informe final de la comisiocc81n versiocc81n final1

7/21/2019 Informe Final de La Comisiocc81n Versiocc81n Final1

http://slidepdf.com/reader/full/informe-final-de-la-comisiocc81n-versiocc81n-final1 1/261

COMISIÓN DEEXPERTOS PARA LAEQUIDAD YLACOMPETITIVIDADTRIBUTARIA

INFORMEFINAL PRESENTADO ALMINISTRO DEHACIENDA YCRÉDITOPÚBLICO

DICIEMBRE DE2015

"#$"%&'( )$ *+ ,'"#(#-./&$(#)$.0$

"#$%&#'( )(*#+!"#$%&'# )$ *+ !"#$%%",- )$ ./01$2&'2 3 4)1+-+2 5+%"'-+*$26 !.45

"#$"%&'( 1#&"+.0$(

)&,#-.( /($&00#

)(+#-&( 12-.(3#405-6.( 768&$9+,#- :#-;( <(-#06+

"(-#=# <($%(=#>?&006-@( A6--=

B?0&( )(36-%( A&C#<&'?60 D--?%&#76($#-.( E&00#-

($,&$0+&2+ 03,.#,+F#%#0&# "#0#C#-GH:H"4))9779



"

04564 78 9:;<8;=7:

Presentación……………………………………………………………………………

Resumen Ejecutivo……………………………………………………………………

CAPÍTULO I Impuestos directos en Colombia

#> +?@89<:? A8;8B468? >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

##> $6 =E@F8?<: 78 B8;<4 @8B?:;46 >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> #$ %& '(')*+, ,-).,&/ 01(2-(0,&*' ,'0*-)3' 231+,)(43' $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$6$ 7(,829')(-3 $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$;$ <1(2-(0,&*' 1*-3+*2=,-(32*' *2 1*&,-(92 -32 *& (+0.*')3 =* 1*2), 0*1'32,& $$$$$$$$$$$$$$$$$ >?7$ @+0,-)3 '3A1* &,' ),1(B,' 013+*=(3$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

###> #E@F8?<: ?:5B8 ?:9=87478? >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> #$ <1(2-(0,&*' ,'0*-)3' 231+,)(43' ,-).,&*' $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$6$ <1(2-(0,&*' -,+A(3' (2)13=.-(=3' , )1,4F' =* &, G*H ?:EI =* "E?" $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$;$ <1(2-(0,&*' -,+A(3' (2)13=.-(=3' , )1,4F' =* &, G*H ?I5C =* "E?> $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$7$ J)13' ,'0*-)3' 231+,)(43' 1*&*4,2)*' =*& (+0.*')3 =* 1*2), 31=(2,1(3 H =*& ;K%% $$$$$ D"%$ 7(,829')(-3 8*2*1,& – @+0.*')3 ;K%% $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

L$ ;1()*1(3' M.* =*A* 8.(,1 &, 1*B31+, ,& (+0.*')3 -3+A(2,=3 =* 1*2), -31031,)(4, H;K%% H 01(2-(0,&*' 0130.*'),' $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$N$ ;1*,-(92 =* .2 2.*43 (+0.*')3/ *& (+0.*')3 '3A1* &,' .)(&(=,=*' *+01*',1(,&*' $$$$$$$$$$ I"

#J> 0B4<4E=8;<: <B=5F<4B=: 78 6:? 7=K=78;7:? >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> #$ KF8(+*2 ,-).,& H *&*+*2)3' =* =(,829')(-3 $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$6$ #'0*-)3' 8*2*1,&*' =* &, )1(A.),-(92 '3A1* &3' =(4(=*2=3' *2 &, J;7% $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ O;$ <130.*'),' $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

J> #E@F8?<: 46 @4<B=E:;=:MB=NF8O4P 7=4A;Q?<=9: R @B:@F8?<4? >>>>>>>>>>>>>>>

J#> &8T8B8;9=4? >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

CAPÍTULO II Los impuestos indirectos en Colombia #> #;<B:7F99=Q; >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>



5

##> $6 BVA=E8; 786 #J+ R 786 =E@F8?<: 46 9:;?FE: 8; ,:6:E5=4 >>>>>>>>>>>>>>>>>>>>>>> #$ #'0*-)3' 8*2*1,&*' $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$6$ 7(,829')(-3 =*& @P# H =*& (+0.*')3 2,-(32,& ,& -32'.+3 $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

###> W"1P 4?@89<:? A8;8B468? R 7=4A;Q?<=9: >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

#J>

#E@F8?<:? 4 6:? 9:E5F?<=568? >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

J> *=;84E=8;<:? 78 F;4 B8T:BE4 4 6:? =E@F8?<:? =;7=B89<:? R @B:@F8?<4? 8?@89XT=94? DDC #$ G(2*,+(*2)3' 8*2*1,&*' $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$6$ <130.*'),' *'0*-QB(-,' '3A1* @P# $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$;$ <130.*'),' *'0*-QB(-,' '3A1* @+0.*')3' ,& ;32'.+3 $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$7$ <130.*'), '3A1* *& NRL$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$%$ @+0.*')3 , &, 8,'3&(2, H ,& #;<R $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

J#> &8T8B8;9=4? >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

CAPÍTULO IIIImpuestos territoriales

#> 08;78;9=4 B89=8;<8 78 6:? =E@F8?<:? <8BB=<:B=468? >>>>>>>>>>>>>>>>>>>>>>>>>> #$ #'0*-)3' 8*2*1,&*' $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$6$ %43&.-(92 1*-(*2)* =* &3' )1(A.)3' )*11()31(,&*' $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

##> )=4A;Q?<=9: >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> #$ R.&)(0&(-(=,= =* (+0.*')3'S -3')3' =* )1,2',--(92 H =(B(-.&),=*' =* ,=+(2(')1,-(92 ?"C

6$ #.'*2-(, =* .2 +,1-3 &*8,& =*& '(')*+, )1(A.),1(3 1*8(32,& H &3-,& , 0*',1 =* &, +,H31=*'-*2)1,&(T,-(92 =*'=* &, ;32')().-(92 =* ?CC? $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$;$ U*2'(92 *2)1* *& N3A(*123 V,-(32,& H &3' 83A(*123' '.A 2,-(32,&*' $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

###> #E@F8?<:? 78@4B<4E8;<468? >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> #$ #'0*-)3' 8*2*1,&*' $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$6$ @+0.*')3 ,& -32'.+3 =* -(8,11(&&3 H ),A,-3 *&,A31,=3 $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$;$ U1,),+(*2)3 )1(A.),1(3 =* &,' -*14*T,' H &(-31*' *2 ;3&3+A(, $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$7$ @+0.*')3 '3A1* &3' 4*WQ-.&3' ,.)3+3)31*' $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$%$ G3' 3)13' (+0.*')3' =*0,1),+*2),&*' $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$L$ J)13' (+0.*')3' 1*&,-(32,=3' -32 &, ',&.=/ -32'(=*1,-(32*' '3A1* .2 (+0.*')3 '3A1*&,' A*A(=,' ,T.-,1,=,' =*1(4,=,' =* &, &()*1,).1, (2)*12,-(32,& $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

#J> #E@F8?<:? EF;=9=@468? >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> #$ #'0*-)3' 8*2*1,&*' $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$6$ @+0.*')3 01*=(,& $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$;$ @+0.*')3 =* (2=.')1(, H -3+*1-(3S ,4('3' H ),A&*13'S @;# $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$7$ G3' 3)13' (+0.*')3' +.2(-(0,&*' $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

J> $6 94?: 78 64? 8?<4E@=664? >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

J#> ,:;?=78B49=:;8? ?:5B8 86 BVA=E8; 78 B8A46X4? @8<B:68B4? R E=;8B4? >>>>>>>>>>>



>

#$ 7(,829')(-3 $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

J##> /B:@F8?<4? >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> #$ G(2*,+(*2)3'$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$6$ <130.*'),' $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

J###> &8T8B8;9=4? >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

CAPÍTULO IV Régimen Tributario Especial para las Asociaciones, Fundacionesy Corporaciones constituidas como Entidades Sin Ánimo deLucro (ESAL)

#> )=4A;Q?<=9: >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

#$ J1(8*2 =*& KF8(+*2 U1(A.),1(3 %'0*-(,& XKU%Y $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$6$ R,1-3 231+,)(43 $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$;$ <13A&*+,' 1*&*4,2)*' $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

##> *=;84E=8;<:? 78 F;4 B8T:BE4 786 &0$ @4B4 64? +?:9=49=:;8?Z 1F;749=:;8? R,:B@:B49=:;8? 9:;?<=<F=74? 9:E: $(+* >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> #$ Z.')(B(-,-(92 $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$6$ <130.*'),' *'0*-QB(-,' $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

###> .[E8B: 78 8;<=7478? 8 =;AB8?:? 4;F468? 78 64? $(+* >>>>>>>>>>>>>>>>>>>>>>>>>>>

CAPÍTULO V Administración tributaria en Colombia

#> #;<B:7F99=Q; >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

##> *4 47E=;=?<B49=Q; <B=5F<4B=4 8T=9=8;<8 9:E: 868E8;<: 98;<B46 78 F;4 B8T:BE48?<BF9<FB46 >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

###> $68E8;<:? W8;8B468? 78 64 47E=;=?<B49=Q; <B=5F<4B=4 8T=9=8;<8 >>>>>>>>>>>>>

#J> )8?9B=@9=Q; A8;8B46 R :@8B4<=K4 78 64 )#+. >>>>>>>>>>>>>>>>>>>>>>>>>>>>> #$ ;3+0*)*2-(,' $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$6$ #.)323+Q, $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

J> )=4A;Q?<=9: @:B <8E4? >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> #$ K*-.1'3' W.+,23' $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$6$ [(')*+,' =* @2B31+,-(92 $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$;$ #=.,2,' H -32)1,A,2=3 $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$7$ K*-,.=3 X0,83' H 1*)*2-(32*'Y =*43&.-(32*' H -3A13 -3,-)(43 $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$%$ L('-,&(T,-(92 H ',2-(32*' $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$



D

L$ [*8+*2),-(92 =* -32)1(A.H*2)*' $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$N$ %&.'(92 H *4,'(92 (2)*12,-(32,&*' $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$\$ 7*B*2'31Q, =*& -32)1(A.H*2)* $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

J#> /B:@F8?<4? R &89:E8;749=:;8? W8;8B468? >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

J##> &8A64? @4B4 64 8\@87=9=Q; R 4@6=949=Q; 78 64? ;:BE4? <B=5F<4B=4? >>>>>>>>> #$ %& =*A*1 =* -32)1(A.(1 H &, B,-.&),= 0,1, -32)13&,1 *& -.+0&(+(*2)3$ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$6$ %M.(=,=S %B(-(*2-(,S ;3+0*)()(4(=,= H [*8.1(=,= Z.1Q=(-,$ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$;$ ;9=(83 U1(A.),1(3 H K*B31+, @2)*81,& $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$7$ G*H*'S 7*-1*)3' H ;32-*0)3' =* &, 7@#V $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$%$ K*'3&.-(92 =* -32)134*1'(,' *2 &, 4Q, 8.A*12,)(4, $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$L$ @+0.*')3' U*11()31(,&*' H &, ;32')().-(92 $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$N$ L,-.&),=*' %])1,31=(2,1(,' *2 +,)*1(, U1(A.),1(, $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$\$ ;32)13& =* &, *4,'(92S &, *&.'(92 H &, +313'(=,= $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

J###> &8T8B8;9=4? >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>



:

Presentación

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

#,6-%#.#+X ?$# ,(--6,,&2$ .6@(-#.# .6 6+%(+ .6+3#0#$,6+ #,#--6#-;# &$.6+6#306+656,%(+ 6$ @#%6-&# 6,($2@&,# = +(,&#0 6$ 60 ,(-%( = 0#-'( N0#C(W

D$&.( # 6+%# ,(=?$%?-# 6,($2@&,# .636 #$(%#-+6 O?6 1(0(@3&# [# N-6+6$%#.(%-#.&,&($#0@6$%6 606P#.(+ ;$.&,6+ .6 N(3-6C# = ?$( .6 0(+ @#=(-6+ $&P606+ .6.6+&'?#0.#. 6$ 0# .&+%-&3?,&2$ .60 &$'-6+( .60 @?$.(X 0( O?6 6M&'6 6+5?6-C(+ .6 N#-%6 .60# N(0;%&,# 5&+,#0 N#-# N-(.?,&- @6*(-#+ 6$ 0#+ ,($.&,&($6+ .6 P&.# .6 0(+ @Z+.6+5#P(-6,&.(+W

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



I

H$ 6+%6 N#$(-#@# @#,-(6,($2@&,(X 60 -6.&+6R( .60 +&+%6@# %-&3?%#-&( 6+ ?$# N&,0#P6 .60 #*6.-6C N#-# #P#$C#- 6$ @#%6-&# .6 .6+#--(00( 6,($2@&,( = +(,&#0W

D$ -Y'&@6$ %-&3?%#-&( 6M&%(+( +6 ,#-#,%6-&C# N(- '6$6-#- 0(+ -6,?-+(+ $6,6+#-&(+ N

5&$#$,&#- 0(+ N-('-#@#+ .60 >(3&6-$(X N(- +6- 6O?&%#%&P( [(-&C($%#0 = P6-%&,#0@65&,&6$%6 .6+.6 60 N?$%( 6,($2@&,( = #.@&$&+%-#%&P(X #.6@Z+ .6 O?6 .636 6+%#,(@N#R#.( .6 ?$# #.@&$&+%-#,&2$ = '6+%&2$ %-&3?%#-&# O?6 N6-@&%#$ ,?@N0&(3*6%&P(+ .6 0# N(0;%&,# &@N(+&%&P#W

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



O

4[(-# 3&6$X 6$ %Y-@&$(+ .6 -6,#?.(X 60 .&+6R( .6 0# N-(N?6+%# #N?$%# # O?6 0(+ -6,?-+(+#.&,&($#06+ O?6 +6 -6O?&6-6$ N#-# @#$%6$6- 60 $&P60 .6 '#+%( #,%?#0 .60 >(3&6-$F#,&($#0X = ,?@N0&- ,($ 0# -6'0# 5&+,#0X N-(P6$'#$ .6 0(+ ,#@3&(+ 6+%-?,%?-#06&$%-(.?,&.(+ #0 `E4 = # (%-(+ &@N?6+%(+ &$.&-6,%(+W H$ @#%6-&# .6 &@N?6+%(+ .&-6-6,(@6$.#,&($6+ N-6%6$.6$ %6$6- ?$ 656,%( $6?%-#0 6$ 60 -6,#?.(X .6 #,?6-.( ,($ 0#+

6+%&@#,&($6+ -6#0&C#.#+X N(- ,?#$%( +? Y$5#+&+ -#.&,# 6$ @6*(-#- 60 .&+6R( 6+%-?,%+?N6-#- 0#+ 0&@&%#,&($6+ .60 #,%?#0 -Y'&@6$ 6$ @#%6-&# .6 +? &@N#,%( +(3-6 65&,&N-('-6+&P&.#.W H$ N#-%&,?0#-X 6+%#+ N-(N?6+%#+ 3?+,#$ 3#0#$,6#- @6*(- 0# ,#-'# %-&3?6$%-6 0#+ 6@N-6+#+ = 0#+ N6-+($#+ $#%?-#06+W Q(.(+ 6+%(+ 6+5?6-C(+ +6 P6-#?@6$%#.(+ 6$ 0# @6.&.# 6$ O?6 +6 0('-6 ?$ +&'$&5&,#%&P( 5(-%#06,&@&6$%( .6 #.@&$&+%-#,&2$ %-&3?%#-&#W

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

7# 1(@&+&2$ [#,6 -6,(@6$.#,&($6+ 6+N6,;5&,#+ 6$ 60 ,#+( .6 0(+ &@N?6+%(+ # 0# -6$%# .60#+ N6-+($#+ $#%?-#06+ = 0#+ +(,&6.#.6+X .60 -Y'&@6$ %-&3?%#-&( 6+N6,&#0 .6 0#+ 6$%+&$ Z$&@( .6 0?,-(X 60 `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

7# 1(@&+&2$ ,($+&.6-# O?6 +?+ -6,(@6$.#,&($6+ .636$ +6- P&+%#+ .6 @#$6-# &$%6'-#0 =-6,(@&6$.# #0 >(3&6-$( #.(N%#- 60 @&+@( 6$5(O?6 6+%-?,%?-#0 # 0# [(-# .6 -6.#,%#- 60

N-(=6,%( .6 -65(-@# %-&3?%#-&#WA(- ]0%&@(X 0# 1(@&+&2$ [&C( %(.(+ +?+ #$Z0&+&+ .6 @#$6-# &$.6N6$.&6$%6W "6 -6,&@N(-%#$%6 #N(=( .60 >(3&6-$( = .6 0# :`4FX N6-( +?+ 5?$,&($#-&(+ .6@(+%-#-($ 6$%(.( @(@6$%( ?$ -6+N6%( N-(5?$.( N(- 0(+ #$Z0&+&+ 006P#.(+ # ,#3( N(- 0# 1(@&+&2$W 4+@&+@( +6 -6,&3&6-($ &$+?@(+ .6 '-#$ ?%&0&.#. N(- N#-%6 .6 .&+%&$%#+ #'6$,'?36-$#@6$%#06+X .6 0#+ 6$%&.#.6+ @?0%&0#%6-#06+ a6$ N#-%&,?0#- .60 /#`$%6-#@6-&,#$( .6 :6+#--(00(X 0# 91:HX 60 /#$,( <?$.&#0 = 60 G($.( <($6%#-&(



C

`$%6-$#,&($#0b = .6 @?,[(+ #,#.Y@&,(+ = 6MN6-%(+W 7(+ N#-%&,?0#-6+X &$.&P&.?,(06,%&P#@6$%6X 6$,($%-#-($ ?$ 6+N#,&( N#-# #006'#- +?+ &@N(-%#$%6+ #$Z0&+&+1(@&+&2$X 0(+ ,?#06+ 5?6-($ -6P&+#.(+ ?$( # ?$( N(- %(.(+ 0(+ ,(@&+&($#.(+W 7(+,(@&+&($#.(+ = 0# "6,-6%#-;# QY,$&,# .6 0# 1(@&+&2$ ,($+&.6-#$ &@N(-%#$%6 [#,6- ?$-6,($(,&@&6$%( # 0(+ @]0%&N06+ #N(-%6+ O?6 [&,&6-($ @?,[#+ N6-+($#+ N#-# +?+ #$Z0&

N#-# 60 3?6$ .6+#--(00( .6 +?+ .60&36-#,&($6+X #'-#.6,&6$.( .6 @#$6-# @?= 6+N6,&#0 60#N(=( -6,&3&.( 6$ 0# 60#3(-#,&2$ .6 ,Z0,?0(+ = +&@?0#,&($6+ = -6.#,,&2$ .60 .(,?@6$%(.6 N#-%6 .6 B#P&6- cP&0# = c$'60# 1-?CX 5?$,&($#-&(+ .6 0# :`4FX .6 1#@&0( 1(--6# =1#-0(+ 4$%($&( <6+#X .6 G6.6+#--(00( = .6 9+,#- "&C#X .60 <&$&+%6-&( .6 \#,&6$.# =1-Y.&%( A]30&,(W



?E

Resumen Ejecutivo

4 ,($%&$?#,&2$ +6 N-6+6$%# ?$ -6+?@6$ .6 0#+ N-&$,&N#06+ N-(N?6+%#+ .6 0# 1(@&+&2@#%6-&# %-&3?%#-&# N0#$%6#.#+ 6$ ,#.# ?$( .6 0(+ ,&$,( ,#N;%?0(+ .60 &$5(-@6W

#E@F8?<:? 7=B89<:?

^,4@X<F6: #_

H0 -6,#?.( .60 &@N?6+%( ,($*?$%( .6 -6$%# = 1)HH #0,#$C# #N-(M&@#.#@6$%6 Sd .60 A`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

4.6@Z+X 6$ 60 ,#+( ,(0(@3&#$(X 6+%(+ %-&3?%(+ ,#+%&'#$ 60 ,-6,&@&6$%( 6,($2@&,( 6$@6.&.# 6$ O?6 '-#P#$ 6$ 6M,6+( 0# &$P6-+&2$ = 60 6@N06( = ,-6#$ .&+%(-+&($6+&@N(-%#$%6+ N#-# 60 5?$,&($#@&6$%( .6 0(+ @6-,#.(+W H$ N#-%&,?0#-X 0# ,(@N(+&,&&@N?6+%( 6$%-6 N6-+($#+ *?-;.&,#+ = $#%?-#06+ 6+ #0%#@6$%6 .6+3#0#$,6#.#W <?= N(

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

%-#%#@&6$%( 6$%-6 +6,%(-6+ 6,($2@&,(+ = 6@N-6+#+ .63&.( # 0(+ @]0%&N06+ 36$65&,&0# #0%# 6P#+&2$X +6 -6506*# 6$ %#-&5#+ 656,%&P#+ @?= .&+N6-+#+X 0( ,?#0 $( %&+?+%6$%( %Y,$&,( = ,-6# ,($.&,&($6+ .6 ,(@N6%6$,&# .6+06#0W 7# ,(@N06*&.#. .60&@N?6+%( 6+ #0%# = +6 #'?.&C2 ,($ 60 .6+.(30#@&6$%( .60 &@N?6+%( 6$ -6$%#X 1)H+(3-6%#+# .60 1)HHW

1($ %(.( 600( 6$ @6$%6X 60 .&+6R( .6 0# N-(N?6+%# '6$6-#0 .6 0# 1(@&+&2$ 6$ -60#,&2$,($ 60 &@N?6+%( .6 -6$%# .6 N6-+($#+ $#%?-#06+ = *?-;.&,#+ = 60 1)HH 3?+,# +?3+#$#- 0#+



??

.&56-6$%6+ 0&@&%#,&($6+ 6+%-?,%?-#06+ = +6- $6?%-# 6$ @#%6-&# .6 -6,#?.(W $6?%-#0&.#.X = 0# $6,6+&.#. .6 -6.?,&- 0(+ #,%?#06+ .6+6+%;@?0(+ # 0# &$P6-+&2$ = 6@N06(X +?N($6$ ?$ @6*(- 3#0#$,6 6$ @#%6-&# .6 -6,#?.( 6$%-6 0#+ N6-+($#+ $#%?-#06+= *?-;.&,#+W

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

:6 @#$6-# 6+N6,;5&,#X .6$%-( .6 0#+ N-(N?6+%#+ @Z+ &@N(-%#$%6+ +6 %&6$6 %-#%#@&6$%( %-&3?%#-&( O?6 60&@&$# 0(+ @6,#$&+@(+ #0%6-$#%&P(+ N#-# 0&@N?6+%( ^`<4F 6 `<4"^X P(0P&6$.( #0 &@N?6+%( +(3-6 0# -6$%# ,(@( %-&3?%( ]$&,(X O.&+%&$'?6 60 %&N( .6 -6$%#+ .6 0#+ N6-+($#+ = +? ,(@N(+&,&2$ 6$%-6 -6$%#+ .6 %-#3#(%-#+ -6$%#+ = #3#$.($#$.( 0# #,%?#0 ,0#+&5&,#,&2$ .6 0(+ ,($%-&3?=6$%6+X O?6 &@N#-3&%-#-&6.#.6+ = ,(@N06*&.#.6+ &$$6,6+#-&#+ 6$ +? .&+6R(W 4+; @&+@(X +6 N-(N($6$?6P# %#30# .6 -#$'(+ .6 &$'-6+(+ = %#-&5#+ @#-'&$#06+ ,($ ?$# %#-&5# @ZM&@# .6 TJd#,(@N#R#.# .6 0;@&%6+ '0(3#06+X N(-,6$%?#06+ = #3+(0?%(+X # 0(+ 36$65&,&(+ N6-+($#00;@&%6+ &$.&,#%&P(+ # 0(+ ,(+%(+ = '#+%(+ .6.?,&306+ .6 0#+ N6-+($#+ .6 #,?6-.( ,($ +?#,%&P&.#. 6,($2@&,#W H0 .&+6R( N-(N?6+%( [#,6 O?6 @Z+ N6-+($#+ 6$%-6$ # %-&3?%'#-#$%&C# ?$# @#=(- N-('-6+&P&.#.X ,($ %#-&5#+ N-(@6.&( .6 %-&3?%#,&2$ O?6 #?@6$%#@6.&.# O?6 #?@6$%# 60 &$'-6+( .6 0#+ N6-+($#+W 1($ 600(X 0# %-&3?%#,&2$ .6 0#+ N6-+($#%?-#06+ +6 #,6-,# # 0( (3+6-P#.( 6$ 60 @?$.(W 7# N-(N?6+%# %#@3&Y$ ,($+&.6-# '-#P#-0#+ N6$+&($6+ #0%#+X .6*#$.( +&$ (30&'#,&2$ .6 %-&3?%#- # 0# '-#$ @#=(- N#-%6 .6 N6$+&($#.(+W 1($ 60 5&$ .6 N(.6- 60&@&$#- 60 &@N?6+%( #0 N#%-&@($&( .6 0#+ N6-$#%?-#06+ +6 N-(N($6 ?$ 5(-%#06,&@&6$%( .6 0# %-&3?%#,&2$ 3#+#.# 6$ -6$%# N-6+?$%&,?#0 +6 ,#0,?0#-;# ,(@( ?$ Vd a6$ 0?'#- .60 #,%?#0 Tdb .6 ?$ N#%-&@($&( -6.65&$&.( ,($?$# 3#+6 #@N0&#.#X 6$ 0# ,?#0 +6 &$,0?&-;#$ 0#+ #,,&($6+ = 0#+ N#-%&,&N#,&($6+(,&6.#.6+W A(- ]0%&@(X +6 -6,(@&6$.#$ ,#@3&(+ 6$ -60#,&2$ ,($ 0#+ '#$#$,&#+(,#+&($#06+X @#$%6$&6$.( 0# %#-&5# .6 KLd N#-# +?,6+&($6+ = .($#,&($6+ = 0# .6 ILdN#-# 0(%6-;#+X -&5#+ = *?6'(+ .6 #C#-X N6-( 606P#$.( # KJd 0# ,(--6+N($.&6$%6 # '#$#$,&#+

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



?"

+(,&6.#.6+ O?6 .&+%-&3?=6$ 6+(+ .&P&.6$.(+ =# N#'#-($ &@N?6+%(+ +(3-6 +?+ ?%&0&.#.60(+ .&P&.6$.(+ N?6.6$ %6$6- ?$ .6+,?6$%( %-&3?%#-&( .60 ILdW 4+;X N#-# 0#+ N6-+($#+ .6@#=(-6+ &$'-6+(+X ,?=# %#-&5# .6 -6$%# @#-'&$#0 +6 ?3&,#-;# 6$ TJdX 60 &@N?6+%( # .&P&.6$.(+ 6O?&P#0.-;# # ?$ KJdW H$ ,#@3&(X 60 &@N?6+%( +6-;# $?0( N#-# ?$# N6-+($# .&$'-6+(+ @Z+ 3#*(+X ,?=# %#-&5# .6 -6$%# @#-'&$#0 6+%?P&6-# 6$ $&P606+ .6 ILd ( @6$

1?#$.( 0(+ .&P&.6$.(+ +6 .&+%-&3?=#$ # +(,&6.#.6+ ,6--#.#+ %6$.-Z$ ?$# -6%6$,&2$ 6$ 0#5?6$%6 O?6 6+#+ +(,&6.#.6+ N(.-Z$ %-#+0#.#- # 0# -6%6$,&2$ O?6 600#+ @&+@#+ -6#0&,?#$.( -6N#-%#$ .&P&.6$.(+ # +?+ #,,&($&+%#+W

H$ ,?#$%( # 0#+ N6-+($#+ *?-;.&,#+X 0#+ N-(N?6+%#+ .6 0# 1(@&+&2$ N0#$%6#$ &$%-,#@3&(+ .-Z+%&,(+ 6$ 0# %-&3?%#,&2$ .&-6,%#X 60&@&$#$.( %#$%( 60 &@N?6+%( .6 -6$60 1)HH = -#%&5&,#$.( 0# 60&@&$#,&2$ =# N-6P&+%# .60 &@N?6+%( # 0# -&O?6C# ( #0 N6@N-6+#-&#0W H$ -66@N0#C( .6 %(.#+ 6+%#+ 5&'?-#+ +6 N-(N($6 ,-6#- ?$ $?6P( ]$&,(&@N?6+%(X 60 `@N?6+%( +(3-6 0#+ D%&0&.#.6+ H@N-6+#-&#06+W 4N-(P6,[#$.( 0# %-#[#,&# $?6P(+ 6+%Z$.#-6+ ,($%#306+ &$%6-$#,&($#06+ O?6 +6 6$,?6$%-# 6$ ,?-+( 6$1(0(@3&#X ,($ 0# &$%-(.?,,&2$ .6 0#+ 00#@#.#+ F``GX 60 $?6P( &@N?6+%( 3?+,# O?6 0%-&3?%#,&2$ 6@N-6+#-&#0 6+%Y 3#+#.# 6$ 0( 5?$.#@6$%#0 6$ 0#+ ?%&0&.#.6+ ,($%6$%6$.&6$.( O?6 +(3-6 600#+ +6-Z $6,6+#-&( -6#0&C#- #0'?$(+ #*?+%6+ ,?=# .65&$&,&2.6%#00#.# ,(--6+N($.6 #0 >(3&6-$( = # 0# :`4FW H+(+ #*?+%6+ 3?+,#-;#$X N(- ?$ 0#.(X#+6'?-#- ?$ %-#%#@&6$%( ?$&5(-@6 6$ Z-6#+ 6$ 0#+ O?6 0#+ $(-@#+ F``G N6-@&%.&+,-6,&($#0&.#. =X N(- (%-(X 0&@&%#- 0# ?%&0&C#,&2$ N#-# 5&$6+ 5&+,#06+ .6 N#%&6$6$ -60#,&2$ .6 ,#?+#0&.#. ,($ 0# '6$6-#,&2$ .6 ?%&0&.#.6+ ( O?6 +($ .6 .&5;,&0 ,($%-(0X#+; ,(@( 5&'?-#+ ?%&0&C#.#+ ,($ ,0#-(+ 5&$6+ .6 60?+&2$ %-&3?%#-&#W

7# %#-&5# .60 `@N?6+%( # 0#+ D%&0&.#.6+ H@N-6+#-&#06+ +6-;# &'?#0 N#-# %(+(,&6.#.6+W 7# 1(@&+&2$ ,($+&.6-# O?6 6+# %#-&5# N?6.6 ?3&,#-+6 6$%-6 60 TLd = TJd.6N6$.&6$.( .6 0# 5(-@# ,(@( +6 -6'0#@6$%6 6+6 &@N?6+%( = .6 +& +6 #.(N%#$ %(.#+ (0# @#=(-;# .6 0#+ -6,(@6$.#,&($6+ [6,[#+ +(3-6 60 %-#%#@&6$%( .6 0(+ .&P&.6$.(+ = .60(+ (%-(+ &$'-6+(+ .6 0#+ N6-+($#+ $#%?-#06+W A#-# 5&*#- ?$# N-(N?6+%# 6+N6,;5&,# +(3-%#-&5# .60 `@N?6+%( # 0#+ D%&0&.#.6+ H@N-6+#-&#06+ +6 N-(N($6 O?6 6+%# @#$%%-&3?%#,&2$ .&-6,%# ,(@( N-(N(-,&2$ .60 A`/ 6$ $&P606+ +&@&0#-6+ # 0(+ #,%?#06+X N,?#0 +6-Z $6,6+#-&( #.60#$%#- @#=(-6+ 6+%?.&(+ N(- N#-%6 .60 >(3&6-$( = .65&$&- 60.6%#006 .60 %-#%#@&6$%( 06'#0 = -6'0#@6$%#-&( .60 $?6P( &@N?6+%(W

7# 1(@&+&2$ ,($+&.6-# O?6 ,($ 6+%6 `@N?6+%( # 0#+ D%&0&.#.6+ H@N-6+#-&#06-6.?,&-Z$ $(%#306@6$%6 0(+ ,(+%(+ .6 ,?@N0&@&6$%( N#-# 0(+ ,($%-&3?=6$%6+ = 0(+

5&+,#0&C#,&2$ N#-# 0# #.@&$&+%-#,&2$X [#3-Z @#=(- ,6-%&.?@3-6 N#-# #@3(+ 6#N0&,#,&2$ .6 0#+ $(-@#+ %-&3?%#-&#+ = +6 6P&%#-# 0# N-(0&56-#,&2$ .6 6M6$,&($6+X$( ,($+%&%?%&P(+ .6 -6$%# = .6.?,,&($6+ O?6 $( %&6$6$ -60#,&2$ .6 ,#?+#0&.#. ,($ 0#'6$6-#,&2$ .6 ?%&0&.#.6+X .6 @#$6-# O?6 60 +&+%6@# %-&3?%#-&( $( '6$6-6 N-&P&0&$.63&.(+ = ,(@N6%6$,&# .6+06#0 = +6 (3%6$'# ?$ -6,#?.( +?5&,&6$%6 ,($ %#+#+,(@N6%&%&P#+ # $&P60 &$%6-$#,&($#0W



?5

Q#0 ,(@( 6$ 60 ,#+( .6 0#+ N6-+($#+ $#%?-#06+X 0# 1(@&+&2$ -6,(@&6$.# 60&@&$#- &@N?6+%( # 0# -&O?6C# N#-# 0#+ 6@N-6+#+X 60 ,?#0 6+ N#-%&,?0#-@6$%6 #$%& %Y,$&$6'#%&P#@6$%6 0# &$P6-+&2$ = 60 ,-6,&@&6$%(W H$ ,#@3&(X +6 N-(N($6 5(-%#0&@N?6+%( +(3-6 0# -6$%# N-6+?$%&P#X ,?=# 3#+6 +?3&-;# .60 Td #,%?#0 #0 Vd +(3-6N#%-&@($&(W H$ 60 ,#+( .6 0#+ +(,&6.#.6+ +6 N-(N($6X #.6@Z+X '-#P#- 0#+ '#$#$,&#+

(,#+&($#06+ ,(@( -6$%# (-.&$#-&#W

4+&@&+@(X 0# 1(@&+&2$ -6,(@&6$.# #0 >(3&6-$( 6+%?.&#- 0# 60&@&$#,&2$ .N#-#5&+,#06+ -6@#$6$%6+ N#-# 60 +&+%6@# .6 +#0?.X 60 `1/G = 60 "HF4X #+; ,(@,($%-&3?,&2$ N#-# 0#+ 1#*#+ .6 1(@N6$+#,&2$_ +&$ 6@3#-'(X -6+?0%# &@N-6+,&$.&30660 >(3&6-$( #$#0&,6 +? 656,%( 5&+,#0 $6%( = 0# 5(-@# ,(@( 6+%6 +6 ,(@N6$+#-;# .6$%-( .60# N-(N?6+%# .6 -65(-@# 6+%-?,%?-#0W

#E@F8?<:? =;7=B89<:?P #J+Z =E@F8?<: 46 9:;?FE:Z W"1 8 =E@F8?<: .49=:;46 4 6:?9:E5F?<=568?

^,4@X<F6: ##_

7(+ #$Z0&+&+ .6 0# 1(@&+&2$ +(3-6 &@N?6+%(+ &$.&-6,%(+ &$,0?=6-($ 60 &@N?6+%(#'-6'#.( È4X 60 &@N?6+%( #0 ,($+?@(X 60 &@N?6+%( $#,&($#0 # 0(+ ,(@3?+%&306+ = >-#P#@6$ # 0(+ <(P&@&6$%(+ G&$#$,&6-(+X ><GW

H7 È4 6$ 1(0(@3&# -6,#?.# N(,(X 0# %#-&5# 6+ 3#*#X +? N-(.?,%&P&.#. 6+ -6.?,&.#X,($%&6$6 @]0%&N06+ 36$65&,&(+ = %-#%#@&6$%(+ 6+N6,&#06+ O?6 '6$6-#$ &$6O?&.#.#,%&P&.#.6+ 6,($2@&,#+ =X #0 $( N6-@&%&- 60 .6+,?6$%( N06$( +(3-6 60 È4 N#'#.( 6$ 0#.O?&+&,&2$ .6 3&6$6+ .6 ,#N&%#0X '-#P# 0# &$P6-+&2$ = $( ,($%-&3?=6 # 0# 65&,&6,($2@&,# = 0# ,(@N6%&%&P&.#.W

7# 0&+%# .6 3&6$6+ 6M,0?&.(+ = 6M6$%(+ .6 È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È4X 5(@6$%# 0# &$5(-@#0&.#. = N-(N&,&# ?$ %-#%( &$6O?&%#%&%-#.?,6 6$ 5(-@#+ @?= P#-&#.#+ N#-# @#$%6$6-+6 3#*( 6+%6 ?@3-#0X N(- 5?6-# .60,($%-(0 .6 0# #.@&$&+%-#,&2$ %-&3?%#-&#W



?>

7# 1(@&+&2$ ,($+&.6-# O?6 -6+?0%#$ $6,6+#-&#+ @(.&5&,#,&($6+ 6$ 60 -Y'&@6$ #,%?#0 È4 %6$.&6$%6+ # #@N0&#- 0# 3#+6 '-#P#306X -6P&+#- 0# 6+%-?,%?-# %#-&5#-&#X -6%-#%#@&6$%( .6 0(+ 3&6$6+ .6 ,#N&%#0X @6*(-#- 60 -Y'&@6$ +&@N0&5&,#.(X &$6O?&.#.6+ 6$ 60 %-#%#@&6$%( 6$%-6 3&6$6+ = +6-P&,&(+ +&@&0#-6+X &@N06@@#$6-# @Z+ -ZN&.# = 65&,&6$%6 0# 5#,%?-# 606,%-2$&,# = #.(N%#- ,#@3&(+ N-(,6.&@6$%

= .6 ,($%-(0 O?6 5(-%#06C,#$ 0# ,#N#,&.#. .6 0# #.@&$&+%-#,&2$ %-&3?%#-&# N#-# @6*(-#,($%-(0 = -6.?,&- 0# 6P#+&2$W

7# 1(@&+&2$ -6,(@&6$.# #@N0&#- 0# .65&$&,&2$ .60 [6,[( '6$6-#.(- .6 È4 # 0#+%-#$+#,,&($6+ .6 &$%#$'&306+ a#N#-%6 .6 0(+ 3&6$6+ @?6306+ = +6-P&,&(+b = #,(@&+&($6+ = '#+%(+ O?6 ,(3-# 60 +6,%(- 5&$#$,&6-( = 6+%#306,6- ,&$,( ,#%6'(-;#+ .6%#-&5#+ #+;e ,#%6'(-;# .6 $( '-#P#.(+ a[(= 00#@#.(+ 6M,0?&.(+bX ,#%6'(-;# .6 '-#P#.(+ #0Ld a[(= 00#@#.(+ 6M6$%(+bX = ,#%6'(-;#+ .6 '-#P#.(+ #0 JdX #0 KLd = #0 KUdW

H$ 0# N-(N?6+%# .6 0# 1(@&+&2$X 0# ,#%6'(-;# .6 3&6$6+ $( '-#P#.(+ +6 0&@&%#-;# # +6-P&,&(+ .6 +#0?.X 6.?,#,&2$X %-#$+N(-%6 N]30&,( .6 N#+#*6-(+X = 60 ,($+?@( P&%#0+6-P&,&(+ N]30&,(+ .(@&,&0&#-&(+W A(- +? N#-%6X 0# ,#%6'(-;# .6 3&6$6+ = +6-P&,&(+ #0 Ld a,($ .6-6,[( # .6P(0?,&2$ .6 È4 +(3-6 0(+ &$+?@(+b +6 0&@&%#-;# # 0(+ 6MN(-%#.(+W7# N-(N?6+%# .6 0# 1(@&+&2$ +6R#0# #+; @&+@( 0(+ 3&6$6+ = +6-P&,&(+ O?6 O?6.#'-#P#.(+ #0 JdX KLd = KUdW

Q6$&6$.( 6$ ,?6$%# 0(+ 656,%(+ $6'#%&P(+ .60 %-#%#@&6$%( O?6 60 -Y'&@6$ ,(0(@3&#.60 È4 (%(-'# # 0(+ 3&6$6+ .6 ,#N&%#0X 0# 1(@&+&2$ -6,(@&6$.# O?6 60 È4 N#'#.( 6$ +?#.O?&+&,&2$ +6# .6+,($%#306W "? .6+,?6$%( $( +6 -6,(@&6$.# .6 @#$6-# &$@6.&#%# N(-60 656,%( 5&+,#0 O?6 600( %6$.-;#X +&$( 6$ ?$ N6-;(.( 6$%-6 T #R(+ = @ZM&@( J #R(+W

7#+ -6,(@6$.#,&($6+ .6 0# 1(@&+&2$ &$,0?=6$ -6.65&$&- 60 -Y'&@6$ +&@N0&5&,#&@N($6- @6,#$&+@(+ .6 ,($%-(0 N#-# 6P&%#- 0(+ #3?+(+ O?6 +?-'6$ .60 +&+%6@# #,%?#H+N6,;5&,#@6$%6X +6 3#*#$ ,($+&.6-#306@6$%6 0(+ ?@3-#06+ N#-# %6$6- 60 %-#%#@#,%?#0 .60 -Y'&@6$ +&@N0&5&,#.(X 6$ 60 ,?#0X ,?@N0&6$.( ,($ #0'?$(+ -6O?&+&#.&,&($#06+X $( +6 -6O?&6-6 5#,%?-#-X 0&O?&.#- $& N#'#- È4W H0 ?@3-#0 #,%?#0 .6 VWLaN(,( @6$(+ .6 KIL @&00($6+ .6 N6+(+b 6$ &$'-6+(+ 3-?%(+ #0 #R(X +6 -6.?,&-;# # KWIJLDEQ a#N-(M&@#.#@6$%6 fTJ @&00($6+b N(- P6$%# .6 3&6$6+ '-#P#.(+ = # gJL DEQa#N-(M&@#.#@6$%6 fIV @&00($6+b N(- P6$%# .6 +6-P&,&(+W :6 6+%# @#$6-# +6 3?@#$%6$6- 0# N(+&3&0&.#. .6 O?6 0#+ @&,-(6@N-6+#+ 6+%Y$ 6M6$%#+ .6 0# (30&'#,&5#,%?-#-X 0&O?&.#- = ,(3-#- È4W "6 6+%#306,6 +&$ 6@3#-'( ?$ -Y'&@6$ &$%6-@6.&( N

N6-+($#+ ,($ &$'-6+(+ O?6 +6 6$,?6$%-#$ N(- 6$,&@# .6 6+(+ $?6P(+ ?@3-#06+X@6.&#$%6 60 ,?#0 600#+ N(.-;#$ (N%#- P(0?$%#-&#@6$%6 N(- 60 -Y'&@6$ ,(@]$ ( N(- 6N#'( .6 ?$ %-&3?%( ?$&5&,#.( .6 Jd +(3-6 +?+ &$'-6+(+ 3-?%(+X %-&3?%( O?6 ,?3-&-;# 0#+(30&'#,&($6+ ,(--6+N($.&6$%6+ # È4X &@N?6+%( .6 ,($+?@( 6 &@N?6+%( .6 -6$%#W

H$ 0;$6# ,($ 0( #$%6-&(-X 6$ -60#,&2$ ,($ 60 &@N?6+%( #0 ,($+?@(X 0# 1(@&+&2$ ,($+&.6O?6 .#.( O?6 [# %6$&.( 3?6$(+ -6+?0%#.(+ N#-# 60 ,($%-(0 .60 %-&3?%( 6$ 60 ,#+( .6+6-P&,&(+ 0(,#0&C#.(+ = ,($ ?$# ,(-%# ,#.6$# .6 N-(.?,,&2$^.&+%-&3?,&2$X +6 .636-;#



?D

#@N0&#- +? 3#+6X &$,0?=6$.( #0'?$(+ +6-P&,&(+ [(= '-#P#.(+ ,($ `E4W 4+; @&+@(X +6-6,(@&6$.# ?$ &$,-6@6$%( 6$ 0#+ %#-&5#+ .60 &@N?6+%( #0 ,($+?@( 6$ T N?$%(+W

40 &'?#0 O?6 0(+ .&56-6$%6+ .&#'$2+%&,(+ -6#0&C#.(+ [#+%# 60 @(@6$%(X 0# 1(@&6$%&6$.6 O?6 60 ><G %&6$6 656,%(+ $6'#%&P(+ +(3-6 0# &$%6-@6.&#,&2$ 5&$#$,&6-

6@3#-'( 6+ ?$ &@N?6+%( .6 5Z,&0 -6,#?.( O?6 '6$6-# -6,?-+(+ &@N(-%#$%6+ #0 5&+,( =,?#0O?&6- (%-( %-&3?%( O?6 +?+%&%?=6-# +? -6,#?.( #,%?#0 %#@3&Y$ %6$.-;# 656,%(+ $(,+(3-6 0# #,%&P&.#. 6,($2@&,#W 4.6@Z+X 0# &$%6-@6.&#,&2$ 5&$#$,&6-# $( 6+%Z '-#P#.#`E4 = 0# 1(@&+&2$ ,($+&.6-# O?6 +6 .636 @#$%6$6- 6M6$%#W 1($ 60 5&$ .6 #0&PN#-,&#0@6$%6 0(+ 656,%(+ .&+%(-+&($#$%6+ .60 &@N?6+%(X +6 +?'&6-6 #0 >(3&6-$( #?@0# .6.?,&3&0&.#. #0 KLLd 6$ 60 &@N?6+%( .6 -6$%# N#-# 0#+ 6@N-6+#+ 6$ 60 @(@6$%( O?6 0#+ 5&$#$C#+ N]30&,#+ 0( N6-@&%#$W

7(+ &@N?6+%(+ # 0(+ ,(@3?+%&306+ 6$ 1(0(@3&# +($ 3#*(+ 5-6$%6 # 6+%Z$.#-&$%6-$#,&($#06+W HM&+%6 ?$ #@N0&( 6+N#,&( N#-# #?@6$%#- .&,[(+ %-&3?%(+X 0( ,?656,%(+ N(+&%&P(+ +(3-6 60 @6.&( #@3&6$%6 = N6-@&%&-;# #006'#- -6,?-+(+ N#5&$#$,&#,&2$ .6 0#+ $6,6+&.#.6+ 6$ &$5-#6+%-?,%?-#W H$ 6+%6 +6$%&.(X 0# 1(@&+&2$ ?$ &$,-6@6$%( &$&,&#0 .6 TLd 6$ 60 &@N?6+%( $#,&($#0 # 0(+ ,(@3?+%&306+ = +?'6O?&N#-#- 0#+ +(3-6%#+#+ .6 0# '#+(0&$# = .60 .&6+60W 7#+ ,&-,?$+%#$,&#+ #,%?#06+N-(N&,&#+ N#-# 0# #.(N,&2$ .6 6+%#+ .6,&+&($6+X 6$ 0# @6.&.# 6$ O?6 0(+ N-6,&&$%6-$#,&($#06+ .6 6+%(+ N-(.?,%(+ [#$ .6+,6$.&.( #N-6,&#306@6$%6X 0( ,?#0 N6-@&%&O?6 60 #?@6$%( 6$ 60 &@N?6+%( $( +6 -6506*#-# 6$ @#=(-6+ N-6,&(+ #0 ,($+?@&.(- = +#=?.#-# 6$ ,#@3&( # ,(@N6$+#- N#-,&#0@6$%6 0# ,#;.# 6$ 0(+ &$'-6+(+ .60 >(3&6-$(F#,&($#0 = .6 0(+ 6$%6+ %6--&%(-&#06+W

#E@F8?<:? <8BB=<:B=468?

^,4@X<F6: ###_

H$ 0# #,%?#0&.#. [#= P&'6$%6+ KT %-&3?%(+ .6N#-%#@6$%#06+X IL @?$&,&N#06+ =@6$(+ IV '-#PZ@6$6+ = ,($%-&3?,&($6+X +&$ ,($%#3&0&C#- .6$%-( .6 6+%(+ 0#+ 6+%#@NO?6 6M&+%6$ ,($ .&+%&$%#+ P#-&#$%6+ -6'&($#06+ = 0(,#06+W "&$ 6@3#-'(X # N6606P#.( $]@6-( .6 %-&3?%(+X %#$%( 6$ 0(+ .6N#-%#@6$%(+ ,(@( 6$ 0(+ @?$&,&N&(+X@#=(- N-(N(-,&2$ .60 -6,#?.( +6 ,($,6$%-# 6$ N(,(+ &@N?6+%(+W 4+; @&+@(X 0#

@?0%&N0&,&.#. .6 &@N?6+%(+ +6 #,(@N#R# .6 ?$# $(-@#%&P&.#. .&+N6-+# # $&P60 %6--N#-# ?$ @&+@( %-&3?%(X .6 0# ,#-6$,&# .6 ,0#-&.#. +(3-6 0#+ ,(@N6%6$,&#+ O?6 %&6$6$F#,&2$ = 0(+ 6$%6+ %6--&%(-&#06+ 6$ @#%6-&# .6 %-&3?%#,&2$X .6 606P#.(+ $&P.6+#,%?#0&C#,&2$ .6 @?,[(+ .6 6+%(+ %-&3?%(+X 0(+ ,?#06+ +6 6+%#306,&6-($ [#,6 P#-&.Y,#.#+ +&$ O?6 +? ,($P6$&6$,&# = 6+%-?,%?-# [#=# +&.( 6P#0?#.# =h( +? .&+6R(#,%?#0&C#.( .6 @#$6-# &$%6'-#0W 4.&,&($#0@6$%6X 6M&+%6$ .?.#+ +(3-6 0# 06'#0&.##0'?$(+ &$'-6+(+ $( %-&3?%#-&(+X %#+#+ = ,($%-&3?,&($6+W 4 %(.( 600( [#= O?6 +?@#-



?:

.&56-6$,&#+ 6$ 0# ,#N#,&.#. &$+%&%?,&($#0 N#-# #.@&$&+%-#- 0(+ %-&3?%(+ .6 0(+ '(3+?3 $#,&($#06+W

H+%# @?0%&N0&,&.#. .6 &@N?6+%(+X *?$%( ,($ 0#+ 0&@&%#,&($6+ @6$,&($#.#+ #$%6%&6$6 -6N6-,?+&($6+ &@N(-%#$%6+ 6$ @#%6-&# .6 65&,&6$,&# %-&3?%#-&# =

6,($2@&,(+ N#-# 0#+ -6'&($6+W H$ 656,%(X [#,6 .&5;,&0 0# #.@&$&+%-#,&2$ %-&3?%#-&0(,#0X '6$6-# +(3-6,(+%(+ 6,($2@&,(+ N#-# 0#+ 6@N-6+#+X 0( O?6 #56,%# +? 65&,&6$,&#,(@N6%&%&P&.#.X #'-#P# 0# 606P#.# ,#-'# %-&3?%#-&# +(3-6 0#+ 6@N-6+#+ .#.(+ 0@]0%&N06+ &@N?6+%(+ 0(,#06+ O?6 -6,#6$ +(3-6 ?$# @&+@# #,%&P&.#. 6,($2@&,# =X 0(+ ,(+%(+ .6 ,?@N0&@&6$%(W

:#.( 60 .&#'$2+%&,( N-6+6$%#.( 6$ 0#+ +6,,&($6+ #$%6-&(-6+X 0(+ 0&$6#@&6$%(+ '6$6-#0.6 -65(-@# 6$ 60 ,#+( .6 0(+ &@N?6+%(+ %6--&%(-&#06+ .636 N-(N6$.6-X 6$ N-&@6- 0?'#-N(- .65&$&- .6 @#$6-# 6MN-6+# = ,0#-# 0#+ ,(@N6%6$,&#+ 6$ @#%6-&# %-&3?%#-&# F#,&2$ = .6 0(+ .6N#-%#@6$%(+ = 0(+ @?$&,&N&(+X N(- 0# P;# 06'#0 ( ,($+%&%?,&($#+6'?$.( 0?'#-X .636 -6P&+#-+6 = #,%?#0&C#-+6 .6 @#$6-# '6$6-#0 6 &$%6'-#0 60 +&+%6@%-&3?%#-&( %6--&%(-&#0X 0( ,?#0 $( +6 [#,6 .6+.6 KUgTX 6+ .6,&-X [#,6 @Z+ .6 TL #R(+6+%6 6*6-,&,&( +6 .636$ -6,('6- 0(+ #+N6,%(+ .6 6+%-?,%?-# = .&+6R( %-&3?%#-&( = %#@3%(.( 0( -60#,&($#.( ,($ 60 ,2.&'( .6 #N0&,#,&2$ .6 0#+ $(-@#+ = 60 -Y'&@6$+#$,&($#%(-&(W :636 #.6@Z+ %6$6-+6 6$ ,?6$%# 0# [6%6-('6$6&.#. 6$ @#%6-&# .6,#N#,&.#. &$+%&%?,&($#0 .6 @?,[(+ '(3&6-$(+ +?3 $#,&($#06+W :&,[# -6P&+&2$ .636 6+%#6$,#@&$#.# # &@N-&@&- @#=(- (-.6$X +&@N0&,&.#. = 65&,&6$,&# #0 +&+%6@# %%6--&%(-&#0W

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`4F = 0(+ '(3&6-$(+ +?3 $#,&($#06+ $( [#,6$ 6+5?6-C(+&@N(-%#$%6+ N#-# ,(@3#%&- 60 ,($%-#3#$.(X 0# #.?0%6-#,&2$ = 5#0+&5&,#,&2$W H$ N#+6 -6,(@&6$.# #.(N%#- N-(,6+(+ .6 @#-,#,&2$ O?6 5#,&0&%6$ 0# %-#C#3&0&.#. .6 0(+N-(.?,%(+ $#,&($#06+ 6 &@N(-%#.(+X ,(@( 0( [#$ [6,[( ,($ YM&%( (%-(+ N#;+6+W

4.&,&($#0@6$%6X 0# 1(@&+&2$ -6,(@&6$.# -6P&+#- 0# 6+%-?,%?-# .60 &@N?6+%( +(3-P6[;,?0(+X .6 @#$6-# O?6 +? .&+6R( -6+N($.# $( +(0( # -#C($6+ .6 -6,#?.( +&$(%#@3&Y$ # ,($+&.6-#,&($6+ #@3&6$%#06+W

7#+ -6,(@6$.#,&($6+ .6 0# 1(@&+&2$ 6$ @#%6-&# .6 &@N?6+%(+ @?$&,&N#06+ +6 ,6$%6$ 60 &@N?6+%( N-6.&#0 = 6$ 60 `14W H$ ,?#$%( #0 N-&@6-(X +& 3&6$ +6 N-(N($6$ #0,#@3&(+ 6$ @#%6-&# .6 .&+6R(X +6 -6+#0%# 0# ?-'6$,&# .6 #.(N%#- %(.#+ 0#+ @6.&.#$6,6+#-&#+ aO?6 $( +($ .6 ;$.(06 %-&3?%#-&#b N#-# 0('-#- ?$# #,%?#0&C#,&2$ ,#%#+%-#0



?I

%(.( 60 N#;+W H$ N#-%&,?0#-X +6 N-(N($6 .(%#- #0 `>41 .6 -6,?-+(+ #.6,?#.(+X ,($ ?$#N#-%&,&N#,&2$ +(3-6 60 "&+%6@# >6$6-#0 .6 A#-%&,&N#,&($6+X N#-# O?6 N?6.# ,?@N0%#-6#X .#$.( N-&(-&.#. # 0# #,%?#0&C#,&2$ .6 0(+ ,#%#+%-(+ -?-#06+ = .6 0(+ N6O?6R(@?$&,&N&(+X = #0 @&+@( %&6@N(X 5#,&0&%#- # (%-#+ ,&?.#.6+ = @?$&,&N&(+ (N6-#- +?+ N-(N&(+ ,#%#+%-(+ ( ,($%-#%#- #,%?#0&C#,&($6+ ,($ ,?#0O?&6-# .6 0(+ ,#%#+%

&$.6N6$.&6$%6+ 6M&+%6$%6+W H$ ,?#$%( #0 `14X +&'?&6$.( 0#+ +?'6-6$,&#+ .60 <?$.&#0X 0# 1(@&+&2$ [#,6 -6,(@6$.#,&($6+ ,($ 60 (3*6%&P( .6 +&@N0&5&,#- 60 &@N?63?+,#$.( ?$# -6.?,,&2$ 6$ 0# .&+N6-+&2$ .6 %#-&5#+X #'-?N#$.( 0#+ #,%&P&.#.6+ '-#P#.#+%6$&6$.( 6$ ,?6$%# .&56-6$,&#+ 6$ -6$%#3&0&.#.X #+; ,(@( ?$# @6*(- .65&$&,&2$ .%6--&%(-&#0&.#.W

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

4+; @&+@(X 0# 1(@&+&2$ ,($+&.6-# O?6 0# -6P&+&2$ .6 0(+ &@N?6+%(+ %6--&%(-&#&$,0?&- 0# N(+&3&0&.#. .6 60&@&$#,&2$ .6 %-&3?%(+ = ,($%-&3?,&($6+ .6 @6$(- &@N(-%#06+ ,(@( .6'i600(X %#+# 3(@36-&0X #0?@3-#.( N]30&,( = #P&+(+ = %#306-(+X 6$%-6 (%H+%(+ &@N?6+%(+ ,($%-&3?=6$ # 0# ,(@N06*&.#. .60 +&+%6@#X 6$ P#-&(+ ,#+(+ (,#+&(,(+%(+ #.@&$&+%-#%&P(+ # 0(+ ,($%-&3?=6$%6+ = # 0#+ N-(N&#+ 6$%&.#.6+ %6--&%(+?N6-#$ 60 -6,#?.( O?6 '6$6-#$W

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



?O

&VA=E8; <B=5F<4B=: 8?@89=46 78 64? $;<=7478? ?=; `;=E: 78 *F9B:^,4@X<F6: #J_

H0 )Y'&@6$ Q-&3?%#-&( H+N6,&#0 #,%?#0 .6 0#+ H$%&.#.6+ +&$ c$&@( .6 7?,-( aH"47b 6+0#M(W "& # 6+( +6 +?@# 0# 5#0%# .6 ,($%-(0 .6 0# #.@&$&+%-#,&2$ %-&3?%#-&#X 6+ N-(3+6 #3?+6 .6 0(+ 36$65&,&(+ ,($,6.&.(+ O?6 +6 (3%&6$6$ %#$ +(0( ,($ ,($+%&%?&-+6 3#*( 0#5(-@# .6 6$%&.#. +&$ Z$&@( .6 0?,-( ,($ 60 (3*6%( +(,&#0 O?6 &$.&,# 0# 06=W

1(@( ,($+6,?6$,&# .6 0(+ P#,;(+ 06'#06+ = 0# #?+6$,&# .6 ?$ ,($%-(0 656,%&P( =5(,#0&C#.( N(- N#-%6 .6 0# #.@&$&+%-#,&2$ %-&3?%#-&#X N-(0&56-#$ 6$%&.#.6+ ,($+%&%?=6$ 3#*( 6+%# 5(-@# *?-;.&,# +&$ O?6 0# #.@&$&+%-#,&2$ P6-&5&O?6 +& ,?@0# 5&$#0&.#. N#-# 0# ,?#0 +6 ,-6#-($X N(+&306@6$%6 (3%6$&6$.( 0(+ 36$65&,&(+ %-&3?%6$ @?,[(+ ,#+(+ .6 @#$6-# &$.63&.# N#-# '6$6-#- P6$%#*#+ N#-%&,?0#-6+X ,?@N0&6$.(%#$ +(0( 5(-@#0@6$%6 ,($ 0(+ -6O?&+&%(+ 06'#06+W

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

:6$%-( .6 0#+ N-(N?6+%#+ @Z+ &@N(-%#$%6+ 6$ -60#,&2$ ,($ 0#+ 6$%&.#.6+ +&$ Z$&@0?,-(X +6 %&6$6 O?6 %(.#+ 0#+ #+(,&#,&($6+X 5?$.#,&($6+ = ,(-N(-#,&($6+ ,($+%&%?&

,(@( 6$%&.#.6+ +&$ Z$&@( .6 0?,-( +6-;#$ ,($%-&3?=6$%6+ .60 &@N?6+%( +(3-6 0# -6$%# ,(@N06@6$%#-&(+X ,($5(-@6 # 0#+ $(-@#+ #N0&,#306+ # 0#+ +(,&6.#.6+ 0&@&%#.#+X +#0O?6 +6 ,#0&5&O?6$ 6MN-6+#@6$%6 6$ 60 H+%#%?%( Q-&3?%#-&( ,(@( $( ,($%-&3?=6#O?600#+ O?6 +(0&,&%6$ = +6#$ #.@&%&.#+ #0 )Y'&@6$ Q-&3?%#-&( H+N6,&#0 a)QHb#.@&%&.#+ # 6+6 -Y'&@6$ 0#+ H"47 .636 ,?@N0&- .6%6-@&$#.(+ -6O?&+&%(+ P6-&5&,#.0# :`4F

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a( .60 $?6P( &@N?6+%( +(3-6 0#



?C

?%&0&.#.6+ 6@N-6+#-&#06+ O?6 +6 N-(N($6 6$ 60 ,#N;%?0( N-&@6-( .6 6+%6 &$5(-@+&6@N-6 O?6 ,?@N0#$ ,($ .6%6-@&$#.#+ ,($.&,&($6+W

+7E=;=?<B49=Q; 0B=5F<4B=4,4@X<F6: J

1(0(@3&# N-6+6$%# #0%(+ ;$.&,6+ .6 6P#+&2$ %-&3?%#-&#W 7(+ 6+%&@#%&P(+ (56P#+&2$ 6$ 60 `E4 6+%Z$ #0-6.6.(- .6 ITd N6-( ,Z0,?0(+ @Z+ -6,&6$%6+ .60 G($.(<($6%#-&( `$%6-$#,&($#0 +?'&6-6$ O?6 6+%# 6+%#-;# #0-6.6.(- .6 VLdW H$ 60 ,#+( .6 -6$%#.6 0#+ N6-+($#+ *?-;.&,#+ 0# %#+# .6 6P#+&2$ N-(@6.&( .6 0#+ N6-+($#+ *?-;.&,#+ %#@3&Y+6 ?3&,#-;# ,6-,# .6 TUdW :6 #,?6-.( ,($ 6+%&@#,&($6+ .6 0# :`4FX 60 ,($%-#3#$.( #$?#0+6 6$,?6$%-# 6$%-6 0(+ D"fj @&0 = 0(+ D"fS @&0 @&00($6+W 7(+ #0%(+ ;$.&,6+ .6 6P#+&#,(@N#R#$ N(- ?$# 606P#.# ,#-%6-# @(-(+# N(- ,($,6N%( .6 &@N?6+%(+X %#$%( 6$$]@6-( .6 ,($%-&3?=6$%6+ ,(@( 6$ @($%(+W

H0 &$,?@N0&@&6$%( .6 0#+ (30&'#,&($6+ %-&3?%#-&#+ ,($+%&%?=6 ?$ 36$65&,&( N#-5&-@#+ 6 &$.&P&.?(+ O?6 $( N#'#$ +?+ &@N?6+%(+ = N($6 6$ ?$# +&%?#,&2$ .6 .6+P6$%##O?600(+ O?6 +; ,?@N06$ ,($ +?+ (30&'#,&($6+ ,($ 60 5&+,(W A(- 600( @&+@( .&+%(-+&($##+&'$#,&2$ .6 -6,?-+(+ 6$ 0# 6,($(@;# 6$ 5#P(- .6 0#+ 6@N-6+#+ 6P#+(-#+W D$# .6 0#+-#C($6+ .6%-Z+ .6 0(+ 606P#.(+ ;$.&,6+ .6 6P#+&2$ 6+ 0# -6.?,&.# 65&,&6$,&# ,($ 0# O?6(N6-# 0# #.@&$&+%-#,&2$ %-&3?%#-&#W

H0 .&#'$2+%&,( .6 0# 1(@&+&2$ @?6+%-# O?6 0# :`4F 6$5-6$%# 0&@&%#,&($6+ 6$ @]0#+N6,%(+W H$ N-&@6- 0?'#-X 0# :`4F ,?6$%# ,($ ?$ 3#*( $&P60 .6 #?%($(@;#X

6+N6,&#0@6$%6 6$ 0( -60#,&($#.( ,($ 60 @#$6*( .60 -6,?-+( [?@#$(W H+%# +&%?#,&2$ +6.6+N-6$.6 .6 O?6 6$ 0# #,%?#0&.#.X 60 -Y'&@6$ .6 ,#--6-# .6 0# &$+%&%?,&2$ +6 -&'6 N(- 0$(-@#%&P&.#. .6 0# 1(@&+&2$ F#,&($#0 .60 "6-P&,&( 1&P&0W 1(0(@3&# 6+ ?$( .6 0(+ N6$ .($.6 60 &$.&,#.(- .6 %-#3#*#.(-6+ .6 %&6@N( ,(@N06%(h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`4FW

4+; @&+@(X +6 6P&.6$,&#$ #%-#+(+ 6$ @#%6-&# .6 (-'#$&C#,&2$ &$+%&%?,&($#0 = '(,(-N(-#%&P(W \(= 0#+ #.@&$&+%-#,&($6+ %-&3?%#-&#+ [#$ @&'-#.( [#,&# ?$ ,($,6N%(X .6,&-0( #+;X 6@N-6+#-&#0W /#*( 6+%# ,($,6N,&2$X 0# #.@&$&+%-#,&2$ %-&3?%#-&# 6+ 0,($ 60 @#=(- $]@6-( .6 ,0&6$%6+ 6$ ,?#0O?&6- N#;+ .60 @?$.( = .636 6+%#- # 0# #0%?-# .6



"E

6+# N(+&,&2$W "& 3&6$ +? 0#3(- 5&+,#0&C#.(-# 6+ &@N(-%#$%6X 0# 6$%&.#. .636 %#@35#,&0&%#.(- N#-# O?6 0(+ ,&?.#.#$(+ $( +6 6$,?6$%-6$ 5-6$%6 # ?$ #3-?@#.(- ,]@?0( .6%-Z@&%6+ N#-# N(.6- ,?@N0&- +?+ (30&'#,&($6+ %-&3?%#-&#+W 4+; @&+@(X ,(@( ?$# 6'-#$.6 .636 -6$.&- ,?6$%#+ # ?$# *?$%# .&-6,%&P#X = N(- 6+%# P;# #0 -6+%( .60 >(3&6-$( =0(+ ,&?.#.#$(+X 6$ ,?#$%( # +?+ 0('-(+ 5-6$%6 # ?$#+ @6%#+ 6+%-#%Y'&,#+ .6 @6.&#$( =

0#-'( N0#C(W

:60 .&#'$2+%&,( +(3-6 0# #.@&$&+%-#,&2$ %-&3?%#-&# ,(0(@3&#$# 60#3(-#.( N(- 0# 1(@&++6 ,($,0?=6 O?6 N#-# 6$5-6$%#- 0(+ '-#$.6+ -6%(+ %-&3?%#-&(+X 60 N#;+ -6O?&6-6 ,(?-'6$,&# .6 ?$# -6(-'#$&C#,&2$ N-(5?$.# .6 P#-&(+ .6 0(+ #+N6,%(+ (N6-#%&P(+ = 06'#06+.6 0# #,%?#0 #.@&$&+%-#,&2$W 4 $&P60 &$+%&%?,&($#0 6+ N-&@(-.&#0 .(%#- .#?%($(@;# # 0# #.@&$&+%-#,&2$ %-&3?%#-&#X 0# ,?#0 +6 .636 -6'&- N(- +?+ N-(N&(+ N-(.6 '(3&6-$( = '6+%&2$W 40 -6+N6,%(X 0# 1(@&+&2$ -6,(@&6$.# #0 >(3&6-$( #.60#$%#- 0#,,&($6+ *?-;.&,#+ N6-%&$6$%6+ N#-# @(.&5&,#- 0# $#%?-#06C# *?-;.&,# .6 0# :`4F %-#$+5(-@#-0# 6$ ?$# 4'6$,&# H+%#%#0W 9%-# N-(N?6+%# @?= &@N(-%#$%6 6+ 0# .6 #.?$ @(.60( .6 5?$,&($#@&6$%( ,(-N(-#%&P( ,($5(-@#.( N(- ?$ +&+%6@# .6 $(-@#+ =2-'#$(+ &$%6-$(+X @6.&#$%6 60 ,?#0 +6 .&-&'&-;# = ,($%-(0#-;# 0# '6+%&2$ .6 0# 6$%&.#.N#-%&,?0#- +6 -6,(@&6$.# ,-6#- ?$# B?$%# :&-6,%&P# N#-# 0# :`4F ,($5(-@#.# N(- ?$.606'#.( .60 A-6+&.6$%6X 60 <&$&+%-( .6 \#,&6$.#X 60 .&-6,%(- .60 :6N#-%#@6$%(F#,&($#0 .6 A0#$6#,&2$ = %-6+ @&6@3-(+ &$.6N6$.&6$%6+ $(@3-#.(+ N(- 60 A-6+&.6$%H+%# B?$%# %6$.-;# 5?$,&($6+ 6+N6,;5&,#+ O?6 +6 .6%#00#$ 6$ 60 ,#N;%?0( -6+N6,%&P(W

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



"?

CAPÍTULO I Impuestos directos en Colombia:

diagnóstico y propuestas #> +?@89<:? A8;8B468?

KW H0 -6,#?.( .60 &@N?6+%( ,($*?$%( .6 -6$%# = 1)HH $( 6+ 3#*( 6$ 1(0(@3&# 6$,(@N#-#,&2$ ,($ 4@Y-&,# 7#%&$#W H$ 0# #,%?#0&.#.X 6+%6 &@N?6+%( -6,('6 ,6-.6 jWgd .60 A`/X ?$ N(-,6$%#*6 @6$(- O?6 60 N-(@6.&( .6 0# 91:H a9-'#$&C#,&2$N#-# 0# 1((N6-#,&2$ = 60 :6+#--(00( H,($2@&,(b N6-( @Z+ 606P#.( O?6 60 .64@Y-&,# 7#%&$#W

WBaT=9: D> #E@F8?<: 4 64 B8;<4Z 64? F<=6=7478? R 64? A4;4;9=4? 78 94@=<

G

IW F( (3+%#$%6X 0# ,(@N(+&,&2$ .60 &@N?6+%( 6$%-6 N6-+($#+ *?-;.&,#+ = $#%?-#06#0%#@6$%6 .6+3#0#$,6#.#W H$ 656,%(X @?= N(,#+ N6-+($#+ $#%?-#06+ ,($%-&3?=6#0 &@N?6+%( = 0# ,#-'# -6,#6 +(3-6 ?$ $]@6-( -6.?,&.( .6 N6-+($#+ *?-;.&,#+X+&6$.( 6+%# 6M,6+&P#@6$%6 606P#.# N#-# 0#+ 6@N-6+#+ O?6 $( %&6$6$ N-&P&6+N6,;5&,(+ a6'WX C($#+ 5-#$,#+X ,($%-#%(+ .6 6+%#3&0&.#. *?-;.&,# O?6 @#$%&P6$%#*#+ =# .6-('#.#+b ( 6M6$,&($6+ +6,%(-&#06+W H$ N#-%&,?0#- 0# ,#-'# %6-@&



""

+&6$.( +&'$&5&,#%&P#@6$%6 #0%# N#-# #O?600#+ 6@N-6+#+ O?6 #.6@Z+ .6 N#'&@N?6+%( .6 -6$%# 6+%Z$ +?*6%#+ #0 1)HH = +? +(3-6%#+#WK

TW H0 &@N?6+%( .6 -6$%# $( ,?@N06 ,($ 0(+ N-&$,&N&(+ .6 6O?&.#. [(-&C($%#0 P6-%&,#0X N(- 0# @?0%&N0&,&.#. .6 -6';@6$6+ = N(- #@N0&(+ N-&P&06'&(+ %-&3

0# #0%# 6P#+&2$ N(- N#-%6 .6 #0'?$(+ '-?N(+ .6 ,($%-&3?=6$%6+ a6@N-6+#+,6--#.#+ = N6-+($#+ $#%?-#06+ $( #+#0#-&#.#+bW A(- 6+%#+ -#C($6+ ,($%-&3?=6 N(,(# 0# -6.&+%-&3?,&2$ .60 &$'-6+( = ,#+%&'# 6$ 6M,6+( 60 ,-6,&@&6$%( 6,($2@&,( 6$ @6.&.# 6$ O?6 '-#P# @?,[( 0# &$P6-+&2$ = ,-6# .&+%(-+&($6+ &@N(-%#$%6+ N#-# 65?$,&($#@&6$%( .6 0(+ @6-,#.(+W

VW H0 -Y'&@6$ 6+ 6M,6+&P#@6$%6 ,(@N06*( = 6$ ,($+6,?6$,&# &@N($6 ,(+%(+ 6&$65&,&6$,&#+ #.@&$&+%-#%&P#+ #0%#+ %#$%( # 0(+ ,($%-&3?=6$%6+ ,(#.@&$&+%-#,&2$W

JW 7#+ N-(N?6+%#+ .6 0# 1(@&+&2$ ,($ -60#,&2$ #0 &@N?6+%( .6 -6$%# .6 N6-+($#+6+%Z$ (-&6$%#.#+ # #@N0&#- 0# 3#+6 '-#P#306 # %-#PY+ .6 0# -#,&($#0&C#,&2$ .636$65&,&(+ = .6.?,,&($6+ = 0# @(.&5&,#,&2$ .6 0# 6+%-?,%?-# .6 %#-&5#+ = 60 $&.60 %-#@( 6M6$%(X ,($ 60 5&$ .6 N-(@(P6- 0# 6O?&.#. .60 &@N?6+%( = #?@6$%#- +-6,#?.(W H00( # +? P6C N6-@&%6 3#0#$,6#- 0# ,#-'# .60 &@N?6+%( 6$%-6 N6-+($#+$#%?-#06+ = *?-;.&,#+W

jW 7# N-(N?6+%# 6$ -60#,&2$ ,($ 60 &@N?6+%( .6 +(,&6.#.6+ 6+ 0# #.(N,&2$ .6 ?$&@N?6+%( +6$,&00( +(3-6 0#+ ?%&0&.#.6+ ,($%#306+ .6 0#+ 6@N-6+#+X O?6 -66@#0 #,%?#0 &@N?6+%( # 0# -6$%# = #0 1)HHX ,($ ?$# %#+# ,(@N6%&%&P# #&$%6-$#,&($#0W H00( N6-@&%&-;# (3%6$6- '#$#$,&#+ 6$ 6O?&.#. = 65&,&6$,&# .6N?$%( .6 P&+%# 6,($2@&,( = #.@&$&+%-#%&P(W

SW 1($ 60 5&$ .6 N-(P66- .6 @#=(- N-('-6+&P&.#. #0 &@N?6+%( .6 -6$%#X +6 N-(N($6'-#P#- 0(+ .&P&.6$.(+ 6$ ,#36C# .6 0#+ N6-+($#+ $#%?-#06+X +(,&6.#.6+ ,6--#.#+ =6M%-#$*6-#+X %6$&6$.( 6$ ,?6$%# 0# %-&3?%#,&2$ .6 0(+ @&+@(+ 6$ ,#36C# .6+(,&6.#. 6$ .($.6 +6 (-&'&$#$X 0( ,?#0 -6.?,6 60 N-(306@# .6 .(306 %-&3?%#,&2$W

gW :#.( O?6 60 &@N?6+%( # 0# -&O?6C# 6+ #$%& %Y,$&,( ,($ &@N(-%#$%6+ -6N6-,?+&$6'#%&P#+ +(3-6 0# &$P6-+&2$ = 60 ,-6,&@&6$%( 6,($2@&,(X 0# 1(@&+&2$ N-(N60&@&$#-0(X %#$%( N#-# 6@N-6+#+ ,(@( N#-# N6-+($#+ $#%?-#06+W 4 +? P6C

N-(N?6+%# 3?+,# 5(-%#06,6- 0# -6$%# N-6+?$%&P#W

K F( 6+%Z$ (30&'#.(+ #0 1)HH 0#+ 6$%&.#.6+ +&$ Z$&@( .6 0?,-(X 0#+ +(,&6.#.6+ O?6 # TK .6 .&,&6@3-6 .6 ILKI [#=#$+&.( .6,0#-#.#+ ,(@( C($#+ 5-#$,#+X 0#+ O?6 [?3&6-6$ -#.&,#.( 0# -6+N6,%&P# +(0&,&%?. #$%6 60 1(@&%Y `$%6-+6,%(-&k($#+ G-#$,#+X = 0(+ ?+?#-&(+ O?6 +6 [#=#$ ,#0&5&,#.( ( +6 ,#0&5&O?6$ # 5?%?-( 6$ 6+%#+ = O?6 6+%Y$ +?*6%(+ # 06+N6,&#0 .60 KJd N-6P&+%# N(- 60 #-%;,?0( IVL^K .60 H+%#%?%( Q-&3?%#-&(W



"5

##> $6 =E@F8?<: 78 B8;<4 @8B?:;46

+> $6 ?=?<8E4 49<F46P @B=;9=@468? 4?@89<:? ;:BE4<=K:?

UW 7# 76= KjLS .6 ILKI &$%-(.?*( ,#@3&(+ +&'$&5&,#%&P(+ 6$ -60#,&2$ ,($ 0# %-&3?%#+(3-6 0# -6$%# .6 N6-+($#+ $#%?-#06+W 7(+ ,#@3&(+ @Z+ &@N(-%#$%6+ 5?6-($ &$%-(.?,,&2$ .6 ?$# $?6P# ,0#+&5&,#,&2$ .6 N6-+($#+ $#%?-#06+ = 60 6+%#306,&@&6$.6 .(+ +&+%6@#+ #0%6-$#%&P(+ 5-6$%6 # 0# .6N?-#,&2$ (-.&$#-&# .60 &@N?6+%( # ,#60 `<4F = 60 `<4"X 6$,#@&$#.(+ # 6+%#306,6- $&P606+ @;$&@(+ .6 %-&3?%#,&2$W

KLW A#-# 656,%(+ &@N(+&%&P(+X 0#+ N6-+($#+ $#%?-#06+ +6 ,0#+&5&,#$ .6 #,?6-.( ,($@#$6-# ,(@( .6+#--(00#$ +? #,%&P&.#. 6$e &b 6@N06#.(+X &&b %-#3#*#.(-6+ N(- ,?6$%N-(N&# = &&&b (%-#+ N6-+($#+ $#%?-#06+W 7(+ .6%#006+ .6 6+%# ,0#+&5&,#,&2$ = &@N(+&%&P( O?6 06+ #N0&,# +6 N-6+6$%# 6$ 60 1?#.-( K W 1($ #$%6-&(-&.#. # 6+%# 06=X 0#+N6-+($#+ $#%?-#06+ +6 ,0#+&5&,#3#$ 6$ #+#0#-&#.(+ = (%-#+ N6-+($#+ $#%?-#06+W

,0#+&5&,#,&2$ #,%?#0 = #$%6-&(- 6+ .&56-6$%6 # 0( O?6 6M&+%6 6$ @?,[(+ N#;+6+ 6$ 0# %-&3?%#,&2$ .&+%&$'?6 0(+ .&56-6$%6+ %&N(+ .6 -6$%#+ = $( 0(+ .&56-6$%6+ '-?N6-+($#+W H+%( -6+N($.6 #0 [6,[( O?6 '6$6-#0@6$%6 ?$# N6-+($# (3%&6$6 &$'-6+(+.6 .&P6-+#+ 5?6$%6+X = .636-;# %-&3?%#- +(3-6 ,#.# ?$# .6 6+%#+X .6 @#$6-# .&56-6$%6.6 #,?6-.( # ,2@( 0( 6+%#306C,#$ 0#+ $(-@#+W

,F47B: D> ,64?=T=949=Q; 78 64? @8B?:;4? ;4<FB468? R 86 ?=?<8E4 NF8 68? 4@6=94 @4B8T89<:? 786 =E@F8?<: 78 B8;<4



">

KKW H0 +&+%6@# '6$6-#0 .6 .6N?-#,&2$ .6 0# -6$%# N#-# N6-+($#+ $#%?-#06+ %(@# 6$,($+&.6-#,&2$ 0(+ &$'-6+(+ (3%6$&.(+ 6$ 60 N6-;(.( = -6+%# .6 6+%(+ 0(+ &$'-6+(+ $(,($+%&%?%&P(+ .6 -6$%#X 0(+ ,(+%(+ = .6.?,,&($6+ = 0#+ -6$%#+ 6M6$%#+a1?#.-( I bW

KIW H$ 60 `<4F +6 0&@&%#$ .6 @#$6-# &@N(-%#$%6 0#+ .6.?,,&($6+ O?6 N?6.6$ [#,6-+6

.60 &$'-6+( 3-?%( 6$ 60 N-(,6+( .6 .6N?-#,&2$W H$ 6+%6 -Y'&@6$ #0%6-$#%&P( +(0( +N6-@&%6 -6+%#- #0'?$(+ &$'-6+(+ O?6 $( #?@6$%#$ 60 N#%-&@($&(X %#06+ ,(@( &$.6@$&C#,&($6+ .6 +6'?-(+ N(- .#R(+X N(- +6'?-( .6 P&.#X N(- #,,&.6$%6 .6 %-#3#*(X6$56-@6.#.X 0&,6$,&# .6 @#%6-$&.#. = '#+%(+ 5?$6-#-&(+_ 0(+ #N(-%6+ (30&'#%(-&(+ #+6'?-&.#. +(,&#0 = 0(+ N#'(+ ,#%#+%-25&,(+ 6$ +#0?. $( ,?3&6-%(+ N(- 60 A9" ( N0#$6+,(@N06@6$%#-&(+ ( .6 @6.&,&$# N-6N#'#.#X .6$%-( .6 0(+ 0;@&%6+ +6R#0#.(+ 6$ 0#06=W

KTW 7# 76= KjLS 0&@&%2 0(+ 36$65&,&(+ .6-&P#.(+ .6 #N(-%6+ P(0?$%#-&(+ # 5($.(+ N6$+&($6+ = ,?6$%#+ 4G1W 7(+ N-&$,&N#06+ ,#@3&(+ #0 -6+N6,%( 5?6-($e &b 0(+ #NN#+#-($ # ,($+&.6-#-+6 ?$# -6$%# 6M6$%# a#$%6+ 6+%(+ 6-#$ ,($+&.6-#.(+ ,(@( ?$&$'-6+( $( ,($+%&%?%&P( .6 -6$%#bX &&b +6 6M%6$.&2 60 %Y-@&$( .6 N6-@#$6$,&#.6 ,&$,( # KL #R(+ N#-# @#$%6$6-+6 ,(@( -6$%# 6M6$%#X = &&&b +6 .6%6-@&$2@($%( #$?#0 @ZM&@( .6 0# -6$%# 6M6$%# N(- 6+%6 ,($,6N%( O?6 $( N(.-Z 6M,6.6-TWgLL DEQ a6O?&P#06$%6 # N(,( @Z+ .6 fKLS @&00($6+ 6$ ILKJbW

KVW 7#+ %#-&5#+ 6$ 0(+ .&56-6$%6+ +&+%6@#+ +6 .6%6-@&$#$ .6 #,?6-.( ,($ 0#+ %#3.65&$&.#+ 6$ 0# 06=W

KJW H$ 60 +&+%6@# (-.&$#-&( [#= ,?#%-( -#$'(+ .6 &$'-6+( '-#P#306 = ,?#%-( %#-&5#+@#-'&$#06+ aLdX KUdX Igd = TTdb O?6 #N0&,#$ +(3-6 0# -6$%# '-#P#306W

KjW H$ 60 ,#+( .60 `<4F 0# %#30# ,($%&6$6 gj -#$'(+ = %#-&5#+ N-(@6.&( 6$%-6 Ld = ISd+(3-6 0# -6$%# '-#P#306 #0%6-$#%&P#W A#-# #O?600(+ 6@N06#.(+ O?6 ,(3&*# 60 `<4F O(N%6$ N(- 60 +&+%6@# `<4"X 0# 3#+6 6+ &'?#0 N6-( 0#+ %#-&5#+ N-(@6.&( +($ +?N6-&# 0#+ .60 `<4FW H+# @#=(- %#-&5# ,(@N6$+# 60 [6,[( .6 O?6 0# .6,0#-#,&2$ O?6.# 6$5&-@6 #0 ,#3( .6 0(+ +6&+ @6+6+ .6+N?Y+ .6 N-6+6$%#.#W

KSW A(- ]0%&@(X 0# %#30# .60 `<4" N#-# %-#3#*#.(-6+ N(- ,?6$%# N-(N&# +6 .65&$6 ,($ 3#+66$ 0# #,%&P&.#. .6+#--(00#.# aKj ,($%6@N0#.#+ 6$ 0# 06=bW A#-# ,#.# ?$# .6 0#+#,%&P&.#.6+ +6 .65&$6 ?$ %-#@( 6M6$%( = ?$# ]$&,# %#-&5# +(3-6 0# -6$%# '-#P#3

#0%6-$#%&P#W H$ N-&$,&N&(X 0#+ .&56-6$,&#+ .6 %#-&5#+ -6506*#$ 0#+ .&5-6$%#3&0&.#. 6$%-6 #,%&P&.#.6+W

KgW H$ -60#,&2$ ,($ 0# -6$%# N-6+?$%&P#X +6 N-6+?@6 O?6 0# -6$%# 0;O?&.# ,($%-&3?=6$%6 $( N?6.6 +6- &$56-&(- #0 %-6+ N(- ,&6$%( aTdb .6 +? N#%-&@($&( 0;O?6$ 60 ]0%&@( .;# .60 6*6-,&,&( '-#P#306 &$@6.&#%#@6$%6 #$%6-&(-W 4[(-# 3&6$#-%;,?0( KgU .60 H+%#%?%( Q-&3?%#-&( 6+%#306,6 O?6 .60 N#%-&@($&( 0;O?&.( .6#$%6-&(-X O?6 +&-P6 .6 3#+6 N#-# 656,%?#- 60 ,Z0,?0( .6 0# -6$%# N-6+?$%&P#X +6 N(.



"D

-6+%#- 0(+ +&'?&6$%6+ P#0(-6+e &b 60 P#0(- N#%-&@($&#0 $6%( .6 0(+ #N(-%6+ = #N(+6;.(+ 6$ +(,&6.#.6+ $#,&($#06+_ &&b 60 P#0(- N#%-&@($&#0 $6%( .6 0(+ 3&6$#56,%#.(+ N(- [6,[(+ ,($+%&%?%&P(+ .6 5?6-C# @#=(- ( ,#+( 5(-%?&%(X +&6@N-6 O?6 +.6@?6+%-6 0# 6M&+%6$,&# .6 6+%(+ [6,[(+ = 0# N-(N(-,&2$ 6$ O?6 &$50?=6-($ 6$ 0#.6%6-@&$#,&2$ .6 ?$# -6$%# 0;O?&.# &$56-&(-_ &&&b 60 P#0(- N#%-&@($&#0 $6%

3&6$6+ P&$,?0#.(+ # 6@N-6+#+ 6$ N6-;(.( &@N-(.?,%&P(_ &Pb 60 P#0(- N#%-&@($&#0 .6 0(+ 3&6$6+ P&$,?0#.(+ .&-6,%#@6$%6 # 6@N-6+#+ ,?=( (3*6%( +(,&#0 6M,0?+&P( +6#@&$6-;# .&+%&$%# .6 0# 6MN0(%#,&2$ .6 [&.-(,#-3?-(+ 0;O?&.(+ = '#+6(+(+_ Pb 0N-&@6-#+ .&6,&$?6P6 @&0 aKUWLLLb DEQ .6 #,%&P(+ .60 ,($%-&3?=6$%6 .6+%&+6,%(- #'-(N6,?#-&(_ = P&b 0#+ N-&@6-#+ (,[( @&0 agWLLLb DEQ .60 P#0(- .6 0# P&P&.6 [#3&%#,&2$ .60 ,($%-&3?=6$%6W 4+; @&+@(X 6+6 #-%;,?0( 6+%#306,6 O?6 #0 P&$&,&#0@6$%6 (3%6$&.( .6 -6$%# N-6+?$%&P#X +6 +?@#-Z 0# -6$%# '-#P#306 '6$6-#.#0(+ #,%&P(+ 6M,6N%?#.(+ = 6+%6 +6-Z 60 P#0(- .6 0# -6$%# N-6+?$%&P# O?6 +6 ,(@N,($ 0# -6$%# 0;O?&.# .6%6-@&$#.# N(- 60 +&+%6@# (-.&$#-&(W H0 6M,6+( .6 -6$N-6+?$%&P# +(3-6 0# -6$%# 0;O?&.# (-.&$#-&# N(.-Z ,(@N6$+#-+6 ,($ 0#+ -6$%#+0;O?&.#+ (-.&$#-&#+ .6%6-@&$#.#+ .6$%-( .6 0(+ ,&$,( aJb #R(+ +&'?&6$%6+X -6#*?+%5&+,#0@6$%6W

KUW 7# -65(-@# .6 ILKI %#@3&Y$ &$%-(.?*( @(.&5&,#,&($6+ &@N(-%#$%6+ #0 &@N?6+%'#$#$,&#+ (,#+&($#06+W :6$%-( .6 0(+ ,#@3&(+ @Z+ &@N(-%#$%6+ +6 -6+#0%#$e &b$?6P# 5(-@# N#-# .6%6-@&$#- 0# 3#+6 '-#P#306 = &&b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dW



":

,F47B: C> &8?FE8; 78@FB49=Q; 8; 86 ?=?<8E4 :B7=;4B=:Z #"+. 8 #"+( @4B4<B454b47:B8? @:B 9F8;<4 @B:@=4

lA#-# 60 &@Z$X 6$ 0(+ &$'-6+(+ 3-?%(+ $( +6 -6,($(,6$ 0#+ '#$#$,&#+ (,#+&($#06+ = 0#+ N6$+&($6+ .6 *?3&0#,&2$W

G?6$%6e Q(@#.( .6 mA<>W

%> )=4A;Q?<=9:

D> ,:;?=78B49=:;8? A8;8B468?

!" #$ &'()*+,- .* /*0,! (*/+-0!$ *+ &0+)1&2&*0,* *0 ,3/'&0-+.* /*2!).-

ILW 4?$O?6 60 -6,#?.( %(%#0 .60 &@N?6+%( .6 -6$%# $( 6+ %#$ 3#*( 6$ 1(0(@3&# 6$,(@N#-#,&2$ ,($ (%-(+ N#;+6+X 60 O?6 #N(-%#$ 0#+ N6-+($#+ $#%?-#06+ +; 0( 6+`$,0?=6$.( #O?600#+ N6-+($#+ $#%?-#06+ # O?&6$6+ +6 06+ N-#,%&,# -6%6$,&2$ = $( +.6,0#-#$%6+ .60 &@N?6+%( .6 -6$%#X 60 $]@6-( .6 ,($%-&3?=6$%6+ 6+ ?$ N(,( @#=(- #0(+ KWg @&00($6+W H0 -6,#?.( .60 &@N?6+%( .6 -6$%# N6-+($#0 6+ @6$(+ .60 Kd .60 A= -6N-6+6$%# +(0#@6$%6 KJd .60 &@N?6+%( %(%#0 +(3-6 0# -6$%#W



"I

,F47B: G> .[E8B: 78 78964B4;<8? R B894F7: 786 =E@F8?<: 78 B8;<4P @8B?:;4?;4<FB468? R bFBX7=94?

.[E8B:78964B4;<8?

c B894F7:

A6-+($#+ $#%?-#06+l KXgKUXjJI KJdH@N-6+#+ ^ >-#$.6+ ,($%-&3?=6$%6+ TXVVK jSdH@N-6+#+ ^ )6+%( TTIXgIJ Kgd

l`$,0?=6 0#+ -6%6$,&($6+ $( .6+,($%#.#+ 6$ 0#+ .6,0#-#,&($6+ = O?6 ,($+%&%?=6$ &@N?6+%( N#-# KJWLLL N6-+($#+ $#%?-#06+

G?6$%6e :`4F = ,Z0,?0(+ N-(N&(+W

IKW H00( +6 .636 # O?6 @?= N(,#+ N6-+($#+ $#%?-#06+ %-&3?%#$ N(- P#-&#+ -#C($6+W N-&@6- 0?'#-X 60 &$'-6+( # N#-%&- .60 ,?#0 0#+ N6-+($#+ $#%?-#06+ %-&3?%#$ 6+606P#.(W H+%6 ?@3-#0X 6MN-6+#.( 6$ %Y-@&$(+ -60#%&P(+ #0 &$'-6+( N6- ,ZN&%P6,6+ @Z+ 606P#.( 5-6$%6 #0 N-(@6.&( .6 4@Y-&,# 7#%&$# = KI P6,6+ @Z+ #0%( O?6 660 N-(@6.&( .6 0# 91:Ha>-Z5&,( IbW :6 #,?6-.( ,($ ",[#%#$ 6% +*8 aILKJbX @Z+ .60gLd .6 0# N(30#,&2$ #,%&P# 6$ 60 +6,%(- 5(-@#0 +6 ?3&,# 6$ 60 %-#@( 6M6$%( .6 0%#-&5# (-.&$#-&# #$?#0W

WBaT=9: C> &8;<4 @8B?:;4?P B894F7: R ;=K86 78 =;AB8?: 4 @4B<=B 786 9F46 ?8 <B=5F

IIW A6-( #.6@Z+X 0#+ N6-+($#+ O?6 %-&3?%#$ $( +&6@N-6 0( [#,6$ 6$ 5?$,&2$ .6 +?,#N#,&.#.W H$ N#-%&,?0#-X 60 $( '-#P#- 0(+ .&P&.6$.(+ = (%(-'#- #0%(+ 36$65&,&(+ #[(--( 5&$#$,&6-(X +6 -6506*# 6$ 3#*#+ %#+#+ .6 %-&3?%#,&2$ N-(@6.&( 6$ 0+6'@6$%(+ .6 @#=(-6+ &$'-6+(+X O?6 -6,&36$ N-&$,&N#0@6$%6 6+%6 %&N( .6 -6$%#,#N&%#0W 4 600( %#@3&Y$ ,($%-&3?=6 60 656,%( .6 0(+ .6@Z+ 36$65&,&(+ +(3-6 0#+ 0#3(-#06+ %#06+ ,(@( 0(+ 6M&+%6$%6+ ,($ -6+N6,%( # 0(+ '#+%(+ 6$ +#0?. = 6.?,#,&2$X



"O

.(306 36$65&,&( # 0#+ N6$+&($6+X ,?=#+ ,($%-&3?,&($6+ +6 .6.?,6$ 6$ 0# 5#+6 .6#,?@?0#,&2$ = $( %-&3?%#$ ,?#$.( +6 -6,&36$X = 60 %-#%#@&6$%( 5#P(-#306 +(3-6 0'#+%(+ .6 -6N-6+6$%#,&2$ .6 ,($'-6+&+%#+X @#'&+%-#.(+X *?6,6+ = -6,%(-6+ .6?$&P6-+&.#.6+ N]30&,#+X 6$%-6 (%-(+a1?#.-( VbW

,F47B: S>

ITW 7# ,-6#,&2$ .60 `<4F ,($ 0# -65(-@# .60 ILKI 5?6 ?$ N#+( 6$ 0# .&-6,,&2$ ,(--6,%# 6$60 +6$%&.( O?6 0&@&%2 0(+ 36$65&,&(+ N#-# 0#+ N6-+($#+ .6 @#=(-6+ &$'-6+(+ .6$%-0(+ ,0#+&5&,#.(+ ,(@( 6@N06#.(+W "&$ 6@3#-'(X $( -6+(0P&2 0(+ N-(306@#+ N-&$,&N#.60 -Y'&@6$ .6 N6-+($#+ $#%?-#06+W 7# N-&$,&N#0 -#C2$ 6+ O?6 60 `<4F = 0,($+6,?6$%6 0&@&%#,&2$ .6 0(+ 36$65&,&(+X %6-@&$2 (N6-#$.( 6$ 0# N-Z,%&,# +(3-63#*( $]@6-( .6 N6-+($#+W :6 #,?6-.( ,($ 0#+ 6+%&@#,&($6+ .6 '(3&6-$( 60 `<4F#56,%# # 0#+ N6-+($#+ .6 @Z+ #0%(+ &$'-6+(+ a+?N6-&(-6+ # fKL @&00($6+ @6$+?#0O?6 -6N-6+6$%#$ @6$(+ .60 LXK N(- ,&6$%( .6 0# N(30#,&2$ 6,($2@&,#@6$%6 #,%&Pa@Z+ ( @6$(+ KVLWLLL N6-+($#+bW 4.&,&($#0@6$%6X 0# .6,&+&2$ -6,&6$%6 .6 0#1($+%&%?,&($#0 6,[2 N#-# #%-Z+ 60 N-&$,&N#0 #P#$,6 .6 0&@&%#- 0(+ 36$65&6+%#306,6- O?6 3#*( 6+%6 +&+%6@# #0%6-$#%&P( +; +6 N?6.6 .6.?,&- 60 IJd .6 0#+ -6$%0#3(-#06+ .6 0# 3#+6 &@N(+&%&P#W

IVW H$ 656,%(X 60 N#+#.( Jde agosto, la Corte Constitucional determinó que a N#-%&- .6

ILKjX 6$ P&-%?. .60 .6-6,[( .6 N-('-6+&P&.#. 6$ .6-6,[(+ +(,&#06+X 60 ,Z0,?0( .6 0#-6$%# '-#P#306 #0%6-$#%&P# N#-# 6@N06#.(+X (3%6$&.# .6 0(+ +&+%6@#+ `<4F 6 `<N#-# 6@N06#.(+X .636 N6-@&%&- 0# +?+%-#,,&2$ .6 0#+ -6$%#+ .6 %-#3#*( 6M6$%#VUIhKJbW H+ .6,&-X 6$ 0# .6N?-#,&2$ .6 0# -6$%# .60 `<4F %#@3&Y$ +6 .636 ,($+&.6-#-,(@( -6$%# 6M6$%# 60 IJd .6 0(+ &$'-6+(+ 0#3(-#06+W )65&-&Y$.(+6 # 0# ,-6#,&2$ .60`<4F 6 `<4" N#-# 6@N06#.(+ 6$ 0# -65(-@# .6 ILKIX .&,6 60 ,(@?$&,#.( .6 0# 1(-%6“A pesar .6 O?6 [#= 6$%($,6+ ?$ -6%-(,6+( 6$ ?$ #+N6,%( %-&3?%#-&( 6+%-&,%#@6$%6#+(,&#.( #0 @;$&@( P&%#0X$- *'2 +-&$%$)$-&$2 0+#*+/$-&+#"'2 )$ *+ -'#/+ -' 2$

!"#$%#&'()* ,)$)-#%#.* /)( #0&1)*2. /) ")$2' &)"*.$'(

Las rentas de trabajo tienen diversos “beneficios o tratamiento especiales” X-32 &Q+()*' (2=(4(=.,&*'YS),&*' -3+3/

"D^ K*2), *]*2),$ #031)*' , B32=3' =* 0*2'(32*' H -.*2),' #L; X5E^Y$ @2)*1*'*' 031 ,=M.('(-(92 =* 4(4(*2=, [,&.= H *=.-,-(92$ 7*0*2=(*2)*' X\(_3'S -92H.8*Y <*2'(32*' =* _.A(&,-(92$ N,')3' =* 1*01*'*2),-(92 X+(2(')13'S -3281*'('),'S +,8(')1,=3'S _.*-*'S 1*-)31*'S *)-$Y

Las rentas de capital tienen “beneficios o tratamientos especiales” tales como: 7(4(=*2=3' X(281*'3' 23 -32')().)(43 =* 1*2),Y ;3+032*2)* (2B&,-(32,1(3 =* 1*2=(+(*2)3' B(2,2-(*13'$ X<,1, ,`3 81,4,A&* =* "E?> 23

-32')().H* 1*2), 2( 8,2,2-(, 3-,'(32,& *& O"$E:^ =*& 4,&31 =* &3' 1*2=(+(*2)3' 0*1-(A(=3' 0310*1'32,' 2,).1,&*'Y$

%2 -.,2)3 , (281*'3' 0134*2(*2)*' =* ,11*2=,+(*2)3 =* (2+.*A&*'S 23 *](')*2 ,=*-.,=3'-32)13&*' 0,1, 8,1,2)(T,1 M.* '* =*-&,1*2$



"C

'92$#:+ ;1$ 719"$2$ 7+9")' 1- /<-"/' )$ )$*"9$#+%",- $- $* ='->#$2' $- &'#-' + 21-$1&#+*"?+%",- )$-&#' )$ *'2 -1$:'2 2"2&$/+2 .@45 $ .@4A )$ )$&$#/"-+%",- )$*"/01$2&' )$ #$-&+8 !+)' ;1$ $2&'6 + *+ *1? )$* 0#"-%"0"' )$ 0#'>#$2":")+) $- )$#$%7'22'%"+*$26 $2 1- 0#$2101$2&' -$%$2+#"' $ "-)"20$-2+9*$ )$ %'-2&"&1%"'-+*")+) )$ 1-+-'#/+ )$ $2+ -+&1#+*$?+ X 0# 1(-%e concluyó que resultaba inconstitucional, y por lo

mismo decidió remediarla“.

IJW 7(+ #@N0&(+ 36$65&,&(+ .60 &@N?6+%( .6 -6$%# 006P#$ # O?6 0#+ %#-&5#+ N-(@6.&-6,#6$ +(3-6 0#+ N6-+($#+ $#%?-#06+ +6#$ 3#*#+W D$ 6*6-,&,&( +6$,&00( O?6 %(@+(0#@6$%6 0#+ N6-+($#+ .6,0#-#$%6+ #+; 0( &0?+%-#W A(- 6*6@N0(X 0(+ -6+?0%#.(+ &O?6 0# %#-&5# .6 -6$%# N-(@6.&( .6 0(+ #+#0#-&#.(+ O?6 .6,0#-#$ 6+ KIWVdX 0# .60 .6,&.6 @#=(-6+ &$'-6+(+ 6+ IVd = 0# .60 ,6$%&0 .6 @#=(-6+ &$'-6+(+ 6+ IgWTdW H$ '6$6-#00(+ .6@Z+ '-?N(+ .6 N6-+($#+ %&6$6$ %#+#+ N-(@6.&( @6$(-6+ O?6 0(+ #+#0#-&#.(+W

,F47B: H> 04B=T4? 78 B8;<4 @B:E87=: @4B4 7=T8B8;<8? ABF@:? 78 @8B?:;4? ;4<FB468? ^78 64 B8;<4 6XNF=74 4bF?<474_

IjW 7(+ @]0%&N06+ 36$65&,&(+ = %-#%#@&6$%(+ 6+N6,&#06+ .60 &@N?6+%( %&6$6$ ,(+%( 5&+,#0 &@N(-%#$%6W 1Z0,?0(+ -60#%&P#@6$%6 ,($+6-P#.(-6+ &$.&,#$ O?6 ,(+%( 6+%Z #0-6.6.(- .6 0(+ fTWJ 3&00($6+X ?$ N(,( @6$(+ .6 LWJd .60 A`/a1?#.-( jb W



5E

,F47B: ]> ,:?<: T=?946 78 6:? @B=;9=@468? 58;8T=9=:? 8; 86 =E@F8?<: 78 B8;<4 78@8B?:;4? ;4<FB468?

ISW 9%-( #+N6,%( O?6 N(.-;# 6+%#- &@N#,%#$.( $6'#%&P#@6$%6 60 -6,#?.( 6+ O?6 0# %#+#.6 0# -6$%# N-6+?$%&P# .60 Td 6+ -60#%&P#@6$%6 3#*# a60 Td 6+ 0# @6%# .6 &$50#$?#0 6+%#306,&.# N(- 60 /#$,( .6 0# )6N]30&,# N#-# 60 0#-'( N0#C(X 0?6'( 6+# %#+# .6-6$%# N-6+?$%&P# &@N0&,#-;# -6$%#3&0&.#. -6#0 $?0#b = #.&,&($#0@6$%6 0# 3#+6 ,?#0 6+%# +6 #N0&,# 6+ 3#*#W H+%( ]0%&@( (36.6,6 N-&$,&N#0@6$%6 # O?6 6$ 6+%&$,0?=6 60 P#0(- .6 0#+ #,,&($6+ N(+6;.#+ 6$ +(,&6.#.6+ $#,&($#06+W

4" #$ &'()*+,- 2!/*2* .* (/-5/*+&6&.!. 7 2-0,/&4)7* (-2- !$! .&+,/&4)2&80 .*$ &05/*+-

IgW 7# 6M6$,&2$ O?6 %&6$6$ 0(+ .&P&.6$.(+ 6$ ,#36C# .6 0#+ N6-+($#+ = (%-(+ 36$65&,&(+(3-6 0(+ &$'-6+(+ .6 ,#N&%#0 5#P(-6,6$ # O?&6$6+ %&6$6$ @Z+ ,#N#,&.#. .6 %-&3?%#H+%&@#%&P(+ .6 40P#-6.( = 7($.(R( aILKIb +?'&6-6$ O?6 6$ 1(0(@3&# 60 Kd .6 0#N(30#,&2$ .6 @#=(-6+ &$'-6+(+ ,($,6$%-# 60 ILd .60 &$'-6+( %(%#0X ?$ N(-,6$%#*6606P#.( ,(@N#-#.( ,($ 0# N-(N(-,&2$ O?6 6+%6 @&+@( +6'@6$%( .6 0# N(30#,&2$,($,6$%-# 6$ N#;+6+ ,(@( H+N#R#X G-#$,&#X 406@#$&#X )6&$( D$&.(X 4-'6$%&$#P#-&(+ N#;+6+ .6 4+&#W 4.6@Z+X # .&56-6$,&# .6 6+%(+ N#;+6+X 60 '-#P#@6$ N-(@6+(3-6 60 &$'-6+( O?6 -6,&36 6+%6 Kd .6 0# N(30#,&2$ 6+ -60#%&P#@6$%6 3#*(

6O?&P#06$%6 #N6$#+ #0 KKdW H+%6 '-#P#@6$ N-(@6.&( +6 -6.?,6 #]$ @Z+X #0 VdX N60 LXKd .6 0# N(30#,&2$ O?6 -6,&36 0(+ &$'-6+(+ @Z+ #0%(+W H+%(+ -6+?0%#.(+ 6P&$,?0#.(+ #0 [6,[( O?6 6$ 6+%(+ +6'@6$%(+ .6 0# N(30#,&2$X 0(+ .&P&.6$.(+ –6M6$%(+ .6 &@N?6+%( # 0# -6$%#^ ,($+%&%?=6$ 6$%-6 60 TLd = 60 SLd .6 0(+ &$'-6a>-Z5&,( TbW



5?

WBaT=9: G> #;AB8?: R <B=5F<49=Q; 786 98;<=6 78 E4R:B8? =;AB8?:?

G?6$%6e 40P#-6.( = 7($.(R( aILKTbW

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

TLW A(- 0#+ -#C($6+ #$%6-&(-6+X 60 &@N?6+%( ,#-6,6 .6 N-('-6+&P&.#. 0( O?6 6MN0&,# N#-%6 N(- O?Y 0# N(0;%&,# 5&+,#0 6$ 1(0(@3&# $( %&6$6 ?$ &@N#,%( -6.&+%-&@N(-%#$%6W H$ N#;+6+ 6$ .($.6 60 -6,#?.( .60 &@N?6+%( .6 -6$%# N6-+($#0 #N(-%#+&'$&5&,#%&P#@6$%6 #0 &@N?6+%( .6 -6$%# %(%#0X ,(@( 0(+ .6 0# 91:HX 60 ,(65&,&>`F` .6 0(+ &$'-6+(+ .&+N($&306+ .6+N?Y+ .6 0(+ 656,%(+ .6 0# %-&3?%#,&2$ 6+&'$&5&,#%&P#@6$%6 @6$(- O?6 #$%6+ .6 #N0&,#-0#W H$ 1(0(@3&#X 6+6 &$N6-@#$6,6 N-Z,%&,#@6$%6 &$#0%6-#.(W



5"

WBaT=9: S> )=?<B=5F9=Q; 786 =;AB8?: 4;<8? R 78?@FV? 78 =E@F8?<:? R <B4;?T8B8;9=4

2" #$ &'()*+,- *+ .&192&$ .* !.'&0&+,/!/

TKW 7# @?0%&N0&,&.#. .6 +&+%6@#+ .6$%-( .60 @&+@( %-&3?%( ,($ .&56-6$%6+ 3#+6+X.6 %#-&5#+ = N(-,6$%#*6+ .6 -6%6$,&2$ .&5&,?0%# +? 6$%6$.&@&6$%( = ,?@N0&@&N#-%6 .6 0(+ ,($%-&3?=6$%6+X ,(@N0&,# 0# #.@&$&+%-#,&2$ = 5#P(-6,6 0# 6P#+&2$W

TIW 4 %(.( 600( [#= O?6 #.&,&($#- 0# 3#*# ,#N#,&.#. .6 5&+,#0&C#,&2$ N(- N#-%6 .6 0##.@&$&+%-#,&2$ .6 &@N?6+%(+X 0( ,?#0 &@N&.6 -6.?,&- .6 @#$6-# ,($%?$.6$%6 6P#+&2$ .6 6+%6 %-&3?%(W

." :/4&,/!;*+

TTW H0 $?6P( +&+%6@# ,-6#.( 6$ ILKIX O?6 .&+%&$'?6 N#-# 656,%(+ %-&3?%#-&(+ # N6-+($#+ .6 #,?6-.( ,($ +? #,%&P&.#. = $( 0#+ .&56-6$%6+ 5?6$%6+ .6 -6$%#X [#generado “arbitrajes” 6$%-6 60 `<4F = 60 -Y'&@6$ (-.&$#-&(X 0(+ ,?#06+ +($ .&5;,&06+.6 5&+,#0&C#- = %6-@&$#$ #56,%#$.( $6'#%&P#@6$%6 60 -6,#?.(W H$ 656,%(X N,#0&5&,#- ,(@( 6@N06#.( = 6+%#- (30&'#.( # %-&3?%#- ,(@( @;$&@( 60 `<4FX 6+$6,6+#-&( O?6 N(- 0( @6$(+ 60 gLd .6 0(+ &$'-6+(+ .6 0# N6-+($# 6+%Y$ ,($+%&%?&.(+N(- +#0#-&(+W A(- .63#*( .6 6+6 N(-,6$%#*6X 0# N6-+($# 6+ ,0#+&5&,#.# ,(@( %-#3#*#.(-N(- ,?6$%# N-(N&# ( ,(@( (%-( ,($%-&3?=6$%6 = $( %&6$6 0# (30&'#,&2$ .6 ,#0,?0#- 60`<4FW "& 60 `<4F -6+?0%# 606P#.(X 0(+ ,($%-&3?=6$%6+ N(.-;#$ %6$6- 60 &$,6$%&P

@#$&N?0#- 6+6 N(-,6$%#*6X #?@6$%#$.( 0(+ &$'-6+(+ .6 (%-# 5?6$%6X N#-# 6$%($,6+O?6.#- +?*6%(+ +(0( #0 -Y'&@6$ (-.&$#-&( ,($ %(.(+ +?+ 36$65&,&(+ a",[#%#$ 6% #0WILKJbW

TVW :6 #,?6-.( ,($ 60 >(3&6-$(X 60 ,#@3&( &$%-(.?,&.( N(- 0# -65(-@# .6 ILKI +(3-6 60&@N?6+%( # 0#+ '#$#$,&#+ (,#+&($#06+X 6$ N#-%&,?0#- 0# -6.?,,&2$ .6 0# %#+#X [# +N(+&%&P( 6$ 0# @6.&.# 6$ O?6 0(+ ,($%-&3?=6$%6+ [#$ ,(@6$C#.( # -6506*#- 6$ +?+



5>

WBaT=9: H> 04?4 Ea\=E4 786 =E@F8?<: 78 B8;<4 @8B?:;46Z CIDS

TSW H$ #0'?$(+ N#;+6+ 0# 6+%-?,%?-# .6 %#-&5#+ ,(@&6$C# 6$ ?$# %#+# @#-'&$#0 .6 Ld,(@( 6$ 60 ,#+( .6 1(0(@3&#X N6-( 6$ 0# @#=(-;# ,(@&6$C# 6$ ?$# %#+# N(+&%&P#a>-Z5&,( jbW

TgW 7# +6'?$.# %#-&5# @Z+ 3#*# 6$ 1(0(@3&# 6+ KUdW H$ ?$# ,(@N#-#,&2$ &$%6-$#,&($

6+%# +6'?$.# %#-&5# #N#-6,6 606P#.#W :6 [6,[(X 6+ 0# @Z+ #0%# .6$%-( .6 0(+ N#;+6+ .60# -6'&2$ ,($%6@N0#.(+X 6$ .($.6 6$ $&$']$ ,#+( 6+%# +?N6-# KLdW H$ 0# N-Z,%&,#600( +?'&6-6 O?6 60 +#0%( .6 0# N-&@6-# %#-&5# .60 Ld # 0# +6'?$.# %#+# .60 KUd 6+ @'-#$.6 6$ $?6+%-( N#;+aWBaT=9: UbW



5D

WBaT=9: ]> 04?4 EX;=E4 786 =E@F8?<: 78 B8;<4 @8B?:;46Z CIDS

WBaT=9: U> 04?4 EX;=E4 78 B8;<4 @8B?:;46 7=T8B8;<8 78 IcZ CIDS

TUW >6$6-#0@6$%6 0# 6+%-?,%?-# .6 %#-&5#+ +6 6+%#306,6 N(- -#$'(+ .6 &$'-6+( a00#@#.(+9#+%B$&2 6$ &$'0Y+bW H0 $]@6-( .6 -#$'(+ [# %6$.&.( # .&+@&$?&- 6$ 60 @?$.( 6$ 0#+]0%&@#+ .Y,#.#+a>-Z5&,( gbW <&6$%-#+ # ,(@&6$C(+ .6 0(+ #R(+ gLX 0(+ N#;+6+ .6



5:

&$'-6+( #0%( = @6.&( #0%( %6$;#$ 6$ N-(@6.&( ,6-,# .6 Kj -#$'(+X 6$ ILLJ 0# @#=(-;#.6 0(+ N#;+6+ %6$;# 6$%-6 V = jW

WBaT=9: L> )=?<B=5F9=Q; @:B98;<F46 78 @4X?8? @:B ;[E8B: 78 B4;A:?

VLW 7# ,(@N#-#,&2$ +?'&6-6 O?6 6$ 1(0(@3&#X 6$ 60 +&+%6@# (-.&$#-&(X 60 $]@6-( .6-#$'(+ $( 6+ 606P#.( a>-Z5&,( UbW "& +6 ,($+&.6-# 60 -#$'( ,($ %#-&5# .60 LdX 60$]@6-( .6 -#$'(+ 6+ V = +& 6+%6 +6 6M,0?=6X 60 $]@6-( .6 -#$'(+ 6+ TX ?$( .6 0(+ @Z+3#*(+ .6$%-( 0# @?6+%-# .6 N#;+6+ +606,,&($#.(+W "&$ &$,0?&- 60 -#$'( ,($ %#-&5# Ld<YM&,( %&6$6 KK -#$'(+X 1[&06 = 4-'6$%&$# SX D-?'?#= jX A6-] J = /-#+&0 VW

VKW H+%6 $( 6+ 60 ,#+( .60 `<4F 6$ .($.6 60 $]@6-( .6 -#$'(+ +6 #,6-,# # ULW 4.6@Z+.60 606P#.( $]@6-( .6 -#$'(+X 6$ 0# %#30# .60 `<4F a= .60 `<4"b 0#+ %#-&5#+ +6-65&6-6$ # %#-&5#+ N-(@6.&(X 0( O?6 '6$6-# -?N%?-#+ ( %-#+0#N6+ 6$ 60 &$'-6'-#P#306W H+%#+ ,#-#,%6-;+%&,#+ .60 `<4FX P#$ 6$ ,($%-#P;# .6 0# %6$.6$,&#&$%6-$#,&($#0 = $( 6$,?6$%-#$ +?+%6$%( %Y,$&,(W



5I

WBaT=9: Y> .[E8B: 78 B4;A:? 8; 86 =E@F8?<: 78 B8;<4 @8B?:;46

VIW 7#+ %#+#+ 6+%#%?%#-&#+ @ZM&@#X @;$&@# = @;$&@# .&56-6$%6+ .6 Ld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d = 0(+ .&56-6$%6+ 36$65&,&(+ %-&3?%#-&(+W 4+; @&+@(X %6$6- 6$ ,?6$%# 0(+ &$'-6+(+ N-(@6.&(+ (3%6$&.(+ 6$ ,#.# N#;+W

VTW 4 ,($%&$?#,&2$ +6 [#,6 ?$ #$Z0&+&+ ,(@N#-#%&P( .6 0#+ %#-&5#+ N-(@6.&( .60 &@N?.6 -6$%# N6-+($#0W H+ &@N(-%#$%6 #$(%#- O?6 6$ 6+%#+ ,(@N#-#,&($6+ +(0( +6 6+%6$&6$.( 6$ ,?6$%# N#-# %(.(+ 0(+ N#;+6+ 0(+ 36$65&,&(+ '6$6-#06+ 6$ 60 &@N?6+%( .-6$%# N6-+($#0X =# +6# # %-#PY+ .6 %-#@(+ 6M6$%(+ +(3-6 0#+ -6$%#+ 0#3(-#06



5O

,-Y.&%(+ %-&3?%#-&(+ +(3-6 0#+ @&+@#+W 7#+ %#-&5#+ +6 ,#0,?0#$ +(3-6 0(+ N-(@6.&( .6 ,#.# N#;+W 7(+ ,Z0,?0(+ +6 [&,&6-($ N#-# 60 #R( '-#P#306 ILKTW

VVW H$ 1(0(@3&#X 60 +#0#-&( N-(@6.&( 6+%#3# #0-6.6.(- .6 fK @&002$ N#-# 5&$#06+ ILKTWI A#-# 6+%6 $&P60 N-(@6.&( .6 &$'-6+(+ #N0&,2 6$ 60 ILKV ?$# %#-&5# @#-'&$#0

Ld aWBaT=9: DIbW 7( @&+@( +?,6.6 6$ N#;+6+ ,(@( 1[&06X /-#+&0 = D-?'?#=W "&$6@3#-'(X N#-# 0# @#=(-;# .6 N#;+6+X +(3-6 0(+ &$'-6+(+ 6O?&P#06$%6+ # ?$ +#0#-&N-(@6.&( -6,#6 ?$# %#-&5# @#-'&$#0 @#=(- # ,6-(W H+%6 6+ 60 ,#+( .6 N#;+6+ .6 0#-6'&2$ ,(@( A6-] agdbX <YM&,( aKKdb = 1(+%# )&,# aKJdbW A#-# 0# @#=(-;# .6 0(+N#;+6+ .6 0# 91:H 0# %#-&5# O?6 '-#P# 0(+ &$'-6+(+ 6O?&P#06$%6+ # ?$ +#0#-&( N-(@6.6+ 606P#.#X P#-&#$.( 6$ ?$ -#$'( 6$%-6 KJd = JLdW

VJW D$ -6+?0%#.( +&@&0#- +6 6$,?6$%-# #0 [#,6- 0# ,(@N#-#,&2$ .6 0#+ %#+#+ N-(@6.&(W 60 ,#+( .6 1(0(@3&#X 0# %#+# N-(@6.&( O?6 #N0&,# +(3-6 &$'-6+(+ 6O?&P#06$%6+ # +#0#-&( N-(@6.&( 6+ Ld @&6$%-#+ O?6 N#-# 0# @#=(-;# .6 N#;+6+ 6+%# %#+# 6+%Z'6$6-#0 N(- 6$,&@# .6 KLdWT

WBaT=9: DI> 04B=T4 E4BA=;46 NF8 4@6=94 ?:5B8 86 ?464B=: @B:E87=:

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d = +? -#$'(,(--6+N($.&6$%6X 60 %-#@( 6M6$%( .60 IJd .6 0#+ -6$%#+ 0#3(-#06+ ,($ 0(+ 0;@&%6+ O?6 #N0&,#$ .6 #,?6-.( ,($ 0# 06=W



5C

VjW H$ 1(0(@3&# 0# %#+# @ZM&@# .60 TTd #N0&,# N#-# ?$ &$'-6+( 6O?&P#06$%6 # KL +#N-(@6.&( aWBaT=9: DDbW H+%6 ?@3-#0 +?606 +6- @6$(- 6$ N#;+6+ .6 0# 91:HW H$4@Y-&,# 7#%&$#X 6+%6 ?@3-#0 6+ @Z+ 606P#.( 6$ 60 ,#+( .6 1[&06X A6-] = <YM&,(W

WBaT=9: DD> .=K86 78 ?464B=: 4 @4B<=B 786 9F46 4@6=94 64 <4B=T4 Ea\=E4

VSW H$ ,?#$%( # 0# 6P(0?,&2$ .6 0# %#+# @#-'&$#0 N#-# 0(+ .&56-6$%6+ $&P606+ .6 &$'-6-6+#0%# 60 [6,[( O?6 6+%# 6+ +6$+&306@6$%6 @Z+ 3#*# 6$ 1(0(@3&# O?6 0# (3+6-P#.6$ 0(+ N#;+6+ .6 0# 91:HW H$ 60 ,#+( .6 0(+ N#;+6+ .6 0# 91:H +606,,&($#.(+X +#0#-&(+

6O?&P#06$%6+ # I +#0#-&(+ N-(@6.&( 6$5-6$%#$ %#-&5#+ @#-'&$#06+ N(+&%&P#+ 6= VJdW

VgW 1(0(@3&# 6+ 60 ]$&,( N#;+ .6 0# @?6+%-# N#-# 60 O?6 0# %#-&5# @#-'&$#0 +6 @#$%&6Ld [#+%# ?$ &$'-6+( 6O?&P#06$%6 # %-6+ +#0#-&(+ N-(@6.&(W H$ 0# -6'&2$X <YM&,(X4-'6$%&$# = 1(+%# )&,# #N0&,#$ %#+#+ @#-'&$#06+ N(+&%&P#+ 6$%-6 gd = ITd &$'-6+(+ &$56-&(-6+ ( &'?#06+ # .(+ +#0#-&(+ N-(@6.&(W H$ 60 ,#+( .6 1[&06X /-#+&D-?'?#= 0# %#+# @#-'&$#0 6+ Ld N#-# ?$ &$'-6+( 6O?&P#06$%6 # ?$ +#0#-&( N-(@6.&(N6-( #0 $&P60 .6 .(+ +#0#-&(+ N-(@6.&( 0#+ %#+#+ @#-'&$#06+ +($ =# N(+&%&P#+W

VUW F( (3+%#$%6X # N#-%&- .6 %-6+ +#0#-&(+ N-(@6.&( 0# %#+# @#-'&$#0 #?@6$%# .6 @##3-?N%# 6$ 1(0(@3&# N#-# 0?6'( 6+%#3&0&C#-+6 6$ TTd # N#-%&- .6 ?$ $&P60 .6 &$'-6@6$+?#0 6O?&P#06$%6 # J +#0#-&(+ N-(@6.&(W A#-# $&P606+ .6 &$'-6+( +?N6-&(-6%#+# @#-'&$#0 6$ 1(0(@3&# 6+ +?N6-&(- # 0# (3+6-P#.# 6$ %(.(+ 0(+ N#;+6+ .6 0#-6'&2$X +#0P( 6$ 60 ,#+( .6 <YM&,( = 4-'6$%&$#W

JLW 7#+ %#-&5#+ N-(@6.&( N#-# 0(+ .&56-6$%6+ $&P606+ .6 &$'-6+(+ aO?6 @&.6$ '-#PZ@6$6+ 656,%&P(+ N(- %-#@(X +&$ %(@#- 6$ ,?6$%# .6.?,,&($6+ = 6M6$,&($6+



>E

6+N6,&#06+b %#@3&Y$ +($ 3#*#+ 6$ 1(0(@3&#W H$ 0# ,(@N#-#,&2$ ,($ 0(+ N#;+6+4@Y-&,# 7#%&$# +606,,&($#.(+ +6 .6+%#,#$ .(+ [6,[(+ &@N(-%#$%6+e &b 0# %#-&N-(@6.&( 6+ Ld [#+%# ?$ $&P60 .6 &$'-6+(+ 6O?&P#06$%6 # T +#0#-&(+ N-(@6.&(X,?#0 $( +6 N-6+6$%# 6$ $&$'?$( .6 0(+ N#;+6+ #$#0&C#.(+X 6$ .($.6 &$'-6+(+6O?&P#06$%6+ # .(+ +#0#-&(+ N-(@6.&( N#'#$ ?$# %#-&5# N-(@6.&( N(+&%&P# =

,($%-#-&( .6 0( O?6 +6 (3+6-P#3# ,($ 0# %#+# @#-'&$#0X 0# %#-&5# N-(@6.&( +6 O?6.#N(- .63#*( .6 0# (3+6-P#.# 6$ 0(+ (%-(+ N#;+6+ +#0P( 1[&06 [#+%# S +#0#-&(+ N-(@6.&(WH00( (36.6,6 #0 #@N0&( -#$'( +(3-6 60 ,?#0 #N0&,# 0# %#-&5# @#-'&$#0 .6 Ld = %#@3&#0 36$65&,&( .60 %-#@( .60 IJd .6 0#+ -6$%#+ 0#3(-#06+ 6M6$%#+ O?6 36$65&,&#$ # %(.0(+ $&P606+ .6 &$'-6+(W 4 N#-%&- .6 #00;X 0# %#-&5# N-(@6.&( ,(@&6$C# # +?N6-#- #P#-&(+ N#;+6+ a/-#+&0X 1(+%# )&,#X A6-] = D-?'?#=b N#-# $&P606+ @Z+ 606P#.(+&$'-6+(W H$ -60#,&2$ ,($ 0(+ N#;+6+ .6 0# 91:HX 0# %#-&5# N-(@6.&( -6+?0%+&'$&5&,#%&P#@6$%6 @Z+ 3#*# N#-# 0(+ .&56-6$%6+ $&P606+ .6 &$'-6+(+W

WBaT=9: DC> 04B=T4 @B:E87=: @:B ;=K86 78 =;AB8?:



>?

,> /B=;9=@468? B89:E8;749=:;8? 8; B8649=Q; 9:; 86 =E@F8?<: 78B8;<4 @8B?:;46

JKW :#.#+ 0#+ ,#-#,%6-;+%&,#+ O?6 N-6+6$%# 0# %-&3?%#,&2$ # 0# -6$%# N6-+($#0 6$ 1(0(@-6+?0%# $6,6+#-&( &$%-(.?,&- @6.&.#+ (-&6$%#.#+ #e

#W 4@N0&#- 0# 3#+6 &$,0?=6$.( @Z+ N6-+($#+ #0 +&+%6@#3W )#,&($#0&C#- 0(+ 36$65&,&(+ $( +(0( N#-# #?@6$%#- 60 -6,#?.( +&$( +(3-6

%(.( N#-# &@N-&@&- @#=(- N-('-6+&P&.#. 656,%&P# = ,($%-&3?&- # ?$# @6.&+%-&3?,&2$ .60 &$'-6+( 6$ 1(0(@3&#

,W "&@N0&5&,#- 60 %-&3?%(X ?$&5&,#$.( 0(+ .&56-6$%6+ +&+%6@#+ 6M&+%

#,%?#0&.#. 6$ ?$( O?6 ,($%6$'# @6$(+ .6.?,,&($6+ 6+N6,&#06+X.6+,?6$%(+ = 6M6$,&($6+W 1($ 600( +6 5#,&0&%#-Z +? #.@&$&+%-#,.6+6+%&@?0#-Z 0# 6P#+&2$ = .&+@&$?&-Z$ 0(+ ,(+%(+ .6 %-#$+#,,&#+(,&#.(+ ,($ 60 ,?@N0&@&6$%( .60 %-&3?%(W

.W Q(.( 0( #$%6-&(- .636-;# -6.?$.#- 6$ ?$ @6*(- 3#0#$,6 6$%-6 0# ,#-'# .60&@N?6+%( 6$%-6 N6-+($#+ $#%?-#06+ = 6@N-6+#+X ,($ ?$ @#=(- -6,#?.(656,%&P( N-(P6$&6$%6 .6 0#+ N6-+($#+ $#%?-#06+W

D> /B:@F8?<4 DP 964?=T=949=Q; 78 64? @8B?:;4? ;4<FB468?

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



>"

C> /B:@F8?<4 CP E:7=T=94B 64 <4564 78 B4;A:? R <4B=T4? NF8 4@6=94@4B4 64? @8B?:;4? ;4<FB468? ?=AF=8;7: @4BaE8<B:? =;<8B;49=:;468?

