Astrada Verbo Ver y Operador Mira

7/29/2019 Astrada Verbo Ver y Operador Mira

1/49

!"#$%&'()*

'(+),-'"%(+)%-+%./(0."'-+)1-)!,(/"230

!"#$%&$#'()*&+,-.#("(,/0-#$"#,-%#&$%&/1-"/-%#2$#!"#$%&'()$%*(+&,%-$.*/&0$."($.(+&,-1)($&2/%%3"+&4$56$"&7&8)($.$+&'$9($.$&:;19)$+&')/%1.#($+&/"M#2$#'$3&$0(#6#%$?+3/2(2.#1+'8(%#5$'$%#,(#+&/,/0(#

)(3(#2(3#1(6-3#23(1(&/%1-#(#,-%#8$'8-%#7+$#2$%'3/4$=#>-37+$#'-1-#2$%&('-#$"#$%&$#'()*&+,-. #

,(#)$3'$)'/B"#"-#%-,-#$%#,(#('&/5/2(2#2$#+"#,-'+&-3#/"&$,/?/4,$#6#3('/-"(,.#%/"-#&(14/E"#,(#2$#+"-#

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

,,$?("#(,#,-'+&-3#2$%2$#$,#$H&$3/-3#$%#&(14/E"#$,#,+?(3#/"&$3/-3#2-"2$#%$#2$%$"'(2$"("#

%$"&/1/$"&-%#6 #$1-'/-"$%=#G #$% #)3$'/%(1$"&$ #$"# ,(#2/1$"%/B"#$"+"'/(&/5(#7+$#8( #2(2-#$" #

,,(1(3%$#I)(%/-"(,J#2-"2$#,-%#$5/2$"'/(,$%#2/3$'&-%#2$#(''$%-#%$"%-3/(,#L'-"%&3+''/-"$%#'-"#$,#

5$34-#H1%&I,(K,-K,(%K,-%#D#H1%#D#/"AK.#IH1%&J;1#D#5$34-#'-"@+?(2-K#'-"#$,#%/?"/A/'(2-#2$#I2(3%$#

'+$"&(J # -# '-"# (,?L"#3(%?- #D$5>N-(#/# M?3(1(&/'(,# - #'-"&$H&+(,M# (,# /?+(,# 7+$ #$,# *&$1 #H1/&

(%/1/,(2-#(#,(#('$)'/B"#2$#I@+0?(3J +#6#,(#A-31(#?3(1(&/'(,/0(2(#-(%3K#1("/A/$%&("#$,#3(%?-#

)(%/-"(,#2$#,(#$"+"'/('/B"=#

!" # %*"&$%/%. # $" # $%&$ # '()*&+,- # 2$1+$%&3- # 7+$ # $% # ?3('/(% # ( # ,( # $"+"'/('/B" # 2$ # ,-% #

$5/2$"'/(,$%#2/3$'&-%#2$#(''$%-#%$"%-3/(,#M'-"%&3+''/-"$%#%/"&N'&/'(%#'-"#$,#5$34-#H1%&6##$,#*&$1#

-(%3M # 7+$# ,-% # ,-'+&-3$%O&$%&/1-"/("&$%#2$ # ,( # &3(?$2/(#2$ #P3-1(QB"#'-"A/?+3("# "-#%-,- # ,( #

2/1$"%/B"#'-?"-%'/&/5(# 2$# ,(#$"+"'/('/B"# 2$%'3/)&/5(.#$" #,(#'+(,#$,# ,-'+&-3# %$#(%/1/,(# (# +" #

-4%$35(2-3# /"&$,$'&/5-.#%/"-# 7+$#(2$1N%#2$%),/$?("#,( #2/1$"%/B"# )(%/-"(,.#)-37+$#)-"$"#$" #

$%'$"(#+"#,-'+&-3#%$"%/4,$#'-1-#'+$3)-#I%+A3/$"&$J=#


2/49

'")#"+.30)!(/()4&-''")#-,!-#%.5"

#,./-,")#",%-

!(0+%,&!!.(0-+)+.0%6!%.!"+)!(0)-')5-,7()!"#

.89:;>?@8

O$)/-/&"1P$)$&?%1(-$"&LQRSTM+&)$&D1%#1D#(G.&1"&)$&D%(-1%$&U/%-$&*1&-1*($#(G.&1.5%1&1)&";F15/&7&1)&-;.*/&7+&D/%&)/&5$.5/+&%1D%1"1.5$&)$&9$"1&"/9%1&)$&J;1&"1(-(1.5$&)$&

$D%1>1."(G.&*1&)$&"(=.(U(#$#(G.V&8)&$#5/&D1%#1D5(H/&1.&1)$)&1)1%D/&/D1%$/-/&

(.51%-1*($%(/ &1.5%1 &1) &-;.*/& (.51%(/% &*1 &J;(1.& D1%#(91& 7& 1)& -;.*/&J;1& )/& %/*1$& "1&

-$.(U(1"5$&*("#;%"(H$-1.51&*1&-$.1%$&-3"&D)1.$&1.&)$&"1#;1.#($&*1"#%(D5(H$&L'()(.(#>+&

WXXTYZ[MV & B(#>/ & *1& /5%/& -/*/+ & 1)& */-(.(/ & *1& )/& *1"#%(D5(H/ & 1"& 1)& );=$% & */.*1 & )$&

D1%#1D#(G.&5(1.1& ;.$& D%1"1.#($&D%(H()1=($*$+&D/%J;1&1"& 1.& 1"5$& "1#;1.#($&1.& )$& J;1& 1)&

";F15/&*1&)$&1.;.#($#(G.&"1.5%$&1.&1)&*1"D)(1=;1&*1&;.&5(D/&*1&>$#1%+&1)&D1%#1D5(H/+&7&)1&$5%(9;71&$&;.&/9"1%H$*/%&)/"&D;.5/"&*1&H("5$&7&)$&/%=$.(\$#(G.&*1&)/"&"$91%1"&/+&"(&"1&

5%$5$&*1&)$&*("5%(9;#(G.&*1&)$$%=$&$U1#5(H$+&*1)1=$&)$&-(%$*$&1.&;.&";F15/&D$"(/.$)V


3/49

8.&1)$"/&D$%5(#;)$%&*1&)/"&51"5(-/.(/"&*1&)$&5%$=1*($&*1&0%/-$PG. Q/.&)/"&J;1&

H/7&$&5%$9$F$%&1.&1"51$D65;)/+&";#1*1&J;1&)/"&"/9%1H(H(1.51"&./&"/)/&>$.&D%1"1.#($*/&

)/"&$#/.51#(-(1.5/"+&"(./&J;1&$*1-3"&)/"&>$.&H(H1.#($*/V&8"&*1#(%&J;1&1.&1"5/"&

51"5(-/.(/"&$9;.*$.(1%5/&5(D/&*1&%1#;%"/"&D1%#1D5(H/"&J;1&%1D%1"1.5$.&1)&D;.5/&*1&

H("5$&*1&;.&51"5(=/&/#;)$%&J;1&*1"#%(91&)/&";#1*(*/&7&J;1&*191&)1=(5(-$%&";&H1%"(G.&*1&

)/"& $#/.51#(-(1.5/" /.& ;.& ]7/&1"5;H1& $))6^+& ;.& ]7/& H(& )/& J;1& ";#1*(G V &:1%/& 1"5/"&

%1#;%"/"&$*1-3"&*1&5%$."-(5(%&)/&D1%#(9(*/+&D1%-(51.&1_D%1"$%&1)&D$*1#(-(1.5/&*1&)$"&

H6#5(-$"&J;1&D%1"1.#($%/.&)/"&5%3=(#/"&$#/.51#(-(1.5/"&*1&$J;1))$&./#>1V&8"5/"&%1#;%"/"&

"/. & ))$-$*/ &$5/2$"'/(,$% # 2/3$'&-% # 2$ # (''$%- # %$"%-3/(,& 7 & -$%#$. & ;.$ & ";1%51 & *1&

$%5(#;)$#(G.&1.5%1&)$&*(-1."(G./=./"#(5(H$&7&)$&D$"(/.$)V&

0/-/ & "1P$)N & $.51"+ & 1. & )/" & 51"5(-/.(/"+ & ;. & 51"5(=/ & /#;)$% & *1"#%(91 & )/"&

$#/.51#(-(1.5/"&J;1&>$&D%1"1.#($*/&D$%$&)/$)/.H/#$&)$&U(=;%$&*1&;.&/9"1%H$*/%&J;1&

"1&*1"D)$\$&1.&"(-;)5$.1(*$*/.&)/&D1%#(9(*/+&)/&J;1&D%/*;#1&)$&(-$=1.&*1/1_("51.#($&

#/.&)/"&1)1-1.5/"&/9"1%H$*/"V&8"&*1#(%+&J;1&)/&J;1&D%/H/#$&J;1&1)&*("#;%"/&*1"#%(D5(H/&

1-1%F$ & $ & )$ & ";D1%U(#(1 & *1) & 51_5/ & >$#(N.*/)/ & -3" & D1%#1D5(9)1+ & ./ & "/. & "/)/ & %$"=/"&

)(.=`6"5(#/"/-/&)$&$#;-;)$#(G.&*1&$*F15(H/"+&1)&D%1*/-(.(/&*1)&5(1-D/&D%1"1.51&7&*1)&

(-D1%U1#5/+&/&1)&5(D/&*1&%1U1%1.51&aD$("$F1"+&D1%"/.$F1"a&J;1&1)&*("#;%"/&5/-$/-/&

/9F15/+&"(./&1)&=(%/&1.;.#($5(H/&*1)&)/#;5/%&J;1&D%/*;#1&1)&1U1#5/&*1&"(-;)5$.1(*$*&1.5%1&

J;(1.&D1%#(91&7&1)&/9F15/&D1%#(9(*/V&8U1#5(H$-1.51+&1)&)/#;5/%$-9($&*1&D/"(#(G.&1&

(."5$)$&/5%/.5%/&*1&%1U1%1.#($&1.&1)&*("#;%"/&L7$&"1$&1)&%1#/%%(*/&J;1&%1$)(\$&;.&

/9"1%H$*/%&/&1)&*1&;.&";F15/&D$"(/.$)M+&]1)$)+&D$%$&*$%&);=$%&$)&*1"D)(1=;1&*1&;.$&

*1"#%(D#(G.+&U/%-$&D$%5(#;)$%&*1&/%=$.(\$%&)$&-$51%($&H1%9$)+&D/.1&1)&$#1.5/&"/9%1(1%5$"&

,B?/'(%+&)$&*1&)$&$D%1>1."(G.&7&1)&*1"#;9%(-(1.5/&L*1)&-;.*/+&*1&"6&-("-/M&7&)$&*1)&

$#/.51#(-(1.5/&L1.&5$.5/&$U1#5$#(G.&*1)&3.(-/&*1)&";F15/M+&1.&*15%(-1.5/&*1&)$&)G=(#$&*1&

)$&5%$."U/%-$#(G.&L"/-15(*$&$&;.&D%/=%$-$&*1&$##(G.M^+&D%/D($&*1)&*("#;%"/&.$%%$5(H/&

L'()(.(#>+&WXXTYTXMV&

Q& 8)& #/%D;"& *1& $D)(#$#(G.& J;1&;5()(\/& 1.& 1"51& #$D65;)/& 1"53& #/.U/%-$*/& D/%&$M& *1"=%$9$#(/.1"& *1& )$"&*1#)$%$#(/.1"&*1&)/"&U$-()($%1"&*1&)$&5%$=1*($&*1&0%/-$PG.&*;%$.51&)$"&"1"(/.1"&*1&)$&0/-("(G.&(.H1"5(=$*/%&*1&)$&b1=(")$5;%$&*1&)$&0(;*$*&,;5G./-$&*1&2;1./"&,(%1"&*1)&WX&*1&-$7/&*1&WXXZV&@1%"(G.&5$J;(=%3U(#$&*("D/.(9)1&1.Y&c>55DYddeeeVJ;1./"1%1D(5$V#/-V$%fg&9M&%1D/%5$F1"&%1$)(\$*/"&D/%&$);-./"&*1&Q1%V& $P/&*1& )$& '$#;)5$*& *1& 0(1.#($"& *1& )$& 0/-;.(#$#(G.& Lh2,M& $& )/"&"/9%1H(H(1.51"& *("D/.(9)1" &1.Y&c>55DYddeeeV$71">$)(9%/"V#/-V$%d>5-)d%1D/%5$F1"d#%/-$./.d>5-fgM&51"5(-/.(/"/."(=.$*/"&1.&,,V@@V&LWXXZM&R$"$3('/B"#P3-1(QB"=#S$''/-"$%#2$#3$%/%&$"'/(.#%-,/2(3/2(2#6#3-'("3-,+&2;1./"&,(%1"+&)$H$#$&7&1.&8V&


