SlideShare uma empresa Scribd logo
1 de 144
Baixar para ler offline
!""#$%&'(")*%+%),-
 ,.*#/,+%.',"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”

Mais conteúdo relacionado

Mais procurados

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
Death User
 
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
David Walker
 
Visual Arts S A Summaryfinal
Visual Arts  S A SummaryfinalVisual Arts  S A Summaryfinal
Visual Arts S A Summaryfinal
Chakan Hislop
 
CITIA08 - Ready For Change? - Presentation
CITIA08 - Ready For Change? - PresentationCITIA08 - Ready For Change? - Presentation
CITIA08 - Ready For Change? - Presentation
David Walker
 
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
David Walker
 
Blenderbookv01
Blenderbookv01Blenderbookv01
Blenderbookv01
whiedhie
 
Biografía Miguel Hernández Pwp
Biografía Miguel Hernández   PwpBiografía Miguel Hernández   Pwp
Biografía Miguel Hernández Pwp
Abrilm
 
Arduino notebook v1-1
Arduino notebook v1-1Arduino notebook v1-1
Arduino notebook v1-1
Anil Yadav
 

Mais procurados (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
 

Semelhante 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 Kyle
Kyle Erwin
 
Vortrag alternativkonzept geothermie
Vortrag alternativkonzept geothermieVortrag alternativkonzept geothermie
Vortrag alternativkonzept geothermie
Harald Fratz
 
Mimecast UEM Datasheet
Mimecast UEM DatasheetMimecast UEM Datasheet
Mimecast UEM Datasheet
julesmartin
 
Mailings Sublevación de Abril
Mailings Sublevación de AbrilMailings Sublevación de Abril
Mailings Sublevación de Abril
Petia Cervera Krupova
 
Ssijialiye
SsijialiyeSsijialiye
Ssijialiye
renata7
 
Ico corporate presentation en
Ico corporate presentation enIco corporate presentation en
Ico corporate presentation en
Harpreet kaur
 

Semelhante 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

9953056974 Call Girls In Pratap Nagar, Escorts (Delhi) NCR
9953056974 Call Girls In Pratap Nagar, Escorts (Delhi) NCR9953056974 Call Girls In Pratap Nagar, Escorts (Delhi) NCR
9953056974 Call Girls In Pratap Nagar, Escorts (Delhi) NCR
9953056974 Low Rate Call Girls In Saket, Delhi NCR
 
{Qatar{^🚀^(+971558539980**}})Abortion Pills for Sale in Dubai. .abu dhabi, sh...
{Qatar{^🚀^(+971558539980**}})Abortion Pills for Sale in Dubai. .abu dhabi, sh...{Qatar{^🚀^(+971558539980**}})Abortion Pills for Sale in Dubai. .abu dhabi, sh...
{Qatar{^🚀^(+971558539980**}})Abortion Pills for Sale in Dubai. .abu dhabi, sh...
hyt3577
 
The political system of the united kingdom
The political system of the united kingdomThe political system of the united kingdom
The political system of the united kingdom
lunadelior
 
THE OBSTACLES THAT IMPEDE THE DEVELOPMENT OF BRAZIL IN THE CONTEMPORARY ERA A...
THE OBSTACLES THAT IMPEDE THE DEVELOPMENT OF BRAZIL IN THE CONTEMPORARY ERA A...THE OBSTACLES THAT IMPEDE THE DEVELOPMENT OF BRAZIL IN THE CONTEMPORARY ERA A...
THE OBSTACLES THAT IMPEDE THE DEVELOPMENT OF BRAZIL IN THE CONTEMPORARY ERA A...
Faga1939
 
call girls inMahavir Nagar (delhi) call me [🔝9953056974🔝] escort service 24X7
call girls inMahavir Nagar  (delhi) call me [🔝9953056974🔝] escort service 24X7call girls inMahavir Nagar  (delhi) call me [🔝9953056974🔝] escort service 24X7
call girls inMahavir Nagar (delhi) call me [🔝9953056974🔝] escort service 24X7
9953056974 Low Rate Call Girls In Saket, Delhi NCR
 

Último (20)

422524114-Patriarchy-Kamla-Bhasin gg.pdf
422524114-Patriarchy-Kamla-Bhasin gg.pdf422524114-Patriarchy-Kamla-Bhasin gg.pdf
422524114-Patriarchy-Kamla-Bhasin gg.pdf
 
9953056974 Call Girls In Pratap Nagar, Escorts (Delhi) NCR
9953056974 Call Girls In Pratap Nagar, Escorts (Delhi) NCR9953056974 Call Girls In Pratap Nagar, Escorts (Delhi) NCR
9953056974 Call Girls In Pratap Nagar, Escorts (Delhi) NCR
 
Transformative Leadership: N Chandrababu Naidu and TDP's Vision for Innovatio...
Transformative Leadership: N Chandrababu Naidu and TDP's Vision for Innovatio...Transformative Leadership: N Chandrababu Naidu and TDP's Vision for Innovatio...
Transformative Leadership: N Chandrababu Naidu and TDP's Vision for Innovatio...
 
