7(.+ .&0&,('/(+ 3(+ &U/,E
1&.0/(+%&+&,1(+#(3(7'(+h-&+%&,0'/7&+3(+0(#(0/%(%+S+3(
2$3-.1(%+%&+(,-"/'+&3+#'$#/$+^-1-'$_
   6-'/$,("&.1&+&3+0(,$+%&+3(+#(3(7'(+&7*4<&"7&$%
.$+&,+-.+0(,$+(/,3(%$)+?$.+2('/(,+3(,+#(3(7'(,+%&+3(
3&.*-(+/.*3&,(+h-&+%&,0'/7&.+3(+(00/5.+'&,#$.,(73&+S
2$3-.1('/(+%&3+0/-%(%(.$+&.+&3+l"7/1$+,$0/(38+,&(+#nE
73/0$+$+#'/2(%$8+h-&+1("#$0$+1/&.&.+1'(%-00/5.+(3+&,E
#(M$3)+ !.1'&+ &33(,8+ (%&"l,+ %&+ &7*4<&"7&$%8+ &,1l
+334,$%+@#-#%98+ /%+K&:4-'&"8+ 34$/%#%,&$39 S+ -4@@98
&.1'&+ $1'(,)+ K('&0&+ #-&,+ h-&+ 3$,+ 3b"/1&,+ %&3+ "-.%$
P/,#(.$P(73(.1&+.$+0$.,/%&'(7(.+&.+/*-(3+"&%/%(+3(
.&0&,/%(%+ %&+ %&,0'/7/'+ 3(+ #('1/0/#(0/5.+ '&,#$.,(73&
%&+3(+0/-%(%(.b(+&.+&3+l"7/1$+,$0/(3+S+,/.+&"7('*$+,b
#'&0/,(7(.+%&+#(3(7'(,+h-&+%&,0'/7/&,&.+3(,+'&3(0/$E
.&,+%&+(-1$'/%(%8+0$"$+#$'+&T&"#3$+3(+#(3(7'(+(#$E
%&'(')+
   !,1&+P&0P$+.$,+33&2('b(+(+#3(.1&('+3(+P/#51&,/,+h-&
%&+h-&+&.+&3+"-.%$+(.*3$,(T5.+#-%/&,&+&U/,1/'+-.(+1'(E
%/0/5.+0-31-'(3+h-&+/.03-S(+3(+#('1/0/#(0/5.+(01/2(+S+'&,E
#$.,(73&+%&3+0/-%(%(.$+&.+&3+l"7/1$+,$0/(3+&.+"(S$'
"&%/%(+ h-&+ &.+ &3+ "-.%$+ P/,#(.$P(73(.1&8+ %$.%&
%/0P(+ #('1/0/#(0/5.+ ,&+ 0$.0&7/'b(+ #'&^&'&.1&"&.1&
0$"$+'&,#-&,1(+(+3(,+/.%/0(0/$.&,+%&+3(+(-1$'/%(%)+
    g.(+#$,/73&+&U#3/0(0/5.+#('(+&,1(+P/#51&,/,+#$%'b(
&,1('+^-.%("&.1(%(+&.+3$,+%/^&'&.1&,+#3(.1&("/&.1$,
^/3$,5^/0$,+%&'/2(%$,+%&+3(+'&^$'"(+#'$1&,1(.1&+h-&+,&
0$.0'&1('$.+ &.+ -.(+ "(S$'+ V1/0(+ %&+ '&,#$.,(7/3/%(%

<G
/.%/2/%-(38+7/&.+%&,0'/1(+#$'+&3+,$0/53$*$+L(U+f&7&')
!,1(+V1/0(+#'$1&,1(.1&+,&+"(1&'/(3/d(8+&.1'&+$1'$,+l"E
7/1$,8+&.+3$,+#'$0&,$,+%&+&3&00/5.+%&+3(,+(-1$'/%(%&,
#n73/0(,8+ 1(3&,+ 0$"$+ 3$,+ '&#'&,&.1(.1&,+ #$3b1/0$,8+ &3
T-&d8+&3+/:&"#>>8+&3+#(,1$'8+&10)+?/.+&"7('*$8+&.+3$,+#(E
b,&,+ %&+ 1'(%/0/5.+ 0(153/0(+ &'(+ "-0P$+ "l,+ ^'&0-&.1&
h-&+ ^-&'(.+ 3(,+ "/,"(,+ (-1$'/%(%&,+ ,-#&'/$'&,+ 3(,
h-&+&3&*b(.+(+,-+2&d+(+3(,+(-1$'/%(%&,+/.^&'/$'&,)+?&
#$%'b(+#3(.1&('+h-&+&3+#$%&'+%&+I/$,+h-&+T-,1/^/0(7(
$'/*/.(3"&.1&+3(+(-1$'/%(%+%&3+'&S+S+%&3+#(#(+%&,0&.E
%b(+(+#('1/'+%&+&,1$,+P(,1(+&3+n31/"$+0('*$+#n73/0$)+I&
&,1(+"(.&'(8+&,1&+#$%&'+,-#&'/$'+&.+#'/.0/#/$+%&+0(E
'l01&'+ #'$2&&%$'+ ,&+ $0-#(7(+ %&+ ,$3-0/$.('+ 3$,+ #'$E
73&"(,+%&+3(+0/-%(%(.b(8+'&%-0/&.%$+3(+.&0&,/%(%+%&
&,1$,+ %&+ (,-"/'+ -.+ #(#&3+ (01/2$+ S+ '&,#$.,(73&)+ K$'
1$%$+ &33$+ ,&'b(+ #$,/73&+ %&%-0/'+ h-&+ &.+ 3(+ 1'(%/0/5.+ S
.(''(1/2(+ 0-31-'(3+ %&+ 3$,+ #(b,&,+ 0(153/0$,+ ,&+ P('b(
"&.$,+.&0&,('/(+3(+&U/,1&.0/(+%&+1V'"/.$,+#('(+%&,E
0'/7/'+3(+#('1/0/#(0/5.+2$3-.1('/(+S+'&,#$.,(73&+%&+3$,
0/-%(%(.$,+&.+3$,+P&0P$,+#n73/0$,+h-&+&.+3$,+#(b,&,
#'$1&,1(.1&,)


   C2,$#1)-3.'0,1)
    i!.1$.0&,8+h-V+&,+3$+h-&+P(+0("7/(%$+h-&+(P$'(
,&+ P(0&+ .&0&,('/$+ &3+ -,$+ %&+ &,1$,+ (.*3/0/,"$,_
i65"$+P(+0("7/(%$+&3+"-.%$+#('(+h-&+(P$'(+%&7(E
"$,+/.03-/'+&.1'&+,-,+3b"/1&,+3(+%&,0'/#0/5.+%&+&,1(+(0E
1/1-%+(01/2(+S+'&,#$.,(73&+#$'+#('1&+%&+3(+0/-%(%(.b(_
  g.(+2&d+"l,+&3+3&.*-(T&+.$,+#-&%&+%('+-.(+#/,1()
I&,%&+"/+&U#&'/&.0/(+%/('/(+#&',$.(3+'&,-31(+0-'/$,$
$7,&'2('+h-&+,&(.+#'&0/,("&.1&+3(,+#(3(7'(,+&7*4?

                                                            <C
<&"7&$%(S++334,$%+@#-#%9 3(,+h-&+0$.+"(S$'+^-&'d(+1'(E
 1(.+%&+&.1'('+&.+.-&,1'$+%/00/$.('/$8+"-0P$+"l,+h-&
 34$/%#%,&$39 $+/%+K&:4-'&")+6'&$+h-&+&,1$+#$%'b(+,&'
 %&7/%$+(+h-&+&7*4<&"7&$% S++334,$%+@#-#%9 &.+#('1/0-E
 3('+ ,$.+ #(3(7'(,+ 0$.+ -.(+ "(S$'+ /"#$'1(.0/(+ #('(+ 3(,
 (01/2/%(%&,+ #'$%-01/2(,+ (01-(3&,+ %&3+ ,&01$'+ #'/2(%$c
 "/&.1'(,+h-&+34$/%#%,&$39 S+/%+K&:4-'&" ,$.+"l,+(#3/E
 0(73&,+ (+ l"7/1$,+ #n73/0$,)+ !.+ $1'(,+ #(3(7'(,8+ #$%'b(
 ,&'+h-&+&3+%/.("/,"$+%&3+,&01$'+#'/2(%$+&.+*&.&'(3+S
 %&+ 3(,+ "-31/.(0/$.(3&,+ (.*35^$.(,+ &.+ #('1/0-3('+ P(S(
 P&0P$+.&0&,('/(+3(+%&,0'/#0/5.+%&+-.(+^$'"(+%&+1'(7(E
 T('+h-&+P(,1(+&,1&+"$"&.1$+.$+P(7b(+,/%$+1(.+.&0&,(E
empowerment podría venir de las necesidades
 '/$+%&,0'/7/')+g.(+^$'"(+%&+1'(7(T('+7(,(%(+&.+%&,(''$E
del sector privado!!!!!!! a ver si el concepto va a
 33$,+1&0.$35*/0$,+h-&+#'$#/0/(.+"-0P$+"l,+3(+1$"(+%&
ser más "responsabilidad" mal entendida y
 %&0/,/$.&,+%&,0&.1'(3/d(%(,+S+&"#$%&'(%(,+#$'+#('1&
recargada a lso de siempre :-(
 %&+-.+0(%(+2&d+"(S$'+.n"&'$+%&+1'(7(T(%$'&,)
     K$%&"$,+-,('+0$"$+(.(3$*b(+3(,+'&%&,+%&+1&3&0$E
 "-./0(0/$.&,8+h-&+P(.+#(,(%$+%&+&,1('+0$.1'$3(%(,
 #$'+ -.(+ 0&.1'(3+ h-&+ 1&.b(+ /.^$'"(0/5.+ ,$7'&+ 1$%(+ 3(
 W&%+S+&,1(73&0b(+-.(+0$.&U/5.+#-.1$+(+#-.1$8+(3+%&E
 ,(''$33$+ %&+ >.1&'.&18+ -.(+ '&%+ %&+ '&%&,+ %$.%&+ 0(%(
 .$%$+1$"(+%&0/,/$.&,+#-.1-(3&,+&.+^-.0/5.+%&+3(+/.E
 ^$'"(0/5.+%/,#$./73&+&.+,-+&.1$'.$+/."&%/(1$)+j #$E
 %'b(+,&'+#'&0/,("&.1&+&,1(+&,1'-01-'(+1&0.$35*/0(+h-&
 ,-,1&.1(+-.+#'$0&,$+#'$%-01/2$+"l,+%&,0&.1'(3/d(%$
 S+ h-&+ .&0&,/1(+ (#'$2&0P('+ &3+ 0$.$0/"/&.1$+ %&+ 0(%(
 /.%/2/%-$+ #('(+ 0'&('+ -.+ "(S$'+ 2(3$'+ (M(%/%$8+ 3$+ h-&
 #$%'b(+&,1('+%&,(''$33(.%$+3(+.&0&,/%(%+%&+-.(+(01/E
 1-%+"l,+'&,#$.,(73&+S+&"#$%&'(%(+%&+3$,+1'(7(T(%$E
 '&,)+H&(&/%+(7+$&"+(*+/+74/('&(7&"4/("&3,"/4/(:,?
 7+$4/A(*+/#14/(9('&*&$'#&$%&/('&(-+/('&3#/#4$&/('&
 -+/(*&"/4$+/(+*4'&"+'+/A(+(>,$'+7&$%+"(&-('&/+""4?

 <D
--4(&34$87#34(9(/43#+-(&$(-+(3+*+3#'+'('&(/&"&/(:,?
7+$4/A('#$F7#34/(9(3"&+%#14/(B,&(/#$%#L$'4/&(&7*4?
'&"+'4/( +/,7&$( /,( "&/*4$/+@#-#'+'( &$( -+( 3"&+3#8$
'&(,$(>,%,"4(347M$;(
   !,1&+ /.0/#/&.1&+ %&,(''$33$8+ 0$"$+ %/*$8+ &,+ "-0P$
"l,+&2/%&.1&+&.+&3+,&01$'+#'/2(%$+h-&+&.+&3+#n73/0$8
#&'$+.$+#-&%&+&.+"/+$#/./5.+3/"/1(',&+(+V,1&)+?/+'&(3E
"&.1&+,&+%&,&(+0$.,1'-/'+-.+^-1-'$+"&T$'8+"l,+T-,1$+S
&h-/1(1/2$8+,&+P(0&+.&0&,('/$+%&,(''$33('+&3+&"#$%&E
'("/&.1$+%&+3(+0/-%(%(.b(+h-&+P(*(+h-&+V,1(+#(,&+(
3(+(00/5.+%&,%&+-.(+%&0/,/5.+/.%/2/%-(38+"$'(3+S+'&,E
#$.,(73&)+g.+'&0/&.1&+&T&"#3$+%&+&,1(+(01/1-%+&"#$E
%&'(%(+%&+3(+0/-%(%(.b(+,&'b(+^l0/3+%&+&.0$.1'('+&.+3(
0("#(M(+ %&+ 7(,&+ h-&+ (-#5+ (+ @('(0O+ [7("(+ (+ 3(
K'&,/%&.0/(+%&+3$,+!,1(%$,+g./%$,+%&+Y"V'/0()


  LM -%1)0,&"#-#I3%1N
   a&"$,+ #3(.1&(%$+ h-&+ 3$,+ 0/-%(%(.$,+ &"#$%&'(E
%$,8+%&,%&+,-+(01/1-%+'&,#$.,(73&+0$.+3(+0'&(0/5.+%&
-.+.-&2$+^-1-'$+0$"n.8+.$+#-&%&.+"&.$,+h-&+,&'+0'&E
(1/2$,+&+/..$2(%$'&,)+K$'h-&+,53$+%&,%&+3(+/..$2(0/5.
,&+#-&%&+0'&('+-.+^-1-'$+.-&2$)+K$'+1$%$+&33$+&,8+&.+"/
$#/./5.8+&3+&"#$%&'("/&.1$+&3+"$1$'+h-&+/./0/(+&3+#'$E
0&,$+%&+(00/5.+S+#'$*'&,$+,$0/(3+'&,#$.,(73&)+J(+0/-E
%(%(.b(+&"#$%&'(%(+#-&%&+S+(,-"&+,-+'&,#$.,(7/3/E
%(%+&.+&3+%&,(''$33$+%&+3(+/..$2(0/5.+1(.1$+1&0.$35*/0(
0$"$+,$0/(3+S+&,1(+/..$2(0/5.+,/'2&+(+,-+2&d+#('(+/.E
0'&"&.1('+&3+&"#$%&'("/&.1$+%&+&,(+"/,"(+0/-%(%(E
.b(+(3+(-"&.1('+3(+0(#(0/%(%+%&3+/.%/2/%-$+0$"#'$"&E
1/%$)+!,1('b("$,+#-&,+P(73(.%$+&.+&,1&+0(,$+%&+-.+0b'E
0-3$+2/'1-$,$+%&+/..$2(0/5.+#('(+3(+&^/0(0/()

                                                      <;
?/.+&"7('*$8+&.+(-,&.0/(+%&3+&"#$%&'("/&.1$+%&
  3(+ 0/-%(%(.b(+ 3(+ /..$2(0/5.+ ,53$+ #-&%&+ (-"&.1('+ 3(
  &^/0/&.0/()+ !,+ %&0/'8+ 3(+ 0/-%(%(.b(+ .$+ 0$.,/%&'(+ '&,E
  #$.,(73&"&.1&+&3+2(3$'+%&+(h-&33$+h-&+,&+#'$%-0&+&.
  &3+ l"7/1$+ ,$0/(38+ ,53$+ $#1/"/d(+ 3(+ ^$'"(+ %&+ P(0&'+ 3$
  h-&+S(+,&+2&.b(+P(0/&.%$)+K$'+1$%$+&33$8+#$%'b(+33&*('
  (+ %&0/',&+ h-&+ 3(+ 1&0.$3$*b(+ .$+ #$%'b(+ ,&'+ 1$1(3"&.1&
  .&-1'(B+$+7/&.+(#$S(+-.+#'$0&,$+&"#$%&'(%$+%&+(0E
  0/5.+ 0/-%(%(.(+ P(0/(+ 3(+ /..$2(0/5.+ S+ 3(+ 1'(.,^$'"(E
  0/5.+,$0/(3+$+7/&.+0$.1'/7-S&+(+"(.1&.&'+-.(+(01/1-%
  #(,/2(+S+%&#&.%/&.1&+%&+3$,+0/-%(%(.$,+(+7(,&+%&+(-E
  "&.1('+3(+&^/0/&.0/(+%&3+#'$0&,$+&U/,1&.1&c+h-&+#'&0/E
  ,("&.1&+#$'+,-+&^/0/&.0/(+.-.0(+,&+33&*(+(+0-&,1/$.(')+
esto me mola más...dif. eficacia y eficiencia ... aplicado
al rollo %&,#'&.%&+ #$'+ 1(.1$+ 3(+ .&0&,/%(%+ %&+ 2(3$'('
     ?&+ público...para activar el cambio ;-) y como la
tecnología puede ser una arma de doble filo.
  0-l3+&,+&3+#(#&3+(01-(3+h-&+&,1l+T-*(.%$+3(+/..$2(0/5.
  &.+*&.&'(3+S+3(+1&0.$35*/0(+&.+#('1/0-3('+&.+&3+%&,(E
  ''$33$+,$0/(3)+i6$.1'/7-S&+3(+/..$2(0/5.+(01-(3+(3+&"E
  #$%&'("/&.1$+%&+3(+0/-%(%(.b(+(-"&.1(.%$+&3+0$"E
  #'$"/,$+ %&+ 3$,+ 0/-%(%(.$,+ S+ ,-+ 0(#(0/%(%+ #('(+ 3(
  0$.,/*-/&.1&+ (00/5.+ ,$0/(3_+ [8+ #$'+ &3+ 0$.1'('/$8+ i,&
  0$.2/&'1&+3(+/..$2(0/5.+&.+-.+"&%/$+#('(+3(+(#(1b(+S
  #(,/2/%(%+%&+3(+0/-%(%(.b(_+iJ(+/..$2(0/5.+1&0.$35E
  */0(+(01-(3+0$.1'/7-S&+(+-.(+(00/5.+,$0/(3+'&,#$.,(E
  73&+%&+3(+0/-%(%(.b(+$+#$'+&3+0$.1'('/$+(-"&.1(+3(+%&E
  #&.%&.0/(+%&+3(+(-1$'/%(%8+#&'"/1/&.%$+h-&+&3+0/-%(E
  %(.$+ '&PnS(+ %&+ ,-,+ '&,#$.,(7/3/%(%&,_+ i!,1("$,
  #'$"$2/&.%$+ 3(+ /%&(+ %&+ h-&+ -.+ "(S$'+ *'(%$+ %&+ &^/E
  0/&.0/(+1&0.$35*/0(+#$%'b(+33&*('+(+#'$%-0/'+(3*n.+%b(
  #$'+,/"#3&+*&.&'(0/5.+&,#$.1l.&(+(3*n.+1/#$+%&+0("E
  7/$+,$0/(3_+



  9:
!.+"/+$#/./5.+,&'b(+/"#$'1(.1&+S+0$.2&./&.1&+h-&
.$,+#3(.1&l,&"$,+&.+(3*n.+"$"&.1$+3(+'&,#-&,1(+(
&,1(,+#'&*-.1(,8+,/+&,+h-&+'&(3"&.1&+%&,&("$,+h-&
3(+ /..$2(0/5.+ .$+ ,53$+ *&.&'&+ -.+ "(S$'+ &"#$%&'(E
"/&.1$+ %&+ 3(+ 0/-%(%(.b(8+ ,/.$+ h-&+ &,(+ /..$2(0/5.
,&(+&.+,b+"/,"(+0$.,&0-&.0/(+%&+-.(+%&0/,/5.+&"E
#$%&'(%()




                                                     9<
=)!!)=)

H<@?H<65!OA?)?DE@<)
<F <GHD><@AG!<C5D
9F
5'.,)0#),%0)#2+)#7")/#I)J##/N
                 R&-&+/#$5(%:&(*4%&$%#+-(4>(74@#-&(%&3:?
                 $4-459(>4"(0VW(+$'(3#%#.&$(&7*4<&"?
                 7&$%(#$(%:&('&1&-4*#$5(<4"-'


P,")E%":1)       t&.+ @(.O,8+ ^$-.%&'+ $^+ t/](.T().&18+ %&2$1&,
X#<+$I+;$&%      P/",&3^+1$+1P&+(##3/0(1/$.+$^+"$7/3&+1&0P.$3$*S
                 ^$'+#$,/1/2&+,$0/(3+(.%+&.2/'$."&.1(3+0P(.*&+/.
                 1P&+ %&2&3$#/.*+ ]$'3%8+ (.%+ P(,+ ,#&.1+ 1P&+ 3(,1
                 <H+ S&(',+ ]$'O/.*+ $.+ #'$T&01,+ /.+ Y^'/0()
                 W&0&.13S8+P/,+'&,&('0P+'&,-31&%+/.+1P&+%&2&3$#E
                 "&.1+ $^+ 4'$.13/.&?L?8+ (+ ^/&3%+ 0$""-./0(1/$.
                 ,S,1&"+%&,/*.&%+1$+&"#$]&'+*'(,,'$$1,+.$.E
                 #'$^/1+ $'*(./,(1/$.,)+ t&.+ *'(%-(1&%+ ^'$"
                 ?-,,&U+ g./2&',/1S+ ]/1P+ P$.$-',+ /.+ ?$0/(3
                 Y.1P'$#$3$*S+ ]/1P+ I&2&3$#"&.1+ ?1-%/&,8+ (.%
                 ](,+(]('%&%+(+W&-1&',+I/*/1(3+/,/$.+4&33$]E
                 ,P/#+ /.+ 9::G8+ (.%+ .("&%+ (+ K$#uX&0P+ ?$0/(3
                 >..$2(1/$.+ 4&33$]+ /.+ 9::D)+ t&.v,+ ]$'O+ P(,
                 7&&.+,-##$'1&%+7S+1P&+L(0Y'1P-'+4$-.%(1/$.
                 (.%+ [#&.+ ?$0/&1S+ >.,1/1-1&8+ (.%+ P&+ /,+ 1P&+ 0-E
                 ''&.1+ '&0/#/&.1+ $^+ (+ *'(.1+ ^'$"+ 1P&+ a&]3&11
                 4$-.%(1/$.)

        >.+2:&(N:#%&(O+$P/(Q,"'&$;(N:9(%:&(N&/%P/(=>>4"%/
     %4(E#'(%:&(R&/%(S+1&(H4$&()4(O,3:(T--(+$'()4(U#%%-&
     V44'8+ f/33/("+ !(,1&'3Ss,+ ^'-,1'(1/$.+ (1+ 3('*&E,0(3&8
     1$#E%$].8+ 7-'&(-0'(0SE'/%%&.+ %&2&3$#"&.1 #'$T&01,
     '-.,+1$+(.+/"#'&,,/2&+`DF+#(*&,)+fP/3&+!(,1&'3S+%&%E
     /0(1&,+ "$,1+ $^+ P/,+ 7$$O+ 1$+ "('O&1,8 &0$.$"/0,+ (.%
     1P&+"&0P(./0,+$^+/.1&'.(1/$.(3+%&2&3$#"&.1+/1,&3^8+P&
     1(3O,+3/113&+$^+/.^$'"(1/$.+(.% 0$""-./0(1/$.+1&0P.$3E

                                                                   9H
$*S+Q>6XR)+XP&+/.%&U+0(''/&,+.$+'&^&'&.0&+1$+q0$"#-1E
&',r8+q>6Xr+$'+&2&.+#3(/.+$3% q1&0P.$3$*Sr) @-1+1P&'&
/,+(.+&.1'S+^$'+q0&33+#P$.&,r)
   !)+4)+?0P-"(0P&'8+(+^&33$]+&0$.$"/,1+(.%+1P&+"(.
]/%&3S+ '&0$*./,&%+ (,+ 1P&+ ^(1P&'+ $^+ 1P&+ (##'$#'/(1&
1&0P.$3$*S+"$2&"&.18+,#&.1+(+3/113&+"$'&+1/"&+/.+P/,
7$$O,+,1-%S/.*+1&0P.$3$*S+/,,-&,)+a/,+,&"/.(3+<;C`
7$$O+)7+--(#/(Q&+,%#>,-;(2:&()%,'9(4>(=34$47#3/(+/(#>
!&4*-&(O+%%&"&' 0("&+(7$-1+(,+(+'&(01/$.+1$+1P&+/"E
#$,/1/$.+ $^+ (3/&.+ %&2&3$#"&.1+ 0$.0&#1,+ $.+ XP/'%
f$'3%+0$-.1'/&,8+(.%+P&+]('.&%+&('3S+$^+1P&+%(.*&',
(.%+%/^^/0-31/&,+$^+(%2$0(1/.*+1P&+,("&+1&0P.$3$*/0(3
#'(01/0&,+ /.+ &.1/'&3S+ %/^^&'&.1+ ,$0/&1/&,+ (.%+ &.2/'$.E
"&.1,)+ Y31P$-*P+ P/,+ &('3/&'+ ]$'O+ ^$0-,,&%+ "$'&+ $.
(*'/E1&0P.$3$*S+ (.%+ 3('*&E,0(3&+ /.^'(,1'-01-'&+ #'$TE
&01,+!%("+7-/3%/.*+](,+(+^(2$-'/1&+q/.1&'2&.1/$.r+(1
1P&+1/"&!8+P/,+1P&$'/&,+0$-3%+&(,/3S+P(2&+7&&.+(##3/&%
1$+>6X,8+(,+1P&S+]&'&+/.+3(1&'+S&(',)
   XP/.*,+ P(2&+ 0$"&+ (+ 3$.*+ ](S+ ,/.0&+ <;C`)+ 4$'+ (
,1('18+"(.S+$^+-,+.$]+P(2&+"$7/3&+#P$.&,8+1P&+"$,1
'(#/%3S+ (%$#1&%+ 1&0P.$3$*S+ /.+ P/,1$'S)+ >.+ ]P(1
("$-.1,+ 1$+ 3/113&+ "$'&+ 1P(.+ 1P&+ 73/.O+ $^+ (.+ &S&8+ "$E
7/3&,+P(2&+*/2&.+-,+(+*3/"#,&+$^+1P&/'+#$1&.1/(3+1$+P&3#
-,+,$32&+,$"&+$^+1P&+"$,1+#'&,,/.*+#'$73&",+$^+$-'
1/"&)+f/1P+&2/%&.0&+"$-.1/.*8+>+P(2&+$.&+h-&,1/$.)+>^
"$7/3&,+1'-3S+('&+(,+'&2$3-1/$.('S+(.%+&"#$]&'/.*+(,
1P&S+(##&('+1$+7&+!#('1/0-3('3S+/.+1P&+3/2&,+$^+,$"&+$^
1P&+#$$'&,1+"&"7&',+$^+,$0/&1S! 1P&.+%$+]&+P(2&+(
"$'(3+%-1S8+/.+1P&+>6X ^$'+I&2&3$#"&.1+Q>6XFIR+0$"E
"-./1S+ (1+ 3&(,18+ 1$+ ,&&+ 1P(1+ 1P&S+ ^-3^/3+ 1P(1+ #$1&.1/(3_
j$-+,&&8+>s"+(+3/113&+]$''/&%)+>^+]&+%'(]+#('(33&3,+7&E


9G
1]&&.+1P&+0$.0&'.,+$^+!(,1&'3S+(.%+?0P-"(0P&'+(.%
(##3S+1P&"+1$+1P&+(##3/0(1/$.+$^+"$7/3&+#P$.&,+(,+(
1$$3+ ^$'+ ,$0/(3+ (.%+ &0$.$"/0+ %&2&3$#"&.18+ 1P&'&s,+ (
%(.*&'+1P(1+1P&+%&2&3$#"&.1+0$""-./1S+"(S+&.%+-#
'&#&(1/.*+1P&+,("&+"/,1(O&,+$^+1P&+#(,1)+f&+P(2&+(
*$3%&.+$##$'1-./1S+P&'&+1P(1+]&+0(.s1+(^^$'%+1$+"/,,)
   @-1+"/,,+/1+]&+"(S)+?/.0&+9::`+>s2&+7&&.+]$'O/.*
&U03-,/2&3S+/.+1P&+"$7/3&+,#(0&8+(.%+>s2&+0$"&+1$+"S
$].+ 0$.03-,/$.,+ (7$-1+ ]P&'&+ ]&+ .&&%+ 1$+ 7&+ ^$E
0-,,/.*+"$'&+$^+$-'+(11&.1/$.+/^+]&s'&+1$+1(O&+(%2(.E
1(*&+ $^+ 1P&+ $##$'1-./1S+ (P&(%+ $^+ -,)+ I$.s1+ *&1+ "&
]'$.*+ !]&+ %$+ .&&%+ 1$+ 7&+ 3$$O/.*+ (1+ 1P&+ 7/**&'+ #/0E
1-'&! 7-1+1P&'&s,+.$1+'$$"+(1+1P&+1$#+^$'+(33+$^+-,)+>8+^$'
$.&8+("+"$'&+1P(.+P(##S+1$+7&+]$'O/.*+(1+1P&+7$11$")
A$1+ $.3S+ %$+ >+ ^/.%+ *'(,,'$$1,+ Ap[,+ #('1/0-3('3S+ 3&(.
(.%+ &^^/0/&.1+ !$^1&.+ ]/1P+ 1P&+ ,0('0&,1+ $^+ ^-.%/.*+ (.%
'&,$-'0&,!8+ 7-1+ 1P&S+ (3,$+ 1&.%+ 1$+ *&1+ 3&,,+ 7$**&%
%$].+]/1P+#'$0&%-'&8+#$3/1/0,+(.%+&*$,8+(.%+('&+$^1&.
(73&+ 1$+ '&(01+ ^('+ "$'&+ h-/0O3S+ 1$+ 0P(.*/.*+ &.2/'$.E
"&.1,+1P(.+1P&/'+3('*&'+0$-.1&'#('1,)
   @&/.*+ 3$0(38+ 1P&S+ (3,$+ 1&.%+ 1$+ P(2&+ "-0P+ *'&(1&'
0$.1&U1+^$'+1P&/'+&.2/'$."&.1,8+(.%+/.+(01/2/,"+1&'",
1P&Ss'&+ "$'&+ 3/O&3S+ 1$+ 7&+ (73&+ 1$+ $#&'(1&+ -.%&'+ 1P&
'(%('+ $^+ %/01(1$'/(3+ '&*/"&,8+ "&(./.*+ 1P&S+ 0(.+ $^1&.
&.*(*&+(+3$0(3+(.%+.(1/$.(3+#$#-3(0&+/.+](S,+]P&'&
3('*&'+$'*(./,(1/$.,+"/*P1+,1'-**3&)
   ?$8+](2/.*+"S+*'(,,'$$1,+Ap[+^3(*8+>+,&&+(+0&.1'(3
#'$73&"+$^+^$0-,+/.+1P&+"$7/3&+(##3/0(1/$.,+,#(0&)+J&1
"&+ &U#3(/.)+ >^+ ]&+ 1(O&+ 1P&+ J$.*+ X(/3+ 0$.0&#1+ ^/',1
1(3O&%+ (7$-1+ 7S+ 6P'/,+ Y.%&',$.+ (.%+ (##3S+ /1+ 1$+ 1P&



                                                           9C
"$7/3&+ ,#(0&8+ ]&+ *&1+ ,$"&1P/.*+ 3/O&+ 1P/,)+ >+ 0(33+ /1
?$0/(3+L$7/3&s,+J$.*+X(/3)




   fP(1+ /1+ %&"$.,1'(1&,+ /,+ 1P(1+ $-'+ 1&.%&.0S+ 1$+ (/"
^$'+,&US8+3('*&E,0(3&8+1$#E%$].8+0(#/1(3+(.%+1/"&/.1&.E
,/2&+"$7/3&+,$3-1/$.,+,/"#3S+'&,-31,+/.+1P&+0'&(1/$.+$^
1$$3,+]P/0P+$.3S+1P&+3('*&'8+"$'&+'&,$-'0&E'/0P+Ap[,
('&+ (73&+ 1$+ (%$#1+ (.%+ (^^$'%)+ a(2/.*+ ]$'O&%+ ]/1P
*'(,,'$$1,+Ap[,+^$'+$2&'+<H+S&(',8+>+,1'$.*3S+7&3/&2&
1P(1+]&+.&&%+1$+,&'/$-,3S+'&^$0-,+,$"&+$^+$-'+(11&.E
1/$.+1P&'&+1$+(2$/%+%&2&3$#/.*+$-'+$].+Ap[+q%/*/1(3
%/2/%&r)+ X$+ %$+ 1P/,+ ]&+ .&&%+ 1$+ 1P/.O+ (7$-1+ 3$]E&.%8
,/"#3&8+ (##'$#'/(1&+ "$7/3&+ 1&0P.$3$*S+ ,$3-1/$.,
]P/0P+ ('&+ &(,S+ 1$+ $71(/.8+ (^^$'%(73&8+ '&h-/'&+ (,+ 3/113&
1&0P./0(3+&U#&'1/,&+(,+#$,,/73&8+(.%+('&+&(,S+1$+0$#S
(.%+ '&#3/0(1&)+ XP/,+ /,+ ,$"&1P/.*+ >+ '&*-3('3S+ ]'/1&
(7$-18+ (.%+ /1s,+ (+ 0P(33&.*&+ >s"+ "$'&+ 1P(.+ P(##S+ 1$
1P'$]+%$].+1$+1P&+%&2&3$#&'+0$""-./1S)
   Y.$1P&'+ O&S+ #'$73&"+ 1P(1+ ]&+ P(2&+ &"&'*&,+ (,+ (
,S"#1$"+$^+1P&+^/',1)+@&0(-,&+3('*&'+/.1&'.(1/$.(3+%&E
2&3$#"&.1+(*&.0/&,8+7S+1P&/'+2&'S+.(1-'&8+1&.%+1$+#'&E