JTW 7#+ ,(@N#-#,&($6+ &$%6-$#,&($#06+ N6-@&%&6-($ -6+#0%#- 0(+ +&'?&6$%6+ [6,[(+ N,#+( .6 0# 6+%-?,%?-# .6 -#$'(+ = %#-&5#+ 6$ 60 ,#+( ,(0(@3&#$(e

H0 -#$'( N#-# 60 O?6 #N0&,# 0# %#-&5# @#-'&$#0 .6 Ld #N#-6,6 .6@#+&#.( #@N0&( H0 +#0%( 6$%-6 0# %#-&5# O?6 #N0&,# #0 N-&@6- -#$'( aLdb = 60 +&'?&6$%6 aK

#3-?N%( 7# %#-&5# @#-'&$#0 @ZM&@# 6+ 0&'6-#@6$%6 @Z+ 3#*# 5-6$%6 # 0# (3+6-P#

P#-&(+ N#;+6+ .6 0# -6'&2$ H0 %-#@( 6M6$%( .60 IJd = 60 -#$'( N#-# 60 O?6 #N0&,# 0# %#-&5# .6 Ld 006P# # O?

0#+ %#-&5#+ N-(@6.&( .60 &@N?6+%( +6#$ 3#*#+ N#-# 0(+ .&56-6$%6+ $&P60&$'-6+(+ $( +(0( 5-6$%6 # 0# 91:H +&$( %#@3&Y$ 5-6$%6 # 0# @#=(-;# .6 N#;+6+ .60# -6'&2$

H0 +&+%6@# (-.&$#-&( 6$ 1(0(@3&# %&6$6 ?$ $]@6-( N6O?6R( .6 -#$'(+

JVW Q6$&6$.( 6+%( 6$ ,($+&.6-#,&2$ 0# N-(N?6+%# .6 0# 1(@&+&2$ 6+ 0# +&'?&6$%6e

JJW 7#+ .&56-6$,&#+ 6$%-6 0# %#30# .6 -#$'(+ = %#-&5#+ #,%?#0 = 0# N-(N?6+%# .6 0# 1(@&+6 N-6+6$%#$ # ,($%&$?#,&2$e

C+ ='/"2",- 0#'0'-$ +)'0&+# 0+#+ $D$%&'2 &#"91&+#"'2 1-+ %*+2"D"%+%",- 0'# &"0'2 )$#$-&+2 2$>E- 21 -+&1#+*$?+ $-F "G #$-&+2 )$ &#+9+H' 3 ""G '&#+2 #$-&+28 I+#+ &+* $D$%&'62$ %'-2")$#+#<+- #$-&+2 $J%*12":+2 )$ &#+9+H'6 *+2 '9&$-")+2 0'# 0$#2'-+2 -+&1#+*$2

0'# %'-%$0&' )$ 2+*+#"'26 %'/"2"'-$26 0#$2&+%"'-$2 2'%"+*$26 :"K&"%'26 >+2&'2 )$#$0#$2$-&+%",-6 7'-'#+#"'26 $/'*1/$-&'2 $%*$2"K2&"%'26 %'/0$-2+%"'-$2 #$%"9")+2

0'# $* &#+9+H' +2'%"+)' %''0$#+&":' 3 $- >$-$#+*6 *+2 %'/0$-2+%"'-$2 0'# 2$#:"%"'2 0$#2'-+*$28 C+2 '&#+2 #$-&+2 2'- &')+2 +;1$**+2 ;1$ -' %+*"D";1$- %'/' )$ &#+9+H'8

C+ ='/"2",- 0#'0'-$ /')"D"%+# *+ +%&1+* &+9*+ )$ #+->'2 3 &+#"D+2 "/0'2"&":+2 +2<F "G"-%*1"# 1- #+->' +)"%"'-+* )$ "->#$2'2 0+#+ %'/0*$&+# %"-%' L"-%*13$-)' $* )$ &+#"D+MNG6 ""G /')"D"%+# *'2 *</"&$2 0+#+ %+)+ #+->'6 $- D1-%",- )$ *+ #$-&+ >#+:+9*$'9&$-")+ )$ *+ )$01#+%",- %'- *</"&$2 2'9#$ *'2 9$-$D"%"'26 +2<F MOPMM QRS6 PMMOTMMMQRS6 TMMTOUMMM QRS6 VWMM QRS6 VWMT QRS $- +)$*+-&$ 3 ""G $2&+9*$%$# 0+#+ *'2#+->'2 *+2 2">1"$-&$2 &+#"D+2F MN6 TMN6 UMN6 VMN6 VWN8



>5

,F47B: L> 04564 78 B4;A:? R <4B=T4? E4BA=;468? R @B:E87=:P 49<F46 K?> @B:@F8?<4

JjW 1($ 0# %#30# #,%?#0 .6 -#$'(+ = %#-&5#+X 0#+ N6-+($#+ $#%?-#06+ ,(@&6$C#$ # %-&3?N#-%&- .6 ?$# -6$%# 0;O?&.# +?N6-&(- # fT @&00($6+ .6 N6+(+X 0( O?6 6+ 6O?&P#06$VWT "<7EW 1($ 0# N-(N?6+%# .6 0# 1(@&+&2$ 0#+ N6-+($#+ ,(@6$C#-;#$ # %-&3?%N#-%&- .6 ?$# -6$%# 0;O?&.# '-#P#306 .6 fKWJ @&00($6+ aIWT "<7Eb N6-( # ?$# %#+# @3#*# .6 IWJdW H$ 60 0;@&%6 +?N6-&(- .6 6+%6 -#$'(X 0# %#-&5# N-(@6.&( +6-;# .6 A#-# ?$# -6$%# 0;O?&.# N-(@6.&( .60 %6-,6- -#$'(X 0# %#-&5# @#-'&$#0 +6-;# ILd ,($?$# %#-&5# N-(@6.&( .6 UWTdW H$ 60 ,?#-%( -#$'( N#-# 60 ,?#0 0# %#-&5# @#-'&$#0TLdX ?$# -6$%# N-(@6.&( %6$.-;# ?$# %#-&5# 656,%&P# ,6-,#$# # ISdW A(- ]0%&@(X ?-6$%# .6 SLLWLLL DEQ ,(--6+N($.&6$%6 #0 ]0%&@( -#$'(X 0# %#-&5# N-(@6.&( +6-;#ISWVdW

JSW 7# N-(N?6+%# N6-@&%&-;# #?@6$%#- 60 N(%6$,&#0 .6 ,($%-&3?=6$%6+ 6$ ,6-,# .6@&00($6+ .6 N6-+($#+ #?$O?6 # %#+#+ @?= 3#*#+WV F( (3+%#$%6X ?$ N(,( @Z+ .60 gLd.6 0# N(30#,&2$ %-#3#*#.(-# +6'?&-;# +&$ %-&3?%#- .6 #,?6-.( ,($ 0#+ ,&5-#+ .60 :4FHX3#+#.#+ 6$ 6$,?6+%#+ .6 [('#-6+X +(3-6 .&+%-&3?,&2$ .6 0(+ (,?N#.(+ N(- -#$'(+ .6&$'-6+(a1?#.-( UbW

V H+%6 $]@6-( ,(--6+N($.6 #0 $]@6-( .6 N6-+($#+ (,?N#.#+ ,($ $&P606+ .6 +#0#-&(+ 6$%-6 I = J "<7EX .6#,?6-.( ,($ ,&5-#+ .60 :4FH N#-# 60 #R( ILKTW



>>

,F47B: Y> /8B?:;4? :9F@474? @:B B4;A:? 78 =;AB8?:

)#$'( .6&$'-6+(

6MN-6+#.( 6$

"<7E #0 @6+

`$'-6+(N-(@6.&(.60 -#$'(

a6$ f@&06+b

A6-+($#+(,?N#.#+

ad .60

%(%#0b

A6-+($#+(,?N#.#+

ad

#,?@?0#.(bL L KWL KWLH$%-6 L = K IgS VKWK VIWK

K JUL LWj VIWSH$%-6 K = I gLV TjWJ SUWIH$%-6 I = T KXVKV UWj ggWU

A(- 6$,&@# .6 T KKWKG?6$%6e ,#0,?0#.( ,($ 3#+6 6$ :4FHW

G> /B:@F8?<4 GP 6XE=<8 9:;bF;<: 4 787F99=:;8?Z 8\8;9=:;8? R

78Ea? 58;8T=9=:?

JgW 1($ 60 5&$ .6 [#,6- 60 -Y'&@6$ .60 &@N?6+%( .6 -6$%# @Z+ 6O?&%#%&P( = %#@3&Y60 N-(N2+&%( .6 606P#- 60 -6,#?.(X 60 ,?#0 6+ #%;N&,#@6$%6 3#*( N#-# 6+%Z$.#-6&$%6-$#,&($#06+X +6 N-(N($6 0&@&%#- 36$65&,&(+ #,%?#06+ .60 &@N?6+%( .6 -N6-+($#+ $#%?-#06+W

JUW 7# N-(N?6+%# $( ,($+&+%6 6$ 60&@&$#- $&$']$ 36$65&,&( 6$ N#-%&,?0#-X 0#+ N6-N?6.6$ +6'?&- #,,6.&6$.( # %(.(+ 600(+W "&$ 6@3#-'(X &@N($6 0;@&%6+ '0(3#06+ # 0(+36$65&,&(+W H$ N#-%&,?0#- +6 N-(N($6 6+%#306,6- .(+ 0;@&%6+X ?$( ,(@( N(-,6$%#*

0#+ -6$%#+ .6 0#+ N6-+($#+ $#%?-#06+ = (%-( 6$ P#0(- #3+(0?%(W H+ &@N(-%#$%6 +6%#@3&Y$ O?6 6$ 0# N-(N?6+%# +6 .&+%&$'?6$ .(+ %&N(+ .6 -6$%#+W

jLW A#-# 0(+ +#0#-&(+ = .6@Z+ ,(@N6$+#,&($6+ .6-&P#.#+ .6 ,($%-#%(+ .6 %-#3#*( +6N-(N($6 ?$ 0;@&%6 @ZM&@( # 0(+ 36$65&,&(+ .6 TJd +(3-6 0#+ @&+@#+W A#-# 0#+ .-6$%#+ +6 N-(N($6 O?6 6+6 0;@&%6 +6# .6 KLd +(3-6 0#+ -6$%#+ 0;O?&.#+W 7(+ 36$65&+6 -65&6-6$ # 0(+ 36$65&,&(+ N6-+($#06+ 6M&+%6$%6+ =X N(- %#$%(X $( &$,0?=6$ &$50#,&($#-&# .6 0(+ &$%6-6+6+W 7# .&56-6$,&# 6$%-6 0(+ .(+ 0;@&%6+ ,(--6+N($.6 #O?6 %&6$6$ 6M6$%#+ #,%?#0@6$%6 0#+ -6$%#+ .6 %-#3#*(W



>D

jKW 4 @#$6-# .6 &0?+%-#,&2$X +& 0# N6-+($# %&6$6 ?$# ,(@3&$#,&2$ .6 -6$%#+ .6 %-#3#*(%-#+ -6$%#+X 60 0;@&%6 N(-,6$%?#0 # 0(+ 36$65&,&(+ N6-+($#06+ +(3-6 0# -6$%# '-#%(%#0 6+ 6O?&P#06$%6 #e

C</"&$ 0'#%$-&1+* X M8VWY3 " Z M8TMYLT O 3 " G

H$ .($.6e

3 " 6+ 0# N#-%&,&N#,&2$ N(-,6$%?#0 .6 0#+ -6$%#+ .6 %-#3#*( 6$ 0# -6$%# '-#P#306%(%#0 .6 0# N6-+($#W

M8VW 6+ 60 0;@&%6 N(-,6$%?#0 +(3-6 0#+ -6$%#+ .6 %-#3#*(

M8TM 6+ 60 0;@&%6 N(-,6$%?#0 +(3-6 0#+ (%-#+ -6$%#+ $6%#+W

A(- +? N#-%6X 60 0;@&%6 #3+(0?%( # 0(+ 36$65&,&(+ .6 ,#.# ,($%-&3?=6$%6 +6.6%6-@&$#-Z .6 #,?6-.( ,($ 0# +&'?&6$%6 52-@?0#e

C</"&$ +92'*1&' X 3 " Y[8WMMQRS Z LT– 3 " GYT8U\P QRS

H0 5(-@?0#-&( .6 .6,0#-#,&2$ 6MN0&,#-;# ,2@( +6 ,#0,?0# =& a-6$%#+ .6 %-#3#*( .&P&.&.#+N(- -6$%# '-#P#306b = @(+%-#-;# 6$ ?$# %#30# 60 P#0(- %(N6 O?6 ,(--6+N($.6 # 6+6 =&W

S> /B:@F8?<4 SP 6XE=<8? 4 9:?<:? 787F9=568? @4B4 64? B8;<4? NF8@B:K=8;8; 786 78?4BB:66: 78 49<=K=7478? 89:;QE=94?

jIW "& ?$# N6-+($# .6+#--(00# ?$# #,%&P&.#. 6,($2@&,# (3%6$.-Z -6$%#+ .6 0# @&+@#N6-( %#@3&Y$ &$,?--&-Z 6$ ,(+%(+W D$# 5(-@# .6 6P#+&2$ 5-6,?6$%6 ,($+&+%6 6$ &

7# 1(@&+&2$ N-(N($6 6+%#306,6- ?$ 0;@&%6 ,($*?$%( # 0#+ .6.?,,&($6+X 6M6$,&($6+ =%-#%(+ 6+N6,&#06+ # ?$ N(-,6$%#*6 .6 TJd .6 0(+ +#0#-&(+ = .6@Z+ ,(@N6$+#,&($6+.6-&P#.#+ .6 ,($%-#%(+ .6 %-#3#*( = .6 KLd +(3-6 0#+ .6@Z+ -6$%#+ 0;O?&.#+X +&6@N-6= ,?#$.( 0# +?@# .6 6+%(+ $( +?N6-6 VWJLL DEQ a6O?&P#06$%6 # fKISWIJJWJLLb 6$ 60,#+( .6 O?6 0# N6-+($# +(0( (3%6$'# -6$%#+ .6 %-#3#*(X 6+%6 0;@&%6 +6-Z .6 KIgj DEQ6$ 60 ,#+( .6 O?6 +(0( %6$'# -6$%#+ .6 (%-#+ 5?6$%6+W A#-# 0#+ N6-+($#+ O?6 %&6$6$?$# ,(@3&$#,&2$ .6 -6$%#+ .6 %-#3#*( = .6 (%-#+ 5?6$%6+X 60 0;@&%6 N(-,6$%?#0 =#3+(0?%( +6-Z ?$ N-(@6.&( N($.6-#.( .6 .&,[(+ 0;@&%6+ .6 #,?6-.( ,($ 0#N($.6-#,&2$ .6 ,#.# ?$# .6 0#+ 5?6$%6+ 6$ +? -6$%# '-#P#306 %(%#0W H$ 6+%#N-(N?6+%#X 0(+ 36$65&,&(+ +6 -65&6-6$ # 0(+ 36$65&,&(+ N6-+($#06+ 6M&+%6$%6+%#$%(X $( &$,0?=6$ 0# N#-%6 &$50#,&($#-&# .6 0(+ &$%6-6+6+X O?6 $( ,($+%&%?=6$ &-6#0W



>:

0(+ ,(+%(+ N#-# -6.?,&- 0# -6$%# 0;O?&.# '-#P#306X 0( ,?#0 -6+?0%# .6 .&5;,&0 ,($%-(0 6$,#+( .6 ,(@6-,&#$%6+ = %-#3#*#.(-6+ &$.6N6$.&6$%6+W

:5$ :#.( O?6 600( %&6$6 656,%(+ +(3-6 60 -6,#?.( = N-(.?,6 &$6O?&.#.6+X +6 N-(N($66+%#306,6- N(-,6$%#*6+ @ZM&@(+ &$.&,#%&P(+ .6 .6.?,,&2$ .6 '#+%(+ = ,(+%(+ N(

#,%&P&.#.W Q(.( ,($%-&3?=6$%6 .636-Z N(.6- +(N(-%#- +?+ '#+%(+ = ,(+%(+ .6.?,&306+#$%6 0# :`4FW H$ ,#+( .6 +?N6-#- 0(+ 0;@&%6+ &$.&,#%&P(+X 60 ,($%-&3?=6$%6 ..6@(+%-#-0(+ @6.&#$%6 0# ,($%#3&0&.#. .6 0# #,%&P&.#. O?6 .6+#--(00# = ?$ .&,%#@65&+,#0 6+N6,&#0 ,($ 0(+ -6O?6-&@&6$%(+ O?6 6+%#306,6-Z 0# 76=X 60 ,?#0 #,#---6+N($+#3&0&.#.6+ 6+N6,&#06+ N#-# 60 ,($%#.(- O?6 0( 6MN&.# +&$ 0(+ .63&.(+(N(-%6+W

7# 1(@&+&2$ N-(N($6 6+%#306,6- 0;@&%6+ @ZM&@(+"-)"%+&":'2 #0 N(-,6$%#*6 .6 ,(+%(+= '#+%(+ .6.?,&306+ N#-# 0# .6%6-@&$#,&2$ .6 0#+ -6$%#+ '-#P#306+ .6-&P#.#+ .60.6+#--(00( .6 $6'(,&(+ +&'?&6$.( 60 ,?#.-( +&'?&6$%6W Q(.( ,($%-&3?=6$%6 .636-Z

N(.6- +(N(-%#- +?+ '#+%(+ = ,(+%(+ .6.?,&306+ #$%6 0# :`4FW H$ ,#+( .6 +?N6-#- 0(+0;@&%6+ &$.&,#%&P(+ 60 ,($%-&3?=6$%6 .636-Z @#$%6$6- 0# ,($%#3&0&.#. .6 0# #,%&O?6 .6+#--(00# = ?$ .&,%#@6$ 5&+,#0 ,($ 0(+ -6O?6-&@&6$%(+ O?6 6+%#306,6-Z 0# 76=X,?#0 #,#--6#-Z -6+N($+#3&0&.#.6+ 6+N6,&#06+ N#-# 60 ,($%#.(- O?6 0( 6MN&.# +&$ 0(+.63&.(+ +(N(-%6+W

&8;<4? 8; 49<=K=7478? 89:;QE=94? 78 *XE=<8 =;7=94<=K:d<#$?5#,%?-# gLWL1(@6-,&( ULWL4'-(N6,?#-&( ULWL4,%&P&.#.6+ N-(56+&($#06+X %Y,$&,#+ = .6 +6-P&,&(+ N6-+($#06+ JLWL9%-#+ #,%&P&.#.6+ 6,($2@&,#+ SLWL

ld .6 0(+ &$'-6+(+ $6%(+ O?6 $( &$,0?=6$ `F1)W



>I

H> /B:@F8?<4 H> /8;?=:;8?

jVW 1($ 60 5&$ .6 &@N-&@&- @#=(- N-('-6+&P&.#. #0 &@N?6+%( .6 -6$%# .6 0#+ N6-+($

$#%?-#06+ = #,6-,#-+6 # 0#+ N-Z,%&,#+ &$%6-$#,&($#06+X +6 N-(N($6 &@N($6- +(3-6 &$'-6+(+ .6 6+%# 5?6$%6 0# @&+@# %-&3?%#,&2$ = 0(+ @&+@(+ 0;@&%6+ # 36$65-6,#6-;#$ +(3-6 0(+ %-#3#*#.(-6+ #+#0#-&#.(+W H+%6 %-#%#@&6$%( &@N0&,# O?N6$+&($#.(+ N(.-Z$ #,,6.6- #?%(@Z%&,#@6$%6 #0 36$65&,&( .60 IJd .6 6M6$,&2$ .60&$'-6+( = N(.-Z$ ?+#- 36$65&,&(+ #.&,&($#06+ aP&P&6$.#X N6-+($#+ # ,#-'(X 6%,Wb [#+N(- ?$ KLd .60 &$'-6+(X %(.( 600( .6$%-( .6 0(+ 0;@&%6+ #3+(0?%(+ .6 0(+ 36$65&,&(+&$.&,#.(+ #%-Z+W 4.&,&($#0@6$%6X 0(+ N6$+&($#.(+ N(.-Z$ .6+,($%#- .60 &@N?6+%N#'#- 60 #N(-%6 (30&'#%(-&( -6#0&C#.( #0 "&+%6@# .6 "6'?-&.#. "(,&#0 6$ "#0?.W

jJW :#.( O?6 ,6-,# .60 gLd .6 0#+ N6$+&($6+ 6$ 1(0(@3&# +($ .6 @($%(+ &$56-&(-6+ #.(+ +#0#-&(+ @;$&@(+X 6+%# @6.&.# $( 0#+ #56,%#-;#X .6*Z$.(0#+ 6M6$%#+ 6$ +? '-@#=(-;#W H$ 656,%(X .6 #,?6-.( ,($ ,&5-#+ .60 >(3&6-$( N#-# ILKIX 0# N6$+&2$N-(@6.&( 6$ 1(0(@3&# 6+%#3# 6$ KWKS "<7EW 7# N-(N?6+%# +(0( -6,#6-;# +(3-6 0#+ .6@#=(- @($%(X ,($%-&3?=6$.( # 0# N-('-6+&P&.#. .60 &@N?6+%(

A-(N?6+%# -60#,&($#.# +(3-6 N#'(+ 6$ 656,%&P(

1($ 60 5&$ .6 ,($%-(0#- 56$2@6$(+ .6 6P#+&2$ O?6 6P6$%?#0@6$%6 +6 6$,?6$%-#$,($6,%#.(+ ,($ &$5-#,,&($6+ .6 .&56-6$%6 $#%?-#06C#X +6 N-(N($6 O?6 $( N(.-Z$ +6-.6.?,&306+ ,(@( '#+%(+ ( ,(+%(+ 0(+ N#'(+ 6$ 656,%&P( N(- ,($,6N%( .6 (N6-#,&($6+&$.&P&.?#06+ 6$ 0#+ ,?#06+ #0'?$# .6 0#+ N#-%6+ &$%6-P&$&6$%6+ +6# ,($%-&3?=6$%#0']$ &@N?6+%(X ,($ ?$ P#0(- &'?#0 ( +?N6-&(- # JLL DEQ a,6-,# .6 fKJ @&00($6+ .6N6+(+bW

4.&,&($#0@6$%6X 0(+ N#'(+ +(0&,&%#.(+ N(- 60 ,($%-&3?=6$%6 ,(@( ,(+%(X .6.?,,&($6+( &@N?6+%( .6+,($%#306X N#'#.(+ 6$ 656,%&P( $( N(.-Z$ +?N6-#- ?$ N(-,6$%#*6@ZM&@( aTLdb .6 0(+ ,(+%(+X .6.?,,&($6+ ( &@N?6+%(+ .6+,($%#306+ +(0&,&%#.(+ 6$+?+ .6,0#-#,&($6+ %-&3?%#-&#+ .60 -6+N6,%&P( #R(W

A#-# 656,%( .6 0# #.(N,&2$ '-#.?#0X 0# $(-@# .636-Z &- .&+@&$?=6$.( 60 N(-,6$%#*6

@ZM&@( .6 N#'(+ 6$ 656,%&P(X -6+N6,%( .60 %(%#0 .6 0(+ ,(+%(+ = '#+%(+ +(0&,&%#,(@( .6.?,,&($6+ ( &@N?6+%(+ .6+,($%#306+ 6$ +?+ .6,0#-#,&($6+ %-&3?%#-&#+WQ#@3&Y$ N(.-Z 60 '(3&6-$(X .6 @#$6-# %-#$+&%(-&#X 6+%#306,6- -#$'(+ @#=(-6+ (N0#C(+ @#=(-6+ N#-# C($#+ ( +6,%(-6+ 6$ 0(+ ,?#06+ 6M&+%#$ .&5&,?0%#.6+ (N6-#%&N#-# ,?@N0&- ,($ 0# .&+N(+&,&2$W



>O

]> /B:@F8?<4 ]> W4;4;9=4? :94?=:;468?

jjW 1($ 60 5&$ .6 -6.?,&- 60 N(%6$,&#0 #-3&%-#*6 O?6 N(.-;# '6$6-#- 0# %#-&5# .6 KLd +(3-60#+ '#$#$,&#+ (,#+&($#06+X +6 N-(N($6e

U> /B:@F8?<4 U> &8;<4 @B8?F;<=K4

jSW 7# 1(@&+&2$ ,($+&.6-# ,($P6$&6$%6 #@N0&#- 0# 3#+6 +(3-6 0# ,?#0 +6 ,#0,?0# 0# -6$%N-6+?$%&P#W

jgW /#*( 6+%(+ N-&$,&N&(+X +6 N-(N($6 O?6 60 N#%-&@($&( 0;O?&.( O?6 +6 ?+# N.6%6-@&$#- 0# -6$%# N-6+?$%&P# &$,0?=# 0#+ #,,&($6+ = 0#+ N#-%&,&N#,&($

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

"6 N-(N($6 &@N($6- +(3-6 0#+ N6$+&($6+ 0# @&+@# %-&3?%#,&2$ = 0(+ @&+@(+ 0;@&36$65&,&(+ O?6 -6,#6-;#$ +(3-6 0(+ %-#3#*#.(-6+ #+#0#-&#.(+W H+%6 %-#%#@&6$%( &@O?6 0(+ N6$+&($#.(+ N(.-Z$ #,,6.6- #?%(@Z%&,#@6$%6 #0 36$65&,&( .60 IJd .66M6$,&2$ .60 &$'-6+( = N(.-Z$ ?+#- 36$65&,&(+ #.&,&($#06+ aN6$+&2$X P&P&6$.#X 6%[#+%# N(- ?$ KLd .60 &$'-6+(X %(.( 600( .6$%-( .6 0(+ 0;@&%6+ #3+(0?%(+ .6 0(+36$65&,&(+ .6 0(+ #+#0#-&#.(+ .6 0# N-(N?6+%# N-6+6$%#.# 6$ 6+%6 .(,?@6$%(W4.&,&($#0@6$%6X 0(+ N6$+&($#.(+ N(.-Z$ .6+,($%#- .60 &@N?6+%( # N#'#- 60 #N(-%6(30&'#%(-&( -6#0&C#.( #0 "&+%6@# .6 "6'?-&.#. "(,&#0 6$ "#0?.W

"(3-6 60 &@N?6+%( +(3-6 '#$#$,&#+ (,#+&($#06+X 0# 1(@&+&2$ N-(N($6 0( +&'?&6$%6e A#-# 0#+ '#$#$,&#+ '6$6-#.#+ # %;%?0( '-#%?&%(X .&56-6$%6+ # 0(%6-;#+X -&5#+ = *?

.6 #C#-X ,(@( 0#+ +?,6+&($6+ = 0#+ .($#,&($6+X +6 @#$%6$.-Z 0# %#-&5# .60 KLdW H$ 60 ,#+( .6 0#+ 0(%6-;#+X -&5#+ = *?6'(+ .6 #C#- %#@3&Y$ +6 @#$%6$.-Z 0# %#-&

#,%?#0 .60 ILdW A#-# 0#+ '#$#$,&#+ .6 ,#N&%#0 (3%6$&.#+ N(- P6$%#+ .6 &$@?6306+ = (%-(+ #,%&P

+6 -6,(@&6$.# 6+%#306,6- ?$# %#-&5# .60 KJdW 40'?$(+ 1(@&+&($#.(+ ,($+&.6-#$O?6 6+%6 N(-,6$%#*6 .636 +6- .60 ILdW

7# '#$#$,&# (,#+&($#0 .6 ,#N&%#0 +6 ,#0,?0#-Z ,(@( 0# .&56-6$,&# 6$%-6 60 N-6,&( .6

P6$%# = 60 ,(+%( -6#0 .6 #.O?&+&,&2$X #*?+%#.( N(- &$50#,&2$W



>C

$6%( .6 0(+ 3&6$6+ P&$,?0#.(+ # 6@N-6+#+ 6$ N6-;(.( &@N-(.?,%&P(_ = # 0#+ N-&@6-#(,[( @&0 agWLLLb DEQ .60 P#0(- .6 0# P&P&6$.# .6 [#3&%#,&2$ .60 ,($%-&3?=6$%6W

jUW 4+; @&+@(X 0# 1(@&+&2$ N-(N($6 606P#- 0# %#+# .6 Td # VdW

)> #E@49<: ?:5B8 64? <4B=T4? @B:E87=:

SLW "6 -6#0&C2 60 6*6-,&,&( 6$ .($.6 +6 ,(@N#-#$ 0#+ %#-&5#+ @#-'&$#06+ = N-(@6.&( 6$ 6,#+( .6 -6$%# .6 N6-+($#+ N#-# ?$ '-?N( .6 N#;+6+ .6+#--(00#.(+ = 6$ .6+#--(00(N#-# #$#0&C#- ,2@( ,#@3&# 0# +&%?#,&2$ &$&,&#0 ,($ 0# N-(N?6+%#W :636 -6,(-.#-+6 6$ 6+%6 6*6-,&,&( +(0#@6$%6 +6 ,($+&.6-#$ 0(+ 36$65&,&(+ '6$6-#06+X 6$ N#-%&,?0#%-#@( .60 &$'-6+( '-#P#.( # 0# %#-&5# Ld = 60 %-#@( .60 &$'-6+( 6M6$%(X 6$ 60 ,#+( .6%(.(+ 0(+ N#;+6+W "6 ,($+&.6-#$ .(+ 6+,6$#-&(+ ,($ N-(N?6+%#W H0 N-&@6-( aH+,6$#-&4b +?N($6 O?6 0# N6-+($# ?tiliza “al mínimo” 0(+ 36$65&,&(+X 6+ .6,&- +(0( O?6.#-Z6M6$%(del impuesto el 25% de sus ingresos. En el escenario B, los utiliza “almáximo“, es decir que para esa persona quedará exento el 35% de su renta. En#@3(+ ,#+( #N0&,# 60 0;@&%6 #3+(0?%( +(3-6 0(+ 36$65&,&(+ .6 VWJLL DEQW-6+?0%#.(+ +?'&6-6$e &b 5-6$%6 # 0# +&%?#,&2$ #,%?#0 6$ 0# O?6 0#+ N6-+($#+ ,(@&6$

H$ ,?#$%( # 0# -6$%# N-6+?$%&P#X 0# 1(@&+&2$ N-(N($6 0( +&'?&6$%6e

"6 N-6+?@6 O?6 0# -6$%# 0;O?&.# .60 ,($%-&3?=6$%6 $( N?6.6 +6- &$56-&(- #0 ,?#%-( N(-,&6$%( aVdb .6 +? N#%-&@($&( 0;O?&.(X 6$ 60 ]0%&@( .;# .60 6*6-,&,&( '-#P#30&$@6.&#%#@6$%6 #$%6-&(-W

H0 N#%-&@($&( 0;O?&.( .60 #R( #$%6-&(-X O?6 +&-P6 .6 3#+6 N#-# 656,%?#- 60 ,Z0,?0( .6 -6$%# N-6+?$%&P#X +6 N(.-Z$ -6+%#- ]$&,#@6$%6 0(+ +&'?&6$%6+ P#0(-6+e&b 60 P#0(- N#%-&@($&#0 $6%( .6 0(+ 3&6$6+ #56,%#.(+ N(- [6,[(+ ,($+%&%?%&P(+ .

5?6-C# @#=(- ( ,#+( 5(-%?&%(X +&6@N-6 O?6 +6 .6@?6+%-6 0# 6M&+%6$,&#

6+%(+ [6,[(+ = 0# N-(N(-,&2$ 6$ O?6 &$50?=6-($ 6$ 0# .6%6-@&$#,&2$ .6 ?$#-6$%# 0;O?&.# &$56-&(-&&b 60 P#0(- N#%-&@($&#0 $6%( .6 0(+ 3&6$6+ P&$,?0#.(+ # 6@N-6+#+ 6$ N6-;(.(

&@N-(.?,%&P(&&&b 0#+ N-&@6-#+ (,[( @&0 agWLLLb DEQ .60 P#0(- .6 0# P&P&6$.# .6 [#3&%#,&2$ .

,($%-&3?=6$%6

A#-# 0#+ &$P6-+&($6+ 6$ +(,&6.#.6+ O?6 $( ,(%&C#$ 6$ 3(0+# +6 ?%&0&C#-Z 60 P#&$%-;$+6,( # TK .6 .&,&6@3-6 .60 #R( #$%6-&(-W 7(+ &$@?6306+ +6 P#0(-#-Z$ ,($ 60#P#0]( ,#%#+%-#0W H0 6M,6+( .6 -6$%# N-6+?$%&P# +(3-6 -6$%# '-#P#306 N?6.6 .6.?,&-+66$ 0(+ J #R(+ N(+%6-&(-6+ [#+%# ,($,?--6$,&# .6 0# ?%&0&.#. N-6+?$%&P#X ,(@( (,?--66$ 0# #,%?#0&.#. ,($ 60 &@N?6+%( # 0# -6$%#W



DE

%-&3?%#- 6$ ?$ &$'-6+( ,(@N#-#%&P#@6$%6 606P#.( a6O?&P#06$%6 # T +#0#-N-(@6.&(bX 6+%6 ?@3-#0 +6 -6.?,6X #?$O?6 %(.#P;# 6+ 60 @Z+ 606P#.( .6 0(+ N#;+6+.6 0# @?6+%-#X &&b 0# N6$.&6$%6 .6 0# ,?-P# .6 %#-&5# N-(@6.&( +6 #N0#$# 6$ N-&@6-(+ -#$'(+ .6 &$'-6+(+ O?6 ,(@&6$C#$ # %-&3?%#- 5-6$%6 # 0# +&%?#,&2$ &$&,&&&b # @6.&.# O?6 #?@6$%6 60 $&P60 .6 &$'-6+(+X 0# %#-&5# N-(@6.&( +6 P# #,6-,#$

0(+ 6+%Z$.#-6+ .6 0# -6'&2$ = &Pb N#-# 0(+ +#0#-&(+ @Z+ 606P#.(+X 0# %#-&5# N-(@6+&%]# N(- 6$,&@# .6 1[&06X A6-] = D-?'?#=X 6+ +&@&0#- # 0# .6 /-#+&0X N6-( +&'?6 +&$56-&(- # 0# .6 <YM&,( = 4-'6$%&$#W

WBaT=9: DG> 04B=T4 @B:E87=: @4B4 B8;<4? 78 <B454b:

###>

#E@F8?<: ?:5B8 ?:9=87478?+> /B=;9=@468? 4?@89<:? ;:BE4<=K:? 49<F468?

SKW \#+%# ILKIX 0#+ 6@N-6+#+ 6+%#3#$ +?*6%#+ ]$&,#@6$%6 #0 &@N?6+%( .6 -6(-.&$#-&( ,?=# %#-&5# '6$6-#0 +6 ?3&,#3# 6$ ?$ $&P60 .6 TTdX +&6$.( 6+%# .6 KJd N#-#0#+ 6@N-6+#+ 0(,#0&C#.#+ 6$ C($# 5-#$,#W

SIW 7#+ 76=6+ KjLS .6 ILKI = KTSU .6 ILKV &$%-(.?*6-($ ,#@3&(+ &@N(-%#$%6+ +(3-6 60&@N?6+%( .6 -6$%# N#-# 0#+ +(,&6.#.6+W 7(+ N-&$,&N#06+ #+N6,%(+ .6 6+%#+ .(+ 06=,(@6$%#$ # ,($%&$?#,&2$W

%> /B=;9=@468? 94E5=:? =;<B:7F9=7:? 4 <B4KV? 78 64 *8R D]IU 78 CIDC

STW 1($ 60 5&$ .6 #@N0&#- 0# 3#+6 .60 &@N?6+%( = N-(@(P6- 0# '6$6-#,&2$ .6 6@N06(5(-@#0X 0# 76= KjLS .6 ILKI N-(.?*( ?$ .6+.(30#@&6$%( .60 &@N?6+%( .6 -6$%# N#-#0#+ 6@N-6+#+ 6$e &b 60 &@N?6+%( .6 -6$%# (-.&$#-&( N#-# 60 ,?#0 0# %#-&5# +6 -6.?TTd # IJdX @#$%6$&6$.( 0# %#-&5# .60 KJd N#-# 6@N-6+#+ ?3&,#.#+ 6$ C($#+ 5-#$,#+



D?

= &&b 60 &@N?6+%( .6 -6$%# +(3-6 0# 6O?&.#. 1)HH ,($ ?$# 3#+6 @Z+ #@N0&# O?6 0#&@N?6+%( .6 -6$%# (-.&$#-&( = ?$# %#-&5# .6 gdX #?$O?6 6$%-6 ILKT = ILKJ +6?3&,#-;# 6$ UdW

SVW "($ +?*6%(+ N#+&P(+ .60 1)HH 0#+ +(,&6.#.6+ = N6-+($#+ *?-;.&,#+ = #+&@&0#.#

,($%-&3?=6$%6+ .6,0#-#$%6+ .60 &@N?6+%( +(3-6 0# -6$%# = 0#+ +(,&6.#.6+ = 6$%&.#.6M%-#$*6-#+ ,($%-&3?=6$%6+ .6,0#-#$%6+ .60 &@N?6+%( +(3-6 0# -6$%# N(- [#3(3%6$&.( &$'-6+(+ .6 5?6$%6 $#,&($#0 # %-#PY+ .6 +?,?-+#06+ ( 6+%#306,&@&6$%N6-@#$6$%6+ 6$ 1(0(@3&#W F( +($ +?*6%#+ .60 1)HHX 0#+ 6$%&.#.6+ +&$ Z$&@0?,-(X 0#+ C($#+ 5-#$,#+ .6,0#-#.#+ a( ,($ +(0&,&%?. -#.&,#.#b #$%6+ .60 TK .6.&,&6@3-6 .6 ILKI = +?+ ?+?#-&(+ #,%?#06+ = 5?%?-(+ = 0#+ .6@Z+ N6-+($#+ *?-;.&,#+$( ,0#+&5&,#.#+ 6MN-6+#@6$%6 ,(@( +?*6%(+ 6$ 0# 06=W 40 $( +6- +?*6%( N#+&P1)HHX 0# 6@N-6+# ,($%&$]# (30&'#.# # -6#0&C#- 0#+ ,(%&C#,&($6+ = #N(-%6+ N#-#5&.6 #,?6-.( ,($ 0# $(-@#%&P&.#. #$%6-&(-W

SJW 7# 3#+6 .60 1)HH 6+ @Z+ #@N0&# O?6 0# .60 &@N?6+%( .6 -6$%# (-.&$#-&( N(- P#-&-#C($6+e &b $( %(.(+ 0(+ &$'-6+(+ $( ,($+%&%?%&P(+ .6 -6$%# N#-# 60 ,#+( .60 &@N?6+.6 -6$%# (-.&$#-&( +($ ,($+&.6-#.(+ 6$ 0# .6N?-#,&2$ .6 0# 3#+6 .60 1)HHX ,(@( N(-6*6@N0( 60 ,(@N($6$%6 &$50#,&($#-&( .6 0(+ -6$.&@&6$%(+ 5&$#$,&6-(+X 0# N-&@0(,#0&C#,&2$ = 60 &$,6$%&P( .6 ,#N&%#0&C#,&2$ -?-#0 = &&b $( %(.#+ 0#+ .6.?,#,6N%#.#+ 6$ 60 ,#+( .60 &@N?6+%( (-.&$#-&( N?6.6$ -6.?,&- 0# 3#+6 .60 1)HH ,(@(0#+ .($#,&($6+X 0#+ ,($%-&3?,&($6+ # 5($.(+ @?%?(+ .6 &$P6-+&2$X 0#+ .6.?,,&($6+6+N6,&#06+ N(- ,&6$,&# = %6,$(0(';#X @6.&( #@3&6$%6 = #,%&P(+ 5&*(+ -6N-(.?,%&P(+ = 0#+ .6.?,,&($6+ N(- #'(%#@&6$%( .60 +6,%(- @&$6-(W

SjW 1($ 60 N-(N2+&%( .6 -6.?,&- 0(+ &@N?6+%(+ +(3-6 0# $2@&$# O?6 +6 ,#-#,%6-&C#3#$ N+6- #%;N&,#@6$%6 #0%(+ 6$ 1(0(@3&# = 5(@6$%#- 0# ,-6#,&2$ .6 6@N06( 5(-@#0X 0#KjLS .6 ILKI .6%6-@&$2 O?6 0(+ +?*6%(+ N#+&P(+ .60 1)HH 6+%Z$ 6M($6-#.(+ .6-6#0&C#- 0(+ N#'(+ .6 #N(-%6+ N#-#5&+,#06+ .60 "HF4 6 `1/G = .6 0#+ ,($%-&3?,&($6+ #-Y'&@6$ ,($%-&3?%&P( .6 +#0?. ,(--6+N($.&6$%6+ # 0(+ %-#3#*#.(-6+ O?6 (3%6$'#$&$'-6+(+ +#0#-&#06+ &$56-&(-6+ # KL "<7EW 7(+ +?*6%(+ N#+&P(+ .60 1)HH $( O?6.#6M6$%(+ .60 #N(-%6 # 0#+ ,#*#+ .6 ,(@N6$+#,&2$ 5#@&0&#-W

SSW 7#+ 6@N-6+#+ $( +?*6%#+ #0 1)HH ,($%&$?#-($ (30&'#.#+ # -6#0&C#- 0#+ ,(%&C#,&($#N(-%6+ N#-#5&+,#06+X .6 #,?6-.( ,($ 0# $(-@#%&P&.#. #$%6-&(-W

SgW 1(@( +6 @6$,&($2 #$%6+X 0# 76= 5&*2 0# %#-&5# .60 1)HH 6$ gdW "&$ 6@3#.6%6-@&$2 O?6 6$%-6 ILKT = ILKJ 6+%# %#-&5# +6-;# .6 UdW 4 0(+ -6,?-+(+ (3%6$&..6 #N0&,#- ?$# %#-&5# .6 gd .60 1)HHX 60 '(3&6-$( 06+ .&( ?$# .6+%&$#,&2$ 6+N6,;5&,5&$#$,&#- 0(+ #N(-%6+ N#-#5&+,#06+ = 0# ,($%-&3?,&2$ #0 -Y'&@6$ .6 +#0?. O?6 #$6-#$ +(N(-%#.(+ N(- 0#+ 6@N-6+#+W 7# .6+%&$#,&2$ 6+N6,;5&,# .60 N?$%( #.&,&($#0 6$%#-&5# 6$ 0(+ #R(+ ILKTX ILKV = ILKJ 6+ 0# 5&$#$,&#,&2$ .6 0(+ '#+%(+ #+(,&#.(+ ,($ 0?$&P6-+&.#.6+ N]30&,#+X 0# $&P60#,&2$ .6 0# DA1 .60 -Y'&@6$ +?3+&.&#.( 6$ +#0?. =&$P6-+&2$ +(,&#0 6$ 60 +6,%(- #'-(N6,?#-&(W



D"

,> /B=;9=@468? 94E5=:? =;<B:7F9=7:? 4 <B4KV? 78 64 *8R DUGY 78 CIDS

SUW :63&.( # 0# 5?6-%6 ,#;.# .6 0(+ N-6,&(+ &$%6-$#,&($#06+ .60 N6%-206( = +?+ 656,%(+

+(3-6 0(+ &$'-6+(+ .60 >(3&6-$( = %#@3&Y$ ,($ 60 N-(N2+&%( .6 ,(@N6$+#- 0#-6.?,,&2$ .60 -6,#?.( O?6 %-#6-;# .6+.6 ILKJ 0# .6+#N#-&,&2$ .60 &@N?6+%( #0N#%-&@($&(X 60 >(3&6-$( N-6+6$%2 # 5&$#06+ .6 ILKV ?$# $?6P# &$&,&#%&P# %-#N-(3#.# 6$ 60 1($'-6+( # %-#PY+ .6 0# 76= KSTU .6 6+6 #R(W

gLW H$ -60#,&2$ ,($ 60 &@N?6+%( .6 -6$%# +(3-6 N6-+($#+ *?-;.&,#+X 0# 06= .6%6-@&,(@( N6-@#$6$%6 0# %#-&5# .60 1)HH 6$ Ud = 6+%#306,&2 ,($ ,#-Z,%6- %6@N(-#0 ?$#+(3-6%#+# .60 1)HHW

gKW H$ 656,%(X 0# %#-&5# %-#$+&%(-&# .60 &@N?6+%( N#-# 0# 6O?&.#. .60 Ud O?6 [#3;N-6P&+%# &$&,&#0@6$%6 N#-# 0(+ #R(+ ILKT # ILKJX +6 ,($+#'-# ,(@( N6-@#$6$%6N#-%&- .60 #R( ILKjW

gIW 7#+ N-&$,&N#06+ ,#-#,%6-;+%&,#+ .6 0# +(3-6%#+# .60 1)HH +($ 0#+ +&'?&6$%6+e +?*6%(+ N#+&P(+ +($ 0(+ ,($%-&3?=6$%6+ .60 1)HHX &&b 0# 3#+6 6+ 0# @&+@# 3#+6 .60 1)HH ,?#$.( 6+%# 6M,6.# fgLL @&00($6+X &&&b 0# %#-&5# +6 5&*# 6$ Jd N#-# ILKN#-# ILKjX gd N#-# ILKS = Ud N#-# ILKg = &Pb 0(+ -6,?-+(+ $( %&6$6$ .6+%&$#,&26+N6,;5&,#W

)> '<B:? 4?@89<:? ;:BE4<=K:? B868K4;<8? 786 =E@F8?<: 78 B8;<4

:B7=;4B=: R 786 ,&$$gTW D%&0&.#.6+ '-#P#.#+ = $( '-#P#.#+W ,(@( N-&$,&N&( '6$6-#0X 0#+ ?%&0&.#.6+ .6 0

6@N-6+#+ +?*6%#+ # &@N?6+%(+ .6 -6$%# +6 .&+%-&3?=6$ +&$ '-#P#@6$X +&6@,?#$.( [#=#$ N#'#.( &@N?6+%(+ .6 -6$%# 6$ 0# +(,&6.#.X ,Z0,?0( O?6 +6 656,%]#@6.&#$%6 52-@?0# 6+%#306,&.#W 7#+ ?%&0&.#.6+ O?6 $( 6+%Z$ +?*6%#+ # &@N?,#36C# .6 0#+ +(,&6.#.6+ O?6 0#+ N-(.?,6$X +6 '-#P#$ 6$ ,#36C# .6 0(+ 36$65&,&#-&(+,?#$.( +6 06+ -6N#-%6$ .&P&.6$.(+ ( N#-%&,&N#,&($6+W

gVW )Y'&@6$ .6 .6N-6,&#,&2$ = #@(-%&C#,&($6+W HM&+%6$ P#-&(+ @Y%(.(+ .6 .6N-6,&#N#-# 656,%(+ 5&+,#06+e &b 60 +&+%6@# .6 0;$6# -6,%#X &&b 60 +&+%6@# .6 -6.?,,&2$( &&&b (%-(+ +&+%6@#+ .6 -6,($(,&.( P#0(- %Y,$&,( #?%(-&C#.( N(- 60 "?3.&-6,%(- .6G&+,#0&C#,&2$ .6 0# :&-6,,&2$ >6$6-#0 .6 `@N?6+%(+ F#,&($#06+X ( +? .606'#.(W 7# 76KjLS .6 ILKI 6+%#306,&2 O?6 N#-# 0(+ ,#+(+ 6$ 0(+ O?6 +6 (N%6 N(- ?%&0&C#- 60 +&+.6 .6N-6,&#,&2$ .6 -6.?,,&2$ .6 +#0.(+X $( +6 #.@&%&-Z ?$ P#0(- -6+&.?#0 ( P#0(- .6+#0P#@6$%( &$56-&(- #0 KLd .60 ,(+%( .60 #,%&P( = $( +6-Z #.@&+&306 0# #N0&,#,&0(+ %?-$(+ #.&,&($#06+W



D5

gJW )Y'&@6$ N-6+?$%&P(e 40 &'?#0 O?6 6$ 60 &@N?6+%( .6 -6$%#X 0# 3#+6 '-#P#306 .60 1)$( N?6.6 +6- &$56-&(- #0 Td .60 N#%-&@($&( 0;O?&.( .60 ,($%-&3?=6$%6 6$ 60 ]0%&@( .60 #R( '-#P#306 &$@6.&#%#@6$%6 #$%6-&(-W F( (3+%#$%6X # .&56-6$,&# .60 &@N.6 -6$%# (-.&$#-&(X 6$ 60 ,#+( .60 1)HHX +& 0# -6$%# N-6+?$%&P# -6+?0%# +?N6-&(-6$%# 0;O?&.# (-.&$#-&#X 0# .&56-6$,&# $( ,($+%&%?=6 ?$ 6M,6+( .6 -6$%# N-6+?$%&

N(- 0( %#$%( $( N?6.6 ,(@N6$+#-+6 .6$%-( .6 0(+ ,&$,( aJb #R(+ '-#P#306++&'?&6$%6+W

gjW H$ ,?#$%( # 0# .6N?-#,&2$ .6 0# 3#+6 .6 0# -6$%# N-6+?$%&P#X 60 4-%;,?0( KgU .60H+%#%?%( Q-&3?%#-&( 6+%#306,6 O?6 .60 %(%#0 .60 N#%-&@($&( 0;O?&.( .60 #R( #O?6 +&-P6 .6 3#+6 N#-# 656,%?#- 60 ,Z0,?0( .6 0# -6$%# N-6+?$%&P#X +6 N(.-Z$ -6+%]$&,#@6$%6 0(+ +&'?&6$%6+ P#0(-6+e

H0 P#0(- N#%-&@($&#0 $6%( .6 0(+ #N(-%6+ = #,,&($6+ N(+6;.(+ 6$ +(,&6.#.6+$#,&($#06+

H0 P#0(- N#%-&@($&#0 $6%( .6 0(+ 3&6$6+ #56,%#.(+ N(- [6,[(+ ,($+%&%?%&P(+5?6-C# @#=(- ( ,#+( 5(-%?&%(X +&6@N-6 O?6 +6 .6@?6+%-6 0# 6M&+%6$,&# .6 6[6,[(+ = 0# N-(N(-,&2$ 6$ O?6 &$50?=6-($ 6$ 0# .6%6-@&$#,&2$ .6 ?$# -6$%#0;O?&.# &$56-&(-

H0 P#0(- N#%-&@($&#0 $6%( .6 0(+ 3&6$6+ P&$,?0#.(+ # 6@N-6+#+ 6$ N6-;(.(&@N-(.?,%&P(W

4 N#-%&- .60 #R( '-#P#306 ILLI 60 P#0(- N#%-&@($&#0 $6%( .6 0(+ 3&6$6+ P&$,?0#.(.&-6,%#@6$%6 # 6@N-6+#+ ,?=( (3*6%( +(,&#0 6M,0?+&P( +6# 0# @&$6-;# .&+%&$0# 6MN0(%#,&2$ .6 [&.-(,#-3?-(+ 0;O?&.(+ = '#+6(+(+

7#+ N-&@6-#+ .&6,&$?6P6 @&0 aKUWLLLb DEQ .6 #,%&P(+ .60 ,($%-&3?.6+%&$#.(+ #0 +6,%(- #'-(N6,?#-&( +6 6M,0?&-Z$ .6 0# 3#+6 .6 #N0&,#,&2$ .6 0#-6$%# N-6+?$%&P# +(3-6 N#%-&@($&( 0;O?&.(

40 P#0(- &$&,&#0@6$%6 (3%6$&.( .6 -6$%# N-6+?$%&P#X +6 +?@#-Z 0# -6$%# '-#P'6$6-#.# N(- 0(+ #,%&P(+ 6M,6N%?#.(+ = 6+%6 +6-Z 60 P#0(- .6 0# -6$%# N-6+?$%&PO?6 +6 ,(@N#-6 ,($ 0# -6$%# 0;O?&.# .6%6-@&$#.# N(- 60 +&+%6@# (-.&$#-&(W

H0 6M,6+( .6 -6$%# N-6+?$%&P# +(3-6 0# -6$%# 0;O?&.# (-.&$#-&# N(.-Z ,(@N6$+#-+6 ,($ 0#-6$%#+ 0;O?&.#+ (-.&$#-&#+ .6%6-@&$#.#+ .6$%-( .6 0(+ ,&$,( aJb #R(+ +&'?&6$%6-6#*?+%#.( 5&+,#0@6$%6W

4+; @&+@(X 60 4-%;,?0( KUK 6+%#306,6 0#+ +&'?&6$%6+ 6M,0?+&($6+ .6 0# -6$%#

7#+ 6$%&.#.6+ .60 -Y'&@6$ 6+N6,&#0 .6 O?6 %-#%# 60 #-%;,?0( KU .60 6+%#%?%( 7#+ 6@N-6+#+ .6 +6-P&,&(+ N]30&,(+ .(@&,&0&#-&(+ 7(+ 5($.(+ .6 &$P6-+&2$X .6 P#0(-6+X ,(@?$6+X .6 N6$+&($6+ ( .6 ,6+#$%;#+

,($%6@N0#.(+ 6$ 0(+ #-%;,?0(+ IT^K = IT^I .60 H+%#%?%( 7#+ 6@N-6+#+ .60 +&+%6@# .6 +6-P&,&( N]30&,( ?-3#$( .6 %-#$+N(-%6 @#+&P( .

N#+#*6-(+X #+; ,(@( 0#+ 6@N-6+#+ .6 %-#$+N(-%6 @#+&P( .6 N#+#*6-(+ N(- 60+&+%6@# .6 %-6$ @6%-(N(0&%#$(



D>

7#+ 6@N-6+#+ .6 +6-P&,&(+ N]30&,(+ O?6 .6+#--(00#$ 0# #,%&P&.#. ,(@N06@6$%#-.6 '6$6-#,&2$ .6 6$6-';#

7#+ 6$%&.#.6+ (5&,&#06+ N-6+%#.(-#+ .6 0(+ +6-P&,&(+ .6 %-#%#@&6$%( .6 #'?-6+&.?#06+ = .6 #+6(

7#+ +(,&6.#.6+ 6$ ,($,(-.#%( 7#+ +(,&6.#.6+ 6$ 0&O?&.#,&2$ N(- 0(+ N-&@6-(+ %-6+ aTb #R(+ 7#+ 6$%&.#.6+ +(@6%&.#+ #0 ,($%-(0 = P&'&0#$,&# .6 0# "?N6-&$%6$.6$,&# /#$,#-

O?6 +6 06+ [#=# .6,-6%#.( 0# 0&O?&.#,&2$ ( O?6 [#=#$ +&.( (3*6%( .6 %(@# .6N(+6+&2$X N(- 0#+ ,#?+#06+ +6R#0#.#+ 6$ 0(+ 0&%6-#06+ #b ( 'b .60 #-%;,?0( KKV6+%#%?%( (-'Z$&,( .60 +&+%6@# 5&$#$,&6-(

7(+ 3#$,(+ .6 %&6--#+ .6 0#+ 6$%&.#.6+ %6--&%(-&#06+X .6+%&$#.(+ # +6- ?-3#$&C,($ P&P&6$.# .6 &$%6-Y+ +(,&#0

7(+ ,6$%-(+ .6 6P6$%(+ = ,($P6$,&($6+ 6$ 0(+ ,?#06+ N#-%&,&N6$@#=(-&%#-&#@6$%6 0#+ 1Z@#-#+ .6 1(@6-,&( = 0(+ ,($+%&%?&.(+ ,(@( 6@N-6+#&$.?+%-&#06+ = ,(@6-,&#06+ .60 6+%#.( ( +(,&6.#.6+ .6 6,($(@;# @&M%# 6$ 0#+

,?#06+ 0# N#-%&,&N#,&2$ .6 ,#N&%#0 6+%#%#0 +6# +?N6-&(- #0 JKdX +&6@N-6$,?6$%-6$ .63&.#@6$%6 #?%(-&C#.(+ N(- 60 <&$&+%6-&( .6 1(@6-,&(X `$.?+%-&# Q?-&+@(

7#+ +(,&6.#.6+ #$2$&@#+ .6 $#%?-#06C# N]30&,#X ,?=( (3*6%( N-&$,&N#0 +6# 0#.O?&+&,&2$X 6$#*6$#,&2$ = #.@&$&+%-#,&2$ .6 #,%&P(+ &@N-(.?,%&P(+ .N-(N&6.#.X ( #.O?&-&.(+ .6 0(+ 6+%#306,&@&6$%(+ .6 ,-Y.&%( .6 0# @&+@$#%?-#06C#

4 N#-%&- .60 K( .6 6$6-( .6 ILLT = N(- 60 %Y-@&$( .6 P&'6$,&# .6 0# 6M6$,&2$X 0(+#,%&P(+ P&$,?0#.(+ # 0#+ #,%&P&.#.6+ ,($%6@N0#.#+ 6$ 0(+ $?@6-#06+ K(X I(X Tj( = U( .60 #-%;,?0( ILS^I .6 6+%6 H+%#%?%(X 6$ 0(+ %Y-@&$(+ O?6 6+%#306C,#-6'0#@6$%(

gSW A-(P&+&($6+e F(-@#0@6$%6X 6$ @#%6-&# 5&+,#0X 0#+ N-(P&+&($6+ $( +($ .6.?,N(-O?6 +6 %-#%# .6 '#+%(+ 6+%&@#.(+ = $( '#+%(+ -6#06+ .60 ,($%-&3?=6$%6W F(3+%#$%6X %#$%( 6$ 60 &@N?6+%( .6 -6$%# (-.&$#-&( ,(@( 6$ 60 1)HH +6 ,($+&.6-#.6.?,&306+ 0# N-(P&+&2$ N#-# 60 N#'( .6 5?%?-#+ N6$+&($6+ a4-%;,?0( KKI .60 H+%#%?= 0# N-(P&+&2$ N#-# .6?.#+ .6 .?.(+( ( .&5;,&0 ,(3-( a4-%;,?0( KVJ .60 H+%#%?%(Q-&3?%#-&(bW 4 +? P6CX N#-# +6- .6.?,&306 0# N-(P&+&2$ .636 ,?@N0&- ,($ ,&6-6O?&+&%(+ 6+%#306,&.(+ 6$ 60 4-%;,?0( SI .60 H+%#%?%( Q-&3?%#-&(e

n?6 0# -6+N6,%&P# (30&'#,&2$ +6 [#=# ,($%-#;.( ,($ *?+%# ,#?+# = # %;%?0(($6-(+(

n?6 +6 [#=# (-&'&$#.( 6$ (N6-#,&($6+ N-(N&#+ .6 0# #,%&P&.#. N-(.?,%(-# .6-6$%#

n?6 $( +6 [#=# %(@#.( 6$ ,?6$%# #0 ,(@N?%#- 0# -6$%# .6,0#-#.# 6$ #R(+#$%6-&(-6+

n?6 0# N-(P&+&2$ +6 [#=# ,($+%&%?&.( 6$ 60 #R( ( N6-&(.( '-#P#306 .6 O?6 +6%-#%6



DD

n?6 0# (30&'#,&2$ 6M&+%# 6$ 60 @(@6$%( .6 0# ,($%#3&0&C#,&2$ .6 0# N-(P&+ n?6 0# -6+N6,%&P# .6?.# +6 [#=# [6,[( 6M&'&306 ,($ @Z+ .6 ?$ #R( .6

#$%6-&(-&.#. = +6 *?+%&5&O?6 +? ,#-Z,%6- .6 .?.(+( ( .&5;,&0 ,(3-(

ggW >#+%(+ = 6MN6$+#+ 6$ 60 6M%6-&(-W 7# .6.?,,&2$ .6 ,(+%(+ ( .6.?,,&($6+ N(-

6MN6$+#+ 6$ 60 6M%6-&(- N#-# 0# (3%6$,&2$ .6 -6$%#+ .6 5?6$%6 .6$%-( .60 N#;+X N?6.6$ 6M,6.6- 60 O?&$,6 N(- ,&6$%( aKJdb .6 0# -6$%# 0;O?&.# .60 ,($%-&3?=6$%6X,(@N?%#.# #$%6+ .6 .6+,($%#- %#06+ ,(+%(+ ( .6.?,,&($6+X +#0P( ,?#$.( +6 %-#%6 .60(+ +&'?&6$%6+ N#'(+e

4O?600(+ -6+N6,%( .6 0(+ ,?#06+ +6# (30&'#%(-&# 0# -6%6$,&2$ 6$ 0# 5?6$%6 7(+ N#'(+ # ,(@&+&($&+%#+ 6$ 60 6M%6-&(- N(- 0# ,(@N-# ( P6$%# .6 @6-,#$,;#+

@#%6-&#+ N-&@#+ ? (%-# ,0#+6 .6 3&6$6+X 6$ ,?#$%( $( 6M,6.#$ .60 N(-,6$%#*6.60 P#0(- .6 0# (N6-#,&2$ 6$ 60 #R( '-#P#306 O?6 +6R#06 60 <&$&+%6-&( .6\#,&6$.# = 1-Y.&%( A]30&,(

7(+ &$%6-6+6+ +(3-6 ,-Y.&%(+ # ,(-%( N0#C( .6-&P#.(+ .6 0# &@N(-%#,&2$ (6MN(-%#,&2$ .6 @6-,#$,;#+ ( .6 +(3-6'&-(+ ( .6+,?3&6-%( 3#$,#-&(+X 6$,?#$%( $( 6M,6.#$ .60 N(-,6$%#*6 .60 P#0(- .6 ,#.# ,-Y.&%( ( +(3-6'&-( O?6+6R#06 60 /#$,( .6 0# )6N]30&,#

7(+ ,($%6@N0#.(+ 6$ 60 4-%;,?0( IJ #+(,&#.(+ ,($ &$'-6+(+ O?6 $( +6,($+&.6-#$ .6 5?6$%6 $#,&($#0

7(+ N#'(+ ( #3($(+ 6$ ,?6$%# N(- #.O?&+&,&2$ .6 ,?#0O?&6- ,0#+6 .6 3&6$6+,(-N(-#06+

7(+ ,(+%(+ = '#+%(+ O?6 +6 ,#N&%#0&C#$ N#-# +? #@(-%&C#,&2$ N(+%6-&#,?6-.( ,($ 0#+ $(-@#+ .6 ,($%#3&0&.#. '6$6-#0@6$%6 #,6N%#.#+X ( 0(+ O?6.63#$ #,%&P#-+6 .6 #,?6-.( ,($ %#06+ $(-@#+

4O?600(+ 6$ O?6 +6 &$,?--# 6$ ,?@N0&@&6$%( .6 ?$# (30&'#,&2$ 06'#0X %#06,(@( 0(+ +6-P&,&(+ .6 ,6-%&5&,#,&2$ #.?#$6-#W 7(+ &$%6-6+6+ +(3-6 ,-Y.&%(%(-'#.(+ # ,($%-&3?=6$%6+ -6+&.6$%6+ 6$ 60 N#;+ N(- N#-%6 .6 (-'#$&+@(+@?0%&0#%6-#06+ .6 ,-Y.&%(X # ,?=( #,%( ,($+%&%?%&P( [#=# #.[6-&.( 1(0(@3&+&6@N-6 = ,?#$.( +6 6$,?6$%-6 P&'6$%6 = 6$ Y0 +6 6+%#306C,# O?6 60-6+N6,%&P( (-'#$&+@( @?0%&0#%6-#0 6+%Z 6M6$%( .6 &@N?6+%( +(3-6 0# -6$

"6-Z$ .6.?,&306+ +&$ O?6 6+%Y$ +?*6%(+ # -6%6$,&2$ 6$ 0# 5?6$%6e 7(+ N#'(+ # ,(@&+&($&+%#+ 6$ 60 6M%6-&(- N(- 0# ,(@N-# ( P6$%# .6 @6-,#$,;#+

@#%6-&#+ N-&@#+ ? (%-# ,0#+6 .6 3&6$6+X 6$ ,?#$%( $( 6M,6.#$ .60 N(-,6$%#*6.60 P#0(- .6 0# (N6-#,&2$ 6$ 60 #R( '-#P#306 O?6 +6R#06 60 <&$&+%6-&( .6\#,&6$.# = 1-Y.&%( A]30&,(

7(+ &$%6-6+6+ +(3-6 ,-Y.&%(+ # ,(-%( N0#C( .6-&P#.(+ .6 0# &@N(-%#,&2$ (6MN(-%#,&2$ .6 @6-,#$,;#+ ( .6 +(3-6'&-(+ ( .6+,?3&6-%( 3#$,#-&(+X 6$,?#$%( $( 6M,6.#$ .60 N(-,6$%#*6 .60 P#0(- .6 ,#.# ,-Y.&%( ( +(3-6'&-( O?6+6R#06 60 /#$,( .6 0# )6N]30&,#



D:

gUW A-6,&(+ .6 %-#$+56-6$,&#e 1(0(@3&# [# P6$&.( &$,(-N(-#$.( 6$ +? $(-@#%&P&.#.%-&3?%#-&# .&+N(+&,&($6+ -6+?0%#$%6+ .6 -6,(@6$.#,&($6+ .6 0# 91:H 6$ -60#,&2$ ,(%6@#+ ,(@( N-6,&(+ .6 %-#$+56-6$,&#X -6'0#+ .6 ,#N&%#0&C#,&2$ .60'#.#X %-#%#@&%-&3?%#-&( .6 N#'(+ -6#0&C#.(+ # N#-#;+(+ 5&+,#06+W H0 H+%#%?%( Q-&3?%#-&( &-Y'&@6$ .6 N-6,&(+ .6 %-#$+56-6$,&# 6$ ILLI ,($ 0# 06= SggW "&$ 6@3#-'(X 6+%6 +(0(

,(@6$C2 # 5?$,&($#- N06$#@6$%6 ,($ 0# 6MN6.&,&2$ 60 .6,-6%( VTVU .6 ILLVW H$ 6+%+6 6+%#306,6$ 0(+ N#-Z@6%-(+ %Y,$&,(+ N#-# 60 ,?@N0&@&6$%( .6 0# (30&'#,&2$-6N(-%6 .6 &$5(-@#,&2$W Q(.# +? -6'0#@6$%#,&2$ +6 6$,?6$%-# ,($%6$&.# 6$ 0(+#-%;,?0(+ IjL^K # IjL^KK .60 H+%#%?%( Q-&3?%#-&( 6$ 0(+ O?6 +6 6+%#306,6$(-@#%&P&.#. ,(--6+N($.&6$%6 #e &b ,-&%6-&(+ .6 P&$,?0#,&2$X &&b (N6-#,&($6P&$,?0#.(+X &&&b @Y%(.(+ .6 #$Z0&+&+ .6 @#-'6$ ( N-6,&(+X &Pb ,-&%6-&,(@N#-#3&0&.#.X Pb (30&'#%(-&6.#. .6 N-6N#-#- .(,?@6$%#,&2$ ,(@N-(3#%(-&#X P&b.&-6,%-&,6+ N#-# 0# -6#0&C#,&2$ .6 #*?+%6+ # ,(@N#-#306+X P&&b .65&$&,&2$ .6 N5&+,#06+X P&&&b +#$,&2$ N(- -6,[#C( .6 ,(+%(+ = .6.?,,&($6+X &Mb (30&'#%(-&6.#N-6N#-#- .6,0#-#,&2$ &$5(-@#%&P#X Mb #,?6-.(+ #$%&,&N#.(+ .6 N-6,&(+ – 4A4X M&b-Y'&@6$ +#$,&($#%(-&(W H$ ILKT +6 @(.&5&,#-($ 0(+ -6O?6-&@&6$%(+ %Y,$&,(+ NN-6N#-#,&2$ .6 6+%?.&(+ .6 N-6,&(+ .6 %-#$+56-6$,&# ,($ 0# 6MN6.&,&2$ .60 .6,-6%(-6'0#@6$%#-&( TLTLW

ULW Q-#%#.(+ .6 .(306 %-&3?%#,&2$ a%(@#.( .60 1($,6N%( :`4F VSUjS .6 #'(+%( .6ILKVb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

"&$ N6-*?&,&( .6 0#+ N#-%&,?0#-&.#.6+ ,($%6$&.#+ N#-# ,#.# ,#+( 6$ 0(+ ,($P6$&(+P&'6$%6+X +6 6MN($6$ # ,($%&$?#,&2$ #0'?$#+ .6 0#+ -6'0#+ O?6 ?+?#0@6$%6 +#,?6-.#$e

#W

A#-# 0#+ -6$%#+ 6@N-6+#-&#06+ a#O?600#+ (3%6$&.#+ 6$ 60 6*6-,&,&( .6 %#,%&P&.#. ( $6'(,&(X &$,0?&.#+ 0#+ '6$6-#.#+ 6$ 60 6*6-,&,&( .6 +6-P&,&(+N6-+($#06+ = (%-#+ #,%&P&.#.6+ &$.6N6$.&6$%6+bX ,(@]$@6$%6 +6 N#,%# '-#P#@6$ 6M,0?+&P( 6$ 60 N#;+ .6 -6+&.6$,&# .6 +? 36$65&,&#-&(W :6 @#$6-#6M,6N,&($#0X .&,[#+ -6$%#+ +6 '-#P#$ 6$ 60 N#;+ .6 0# 5?6$%6 ,?#$.( +?36$65&,&#-&( -6#0&C# 0# #,%&P&.#. .6 @#$6-# N6-@#$6$%6 6$ .&,[( N#;+ # %-#PY++?,?-+#06+ ( 6+%#306,&@&6$%(+ N6-@#$6$%6+W H$ 6+%6 ]0%&@( ,#+( 60 .6-6,



DI

'-#P#- $( 6+ 6M,0?+&P( .60 H+%#.( .6 -6+&.6$,&# .60 36$65&,&#-&( .6 0# -6$%#X N?66+%# O?6.# '-#P#.# %#$%( 6$ 60 H+%#.( .6 0# 5?6$%6 ,(@( 6$ 60 .6 -6+&.6$,&#W

3W 7#+ -6$%#+ (-&'&$#.#+ .6 3&6$6+ &$@?6306+X 6$ '6$6-#0X +6 '-#P#$ +&$ 0&@&%#0'?$# 6$ 60 N#;+ 6$ O?6 6+%Y$ ?3&,#.(+ .&,[(+ 3&6$6+ a5?6$%6 .6 0# -6$%#bX

N6-@#$6,&6$.( 60 .6-6,[( # '-#P#-0#+ N#-# 60 H+%#.( .6 -6+&.6$,&# .6036$65&,&#-&( .6 0# -6$%#W

,W H$ ,?#$%( # -6$%#+ N(- ,($,6N%( .6 .&P&.6$.(+X &$%6-6+6+ = -6'#0;#+X +6 N6-@&%+? '-#P#@6$ N(- 60 N#;+ .6 0# 5?6$%6X ?+?#0@6$%6 N#,%#$.( 0# 0&@&%#,&2$ .6 %#-&5# .6 -6%6$,&2$ 6$ 0# 5?6$%6W H$ 6+%(+ ,#+(+X 60 N#;+ .6 -6+&.6$,&#36$65&,&#-;# .6 0# -6$%# N(.-Z '-#P#-0#+ +&$ 0&@&%#,&2$ #0'?$#W

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

H$ %(.( ,#+(X ,($5(-@6 ,($ 0( N#,%#.( 6$ 0(+ ,($P6$&(+ P&'6$%6+ 5&-@#.(+X 0(+-6+&.6$%6+ 6$ 1(0(@3&# %&6$6$ .6-6,[( # .6+,($%#- .60 @($%( .6 &@N?6+%( # N#'#-6$ 1(0(@3&#X 60 @($%( .60 &@N?6+%( N#'#.( 6$ 60 6M%6-&(- N(- 6+# -6$%#X #N0&,#0#+ -6'0#+ #,(-.#.#+ 6$ 60 -6+N6,%&P( #,?6-.(W

H$ &'?#0 +6$%&.(X N#-# 0(+ -6+&.6$%6+ .6 0(+ H+%#.(+ ,($ 0(+ O?6 1(0(@3&# %&,($P6$&(+ P&'6$%6+X .636-Z #N0&,#-+6 0( N#,%#.( 6$ 60 -6+N6,%&P( ,($P6$&(XN6-@&%&Y$.(+6 6$ #0'?$(+ ,#+(+ 0# 6M6$,&2$ .6 0# -6$%# '-#P#.# 6$ 1(0(@3&#X +?.6+,?6$%( ( ,?#0O?&6- (%-( @Y%(.( N#,%#.(X 0( ,?#0 .636 #N0&,#-+6 N(- N#-%6 .6 0#+#?%(-&.#.6+ %-&3?%#-&#+ .60 -6+N6,%&P( N#;+X ,($5(-@6 ,($ +? ,(@N6%6$,&#W

1($ -6+N6,%( # 0# N(+&3&0&.#. .6 6P&%#- 0# .(306 %-&3?%#,&2$ 6$ #?+6$,&# .6 ,($P6$&0# 06'&+0#,&2$ $#,&($#0 (%(-'# # 0(+ -6+&.6$%6+ 6$ 1(0(@3&# 60 .6-6,[( # .6+,($%#- 0(+&@N?6+%(+ N#'#.(+ 6$ 60 6M%6-&(-X &$.6N6$.&6$%6 .6 0# 6M&+%6$,&# .6 ?$ ,($PN#-# 6P&%#- 0# .(306 %-&3?%#,&2$W H+%# N(+&3&0&.#. 6+%Z ,($%6$&.# 6$ 60 #-%;,?H+%#%?%( Q-&3?%#-&(W

:6 (%-# N#-%6X ,?#$.( +6 %-#%6 .6 -6$%#+ .6 5?6$%6 6$ ?$( .6 0(+ N#;+6+ .6 0#1(@?$&.#. 4$.&$#X (3%6$&.#+ N(- -6+&.6$%6+ .6 #0'?$( .6 0(+ N#;+6+ @&6@3-(+X +6



DO

.636-Z .#- #N0&,#,&2$ # 0# :6,&+&2$ JSg .6 0# 1(@?$&.#. 4$.&$#X .60 #R( ILLVX 0#O?6 N-6+,-&36 +?+ N-(N&#+ -6'0#+ .6 #%-&3?,&2$ .6 0# N(%6+%#. %-&3?%#-&# 6H+%#.(+W "6']$ 6+%# :6,&+&2$X ,($ #0'?$#+ 6M,6N,&($6+X +6 .# N-6@&$6$,&# N#-# N(%6+%#. .6 '-#P#@6$ #0 H+%#.( .6 0# 5?6$%6X 6+%( 6+X 6$ .($.6 +6 '6$6-2 0# -6$%#W4+;X -6$%#+ %#06+ ,(@( .&P&.6$.(+ = -6'#0;#+ +6 '-#P#$ .6 @#$6-# 6M,0?+&P# 6$ 60 N#;+

6$ .($.6 600#+ +6 '6$6-#-($X +&$ O?6 +6 '-#P6$ 6$ 60 N#;+ .6 -6+&.6$,&# .6036$65&,&#-&( .6 0#+ @&+@#+W

UKW "?3,#N&%#0&C#,&2$e 60 4-%;,?0( KKg^K +6R#0# O?6 +&$ N-6*?&,&( .6 0(+ .6@Z+ -6O= ,($.&,&($6+ ,($+#'-#.(+ 6$ 60 H+%#%?%( N#-# 0# N-(,6.6$,&# .6 0# .6.?,,&2$ .6 0(+'#+%(+ N(- ,($,6N%( .6 &$%6-6+6+X 0(+ ,($%-&3?=6$%6+ .60 &@N?6+%( +(3-6 0# -6$%,(@N06@6$%#-&(+ +(0( N(.-Z$ .6.?,&- 0(+ &$%6-6+6+ '6$6-#.(+ ,($ (,#+&2$ .6.6?.#+X ,?=( @($%( %(%#0 N-(@6.&( .?-#$%6 60 ,(--6+N($.&6$%6 #R( '-#P#306 $(6M,6.# 60 -6+?0%#.( .6 @?0%&N0&,#- N(- %-6+ aTb 60 N#%-&@($&( 0;O?&.(,($%-&3?=6$%6 .6%6-@&$#.( # TK .6 .&,&6@3-6 .60 #R( '-#P#306 &$@6.&#%#@6$%6#$%6-&(-W A(- 0( %#$%(X $( +6-Z .6.?,&306 0# N-(N(-,&2$ .6 0(+ '#+%(+ N(- ,($,6N%( .6&$%6-6+6+ O?6 6M,6.# 60 0;@&%6 # O?6 +6 -65&6-6 6+%6 #-%;,?0(W H0 #-%;,?0( 6+#.&,&($#0@6$%6 O?6 0#+ .6?.#+ O?6 +6 %6$.-Z$ 6$ ,?6$%# N#-# 656,%(+ .60 ,Z0,?0( .60# N-(N(-,&2$ # 0# O?6 +6 -65&6-6 6+%6 #-%;,?0( +($ 0#+ .6?.#+ O?6 '6$6-6$ &$%6-6+6+W

9%-(+ #+N6,%(+ &@N(-%#$%6+ .6 6+%6 #-%;,?0( +($ 0(+ +&'?&6$%6+e

#W 7(+ ,($%-&3?=6$%6+ .60 &@N?6+%( +(3-6 0# -6$%# = ,(@N06@6$%#-&(+X O+6 ,($+%&%?=#$ ,(@( +(,&6.#.6+X 6$%&.#.6+ ( P6[;,?0(+ .6 N-(N2+&%(6+N6,&#0 N#-# 0# ,($+%-?,,&2$ .6 N-(=6,%(+ .6 P&P&6$.# # 0(+ O?6 +6 -65&6-60# 76= KJTS .6 ILKI +(0( N(.-Z$ .6.?,&- 0(+ &$%6-6+6+ '6$6-#.(+ ,($(,#+&2$ .6 .6?.#+X ,?=( @($%( %(%#0 N-(@6.&( .?-#$%6 60,(--6+N($.&6$%6 #R( '-#P#306 $( 6M,6.# 60 -6+?0%#.( .6 @?0%&N0&,#- N(-,?#%-( aVb 60 N#%-&@($&( 0;O?&.( .60 ,($%-&3?=6$%6 .6%6-@&$#.( # TK ..&,&6@3-6 .60 #R( '-#P#306 &$@6.&#%#@6$%6 #$%6-&(-W

3W 7( .&+N?6+%( 6$ 6+%6 #-%;,?0( $( +6 #N0&,#-Z # 0(+ ,($%-&3?=6$%6+ .60&@N?6+%( +(3-6 0# -6$%# = ,(@N06@6$%#-&(+ O?6 6+%Y$ +(@6%&.(+&$+N6,,&2$ = P&'&0#$,&# .6 0# "?N6-&$%6$.6$,&# G&$#$,&6-# .6 1(0(@3&## 0(+ O?6 -6#0&,6$ #,%&P&.#.6+ .6 D+%&'#"->6 6$ 0(+ %Y-@&$(+ .60 :6,-6%(IjjU .6 ILKI

,W 7( .&+N?6+%( 6$ 6+%6 #-%;,?0( $( +6 #N0&,#-Z # 0(+ ,#+(+ .6 5&$#$,&#,&2$ .6N-(=6,%(+ .6 &$5-#6+%-?,%?-# .6 +6-P&,&(+ N]30&,(+X +&6@N-6 O?6 .&,[(N-(=6,%(+ +6 6$,?6$%-6$ # ,#-'( .6 +(,&6.#.6+X 6$%&.#.6+ ( P6[;,?0(+ .6N-(N2+&%( 6+N6,&#0W



DC

$> )=4A;Q?<=9: A8;8B46 – #E@F8?<: ,&$$

UIW 4$%6+ .6 0# -65(-@# %-&3?%#-&# .6 ILKIX 1(0(@3&# [#3;# @(+%-#.( ?$# [&+%(-&# .6&$,-6@6$%(+ 5-6,?6$%6+ 6$ 0(+ '-#PZ@6$6+ = ,($%-&3?,&($6+ +(3-6 0# $2@&$# # ,#-'(.60 6@N06#.(-W 1(@( N(-,6$%#*6 .60 +#0#-&(X 0# +?@# .6 0# ,($%-&3?,&2$ #

N#-#5&+,#06+X # +#0?. = # N6$+&($6+ # N#'#- N(- N#-%6 .60 6@N06#.(- #?@6$%2 .6$&P606+ .60 jd 6$ 0(+ #R(+ JLX # KId 6$ 0(+ #R(+ jLX KJd 6$ 0(+ #R(+ SL = gL = # @Z+.60 IJd .6+.6 @6.&#.(+ .6 0(+ #R(+ ULW H$ ILKI 6+%6 N(-,6$%#*6 #0,#$C#3# ?$+(3-6,#-'( .6 IUd +(3-6 60 +#0#-&( .60 %-#3#*#.(-a>-Z5&,( KVbW

WBaT=9: DS> ,:?<: 78 6:? @4B4T=?9468?Z ?46F7 R @8;?=:;8? 4 94BA: 786 8E@6847:B ^c 786=;AB8?:_

G?6$%6e <&$&+%6-&( .6 \#,&6$.#^A-6+6$%#,&2$ .6 0# )65(-@# Q-&3?%#-&# ILKIW

UTW H$ 6+6 @(@6$%( 0(+ &@N?6+%(+ +(3-6 0# $2@&$# # ,#-'( .60 6@N06#.(- 6-#$606P#.(+ 6$ -60#,&2$ ,($ 0( (3+6-P#.( # $&P60 &$%6-$#,&($#0W A#-# 60 #R( ILKLX 5-6$%# 0(+ N#;+6+ .6 0# 91:HX O?6 &$,0?=6$ # <YM&,( = 1[&06X 1(0(@3&# ,($%#3# ,($ 0(+&@N?6+%(+ N#-#5&+,#06+ @Z+ 606P#.(+a>-Z5&,( KJbW



:E

WBaT=9: DH> #E@F8?<: 46 =;AB8?: R 9:;<B=5F9=:;8? 4 ?8AFB=747 ?:9=46

UVW 7(+ 6+%?.&(+ 6@N;-&,(+ N#-# 60 ,#+( ,(0(@3&#$( [#$ @(+%-#.( O?6 0(+ #0%(+ ,(+%(+0#3(-#06+ $( +#0#-&#06+ [#$ +&.( ?$( .6 0(+ 5#,%(-6+ O?6 [# %6$&.( @#=(- &$,&.6$,&#6$ 0# -60#%&P# #0%# %#+# .6 .6+6@N06( = 0# 606P#.# &$5(-@#0&.#. 6$ 60 N#;+WJ

D 4 ,($%&$?#,&2$ +6 -60#,&($#$ #0'?$(+ .6 0(+ %-#3#*(+ #0 -6+N6,%(W /6-$#0 = 1Z-.6$#+ aILLVb #$#0&C#$ 60 656,%( O?6 %?P&6-($ +(3-6 60 6@N06( 0#+ -65(-@#+ .6 KUUT =

KUUjW "?+ -6+?0%#.(+ &$.&,#$ O?6 60 #?@6$%( .6 0(+ ,(+%(+ 0#3(-#06+ $( +#0#-&#06+ ,(@( -6+?0%#.( .60#+ -65(-@#+ %?P( ?$ &@N#,%( $6'#%&P( 6$ 0# .6@#$.# .6 %-#3#*(W 7(+ #?%(-6+ @?6+%-#$ O?6 ?$#-6.?,,&2$ .60 Ud 6$ 0(+ ,(+%(+ $( +#0#-&#06+ aN#-#5&+,#06+ = (%-(+b #?@6$%#-;#$ 6$ 60 0#-'( N0#C( KWT60 6@N06( 6$ 0#+ Z-6#+ ?-3#$#+X @&6$%-#+ O?6 6$ 60 ,(-%( N0#C( 60 656,%( .6 ?$# -6.?,,&2$ .60 KLd'6$6-#-;# ?$ #?@6$%( .60 Jd 6$ 0# .6@#$.# 0#3(-#0W

H0 6+%?.&( .6 4-#$'( = A(+#.# aILLjb 6+%&@# 60 ,(@N($6$%6 .6 0#-'( N0#C( .6 0# %#+# .6 .6+6@N06(

6$ 1(0(@3&# N#-# 0(+ ]0%&@(+ P6&$%6 #R(+W 7(+ #?%(-6+ 6$,?6$%-#$ O?6 6$ 60 0#-'( N0#C( ?$ #?@6$%.6 Kd 6$ 0(+ ,(+%(+ 0#3(-#06+ $( +#0#-&#06+ &$,-6@6$%# 0# %#+# .6 .6+6@N06( 6$ LWjLdW A(- +? N#-%6X "Z$,[6C 6% #0W aILLUb 6+%&@#$ 60 656,%( .6 0(+ ,(+%(+ 0#3(-#06+ $( +#0#-&#06+ .?-#$

N6-&(.( KUgV^ILLj +(3-6 0# %#+# .6 .6+6@N06( = 0# &$5(-@#0&.#.W "?+ -6+?0%#.(+ @?6+%-#$ ?$ 656,%.&-6,%( 6$%-6 60 #?@6$%( .6 0#+ -6'?0#,&($6+ 0#3(-#06+ = 0# &$5(-@#0&.#.X 60 .6+6@N06( = +? .?-#,&2$W"6']$ 60 6+%?.&( 60 #?@6$%( 6$ 0(+ ,(+%(+ 0#3(-#06+ = $( 0#3(-#06+ '6$6-2 ?$ .6+6@N06( #.&,&($#0 .6#0 @6$(+ TWJ N?$%(+ N(-,6$%?#06+ = JWT N?$%(+ .6 &$5(-@#0&.#.W 7#+ 6+%&@#,&($6+ .6 0(+ #?%@?6+%-#$ O?6 -6.?,,&($6+ .60 Jd 6$ 0(+ ,(+%(+ 0#3(-#06+ ,(@( N(-,6$%#*6 .60 +#0#-&( +6 %-#.?,6$ 6$-6.?,,&($6+ .6 0# %#+# .6 .6+6@N06( .6 ,6-,# .6 KWIdW 4?$O?6 0(+ N#-#5&+,#06+ %&6$6$ ,(@( 5&$ 0#5&$#$,&#,&2$ .60 "HF4 = 0#+ 1#*#+ .6 1(@N6$+#,&2$X 0( O?6 .6@?6+%-#$ 0(+ #?%(-6+X 6+ O?6 0(+ ,(+%0#3(-#06+ $( +#0#-&#06+ $( [#$ N6-@&%&.( -6.?,&- 0# %#+# .6 .6+6@N06( N(- .63#*( .60 KL^KKdW 7(+#?%(-6+ N-(N($6$ 5&$#$,&#- 6+%#+ 6$%&.#.6+ ,($ ,#-'# #0 N-6+?N?6+%( .6 0# $#,&2$ # %-#PY+ .6#?@6$%(+ 6$ 0(+ &@N?6+%(+ '6$6-#06+ aN(- 6*6@N0( 60 &@N?6+%( # 0# -6$%# ( 60 `E4bW H0 %-#3#"#$%# <#-;#X >#-,;# = <?*&,# aILLUb #$#0&C2 60 &@N#,%( .6 0# 76= KLL .6 KUUT +(3-6 60 @6-,#.(0#3(-#0W 7(+ #?%(-6+ 6$,?6$%-#$ O?6 60 &$,-6@6$%( .6 KV N?$%(+ N(-,6$%?#06+ 6$ 0(+ ,(+%(+ $(+#0#-&#06+ '6$6-2 ?$# +6'@6$%#,&2$ .60 @6-,#.( 0#3(-#0W H0 #?@6$%( .6 0(+ ,(+%(+ 0#3(-#06+ $(+#0#-&#06+ N-(@(P&2 60 6@N06( ,?6$%# N-(N&# 6 &$5(-@#0&.#.X .#.( O?6 6$ N#-%6 0#+ 5&-@#+ +6 P&.6+&$,6$%&P#.#+ # 5(-@#0&C#-W

D$ 6+%?.&( .6 0# 4+(,&#,&2$ F#,&($#0 .6 `$+%&%?,&($6+ G&$#$,&6-#+^4F`G aILKJb @?6+%-# 60 656,%0(+ ,(+%(+ $( +#0#-&#06+ 6$ 1(0(@3&# = 60 &@N#,%( .6 0# 76= KjLS +(3-6 60 .6+6@N06(W H0 6+%?.&( ?%.#%(+ %-&@6+%-#06+ .6+.6 60 #R( ILLJ [#+%# 60 +6'?$.( %-&@6+%-6 .6 ILKJ = 6$,?6$%-# ,(@( ?$



:?

UJW <(%&P#.( N(- %(.# 6+%# 6P&.6$,&#X 6$ 0# -65(-@# %-&3?%#-&# .6 ILKI +6 .6,&.&-6.?,&- 0# ,#-'# N#-#5&+,#0X 60&@&$#$.( 0# ,($%-&3?,&2$ .6 0(+ 6@N06#.(-6+ #0 "6$#`1/G = # +#0?. +(3-6 +? $2@&$# = 5&$#$,&#- 6+%(+ +6-P&,&(+ ,($ 60 A-6+?N?6+%F#,&($#0W

UjW 7# +?+%&%?,&2$ .6 N#-%6 .6 0(+ N#-#5&+,#06+ # ,#-'( .6 0#+ 6@N-6+#+ N(- 60 1)HH [@(+%-#.( 656,%(+ N(+&%&P(+ +(3-6 60 6@N06( = 0# 5(-@#0&.#.X ,(@( +6 6+N6-#3a>-Z5&,( KjbW :6+.6 ILKT 0# %#+# .6 .6+6@N06( +6 [# +&%?#.( N(- .63#*( .6 KLd = 0#%#+# .6 &$5(-@#0&.#. [# @(+%-#.( ?$# -6.?,,&2$ +&'$&5&,#%&P#W

WBaT=9: D]> $K:6F9=Q; 78 64 <4?4 78 78?8E@68: R 64 =;T:BE46=747

G?6$%6 :4FHW

USW 4+; @&+@(X .6+.6 60 N?$%( .6 P&+%# %62-&,( = N-Z,%&,(X 60 1)HH N-6+6$%# P6$&@N(-%#$%6+ +(3-6 60 &@N?6+%( .6 -6$%# (-.&$#-&( 6$ 0# @6.&.# 6$ O?6 0&@&%N-&P&06'&(+ 6M&+%6$%6+ 6$ 60 &@N?6+%( .6 -6$%# (-.&$#-&(W

UgW F( (3+%#$%6X %(@#.(+ 6$ ,($*?$%(X 60 &@N?6+%( .6 -6$%# (-.&$#-&( = 1)HH N-6+6$%%(.#P;# '-#P6+ N-(306@#+ .6 65&,&6$,&# 6,($2@&,#X &$6O?&.#. [(-&C($%#0X #.6@Z+ .O?6 -6+?0%#$ ,(@N06*(+ = .&5;,&06+ .6 #.@&$&+%-#-

D> #;8T=9=8;9=4 89:;QE=94

&$,-6@6$%( .6 0(+ ,(+%(+ $( +#0#-&#06+ .60 Kd +6 %-#.?,6 6$ ?$ &$,-6@6$%( .60 .6+6@N06( 6$ ?$ LWId= -6.?,6 0# 5(-@#0&C#,&2$ 6$ ?$ ^LWVdW



:"

UUW 7# %#-&5# ,(@3&$#.# .6 -6$%# @Z+ 1)HH 6+ 6M,6+&P#@6$%6 606P#.# 6$ 60 ,($%6M&$%6-$#,&($#0W A#-# ILKVX 6$ ?$# @?6+%-# .6 KLJ N#;+6+X 0# %#-&5# ,(@3&$#.# .6 @Z+ 1)HH aTVdb 6+ 0# .Y,&@# @Z+ 606P#.#W H+%# %#+# 6+ #0%# 5-6$%6 #0 N-(@64@Y-&,# 7#%&$# aISWJdb = 0# 91:H aIVWKdb = 60 N-(@6.&( '0(3#0 aITWjdba>-Z5&,( KSbW

WBaT=9: DU> 04?4? Ea\=E4? 78 B8;<4 ?:5B8 ?:9=87478? @4B4 ,:6:E5=4 R 7=T8B8;<8?B8A=:;8? 786 EF;7:

KLLW 4.&,&($#0@6$%6X ,($%-#-&( # 0( O?6 +6 P&6$6 (3+6-P#$.( 6$ 60 @?$.( = 6$ 60-6+%( .6 4@Y-&,# 7#%&$#X 6$ 1(0(@3&# 0# %#-&5# ,(@3&$#.# %6$.6-Z # ,-6,6- # 5?%?-#0,#$C#$.( VTd 6$ ILKg N#-# 0#+ +(,&6.#.6+ @Z+ '-#$.6+a>-Z5&,( KgbW



:5

WBaT=9: DL> 04B=T4 78 =E@F8?<: 78 B8;<4 ^=;96FR8;7: ,&$$_ ?:5B8 64? 8E@B8?4?

KLKW H+%# 606P#.# %#-&5# #%6$%# ,($%-# 60 ,-6,&@&6$%(X 0# &$P6-+&2$ = 0# ,(@N66,($2@&,#W 4.&,&($#0@6$%6X 0(+ @]0%&N06+ 36$65&,&(+ (%(-'#.(+ '6$6-#$ &$6O?&[(-&C($%#0 = ,(+%(+ .6 65&,&6$,&# N(- @#0# #+&'$#,&2$ .6 -6,?-+(+ = -6.?,6$+&'$&5&,#%&P#@6$%6 60 -6,#?.(W 4 600( [#= O?6 #.&,&($#- (%-#+ ,#-'#+ &@N(+&+(3-6 0#+ 6@N-6+#+X 6$ N#-%&,?0#- 0# O?6 -6N-6+6$%# 60 &@N?6+%( # 0# -&O?6C#X0# &@N(+&3&0&.#. .6 .6+,($%#- 60 `E4 +(3-6 0# #.O?&+&,&2$ .6 #,%&P(+ 5&*(+W

KLIW 1(@( +6 @6$,&($2 #$%6+X 60 &@N?6+%( ,($*?$%( .6 -6$%# = 1)HH -6,#6N-&$,&N#0@6$%6 +(3-6 ?$ $]@6-( -6.?,&.( .6 6@N-6+#+ '-#$.6+X 0#+ ,?#06+ #N(-%#$60 gJd .60 -6,#?.(W H$ #.&,&2$X 60 &@N?6+%( # 0# -&O?6C#hN#%-&@($&( %#@3&Y$+(3-6 0#+ 6@N-6+#+ .6 @#=(- %#@#R(X 0#+ ,?#06+ #N(-%#$ 60 UJd .6 +? -6,#?.(W :66+%# @#$6-#X @&6$%-#+ 6$ 0# 91:H 60 SId .60 -6,#?.( N(- ,($,6N%( .6 &@N?6+%(+.&-6,%(+ a-6$%# @Z+ N-(N&6.#.b N-(P&6$6 .6 0#+ N6-+($#+ $#%?-#06+X 6$ 1(0(@3&# gTd N-(P&6$6 .6 0#+ 6@N-6+#+W H+%6 ]0%&@( N(-,6$%#*6 6+ %#@3&Y$ @?= +?N6(3+6-P#.( 6$ N-(@6.&( 6$ 4@Y-&,# 7#%&$# ajVdba>-Z5&,( KUbW



:>

WBaT=9: DY> ,:;<B=5F9=Q; 78 64? @8B?:;4? ;4<FB468? R 64? 8E@B8?4? 46 B894F7: 78=E@F8?<:? 7=B89<:? ^CIDC_

C> %8;8T=9=:? <B=5F<4B=:?Z <4?4? 8T89<=K4? 78 <B=5F<49=Q; 8 =;8NF=e:B=O:;<46

KLTW 7(+ #@N0&(+ 36$65&,&(+ 6$ 60 &@N?6+%( .6 -6$%# = 0# 606P#.# 6P#+&2$ N-(.?,6&$6O?&.#.6+ [(-&C($%#06+ = .&+%(-+&($6+ 6$ 0# #+&'$#,&2$ .6 -6,?-+(+ 6$ 0# 6,($(@;#W

!" <-+ 4*0*1&2&-+ ,/&4),!/&-+ *0 *$ &'()*+,- .* /*0,! 7 =>##

KLVW H$ 0# $(-@#%&P&.#. %-&3?%#-&# ,(0(@3&#$# +6 N?6.6$ .&+%&$'?&- ,&$,( %&N

36$65&,&(+ 6$ 60 &@N?6+%( +(3-6 0# -6$%# .6 0#+ 6@N-6+#+e &b 0(+ &$'-6+(+,($+%&%?%&P(+ .6 -6$%# $& '#$#$,&# (,#+&($#0X &&b 0#+ -6$%#+ 6M6$%#+X &&&b 0%-&3?%#-&(+X &Pb 0#+ %#-&5#+ -6.?,&.#+ #N0&,#306+ # 0(+ ?+?#-&(+ .6 C($#+ 5-#$,#+6$%&.#.6+ +&$ Z$&@( .6 0?,-( = Pb #0'?$#+ -6$%#+ 0;O?&.#+ 6+N6,&#06+ $( '-#P#.#+:636 @6$,&($#-+6 %#@3&Y$ 60 36$65&,&( 6M%-#(-.&$#-&( O?6 .6-&P#$ 0#+ 6@N-6+O?6 +?+,-&3&6-($ ,($%-#%(+ .6 6+%#3&0&.#. *?-;.&,# = O?6 $( +6 P6$ #56,%#.#+ N(-,#@3&(+ N-(.?,&.(+ 6$ -65(-@#+ %-&3?%#-&#+ N(+%6-&(-6+ +(3-6 0(+ %-&3?%(+ O6+%#3&0&C#-($ 6$ .&,[(+ ,($%-#%(+X .6 %#0 @(.( O?6 ,($+6-P#$ %#$%( %#-&5#+ -6.?,&.,(@( .6.?,,&($6+ 6 &$'-6+(+ $( ,($+%&%?%&P(+ .6 -6$%# O?6 =# $( 6M&+%6$ N#-# 0#+6@N-6+#+W

KLJW "&'?&6$.( 0( &$.&,#.( N(- 0# 76= gKU .6 ILLTX 60 <&$&+%6-&( .6 \#,&6$.# N-6+6$%##$?#0@6$%6 6$ 60 <#-,( G&+,#0 .6 <6.&#$( A0#C( ?$# ,?#$%&5&,#,&2$ N#-,&#0 .6 0(+36$65&,&(+ %-&3?%#-&(+ 6$ -6$%# 6 `E4Wj H$ 60 ,#+( .60 &@N?6+%( .6 -6$%# +(3-6 0#+

j H0 <G<A $( ,?#$%&5&,# 60 ,(+%( 5&+,#0 .6 0(+ 36$65&,&(+ (%(-'#.(+ # 0#+ 6@N-6+#+ 0(,#0&C#.#+ 6$ C($5-#$,#+ = .6 0(+ ,($%-#%(+ .6 6+%#3&0&.#. *?-;.&,#W



:D

6@N-6+#+X 60 <G<A N-6+6$%# 0#+ 6+%&@#,&($6+ .6 0(+ ,?#%-( N-&@6-(+ 606@6$P#06 .6,&-X $( &$,0?=6 60 ,(+%( 5&+,#0 .60 36$65&,&( (%(-'#.( # 0#+ C($#+ 5-#$,#+ $& .60(+ ,($%-#%(+ .6 6+%#3&0&.#. *?-;.&,#W :636 #$(%#-+6 #.6@Z+ O?6 60 <G<A $( 6+%&@60 ,(+%( 5&+,#0 .6 0(+ &$'-6+(+ $( ,($+%&%?%&P(+ .6 -6$%# ( '#$#$,&# (,#+&($#0W

KLjW "6']$ 0(+ ,Z0,?0(+ .6 +?,6+&P(+ <G<AX 0(+ 36$65&,&(+ %-&3?%#-&(+ ,($%&$]#$%6$&6$.( ?$ ,(+%( 5&+,#0 &@N(-%#$%6 .6 #0-6.6.(- .60 LWSd .60 A`/ N(- #R( a?$ N(,(@Z+ .6 fJ 3&00($6+ 6$ 0# #,%?#0&.#.bX #]$ .6+N?Y+ .6 0# 60&@&$#,&2$ .6 0# .6.?,,&2$N(- #,%&P(+ 5&*(+ N-(.?,%&P(+ # N#-%&- .6 0# 76= KVTL .6 ILKLX ,?=( ,(+%( 5&#0,#$C2 LWgd .60 A`/ 6$ ILLUW F( (3+%#$%6X 6+%# .6.?,,&2$X 5&+,#0@6$%6 @,(+%(+#X +6 @#$%?P( N#-# 0#+ 6@N-6+#+ O?6 [#3;#$ +?+,-&%( ,($%-#%(+ .6 6+%#3&0& *?-;.&,#a>-Z5&,( ILbW

KLSW A#-# 60 #R( '-#P#306 ILKTX 0#+ -6$%#+ 6M6$%#+ .60 &@N?6+%( .6 -6$%# (-.&$#-6N-6+6$%#$ 60 36$65&,&( @Z+ ($6-(+( N#-# 60 5&+,( aLWVd .60 A`/ #0 #R(bX +6'?&.( .0(+ .6+,?6$%(+ = 0#+ -6$%#+ 6M6$%#+ .60 1)HH aLWKd .60 A`/ #0 #R(b = 0# .6.?,,&2$ N(&$P6-+&2$ 6$ #,%&P(+ 5&*(+ O?6 ,($+6-P#$ 0#+ 6@N-6+#+ O?6 5&-@#-($ ,($%-#%(+6+%#3&0&.#. *?-;.&,# aLWLgd .60 A`/ #0 #R(bW

WBaT=9: CI> ,:?<: T=?946 78 6:? 58;8T=9=:? <B=5F<4B=:? 786 =E@F8?<: 78 B8;<4 78 64??:9=87478? 8?<=E47: 8; 86 "1"/

F(%#e 0(+ #R(+ .60 6*6 [(-&C($%#0 +6 -65&6-6$ # N6-;(.(+ '-#P#306+WG?6$%6e A#--# 6% #0W aILKVb = <G<A^ILKJW

KLgW :6 #,?6-.( ,($ 6+%&@#,&($6+ -6,&6$%6+ .6 0# :`4FX 60 ,(+%( 5&+,#0 .6 0# %#-&5#-6.?,&.# .6 0#+ C($#+ 5-#$,#+ #+,6$.&2 # fILL @&0 @&00($6+ N#-# 60 #R( '-#P#306ILKI = # fKIg @&0 @&00($6+ N#-# 60 ILKTa1?#.-( KLbW H+ .6 #$(%#- O?6 0# -6.?,,&2$.60 ,(+%( 5&+,#0 .60 36$65&,&( (36.6,&2 # 0# -6.?,,&2$ 6$ 0# %#-&5# .6 -6$%# .60-Y'&@6$ (-.&$#-&(W



::

KLUW H+%6 36$65&,&( $( 6+ N6O?6R( +& +6 %&6$6 6$ ,?6$%# O?6 5#P(-6,6 # ?$ $]@6-(N6O?6R( .6 6@N-6+#+ a@6$(+ .6 jLLbWS

,F47B: DI> )8964B49=:;8? 78 B8;<4 R 9:E@68E8;<4B=:?

G?6$%6e 1((-.&$#,&2$ .6 H+%?.&(+ H,($2@&,(+W ">49W :`4FW

KKLW 4.&,&($#0 #0 ,(+%( 5&+,#0 O?6 '6$6-#X 60 -Y'&@6$ .6 C($#+ 5-#$,#+ N-(.?,6 (%-#+.&+%(-+&($6+ a91:HX ILKJbW A(- 6*6@N0(X 60 -Y'&@6$ O?6 #N0&,# # 0#+ C($#+ 5-,-6#.#+ #$%6+ = .6+N?Y+ .6 ILKT 6+ .&56-6$%6W H$ 656,%(X 60 1)HH #N0&,# N#-# 0#++6 ,-6#-($ .6+N?Y+ .6 6+# 56,[#X $( N#-# 0#+ #$%6-&(-6+W 4+; @&+@(X 60 -Y'&@65#P(-#306 N#-# 0#+ C($#+ 5-#$,#+ ?$&^6@N-6+#-&#06+ $( 6+ #,,6+&306 N#-# 0#+ [email protected] @6$(- %#@#R( .63&.( # 0# &@N(+&3&0&.#. .6 ,?@N0&- ,($ 0#+ @6%#+ .6 &$P6-+&2$'6$6-#,&2$ .6 6@N06( N#-# #,,6.6- #0 @&+@(W H$ %6-,6- 0?'#-X @?,[#+ 6@N-6+#+ 6$

S "6 .6+%#,#$ .(+ %&N(+ .6 C($#+ 5-#$,#+ O?6 #,,6.6$ # 6+%6 -Y'&@6$ 6+N6,&#0e &b 0#+ C($#+ 5-#$,#+N6-@#$6$%6+ ( @?0%&^6@N-6+#-&#06+ O?6 ,($+&+%6$ 6$ ?$ Z-6# .6%6-@&$#.# 6$ 0# ,?#0 P#-&#+ 6@N-a?+?#-&(+b .6+#--(00#$ +?+ #,%&P&.#.6+ &$.?+%-&#06+X ,(@6-,&#06+ ( .6 +6-P&,&(+W :6 #,?6-.( ,($ 0# 4F:` 6$0# #,%?#0&.#. 6M&+%6$ TK C($#+ 5-#$,#+ N6-@#$6$%6+ 6$ 0#+ O?6 +6 ?3&,#$ JLL ?+?#-&(+ = &&b 0#+5-#$,#+ 6+N6,&#06+ ( ?$&^6@N-6+#-&#06+ 6$ .($.6 ?$# +(0# 6@N-6+# a?+?#-&( &$.?+%-&#0b&$.6N6$.&6$%6@6$%6 .60 Z-6# '6('-Z5&,# .($.6 +6 ?3&O?6X %&6$6 0# N(+&3&0&.#. .6 #@N#-#- +? #,%&P&,($ 0(+ 36$65&,&(+ .6 C($# 5-#$,#W



:I

C($# 5-#$,# $( .6+#--(00#$ N-(,6+(+ N-(.?,%&P(+ +&$( #N6$#+ N6O?6R#+%-#$+5(-@#,&($6+ # N-(.?,%(+ =# 60#3(-#.(+W

KKKW 7# 91:H aILKJb %#@3&Y$ @6$,&($# O?6 60 -Y'&@6$ 6+ .&5;,&0 .6 +?N6-P&+##.6@Z+ .6 O?6 +6 [#$ N-6+6$%#.( N-(306@#+ .6 ,($%-#3#$.( 6$ 0#+ C($#+ 5-#$,#+X

6+N6,&#0@6$%6 6$ C($#+ .6 5-($%6-#X = %#@3&Y$ +6 [#$ 6P&.6$,&#.( 6$ #0'?$(+ ,#+(+@#$&N?0#,&2$ .6 N-6,&(+ .6 %-#$+56-6$,&#W H$ 6+%6 @&+@( +6$%&.(X <60Y$.6C =aILKJb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

KKIW A(- (%-# N#-%6X 0# 6P&.6$,&# 6@N;-&,# +?'&6-6 O?6 60 656,%( .6 0(+ 36$65&,&(+ +(0# &$P6-+&2$X 6+N6,&#0@6$%6 .60 #+(,&#.( ,($ 0# .6.?,,&2$ N(- &$P6-+&2$ 6$ #,%&P5&*(+X $( 5?6 60 O?6 +6 6+N6-#3#W <60Y$.6C = >#0&$.( aILKLbX # N#-%&- .6 -6+?0%#.(+ .6 6*6-,&,&(+ 6,($(@Y%-&,(+ ,($ .#%(+ @&,-(6,($2@&,(+ .60 +6,%(-@#$?5#,%?-6-( ,(0(@3&#$(X 6$,?6$%-#$ O?6 60 3?6$ ,(@N(-%#@&6$%( .6 0#&$P6-+&2$ .?-#$%6 60 N6-;(.( ILLI^ILLS +6 6MN0&,2 6$ +? @#=(- N#-%6 N(- .6+#--(00(+@#,-(6,($2@&,(+ ,(@( 60 3((@ .6 50?*(+ .6 ,#N&%#06+ .?-#$%6 6+%6 N6-;(.( =h( N(-0# @6*(-;# 6$ 0#+ ,($.&,&($6+ .6 +6'?-&.#.X = $( N(- 0# N(0;%&,# %-&3?%#-&#Wg

KKTW 4.&,&($#0@6$%6X #.6@Z+ .6 %6$6- ?$ ,(+%( 5&+,#0 &@N(-%#$%6X O?6 $( N#-6P6-+6 ,(@N6$+#.( N(- @#=(- &$P6-+&2$ = '6$6-#,&2$ 5?%?-# .6 &$'-6+(+X 0(+36$65&,&(+ N-(.?,6$ '-#$.6+ &$6O?&.#.6+ = .&+%(-+&($6+ 6$ 0# #+&'$#,&2$ .6 0(+-6,?-+(+ 6$ 0# 6,($(@;# 6$ 0# @6.&.# 6$ O?6X ( 3&6$ 36$65&,&#$ # ?$ +6,%(- (&$.?+%-&# 6+N6,;5&,#X ,(@( N(- 6*6@N0( 0(+ 6M%6$.&.(+ # 0#+ 6@N-6+#+ 6.&%(-&#%?-&+@( = # #,%&P&.#.6+ #'-(N6,?#-&#+X (X #]$ N6(-X # 6@N-6+#+ 6+N6,;5&,#+ a5-6$(%-#+ O?6 ,(@N&%6$ .&-6,%#@6$%6 ,($ 600#+b N(- 60 [6,[( .6 (N6-#- 6$ C($#+ 5-#$,#+( 6+%#- #@N#-#.#+ N(- ,($%-#%(+ .6 6+%#3&0&.#. *?-;.&,#W 4?$O?6 #0'?$#+ .6 6+%#+.&+%(-+&($6+ +6 [#$ -6.?,&.( .6+.6 ILKT ,($ 0# #N0&,#,&2$ .60 1)HHX #]$ +($ @?=+&'$&5&,#%&P#+W

4" <! *6!+&80 *+ *$*6!.!

g H$ +?+ 6+%&@#,&($6+X 0# -60#,&2$ N(+&%&P# 6$%-6 0# @6.&.# .6 36$65&,&( %-&3?%#-&( = 0# &$P6-+&2$ .6 0# 5&-,?#$.( +6 &$,0?=6$ )1//"$2 .6 #R( 6$ 0# 6+%&@#,&2$ = 6+%6 -6+?0%#.( 6+ -(3?+%( # ,#@3&(+ 6$ 0# 6+N6,&5&,#,&2$ .6@(.60( 6@N;-&,(X # .&56-6$%6+ '-?N(+ .6 ,($%-(0X = # .&56-6$%6+ %Y,$&,#+ 6,($(@Y%-&,#+W



:O

KKVW 1-?C aILKJb 6+%&@# O?6 0# %#+# .6 6P#+&2$ N-(@6.&( 6$ 60 &@N?6+%( .6 -6$%#0#+ N6-+($#+ *?-;.&,#+ N#-# 60 N6-&(.( ILLS – ILKI +6 ?3&,2 6$ ?$ $&P60 .6 TUdW H+.6,&-X #$?#0@6$%6 N(- ,#?+# .6 0# 6P#+&2$ [#= ?$# NY-.&.# .6 &@N?6+%(+ N(- ?$@($%( ,6-,#$( # fKJ 3&00($6+X 0( O?6 6O?&P#06 #$?#0@6$%6 # IWT N?$%(+ .60 A`/W 7,Z0,?0(+ &$.&,#$ O?6 ,#.# N?$%( .6 -6.?,,&2$ .6 0# %#+# .6 6P#+&2$ .60 &@N?6+%( .6

-6$%# .6 0#+ N6-+($#+ *?-;.&,#+ 06 #N(-%#-;# # 0(+ &$'-6+(+ %-&3?%#-&(+ fVVI @@&00($6+ 6$ N6+(+ .6 ILKIW

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aP@Z+ #.60#$%6b @&6$%-#+ O?6 N#-# 0# 606P#.# N-(N(-,&2$ -6+%#$%6X 0# %#-&5# 656,Ld ( @?= 3#*#W 7# @#=(- 6P#+&2$ +6 N-6+6$%# 6$ +(,&6.#.6+ ,6--#.#+ 6$ %(.(+ 0(++6,%(-6+W

2" ?-+ !(/-@&'!2&-0*+ ! $! ,!+! *1*2,&6! .* ,/&4),!2&80

KKjW 4 ,($%&$?#,&2$ +6 N-6+6$%#$ .(+ #N-(M&@#,&($6+ .&56-6$%6+ .6 %#-&5#+ 656,%%(%#06+ N-(@6.&( N(- +6,%(- 6,($2@&,( O?6 +6 [#$ -6#0&C#.( .6$%-( .60 %-#3#*( .6 0#1(@&+&2$W 4@3(+ +6 ,#0,?0#$ ,(@( 0# -#C2$ 6$%-6 %(.(+ 0(+ &@N?6+%(+ .&-6,%(+ .6

(-.6$ $#,&($#0 = 0(,#0 O?6 -6,#6$ +(3-6 0#+ 6@N-6+#+ a@Z+ 0# ,#-'# O?6 -6N-6+6$%#60 [6,[( .6 0# &@N(+&3&0&.#. .6 .6+,($%#- 60 `E4 +(3-6 0# #.O?&+&,&2$ .6 3&6$6+ .6,#N&%#0b = 0# 3#+6 '-#P#306W

KKSW 7# N-&@6-# @6%(.(0(';# %(@# ,(@( 3#+6 '-#P#306 a.6$(@&$#.(-b 0#+ ?%&0&.#.6+.6,0#-#.#+ N(- 0#+ 6@N-6+#+ #$%6+ .6 O?6 6+%#+ +6 P6#$ #56,%#.#+ N(- 0(+ 656,%(+ .60(+ &@N?6+%(+ = 36$65&,&(+ %-&3?%#-&(+ acP&0#X ILKJbW H+%6 ,Z0,?0( N6-@&%,#-'# %-&3?%#-&# +(3-6 #O?600#+ 6@N-6+#+ O?6 .6,0#-#$ +&$ 6P#.&-W "&$ 6@3#-'(XN-&$,&N#0 0&@&%#,&2$ 6+ O?6 $( %(@# 6$ ,?6$%# 60 656,%( .6 +?3 .6,0#-#,&($6+ $& .6P#+&2$ = 60?+&2$W

KKgW H$ 60 +6'?$.( ,Z0,?0(X 60 $?@6-#.(- 6+ 60 @&+@( N6-( +6 N-(,?-# 6+%&@#- 0#+'#$#$,&#+ -6#06+ .6 0#+ 6@N-6+#+ a.6$(@&$#.(-b ,($ 3#+6 6$ 60 @($%( -6'&+%-#.( 6$60 -?3-( .6 6M,6.6$%6 3-?%( .6 6MN0(%#,&2$ .6 0#+ 1?6$%#+ F#,&($#06+ .60 :4FHa.6$(@&$#.( %#@3&Y$ -6@?$6-#,&2$ #0 ,#N&%#0 .6 0#+ 6@N-6+#+bX #0 ,?#0 +6 06 &@?$# %#+# .6 .6N-6,&#,&2$ N-(@6.&( .6 0# 6,($(@;# a"#0#C#- = 1(--6#X ILKJbW H0.6$(@&$#.(- 6$ 6+%6 ,Z0,?0( &$,0?=6X #+;X # %(.( 60 ?$&P6-+( .6 +(,&6.#.6+-6'&+%-#.#+X 6+ .6,&- #O?600#+ O?6 %-&3?%#$ = #O?600#+ O?6 $( 0( [#,6$X =X #.6@



:C

6P&%# 0(+ N-(306@#+ .6 +?3^.6,0#-#,&2$WU H$ (%-#+ N#0#3-#+X 6+%&@# 6$ 5(-@##N-(M&@#.# 60 656,%( .6 0# 6P#+&2$ = 0# +?3 .6,0#-#,&2$ .6 ?%&0&.#.6+ 6$ 0# %#-&656,%&P# .6 %-&3?%#,&2$ N-(@6.&( .6 ?$ +6,%(- 6+N6,;5&,(W

KKUW 4@3(+ ,Z0,?0(+ %&6$6$ P6$%#*#+ = 0&@&%#,&($6+ = @?6+%-#$ -6#0&.#.6+ .&56-

H$ ,($*?$%(X ,($+%&%?=6$ ?$# '?;# N#-# 0# %(@# .6 .6,&+&($6+ 6$ @#%6-&# .6 N(0;%&%-&3?%#-&#W

KILW 7( O?6 -6+?0%# ,(@]$ 3#*( 0#+ .(+ @6%(.(0(';#+ 6+ 0# 606P#.# .&+N6-+&2$ .6 0#+%#-&5#+ 656,%&P#+ N-(@6.&( 6$%-6 +6,%(-6+a,F47B: DDbW :6 #,?6-.( ,($ 60 N-&@6-,Z0,?0( 0#+ %#+#+ 656,%&P#+ N-(@6.&( (+,&0#-;#$ 6$%-6 VUd = KLJdW 7#+ %#+#+606P#.#+ N(-O?6 +(0( +6 %&6$6$ 6$ ,?6$%# 0#+ 6@N-6+#+ O?6 .6,0#-#$ = %-&3?%#$ = ++?N($6 O?6 $( 6P#.6$W `$.&,#$ O?6 0#+ 6@N-6+#+ O?6 $( 6P#.6$ 6$ ,#.# +6,%(-N#'#$ %#+#+ +?@#@6$%6 #0%#+ = ,($ ?$# .&+N6-+&2$ ,($+&.6-#306 6$%-6 +6,%(-6+ a=O?6 0(+ N-&P&06'&(+ %-&3?%#-&(+ 36$65&,&#$ @Z+ # ?$(+ +6,%(-6+ O?6 # (%-(+#,?6-.( ,($ 60 +6'?$.( ,Z0,?0(X 0#+ %#+#+ 656,%&P#+ (+,&0#$ 6$%-6 JWJd = VTdW H+%+6'?$.( ,Z0,?0( @?6+%-# O?6 [#= +6,%(-6+ .($.6 a#.6@Z+ .60 656,%( .6 0(+N-&P&06'&(+ %-&3?%#-&(+b 0# 6P#+&2$ = +?3^.6,0#-#,&2$ .6 ?%&0&.#.6+ 6+ -#@N#$%%#$%(X N#-# 0(+ ,?#06+ 0# %#+# 656,%&P# N-(@6.&( 6+ 3#*;+&@#W

KIKW 7# ,(@N#-#,&2$ .6 #@3#+ %#+#+ #0 &$%6-&(- .6 ?$ @&+@( +6,%(- -6+?0%#&$%6-6+#$%6W A(- 6*6@N0(X 6$ 60 ,#+( .60 +6,%(- #'-;,(0# 0# %#+# 3#*( 0# N-&@@6%(.(0(';# #--(*# KLJd @&6$%-#+ O?6 ,($ 0# +6'?$.# 6+ 0# @Z+ 3#*# 6$%-6 %(.(+ 0(++6,%(-6+X JWJdW H+%# ]0%&@# %#+# -6506*# 60 #0%;+&@( $&P60 .6 +?3^.6,0#-?%&0&.#.6+ = 6P#+&2$ 6$ 6+%6 +6,%(-W

U 7#+ 6@N-6+#+ &$,?--6$ 6$ ?$# +?3 .6,0#-#,&2$ .6 ?%&0&.#.6+ # %-#PY+ .6 0# .6,0#-#,&2$ .6 @6$(-6+&$'-6+(+ 6$ -60#,&2$ ,($ 0(+ 656,%&P#@6$%6 -6,&3&.(+ ( #0 -6N(-%6 .6 @#=(-6+ '#+%(+ = ,(+%(+ 5-6$%6 # 0(+O?6 6$ 656,%( &$,?--&2 0# 6@N-6+#W



IE

,F47B: DD> 04?4? 8T89<=K4? 78 <B=5F<49=Q; @B:E87=: 78 64? ?:9=87478? @:B ?89<:B8?89:;QE=9:?

G?6$%6e cP&0# aILKJb = "#0#C#- = 1(--6# aILKJbW

G> ,:E@68b=747 786 =E@F8?<:

KIIW 4 N6+#- .6 0#+ P6$%#*#+ .60 1)HH aO?6 N6-@&%6 @6$(+ .6.?,,&($6+b 60 +&+%6@.?#0 ^^-6$%# @Z+ 1)HH – #?@6$%# 0# ,(@N06*&.#.X 0( O?6 .&5&,?0%# 0# #.@&$&+%-#,&60 ,($%-(0 .6 0# 6P#+&2$W H$ %(.( ,#+(X 0# P6-+&2$ #*?+%#.# .6 0# 3#+6 '-#P#306 .601)HH 6$ 0# 06= KSTU +6 [# P6$&.( -6.?,&6$.( 6$ %#@#R( = #[(-# 6+ +&@&0#- # 0# .60&@N?6+%( .6 -6$%#W

KITW H+%#+ ,(@N06*&.#.6+ %&6$6$ O?6 P6- ,($ 60 [6,[( .6 %6$6- O?6 #N0&,#- .&56-6$%6+3#+6+X 6+O?6@#+ .6 -6%6$,&2$ = +&+%6@#+ .6 -6N(-%6 N#-# ,?@N0&- ,($ #@3(&@N?6+%(+W

KIVW 4.&,&($#0 # 6+%# @#=(- ,(@N06*&.#.X 0(+ ,(+%(+ .6 %-#$+#,,&2$ #+(,&#.(+ ,($ 60,?@N0&@&6$%( .60 &@N?6+%( %#@3&Y$ +6 [#$ &$,-6@6$%#.( N(- 60 [6,[( O?%6@N(-#0@6$%6X [#+%# ILKgX 0#+ 6@N-6+#+ +6 P6-Z$ (30&'#.#+ # 006P#- ,($%#3&0&.#.6+ aF``G = 1(0>##NbW H+%( 6$ -#C2$ # O?6 60 4-%;,?0( KjJ .6 0# 76= KjL.6 ILKI 6$ +? #-%;,?0( KjJ 6+%#306,&2 O?6 ]$&,#@6$%6 N#-# 656,%(+ %-&3?%#-&(+X

$(-@#+ ,($%#306+ O?6 +6 -65&6-#$ # 0#+ $(-@#+ %-&3?%#-&#+ ,($%&$?#-Z$ P&'6$.?-#$%6 0(+ V #R(+ +&'?&6$%6+ # 0# 6$%-#.# 6$ P&'6$,&# .6 0#+ F``GW :6 #,?6-.( ,($ 60>(3&6-$(X 6+%# .6,&+&2$ N6-@&%&-Z O?6 .?-#$%6 6+6 N6-;(.( +6 N?6.# @6.&- 6&@N#,%( %-&3?%#-&( .60 ,#@3&( .6 $(-@# ,($%#306W



I?

S> +6AF;:? 9:E8;<4B=:? ?:5B8 <B4<4E=8;<:? 7=T8B8;9=47:? 786 ,&$$R 6:? @4B4T=?9468? 4 94BA: 78 64? 8E@B8?4?

KIJW H0 N-(N2+&%( N-&$,&N#0 .6 0# +?+%&%?,&2$ .6 0(+ N#-#5&+,#06+ N(- 1)HH 5?-6.?,&- 0(+ .6+&$,6$%&P(+ 6M&+%6$%6+ N#-# 0# '6$6-#,&2$ .6 6@N06( 5(-@#0 6$

6,($(@;#W "&$ 6@3#-'(X 60 [6,[( .6 O?6 0# +?+%&%?,&2$ $( #56,%2 .6 @#$6-#?$&5(-@6 # %(.#+ 0#+ 6@N-6+#+ 0&@&%2 0#+ '#$#$,&#+ 6$ 65&,&6$,&# O?6 3?+,#@6.&.#W 7# #N0&,#,&2$ .&56-6$,&#.# .60 1)HH = +? 656,%( 6$ 60 N#'( .6 N#-#5&+,#06+ +-6+?@6 # ,($%&$?#,&2$e

#W 7(+ ?+?#-&(+ 6$ C($#+ 5-#$,#+ ,-6#.#+ #$%6+ .6 ILKT $( +6 P&6-($#56,%#.(+ N(- 60 1)HH @&6$%-#+ O?6 0(+ ?3&,#.(+ 6$ C($#+ 5-#$,#+ ,-6#.#+# N#-%&- .6 6$%($,6+ +; O?6.#-($ +?*6%#+ # 6+%6 &@N?6+%(W :6 6+%@#$6-#X 60 #0&P&( .60 N#'( .6 N#-#5&+,#06+ +(0( (N6-# N#-# 0#+ +6'?$.#+W

3W 7#+ H"47 $( +($ +?*6%(+ N#+&P(+ .60 1)HHW H+%( -6+?0%# 6$%6$.&306 6@6.&.# 6$ O?6 ,(@( 60 -Y'&@6$ 6+N6,&#0 0#+ 6M&@6 .60 &@N?6+%( .6 -6$%$( [#3;# ,2@( ,(@N6$+#- 5&+,#0@6$%6 0# 6M($6-#,&2$ .60 N#'( .6N#-#5&+,#06+ N#-# 6+%#+ 6$%&.#.6+W

KIjW 4+; @&+@(X ?$ 6+%?.&( -6,&6$%6 .60 G<` aILKVb +6R#0# ,($ -60#,&2$ #0 1)HH O“el límite de 10 salarios mínimos para alcanzar los beneficios de la redu ,,&2$ .6 0#+%#+#+ .6 +6'?-&.#. +(,&#0 ,-6# %#@3&Y$ ?$# .&+,($%&$?&.#. O?6 .&+%(-+&($# 0# ,#--6-+#0#-&#0 .6 0(+ 6@N06#.(+ = '6$6-# O?6 0(+ N#'(+ N(- 6$,&@# .6 6+6 @($%( +6 [#'#$&$5(-@#0@6$%6W 7#+ 6@N-6+#+ O?6 %6$'#$ $2@&$#+ ,($ +?60.(+ &$56-&(-6+ +?N6riores a dicho límite tendrán que administrar ambos sistemas.“

1> ,B=<8B=:? NF8 7858 AF=4B 64 B8T:BE4 46 =E@F8?<: 9:E5=;47: 78B8;<4 9:B@:B4<=K4 R ,&$$ R @B=;9=@468? @B:@F8?<4?

KISW :#.( 60 #$Z0&+&+ #$%6-&(- -6+?0%# $6,6+#-&( &$%-(.?,&- ,#@3&(+ .-Z+%&,(+&@N?6+%( ,($*?$%( .6 -6$%# (-.&$#-&( = 1)HHX %6$.&6$%6+ # [#,6- 0# %-&3?%#,.&-6,%# +(3-6 N6-+($#+ *?-;.&,#+ @Z+ +6$,&00#X # N-(@(P6- +? 6O?&.#. [(-&C($%#0 = -6.?,&- 0(+ .6+6+%;@?0(+ O?6 [(= .;# '6$6-# +(3-6 0# &$P6-+&2$ = 60 ,-6,&@&6$%( .60#+ 6@N-6+#+W

KIgW H$ @#%6-&# .6 &@N?6+%(+ .&-6,%(+ +(3-6 0#+ 6@N-6+#+X 0#+ #,,&($6+ .60 >(3&6.636$ (-&6$%#-+6 N-&$,&N#0@6$%6 # 0('-#-e "? ?$&5&,#,&2$ 6$ ?$ +(0( &@N?6+%(X 3#+#.( 6$ 0( N(+&306 6$ ?%&0&.#.6+ ,($%#30 D$# -6.?,,&2$ .6 0#+ %#-&5#+ 6+%#%?%#-&#+ [#,&# 6+%Z$.#-6+ &$%6-$#,&($#06+ D$# ,($+&.6-#306 #@N0&#,&2$ .6 0# 3#+6X @6.&#$%6 0# 60&@&$#,&2$ ( -6.?,,&2$

N-&P&06'&(+ %-&3?%#-&(+



I"

KIUW 7#+ N-(N?6+%#+ 6+N6,;5&,#+ .6 0# 1(@&+&2$ 6$ -60#,&2$ ,($ 60 &@N?6+%( .6 -6$,(-N(-#%&P# = 1)HH +($ 0#+ +&'?&6$%6+e

W> ,B849=Q; 78 F; ;F8K: =E@F8?<:P 86 =E@F8?<: ?:5B8 64? F<=6=7478?

8E@B8?4B=468?D> +;<89878;<8?