China's soft power in 21st century .pptx
China's soft power in 21st century   .pptxChina's soft power in 21st century   .pptx
China's soft power in 21st century .pptx
 
KING VISHNU BHAGWANON KA BHAGWAN PARAMATMONKA PARATOMIC PARAMANU KASARVAMANVA...
KING VISHNU BHAGWANON KA BHAGWAN PARAMATMONKA PARATOMIC PARAMANU KASARVAMANVA...KING VISHNU BHAGWANON KA BHAGWAN PARAMATMONKA PARATOMIC PARAMANU KASARVAMANVA...
KING VISHNU BHAGWANON KA BHAGWAN PARAMATMONKA PARATOMIC PARAMANU KASARVAMANVA...
 
declarationleaders_sd_re_greens_theleft_5.pdf
declarationleaders_sd_re_greens_theleft_5.pdfdeclarationleaders_sd_re_greens_theleft_5.pdf
declarationleaders_sd_re_greens_theleft_5.pdf
 
06052024_First India Newspaper Jaipur.pdf
06052024_First India Newspaper Jaipur.pdf06052024_First India Newspaper Jaipur.pdf
06052024_First India Newspaper Jaipur.pdf
 
10052024_First India Newspaper Jaipur.pdf
10052024_First India Newspaper Jaipur.pdf10052024_First India Newspaper Jaipur.pdf
10052024_First India Newspaper Jaipur.pdf
 
Job-Oriеntеd Courses That Will Boost Your Career in 2024
Job-Oriеntеd Courses That Will Boost Your Career in 2024Job-Oriеntеd Courses That Will Boost Your Career in 2024
Job-Oriеntеd Courses That Will Boost Your Career in 2024
 
{Qatar{^🚀^(+971558539980**}})Abortion Pills for Sale in Dubai. .abu dhabi, sh...
{Qatar{^🚀^(+971558539980**}})Abortion Pills for Sale in Dubai. .abu dhabi, sh...{Qatar{^🚀^(+971558539980**}})Abortion Pills for Sale in Dubai. .abu dhabi, sh...
{Qatar{^🚀^(+971558539980**}})Abortion Pills for Sale in Dubai. .abu dhabi, sh...
 
*Navigating Electoral Terrain: TDP's Performance under N Chandrababu Naidu's ...
*Navigating Electoral Terrain: TDP's Performance under N Chandrababu Naidu's ...*Navigating Electoral Terrain: TDP's Performance under N Chandrababu Naidu's ...
*Navigating Electoral Terrain: TDP's Performance under N Chandrababu Naidu's ...
 
05052024_First India Newspaper Jaipur.pdf
05052024_First India Newspaper Jaipur.pdf05052024_First India Newspaper Jaipur.pdf
05052024_First India Newspaper Jaipur.pdf
 
04052024_First India Newspaper Jaipur.pdf
04052024_First India Newspaper Jaipur.pdf04052024_First India Newspaper Jaipur.pdf
04052024_First India Newspaper Jaipur.pdf
 
America Is the Target; Israel Is the Front Line _ Andy Blumenthal _ The Blogs...
America Is the Target; Israel Is the Front Line _ Andy Blumenthal _ The Blogs...America Is the Target; Israel Is the Front Line _ Andy Blumenthal _ The Blogs...
America Is the Target; Israel Is the Front Line _ Andy Blumenthal _ The Blogs...
 
Dubai Call Girls Pinky O525547819 Call Girl's In Dubai
Dubai Call Girls Pinky O525547819 Call Girl's In DubaiDubai Call Girls Pinky O525547819 Call Girl's In Dubai
Dubai Call Girls Pinky O525547819 Call Girl's In Dubai
 
The political system of the united kingdom
The political system of the united kingdomThe political system of the united kingdom
The political system of the united kingdom
 
Politician uddhav thackeray biography- Full Details
Politician uddhav thackeray biography- Full DetailsPolitician uddhav thackeray biography- Full Details
Politician uddhav thackeray biography- Full Details
 
THE OBSTACLES THAT IMPEDE THE DEVELOPMENT OF BRAZIL IN THE CONTEMPORARY ERA A...
THE OBSTACLES THAT IMPEDE THE DEVELOPMENT OF BRAZIL IN THE CONTEMPORARY ERA A...THE OBSTACLES THAT IMPEDE THE DEVELOPMENT OF BRAZIL IN THE CONTEMPORARY ERA A...
THE OBSTACLES THAT IMPEDE THE DEVELOPMENT OF BRAZIL IN THE CONTEMPORARY ERA A...
 
Unveiling the Characteristics of Political Institutions_ A Comprehensive Anal...
Unveiling the Characteristics of Political Institutions_ A Comprehensive Anal...Unveiling the Characteristics of Political Institutions_ A Comprehensive Anal...
Unveiling the Characteristics of Political Institutions_ A Comprehensive Anal...
 
call girls inMahavir Nagar (delhi) call me [🔝9953056974🔝] escort service 24X7
call girls inMahavir Nagar  (delhi) call me [🔝9953056974🔝] escort service 24X7call girls inMahavir Nagar  (delhi) call me [🔝9953056974🔝] escort service 24X7
call girls inMahavir Nagar (delhi) call me [🔝9953056974🔝] escort service 24X7
 

“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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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$"#(./&,+ P(2& H9
  •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f&,1+Y^'/0(.+'&*/$.)+ [^+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