4/49

:/%&1)& #/.5$%(/+& 1.&)$&.$%%$#(G.& 1)&)/#;5/%&"1&-$.5(1.1&1.&;.&D%1"1.51/.5(.;/&

*1"*1&1)$)&*$1.5$&*1&)$&";#1"(G.&51-D/%$)&*1&)/"&$#/.51#(-(1.5/"+&

8. & "6.51"("+ & 1. & )$ & 1.;.#($#(G. & *1"#%(D5(H$+ & 1) & )/#;5/% & D/.1 & 1. & 1"#1.$ & ;.&

1.;.#($*/%&1.&"(-;)5$.1(*$*/.&)/&*1"#%(D5/+&$&*(U1%1.#($&*1&1.&)$&.$%%$#(G.&1.&)$$)&

1)&)/#;5/%&"1&-$.5(1.1&1.&;.&D%1"1.51/.5(.;/&*1"*1&1)$)&*$1.5$&*1&)$&";#1"(G.&

51-D/%$)&*1&)/"&$#/.51#(-(1.5/"+&1"&*1#(%+&*1&)$"&%1)$#(/.1"%/./)G=(#$"&7$;"$)1"&*1)&

*("#;%"/&.$%%$*/VW&B(#>/&*1&/5%/&-/*/+&$&*(U1%1.#($&*1&)/&J;1&/#;%%1&1.&)$&.$%%$#(G.+&1.&

)$&*1"#%(D#(G.&1)&/9F15/&*1"#%(D5/&./&"1&D%1"1.5$&1.&;.&/%*1.$-(1.5/&D%/=%1"(H/&"(./&

9$F/&)$&U/%-$&*1&"(-;)5$.1(*$*&/&*1/1_("51.#($+/.#1D5/&J;1&4V&kV&'()(.(#>&LWXXTYQlM&

$.$)(\$&$&D$%5(%&*1&)$&U(=;%$&*1&)$& $5/2$"&/(&J;1+&1.&)$&5%$*(#(G.&%15G%(#$+&"1&$"/#($9$&$&)$&

*1"#%(D#(G.V&mV&b$;"91%=&LQRSiYWW[nWWZM&)$&*1U(.1/-/Y

IoK & )$ & *1"#%(D#(G. & H(H$ & 7 & *15$))$*$ & *1 & ;. & /9F15/ & -1*($.51 & )$&1.;-1%$#(G.&*1&";"&D$%5(#;)$%(*$*1"&"1."(9)1"&L%1$)1"&/&(.H1.5$*$"&D/%&)$&U$.5$"6$MV&8)/.F;.5/&*1)&/9F15/&5(1.1&1.&)$ &$5/2$"&/( ##$%3#51%&1"1.#($)-1.51 & 1"535(#/+ & $;.J;1 & "1$ & ;. & D%/#1"/g & "1 & 5%$5$ & *1 & )$&*1"#%(D#(G.&*1&;.$*%/&J;1+&$;.J;1&-/H(*/&1.&";"&*15$))1"+&"1&>$))$/.51.(*/&1.&1)&-$%#/&*1&;.$&"(-;)5$.1(*$*&L-3"&/&-1./"&%1)$F$9)1MV&b$&"(-;)5$.1(*$*&*1&)/"&*15$))1"+&J;1&1"&)$&J;1/.*(#(/.$&1)$%3#51%&1"535(#/&*1)&/9F15/&1.&";/.F;.5/+&1"&)$&1H(*1.#($&*1&)$&"(-;)5$.1(*$*&*1)&51"5(=/&/#;)$%+&1)&/%$*/%&"1/-D1.15%$&$&"6&-("-/&7&>$#1&J;1&"1/-D1.15%1&1)&Dp9)(#//.&)$&"(5;$#(G.&*1)&51"5(=/&D%1"1.#($)V

8"5$&*1U(.(#(G.&1_D)(#$&1)&-/*/&1.&J;1&/D1%$&)$&"(-;)5$.1(*$*&5$.5/&$&.(H1)&*1)&

1.;.#($*//-/&*1&)$&1.;.#($#(G.V&,"6+&$&.(H1)&*1)&1.;.#($*/+&1)&*("#;%"/&H1%9$)&"1&

/%=$.(\$&1.&5/%./&*1&)$"&D$%5(#;)$%(*$*1"&"1."(9)1"&*1&/9F15/"&7&D%/#1"/"&"/9%1&1)&1F1&*1&

";&D%1"1.#($&"(-;)53.1$V&8.&1)&.(H1)&*1&)$&1.;.#($#(G.+&1.$-9(/+&"1&(.U(1%1&)$&D%1"1.#($&

*1&;.&51"5(=/&D%1"1.#($)&L1)&/9"1%H$*/%&D;1"5/&1.&1"#1.$&D/%&1)&*1"#%(D5/%M+&J;1&*("D/.1&

)/"&*15$))1"&1.&"(-;)5$.1(*$*/.&1)&%1#/%%(*/&J;1&%1$)(\$&D$%$&/U%1#1%)1&$)&*1"5(.$5$%(/&

;.$&(-$=1.&*1)&-;.*/&D1%#(9(*/V&b$&"(-;)5$.1(*$*&1.5/.#1"&./&"1&%1U(1%1&$)&*1"#%(D5/%&J;(1.+&1.&5$.5/&*151.5$&)$&H/\+&"1&(."5$)$&1.&1)&D%1"1.51/.5(.;/&*1&)$&1.;.#($#(G.+&"(./&

W& C(& 9(1. &"1 &$)1F$& *1)& 5(D/& *1& *1"#%(D#(G.& 51"5(-/.($) /.&)$ &J;1& 5%$9$F/ &1. &1"51& /D/%5;.(*$*+& %1";)5$&(.51%1"$.51&5/-$%&1.1.5$&)$&D%/D;1"5$&*1&2V&b$H$.*1%$&LQRlZM&J;(1.+&1.&1)&-$%#/&*1)&,.3)("("&*1)&B("#;%"/&7+&$&D$%5(%&*1&;. &5%$9$F/&*1&0>V&b(.*1&7 &qV&b$9/H&LQRSZM+&$.$)(\$&)$"&*/"&1"5%$51=($"&J;1&1.&=1.1%$)&;5()(\$.&)/"&>$9)$.51"&1.&)$&*1"#%(D#(G.&*1&;.&*1D$%5$-1.5/Y/-/&"(&"1&5%$5$%$&*1&;.&D)$./&//-/&"(&"1&$#/-D$P$%$&$)&/71.51&1.&;.$&1"D1#(1&*1&&-+3&H(%5;$)&D/%&1)&*1D$%5$-1.5/V&:/%&";&D$%51+&qV&b$9/H&7&rV&q$)15\E7&LQRiSM+&*1"*1&;.&1.U/J;1&U;.#(/.$)+&*("5(.=;1.&1.&)$"&.$%%$#(/.1"&/%$)1"&*1&1_D1%(1.#($"&

D1%"/.$)1"&*1&$*;)5/"&7&.(P/"&*1)$"1&9$F$&$)$"1&-1*($&*/"&U;.#(/.1"Y& )$& %1U1%1.#($)&7& )$&1H$);$5(H$V &C1=p.&1"5/"&$;5/%1"+&1"5$&p)5(-$&U;.#(G.&1"&-3"&1)$9/%$*$&J;1&)$&%1U1%1.#($)&7&%1J;(1%1&)$&5%$."U/%-$#(G.&*1&)$&"1#;1.#($&D%(-$%($&9$"$*$&1.&)$&%1)$#(G.&]$n1.5/.#1"n9^+&1.&;.$&U/%-$&-3"/-D)1F$V&


5/49

$)& /9"1%H$*/%+ &J;1& ./& "/)/& /9"1%H$+& "(./& J;1& 5$-9(N.&1"& $U1#5$*/& D/%& )/& /9"1%H$*/&

L'()(.(#>+&WXXTYWWMV

1AB>:?C>?@8)D)8E::E>?@8)A8)F;B)9AB9?G;8?;B)1#>/"&$#$1#(*/"&)$&

./#>1& *1& )$& 5%$=1*($& 7& )/"& /%*1.$&1.&1) &1F1& *1& )$&";#1"(H(*$*Y /-(1.\/& *1)& %1#(5$)+&

D1*(*/&*1&0>$93.&7&*1)$.5$.51&D$%$&J;1&1)&Dp9)(#/&./&;"1&D(%/51#.($+/-(1.\/&*1)&

1"D1#53#;)/+&91.=$)$"+&(.#1.*(/V

IJK+:EL)#:AB?


6/49

0;$.*/&9$FN&D;*1&$D$=$%&;.$&9$.*1%$V&,)&1-D1\$%&$&D%1.*1%"1&U;1=/&1)&51#>/&-;#>$&=1.51&;5()(\$9$&)$"&9$.*1%$"&D$%$&$D$=$%)/&7&"1&1.#1.*6$.&)$"&J;1&51.6$.&1.&)$&-$./V0;$.*/&9$FN+&D;*1&$7;*$%&$&;.>(#/&J;1&-1&D(*(G&$%%/*())$*/&J;1&)/&"$#$%$+&D/%J;1&$U;1%$&1"5$9$&1"D1%3.*/)/&)$&U$-()($V&b1&*(F1&J;1&"1&

J;1*$%$&5%$.J;()/&J;1&)/&(9$&$&"$#$%Vj/&"1&H16$&.$*$+&>$96$&-;7&D/#$&);\V&b/&J;1&"6&"1&"1.56$.&1%$.&-;#>/"&=%(5/"&D/%&$9$F/+&D/%&$%%(9$&7&D/%&5/*/"&)$*/"V&8"/&1%$&;.$&)/#;%$+&;.$&*1"1"D1%$#(G.Vb$"&D;1%5$"&1%$.>(#$"V&0;$.*/&;./&J;1%6$&"$)(%&"1&"1.56$/-/&J;1&>$96$&-;#>$&D%1"(G.&*1&$U;1%$+&*1&)$&"$)(*$&*1)&9/)(#>1&>$"5$&)$$))1V&B1&)$&"$)(*$&*1)&9/)(#>1&>$"5$&)$$))1&>$96$+&D/%&1F1-D)/+&QX&-15%/"+&D1%/&*1&)$&D;1%5$&>$"5$&1"5$&D$%51&*1)&9/)(#>1&./&"N&"(&>$96$&TZ&-15%/"V&O1G%(#$-1.51&1)&9/)(#>1&51.6$&D1%"($.$"&*1&$)-$#N.V&8"51&5(D/&>$96$&

9$F$*/&)$"&D1%"($.$"+/.&)/$)&./&"1&$9%6$.&)$"&D;1%5$"g&"(&./&)1H$.5$9$.&)$"&D1%"($.$"&./"&-$539$-/"&5/*/"V

8.5/.#1"+ & "1 & $9%(1%/. & 1"5$" & D;1%5$"V & m$96$ & ;.$ & #$.())$ & =%$.*1 & 7&1-D1\$%/.&$&-/F$%./"&$&5/*/"&7&./"&"$#$9$.&*1)&);=$%VIoK

LB1#)$%$#(G.&*1&!"#$%& '()$%*(V&0/-("(G.&(.H1"5(=$*/%$n0%/-$PG.V& b1=(")$5;%$&*1&)$&0(;*$*&,;5G./-$&*1&2;1./"&,(%1"+&WX&*1&-$7/&*1&WXXZ+&$&)$&>/%$&QZ&7&WS+&DDV&WQnTQMV&I@1%"(G.&5$J;(=%3U(#$&*("D/.(9)1&1.Y&c>55DYddeeeVJ;1./"1%1D(5$V#/-V$%fKVL8)&";9%$7$*/&1"&-6/MV

0/-/&D;1*1&H1%"1+&1)&)/#;5/%&*1&1"51&51"5(-/.(/+&$)&*1"#%(9(%&D/%-1./%(\$*$-1.51&)/"&

>1#>/"&$#$1#(*/"&$J;1))$& ./#>1+&D%/H/#$&J;1&1) &*("#;%"/&*1H1.=$&1.&;.$&1"D1#(1&*1&

)("5$*/&"1#;1.#($)&*1&$##(/.1"&(.#/$5(H$"&1.;.#($*$"&1.&"(-;)5$.1(*$*/.&1)&D%1"1.51&

*1&)$&1.;.#($#(G.&L$1)/$0(#$,#3$'/&(,+&%$#$1)/$0("#(#&/3(3#(,?+"(%#4$"?(,(%+&$1)/$0("#(#

&-'(3+& '-1/$"0("#(#&/3(3#4$"?(,(%MV&$9()(5$*/&D$%$&

1_D/.1%&;.$&";1%51&*1&(.51%D%15$#(G.&(.U1%1.#($)&*1&)/"&$#/.51#(-(1.5/"Y&

LQM&u:/%&J;N&)$&=1.51&J;1&1"5$9$&1.&1)&-1*(/&*1&)$&1"#$)1%$&D;*/&9$F$%v&b/&J;1&7/&(.U(1%/&1"&J;1&$)&D%/*;#(%"1&1)&>;1#/&)/"&J;1&1"5$9$.&1.&1)&-1*(/&

9$F$.&7&-(&>(F/&-1&*(#1&J;1&N)&D1."$9$&J;1&1"5/&)/&(9$.&$&$D$=$%&7&J;1&"1=;6$&1)&%1#(5$)V&

8.&1U1#5/+&1.&)$&D%(-1%$&D$%51&*1&1"51&51"5(-/.(/&1)&5(1-D/&D$%1#1&";"D1.*1%"1&L"1&"1P$)$&

1.&5/*/"&)/"$"/"&1)/-(1.\/&*1&)$&$##(G.&-1*($.51&1)&H1%9/&]1-D1\$%^M+&>$"5$&J;1&1)&

%(5-/$-9($&%1D1.5(.$-1.51Y
http://www.quenoserepita.com.ar/http://www.quenoserepita.com.ar/