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

KTKW 1(0(@3&# #.(N%2 @6.&#$%6 0# 76= KTKV .6 ILLU 0#+ $(-@#+ &$%6-$#,&($#06+ &$5(-@#,&2$ 5&$#$,&6-# aF``GbX O?6 .&5&6-6$ .6 0#+ $(-@#+ ,($%#306+ O?6 -6';##$%6-&(-@6$%6 a1(0'##NbX ,($%6$&.#+ 6$ 60 :6,-6%( IjVU .6 KUUTX 6$ N-&$,&N&(-6'0#+ +(3-6 60 -6,($(,&@&6$%(X P#0(-#,&2$ = @6.&,&2$ .6 #,%&P(+X &$'-6+(+X ,(+%('#+%(+X 0( ,?#0 &$,&.6 6$ 60 -6+?0%#.(W 1(@( 60 H+%#%?%( Q-&3?%#-&( -6@&%6 # ,($%#306+X 60 4-%;,?0( KjJ .6 0# 76= KjLS .6 ILKI 6+%#306,&2 O?6 %#06+ -6@&+&($6+.63;#$ 6$%6$.6- #0 :6,-6%( IjVUW A#-# %#0 656,%(X 60 >(3&6-$( -6'0#@6$%2 0#(30&'#,&2$ .6 006P#- ?$ 0&3-( N#-# 0(+ #*?+%6+ %-&3?%#-&(+ ,($ 3#+6 6$ .&,[( .6,-6%(

.6 %#0 5(-@# O?6 +(0( [#+%# ,?#%-( #R(+ .6+N?Y+ %6$.-;#$ 656,%(+ %-&3?%#-&(+ 0#+ F`KTIW 7#+ $(-@#+ F``G .&5&6-6$ .6 0#+ $(-@#+ ,($%#306+ N-6P&#+ a1(0'##Nb 6$ %6@#+ .6

P#0(-#,&2$ .6 #,%&P(+ = N#+&P(+ = .6 -6,($(,&@&6$%( .6 &$'-6+(+X ,(+%(+ = '#+%(+%(.( 0( ,?#0 &$,&.6 6$ 60 -6+?0%#.(W H$ F``G +6 ,#?+# 60 &$'-6+(X ,(+%( ( '#+%( +&%6$6- 6$ ,?6$%# 60 @(@6$%( .6 0# -6#0&C#,&2$ .60 @&+@(X 6+ .6,&- .6 @#$6-#.&56-6$%6 #0 @#$6*( ,($%#306 = 5&+,#0 ,($5(-@6 #0 :6,-6%( IjVUW 4.&,&($#0@6$%6X $(-@#+ F``G -6,($(,6$ 60 .6%6-&(-( .60 #,%&P( ?$# P6C +6 .6%6-@&$6 O?6 6+%6 +6 [#'6$6-#.(X @&6$%-#+ O?6 3#*( 0# $(-@# 1(0'##NX 6+%( +(0( +6 .# ,?#$.( +6 -6#0&C# 60@&+@(X 6M,6N%( 6$ 60 ,#+( .6 0#+ N-(P&+&($6+ .6 ,#-%6-# 6 &$P6$%#-&N-&$,&N#0@6$%6X N#-# 0(+ ,?#06+ +6 %&6$6$ $(-@#+ 6+N6,;5&,#+ N#-# +? -6'&,($%#306 = -6,($(,&@&6$%( 5&+,#0W H$ %Y-@&$(+ '6$6-#06+X 60 $?6P( +&+%6@# N-0# &$5(-@#,&2$ N#-# 0(+ &$P6-+&($&+%#+ #,%?#06+ = 5?%?-(+ 5-6$%6 #0 N-&$,N-?.6$,&# 5-6$%6 # 0# 5(-@# ,2@( +6 -6,($(,6$ #,%?#0@6$%6 0(+ &$'-6+(+X ,(+%(+ ='#+%(+W

KTTW A(- %(.( 0( #$%6-&(-X #N-(P6,[#$.( 0# 6MN6-&6$,&# .6 P#-&(+ N#;+6+ .6 +&@&0#$&P60 .6 .6+#--(00( # 1(0(@3&#X 6$ (N&$&2$ .6 0# 1(@&+&2$ N#-6,6 (N(-%?$( O?6 6$ 60



I5

,($%6M%( .6 0# #.(N,&2$ .6 0#+ $?6P#+ $(-@#+ ,($%#306+X +6 60&@&$6 60 &@N?6+(3-6 0# -6$%# = ,(@N06@6$%#-&(+ = 60 1)HH N#-# 0#+ +(,&6.#.6+ = +6 6+%#306C,# ?$?6P( &@N?6+%( +(3-6 ?%&0&.#.6+ 6@N-6+#-&#06+X `DHW H$ 6+%6 $?6P( &@N?63#+6 '-#P#306 N#-%6 N-6,&+#@6$%6 .6 0# ?%&0&.#. ,(@6-,&#0X +(3-6 0# ,?#0 +6 [#,6$ 0,(--6,,&($6+ .6 ,#-Z,%6- %-&3?%#-&( &$.&+N6$+#306+W 7#+ $(-@#+ O?6 .65&$#$ 6+%

#*?+%6+X O?6 ,($,6$%-#-Z$ 0#+ .&56-6$,&#+ 6$%-6 0# ,($%#3&0&.#. = 60 $?6P( &@N?+(3-6 0#+ ?%&0&.#.6+X -6O?6-&-Z$ ?$ %-#3#*( @&$?,&(+( N(- N#-%6 .60 06'&+0#.(-X +&@N0&5&,#-Z$ +&$ .?.# #0'?$# %#$%( 60 ,?@N0&@&6$%( .6 0# (30&'#,&2$ %-&3?%#-6@N-6+#-&(+X ,(@( 0# 5?$,&2$ .6 5&+,#0&C#,&2$ .6 0# #.@&$&+%-#,&2$ %-&3-6.?,&6$.( &'?#0@6$%6 60 Z@3&%( .6 ,($50&,%( 6$ 0# &$%6-N-6%#,&2$ .6 0#+ $(-@#%-&3?%#-&#+W

KTVW H0 &@N?6+%( # 0# -6$%# = ,(@N06@6$%#-&(+ O?6 -&'6 6$ 1(0(@3&# .6+.6 60 +&N#+#.( $( -6+N($.6 # 0# $6,6+&.#. .6 +6N#-#- %-6+ +?*6%(+ .&56-6$%6+X O?6 %&6$6$.&56-6$%6 5?$,&2$ 6,($2@&,# = N(- %#$%(X .&5&6-6$ +?+%#$,&#0@6$%6 6$ 0(+ +?*6%3#+6+ = 0#+ %#-&5#+W 4+; +6 N-(N($6X 60&@&$#- 60 &@N?6+%( +(3-6 0# -,(@N06@6$%#-&(+ = 60 1)HH = ,-6#- %-6+ $?6P(+ &@N?6+%(+e 60 &@N?6+%( # 0# -6$%0#+ N6-+($#+ $#%?-#06+X ,(@6$%#.( #$%6-&(-@6$%6X 60 &@N?6+%( +(3-6 0#+ ?%&06@N-6+#-&#06+ .6 0#+ 6@N-6+#+ -6+&.6$%6+ = 60 &@N?6+%( +(3-6 0#+ ?%&06@N-6+#-&#06+ .6 0(+ $( -6+&.6$%6+W

KTJW :636 [#,6-+6 Y$5#+&+ 6$ O?6 ,($ 6+%6 $?6P( &@N?6+%( # 0#+ ?%&0&.#.6+6@N-6+#-&#06+e

"6 -6.?,&-Z$ $(%#306@6$%6 0(+ ,(+%(+ .6 ,?@N0&@&6$%( N#-# 0(+ ,($%-&3?=6$%6+0(+ .6 5&+,#0&C#,&2$ N#-# 0# #.@&$&+%-#,&2$

\#3-Z @#=(- ,6-%&.?@3-6 N#-# #@3(+ 6$ 0# #N0&,#,&2$ .6 0#+ $(-@#+ %-&3?%#-&#+

"6 6P&%#-Z 0# N-(0&56-#,&2$ .6 6M6$,&($6+X &$'-6+(+ $( ,($+%&%?%&P(+ .6 -6$.6.?,,&($6+ O?6 $( %&6$6$ -60#,&2$ .6 ,#?+#0&.#. ,($ 0# '6$6-#,&2$ .6?%&0&.#.6+X .6 @#$6-# O?6 60 +&+%6@# %-&3?%#-&( $( '6$6-6 N-&P&06'&(+ &$.6,(@N6%6$,&# .6+06#0 = +6 (3%6$'# ?$ -6,#?.( +?5&,&6$%6 ,($ %#+#+ ,(@N6%&%&P#$&P60 &$%6-$#,&($#0

KTjW A#-# 60 N-(,6+( .6 %-#$+&,&2$ 6$%-6 0#+ $(-@#+ 1(0'##N = 0#+ F``GX +6 .65&$&6-

%-6+ '-?N(+W A#-# 0(+ '-?N(+ K = TX 0#+ $(-@#+ F``G +($ (30&'#%(-&#+ .6+.6 ILKJ = N#-60 '-?N( IX 0( +6-Z$ # N#-%&- .60 ILKj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



I>

-6+N($+#3&0&.#. 6+N6,;5&,# 6$ N#-%&,?0#- +(3-6 0(+ #*?+%6+ %-&3?%#-&(+ # 0# ?,(@6-,&#0X +(3-6 0# ,?#0 +6 0&O?&.# 60 &@N?6+%(W

KTSW 4[(-# 3&6$X 5-6$%6 # 0# -60#,&2$ 6$%-6 0# ,($%#3&0&.#. 3#*( F``G = 60 $?6P&@N?6+%( N-(N?6+%( # 0#+ ?%&0&.#.6+ ,(@6-,&#06+X ,?=(+ N-&$,&N#06+ 0&$6#@&

,(@6$%#-Z$ @Z+ #.60#$%6X 0#+ .&56-6$,&#+ +6 ,6$%-#$ 6$ 0# &@N?%#,&2$ %6@N(+&%&P# ( $6'#%&P# #0 #R( 5&+,#0X ,($ 0( ,?#0X N#-%&- .60 -6+?0%#.( ,($%#306 +6 @Z+ ,($ 60 N-&$,&N&( .6 ,#N#,&.#. 6,($2@&,# = +6 +&@N0&5&,#X .6$%-( .6 0,(@N06*&.#. .60 &@N?6+%( # 0#+ +(,&6.#.6+X %#$%( 60 ,?@N0&@&6$%( N(- N#-%6 .6@N-6+#+ ,(@( 0# 5&+,#0&C#,&2$ N(- N#-%6 .6 0# #.@&$&+%-#,&2$X 6$ 0# @6.&.##,(%# 60 .63#%6 # 0#+ $(-@#+ .6 #*?+%6KLW

4_ $6 ;F8K: =E@F8?<: 4 64? F<=6=7478? 8E@B8?4B=468? ^#f$_>

"6 N-(N($6 O?6 0# 6+%-?,%?-# *?-;.&,# .60 $?6P( &@N?6+%( +(3-6 0#+ ?%&0&.#.6+6@N-6+#-&#06+X `DHX ,($%6@N06 0(+ #+N6,%(+ O?6 +6 ,(@6$%#$ # ,($%&$?#,&2$e

AB" C/-()*+,! BD E*2F- 5*0*/!.-/ .*$ &'()*+,- ! $!+),&$&.!.*+ *'(/*+!/&!$*+G HI#

KL )60#,&2$ $(-@#+ ,($%#306+ = $(-@#+ 5&+,#06+W B?#$ k(-$(C# = 4$.-Y+ /#YCW H0 &@N?6+%( +(3-6 0# -6D$&P6-+&.#. HM%6-$#.( .6 1(0(@3&#W ILKJW

"6 N-(N($6 ,-6#- ?$ $?6P( &@N?6+%( # 0#+ ?%&0&.#.6+ 6@N-6+#-&#06+ `DHX O?6 '-#P6?%&0&.#.6+ .6 0#+ 6@N-6+#+ N-(P6$&6$%6+ .6 %(.#+ +?+ (N6-#,&($6+ -6#0&C#.#+ 6$ 60H+%6 &@N?6+%( +?+%&%?=6 #0 &@N?6+%( .6 -6$%# = ,(@N06@6$%#-&(+X #0 1)HH = += %(.(+ 0(+ 36$65&,&(+ 6$ 600(+ ,($%6$&.(+W



ID

AJ" C/-()*+,! JD K);*,-+ (!+&6-+ .*$ &'()*+,- ! $!+),&$&.!.*+ *'(/*+!/&!$*+G HI#D

7(+ +?*6%(+ N#+&P(+ .60 &@N?6+%( # 0#+ ?%&0&.#.6+ 6@N-6+#-&#06+X `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

H$ %(.( ,#+( 6+%#+ 5(-@#+ .6 #+(,&#,&2$ .636-Z$ .6+&'$#- ?$ -6N-6+6$%#$%6 06'#0 = 0(@&6@3-(+ O?6 0#+ ,($5(-@6$ +6-Z$ -6+N($+#306+ +(0&.#-&(+ N(- 60 `DH N(- 0#+ ?%&0.6-&P#.#+ .6 %#06+ 5(-@#+ .6 #+(,&#,&2$W

F( +6-Z$ +?*6%(+ N#+&P(+ 0#+ 6$%&.#.6+ N]30&,#+ ,?#$.( $( .6+#--(006$ #,%&P&.#6@N-6+#-&#06+ O?6 '6$6-6$ &$'-6+(+W



I:

AL" C/-()*+,! LM N!+* 5/!6!4$* .*$ HI#

KTgW

4*?+%6+ # 0# 3#+6 ,($%#306W 1(@( +6 @6$,&($2X 0# 3#+6 '-#P#306 N#-# 60 ,Z0,?0(.60 $?6P( &@N?6+%( # 0#+ ?%&0&.#.6+ 6@N-6+#-&#06+ a`DHb +6-;# .6%6-@&$#.# N#-%.6 0#+ ?%&0&.#.6+ ,($%#306+ O?6 ,#.# 6$%&.#. *?-;.&,# .6%6-@&$# 6$ +? +&+%6@,($%#306X 60 ,?#0 +6-Z 60 +&+%6@# F``G # N#-%&- .6 ILKJ N#-# 60 '-?N( .6 6@N-6+#+ T =X # N#-%&- .6 ILKjX N#-# 60 '-?N( IW

KTUW 1(@( %#@3&Y$ +6 #$(%2X 6+%( 5#,&0&%#-Z 0(+ N-(,6+(+ #.@&$&+%-#%&P(++(,&6.#.6+ = N6-@&%&-Z ?$(+ N-(,6+(+ .6 5&+,#0&C#,&2$ N(- N#-%6 .6 0# :`4F @Z+6$,&00(+X 6MN6.&%(+ = ,($ 0# '#-#$%;# O?6 0# ,($%#3&0&.#. +6-Z 0# 3#+6 N-&$,&N#0.&56-6$%6+ -?3-(+ O?6 +(N(-%#$ 0#+ .6,0#-#,&($6+ %-&3?%#-&#+W

KVLW H$ 0# `@N06@6$%#,&2$ .6 0#+ $(-@#+ F``G +6 '6$6-#-($ &@N(-%#$%6+ #*?+%6+ # #,%&P(+X N#+&P(+ = ,?6$%#+ .6 N#%-&@($&(X %#$%( 6$ 60 /#0#$,6 `$&,&#0 00#@#,(@( 6$ 0(+ 6+%#.(+ 5&$#$,&6-(+ .6 0(+ #R(+ O?6 [#$ %-#$+,?--&.(W 7#&@N06@6$%#,&2$ .6 6+%#+ $(-@#+ &@N0&,#$ ,#@3&(+ 6$ .&56-6$%6+ #+N6,%(+XN(- 6*6@N0(e

7# #.(N,&2$ .6 $?6P(+ +&+%6@#+ .6 P#0(-#,&2$ .6 #,%&P(+ = N#+&P(+ aP#0(--#C($#306 = ,(+%( #@(-%&C#.(X 6$%-6 (%-(+b

7# 3#+6 '-#P#306 N#-%&-;# .6 0# ?%&0&.#. ,($%#306X #$%6+ .6 &@N?6+%(+X = +6+(0#@6$%6 .(+ %&N(+ .6 #*?+%6+ # 6+# ,&5-#e

KW D$(+ #*?+%6+ O?6 3?+,#$ #+6'?-#- ?$ %-#%#@&6$%( ?$&5(-@6 6$ Z-6#+ 6$ 0#+ O?6 0$(-@#+ F``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

IW 9%-(+ #*?+%6+ O?6 0&@&%#$ 0# ?%&0&C#,&2$ N#-# 5&$6+ 5&+,#06+ .6 N#'(+ O?-60#,&2$ .6 ,#?+#0&.#. ,($ 0# '6$6-#,&2$ .6 ?%&0&.#.6+ ( O?6 +($ .6 .&5;,&0 ,($%-(0X #+;,(@( 5&'?-#+ ?%&0&C#.#+ ,($ ,0#-(+ 5&$6+ .6 60?+&2$ %-&3?%#-&#W H$%-6 600(+X 0;@&%6+ = $(-@#+ -60#,&($#.#+ ,($ N#'(+ #0 6M%6-&(-X O?6 .636-Z$ +6'?&- ,-&%6,(@]$@6$%6 ?%&0&C#.(+ 6$ N#;+6+ .6 0# 91:H a6'X ,($ -6+N6,%( # N-6,&(+ .6%-#$+56-6$,&# = N#'( .6 &$%6-6+6+ # P&$,?0#.(+ 6,($2@&,(+ ( # *?-&+.&,,&($6+ .6 3#*%-&3?%#,&2$bX = N#'(+ .(@Y+%&,(+ # 6$%&.#.6+ P&$,?0#.#+ ( # $( ,($%-&3?=6$%6+W



II

F?6P(+ @Y%(.(+ .6 .6%6-@&$#,&2$ .6 P&.#+ ]%&06+ = P#0(-6+ -6+&.?#06+ 6$ 0(+#,%&P(+ 5&*(+X .6N-6,&#,&2$ = #@(-%&C#,&2$

)6,($(,&@&6$%( .6 .6%6-&(-(+ .6 #,%&P(+ 3#*( $?6P#+ @6%(.(0(';#+ H0&@&$#,&2$ .6 ,&6-%#+ N#-%&.#+ O?6 [#+%# 0# 56,[# +6 ,#N&%#0&C#3#

.6N-6,&#,&2$ ( #@(-%&C#,&2$ 6-#$ 006P#.#+ #0 6+%#.( .6 -6+?0%#.(+ )6,($(,&@&6$%( .6 #,%&P(+ 6$ ?+( =# %(%#0@6$%6 .6N-6,&#.(+ ( #@(-%&C#.(+ <6%(.(0(';#+ N#-# 60 -6,($(,&@&6$%( .6 #,%&P(+ 6$ #0'?$(+ +6,%(-6+

6+N6,&#06+ ,(@( ,($+%-?,,&2$X #'-&,?0%?-# = '#$#.6-;#X 6$%-6 (%-(+ <6%(.(0(';#+ N#-# 6+%&@#- 60 P#0(- .6 ,(@N-# .6 6@N-6+#+ .6 0#+ O?6 +6

#.O?&6-6 ,($%-(0 F?6P(+ ,-&%6-&(+ N#-# -6'&+%-#- = -6,($(,6- (N6-#,&($6+ .6 06#+&$'X .6

,(36-%?-# = N-(N&6.#.6+ .6 &$P6-+&2$ F?6P(+ ,-&%6-&(+ N#-# .&+%&$'?&- 6$%-6 ?$ 0,'(43 , B,431 =* )*1-*13' H .2,

,?6$%# N#%-&@($&#0X 0( ,?#0 %&6$6 &@N0&,#,&($6+ &@N(-%#$%6+,($%#3&0&.#. .6 #0'?$(+ +6,%(-6+ ,(@( N(- 6*6@N0(X 0#+ ,((N6-#%&P#+

1#@3&(+ +?+%#$,&#06+ 6$ 0# (N(-%?$&.#. 6$ 0# ,#?+#,&2$ .6 0(+ &$'-6+(+ = 6$0# 5(-@# .6 .6%6-@&$#- 60 P#0(- # ,#?+#- .6 ,(+%(+ = '#+%(+

KVKW 1($+,&6$%6 .6 %(.(+ 0(+ ,#@3&(+ O?6 &@N0&,# 0# #.(N,&2$ .6 0#+ $(-@#+ F``G = +?+6P6$%?#06+ 656,%(+ 6$ @#%6-&# 5&+,#0X 0# 1(@&+&2$ -6,(@&6$.# O?6 60 '(3&6-$(X&$%6-@6.&( .6 0# :&#$X ,($5(-@6 ?$ '-?N( .6 %-#3#*( 6+N6,&#0X #N(=#.( ,($ 6MN6-%(+= #.(N%6 ,($ ?$ N0#$ .6 %-#3#*( 6+N6,;5&,( = 6+%-&,%(X N#-# O?6 # 0# @ZM&@3-6P6.#.X 6+%6 .6%6-@&$6 ,?Z06+ +6-;#$ 0(+ #*?+%6+ # -6,($(,6- +(3-6 0# ?%&0&.#.

,($%#306WKVIW 7# 1(@&+&2$ +?'&6-6 O?6 +6 6+%?.&6 0# N(+&3&0&.#. .6 O?6 N#-# 656,%(+ 5&+,#0

N-6+6-P6$ 0(+ ,($,6N%(+ .6 ,(+%( [&+%2-&,( = 0# ,#?+#,&2$ .60 ,(+%( ( '#+%( ( &$'-6+(6$ 60 @(@6$%( O?6 656,%&P#@6$%6 +6 (-&'&$# ?$# (30&'#,&2$ .6 N#'#- ( ?$ .6-6,[( #-6,&3&- #0'?$# ,($%-#N-6+%#,&2$ N(- .&,[( ,(+%(X '#+%( ( &$'-6+( '6$6-#.(X N(-+?N?6+%(X #+6'?-Z$.(+6 .6 O?6 +6#$ (N6-#,&($6+ ,&6-%#+X O?6 '?#-.#$ %(%#0N-(N(-,&($#0&.#. 6$%-6 600#+ = O?6 656,%&P#@6$%6 +($ $6,6+#-&#+ N#-# 60 .6+#--(0.6 0# #,%&P&.#. .6 ,#.# 6@N-6+#W

KVTW 4.&,&($#0@6$%6X 0# 1(@&+&2$ -6,(@&6$.# O?6 0# :&#$ 5(-%#06C,# 0(+ ,($,6N%(+ #,6N%#,&2$ .6 ,&6-%(+ ,(+%(+ = '#+%(+ O?6 .636$ .6 ,?@N0&- ,($ ,($.&,&($6+6+N6,&#06+ N#-# +6- #,6N%#.(+ 5&+,#0@6$%6W 40 -6+N6,%(X 0# 1(@&+&2$ ,($+&.6.6$%-( .6 0(+ N-&$,&N#06+ %6@#+ O?6 .636-;#$ %6$6-+6 6$ ,?6$%# 6+%#-;#$ 0(++&'?&6$%6+e 0;@&%6 .6 &$%6-6+6+ = +?3,#N&%#0&C#,&2$X N#'(+ #0 6M%6-&(-X %,($ N#-%6+ -60#,&($#.#+ 6$ 1(0(@3&# ( 6$ 60 6M%-#$*6-(X .6+6@3(0+(+ 6$ 656,%&P(X@#$6*( .6 .&P&.6$.(+ -6,&3&.(+ = N#'#.(+X .($#,&($6+ 656,%?#.#+ # H"47 O?6N6-%6$6,6$ #0 )QHX N#'(+ 0#3(-#06+X ?%&0&.#.6+ N-(P6$&6$%6+ .6 ,($+(-,&(+X ?$&(



IO

%6@N(-#06+X N#%-&@($&(+ #?%2$(@(+ ( ,?#0O?&6- (%-# 5(-@# .6 #+(,&#,&2$X ?%&0( NY-.&.#+ 6$ P6$%#+ .6 3&6$6+ .6 ,#N&%#0X -6%-&3?,&2$ ( NY-.&.#+ .6 5($.(+ N-(N&(+@#$6*( .6 N-(P&+&($6+ N#-# N-(%6,,&2$ .6 #,%&P(+ ,(@( .6?.(-6+ 6 &$P6$%#-&(+X#,6N%#,&2$ .6 (%-(+ '#+%(+ O?6 .636$ .6 %6$6- ,#?+#0&.#. ,($ 0# -6$%# (-&'&$#.#X@#$6*( .6 NY-.&.#+ 5&+,#06+ N#-# #R(+ +&'?&6$%6+X +&+%6@#+ N#-# .6%6-@&$#- N

-6$%#+ N(- ,(@N#-#,&2$ .6 N#%-&@($&(+X = -6,($(,&@&6$%( .6 -6$%#+ N(--6,?N6-#,&2$ .6 .6.?,,&2$W

KVVW :6 6+%# @#$6-#X 0# ?%&0&.#. ,($%#306 @Z+ ( @6$(+ 0(+ #*?+%6+ N-(N?6+%(+ #@&+@# '6$6-#-;#$ 0# ?%&0&.#. '-#P#306 O?6 +6-Z 0# 3#+6 N#-# ,#0,?0#- 60 &@N?6+%0#+ ?%&0&.#.6+ 6@N-6+#-&#06+W

AO" C/-()*+,! OM N!+*+ 5/!6!4$*+ !$,*/0!,&6!+

KVJW H$ 60 $?6P( &@N?6+%( # 0#+ ?%&0&.#.6+ 6@N-6+#-&#06+ +6 ,($+&.6-#-Z$ 0#++&'?&6$%6+ 3#+6+ #0%6-$#%&P#+e &b 0# 3#+6 N-6+?$%&P# = &&b 0# ?%&0&.#. N(- ,(@N#%-&@($&#0W

KW f<=6=747 @B8?F;<=K4> "6 @#$%6$.-;# 60 -Y'&@6$ .6 ?%&0&.#.6+ N-6+?$%&P#+ +(3-N#%-&@($&( $6%(X ,($ 0#+ +&'?&6$%6+ ,#-#,%6-;+%&,#+e +6 ,($+&.6-# ,(@( ?%N-6+?$%# 60 Vd .60 N#%-&@($&( $6%( ,($%#306 .60 #R( #$%6-&(-W "6 #N0&,# #N6-+($# *?-;.&,#X 6M,6N%( # 0#+ H"47 .6 -Y'&@6$ 6+N6,&#0 a= # 0(+ $( ,($%-&3?=6$%# +(,&6.#.6+ 6$ 0&O?&.#,&2$ O?6 $( @#$%6$'#$ +? $6'(,&( 6$ .6+#--(00(X N(- ?$N6-;(.( $( @#=(- # %-6+ #R(+W H0 6M,6+( .6 ?%&0&.#. N-6+?$%&P# +(3-6 -6$%# '-#P#a( NY-.&.#b N?6.6 ,(@N6$+#-+6 6$ 0(+ J #R(+ N(+%6-&(-6+ [#+%# ,($,?--6$,&# .606M,6+(X ,(@( (,?--6 6$ 0# #,%?#0&.#. ,($ 60 &@N?6+%( # 0# -6$%#W 7#+ ]$&,#6M,0?+&($6+ 6$ 60 N#%-&@($&( 3#+6 .6 0# ?%&0&.#. N-6+?$%# +6-;#$e &b 0(+ N-&@.6 6@N-6+#+ $?6P#+ +6']$ 0( .6%6-@&$6 60 -6'0#@6$%(_ &&b 0(+ N#%-&@($&(N6-&(.(+ .6 6MN0(-#,&2$ 6$ N6%-206( = @&$6-;#_ &&&b 0(+ N#%-&@($&(+ 6$ N6N-(.?,%&P( 6$ ,?0%&P(+ .6 %#-.;( -6$.&@&6$%(_ = &Pb N#%-&@($&(+ 6$ C($#+ .6,0#6$ 6@6-'6$,&#W

IW f<=6=747 @:B 9:E@4B49=Q; @4<B=E:;=46P0# 1(@&+&2$ -6,(@&6$.# O?6 +6 @#$%6$'# 60,($,6N%( .6 .6%6-@&$#,&2$ .6 ?%&0&.#. 3#*( 60 @Y%(.( .6 ,(@N#-#,&2$ N#%-&@($&.63&.#@6$%6 #,%?#0&C#.#W



IC

AP" C/-()*+,! PM Q!/&1!+

AR" C/-()*+,! RM ?*+2)*0,-+ ,/&4),!/&-+

AS" C/-()*+,! SM C/&02&(&- .* $*5!$&.!.

\#3-Z ?$# %#-&5# ]$&,# N#-# %(.#+ 0#+ +(,&6.#.6+W 7# 1(@&+&2$ ,($+&.6-# O?6 0# %#N?6.6 ?3&,#-+6 6$%-6 60 TLd = TJdX .6N6$.&6$.( .6 +& +6 #.(N%#$ %(.#+ ( 0# @#=(-;# .60#+ -6,(@6$.#,&($6+ [6,[#+ N#-# 60 &@N?6+%( .6 ?%&0&.#.6+ 6@N-6+#-&#06+X .&P&.6$.6 N6-+($#+ $#%?-#06+W A#-# 5&*#- ?$# N-(N?6+%# 6+N6,;5&,# +(3-6 6+6 $&P60 +6-Z $6,6#.60#$%#- @#=(-6+ 6+%?.&(+ N(- N#-%6 .60 >(3&6-$( = .65&$&- 60 .6%#006 .60 %-#%#@06'#0 = -6'0#@6$%#-&( .60 $?6P( &@N?6+%(W

H$ ,?#$%( # 0(+ .6+,?6$%(+ %-&3?%#-&(+ 0# 1(@&+&2$ -6,(@&6$.# #0 >(3&6-$( 0( +&'?&6

D$# P6C #N0&,#.# 0# %#-&5# # 0# 3#+6 '-#P#306X +6 (3%&6$6 60 &@N?6+%( # 0#+ 6@N-6+#-&#06+X .60 ,?#0 +6 N(.-Z$ .6+,($%#- ]$&,#@6$%6e 0(+ &@N?6+%(+ N#'#.(+ 66M%6-&(-_ 60 ILd .60 P#0(- .6 0(+ '#+%(+ 6$ `$P6+%&'#,&2$X :6+#--(00( 6 `$$(P#,&2$ aò)65(-6+%#,&2$ = A-(%6,,&2$ 4@3&6$%#0 = 60 TLd .6 0#+ .($#,&($6+ # H"47 .60 -Y'&@6+N6,&#0 a0(+ ,?#06+ $( +6-Z$ .6.?,&306+ .60 &@N?6+%( .6 ?%&0&.#.6+ 6@N-6+#-&#06.6+,?6$%(+ N(- ò:o&X )65(-6+%#,&2$ = A-(%6,,&2$ 4@3&6$%#0 = .($#,&($6+ # H"47 6+%0&@&%#.(+ ,($*?$%#@6$%6 #0 ILd .60 P#0(- .60 &@N?6+%( # 0#+ ?%&0&.#.6+ 6@N-6+#.6+,?6$%(+ N(- #,%&P&.#.6+ .6 )65(-6+%#,&2$ = A-(%6,,&2$ 4@3&6$%#0 %6$.-Z$ O?6#N-(3#.(+ N(- ?$ 1(@&%Y H+N6,&#0&C#.( .6$%-( .6 ?$ N-6+?N?6+%( #$?#0 5&*#.( 6$ 0# 7%#0 = ,(@( (,?--6 #,%?#0@6$%6 ,($ 60 .6+,?6$%( a[(= .6.?,,&2$b N#-# #,%&P&.#.6+ .6

ò:o&W

Q6$&6$.( 6$ ,?6$%# 60 N-&$,&N&( .6 06'#0&.#.X 0(+ ,#@3&(+ ,($ &$,&.6$,&# %-&3?%$?6P#+ $(-@#+ ,($%#306+ .636-Z$ +6- &$,(-N(-#.(+ 6$ 0# $(-@# %-&3?%#-&#X N#-# ON?6.#$ +6- #N0&,#.(+ # N#-%&- .6 0# +&'?&6$%6 P&'6$,&# 5&+,#0W



OE

AT" C/-()*+,! TM H'()*+,- +-4/* $! /*0,! .* $-+ 0-/*+&.*0,*+

AU" C/-()*+,! UD V!0!02&!+ -2!+&-0!$*+

ABW" C/-()*+,! BWM >*.!22&80 .*$ (/-7*2,- .* $*7

H+%6 &@N?6+%( +6 #N0&,# # 0#+ N6-+($#+ *?-;.&,#+ = $#%?-#06+X = # 0#+ #+&@&0(%-#+X O?6 (3%6$'#$X ( # 0#+ O?6 +6 06+ #%-&3?=#$X -6$%#+ .6 5?6$%6 $#,&($#0 &@N?6+%( +6 0&O?&.# +(3-6 60 P#0(- %(%#0 .6 0(+ &$'-6+(+ N6-,&3&.(+ N(- #,%&P&.#.6+6$ 1(0(@3&#W 7# %#-&5# @ZM&@# #N0&,#306 +6-Z 0# @&+@# .60 &@N?6+%( # 6@N-6+#-&#06+ ( .60 &@N?6+%( +(3-6 0# -6$%# .6 N6-+($#+ $#%?-#06+X +6']$ +6# 60 ,#+6@3#-'(X 0# 06= a( 60 -6'0#@6$%(X 6$ 0(+ ,#+(+ 6$ 0(+ O?6 0# -6%6$,&2$ 6$ 0# 5?6$%6 $( +&@N?6+%( .65&$&%&P(b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

7# 1(@&+&2$ N-(N($6 O?6 0#+ '#$#$,&#+ .6 ,#N&%#0 +6 ,($+&.6-#$ &$'-6+(+ '-#P#.(+ = ?%&0&.#. +6 ,#0,?0#-Z ,(@( 0# .&56-6$,&# 6$%-6 60 &$'-6+( = 60 ,(+%( 5&+,#0 .6 0(+ 3&6$6

'#$#$,&#+ +6 '-#P#-Z$ ,(@( -6$%# (-.&$#-&# .6 0# +(,&6.#.W H+%( 60&@&$#-;# 0(+ N-(306#,%?#06+ = 6P&%#-;# O?6 +6 '6$6-6$ .&56-6$,&#+ @?= '-#$.6+ a6$ &@N?6+%(+b8

"6 +?'&6-6 O?6 60 >(3&6-$( +6 #+6+(-6 ,($ 6MN6-%(+ 6$ $(-@#+ F``G N#-# 0# N-($%60#3(-#,&2$ .6 0#+ $(-@#+ 06'#06+ O?6 .6+#--(006$ 0# N-(N?6+%# .60 $?6P( &@N?6+%( ?%&0&.#.6+ 6@N-6+#-&#06+W



O?

ABB" C/-()*+,! BBM C!/!1&+2!$*+

#J> 0B4<4E=8;<: <B=5F<4B=: 78 6:? 7=K=78;7:?

+> &VA=E8; 49<F46 R 868E8;<:? 78 7=4A;Q?<=9:

KVjW :6 #,?6-.( ,($ 60 #-%;,?0( Vg .60 H+%#%?%( Q-&3?%#-&(X 6$ 1(0(@3&# 0(+ .&P&.6$.(+$( 6+%Z$ '-#P#.(+ 6$ ,#36C# .6 0# N6-+($# +& 0#+ ?%&0&.#.6+ .&+%-&3?&.#+ 5?6-('-#P#.#+ 6$ ,#36C# .6 0# +(,&6.#. O?6 -6N#-%6 +?+ ?%&0&.#.6+W

KVSW H0 N-&$,&N#0 #-'?@6$%( N#-# $( '-#P#- 0(+ .&P&.6$.(+ 6+ O?6 .#.( O?6 0#+?%&0&.#.6+ .6 0# +(,&6.#. =# [#$ +&.( '-#P#.#+ ,($ 60 &@N?6+%( # 0# -6$%#X +6 6+%#-;&$,?--&6$.( 6$ ?$# .(306 %-&3?%#,&2$ +& +6 '-#P#-#$ +?+ .&P&.6$.(+ $?6P#@6$%6W

KVgW 1(@N#-#,&($6+ &$%6-$#,&($#06+ @?6+%-#$ O?6 0# %-&3?%#,&2$ '0(3#0 +(3-6 0-6$%#+ ( ?%&0&.#.6+X ,($,6N%( O?6 %&6$6 6$ ,?6$%# 0# %#-&5# @ZM&@# .60 &@N-6$%# +(3-6 0#+ +(,&6.#.6+ = 0# %#-&5# @ZM&@# O?6 -6,#6 +(3-6 0(+ .&P&.6$.(+ 6,#36C# .60 #,,&($&+%#X 6+ -60#%&P#@6$%6 3#*# 6$ 1(0(@3&#aWBaT=9: CDbW 4?$O?66M&+%6$ '-#$.6+ .&56-6$,&#+ 6$%-6 N#;+6+X 0# %#-&5# '0(3#0 +(3-6 0#+ ?%&0&.#.6+6+ 6$ N-(@6.&( VLd N#-# 0(+ N#;+6+ .6 0# 91:HW H$ 1(0(@3&# #,%?#0@6$%6 6+%# %#6+%Z 6$ TVd .#.( O?6 0(+ .&P&.6$.(+ 6+%Z$ +?*6%(+ #0 &@N?6+%( .6 -6$%# %-#.&,&($#60 1)HH # $&P60 6@N-6+#-&#0 aA6--6% = /-=+X ILKJbW F( (3+%#$%6X +& $( +6 [#,6 $@(.&5&,#,&2$ 6$ @#%6-&# .6 %#-&5# .60 &@N?6+%( .6 -6$%# ,(-N(-#%&P# = 1)HH 006VTd 6$ ILKgW

"6 -6,(@&6$.# #0 >(3&6-$( 6+%?.&#- 0# 60&@&$#,&2$ .6 0(+ N#-#5&+,#06+ -6@#$6$%6+ +&+%6@# .6 +#0?.X 60 `1/G = 60 "HF4X #+; ,(@( 0# ,($%-&3?,&2$ N#-# 0#+ 1#*1(@N6$+#,&2$W A#-# 60 ,#+( .6 +#0?.X `1/G = "HF4 +6 -6,(@&6$.# N-6+?N?6+%#- ?$ P#05&*( a,#0,?0#.( ,(@( 60 N-(@6.&( .6 0(+ ]0%&@(+ .(+ ( %-6+ #R(+b &$.6M#.( # 0# &$50#@Z+ ?$# 5-#,,&2$ .6 0# %#+# .6 ,-6,&@&6$%( .60 A`/ O?6 6M,6.# 60 Vd #$?#0W H,-6,&@&6$%( #.&,&($#0 $( [#-Z 3#+6 N#-# 60 &$,-6@6$%( .60 @($%( %(%#0 .6 N#-#5&+,#0# P&'6$,&# &$@6.&#%#@6$%6 +&'?&6$%6W

H$ 6+6 ,#+(X 0# 1(@&+&2$ -6,(@&6$.# O?6 60 >(3&6-$( +6 ,(@N-(@6%# # &$,0?&- 6N-6+?N?6+%( #$?#0 ?$# N#-%&.# N#-# 0#+ 1#*#+ .6 1(@N6$+#,&2$ 6O?&P#06$%6 #0 P#+?3+&.&( 5#@&0&#- N#'#.(W

H+%# .6,&+&2$ .636 ,($%6@N0#- 60 656,%( 5&+,#0 $6%( = +? 6P6$%?#0 ,(@N6$+#,&2

,($*?$%( .6 0# )65(-@#W



O"

WBaT=9: CD> 04B=T4 9:E5=;474 F<=6=7478?g7=K=78;7:?

G?6$%6e Q(@#.( .6 A6--6% = /-=+ aILKJbW

KVUW 1(@( +6 @6$,&($2X 0# 6M6$,&2$ O?6 %&6$6$ 0(+ .&P&.6$.(+ 6$ ,#36C# .6 0#+N6-+($#+ = (%-(+ 36$65&,&(+ +(3-6 0(+ &$'-6+(+ .6 ,#N&%#0 36$65&,&#$ # O?&6$6+ %&@Z+ ,#N#,&.#. .6 %-&3?%#-W H0 5#P(-#306 %-#%#@&6$%( %-&3?%#-&( .6 0(+ .&P&.6?$( .6 0(+ 5#,%(-6+ O?6 6MN0&,# 0# -6.?,&.# ,#N#,&.#. -6.&+%-&3?%&P# .60 &@N?6+%(-6$%#W

%> +?@89<:? A8;8B468? 78 64 <B=5F<49=Q; ?:5B8 6:? 7=K=78;7:? 8; 64',)$

KJLW H$ 0# 6MN6-&6$,&# &$%6-$#,&($#0 +6 [#$ ?%&0&C#.( .&56-6$%6+ #N-(M&@#,&(

60 %-#%#@&6$%( %-&3?%#-&( .6 0(+ .&P&.6$.(+W H$ N-Z,%&,#@6$%6 %(.(+ 0(+ 6+O0#+ ?%&0&.#.6+ +($ '-#P#.#+ # $&P60 .6 0# 6@N-6+# # 0# %#-&5# .6 -6$%# ,(-N(-#%&P&'6$%6 6$ 60 N#;+a,F47B: DCbW H$ ,?#$%( #0 %-#%#@&6$%( .6 0(+ .&P&.6$.(+ # $&P60 .60# N6-+($# +6 N?6.6$ .&+%&$'?&- %-6+ #N-(M&@#,&($6+ .&56-6$%6+e &b &$,0?+&2$ &$,0?+&2$ N#-,&#0 = &&&b @Y%(.( .6 &@N?%#,&2$W D$# .6+,-&N,&2$ '6$6-#0 .6%-#%#@&6$%(+ = 6*6@N0(+ .6 N#;+6+ O?6 0(+ #N0&,#$ +6 N-6+6$%# 6$ 60 +&'?,?#.-(W

,F47B: DC> 0B4<4E=8;<: <B=5F<4B=: 78 6:? 7=K=78;7:? 8; @4X?8? 78 64 ',)$

G?6$%6e Q(@#.( .6 \#-.&$' aILKTbW



O5

KJKW 4+; 60 @($%( %(%#0 .6 &@N?6+%(+ +6 N?6.6 .&P&.&- 6$ %-6+ N#-%6+e &b 60 @(&@N?6+%(+ N#'#.( N(- 0# 6@N-6+# # 0# %#+# ,(-N(-#%&P#X &&b 60 @($%( N#'#.( N(-#,,&($&+%# ,(@( N6-+($# = &&&b 60 @($%( .6 .&P&.6$.(+ 5&$#0@6$%6 -6,&3&.(+ N(#,,&($&+%#W 1(@( N(-,6$%#*6 .6 0#+ ?%&0&.#.6+ #$%6+ .6 &@N?6+%(+X 60 N(-,6$%#

-6,&36 60 #,,&($&+%# ,(@( .&P&.6$.(+ .6+N?Y+ .6 N#'#- 0(+ %-&3?%(+ ,(--6+N($.&6$%6+P#-;#$ 6$%-6 VLd = gLd 6$ 0(+ N#;+6+ .6 0# 91:Ha>-Z5&,( IIbW

WBaT=9: CC ,:E@:?=9=Q; 78 =E@F8?<:? 8; 9458O4 78 64 ?:9=8747 R 8; 9458O4 78 6:?499=:;=?<4? 8; 6:? @4X?8? 78 64 ',)$>

,> /B:@F8?<4?

KJIW 7# 6M6$,&2$ .6 0(+ .&P&.6$.(+ 6+ ?$( .6 0#+ -#C($6+ O?6 6MN0&,# 60 3#*( &@N#,%N-('-6+&P( .60 &@N?6+%( .6 -6$%#W 1(@( +6 6MN0&,2 #$%6+X 0(+ .&P&.6$.(+ 0(+ -6,&6$ +? '-#$ @#=(-;# 0#+ N6-+($#+ $#%?-#06+ .6 @#=(-6+ &$'-6+(+W

KJTW 1($ 60 5&$ .6 N-(@(P6- 0# N-('-6+&P&.#. .60 &@N?6+%( .6 -6$%# .6 0#+ N6-+($#+$#%?-#06+X +6 N-(N($6 '-#P#- 0(+ .&P&.6$.(+ .6 0# +&'?&6$%6 @#$6-#e



O>

J> #E@F8?<: 46 @4<B=E:;=:MB=NF8O4P 7=4A;Q?<=9: R @B:@F8?

KJVW H0 &@N?6+%( #0 N#%-&@($&( 5?6 #N0&,#.( 6$ 1(0(@3&# [#+%# ,(@&6$C(+ .6

.Y,#.# .6 0(+ #R(+ UL ,(@( ?$ &@N?6+%( ,(@N06@6$%#-&( +(3-6 0#+ N6-+($#+$#%?-#06+X ,(@( 6+ 0( ?+?#0 6$ @?,[(+ N#;+6+W A(+%6-&(-@6$%6 5?6 60&@&$@6.&#$%6 60 :6,-6%( KTIK .6 KUgU = 0# 76= j .6 KUUIW "6 -6+%#306,&2 6$ 60 ILLT+(3-6 N#%-&@($&(+ #0%(+ %#$%( .6 0#+ 6@N-6+#+ ,(@( .6 0#+ N6-+($#+W H$ #,%?#0&.#.X 60 UJd .60 -6,#?.( .6 6+%6 &@N?6+%( 6+ N#'#.( N(- 0#+ 6@N-6+#+ = +(0(Jd N(- ?$ 3#*( $]@6-( .6 N6-+($#+ $#%?-#06+W

7(+ .&P&.6$.(+ [#-Z$ N#-%6 .6 0# -6$%# (-.&$#-&# .6 0#+ N6-+($#+ $#%?-#06+X+(,&6.#.6+ ,6--#.#+ = 6M%-#$*6-#+X N6-( %6$.-Z$ ?$ .6+,?6$%( %-&3?%#-&( [#+%#.60 ILd .6 0(+ .&P&.6$.(+ -6,&3&.(+ N#-# 0#+ N6-+($#+ $#%?-#06+ a+&$ O?6 +6#@#=(- # 0# %#-&5# ,(--6+N($.&6$%6 .6 6+# N6-+($#b = .60 ILd .6 0(+ .&P&.6$.(+-6,&3&.(+ N#-# 0#+ +(,&6.#.6+W

:6 6+%# @#$6-#X 0#+ N6-+($#+ $#%?-#06+ O?6.#-;#$ +&$ '-#P#@6$ # 0(+ .&P&.6$.(++& 6+%Z$ 6$ ?$# %#-&5# @#-'&$#0X +6']$ 0# %#30#X @6$(- ( &'?#0 #0 ILd = ,($ ?$'-#P#@6$ .60 KLd #0 KJd +& +? %#-&5# @#-'&$#0 6+ .60 TLd ( TJdW 7#+ +(,&6.#.6+6M%-#$*6-#+ = ,6--#.#+ O?6.#-;#$ ,($ ?$ '-#P#@6$ +(3-6 .&P&.6$.(+ .60 KLd #0KJd aO?6 0( ,?3-6$ ,($ 0# -6%6$,&2$ 656,%?#.# # 0# 56,[# .6 .&+%-&3?,&2$bX.6N6$.&6$.( .6 +& 0# %#-&5# .60 &@N?6+%( # 0#+ ?%&0&.#.6+ 6@N-6+#-&#06+ +6 56$ TLd ( 6$ TJdW A#-# 0#+ +(,&6.#.6+ 6M%-#$*6-#+ O?6 6+%Y$ ?3&,#.#+ 6$ *?-&+.&,,&($6+ .6 3#*# %-&3?%#,&2$X 0# %#-&5# +6-Z 0# @ZM&@# (-.&$#-&#W

1?#$.( ?$# 6@N-6+# -6N#-%# .&P&.6$.(+ # N6-+($#+ $#%?-#06+ [#-Z ?$# -6%6$,&2$.60 KLdX # @6$(+ O?6 60 36$65&,&#-&( .6 0(+ .&P&.6$.(+ #,-6.&%6 O?6 +? %#-&5#@#-'&$#0 .6 &@N?6+%( N6-+($#0 .6 -6$%# .60 #R( #$%6-&(- 5?6 &$56-&(- ( &'?#0 #0ILdX 6$ ,?=( ,#+( O?6.# 6M($6-#.( .6 0# -6%6$,&2$W

1?#$.( +6 -6N#-%#$ .&P&.6$.(+ # +(,&6.#.6+ ,6--#.#+ ( 6M%-#$*6-#+X 06 [#-Z$ ?$#-6%6$,&2$ .60 KJdW H$ 60 ,#+( .6 0#+ +(,&6.#.6+ ,6--#.#+ O?6 [#=#$ -6,&3&.(.&P&.6$.(+ = +(3-6 0(+ ,?#06+ +6 06+ [#=# N-#,%&,#.( -6%6$,&2$X +6 .636-Z.&+N($6- 60 @6,#$&+@( N#-# O?6 #0 .&+%-&3?&- 600#+ .&P&.6$.(+ # (%-#+ +(,&6.#.6,6--#.#+X # +(,&6.#.6+ 6M%-#$*6-#+ ( # N6-+($#+ $#%?-#06+X $( O?6.6$ '-#P#.#+.(306@6$%6W

H$ 0# -6'0#@6$%#,&2$ +(3-6 -6%6$,&2$ 6$ 0# 5?6$%6 N#-# 0(+ .&P&.6$.(+ N#'#.(+ #N6-+($#+ $#%?-#06+X .636-Z -6'0#@6$%#-+6 O?6 0(+ -6,6N%(-6+ .6 .&P&.6$.(+ N(-@($%(+ @6$(-6+ ( O?6 +6#$ N6-+($#+ ,($ &$'-6+(+ &$56-&(-6+ # 0(+ ?@3-#06+



OD

KJJW A#-# 0#+ 6@N-6+#+ O?6 0( N#'#$X 6+%# ,#-'#X O?6 +6 +?@# # 0#+ .6-&P#.#+ .6 0##0%# %#-&5# .60 &@N?6+%( .6 -6$%#X 0# +(3-6%#+# .60 1)HH = 0# &@N(+&,&2$ .60 `E0(+ 3&6$6+ .6 ,#N&%#0X '6$6-# ?$ .6+&$,6$%&P( #.&,&($#0 ,($+&.6-#306 N#-# 0# &$P6-+= N?6.6 6+%&@?0#- 5?'#+ .6 ,#N&%#0 [#,&# 60 6M%6-&(- ,($ 60 5&$ .6 6P#.&-0(W H.6+&$,6$%&P(+ # 0# &$P6-+&2$ -6+?0%#$ N#-%&,?0#-@6$%6 N6-*?.&,&#06+ 6$ N6-;(.(+

60 #,%?#0X .6 .6+#,606-#,&2$ 6$ 60 ,-6,&@&6$%( 6,($2@&,(W

KJjW 7# 1(@&+&2$ -6,(@&6$.# 60&@&$#- 60 &@N?6+%( # 0# -&O?6C# %#$%( N#N6-+($#+ *?-;.&,#+ ,(@( $#%?-#06+W 7#+ ,(--6,,&($6+ +?'6-&.#+ # 0# 3#+6 .6 0# -6$%#N-6+?$%&P# -6+?0%#$ 6$ ?$# (N,&2$ %-&3?%#-&# O?6 $( N-(.?,6 0#+ .&+%(-+&($6+ %&6$6 60 &@N?6+%( # 0# -&O?6C#W

J#> &8T8B8;9=4?

4F`GW aILKJbW='2&'2 -' A+*+#"+*$2 $- ='*'/9"+ 0'2OC$3 TPM] )$ UMTU W B?$&(W

4-#$'(X 7W HWX p A(+#.#X 1W HW aILLjbWC+ &+2+ )$ )$2$/0*$' )$ *+#>' 0*+?' $- ='*'/9"+ W/#$,( .6 0# )6N]30&,#W

/6-$#0X )W p 1Z-.6$#+X <W aILLVbW“Determinants of Labor demand in Colombia 1976^1996”. H$ B#@6+ \6,q@#$ = 1#-@6$ A#'Y+ a6.&%(-6+bXC+^ +-) _/0*'3/$-&F *$22'-2

D#'/ C+&"- 4/$#"%+ +-) &7$ =+#"99$+- X F#%&($#0 /?-6#? (5 H,($(@&, )6+6#-,[ aF/H)bX,($56-6$,6 )6N(-%W D$&P6-+&%= (5 1[&,#'( A-6++X 1[&,#'( ILLVW

\#-.&$'X <W aILKTbW“Taxation of Dividend, Interest, and Capital Gain Income”. `=!_S+J+&"'- a'#B"-> I+0$#2 X F(W KUX A?30&,#,&($6+ 91:HW[%%Nehh.MW.(&W(-'hKLWKSgShJqT8[Uj8IVjq^6$

A6--6%X "W #$. /W /-=+W aILKJbW“Taxation and Investment in Colombia”. `=!_ _%'-'/"%2!$0+#&/$-& a'#B"-> I+0$#2 X F(W KILVX A?30&,#,&($6+ 91:HX A#-&+W[%%Nehh.MW.(&W(-'hKLWKSgShJ*+KNCT.L*g-^6$

Sanchez et al. (2009). “Costos laborales y no laborales y su impacto sobre el desempleo,0# .?-#,&2$ .60 .6+6@N06( = 0# &$5(-@#0&.#. 6$ 1(0(@3&#X KUgL^2007”. !'%1/$-&'2=_!_ X D$&P6-+&.#. .6 0(+ 4$.6+X #3-&0W

"#$%# <#-;#X <WX >#-,;#X GW = <?*&,#X 4W EW aILLUbWC'2 %'2&'2 -' *+9'#+*$2 3 $* /$#%+)'*+9'#+*F "/0+%&' )$ *+ #$D'#/+ )$ 2+*1) $- ='*'/9"+8 G6.6+#--(00(X r(-q&$' A#N6- F(WVTX #'(+%(W

"6 -6,(@&6$.# 60&@&$#- 60 &@N?6+%( # 0# -&O?6C# +(3-6 0#+ N6-+($#+ *?-;.&,#+ =$#%?-#06+W

http://dx.doi.org/10.1787/5k3wh96w246k-en


http://dx.doi.org/10.1787/5js1pz3d0j8r-en






O:

",[#%#$X )WXPérez Porrúa, J.M. y C. Pérez TrejoW aILKJbWb$D'#/+ )$ UMTU 3 51$:'2 b etosde la Política Tributaria W :6N#-%#@6$%( .6 G&$#$C#+ A]30&,#+ .60 G<`^ @&@6(W



OI

CAPÍTULO II Los impuestos indirectos en Colombia:

diagnóstico y propuestas #> #;<B:7F99=Q;

KW H$ 1(0(@3&#X 60 &@N?6+%( #0 P#0(- #'-6'#.( -6,#?.# N(,( = +? N-(.?,%&P&.#. 6+ 3#*#W

IW 4 N6+#- .6 O?6 0# N(0;%&,# %-&3?%#-&# [# 3?+,#.( -6.?,&- 60 656,%( -6'-6+&P( .60 È4XN#-%&,?0#-@6$%6 # %-#PY+ .6 0# #@N0&#,&2$ .6 0# 0&+%# .6 3&6$6+ 6M,0?&.(+ = 66M&+%6$ +6-&(+ ,?6+%&($#@&6$%(+ # O?6 6+6 (3*6%&P( +6 [#=# ,?@N0&.(X #.6@606P#.( ,(+%( 5&+,#0 O?6 #,#--6# = 0#+ .&+%(-+&($6+ O?6 '6$6-# 6$ 0(+ N-6,&(+W

TW 7(+ 36$65&,&(+ 6M%6$.&.(+ # ,&6-%(+ N-(.?,%(+ = +6-P&,&(+ '6$6-#$ &$6O?&.#.6+ 6$%#,%&P&.#.6+ 6,($2@&,#+W

VW 40 $( N6-@&%&- 60 .6+,?6$%( N06$( +(3-6 60 È4 N#'#.( 6$ 0# #.O?&+&,&2$ .6 3&6$6+ .6,#N&%#0X 60 %-&3?%( '-#P# 0# &$P6-+&2$ = $( ,($%-&3?=6 # 0# 65&,&6$,&# 6,($2@&,(@N6%&%&P&.#.W

JW 7# ,(@N06*&.#. .60 %-&3?%( .&5&,?0%# 0# #.@&$&+%-#,&2$ .60 &@N?6+%(W

jW )6+?0%# ?-'6$%6 &$%-(.?,&- ,#@3&(+ #0 -Y'&@6$ .6 È4 ,($ 60 N-(N2+&%( .6 #?@6$%#-0# N-(.?,%&P&.#.X 65&,&6$,&# = 6O?&.#. .60 &@N?6+%(W

SW 7# 6M&+%6$,&# .6 ?$ ?@3-#0 #0%( N#-# 0#+ N6-+($#+ $#%?-#06+ .60 -Y'&@6$ +&@N0&#,%?#0X N(- .63#*( .60 ,?#0 $( 6M&+%6 (30&'#,&2$ .6 5#,%?-#-X 0&O?&.#- $& ,(3-#- È5(@6$%# 0# &$5(-@#0&.#. = N-(N&,&# ?$ %-#%( &$6O?&%#%&P( O?6 +6 %-#.?,6 6$ 5@?= P#-&#.#+ N#-# @#$%6$6-+6 3#*( 6+%6 ?@3-#0X N(- 5?6-# .60 ,($%-(0 .6 0##.@&$&+%-#,&2$ %-&3?%#-&#W

gW H0 ><G %&6$6 656,%(+ $6'#%&P(+ +(3-6 0# &$%6-@6.&#,&2$ 5&$#$,&6-# +&$ 6@3#-'( &@N?6+%( .6 5Z,&0 -6,#?.( = '6$6-# -6,?-+(+ &@N(-%#$%6+ #0 5&+,(W 4?@6$%#- .6.?,&3&0&.#. #0 KLLd 6$ 60 &@N?6+%( .6 -6$%# N#-# 0#+ 6@N-6+#+ 6$ 60 @(@6$%( 6O?6 0#+ 5&$#$C#+ N]30&,#+ 0( N6-@&%#$ ,($%-&3?&-;# # #0&P&#- 0(+ 656,%(+ $6'#%&@N?6+%(W

UW 7(+ &@N?6+%(+ # 0(+ ,(@3?+%&306+ 6$ 1(0(@3&# +($ 3#*(+ 5-6$%6 # 6+%Z$.#-&$%6-$#,&($#06+W HM&+%6 ?$ 6+N#,&( &@N(-%#$%6 N#-# #?@6$%#- .&,[(+ %-&3?%



OO

%6$.-;# 656,%(+ N(+&%&P(+ +(3-6 60 @6.&( #@3&6$%6 = N6-@&%&-;# #006'#- -6,?-+(+0# 5&$#$,&#,&2$ .6 0#+ $6,6+&.#.6+ 6$ &$5-#6+%-?,%?-#W

##> $6 BVA=E8; 786 #J+ R 786 =E@F8?<: 46 9:;?FE: 8; ,:6:E5=4

+> +?@89<:? A8;8B468?

KLW H$ 1(0(@3&#X 60 &@N?6+%( #0 P#0(- #'-6'#.( È4 6+ ?$ %-&3?%( %&N( N-(.?,%( O?'-#P# %#$%( 60 ,($+?@( .6 3&6$6+ = +6-P&,&(+ ,(@( 0# &$P6-+&2$W 7# &$P6-+&2$'-#P#.# 6$ 0# @6.&.# 6$ O?6 $( +6 N6-@&%6 .6+,($%#- %(%#0@6$%6 60 È4 N#'#.( 6$0# #.O?&+&,&2$ .6 #,%&P(+ 5&*(+W

KKW H0 -Y'&@6$ .6 È4 6$ 1(0(@3&# #N0&,# 60 N-&$,&N&( .6 .6+%&$(X ,(@( 6$ 0# @#=(-;# 0(+ N#;+6+ O?6 ?+#$ 6+%6 %-&3?%(W H+ .6,&- O?6 60 &@N?6+%( '-#P# 0(+ 3&,($+?@&.(+ &$%6-$#@6$%6 a&$,0?&.(+ 0(+ &@N(-%#.(+b = 6M,6N%]# 0#+ 6MN(-%#,&($

KIW H0 È4 # N#'#- +6 .6%6-@&$# ,(@( 0# .&56-6$,&# 6$%-6 60 È4 ,(3-#.( +(3-6 0#+ P6$%#+= 60 È4 N#'#.( 6$ 0#+ ,(@N-#+ .6 &$+?@(+ N#-# 0# N-(.?,,&2$ .6 3&6$6+ = +6-P&,&(+W

KTW 7# %#-&5# '6$6-#0 6+ .6 Kjd = 6M&+%6$ .(+ %#-&5#+ -6.?,&.#+e Jd N#-# #0'?$(+N-(.?,%(+ = Ld N#-# 0(+ 3&6$6+ = +6-P&,&(+ 6M6$%(+W

KVW 7# 76= KjLS .6 ILKI ,-62 60 &@N?6+%( #0 ,($+?@(X 60 ,?#0 ,($+%&%?=6 N#-# 60,(@N-#.(- ?$ ,(+%( .6.?,&306 6$ 60 &@N?6+%( +(3-6 0# -6$%# ,(@( @#=(- P#0(- .60

3&6$ ( +6-P&,&( #.O?&-&.( = $( '6$6-#X N#-# O?&Y$ 5#,%?-#X .6-6,[( # .6+,?6$%(+ .60È4W n?6.#-($ '-#P#.(+ ,($ 6+%6 &@N?6+%( 0(+ +6-P&,&(+ .6 %6065($;# @2P&0 # 0# %#-.60 VdX 0#+ P6$%#+ .6 P6[;,?0(+X @(%(,&,06%#+X =#%6+X 3#-,(+X #6-($#P6+X 6$%-6 (+#0P( O?6 +6#$ #,%&P(+ 5&*(+ N#-# 60 P6$.6.(-X # 0#+ %#-&5#+ .60 gd = Kjd = 60 +6-P&.6 -6+%#?-#$%6+ = ,#56%6-;#+ # 0# %#-&5# .60 gdW

KJW H0 -Y'&@6$ .60 È4 ,($%&6$6 ?$# 0#-'# 0&+%# .6 3&6$6+ = +6-P&,&(+ 6M6$%(+ = 6M,0O?6 +6 [# &.( #@N0&#$.(W "6 ,($+&.6-#$ 3&6$6+ ( +6-P&,&(+ 6M6$%(+ #O?600(+ '-#P#.(+,($ %#+# ,6-( = N#-# 0(+ O?6 +6 N6-@&%6 0# -6,?N6-#,&2$ .60 &@N?6+%( N#'#.( 6$ 0##.O?&+&,&2$ .6 &$+?@(+W "6 ,($+&.6-#$ 3&6$6+ 6M,0?&.(+ #O?600(+ O?6 $( 6+%'-#P#.(+ N6-( N#-# 0(+ ,?#06+ $( +6 N6-@&%6 60 .6+,?6$%( .60 È4 N#'#.( 6$ 0#,(@N-# .6 0(+ &$+?@(+W

KjW F( 6+%Z$ +?*6%(+ #0 È4 0# P6$%# .6 3&6$6+ &$@?6306+X 0# P6$%# .6 3&6&$,(-N(-#06+X = 0# N-6+%#,&2$ .6 +6-P&,&(+ 5?6-# .60 %6--&%(-&( $#,&($#0X 0(+ &$%#0'?$#+ ,(@&+&($6+ O?6 ,(3-# 60 +&+%6@# 5&$#$,&6-( ,(0(@3&#$(W Q#@N(,( 6+%+?*6%(+ #0 È4 0(+ &$%6-6+6+ O?6 ,(3-#$ 0(+ N#-%&,?0#-6+ N(- 0(+ N-Y+%#@(+X ,?#$.( 0(+ &$%6-6+6+ 5(-@#$ N#-%6 .6 0# P6$%# .60 3&6$ ( +6-P&,&(W



OC

KSW \#= .(+ -6';@6$6+ .6 È4e &b 60 -Y'&@6$ ,(@]$ = &&b 60 -Y'&@6$ +&@N0&5&,#.(W-Y'&@6$ +&@N0&5&,#.( N6-%6$6,6$ 0#+ N6-+($#+ $#%?-#06+ ,(@6-,&#$%6+ = #-%6+#$(+X O?6 +6#$ @&$(-&+%#+ ( .6%#00&+%#+_ 0(+ #'-&,?0%(-6+ = 0(+ '#$#.6-(+-6#0&,6$ (N6-#,&($6+ '-#P#.#+X #+; ,(@( O?&6$6+ N-6+%6$ +6-P&,&(+ '-#P#.(+X +&6@N= ,?#$.( ,?@N0#$ 0# %(%#0&.#. .6 0#+ +&'?&6$%6+ ,($.&,&($6+e &b O?6 6$ 60 #R( #$%6-&

[?3&6-6$ (3%6$&.( &$'-6+(+ 3-?%(+ %(%#06+ N-(P6$&6$%6+ .6 0# #,%&P&.#. &$56-&(-VWLLL DEQX &&b O?6 %6$'#$ @ZM&@( ?$ 6+%#306,&@&6$%( .6 ,(@6-,&(X (5&,&0(,#0 ( $6'(,&( .($.6 6*6-,6$ +? #,%&P&.#.X &&&b O?6 6$ 60 6+%#306,&@&6$%( ,(@6-,&(X (5&,&$#X +6.6X 0(,#0 ( $6'(,&( $( +6 .6+#--(006$ #,%&P&.#.6+ 3#*( 5-#$O?&,&#,($,6+&2$X -6'#0;#X #?%(-&C#,&2$ ( ,?#0O?&6- (%-( +&+%6@# O?6 &@N0&O?6 0# 6MN.6 &$%#$'&306+X &Pb O?6 $( +6#$ ?+?#-&(+ #.?#$6-(+X Pb O?6 $( [#=#$ ,6063-#.( 6$ 60#R( &$@6.&#%#@6$%6 #$%6-&(- $& 6$ 60 #R( 6$ ,?-+( ,($%-#%(+ .6 P6$%# .6 3&6$6+ N-6+%#,&2$ .6 +6-P&,&(+ '-#P#.(+ N(- P#0(- &$.&P&.?#0 = +?N6-&(- # TWTLL DEQX P&60 @($%( .6 +?+ ,($+&'$#,&($6+ 3#$,#-&#+X .6N2+&%(+ ( &$P6-+&($6+ 5&$#$,&6-.?-#$%6 60 #R( #$%6-&(- ( .?-#$%6 60 -6+N6,%&P( #R( $( +?N6-6 0# +?@# .6 VWJLL DEQA6-%6$6,6$ #0 -Y'&@6$ (-.&$#-&( O?&6$6+ $( ,?@N0#$ 0#+ ,($.&,&($6+ N#-#N6-%6$6,6- #0 -Y'&@6$ +&@N0&5&,#.(W H0 -Y'&@6$ ,(@]$ 6+%Z (30&'#.( # &$+,-&3&60 )DQX # 5#,%?-#-X # 0&O?&.#- = ,(3-#- È4X # .6,0#-#- = # 006P#- ,($%#3&0&.#.W-Y'&@6$ +&@N0&5&,#.( %#$ +(0( 6+%Z (30&'#.( # &$+,-&3&-+6 6$ 60 )DQW

%> )=4A;Q?<=9: 786 #J+ R 786 =E@F8?<: ;49=:;46 46 9:;?FE:

D> &894F7:Z @B:7F9<=K=747 R 8T=9=8;9=4

!" #$ /*2!).- *+ 4!;- (-/X)* $! ,!/&1! *+ /*$!,&6!'*0,* 4!;!G$! *@&+,*02&! .* 'Y$,&($*+ *@*02&-0*+ 7 *@2$)+&-0*+ 7 $! *$*6!.!*6!+&80

KgW H0 -6,#?.( .6 È4 #?@6$%2 .6 VWKd .60 A`/ 6$ ILLL # jWKd 6$ ILLS = .6+.66$%($,6+ [# 50?,%?#.( #0-6.6.(- .6 6+%6 $&P60a>-Z5&,( ITbW H$ ILKVX 60 -6,#?.( .6È4 &$,0?=6$.( 60 &@N?6+%( #0 ,($+?@( 5?6 .6 JWSd .60 A`/W 1(@( N-(N(-,&2$ .6 0(+&$'-6+(+ %(%#06+ .60 >(3&6-$( F#,&($#0 16$%-#0X 60 -6,#?.( .6 È4 (+,&02 #0-6.6.(- .6VTd 6$%-6 ILLL = ILLUX #?@6$%#$.( [#+%# VVWSd 6$ ILKLX N#-# 0?6'( .6+,6$.6-[#+%# TjWjd 6$ ILKVW H+%6 .6+,6$+( (36.6,&2 # 0# @#=(- N#-%&,&N#,&2$ .60 -6,#?.(,($*?$%( -6$%# = 1)HH ,?=# N#-%&,&N#,&2$ 6$ 60 %(%#0 #?@6$%2 ,($ 0( .&+N?6+%( 6-65(-@# %-&3?%#-&# .6 ILKIW



CE

WBaT=9: CG> $K:6F9=Q; 786 B894F7: 78 #J+ Ea? 9:;?FE:

G?6$%6e :`4F_ ,Z0,?0(+ N-(N&(+W

KUW 1(@N#-#.( ,($ 4@Y-&,# 7#%&$# = 0(+ N#;+6+ .6 0# 91:H a9-'#$&C#,&2$ N#-# 0#1((N6-#,&2$ = 60 :6+#--(00( H,($2@&,(bX 60 -6,#?.( .6 È4 6$ 1(0(@3&# #N#-6,6-60#%&P#@6$%6 3#*(a>-Z5&,( IVbW :6 #,?6-.( ,($ 0#+ 6+%#.;+%&,#+ ,(@N#-#306+N-(.?,&.#+ N(- 0# 91:HX 6$ -60#,&2$ ,($ 60 A`/X .6+.6 KUUL 60 È4 6$ 1(0(@3&# [#-6,#?.#.( @6$(+ O?6 6$ 60 N-(@6.&( .6 4@Y-&,# 7#%&$#X -6'&2$ O?6 [# -6,#-'#.([&+%2-&,#@6$%6 +? 6+%-?,%?-# %-&3?%#-&# 6$ 6+%6 %-&3?%(X = O?6 6$ 60 N-(@6.N#;+6+ .6 0# 91:HX 6$ .($.6 [# (,?--&.( 0( ,($%-#-&( =X +($ 0(+ &@N?6+%(+ .&-6,%(+

0(+ O?6 @Z+ N#-%&,&N#$ 6$ 60 -6,#?.( %(%#0W 7# .&+@&$?,&2$ 6$%-6 ILKI = ILKT &$%6-N-6%#-+6 ,($ ,?&.#.(X N?6+ (36.6,6 # 0# +?+%&%?,&2$ .6 ?$# N#-%6 .60 È4 N(-&@N?6+%( #0 ,($+?@(W D$# ,(@N#-#,&2$ @Z+ .6%#00#.# N#-# 60 #R( ILKIX N#-# 6P&%6+%6 656,%(X @?6+%-# O?6 60 -6,#?.( .6 È4 6+ ?$( .6 0(+ @Z+ 3#*(+ .6 0# -6'&2$a>-Z5&,( IJbW



C?

WBaT=9: CS> #J+ 9:E: @:B98;<4b8 786 /#% 8; +EVB=94 *4<=;4Z 64 ',)$ R ,:6:E5=4 8;<B8DYYI R CIDG ^c 786 /#%_

G?6$%6e 1`4QW

WBaT=9: CH> #J+ 9:E: c 786 /#% ^CIDC_

G?6$%6 1`4QW

ILW H0 -6,#?.( .60 `E4 a6$ N-(N(-,&2$ #0 %#@#R( .6 0# 6,($(@;#b .6N6$.6 .6 %-6+P#-&#306+ 5?$.#@6$%#0@6$%6e 60 $&P60 .6 0# %#-&5#X 60 %#@#R( .6 0# 3#+6 = 60 $



C"

6P#+&2$W 1(@N#-#,&($6+ &$%6-$#,&($#06+ +?'&6-6$ O?6 0# %#-&5# 6+ 3#*#X 0# 3#+#0%#@6$%6 6-(+&($#.# = 60 $&P60 .6 6P#+&2$ 6+ 606P#.(W

IKW 4 N6+#- .6 6+%#- N(- 6$,&@# .60 N-(@6.&( N#-# 4@Y-&,# 7#%&$#X 0# %#-&5# .60 È4-60#%&P#@6$%6 3#*#a>-Z5&,( IjbW H$ 4-'6$%&$# = /-#+&0X 0# %#-&5# 6+ .6 IKdX 6$ 1[&

KUd = 6$ A6-] KgdW <YM&,( %&6$6 0# @&+@# %#-&5# O?6 1(0(@3&#W 1(@( N(-,6.60 A`/X P#-&(+ .6 0(+ N#;+6+ O?6 %&6$6$ ?$# %#-&5# @Z+ 3#*# O?6 1(0(@3&#X -6,#?@Z+ 6$ N-(N(-,&2$ ,($ 60 A`/X ,(@( 6+ 60 ,#+( .6 /(0&P&#W 1(0(@3&# %&6$6 0# %#-&'6$6-#0 6$ Kjd .6+.6 [#,6 IL #R(+X ,($ ?$ ,(-%( N6-&(.( aKUUgÎLLLbX 6$ 60 ,?#0 +63#*2 # KJdW

WBaT=9: C]> 04B=T4 A8;8B46 786 #J+ ^CIDC_

G?6$%6e >2@6C^"#3#;$&$& +*8 aILKJbW

IIW 1($ 60 #-'?@6$%( .6 -6.?,&- 60 &@N#,%( -6'-6+&P( .60 È4X %-#.&,&($#0@6$%6 +6 [#$6M,0?&.( 0(+ 3&6$6+ = +6-P&,&(+ .6$(@&$#.(+ .6 N-&@6-# $6,6+&.#. a#0&@6$%(+ @6.&,#@6$%(+ ,($ +? ,#.6$# N-(.?,%&P#X #-%W VIV .60 H+%#%?%( Q-&3?%#-&(b +6-P&,&(+ +(,&#06+ a6.?,#,&2$X +#0?.X #'-&,?0%?-#X +6-P&,&(+ N]30&,(+X %-#$+N(-VSj H+%#%?%( Q-&3?%#-&(bW H+%# 0&+%# +6 [# &.( #@N0&#$.( 6$ 60 %&6@N(W



C5

ITW :63&.( # 0(+ @]0%&N06+ %-#%#@&6$%(+ 5#P(-#306+ 6$ 60 `E4 +(3-6 ,&6-%(+ N-(.?,%(+3#+6 '-#P#306 @?6+%-# ?$ #0%( '-#.( .6 6-(+&2$W H0 $]@6-( .6"&$/2 O?6-6N-6+6$%#$ '#+%(+ %-&3?%#-&(+ .6-&P#.(+ .6 6+%(+ %-#%#@&6$%(+ 6+N6,&#06+ $+&$( #?@6$%#- 6$%-6 ILLL = ILKKX .6 #,?6-.( ,($ ?$ 6+%?.&( .60 /#$,( <?$.&#0

aILKIba>-Z5&,( ISbW

WBaT=9: CU> .[E8B: 78&,*'+ NF8 B8@B8?8;<4; A4?<:? <B=5F<4B=:? 8; #J+

G?6$%6e /#$,( <?$.&#0 aILKIbW

IVW 7(+ &$%6$%(+ N(- #@N0&#- 0# 3#+6 $( [#$ +&.( 6M&%(+(+W A(- 6*6@N0(X @6.&#$%Sgg .6 ILLI +6 '-#P#-($ 0(+ #0&@6$%(+X @6.&,#@6$%(+ = +6-P&,&(+ ,($ ?$# %#-&5# .6IdX N6-( N(+%6-&(-@6$%6 0# 1(-%6 1($+%&%?,&($#0X #0 ,($+&.6-#- O?6 #56,%#3#@;$&@( P&%#0X .6,0#-2 6+%# $(-@# &$6M6O?&306KKW H$ (%-(+ &$%6$%(+ +6 [# .&+,?%&.( 0#N(+&3&0&.#. .6 #@N0&#- 0# 3#+6X '-#P#$.( 0(+ 3&6$6+ 6M,0?&.(+ = ,(@N6$+#$.( +?656,%( ,($ ?$ +?3+&.&( # 0#+ N6-+($#+ .6 @6$(-6+ &$'-6+(+X N6-( 6+%# N-(N?6+%# $([# %6$&.( #N(=( N(0;%&,( = %&6$6 .&5&,?0%#.6+ (N6-#%&P#+X 6$ 6+N6,&#0 N(- 60 3#.6 3#$,#-&C#,&2$ .6 $?6+%-( N#;+W

KK H0 N-&$,&N#0 #-'?@6$%( .6 0# 1(-%6 a1^SSj .6 ILLTb 6-# +? 656,%( +(3-6 60 @;$&@( P&%#0X N66+N6,&#0@6$%6 N(-O?6 $( +6 -6506*#3# 6$ ?$ '#+%( 5(,#0&C#.( = #.&,&($#0@6$%6X (%-( #-'?@6$%( +(3-6 0##?+6$,&# .6 ?$ .63#%6 @Z+ #@N0&( .#.# 0# &@N(-%#$,&# .6 0# @6.&.#W A(+%6-&(-@6$%6X 0# 1(-%6@(-&'6-#.( +? N(+&,&2$ a1^KLL .6 ILKTbW

:?

?E"

DE

:E

IE

OE

CE

?EE

??E

"EEE "EE? "EE" "EE5 "EE> "EED "EE: "EEI "EEO "EEC "E?E "E??



C>

IJW :6 #,?6-.( ,($ ,&5-#+ .6 0# :`4F #0-6.6.(- .6 JLd .6 0(+ N-(.?,%(+ $( 6+%Z$,?3&6-%(+ ,($ 60 È4X 0( ,?#0 N#-# ILLUX +&%?#3# # 1(0(@3&# ,($ ?$# ,(36-%?-#-60#%&P#@6$%6 N6O?6R# 5-6$%6 # (%-(+ N#;+6+a>-Z5&,( IgbW

WBaT=9: CL> ,:58B<FB4 786 #J+ ^c_

G?6$%6e cP&0# = 1-?C aILKIbW

IjW A6-( #.6@Z+ N-6(,?N# 0# 6P(0?,&2$ 6$ 60 %&6@N(W 1Z0,?0(+ #,%?#0&C#.(+ .60 %#@#.6 0# 3#+6 '-#P#306 @?6+%-# N#-# 6+%# ?$# %6$.6$,&# .6,-6,&6$%6 6$ 0(+ ]0%&@(+ #R(+a1?#.-( KTbW H$ 656,%(X +& 3&6$ N#-# 60 #R( ILLjX 60 JId .6 0(+ N-(.?,%(+ +66$,($%-#3# '-#P#.( ,($ È4 = 6+6 N(-,6$%#*6 +?3&2 # JVd 6$ ILKLX [# .6+,6$.&.( #$&P606+ .60 VUd N#-# 60 #R( ILKTW H+ &@N(-%#$%6 #$(%#- O?6 6+%6 ,Z0,?0( #;+656,%( .6 0# ,-6#,&2$ = -6@N0#C( .60 È4 N(- ?$ &@N?6+%( #0 ,($+?@( N#-# #0'?$(+N-(.?,%(+W

,F47B: DG> ,:58B<FB4 78 64 54?8 786 #J+ 8; ,:6:E5=4

G?6$%6e <(.60( E4^:`4FW :6,0#-#,&($6+ .6 E4 – :`4FW1Z0,?0(+e :&-6,,&2$ .6 >6+%&2$ 9-'#$&C#,&($#0 :`4F

ISW 1(0(@3&# %&6$6 #0%(+ ;$.&,6+ .6 6P#+&2$ 6$ 60 È4W 7(+ 6+%&@#%&P(+ (5&,&6P#+&2$ 6$ 60 È4 6$ 1(0(@3&# 6+%Z$ #0-6.6.(- .6 ITd .60 -6,#?.( %(%#0 .60

LKLILTLVLJLjLSLgLUL

KLL

/ (

0 & P & #

4 - ' 6 $ % & $ #

H , ? # . ( -

1 [ & 0 6

D - ? ' ? # =

F & , # - # ' ? #

1 (

0 ( @

3 & #

< 6 M & , (

: ( @ & $ & , # $ ) W

9 H 1 :

a # P 6 - # ' 6 b

d



CD

&@N?6+%( a,6-,# .6 I N?$%(+ .60 A`/bW 1(@N#-#,&($6+ &$%6-$#,&($#06+ [#+%# 60 #RILKL +?'&6-6$ O?6 6+%# 6+ 606P#.# 6$ 1(0(@3&# 5-6$%6 # N#;+6+ ,(@( 4-'6$%&$#X1[&06 = A6-] #?$O?6 @6$(- O?6 0# 6P&.6$,&#.# 6$ A6-]W "&$ 6@3#-'(X ,Z0,?0(+ @Z+-6,&6$%6+ .60 G($.( <($6%#-&( `$%6-$#,&($#0 +?'&6-6$ O?6 0# %#+# .6 6P#+&2$ .60 È46+%#-;# #0-6.6.(- .6 VLd 6$ 1(0(@3&# a91:HX ILKJbW

4" <! /!2&-0!$&.!. .* $!+ *@*02&-0*+ 7 *@2$)+&-0*+ 7 +)*1*2,- *0 $! (/-.)2,&6&.!. 7 *1&2&*02&!

IgW 7# 0&%6-#%?-# [# +6R#0#.( P#-&#+ P6$%#*#+ .60 È4 5-6$%6 # (%-(+ &@N?6+%(+ &$.&= %#@3&Y$ 5-6$%6 # 0(+ &@N?6+%(+ .&-6,%(+ a<&$[ 76X ILLTbe &b +& 60 %-&3?%.&+6R#.( = #N0&,#.(X 60 È4 +6 ,($,&36 ,(@( ?$# +(0?,&2$ 65&,&6$%6 5-6$%6 # (%-(+&@N?6+%(+ &$.&-6,%(+ N-&$,&N#0@6$%6 N(- 60 [6,[( .6 60&@&$#- 60 656,%( ,#+,#N-(.?,&- @6*(-#+ 6$ +? ,?@N0&@&6$%( = #.@&$&+%-#,&2$_ &&b +& 6+%Z 3&6$ .&#N0&,#.(X 60 È4 $( .&+%(-+&($# 0#+ .6,&+&($6+ .6 &$P6-+&2$ = N-(.?,,&2$ =X &&&bN-(N2+&%( .6 $( #56,%#- 0# ,(@N6%&%&P&.#. .6 0# 6,($(@;#X 60 È4 '6$6-#0@6$%&@N($6 ?$# %#+# .6 Ld # 0#+ 6MN(-%#,&($6+X = N6-@&%6 O?6 0(+ 6MN(-%#..6+,?6$%6$ 60 &@N?6+%( N#'#.( 6$ 0# ,(@N-# .6 &$+?@(+W 1($ 6+%( +6 0('-# O?6 60È4 +6 '-#P6 .($.6 +6 ,($+?@6$ 0(+ 3&6$6+ = $( .($.6 +6 N-(.?,6$W

IUW <&6$%-#+ 60 &@N?6+%( # 0#+ P6$%#+ +6 #N0&,# +(3-6 60 P#0(- .60 3&6$ ( 60 +6-P&&@N?6+%( #0 P#0(- #'-6'#.( '-#P# 60 P#0(- #'-6'#.( O?6 +6 '6$6-# 6$ ,#.# ?$# .6 0#+6%#N#+ .60 N-(,6+( .6 N-(.?,,&2$^.&+%-&3?,&2$W :6 6+%# @#$6-# 6$ 60 ,#+( .60&@N?6+%( # 0#+ P6$%#+X 60 N-6,&( .60 3&6$ ( +6-P&,&( #.O?&-&.( N(- 60 ,($+?@&.(- 5puede involucrar el pago de “impuestos sobre impuestos“. El efecto del impuesto en

60 N-6,&( +6 -#,&($#0&C# 6$ 60 ,#+( .60 È4X N?6+ 6+%6 ]0%&@( +6 .6%6-@&$# ,(@.&56-6$,&# 6$%-6 60 È4 ,(3-#.( +(3-6 0#+ P6$%#+ 5&$#06+ = 60 È4 N#'#.( 6$ 0#+,(@N-#+ .6 &$+?@(+ N#-# 0# N-(.?,,&2$ .6 3&6$6+ = +6-P&,&(+W A(- (%-# N#-%6X 5-6$#0 &@N?6+%( +(3-6 0#+ P6$%#+X +6 [# #-'?@6$%#.( O?6 60 È4 5#,&0&%# 60 ,?@N0&@y la administración en la medida en que es “ 2$*DO$-D'#%"->“, pues una empresaN?6.6 .6+,($%#- 60 È4 N#'#.( +(3-6 0(+ &$+?@(+ +(0( +& ,?6$%# ,($ 60 +(N(-%6 .6?$# 5#,%?-#W

TLW "& 3&6$ 0# 0&%6-#%?-# [# +6R#0#.( 0#+ P6$%#*#+ .60 È4 5-6$%6 # (%-(+ &@N?%#@3&Y$ [# -6+#0%#.( +? '-#$ .63&0&.#.e 60 &$,6$%&P( .6 0(+ '(3&6-$(+ # 6M%6$.636$65&,&(+ 6$ 60 &@N?6+%(X ,($ #-'?@6$%(+ = (3*6%&P(+ O?6 [(= 6$ .;# +&'?6$ +&6$.(3*6%( .6 .63#%6 %62-&,( = +?+ -6+?0%#.(+ .6 ,?6+%&($#@&6$%( 6@N;-&,(W

TKW "6 N?6.6$ .&+%&$'?&- %-6+ %&N(+ .6 %-#%#@&6$%(+ 5#P(-#306+ 6$ 60 È4e &b 6M6$,&.60 È4X O?6 ,($+&+%6 6$ #N0&,#- ?$# %#-&5# .6 Ld = N6-@&%&- 60 .6+,?6$%( .60 N#'#.( 6$ 0# ,(@N-# .6 &$+?@(+X &&b 6M6$,&2$ N#-,&#0X O?6 &@N0&,# $( '-#P#- ,($ È60 3&6$ 5&$#0 N6-( #0 @&+@( %&6@N( &@N6.&- 60 .6+,?6$%( .60 È4 N#'#.( +(3-6 ,(@N-# .6 &$+?@(+X O?6 6+ 0( O?6 6$ 1(0(@3&# +6 .6$(@&$# ,(@( 3&6$6+ 6M,0?&.(+



C:

= &&&b #N0&,#,&2$ .6 ?$# %#-&5# -6.?,&.# 5-6$%6 # 0# %#-&5# '6$6-#0X N6-@&%.6+,?6$%( .60 È4 6$ 0# ,(@N-# .6 &$+?@(+W

TIW <?,[(+ .6 6+%(+ %-#%#@&6$%(+ %-&3?%#-&(+ 5#P(-#306+ +6 [#$ 6+%#306,&.( ,($ 60 5&-6.?,&- 60 656,%( -6'-6+&P( .60 È4 3#*( 60 #-'?@6$%( .6 O?6 6+%6 %-&3?%( -6,#6 6$

@#=(- @6.&.# +(3-6 0# N(30#,&2$ N(3-6X 0# ,?#0 .6+%&$# ?$# N-(N(-,&2$ &@N(-%#$%.6 +? &$'-6+( #0 ,($+?@( .6 3&6$6+ 6+6$,&#06+W 1($ 6+%# ,($+&.6-#,&2$X #0'?$(+'(3&6-$(+ 6M,6N%]#$ .60 È4 ?$# N-(N(-,&2$ ( 0# %(%#0&.#. .6 0(+ 3&6$6+ = +6-P&,&(+.6 0# ,#$#+%# 3Z+&,# .6 ,($+?@(W H+ .6,&-X 6$ @?,[(+ N#;+6+ $( +6 '-#P#$ 6+%(+3&6$6+ = +6-P&,&(+ N6-( %#@N(,( +6 N6-@&%6 60 .6+,?6$%( .60 È4 O?6 0(+ N-(.?,%(-6+N#'#-($ +(3-6 0(+ &$+?@(+W

TTW D$ #-'?@6$%( ,($,6N%?#0 6+ # P6,6+ +?5&,&6$%6 N#-# ,?6+%&($#- 60 656,%( .6 6+%6 %&.6 @6.&.#+ 6$ 0# -6.?,,&2$ .6 0# -6'-6+&P&.#. .60 È4W H$ 656,%(X #0 $( N(.6-.6+,($%#- 60 È4 O?6 60 N-(.?,%(- N#'2 6$ 0# #.O?&+&,&2$ .6 &$+?@(+X 6+%6 %-#+0#.#-.&,[( ,(+%( .60 &@N?6+%( #0 N-6,&( 5&$#0W s"6 36$65&,&# 60 ,($+?@&.(- 5&$#0 .66M,0?+&2$t 10#-#@6$%6X $(W 7# P6-.#. 6+ O?6X # N6+#- .6 $( ,($%#- ,($ #-'?@6$%(+%Y,$&,(+ = 6@N;-&,(+ N(%6$%6+X 6+%6 %-#%#@&6$%( .6 0# ,#$#+%# 3Z+&,# [# +&.60 #--6'0( N(0;%&,( O?6 [# N6-@&%&.( # 0(+ '(3&6-$(+ 606P#- +?+ &$'-6+(+ 5&+,#06+ %-#PY+ .6 @(.&5&,#,&($6+ 6$ 0#+ %#-&5#+ .60 È4W 9%-(+ N#;+6+ '-#P#$ 6+%(+ 3&6$6?$# %#-&5# -6.?,&.# 6$ P6C .6 [#,6-0( # %#+# Ld = $( N6-@&%&- +? .6+,?6$%(X 0( ,?#0N#-6,6 @Z+ -#,&($#0 .6+.6 60 N?$%( .6 P&+%# 6,($2@&,(W 7# #N-(M&@#,&2$ 6.&56-6$%6 6$%-6 N#;+6+W H$ (%-(+ 6M&+%6 ?$ -Y'&@6$ +&@N0&5&,#.( -60#%&P#O?6 %&6$6 0# 0&,6$,&# .6 $( ,(3-#- È4X '6$6-#$.( &'?#0@6$%6 .&+%(-+&($6+ 6&$6O?&.#.6+W

TVW 9%-( #-'?@6$%( O?6 +6 [# 6+'-&@&.( N#-# *?+%&5&,#- 0# 6M%6$+&2$ .6 %-#%#@&favorables es que algunos bienes y servicios tienen un carácter “meritorio“, o su,($+?@( 6+ .6 &$%6-Y+ N]30&,( N?6+ %&6$6 6M%6-$#0&.#.6+ N(+&%&P#+W H+%6 [,#+( .60 '#+%( 6$ 6.?,#,&2$ ( +#0?.X 6$%-6 (%-(+X O?6 [# +&.( (3*6%( .6 6M6$,&($6+ (%#-&5#+ -6.?,&.#+W 4.6@Z+X .#.( O?6 ?$# N#-%6 &@N(-%#$%6 .6 6+%(+ 3&6$6++6-P&,&(+X ,(@( 0# +#0?. = 0# 6.?,#,&2$X +($ N-(P6;.(+ .6 @#$6-# '-#%?&%# N(- 60'(3&6-$(X $( -6+?0%#-;# 6$%6$.&306 O?6 +6 ,#-'#-# 60 È4 +(3-6 0(+ @&+@(+W :6 $?6P(X6$ 6+%6 #+N6,%(X 0# #N-(M&@#,&2$ .6 0(+ '(3&6-$(+ [# +&.( .&56-6$%6W

TJW 7( O?6 +; N#-6,6 ,0#-( 6+ O?6 ,?#$.( 60 3&6$ 36$65&,&#.( $( 6+ @6-&%(-&( ( $( %&6$6

6M%6-$#0&.#.6+ N(+&%&P#+X +&$( O?6 +? %-#%#@&6$%( %-&3?%#-&( 5#P(-#306 (33&6$ #0 N-(N2+&%( .6 N-(@(P6- +? ,($+?@( ( .6@#$.#X +6 6+%#-;# P&(0#$.( ?$( .60(+ N-&$,&N&(+ O?6 '?;#$ 60 È4 = 6+ 60 .6 0# $6?%-#0&.#.X 6+ .6,&-X 60 N-&$,&N&(&$50?&- 6$ 0#+ .6,&+&($6+ .6 &$P6-%&- ( N-(.?,&- .&,[( 3&6$W H$ 656,%(X 0# &$P6-N-(.?,,&2$ .6 ?$ 3&6$ $( .636-;# (36.6,6- $& N#-,&#0 $& %(%#0@6$%6 #0 %-#%#@&6$%%-&3?%#-&( O?6 +(3-6 6+%6 -6,#6W 4.&,&($#0@6$%6X .6+'-#P#- 6+%(+ 3&6$6+ = +6-P'6$6-# &$6O?&.#. 6$ 0# @6.&.# 6$ O?6 0#+ N6-+($#+ ,($ @#=(- ,#N#,&.#.



CI

6,($2@&,#X %#@N(,( N#'#$ È4 N(- 6+%(+ N-(.?,%(+ = 60 H+%#.( N&6-.6 ?$ -6,#?.(+&'$&5&,#%&P( .6 O?&6$6+ %6$.-;#$ 0# ,#N#,&.#. .6 N#'#- N(- 6+%(+ ,($+?@(+W

aKb `@N#,%( 6$ N-(.?,%&P&.#.

TjW H$ 1(0(@3&#X 0#+ 6M6$,&($6+ %(%#06+ = N#-,&#06+ a6M,0?+&($6+X 6$ 60 06$'?#*6 %,(0(@3&#$(b +($ $?@6-(+#+ = # 0# 0?C .6 0# .&+,?+&2$ #$%6-&(-X $( +(0( 6-(+&($#$ .6@#$6-# &@N(-%#$%6 0# 3#+6 = 0# N-(.?,%&P&.#. = 65&,&6$,&# .60 &@N?6+%(X +&%#@N(,( 6$,?6$%-#$ +?+%6$%( %Y,$&,( = 6@N;-&,( 5?6-%6W

TSW H$ 656,%(X 0#+ @]0%&N06+ 6M,0?+&($6+ = 6M6$,&($6+X 0# 6M&+%6$,&# .6 %#-&5##+; ,(@( 60 606P#.( '-#.( .6 6P#+&2$ [#$ &@N#,%#.( $6'#%&P#@6$%6 0#N-(.?,%&P&.#. .60 È4W A(- N-(.?,%&P&.#. +6 6$%&6$.6 0# .&56-6$,&# 6$%-6 60 -6,#?.(656,%&P( = 60 N(%6$,&#0 .6 -6,#?.( +& %(.(+ 0(+ 3&6$6+ = +6-P&,&(+ +6 '-#P#-#$ # 0%#-&5# '6$6-#0 = $( [?3&6-# 6M6$,&($6+ = 6M,0?+&($6+ $& 6P#+&2$W H+%6 &$.&,#.(-#N-(M&@#.( 6$ 0# 0&%6-#%?-# # %-#PY+ .6 0# -#C2$ 6$%-6 60 -6,#?.( .6 È4 ,(@(N-(N(-,&2$ .60 A`/ = 0# %#-&5# '6$6-#0 .60 &@N?6+%(W H$ (%-#+ N#0#3-#+X 6+%6 &$.@&.6 ,?Z$%( +6 -6,#?.# .6 È4 ,(@( N(-,6$%#*6 .60 A`/ N(- ,#.# N?$%( .6 %#-&5#W9%-# @6.&,&2$ .6 N-(.?,%&P&.#. @?= ?%&0&C#.# 6+ 0# -#C2$ 6$%-6 60 -6,#?.( .60 È4,(@( N-(N(-,&2$ .60 ,($+?@( +(3-6 0# %#-&5# '6$6-#0 .60 È4W 7# &.6# .6%-Z+ .6 6+%#@6.&,&2$ 6+ O?6 60 È4 +6 N#'# +(3-6 60 ,($+?@( = $( %(.( 60 A`/ +6 ,($+?@6W A(-600(X 0# @6.&,&2$ O?6 %&6$6 6$ ,?6$%# 60 A`/ +(0( -6+?0%# ,(@N#-#306 N#-# 6,($(@;#6$ .($.6 0# -#C2$ ,($+?@(hA`/ 6+ +&@&0#-W 4 6+%6 &$.&,#.(- %#@3&Y$ +6 06 .6$(@&$65&,&6$,&# .60 È4W

TgW 1Z0,?0(+ -6,&6$%6+ @?6+%-#$ O?6 60 È4 %&6$6 $&P606+ .6 N-(.?,%&P&.#. = 65&,&3#*(+ 6$ 1(0(@3&#a>-Z5&,( IUbW H$ 0(+ .(+ ,#+(+X 1(0(@3&# (,?N# ?$( .6 0(+ ]0%&@(+0?'#-6+ = +6 6$,?6$%-# N(- .63#*( .6 0(+ N-(@6.&(+ .6 0# 91:H = .6 4@Y-&,# 7#%&$#W:6 6+%# @#$6-# @&6$%-#+ 6$ 0(+ N#;+6+ ,($ È4 @Z+ N-(.?,%&P(+X N(- ,#.# fKLL .6-6,#?.( N(%6$,&#0 +6 -6,('6$ fgLX 6$ 4@Y-&,# 7#%&$# +6 -6,('6$ ?$ N(,( @Z+ .6fJL 6$ N-(@6.&( = 6$ 1(0(@3&# ,6-,# .6 fVLW



CO

WBaT=9: CY> /B:7F9<=K=747 R 8T=9=8;9=4 786 #J+

G?6$%6e >2@6C^"#3#;$&$& +* W aILKVbW

TUW D$ 6+%?.&( -6,&6$%6 .60 /`: .6+,(@N($6 N#-# .&56-6$%6+ N#;+6+ .6 4@Y-&,# 7#%&$# 0#NY-.&.# .6 N-(.?,%&P&.#. .60 `E4 6$ .(+ 606@6$%(+e &b 0# NY-.&.# .6 -6,#?.( .63&.(# 0#+ 6M6$,&($6+ = %#+#+ -6.?,&.#+ = &&b 0# 6-(+&2$ .60 -6,#?.( .63&.( # 0# 6P#+&2$ 0#+ .63&0&.#.6+ 6$ @#%6-&# .6 '6+%&2$ = 0# #?+6$,&# .6 ?$# 5&+,#0&C#,&2$ 65&,&(N(-%?$#W 7(+ -6+?0%#.(+ +?'&6-6$ O?6 N#-# 60 ,#+( .6 1(0(@3&# #@3(+ #+N6,%(+-6+?0%#$ &@N(-%#$%6+ 6$ 6MN0&,#- 0# 3#*# N-(.?,%&P&.#. .60 `E4W

VLW H$ ,?#$%( #0 %#@#R( .6 0# NY-.&.# 6$ -6,#?.( ,(@( ,($+6,?6$,&# .6 0(+ 36$65&,&(++6 %&6$6 O?6 6$ N#;+6+ ,(@( 4-'6$%&$# = 1[&06X 6+%# 6+ -60#%&P#@6$%6 3#*#?%(-6+ ,#0,?0#$ O?6 6$ 6+%(+ .(+ N#;+6+ 60 -6,#?.( #?@6$%#-;# #N6$#+ 6$ ?$ KLd +&$( 6M&+%&6-#$ 0#+ %#+#+ -6.?,&.#+ = 0#+ 6M6$,&($6+W A(- +? N#-%6X 6$ H,?#.(- = ANY-.&.# .6 -6,#?.( N(- 6+%(+ ,($,6N%(+ +6 #,6-,# # IJdW 1(0(@3&#X H0 "#0P#.(-

>?#%6@#0# = A#$#@Z 0# +&%?#,&2$ 6+ @Z+ N-6(,?N#$%6 N?6+ 0# NY-.&.# .6 -6,#?.(6+%Z #0-6.6.(- .6 VLdW H$ 60 6M%-6@( 6+%Z$ 1(+%# )&,#X \($.?-#+X <YM&,(X F&,#-#'= )6N]30&,# :(@&$&,#$#X N#;+6+ 6$ 0(+ O?6 0(+ 36$65&,&(+ '6$6-#$ 6$ N-(@6.&( ?$#NY-.&.# .60 jLd 6$ 60 -6,#?.( a1(-3#,[( $& +*8X ILKTbW H$ N-(@6.&(X N(- ,?6$%# .60(+ '#+%(+ %-&3?%#-&(+ +6 +#,-&5&,# 60 IKd .60 -6,#?.( N(%6$,&#0W

VKW H$ -60#,&2$ ,($ 0# NY-.&.# .6 -6,#?.( .63&.( # 0#+ .63&0&.#.6+ .6 '6+%&2$X5&+,#0&C#,&2$ = # 0# 6P#+&2$X 0(+ #?%(-6+ 6$,?6$%-#$ O?6 N(- 6+%# -#C2$ +6 +#,-&



CC

Ijd .60 -6,#?.( N(%6$,&#0 6$ N-(@6.&(W 1(0(@3&#X *?$%( ,($ B#@#&,# = )6N]30&,#:(@&$&,#$# +($ 0(+ N#;+6+ 6$ .($.6 0# NY-.&.# .6 -6,#?.( N(- 6+%# ,#?+# 6+ 0# @Z+'-#$.6 aTUd .60 -6,#?.( N(%6$,&#0bW

VIW D$ 606@6$%( 6$ 60 O?6 1(0(@3&# #N#-6,6 -6C#'#.( 6$ -60#,&2$ ,($ 0(+ N#;+6+ .6 0#

-6'&2$X = ,?=( #P#$,6 ,($%-&3?&-;# .6 @#$6-# &@N(-%#$%6 # -6.?,&- 0# 6P#+&2$ .60 È4= #?@6$%#- +? N-(.?,%&P&.#.X +6 -65&6-6 #0 ?+( .6 0# 5#,%?-# 606,%-2$&,#W 4?$O?6 +6 6MN&.&2 60 .6,-6%( -6'0#@6$%#-&(X 60 N-(,6+( 60 N-(,6+( .6 &@N0#$%#,&2$ 6+ 06$+(0( +6 6+N6-# %6$6-0( %(%#0@6$%6 &@N06@6$%#.( # 5&$#06+ .60 ILKSW

aIb H0 %-#%#@&6$%( .6 0(+ 3&6$6+ .6 ,#N&%#0

VTW :6 (%-# N#-%6X 0# &@N(+&3&0&.#. .6 .6+,($%#- N06$#@6$%6 60 È4 6$ 0# ,(@N-# 3&6$6+ .6 ,#N&%#0 ,#+%&'# .6 @#$6-# &@N(-%#$%6 0# &$P6-+&2$W H$ 0# @#=(-;# .6 60 È4 +6 6+%#306,6 +(3-6 60 ,($+?@(W /#*( 6+%6 6+O?6@#X 0#+ 6@N-6+#+ N#'#$ 6+%'-#P#@6$ +(3-6 0(+ 3&6$6+ = +6-P&,&(+ O?6 #.O?&6-6$X N6-( 6$ '6$6-#0 N?6.6$.6+,($%#- #O?60 O?6 N#'#$ +(3-6 0# ,(@N-# .6 %(.(+ 0(+ &$+?@(+ O?6 ?%&0&C#$ 6$ 60N-(,6+( N-(.?,%&P(X &$,0?+&P6 +(3-6 0(+ 3&6$6+ .6 ,#N&%#0W 1(0(@3&# 6+ ?$( .6 0N(,(+ N#;+6+ 6$ .($.6 0#+ 6@N-6+#+ $( N?6.6$ .6+,($%#- %(%#0@6$%6 60 È4 N#'#.(+(3-6 0# @#O?&$#-&# = 6O?&N( O?6 #.O?&6-6$W H$ 6+%#+ ,&-,?$+%#$,&#+X 60 È4 +(3&6$6+ .6 ,#N&%#0 -6N-6+6$%# ?$ ,(+%( #.&,&($#0 N#-# 0#+ 6@N-6+#+ O?6 #56,%#,(@N6%&%&P&.#. = .6+&$,6$%&P# 0# &$P6-+&2$W 7#+ 6@N-6+#+ +(0( N?6.6$ -6,?N#-%6 .60 È4 N#'#.( +(3-6 3&6$6+ .6 ,#N&%#0 # %-#PY+ .6 0#+ .6.?,,&($6+ N(-.6N-6,&#,&2$ 6$ 60 &@N?6+%( # 0# -6$%#W 4.&,&($#0@6$%6X 6$ 0# -65(-@# .6 ILKN6-@&%&2 ?$ .6+,?6$%( .6 Id .60 P#0(- .6 ,(@N-# .60 3&6$W Q#@3&Y$ +6 6M,0?=6$ .60

È4 0#+ &@N(-%#,&($6+ .6 @#O?&$#-&# N6+#.# N#-# 0# &$.?+%-&# 3Z+&,# 6 &$.?+,?#$.( 6+%# $( +6 N-(.?C,# 6$ 60 N#;+W

VVW 7# +(0?,&2$ .65&$&%&P# .6 6+%6 N-(306@# .636 %6$6- 6$ ,?6$%#X +&$ 6@3#-'(X O?6È4 +(3-6 3&6$6+ .6 ,#N&%#0 '6$6-# -6,?-+(+ &@N(-%#$%6+ N#-# 60 5&+,( aLWjd .60 A`= O?6 +? 60&@&$#,&2$ ( -6.?,,&2$ '-#.?#0 .636 +6- ,(@N6$+#.# .6 #0'?$# @#$6-#W

aTb H0 %-#%#@&6$%( .6 0# ,($+%-?,,&2$ .6 &$@?6306+,($ .6+%&$( -6+&.6$,&#0 = $( -6+&.6$,&#0

VJW H$ 1(0(@3&#X 0# P6$%# .6 &$@?6306+ ,($ .6+%&$( -6+&.6$,&#0 = $( -6+&.6$,&#0 ,($+&.6-#.# ?$ 3&6$ 6M,0?&.( .60 È4W 7( @&+@( +?,6.6 ,($ 0(+ #--6$.#@&6$%(+ .6&$@?6306+ ,($ .6+%&$( -6+&.6$,&#0W 7# #N-(M&@#,&2$ .6 0(+ .&56-6$%6+ N#;+%-#%#@&6$%( .6 0(+ &$@?6306+ [# +&.( P#-&#.#W H$ 0# @#=(- N#-%6 .6 0(+ N#;+6+ D$&2$ H?-(N6# +6 '-#P# ,($ È4 0# ,($+%-?,,&2$ = P6$%# .6 P&P&6$.#+ $?6P#+ a,($%#+#+ -6.?,&.#+ N#-# 0# P&P&6$.# +(,&#0bX #+; ,(@( .6 3(.6'#+ = 6.&5&,&(+ ,(@6-,&#06$?6P(+X N6-( +6 ?+#$ @6,#$&+@(+ .6 .6+,?6$%( .6 6+6 È4 #0 ,(@N-#.(- .6



?EE

&$@?6306+ O?6 +6 .6+%&$#$ # 0# N-(.?,,&2$ .6 3&6$6+ ( +6-P&,&(+ '-#P#.(+X6$,#@&$#.(+ # 5#,&0&%#- 60 @#$6*( .60 50?*( .6 ,#*# .6 0(+ &$P6-+&($&+%#+W

VjW 7# 1(@&+&2$ -6,(@&6$.# 6+%?.&#- 0# ,($P6$&6$,&# ( &$,($P6$&6$,&# .6 '-#P#- # ?$#%#+# -6.?,&.# 0# ,($+%-?,,&2$ = P6$%# .6 &$@?6306+ $?6P(+X 6M,6N%( 0(+ .6+%&$#.(+

P&P&6$.# E`" = EÀ O?6 %6$.-;#$ %#+# ,6-(X N(- -#C($6+ .6 6O?&.#.X 65&,&6$,&6,($2@&,# = -6,#?.(W A#-# 6+%6 N-(N2+&%( .636-;# -6P&+#-+6 0# .&-6,%&P# .6 0# D$&H?-(N6# N#-# 60 È4 ,(@?$&%#-&( = 6P#0?#- 0(+ #-'?@6$%(+ # 5#P(- = 6$ ,($%-# .6#N0&,#- ?$# $(-@# .6 6+6 %&N( 6$ 60 ,($%6M%( ,(0(@3&#$(W

VSW H$ ,#+( .6 #.(N%#-+6 ?$ È4 # 0# ,($+%-?,,&2$ .6 &$@?6306+X 60 >(3&6-$( .636.65&$&- ,2@( (N6-#-&# 60 .6+,?6$%( ,(--6+N($.&6$%6 6$ 6.&5&,#,&($6+ ,(@6-,&#06+W "+6 N6-@&%&6-# .6+,($%#-0( 6$ 5(-@# #,606-#.#X 60 &@N#,%( 5&+,#0 +6-;# $6'#%N?6+%( O?6 [(= $( +6 N6-@&%6 .6+,($%#- 0(+ È4 N#'#.(+ 6$ 0(+ &$+?@(+ = ,($%-#%(+.6 ,($+%-?,,&2$W "&X N(- 60 ,($%-#-&(X +(0( +6 N6-@&%&6-# .6+,($%#-0( +(3-6 0# P&.#.60 &$@?6306X 0# &@N(+&,&2$ .60 È4 %6$.-;# 656,%(+ &@N(-%#$%6+ +(3-6 0# ,#*# 6@N-6+#+W A(- (%-# N#-%6X 60 >(3&6-$( %6$.-;# O?6 .65&$&- 60 ,Z0,?0( = #*?+%6.6+,?6$%( .60 È4 6$ 60 ,#+( .6 &$@?6306+ ?%&0&C#.(+ %#$%( 6$ 0# N-(.?,,&2$ .63&6$6+ = +6-P&,&(+ '-#P#.(+ ,(@( 6M6$%(+W `'?#0@6$%6X .636-;# .65&$&- +& .6+,?6$%( -6@#$6$%6 +6 %-#+0#.# #0 ,(@N-#.(- .6 ?$ 3&6$ &$@?6306 ,(@6-,&#0 O?6+6 P6$.# #$%6+ .6 %6-@&$#- .6 .6+,($%#- 60 È4 N#'#.( 6$ +? ,($+%-?,,&2$ (,(@N-#W

VgW H0 '-#P#@6$ ,($ È4 # 0# P&P&6$.# $?6P# .6 @#=(- P#0(- (%(-'#-;# N-('-6+&P&.#. #6+%6 &@N?6+%(W H0 '-#P#@6$ # 0#+ ,($+%-?,,&($6+ ,(@6-,&#06+ a3(.6'#+X (5&,&$5Z3-&,#+b N6-@&%&-;# #0,#$C#- ?$# @#=(- $6?%-#0&.#. 6$ 0#+ .6,&+&($6+ .6 &$P6-+@&%&'#$.( ( +?N6-#$.( 0(+ #,%?#06+ &$,6$%&P(+ %-&3?%#-&(+ 6$ 5#P(- .6 0# &$P6-+&6+%6 %&N( .6 #,%&P(+ P&+ # P&+ 0# @#O?&$#-&# = 6O?&N(X 0# ,?#0 6+%Z '-#P#.# ,N6+#- .6 O?6 ,($%-&3?=6 # @6*(-#+ 6$ N-(.?,%&P&.#. 6$ @#=(- @6.&.# O?6 0#&$P6-+&2$ 6$ N-(N&6.#. -#;CW :636 %6$6-+6 6$ ,?6$%# +&$ 6@3#-'( O?6 60 6+O?6@# .6.6+,?6$%( .6 È4 N#-# @#O?&$#-&# = 6O?&N( O?6 +6 6+%Z -6,(@6$.#$.( 6$ 6+%6.(,?@6$%( =# ,($%-&3?=6 # @&%&'#- 0(+ +6+'(+ @6$,&($#.(+ = O?6 0# &@N(+&,&2$ .6?$ È4 +(3-6 0# P6$%# .6 &$@?6306+ $?6P(+ %6$.-;# &@N#,%(+ +(3-6 60 @6-,#.( .6&$@?6306+ ?+#.(+X '6$6-#$.( ?$ 6+%;@?0( # 0# .6@#$.# 6$ 6+6 @6-,#.( = N($&6$.(6$ .6+P6$%#*# 60 @6-,#.( .6 P&P&6$.# $?6P#W

VUW :6+.6 60 N?$%( .6 P&+%# %Y,$&,( N?6.6 #-'?@6$%#-+6 O?6 60 +6-P&,&( .6 #0(*#@&6$%=# +6# -6+&.6$,&#0 ( $( -6+&.6$,&#0X ,($+%&%?=6 ?$ ,($+?@( O?6 .636-;# 6+%#- +?*6%#0 È4 ,(@( ,?#0O?&6- (%-( +6-P&,&(W H$ 0# N-Z,%&,#X +&$ 6@3#-'(X -6+?0%# &@N?%#- 60 P#0(- .60 +6-P&,&( O?6 N-(P66 0# P&P&6$.# #0 .?6R( O?6 0# (,?N# = N(- 0@&+@( $( +6 +?606 ,(3-#- È4 N(- 6+6 +6-P&,&(X +&$( O?6 +6 '-#P# 0# #.O?&+&,&2$ .P&P&6$.# #0 @(@6$%( .6 +? ,(@N-#X 6$ ,?#$%( #N-(M&@# 60 P#0(- N-6+6$%6 .6 6+(++6-P&,&(+ a1$(++6$X ILKLbW A(- +? N#-%6X +& 0# P6$%# .6 P&P&6$.# +6 @#$%&6$6.6 È4X 60 #--6$.#@&6$%( %#@3&Y$ .636 -6,&3&- 60 @&+@( %-#%#@&6$%( ,($ 60 5



?E?

6P&%#- ,?#0O?&6- .&+,-&@&$#,&2$ 6$ ,($%-# .60 @6-,#.( .6 #--6$.#@&6$%(+ = # 5#P(-.60 @6-,#.( .6 ,(@N-# = P6$%# .6 P&P&6$.# a<&$[ 76X ILLTbW H$ 0# 6P6$%?#0&.#. 6$O?6 +6 &@N($'# È4 # 0# P6$%# .6 &$@?6306+ -6+&.6$,&#06+ ( $( -6+&.6$,&#06+X %-#%#@&6$%( .60 È4 +(3-6 #--6$.#@&6$%(+ .636 #*?+%#-+6 6$ ,($+6,?6$,&#W

aVb

H0 %-#%#@&6$%( .6 0(+ &$%#$'&306+JLW H$ 1(0(@3&#X # .&56-6$,&# .6 0# @#=(-;# .6 N#;+6+X 0#+ %-#$+#,,&($6+ .6 &$%#$'&3

O?6 +6 -6#0&C#$ 6$ 60 %6--&%(-&( $#,&($#0 $( +6 '-#P#$ ,($ È4W H$ @?,[(+ (%-(+N#;+6+X +6 '-#P#$ 0#+ -60#,&($#.#+ ,($ +(5%8#-6X @#-,#+X N#%6$%6+X 3#+6+ .6 .#%(+&$5(-@#,&2$ = -6'&+%-(+ +#$&%#-&(+ = .6 (%-# ;$.(06W 4+; @&+@(X 6$ @?,[(+ N#;+66M,0?=6 60>'')^"** a,-Y.&%( @6-,#$%&0b N#'#.( O?6 +6 '6$6-# ,(@( -6+?0%#.( .6 0#,(@N-# .6 6+%#306,&@&6$%(+ ,(@6-,&#06+ ( .6 ,(@N#R;#+W

aJb `$6O?&.#.6+ 6$ 60 %-#%#@&6$%( .6 N-(.?,%(++&@&0#-6+

JKW "6 N?6.6$ &.6$%&5&,#- %-#%#@&6$%(+ .&56-6$%6+ 6$ 60 È4 N#-# 3&6$6+ = +6-+&@&0#-6+X 0( ,?#0 $( 6$,?6$%-# $&$'?$# *?+%&5&,#,&2$ %Y,$&,# = 6$ ,#@3&( +; '6&$6O?&.#.6+ = .&+%(-+&($6+ 6$ 0# 6,($(@;#W H+%6 6+ 60 ,#+( N(- 6*6@N0( .60 ,($,-6%a6M,0?&.(b = ,6@6$%( a%#-&5# '6$6-#0b_ 0#+ ,(@&+&($6+ N#'#.#+ +(3-6 #0'?$(+ +6-P&,&N-6+%#.(+ N(- 6$%&.#.6+ 3#$,#-&#+ a6M,0?&.(+b = N(- 6$%&.#.6+ $( 3#$,#-&#+ a%#-&'6$6-#0b_ 0(+ +6-P&,&(+ .6 -6+%#?-#$%6 = ,#56%6-;# N-6+%#.(+ N(- 5-#$O?&,&#+ a%'6$6-#0b = 0(+ (%-(+ a'-#P#.(+ ,($ &@N?6+%( #0 ,($+?@(b_ = 0#+ .&56-6$,&#+ 6$ 0# 3#+6'-#P#306 +(3-6 0# ,?#0 +6 0&O?&.# 60 È4 6$ C($#+ 5-#$,#+ 6+%#306,&.#+ ( 6$ %-Z@&#$%6+ .6 ILKI a+6 -6+%# .6 0# 3#+6 '-#P#306 60 P#0(- #'-6'#.( &$,(-N(-#.( 6$ 0#C($#b = 0#+ 6+%#306,&.#+ .6+.6 6$%($,6+ a$( +6 -6+%#bX 6$%-6 (%-(+W H0 -Y'&+&@N0&5&,#.( %#@3&Y$ (,#+&($# ?$ %-#%#@&6$%( N-&P&06'&#.( 6$ ,?#$%( 0#+ N$#%?-#06+ #+; ,0#+&5&,#.#+ $( ,(3-#$ È4 +(3-6 +?+ P6$%#+ .6 3&6$6+ = +6-P&,&('-#P#.(+W

C> /B:AB8?=K=747 786 #J+

JIW 1(@( +6 6MN0&,2 #$%6-&(-@6$%6X 6$ ,(@N#-#,&2$ ,($ (%-(+ &@N?6+%(+X +& -6+?0%

.&+6R#.( = #N0&,#.(X 60 È4 (5-6,6 P6$%#*#+ 6$ @#%6-&# .6 -6,#?.(X $6?%-#0&.#. a&'?#0%-#%( # 0(+ .&+%&$%(+ +6,%(-6+b = 65&,&6$,&# 6$ +? #.@&$&+%-#,&2$ a+&@N,($%-(0 = ,?@N0&@&6$%(bW 7# N-&$,&N#0 0&@&%#,&2$ 6+ O?6 ,(@( 60 &@N?6+%(.&+%&$'?&- 6$%-6 60 '#+%( O?6 -6#0&C#$ 0(+ +6,%(-6+ .6 N(30#,&2$ .6 @#=(-6+ &$'-6+.60 O?6 -6#0&C#$ 0(+ .6 @6$(-6+ &$'-6+(+X 60 &@N?6+%( N?6.6 +6- ?$# ,#-'# @#=(-N#-# 60 ,($+?@( .6 0(+ +6'?$.(+W H$ %Y-@&$(+ .6 .&+%-&3?,&2$ .6 &$'-6+(+ 0#-6'-6+&P&.#. +6 .# N(-O?6 60 &@N?6+%( .6 ,($+?@( $( '-#P# 60 #[(--(X 60 ,?#0 6+@#=(- # @6.&.# O?6 #?@6$%# 60 &$'-6+( N6-+($#0W H+%# ,#-#,%6-;+%&,# 6+ $6'#%&



?E"

N#-# 0# .&+%-&3?,&2$ .6 &$'-6+( N6-( N(+&%&P# N#-# 60 ,-6,&@&6$%( # %-#PY6+%;@?0( # 0# &$P6-+&2$W

JTW A(- 6+%#+ -#C($6+X 0# 0&%6-#%?-# +(3-6 60 %6@# [# &$+&+%&.( 6$ O?6 60 (3*6%&P( .6 ,?#0O?&6- &@N?6+%( $( 6+ .&-6,%#@6$%6 -6.&+%-&3?&- 60 &$'-6+( +&$( -6,#?

&$'-6+(+ N#-# 5&$#$,&#- '#+%(+ O?6 N?6.6$ ,($%-&3?&- # 0# -6.&+%-&3?,&2$ .6 0&$'-6+(+ -6.&+%-&3?%&P(+W H$ 60 ,#+( .60 È4 N#-6,6-;# 6$%($,6+ @6*(- 6MN0(%#- P6$%#*#+ O?6 +6 -6506*#$ 6$ &$'-6+(+ &@N(-%#$%6+ N#-# 60 5&+,( = N-(.?,&- @6*(-#+0# 65&,&6$,&# = ,#N#,&.#. -6.&+%-&3?%&P# .60 '#+%( N]30&,(W

JVW H$ 60 ,#+( .6 1(0(@3&#X 6$ ILLI +6 #N-(32 6$ 60 1($'-6+( .6 0# )6N]30&,# '-#P#-,($ ?$# %#-&5# .6 È4 .6 Id # 0(+ 3&6$6+ .6 0# ,#$#+%# 5#@&0&#-X .6,&+&2$ O?6 0?6'(5?6 .6,0#-#.# &$,($+%&%?,&($#0 N(- 0# 1(-%6 1($+%&%?,&($#0 a"6$%6$,&# 1(-1($+%&%?,&($#0 1^SSjh LTbW

JJW )6+?0%#X $( (3+%#$%6X #0%#@6$%6 &@N(-%#$%6 -6+#0%#- #0 -6+N6,%( #0'?$(+ #5?$.#@6$%#06+ .6 0# "6$%6$,&#W A-&@6-(X +(+%&6$6 O?6 .6 @#$6-# '6$6-#0 = #3+(0?%6$ 0# 1($+%&%?,&2$ $( 6M&+%6“prescripción alguna que prohíba, de manera general y#3+(0?%#X 0# &@N(+&,&2$ .6 ,#-'#+ %-&3?%#-&#+ +(3-6 3&6$6+ = +6-P&,&(+ .6 N-necesidad“. En esta misma Sentencia Xla Corte expresó que …”el consumo de bienes= +6-P&,&(+ .6 N-&@6-# $6,6+&.#. N?6.6 +6- (3*6%( .6 ,#-'#+ &@N(+&%&P#+ +&6@N-,?#$.( 6M&+%#$ N(0;%&,#+ 656,%&P#+ O?6 ,(@N6$+6$ 0# #56,%#,&2$ #0 @;$&@( P&%#N6-+($#+ O?6X .63&.( # +? ,($.&,&2$ 6,($2@&,# 6$5-6$%#-;#$ .&5&,?0%#.6+ ( +6 P6-;#$6$ &@N(+&3&0&.#. .6 #,,6.6- # 0(+ @&+@(+ # ,#?+# .60 @#=(- P#0(- O?6 .636$ N(-ellos a causa del impuesto.”

JjW A(- (%-# N#-%6X 6+ &@N(-%#$%6 +6R#0#- O?6 .6+.6 60 @(@6$%( 6$ O?6 +6 N-(5&-&"6$%6$,&# 1^SSj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

G> ,:E@68b=747Z 8T=9=8;9=4 47E=;=?<B4<=K4 R 8K4?=Q;

JSW H0 È4 N(- .65&$&,&2$ = .&+6R( 6+ ?$ &@N?6+%( +6$,&00( O?6 ,($+&+%6 6$ '-#P#- ,($@&+@# %#-&5# %(.# 0# ,#.6$# .6 %-#$+#,,&($6+ [#+%# 006'#- #0 ,($+?@&.(- 5&$#0W (3+%#$%6X 6$ 0# N-Z,%&,#X 0#+ $?@6-(+#+ %#-&5#+X 6M6$,&($6+ = %-#%#@&6$%(+O?6 +6 [#$ P6$&.( #N0&,#$.( = #@N0&#$.( 6$ 60 %&6@N( [#,6$ O?6 [(= 6$ .;# 6+%(+



?E5

,($+%&%?=#$ %#0 P6C 0# N-&$,&N#0 -#C2$ .6 0# .&5;,&0 #.@&$&+%-#,&2$ .60 %1(0(@3&#W F( (3+%#$%6X %#$%( N(- ,($+&.6-#,&($6+ N(0;%&,#+ ,(@( N(- -#C($6+ .6,($+%&%?,&($#0&.#. [# +&.( .&5;,&0 0&@&%#- 0(+ %-#%#@&6$%(+ 5#P(-#306+ .60 È4W

JgW 7# 76= KjLS N-(.?*( @6*(-#+ #.@&$&+%-#%&P#+X +&6$.( 0# -6.?,,&2$ .60 $]@6-( .6

%#-&5#+ .6 S # T ?$# .6 0#+ @Z+ &@N(-%#$%6+W 4+; @&+@(X 6$ @#%6-&# N-(,6.&@+6'@6$%#,&2$ .6 0(+ .6,0#-#$%6+X 0# N6-&(.&,&.#. .6 0#+ .6P(0?,&($6+ = 0#.&+@&$?,&2$ .6 0# %#-&5# .6 -6%6$,&2$ 5?6-($ @6.&.#+ 6$,#@&$#.#+ # 5#,&0&%##.@&$&+%-#,&2$ .60 &@N?6+%(W

JUW 7# #.@&$&+%-#,&2$ .60 &@N?6+%( +6 ,(@N0&,# #]$ @Z+ N(- 0# &$6M&+%6$,&#+&+%6@# .6 5#,%?-# 606,%-2$&,# @(.6-$( = 65&,&6$%6W 4 N6+#- .6 O?6 0# -6'?0#,&2$ 0# 5#,%?-# 606,%-2$&,# +6 &$&,&2 6$ KUUJX 0(+ #P#$,6+ 656,%&P(+ 6$ +? &@N06@6#]$ +($ 5-#$,#@6$%6 N-6,#-&(+ 6$ ,(@N#-#,&($6+ &$%6-$#,&($#06+X ,(@( +6 @?6+%-#6$ 60 ,#N;%?0( .6 #.@&$&+%-#,&2$ %-&3?%#-&#W

S> +6AF;4? 9:;?=78B49=:;8? ?:5B8 86 BVA=E8; ?=E@6=T=947:

jLW 1(0(@3&# ,?6$%# #,%?#0@6$%6 ,($ ?$ -Y'&@6$ +&@N0&5&,#.( O?6 N-6+6$%0&@&%#,&($6+W H+%6 ,#-6,6 .6 &$+%-?@6$%(+ .6 ,($%-(0 N(- N#-%6 .6 0# #.@&$&+%0( ,?#0 N6-@&%6 #3?+(+ 6$ ,($%-# .60 +&+%6@#W A(- (%-# N#-%6X +6 [# ,($+%&%?&.(,#$#0 .6 6P#+&2$W H$ 656,%(X N-(0&56-#$ 5#,%?-#+ ( %-#$+#,,&($6+ .6 (N6-#,&($65&,%&,&#+ 6$%-6 #'6$%6+ .60 -Y'&@6$ (-.&$#-&( = +&@N0&5&,#.( O?6 .#$ 0?'#- # &$.6.6+,?6$%(+ .60 &@N?6+%(W

jKW F( (3+%#$%6X @?,[(+ N#;+6+ 6$ 0?'#- .6 #3(0&- 0(+ -6';@6$6+ +&@N0&5&,#.(+ N#-#N6O?6R(+ ,($%-&3?=6$%6+ [#$ ,(@6$C#.( # .&+6R#- 6 &@N06@6$%#- +&+%6@+&@N0&5&,#.(+ 65&,&6$%6+ O?6 3?+,#$ $( +(0( &$,0?&- @Z+ N6-+($#+ $#%?-#06@N-6+#+ N6O?6R#+ 6$ 60 +&+%6@# = #?@6$%#- 60 -6,#?.( +&$( %#@3&Y$ ,($%-&3?&5(-@#0&C#,&2$ .6 0# 6,($(@;#W

jIW 1(@( 6$ (%-(+ N#;+6+X 0(+ ,(+%(+ .6 %-#$+#,,&2$ #+(,&#.(+ #0 ,?@N0&@&6$%( .60 È46$ 1(0(@3&# +($ #0%(+X 6+N6,&#0@6$%6 N#-# 60 ,#+( .6 0#+ 6@N-6+#+ .6 @6$(-%#@#R(W

jTW D$ 6+%?.&( -6,&6$%6 .60 /#$,( <?$.&#0 +(3-6 0# %-&3?%#,&2$ .6 0#+ @&,-( = N6O?6R#+6@N-6+#+ 6$ 1(0(@3&# ,($,0?=6 O?6X # N6+#- .6 [#36-+6 .#.( 6+5?6-C(+ -6,&6$%6+6$ 0( -60#,&($#.( ,($ 60 &@N?6+%( .6 -6$%# .6 0#+ N6-+($#+ O?6 -6#0&C#$ #,%&P&.#.6+N(- ,?6$%# N-(N&# @6.&#$%6 0# &$%-(.?,,&2$ .60 `<4"X 60 656,%( [# +&.( @?=N6O?6R( 6$ %Y-@&$(+ .6 -6,#?.( = .60 $]@6-( .6 ,($%-&3?=6$%6+ O?6 [#$ 6$%-#.( #6+%6 +&+%6@# a/#$,( <?$.&#0X ILKJ N-60&@&$#-bW A6-( #.6@Z+X +6R#0#$ O?6$?6P( +&+%6@# $( 6+%Z #0&$6#.( ,($ 60 -Y'&@6$ +&@N0&5&,#.( 6$ 60 ,#+( .60 È6+N6,&#0@6$%6 6$ 0( O?6 %&6$6 O?6 P6- ,($ 0(+ ?@3-#06+ O?6 #N0&,#$ 6$ 6+%(+ .(



?E>

-6';@6$6+W 7#+ ,(@N#-#,&($6+ &$%6-$#,&($#06+ .60 6+%?.&( @?6+%-#$ O?6 60 ?@3-#O?6 .&P&.6 #0 -Y'&@6$ +&@N0&5&,#.( .60 -Y'&@6$ ,(@]$ 6$ 60 È4 6+%Z 6$ ?$ $&&$%6-@6.&(X 6+ .6,&- $( 6+ #0%( N6-( %#@N(,( 6+ 3#*(X @&6$%-#+ O?6 60 ?@3&$56-&(- .60 `<4" N#-# P#-&#+ .6 0#+ #,%&P&.#.6+ .65&$&.#+ 6$ 6+%6 +&+%6@# #N-60#%&P#@6$%6 3#*(W

jVW H0 #$Z0&+&+ .6 0# 6$%&.#. @?0%&0#%6-#0 -6,(@&6$.# N6$+#- 6$ ?$ -Y'&@6$ +&@N?$&5&,#.( N#-# &@N?6+%(+ # $&P60 $#,&($#0 N#-# 0#+ @&,-( = N6O?6R#+ 6@N-6+#+X&$,0?=# &@N?6+%( .6 -6$%# 6 È4X 6$ 60 ,?#0 0(+ ?@3-#06+ +6 6+%#306C,#$ 6$ ?$ $&O?6 N6-@&%#$ +6'@6$%#- #.6,?#.#@6$%6 0(+ @&,-( ,($%-&3?=6$%6+ .6 0(+,($%-&3?=6$%6+ N6O?6R(+W H+%(+ ?@3-#06+ %#@3&Y$ N(.-;#$ ?%&0&C#-+6 N#-# 600( @6$(+ 6$ 0#+ ,&?.#.6+ '-#$.6+X '6$6-#$.( 6,($(@;#+ .6 6+,#0# 6$ 60 ,($%-(0 .66+%6 +6'@6$%( .6 ,($%-&3?=6$%6+X %6@# O?6 +6 ,(@6$%#-Z 6$ 0# +6,,&2$ .6&@N?6+%(+ %6--&%(-&#06+W

WBaT=9: GI> fE5B468? 78 #J+ ^f(h_

G?6$%6e Q(@#.( .6 /#$,( <?$.&#0 aILKJbW

H> #J+ E:;:Ta?=9:

jJW 1(@( -6'0# '6$6-#0X 60 È4 6$ 1(0(@3&# 6+ N0?-&5Z+&,( N?6+ '-#P# 60 P#0(- #'-6'#.(6$ ,#.# ?$# .6 0#+ +?,6+&P#+ 6%#N#+ .6 N-(.?,,&2$ = .&+%-&3?,&2$W F( (3+%#$%6X N#,&6-%(+ N-(.?,%(+ 6M&+%6 ?$ È4 @($(5Z+&,( O?6 0(+ '-#P# 6$ ?$# +(0# 6%#N# .60N-(,6+(W H+%6 6+ 60 ,#+( .6 0(+ .6-&P#.(+ .60 N6%-206(X 0#+ '#+6(+#+ = 0#+ ,6-P6C#+W

jjW >-#P#- 0(+ N-(.?,%(+ = +6-P&,&(+ ,($ ?$ È4 @($(5Z+&,( %&6$6 P6$%#*#+ = .6+P6$%#*#+A-(3#306@6$%6 +? N-&$,&N#0 P6$%#*# 6+ O?6 5#,&0&%# 60 ,($%-(0 .60 &@N?6+%@6.&.# 6$ O?6 .&+@&$?=6 60 $]@6-( .6 ,($%-&3?=6$%6+ +(3-6 0(+ O?6 +6 ,(3-#W 7#

L

ILXLLL

VLXLLL

jLXLLL

gLXLLL

KLLXLLL

KILXLLL

F 6 % [ 6 - 0 # $

. + l

F ( - 8 # =

` , 6 0 # $ .

