A VI
ƚĞĐŶŽůŽŐŝĂĚĞŝŶĨŽƌŵĂĕĆŽƉĂƌĂŽƌŝĞŶƚĂĕĆŽĚĞƉƌŽĮƐƐŝŽŶĂŝƐĚĂ
^ŝĐŬůĞĐĞůůƚƌĂŝƚŝŶƌĂnjŝů͗ůŝƚĞƌĂƚƵƌĞƌĞǀŝĞǁĂŶĚŝŶĨŽƌŵĂƟŽŶƚĞĐŚŶŽůŽŐLJ
ƉƌŽƉŽƐĂůĨŽƌďĂƐŝĐŚĞĂůƚŚƉƌŽǀŝĚĞƌƐ͛ŐƵŝĚĂŶĐĞ
! "#$%&! '($)!*$ +,-1
.0(-%r ' ,r$3- % ' ,$% 4! ,*' 4-5
.
6P7 89: ; <:p7 = >H >?p 9 ;: =U@ 9B7<? 9 ;C <9 >W: = ;7 <D: @; E 89 >FH UWDGJU@ 9 B7<? 9 8:87K7 87<: =8>D7 : <CFU KDGJL7? 9 87@ ;787H7 M: ; >= >N 9: 7H7M>;7<:p 9:P7 89 C; <9O:8>H>?p 9 ;: =8:?D= E@ 9O:?87L 9b7 9 <Q>P <7 ; >JU@ 9 B7 <? 9 8: 8787S Q>P:T= >FUSPGJS Q>P:T= >JX<:? 9 =YZ[7? ; <7 7 M P789:;< 9: p7=: U@ 9 B7<? 98:87\? ;:8T: = 8> D7 : <C FU\D\G J STp7 <B9? >< 8:L7 ?9 8]@O9:87 P7 89: ; <9: 8> H >?p 9 ;: =U@ 9B7<? 9 ; C<9 > W:=;7<D:@ ; E89 >FH UWDGJU@ 9 B7 <?9 8:87K7 87 <: =8>D7 : <CFUK DG JK><;:=7a:JD7:<CJX<: ? 9=Y
^_`cfg
hi jkl mno ql s
8>7@t: u:=O9u><M7 é
TM: :@7M9: v7M>= E ; 9O: v7 <789 ;C <9: >O: ?9 >@:8: p7 =: u><M:tQ> 87 TM: v7 M >N = >b9@: MT;: @ ;7FH7M>N = >b9@:SGJw T7:u>9t::?v7 M CO9: ?Y
x
; <:t>u:=O9u><M7@ >M7 9::O>@ 89tQ>b7@ 9N@:7:?? 9@ ; >MC ; 9O:87p ><;: 8><J@Q>
FRQ¿JXUDQGRGRHQoD2VSUR¿VVLRQDLVGHDWHQomREiVLFDGHYHPVHURULHQWDGRVVREUHRWHVWHGRSH]LQKRSDUDKHPRJORELQRSDWLDV
7:B: = 9: <:@7O7 ?? 9 8: 87877@O: M 9@v: M7@ ; >: >7?p7O9: = 9? ;:Ylyz{jh|l}s
HODERUDUHHPLWLUEROHWLPLQIRUPDWLYRHÀX[RJUDPD
GHDWHQGLPHQWRD¿PGHGHWHUPLQDUDFRQGXWDIUHQWHjFULDQoDFRPWUDoRIDOFLIRUPHQDDWHQomRSULPiULD
~{jlm llhsWUDEDOKRGHUHYLVmRELEOLRJUi¿FDGHVFULWLYDGRFXPHQWDOUHDOL]DGRQRVZHEVLWHVVFLHORFRPEUEYVPVVDXGHJRYEUXSWRGDWH
O>MY mh}n} }qls@ > X<:? 9 =J:O<7 89 ;: ?7w T7: p <7 B:=]@O9: 87 ; <:t>u:=O9u><M7?7 : 87Z 6 @:?O9M7 @ ;>?J O v7N:@ 8> :;é
GHWRGDSRSXODomRQHJUDFRQ¿JXUDQGRXPVpULRSUREOHPDGHVD~GHS~EOLFD(VWXGRVGHPRQVWUDUDPTXHFRQKHFLPHQWRH
FRQ¿DQoDGRVSUR¿VVLRQDLVQDFRQGXomRGHVWHVFDVRVSRGHPDXPHQWDUVLJQL¿FDWLYDPHQWHFRPHVWUDWpJLDVHGXFDFLRQDLVVLPSOHV
l i n}ql s
IUHQWHjDOWDSUHYDOrQFLDGHWUDoRIDOFLIRUPHQRSDtVHGLDQWHGDRQHUDomRDRMiVREUHFDUUHJDGRVLVWHPDGHVD~GH
YHUL¿FDVHDQHFHVVLGDGHGHRULHQWDomRGRVSUR¿VVLRQDLVGHDWHQomREiVLFDSDUDRDWHQGLPHQWRGDFULDQoDFRPWUDoRIDOFLIRUPH
s>7@t:u:=O9u><M7Y<:t>u: =O9u><M7Y7 ?;78>p7a9@v>YP<7 B: =]@O9:Y
`^
hi jkl mnjhli s? 9O=7O7 = = 89?7: ?7 9?:@ 9@v7<9 ;7 8 v7M>=; 9O: @7 M 9:8T7;> :N7 @7 ; 9OMT;: ; 9 >@;v: ;89? ; >< ;?7 <;v<>O ;7 ? FH7M >N= >b9@SGYS9O=7O7==;<: 9 ;9?:@:?Mp ; >M:;9Ob7@ 9N@v7;7 <>aN>? 9?O: << 97<O>@ 89 ;9 >@YK <>M;v7<7 ?T=;?>uv7 M >N = >b9@ >p: ;v97?