7/49

LWM&0;$.*/&1"5$9$&1.&1"51&);=$%+&)/&J;1&>$=/&1"/%%1%-1&>$#($&)$&1"#$)1%$&7&H1%&)/&J;1&1"5$9$&D$"$.*/V&

,&D$%5(%& *1&$))6+ &1) &)/#;5/%&*1F$ &*1 &2$%'3/4/3& 7+& *1"*1& 1)& D%1"1.51& *1& )$& 1.;.#($#(G.+&

#/-(1.\$&$&"(33(3&)$"&$##(/.1"+&*1"D)1=3.*/)$"&1.&;.&1F1&51-D/%$)&7$;"$)+&-1*($.51&1)&;"/&*1) &D%15N%(5/ &D1%U1#5/& "(-D)1& 7& *1) & (-D1%U1#5/& *1) & (.*(#$5(H/V& B1& 1"51& -/*/+ & )$&

%$'+$"'/(#2$%'3/)&/5(&7&)$&"(33(&/5(/1_("51.&$-$)=$-$*$"&1.&1)&1.5%$-$*/&*("#;%"(H/V

,&*(U1%1.#($&*1)&J;1&$#$9$-/"&*1&$.$)(\$%+&1.&1)&"(=;(1.51&U%$=-1.5/&*1&)$&

*1#)$%$#(G.&*1&,%-$.*/&0$."($.(+&D$*%1&*1&/5%$&*1&)$"&H6#5(-$" +&1)&)/#;5/%n51"5(-/.($.51&

*1"#%(91+& 1.& 5$.5/& 51"5(=/& /#;)$%+& D/%-1./%(\$*$-1.51&1)& 5%$")$*/& 7& )$& $51.#(G.& $& )/"&

"/9%1H(H(1.51"+ & 5$) & #/-/& U;1%/.& %1=("5%$*/" & D/% & ";" & D%/D(/" & /F/"V& h5()(\$ & D$%$ & 1))/&

*(H1%"$"&1"5%;#5;%$"/.&1)&H1%9/& 5$3+&)/&J;1&)1&D1%-(51&=$%$.5(\$%&)$&H1%$#(*$*&*1&";&51"5(-/.(/Y

IJK+:EL)-B9A8BB;:;L)su8.&J;N&-/-1.5/&H(/&J;1&))1=$9$.&)$"&$-9;)$.#($"v&u@(/&J;1&"1&*(1%$&$"("51.#($&-N*(#$&$&)/"&J;1&(9$.&"$)(1.*/v

+:L)!E8B?E8?V&sw/&H16$&$-9;)$.#($"V&,)=;.$&1"5$9$&*15%3"&*1&)/&J;1&>/7&1"& 1)& "$.5;$%(/&J;1&1"53& 1.& )$& #$))1& 8#;$*/%V &O$-9(N. &H(&5%1"& /$5%/&$-9;)$.#($" & $.;)$*$"g & ./ & D/*6$. & .( & 1.5%$% & .( & "$)(%V &@( & #>/U1%1" & *1&

$-9;)$.#($&J;1&1.5%$9$.&7&"$)6$.+&J;1&1.5%$9$.&7&"$)6$.V41&))$-G&)$&$51.#(G.&;.&D/)(#6$&J;1&"1&D1)1G/.&/5%$&=1.51V&b;1=/&-1&1.51%N&*1&J;1&U$))1#(GV&8.5%G&*/"&/&5%1"&H1#1"&$&0%/-$PG.V&w/&)/&H(&"$)(%&*/"&H1#1"V&B1"D;N"&-1&1.51%N&J;1&>$96$&-;1%5/V

+:EL)-B9A8BB;:;L)sum$96$&$)=p.&-N*(#///%*(.$.*/v

+:L)!E8B?E8?V)sw/&H16$&=1.51& *1&9)$.#/+& D1%/&.$*(1&J;1//%*(.$%$V&m$#6$.& )/& J;1 & D/*6$.V &b/ & J;1 & H(& U;1 & D1%"/.$)& *1& 9)$.#/& a-N*(#/ & /&

D$%$-N*(#/+& ./&"Na&J;1/.&*1"1"D1%$#(G.& 5%$5$9$&*1&>$#1%&)$"/"$"V&:1%/&51.6$.&-(&-("-/&*1"/%*1.g&7/&J;1%6$&1.5%$%&7&"$)(%V

+:EL ) -B9A8BB;:;V & sub/" & -N*(#/" & ))1H$%/. & $ & )$" & H6#5(-$" & $ & )$"&$-9;)$.#($"&/&*$9$.&$"("51.#($&-N*(#$&1.&1)&);=$%v

+:L)!E8B?E8?V&sw/&H(&$&;.&D$D3&J;1&1.#/.5%G&$&";&>(F/+&$)&J;1&)1&*$9$&%1"D(%$#(G.&9/#$&$&9/#$V&C1&)1&$#1%#G&$)=;(1.&*1&9)$.#/&aD$%$&./&*1#(%&"(&1%$>/U1%&/&-N*(#/a&7&*(F/Y&]7$&1"53&;"51*+&-1&H/7^V&8.&1"1&-/-1.5/+&.$*$&-1&))$-$9$&)$&$51.#(G.+&D1%/&"/.&*15$))1"V

+:EL ) -B9A8BB;:;L )sum$96$ & ;. & );=$% & */.*1 & 1"5;H(1%$. & )/" & -N*(#/"&"/#/%%(1.*/v


8/49

+:L)!E8B?E8?V)sw/&)1&U;(&$&D%1=;.5$%&$ &;.&-N*(#/&J;1&51.6$&;.&8("26+&*G.*1&-1&D/*6$&*(%(=(%+&D/%J;1&1"5$9$&1.&;.$&"(5;$#(G.&*(U6#()V&41&*(F/&J;1&U;1%$&$&B1U1."$&0(H()+&J;1&$))6&1"5$9$.//%*(.$.*/+&J;1&1.&)$$))1&8"5$*/"&h.(*/"&51.6$.&-3"&(.U/%-$#(G.V

+:EL)-B9A8BB;:;L)s8.&1"1 &5(1-D/+& $.51"& *1& (%&$) &(#1&;.$$*%$&7&-1*($&7&1.5%N&1.&;.$&D)$7$&*1&1"5$#(/.$-(1.5/&7&"/9%1&1)&)$*/&*1%1#>/&>$96$&;.&-/.5G.&*11%D/"V

+:EL)-B9A8BB;:;L)sw&)/"&"/9%1H(H(1.51"&(9$.&$&$-9;)$.#($"VVV

+:L ) !E8B?E8?V) s,)=;./" & ";96$. & $ & )$" & $-9;)$.#($" & D/%J;1 & )/"&

1-D;F$9$.V & 8. & ;.$ & $-9;)$.#($ &H( & $ & 5%1" & / & #;$5%/ & D(91"V & ,)=;./&5$-9$)1$9$V&,&/5%/&H(&J;1&)/&1.5%$%/.VVV

+:L)N;8OPFAOL)s8.$-())$V

+:L)!E8B?E8?V)sxu8.$-())$vy &w/&H( &-;7&D/#$"$-())$"V& ,)&J;1&H(&7/&)/&";9(1%/.&$&-$./V&@(&-;#>/"&D(91"&>$#(1.*/&1"/V&B1-$"($*/"V

+:EL)-B9A8BB;:;L)s@(/&-3">(#/"&$7;*$.*/VVV

+:L)!E8B?E8?V)sw/&*(=/&)/&J;1&H(&1.&1"1&-/-1.5/V& @(&-3"&D(91"& a7&5$-9(N.&$&=1.51&=%$.*1a&>$#(1.*//"$"VIoK

LB1#)$%$#(G. & *1 & ,%-$.*/ & 0$."($.(V & 0/-("(G. & (.H1"5(=$*/%$n0%/-$PG.V&b1=(")$5;%$&*1&)$&0(;*$*&,;5G./-$&*1&2;1./"&,(%1"+&WX&*1&-$7/&*1&WXXZ+&$&)$&>/%$&QZ&7&WS+&DDV&[inZ[MV&I@1%"(G.&5$J;(=%3U(#$&*("D/.(9)1&1.Y&c>55DYddeeeVJ;1./"1%1D(5$V#/-V$%fKVL8)&";9%$7$*/&1"&-6/MV

8.&1"51&51"5(-/.(/&D%1*/-(.$&)$&%$'+$"'/(#2$%'3/)&/5(+&5$)/-/&)/&D%;19$&)$&D%1"1.#($&

*1&;.&)/#;5/%&J;1&*1"#%(91&)/"&>1#>/"&;5()(\$.*/&*("5(.5$"/."5%;##(/.1"&"(.53#5(#$"/.&

1)&H1%9/&5$3V&C(.&1-9$%=/+&)/"&51"5(-/.(/"&*1&0%/-$PG.&"1&1"5%;#5;%$.&5$.5//-/&;.&

*("#;%"/&1.&1)&J;1&D%1*/-(.$.&)$"&%$'+$"'/(%#2$%'3/)&/5(%+/-/&1.&1"51&p)5(-/$"/+&

#/-/& #/.& "1#;1.#($"&-(_5$"+& #/-/&1) &D%(-1%&1F1-D)/+&1.&1)& J;1& )/ &2$%'3/)&/5-&7&)/&

"(33(&/5-&./&$D$%1#1.&$9"/);5$-1.51&*1"H(.#;)$*/"V&B1&>1#>/+&)/"&%$"=/"&*1&;.$&7&/5%$&

"1#;1.#($&./&"1&(.H$)(*$.&-;5;$-1.51+&"(./&J;1&D;1*1.&/&9(1.&1."$-9)$%"1&/&9(1.&

D%1H$)1#1%&;.$&"/9%1&)$&/5%$+&"1=p.&)/"/.51_5/"&Lm$-/.+&QRRQMV&


9/49

@1$-/"&/5%/&1F1-D)/V&C1&5%$5$&1.&1"5$&/D/%5;.(*$*&*1)&51"5(-/.(//-D)15/&*1&

,-1)($&2/%%3"+&"/9%1H(H(1.51&*1&)$&5%$=1*($&7&-$*%1&*1&;.$&H6#5(-$+/.&1)&J;1&"1=;(%N&

5%$9$F$.*/&U%$=-1.5$%($-1.51&-3"&$*1)$.51Y

+:EL ) 7;::PBL )s4( & ./-9%1 & 1" &,-1)($ & 8"D1%$.\$& 1V

+:EL)7;::PBL)sC$)6&*1&-($"$&$&)$"&Qi&>/%$"&*1)&*6$&TX&*1&*(#(1-9%1V&b)1=;N&$&)$"&Ql&>/%$"&$&0%/-$PG.+/.&-("&*/"&>(F$"V&8%$&-;7&51-D%$./V&b$&"1=;%(*$*&*1&0$))1F1%/"&1"5$9$/.&%1-1%$"&.1=%$"V&k.=%1"$-/"%#$&

*1&)$"&WX&>/%$"V&0/-/&./& 51.6$&%1)/F+&./&>()H$./&9(1.&)$1"5(G.&*1&)$&>/%$V&b$&=1.51&*1&"1=;%(*$*&a)/"&J;1/.5%/)$9$.&)$&1.5%$*$a&1"5$9$/.&)$&%1-1%$&*1&0$))1F1%/"V&b$"&-;F1%1"&(9$./.5%$&)$&D$%1*&7&)/">(#/"&a$&)/"&J;1&)1"&*1#6$.&]#>$9/.1"^a&>$#6$.&*/"&U()$"Y&;.$&D$%$&)/"&J;1&51.6$.&1.5%$*$&7&/5%$&D$%$&)/"&J;1&./&51.6$.V&8"&*1#(%&J;1&>$96$&5%1"&U()$"V&0;$.*/&1.5%$-/"&./"&>(#(1%/.&"$#$%&)$"&\$D$5())$"&7&./"&%1H("$%/.&5/*/&1)&

9/)"/V&k.=%1"N/.&-("&>(F$"&7&1))$"&"1&J;1*$%/.%#$&*1)&D$)#/V&0(.5($&-1&D%1=;.5G&D/%&J;N&./&-1&J;1*$9$&*1)$.51&*1&)$&9$%%$+&D1%/&?$9%(1)$&*(F/&J;1+&1.&1"1&);=$%+&-1&(9$.&$&D("$%V&8.5/.#1"+&-1&*(F/&J;1&U;1%$&$%%(9$+&*1"*1&*/.*1&(9$&$&H1%&9(1.V&8.5/.#1"+&-1&U;(&D$%$&$%%(9$&7&1))$"&"1&J;1*$%/.&$9$F/V&0;$.*/&1-D1\G&!F/"&b/#/"+&-("&>(F$"&";9(1%/.&7&"1&

D;"(1%/.&$)&)$*/&-6/+&D/%J;1&1"1/.F;.5/&./&)1"&=;"5$9$g&U;1%/.&$&H1%&$&0$))1F1%/"+&J;1&5$-D/#/&)1"&=;"5$9$V&:/%&1"/+&5/*$H6$&-1&D%1=;.5/&D$%$&J;N&)$"&))1HNV&C1&"1.5$%/.&*15%3"&*1&-6V&8.&;.&"1=;.*/+&;.&D(91&J;1&1"5$9$&$)&)$*/&5(%G&)$&D%(-1%$&91.=$)$+&1.&1).5%/V&0>$93.&*(F/&a*("#;)D1.&)$&1_D%1"(G.a&]:1)/5;*/"&*1&-(1%*$+&*1F1.&*1&F/*1%/.&)$"&