G & $ 0 # $ .

> 6 - @ # $ =

1 # $ # . #

7 ? M 6 @

3 ( ? - '

m ( - 6 #

4 ? + % - & #

` % # 0 =

F 6 8 k 6 # 0 # $

.

4 ? + % - # 0 & #

1 (

0 ( @

3 & #

" 8 & % C 6 - 0 # $

.

1 C 6 , [ ) 6 N ?

3 0 & ,

" 0 ( P 6 $ & #

A (

0 # $ .

` - 6 0 # $ .

B # N # $

G - # $ , 6

D $ & % 6

. m & $ ' . ( @



?ED

N-&$,&N#0 .6+P6$%#*# 6+ O?6 +& [#= 6P#+&2$ +6 N&6-.6 0# %(%#0&.#. .60 &@N?6+@&+@(X .636 @6$,&($#-+6 O?6 0# 3#+6 6+ @Z+ 6+%-6,[# N(-O?6 $( &$,(-N(-# 0#&$%6-@6.&#,&2$ [#+%# 60 N-6,&( .60 ,($+?@&.(- 5&$#0W

jSW H$ 6+%6 +6$%&.(X 0# +606,,&2$ .6 0(+ N-(.?,%(+ = +6-P&,&(+ # '-#P#- ,($ ?$ È4

@($(5Z+&,( .636 +6- ,?&.#.(+#W H$ '6$6-#0X #O?600(+ N-(.?,%(+ 6$ .($.6 0# ,#.6$#.6 N-(.?,,&2$^.&+%-&3?,&2$ #0 ,($+?@&.(- 5&$#0 6+ ,(-%# N?6.6$ '6$6-#- '#$#$,&#+6$ -6,#?.( P;# ,($%-(0 .6 0# 6P#+&2$W

]> +6AF;4? 9:;?=78B49=:;8? ?:5B8 86 =E@F8?<: 46 9:;?FE:

jgW H$ 1(0(@3&# 6M&+%6 60 &@N?6+%( #0 ,($+?@(X ,(@( -66@N0#C( .60 È4X O?6 3?+'-#P#- ,&6-%(+ +6-P&,&(+ ,(@( 60 N-6+%#.( N(- 0(+ -6+%#?-#$%6+X .($.6 +? ,($%-(0 =5&+,#0&C#,&2$ +6 [#,6$ @?= .&+N6$.&(+(+ = +? ,(3-(X -6,#?.( = N#'( N(+%6-&(-X-6+?0%#$ @Z+ 5Z,&06+ %#$%( N#-# 60 ,($%-&3?=6$%6 ,(@( N#-# 0# :`4FW H+%6 %&@N?6+%(+ +(3-6 6+%(+ +6-P&,&(+ [#$ N6-@&%&.( &$,-6@6$%#- 60 -6,#?.(X [5#,&0&%#.( 60 ,($%-(0X #.6@Z+ .6 O?6 [#$ .&+@&$?&.( 60 P(0?@6$ .6 .6P(0?,&($6+W H&@N(-%#$%6 @6$,&($#- O?6 0(+ ,($%-&3?=6$%6+ O?6 5#,%?-#$ 6+%6 &@N?6+%( $( %.6-6,[( # .6+,($%#- 60 È4 N#'#.( N(- 0# ,(@N-# .6 +?+ &$+?@(+X 3&6$6+ ( +6-P&,&(+W:6 6+%# @#$6-#X O?&6$ N#'# 60 &@N?6+%( 0( @#$6*# ,(@( @#=(- P#0(- .60 '#+%(+(3-6 60 +6-P&,&( (3%6$&.(W

jUW 7(+ +6-P&,&(+ .6 %6065($;# = 0#+ P6$%#+ .6 P6[;,?0(+ a&$,0?&.(+ #?%(@2P&06+X @(#6-(.&$(+X =#%6+X 3#-,(+b %#@3&Y$ %&6$6$ ?$ &@N?6+%( #0 ,($+?@( #.6@Z+ .6 6+'-#P#.(+ ,($ È4W

###> W"1P 4?@89<:? A8;8B468? R 7=4A;Q?<=9:

SLW H0 >-#P#@6$ # 0(+ <(P&@&6$%(+ G&$#$,&6-(+X ><GX +6 6+%#306,&2 # 5&$#06+ .6,(@( ?$ &@N?6+%( %-#$+&%(-&( (-&6$%#.( # #=?.#- # 5&$#$,&#- N#-%6 .6 0(+ ,(+%(+ .60# ,-&+&+ 5&$#$,&6-# .6 5&$#06+ .6 +&'0(W H+%6 &@N?6+%( [# +?5-&.( P#-&(+ ,#@3&+? ,-6#,&2$X .6$%-( .6 0(+ ,?#06+ N?6.6$ +6R#0#-+6e &b +? %-#$+5(-@#,&2$ 6$&@N?6+%( N6-@#$6$%6X &&b 60 #?@6$%( .6 0# %#-&5#X &&&b 0# &$,0?+&2$ ( (N6-#,&($6+ +?*6%#+ #0 %-&3?%( = &Pb 0# 60&@&$#,&2$ .6 +? .6+%&$#,&2$ 6+N6,;,($+6,?6$%6 (-&6$%#,&2$ .6 0(+ -6,?-+(+ #0 A-6+?N?6+%( F#,&($#0W

SKW H0 %-&3?%( '-#P# 0(+ -6%&-(+ .6 .&$6-( .6 0#+ ,?6$%#+ ,(--&6$%6+ ( .6 #[(--(+ ,($ ?$#%#-&5# .60 VMKLLLW "&$ 6@3#-'(X 0(+ -6%&-(+ .6 0#+ ,?6$%#+ .6 0(+ G($.(+ .6 A6$+&E(0?$%#-&#+X $( ,#?+#$ 60 ><G N(- 6+%#- 6MN-6+#@6$%6 6M6$%(+ .60 %-&3?%(W F( '-#P#.(+ 0(+ -6%&-(+ .6 ?$# ,?6$%# .6 #[(--( [#+%# N(- TJL DEQ afUWgUSWjJL N#-#ILKJb N(- ,#.# %&%?0#- O?6 +6# N6-+($# $#%?-#0X #.6@Z+ .6 (%-#+ 6M6$,&($6+ O?6 %-0# $(-@#W



?E:

SIW H$ 0# #,%?#0&.#.X 60 JLd .60 N#'( .6 ><G N?6.6 .6.?,&-+6 6$ 60 &@N?6+%( .6 -6$%#N#-# 60 ,#+( .6 0#+ N6-+($#+ *?-;.&,#+W

STW H0 ><G 6+ ?$ &@N?6+%( .6 5Z,&0 -6,#?.#,&2$ = '6$6-# -6,?-+(+ &@N(-%#$%6+ N#-# 60

>(3&6-$( aLWgd .60 A`/ 6$ 60 ]0%&@( #R(bW

SVW :6+.6 +? ,-6#,&2$ 60 ><G [# +&.( #0%#@6$%6 ,?6+%&($#.( N(- 60 656,%( 6$ 0#3#$,#-&C#,&2$ = N-(5?$.&C#,&2$ 5&$#$,&6-# .60 N#;+W H$ 656,%(X 0# .6+&$%6-@6.&5&$#$,&6-#X #N-(M&@#.# # %-#PY+ .6 0# -#C2$ .6 656,%&P( +(3-6 ?$# @6.&.# #@N0&#.&$6-( 6$ ,&-,?0#,&2$ a<TbX #?@6$%2 6$ 0(+ N-&@6-(+ #R(+ .60 &@N?6+%(W 4?$O6+%6 656,%( N#-6,6 [#36-+6 6+%#3&0&C#.( 6$ 0(+ ]0%&@(+ #R(+X 60 ?+( .60 656,%&P( +&6$.( 606P#.( 6$ 60 N#;+ 6$ N#-%6 N(- 60 &@N#,%( .60 &@N?6+%(a>-Z5&,( TKbWQ#@3&Y$ [# '6$6-#.( .&P6-+#+ N-Z,%&,#+ .6 %-&#$'?0#,&2$ = P#-&#.#+ 5(-@#+ .6 60?.&60 &@N?6+%(X #0'?$#+ .6 0#+ ,?#06+ 0('-#-($ ,($%-(0#-+6 ,($ 0# 76= KVTL .6 ILKLX,(@( N?6.6 #.P6-%&-+6 6$ 0# 6P(0?,&2$ .60 -6,#?.(W

WBaT=9: GD> ,:E@:B<4E=8;<: 786 W"1 R 64 B4OQ; 8T89<=K:M"G

SJW A(- +? ,#-Z,%6- #$%& %Y,$&,( = 0#+ .&+%(-+&($6+ O?6 ,#?+# +(3-6 60 @6-,#.( 5&$#$,&6-6$ N#-%&,?0#- N(- 60 656,%( $6'#%&P( 6$ @#%6-&# .6 &$%6-@6.&#,&2$ 5&$#$,&6>(3&6-$( [# &$%6$%#.( .6+@($%#- 60 %-&3?%(W "&$ 6@3#-'(X 6+%6 .6+@($%6 +6 P6$&.( #N0#C#$.( 6$ 60 %&6@N( N(- 0# &@N(-%#$,&# = 65&,&6$,&# 6$ 60 -6,#?.( .6



?EI

%-&3?%(W /#*( 0#+ $(-@#+ P&'6$%6+ #,%?#0@6$%6X 60 .6+@($%6 '-#.?#0 ,(@6$C#-;#N#-%&- .6 ILKUW

#J> #E@F8?<:? 4 6:? 9:E5F?<=568?

SjW 7(+ ,(@3?+%&306+ .6 (-&'6$ 52+&0 a,#-32$X N6%-206( = .6-&P#.(+b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

SSW A(- 6+%#+ -#C($6+ .6+.6 [#,6 @?,[#+ .Y,#.#+ ,#+& %(.(+ 0(+ N#;+6+ '-#P#$ 6$ 5(-@#&@N(-%#$%6 60 ?+( .6 6+%(+ ,(@3?+%&306+ a6$ N#-%&,?0#- 60 .6 0# '#+(0&$# = (.6-&P#.(+ .60 N6%-206(bX ,($ 60 .(306 N-(N2+&%( .6 ,(@N6$+#- # 0# +(,&6.#. N(- 0#+6M%6-$#0&.#.6+ #.P6-+#+ O?6 +? ?%&0&C#,&2$ '6$6-# +(3-6 60 @6.&( #@3&6$%6KI =(3%6$6- -6,?-+(+ N#-# 0# ,($+%-?,,&2$ = @#$%6$&@&6$%( .6 &$5-#6+%-?,%?-# .6%-#$+N(-%6 a6$ ,($*?$%( ,($ 0(+ &@N?6+%(+ #0 ?+( .6 P6[;,?0(+bX #%6$.&6$.( #0N-&$,&N&( .6 36$65&,&( ,(@]$@6$%6 ?+#.( 6$ 0# 0&%6-#%?-# .6 5&$#$C#+ N]30&,#+#.&,&2$X 60 &@N?6+%( .6+6+%&@?0# 6$ #0'?$# @6.&.# 60 ?+( .6 6+%(+ ,(@3?+%&30N-(@?6P6 +? #[(--( ( +?+%&%?,&2$ N(- ,(@3?+%&306+ @Z+ 0&@N&(+W

SgW A(- 0( %#$%(X 0(+ &@N?6+%(+ +(3-6 0(+ ,(@3?+%&306+ +($ ?$ &$+%-?@6$%( &@N(-.6 N(0;%&,# N]30&,#X O?6 %&6$6 ?$ &@N#,%( +&'$&5&,#%&P( +(3-6 0(+ N-6,&(+ = 60 .6 0# 6$6-';#X 60 -6,#?.( 5&+,#0 = 0# #%6$?#,&2$ .6 0(+ &@N#,%(+ +(3-6 60 @6.&(#@3&6$%6 a91:HX ILKJbW :#.( O?6 6+ ?$ 3&6$ -60#%&P#@6$%6 &$60Z+%&,( –?$ #?@6$%(6$ 0(+ N-6,&(+ (,#+&($# ?$# -6.?,,&2$ -60#%&P#@6$%6 N6O?6R# .6 0# .6@#$.#^X.63&.( # O?6 $( 6M&+%6$ +?5&,&6$%6+ +?+%&%?%(+ 0&@N&(+ O?6 ,(@N&6,($2@&,#@6$%6 ,($ 60 ?+( .6 6+%(+ ,(@3?+%&306+X 6+ #%-#,%&P( N#-# 0(+ '(3&6-$(6+%#306,6- ?$ &@N?6+%( ,($ 60 5&$ .6 '6$6-#- &$'-6+(+ ,?#$%&(+(+W H$ 0# @#=(-;# .60(+ N#;+6+X 6+%(+ -6,?-+(+ +($ .6.&,#.(+ #0 @#$%6$&@&6$%( = 5&$#$,&#,&2$ .6 0# -P&#0 = '#+%(+ ,(@N6$+#%(-&(+ 6$ N-(%6,,&2$ #@3&6$%#0W

SUW 4[(-# 3&6$X 6$ 1(0(@3&#X $& 0(+ N-6,&(+ .6 0(+ ,(@3?+%&306+ $& 0(+ &@N?6+%(+ # .N-(.?,%(+ -6506*#$ 3&6$ 60 &@N#,%( #@3&6$%#0 O?6 +? ?+( (,#+&($#W H+( +6 6P&.6$,($ 0(+ .&56-6$,&#06+ 6$ 0(+ &@N?6+%(+ ,($ O?6 +6 '-#P# # 0# '#+(0&$# = #0 41A< (

KI H$ 5(-@# ,(@N06@6$%#-&# # (%-#+ $(-@#+ O?6 (30&'#$ # ?+#- @&%&'#.(-6+ .6 6@&+&($6+ = O?N-(@?6P6$ 60 ?+( .6 ,(@3?+%&306+ @6$(+ ,($%#@&$#$%6+ ,(@( 60 6%#$(0X 60 3&(.&6+60X 60 '#+ $#%?,(@N-&@&.( = 0# 606,%-&,&.#. N-(.?,&.# ,($ N0#$%#+ [&.-Z?0&,#+X #+; ,(@( 6$6-';#+ $?6P#+ ,(@( 0# 620&,# =0# +(0#-W



?EO

.&6+60W 7(+ @6$(-6+ &@N?6+%(+ N#-# 60 .&6+60 –N-(.?,%( O?6 %&6$6 &@N#,%(+ @Z++6P6-(+ +(3-6 60 @6.&( #@3&6$%6^ [#$ (,#+&($#.( ?$ &$,-6@6$%( #,606-#.( .6 0#.6@#$.#X #'-#P#$.( 0# ,($%#@&$#,&2$ N-&$,&N#0@6$%6 .6 0#+ Z-6#+ ?-3#$#+W A(- 0%#$%(X (-'#$&+@(+ ,(@( 0# 91:H aILKJb –3#*( ?$# N6-+N6,%&P# #@3&6$%#0^ [#$+?'6-&.( 60&@&$#- 6+6 .&56-6$,&#0 +?3&6$.( 0#+ %#-&5#+ N#-# 60 .&6+60W

gLW <&-#$.( 60 ,($+?@( .6 ,(@3?+%&306 N(- %&N( .6 P6[;,?0(a>-Z5&,( TIW 1($+?@( .6'#+(0&$# = 41A<b +6 6$,?6$%-# O?6 60 jVd .6 0# '#+(0&$# 6+ ,($+?@&.# N(-#?%(@2P&06+ = @(%(+X @&6$%-#+ O?6 6$ 60 ,#+( .60 41A<X 60 UVd +6 .6+%&%-#$+N(-%6 .6 ,#-'# = #0 %-#$+N(-%6 .6 N#+#*6-(+W

WBaT=9: GC> ,:;?FE: 78 A4?:6=;4 R +,/"

+> ,:;?FE: A4?:6=;4 %> ,:;?FE: +,/"

G?6$%6e Q(@#.( .6 H,($2@&,# 1($+?0%(-6+ aILKJb ,($ .#%(+ .6 DA<HW

gKW 1(@( @6.&.# 6$,#@&$#.# # -6.?,&- 0(+ 656,%(+ #@3&6$%#06+ .60 ?+( .6 ,(@3?+%&306+6 &@N?0+#- 6$6-';#+ -6$(P#306+X 0# 76= jUT .60 ILLK = N(+%6-&(-@6$%6 0# 76= UTVILLV 6M&'&6-($ @6C,0#- 0# '#+(0&$# ,($ 6%#$(0 = 60 41A< ,($ 3&(.&6+60W A(- %@(%&P(X #0-6.6.(- .60 gd .6 0# '#+(0&$# .60 N#;+ ,($%&6$6 6%#$(0 = 60 KLd .60 41A<,($%&6$6 3&(.&6+60 aH,($2@&,# 1($+?0%(-6+X ILKJbW 4+&@&+@(X 60 #-%;,?0( VH+%#%?%( Q-&3?%#-&( 6+%#306,6 ,(@( 6M6$%(+ .60 &@N?6+%( = .60 È4 a,($ .6-6,[( ,(@N6$+#,&2$ = .6P(0?,&2$b #0 #0,([(0 ,#-3?-#$%6 O?6 +6 @6C,0# ,($ 0# '#+(0&$# = 60

3&(,(@3?+%&306 N-(.?,&.( $#,&($#0@6$%6 .6 (-&'6$ P6'6%#0 ( #$&@#0 O?6 +6 @6C,0#,($ 41A<W

gIW A(- +? N#-%6X 0# 76= KjLS .6 ILKI @6.&#$%6 60 4-%;,?0( KjS +?+%&%?=2 60 &@N?'0(3#0 # 0# '#+(0&$# = #0 41A< –,($+#'-#.( 6$ 0(+ #-%;,?0(+ Jg = JU .6 0# 76= IIT .6KUUJ^X *?$%( ,($ 60 È4 # 0(+ ,(@3?+%&306+X N(- 60 `@N?6+%( F#,&($#0 # 0# >#+(0&#0 41A<W :6 6+%# @#$6-#X 0# 06= 6M,0?=2 0# P6$%# ( &@N(-%#,&2$ .6 '#+(0&$# ,(--&6= .&6+60 .60 È4W H$ 0(+ ,#+(+ .6 0#+ &@N(-%#,&($6+ = .6 0#+ P6$%#+ # .&+%-&3?&.(-



?EC

-65&$6-;# +6 N6-@&%6 #+&@&0#- ?$# N#-%6 .60 `@N?6+%( F#,&($#0 # 0# >#+(0&$41A< # È4X .6 %#0 5(-@# O?6 +6 N?6.# #,,6.6- # 0(+ .6+,?6$%(+ N(- È4 N#'#.(++(3-6 0(+ &$+?@(+W H+%( +&$ 6@3#-'( $( +6 #.@&%6 6$ 60 ,#+( .6 0#+ P6$%#+ .6.&+%-&3?&.(-6+ # 0(+ ,($+?@&.(-6+ 5&$#06+X -#C2$ N(- 0# ,?#0 0(+ .&+%-&3?&.(-6+ ,#-.6 0# N(+&3&0&.#. .6 -6,0#@#- 60 N#'( .6 È4 +(3-6 +?+ ,(@N-#+ N#-# .6.?,&-0(+ .60

`@N?6+%( F#,&($#0 # 0# '#+(0&$# = #0 41A<W H+%( #?@6$%# 6$ 0# N-Z,%&,# 0# @#'$.60 &@N?6+%( =X ,?#$.( 60 N-6,&( 5&$#0 .6 0(+ ,(@3?+%&306+ +6 6$,?6$%-# -6'?0#.(X-6.?,6 60 @#-'6$ 656,%&P( O?6 -6,&36$ 0(+ .&+%-&3?&.(-6+W A(- 60 (%-( 0#.(X 0# 76KjLS .6 ILKI @#$%?P( 0# +(3-6%#+# # 0# '#+(0&$# = #0 41A< N#-# 0(+ .6N#-%#@6$%(+= @?$&,&N&(+X %#0 ,(@( 0( 6+%&N?02 0# 76= Sgg .6 ILLIa1?#.-( KV bW

,F47B: DS> "4B9: bFBX7=9: K=A8;<8KT

.:BE4 %4?8 AB4K4568 04B=T4.=K86 78 A:5=8B;:

B898@<:B(89<:B 78

78?<=;49=Q;`@N?6+%(

F#,&($#0 # 0#'#+(0&$# = 60

41A<

76= KjLS .6ILKIW 4-% KjS >#02$

^HM%-#e fKWjJUXjI h'#02$

^1(--&6$%6 = 41A<efKWKVSXUg h'#02$l

F#,&2$ F( #%#.(

"(3-6%#+# # 0#'#+(0&$#

76= Sgg .6ILLIW 4-% JJ

E#0(- .6 0# '#+(0&$# #$%6+.6 @#-'6$ @&$(-&+%#X

6P#N(-#,&2$ = %-#$+N(-%6-6'&($#0

ÎJd^k($#+ 5-($%6-&C#+ KUd

^SVd <?$&,&N&(+Îjd :6N#-%#@6$%(+

"(0( N#-#5&$#$,&#-

%-#$+N(-%6@#+&P( = P;#+

"(3-6%#+# #041A<

76= Vgg .6KUUgW 4-% KKS

E#0(- .60 41A< #$%6+ .6@#-'6$ @&$(-&+%#X

6P#N(-#,&2$ = %-#$+N(-%6-6'&($#0

jd^JLd >(3&6-$( F#,&($#0^JLd :6N#-%#@6$%(+

<#$%6$&@&6$%(P&#0

l7#+ %#-&5#+ .6 0(+ ,(@3?+%&306+ ,($ @6C,0#+ .6 6%#$(0 = 3&(.&6+60 P#-;#$ 06P6@6$%6WG?6$%6e H,($2@&,# 1($+?0%(-6+ aILKJbW

gTW H0 -6,#?.( .60 &@N?6+%( # '#+(0&$# = 60 .&6+60X %#$%( +? ,(@N($6$%6 $#,&($#0 ,(@0# +(3-6%#+#X [# @(+%-#.( ?$# %6$.6$,&# .6,-6,&6$%6 6$ 0# N#-%&,&N#,&2$ .6 0(&$'-6+(+ %-&3?%#-&(+ = ?$ 6+%#$,#@&6$%( .60 -6,#?.( -6#0 –6M,6N%?#$.( 60 -6N?$%66$ 60 ILKT .60 &@N?6+%( $#,&($#0 # 0# '#+(0&$# = 41A< ,(@( ,($+6,?6$,&# .6 0(+,#@3&(+ .6 0# 76= KjLS .6 ILKIW A#-# 60 ILKTX 60 -6,#?.( ,(@( N(-,6$%#*6 .6 0(+&$'-6+(+ %-&3?%#-&(+ %(%#06+ +6 6$,($%-#3# 6$ $&P606+ .60 IXKd N#-# 60 &@N$#,&($#0 = .60 SXgd N#-# 0# +(3-6%#+#a>-Z5&,( TTbW "&$ 6@3#-'(X #?$O?6 0# -65(-@#.6 ILKI -6.?*( 60 .&56-6$,&#0 6$%-6 0# '#+(0&$# = 60 .&6+60X 0# +(3-6%#+# +&'?6 +&6@6$(- N#-# 60 .&6+60W Q(@#$.( 0(+ ,Z0,?0(+ .6 G6.6+#--(00( aILKJbX 6+%6 .&56-6$,&#+6 [#,6 %(.#P;# @Z+ 6P&.6$%6 ,?#$.( +6 @&-# 0# N-6+&2$ 5&+,#0 .60 &@N?6+%(W "6']$

6+%?.&(X @&6$%-#+ 60 &@N?6+%( $#,&($#0 -6N-6+6$%# 60 KIXTd .60 N-6,&,(@3?+%&306X 0# +(3-6%#+# # 0# '#+(0&$# -6N-6+6$%# 60 KVXSd = 0# +(3-6%#+# #0 %#$ +(0( 60 TXgd .60 N-6,&(W

KT Q#-&5#+ #,%?#0&C#.#+ # ILKJ ,($ .6,-6%( .60 <\1AW



??E

WBaT=9: GG> &894F7: 786 =E@F8?<: 4 64 A4?:6=;4 R +,/"

+> #E@F8?<: ;49=:;46 4 64 A4?:6=;4 R +,/" %> (:5B8<4?4 4 64 A4?:6=;4 R +,/"

F(%#e `A1 ILLguKLLG?6$%6e 1`4Q_ ,Z0,?0(+ N-(N&(+W

gVW 4?$O?6 0(+ N-6,&(+ .6 0(+ ,(@3?+%&306+ 6$ 1(0(@3&# $( +6 6$,?6$%-#$ %#$ #06*#.(+

.6 0(+ .6 (%-(+ N#;+6+ N-(.?,%(-6+ .6 N6%-206( a91:HX ILKJbX 0(+ $&P606+ .6&@N?6+%(+ +(3-6 0(+ ,(@3?+%&306+ +($ +&'$&5&,#%&P#@6$%6 @6$(-6+ O?6 0#0'?$(+ N#;+6+ .6 4@Y-&,# 7#%&$# = O?6 60 N-(@6.&( .6 0(+ N#;+6+ .6 0# 91:Ha>-Z5&,( TVbW 4[(-# 3&6$X N#;+6+ O?6 [#$ +&.( %-#.&,&($#0@6$%6 '-#$.6+ 6MN(-%#.(-6+.6 N6%-206(X ,(@( E6$6C?60# =X 6$ @6$(- @6.&.# <YM&,(X 0(+ '-#P#$ @6$(+ O?61(0(@3&#W :6 [6,[(X E6$6C?60# 0(+ +?3+&.&# 6$ 5(-@# ,($+&.6-#306 –0( O?6,($+%&%?=6 N-(3#306@6$%6 ?$( .6 0(+ +?3+&.&(+ @Z+ -6'-6+&P(+ &@#'&$#3066+%&@?0#$.(X #.6@Z+X ?$ '-#P6 N-(306@# .6 ,($%-#3#$.( [#,&# (%-(+ N#;+6+X 6$N#-%&,?0#- 1(0(@3&#X O?6 $( +6 -6+?60P6 '-#P#$.( @6$(+ 0(+ ,(@3?+%&306+ 6$ 0#5-($%6-# ,(0(@3&#$#KVW

KV E6-X <60Y$.6C = A6--= aILKJbW :6 [6,[(X 6+%# N-Z,%&,# $( +(0( $( [# -6.?,&.( 60 ,($%-#3#$.( .6+.6E6$6zuela, sino que ha generado un considerable ‘contrabando técnico interno’ en Colombia.



???

WBaT=9: GS> /B89=: 8 =E@F8?<:? 78 6:? 9:E5F?<=568? 8; 94BB8<8B4KJ

+> )=8?86 ,:6:E5=4 CIIIgCIDS4 %> W4?:6=;4 ,:6:E5=4 CIIIgCIDS4

,> /B89=: 8 =E@F8?<: 7=8?86Z CIDC )> /B89=: 8 =E@F8?<: A4?:6=;4Z CIDC

F(%#el,Z0,?0(+ N-(N&(+_ #b 4 N-6,&(+ .60 ILLJWG?6$%6e Q(@#.( .6 91:Hh1HA47 aILKVbW

gJW Q(@#$.( 0(+ .#%(+ 91:Hh1HA47 aILKVbX +6 6P&.6$,&# O?6 60 &@N?6+%( a$20$%<D"%' o+) :+*'#$/ b # 0# '#+(0&$# 6$ 1(0(@3&# -6N-6+6$%# 60 Tjd .60 &@N?6+%( N-(@6.&( .60# @?6+%-# = 60 &@N?6+%( #0 41A< 60 IVdW A(- +? N#-%6X ,(@N#-#$.( ,($ N#;+6+ ,?=#%-&3?%#,&2$ 6+%Z @Z+ #,(-.6 ,($ 60 &@N#,%( #@3&6$%#0 a1[&06X 4-'6$%&$# = D-?'?KjX60 &@N?6+%( # 0# '#+(0&$# -6N-6+6$%# 60 Vjd .60 N-(@6.&( .6 0(+ %-6+ N#;+6+ = &@N?6+%( #0 41A< 60 JKdW

KJ 7(+ N-6,&(+ ,(--6+N($.6$ #0 N-(@6.&( N#-# /('(%ZW H$ 60 ,#+( .60 N-(.?,%(X +6 %(@2 N#-# 60,(@3?+%&306 .&6+60e '#+206( .6 #?%(@(,&2$ N#-# ?+( $( ,(@6-,&#0W <&6$%-#+ O?6 N#-# 0# '#+(0&$#N-6@&?@ +&$ N0(@( a)9F UJb_ 1(0(@3&#X H,?#.(-X B#N2$ = E6$6C?60#e -6'?0#- +&$ N0(@(_ `+-#60e .#%(+ILKKWKj :#%(+ %(@#.(+ .6 91:H aILKJbW

A-6,&( + &$ &@N?6+%(`E4`@N ?6+%( = +( 3-6%#+#

L

TLL

jLL

ULL

KWILL

KWJLL

KWgLL

ILLL ILLI ILLV ILLj ILLg ILKL ILKI ILKVl

, ' /

M 6 = < B :

76= KjLShKI

L

TLL

jLL

ULL

KWILL

KWJLL

KWgLL

ILLL ILLI ILLV ILLj ILLg ILKL ILKI ILKVl

, ' /

M 6 = < B :

76= KjLShKI

LXLL LXJL KXLL KXJL IXLL IXJL

<HvD"4197Fk7

1\74D"BAF

m9)7DvA97"EFH"AH"QG)44DQF7:A)Q"Em1kH

:Fm:HD\DF>)1/H7G`F`)7

1\H"rH

`Q4QD)>/)F9)

f()M6=<B:

LXLL LXJL KXLL KXJL IXLL IXJL TXLL

<HvD"419714F

4D"1\7H"QA977DvFk7H"ABAF4DQ1kH"EF\DF1\Hm9)"EmG)4`)7`")

A)Q:HD>/)G`F

:Fm"rH/H7

>)1F7:`Q4

QD)F9)

f()M6=<B:

`@N?6+%( = +(3-6%#+#

A-6,&( +&$ &@N?6+%(



??"

gjW Q6$&6$.( 6$ ,?6$%# 0( #$%6-&(-X 6M&+%6 %(.#P;# ?$ @#-'6$ N#-# #?@6$%#- 6`@N?6+%( F#,&($#0 # 0# '#+(0&$# = #0 41A<X #+; ,(@( N-(N6$.6- N(- ?$# -6.?,,&2$.60 .&56-6$,&#0 6M&+%6$%6 6$%-6 0#+ +(3-6%#+#+ .6 .&,[(+ N-(.?,%(+W

gSW :6$%-( .6 0#+ .&+,?+&($6+ .6 6,($(@;# N(0;%&,# +(3-6+#06 60 &@N#,%( .6 0(+ N-6,&(+.6 0(+ ,(@3?+%&306+ 6$ 60 '#+%( .6 0(+ [('#-6+ = 0# ,(@N6%&%&P&.#. 6@N-6+#-&#0W#,?6-.( ,($ 0(+ N($.6-#.(-6+ .60 :4FH 6$ 60 ,Z0,?0( .60 À1 KSX 60 '#+%( .6 0(+[('#-6+ 6$ ,(@3?+%&306 6+ .60 IXUdW "&$ 6@3#-'(X 0(+ [('#-6+ .6 &$'-6+(+ #0%(+ =@6.&(+ +($ 0(+ O?6 @Z+ .6+%&$#$ -6,?-+(+ ,($ VXjd = TXIdX -6+N6,%&P#@6$%6@&6$%-#+ O?6 0(+ [('#-6+ .6 &$'-6+( 3#*( +(0( .&+N($6$ .6 KXjd .6 +? '#+%( N#-#6+%6 -?3-(W H$ (%-#+ N#0#3-#+X 60 '-#P#@6$ 6+ #0%#@6$%6 N-('-6+&P(W

J> *=;84E=8;<:? 78 F;4 B8T:BE4 4 6:? =E@F8?<:? =;7=B89<:? R

@B:@F8?<4? 8?@89XT=94?+> *=;84E=8;<:? A8;8B468?

ggW D$# -65(-@# #0 È4 .636 +6'?&- 0(+ N-&$,&N&(+ O?6 '?;#$ 0# %-&3?%#,&2$ 2N%&@#e&@N?6+%( .636 @#M&@&C#- 60 -6,#?.( N-(.?,&6$.( 0# @6$(- .&+%(-+&2$ N(+&306 6$ 0.6,&+&($6+ 6,($2@&,#+ .6 0(+ #'6$%6+X &&b 60 %-&3?%( .636 @#M&@&C#- 0(+ &$'-6+0(+ @6$(-6+ ,(+%(+ .6 %-#$+#,,&2$ N(+&306+ N#-# 0(+ ,($%-&3?=6$%6+ = 0##.@&$&+%-#,&2$ %-&3?%#-&#X &&&b 60 -Y'&@6$ .60 %-&3?%( .636 +6- 0( @Z+ ,0#-N(+&306 .6 @#$6-# O?6 0(+ ,($%-&3?=6$%6+ 6$%&6$.#$ .6 @#$6-# ,0#-# +?+(30&'#,&($6+ = N?6.#$ ,?@N0&- ,($ 600#+X &Pb 60 %-&3?%( .636 N-(.?,&- 60 @($%( .&@N?6+%(+ O?6 +6 6+N6-# '6$6-6X 6$ 60 @(@6$%( (N(-%?$(X 6P&%#$.( 0# .(306%-&3?%#,&2$ = 0# 6P#+&2$X .6 @#$6-# O?6 0(+ ,($%-&3?=6$%6+ N6-,&3#$ #0 +&+%6@ *?+%( = 656,%&P(X = Pb 60 -Y'&@6$ .636 %6$6- 0# 506M&3&0&.#. N#-# #.#N%#-+#P#$,6+ %6,$(02'&,(+ = ,(@6-,&#06+ a91:HX ILKTbW

gUW 1(@N#-%&6$.( 0(+ N-&$,&N&(+ .6 0# %-&3?%#,&2$ 2N%&@#X 0# 1(@&+&2$ ,($+&.6-,?#$%( #0 -Y'&@6$ #,%?#0 .60 È4 = .60 &@N?6+%( #0 ,($+?@( -6+?0%#$ $6,6+#-&#+@(.&5&,#,&($6+ ( -65(-@#+ %6$.&6$%6+ #e

#W 4@N0&#- 0# 3#+6 '-#P#306X %#$%( 6$ È4 ,(@( 6$ 60 &@N?6+%( #0 ,($+?@(

3W )6P&+#- 0# 6+%-?,%?-# %#-&5#-&#,W )6P&+#- 60 %-#%#@&6$%( 3&6$6+ .6 ,#N&%#0.W )6P&+#- 60 -Y'&@6$ +&@N0&5&,#.(6W H0&@&$#- &$6O?&.#.6+ 6$ 60 %-#%#@&6$%( 6$%-6 3&6$6+ = +6-P&,&(+ +&@&5W `@N06@6$%#- .6 0# @#$6-# @Z+ -ZN&.# = 65&,&6$%6 0# 5#,%?-# 606,%-2$&,#W

KS A(- ,(@N($6$%6 .6 '#+%(+ 3Z+&,(+W



??5

'W 4.(N%#- ,#@3&(+ N-(,6.&@6$%#06+ = .6 ,($%-(0 O?6 5(-%#06C,#$ 0# ,#N#,&.#..6 0# #.@&$&+%-#,&2$ %-&3?%#-&# N#-# @6*(-#- 60 ,($%-(0 = -6.?,&- 0# 6P#+&2

ULW H$ ,?#$%( #0 ><GX 0# 1(@&+&2$ -6,(@&6$.# O?6 +6 @#$%6$'# .&,[( &@N?6+%( N6-(O?6 +6 6P#0]6 0# N(+&3&0&.#. .6 O?6 ,?#$.( 0# +&%?#,&2$ .6 0#+ 5&$#$C#+ N]30&,#+

N6-@&%#X +? .6.?,&3&0&.#. +6 #?@6$%6 # KLLdW

UKW H$ ,?#$%( #0 &@N?6+%( # 0(+ ,(@3?+%&306+X 0# 1(@&+&2$ -6,(@&6$.# &$,-6@6$%`@N?6+%( F#,&($#0 # 0# '#+(0&$# = #0 41<A 6$ ?$ TLd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

%> /B:@F8?<4? 8?@89XT=94? ?:5B8 #J+

D> /B:@F8?<4 D> )8T=;=9=Q; e89e: A8;8B47:B

C> /B:@F8?<4 C> ,4<8A:BX4? 78 5=8;8? R ?8BK=9=:? R 8?<BF9<FB4 78<4B=T4?

UIW H$ %Y-@&$(+ '6$6-#06+X 5-6$%6 # 0# +&%?#,&2$ #,%?#0 +6 N-(N($6 0( +&'?&6$%6e &b60 06$'?#*6 ?%&0&C#.( N#-# ,0#+&5&,#- 0(+ 3&6$6+ = +6-P&,&(+ 6$ 60 `E4 #0 6+&$%6-$#,&($#0 = &&b &$,0?&- ?$# ,#%6'(-;# .6 3&6$6+ $( '-#P#.(+ = (%-# .6 '-#P#.(+ ,($

,?#%-( %#-&5#+ .&56-6$%6+ # +#36- LdX JdX KLd = KUd O?6 @Z+ #.60#$%6 +6 6MN0&,.6%#006W

UTW 7# 06= 6$ %(.( ,#+( .636 ?%&0&C#- 0# ,0#+&5&,#,&2$ #-#$,60#-&# O?6 N6-@&%6 @N-6,&+&2$X ,?#$.( +6 '6$6-6$ ,($50&,%(+ +(3-6 0# $#%?-#06C# = ,0#+&5&,#,&2$ .6 0(3&6$6+W

"6 N-(N($6 -6.65&$&- 60 [6,[( '6$6-#.(- N#-# &$,0?&- 0(+ &$%#$'&306+ .6$%-( .6 0(+ 3&6= +6-P&,&(+ '-#P#.(+W



??>

G> /B:@F8?<4 G> ,4<8A:BX4 78 5=8;8? AB4K47:? 4 64 <4B=T4 786 Ic

UVW "6 N-(N($6 O?6 0# ,#%6'(-;# .6 3&6$6+ '-#P#.(+ # 0# %#-&5# LdX [(= 00#@#.(+ 6M6$%(+X,($ .6-6,[( # .6P(0?,&2$X +6 0&@&%6 # 0(+ 3&6$6+ = +6-P&,&(+ 656,%&P#@6$6MN(-%#.(+W

UJW 4+; @&+@(X +6 N-(N($6 @#$%6$6- 0# 6M6$,&2$ # 0(+ 3&6$6+ .($#.(+ ,(@( 0(6+%#306,6 60 #-%;,?0( VgL .60 H+%#%?%( Q-&3?%#-&(W

S> /B:@F8?<4 S> %=8;8? R ?8BK=9=:? ;: AB4K47:?ZF-7 $$!'!.-+*@2$)&.-+

UjW "6 N-(N($6 O?6 0# ,#%6'(-;# .6 3&6$6+ = +6-P&,&(+ $( '-#P#.(+ +&$ .6-6,[( #.6P(0?,&2$X [(= 00#@#.(+ 6M,0?&.(+X +6 0&@&%6 # #O?600(+ 3&6$6+ = +6-P&,&(+

.6@#$.# 6+ .6 &$%6-Y+ N]30&,( = ,?=( ,($+?@( %&6$6 6M%6-$#0&.#.6+ N(+&%&P#+X ,(+($ 0(+ +6-P&,&(+ .6 6.?,#,&2$ = +#0?. a6M,6N%( 0(+ +6-P&,&(+ .6 ,&-?';# 6+%Y%&,#+ ,($%6@N0#.(+ 6$ 60 A9" ( 6$ 60 N0#$ .6 36$65&,&(+ O?6 .65&$# 60 '(3&6-$( 6$.6+#--(00( .6 0# 06= 6+%#%?%#-&# .6 +#0?.b_ 0(+ +6-P&,&(+ #+(,&#.(+ #0 #[(--( N6$+&($#0(+ +6-P&,&(+ .6 %-#$+N(-%6 N]30&,( .6 N#+#*6-(+_ 0# P6$%# = #0O?&06- .6 &$@?6,($ .6+%&$( -6+&.6$,&#0_ -6$.&@&6$%(+ 5&$#$,&6-(+_ = 0(+ ,($+?@(+ @;$&@(+ P&%##'?# N(%#306X 6$6-';#X '#+ = %6065($;# 5&*#W

H> /B:@F8?<4 H> %=8;8? R ?8BK=9=:? AB4K47:? 46 Hc

USW "6 N-(N($6 O?6 6$ 0# ,#%6'(-;# .6 3&6$6+ = +6-P&,&(+ '-#P#.(+ # 0# %#-&5# .60 Jd +6&$,0?=#$e

#W 7(+ 3&6$6+ = +6-P&,&(+ &$,0?&.(+X #,%?#0@6$%6X 6$ 60 -Y'&@6$ .6$J%*1")'2X6M,6N%(e

&W 7(+ O?6 6$ 0# N-(N?6+%# +6 ,0#+&5&,#$ ,(@(-' >#+:+)'2

"6 N-(N($6 6+%#306,6- ,?#%-( ,#%6'(-;#+ .6 3&6$6+ = +6-P&,&(+ '-#P#.(+e &b 3&6$+6-P&,&(+ '-#P#.(+ # 0# %#-&5# Ld = ,($ .6-6,[( # .6P(0?,&2$ .60 `E4 N#'#.( 6$ 0# ,(@N-#.6 3&6$6+ = +6-P&,&(+X &&b 3&6$6+ = +6-P&,&(+ '-#P#.(+ # 0# %#-&5# .60 JdX +6-P&,&(+ '-#P#.(+ # 0# %#-&5# .60 KLd = &Pb 3&6$6+ = +6-P&,&(+ '-#P#.(+ # 0# %#-&5

"6 N-(N($6 O?6 0# ,#%6'(-;# .6 3&6$6+ '-#P#.(+ # 0# %#-&5# .6 Ld = ,($ .6-6,[( #.6P(0?,&2$ .60 `E4 N#'#.( 6$ 60 N-(,6+( .6 &$.?+%-&#0&C#,&2$ ( ,(@6-,&#0&C#,&2$O?6.6 ,(@N?6+%# ]$&,#@6$%6 N(- 0(+ 3&6$6+ = +6-P&,&(+ 6MN(-%#.(+W



??D

&&W 40'?$(+ 3&6$6+ = +6-P&,&(+ 6+N6,;5&,(+ O?6 N#+#$ # '-#P#-+6 # 0# %#-&5.60 KLd aP6- @Z+ #.60#$%6be

KW 7(+ ,(@N?%#.(-6+ N6-+($#06+IW 7(+ .&+N(+&%&P(+ @2P&06+TW 7#+ 3(06%#+ N#-# 6P6$%(+

VW H0 '#+ $#%?-#0 ,(@N-&@&.( N#-# P6[;,?0(+X 60 3&(.&6+60 = 606%#$(0

JW H0 +6-P&,&( .6 &$%6-$6% 6+%-#%(+ KX I = TjW H0 %-#$+N(-%6 .6 ,#-'#SW 7(+ +6-P&,&(+ N(+%#06+ = .6 ,(--6(gW 7(+ +6-P&,&(+ .6 #--6$.#@&6$%( N#-# 6MN(+&,&($6+ = (%-(+

6P6$%(+ ,?0%?-#06+UW 7(+ .6@Z+ +6-P&,&(+ .6 #+(,&#,&2$ = 6+N#-,&@&6$%( a6M,6N%

'&@$#+&(+ = ,?#0O?&6- .6$(@&$#,&2$ O?6 +6 06+ .Y 6 # 6+%6 %&N.6 ,6$%-(+ = +6-P&,&(+ .6 +N#bX O?6 O?6.#-#$ '-#P#.(+ # %#-&5#N06$#

KLW 7(+ +6-P&,&(+ N]30&,(+ domiciliarios X +#0P( 60 #'?# N(%#306 = 0(+

+6-P&,&(+ .6 #0,#$%#-&00#.( O?6 O?6.#$ 6$ 6+%# ,#%6'(-;# = 0#%6065($;# 5&*# O?6 +&'?6 '-#P#.# # 0# %#-&5# '6$6-#0,

excluido el

consumo mínimo vital

&&&W 40'?$(+ 3&6$6+ = +6-P&,&(+ O?6 N#+#$ # +6- '-#P#.(+ # 0# %#-&5#'6$6-#0e

KW 7#+ #'?#+ @&$6-#06+X [&60( = $&6P6IW 7#+ #-@#+X @?$&,&($6+ P6[;,?0(+ .6 ,(@3#%6 = +?+ N#-%6+ =

N&6C#+

TW 7(+ @(%(-6+ 5?6-# .6 3(-.#X [#+%# KKJ \A^ :6 ,6$%-( .&6+60X[#+%# KJL \A^m&% .6 ,($P6-+&2$ = +?+ -6N?6+%(+

VW 7(+ +6-P&,&(+ .6 N?30&,&.#.JW 7(+ +6-P&,&(+ .6 @#+#*6+X N60?O?6-;#X +6-P&,&(+ .6 #--6'0(+ .6

,#3600(X %&$%?-#X ?R#+X 6%,WX ( ,?#0O?&6- .6$(@&$#,&2$ O?6 .Y # 6+%6 %&N( .6 +6-P&,&(+ a+(3-6 0(+ ,?#06+ +6 N0#$%6# @Z#.60#$%6 0# #0%6-$#%&P# .6 O?6 N#+6$ # +6- '-#P#.(+ ,($&@N?6+%( #0 ,($+?@(b

jW 1(@N-# ( #0O?&06- .6 N-(.?,%(+ .6 +(5%8#-6SW 1(@N-# ( #0O?&06- .6 <#-,#+

gW

1(@N-# ( #0O?&06- .6 A#%6$%6+UW 1(@N-# ( #0O?&06- G-#$O?&,&#+KLW 1?#0O?&6- (%-# P6$%# ( #0O?&06- .6 &$%#$'&306+ .&+%&$%(+

,-Y.&%( @6-,#$%&0 h>'')^"** KKW 7#+ ,(@&+&($6+ = .6@Z+ ,(3-(+ N(- +6-P&,&(+ O?6 60 +6,%(-

5&$#$,&6-( -6#0&,6



??:

3W 7(+ 3&6$6+ O?6 #,%?#0@6$%6 +6 ,($+&.6-#$ 6$ 0# ,#%6'(-;# .6$J$-&'2 .&56-6$%6+ # 6MN(-%#,&($6+ .6 3&6$6+ = +6-P&,&(+W "6 N-(N($6 O?6 .6 6+%N-(.?,%(+ O?6.6$ '-#P#.(+ # 0# %#-&5# .60 Jd 0(+ +&'?&6$%6+e

KW /(P&$(+IW 7&3-(+

TW 1?#.6-$(+VW <#;C = #--(CJW 76,[6 = O?6+( 5-6+,(jW \?6P(+ 5-6+,(+SW A6+,#.( = ,#@#-($6+gW 1#-$6

H$ 60 ,#+( .6 0# 06,[6 = O?6+( 5-6+,(_ [?6P(+ 5-6+,(+_ N6+,#.( = ,#@#-($6+_ =,#-$6X +6 N-(N($6 #.&,&($#0@6$%6 O?6 60 '-#P#@6$ +6# .6 ,#-Z,%6-@($(5Z+&,(X ,($ 60 N-(N2+&%( .6 5#,&0&%#- 60 -6,#?.( = ,($%-(0W

]> /B:@F8?<4 ]> %=8;8? R ?8BK=9=:? AB4K47:? 46 DIc

UgW "6 N-(N($6 O?6 0# ,#%6'(-;# .6 3&6$6+ = +6-P&,&(+ '-#P#.(+ #0 KLd O?6.6 ,($+%&%?&.##+;e

#W Q(.(+ 0(+ 3&6$6+ = +6-P&,&(+ O?6 6$ 60 -Y'&@6$ #,%?#0 +6 '-#P#$ #0 Jd 6M,6N%0# @6.&,&$# N-6N#'#.# O?6 O?6.#-;# '-#P#.# # 0# %#-&5# '6$6-#0

3W 7(+ 3&6$6+ = +6-P&,&(+ ,(@6$%#.(+ 6$ $?@6-#0 USW#W&&

U> /B:@F8?<4 UP %=8;8? R ?8BK=9=:? AB4K47:? 4 64 <4B=T4 A8;8B46 DY

UUW "6 N-(N($6 O?6 0# ,#%6'(-;# .6 3&6$6+ = +6-P&,&(+ '-#P#.(+ # 0# %#-&5# '6$6-#0 .60KUd O?6.6 ,($+%&%?&.# #+;e#W 7(+ 3&6$6+ = +6-P&,&(+ [(= '-#P#.(+ # 0# %#-&5# .60 Kjd3W 7(+ 3&6$6+ = +6-P&,&(+ ,(@6$%#.(+ 6$ 60 $?@6-#0 USW #W &&&W,W H0 ,#-32$X 60 N6%-206( ,-?.( = +?+ .6-&P#.(+ .&56-6$%6+ # '#+(0&$# = 41A< aN#-#

0(+ ,?#06+ #N0&,# 60 `@N?6+%( F#,&($#0 # 0(+ 1(@3?+%&306+bX #0 ,?#0 +6 [-656-6$,&# @Z+ #.60#$%6

.W 7# @6.&,&$# N-6N#'#.# = 0(+ +6-P&,&(+ .6 +#0?. O?6 (5-6,6$ # %-#PY+ .6 +?+N20&C#+ 0#+ ,(@N#R;#+ .6 +6'?-( ? (%-(+

L> /B:@F8?<4 L> ,4E5=:? 8; 86 #J+ ?:5B8 5=8;8? 78 94@=<46

KLLW :#.(+ 0(+ 656,%(+ $6'#%&P(+ .60 %-#%#@&6$%( O?6 60 -Y'&@6$ ,(0(@3&#$( .60 `E4(%(-'# # 0(+ 3&6$6+ .6 ,#N&%#0X 0# 1(@&+&2$ -6,(@&6$.# O?6 60 `E4 N#'#.( 6$ +?#.O?&+&,&2$ +6# .6+,($%#306W F( (3+%#$%6X .#.# 0# .&+,?+&2$ %Y,$&,# = 60 656,%( 5.6 6+%6 ,#@3&( 6$ 0# $(-@#X 0# 1(@&+&2$ ,($+&.6-# O?6 60 >(3&6-$( .636-;# 6+%?.&#-



??I

.(+ #0%6-$#%&P#+ N#-# +6- &$,0?&.#+ 6$ 60 N-(=6,%( .6 -65(-@# 6+%-?,%?-#0W 7# N-&,($+&+%6 6$ N6-@&%&- 60 .6+,?6$%( 6$ %-6+ #R(+ = 0# +6'?$.# 6+ N6-@&%&- 60 .6+,?66$ 0# P&.# ]%&0 .60 3&6$ .6 ,#N&%#0W

Y> /B:@F8?<4? 78 4bF?<8? 8; 86 BVA=E8; ?=E@6=T=947:

KLKW 7&@&%#- 60 -Y'&@6$ +&@N0&5&,#.( 6 &@N($6- @6,#$&+@(+ .6 ,($%-(0 N#-# 6P&#3?+(+ O?6 +6 .#$ .6 6+%6 %-#%#@&6$%( +&@N0&5&,#.(W "6 3?+,#-;# @#$%6$6N(+&3&0&.#. .6 O?6 0#+ @&,-(6@N-6+#+ 6+%Y$ 6M6$%#+ .6 0# (30&'#,&2$ .6 5#,%?0&O?&.#- = ,(3-#- È4X N6-( 6+%#306,6- N#-# 0#+ 6@N-6+#+ @6.&#$#+ ?$ %-&3?+&@N0&5&,#.(X .6 5Z,&0 #.@&$&+%-#,&2$X O?6 0#+ &$,(-N(-6 #0 ,&-,?&%( %-&3?%#6+%;@?0(+ N#-# O?6 N#+6$ #0 -Y'&@6$ ,(@]$ ,?#$.( ,?@N0#$ #0'?$#+ ,($.&,&($6+

@;$&@#+W

H$ ,?#$%( #0 %-#%#@&6$%( .60 È4 +(3-6 0(+ 3&6$6+ .6 ,#N&%#0X 0# 1(@&+&2$ -6,(@&#0 >(3&6-$( 6+%?.&#- 0#+ .(+ +&'?&6$%6+ #0%6-$#%&P#+e

KW 7# N-&@6-# #0%6-$#%&P# 6+ N6-@&%&- 60 .6+,?6$%( .60 È4 N#'#.( +(3-6 0#,(@N-# .6 #,%&P(+ 5&*(+ a3&6$6+ .6 ,#N&%#0 #,%?#0@6$%6 .65&$&.(+ 6$ 0# $(-@6 &$,0?&- 0(+ &$%#$'&306+ O?6 N?6.6$ 5(-@#- N#-%6 .6 3&6$6+ .6 ,#N&%#0 N#6@N-6+#+ O?6 6MN0(%6$ 6+%6 %&N( .6 #,%&P(+X 6$ %-6+ #R(+ #+;e &b ?$# %N#-%6 6$ 60 #R( .6 0# ,(@N-#X &&b ?$# %6-,6-# N#-%6 6$ 60 #R( +&'?&6$%6 = &&b%6-,6-# N#-%6 6$ 60 +6'?$.( #R( +&'?&6$%6 # 0# ,(@N-#W 7( #$%6-&(- &@N0&,,#@3&#- 60 HWQW 6$ 0#+ $(-@#+ ,($%-#-&#+ # 6+%# +(0&,&%?.W

IW 7# +6'?$.# #0%6-$#%&P# ,($+&+%6 6$ N6-@&%&- 60 .6+,?6$%( 6$ 0# #.O?&+&,&23&6$6+ .6 ,#N&%#0 6$ 0# P&.# ]%&0 .60 3&6$W



??O

KLIW 7#+ N6-+($#+ O?6 N6-%6$6,6$ #0 -Y'&@6$ +&@N0&5&,#.( #,%?#0 $( ,(3-#$ $&5#,%?-#$ 60 È4W "&$ 6@3#-'(X 60 H+%#%?%( Q-&3?%#-&( 6$ 60 4-%;,?0( VTI^K 6+%O?6 6+%6 È4 .636 +6- #+?@&.(X #?$O?6 +(0( .6 @#$6-# %62-&,#X N(- 60 -Y'&@6$,(@]$ +(3-6 0#+ ,(@N-#+ O?6 [#'# #0 -Y'&@6$ +&@N0&5&,#.(W H+%6 È4 #+?@&.( +[#,6 @6.&#$%6 ?$# -6%6$,&2$ 6$ 0# 5?6$%6 # ?$# %#-&5# .60 KJd .6 0# %#-&5# .60 È

O?6 .636 +6- .6,0#-#.# N6-( #.6@Z+ N?6.6 +6- .6+,($%#306 6$ 0# +&'?&6$%6.6,0#-#,&2$ .6 È4 a3&@6+%-#0X ,?#%-&@6+%-#0 ( #$?#0b ?$( ( .(+ @6+6+ @Z+ %#-.6W ]0%&@#+X 6+%6 %-#%#@&6$%( $( '6$6-# È4 N#-# 60 >(3&6-$( N6-( +&'$&5&,# @#%-Z@&%6+ N#-# 0(+ ,($%-&3?=6$%6+ .60 -Y'&@6$ ,(@]$ = 0# #.@&$&+%-#,&2$ %-&Q#$ +(0( %&6$6 ?$ 656,%( .6 ,($%-(0 = .6 ,#*# %6@N(-#0 .6 ?$( ( .(+ @6+6+ N#-# 0#+#-,#+ .60 >(3&6-$(W A(- 600(X 0# 1(@&+&2$ -6,(@&6$.# 60&@&$#- 6+%6 #-%;,?0( H+%#%?%( Q-&3?%#-&(W

"6 N-(N($6 -6.?,&- 0(+ ?@3-#06+ N#-# 60 -Y'&@6$ +&@N0&5&,#.( .6 0# +&'?&6$%6@#$6-#e

A#-# &$'-6+(+ 3-?%(+ #$?#06+ &$56-&(-6+ # KWIJL DEQ a#N-(M&@#.#@6$%6fTJ @&00($6+ .6 ILKJb N(- P6$%# .6 3&6$6+ '-#P#.(+ = # gJL DEQa#N-(M&@#.#@6$%6 fIV @&00($6+b N(- P6$%# .6 +6-P&,&(+X +6 @#$%6$.-;# 60-Y'&@6$ #,%?#0 .6 $( (30&'#,&2$ .6 5#,%?-#-X 0&O?&.#- $& ,(3-#- È4W

"6 N-(N($6 #.(N%#- ?$ +&+%6@# ?$&5&,#.( 6$ -6@N0#C( .6 È4X 60 &@N?6+%( #0,($+?@( = 60 &@N?6+%( .6 -6$%#X ,(@( ?$ +&+%6@# (N,&($#0W 7(+ N-&$,&N#06+#+N6,%(+ .6 6+%# N-(N?6+%# +($e

H+%#306,6- ?$ -Y'&@6$ ?$&5&,#.( N#-# N6-+($#+ $#%?-#06+ ,($ &$'-6+(+3-?%(+ 6$%-6 0(+ ?@3-#06+ N0#$%6#.(+ N#-# $( ,(3-( .6 È4X 60 ,?#0,(3&*#-;# # 0#+ N6-+($#+ ,($ P6$%#+ 3-?%#+ .6 3&6$6+ 6$%-6 KWIJL DEQ =VWLLL DEQ = # 0#+ N6-+($#+ ,($ &$'-6+(+ 3-?%(+ N(- P6$%# .6 +6-P&,&(+ 6$%-6gJL DEQ = ISLL DEQ a#N-(M&@#.#@6$%6 fSj @&00($6+bW H$ 6+%(+ -#$'(+ =

@#$%6$&6$.( 0(+ .6@Z+ -6O?&+&%(+ O?6 [(= 6M&+%6$ N#-# 60 -Y'&@6$+&@N0&5&,#.(X .6+,-&%(+ 6$ 60 $?@6-#0 KS .6 6+%6 &$5(-@6X 0# N6-+($# N?6.66+,('6- 6$%-6e &b N-6+6$%#- ?$# .6,0#-#,&2$ ?$&5&,#.# = N#'#- ?$# %#-&5#]$&,# .6 Jd +(3-6 0(+ &$'-6+(+ 3-?%(+ #$?#06+ N(- ,($,6N%( .6 È4X&@N?6+%( #0 ,($+?@( 6 &@N?6+%( .6 -6$%# ( &&b #,('6-+6 #0 -Y'&@6$(-.&$#-&( 6$ -6$%# = #0 -Y'&@6$ ,(@]$ 6$ È4 =h( ,($+?@(W

"6 -6,(@&6$.# @#$%6$6- 60 -Y'&@6$ ,(@]$e A#-# &$'-6+(+ 3-?%(+ +?N6-&(-6+ N(- P6$%# .6 3&6$6+ '-#P#.(+ +?N6-&(-6+ #

VWLLL DEQ = N(- +6-P&,&(+ +?N6-&(-6+ # ISLL DEQX #N0&,#-;# 60 -Y'&@6,(@]$ .6 È4 =h( ,($+?@( =X 0# %#-&5# .60 &@N?6+%( .6 -6$%# O?6 06,(--6+N($.# ,(@( N6-+($# $#%?-#0W

H0 +&+%6@# (N,&($#0 $( .# .6-6,[( # $&$']$ %&N( .6 .6+,?6$%( .6 0(+ È4N#'#.(+ $& .6P(0?,&($6+ .6 +#0.(+ # 5#P(-W



??C

DI> '<B4? @B:@F8?<4? ?:5B8 86 #J+

"6 N-(N($6 60&@&$#- 60 #-%;,?0( VTI^K .60 H+%#%?%( Q-&3?%#-&( N(- @6.&( .60 ,?#,%?#0@6$%6 0#+ N6-+($#+ .60 -Y'&@6$ ,(@]$ O?6 ,(@N-#$ 3&6$6+ ( +6-P&,&(+ #N6-+($#+ .60 -Y'&@6$ +&@N0&5&,#.( .636$ #+?@&- 60 È4 ,(--6+N($.&6$%6 =.6+,($%#-0( 6$ 0# +&'?&6$%6 .6,0#-#,&2$ .6 È4W

"6 N-(N($6 6+%#306,6- ,0Z?+?0#+ .6 ,($%-(0 N#-# 6P&%#- 60 #3?+( .60 -Y'&@6$+&@N0&5&,#.(W 7# :`4F .636-Z 6+%#306,6- ?$ N0#$ ,($,-6%( .6 @6.&.#+ = N(0;%&,#+ .65&+,#0&C#,&2$ 656,%&P#+ = (N(-%?$#+ = ,-6#- &$,6$%&P(+ N#-# O?&6$ .6%6,%6 #$(@#Q(.#+ 6+%#+ @6.&.#+ .636-Z$ ,($.?,&- # -6.?,&- 0# 6P#+&2$ 6$ È4 O?6 +6 (-&'&$# 6$60 #3?+( .60 -Y'&@6$ +&@N0&5&,#.(W "6 N-(N($6 6$ N#-%&,?0#- 60 6+%#306,&@&6$%?$# ,0Z?+?0# #$%&#3?+( N(- 5-#'@6$%#,&2$ .6 0#+ (N6-#,&($6+ 6$ P#-&(+ +?*6%(+ ,($P;$,?0( 5#@&0&#-X O?6 .6+6+%&@?06 6+%6 %&N( .6 N-Z,%&,#+W

A#-# %(.#+ 0#+ C($#+ 5-#$,#+X &$.6N6$.&6$%6@6$%6 .6 +? #R( .6 .6,0#-#,&2$X +6N-(N($6 O?6 0# 3#+6 '-#P#306 +(3-6 0# ,?#0 +6 0&O?&.# 60 &@N?6+%( +(3-6 0#+ P6$%#+ 660 ,#+( .6 0#+ @6-,#$,;#+ &@N(-%#.#+ .6+.6 C($# 5-#$,# &$.?+%-&#0 .6 3&6$6+ =+6-P&,&(+ #0 -6+%( .60 %6--&%(-&( #.?#$6-( $#,&($#0 &$,0?=# 60 P#0(- #'-6'#.(&$,(-N(-#.( 6$ 0# C($#W

"6 N-(N($6 #*?+%#- 0# -6.#,,&2$ 60 #-%;,?0( JKI^K = JKIÎ .60 HWQW .6 @#$6-# O?6 60

È4 #N0&O?6 $( +(0#@6$%6 +(3-6 60 +6-P&,&( .6 P(C N-(P6;.( N(- 0#+ ,(@N#R;#+ .6,60?0#-6+ +&$( %#@3&Y$ N(- 0(+ .&56-6$%6+ +6-P&,&(+ .6 .#%(+ ( ,?#0O?&6- (%-( O?6 6+,(@N#R;#+ 5#,%?-6$ # +?+ ?+?#-&(+W

"6 N-(N($6 O?6 60 &@N?6+%( #0 ,($+?@( +6 ,#?+6 = N#'?6 6$ 0# @&+@# 5(-@# O?6 +6-6#0&C# N#-# È4W

"6 N-(N($6 60&@&$#- 0#+ 6M6$,&($6+ 6MN0&,&%#+ ( &@N0;,&%#+ .6 È4 # 0(+ N#%#?%2$(@(+ = 0#+ ?$&P6-+&.#.6+ ? (%-#+ H"47 N(- 0(+ +6-P&,&(+ '-#P#.(+ N-6+%#.(+ =

N#-# 60 ,#+( .6 0(+ N#%-&@($&(+ #?%2$(@(+X 0#+ 5&.?,&#-&#+ O?6 #,%]6$ 6-6N-6+6$%#,&2$ .6 0#+ 6$%&.#.6+ O?6 ,($5(-@#$ 60 N#%-&@($&( #?%2$(@(X N#-# O?6-6%6$'# 6$ 0# 5?6$%6X # $(@3-6 .6 600(+X ,?#$.( 0(+ 3&6$6+ ( +6-P&,&(+ O?6 N-6+%#$6+%Y$ '-#P#.(+W



?"E

,> /B:@F8?<4? 8?@89XT=94? ?:5B8 #E@F8?<:? 46 ,:;?FE:

KLTW 1($ 60 5&$ .6 0('-#- ,([6-6$,&# 6$ 6+%-?,%?-# %#-&5#-&# 6$%-6 60 È4 = 60 &@N?6+%#0 ,($+?@( 0# 1(@&+&2$ N-(N($6 0( +&'?&6$%6e

KLVW :6 &'?#0 5(-@#X ,($ 60 5&$ .6 5#,&0&%#- 60 ,($%-(0 %-&3?%#-&(X 0# 1(@-6,(@&6$.# #0 >(3&6-$( #$#0&C#- 0# N(+&3&0&.#. .6 O?6 #0'?$(+ +6-P&,&(+ O?6 [(=6+%Z$ '-#P#.(+ ,($ 60 È4 ( O?6 6+%Z$ 6M,0?&.(+X = O?6 %&6$6$ ?$# ,(-%# ,#.6$# .6N-(.?,,&2$^.&+%-&3?,&2$X N#+6$ # +6- '-#P#.(+ ,($ ?$ &@N?6+%( #0 ,($+?@( ,($ ?$#%#-&5# .6 KKdX &'?#0 # 0# O?6 O?6.#-;# P&'6$%6 N#-# 0(+ -6+%#?-#$%6+W H+%# N-(N+6 -65&6-6 6+N6,;5&,#@6$%6 # 0(+ +&'?&6$%6+ +6-P&,&(+e *?6'(+ .6 +?6-%6 = #C#-X 0([(%606+X +6-P&,&(+ .6 6+N6,%Z,?0(+X '&@$#+&(+X N60?O?6-;#+X 0(,?%(-&(+X 0#P#$6$ '6$6-#0 +6-P&,&(+ ,($ 6+%#306,&@&6$%(+ 0(,#0&C#.(+W

Q-#%#@&6$%( .6 È4 6$ 60 ,(@6-,&( 606,%-2$&,(W 1?#$.( +6 .6$ %-#$+#,,&($6+ P;#,(@6-,&( 606,%-2$&,( +(3-6 3&6$6+ = +6-P&,&(+ '-#P#.(+X 0# 6$%&.#. -6+N($+#306 .6N#'#- 0(+ P#0(-6+ #0 P6$.6.(-X O?6 60 ,0&6$%6^?+?#-&( N#'2X .636-Z -6%6$6- 6$ 0#5?6$%6 # %;%?0( .6 È4 60 P#0(- .6 0# %#-&5# .60 3&6$ ( +6-P&,&( '-#P#.(W H+%# -6%6$,+6 ,($P6-%&-Z 6$ @6$(- N#'( # -6#0&C#- #0 P6$.6.(- .60 3&6$ ( +6-P&,&(X 6+%6 P6$.6.(-%6$.-Z .6-6,[( # .6,0#-#- 60 È4 -6%6$&.( = .6+,($%#-X +& 06 #N0&,#X 0(+ È4 N#'#.(+N(- 0# ,(@N-# .6 0(+ 3&6$6+ ( +6-P&,&(+W

A#-# 60 ,#+( .6 0#+ `@N(-%#,&($6+ %6@N(-#06+X &$%-(.?,,&2$ .6 @#%6-&#+ N-&@#+ N%-#$+5(-@#,&2$ +6']$ .6,-6%( 06= VVVhjS = 0# &$%-(.?,,&2$ .6 3&6$6+ .6 0(+ #'6$%6+.&N0(@Z%&,(+X 0# 1(@&+&2$ -6,(@&6$.# # 0# :`4F 656,%?#- ?$# -6P&+&2$ .6 0(+ .6,-6%(= -6+(0?,&($6+ #,%?#0@6$%6 P&'6$%6+ N#-# 6+%6 %&N( .6 %-#$+#,,&($6+X 6$5(,#.# -6.?,&- @6,#$&+@(+ .6 6P#+&2$ = 60?+&2$ %#06+ ,(@( 0(+ O?6 +6 N-6+6$%#$ ,($ 0#+&@N(-%#,&($6+ %6@N(-#06+ .6 ,&6-%(+ 3&6$6+ a6@3#-,#,&($6+ .6 -6,-6(X #6-(.&$(+

N#-%&,?0#-6+X 6$%-6 (%-(+bW 4+&@&+@(X N#-# O?6 6+%?.&6 ,($.&,&($6+ @Z+ 6+%-&#,%?#06+ N#-# 0(+ 3&6$6+ .&N0(@Z%&,(+ &@N(-%#.(+W

"6 N-(N($6 606P#- 0# %#-&5# .60 &@N?6+%( #0 ,($+?@( .6 -6+%#?-#$%6+ = ,#56%6-;#+,($ 0(+ @&+@(+ ?@3-#06+ .65&$&.(+ N#-# 60 È4X [#+%# KK d 6 &$,0?&- 0#+ 5-#$O?&,&#,(@&.# -ZN&.#X 0#+ ,?#06+ [(= 6+%Z$ '-#P#.#+ ,($ È4 .60 KjdW 4+; @&+@(X +6 N-(N($6606P#- 0# %#-&5# .6 &@N?6+%( ,($+?@( N(- 0# %6065($;# ,60?0#- #0 Sd = 0# .6 P6$%# .6P6[;,?0(+ = @(%(+ .6 #0%# '#@#X #6-(.&$(+X 3(%6+ = 3#-,(+ #0 KSdW



?"?

)> /B:@F8?<4 ?:5B8 86 W"1

KLJW H$ -60#,&2$ ,($ 60 ><GX 0# 1(@&+&2$ N-(N($6 O?6 60 >(3&6-$( 6P#0]6 0#N(+&3&0&.#. .6 N6-@&%&-X ,?#$.( ,($+&.6-6 O?6 0#+ 5&$#$C#+ N]30&,#+ #+; 0( N6-@606P#- 60 N(-,6$%#*6 .6 .6.?,,&2$ .60 È4 .60 &@N?6+%( .6 -6$%# .6 0#+ 6@N-6+#+ .6JLd # KLLd

$> #E@F8?<: 4 64 A4?:6=;4 R 46 +,/"

7# 1(@&+&2$ -6,(@&6$.# #0 >(3&6-$( #$#0&C#- 0# N(+&3&0&.#. .6 O?6 #0'?$(+ +6-P&,&([(= '-#P#.(+ ,($ 60 È4 ( O?6 6+%Z$ 6M,0?&.(+X = O?6 %&6$6$ ?$# ,(-%# ,#.6$# .6N-(.?,,&2$^.&+%-&3?,&2$X N#+6$ # +6- '-#P#.(+ ,($ ?$ &@N?6+%( #0 ,($+?@(X ,($ ?$#%#-&5# .6 KKdW H+%# N-(N?6+%# +6 -65&6-6 6+N6,;5&,#@6$%6 # 0(+ +&'?&6$%6+ + *?6'(+ .6 +?6-%6 = #C#-X 0(%6-;#+X [(%606+X +6-P&,&(+ .6 6+N6,%Z,?0(+X '&@$#+N60?O?6-;#+X 0(,?%(-&(+X 0#P#$.6-;#+X = 6$ '6$6-#0 +6-P&,&(+ ,($ 6+%#306,&@&6$0(,#0&C#.(+W

7# 1(@&+&2$ -6,(@&6$.# O?6 +6 @#$%6$'# 60 ><G ,($ 0# %#-&5# #,%?#0 = O?6 60>(3&6-$( 6P#0]6 0# N(+&3&0&.#. .6 #?@6$%#- 60 N(-,6$%#*6 .6 .6.?,&3&0&.#. N#-# 0#+6@N-6+#+ # KLLdX 6$ 60 @(@6$%( 6$ O?6 0#+ 5&$#$C#+ N]30&,#+ #+; 0( N6-@&%#$W

1(@( +6 @6$,&($2X N#-# 0(+ ,(@3?+%&306+ .6 (-&'6$ 52+&0 a,#-32$X N6%-206( = +?+.6-&P#.(+ .&56-6$%6+ # '#+(0&$# = 41A<b +6 N-(N($6 '-#P#-0(+ # 0# %#+# '6$6-#0 .60È4 = 0(+ @Z+ 0&@N&(+X ,(@( 60 6%#$(0X 60 3&(.&6+60X 60 '#+ $#%?-#0 N(- -6,(@N-&@&.( = 0# 606,%-&,&.#. aO?6 6$ 1(0(@3&# 6+ N-6.(@&$#$%6@6$%6 [&.-Z?0&,#b0# %#+# N-656-6$,&#0 .60 KLdW

H$ 60 ,#+( .60 `@N?6+%( F#,&($#0 # 0(+ 1(@3?+%&306+ a'#+(0&$# = 41A<bX 60 ,?#0 6+ ?$&@N?6+%( .6 ,#-Z,%6-$20$%<D"%' a$( +)O:+*'#$/ b 0# 1(@&+&2$ N-(N($6 #?@6$%#-0( 6$TLdW H0 È4 # 0# '#+(0&$# = #0 41A< +6'?&-Z &$,0?&.( 6$ 60 `@N?6+%( F#,&($#0 # 0(,(@3?+%&306+X = 0# 06= .636-Z &$.&,#- 60 $?6P( N(-,6$%#*6 O?6 N(.-Z +6- .6+,($%#.(W

A(+%6-&(-@6$%6 60 >(3&6-$( .636-;# 6P#0?#- @#=(-6+ #?@6$%(+ .60 %-&3?%(W 7#'-#.?#0&.#. .6 6+(+ #?@6$%(+ .636-Z +6- 6P#0?#.# N(- 60 >(3&6-$( %6$&6$.( 6$,?6$%# 60 6+N#,&( O?6 #3-6 0# ,#;.# 6$ 0(+ N-6,&(+ &$%6-$#,&($#06+ N#-# [#,6-0( +&$#56,%#- 6M,6+&P#@6$%6 0(+ N-6,&(+ &$%6-$(+W



?""

J#> &8T8B8;9=4?

Ávila, J. y A. Cruz. (2012). “Elementos para la discusión de una reforma al IVA en1(0(@3&#W :`4F – =1+)$#-'2 )$ S#+9+H' X LVjW

/#$,( <?$.&#0 aILKIbW_* c+2&' S#"91&+#"' $- ='*'/9"+F 1-+ 0#'01$2&+ )$ $:+*1+%",-"-&$>#+* 3 2"2&$/K&"%+ )$ $2&$ "-2&#1/$-&' )$ 0'*<&"%+ 0E9*"%+W jJSgUW

/#$,( <?$.&#0 aILKJbWb$D'#/"-> &7$ S+J A32&$/ D'# @"%#'6 A/+** +-) @$)"1/_-&$#0#"2$2W :-#5% -6N(-%X #'(+%(W

1(-3#,[(X 4WX G-6%6+X EW = HW 7(-#$)28 aILKTbWb$%+1)+# -' 9+2&+F *'2 "/01$2&'2 %'/'"-2&#1/$-&' )$ )$2+##'**' W /`:W

H,($2@&,# 1($+?0%(-6+ aILKJbW!"2$d' %'-%$0&1+* )$ 1- 2"2&$/+ )$ %+#>'2 + *'2 121+#"'2

0+#+ +2$>1#+# *+ D"-+-%"+%",- )$* /+-&$-"/"$-&' 3 $J0+-2",- )$ *+2 :<+2 $- ='*'/9"+ W`$5(-@6 N-6+6$%#.( # 0# G&$#$,&6-# .6 :6+#--(00( F#,&($#0 aG:FbX (,%?3-6 .6 ILKJW

G6.6+#--(00( aILKJbWI'*<&"%+ )$ #$>1*+%",- )$ 0#$%"'2 )$ %'/912&"9*$2 *<;1")'2 0+#+ 12'+1&'/'&'# $- ='*'/9"+8 `$5(-@6 5&$#0 N-6+6$%#.( # H,(N6%-(0X Kg .6 *?$&( .6 ILKJW

Gómez Sabaíni, J.C. y D. Morán. (20KVbW“Tax Policy in Latin America. Assessment andGuidelines for a Second Generation of Reforms”. A$#"$2 @+%#'$%'-'/"%2 'D!$:$*'0/$-& X KTTW

<&$[ 76X QW aILLTbWR+*1$ 4))$) S+J+&"'-F @$%7+-"2/6 !$2">-6 +-) I'*"%3 .221$2 W A#N6-N-6N#-6. 5(- %[6 r(-0. /#$q ,(?-+6 ($ A-#,%&,#0 `++?6+ (5 Q#M A(0&,= &$ :6P60(N&$'1(?$%-&6+W

91:H aILKJbW `_=! _%'-'/"% A1#:$32F ='*'/9"+ UMTW W A?30&,#,&($6+ 91:HW[%%Nehh.MW.(&W(-'hKLWKSgSh6,(w+?-P6=+^,(0^ILKJ^6$

)6.?,&- 60 .&56-6$,&#0 6$%-6 0# +(3-6%#+# # 0# '#+(0&$# = #0 41A<X %6$&6$.( 6$ ,?6$%#60 &@N#,%( +(3-6 0# 6@&+&2$ .6 '#+6+ .6 656,%( &$P6-$#.6-(W

7# 1(@&+&2$ ,($+&.6-# O?6 60 >(3&6-$( .636 #P#$C#- 6$ 60 .6+@($%6 .60 -Y'&@6$N-656-6$,&#0 .6 0# C($# .6 5-($%6-#X ,($ 60 ,?#0 $( +6 [# 0('-#.( 6P&%#- 60 ,($%-#3#$.(&$.?,&.( N(- 0(+ 6$(-@6+ +?3+&.&(+ O?6 (%(-'#$ N#;+6+ ,(@( E6$6C?60# 6$ 60 N-6,&(.6 P6$%# .6 0# '#+(0&$#W

http://dx.doi.org/10.1787/eco_surveys-col-2015-en





?"5

91:Hh1HA47 aILKVbW_=! _-:"#'-/$-&+* I$#D'#/+-%$ b$:"$^2F ='*'/9"+ UMT[ WA?30&,#,&($6+ 91:HW



?">

CAPÍTULO IIIImpuestos territoriales: diagnóstico ypropuestas

#> 08;78;9=4 B89=8;<8 78 6:? =E@F8?<:? <8BB=<:B=468?

+> +?@89<:? A8;8B468?

KW 7# 6+%-?,%?-# .6 0(+ &$'-6+(+ %6--&%(-&#06+ %(%#06+ 6+ 3#+%#$%6 .&56-6$%6 #6M[&36 60 >(3&6-$( 16$%-#0W 4.6@Z+ 6+%# 6+%-?,%?-# [# ,#@3&#.( 6$ 60 %&6@N(W

IW H$ 0(+ '(3&6-$(+ +?3 $#,&($#06+X 0# N#-%&,&N#,&2$ .6 0(+ &$'-6+(+ N-(N&(+X %-&3?= $( %-&3?%#-&(+X 6+ @6$(- 5-6$%6 # 0(+ &$'-6+(+ N(- %-#$+56-6$,&#+ .60 >(3&6-F#,&($#0 16$%-#0 = 0#+ -6'#0;#+ @&$6-(^N6%-(06-#+W 7# 6+%-?,%?-# .6 &$'-6+(+ = 6P(0?,&2$ [# +&.( @#-,#.# .6 @#$6-# &@N(-%#$%6 N(- 60 N-(,6+( .6.6+,6$%-#0&C#,&2$ &$&,&#.( 6$ KUjgX #5&#$C#.( ,($ 0# -65(-@# 5&+,#0 .6 KUgT a76=.6 KUgTb = N(0;%&,# .6 KUgjX = N-(5?$.&C#.( ,($ 0# 1($+%&%?,&2$ .6 KUUKW .6+,6$%-#0&C#,&2$ [# #P#$C#.( %#@3&Y$ ,($ 0# #3?$.#$,&# .6 -6,?-+(+ .6 -6'#0;#+@&$6-(^6$6-'Y%&,#+ O?6 36$65&,&#$ # 0#+ 6$%&.#.6+ %6--&%(-&#06+W H+%# 6+%&$'-6+(+ .&5&6-6 .6 0# O?6 N-6+6$%# 0# F#,&2$X 6$ .($.6 N-&@#$ ,0#-#@6$%6 0(+-6,?-+(+ .6 (-&'6$ %-&3?%#-&(X 3#+#.(+ 6$ -6$%#X `E4X #.?#$#+X ><GX -&O?6C#

,($+?@(X .6*#$.( ?$# N(-,&2$ -60#%&P#@6$%6 3#*# # 0(+ &$'-6+(+ $( %-&3?%#-&(+ -6,?-+(+ .6 ,#N&%#0W

TW :6 #,?6-.( ,($ 0#+ ,&5-#+ @Z+ -6,&6$%6+X 0# N#-%&,&N#,&2$ .6 0(+ &$'-6+(+ %-&3?%#.6$%-( .6 0(+ &$'-6+(+ %(%#06+ %6--&%(-&#06+ 6+ #N-(M&@#.#@6$%6 TLdX ?$ N(-,6$@?= &$56-&(- #0 O?6 [#3;# 6$ 0(+ #R(+ gLa>-Z5&,( TJbW A(- 60 ,($%-#-&(X 0#+%-#$+56-6$,&#+ = 0#+ -6'#0;#+ [#$ '#$#.( N#-%&,&N#,&2$ 6$ 0(+ &$'-6+(+ %6--&%(-&7#+ %-#$+56-6$,&#+ .6 0# F#,&2$ # 0(+ .6N#-%#@6$%(+ = @?$&,&N&(+ -6N-6+6$%#$ ,6.6 0# @&%#. .6 +?+ &$'-6+(+ %(%#06+X ,?#$.( [#+%# KUgJ #0,#$C#3#$ @6$(+ .60 ILdWA(- +? N#-%6X 0(+ (%-(+ &$'-6+(+X 6$ 3?6$# @6.&.# ,(@N?6+%(+ N(- -6'#0;#+X6O?&P#06$ # #0-6.6.(- .6 IJd .6 0(+ &$'-6+(+ %(%#06+W

VW 7# .6N6$.6$,&# .6 0#+ %-#$+56-6$,&#+ = -6'#0;#+ 6+ @?,[( @Z+ #,6$%?#.# 6$ 0(+.6N#-%#@6$%(+ = @?$&,&N&(+ .6 3#*# N(30#,&2$ = 6+,#+# #,%&P&.#. 6,($2@&,#W



?"D

WBaT=9: GH> ,:E@:?=9=Q; 78 6:? =;AB8?:? <8BB=<:B=468? ^c_

%> $K:6F9=Q; B89=8;<8 78 6:? <B=5F<:? <8BB=<:B=468?

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

jW :6 (%-( 0#.(X 0# 06'&+0#,&2$ 06 #+&'$# .6+%&$#,&2$ 6+N6,;5&,# # #0'?$(+ &@N?6+%6--&%(-&#06+X 0( O?6 '6$6-# ?$# @#=(- &$506M&3&0&.#. 6$ 60 ?+( .6 0(+ &$'-%-&3?%#-&(+W 4+; @&+@(X 0# (-&6$%#,&2$ .6 0(+ -6,?-+(+ .60 ">AX = [#+%# [#,6 @?=0(+ -6,?-+(+ .6 0#+ -6'#0;#+X [# +&.( 6+%#306,&.# N(- @#$.#%( .6 06=W

SW H$ 0(+ ]0%&@(+ #R(+X 0(+ &$'-6+(+ %-&3?%#-&(+ %6--&%(-&#06+ #?@6$%#-($ .6 IWId.60 A`/ a>-Z5&,( TjbX ,($ ?$# %#+# .6 ,-6,&@&6$%( -6#0 N-(@6.&( .6 gd #0 #R(W



?":

WBaT=9: G]> &894F7: =E@F8?<:? <8BB=<:B=468? ^c 786 /#%_

G?6$%6e :4GW

gW :6+N?Y+ .6 0# 1($+%&%?,&2$ .6 KUUK = N(- 656,%( .6 0# .&$Z@&,# .6 0#+ 5?6$%6+

5&$#$,&#@&6$%( ,($ -6,?-+(+ N-(N&(+X +6 #3-&2 ?$# ,-6,&6$%6 3-6,[# 6$%-6 @?$&,&N= .6N#-%#@6$%(+W <&6$%-#+ 0(+ @?$&,&N&(+ +6 5&$#$,&#$ N-&$,&N#0@6$&@N?6+%(+ -60#,&($#.(+ ,($ 0# N-(N&6.#. = 0# #,%&P&.#. 6,($2@&,#X 0(+.6N#-%#@6$%(+ 0( [#,6$ ,($ 60 ,($+?@( .6 0&,(-6+X ,6-P6C# = ,&'#--&00(+ a/($&00#XILKJbW

UW H0 -6+?0%#.( 6+ O?6 60 ,-6,&@&6$%( .6 0(+ %-&3?%(+ @?$&,&N#06+ [# ++&'$&5&,#%&P#@6$%6 @Z+ .&$Z@&,( O?6 60 .6 0(+ %-&3?%(+ .6N#-%#@6$%#06+W0(+ &$'-6+(+ %-&3?%#-&(+ @?$&,&N#06+ N#+#-($ .6 KWTd # .60 A`/ # IWKJd .60 A`/ 6$ILLL = ILKTX 0(+ .6N#-%#@6$%#06+ +6 [#$ @#$%6$&.( #0-6.6.(- .6 LWgd^LWUd .60A`/W :6 6+%# @#$6-#X @&6$%-#+ 6$ ILLLX 60 @($%( .6 %-&3?%(+ @?$&,&N#06+ 6P6,6+ 60 @($%( .6 &@N?6+%(+ .6N#-%#@6$%#06+X 6+%# ,&5-# +6 &$,-6@6$%2 # IWS6$ ILKTa>-Z5&,( TSbW



?"I

WBaT=9: GU> #E@F8?<:? 78@4B<4E8;<468? R EF;=9=@468? ^c 786 /#% R 5B89e4_DL

G?6$%6e :4GW

KLW H$ ?$# ,(@N#-#,&2$ &$%6-$#,&($#0X 60 -6,#?.( %-&3?%#-&( %6--&%(-&#0 6MN-6+#.( ,

N(-,6$%#*6 .60 A`/ aTWKdb = ,(@( N(-,6$%#*6 .6 0(+ &$'-6+(+ N]30&,(+ %(%#06+ aKJWS$( 6+ 3#*( 6$ 1(0(@3&#X 6+N6,&#0@6$%6 6$ 0( O?6 +6 -65&6-6 # 0(+ @?$&,&N&(+a>-Z5&,(Tg = >-Z5&,( TUbW H+ @Z+X .6$%-( .6 0(+ N#;+6+ ?$&%#-&(+ .6 0# 4@Y-&,# 7#%&$#X 6+-60#%&P#@6$%6 606P#.( 6$ 1(0(@3&# = -6+?0%# @Z+ #0%( O?6 6$ <YM&,(X ?$ N56.6-#0W "&$ 6@3#-'(X 60 @#=(- N(-,6$%#*6 .6 -6,#?.( 0(,#0 +6 ,($,6$%-# 6$ 0#+'-#$.6+ ,&?.#.6+X 6$ N#-%&,?0#- 6$ /('(%ZX O?6 -6,#?.# @Z+ O?6 60 ,($*?$%( .6 0(+.6N#-%#@6$%(+ = -6N-6+6$%# 60 TJd .6 0# %-&3?%#,&2$ .6 0(+ @?$&,&N&(+W

Kg `$,0?=6 A-6.&#0 6 `14 6$ "#$ 4$.-Y+ 6$ 60 ,#+( .6 .6N#-%#@6$%(+ 6 &@N?6+%(+$20$%<D"%'2 #0 ,($+?@( 6$60 ,#+( .6 0(+ @?$&,&N&(+W



?"O

WBaT=9: GL> &894F7: 8 =;AB8?:? <B=5F<4B=:? <8BB=<:B=468?

WBaT=9: GY> #E@:B<4;9=4 78 6:? =;AB8?:? 78@4B<4E8;<468? R EF;=9=@468? 8; +EVB=9*4<=;4



?"C

##> )=4A;Q?<=9:

+> "F6<=@6=9=747 78 =E@F8?<:?Z 9:?<:? 78 <B4;?499=Q; R 7=T=9F6<478?78 47E=;=?<B49=Q;

KKW HM&+%6 ?$ 606P#.( $]@6-( .6 %-&3?%(+ %#$%( 6$ 0(+ .6N#-%#@6$%(+ ,(@( 6$ 0(+@?$&,&N&(+W F( (3+%#$%6X ,(@( +6 N-6+6$%#-Z @Z+ #.60#$%6X 6$ #@3(+ ,#+(+@#=(- N-(N(-,&2$ .60 -6,#?.( +6 ,($,6$%-# 6$ N(,(+ &@N?6+%(+W

KIW H$ 0# #,%?#0&.#. [#= P&'6$%6+ KT %-&3?%(+ .6N#-%#@6$%#06+X IL @?$&,&N#06+ @6$(+ IV '-#PZ@6$6+ = ,($%-&3?,&($6+X +&$ ,($%#3&0&C#- .6$%-( .6 6+%(+X 06+%#@N&00#+ O?6 6M&+%6$ ,($ .&+%&$%#+ P#-&#$%6+ -6'&($#06+a1?#.-( KJ = 1?#.-( Kjb W



?5E

,F47B: DH> #E@F8?<:? <8BB=<:B=468? 8\=?<8;<8?

No. Impuestos departamentales Impuestos municipales Algunos tributos sin sustento de ley! "#$%&'() +, -).'%#) /& -&01&2+'3 '45).&'3

0&5+6)' 7 #&2-,+' "#$%&'() $0&/4+, %.454-+/)8)90)' $)0 5+-(%0+-4ó.3 '4'(&#+(42+-4ó.3-&0(454-+/)'3 $+2 7 '+,1)'3 %')' /&, '%&,) 75)0#%,+04)'3 ,4-&.-4+' /& 5%.-4).+#4&.():

; "#$%&'() +, -).'%#) /& ,4-)0&'3 14.)'3+$&04(41)' 7 '4#4,+0&'

"#$%&'() /& "./%'(04+ 7 8)#&0-4)3 +14')' 7(+9,&0)'

<+'+ &'$&-4+, $+0+ &, 5)0(+,&-4#4&.()+/#4.4'(0+(41):

= "#$%&'() +, -).'%#) /& -4>+004,,)' 7 (+9+-)&,+9)0+/)

?%9,4-4/+/ &@(&04)0 14'%+, A&#+5)042+-4ó.

B A)90&(+'+ +, -).'%#) /& -4>+004,,)' 7 (+9+-)&,+9)0+/)

A)90&(+'+ + ,+ >+'),4.+ ?,+2+ /& #&0-+/)3 /& 5&04+'3 #+(+/&0) 79á'-%,+3

C "#$%&'() /& 0&>4'(0) "#$%&'() /& -40-%,+-4ó. 7 (0 á.'4()1&Díc%,)' '&014-4) $ú9,4-)

E%ía /& #)14,42+-4ó. /& >+.+/):

F A)90&(+'+ + ,+ >+'),4.+ 7 +, G8?H "#$%&'() #%.4-4$+, 7 .+-4).+, /&&'$&-tá-%,)' $ú9,4-)'

8).(049%-4ó. /& -+#4.)'3 .)#&.-,+(%0+3 1&.(+/& ,)(&':

I "#$%&'() ')90& 1&Díc%,)' +%()#)()0&' "#$%&'() /& /&,4.&+-4ó. J@(0+--4ó. /& +0&.+ -+'-+6) 7 $4&/0+:K "#$%&'() +, -).'%#) ')90& 4.>0&') /&

#&0-+.-ía &@(0+.6&0+ LAó,) A+. G./0 é'M"#$%&'() ')90& &, '&014-4) /& +,%#90+/)público

"#$%&'() /& 0&>4'(0) /& $+(&.(&'3 #+0-+' 7D&00&(&':

N "#$%&'() /& /&>ü&,,) /& >+.+/) #+7)0 O&>ü&,,) /& >+.+/) #+7)0 7 #&.)0 "#$%&'() /& $&'+' 7 #&/4/+':

!P "#$%&'() /& ,)(&0 ía' 5)0 á.&+' 7 ')90&$0&#4)' /& ,)(&0 ía' "#$%&'() /& -+'4.)'

"#$%&'() ')90& ,+' 1&.(+' +#9%,+.(&'&'(+-4).+04+' 7 (&#$)0+,&'3 $+(&.(& .)-(%0.+3 ,+#+(0 íc%,+ ) 0&>4'(0) /& ,+ +-(414/+/ -)#&0-4+,:

!! 8).(049%-4ó. ')90& -).(0+()' /& )90+ $ú9,4-+ "#$%&'() + ,+' 1&.(+' $)0 &, '4'(&#+ /&-,%9&'

8).(049%-4ó. -). /&'(4.) +, /&$)0(&3 ,+&/%-+-4ó. fís4-+ 7 ,+ 0&-0&+-4ó.:

!; 8).(049%-4ó. /& Q+,)042+-4ó. O&$+0(+#&.(+, "#$%&'() ')90& +$%&'(+' #%(%+' <+'+ /& '4'(&#+(42+-4ó.!=

?&+6&' 7 <+'+' $)0 &'(+-4).+#4&.() ) $)0-).(+#4.+-4ó. 1&D4-%,+0

8).(049%-4ó. &'$&-4+, ')90& -).(0+()' /&)90+ $ú9,4-+

"#$%&'() + ,+ (&,&5).ía #ó14,3 "#$%&'() +, 0%4/)34#$%&'() /& %') /&, &'$+-4) &,&-(0)#+>.é(4-)34#$%&'() +, %') /&, '%&,)3 '%9'%&,) 7)-%$+-4ó.3 %') 7 +5&-(+-4ó. /&, &'$+-4) $ú9,4-)-). 0&/&' /& '&014-4)' $ú9,4-)' /)#4-4,4+04)' 7(&,&-)#%.4-+-4).&':

!B 8).(049%-4ó. /& Q+,)042+-4ó. 8)90)' $)0 5)0#%,+04)'

!C ?+0(4-4$+-4ó. &. ,+ $,%'1+,ía G$)0(& $%9,4-4(+04)!F 8).(049%-4).&'3 >0+1á#&.&' 7 )(0)' -)90)'$+0+ ,+ 4.50+&'(0%-(%0+ 14+,3 0%0+, 7 %09+.+LR&7 K!; /& ;PP=M

G$)0(& ".'(4(%-4).+,

!I "#$%&'() +, (0+.'$)0(& /& D4/0)-+09%0)' G$)0(& $+0+ -)#9+(40 &, -).(0+9+./)!K A)90&(+'+ S)#9&04, J'(+#$4,,+ 8).(049%-4ó. ?0) O&'+00),,) /&,

/&$)0(&!N J'(+#$4,,+ ?0)TO)(+-4ó. 7 U%.-4).+#4&.()

/& ,)' 8&.(0)' /& S4&.&'(+0 /&, G.-4+.)?+$&,&0 ía 7 (0 á#4(&'

;P J'(+#$4,,+ ?0)T-%,(%0+ "#$%&'() /& G'4'(&.-4+ A)-4+,;! A)90&(+'+ 8+6+ /& $0&14'4ó. O&$+0(+#&.(+,;; J'(+#$4,,+ S&.&54-&.-4+ O&$+0(+#&.(+,;= "#$%&'() /& A+.&+#4&.() G#94&.(+,;B “Impuesto al amor ”



?5?

,F47B: D]> $?<4E@=664? 8\=?<8;<8? 8; 64 49<F46=747

KTW 7# @?0%&N0&,&.#. .6 &@N?6+%(+ +6 #,(@N#R# .6e F(-@#%&P&.#. .&+N6-+# # $&P60 %6--&%(-&#0 N#-# ?$ @&+@( %-&3?%( 1#-6$,&# .6 #-%&,?0#,&2$ # $&P60 %6--&%(-&#0 = 6$%-6 60 $&P60 +?3 $#,&($#

&@N?6+%(+ $#,&($#06+W :6+#,%?#0&C#,&2$ %-&3?%#-&#W <?,[(+ .6 6+%(+ %-&3?%(+ +6 6+%#306,&6-($

P#-&#+ .Y,#.#+ +&$ O?6 +? ,($P6$&6$,&# [#=# +&.( 6P#0?#.# =h( +? .&+6R(#,%?#0&C#.(

`$O?&6%?.6+ +(3-6 0# 06'#0&.#. .6 #0'?$#+ ,#-'#+W HM&+%6$ .?.#+ +(3-6 0#06'#0&.#. .6 #0'?$(+ &$'-6+(+ $( %-&3?%#-&(+X %#+#+ = ,($%-&3?,&($6+X ,(@( 6$60 ,#+( .6 +6@#5(-&C#,&2$X N6+#+ = @6.&.#+X +&+%6@#%&C#,&2$ = (%.?.(+# -6'0#@6$%#,&2$ a/($&00#X ILKJbW



?5"

KVW 7# @?0%&N0&,&.#. .6 &@N?6+%(+ *?$%( ,($ 0#+ 0&@&%#,&($6+ @6$,&($#.#+ #$%6-&%&6$6$ -6N6-,?+&($6+ &@N(-%#$%6+ 6$ @#%6-&# .6 65&,&6$,&# %-&3?%#-&# =6,($2@&,(+ N#-# 0#+ -6'&($6+ .63&.( #e

:&5;,&0 #.@&$&+%-#,&2$X N-(306@# O?6 +6 #'?.&C# N(- 0#+ .&56-6$,&#+ 6

,#N#,&.#. &$+%&%?,&($#0 = #.@&$&+%-#%&P# 6M&+%6$%6 6$%-6 .6N#-%#@?$&,&N&(+W

"(3-6,(+%(+ 6,($2@&,(+ N#-# 0#+ 6@N-6+#+X 0( O?6 #56,%# +? 65&,&6$,&# =,(@N6%&%&P&.#.W

&W <]0%&N06+ &@N?6+%(+ 0(,#06+ -6,#6$ +(3-6 ?$# @&+@# #,%&P&.6,($2@&,#X 0( ,?#0 #'-#P# 0# 606P#.# ,#-'# %-&3?%#-&# +(3-6 0#+6@N-6+#+ # $&P60 $#,&($#0 a&@N?6+%( .6 -6$%#X 1)HHX N#%-&@($&( +(3-6 0# #.O?&+&,&2$ .6 3&6$6+ .6 ,#N&%#0bX .&+,?%&.# #%-Z+W

&&W 7#+ 6@N-6+#+ O?6 (N6-#$ +&@?0%Z$6#@6$%6 6$ .&56-6$%6+ 0(,#0&.#.6%&6$6$ O?6 ,?@N0&- ,($ 0#+ .&56-6$%6+ 3#+6+X %#-&5#+X ,#06$.#

%-&3?%#-&(+X 6%,WX 6$ -60#,&2$ ,($ ?$ @&+@( %-&3?%(W

%> +F?8;9=4 78 F; E4B9: 68A46 786 ?=?<8E4 <B=5F<4B=: B8A=:;46 R 6:9464 @8?4B 78 64 E4R:B 78?98;<B46=O49=Q; 78?78 64 ,:;?<=<F9=Q; 78 DYYD

KJW F( 6M&+%6 ?$# .65&$&,&2$ ,0#-# .6 0#+ ,(@N6%6$,&#+ .6 0(+ 6$%6+ %6--&%(-&#0@#%6-&# %-&3?%#-&#W 7# 76= KVJV .60 Ig .6 *?$&( .60 ILKKX N(- 0# ,?#0 +6 .&,%#$ $(-'Z$&,#+ +(3-6 (-.6$#@&6$%( %6--&%(-&#0X .65&$6 0#+ ,(@N6%6$,&#+ .6 0.6N#-%#@6$%(+ = @?$&,&N&(+ .6 5(-@# '6$6-#0X .6*#$.( ,(@N6%6$,&#+ 6+N6,;5&,#+ #%6@# %-&3?%#-&( +&$ ?$ 6$%6 6$,#-'#.( .65&$&.(W 7# 1($+%&%?,&2$ .6 KUUK 6+%

O?6 60 1($'-6+(X 0#+ 4+#@306#+ = 0(+ 1($,6*(+ +($ 0(+ 2-'#$(+ ,(@N6%6$%6+ N#-#&@N($6- ,($%-&3?,&($6+ 5&+,#06+ a%-&3?%(+bW :6 #,?6-.( ,($ 60 4-%;,?0( TTg .6 0# 760#+ (-.6$#$C#+ = 0(+ #,?6-.(+ .636$ 5&*#-X .&-6,%#@6$%6X 0(+ +?*6%(+X 0(+ [6,[(+X 03#+6+ '-#P#306+ = 0#+ %#-&5#+ .6 0(+ &@N?6+%(+W "&$ 6@3#-'(X 6$ @#%6-&# %-&%6--&%(-&#0 +6 N-6+6$%#$ N6-@#$6$%6@6$%6 ,($%-(P6-+&#+ 6$ ,?#$%( O?6 $( 6+ ,0,?Z06+ +($ 0#+ ,(@N6%6$,&#+ .60 1($'-6+( = ,?Z06+ +($ 0#+ .6 0#+ 4+#@306#+ = 0(+1($,6*(+ <?$&,&N#06+ 6$ 60 ,($%6M%( .6 ?$# )6N]30&,# ?$&%#-&# N6-( .6+,6$%-#0&C#= ,($ #?%($(@;# .6 +?+ 6$%&.#.6+ %6--&%(-&#06+W

KjW \(= 6$ .;#X 0# '-#$ +;$%6+&+ +(3-6 0# N(+&,&2$ .6 0(+ %-&3?$#06+ 6$ 6+%# @#%6

,($+&+%6 6$ O?6 60 1($'-6+(X # %-#PY+ .6 ?$# 06=X N?6.6 x#?%(-&C#-x 0# ,-6#,&2$ .6?$ &@N?6+%( N#-# O?6 0(+ 2-'#$(+ %6--&%(-&#06+ 0( .6+#--(006$ 6$ ,?#$%( # +?*6%(3#+6+ = %#-&5#+ ( N?6.6 #0%6-$#%&P#@6$%6 5&*#- 0(+ 606@6$%(+ a+?*6%(+X 3#+6+N6-( +&$ xP#,&#-x ,(@N06%#@6$%6 0#+ ,(@N6%6$,&#+ .6 0#+ 4+#@306#+ = 1($,6*(+W

KSW 4+;X 6$ 0# N-Z,%&,#X N#-# 60 ,#+( .6 0(+ %-&3?%(+ 0(,#06+X ,?#$.( 0# 06= $( .65&$6 %(0(+ 606@6$%(+X 0# *?-&+N-?.6$,&# ,($+%&%?,&($#0 [# &$%6-N-6%#.( O?6 0( N?6.6$ [#0#+ #+#@306#+ .6N#-%#@6$%#06+ ( 0(+ ,($,6*(+ @?$&,&N#06+X .6$%-( .6 ,&6-%(+ -#$'(



?55

H00( [# -6+?0%#.( 6$ O?6 #0 &$%6-&(- .6 ?$ @&+@( %-&3?%( 6M&+%6$ .&56-6$,&#+ %#.6 .65&$&,&2$ .6 0# 3#+6 = 6$ 0(+ +&+%6@#+ .6 0&O?&.#,&2$ = #.@&$&+%-#,&2$W

KgW A(- 6*6@N0(X 6$ 60 ,#+( .6 0(+ &@N?6+%(+ @?$&,&N#06+X `14X N-6.&#0 = .60&$6?-3#$#X 60 1($'-6+( #N-?63# 60 [6,[( '6$6-#.(-X 0# 3#+6 '-#P#306 = 0(+ +?*6%(+X

@&6$%-#+ 0(+ ,($,6*(+ +6 @?6P6$ 6$ ?$ &$%6-P#0( %#-&5#-&(W H+%(+ -#$'(+ +($ #@N.6 @#$6-# O?6 [#= .&+N6-+&2$ .6 %#-&5#+ .6$%-( .6 ?$ @&+@( &@N?6+%( 6$ 0(+.&56-6$%6+ @?$&,&N&(+W 4.6@Z+X 0(+ @?$&,&N&(+ %&6$6$&# N(%6+%#. N#-# 6+%#306,6-6M6$,&($6+W

KUW H$ 60 ,#+( .6 0(+ &@N?6+%(+ #0 ,($+?@( .6 363&.#+X ,&'#--&00(+X ,6-P6C#X 6$ 6&@N?6+%( # P6[;,?0(+ = 6$ 0# +(3-6%#+# # 0# '#+(0&$#X 60 1($'-6+( .65&$6 0(+ ,?#%-(#+N6,%(+X [6,[( '6$6-#.(-X 3#+6 '-#P#306X +?*6%(+ = %#-&5#+X @&6$%-#+ 0#+ 4+#@3= 1($,6*(+ ,#-6,6$ .6 #%-&3?,&($6+ a/($&00#X ILKJbW

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

IKW F( 6M&+%6 ?$ ,2.&'( %-&3?%#-&( ?$&5&,#.( N#-# 0(+ 6$%6+ %6--&%(-&#06+W 7# @#.6N#-%#@6$%(+ = @?$&,&N&(+ [#$ ,(N&#.( ,#+& @6,Z$&,#@6$%6 60 N-(,6.&@&6$%-&3?%#-&( $#,&($#0 6$ +?+ (-.6$#$C#+ = #,?6-.(+X +&$ O?6 06+ +&-P# 656,%&P#@N#-# -6,#?.#- = ,($%-(0#- # +?+ ,($%-&3?=6$%6+W

,> 08;?=Q; 8;<B8 86 W:5=8B;: .49=:;46 R 6:? A:5=8B;:? ?F5 ;49=:;468?

""$ HM&+%6 ?$# %6$+&2$ 6$%-6 60 >(3&6-$( F#,&($#0 16$%-#0 = 0(+ '(3&6-$(+ 0(,#06+@#%6-&# %-&3?%#-&#W "& 3&6$ @?,[(+ .6 6+%(+ N-(306@#+ [#$ +&.( &.6$%&5&,.&#'$2+%&,(+ #$%6-&(-6+ = +6 [#$ [6,[( N-(N?6+%#+ N#-# ,(--6'&-0(+X $( [# [#3&.(X0?6'( .6 0# 1($+%&%?,&2$ .6 KUUKX ?$ 6+5?6-C( .6 -65(-@# 6+%-?,%?-#0 &$%6'-#0 # %-&3?%#,&2$ %6--&%(-&#0W 7# ]0%&@# -65(-@# %-&3?%#-&# '6$6-#0 +(3-6 &@N?6.#%# .6 KUgTW%2 ?CCDS '* 31=*2,132 &3' (+0.*')3' =*0,1),+*2),&*' *2 &, &*H""5S 0*13 '(2 -,+A(3' '.'),2-(,&*' 1*&*4,2)*'$ :6+.6 6$%($,6+X 6+%6 %6@# [# +&.(#3(-.#.( .6 @#$6-# N?$%?#0W :#.(+ 0(+ N-(306@#+ O?6 6$5-6$%# 0# %-&3?%#,&2$ .6(-.6$ $#,&($#0 ,(@6$%#.# #$%6-&(-@6$%6X 0# 06'&+0#,&2$ +(3-6 %-&3?%#,&2$ 0(,#0 +6-606'#.( ,#+& N(- ,(@N06%( # ?$ #NY$.&,6 .6 0#+ -65(-@#+ %-&3?%#-&#+ $#,&($#06+W



?5>

ITW 4.&,&($#0@6$%6X 60 .&+6R( .6 0#+ ,(@N6%6$,&#+ $( .&56-6$,&# # 0(+ @?$&,&N&(+ N%#@#R( = ,#N#,&.#.X ,($+&.6-#$.( 0# ,($,6$%-#,&2$ .60 -6,#?.(W 4N6$#+ gV@?$&,&N&(+ O?6 %&6$6$ @Z+ .6 JLWLLL [#3&%#$%6+X ,($,6$%-#$ 60 SLd .6 0# N(30= -6,#?.#$ 60 ggd .60 `14 = 60 gjd .60 `@N?6+%( N-6.&#0W H+ (3P&(X O?6 0(+N-(,6.&@&6$%(+ N#-# 60 -6,#?.( .60 -6+%( ^@Z+ .6 KLLL N6O?6R(+ @?$&,&N&(+^ .636

+6- # 0# @6.&.# .6 +? %#@#R(X ,#N#,&.#. = $&P60 .6 +?+ ,($%-&3?=6$%6+X +6$,&005Z,&0 .6 #N0&,#-W

IVW A(- ]0%&@(X 0# 1($+%&%?,&2$ 6+%#306,6 O?6 0# 06= O?6 .65&$# 0#+ %#+#+ a-6,?N.60 ,(+%( .6 ?$ +6-P&,&( ( #?%(-&C#,&2$ N(- 60 ?+( .60 .(@&$&( N]30&,(b = 0#+,($%-&3?,&($6+ a.&+%-&3?,&2$ .6 0(+ ,(+%(+ .6 ?$# (3-# O?6 '6$6-# 36$65&,&(+,(06,%&P(+X ,(@( 0# ,($%-&3?,&2$ .6 P#0(-&C#,&2$ N(- (3-#+ N]30&,#+bX N#-# 0( ,?#0 1($'-6+( .636 .65&$&- 60 +&+%6@# = @Y%(.( N#-# ,?#$%&5&,#- 60 ,(+%( .60 +6-P&,&( (36$65&,&( N(- .&+%-&3?&-W H+%(+ &$+%-?@6$%(+ .6 5&$#$,&#,&2$ %-&3?%#-?+?#0@6$%6 ?%&0&C#.(+ N(- 0#+ 6$%&.#.6+ %6--&%(-&#06+X N(- #?+6$,&# .6 ?$# 06= .6 %#+#+ = ,($%-&3?,&($6+W

###> #E@F8?<:? 78@4B<4E8;<468?

+> +?@89<:? A8;8B468?

IJW H$ 0(+ ]0%&@(+ O?&$,6 #R(+X 60 -6,#?.( .6N#-%#@6$%#0 [# #0,#$C#.( @6$(+ .6 Kd .60A`/W "6 (3+6-P# ?$ @#=(- .&$#@&+@( 6$%-6 ILLL = ILLjX #R( 6$ 60 O?6 60 -6,#?.(#0,#$C# LWUJd .60 A`/X N6-( 0# %6$.6$,&# +6 -6P&6-%6 6$ 0(+ #R(+ +&'?&6$%6+a>-Z5&,(VLbW



?5D

WBaT=9: SI> &894F7: =E@F8?<:? 78@4B<4E8;<468? ^c 786 /#%_

F(%#e &$,0?=6 N-6.&#0 6 `14 N#-# "#$ 4$.-Y+WG?6$%6e :4GW

IjW 7# N#-%&,&N#,&2$ .6 0(+ &$'-6+(+ %-&3?%#-&(+ .6$%-( .6 0(+ &$'-6+(+ %(%#06+ 6+606P#.# 6$ #O?600(+ .6N#-%#@6$%(+ @Z+ '-#$.6+ = ,($ @#=(- $&P60 .6 #,%&P&.#.6,($2@&,# a>-Z5&,( VKbWKU "#0P( N#-# 60 ,#+( .6 4$%&(O?&#X 1?$.&$#@#-,#X E#006 .601#?,#X "#$%#$.6-X 4%0Z$%&,(X /(0;P#- = <6%# O?6 +($ 0(+ .6N#-%#@6$%(+ @Z+ '-#$.66$ %Y-@&$(+ .6 '6$6-#,&2$ .6 A`/X 0(+ &$'-6+(+ %-&3?%#-&(+ ,(@( N-(N(-,&2$ .6 0(+&$'-6+(+ %(%#06+ .6 6+%(+ .6N#-%#@6$%(+ +($ @6$(-6+ # VdW

KU A#-# 6+%# +6,,&2$ 6$ 0# O?6 +6 .6+,-&36 0# 6P(0?,&2$ .6 0(+ &@N?6+%(+.6N#-%#@6$%#06+X $( +6 &$,0?=6 /('(%Z O?6 %#@3&Y$ -6,#?.# &@N?6+%(.6N#-%#@6$%#06+ N(- +? ,#0&.#. .6 .&+%-&%( 6+N6,&#0W "? 6M,0?+&2$X #--(*# ?$# &.6#,6-%#.# .6 0# +&%?#,&2$ %-&3?%#-&# .6 0(+ .6N#-%#@6$%(+W



?5:

WBaT=9: SD> /4B<=9=@49=Q; 78 6:? <B=5F<:? 8; 6:? =;AB8?:? <:<468? ?8A[; <4E4i: 786 /#%78@4B<4E8;<46

ISW H0 -6,#?.( %-&3?%#-&( -6506*# ,($,6$%-#,&2$ 6$ .(+ .&@6$+&($6+e &b 6$ N(,(+ %-&3?%= &&b = 6$ N(,(+ .6N#-%#@6$%(+W

IgW 7(+ &$'-6+(+ .6N#-%#@6$%#06+ +6 ,(@N($6$ .6 .&6C &@N?6+%(+ .6 ,(36-%?-#$#,&($#0 = ?$( .6 ,#-Z,%6- 6M,0?+&P( N#-# "#$ 4$.-Y+X 0# ,($%-&3?,&2$ N(-

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a/($&00#X ILKJbW 7#+ ,($%-&3?,&($6+ = 6+%#@N&00#+ N?6-6N-6+6$%#- ?$ +(3-6,(+%( .6 [#+%# Kgd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



?5I

606'&- 60 [6,[( '6$6-#.(-X +6 [# 006'#.( # 6M,6+(+ ,(@( '-#P#- 0#+ 5#,%?-#+ .6 %(.(+0(+ #'6$%6+ N-&P#.(+ ( 0#+ .6,0#-#,&($6+ .6 `14W

IUW H$ IJ .6 0(+ TI .6N#-%#@6$%(+X 0# +?@# .6 j .6 0(+ KT &@N?6+%(+ .6N#-%#@6$%#06a0(+ &@N?6+%(+$20$%<D"%'2 # 0# ,6-P6C#X 0(+ 0&,(-6+ = ,&'#--&00(X 60 &@N?6+%( .6 -6'&+%

60 &@N?6+%( # 0(+ P6[;,?0(+ = 0# +(3-6%#+# .6 0# '#+(0&$#b -6N-6+6$%#$ @Z+ .60 jL.6 0(+ &$'-6+(+ %-&3?%#-&(+X 006'#$.( # -6N-6+6$%#- @Z+ .60 ULd 6$ 1?$.&$#@#-,#XQ(0&@#X 4$%&(O?&#X /(=#,ZX F#-&R(X 1#?,# = 1[(,2W H$ KS .6 0(+ TI .6N#-%#@6$%+(0( 0(+ %-6+ &@N?6+%(+ #0 ,($+?@( -6N-6+6$%#$ @Z+ .60 jLd .60 -6,#?.( %(%#0 .6&@N?6+%(+W H0 .6N#-%#@6$%( 6$ .($.6 6+%(+ &@N?6+%(+ +($ ?$# N-(N(-,&2$ N6O?6.6 0(+ &$'-6+(+ %-&3?%#-&(+ %(%#06+ 6+ "#$ 4$.-Y+a>-Z5&,( VIbW

WBaT=9: SC> ,:;98;<B49=Q; 78 6:? =E@F8?<:? ^c 78 6:? =;AB8?:? <B=5F<4B=:? <:<468?ZCIDG_

TLW 7( #$%6-&(- &0?+%-# ,2@( 6$ 1(0(@3&# 0(+ &@N?6+%(+ .6N#-%#@6$%#06+ [#$ 6+%3#+#.(+ N-&$,&N#0@6$%6 6$ &@N?6+%(+ +606,%&P(+ #0 ,($+?@(W 4.6@Z+ .6 ?$ (3*6%.6 &$'-6+( 5&+,#0X '6$6-#0@6$%6 6+%(+ %-&3?%(+ %&6$6$ 60 N-(N2+&%( .6 ,(@N6$+

,(+%( +(,&#0 .6 0# N-(.?,,&2$ ( 60 ,($+?@( .6 .6%6-@&$#.(+ 3&6$6+ O?6 '6$6-#$6M%6-$#0&.#.6+ $6'#%&P#+X %#06+ ,(@( 656,%(+ $(,&P(+ +(3-6 0# +#0?. ( .#R(+ +(3-6 60@6.&( #@3&6$%6W

TKW :6+.6 5&$#06+ .6 0(+ #R(+ UL +6 N?6.6 6P&.6$,&#- ?$ 5?6-%6 .6,0&P6 6$ 0#N#-%&,&N#,&2$ .60 -6,#?.( .6 0(+ &@N?6+%(+ #0 ,($+?@( .6 0&,(-6+ = ,&'#--&00(+ .6$%-.60 -6,#?.( %(%#0 .6 0(+ .6N#-%#@6$%(+a>-Z5&,( VTbW



?5O

>-Z5&,( VTW )6,#?.( .60 &@N?6+%( #0 ,($+?@( # $&P60 .6N#-%#@6$%#0

G?6$%6e 1`4Q_ ,Z0,?0(+ N-(N&(+Wl `A1 ILLguKLL

TIW E#-&(+ 5#,%(-6+ 6MN0&,#$ 6+%# %6$.6$,&# 6$ 0(+ &@N?6+%(+ 6+N6,;5&,(+ #0 ,($+?@(3#*# ,#N#,&.#. .6 0#+ 6$%&.#.6+ %6--&%(-&#06+ .6 @6$(- %#@#R( = @6$(- ,#N#,&.#.&$+%&%?,&($#0 6$ 0# #.@&$&+%-#,&2$ .6 6+%(+ %-&3?%(+X &&b 0# @#=(- N#-%(%-(+ &@N?6+%(+X ,(@( 60 .6 $(%#-&#.( = -6'&+%-( 6$ #0'?$(+ .6N#-%#@6$%(+ ,($,&?.#.6+ '-#$.6+X &&&b ,&6-%# .&+@&$?,&2$ 6$ 60 ,($+?@( ,(@( -6+?0%#.( .6 0#+.&56-6$%6+ ,#@N#R#+ O?6 3?+,#$ ,($,&6$%&C#- +(3-6 60 656,%( .6 6+%(+ N-(.?,%(++(3-6 0# +#0?.X &Pb 0# 3#*# 60#+%&,&.#. &$'-6+( .6 6+%(+ N-(.?,%(+ = &Pb 0#+ .63&0&.6 0# #.@&$&+%-#,&2$ ,6$%-#0 = .6 0#+ %6--&%(-&#06+ 6$ 60 ,($%-(0 .60 ,($%-#3#$.(W

TTW 1(@N#-#,&($6+ &$%6-$#,&($#06+ O?6 +6 ,(@6$%#$ # ,($%&$?#,&2$ @?6+%-#$ O?6 0(+&@N?6+%(+ 6+N6,;5&,(+ #0 ,($+?@( .6 ,&'#--&00(+ = %#3#,( 6$ 1(0(@3&# +($ 3#*(+W D$

.6 0#+ *?+%&5&,#,&($6+ N#-# $( N-(.?,&- ?$ #?@6$%( 6$ 6+%6 %-&3?%( [# +&.( 6@?,[(+ ,#+(+ +? N(+&306 656,%( +(3-6 60 ,($%-#3#$.(W "&$ 6@3#-'(X 1(0(@3&#N#-6,6 #06*#-+6 .6 0(+ 6+%Z$.#-6+ &$%6-$#,&($#06+ O?6 ,($ N-(N2+&%(+ .6 N-(%6,,&2# 0# +#0?.X @Z+ O?6 .6 -6,#?.(X [#$ &.( 606P#$.( 6+%(+ &@N?6+%(+W

TVW A(- +? N#-%6X +& 3&6$ 60 &@N?6+%( # 0#+ 363&.#+ #0,([20&,#+ $( -6+?0%# %#$ 3#1(0(@3&# ,(@( 6$ 60 ,#+( .6 0(+ ,&'#--&00(+ = 60 %#3#,(X +6 .6%6,%#$ 0&@&%#,&($6+.&+6R( 6$ 6+%(+ %-&3?%(+W

%> #E@F8?<: 46 9:;?FE: 78 9=A4BB=66: R <4549: 8645:B47:

D> +?@89<:? 9:;98@<F468? R <8QB=9:?