QHRQDWDOVFUHHQLQJSULPDU\FDUHSURYLGHUVKDYHWRMXGJHZKHQUHIHUWRDVSHFLDOL]HGDSSURDFKRUWRIROORZXSDWEDVLFKHDOWK
:?? 9? ;:@O7Y lyz{jh|{}s
FRQFHLYH DQ ,QVWUXFWLRQDO 5HSRUW DQG DQ $WWHQGLQJ )ORZFKDUW DV HGXFDWLRQDO VWUDWHJLHV JXLGLQJ
b:? 9Ov7 : = ;v:?? 9? ;: @ ;?>@v7 M >N = >b9@ >p:;v97 ?@7>@: ;: =?O<77@ 9@NY~ {jlm ll sb9b=9 >N <: pv9O87?O<9p ;9 B7J 8>O TM7@ ;: =JUHYLHZHVVD\UHVHDUFKLQJVFLHQFHZHEVLWHVGDWDVFLHORFRPEUEYVPVVDXGHJRYEUXSWRGDWHFRPDOVRSHGLDWULFVWH[WERRNVDQG
FRQFHLYLQJDQ,QVWUXFWLRQDO5HSRUWDQGD6LFNOH&HOO7UDLW$WWHQGLQJ)ORZFKDUW
mh}n} }hl is 9@X<:a9=J? 9O=7O7= = ;<: 9 ;O: @EHIRXQGLQELUWKVDQGZLWKLQDIULFDQDPHULFDQGHVFHQGDQWV¶SUHYDOHQFHLVFRQVLVWLQJRQDVHULRXVSXEOLFKHDOWK
DVVLVWDQFHSUREOHP&RQFHUQLQJWRSULPDU\FDUHSURYLGHUV¶TXDOL¿FDWLRQVRPHDUWLFOHVUHYHDOWKDWNQRZOHGJHDQGFRQ¿GHQFHRQ
WKHLU PDQDJHPHQW FRXOG EH LPSURYHG ZLWK VLPSOH HGXFDWLRQDO LQWHUYHQWLRQV
l i n}hl isIRUZDUGV VLFNOH FHOO WUDLW KLJK
SUHYDOHQFHLQ%UD]LODQGRYHUORDGRIWKHVWUDLQHGKHDOWKSXEOLFDVVLVWDQFHLW¶VVWDEOLVKHGWKHSURPLQHQFHRISULPDU\FDUHSURYLGHUV¶
:O O>Mp = 9?vM7@ ;?9@? 9O =7O7==; <:9;Y
sS9O=7O7 = =89?7: ?7YS9O =7O7==; <:9;Y¡7>@: ;: =?O<77@ 9@NYP <7 B:=7 @O7Y
¢ £¤ ¥¦§¥¦¦ ¨©ª ¥«¬ ¨«¤¨ ®¯ e° d ± e ² d e ³d´ µ ¶· R´¶ ¸² d¹eµµd² ®¯ eµ e º d d · · » ¶² ¼ ½ d¶ ®¯ ¶ ¾¶· R ¿e ² Àd ¸² e± d· ³Àd ¸¶´ ¯ d Á¸ 2 Âe¯e¹d eÃ Ä 2 Á¼ ¶¯e¼ ¶¯d¶¯ e°¼ d ±e² dŠƼ ¶¯Ç d¼
&RQÀLWRGHLQWHUHVVHV
1mRKiTXDOTXHUFRQÀLWRGHLQWHUHVVHVSRUSDUWHGHTXDOTXHUXPGRVDXWRUHV
ì íî ïð ñò óôð
õ ö÷øùú ûúü ý þ ûöÿf ÷ é ufú úø÷f þú h ÷f öü þý ú h ÷ÿ ÷ þ ÿþú ú u öaaf þý ú ÿ÷ý÷aaþrú öýúaþ öøúú p÷üú û öÿfú ùö ÷ ufú h ÷f öü öbþ øúf u ú ø ÷(÷f öü öbþ øú
S
qu÷pÿöröýú þa öÿ ùö øúah ÷f ýþúa úø ödüh ÷aöýúÿúý ÷ ÿa þýöûöÿ fú ö ÷ûöþý ÷öu f ÷þú dü uú m÷pö ÷a÷ÿh öf ö þ þý ú( b SS ýhúfú úú ø÷f þú ûú üýþ ûöÿf ÷ öu ÷ f h ÷ ÷ ÿö þöa÷ pöÿ úaaöý þú ùö ý öf öu ÿö ÷ø÷ fu ú ø ÷ ú ýú ÷ þú b÷ ú (rúÿþú ø ÷ S ÷ ú dúü úaa÷f þú S Sõ ÷ öu ÿúa ýhú fú ú ö÷ øùú ûúü ýþû öÿf ÷ F÷øf ÷øöa
YDVRFOXVLYRVHKHPyOLVHOHYDQGRjDQHPLDVmRRVSULQFLSDLV
fú ÿýöa ú ö÷ øùú ûú ü ý þ ûöÿf ÷ ý öf ÷pþa þ öaÿ÷ý öÿ ÿ÷ø ÷a ÷
GRUDJXGDTXHOHYDPDXPJUDQGHQ~PHURGHDWHQGLPHQWRV
÷÷ f÷ ÿgøý þú 1
O ÿú ùöûúüý þûöÿf÷øöf÷þúúý öø þùö ÷h ÷ ÷ÿö þöa÷ ö÷ø÷ fuú ø ÷ûúüýgfþýö ÷fqu÷ ö öu ÿö úü ÷ü öé øöÿfúü (bAS ý öøþ ùö b÷øþøú ÷ úaaþø öf þýú ÷f qu÷ ö þøþr uö é pöÿúöÿ÷uf÷ø÷fuú ø ÷ fúaøö÷a÷øröür÷úö÷øùú øöø÷ý ÷aaþú øö÷úý öfpú øhúf÷ø ö÷ap÷ý þúü þú öSuúfú þöÿ