91.=$)$"V&m$7&i&-()&D1%"/.$"&$#3&$*1.5%/g&H$-/"&$&-/%(%&$"U(_($*/"&D/%&1)&>;-/V&j/"&H$&$&D$"$%&)/&-("-/&J;1&D$"G&1.&:$%$=;$7V&,"6&J;1&*NF1."1&*1&F/*1%+&D/%J;1&>$7&;.$&"/)$&"$)(*$^V&8"$"&U;1%/.&)$"&D$)$9%$"&*1&0>$93.V&8.5/.#1"+&)/&-(%N&$)&D(91&7&)1&D%1=;.5N&]uU;("51&H/"v^V&41&*(F/&J;1&./+&J;1&U;1&*1)&/5%/&)$*/+&7&$)&U(.$)&./&H(&J;(N.&>$96$&"(*/V&b/">(#/"&

"1=;6$.&(.=%1"$.*/V&0;$.*/&";91&0$))1F1%/"&-(%N&>$#($&$5%3"&7&-("&>(F$"&7$&./&1"5$9$.V&8%$&(-D/"(9)1&)$$.5(*$*&*1>(#/"&J;1&>$96$&$9$F/V&0;$.*/&0>$93.&*(F/&J;1&>$96$&i&-()>(#/"&-1&*(F1Y&]8"51&5(D/&1"53&)/#/V&u0G-/&*1F$&(.=%1"$%&$&i&-()&D1%"/.$"&1.&;.$/"(5$&$"6v^&4(&D%(-1%$&(.51.#(G.&U;1&9$F$%+&D1%/&)$&1"#$)1%$&1%$&;.&1.F$-9%1&*1>(#/"V&b1&*(F1&$&)$>(#$& *1&$)& )$*/Y& ]B(/"& -6/+&J;N&H$&$& D$"$%& $#3V&k-$=(.$51& #;$.*/&1-D(1#1&0$))1F1%/" V&w&-1&1.5%G&1)&D3.(#/&7&)$&*1"1"D1%$#(G.+&D/%J;1&-("&>(F$"&>$96$.&9$F$*/g&7$&./&1"5$9$.&*15%3"&*1&-6V&8-D1\G&0$))1F1%/"V&j/&>()H$./&9(1.& )$& >/%$& D/%J;1&./& 51.=/& %1)/FV& :1%/& ";91&0$))1F1%/"& 7& )/&p.(#/&J;1&1"#;#>N&*1&1))/"&U;1Y&]uC1&H$.&$&D/%5$%&9(1.v^V&b;1=/&5(%$%/.&;.$&9/-9$&*1&1"5%;1.*/&*19$F/&*1&)$&1"#$)1%$&*/.*1&7/&1"5$9$V&0;$.*/&

";96+&1"5$9$&1.&)$&D$%51&*1%1#>$+&*/.*1&>$96$&;.&4+AA$&+&$&)$&H;1)5$V&m$96$&;./& *1& 0$))1F1%/"+ & #/.& %1-1%$& .1=%$V& @(./& $9$F/& 7& *(F/Y& ]0>1+ & U)$#/+&


10/49

uD/*N"&"$#$%&)$&9$.*1%$&J;1&1"53&5$D$.*/&)$&"$)(*$&*1&$(%1+&J;1&1"&)$&p.(#$&J;1&$.*$v^V&8%$&)$&p.(#$&J;1&U;.#(/.$9$V&41&*(F1Y&]B(/"&J;(1%$&J;1&./&

D$"1&.$*$^V&:1%/&"1&H16$&;.$&$5-G"U1%$&-;7&D1"$*$V&b;1=/&*1&)$&9/-9$&*1&1"5%;1.*/&J;1*N&"/%*$&7&./&1"#;#>N&J;1&1-D1\$%/.&$$.5$%+&J;1&U;1&-;7&D/#/V&4(%N&>$#($&$%%(9$+&$&)$&*1%1#>$&*1)&1"#1.$%(/&*1&0$))1F1%/"V&

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

)$3%-"(%=# !"&-"'$%.#'(/?-#$"# $%$#,+?(3#6# %$#2$%1-3-"("# &-2-%# ,-%#7+$ #$%&(4("#(8*=#P(/?-#(,#%+$,-#6#&3(&-#2$#?(&$(3.#%/$1)3$#2/'/$"2-#$"#1/#/"&$3/-3.#"-#1$#)+$2$#$%&(3#)(%("2-#$%&-#(#1*=#!%#+"(#)$%(2/,,(=#Y3(&-#2$#(?(33(31$#2$#+"(#3$@(#7+$#8(4*(=#!%&(4(#&-2-#-%'+3-#6#$"#%/,$"'/-=#

X(2/$# 2$'*(# "(2(.# "-#%$#$%'+'8(4(# "(2(=# !"&-"'$%.# ,,$?-#8(%&( #2-"2$ #$%&(4(#+"(#5(,,(=#X-#8(4*(#&("&-#A+$?-.#)$3-#$,#7+$#'(*(#2$,#&$'8-#"-% #7+$1(4(=#Y3(&-#2$#,$5("&(31$#6#(?(33(31$#2$#$%(%#3$@(%#1$&/$"2-#1/ #'(4$0(#(2$"&3-#2$#$%&$#4-,%-#7+$#&$"?-#7+$#A+$#$,#7+$#1$#%(,5B#,(#5/2(. #

)/2/E"2-,$ # ( # F/-% # 7+$ # 1$ # ,,$5$ # ( # 1* # 6 # "- # ( # 1/% # 8/@(%= # >-37+$# 1/ #2$%$%)$3('/B"#$3(#7+$#1/%#8/@(%#$%&(4("#$"#1$2/-#2$#,(#)/%&(=#S$#2$'*(#(#

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

%(,/2(#5$- # ( # &-2-%# )(3(2-%# $"# ,( #5$3$2(#2$, # A3$"&$# ?3/&("2-#)-3# %+% #A(1/,/(3$%=#S$% #)$2*(#7+$#,,(1$"#(#,-%#4-14$3-%.#)$3-#$,,-% #$%&(4("#$" #-&3(#%/&+('/B"=#41&$=$%%G&;.$%("("&*1&.1%H(/"&7&)1&*1#6$&$&B(/"G-/&-1&*1F$"51&"$)(%&$&-6&7&*1F$"51&$&-("&>(F$"&$>6&$*1.5%/+&"(1.*/&J;1&7/&./&51&>$96$&D1*(*/&1"/V&B1&)$&*1"1"D1%$#(G.&J;1&51.6$&-1&U;(&$)&>/51)&*1&$)&)$*/V&?/)D1N&)$&

D;1%5$&7&D1*6&J;1&))$-$%$.&$&)/"&9/-91%/"&7&;.$&D1%"/.$&J;1&1"5$9$&$>6 &

-1&*(F/&J;1&)/"&(9$&$&))$-$%VP+("2-# %(,?-# 5/# 7+$#5$"*("#,-%#4-14$3-%V #,+$?-#5$-#7+$#1$# %('("# ( #R(43/$,(#(,#1$2/-#2$#,(#'(,,$V#,-#7+$#1N%#1$#/1)3$%/-"B#$%#7+$#,$#8(4*("#

%('(2-#$,#43(0-.#)$3-#"-#%$"&*(#"(2(#)-37+$#)(3$'*(#7+$#$%&(4(#1+$3&(V #2-%#1+'8('8-%#7+$#$%&(4("#$"#A3$"&$#,(#8(4*("#%('(2-#8(%&(#,-#7+$#$%#8-6#$,#%("&+(3/-V#6-#,$%#?3/&(4(#7+$#,(#2$@(3("#7+$#7+$3*(#2(3,$#3$%)/3('/B"#4-'(#(#4-'(=#!"&-"'$%.#,$#(?3(2$'*#(#F/-%#6(#7+$.#)-3#,-#1$"-%.#&$"*(#( #+"(#2$#1/%#8/@(%#'-"1/?-=b)1=$.&*/"&$-9;)$.#($"V&b/&J;1&7/&J;(1%/&"$91%&1"&$&)$&>/%$&1.&J;1&))1=$%/.&1"$"&$-9;)$.#($"V&8.5/.#1"+&)$&";91.&$&?$9%(1)$&$&;.$&*1&1))$"&7&-1&*(#1.&J;1&)$&))1H$.&$)&m/"D(5$)&'1%.3.*1\V&8.&1"1&-/-1.5/&./&

%1#;1%*/&J;N&>/%$&1%$V&O;H1&J;1&*1F$%&J;1&"1&)$&))1H$%$.+&D/%J;1&-1&U$)5$9$&-(&/5%$&>(F$+&0(.5($V&:1."N&J;1&0(.5($&5$-9(N.&1"5$9$&$>6&$*1.5%/V&


11/49

8.5/.#1"+&9;"#$.*/&$&-(&/5%$&>(F$+&(9$&1"J;(H$.*/&-;#>/">(#/"&5(%$*/"&1.&)$$))1V&

S(#5$-#5$"/3#(#1/#8/@(=#S(#&$"*("#(?(33(2(#2$,#43(0-=#P+("2-#1$#('$3'- #(#$,,(#1$#2/'$#7+$#R(43/$,(#%$#,$#8(4*(#$%'()(2-#2$#,(%#1("-%.#7+$#"- #

)+2-#(?(33(3,(=#[+/$3$#2$'/3#7+$#'+("2-#6-#$%&(4(#&3(&("2-#2$#%(,/3#$" #

1$2/-#2$,#8+1-#1/#8/@(#$%&(4(#&/3(2(#$"#$%$#,+?(3=#Z$#8(4*("#2/'8-#7+$#%$#,(#8(4*("#,,$5(2-#(,#\$3"N"2$0.#)$3-#,(#&+5$#7+$#/3#(#4+%'(3#$"#9#B#< #8-%)/&(,$%#1N%=#C,#,,$?(3#(,#]-%)/&(,#^(1-%#Z$@*(#1$#2$%'-1)$"%E#6#$1)/$0-# ( # 5-1/&(3= # S$# )/2- # ( # +"( # 2$# ,(% # $"A$31$3(% # 7+$ # 1$# 2/$3( #/"A-31('/B"#('$3'(#2$#1/#8/@(#R(43/$,(#6# &(14/E"#7+$#1$#2/$3("#(,?-#

)(3(#,-%#5B1/&-% #7+$#$%&(4(#&$"/$"2-.# )-37+$#$3("# &$33/4,$%= #!"&-"'$%. #5$-#7+$#%(,$#R(43/$,(.#7+$#%$#,(#,,$5(4("#'-"#-H*?$"-=#G#?3/&-#7+$#$%#1/ #8/@(=#C#,(%#2-%#6#1$2/(#2$#,(#1(Q("(#,(#,,$5("#(#&$3()/(=#Z$#&3(&("#2$ #&3("7+/,/0(3#2/'/E"2-1$#7+$#6(#8(4*(#$"'-"&3(2-#(#1/#8/@(=#8"5;H1&5%1"&>/%$"&1.&1)&m/"D(5$)&$"5$&1)&Qz&*1&1.1%/V&,&)$"&Z&*1&)$&5$%*1&*1)&Qz&*1&1.1%/&"1&>(\/&;.$&F;.5$&-N*(#$/.&1)&*(%1#5/%&*1)&m/"D(5$)&(F$+&D/%J;1&7/&1.5%$9$&$&51%$D($+&1))$&-1&1"#;#>$9$&7&-1/.51"5$9$/.&";&-(%$*$V&4(&>(F$&51.6$&)$"&D(1%.$"&9(1.V&8)&-N*(#/&-1&*(F/&J;1&1)&9%$\/&)1&(9$&$&J;1*$%&9(1.+&D/%J;1&)1&(9$.&$&D/.1%&;.)$H/V&k9$&$&1"5$%&9(1.V&41&*(1%/.&[l&>/%$"+&D1%/&*1"D;N"&1)&-N*(#/&*1)&/%$&QZ&7&WS+&DDV&TTnTiMV&I@1%"(G.&5$J;(=%3U(#$&*("D/.(9)1&1.Y&c>55DYddeeeVJ;1./"1%1D(5$V#/-V$%fKVLb$"&9$"5$%*())$"&7&1)&";9%$7$*/&"/.&-6/"MV


12/49


13/49

$M &I)/d)/"d)$d)$"&{&5$3&{&(.UVK&0/."5%;##(/.1"&1)1H$*$"

]'E)QA;)QA8?:#(#1/#8/@(=#S(#&$"*("#(?(33(2(#2$,#43(0- V

9M &I5$3&J;1&{&H1%9//.F;=$*/K&0/."5%;##(/.1"&./&1)1H$*$"

]P+("2-#%(,?-#Q?)R=A)QA8SE8#,-%#4-14$3-%+&,+$?-#QA;)R=A)GA)BE>E8)(#R(43/$,(#(,#1$2/-#2$#,(#'(,,$^V

]!"&-"'$%#QA;)R=A)BEFA#R(43/$,(.#7+$#%$#,(#,,$5(4("#'-"#-H*?$"-^V&

#M I5$3&{&/*&*1&D1%"/.$&//"$K

]C,'("0-#(#1/3(3#6#QA;)=8)>T?BCEO;g&,+$?-#a$%'+'8-b#,-%#?3/&-%#2$#,-%#'8/'-%.#2$&3N%#2$#1* V#