TJW D$ &@N?6+%( # 0(+ ,&'#--&00(+ ,?@N06 ?$# .(306 5?$,&2$X N(- ?$ 0#.(X ,(@( 5?6$%6 .6-6,#?.( 5&+,#0 =X N(- 60 (%-(X ,(@( @6,#$&+@( N#-# 6$5-6$%#- # %-#PY+ .60 +&+%6@#N-6,&(+X 0# 6M%6-$#0&.#. $6'#%&P# O?6 +? ,($+?@( &@N($6 # 0# +#0?. .6 0(+&$.&P&.?(+W



?5C

TjW :6+.6 60 N?$%( .6 P&+%# N?-#@6$%6 5&+,#0X 0# 3#*# 60#+%&,&.#. N-6,&( .6 0# .6@#.60 ,($+?@( .6 ,&'#--&00(+ = %#3#,( 60#3(-#.(X 60 $]@6-( -6.?,&.( .6 N-(.?,%(-6+ =60 #0%( ,($+?@( [#,6$ .6 6+%(+ N-(.?,%(+ ?$ (3*6%&P( N#-%&,?0#-@6$%6 #%-#,%&PN#-# +6- '-#P#.(+ a91:HX ILKV_ "#$%# <#-;# = )(C(X ILLSbW

TSW "&$ 6@3#-'(X .#.( 60 656,%( $(,&P( .60 ,($+?@( .6 ,&'#--&00( = %#3#,( +(3-6 0# +#0?.X60 &@N?6+%( # 0(+ ,&'#--&00(+ = +?+ ,(@N06@6$%(+ +6 [# ,($P6-%&.( 6$ 0(+ ]0%&#R(+ –.6 @#$6-# ,-6,&6$%6^ 6$ ?$# [6--#@&6$%# .6 N(0;%&,# .6 +#0?. N]30&,#W H$ 0##,%?#0&.#.X 6+%6 N-(N2+&%( N#-6,6 N-&@#- +(3-6 60 #+N6,%( 5&+,#0W

TgW 4 .&56-6$,&# .6 (%-(+ &@N?6+%(+ 6+N6,&#06+ 6$ .($.6 6M&+%6 ?$# [6%6-('6$6&.#. 6$60 ,-&%6-&( +(3-6 60 ,?#0 +6 ,(3-# 60 &@N?6+%( a( 3#+6 '-#P#306bX 0# P#-&6.#. 6$ 6&@N?6+%( # 0(+ ,&'#--&00(+ +6 '6$6-# N-&$,&N#0@6$%6 N(- 0# +?3^.&P&+&2$ N-(.?,%(+ 60#3(-#.(+ ,($ %#3#,(W H$ 60 6+,6$#-&( &$%6-$#,&($#0 +6 6$,?6$%-# ?$#N0?-#0&.#. .6 ,0#+&5&,#,&($6+ ,(@(e ,&'#--&00(+X ,&'#--(+X %#3#,(+X ,&'#--&%(+X N&-#NYX ,[&$] = (%-#+ .6-&P#,&($6+ N-(N&#+ .6 ,#.# N#;+W "&$ 6@3#-'(X 6$ 0# @#=(-;# .60(+ N#;+6+ +6 '-#P# +(3-6 0# 3#+6 .60 N-6,&( .6 ?$# ,#*6%&00# ^.6 KLX KJ ( IL^ ?$&.#.6+( N-(N(-,&($#0 # +? ,($%6$&.( 6$ %#3#,(W

TUW H0 %-#%#@&6$%( &@N(+&%&P( # 0(+ ,&'#--&00(+ $( 6+ ?$&5(-@6 6$%-6 N#;+6+ = .6N.&56-6$%6+ 5#,%(-6+W H$ '6$6-#0X 0# 0&%6-#%?-# +?'&6-6 O?6 0# ,(@3&$#,&2$ .&@N?6+%($20$%<D"%' ,($ ?$ +)O:+*'#$/ #=?.# # N-(N(-,&($#- ?$# ,(@N6$+#,&2$6$%-6 0(+ N-(.?,%(+ .6 @6$(- N-6,&( = 0(+ @Z+ ,(+%(+(+X N6-( %#@3&Y$ #,%]# ,(@(?$ @6.&( N#-# 0('-#- $6?%-#0&.#. 6$%-6 0(+ N#;+6+ ,($ 3#*(+ ,(+%(+ .6 N-(.?,,&2$ =0(+ O?6 %&6$6$ #0%(+ ,(+%(+ .6 N-(.?,,&2$W 7(+ N#;+6+ ,($ 3#*(+ ,(+%(+ .6 N-(.?,,&2$%&6$.6$ # 606'&- ?$ 3#*( &@N?6+%($20$%<D"%' = 0( ,(@3&$#$ ,($ ?$ #0%( &@N?6+%(+)O:+*'#$/ X @&6$%-#+ O?6 0(+ N#;+6+ ,($ ,(+%(+ .6 N-(.?,,&2$ #0%(+ N?6.6$ ,(@N6$+#-60&'&6$.( ?$ &@N?6+%(+)O:+*'#$/ #0%( = ?$ &@N?6+%($20$%<D"%' 3#*( a91:HX ILKVbW

VLW :6 #,?6-.( # 0# 9<" aILKV3bX 6$ N-(@6.&(X ?$ #?@6$%( .60 &@N?6+%(X O?6 %-#6,($+&'( ?$ #?@6$%( .6 0(+ N-6,&(+ 6$ ?$ KLdX -6.?,6 60 ,($+?@( .6 %#3#,( 6$ ?$Vd 6$ 0(+ N#;+6+ .6 &$'-6+( #0%( = 6$ ?$ Jd 6$ 0(+ N#;+6+ .6 &$'-6+( @6.&( = 3#*(WH+%#+ @&+@#+ ,&5-#+ +?'&6-6$ O?6 #0 #?@6$%#- 60 &@N?6+%( +6 N-(.?,6 ?$ 656N(+&%&P( +(3-6 0# -6,#?.#,&2$ %-&3?%#-&# N(- ,?#$%( 0# -6.?,,&2$ 6$ 60 ,($+?@( 6+@6$(+ O?6 N-(N(-,&($#0 #0 &$,-6@6$%( .6 0(+ N-6,&(+W

VKW 4 0# P6C O?6 60 &@N?6+%( # 0(+ ,&'#--&00(+ = 60 %#3#,( [# P6$&.( #?@6$%#$.( 6$ 6@?$.(X 0# #.@&$&+%-#,&2$ %-&3?%#-&# [# &$P(0?,-#.( 0(+ #P#$,6+ %6,$(02'&,(+ 6@#%6-&# .6 +6R#0&C#,&2$ N#-# O?6 0# @6.&.# $( '6$6-6 &$,-6@6$%(+ .60 ,($%-#3#$.(X0( ,?#0 06 -6+%# 65&,#,&# # 0# N(0;%&,#X $( +(0( .6+.6 60 N?$%( .6 P&+%# 5&+,#0%#@3&Y$ .6 +#0?. N]30&,#W



?>E

C> 0B4<4E=8;<: <B=5F<4B=: 786 9:;?FE: 78 9=A4BB=66: R <4549: 8645:B47:

VIW H$ 1(0(@3&#X 0# %-&3?%#,&2$ 6+N6,&#0 +(3-6 60 ,($+?@( .6 ,&'#--&00(+ = %#360#3(-#.( [# ,#@3&#.( .6 @#$6-# &@N(-%#$%6 .?-#$%6 0(+ ]0%&@(+ P6&$%6 #R(+W 776= IIT .6 KUUJ 6+%#306,&2 ?$ &@N?6+%(+)O:+*'#$/ .6 JJd .6+%&$#.( # 0(+

.6N#-%#@6$%(+ @Z+ ?$ KLd .6+%&$#.( #0 .6N(-%6X 6$ #@3(+ ,#+(+ +(3-6 0# 3#+6 .60N-6,&( .6 P6$%# #0 .6%#00&+%#W 4.&,&($#0@6$%6X +6 '6$6-2 ?$# .&56-6$,&#,&2$ %-#%#@&6$%( %-&3?%#-&( .6 0(+ ,&'#--&00(+ &@N(-%#.(+X .6%6-@&$#$.( 0# 3#+6 '-,(@( 60 P#0(- 6$ #.?#$# .6 0# @6-,#$,;# @Z+ 0(+ '-#PZ@6$6+ #-#$,60#-&(+ = ?$@#-'6$ .6 ,(@6-,&#0&C#,&2$ .60 TLdW H$ %(.( ,#+(X .&,6 0# 06= O?6 $?$,# 60 &@N?6+%N#'#.( N(- 0(+ N-(.?,%(+ 6M%-#$*6-(+ N(.;# +6- &$56-&(- #0 N#'#.( N(- 0(+ $#,&($#06+W

VTW 7# 06= IIT .6 KUUJ 6M,0?;# .60 `E4X 0# P6$%# 6 &@N(-%#,&2$ .6 ,&'#--&00(+ = %#360#3(-#.( $#,&($#0 ( 6M%-#$*6-(W "&$ 6@3#-'(X 6+%( 5?6 @(.&5&,#.( N(- 60 4-%;,?0( Ig.6 0# 76= jTT .6 ILLL O?6 0(+ '-#P2 ,($ 0# %#-&5# '6$6-#0 .6 `E4 .60 Kjd = N6-@&%&2.6+,($%#-0( 6$ 0(+ %Y-@&$(+ .60 H+%#%?%( Q-&3?%#-&(W

VVW 1($ 0# 6MN6.&,&2$ .6 0# 76= KKKK .6 ILLj +6 @(.&5&,#-($ 60 %&N( .6 &@N?6+%(N#'#-X 0#+ %#-&5#+ = 0# 3#+6 '-#P#306W G?$.#@6$%#0@6$%6X +6 @&'-2 .6 ?$ &@N?6%&N(+)O:+*'#$/ # ?$ &@N?6+%( .6 %&N($20$%<D"%'W "6 6+%#306,&2 60 ?@3-#0 .6 0(+fIWLLL N6+(+ N(- ,#*6%&00#X ,(@( P#0(- .6 -656-6$,&#X .6 %#0 5(-@# O?6 0(+ ,&'#--&$#,&($#06+ ( 6M%-#$*6-(+ ,?=( N-6,&( N(- ,#*6%&00# +6 ?3&,#-# N(- .63#*( .6 6+6 P#0(-.63;#$ N#'#- ?$ &@N?6+%( .6 VLL N6+(+X @&6$%-#+ O?6 0(+ O?6 &'?#0#-#$ ( +?N6-#-#$6+6 ?@3-#0 .63;#$ N#'#- ?$ &@N?6+%( .6 gLL N6+(+W 7#+ %#-&5#+ #O?; +6R#0#.#+ +#,%?#0&C#3#$ #$?#0@6$%6 6$ 60 N(-,6$%#*6 .6 ,-6,&@&6$%( .60 ;$.&,6 .6 N-6,&(+ #,($+?@&.(- .6 6+%(+ N-(.?,%(+X #?$O?6 60 ?@3-#0 .6 0(+ fIWLLL N6-@#$6,&2&$#0%6-#.( # 0( 0#-'( .60 %&6@N(W H+%# 6+%-?,%?-# &@N(+&%&P# #0 ,&'#--&005?6-%6+ .&+%(-+&($6+ 6$ 60 @6-,#.( .60 @&+@(W

VJW A(- (%-( 0#.(X 0# 76= KKKK .6 ILLj 6+%#306,&2 ,(@( 3#+6 '-#P#306 60 N-6,&( .6 P6$%##0 N]30&,( ,6-%&5&,#.( +6@6+%-#0@6$%6 N(- 60 :4FH = #?@6$%2 60 N(-,6$%#*6 .&@N?6+%( .6 ,&'#--&00(+ ,($ .6+%&$( #0 .6N(-%6 # Kjd ^&$,0?&.( 6$ 60 &@N?6+%'6$6-#0W

VjW 7# 76= KTUT .6 ILKL +6 6$5(,2 6$ 60&@&$#- 0#+ .&+%(-+&($6+ O?6 %-#;# 60 ?@3-#0N-6,&(+ = N-(N6$.&2 N(- 0# '6$6-#,&2$ -ZN&.# .6 &$'-6+(+ 5&+,#06+ N#-# '#-#$%&C#- 0

?$&P6-+#0&C#,&2$ 6$ 60 #+6'?-#@&6$%( .60 +&+%6@# .6 +#0?.W H0 N-&$,&N#0 #+N%-#*( ,($+&'( 0# $?6P# 06= 5?6 0# &@N06@6$%#,&2$ .6 ?$# 6+%-?,%?-# @&M%#&@N?6+%(+)O:+*'#$/ = $20$%<D"%'X 6$ 0;$6# ,($ 0( (3+6-P#.( &$%6-$#,&($#0@6$%6W :66+%# @#$6-#X +6 &$+%#?-2 ?$# +(3-6%#+# #0 ,($+?@( .6 ,&'#--&00(+ .60 KLd +(3-6 60N-6,&( .6 P6$%# #0 N]30&,( = ?$# %#-&5# .6 JSL N6+(+ N(- ,#.# ,#*6%&00# .6 P6&$%?$&.#.6+ –&$.6M#.#+ ,($ 0# &$50#,&2$ .6 6+%(+ N-(.?,%(+^ = .6 Tj N6+(+ N(- '-#@(N#-# (%-(+ .6-&P#.(+W



?>?

G> ,:;<8\<: =;<8B;49=:;46

VSW D$ 3?6$ $]@6-( .6 N#;+6+ ?%&0&C#$ .6$%-( .6 +? 6+%-?,%?-# %-&3?%#-&# ?$,(@3&$#,&2$ .6 606@6$%(+$20$%<D"%'2 = +)O:+*'#$/ N#-# ,($+%&%?&- 60 &@N?6+%( #0,($+?@( .6 0(+ ,&'#--&00(+ = %#3#,( 60#3(-#.(W 4 +? P6CX 0# '-#$ @#=(-;# .6 N#;+6+

,#0,?0#$ 60 &@N?6+%( +(3-6 60 N-6,&( .6 P6$%# #0 N]30&,( a#$&+"* 2$**"-> 0#"%$b = '-#P#$#.&,&($#0@6$%6 6+%(+ N-(.?,%(+ ,($ `E4W

VgW :6 #,?6-.( ,($ 0# 9<"X 6$ 1(0(@3&# 60 N-6,&( .6 0# ,#*6%&00# .6 ,&'#--&00(+ 6+6M,6+&P#@6$%6 3#*(a>-Z5&,( VVbW 40 ,(@N#-#- N(- N#-&.#. .60 N(.6- #.O?&+&%&P(aAAAbX 1(0(@3&# ,?6$%# ,($ 60 N-6,&( @Z+ 3#*( .6 %(.# 0# @?6+%-# –N(- .63#*( .6 0(+D"f IX @&6$%-#+ O?6 60 N-(@6.&( .6 0(+ N#;+6+ .6 4@Y-&,# 7#%&$# 6+ .6 D"f J = 60N-(@6.&( .6 0# @?6+%-# 6+ .6 D"f jXIW H$ '6$6-#0X 6$ 0(+ N#;+6+ .6 0# 91:H 60 N-6,&(.6 0# ,#*6%&00# @Z+ P6$.&.# +?N6-# D"f j .20#-6+X O?6 6+ @#=(- # 0( (3+6-P#.( 6$4@Y-&,# 7#%&$#W

WBaT=9: SS> /B89=: 78 F;4 94b8<=664 78 CI 9=A4BB=66:? 78 64 E4B94 Ea? K8;7=74^7Q64B :T=9=46_

lH0 N-6,&( 6+ ?$ N-(@6.&( N($.6-#.( N(- P6$%#+ .6 0(+ N-6,&(+ 6+%#%#06+WG?6$%6e 9<" aILKJbW

VUW 40 -6#0&C#- ?$# ,(@N#-#,&2$ &$%6-$#,&($#0 .6 0# N-6+&2$ 5&+,#0X @6.&.# ,(@( N#-%&,&N#,&2$ .60 &@N?6+%( %(%#0 +(3-6 60 N-6,&( .6 0(+ ,&'#--&00(+X .6 #,?6-.(

,&5-#+ .6 0# 9<" aILKJbX +6 .6+%#,# O?6 0# '-#$ @#=(-;# .6 N#;+6+ N6-%6$6,&6$%6+ # 0#91:H %&6$6$ ?$# N-6+&2$ 5&+,#0 +&'$&5&,#%&P#@6$%6 @Z+ #0%# O?6 60 N-(@6.@?6+%-#_ 6$%-6 60 SLd = 60 gLd .60 N-6,&( 5&$#0 .6 0(+ ,&'#--&00(+ .6 0# @#-,# @ZP6$.&.# ,(--6+N($.6 # &@N?6+%(+ –&$,0?=6$.( 60 `E4a>-Z5&,( VJbW H$%-6 0(+ N#;+6+.6 0# -6'&2$X +6 .6+%#,#$ 6$ +? (-.6$ 1[&06X E6$6C?60#X H,?#.(- = 4-'6$%&$# ,(@(0(+ N#;+6+ ,($ @#=(- N-6+&2$ 5&+,#0X #N-(M&@#.#@6$%6 ?$ SJd .60 N-6,&( 5&$#0W



?>"

JLW H0 ,#+( (N?6+%(X .6$%-( .6 0(+ N#;+6+ .6 0# @?6+%-#X +6 N-6+6$%# 6$ 1(0(@3&# ,($?$# N-6+&2$ 5&+,#0 #0-6.6.(- .60 JLdX = ,($ N#;+6+ ,(@( /(0&P&# = A6-]X .($.6 0#N-6+&2$ 5&+,#0 .6 0(+ ,&'#--&00(+ 6+ &$56-&(- #0 VLd .60 N-6,&( .6 P6$%#W "& .6+,($%60 `E4X 6$,($%-#@(+ O?6 N#-# 1(0(@3&# 0# N-6+&2$ +6 -6.?,6 #0 TJdX .($.6 KLd,(--6+N($.6 #0 &@N?6+%(+)O:+*'#$/ = IJd #0 &@N?6+%($20$%<D"%'W

WBaT=9: SH> )8?4AB8A49=Q; 786 =E@F8?<: 46 9:;?FE: 78 9=A4BB=66: @4B4 F;4 94b8<=66CI F;=7478? 78 64 E4B94 Ea? K8;7=74Z CIDS

l H0 N-6,&( 6+ ?$ N-(@6.&( N($.6-#.( N(- P6$%#+ .6 0(+ N-6,&(+ 6+%#%#06+X 0(+ &@N?6+%(+ &$,0?=6$ 0(+&@N?6+%(+ 56.6-#06+ = ?$ N-(@6.&( N($.6-#.( .6 P6$%#+ .6 &@N?6+%(+ 6+%#%#06+W

G?6$%6e 9<" aILKJbW

JKW A(- 60 0#.( .60 -6,#?.( .60 &@N?6+%( # 0(+ ,&'#--&00(+X N#-# 60 ILKT 60 -6,#?.( .61(0(@3&# +6 6$,($%-#3# 6$ $&P606+ .60 LXLSd .60 A`/X @?= N(- .63#*( .6 0(+ N#;+6+.6 0# -6'&2$W A(- 6*6@N0(X N#-# N#;+6+ ,(@( 1[&06 = <YM&,( 60 -6,#?.( -6N-6+6$%2LXJUd = LXIKd .60 A`/ -6+N6,%&P#@6$%6W

JIW H0 -6,#?.( -6#0 .60 &@N?6+%( .6 ,&'#--&00(+ +6 6$,?6$%-# #,%?#0@6$%6 6$ $&P606+&@&0#-6+ #0 .6 &$&,&(+ .6 0(+ #R(+ ULa>-Z5&,( VjbW "&$ 6@3#-'(X ,(@( N(-,6$%#*6 .60-6,#?.( %(%#0 .6 &@N?6+%(+X 60 &@N?6+%( # 0(+ ,&'#--&00(+ [# P6$&.( .&+@&$?=6$.#?@6$%( .60 &@N?6+%( 6$ ILKL 6+ ?$( .6 0(+ 5#,%(-6+ O?6 6MN0&,# 0# -6,?N6-#,&2$

.60 -6,#?.( .6+.6 6+6 #R(W



?>5

WBaT=9: S]> &894F7: 786 =E@F8?<: 4 6:? 9=A4BB=66:? R <4549: 8645:B47:


JTW D$( .6 0(+ #-'?@6$%(+ N#-# 6P&%#- ?$ &$,-6@6$%( @#=(- 6$ 60 &@N?6+%( 6+ 60 656,%O?6 600( N(.-;# %6$6- +(3-6 0# &$.?+%-&# @6.&#$%6 0# -6.?,,&2$ .6 0#+ P6$%#+W F(3+%#$%6X 0#+ ,&5-#+ +?'&6-6$ O?6 .6+N?Y+ .6 0# -65(-@# .6 ILKLX 0#+ P6$%#+ ,&'#--&00(+ [# @#$%6$&.( ?$# %6$.6$,&# ,-6,&6$%6 .?-#$%6 0(+ ]0%&@(+ %-6+ #R(+ILW :6[6,[(X ,(@( +6 @6$,&($2 #%-Z+X 0#+ 6+%&@#,&($6+ .6 0# 60#+%&,&.#. N-6,&( .6 .6@#$.# .6 6+%6 %&N( .6 N-(.?,%(+ a^LXTjbX 6P&.6$,&#$ O?6 6+ ?$ N-(.?,%(#0%#@6$%6 &$60Z+%&,( a"#$%# <#-;# = )(C(X ILLSbW

JVW 9%-( .6 0(+ #+N6,%(+ +6R#0#.(+ 6$ ,($%-# .60 #?@6$%( 6$ 60 &@N?6+%( +(3-6 0(+,&'#--&00(+ = 60 %#3#,( 6+ 60 O?6 600( N?6.6 #,#--6#- N-(306@#+ .6 ,($%-#3#$.(W :6[6,[(X 0# #.@&$&+%-#,&2$ %-&3?%#-&# = 0#+ 6@N-6+#+ .60 +6,%(- [#$ +6R#05-6,?6$%6@6$%6 60 ,-6,&6$%6 ,($%-#3#$.( O?6 N-(P&6$6 N-&$,&N#0@6$%6 .6 0(+ N#;+.6 0# -6'&2$W

JJW H0 N?$%( ,-;%&,( .60 ,($%-#3#$.( 6$ 60 N#;+ +6 .# 6$ 0# k($# .6 )Y'&@6$ 4.?#$6-(H+N6,&#0 .60 @?$&,&N&( .6 <#&,#(X 6$ 7# >?#*&-#W H0 %-#%#@&6$%( %-&3?%#C($#+ #.?#$6-#+ 6+N6,&#06+ '6$6-# .&56-6$,&#06+ .6 N-6,&(+ +&'$&5&,#%&P(+ 5-6$%6C($# #.?#$6-# $#,&($#0X 0( O?6 &$,6$%&P# 60 ,($%-#3#$.( .6 N-(.?,%(+ ,(@( 60

,&'#--&00( O?6 &$'-6+#$ #0 N#;+ N(- 6+#+ C($#+ 6+N6,&#06+ ak#N#%#$& +* WX ILKIbW 7#+,&5-#+ @?6+%-#$ O?6 # %-#PY+ .6 0# C($# $(-%6 .60 N#;+ = 6$ 6+N6,&#0 N(- 60 @?$&,&.6 <#&,#( 6$%-# @Z+ .60 ULd .60 ,&'#--&00( .6 ,($%-#3#$.(X '6$6-#$.( O?6 60 N#;+.6*6 .6 N6-,&3&- &@N?6+%(+ N(- @($%(+ +?N6-&(-6+ # 0(+ KTJ @&0 @&00($6+ .6 N#$?#06+W 1?-&(+#@6$%6X 6+%6 [6,[( 6P&.6$,&# 60 656,%( &$.6+6#.( .6 0#

IL :#%(+ F`H7"HFW



?>>

,($5(-@#,&2$ .6 0# C($# #.?#$6-# 6+N6,&#0 .6 0# >?#*&-#X N?6+ 6$ 0?'#- .6 [#36-'6$6-#.( ?$# ,-6,&6$%6 #,%&P&.#. 6,($2@&,# = '6$6-#,&2$ .6 6@N06( 5(-@#0X 0( O?6[# P6$&.( N-(N&,&#$.( 6+ 60 ,-6,&@&6$%( .6 #,%&P&.#.6+ &06'#06+ ,(@( 0# .60,($%-#3#$.( .6 ,&'#--&00(+W

JjW 7#+ N-&$,&N#06+ C($#+ #56,%#.#+ N(- 60 ,($%-#3#$.( .6 ,&'#--&00(+ 6$ 60 N#;+ +($4$%&(O?&#X 0# 1(+%# 4%0Z$%&,#X 0(+ "#$%#$.6-6+X /('(%Z = 60 H*6 1#56%6-(W

JSW A(- ]0%&@(X 0# &@N(-%#$,&# .60 &@N?6+%( # 0(+ ,&'#--&00(+ 6$ 0#+ 5&$#$C#.6N#-%#@6$%(+ 6+ .&+;@&0W H$ .6N#-%#@6$%(+ ,(@( F#-&R(X 60 N6+( .6 6+%6 &@N6$ 60 -6,#?.( %(%#0 6+ @#=(- # ILdX N#-# /('(%Z 6+ @6$(+ .6 Kda>-Z5&,( VSbW

WBaT=9: SU> &894F7: 786 =E@F8?<: 4 6:? 9=A4BB=66:? R <4549: 9:E: @:B98;<4b8 786B894F7: <:<46 @:B 78@4B<4E8;<:Z CIDG

G?6$%6e H*6,?,&($6+ A-6+?N?6+%#06+ :FA_ ,Z0,?0(+ N-(N&(+WF(%#e N#-# /('(%Z 0# 5?6$%6 6+ 0# "6,-6%#-;# .6 \#,&6$.# :&+%-&%#0W

JgW H$ +;$%6+&+X 5-6$%6 # 6+%Z$.#-6+ &$%6-$#,&($#06+ 60 N-6,&( .6 0(+ ,&'#--&00&@N?6+%( O?6 -6,#6 +(3-6 0(+ @&+@(+ +($ +&'$&5&,#%&P#@6$%6 3#*(+ 6$ 1(0(@3&3&6$ 0# 6+%-?,%?-# .60 %-&3?%( #.(N%#.# .6+.6 ILKLX O?6 ,(@3&$# ?$ &@N?6+%$20$%<D"%' = ?$( +)O:+*'#$/ X -6+N($.6 # 0#+ %6$.6$,&#+ &$%6-$#,&($#06+ = [# -6+?60%(0#+ .&+%(-+&($6+ O?6 ,#?+#3#$ 0# 6+%-?,%?-# #$%6-&(-X +6 .6+%#,# O?6 N(- -#C($6+ +#0?. N]30&,#X @Z+ O?6 .6 -6,#?.(X [#= 6+N#,&( N#-# #?@6$%#- 6+%6 &@N?6+%(W H$@?$.(X 60 &$,-6@6$%( .60 %-&3?%( +6 [# #,(@N#R#.( .6 @6*(-#+ %6,$(02'&,#+ 6$ 0##.@&$&+%-#,&2$ %-&3?%#-&# N#-# 6P&%#- O?6 0(+ 656,%(+ 6$ 60 Z-6# .6 +#0?. = 5&+P6#$ @6$(+,#3#.(+ N(- ?$ #?@6$%( .60 ,($%-#3#$.(W



?>D

,> 0B4<4E=8;<: <B=5F<4B=: 78 64? 98BK8O4? R 6=9:B8? 8; ,:6:E5=4

D> +?@89<:? A8;8B468?

HY> "(3-6 0(+ 0&,(-6+X P&$(+X #N6-&%&P(+ = +&@&0#-6+ = N#-# 0#+ ,6-P6C#+X +&5($6+

-6,#6$ %-6+ %&N(+ .6 &@N?6+%(+e #-#$,606+ 6$ ,#+( .6 +6- N-(.?,%(+ &@N(-%#.(+X `E46 &@N?6+%( #0 ,($+?@(W 7(+ .(+ N-&@6-(+ +($ %-&3?%(+ .6 (-.6$ $#,&($#0 = 60%6-,6-(X .6N#-%#@6$%#0W A(- 6+%# -#C2$X 6$ 6+%# +6,,&2$ $(+ ,($,6$%-#@(+ 6$ 6+]0%&@(a1?#.-( KSbW

jLW "(3-6 60 &@N?6+%( #0 ,($+?@( .6 ,6-P6C#+X +&5($6+X -65#*(+ = @6C,0#+X 0(+ N-&$,&606@6$%(+ .60 %-&3?%( +($ 0(+ +&'?&6$%6+e &b 6+ ?$ &@N?6+%( $#,&($#0 ,6.&.( .6N#-%#@6$%(+ 6$ N-(N(-,&2$ # +? ,($+?@( 6$ 0#+ -6+N6,%&P#+ *?-&+.&,,&($6+W 7N-&$,&N#06+ N#-Z@6%-(+ .60 &@N?6+%( 6+%Z$ 6+%#306,&.(+ 6$ 0# 76= IIT .6 K.6$%-( .6 0#+ ,?#06+ P#06 0# N6$# .6+%#,#-e

H0 &@N?6+%( '-#P# 60 ,($+?@( 6$ 60 %6--&%(-&( $#,&($#0 .6 ,6-P6C#+X +&5($-65#*(+ = @6C,0#+ .6 363&.#+ 56-@6$%#.#+ ,($ 363&.#+ $( #0,([20&,#+W F('6$6-#$ 6+%6 &@N?6+%( 0#+ 6MN(-%#,&($6+ .6 6+%(+ N-(.?,%(+W

H$ 60 ,#+( .6 0(+ N-(.?,%(+ $#,&($#06+X 60 &@N?6+%( +6 ,#?+# 6$ 60 @(@6$%(6$ O?6 60 N-(.?,%(- 0(+ 6$%-6'# 6$ 5Z3-&,# ( 6$ N0#$%#X N#-# +? .&+%-&3?,&2$P6$%# ( N6-@?%# 6$ 60 N#;+X ( N#-# N?30&,&.#.X N-(@(,&2$X .($#,&2$X,(@&+&2$ ( 0(+ .6+%&$# # #?%(,($+?@(W H$ 60 ,#+( .6 N-(.?,%(+ 6M%-#$*6-(+X60 &@N?6+%( +6 ,#?+# 6$ 60 @(@6$%( 6$ O?6 0(+ @&+@(+ +6 &$%-(.?,6$ #0 N#;

"($ -6+N($+#306+ .60 &@N?6+%( 0(+ N-(.?,%(-6+X &@N(-%#.(-6+ =X+(0&.#-&#@6$%6 ,($ 600(+X 0(+ .&+%-&3?&.(-6+W 4.6@Z+X +($ -6+N($+#.&-6,%(+ .60 &@N?6+%( 0(+ %-#$+N(-%#.(-6+ = 0(+ 6MN6$.6.(-6+ #0 .6%#0X,?#$.( $( N?6.#$ *?+%&5&,#- .63&.#@6$%6 0# N-(,6.6$,&# .6 0(+ N-(.?,%(+O?6 %-#$+N(-%#$ ( 6MN6$.6$W

7# 3#+6 '-#P#306 6+%Z ,($+%&%?&.# N(- 60 N-6,&( .6 P6$%# #0 .6%#00&+%#6$%&6$.6 N(- N-6,&( .6 P6$%# #0 .6%#00&+%# #O?60 O?6X +&$ &$,0?&- 60 P#&@N?6+%( #0 ,($+?@(X 5&*# 60 N-(.?,%(-X +6']$ 0# ,#0&.#.X ,($%6$&.( =N-6+6$%#,&2$ .6 0(+ N-(.?,%(+X # 0(+ P6$.6.(-6+ ( 6MN6$.6.(-6+ #0 .6%#0X 6$0# ,#N&%#0 .el departamento donde esté situada la fábrica W H$ 60 ,#+( .6N-(.?,%(+ 6M%-#$*6-(+X 60 N-6,&( .6 P6$%# #0 .6%#00&+%# +6 .6%6-@&$# ,(@P#0(- 6$ #.?#$# .6 0# @6-,#$,;#X &$,0?=6$.( 0(+ '-#PZ@6$6+ #-#$,60#-&(+X#.&,&($#.( ,($ ?$ @#-'6$ .6 ,(@6-,&#0&C#,&2$ 6O?&P#06$%6 #0 TLdW H$ $&$']$

,#+( 60 &@N?6+%( N#'#.( N(- N-(.?,%(+ 6M%-#$*6-(+ +6-Z &$56-&(- #0 N-(@6.&(.60 &@N?6+%( O?6 +6 ,#?+6 N(- 60 ,($+?@( .6 ,6-P6C#+X +&5($6+X -65#*(+ =@6C,0#+X +6']$ 60 ,#+(X N-(.?,&.(+ 6$ 1(0(@3&#W

7#+ %#-&5#+ +($ Vgd N#-# ,6-P6C#+ = +&5($6+ = ILd N#-# @6C,0#+ = -65#*(+W

jKW "(3-6 60 &@N?6+%( #0 ,($+?@( .6 0&,(-6+X P&$(+X #N6-&%&P(+ = +&@&0#-6+e



?>:

H0 &@N?6+%( '-#P# 60 ,($+?@( P&$(+X 0&,(-6+X #N6-&%&P(+ = +&@&0#-6+ *?-&+.&,,&($6+ .6 0(+ .6N#-%#@6$%(+W F( '6$6-#$ 6+%6 &@N?6+%( 0#6MN(-%#,&($6+ .6 6+%(+ N-(.?,%(+W

H$ 60 ,#+( .6 0(+ N-(.?,%(+ $#,&($#06+X 60 &@N?6+%( +6 ,#?+# 6$ 60 @(@6$%(6$ O?6 60 N-(.?,%(- 0(+ 6$%-6'# 6$ 5Z3-&,# ( 6$ N0#$%#X N#-# +? .&+%-&3?,&2$

P6$%# ( N6-@?%# 6$ 60 N#;+X ( N#-# N?30&,&.#.X N-(@(,&2$X .($#,&2$X,(@&+&2$ ( 0(+ .6+%&$# # #?%(,($+?@(W

H$ 60 ,#+( .6 N-(.?,%(+ 6M%-#$*6-(+X 60 &@N?6+%( +6 ,#?+# 6$ 60 @(@6$%( 6$O?6 0(+ @&+@(+ +6 &$%-(.?,6$ #0 N#;+X +#0P( ,?#$.( +6 %-#%6 .6 N-(.?,%(+ 6$%-Z$+&%( [#,&# (%-( N#;+W

"($ -6+N($+#306+ .60 &@N?6+%( 0(+ N-(.?,%(-6+X &@N(-%#.(-6+ =X+(0&.#-&#@6$%6 ,($ 600(+X 0(+ .&+%-&3?&.(-6+W 4.6@Z+X +($ -6+N($+#.&-6,%(+ .60 &@N?6+%( 0(+ %-#$+N(-%#.(-6+ = 0(+ 6MN6$.6.(-6+ #0 .6%#0X,?#$.( $( N?6.#$ *?+%&5&,#- .63&.#@6$%6 0# N-(,6.6$,&# .6 0(+ N-(.?,%(+O?6 %-#$+N(-%#$ ( 6MN6$.6$W

7# 3#+6 '-#P#306 6+%Z ,($+%&%?&.# N(- 60 $]@6-( .6 '-#.(+ .6 ,($%6$&.( .6#0,([(0 O?6 ,($%6$'# 60 N-(.?,%(X :6 #,?6-.( ,($ 0# 76= TUT .6 ILKLX 0#+ %#-&5#+ .60 &@N?6+%( #0 ,($+?@( .6

0&,(-6+X P&$(+X #N6-&%&P(+ = +&@&0#-6+X N(- ,#.# ?$&.#. .6 SJL ,6$%;@,]3&,(+ ( +? 6O?&P#06$%6X +6-Z$ 0#+ +&'?&6$%6+e N#-# N-(.?,%(+ .6 [#+%# T'-#.(+ .6 ,($%6$&.( .6 #0,([(0X fIJj N(- ,#.# '-#.(W A#-# 0(+ N-(.?,%(+ .6@Z+ .6 TJ '-#.(+ .6 ,($%6$&.( .6 #0,([(0X fVIL N(- ,#.# '-#.(W H+%# %#-&5#+6 #,%?#0&C# #$?#0@6$%6 ,($ 60 ;$.&,6 .6 N-6,&(+ #0 ,($+?@&.(-W H$ 0##,%?#0&.#. 60 P#0(- .60 &@N?6+%( N(- ?$ '-#.( .6 ,($%6$&.( .6 #0,([(0 N#-#0(+ 0&,(-6+ 6+ .6 fIUS N6+(+ –.6 @6$(+ .6 TJ '-#.(+^ = fVgS N6+(+ .6 @Z+.6 TJ '-#.(+W A#-# .#- #0'?$(+ 6*6@N0(+X ?$# 3(%600# .6 #'?#-.&6$%6 .6 IU'-#.(+ N#'# fgWjKT N6+(+X @&6$%-#+ O?6 ?$# 3(%600# .6 8[&+q= .6 VT '-#.(+N#'# fILWUVKW

jIW H+%(+ .(+ &@N?6+%(+ %&6$6$ ,(@( .6+%&$#,&2$ 6+N6,;5&,# 0# 5&$#$,&#,&2$ .6+6-P&,&(+ .6 +#0?.W



?>I

,F47B: DU> $?<BF9<FB4 =E@:?=<=K4 K=A8;<8 @4B4 64? 98BK8O4?Z 6=9:B8? R K=;:? @B:9878;9=4 ;49=:;46 : =E@:B<474

C> $K:6F9=Q; 786 =E@F8?<: 78 98BK8O4? R 6=9:B8? 8; ,:6:E5=4

jTW H0 -6,#?.( .60 &@N?6+%( #0 ,($+?@( .6 ,6-P6C#+ ,(@( N(-,6$%#*6 .60 -6,#?.( %(%#06$ 0(+ .6N#-%#@6$%(+ +6 [# @#$%6$&.( 6$ N-(@6.&( 6$ $&P606+ ,6-,#$(+ #0 TLdX +&$

6@3#-'(X 60 -6,#?.( -6#0 [# N-6+6$%#.( ?$ ,-6,&@&6$%( +(+%6$&.(W A(- 60 ,($%-#-&(X0# N#-%&,&N#,&2$ .60 -6,#?.( .60 &@N?6+%( .6 0&,(-6+ = +&@&0#-6+ [# @(+%-#.( ?%6$.6$,&# .6,-6,&6$%6X N#+#$.( .6 $&P606+ ,6-,#$(+ #0 VLd 6$ 0(+ UL+ # $&P606+ N(-.63#*( .60 ILd #,%?#0@6$%6a>-Z5&,( VgbW



?>O

WBaT=9: SL> &894F7: 786 =E@F8?<: 46 9:;?FE: 78 98BK8O4?Z 6=9:B8? R ?=E=64B8?


jVW 7# N#-%&,&N#,&2$ .60 &@N?6+%( # 0#+ ,6-P6C#+ .6$%-( .60 -6,#?.( %(%#0 .6 &@N?6+6+ &@N(-%#$%6 6$ .6N#-%#@6$%(+ ,(@( >?#P&#-6 ajTXUdbX /(=#,Z aJjXgdbX Q(0&aJLXVdb = 1#+#$#-6 aJLdbW A#-# 60 ,#+( .6 0(+ 0&,(-6+ 0#+ @#=(-6+ N#-%&,&N#,&($6N-6+6$%#$ 6$ 1#?,# aVVXJdbX 1[(,2 aTJXIdbX 4$%&(O?&# aTKXjdb = 1#0.#+ aIUXKa>-Z5&,( VUbW

WBaT=9: SY> &894F7: 786 =E@F8?<: 46 9:;?FE: 78 98BK8O4?Z 6=9:B8? R ?=E=64B8? @:B78@4B<4E8;<: 9:E: @:B98;<4b8 786 B894F7: <:<46Z CIDG

G?6$%6e :FA_ ,Z0,?0(+ N-(N&(+W



?>C

jJW 4+; @&+@(X 6$ 60 ,#+( .60 ,($+?@( .6 0&,(-6+X 0(+ &$,6$%&P(+ # 0# 5#0+&5&,#,#.?0%6-#,&2$ = #0%6-#,&2$ .6 6%&O?6%#+ +($ 6$ N#-%6 60 -6+?0%#.( .6 0# .6%6-@&$#.6 0# %#-&5# .60 &@N?6+%( +(0#@6$%6 ,($ 3#+6 6$ 60 ,($%6$&.( .6 #0,([(0 6$ .(+$&P606+W 4.&,&($#0@6$%6X 60 `$P&@# $( [# @(+%-#.( 65&,&6$,&# 6$ 60 ,($%-(0 .6N-(306@Z%&,#W H$ P#-&#+ (,#+&($6+X &$,0?&.( 6$ -6,&6$%6@6$%6 #N-(3#.( A0#$

:6+#--(00(X +6 [# N-(N?6+%( ?$# 52-@?0# .6 ?$ &@N?6+%( @&M%( a?$# N#-%.6N6$.&6$.( .60 ,($%6$&.( .6 #0,([(0 = (%-# +(3-6 .60 P#0(-bX 0( ,?#0 N(.-;#,($%-&3?&- # +(0?,&($#- 60 %6@# .6 #0%6-#,&2$X N6-( $( [# %6$&.( YM&%( 6$ 60 .6306'&+0#%&P(W

,F47B: DL> /VB7=74 T=?946 =;96FR8;7: TFA4 78 =E@F8?<:?

/4X?04E4i: 786 E8B947:

=68A46 ^"=66:;8? 787Q64B8?_

/VB7=74 T=?946^"=66:;8? 78

7Q64B8?_

/4B<=9=@49=Q; 786E8B947: =68A46

,:6:E5=4 KXTJg Vjg ITWjd$9F47:B SVU KIg IgWjd$6 (46K47:B SL KU ITWJdj:;7FB4? II I KTWKd/4;4Ea IL I IWVd

/8B[ KXKST KKS TLWgdG?6$%6e H?-(@($&%(- `$%6-$#%&($#0 aILKIb

LM =-0,*@,- 0!2&-0!$ * &0,*/0!2&-0!$M

jjW 7#+ 363&.#+ #0,([20&,#+ +6 6$,?6$%-#$ #0%#@6$%6 .&56-6$,&#.#+ .6 #,?6-.( # +?N-(,6+( .6 5#3-&,#,&2$W 7# .65&$&,&2$ 06'#0 .6 ?$# 363&.# #0,([20&,# $( 6+[(@('Y$6# 6$%-6 0(+ N#;+6+_ N#-# 1(0(@3&# +6 ,($+&.6-# .6+.6 IWJd .6 #0,([(0 N(-P(0?@6$X @&6$%-#+ O?6 6$ N#;+6+ ,(@( H+%#.(+ D$&.(+ 6+ LWJdX 406@#$&# KWId 60 6M%-6@( /&60(--?+&# ,($ SdW

jSW 4 .&56-6$,&# .60 ,#+( .6 0(+ ,&'#--&00(+ = 60 %#3#,(X 0(+ N-6,&(+ .6 0#+ 363&.#+#0,([20&,#+ 6$ 1(0(@3&# $( #N#-6,6$ %#$ 3#*(+ 6$ 60 ,($%6M%( &$%6-$#,&($#0W 4?$ #+N#-# ILKI 60 N-6,&( N-(@6.&( .6 0# ,6-P6C# @Z+ N(N?0#- 6-# .6 DfLXSIIKX %#$ +(0(

N(- 6$,&@# .6 E6$6C?60# ,($ ?$ N-6,&( .6 DfLXJIW A#;+6+ ,(@( /-#+&0 aDfKXLgbX1[&06 aDfKXKJb = A6-] aDfIXjgb +6 6$,($%-#3#$ N(- 6$,&@# .6 1(0(@3&#X = /(0&P&,($ ?$ N-6,&( .6 DfTXLK N?$%6#3# 6$ 0# -6'&2$II W

"? "6 ,#0,?02 60 .#%( .6 1(0(@3&# ,($ ?$ N-6,&( .6 P6$%# #0 N]30&,( +?'6-&.( .6 fKWTLL =N-(@6.&( %#+# .6 ,#@3&( N#-# ILKIW II 1&5-#+ .60 >0(3#0 \6#0%[ 93+6-P#%(-= :#%# )6N(+&%(-= .6 0# 9<"W



?DE

jgW 1(@N#-#.( ,($ 0(+ N#;+6+ .6 0# 91:HX 1(0(@3&# %&6$6 ?$ &@N?6+%( N(- '-#.( .6#0,([(0 -60#%&P#@6$%6 3#*(X #?$O?6 $( %#$%( ,(@( 6$ 60 ,#+( .6 0(+ ,&'#--&00(+ = 60%#3#,(W H$ 0# ,6-P6C#X 0(+ N#;+6+ @&6@3-(+ %&6$6$ ?$ &@N?6+%( N-(@6.&( ,6$%#P(+ .6 .20#-X @&6$%-#+ O?6 N#-# 0(+ (%-(+ 0&,(-6+ 6+ .6 IJ ,6$%#P(+ N(- '-#.(

.6 #0,([(0W A#-# 60 ,#+( ,(0(@3&#$(X 60 &@N?6+%( N-(@6.&( N(- '-#.( .6 #0,([(0N#-# 0#+ ,6-P6C#+ 6+ .6 IWg ,6$%#P(+X @&6$%-#+ O?6 N#-# 0(+ (%-(+ 0&,(-6+ 6+ .6 ,6$%#P(+ .6 .20#-W

WBaT=9: HI> #E@F8?<: @:B AB47: 78 469:e:6 @4B4 @4X?8? 78 64 ',)$Z CIDS,8BK8O4 ^7Q64B8?_CG

G?6$%6 91:H_ ,Z0,?0(+ N-(N&(+

IT A#-# 60 ,#+( .6 1(0(@3&# +6 ?+2 60 &@N?6+%( N-(@6.&( N#'#.( N(- 0# ,6-P6C# N#-# 60ILKV afTLTXIT N6+(+bX .&P&.&.( 0(+ '-#.(+ N-(@6.&( .6 #0,([(0 .6 0#+ ,6-P6C#+W "6 ?+2?$# %#+# .6 ,#@3&( .6 fIWKLTXIJ N6+(+W

A-(@6.&( N#&+6+.6 0# J;7% e LWLj

LLWLJ

LWKLWKJ

LWILWIJ

LWTLWTJ

LWVLWVJ

1 C 6 , [ ) 6 N ?

3 0 & ,

> 6 - @ # $ =

7 ? M 6 @

3 ( ? - '

G - # $ , 6

" 0 ( P # q ) 6 N ?

3 0 & ,

/ 6

0 ' & ? @

A (

0 # $ .

4 ? + % - & #

\ ? $ ' # - =

H + % ( $ & #

1 (

0 ( @

3 & # l

> - 6 6 , 6

` % # 0 =

: 6 $ @ # - q

" 0 ( P 6 $ & #

F 6 8 k 6 # 0 # $

.

" 8 6 . 6 $

D $ & % 6

. m & $ ' . ( @

` - 6 0 # $ .

G & $ 0 # $ .

` + - # 6 0



?D?

'<B:? 6=9:B8? ^7Q64B8?_CS

G?6$%6 91:H_ ,Z0,?0(+ N-(N&(+W

WBaT=9: HD> #E@F8?<: 46 9:;?FE: 78 98BK8O4? 9:E: @B:@:B9=Q; 786 @B89=: 78 K8;<4ZCIDC

G?6$%6e 9<"W

IV A#-# 60 ,#+( .6 1(0(@3&# +6 ?+2 60 &@N?6+%( N-(@6.&( N#'#.( N(- 0(+ 7&,(-6+X P&$(+X#N6-&%&P(+ = +&@&0#-6+ N#-# 60 ILKV afIgg N6+(+ N#-# @6$(+ .6 TJ '-#.(+ .6 #0,([(0 =fVST N6+(+ N#-# 0(+ .6 @Z+ .6 TJ '-#.(+bW "6 ?+2 ?$# %#+# .6 ,#@3&( .6 fIWKLTXIJN6+(+W

<13+*=(30,Q'*' J;7%/

E$"D

EE$?E$"E$5E$>E$DE$:

E$IE$OE$C

?

a 2 ( ) * =

[ ) , ) * '

[ 0 , ( 2

; , 2 , = ,

@ ) , & H

# . ' ) 1 ( ,

G . ] * +

A 3 . 1 8

[ & 3 4 , b

K * 0 .

A & ( -

; T * - W

K * 0 .

A & ( -

\ . 2 8 , 1 H

[ & 3 4 * 2 ( ,

< 3 1 ) . 8 , &

N * 1 + , 2 H

< 3

& , 2 =

% ' ) 3 2 ( ,

L 1 , 2 - *

V * ) W * 1 & , 2

= '

; 3

& 3 +

A ( , c

7 * 2 + , 1 b

6 * & 8 ( . +

[ d ( ) T * 1 & , 2

=

N 1 * * - *

a 2 ( ) * =

e ( 2 8 = 3 +

@ 1 * & , 2 =

L ( 2

& , 2 =

U . 1 b * H

# . ' ) 1 , & ( ,

[ d * = * 2

@ - * & , 2 =

V 3 1 d , H



?D"

jUW 40 &'?#0 O?6 60 &@N?6+%( #0 ,($+?@( .6 ,&'#--&00( = %#3#,( 60#3(-#.(X 60 &@N?6+%( ,($+?@( .6 0#+ 363&.#+ #0,([20&,#+ N?6.6 +6-$20$%<D"%'( +)O:+*'#$/ W 7# 0&%6-#%?-#6,($2@&,# +(3-6 60 .&+6R( .60 &@N?6+%( #0 ,($+?@( .6 0#+ 363&.#+ #0,([20&,#+ 6+6M%6$+# = $( 6+ ,(@N06%#@6$%6 ,($,0?=6$%6W

SLW D$( .6 0(+ %6@#+ @Z+ .&+,?%&.(+ 6+ +& 60 &@N?6+%( #0 ,($+?@( .636 +6- %(%#0@6$20$%<D"%' a,(@( 6$ 0# @#=(-;# .6 N#;+6+ .6 0# D$&2$ H?-(N6#b ( +& 6+%6 .636,($%6$6- ?$ ,(@N($6$%6+)O:+*'#$/ W 7( O?6 +?'&6-6 0# 0&%6-#%?-# 6+ O?6 60 &@N?6+%+)O:+*'#$/ %&6$.6 # %6$6- 656,%(+ @?0%&N0&,#.(-6+ 6$ 60 +6$%&.( O?6 60 %-#+0#.( &@N?6+%( #0 N-6,&( P# # +6- @#=(-W H+%( N?6.6 .6+&$,6$%&P#- 0# @6*(-# .6 ,#0&.#.0(+ N-(.?,%(+ = #?@6$%#- 0# ,(@N6%6$,&# P;# N-6,&(+ 6$%-6 N-(.?,%(-6+W A(- +?N#-%6X ?$ &@N?6+%( 6+N6,;5&,( N(.-;# %6$6- 60 656,%( .6 &$,6$%&P#- 0# @6*(-#,#0&.#. .6 0(+ N-(.?,%(+W 7# 6+,('6$,&# 6$%-6 ?$ &@N?6+%( %(%#0@6$%6$20$%<D"%' (?$( ,(@3&$#.( $20$%<D"%' = +)O:+*'#$/ .6N6$.6-Z 6$%-6 (%-#+ .6 0# 6+%-?,%?-# .6@6-,#.(W H$ ?$ @6-,#.( 6$ .($.6 %&6$.6 # [#36- N(.6- .6 @6-,#.( = 3#*( '-#.(.6 .&56-6$,&#,&2$ .60 N-(.?,%( ?$ &@N?6+%(+)O:+*'#$/ N(.-;# +6- #%-#,%&P(W D$&@N?6+%( 6+N6,;5&,( +6-Z @Z+ ,($P6$&6$%6 6$ .($.6 +6 O?&6-# .#- ?$ &$,6$%&P( # 0,#0&.#. .6 0(+ N-(.?,%(+ = 6$ .($.6 60 &@N?6+%( +6 6+%#306,6 N#-# .6+6+%&@?0#- +?,($+?@( 6$ ,#$%&.#. &$.6N6$.&6$%6@6$%6 .60 N-6,&( a1$(++6$X ILLJbW

SKW 9%-# .&+,?+&2$ +6 -65&6-6 # +& 0# 3#+6 .60 &@N?6+%( .636 .65&$&-+6 .6 #,?6-.( ,($ 60P(0?@6$ ( +& @Z+ 3&6$ +6 .636 6+%#306,6- .6 #,?6-.( ,($ 60 ,($%6$&.( .6 #0,([(0WH$ 6+%# .&+,?+&2$ %#@3&Y$ [# 6$%-#.( 60 %6@# .6 +& +6 0# 3#+6 .636 +6- 0# @&+@#0#+ .&56-6$%6+ ,#%6'(-;#+ .6 N-(.?,%(+ a,6-P6C#+X P&$( = 0&,(-6+b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a1$(++6$X ILLJbW

SIW H$ 0# N-Z,%&,#X 0(+ N#;+6+ .6 H?-(N# 60 &@N?6+%( #0 ,($+?@( %&6$.6 # +6- .6 ,#-Z,%N?-#@6$%6$20$%<D"%'X 6$ 0# @#=(-;# .6 6+%(+ %#@3&Y$ #N0&,# +(3-6 0#+ 363&.#+#0,([20&,#+ ?$ &@N?6+%( # 0#+ P6$%#+ ( `E4X O?6 6+ ?$+)O:+*'#$/ ,(@( N#-# 0#@#=(-;# .6 3&6$6+ = +6-P&,&(+ O?6 +6 P6$.6$X $( ,($ ,-&%6-&(+ .6 +#0?. N]30&,# A(- 0(%#$%( 6$ 0# N-Z,%&,# +6 N?6.6 .6,&- O?6 6$ 0#+ @#=(-;# .6 N#;+6+ ,(6M&+%6$ #@3(&@N?6+%(+W



?D5

STW 7# 0&%6-#%?-# %#@3&Y$ &$.&,# O?6 N#-# O?6 60 656,%( .6 ?$ #?@6$%( 6$ 60 N-6,&( +(60 ,($+?@( = 60 -6,#?.( .60 #0,([(0 # %-#PY+ .6 &@N?6+%(+ +6 @#%6-&#0&,6 6$ +?%(%#0&.#.X 6+ &$.&+N6$+#306 O?6 6M&+%# ?$ ,($%-(0 656,%&P( .60 @6-,#.( &06'#0XO?6 60 6+%#306,&@&6$%( .6 6+%(+ &@N?6+%(+ = +? &$,-6@6$%( .636 6+#,(@N#R#.(+ .6 @6.&.#+ %6$.&6$%6+ # ,($%-(0#- 60 ,($%-#3#$.( = 60 5-#?.6W H$ 600(

0# #.(N,&2$ .6 0#+ @6*(-6+ %6,$(0(';#+ .6 %-#C#3&0&.#. -6+?0%#$ 5?$.#@6$%#06+W

SVW 4[(-# 3&6$X #0 %(@#- ?$# @?6+%-# .6 N#;+6+ N#-# ILKIIJ 6$,($%-#@(+ O?6 0# N-6+&2$5&+,#0 .60 &@N?6+%( #0 ,($+?@( .6 ,6-P6C# 6$ 1(0(@3&# N#-# 6+6 #R( 5?6 .60 (-.6$.6 ILXId .60 N-6,&( .6 P6$%# ÎUWjd ,($ È4^X N(- 6$,&@# .6 N#;+6+ ,(@( 1[&06aKJdbX "?&C# aKLXKTdb = /-#+&0 ajdbW "&$ 6@3#-'(X +6 6$,($%-2 N(- .63#*( .6 N#;+,(@( "?6,&# aVLXVdbX )6&$( D$&.( aIjdb = <YM&,( aIJdbW

SJW H$ %Y-@&$(+ .6 0# N-6+&2$ 5&+,#0X [(= 6$ .;# N#-# 0#+ ,6-P6C#+X 60 &@N?a&$,0?=6$.( È4b -6N-6+6$%# 60 TLXjd .60 N-6,&( .6 P6$%# #0 N]30&,(X @&6$%-#+ ON#-# #'?#-.&6$%6 = 8[&+q= 0# N-6+&2$ +6 #,6-,# #0 TJd = IJd -6+N6,%&P#@6$%6W

Sj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

)> #E@F8?<: ?:5B8 6:? K8eX9F6:? 4F<:E:<:B8?

SSW H0 &@N?6+%( .6 P6[;,?0(+ O?6 +6 &$,(-N(-2 6$ KUUg # %-#PY+ .6 0# 5?+&2$ .6 .(+%-&3?%(+X 60 .6 %&@3-6 aN-(N&6.#.b = 60 .6 ,&-,?0#,&2$W H+%6 &@N?6+%( +6 -6,#0(+ :6N#-%#@6$%(+ = 6$ 60 :&+%-&%( 1#N&%#0W 7(+ .6N#-%#@6$%(+ .636$ %-#$+56

IJ "6 %(@#-($ 0#+ ,&5-#+ .6 0# 9<" = N#-# 1(0(@3&# +6 #+?@&2 ,(@( &@N?6+%( #0,($+?@( 60 @;$&@( &@N?6+%( ,($ 60 O?6 +6 '-#P# # 0#+ ,6-P6C#+ &@N(-%#.#+X .6 #,?6-.(# 0# ,6-%&5&,#,&2$ .60 <&$&+%6-&( .6 \#,&6$.#W



?D>

@?$&,&N&(+ ?$ ILd .60 &@N?6+%(X 0(+ &$%6-6+6+ = 0#+ +#$,&($6+X 6$ 5?$,&2$.&-6,,&2$ .60 N-(N&6%#-&( &$5(-@#.# 6$ 0# .6,0#-#,&2$X +#0P( 6$ 60 ,#+( .6 /('(%ZW

SgW A#-# 60 #R( ILKTX N(- 6+%6 &@N?6+%(X &$,0?&.(+ .6-6,[(+ .6 +6@#5(-&C#,&2$X -6,#?.#-($ fUjTWJ @&06+ .6 @&00($6+X .6 0(+ ,?#06+ /('(%ZX ,(@( :&+%-&%( 1#N&%

recaudó el 50.5%, sobre un volumen de 1’379.298 vehículos registrados y obligados# N#'#- 6+%6 &@N?6+%(X &$,0?=6$.( #00; KgIWUSg @(%(+ ,($ ,&0&$.-#*6 +?N6-&(- #KIJ ,,W 7# &$5(-@#,&2$ .60 )DFQ # 563-6-( .60 ILKJ -6P60# O?6 [#= @#%-&,?0#.(+KKXT @&00($6+ .6 P6[;,?0(+X # $&P60 $#,&($#0X .6 0(+ ,?#06+ 60 JVd +($ @(%(+X .&56-6$,&#- ,&0&$.-#*6X = VXUg @&00($6+ .6 (%-(+ P6[;,?0(+X 6$%-6 #?%(@2P&06+X = .6 %-#$+N(-%6 N]30&,(W 40 @&+@( %&6@N(X G#+6,(0.# &$5(-@# O?6 6+%Z$ 6MNSWK @&00($6+ .6 N20&C#+ "94QX .6 0#+ ,?#06+ V @&00($6+ ,(--6+N($.6$ # #?%(@2P&(%-(+W :6 6+%# 5(-@#X /('(%Z N(.-;# %6$6- 0# ,?#-%# N#-%6 .60 N#-O?6 #?%(@(%(-$#,&($#0X N6-( $( 60 JLd .60 -6,#?.( .6 6+%6 &@N?6+%(W H+%( -6506*# 0# N-6+6$,&# .?$ N-(306@# #.@&$&+%-#%&P( = .6 &$5(-@#,&2$ 6$ 60 -6+%( .60 N#;+ a/($&00#X ILKJ5#0%# .6 @6,#$&+@(+ .6 ,($%-(0 6$ 60 -6,#?.( +6 %-#.?,6 6$ ?$ #0%( ;$.&,6 .66P#+&2$X #?$ ,?#$.( 0# 06= jTT .6 ILLL 6+%#306,&2 0# ,#0,(@#$;# ,(@( ?$#[6--#@&6$%# N#-# @6*(-#- 0# #.@&$&+%-#,&2$W "&$ 6@3#-'(X 60 '(3&6-$( $?$,# 0# [-6'0#@6$%#.(W

SUW H0 &@N?6+%( .6 P6[;,?0(+ -6N-6+6$%# LWKVd .60 A`/ = +? ,(@N(-%#@&6$%( -6+?03#+%#$%6 6+%#306 6$ 60 %&6@N(X # N6+#- .60 6$(-@6 ,-6,&@&6$%( 6$ 60 $]@6-(P6[;,?0(+ 6$ ,&-,?0#,&2$a>-Z5&,( JIbW

WBaT=9: HC> &894F7: =E@F8?<: 78 K8eX9F6:? ^c 786 /#%_

G?6$%6e :4G = :4FH

gLW D$( .6 0(+ N-(306@#+ P&$,?0#.(+ ,($ 6+%6 &@N?6+%( 6+ 0# .6%6-@&$#,&2$ .6 0# 3#+6'-#P#306X 6+%( 6+ 60 #P#0]( .60 P6[;,?0(X 60 ,?#0 6+ 6$%-6'#.( N(- 60 <&$&+%6-&( .6Q-#$+N(-%6X # N#-%&- .6 ?$# 6+%&@#,&2$ .6 .6N-6,&#,&2$ 6$ 60 @6-,#.(W 7(+ @#=(-



?DD

#P#0](+ = %#+#+ ,(--6+N($.6$ # @(.60(+ -6,&6$%6+X @&6$%-#+ 0(+ @Z+ #$%&'?(+ %&6#P#0](+ = %#+#+ @?= 3#*#+ O?6 $( ,($+%&%?=6$ 6+%;@?0( N#-# +? -6N(+&,&2$X $& %-60#,&2$ ,($ 60 '-#.( .6 ,($%#@&$#,&2$ O?6 '6$6-#$W A#-# 60 %(%#0 .60 -6,#?.(X 0#.6N-6,&#,&2$ ,#0,?0#.#X 6$ N-(@6.&( @Z+ .60 KLd #$?#0X '6$6-# @#=(-,($,6$%-#,&2$ 6$ 0(+ P6[;,?0(+ $?6P(+ a/($&00#X ILKJbW

gKW :6 6+%6 &@N?6+%( 6+%Z$ 6M6$%(+ 0(+ P6[;,?0(+ .6 ?+( (5&,&#0 = 0#+ @(%(+ ,($ ,&0&$&$56-&(- # KIJ ,,$S 0( ,?#0 6$ 0# #,%?#0&.#. $( -6+?0%# ,($P6$&6$%6 .#.( 60 ,-6,&@&6$%(6MN($6$,&#0 .6 6+%# @(.#0&.#. .6 %-#$+N(-%6 6$ 0#+ '-#$.6+ ,&?.#.6+W

gIW 40 0#.( .60 &@N?6+%(X +6 -6,#?.#$ 0(+ .6-6,[(+ .6 +6@#5(-&C#,&2$X O?6 06,(--6+N($.6 # %(.( %&N( .6 P6[;,?0(+X &$,0?&.(+ 0(+ 6M6$%(+X +&$ 6@3#-'(X [#=.&+,?+&($6+ +(3-6 +? 06'#0&.#.X .#.( O?6 6+%# +(N(-%#.( 6$ ?$# 76= .6 KUKSW 4O?; +66$,?6$%-# 0# N-&$,&N#0 .&5&,?0%#.X .#.( O?6 $( +6 %&6$6 &$5(-@#,&2$ ,($5&#a/($&00#X ILKJbW Q#@3&Y$ 0#+ @?0%#+ +($ -6,#?.#.#+ N(- ?$ +&+%6@# .6 &$5(-@#a"`<`Qb O?6 #.@&$&+%-# 0# G6.6-#,&2$ .6 <?$&,&N&(+ = O?6 .&+%-&3?=6 0(+ -6,?-.($.6 +6 [# ,(@6%&.( 0# &$5-#,,&2$W

gTW H$ ?$# ,(@N#-#,&2$ &$%6-$#,&($#0 [#= .(+ [6,[(+ O?6 00#@#$ 0# #%6$,&2$e &b 0(+&$'-6+(+ N-(P6$&6$%6+ .6 0# %-&3?%#,&2$ #@3&6$%#0 +($ 3#*(+ 6$ 1(0(@3&# 5-6$%91:HX = &&b .6$%-( .6 0(+ &@N?6+%(+ #@3&6$%#06+ %(%#06+X 60 &@N?6+%( # 0(+6+ 6M,6+&P#@6$%6 3#*(a>-Z5&,( JTbW

WBaT=9: HG> $?<BF9<FB4 78 6:? =E@F8?<:? 4E5=8;<468? ^c 786 /#%_

G?6$%6e Q(@#.( .6 >(@6C^"#3#;$& aILKTbW

gVW )6P&+#$.( 0# 6MN6-&6$,&# &$%6-$#,&($#0X 6$ 0# #,%?#0&.#. 6M&+%6$ 3Z+&,#@6.&56-6$%6+ 5(-@#+ .6 #N-(M&@#-+6 #0 %-#%#@&6$%( &@N(+&%&P( .6 0(+ P6



?D:

>6$6-#0@6$%6X 6$ 0(+ N#;+6+ .6 0# 91:H +6 &.6$%&5&,#$e &b &@N?6+%(+ N(- ?$# +(0aO?6 +6 -6,#?.# 6$ 0# P6$%# &$&,&#0 ( +?3+&'?&6$%6 ( 6$ 0# &@N(-%#,&2$ .60 P6[;,?0(N#;+b = &&b &@N?6+%(+ -6,?--6$%6+X O?6 +6 ,(3-#$ #$?#0@6$%6W "&$ 6@3#-'(X&@N?6+%(+ # 0(+ P6[;,?0(+ +6 6+%Z$ 3#+#$.( ,#.# P6C @Z+ 6$ 0#+ ,#-#,%6-;+%&,#+ .6 0(P6[;,?0(+X ,(@( +? 65&,&6$,&# 6$ 60 ,($+?@( .6 ,(@3?+%&306X 0#+ 6@&+&($6+ .6 19IX

60 q&0(@6%-#*6X 0# N(%6$,&# .60 @(%(- = .60 N6+(W 7#+ .&56-6$%6+ 5(-@#+ N?6.6$ # O?6 60 &@N?6+%( N#-# P6[;,?0(+ #0%#@6$%6 ,($%#@&$#$%6 N?6.6 +6- P#-&#+ P6,6.6 ?$ ,#--( @6$(+ ,($%#@&$#$%6 a91:HX ILKIbW

gJW 7( N-6+6$%#.( #$%6-&(-@6$%6 +?'&6-6 O?6 60 &@N?6+%( +(3-6 0(+ P6[;,?0(+ 6$1(0(@3&# 6+ 3#*( = O?6 [#3-;# 6+N#,&( N#-# #.6,?#-+6 # 0#+ %6$.6$,&#+&$%6-$#,&($#06+ O?6 &$P(0?,-#$ ,-&%6-&(+ .6 N-(%6,,&2$ #@3&6$%#0 6$ .6%6-@&$#,&2$ .60 &@N?6+%(W

$> *:? :<B:? =E@F8?<:? 78@4B<4E8;<468?

gjW 1(@( +6 @6$,&($2 #$%6+X 60 -6,#?.( .6N#-%#@6$%#0 6+%Z ,($,6$%-#.( 6$3Z+&,#@6$%6 +6&+ &@N?6+%(+ = '-#PZ@6$6+ a-6'&+%-(X ,($+?@( .6 ,6-P6C#X ,&'#--&0&,(-6+X P6[;,?0(+ = 6+%#@N&00#+b O?6 -6N-6+6$%#$ @Z+ ( @6$(+ gLd .6 0(+ &$'-6+%-&3?%#-&(+ = $( %-&3?%#-&(+W H00( O?&6-6 .6,&- O?6 0(+ +&6%6 &@N?6+%(+ -6-6N-6+6$%#$ 60 KJd .60 %(%#0 .60 -6,#?.(W :6 6+%(+X 60 &@N?6+%( @Z+ -6N-6+6$%#6+ 60 .6 -6'&+%-(X O?6 +6 ,#?+# N(- 0#+ .&+%&$%#+ %-#$+#,,&($6+ +(3-6 0(+ &$@?630.# 0?'#- # %-6+ %-&3?%(+e 60 &@N?6+%( .6 -6'&+%-( a.6N#-%#@6$%#0bX 0# %#+# .6 -6a,($ .6+%&$( # 0#+ (5&,&$#+ .6 -6'&+%-(b = 60 &@N?6+%( +(3-6 0# -6$%# N(- 0# P6$%#&$@?6306W 7#+ (%-#+ -6$%#+ ,(@?$6+ ,($ 0(+ @?$&,&N&(+ +($ 0#+ ,($%-&3?,&($6+

(3-# N]30&,# = 0#+ 6+%#@N&00#+ O?6 '-#P#$ N(- 0( '6$6-#0 0(+ ,($%-#%(+ N]30&,(+ = ,($%-&3?,&2$ .6 P#0(-&C#,&2$ O?6 %&6$6 @Z+ ?$ ?+( @?$&,&N#0 O?6 .6N#-%#@6$%#0

gSW H$ %(.(+ 6+%(+ &@N?6+%(+ +6 N(.-;# @6*(-#- +? #.@&$&+%-#,&2$X ,($ ,#@3&+6$,&00(+X ,(@( 0# 5#,%?-#,&2$ N#-# 0(+ P6[;,?0(+ = 6$ 60 ,#+( .6 363&.#+ = ,&'#--&00(+0# 5#,%?-# 606,%-2$&,#X +6-;# ?$ 3?6$ &$+%-?@6$%( .6 ,($%-(0W

1> '<B:? =E@F8?<:? B8649=:;47:? 9:; 64 ?46F7P 9:;?=78B49=:;8??:5B8 F; =E@F8?<: ?:5B8 64? 585=74? 4OF94B474? 78B=K474? 78 64

6=<8B4<FB4 =;<8B;49=:;46

ggW )6,&6$%6@6$%6X #0'?$(+ N#;+6+ N-6(,?N#.(+ N(- 0#+ 6M%6-$#0&.#.6+ O?6 (,#+&($#$,&6-%(+ N-(.?,%(+ = [Z3&%(+ .6 ,($+?@( +(3-6 0(+ ,(+%(+ 6$ 0# +#0?. N]30&,#X [#$&@N06@6$%#.( $?6P(+ &@N?6+%(+ #0 ,($+?@( .6 363&.#+ = #0&@6$%(+ ,($ '-#$.6+,($,6$%-#,&($6+ .6 ,#0(-;#+W H+%6 6+ 60 ,#+(X 6$ N#-%&,?0#-X .60 &@N?6+%( # 0#+ 363#C?,#-#.#+X 6+N6,;5&,#@6$%6 363&.#+ $( #0,([20&,#+ O?6 ,($%&6$6$ #C],#- #R#.&.#W



?DI

A(- 6*6@N0(X N#;+6+ ,(@( <YM&,(X 1[&06X G-#$,&# = H+%#.(+ D$&.(+ a6$ #0'?$H+%#.(+b [#$ +&.( N&($6-(+ 6$ 0# &@N06@6$%#,&2$ .6 6+%6 &@N?6+%(W H$ %(.(,#+(+ +6 #N0&,# ?$ &@N?6+%($20$%<D"%' ?$&5&,#.( N(- 0&%-( .6 N-(.?,%(W

gUW \#= .(+ #-'?@6$%(+ # 5#P(- .6 6+%6 &@N?6+%(X %#0 = ,(@( (,?--6 6$ 60 ,#+( .60

%#3#,( = 0(+ 0&,(-6+e Kb O?6 .&,[( &@N?6+%( +6 N#+# 6$ #0'?$# @6.&.# # 0(+,($+?@&.(-6+ 6$ 5(-@# .6 N-6,&(+ .6 P6$%# @Z+ #0%(+X 0( O?6 006P# # 0# -6.?,,&2$ .60,($+?@( =X N(- 6$.6X # -6+?0%#.(+ N(+&%&P(+ +(3-6 0# +#0?._ Ib O?6X 6$ 0# @6.&.# 6$O?6 600( $( (,?--#X 60 &@N?6+%( '6$6-# &$'-6+(+ 5&+,#06+ N#-# ,($%-&3?&- # 5&$#$,&0(+ '#+%(+ O?6 +? ,($+?@( #,#--6# N#-# 60 +&+%6@# .6 +#0?. N]30&,#W 40'?$(+6+%?.&(+ [#$ ,($,0?&.( O?6 60 0+22O&7#'1>7 # 0(+ ,($+?@&.(-6+ # %-#PY+ .60 N-6,&(.6 P6$%# [# +&.( @?= 3#*( –@6$(+ .6 0# @&%#. .60 &@N?6+%(^ a1#806= = G-&+P(0.XILKJbX N-&$,&N#0@6$%6 N(- .&56-6$,&#,&2$ %#-&5#-&# #0 &$%6-&(- .60 N#;+_ @&66MN6-&6$,&#+ @?6+%-#$ ?$ 0+22O&7#'1>7 .60 ,&6$ N(- ,&6$%( a/6-#-.&$& +* WX ILKIb = 6$,#+(+ $20$%<D"%'2 ?$ ':$#27"D&"->6 6+%( 6+X ?$ %-#+0#.( @Z+ O?6 N-(N(-,&($#0 .60&@N?6+%( a1#@N(+^EZCO?6C = <6.&$#^1(-%&$#X ILKJbW

ULW 7# 60#+%&,&.#. N-6,&( .6 0# .6@#$.# .6 0#+ 363&.#+ #C?,#-#.#+ 6+%Z 6$ 60 -#$'( .6 ^LXg # ^KXL a/-(8$600 6% #0WX ILLUbW A(- 6+# -#C2$X ?$ &@N?6+%( +(3-6 0#+ #C?,#-#.#+ N(.-;# -6.?,&- 60 ,($+?@( .6 .&,[#+ 363&.#+ = ,($+&'?&6$%6@6$%6 0#+,#-'#+ = 0(+ ,(+%(+ N#-# 0# +#0?. .6 0# (36+&.#.X 0# .&#36%6+ = 0#+ 6$56-@6.#.6+,#-.&(P#+,?0#-6+X #+; ,(@( +6- 5?6$%6 .6 -6,?-+(+W

UKW D$( .6 0(+ 606@6$%(+ 6$ ,($%-# .6 0# &@N06@6$%#,&2$ .60 &@N?6+%( # 0#+ 363&.#C?,#-#.#+ 6+ O?6 6+ N6-,&3&.( ,(@( ?$ &@N?6+%( -6'-6+&P(X 6+ .6,&-X #56,%# 6$@#=(- @6.&.# 0# ,#N#,&.#. .6 N#'( .6 0# N(30#,&2$ ,($ @6$(-6+ &$'-6+(+W "&$6@3#-'(X 0(+ .#%(+ @?6+%-#$ O?6 6+%6 '-?N( N-6+6$%# @#=(- $]@6-( .6 ,#+(+ .66$56-@6.#.6+ ,-2$&,#+ O?6 6+%Z$ -60#,&($#.#+ ,($ 60 ,($+?@( N(,( +#0?.#306W

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

N-(N#'#,&2$ .6 6$56-@6.#.6+ ,-2$&,#+ = +(3-6 60 '#+%( 6$ +#0?.W

#J> #E@F8?<:? EF;=9=@468?

+> +?@89<:? A8;8B468?



?DO

UTW 7(+ &$'-6+(+ ,(--&6$%6+ @?$&,&N#06+ %&6$6$ ?$ #3#$&,( @Z+ #@N0&( O?6 .6N#-%#@6$%#06+X 6+%Z ,(@N?6+%( .6 KJ &@N?6+%(+X O?6 -6N-6+6$%#$ 60 gJWJd .&$'-6+(+X = ?$# +6-&6 .6 %#+#+X ,($%-&3?,&($6+ = N#-%&,&N#,&($6+X O?6 ,($+%&%&$'-6+(+ $( %-&3?%#-&(+X ,($ ?$ N6+( #N-(M&@#.( .60 KVWJd a/($&00#X ILKJbW

UVW 40 ,($%-#-&( .60 -6,#?.( .6N#-%#@6$%#0X 60 @?$&,&N#0 [# #?@6$%#.( 6$ ,6-,# .6 KN?$%( .60 A`/ 6$%-6 ILLL = ILKJa>-Z5&,( JVbW

WBaT=9: HS> &894F7: =E@F8?<:? EF;=9=@468? ^c 786 /#%_

F(%#e +6 &$,0?=6 0(+ &@N?6+%(+ #0 ,($+?@( 6$ 60 ,#+( .6 /('(%ZWG?6$%6e :4G = :4FHW

UJW H$%-6 0(+ &@N?6+%(+ @?$&,&N#06+X 0(+ @Z+ -6N-6+6$%#%&P(+ +6 -60#,&($##,%&P&.#. 6,($2@&,# = 0# N-(N&6.#. &$@(3&0&#-&#X ,#+(+ .60 &@N?6+%( .6 &$.?+%,(@6-,&( `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a/($&00#X ILKJbW

UjW 40'?$#+ 5&'?-#+ N-(N&#+ .6 0#+ #'0(@6-#,&($6+ ?-3#$#+ +6 [#$ &.( 6+3(C#$.( +&$ O?6#]$ +6 [#=#$ &@N0#$%#.( %(%#0@6$%6 = N(.-;#$ +6- &$+%-?@6$%(+ .6 5&$#$,&#,&2$,&?.#.6+ '-#$.6+ = @6.&#$#+W 7# @Z+ ,($(,&.#X N(- %6$6- 5?6$%6 ,($+%&%?,&($#0a#-%;,?0( gIbX 6+ 0# N#-%&,&N#,&2$ 6$ N0?+P#0;#X .6-&P#.# .6 #,,&($6+ ?-3#$;+%&,#Tgg .6 KUUSbW "6 .6+%#,#$ %#@3&Y$ 0(+ ,#-'(+ N(- ,($'6+%&2$ ,($%6@N0#.(+ 6$ 0(+.(+ ]0%&@(+ A0#$6+ .6 :6+#--(00( a06=6+ KVJL .6 ILKK = KSJT .6 ILKJbX 0(+ .6-6,[(+



?DC

.6 6.&5&,#3&0&.#. = 60 ?+( .60 .(@&$&( N]30&,( O?6 3&6$ N?6.6$ .&+6R#-+6 ,(@(%-&3?%(+ ( ,(@( 6M#,,&($6+ N#%-&@($&#06+ .6 ,#-Z,%6- N]30&,(W

USW H0 -6,#?.( 6+%Z 3#+%#$%6 ,($,6$%-#.( 6$ ?$(+ N(,(+ @?$&,&N&(+W /('(%Z -6N-6+6$%#60 Tjd .60 -6,#?.( @?$&,&N#0X +6'?&.( N(- <6.600;$ agWIdbX 1#0& aJWTdbX /#--#$O?&0

aVdb = 1#-%#'6$# aTWKdbW IV @?$&,&N&(+ .6 0(+ KWKLK -6N-6+6$%#$ 60 STW-6,#?.( @?$&,&N#0 %(%#0W

WBaT=9: HH> /4B<=9=@49=Q; 78 6:? EF;=9=@=:? 8; 86 <:<46 78 =E@F8?<:? EF;=9=@468

G?6$%6e :FAW

UgW H+%# 606P#.# ,($,6$%-#,&2$ .60 -6,#?.( 6$ ?$(+ N(,(+ @?$&,&N&(+ -6+N($.6 6$3?6$# @6.&.# # 0# ,($,6$%-#,&2$ %6--&%(-&#0 .6 0# #,%&P&.#. 6,($2@&,# = N(-+?N?6+%( # 0# @#=(- ,#N#,&.#. .6 -6,#?.( O?6 %&6$6$ 0(+ @?$&,&N&(+ @Z+ '-#$.6+W

UUW 4+; @&+@(X #0 &'?#0 O?6 6$ 0(+ .6N#-%#@6$%(+X 60 -6,#?.( @?$&,&N#0 6+,($,6$%-#.( 6$ N(,(+ %-&3?%(+W H$ 60 N-(@6.&( .6 @?$&,&N&(+X 0(+ %-6+ N-&$,&N&@N?6+%(+ aN-6.&#0X &$.?+%-&# = ,(@6-,&( = +(3-6%#+# # 0# '#+(0&$#b 6O?&P#06$.60 -6,#?.( %(%#0 aP6- N-&@6-# ,(0?@$# .60 ,?#.-(bW A#-# jIL @?$&,&N&(+ 6+%6N(-,6$%#*6 6+%Z N(- 6$,&@# .60 N-(@6.&( 006'#$.( # @Z+ .60 gLd 6$ IILW F((3+%#$%6X N#-# ,6-,# .6 0# @&%#. .6 0(+ @?$&,&N&(+ 60 N6+( .6 6+%(+ %-6+ &@N?6+@6$(- #0 N-(@6.&( .6 jLdX +&6$.( &$56-&(- # TLd 6$ KIT @?$&,&N&(+a>-Z5&,( JJbW



?:E

,F47B: DY> $?<BF9<FB4 78 6:? =E@F8?<:? EF;=9=@468?P ;[E8B: 78 EF;=9=@=:? ?8A[;@8?: 786 =E@F8?<: 8; 6:? =E@F8?<:? <:<468?

G?6$%6e :FA = ,Z0,?0(+ N-(N&(+

%> #E@F8?<: @B87=46

D> +?@89<:? A8;8B468? 786 <B=5F<:

KLLW H0 &@N?6+%( N-6.&#0 ?$&5&,#.( a`ADb 6+ 60 +6'?$.( 6$ &@N(-%#$,&# N#-#,($*?$%( .6 0(+ &$'-6+(+ @?$&,&N#06+X 60 N-&@6-( 6$ ,&?.#.6+ ,(@( <6.600;$ = 1#0& =6$ 0# @#=(-;# .6 0(+ N6O?6R(+ @?$&,&N&(+ .60 N#;+X 6$ 0(+ O?6 60 `14 6+ @6$(+&@N(-%#$%6X -6506*( .6 @6$(- #,%&P&.#. 6,($2@&,#W

KLKW H0 &@N?6+%( N-6.&#0 %&6$6 ,(@( 3#+6 '-#P#306 60 #P#0]( ,#%#+%-#0X O?6.6%6-@&$#.( N(- 0#+ #?%(-&.#.6+ ,#%#+%-#06+X 60 `>41 N#-# 0# @#=(- N#-%6 .60 N#;+0(+ ,#%#+%-(+ &$.6N6$.&6$%6+ .6 /('(%ZX <6.600;$X 1#0& = 60 .6N#-%#@6$%( 4$%&(O?&#X O?6 #,%]#$ 6$ +?+ -6+N6,%&P#+ *?-&+.&,,&($6+W

KLIW "6 [#$ &.6$%&5&,#.( P#-&#+ 5#06$,&#+ 6$ 60 .&+6R( = (N6-#%&P&.#. .60 &@N?

N-6.&#0 ?$&5&,#.(W :6$%-( .6 0#+ @Z+ &@N(-%#$%6+ 6+%Z$e &b 0# 606P#.# [6%6-('6$6$ ,-&%6-&(+ N#-# 5&*#- N#-Z@6%-(+ .60 %-&3?%( .6$%-( .6 0(+ -#$'(+ N6-@&%&.(+ N06=X &&b 0#+ .&5&,?0%#.6+ @6%(.(02'&,#+ = (N6-#%&P#+ N#-# @#$%6$6- ?$ ,##,%?#0&C#.( # $&P60 ?-3#$( = -?-#0X # 6M,6N,&2$ .6 #0'?$(+ .6 0(+ ,#%#+%-(+&$.6N6$.&6$%6+ O?6 [#$ P6$&.( [#,&6$.( 6+5?6-C(+ 6$ 6+%# @#%6-&# = &&&b .&56-6$,&#+ 6M&+%6$%6+ 6$%-6 @?$&,&N&(+ 6$ ,?#$%( # 0# ,#N#,&.#. .6 -6,#?.( 5&+,#0&C#,&2$W



?:?

KLTW H0 &@N?6+%( N-6.&#0 +6 .65&$6 6+6$,&#0@6$%6 +(3-6 .(+ 5#,%(-6+e 0# 3#+6 '-#P#a#P#0]( ,#%#+%-#0b = 0#+ %#-&5#+W H0 #P#0]( ,#%#+%-#0 6+ ?$# 5?$,&2$ #+&'$#.# N(KV .6 KUgT #0 `>41X ,($ 6M,6N,&2$ .6 0(+ #P#0](+ 6$ 4$%&(O?&#X /('(%ZX <6.600;$ =1#0&X O?6 [#$ +&.( #?%(-&C#.(+ N(- 0# 06= N#-# @#$6*#- +?+ -6+N6,%&P(+ ,#%#+%-(+

0#+ $(-@#+ 6MN6.&.#+ N(- 60 `>41W 7#+ %#-&5#+ 0#+ .65&$6 60 ,($,6*( @?$&,&N#0 6$= Kj N(- @&0W 7# 0&O?&.#,&2$ = ,(3-( .60 &@N?6+%( 06 ,(--6+N($.6 # 0#+ #0,#0.;#+W

C> ,:;?=78B49=:;8? ?:5B8 64 49<F46=O49=Q; 94<4?<B46

KLVW H0 #P#0]( ,(@N-6$.6 %-6+ #+N6,%(+e 5;+&,(X *?-;.&,( = 6,($2@&,(W

7# N-(N&6.#. *?-;.&,# 6M&'6 ?$ %;%?0( aSJj 12.&'( 1&P&0b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

H0 #P#0]( 5;+&,( = 6,($2@&,( -6O?&6-6 #N0&,#- ?$# @6%(.(0(';# ,?=# .65&$&,&2$06 ,(--6+N($.6 #0 `>41 = # 0# ,?#0 6+%Z$ +?*6%(+ 0(+ V ,#%#+%-(+ -6'&($#06+

6M&+%6$%6+ a/('(%ZX <6.600;$X 1#0& = 4$%&(O?&#bW H0 ,#%#+%-( 5;+&,(X 0# 5(-@#,&2$ a&.6$%&5&,#- = ,#-#,%6-&C#- N-6.&(+ $?6P(+bX 0# #,%?#0&Ca@#$%6$6- 0#+ @?%#,&($6+ 5;+&,#+b = 0# ,($+6-P#,&2$ a@#$%6$6- #,%?#0&C#&$5(-@#,&2$X &$,0?=6$.( 0# &$.6M#,&2$ @#+&P# ,($ 3#+6 6$ 60 `A1 N#-# #*?+%0(+ #P#0](+ .6 0(+ N-6.&(+ $( 5(-@#.(+ $& #,%?#0&C#.(+ 6$ 60 N6-;(.(bW/('(%Z %&6$6 ?$ &$.&,#.(- N-(N&( = @Z+ 6+N6,;5&,( a`E`D)bW

H0 ,#%#+%-( 6,($2@&,( +?N($6 .65&$&- #$?#0@6$%6 #0 #P#0]( ,#%#+%-#0X ,($ +P#-&#,&($6+ 5;+&,#+X 6,($2@&,#+ = *?-;.&,#+W A#-# 60 #P#0]( 6,($2@&,( +%(@#$ N(- +6N#-#.( +?60( a%6--6$(b = ,($+%-?,,&2$ a+&$ N6-*?&,&( .6 0(#$%6-&(-X 0# $?6P# 06= .60 N0#$– G*H ?ID5 =* "E?Df 6+N6,&5&,# O?6 +66MN-6+#-Z 6$ 60 ,#%#+%-( ,(@( ?$ P#0(- '0(3#0bW 7# 06= 6M&'6 O?6 +6 .636$#,%?#0&C#- 0(+ N-6.&(+ N(- 0( @6$(+ ,#.# ,&$,( #R(+ = O?6 60 #P#0]( $( N?6.6+6- &$56-&(- #0 jLd .60 P#0(- ,(@6-,&#0W H$ 0#+ ,&?.#.6+X #]$ ,($ 0#+&@N6-56,,&($6+ .6 +? N-6,#-&( (-.6$#@&6$%(X 6+ 5#,%&306 6$,($%-#- N-6,&(+.6 @6-,#.(X $( #+; 6$ 0#+ C($#+ -?-#06+W \#= -6N#-(+ +(3-6 0# &$,(-N(-#,&2$6$ 0# @6%(.(0(';# .6 0#+ &$$(P#,&($6+ %6,$(02'&,#+ @Z+ -6,&6$%6+ 6$ ?+( 6$(%-(+ N#;+6+W 7# 5(-@#,&2$ 6M&'6 ?$# 5&,[# ,($ &$5(-@#,&2$ O?6 +?N($6



?:"

P6-&5&,#,&($6+ N-6.&( # N-6.&(_ 6$ ,($%-#+%6X 0#+ #,%?#0&C#,&($6+ +6 [#,6$ 3#+6 6$ C($#+ '6(6,($2@&,#+ [(@('Y$6#+W

KLJW A#-# ILKVX 6$ 60 N#;+ [#3;# KJWV @&00($6+ .6 N-6.&(+W "(0( 60 SLd .6 6+%6 %(%,0#+&5&,#3# ,(@( #,%?#0&C#.(X 6+ .6,&- [#3;# +?5-&.( ?$ N-(,6+( .6 #,%?#0&C#,&2$

,#%#+%-#0 6$ 0(+ ]0%&@(+ J #R(+W H0 TLd -6+%#$%6 $( [#3;# N#+#.( N(- 6+%6 N-(,6++6 ,#%#0('#3# ,(@( .6+#,%?#0&C#.(W \#= ,0#-#+ .&56-6$,&#+ 6$ 0(+ $&P606+ .6#,%?#0&C#,&2$ 6$%-6 @?$&,&N&(+W H$ 0(+ ,#%#+%-(+ #?%2$(@(+ .6 /('(%ZX 1<6.600;$X 0(+ $&P606+ .6 #,%?#0&C#,&2$X #+; .65&$&.(+X 6+%Z$ 6$ KLLd ( @?= ,6-,#6+%6 N(-,6$%#*6WIj H$ 60 -6+%( .6 @?$&,&N&(+X ,?=# #,%?#0&C#,&2$ ,(@N6%6 #0 a`>41b$&P60 .6 #,%?#0&C#,&2$ 6-# 0&'6-#@6$%6 +?N6-&(- # jLdWIS 1($ ,&5-#+ N#-# ILKIX +6%&6$6 O?6 60 @#=(- -6C#'( 6+%Z 6$ 0#+ C($#+ -?-#06+X 6$ .($.6 60 N(-,6$%#*6 .6#,%?#0&C#,&2$ #N6$#+ 006'#3# # JjdW

KLjW 4?$ ,?#$.( 0# 06= 6M&'6 0# #,%?#0&C#,&2$ ,#.# ,&$,( #R(+X @?,[(+ @?$&,&N&(+ ,($?-'6$,&#+ 5&+,#06+ +(0&,&%#$ #0 `>41 N-&(-&.#. 6$ 0# #,%?#0&C#,&2$X N#-# 0( ,?#0 ,?3-&- 0(+ ,(+%(+W :6 0(+ jJ @?$&,&N&(+ #,%?#0&C#.(+ N(- 60 `>41 6$ 60 ILKVX 60 j5?6 5&$#$,&#.( N(- 0(+ N-(N&(+ @?$&,&N&(+ = 0#+ 14)X 60 -6+%( N(- 60 @&+@( `$+%&

WBaT=9: H]> $?<47: 78 64 49<F46=O49=Q; 94<4?<B46Z CIDS

KLSW 4[(-# 3&6$X #0 #,%?#0&C#- 60 ,#%#+%-( ,($ -6%-#+(X 60 #P#0]( +6 &$,-6@6$%

$(%(-&#@6$%6W A(- 6+%# -#C2$X 0# 06= 6+%#306,6 O?6 ,?#$.( +6 .6$ N-(,6+(+ .65(-@#,&2$ ( #,%?#0&C#,&2$ '* &(+(), *& +32)3 =*& (+0.*')3 0,1, 6M%6$.6- 6$ 60%&6@N( +?+ 656,%(+W

Ij H$ 60 N#;+ [#= ,?#%-( ,#%#+%-(+ #?%2$(@(+e /('(%ZX 1#0&X <6.600;$ = 4$%&(O?&#WIS 4$%&(O?&# %#@3&Y$ N(+66 ?$ ,#%#+%-( N-(N&( ,?=( N(-,6$%#*6 .6 #,%?#0&C#,&2$ 6+ j



?:5

KLgW 4,%?#0@6$%6 6M&+%6$ .(+ 0;@&%6+ N#-# @(.6-#- 60 &@N#,%( O?6 N?6.# 6M+(3-6 60 &@N?6+%( N-6.&#0 N(- #*?+%6+ 6$ 60 #P#0]( ,#%#+%-#0 ( 6$ 0#+ %#-&5#+W 7.6 KUUL 6+%#306,&2 O?6 ,?#$.( +6 [&,&6-# 0# #,%?#0&C#,&2$ ,#%#+%-#0X 60 &@N-6.&#0 $( N(.-;# +?3&- @Z+ #00Z .60 KLLd .6 0( N#'#.( 6$ 60 #R( &$@6.&#%#@6$%6#$%6-&(-X 6+%( 6$ -#C2$ # O?6 0#+ #,%?#0&C#,&($6+ +6 [#,6$X #0 @6$(+X ,#.# ,&$

#R(+X = #0 $&P60 .6 &$50#,&2$ 6M&+%6$%6 6$ 6+6 @(@6$%(X O?6 6-# +?N6-&(- #$?#0W 1($ 0# 76= KVJL .6 ILKLX +6 6+%#306,&2 ?$ $?6P( 0;@&%6X N(- ,#@3&( .6 %#,?#$.( 6+%# +6 @(.&5&O?6X 60 `AD +(0( N(.-Z &$,-6@6$%#-+6 [#+%# 60 IJd .6 0(N#'#.( 60 #R( &$@6.&#%#@6$%6 #$%6-&(-W \(= 6$ .;#X 60 $&P60 .6 .6+#,%?#0&C#,&,#%#+%-#0 6+ @6$(-X 0# &$50#,&2$ $( +?N6-# 60 Jd = 0#+ %#-&5#+ +6 @#$%-60#%&P#@6$%6 6+%#306+W H$ /('(%Z = 1#0& +6 #N0&,# ?$ @6,#$&+@( .6 #*?+%6O?&.#.X O?6 0&@&%# 60 &$,-6@6$%( .60 `AD # 6$%-6 60 KLd = 60 jJd .6 0( N#'#.( 6#R( #$%6-&(-X N(- 656,%( .6 #,%?#0&C#,&($6+ .60 #P#0]( = .6 #,?6-.( # 0#N-('-6+&P&.#. .60 @&+@( a/($&00#X ILKJbW

KLUW H0 606P#.( '-#.( .6 .6+#,%?#0&C#,&2$ .6 0(+ ,#%#+%-(+ .60 +6,%(- -?-#0 $( +(0(&@N#,%# .6 @#$6-# $6'#%&P# 60 -6,#?.( %-&3?%#-&( .6 0(+ 6$%6+ %6--&%(-&#06+W Q&@N0&,# O?6 $( 6M&+%6 ?$# 3#+6 .6 &$5(-@#,&2$ #.6,?#.# N#-# 0# 5(-@?0#,&2$ .6N(0;%&,#+ .6 (-.6$#@&6$%( %6--&%(-&#0 = .6+#--(00( -?-#0 = N#-# 60 5?$,&($#@&665&,&6$%6 .60 @6-,#.( .6 %&6--#+W

WBaT=9: HU> 04?4 78 9B89=E=8;<: 786 K46:B <:<46 94<4?<B46 8; 4i: 78 49<F46=O49=Q; ^c

KKLW H$ -6+?@6$X 6$ 60 %6@# .6 #,%?#0&C#,&2$ ,#%#+%-#0 +6 [#$ &.6$%&5&,#.( ,?#%-(.6 N-(306@#+X # +#36-e Kb $( [#= ?$ ,6$+( &$@(3&0&#-&( O?6 .Y ,?6$%# .6 ,2@( 6+%Z.&+%-&3?&.( 6$ 60 %6--&%(-&( $#,&($#0X Ib $( 6M&+%6 ,(&$,&.6$,&# 6$%-6 0# &$55;+&,# = *?-;.&,# .6 0(+ N-6.&(+X ,?#$.( 6+%(+ [#$ +&.( &$,(-N(-#.(+ # ?$ -6'&+%-(



?:>

,#%#+%-#0X Tb $( [#= P#0(-#,&2$ #.6,?#.# .6 0(+ N-6.&(+ = 0# &$5(-@#,&2$ +6 @#$%&6$,($ ?$ #0%( $&P60 .6 .6+#,%?#0&C#,&2$X = Vb $( [#= 0# +?5&,&6$%6 ,#N#,&#.@&$&+%-#%&P#X %Y,$&,# = (N6-#%&P# N#-# ,(@N06%#- 60 ,6$+( = #,%?#0&$5(-@#,&2$ ,#%#+%-#0 ,($ #P#0](+ ,-6;306+W

KKKW H0 .&#'$2+%&,( 6M&+%6 = 6$ 60 A0#$ F#,&($#0 .6 :6+#--(00( a76= KSJT .6 ILKJb +N-(N($6 #P#$C#- ,($+%-?=6$.( ?$ ,#%#+%-( @?0%&N-(N2+&%(W H0 N-(306@# -#.&,# 6$ [6--#@&6$%#+X 0#+ @6%(.(0(';#+ = 0(+ -6,?-+(+ N#-# [#,6-0( a/($&00#X ILKJbW H+%# 76+%#306,6 .(+ &$+%-?@6$%(+ O?6 N(.-Z$ +6- ?%&0&C#.(+ N(- 0(+ <?$&,&N&(+e &@6,#$&+@( .6 .606'#,&2$ .6 5?$,&($6+ 6$ Z-6#+ O?6 ,(@N-6$.#$ @Z+ .6 JLLWLLL[#3&%#$%6+ N#-# 6$%-6 (%-#+ 5?$,&($6+X #.60#$%#- N-(,6+(+ .6 #,%?#0&C#,&2$ ,#%#@6.&#$%6 #+(,&#,&($6+ .6 @?$&,&N&(+X &$.&,#$.( 60 N-(,6.&@&6$%( N#-# [#,6-0( = 0# N(+&3&0&.#. .6 6+%#306,6- 3#+6+ N-6+?$%#+ @;$&@#+ ,($ 3#+6 6$ P#0(-6+ N(- @6%,?#.-#.( .6 +?60( = ,($+%-?,,&2$X # 5&$ .6 O?6 60 ,($%-&3?=6$%6 N#'?6 ,($ 3#+6 6$+? #?%( #P#0](W

G> ,:;?=78B49=:;8? ?:5B8 64 8?<BF9<FB4 <4B=T4B=4

KKIW 7#+ %#-&5#+ 0#+ .65&$6 60 1($,6*( @?$&,&N#0 ,($ ?$ -#$'( 6$%-6 L # Kj N(- @&0+#0P( N-6.&(+ ?-3#$(+ $( ,($+%-?&.(+ = N-6.&(+ ?-3#$&C#306+ $( ?-3#$&C#.(+W H$-6#0&.#.X 0# 76= KVJL '6$6-2 .(+ &$%6-P#0(+ %#-&5#-&(+X #-%&,?0( ITX ,($ 60 N-(N2+&6+%#306,6- %-#%#@&6$%( .&56-6$,&#0 6$%-6 0# N-(N&6.#. -6+&.6$,&#0 E`" = E`AX -6.6 0# $( E`"W H0 606@6$%( .&56-6$,&#.(- 6+ 60 #P#0]( ,#%#+%-#0 O?6 $( +?N6-6 #6O?&P#06$%6 .6 KTJ +#0#-&(+ @;$&@(+ @6$+?#06+ 06'#06+ P&'6$%6+X #N-(M&@#.#fgS @&00($6+X 6$ N-6.&(+ -6+&.6$,&#06+ .6 6+%-#%(+ KX I 2 T = N-6.&(+ -?-#06+

.6+%&$( #'-(N6,?#-&(_ N#-# 6+%6 +6'@6$%( 60 &$%6-P#0( # #N0&,#- 6+ 6$%-6 K = Kj @&0W A#-# ,?#0O?&6- (%-( N-6.&( -6+&.6$,&#0 .&56-6$%6 #0 #$%6-&(-X -&'6 60 &6$%-6 J = Kj N(- @&0W A#-# N-6.&(+ $( -6+&.6$,&#06+ %&6$.6 # #N0&,#-+6 60 +6'?&$%6-P#0(W 7# ]$&,# 6M,6N,&2$ +($ 0(+ 0(%6+ ?-3#$&C#.(+ $( ,($+%-?&.(+X ,?=# %#-&N(.-Z 6M,6.6- 60 TT N(- @&0W

KKTW HM&+%6 ?$# #@N0&# .&+N6-+&2$ .6 %#-&5#+ .6$%-( .60 -#$'( 6+%#306,&.( 6$ 0# 06

Q#-&5#+ N-(@6.&(W A(- ,#%6'(-;#+ .6 @?$&,&N&(+X 0( -6'0#@6$%#.( 6$ 0# 76jKS .60 #R( ILLLX 0#+ +6&+ ,&?.#.6+ ,0#+&5&,#.#+ 6$ ,#%6'(-;# 6+N6,&#0X /('(%Z<6.600;$X 1#0&X /#--#$O?&00#X 1#-%#'6$# = /?,#-#@#$'#X O?6 ,(--6+N($.6$ #0#+ O?6 %&6$6$ @Z+ .6 JLLWLLL [#3&%#$%6+ = @Z+ .6 VLLWLLL +#0#-&(+ @@6$+?#06+ P&'6$%6+ 6$ &$'-6+(+ ,(--&6$%6+ .6 0&3-6 .6+%&$#,&2$X ,($,6$%-#$IUWSd .6 0(+ N-6.&(+ .60 N#;+X 60 jKWVd .60 #P#0]( ,#%#+%-#0 #,?@?0#.( = 60JgWUd .60 -6,#?.( .60 `ADX 0( O?6 +&'$&5&,# ?$# %#-&5# N-(@6.&( 656,%&P# .JWJ N(- @&0X 0&'6-#@6$%6 N(- .63#*( .60 N-(@6.&( $#,&($#0W 7#+ %-6+ N-&@,&?.#.6+ %&6$6$ #,%?#0&C#.( 60 ,#%#+%-( #0 KLLd ?-3#$( = 0#+ (%-#+ 6+%Z$ 6N-(,6+( .6 [#,6-0(W 7# -60#,&2$ N-(@6.&( 6$%-6 0(+ #P#0](+ ,#%#+%-#0 =



?:D

,(@6-,&#0 ,?@N06 0# $(-@# = +6 #N-(M&@# #0 SLdX -#C2$ N(- 0# ,?#0 .&5&6-6 $&P60 .6 ,($,6$%-#,&2$ .* #P#0](+ = -6,#?.( -6+N6,%( # 0# @#'$&%?. .6 0(+N-6.&(+W

"&$ 6@3#-'(X 6$%-6 0#+ +6&+ ,&?.#.6+ 0# +&%?#,&2$ %#@N(,( 6+ [(@('Y$6# = 6$

600#+ +6 -6506*#$ 0# .&P6-+&.#. .6 N-(306@#+ N#-# #-@($&C#- 60 `ADW H0 @#P(0?@6$ .6 N-6.&(+X #P#0]( = -6,#?.( 0( %&6$6 /('(%ZX 0( O?6 &@N0&,# %6$6-%#@3&Y$ 60 #P#0]( N-(@6.&( @Z+ 606P#.( .60 N#;+X ,(@( ,($+6,?6$,&# .66+%&@#- N-6,&(+ @Z+ #0%(+ N(- @6%-( ,?#.-#.( ,($+%-?&.(X $( (3+%#$%6X %&0# %#-&5# 656,%&P# @Z+ 3#*#X +(0#@6$%6 .60 VWT N(- @&0W 7( ,($%-#-&( +<6.600;$ = 1#0&X ,&?.#.6+ .($.6X .#.( 60 -6%-#+(X O?6 %?P&6-($ 6$ 0##,%?#0&C#,&2$ ,#%#+%-#0X #+?@&6-($ %#-&5#+ 656,%&P#+ N-(@6.&( @Z+ #gWj = KLWJ N(- @&0X -6+N6,%&P#@6$%6W 7(+ .(+ N-&$,&N#06+ N-(306#-@($&C#,&2$ .60 `AD +6 6$,?6$%-#$ 6$ 60 '-#.( .6 .6+#,%?#0&C#,&2$ ,#%#+%-#0= 0# -6'0# .6 N-(N(-,&($#0&.#. 6$%-6 0(+ .(+ #P#0](+X N(- ?$ 0#.(X = 0#.&+N6-+&2$ %#-&5#-&#X N(- 60 (%-(W 4 600( [#= O?6 #'-6'#- 60 %-#%#@&.&56-6$,&#0 O?6 +6 .# # 0# %#+# #@3&6$%#0X .6+%&$#.# # 0#+ ,(-N(-#,&($#?%2$(@#+ -6'&($#06+ 14)X O?6 6$ /('(%Z +6 &$,0?=6 6$ 0# %#-&5# .60 N-6.&#0X@&6$%-#+ <6.600;$ = 1#0& 0( ,(3-#$ ,(@( +(3-6%#+#X 606P#$.( #]$ @Z+ 0#%#-&5# 656,%&P# a/($&00#X ILKJbW

A#-# 0# ,#%6'(-;# O?6 #'-?N# # 0(+ @?$&,&N&(+ ,($ @6$(+ .6 KLWLLL[#3&%#$%6+ =h( @6$(+ .6 KJWLLL +#0#-&(+ @;$&@(+ @6$+?#06+ 06'#06+ P&'6$6$ &$'-6+(+ ,(--&6$%6+ .6 0&3-6 .6+%&$#,&2$X O?6 #'-?N# @Z+ .6 0# @&%#. .0(+ N-6.&(+ .60 N#;+X 0# %#-&5# N-(@6.&( 6+ .6 JWK N(- @&0X N(- .63#*( N-(@6.&( $#,&($#0W Q#@N(,( [#= [(@('6$6&.#. +(3-6 60 %-#%#@&6$%( .6 0#%#+# #@3&6$%#0X #?$ ,?#$.( 0# @#=(-;# 0( ,(3-# ,(@( +(3-6%#+#W Q(.( 6+%(+6 -6506*# 6$ @;$&@# ,#N#,&.#. #.@&$&+%-#%&P# 0(,#0 =X 6$ @?,[(+ ,#+(+X$?0# 3#$,#-&C#,&2$X 0( O?6 (30&'# # N#'#- 6$ 656,%&P( = 6$ 0# %6+(-6-;#@?$&,&N#0 a/($&00#X ILKJbW

Q#-&5#+ $(@&$#06+e 6+ 0#3(- .6 0(+ 1($,6*(+ @?$&,&N#06+ 5&*#- 0#+ -6+N6,%%#-&5#+ .6 #,?6-.( ,($ 60 6+O?6@# O?6 +6 &@N06@6$%6W 4,%?#0@6$%6 0.&+N6-+&2$ 6M&+%6$%6 6+ 60 -6+?0%#.( .6 0# '6+%&2$ -6#0&C#.# N(-#?%(-&.#.6+ 0(,#06+ #$%6 60 -6+N6,%&P( 1($,6*(X .#.( O?6 6+ .6 &$&,&#%&P# .0# 4.@&$&+%-#,&2$W 7# .&+N#-&.#. .6 ,-&%6-&(+ 6+ %#0 O?6 +6 006'# # 6M%

,(@( 60 .6 %6$6- %#-&5#+ @;$&@#+ -6+&.6$,&#06+ a+(3-6 60 #P#0]( .60 N-6.&(b6$ ,&?.#.6+ .6 ,#%6'(-;# 6+N6,&#0X .6 KWJ N(- @&0 6$ /?,#-#@#$'#X .6 I 6$/('(%Z = 1#-%#'6$#X .6 V N(- @&0 6$ <6.600;$X 1#0& = /#--#$O?&00#X @&6$%-#+@?$&,&N&(+ .6 ,#%6'(-;# j +6 %&6$6 %#-&5# @;$&@# .6 J N(- @&0 6$ "#$ B(+Y>?#P&#-6X .6 VWJ N(- @&0 6$ 76%&,&# = .6 V N(- @&0 6$ n?&3.2 6 `$;-&.#X @;$&@# .6 S N(- @&0 6$ 1#0#-,ZW `'?#0 +?,6.6 ,?#$.( +6 [#30# .6 %#-&5#+@ZM&@#+ -6+&.6$,&#06+X O?6 +6 +?N($6 +6 #N0&,#$ +(3-6 6+%-#%( je 0# ],&?.#. O?6 6+%Z ?%&0&C#$.( 60 0;@&%6 +?N6-&(- 6+ 1],?%#X .6 Kj N(- @&0X 0



?::

<6.600;$ ,($ KJWJ N(- @&0X 1[&$,[&$Z ,($ KJ N(- @&0X 1#0&X 4-#?,#X 76%n?&3.2 = <($%6-;# #N0&,#$ 60 KV N(- @&0X @&6$%-#+ /('(%Z 0( [#,6 ,($ 60 UWN(- @&0 a/($&00#X ILKJbW

KKVW H+%# [6%6-('6$6&.#. .6 %#-&5#+ +6 6MN0&,# N(- 0# .&56-6$%6 ,(@3&$#,&2$

,-&%6-&(+ &@N(+&%&P(+ a6+%-#%(X #P#0](X .6+%&$( [#,6$.#-&(X %&N( .6 ?+(X Z6$%-6 @?$&,&N&(+W H00( +&'$&5&,# O?6 6$ ,#.# ,&?.#. ( @?$&,&N&( N?6.6 [#36- @Z+.&6C %#-&5#+W 7# N-&@6-# .&56-6$,&#,&2$ 0# .# 60 .6+%&$( .60 N-6.&(X 6$%-6 -6+&$( -6+&.6$,&#0W H$ 0( -6+&.6$,&#0 +6 ,(@3&$# 6+%-#%( ,($ #P#0](e [#= +6&+ 6+%-#%N?6.6 [#36- .&56-6$%6+ %#-&5#+ N(- -#$'(+ .6 #P#0](W H$ 0( $( -6+&.6$,&#0X [#=.&56-6$,&#+ N(- #,%&P&.#. 6,($2@&,#X .(%#,&($#06+ N-&P#.(+ ( N]30&,(+X 6%,W a/($&ILKJbW H$ %(.( ,#+(X 0# 06= VV .6 KUUL (-.6$# O?6 0(+ @?$&,&N&(+ 5&*#-Z$ 0# %#-@#$6-# .&56-6$,&#.# = N-('-6+&P#X %6$&6$.( 6$ ,?6$%# 0(+ 6+%-#%(+ +(,&(6,($2@&,(+0(+ ?+(+ .60 +?60( 6$ 60 +6,%(- ?-3#$(X 0# #$%&'i6.#. .6 0# 5(-@#,&2$ ( #,%?#0&C#,&2$.60 ,#%#+%-(W "6R#0# #.6@Z+ O?6 # 0# P&P&6$.# N(N?0#- = # 0# N6O?6R# N-(N&6.#. -?+6 06+ #N0&,#-Z$ 0#+ %#-&5# @;$&@#+ = O?6 6$ 60 ,#+( .6 0(+ %6--6$(+ ?-3#$&C#306?-3#$&C#.(+ = # 0(+ ?-3#$&C#.(+ $( 6.&5&,#.(+ 60 0;@&%6 .6 0# %#-&5# +6 #@N0;# [#+%N(- @&0W

S> ,:;?=78B49=:;8? ?:5B8 64 47E=;=?<B49=Q; 786 =E@F8?<:

KKJW H$ ,?#$%( # 0# 0&O?&.#,&2$X ,(3-( = #.@&$&+%-#,&2$ .60 &@N?6+%(e

1($ 3#+6 6$ 60 #P#0]( ,#%#+%-#0 = 0# %#-&5#X 0(+ @?$&,&N&(+ .636$ 0&O?&,(3-#- 60 &@N?6+%( N-6.&#0W H+%# ,(@N6%6$,&# @?$&,&N#0 -6P60# %#

@]0%&N06+ 5#,%(-6+ O?6 &$,&.6$ 6$ 0# 3#*# -6$%#3&0&.#. .6 6+%6 &@N?6+%6M&+%6 ?$# -6'0# ,0#-# N#-# 6MN6.&- 0# 0&O?&.#,&2$W H$ /('(%ZX 0(+ N-,($%-&3?=6$%6+ .636$ [#,6-0( @6.&#$%6 60 #?%( #P#0]( ^O?6 $( N?6.6 +6-&$56-&(- #0 #P#0]( ,#%#+%-#0^ # %-#PY+ .6 0# N-6+6$%#,&2$ .6 ?$# .6,0#-#,&2$ 60# ,?#0 +6 #?%(0&O?&.# 60 &@N?6+%(X N6-( 60 :&+%-&%( 06+ -6@&%6 ?$# 0&+?'6-&.# O?6 +&-P6 N#-# N#'#- 6$ 60 3#$,(W H$ 0(+ .6@Z+ @?$&,&N&(+X $( 6M&?$ N-(,6.&@&6$%( ?$&5(-@6e #0'?$(+ 5#,%?-#$X (%-(+ 6@&%6$ -6,&3(+X = (%-+&@N06@6$%6 06 ,(3-#$ # O?&6$ +6 #,6-,# # N#'#-X 0( ,?#0 +6 -6P60# 6$ 0# 5#0%.6 '6+%&2$ = 6$ 0# 606P#.# ,#-%6-# N(- ,(3-#-W H$ %(.( ,#+(X 6+%# &$5(-@#0&.#.6$ 0# 5(-@# .6 0&O?&.#- 60 &@N?6+%( +6 -6P60# 6$ 0# #?+6$,&# .6 ?$N-(,6.&@&6$%( -6'0#.( N#-# 0&O?&.#- = $(%&5&,#- #0 ,($%-&3?=6$%6 +(3-6 @($%( .6 +? (30&'#,&2$ %-&3?%#-&#X ,($ 60 -6+N6%( N(- 60 .63&.( N-(,6+(W H0&$,&.6 &'?#0@6$%6 6$ O?6 $( 6M&+%6 ,6-%6C# +(3-6 ,?#$.( &$&,&# 60 %Y-@&$N-6+,-&N,&2$ .6 0# (30&'#,&2$X 0( O?6 # +? P6C +6 %-#.?,6 6$ ?$# ,#-%6-#&$,&6-%#W



?:I

7#+ #.@&$&+%-#,&($6+ @?$&,&N#06+ N6O?6R#+ $( ,?6$%#$ ,($ ?$ #.6,?#.($&P60 .6 +&+%6@#%&C#,&2$ N#-# 0# 0&O?&.#,&2$X ,(3-( = #.@&$&+%-#,&@N?6+%( N-6.&#0W

KKjW H$ +;$%6+&+X 60 .&#'$2+%&,( #$%6-&(- +?'&6-6 O?6 6$ @#%6-&# .6 &@N?6+%(

.636$ [#,6-+6 '-#$.6+ #P#$,6+ N#-# #,%?#0&C#- 60 ,#%#+%-( .60 N#;+ = %#@3&Y$ +6N?6.6$ %(@#- #,,&($6+ %6$.&6$%6+ # +&@N0&5&,#- 6 &'?#0#- #0'?$(+ N#-Z@6%-(+ %-&3?%( #+; ,(@( .(%#- # 0(+ @?$&,&N&(+ .6 &$+%-?@6$%(+ 06'#06+ 65&,&6$%6+ N0&O?&.#,&2$ = ,(3-( .60 @&+@(W

,> #E@F8?<: 78 =;7F?<B=4 R 9:E8B9=:Z 4K=?:? R <4568B:?Z #,+

D> ,4?: 9:6:E5=4;:

KKSW H0 `14 6+ ?$ &@N?6+%( O?6 +6 ,(@N($6 N(- 60 &@N?6+%( .6 &$.?+%-&# = ,(@6-,&O?6 '-#P# 0#+ #,%&P&.#.6+ &$.?+%-&#06+X ,(@6-,&#06+X .6 +6-P&,&(+ = .6 +6-P5&$#$,&6-(+X = N(- 60 &@N?6+%( .6 #P&+(+ = %#306-(+ O?6 '-#P# 0# ,(0(,#,&2$ .6 P#00#P&+(+ = %#306-(+ O?6 N?6.#$ +6- P&+%(+ N(- 60 N]30&,(W H0 &@N?6+%( -6'0#@6$%#.( N(- 0# 76= KV .6 KUgT =X N#-# 60 ,#+( 6+N6,&#0 .60 :&+%-&%( 1#N&@6.&#$%6 60 :6,-6%( 76= KVIK .6 KUUTW 1#.# @?$&,&N&( 6+N6,&5&,# 6$ +?+ #,?6-@?$&,&N#06+ 606@6$%(+ .60 &@N?6+%(X N#-%&,?0#-@6$%6X 0#+ %#-&5#+X 0#+ 0(+ N-(,6.&@&6$%(+ .6 0&O?&.#,&2$X -6,#?.(X .&+,?+&2$ = ,(3-( .60 &@N?6+%(X 6+]0%&@(+ %(@#.(+ .60 6+%#%?%( %-&3?%#-&( $#,&($#0X ,($ N(+&3&0&.#. .6 -6.?,&N(-,6$%#*6+ .6 0#+ +#$,&($6+ = 0(+ %Y-@&$(+ .60 N-(,6.&@&6$%(W

KKgW

7# 3#+6 '-#P#306 +($ 0(+ &$'-6+(+ 3-?%(+ ,($ 6M,6N,&2$ .6 3#+6 '-#P#306 6+N6,&#0N#-# 60 +6,%(- 5&$#$,&6-(W

KKUW "6 &.6$%&5&,#$ %-6+ N-(306@#+ 6+%-?,%?-#06+ '-#P6+ 6$ -60#,&2$ ,($ 60 `14e

#W H$ N-&@6- 0?'#-X 0# 3#+6 .60 &@N?6+%( +($ 0(+ &$'-6+(+ 3-?%(+X 0( ,?#0 006P# # O60 &@N?6+%( +6# 6M,6+&P#@6$%6 ($6-(+( N#-# #O?600#+ #,%&P&.#.6+ O?6 (N6,($ ?$ @#-'6$ .6 ?%&0&.#. N6O?6R(W 4.&,&($#0@6$%6X 6+ ?$ &@N?6+%(#,?@?0#%&P( O?6 '-#P# 0(+ &$'-6+(+ 3-?%(+ 6$ ,#+,#.#X = O?6 N(- %#$%(X #56,%#X0(+ N-(.?,%(+ 6$ 0# ,#.6$# .6 ,(@6-,&#0&C#,&2$W

3W H$ +6'?$.( 0?'#-X 60 `14 6+%Z .65&$&.( ,(@( ?$ &@N?6+%(X +&$ 6@3#-'(X $( 6+,0#-# 0# -6'0# .6 %6--&%(-&#0&.#. = [#= .(+ &$%6-N-6%#,&($6+X #@3#+ #@N#-#.#+ .6,&+&($6+ *?.&,&#06+X 0# .60 0?'#- .6 -6+&.6$,&# .60 N-(.?,%(-X ,(@6-,&#0&C#.(- (N-6+%#.(- .60 +6-P&,&( = 0# .60 +&%&( .60 @6-,#.( H+%( '6$6-# 656,%(+ .6 @]0%&N%-&3?%#,&2$X 6$ 0# @6.&.# 6$ O?6 +(3-6 ?$# @&+@# #,%&P&.#. +6 N?6.6 006'#-N#'#- P#-&#+ P6,6+ 60 &@N?6+%( 6$ .&56-6$%6+ 0(,#0&.#.6+W 4.&,&($#0@6$%6X



?:O

@&+@# .&5&,?0%#. [# .#.( 0?'#- # .&+N?%#+ 6$%-6 @?$&,&N&(+ = 6$ #0'?$(+ ,#+(+ &$6O?&.#.6+X .63&.( # O?6 $( %(.(+ %&6$6$ 0# @&+@# ,#N#,&.#. .6 #06'#%( =.656$+# *?-;.&,#W H+%( 6+ 6+N6,&#0@6$%6 P&+&306 6$ &$.?+%-&#06+ O?6 ,(@6-,+?+ N-(.?,%(+ 6$ (%-(+ @?$&,&N&(+X 6$ ,(@6-,&#$%6+ O?6 .&+%-&3?=6$ N-(.?,%(6$ P#-&(+ @?$&,&N&(+ = 6$ #,%&P&.#.6+ .6 +6-P&,&(+ O?6 ,($6,%#$ (N6-#,&($6

6$%-6 P#-&(+ @?$&,&N&(+ ,(@( 60 %-#$+N(-%6 = 0#+ %606,(@?$&,#,&($6+W .&+N?%#+ (-&'&$#$ 6$(-@6+ ,(+%(+ .6 0#-'(+ 0&%&'&(+X N?6+ 006P#$ # O?6 +(01($+6*( .6 H+%#.( .&-&@# 6+%(+ ,($50&,%(+ = $( +&6@N-6 +? *?-&+N-?.6$,&# ?$&5(-@6X N(- .&56-6$%6+ -#C($6+ a0#+ $(-@#+ 0(,#06+ $( +&6@N-6 +($ &'?#06+X 5(-@#+ .6 -6#0&C#- 0(+ $6'(,&(+ $( +($ &.Y$%&,#+ = 0(+ @#'&+%-#.(+ ,#@3&#$ = 6$#0'?$#+ (,#+&($6+ 0(+ @&+@(+ @(.&5&,#$ +?+ ,-&%6-&(+bW

,W HM&+%6 ?$# '-#$ P#-&6.#. .6 %#+#+ 6$%-6 0#+ #,%&P&.#.6+ 6,($2@&,#+ '-#P#.#+ N(60 `14W `$&,&#0@6$%6 +(0( +6 .&56-6$,&#3#$ %-6+ %&N(+ .6 #,%&P&.#.6+e &$,(@6-,&( = +6-P&,&(+W 7?6'( /('(%Z #.(N%2 0# ,(.&5&,#,&2$ 1`DD 6$ ,?#%-( .;'&%(+= 0(+ .6@Z+ @?$&,&N&(+ 6@?0#-($X +&$ $6,6+&.#.X 6+%# 6M,6+&P# .&56-6$,&40-6.6.(- .6 VjL #,%&P&.#.6+ 6,($2@&,#+ +($ '-#P#.#+ N(- 60 `14W "&$ 6@3#-'(X6+%# ,#$%&.#. P#-;# 6$%-6 @?$&,&N&(+ N?6+ #0'?$#+ #,%&P&.#.6+ $( +($ +?*6%#.&,[( &@N?6+%( 6$ #0'?$#+ 0(,#0&.#.6+W Q(@#$.( ?$# @?6+%-# .6 KL @?$&,&N&(+X?$ 6+%?.&( -6,&6$%6 .60 /#$,( <?$.&#0 ,($5&-@# 0# @?0%&N0&,&.#. = P#-&#$C# %#-&5#+W D$# 6@N-6+# O?6 (N6-6 6$ @Z+ .6 ?$ @?$&,&N&(X N?6.6 N#'#- +(3-6 ?$@&+@# #,%&P&.#. %#-&5#+ .&56-6$%6+ 6$ .&56-6$%6+ @?$&,&N&(+W

WBaT=9: HL> .[E8B: 78 <4B=T4? 786 #,+ @:B ?89<:BZ CIDSd

l"6 #,0#-# O?6 N#-# 60 ,#+( .6 /('(%Z 0# %#-&5# @ZM&@# 6+ KTWgMKWLLLG?6$%6e /#$,( <?$.&#0 aILKJbW

KILW H$ %6-,6- 0?'#-X 0(+ ,(+%(+ .6 ,?@N0&@&6$%( N#-# 0#+ 6@N-6+#+ O?6 (N6-#$ 6$P#-&(+ N?$%(+ .60 %6--&%(-&( $#,&($#0 +($ 6M,6+&P#@6$%6 606P#.(+X .63&.( #@?0%&N0&,&.#. .6 %#-&5#+X +&+%6@#+ .6 0&O?&.#,&2$ = ,#06$.#-&(+ .6 N-6+6$N#'(X 6$%-6 (%-(+W :6 #,?6-.( ,($ ,Z0,?0(+ -6,&6$%6+ .60 /#$,( <?$.&#0 3#+#.(+ 6$



?:C

6$,?6+%#+ N#-# ,?#%-( @?$&,&N&(+ 6$,?6$%-# O?6 60 ,(+%( .6 ,?@N0&@&6$%( .60 `14 6@#=(- #0 &@N?6+%( O?6 +6 -6,#?.#W

KIKW 1($5(-@6 # 0# 06= KV 60 &@N?6+%( +6 0&O?&.# N(- 60 N-(N&( ,($%-&3?=6@6.&#$%6 ?$# .6,0#-#,&2$ #$?#0X 0( ,?#0 +?N($6 O?6 60 @?$&,&N&( %&6$6 0# 5#,?0%#

-6P&+#- 6+%# 0&O?&.#,&2$ ,($ ?$ @(.60( .6 #.@&$&+%-#,&2$ +&@&0#- #0 .6 0# :`4F,?#0 6+%Z 5?6-# .6 0#+ N(+&3&0&.#.6+ #.@&$&+%-#%&P#+ .6 N(- 0( @6$(+ .60 gLd .6 N6O?6R(+ @?$&,&N&(+ ,(0(@3&#$(+W

KIIW /('(%Z = 0#+ ,&?.#.6+ @Z+ &@N(-%#$%6+ ,($,6$%-#$ ?$# N-(N(-,&2$ &@N(-%#$%6.60 -6,#?.( %(%#0 .60 `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

WBaT=9: HY> ,:;98;<B49=Q; 786 B894F7: 786 #,+ @:B EF;=9=@=: ^c_



?IE

C> ,:;<8\<: =;<8B;49=:;46

KITW 7(+ &@N?6+%(+ 0(,#06+ +(3-6 #,%&P&.#.6+ &$.?+%-&#06+X ,(@6-,&#06+ = .6 +6-P+6 [#$ P6$&.( 6M%6$.&6$.( 6$ 60 @?$.(X #?$O?6 6$ @?,[(+ (%-(+ N#;+6+X N(-N-(306@#+ +&@&0#-6+ # 0(+ 6P&.6$,&#.(+ 6$ 60 ,#+( ,(0(@3&#$( ,(@( +?,6.&2 6$

4?+%-&#X G-#$,&# 6 &$,0?+( 6$ H+N#R#X [#$ +&.( (3*6%( .6 -65(-@#+ ( .6 60&@&$#,aD$&P6-+&.#. .60 )(+#-&(X ILKJbW

KIVW :6 #,?6-.( ,($ 0# -6P&+&2$ &$%6-$#,&($#0 -6#0&C#.# 6$ 6+%6 @&+@( 6+%?.&(X 0N#;+6+ [#$ %6$.&.( # &@N($6- 0(+ 00#@#.(+ &@N?6+%(+ 0(,#06+ # 0#+ 6@N-6+#Le12"-$22 R+*1$ S+J6 eRSGW "6-;# ?$# 6+N6,&6 .6 È4 0(,#0 O?6 '-#P# 0# N-(.?,,&2$.6$%-( .6 ?$# *?-&+.&,,&2$ .6%6-@&$#.# = O?6 ,($+&+%6 6$ ?$# %#-&5# 5&*# +(3-6 0,(+%(+ .6 0(+ 5#,%(-6+ .6 N-(.?,,&2$ 6@N06#.(+ N(- ?$# 6@N-6+#X 6+ .6,&-X 0#.&56-6$,&# 6$%-6 &$'-6+(+ N(- P6$%#+ = ,(@N-#+ .6 (%-#+ 6@N-6+#+W H+%6 6+ 60 ,#+`%#0&# ,($ 60.b4I X G-#$,&# ,($ 0#%'-&#"91&"'- &$##"&'#"+*$X \?$'-;# ,($ 60 \À4 = B#N2$a$-&$#0#"2$ &+J bW 7#+ .&56-6$,&#+ .60 /EQ ,($ 60 È4 $#,&($#0 +6-;#$e &b 60 /EQ +6&@N($.-;# +(3-6 ?$ Z-6# '6('-Z5&,# .60&@&%#.#X &&b +6 ,#0,?0# +(3-6 0# 3#+6 .6,($%#3&0&.#. a@Y%(.( .6 #.&,&2$ ( -6+%#bX &&&b -6,#6 +(3-6 0# N-(.?,,&2$ @Z+ O+(3-6 60 ,($+?@( = N(- %#$%(X +6 3#+# 6$ 60 (-&'6$ = $( 6$ 60 .6+%&$(X Jb +6 &@N($6+(3-6 &$'-6+(+ 3-?%(+ ( $6%(+ = $( +(3-6 60 ,($+?@( = jb +6 #N0&,# +(3-6 %(.#+ 0#+#,%&P&.#.6+ ,(@6-,&#06+ +&$ 0;@&%6+ ( 6M6$,&($6+ aD$&P6-+&.#. .60 )(+#-&(X ILKJ

KIJW H$ (%-(+ N#;+6+ ,(@( /-#+&0 +6 [# N-(N?6+%( 6MN#$.&- 0# 3#+6 .60 È4 = #*?+%#- 0#%-#$+56-6$,&#+ # 0(+ '(3&6-$(+ +?3 $#,&($#06+X #?$O?6 6+%( %&6$6 .&5&,?0%#(N6-#%&P#+W

?":$ H$ +;$%6+&+ 60 .&+6R( #,%?#0 .60 &@N?6+%( .6 &$.?+%-&# = ,(@6-,&( ,#+%&@#$6-# 5?6-%6 0# 65&,&6$,&# 6,($2@&,# N(- 0(+ 656,%(+ ,#+,#.# O?6 ,($006P#W 4+@&+@(X 0# @?0%&N0&,&.#. .6 #,%&P&.#.6+ '-#P#.#+X %#-&5#+X 3#+6+ = ,#06$.#-&O?6 0(+ ,(+%(+ .6 ,?@N0&@&6$%( .60 &@N?6+%( +6#$ 606P#.(+W A(- ]0%&@(X 0# 5#,0#-&.#. 6$ 0# .65&$&,&2$ .6 %6--&%(-&#0&.#. [#,6 O?6 60 &@N?6+%( ,#-6C,# .6 6O?&.0( O?6 '6$6-# .&+N?%#+ 6$%-6 -6'&($6+W

)> *:? :<B:? =E@F8?<:? EF;=9=@468?

KISW H$ 0(+ @?$&,&N&(+ %-6+ %-&3?%(+ -6N-6+6$%#$ ,6-,# .60 gLd .6 0(+ &$'-6+%-&3?%#-&(+ %(%#06+ N6-( ,(6M&+%6$ ,($ 6+(+ %-6+ &@N?6+%(+ ,6-,# .6 IL %-&3'-#PZ@6$6+ O?6 $( -6N-6+6$%#$ 6$ +? ,($*?$%( @Z+ .60 ILd .60 -6,#?.( .6&@N?6+%(+W

KIgW H$ 0#+ ,&?.#.6+ .6 @#=(- %#@#R(X +?606$ +6- &@N(-%#$%6+ 0#+ ,($%-&3?,&($6+ P#0(-&C#,&2$ N#-# 5&$#$,&#- &$5-#6+%-?,%?-# P&#0X = 6$ 0#+ ,&?.#.6+ &$%6-@6.&N-(,6+(+ .6 ?-3#$&C#,&2$X 0(+ &@N?6+%(+ +(3-6 0# ,($+%-?,,&2$X ,(@( 0# .60&$6#,&2



?I?

?-3#$# O?6 +6 ,#?+# ,($ 0#+ 0&,6$,&#+ .6 ?-3#$&C#,&2$ = ,($+%-?,,&2$W H$ %(.( ,#+(X,?#%-( &@N?6+%(+ [#$ (,#+&($#.( '-#$.6+ ,($50&,%(+ O?6 -6O?6-&-;#$ = -6O?6-&-;#$N-6,&+&($6+ 06'#06+ N?6+ %&6$6$ O?6 P6- ,($ 5?$,&($6+ @?$&,&N#06+e 60 #0?@3-N]30&,(X 0# ,($%-&3?,&2$ .6 (3-# N]30&,# .6+%&$#.# # 0# +6'?-&.#.X 0# +(3-6%#+#3(@36-&0 O?6 +6 N?6.6 ,(3-#- &$.&+%&$%#@6$%6 +(3-6 60 N-6.&#0 ( 60 `14b = 0

6+%#@N&00#+ O?6 5&$#$,&#$ N(- 0( '6$6-#0 +6-P&,&(+ +(,&#06+ ,(@( 6.?,#,&2$X +##$,&#$(+X 606,%-&5&,#,&2$ -?-#0X #,%&P&.#.6+ ,?0%?-#06+X 6$%-6 (%-(+W

J> $6 94?: 78 64? 8?<4E@=664?

KIUW 7# N-(0&56-#,&2$ .6 6+%#@N&00#+ 6+%Z '6$6-#$.( +(3-6,(+%(+ &@N(-%#$%6+ N#-#6@N-6+#+ = $( +&6@N-6 +6 -6506*# 6$ @#=(-6+ $&P606+ .6 -6,#?.(W

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a/($&00#X ILKJbW

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

O?6 $( +($ +&6@N-6 0(+ @Z+ 65&,&6$%6+ = ?-'6$%6+X = '6$6-# &$506M&3&0&.#.6+ .6N0#C( 6$ 60 '#+%( N]30&,( 0(,#0X 0&@&%#$.( 0# #?%($(@;# .6 0(+ '(36-$#$%6+ 0(,#06+W

J#> ,:;?=78B49=:;8? ?:5B8 86 BVA=E8; 78 B8A46X4? @8<B:68B4? RE=;8B4?