LPSRUWkQFLDVHHQFRQWUDQRDFRQVHOKDPHQWRJHQpWLFRGHYLGRj
ýhú øý ÷÷öa÷aý÷ø ÷ø ÷aøúaý÷ÿ÷fý öf ö÷øùúûúüý þûöÿf÷ 13
Aýÿ÷ þ ú da÷ qu÷ ý ÷ÿýú ÷ 2ý ÿ þú øùúa øúaùú f pöÿ ú øö ý öfú ø÷ fþúûú ü ý þ ûöÿf ÷ú öÿ÷ öÿ öf uø ö ÷ý ÷ ÿýú ÷ úp÷ øúaøöÿúaþü öø÷úpÿ÷rúügøýþú ÷ú ø÷ f þúûúü ý þ û öÿf ÷é ÷ú éøúaý þ f ÷ø öa÷ú ÷ ÿúùöûúü ý þ û öÿ f ÷ ÷2 øúaýþf ÷ ø öa pÿ þøýþpú ü f÷ ø ÷ øöa ÷a ú öa ö N öÿ ÷a ÷ ÷
6XGHVWHRQGHKiPDLRUQ~PHURGHGHVFHQGHQWHVDIULFDQRV
3A ÿþú÷ fø÷öøú úüpúÿúh ÷f öü öbþ øöpú þúaûúpú ÿ ÷ ö ÷a ÷ ö p÷ þ øh ö ÷ ÷ÿúü f ÷ø ÷ é pÿþ f ÷þ ÿúf÷ ø ÷ úrúü þúú p÷ü öa
SUR¿VLVRQDLV GD DWHQomR EiVLFD H SRGH LQGLFDU RV VHJXLQWHV
UHVXOWDGRV
FA(h ÷f öü öbþ øúF
÷h ÷f öü öbþ øúA ÿ÷auü ú ö øöÿfúü mFAS(h ÷f öü öbþ øúF h ÷ föü öbþ øúA÷h ÷ föü öbþ øú S ÿ÷pÿ÷a÷ øú ö ÷a ú ö ÷ pöÿú öÿ ö ÿúùö ûúü ý þ ûöÿf ÷m ÿ÷auü ú öaFS(h ÷f öü öbþøúF÷h÷ f öü öbþ øúS pöaþ þröpúÿú ö÷øùúûúü ýþû öÿf ÷ ÷r÷ø öa÷ÿ÷øý ú f þ øhú öaú ö÷ap÷ýþú ü þa ú
H UHDOL]DU H[DPHV ODERUDWRULDLV FRQ¿UPDWyULRV DSyV R VH[WR
PrVGHYLGDTXDQGRKiPRGL¿FDomRGRSHU¿OKHPRJOREtQLFR
öpú ÿöû ÷ úü púÿú öpú ÿöú uü ö úü é f ÷ a÷ÿÿ÷úü þú ö ö÷a u ö ûú f þü þú ÿAü éf ÷a ÷a öu ÿöa ÿ ÷auü ú öa þ ø þýúø ö ÿú ù öa ÷ öu ÿúa h ÷ föü öbþ øöpú þúa öu öu ÿ öa pú ÿ÷a ÷ ö÷øùú ûú üýþ ûöÿf ÷ quú ø ö a÷ úaaöý þú ú öu ÿúa f uúù÷a pö ÷fa÷ÿ þúøöa þýú öa÷ ÷r÷ fa÷ ÿúrú ü þú öa
5
Quú ø ö þúøöa þý úú pÿ÷ýöý ÷f ÷ ø ÷ ö ú ý öfpú øhú f ÷ ø ö
PXOWLSUR¿VVLRQDO p LQLFLDGR DLQGD QRV SULPHLURV PHVHV
÷ rþú pÿöf ör÷ø ö ú ÿ÷ú ü þ ú ùö ÷ þ f uøþú ù ÷a ÷
DQWLELRWLFRSUR¿OD[LD HGXFDomR HP VD~GH GLUHFLRQDGD DR
púýþ÷ ø ÷ ÷ ú öa ûúfþü þú ÿ÷a aöbÿ ÷ öa pÿþ øý þpú þa aþ ø öfúa ÷ ú h þa ÿ þú øú uÿúü ú ö÷ øùú Quú ø ö uf ÿ ÷auü ú ö pöaþ þrö øö ûöÿ úrúü þú ö pÿ ÷ý öý÷f ÷ø ÷ ö þúøa þýö aöf÷ ø ÷ a÷ÿ ÿ÷úü þú öquúø ö öþ øý þ ö öaaþø öfúaöuúÿ ÷ýöÿ ÿgøýþúúa fú øþ û÷a úù÷a ýüøþý úa ú uf ÷ø ú ø ö úýhú øý÷ ÷ öýöÿÿgøý þú ÷ a÷qu÷üúa ÷ ýöfpü þýúù÷a ü ÷rú ø ö ú uf úuf ÷ ø ö ú f öÿbþ f öÿ úü þú ÷ úü é f ÷ ûú öÿ÷a ý öf ö ÷a ÿ÷aa÷ ûúfþü þú ÿ p÷ü ú öý öÿ ÿgøýþú ÷ ufú ö÷ øùú ý ÿøþý ú h ÷ÿ÷ þ ÿþú ÷ fpö pÿöü öøú ö ÷ ÷ap÷ÿú ú é ú ý öøauü ú ý öf ö ÷ap÷ýþú ü þa ú
GHVSHVDVHDEVHQWHtVPRGRVSDLVHRQHUDomRDRVHUYLoRS~EOLFR
ð îìð
(ODERUDUXPÀX[RJUDPDGHFRQGXWDHXPEROHWLPLQIRUPDWLYR
aöbÿ ÷úþ ø ÷ÿpÿ÷ ú ùöú ÿþú÷ f púÿúh ÷ föü öbþ øöpú þúa ö
WHVWH GR SH]LQKR YROWDGR SDUD RV SUR¿VVLRQDLV GH DWHQomR
baþýú
Mîð ñð ð ì!