9D
$00-#S+1P&",&32&,+]/1P+1P&+7/**&'+/,,-&,8+1P&S+$^1&.
/.(%2&'1&.13S+ .&*3&01+ 1P&+ ,/"#3&8+ &(,/&'E1$E^/U+ #'$7E
3&",+!1P&+q3$]+P(.*/.*+^'-/1r+(,+,$"&+#&$#3&+3/O&+1$
0(33+/1!)+XP&+L/33&../-"+I&2&3$#"&.1+p$(3,+QLIpw,R
('&+*$$%+&U("#3&,+$^+1P&+O/.%,+$^+1('*&1,+]P/0P+('&
^('+&(,/&'+1$+"/,,+1P(.+P/1)
   >.+"$7/3&+1&'",8+-,/.*+1P&+1&0P.$3$*S+1$+&.P(.0&
7(,/0+0$""-./0(1/$.,+/,+(+03(,,/0+q3$]+P(.*/.*+^'-/1r)
Y^1&'+(338+1P(1s,+]P(1+"$7/3&+#P$.&,+%$8+(.%+0$""-./E
0(1/$.+/,+^-.%("&.1(3+1$+(33+Ap[+(01/2/1/&,8+#('1/0-3('3S
1P$,&+ ]$'O/.*+ /.+ 1P&+ O/.%,+ $^+ /.^'(,1'-01-'&E0P(3E
3&.*&%+ &.2/'$."&.1,+ $^1&.+ ^$-.%+ /.+ 1P&+ %&2&3$#/.*
]$'3%)+I&,#/1&+1P/,8+1P&'&+('&+^&]+1$$3,+(2(/3(73&+1P(1
1(O&+(%2(.1(*&+$^+$.&+$^+1P&+"$,1+#'$3/^/0+"$7/3&+0$"E
"-./0(1/$.+ 0P(..&3,+ (2(/3(73&+ 1$+ *'(,,'$$1,+ Ap[,B
1P&+1&U1+"&,,(*&+Q$'+?L?R)
   L-0P+ $^+ "S+ $].+ ]$'O+ ]/1P+ 4'$.13/.&?L?+ P(,
,$-*P1+ 1$+ ,$32&+ 1P/,+ ^-.%("&.1(3+ #'$73&"8+ (.%+ /.
#3(0&,+ ,-0P+ (,+ L(3(]/+ !]P&'&+ (+ ,1-%&.18+ "S+ ,$^1E
]('&8+ (+ 3(#1$#+ (.%+ $.&+ P-.%'&%+ '&0S03&%+ "$7/3&
#P$.&,+ P(,+ P&3#&%+ '&2$3-1/$./,&+ P&(31P0('&+ %&3/2&'S
1$+9H:):::+'-'(3+L(3(]/(.,! 1P&+7&.&^/1,+('&+3$-%+(.%
03&(')+ >.+ $1P&'+ 0$-.1'/&,8+ ]P&'&+ (01/2/1/&,+ $^+ /.1&'.(E
1/$.(3+ (/%+ $'*(./,(1/$.,+ "(S+ 7&+ 0P(33&.*&%+ $'+ '&E
,1'/01&%+7S+$##'&,,/2&8+%/01(1$'/(3+'&*/"&,8+*'(,,'$$1,
Ap[,+$^1&.+"(.(*&+1$+"(/.1(/.+$#&'(1/$.,+(.%+$^1&.
#'$2/%&+ 1P&+ $.3S+ 2$/0&+ ^$'+ 1P&+ #&$#3&)+ >.+ x/"7(7]&8
t-7(1(.().&1+ P(2&+ 7&&.+ -,/.*+ 4'$.13/.&?L?+ &U1&.E
,/2&3S+1$+&.*(*&+(+#$#-3(1/$.+.$1+$.3S+,1('2&%+$^+T$7,8
(+"&(./.*^-3+0-''&.0S+(.%+(+^-.01/$./.*+%&"$0'(0S8
7-1+(3,$+.&],+(.%+/.^$'"(1/$.)+f/1P+(+3/113&+]/338+]P(1


                                                            9;
0(.+ 7&+ %$.&+ /.+ x/"7(7]&+ 0(.+ 7&+ %$.&+ (.S]P&'&
]P&'&+,/"/3('+$##'&,,/$.+&U/,1,)
   >.+ 0(,&,+ ,-0P+ (,+ 1P&,&+ !(.%+ 1P&'&+ ('&+ "(.S
"$'&! ]&+ .&&%+ 1$+ ,1$#+ ,/"#3S+ 1(3O/.*+ (7$-1+ q]P(1
]$'O,r+(.%+,1('1+1$+*&1+q]P(1+]$'O,r+(.%+,1('1+1$+*&1
y]P(1+]$'O,y+/.1$+1P&+P(.%,+$^+1P&+Ap[,+1P(1+.&&%+/1
1P&+"$,1)+XP(1v,+(+0P(33&.*&+1P(1+>v"+P(##S+1$+1P'$]
%$].+1$+1P&+>6XFI+0$""-./1S)+XP&'&v,+$.3S+(+0&'1(/.
("$-.1+$^+1(3O/.*+]&+0(.+%$)
   XP&'&+('&8+$^+0$-',&8+"(.S+/,,-&,+(.%+0P(33&.*&,
!,$"&+1&0P./0(38+,$"&+0-31-'(38+$1P&',+&0$.$"/0+(.%
$1P&',+ *&$*'(#P/0(3)+ XP&+ *$$%+ .&],+ /,+ 1P(1+ ^&]+ ('&
/.,-'"$-.1(73&8+(.%+]&+0(.+'&"$2&+"(.S+$^+1P&"+7S
,/"#3S+&"#$]&'/.*+1P&+2&'S+#&$#3&+]&v'&+,&&O/.*+1$
P&3#)+XP&+&"&'*&.0&+$^+P$"&+*'$].+%&2&3$#&'+0$"E
"-./1/&,+/.+(.+/.0'&(,/.*+.-"7&'+$^+Y^'/0(.+0$-.1'/&,8
^$'+&U("#3&8+#'&,&.1,+1P&+*'&(1&,1+$##$'1-./1S+S&1+1$
-.3$0O+1P&+,$0/(3+0P(.*&+#$1&.1/(3+$^+"$7/3&+1&0P.$3E
$*S)+?"(33E,0(3&8+'&(3/,1/08+(0P/&2(73&8+7$11$"E-#+%&E
2&3$#"&.1+ ,-0P+ (,+ 1P(1+ 0P("#/$.&%+ 7S+ 1P&+ 3/O&,+ $^
!(,1&'3S+ (.%+ ?0P-"(0P&'+ "(S+ P('%3S+ 7&+ '&2$3-1/$.E
('S8+7-1+]P(1+]$-3%+7&+/,+$-'+(0O.$]3&%*&"&.1+$^+1P&
"/,1(O&,+$^+1P&+#(,18+(.%+(+0$E$'%/.(1&%+&^^$'1+1$+P&3#
-,+(2$/%+"(O/.*+1P&"+(33+$2&'+(*(/.)




`:
2(/)(,-(,/)3%(%(*4(
               %)5)+(-


Q#14)G8        E/#/%#74/(+(,$4('&(-4/(747&$%4/('&(3+7@#4
 6,+,R#
               7F/( #7*4"%+$%&/( '&( -+( :#/%4"#+( &$( &-( B,&( -+/
!"#/+347       2&3$4-456+/('&(-+(T$>4"7+3#8$(9(-+(Y47,$#3+?
               3#8$( &/%F$( '&/&7*&D+$'4( ,$( *+*&-( %"+/3&$?
               '&$%+-;( U+( 3"#/#/( &34$87#3+( &/%F( +3&-&"+$'4
               &/%&( *"43&/4( B,&( *,&'&( '&1&$#"( &$( ,$( 74?
               '&-4('&(/43#&'+'(7F/(+@#&"%4(9(*+"%#3#*+%#14A(4
               *4"(&-(34$%"+"#4A(&$(,$(&/3&$+"#4(7F/(4/3,"4
               &$(&-(B,&(*+"%#3#*+"6+74/(/8-4(3474(,/,+"#4/
               9(34$/,7#'4"&/('&(,$(7&"3+'4(5-4@+-;(U+(3+?
               *+3#'+'('&(&7*4'&"+7#&$%4(+(%"+1L/('&(-+(#$?
               $41+3#8$(%&3$4-85#3+(/&"F('&%&"7#$+$%&(*+"+
               -+(34$/&3,3#8$('&(,$+(/43#&'+'('&(3#,'+'+?
               $4/('#5#%+-&/;(



      !,+ #'&2/,/73&+ h-&+ 3(+ (01-(3+ 0'/,/,+ &0$.5"/0(+ (0&E
   3&'&+ S+ #'$^-.%/0&+ 3$,+ 0("7/$,+ S+ 1'(.,^$'"(0/$.&,
   P(0/(+-.(+.-&2(+,$0/&%(%+&.+3(+h-&+3(+1&0.$3$*b(+T-E
   *('l+ -.+ #(#&3+ ^-.%("&.1(3)+ !,+ "l,8+ (,/,1/"$,+ (+ -.
   #-.1$+%&+/.^3&U/5.+&.+&3+h-&+&3+^-1-'$+#'&,&.1(8+0$"$
   &.+ 0(,/+ 1$%$,+ 3$,+ "$"&.1$,+ 0'b1/0$,+ %&+ 3(+ P/,1$'/(8
   "-0P(,+/.0&'1/%-"7'&,+&+/.05*./1(,)+g.+.-&2$+&,0&E
   .('/$+&.+&3+h-&+,&+$^'&0&.+*'(.%&,+$#$'1-./%(%&,+S
   &3&2(%$,+'/&,*$,+(+#('1&,+/*-(3&,)



                                                                `<
!.+ 3(+ (01-(3+ ,$0/&%(%8+ &.+ 3(+ h-&+ 3(,+ 1&0.$3$*b(,
2(.+ (%h-/'/&.%$+ -.+ "(S$'+ #'$1(*$./,"$8+ %&7&"$,
T-*('+ -.+ #(#&3+ (01/2$+ #('(+ h-&+ 3(+ "$.&%(+ 0(/*(+ %&
0('(+%&3+0/-%(%(.$+0$"$+0$3&01/2$+S+.$+0$"$+-.+&.1&
0$.0&7/%$+ &U03-,/2("&.1&+ 0$"$+ q-,-('/$r+ $+ 0$"$
"&'$+03/&.1&+%&+3(+*'(.+(3%&(+%&+0$.,-"$+*3$7(3)+J(
1&0.$3$*b(+ #-&%&+ %&0(.1('+ 3(+ 7(3(.d(+ P(0/(+ -.$+ -
$1'$+3(%$8+(01-(.%$+S(+,&(+0$"$+#(3(.0(+#('(+^(2$E
'&0&'+ 3$,+ 0("7/$,+ ,$0/(3&,8+ #&'"/1/&.%$+ -.(+ "(S$'
#('1/0/#(0/5.+S+-.+"(S$'+0$.1'$3+%&+3$,+#$%&'&,+#n73/E
0$,+S+#'/2(%$,8+$+#$'+&3+0$.1'('/$8+0$.2&'1/',&+&.+P&E
''("/&.1(+ #&'^&01(+ #('(+ -.+ "(S$'+ 0$.1'$3+ S+ ,$"&1/E
"/&.1$+^(2$'&0/&.%$+3(,+%&,/*-(3%(%&,+S+&3+0$.1'$3+%&
3$,+#$%&'&,+#n73/0$,+S+#'/2(%$,+,$7'&+3(+0/-%(%(.b()+
    6-'/$,("&.1&8+(+3$+3('*$+%&+3(+P/,1$'/(8+&.+3(+3/1&'(E
1-'(8+&3+0/.&+S+&3+'&,1$+%&+&U#'&,/$.&,+('1b,1/0(,+2/.0-E
3(%(,+(+3(+0/&.0/(+^/00/5.8+P(+#'&%$"/.(%$+"(S$'/1(E
'/("&.1&+3(+#&',#&01/2(+'#/%8*#3+ZA &.1&.%/&.%$+V,1(
0$"$+3(+2/,/5.+%&+-.(+,$0/&%(%+,$"&1/%(+(+3$,+#$%&E
'&,+ h-&+ 0$.1'$3(.+ 3(+ 1&0.$3$*b(+ !Z[]A( ^$( 7,$'4
>&-#.8+Q-+'&(R,$$&"8+&10)!)+!.+%&^/./1/2(8+&3+0$.1'$3+%&
3(+1&0.$3$*b(+0$"$+2&Pb0-3$+#('(+&3+,$"&1/"/&.1$+%&
3(+,$0/&%(%)
   I&,%&+ &,1(+ 2/,/5.+ #&,/"/,1(8+ ,&'b("$,+ #('1&+ %&
-.(+ ,$0/&%(%+ 0$.,-"/,1(+ S+ &3+ #(#&3+ #'/.0/#(3+ h-&
%&,&"#&M('b("$,+ ,&'b(+ &3+ %&+ "&'$,+ -,-('/$,+ #(,/E
2$,+ &.+ &3+ h-&+ .-&,1'$+ #'$1(*$./,"$+ ,&+ '&%-0/'b(+ (

< ?&*n.+f/O/#&%/(8+&3+1V'"/.$+'#/%4*6+ %&'/2(+%&+-1$#b(+$+3-*('+h-&+.$
&U/,1&8+ .$'"(3"&.1&+ %&,0'/1$+ &.+ 1V'"/.$,+ %&+ -.(+ ,$0/&%(%+ #&'^&01(+ $
/%&(3)+H#/%4*6+8+#$'+1(.1$8+,&+%&^/./'b(+0$"$+-.(+,%4*6+($&5+%#1+ %$.%&
3(+'&(3/%(%+1'(.,0-''&+&.+1V'"/.$,+(.1/1V1/0$,+(+3$,+%&+-.(+,$0/&%(%+/%&(3)


`9
^$'"('+#('1&+0$"$+0$.,-"/%$'&,+%&+-.+"&'0(%$+*3$E
      7(3+ P/#&'1&0./^/0(%$)+ K$'+ &3+ 0$.1'('/$8+ 3(+ 1&0.$3$*b(
      #-&%&+(S-%('+(+^$"&.1('+S+'&1$"('+&3+#'$1(*$./,"$
      0$"$+0/-%(%(.$,+(01/2$,+&.+-.+&,0&.('/$+%&+#('1/0/E
      #(0/5.+ &+ /.1&'(00/5.+ &.+ &3+ h-&+ 3(,+ (%"/./,1'(0/$.&,8
      3$,+#$3b1/0$,8+3(,+&"#'&,(,+S+$'*(./d(0/$.&,+/.1&'(0E
      1n&.+%&+^$'"(+03('(+S+1'(.,#('&.1&)+
                           !.+ &,1&+ ,&.1/%$8+ %-'(.1&+ 3$,+ (M$,
=-(+33&/4(+(-+/($,&?
                        %&+7$.(.d(8+#'l01/0("&.1&+,-#&'(%(8
1+/( %&3$4-456+/( &/
>+3%4"($&3&/+"#4(*&"4   (3+"&.$,+&.+[00/%&.1&+3(+&'(+%&3+(0E
$4( /,>#3#&$%&( *+"+    0&,$8+3(+7'&0P(+%/*/1(3+"l,+/"#$'1(.1&
&1#%+"( -4/( "#&/54/( '&,&+ 0&.1'(7(+ &.+ 3(+ 7(''&'(+ *&.&'(0/$E
>"+3%,"+( &$( -+( /43#&?.(3+ &.1'&+ T52&.&,+ S+ "(S$'&,)+ ?&*n.
'+'('#5#%+-;            3(+*'(.+"(S$'b(+%&+&U#&'1$,8+3(,+"(E
                        S$'&,+ %/^&'&.0/(,+ &.1'&+ 3$,+ -,-('/$,
      h-&+(00&%b(.+S+#('1/0/#(7(.+3$+&'(.+#$'+&%(%)+K&'$8+(
      "&%/%(+h-&+(2(.d(+S+,&+2-&32&+"l,+0$"#3&T$+S+,$^/,E
      1/0(%$+&3+%&,(''$33$+%&+3(+,$0/&%(%+%&+3(+/.^$'"(0/5.8
      $7,&'2("$,+ 05"$+ (#('&0&.+ .-&2$,+ ^(01$'&,+ %&
      '/&,*$8+&.+*'(.+"&%/%(+$0-31$,+#$'+3(,+&1(#(,+%&+#'$,E
      #&'/%(%+%&+3$,+#(,(%$,+(M$,)+!3+'/&,*$+%&+7'&0P(+"l,
      /"#$'1(.1&+ &,1l+ (,$0/(%$+ #'/.0/#(3"&.1&+ (3+ ,/,1&"(
      &%-0(1/2$+S+(+3(,+0('&.0/(,+h-&+#'&,&.1(+&3+1&T/%$+&"E
      #'&,('/(3)+ !3+ (00&,$+ (+ 3(,+ .-&2(,+ 1&0.$3$*b(,+ &,+ &3
      ^(01$'+.&0&,('/$+#&'$+.$+,-^/0/&.1&+#('(+&2/1('+3$,+'/&,E
      *$,+%&+^'(01-'(+&.+3(+,$0/&%(%+%/*/1(3)
        !.+ &3+ 0(,$+ 0$.0'&1$+ %&+ .-&,1'$+ #(b,8+ 3(+ 7$.(.d(
      &0$.5"/0(+%-'(.1&+3$,+n31/"$,+(M$,8+,-,1&.1(%(+&.+3(
      0$.,1'-00/5.8+$0-31(7(+-.(+'&(3/%(%+h-&+%&,*'(0/(%(E
      "&.1&+ 3(,+ &,1(%b,1/0(,+ .$,+ "-&,1'(.+ (P$'(+ 0'-%(E
      "&.1&+%b(+1'(,+%b()+J(+0$.,1'-00/5.8+-.+,&01$'+/.1&.E


                                                               ``
,/2$+&.+"(.$+%&+$7'(+#&'$+&,0(,$+&.+'&0-',$,+1&0.$E
35*/0$,8+P(+,-#-&,1$+-.+&.'/h-&0/"/&.1$+#('(+3$,+0$.E
,-"/%$'&,8+#&'$+.$,+&,1l+%&"$,1'(.%$+h-&+P(+1&./%$
0$"$+'&,-31(%$+-.+&"#$7'&0/"/&.1$+%&+3(,+/.,1/1-0/$E
.&,+S+#$'+1(.1$+%&3+0$.T-.1$+%&+3(+0/-%(%(.b()++
    Y &,1(,+(31-'(,8+,$"$,+#3&.("&.1&+0$.,0/&.1&,+%&
h-&+&3+(00&,$+(+3(,+'&%&,+S+1&0.$3$*b(,+%&+3(+/.^$'"(E
0/5.+S+%&3+0$.$0/"/&.1$+.$+&,+,-^/0/&.1&+#('(+&3+%&,(E
''$33$+%&+3(+0/-%(%(.b(+%/*/1(3+S+h-&+(%&"l,+V,1&+%&7&
/'+(0$"#(M(%$+/.&U$'(73&"&.1&+#$'+#$3b1/0(,+&%-0(E
1/2(,+&.0("/.(%(,+(+1(3+^/.)+K('(+$71&.&'+0/-%(%(.$,
%/*/1(3&,+,&+'&h-/&'&+.$+,53$+(00&,$+,/.$+1("7/V.+-.(
^$'"(0/5.+(%&0-(%(+#('(+3(+#('1/0/#(0/5.+(01/2(8+0$.
&3+ $7T&1$+ %&+ %&"(.%('+ 1(.1$+ (+ 3(,
(%"/./,1'(0/$.&,+ #n73/0(,+ 0$"$+ ( E &/%+/(+-%,"+/A(/474/
3(,+ &"#'&,(,8+ ,&'2/0/$,+ S+ 0$.1&./E *-&$+7&$%&( 34$/3#&$?
                                         %&/('&(B,&(&-(+33&/4(+
%$,+ %&+ 0(3/%(%8+ (,b+ 0$"$+ /.,1'-/'
                                         -+/( "&'&/( 9( %&3$4-4?
0/-%(%(.$,+0$.+0'/1&'/$+#('(+%&,&.E 56+/('&(-+(#$>4"7+3#8$
2$32&',&+&.+3(+(3%&(+%/*/1(3)+Y-.h-& 9( &-( 34$43#7#&$%4( $4
(+ #'/$'/+ 3(+ /..$2(0/5.+ 1&0.$35*/0( &/( /,>#3#&$%&( *+"+( &-
#$'+,b+,$3(+0('&0&+%&+/%&$3$*b(8+&, '&/+""4--4('&(-+(3#,'+?
&3+-,$+h-&+0$"$+0/-%(%(.$,+P(*(E '+$6+( '#5#%+-A( 9( B,&
"$,+ %&+ &33(+ 3$+ h-&+ #&'"/1/'l+ (7-.E L/%&( '&@&( #"( +347*+?
%('+&.+2(3$'&,+%&"$0'l1/0$,+S+&.+3( D+'4(#$&C4"+@-&7&$%&
                                         *4"( *4-6%#3+/( &',3+%#?
0'&(0/5.+ %&+ 0/-%(%(.$,+ ^'&.1&+ (3 1+/( +'&3,+'+/( +( %+-
'/&,*$+ %&+ 0$.2&'1/'.$,+ &.+ "&'$, &>&3%4;(
0$.,-"/%$'&,)
    g.(+%&+3(,+*'(.%&,+2&.1(T(,+%&+3(+f&7+9):+&,+3(
/''-#0/5.+ %&+ 3(,+ P&''("/&.1(,+ %&+ #('1/0/#(0/5.8+ 3(,
0-(3&,+ P(.+ ,-'*/%$8+ &.+ *'(.+ "&%/%(+ %&,%&+ q(7(T$r
P(0/(+q(''/7(r8+$1$'*(.%$+&3+#$%&'+(+3$,+#('1/0/#(.1&,8


`F
(.1&,+h-&+(+3$,+*$7/&'.$,+S+3(,+&"#'&,(,)+K$'+&33$+&,
%&1&'"/.(.1&+05"$+,&+%&,(''$33&+&.+(%&3(.1&+3(+3&*/,E
3(0/5.+0$.+'&3(0/5.+(+3(+1&0.$3$*b(+S+(+3(+/..$2(0/5.)
A$,+&.0$.1'("$,+(.1&+-.+"$"&.1$+0'b1/0$+#('(+&3+^-E
1-'$+ %&,(''$33$+ %&+ -.(+ f&7+ 9):+ h-&+ #&'"/1(+ -.(
"(S$'+#('1/0/#(0/5.+%&3+-,-('/$8+%&,1/.(%(+(+/"#-3,('
3(+1'(,#('&.0/(+%&"$0'l1/0()
   a(,1(+&3+"$"&.1$8+3(+f&7+9):+P(+#&'"/1/%$+-.(+0$E
''&00/5.+&.+&3+&h-/3/7'/$+%&+^-&'d(,+&.1'&+3$,+%/^&'&.E
1&,+#$%&'&,+S+3$,+0/-%(%(.$,+&.+-.(+,$0/&%(%+&.+3(
h-&+&3+#$%&'+S+0$.1'$3+,&+P(.+%/,1'/7-/%$+1'(%/0/$.(3E
"&.1&+%&+^$'"(+(,/"V1'/0()+!3+q&.'/h-&0/"/&.1$r+%&
3(+0/-%(%(.b(+(+1'(2V,+%&+3(+/..$2(0/5.+'&h-/&'&+-.$,
0/-%(%(.$,+ ^$'"(%$,+ S+ #$'+ &,$8+ &,+ '&h-/,/1$+ ^-.%(E
"&.1(3+ -.(+ (01/1-%+ #$,/1/2(8+ (7/&'1(+ S+ 0$"#'$"&1/%(
#$'+#('1&+%&+3$,+0/-%(%(.$,+(.1&+3(,+.-&2(,+1&0.$3$E
*b(,8+#'$0&,$+S+(#'&.%/d(T&+h-&+%&7&+%(',&+&.+1$%$,
3$,+l"7/1$,+%&+3(+,$0/&%(%)+
   K$'+$1'(+#('1&8+3(,+.-&2(,+1&0.$3$*b(,+.$,+0$.%-E
0&.+(+-.(+,$0/&%(%+1'(.,#('&.1&+&.+3(+h-&+0$.0&#1$,
0$"$+#'/2(0/%(%8+0$.1'$38+,&*-'/%(%8+&10)8+,&+%&,%/7-E
T(.)+J(+/.^$'"(0/5.+h-&+$^'&0&"$,+%&+^$'"(+(7/&'1(+S
%&+ 3(+ h-&+ #-&%&.+ %/,#$.&'+ &"#'&,(,8+ *$7/&'.$,8
'&%&,+ ,$0/(3&,8+ &10)8+ .$,+ P(0&+ &,1('+ #$1&.0/(3"&.1&
/.%&^&.,$,+ ^'&.1&+ (3+ 0$.1'$3+ h-&+ 1&'0&'$,+ #-&%(.
P(0&')+!,+#$'+&33$+h-&+3(+/..$2(0/5.+1&0.$35*/0(+1/&.&
h-&+/'+(0$"#(M(%(+%&+-.+"('0$+3&*(3+&.0("/.(%$+(
h-&+&3+0/-%(%(.$+#-&%(+&T&'0&'+&3+%&'&0P$+(+,-+/.1/E
"/%(%+S+#'/2(0/%(%)+
   K$'+1$%$+&33$8+"l,+(33l+%&+3$,+(2(.0&,+S+&3+%&,3-"E
7'("/&.1$+h-&+1$%$,+,-^'/"$,+0$.+3(,+.$2&%(%&,+1&0E

                                                       `H
.$35*/0(,8+%&7&"$,+&.^'&.1('.$,+(+3(+.-&2(+'&(3/%(%
%/*/1(3+0$.+-.(+2/,/5.+0'b1/0(+#('(+0$"#'&.%&'+&.+1$%(
,-+&U1&.,/5.+3(,+0$.,&0-&.0/(,+&+/"#3/0(0/$.&,+h-&
0$.33&2(.)+ g.(+ 2/,/5.+ 0'b1/0(+ #&'$+ 0$.,1'-01/2(+ h-&
33&2&+ 0$.,/*$+ -.(+ (01/1-%+ /..$2(%$'(+ 0-S$+ $7T&1/2$
#'/$'/1('/$+,&(+&3+&7*4'&"+7#&$%4('&(-+(3#,'+'+$6+('#?
5#%+-;(




`G
6*+&'*&+,#$',7,#('(,-(1
                   #&'1$*(1


>%$'/)6',+&#       T$%&"$&%( &/%F( &14-,3#4$+$'4( '&( >4"7+( 1&"%#5#?
L/./,1&'/$+%&      $4/+( 9A( &$( &/%+( &14-,3#8$A( -+( *+"%#3#*+3#8$
   >.%-,1'/(8      I,&5+( ,$( *+*&-( >,$'+7&$%+-J( '&( -+( *+/#1#'+'
  X-'/,"$+S        3474( 34$/,7#'4"&/( '&( 34$%&$#'4/( '#5#%+-&/
6$"&'0/$+%&
     !,#(M(
                   '&(-+(N&@(Z;_(:&74/(*+/+'4(+(,$+(*+"%#3#*+?
                   3#8$(+3%#1+(&$(-+(5&$&"+3#8$('&('#3:4/(34$%&?
                   $#'4/( &$( -+( N&@( `;_;( !&"4( &-( >,%,"4A( -+( N&@
                   a;_A(*+/+(*4"(-+(34-+@4"+3#8$(&$(-+(5&$&"+3#8$
                   '&('#3:4/(34$%&$#'4/A(%&$#&$'4(%4'4/(-4/(+3?
                   %4"&/( /43#+-&/( !E'7#$#/%"+3#8$( *M@-#3+A( &7?
                   *"&/+/A( &$%#'+'&/( +/43#+%#1+/( 9( /43#&'+'
                   3#1#-! ,$(*+*&-(B,&('&/&7*&D+";


          >.1&'.&1+&,+P$S+&.+%b(+&3+#'/.0/#(3+"&%/$+%&+/.1&'E
       0("7/$+%&+/.^$'"(0/5.+S+&,1l+^(0/3/1(.%$+(+3(+,$0/&%(%
       3$,+ "&0(./,"$,+ #('(+ 0'&('+ .-&2(,+ ^$'"(,+ '&3(0/5.
       ,$0/(38+ #$3b1/0(+ S+ &0$.5"/0()+ I&,%&+ ,-+ .(0/"/&.1$
       P(0&+F:+(M$,+P(+0("7/(%$8+,/.+%-%(8+.-&,1'$+'/1"$+S
       Pl7/1$,+ %&+ 2/%(8+ (,b+ 0$"$+ .-&,1'(+ ^$'"(+ %&+ '&3(0/$E
       .('.$,+ ,$0/(3"&.1&8+ 0$.2/'1/V.%$,&+ &.+ #('1&+ ^-.%(E
       "&.1(3+ %&+ .-&,1'(,+ 2/%(,)+ !3+ '/1"$+ &2$3-1/2$+ 2&'1/*/E
       .$,$+h-&+P(+&U#&'/"&.1(%$+3(+W&%8+%&7/%$+#'/.0/#(3E
       "&.1&+ (+ -.+ /"#$'1(.1&+ 0("7/$+ &.+ 3$,+ #(1'$.&,+ %&
       -,$8+ P(+ %&T(%$+ $7,$3&1$,+ 3$,+ #'$1$0$3$,+ &.+ 3$,+ h-&
       &,1l+7(,(%$)


                                                                    `C
!,1(+'l#/%(+&2$3-0/5.+&,+&3+'&,-31(%$+%&+-.+/"#(E
'(73&+%&,(''$33$+%&+3(,+.-&2(,+1&0.$3$*b(,+S+3(,+0'&E
0/&.1&,+%&"(.%(,8+h-&+T-.1$+0$.+3(,+3/"/1(0/$.&,+1&0E
.$35*/0(,+S+$#&'(0/$.(3&,+h-&+#'&,&.1(+>.1&'.&1+P$S
&.+%b(+Q,&*-'/%(%8+&,0(3(7/3/%(%8+"$2/3/%(%8+^/(7/3/%(%8
&^/0/&.0/(+ $+ 0(#(0/%(%+ %&+ *&,1/5.R8+ '&h-/&'&+ &3+ .(0/E
"/&.1$+ %&+ -.+ .-&2$+ >.1&'.&1+ h-&+ S(+ &,+ 0$.$0/%$
0$"$+q>.1&'.&1+%&3+4-1-'$r)+!,+&3+"$"&.1$+%&+#&.E
,('+&.+-.(+.-&2(+W&%+#('(+(,&*-'('+S+,$,1&.&'+-.(
&0$.$"b(+7(,(%(+&.+&3+0$.$0/"/&.1$+S+-.(+^-1-'(+,$E
0/&%(%+/.1&'0$.&01(%()
   >.1&'.&1+,&+P(+/%$+(%(#1(.%$+(+3(,+.&0&,/%(%&,+%&
3$,+-,-('/$,8+#(,(.%$+#$'+%/^&'&.1&,+&1(#(,)+J(+f&7
<):+,&+0('(01&'/d(7(+#$'+&3+0$.,-"$+"(,/2$+%&+/.^$'E
"(0/5.c+#'$.1$8+&3+P&0P$+%&+0$.,-"/'+0$.1&./%$,+.$
^-&+ ,-^/0/&.1&)+ !3+ ,/*-/&.1&+ #(,$+ ^-&+ 3(+ f&7+ 9):8+ 0(E
'(01&'/dl.%$,&+ #$'+ 3(+ .&0&,/%(%+ %&+ 3$,+ -,-('/$,+ (
0$.1'/7-/'+S+*&.&'('+,-,+#'$#/$,+0$.1&./%$,)+J$,+"lE
U/"$,+ &U#$.&.1&,+ #-&%&.+ ,&'+ #l*/.(,+ 0$"$
j$-X-7&8+ 3$,+ 73$*,+ S+ 3(,+ '&%&,+ ,$0/(3&,)+ J$,+ '&1$,
h-&+ #3(.1&(+ &3+ ^-1-'$+ &"#/&d(.+ (+ %&T('+ $7,$3&1(+ 3(
f&7+9):+S+&,1l.+%(.%$+#(,$+(+3(+f&7+`):8+0-S(+0(E
'(01&'b,1/0(+^-.%("&.1(3+,&'l+3(+q0$E0'&(0/5.r+$+#'$E
%-00/5.+ 0$3(7$'(1/2(+ &.1'&+ -,-('/$,+ S+ (2(.0&,+ 1(3&,
0$"$+3(+f&7+,&"l.1/0()
   !,1(+ 1&'0&'(+ &1(#(+ P(+ ,/%$+ 1'(1(%(+ ("#3/("&.1&
#$'+&3+,$0/53$*$+L(.-&3+6(,1&33,8+h-&+3(+%&^/.&+0$"$
3(+?$0/&%(%+>.^$'"(0/$.(3)+!,1&+0$.0&#1$+P(0&+'&^&E
'&.0/(+ (+ 3(+ .-&2(+ ^$'"(+ %&+ $'*(./d('.$,+ &,#(0/(3+ S
,$0/(3"&.1&)+ Y%&"l,+ (%h-/&'&+ *'(.+ /"#$'1(.0/(
%&,%&+&3+#-.1$+%&+2/,1(+%&3+%&,(''$33$+&0$.5"/0$8+S(