]W$#1$#'3+0(#=8)>T?>;)R=A)F;)EF>E8>U)E)QA:#)-3#,(#',(3/2(2#7+$#2(4(=#Z$#(?(33-#2$#E,.#A+$#7+/$"#1$#%(,5B#,(#5/2(^V

]!"&-"'$%.#EF>E8>U)E)QA:)=8E)F=O #7+$#$3(#,(#%(,/2(#$"#+"#&3$'8-#1+6#,(3?-^V

]P+("2-# ,,$?-# ( # ,(# %(,/2( #QA;)E)9;


14/49


15/49


16/49


17/49


18/49

0/-/&D;1*1&H1%"1+&)$%51\$&*1&J;1&)/&J;1&D%/*;F/&1)&(.#1.*(/&./&U;1&;.$&91.=$)$&"(./&

1"D1#6U(#$-1.51&/5%/&5(D/&*1&D(%/51#.($&))$-$*$&]5%1"&5(%/"^&L>1#>/&J;1&./&>$&"(*/&

D%/9$*/&>$"5$&1)& -/-1.5/M&"1& $U(%-$& #/.&)$& 1"5%;#5;%$&./&1)1H$*$&J;1&"1P$)$&1.& 1"51&

#/.51_5/&D1%#1D#(G.&*(%1#5$Y&

L[M&4(%/&7&H1/&J;1&H;1)$&;.&5%1"n5(%/"+&)$"&5%1"&D1)/5(5$"+&7/.&)$&51%#1%$&H1/&1)>("D$\/&J;1&1-D(1\$&$&D%1.*1%V

LZM&0;$.*/&H1/&J;1&D1=$&;.>("D$\/+&1)&"$_/U/.("5$&7&1)$.5$.51&-(%$.&$)&51#>/+/-/&J;1&./&)/&D/*6$.%11%V&

:1%/& $*1-3"+/.&)$& #/."5%;##(G.& ./& 1)1H$*$ &I5$3& J;1&{& H1%9/& #/.F;=$*/K &;5()(\$*$&1_#);"(H$-1.51/-/&D1%#1D#(G.&H(";$)+&"1&%1$U(%-$&)$&1"5%$51=($&=1.1%$)&*1&1"51&

U%$=-1.5/&51"5(-/.($)&J;1/."("5(%6$&1./%%1%&*1)&1"D$#(/&*1&)$&5%$=1*($&)$"&91.=$)$"&7&

";/)/%(*$&>;-$%1*$+/-/&"6-9/)/&*1&)$"&9$.*$"&*1&%/#E+&D$%$&(."5$)$%)/&1.&/5%/&.(H1)+&

1)&*1&*1&5%$"=%1"(G.+/.&;.&=%$*/&*1&(.51.#(/.$)(*$*&7&*1"$D%1."(G.&-;#>/&-3"&

-$.(U(1"5/V

:1%/&)$/."5%;##(G.&"(.53#5(#$&./&1)1H$*$&I5$3&J;1&{&H1%9//.F;=$*/K&D;1*1&

"1P$)$% & 1_#);"(H$-1.51 & D1%#1D#(G. & H(";$) & / & 9(1.+ & #/. & 1) & $=%1=$*/ & *1 & ;. & %$"=/&

)(&8E1/'-+&D;1*1/.H1%5(%"1&1.&;.&$5/2$"'/(,#2/3$'&-#2$#(''$%-#%$"%-3/(,/.&1)$)&1)&

)/#;5/%n51"5(-/.($.51&-;1"5%$&$*1-3"& *1& )/& J;1&>$&D1%#(9(*/+&";"&"1.5(-(1.5/"& 7& ";"&

D$"(/.1"V

YX)'E)A8=8>?E>?@8)CEB?;8EF

I)/d)/"d)$d)$"&{&5$3&{&(.UVK&L#/."5%;##(/.1"&1)1H$*$"/-/&1H(*1.#($)1"&*(%1#5/"&*1&

$##1"/&"1."/%($)M

8)& "(=;(1.51&51"5(-/.(/& 1.&1)& J;1& (.51%$#5p$.& */"&)/#;5/%1"+& )$&*(D;5$*$&8"51.""/%/& 7&

,%-$.*/&0$."($.(+&D$*%1&*1&;.$&*1&)$"&H6#5(-$"+&1"&/5%/&U%$=-1.5/&*1&)$"&*1#)$%$#(/.1"&

$.51&)$&0/-("(G.&*1&)$&b1=(")$5;%$&:/%51P$V&@1$-/"+&1.5/.#1"+G-/&)$&*1"#%(D#(G.&*1&

)/"&>1#>/"&"1/."5%;71&1.&5/%./&*1&*(H1%"$"&1"5%;#5;%$"/.&1)&H1%9/&5$3&1.5%1&)$"&J;1&"1&

1.#;1.5%$&)$&1"5%;#5;%$&1)1H$*$+&1.&)$&J;1&-1&(.51%1"$&$.$)(\$%&1)&-/*/&1.&J;1&1)&

1)1-1.5/&)(&8E1/'-&"1&-$.(U(1"5$&1.&1)&*("#;%"/Y

+:EL)-B9A8BB;:;L)su8.&J;N&-/-1.5/&H(/&J;1&))1=$9$.&)$"&$-9;)$.#($"v&u@(/&J;1&"1&*(1%$&$"("51.#($&-N*(#$&$&)/"&J;1&(9$.&"$)(1.*/v


19/49

+:L)!E8B?E8?V&sw/&H16$&$-9;)$.#($"V&,)=;.$&1"5$9$&*15%3"&*1&)/&J;1&>/7&1"& 1)& "$.5;$%(/& J;1&1"53& 1.& )$& #$))1& 8#;$*/%V &O$-9(N. &H(&5%1"& /$5%/&$-9;)$.#($" & $.;)$*$"g & ./ & D/*6$. & .( & 1.5%$% & .( & "$)(%V &@( & #>/U1%1" & *1&$-9;)$.#($& J;1&1.5%$9$.&7& "$)6$.+& J;1&1.5%$9$.&7& "$)6$.V& 41& ))$-G& )$&

$51.#(G.&;.&D/)(#6$&J;1&"1&D1)1G/.&/5%$&=1.51V&b;1=/&-1&1.51%N&*1&J;1&U$))1#(GV&8.5%G&*/"&/&5%1"&H1#1"&$&0%/-$PG.V&Z;)F;)Q?)BEF?:)ABV&B1"D;N"&-1&1.51%N&J;1&>$96$&-;1%5/V

+:EL)-B9A8BB;:;L&sum$96$&$)=p.&-N*(#///%*(.$.*/v

+:L)!E8B?E8?V& sw/&H16$& =1.51& *1& 9)$.#/+ &D1%/& .$*(1& J;1& #//%*(.$%$V&m$#6$.& )/& J;1 & D/*6$.V &b/ & J;1 & H(& U;1 & D1%"/.$)& *1& 9)$.#/& a-N*(#/ & /&

D$%$-N*(#/+& ./&"Na&J;1/.&*1"1"D1%$#(G.& 5%$5$9$&*1&>$#1%&)$"/"$"V&:1%/&51.6$.&-(&-("-/&*1"/%*1.g&7/&J;1%6$&1.5%$%&7&"$)(%V


0/-/&D;1*1&H1%"1+&1.&1"51&U%$=-1.5/+&1)&)/#;5/%n51"5(-/.($.51+&*1"*1&1)&D%1"1.51&*1&)$ &

1.;.#($#(G.+&$);*1&$&)/"&$#/.51#(-(1.5/"&D$"$*/"&"(.&$D)(#$%&)$&D1%"D1#5(H$&*1)&D%1"1.51+&

1"&*1#(%+&*1"#%(9(1.*/&)/"&>1#>/"&*1&-$.1%$& (.=1.;$& 7/.&)$"&)(-(5$#(/.1"& *1)& "$91%&D%/D($"&*1&$J;1)&-/-1.5/V&B1&$))6&J;1+&D/%&1F1-D)/+&1)&-/H(-(1.5/&*1&)$"&$-9;)$.#($"&

J;1&]$"&3(4("#6#%(,*("^&"1$&D%1"1.5$*//-/&$)=/&$&)/&J;1&1)&)/#;5/%&./&)1&1.#;1.5%$&

1_D)(#$#(G.&.(&"1.5(*/+&7&)$&D1)1$&*1)&D/)(#6$&"/)$-1.51&)1&],,(1$#,(#(&$"'/B"^V&C(.&

1-9$%=/+&>$7(1%5/"&>1#>/"&J;1&1)&)/#;5/%&.1#1"(5$&D%1"1.5$%/-/&$9"/);5$-1.51&

H1%6*(#/"+/-/&1)&$##(/.$%&*1&;.&D/)(#6$&$)&J;1&N)+/.&";"&D%/D(/"&/F/"+&H(/&"$)(%&*/"&

H1#1"&*1&0%/-$PG.+&%$\G.&D/%&)$$)&D%1"1.5$&1"5$&(.U/%-$#(G.&-1*($.51&)$&1"5%;#5;%$&

1)1H$*$Y

LiM&w/&)/&H(&"$)(%&*/"&H1#1"V

8.&1U1#5/+&1.& 1"51& U%$=-1.5/+& )$&1"5%;#5;%$&1)1H$*$&1.& LiM&] ,-#5/#%(,/3 +&"1&(."1%5$+&5$)&

#/-/&"1P$)N&$.51"+&1.&;.$&"1#;1.#($&1-(.1.51-1.51&*1"#%(D5(H$&1.&)$&J;1+&D/%&/5%/&)$*/+&

D%1*/-(.$.&*(H1%"$"&/#;%%1.#($"&*1)&H1%9/&5$3##/-/&"(-D)1&H1%9/&*1&D1%#1D#(G.&I5$3&{&

/*&*1&D1%"/.$&/&*1/"$KY&]5$*(#(14+,("'/(%^+#]5/#&3$%#-#'+(&3-#(14+,("'/(%#("+,(2(%^+&

]5/#'8-A$3$%#2$#(14+,("'/(%#7+$#$"&3(4("#6#%(,*("^+#]G-#5$*(#?$"&$#2$#4,("'-^+#],-#7+$#


20/49

5/#A+$#)$3%-"(,#2$#4,("'-#7+$#'-"#2$%$%)$3('/B"#&3(&(4("#2$#8('$3#,(%#'-%(%^V&:1%/&)/&

(.51%1"$.51&*1&*1"5$#$%&1"&J;1&1.&1"5$&/D/%5;.(*$*+&)$&1"5%;#5;%$&1)1H$*$&]G-#)/&H(&"$)(%&

2-%#5$'$%^&U;.#(/.$/-/&-$%#$&*1%51\$&J;1&U/#$)(\$&)$&(.U/%-$#(G.&J;1&1)&)/#;5/%&

J;(1%1&%1"$)5$%/-/&H1%6*(#$V&B1&1"51&-/*/+&1)&-1#$.("-/&*1&-$.(D;)$#(G.&"1&(."1%5$&

";5()-1.51&*$*/&J;1+&1)&)/#;5/%&"(&9(1.&.//.51"5$&1.&U/%-$&*(%1#5$&$&)$&D%1=;.5$&*1&)$&

*(D;5$*$&"/9%1&1)&-/-1.5/&1.&1)&J;1&H(/&))1=$%&)$"&$-9;)$.#($"+&)/&>$#1&*1&5/*/"&-/*/"&

-1*($.51&)$&/D/"(#(G.&-/*$)n$"D1#5;$)&D%15N%(5/&(-D1%U1#5/&d&D%15N%(5/&D1%U1#5/&"(-D)1V&

8.&1U1#5/+$.*/&1)&)/#;5/%&J;(1%1&"1P$)$%&J;1&;.&>1#>/&/#;%%(G&1U1#5(H$-1.51+&1"&

*1#(%+& J;1& 1"53& $9"/);5$-1.51& "1=;%/&*1& )/&J;1& 5%$."-(51+ &;5()(\$&1)&D%15N%(5/&D1%U1#5/&

"(-D)1+&-(1.5%$"&J;1/.&1)&(-D1%U1#5/&$);*1&$&>1#>/"&=1.1%$)1"&7&H$=/"Y&]H16$&

(14+,("'/(%^+&D/%J;1&1.&%1$)(*$*&J;(1%1&"(=.(U(#$%&J;1&)$"&D/#$"&$-9;)$.#($"&J;1&>$96$&

1.&1)&);=$%&*1&)/"&>1#>/"&./&"1%H6$.&D$%$&.$*$+&D/%J;1&./&51.6$.&1)&1J;(D$-(1.5/&

.1#1"$%(/V&,"6+&1)&)/#;5/%&%1U;1%\$&";&$"1%#(G.$.*/&1.;.#($Y&]H( # &3$%# - # '+(&3-#

("+,(2(%^&/&]H(#'8-A$3$%#7+$#$"&3(4("#6#%(,*(" +&D/%J;1&"1&D%1";D/.1&J;1&.$*$&*1&1"/&

1%$&";U(#(1.51&1.&1)&-$%#/&*1&)/"&>1#>/"&5%3=(#/"&7&*1"1"D1%$*/"&J;1&"1&1"5$9$.&

H(H(1.*/V&B1)&-("-/&-/*/+&$.51&)$&D%1=;.5$&]u](4*(#(,?L"#1E2/'-#'--32/"("2-v^+&1)&