7UDEDOKR GH UHYLVmR ELEOLRJUi¿FD GHVFULWLYD GRFXPHQWDO
UHDOL]DGD DWUDYpV GH SHVTXLVD HP SHULyGLFRV FLHQWt¿FRV
÷ ÿú ú öa ÷ p÷ þú ÿþú u þü þúø ö öa ÷aý ÿ þ öÿ÷a ÷a ÷ ö p÷ þ øh öe ÿúùö ûúü ýþû öÿf ÷e ö÷ øùú ûú ü ý þ ûöÿf ÷e ÷ pÿ÷rúügøý þúe úü é f öa ÷ÿ föa ýöÿÿ÷apöø ÷ ø ÷a ÷f þ øüga ø÷öøú ú üaý ÿ÷ ÷øþ øe aþý"ü ÷ý ÷ü ü ÿúþe aþý"ü ÷ý ÷ü ü þa÷úa÷e pÿ÷rúü ÷øý ÷e
Föÿúf þ øþýþúü f÷ ø ÷ a÷ü ÷ý þ öøú öa 2 ú ÿ þöa ÷ 2 ýúp uü öa
GH OLYURV GRV TXDLV SRU ¿P IRUDP LQFOXVRV GH] DUWLJRV GD
búa÷ ÷ ú öa U#t $%&t ' ) *#t $%&t '+, $-. a÷ ÷ ú ÿ þöa ö /,0 '4 $ (s,0 '4 $+ $c6 . ÿga ú ÿ þöa ú # *7 -'% ) 8,70 + 84 -+ 80 9+ 6 $:; # *7 -'%; . ÷fú þa öþaúÿ þöa ÷uf ý úp uü ö ÷ü þrÿö ÷ uøþr÷ ÿaþú ÷aþ øa þ uþ ù÷a (<S= S = ÷ A =A > p÷ÿ ûú÷ø ö 2 ÿ÷û÷ ÿgøýþúa>ø ÿ÷ öaýÿþ é ÿþ öa ÷ þ øý ü uaöý öøaþ ÷ÿöuda÷
RDQRGHSUHIHUrQFLDQRV~OWLPRVFLQFRDQRVHPERUDDOJXQV
ÿúbúü h öa fú þa ú ø þöa ÷ øhú f aþ ö ú fbé f u þü þ ú öa
GHYLGRDVXDDXWrQWLFDLPSRUWkQFLDRXGHYLGRjLQH[LVWrQFLD
÷ r÷ÿa÷a fú þa ú uúü þúúam pÿ ÷a÷øùú ÷ öþa öu fú þa
GHVFULWRUHVHDFHVVLELOLGDGHGRFRQWH~GRSUHWHULGRVRVDUWLJRV
PXLWRHVSHFt¿FRVRXFRPGHWDOKDPHQWRH[FHVVLYR
Apa ú øü þa÷ öa p÷ ÿþ þýöa pÿöp ada÷ ú ø÷ý÷aaþú ÷ ú ý ÿþú ùö ÷ ÷ýøöü öþúa ÷ þ øûöÿfú ùö ú aúb÷ ÿ böü ÷ þ f þøû öÿfú þrö÷fü þ øuú÷f éýøþýú fúa ÷û ý þüþ ø ÷ÿpÿ ÷ ú ùö
H XP ÀX[RJUDPD GH DWHQGLPHQWR QD DWHQomR EiVLFD FRP
LOXVWUDo}HV VREUH R WUDoR IDOFLIRUPH D ¿P GH RULHQWDU RV
SUR¿VVLRQDLV DWXDQWHV QD DWHQomR EiVLFD QD LQWHUSUHWDomR GD
ÿ þú÷fpú ÿúh ÷f öü öbþøöpú þúaö ÷a ÷ öp÷ þ øh ö
ïìôðñ!ìîï!î ò ï!
ŵŽůĠĐƵůĂ ĚĞ ŚĞŵŽŐůŽďŝŶĂ͕ ƐƵĂƐ ŵƵƚĂĕƁĞƐ Ğ Ă
ƉĂƚŽĮƐŝŽůŽŐŝĂĚĂĚŽĞŶĕĂĨĂůĐŝĨŽƌŵĞ
Af öü éý uü ú ÷h ÷f öü öbþøúéuf ÷ ÿ?f ÷ÿ öûöÿfú öpöÿquú ÿö ýú ÷ þúapÿö ÷þýúauøþúapöÿÿ upú f ÷ø öah ÷f ÷( quú ÿöúøé þa
GH3URWRSRU¿ULQDFDGDXPFRPXPiWRPRGHIHUURFHQWUDO
÷ÿú ü f ÷ø ÷ uúaýú ÷þúa þpöúü ûú÷ uúaý ú ÷þúa øödúü ûú þpöb÷ ú úfúöu ÷ü úApÿ þøýþpú üûuøùöúh ÷f öü öbþøú éý ú ÿÿ ÷ú ÿööoþgøþ ö öapuü f ÷a þa ÿþbuþ ø ödöúöa ÷ý þ öa ÷fböÿúöu ÿúaûuøù÷a ý öf ö þa ÿ þbuþ ùö ÷ oþ öø ÿþý ö÷ ÿ÷uü ú ùö öøuarúaöfö öÿ úfbéfa÷j ú fÿ÷û ÷ÿþ öa
@
Quú ø ö öýöÿÿ÷ ú ÿöýú ö a÷o ö ú f þ øöýþ ö ú ýú ÷ þú b÷ ú rú ü þøú p÷ü ö ý þ ö ü u?f þý ö (BABBB öýöÿÿ÷
D IRUPDomR GD +HPRJORELQD 6 OHYDQGR j IRUPDomR GH
pöüf ÷ÿöa ÿþ öa úa ý ú ÷ þúa ÷ ü öbþ øú ÷ pÿ ÷ý þpþ ú ùö
~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~~ ~ ~ ~ ~ ~~ ~
DPELHQWHVKLSy[LFRVHiFLGRV$OpPGLVVRDVPRGL¿FDo}HVQD
~ ~ ~ ~ ~~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~~ ~ ¡¢ £$FUHGLWDVHTXHJHQHVPXWDQWHVSDUDDUHVSRVWDLQÀDPDWyULD
~~ ¤¥ UHVSRVWDLQÀDPDWyULDH[DFHUEDGD
¦§¡ ¤~ ¨ ~ ~ ~ ~ © ~ ª«~ ~ LQWUDXWHULQD HVWD KHPRJORELQD SRVVXL PDLRU D¿QLGDGH SHOR
R[LJrQLRVHQGRPDLVUHVLVWHQWHjGHVQDWXUDomRHSRVVXLWDPEpP
~ ~~ ~ ¥~ ~ ~ ~ ¥ ~ ~~ ~ ~ ~~ ~~~~~~ ¤~ ¥ ¬§§¦® ¯ ~~ ~ ~~ ~FLUFXODomR +HPRJORELQD $ +E$ IRUPDGD SRU GXDV FDGHLDV
~ ~ ~ ~ ~ ~~~ ~°±²³ ¤~ ´µ¤´¶ ~ ~ ~ ~ ~~ ~~ ~´·²³~¤~ ¨µ¤¨¶¨~ ~ ~ ~ ~ ~~ ~~~ ~~~¸²
¬§¦®
¹º»¼½¾¿À¿ÁÂà À»Äż¼»ÆÄ¿¾»À¿ÁÂà À»Äż
'RHQoD IDOFLIRUPH HQJORED XP JUDQGH DVSHFWR GH SHU¿V
IDOFLIRUPHV TXH SRVVXHP FOtQLFD RX PHVPR SDWR¿VLRORJLD
~ ~ ~ Ç ~ ~ ~ ~ È~ ~ ~ ~ ~ ~