?I"

+> )=4A;Q?<=9:

KTIW H0 -Y'&@6$ ,(0(@3&#$( .6 -6'#0;#+ N6%-(06-#+ = @&$6-#+ 6+ (3+(06%(W H+%6 &$.#0 .6+,-6@6 = 0# 6MN0(%#,&2$ @?= -ZN&.# .6 0(+ =#,&@&6$%(+X '-#P# @?= N(,( # 06MN0(%#,&($6+ @Z+ -6$%#306+ = 6$ 6M,6+( # 0#+ @6$(+ -6$%#306+ –[#+%# 60 N?$%( .6

[#,6- &$P&#306 +? 6MN0(%#,&2$W >6$6-# @?= N(,(+ &$'-6+(+ 5&+,#06+ 6$ YN(,#+ N-6,&(+ #0%(+ a,(@( (,?--&2 6$%-6 0(+ #R(+ ILLT = ILKIb =X 6$ ,#@3&(X -6N-6+6$%?$# ,#-'# @?= 5?6-%6 6$ YN(,#+ .6 N-6,&(+ 3#*(+X ,(@( 0# #,%?#0W A(- 6+%#+ -#C($6+.6+6+%&@?0# 0# 6MN0(-#,&2$ a6+N6,&#0@6$%6 0# O?6 6+N6-# 6$,($%-#- =#,&@&N6O?6R(+ = @6.&#$(+ ( .6 #0%( ,(+%( .6 6MN0(%#,&2$bX 6+N6,&#0@6$%6 6$ ,(=?$%?-#,(@( 0# N-6+6$%6W

KTTW H+%(+ N-(306@#+ +6 .636$ # O?6 0#+ -6'#0;#+ +6 ,(3-#$ +(3-6 60 P#0(- .6 0#N-(.?,,&2$X 6+%&@#.( # 3(,# .6 N(C( ( =#,&@&6$%(X = $( ,($+?0%#$ 0# -6$%#3&0&.#-6#0 .6 0#+ 6MN0(%#,&($6+W A(- 6+%# -#C2$X @?,[(+ N#;+6+ N6%-(06-(+ = @&$6-(+

&.( #3#$.($#$.( 6+%(+ +&+%6@#+ %-#.&,&($#06+ .6 -6'#0;#+ = #.(N%#$.( -6';@6$6+@(.6-$(+ O?6 -6+N($.6$ # .&56-6$,&#+ .6 -6$%#3&0&.#. 6$ 0#+ 6MN0(%#,&($6+W 4+;X N6*6@N0(X 0(+ .(+ @#=(-6+ 6MN(-%#.(-6+ @&$6-(+ .6 0# -6'&2$X 1[&06 = A6-]X [#$#.(N%#.( -6';@6$6+ .6 -6'#0;#+ O?6 .6N6$.6$ .6 0# -6$%#3&0&.#. .6 ,#.# @&$# =X 6$60 ,#+( ,[&06$(X .6 +? %#@#R(W 7( @&+@( [#$ [6,[( 4?+%-#0&# = "?- c5-&,#X 6$%-6(%-(+ '-#$.6+ 6MN(-%#.(-6+ @&$6-(+ O?6 ,(@N&%6$ ,($ 1(0(@3&# 6$ 0# 6MN(-%#,&2$.6 @&$6-#06+ ,(@( 60 ,#-32$X = .&P6-+(+ N#;+6+ 6MN(-%#.(-6+ .6 N6%-206(W

KTVW <Z+ #]$X N#;+6+ ,(@( F(-?6'#X 60 )6&$( D$&.( = 1#$#.Z a= 4?+%-#0&#X%6@N(-#0@6$%6b [#$ +?+%&%?&.( %(%#0 ( N#-,&#0@6$%6 60 -Y'&@6$ .6 -6'#0;#+ N@(.6-$( "/01$2&' + *+ #$-&+ )$* #$%1#2'X O?6 '-#P# +&'$&5&,#%&P#@6$%6 0# -6$%#(3%6$&.# 6$ ,#.# =#,&@&6$%( ?$# P6C O?6 60 &$P6-+&($&+%# [# -6,?N6-#.( +? &$P6-+&# ?$# %#+# r411 3#*# a6O?&P#06$%6 # 0# %#+# .6 &$%6-Y+ .6 0(+ 3($(+ .60 >(3&6-$(-6+N6,%&P(bW 7# %6(-;# ,($%6@N(-Z$6# .6@?6+%-# O?6 6+%6 %&N( .6 &@N?6@#M&@&C# +&@?0%Z$6#@6$%6 0#+ &$P6-+&($6+ 6$ 6MN0(-#,&2$ = 60 P#0(- N-6+6-6$%#+ N#-# 60 H+%#.( aA6--= = 1[6$X ILKJbW "&$ 6@3#-'(X 6+%6 &@N?6+%(X N(- +$( '6$6-# 50?*( .6 ,#*# N#-# 60 >(3&6-$( .6+.6 60 ,(@&6$C( .6 0# 6MN0(%#,&2$X N(- 0(,?#0 N(.-;# '6$6-#- -6#,,&($6+ #.P6-+#+ .6 6,($(@;# N(0;%&,#W A(- 6+# -#C2$X 6+?+?#0 -6,(@6$.#- @#$%6$6- -6'#0;#+ %-#.&,&($#06+ ,($ %#+#+ @?= @(.6-#.#+ –O?6$( '6$6-6$ N-(306@#+ .6@#+&#.( '-#P6+ .6 65&,&6$,&#^ = ?$ &@N?6+%( # 0# -6$%# .60-6,?-+( O?6 N6-@&%# .6+,($%#- 0#+ -6'#0;#+ N#'#.#+W

J##> /B:@F8?<4?

+> *=;84E=8;<:?

KTJW :#.( 60 .&#'$2+%&,( N-6+6$%#.( 6$ 0#+ +6,,&($6+ #$%6-&(-6+X 0(+ 0&$6#@&6$%'6$6-#06+ .6 -65(-@# 6$ 60 ,#+( .6 0(+ &@N?6+%(+ %6--&%(-&#06+ .636 N-(N6$.6- N(-e



?I5

:65&$&- .6 @#$6-# 6MN-6+# = ,0#-# 0#+ ,(@N6%6$,&#+ 6$ @#%6-&# %-&3?%#-&0# F#,&2$ = .6 0(+ .6N#-%#@6$%(+ = @?$&,&N&(+X N(- 0# P;# 06'#0 ,($+%&%?,&($#0W 7# 5#0%# .6 ,0#-&.#. #0 -6+N6,%(X # N6+#- .6 0#+ &$%6-N-6%#.6 0(+ %-&3?$#06+X 6+ ?$# .6 0#+ -#C($6+ O?6 [# 006P#.( # %6$6- ?$ +&+%6@

%-&3?%#-&( %6--&%(-&#0 .&+N6-+( 6$ .($.6 ,($P&P6$ @?0%&N0&,&.#. .6 &@N?'-#PZ@6$6+X ,($ #@N0&# .&P6-+&.#. .6 3#+6+ = %#-&5#+W H00( '6$6-# #0%,(+%(+ .6 ,?@N0&@&6$%( N#-# 0#+ 6@N-6+#+ = 0#+ N6-+($#+ $#%?-#06+ .&5&,?0%#.6+ 6$ 0# '6+%&2$ %-&3?%#-&# 6$ 0#+ #.@&$&+%-#,&($6+ 0(,#06+X P6 #'-#P#.( N(- 0# 3#*# ,#N#,&.#. &$+%&%?,&($#0 .6 '-#$ N#-%6 .6 0(+.6N#-%#@6$%(+ = @?$&,&N&(+ 6$ 60 N#;+W

H$ '6$6-#0X ,($5(-@6 # 0( .&+N?6+%( N(- 0(+ #-%;,?0(+ KJL^KI = TTgX 0# 06=.636 .65&$&- 0(+ 606@6$%(+ @;$&@(+ .60 &@N?6+%(e [6,[( '6$6-#.(-X 3#+6X%#-&5# = +?*6%(+W 1($ -60#,&2$ # 0(+ &@N?6+%(+ @Z+ &@N(-%#$%6+ ^`14 =

06+ ,($,6.6 0# 5#,?0%#. .6 5&*#- 0# %#-&5# .6$%-( .6 ?$(+ -#$'(+ %#-&5#-&(+ = 0#+6M6$,&($6+W "&$ 6@3#-'(X N?6.6 6+%#306,6- .&56-6$,&#+ +6']$ 60 %#@#R( =,#N#,&.#. %6$&6$.( 6$ ,?6$%# 0# ,#%6'(-&C#,&2$ 06'#0 .6 0(+ @?$&,&N&(+X(%(-'#$.( @#=(-6+ ,(@N6%6$,&#+ # 0(+ @?$&,&N&(+ .6 @#=(- %#@#R(W

A#-# O?6 0(+ @?$&,&N&(+ N?6.#$ ,(3-#- # 0(+ ,&?.#.#$(+ N(- 60 ?+( .60.(@&$&( N]30&,(X N(- 0(+ +6-P&,&(+ O?6 N-6+%# ( N(- 0#+ (3-#+ O?6 ,($+%-?=6N(.-;# ?+#- %#+#+ = ,($%-&3?,&($6+ ,(@( ?$# 5(-@# .6 -6,?N6-#- 0(+ ,(+%(+#.@&$&+%-#%&P(+ ,($ 0#+ %#+#+ = -6N#-%&- 0(+ 36$65&,&(+ .6 0#+ (3-#+X @60#+ ,($%-&3?,&($6+W "6 -6O?&6-6 ?$# 06= '6$6-#0 O?6 N(+&3&0&%6 60 ?+( @?$&.6 6+%#+ 5&'?-#+X .65&$&6$.( +?+ 606@6$%(+ 6+6$,&#06+ = .65&$&6$.( 60 +&+%= @Y%(.( N#-# .65&$&- 0(+ ,(+%(+ = 36$65&,&(+W

7(+ N-(,6.&@&6$%(+ .6 0&O?&.#,&2$X -6,#?.( = ,($%-(0 .6 0(+ &@N?6+%(+X.636$ +&@N0&5&,#-+6 .-Z+%&,#@6$%6 N#-# 0(+ @?$&,&N&(+ .6 @6$(- %#@O?6 +6-;# N#-%6 .60 ,2.&'( .6 N-(,6.&@&6$%(+ = +#$,&($6+ O?6 N-(N($6@(+6$ 60 ,#N;%?0( .6 #.@&$&+%-#,&2$W

:636 6@N-6$.6-+6 ?$# -6P&+&2$ = #,%?#0&C#,&2$ '6$6-#0 6 &$%6'-#0 .60 +&+%6%-&3?%#-&( %6--&%(-&#0X 0# ,?#0 $( +6 [#,6 .6+.6 KUgTX 6+ .6,&- [#,6 @Z+ .6 #R(+W H$ 6+%6 6*6-,&,&( +6 .636$ -6,('6- 0(+ #+N6,%(+ .6 6+%-?,%?-# = .&+6R(

%-&3?%#-&( = %#@3&Y$ %(.( 0( -60#,&($#.( ,($ 60 ,2.&'( .6 #N0&,#,&2$ .6 0#+$(-@#+ = 60 -Y'&@6$ +#$,&($#%(-&(W :636 #.6@Z+ %6$6-+6 6$ ,?6$%# 0#[6%6-('6$6&.#. 6$ @#%6-&# .6 ,#N#,&.#. &$+%&%?,&($#0 .6 @?,[(+ '(3&6-$(++?3$#,&($#06+W :&,[# -6P&+&2$ .636 N-(N6$.6- N(- &@N-&@&- @#=(- (-.6$X+&@N0&,&.#. = 65&,&6$,&# #0 +&+%6@# %-&3?%#-&( %6--&%(-&#0W H$ 1(@&+&2$X 6+%# 0#3(- -6O?&6-6 .6 ?$# &$+%&%?,&($#0&.#. N#-%&,?0#- N#-#6+%6 N-(N2+&%(W



?I>

H$ ,?#$%( # 0(+ &@N?6+%(+ .6N#-%#@6$%#06+X 0# 1(@&+&2$ N-(N($6 #*?+%0(+ &@N?6+%(+ 6+N6,;5&,(+ #0 ,($+?@(X O?6 +($ 0(+ @Z+ &@N(-%#$%6+ .6$%.6 +?+ &$'-6+(+ %-&3?%#-&(+X N#-# #,6-,#-+6 # 6+%Z$.#-6+ &$%6-$#,&($#06+ 0(+ O?6 60 N-(N2+&%( .6 +#0?. N]30&,# +6 [# P?60%( N-&(-&%#-&(W H+%(+ ##N?$%#$ %#@3&Y$ # &@N-&@&- ?$# @6*(- 6+%-?,%?-# = #P#$,6+ 6$ -6,#?.(X

,?#0 $( +6 N(.-Z @#%6-&#0&C#- +& 0# :`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

.&+6R( -6+N($.# $( +(0( # -#C($6+ .6 -6,#?.( +&$( %#@3&Y$ #,($+&.6-#,&($6+ #@3&6$%#06+W

7#+ N-(N?6+%#+ 6$ @#%6-&# .6 &@N?6+%(+ @?$&,&N#06+X 0#+ -6,(@6$.#,&(.6 0# 1(@&+&2$ +6 ,6$%-#$ 6$ 60 &@N?6+%( N-6.&#0 = 6$ 60 `14W H$ ,?#$%(N-&@6-(X +& 3&6$ +6 N-(N($6$ #0'?$(+ ,#@3&(+ 6$ @#%6-&# .6 .&+6R(X +-6+#0%# 0# ?-'6$,&# .6 #.(N%#- %(.#+ 0#+ @6.&.#+ $6,6+#-&#+ aO?6 $( +($ .6;$.(06 %-&3?%#-&#b N#-# 0('-#- ?$# #,%?#0&C#,&2$ ,#%#+%-#0 .6 %(.( 60 N#;+W,?#$%( #0 `14X +&'?&6$.( 0#+ +?'6-6$,&#+ .60 /#$,( <?$.&#0X 0# 1(@&+&2$ [#,6-6,(@6$.#,&($6+ ,($ 60 (3*6%&P( .6 +&@N0&5&,#- 60 &@N?6+%( 3?+,#$.( ?$#-6.?,,&2$ 6$ 0# .&+N6-+&2$ %#-&5#+X 0# ?$&5&,#,&2$ .6 0#+ #,%&P&.#.6+ '-#P%6$&6$.( 6$ ,?6$%# .&56-6$,&#+ 6$ -6$%#3&0&.#. = ?$# @6*(- .65&$&,&2$ .60(,#0&C#,&2$W

Q#$%( N#-# 60 ,#+( .6 .6N#-%#@6$%(+ = @?$&,&N&(+X +6 -6,(@&6$.# #0>(3&6-$( F#,&($#0 %(@#- 0#+ @6.&.#+ $6,6+#-&#+ N#-# 60&@&$#- 0# ,-6#,&2$ .6$?6P#+ 6+%#@N&00#+W F( +(0( 6+%6 '-#P#@6$ 606P# 0(+ ,(+%(+X #56,%#65&,&6$,&# 6,($2@&,# = ,($006P# 606P#.;+&@(+ ,(+%(+ .6 ,?@N0&@&6$%( N#0#+ 6@N-6+#+X +&$( %#@3&Y$ ,#-6,6$ .6 %(.# -#,&($#0&.#. 5&+,#0W H$ 6566+%(+ '-#PZ@6$6+ %6-@&$#$ 6$,#-6,&6$.( 60 P#0(- .6 0(+ ,($%-#%(+ = 606P#$ 60'#+%( .6 0(+ '(3&6-$(+ +?3$#,&($#06+X .6 @#$6-# O?6 +? 656,%( $6%( 6$ 0#+

5&$#$C#+ %6--&%(-&#06+ N?6.6 006'#- # +6- $?0(W 4.6@Z+X ,($+%&%?=6$&$%-(@&+&2$ &$.6+6#306 .60 1($'-6+( 6$ 0# #+&'$#,&2$ .6 0(+ -6,?-+(+ +?3^$#,&($#06+X 06+&($#$.( 0# #?%($(@;# N-6+?N?6+%#0 O?6 0# 1($+%&%?,&2$ KUUK O?&+( (%(-'#-06+W

4+; @&+@(X 0# 1(@&+&2$ ,($+&.6-# O?6 6$ 0# -6P&+&2$ .6 0(+ &@N?6+%6--&%(-&#06+ .636 6+%?.&#- 0# N(+&3&0&.#. .6 60&@&$#,&2$ .6 %-&3,($%-&3?,&($6+ .6 @6$(- &@N(-%#$,&#X %#06+ ,(@( .6'i600(X %#+# 3(@36-&0



?ID

#0?@3-#.( N]30&,(X #P&+(+ = %#306-(+X 6$%-6 (%-(+W H+%(+ &@N?6,($%-&3?=6$ # 0# ,(@N06*&.#. .60 +&+%6@#X 6$ P#-&(+ ,#+(+ (,#+&($#$.( ,(+%(+#.@&$&+%-#%&P(+ # 0(+ ,($%-&3?=6$%6+ = # 0#+ N-(N&#+ 6$%&.#.6+ %6--&O?6 +?N6-#$ 60 -6,#?.( O?6 '6$6-#$W

`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

%> /B:@F8?<4?

D> /B:@F8?<4 D> )8T=;=B 8\@B8?4 R 964B4E8;<8 64? 9:E@8<8;9=4? 8;E4<8B=4 <B=5F<4B=4 8;<B8 .49=Q;Z 78@4B<4E8;<:? R EF;=9=@=:?

KTjW 1($ 60 N-(N2+&%( .6 O?6 60 N#;+ ,?6$%6 ,($ ?$ @#-,( (-'#$&C#.( .6 [#,&6$.#N]30&,# %6--&%(-&#0 6$ @#%6-&# %-&3?%#-&#X +6 +&@N0&5&O?6 N#-# 0(+ 6@N-6+#-&(+ .60 N#;+ %(.( 0( -60#%&P( #0 ,?@N0&@&6$%( .6 +?+ (30&'#,&($6+ %-&3?%+6 -6.?C,#$ 0#+ &$$?@6-#306+ ,($%-(P6-+&#+ ,($ 0#+ #?%(-&.#.6+ ,(@N6%6$%6+ .6 0(+.&+%&$%(+ 6$%6+ %6--&%(-&#06+X 0# 1(@&+&2$ -6,(@&6$.# O?6 +6 #.(N%6$ 0#+ O?6 +6#$ N6-%&$6$%6+ .6 ,#-Z,%6- 06'#0 X N#-# O?6 +6 6+%#306C,# ,($ ,0#-&.#. O?6

-6+N6,%( # 0(+ %-&3?%(+ .6N#-%#@6$%#06+ = @?$&,&N#06+X 6+ ,(@N6%6$,&# 6M,0?06'&+0#.(- 6+%#306,6- .6 @#$6-# ?$&5&,#.#X 60 [6,[( '6$6-#.(-X 0# 3#+6 '-#P#306 = 0(++?*6%(+ (30&'#.(+ # +? N#'(W H$ ,?#$%( # 0# %#-&5# .6 0(+ &@N?6+%(+ = N#-# -6+N6%#?%($(@;# .6 0#+ 4+#@306#+ = .6 0(+ 1($,6*(+X 0( O?6 ,(--6+N($.6 # 0# 06= 6+ 5&*#-?$(+ -#$'(+ .6$%-( .6 0(+ ,?#06+ 0#+ 4+#@306#+ = 1($,6*(+ <?$&,&N#06+ .6,&.#$ 0(O?6 6+%&@6$ @Z+ #.6,?#.($

KTSW 1($+&.6-#$.( O?6 0# 06= .636 ,-6#- 60 &@N?6+%( = .6*#- ?$ 6+N#,&( .6 #?%($(@;## 0(+ @?$&,&N&(+X N6-(X O?6 N#-# %#0 5&$ N?6.6 .&56-6$,&#- N(- %#@#R( = ,#N#,&.#.636-;# .(%#- .6 @#=(- #?%($(@;# # .&+%-&%(+ = @?$&,&N&(+ .6 @#=(- %#@#R( =-6'0#+ @Z+ 6+%#$.#-&C#.#+ # @?$&,&N&(+ N6O?6R(+W 4.&,&($#0@6$%6X +(3-6&@N?6+%(+ =# ,-6#.(+ +6 %-#%#-;# +&@N06@6$%6 .6 #,0#-#- #0'?$(+ N?$%(+ ( N-6,&+60 Z@3&%( .6 #?%($(@;# .6 0(+ @?$&,&N&(+X #.@&%&6$.( .&56-6$,&#,&($6+ N(-6MN?6+%( #$%6-&(-@6$%6W H$ ,($,-6%(X +6 N0#$%6#-;#$ 0#+ +&'?&6$%6+ N-(N?6+%



?I:

C> /B:@F8?<4 C> +FE8;<4B 86 =E@F8?<: 46 9:;?FE: 78 9=A4BB=66:? R

<4549:

KTgW 7# 1(@&+&2$ N-(N($6 #?@6$%#- 60 &@N?6+%( # 0(+ ,&'#--&00(+ ,($ 5&$6+ .6 +#0N]30&,#X #,6-,Z$.(0( # 6+%Z$.#-6+ &$%6-$#,&($#06+W

KTUW :#.( O?6 N#-# #,6-,#-+6 # 0(+ N-(@6.&(+ .6 0(+ N#;+6+ .6+#--(00#.(+ = .6 0#-6'&2$X 60 #?@6$%( 6$ 60 &@N?6+%( .636-;# +6- @#=(- #0 N-(N?6+%(X +6 -6,(@&6$.#O?6 #0 ,#3( .6 0(+ .(+ #R(+X 60 >(3&6-$( 6P#0]6 0# N(+&3&0&.#. .6 ?$ $?6P( #?@6$%(6$ 6+%6 %-&3?%(W

KVLW A#-# O?6 0(+ -6+?0%#.(+ 6$ @#%6-&# .6 +#0?. N]30&,# = 6$ @#%6-&# .6 -6,#?.( +6

@#%6-&#0&,6$X -6+?0%# &$.&+N6$+#306 O?6 +6 #.(N%6$ @6.&.#+ ,((-.&$#.#+ 6$%->(3&6-$( F#,&($#0 = 0(+ '(3&6-$(+ +?3$#,&($#06+ N#-# ,(@3#%&- 60 ,($%-#3#$.(W "6&$+&+%6 6$ 0# &@N(-%#$,&# .6 0# &$P6-+&2$ 6$ %6,$(0(';#+ a%-#C#3&0&.#.b N(- N#-:`4F = 6$ 60 ,&6--6 .6 0(+ @6,#$&+@(+ .6 &@N(-%#,&2$ # %-#PY+ .6 C($#+ 5-#$,#+ =#.?#$6-#+X ,(@( 6+ 60 ,#+( .6 <#&,#(W

7# 1(@&+&2$ -6,(@&6$.# #.(N%#- @6.&.#+ .6 ,#-Z,%6- ,($+%&%?,&($#0 =h( 06'#0 O?66+%#306C,#$ ,($ ,0#-&.#. O?6X -6+N6,%( # 0(+ %-&3?%(+ .6N#-%#@6$%#06+ = @?$&,&N#0# ,(@N6%6$,&# 6+ 6M,0?+&P# .60 06'&+0#.(- N#-# 6+%#306,6- 60 [6,[( '6$6-#.(-X 0#3#+6 '-#P#306 = 0(+ +?*6%(+ (30&'#.(+ # +? N#'(W H$ ,?#$%( # 0# %#-&5# .6 0(+&@N?6+%(+X N#-# -6+N6%#- 0# #?%($(@;# .6 0#+ 4+#@306#+ = .6 0(+ 1($,6*(+X 0( O?,(--6+N($.6 # 0# 06= 6+ 5&*#- ?$(+ -#$'(+ .6$%-( .6 0(+ ,?#06+ 0#+ 4+#@306#+ =1($,6*(+ <?$&,&N#06+ .6,&.#$ 0( O?6 6+%&@6$ @Z+ #.6,?#.(W )6+N6,%( # 0#+ %#+#+ =,($%-&3?,&($6+X 60 06'&+0#.(- .636 6+%#306,6- 60 @Y%(.( = 60 +&+%6@# N#-# .65&$&-,(+%(+ = 0(+ 36$65&,&(+W A(- ]0%&@(X 60 06'&+0#.(- .636 .65&$&- 0(+ N-(,6.&@&6%-&3?%#-&(+ .6 0&O?&.#,&2$X -6,#?.( = ,(3-( .6 0(+ &@N?6+%(+ @?$&,&N#06+X ,.&56-6$,&#+ +6']$ 0# ,#N#,&.#. #.@&$&+%-#%&P# .6 0(+ @?$&,&N&(+ = ,($ ?$ -Y'&@6+#$,&($#%(-&( #.6,?#.( # 0# $#%?-#06C# .6 0(+ &@N?6+%(+ ,(--6+N($.&6$%6+W

7# 1(@&+&2$ N-(N($6 #?@6$%#- 60 @($%( %(%#0 .60 &@N?6+%( a$20$%<D"%' @Z++)O:+*'#$/ b 6$ KJLd 6$ ?$ N0#C( .6 T #R(+ = O?6 60 @($%( %(%#0 .60 &@N?6+%( +6#,%?#0&,6 .6 #,?6-.( ,($ 0# P#-&#,&2$ .60 ;$.&,6 .6 N-6,&(+ #0 ,($+?@&.(-W 7(#$%6-&(-X # 0# P6C O?6 +6 #.(N%#$ N(0;%&,#+ #$%&^,($%-#3#$.( O?6 N6-@&%#$ &.6$%= -#+%-6#- 0(+ N-(.?,%(+ $#,&($#06+ = 0(+ O?6 [#$ N#'#.( 60 &@N?6+%( 6$ 60 @(@6$%(

.6 &@N(-%#-+6W "6 N-(N($6 #.6@Z+X -6@N0#C#- 60 +&+%6@# .6 %(-$#'?;#+ N(- 0# 5#,%?606,%-2$&,# O?6 6+%Z &@N06@6$%#$.( 60 >(3&6-$( F#,&($#0X N#-# 0( ,?#0 .636-Z@(.&5&,#- 0# 76= IIT .6 KUUJW



?II

G> /B:@F8?<4 G> &89:E8;749=:;8? ?:5B8 86 =E@F8?<: 46 9:;?FE: 7898BK8O4 R 6=9:B8?

KVKW :#.#+ 0#+ 0&@&%#,&($6+ 6$ @#%6-&# .6 .&+6R( .60 &@N?6+%( #0 ,($+?@( .6 ,6-P6C= +(3-6 0&,(-6+X P&$(+X #N6-&%&P(+ = +&@&0#-6+X = 0#+ .&+%(-+&($6+ O?6 600(

0(+ -6+N6,%&P(+ @6-,#.(+X 0# 1(@&+&2$ -6,(@&6$.# +? ?$&5&,#,&2$ 6$ ?$ +(0&@N?6+%(W H+%6 &@N?6+%( +6-;# 60 -6+?0%#.( .6 ,(@3&$#- ?$ &@N?6+%($20$%<D"%'X,($+&+%6$%6 6$ ?$# +?@# 5&*# N(- '-#.( #0,([(0&@Y%-&,( O?6 +6 #,%?#0&C#-#$?#0@6$%6 ,($ 0# &$50#,&2$ = ?$ &@N?6+%(+)O:+*'#$/ X .65&$&.( ,(@( ?$ N(-,6$%#*6.60 N-6,&( .60 N-(.?,%(W

KVIW A(- ,($+&.6-#,&($6+ -6.&+%-&3?%&P#+X -6,(@6$.#@(+ O?6 6+%6 %-&3?%($20$%<D"%' +6 ,(@3&$6 ,($ ?$ +)O:+*'#$/ W

KVTW :6 $?6P(X 0(+ 656,%(+ 6$ @#%6-&# .6 +#0?. N]30&,# = -6,#?.( +6 @#%6-&#0&C#-Z$ +N#-#060#@6$%6 +6 0('-#$ -6+?0%#.(+ &@N(-%#$%6+ 6$ @#%6-&# .6 ,($%-(0 .6,($%-#3#$.(X 0# 5#0+&5&,#,&2$ = #.?0%6-#,&2$W

KVVW 7# 1(@&+&2$ %#@3&Y$ ,($+&.6-# O?6 0(+ @($(N(0&(+ .6N#-%#@6$%#06+ .6 0&,(-.636$ .6+#N#-6,6-W

S> /B:@F8?<4 S> #E@F8?<: ?:5B8 585=74? 4OF94B474?

7# 1(@&+&2$ -6,(@&6$.# ?$&5&,#- 60 &@N?6+%( # 0#+ ,6-P6C#+ = # 0(+ 0&,(-6+ = P&

H+%6 &@N?6+%( %6$.-;# ?$# 3#+6 6+N6,;5&,# .6 VLL N6+(+ N(- '-#.( .6 #0,([(0,($%6$&.( 6$ 60 N-(.?,%(X 6 &$,0?&-;# ?$ %-#@( 6M6$%( .6 I '-#.(+ .6 #0,([(0 N#-#%(.#+ 0#+ 363&.#+W "6 N-(N($6 O?6 N#-# 60 ,#+( .6 0# ,6-P6C#X 60 #?@6$%( +6 [#'#.6 5(-@# '-#.?#0 6$ I #R(+W H$ 60 %&6@N(X 60 @($%( %(%#0 .60 &@N?6+%( +#,%?#0&C#-Z .6 #,?6-.( # 0# @6%# .6 &$50#,&2$W 4.&,&($#0@6$%6 +6 N-(N($6 '-#P#-%(.(+ 0(+ 0&,(-6+ +&$ 6M,6N,&2$X ,($ 0# %#-&5# '6$6-#0 .60 `E4X = O?6 6+%6 -6,#?.(%6$'# .6+%&$#,&2$ 6+N6,;5&,# N#-# +#0?. = 6.?,#,&2$W 7( #$%6-&(-X # 0# P6C O?6 +#.(N%#$ N(0;%&,#+ #$%&^,($%-#3#$.( O?6 N6-@&%#$ &.6$%&5&,#- = -#+%-6#-N-(.?,%(+ $#,&($#06+ = 0(+ O?6 [#$ N#'#.( 60 &@N?6+%( 6$ 60 @(@6$%( .6&@N(-%#-+6W "6 N-(N($6 #.6@Z+X -6@N0#C#- 60 +&+%6@# .6 %(-$#'?;#+ N(- 05#,%?-# 606,%-2$&,# O?6 6+%Z &@N06@6$%#$.( 60 >(3&6-$( F#,&($#0X N#-# 0( ,?#0.636-Z @(.&5&,#- 0# 76= IIT .6 KUUJW

H+%?.&#- 0# ,($P6$&6$,&# ( &$,($P6$&6$,&# .6 6+%#306,6- ?$ &@N?6+%( +(3-6 363&.#+#C?,#-#.#+X %6$&6$.( 6$ ,?6$%# 0#+ ,($+&.6-#,&($6+ 6$ 60 .&#'$2+%&,( .6 6+%6.(,?@6$%( a$?@6-#06+ gg # UIbW



?IO

H> /B:@F8?<4 H> #E@F8?<: ?:5B8 6:? K8eX9F6:? 4F<:E:<:B8?

KVJW Q6$&6$.( 6$ ,?6$%# 0(+ 606@6$%(+ .60 .&#'$2+%&,(X 0# 1(@&+&2$ -6,(@&6$.# O?660 >(3&6-$( -6P&+6 0# 6+%-?,%?-# .60 &@N?6+%( .6 @#$6-# O?6 $( +(0#@6$%6,($%6@N06 60 P#0(- ,(@6-,&#0 .60 P6[;,?0( +&$( O?6 %#@3&Y$ ,($%6$'# ?$

,(@N($6$%6 O?6 N-(@?6P# 0# N-(%6,,&2$ .60 @6.&( #@3&6$%6W

KVjW D$ ,-&%6-&( O?6 60 >(3&6-$( .636-;# 6MN0(-#- 6+ O?6 60 ,(@N($6$%6 #.&,&($#0 #0P#0(- ,(@6-,&#0 +6 3#+6 6$ 60 $&P60 .6 6@&+&2$ .6 '#+6+ .60 P6[;,?0(W A#-# @6*(-#- 60,($%-(0X %#$%( 60 -6+?0%#.( .6 6@&+&2$ .6 '#+6+ ,(@( 60 N#'( .60 &@N?6+%( .636-;#$+6- -6O?6-&.(+ 6$ 0# #.O?&+&,&2$ .60 "94QW

KVSW A#-# 60 -6,#?.( +6 -6,(@&6$.# 6+%?.&#- 0# N(+&3&0&.#. .6 5#,%?-#- 60 &@N?6+%( $( 6M&'&- .6,0#-#,&2$X ,(@( (,?--6 #,%?#0@6$%6X .#.( O?6 0(+ .6N#-%#@6$%(+,($(,6$ 0# 3#+6 = 0# %#-&5# N#-# 0&O?&.#-0(X ,($+&.6-#$.( 0# 5#,%?-# ,(@( ?$ #,%(#.@&$&+%-#%&P( .6 0&O?&.#,&2$X $(%&5&,#306 = ,($ 656,%(+ .6 %;%?0( 6*6,?%&P(W

KVgW 7# 1(@&+&2$ -6,(@&6$.# 6M%6$.6- 6+%6 &@N?6+%( # %(.#+ 0#+ @(%(+X = O?6 0.&+N($'# ,($ ,0#-&.#. 0( -60#%&P( # 0(+ .6-6,[(+ .6 +6@#5(-&C#,&2$W

]> /B:@F8?<4 ]> (:5B8 86 =E@F8?<: @B87=46 F;=T=947:

KVUW 1($ -60#,&2$ #0 &@N?6+%( N-6.&#0X 0# 1(@&+&2$ -6,(@&6$.# #.(N%#- @6.&.#

%6$.&6$%6+ # .(%#- .6 @#=(- +&@N0&,&.#.X N-('-6+&P&.#. = 6O?&.#. [(-&C($%#0 &@N?6+%( = # #P#$C#- .6 @#$6-# -ZN&.# = 65&,&6$%6 6$ 0# #,%?#0&C#,&2$ ,#%#+%N#;+W

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



?IC

U> /B:@F8?<4 U> (:5B8 86 =E@F8?<: 78 =;7F?<B=4 R 9:E8B9=: #,+

KJLW 1($ -60#,&2$ #0 `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

H$ -60#,&2$ ,($ 60 &@N?6+%( N-6.&#0 ?$&5&,#.(X 0# 1(@&+&2$ -6,(@&6$.#e! H+%#306,6- ?$ @6,#$&+@( @Z+ 6MN6.&%( @6.&#$%6 60 ,?#0 60

,($%-&3?=6$%6 N?6.# [#,6- -6,0#@(+ 6$ ,?#$%( #0 P#0(- ,#%#+%-#0 .6 +?N-6.&(W

! :(%#- .6 -6,?-+(+ #0 `>41 N#-# O?6 ,(@N06%6 = #,%?#0&,6 60 ,6$+(&$@(3&0&#-&( .60 N#;+W 1($ 60 5&$ .6 #+6'?-#- 0# 5?6$%6 .6 -6,?-+(+ = +?.6+%&$#,&2$X +6 N-(N($6 O?6 6+%(+ +6 &$,0?=#$ ,(@( ?$ ,(@N($6$%6.60 "&+%6@# >6$6-#0 .6 A#-%&,&N#,&($6+W H7 `>41 .636 .#- N-&(-&.#. #0# #,%?#0&C#,&2$ ,#%#+%-#0 -?-#0 O?6 6+ 0# @Z+ #%-#+#.#W

! A-(@(P6- # %-#PY+ .6 0# B?$%# .60 `>41X ,($ -6,(@6$.#,&2$ .6 0##.@&$&+%-#,&2$ ( .60 :FAX 0# .606'#,&2$ 6*6,?%(-&# .6+.6 60 `>41 # 0(+,#%#+%-(+ #?%2$(@(+X 6$ +?+ Z-6#+ '6('-Z5&,#+ .6 &$50?6$,&#X # 0#+,&?.#.6+ ,($ @Z+ .6 KLLWLLL [#3&%#$%6+ = # 0#+ #+(,&#,&($6+ .6@?$&,&N&(+ O?6 ,(@N06%6$ -6O?&+&%(+W

! A#-# 60 -6,#?.( +6 -6,(@&6$.# 6+%?.&#- 0# N(+&3&0&.#. .6 5#,%?-#- 60

&@N?6+%( = $( 6M&'&- .6,0#-#,&2$X ,(@( (,?--6 #,%?#0@6$%6X .#.( O?60(+ @?$&,&N&(+ ,($(,6$ 0# 3#+6 = 0# %#-&5# N#-# 0&O?&.#-0(X ,($+&.6-#$.(0# 5#,%?-# ,(@( ?$ #,%( #.@&$&+%-#%&P( .6 0&O?&.#,&2$X $(%&5&,#30,($ 656,%(+ .6 %;%?0( 6*6,?%&P(W 7(+ ,($%-&3?=6$%6+ N(.-Z$ (N%#- N(- 60#?%( #P#0]( ,?#$.( .6,&.#$ .6,0#-#- N(- ?$ @#=(- P#0(-W

! H$ 60 ,#+( .6 0#+ N6-+($#+ *?-;.&,#+ ( $#%?-#06+ (30&'#.#+ # 006P#-,($%#3&0&.#.X ,?#$.( 60 #P#0]( N#-# 656,%(+ ,($%#306+ +6# +?N6-&(- #0P#0(- ,#%#+%-#0 60 @#=(- P#0(- +6-Z %6$&.( 6$ ,?6$%# N#-# 656,%(+ .60&@N?6+%( N-6.&#0W



?OE

L> /B:@F8?<4 L> &89:E8;749=:;8? ?:5B8 64? 8?<4E@=664? R9:;<B=5F9=:;8? ?:5B8 9:;<B4<:? 78 :5B4 @[56=94

Y>

/B:@F8?<4 Y> &89:E8;749=:;8? ?:5B8 86 BVA=E8; 78 B8A46X4?@8<B:68B4? R E=;8B4?

KJKW 7# 1(@&+&2$ -6,(@&6$.# #0 >(3&6-$( = #0 1($'-6+( 6+%?.&#- 0# N(+&3&0&.#. .6O?6X N#-# $?6P(+ N-(=6,%(+ N6%-(06-(+ = @&$6-(+ 6$ 1(0(@3&#X ( 3&6$ +6 #.(N%6 ?$+&+%6@# .6 -6'#0;#+ ,(@( 60 ,[&06$( ( N6-?#$(X ( 3&6$ +6 +?+%&%?=# N#-%6 .60 -Y'&@

H$ -60#,&2$ ,($ 60 &@N?6+%( .6 &$.?+%-&# = ,(@6-,&(X 0# 1(@&+&2$ -6,(@&6$.# 0+&'?&6$%6e

#W <#$%6$6- N(- #[(-# 0# #,%?#0 3#+6 '-#P#306 .60 %-&3?%( a0(+ &$'-6+(+3-?%(+b N(- -#C($6+ N-Z,%&,#+X # N6+#- .6 O?6 -6,($(,6 0(+ N-(306@#+%Y,$&,(+ O?6 6+# 3#+6 (-&'&$#W

3W Q6$6- # 0( +?@( %-6+ '-?N(+ .6 %#-&5#+X 3#+Z$.(+6 6$ 0#+ .&56-6$,&#+ 6$-6$%#3&0&.#. 6$%-6 '-?N(+ .6 #,%&P&.#.6+W )6+?0%# .6 0# @#=(- &@N(-%#$,&O?6X N-6P&( # 0# .65&$&,&2$ .6 6+%#+ %#-&5#+X 60 >(3&6-$( F#,&($#0 ,(0#3(-#,&2$ ,($ 0(+ 6$%6+ %6--&%(-&#06+X -6#0&,6$ 0(+ 6+%?.&(+ $6,6+#-&N#-# 6P#0?#- 60 656,%( .6 6+# $?6P# 6+%-?,%?-# .6 %#-&5#+ 6$ 60 -6,#?.(W

,W 4@N0&#- 0# .65&$&,&2$ .6 +6-P&,&(+ O?6 O?6.#-;#$ '-#P#.(+ ,($ 60 %-&3?%(X#?$O?6 6+%# +6-;# (30&'#%(-&# +(0#@6$%6 N#-# @?$&,&N&(+ '-#$.6+W

.W 7(+ ,#@3&(+ &$%-(.?,&.(+ #0 %-&3?%( .636-;#$ %6$6- 6$ ,?6$%# 60 %#@#R(.60 6+%#306,&@&6$%( = .60 @?$&,&N&(W A#-# 0(+ @?$&,&N&(+ N6O?6R(+ 6+%#306,&@&6$%(+ ,($ P6$%#+ &$56-&(-6+ # #0']$ ?@3-#0 6$ ,?#0O?&6- ,&?.#.

–,(@( 0( -6,(@&6$.# 60 6+%?.&( .60 /#$,( <?$.&#0^X +6 -6,(@&6$.#6+%?.&#- 0# N(+&3&0&.#. .6 ,(3-#- ?$# +?@# 5&*#X .6%6-@&$#.# 6$ DEQW6W :65&$&- 60 %6@# .6 %6--&%(-&#0&.#. N#-# 0#+ #,%&P&.#.6+ $(^&$.?+%-&#0

O?6 6+%6 %6@# +(0#@6$%6 6+%Z -6+?60%( 6$ 60 ,#+( .6 0#+ &$.?+%-&#0H$%-6 0#+ #0%6-$#%&P#+ O?6 N(.-;#$ 6P#0?#-+6 .636 ,($%6@N0#-+6 0# .60+&%&( .6 -6+&.6$,&# .6 0# 6@N-6+#X N6-@&%&6$.( .6+,($%#- 0( O?6 +6 N#'26$ (%-(+ @?$&,&N&(+W

5W )6P&+#- 0#+ N-([&3&,&($6+ O?6 %&6$6$ 0(+ @?$&,&N&(+ N#-# '-#P#- ,($ `14.6%6-@&$#.#+ #,%&P&.#.6+ 6,($2@&,#+ O?6 [(= $( 6+%Z$ [#3&0&%#.(+ N#-#'-#P#-W

"6 6M[(-%# #0 >(3&6-$( F#,&($#0 # #$#0&C#- 0# P;# *?-;.&,# #N-(N&#.# N#-# N-([&3&- 0,-6#,&2$ .6 $?6P#+ 6+%#@N&00#+ = ,($%-&3?,&($6+ +(3-6 ,($%-#%(+ .6 (3-# N]30&,#X%#$%( N(- N#-%6 %#$%( .60 1($'-6+( ,(@( .6 0#+ 4+#@306#+ = 1($,6*(+W



?O?

de regalías por un nuevo ‘impuesto a la renta del recurso’ Ig aO?6 N6-@&%# .6+,($%#-0#+ -6'#0;#+ N#'#.#+bW H+6 ,#@3&( -6.?$.#-;# 6$ ?$ &$,-6@6$%( &@N(-%#$%6 6$ 0(+$&P606+ .6 6MN0(-#,&2$ @&$6-# = N6%-(06-# 6$ 1(0(@3&# =X #0 @&+@( %&#?@6$%#-;# 60 P#0(- N-6+6$%6 .6 0(+ &$'-6+(+ 5&+,#06+ (3%6$&.(+ .6 #O?600(+N-(=6,%(+ O?6 -6+?0%6$ 6,($2@&,#@6$%6 N-(.?,%&P(+W 40 $( #56,%#- 0#+

6MN0(%#,&($6+ #,%?#06+X $( +6 -6.?,&-;#$ 0(+ &$'-6+(+ #,%?#06+ .60 -Y'&@6$ .6-6'#0;#+W H0 >(3&6-$( = 60 1($'-6+( .6%6-@&$#-;#$ ,2@( +6 .&+%-&3?=6 60 -6,#?.( .60$?6P( &@N?6+%( 6$%-6 -6'&($6+ N-(.?,%(-#+X $( N-(.?,%(-#+ = 60 >(3&6-$( F#,&($#0W

KJIW 7# 1(@&+&2$ ,($+&.6-# O?6 6+%6 6+ 60 ,#@&$( ,(--6,%( N#-# 6+%&@?0#- 06MN0(-#,&2$ @&$6-# = N6%-(06-# 6$ 1(0(@3&# 6$ 0#+ #,%?#06+ ,&-,?$+%#$,&#+X 6$ .6 6+%#306,6- P6$%#*#+ 6+N6,&#06+ N#-# 60 +6,%(- 6$ 60 &@N?6+%( # 0# -6$%# a( 6$?6P( &@N?6+%( # 0#+ ?%&0&.#.6+ 6@N-6+#-&#06+bW

DI> '<B4? @B:@F8?<4?

Ig "& +6 (N%# N(- 6+%6 $?6P( &@N?6+%(X +6 -6O?&6-6 .65&$&- P#-&(+ ,-&%6-&(+ = N#-,0#P6+ aE6- 1[6$ = A6--=X (NW,&%bX 6$ N#-%&,?0#-e

KW 7# %#+# .6 .6+,?6$%( ?%&0&C#.#W 7# 0&%6-#%?-# -6,&6$%6 -6,(@&6$.# ?%&0&C#.6 &$%6-Y+ N#'#.# 6$ 3($(+ &$%6-$#,&($#06+ .60 >(3&6-$( # 0#-'( N0#C(

IW 7# %#+# .60 &@N?6+%(W 7(+ N#;+6+ O?6 0( [#$ #.(N%#.( ?%&0&C#$ %#+#+ 6$%-6

SLdW D$ 6+%?.&( .&+N($&306 N#-# 1(0(@3&# -6,(@&6$.# 60 JLdTW "& +6 #N0&,# N(- 6@N-6+# ( N(- =#,&@&6$%(W \#= #-'?@6$%(+ N-Z,%&,(+ # 5#P(-

0# +6'?$.# (N,&2$X N#-# 6P&%#- '6$6-#- +&%?#,&($6+ .6 P6$%#*# N#-# 0#+ 6@N-6+O?6 =# 6+%Z$ (N6-#$.( 6$ 60 N#;+

VW "& +6 .6.?,6 .60 $?6P( &@N?6+%( # 0#+ ?%&0&.#.6+ 6@N-6+#-&#06+X ,(@( +?,6.6[(= ,($ 0#+ -6'#0;#+ ,($ -6+N6,%( #0 &@N?6+%( # 0# -6$%#W \#= #-'?@6$%(+%62-&,(+ # 5#P(- .6 6+%# (N,&2$W

)6P&+#- 0(+ &@N?6+%(+ O?6 N#-%&,&N#$ N(,( 6$ 60 -6,#?.( %6--&%(-&#0 = #$#0&CN(+&3&0&.#. .6 60&@&$#-0(+ ( -6@N0#C#-0(+ N(- ?$ &@N?6+%( ]$&,( +6$,&00( 6$ ?$ N0$( @#=(- # I #R(+W

4P#$C#- 6$ 0# 60#3(-#,&2$ .6 ?$ ,2.&'( %-&3?%#-&( = -Y'&@6$ N-(,6.&@6$%#0 =+#$,&($#%(-&( &@N(+&%&P( ]$&,( N#-# 0# %-&3?%#,&2$ %6--&%(-&#0W



?O"

J###> &8T8B8;9=4?

/#?$+'##-.X Q[(@#+W aILLKbW 4 I#"/$# '- @"-$#+* S+J+&"'- W `<G r(-q&$' N#N6-X LKhKTUW

/6-#-.&X FWX "6P6+%-6X AWX Q6N#?%X <W p E&'$6-($X 4W aILKIbWThe impact of a ‘soda tax’ on 0#"%$28 _:")$-%$ D#'/ f#$-%7 /"%#' )+&+8 :(,?@6$%( .6 Q-#3#*( $(W VKJX /#$,( .6

G-#$,&#W/(#.8#=X )WX p m66$X <W aILLUbWS7$'#$&"%+* I$#20$%&":$2 '- b$2'1#%$ S+J !$2">-Wn?66$y+ H,($(@&,+ :6N#-%@6$%W

/($&00#X )W aILKJbW./01$2&'2 &$##"&'#"+*$2W <&@6(W

Brownell et al. (2009). “The Public Health and Economic Benefits of Taxing SugarSweetened Beverages”. S7$ 5$^ _->*+-) g'1#-+* 'D @$)"%"-$ W 43-&0X TjIaKTbeKIJLW

1#@N(+^EZCO?6CX )W p <6.&$#^1(-%&$#X HW aILKJbWI+22O&7#'1>7 +-) ='/0$&"&"'-F S7$"/0+%& 'D 2'D& )#"-B &+J$2 12"-> @$J"%+- 210$#/+#B$& 2&'#$28 H0 1(06'&( .6 <YM&,(W

1#806=X BW p G-&+P(0.X :W aILKJbWS7$ .-%")$-%$ 'D S+J$2 '- A1>+#OA^$$&$-$) e$:$#+>$2FS7$ =+2$ 'D e$#B$*$36 =+*"D'#-"+8 F/H) r(-q&$' A#NN6- F(W IKVjJX 4'(+%(W

16$%-( `$%6-#@6-&,#$( .6 4.@&$&+%-#,&($6+ Q-&3?%#-&#+^1`4QW aILKVbW=.4S!+&+ Ob$%+1)+%",-Wb$:$-1$ A&+&"2&"%2W 1(06,,&2$ %-&@6+%-#0X KUUL^ILKT z/#+6 .6 .#%(+

1($+&.6-#,&($6+ &$+%&%?,&($#06+e

7# 1(@&+&2$ ,($+&.6-# O?6 0# #,%?#0&C#,&2$ 06'#0 5?%?-# .60 -Y'&@6$ %-&3?%#-&($#,&($#0 -6O?&6-6 .6 0# ,-6#,&2$ .6 ?$# &$+%&%?,&($#0&.#. #N-(N&#.# N#-# 6+%6 = (%-(5&$6+ .6 0# .6+,6$%-#0&C#,&2$ 6$ 1(0(@3&#W H$ 656,%(X ,(@( +6 @6$,&($2 #%-Z+X5#0%# .6 #,%?#0&C#,&2$ .6 6+%6 -Y'&@6$ +6 .636 6$ '-#$ @6.&.# # O?6 $( ,($+%&%?=6?$# N-&(-&.#. N#-# 60 >(3&6-$( F#,&($#0 a5-6$%6 # 0# #,%?#0&C#,&2$ .6 0(+ %-&3?%$#,&($#06+bX O?&6$ %&6$6 [(= .;# 0# &$&,&#%&P# 6M,0?+&P# #0 -6+N6,%(W

H0 6$%6 #?%2$(@( N-(N?6+%( .636-;# %6$6- &.6#0@6$%6 -#$'( ,($+%&%?,&($#0X N6-(%#@3&Y$ N?6.6 +6- .6 ,-6#,&2$ 06'#0W Q6$.-;# ,(@( N-&$,&N#06+ 5?$,&($6+e N-(@(P6-6+%?.&(+ +(3-6 0# %-&3?%#,&2$ = (%-(+ #+N6,%(+ .6 0#+ 5&$#$C#+ %6--&%(-&#06+ = NN-(=6,%(+ .6 76=X 4,%(+ 76'&+0#%&P(+X :6,-6%(+ )6'0#@6$%#-&(+ = 4,?6-.(+ .64+#@306#+ = 1($,6*(+X N#-# .6+#--(00#- +?+ -6,(@6$.#,&($6+_ = N-(@(P6- 0# ,-6#,&2$= @6*(-#@&6$%( .6 ,#N#,&.#.6+ #.@&$&+%-#%&P#+ = %Y,$&,#+ = #N(=( 6$ @#%6-

%-&3?%#-&#+X N-6+?N?6+%#06+ = .6 N-6+%#,&2$ .6 +6-P&,&(+ 6$ 0(+ 6$%6+ %6--&%(-0( -6O?&6-#$W



?O5

Q(@#.( .6 [%%Nehh888W,&#%W(-'h&$.6MWN[Nh6+hN-(.?,%(+^=+6-P&,&(+h,&#%.#%#h-6,#?.#,&($W[%@0

1$(++6$X " aH.bW aILLJbWS7$'#3 +-) I#+%&"%$ 'D _J%"2$ S+J+&"'-W 9M5(-.e 9M5(-.D$&P6-+&%= A-6++W

H1($,6N% 4H` aILKVbW@$#%+)' )$ *"%'#$2 $- ='*'/9"+F '0'#&1-")+)$2 $- 1- $-&'#-')"2&'#2"'-+)'8 F(P&6@3-6W

H?-(@($&%(- $%6-$#%&($#0 aILKIbWS7$ "**$>+* +*%'7'*"% 9$:$#+>$2 /+#B$& "- 2"J %'1-&#"$2W"N6,&#0 )6N(-%W

Gómez Sabaíni, J.C y D. MoránW aILKTbW “Política tributaria y protección del medioambiente: Imposición sobre vehículos en América Latina”. A$#"$ @+%#'$%'-'/<+ )$*!$2+##'**' X 16N#0X KVKW

>?*X AW aILKIbW@"-$#+* #'3+*&"$2 +-) '&7$# /"-"-> 20$%"D"% &+J$28 `$%6-$#%&($#0 <&$&$' 5(-:6P60(N@6$% 16$%-6W

\6$-=X mWX \#-@6-X BWX A&''(%%X BWX )&.(?%X \WX = "@&%[X >W aILKLbW Australia’s Future TaxA32&$/ b$:"$^F f"-+* b$0'#& W E(0?@6 IX ,[#N%6- HW

`<G aILKIbWf"2%+* #$>"/$2 D'# $J&#+%&":$ "-)12&#"$2W `<G r(-q&$' A#N6-+X 4?'?+%W

B([$+%($X B([$+%($ #$. )('6-+W aILLgbW.-&$#-+&"'-+* I$&#'*$1/ S+J+&"'- W :#$&60B([$+%($ p 1(W

B([$+%($X :#$&60W aILLgbW“1[#$'&$' 5&+,#0 0#$.+,#N6”W g'1#-+* 'D a'#*) _-$#>3 C+^ he12"-$22 X E(0W KX F(W KW

7#$.X /W aILKLbW“)6+(?-,6 -6$% %#M6+e # -6^#NN-#&+#0”W `$S7$ S+J+&"'- 'D 0$&#'*$1/ +-)@"-$#+*2F I#"-%"0*$26 I#'9*$/2 +-) I#+%&"%$X `<G^)(?%06.'6W

<&$%CX BWX p 1[6$X :W aILKIbW=+0&1#"-> $%'-'/"% #$-&2 D#'/ #$2'1#%$2 &7#'1>7 #'3+*&"$2+-) &+J$2 W Q[6 ",[((0 (5 A?30&, A(0&,=W

91:H aILKVbW='-21/0&"'- S+J S#$-)2 UMT[F R4SicAS +-) $J%"2$ #+&$26 &#$-)2 +-) 0'*"%3 "221$2W A?30&,#,&($6+ 91:HW

9<" aILKV#bWc*'9+* 2&+&12 #$0'#& '- +*%'7'* +-) 7$+*&7 UMT[8

9<" aILKV3bWb+"2"-> &+J '- &'9+%%'F ^7+& 3'1 -$$) &' B-'^8

9<" aILKJbWaj` #$0'#& '- &7$ >*'9+* &'9+%%' $0")$/"%F b+"2"-> &+J$2 '- &'9+%%'8

http://www.ciat.org/index.php/es/productos-y-servicios/ciatdata/recaudacion.html






?O>

9%%($& +* W aILLjbW@"-"-> b'3+*&"$2F 4 c*'9+* A&1)3 'D S7$"# ./0+%& '- .-:$2&'#26c':$#-/$-&6 +-) =":"* A'%"$&3 W Q[6 r(-0. /#$qW

AW :#$&60X <W m66$X p 1W <,A[6-+($W aILKLbW“)6+(?-,6 -6$% %#M6+e # -6^#NN-#&+#0”W `$

S7$ S+J+&"'- 'D 0$&#'*$1/ +-) @"-$#+*2F I#"-%"0*$26 I#'9*$/2 +-) I#+%&"%$ X `<G^)(?%06.'6W

A6--=X >W #$. \(X "W BW aILKIbWS7$ $DD$%&2 'D %'//')"&3 &+J+&"'- '- 2$%&'# 0$#D'#/+-%$ W`:/ r(-q&$' A#N6-+W

A6--=X >W = :W 1[6$W aILKJbW@"-"-> S+J+&"'- "- ='*'/9"+ W ",[((0 (5 A?30&, A(0&,=X 1#0'#-=D$&P6-+&%=W

"#$%# <#-;#X <WX = )(C(X "W aILLSbW“7# -65(-@# .60 &@N?6+%( #0 ,($+?@( .6 ,&'#--&00( =%#3#,( 60#3(-#.(e &@N#,%( +(3-6 60 -6,#?.(”W=1+)$#-'2 )$ f$)$2+##'**' X F(W IVX(,%?3-6W

D$&P6-+&.#. .60 )(+#-&( aILKJ N(- N?30&,#-bWC+ %#"2"2 )$ *'2 "/01$2&'2 &$##"&'#"+*$2W/('(%ZW

k#N#%#X BWX "#3('#0X 4WX <($%6+X 4WX )(.-;'?6CX >WX 1#+%&00(WX BW aILKIbW“1($%-#3#$.( .61&'#--&00(+ = Q-&3?%#,&2$ 6$ 1(0(@3&#”W=1+)$#-'2 )$ f$)$2+##'**' X F(W VIX $(P&6@3-6W

k?06%#X 7WX 1#3#006-(X 4W p B#-#@&00(X 7W aILLgbW_2&"/+%",- )$ *'2 _D$%&'2 $- $* b$%+1)'S#"91&+#"' ./01&+9*$2 + @')"D"%+%"'-$2 $- *+2 S+2+2 )$ *'2 ./01$2&'2 )$ *'2 R"-'26C"%'#$2 3 =$#:$?+2W G6.6+#--(00(W



?OD

CAPÍTULO IV Régimen Tributario Especial para las

Asociaciones, Fundaciones yCorporaciones constituidas comoEntidades Sin Ánimo de Lucro (ESAL)

#> )=4A;Q?<=9:

+> 'B=A8; 786 &VA=E8; 0B=5F<4B=: $?@89=46 ^&0$_

KW H0 06'&+0#.(- (N%2 N(- 6+%#306,6- ?$ )Y'&@6$ Q-&3?%#-&( H+N6,&#0 a)QHb # 5,($%-(0#- # 0#+ H$%&.#.6+ "&$ c$&@( .6 7?,-( a6$ #.60#$%6 H"47bX @Z+ N#-# #+6'?-#-60 ,?@N0&@&6$%( .6 +? 5&$#0&.#. O?6 N#-# -6,#?.#- &@N?6+%(+W H$ 656,%(X .6+.-65(-@# .6 KUSVX 6+%#+ 6$%&.#.6+ +6 ,($+&.6-#3#$ ,(@( $( ,($%-&3?=6$%6+XN(+%6-&(-@6$%6X 0# 76= SJ .6 KUgj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a)QHb = 0# 5?1(@&%Y .6 H$%&.#.6+ "&$ c$&@( .6 7?,-( O?6 ,#0&5&,#3# 6'-6+(+ = 0# .6+%&$#,&2$ .0(+ 6M,6.6$%6+ .6 6+%#+ 6$%&.#.6+X 5?$,&2$ O?6 5?6 60&@&$#.# N(- 0# 76= Vgg KUUgX +&$ O?6 60 1(@&%Y [#=# .6+#N#-6,&.(X N?6+ @#$%&6$6 0# 5?$,&2$ .6 ,#0&5&&@N(-%#,&($6+ 6M,0?&.#+ .60 `E4 N(- 60 #-%;,?0( VgL .60 HWQW a4-%;,?0( TjI = TjTH+%#%?%( Q-&3?%#-&(X 6$ #.60#$%6X HWQWbW

%> "4B9: ;:BE4<=K:

IW 7#+ H"47X &$,0?&.#+ 0#+ N6-%6$6,&6$%6+ #0 -Y'&@6$ %-&3?%#-&( 6+N6,&#0X = 0#+,(@( F9 ,($%-&3?=6$%6+ a.6$(@&$#.#+ ,($*?$%#@6$%6 ,(@( H"47 6$ #.60#$%6bX6+%Z$ ,0#+&5&,#.#+ N(- 60 H+%#%?%( Q-&3?%#-&( N#-# 656,%(+ 5&+,#06+ 6$ .&,#%6'(-;#+e

&W H$%&.#.6+ .60 )Y'&@6$ Q-&3?%#-&( H+N6,&#0 a4-%;,?0( KUX TJj # TjVX-6'0#@6$%#.(+ N(- 60 :6,-6%( VVLL .6 ILLV = :6,-6%( IjIT .6 ILKVb_



?O:

&&W F( ,($%-&3?=6$%6+ (30&'#.(+ # .6,0#-#- a4-%;,?0( ITX IT^KX ITÎ = JUgb_&&&W F( ,($%-&3?=6$%6+ $( (30&'#.(+ # .6,0#-#- a4-%;,?0( IIb_ =X&PW 1($%-&3?=6$%6+ .60 -Y'&@6$ (-.&$#-&( #+&@&0#.#+ # +(,&6.#.6+ 0&@&%#

,?#$.( 0#+ H"47 $( ,?@N06$ 0(+ -6O?&+&%(+ N#-# N6-%6$6,6- 60 )QHW

TW 1(@( N?6.6 P6-+6 0#+ H"47X N?6.6$ N6-%6$6,6- #0 )QH +& ,?@N06$ 0(+ -6O?&+&%06'#06+X +( N6$# .6 +6- %-#%#.#+ .6$%-( .60 -Y'&@6$ '6$6-#0W "&$ 6@3#-'(X 0# 06=,#0&5&,# # #0'?$#+ .6 0#+ H"47 ,(@( $( ,($%-&3?=6$%6+X # #0'?$#+ 06+ &@N($6 0#(30&'#,&2$ .6 .6,0#-#- = # (%-#+ $(W

VW "6']$ 0(+ .#%(+ .6 0# :`4FX 6$ 60 )QH #N#-6,6$ JVWUTT = ,(@( $( ,($%-&3?=6$%6+KjWSIUX N#-# ?$ %(%#0 .6 SKWjjIX H"47X ,(@( +6 (3+6-P# 6$ 60 1?#.-( ILW

,F47B: CI> &VA=E8; 8?@89=46 R 78 ;: 9:;<B=5FR8;<8? 786 =E@F8?<: ?:5B8 64 B8;<4 8;,:6:E5=4

&3W#"$. $(/$,#+* k .' ,'.0&#%fk$.0$( )$* #"/f$(0' ('%&$ *+ &$.0+ $. ,'*'"%#+

&3W#"$. $(/$,#+* .:> .#04"91`41`9FH" IKWUULGDF:41`9FH" – 9F> KVWVVS199AH)4QÈ4" SWjIL19)A9)41`9FH" jWJTgG9F:9" H<A7H4:9" IWKIT17D/ "91`47 9 :HA9)QÈ9" KWTgT

9Q)9" JUKH<A)H"4 4"91`4QÈ4 :H Q)4/4B9 ILL14B4" :H 19<AHF"41`|F VK

0'0+* HS>YGG.' ,'.0&#%fk$.0$( .:> .#0

"47D: VWjLJH:D141`|F IWKjL)H7`>`9"9" SWJJgA)9A`H:4: \9)`k9FQ47 KWILg4"91`41`9FH" A4:)H" :H G4<`7`4 IVT:HGHF"4 1È`7 } /9</H)9" ITJ4"91`41`9FH" Hv47D<F9" KSJ4:<`F`"Q)41`9F A~/7`14 KVLBDFQ4" :H 411`|F 19<DF47 gUG9F:9" <DQD9X 19<~F } E479)H" jS"`F:`14Q9" jT"91`H:4: <HB9)4" A~/7`14" VJ1)Dk )9B4 Tg



?OI

14/`7:9" `F:•>HF4" TK4"91`41`9FW <DF`1`A`9" IjG9F:9" :H AHF"`9FH" } 1H"4FQ•4" IJG9F:9" :H AHF"`9F4:9" KIA4)Q`:9" A97•Q`19" U

0'0+* D]>UCYW&+. 0'0+* UD>]]C

G?6$%6e :`4F aILKTbW

JW A#-# N6-%6$6,6- 60 )QH +6 -6O?&6-6 ,?@N0&- 0#+ +&'?&6$%6+ ,($.&,&($6+e

n?6 6+%Y$ ,($+%&%?&.#+ *?-;.&,#@6$%6 ,(@( H$%&.#.6+ "&$ c$&@( .6 7?,-( aH"47b n?6 .6+#--(006$ #,%&P&.#.6+ .6 &$%6-Y+ '6$6-#0X n?6 0# ,(@?$&.#. %6$'# #,,6+( # +?+ +6-P&,&(+ =X n?6 +? (3*6%( +(,&#0 N-&$,&N#0 = +?+ -6,?-+(+ 6+%Y$ .6+%&$#.(+ # #,%&P&.#.6+

+#0?.X .6N(-%6X 6.?,#,&2$ 5(-@#0X ,?0%?-#X &$P6+%&'#,&2$ ,&6$%;5&,# ( %6,$(06,(0(';#X N-(%6,,&2$ #@3&6$%#0 ( .6+#--(00( +(,&#0W

jW H0 ,?@N0&@&6$%( .6 6+%#+ ,($.&,&($6+ 06+ (%(-'# 60 .6-6,[( # .(+ 36$65&,&(++?+%#$,&#06+e 0# 6M6$,&2$ .60 &@N?6+%( +(3-6 0# -6$%# +(3-6 0(+ 6M,6.6$%6+ .6+%&$6$ #0 ,?@N0&@&6$%( .6 +? (3*6%( +(,&#0 = ?$# %#-&5# -6.?,&.# .60 ILd ,?#$.(-6+?0%6$ 6M,6.6$%6+ '-#P#.(+W 4.&,&($#0@6$%6X %&6$6$ (%-(+ 36$65&,&(+ O?6.6+,-&36$ 6$ 60 1?#.-( IKW

,F47B: CD> ,64?=T=949=:;8? 49<F468? 78 64? $;<=7478? (=; `;=E: 78 *F9B:

$;<=7478? 786 BVA=E8; <B=5F<4B=:8?@89=46

^+B<> DYZ GH]gG]S $>0>_

$;<=7478? .: ,:;<B=5FR8;<8? – )8964B4;<8?

^+B<?> CGZ CGgDZ CGgC R HYL$>0>_

$;<=7478? .: ,:;<B=5FR8;<8? – .:)8964B4;<8?^+B<?> CC _

:636$ N-6+6$%#- .6,0#-#,&2$ .6)6$%# = 1(@N06@6$%#-&(+W

A-6+6$%#$ .6,0#-#,&2$ .6-6$%#W

F( +($ ,($%-&3?=6$%6+ .60 `@N?6+%(+(3-6 0# )6$%# = 1(@N06@6$%#-&(+

F( 06+ #N0&,# 60 +&+%6@# .6 )6$%# N(-,(@N#-#,&2$ .6 A#%-&@($&(+W

F( 0&O?&.#$ `@N?6+%( .6-6$%# $& #$%&,&N(+W

F( N-6+6$%#$ .6,0#-#,&2$ .6 )6$%# =1(@N06@6$%#-&(+ $& .6 `$'-6+(+ =A#%-&@($&(W

H+%Z$ 6M,0?&.#+ .6 0# )6$%#

A-6+?$%&P#W

:636$ 0&O?&.#-+6 0#++#$,&($6+ ,?#$.( 5?6-6 60

,#+(W

:636$ 0&O?&.#-+6 0#+ +#$,&($6+

,?#$.( 5?6-6 60 ,#+(W

F( 6+%Z$ (30&'#.#+ # ,#0,?0#-#$%&,&N( #0 &@N?6+%( .6 -6$%#W

F( +6 06+ 656,%]# )6%6$,&2$6$ 0# G?6$%6 N(- $&$']$,($,6N%( +&6@N-6 O?6.6@?6+%-6$ +? $#%?-#06C# *?-;.&,# a4-%W TjU HWQWbW

F( +6 06+ 656,%]# )6%6$,&2$ 6$ 0#G?6$%6 N(- $&$']$ ,($,6N%(X +&6@N-6O?6 .6@?6+%-6$ +? $#%?-#06C# *?-;.&,#W a4-%W TjU .60 HWQWb

:6.?,6$ %(.(+ 0(+ 6'-6+(+X &$,0?&.(+0#+ &$P6-+&($6+ 6$ 60 #R( .6 +?

F( .6,0#-#$ $& N#'#$&@N?6+%( #0 N#%-&@($&(X $& #

F( .6,0#-# $& N#'# &@N?6+%( #0N#%-&@($&( = # 0# -&O?6C#W



?OO

SW 7#+ ,#-#,%6-;+%&,#+ = ,($.&,&($6+ 6+%Z$ .65&$&.#+ .6 0# +&'?&6$%6 @#$6-#e

$;<=747 (=; `;=E: 78 *F9B:> 7(+ #N(-%6+ #0 5($.( +(,&#0 $( N6-%6$6,6$ #0#N(-%#$%6 =X N(- 6$.6X $( +($ -66@3(0+#306+W 7(+ 6M,6.6$%6+ $( +6.&+%-&3?=6$ $& .&-6,%# $& &$.&-6,%#@6$%6X # $&$']$ %;%?0(X $& # 0(+ 5?$$& # 0(+ .6@Z+ @&6@3-(+ #N(-%#$%6+X $& #]$ 6$ 60 @(@6$%( .6 +? -6%&-( .6 6$%&.#.X $& %#@N(,( N(- -#C2$ .6 0# 0&O?&.#,&2$ .6 0# @&+@#W

'5b8<: ?:9=46> :636 5&'?-#- 6$ 60 #,%# .6 ,($+%&%?,&2$ .6 0# 6$%&.#.W H0:6,-6%( )6'0#@6$%#-&( a4-%;,?0( I .60 :6,-6%( VVLL .6 ILLVb 6M&'6 O?6 0#,#0&5&,#,&2$ .6 0#+ #,%&P&.#.6+ @6-&%(-&#+ +6# ,6-%&5&,#.# N(- 0(+ <&$&+6$%&.#.6+ N]30&,#+X ,(@( -6O?&+&%( N#-# N6-%6$6,6- #0 )QHW

)8?<=;49=Q; 78 6:? B89FB?:?> :636 +6- #N-(3#.# N(- 0# #+#@306# ( 60 @ZM&@(2-'#$( .6 '(3&6-$( = +? P6-&5&,#,&2$ N(+%6-&(- 06 ,(--6+N($.6 # 0# :`4FW

#;<8BV? A8;8B46> 7# #,%&P&.#. .636 +6- 36$Y5&,# N#-# ?$ '-?N( N(30#,&($#0a+6,%(-X 3#--&( ( ,(@?$&.#. .6%6-@&$#.#b a4-%&,?0( I :W)W VVLLhILLVbW

-6#0&C#,&2$W 0# -&O?6C#W

A#'#-Z$ &@N?6+%( # 0# %#-&5# ]$&,#.60 ILd +(3-6 60 36$65&,&( $6%( (6M,6.6$%6 5&+,#0W

"($ -6+N($+#306+ .60&@N?6+%( # 0#+ P6$%#+ +&P6$.6$ 3&6$6+ =h( N-6+%#$+6-P&,&(+ '-#P#.(+W

"($ -6+N($+#306+ .60 &@N?6+%( # 0#+P6$%#+ +& P6$.6$ 3&6$6+ =h( N-6+%#$+6-P&,&(+ '-#P#.(+W

7#+ .60 $?@6-#0 K€ .60 #-%;,?0( KU .60HWQW $( 6+%Z$ (30&'#.#+ # .6,0#-#- =N#'#- &@N?6+%( #0 N#%-&@($&( 6&@N?6+%( # 0# -&O?6C#a,(-N(-#,&($6+X 5?$.#,&($6+ =#+(,&#,&($6+b

"($ #'6$%6+ -6%6$6.(-6+ N(-%(.(+ 0(+ &@N?6+%(+

"($ #'6$%6+ -6%6$6.(-6+ N(- %(.(+0(+ &@N?6+%(+

"6 06+ N-#,%&,# -6%6$,&2$ 6$ 0# 5?6$%6+(0( N(- &$'-6+(+ .6 &$.?+%-&#X@6-,#.6( a1(@N-#+b = -6$.&@&6$%(+5&$#$,&6-(+W a4-%;,?0( KV :6,%WVVLLhLVb "($ #'6$%6+ -6%6$6.(-6+ N(- %(.(+0(+ &@N?6+%(+W "($ -6+N($+#306+ .60 &@N?6+%( # 0#+P6$%#+ +& P6$.6$ 3&6$6+ =h( N-6+%#$+6-P&,&(+ '-#P#.(+W >6$6-#0@6$%6 +($ ,($%-&3?=6$%6+ .6`14X .6N6$.&6$.( .6 0# -6'?0#,&2$@?$&,&N#0W



?OC

+998?: 4 64 9:EF;=747> "6 ,($+&.6-# O?6 0# 6$%&.#. +&$ Z$&@( .6 0?,-(N6-@&%6 60 #,,6+( # 0# ,(@?$&.#.X ,?#$.( [#,6 (56-%# #3&6-%# .6 0(+ +6-P&,&(+= #,%&P&.#.6+ O?6 -6#0&C# 6$ .6+#--(00( .6 +? (3*6%( +(,&#0X N6-@&%&6$.( O%6-,6-(+ N?6.#$ 36$65&,&#-+6 .6 600#+X 6$ 0#+ @&+@#+ ,($.&,&($6+ O?6 0(+@&6@3-(+ .6 0# 6$%&.#.X ( +?+ 5#@&0&#-6+ a4-%;,?0( I :W)W VWVLLhILLVbW

gW 7#+ #,%&P&.#.6+ # 0#+ ,?#06+ 60 HWQW 06+ ,($,6.6 0# 6M6$,&2$ +($e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

UW 4.&,&($#0@6$%6 # 0#+ H"47X 0#+ 6$%&.#.6+ .60 +6,%(- +(0&.#-&(X #?$O?6 6$ 6+%-+6$%&.( $( +($ 6$%&.#.6+ +&$ Z$&@( .6 0?,-(X %&6$6$ #0'?$#+ ,($.&,&($6+ %-&3?%#-6+N6,&#06+ = 60 HWQW 0#+ ,0#+&5&,# .6$%-( .60 )QHW A(- %#$%(X 6+%6 +6,%(- 'N-&P&06'&(+ .6 0#+ H"47X N(- 6*6@N0(X 0# 6M6$,&2$ .60 &@N?6+%( .6 -6$%#X +&[email protected]%6-@&$6$ +?+ 6M,6.6$%6+ ,($5(-@6 # 0# 06'&+0#,&2$ ,((N6-#%&P# = .6+%&$6$ 60 IL.6 +?+ 6M,6.6$%6+ # N-('-#@#+ .6 6.?,#,&2$ 5(-@#0 6$ &$+%&%?,&($6+ #?%(-&C#.#+ N(-60 <&$&+%6-&( .6 H.?,#,&2$ a4-%;,?0(+ KUX $?@6-#0 V HWQW = K :W)W IWggLhIL%6$6- 6$ ,?6$%# 0# #,%&P&.#. O?6 .6+#--(00# $& 60 ,?@N0&@&6$%( .6 0#+ .6@,($.&,&($6+ 6M&'&.#+ N#-# 0#+ H"47W

KLW 7#+ H"47 $( 6+%Z$ +?*6%#+ # -6$%# N-6+?$%&P#X -6$%# N(- ,(@N#-#,&2$ N#%-&@($# N#'#- #$%&,&N( .60 &@N?6+%( .6 -6$%#W 7#+ #+(,&#,&($6+X 5?$.#,&($6+ ,(-N(-#,&($6+ 5?6-($ 6M($6-#.#+ .60 &@N?6+%( .6 -&O?6C#W 4.&,&($#0@6$%6X $(6+%Z$ +?*6%#+ # -6%6$,&2$ +(3-6 +?+ &$'-6+(+X +#0P( N(- -6$.&@&6$%(+ 5&$#$,&6-(,#*#+ .6 ,(@N6$+#,&2$X 5($.(+ @?%?(+ .6 &$P6-+&2$ = #+(,&#,&($6+ '-6@&#06+%#@3&Y$ 6+%Z$ +(@6%&.#+ # -6%6$,&2$ N(- &$'-6+(+ N-(P6$&6$%6+ .6 #,%&P&&$.?+%-&#06+ = ,(@6-,&#06+W

KKW 1(@( -6'0# '6$6-#0X %(.#+ .636$ ,?@N0&- ,($ 0#+ (30&'#,&($6+ %-&3?%#-&#+ 5(-@#06+6+ .6,&-X -6'&+%-#-+6X 5#,%?-#-X 006P#- ,($%#3&0&.#.X .6,0#-#- = -6N(-%#- &$5(-@#

4+; @&+@(X +($ #'6$%6+ .6 -6%6$,&2$ = .636$ ,?@N0&- ,($ 0#+ (30&'#,&($6+ .6-&P#.#+.6 %#0 ,#0&.#.W H+%Z$ (30&'#.#+ # 006P#- 0&3-(+ .6 ,($%#3&0&.#. = .636$ #,('6-+6 # 0#$(-@#+ ,($%#306+ P&'6$%6+X ,(@( N(- 6*6@N0(X 006P#- 0&3-( .6 #,%#+ .6 #+#@306#'6$6-#06+X (-.&$#-&#+ = 6M%-#(-.&$#-&#+X 6+%#- -6'&+%-#.#+ 6$ 0#+ ,Z@#-#+,(@6-,&(X 6$ 0# :`4F ( 6$ ,?#0O?&6- (-'#$&+@( N]30&,( N#-# -6,($(,&@&6$%( .6 +?N6-+($6-;# *?-;.&,# a4-%;,?0( TjV HWQWX 4-%;,?0(+ KJ = Kj :W)W VVLLbW



?CE

KIW 7#+ H"47X N#-# 656,%(+ .6 (3%6$6- 0# 6M6$,&2$ .60 &@N?6+%( +(3-6 0# -6$%# +(3-6 +6M,6.6$%6+X .636-Z$ ,?@N0&- 0(+ -6O?&+&%(+ ,($%6$&.(+ 6$ 0#+ $(-@#+ .60 HWa4-%;,?0( TJg HWQWX 4-%;,?0(+ gX UX KL :) VVLLh ILLV = 4-%;,?0( V :W)W jVLhILLJ0#+ 1((N6-#%&P#+ 0#+ $(-@#+ +(3-6 6M6$,&($6+ +($ 0#+ 6+%&N?0#.#+ 6$e 60 4-%;,?0(:W)W VVLLhILLVX 0(+ 4-%;,?0(+ KX IX TX VX JX jX S :W)W IggLh ILLVX 60 4-%;,?

SUhKUgg = 0# 1&-,?0#- HM%6-$# ShILLU .6 0# "?N6-&$%6$.6$,&# .6 0# H,($(@;#"(0&.#-&#bW

,> /B:568E4? B868K4;<8?

KTW 1(@( N?6.6 (3+6-P#-+6 6$ 60 1?#.-( IKX 0#+ H"47 %&6$6$ ?$ %-#%#@&6$%( %-&3?%#-.&+;@&0X #%6$.&6$.( # .&+%&$%#+ ,#-#,%6-;+%&,#+X 6+ .6,&-X $( %(.#+ 6+%Z$ +?*6= 0#+ O?6 6+%Z$ .6$%-( .60 @&+@(X %&6$6$ %-#%#@&6$%(+ @&M%(+ .6N6$.&6$.(#,%&P&.#.6+W

KVW H0 (3*6%( +(,&#0 ,($%&6$6 .65&$&,&($6+ @?= '6$6-#06+ .6 %#0 5(-@# O?6 $( +6 N?6.6#+6'?-#- O?6 ,?@N0#$ 0# 5&$#0&.#. N(- 0# ,?#0 +6 06+ (%(-'# ?$ %-#%#@&6$%( 6+N6,&#H+%( 6+ N#-%&,?0#-@6$%6 PZ0&.( 6$ 60 ,#+( .6 0(+ N-('-#@#+ .6 .6+#--(00( +(,&#0 = 0#+#,%&P&.#.6+ .6 &$P6+%&'#,&2$X .#.( O?6 $( 6M&+%6$ .65&$&,&($6+ 06'#06+X ,($+6,?6$,&#X 3#+%# ,($ &$,0?&- 6$ 60 (3*6%( +(,&#0 6+%#+ #,%&P&.#.6+ = 60 36$65#0,#$C# # %(.( %&N( .6 6$%&.#.6+X ,(@( +6 N?6.6 ,($,0?&- ,?#$.( +6 #.P&6-%6 O?6 60Vgd .6 0# H"47 5&'?-#$ 6$ 60 )DQ ,($ #,%&P&.#.6+ 6,($2@&,#+ $( ,0#+&5&,#.#+W "& 3&660 -6'0#@6$%( 0#+ #%# # 0#+ 06=6+ +6,%(-&#06+ -6+N6,%&P#+ = 6M&'6 0# #,-6.&%#,N#-%6 .6 0(+ <&$&+%6-&(+ ( 6$%&.#.6+ N]30&,#+ .60 +6,%(-X *?+%#@6$%6 6$ 60 ,#+( N-('-#@#+ .6 .6+#--(00( +(,&#0 $& 6M&+%6 .65&$&,&2$ 06'#0X $& .636$ +6- #,-6.&%#.#+

$&$'?$# 6$%&.#.X 0?6'( O?6.#$ # 0# .&+,-6,&($#0&.#. .6 0# N-(N&# 6$%&.#. = .#.( O?60# #.@&$&+%-#,&2$ %-&3?%#-&# $( .6+#--(00# N-('-#@#+ .6 ,($%-(0X %6$6@(+ 36$65&,&( (%(-'#.( ,($ 6M,6+&P# 0#M&%?. a:6,-6%( VVLL .6 ILLVbW

,F47B: CC> $;<=7478? 786 &VA=E8; $?@89=46 78 49F8B7: 4 ?F 49<=K=747 89:;QE=94 8; 86&f0

.:> +9<=K=747 $9:;QE=94 .[E8B: 78 8;<=7478? /:B98;<4b8KW FW1WAW TTWLjU VgdIW "#0?. TWIUJ JdTW )60&'&(+#+ SWIgJ KKd

VW 1((N6-#%&P#+ SWjSL KKdJW 9%-#+ IJWjLS Ijd

0'0+* ]Y>CH] DIIcG?6$%6e <&$&+%6-&( .6 \#,&6$.# aILKJbW H$%&.#.6+ .60 )Y'&@6$ H+N6,&#0W

KJW 1(@( N?6.6 (3+6-P#-+6 6$ 60 1?#.-( IKX 0#+ H"47 %&6$6$ ?$ %-#%#@&6$%( %-&3?%#-.&+;@&0X #%6$.&6$.( # .&+%&$%#+ ,#-#,%6-;+%&,#+X 6+ .6,&-X $( %(.#+ 6+%Z$ +?*6



?C?

= 0#+ O?6 6+%Z$ .6$%-( .60 @&+@(X %&6$6$ %-#%#@&6$%(+ @&M%(+ .6N6$.&6$.(#,%&P&.#.6+W

D> )=?<:B?=:;8? 786 BVA=E8; 49<F46

KjW H0 -Y'&@6$ #,%?#0 6+ @?= 0#M( = +& # 6+( +6 +?@# 0# 5#0%# .6 ,($%-(0 .6 #.@&$&+%-#,&2$ %-&3?%#-&#X 6+ N-(3#306 O?6 +6 #3?+6 .6 0(+ 36$65&,&(+ ,($,6.&O?6 +6 (3%&6$6$ %#$ +(0( ,($ ,($+%&%?&-+6 3#*( 0# 5(-@# .6 6$%&.#. +&$ Z$&@( 0?,-( ,($ 60 (3*6%( +(,&#0 O?6 &$.&,# 0# 06=W

KSW H0 -Y'&@6$ #,%?#0 $( '#-#$%&C# O?6 #0 )QH N6-%6$6C,#$ ]$&,#@6$%6 0#+ H"47 O,?@N0#$ 5?$,&($6+ .6 &$%6-Y+ '6$6-#0X 6$ %#$%(X 36$65&,&#$ '-?N(+ 6@N-6+#-&#05#@&0&#-6+W H$ (%-(+ ,#+(+X $( 6M&+%6 #,,6+( # 0# ,(@?$&.#. N?6+ +(0( N6-@&%#,,6+( # +?+ &$+%#0#,&($6+ = #,%&P&.#.6+ # +?+ +(,&(+ ( #N(-%#$%6+W H+ .6,&-,($,6N%(+ .6 &$%6-Y+ '6$6-#0 = #,,6+( # 0# ,(@?$&.#.X ,(@( ,($.&,&($6+ N#-#N6-%6$6,6- #0 -Y'&@6$X [#$ +&.( &$%6-N-6%#.(+ .6 @#$6-# 0#M# N(- 0# *?-&+N-?.6$,&0# .(,%-&$#W

KgW /#*( ,&6-%#+ @(.#0&.#.6+X 6+ N(+&306 O?6 +6 .&+%-&3?=#$ ?%&0&.#.6+ &$.&-6,%#,(@( +6 [# P&+%( 6$ 0#+ .6$?$,&#+ N]30&,#+ .6 .&+%&$%#+ 6$%&.#.6+W

KUW F( %&6$6$ ,($%-(0 N#%-&@($&#0 6$ %#$%( O?6 6+%Z$ 6M,0?&.#+ .6 -6$%# N-6+?$.6%6-@&$#,&2$ .60 &@N?6+%( +(3-6 0# -6$%# N(- ,(@N#-#,&2$ N#%-&@($&#0 =@#=(-;#X .60 &@N?6+%( .6 -&O?6C#X ,($ 0( ,?#0 #,?@?0#$ +?+ 6M,6.6$%6+ .6 @#$6-#&$.65&$&.#X .6+P&-%?#$.( 60 ,?@N0&@&6$%( .6 +?+ 5&$#0&.#.6+ +(,&#06+W F( +6 #

0# .6+%&$#,&2$ .6 +?+ 6M,6.6$%6+ #0 ,?@N0&@&6$%( .6 +? (3*6%( +(,&#0 6$ ,?#$N?6.6$ 006P#-+6 #0 N#%-&@($&( .&-6,%#@6$%6 0#+ #+&'$#,&($6+ N6-@#$6$%6+ +&$ .6 %&6@N(W

ILW :6$%-( .60 )QH +6 &$,0?=6$ 0#+ 1((N6-#%&P#+ O?6X #?$ ,?#$.( +6 N-(,0#@#$ ,(@(6$%&.#.6+ +&$ Z$&@( .6 0?,-(X (N6-#$ .6$%-( .60 @6-,#.(X (5-6,&6$.( 3&6$6+ =+6-P&,&(+ 6$ ,0#-# ,(@N6%6$,&# ,($ 60 +6,%(- 6@N-6+#-&#0 ,($ Z$&@( .6 0?,-(X N6-(+&'?6$ 0#+ -6'0#+ .60 +6,%(- +(0&.#-&(X 6+%( 6+X -66@3(0+#$ +?+ #N(-%6+ = .&+%-&6M,6.6$%6+X ,($ 0( ,?#0X 6+%-&,%#@6$%6 $( +($ 6$%&.#.6+ +&$ Z$&@( .6 0?,-(W "& 3N(- N6-%6$6,6- #0 +6,%(- +(0&.#-&( 60 06'&+0#.(- N(.;# ,($,6.6-06+ ?$ %-#%( 6+N6,&#0X$( .636$ N6-%6$6,6- #0 )QHX N(- 0# +&@N06 -#C2$ O?6 (N6-#$ 6$ ,(@N6%6$,&# ,($ 60@6-,#.(X .6+#--(00#$.( #,%&P&.#.6+ ,(@6-,&#06+ =X 6$ #0'?$(+ ,#+(+ N-6+%#$.(+6-P&,&(+ -6+%-&$'&.(+ +(0( # +?+ @&6@3-(+W "(0( ,($ .6+%&$#- 60 ILd .6 +?+6M,6.6$%6+ # N-('-#@#+ .6 6.?,#,&2$ 5(-@#0 6$ &$+%&%?,&($6+ #?%(-&C#.#+ N(- 60<&$&+%6-&( .6 H.?,#,&2$ 6+%Z$ 6M6$%#+ .60 &@N?6+%( a4-%;,?0(+ KUX $?@6-#0 V H:W)W IggLhILLVbX +&$ O?6 .63# %6$6-+6 6$ ,?6$%# 0# #,%&P&.#. O?6 .6+#--(00# $&,?@N0&@&6$%( .6 0#+ .6@Z+ ,($.&,&($6+ 6M&'&.#+ N#-# 0#+ H"47W



?C"

IKW 7#+ H"47 N?6.6$ .6+#--(00#- #,%&P&.#.6+ ,(@6-,&#06+ ,(@( (3*6%( N-&$,&N#0X N6-( ,($?$# P6$%#*# ,(@N6%&%&P# 5-6$%6 # 0#+ 6$%&.#.6+ ,($ Z$&@( .6 0?,-(X .#.( O?6 '(C#$.6 ?$# 6M6$,&2$ 6$ 60 &@N?6+%( +(3-6 0# -6$%# a6+%( 6+ N#-%&,?0#-@6$%6 6P&.6$%60 ,#+( .6 0#+ ,((N6-#%&P#+bW Q#$ +(0( #0'?$#+ H"47 6+%Z$ '-#P#.#+ +(3-6 +?+#,%&P&.#.6+ &$.?+%-&#06+ = .6 @6-,#.6( a,#*#+ .6 ,(@N6$+#,&2$X 5($.(+ @?%?(+ .6

&$P6-+&2$X #+(,&#,&($6+ '-6@&#06+X 5($.(+ .6 6@N06#.(+bX ,($ 0( ,?#0 %&6$6$ ?%-#%#@&6$%( @&M%(W

IIW 7#+ #,%&P&.#.6+ 6,($2@&,#+ ,($ 0#+ ,?#06+ #N#-6,6$ 0#+ H"47 6$ 60 )DQ $(,(--6+N($.6$ # 0#+ #,%&P&.#.6+ +6R#0#.#+ 6$ 60 #-%;,?0( KUX ,(@( +6 N?6.6 (3+6-P#-6$ 60 1?#.-( IIX 6$ .($.6 60 Vgd 5&'?-#$ ,(@( #,%&P&.#.6+ $( ,0#+&5&,#.#+W

ITW 7# :`4F $( 6*6-,6 +?+ 5#,?0%#.6+ .6 ,($%-(0 +(3-6 6+%6 %&N( .6 6$%&.#.6+X 6$,($+6,?6$,&#X 0(+ 36$65&,&(+ %-&3?%#-&(+ +($ ,($,6.&.(+ # 6+%#+ 6$%&.#.6++&@N06@6$%6 N(- 60 [6,[( .6 ,($+%&%?&-+6 ,(@( H"47X +&$ O?6 0# :`4FX #+6'?-6 $,($%-(06 O?6 656,%&P#@6$%6 .6+%&$6$ +?+ 6M,6.6$%6+ #0 ,?@N0&@&6$%( .60 (3+(,&#0W D$ [6,[( +&$%(@Z%&,( .6 +? %6@(- # +6- -6P&+#.#+ N(- 0# #.@&$&+%-#,&2-6P60# 6$ O?6 0# @#=(-;# .6 6$%&.#.6+ O?6 [#$ +&.( (3*6%( .6 -6%6$,&2$ +(3-6 +?+-6$.&@&6$%(+ 5&$#$,&6-(+X .#.( O?6 +(0&,&%#$ 0# 6M6$,&2$ 6$ +? .6,0#-#,&2$X O?6,($ ?$ +#0.( # +? 5#P(-X ^,?=(+ .#%(+ +6-P&-Z$ N#-# ?$ N-('-#@# .6 ,($%-(0 .6 0#:`4F^ N-65&6-6$ %-#+0#.#-0( ( &$,0?+( N6-.6-0( #$%6+ .6 +(0&,&%#-0( # 0# :`4FX N#-#6P&%#- ?$# P6-&5&,#,&2$ .&-6,%# .6 0# :`4FW

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

C> #;bF?<=T=947: T:E8;<: 78 64 9:;<B4<49=Q; @[56=94 9:; $(+*

IJW H0 (-.6$#@&6$%( *?-;.&,( ,(0(@3&#$( 5(@6$%# .6 .&56-6$%6+ @#$6-#+ 0# ,($%-#%#,&2$.6 6$%&.#.6+ +&$ Z$&@( .6 0?,-( N(- 6$%&.#.6+ N]30&,#+W 7#+ $(-@#+ 6+%#306,6$ O?0(+ (3*6%&P(+ .6 .&,[# ,($%-#%#,&2$ .636$ -60#,&($#-+6 ,($ 60 &$%6-Y+ N]30&,( = 6.6+#--(00( +(,&#0X N6-( .#.# 0# '6$6-#0&.#. .6 .&,[#+ 6MN-6+&($6+ = 0# 5#0%# .6,($%-(0_ #+; ,(@( 0# N-656-6$,&# .6 6$%&.#.6+ +&$ Z$&@( .6 0?,-( N(- +? +(0#$#%?-#06C# +(3-6 (%-#+ 6$%&.#.6+X &$.?,6 # 0# ,-6#,&2$ .6 6$%&.#.6+ +&$ Z$&@( .0?,-( +(0( ,($ 60 N-(N2+&%( .6 #,,6.6- # 6+%(+ ,($%-#%(+ = .6 N#+( (3%6$6- 0(+36$65&,&(+ %-&3?%#-&(+W



?C5

IjW H$ 656,%(X 60 (-.6$#@&6$%( *?-;.&,( 6+%#306,6 6M,6N,&($6+ #0 )Y'&@6$ .6 0#1($%-#%#,&2$ H+%#%#0 a76= gL .6 KUUTbW D$# .6 600#+ 6+ O?6 N6-@&%6 # 0#+ 6$N]30&,#+ +?+,-&3&- ,($%-#%(+ = ,($P6$&(+ .6 #+(,&#,&2$ ,($ 6$%&.#.6+ +&$ Z$&@( .0?,-( ,($ 60 5&$ .6 &@N?0+#- N-('-#@#+ = #,%&P&.#.6+ .6 &$%6-Y+ N]30&,( #,(-.6+ ,($

60 A0#$ F#,&($#0 = 0(+ N0#$6+ +6,,&($#06+ .6 .6+#--(00( 4-%;,?0( TJJ .6 0# 1($+%&%?,&2.6 KUUKX .6+#--(00#.( N(- 0(+ :6,-6%(+ SSS .6 KUUIX KVLT .6 KUUI = JJj .6 ILKIW

ISW :&,[# -6'?0#,&2$ 6+%#306,6 O?6 0#+ 6$%&.#.6+ N-&P#.#+ +&$ Z$&@( .6 0?,-( .636$ +6-.6 -6,($(,&.# &.($6&.#.X .65&$&.# ,(@( 0# 6MN6-&6$,&# ,($ -6+?0%#.(+ +#%&+5#,%(-&(+O?6 #,-6.&%#$ 0# ,#N#,&.#. %Y,$&,# = #.@&$&+%-#%&P# N#-# -6#0&C#- 60 (3*6%,($%-#%(X ,($ j @6+6+ .6 6M&+%6$,&# = ,?=( (3*6%( +6# &@N?0+#- N-('-#@#+ =#,%&P&.#.6+ .6 &$%6-Y+ N]30&,(W

IgW 4.&,&($#0@6$%6X (%-#+ 6$%&.#.6+ N]30&,#+ 6+%Z$ 6+N6,;5&,#@6$%6 5#,?0%#.#+,($%-#%#- ,($ 6$%&.#.6+ N-&P#.#+ +&$ Z$&@( .6 0?,-( N#-# 0# N-6+%#,&2$ .6 0(++6-P&,&(+ N]30&,(+ O?6 %&6$6$ # +? ,#-'(W A(- 6*6@N0(X 60 :6,-6%( ITgg .6 KUSU-6'0#@6$%#-&( .6 0# 76= S .6 KUSUX 6$ +?+ #-%;,?0(+ KIT # KIUX 6+%#306,6 O?#%6$.&6$.( 0# $#%?-#06C# 6+N6,&#0 .60 +6-P&,&( N]30&,( .6 3&6$6+%#- 5#@&0&#-X 5#ICBF para la contratación con lo que denomina “Instituciones de Utilidad Pública oSocial” de reconocida solvencia moral y técnica, dando preferencia a las más#$%&'?#+ = O?6 [#=#$ +(3-6+#0&.( N(- +?+ @Y-&%(+ = .(%6+ #.@&$&+%-#%&P(+XN-6+%#- 60 +6-P&,&( N]30&,( .6 3&6$6+%#- 5#@&0&#-W

##> *=;84E=8;<:? 78 F;4 B8T:BE4 786 &0$ @4B4 64?+?:9=49=:;8?Z 1F;749=:;8? R ,:B@:B49=:;8? 9:;?<=<F=74? 9:E:$(+*

+> lF?<=T=949=Q;

IUW 7#+ H$%&.#.6+ "&$ c$&@( .6 7?,-( aH"47b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

TLW H+ #+; ,(@( 0#+ H"47 #,%]#$ .($.6 60 H+%#.( = 60 @6-,#.( $( %&6$6$ 0# ,#N#,&.#. (+6 -6O?&6-6 .6 %-#3#*( ,(@N06@6$%#-&( N#-# ,($+%-?&- %6*&.( +(,&#0 = 5(-%#06,6



?C>

&$+%&%?,&($#0&.#.W )6N-6+6$%#$ ?$ &$+%-?@6$%( N(.6-(+( N#-# 0# 6MN-6+&2$ ,&?.#.#$(+ = .6 0# +(,&6.#. ,&P&0 ,(@( #'6$%6+ .6 .6+#--(00( +(,&#0 = N(0;%&,(W A(-6+(X +6 .6$(@&$#$ ,(@( 60 %6-,6- +6,%(-X 6$ %#$%( $( (N6-#$ 3#*( 0#+ -6'0#+ .60@6-,#.( ,(@( 0(+ #'6$%6+ N-&P#.(+X $& %#@N(,( 5(-@#$ N#-%6 .60 H+%#.(W

TKW 4.6@Z+ .6 +? $#%?-#06C# = 5&$#0&.#.6+ 0#+ (-'#$&C#,&($6+ +(,&#06+ %&6$,#-#,%6-;+%&,#+ O?6 06 N6-@&%6$ ,($P6-%&-+6 6$ N&0#- .6 .6+#--(00( N(-O?6e

H+%Z$ ,6-,# .6 0#+ N6-+($#+ = 0#+ ,(@?$&.#.6+ =X N(- 0( %#$%(X ,($(,6$ +?+$6,6+&.#.6+ = N(%6$,&#0&.#.6+W H0 %-#3#*( ,6-,#$( = ,($%&$?( '6$6-# ,($5&#$C#W

Q&6$6$ ,#N#,&.#. N#-# &$$(P#- 6$ %6@#+ .($.6 60 +6,%(- N-&P#.( $( 6$,?6$%-#los “incentivos” para hacerlo y donde el sector público no puede “arriesgar” los-6,?-+(+ N]30&,(+W H+# ,#N#,&.#. N6-@&%6 N-(3#- $?6P#+ 5(-@#+ .6 [#,6- 0#+,(+#+ = #N-6$.6- +(3-6 0( O?6 5?$,&($# = $( 5?$,&($#W

A?6.6 #-%&,?0#- # .&56-6$%6+ #,%(-6+X N-?63# .6 6+%( +($ 0#+ #0&#$C#+ .($.6 0#(-'#$&C#,&($6+ %-#3#*#$ ,($ 60 +6,%(- N]30&,(X 0# #,#.6@&# = 60 +6,%(-6@N-6+#-&#0W

40 -6+N($.6- # ?$ 3&6$ ,(@]$ = .6+.6 ?$ N?$%( .6 P&+%# &$.6N6$.&6$%6 0#+(-'#$&C#,&($6+ +(,&#06+ N?6.6$ 00#@#- 0# #%6$,&2$ +(3-6 #+N6,%(+ 6$ -60#,&2$,($ 0(+ ,?#06+ $& 60 +6,%(- 6@N-6+#-&#0 $& 60 6+%#.( N?6.6$ ( O?&6-6$N-($?$,&#-+6W

7#+ (-'#$&C#,&($6+ +(,&#06+ 5#P(-6,6$ 0# P&+&3&0&C#,&2$ = N#-%&,&N#,&2$'-?N(+ .6 N6-+($#+ O?6 [&+%2-&,#@6$%6 [#$ 6MN6-&@6$%#.( @#=(- 6M,0?+&2$W

"($ 5?6$%6 .6 '6$6-#,&2$ .6 6@N06( 6$ C($#+ .($.6 $( 6M&+%6 @#=(- .6@#$.#.6 6@N06( N(- N#-%6 .60 +6,%(- 6@N-6+#-&#0 ( N]30&,(W

H$ 0(+ N-(,6+(+ .6 ,($+%-?,,&2$ .6 N#CX 600#+ *?6'#$ ?$ N#N60 &@N(-%#$%6 N(- 60,($(,&@&6$%( = ,6-,#$;# ,($ 0#+ N6-+($#+X 60 ,($(,&@&6$%( .60 %6--&%(-&( = 0,#N#,&.#. O?6 N?6.6$ '6$6-#- N#-# #-%&,?0#- 0# (56-%# N]30&,# = N-&P#.# = 5#,&0&%60 #,,6+( # 0#+ N6-+($#+W H+ &@N(-%#$%6 %6$6- 6$ ,?6$%# 60 %-#3#*( O?6 @?,[#(-'#$&C#,&($6+ +(,&#06+ P&6$6$ .6+#--(00#$.( ,($ 0#+ ,(@?$&.#.6+W

TIW H0 )QH +6 *?+%&5&,# N(- 0# &@N(-%#$,&# .6 6+%&@?0#- 0# #,%&P&.#. N-&P#.# #(3*6%&P(+ @6-&%(-&(+ N#-# 0# +(,&6.#.X N6-( 3#*( 60 ,?@N0&@&6$%( .6 -6O?&+&%(%(-'?6$ 0(+ 36$65&,&(+ %-&3?%#-&(+ 6+%#306,&.(+ 6$ 0# 06= ,($ ?$ 656,%&P( ,($%-(0 NN#-%6 .6 0# :`4FX N#-# 6P&%#- 0(+ #3?+(+ = '#-#$%&C#- 0# &.($6&.#. .6 6+%6&$+%-?@6$%( .6 0# N(0;%&,# 5&+,#0W H0 -Y'&@6$ +&'$&5&,# 6+6$,&#0@6$%6 0# 60#+ -6$%#+ .6-&P#.#+ .60 (3*6%( +(,&#0 @6-&%(-&( = ?$# %#-&5# -6.?,&.# 6$ 60 &@N?



?CD

+(3-6 0# -6$%#W "&$ 6@3#-'(X N#-# #+6'?-#- O?6 0(+ 36$65&,&(+ +6 ,($,6.6$ # O?&6$6+P6-.#.6-#@6$%6 ,?@N06$ 6+%6 N#N60 = $( +6 ?%&0&,6$ ,(@( 5(-@#+ .6 ,(@N6%&- ,($P6$%#*#+ 5-6$%6 # 0(+ #'6$%6+ N-&P#.(+ .60 +6,%(- -6#0 = O?6 $( +&-P#$ ,(@( P6[;,?0(+.6 6P#+&2$ ( 60?+&2$X +6 -6O?&6-6 #*?+%#- 0(+ -6O?&+&%(+ = ,($.&,&($6+ N#-# O?H"47 N?6.6$ (3%6$6- 0(+ 36$65&,&(+ .60 )QH = 0(+ @6,#$&+@(+ .6 ,($%-(0 N(- N#-%6

.6 0#+ #?%(-&.#.6+ %-&3?%#-&#+X ,($ 3#+6 6$ 0(+ +&'?&6$%6+ 0&$6#@&6$%(+e

&W A'*"%"&1) )$ +)/"2",- +* bk>"/$- &#"91&+#"' $20$%"+* 0+#+ *+2 _A4C8 7# -6'0#'6$6-#0 .636 +6- O?6 %(.#+ 0#+ H"47 .636$ 6+%#- +?*6%#+ 6$ 60 &@N?6+%( +(3-6 0#-6$%# = ,(@N06@6$%#-&(+ # 0#+ -6'0#+ #N0&,#306+ # 0#+ +(,&6.#.6+ 0&@&%#.#+O?6 6MN-6+#@6$%6 0# 06= ,#0&5&O?6 ,(@( $( ,($%-&3?=6$%6+ a4-%;,?0( ITb .636N-6+6$%#- .6,0#-#,&($6+ .6 &$'-6+(+ = N#%-&@($&(W 7#+ H"47 O?6 .6+66$ #,('6-+6#0 )QH .636$ +(0&,&%#-0( #$%6 0# :`4FX N#-# 0( ,?#0X ?$# P6C P6-&5&,#.(+ 0-6O?&+&%(+ 06'#06+ +6-Z$ ,0#+&5&,#.#+ 6$ 60 )DQ ,($ 0# &.6$%&5&,#,&2$ .6 0# #,%@6-&%(-&# N(- 0# ,?#0X +6 #.@&%6 # 0# H"47 ,(@( N6-%6$6,&6$%6 #0 )QHX 60.636-Z #,%?#0&C#-+6 N6-&2.&,#@6$%6 ,($5(-@6 0( &$.&O?6 60 -6'0#@6$%(W

&&W C+2 _A4C ;1$ 2$+- +)/"&")+2 +* bS_6 )$9$- &$-$# )$#$%7' + *+ $J$-%",- 0'# *+2#$-&+2 )$ *+2 2">1"$-&$2 D1$-&$2e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

.6+%&$( .6 0(+ 6M,6.6$%6+ # 0#+ #,%&P&.#.6+ @6-&%(-&#+X ,(@( ,($.&,&2$X +%#@3&Y$ 0# 5?6$%6X .#.( O?6 +6 6+%#306,6 ?$ 0;@&%6 # 0# N(+&3&0&.#. .6 -6##,%&P&.#.6+ 6,($2@&,#+ ( ,(@6-,&#06+ .&+%&$%#+ .60 (3*6%( N-&$,&N#0 6#,%&P&.#.6+ ,(@( (,?--6 6$ P#-&(+ N#;+6+W 7# (%-# (N,&2$ 6+ O?6 +6 #.@&%# O??$# 4X G = 1 N?6.# N#-%&,&N#- 6$ ?$# 6@N-6+# ,(@6-,&#0X = %6$6- ,(@( 5?6$%6 0(.&P&.6$.(+X (3P&#@6$%6 0# 6@N-6+# ,(@6-,&#0 5(-@#-Z N#-%6 .60 -Y'&@6(-.&$#-&( = N#'#-Z 0(+ &@N?6+%(+ O?6 06 ,(--6+N($.#W



?C:

&PW C+2 )'-+%"'-$2 )$9$- 2$# %'-2")$#+)+2 %'/' 1-+ #$-&+ $J$-&+ ,?#$.( +6,?@N0#$ 0(+ -6O?&+&%(+ 06'#06+X N6-( N#-# 6P&%#- 60 #3?+( .6 6+%# 5&'?-#N-(N($6 6+%#306,6- ?$# ,0Z?+?0# #$%& 60?+&P#X O?6 ,($%-#--6+%6 0#+ +&@?0#,&6+ .6,&-X ,?#$.( 6M&+%6$ ,($%-#N-6+%#,&($6+ (,?0%#+ N(- 0#+ +?N?6+%#.($#,&($6+W

PW A$%&'# 2'*")+#"'8 7#+ ,((N6-#%&P#+ &$,0?&.#+ #,%?#0@6$%6 6$ 60 )QH -66@3(0+#$ 0(#N(-%6+ = .&+%-&3?=6$ 6M,6.6$%6+ # +?+ #+(,&#.(+ a1&-,?0#- HM%6-$# ShILLU .6"?N6-&$%6$.6$,&# .6 0# H,($(@;# "(0&.#-&#bW H$ ,($+6,?6$,&#X $( N?6.6$ [#,6-N#-%6 .60 )QHX +&$( O?6 .636$ 6+%#- +?*6%#+ #0 -Y'&@6$ (-.&$#-&( #N0&,#306 +(,&6.#.6+ 0&@&%#.#+X +&$ N6-*?&,&( .6 6P#0?#- +& .636$ %6$6- ?$# %#-&5# -6.?,&

,F47B: CG> ,::@8B4<=K4? @:B B4;A: 78 =;AB8?:? 4;F468?

.:>#;AB8?:? 4;F468?

8; h E=68? 78

E=66:;8?

,4;<=747 788;<=7478?

/4B<=9=@49=Q;;[E8B: c

$\9878;<8 8; hE=68? 78 E=66:;8?

/4B<=9=@49=Q; 8;8\9878;<8 ^c_

K /8NF8i4?<6$(- .6 JjJ JWgTU Sjd TJ Jd

I "87=4;4?H$%-6 JjJ = VWJIV KWITT Kjd KKj Kgd

T WB4;78?<#=(- # VWJIV JUg gd JLV SSd

0'0+* U>]UI DIIc ]H] DIIc

G?6$%6e <&$&+%6-&( .6 \#,&6$.# aILKJbW H$%&.#.6+ .60 )Y'&@6$ H+N6,&#0

P&W f'-)'28 7(+ 5($.(+ ,($+%&%?=6$ 5(-@#+ .6 #[(--( 6 &$P6-+&2$ N6-( $&$'?$( %&6$60# 6+%-?,%?-# *?-;.&,# .6 ?$# H"47X N(- %#$%(X $( N?6.6$ N6-%6$6,6- #0 )QHW "N#-# 6+%&@?0#- 60 #[(--( .6 0(+ 6@N06#.(+ +6 .6+6# &$,6$%&P#- 0(+ 5($.(+ @?%?(+.6 &$P6-+&2$ aKUb = 0(+ 5($.(+ .6 6@N06#.(+ aKUbX #+; ,(@( 0# ,#0&.#. .6 $(,($%-&3?=6$%6+ .6 0(+ 5($.(+ .6 #[(--( 6 &$P6-+&2$ ,#0&5&,#.(+ #,%?#0@6$%6,(@( $( ,($%-&3?=6$%6+ a4-%;,?0(+ IT^K = IT^Ib N(.-Z$ @#$%6$6- 60 -Y'&@6$ .6%-#$+N#-6$,&# = +6'?&- ,(@( $( ,($%-&3?=6$%6+ 6$ ,?#$%( +6 0&@&%6$ # ,?@N0&-5&$#0&.#.X N6-( $( N?6.6$ N6-%6$6,6- #0 )QHX N(-O?6 +? $#%?-#06C# 6+ 0# .6 +6-P&,(@( P6[;,?0(+ .6 #[(--( 6 &$P6-+&2$ = N(- +?N?6+%( $( +($ H"47W

P&&W ='-&#'* 0+&#"/'-"+*8 A#-# #+6'?-#- O?6 0(+ 6M,6.6$%6+ +6 &$P&6-%6$ 6$ 0#+

#,%&P&.#.6+ @6-&%(-&#+ .60 (3*6%( +(,&#0X +6 0&@&%# %6@N(-#0 = ,?#$%&%+? ,#N&%#0&C#,&2$W H0 ,-6,&@&6$%( N6-@#$6$%6 .60 N#%-&@($&( # %-#PY#+&'$#,&($6+ N6-@#$6$%6+X N6-@&%6 #,?@?0#- ?$ N#%-&@($&( +&$ $&$ *?+%&5&,#,&2$X N?6+%( O?6 6+%( +&'$&5&,# O?6 0# 6$%&.#. '6$6-# 6M,6.6$%6M,6+( # 0(+ O?6 -6O?&6-6 ( N?6.6 6*6,?%#- N#-# 60 .6+#--(00( .6 +? #,%&P&.#.@6-&%(-&#W A(- %#0 -#C2$X 0(+ 6M,6.6$%6+ .636$ .6+%&$#-+6 (30&'#%(-&#@6$%N(-,6$%#*6 #0 ,?@N0&@&6$%( .6 0# #,%&P&.#. @6-&%(-&# .6$%-( .6 ?$ %[email protected]%6-@&$#.(W 4.&,&($#0@6$%6X N#-# #+6'?-#- O?6 -6N(-%#$ %(.#+ +?+ -6$%#+X



?CI

.636$ +?*6%#- #0 +&+%6@# .6 .6%6-@&$#,&2$ .60 &@N?6+%( +(3-6 0# -6$%# N,(@N#-#,&2$ N#%-&@($&#0W

P&&&W ='-&#'*$2 +)/"-"2&#+&":'28 7# 06= .636 6+%#306,6- -6O?&+&%(+ 06'#06+ N#-# 0##.@&+&2$ .6 0#+ H"47 #0 )QH .6+.6 +? ,-6#,&2$X .6 @#$6-# O?6 ,?#$.( +6 06+

#+&'$6 60 )DQ ,(@( N6-%6$6,&6$%6+ #0 )QH +6 P6-&5&O?6$ = 6M&*#$ -6O?&+,($.&,&($6+ @;$&@#+ O?6 0#+ [#,6$ @6-6,6.(-#+ #0 %-#%#@&6$%( %-&3?%#-N#-%&,?0#- .60 -Y'&@6$ 6+N6,&#0X = 6$ ,($+6,?6$,&#X #.@&%&.#+ = ,0#+&5&,#.#+)DQ ,(@( 6$%&.#.6+ N6-%6$6,&6$%6+ #0 )QHW

&MW ='-&#'*$2 &#"91&+#"'28 A#-# ,($%-(0#- 60 #3?+( .6 .&+%-&3?,&($6+ &$.&-6,%#+ ( 0#+&@?0#,&2$ .6 .($#,&($6+ +6 -6,(@&6$.# #.(N%#- ?$# ,0Z?+?0# '6$6-#0 #$%&60?+&2$ N#-# 0#+ H"47X O?6 06 N6-@&%# -6,#0&5&,#- 0#+ (N6-#,&($6+ N#-# 65%-&3?%#-&(+W H+ &@N6-#%&P( @6*(-#-X #,0#-#- = N-6,&+#- 0(+ N-(,6.&@%-&3?%#-&(+ N#-# 36$65&,&( .60 ,($%-&3?=6$%6 aH"47b = N#-# 0('-#- ?$ ,($%-(0 @656,%&P( N(- N#-%6 .6 0# #?%(-&.#. %-&3?%#-&#W 4 0#+ H"47 ,($ &$'-6+(+ +?N6-&(KjLWLLL DEQ aVWJLL @&00($6+b a#N-(M&@#.#@6$%6 IWJLL 6$%&.#.6+bX +6 0-6@&%&- #$%6+ .60 TL .6 #3-&0X ?$# @6@(-&# 6,($2@&,# ,(--6+N($.&6$%6 #0 #R#$%6-&(-X 5&-@#.# N(- 60 -6N-6+6$%#$%6 06'#0 = 60 -6P&+(- 5&+,#0X ,?=( ,($%6+6-Z N-6,&+#.( N(- 60 -6'0#@6$%( N6-( O?6 ,(@( @;$&@( ,($%6$'# ?$ -6+?@6$.6 0(+ N-(=6,%(+ = +? 5&$#$,&#,&2$X 0(+ &$'-6+(+ = '#+%(+ .60 #R(X 0# 6+N6,&5&,#.60 N#%-&@($&( = 0#+ &$P6-+&($6+W :6+#'-6'#- 0(+ &$'-6+(+ N(- #,%&P&.#.6+ .&+%#0 (3*6%( +(,&#0X 0(+ 6M,6.6$%6+ '6$6-#.(+ = 0# .6+%&$#,&2$ .6 0(+ @&+@(+ # 0#,%&P&.#.6+ @6-&%(-&#+W 7# :`4F .636-Z &$,0?&- .6$%-( .6 +? N0#$ #$?#0 .65&+,#0&C#,&2$ ?$ N-('-#@# .6 ,($%-(0 # 0#+ H"47X = #0 #R( +&'?&6$%6X .636-Z -6$.?$ &$5(-@6 .6 +?+ -6+?0%#.(+ #0 1(@&%Y .6 H$%&.#.6+ +&$ Z$&@( .6 0?,-(W

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

,Z@#-# .6 ,(@6-,&(X +&$ N6-*?&,&( .6 5(-%#06,6- 60 ,($%-(0 .6 0# :`4FW

%> /B:@F8?<4? 8?@89XT=94?



?CO

D> /B:@F8?<4 D> .: 9:;<B=5FR8;<8?Z 9:;<B=5FR8;<8? R $(+*

TTW A#-# #.(N%#- 6+%(+ ,#@3&(+ N-(N($6@(+ +?+%&%?&- 0#+ $(-@#+ #,%?#06+ a4-%;,?0(+KU^K = KU^I = TJj # TjV .60 HWQWb = #.6@Z+ @(.&5&,#- 0(+ 4-%;,?0(+ IIX ITX IT^K =.60 HWQWX 6$ ,?#$%( #00; +6 ,0#+&5&,#$ 0#+ 6$%&.#.6+ 6$%-6 $( ,($%-&3?=6$%

,($%-&3?=6$%6+ (30&'#.#+ # .6,0#-#- = 0#+ H"47X %#$%( 0#+ O?6 +(0&,&%6$ +6- #.@&#0 )QH = 0#+ O?6 +6 -6'&-Z$ N(- 60 -Y'&@6$ .6 0#+ +(,&6.#.6+ 0&@&%#.#+W

TVW 5' %'-&#"913$-&$2 W "6'?&-Z$ ,(@( $( ,($%-&3?=6$%6+ $( (30&'#.(+ # .6,0#-#- 0#$#,&2$X 0(+ .6N#-%#@6$%(+X 0(+ .&+%-&%(+ = 0(+ @?$&,&N&(+W

TJW 5' %'-&#"913$-&$2 '9*">+)'2 + 0#$2$-&+# )$%*+#+%",- W Q#@3&Y$ +6 ,($+&.6-#$ ,(@($( ,($%-&3?=6$%6+X 0#+ 6$%&.#.6+ N]30&,#+ O?6 #,%?#0@6$%6 +6 6$,?6$%-#$ &$,0?6$ 60 #-%;,?0( IIX Q6--&%(-&(+ `$.;'6$#+X 1(-N(-#,&($6+ 4?%2$(@#+ )6'&($#06+X c-6#+<6%-(N(0&%#$#+X 4+(,&#,&($6+ .6 <?$&,&N&(+X "?N6-&$%6$.6$,&#+X D$&4.@&$&+%-#%&P#+ H+N6,&#06+X 4+(,&#,&($6+ .6 :6N#-%#@6$%(+X G6.6-#,&($<?$&,&N&(+X )6+'?#-.(+ = 1#3&0.(+ `$.;'6$#+X H+%#306,&@&6$%(+ N]30&,(+X N6-( O?6+%Z$ (30&'#.#+ # N-6+6$%#- 0# .6,0#-#,&2$ .6 &$'-6+(+ = N#%-&@($&(X ,($5(-@6 ##-%;,?0( JUg .60 HWQWW Q#@N(,( +($ ,($%-&3?=6$%6+ 0#+ +&'?&6$%6+ 6$%&.#.6@#$%&6$6$ 0# (30&'#,&2$ .6 N-6+6$%#- .6,0#-#,&2$ .6 &$'-6+(+ = N#%-&@($&(#+(,&#,&($6+ .6 N#.-6+ .6 5#@&0&#X +(,&6.#.6+ .6 @6*(-#+ N]30&,#+X (-'#$&C#,&($6+.6 #0,([20&,(+ #$2$&@(+X *?$%#+ .6 #,,&2$ ,(@?$#0X *?$%#+ .6 .656$+# ,&P&0X#+(,&#,&($6+ .6 6M #0?@$(+ = 0&'#+ .6 ,($+?@&.(-6+W

TjW 7#+ 6$%&.#.6+ O?6 N(- (3*6%( .6 6+%# -65(-@# .6*#$ .6 +6- F( 1($%-&3?=6$%6+X %#06+,(@( 0#+ ,#*#+ = 0(+ +&$.&,#%(+X N6-%6$6,6$ #0 -Y'&@6$ .6 0#+ H"47 = .636$ .6%-#@&%#- 60 &$'-6+( #0 -Y'&@6$ 6+N6,&#0 = (3%6$6- 0# 6M6$,&2$ .6 +?+ 6M,6.6$%6,(@( 0( [#-Z$ 0#+ 4+(,&#,&($6+X G?$.#,&($6+ = 1(-N(-#,&($6+W

C> /B:@F8?<4 C> (Fb8<:? 786 &VA=E8; 0B=5F<4B=: $?@89=46

TSW Q(.#+ 0#+ #+(,&#,&($6+X 5?$.#,&($6+ = ,(-N(-#,&($6+ a6$ #.60#$%6 4X G = 1b,($+%&%?&.#+ ,(@( 6$%&.#.6+ +&$ Z$&@( .6 0?,-( +6-Z$ ,($%-&3?=6$%6+ .60 &@N?6++(3-6 0# -6$%# = ,(@N06@6$%#-&(+X ,($5(-@6 # 0#+ $(-@#+ #N0&,#306+ # 0#+ +(,&6.#.60&@&%#.#+X ( #0 $?6P( &@N?6+%( # 0#+ ?%&0&.#.6+ 6@N-6+#-&#06+ O?6 0( +?+%#,?6-.( ,($ 0# N-(N?6+%# .60 1#N;%?0( `X +#0P( 0#+ O?6 +6 ,#0&5&O?6$ 6MN-6+#@6$%660 HWQW ,(@( $( ,($%-&3?=6$%6+ a4-%;,?0( ITb = 0#+ H"47 ,($+%&%?&.#+ 6$ 1(0(@3&+(0&,&%6$ = +6#$ #.@&%&.#+ #0 )QHW

TgW 7#+ #+(,&#,&($6+X 5?$.#,&($6+ = ,(-N(-#,&($6+ ,($+%&%?&.#+ ,(@( H"47 N#-# +6-#.@&%&.#+ #0 )QH^&$,0?&.#+ 0#+ ,#*#+ .6 ,(@N6$+#,&2$ 5#@&0&#- = +&$.&,#%(+^#,-6.&%#-e



?CC

#W H+%#- ,($+%&%?&.#+ ,(@( H$%&.#. "&$ c$&@( .6 7?,-( aH"47bW A(- %#$%(X #N(-%6+ $( N(.-Z$ +6- -66@3(0+#.(+ 3#*( $&$'?$# @(.#0&.#. $& %#@N(,( +6N(.-Z$ .&+%-&3?&- +?+ 6M,6.6$%6+X ,?#0O?&6-# O?6 +6# 0# .6$(@&$#,&2$ O?6 ?%&0&,6X $& .&-6,%#X $& &$.&-6,%#@6$%6X $& .?-#$%6 +? 6M&+%6$,&#X $& 6.6 +? .&+(0?,&2$ = 0&O?&.#,&2$W

3W n?6 +? (3*6%( +(,&#0 N-&$,&N#0 +6# .6 &$%6-Y+ '6$6-#0 6$ ?$# ( P#-&#+ .6 0#++&'?&6$%6+ #,%&P&.#.6+ @6-&%(-&#+ # 0#+ ,?#06+ %6$'# #,,6+( 0# ,(@?$&.#6.?,#,&2$ 5(-@#0X +#0?.X ,?0%?-#X ,&6$,&#X %6,$(0(';# 6 &$P6+%&'#,&2$X .6N#5&,&($#.(X #+(,&#,&($6+ '-6@&#06+ = #,%&P&.#.6+ .6 .6+#--(00( +(,&#0X ,(@( +66+N6,&5&,#$ @Z+ #.60#$%6W

,W 7(+ 6M,6.6$%6+ #$?#06+ +6 .636-Z$ &$P6-%&- ,(@( @;$&@( 6$ ?$ jLd 6$ 0#+#,%&P&.#.6+ @6-&%(-&#+ .6+#--(00#.#+ N(- 0# 6$%&.#. 6$ ?$ %Y-@&$( $( +?N6-&(#R(+ = ,($ 0# N-6+6$%#,&2$ .6 ?$ N0#$ .6 6*6,?,&2$ O?6 5(-@#-Z N#-%6 .6 0#@6@(-&# 6,($2@&,#X O?6 .636$ N-6+6$%#- 0#+ 6$%&.#.6+ O?6 +?N6-6$ 0#+KjLWLLL DEQ .6 &$'-6+(+ #$?#06+X +( N6$# .6 O?6 +6 ,($P&6-%#$ 6$ -6$%#'-#P#306 N-6P&( #*?+%6 N(- `A1X 6$ 60 #R( +&'?&6$%6 # #O?60 6$ 60 ,?#0 +6 [#=P6$,&.( 6+%6 N0#C(W H0 +#0.( -6+%#$%6 .6 0(+ 6M,6.6$%6+X +6 .6+%&$#-Z # 5(-%+? N#%-&@($&(W H$ 60 N#%-&@($&( +6 .&56-6$,&#-Z$ 0(+ 6M,6.6$%6+ .6 ,#.# #R(5(-@# O?6 +6 N6-@&%# [#,6- ?$ +6'?&@&6$%( .6 0# .6+%&$#,&2$ 6$ 0#+ #,%&P&.#@6-&%(-&#+ .6$%-( .60 N0#C( .65&$&.(W

.W 7(+ &$'-6+(+ (3%6$&.(+ N(- #,%&P&.#.6+ .&+%&$%#+ # 0#+ .6 0# #,%&P&.#. @6-&$( N(.-Z$ +?N6-#- 60 VLd .60 %(%#0 .6 0(+ &$'-6+(+ #$?#06+ = 6$ %(.( ,#+(X %#06+-6$%#+X ,($ 0# .6N?-#,&2$ .6 0(+ ,(+%(+ = .6.?,,&($6+ ,(--6+N($.&6$%6+X,($5(-@6 # 0#+ -6'0#+ '6$6-#06+ .60 H+%#%?%( Q-&3?%#-&(X 6+%#-Z$ +?*6%#&@N?6+%( .6 -6$%# ( #0 $?6P( &@N?6+%( # 0#+ ?%&0&.#.6+ 6@N-6+#-&#06+ O+?+%&%?=#X .6 #,?6-.( ,($ 0# N-(N?6+%# .60 1#N;%?0( `X # 0# %#-&5# .60 ILdW H#R( 6$ 60 ,?#0 +?N6-6 6+%6 %(N6 .6*#-Z$ .6 N6-%6$6,6- #0 )QH = O?6.#-Z$ +?*6%#+#0 -Y'&@6$ .60 &@N?6+%( +(3-6 0# -6$%# #N0&,#306 # 0#+ +(,&6.#.6+ 0&@&%#.#$?6P( &@N?6+%( # 0#+ ?%&0&.#.6+ 6@N-6+#-&#06+ O?6 0( +?+%&%?=#X .6 #,?6-.(0# N-(N?6+%# .60 1#N;%?0( `W "& 6$ 60 #R( +&'?&6$%6 +6 #*?+%#$ #0 0;@&%6 &N(.-Z$ +(0&,&%#- $?6P#@6$%6 +? -6&$'-6+( ,($ 60 ,?@N0&@&6$%( .6 0(+ .6@Z+-6O?&+&%(+W

,F47B: CS> /B:@F8?<4 78 964?=T=949=Q; $;<=7478? (=; `;=E: 78 *F9B:$;<=7478?

@[56=94? ;:9:;<B=5FR8;<8?.: )8964B4;<8?