`D
h-&+3$+h-&+#&'"/1&+%/,1/.*-/'+(+3(,+&0$.$"b(,+(2(.E
d(%(,+%&+(h-&33(,+&"&'*&.1&,+$+&.+%&,(''$33$+&,+&3
-,$8+ 0$.+ "(S$'+ $+ "&.$'+ /.1&.,/%(%8+ %&+ 3(,+ 1&0.$3$E
*b(,+%&+3(+/.^$'"(0/5.+S+3(+0$"-./0(0/5.)
  A$+$7,1(.1&8+.$+&,+0(,-(3/%(%+h-&+h-/&.&,+1-2/&'$.
-.(+#('1/0/#(0/5.+(01/2(+&.+&3+#(,(%$+&.+&3+%&,(''$33$
%&+>.1&'.&1+S+%&+3(,+.-&2(,+1&0.$3$*b(,+,&(.+P$S+3(,
,$0/&%(%&,+"l,+(2(.d(%(,)+o-&%(+%&"$,1'(%(+(,b+3(
0$''&3(0/5.+&.1'&+,$0/&%(%+(01/2(+S+#'$*'&,$)
   K$'+ 3$+ 1(.1$8+ &3+ .-&2$+ >.1&'.&1+ h-&+ &,1("$,+ 0'&E
(.%$+ %&7&'b(+ ,-#&'('+ ,-,+ 3/"/1(0/$.&,+ $^'&0/&.%$+ (
3$,+-,-('/$,+-.+("7/&.1&+,&*-'$8+&^/0/&.1&8+^/(73&+S+%&
0$.^/(.d(8+h-&+%&7&'b(+#&'"/1/'+-.+(00&,$+(7/&'1$8+%/E
.l"/0$+S+%&,0&.1'(3/d(%$+(+3(+W&%8+(3+"/,"$+1/&"#$
h-&+%&7&'b(+,&'+&,0(3(73&8+^3&U/73&+S+(%(#1(%$+(3+0$.E
1&U1$+S+.&0&,/%(%&,+%&+3$,+-,-('/$,)
   !,1(+0$.0&#0/5.+P(+,-#-&,1$+-.+0("7/$+&,&.0/(38
>.1&'.&1+P(+%&T(%$+%&+,&'+-.+/.,1'-"&.1$+1&0.$35*/0$8
(,#&01$+h-&+#'/"(7(+03('("&.1&+&.+,-,+/./0/$,+#('(8
#$0$+ (+ #$0$8+ 0&%&'+ /"#$'1(.0/(+ (+ $1'$,+ (,#&01$,
0$"$+ 3(+ 0$"-./0(0/5.8+ 3(+ 1'(,"/,/5.+ %&+ /.^$'"(0/5.
&.1'&+ #&',$.(,+ S+ 3$,+ "&0(./,"$,+ %&+ /.1&'(00/5.)
6-(.%$+ P(73("$,+ %&+ >.1&'.&1+ #$'+ S+ #('(+ 3(,+ #&',$E
.(,8+-.$+%&+3$,+0-(1'$+#/3('&,+%&+>.1&'.&1+%&3+4-1-'$8
P(73("$,+%&+&,1$+n31/"$8+%&+3(+/.1&'(00/5.+&.1'&+#&'E
,$.(,+S+%&+05"$+(0(7('+0$.+3(+7'&0P(+%/*/1(3+S+0$.E
,&*-/'+ 0$.&01('+ (+ 1$%(+ 3(+ #$73(0/5.)+ >.1&'.&1+ %&3
4-1-'$+%&7&'l+,&'+0(#(d+%&+,(1/,^(0&'+3(,+.&0&,/%(E
%&,+S+&U#&01(1/2(,+%&+.-&2$,+S+(.1/*-$,+-,-('/$,+%&
>.1&'.&1+ (3+ "/,"$+ 1/&"#$+ h-&+ /"#-3,(+ &3+ &"#$%&'(E
"/&.1$+%&+3(+0/-%(%(.b(8+#'&,&'2(.%$+,-+(-1$0$.1'$3

                                                         `;
,$7'&+,-,+(01/2/%(%&,+&.+3(+W&%+S+,$,1&./&.%$+&3+3/7'&
/.1&'0("7/$+%&+/%&(,)+
    !3+>.1&'.&1+%&3+4-1-'$+%&7&'b(+,&'+1("7/V.+&3+"&%/$
#('(+^(0/3/1('+3(+2/%(+0$1/%/(.(+%&+3(,+#&',$.(,8+#&'"/E
1/'+3(+0'&(0/5.+%&+0-(3h-/&'+1/#$+%&+.&*$0/$+S+'$"#&'
3(,+7(''&'(,+&.1'&+3$,+#'$%-01$'&,+S+0$.,-"/%$'&,+%&
/.^$'"(0/5.)+J(,+#&',$.(,+S(+.$+,&'l.+,$3$+,/"#3&,
0$.,-"/%$'&,+,/.$+h-&+,&'l.+#('1&+%&3+#'$0&,$+0'&(E
1/2$+%&+0$.1&./%$,)
   I&+P&0P$8+3(+0'&(0/5.+%&+0$.1&./%$+S(+.$+'&h-/&'&
%&+ &U#&'/&.0/(+ #'$^&,/$.(3+ S+ ,-+ %/,1'/7-0/5.+ P(+ ,/%$
&.$'"&"&.1&+ ^(0/3/1(%(+ #$'+ -.(+ 2('/&%(%+ %&+ P&''(E
"/&.1(,+h-&+#&'"/1&.+(+3$,+-,-('/$,+0'&('+0$.1&./%$,
%&+ (31(+ 0(3/%(%+ &.+ #$0$,+ "/.-1$,+ S+ 0(,/+ ,/.+ 0$,1&,)
z-.1$+0$.+3(,+'&%&,+,$0/(3&,8+h-&+#&'"/1&.+&,1(73&0&'
S+ "(.1&.&'+ 0$.1(01$,+ &.1'&+ #&',$.(,+ "l,+ (33l+ %&
0-(3h-/&'+^'$.1&'(8+,&+$^'&0&+(+3(+,$0/&%(%+-.+./2&3+%&
/.1&'(01/2/%(%+,/.+#'&0&%&.1&,)
   !,1(+ 1&.%&.0/(+ 0$"7/.(%(+ 0$.+ 3(+ &2$3-0/5.+ %&+ 3(
f&7+P(+/.%-0/%$+-.+.-&2$+^&.5"&.$B+3(+^$'"(0/5.+%&
0$"-./%(%&,+2/'1-(3&,+S+&3+(00&,$+(+,-+0$.$0/"/&.1$
h-&+ #&'"/1&+ (+ 3$,+ -,-('/$,+ 0$.2&'1/',&+ &.+ #('1&+ %&3
0/03$+%&+2/%(+%&+%&,(''$33$+%&+(#3/0(0/$.&,)+Y,b8+&.+3(
f&7+`):+3(,+1&0.$3$*b(,+,&"l.1/0(,+,&'l.+&,&.0/(3&,
#$'h-&+3(+'&0$#/3(0/5.8+#'$0&,(%$+S+#'&,&.1(0/5.+%&
/.^$'"(0/5.+,$.+$73/*(1$'/$,+,/+h-&'&"$,+,&'+0(#(0&,
%&+*&,1/$.('+S+7&.&^/0/('.$,+%&+1(3+0(.1/%(%+%&+/.^$'E
"(0/5.+(P$'(+S+&.+&3+^-1-'$)
  X$%(2b(+.$,+h-&%(+0("/.$+#$'+'&0$''&')+!.1'&+3(,
(01/2/%(%&,+ '&^&'/%(,+ (+ /.0'&"&.1('+ &3+ 0$.$0/"/&.1$
%&+3$,+-,-('/$,8+3(+"(S$'+l'&(+%&+/.2&,1/*(0/5.+&,+3(

F:
'&3(0/$.(%(+0$.+&3+(#'&.%/d(T&+%&+,-,+Pl7/1$,+S+.&0&E
,/%(%&,+#('(+-.+"&T$'+%/,&M$+%&+3(,+^-1-'(,+(#3/0(0/$E
.&,8+/.1&'^(0&,+S+,&'2/0/$,+"/&.1'(,+3$,+-,-('/$,+"(.E
1/&.&.+&3+0$.1'$3)
  ?/.+&.1'('+&.+"l,+%&1(33&8+#('&0&+03('$+h-&+&3+%&E
,(''$33$+%&+>.1&'.&1+%&3+4-1-'$+&,+&3+*'(.+'&1$+%&+3(,
&"#'&,(,+X>6+ &,#(M$3(,+ S+ &-'$#&(,+ #('(+ 3$,+ #'5U/E
"$,+ (M$,+ S+ .-&,1'(+ $#$'1-./%(%+ %&+ %('+ &3+ '&3&2$+ (
!!)gg)+&.+,-+3/%&'(d*$+&.+&,1(+l'&()
   J(+"&T$'+^$'"(+%&+(%&3(.1('.$,+(3+^-1-'$+&,+#('1/E
0/#('+&.+,-+0$.,1'-00/5.)+K('(+&33$+&,+.&0&,('/$+&3+3/E
%&'(d*$+%&+3(,+(%"/./,1'(0/$.&,+#n73/0(,+S+3(+0$3(7$E
'(0/5.+ %&+ 1$%$,+ 3$,+ (*&.1&,+ /"#3/0(%$,B+ 3(+ /.%-,1'/(
X>68+3(,+$'*(./d(0/$.&,+,$0/(3&,+S+&"#'&,('/(3&,+S+3(
,$0/&%(%+0/2/3)




                                                         F<
!-,#$%&',&1,%&-,#3&8-$9
               7,-(,+&/*$-$54(,+("8):*


A"0#"'#        H+(-+(#7*"&/#8$('&(B,&(&-(>+@,-4/4(#$/%",7&$?
S2.,+#
               %+-( #$>4%&3$4-85#34( B,&( $4/( "4'&+( :49( &$( -+
!&$/+'4"       R&'( :+( '&/&B,#-#@"+'4A( '&( +-5,$+( >4"7+A( -+
               "&-+3#8$( '&( *4'&"&/( &$%"&( 3#,'+'+$6+( 9( &7?
               *"&/+A( &$%"&( &34$476+( 9( /43#&'+';( =-( >&$8?
               7&$4(b'4/*,$%43&"4bA(7F/(+--F('&(/,($+%,"+?
               -&.+(7&%+>8"#3+A(+-,7@"+(,$+($,&1+(&%+*+(&$
               -+( &14-,3#8$( '&( -+( R&'( 3474( #$>"+&/%",3%,"+
               @F/#3+(*+"+(&-('&/+""4--4('&(,$+(/43#&'+'('&
               -+( #$>4"7+3#8$( B,&A( &1&$%,+-7&$%&A( /&( 34$?
               1&"%#"6+(&$(,$+(1&"'+'&"+(/43#&'+'('&-(34$4?
               3#7#&$%4A( ,$+( ,%8*#3+( )43#&'+'( R&';( =/%+
               @"&1&( 34$%"#@,3#8$( *"&%&$'&( *4$&"( &$( 34$?
               %&C%4( &/&( >&$87&$4( 3474( ,$+( 4*4"%,$#'+'
               *+"+( &-( b&7*4'&"+7#&$%4b( %&3$4-85#34( '&( -+
               3#,'+'+$6+A(3+"+3%&"#.+$'4(&$(*"#7&"+(+*"4C#?
               7+3#8$(,$+(/,&"%&('&(%&3$43"+3#+(3#,'+'+$+
               B,&( /&( +*49&( *"&3#/+7&$%&( &$( &-( %&3$4?&7?
               *4'&"+7#&$%4(b*+"+b(-+(3#,'+'+$6+;

      !"0+#/2&&'("
      !3+ ^&.5"&.$+ %&+ "$%(8+ %&.1'$+ S+ ^-&'(+ %&+ 3(+ W&%8
   ,/*-&+ ,/&.%$+ &3+ q%$,#-.1$0&'$r+ !T-.1$+ 0$.+ ,-,+ #'/E
   "$,+ P&'"(.$,+ q(3*$#-.1$(3*$r8+ q%$,#-.1$(3*$r8
   q1'&,#-.1$0&'$r8+&10)! 0$.+&3+^$0$+#-&,1$+&,1&+(M$+&.
   3(,+'&%&,+,$0/(3&,8+'&%&,0-7'/"/&.1$+%/*/1(3+%&+-.(+'&E
   (3/%(%+"-S+(.(35*/0()

                                                               F`
!.1'&+3$,+3-*('&,+0$"-.&,+S+q1&0.$"/1$,r+"l,+&UE
1&.%/%$,+&.+3(+,-#&'^/0/&+q]&7$,^V'/0(r+%&3+.-&2$+&,E
0&.('/$+ ,$0/$1V0./0$8+ h-&+ ,&+ 0$.,1/1-S&+ (3+ 0(3$'+ %&
(h-&3+ ^&.5"&.$8+ &,1l+ -.(+ ,-#-&,1(+ /.1&3/*&.0/(+ 0$E
3&01/2(8+h-&+(#$S('b(+&.+#('1&+3(+(^/'"(0/5.+%&3+2(3$'
%&"$0'l1/0$+ %&+ &,1(,+ 1&0.$3$*b(,8+ 3(,+ /.^$1&0.$3$E
*b(,8+3(,+X&0.$3$*b(,+%&+3(+>.^$'"(0/5.+S+%&+3(,+6$E
"-./0(0/$.&,+QX>6R)+!,(+0$"7/.(0/5.+P(+P&0P$+#&.E
,('+(+(3*-.$,+/.1&3&01-(3&,+h-&+&,1("$,+(.1&+&3+(%2&E
./"/&.1$+%&+-.(+#$1&.0/(3+$03$0'(0/(+ !(0&#0/5.+#('(
&3+*$7/&'.$+%&+3(+#3&7&8+%&+3(+"-31/1-%!8+-.(+&,#&0/&
%&+ *$7/&'.$+ %&3+ #-&73$8+ &.+ &,1&+ 0(,$8+ 1&0.$35*/0(E
"&.1&+ "&%/(%$+ *'(0/(,+ (+ 3(+ #'$3/^&'(0/5.+ %&+ -.+ .nE
"&'$+ 0'&0/&.1&+ %&+ P&''("/&.1(,+ #('(+ 3(+ 0'&(0/5.+ S
*&,1/5.+%&+0$.1&./%$,+&.+3(+W&%)
    io-V+&,+3$+h-&+^(33(+(+3(+P$'(+%&+(0&#1('3$+S+,&*-/'
(2(.d(.%$_+4(33(+&3+P&0P$+%&+h-&+&3+#'$#/$+0$.0&#1$
%&+q"-31/1-%r+P(+0("7/(%$+(+3(+2/,1(+%&+3(+%/"&.,/5.
,$0/(3+ 0'&0/&.1&+ %&+ 3(+ W&%c+ 1("7/V.+ &3+ #'$#/$+ 0$.E
0&#1$+%&3+2(3$'+q%&"$0'l1/0$r+%&+3(+Q/.^$R1&0.$3$*b(c
S+^(33(8+#$'+,-#-&,1$8+3(+1(.+"(./%(+(#('/0/5.+%&+3(+/.E
1&3/*&.0/(+0$3&01/2(+0$"$+#'$#/&%(%+&"&'*&.1&+&.+-.
,/,1&"(+h-&8+P(,1(+%$.%&+33&*(.+3$,+,-#&'^/0/(3&,+SN$
#,&-%$E/.1&3&01-(3&,+ (.l3/,/,+ h-&+ 3(+ (#$S(.8+ ,53$
"-&,1'(+-.(+#'$3/^&'(0/5.+%&+/./0/(1/2(,+1&0.$35*/0(,
&.+7-,0(+%&+-.+,$7'&%/"&.,/$.(%$+0$.T-.1$+^-.0/$E
.(3+%&+0(#(0/%(%&,+h-&+(#('&0&.+S+%&,(#('&0&.+,/.
%('+ 1/&"#$+ (#&.(,+ (+ -.(+ (#'$#/(0/5.+ &^&01/2(+ #$'
#('1&+%&+3$,+Q/.^$R0/-%(%(.$,+"l,+(2&.1(T(%$,)
  J$+"l,+*'(2&+&,8+h-/dl,8+&3+P&0P$+%&+h-&+3(+7'&E
0P(+%/*/1(38+"-31/%/"&.,/$.(3+S+"(3+&.1&.%/%(8+,&+33&.(


FF
.$+,53$+0$.+/."/*'(.1&,8+,/.$+0$.+q.(1/2{,r+%/*/1(3&,
h-&8+ %&+ P&0P$8+ %&7&.+ 0$"#$'1(',&+ 0$"$+ ^-.0/$.(3E
"&.1&+ (.(35*/0$,+ #('(+ &.0(T('+ &.+ .-&,1'(+ 1'(,1$'E
.(%(+'&(3/%(%)


  <.*#/,+%.',"0#T)0,&"#-#I3%)U)1#&',/%/
   !1/"$35*/0("&.1&+P(73(.%$8+&"#$%&'('+!(#$%&'('
&.+3(+n31/"(+&%/0/5.+%&3+IWY!! &,+q%('+#$%&'r+(+$1'(
#&',$.()+ Y-.h-&8+ 1&./&.%$+ &.+ 0-&.1(+ &3+ ,-#-&,1$
#'$1(*$./,"$+%&3+/.%/2/%-$8+%&3+1n8+%&3+S$8+&.+-.(+,$E
0/&%(%+ #('1/0/#(1/2(+ q%$,#-.1$0&'$r8+ "&+ /.1&'&,(
"l,+ 3(+ %&^/./0/5.+ h-&+ %/0&+ h-&+ &"#$%&'('+ &,+ qP(E
0&',&+ #$%&'$,$+ $+ ^-&'1&c+ #'&2&./',&+ %&+ #$%&'+ $+ %&
^-&'d(,r)
   ?/&.%$+&,1'/01$,+&,1('b("$,+P(73(.%$+%&+-.+/.%/2/E
%-$+!h-&+3$+&,+#'&0/,("&.1&+#$'+^$'"('+#('1&+%&+-.(
,$0/&%(%! h-&+ ,&+ #'$2&&+ %&+ q#$%&'r+ "&%/(.1&+ 3(,
Q/.^$R1&0.$3$*b(,)+K('&0&+h-&8+&.+#'/.0/#/$8+3(,+1&0.$E
3$*b(,+ %&+ 3(,+ h-&+ P(73("$,+ .$,+ $^'&0&.+ -.+ .n"&'$
0'&0/&.1&+%&+q^-&'d(,r8+%&+0(#(0/%(%&,+&.+^$'"(+%&
^-.0/$.(3/%(%&,B+#('&0&+h-&+1&.&"$,+0(%(+2&d+"l,
/.1'-"&.1$,+1V0./0$,+#('(+3(+0$"-./0(0/5.+(+.-&,1'$
(30(.0&c+&.0$.1'("$,+"l,+P&''("/&.1(,+#('(+'&%&^/E
./'+ .-&,1'(+ '&3(0/5.+ 0$"$+ 0/-%(%(.$,+ 0$.+ .-&,1'(,
(%"/./,1'(0/$.&,+#n73/0(,8+0$.+3$,+(*&.1&,+&0$.5"/E
0$,8+&10)
   !3+ #'$73&"(+ &,+ h-&+ .$+ %(+ 3(+ /"#'&,/5.+ %&+ h-&
.-&,1'$,+ &,^-&'d$,+ #$'+ q(3^(7&1/d('r+ %/*/1(3"&.1&+ (
1$%(+3(+,$0/&%(%8+%&+3(+h-&+S(+^$'"("$,+#('1&8+"/&.E
1'(,+3{,+.(1/2{,+%/*/1(3&,+1$"(.+&3+'&3&2$+S+.$,+&.E


                                                       FH
1/&''(.8+ .$+ #('&0&.+ %('+ '&,-31(%$)+ A$+ %(.+ '&,-31(%$
#$'+2('/$,+"$1/2$,B+-.$+&,+&3+P&0P$+%&+h-&+"(.&T(E
"$,+ -.+ 0$.0&#1$+ '&%-0/%$+ %&+ q(3^(7&1/d(0/5.r8+ -.
0$.0&#1$+"&'("&.1&+^-.0/$.(3+h-&+&,1l+#&.,(%$+/./E
0/(3"&.1&+#('(+&3+&.1'&.("/&.1$+%&+*'-#$,+%&+(%-31$,
&.+&3+"(.&T$+q/.,1'-"&.1(3r+%&+0/&'1(,+P&''("/&.1(,c
$1'$+"$1/2$8+%/'&01("&.1&+'&3(0/$.(%$+0$.+V,1&8+&,+3(
%/.l"/0(+ /.%-,1'/(3+ &+ /.%-,1'/(3/,1(+ %&+ 1$%$+ -.+ P/#&'E
,&01$'+ %&+ (01/2/%(%+ &0$.5"/0(+ h-&+ .$+ 1&'"/.(+ %&
%&,P(0&',&+ %&3+ 3(,1'&+ h-&+ 3&+ ,-#$.&+ P$S+ ,-+ $'/*&.
#$,1E/.%-,1'/(3)
   ?&*-/"$,+#&.,(.%$+&.+#'$%-01$,+!0$.+-.+0$"#$E
.&.1&+%&+,&'2/0/$+0(%(+2&d+"l,+/"#$'1(.1&! h-&+$^'&E
0&.+0/&'1(,+^-.0/$.(3/%(%&,8+h-&+%&7&"$,+/.0$'#$'('
&.+&3+0$.T-.1$+%&+.-&,1'(,+0(#(0/%(%&,+#('(+-.+0$E
''&01$+ %&,&"#&M$+ 0$"$+ q-,-('/$,r8+ q03/&.1&,r8
q0$.,-"/%$'&,r+ %&.1'$+ %&+ -.+ ,/,1&"(+ &0$.5"/0$
0-S$,+0/"/&.1$,+/%&$35*/0$,+S+0$.0&#1-(3&,+,&+"-&,E
1'(.+0(%(+2&d+"l,+/.&,1(73&,)
   I&,%&+ "/+ #-.1$+ %&+ 2/,1(8+ 1$%$+ &,1$+ ,&+ 0$.^$'"(
0$"$+-.(+$#$'1-./%(%+&.$'"&+#('(+'&/.2&.1('+.-&,E
1'(+'&3(0/5.+0$.+3(+1&0.$3$*b(8+"l,+(33l+%&+-.+0("7/$
&,1'-01-'(3+h-&+&,1("$,+(n.+&.+#'$0&,$+%&+&.1&.%&'B
.-&,1'(+'&3(0/5.+0$.+3(+1&0.$3$*b(8+3(+"l,+P-"(.(+%&
.-&,1'(,+0'&(0/$.&,)+?/+0$.,&*-/"$,+#&.,('8+%&.1'$
%&3+0$.1&U1$+%&+-.+.-&2$+&,0&.('/$+,$0/$1V0./0$8+&.
-.(,+ Q/.^$R1&0.$3$*b(,+ KYWY 3(+ 0/-%(%(.b(8+ ,-#&E
'(.%$+ 3(,+ "&1l^$'(,+ #(,(T&'(,+ !&Y%"/./,1'(0/5.8
6/-%(%(.b(+I/*/1(38+6/-%(%(.b(+9):8+&10)! h-/dl,+1&.E
*("$,+-.(+$#$'1-./%(%+#('(+$'/&.1('+1$%$+&3+&"#-T&
%&+3(+(01/2/%(%+&.+3(+W&%+P(0/(+3(+0$.,1'-00/5.+%&+-.(


FG
,$0/&%(%+%&+3(+/.^$'"(0/5.+S+%&3+0$.$0/"/&.1$8+&.+"/E
.n,0-3(,)


  5,&"#=,.*#/,+%.',"0#)*%+%)-%)&'2/%/%"3%
   J(+(#'$#/(0/5.+%&+&,(,+Q/.^$R1&0.$3$*b(,+KYWY 3(
0/-%(%(.b(+,&+,-,1(.0/('b(.+&.+3$+h-&+,&+#$%'b(+7(-E
1/d('+0$"$+-.+#'$0&,$+%&+q1&0.$E&"#$%&'("/&.1$rc
-.+ #'$0&,$+ 0$"#3&T$+ h-&+ .$,+ #&'"/1/'b(+ #(,('+ %&+ 3$
h-&+ #('&0&+ 0$.,1/1-/',&+ 0$"$+ -.(+ ,/"#3&+ $03$0'(0/(
1&0.$35*/0("&.1&+ "&%/(%(8+ (+ -.(+ &,#&0/&+ %&+ q/.^$E
1&0.$0'(0/(r+0/-%(%(.(B+-.+'V*/"&.+&.+&3+h-&+3(+0/-E
%(%(.b(+ ,&+ #'$2&&+ %&+ #$%&'+ S+ ^-&'d(+ "&%/(.1&+ &,(
(#'$#/(0/5.+!"l,+(33l+%&+3(+,/"#3&+(3^(7&1/d(0/5.+/.,E
1'-"&.1(3! %&+ 3(,+ Q/.^$R1&0.$3$*b(,+ #('(+ 3(+ 0/-%(%(E
.b(8+&,+%&0/'+#('(+3(+#('1/0/#(0/5.+(01/2(8+0$.,0/&.1&+S
'&,#$.,(73&+&.+3(+0$.,1'-00/5.+,$0/(3)
   A$,+h-&%(+"-0P$+#('(+&"#&d('+(+#&.,('+&.+3(,
1&0.$3$*b(,+0$"$+^-&.1&,+%&+#$%&'8+(3+"&.$,+%&,%&
&3+#-.1$+%&+2/,1(+%&3+0/-%(%(.$8+h-&+1$%(2b(+&U#&'/E
"&.1(+ 3(+ ^'-,1'(0/5.+ 0$1/%/(.(+ &.+ ,-+ '&3(0/5.+ (.(35E
*/0(+S+%/*/1(3+0$.+3$,+(*&.1&,+&0$.5"/0$,+S+,$0/(3&,B
0-(.%$+ %&7&+ (0-%/'+ (+ 3(+ 2&.1(./33(+ %&+ ,-+ 7(.0$8
0-(.%$+ %&7&+ #&',&*-/'+ ^$'"-3('/$,+ /.&U/,1&.1&,+ #$'
3$,+#(,/33$,+%&+(3*n.+"/./,1&'/$+$+0-(.%$+.$+&.1/&.%&
3$,+#(1'$.&,+%&+0$"-./0(0/5.+%&+,-,+P/T{,+&.+&3+,/1/$
f&7+%&+'&%&,+,$0/(3&,+%&+"$%()
  !.+0$.03-,/5.8+0'&$+h-&+P(S+&3&"&.1$,+,-^/0/&.1&,
&.+ &3+ &,0&.('/$+ ,$0/$1V0./0$+ #('(+ #&.,('+ h-&+ 1&.&E
"$,+ 3(+ #$,/7/3/%(%+ %&+ 3(.d('.$,+ (+ 3(+ 0$.h-/,1(+ %&
q.-&2$,+&,#(0/$,+%&+#$%&'r+!W(^(+6(,(%$+%/U/1! &.


                                                         FC
3(+W&%8+#&'$+1("7/V.+(+1'(2V,+%&+3(+W&%+#('(+1'(,0&.E
%&'+-.+&,#(0/$+"-31/%/"&.,/$.(3+h-&+S(+.$+&,+,53$+%/E
*/1(3)+!3+&,#(0/$+#$3b1/0$+ !&3+%&+3(+#('1/0/#(0/5.+0/-%(E
%(.(8+ #$'+ %&^/./0/5.! ,&+ '&/.2&.1(+ &.+ 3(+ W&%8+ $^'&E
0/V.%$.$,+3(+#$,/7/3/%(%8+0$"$+1(3&,+0/-%(%(.$,+(01/E
2$,8+%&+'&%&^/./'3$+(+3(+2&d+h-&+.$,+3$+(#'$#/("$,)+!,
-.(+$#$'1-./%(%+h-&+.$+#$%&"$,8+h-&+.$+%&7&"$,8
#&'%&')




FD
6;<1,=$',+>&,&"#$?&'"&*+
                $=,/)+)@&*1,
                !"#$%&'&()*&+,-./0&.12/-(&,3
                !43,51/(.,4&/46&",1174.-/(.,4
                #*-)4,0,8.*+&.4&9%"+&
       G%+0'"   :,;.0*&2),4*+&3,5&()*&2,,5*+(&,3&()*
     P#"R,00T   2,,5&'&),<&/--*++&(,&!"#+&-/4&-)/48*
      Q#%""%
   P"2,**,-T    /&+,-.*(=&
S-#+'%")?02+.
   %"/)G%+0'"
    5#.'01&V)      S4<('4(T$>4"7+%#4$(+$'(Y477,$#3+%#4$
 TY2]H;+%       2&3:$4-45#&/( cTY2/d( #$>-,&$3&( /43#&%9( #$
                U&//&"( H&1&-4*&'( Y4,$%"#&/( cUHY/de( T$
                4,"( 4*#$#4$A( TY2/( +"&( %:&( 74/%( *"47#/#$5
                %44-/( %:+%( 3+$( /:#>%( %:&( *4<&"( @+-+$3&( @&?
                %<&&$(%:&("#3:A(%:&(*44"A(%:&(#$/%#%,%#4$/(+$'
                %:&( *&4*-&( %4( @&( 4>>&"&'( #$( '&3+'&/;( T$
                +"&+/(/,3:(+/('&743"+39A(I4,"$+-#/7(4"(%:&
                @,/#$&//f>#$+$3#+-(/&3%4"A($&<(+$'(#$$41+?
                %#1&(741&7&$%/(+"&(&7&"5#$5A(&7*4<&"#$5
                %:&(*44"&/%(4>(%:&(*44";(2:&(>#"/%(*+"%(4>(%:#/
                +"%#3-&( +%%&7*%/( %4( &C*"&//( 4,"( 1#&</( 4$
                :4<(%:#/(#/(@&#$5(+3347*-#/:&'(+$'(*"41#'&
                &C+7*-&/( '&74$/%"+%#$5( %:&( &$4"74,/
                *4<&"( 4>( T$>4"7+%#4$( +$'( Y477,$#3+%#4$
                2&3:$4-45#&/( >4"( H&1&-4*7&$%A( K$4<$( +/
                TY2]H;(2:&(/&34$'(*+"%(4>(%:#/(+"%#3-&(/,5?
                5&/%/(+("&/&+"3:(+**"4+3:(+$'(7&%:4'4-?
                459(%:+%(<&(,/&(%4(&1+-,+%&(:4<(*&4*-&(#$
                UHY/( #$%&"+3%( <#%:( TY2/( ,/#$5( +( ^/&"
                Y&$%&"&'(H&/#5$(+**"4+3:A(<:#3:(<:+%(<&
                +-/4(3+--(^YH]H;
                                                               F;
4$'+1P&+#(,1+1]$+%&0(%&,+/1+P(,+$.3S+7&0$"&+&(,E
/&'+ 1$+ (00&,,+ /.^$'"(1/$.+ (.%+ $#/./$.,+ $.+ 0$-.13&,,
1$#/0,+$.+1P&+>.1&'.&18+$^1&.+(1+3$]+0$,1)+4-'1P&'"$'&8
0$""-./0(1/.*+ $2&'+ ]/%&+ %/,1(.0&,+ /,+ .$+ 3$.*&'+ (.
/,,-&)+ XP&,&+ ,1(1&"&.1,+ %&^/./1&3S+ (##3S+ 1$+ 1P&
f&,1&'.+]$'3%8+7-1+]P(1+(7$-1+1P&+?$-1P+(.%+1P&+gA
%&^/.&%+ 0(1&*$'S+ $^+ J&,,+ I&2&3$#&%+ 6$-.1'/&,
QJI6,R_+ >6XFI)(1+ /,+ (.+Y-,1'/(.+ Ap[+ (11&"#1/.*+ 1$
(.,]&'+1P&,&+h-&,1/$.,+7S+0$.1'/7-1/.*+1$+1P&+]$'3%E
]/%&+ >.^$'"(1/$.+ (.%+ 6$""-./0(1/$.+ X&0P.$3$*/&,
^$'+ I&2&3$#"&.1+ Q>6XFIR+ "$2&"&.1)+ XP'$-*P
>6XFI)(1s,+ $].+ *'(,,+ '$$1,+ #'$T&01,8+ (]('&.&,,+ $^
1P&+#$1&.1/(3+$^+/.^$'"(1/$.+1&0P.$3$*S+^$'+,$0/(3+(.%
&0$.$"/0+0P(.*&,+P(2&+7&&.+'(/,&%+1$+%&2&3$#+(.%
&2&.1-(33S+ ,P/^1+ *$2&'."&.1+ #$3/0/&,8+ ]P/0P+ ,P$-3%
7'/.*+ ,$0/(3+ 0P(.*&+ ]$'3%]/%&)+ [.&+ $^+ 1P&+ "(/.+ (,E
#&01,+ $^+ ,$0/(3+ 0P(.*&+ 1'/**&'&%+ 7S+ >6X,+ /,+ 1P&+ 2&'S
#'$"/,/.*+ .&]3S+ &"&'*/.*+ &"#$]&'"&.1+ $^+ 1P&+ /.E
P(7/1(.1,+$^+JI6,8+0$.0&'./.*+2('/$-,+,&01$',8+]P/0P
/,+"&.1/$.&%+/.+*'&(1&'+%&1(/3+/.+1P&+^$33$]/.*+,&01/$.,)+
   >6X,+ #'$2/%&+ /.P(7/1(.1,+ $^+ JI6,8+ $^1&.+ %&+ ^(01$
%/01(1$',P/#,+ $'+ -.,1(73&+ %&"$0'(0/&,8+ .&]+ ](S,+ $^
&.^$'0/.*+1P&/'+#('1/0/#(1/$.+/.+1P&+#$3/1/0(3+#'$0&,,&,)
K'&#(/%+ "$7/3&+ 1&3&#P$.&,+ ('&+ 2&'S+ #$#-3('+ /.+ 3('*&
#('1,+ $^+ Y^'/0(+ (.%+ ?$-1P+ Y"&'/0(8+ #'$2/%/.*+ 1P&/'
$].&',+(.+(.$.S"$-,+1&3&#P$.&+.-"7&'+]P/0P+0(.E
.$1+7&+1'(0O&%+7(0O+1$+(.+/.%/2/%-(3+#&',$.)+XP/,+&"E
#$]&'"&.1+](,+-1/3/d&%+%-'/.*+1P&+['(.*&+'&2$3-1/$.
/.+1P&+gO'(/.&<8+(,+]&33+(,+%-'/.*+,$0/(3+-.'&,1+/.+1P&
< !1P(.+x-0O&'"(.+Q9::CRB+H"+>%(*+*&"(4$(74@#-&(*:4$&/(+$'(+3%#1#/78
73$*+ &.1'S)+ W&1'/&2&%+ <C+ 4&7'-('S+ 9::;+ ^'$"+ P11#BNN]]])&1P(.d-0O&'E
"(.)0$"N73$*N9::CN:FN:;N%'(^1E#(#&'E$.E+"$7/3&E#P$.&,E(.%E(01/2/,"N


H:
KP/3/##/.&,+1$+$'*(./d&+*(1P&'/.*,)+>.+$1P&'+"$'&+(-E
1P$'/1('/(.+ 0$-.1'/&,+ ]P&'&+ >.1&'.&1+ (00&,,+ /,+ (2(/3E
(73&+]/1P$-1+#'$73&",+!,-0P+(,+1P&+>'(.!8+>6X,+"(O&
/1+#$,,/73&+^$'+1P&+#$3/1/0(3+$##$,/1/$.+1$+0$""-./0(1&
]/1P+&(0P+$1P&'+(.%+]/1P+,-##$'1&',+/.+^$'&/*.+0$-.E
1'/&,)+!.0'S#1&%+&"(/3+(00$-.1,+(.%+"(/3/.*+3/,1,+#'$E
2/%&%+ 7S+ #3(1^$'",+ ,-0P+ (,+ "#/&,* &.(73&+ ,(^&+ 0$"E
"-./0(1/$.)+ >.1&'.&1+ 0$..&01/$.,+ 2/(+ ,&0-'&+ #'$US
,&'2&',+$'+,&'2/0&,+,-0P+(,+*#3#'+&8+&.(73&+1P&+1'(.,E
"/,,/$.+$^+#/01-'&,8+/.,1&(%+$^+1&U1+1P(1+0(.+7&+&(,/3S
#(',&%)
    Y.$1P&'+#$3/1/0(3+#'$0&,,+]P&'&+"$7/3&+#P$.&,+('&
-1/3/d&%+ &U1&.,/2&3S+ /.+ JI6,8+ ('&+ &3&01/$.,)+ >.+ 0$-.E
1'/&,+,-0P+(,+?/&''(+J&$.&+(.%+A/*&'/(8+2$3-.1&&',+,&1
-#+ (.+ $.3/.&+ '&#$,/1$'S+ %-'/.*+ 1P&+ &3&01/$.,+ ]P&'&
0$"#3(/.1,+ (7$-1+ /''&*-3('/1/&,+ ,&.1+ 2/(+ ?L?+ ]&'&
*(1P&'&%+ (.%+ #-73/,P&%9)+XP/,+ "&1P$%+ 0$"#3&"&.1,
$1P&'+,&'2/0&,8+,-0P+(,+7'$(%0(,1/.*+/.0/%&.1,+$.+1P&
'(%/$)+ XP&+ #-73/0(1/$.+ $^+ 1P&,&+ /.0/%&.1,+ ,P$-3%+ #-1
#'&,,-'&+ $.+ 1P&+ '-3/.*+ #$]&'+ 1$+ '&,1$'&+ 1P&+ 3&*(3
$'%&')+XP&'&+('&+1]$+&U/,1/.*+*'(,,+'$$1,+#'$T&01,+1P(1
('&+ 0-''&.13S+ #$#-3('+ /.+ 1P&+ "&%/(B+ ^/:+:#'# (.%
G"4$%-#$&)O)) XP&S+0$"#3&"&.1+&(0P+$1P&'+(.%+('&
7$1P+ 7-/31+ ]/1P+ (+ 7$11$"+ -#+ (##'$(0P+ -,/.*+ [#&.
?$-'0&+ #('(%/*",)+ Y,+ .&],+ ^'$"+ JI6,+ /.+ 1P&+ #(,1
P(,+P('%3S+&2&'+"(%&+/1+1$+1P&+"(/.,1'&("+"&%/(+$^
1P&+f&,1&'.+]$'3%8+>6X,+.$]+&.(73&+/.P(7/1(.1,+$^+1P&
?$-1P+ 1$+ '&(0P+ 1P&+ #-73/0+ %/'&013S)+ @3$*,+ (.%+ 0/1/d&.