GHSHQGHQGRGRSHU¿OJHQpWLFRRXGHFDUDFWHUtVWLFDVSHVVRDLV
SHU¿OHSLJHQpWLFR2LQtFLRGRVVLQWRPDVVHGiDSyVRVH[WR
PrVGHYLGDGHYLGRjPXGDQoDGRSHU¿OKHPRJOREtQLFRFRP
~ ~¤~ ¨ ¦® §¦¦ ~ ~ É~
FRPXQV H VmR R WLSR GH FRPSOLFDomR TXH PDLV OHYD j
HPHUJrQFLDDWpGRVSDFLHQWHVYmRjHPHUJrQFLDDWpVHLV
YH]HVDRDQRGHYLGRjGRUDJXGD$VFULVHViOJLFDVSRGHPVHU
~ É~ ~ ~~~ ~É~~ ~ ~ ~ ~ ~ ~ ~ ~ ~ µ ~ ¶ µ~ ~~ ~~ ~ ¶ ~ ~ ~~~ ~ ~ ~ ~ ¥ ~ ~ ~~ ~ ~ ~ ~~ ~ ~ ´·² ~ ~ ~
OHV}HV LVTXrPLFDV VLOHQFLRVDV TXH SRGHP RFDVLRQDU GDQRV j
~ ¦¦§ ¦Ê
Ç ~ ~ ~ ~ ~ ~ ~
LQIHFo}HVGHYLGRjGLVIXQomRHVSOrQLFDHjLQFDSDFLGDGHGHVWH
GH ¿OWUDU PLFURRUJDQLVPRV GD FRUUHQWH VDQJXtQHD OHYDQGR
j VHSVH SRU EDFWpULDV HQFDSVXODGDV FRPR 3QHXPRFRFR
0HQLQJRFRFRH+HPR¿OXVHDOJXQVYtUXVVHQGRQHFHVViULR
LQtFLRSUHFRFHGHDQWLELRWLFRSUR¿OD[LDFRP3HQLFLOLQD9RUDOH
YDFLQDomRHVSHFt¿FD
¦¦¢ ¦ËÌ ~ ~ ~ ~ ~ ~~ ~ ¤¥ ~~ ~ ~ ~~ ~ ~ ~~ ~ ~ ~ ~~ ~ É~ ~ ~ ~ ~ ~ ~ ¯ ~ ~ ~ ~ µ¨¥¶~ ¨Í µ~ ¨~ ~~ Í ¶¨Îµ~ ¨~ ~~ ζ¨Ïµ~ ¨~ ~ ~ ϶ ~~ ~ ~~~ ~ ~ ~ Ï ~ ~ ~ ~~Ð~~ ~ ~ ~ ~~~ ~~~~ Ï ~ ~ ~ ~ ~ ~ ~~ ~~ ~ ~~ É~ ~ ~~ ~ ~ ~
FRPRKHPDW~ULDFkQFHUUHQDOHPFDVRVPXLWRUDURVGRHQoD
UHQDOFU{QLFDUDEGRPLyOLVHHPRUWHV~ELWD
ѧ ¦ÒWƌŽŐƌĂŵĂŶĂĐŝŽŶĂůĚĞƚƌŝĂŐĞŵŶĞŽŶĂƚĂůĞŽĚŝĂŐŶſƐƟĐŽ
º¿º»¼½¾¿À¿ÁÂà À»ÄÅ ¼
Ç ~ ~ ~ ~ ~ ~~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~~ ~ ~ ~~ ~~ ~ ~ ~ ~ ~ ~~ ~ ~ ~ ~ ~ ~
FRP EUHYLGDGH DR HVSHFLDOLVWD H j HTXLSH PXOWLGLVFLSOLQDU
~ É~ ~~ ~ ~
EXVFDDWLYDGRVFDVRVVXVSHLWRVHFRQ¿UPDGRV
¦ÑÏ~~~ ~ ~ ~~ ~ ~ ~ ~ ~~~ ~ ~ ~ ~~
SRGHPVHULGHQWL¿FDGRVRVFDVRVQRUPDLVRVWUDoRVHRVSRVVtYHLV
~~ ~Î ~~~ ~Ð ~~~ ~ ~
UHDOL]DomRGHWHVWHFRQ¿UPDWyULRHSDUDSHVTXLVDGRVIDPLOLDUHV
~ ~ ~~
WHVWHFRQ¿UPDWyULRVRIUHDOJXPDVPXGDQoDVVHQGRQHFHVViULR
~ ~ ~ ~ ~ Ð ~~ ~ É~ ~ ~ ~ ~ ~ ~ ~~~ ~ ~ ~~ ~ ~ ~ ~ ~ ~ ~~
ѧ¦¡
ÓÔ ÕÖ× ÕÕØÙ
9iULRV HVWXGRV Mi VH SURSXVHUDP D GH¿QLU D SUHYDOrQFLD GH
ý þ ÿý ad m a ýdý cd d vdýÿs q ÿ cýdýv
PDLV FULDQoDV FRP HVWDV FRQGLo}HV FKHJDP j IDVH DGXOWD H
pd ÿþvý r r p þý þr ý p výa c ý þ d ý cýdý v m ý pý rm ý mþdm ÿd
Um þ ÿd þý v ý a ýa ýd m P ýmbÿc ÿþ a ÿ ý bý d dý d þýd ÿýadþ þ dp ý a ÿþ ý s m fý m a ý ým p a ý dý d cý d c d d ý fýacfm
LGHQWL¿FDGRV HQWUH H WHQGR HQFRQWUDGR GHQWUR
dý pp ÿaý þ ÿdýdý ( cý d c 4 fý m a ý r 4 cý d þý fý a cf m r c pd þ ý 2 d fý m a ý D þ r 8 d c cý m ý cd r 2r
HVWDYDPHPLGDGHUHSURGXWLYDHMiKDYLDPJHUDGR¿OKRV
q ÿ s ÿ ÿm c m þ d cý d þý fý a cm c ý ÿm þ dý p b a dý d d s ý c ý ý cm ý m ý fýacfm
1
N Pýý r þ ÿd cd ÿ d þ ý d ý 4r d m þ ÿ ÿmý p vý a c ý pý ý þ ý fý a cm c d 2 ý c m þ Em Rb P þr f c ý ý cýa m þ ý s m ýþý ar ý p vý a c ý f d r2 m a ý cd v v Oÿþ þ ÿd þ ý v ýa ý a ýd D þ þ F d ý ar f þ ý dýd d c þ d f c ý mþ ýs m ýþýar þ ý d 4ýr d m þ ÿÿmýp výa c ýd ýc m þ pý ý
þý fýacfm d 9 ýc m þ pý ý ý m ý fý a cf m r c ca ÿ d q ÿ ý a výdý p vý a cý d v c d ý dý ÿm ý fm ýp c ýpý ýýd s þ d v av m þd p sý mý ý d ÿcý cý b þ ýfý a cfm ýd ýfý a cfm
111
N C ý rÿm þ ÿdcd ÿ dýMý þ dý d E c aýA Cýþ ý ÿb ýd(MEAC þ ý d ý r cm ÿmýý m þýd 89 cmý c d r c þ ÿp vý a c ý d r8dý ý m þýp þ vý pý ýþ ýfý a cf m r r
GHDQHPLDIDOFLIRUPHVHQGRR~QLFRHQFRQWUDGRQDOLWHUDWXUD
ýa ýd þýd !