+B<> CC

$;<=7478? @[56=94? R@B=K474? .:

,:;<B=5FR8;<8?)8964B4;<8?+B<> CGZ HYL

+Z 1 R , 9FR: :5b8<: ?:9=46 8?(=; `;=E: 78 *F9B: ^$(+*_ NF8

@F878; ?:6=9=<4B R ?8B47E=<=74? 8; 86 &0$

(8A[; /B:@F8?<4

'<B4?8;<=7478? NF8;: @8B<8;898;

46 &0$

F#,&2$ :6N#-%#@6$%(+

4+(,&#,&($6+ .6 N#.-6+.6 5#@&0&#

4+(,&#,&($6+X ,(-N(-#,&($6+ =5?$.#,&($6+X ,($+%&%?&.#+ ,(@(

1((N6-#%&P#+ G($.(+ .6



"EE

:&+%-&%(+ <?$&,&N&(+ 6$%&.#.6+

%6--&%(-&#06+

"(,&6.#.6+ .6 @6*(-#+N]30&,#+

9-'#$&C#,&($6+ .6#0,([20&,(+ #$2$&@(+

B?$%#+ .6 #,,&2$ ,(@?$#0 B?$%#+ .6 .656$+# ,&P&0 4+(,&#,&($6+ .6 6M

#0?@$(+ 7&'#+ .6 ,($+?@&.(-6+ Q6--&%(-&(+ `$.;'6$#+ 1(-N(-#,&($6+

4?%2$(@#+ )6'&($#06+ c-6#+ <6%-(N(0&%#$#+ 4+(,&#,&($6+ .6

<?$&,&N&(+ "?N6-&$%6$.6$,&#+ D$&.#.6+ 4.@&$&+%-#%&P#+

H+N6,&#06+ 4+(,&#,&($6+ .6

:6N#-%#@6$%(+

G6.6-#,&($6+ .6<?$&,&N&(+

)6+'?#-.(+ = 1#3&0.(+`$.;'6$#+

H+%#306,&@&6$%(+ N]30&,(+

H"47 ,?=( (3*6%( N-&$,&N#0 +6#$e+#0?.X 6.?,#,&2$ 5(-@#0X .6N(-%6#5&,&($#.(X ,?0%?-#X &$P6+%&'#,&2$,&6$%;5&,# ( %6,$(02'&,#X 6,(0(';#XN-(%6,,&2$ #@3&6$%#0 = .6+#--(00(+(,&#0X +&6@N-6 O?6 +6#$ .6&$%6-Y+ '6$6-#0X ,?=#+ #,%&P&.#.6++6#$ .6 #,,6+( # 0# ,(@?$&.#. =O?6 .6+%&$6$ +? 6M,6.6$%6+ #0.6+#--(00( .6 6+%#+ #,%&P&.#.6+X+&6@N-6 O?6 +(0&,&%6$ +? #.@&+&2$#0 )Y'&@6$ Q-&3?%#-&( 6+N6,&#0 =O?6 +6# #.@&%&.#+ N(- 0# :`4FW

1#*#+ .6 ,(@N6$+#,&2$X+&$.&,#%(+W

6@N06#.(+ G($.(+

<?%?(+ .6&$P6-+&2$

G($.(+ .6&$P6-+&2$X5($.(+ .6P#0(-6+ = 0(+5($.(+,(@?$6+ .60#-%W IT^K .60HWQW

G($.(+ .6N6$+&($6+ =.6 ,6+#$%;#+.60 #-%W IT^I.60 HWQW

G('#5&$ =G('#,((NX #-%WKU^T .60 HWQW

G($.(+ .6N6$+&($#.(+X#-% IT HWQW

TUW 7#+ 4+(,&#,&($6+X ,(-N(-#,&($6+ = 5?$.#,&($6+ ,($+%&%?&.#+ ,(@( H"47 N#-# 656,%(.60 &@N?6+%( +(3-6 0# -6$%# = ,(@N06@6$%#-&(+X +6 +?*6%#$ #0 -Y'&@6$ '6$6-#0 .6+(,&6.#.6+ 0&@&%#.#+ ( #0 $?6P( &@N?6+%( # 0#+ ?%&0&.#.6+ 6@N-6+#-&#06+ O+?+%&%?=#X .6 #,?6-.( ,($ 0# N-(N?6+%# .60 1#N;%?0( `X ,?#$.( $( +(0&,&%6$ +?#.@&+&2$ 60 )Y'&@6$ Q-&3?%#-&( H+N6,&#0 ( ,?#$.( 0( [#=#$ +(0&,&%#.( N6-( $( [#=#

+&.( #.@&%&.#+ N(-O?6 $( ,?@N06$ 0(+ -6O?&+&%(+ 6M&'&.(+ 06'#0@6$%6WG> /B:@F8?<4 G> j89e: A8;8B47:B R 54?8 AB4K4568 786 =E@F8?<: 4 64B8;<4 R 9:E@68E8;<4B=:? @4B4 64? $(+* 786 &0$

VLW A#-# .6%6-@&$#- 60 [6,[( '6$6-#.(- = 0# 3#+6 '-#P#306 .60 &@N?6+%( +(3-6 0# -6$%# =,(@N06@6$%#-&(+X +6 %(@#-Z$ 0#+ -6'0#+ '6$6-#06+ #N0&,#306+ # 0#+ +(,&6.#.6+0&@&%#.#+X ,($%6$&.#+ 6$ 60 0&3-( N-&@6-( .60 HWQWW

S> /B:@F8?<4 S> &8;<4? 8\8;<4?

VKW 7#+ -6$%#+ 6M6$%#+ +6-Z$ #O?600#+ (3%6$&.#+ N(- 60 .6+#--(00( .6 0#+ #,%&P&.#@6-&%(-&#+ O?6 .65&$# 0# 06=X +&6@N-6 O?6 +6#$ .6 &$%6-Y+ '6$6-#0X O?6 # 600##,,6+( 0# ,(@?$&.#. = O?6 +?+ 6M,6.6$%6+ +6 .6+%&$6$ ,(@( 0( 6M&'6$ 0#+ $(-@#+.60 H+%#%?%( Q-&3?%#-&(W 4 ,($%&$?#,&2$ (5-6,6@(+ ?$# 0&+%# .6 #,%&P&.#.6+ @6O?6 .636 +6- -6P&+#.( N(- 60 >(3&6-$( #$%6+ .6 N-6+6$%#- 60 -6+N6,%&P( N-(=6,%( .606= N#-# #+6'?-#- O?6 $( +6 6M,0?=#$ #,%&P&.#.6+ @6-&%(-&#+ O?6 .636-;#$ +6-6+%&@?0#.#+W



"E?

&W _)1%+%",- D'#/+* e ,($5(-@6 +6 .65&$6 N(- 0#+ 76=6+ TL = KKJX O?6 ,(@N-6$.66.?,#,&2$ &$&,&#0X N-&@#-&#X +6,?$.#-&#X +?N6-&(-X %Y,$&,#X %6,$N-(56+&($#0X 6.?,#,&2$ ,($%&$?#.# ( 6.?,#,&2$ N#-# 60 %-#3#*( = .6+#--(00([?@#$( .63&.#@6$%6 #?%(-&C#.# N(- 60 <&$&+%6-&( .6 H.?,#,&2$ ( .6 0#++6,-6%#-&#+ .6N#-%#@6$%#06+X @?$&,&N#06+ = .&+%-&%#06+W Q#@3&Y$ ,(@

#,%&P&.#.6+ .6 N-(@(,&2$ = #N(=( # 0# 6MN#$+&2$ .6 ,(36-%?-# = @6*(-# .6 0#,#0&.#. .6 0# 6.?,#,&2$ 6$ 1(0(@3&#W

&&W A+*1) e 0# N-6+%#,&2$ .6 +6-P&,&(+ .6 +#0?. A9" } F9 A9" 6$ 60 @#-,( .60 "&+%6@#.6 "6'?-&.#. "(,&#0 6$ "#0?. -6'?0#.( N(- 0# 76= KLLhUTX 0# N-6+%#,&2$ .6+6-P&,&(+ .6 +#0?. .6 N0#$6+ #.&,&($#06+ .6 +#0?. &$,0?&.(+ 0(+ N-6+%#.(+ #N6-+($#+ $#%?-#06+ .6 @#$6-# .&-6,%#X .6 #,?6-.( ,($ $(-@#+ P&'6$%6+ +(3-6 0#@#%6-&#X N(- &$+%&%?,&($6+ [#3&0&%#.#+ N(- 60 <&$&+%6-&( .6 "#0?.X "6,-6"#0?. ( 6$%&.#.6+ ,(@N6%6$%6+W 4,%&P&.#.6+ .6 N-(@(,&2$X #N(=( #0@6*(-#@&6$%( .6 0# +#0?. = .60 +&+%6@# .6 +#0?.W 4,%&P&.#.6+ .6 #N(=( 6$ +#0?N]30&,#W

&&&W =1*&1#+e #,%&P&.#.6+ ,?0%?-#06+ .65&$&.#+ N(- 0# 76= TUS = #O?600#+ #,%&P&.#.6N-(@(,&2$ = .6+#--(00( .6 0# #,%&P&.#. ,?0%?-#0W

&PW ="$-%"+6 &$%-'*'><+ $ "--':+%",- e #,%&P&.#.6+ .65&$&.#+ N(- 0# 06= = 0#+ O?6 +6.6+#--(006$ .6$%-( .6 0(+ N-(=6,%(+ #N-(3#.(+ N(- 1(0,&6$,&#+W 4+; @&+@(X 0#+#,%&P&.#.6+ .6 &$P6+%&'#,&2$ 6$ Z-6#+ %#06+ ,(@( @#%6@Z%&,#+X 5;+&,#X O3&(0(';# = ,&6$,&#+ +(,&#06+X ,(@( 6,($(@;#X N(0;%&,#X +(,&(0(';# = .6-6,[( .6 ?+('6$6-#0 = # 0#+ ,?#06+ %6$'# #,,6+( 0# ,(@?$&.#.W

PW 4%&":")+)$2 )$ )$2+##'**' 2'%"+* X O?6 ,(@N-6$.6 0#+ +&'?&6$%6+ #,%&P&.#.6+e

#W A-(%6,,&2$X #+&+%6$,&# = N-(@(,&2$ .6 0(+ .6-6,[(+ .6 0#+ N(30#,&($6+ .66+N6,&#0 N-(%6,,&2$ ,($+%&%?,&($#0X @&$(-;#+X N(30#,&($6+ 6$ +&%?#,&P?0$6-#3&0&.#.X 6M,0?+&2$ = .&+,-&@&$#,&2$_ %#06+ ,(@( $&R(+X #.(06+,6$%6+ = *2P6$6+X N6-+($#+ ,($ .&+,#N#,&.#.X N6-+($#+ @#=(-6+X'-?N(+ = ,(@?$&.#.6+ Y%$&,#+X P;,%&@#+ .60 ,($50&,%(X N(30#,&2.6+@(P&0&C#.#X @?*6-6+X N(30#,&2$ ,($ (-&6$%#,&2$ +6M?#0 6 &.6$%&.#'Y$6-( .&P6-+#X N(30#,&2$ -6,0?+#X N(30#,&2$ 6$ +&%?#,&2$ .6 N(3-6C# =N(3-6C# 6M%-6@#X N(30#,&2$ -?-#0 ( ,#@N6+&$# 6$%-6 (%-#+W

3W

:6+#--(00(X N-(@(,&2$X @6*(-#@&6$%( .6 0# ,#0&.#. = ,(36-%?-# .6 0(++6-P&,&(+ N]30&,(+ = 0(+ +6-P&,&(+ N]30&,(+ .(@&,&0&#-&(+X #+; ,(@( 60 #P#$0#+ @6%#+ .6 .6+#--(00( 5&*#.#+ N(- 0# 9-'#$&C#,&2$ .6 0#+ F#,&($6+ D$&.#+W

,W 4,%&P&.#.6+ (-&6$%#.#+ # 0# N-(@(,&2$X .6+#--(00( = @6*(-#@&6$%( .60 3?6$'(3&6-$(X 0# %-#$+N#-6$,&# = 0# N#-%&,&N#,&2$ ,&?.#.#$#W

.W 4,%&P&.#.6+ (-&6$%#.#+ # N-(@(P6- 60 .6+#--(00( 6,($2@&,( = +(,&#0 # $&P60-6'&($#0 ( 0(,#0



"E"

6W 4,%&P&.#.6+ .6 #N(=( # 0# -6,-6#,&2$ .6 5#@&0&#+ .6 6+,#+(+ -6,?-+(+X.6+#--(00( = @#$%6$&@&6$%( .6 N#-O?6+ = ,6$%-(+ .6 .&P6-+&2$X +&6@N-6,?#$.( +6#$ N#-# #,,6+( '6$6-#0 # 0# ,(@?$&.#.W

P&W 4%&":")+)$2 )$ 0#'&$%%",- +* /$)"' +/9"$-&$ X ,($+6-P#,&2$X -6,?N6-#,&2$X

N-(%6,,&2$X @#$6*(X ?+( = #N-(P6,[#@&6$%( .6 0(+ -6,?-+(+ $#%?-#06+ -6$(P#306+= 60 @6.&( #@3&6$%6 +(+%6$&306W

P&&W I#$:$-%",- )$* 12' 3 %'-21/' )$ 212&+-%"+2 02"%'+%&":+26 +*%'7'* 3 &+9+%' _#%6$,&2$ = %-#%#@&6$%( # 0#+ N6-+($#+ ,($+?@&.(-#+W

P&&&W I#'/'%",- 3 +0'3' + *+2 +%&":")+)$2 )$0'#&":+2 .65&$&.#+ N(- 0# 76= KgKX,(--6+N($.&6$%6+ #0 .6N(-%6 #5&,&($#.(X @6.&#$%6 0#+ N(0;%&,#+ N]30&,#+ =6$%&.#.6+ ,(@N6%6$%6+W

&MW 4%&":")+)$2 2"-)"%+*$2 -6#0&C#.#+ N(- +&$.&,#%(+ #?%(-&C#.(+ N(- 60 <&$&+%6-&( Q-#3#*( 6$ ,?#$%( +6 -65&6-6$ # +? (3*6%( +(,&#0W

MW 4%&":")+)$2 )$ *"9$#&+) #$*">"'2+ 3 )$ %1*&'2 6M,0?+&P#@6$%6X .6+#--(00#.#+ N(-6$%&.#.6+ -6,($(,&.#+ ,(@( %#06+ N(- 60 <&$&+%6-&( .60 `$%6-&(-W

M&W 4%&":")+)$2 )$ )$2+##'**' $/0#$2+#"+* W A-(@(,&2$ .60 .6+#--(00( 6@N-6+#-&#0 = 606@N-6$.&@&6$%( .65&$&.# N(- 0# 06=W

M&&W 4%&":")+)$2 0'*<&"%+2 O?6 -6#0&C#$ 0(+ N#-%&.(+X @(P&@&6$%(+ N(0;%&,(+ = '-?+&'$&5&,#%&P(+ .6 ,&?.#.#$(+ .6 #,?6-.( ,($ 0# 06= = 0#+ #?%(-&.#.6+ ,(@N6%6$%6+,($ 0#+ 0&@&%#,&($6+ N#-# .6+#--(00#- (%-#+ #,%&P&.#.6+W

M&&&W I#'/'%",- 3 +0'3' + *'2 )$#$%7'2 71/+-'2 = 0(+ (3*6%&P(+ '0(3#06+ .65&$&.(+ N(-0#+ F#,&($6+ D$&.#+W

M&PW C+2 +%&":")+)$2 D"-+-%"+)+2 %'- *'2 #$%1#2'2 )$* 2192")"' D+/"*"+# + %+#>' )$ *+2%+H+2 )$ %'/0$-2+%",- D+/"*"+# X +&6@N-6 O?6 $( +6#$ #,%&P&.#.6+ &$.?+%-&#06+ ,(@6-,&#06+X N?6+ 6$ 6+%6 ,#+( +6 +?*6%#-Z$ # 0#+ -6'0#+ '6$6-#06+ .6 0#+ H"47 .60)QHX 6+ .6,&-X $( N?6.6$ +?N6-#- 60 VLd .60 %(%#0 .6 +?+ &$'-6+(+X O?6.#$'-#P#.#+ ,($ 0# %#-&5# .60 ILd = +& +?N6-#$ 6+%6 N(-,6$%#*6X O?6.#$ +?*6%#+ #

-Y'&@6$ .6 0#+ +(,&6.#.6+ 0&@&%#.#+WMPW C+2 +%&":")+)$2 )$ +)/"-"2&#+%",- )$ %'-H1-&'2 #$2")$-%"+*$2X .6+#--(00#.#+ N(-

0#+ *?$%#+ .6 ,(N-(N&6%#-&(+ 5&$#$,&#.#+ ,($ 0#+ ,?(%#+ .6 0(+ ,(N-(N&6%#-&(+W

MP&W 4%&":")+)$2 )$2+##'**+)+2 0'# *+2 +2'%"+%"'-$2 >#$/"+*$2 6$ ,?@N0&@&6$%( .6 +?@&+&2$ '-6@&#0W



"E5

J:""8 4%&":")+)$2 )$ 0#'/'%",- 3 /$H'#+/"$-&' )$ *+ 4)/"-"2&#+%",- )$ g12&"%"+8

,F47B: CH> +9<=K=7478? E8B=<:B=4? 78 64? $(+* NF8 74; 6FA4B 4 64 9:;?=78B49=Q; 78B8;<4? 8\8;<4?

.:> +9<=K=747 (F5 49<=K=747.:BE4

B8AF647:B4 $;<=747 +F<:B=O474

K H.?,#,&2$

H.?,#,&2$ 5(-@#0 a&$&,&#0X N-&@#-&#X+6,?$.#-&#X +?N6-&(-b

4,%&P&.#.6+ .6 N-(@(,&2$ = #N(=(6.?,#,&2$ N]30&,#W

76= TL .6 KUUIX 76=KKJ .6 KUUV:6,-6%( VVLL .6 ILLV

<&$&+%6-&( .6 H.?,#,&2$

I "#0?.

A-6+%#,&2$ +6-P&,&(+ .6 +#0?. A(+ =$( A(+

A-6+%#,&2$ .6 N0#$6+ .6 +#0?.#.&,&($#06+

4,%&P&.#.6+ .6 N-(@(,&2$ = #N(=(#0 @6*(-#@&6$%( .6 0# +#0?. = .60+&+%6@# .6 +#0?.

4N(=( 6$ +#0?. N]30&,#

76= KLL .6 KUUT:6,-6%( VVLL .6 ILLV76= KVTg .6 ILKK

<&$&+%6-&( .6 "#0?.

T 1?0%?-# A-(@(,&2$ = .6+#--(00( .6

#,%&P&.#.6+ ,?0%?-#06+76= TUS .6 KUUS:6,-6%( VVLL .6 ILLV <&$&+%6-&( .6 1?0%?-#

V 1&6$,&#X %6,$(0(';#6 &$$(P#,&2$

A-(=6,%(+ #N-(3#.(+ N(-1(0,&6$,&#+W

4+; @&+@(X 0#+ #,%&P&.#.6+ .6&$P6+%&'#,&2$ 6$ Z-6#+ %#06+ ,(@(@#%6@Z%&,#+X 5;+&,#X O?;@&,#X3&(0(';# = ,&6$,&#+ +(,&#06+X ,(@(6,($(@;#X N(0;%&,#X +(,&(0(';# =.6-6,[( .6 ?+( '6$6-#0 = # 0#+,?#06+ %6$'# #,,6+( 0# ,(@?$&.#.W

76= KIgj .6 ILLU:6,-6%( 76= JUK .6KUUK:6,-6%( ILSj .6 KUUI:6,-6%( VVLL .6 ILLV

<&$&+%6-&( .6 H.?,#,&2$X1(0,&6$,&#+

J A-(%6,,&2$ #0@6.&( #@3&6$%6

1($+6-P#,&2$X -6,?N6-#,&2$X

N-(%6,,&2$X @#$6*(X ?+( =#N-(P6,[#@&6$%( .6 0(+ -6,?-+(+$#%?-#06+ -6$(P#306+ = 60 @6.&(#@3&6$%6 +(+%6$&306W

76= UU .6 KUUT:6,-6%( VVLL .6 ILLV

<&$&+%6-&( .6 <6.&(4@3&6$%6

j :6+#--(00( +(,&#0

A-(%6,,&2$X #+&+%6$,&# = N-(@(,&2$.6-6,[(+ .6 N(30#,&2$ .6 6+N6,&#0N-(%6,,&2$

:6+#--(00(X N-(@(,&2$ =@6*(-#@&6$%( ,#0&.#. = ,(36-%?-#+6-P&,&(+ N]30&,(+

:6+#--(00( #,%&P&.#.6+ .6 3?6$'(3&6-$(

76= KVVg .6 ILKKX 76=KVI .6 KUUV

`1/GX:6N#-%#@6$%( .6A-(+N6-&.#. "(,&#0 a:A"b

S :6N(-%&P#+ :6N(-%6 #5&,&($#.( ]$&,#@6$%6 76= KgK .6 KUUJ:6,-6%( VVLL .6 ILLV

<&$&+%6-&( .6 H.?,#,&2$X1(0.6N(-%6+

g 4+(,&#,&($6+'-6@&#06+

4,%&P&.#.6+ .6 +? (3*6%( +(,&#0N-&$,&N#0 12.&'( .6 1(@6-,&( <&$&+%-( .6 1(@6-,&(X

`$.?+%-&# = Q?-&+@(

U "&$.&,#06+ 4,%&P&.#.6+ .6 +? (3*6%( +(,&#0

N-&$,&N#012.&'( "?+%#$%&P( .60Q-#3#*( <&$&+%6-&( .6 Q-#3#*(

KL 7&36-%#. -60&'&(+# =.6 ,?0%(+

4,%&P&.#.6+ .6+#--(00#.#+ N(-6$%&.#.6+ -6,($(,&.#+

1($+%&%?,&2$ A(0;%&,#KUUKX 76= KTT .6 KUUV<&$&+%6-&( .60 $%6-&(-

KK :6+#--(00(6@N-6+#-&#0

A-(@(,&2$ .6+#--(00( 6@N-6+#-&#0 =6@N-6$.&@&6$%( 76= KLKV .6 ILLj <&$&+%6-&( .6 1(@6-,&(X

`$.?+%-&# = Q?-&+@(KI 4,%&P&.#.6+ A-('-#@#+ .6+#--(00#.(+ N(- 0#+ 76= IK .6KUgI "?N6-&$%6$.6$,&# .60



"E>

5&$#$,&#.#+ ,($ 60+?3+&.&( 5#@&0&#-

1#*#+ .6 ,(@N6$+#,&2$X5&$#$,&#.(+ ,($ 60 +?3+&.&( 5#@&0&#-

"?3+&.&( G#@&0&#-

KT 4,%&P&.#.6+N(0;%&,#+

4,%&P&.#.6+ .6 N#-%&.(+X@(P&@&6$%(+ N(0;%&,(+ = '-?N(++&'$&5&,#%&P(+ .6 ,&?.#.#$(+W

76= KTL .6 KUUV

1($+6*( F#,&($#0 H06,%(-#0X)6'&+%-#.?-;# F#,&($#0X<&$&+%6-&( .60`$%6-&(-

KV

4,%&P&.#.6+ .6

.6-6,[(+\?@#$(+

A-(@(,&2$ = #N(=( # 0(+ .6-6,[(+

[?@#$(+W

1($+%&%?,&2$ A(0;%&,#

KUUKX 76= JgU .6ILLLX 76= JUU .6 ILLL <&$&+%6-&( .60 $%6-&(-

KJ

4,%&P&.#.6+ .6N-(@(,&2$ =

@6*(-#@&6$%( .60# #.@&$&+%-#,&2$

.6 B?+%&,&#

4,%&P&.#.6+ ,($%6@N0#.#+ 6$ 0# 76=6+%#%?%#-&# .6 B?+%&,&# 76= ISL .6 KUUj 1($+6*( "?N6-&(- .6 0#

B?.&,#%?-#

VIW Q#@3&Y$ 6+%#-Z$ 6M6$%#+ 0#+ .($#,&($6+ -6,&3&.#+ N(- 0#+ 4+(,&#,&($6+X G?$.#,&= 1(-N(-#,&($6+ ,($+%&%?&.#+ ,(@( H"47 N6-%6$6,&6$%6+ #0 )QH = # +? P6C +6-Z.6.?,&306+ N#-# 0(+ .($#$%6+ O?6 %6$'#$ 0# ,#0&.#. .6 ,($%-&3?=6$%6+ .60 &@N?6+%(+(3-6 0# -6$%#X +&6@N-6 O?6 ,?@N0#$ 0#+ +&'?&6$%6+ ,($.&,&($6+e

#W 1?@N0&@&6$%( .6 0(+ -6O?&+&%(+ 6+%#306,&.(+ 6$ 0(+ 4-%;,?0(+ KIJX KIJ^KX KIJ^T = KIJ^V .60 HWQWW

3W "(0( .#-Z 0?'#- # .6.?,,&2$ 0# .($#,&2$ 656,%?#.# # ?$# 4X G = 1 H"47N6-%6$6,&6$%6 #0 )QHX +&6@N-6 O?6 ,?@N0#$ ,($ 0( .&+N?6+%( 6$ 0#+ ,&%$(-@#+W

,W H0 P#0(- .6 0#+ .($#,&($6+ +6-Z %-#%#.( ,(@( +6 -6,(@&6$.# #0 -6+N6,%( 6$ 601#N;%?0( ` .6 6+%6 .(,?@6$%(W

.W 7#+ .($#,&($6+ O?6 $( %6$'#$ ,($.&,&2$ N(- N#-%6 .60 .($#$%6 .636-Z$-6'&+%-#-+6 ,(@( &$'-6+(+ O?6 .#-Z$ 0?'#- # -6$%#+ 6M6$%#+ +&6@N-6 O?6 +6.6+%&$6$ # 0# #,%&P&.#. @6-&%(-&#W "& 0# .($#,&2$ 6+%Z ,($.&,&($#.# N(

.($#$%6X .636 -6'&+%-#-+6 .&-6,%#@6$%6 6$ 60 N#%-&@($&(X N#-# +6- ?+#.# .($#,&2$ = +?+ -6$.&@&6$%(+ 6$ 0#+ #,%&P&.#.6+ @6-&%(-&#+W 1?#$.( +6 .($6 ?#,%&P(X $( N(.-Z +6- 6$#*6$#.( .6 0(+ J #R(+ +&'?&6$%6+ # 0# .($#,&2$X +( N6$# .6O?6 +6 %-#%6 ,(@( ?$# -6$%# '-#P#.# ,($ 60 &@N?6+%(W

6W H+%#306,6- ?$# $(-@# #$%& 60?+&2$ O?6 N6-@&%# ,($%-(0#- 60 #3?+( N(- 60 ,?#0 +6$%-6'#$ 3&6$6+ # %;%?0( '-#%?&%( N6-( ,($ ,($%-#N-6+%#,&($6+ ,($P6$&.#+&@N0;,&%#@6$%6W

H> /B:@F8?<4 H> 04B=T4

>5$ 7#+ 4+(,&#,&($6+X G?$.#,&($6+ = 1(-N(-#,&($6+ ,($+%&%?&.#+ ,(@( H"47 .636-Z$0&O?&.#- = N#'#- ?$ &@N?6+%( +(3-6 0# -6$%# # ?$# %#-&5# ]$&,# .60 ILd +(3-6 66M,6.6$%6 5&+,#0 a-6$%# 0;O?&.# '-#P#306bW

]> /B:@F8?<4 ]> &8NF=?=<:? @4B4 ?:6=9=<F7 R 47E=?=Q; 78 64? +Z 1 R ,9:;?<=<F=74? 9:E: $(+* 8; 86 &0$

VVW C+2 46 f 3 = ;1$ &$->+- *+ %+*")+) )$ _A4C )$9$- 2'*"%"&+# 21 +)/"2",- +* bS_8 7#+ 4X G= 1 H"47 N#-# 656,%(+ .60 &@N?6+%( +(3-6 0# -6$%# +6 #+&@&0#-Z$ # 0#+ +(,&6.#



"ED

0&@&%#.#+X +#0P( #O?600#+ O?6 0# 06= [#=# ,#0&5&,#.( ,(@( $( ,($%-&3?=6$%6+W.6@Z+ N(.-Z$ +(0&,&%#- #$%6 0# :`4F +? #.@&+&2$ #0 )QHX 0# ,?#0 +6-Z PZ0&.# # N#-%+? +(0&,&%?. &$&,&#0 = 0# #+&'$#,&2$ .60 )DQX 6$ ,?#$%( ,?@N0#$ ,($ 0(+ -6O?&+06'#06+ = +6 -6$(P#-Z #$?#0@6$%6 ,($ 0# N-6+6$%#,&2$ .6 0# .6,0#-#,&2$ .6 -6$%#WA#-# 0#+ H"47 ,($ &$'-6+(+ +?N6-&(-6+ # KjLWLLL DEQX +? N6-%6$6$,&# #0 )QH 6

,($.&,&($#.# # O?6 60 -6N-6+6$%#$%6 06'#0 -#.&O?6 #$%6 60 ,(@&%Y .6 6$%&.#.6+ +&Z$&@( .6 0?,-( N-6P&+%( 6$ 60 #-%;,?0( TjI .60 HWQWX 0# @6@(-&# 6,($2@&,# #$?#0+?+ #,%&P&.#.6+X 6$ 0# ,?#0 ,(@N-?636 O?6 ,?@N0&2 ,($ +? (3*6%( +(,&#0 = ,($ 0(+-6O?&+&%(+ N#-# @#$%6$6-+6 6$ 60 )QHW

VJW )6O?&+&%(+ O?6 .636$ #,(@N#R#- 0#+ 4X G = 1 H"47 # +? +(0&,&%?. .6 #.@&+&2$ #0 )Q

#W H+,-&%?-# N]30&,# .6 ,($+%&%?,&2$ ,(@( 4X G = 1 H"47X 6$ 0# ,?#0 #N#-6C,# ,(@(3*6%( +(,&#0 N-&$,&N#0 #0'?$# .6 0#+ +&'?&6$%6+ #,%&P&.#.6+ @6-&%(-&#+e 6.?5(-@#0X +#0?.X ,?0%?-#X ,&6$,&#X %6,$(0(';# 6 &$P6+%&'#,&2$X .6N(-%6 #5&,&#+(,&#,&($6+ '-6@&#06+ = #,%&P&.#.6+ .6 .6+#--(00( +(,&#0W H$ 60 )DQ 6+#,%&P&.#. .636 &.6$%&5&,#-+6X ,(--6+N($.6- # +? (3*6%( +(,&#0 = $( N(.-Z$#N#-6,6- ,(@( (%-#+ #,%&P&.#.6+ $( 6+N6,&5&,#.#+W 7# :`4F .636 #.6,?#- 0#-60#,&2$ .6 0#+ #,%&P&.#.6+ 6,($2@&,#+ .60 )DQX .6 @#$6-# O?6 #N#-6C,#$ 0#+#,%&P&.#.6+ @6-&%(-&#+ O?6 +6 [#$ .65&$&.( ,(@( 60 (3*6%( +(,&#0 N-&$,&N#0 .64X G = 1 ,($+%&%?&.#+ ,(@( H"47 N#-# O?6 N?6.#$ &.6$%&5&,#-+6 = +6- #.@&%&.)QHW

3W 4,%( @6.&#$%6 60 ,?#0 +6 06 [# -6,($(,&.( N6-+($6-;# *?-;.&,#W

,W `$+,-&N,&2$ 6$ 0# ,Z@#-# .6 ,(@6-,&( .6 +? *?-&+.&,,&2$X 6$ 0# ,?#0 #N#-6C,#$ +?+#.@&$&+%-#.(-6+X -6N-6+6$%#$%6+ = @&6@3-(+ .60 1($+6*( :&-6,%&P(W

.W <#$&56+%#,&2$ 6+,-&%# .60 -6N-6+6$%#$%6 06'#0 +(3-6e

"? ,#-Z,%6- .6 H"47 = O?6 +?+ #N(-%6+ $( +($ -66@3(0+#306+ $& +6 .&+%-&3?&-Z+?+ 6M,6.6$%6+ $& .&-6,%# $& &$.&-6,%#@6$%6 3#*( $&$']$ %;%?0(W

n?6 60 (3*6%( +(,&#0 = 0#+ #,%&P&.#.6+ +($ .6 &$%6-Y+ '6$6-#0 = O?6 0##,%&P&.#.6+ .6 0# 6$%&.#. +($ .6 #,,6+( '6$6-#0 # 0# ,(@?$&.#.X 6+ .6,&-X O?6,?#0O?&6- N6-+($# $#%?-#0 ( *?-;.&,# N?6.# #,,6.6- # 0#+ #,%&P&.#.6+ O?6-6#0&C# 0# 6$%&.#. +&$ $&$']$ %&N( .6 -6+%-&,,&2$X ,(@( #5&0&#,&($6

(%(-'?6$ .6-6,[(+ 6M,0?+&P(+ # N#-%&,&N#- 6$ 0(+ 36$65&,&(+ .6 0# 6$%&.#.W `$.&,#-Z$ 0# 5?6$%6 .6 0(+ &$'-6+(+ ,($ 0(+ ,?#06+ +6 ,?@N0&-Z 60 (3*6%( +(,&#0= 0# ,6-%&5&,#,&2$ .6 0#+ ,?6$%#+ 3#$,#-&#+ #3&6-%#+ N#-# 60 656,%(W

H+%# @#$&56+%#,&2$ +(0( +6 6M&'&-Z #0 @(@6$%( .6 +? #.@&+&2$ &$&,&#0X N+&'?&6$%6+ #R(+X %(.#+ 0#+ H"47 0# -6$(P#-Z$ ,($ 0# N-6+6$%#,&2$ .6 +?.6,0#-#,&2$ .6 -6$%#W 7#+ H"47 ,($ &$'-6+(+ #$?#06+ +?N6-&(-6+ # KjLWLLL DEQ 6$60 #R( &$@6.&#%#@6$%6 #$%6-&(- .636-Z$ N-6+6$%#- 0# @6@(-&# 6,($2@&,# .6 +



"E:

'6+%&2$ #$?#0 #$%6 60 ,(@&%Y ,-6#.( 6$ 60 #-%;,?0( TjIX 6$ 0# ,?#0 @#$&56+%#-ZO?6 [#$ ,?@N0&.( 0(+ -6O?&+&%(+ N#-# O?6 +6 06+ -6,($(C,#$ 0(+ 36$65&,&(+ .60)QHW

6W 16-%&5&,#,&2$ N(- N#-%6 .6 0# #?%(-&.#. O?6 [#=# .65&$&.( 0# 06= ( 60 -6'0#@6$%

O?6 #,-6.&%6 O?6 .6+#--(00#$ 0# #,%&P&.#. @6-&%(-&#W

VjW 1(--6+N($.6 # 0# :`4F #.@&%&- # 0#+ 4X G = 1 H"47 6$ 60 )QH ?$# P6C P6-&5&,#.(+ 0(-6O?&+&%(+ 06'#06+ = N(- %#$%(X #?%(-&C#- +? ,#0&5&,#,&2$ 6$ 60 )DQW 7# #(N6-#-Z ,($ 0# +(0# +(0&,&%?. = 0# #+&'$#,&2$ .60 )DQX N-6P&# 0# N-6+6$%#,&2$ .6 .(,?@6$%(+ 6M&'&.(+ 6$ 60 HWQWX N#-# 0( ,?#0 +6 N(.-Z$ P6-&5&,#- 0(+ .#%(+ -6N(-%#H$ ,#+( .6 &$,?@N0&@&6$%( .6 0(+ -6O?&+&%(+ $( N(.-Z +6- -6'&+%-#.# 6$ 60 )DQ ,(@H"47 = .636-Z +6- ,#0&5&,#.# ,(@( +(,&6.#. 0&@&%#.# 6$ 60 )DQW

VSW 7#+ H"47 #,%?#0&C#-Z$ +? )DQ #$?#0@6$%6X ,($ 0# +&@N06 N-6+6$%#,&2$ .6.6,0#-#,&2$ .6 -6$%#X N6-( #O?600#+ O?6 +?N6-6$ KjLWLLL DEQ .6 &$'-6+(+ 6$ #0 #R(#$%6-&(- afVWJIV @&00($6+bX .636-Z$ 6$P&#- #0 1(@&%Y .6 H$%&.#.6+ "&$ c$&7?,-(X ?$# @6@(-&# 6,($2@&,# +(3-6 +? '6+%&2$X &$,0?=6$.( ?$# @#$&56+%#,&2$ .60-6N-6+6$%#$%6 06'#0 = 60 -6P&+(- 5&+,#0 6$ 0# ,?#0 +6 #,(@N#R6 0# .6,0#-#,&2$ .6 -6$%6$ O?6 [#'# ,($+%#- O?6 .?-#$%6 60 #R( #0 ,?#0 +6 -65&6-6 0# .6,0#-#,&2$ [#$,?@N0&.( ,($ %(.(+ 0(+ -6O?&+&%(+ 6M&'&.(+ N(- 0# 06=X ,(@( -6&%6-#,&2$ .6 0# +(0&.6 0#+ 6M6$,&($6+ +(0&,&%#.#+ 6$ 0# .6,0#-#,&2$X ,($ 0# #,%?#0&C#,&2$ .6 0# &$5(-@#.6 0# N0#%#5(-@# .6 %-#$+N#-6$,&#W

VgW 7#+ H"47 .636$ ,?@N0&- ,($ 0#+ +&'?&6$%6+ -6'0#+ N#-# +? ,-6#,&2$X .?-#$%6 +?6M&+%6$,&# = [#+%# +? .&+(0?,&2$ = 0&O?&.#,&2$e

f'-)' 2'%"+* W 7#+ 4X G = 1 H"47 .636$ ,($5(-@#- +? N#%-&@($&( ,($ ?$ 5($.(+(,&#0 O?6 +6 ,(@N($6 .6 0(+ #N(-%6+ .6 +?+ 5?$.#.(-6+X 0(+ 6M,6.6$%6+ #$?#06+= (%-#+ N#-%&.#+ N#%-&@($&#06+ O?6 6M&*#$ 0#+ $(-@#+ ,($%#306+W H+%6 G+(0( 06 N6-%6$6,6 # 0# #+(,&#,&2$X ,(-N(-#,&2$ ( 5?$.#,&2$ ,#0&5&,#.# ,(@( H"47 =+(0( N(.-Z .6+%&$#-+6 #0 ,?@N0&@&6$%( .60 (3*6%( +(,&#0X = .636-Z +6- .&+%-&6$ ,0 ,#+( .6 .&+(0?,&2$ = 0&O?&.#,&2$ ,(@( 0( 6+%&N?0# 60 12.&'( 1&P&0W

40'#&$2 3 $J%$)$-&$2 )$ *+2 _A4CW F&$']$ #N(-%6 .6 0(+ 5?$.#.(-6+X @&6@3-(+X#.@&$&+%-#.(-6+ $& .6 ,?#0O?&6- (%-# N6-+($#X &$.6N6$.&6$%6@6$%6 .6 +

.6$(@&$#,&2$X '6$6-#$ .6-6,[(+ .6 $&$']$ %&N( N#-# 60 #N(-%#$%6X $& .?-#$%6 +?6M&+%6$,&#X $& 6$ +? 0&O?&.#,&2$X N(- 0( ,?#0 $( +6-Z$ -66@3(0+#306+W

_J%$)$-&$2W 7(+ 6M,6.6$%6+ '6$6-#.(+ N(- 0# (N6-#,&2$ .6 0# H"47 .636$.6%6-@&$#-+6 3#*( 0#+ @&+@#+ -6'0#+ #N0&,#306+ # 0#+ +(,&6.#.6+ 0&@&%#.#+ .6= $( N(.-Z$ +6- .&+%-&3?&.(+ $& .&-6,%# $& &$.&-6,%#@6$%6X # $&$'?$# N6-+$#%?-#0 ( *?-;.&,# #N(-%#$%6 ( # +?+ P&$,?0#.(+X 6$%6$.&Y$.(+6 ,(@( %#06+ #N6-+($#+ P&$,?0#.#+ ,(@( ,2$=?'6+ ( ,(@N#R6-(+X = .6 N#-6$%6+,( [#+%# 60



"EI

,?#-%( '-#.( .6 ,($+#$'?&$&.#. = #5&$&.#. = ]$&,( ,&P&0 ,($ 0(+ 5?$.#.(-6+ =#N(-%#$%6+ = 6$%&.#.6+ *?-;.&,#+ 6$ .($.6 0(+ 5?$.#.(-6+ ( #N(-%#$%6+ N(+6#$@Z+ .6 TLd a.&-6,%# ( &$.&-6,%#@6$%6b .6 #N(-%6+ ( ,($%-(0 .6 0# +(,&6.#.36$65#,%(-# .6 0(+ N#'(+W

b$2&#"%%"'-$2W 7# H"47X +? N#%-&@($&( = 6M,6.6$%6+ $( N(.-Z$ +6- (3*6%( #0'?$(.6 5?+&($6+X 6+,&+&($6+X %-#$+5(-@#,&($6+ ( -6(-'#$&C#,&2$ 6@N-6+#-&#0 #0'?1?#$.( +6 0&O?&.6$ 0# %(%#0&.#. .6 +? N#%-&@($&( .636-Z %-#$+56-&-+6 # (%6$%&.#. .6 (3*6%( +(,&#0 +&@&0#- N-6P&#@6$%6 .65&$&.# 6$ 0(+ 6+%#%?%-#$+56-&-+6 # ?$# 6$%&.#. N]30&,#X ,($5(-@6 # 0#+ -6'0#+ .60 12.&'( 1&P&0W

_J$-%"'-$2 W "6 ,($+&.6-#$ ,(@( -6$%#+ 6M6$%#+ 6$ ,?#$%( +6 .6+%&$6$ #0,?@N0&@&6$%( .60 (3*6%( +(,&#0X 0#+ .6-&P#.#+ .6 0#+ #,%&P&.#.6+ @6-&%(-&.($#,&($6+ -6,&3&.#+ O?6 ,?@N0#$ ,($ 0#+ 6M&'6$,&#+ 06'#06+X 0(+ &$'-6+(+.6-&P#.(+ .6 0# 6MN0(%#,&2$ .6 +? N#%-&@($&( @(3&0&#-&( ( &$@(3&0&#-&(

,(@( #--6$.#@&6$%(+X -6$.&@&6$%(+ 5&$#$,&6-(+ = .&P&.6$.(+W 1?#$.( +66$#*6$6$ #,%&P(+X 0# ?%&0&.#. %#@3&Y$ 6+%#-Z 6M6$%#X 6$ ,?#$%( +6 .6+%&#,%&P&.#.6+ @6-&%(-&#+ ( #0 @#$%6$&@&6$%( .6 +? N#%-&@($&(W

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

+(3-6 60 ,?@N0&@&6$%( .6 0(+ -6O?&+&%(+ N#-# (3%6$6- 0#+ 6M6$,&($6+ +(0&,&6$ 0# .6,0#-#,&2$ .6 -6$%#W H0 &$5(-@6 6+%#-Z # .&+N(+&,&2$ .6 0#+ #?%(-&.#,?#$.( +6# -6O?6-&.(W A#-# 0#+ H"47 ,($ &$'-6+(+ +?N6-&(-6+ # KjLWLLL DEQX.636-Z$ N-6+6$%#- #$%6 60 1(@&%Y .60 #-%;,?0( TjI .60 HWQWX 0# @6@(6,($2@&,# ,(--6+N($.&6$%6 #0 -6+N6,%&P( #R(X N#-# O?6 +6 06 -6,($(C,# +?N6-%6$6$,&# 60 )QHW



"EO

!$2&"-+%",- )$ $J%$)$-&$2 W 7(+ 6M,6.6$%6+ +6 .636-Z$ &$P6-%&- ,(@( @;$&@( 6$?$ jLd .?-#$%6 0(+ ,?#%-( #R(+ +&'?&6$%6+X 6$ 0#+ #,%&P&.#.6+ @6-&%(-&.6+#--(00#.#+ N(- 0# 6$%&.#. = 60 -6+%( +6 .6+%&$#-Z # &$,-6@6$%#- 60 N#%-&@(6$ #,%&P(+ 5&$#$,&6-(+ 6@&%&.(+ ( -6+N#0.#.( N(- 6$%&.#.6+ P&'&0#.#+ N(- +?N6-&$%6$.6$,&# 5&$#$,&6-#X &$P6$%#-&(+X #,%&P(+ 5&*(+ = %6,$(0(';# O?6 #N

#,%&P&.#.6+ # .6+#--(00#- = O?6 '6$6-6 -6$%#+ +?5&,&6$%6+ N#-# 60 5?%?,-6,&@&6$%( = .6+#--(00( .6 0# H"47W 7# ,($+%#$,&# +(3-6 0# #N-(3#,&2$ .6 6+%#.6,&+&2$ .636 O?6.#- .6$%-( .60 #,%# O?6 #N-?636 60 3#0#$,6 = 60 6+%#.( .6-6+?0%#.(+ #$?#06+ = .636-Z 6+N6,&5&,#-+6 60 .6+%&$( .6 %#06+ 6M,6.6$%6+W @&+@(X ,#.# #R( 6$ 0# #N-(3#,&2$ .60 3#0#$,6 = 60 6+%#.( .6 -6+?0%#.(+ #$?#06+X+6 ,($%-(0#-Z 0# 6*6,?,&2$ .6 0(+ 6M,6.6$%6+ .6 ,#.# #R( N#-# 0( ,?#0 .636-Z$&.6$%&5&,#-+6 .6$%-( .6 0# ,($%#3&0&.#.W

!'-+%"'-$2 W 7#+ 4X G = 1 N6-%6$6,&6$%6+ #0 )QH N(.-Z$ -6'&+%-#- ,($%#306@6$0#+ .($#,&($6+ ,(@( &$'-6+(+ ( .&-6,%#@6$%6 6$ 60 N#%-&@($&( ,?#$.( [#=# +&.(

?$# ,($.&,&2$ .60 .($#$%6W "& +6 %-#%# .6 ?$ #,%&P( .($#.(X $( N(.-Z +6-6$#*6$#.( .6$%-( .6 0(+ J #R(+ +&'?&6$%6+X +( N6$# .6 O?6 %#0 .($#,&2$ ( 0#P6$%# .60 #,%&P( +6 ,($+&.6-6 ,(@( ?$ &$'-6+( '-#P#.( ,($ 60 &@N?6+%( .6 -6$%#W

c+2&'2 +)/"-"2&#+&":'2 W 7(+ '#+%(+ #.@&$&+%-#%&P(+ .6 0#+ H"47 $( N(.-Z$6M,6.6- .60 ILd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e #b 0(+ ,(+%(+ .6 N-(=6,%(+X ,(+%(+ = '#+%(+ .6 0#+ #,%&P&.#.6+ P6$%# .6 3&6$6+ ( +6-P&,&(+ ( .6 #,%&P&.#.6+ -6#0&C#.#+ 6$ 5?$,&2$ .60 (3*6%+(,&#0 .6 0# 6$%&.#. = 3b 0(+ '#+%(+ #.@&$&+%-#%&P(+X N#-# +? P6-&5&,#,&2$

#.@&$&+%-#,&2$ %-&3?%#-&#X %(.( 0( ,?#0X .636-Z ,6-%&5&,#-+6 N(- 60 )6P&+(- ,($%#.(-W 7#+ .($#,&($6+ -6#0&C#.#+ # (%-#+ H"47 ,#0&5&,#.#+ .6$%-( .60 )QHX 0(+'#+%(+ N(- .6N-6,&#,&2$ = #@(-%&C#,&2$ = 0(+ &$%6-6+6+ N#'#.(+ # %6-,6-(+ $( +6,($+&.6-#$X N#-# 6+%(+ 656,%(+X '#+%(+ #.@&$&+%-#%&P(+W

H0 %(%#0 .6 0(+ '#+%(+ #.@&$&+%-#%&P(+ .6%6-@&$#.( ,(@( +6 @6$,&($# 6$ NZ--#5( #$%6-&(-X +6 .&P&.6 6$%-6 0# +?@# .6 0(+ &$'-6+(+ N-(N&(+ = 0(+ &$'-6+#.@&$&+%-#.(+ .6 %6-,6-(+ N(- 0# 6$%&.#.W H0 N(-,6$%#*6 -6+?0%#$%6 $( .636 .



"EC

+6- @#=(- #0 ILdW

I+>'2 + D1-)+)'#$2 3 +)/"-"2&#+)'#$2 W 7(+ N#'(+ N(- N-6+%#,&2$ .6 +6-P&,&(+X#--6$.#@&6$%(+X [($(-#-&(+X ,(@&+&($6+X &$%6-6+6+X 3($&5&,#,&($6+ 6+N6,&,?#0O?&6- (%-( %&N( .6 N#'(+X #+; ,(@( 0# ,6063-#,&2$ .6 ,($%-#%(+ ( #,%(+

*?-;.&,(+ ($6-(+(+ ( '-#%?&%(+ -6#0&C#.(+ ,($ 0(+ 5?$.#.(-6+X #N(-%#$%6+X.($#$%6+X -6N-6+6$%#$%6 06'#0 = #.@&$&+%-#.(-6+X +?+ ,2$=?'6+ ( ,(@N#R6-(+ (+?+ 5#@&0&#-6+ N#-&6$%6+ [#+%# ,?#-%( '-#.( .6 ,($+#$'?&$&.#. ( #5&$&.#. ( ]$&,(,&P&0 ( 6$%&.#.6+ *?-;.&,#+ .($.6 6+%#+ N6-+($#+ N(+6#$ @Z+ .6 ?$ TLd .6 0#6$%&.#. 6$ ,($*?$%( ? (%-#+ 6$%&.#.6+ .($.6 %6$'# ,($%-(0X +6 ,($+&.6-# ?$#.&+%-&3?,&2$ &$.&-6,%# .6 6M,6.6$%6+ = ,(@( ,($+6,?6$,&#X 0# H"47 .6*#-Z .6N6-%6$6,6- #0 )QH # N#-%&- .60 #R( 6$ 60 ,?#0 +6 [#=# 656,%?#.( 60 N#'( = N(-%#$%(X +6 #+&@&0#-Z # 0#+ +(,&6.#.6+ 0&@&%#.#+W ~$&,#@6$%6 +6 #.@&%&0#3(-#06+ # 0(+ #.@&$&+%-#.(-6+ = #0 -6N-6+6$%#$%6 06'#0X +&6@N-6 = ,?#$.6@?6+%-6$ 60 N#'( .6 0(+ #N(-%6+ # 0# +6'?-&.#. +(,&#0X N#-#5&+,#06+ = .6@Z+

(30&'#,&($6+ O?6 +6 %&6$6 ,($ 0(+ 6@N06#.(+W H0 #.@&$&+%-#.(- ( '6-6$%6 .636-Z%6$6- P;$,?0( 0#3(-#0W

4%&":")+)$2 )"D$#$-&$2 + *+2 +%&":")+)$2 /$#"&'#"+2 )$* '9H$&' 2'%"+* ;1$ '&'#>+-)$#$%7' + *+ $J$-%",- W 7#+ 6$%&.#.6+ N(.-Z$ -6#0&C#-“actividades diferentes“ a0#+ #,%&P&.#.6+ @6-&%(-&#+ .60 (3*6%( +(,&#0 O?6 (%(-'#$ 60 .6-6,[( # 0# 6M6$,&2+&6@N-6 O?6 $( 6M,6.#$ .60 VLd .6 +?+ &$'-6+(+ #$?#06+ -6'&+%-#.(+ 6$ +?contabilidad. En todo caso, los ingresos derivados de estas “actividadesdiferentes” no otorgan exención y constituyen renta gravable, con la depuración.6 0(+ ,(+%(+ = '#+%(+ ,(--6+N($.&6$%6+ ,($5(-@6 # 0#+ -6'0#+ '6$6-#06+ .60 HWQWX# 0# %#-&5# .60 ILdW H$ 60 #R( 6$ 60 ,?#0 +?N6-6$ 60 VLd .6*#$ .6 N6-%6$6,6- #0)QH = +6 #+&@&0#-Z$ # 0#+ +(,&6.#.6+ 0&@&%#.#+W 7# 3#+6 +(3-6 0# ,?#0 +6 ,#0,monto de las “actividades diferentes” no incluye, los ingresos provenientes de la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

0#+ H"47W Q&"*")+)$2 0'# *+ :$-&+ )$ "-/1$9*$2 W 7#+ ?%&0&.#.6+ N(- 0# P6$%# .6 3&6$6+

&$@?6306+ 6+%#-Z$ 6M6$%#+ .60 &@N?6+%( +(3-6 0# -6$%# +&6@N-6 = ,?#$.( &$P&6-%#$ 6$ 0# #.O?&+&,&2$ .6 ?$ #,%&P( +&@&0#-X 6$ 0#+ #,%&P&.#.6+ @6-&+? 5(-%#06,&@&6$%( N#%-&@($&#0W



"?E

='-&+9"*")+) W H0 +&+%6@# .6 &$5(-@#,&2$ 5&$#$,&6-( +6-Z &'?#0 #0 .6 0#+ 6$%&,($ Z$&@( .6 0?,-(X N?6+%( O?6 0# #N0&,#,&2$ .6 0#+ F``G ,($+%&%?=6 ?$#(30&'#,&2$ 6+%#306,&.# N(- 0# 76= KTKV .6 ILLUW 7# &$5(-@#,&2$ .6 0#.6,0#-#,&($6+ .636-Z 6+%#- .63&.#@6$%6 +(N(-%#.# 6$ +? ,($%#3&0&.#.X,($5(-@6 0( 6M&'6$ 0#+ $(-@#+ %-&3?%#-&#+W

I#$%"'2 )$ &#+-2D$#$-%"+W 7#+ H"47 .60 )QH 6+%#-Z$ +?*6%#+ #0 -Y'&@6$ .6 N-6,&(+.6 %-#$+56-6$,&#X 6$ ,?#$%( -6#0&,6$ (N6-#,&($6+ 6,($2@&,#+ +?*6%#+ # ,?@N0&,($ 0#+ (30&'#,&($6+ N-6P&+%#+ 6$ 60 HWQW

`9*">+%"'-$2 &#"91&+#"+2 D'#/+*$2W 7#+ H"47 .60 )QH .636$ ,?@N0&- ,($ 0#+(30&'#,&($6+ %-&3?%#-&#+ 5(-@#06+ a&$+,-&N,&2$X 5#,%?-#,&2$X .6,0#-,($%#3&0&.#.X &$5(-@#,&2$b = ,?@N0&- &'?#0@6$%6 ,($ 0#+ (30&'#,&($6+ ,(@#'6$%6+ .6 -6%6$,&2$X ,?#$.( 0# 06= 0( &$.&O?6W

`&#'2 "/01$2&'2 W 7#+ H"47 .60 )QH 6+%Z$ +?*6%#+ # 0(+ &@N?6+%(+ .60 (-.6$#,&($#0 = %6--&%(-&#0 3#*( 0#+ -6'0#+ '6$6-#06+ .6 ,#.# &@N?6+%(W

Ik#)")+2 W 1?#$.( 0# H"47 .60 )QH -6'&+%-6 NY-.&.#+ N(- ?$ @($%( +?N6-&(- #0 jLd.6 +? 5($.( +(,&#0 =h( +& N(- ?$ %Y-@&$( .6 %-6+ #R(+ $( 0('-# ,(@N6$+#- +?+NY-.&.#+X +6-Z ,#?+#0 .6 .&+(0?,&2$ = 0&O?&.#,&2$W

U> /B:@F8?<4 U> ,:;<B:6

VUW 7# :`4F &$,(-N(-#-Z 6$ +? N0#$ #$?#0 .6 5&+,#0&C#,&2$ ?$ N-('-#@# .6 ,($%-(0 # 0#+H"47 O?6 .636 +6- #N-(3#.( N(- 60 1(@&%Y 6+%#306,&.( 6$ 60 #-%;,?0( TjIW 7#

:&-6,,&2$ .6 G&+,#0&C#,&2$ .6 0# :`4F .636 N-6+6$%#- #0 @&+@( 1(@&%Y ?$ &$5(-@60(+ -6+?0%#.(+ 6$ 60 @6+ .6 563-6-( .60 #R( +&'?&6$%6 # 5&$ .6 O?6 +6# 6P#0?#.( =,($+&.6-#.( N#-# .65&$&- 60 N-('-#@# .60 +&'?&6$%6 #R(W H0 N-('-#@# #$?#0 .65&+,#0&C#,&2$ .636 ,(@3&$#- 0(+ ,-&%6-&(+ +6,%(-&#06+X %6--&%(-&#06+ = 60 &@N(-%#$,&# .6 0# #,%&P&.#.W 1?#$.( +6 .6%6,%6$ 5-#?.6+ 6$ 0#+ (N6-#,&($6+ .6 0#+H"47X 60 %Y-@&$( .6 -6P&+&2$ .6 0#+ .6,0#-#,&($6+ #0 ,?#0 +6 -65&6-6 0(+ #-%;,?0(+ SLSKV .60 HWQWX N(.-Z$ 6M%6$.6-+6 [#+%# N(- %-6+ #R(+W

JLW "6 6+%#306,6 ?$# ,0Z?+?0# '6$6-#0 #$%&^60?+&2$ N#-# 60 ,($%-(0 .6 0#+ 5?$.#,&($6+6@N-6+#-&#06+ = 5#@&0&#-6+X 0# .&+%-&3?,&2$ &$.&-6,%# .6 #N(-%6+ = 6M,6.6$

+&@?0#,&2$ .6 .($#,&($6+ N#-# .(%#- # 0# #.@&$&+%-#,&2$ %-&3?%#-&# .6 [6--#@&6$N#-# +? 5&+,#0&C#,&2$X @6.&#$%6 0# ,($5&'?-#,&2$ .6 &$5-#,,&($6+ N(- 60 #3?+( .6 0$(-@#+ = 0# N(+&3&0&.#. 06'#0 .6 .6+,($(,6- +?+ 656,%(+ %-&3?%#-&(+W 7(+ %Y-@&$(0# ,0Z?+?0# +($ 0(+ +&'?&6$%6+e

JKW H$ $&$']$ ,#+( +6 -6,($(,6-Z 0# #N0&,#,&2$ .60 -Y'&@6$ %-&3?%#-&( H+N6,&#0 a)QN-6P&+%( N#-# 0#+ 6$%&.#.6+ +&$ Z$&@( .6 0?,-( H"47 # #O?600#+ 6$%&.#.6+ O#3?+#$.( .6 0#+ N(+&3&0&.#.6+ .6 ,($5&'?-#,&2$ *?-;.&,# .65-#?.6$ 0# $(-@#



"??

%-&3?%#-&# O?6 +6-;# #N0&,#306 ( @6.&#$%6 N#,%(+ +&@?0#.(+ 6$,?3-#$ ?$ $6'(,& *?-;.&,( .&+%&$%( # #O?60 O?6 .&,6$ -6#0&C#- ( 0# +&@N06 #?+6$,&# .6 $6'(,&( *?-;.&,(

JIW 76 ,(--6+N($.6 # 0# #?%(-&.#. %-&3?%#-&# -6'?0#-&C#- @6.&#$%6 0&O?&.#,&2$ (5&+&'?&6$.( 60 N-(,6.&@&6$%( 6+%#306,&.( 6$ 60 HWQWX 0(+ +?N?6+%(+ .6 #3?+(

.6-6,[(X 5-#?.6 # 0# 06= ( +&@?0#,&2$ 6$ 0(+ O?6 &$,?--#$ 0#+ 6$%&.#.6+ 36$65&,&#-&#

.60 -Y'&@6$ %-&3?%#-&( N-6P&+%( N#-# 0#+ 6$%&.#.6+ +&$ Z$&@( .6 0?,-(W 4 %#

.6,0#-#,&2$ .6 #3?+(X 5-#?.6 ( +&@?0#,&2$ N(- N#-%6 .6 0# 4.@&$&+%-#,&2$ .6`@N?6+%(+ N-(.?,6 656,%(+ 6M,0?+&P#@6$%6 %-&3?%#-&(+ = $( 6+%Z +(@6%&N-6*?.&,&#0&.#. #0'?$# $& # N-(,6.&@&6$%( .&+%&$%( #0 ,($+#'-#.( N#-# N-(56-&- 0&O?&.#,&2$ (5&,&#0 .6 -6P&+&2$ 6$ 0(+ #-%;,?0(+ SLI # SKV .60 H+%#%?%( Q-&3?%6+6 #,%( (5&,&#0X #.6@Z+ .60 &@N?6+%( 60?.&.(X +6 6M&'&-Z$ 0(+ &$%6-6+6+ @(-#+6 &@N($.-Z 0# +#$,&2$ N(- &$6M#,%&%?.W

JTW "&$ N6-*?&,&( .6 0( #$%6-&(-X .6 @#$6-# N#-%&,?0#- +6 ,($+&.6-# O?6 0# ?%&0&C#,&-Y'&@6$ %-&3?%#-&( 6+N6,&#0 )QH N-6P&+%( N#-# 0#+ 6$%&.#.6+ +&$ Z$&@( .6 0?(36.6,6 # ?$# 6+%-?,%?-# $6'(,&#0 #3?+&P#X 5-#?.?06$%# ( +&@?0#.#X +6']$ 0#,#0&5&,#,&2$ O?6 656,%]6 0# #?%(-&.#. 6$ 0# 0&O?&.#,&2$ (5&,&#0 .6 -6P&+&2$X ,?##N-6,&6 #0'?$# .6 0#+ +&'?&6$%6+ ,&-,?$+%#$,&#+e

H0 5&$ N-&$,&N#0 .6 0# 6$%&.#. $( (36.6C,# # ?$ &$%6-Y+ '6$6-#0 @6.&#$%6 -6#0&C#,&2$ .6 0#+ #,%&P&.#.6+ @6-&%(-&#+ +&$( # 0# -6#0&C#,&2$ .6 ?$# 6MN06,($2@&,# ,($ 5&$6+ .6 .&+%-&3?,&2$ .6 0(+ 6M,6.6$%6+ .&-6,%# ( &$.&-6,%#@6$%H$ 0# #N-6,&#,&2$ .6 6+%# ,&-,?$+%#$,&# +6 .636 %6$6- 6$ ,?6$%# 6$%-6 (%-(+5#,%(-6+X ,?Z06+ +($ 0#+ N-&$,&N#06+ 5?6$%6+ .6 N6-,6N,&2$ .6 &$'-6+(+ = ,?Z0 6+.6+%&$#,&2$ 656,%&P# .6 %#06+ -6,?-+(+W

"6#$ .6+%&$#%#-&(+ .&-6,%(+ ( &$.&-6,%(+ .6 0#+ #,%&P&.#.6+ O?6 -6#0&,6 0# 6$%0(+ 5?$.#.(-6+X #+(,&#.(+X -6N-6+6$%#$%6+ 6+%#%?%#-&(+X @&6@3-(+ .6 0(+ 2-'#$.6 '(3&6-$(X 0(+ ,2$=?'6+ ( N#-&6$%6+ [#+%# 60 ,?#-%( '-#.( &$,0?+&P6 .6,?#0O?&6-# .6 600(+ ( ,?#0O?&6- 6$%&.#. ( N6-+($# ,($ 0# ,?#0 #0'?$( .6 0(+ #$%6+@6$,&($#.(+ %6$'# 0# ,#0&.#. .6 P&$,?0#.( 6,($2@&,( .6 #,?6-.( ,($ 0(+#-%;,?0( IjL^K = VJL .60 H+%#%?%( Q-&3?%#-&(X ( +6 36$65&,&6$ .6 ,($.&,&($6+N6,&#06+ N#-# #,,6.6- # 0(+ 3&6$6+ ( +6-P&,&(+ (5-6,&.(+ N(- 0# 6$%&.#.W

"6 #.O?&6-#$ .6 @#$6-# .&-6,%# ( &$.&-6,%# 3&6$6+ ( +6-P&,&(+ # 0(+ 5?$.#.(-6+X

#+(,&#.(+X -6N-6+6$%#$%6+ 6+%#%?%#-&(+X @&6@3-(+ .6 0(+ 2-'#$(+ .6 '(3&6-$(0(+ ,2$=?'6+ ( N#-&6$%6+ [#+%# 60 ,?#-%( '-#.( &$,0?+&P6 .6 ,?#0O?&6-# .6 600(+ (# ,?#0O?&6- 6$%&.#. ( N6-+($# ,($ 0# ,?#0 #0'?$( .6 0(+ #$%6+ @6$,&($#.(+ %6$'#0# ,#0&.#. .6 P&$,?0#.( 6,($2@&,( .6 #,?6-.( ,($ 0(+ #-%;,?0( IjL^K = VJL .60H+%#%?%( Q-&3?%#-&(W

7# -6@?$6-#,&2$ .6 0(+ ,#-'(+ .6 5?$.#.(-6+X #+(,&#.(+X -6N-6+6$%#$%66+%#%?%#-&( = @&6@3-( .60 2-'#$( .6 '(3&6-$( ( .6 ,?#0O?&6- -60#,&2$ 0#3(-#



"?"

,($%-#%#.# N(- 0# 6$%&.#. 06 .Y .6-6,[( # O?&6$ 6@N06# +? ,#N#,&.#. .6 %-#3#*(# N#-%&,&N#- 6$ 0(+ -6+?0%#.(+ 6,($2@&,(+ .6 0# 6$%&.#. .&-6,%#@6$%6 ( # %-#PY.6 N6-+($# ( 6$%&.#. &$%6-N?6+%#W

"6 -6,&36$ 5(-@#0@6$%6 ,(@( .($#,&($6+X .&$6-(X 3&6$6+ ( +6-P&,&(+X N(- 0(+

,?#06+X 0#+ H"47 -6%-&3?=6$ .&-6,%# ( &$.&-6,%#@6$%6 #0 .($#$%6 ,(@,($%-#N-6+%#,&2$ &@N0;,&%# N(- 0# +?N?6+%# .($#,&2$W H$ 6+%6 ,#+(X 0(+ P-6,&3&.(+ ,(@( .($#,&2$ +6-Z$ '-#P#.#+ 6$ ,#36C# .6 0# H"47 ,(@( &$'-6+(+.&+%&$%(+ # 0(+ .6 +? (3*6%( +(,&#0 = #.&,&($#0@6$%6 $( ,($,6.6-Z .6.?,,&2$#0'?$# #0 .($#$%6 6$ 60 &@N?6+%( +(3-6 0# -6$%#W

JVW 7# H"47 O?6 $( +6# #.@&%&.# = -6,($(,&.# .6$%-( .60 )QH 6$ 60 )DQX +6-Z #+&@&0#.# #?$# +(,&6.#. 0&@&%#.# N#-# 5&$6+ .60 &@N?6+%( +(3-6 0# -6$%# = ,(@N06@6$%#-&1)HHW 1?#$.( 0# H"47 N6-%6$6C,# #0 )QHX +& $( ,?@N06 0(+ -6O?&+&%(+ N#-# (3%6$6M6$,&2$X %#06+ -6$%#+ +6 '-#P#-Z$ # 0# %#-&5# .60 ILdW

JJW H0 '(3&6-$( N(.-Z 6+%#306,6- %#-&5#+ .6 -6%6$,&2$ N#-# 0#+ H"47 [#+%# N(- 60 KLd .+?+ &$'-6+(+X .&56-6$,&#$.( +? $#%?-#06C#X #,%&P&.#.6+ = %&N(+ .6 &$'-6+(+W 7#+.&+N($6$ .6 ?$ #R( ,($%#.( # N#-%&- .6 0# 56,[# .6 P6$,&@&6$%( .60 N0#C( N#-#.6,0#-#-X N#-# +(0&,&%#- 60 +#0.( # 5#P(- O?6 -6+?0%6 6$ +? .6,0#-#,&2$ .6 -6$%#W

Jj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

L> /B:@F8?<4 L> J=A8;9=4 R <B4;?=9=Q;

JSW H0 )QH N#-# 0#+ H"47 +6-Z #N0&,#306 # N#-%&- .60 N6-&(.( +&'?&6$%6 #0 .6 0# 56,[# .6MN6.&,&2$ = +?+%&%?&-Z 0#+ #,%?#06+ $(-@#+ .60 HWQW a4-%;,?0(+ KUX KU^K =TjVbW

JgW 7# 06= O?6 #.(N%6 6+%(+ ,#@3&(+ .636-Z ,($,6.6- ?$ N0#C(X N#-# O?6 O?&6$6+ +66$,?6$%-6$ #,%?#0@6$%6 6$ 60 )QH N?6.#$ #,-6.&%#- 0(+ $?6P(+ -6O?&+&%(+ 6M&'&N#-# #,,6.6- # 6+%6 -Y'&@6$W

###> .[E8B: 78 8;<=7478? 8 =;AB8?:? 4;F468? 78 64? $(+*

JUW A#-# 6P#0?#- 0#+ &@N0&,#,&($6+ .6 0#+ @(.&5&,#,&($6+ N-(N?6+%#+X .636 ,($+&.6-#+O?6 -6P60#$ 0(+ .#%(+ .6 0# :`4FX O?6 N(- 0( .6@Z+ -6506*#$ +? ,($,6$%-#,&2$X N?6+%(



"?5

O?6 60 Vd aIWJIV 6$%&.#.6+b -6N-6+6$%#$ 60 ggd .6 0(+ &$'-6+(+X @&6$%-#+ 60 gjaJUWSjU 6$%&.#.6+b #N6$#+ +&'$&5&,# 60 Vd .6 0(+ &$'-6+(+W

,F47B: C]> $;<=7478? 786 &VA=E8; $?@89=46 78 49F8B7: 4 ?F <4E4i:Z ?8A[; ?F?=;AB8?:? 4;F468?

G?6$%6e <&$&+%6-&( .6 \#,&6$.# aILKJbW H$%&.#.6+ .60 )Y'&@6$ H+N6,&#0W

,F47B: CU> $;<=7478? WB4;78? ^=;AB8?:? ?F@8B=:B8? 4 S>HCS E=66:;8? ,'/_ 786 &VA=E8;0B=5F<4B=: $?@89=46>

.:> +9<=K=747,4;<=747

788;<=7478?

/4B<=9=@49=Q;c

$\9878;<8 8; E=68?78 E=66:;8? ^,'/_

/4B<=9=@49=Q;8; 8\9878;<8

^c_

K"#0?. =+6'?-&.#.

+(,&#0

SLL Igd KXTII ILWgd

I H.?,#,&2$ IJV KLd KIT KWUdT G&$#$,&6-( UT Vd IIV TWJdV )60&'&(+#+ KVJ jd IL LWTdJ FW1WAW IgS KKd VgV SWjdj 9%-#+ KWLVJ VKd VXKgJ jJWgd

0'0+* C>HCS DIIc ]>G]I DIIc

G?6$%6e <&$&+%6-&( .6 \#,&6$.# aILKJbW H$%&.#.6+ .60 )Y'&@6$ H+N6,&#0

.:>

#;AB8?:? 4;F468?8; E=68? 78E=66:;8? 78@8?:? ^,'/_

,4;<=747 788;<=7478? /4B<=9=@49=Q

;

$\9878;<88; E=68? 78

E=66:;8?^,'/_

/4B<=9=@49=Q; 8;8\9878;<8 ^c_

K /8NF8i4?<6$(- .6 JjJ JUWSjU gjd IjS Vd

I "87=4;4?H$%-6 JjJ = VWJIV jWUjT KLd jUL gd

T WB4;78?<#=(- # VWJIV IWJIV Vd jWTjL ggd

0'0+* ]Y>CH] DIIc U>CGU DIIc



"?>

CAPÍTULO V Administración tributaria en Colombia:

diagnóstico y propuestas*

#> #;<B:7F99=Q;

KW :60 .&#'$2+%&,( +(3-6 0# #.@&$&+%-#,&2$ %-&3?%#-&# ,(0(@3&#$# 60#3(-#.( N(- 1(@&+&2$ +6 ,($,0?=6 O?6 N#-# 6$5-6$%#- 0(+ '-#$.6+ -6%(+ %-&3?%#-&(+X 60 N-6O?&6-6 ,($ ?-'6$,&# .6 ?$# -6(-'#$&C#,&2$ N-(5?$.# .6 P#-&(+ .6 0(+ #+N6,%(+(N6-#%&P(+ = 06'#06+ .6 0# #,%?#0 #.@&$&+%-#,&2$W

IW H+%# -6(-'#$&C#,&2$ 6M&'6 ?$# N-(5?$.# P(0?$%#. N(0;%&,# N(- N#-%6 .60 1($'-6+( =.60 H*6,?%&P( = +6'?-#@6$%6 .636-Z #N(=#-+6 6$ ?$ +20&.( 6O?&N( %Y,$&,( '?&#.(N(- ?$ N-(=6,%( .6 @6.&#$( N0#C(W

TW H00( 6+ &$.&+N6$+#306 N#-# -6+(0P6- 0(+ #0%(+ ;$.&,6+ .6 6P#+&2$X 60?+&2,($%-#3#$.(X 0( ,?#0 +6'?-#@6$%6 P# # 6M&'&- ?$# #@N0&#,&2$ .6 +? %#@#R( ,(@(#.@&$&+%-#.(- .6 N-(,6+(+ %-&3?%#-&(+ = ?$# #,%?#0&C#,&2$ &$+%&%?,&($#0X *%6,$(02'&,# .6 '-#$.6+ N-(N(-,&($6+W

VW 4 $&P60 &$+%&%?,&($#0 6+ N-&@(-.&#0 .(%#- .6 @#=(- #?%($(@;# # 0# #.@&$&+%

%-&3?%#-&#X 0# ,?#0 +6 .636 -6'&- N(- +?+ N-(N&(+ N-(,6+(+ .6 '(3&6-$( = '6+%&2$W

JW H+ $6,6+#-&( 6+%#306,6- ?$ -Y'&@6$ 06'#0 6+N6,&#0 N#-# 0# :`4F N#-# 0##.@&$&+%-#,&2$ .60 -6,?-+( [?@#$( O?6 .636 &$,0?&- 0# 6+%-?,%?-#,&2$ .6 0#+,($P(,#%(-&#+ N#-# 0# &$,(-N(-#,&2$ .6 N6-+($#0X 6P#0?#,&2$X 6$%-6$#@&6$%( N-(,6.&@&6$%(+ .6 #?.&%(-;#W

jW "6 .636 .(%#- # 0# :`4F .6 ?$# &$5-#6+%-?,%?-# %6,$(02'&,# #.6,?#.# # 0(+6+%Z$.#-6+ &$%6-$#,&($#06+ = # 0#+ ,(@N06*&.#.6+ &$[6-6$%6+ #0 ,#+( ,(0(@3&#$)6P&+#- 0#+ 6+%-?,%?-#+ .6 +(5%8#-6 = [#-.8#-6 N#-# +? #.6,?#.( 5?$,&($#@&6$%(X#.6@Z+ .6 [(@('6$&C#- +? &@N06@6$%#,&2$ N#-# O?6 0# &$%6-#,,&2$ 6$%-6 0#.&56-6$%6+ N0#%#5(-@#+ +6# 65&,&6$%6X +($ %#-6#+ N-&(-&%#-&#+W

l H+%6 ,#N;%?0( +6 5?$.#@6$%2 .6 @#$6-# &@N(-%#$%6 6$ 0#+ N-6+6$%#,&($6+ .6 0# D$&P6-+&.#. HM%6.6 1(0(@3&#X 6$ ?$ %-#3#*( +(3-6 @(-#0&.#. %-&3?%#-&# .6 0# D$&P6-+&.#. .6 0(+ 4$.6+ aD$&P6-+&.#. .6 0(+4$.6+X ILKJbX ?$ .(,?@6$%( .6 0# D$&P6-+&.#. .60 )(+#-&( +(3-6 %-&3?%#,&2$ -6'&($#0 aD$&P6-+&.#. .60)(+#-&(X ILKJb = N-6+6$%#,&($6+ .6 0#+ .&56-6$%6+ .&-6,,&($6+ .6 0# :`4FW



"?D

SW "6 .636$ @(.6-$&C#- = +&@N0&5&,#- 0(+ @6,#$&+@(+ = N-(,6.&@&6$%(+ .6 -6,#?.(X5&+,#0&C#,&2$ = -Y'&@6$ +#$,&($#%(-&( @6.&#$%6 0# 6MN6.&,&2$ N(- N#-%6 .60 1(.6 ?$ 12.&'( .6 A-(,6.&@&6$%( Q-&3?%#-&(X #N0&,#306 # %(.(+ 0(+ &@N?6+%(+X %#,($%-&3?,&($6+X ,($ 60 (3*6%( .6 [#,6- @Z+ %-#+N#-6$%6 = 65&,#C 0# -60#,&2$ .6H+%#.( ,($ 0(+ ,($%-&3?=6$%6+ = -6.?,&- 0(+ ,(+%(+ .6-&P#.(+ .6 0(+ ,($50&,%(+ 6$ 0#

#N0&,#,&2$ .6 0# 06= %-&3?%#-&#W

gW "6 .636 5(-%#06,6- 0# ,#N#,&%#,&2$ .6 0(+ 5?$,&($#-&(+ .6 0# :`4F &$%6-$# =6M%6-$#@6$%6 # 0# 6$%&.#.X N#-# '#-#$%&C#- 0# ,#0&.#. %Y,$&,# .60 N6-+($#0W

UW A#-# ,?@N0&- ,($ 0(+ @6*(-6+ 6+%Z$.#-6+ &$%6-$#,&($#06+X 0# 1(@&+&2$ -6,(@&6+6'?&- 0#+ N(0;%&,#+ .&+6R#.#+ N(- 0# 91:H N#-# 6P&%#- 60 %-#+0#.( .6 36$65&,&((%-#+ *?-&+.&,,&($6+ = 0# 6-(+&2$ .6 0#+ 3#+6+ '-#P#306+X @6.&#$%6 0# #.(N,&N-('-6+&P# = #.#N%#.# # 0#+ O?&$,6 #,,&($6+ .60 N0#$ /HA"W

KLW H+ $6,6+#-&( -65(-@?0#- 0# ,0Z?+?0# '6$6-#0 #$%& 60?+&P#X O?6 5?6 #.(N%#.# 6$ 0# 0KjLS .6 ILKI ,(@( #3?+( .6 0# $(-@# %-&3?%#-&#X O?6 N(- ,?6$%# .6 0#+@(.&5&,#,&($6+ 6$ 60 N-(,6+( 06'&+0#%&P(X 6+ &$#N0&,#306W

KKW H$ 0(+ ,#@3&(+ N-(N?6+%(+ N#-# 0#+ 6$%&.#.6+ %6--&%(-&#06+ 6+ $6,6+#-&( &@(.&5&,#,&($6+ N-(,6.&@6$%#06+ #.6,?#.#+ # 0#+ $6,6+&.#.6+ = # 0# ,#N#,&.#. .6 0(+@?$&,&N&(+ .6 N(30#,&2$ &$56-&(- # IL @&0 [#3&%#$%6+X O?6 -6N-6+6$%#$ @Z+ .6 0(+ @?$&,&N&(+ ,(0(@3&#$(+X 3#*( 0(+ N-&$,&N&(+ .6 +&@N0&,&.#. = 65&,&6$,&

##> *4 47E=;=?<B49=Q; <B=5F<4B=4 8T=9=8;<8 9:E: 868E8;<:98;<B46 78 F;4 B8T:BE4 8?<BF9<FB46

KIW 1(0(@3&# N-6+6$%# #0%(+ ;$.&,6+ .6 6P#+&2$ %-&3?%#-&#W 7(+ 6+%&@#%&P(+ (56P#+&2$ 6$ 60 `E4 6$ 1(0(@3&# 6+%Z$ #0-6.6.(- .6 ITd a,6-,# .6 I N?$%(+ .60 A`/bXN6-( ,Z0,?0(+ @Z+ -6,&6$%6+ .60 G($.( <($6%#-&( `$%6-$#,&($#0 +?'&6-6$ O?6 0# %#+#.6 6P#+&2$ .60 `E4 6+%#-;# #0-6.6.(- .6 VLd a91:HX ILKJbW

KTW H$ 60 ,#+( .60 &@N?6+%( .6 -6$%#X 1-?C aILKJb 6+%&@2 O?6 0# %#+# .6 6P#+N-(@6.&( .6 0#+ N6-+($#+ *?-;.&,#+ N#-# 60 N6-&(.( ILLS – ILKI +6 ?3&,2 6$ ?$ $&P60.6 TUdW H00( +&'$&5&,# O?6 #$?#0@6$%6 N(- ,#?+# .6 0# 6P#+&2$ [#= ?$# NY-.&.# .6

&@N?6+%(+ N(- ?$ @($%( ,6-,#$( # fKJ 3&00($6+W 7(+ ,Z0,?0(+ &$.&,#$ O?6 ,#.#N?$%( .6 -6.?,,&2$ .6 0# %#+# .6 6P#+&2$ .60 &@N?6+%( .6 -6$%# .6 0#+ N6-+($#+ *?-;.&,#+ 06 #N(-%#-;# # 0(+ &$'-6+(+ %-&3?%#-&(+ fVVI @&0 @&00($6+ 6$ N6+(+ .6 A(- (%-( 0#.(X $( 6M&+%6 6$ 0# #,%?#0&.#. ?$ ,Z0,?0( .6 0# 6P#+&2$ .60 &@N?6+%( .-6$%# N6-+($#0W

KVW :6 #,?6-.( ,($ 0# D>AAX 0# 6P#+&2$ # 0# N-(%6,,&2$ +(,&#0 6$ 1(0(@3&# 5?6 .60 IjWgd6$ ILKIW H+%# ,&5-# +6 %-#.?,6 6$ fKVWj 3&00($6+ #$?#06+ O?6 .6*# .6 -6,&3&-



"?:

+&+%6@#X .6 0(+ ,?#06+ 60 TJWUd ,(--6+N($.6 # N6$+&($6+X 60 IJWjd # +#0?. = KUWj-&6+'(+ N-(56+&($#06+W

KJW 7#+ 6+%&@#,&($6+ .60 '(3&6-$( = .6 0# :`4F @?6+%-#$ O?6 60 ,($%-#3#$.( #$?#0 +66$,?6$%-# 6$%-6 0(+ D"fj @&0 = 0(+ D"fS @&0 @&00($6+X 0( O?6 6O?&P#06 # ,6-,# .6 I

Td .60 A`/ = KLd .6 0#+ &@N(-%#,&($6+W

KjW :6 #,?6-.( ,($ 0# :`4FX 6$ 0# #,%?#0&.#. 6M&+%6$ #N-(M&@#.#@6$%6 TSjWgKL.6?.(-6+ @(-(+(+ = ?$# #,?@?0#,&2$ [&+%2-&,# .6 ,#-%6-# .6 gJTWKJT (30&'#,&($6+%-&3?%#-&#+ #.@&$&+%-#.#+X O?6 .#%#$ #0'?$#+ .6 600#+ .6+.6 60 #R( KUUKW 4 .&,&6@3-6 0# ,#-%6-# '6+%&($#306 .6 0# 6$%&.#. #+,6$.;# # f VWIJ 3&00($6+W

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

KgW :&56-6$%6+ 5#,%(-6+ &$50?=6$ +(3-6 0# .6,&+&2$ .6 $( ,?@N0&- ,($ 0#+ (30&'#,&($6%-&3?%#-&#+ .6$%-( .6 0(+ ,?#06+ 0# 6M&+%6$,&# .6 ?$ +&+%6@# %-&3?%#-&( ,(&$6O?&%#%&P( 6 &$65&,&6$%6X 0# -6.?,&.# 65&,&6$,&# ,($ 0# ,?#0 (N6-# 0# #.@&$N#-# &.6$%&5&,#- # #O?600(+ O?6 6P#.6$ #0 5&+,( = [#,6-0(+ ,?@N0&- ,($ 0#+(30&'#,&($6+ %-&3?%#-&#+ = 0# %-#$+N#-6$,&#X 65&,&6$,&# = 6O?&.#. .60 '#+%( NaN-&$,&N&( .6 -6,&N-(,&.#. 5?6-%6b 6+%Z$ .6$%-( .6 0(+ @Z+ &@N(-%#$%6+W

KUW "6 '6$6-#X #.6@Z+X ?$ ,;-,?0( P&,&(+( N?6+ 6$%-6 @#=(- 0# 6P#+&2$X @Z+ &$.&P&.? *?+%&5&,#$ +? N-(N&# 6P#+&2$ aN-&$,&N&( .6 -6,&N-(,&.#. .Y3&0b = +6 #--&6+'#$O?6 $( N#+# $#.# # O?&6$ 6P#.6b_ 6+ .6,&-X 6M&+%6 ?$ 3#*( -&6+'( +?3*6%&P( &$,?@N0&@&6$%(X [#,&6$.( ,#.# P6C @Z+ 6M%6$+( 60 ,($%-(0 N(- N#-%6 .6 0#.@&$&+%-#,&2$W

ILW 4.&,&($#0@6$%6X 0(+ 36$65&,&(+ %-&3?%#-&(+X 0(+ P#,;(+ $(-@#%&P(+ = 0# &@N-60#+ $(-@#+ &$.?,6$ # #N-(P6,[#@&6$%(+ &$.63&.(+ O?6 5(@6$%#$ 60 56$2@6$( .6 0#

60?+&2$ 3#*( .&56-6$%6+ @(.#0&.#.6+ *?-;.&,#+ = 5&$#$,&6-#+ O?6 +($ ,(@N06*#+ ..6%6,%#- = ,(@3#%&-W

IKW "&$ .6+,($(,6- 0(+ #P#$,6+ O?6 +6 [#$ P6$&.( N-(.?,&6$.( 6$ P#-&(+ #+N6,%(+ .6 0#(-'#$&C#,&2$ = 5?$,&($#@&6$%( .6 0# :`4FX 0# 1(@&+&2$ ,($+&.6-# O?6 +6 -6O?&6-6$@6*(-#+ @?= +&'$&5&,#%&P#+ .6 @(.6-$&C#,&2$ = 5(-%#06,&@&6$%( .6 0# #.@&$&+N#-# O?6 0(+ -6+?0%#.(+ .6 ?$# -65(-@# 6+%-?,%?-#0 +6#$ 656,%&P(+ = N#-# N(.6-,($%#- ,($ ?$# #.@&$&+%-#,&2$ ,#N#C .6 ,?@N0&- #.6,?#.# = 65&,&6$%6@6$%6 +?+



"?I

5?$,&($6+ ,($ 60 $&P60 .6 N-(56+&($#0&+@( = 6M,606$,&# -6O?6-&.(+ 6$ 60 @?$.(#,%?#0W

IIW H$ 656,%(X 6$ ,?#0O?&6- N#;+ .60 @?$.(X %6$6- 0# @6*(- N(0;%&,# %-&3?%#-&# $( +&@?,[( +& 6+%# $( N?6.6 &@N06@6$%#-+6 #.6,?#.#@6$%6W A#-# O?6 60 '(3&6-$(

,?@N0# +? 5?$,&2$ .6 N-(P66- 3&6$6+ N]30&,(+ -6O?&6-6 .6 &$'-6+(+ = N#-#-6,#?.#-0(+ .636 ,($%#- ,($ ?$# #.@&$&+%-#,&2$ %-&3?%#-&# 65&,&6$%6 a/&-.X ILKA(- #.@&$&+%-#,&2$ %-&3?%#-&# 65&,&6$%6 +6 6$%&6$.6 #O?600# O?6 -6,('6 60 @(&@N?6+%(+ O?6 .636 -6,(06,%#- = 6$ 60 @(@6$%( O?6 .636 [#,6-0(X .6 #,?6-.( ,($0#+ 06=6+ 6+%#306,&.#+ =X %(.( 6+%( ,($ 0(+ @6$(-6+ ,(+%(+ .6 %-#$+#,,&2$ N(+&30N#-# 0# #.@&$&+%-#,&2$ = 0(+ ,($%-&3?=6$%6+W

ITW 1(--(3(-#$.( 0# #5&-@#,&2$ #$%6-&(-X 0# 6MN6-&6$,&# .6 4@Y-&,# 7#%&$# .6 0#+ ]0%&.Y,#.#+ @?6+%-# O?6 0#+ -65(-@#+ %-&3?%#-&#+ [#$ (3%6$&.( -6+?0%#.(+ 6M&%(+(0#@6$%6 ,?#$.( 6+%#+ [#$ 6@N-6$.&.( N#-#060#@6$%6 @6*(-#+ 6$ 0##.@&$&+%-#,&2$ %-&3?%#-&#W `'?#0@6$%6X 0# 6MN6-&6$,&# +?'&6-6 O?6 ?$# .6 0#.6%-Z+ .6 0(+ 6+5?6-C(+ 5#00&.(+ .6 -65(-@#+ %-&3?%#-&#+ 6$ 0# -6'&2$ [# +&.( 0# 5#.6 ,((-.&$#,&2$ 6$%-6 0(+ ,#@3&(+ 6$ 0# N(0;%&,# %-&3?%#-&# = 0#+ @6.&.#+ %6$.&6# [#,6- 0# #.@&$&+%-#,&2$ .6 &@N?6+%(+ @Z+ 65&,&6$%6 a>2@6C^"#3#;$& = B&ILKIbW

IVW F?6+%-# ,($+%&%?,&2$ 6+%#306,6 6$ +?+ 4-%;,?0(+ UJ = TjTX .(+ N-&$,&N5?$.#@6$%#06+ 6$ $?6+%-# ,($5&'?-#,&2$ ,(@( +(,&6.#.W Q(.(+ .636@(+ ,($%-&3?&-,($ 0(+ '#+%(+ # ,#-'( .60 H+%#.( .6 #,?6-.( ,($ 0(+ N-&$,&N&(+ .6 *?+%&,&# = 6O?&.#.= O?6 60 +&+%6@# %-&3?%#-&( .636 +6- N-('-6+&P(X 6O?&%#%&P( = 65&,&6$%6W %-&3?%#-&(X 6$%6$.6@(+ 0(+ &@N?6+%(+X %#+#+ = ,($%-&3?,&($6+ O?6 -6N-6+6$%.60 ILd .60 A`/ #,%?#0@6$%6 6$ 1(0(@3&# = N(- 60 ,?#0 +6 .65&$6 O?&6$6+ .636$N#'#-X ,?#$%( .636$ N#'#- = 6$ 5?$,&2$ .6 O?6 5#,%(- .6 ,#N#,&.#. 6,($2@&,#WA6-( %#@3&Y$X &$,0?=6 0(+ @6,#$&+@(+ .6 0&O?&.#,&2$X -6,#?.( = .&+,?+&2$ .6 %-&3?%(+X O?6 ,(@N-6$.6 %#$%( 0#+ (30&'#,&($6+ ,(@( 0(+ .6-6,[(+ .6 0(+,($%-&3?=6$%6+ .6 ?$# N#-%6X = %#@3&Y$ 0#+ 5#,?0%#.6+ .6 ,($%-(0 .6 0#.@&$&+%-#,&2$ .60 H+%#.( = +? -6+N($+#3&0&.#. 6$ 0# 5#,&0&%#,&2$ .60 ,?@N0&.6 %#06+ (30&'#,&($6+W

###> $68E8;<:? W8;8B468? 78 64 47E=;=?<B49=Q; <B=5F<4B=4

8T=9=8;<8IJW "6']$ D"4`: 0#+ N-&$,&N#06+ -6+N($+#3&0&.#.6+ .6 ?$# #.@&$&+%-#,&2$ .6 &@N?6+%

+($ aD"4`:X ILKTbe#W G#,&0&%#- = N-(@(P6- 60 ,?@N0&@&6$%( P(0?$%#-&( .6 0(+ ,($%-&3?=6$%6+ ,(

$(-@#+ %-&3?%#-&#+ .60 N#;+3W 4.@&$&+%-#- 0#+ 06=6+ %-&3?%#-&#+ .6 ?$# @#$6-# *?+%# 6 &@N#-,&#0



"?O

,W <&$&@&C#- 0(+ ,(+%(+ .6 %-#$+#,,&2$ 6$ 60 ,?@N0&@&6$%( %-&3?%#-&( N(-.6 0(+ ,($%-&3?=6$%6+

.W \#,6- ,?@N0&- 0#+ 06=6+ %-&3?%#-&#+ 6$ ,#+( .6 &$,?@N0&@&6$%(6W D%&0&C#- 0(+ -6,?-+(+ ,($ 0(+ O?6 ,?6$%# .6 @#$6-# 65&,&6$%6 = 656,%&P#5W 4+6'?-#- O?6 +?+ 6@N06#.(+ .6+6@N6R6$ +?+ 5?$,&($6+ ,($ &$%6'-&.#. =

[($6+%&.#.

IjW A#-# 5#,&0&%#- 60 ,?@N0&@&6$%( N(- N#-%6 .6 0(+ ,($%-&3?=6$%6+X 0# #.@&$&%-&3?%#-&# .636 #+6'?-#- O?6 0(+ &$.&P&.?(+ = 6@N-6+#+ O?6 .636-;#$ 6+%#- 6$ 6+&+%6@# %-&3?%#-&( 656,%&P#@6$%6 6+%Y$ &$,0?&.(+ = 6+%Y$ ,?@N0&6$.( ,($ 0#%-&3?%#-&#+ P&'6$%6+W 1($ 6+6 (3*6%&P(X 0# #.@&$&+%-#,&2$ .636 ,($%#- ,($e

#W D$ +&+%6@# .6 -6'&+%-( 65&,#C = +6$,&00(3W A-(,6+(+ = [6--#@&6$%#+ O?6 06 N6-@&%#$ .6%6-@&$#- 0(+ @($%(+ .6 0#

(30&'#,&($6+ %-&3?%#-&#+ a#,,6+( # 3#+6+ .6 &$5(-@#,&2$ 6M2'6$#+ = ,-?,6+656,%&P(+ 6$%-6 600#+ = 0#+ .6,0#-#,&($6+ .6 0(+ ,($%-&3?=6$%6+ *?$%( ,($N-(,6+(+ .6 5&+,#0&C#,&2$ 65&,&6$%6+b =X .6 +6- N(+&306X @6,#$&+@(+ @(.6N#-# 5#,&0&%#- 60 ,?@N0&@&6$%( %-&3?%#-&( ,(@( 60 6$P;( .6 N-6^.6,0#-#,&60#3(-#.#+ ,($ 3#+6 6$ &$5(-@#,&2$ 6M2'6$#

,W D$ 6O?&N( [?@#$( +?5&,&6$%6X ,#N#,&%#.( = @(%&P#.( = ?$# '6-6$,&# N]30&,#,($ ?$ N0#$ 6+%-#%Y'&,( O?6 N6-@&%# 0('-#- 0#+ @6%#+ # %-#PY+ .6 0(+ N0#$6N-('-#@#+ #$?#06+ .6 ,($%-(0

.W "&+%6@#+ .6 -6,(06,,&2$ .6 &$5(-@#,&2$ .6 0#+ (N6-#,&($6+ 6,($2@&,#++?*6%#+ # &@N(+&,&2$X 65&,&6$%6+X N-&$,&N#0@6$%6 # %-#PY+ .65&$#$,&6-( = ?%&0&C#$.( 6$ 0# @6.&.# .6 0( N(+&306 0(+ #P#$,6+ 6$ @#%6-&#N#'(+ 606,%-2$&,(+

6W "6-P&,&(+ #.6,?#.(+ N#-# 0(+ ,($%-&3?=6$%6+X @6.&#$%6 0# N-(P&+&2$ .&$5(-@#,&2$ %60652$&,#X P;# ,(--6( 606,%-2$&,(X NZ'&$# 863X%+** %$-&$#2X,#-%&00#+X #'6$,&#+ .6 #+6+(-;#X = N?$%(+ .6 N#'(X 6$%-6 (%-(+ a/&-.X ILKLb

ISW 4+; @&+@(X 0# 6M&+%6$,&# .6 ?$ ,2.&'( %-&3?%#-&( O?6 ,($%6$'# 0#+ -6'0#+ ,?@N0&@&6$%( N#-# 0(+ ,($%-&3?=6$%6+ = 0#+ 5#,?0%#.6+ .6 0# #.@&$&+%-#,&2$ O656,%&P#@6$%6 #N0&,#.( +6 -6506*# 6$ ?$# @#=(- 65&,&6$,&# .6 0# #.@&$&+%-#,&2$

IgW \#,6- ,?@N0&- 0#+ 06=6+ %-&3?%#-&#+ = ,(@3#%&- 0# 6P#+&2$ = 0# 60?+&2$ N(- N##O?600(+ ,($%-&3?=6$%6+ O?6 $( +($ [($6+%(+X +($ %#-6#+ &$.&+N6$+#306+ N#-#

#.@&$&+%-#,&2$W D$# @#=(- 656,%&P&.#. .6 0# #.@&$&+%-#,&2$ %-&3?%#-&##+N6,%( -6O?&6-6e

#W <6.&- 5-6,?6$%6@6$%6 0# 3-6,[# %-&3?%#-&# a&+J >+0b_ 6+ .6,&-X .60 @($%(N(%6$,&#0 .6 &@N?6+%(+ O?6 0# #.@&$&+%-#,&2$ $( 0('-# -6,#?.#- =X 0&.6$%&5&,#,&2$ = ,#-#,%6-&C#,&2$ .6 0#+ #,%&P&.#.6+X +6,%(-6+ 6 &$.&P&.($.6 0(+ 6+5?6-C(+ #$%&^6P#+&2$ = #$%&^60?+&2$ %6$.-;#$ @#=(-6+ -6%(-$(+ 6



"?C

@#%6-&# .6 -6,#?.( =X .6 0(+ N-&$,&N#06+ .6%6-@&$#$%6+ .6 .&,[(,(@N(-%#@&6$%(

3W <6,#$&+@(+ N#-# #+6'?-#- O?6 #O?600(+ O?6 +; 6+%Z$ .6$%-( .60 +&+%6@#N#'?6$ +?+ &@N?6+%(+ # %&6@N(

,W D$# 6+%-?,%?-# .6 +#$,&($6+ = N6$#0&.#.6+ .&+6R#.# #.6,?#.#@6$%6 .6

@#$6-# O?6 '6$6-6 &$,6$%&P(+ #0 ,?@N0&@&6$%( %-&3?%#-&( = .6+&$,6$%N#-# 6P#.&- 60 5&+,( a/&-.X ILKLbW

IUW 7# #.6,?#.# '(36-$#$C# .6 0# #.@&$&+%-#,&2$ %-&3?%#-&# %#@3&Y$ 6+ ?$ -6O?&+N#-# &$,-6@6$%#- +? 65&,&6$,&# = 656,%&P&.#.W H$ 656,%(X 0(+ ,($%-&3?=6$%6$,($%-#-Z$ @(%&P#,&2$ N#-# ,?@N0&- ,($ +?+ (30&'#,&($6+ %-&3?%#-&#+ +& N6-O?6 0# 6+%-?,%?-# %-&3?%#-&# 6+ ,(@N06*#X &$6O?&%#%&P# 6 &$65&,&6$%6X N]30&,(+ $( +6 6+%Z$ ?%&0&C#$.( N#-# ,?@N0&- 65&,#C@6$%6 ,($ 0#+ 5?$,&($6+H+%#.( =X %#@N(,( +& N6-,&36$ O?6 6M&+%6$ N-Z,%&,#+ #-3&%-#-&#+ ( .6+[($6+%#.@&$&+%-#,&2$ %-&3?%#-&#W

TLW E#-&(+ 606@6$%(+ N?6.6$ ,($%-&3?&- .6 @#$6-# &@N(-%#$%6 N#-# N-6P6$&- #,,&($6#-3&%-#-&#+ ( .6+[($6+%#+ N(- N#-%6 .6 0(+ (5&,&#06+ .6 0# #.@&$&+%-#,&2$ aDILKTbe

#W "&@N0&,&.#. .60 +&+%6@# %-&3?%#-&(3W 4.6,?#.# 6+%-?,%?-# .6 0# #.@&$&+%-#,&2$ %-&3?%#-&# = +20&.( +&+%6@

,($%-(0 = #?.&%(-;# &$%6-$(+,W H06P#.# %-#$+N#-6$,&# = #0%(+ 6+%Z$.#-6+ .6 ,($.?,%# *?$%( ,($ 60

6+%#306,&@&6$%( .6 @6,#$&+@(+ .6 -6$.&,&2$ .6 ,?6$%#+ a+%%'1-&+9"*"&3 b

N#-# 0(+ 5?$,&($#-&(+ .6 0# #.@&$&+%-#,&2$

TKW Q(.( 0( #$%6-&(- 6M&'6 O?6 0# #.@&$&+%-#,&2$ %-&3?%#-&# ,?6$%6 ,($ &$+%&%?,&($#0&.#. = (-'#$&C#,&2$ #.6,?#.#X O?6 6+%Y .(%#.# .6 ?$ -6,?-+( [?@#$(+?5&,&6$%6 = ,#N#,&%#.( = O?6 [#'# ?$# ?%&0&C#,&2$ &$%6$+&P# .6 %6,$(0(';#&$5(-@#,&2$W

TIW 4 N#-%&- .6 KUUU 0# 1(@&+&2$ H?-(N6# [# .6+#--(00#.( ?$# +6-&6 N-&$,&N&&$+%&%?,&($#06+ N#-# 60 #.6,?#.( 5?$,&($#@&6$%( .6 0# #.@&$&+%-#,&2$ %-&3?%#N6-@&%6 6P#0?#- 0# 65&,&6$,&# = 60 '-#.( .6 6P(0?,&2$W Q#06+ N-&$,&N&(+ +6 6$?@,($%&$?#,&2$e

#W 4.6,?#.( $&P60 .6 #?%($(@;# .6 0# &$+%&%?,&($#0&.#. %-&3?%#-&#3W 7#+ (30&'#,&($6+ 6+%Z$ ,0#-#@6$%6 .65&$&.#+ 6$ 0# @&+&2$X P&+&2$ = (3

.6 0# &$+%&%?,&2$,W 7# #.@&$&+%-#,&2$ %-&3?%#-&# N(+66 +? N-(N&# 6+%-?,%?-# N#-# 0# 656,

65&,&6$%6 (N6-#,&2$



""E

.W 4,,6.6 # ?$ #.6,?#.( $&P60 .6 -6,?-+(+X O?6 #.6@Z+ +($ 6$%6$.&.(+ ,(@(.6 #0%# &@N(-%#$,&#

6W 7# 6+%-?,%?-# &$+%&%?,&($#0 6+ 6+%#306 06'#0@6$%65W H+ +?*6%# .6 -6$.&,&2$ .6 ,?6$%#+ = +?N6-P&+&2$ N(- N#-%6 .6 #'6$%6+

6M%6-$(+ # 0# #.@&$&+%-#,&2$

TTW A(- (%-( 0#.( 60 :6N#-%#@6$%( .6 4+?$%(+ G&+,#06+ .60 G($.( <($6%#-&(`$%6-$#,&($#0 [#,6 0#+ +&'?&6$%6+ -6,(@6$.#,&($6+ 6$ (-.6$ .6 (3%6$6- ?$##.@&$&+%-#,&2$ %-&3?%#-&# 65&,&6$%6e

#W Q6$6- ?$# #.@&$&+%-#,&2$ ?$&5&,#.# .6 &@N?6+%(+ .&-6,%(+ 6 &$.&-6,%(+3W 7# #.@&$&+%-#,&2$ %-&3?%#-&# .636 %6$6- ?$ '-#.( +?5&,&6$%6 .6 #?%($(@

,?=(+ #0,#$,6+ &$,0?=6$ #+N6,%(+ .6 (-'#$&C#,&2$X N0#$6#,&2$X #.@&$&+%-#,&N-6+?N?6+%#0X 6P#0?#,&2$ .60 .6+6@N6R( = #.@&$&+%-#,&2$ .6 -6,?-+([?@#$(

,W D$# #.@&$&+%-#,&2$ 3#+#.# @#=(-@6$%6 6$ 5?$,&($6+X N6-( N-6+6$%#$ ?$#.&P&+&2$ .6.&,#.# # 0# #.@&$&+%-#,&2$ = @($&%(-6( .6 '-#$.6+ ,($%-&3?=6$%6+

.W 7# #.@&$&+%-#,&2$ .636 %6$6- ?$# (5&,&$# ,6$%-#0 ,($ 0(+ +?5&,&6$%6+ -6,?-+N#-# +? (N6-#,&2$X N6-( $( +6- -6+N($+#306 N-&@#-&# .6 0(+ #+?$%(+ .6N(0;%&,# %-&3?%#-&#X 0(+ ,?#06+ -6,#6$ 6$ 60 @&$&+%6-&( .6 5&$#$C#+

6W 1($%#- ?$ @#-,( ,(@]$ N#-# 0# #.@&$&+%-#,&2$ .6 %(.#+ 0#+ [6--#@&6$%#+&@N(+&%&P#+X N6-( 6$ ?$ 6+O?6@# 6$ O?6 ,#.# ?$# N(+66 +? N-(N&# 6+%-?,%?

5W 7# -6. .6 (5&,&$#+ N#-# 0(+ N-('-#@#+ .6 #.@&$&+%-#,&2$ %-&3?%#-&# .636 +6.&+6R#.# %(@#$.( 6$ ,?6$%# 0# P&#3&0&.#. = ,($+&.6-#,&($6+ 6,($2@&,#+W:636 ,($%#- ,($ ,6$%-(+ -6'&($#06+ ( $#,&($#06+ N#-# #0'?$#+ 5?$,&($6+

TVW 1(@( +6 N?6.6 (3+6-P#- 6M&+%6X 6$ 0#+ &$+%&%?,&($6+ @?0%&0#%6-#06+ 6 &$,0?+#0'?$(+ %-#%#.&+%#+ .60 N#;+X ?$ -60#%&P( ,($+6$+( 6$ 60 %6@# .6 #.@&$&+%-#%-&3?%#-&# 6$ ,?#$%( #e

#W :636 6M&+%&- ?$# 6+%-?,%?-# &$+%&%?,&($#0 6+%#306 = +?5&,&6$%6 N#-# (3*6%&P(+X ,($ ?$# @#=(- #?%($(@;# #.@&$&+%-#%&P#

3W H0 @($%( .6 0(+ -6,?-+(+ #+&'$#.(+ # 0# :`4F .636$ +6- +?5&,&6$%6+ N#-# 0#+&$P6-+&($6+ N6-@#$6$%6+ O?6 +6 -6O?&6-6$ 6$ 6+%-?,%?-#X %6,$(0(';# =-6,?-+(+ [?@#$(+

,W H0 N6-+($#0 .6 0# :`4F .636 .6 +6- &.2$6(X %Y,$&,( ,($ 6MN6-&6$,&#X ,($ #0%#

,#N#,&.#. .6 ,(@N-(@&+( = .6 ,?@N0&@&6$%( .6 (3*6%&P(+ = @6%#+ = ,($ ?$#,#N#,&%#,&2$ N6-@#$6$%6 O?6 '#-#$%&,6 0# @#=(- 6+N6,&#0&C#,&2$ 6$ #+?$%(+ %-&3?%#-(+ = #.?#$6-(+W

.W H+ $6,6+#-&( +&@N0&5&,#- 0(+ N-(,6.&@&6$%(+ .6 -6,#?.( = ,($%-(0X @6.&#$%66MN6.&,&2$ .6 ?$ 12.&'( .6 A-(,6.&@&6$%( %-&3?%#-&(X O?6 .65&$# ,($%-#+N#-6$,&# 0(+ .6-6,[(+ = (30&'#,&($6+ .6 0(+ ,($%-&3?=6$%6+ = 0#+5#,?0%#.6+ .6 0# #.@&$&+%-#,&2$X .6 5(-@# O?6 0#+ -60#,&($6+ .6 0#



""?

#.@&$&+%-#,&2$ ,($ 60 ,($%-&3?=6$%6 6+%Y$ -6'0#.#+ ,($ ,6-%6C#X +&@N0&= 65&,&6$,&#W

#J> )8?9B=@9=Q; A8;8B46 R :@8B4<=K4 78 64 )#+.

TJW 7# :&-6,,&2$ .6 `@N?6+%(+ = 4.?#$#+ F#,&($#06+ a:`4Fb 6+ ?$# 6$%&.#. #.+,-&%# #0<&$&+%6-&( .6 \#,&6$.# = 1-Y.&%( A]30&,(W "6 ,($+%&%?=2 6$ KUUI ,?#$.( +6 5?+&(0# :&-6,,&2$ .6 `@N?6+%(+ F#,&($#06+ a:`Fb ,($ 0# :&-6,,&2$ .6 4.?#$#+ F#,&($#06+a:4FbW "6 [#$ [6,[(+ 6+5?6-C(+ .6 -6+%-?,%?-#,&2$ .6 0# :`4F 6$ KUUUX ILLg =ILKKW

TjW :6 #,?6-.( ,($ +? $#%?-#06C# *?-;.&,#X 0# :`4F 6+ ?$# D$&.#. 4.@&$&+%-#%&P#H+N6,&#0 .60 (-.6$ $#,&($#0 .6 ,#-Z,%6- 6@&$6$%6@6$%6 %Y,$&,( = 6+N6,&#0&C#.(X N6-+($6-;# *?-;.&,#X #?%($(@;# #.@&$&+%-#%&P# = N-6+?N?6+%#0 = ,($ N#%-&@N-(N&(X #.+,-&%# #0 <&$&+%6-&( .6 \#,&6$.# = 1-Y.&%( A]30&,(W H+%# ?$&5&,#,&#.@&$&+%-#,&2$ .6 0(+ &@N?6+%(+ $#,&($#06+ = .6 0#+ #.?#$#+ -6+N($.6 # 0#%6$.6$,&# &$%6-$#,&($#0W

TSW 7# +6.6 ,6$%-#0 .6 0# :`4F 6+%Z 0(,#0&C#.# 6$ /('(%Z = 0# 6$%&.#. %&6$6 N-6+6$,&# 6$VU ,&?.#.6+ .60 N#;+W 7# #.@&$&+%-#,&2$ ,6$%-#0 6+%Z (-'#$&C#.# 6$ +&6%6 .&-6,,.6 #,?6-.( ,($ +?+ 5?$,&($6+ a:&#'-#@# KbW



"""

)=4AB4E4 D> 'BA4;=AB4E4 78 64 )#+. g (878 ,8;<B46

G?6$%6e :`4F aILKJbW

TgW 7# :`4F ,?6$%# 6$ 0# #,%?#0&.#. ,($ UWLLL ,#-'(+X .6 0(+ ,?#06+ 6+%Z$ #+&'$#.(+SWjgJW :6 6+%(+X ?$ N(,( @Z+ .6 JWjLL +($ 5?$,&($#-&(+ 6$ ,#--6-#W

TUW 7# :`4F ,?6$%# ,($ ?$ N-6+?N?6+%( ,6-,#$( # fKWT 3&00($6+ .6 N6+(+W H0 gVd .6 0(+-6,?-+(+ +6 .6+%&$# # 5?$,&($#@&6$%( = Kjd # &$P6-+&2$W

+> ,:E@8<8;9=4?

VLW 7# :`4F %&6$6 .6$%-( .6 +?+ ,(@N6%6$,&#+ 60 -6,#?.( .6 `@N?6+%( .6 -6$%# .6

6@N-6+#+ = N6-+($#+X -&O?6C#X `E4 = ><GX #+; ,(@( 0(+ %-&3?%(+ #.?#$6-(+W 1(@((3+6-P# 6$ 1?#.-( Ig (%-(+ N#;+6+ N-6+6$%#$ ,(@N6%6$,&#+ .6 -6,#?.( +&@&0#-6+W7#+ ,(%&C#,&($6+ .6 +6'?-&.#. +(,&#0 6+%Z$ #+&'$#.#+ # ?$# 6$%&.#. .&56-6$%6 aD>AA= 0(+ &@N?6+%(+ .6N#-%#@6$%#06+ = @?$&,&N#06+ +($ #.@&$&+%-#.(+ N(- .6N#-%#@6$%( = @?$&,&N&( .6 @#$6-# #?%2$(@#W



""5

,F47B: CL> #E@F8?<:? 47E=;=?<B47:? @:B 64? :T=9=;4? 78 B894F7: @:B @4X? CIDG

G?6$%6e 91:H aILKJbW

%> +F<:;:EX4

VKW "&'?&6$.( 0# %6$.6$,&# .6 0# @#=(-;# .6 N#;+6+X 0# #.@&$&+%-#,&2$ %-&3?%,(0(@3&#$# %&6$6 ?$# 6+%-?,%?-# +6@&^#?%2$(@# = ?$# (-'#$&C#,&2$ 3#+#.# 6$5?$,&($6+W "&$ 6@3#-'(X 6$ -60#,&2$ ,($ 60 '-#.( .6 #?%($(@;# (3+6-P#.( 6$ 0#91:H = P#-&(+ N#;+6+ .6 4@Y-&,# 7#%&$#a1?#.-( IUb X 0# :`4F N#-6,6 %6$6- @6$(-&$.6N6$.6$,&#W

VIW 1(@( +6 N?6.6 (3+6-P#- 6$ 60 1?#.-( IU 0(+ $&P606+ @Z+ 3#*(+ .6 #?%($(@;# 6$1(0(@3&# +6 6$,?6$%-#$ 6$ %6@#+ -60#,&($#.(+ ,($ 0# #.@&$&+%-#,&2$ .60 -6,?-+([?@#$(W :6 0(+ $?6P6 #+N6,%(+ 6P#0?#.(+ N(- 60 6+%?.&(X 0# #.@&$&+%-#,&2%-&3?%#-&# ,(0(@3&#$# $( N?6.6 -6#0&C#- ,#@3&(+ +&$ #N-(3#,&($6+ 6M%6-$#+,?#%-( #+N6,%(+ .6 0# #.@&$&+%-#,&2$X %-6+ .6 0(+ ,?#06+ +6 -60#,&($#$ ,($ 60 -6,?-+

[?@#$(W H+%( 0( .&+%#$,&# .6 0# @#=(-;# .6 N#;+6+ .6 0# 91:H = .6 N#;+6+ .6 0#-6'&2$ ,(@( 1[&06X <YM&,( = 4-'6$%&$#W

,F47B: CY> +F<:;:EX4 78 64 47E=;=?<B49=Q; <B=5F<4B=4 CIDH

(X .: (X .: (X .: (X .: (X .: (X .: (X .: (X .:,:6:E5=4/-#+&04-'6$%&$#

<YM&,(1(+%# )&,#H+N#R#Q?-O?;#G-#$,&#406@#$&#H+%#.(+ D$&.(+

% =8; 8? = ;EF 85 68? &= NF 8O4 J8e X9 F6 :?/4X?

&8;<4 /8B?: ;4? ,: ;<B=5F9=:;8? 78 ( ( &8;<4 8E@B8?4? #J+ ,: ;?FE:



"">

J> )=4A;Q?<=9: @:B <8E4?

+> &89FB?:? eFE4;:?

VTW 7# :`4F ,?6$%# ,($ ?$# 3#*# #?%($(@;# 6$ ,?#$%( #0 @#$6*( .60 -6,?-+( [?@#$(WH+%# +&%?#,&2$ +6 .6+N-6$.6 .60 [6,[( .6 O?6 6$ 0# #,%?#0&.#.X 60 -Y'&@6$ .6,#--6-# .6 0# &$+%&%?,&2$ +6 -&'6 N(- 0# $(-@#%&P&.#. .6 0# 1(@&+&2$ F#,&($#0 "6-P&,&( 1&P&0W 7# 76= ULU .6 ILLV %-#%2 .6 (%(-'#-06 @#=(- #?%($(@;# = ,0#+&5&,:`4F 6$%-6 0#+ 6$%&.#.6+ O?6 ,?6$%#$ ,($ "&+%6@#+ H+N6,;5&,(+ .6 1#--6-# – "H1W "&$6@3#-'(X 6+%# #?%($(@;# +6 N6-.&2 ,($ 0# "6$%6$,&# 1^KITL .6 0# 1(-%61($+%&%?,&($#0a1?#.-( TLbW

,F47B: GI> "4B9: lFBX7=9: 786 ?=?<8E4 78 94BB8B4 47E=;=?<B4<=K4 78 64 )#+.