9 t(1'/.+&'03(,+Q9::CRB+2&C%#$5(T%(T$g(O4$#%4"#$5(=-&3%#4$/(N#%:(O4@#-&
!:4$&/8+ 73$*+ &.1'S)+ W&1'/&2&%+ <C+ 4&7'-('S+ 9::;+ ^'$"+ P11#BNN"$7/3&(0E
1/2&)$'*N1&U1/.*E/1E/.

                                                                         H<
T$-'.(3/,"+('&+,$"&1/"&,+&2&.+1P&+$.3S+#$,,/7/3/1S+^$'
/.1&'&,1&%+#&',$.,+1$+*&1+.&],+(7$-1+(+0&'1(/.+0$-.E
1'S8+(,+$^^/0/(3+.&],#(#&',+('&+$^1&.+$.3S+(2(/3(73&+/.
1P&+ 3$0(3+ 3(.*-(*&)+ XP/,+ "&1P$%+ $^+ "&%/(+ #'$2/%&,
1P&+ '&(%&'+ ]/1P+ (+ "$'&+ 7(3(.0&%+ 2/&]+ $.+ (+ 0$-.1'S8
]P/3&+ /.+ "(/.,1'&("+ "&%/(+ JI6,+ -,-(33S+ $.3S+ 0$"&
/.1$+^$0-,+/.+0$..&01/$.+]/1P+0$.^3/01,+$'+.(1-'(3+0(1(,E
1'$#P&,)+ [.&+ 3&(%/.*+ (.%+ ,-00&,,^-3+ &U("#3&+ /,
V-4@+-(h4#3&/(W$-#$&8+]P&'&+0$.1&.1+0'&(1&%+7S+3$0(3
73$**&',+ /,+ 0$33&01&%+ (.%+ $^^&'&%+ 1$+ /.1&'&,1&%+ '&(%E
&',)+p[+0$2&',+('&(,+]P/0P+('&+.$1+/.+1P&+,#$13/*P1
$^+1'(%/1/$.(3+"&%/(+(.%+(3,$+#'$2/%&,+1'(.,3(1/$.,+/.1$
2('/$-,+ 3(.*-(*&,)+ [.&+ $^+ $-'+ *$(3,+ /,+ 1$+ #'$2/%&+ (
,1('1+-#+#(0O(*&+^$'+#$1&.1/(3+.&]+73$**&',+/.+JI6,
1P(1+ /.03-%&,+ $-'+ N4"'*"&//O&'#+N#K# /.1&*'(1/$.
(.%+(+$.&+%(S+0$-',&+#'$2/%/.*+/.,1'-01/$.+$.+P$]+1$
3&('.+P$]+1$+-,&+1P/,+,$^1]('&)
    XP&+ "(T$'/1S+ $^+ /.P(7/1(.1,+ $^+ JI6,+ ]$'O,+ /.+ 1P&
(*'/0-31-'(3+ ,&01$'+ (.%+ 1P&'&^$'&+ %$+ .$1+ *&.&'(1&
"-0P+ /.0$"&) @(.O,+ P(2&+ "/./"-"+ /.1&'&,1+ /.+ (0E
h-/'/.*+0-,1$"&',+^'$"+1P/,+,&01$'+$^+,$0/&1S)+J$]&,1
/.0$"&+ /.P(7/1(.1,+ $^+ J6I,+ %$+ .$1+ P(2&+ (+ 7(.O+ (0E
0$-.1+(.%+1P&'&^$'&+('&+3/"/1&%+/.+1P&/'+^/.(.0/(3+^3&U/E
7/3/1S+/.+'&*('%,+1$+,(2/.*+(.%+"(O/.*+^/.(.0/(3+1'(.,E
(01/$.,)+ N&/%&"$( ^$#4$ (.%+ $1P&'+ ,/"/3('+ "$.&S
0$-'/&',+ #'$2/%&+ ^/.(.0/(3+ 1'(.,(01/$.+ ,&'2/0&,8+ P$]E
&2&'+]/1P+(+P/*P+^&&)+f/1P+1P&+/.0'&(,&%+#$#-3('/1S+$^
#'&#(/%+"$7/3&+#P$.&,8+#&$#3&+P(2&+^$-.%+(+](S+1$
$2&'0$"&+1P/,+0$.,1'(/.1)+Y/'+1/"&+/,+-,&%+(,+(+,-7,1/E
1-1&+ ^$'+ "$.&Sc+ #&$#3&+ 0(.+ #(S+ ^$'+ *$$%,+ (.%+ ,&'2E
/0&,+ ]/1P+ (/'1/"&)+ @S+ */2/.*+ 0-,1$"&',+ 1P&+ #$,,/7/3/1S
1$+ 1'(.,^&'+ (/'+ 1/"&8+ "$7/3&+ .&1]$'O+ 0$"#(./&,+ P(2&

H9
1(O&.+$.+(+#$,/1/$.+,/"/3('+1$+1P(1+$^+1'(%/1/$.(3+7(.O,)
K&$#3&+.$]+P(2&+1P&+$##$'1-./1S+(.%+1P&+,&0-'/1S+$^
^3&U/73&+ ^/.(.0/(3+ 1'(.,(01/$.,+ 1P'$-*P+ 1P&/'+ "$7/3&
#P$.&)+Y.$1P&'+](S+1P(1+>6X,+&"#$]&'+/.P(7/1(.1,+$^
'-'(3+(.%+$^1&.+#$$'+('&(,+$^+JI6,+/,+7S+#'$2/%/.*+/.E
^$'"(1/$.+$.+,-##3S+(.%+%&"(.%)+XP/,+&.(73&,+1P&"
1$+ 0$"#('&+ #'/0&,+ (.%+ 0P$$,&+ 1P&+ 7&,1+ $^^&') XP/,
0$"#3&1&3S+0P(.*&,+1P&+'&3(1/$.,P/#+7&1]&&.+7-S&',
(.%+,&33&',8+]P/0P+$'/*/.(33S+](,+/.^3-&.0&%+7S+(+"/%E
%3&"(.8+]P$+0P('*&%+,-7$#1/"(3+#'/0&,+]P/3&+1(O/.*
-.^(/'+(%2(.1(*&,)+[.&+#3(1^$'"8+2"+'&$&%;@#. /,+2&'S
,-00&,,^-3+ /.+ #'$2/%/.*+ 1P/,+ O/.%+ $^+ ,&'2/0&+ ^$'+ 1P&
f&,1+Y^'/0(.+'&*/$.)+
   [^+0$-',&+1P&'&+('&+"$'&+](S,+1P(1+>6X,+&"#$]&'
1P&+ 0/1/d&.,+ $^+ JI6,8+ ,-0P+ (,+ /.+ 1P&+ &%-0(1/$.+ (.%
P&(31P8+ ,&01$',8+ 7-1+ ]&+ 1P/.O+ 1P(1+ 1P&+ &U("#3&,+ ]&
P(2&+ P/*P3/*P1&%+ ,P$]+ 1P&+ *'&(1&,1+ #$1&.1/(3+ ,/.0&
1P&S+,P/^1+1P&+#$]&'+^'$"+1P&+'-3/.*+/.,1/1-1/$.,+7(0O+1$
1P&+ #&$#3&)+ !,#&0/(33S+ /.+ JI6,+ ]P&'&+ 1P&+ *(#+ 7&E
1]&&.+'/0P+(.%+#$$'+/,+2&'S+7'$(%8+,-0P+(##'$(0P&,
('&+"$,1+#'$"/,/.*) g.^$'1-.(1&3S+/1+/,+%/^^/0-31+1$+7&
1$$+ $#1/"/,1/08+ 7&0(-,&+ 1P&+ 0P(33&.*&+ $^+ /.1'$%-0/.*
1P/,+.&]+](S+$^+0$""-./0(1/$.+(.%+,$0/(3+&"#$]&'E
"&.1+ 0$.,/%&'/.*+ 1P&+ *$2&'."&.1+ #$3/0/&,+ $^+ "$,1
JI6,+,1/33+'&"(/.,)+p$2&'."&.1+#$3/0/&,+('&+'/*/%8+(.%
*$2&'."&.1,+ $^1&.+ h-&,1/$.+ 1P&/'+ '$3&+ (.%+ #$,,/73&
3$,,+$^+#$]&'+]/1P+1P&+/.1'$%-01/$.+$^+.&]+1&0P.$3$*S)
a$]&2&'+/1+/,+,$"&]P(1+$^+(.+/,,-&+$^+P-"(.+'/*P1,c
#&$#3&+ ,P$-3%+ P(2&+ 1P&+ '/*P1+ 1$+ (00&,,+ /.^$'"(1/$.
(.%+ 1&0P.$3$*S+ 1P(1+ ]/33+ /"#'$2&+ 1P&/'+ 3/2&,) [7("(
]/33+P$#&^-33S+,](S+1P/,+](S8+(,+1P&+!-'$#&(.+g./$.
(3"$,1+ ,-##$'1,+ 1P/,+ 1'(0O8+ 7-1+ 1P&'&+ ('&+ ,1/33+ (+ 3$1+ $^

                                                               H`
7(113&,+1$+7&+^$-*P1)+>1+/,+]$'1PS+1$+"&.1/$.+P&'&+1]$
$'*(./d(1/$.,+%&"$.,1'(1/.*+1P/,B+2:& G"&&()4>%<+"&
G4,$'+%#4$(G)G (.%+1P&+3$0(33S+7(,&%+Y-,1'/(.+B,#$?
%&//&$. E+h&"&#$(.,"(N#&'&":&"/%&--,$5('&"(Qi"5&""&?
3:%&( #7( T$>4"7+%#4$/.&#%+-%&")+ f&+ '&(33S+ (##'&0/(1&
7$1P+$'*(./d(1/$.,+(.%+/.1&.%+$.+&,1(73/,P/.*+(+]$'OE
/.*+ '&3(1/$.,P/#+ ]/1P+ 1P&")+ fP(1+ ,1/33+ '&"(/.,+ /,+ 1$
%$0-"&.1+(.%+#-73/,P+1P&+,-00&,,^-3+(.%+/..$2(1/2&
-,&+ $^+ >6X,+ ^$'+ ,$0/(3+ /"#'$2&"&.18+ "(O&+ #&$#3&
(]('&+$^+1P&+#$]&'+$^+1P&,&+1$$3,8+(.%+*-('(.1&&+(0E
0&,,/7/3/1S+^$'+&2&'S7$%S)+
   f&+P(2&+'&^3&01&%+$.+2('/$-,+"&1P$%,+^$'+0(#1-'E
/.*+-,&'+.&&%,+/.+JI6,+1P(1+P(2&+7&&.+-,&%+^$'+/.1&'E
(01/2&+,S,1&",+%&,/*.)+XP&+'&2/&]+3&%+1$+1P&+%&0/,/$.
1P(1+ (.+ &1P.$*'(#P/0+ (##'$(0P+ /.+ 0$"7/.(1/$.+ ]/1P
"&1P$%,+ 7$''$]&%+ ^'$"+ 1P&+ "$'&+ '&0&.1+ 0$.1&U1-(3
/.h-/'S+ (##'$(0P` ]$-3%+ 7&,1+ ^/1+ 1P&+ 0$.1&U1+ (.%+ '&E
h-/'&"&.1,+$^+1P/,+'&,&('0P+,&11/.*)+!1P.$*'(#PS+P(,
(+3$.*+1'(%/1/$.8+&,#&0/(33S+/.+1P&+^/&3%+$^+(.1P'$#$3$*S8
]P&'&+'&,&('0P&',+-,&%+/1+(,+(+"&1P$%+^$'+*(1P&'/.*
%(1(+(7$-1+P-"(.+,$0/&1/&,+1P'$-*P+^/&3%+]$'OF)+[.3S
3(1&3S+/1+P(,+(3,$+7&0$"&+(+#$#-3('+'&,&('0P+"&1P$%
("$.*+ P-"(.E0$"#-1&'+ /.1&'(01/$.+ '&,&('0P&',+ 1$
/.^$'"+$'+&2(3-(1&+1P&+%&,/*.+$^+/.1&'(01/2&+#'$%-01,H)
[.&+$^+1P&+^$-'+#'/.0/#3&,+1P(1+0P('(01&'/d&+&1P.$*'(E

` @!j!W+|+a[JXx@JYXXB+Y4$%&C%,+-(H&/#5$;(T$(T$%&"+3%#4$/8+$3)+G+Q<R8
Y6L+K'&,,8+z(.)N4&7)+<;;;)
F ?>L[A?!A+|+t!A?>ApB+^/#$5(=%:$45"+*:9(/. Y4$%&C%,+-(H&/#5$)+>.
Y477,$#3+%#4$/(4>(EYO8+$3)+F:+QCR8+Y6L+K'&,,8+z-3)+<;;C)
H agpa!?8+t>Ap8+W[II!A+|+YAI!W?!AB+2:&(R4-&(4>(=%:$45"+*:9
#$( T$%&"+3%#1&( )9/%&7/( H&/#5$)+ >.+ T$%&"+3%#4$/8+ $3)+ 9+ Q9R8+Y6L+ K'&,,8
Y#')+<;;H)

HF
#PS+ /,+ 1P(1+ /1+ 1(O&,+ #3(0&+ /.+ (+ .(1-'(3+ ,&11/.*)+Y.+ &,E
,&.1/(3+ #('1+ $^+ (.+ &1P.$*'(#P/0+ ,1-%S+ /,+ 1P(1+ 1P&+ '&E
,&('0P&',+P(2&+1$+3/2&+(3$.*+]/1P+1P&+#&$#3&+1P&S+$7E
,&'2&+ $2&'+ (+ 3$.*+ #&'/$%+ $^+ 1/"&)+XP/,+ (,,-'&,+ (+ '&E
%-01/$.+ $^+ 1P&+ /.^3-&.0&+ $^+ 1P&/'+ #'&,&.0&+ $.+ 1P&+ '&E
,-31,)+ I(1(+ /,+ '&0$'%&%+ 7S+ 1(O/.*+ .$1&,+ $'+ -,/.*+ (
2/%&$+0("&'()+[.3S+(^1&'+1P&+^/&3%+]$'O+P(,+&.%&%+/,
1P&+%(1(+/.1&'#'&1&%+/.+(+1&("+,&11/.*)+6$.1&U1-(3+/.E
h-/'S+/,+1P&+^/',1+,1&#+$^+(+0$.1&U1-(3+%&,/*.+#'$0&,,)+>1
^$'&,&&,+1P&+/.03-,/$.+$^+-,&',+/.+1P&+%&,/*.+#'$0&,,
(1+ 2('/$-,+ ,1(*&,G)+ >.+ 1P&+ '&h-/'&"&.1,+ 0$33&01/$.
,1(*&+ %(1(+ /,+ *(1P&'&%+ -,/.*+ 0$.1&U1-(3+ /.1&'2/&],8
]P/0P+('&+/.1&'2/&],+0$.%-01&%+/.+1P&+^/&3%8+&)*)+(1+1P&
-,&',s ]$'O#3(0&)+ Y^1&'+ 1P&+ ^/&3%+ ,&,,/$.,+ 1P&+ /.1&'E
2/&],+('&+%/,0-,,&%+/.+(+*'$-#+1$+#'$%-0&+(+2/,-(3+/3E
3-,1'(1/$.+ 0(33&%+ (.+ (^^/./1S+ %/(*'(")+ Y1+ 1P&+ 7$11$"
3&2&3+ 1P&+ (^^/./1S+ %/(*'("+ 0$.,/,1,+ $^+ "(.S+ #$,1E/1
.$1&,8+ &(0P+ %&#/01/.*+ (+ #('1/0-3('+ $7,&'2(1/$.+ 1P(1
](,+0(#1-'&%+%-'/.*+1P&+/.1&'2/&])+XP&+1$#+3&2&3+$^+1P&
%/(*'("+]/33+&2&.1-(33S+'&2&(3+/%&(,+^$'+,#&0/^/0+(##3/E
0(1/$.)+ f&+ ('&+ ,-**&,1/.*+ (+ "/U&%+ (##'$(0P+ -,/.*
"&1P$%,+ ^'$"+ &1P.$*'(#PS+ (.%+ 0$.1&U1-(3+ /.h-/'S8
^/&3%+ ,1-%/&,+ 0$"#3/&%+ ]/1P+ 1P&+ ^$-'+ #'/.0/#3&,+ $^
&1P.$*'(#PS8+ (31P$-*P+ ]&+ ('&+ .$1+ ^$33$]/.*+ /.%/2/%-E
(3,+ $2&'+ (.+ &U1&.%&%+ #&'/$%+ $^+ 1/"&8+ 7-1+ '(1P&'+ 0$.E
%-01/.*+/.1&'2/&],+]/1P+"(.S+%/^^&'&.1+-,&',+!&)*)+"$E
7/3&+ #P$.&+ -,&',+ (,+ ]&+ %/%+ /.+ gx>+Y^'/0(!)+ f&+ (3,$
%$0-"&.1+%&"$*'(#P/0+%(1(+$^+#&$#3&+1P(1+]&+/.1&'E
2/&]&%+ $.+ 2/%&$+ 1$+ (.+ (%%/1/$.(3+ ,#'&(%,P&&1)+ XP&

G a[JXx@JYXXB+Y4$%&C%,+-(H&/#5$g(E Y,/%47&"?Y&$%&"&'(E**"4+3:(%4
)9/%&7/(H&/#5$8+L$'*(.+t(-^"(..8+<,1+&%)8+<;;C)


                                                              HH
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”
“Innovación para el empoderamiento de la ciudadanía a través de las tic”

Más contenido relacionado

La actualidad más candente

Capitulo 3.9 Gestion Tributaria Mipro ERP
Capitulo 3.9 Gestion Tributaria Mipro ERPCapitulo 3.9 Gestion Tributaria Mipro ERP
Capitulo 3.9 Gestion Tributaria Mipro ERPDeath User
 
Formagrupo - Consultoría y Formación Turística y Hotelera
Formagrupo - Consultoría y Formación Turística y HoteleraFormagrupo - Consultoría y Formación Turística y Hotelera
Formagrupo - Consultoría y Formación Turística y HoteleraJorge Vallina Crespo
 
La santé du point de vue de l’individu de la mesure aux décisions collectives.
La santé du point de vue de l’individu   de la mesure aux décisions collectives.La santé du point de vue de l’individu   de la mesure aux décisions collectives.
La santé du point de vue de l’individu de la mesure aux décisions collectives.Réseau Pro Santé
 
ETIS09 - Black Swans and White Elephants - Presentation
ETIS09 - Black Swans and White Elephants - PresentationETIS09 - Black Swans and White Elephants - Presentation
ETIS09 - Black Swans and White Elephants - PresentationDavid Walker
 
Visual Arts S A Summaryfinal
Visual Arts  S A SummaryfinalVisual Arts  S A Summaryfinal
Visual Arts S A SummaryfinalChakan Hislop
 
CITIA08 - Ready For Change? - Presentation
CITIA08 - Ready For Change? - PresentationCITIA08 - Ready For Change? - Presentation
CITIA08 - Ready For Change? - PresentationDavid Walker
 
Gate ee previous year papers 1992 2010
Gate ee previous year papers 1992   2010Gate ee previous year papers 1992   2010
Gate ee previous year papers 1992 2010Venugopala Rao P
 
IRM09 - What Can IT Really Deliver For BI and DW - Presentation
IRM09 - What Can IT Really Deliver For BI and DW - PresentationIRM09 - What Can IT Really Deliver For BI and DW - Presentation
IRM09 - What Can IT Really Deliver For BI and DW - PresentationDavid Walker
 
Blenderbookv01
Blenderbookv01Blenderbookv01
Blenderbookv01whiedhie
 
Peace through understanding Islam || Mawlana Feizel Chothia || Australian Isl...
Peace through understanding Islam || Mawlana Feizel Chothia || Australian Isl...Peace through understanding Islam || Mawlana Feizel Chothia || Australian Isl...
Peace through understanding Islam || Mawlana Feizel Chothia || Australian Isl...Muhammad Nabeel Musharraf
 
Biografía Miguel Hernández Pwp
Biografía Miguel Hernández   PwpBiografía Miguel Hernández   Pwp
Biografía Miguel Hernández PwpAbrilm
 
Young Lions Media 2011 / SPYL509
Young Lions Media 2011 / SPYL509Young Lions Media 2011 / SPYL509
Young Lions Media 2011 / SPYL509Vane Marín
 
Nearby Startup Pitch for SUU 2013 conference
Nearby Startup Pitch for SUU 2013 conferenceNearby Startup Pitch for SUU 2013 conference
Nearby Startup Pitch for SUU 2013 conferenceAdam Nemeth
 
Arduino notebook v1-1
Arduino notebook v1-1Arduino notebook v1-1
Arduino notebook v1-1Anil Yadav
 
16ª Circuito Paulista Universitário de Surf
16ª Circuito Paulista Universitário de Surf16ª Circuito Paulista Universitário de Surf
16ª Circuito Paulista Universitário de Surfibrasurf
 

La actualidad más candente (17)

Capitulo 3.9 Gestion Tributaria Mipro ERP
Capitulo 3.9 Gestion Tributaria Mipro ERPCapitulo 3.9 Gestion Tributaria Mipro ERP
Capitulo 3.9 Gestion Tributaria Mipro ERP
 
Formagrupo - Consultoría y Formación Turística y Hotelera
Formagrupo - Consultoría y Formación Turística y HoteleraFormagrupo - Consultoría y Formación Turística y Hotelera
Formagrupo - Consultoría y Formación Turística y Hotelera
 
La santé du point de vue de l’individu de la mesure aux décisions collectives.
La santé du point de vue de l’individu   de la mesure aux décisions collectives.La santé du point de vue de l’individu   de la mesure aux décisions collectives.
La santé du point de vue de l’individu de la mesure aux décisions collectives.
 
ETIS09 - Black Swans and White Elephants - Presentation
ETIS09 - Black Swans and White Elephants - PresentationETIS09 - Black Swans and White Elephants - Presentation
ETIS09 - Black Swans and White Elephants - Presentation
 
Visual Arts S A Summaryfinal
Visual Arts  S A SummaryfinalVisual Arts  S A Summaryfinal
Visual Arts S A Summaryfinal
 
CITIA08 - Ready For Change? - Presentation
CITIA08 - Ready For Change? - PresentationCITIA08 - Ready For Change? - Presentation
CITIA08 - Ready For Change? - Presentation
 
Gate ee previous year papers 1992 2010
Gate ee previous year papers 1992   2010Gate ee previous year papers 1992   2010
Gate ee previous year papers 1992 2010
 
IRM09 - What Can IT Really Deliver For BI and DW - Presentation
IRM09 - What Can IT Really Deliver For BI and DW - PresentationIRM09 - What Can IT Really Deliver For BI and DW - Presentation
IRM09 - What Can IT Really Deliver For BI and DW - Presentation
 
Blenderbookv01
Blenderbookv01Blenderbookv01
Blenderbookv01
 
Peace through understanding Islam || Mawlana Feizel Chothia || Australian Isl...
Peace through understanding Islam || Mawlana Feizel Chothia || Australian Isl...Peace through understanding Islam || Mawlana Feizel Chothia || Australian Isl...
Peace through understanding Islam || Mawlana Feizel Chothia || Australian Isl...
 
Notes hadeeth
Notes hadeethNotes hadeeth
Notes hadeeth
 
Biografía Miguel Hernández Pwp
Biografía Miguel Hernández   PwpBiografía Miguel Hernández   Pwp
Biografía Miguel Hernández Pwp
 
Young Lions Media 2011 / SPYL509
Young Lions Media 2011 / SPYL509Young Lions Media 2011 / SPYL509
Young Lions Media 2011 / SPYL509
 
Nearby Startup Pitch for SUU 2013 conference
Nearby Startup Pitch for SUU 2013 conferenceNearby Startup Pitch for SUU 2013 conference
Nearby Startup Pitch for SUU 2013 conference
 
Vietnam language learning behaviors
Vietnam language learning behaviorsVietnam language learning behaviors
Vietnam language learning behaviors
 
Arduino notebook v1-1
Arduino notebook v1-1Arduino notebook v1-1
Arduino notebook v1-1
 
16ª Circuito Paulista Universitário de Surf
16ª Circuito Paulista Universitário de Surf16ª Circuito Paulista Universitário de Surf
16ª Circuito Paulista Universitário de Surf
 

Similar a “Innovación para el empoderamiento de la ciudadanía a través de las tic”

Strain Letter for Kyle
Strain Letter for KyleStrain Letter for Kyle
Strain Letter for KyleKyle Erwin
 
Consultoría y Formación Turismo y Hotelería
Consultoría y Formación Turismo y Hotelería Consultoría y Formación Turismo y Hotelería
Consultoría y Formación Turismo y Hotelería Formastur
 
Vortrag alternativkonzept geothermie
Vortrag alternativkonzept geothermieVortrag alternativkonzept geothermie
Vortrag alternativkonzept geothermieHarald Fratz
 
2010 UCLA State Farm Plans Book
2010 UCLA State Farm Plans Book2010 UCLA State Farm Plans Book
2010 UCLA State Farm Plans BookChristine Takaichi
 
Mimecast UEM Datasheet
Mimecast UEM DatasheetMimecast UEM Datasheet
Mimecast UEM Datasheetjulesmartin
 
Fachada - O verdadeiro cartão de visita de uma loja. Artigo para a Edição 452...
Fachada - O verdadeiro cartão de visita de uma loja. Artigo para a Edição 452...Fachada - O verdadeiro cartão de visita de uma loja. Artigo para a Edição 452...
Fachada - O verdadeiro cartão de visita de uma loja. Artigo para a Edição 452...Flávio Radamarker, RDI
 
Bio Startup Spinoff 2010
Bio Startup Spinoff 2010Bio Startup Spinoff 2010
Bio Startup Spinoff 2010Servadio
 
Ssijialiye
SsijialiyeSsijialiye
Ssijialiyerenata7
 
Lessons RN labor union learned using social media in 2010
Lessons RN labor union learned using social media in 2010Lessons RN labor union learned using social media in 2010
Lessons RN labor union learned using social media in 2010LinkedIn Riches
 
Ihr Unternehmen auf der Pole Position
Ihr Unternehmen auf der Pole PositionIhr Unternehmen auf der Pole Position
Ihr Unternehmen auf der Pole PositionDaniel Vetterkind
 
Distributed Object Computing
Distributed Object ComputingDistributed Object Computing
Distributed Object ComputingEmmanuel Fuchs
 
Ico corporate presentation en
Ico corporate presentation enIco corporate presentation en
Ico corporate presentation enHarpreet kaur
 
Guardian Changing Media Summit - Mobile In Focus
Guardian Changing Media Summit - Mobile In FocusGuardian Changing Media Summit - Mobile In Focus
Guardian Changing Media Summit - Mobile In FocusOisin Lunny
 

Similar a “Innovación para el empoderamiento de la ciudadanía a través de las tic” (20)

Electric car perception in Vietnam.pdf
Electric car perception in Vietnam.pdfElectric car perception in Vietnam.pdf
Electric car perception in Vietnam.pdf
 
Senacmktdigitalparte3
Senacmktdigitalparte3Senacmktdigitalparte3
Senacmktdigitalparte3
 
Strain Letter for Kyle
Strain Letter for KyleStrain Letter for Kyle
Strain Letter for Kyle
 
Consultoría y Formación Turismo y Hotelería
Consultoría y Formación Turismo y Hotelería Consultoría y Formación Turismo y Hotelería
Consultoría y Formación Turismo y Hotelería
 
Commerce extérieur france 3e trimestre 2010
Commerce extérieur france 3e trimestre 2010Commerce extérieur france 3e trimestre 2010
Commerce extérieur france 3e trimestre 2010
 
Vortrag alternativkonzept geothermie
Vortrag alternativkonzept geothermieVortrag alternativkonzept geothermie
Vortrag alternativkonzept geothermie
 
2010 UCLA State Farm Plans Book
2010 UCLA State Farm Plans Book2010 UCLA State Farm Plans Book
2010 UCLA State Farm Plans Book
 
Mimecast UEM Datasheet
Mimecast UEM DatasheetMimecast UEM Datasheet
Mimecast UEM Datasheet
 
Fachada - O verdadeiro cartão de visita de uma loja. Artigo para a Edição 452...
Fachada - O verdadeiro cartão de visita de uma loja. Artigo para a Edição 452...Fachada - O verdadeiro cartão de visita de uma loja. Artigo para a Edição 452...
Fachada - O verdadeiro cartão de visita de uma loja. Artigo para a Edição 452...
 