O þ ÿd d p výa c ý ýc ý a ý a ý d m 9r d m þ ÿ ý d p p þýd d cý d ý m ý fý a cf m þý fý a cf m S sÿd þ þ ÿdr ý p výa c ýý s ÿd þ r þý d d S Pý ÿarR d Jý M ý G ý p d mc sýýÿmcý pýý ý c d v v cmý m ýfý a cf m ÿmcý ýcý dý ý c m þ cmþý fýa cfm C q ÿ ý pp ÿaý sýbý a ý rd ýp ÿ mþ ýfý a cf m r
TXHRFRQ¿JXUDFRPRXPVpULRSUREOHPDGHVD~GHS~EOLFD
AF sÿý d m þýýd þbÿp þýd c þý dý þ þ ÿd
"
#$%&')*+,-./0-3u -567:; 0:<=>?@B-=H :/0=57I=> B? K-B7:= @:K-=I=> B-I7 0K:@7L 0= .->Q T
D ý þ dý sýd p výa c ý d cý d þý fýacfm
H DQHPLDIDOFLIRUPHHPQRVVR SDtV FDEHDR SUR¿VVLRQDO GH
ý þ b cýrmd c f m ý ra dý cm ÿaþýd d þ þ d þ ý s m pý ý m sabpýþ ýr d v d cd ÿ d f mýq ÿ ýc ý ý ýfým a ýp ým c b
m a ý þ d m þr þý ý cmpý ým þ c r cým ýdý p cýa þýq ÿýd c
á á ¡ ¢£¤¥ ¦ §¨¦© ª § « §¬ ª «£¥© ¦® ¯¥ §°£ « §¬ ª «£¥ © ¦® ±ª ²§ ²£¢ £©
³ ¦¢ ¯ §¨¯ ¦¢´£¥ ¯ §²£¥§¢²¦²£ ¦¨° §« §¬ ª «£¥© ¦¦§£ ¨¢ ¦¬ µ§© ¦ ¨¯£
JHQpWLFRSUpQDWDO&RPRUHVXOWDGRIRLYHUL¿FDGRTXHH[LVWLDP
²ª «¦¥¦¨° §¢ ¦¨¯¥ ¦ £¢ ³±ª ²¦¬ ª ¨¦¢ ´§¥§ § £© ´§ ¨µ§© ¦¨¯£ ¦ £ ¯ª ´£ ²¦ §£ ¨¢ ¦¬ µ§© ¦¨¯£ ²§ ²£ § ¦¢ ¯§¢ ´§ª ¦ ¨¯¦¢® ´¥£¶ §¨²£ ¢ ¦¥¨¦ ¦¢¢·¥ª £±© © §ª £¥¦ ¨«£¸± ¦¢£¤¥¦£¯ ¦© §®¨§¦ ²± §°¹£ ©º²ª §»
¼½
¾£¢ ¿ÀÁ® ¨£ ¦¢ ¯§ ²£ ²¦ §¢¢ § µ±¢ ¦¯ ¯¢® £©£ ¨£ Ã¥ §¢ª¬ ® £ ¥ ¦¢±¬ ¯ §²£ ²£ ¯¦¢ ¯¦ ²£ ´¦Äª ¨µ£ º ´¥ª © ¦ª ¥ §© ¦¨¯ ¦ §¶ §¬ ª §²£ ´¦¬ £ ©º²ª £ ²§ § ¯ ¦¨°¹£ ´¥ª ©·¥ª §® ¦ ¦© §¬ ³±© §¢ ¢ª ¯± §°Å¦¢® ££¥ ¥ ¦© ¦¨ §© ª ¨µ§© ¦ ¨¯£¢ ª © ´¥¦ª ¢£¢ §£ µ¦© §¯£¬ £³ª¢ ¯ §» ¿¨¯¹£® «£ª ¥ ¦§¬ ªÄ§²§ ±© § ´¦¢¸±ª ¢ § ª ¨¯ ¦¥ ¶ ¦¨ª £ ¨ª ¢ ¯ § ´§¥ §
DYDOLDURFRQKHFLPHQWRGRVSUR¿VVLRQDLVGHDWHQomREiVLFD
©º²ª £¢³ ¦ ¨¦¥ §¬ ª¢ ¯ §¢®¦¨«¦¥© ¦ª ¥£¢¦´¦ ²ª § ¯¥§¢®¦£ª ¨ ¥ ¦© ¦ ¨¯£ ²£ £ ¨µ¦ª © ¦¨¯£ ¢£¤¥¦ § ¨¦© ª § ¦ ¯¥ §°£ «§¬ ª «£¥ © ¦¢ § ¯¥§¶º¢ ²¦²£ª ¢²ª « ¦¥ ¦ ¨¯¦¢©º¯£ ²£¢¦²± § ¯ª¶£¢®¢ ¦© ª ¨·¥ª £¢¦© §¯ ¦¥ª §¬ ¦¢ ¥ª ¯£»Æ¦¢ ¯± ²£¨¹£¦ ¨£ ¨¯¥£±²ª «¦¥ ¦¨°§¢¦ ¨¯¥¦£¢©º¯£ ²£¢®
PDVSURYRXTXHRFRQKHFLPHQWRHDFRQ¿DQoDQDFRQGXomR
²¦¢ ¯ ¦¢§¢£¢¨§§¯ ¦¨°¹£´¥ª ©·¥ª §´£ ²¦©§±© ¦ ¨¯ §¥²¦© §¨¦ª ¥ §
VLJQL¿FDWLYDFRPHVWUDWpJLDVHGXFDFLRQDLVVLPSOHV
¼¼À© § ´¦¢¸±ª¢ § ± ¯ª¬ ªÄ§ ¨²£ ±© ¸±¦¢ ¯ª£ ¨·¥ª £ ´¥º Ǧ¢ ¯¥± ¯±¥ §²£
EDVHDGRQR0DQXDOGR0LQLVWpULRGD6D~GHIRLXWLOL]DGRQR
© ± ¨ªÈ´ª£ ²¦ £ ¨¯¦¢ ɬ §¥£¢® ¨£ ª ¨¯ ¦¥ª £¥ ²¦ ª ¨§¢ ʦ¥ §ª¢®
FRPRLQWXLWRGHDYDOLDURVFRQKHFLPHQWRVGRVSUR¿VVLRQDLVGH
§¯ ¦ ¨°¹£¤·¢ª§®©º²ª £¢¦¦¨«¦¥© ¦ª ¥£¢®¢£¤¥ ¦§¦´ª ²¦© ª £¬£³ª §®
PDQLIHVWDo}HV FOtQLFDV H FRQGXWD IUHQWH jV FULDQoDV FRP
²£¦ ¨° §«§¬ ª «£¥ © ¦»Æ¨È¶ ¦¬²¦£ ¨µ¦ª © ¦¨¯£«£ª¥ ¦¬ § ª £ ¨§²£