51"5(-/.($.51/.51"5$&J;1&]H16$#?$"&$#2$#4,("'-^+/-/&;.&-/*/&H$=/&*1&$U(%-$%&J;1&

"6+&D1%/&J;1&1)/)/%&*1&)$&H1"5(-1.5$&./&$"1=;%$9$&J;1&"1&5%$5$%$&*1&-N*(#/"&/&*1&

D$%$-N*(#/"+&/&1.&*1U(.(5(H$&*1&D1%"/.$)&J;1&1"5;H(1%$&$#5;$.*//.&)$&1U(#(1.#($&7&)$&

D%1-;%$&J;1&%1J;1%6$&$J;1)&-/-1.5/V&C(.&1-9$%=/+$.*/&1)&)/#;5/%&J;(1%1&*1"5$#$%&)$&

$#5;$#(G.&*1&*151%-(.$*$"&D1%"/.$"$-9($&1)&;"/&*1)&(-D1%U1#5/+&D/%&1)&*1)&D%15N%(5/&

D1%U1#5/&"(-D)1Y&IS-#7+$#H(#A+$#)$3%-"(,#2$#4,("'-#7+$#'-"#2$%$%)$3('/B"#&3(&(4("#2$#

8('$3#,(%#'-%(%J=

:/%&/5%$&D$%51+&1)&)/#;5/%n51"5(-/.($.51&*1"#%(91&)/"&>1#>/"&%1D%/*;#(1.*/&1)&

-$%#/&*1/.U;"(G.&1.&1)&J;1&"1&>$))$9$&(.-1%"/&1.&$J;1)&-/-1.5/+&*1&$))6&J;1&)/"&

1.;.#($*/"&1.&D%15N%(5/&(-D1%U1#5//.&)$/."5%;##(G.&IH1%&{&/*&*1&D1%"/.$&//"$K&]G-#H16$# ,(%# (14+,("'/(%^+&]G- #H16$# ?$"&$# 2$#4,("'-^&5$-9(N.&"(%H$.&D$%$/.U/%-$%&1)&

-$%#/&*1&)$&"1#;1.#($&J;1&J;(1%1&1U1#5(H$-1.51&*1"5$#$%Y&)$&$#5;$#(G.&*1"(.51%1"$*$&*1&

;.&D/)(#6$&J;1&-;%(G&1.&";&$U3.&D/%&"$)H$%&$&)/"&FGH1.1"&$5%$D$*/"&1.&1)&(.51%(/%&*1)&)/#$)&


21/49

B1&1"51&-/*/+&)$/."5%;##(G.&1)1H$*$/.&1)&H1%9/&5$3&I)/d)/"d)$d)$"&{&5$3&{&(.UVK&

1.&D%15N%(5/&D1%U1#5/&"(-D)1&*1)&(.*(#$5(H/&5(1.1&)$&U;.#(G.+&1.&5$.5/&1H(*1.#($)&*(%1#5/&

*1&$##1"/&"1."/%($)+&*1&-/"5%$%&./&"/)/&$&;.&)/#;5/%/.&;.&$)5/&=%$*/&*1%51\$&"/9%1&

)/"&>1#>/"&.$%%$*/"&a,%-$.*/&0$."($.(+&D$*%1&*1&;.$&*1&)$"&H6#5(-$"+&H(//.&";"&

D%/D(/"&/F/"G-/&1)&D/)(#6$/)$9/%$9$&1.&1)&%1"#$51&*1&)$"&H6#5(-$"a+&"(./&5$-9(N.&$&

;.&51"5(-/.($.51&D%/U;.*$-1.51/.-/H(*/&D/%&)$&-;1%51&*1&1"51&"1%H(*/%&Dp9)(#/&J;1+&

1.&-1*(/&*1&)$/.U;"(G.&7&*1)&D1)(=%/+&./&*;*G&1.&$#5;$%/.&>;-$.(*$*&7&H$)1.56$V

:1%/&$&*(U1%1.#($&*1&)$"/."5%;##(/.1"&1)1H$*$"&I)/d)/"d)$d)$"&{&5$3&{&(.UVK+&)$"&

#/."5%;##(/.1"&./&1)1H$*$"&I 5$3&J;1&{&H1%9//.F;=$*/K&.//*(U(#$.&)$3#%$&1"5$"&*/"&

*(-1."(/.1"&1.;.#($5(H$"+&)$/=./"#(5(H$&7&)$&D$"(/.$)+&"(./&J;1+&D$%$&5%$."U/%-$%"1&1.&

1H(*1.#($)1"&*(%1#5/"&*1&$##1"/&"1."/%($)&7/*(U(#$%&$"6&)$"&*/"&*(-1."(/.1"+&.1#1"(5$.&

(.#/%D/%$%&1)&%$"=/&)(&8E1/'-&*1&-$.1%$&1_51%.$&7$&"1$&-1*($.51&%1#;%"/"&=%$-$5(#$)1"&

/&9(1.+/.51_5;$)1"V&

@1$-/"+&1.5/.#1"+3)1"&"/.&1"5/"&%$"=/"Y

I5$3&J;1&{&H1%9//.F;=$*/K&L#/."5%;##(/.1"&./&1)1H$*$"&{&%$"=/&)(&8E1/'-/-/&

1H(*1.#($)1"&*(%1#5/&*1&$##1"/&"1."/%($)M&

8)&"(=;(1.51&U%$=-1.5/+&1-(.1.51-1.51&*1"#%(D5(H/+&1"&D$%51&*1)&51"5(-/.(/&*1&,-1)($&

2/%%3"&L$.$)(\$*/&-3"&$%%(9$M&1.&1)&J;1&1"5$&-$-31.5$&)$&-;1%51&*1&";&>(F$&?$9%(1)$V&

h./&*1&)/"&%1#;%"/"&J;1&D/.1.&1.&1"#1.$&)$&U(=;%$&*1&;.&1.;.#($*/%&J;1&

*1"#%(91&1.&"(-;)5$.1(*$*/.&)/"&>1#>/"&/#;%%(*/"&7&)/"&D%1"1.5$&$"6/-/&-3"&H1%/"6-()1"&

1"&1)&D%1*/-(.(/&*1)&D%1"1.51&*1)&(.*(#$5(H/&1.&)$"&1"5%;#5;%$"&./&1)1H$*$"&I 5$3&J;1&{&H1%9/&

#/.F;=$*/KY&

IoK

s0;$.*/&"$)=/&H(&J;1&H1.6$.&)/"&9/-91%/"g&);1=/&H1/&J;1&-1&"$#$.&$&?$9%(1)$&$)&-1*(/&*1&)$$))1g&8.5/.#1"+&H1/&J;1&"$)1&?$9%(1)$+&J;1&"1&)$&))1H$9$./.&/_6=1./V&w&=%(5/&J;1&1"&-(&>(F$V&,&)$"&*/"&7&-1*($&*1&)$&-$P$.$&)$&))1H$.&$&51%$D($V&41&5%$5$.&*1&5%$.J;()(\$%&*(#(N.*/-1&J;1&7$&>$96$&1.#/.5%$*/&$&-(&>(F$V&8"5;H1&5%1"&>/%$"&1.&1)&m/"D(5$)&


22/49


23/49

:1%/&)/"&%$"=/"&)(&8E1/'-%&D;1*1.&1"5$%&-$%#$*/"&=%$-$5(#$)-1.51/-/&1.&1)&

*$5(H/&*1&(.51%N"&]-1^&*1&LRM+&/&1-$.$%&*1)&-("-//.51_5/&*("#;%"(H/&7&

D%/H/#$%+&1.5/.#1"+&)$&$"(-()$#(G.&*1)&H1%9/&5$3&$&/5%/"&"(=.(U(#$*/"/-/&1)&*1&

]*$%"11.5$^V

@1$-/"G-/&"1&D%/*;#1&1"5$&$"(-()$#(G.Y&

! I5$3& J;1 & { & H1%9/ & #/.F;=$*/K & L#/."5%;##(/.1" & 1)1H$*$" & { & %$"=/ &)(&8E1/'-#

#/.51_5;$)&|&*$%"11.5$M&

8.&1)&"(=;(1.51&U%$=-1.5/&51"5(-/.($)+&'$9($.$&:;19)$+&;.$&"/9%1H(H(1.51&*1&)$&

5%$=1*($+&*1"#%(91&7&.$%%$&";"&"1."$#(/.1"&7&";U%(-(1.5/"&*;%$.51&1)&(.#1.*(/&*1)&

)/#$)Y

IoK

j/&"N3.5/&5(1-D/&>$9%3&D$"$*/+&7&./&1.#/.5%$9$&)$&"$)(*$V&@16$&$&)/">(#/"+&J;1$*$&H1\&1%$.&-1./"V& 8.&;.&-/-1.5/&*$*/&1"5;H1&7/& "/)$$-(.$.*/&D/%&1)&);=$%+&D1%*6&)/"&\$D$5/"&$)&5%/D1\$%-1/.&;.1%D/&7&$>6&-1&*(F1&J;1&./&D/*6$&"$)(%V&41&"1.5N&H1.#(*$+&-1&$=$%%G&";1P/&7&

D1."NY& 9;1./+& "(& 5/5$)&-1&H/7& $& */%-(%&7&-1&H/7& $& -/%(%V&0;$.*/& -1&"1.5N+&-1&J;1*N&J;(15$g&7$&./&D/*6$&%1"D(%$%&7&./&D/*6$&H1%V&C1&-1&H(./&$&)$&-1.51&r/"N+&7&D1."NY&"(&r/"N&"$)(G+G-/&-1&H/7&$&J;1*$%&$#3g&51.=/&

J;1&"$)(%V&@/)H6&$&)1H$.5$%-1&7&1-D1#N&$&9;"#$%&)$&9$%$.*$&*1&)$&1"#$)1%$V&0;$.*/&1-D(1\/&$&5$.51$%&1)&);=$%+&"(=/>/#3.*/-1/.1%D/"&7$.*/&))1=/&$&)$&9$%$.*$&J;1&1"5$9$%#$&*1&)$&1"#$)1%$&)$&5/#/&7&-1&J;1-/&)$&-$./V&,>6&7$&>$96$&1.#/.5%$*/&)/"&1"#$)/.1"&D$%$&D/*1%&9$F$%V&0/-/&7$&>$96$&D1%*(*/&)/"&\$D$5/"+&9$FN&1)&D%(-1%&1"#$)G.+&-1&J;1-N&)/"&

D(1"&7&-1&*(/&-(1*/V&8.5/.#1"+&-1&H/)H6&$&"1.5$%& 1.&)$"&1"#$)1%$"&7&-1&J;1*N&$>6V&,)&%$5/+&1-D1#N&$&9$F$%/.&)$/)$V&8-D1#N&$&9$F$%&)$"&1"#$)1%$"+&>$"5$&J;1&))1=;N&$)&p)5(-/&1"#$)G.V0;$.*/&9$FN&1)&p)5(-/&1"#$)G.+&-1&J;1*N&$>6&5(%$*$&D/%J;1&7$&./&D/*6$&-3"V&8.&1"1&-/-1.5/+&1.5%$.&*/"&D1%"/.$"+&-1&$=$%%$.&*1&)/"&D(1"&a./&%1#;1%*/G-/&D/%J;1&1.&1"1&-/-1.5/&1"5$9$&-$)a&7&-1&"$#$.V&w&

#;$.*/&-1&"$#$.&7&-1&)1H$.5$.+&$)&%1"D(%$%&1)&$(%1+&-1&*1"-$7/V&w&-1&*1"D1%5N&$) &%$5/+$.*/&-1&5(%$%/.&;.&9$)*1/.&$=;$+&1.& ;.$&1"J;(.$+&J;1&.(&"(J;(1%$&"N&*G.*1&1"53V&,>6&%1$##(/.N&7&5/*/&-1&*$9$&H;1)5$"V&j/&"$96$&*G.*1&1"5$9$&D$%$*$+&H16$&J;1&)/">(#/"&"1&1"5$9$.&-;%(1.*/&$)&)$*/ & -6/+& J;1 & )/" & U$-()($%1" & ))/%$9$. & / & )/" & $-(=/" & 9;"#$9$.&*1"1"D1%$*/"g&>$96$/%%(*$"g&H16$&-;#>$&=1.51&J;1&$7;*$9$+&D/%J;1&7/&1"5;H1&;.&%$5/&5(%$*$&7&5/*/"&-1&H1.6$.&$&D%1=;.5$%&"(&1"5$9$&9(1.V&IoKLB1#)$%$#(G. & *1 & '$9($.$ & :;19)$V & 0/-("(G. & (.H1"5(=$*/%$n0%/-$PG.V&b1=(")$5;%$&*1&)$&0(;*$*&,;5G./-$&*1&2;1./"&,(%1"+&WX&*1&-$7/&*1&WXXZ+&$&)$&>/%$&QZ&7&WS+&DDV&ZZniQMV&

I@1%"(G.&5$J;(=%3U(#$&*("D/.(9)1&1.Y&c>55DYddeeeVJ;1./"1%1D(5$V#/-V$%fKVL8)&";9%$7$*/&1"&-6/MV