Mailings Sublevación de Abril
Mailings Sublevación de AbrilMailings Sublevación de Abril
Mailings Sublevación de Abril
 
English
EnglishEnglish
English
 
Bio Startup Spinoff 2010
Bio Startup Spinoff 2010Bio Startup Spinoff 2010
Bio Startup Spinoff 2010
 
Ssijialiye
SsijialiyeSsijialiye
Ssijialiye
 
Thai Alcoholic Beverages Regulations 2011
Thai Alcoholic Beverages Regulations 2011Thai Alcoholic Beverages Regulations 2011
Thai Alcoholic Beverages Regulations 2011
 
Lessons RN labor union learned using social media in 2010
Lessons RN labor union learned using social media in 2010Lessons RN labor union learned using social media in 2010
Lessons RN labor union learned using social media in 2010
 
Ihr Unternehmen auf der Pole Position
Ihr Unternehmen auf der Pole PositionIhr Unternehmen auf der Pole Position
Ihr Unternehmen auf der Pole Position
 
WritingSample3
WritingSample3WritingSample3
WritingSample3
 
Distributed Object Computing
Distributed Object ComputingDistributed Object Computing
Distributed Object Computing
 
Ico corporate presentation en
Ico corporate presentation enIco corporate presentation en
Ico corporate presentation en
 
Guardian Changing Media Summit - Mobile In Focus
Guardian Changing Media Summit - Mobile In FocusGuardian Changing Media Summit - Mobile In Focus
Guardian Changing Media Summit - Mobile In Focus
 

Último

Rohan Jaitley: Central Gov't Standing Counsel for Justice
Rohan Jaitley: Central Gov't Standing Counsel for JusticeRohan Jaitley: Central Gov't Standing Counsel for Justice
Rohan Jaitley: Central Gov't Standing Counsel for JusticeAbdulGhani778830
 
IndiaWest: Your Trusted Source for Today's Global News
IndiaWest: Your Trusted Source for Today's Global NewsIndiaWest: Your Trusted Source for Today's Global News
IndiaWest: Your Trusted Source for Today's Global NewsIndiaWest2
 
Global Terrorism and its types and prevention ppt.
Global Terrorism and its types and prevention ppt.Global Terrorism and its types and prevention ppt.
Global Terrorism and its types and prevention ppt.NaveedKhaskheli1
 
complaint-ECI-PM-media-1-Chandru.pdfra;;prfk
complaint-ECI-PM-media-1-Chandru.pdfra;;prfkcomplaint-ECI-PM-media-1-Chandru.pdfra;;prfk
complaint-ECI-PM-media-1-Chandru.pdfra;;prfkbhavenpr
 
16042024_First India Newspaper Jaipur.pdf
16042024_First India Newspaper Jaipur.pdf16042024_First India Newspaper Jaipur.pdf
16042024_First India Newspaper Jaipur.pdfFIRST INDIA
 
Experience the Future of the Web3 Gaming Trend
Experience the Future of the Web3 Gaming TrendExperience the Future of the Web3 Gaming Trend
Experience the Future of the Web3 Gaming TrendFabwelt
 
15042024_First India Newspaper Jaipur.pdf
15042024_First India Newspaper Jaipur.pdf15042024_First India Newspaper Jaipur.pdf
15042024_First India Newspaper Jaipur.pdfFIRST INDIA
 
57 Bidens Annihilation Nation Policy.pdf
57 Bidens Annihilation Nation Policy.pdf57 Bidens Annihilation Nation Policy.pdf
57 Bidens Annihilation Nation Policy.pdfGerald Furnkranz
 

Último (8)

Rohan Jaitley: Central Gov't Standing Counsel for Justice
Rohan Jaitley: Central Gov't Standing Counsel for JusticeRohan Jaitley: Central Gov't Standing Counsel for Justice
Rohan Jaitley: Central Gov't Standing Counsel for Justice
 
IndiaWest: Your Trusted Source for Today's Global News
IndiaWest: Your Trusted Source for Today's Global NewsIndiaWest: Your Trusted Source for Today's Global News
IndiaWest: Your Trusted Source for Today's Global News
 
Global Terrorism and its types and prevention ppt.
Global Terrorism and its types and prevention ppt.Global Terrorism and its types and prevention ppt.
Global Terrorism and its types and prevention ppt.
 
complaint-ECI-PM-media-1-Chandru.pdfra;;prfk
complaint-ECI-PM-media-1-Chandru.pdfra;;prfkcomplaint-ECI-PM-media-1-Chandru.pdfra;;prfk
complaint-ECI-PM-media-1-Chandru.pdfra;;prfk
 
16042024_First India Newspaper Jaipur.pdf
16042024_First India Newspaper Jaipur.pdf16042024_First India Newspaper Jaipur.pdf
16042024_First India Newspaper Jaipur.pdf
 
Experience the Future of the Web3 Gaming Trend
Experience the Future of the Web3 Gaming TrendExperience the Future of the Web3 Gaming Trend
Experience the Future of the Web3 Gaming Trend
 
15042024_First India Newspaper Jaipur.pdf
15042024_First India Newspaper Jaipur.pdf15042024_First India Newspaper Jaipur.pdf
15042024_First India Newspaper Jaipur.pdf
 
57 Bidens Annihilation Nation Policy.pdf
57 Bidens Annihilation Nation Policy.pdf57 Bidens Annihilation Nation Policy.pdf
57 Bidens Annihilation Nation Policy.pdf
 

“Innovación para el empoderamiento de la ciudadanía a través de las tic”