jTXDOLGDGHGHDWHQomRSUHVWDGD7RGDVDVWUrVSRQWXDo}HVQmR
§¬ §¨°§¥ §© ËÌÍ ²¦ § ´¥£¶ ¦ª ¯ §© ¦¨¯£® ²¦©£ ¨¢ ¯¥ § ¨²£ ¨È¶ ¦ª ¢ §¤ §ª Σ²£²¦¢ ¦Ï §²£®£¸± ¦´£ ²¦¥ª § £© ´¥ £© ¦ ¯ ¦¥£¢±ª ²§²£¢
FRPHVWHVSDFLHQWHVDEXVFDDWLYDGHIDPLOLDUHVHLGHQWL¿FDomR
²£¢§¢£¢» ¼Ð
ÑÒ ÓÔÕ Ö×ØÙÚÛ ×ÔÜÕ ÓÙÕÔ
ݪ § ¨¯ ¦ ²§ §¬ ¯§ ´¥ ¦¶ §¬ Þ ¨ª § ²¦ ¯¥ §° £ «§¬ ª «£¥ © ¦ ¨£ ´§È¢® «§Ä Ç¢ ¦ ¨¦¦¢¢·¥ ª § ±© § ¤£ § ¤ §¢ ¦ ²¦ £ ¨µ¦ª © ¦¨¯£¢ ¢£¤¥ ¦ § ª ¨¯ ¦¥´¥ ¦¯ §°¹£²§¯¥ª §³ ¦©´§¥§µ¦© £³¬ £¤ª ¨£ ´§ ¯ª §¢²£¯ ¦¢ ¯ ¦²£ ´ ¦Äª ¨µ£®¢£¤¥ ¦§¦´ª ²¦© ª £¬ £³ª §®¢ª ¨§ª¢ ¬È¨ª £¢¦ £ ¨²± ¯§¢«¥ ¦ ¨¯¦
jFULDQoDFRPGRHQoDRXWUDoRIDOFLIRUPHSDUDRVSUR¿VVLRQDLV
GDDWHQomRSULPiULDYLVDQGRDSURPRomRGHVD~GHHPHOKRUD
²§¸± §¬ ª ²§²¦²¦ ¶ª ²§® §¬º© ²¦¦¶ª ¯ §¥ §£ ¨¦¥§°¹£²£¢ª ¢¯ ¦© §
GHVD~GH$RULHQWDomRGHVWHVSUR¿VVLRQDLVSRGHVHUUHDOL]DGD
§¯¥ §¶º¢²¦²ª ¶ ¦¥¢ §¢¦¢ ¯¥§¯º³ª §¢¦ ²± § ª£ ¨§ª ¢»
ݪ § ¨¯ ¦²£¢²§²£¢²ª ¢± ¯ª ²£¢®´¥£ ´Å¦Ç¢ ¦§¥ª §°¹£¦²ª ¶±¬ ³ §°¹£
GH XP EROHWLP LQIRUPDWLYR )LJXUD H H ÀX[RJUDPD
)LJXUDVREUHWUDoRYLVDQGRDRULHQWDomRGRVSUR¿VVLRQDLV
§¯± §¨¯ ¦¢ ¨§ § ¯ ¦¨°¹£ ´¥ª ©·¥ª § ¨§ ª ¨¯ ¦¥´¥ ¦¯ §°¹£ ²§ ¯¥ ª §³ ¦© ´ §¥ §µ¦© £³¬ £¤ ª ¨£ ´§ ¯ª §¢® ²¦¢ ¯ ¦© £ ²£® ´¥£¶ ¦¨²£±© ±ª ²§²£
ORQJLWXGLQDOFRPDERUGDJHPIDPLOLDUPXOWLSUR¿VVLRQDOSDUDRV
F4 d ad ac d adp cacat f cf at p r
R R
%UDJD-$6LOYD'%/\UD,0$UD~MR3,%DQGHLUD)0)LJXHLUD
&0 HW DO 'RHQoD )DOFLIRUPH ,Q &DPSRV ' -XQLRU %XUQV '1
/RSH])$7UDWDGRGH3HGLDWULD6RFLHGDGH%UDVLOHLUDGH3HGLDWULD
%DUXHUL630DQROHS
9LFKLQVN\ (3 0DKRQH\ '+ -~QLRU 'LDJQRVLV RI VLFNOH FHOO
GLVRUGHUV>,QWHUQHW@>VO@8S7R'DWH>DFHVVRHPMDQ@
'LVSRQtYHO HP KWWSZZZXSWRGDWHFRPFRQWHQWVGLDJQRVLVRI
sc cdsds s c s c!_ s a"s c! sc #c#ds s"s cad$a i% &'(
9LFKLQVN\(36LFNOHFHOOWUDLW>,QWHUQHW@>VO@8S7R'DWH
>DFHVVRHPMDQ@'LVSRQtYHOHPKWWSZZZXSWRGDWHFRP
c aas /sc ca as c s c! _ s a"s c! sc #c# a a"s cad$a &% &((
/HUYROLQR /& %DOGLQ 3( 3LFDGR 60 9LHO $$ &DPSRV
L) P * c f sc c dss d sc c a a a a sc sa ds + * Bs H a H a
' Lb ao d$ N a d Hsp a ds C ,cs d c d ddMdcd+ b P aM dsa-ccs
H URWLQDV GR WHVWH GH WULDJHP QHRQDWDO >,QWHUQHW@ 5LEHLUmR 3UHWR
+&86353 >DFHVVR HP MDQ @ 'LVSRQtYHO HP
KWWSZZZKFUSXVSEUVLWHKFXSORDG&0$18$/'(
INS$+U.C3.87.C3.9'ES.2(DO.2($ES$E.2(DO.2( PE0INHO. 2(2(&&p df
iSabMH Sa ca dff! b[Ia a1
>VO@ 8S7R'DWH >DFHVVR HP MDQ @ 'LVSRQtYHO HP
KWWSZZZXSWRGDWHFRPFRQWHQWVVWUXFWXUHDQGIXQFWLRQRI
! bs s c s c! _ s a"s c! # ! b"s cad$a 3% &' (
7 K a ) Lb a5 d ss f a! ! bp a!s