VVW "6']$ 0# 91:HX ,($ -6+N6,%( # 0# #?%($(@;# 6$ 0#+ .6,&+&($6+ -60#,&($#.#+ ,($ 0##.@&$&+%-#,&2$ .6 N6-+($#0 = +? &$,(-N(-#,&2$X 1(0(@3&# +6 6$,?6$%-# #%-#+#.5-6$%6 # 0(+ N#;+6+ .6 0# 91:H 6 &$,0?+( 5-6$%6 # #0'?$(+ N#;+6+ O?6 $( [#,6$ N#-%6.6 0# 91:H ,(@( +6 6MN0&,# 6$ 60 1?#.-( TK W



""D

,F47B: GD> +F<:;:EX4 R T68\=5=6=747 8; 64? 789=?=:;8? 9:;98B;=8;<8? 4 64=;9:B@:B49=Q; 78 @8B?:;46 8; @4X?8? 78 64 ',)$ R .: ',)$


VJW :6 #,?6-.( ,($ 60 .&#'$2+%&,( .6 0# :`4F +(3-6 6+%6 N#-%&,?0#-X 0# #?+6$,&# .6#?%($(@;# 6$ ,?#$%( # 0# ,#--6-# #.@&$&+%-#%&P# 6+ N-(306@Z%&,# N(- 0#+ +&'?&6-#C($6+e

#W `@N(+&3&0&.#.6+ .6 #+,6$+( = N-(@(,&2$ .6 0(+ @6*(-6+ 5?$,&($#-&(+W H0]0%&@( N-(,6+( @6.&#$%6 ,($,?-+( .6 @Y-&%(+ 5?6 6$ ILLU

3W 7# .&+5?$,&($#0&.#. .6 0# N0#$%# .63&.( # 0# 5-6,?6$%6 &$,($'-?6$,&# 6$%-6 60$&P60 .60 6@N06( = 0(+ 6+%?.&(+ = 6MN6-&6$,&# .6 0(+ 6@N06#.(+

,W 7# .6+@(%&P#,&2$ .60 %#06$%( [?@#$(X.W H0 6$P6*6,&@&6$%( = 3#*# -(%#,&2$ .6 5?$,&($#-&(+6W 7# #?+6$,&# .6 N-(,6+(+ .6 5(-@#,&2$ 6+N6,&#0&C#.# 6$ 0# N-(N&# 6+,?60# .6

0# :&#$X ,(@( N#-%6 .6 0(+ N-(,6+(+ .6 #+,6$+( = -6@?$6-#,&2$W5W 7# #?+6$,&# .6 ?$ N-(,6+( .6 -6$(P#,&2$ .6 0# N0#$%# ,($ N-(,6+(+ ,($%&$?(+

.6 6$'#$,[6 .6 N-(56+&($#06+ *2P6$6+W

VjW 1(0(@3&# +6 6$,?6$%-# .6$%-( .6 0(+ N#;+6+ .6 @6$(-6+ N(-,6$%#*6+ .6 N6-+($#+@6$(-6+ .6 VU #R(+ .6$%-( .60 %(%#0 .6 +? N0#$%# N6-@#$6$%6 5-6$%6 # N#;+6+ .6 0#91:H = $( 91:HW 4.&,&($#0 # 0( #$%6-&(-X 1(0(@3&# N-6+6$%# .6 06*(+ 60 @#=(-N(-,6$%#*6 .6 N6-+($#0 @#=(- # JU #R(+ aTgdb .6$%-( .6 %(.(+ 0(+ N#;+6+ .6 0#@?6+%-#W

VSW 7( #$%6-&(- +?'&6-6 O?6 1(0(@3&# $( [# +6'?&.( 0# 6+%-#%6'&# .6 ,($5(-@#- .6 ?$-6,?-+( [?@#$( *(P6$ = @6*(- N-6N#-#.(X 6$ 6+N6,&#0 6$ 0( -60#,&($#.( ,($ 0##N0&,#,&2$ .6 %Y,$&,#+ @(.6-$#+ .6 &$5(-@#,&2$X 5&+,#0&C#,&2$ = -6,#?.(X ,(@N#-%6 .60 5(-%#06,&@&6$%( .6 0# #.@&$&+%-#,&2$W

/4X?8? NF8 ?X c 786 <:<46 /4X?8? NF8 ?X c 786 <:<46F]@6-( .6 6@N06#.(+ IV SKd U VKd F(1?#0&5&,#,&($6+ Ig gId KJ jgd F(:?-#,&2$ .6 0(+ ,($%-#%(+ Ig gId KK JLd F(7(,#0&C#,&2$ '6('-Z5&,# TK UKd KS SSd "; <6-&%(,-#,&# TK UKd KV jVd ";

+?@89<:? ?:5B8 6:? NF864 +0 @:?88

4F<:;:EX4MT68\=5=6=747

',)$ GS_ .: ',)$ CC_ ,:6:E5=4



"":

VgW 4.&,&($#0@6$%6X 6$ ,(@N#-#,&($6+ &$%6-$#,&($#06+X 60 -6,?-+( [?@#$( .6 0# :`4F0?,6 &$+?5&,&6$%6 6$ -60#,&2$ ,($ 0# N(30#,&2$ O?6 .636 #%6$.6-a>-Z5&,( jL=>-Z5&,( jKbW :6$%-( .6 ?$# @?6+%-# #@N0&# .6 N#;+6+ O?6 6$,?6+%# 0# 91:HX1(0(@3&# 6+ 60 N#;+ O?6 N-6+6$%# 0# +6'?$.# @#=(- -#C2$ .6 ,&?.#.#$(+ N(-6@N06#.( .6 %&6@N( ,(@N06%( 6$ 0# :`4F = 0# %6-,6-# @#=(- 6$ %Y-@&$(+ .6

A(30#,&2$ H,($2@&,#@6$%6 4,%&P# N(- 6@N06#.( .6 %&6@N( ,(@N06%( 6$ 0# :`4FW1&6-%( 6+ O?6 0(+ N#;+6+ .6 4@Y-&,# 7#%&$# @?6+%-#$ N(-,6$%#*6+ 606P#.(+ N##@3(+ &$.&,#.(-6+X N6-( 1(0(@3&# 0(+ +?N6-# # %(.(+ 6$ 0(+ .(+ ,#+(+W G-6$%6 #0N-(@6.&( .6 0# @?6+%-#X 60 %#@#R( .6 0(+ .(+ &$.&,#.(-6+ 6+ J P6,6+ @Z+ #0%( 6$1(0(@3&#W

WBaT=9: ]I> .[E8B: 78 9=F7474;:? @:B 8E@6847: <=8E@: 9:E@68<: CIDG




""I

WBaT=9: ]D> 1F8BO4 78 <B454b:M8E@6847: 78 <=8E@: 9:E@68<: CIDG


VUW H$ 0# 5?$,&2$ .6 -6+(0?,&2$ .6 ,($%-(P6-+&#+X +6 N6-,&36 O?6 0# 5#0%# .6 ,#N#,&%#,&= .6 -6,?-+(+ [?@#$(+ [# .63&0&%#.( .6 @#$6-# &@N(-%#$%6 0# $6,6+#-&#&@N#-,&#0&.#. = .63&.# #%6$,&2$ = 60 #$Z0&+&+ (3*6%&P( .6 0(+ #-'?@6$%(+ .6,($%-&3?=6$%6+X 0( O?6 '6$6-# $( +(0( ?$# '-#P6 &$+6'?-&.#. *?-;.&,#X +&$( %#@3&Y$60 .6+,($(,&@&6$%( .6 0# 06= = .6 N-6,6.6$%6+ .6 0(+ %-&3?$#06+W

%> (=?<8E4? 78 #;T:BE49=Q;

JLW 7# :`4F [# [6,[( 6+5?6-C(+ N#-# #,%?#0&C#- +?+ -6,?-+(+ %6,$(02'&,(+ +&6$.( 60 @Z+&@N(-%#$%6 60 .6+#--(00( .60 @(.60( .6 '6+%&2$ <D`"14 a<(.60( ~$&,( .6 `$'-6+(+= "6-P&,&(+ .6 1($%-(0 4?%(@#%&C#.(bX O?6 +&$ 6@3#-'(X @Z+ .6 .(+ .Y,#.#+.6+N?Y+ #.(06,6 .6 +6-&#+ .65&,&6$,&#+ $( +(0( 6$ %Y-@&$(+ .6 #-O?&%6,%?-# =.&+6R(X 6$ +&$,-($&C#,&2$ %#$%( 6$ 6O?&N(+ ,(@( 6$ #N0&,#,&($6+X +&$( %#@36+N6,&#0@6$%6 .6 (3+(06+,6$,&# = #%-#+( %6,$(02'&,(W

JKW H$ %(.( ,#+(X # 6+%6 +&+%6@# +6 .636 0# &$%-(.?,,&2$ .60 )DQX 0(+ @6,#$&+@606,%-2$&,(+ N#-# %-#@&%#- .6P(0?,&($6+ = N#'(+X 0# 5#,%?-# = 0# 5&-@# 606,%-2$&.6+#--(00( .6 +&+%6@#+ N#-# ,#N%?-#- &$5(-@#,&2$ 6M2'6$# .6 %6-,6-(+ = N#-#5&+,#0&C#,&2$ P&-%?#0W F( (3+%#$%6X %(.(+ 6+%(+ N-(,6+(+ +6 6$,?6$%-#$ 6$ 6&$,&N&6$%6+ O?6 -6P60#$ ?$ ?+( -6.?,&.( # *?C'#- N(- 0(+ &$.&,#.(-6+ .6 ,(36-%?-#6$ 0# 5&+,#0&C#,&2$W



""O

JIW 4+; @&+@(X 0# :`4F [# .6+#--(00#.( = +&'?6 N6-56,,&($#$.( +?+ @(.60(+ .6N6-5&0#@&6$%( .6 -&6+'( ,($ 60 5&$ .6 5#,&0&%#- 60 ,?@N0&@&6$%( %-&3?%5&+,#0&C#,&2$ 65&,&6$%6W "&$ 6@3#-'(X $( +6 ,($(,6$ 0(+ 656,%(+ +(3-6 +? ?+(65&,#,&#W :6 #,?6-.( ,($ 9-%6'# aILKKbX 6$%-6 ILLT = ILKLX 0# ,#N#,&.#. .6#0@#,6$#@&6$%( = N-(,6+#@&6$%( .6 &$5(-@#,&2$ .6 0# :`4F ,-6,&2 6$ ,6-,# .6

KWILLdX N?6+ 0# 6M&'6$,&# .6 &$5(-@#,&2$ [# P6$&.( 3#*#$.( 0(+ %(N6+ # N#-%&- .6,?#06+ .636 -6N(-%#-+6 0# &$5(-@#,&2$W "&$ 6@3#-'(X 0# #@N0&#,&2$ .6 0# &$5(-@#,$( +6 #,(@N#+# ,($ 0# ,#N#,&.#. .6 +? ?%&0&C#,&2$ N(- N#-%6 .6 0# :`4F 6$ +?+N-('-#@#+ .6 5&+,#0&C#,&2$W A(- (%-( 0#.(X 0# 6$%&.#. [# 0('-#.( #P#$,6+ 6$ @#%6-&#.6 +6-P&,&(+ #0 ,0&6$%6 ,(@( +($ 0# #N6-%?-# .6 $?@6-(+(+ N?$%(+ .6 #%6$,&2$ #0,0&6$%6X 0(+%+** %$-&$#2 = 0# #+&+%6$,&# # %-#PY+ .6 0# NZ'&$#^$9 = .60 ,(--6(606,%-2$&,(X O?6 6$ %(.( ,#+( .636$ @6*(-#- +? ,(36-%?-# = 65&,&6$,&# # 5&$ .6 O?6N?6.#$ +6- N06$#@6$%6 ?%&0&C#.(+ ,(@( P6[;,?0(+ N#-# $(%&5&,#,&($6+ +6'?-#+ 6$ 0(N-(,6.&@&6$%(+ .6 ,($%-(0 %-&3?%#-&(W

JTW F( (3+%#$%6X .6 #,?6-.( ,($ 60 .&#'$2+%&,( -6#0&C#.( N(- 0# :`4FX 6M&+%6$ .&P6-+#+0&@&%#,&($6+ 6$ ,?#$%( #0 .6+#--(00( %6,$(02'&,( .6 0# 6$%&.#.W A(- 6*6@N0(X +& 6$ 60 ,#+( .6 0(+ %-&3?%(+ $#,&($#06+X 60 .6+#--(00( .60 <D`"14 5?6 ?$ N#+( 6$ 0#.&-6,,&2$ ,(--6,%# N#-# #,%?#0&C#- 0(+ +&+%6@#+ &$5(-@Z%&,(+ = N-(%6'6&$5(-@#,&2$ %-&3?%#-&#X [#+%# #[(-# +6 6+%Z #P#$C#$.( 6$ 60 .6+#--(00( .6 ?$@(.60( @Z+ #.6,?#.(X 65&,&6$%6 = 656,%&P( N#-# 60 ,#+( .6 0#+ #.?#$#+W 7#+6'?-&.#. 6$ 0# &$5(-@#,&2$ a#,,6+(X ,($+?0%#X @(.&5&,#,&($6+ = #,%?#0&C#,&2$b 6+5#,%(- .6,&+&P( 6$ 0# (N6-#,&2$ .6 ?$# #.@&$&+%-#,&2$ %-&3?%#-&#W

JVW H$ 60 ,#+( .6 &@N?6+%(+X +& 3&6$ [# [#3&.( #P#$,6+X %(.#P;# 6M&+%6$ 0&@&%#,&@#%6-&# .6 +6'?-&.#.X #0@#,6$#@&6$%(X ,($+?0%#+ = ,-?,6+ 5-6$%6 #0 &$,-6@6$%%#$%( 6$ 60 $]@6-( .6 .6,0#-#,&($6+ N6-( +(3-6 %(.( 6$ 0(+ -6O?6-&@&6$%(+ .6&$5(-@#,&2$ O?6 0# #.@&$&+%-#,&2$ +(0&,&%#W 7# @&+@# #.@&$&+%-#,&2$ N6-6O?&6-6 ?$# -6$(P#,&2$ %6,$(02'&,# N6-@#$6$%6 N#-# ,($%-#--6+%#- 0# -ZN&.#(3+(06+,6$,&# .6 ,?#0O?&6- +(0?,&2$ %6,$(02'&,# = #+; N(.6- #.@&$&+%-#- 0#&$5(-@#,&2$ O?6 -6O?&6-6 .6 0# :`4FW 1($ 60 #,,6+( #0 &$%6-,#@3&( #?%(@Z%&,( .65?6$%6+ .6 &$5(-@#,&2$ &$%6-$#,&($#0X 0#+ 6M&'6$,&#+ +6-Z$ @#=(-6+ %#$%,#$%&.#. ,(@( 6$ ,#0&.#. +& +6 N-6%6$.6 @6*(-#- 0# ,#N#,&.#. #.@&$&+%-#%&P# 6$(-.6$ # .&+@&$?&- 0(+ 56$2@6$(+ .6 6P#+&2$ = 60?+&2$W

JJW A(- +? N#-%6X 0(+ +&+%6@#+ .6 &$5(-@#,&2$ ,($,6-$&6$%6+ # 0#+ #.?#$#+ #N#-6,6$ #]

@Z+ (3+(06%(+ = $( N6-@&%6$ O?6 0# :`4F %6$'# ?$ ,($%-(0 65&,&6$%6 .6 0#&$5(-@#,&2$ 6$ ,?#$%( #0 #0@#,6$#@&6$%(X ,($+?0%#+ = ,-?,6+ 0( O?6 .&5&,?0%# +#,%&P&.#.6+ .6 ,($%-(0 #.?#$6-(W A(- (%-( 0#.(X # N6+#- .6 O?6 0# :`4F #.@&$&+%-#%#$%( 0(+ &@N?6+%(+ &$%6-$(+ ,(@( 0#+ #.?#$#+X $?$,# +6 [# 0('-#.( ?$#&$%6'-#,&2$ .6 0# &$5(-@#,&2$ N#-# 5&$6+ .6 5&+,#0&C#,&2$W

JjW A(- +? N#-%6X #?$O?6 0# -6'?0#,&2$ +(3-6 0# 5#,%?-# ,(@6$C2 6$ KUUJX 60 N-(,6+( +6[# 6+%#$,#.( ,(@( +6 .6@?6+%-# ,($ 60 #%-#+( 6$ 0# &@N0#$%#,&2$ .6 0# 5#,%?-#



""C

606,%-2$&,#X O?6 %#$ +(0( #[(-# # 5&$#06+ .6 ILKJ +6 #,#3# .6 6MN6.&- 60 .6,-6%(N#-# +? #.(N,&2$W H+%6 @6,#$&+@( -6O?&6-6 .6 &@N(-%#$%6+ 6+5?6-C(+ N#-# N($6# #$.#- = @#+&5&,#-0(W 7#+ .63&0&.#.6+ .60 @6,#$&+@( .6 ,($%-(0 P&'6$%6 [#$606P#.( 0(+ 56$2@6$(+ .60 ?+( .6 5#,%?-#+ 5#0+#+ N(- 0# 0#M&%?. 6$ 60 (%(-'#@&6$%.6 0#+ #?%(-&C#,&($6+ .6 5#,%?-#+ = +?+ &@N-6+&($6+W

JSW H$ 656,%(X 60 .6+#--(00( .6 0# 5#,%?-# 606,%-2$&,# 6$ 1(0(@3&# 6+ @?= 3#*(W H$ 0]0%&@(+ #R(+X 0(+ '(3&6-$(+ .6 4@Y-&,# 7#%&$# [#$ N-(@(P&.( 60 ?+( .6 0# 5#,%?-#606,%-2$&,# ,(@( ?$# 5(-@# .6 0?,[# ,($%-# 0# 6P#+&2$ = #0'?$(+ N#;+6+ ,(@( /-#+&06+%Z$ # 0# P#$'?#-.&# 6$ 60 @?$.(a>-Z5&,( jIbW H$%-6 ILKK = ILKJX P#-&(+ N#;+6+ .60# -6'&2$ N#+#-($ .6 -6'&+%-#- $&P606+ 3#*(+ .6 .6+#--(00( 6$ @#%6-&# .6 N6$6%-#,&2$.6 0# 5#,%?-# 606,%-2$&,# # %6$6- $&P606+ +&@&0#-6+ # 0(+ .6 N#;+6+ .6+#--(00#.(+W.6 0#+ 6M,6N,&($6+ 6+ 60 ,#+( .6 1(0(@3&# O?6 [# @#$%6$&.( ?$ $&P60 3#*( .6.6+#--(00(W

WBaT=9: ]C> /8;8<B49=Q; 78 64 T49<FB4 8689<BQ;=94 CIDDgCIDH

G#,%?-#,&2$ 606,%-2$&,# h G#,%?-#,&2$ Q(%#0XILKK

G#,%?-#,&2$ 606,%-2$&,# h G#,%?-#,&2$Q(%#0X ILKJ

G?6$%6e /&006$%&+W

JgW 4P#$,6+ 6$ @#%6-&# .6 @#+&5&,#,&2$ %#@3&Y$ .636$ .#-+6 6$ 60 Z-6# .6 5&+,#0&C#606,%-2$&,# = .60 ?+( 0(+ .&56-6$%6+ +6-P&,&(+ P&-%?#06+W `0?+%-#,&2$ .6 600( 6+?%&0&C#,&2$ .6 @6.&(+ P&-%?#06+ N#-# 60 %-Z@&%6 .6 .6P(0?,&($6+ 6+ +?N-6@#3#*( 6$ 1(0(@3&#X $( +(0( 6$ ,(@N#-#,&2$ ,($ N#;+6+ .6 0# 91:HX +&$( %#@3&Y$ 6$-60#,&2$ ,($ N#;+6+ .6 4@Y-&,# 7#%&$#a1?#.-( TKbW

JUW H$ 656,%(X 60 N(-,6$%#*6 .6 %-Z@&%6+ .6 .6P(0?,&($6+ -6#0&C#.(+ # %-#PY+ .6 @6.&606,%-2$&,(+ 6+ .6 jd 6$ 60 &@N?6+%( .6 -6$%# N6-+($#0X ITd 6$ -6$%# ,(-N(-#%&P# =ILd 6$ 60 ,#+( .60 `E4W H$ 1[&06X <YM&,( = 4-'6$%&$#X 0# @#=(-;# .6 6+%(N(-,6$%#*6+ 6+%Z$ 6$ KLLdW



"5E

,F47B: GD> 0BaE=<8 78 78K:6F9=:;8? 4 <B4KV? 78 E87=:? K=B<F468? CIDG


jLW :6 0# @&+@# @#$6-#X 60 ?+( .6 N#'(+ 606,%-2$&,(+ 6$ 0(+ ,?#06+ 60 ,($%-&3?=6$%6N?6.6 [#,6- Y0 @&+@( 0# %(%#0&.#. .6 0# (N6-#,&2$ # %-#PY+ .6 &$%6-$6% ? (%-@6.&(+ 6+N6,&#0&C#.(+ ,(@( O?&(+,(+ 6+ 3#*# 6$ 1(0(@3&#W H0 N(-,6$%#*6 .6 6+%N#'(+ 606,%-2$&,(+ 6+ KLd 6$ 1(0(@3&#X @&6$%-#+ 6$ 1[&06 6+ UJdX 6$ <YM&,( VUd = 6$ /-#+&0 JKda>-Z5&,( jTbW

WBaT=9: ]G> /:B98;<4b8 78 @4A:? B846=O47:? @:B E87=:? 8689<BQ;=9:? ^CIDG_

jKW D$# -#C2$ .6%-Z+ .6 6+%6 -60#%&P( -6C#'( 6+ O?6 1(0(@3&# $( &$P&6-%6 6$ @6*(-#+ .0# &$5-#6+%-?,%?-# %6,$(02'&,# .6 +? #.@&$&+%-#,&2$ .6 &@N?6+%(+W :6 #,?6-.( ,($,&5-#+ -6,('&.#+ N(- 0# 91:HX 60 '#+%( 6$ %6,$(0(';#+ .6 0# &$5(-@#,&2$ ,(@(N(-,6$%#*6 .60 %(%#0 .6 0(+ '#+%(+ .6 0# :`4F +6 ?3&,# #0-6.6.(- .6 JWTda>-Z5&,(



"5?

jVbW H$ P#-&(+ N#;+6+ .6 0# 91:HX 6+%6 N(-,6$%#*6 6+%Z N(- 6$,&@# .6 KJd^ILd = N(6*6@N0(X 6$ /-#+&0 6+%Z #0-6.6.(- .6 KjdW

WBaT=9: ]S> /B8?F@F8?<: 8; =;K8?<=A49=Q; R <89;:6:AX4 ^CIDG_

jIW <?,[(+ N#;+6+ [#$ 3?+,#.( &$,-6@6$%#- 0(+ -6,?-+(+ N#-# 60 5?$,&($#@&6$%( .6 0#+#.@&$&+%-#,&($6+ 3#*( 0# &.6# .6 O?6 +& 6+(+ -6,?-+(+ +6 (-&6$%#$ # #?@6$%#- +65&,&6$,&#X 6+ ?$# &$P6-+&2$ ,($ ?$ -6%(-$( 5#P(-#306W H0 @($%( .6 -6,?-+(+ .60N-6+?N?6+%( #+&'$#.( # 0# :`4F 6+ -60#%&P#@6$%6 3#*( 6$ ?$# ,(@N#-#,&2$&$%6-$#,&($#0W 4?$O?6 6$ $&$']$ N#;+ 0(+ '#+%(+ %(%#06+ .6 0# #.@&$&+%-#+?N6-#$ 60 LWVd .60 A`/X 6$ 1(0(@3&# 6+%6 N(-,6$%#*6 6+ ?$( .6 0(+ @Z+ 3#*(+XLWLgd .60 A`/W H$ -60#,&2$ ,($ 60 A`/X 4-'6$%&$#X /-#+&0 = 1[&06 .6+%&$#$ @Z+ -6,# 0# #.@&$&+%-#,&2$ %-&3?%#-&#a>-Z5&,( jJbW



"5"

WBaT=9: ]H> W4?<: 78 64 +7E=;=?<B49=Q; 0B=5F<4B=4 9:E: @:B98;<4b8 786 /#% ^CIDG_

,> +7F4;4? R 9:;<B454;7:

jTW H$ 1(0(@3&# 0# #.@&$&+%-#,&2$ %-&3?%#-&# = 0# #.?#$6-# 6+%Z$ &$%6'-#.#+ 6$ ?$#6$%&.#.W 7# #.@&$&+%-#,&2$ .6 0#+ #.?#$#+ &$%6'-#.# #0 +&+%6@# %-&3?%#-&(N-Z,%&,# O?6 +6 006P# # ,#3( 6$ KT .6 0(+ TV N#;+6+ .6 0# 91:HX +&6$.( ?$# N-Z,%&,#3#+%#$%6 ,(@]$ 6$ N#;+6+ .6 "?-#@Y-&,# = c5-&,# a91:HX ILKJbW 7(+ #-'?@6$%(+ #5#P(- .6 6+%# N-Z,%&,# +6 ,($,6$%-#$ 6$ 0#+ +&$6-'&#+ N-(.?,&.#+ N(- 60 ,(3-( .60 `E4# 0#+ &@N(-%#,&($6+X 5#,%(-6+ [&+%2-&,(+ = 6+5?6-C(+ N#-# (3%6$6- 6,($(@;#+ 6+,#0# 6$ ,?#$%( #0 -6,?-+(+ [?@#$(+ = 0(+ -6,?-+(+ %6,$(02'&,(+ a91:HX ILKJbW "&$6@3#-'(X 6$ 1(0(@3&#X 0#+ #?.&%(-&#+ &$%6'-#.#+ $( ,($+%&%?=6$ ?$# N-Z,%&,# ?+?

jVW :6+.6 @6.&#.(+ .6 0(+ $(P6$%#X 60 '(3&6-$( ,(0(@3&#$( [# P6$&.( &@N06@6$%#$.(?$ +&$$]@6-( .6 #,,&($6+ 6$ 0# 0?,[# ,($%-# 60 ,($%-#3#$.(X # %-#PY+ .6 0#6M&+%6$,&# .6 ?$ @#-,( &$+%&%?,&($#0 = $(-@#%&P( #*?+%#.( N-&$,&N#0@6$%<&$&+%6-&( .6 \#,&6$.# = 1-Y.&%( A]30&,( 3#*( 0# .&-6,,&2$ .6 0# :`4F = 0# D`4GX 6<&$&+%6-&( .6 1(@6-,&(X `$.?+%-&# = Q?-&+@( = 60 1($+6*( "?N6-&(- .6 1(@6-,&



"55

HM%6-&(-X 60 <&$&+%6-&( .6 :656$+#X 0#+ 6$%&.#.6+ %6--&%(-&#06+ = 6$ @6$(- @0# G&+,#0;# >6$6-#0 .6 0# F#,&2$W

jJW :6$%-( .6 0#+ @6.&.#+ #.?#$6-#+ %(@#.#+ -6,&6$%6@6$%6 6$ 1(0(@3&# -6+#0%# 0#76= KSjI .6 ILKJ 0# ,?#0 3?+,# '#-#$%&C#- 0# ,($%&$?&.#. 6$ 0(+ N-(,6+(+

&$P6+%&'#%&P(+ = +#$,&($#%(-&(+ .60 ,(@6-,&( &06'#0X N-(@(P6- 0# 65&,&6$,&# = 6= ,($ 60 6$.?-6,&@&6$%( .6 0#+ N6$#+X +6 N-(=6,%# #%#,#- 0#+ ,($.?,%#+ O?6 N(-@6.&( .60 ,(@6-,&( .60&,%&P( = 0# ,(@N6%6$,&# .6+06#0 ,($%-&3?=6$ # 0# 5&$#$,&#,&.60 0#P#.( .6 #,%&P(+X .60 %6--(-&+@( = .60 ,-&@6$ (-'#$&C#.(W

jjW H0 6+5?6-C( N-&$,&N#0 [# -6,#;.( +(3-6 &b 0# &@N06@6$%#,&2$ .6 ?$ +&+%6@# .6 '6+.6 -&6+'( = ,($%-(0X &&b 60 N-(,6+( .6 5&+,#0&C#,&2$X &&&b 0# #.@&$&+%-#,&2$ .6 0# &$P6+%&'#,&2$X #,?+#,&2$ = +#$,&2$X Pb 0# &@N06@6$%#,&2$ .6 #,?6-.(+ 3&0#%.6 &$%6-,#@3&( .6 &$5(-@#,&2$X P&b 60 &$,-6@6$%( 6$ 60 $]@6-( .6 @&6@3-(+ .6 05?6-C# N]30&,# = P&&b 0# N-(@(,&2$ .6 ?$# ,?0%?-# .6 06'#0&.#. = .6 N-6P6$,&2$W

jSW "&$ 6@3#-'(X %(.#+ 6+%#+ #,,&($6+ 6$ 0# N-Z,%&,# [#$ +&.( .&+N6-+#+X N(,,((-.&$#.#+X ,#-6$%6+ .6 0(+ -6,?-+(+ 5&$#$,&6-(+X %6,$(02'&,(+ = 6+%#.;+%&,(++?5&,&6$%6+X #+; ,(@( $( @#%6-&#0&C#.#+ 6$ 0(+ -6+?0%#.(+ 6+N6-#.(+W 7#+ 606P,&5-#+ .6 ,($%-#3#$.( .#$ ,?6$%# .6 0# #?+6$,&# .6 ?$# N(0;%&,# &$%6'-#0 N#-# [#,6-5-6$%6 # 6+%6 50#'60(W

jgW D$( .6 0(+ N-(306@#+ 0#%6$%6+ 6$ 0# 0?,[# ,($%-# 60 ,($%-#3#$.( 6+ 0# .63&0&.#.6+%#.;+%&,# 6 &$5(-@Z%&,#X 0# 5#0%# .6 &$P6-+&2$ 6$ %6,$(0(';# N(- N#-%6 .60 '(3&a6$ (%-(+ N#;+6+ .6 0# -6'&2$ 0(+2%+--$#2 =# N6-@&%6$ &$+N6,,&($#- 6$ %&6@N( -6#0 60KLLd .6 0(+ ,($%6$6.(-6+ +&$ #3-&-0(+ = (,#+&($#- .6@(-#+ = .#R(+ = +6 ?+#$+&+%6@#+ .6 %-#C#3&0&.#. 6$ N-(.?,%(+ +6$+&306+X ,(@( ,&'#--&00(+ = 0&,(-6+X O-6.?,&.( 5?6-%6@6$%6 60 ,($%-#3#$.(bW H$ %(.( ,#+(X 0# 5#0%# .6 N-6+6$,&# .6 0#:`4F 6$ #0'?$#+ C($#+ .6 5-($%6-#X .63&0&%# 0# ,#N#,&.#. .6 P&'&0#$,&# = ,($%-(0W

jUW 4$%6 0# &$65&,#,&# .6 0# N(0;%&,# .60 '(3&6-$( ,6$%-#0 ,($%-# 60 ,($%-#3#$.(X +6 [#$'6$6-#.( ?$# +6-&6 .6 &$&,&#%&P#+ &$.6N6$.&6$%6+ 6$,#@&$#.#+ # 6$5-6$%#- 6+50#'60(X N-&$,&N#0@6$%6 N-(P6$&6$%6+ .6 0# &$&,&#%&P# .6 0(+ +6,%(-6+ N-(.?,%&0#+ 6$%&.#.6+ %6--&%(-&#06+X 6$ #@3(+ ,#+(+ .6 @#$6-# &$+?5&,&6$%6W

SLW :6$%-( .60 +6,%(- N-(.?,%&P(X 60 ,($%-#3#$.( #56,%# N#-%&,?0#-@6$%6 0(+

,(@3?+%&306+ 0;O?&.(+X ,&'#--&00(+X 0&,(-6+ = ?$ +6'@6$%( .60 #'-(WSKW A(- 6*6@N0(X ?$# O?6*# .60 +6,%(- .6 ,(@3?+%&306+ 0;O?&.(+ 6+ O?6 0# &$%6-P6$,&

.60 '(3&6-$( +6 [# (-&6$%#.( [#,&# 0# -6.?,,&2$ .60 .&56-6$,&#0 .6 N-6,&(+ 6$ 0#+C($#+ .6 5-($%6-#X 0( O?6 [# +&.( &$65&,#C N#-# -6.?,&- 60 ,($%-#3#$.( #3&6-%( =X N(-60 ,($%-#-&(X [# N6-@&%&.( 0# 6MN#$+&2$ .60 ,($%-#3#$.( %Y,$&,(W 7( @&+@( +?,,($ 0(+ -6';@6$6+ 6+N6,&#06+ 6$ #0'?$#+ 5-($%6-#+ = 6$ 0#+ C($#+ 5-#$,#+W H+%( +6 P-6506*#.( 6$ ?$# N6-,6N,&2$ .6+5#P(-#306 .6 0(+ &$.?+%-&#06+ +(3-6 60 ,($%-(0 .60



"5>

,($%-#3#$.( .?-#$%6 0# ]0%&@# .Y,#.#W 4+;X N#-# 60 '-?6+( .6 0(+ 6@N-6+#-&(+X+6']$ 0# H$,?6+%# .6 9N&$&2$ H@N-6+#-&#0 .6 G6.6+#--(00(X 0# .63&0&.#. 6$ 60 ,($%-#.?#$6-( = 0# N6-@&+&P&.#. +(,&#0 = N(0&,&#0 +($ 0(+ 5#,%(-6+ @Z+ .6%6-@&$#$%6&$,-6@6$%( .60 ,($%-#3#$.(a>-Z5&,( jjbW

WBaT=9: ]]> /8B98@9=Q; ^CII]gCIDH_ R T49<:B8? 8\@6=94<=K:? 786 9:;<B454;7: ^CIDIgCIDH_

F(%#e :#%(+ +&$ .6+6+%#,&($#0&C#-G?6$%6e H$,?6+%# .6 9N&$&2$ H@N-6+#-&#0 aH9Hb – G6.6+#--(00(

SIW 1($ 0# 76= 4$%&,($%-#3#$.( a76= KSjI .6 ILKJ+6 3?+,# 5#,&0&%#- &$%6-,#@3&(+ .6&$5(-@#,&2$ = 5(-%#06,6- 60 -Y'&@6$ +#$,&($#%(-&(W "&$ 6@3#-'(X #0 +6'?6$@#-,#.# 6$ 0( N?$&%&P(X 0&@&%2 0#+ %-#$+5(-@#,&($6+ $6,6+#-&#+ 6$ #+N,6$%-#06+ ,(@( 0# @(.6-$&C#,&2$ #.?#$6-# = @6,#$&+@(+ .6 ,((-.&$#,&2$&$%6-&$+%&%?,&($#0W

)> &894F7: ^@4A:? R B8<8;9=:;8?_ 78K:6F9=:;8? R 9:5B: 9:49<=K:

STW H$ 0# #,%?#0&.#. 6M&+%6$ #N-(M&@#.#@6$%6 TSjWgKL .6?.(-6+ @(-(+(+ = ?$##,?@?0#,&2$ [&+%2-&,# .6 ,#-%6-# .6 gJTWKJT (30&'#,&($6+ #.@&$&+%-#.#+ N(- 0:`4FX O?6 .#%#$ .6+.6 60 #R( KUUKW 7# >-Z5&,( jS@?6+%-# 0# N#-%&,&N#,&2$ .60 %&N(.6 ,#-%6-# TK .6 .&,&6@3-6 .6 ILKVX 0# ,?#0 6$ %(%#0 +?@# fVXIJ 3&00($6+W

–

L

J

KL

KJ

IL

IJ

TL

*?$^KL *?$^KK *?$^KI *?$^KT *?$^KV *?$^KJ

/ : B 9 8 ; < 4 b 8

Z c

4-#$,606+ 40%(+ `@N?6+%(+ 40%(+7#P# .( .6 # ,%&P(+ G#0%# .6 , ($%-(0 # .?#$6-(

A6-@&+&P&.#. +(,&#0 = N(0&,&#0 9%-#



"5D

WBaT=9: ]U> ,:E@:?=9=Q; 78 64 ,4B<8B4 A8?<=:;4568 4 7=9=8E5B8 78 CIDS


SVW H0 A-(,6.&@&6$%( #.@&$&+%-#%&P( .6 ,(3-( ,(#,%&P( .6 ,(@N6%6$,&# .6 0# :`4F 5?6#.(N%#.( @6.&#$%6 :6,-6%( IJLT .6 KUgSX 6+ .6,&- %&6$6 Ig #R(+ .6 P&'6$,&#X 0(,?#0 ,($006P# # O?6 $( +6 6$,?6$%-6 #*?+%#.( %#$%( 6$ 0# N#-%6 %6,$(02'&,# ,(@($(-@#%&P#X # 0#+ $6,6+&.#.6+ #,%?#06+X 6+N6,&#0@6$%6 5-6$%6 # 0# #N66,($2@&,# = #0 .6+#--(00( %6,$(02'&,(W

SJW 4N#-6$%6@6$%6X 0# -6,?N6-#,&2$ .6 ,#-%6-# [# +&.( &@N(-%#$%6 6$ #0'?$(+ #R(+X +&6@3#-'( ,(@( 6$ 0# >-Z5&,# KK 0# -6,?N6-#,&2$ .6 ,#-%6-# 6$ 0(+ #R(+ ILLjX ILLgXILKK = ILKT -6#0@6$%6 ,(--6+N($.6 # 0# #N0&,#,&2$ .6 ,($.&,&($6+ 6+N6,&#06+ .6N#'( 6+%#306,&.#+ N(- 0# 06=X 6+ .6,&-X $( -6P60# @#=(- N-(.?,%&P&.#. .60 Z-6# .6,(3-#$C# ,(@( +6 (3+6-P# 6$ 60 >-Z5&,( jgW A(- (%-# N#-%6X 6+%# ,0#+6 .6.&+N(+&,&($6+ $(-@#%&P#+ $( 6$P;# ?$ 3?6$ @6$+#*6 N#-# 5(@6$%#- 60 ,?@N0&@&6P(0?$%#-&( .6 0#+ (30&'#,&($6+ 5&+,#06+ = N(- 0( %#$%(X $( +($ ?$# +(0?,&2-6,(@6$.#306 $& 656,%&P# # 0# +&%?#,&2$ N0#$%6#.#W



"5:

WBaT=9: ]L> &89F@8B49=Q; 78 ,4B<8B4 CIIDgCIDH ^%=66:;8? 78 @8?:? 9:BB=8;<8?_


SjW 4.&,&($#0@6$%6X $( 6M&+%6 ?$ +&+%6@# &$5(-@Z%&,( ?$&5&,#.( O?6 &$%6'-6 ?$ .6 '6+%&2$X 0#+ (30&'#,&($6+ = 60 N-(,6.&@&6$%( #.@&$&+%-#%&P( .6 ,(3-(X 0( ,?#-6506*# 6$ 0# 6M&+%6$,&# .6 $?@6-(+(+ #N0&,#%&P(+ O?6 $( N6-@&%6$ ?$# &$%6--6656,%&P# 6$%-6 600(+W 4 @(.( .6 6*6@N0( N?6.6$ ,&%#-+6 0(+ +&'?&6$%6+e "`"19/)&@N0#$%#.( 6$ 60 #R( KUgU_ "`A41 P&'6$%6 .6+.6 60 #R( KUUL_ "`"19/)4 4:D4FH)96M&+%6$%6 .6+.6 60 #R( KUUI_ "`H .6 `$P&%#,&2$ # A#'( O?6 +6 #N0&,# .6+.6 60 #ILKV_ 1?6$%# 1(--&6$%6 1($%-&3?=6$%6 #N0&,#306 .6+.6 KUUL_ 930&'#,&2$ G&$#$P&'6$%6 .6+.6 60 ILLj_ 7&O?&.#,&2$ .6 &$%6-6+6+ #.(N%#.( 6$ 60 #R( ILLg =F(-@#0&C#,&2$ .6 +#0.(+ P&'6$%6 .6+.6 ILKLW

$> 1=?946=O49=Q; R ?4;9=:;8?

SSW 1(0(@3&# 6+ 60 ]$&,( N#;+ 0#%&$(#@6-&,#$( O?6 $( ,?6$%# ,($ ?$ ,2.&'( %-&3?%#-&( (?$# 06= .6 N-(,6.&@&6$%( %-&3?%#-&(W F?6+%-( 6+%#%?%( %-&3?%#-&( aKUgUb+&@N06 ,(@N&0#,&2$ .6 0#+ -65(-@#+ #.(N%#.#+ 6$%-6 KUSV = KUgUW "&$ .?.# -6O?@(.6-$&C#-+6 = +(3-6 %(.( %6$6- ?$# ,($,6N,&2$ +&+%6@Z%&,# .60 N-(,6.&@&6$%%-&3?%#-&(X O?6 +6# #N0&,#306 # %(.(+ 0(+ %-&3?%(+ a&@N?6+%(+X %#+#+ = ,($%+6#$ $#,&($#06+X .6N#-%#@6$%#06+ ( @?$&,&N#06+W D$# 06= '6$6-#0 .6 N-(,6.&@&6(%(-'# ,6-%6C# # 0(+ ,($%-&3?=6$%6+X .65&$6 60 Z@3&%( .6 ,(@N6%6$,&# .6 0(5?$,&($#-&(+X -6.?,6 60 606P#.( $]@6-( .6 0#+ ,($+?0%#+ = 0#+ ,(+%(+#+ ,($%-(P6-+&#+,($ 0# #.@&$&+%-#,&2$W

SgW H$ '6$6-#0 60 -Y'&@6$ .6 &$5-#,,&($6+ = +#$,&($6+ %-&3?%#-&#+ -6O?&6@(.6-$&C#-+6X .6 @#$6-# O?6 +6 ,($P&6-%# 6$ ?$ &$+%-?@6$%( .6 5#,&0&%#,&2$ N#-,?@N0&@&6$%( P(0?$%#-&( .6 0#+ (30&'#,&($6+X N6-( %#@3&Y$ N#-# .(%#- #

DZ]]

CZHG CZ]Y CZLI CZ]SCZC] CZDG DZYU CZDS

CZSY CZGU CZ]L CZUH

SZCY

CZCH

IZGS

IZIU IZGY

IZ]]

DZGH

LXLL

LXJL

KXLL

KXJL

IXLL

IXJL

TXLLTXJL

VXLL

VXJL

JXLL

ILLK ILLI ILLT ILLV ILLJ ILLj ILLS ILLg ILLU ILKL ILKK ILKI ILKT ILKV ILKJl

)6,?N6-#,&2$ F6%( +&$ /6$65&,&( /6$65&,&(+ .6 76=

l :#%(+ # <#=( .6 ILKJW 7(+ .#%(+ .6 /6$65&,&(+ .6 76= $( +6 6$,?6$%-#$ :&+N($&306+ # 0# 56,[#W



"5I

#.@&$&+%-#,&2$ %-&3?%#-&# .6 0#+ [6--#@&6$%#+ O?6 06 N6-@&%#$ ,($%-(0#- ,($ 60# 6P#+&2$ = 0# @(-(+&.#.W

SUW 7# :`4F -6+?60P6 0(+ -6,?-+(+ .6 -6,($+&.6-#,&2$ ,($%-# 0#+ +#$,&($6+ # %-#PY+ .6?$# @#-,#.# %6$.6$,&# # ,($5&-@#- 0#+ .6,&+&($6+ N-6P&#+X &$,0?+( ,?#$.( 6M&+%6

N-6,6.6$%6+ *?-&+N-?.6$,&#06+ O?6 [#$ .#.( 0# -#C2$ 6$ ,#+(+ +&@&0#-6+ # 0(+,($%-&3?=6$%6+_ 6+%# ,&-,?$+%#$,&# $( +(0( &@N&.6 O?6 6M&+%# ?$# P6-.#.6-# *?+6$ 60 @#-,( .60 N-(,6.&@&6$%( #.@&$&+%-#%&P( %-&3?%#-&(X +&$( O?6 #.6@Z+X%6$.6$,&# 06+&($# '-#P6@6$%6 0(+ .6-6,[(+ .6 0(+ ,($%-&3?=6$%6+ #.6@Z+ .6,($'6+%&($#- 0# B?-&+.&,,&2$ 1($%6$,&(+( 4.@&$&+%-#%&P#W

gLW <Z+ .60 ULd .6 0(+ .&+%&$%(+ -6,?-+(+ a-6,($+&.6-#,&2$X -6N(+&,&2$X #N60#,&2$b +,($5&-@#.(+ N(- 0#+ (5&,&$#+ *?-;.&,#+X N6-( 60 1($+6*( .6 H+%#.( -6P(,# %(%#0 (N#-,&#0@6$%6 #N-(M&@#.#@6$%6 60 Jjd .6 0(+ #,%(+ #.@&$&+%-#%&P(+ N-(56-&.(+0# :`4F

gKW H$ 6+%6 +6$%&.( 0(+ 5#00(+ .6 $?0&.#. = -6+%#306,&@&6$%( .6 .6-6,[( O?6 006'#-($ #01($+6*( .6 H+%#.( 6$ 60 #R( ILKI a>-Z5&,( jUb +6 5#00#-($ 6$ ?$ VVd.6+5#P(-#306@6$%6 = 60 KKd N#-,&#0@6$%6 .6+5#P(-#306@6$%6W H+%( O?&6-6 .O?6 +& 0(+ 5#00(+ 5#P(-#306+ # 0# :`4F N(- 0# P;# '?36-$#%&P# 5?6-#$ .6@#$.#.(+ N(-0(+ ,($%-&3?=6$%6+ 6$ 0# *?-&+.&,,&2$ .6 0( ,($%6$,&(+( #.@&$&+%-#%&P( = 006'#-1($+6*( .6 H+%#.(X 60 JKXJd_ 6+%( 6+X @Z+ 0# @&%#. +6-;#$ -6P(,#.(+W

WBaT=9: ]Y> /:B98;<4b8 78 <=@: 78 T466:? 4;<8 86 ,:;?8b: 78 $?<47: CIDC

G?6$%6e :60(&%%6 aILKJbW



"5C

.6 #0%( -6,#?.( N(%6$,&#0 ,(@( N(- 6*6@N0( @&$6-;# = N6%-206(X +6,%(- 5&$#$,&6-( =+6,%(- ,(@6-,&(W `$,0?+( 6$ #0'?$#+ #.@&$&+%-#,&($6+ [#$ &@N06@6$%#.( ?$#?$&.#. 6+N6,&#0&C#.# 6$ &$.&P&.?(+ O?6 N(+66$ ?$ #0%( P#0(- $6%(W

gJW 1(0(@3&# %&6$6 ?$# #.@&$&+%-#,&2$ .6 '-#$.6+ ,($%-&3?=6$%6+X ,(@( (,?--6 6$

'6$6-#0 6$ 0(+ N#;+6+ 0#%&$(#@6-&,#$(+ = .6 0# 91:HW "&$ 6@3#-'(X 60 $]@6-( .65?$,&($#-&(+ 6$ -60#,&2$ #0 $]@6-( .6 '-#$.6+ ,($%-&3?=6$%6+ -6'&+%-#.(+ 6+ 3#*(6$ ,(@N#-#,&2$ # (%-(+ N#;+6+W

gjW 1(0(@3&# N-6+6$%# ?$( .6 0#+ @6$(-6+ -#C($6+ .6 6@N06#.(+ .6 %&6@N( ,(@N06%(.6.&,#.(+ # %6@#+ 6M,0?+&P(+ .6 '-#$.6+ ,($%-&3?=6$%6+ = 60 %(%#0 .6,($%-&3?=6$%6+X .6$%-( .6 ?$# @?6+%-# .6 TU N#;+6+ 6$%-6 N#;+6+ 91:H = F( 91:HW"(0( +?N6-# # /-#+&0X O?6.#$.( .6%-Z+ .6 1[&06X <YM&,(X 1(+%# )&,# = 4-'6$%&$#a>-Z5&,( SKbW

WBaT=9: UD> 0:<46 8E@6847:? <=8E@: 9:E@68<: 787=947:? 4 W, ?:5B8 0:<46 78 WB4;78?,:;<B=5FR8;<8?


gSW D$# .6 0#+ *?+%&5&,#,&($6+ N#-# %6$6- ?$# #.@&$&+%-#,&2$ 6+N6,&#0&C#.# .6 '-#,($%-&3?=6$%6+ +($ 0(+ @($%(+ = ,(@N06*&.#. .6 +?+ &$P6-+&($6+ = (N6-#,&($6+ = 0@#=(- ,#N#,&.#. O?6 %&6$6$ N#-# [#,6- N0#$6#,&2$ %-&3?%#-&# #'-6+&P#X 0( ,?#0 6M



">E

6$ @?,[(+ ,#+(+ ,((N6-#,&2$ &$%6-$#,&($#0 6$ #-#+ .6 ,(@N#-%&- &$5(-@#,&2$ =6MN6-&6$,&# 6$%-6 N#;+6+ +(3-6 6+%6 +6'@6$%( .6 ,($%-&3?=6$%6+

ggW H$ #0'?$(+ N#;+6+ +6 [#$ ,-6#.( '-?N(+ 6+N6,&#06+ N#-# ,($%-(0#- # 0(+,($%-&3?=6$%6+ N6-+($#+ $#%?-#06+ .6 #0%(+ &$'-6+(+X ,(@( 6$ 4-'6$%&$#X <#0#+&

/-#+&0 .6$%-( .6 0# @?6+%-# .6 KTa>-Z5&,( SIbW

WBaT=9: UC> .[E8B: 78 @8B?:;4? 787=9474? 4 ?8AE8;<: 78 =;7=K=7F:? 9:; 46<: =;AB8?:B8?@89<: 46 ;[E8B: 78 =;7=K=7F:? 78 46<: =;AB8?: T=?946=O47:?


W> $6F?=Q; R 8K4?=Q; =;<8B;49=:;468?

g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

ULW H0 -Y'&@6$ +#$,&($#%(-&( N#-6,6 +6- .6+N-(N(-,&($#.(W A(- 6*6@N0(X 60 4-%;,?0( jJK.60 H+%#%?%( Q-&3?%#-&( #N0&,# +#$,&($6+ 6M,6+&P#+ 5-6$%6 # 0# *?-&+N-?.6$,1(-%6 1($+%&%?,&($#0 a1 ^KjL .6 KUUgb O?6 (-.6$# O?6X N#-# 0# #N0&,#,&2$ .6 +#$,&2$ N(- $( +?@&$&+%-( .6 0# &$5(-@#,&2$ ( 6--(- 6$ 60 +?@&$&+%-( .6&$5(-@#,&2$X .636 6M&+%&- ?$ .#R( =X O?6 0# @?0%# +6# N-(N(-,&($#0 # 6+%6 ]0%&



">?

UKW El sistema de “listas de paraísos fiscales” (o “listas negras”) es teóricamente fácil de#.@&$&+%-#-X N6-( 6$ 0# N-Z,%&,# +? #N0&,#,&2$ +6 .&5&,?0%# N(- -#C($6+ N(0;.&N0(@Z%&,#+ O?6 '6$6-# 0# &$,0?+&2$ .6 .&,[(+ N#;+6+ 6$ 0# 0&+%# .6 N#-#;+(+ 5&+,#

UIW D$# .6 0#+ [6--#@&6$%#+ O?6 +6 [# P6$&.( &@N0#$%#$.( N#-# ,(@3#%&- N-Z,%&,#+

N0#$6#,&2$ %-&3?%#-&# #'-6+&P# 6+ 0# #.(N,&2$ .6 ,0Z?+?0#+ #$%&60?+&2$X =# +6$(-@# '6$6-#0 ( # %-#PY+ .6 .&+N(+&,&($6+ 6+N6,;5&,#+ O?6 06 N6-@&%#$ # #.@&$&+%-#,&2$ .6+,($(,6- 5&'?-#+ *?-;.&,#+ N#-# 60?.&- 0# (30&'#,&2$ %-&3?%#-1(0(@3&# #.(N%2 6$ 0# 06= KjLS ?$# $(-@# .6 #3?+( .60 .6-6,[(W "&$ 6@3#-'(X 0#+@(.&5&,#,&($6+ &$%-(.?,&.#+ 6$ 60 N-(,6+( 06'&+0#%&P( 0# [#$ [6,[( &$#N0&,#306+W

j> )8T8;?:BX4 786 9:;<B=5FR8;<8

UTW 7# :656$+(-;# .60 1($%-&3?=6$%6 = .6 D+?#-&( 4.?#$6-( 6+ ?$ 2-'#$( #.+,-&%( # 0#:`4F O?6 P60# N(- 0# .656$+# .6 0#+ '#-#$%;#+ .6 0(+ ,($%-&3?=6$%6+ 6$ 0# .656$+# .6

+?+ .6-6,[(+ 6$ 0(+ .&+%&$%(+ N-(,6.&@&6$%(+ %-&3?%#-&(+X N-(,?-#$.( O?6 0,&?.#.#$(+ -6,&3#$ ?$ %-#%#@&6$%( *?+%(X 6O?&%#%&P(X #@#306 = -6+N6%?(+(3+%#$%6X 0# :656$+(-;# .60 1($%-&3?=6$%6 $( %&6$6 ,(@N6%6$,&# #$%6 6$%&.#$#,&($#06+ = %6--&%(-&#06+ = %#@N(,( ,?6$%# ,($ 0# ,#N#,&.#. N#-# -6N-6+6$%#,($%-&3?=6$%6+W 4.&,&($#0@6$%6X ,#-6,6 .6 #?%($(@;#X N?6+ .6N6$.6 .60 .&-6,%(-.6 0# :`4FX 0&@&%#$.( 60 @#-,( .6 #,,&2$ .6 +?+ ,(@N6%6$,&#+ = 0# -60#,&2$ ,($ 0(+#'6$%6+ &$%6-6+#.(+W

J#> /B:@F8?<4? R &89:E8;749=:;8? W8;8B468?

D> /B:@F8?<4 D> /B:@F8?<4 A8;8B46

UVW 7# N-(N?6+%# 6+ %-#$+5(-@#- # 0# :`4F 6$ ?$# #'6$,&# 6+%#%#0 #.+,-&%# #0 <&$&+%.6 \#,&6$.# ,($ 5?$.#@6$%( 6$ 60 4-%;,?0( KJL ^ F?@6-#0 S .6 0# 1($+%&%?,&2$A(0;%&,#X 0# ,?#0 (%(-'# #0 06'&+0#.(- @#=(- 0&36-%#. .6 ,($5&'?-#,&2$IUW H+%# 5&'?-# .6#'6$,&# 6+%#%#0 06 .# 506M&3&0&.#. # 0# 6$%&.#. 6$ ,?#$%( # 0# #N0&,#,&2$ .60 H+.6 0# 1($%-#%#,&2$ a76= gL .6 KUUTbX ,(@( N(- 6*6@N0( 6$ ,?#$%( # 0# .?-#,&2$ .60(+ ,($%-#%(+X 0( ,?#0 +6-;# @?= &@N(-%#$%6 N#-# #P#$C#- 6$ &$P6-+&($6+ %6,$(0(';#X = %#@3&Y$ @#=(- #?%($(@;# 5-6$%6 # 0#+ #+&'$#,&($6+ N-6+?N?6+%#06

IU 7# 6MN6-&6$,&# &$%6-$#,&($#0 .6@?6+%-# O?6 %(.#+ 0#+ 4.@&$&+%-#,&($6+ Q-&3?%#-&#+ %&6$6$ ?5?6-%6 ,($ 60 <&$&+%6-&( .6 \#,&6$.#X 60 :6N#-%#@6$%( .60 Q6+(-( ( 0# (-'#$&C#,&2$ ,(--6+N($.&6$%6W 7#4H4Q .6N6$.6 .60 <&$&+%6-&( .6 \#,&6$.# 6+N#R(0X 60 "6-P&,&( .6 `@N?6+%(+ `$%6-$(+ ,[&06$( .60<&$&+%6-&( .6 \#,&6$.#X 0# 4?+%-#0&#$ Q#M#%&($ 955&,6 .60 Q-6#+?-=_ 7# 4G`A .60 <&$&+%6-&( .6 H,($:>G&A 5-#$,6+# .60 <&$&+%6-&( .6 G&$#$C#+ = A-6+?N?6+%(X 0# `)" #@6-&,#$# .60 :6N#-%#@6$%( .60 Q6+6%,W



">"

N#-# 60 6+%#306,&@&6$%( .6 ?$ -Y'&@6$ 6+N6,;5&,( a$( 6+N6,&#0b .6 ,#--6-##.@&$&+%-#%&P#X 0( ,?#0 -6+?0%# 5?$.#@6$%#0 N#-# 60 @#$6*( .60 -6,?-+( [?@#$(W

UJW H$ 1(0(@3&# 60 @(.60( .6 4'6$,&# H+%#%#0 6+ -6,&6$%6 a76= KVVV .6 ILKK = +?.6,-6%(+ -6'0#@6$%#-&(+bW F( (3+%#$%6 0# 5&'?-# =# 6$,?6$%-# .&56-6$%6

6MN-6+&($6+ ,(@( 6$ 0# 4'6$,&# F#,&($#0 .6 \&.-(,#-3?-(+ ( 6$ 0# 4'6$,&# F#,&($#0.6 `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

C> /B:@F8?<4 C> 'BA4;=O49=Q; bFBX7=94 R 47E=;=?<B4<=K4

UjW "6 #,($+6*# &@N06@6$%#- N#-# 60 ,#+( .6 0# :`4FX ?$# (-'#$&C#,&2$ 6$ 5(-@# .69-'#$&+@( "6@&#?%2$(@( D$&5&,#.( +?*6%( # ,($%-(0 .6 ?$# B?$%# ? |-'#$(1(06'&#.( ( 6$ +? .656,%(X +&@N06@6$%6X 0# .6 9-'#$&+@( "6@&#?%2$(@( D$&5&,#.(4@3(+ %&N(+ .6 (-'#$&C#,&2$ +6 ,#-#,%6-&C#$ N(- %6$6- 0#+ 5?$,&($6+ .6 4?%(-&.#.Q-&3?%#-&# 6$ ,#36C# .60 @&+@( 9-'#$&+@( A]30&,( = -6N(-%#- +? .6+6@N6R( #0<&$&+%6-&( .6 \#,&6$.#W

USW 7(+ %-6+ ,?600(+ .6 3(%600# @Z+ ,-;%&,(+ O?6 [(= N-6+6$%# 0# 4.@&$&+%-#,&Q-&3?%#-&# ,(0(@3&#$# a-6,?-+(+ [?@#$(+X N-6+?N?6+%( = N0#%#5(-@# %6,$(02'&,+6 @&%&'#-;#$ ( +6 -6+(0P6-;#$ # %-#PY+ .6 +? %-#$+5(-@#,&2$ 6$ ?$# 4'6$,&# H+%#%"&$ 6@3#-'(X 0#+ 0&@&%#,&($6+ .6-&P#.#+ .6 0(+ N-(,6+(+ ,($,?-+#06+ +(0( N(.-;#$+(0?,&($#-+6 .6 %#*( ,($ ?$# -65(-@# ,($+%&%?,&($#0 O?6X ( 3&6$ 60&@&$6 0# 1(@&+

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

7# 1(@&+&2$ N-(N($6 ,($5&'?-#- 0# :`4F ,(@( ?$# 4'6$,&# H+%#%#0 N#-# .(%#- # 0#

#.@&$&+%-#,&2$ .6 ?$# (-'#$&C#,&2$ *?-;.&,# O?6 06 N6-@&%# .&+N($6- .6 @#=#?%($(@;# #.@&$&+%-#%&P#X %Y,$&,# = N-6+?N?6+%#0X #.(N%#- ?$# N(0;%&,# &$-6,?-+(+ [?@#$(+ = %6$6- ?$# N0#%#5(-@# %6,$(02'&,# # 0# @6.&.# .6 +?+ 5?$,&($6+X%(.( 600( 3#*( ?$ 6+O?6@# .6 '(3&6-$( ,(-N(-#%&P( O?6 #+6'?-6 0# ,($%&$?&.#. .6 +?+N(0;%&,#+ #.@&$&+%-#%&P#+WK



">5

,(@( ?$# ,#--6-# 6+N6,&5&,#W 7# %6-,6-# 6+ 0# O?6 =# +6 #N-(32 6$ 0# 76= KSTUX #6+%#306,6- #0'?$#+ N-&(-&.#.6+ 6$ 0(+ N-(,6+(+ ,($,?-+#06+W

UgW A(- (%-( 0#.(X 60 6+O?6@# .6 4'6$,&# H+%#%#0 N6-@&%&-;# O?6 0# :`4F .&+N($'# @Z#?%2$(@#@6$%6 .6 0(+ -6,?-+(+ N-6+?N?6+%#06+ $6,6+#-&(+ N#-# 0# (N6-#,&2$

%Y,$&,#X 65&,&6$%6 = 65&,#C .6 +?+ ,(@N6%6$,&#+X &$.6N6$.&6$%6@6$%6 -6+%-&,,&($6+ 5&+,#06+W 4.&,&($#0@6$%6X +6 N(.-;# &@N06@6$%#- ?$ 6+O?65&$#$,&#,&2$ .6 0# 6$%&.#. # N#-%&- .6 ?$ N(-,6$%#*6 +(3-6 0( -6,#?.#.( N#-# O?6 0#&$P6-+&2$ 6$ %6@#+ ,-?,&#06+ ,(@( 60 .6+#--(00( .6 0# N0#%#5(-@# %6,$(02'&,# +6#N-&(-&%#-&( = +? .&+6R( = #N0&,#,&2$ $( .6N6$.# .6 0#+ .&$Z@&,#+ N-(N&#+ .6#+&'$#,&2$ .60 N-6+?N?6+%(W

UUW A(- ]0%&@(X ,($ 6+%# @(.&5&,#,&2$X +6 .#-;#$ @#=(-6+ 0#+ '#-#$%;#+ N#-# O?6 0# :`40('-6 #,%?#0&C#- +? N0#%#5(-@# %6,$(02'&,# 3#*( 6+%Z$.#-6+ .6 65&,&6$,&#X 65&,#,,($%&$?&.#. &$%6-$#,&($#06+X +&$ %6$6- 0(+ &$,($P6$&6$%6+ O?6 [(= -6N-6+6$%# 6+%(+ 5&$6+ 60 -Y'&@6$ (-.&$#-&( .6 ,($%-#%#,&2$ 6+%#%#0W



">>

KLLW 7# B?$%# N(.-;# ,($5(-@#-+6 ,($ ?$ $]@6-( 6$%-6 J = S @&6@3-(+X .606'#.(+ .60A-6+&.6$%6X 60 <&$&+%-( .6 \#,&6$.#X 60 :6N#-%#@6$%( $#,&($#0 .6 A0#$6#,&2$#0'?$(+ @&6@3-(+ 6M%6-$(+ # 0# 6$%&.#.W 7# N-(N?6+%# .6 0# 1(@&+&2$ 6+ O?6 0# B

"6 N-(N($6 N#-# 0# :`4F ?$ @(.60( .6 4'6$,&# H+%#%#0 (-'#$&+@( +?*6%( #0 ,($%-(0.6 ?$# B?$%#X 6$ 0# @6.&.# 6$ O?6 6+%6 N6-@&%6 &@N06@6$%#- ?$# #.@&$&+%-#%-&3?%#-&# ,?=( 5?$,&($#@&6$%( +6 .6,#$%6 3#*( 0(+ N#-Z@6%-(+ = -6'0#+ .6 ?$>(3&6-$( 1(-N(-#%&P( .6 %&N( 6@N-6+#-&#0W H$ 6+%6 @(.60(X 0# :`4F %6$.-;# 0#+&'?&6$%6+ 5?$,&($6+ a91:HX ILKTbe

#W <#$6*( .6 '#+%( .6 N-6+?N?6+%( .6+&'$#.( # 0# 6$%&.#.X ,($.&+,-6,&($#0&.#. N#-# 6+%#306,6- N-&(-&.#.6+ .6 '#+%(X .6 #,?6-.( ,($ 0#+$6,6+&.#.6+ 3Z+&,#+ .6 0# #.@&$&+%-#,&2$W

3W A0#$6#,&2$ = (-'#$&C#,&2$ &$%6-$#e (%(-'Z$.(06 # 0# #.@&$&+%-#,&2$ 0#-6+N($+#3&0&.#. .6e &b .6%6-@&$#- 0# (-'#$&C#,&2$ &$%6-$# # %-#PY+ .6 0# ,?#+6 ,($.?,&-Z$ 0#+ (N6-#,&($6+ = 5?$,&($6+ N?6+%#+ # +? ,#-'(X &$,0?=6$.((5&,&$#+ = .6N6$.6$,&#+ .6 ,#-Z,%6- .6N#-%#@6$%#0 ( @?$&,&N#0 +; 6+ .60,#+( = &&b 5(-@?0#- N(0;%&,#+ = N0#$6+ .6 (N6-#,&2$W

,W H+%Z$.#-6+ .6 5?$,&($#@&6$%( .6 @#$6-# O?6 0# #.@&$&+%-#,&2$ N?6.#

.65&$&- +?+ N-(N&(+ 6+%Z$.#-6+ = O?6 6+%(+ (N6-6$ ,(@( @#-,( .6-656-6$,&# N#-# 60 ,?@N0&@&6$%( .6 @6%#+X 5?$,&($6+ = -(06+ N(- N#-%6 .+?+ 5?$,&($#-&(+W

.W A6-+($#0W :6$%-( .6 0#+ 0&@&%#,&($6+ +6R#0#.#+X 0# 4'6$,&# .636-;# +6R#0#0(+ ,-&%6-&(+ .6 -6,0?%#@&6$%(X #+,6$+(X @(P&0&.#.X -6@?$6-#,&2$ = +#0&.65&$&- %Y,$&,#@6$%6X 6+%Z$.#-6+ = +&+%6@#+ .6 6P#0?#,&2$_ .&+6N-(,6.&@&6$%(+ .6 6$%-6$#@&6$%( = N-6N#-#,&2$ .6 0(+ 5?$,&($#-&(+ =N-(,?-#- $&P606+ .6 -6@?$6-#,&2$ .6 #,?6-.( #$&P60h,#%6'(-;#h-6+N($+#3&0&.#. .6 ,#.# ,#-'(W

6W Q6,$(0(';#+ .6 0# `$5(-@#,&2$e 0# #.@&$&+%-#,&2$ .636 .65&$&- ?$#N0#%#5(-@# %6,$(02'&,# O?6 N#-%# .6 ?$# #-O?&%6,%?-# O?6 ,(@N-6$.#%#$%( 607+#)^+#$ ,(@( 60 2'D&^+#$X ,(@( O?&6-# O?6 6+ 0# @#%6-&# N-&@#6+6$,&#0 N#-# ,?@N0&- +? @&+&2$ &$+%&%?,&($#0W "6 -6O?&6-6 O?6 0# #?%.65&$# = #.@&$&+%-6 +? N-(N&( +&+%6@# &$5(-@Z%&,( = N0#%#5(-@# %6,$((X 6$ +? .656,%(X %6$'# 0# 5#,?0%#. .6 +?3,($%-#%#-0( ,($ N#-%&,?0#-6+ ,($#--6'0( # 0#+ (N,&($6+ ,($%-#,%?#06+ O?6 N?6.6$ +6- ?%&0&C#.#+ N(- 0#4'6$,&#W

5W `$%6-N-6%#,&2$ .6 0# $(-@# %-&3?%#-&#e -6,($(,&6$.( 0# ,#N#,&.#. .6 0##.@&$&+%-#,&2$ N#-# N-(P66- &$%6-N-6%#,&($6+ +(3-6 0# #N0&,#,&2$ .6 006=6+ %-&3?%#-&#+ 6$ 5(-@# .6 ,($,6N%(+ P&$,?0#$%6+ = +(3-6 ,2@( .6366$%6$.6-+6 60 #0,#$,6 = +&'$&5&,#.( .6 0#+ @&+@#+W

'W "#$,&($6+ 6 `$%6-6+6+X %6$&6$.( 0# 5#,?0%#. .6 &@N($6- +#$,&($6+ 6&$%6-6+6+X 6$ ,#+(+ .6 &$,?@N0&@&6$%( 5(-@#0 = @#%6-&#0 .6 ,?#0O?(30&'#,&2$ %-&3?%#-&# N(- N#-%6 .6 0(+ ,($%-&3?=6$%6+W



">D

6+%Y ,(@N?6+%# N(- <&$&+%-( .6 \#,&6$.# ( +? .606'#.(X :&-6,%(- .60 :FA ( +?.606'#.( = %-6+ aTb @&6@3-(+ &$.6N6$.&6$%6+W

KLKW :6$%-( .6 6+%6 6+O?6@#X 60 :&-6,%(- .6 0# :`4F +6-;# 60 -6+N($+#306 .6 N($6- 6$@#-,[# 0#+ 6+%-#%6'&#+ .65&$&.#+ N(- 0# B?$%# = +(3-6 %(.( .6 ,($+6'?&- 0#+ @6%#

N-(N?6+%#+W

G> /B:@F8?<4 G> &89FB?:? eFE4;:?

KLIW 1#36 #$(%#- O?6 60 -Y'&@6$ .6 ,#--6-# #.@&$&+%-#%&P# 6+ &$.6N6$.&6$%6 .6 0$#%?-#06C# *?-;.&,# .6 ?$# 6$%&.#. N]30&,#X N?6+%( O?6 60 #-%;,?0( KTL +?N6-&,($,6.6 # 0# 1(@&+&2$ F#,&($#0 .60 "6-P&,&( 1&P&0 – 1F"1 – 0# 5?$,&2$ .6 #.@&$&+%-#-= P&'&0#- 0(+ ,($,?-+(+ .6 ,#--6-# # $&P60 $#,&($#0 a-6'?0#.# N(- 0# 76= ULU .60 ILLVbX.6 +?6-%6 O?6 0#+ .&+%&$%#+ 6$%&.#.6+ 6+%#%#06+ O?6 $6,6+&%#$ (,?N#- P#,#0#3(-#06+ .6 6@N06#.(+ .6 ,#--6-#X +6 -6@&%6$ # 0# 1F"1 N#-# O?6 6+%# 0(+ -6#0&,6 #%-#PY+ .6 0#+ &$+%&%?,&($6+ ,($ 0#+ ,?#06+ N(- 06= %&6$6 ,($P6$&(X N(- 6*6@N0

,&6-%#+ ?$&P6-+&.#.6+W 7#+ ]$&,#+ 6$%&.#.6+ -6+N6,%( .6 0#+ ,?#06+ 0# 1F"1 $( %&,(@N6%6$,&# +($ #O?600#+ 6MN-6+#@6$%6 +6R#0#.#+ N(- 0# 1($+%&%?,&2$ ,(@-6';@6$6+ 6+N6,&#06+W

KLTW 4,%?#0@6$%6 0# :`4F ,?6$%# ,($ ?$ +&+%6@# 6+N6,;5&,( a= $( 6+N6,&#0b .6 ,#--6-#O?6 +6 6$,?6$%-# 6$ 60 :6,-6%( 76= SjJ .60 ILLVX 0?6'( 0# :`4F $( N?6.6 -6#0&C#-N(- +; +(0# 0(+ ,($,?-+(+ N#-# P&$,?0#- #0 N6-+($#0 O?6 $6,6+&%6X +&$( O?6 N?6.6#N0&,#- -6'?0#,&($6+ 6+N6,;5&,#+ N#-# 60 .6+#--(00( = #N0&,#,&2$ .6 0(+ ,($,?-+(+W

KLVW 7# :`4F %&6$6 ?$(+ $&P606+ +#0#-&#06+ N(,( ,(@N6%&%&P(+ ,($ +?+ 6O?&P#06$%6+

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jL'-#.(+ = .63&.#@6$%6 .(,?@6$%#.(X .&+,?%&.( = #,6N%#.( N(- 0# N#-%6 6P#0?#.# =60 6P#0?#.(-W H+ .6,&-X -6O?&6-6 ?$ ,(@N-(@&+( &$+%&%?,&($#0 = ?$ 6O?&N.&-6,%&P(+ O?6 N#-%&,&N6$ 656,%&P#@6$%6 6$ 60 N-(,6+(X O?6 .636 +6-P&- %#$%N-6@&#- # 0(+ @6*(-6+X ,(@( N#-# 6M,0?&- # O?&6$6+ $( ,?@N06$ 0#+ @6%#+ -6$.&@&6$%(W

KLJW H+ &$.?.#306 O?6 60 ,($(,&@&6$%( .6 0(+ #+?$%(+ %-&3?%#-&(+ = #.?#$6-(+ %&6$6$ ?#0%( ,(@N($6$%6 .6 6MN6-&6$,&#X N6-( 0(+ -6%(+ +($ %#$ P#-&#.(+ = ,(@N06*(+X .#.O?6 +?N($6$ 0# ,(@N-6$+&2$ @;$&@# .6 0#+ .&+%&$%#+ 5(-@#+ $6'(,&#306+ = +#N0&,#,&($6+X *?-;.&,#+X 5&$#$,&6-#+X ,($%#306+ = #.@&$&+%-#%&P#+ = O?&CZ @Z+ -606P#$%6+X 6$ ,($%6M%(+ &$%6-$#,&($#06+W A6-(X #.6@Z+ 6+ .6,&+&P(



">:

%#@3&Y$ # 0(+ #.@&$&+%-#.(-6+ 6$ 3?6$#+ N-Z,%&,#+ '6-6$,&#06+X ,($ 0( ,?#0 N-(,6+( .6 ,#N#,&%#,&2$ = 5(-@#,&2$ 6+N6,&#0&C#.# -6+?0%# +6- ?$# N&6C# ,0#P6 6$N(0;%&,# .6 -6,?-+(+ [?@#$(+ .6 0# 6$%&.#.W

KLjW 4.&,&($#0@6$%6 +6 .636$ '6$6-#- N(0;%&,#+ .6 &$'-6+(X ,#N#,&%#,&2$X

-6@?$6-#,&2$X #+,6$+( = N-(@&+&2$ 6$ 60 $&P60 .6N#-%#@6$%#0 = @?$&,&N#0 ,($ 6.6 N-(P66- 0(+ ,#-'(+ .6 0#+ #.@&$&+%-#,&($6+ %-&3?%#-&#+ .6 %#06+ $&P606+'(3&6-$(X N?6+ [(= $( ,?6$%#$ ,($ 6+%-#%6'&#+ ,0#-#+ .6 6$'#$,[6 0#3(-#0 =.6N6$.6$ .6 0( N(,( O?6 +6 [#,6 # $&P60 ,6$%-#0 6$ ,?#$%( # 0# ,#N#,&%#,&2$ = # 0#%-#$+@&+&2$ .6 ,($(,&@&6$%( .&-6,%( N(- N#-%6 .6 0(+ 5?$,&($#-&(+ @Z+ #$%&'?(+W

S> /B:@F8?<4 S> /64<4T:BE4 <89;:6QA=94

KLSW :636 .65&$&-+6 ?$ N0#$ %6,$(02'&,( -&'?-(+( O?6 &$,0?=# 0# #-O?&%6,%?-# .67+#)^+#$ = .6 2'D&^+#$X ,(@( ?$ N-(,6+( .6 0#-'( #0&6$%(X O?6 -6+?60P# 0(+N-(306@#+ .60 ,(-%( N0#C( N6-( ,(@&6$,6 ,($ ?$ N0#$ @Z+ -(3?+%( .6 @6.&#$( =0#-'( N0#C(X ,($+&.6-#$.( #.6@Z+ O?6 N#-%6 .6 0# N-(N?6+%# .6 0# 1(@&+&2$+?N($6$ ?$# #@N0&#,&2$ @?= +&'$&5&,#%&P# .60 ?$&P6-+( .6 0(+ ,($%-&3?=6$%6+W

KLgW "6 .636 &@N06@6$%#- ?$ -Y'&@6$ .6 ,($%-#%#,&2$ 6+N6,&#0 O?6 '#-#$%&,6 06M,606$,&# = %-#$+N#-6$,&# $6,6+#-&#+X N6-( O?6 3-&$.6$ 0# N(+&3&0&.#. .6 %6$6N0#$ %6,$(02'&,( # 0#-'( N0#C( ,?=#+ #,%?#0&C#,&($6+ 6 &$,(-N(-#,&($6+ .6 $?6P(+.6+#--(00(+ '#-#$%&,6$ 0# ,(@N#%&3&0&.#. .6 .&56-6$%6+ %6,$(0(';#+ = N-(P66.(-6+ .66+%6 %&N( .6 +6-P&,&(+W

KLUW 4+&@&+@(X +6 -6O?&6-6 ?$ N0#$ # $&P60 %6--&%(-&#0 a.6N#-%#@6$%(+ = @?N#-# 60 .6+#--(00( %6,$(02'&,( O?6 N6-@&%# 0# ,($+%-?,,&2$ .6 ?$# #-O?&%6,%?-#&$5(-@Z%&,# +20&.# O?6 N(+&3&0&%6 60 ?+( #.6,?#.( .6 0# &$5(-@#,&2$ O?6 006'# ##.@&$&+%-#,&($6+ %-&3?%#-&#+ .6 0(+ .6N#-%#@6$%(+ = 0(+ @?$&,&N&(X +(3-6 %.6 $&P606+ VX J = jX .($.6 0(+ N-(306@#+ .6 0# 4.@&$&+%-#,&2$ %-&3?%#-&# $#,&($-6N0&,#$ 6$ 0( %6--&%(-&#0W

H> /B:@F8?<4 H> /B8?F@F8?<:

KKLW 1(@( 6+%6 6+ ?$ %6@# 0&'#.( # 0# #?%($(@;#X 0# 6MN6-&6$,&# &$%6-$#,&($#0 -6P?$# N-Z,%&,# '6$6-#0&C#.# N#-# &$,6$%&P#- 60 .6+#--(00( .6 0# 5?$,&2$ %-&3?%#-&%-#PY+ .6 0# #+&'$#,&2$ .6 ?$ -?3-( 6+N6,;5&,( -60#,&($#.( ,($ 0# '6+%&2$ .6 0#4.@&$&+%-#,&2$ Q-&3?%#-&#X N(- 6*6@N0(X ?$ N(-,6$%#*6 .60 -6,#?.( %(%#0 .6 0# :H$ 60 ,#+( .6 0# :`4F 6+%6 N(-,6$%#*6 .636-;# 6+%#- N-&(-&C#.( 6$ 60 @#$%6$&@&6$%= .6+#--(00( 65&,#C .6 0# N0#%#5(-@# %6,$(02'&,#W

KKKW A(- (%-( 0#.(X 6$ 60 (-.6$#@&6$%( *?-;.&,( ,(0(@3&#$( 6M&+%6$ @]0%&N066M,6N,&($6+ #0 -Y'&@6$ .6 ,($%-#%#,&2$ 6+%#%#0 N#-# 3&6$6+ = +6-P&,&(+ 6+N6,;%#06+ ,(@( 0# ,($%-#%#,&2$ .6 0# #.@&$&+%-#,&2$ .60 +?3+&.&( .6 +#0?. a76= KLL



">I

KUUTbX 6$#*6$#,&2$ .6 #,,&($6+ .60 H+%#.( a76= IIj .6 KUUJbX ,($%-#%( .6#+(,&#,&2$ N#-# #,%&P&.#.6+ ,&6$%;5&,#+ = %6,$(02'&,#+ a76= IU .6 KUULbX .&+N(N(- N#-%6 .6 0# :`4F .6 @6-,#$,;#+ #N-6[6$.&.#+X .6,(@&+#.#+ ( #3#$.($#.#+a:6,-6%( IjgJ .6 KUUUbX 6%,W H$ ,($,(-.#$,&#X 6+ N(+&306 .6%6-@&$#- ?$ -Y'&@6$6+N6,;5&,(X ( &$,0?+( ?$( .6 :6-6,[( A-&P#.(X N#-# 0# ,($%-#%#,&2$ .6 3&6$6+ =

+6-P&,&(+ .6%6-@&$#.(+ a6+6$,&#0@6$%6 %6,$(0(';# O?6 &@N0&,# .6,&+&(&$5(-@#.#+ = 6+%-#%Y'&,#+ .6 P#0(- +&'$&5&,#%&P( = P&.# ]%&0 0#-'#b O?6X $#%?-#06C#X #56,%6$ .&-6,%#@6$%6 60 5?$,&($#@&6$%( @&+&($#0 .6 0# #.@&$&+%-&3?%#-&#W

]> /B:@F8?<4 ]> j8BB4E=8;<4? @4B4 64 47E=;=?<B49=Q; <B=5F<4B=4

!" =/*!/ )0 ,/&4)0!$ ;)/9.&2- !.'&0&+,/!,&6- &0.*(*0.&*0,* .* $!?H:Z

KKIW "6']$ 0# 6MN6-&6$,&# O?6 [#$ %6$&.( (%-(+ N#;+6+ ,(@( H+N#R#X A6-]X 4-'6$%&$#

<YM&,( = 1[&06 6$ +? -6'?0#,&2$ -6+N6,%( .60 N-(,6.&@&6$%( %-&3?%#-&(X ,($+&.6-#@(N(-%?$( ,-6#- ?$ %-&3?$#0 *?-;.&,( #.@&$&+%-#%&P(X ,($5(-@#.( N(- 6MN6-%(+ 6$@#%6-&# .6 &@N?6+%(+X #.+,-&%( #0 <&$&+%6-&( .6 \#,&6$.#X N6-( #?%2$(@&$.6N6$.&6$%6 6$ +?+ .6,&+&($6+X = O?6 +6 ,($+%&%?=# ,(@( ]0%&@# &$+%#$,&# 6#.@&$&+%-#%&P# #$%6+ .6 #,?.&- # 0# *?-&+.&,,&2$ ,($%6$,&(+( #.@&$&+%-#%&P#W

KKTW H0 Q-&3?$#0 B?-;.&,( 4.@&$&+%-#%&P( %6$.-;# ,(@( N-&$,&N#0 5?$,&2$ -6+(0P6-6,?-+(+ ,($%-# 0#+ 0&O?&.#,&($6+ (5&,&#06+ = 0# #N0&,#,&2$ .6 0#+ +#$,&($6+ O?6 0# -6#0&,6 # 0(+ ,($%-&3?=6$%6+W H$ %(.( ,#+(X 6+%6 %-&3?$#0 +(0( #%6$.6-;# ?$ -6,?-+( #N60#,&2$ #$%6+ .6 0# 6%#N# 6$ 0# *?-&+.&,,&2$ .60 ,($%6$,&(+( #.@&$&+%-#%&P(W

KKVW H+%# &$+%#$,&# +6-P&-;# N#-# ,#0&5&,#- 60 %-#3#*( .6 0# #.@&$&+%-#,&2$ %6+N6,&#0&C#- 0# ,#0&.#. *?-;.&,# O?6 #+6'?-6 0# '#-#$%;# .6 0(+ ,($%-&3?=6$%6+ = 0,#0&.#. .6 0#+ .6,&+&($6+ #.@&$&+%-#%&P#+ = N#-# .6+,($'6+%&($#- 0# *?-&+.&,#.@&$&+%-#%&P#W

<(.6-$&C#-X 6+N6,&#0&C#- = .(%#- # 0# #.@&$&+%-#,&2$ %-&3?%#-&# .6 0(+ &$+% *?-;.&,(+ #.6,?#.(+ N#-# ,?@N0&- +? @&+&2$W H+%6 (3*6%&P( N(.-;# 0('-#-+6 # %-#PY+,?#%-( [6--#@&6$%#+e ?$ %-&3?$#0 #.@&$&+%-#%&P( O?6 -6+?60P# 0(+ -6,?-+(+ ,($%-

0&O?&.#,&($6+ = 0#+ +#$,&($6+_ ?$ ,2.&'( %-&3?%#-&( O?6 .65&$# N-&$,&N&(+X ,(@N6N-(,6.&@&6$%(+ = +#$,&($6+_ ?$ -6'0#@6$%( N#-# 0#+ ,($+?0%#+ P&$,?0#$%6+ N#-# ,6-%6C# # 0(+ ,($%-&3?=6$%6+ +(3-6 60 -Y'&@6$ %-&3?%#-&( .6 +?+ &$P6-+&($6+ =,0#?+?0# '6$6-#0 #$%& 60?+&P# ,(@( #-@# *?-;.&,# N#-# ,(@3#%&- +(5&+%&,#.#+ 6+%-?,% *?-;.&,#+ .6 N0#$6#,&2$ %-&3?%#-&# N#-# 6P&%#- 60 N#'( .6 &@N?6+%(+ 6$ 1(0(@3&#W



">O

4" #@(*.&/ )0 =8.&5- ,/&4),!/&- .* (/&02&(&-+G 2-'(*,*02&!+G (/-2*.&'&*0,-+ 7 +!02&-0*+

KKJW "6 [#,6 $6,6+#-&# 0# 6MN6.&,&2$ .6 ?$ 12.&'( Q-&3?%#-&( #,(-.6 # 0#+ $6,6+&.#.6+#,%?#06+ .6 0# %-&3?%#,&2$ 6$ 1(0(@3&# O?6 &$,0?=# %(.#+ 0#+ $(-@#+

N-(,6.&@6$%#06+ $#,&($#06+X @?$&,&N#06+ = .6N#-%#@6$%#06+ a(30&'#,&($6+#$,&($6+b O?6 N6-@&%#$ 6+%#306,6- 60 ,#-Z,%6- N6-@#$6$%6 .6 6+%6 %&N( .6 $(-@= ,($,6.#$ %#$%( # 0# 6$%&.#. ,(@( # 0(+ ,($%-&3?=6$%6+ ,6-%6C# +(3-6 60 N-(,6+( .6%-&3?%#,&2$W

KKj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

KKSW H$ 60 Z@3&%( .6 0(+ %-&3?%(+ .6N#-%#@6$%#06+ = @?$&,&N#06+X 6$ 0#+ ,($%-&3?,&($6+X 60 #+?$%( 6+ ,#2%&,( N(- #?+6$,&# .6 $(-@#+ O?6 0( -6'?06$X 0( ,?#0[# .6*#.( 6$ ,#36C# .6 0# *?-&+N-?.6$,&# ?$# #?%($(@;# %6--&%(-&#0 6M#'6-#.# 6&$,($P6$&6$%6 O?6 #%6$%# ,($%-# 60 N-&$,&N&( .6 &'?#0.#.X #?@6$%# 0(+ ,(+%(+,?@N0&@&6$%( = '6$6-# &$,6-%&.?@3-6X ,(@( +6 .6@?6+%-# ,($ 0# N-(0&56-#,&2$ .66+%#@N&00#+ = .6 5(-@#+ .6 ,(3-#- 60 #0?@3-#.( N]30&,(X #+; ,(@( .6 -6'?0#,&($6+6+N6,&5&,#+ .60 `14 = .6 (%-(+ &@N?6+%(+W

KKgW 4[(-#X +& 3&6$ 0(+ &@N?6+%(+ ,($+&.6-#.(+ &$.&P&.?#0@6$%6 ,#@3&N6-@#$6$%6@6$%6 6$ 5?$,&2$ .6 0#+ $6,6+&.#.6+ 5&+,#06+X 0(+ #+N6,%(N-(,6.&@6$%#06+ +(3-6 0# 5(-@# .6 ,?@N0&- ,($ 0#+ (30&'#,&($6+X 0(+ .6-6,[(+ .6 0(+,($%-&3?=6$%6+X 0#+ ,(@N6%6$,&#+ = 0#+ 5#,?0%#.6+ .6 0# #.@&$&+%-#,&2$ = +(3-660 -Y'&@6$ .6 &$5-#,,&($6+ = +#$,&($6+ %-&3?%#-&#+X #+; ,(@( 0(+ N-(,6.&@&6$%(+ +? #N0&,#,&2$X %&6$6$ ?$# P(,#,&2$ .6 N6-@#$6$,&#X N?6+ #00; -#.&,# 6$ 3?6$# N#-%60 N-&$,&N&( .6 +6'?-&.#. *?-;.&,#W

KKUW 4+; 6$%6$.&.(X ?$ ,2.&'( .636 ,?3-&- %(.#+ 0#+ 5&'?-#+ %-&3?%#-&#+X 6+ .6,&- $( +(0

0(+ &@N?6+%(+ $#,&($#06+X #.@&$&+%-#.(+ N(- 0# :`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



">C

KILW 1#+& %(.(+ 0(+ N#;+6+ 0#%&$(#@6-&,#$(+X 6M,6N%( 4-'6$%&$# = 1(0(@3&#X %&612.&'( Q-&3?%#-&(W H+N#R# %&6$6 0# 76= >6$6-#0 Q-&3?%#-&# = 406@#$&# 0# 9-.%-&3?%#-&#W H0 1`4Q #,%?#0&C2 6+%6 #R( 60 <(.60( .6 12.&'( %-&3?%#-&( `36-(#@Y-&,#W H0 ,($%6$&.( '6$6-#0 .60 ,2.&'( 6+ 60 +&'?&6$%6e

#W A-&$,&N&(+ ,($+%&%?,&($#06+ .60 +&+%6@# %-&3?%#-&(3W :6-6,[(+ = '#-#$%;#+ N#-# 0(+ ,($%-&3?=6$%6+X +?*6%(+ = -6+N($+#3&0&.#.6+,W G#,?0%#.6+X ,(@N6%6$,&#+ = *?-&+.&,,&2$ .6 0#+ #?%(-&.#.6+ %-&3?%#-&#+.W 930&'#,&($6+ %-&3?%#-&#+ +?+%#$,&#06+ aN#'(b = 5(-@#06+ a-6'&+%-(X ,($%#3

5#,%?-#,&2$X &$5(-@#,&2$X .6,0#-#,&2$ = -6%6$,&2$b6W 930&'#,&2$ +?+%#$,&#0X .6%6-@&$#,&2$ = 6M%&$,&2$5W `$5-#,,&($6+ = +#$,&($6+ N(- &$,?@N0&@&6$%( .6 0#+ (30&'#,&($6+ 5(-@#06+'W )Y'&@6$ N-(3#%(-&([W A-(,6.&@&6$%(+ %-&3?%#-&(+

&W :6%6-@&$#,&2$ a0&O?&.#,&2$ (5&,&#0 = 0&O?&.#,&2$ N-&P#.#b&&W G&+,#0&C#,&2$ = 0&O?&.#,&($6+ (5&,&#06+&&&W <6,#$&+@(+ #0%6-$#%&P(+ .6 -6+(0?,&2$ .6 ,($50&,%(+&PW )6,?-+(+ 6$ 0# P;# #.@&$&+%-#%&P#PW A-(,6.&@&6$%( .6 .6P(0?,&2$ = ,(@N6$+#,&2$ .6 +#0.(+ # 5#P(-P&W A-(,6.&@&6$%( .6 ,(3-( N6-+?#+&P( = ,(#,%&P(P&&W A-(,6.&@&6$%( .6 #N0&,#,&2$ = .&+,?+&2$ .6 0#+ +#$,&($6+P&&&W 9%-(+ N-(,6.&@&6$%(+ @6$(-6+&MW 9%-#+ -6'0#+ .6 ,#-Z,%6- N-(,6.&@6$%#0X &.6$%&5&,#,&2$X ,0#+&5&,#

$(%&5&,#,&2$ = ?3&,#,&2$W

KIKW 4 $&P60 %6--&%(-&#0 a.6N#-%#@6$%(+ = @?$&,&N&(+b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

KIIW "& 3&6$X N(.-;# #,?.&-+6 #0 6MN6.&6$%6 .6 ,($,6.6- 5#,?0%#.6+ 6M%-#(-.&$#-&#+ N#-

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jV .6 ILKI^( ,($ 60 ,2.&'( ,($%6$,&(+( #.@&$&+%-#%&P( a76= KVTS .6 ILKKbW



"DE

2" >*5$!'*0,!/ $!+ 2-0+)$,!+ 6&02)$!0,*+ (!/! 0)*6!+ &06*/+&-0*+ 74*0*1&2&-+ ,/&4),!/&-+

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`4FW A(- 6+%# -#C2$ +6 N-(N($O?6 N#-# $?6P#+ &$P6-+&($6+ = N#-# $(-@#+ O?6 ,($+#'-#$ 36$65&,&(+ +6 N6-@&%# O??$ ,($%-&3?=6$%6 606P6 ?$# ,($+?0%# ,($ 0(+ .#%(+ .60 ,#+( = O?6 0# #.@&$&+%-#,&2$

-6+N($.# &'?#0@6$%6 .6 @#$6-# 6+N6,;5&,# +(3-6 60 ,#+( N0#$%6#.( = O?6 N(- %#$%(X6+%(+ ,($,6N%(+ %6$'#$ ?$ P#0(- *?-;.&,( O?6 06 ,($5&6-# ,6-%6C# #0 ,($%-&3?=6$%6+(3-6 60 -Y'&@6$ %-&3?%#-&( .6 +? &$P6-+&2$ ( +(3-6 60 ?+( .6 ?$ 36$65&,&( %-&3?%#-

." >*1-/')$!/ $! 1&5)/! .*$ !4)+- .* $! 0-/'! ,/&4),!/&! X)*!2,)!$'*0,* *+ &0!($&2!4$* AV::> (-/ +)+ +&5$!+ *0 &05$3+"

KIVW 7# ,0Z?+?0# '6$6-#0 #$%&60?+&P# ( 60 #3?+( .6 0# $(-@# %-&3?%#-&#W 7# 6P(0?,&2$ .%-&3?%#,&2$ &$%6-$#,&($#0 = 0# N0#$6#,&2$ %-&3?%#-&# #'-6+&P#+ +6 ,#-#,%6-&C@6,#$&+@(+ +(5&+%&,#.(+ 3#+#.(+ 6$ 5(-@#+ *?-;.&,#+ a+(,&6.#.6+X ,($%-#%(+ =6+O?6@#+ .6 #+(,&#,&2$ +&$ N6-+($6-;#b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

+(3-6 0(+ -&6+'(+ .6 ?+#- 6+%(+ @6,#$&+@(+ N#-# [#,6- +?+ $6'(,&(+W 7# 5&'?-# .60#3?+( .6 0# $(-@# %-&3?%#-&# O?6.( %#$ .6+,($5&'?-#.# O?6 6+ N-6,&+( #*?+%#-0# .6@#$6-# O?6 N?6.# +6- 656,%&P#@6$%6 #N0&,#306W

KIJW HM&+%6$ P#-&#+ 06'&+0#,&($6+ = N-Z,%&,#+ O?6 60 06'&+0#.(- ,(0(@3&#$( N,($+?0%#- N#-# @6*(-#- 0# $(-@# #,%?#0 # $?6+%-#+ $6,6+&.#.6+W 7# 91:H .&,6 +(3-6el particular: “H+ N-6,&+( &'$(-#- %(.( @6,#$&+@( #-%&5&,&#0 ( +6-&6 .6 @6,#$&+@



"D?

#-%&5&,&#06+ &$%-(.?,&.(+ ,($ 60 (3*6%&P( 5?$.#@6$%#0 .6 6P#.&- &@N?6+%(+ =,($.?,6$ # ?$# P6$%#*# &@N(+&%&P#W 7#+ #?%(-&.#.6+ $#,&($#06+ .636$ %-#%#- 6+@6,#$&+@(+ # 656,%(+ 5&+,#06+ 6$ -656-6$,&# # +? -6#0&.#. 6,($2@&,#X 6$%6$.&6$.N(- @6,#$&+@( ,?#0O?&6- %-#$+#,,&2$X -Y'&@6$X @6.&.#X (N6-#,&2$X #,?6-.(+?3P6$,&2$X 6$%6$.&@&6$%(X N-(@6+#X ,(@N-(@&+( ( #,($%6,&@&6$%(W”

SM C/-()*+,! SM ['4&,- &0,*/0!2&-0!$

KIjW 1($ 60 .6+#--(00( .60 N-(=6,%( N#-# 6P&%#- 0# 6-(+&2$ .6 0#+ 3#+6+ &@N($&306+ = %-#+0#.( .6 36$65&,&(+ N(- N#-%6 .6 0# 91:H = 60 >IL a6$ #.60#$%6 60 A-(=6,%( /HA"bX

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`$,0?+(X @?,[#+ .6 0#+ #,,&($6+ N-6+6$%#.#+ #]$ 6+%Z$ &$,($,0?+#+

= [#3-Z O?6 6+N6-#- [#+%# ILKj N#-# ,($(,6- 0(+ .(,?@6$%(+ 5&$#06+W A(- (%-( 0#.(X6M&+%6$ %6$.6$,&#+ 6$ 60 :6-6,[( ,(@N#-#.( -6+N6,%( .6 -6,6%#+ $(-@#%&P#+ O?6+($ %#@3&Y$ .6 (30&'#.# ,($+?0%#W

KISW 7# 1(@&+&2$ ,($+&.6-# O?6 0# :`4F .636 +6'?&- &@N06@6$%#$.( '-#.?#0 =656,%&P#@6$%6 60 N0#$ ,($ 0#+ KJ #,,&($6+ .6+#--(00#.#+ N(- 0# 91:H 3#*( 60 N0#$/HA" a-6'0#+ N#-# 6P&%#- 60 %-#+0#.( .6 36$65&,&(+ # (%-#+ *?-&+.&,,&($6+ = N#-# 6P0# 6-(+&2$ .6 0#+ 3#+6+ '-#P#306+b 0#+ ,?#06+ 3?+,#$ 6P&%#- O?6 ,($ 60 &@N?6+%( .-6$%# ,(-N(-#%&P( 0# %-#$+56-6$,&# .6 ?%&0&.#.6+ a36$65&,&(+ 5&+,#06+bN#;+6+h*?-&+.&,,&($6+ .6 3#*# &@N(+&,&2$ 6-(+&($6$ 0# 3#+6 %-&3?%#-&#N#;+h*?-&+.&,,&2$ 6$ 60 O?6 +6 006P# 0# #,%&P&.#. 6,($2@&,#W "&$ 6@3#-'(X %@6.&.#+ .636$ ,($%6@N0#- ?$ 6+%?.&( N-6P&( N#-# #.#N%#-0#+ 6 &$%-(.?,&-0#+ #,($%6M%( ,(0(@3&#$( 6$ #-#+ .6 0('-#- 0# @#=(- 656,%&P&.#. N(+&306W

KIgW 1(0(@3&# [# #P#$C#.( 6$ #0'?$#+ .6 6+%#+X #.(N%#$.( 60 -Y'&@6$ .6 N-6,&(+ .6%-#$+56-6$,&#X &$,(-N(-#$.( 0(+ @6,#$&+@(+ .6 &$%6-,#@3&( .6 &$5(-@#,&2$#?%(@Z%&,# = 5&$#$,&6-#X 6+%#306,&6$.( 0# (30&'#,&2$ .6 N-6+6$%#- 0# .6,0#-#,&2#,%&P(+ 6$ 60 6M%6-&(-X #.(N%#$.( 0# 5&'?-# .60 #3?+( .6 0# $(-@# %-&3?%#-&#

7# 1(@&+&2$ N-(N($6 #P#$C#- 6$ 60 ,($%-(0 %-&3?%#-&( # (N6-#,&($6+ &$%6-$#,&($#N($&6$.( 6$ N-Z,%&,# '-#.?#0@6$%6 60 N0#$ /HA" a6-(+&2$ .6 0# 3#+6 '-#P#306 =%-#+0#.( .6 36$65&,&(+ # *?-&+.&,,&($6+ .6 3#*# %-&3?%#,&2$b O?6 -6,(@&6$.# 0# 91:H#.#N%Z$.(0( # 0#+ ,($.&,&($6+ .60 N#;+W



"D"

,6063-#$.( ,($P6$&(+ N#-# 6P&%#- 0# .(306 &@N(+&,&2$^1:` = 6+%#306,&6$.( 0# 0&+%#N#-#;+(+ 5&+,#06+ #,(@N#R#.# ,($ -6'0#+ .6 ,($%-(0 ,($ -6%6$,&($6+ +(3-6 N#'(+ #6+%#+ *?-&+.&,,&($6+W A6-( -6O?&6-6 #P#$C#- @Z+ -ZN&.(X #.#N%#$.( 0# 06'&+0#,N-6N#-#$.( 0(+ @6,#$&+@(+ #0%6-$#%&P(+ = .6+.6 0?6'(X 5(-@#$.( # 0(+ 5?$,&($#-&(+6$ 0# #N0&,#,&2$ .6 6+%#+ @6.&.#+W

KIUW H+%# N(0;%&,# .6 /HA" 3?+,# N-(N(-,&($#- # 0(+ N#;+6+ &$+%-?@6$%(+ $#,&($#06+&$%6-$#,&($#06+ N#-# O?6 N?6.#$ #*?+%#- 0#+ N(%6+%#.6+ &@N(+&%&P#+ # 0# #6,($2@&,# -6#0X @(.&5&,#$.( 0# 06= %-&3?%#-&#X .6+#--(00#$.( #,%?#,&($6,((-.&$#.#+ N(- 0#+ #.@&$&+%-#,&($6+ %-&3?%#-&#+ = #.(N%#$.( ?$ #,?6-.(@?0%&0#%6-#0 O?6 .65&$# N#-Z@6%-(+ ,(@?$6+ N#-# 0(+ 1($P6$&(+ N#-# 6P&%#- 0# &@N(+&,&2$ a1:`b = .65&$&6$.( 6$ ,#.# N#;+ ?$ A0#$ .6 4,,&2$ &$%6'-#0 N#-# 60.6+#--(00( .6 0#+ N-(N?6+%#+W 7#+ KJ #,,&($6+ .65&$&.#+ +($e

#W 43(-.#- 0(+ -6%(+ .6 0# 6,($(@;# .&'&%#03W F6?%-#0&C#- 0(+ 656,%(+ .6 0(+ @6,#$&+@(+ [;3-&.(+,W )65(-C#- 0#+ $(-@#+ +(3-6 1G1.W 7&@&%#- 0# 6-(+&2$ .6 0# 3#+6 ,($ .6.?,,&($6+ .6 &$%6-6+6+6W 1(@3#%&- N-Z,%&,#+ %-&3?%#-&#+ $(,&P#+W "?+%#$,&# +(3-6 5(-@#5W `@N6.&- 0# ?%&0&C#,&2$ #3?+&P# .6 0(+ ,($P6$&(+'W `@N6.&- 0# 60?+&2$ #-%&5&,&(+# .60 6+%#%?+ .6 HA[W )6'?0#,&2$ = ?+( @Z+ N-6,&+( .6 0(+ N-6,&(+ .6 %-#$+56-6$,&#&W `$%6-,#@3&( .6 &$5(-@#,&2$ )6,(N&0#,&2$ *W )6P60#,&2$ .6 6+O?6@#+ .6 N0#$&5&,#,&2$ 5&+,#0qW <6,#$&+@(+ .6 -6+(0?,&2$ .6 ,($%-(P6-+&#+0W 1($P6$&( @?0%&0#%6-#0 O?6 -6'?06 0(+ 1:`

TM C/-()*+,! TM #+,/!,*5&!+ .* 2-0,/-$ ,/&4),!/&-

KTLW "& 0# :`4F +6 ,($,6$%-# 6$ +? @&+&2$ .6 -6,#?.#- = +(3-6 %(.( ,($%-(0#- 0#,(--6,%# 0&O?&.#,&2$ .6 0(+ &@N?6+%(+X .636 ?%&0&C#- 6+%-#%6'&#+ &.2$6#+ N#-+? ,(@6%&.(X ,(@( #,($+6*# 0# N-Z,%&,# &$%6-$#,&($#0X .&56-6$,&#$.( 0(+,(@N(-%#@&6$%(+ .6 0(+ ,($%-&3?=6$%6+W 4 0(+ ,?@N0&.(+ .636 5#,&0&%#-06,?@N0&@&6$%( P(0?$%#-&(X # 0(+ O?6 -6O?&6-6$ (-&6$%#,&2$X #+&+%&-0(+X # -6+&+%6$ #N0&,#-06+ 0# 06= = # #O?600(+ O?6 ?%&0&C#$ 5(-@#+ 5-#?.?06$%#+ ,(@,($ [6--#@&6$%#+ N-(N(-,&($#06+W

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



"D5

0(+ +6,%(-6+ @Z+ (-'#$&C#.(+_ @6,#$&+@(+ ,((N6-#%&P(+ ,($ 0(+ ,($%-&3?=6$%6+&$5(-@#06+ ?%&0&C#- @6,#$&+@(+ +6$,&00(+ .6 0&O?&.#,&2$ .6 0(+ &@N?6+%@6,#$&+@(+ #0%6-$#%&P(+ O?6 06 5#,&0&%6$ 60 N-(,6+( .6 5(-@#0&C#,&2$ ,($ -6.?,,.6 ,(+%(+ = -&6+'(+ %-&3?%#-&(+W

!"

>*5&+,/- .* 2-0,/&4)7*0,*+ A>IQ"KTIW 1($+(0&.#- #0 )DQ 6$ 60 Z@3&%( 06'#0X %6,$(02'&,( = #.@&$&+%-#%&P( = 5#,?0%

:`4F N#-# ,#$,60#-X +?+N6$.6- ( .#- .6 3#*# 60 -6'&+%-( 6$ ,&-,?$+%#$,&#+ %#06+ ,(@(&$#,%&P&.#. .6 0#+ +(,&6.#.6+ N(- @Z+ .6 %-6+ #R(+W H00( 6O?&P#0.-;# # ?$# 0&O?&.#N#-# 5&$6+ %-&3?%#-&(+X ,($ %(.#+ 0#+ ,($+6,?6$,&#+X #.6@Z+X ,?#$.( 6M&+%# 5-%-&3?%#-&( = 6$ (%-#+ ,#+(+X N(- &$6M&+%6$,&# .6 0# .&-6,,&2$ ( .6 0# &.6$%&.#.W

KTTW H0 )DQ .636 &$%6'-#- 0#+ .&56-6$%6+ (30&'#,&($6+ %-&3?%#-&#+ .6 0#+ 6@N-6+N6-+($#+ = +?+ ,#-#,%6-;+%&,#+W A(- 6*6@N0(X 6$ 0#+ N6-+($#+ .636 &$%6'-#- (30&'#,&($6+ .6 N#'#- 0# +6'?-&.#. +(,&#0 = 60 `14X &$,0?=6$.( 6$ 6+%# ]0%&@# %#@3&# 0#+ +(,&6.#.6+W

KTVW `$,0?&- 6$ 60 )DQ ?$ 6+N#,&( N#-# O?6 60 ,($%-&3?=6$%6 &.6$%&5&O?6 60 0?'#- ( 0?'#-6+ .($.6 %-&3?%# N#-# O?6 0#+ #.@&$&+%-#,&($6+ %-&3?%#-&#+ %6--&%(-&#06@#=(- ,($%-(0 +(3-6 +?+ ,($%-&3?=6$%6+W A(- (%-( 0#.(X N6-@&%&- O?6 0# &$5(-@#6M2'6$# +6 &$,0?=# 0# ?3&,#,&2$ .60 0?'#- .($.6 %-&3?%#X 0( ,?#0 P# #%#.( # 0#(30&'#,&2$ .6 )6'&+%-( .60 )DQW

4" >*2!).- 7 /*,*02&80

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

KTjW G#,&0&%#- 0# ,(@N6$+#,&2$ .6 +#0.(+ N(- 0(+ .&+%&$%(+ &@N?6+%(+ ,($-6%6$,&($6+X 6 &$,0?+(X 3#*( ,&6-%(+ N#-Z@6%-(+ O?6 6P&%6$ 0(+ #3?+(+X N6-@,(@N6$+#,&2$ #?%(@Z%&,#X +&$ N6-*?&,&( .6 0#+ 5#,?0%#.6+ .6 5&+,#0&C#,&2$W

2" =-4/- 2-!2,&6-



"D>

KTSW H0 N-(,6+( .6 ,(3-( -6O?&6-6 #0'?$(+ #*?+%6+ 06'#06+ = #.@&$&+%-#%&P(+ ,(@( 0#,-6#,&2$ .60 16$%-( .6 `$P6+%&'#,&($6+ .6 /&6$6+X 60 -6'&+%-( 606,%-2$&,( .6 @6.&.#+N-6P6$%&P#+X 60 -6@#%6 P&-%?#0 N#-# '#-#$%&C#- 0# %-#+N#-6$,&# 6$ 0#+ N(+%?&$%6-6+#.(+X #.(N%#- ,-&%6-&(+ -#C($#306+ N#-# 60 ,#+%&'( .6 0# ,#-%6-#X 6+%#3N#-Z@6%-(+ ,0#-(+ N#-# 0# P#0(-#,&2$ .6 3&6$6+ 6$ N-(,6+(+ .6 ,(3-( ,(#,%&P(X O?6

1`"4 -6,&3# 0(+ 3&6$6+ N#-# -6@#%6 = #.6,?#- #0'?$#+ $(-@#+ .60 12.&'(1($%6$,&(+( = .60 12.&'( .60 A-(,6+(

KTgW A#-# @(.6-$&C#- 60 N-(,6+( .6 ,(3-( +6 -6O?&6-6 ?$# @(.&5&,#,&2$ 06'#0 N#-#.6+#--(00#- ?$ @(.60( 656,%&P( = ]$&,( .6 -6,?N6-#,&2$ .6 0# ,#-%6-# .6 0# :`4FW H$.6+#--(00( .6 6+%6 (3*6%&P( +6 N-(N($6 .&+6R#-X .6+#--(00#- 6 &@N06@6$%#- ?@(.60( .6 '6+%&2$ .6 0# ,#-%6-# N#-# 0# :`4FX ?$ +&+%6@# &$5(-@Z%&,( ]$&,( = ?$$?6P( N-(,6+( #.@&$&+%-#%&P( .6 ,(3-( ,(#,%&P( 65&,&6$%6 = ?$ @6,#$&+@( .6 ,#+%&'.6 ,#-%6-# N#-# [#,6- @Z+ %-#$+N#-6$%6+ 0#+ ,?6$%#+W

." #$)+&80 7 *6!+&80

KTUW H$ ,?#$%( # %6@#+ .6 60?+&2$ = 6P#+&2$X +6 -6,(@&6$.# 6$%-6 (%-#+ 0# #%6$,&20(+ +&'?&6$%6+ #+N6,%(+ N-&$,&N#06+e

#W 1-6#,&2$ .6 0# 5&'?-# .60 #?.&%(- %-&3?%#-&( O?6 -6@N0#,6 0#+ -6+N($+#3&0&.#O?6 .6 @#$6-# '6$Y-&,# +6 #%-&3?=6$ 0# -6P&+(- 5&+,#0X @Z+ #?$ +& +6 #.(N%#6+O?6@# .6 %(@#- 60 N-(N?6+%( &@N?6+%( +(3-6 0#+ ?%&0&.#.6+ ,(@6-,&#06+ =N-6,&+6 6$ 60 Z@3&%( .6 0#+ F``GX 0#+ -6+N($+#3&0&.#.6+ 06'#06+ #$%6 0# #?%%-&3?%#-&#W 9%-# (N,&2$ 6+ #.(N%#- 60 .&,%#@6$ 5&+,#0X ,(@( ?$ @6,#$&+@,($%-(0 .6 0# &$5(-@#,&2$ %-&3?%#-&# = .6 0# 0&O?&.#,&2$ .6 0(+ &@N?6+%(+ 6

,($%-&3?=6$%6+ .6 @#=(- &@N(-%#$,&#X @?= +&@&0#- #0 O?6 [(= 6$ .;# +6 ?%&6$ N#;+6+ ,(@( <YM&,(W3W 4,606-#- 60 N0#$ .6 &@N06@6$%#,&2$ .6 0# G#,%?-# H06,%-2$&,# #[(-# O?6 [#

+#0&.( +? -6'0#@6$%#,&2$W,W D%&0&C#- 0#+ ,0#?+?0#+ #$%&#3?+(X %#$%( 0# '6$6-#0 ,(@( 0#+ 6+N6,&#06+W.W 7&@&%#- 0# .6.?,&3&0&.#. .6 0(+ N#'(+ 6$ 656,%&P( 6$ ,($,(-.#$,&# ,($ 60

,#N;%?0( .6 &@N?6+%(+ .&-6,%(+ .6 6+%6 .(,?@6$%(W6W )6P&+&2$ .60 +&+%6@# .6 -6%6$,&2$ = .60 -Y'&@6$ .6 N#%-&@($&(+ #?%2$(@

1($+(-,&(+X ?$&($6+ %6@N(-#06+X ,($%-#%(+ .6 ,(0#3(-#,&2$X ,?6$%#+ 6$N#-%&,&N#,&2$ = %(.#+ 0#+ 5(-@#+ *?-;.&,#+ .6 #+(,&#,&2$ O?6 $( &@N0&ON6-+($6-;# N#-# 6P&%#- 0(+ #3?+(+ N(- 36$65&,&(+ %-&3?%#-&(+W

5W 1#N#,&%#,&2$ 6+N6,&#0&C#.# = 5(-%#06,&@&6$%( .6 N6-+($#0 .6 5&+,#0&C#,&2'W 4N0&,#,&2$ 656,%&P# .6 N-6,&(+ .6 %-#$+56-6$,&# .6 N#'(+ #0 6M%6-&(- = -Y'&@

+606,%&P( # %-#$+#,,&($6+ 0(,#06+ .6 ,?#$%;# -606P#$%6 ( @#%6-&#0W[W `.6$%&5&,#,&2$ .6 36$65&,&#-&(+ 656,%&P(+ .6 N#'(+ O?6 +6 656,%]#$ .6+.6

1(0(@3&#W&W 4@N0&#,&2$ .6 5#,?0%#.6+ .6 +(0&,&%?. .6 &$5(-@#,&2$W



"DD

*W )6%6$,&($6+ = (%-(+ ,($%-(06+ .6 N#'(+ #0 6M%6-&(- # *?-&+.&,,&($6+ .6 3#*#%-&3?%#,&2$W

*" ?*1*0+-/9! .*$ 2-0,/&4)7*0,*

KVLW :(%#- 0# .656$+(-;# .60 ,($%-&3?=6$%6 = 60 ?+?#-&( #.?#$6-( .6 -6,?-+(+ =,(@N6%6$,&#+ 6$ 36$65&,&( .6 0# +(,&6.#. 6$ '6$6-#0 5-6$%6 # 0#+ 6$%&.#.6+$#,&($#06+ = 0#+ %6--&%(-&#06+W

KVKW H+%?.&#- .&56-6$%6+ 6MN6-&6$,&#+ &$%6-$#,&($#06+ #,6-,# .6 0# &@N(-%#$%6 5O?6 N?6.6 .6+6@N6R#- %#$%( 6$ 0(+ N-(,6+(+ .6 -65(-@# %-&3?%#-&# +&$( 6$ '6$6-#06$ 0# #N0&,#,&2$ N-Z,%&,# .6 0#+ $(-@#+X N#-# '#-#$%&C#- O?6 0(+ N-&$,&N&6O?&.#.X 06'#0&.#. = (3*6%&P&.#. N6-@#$6C,# 6$ 0# -60#,&2$ .6 0(+ ,($%-&3?=6$%6+ = H+%#.(W

1"

\-/!$ 7 2)$,)/! ,/&4),!/&!KVIW A-(@(P6- 0# 5(-@#,&2$ 6$ Y%&,# %-&3?%#-&# # %-#PY+ .6 [6--#@&6$%#+ .6 6.?,#,&

,($%&$?#.# 6$ 0#+ #?0#+ #,#.Y@&,#+ 6$ $&P606+ 6+,(0#-6+ aN-&@#-&# = 3#,[&006-#%(b

KVTW "6 N-6,&+# .6 0# ,($+%-?,,&2$ .6 ?$ 12.&'( .6 %&,# %-&3?%#-&# N#-# 0(+,($%-&3?=6$%6+X #+6+(-6+ = 0# #.@&$&+%-#,&2$ %-&3?%#-&#W

KVVW <Z+ #00Z .6 &$,-6@6$%#- 36$65&,&(+ %-&3?%#-&(+ = #@$&+%;#+X 0#+ ,?#06+.636-;#$ N-(@(P6- # 5?%?-(X N#-# '#-#$%&C#- 60 ,?@N0&@&6$%( .6 0#+ (30&'#,&($6%-&3?%#-&#+ 6+ $6,6+#-&( 3?+,#- N(0;%&,#+ 6+%#306+ O?6 '#-#$%&,6$ 60 ,?@N0&@&0#+ (30&'#,&($6+ N(- N#-%6 .6 0(+ ,($%-&3?=6$%6+

KVJW A#-# 6+%#306,6- ?$ N#-#.&'@# .6 ,($5&#$C#X +6 N?6.6$ -6P&+#- 0(+ +&'?&6$%6%6@#+e

#W D+#- @6.&(+ @#+&P(+ N#-# -65(-C#- 60 ,?@N0&@&6$%( %-&3?%#-&( ,(@( ,(@N(-%#@&6$%( Y%&,( = 6MN($6- # 0(+ 6P#+(-6+

3W H$5#%&C#- = [#,6- 6MN0;,&%# 0# ,($6M&2$ 6$%-6 60 N#'( .6 0(+ &@N?6+%(+ +6-P&,&(+ (5-6,&.(+ N(- 60 H+%#.(

,W H$0&+%#- (%-#+ (-'#$&C#,&($6+ N#-# N-(@(P6- 60 ,?@N0&@&6$%( %-&3?%#-&(.W HP&%#- O?6 0(+ &$.&P&.?(+ N&6$+6$ O?6 60 &$,?@N0&@&6$%( = 60 5-#?.6

,(@N(-%#@&6$%( #,6N%#3066W H+%#306,6- ?$ N-(,6.&@&6$%( .6 #,0#-#,&2$ +(3-6 0#+ &$6O?&.#.6+ N6-,&3&.#+N(- 0# '6$%6

KVjW H+%#306,6- @6,#$&+@(+ N#-# O?6 0(+ ,($%-&3?=6$%6+ &$5(-@6$ .6 @#$6-#P(0?$%#-&# +?+ @6,#$&+@(+ .6 N0#$6#,&2$ 5&+,#0X 6+ ,($ 60 (3*6%( .6 6$%6$.6- ,(--6'&- 0#+ 6+%-#%6'&#+ %-&3?%#-&#+ #'-6+&P#+ = #3?+&P#+W



"D:

KVSW H+%#306,6- @6,#$&+@(+ N#-# O?6 0(+ ,($%-&3?=6$%6+ ,($(C,#$ 60 '#+%( = 60&@N#,%( O?6 %&6$6$ 60 ?+( .6 0(+ &@N?6+%(+W

KVgW "6 -6O?&6-6 O?6 0(+ #+6+(-6+ %-&3?%#-&(+ a,($%#.(-6+ = #+6+(-6+ 5&+,#06+b 6+%P&$,?0#.(+ 6$ 60 .&-6,,&($#@&6$%( .6 0#+ N(0;%&,#+ %-&3?%#-&#+ = 6*6-C#$ 3?6$ 6*6

N#-# 60 ,?@N0&@&6$%( .6 0#+ 06=6+ N(- N#-%6 .6 0(+ ,($%-&3?=6$%6+W

KVUW A#-# @6*(-#- 0# +&@N0&5&,#,&2$ .60 +&+%6@# %-&3?%#-&( 6$ ,?#$%( #0 ,&?.#.-6O?&6-6e

#W A-(@(P6- 0# 6.?,#,&2$ .6 0(+ ,($%-&3?=6$%6+3W 95-6,6- #+&+%6$,&# N(- N#-%6 .6 0# #.@&$&+%-#,&2$ %-&3?%#-&# N#-# O

,($%-&3?=6$%6+ N?6.#$ [#,6- 0# .6,0#-#,&2$ = 60 N#'( .6 &@N?6+%(+,W <6*(-#- 60 +&%&( 863 .6 0# :`4F N#-# O?6 +6# @Z+ ]%&0 #0 ,($%-&3?=6$%6.W <6*(-#- 60 +6-P&,&( .60 ,#00 ,6$%6- .6 0# :`4F6W "&@N0&5&,#- 60 N#'( .6 &@N?6+%(+ = 0# ,(@N-6$+&2$ .6 0(+ @&+@(+5W "&@N0&5&,#- 0(+ 5(-@#%(+ .6 0#+ .6,0#-#,&($6+

KJLW >6$6-#- ?$ ,6$%-( .6 6+%?.&(+ .6 ,($%-&3?=6$%6+ N#-# 6$%6$.6- 0(+ @6,#$&+@(+.6 6P#+&2$ ?+#.(+ = 60 ,(@N(-%#@&6$%( [#3&%?#0 .6 0(+ ,($%-&3?=6$%6+W4.&,&($#0@6$%6 +6 -6O?&6-6 '6$6-#- ,&5-#+ .6 6P#+&2$ -6#0 .6 0(+ &@N?6+%(+ ,($@6%(.(0(';#+ #.6,?#.#+ # 656,%(+ .6 %6$6- ,0#-&.#. +(3-6 0#+ N-(306@Z%&,#+ O?6 +6.636$ 6$5-6$%#-W

KJKW A#-# N-(@(P6- 0# @(-#0 %-&3?%#-&#X +&'?&6$.( ?$ 6+%?.&( -6,&6$%6 .6 0# 91:aILKTbX +6 -6,(@&6$.#e

#W 10#-&5&,#- = 5(-%#06,6- 0(+ P;$,?0(+ 6$%-6 &$'-6+(+ 5&+,#06+ = 60 '#+%( N]30&,(N6-,6N,&2$ N(+&%&P# .6 0(+ &$.&P&.?(+ 6$ -60#,&2$ ,($ 60 >(3&6-$( = 0#+ .6@Z&$+%&%?,&($6+ N]30&,#+ = 0# +#%&+5#,,&2$ ,($ 0(+ +6-P&,&(+ N]30&,(+ O?6#?@6$%#$ 0# @(-#0 %-&3?%#-&#X

3W <#$%6$6- 0# 6O?&.#. 6$ 60 .&+6R( = #N0&,#,&2$ .6 0#+ $(-@#+_,W H0#3(-#- N6-5&06+ .6 0(+ ,($%-&3?=6$%6+ ,($ 60 5&$ .6 ,#-#,%6-&C#- 0#+ #,%&%

= N6-,6N,&($6+ .6 0(+ ,&?.#.#$(+ 5-6$%6 # 0(+ %6@#+ %-&3?%#-&(+W H00( N6-@&.6$%&5&,#- # #O?600(+ '-?N(+ .6 &$.&P&.?(+ ( 6@N-6+#+ @Z+ -6+&+%6$%,?@N0&- ,($ +?+ (30&'#,&($6+ = %-#3#*#- # %-#PY+ .6 .&56-6$%6+ @6,#$&+@(+ ,#@N#R#+ N#-# &$5(-@#-0(+ = ,($P6$,6-0(+ .6 0(+ 36$65&,&(+ .6 N#'#-

&@N?6+%(+.W H$%6$.6- @6*(- 0# &$5(-@#0&.#.6W <(.6-$&C#- 0# #.@&$&+%-#,&2$ %-&3?%#-&#5W &$,(-N(-#- 6$ 0(+ +&+%6@#+ .6 6.?,#,&2$ 5(-@#0X ,Z%6.-#+ (-&6$%#.#+ # 5(-@#-

# 0(+ ,&?.#.#$(+ = ,($,&6$%&C#-0(+ .6 0# ?%&0&.#. = 36$65&,&( .6 ?$ 3?6$+&+%6@# %-&3?%#-&( N#-# 0# ,($+(0&.#,&2$ .6 0# +(,&6.#.X

'W .6+#--(00#- @6,#$&+@(+ .6 ,?@N0&@&6$%( ,((N6-#%&P(X 6$ N#-%&,?0#-X N#-#'-#$.6+ 6@N-6+#+ = 0(+ '-6@&(+ .60 +6,%(- N-(.?,%&P(W



"DI

J##> &8A64? @4B4 64 8\@87=9=Q; R 4@6=949=Q; 78 64? ;:BE<B=5F<4B=4?

KJIW H$ .6+#--(00( .6 0#+ 5?$,&($6+ 6$,(@6$.#.#+ # 0# 1(@&+&2$ .6 6+%?.&( .60

+&+%6@# %-&3?%#-&( ,(0(@3&#$( %6$.&6$%6+ ^ ,(@( 0( 6MN-6+2 0# 06= –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–1($%-&3?=6$%6+X ,(@N06@6$%#- 0(+N0#$%6#@&6$%(+X 0#+ N-(N?6+%#+ = -6,(@6$.#,&($6+ 6+N6,;5&,#+ .6 ,#-Z,%6,($2@&,( = .6 N(0;%&,# %-&3?%#-&# = 5&+,#0 O?6 0# 1(@&+&2$ [#,6 6$ +? &$5(-@6 5&

+> $6 7858B 78 9:;<B=5F=B R 64 T49F6<47 @4B4 9:;<B:64B 86 9FE@6=E=8;

KJTW 7# N-(.?,,&2$ = #N0&,#,&2$ .6 0#+ $(-@#+ %-&3?%#-&#+ &$,&.6$ 6$ 0(+ ,(+%(+ .%-#$+#,,&2$ ^N]30&,(+ = N-&P#.(+^ .6 0# +(,&6.#. 6$ '6$6-#0X N?6+%( O?6 +($ 0(+6@N-6+#-&(+ = ,&?.#.#$(+ O?&6$6+ .636$ 0&O?&.#- +?+ N-(N&(+ &@N?6+%(+ #N0&,#$.06=X N6-( 60 >(3&6-$( +6 -6+6-P# 0# 5#,?0%#. .6 -6P&+#- %#0 #N0&,#,&2$ = .6 6*6-,6- N(%6+%#. +#$,&($#%(-&#X ,($ 0( ,?#0 6+ $#%?-#0 60 ,($50&,%( O?6 +6 '6$6-# 6$%-6 #.@&$&+%-#,&2$ = 60 ,($%-&3?=6$%6W

KJVW D$( .6 0(+ N-(N2+&%(+ .6 ?$# -65(-@# .636 +6- +&@N0&5&,#- 0(+ N-(,6.&@&6$%(

N#-# 5#,&0&%#-06 # 0(+ ,($%-&3?=6$%6+ 60 (N(-%?$( ,?@N0&@&6$%( .6 +?+ (30&'#,%-&3?%#-&#+ = .60&@&%#- 0#+ 5#,?0%#.6+ .6 0#+ #?%(-&.#.6+ %-&3?%#-&#+W

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e ,6-%6C#X ,(@(.&.#.X+&@N0&,&.#. = 65&,&6$,&#W

KJjW A(- %#$%(X $(+ ,($P&6$6 -6,(-.#- N-&$,&N&(+ ,($+%&%?,&($#06+ O?6 -&'6$ 0-60#,&($6+ 6$%-6 0(+ ,($%-&3?=6$%6+ = 60 H+%#.(X # N-(N2+&%( .6 O?6 60 N#;+ #+?@$6,6+&.#. .6 6MN6.&- ?$# -65(-@# %-&3?%#-&# 6+%-?,%?-#0e



"DO

H+ ?$ .636- .6 0(+ ,&?.#.#$(+ ,($%-&3?&- ,($ 0#+ ,#-'#+ = 0(+ '#+%(+ N]30&,(+ 6$5?$,&2$ .6 0(+ N-&$,&N&(+ .6 6O?&.#. = *?+%&,&#W

7(+ %-&3?%(+ ^&@N?6+%(+X %#+#+ = ,($%-&3?,&($6+^ +(0( N?6.6$ +6- ,-6#.(+ N(-1($'-6+( @6.&#$%6 ?$# 06= O?6 .636 .65&$&- 0(+ 606@6$%(+ 6+6$,&#06+e 60 [6,[(

'6$6-#.(-X 0# 3#+6 '-#P#306X 0# %#-&5# = 0(+ +?*6%(+W H$ 0(+ %-&3?%(+ 0(,#0606'&+0#.(- ,?#$.( 6+%#306C,# ?$ %-&3?%( .636 5&*#- 0(+ 606@6$%(+ @;$&@(+ .65&$&- 0# 2-3&%# .6 0# #?%($(@;# %-&3?%#-&# 0(,#0W

H$ 60 ,#+( .6 0#+ %#+#+ a-6,?N6-#,&2$ .6 0(+ ,(+%(+ .6 N-6+%#- ?$ +6-P&,&( (N6-@&%&- 60 ?+( .6 3&6$6+ .6 .(@&$&( N]30&,(b ( .6 0#+ ,($%-&3?,&($6+a.&+%-&3?,&2$ .6 0(+ ,(+%(+ .6 (3-#+ ( +6-P&,&(+ O?6 36$65&,&#$ # ?$ '-?N(.6%6-@&$#.(bX 0#+ #?%(-&.#.6+ N?6.6$ 6+%#306,6- 0#+ %#-&5#+ +& 0# 06=6+%#306,&.( 60 +&+%6@# = @Y%(.( N#-# .&+%-&3?&- 0(+ ,(+%(+ = 36$65&,&(+W

%> $NF=747Z $T=9=8;9=4Z ,:E@8<=<=K=747 R (8AFB=747 lFBX7=94>

KJSW H+ 6P&.6$%6 O?6 0# 6O?&.#. = 0# 65&,&6$,&# .6 ?$ +&+%6@# %-&3?%#-&( $( +(&.6#06+ # 0(+ O?6 .636$ #N?$%#- ?$ +&+%6@# %-&3?%#-&( ,(@( 0( ,($+#'-# #.6@Z+ 0#1($+%&%?,&2$ F#,&($#0W H0 +&+%6@# .636 N-(@(P6- 0# ,(@N6%&%&P&.#. .6 0#+ 6@A#-# 600( $( 3#+%# ,($ .&+N($6- .6 3?6$#+ &.6#+ 6 &$&,&#%&P#+ +&$( O?6 +6 -6O?&?$# 5(-@?0#,&2$ $(-@#%&P# O?6 .6 N-6,&+&2$ = ,6-%6C# # 0(+ ,($%-&3?=6$%6+X ##?%(-&.#.6+ = # 0(+ *?6,6+W

,> ,Q7=A: 0B=5F<4B=: R &8T:BE4 #;<8AB46

KJgW A#-%&6$.( .6 ?$#+ N-(N?6+%#+ .6 ,#@3&( .6 #0'?$(+ 606@6$%(+ .60 #,%?#0sistema tributario, lo conveniente no es continuar “recargando” el EstatutoTributario actual que ya es una colcha de “retazos” conformado por numerosas-65(-@#+ $(-@#%&P#+ N#-,&#06+ .6 .&+%&$%# YN(,#X (-&'&$#.#+ 6$ .&56-6,&-,?$+%#$,&#+ = -65(-@#+ %-&3?%#-&#+ 6 &$+N&-#.#+ 6$ (3*6%&P(+ = 5&$#0&.#.6+ 7# -6,(@6$.#,&2$ #N?$%# # %-#$+@&%&- # 0# +(,&6.#. O?6 6+%6 N-(=6,%( 6+ .6 +?@#&@N(-%#$,&# = 6$ %#0 +6$%&.( +?'6-&@(+ O?6 60 >(3&6-$( ,($5(-@6 ?$ 6O?&N( .6%-#3#*( O?6 $( +(0( #-@($&,6 0#+ .&+%&$%#+ $(-@#+ 6$ ?$ N-(=6,%( .6 06=-&'?-(+#@6$%6 -6.#,%#.( N#-# 0# .&+,?+&2$ = #N-(3#,&2$ .60 1($'-6+(W

KJUW "6 -6O?&6-6 O?6 0(+ ,($%-&3?=6$%6+X 0#+ #?%(-&.#.6+ = 60 N#;+ 6$ '6$6-#0 %6$'#$#0 &'?#0 O?6 6$ (%-#+ Z-6#+ .60 .6-6,[(X ?$ P6-.#.6-( 6+%#%?%( $(-@#%&P(X &$%6'-#.(= ]$&,( O?6 06 (5-6C,# ,6-%6C# = N-6,&+&2$ 6$ @#%6-&# %-&3?%#-&#W

KjLW H$ 0# N-(N?6+%# .6 0(+ #+N6,%(+ #.@&$&+%-#%&P(+X &$,0?&@(+ 6MN-6+#@N-6N#-#,&2$ = 6MN6.&,&2$ .6 ?$ 12.&'( .6 N-&$,&N&(+X ,(@N6%6$,&#+X N-(,6.&@&6$= +#$,&($6+X N#-# ,(@6$C#- N(- (-.6$#- 0#+ -6'0#+ O?6 .636$ -6'&- # ,($%-&3?=6$%6+



"DC

= H+%#.( N#-# ,?@N0&- ,($ 0#+ (30&'#,&($6+ %-&3?%#-&#+ = # 0# 4.@&$&+%-#,&26M&'&- +? ,?@N0&@&6$%(W

)> *8R8?Z )89B8<:? R ,:;98@<:? 78 64 )#+.

KjKW H+ ?-'6$%6 O?6 #+; ,(@( 0( [#$ +6R#0#.( 0(+ %-&3?$#06+ 6$ $?@6-(+#+ .6,&+&($6+X0#+ #?%(-&.#.6+ +6 #3+%6$'#$ .6 5?$.#@6$%#- +?+ #,%?#,&($6+ 6$ 1($,6N%(+ .6 0#:`4FW 7(+ -6O?&+&%(+ = ,($.&,&($6+ O?6 [#,6$ N-(,6.6$%6 0(+ ,(+%(+X .6.?,,&($6+ =6$ '6$6-#0 60 %-#%#@&6$%( .6 0(+ [6,[(+ 6,($2@&,(+ +($ 0(+ O?6 6+%Y$ N-6P&+%(+ 6$0#+ 06=6+W F& 60 >(3&6-$( $& 0#+ #?%(-&.#.6+ #.@&$&+%-#%&P#+ %&6$6$ ,(@#0'?$# N#-# 6+%#306,6- -6O?&+&%(+ ( ,($.&,&($6+ N#-# 0# N-(,6.6$,&# .6 ,(+%(+ (.6.?,,&($6+ .&56-6$%6+ ( #.&,&($#06+ # 0(+ N-6P&+%(+ N(- 0# 06=W

$> &8?:6F9=Q; 78 9:;<B:K8B?=4? 8; 64 KX4 AF58B;4<=K4

KjIW 40 &'?#0 O?6 (,?--6 6$ '-#$ ,#$%&.#. .6 N#;+6+ .6+.6 [#,6 KJ #R(+X 1(0(@3&#.636-;# 6+%#306,6- ?$# &$+%#$,&# #?%2$(@#X &$.6N6$.&6$%6 6 &@N#-,&#0 5-6$%6:`4F O?6 +6# 0# ,(@N6%6$%6 N#-# .6,&.&- 0#+ ,($%-(P6-+&#+ 6$%-6 0(+ ,($%-&3?=6$%= 0#+ #?%(-&.#.6+ .6 0# 4.@&$&+%-#,&2$ .6 `@N?6+%(+W H+%# -6,(@6$.#,&2$ #N?$%#+(0( # '#-#$%&C#- 0# #.6,?#.# .656$+# .6 0(+ ,($%-&3?=6$%6+ 6$ 0# ,($%-(P6-+&#@&+@#X +&$( %#@3&Y$ # N-(@(P6- 0# -&'?-(+# = ,(--6,%# &$%6-N-6%#,&2$ = #N0&,#0#+ $(-@#+ 6$ 0(+ N-(,6+(+ .6 5&+,#0&C#,&2$ = 0&O?&.#,&2$ .6 0(+ %-&3?%(+W

1> #E@F8?<:? 08BB=<:B=468? R 64 ,:;?<=<F9=Q;

KjTW <&6$%-#+ $( +6 N-6,&+6 0( .&+N?6+%( 6$ 60 #-%;,?0( TTg .6 0# 1($+%&%?,&2$ =6+%#306C,# ,($ #3+(0?%# ,0#-&.#. O?6 6+ +(0( 60 1($'-6+( a$( 0#+ #+#@306#+ $& 0(+,($,6*(+b 60 ]$&,( 2-'#$( O?6 .636 5&*#- 0(+ 606@6$%(+ 6+6$,&#06+ .6 0(+ %-&3?%(+%6--&%(-&#06+X %#06+ ,(@( 60 [6,[( '6$6-#.(-X 0(+ +?*6%(+X 0#+ 3#+6+ = ?$(+ %(N%#-&5#-&(+X $( N(.-Z ,($%#- 60 N#;+ ,($ ?$# 6+%-?,%?-# = 06'&+0#,&2$ -60#%&P# #0 +&%-&3?%#-&( %6--&%(-&#0 #-@2$&,(X ,0#-( = (-'#$&C#.( ,(@( .636 %6$6-0( ?$ -6N]30&?$&%#-&# ,(@( 0( N-(,0#@# 0# ,($+%&%?,&2$W

KjVW "&@&0#- -6506M&2$ N?6.6 [#,6-+6 -6+N6,%( .6 0#+ %#+#+ = ,($%-&3?,&($6+X ,(@5(-@#+ %-&3?%#-&#+ O?6 N6-@&%6$ -6,?N6-#- 0(+ ,(+%(+ ( .&+%-&3?&- 0(+ 36$65&?$# (3-# ( +6-P&,&( = O?6 +& 3&6$ 6M&'6 ?$# 06= ,-6#.(-#X #.@&%6 0# ,(0#3(-#,&2$ .6 0##.@&$&+%-#,&2$X &$,0?=6$.( .6+.6 0?6'( 0#+ 6$%&.#.6+ %6--&%(-&#06+X N#-# 0# 5&*#0#+ %#-&5#+W

W> 149F6<478? $\<B4:B7=;4B=4? 8; E4<8B=4 0B=5F<4B=4



":E

KjJW 7# 1($+%&%?,&2$ .6 KUUK 6$ +? #-%;,?0( KJL $?@6-#0 KL N-([;36 #0 1($'-6+(,($56-&- 5#,?0%#.6+ #0 >(3&6-$( N#-# .6,-6%#- &@N?6+%(+W H$ %(.( #O?600( O?6 $( +6#.6,-6%#- &@N?6+%(+X 60 1($'-6+( +; N?6.6 .#- 5#,?0%#.6+ 6M%-#(-.&$#-&#+ #0 >(3&6-$(W

KjjW H$ @#%6-&# .6 #+N6,%(+ N-(,6.&@6$%#06+ = .6 +#$,&($6+X N(- 6*6@N0(X $( 6M&

$&$'?$# -6+%-&,,&2$ .6 ,#-Z,%6- ,($+%&%?,&($#0 N#-# O?6 +6 6+%#306C,# ?$ ,?6-N$(-@#%&P( 6$ .6+#--(00( .6 5#,?0%#.6+ 6M%-#(-.&$#-&#+ (%(-'#.#+ N(- 60 1($'-6+( #0>(3&6-$( = 6+%# 6+ ?$# (N,&2$ O?6 N(.-;# ,($+&.6-#-+6 ,($ 60 5&$ .6 0('-#- 0#6MN6.&,&2$ .6 ?$ ,?6-N( (-'#$&C#.(X ,0#-(X ,($+&+%6$%6 = ]$&,( .6 ,#-Z,%6-N-(,6.&@6$%#0 = .6 +#$,&($6+W H0 ,($'-6+( 6$ 60 (%(-'#@&6$%( .6 0#+ 5#,?0%#.6+%6$.-;# +&6@N-6 0# (N(-%?$&.#. .6 5&*#- 0(+ ,-&%6-&(+X N#-Z@6%-(+X %(N6+ = 0&@O?6 6+%&@6 $6,6+#-&(+W

KjSW H$ %(.( ,#+(X ,($+&.6-#$.( O?6 0(+ ,2.&'(+ +(0( N?6.6$ +6- 6MN6.&.(+ N(- 60,($'-6+(X 0( O?6 ?+?#0@6$%6 +6 6+%&0# 6+ 0# ,($5(-@#,&2$ .6 ?$# ,(@&+&2$ O?6 +66$,#-'?6 N-6N#-# ?$ N-(=6,%( 6$ ?$ 0#N+( -#C($#306 # 5&$ .6 O?6 60 '(3&6-$(N-6+6$%6 ?$ N-(=6,%( O?6 N?6.# +6- .&+,?%&.( = #N-(3#.( @6.&#$%6 06=X O?6 6$ 60,#+( .6 0(+ N-(,6.&@&6$%(+ -6+?0%# @Z+ P&#306 .#.# 0# ,($%&$?&.#. .6 6+%6 %&N( $(-@#+X ,(@( +6 N?6.6 .6@(+%-#- ,($ 0# -6,&6$%6+ 06=6+ N(- 0#+ ,?#06+ +66MN&.&6-($ 60 12.&'( .60 N-(,6+( a06= KJSTb = 60 ,2.&'( ,($%6$,&(+( #.@&$&+%-#%&Pa06= KVTSX ,(@( +6 &$,0?=6 6$ 0# N-(N?6+%# +(3-6 #.@&$&+%-#,&2$ %-&3?%#-&# W

j> ,:;<B:6 78 64 8K4?=Q;Z 64 86F?=Q; R 64 E:B:?=747

KjgW 7# #.@&$&+%-#,&2$ N(- +?N?6+%( .636 ,($%#- ,($ [6--#@&6$%#+ 06'#06+ = 0(';+%&,#N#-# 5#,&0&%#- 60 ,?@N0&@&6$%( .6 0#+ (30&'#,&($6+X N6-( %#@3&Y$ N#-# ,(@3#%56$2@6$(+X ,($ [6--#@&6$%# 06'#06+X ,(@( +6 -6,(@&6$.# .6+.6 0# 91:H ,($ 0#+@6*(-6+ N-Z,%&,#+ &$%6-$#,&($#06+X 0# @Z+ -6,&6$%6 = #@3&,&(+#X 0# ,0Z?+?0##$%&60?+&2$X O?6 ,(@( 5?6 #N-(3#.# 6$ 60 ILKI 6+ &$#N0&,#306W

KjUW H0 (-.6$#@&6$%( *?-;.&,( .636 5#,&0&%#- # 0(+ ,($%-&3?=6$%6+ 60 ,?@N0&@&6$%0#+ (30&'#,&($6+ %-&3?%#-&#+X .60&@&%#- 60 Z@3&%( .6 0#+ 5#,?0%#.6+ .6 0#+ #?%,($,6.6- # 0(+ ,($%-&3?=6$%6+ +?5&,&6$%6+ '#-#$%;#+ N#-# 60 6*6-,&,&( .6 +?+ .6-6,[(+6$ 0(+ N-(,6.&@&6$%(+ .6 P6-&5&,#,&2$ = ,($%-(0 .6 0(+ %-&3?%(+ = 0# &@N(+&,&2$ +#$,&($6+W

J###> &8T8B8;9=4?

/#6-X mWX p "&0P#$&X 1W aKUUSbW!$2">-"-> + S+J 4)/"-"2&#+&"'- b$D'#/ A&#+&$>3F_J0$#"$-%$2 +-) c1")$*"-$2 W `<G r(-q&$' N#N6-W

/&-.X rW aILKLbW“Smart Tax Administration”. I#$/"2$ X TjX Q[6 r(-0. /#$qW



1-?CX 4W aILKVbW='*'/9"+F $2&"/+%",- )$ *+ $:+2",- )$* "/01$2&' )$ #$-&+ )$ 0$#2'-+2 H1#<)"%+2 UMM]OUMTU8 <&@6(X :`4FW

:656$+(-;# .60 1($%-&3?=6$%6 = .60 D+?#-&( 4.?#$6-( aILKJbWI#'01$2&+2 0#$*"/"-+#$2 0+#+ 2$# +-+*"?+)+2 %'/' /$%+-"2/' )$ /"&">+%",- )$ #"$2>'2 + *+ C1? )$ *+ #$D'#/+

informe final de la comisiocc81n versiocc81n final1

Documents