  • 1.
  • 2.
  • 3. !""#$%&'(")*%+%),- ,.*#/,+%.',"0#)/,)-%1 &'2/%/%"3%)%)0+%$41 /,)-%1)5!6 !"#$%&'()$'*+&,+-.(+/./0/(1/2(+%&+3( 4-.%(0/5.+6/7&'2$3-.1('/$,) %&,0('*(1&+&,1&+3/7'$+&. 7778929#:8&#.
  • 5. ;"/'&, !"#$%V'(1&+ ))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))H E+>+E++ I>?!WXY6>ZA+?[@W!+!J !LK[I!WYL>!AX[ !"#$%&'("/&.1$+#('(+3(+/..$2(0/5.+,$0/(3+))))))))))))<< E+>>+E++ K!W?K!6X>Y?+?[@W!+!J !LK[I!WYL>!AX[ X/"&+1$+&(1+$-'+$].+%$*+^$$%_+ ))))))))))))))))))))))))))))))9` a(0/(+3(+0/-%(%(.b(+%/*/1(3+ ))))))))))))))))))))))))))))))))))))9; >.1&'.&1+#$'+S+#('(+3(,+#&',$.(,+ ))))))))))))))))))))))))))))`H !3+#$%&'+&,+%&3+#-&73$c+S+3(+1&0.$3$*b(+1("7/V.+ ))))F< >6X,+^$'+1P&+&"#$]&'"&.1+$^+0/1/d&.,+))))))))))))))))))))FC YP$'(+&,+&3+"$"&.1$+%&+(#$,1('+%&0/%/%("&.1&+#$' 3(,+.-&2(,+1&0.$3$*b(,+ ))))))))))))))))))))))))))))))))))))))))))HH J(+'&%+%&+3(,+#&',$.(,B+05"$+>.1&'.&1+#-&%&+&"#$E %&'('+(+3(+0/-%(%(.b(+ ))))))))))))))))))))))))))))))))))))))))))))H; L('0$+1&5'/0$8+,$0/(3+&+/.,1/1-0/$.(3+#('(+3(+/..$2(0/5. ,$0/(3+S+&3+&"#$%&'("/&.1$+%&+3(+0/-%(%(.b(+))))))))GH
  • 6. E+>>>+E++ !eK!W>!A6>Y?+I!+!LK[I!WYL>!AX[ 6-(.%$+3(+'&%+,&+0$.2/&'1&+&.+&3+"&T$'+(3/(%$+0$.1'( 3(+0'/,/,+ ))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))CC J(+ ,-#&'(0/5.+ %&+ 3$,+ 3b"/1&,+ 0-31-'(3&,)+ J(+ #-&'1( (7/&'1(+(+3(+0-31-'(+*3$7(3+ ))))))))))))))))))))))))))))))))))))))D< f$'3%,+ 6$33/%/.*B+ X&0P.$3$*S+ 6'(,P&,+ ]/1P+ Y-1/," (.%+@$1P+f/.+))))))))))))))))))))))))))))))))))))))))))))))))))))))))))DC g.(+(#'$U/"(0/5.+(+3$,+"/"7'&,+/"#'&,0/.%/73&,));` >6X,+E+X$$3,+^$'+(01/2&+0/1/d&.,P/#+ ))))))))))))))))))))))))));; X&0.$3$*b(,+h-&+#$1&.0/(.+3(,+0(#(0/%(%&,+ ))))))<:C E+>+E++ ij Xk+6[L[+!?+!J !LK[I!WYL>!AX[_+ 4&'.(.%$+@$1P&3P$+ ))))))))))))))))))))))))))))))))))))))))))))))<<H [,0('+!,#/'/1-,(.1$+ ))))))))))))))))))))))))))))))))))))))))))))))<<; >*.(0/$+4&'.l.%&d+))))))))))))))))))))))))))))))))))))))))))))))))<9C >,/%'$+L(S(+ ))))))))))))))))))))))))))))))))))))))))))))))))))))))))))<`< >3%&^$.,$+L(S$'*(,+ ))))))))))))))))))))))))))))))))))))))))))))))<`C
  • 7. <.*#/4+%0, X$%(,+ 3(,+ #&',$.(,+ %&.1'$+ %&+ 3(+ 4-.%(0/5. 6/7&'2$3-.1('/$,8+ %&,%&+ ,-+ .(0/"/&.1$8+ 1'(7(T("$, %b(+ (+ %b(+ &.1$'.$+ (+ -.(+ 2/,/5.B+ ,%#-#.+"( -+/( 0,&1+/ 2&3$4-456+/(3474(7&'#4(*+"+(*"4*#3#+"(-+(#$$41+3#8$ /43#+-(9(&-('&/+""4--4(:,7+$4; j &"#/&d$+%/0/&.%$+%4'+/(-+/(*&"/4$+/('&$%"4('& $,&/%"+(&$%#'+' #$'h-&+&3+0$"#'$"/,$+h-&+1&.&"$, S+3(+*&.1&+h-&+.$,+(0$"#(M(+2(+"l,+(33l+%&+3(+$'*(E ./d(0/5.)+ K&',$.(,+ %&+ (%"/./,1'(0/$.&,8+ &.1/%(%&,8 &"#'&,(,8+ "&%/$,8+ (*&.1&,+ ,$0/(3&,8+ 0/7&'2$3-.1(E '/$,m+0/&.1$,+%&+#&',$.(,+h-&+(#-&,1(.+#$'+&3+0("E 7/$+,$0/(38+0$.+-.(+#&',#&01/2(+%/2&',(+S+"-31/,&01$E '/(38+ h-&+ 0'&&.+ &.+ 3$+ h-&+ P(0&"$,8+ .$,+ (0$"#(M(. %b(+(+%b(+S+,&+/"#3/0(.+0$.+.-&,1'(+2/,/5.) !,1&+ 3/7'$+ &,+ -.+ &T&"#3$+ %&+ &,1(+ /"#3/0(0/5.8+ -. #-.1$+%&+(#$S$+0$.+&3+h-&+"$2&'+&3+"-.%$+P(0/(+-.( .-&2(+ '&(3/%(%)+ !,+ 0/&'1$+ h-&+ &3+ -,$+ $+ .$+ %&+ P&''(E "/&.1(,+1&0.$35*/0(,+&,1l+#'$2$0(.%$+%&,/*-(3%(%&, #&'$+1("7/V.+&,+2&'%(%+h-&+.-.0(+&.+3(+P/,1$'/(+P( P(7/%$+ -.(+ P&''("/&.1(+ "&T$'+ #('(+ &3/"/.('+ $1'(, 7'&0P(,8+S(+,&(.+7'&0P(,+,$0/(3&,8+&0$.5"/0(,8+0-3E 1-'(3&,8+&%-0(1/2(,+$+%&+$1'$+1/#$)+j &.+&,$+&,+&.+3$ h-&+ .$,+ &.^$0("$,8+ .$+ &.+ -1/3/d('+ 3(+ 1&0.$3$*b(+ #&' ,&8+,/.$+0$"$+"&%/$+#('(+#'$#/0/('+3(+/..$2(0/5.+,$E 0/(3+&+/"#-3,('+&3+&"#$%&'("/&.1$+#&',$.(3) ij h-V+&,+&3+&"#$%&'("/&.1$_+K$'+^(2$'8+15"(1& -.$,+"/.-1$,8+0/&''(+3$,+$T$,8+'&,#/'(+#'$^-.%("&.1&8 C
  • 8. /"(*/.(8+ #/&.,(+ S+ #'&*n.1(1&3$)+ o-/&'$+ h-&+ 3$+ 2/,/$E .&,8+ h-&+ %&,"/*(T&,+ 3(+ #(3(7'(8+ h-&+ (7(.%$.&,+ 3$ &,1(73&0/%$8+ h-&+ "&+ %/*(,+ h-V+ ,/*./^/0(+ #('(+ 1/8+ h-V 0'&&,+h-&+#-&%&+,/*./^/0('+#('(+3(+#&',$.(+h-&+1/&.&, (+ 1-+ 3(%$c+ $+ 3$+ h-&+ ,/*./^/0('b(+ #('(+ (3*-/&.+ "-S+ 3&E T(.$8+"-S+%/,1/.1$+(+1/m ?&*-'$+ h-&+ -.(+ 2&d+ '&,-&31(+ &,(+ #'&*-.1(+ ,&+ 1& #3(.1&(.+$1'(,+0-&,1/$.&,8+0$"$+#$'+&T&"#3$8+i05"$ ,&+ &"#$%&'(+ -.(+ #&',$.(_+ io-V+ #(#&3+ T-&*(.+ 3(, 1&0.$3$*b(,+&.+&33$_+ij 3(+/..$2(0/5._+i!,+&3+&"#$E %&'("/&.1$+-.(+/..$2(0/5.+&.+,b+"/,"$_+io-V+0$.E ,&0-&.0/(,+ 0$.33&2(_+ ia(S+ &"#$%&'("/&.1$+ &.+ "/ &.1$'.$_+ !.+&,1(+3b.&(8+(+3$,+(-1$'&,+%&+&,1&+3/7'$+#&.,('+&. &"#$%&'("/&.1$+3&,+P(+33&2(%$+(+-.(+,&'/&+%&+'&^3&E U/$.&,+ #&',$.(3&,8+ (+ %&7(1/'+ 0$.+ ,-,+ 0$"#(M&'$, (.1&,+%&+&,0'/7/'+&3+1&U1$8+(+0$.1('+,-+&U#&'/&.0/(+%& &"#$%&'("/&.1$8+$+,&.0/33("&.1&+%&0/'+3$+h-&+#&.,(E 7(.)+!,(+&,+3(+"(*/()+ K$'+&33$8+(*'(%&0&"$,+,-+0$.$0/"/&.1$8+&U#&'/&.E 0/(+S+%&,/.1&'V,)+6(%(+-.$+P(+#3(,"(%$+-.(+#'/"&'( 2/,/5.+%&+1$%$+3$+h-&+1&.&"$,+#$'+%&3(.1&+%&,%&+-.( #&',#&01/2(+"-S+#&',$.(38+(+2&0&,+/3-,/$.(.1&+S+"$E 1/2(%$'(8+ (+ 2&0&,+ #'l01/0(8+ 1(.*/73&8+ 0(,/+ #(3#(73&8 $1'(,8+,/"#3&"&.1&8+#&'1-'7(%$'()+ Y .$,$1'$,+ #3(.1&('.$,+ &,1(,+ 0-&,1/$.&,+ .$,+ P( #'$#/0/(%$+ -.(+ &U0&3&.1&+ %/,&'1(0/5.+ /.1&'.(+ h-&+ P( 0$.,&*-/%$+ &.'/h-&0&'.$,+ #&',$.(3"&.1&+ S+ '&^$'d(' .-&,1'(+2/,/5.)+ D
  • 9. ij 05"$+ P&"$,+ 33&*(%$+ (+ &,1&+ #-.1$_+ iK$'+ h-V .$,+#3(.1&("$,+&,1(,+0-&,1/$.&,_+I&,%&+,-,+/./0/$, 3(+4-.%(0/5.+#('1/0/#5+"-S+(01/2("&.1&+&.+3(+6-"7'& L-.%/(3+%&+3(+?$0/&%(%+%&+3(+>.^$'"(0/5.8+&.+3(+^("/E 3/(+ %&+ 3$,+ 2$3-.1('/$,8+ #'/"&'$+ &.+ 3(,+ *"&*347/ &. p/.&7'(+ S+ 3-&*$+ &.+ Xn.&d)+ g.(+ &U#&'/&.0/(+ *'(1/^/E 0(.1&+h-&+.$,+(#$'15+-.(+2/,/5.+*3$7(3+%&3+"$"&.1$ &.+h-&+.$,+&.0$.1'("$,+'&^$'d5+.-&,1'(+0'&&.0/(+&. &3+1'(7(T$+"-31/,&01$'/(3+S+.$,+,/'2/5+#('(+'&/2/.%/0('+3( /"#$'1(.0/(+ %&3+ #(#&3+ h-&+ 3$,+ 2$3-.1('/$,+ 1&0.$35*/E 0$,+P(.+1&./%$8+1/&.&.+S+1&.%'l.+&.+&3+%&,(''$33$+%&+3( ,$0/&%(%+%&+3(+/.^$'"(0/5.+S+%&3+0$.$0/"/&.1$+0$"E #('1/%$) K&'$+.$,+#'&*-.1("$,8+i&,+0(,-(3+h-&+3(+#'/"&'( 0-"7'&+&.+3(+h-&+A(0/$.&,+g./%(,+%&T(+#('1/0/#('+(0E 1/2("&.1&+(+3(+,$0/&%(%+0/2/3+,&(+-.(+0-"7'&+,$7'&+&3 %&,(''$33$+ %&+ 3(+ ,$0/&%(%+ %&+ 3(+ /.^$'"(0/5._+ i?&'l 0(,-(3+1("7/V.+h-&+,&+%&.$"/.&+0-"7'&+%&+3(+,$0/&E %(%+%&+3(+/.^$'"(0/5.+&.+2&d+%&+0-"7'&+%&+3(,+1&0.$E 3$*b(,+%&+3(+/.^$'"(0/5.+$+3(,+1&3&0$"-./0(0/$.&,_ i!,1$+ (+ h-V+ .$,+ 33&2(_+ A$,$1'$,+ 2&"$,+ -. (2(.0&8+ 2&"$,+ 05"$+ 1b"/%("&.1&+ ,&+ #'$%-0&.+ -.( ,&'/&+ %&+ 0$.0&,/$.&,8+ %&+ %&1(33&,8+ %&+ (#-&,1(,8+ %& #3(.1&("/&.1$,8+(.1&,+/"#&.,(73&,m+K&'$+(.1&+1$%$ 2&"$,+ &3+ 2(3$'+ h-&+ 0(%(+ -.$+ %&+ .$,$1'$,+ 1/&.&+ &. &,1$8+S+3(+/"#$'1(.0/(+%&+^$'"('+#('1&8+%&+,&'+#('1b0/E #&,8+,/.+%-%(8+(#$,1(.%$+#$'+-.$+"/,"$+#('(+#$%&' (#$'1('+&.+&3+0$.T-.1$)+ !,+ 0-&,1/5.+ %&+ (-1$&,1/"(8+ %&+ 0'&&'+ &.+ .-&,1'(, 0(#(0/%(%&,+S+%&,(''$33('3(,8+%&+1&.&'+3(+^-&'d(+S+3( /3-,/5.+%&+1$"('+3(+/./0/(1/2(8+%&+P(0&'3(+.-&,1'(+S+33&E ;
  • 10. 2('3(+ P(,1(+ &3+ ^/.(3)+ !.+ %&^/./1/2(8+ %&+ &"#$%&'('.$,8 %&+,&'8+%&+#('1/0/#(')+ ?&'+0$.,0/&.1&,+%&+.-&,1'$+0$.$0/"/&.1$+S+0(#(0/E %(%+#('(+0("7/('+3(+'&(3/%(%+&,+&3+"(S$'+#$%&'+h-& 1&.&"$,+ 3(,+ #&',$.(,)+ ?&'+ 0(#(0&,+ %&+ -1/3/d('3$, #('(+/..$2('+&,+.-&,1'(+'&,#$.,(7/3/%(%+S+3$+h-&+.$, %/^&'&.0/() !"#$%&'()*(+&(#+&,)- .%)*$'&(/%)'0&1(*&2)'(3%)(3%)')'()*(456)'-( .%)*$'&*(7&28+86&6)*1(+&(#')&$8,86&6(9(+&(8:&;8<&#8=<- .%)*$'&(7)''&:8)<$&1(+&($)#<5+5;>&- .%)*$'5(:5:)<$5---(759-? !,1("$,+ (.1&+ -.+ (3d("/&.1$+ #&',$.(3+ h-&+ 1'(,E 0/&.%&+3$+0$"n.8+0(#(d+%&+0$.2&'1/',&+&.+0$3&01/2$+S #'$#/0/('+ -.+ 0("7/$+ ,$0/(3)+ a&"$,+ 0$.,&*-/%$+ (7'/' -.+%&7(1&)+YP$'(+1n+1/&.&,+3(+#(3(7'()+J(+#-&'1(+&,1l (7/&'1() j$3(.%(+W-&%( K'&,/%&.1(+%&+3(+4-.%(0/5.+6/7&'2$3-.1('/$, <:
  • 12. <9
  •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b(+f/11*&.,1&/.8+&3+^/35,$^$+h-&+"l,+&,1-%/5+3( /"#$'1(.0/(+ %&3+ 3&.*-(T&+ #('(+ .-&,1'(+ 0(#(0/%(%+ %& 0$.$0&'+ 3(+ '&(3/%(%8+ h-&+ q3$,+ 3b"/1&,+ %&+ "/+ 3&.*-(T& ,$.+3$,+3b"/1&,+%&+"/+"-.%$r)+K('1/&.%$+%&+&,1(+#'&E "/,(+'&,-31(+.&0&,('/$+&,1-%/('+.$+,53$+&3+,/*./^/0(%$ %&+ 3(+ #(3(7'(+ &7*4<&"7&$% ,/.$+ 1("7/V.+ &3+ P&0P$ %&,1(0(73&+ %&+ h-&+ %/0P(+ #(3(7'(+ .$+ 1-2/&,&+ 1'(%-0E 0/5.+(3+&,#(M$3+S+h-&+n31/"("&.1&+,&+-1/3/0&+&3+(.*3/E 0/,"$+&7*4'&"+" #('(+0$"#&.,('+&,(+^(31()+J(+#'&E *-.1(+ h-&+ ,&+ %&,#'&.%&+ .(1-'(3"&.1&+ &,B+ i#$'+ h-V .$+&U/,1b(+&,1(+#(3(7'(+&.+&,#(M$3_+i6-l3&,+&'(.+3$, 3b"/1&,+%&3+"-.%$+P/,#(.$P(73(.1&+h-&+3(+P(0b(.+/.E <`
  • 14. .&0&,('/(_+ij 05"$+P(.+2('/(%$+%/0P$,+3b"/1&,+#('( h-&+ (P$'(+ ,&+ &"#/&0&+ (+ P(0&'+ .&0&,('/$+ &3+ -,$+ %& %/0P$+(.*3/0/,"$_ ?'I"'J'&%/# ?/+-.$+&.1'(+&.+&3+H#33#4$+"#4 %&+3(+W&(3+Y0(%&"/( %&+3(+J&.*-(+&.+>.1&'.&1+S+&,0'/7&+&7*4'&"+" /."&E %/(1("&.1&+&,+'&%/'/*/%$+(+3(+#(3(7'(+(#$%&'('8+0$"$ ,/+V,1(+^-&'(+3(+0$''&,#$.%&.0/(+0$''&01(+(3+&,#(M$3) iK&'$+ ,$.+ +*4'&"+" S+ &7*4'&"+" '&(3"&.1&+ ,/.5./E "$,_+J(+%&^/./0/5.+%&+3(+#(3(7'(++*4'&"+" ,&*n.+&,1& %/00/$.('/$+ &,B+ qK$.&'+ (3*$+ &.+ #$%&'+ %&+ (3*-/&.+ $ %('3&+3(+#$,&,/5.+%&+&33$r)+!,+%&0/'8+(#$%&'('+,/*./^/0( %('+(-1$'/%(%c+*4'&"(/4@"& (3*$+$+(3*-/&.)+ ?/.+ &"7('*$+ &"#$%&'('+ 1/&.&+ -.+ "(1/d+ %/,1/.1$8 ,-1/3+S+,/.+&"7('*$+0'b1/0$)+=7*4<&"7&$%8+#$'+"/+0$E .$0/"/&.1$+%&+3(+3&.*-(+/.*3&,(8+,/*./^/0(+1&.&'+3(+0(E #(0/%(%+ %&+ P(0&'+ (3*$8+ &,+ %&0/'8+ ,&+ 1'(1(+ %&+ 1&.&' *4'&"( *+"+8+ S+ .$+ *4'&"( /4@"&)+ j (-.h-&+ &3+ *4'&" /4@"&(S+&3+*4'&"(*+"+ #-&%(.+'&,-31('+&h-/2(3&.1&,+&. (3*-.(,+ $0(,/$.&,8+ &.+ $1'(,8+ ,/.+ &"7('*$8+ ,$.+ 0$.E 0&#1$,+0$"#3&1("&.1&+%/,1/.1$,+&+/.03-,$+0$.1'('/$,)+ !"#$%&'('8+&-(*4'&"(*+"+8+,-#$.&+h-&+(3*-/&.8+/.E %/2/%-$+$+*'-#$8+1/&.&+-.(+,&'/&+%&+0(#(0/%(%&,+h-& &.+ #'/.0/#/$+ 3&+ #&'"/1&.+ (,-"/'+ 3(+ '&,#$.,(7/3/%(% ,$7'&+,-+#'$#/$+^-1-'$)+!3+/.%/2/%-$+$+*'-#$+,&+2-&32& (*&.1&8+&,+%&0/'+1/&.&+3(+0(#(0/%(%+#('(+(^'$.1('8+/.E ^3-/'+ &+ /.03-,$+ /.1&.1('+ *&.&'('+ ,-+ ^-1-'$+ %&+ (0-&'%$ 0$.+,-+2$3-.1(%+S+(.P&3$,)+j V,1(+&,+$1'(+0('(01&'b,E 1/0(+^-.%("&.1(3B+&3+&"#$%&'("/&.1$+&,+-.(+0(#(0/E <F
  • 15. %(%+h-&+.$+#(,(+%&+,&'+-.+"&'$+#$1&.0/(3+P(,1(+h-& .$+,&+#$.&+&.+(00/5.)+J(+3+*+3#'+'(*+"+ &U/,1&8+&.+&3 "$"&.1$+&.+h-&+,&+&T&0-1(c+P(,1(+&.1$.0&,+&,+,/"E #3&+#$1&.0/(3)+K$'+&,$+&.+&3+0(,$+%&3+&"#$%&'("/&.1$ /*-(3+%&+0'b1/0$+h-&+3(+0(#(0/%(%+#('(+(01-('8+&,+3(+2$E 3-.1(%+%&+P(0&'3$)+j 3(+2$3-.1(%8+3(+&3&00/5.+%&+#(,(' %&3+#$1&.0/(3+(+3(+(00/5.8+/"#3/0(+.&0&,('/("&.1&+-.( %&0/,/5.+'&,#$.,(73&+%&3+/.%/2/%-$)+!,+#$'+&33$+#$'+3$ h-&+/&(*4'"6+('&>#$#"(&-(*4'&"(/4@"&(3474(,$(*4%&$? 3#+-( '&( +,%4"#'+'( /4@"&( 4%"4/( 7#&$%"+/( B,&( &-( *4'&" *+"+(-4(&/('&(-+("&/*4$/+@#-#'+'(*&"/4$+-; !.+0$.,&0-&.0/(8+&3+&"#$%&'("/&.1$+1/&.&+.&0&E ,('/("&.1&+ -.+ 0$"#$.&.1&+ V1/0$+ S+ "$'(38+ S(+ h-&+ 3( %&0/,/5.+%&+#(,('+%&3+#$1&.0/(3+(+3(+(00/5.+1/&.&+h-& &,1('+.&0&,('/("&.1&+^-.%("&.1(%(+&.+-.(+^$'"(+%& &.1&.%&'+ S+ 2(3$'('+ 3(+ '&(3/%(%)+ I/0&+ W-,,&3+ Y0O$^^8 -.$+%&+3$,+#(%'&,+%&3+#&.,("/&.1$+,/,1V"/0$8+h-&+3( q&^/0(0/(+ &,+ &^/0/&.0/(+ &2(3-(%()+ !,+ &^/0/&.0/(+ "-31/E #3/0(%(+ #$'+ 2(3$'8+ &^/0/&.0/(+ #('(+ -.+ '&,-31(%$+ 2(3$E '(%$r)+ =$( 7#( 4*#$#8$( &-( &7*4'&"+7#&$%4( /&( "&>#&"& *,&/(+(-+(&>#3+3#+A(9($4(/4-4(+(-+(&>#3#&$3#+; ?/+,/"#3&E "&.1&+,&+(-"&.1(.+3(,+0(#(0/%(%&,+%&3+/.%/2/%-$+$ *'-#$8+ ,/.+ 0$.,/%&'('+ 3(+ 0$"#$.&.1&+ %&+ 2(3$'(0/5. "$'(38+ 3(+ (,-.0/5.+ %&+ '&,#$.,(7/3/%(%+ S+ &3+ 0$"#'$E "/,$+h-&+/"#3/0(+&3+&"#$%&'("/&.1$8+,53$+,&+&,1l+(-E "&.1(.%$+ 3(+ &^/0/&.0/() )&( :+3&( 7&I4"( -4( B,&( 9+( /& :+36+A( *&"4( $4( /&( :+3&( $+'+( $,&14J( $4( /&( *"4',3& 3+7@#4;(04(:+9(#$$41+3#8$; <H
  • 16. !",K'10,"&'% K&'$+&.1$.0&,8+i#$'+h-V+.$+&U/,1b(+&,1(+#(3(7'(+&. &,#(M$3_+i6-l3&,+&'(.+3$,+3b"/1&,+%&3+"-.%$+P/,#(E .$P(73(.1&+ h-&+ .$+ 0$.,/%&'(7(.+ .&0&,('/(+ 3(+ &U/,E 1&.0/(+%&+&,1(+#(3(7'(+h-&+%&,0'/7&+3(+0(#(0/%(%+S+3( 2$3-.1(%+%&+(,-"/'+&3+#'$#/$+^-1-'$_ 6-'/$,("&.1&+&3+0(,$+%&+3(+#(3(7'(+&7*4<&"7&$% .$+&,+-.+0(,$+(/,3(%$)+?$.+2('/(,+3(,+#(3(7'(,+%&+3( 3&.*-(+/.*3&,(+h-&+%&,0'/7&.+3(+(00/5.+'&,#$.,(73&+S 2$3-.1('/(+%&3+0/-%(%(.$+&.+&3+l"7/1$+,$0/(38+,&(+#nE 73/0$+$+#'/2(%$8+h-&+1("#$0$+1/&.&.+1'(%-00/5.+(3+&,E #(M$3)+ !.1'&+ &33(,8+ (%&"l,+ %&+ &7*4<&"7&$%8+ &,1l +334,$%+@#-#%98+ /%+K&:4-'&"8+ 34$/%#%,&$39 S+ -4@@98 &.1'&+ $1'(,)+ K('&0&+ #-&,+ h-&+ 3$,+ 3b"/1&,+ %&3+ "-.%$ P/,#(.$P(73(.1&+.$+0$.,/%&'(7(.+&.+/*-(3+"&%/%(+3( .&0&,/%(%+ %&+ %&,0'/7/'+ 3(+ #('1/0/#(0/5.+ '&,#$.,(73& %&+3(+0/-%(%(.b(+&.+&3+l"7/1$+,$0/(3+S+,/.+&"7('*$+,b #'&0/,(7(.+%&+#(3(7'(,+h-&+%&,0'/7/&,&.+3(,+'&3(0/$E .&,+%&+(-1$'/%(%8+0$"$+#$'+&T&"#3$+3(+#(3(7'(+(#$E %&'(')+ !,1&+P&0P$+.$,+33&2('b(+(+#3(.1&('+3(+P/#51&,/,+h-& %&+h-&+&.+&3+"-.%$+(.*3$,(T5.+#-%/&,&+&U/,1/'+-.(+1'(E %/0/5.+0-31-'(3+h-&+/.03-S(+3(+#('1/0/#(0/5.+(01/2(+S+'&,E #$.,(73&+%&3+0/-%(%(.$+&.+&3+l"7/1$+,$0/(3+&.+"(S$' "&%/%(+ h-&+ &.+ &3+ "-.%$+ P/,#(.$P(73(.1&8+ %$.%& %/0P(+ #('1/0/#(0/5.+ ,&+ 0$.0&7/'b(+ #'&^&'&.1&"&.1& 0$"$+'&,#-&,1(+(+3(,+/.%/0(0/$.&,+%&+3(+(-1$'/%(%)+ g.(+#$,/73&+&U#3/0(0/5.+#('(+&,1(+P/#51&,/,+#$%'b( &,1('+^-.%("&.1(%(+&.+3$,+%/^&'&.1&,+#3(.1&("/&.1$, ^/3$,5^/0$,+%&'/2(%$,+%&+3(+'&^$'"(+#'$1&,1(.1&+h-&+,& 0$.0'&1('$.+ &.+ -.(+ "(S$'+ V1/0(+ %&+ '&,#$.,(7/3/%(% <G
  • 17. /.%/2/%-(38+7/&.+%&,0'/1(+#$'+&3+,$0/53$*$+L(U+f&7&') !,1(+V1/0(+#'$1&,1(.1&+,&+"(1&'/(3/d(8+&.1'&+$1'$,+l"E 7/1$,8+&.+3$,+#'$0&,$,+%&+&3&00/5.+%&+3(,+(-1$'/%(%&, #n73/0(,8+ 1(3&,+ 0$"$+ 3$,+ '&#'&,&.1(.1&,+ #$3b1/0$,8+ &3 T-&d8+&3+/:&"#>>8+&3+#(,1$'8+&10)+?/.+&"7('*$8+&.+3$,+#(E b,&,+ %&+ 1'(%/0/5.+ 0(153/0(+ &'(+ "-0P$+ "l,+ ^'&0-&.1& h-&+ ^-&'(.+ 3(,+ "/,"(,+ (-1$'/%(%&,+ ,-#&'/$'&,+ 3(, h-&+&3&*b(.+(+,-+2&d+(+3(,+(-1$'/%(%&,+/.^&'/$'&,)+?& #$%'b(+#3(.1&('+h-&+&3+#$%&'+%&+I/$,+h-&+T-,1/^/0(7( $'/*/.(3"&.1&+3(+(-1$'/%(%+%&3+'&S+S+%&3+#(#(+%&,0&.E %b(+(+#('1/'+%&+&,1$,+P(,1(+&3+n31/"$+0('*$+#n73/0$)+I& &,1(+"(.&'(8+&,1&+#$%&'+,-#&'/$'+&.+#'/.0/#/$+%&+0(E 'l01&'+ #'$2&&%$'+ ,&+ $0-#(7(+ %&+ ,$3-0/$.('+ 3$,+ #'$E 73&"(,+%&+3(+0/-%(%(.b(8+'&%-0/&.%$+3(+.&0&,/%(%+%& &,1$,+ %&+ (,-"/'+ -.+ #(#&3+ (01/2$+ S+ '&,#$.,(73&)+ K$' 1$%$+ &33$+ ,&'b(+ #$,/73&+ %&%-0/'+ h-&+ &.+ 3(+ 1'(%/0/5.+ S .(''(1/2(+ 0-31-'(3+ %&+ 3$,+ #(b,&,+ 0(153/0$,+ ,&+ P('b( "&.$,+.&0&,('/(+3(+&U/,1&.0/(+%&+1V'"/.$,+#('(+%&,E 0'/7/'+3(+#('1/0/#(0/5.+2$3-.1('/(+S+'&,#$.,(73&+%&+3$, 0/-%(%(.$,+&.+3$,+P&0P$,+#n73/0$,+h-&+&.+3$,+#(b,&, #'$1&,1(.1&,) C2,$#1)-3.'0,1) i!.1$.0&,8+h-V+&,+3$+h-&+P(+0("7/(%$+h-&+(P$'( ,&+ P(0&+ .&0&,('/$+ &3+ -,$+ %&+ &,1$,+ (.*3/0/,"$,_ i65"$+P(+0("7/(%$+&3+"-.%$+#('(+h-&+(P$'(+%&7(E "$,+/.03-/'+&.1'&+,-,+3b"/1&,+3(+%&,0'/#0/5.+%&+&,1(+(0E 1/1-%+(01/2(+S+'&,#$.,(73&+#$'+#('1&+%&+3(+0/-%(%(.b(_ g.(+2&d+"l,+&3+3&.*-(T&+.$,+#-&%&+%('+-.(+#/,1() I&,%&+"/+&U#&'/&.0/(+%/('/(+#&',$.(3+'&,-31(+0-'/$,$ $7,&'2('+h-&+,&(.+#'&0/,("&.1&+3(,+#(3(7'(,+&7*4? <C
  • 18. <&"7&$%(S++334,$%+@#-#%9 3(,+h-&+0$.+"(S$'+^-&'d(+1'(E 1(.+%&+&.1'('+&.+.-&,1'$+%/00/$.('/$8+"-0P$+"l,+h-& 34$/%#%,&$39 $+/%+K&:4-'&")+6'&$+h-&+&,1$+#$%'b(+,&' %&7/%$+(+h-&+&7*4<&"7&$% S++334,$%+@#-#%9 &.+#('1/0-E 3('+ ,$.+ #(3(7'(,+ 0$.+ -.(+ "(S$'+ /"#$'1(.0/(+ #('(+ 3(, (01/2/%(%&,+ #'$%-01/2(,+ (01-(3&,+ %&3+ ,&01$'+ #'/2(%$c "/&.1'(,+h-&+34$/%#%,&$39 S+/%+K&:4-'&" ,$.+"l,+(#3/E 0(73&,+ (+ l"7/1$,+ #n73/0$,)+ !.+ $1'(,+ #(3(7'(,8+ #$%'b( ,&'+h-&+&3+%/.("/,"$+%&3+,&01$'+#'/2(%$+&.+*&.&'(3+S %&+ 3(,+ "-31/.(0/$.(3&,+ (.*35^$.(,+ &.+ #('1/0-3('+ P(S( P&0P$+.&0&,('/(+3(+%&,0'/#0/5.+%&+-.(+^$'"(+%&+1'(7(E T('+h-&+P(,1(+&,1&+"$"&.1$+.$+P(7b(+,/%$+1(.+.&0&,(E empowerment podría venir de las necesidades '/$+%&,0'/7/')+g.(+^$'"(+%&+1'(7(T('+7(,(%(+&.+%&,(''$E del sector privado!!!!!!! a ver si el concepto va a 33$,+1&0.$35*/0$,+h-&+#'$#/0/(.+"-0P$+"l,+3(+1$"(+%& ser más "responsabilidad" mal entendida y %&0/,/$.&,+%&,0&.1'(3/d(%(,+S+&"#$%&'(%(,+#$'+#('1& recargada a lso de siempre :-( %&+-.+0(%(+2&d+"(S$'+.n"&'$+%&+1'(7(T(%$'&,) K$%&"$,+-,('+0$"$+(.(3$*b(+3(,+'&%&,+%&+1&3&0$E "-./0(0/$.&,8+h-&+P(.+#(,(%$+%&+&,1('+0$.1'$3(%(, #$'+ -.(+ 0&.1'(3+ h-&+ 1&.b(+ /.^$'"(0/5.+ ,$7'&+ 1$%(+ 3( W&%+S+&,1(73&0b(+-.(+0$.&U/5.+#-.1$+(+#-.1$8+(3+%&E ,(''$33$+ %&+ >.1&'.&18+ -.(+ '&%+ %&+ '&%&,+ %$.%&+ 0(%( .$%$+1$"(+%&0/,/$.&,+#-.1-(3&,+&.+^-.0/5.+%&+3(+/.E ^$'"(0/5.+%/,#$./73&+&.+,-+&.1$'.$+/."&%/(1$)+j #$E %'b(+,&'+#'&0/,("&.1&+&,1(+&,1'-01-'(+1&0.$35*/0(+h-& ,-,1&.1(+-.+#'$0&,$+#'$%-01/2$+"l,+%&,0&.1'(3/d(%$ S+ h-&+ .&0&,/1(+ (#'$2&0P('+ &3+ 0$.$0/"/&.1$+ %&+ 0(%( /.%/2/%-$+ #('(+ 0'&('+ -.+ "(S$'+ 2(3$'+ (M(%/%$8+ 3$+ h-& #$%'b(+&,1('+%&,(''$33(.%$+3(+.&0&,/%(%+%&+-.(+(01/E 1-%+"l,+'&,#$.,(73&+S+&"#$%&'(%(+%&+3$,+1'(7(T(%$E '&,)+H&(&/%+(7+$&"+(*+/+74/('&(7&"4/("&3,"/4/(:,? 7+$4/A(*+/#14/(9('&*&$'#&$%&/('&(-+/('&3#/#4$&/('& -+/(*&"/4$+/(+*4'&"+'+/A(+(>,$'+7&$%+"(&-('&/+""4? <D
  • 19. --4(&34$87#34(9(/43#+-(&$(-+(3+*+3#'+'('&(/&"&/(:,? 7+$4/A('#$F7#34/(9(3"&+%#14/(B,&(/#$%#L$'4/&(&7*4? '&"+'4/( +/,7&$( /,( "&/*4$/+@#-#'+'( &$( -+( 3"&+3#8$ '&(,$(>,%,"4(347M$;( !,1&+ /.0/#/&.1&+ %&,(''$33$8+ 0$"$+ %/*$8+ &,+ "-0P$ "l,+&2/%&.1&+&.+&3+,&01$'+#'/2(%$+h-&+&.+&3+#n73/0$8 #&'$+.$+#-&%&+&.+"/+$#/./5.+3/"/1(',&+(+V,1&)+?/+'&(3E "&.1&+,&+%&,&(+0$.,1'-/'+-.+^-1-'$+"&T$'8+"l,+T-,1$+S &h-/1(1/2$8+,&+P(0&+.&0&,('/$+%&,(''$33('+&3+&"#$%&E '("/&.1$+%&+3(+0/-%(%(.b(+h-&+P(*(+h-&+V,1(+#(,&+( 3(+(00/5.+%&,%&+-.(+%&0/,/5.+/.%/2/%-(38+"$'(3+S+'&,E #$.,(73&)+g.+'&0/&.1&+&T&"#3$+%&+&,1(+(01/1-%+&"#$E %&'(%(+%&+3(+0/-%(%(.b(+,&'b(+^l0/3+%&+&.0$.1'('+&.+3( 0("#(M(+ %&+ 7(,&+ h-&+ (-#5+ (+ @('(0O+ [7("(+ (+ 3( K'&,/%&.0/(+%&+3$,+!,1(%$,+g./%$,+%&+Y"V'/0() LM -%1)0,&"#-#I3%1N a&"$,+ #3(.1&(%$+ h-&+ 3$,+ 0/-%(%(.$,+ &"#$%&'(E %$,8+%&,%&+,-+(01/1-%+'&,#$.,(73&+0$.+3(+0'&(0/5.+%& -.+.-&2$+^-1-'$+0$"n.8+.$+#-&%&.+"&.$,+h-&+,&'+0'&E (1/2$,+&+/..$2(%$'&,)+K$'h-&+,53$+%&,%&+3(+/..$2(0/5. ,&+#-&%&+0'&('+-.+^-1-'$+.-&2$)+K$'+1$%$+&33$+&,8+&.+"/ $#/./5.8+&3+&"#$%&'("/&.1$+&3+"$1$'+h-&+/./0/(+&3+#'$E 0&,$+%&+(00/5.+S+#'$*'&,$+,$0/(3+'&,#$.,(73&)+J(+0/-E %(%(.b(+&"#$%&'(%(+#-&%&+S+(,-"&+,-+'&,#$.,(7/3/E %(%+&.+&3+%&,(''$33$+%&+3(+/..$2(0/5.+1(.1$+1&0.$35*/0( 0$"$+,$0/(3+S+&,1(+/..$2(0/5.+,/'2&+(+,-+2&d+#('(+/.E 0'&"&.1('+&3+&"#$%&'("/&.1$+%&+&,(+"/,"(+0/-%(%(E .b(+(3+(-"&.1('+3(+0(#(0/%(%+%&3+/.%/2/%-$+0$"#'$"&E 1/%$)+!,1('b("$,+#-&,+P(73(.%$+&.+&,1&+0(,$+%&+-.+0b'E 0-3$+2/'1-$,$+%&+/..$2(0/5.+#('(+3(+&^/0(0/() <;
  • 20. ?/.+&"7('*$8+&.+(-,&.0/(+%&3+&"#$%&'("/&.1$+%& 3(+ 0/-%(%(.b(+ 3(+ /..$2(0/5.+ ,53$+ #-&%&+ (-"&.1('+ 3( &^/0/&.0/()+ !,+ %&0/'8+ 3(+ 0/-%(%(.b(+ .$+ 0$.,/%&'(+ '&,E #$.,(73&"&.1&+&3+2(3$'+%&+(h-&33$+h-&+,&+#'$%-0&+&. &3+ l"7/1$+ ,$0/(38+ ,53$+ $#1/"/d(+ 3(+ ^$'"(+ %&+ P(0&'+ 3$ h-&+S(+,&+2&.b(+P(0/&.%$)+K$'+1$%$+&33$8+#$%'b(+33&*(' (+ %&0/',&+ h-&+ 3(+ 1&0.$3$*b(+ .$+ #$%'b(+ ,&'+ 1$1(3"&.1& .&-1'(B+$+7/&.+(#$S(+-.+#'$0&,$+&"#$%&'(%$+%&+(0E 0/5.+ 0/-%(%(.(+ P(0/(+ 3(+ /..$2(0/5.+ S+ 3(+ 1'(.,^$'"(E 0/5.+,$0/(3+$+7/&.+0$.1'/7-S&+(+"(.1&.&'+-.(+(01/1-% #(,/2(+S+%&#&.%/&.1&+%&+3$,+0/-%(%(.$,+(+7(,&+%&+(-E "&.1('+3(+&^/0/&.0/(+%&3+#'$0&,$+&U/,1&.1&c+h-&+#'&0/E ,("&.1&+#$'+,-+&^/0/&.0/(+.-.0(+,&+33&*(+(+0-&,1/$.(')+ esto me mola más...dif. eficacia y eficiencia ... aplicado al rollo %&,#'&.%&+ #$'+ 1(.1$+ 3(+ .&0&,/%(%+ %&+ 2(3$'(' ?&+ público...para activar el cambio ;-) y como la tecnología puede ser una arma de doble filo. 0-l3+&,+&3+#(#&3+(01-(3+h-&+&,1l+T-*(.%$+3(+/..$2(0/5. &.+*&.&'(3+S+3(+1&0.$35*/0(+&.+#('1/0-3('+&.+&3+%&,(E ''$33$+,$0/(3)+i6$.1'/7-S&+3(+/..$2(0/5.+(01-(3+(3+&"E #$%&'("/&.1$+%&+3(+0/-%(%(.b(+(-"&.1(.%$+&3+0$"E #'$"/,$+ %&+ 3$,+ 0/-%(%(.$,+ S+ ,-+ 0(#(0/%(%+ #('(+ 3( 0$.,/*-/&.1&+ (00/5.+ ,$0/(3_+ [8+ #$'+ &3+ 0$.1'('/$8+ i,& 0$.2/&'1&+3(+/..$2(0/5.+&.+-.+"&%/$+#('(+3(+(#(1b(+S #(,/2/%(%+%&+3(+0/-%(%(.b(_+iJ(+/..$2(0/5.+1&0.$35E */0(+(01-(3+0$.1'/7-S&+(+-.(+(00/5.+,$0/(3+'&,#$.,(E 73&+%&+3(+0/-%(%(.b(+$+#$'+&3+0$.1'('/$+(-"&.1(+3(+%&E #&.%&.0/(+%&+3(+(-1$'/%(%8+#&'"/1/&.%$+h-&+&3+0/-%(E %(.$+ '&PnS(+ %&+ ,-,+ '&,#$.,(7/3/%(%&,_+ i!,1("$, #'$"$2/&.%$+ 3(+ /%&(+ %&+ h-&+ -.+ "(S$'+ *'(%$+ %&+ &^/E 0/&.0/(+1&0.$35*/0(+#$%'b(+33&*('+(+#'$%-0/'+(3*n.+%b( #$'+,/"#3&+*&.&'(0/5.+&,#$.1l.&(+(3*n.+1/#$+%&+0("E 7/$+,$0/(3_+ 9:
  • 21. !.+"/+$#/./5.+,&'b(+/"#$'1(.1&+S+0$.2&./&.1&+h-& .$,+#3(.1&l,&"$,+&.+(3*n.+"$"&.1$+3(+'&,#-&,1(+( &,1(,+#'&*-.1(,8+,/+&,+h-&+'&(3"&.1&+%&,&("$,+h-& 3(+ /..$2(0/5.+ .$+ ,53$+ *&.&'&+ -.+ "(S$'+ &"#$%&'(E "/&.1$+ %&+ 3(+ 0/-%(%(.b(8+ ,/.$+ h-&+ &,(+ /..$2(0/5. ,&(+&.+,b+"/,"(+0$.,&0-&.0/(+%&+-.(+%&0/,/5.+&"E #$%&'(%() 9<
  • 22.
  • 24. 9F