24/49

8.&1"51&U%$=-1.5/+&1.&5/%./&*1)1%D/&D1%#(9(1.51/."(*1%$*//-/.5%/&*1

%1U1%1.#($+&"1&/%=$.(\$.&)/"&*16#5(#/"&1"D$#($)1"&] 1$# 7+$2E #$>6# &/3(2(^+&)/"&

H1%9/" &$"&3(3+& %('(3& 7 &5$"/3+ & )/" & *16#5(#/" & *1& D1%"/.$ &1$& L-1# 7+$2E. #-1&

(?(33(".#-1#%('(".#-1#2$%1(6-.#-1#&/3(3-"#+"#4(,2$+&15#VMV&

8.&5/*/&$#5/&*1&D1%#1D#(G.+&$)=/&a;.&/9F15/&/&;.&$#/.51#(-(1.5/a&"1&>$#1&

D%1"1.51&$.51&$)=;(1.&J;1+&$&";&H1\+&-$.(U(1"5$&$)=p.&5(D/&*1&%1$##(G.&U%1.51&$&)/&

D1%#(9(*/& L'()(.(#>+&WXXTYZ[MV& B(#>/&*1&/5%/&-/*/+&1.&1"51&$#5/&(.$;=;%$)&*1&

"(=.(U(#$#(G. & / &&-1(#2$#)-%/'/B"+&1)1%D/&"1/."5(5;71/-/.5%/ ) *1&

%1U1%1.#($&D/%J;1&"(1.51&;.$&(.51."(*$*&J;1&$5%(9;71&$&;.$&D%1"1.#($ # L1/3(M# 7&

D/%J;1 & %1$)(\$+ & $ & D$%5(% & *1 & *(#>/ & #1.5%/+ & )$" & $D%1#($#(/.1" & *1 &)-%/'/B"+ &*1&

2/%&("'/(& 7&*1 &'("&/2(2& L'()&('/B"MV&:/%&/5%$&D$%51+&1"5$"&/D1%$#(/.1"&5(1.1.&

);=$% &1. &;.& 3-9(5/& J;1&D;1*1& "1% &*1U(.(*/& #/-/& ;.$ &)3-A+"2/2(2) L1"D$#($)+&

51-D/%$)+&$U1#5(H$&/&(-$=(.$%($M+/."(*1%$*$&.//-/&;.$&D/"(#(G.&"(.//-/&

;.&-/H(-(1.5/&J;1&"1P$)$&)$&*("5$.#($&D1%#(9(*$&1.5%1&1).5%/&7&)/"&>/%(\/.51"&

L'/.5$.())1+&WXXQYl[MV&

,"6 & #/.#19(*$+& )$& D1%#1D#(G.& (-D)(#$& ;.& 1"U;1%\/& D/% & D$%51& *1) & ";F15/&

D1%#(9(1.51&J;1&51.*%3+&93"(#$-1.51+& */"&/D#(/.1"&1"5%$5N=(#$"&D$%$$D5$%& 1)&

/9F15/Y&$#;-;)$%&*(H1%"/"&D;.5/"&*1&H("5$+&%1$)(\$.*/&;.&%1#/%%(*/&$)%1*1*/%&*1&

N)+&/&"1)1##(/.$%&;.& $"D1#5/&D%/5/56D(#/&7+&$ &D$%5(%&*1&$))6+&*1"$%%/))$%&)$"&/5%$"&

D$%51"V

:/%&/5%$&D$%51+&1)1%D/&1"&$U1#5$*/&D/%&)/&D1%#(9(*/&1.&*("5(.5/&=%$*/&7&

1_51."(G.&L)-%/'/B"+& 2/%&("'/(M+&D1%/&D$%$&J;1&1)1%D/&D1%#(9$&7&"(1.5$&;.$&

D%1"1.#($+& 1"5$&*191& D/"11%&./&"/)$-1.51& #(1%5$ &$H&$"%/B"+&*1&5$)&-$.1%$&J;1&

D;1*$&"1%&D1%#(9(*$+&"(./&5$-9(N.(1%5$ &/"&$"%/2(2+&D/%&)$$)&1)1%D/&"1&H1$&

1U1#5(H$-1.51&$U1#5$*/V&

8.&1)&U%$=-1.5/&$.51%(/%&)$&)/#;5/%$&>$&D1%*(*/&1)/./#(-(1.5/&7/-(1.\$&$&*$%"11.5$&*1&)/&J;1&";#1*1&$&";&$)%1*1*/%+$.*/&)1&5(%$.&;.&

9$)*1&*1&$=;$V&b/&J;1&$*H(1.1&$&";&H("(G.+&1.&1"1&-/-1.5/+&"/.&]'8/'-%#IJ;1K&

%$ # $%&(4(" #1+3/$"2-#(, # ,(2-# 1*-^+&U$-()($%1"&/&$-(=/"&J;1&))/%$9$.&7&)/"&

9;"#$9$.&7&]?$"&$#7+$#(6+2(4(^Y


25/49


26/49


27/49

(.U1%1.#($&$&)$&J;1&1)&)/#;5/%&$%%(9$&%$#(/.$)-1.51&$&D$%5(%&*1&*151%-(.$*/"&

(.*(#(/"V

I5$3& J;1 & { & H1%9/ & #/.F;=$*/K & L1"5%;#5;%$ & ./ & 1)1H$*$ & #/-/ & (.U1%1.#($ & D/%&

%$\/.$-(1.5/M&

@1$-/"&1)&"(=;(1.51&51"5(-/.(/&*1&')/%1.#($+&;.$&F/H1.&"/9%1H(H(1.51Y

su0G-/&"$)("51+&')/%v

')/%1.#($Y&s,*1.5%/+&)/&p.(#/&J;1&1"#;#>$9$&1%$&)$&H/\&*1&r;)(3.V&b1&*(=/Y&]@$-/"&$)&D("/+& >$7&$(%1&1.&1)& D("/ V& j/"&5(%$-/"+&D1%/&./&>$96$&$(%1+&7&./"&D$"$9$&)$&=1.51&D/%&1.#(-$V&j/"&H/)H(-/"&$&D$%$%V&b)1=$-/"&$&)$&9$%$.*$&7&)1&*(=/Y&]O(%N-/./"^V&41&$=$%%$&7&-1&*(#1&J;1&./V&b1&*(=/&

J;1&./"&H$-/"&$&-/%(%V&41&*(#1&J;1&./V&8"#;#>/&J;1&N)&-1&=%(5$&J;1&-1&$-$V&8.&;.&-/-1.5/&./"&"1D$%$-/"+&./&"NG-/V&r;"5/$.*/&";1)5/&)$&-$./&*1&r;)(3.+&H1/&J;1&*(#1&]"$)(*$&*1&1-1%=1.#($^V&,)&U(.$)&D;*1&"$)(%&

D/%&;./"5$*/&*1)&>/51)V&

L,,V@@V&LWXXZM&R$"$3('/B"#P3-1(QB"=#S$''/-"$%#2$#3$%/%&$"'/(.#%-,/2(3/2(2#6#3-'("3-,+&2;1./"&,(%1"+&)$H$#$+&DV&WSMV&L8)&";9%$7$*/&1"&-6/MV

0/-/&";%=1&*1&1"51&U%$=-1.5/&51"5(-/.($)+&)$/."5%;##(G.&./&1)1H$*$&]H1/&J;1&*(#1&}%(,/2(#2$#$1$3?$"'/(~^+&"1P$)$&D1%#1D#(G.&H(";$)&D;%$V &8.&1U1#5/+&)$&1"5%$51=($&1.&1"51&

51"5(-/.(/&D$%1#1%6$/."("5(%&1./.U%/.5$%&)$&.1=$#(G.&*1&5/*/"&)/"&"1.5(*/"+&*1&>1#>/&)$&

)/#;5/%$&./&D;1*1&1"#;#>$%&.$*$+&./&D;1*1&%1"D(%$%+&./&D;1*1&-/H1%"1+&7&1"53&D1%*(*$&1.&

;.$&D%/U;.*(*$*&*1&$>/=/&7&1.#(1%%/+/.&1)&p.(#/&"1.5(*/&J;1&)1&D1%-(51&"$)H$%"1Y&)$&

D1%#1D#(G.&*1)$%51)&*1&)$&"$)(*$&*1&1-1%=1.#($V

:/%&1)/.5%$%(/+&1.&1)&D%G_(-/&U%$=-1.5/&1.&1)&J;1+&/%$"&D/"51%(/%1"&$&)$&5%$=1*($+&)$/."5%;##(G.&./&1)1H$*$&I 5$3&J;1&{&H1%9//.F;=$*/K&

$*J;(1%1&/5%/&"1.5(*/+&1)&*1&(.U1%1.#($&D/%&%$\/.$-(1.5/Y&

+:EL)#:AB?


28/49

%11"5$9)1#(*/&;.&/%*1.&U;.*$-1.5$)&D$%$&"$)H$%&H(*$"V&,"6&U;1/-/&D$"GV&:/%&1"/&U;(&$&*1.;.#($%&1"5/&$&)$&'("#$)6$V

LB1#)$%$#(G.&*1&$& =1.51& J;1& 1.&-(& H(*$&>$96$& H("5/& 7& )$"$%$"/./#(*$"&*1&1"5$"&3%1$"+&J;1&*191%6$.&>$91%&1"5$*/&1.&1"1&);=$%&7&J;1&7/&)$"/./\#/+&./&)$"&H(V

+:EL)-B9A8BB;:;L)s4;#>$"&=%$#($"V

+:L)!E8B?E8?L&sj/&"N&"(&$&;"51*1"&)1"&"(%H1&51.=/&$)=/&J;1&-1&1.5%1=$%/.&1.&)$&-/%=;1&7&J;1&;./&*1&)/"&*/#5/%1"&U(%-$&1"5/&$&)$"&QQ&7&TXV&t;("(1%$&


29/49

J;1&)/&)171%$.&D/%J;1&>$7&;.$&$#)$%$#(G.&$5%3"&%1"D1#5/&*1&;.$&U1#>$&J;1&1"53&%1#5(U(#$*$&/&%$5(U(#$*$V&8.&D%(-1%&);=$%&)$&$;5/D"($&)$&>$#1./.&jj/.&/5%/&./-9%1&7&$D$%1#1&;.$&$#)$%$#(G.&$&D/"51%(/%&J;1+&>/.1"5$-1.51+&-1&))$-$&)$&$51.#(G.V&j/&"N&"(&)1"&"(%H1+&)/&H1//-/&;.&*$5/&-3"&$&)$$;"$V&:/%&)/&-1./"&D$%$&)$&9p"J;1*$&*1&(.U/%-$#(G.V


8.&1"51&U%$=-1.5/+&$)&1.;.#($%&],-#5$-#'-1-#+"#2(&-#1N%#2$#,(#'(+%(^&1)&)/#;5/%n

51"5(-/.($.51 & D/.1 & 1.& 1"#1.$ & ;.& 1.;.#($*/% & J;1 & -;1"5%$ & ";& ";9F15(H(*$*& )$ & J;1+&

H$)(*$*$&D/%&)$&%$#(/.$)(*$*&*1)&F;(#(/+&D%/H/#$&J;1&5$-#"1#$"(-()1&1.&1"51/.51_5/&$)&"(=.(U(#$*/&]F;\=/&//."(*1%/&1"51&*$5/&(-D/%5$.51&D$%$&)$$;"$^V

8.&1)&D%G_(-/&U%$=-1.5/&51"5(-/.($)+&]'$#;^+&;.&F/H1.&"/9%1H(H(1.51+1.5$&";&

1_D1%(1.#($&7&1"&";&D%/D(/1%D//-/.5%/&*1&%1U1%1.#($&1)&J;1&1_D%1"$&)$&%1$##(G.&

"/-35(#$&*1)&D$H/%Y&)$&(.-/H()(*$*V&8)&*1"#/.#(1%5/&7&)$&(.#1%5(*;-9%1&-$%#$.&1)&

#>/J;1&1.5%1&*/"& "("51-$"&*1 &H$)/%1"& J;1& $& )$& -$.1%$& *1& ;.$& )1.51& *1"1.U/#$*$& ./&

1.#;1.5%$&1)&$F;"51&.1#1"$%(/V&b$&D%1*("D/"(#(G.&D$%$&*("U%;5$%&*1&;.&1"D1#53#;)/&*1&%/#E&

J;1*$&$"6&$H$"$))$*$&D/%&1)&]J;()/-9/^&*1&/"#;%(*$*+&$"U(_($&7&*1"1"D1%$#(G.&*1)&

(.51%(/%&*1)&9/)(#>1&9$()$9)1V&

8"5$9$&D$%$)(\$*/+&*1"#/.#1%5$*/V&j/&)/&D/*6$%11%V&j/&"N&"(&1%$&)$&(.#1%5(*;-9%1&*1&./&"$91%&J;N&H$&$&D$"$%V&w/&)$&H16$&"(-D)1+%1/&J;1&1.&-1*(/&*1)&J;()/-9/&D1."$9$&J;1&69$-/"&$&(%&D$%$&$U;1%$V&B1"D;N"&1.5%$%6$-/"&7&5/*/&"1=;(%6$&(=;$)+/-/&"(&./&>;9(1"1&D$"$*/&.$*$V&

j(&;.&"1=;.*/& D1."N& J;1& 0%/-$PG.& D/*%6$& D%1.*1%"1& U;1=/& *1&1"$&-$.1%$V&j/$6$V&:(1."/&J;1&$&)/"&*1-3"&)1"&D$"$%6$&)/&-("-/V&C(&8\1&./&-1&$=$%%$&*1&)$&-$./&7&-1&/9)(=$&$/%%1%&$&)$&U;1%\$+&-;1%/&$>6&