>,QWHUQHW@ >VO@ 8S7R'DWH >DFHVVR HP MDQ @
'LVSRQtYHO HP KWWSZZZXSWRGDWHFRPFRQWHQWVODERUDWRU\
d ss fa!! b p a! s s c sc! _ s a"s c! ! bp a!s "s cad$a &%&' (
9LFKLQVN\(3&OLQLFDOYDULDELOLW\LQVLFNOHFHOODQHPLD>,QWHUQHW@
>VO@ 8S7R'DWH >DFHVVR HP MDQ @ 'LVSRQtYHO HP
KWWSZZZXSWRGDWHFRPFRQWHQWVFOLQLFDOYDULDELOLW\LQVLFNOHFHOO
s c sc!_ s a"sc! s c#c # "s c a d$a i% &' (
9 Sc SL Ia d ca a ! b a a s [Iaa1
>VO@ 8S7R'DWH >DFHVVR HP MDQ @ 'LVSRQtYHO HP
KWWSZZZXSWRGDWHFRPFRQWHQWVLQWURGXFWLRQWRKHPRJORELQ
a a ss c s c!_ s a"sc! ! b # a a s "s cad$a 2%&' (
& ( Sa b MH6 $ ! SL6 P a! + a ! b
KHPRJORELQ)LQKHDOWKDQGGLVHDVH>,QWHUQHW@>VO@8S7R'DWH
>DFHVVR HP MDQ @ 'LVSRQtYHO HP KWWSZZZ
z{|{}~
6RXVD$06LOYD)57UDoRIDOFLIRUPHQR%UDVLOUHYLVmRGDOLWHUDWXUDHSURSRVWDGHWHFQRORJLDGHLQIRUPDomRSDUDRULHQWDomRGHSUR¿VVLRQDLV
GDDWHQomRSULPiULD5HY0HG8)&PDLDJR
9LFKLQVN\(32YHUYLHZRIWKHFOLQLFDOPDQLIHVWDWLRQVRIVLFNOH
FHOO GLVHDVH >,QWHUQHW@ >VO@ 8S7R'DWH >DFHVVR HP MDQ
@'LVSRQtYHOHPKWWSZZZXSWRGDWHFRPFRQWHQWVRYHUYLHZ
¡¢
5RJHUV =5 5RXWLQH FRPSUHKHQVLYH FDUH IRU FKLOGUHQ ZLWK
VLFNOH FHOO GLVHDVH >,QWHUQHW@ >VO@ 8S7R'DWH >DFHVVR HP
MDQ @ 'LVSRQtYHO HP KWWSZZZXSWRGDWHFRPFRQWHQWV
URXWLQHFRPSUHKHQVLYHFDUHIRUFKLOGUHQZLWKVLFNOHFHOO
¡¡¢
)LHOG--9LFKLQVN\(3'HEUDXQ052YHUYLHZRIPDQDJHPHQW
DQGSURJQRVLVRIVLFNOHFHOOGLVHDVH>,QWHUQHW@>VO@8S7R'DWH
>DFHVVRHPMDQ@'LVSRQtYHOHPKWWSZZZXSWRGDWHFRP
FRQWHQWVRYHUYLHZRIWKHPDQDJHPHQWDQGSURJQRVLVRIVLFNOH
£¡¢
.H\16&RQQHV3'HUHEDLO9.1HJDWLYHKHDOWKLPSOLFDWLRQVRI
VLFNOHFHOOWUDLWLQKLJKLQFRPHFRXQWULHVIURPWKHIRRWEDOO¿HOGWRWKH
ODERUDWRU\%U-+DHPDWRO
¡¤¥¦¥ §¨ © §ª « § ¬« § ®¯¤¬° ± ² ³ ¥
)HGHUDO%UDVLOD&DG6D~GH3~EOLFD
¤´² ® ¬ ´ µ¶ · ´¬´µ¤
3H]LQKRPDQXDOGHLQVWUXo}HV>,QWHUQHW@6mR3DXOR$3$(
>DFHVVRHPMDQ@'LVSRQtYHOHPKWWSDXWDSDHVSRUJEUSW
EUWHVWHGRSH]LQKRSUR¿VVLRQDLVGHVDXGH'RFXPHQWVPDQXDO
¸© ¸ª¹ ° £¢ ¹¤·
%DQGHLUD )0 6DQWRV 01 %H]HUUD 0$ *RPHV <0 $UD~MR
´º§ª© § ¤ · »ªº ² ®
GH QRYRV FDVRV GH GRHQoD IDOFLIRUPH HP 3HUQDPEXFR 5HY 6D~GH
3~EOLFD
¼¤ ½ ´§ ¬°¾ ´§ ¿ À Á§ « ° «© § ©  µ ´§ ¥ § ¤ ¬° ± º ¬ ç ª § ·
QHRQDWDO&DG6D~GH3~EOLFD
Ĥ ®¬Å§Â§Æ ¯« § « ¤¬ Â Ç ®
3UHWR 8QLYHUVLGDGH GH 6mR 3DXOR %UDVLO &DG 6D~GH 3~EOLFD
£¢¤¬ «º§¨² °¦Ç¬§³© ´§´ È ´µ § É ´Ç§º °¤¬° ± º³
)RUWDOH]DLPSRUWkQFLDGDLQYHVWLJDomRQHRQDWDO5HY%UDV*LQHFRO
2EVWHW
$]RQREL ,& $QGHUVRQ '/ %\DQV 91 *UDQW $0 6FKXONLQ
- 2EVWHWULFLDQ*\QHFRORJLVWV¶ NQRZOHGJH RI VLFNOH FHOO GLVHDVH
¤ ª © ¬ ¾ © ¤
££¤Ê¾ºÊ §Â »´§Ç¾Å§ ½ º§Á