  • 25. 5'.,)0#),%0)#2+)#7")/#I)J##/N R&-&+/#$5(%:&(*4%&$%#+-(4>(74@#-&(%&3:? $4-459(>4"(0VW(+$'(3#%#.&$(&7*4<&"? 7&$%(#$(%:&('&1&-4*#$5(<4"-' P,")E%":1) t&.+ @(.O,8+ ^$-.%&'+ $^+ t/](.T().&18+ %&2$1&, X#<+$I+;$&% P/",&3^+1$+1P&+(##3/0(1/$.+$^+"$7/3&+1&0P.$3$*S ^$'+#$,/1/2&+,$0/(3+(.%+&.2/'$."&.1(3+0P(.*&+/. 1P&+ %&2&3$#/.*+ ]$'3%8+ (.%+ P(,+ ,#&.1+ 1P&+ 3(,1 <H+ S&(',+ ]$'O/.*+ $.+ #'$T&01,+ /.+ Y^'/0() W&0&.13S8+P/,+'&,&('0P+'&,-31&%+/.+1P&+%&2&3$#E "&.1+ $^+ 4'$.13/.&?L?8+ (+ ^/&3%+ 0$""-./0(1/$. ,S,1&"+%&,/*.&%+1$+&"#$]&'+*'(,,'$$1,+.$.E #'$^/1+ $'*(./,(1/$.,)+ t&.+ *'(%-(1&%+ ^'$" ?-,,&U+ g./2&',/1S+ ]/1P+ P$.$-',+ /.+ ?$0/(3 Y.1P'$#$3$*S+ ]/1P+ I&2&3$#"&.1+ ?1-%/&,8+ (.% ](,+(]('%&%+(+W&-1&',+I/*/1(3+/,/$.+4&33$]E ,P/#+ /.+ 9::G8+ (.%+ .("&%+ (+ K$#uX&0P+ ?$0/(3 >..$2(1/$.+ 4&33$]+ /.+ 9::D)+ t&.v,+ ]$'O+ P(, 7&&.+,-##$'1&%+7S+1P&+L(0Y'1P-'+4$-.%(1/$. (.%+ [#&.+ ?$0/&1S+ >.,1/1-1&8+ (.%+ P&+ /,+ 1P&+ 0-E ''&.1+ '&0/#/&.1+ $^+ (+ *'(.1+ ^'$"+ 1P&+ a&]3&11 4$-.%(1/$.) >.+2:&(N:#%&(O+$P/(Q,"'&$;(N:9(%:&(N&/%P/(=>>4"%/ %4(E#'(%:&(R&/%(S+1&(H4$&()4(O,3:(T--(+$'()4(U#%%-& V44'8+ f/33/("+ !(,1&'3Ss,+ ^'-,1'(1/$.+ (1+ 3('*&E,0(3&8 1$#E%$].8+ 7-'&(-0'(0SE'/%%&.+ %&2&3$#"&.1 #'$T&01, '-.,+1$+(.+/"#'&,,/2&+`DF+#(*&,)+fP/3&+!(,1&'3S+%&%E /0(1&,+ "$,1+ $^+ P/,+ 7$$O+ 1$+ "('O&1,8 &0$.$"/0,+ (.% 1P&+"&0P(./0,+$^+/.1&'.(1/$.(3+%&2&3$#"&.1+/1,&3^8+P& 1(3O,+3/113&+$^+/.^$'"(1/$.+(.% 0$""-./0(1/$.+1&0P.$3E 9H
  • 26. $*S+Q>6XR)+XP&+/.%&U+0(''/&,+.$+'&^&'&.0&+1$+q0$"#-1E &',r8+q>6Xr+$'+&2&.+#3(/.+$3% q1&0P.$3$*Sr) @-1+1P&'& /,+(.+&.1'S+^$'+q0&33+#P$.&,r) !)+4)+?0P-"(0P&'8+(+^&33$]+&0$.$"/,1+(.%+1P&+"(. ]/%&3S+ '&0$*./,&%+ (,+ 1P&+ ^(1P&'+ $^+ 1P&+ (##'$#'/(1& 1&0P.$3$*S+"$2&"&.18+,#&.1+(+3/113&+"$'&+1/"&+/.+P/, 7$$O,+,1-%S/.*+1&0P.$3$*S+/,,-&,)+a/,+,&"/.(3+<;C` 7$$O+)7+--(#/(Q&+,%#>,-;(2:&()%,'9(4>(=34$47#3/(+/(#> !&4*-&(O+%%&"&' 0("&+(7$-1+(,+(+'&(01/$.+1$+1P&+/"E #$,/1/$.+ $^+ (3/&.+ %&2&3$#"&.1+ 0$.0&#1,+ $.+ XP/'% f$'3%+0$-.1'/&,8+(.%+P&+]('.&%+&('3S+$^+1P&+%(.*&', (.%+%/^^/0-31/&,+$^+(%2$0(1/.*+1P&+,("&+1&0P.$3$*/0(3 #'(01/0&,+ /.+ &.1/'&3S+ %/^^&'&.1+ ,$0/&1/&,+ (.%+ &.2/'$.E "&.1,)+ Y31P$-*P+ P/,+ &('3/&'+ ]$'O+ ^$0-,,&%+ "$'&+ $. (*'/E1&0P.$3$*S+ (.%+ 3('*&E,0(3&+ /.^'(,1'-01-'&+ #'$TE &01,+!%("+7-/3%/.*+](,+(+^(2$-'/1&+q/.1&'2&.1/$.r+(1 1P&+1/"&!8+P/,+1P&$'/&,+0$-3%+&(,/3S+P(2&+7&&.+(##3/&% 1$+>6X,8+(,+1P&S+]&'&+/.+3(1&'+S&(',) XP/.*,+ P(2&+ 0$"&+ (+ 3$.*+ ](S+ ,/.0&+ <;C`)+ 4$'+ ( ,1('18+"(.S+$^+-,+.$]+P(2&+"$7/3&+#P$.&,8+1P&+"$,1 '(#/%3S+ (%$#1&%+ 1&0P.$3$*S+ /.+ P/,1$'S)+ >.+ ]P(1 ("$-.1,+ 1$+ 3/113&+ "$'&+ 1P(.+ 1P&+ 73/.O+ $^+ (.+ &S&8+ "$E 7/3&,+P(2&+*/2&.+-,+(+*3/"#,&+$^+1P&/'+#$1&.1/(3+1$+P&3# -,+,$32&+,$"&+$^+1P&+"$,1+#'&,,/.*+#'$73&",+$^+$-' 1/"&)+f/1P+&2/%&.0&+"$-.1/.*8+>+P(2&+$.&+h-&,1/$.)+>^ "$7/3&,+1'-3S+('&+(,+'&2$3-1/$.('S+(.%+&"#$]&'/.*+(, 1P&S+(##&('+1$+7&+!#('1/0-3('3S+/.+1P&+3/2&,+$^+,$"&+$^ 1P&+#$$'&,1+"&"7&',+$^+,$0/&1S! 1P&.+%$+]&+P(2&+( "$'(3+%-1S8+/.+1P&+>6X ^$'+I&2&3$#"&.1+Q>6XFIR+0$"E "-./1S+ (1+ 3&(,18+ 1$+ ,&&+ 1P(1+ 1P&S+ ^-3^/3+ 1P(1+ #$1&.1/(3_ j$-+,&&8+>s"+(+3/113&+]$''/&%)+>^+]&+%'(]+#('(33&3,+7&E 9G
  • 27. 1]&&.+1P&+0$.0&'.,+$^+!(,1&'3S+(.%+?0P-"(0P&'+(.% (##3S+1P&"+1$+1P&+(##3/0(1/$.+$^+"$7/3&+#P$.&,+(,+( 1$$3+ ^$'+ ,$0/(3+ (.%+ &0$.$"/0+ %&2&3$#"&.18+ 1P&'&s,+ ( %(.*&'+1P(1+1P&+%&2&3$#"&.1+0$""-./1S+"(S+&.%+-# '&#&(1/.*+1P&+,("&+"/,1(O&,+$^+1P&+#(,1)+f&+P(2&+( *$3%&.+$##$'1-./1S+P&'&+1P(1+]&+0(.s1+(^^$'%+1$+"/,,) @-1+"/,,+/1+]&+"(S)+?/.0&+9::`+>s2&+7&&.+]$'O/.* &U03-,/2&3S+/.+1P&+"$7/3&+,#(0&8+(.%+>s2&+0$"&+1$+"S $].+ 0$.03-,/$.,+ (7$-1+ ]P&'&+ ]&+ .&&%+ 1$+ 7&+ ^$E 0-,,/.*+"$'&+$^+$-'+(11&.1/$.+/^+]&s'&+1$+1(O&+(%2(.E 1(*&+ $^+ 1P&+ $##$'1-./1S+ (P&(%+ $^+ -,)+ I$.s1+ *&1+ "& ]'$.*+ !]&+ %$+ .&&%+ 1$+ 7&+ 3$$O/.*+ (1+ 1P&+ 7/**&'+ #/0E 1-'&! 7-1+1P&'&s,+.$1+'$$"+(1+1P&+1$#+^$'+(33+$^+-,)+>8+^$' $.&8+("+"$'&+1P(.+P(##S+1$+7&+]$'O/.*+(1+1P&+7$11$") A$1+ $.3S+ %$+ >+ ^/.%+ *'(,,'$$1,+ Ap[,+ #('1/0-3('3S+ 3&(. (.%+ &^^/0/&.1+ !$^1&.+ ]/1P+ 1P&+ ,0('0&,1+ $^+ ^-.%/.*+ (.% '&,$-'0&,!8+ 7-1+ 1P&S+ (3,$+ 1&.%+ 1$+ *&1+ 3&,,+ 7$**&% %$].+]/1P+#'$0&%-'&8+#$3/1/0,+(.%+&*$,8+(.%+('&+$^1&. (73&+ 1$+ '&(01+ ^('+ "$'&+ h-/0O3S+ 1$+ 0P(.*/.*+ &.2/'$.E "&.1,+1P(.+1P&/'+3('*&'+0$-.1&'#('1,) @&/.*+ 3$0(38+ 1P&S+ (3,$+ 1&.%+ 1$+ P(2&+ "-0P+ *'&(1&' 0$.1&U1+^$'+1P&/'+&.2/'$."&.1,8+(.%+/.+(01/2/,"+1&'", 1P&Ss'&+ "$'&+ 3/O&3S+ 1$+ 7&+ (73&+ 1$+ $#&'(1&+ -.%&'+ 1P& '(%('+ $^+ %/01(1$'/(3+ '&*/"&,8+ "&(./.*+ 1P&S+ 0(.+ $^1&. &.*(*&+(+3$0(3+(.%+.(1/$.(3+#$#-3(0&+/.+](S,+]P&'& 3('*&'+$'*(./,(1/$.,+"/*P1+,1'-**3&) ?$8+](2/.*+"S+*'(,,'$$1,+Ap[+^3(*8+>+,&&+(+0&.1'(3 #'$73&"+$^+^$0-,+/.+1P&+"$7/3&+(##3/0(1/$.,+,#(0&)+J&1 "&+ &U#3(/.)+ >^+ ]&+ 1(O&+ 1P&+ J$.*+ X(/3+ 0$.0&#1+ ^/',1 1(3O&%+ (7$-1+ 7S+ 6P'/,+ Y.%&',$.+ (.%+ (##3S+ /1+ 1$+ 1P& 9C
  • 28. "$7/3&+ ,#(0&8+ ]&+ *&1+ ,$"&1P/.*+ 3/O&+ 1P/,)+ >+ 0(33+ /1 ?$0/(3+L$7/3&s,+J$.*+X(/3) fP(1+ /1+ %&"$.,1'(1&,+ /,+ 1P(1+ $-'+ 1&.%&.0S+ 1$+ (/" ^$'+,&US8+3('*&E,0(3&8+1$#E%$].8+0(#/1(3+(.%+1/"&/.1&.E ,/2&+"$7/3&+,$3-1/$.,+,/"#3S+'&,-31,+/.+1P&+0'&(1/$.+$^ 1$$3,+]P/0P+$.3S+1P&+3('*&'8+"$'&+'&,$-'0&E'/0P+Ap[, ('&+ (73&+ 1$+ (%$#1+ (.%+ (^^$'%)+ a(2/.*+ ]$'O&%+ ]/1P *'(,,'$$1,+Ap[,+^$'+$2&'+<H+S&(',8+>+,1'$.*3S+7&3/&2& 1P(1+]&+.&&%+1$+,&'/$-,3S+'&^$0-,+,$"&+$^+$-'+(11&.E 1/$.+1P&'&+1$+(2$/%+%&2&3$#/.*+$-'+$].+Ap[+q%/*/1(3 %/2/%&r)+ X$+ %$+ 1P/,+ ]&+ .&&%+ 1$+ 1P/.O+ (7$-1+ 3$]E&.%8 ,/"#3&8+ (##'$#'/(1&+ "$7/3&+ 1&0P.$3$*S+ ,$3-1/$., ]P/0P+ ('&+ &(,S+ 1$+ $71(/.8+ (^^$'%(73&8+ '&h-/'&+ (,+ 3/113& 1&0P./0(3+&U#&'1/,&+(,+#$,,/73&8+(.%+('&+&(,S+1$+0$#S (.%+ '&#3/0(1&)+ XP/,+ /,+ ,$"&1P/.*+ >+ '&*-3('3S+ ]'/1& (7$-18+ (.%+ /1s,+ (+ 0P(33&.*&+ >s"+ "$'&+ 1P(.+ P(##S+ 1$ 1P'$]+%$].+1$+1P&+%&2&3$#&'+0$""-./1S) Y.$1P&'+ O&S+ #'$73&"+ 1P(1+ ]&+ P(2&+ &"&'*&,+ (,+ ( ,S"#1$"+$^+1P&+^/',1)+@&0(-,&+3('*&'+/.1&'.(1/$.(3+%&E 2&3$#"&.1+(*&.0/&,8+7S+1P&/'+2&'S+.(1-'&8+1&.%+1$+#'&E 9D
  • 29. $00-#S+1P&",&32&,+]/1P+1P&+7/**&'+/,,-&,8+1P&S+$^1&. /.(%2&'1&.13S+ .&*3&01+ 1P&+ ,/"#3&8+ &(,/&'E1$E^/U+ #'$7E 3&",+!1P&+q3$]+P(.*/.*+^'-/1r+(,+,$"&+#&$#3&+3/O&+1$ 0(33+/1!)+XP&+L/33&../-"+I&2&3$#"&.1+p$(3,+QLIpw,R ('&+*$$%+&U("#3&,+$^+1P&+O/.%,+$^+1('*&1,+]P/0P+('& ^('+&(,/&'+1$+"/,,+1P(.+P/1) >.+"$7/3&+1&'",8+-,/.*+1P&+1&0P.$3$*S+1$+&.P(.0& 7(,/0+0$""-./0(1/$.,+/,+(+03(,,/0+q3$]+P(.*/.*+^'-/1r) Y^1&'+(338+1P(1s,+]P(1+"$7/3&+#P$.&,+%$8+(.%+0$""-./E 0(1/$.+/,+^-.%("&.1(3+1$+(33+Ap[+(01/2/1/&,8+#('1/0-3('3S 1P$,&+ ]$'O/.*+ /.+ 1P&+ O/.%,+ $^+ /.^'(,1'-01-'&E0P(3E 3&.*&%+ &.2/'$."&.1,+ $^1&.+ ^$-.%+ /.+ 1P&+ %&2&3$#/.* ]$'3%)+I&,#/1&+1P/,8+1P&'&+('&+^&]+1$$3,+(2(/3(73&+1P(1 1(O&+(%2(.1(*&+$^+$.&+$^+1P&+"$,1+#'$3/^/0+"$7/3&+0$"E "-./0(1/$.+ 0P(..&3,+ (2(/3(73&+ 1$+ *'(,,'$$1,+ Ap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p[,+$^1&.+"(.(*&+1$+"(/.1(/.+$#&'(1/$.,+(.%+$^1&. #'$2/%&+ 1P&+ $.3S+ 2$/0&+ ^$'+ 1P&+ #&$#3&)+ >.+ x/"7(7]&8 t-7(1(.().&1+ P(2&+ 7&&.+ -,/.*+ 4'$.13/.&?L?+ &U1&.E ,/2&3S+1$+&.*(*&+(+#$#-3(1/$.+.$1+$.3S+,1('2&%+$^+T$7,8 (+"&(./.*^-3+0-''&.0S+(.%+(+^-.01/$./.*+%&"$0'(0S8 7-1+(3,$+.&],+(.%+/.^$'"(1/$.)+f/1P+(+3/113&+]/338+]P(1 9;
  • 30. 0(.+ 7&+ %$.&+ /.+ x/"7(7]&+ 0(.+ 7&+ %$.&+ (.S]P&'& ]P&'&+,/"/3('+$##'&,,/$.+&U/,1,) >.+ 0(,&,+ ,-0P+ (,+ 1P&,&+ !(.%+ 1P&'&+ ('&+ "(.S "$'&! ]&+ .&&%+ 1$+ ,1$#+ ,/"#3S+ 1(3O/.*+ (7$-1+ q]P(1 ]$'O,r+(.%+,1('1+1$+*&1+q]P(1+]$'O,r+(.%+,1('1+1$+*&1 y]P(1+]$'O,y+/.1$+1P&+P(.%,+$^+1P&+Ap[,+1P(1+.&&%+/1 1P&+"$,1)+XP(1v,+(+0P(33&.*&+1P(1+>v"+P(##S+1$+1P'$] %$].+1$+1P&+>6XFI+0$""-./1S)+XP&'&v,+$.3S+(+0&'1(/. ("$-.1+$^+1(3O/.*+]&+0(.+%$) XP&'&+('&8+$^+0$-',&8+"(.S+/,,-&,+(.%+0P(33&.*&, !,$"&+1&0P./0(38+,$"&+0-31-'(38+$1P&',+&0$.$"/0+(.% $1P&',+ *&$*'(#P/0(3)+ XP&+ *$$%+ .&],+ /,+ 1P(1+ ^&]+ ('& /.,-'"$-.1(73&8+(.%+]&+0(.+'&"$2&+"(.S+$^+1P&"+7S ,/"#3S+&"#$]&'/.*+1P&+2&'S+#&$#3&+]&v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`:
  •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h-&+ 3(+ (01-(3+ 0'/,/,+ &0$.5"/0(+ (0&E 3&'&+ S+ #'$^-.%/0&+ 3$,+ 0("7/$,+ S+ 1'(.,^$'"(0/$.&, P(0/(+-.(+.-&2(+,$0/&%(%+&.+3(+h-&+3(+1&0.$3$*b(+T-E *('l+ -.+ #(#&3+ ^-.%("&.1(3)+ !,+ "l,8+ (,/,1/"$,+ (+ -. #-.1$+%&+/.^3&U/5.+&.+&3+h-&+&3+^-1-'$+#'&,&.1(8+0$"$ &.+ 0(,/+ 1$%$,+ 3$,+ "$"&.1$,+ 0'b1/0$,+ %&+ 3(+ P/,1$'/(8 "-0P(,+/.0&'1/%-"7'&,+&+/.05*./1(,)+g.+.-&2$+&,0&E .('/$+&.+&3+h-&+,&+$^'&0&.+*'(.%&,+$#$'1-./%(%&,+S &3&2(%$,+'/&,*$,+(+#('1&,+/*-(3&,) `<
  • 32. !.+ 3(+ (01-(3+ ,$0/&%(%8+ &.+ 3(+ h-&+ 3(,+ 1&0.$3$*b(, 2(.+ (%h-/'/&.%$+ -.+ "(S$'+ #'$1(*$./,"$8+ %&7&"$, T-*('+ -.+ #(#&3+ (01/2$+ #('(+ h-&+ 3(+ "$.&%(+ 0(/*(+ %& 0('(+%&3+0/-%(%(.$+0$"$+0$3&01/2$+S+.$+0$"$+-.+&.1& 0$.0&7/%$+ &U03-,/2("&.1&+ 0$"$+ q-,-('/$r+ $+ 0$"$ "&'$+03/&.1&+%&+3(+*'(.+(3%&(+%&+0$.,-"$+*3$7(3)+J( 1&0.$3$*b(+ #-&%&+ %&0(.1('+ 3(+ 7(3(.d(+ P(0/(+ -.$+ - $1'$+3(%$8+(01-(.%$+S(+,&(+0$"$+#(3(.0(+#('(+^(2$E '&0&'+ 3$,+ 0("7/$,+ ,$0/(3&,8+ #&'"/1/&.%$+ -.(+ "(S$' #('1/0/#(0/5.+S+-.+"(S$'+0$.1'$3+%&+3$,+#$%&'&,+#n73/E 0$,+S+#'/2(%$,8+$+#$'+&3+0$.1'('/$8+0$.2&'1/',&+&.+P&E ''("/&.1(+ #&'^&01(+ #('(+ -.+ "(S$'+ 0$.1'$3+ S+ ,$"&1/E "/&.1$+^(2$'&0/&.%$+3(,+%&,/*-(3%(%&,+S+&3+0$.1'$3+%& 3$,+#$%&'&,+#n73/0$,+S+#'/2(%$,+,$7'&+3(+0/-%(%(.b()+ 6-'/$,("&.1&8+(+3$+3('*$+%&+3(+P/,1$'/(8+&.+3(+3/1&'(E 1-'(8+&3+0/.&+S+&3+'&,1$+%&+&U#'&,/$.&,+('1b,1/0(,+2/.0-E 3(%(,+(+3(+0/&.0/(+^/00/5.8+P(+#'&%$"/.(%$+"(S$'/1(E '/("&.1&+3(+#&',#&01/2(+'#/%8*#3+ZA &.1&.%/&.%$+V,1( 0$"$+3(+2/,/5.+%&+-.(+,$0/&%(%+,$"&1/%(+(+3$,+#$%&E '&,+ h-&+ 0$.1'$3(.+ 3(+ 1&0.$3$*b(+ !Z[]A( ^$( 7,$'4 >&-#.8+Q-+'&(R,$$&"8+&10)!)+!.+%&^/./1/2(8+&3+0$.1'$3+%& 3(+1&0.$3$*b(+0$"$+2&Pb0-3$+#('(+&3+,$"&1/"/&.1$+%& 3(+,$0/&%(%) I&,%&+ &,1(+ 2/,/5.+ #&,/"/,1(8+ ,&'b("$,+ #('1&+ %& -.(+ ,$0/&%(%+ 0$.,-"/,1(+ S+ &3+ #(#&3+ #'/.0/#(3+ h-& %&,&"#&M('b("$,+ ,&'b(+ &3+ %&+ "&'$,+ -,-('/$,+ #(,/E 2$,+ &.+ &3+ h-&+ .-&,1'$+ #'$1(*$./,"$+ ,&+ '&%-0/'b(+ ( < ?&*n.+f/O/#&%/(8+&3+1V'"/.$+'#/%4*6+ %&'/2(+%&+-1$#b(+$+3-*('+h-&+.$ &U/,1&8+ .$'"(3"&.1&+ %&,0'/1$+ &.+ 1V'"/.$,+ %&+ -.(+ ,$0/&%(%+ #&'^&01(+ $ /%&(3)+H#/%4*6+8+#$'+1(.1$8+,&+%&^/./'b(+0$"$+-.(+,%4*6+($&5+%#1+ %$.%& 3(+'&(3/%(%+1'(.,0-''&+&.+1V'"/.$,+(.1/1V1/0$,+(+3$,+%&+-.(+,$0/&%(%+/%&(3) `9
  • 33. ^$'"('+#('1&+0$"$+0$.,-"/%$'&,+%&+-.+"&'0(%$+*3$E 7(3+ P/#&'1&0./^/0(%$)+ K$'+ &3+ 0$.1'('/$8+ 3(+ 1&0.$3$*b( #-&%&+(S-%('+(+^$"&.1('+S+'&1$"('+&3+#'$1(*$./,"$ 0$"$+0/-%(%(.$,+(01/2$,+&.+-.+&,0&.('/$+%&+#('1/0/E #(0/5.+ &+ /.1&'(00/5.+ &.+ &3+ h-&+ 3(,+ (%"/./,1'(0/$.&,8 3$,+#$3b1/0$,8+3(,+&"#'&,(,+S+$'*(./d(0/$.&,+/.1&'(0E 1n&.+%&+^$'"(+03('(+S+1'(.,#('&.1&)+ !.+ &,1&+ ,&.1/%$8+ %-'(.1&+ 3$,+ (M$, =-(+33&/4(+(-+/($,&? %&+7$.(.d(8+#'l01/0("&.1&+,-#&'(%(8 1+/( %&3$4-456+/( &/ >+3%4"($&3&/+"#4(*&"4 (3+"&.$,+&.+[00/%&.1&+3(+&'(+%&3+(0E $4( /,>#3#&$%&( *+"+ 0&,$8+3(+7'&0P(+%/*/1(3+"l,+/"#$'1(.1& &1#%+"( -4/( "#&/54/( '&,&+ 0&.1'(7(+ &.+ 3(+ 7(''&'(+ *&.&'(0/$E >"+3%,"+( &$( -+( /43#&?.(3+ &.1'&+ T52&.&,+ S+ "(S$'&,)+ ?&*n. '+'('#5#%+-; 3(+*'(.+"(S$'b(+%&+&U#&'1$,8+3(,+"(E S$'&,+ %/^&'&.0/(,+ &.1'&+ 3$,+ -,-('/$, h-&+(00&%b(.+S+#('1/0/#(7(.+3$+&'(.+#$'+&%(%)+K&'$8+( "&%/%(+h-&+(2(.d(+S+,&+2-&32&+"l,+0$"#3&T$+S+,$^/,E 1/0(%$+&3+%&,(''$33$+%&+3(+,$0/&%(%+%&+3(+/.^$'"(0/5.8 $7,&'2("$,+ 05"$+ (#('&0&.+ .-&2$,+ ^(01$'&,+ %& '/&,*$8+&.+*'(.+"&%/%(+$0-31$,+#$'+3(,+&1(#(,+%&+#'$,E #&'/%(%+%&+3$,+#(,(%$,+(M$,)+!3+'/&,*$+%&+7'&0P(+"l, /"#$'1(.1&+ &,1l+ (,$0/(%$+ #'/.0/#(3"&.1&+ (3+ ,/,1&"( &%-0(1/2$+S+(+3(,+0('&.0/(,+h-&+#'&,&.1(+&3+1&T/%$+&"E #'&,('/(3)+ !3+ (00&,$+ (+ 3(,+ .-&2(,+ 1&0.$3$*b(,+ &,+ &3 ^(01$'+.&0&,('/$+#&'$+.$+,-^/0/&.1&+#('(+&2/1('+3$,+'/&,E *$,+%&+^'(01-'(+&.+3(+,$0/&%(%+%/*/1(3) !.+ &3+ 0(,$+ 0$.0'&1$+ %&+ .-&,1'$+ #(b,8+ 3(+ 7$.(.d( &0$.5"/0(+%-'(.1&+3$,+n31/"$,+(M$,8+,-,1&.1(%(+&.+3( 0$.,1'-00/5.8+$0-31(7(+-.(+'&(3/%(%+h-&+%&,*'(0/(%(E "&.1&+ 3(,+ &,1(%b,1/0(,+ .$,+ "-&,1'(.+ (P$'(+ 0'-%(E "&.1&+%b(+1'(,+%b()+J(+0$.,1'-00/5.8+-.+,&01$'+/.1&.E ``
  • 34. ,/2$+&.+"(.$+%&+$7'(+#&'$+&,0(,$+&.+'&0-',$,+1&0.$E 35*/0$,8+P(+,-#-&,1$+-.+&.'/h-&0/"/&.1$+#('(+3$,+0$.E ,-"/%$'&,8+#&'$+.$,+&,1l+%&"$,1'(.%$+h-&+P(+1&./%$ 0$"$+'&,-31(%$+-.+&"#$7'&0/"/&.1$+%&+3(,+/.,1/1-0/$E .&,+S+#$'+1(.1$+%&3+0$.T-.1$+%&+3(+0/-%(%(.b()++ Y &,1(,+(31-'(,8+,$"$,+#3&.("&.1&+0$.,0/&.1&,+%& h-&+&3+(00&,$+(+3(,+'&%&,+S+1&0.$3$*b(,+%&+3(+/.^$'"(E 0/5.+S+%&3+0$.$0/"/&.1$+.$+&,+,-^/0/&.1&+#('(+&3+%&,(E ''$33$+%&+3(+0/-%(%(.b(+%/*/1(3+S+h-&+(%&"l,+V,1&+%&7& /'+(0$"#(M(%$+/.&U$'(73&"&.1&+#$'+#$3b1/0(,+&%-0(E 1/2(,+&.0("/.(%(,+(+1(3+^/.)+K('(+$71&.&'+0/-%(%(.$, %/*/1(3&,+,&+'&h-/&'&+.$+,53$+(00&,$+,/.$+1("7/V.+-.( ^$'"(0/5.+(%&0-(%(+#('(+3(+#('1/0/#(0/5.+(01/2(8+0$. &3+ $7T&1$+ %&+ %&"(.%('+ 1(.1$+ (+ 3(, (%"/./,1'(0/$.&,+ #n73/0(,+ 0$"$+ ( E &/%+/(+-%,"+/A(/474/ 3(,+ &"#'&,(,8+ ,&'2/0/$,+ S+ 0$.1&./E *-&$+7&$%&( 34$/3#&$? %&/('&(B,&(&-(+33&/4(+ %$,+ %&+ 0(3/%(%8+ (,b+ 0$"$+ /.,1'-/' -+/( "&'&/( 9( %&3$4-4? 0/-%(%(.$,+0$.+0'/1&'/$+#('(+%&,&.E 56+/('&(-+(#$>4"7+3#8$ 2$32&',&+&.+3(+(3%&(+%/*/1(3)+Y-.h-& 9( &-( 34$43#7#&$%4( $4 (+ #'/$'/+ 3(+ /..$2(0/5.+ 1&0.$35*/0( &/( /,>#3#&$%&( *+"+( &- #$'+,b+,$3(+0('&0&+%&+/%&$3$*b(8+&, '&/+""4--4('&(-+(3#,'+? &3+-,$+h-&+0$"$+0/-%(%(.$,+P(*(E '+$6+( '#5#%+-A( 9( B,& "$,+ %&+ &33(+ 3$+ h-&+ #&'"/1/'l+ (7-.E L/%&( '&@&( #"( +347*+? %('+&.+2(3$'&,+%&"$0'l1/0$,+S+&.+3( D+'4(#$&C4"+@-&7&$%& *4"( *4-6%#3+/( &',3+%#? 0'&(0/5.+ %&+ 0/-%(%(.$,+ ^'&.1&+ (3 1+/( +'&3,+'+/( +( %+- '/&,*$+ %&+ 0$.2&'1/'.$,+ &.+ "&'$, &>&3%4;( 0$.,-"/%$'&,) g.(+%&+3(,+*'(.%&,+2&.1(T(,+%&+3(+f&7+9):+&,+3( /''-#0/5.+ %&+ 3(,+ P&''("/&.1(,+ %&+ #('1/0/#(0/5.8+ 3(, 0-(3&,+ P(.+ ,-'*/%$8+ &.+ *'(.+ "&%/%(+ %&,%&+ q(7(T$r P(0/(+q(''/7(r8+$1$'*(.%$+&3+#$%&'+(+3$,+#('1/0/#(.1&,8 `F
  • 35. (.1&,+h-&+(+3$,+*$7/&'.$,+S+3(,+&"#'&,(,)+K$'+&33$+&, %&1&'"/.(.1&+05"$+,&+%&,(''$33&+&.+(%&3(.1&+3(+3&*/,E 3(0/5.+0$.+'&3(0/5.+(+3(+1&0.$3$*b(+S+(+3(+/..$2(0/5.) A$,+&.0$.1'("$,+(.1&+-.+"$"&.1$+0'b1/0$+#('(+&3+^-E 1-'$+ %&,(''$33$+ %&+ -.(+ f&7+ 9):+ h-&+ #&'"/1(+ -.( "(S$'+#('1/0/#(0/5.+%&3+-,-('/$8+%&,1/.(%(+(+/"#-3,(' 3(+1'(,#('&.0/(+%&"$0'l1/0() a(,1(+&3+"$"&.1$8+3(+f&7+9):+P(+#&'"/1/%$+-.(+0$E ''&00/5.+&.+&3+&h-/3/7'/$+%&+^-&'d(,+&.1'&+3$,+%/^&'&.E 1&,+#$%&'&,+S+3$,+0/-%(%(.$,+&.+-.(+,$0/&%(%+&.+3( h-&+&3+#$%&'+S+0$.1'$3+,&+P(.+%/,1'/7-/%$+1'(%/0/$.(3E "&.1&+%&+^$'"(+(,/"V1'/0()+!3+q&.'/h-&0/"/&.1$r+%& 3(+0/-%(%(.b(+(+1'(2V,+%&+3(+/..$2(0/5.+'&h-/&'&+-.$, 0/-%(%(.$,+ ^$'"(%$,+ S+ #$'+ &,$8+ &,+ '&h-/,/1$+ ^-.%(E "&.1(3+ -.(+ (01/1-%+ #$,/1/2(8+ (7/&'1(+ S+ 0$"#'$"&1/%( #$'+#('1&+%&+3$,+0/-%(%(.$,+(.1&+3(,+.-&2(,+1&0.$3$E *b(,8+#'$0&,$+S+(#'&.%/d(T&+h-&+%&7&+%(',&+&.+1$%$, 3$,+l"7/1$,+%&+3(+,$0/&%(%)+ K$'+$1'(+#('1&8+3(,+.-&2(,+1&0.$3$*b(,+.$,+0$.%-E 0&.+(+-.(+,$0/&%(%+1'(.,#('&.1&+&.+3(+h-&+0$.0&#1$, 0$"$+#'/2(0/%(%8+0$.1'$38+,&*-'/%(%8+&10)8+,&+%&,%/7-E T(.)+J(+/.^$'"(0/5.+h-&+$^'&0&"$,+%&+^$'"(+(7/&'1(+S %&+ 3(+ h-&+ #-&%&.+ %/,#$.&'+ &"#'&,(,8+ *$7/&'.$,8 '&%&,+ ,$0/(3&,8+ &10)8+ .$,+ P(0&+ &,1('+ #$1&.0/(3"&.1& /.%&^&.,$,+ ^'&.1&+ (3+ 0$.1'$3+ h-&+ 1&'0&'$,+ #-&%(. P(0&')+!,+#$'+&33$+h-&+3(+/..$2(0/5.+1&0.$35*/0(+1/&.& h-&+/'+(0$"#(M(%(+%&+-.+"('0$+3&*(3+&.0("/.(%$+( h-&+&3+0/-%(%(.$+#-&%(+&T&'0&'+&3+%&'&0P$+(+,-+/.1/E "/%(%+S+#'/2(0/%(%)+ K$'+1$%$+&33$8+"l,+(33l+%&+3$,+(2(.0&,+S+&3+%&,3-"E 7'("/&.1$+h-&+1$%$,+,-^'/"$,+0$.+3(,+.$2&%(%&,+1&0E `H
  • 36. .$35*/0(,8+%&7&"$,+&.^'&.1('.$,+(+3(+.-&2(+'&(3/%(% %/*/1(3+0$.+-.(+2/,/5.+0'b1/0(+#('(+0$"#'&.%&'+&.+1$%( ,-+&U1&.,/5.+3(,+0$.,&0-&.0/(,+&+/"#3/0(0/$.&,+h-& 0$.33&2(.)+ g.(+ 2/,/5.+ 0'b1/0(+ #&'$+ 0$.,1'-01/2(+ h-& 33&2&+ 0$.,/*$+ -.(+ (01/1-%+ /..$2(%$'(+ 0-S$+ $7T&1/2$ #'/$'/1('/$+,&(+&3+&7*4'&"+7#&$%4('&(-+(3#,'+'+$6+('#? 5#%+-;( `G
  • 37. 6*+&'*&+,#$',7,#('(,-(1 #&'1$*(1 >%$'/)6',+&# T$%&"$&%( &/%F( &14-,3#4$+$'4( '&( >4"7+( 1&"%#5#? L/./,1&'/$+%& $4/+( 9A( &$( &/%+( &14-,3#8$A( -+( *+"%#3#*+3#8$ >.%-,1'/(8 I,&5+( ,$( *+*&-( >,$'+7&$%+-J( '&( -+( *+/#1#'+' X-'/,"$+S 3474( 34$/,7#'4"&/( '&( 34$%&$#'4/( '#5#%+-&/ 6$"&'0/$+%& !,#(M( '&(-+(N&@(Z;_(:&74/(*+/+'4(+(,$+(*+"%#3#*+? 3#8$(+3%#1+(&$(-+(5&$&"+3#8$('&('#3:4/(34$%&? $#'4/( &$( -+( N&@( `;_;( !&"4( &-( >,%,"4A( -+( N&@ a;_A(*+/+(*4"(-+(34-+@4"+3#8$(&$(-+(5&$&"+3#8$ '&('#3:4/(34$%&$#'4/A(%&$#&$'4(%4'4/(-4/(+3? %4"&/( /43#+-&/( !E'7#$#/%"+3#8$( *M@-#3+A( &7? *"&/+/A( &$%#'+'&/( +/43#+%#1+/( 9( /43#&'+' 3#1#-! ,$(*+*&-(B,&('&/&7*&D+"; >.1&'.&1+&,+P$S+&.+%b(+&3+#'/.0/#(3+"&%/$+%&+/.1&'E 0("7/$+%&+/.^$'"(0/5.+S+&,1l+^(0/3/1(.%$+(+3(+,$0/&%(% 3$,+ "&0(./,"$,+ #('(+ 0'&('+ .-&2(,+ ^$'"(,+ '&3(0/5. ,$0/(38+ #$3b1/0(+ S+ &0$.5"/0()+ I&,%&+ ,-+ .(0/"/&.1$ P(0&+F:+(M$,+P(+0("7/(%$8+,/.+%-%(8+.-&,1'$+'/1"$+S Pl7/1$,+ %&+ 2/%(8+ (,b+ 0$"$+ .-&,1'(+ ^$'"(+ %&+ '&3(0/$E .('.$,+ ,$0/(3"&.1&8+ 0$.2/'1/V.%$,&+ &.+ #('1&+ ^-.%(E "&.1(3+ %&+ .-&,1'(,+ 2/%(,)+ !3+ '/1"$+ &2$3-1/2$+ 2&'1/*/E .$,$+h-&+P(+&U#&'/"&.1(%$+3(+W&%8+%&7/%$+#'/.0/#(3E "&.1&+ (+ -.+ /"#$'1(.1&+ 0("7/$+ &.+ 3$,+ #(1'$.&,+ %& -,$8+ P(+ %&T(%$+ $7,$3&1$,+ 3$,+ #'$1$0$3$,+ &.+ 3$,+ h-& &,1l+7(,(%$) `C
  • 38. !,1(+'l#/%(+&2$3-0/5.+&,+&3+'&,-31(%$+%&+-.+/"#(E '(73&+%&,(''$33$+%&+3(,+.-&2(,+1&0.$3$*b(,+S+3(,+0'&E 0/&.1&,+%&"(.%(,8+h-&+T-.1$+0$.+3(,+3/"/1(0/$.&,+1&0E .$35*/0(,+S+$#&'(0/$.(3&,+h-&+#'&,&.1(+>.1&'.&1+P$S &.+%b(+Q,&*-'/%(%8+&,0(3(7/3/%(%8+"$2/3/%(%8+^/(7/3/%(%8 &^/0/&.0/(+ $+ 0(#(0/%(%+ %&+ *&,1/5.R8+ '&h-/&'&+ &3+ .(0/E "/&.1$+ %&+ -.+ .-&2$+ >.1&'.&1+ h-&+ S(+ &,+ 0$.$0/%$ 0$"$+q>.1&'.&1+%&3+4-1-'$r)+!,+&3+"$"&.1$+%&+#&.E ,('+&.+-.(+.-&2(+W&%+#('(+(,&*-'('+S+,$,1&.&'+-.( &0$.$"b(+7(,(%(+&.+&3+0$.$0/"/&.1$+S+-.(+^-1-'(+,$E 0/&%(%+/.1&'0$.&01(%() >.1&'.&1+,&+P(+/%$+(%(#1(.%$+(+3(,+.&0&,/%(%&,+%& 3$,+-,-('/$,8+#(,(.%$+#$'+%/^&'&.1&,+&1(#(,)+J(+f&7 <):+,&+0('(01&'/d(7(+#$'+&3+0$.,-"$+"(,/2$+%&+/.^$'E "(0/5.c+#'$.1$8+&3+P&0P$+%&+0$.,-"/'+0$.1&./%$,+.$ ^-&+ ,-^/0/&.1&)+ !3+ ,/*-/&.1&+ #(,$+ ^-&+ 3(+ f&7+ 9):8+ 0(E '(01&'/dl.%$,&+ #$'+ 3(+ .&0&,/%(%+ %&+ 3$,+ -,-('/$,+ ( 0$.1'/7-/'+S+*&.&'('+,-,+#'$#/$,+0$.1&./%$,)+J$,+"lE U/"$,+ &U#$.&.1&,+ #-&%&.+ ,&'+ #l*/.(,+ 0$"$ j$-X-7&8+ 3$,+ 73$*,+ S+ 3(,+ '&%&,+ ,$0/(3&,)+ J$,+ '&1$, h-&+ #3(.1&(+ &3+ ^-1-'$+ &"#/&d(.+ (+ %&T('+ $7,$3&1(+ 3( f&7+9):+S+&,1l.+%(.%$+#(,$+(+3(+f&7+`):8+0-S(+0(E '(01&'b,1/0(+^-.%("&.1(3+,&'l+3(+q0$E0'&(0/5.r+$+#'$E %-00/5.+ 0$3(7$'(1/2(+ &.1'&+ -,-('/$,+ S+ (2(.0&,+ 1(3&, 0$"$+3(+f&7+,&"l.1/0() !,1(+ 1&'0&'(+ &1(#(+ P(+ ,/%$+ 1'(1(%(+ ("#3/("&.1& #$'+&3+,$0/53$*$+L(.-&3+6(,1&33,8+h-&+3(+%&^/.&+0$"$ 3(+?$0/&%(%+>.^$'"(0/$.(3)+!,1&+0$.0&#1$+P(0&+'&^&E '&.0/(+ (+ 3(+ .-&2(+ ^$'"(+ %&+ $'*(./d('.$,+ &,#(0/(3+ S ,$0/(3"&.1&)+ Y%&"l,+ (%h-/&'&+ *'(.+ /"#$'1(.0/( %&,%&+&3+#-.1$+%&+2/,1(+%&3+%&,(''$33$+&0$.5"/0$8+S( `D
  • 39. h-&+3$+h-&+#&'"/1&+%/,1/.*-/'+(+3(,+&0$.$"b(,+(2(.E d(%(,+%&+(h-&33(,+&"&'*&.1&,+$+&.+%&,(''$33$+&,+&3 -,$8+ 0$.+ "(S$'+ $+ "&.$'+ /.1&.,/%(%8+ %&+ 3(,+ 1&0.$3$E *b(,+%&+3(+/.^$'"(0/5.+S+3(+0$"-./0(0/5.) A$+$7,1(.1&8+.$+&,+0(,-(3/%(%+h-&+h-/&.&,+1-2/&'$. -.(+#('1/0/#(0/5.+(01/2(+&.+&3+#(,(%$+&.+&3+%&,(''$33$ %&+>.1&'.&1+S+%&+3(,+.-&2(,+1&0.$3$*b(,+,&(.+P$S+3(, ,$0/&%(%&,+"l,+(2(.d(%(,)+o-&%(+%&"$,1'(%(+(,b+3( 0$''&3(0/5.+&.1'&+,$0/&%(%+(01/2(+S+#'$*'&,$) K$'+ 3$+ 1(.1$8+ &3+ .-&2$+ >.1&'.&1+ h-&+ &,1("$,+ 0'&E (.%$+ %&7&'b(+ ,-#&'('+ ,-,+ 3/"/1(0/$.&,+ $^'&0/&.%$+ ( 3$,+-,-('/$,+-.+("7/&.1&+,&*-'$8+&^/0/&.1&8+^/(73&+S+%& 0$.^/(.d(8+h-&+%&7&'b(+#&'"/1/'+-.+(00&,$+(7/&'1$8+%/E .l"/0$+S+%&,0&.1'(3/d(%$+(+3(+W&%8+(3+"/,"$+1/&"#$ h-&+%&7&'b(+,&'+&,0(3(73&8+^3&U/73&+S+(%(#1(%$+(3+0$.E 1&U1$+S+.&0&,/%(%&,+%&+3$,+-,-('/$,) !,1(+0$.0&#0/5.+P(+,-#-&,1$+-.+0("7/$+&,&.0/(38 >.1&'.&1+P(+%&T(%$+%&+,&'+-.+/.,1'-"&.1$+1&0.$35*/0$8 (,#&01$+h-&+#'/"(7(+03('("&.1&+&.+,-,+/./0/$,+#('(8 #$0$+ (+ #$0$8+ 0&%&'+ /"#$'1(.0/(+ (+ $1'$,+ (,#&01$, 0$"$+ 3(+ 0$"-./0(0/5.8+ 3(+ 1'(,"/,/5.+ %&+ /.^$'"(0/5. &.1'&+ #&',$.(,+ S+ 3$,+ "&0(./,"$,+ %&+ /.1&'(00/5.) 6-(.%$+ P(73("$,+ %&+ >.1&'.&1+ #$'+ S+ #('(+ 3(,+ #&',$E .(,8+-.$+%&+3$,+0-(1'$+#/3('&,+%&+>.1&'.&1+%&3+4-1-'$8 P(73("$,+%&+&,1$+n31/"$8+%&+3(+/.1&'(00/5.+&.1'&+#&'E ,$.(,+S+%&+05"$+(0(7('+0$.+3(+7'&0P(+%/*/1(3+S+0$.E ,&*-/'+ 0$.&01('+ (+ 1$%(+ 3(+ #$73(0/5.)+ >.1&'.&1+ %&3 4-1-'$+%&7&'l+,&'+0(#(d+%&+,(1/,^(0&'+3(,+.&0&,/%(E %&,+S+&U#&01(1/2(,+%&+.-&2$,+S+(.1/*-$,+-,-('/$,+%& >.1&'.&1+ (3+ "/,"$+ 1/&"#$+ h-&+ /"#-3,(+ &3+ &"#$%&'(E "/&.1$+%&+3(+0/-%(%(.b(8+#'&,&'2(.%$+,-+(-1$0$.1'$3 `;
  • 40. ,$7'&+,-,+(01/2/%(%&,+&.+3(+W&%+S+,$,1&./&.%$+&3+3/7'& /.1&'0("7/$+%&+/%&(,)+ !3+>.1&'.&1+%&3+4-1-'$+%&7&'b(+,&'+1("7/V.+&3+"&%/$ #('(+^(0/3/1('+3(+2/%(+0$1/%/(.(+%&+3(,+#&',$.(,8+#&'"/E 1/'+3(+0'&(0/5.+%&+0-(3h-/&'+1/#$+%&+.&*$0/$+S+'$"#&' 3(,+7(''&'(,+&.1'&+3$,+#'$%-01$'&,+S+0$.,-"/%$'&,+%& /.^$'"(0/5.)+J(,+#&',$.(,+S(+.$+,&'l.+,$3$+,/"#3&, 0$.,-"/%$'&,+,/.$+h-&+,&'l.+#('1&+%&3+#'$0&,$+0'&(E 1/2$+%&+0$.1&./%$,) I&+P&0P$8+3(+0'&(0/5.+%&+0$.1&./%$+S(+.$+'&h-/&'& %&+ &U#&'/&.0/(+ #'$^&,/$.(3+ S+ ,-+ %/,1'/7-0/5.+ P(+ ,/%$ &.$'"&"&.1&+ ^(0/3/1(%(+ #$'+ -.(+ 2('/&%(%+ %&+ P&''(E "/&.1(,+h-&+#&'"/1&.+(+3$,+-,-('/$,+0'&('+0$.1&./%$, %&+ (31(+ 0(3/%(%+ &.+ #$0$,+ "/.-1$,+ S+ 0(,/+ ,/.+ 0$,1&,) z-.1$+0$.+3(,+'&%&,+,$0/(3&,8+h-&+#&'"/1&.+&,1(73&0&' S+ "(.1&.&'+ 0$.1(01$,+ &.1'&+ #&',$.(,+ "l,+ (33l+ %& 0-(3h-/&'+^'$.1&'(8+,&+$^'&0&+(+3(+,$0/&%(%+-.+./2&3+%& /.1&'(01/2/%(%+,/.+#'&0&%&.1&,) !,1(+ 1&.%&.0/(+ 0$"7/.(%(+ 0$.+ 3(+ &2$3-0/5.+ %&+ 3( f&7+P(+/.%-0/%$+-.+.-&2$+^&.5"&.$B+3(+^$'"(0/5.+%& 0$"-./%(%&,+2/'1-(3&,+S+&3+(00&,$+(+,-+0$.$0/"/&.1$ h-&+ #&'"/1&+ (+ 3$,+ -,-('/$,+ 0$.2&'1/',&+ &.+ #('1&+ %&3 0/03$+%&+2/%(+%&+%&,(''$33$+%&+(#3/0(0/$.&,)+Y,b8+&.+3( f&7+`):+3(,+1&0.$3$*b(,+,&"l.1/0(,+,&'l.+&,&.0/(3&, #$'h-&+3(+'&0$#/3(0/5.8+#'$0&,(%$+S+#'&,&.1(0/5.+%& /.^$'"(0/5.+,$.+$73/*(1$'/$,+,/+h-&'&"$,+,&'+0(#(0&, %&+*&,1/$.('+S+7&.&^/0/('.$,+%&+1(3+0(.1/%(%+%&+/.^$'E "(0/5.+(P$'(+S+&.+&3+^-1-'$) X$%(2b(+.$,+h-&%(+0("/.$+#$'+'&0$''&')+!.1'&+3(, (01/2/%(%&,+ '&^&'/%(,+ (+ /.0'&"&.1('+ &3+ 0$.$0/"/&.1$ %&+3$,+-,-('/$,8+3(+"(S$'+l'&(+%&+/.2&,1/*(0/5.+&,+3( F:
  • 41. '&3(0/$.(%(+0$.+&3+(#'&.%/d(T&+%&+,-,+Pl7/1$,+S+.&0&E ,/%(%&,+#('(+-.+"&T$'+%/,&M$+%&+3(,+^-1-'(,+(#3/0(0/$E .&,8+/.1&'^(0&,+S+,&'2/0/$,+"/&.1'(,+3$,+-,-('/$,+"(.E 1/&.&.+&3+0$.1'$3) ?/.+&.1'('+&.+"l,+%&1(33&8+#('&0&+03('$+h-&+&3+%&E ,(''$33$+%&+>.1&'.&1+%&3+4-1-'$+&,+&3+*'(.+'&1$+%&+3(, &"#'&,(,+X>6+ &,#(M$3(,+ S+ &-'$#&(,+ #('(+ 3$,+ #'5U/E "$,+ (M$,+ S+ .-&,1'(+ $#$'1-./%(%+ %&+ %('+ &3+ '&3&2$+ ( !!)gg)+&.+,-+3/%&'(d*$+&.+&,1(+l'&() J(+"&T$'+^$'"(+%&+(%&3(.1('.$,+(3+^-1-'$+&,+#('1/E 0/#('+&.+,-+0$.,1'-00/5.)+K('(+&33$+&,+.&0&,('/$+&3+3/E %&'(d*$+%&+3(,+(%"/./,1'(0/$.&,+#n73/0(,+S+3(+0$3(7$E '(0/5.+ %&+ 1$%$,+ 3$,+ (*&.1&,+ /"#3/0(%$,B+ 3(+ /.%-,1'/( X>68+3(,+$'*(./d(0/$.&,+,$0/(3&,+S+&"#'&,('/(3&,+S+3( ,$0/&%(%+0/2/3) F<
  • 42.
  • 43. !-,#$%&',&1,%&-,#3&8-$9 7,-(,+&/*$-$54(,+("8):* A"0#"'# H+(-+(#7*"&/#8$('&(B,&(&-(>+@,-4/4(#$/%",7&$? S2.,+# %+-( #$>4%&3$4-85#34( B,&( $4/( "4'&+( :49( &$( -+ !&$/+'4" R&'( :+( '&/&B,#-#@"+'4A( '&( +-5,$+( >4"7+A( -+ "&-+3#8$( '&( *4'&"&/( &$%"&( 3#,'+'+$6+( 9( &7? *"&/+A( &$%"&( &34$476+( 9( /43#&'+';( =-( >&$8? 7&$4(b'4/*,$%43&"4bA(7F/(+--F('&(/,($+%,"+? -&.+(7&%+>8"#3+A(+-,7@"+(,$+($,&1+(&%+*+(&$ -+( &14-,3#8$( '&( -+( R&'( 3474( #$>"+&/%",3%,"+ @F/#3+(*+"+(&-('&/+""4--4('&(,$+(/43#&'+'('& -+( #$>4"7+3#8$( B,&A( &1&$%,+-7&$%&A( /&( 34$? 1&"%#"6+(&$(,$+(1&"'+'&"+(/43#&'+'('&-(34$4? 3#7#&$%4A( ,$+( ,%8*#3+( )43#&'+'( R&';( =/%+ @"&1&( 34$%"#@,3#8$( *"&%&$'&( *4$&"( &$( 34$? %&C%4( &/&( >&$87&$4( 3474( ,$+( 4*4"%,$#'+' *+"+( &-( b&7*4'&"+7#&$%4b( %&3$4-85#34( '&( -+ 3#,'+'+$6+A(3+"+3%&"#.+$'4(&$(*"#7&"+(+*"4C#? 7+3#8$(,$+(/,&"%&('&(%&3$43"+3#+(3#,'+'+$+ B,&( /&( +*49&( *"&3#/+7&$%&( &$( &-( %&3$4?&7? *4'&"+7#&$%4(b*+"+b(-+(3#,'+'+$6+; !"0+#/2&&'(" !3+ ^&.5"&.$+ %&+ "$%(8+ %&.1'$+ S+ ^-&'(+ %&+ 3(+ W&%8 ,/*-&+ ,/&.%$+ &3+ q%$,#-.1$0&'$r+ !T-.1$+ 0$.+ ,-,+ #'/E "$,+ P&'"(.$,+ q(3*$#-.1$(3*$r8+ q%$,#-.1$(3*$r8 q1'&,#-.1$0&'$r8+&10)! 0$.+&3+^$0$+#-&,1$+&,1&+(M$+&. 3(,+'&%&,+,$0/(3&,8+'&%&,0-7'/"/&.1$+%/*/1(3+%&+-.(+'&E (3/%(%+"-S+(.(35*/0() F`
  • 44. !.1'&+3$,+3-*('&,+0$"-.&,+S+q1&0.$"/1$,r+"l,+&UE 1&.%/%$,+&.+3(+,-#&'^/0/&+q]&7$,^V'/0(r+%&3+.-&2$+&,E 0&.('/$+ ,$0/$1V0./0$8+ h-&+ ,&+ 0$.,1/1-S&+ (3+ 0(3$'+ %& (h-&3+ ^&.5"&.$8+ &,1l+ -.(+ ,-#-&,1(+ /.1&3/*&.0/(+ 0$E 3&01/2(8+h-&+(#$S('b(+&.+#('1&+3(+(^/'"(0/5.+%&3+2(3$' %&"$0'l1/0$+ %&+ &,1(,+ 1&0.$3$*b(,8+ 3(,+ /.^$1&0.$3$E *b(,8+3(,+X&0.$3$*b(,+%&+3(+>.^$'"(0/5.+S+%&+3(,+6$E "-./0(0/$.&,+QX>6R)+!,(+0$"7/.(0/5.+P(+P&0P$+#&.E ,('+(+(3*-.$,+/.1&3&01-(3&,+h-&+&,1("$,+(.1&+&3+(%2&E ./"/&.1$+%&+-.(+#$1&.0/(3+$03$0'(0/(+ !(0&#0/5.+#('( &3+*$7/&'.$+%&+3(+#3&7&8+%&+3(+"-31/1-%!8+-.(+&,#&0/& %&+ *$7/&'.$+ %&3+ #-&73$8+ &.+ &,1&+ 0(,$8+ 1&0.$35*/0(E "&.1&+ "&%/(%$+ *'(0/(,+ (+ 3(+ #'$3/^&'(0/5.+ %&+ -.+ .nE "&'$+ 0'&0/&.1&+ %&+ P&''("/&.1(,+ #('(+ 3(+ 0'&(0/5.+ S *&,1/5.+%&+0$.1&./%$,+&.+3(+W&%) io-V+&,+3$+h-&+^(33(+(+3(+P$'(+%&+(0&#1('3$+S+,&*-/' (2(.d(.%$_+4(33(+&3+P&0P$+%&+h-&+&3+#'$#/$+0$.0&#1$ %&+q"-31/1-%r+P(+0("7/(%$+(+3(+2/,1(+%&+3(+%/"&.,/5. ,$0/(3+ 0'&0/&.1&+ %&+ 3(+ W&%c+ 1("7/V.+ &3+ #'$#/$+ 0$.E 0&#1$+%&3+2(3$'+q%&"$0'l1/0$r+%&+3(+Q/.^$R1&0.$3$*b(c S+^(33(8+#$'+,-#-&,1$8+3(+1(.+"(./%(+(#('/0/5.+%&+3(+/.E 1&3/*&.0/(+0$3&01/2(+0$"$+#'$#/&%(%+&"&'*&.1&+&.+-. ,/,1&"(+h-&8+P(,1(+%$.%&+33&*(.+3$,+,-#&'^/0/(3&,+SN$ #,&-%$E/.1&3&01-(3&,+ (.l3/,/,+ h-&+ 3(+ (#$S(.8+ ,53$ "-&,1'(+-.(+#'$3/^&'(0/5.+%&+/./0/(1/2(,+1&0.$35*/0(, &.+7-,0(+%&+-.+,$7'&%/"&.,/$.(%$+0$.T-.1$+^-.0/$E .(3+%&+0(#(0/%(%&,+h-&+(#('&0&.+S+%&,(#('&0&.+,/. %('+ 1/&"#$+ (#&.(,+ (+ -.(+ (#'$#/(0/5.+ &^&01/2(+ #$' #('1&+%&+3$,+Q/.^$R0/-%(%(.$,+"l,+(2&.1(T(%$,) J$+"l,+*'(2&+&,8+h-/dl,8+&3+P&0P$+%&+h-&+3(+7'&E 0P(+%/*/1(38+"-31/%/"&.,/$.(3+S+"(3+&.1&.%/%(8+,&+33&.( FF
  • 45. .$+,53$+0$.+/."/*'(.1&,8+,/.$+0$.+q.(1/2{,r+%/*/1(3&, h-&8+ %&+ P&0P$8+ %&7&.+ 0$"#$'1(',&+ 0$"$+ ^-.0/$.(3E "&.1&+ (.(35*/0$,+ #('(+ &.0(T('+ &.+ .-&,1'(+ 1'(,1$'E .(%(+'&(3/%(%) <.*#/,+%.',"0#T)0,&"#-#I3%)U)1#&',/%/ !1/"$35*/0("&.1&+P(73(.%$8+&"#$%&'('+!(#$%&'(' &.+3(+n31/"(+&%/0/5.+%&3+IWY!! &,+q%('+#$%&'r+(+$1'( #&',$.()+ Y-.h-&8+ 1&./&.%$+ &.+ 0-&.1(+ &3+ ,-#-&,1$ #'$1(*$./,"$+%&3+/.%/2/%-$8+%&3+1n8+%&3+S$8+&.+-.(+,$E 0/&%(%+ #('1/0/#(1/2(+ q%$,#-.1$0&'$r8+ "&+ /.1&'&,( "l,+ 3(+ %&^/./0/5.+ h-&+ %/0&+ h-&+ &"#$%&'('+ &,+ qP(E 0&',&+ #$%&'$,$+ $+ ^-&'1&c+ #'&2&./',&+ %&+ #$%&'+ $+ %& ^-&'d(,r) ?/&.%$+&,1'/01$,+&,1('b("$,+P(73(.%$+%&+-.+/.%/2/E %-$+!h-&+3$+&,+#'&0/,("&.1&+#$'+^$'"('+#('1&+%&+-.( ,$0/&%(%! h-&+ ,&+ #'$2&&+ %&+ q#$%&'r+ "&%/(.1&+ 3(, Q/.^$R1&0.$3$*b(,)+K('&0&+h-&8+&.+#'/.0/#/$8+3(,+1&0.$E 3$*b(,+ %&+ 3(,+ h-&+ P(73("$,+ .$,+ $^'&0&.+ -.+ .n"&'$ 0'&0/&.1&+%&+q^-&'d(,r8+%&+0(#(0/%(%&,+&.+^$'"(+%& ^-.0/$.(3/%(%&,B+#('&0&+h-&+1&.&"$,+0(%(+2&d+"l, /.1'-"&.1$,+1V0./0$,+#('(+3(+0$"-./0(0/5.+(+.-&,1'$ (30(.0&c+&.0$.1'("$,+"l,+P&''("/&.1(,+#('(+'&%&^/E ./'+ .-&,1'(+ '&3(0/5.+ 0$"$+ 0/-%(%(.$,+ 0$.+ .-&,1'(, (%"/./,1'(0/$.&,+#n73/0(,8+0$.+3$,+(*&.1&,+&0$.5"/E 0$,8+&10) !3+ #'$73&"(+ &,+ h-&+ .$+ %(+ 3(+ /"#'&,/5.+ %&+ h-& .-&,1'$,+ &,^-&'d$,+ #$'+ q(3^(7&1/d('r+ %/*/1(3"&.1&+ ( 1$%(+3(+,$0/&%(%8+%&+3(+h-&+S(+^$'"("$,+#('1&8+"/&.E 1'(,+3{,+.(1/2{,+%/*/1(3&,+1$"(.+&3+'&3&2$+S+.$,+&.E FH
  • 46. 1/&''(.8+ .$+ #('&0&.+ %('+ '&,-31(%$)+ A$+ %(.+ '&,-31(%$ #$'+2('/$,+"$1/2$,B+-.$+&,+&3+P&0P$+%&+h-&+"(.&T(E "$,+ -.+ 0$.0&#1$+ '&%-0/%$+ %&+ q(3^(7&1/d(0/5.r8+ -. 0$.0&#1$+"&'("&.1&+^-.0/$.(3+h-&+&,1l+#&.,(%$+/./E 0/(3"&.1&+#('(+&3+&.1'&.("/&.1$+%&+*'-#$,+%&+(%-31$, &.+&3+"(.&T$+q/.,1'-"&.1(3r+%&+0/&'1(,+P&''("/&.1(,c $1'$+"$1/2$8+%/'&01("&.1&+'&3(0/$.(%$+0$.+V,1&8+&,+3( %/.l"/0(+ /.%-,1'/(3+ &+ /.%-,1'/(3/,1(+ %&+ 1$%$+ -.+ P/#&'E ,&01$'+ %&+ (01/2/%(%+ &0$.5"/0(+ h-&+ .$+ 1&'"/.(+ %& %&,P(0&',&+ %&3+ 3(,1'&+ h-&+ 3&+ ,-#$.&+ P$S+ ,-+ $'/*&. #$,1E/.%-,1'/(3) ?&*-/"$,+#&.,(.%$+&.+#'$%-01$,+!0$.+-.+0$"#$E .&.1&+%&+,&'2/0/$+0(%(+2&d+"l,+/"#$'1(.1&! h-&+$^'&E 0&.+0/&'1(,+^-.0/$.(3/%(%&,8+h-&+%&7&"$,+/.0$'#$'(' &.+&3+0$.T-.1$+%&+.-&,1'(,+0(#(0/%(%&,+#('(+-.+0$E ''&01$+ %&,&"#&M$+ 0$"$+ q-,-('/$,r8+ q03/&.1&,r8 q0$.,-"/%$'&,r+ %&.1'$+ %&+ -.+ ,/,1&"(+ &0$.5"/0$ 0-S$,+0/"/&.1$,+/%&$35*/0$,+S+0$.0&#1-(3&,+,&+"-&,E 1'(.+0(%(+2&d+"l,+/.&,1(73&,) I&,%&+ "/+ #-.1$+ %&+ 2/,1(8+ 1$%$+ &,1$+ ,&+ 0$.^$'"( 0$"$+-.(+$#$'1-./%(%+&.$'"&+#('(+'&/.2&.1('+.-&,E 1'(+'&3(0/5.+0$.+3(+1&0.$3$*b(8+"l,+(33l+%&+-.+0("7/$ &,1'-01-'(3+h-&+&,1("$,+(n.+&.+#'$0&,$+%&+&.1&.%&'B .-&,1'(+'&3(0/5.+0$.+3(+1&0.$3$*b(8+3(+"l,+P-"(.(+%& .-&,1'(,+0'&(0/$.&,)+?/+0$.,&*-/"$,+#&.,('8+%&.1'$ %&3+0$.1&U1$+%&+-.+.-&2$+&,0&.('/$+,$0/$1V0./0$8+&. -.(,+ Q/.^$R1&0.$3$*b(,+ KYWY 3(+ 0/-%(%(.b(8+ ,-#&E '(.%$+ 3(,+ "&1l^$'(,+ #(,(T&'(,+ !&Y%"/./,1'(0/5.8 6/-%(%(.b(+I/*/1(38+6/-%(%(.b(+9):8+&10)! h-/dl,+1&.E *("$,+-.(+$#$'1-./%(%+#('(+$'/&.1('+1$%$+&3+&"#-T& %&+3(+(01/2/%(%+&.+3(+W&%+P(0/(+3(+0$.,1'-00/5.+%&+-.( FG
  • 47. ,$0/&%(%+%&+3(+/.^$'"(0/5.+S+%&3+0$.$0/"/&.1$8+&.+"/E .n,0-3(,) 5,&"#=,.*#/,+%.',"0#)*%+%)-%)&'2/%/%"3% J(+(#'$#/(0/5.+%&+&,(,+Q/.^$R1&0.$3$*b(,+KYWY 3( 0/-%(%(.b(+,&+,-,1(.0/('b(.+&.+3$+h-&+,&+#$%'b(+7(-E 1/d('+0$"$+-.+#'$0&,$+%&+q1&0.$E&"#$%&'("/&.1$rc -.+ #'$0&,$+ 0$"#3&T$+ h-&+ .$,+ #&'"/1/'b(+ #(,('+ %&+ 3$ h-&+ #('&0&+ 0$.,1/1-/',&+ 0$"$+ -.(+ ,/"#3&+ $03$0'(0/( 1&0.$35*/0("&.1&+ "&%/(%(8+ (+ -.(+ &,#&0/&+ %&+ q/.^$E 1&0.$0'(0/(r+0/-%(%(.(B+-.+'V*/"&.+&.+&3+h-&+3(+0/-E %(%(.b(+ ,&+ #'$2&&+ %&+ #$%&'+ S+ ^-&'d(+ "&%/(.1&+ &,( (#'$#/(0/5.+!"l,+(33l+%&+3(+,/"#3&+(3^(7&1/d(0/5.+/.,E 1'-"&.1(3! %&+ 3(,+ Q/.^$R1&0.$3$*b(,+ #('(+ 3(+ 0/-%(%(E .b(8+&,+%&0/'+#('(+3(+#('1/0/#(0/5.+(01/2(8+0$.,0/&.1&+S '&,#$.,(73&+&.+3(+0$.,1'-00/5.+,$0/(3) A$,+h-&%(+"-0P$+#('(+&"#&d('+(+#&.,('+&.+3(, 1&0.$3$*b(,+0$"$+^-&.1&,+%&+#$%&'8+(3+"&.$,+%&,%& &3+#-.1$+%&+2/,1(+%&3+0/-%(%(.$8+h-&+1$%(2b(+&U#&'/E "&.1(+ 3(+ ^'-,1'(0/5.+ 0$1/%/(.(+ &.+ ,-+ '&3(0/5.+ (.(35E */0(+S+%/*/1(3+0$.+3$,+(*&.1&,+&0$.5"/0$,+S+,$0/(3&,B 0-(.%$+ %&7&+ (0-%/'+ (+ 3(+ 2&.1(./33(+ %&+ ,-+ 7(.0$8 0-(.%$+ %&7&+ #&',&*-/'+ ^$'"-3('/$,+ /.&U/,1&.1&,+ #$' 3$,+#(,/33$,+%&+(3*n.+"/./,1&'/$+$+0-(.%$+.$+&.1/&.%& 3$,+#(1'$.&,+%&+0$"-./0(0/5.+%&+,-,+P/T{,+&.+&3+,/1/$ f&7+%&+'&%&,+,$0/(3&,+%&+"$%() !.+0$.03-,/5.8+0'&$+h-&+P(S+&3&"&.1$,+,-^/0/&.1&, &.+ &3+ &,0&.('/$+ ,$0/$1V0./0$+ #('(+ #&.,('+ h-&+ 1&.&E "$,+ 3(+ #$,/7/3/%(%+ %&+ 3(.d('.$,+ (+ 3(+ 0$.h-/,1(+ %& q.-&2$,+&,#(0/$,+%&+#$%&'r+!W(^(+6(,(%$+%/U/1! &. FC
  • 48. 3(+W&%8+#&'$+1("7/V.+(+1'(2V,+%&+3(+W&%+#('(+1'(,0&.E %&'+-.+&,#(0/$+"-31/%/"&.,/$.(3+h-&+S(+.$+&,+,53$+%/E */1(3)+!3+&,#(0/$+#$3b1/0$+ !&3+%&+3(+#('1/0/#(0/5.+0/-%(E %(.(8+ #$'+ %&^/./0/5.! ,&+ '&/.2&.1(+ &.+ 3(+ W&%8+ $^'&E 0/V.%$.$,+3(+#$,/7/3/%(%8+0$"$+1(3&,+0/-%(%(.$,+(01/E 2$,8+%&+'&%&^/./'3$+(+3(+2&d+h-&+.$,+3$+(#'$#/("$,)+!, -.(+$#$'1-./%(%+h-&+.$+#$%&"$,8+h-&+.$+%&7&"$,8 #&'%&') FD
  • 49. 6;<1,=$',+>&,&"#$?&'"&*+ $=,/)+)@&*1, !"#$%&'&()*&+,-./0&.12/-(&,3 !43,51/(.,4&/46&",1174.-/(.,4 #*-)4,0,8.*+&.4&9%"+& G%+0'" :,;.0*&2),4*+&3,5&()*&2,,5*+(&,3&()* P#"R,00T 2,,5&'&),<&/--*++&(,&!"#+&-/4&-)/48* Q#%""% P"2,**,-T /&+,-.*(=& S-#+'%")?02+. %"/)G%+0'" 5#.'01&V) S4<('4(T$>4"7+%#4$(+$'(Y477,$#3+%#4$ TY2]H;+% 2&3:$4-45#&/( cTY2/d( #$>-,&$3&( /43#&%9( #$ U&//&"( H&1&-4*&'( Y4,$%"#&/( cUHY/de( T$ 4,"( 4*#$#4$A( TY2/( +"&( %:&( 74/%( *"47#/#$5 %44-/( %:+%( 3+$( /:#>%( %:&( *4<&"( @+-+$3&( @&? %<&&$(%:&("#3:A(%:&(*44"A(%:&(#$/%#%,%#4$/(+$' %:&( *&4*-&( %4( @&( 4>>&"&'( #$( '&3+'&/;( T$ +"&+/(/,3:(+/('&743"+39A(I4,"$+-#/7(4"(%:& @,/#$&//f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
  • 50. 4$'+1P&+#(,1+1]$+%&0(%&,+/1+P(,+$.3S+7&0$"&+&(,E /&'+ 1$+ (00&,,+ /.^$'"(1/$.+ (.%+ $#/./$.,+ $.+ 0$-.13&,, 1$#/0,+$.+1P&+>.1&'.&18+$^1&.+(1+3$]+0$,1)+4-'1P&'"$'&8 0$""-./0(1/.*+ $2&'+ ]/%&+ %/,1(.0&,+ /,+ .$+ 3$.*&'+ (. /,,-&)+ XP&,&+ ,1(1&"&.1,+ %&^/./1&3S+ (##3S+ 1$+ 1P& f&,1&'.+]$'3%8+7-1+]P(1+(7$-1+1P&+?$-1P+(.%+1P&+gA %&^/.&%+ 0(1&*$'S+ $^+ J&,,+ I&2&3$#&%+ 6$-.1'/&, QJI6,R_+ >6XFI)(1+ /,+ (.+Y-,1'/(.+ Ap[+ (11&"#1/.*+ 1$ (.,]&'+1P&,&+h-&,1/$.,+7S+0$.1'/7-1/.*+1$+1P&+]$'3%E ]/%&+ >.^$'"(1/$.+ (.%+ 6$""-./0(1/$.+ X&0P.$3$*/&, ^$'+ I&2&3$#"&.1+ Q>6XFIR+ "$2&"&.1)+ XP'$-*P >6XFI)(1s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d&%+%-'/.*+1P&+['(.*&+'&2$3-1/$. /.+1P&+gO'(/.&<8+(,+]&33+(,+%-'/.*+,$0/(3+-.'&,1+/.+1P& < !1P(.+x-0O&'"(.+Q9::CRB+H"+>%(*+*&"(4$(74@#-&(*:4$&/(+$'(+3%#1#/78 73$*+ &.1'S)+ W&1'/&2&%+ <C+ 4&7'-('S+ 9::;+ ^'$"+ P11#BNN]]])&1P(.d-0O&'E "(.)0$"N73$*N9::CN:FN:;N%'(^1E#(#&'E$.E+"$7/3&E#P$.&,E(.%E(01/2/,"N H:
  • 51. KP/3/##/.&,+1$+$'*(./d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d&%+ &U1&.,/2&3S+ /.+ JI6,8+ ('&+ &3&01/$.,)+ >.+ 0$-.E 1'/&,+,-0P+(,+?/&''(+J&$.&+(.%+A/*&'/(8+2$3-.1&&',+,&1 -#+ (.+ $.3/.&+ '&#$,/1$'S+ %-'/.*+ 1P&+ &3&01/$.,+ ]P&'& 0$"#3(/.1,+ (7$-1+ /''&*-3('/1/&,+ ,&.1+ 2/(+ ?L?+ ]&'& *(1P&'&%+ (.%+ #-73/,P&%9)+XP/,+ "&1P$%+ 0$"#3&"&.1, $1P&'+,&'2/0&,8+,-0P+(,+7'$(%0(,1/.*+/.0/%&.1,+$.+1P& '(%/$)+ XP&+ #-73/0(1/$.+ $^+ 1P&,&+ /.0/%&.1,+ ,P$-3%+ #-1 #'&,,-'&+ $.+ 1P&+ '-3/.*+ #$]&'+ 1$+ '&,1$'&+ 1P&+ 3&*(3 $'%&')+XP&'&+('&+1]$+&U/,1/.*+*'(,,+'$$1,+#'$T&01,+1P(1 ('&+ 0-''&.13S+ #$#-3('+ /.+ 1P&+ "&%/(B+ ^/:+:#'# (.% G"4$%-#$&)O)) XP&S+0$"#3&"&.1+&(0P+$1P&'+(.%+('& 7$1P+ 7-/31+ ]/1P+ (+ 7$11$"+ -#+ (##'$(0P+ -,/.*+ [#&. ?$-'0&+ #('(%/*",)+ Y,+ .&],+ ^'$"+ JI6,+ /.+ 1P&+ #(,1 P(,+P('%3S+&2&'+"(%&+/1+1$+1P&+"(/.,1'&("+"&%/(+$^ 1P&+f&,1&'.+]$'3%8+>6X,+.$]+&.(73&+/.P(7/1(.1,+$^+1P& ?$-1P+ 1$+ '&(0P+ 1P&+ #-73/0+ %/'&013S)+ @3$*,+ (.%+ 0/1/d&. 9 t(1'/.+&'03(,+Q9::CRB+2&C%#$5(T%(T$g(O4$#%4"#$5(=-&3%#4$/(N#%:(O4@#-& !:4$&/8+ 73$*+ &.1'S)+ W&1'/&2&%+ <C+ 4&7'-('S+ 9::;+ ^'$"+ P11#BNN"$7/3&(0E 1/2&)$'*N1&U1/.*E/1E/. H<
  • 52. T$-'.(3/,"+('&+,$"&1/"&,+&2&.+1P&+$.3S+#$,,/7/3/1S+^$' /.1&'&,1&%+#&',$.,+1$+*&1+.&],+(7$-1+(+0&'1(/.+0$-.E 1'S8+(,+$^^/0/(3+.&],#(#&',+('&+$^1&.+$.3S+(2(/3(73&+/. 1P&+ 3$0(3+ 3(.*-(*&)+ XP/,+ "&1P$%+ $^+ "&%/(+ #'$2/%&, 1P&+ '&(%&'+ ]/1P+ (+ "$'&+ 7(3(.0&%+ 2/&]+ $.+ (+ 0$-.1'S8 ]P/3&+ /.+ "(/.,1'&("+ "&%/(+ JI6,+ -,-(33S+ $.3S+ 0$"& /.1$+^$0-,+/.+0$..&01/$.+]/1P+0$.^3/01,+$'+.(1-'(3+0(1(,E 1'$#P&,)+ [.&+ 3&(%/.*+ (.%+ ,-00&,,^-3+ &U("#3&+ /, V-4@+-(h4#3&/(W$-#$&8+]P&'&+0$.1&.1+0'&(1&%+7S+3$0(3 73$**&',+ /,+ 0$33&01&%+ (.%+ $^^&'&%+ 1$+ /.1&'&,1&%+ '&(%E &',)+p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h-/'/.*+0-,1$"&',+^'$"+1P/,+,&01$'+$^+,$0/&1S)+J$]&,1 /.0$"&+ /.P(7/1(.1,+ $^+ J6I,+ %$+ .$1+ P(2&+ (+ 7(.O+ (0E 0$-.1+(.%+1P&'&^$'&+('&+3/"/1&%+/.+1P&/'+^/.(.0/(3+^3&U/E 7/3/1S+/.+'&*('%,+1$+,(2/.*+(.%+"(O/.*+^/.(.0/(3+1'(.,E (01/$.,)+ N&/%&"$( ^$#4$ (.%+ $1P&'+ ,/"/3('+ "$.&S 0$-'/&',+ #'$2/%&+ ^/.(.0/(3+ 1'(.,(01/$.+ ,&'2/0&,8+ P$]E &2&'+]/1P+(+P/*P+^&&)+f/1P+1P&+/.0'&(,&%+#$#-3('/1S+$^ #'&#(/%+"$7/3&+#P$.&,8+#&$#3&+P(2&+^$-.%+(+](S+1$ $2&'0$"&+1P/,+0$.,1'(/.1)+Y/'+1/"&+/,+-,&%+(,+(+,-7,1/E 1-1&+ ^$'+ "$.&Sc+ #&$#3&+ 0(.+ #(S+ ^$'+ *$$%,+ (.%+ ,&'2E /0&,+ ]/1P+ (/'1/"&)+ @S+ */2/.*+ 0-,1$"&',+ 1P&+ #$,,/7/3/1S 1$+ 1'(.,^&'+ (/'+ 1/"&8+ "$7/3&+ .&1]$'O+ 0$"#(./&,+ P(2& H9
  • 53. 1(O&.+$.+(+#$,/1/$.+,/"/3('+1$+1P(1+$^+1'(%/1/$.(3+7(.O,) K&$#3&+.$]+P(2&+1P&+$##$'1-./1S+(.%+1P&+,&0-'/1S+$^ ^3&U/73&+ ^/.(.0/(3+ 1'(.,(01/$.,+ 1P'$-*P+ 1P&/'+ "$7/3& #P$.&)+Y.$1P&'+](S+1P(1+>6X,+&"#$]&'+/.P(7/1(.1,+$^ '-'(3+(.%+$^1&.+#$$'+('&(,+$^+JI6,+/,+7S+#'$2/%/.*+/.E ^$'"(1/$.+$.+,-##3S+(.%+%&"(.%)+XP/,+&.(73&,+1P&" 1$+ 0$"#('&+ #'/0&,+ (.%+ 0P$$,&+ 1P&+ 7&,1+ $^^&') XP/, 0$"#3&1&3S+0P(.*&,+1P&+'&3(1/$.,P/#+7&1]&&.+7-S&', (.%+,&33&',8+]P/0P+$'/*/.(33S+](,+/.^3-&.0&%+7S+(+"/%E %3&"(.8+]P$+0P('*&%+,-7$#1/"(3+#'/0&,+]P/3&+1(O/.* -.^(/'+(%2(.1(*&,)+[.&+#3(1^$'"8+2"+'&$&%;@#. /,+2&'S ,-00&,,^-3+ /.+ #'$2/%/.*+ 1P/,+ O/.%+ $^+ ,&'2/0&+ ^$'+ 1P& f&,1+Y^'/0(.+'&*/$.)+ [^+0$-',&+1P&'&+('&+"$'&+](S,+1P(1+>6X,+&"#$]&' 1P&+ 0/1/d&.,+ $^+ JI6,8+ ,-0P+ (,+ /.+ 1P&+ &%-0(1/$.+ (.% P&(31P8+ ,&01$',8+ 7-1+ ]&+ 1P/.O+ 1P(1+ 1P&+ &U("#3&,+ ]& P(2&+ P/*P3/*P1&%+ ,P$]+ 1P&+ *'&(1&,1+ #$1&.1/(3+ ,/.0& 1P&S+,P/^1+1P&+#$]&'+^'$"+1P&+'-3/.*+/.,1/1-1/$.,+7(0O+1$ 1P&+ #&$#3&)+ !,#&0/(33S+ /.+ JI6,+ ]P&'&+ 1P&+ *(#+ 7&E 1]&&.+'/0P+(.%+#$$'+/,+2&'S+7'$(%8+,-0P+(##'$(0P&, ('&+"$,1+#'$"/,/.*) g.^$'1-.(1&3S+/1+/,+%/^^/0-31+1$+7& 1$$+ $#1/"/,1/08+ 7&0(-,&+ 1P&+ 0P(33&.*&+ $^+ /.1'$%-0/.* 1P/,+.&]+](S+$^+0$""-./0(1/$.+(.%+,$0/(3+&"#$]&'E "&.1+ 0$.,/%&'/.*+ 1P&+ *$2&'."&.1+ #$3/0/&,+ $^+ "$,1 JI6,+,1/33+'&"(/.,)+p$2&'."&.1+#$3/0/&,+('&+'/*/%8+(.% *$2&'."&.1,+ $^1&.+ h-&,1/$.+ 1P&/'+ '$3&+ (.%+ #$,,/73& 3$,,+$^+#$]&'+]/1P+1P&+/.1'$%-01/$.+$^+.&]+1&0P.$3$*S) a$]&2&'+/1+/,+,$"&]P(1+$^+(.+/,,-&+$^+P-"(.+'/*P1,c #&$#3&+ ,P$-3%+ P(2&+ 1P&+ '/*P1+ 1$+ (00&,,+ /.^$'"(1/$. (.%+ 1&0P.$3$*S+ 1P(1+ ]/33+ /"#'$2&+ 1P&/'+ 3/2&,) [7("( ]/33+P$#&^-33S+,](S+1P/,+](S8+(,+1P&+!-'$#&(.+g./$. (3"$,1+ ,-##$'1,+ 1P/,+ 1'(0O8+ 7-1+ 1P&'&+ ('&+ ,1/33+ (+ 3$1+ $^ H`
  • 54. 7(113&,+1$+7&+^$-*P1)+>1+/,+]$'1PS+1$+"&.1/$.+P&'&+1]$ $'*(./d(1/$.,+%&"$.,1'(1/.*+1P/,B+2:& G"&&()4>%<+"& G4,$'+%#4$(G)G (.%+1P&+3$0(33S+7(,&%+Y-,1'/(.+B,#$? %&//&$. E+h&"&#$(.,"(N#&'&":&"/%&--,$5('&"(Qi"5&""&? 3:%&( #7( T$>4"7+%#4$/.&#%+-%&")+ f&+ '&(33S+ (##'&0/(1& 7$1P+$'*(./d(1/$.,+(.%+/.1&.%+$.+&,1(73/,P/.*+(+]$'OE /.*+ '&3(1/$.,P/#+ ]/1P+ 1P&")+ fP(1+ ,1/33+ '&"(/.,+ /,+ 1$ %$0-"&.1+(.%+#-73/,P+1P&+,-00&,,^-3+(.%+/..$2(1/2& -,&+ $^+ >6X,+ ^$'+ ,$0/(3+ /"#'$2&"&.18+ "(O&+ #&$#3& (]('&+$^+1P&+#$]&'+$^+1P&,&+1$$3,8+(.%+*-('(.1&&+(0E 0&,,/7/3/1S+^$'+&2&'S7$%S)+ f&+P(2&+'&^3&01&%+$.+2('/$-,+"&1P$%,+^$'+0(#1-'E /.*+-,&'+.&&%,+/.+JI6,+1P(1+P(2&+7&&.+-,&%+^$'+/.1&'E (01/2&+,S,1&",+%&,/*.)+XP&+'&2/&]+3&%+1$+1P&+%&0/,/$. 1P(1+ (.+ &1P.$*'(#P/0+ (##'$(0P+ /.+ 0$"7/.(1/$.+ ]/1P "&1P$%,+ 7$''$]&%+ ^'$"+ 1P&+ "$'&+ '&0&.1+ 0$.1&U1-(3 /.h-/'S+ (##'$(0P` ]$-3%+ 7&,1+ ^/1+ 1P&+ 0$.1&U1+ (.%+ '&E h-/'&"&.1,+$^+1P/,+'&,&('0P+,&11/.*)+!1P.$*'(#PS+P(, (+3$.*+1'(%/1/$.8+&,#&0/(33S+/.+1P&+^/&3%+$^+(.1P'$#$3$*S8 ]P&'&+'&,&('0P&',+-,&%+/1+(,+(+"&1P$%+^$'+*(1P&'/.* %(1(+(7$-1+P-"(.+,$0/&1/&,+1P'$-*P+^/&3%+]$'OF)+[.3S 3(1&3S+/1+P(,+(3,$+7&0$"&+(+#$#-3('+'&,&('0P+"&1P$% ("$.*+ P-"(.E0$"#-1&'+ /.1&'(01/$.+ '&,&('0P&',+ 1$ /.^$'"+$'+&2(3-(1&+1P&+%&,/*.+$^+/.1&'(01/2&+#'$%-01,H) [.&+$^+1P&+^$-'+#'/.0/#3&,+1P(1+0P('(01&'/d&+&1P.$*'(E ` @!j!W+|+a[JXx@JYXXB+Y4$%&C%,+-(H&/#5$;(T$(T$%&"+3%#4$/8+$3)+G+Q<R8 Y6L+K'&,,8+z(.)N4&7)+<;;;) F ?>L[A?!A+|+t!A?>ApB+^/#$5(=%:$45"+*:9(/. Y4$%&C%,+-(H&/#5$)+>. Y477,$#3+%#4$/(4>(EYO8+$3)+F:+QCR8+Y6L+K'&,,8+z-3)+<;;C) H agpa!?8+t>Ap8+W[II!A+|+YAI!W?!AB+2:&(R4-&(4>(=%:$45"+*:9 #$( T$%&"+3%#1&( )9/%&7/( H&/#5$)+ >.+ T$%&"+3%#4$/8+ $3)+ 9+ Q9R8+Y6L+ K'&,,8 Y#')+<;;H) HF
  • 55. #PS+ /,+ 1P(1+ /1+ 1(O&,+ #3(0&+ /.+ (+ .(1-'(3+ ,&11/.*)+Y.+ &,E ,&.1/(3+ #('1+ $^+ (.+ &1P.$*'(#P/0+ ,1-%S+ /,+ 1P(1+ 1P&+ '&E ,&('0P&',+P(2&+1$+3/2&+(3$.*+]/1P+1P&+#&$#3&+1P&S+$7E ,&'2&+ $2&'+ (+ 3$.*+ #&'/$%+ $^+ 1/"&)+XP/,+ (,,-'&,+ (+ '&E %-01/$.+ $^+ 1P&+ /.^3-&.0&+ $^+ 1P&/'+ #'&,&.0&+ $.+ 1P&+ '&E ,-31,)+ I(1(+ /,+ '&0$'%&%+ 7S+ 1(O/.*+ .$1&,+ $'+ -,/.*+ ( 2/%&$+0("&'()+[.3S+(^1&'+1P&+^/&3%+]$'O+P(,+&.%&%+/, 1P&+%(1(+/.1&'#'&1&%+/.+(+1&("+,&11/.*)+6$.1&U1-(3+/.E h-/'S+/,+1P&+^/',1+,1&#+$^+(+0$.1&U1-(3+%&,/*.+#'$0&,,)+>1 ^$'&,&&,+1P&+/.03-,/$.+$^+-,&',+/.+1P&+%&,/*.+#'$0&,, (1+ 2('/$-,+ ,1(*&,G)+ >.+ 1P&+ '&h-/'&"&.1,+ 0$33&01/$. ,1(*&+ %(1(+ /,+ *(1P&'&%+ -,/.*+ 0$.1&U1-(3+ /.1&'2/&],8 ]P/0P+('&+/.1&'2/&],+0$.%-01&%+/.+1P&+^/&3%8+&)*)+(1+1P& -,&',s ]$'O#3(0&)+ Y^1&'+ 1P&+ ^/&3%+ ,&,,/$.,+ 1P&+ /.1&'E 2/&],+('&+%/,0-,,&%+/.+(+*'$-#+1$+#'$%-0&+(+2/,-(3+/3E 3-,1'(1/$.+ 0(33&%+ (.+ (^^/./1S+ %/(*'(")+ Y1+ 1P&+ 7$11$" 3&2&3+ 1P&+ (^^/./1S+ %/(*'("+ 0$.,/,1,+ $^+ "(.S+ #$,1E/1 .$1&,8+ &(0P+ %&#/01/.*+ (+ #('1/0-3('+ $7,&'2(1/$.+ 1P(1 ](,+0(#1-'&%+%-'/.*+1P&+/.1&'2/&])+XP&+1$#+3&2&3+$^+1P& %/(*'("+]/33+&2&.1-(33S+'&2&(3+/%&(,+^$'+,#&0/^/0+(##3/E 0(1/$.)+ f&+ ('&+ ,-**&,1/.*+ (+ "/U&%+ (##'$(0P+ -,/.* "&1P$%,+ ^'$"+ &1P.$*'(#PS+ (.%+ 0$.1&U1-(3+ /.h-/'S8 ^/&3%+ ,1-%/&,+ 0$"#3/&%+ ]/1P+ 1P&+ ^$-'+ #'/.0/#3&,+ $^ &1P.$*'(#PS8+ (31P$-*P+ ]&+ ('&+ .$1+ ^$33$]/.*+ /.%/2/%-E (3,+ $2&'+ (.+ &U1&.%&%+ #&'/$%+ $^+ 1/"&8+ 7-1+ '(1P&'+ 0$.E %-01/.*+/.1&'2/&],+]/1P+"(.S+%/^^&'&.1+-,&',+!&)*)+"$E 7/3&+ #P$.&+ -,&',+ (,+ ]&+ %/%+ /.+ gx>+Y^'/0(!)+ f&+ (3,$ %$0-"&.1+%&"$*'(#P/0+%(1(+$^+#&$#3&+1P(1+]&+/.1&'E 2/&]&%+ $.+ 2/%&$+ 1$+ (.+ (%%/1/$.(3+ ,#'&(%,P&&1)+ XP& G a[JXx@JYXXB+Y4$%&C%,+-(H&/#5$g(E Y,/%47&"?Y&$%&"&'(E**"4+3:(%4 )9/%&7/(H&/#5$8+L$'*(.+t(-^"(..8+<,1+&%)8+<;;C) HH