-("-/&(.5/_(#$*/V&6&;./&D1."$9$&1.&;./V&C/.(%#;."5$.#($"&*1&)$&H(*$&1.&J;1&)$-1.5$9)1-1.51&D1."3"&"/)$-1.51&1.&H/"V&w&)/&D1/%&H1.*%6$&*1"D;N"+$.*/&"1/%5G&)$&);\V&8.&1"1&-/-1.5/&)$&H1%*$*&1"&J;1&D1."N&J;1&J;1*$%6$&$5%$D$*/&$>6V&0>$;+&7$&1"53V&x41&-;1%/&$#3&./-3"y

L


30/49

0/.&)$&1.;.#($#(G.&*1&LQWM+&1)&)/#;5/%&D/.1&1.&1"#1.$&)$&U(=;%$&*1&;.&1.;.#($*/%&J;1&

1_D%1"$&;.&F;(#(/&";9F15(H/&1.&1)&-/-1.5/&*1&)/"&>1#>/"+/.&;.$&-(%$*$&(.=1.;$&J;1&)1&

D1%-(51&*1#(%&]7/&F;\=$9$&)$&"(5;$#(G./-/&$)=/&-;7&"(-D)1&7&D$"$F1%/ Y

LQWM&w/&)$&H16$&"(-D)1V

8.&1U1#5/+&5$3&./&1"53&1.&D%1"1.51&"(./&1.&D%15N%(5/&(-D1%U1#5/&] 5$*(^+&&*$*/&J;1&"1&

(."1%5$&1.&;./.51_5/&*1"#%(D5(H/&1.&5(1-D/&D$"$*/+&D/%&)/$)+&$)&(=;$)&J;1&1.&1)$"/&

*1)&1H(*1.#($)&F;*(#$5(H/&$"'+$"&3-&LH1%&0$D65;)/&TM&1"5$%6$&$&-(5$*&*1$-(./&1.5%1&)/"&

H1%9/"&*1&D1%#1D#(G.&7&)/"&1H(*1.#($)1"+&7&D/*%6$&D$%$U%$"1$%"1/-/&])$&>$))$9$&

"(-D)1^+& $#1D#(G.& 1.& )$& J;1& D%1*/-(.$& 1)& -$5(\ & D1%#1D5;$)& D/% & "/9%1 &1)& *1) & F;(#(/+&

]F;\=/^+&J;1&"/)/&"1&-$.51.*%6$&1.&5(1-D/&D%1"1.51&V

:$%$& U(.$)(\$%+ &1.& 1)& "(=;(1.51&U%$=-1.5/&51"5(-/.($)+& )$& )/#;5/%$+&4$;=1+&/5%$&

"/9%1H(H(1.51+& #/-/&(.51.5$ &$D/%5$% &1H(*1.#($"& D$%$& )$& #$;"$+ &.1#1"(5$& D%/71#5$% &;.$&

(-$=1.&*1$;51)$&7&*1&%$#(/.$)(*$*Y&

4$;=1Y&sB1&0$))1F1%/"+&7/&*(=/&J;1&./&)/"&H1/)D$9)1"+&D1%/&)/"&H1/&%1"D/."$9)1"V&b1&*(F1&$&;./&*1&)$&9$.*$Y&]C(&))1.$"51&;.&8_#;%"(/.("5$"&>$#1&*(1\&*6$"/.&QlVXXX&D1%"/.$"+&./&D/*N"&(%&$&0%/-$PG.V&w&1)&U)$#/&-1&*(#1Y&]:1%/&7/&D1%*6&$&$)=;(1.&*1&-(&U$-()($^V&8"53&9(1.>$9G.+&D1%/$"(&D(1%*/&)$&H(*$&D/%&(%&$&H1%51&$&H/"V&C/"&%1"D/."$9)1+&./&"/")D$9)1V

L,,V@@V&LWXXZM&R$"$3('/B"#P3-1(QB"=#S$''/-"$%#2$#3$%/%&$"'/(.#%-,/2(3/2(2#6#3-'("3-,+&2;1./"&,(%1"+&)$H$#$+&DV&TQMV&L8)&";9%$7$*/&1"&-6/MV

b$&)/#;5/%$&*1&1"51&51"5(-/.(/&.1#1"(5$+&1.5/.#1"+&7&$;.J;1&D$%1\#$/.5%$*(#5/%(/+&

-/"5%$%& ;.$&";9F15(H(*$*&]/9F15(H$^+&*1&$))6&J;1&)$& 1.;.#($#(G.&*1)&H1%9/ &5$3#1.&LQTM&/D1%1 &*1 & )$& -("-$&-$.1%$& J;1&1) &1H(*1.#($)& *(%1#5/& *1& $##1"/& "1."/%($) &$"'+$"&3-+&

*1"$%%/))$*/&1.&1)&0$D65;)/&TY&

LQTM&o&7/&*(=/&J;1&./&)/"&H1/)D$9)1"+&D1%/&)/"&H1/&%1"D/."$9)1"V&

8)&H1%9/&5$3&1.&Q&D1%"/.$&*1)&D%1"1.51&*1)&(.*(#$5(H/&{&!B&7/-D)1-1.5/&D%1*(#$5(H/&

/9)(=$5/%(/&/%(1.5$*/&$)&/9F15/&D/*%6$+&$)&(=;$)&J;1&1)&651-& $"'+$"&3-.&"1%/."(*1%$*/&


31/49

#/-/&;.&D1%U/%-$5(H/+7$&1.;.#($#(G.&1J;(H$)1&$&)$&%1$)(\$#(G.&*1&;.&$#5/&*1&>$9)$&

F;*(#$5(H/V&:/%&/5%$&D$%51+&1.&5$.5/&1H(*1.#($)&*(%1#5/&*1&$##1"/&"1."/%($)+&5$-&"1P$)$&J;1&

)/&J;1&*(#1&1)&)/#;5/%&"1&/%(=(.$&1.&";&1_D1%(1.#($&D1%"/.$)+&"(.&1-9$%=/+&$)&(=;$)&J;1&

#/.&$"'+$"&3-+&$)&1.;.#($%&5$-&1)&)/#;5/%&D/.1&1.&1"#1.$&;.&1.;.#($*/%&J;1&U/%-;)$&;.&

F;(#(//.&1)&J;1&5$-(\$&)$&1-/#(G.&*1&";&1.;.#($#(G.&7/.&1)&J;1&)/=%$+&1.5/.#1"+&;.&

1U1#5/&*1&-$7/%&/9F15(H(*$*V&8)&-("-/&"(=.(U(#$*/&"1&%1D(51&1.&1)&"(=;(1.51&U%$=-1.5/+&

1.&1)&J;1&?1%$+&;.&"/9%1H(H(1.51+&>$9)$&*1)&%/#EY&

?1%$Y&sw/&H1/&$)&%/#E/-/&;.$&1_D%1"(G.V&:$%$&/5%$&D1%"/.$&D;1*1&"1%&)$&D(.5;%$+&/&)/&J;1&"1$V&:1%//.&1)&%/#E&"1&D;1*1&>$9)$%&*1&5$.5$"&(.F;"5(#($"&J;1&;./&H(H1VVV&,&-6&-1&=;"5$.&)$"&9$.*$"&J;1&*(#1.&$)=/V&(#/"&J;1&)$9;%$.&7&-1&*$&-;#>$&%$9($$.*/&)/"&-p"(#/"&*1&$%%(9$&)1"&"$#$.&-N%(5/+&)1"&*$.&D$)/&7&*(#1.&]1)&%/#E>$9G.+&1)&%/#E&9$%%($)^V&b$"&

9/)$"Y&-1F/%&J;1&)/"&D(91"&1"5N./.&;.$&=;(5$%%$&7&./&-15(1.*/$P/"V

L,,V@@V&LWXXZM&R$"$3('/B"#P3-1(QB"=#S$''/-"$%#2$#3$%/%&$"'/(.#%-,/2(3/2(2#6#3-'("3-,+&2;1./"&,(%1"+&)$H$#$+&DV&iXMV&L8)&";9%$7$*/&1"&-6/MV

,"6+&

LQ[M&w/&H1/&$)&%/#E/-/&;.$&1_D%1"(G.V

"(=.(U(#$&1.&1)/.51_5/&*1)&51"5(-/.(/&]w/&F;\=/&$)&%/#E/-/&;.$&1_D%1"(G.^+&*1)&

-("-/&-/*/&J;1&]G-#,-#5$-#'-1-#+"#$%)$@-^&"(=.(U(#$&])/&F;\=/+&)//."(*1%//-/&;.&

1"D1F/^V


32/49


33/49


34/49


35/49


36/49


37/49


38/49

+:EL)#=A\FE&s43"&/&-1./"$)#;)/&D/%&)/"&-1."$F1"&J;1&51.=/&1.&1));)$%V+:EL)#:AB?3"&1"5$&91.=$)$&*1&5%1"&5(%/"V&8.5/.#1"+&uJ;N&D$"$v

+:EL)#=A\FE&s41&J;1*N&*;%$V&j/&1.51.*6$&.$*$V&,.51"&*1&J;1&D$"1&5/*/&1"5/+$.*/&1"5$9$&>$9)$.*/&0>$93.+&)1&*(F1&$&r/"NY&]uD$%$&J;N&*(#1&5$.5$"/"$"&N"51v&8"53&))$-$.*/&$&)$&*1"=%$#($^V&w&N)&-1&*(F/Y&]./&"1$"&9/);*$+&&1/3NG-/&1"53&1)&51#>/V&uj/&51&*$"1.5$&*1&J;1&"1&D;1*1&D%1.*1%&U;1=/&7&D/*1-/"&-/%(%&5/*/"&$#3v^&w&-1&*1FG&

D1."$.*/V&:1%/$.*/&H(&J;1&"1&1-D1\G&$&D%1.*1%&U;1=/&1)&51#>/+&

-1&J;1*N& J;(15$& 7& *;%$V& j/&)/ & D/*6$ %11%V &8.& 1"/+& H1/& $& ;./">(#/"/%%(1.*/& 7 &)/& p.(#/& J;1& $5(./& $& >$#1%& 1"&J;1*$%-1& 1.&)$&

9$%$.*$& 7 & =%(5$%)1" & ]xD1.*1F/"& D1)/5;*/"Y &&1/3$"& )/& J;1&>$#1.+& 7&$>/%$&"$)1./%%(1.*/y^+&D/%J;1&7/&H16$&J;1&)/"&J;1&D%1.*(1%/.&)$&

91.=$)$&"$)6$.V&:1%/&-1&J;1*N&*;%$V&

LB1#)$%$#(G. & *1 & '$9($.$ & :;19)$V & 0/-("(G. & (.H1"5(=$*/%$n0%/-$PG.V&b1=(")$5;%$&*1&)$&0(;*$*&,;5G./-$&*1&2;1./"&,(%1"+&WX&*1&-$7/&*1&WXXZ+&$&)$&>/%$&QZ&7&WS+&DDV&ZZniQMVI@1%"(G.&5$J;(=%3U(#$&*("D/.(9)1&1.Y&c>55DYddeeeVJ;1./"1%1D(5$V#/-V$%fK&L8)&";9%$7$*/&1"&-6/MV

C(.&1-9$%=/+&1.&1"51$"/&"/"51.=/&J;1&"1&5%$5$&*1&;.&1H(*1.#($)&*(%1#5/&J;1/*(U(#$&)/&

)/&%$#(/.$)&7&)/&D$"(/.$)+&D;1"5/&J;1&r/"N+&1)&)/#;5/%&*1&]"-#%$(%#4-,+2(.&-(%3#'B1-#$%&N#

$,#&$'8-^+& D/.1& 1.& 1"#1.$& */" & 1.;.#($*/%1"Y & 8Q& J;1 & "/"5(1.1 & 1) & D;.5/& H("5$& *1 & )$&

(.51%D1)$#(G.&$)&(.51%)/#;5/%&D$%$&J;1&*(%(F$&)$&H("5$&$)&51#>/&7&8 W+&J;1&-1*($.51&)$&U/%-$&

1_#)$-$5(H$&1/3N+#]-;1"5%$^&";&";9F15(H(*$*+&7&"1&1%(=1/-/&)$&U;1.51&7&1)&/%(=1.&*1&";&

D%/D($ & 1.;.#($#(G.V& b$& ";9F15(H(*$*& *1 & )$ & )/#;5/%$& "1 & H1 & #/.& -$7/%& #)$%(*$*& 1.& 1)&

1F1-D)/&]x)$"2$@-%#)$,-&+2-%`#-(%1.#,-#7+$#8('$".#6#(8-3(#%(,$"#'-33/$"2-y^&1.&1)$)&

1/3$"&7$&./&$);*1&$&)$&$##(G.&*1&*(%(=(%&)$&H("5$&>$#($&;.&*151%-(.$*/&);=$%+&"(./&-3"&

9(1.+&$&]*$%"11.5$^+&$&]$";-(%^&;.$&*151%-(.$*$&"(5;$#(G.V&

0/.&)$&1.;.#($#(G.&*1&1/3N&;&"1&D1%U/%-$+&1.5/.#1"+&;.&$#5/&*1&>$9)$&)(&8E1/'-#

a1.&1"51$"/+&*1&%1D%/#>1&*1"1"D1%$*/a&-1*($.51&1)$)&)$&)/#;5/%$n51"5(-/.($.51+&'$9($.$&

:;19)$+&-;1"5%$&1)&(.#(D(1.51&51%%/%&J;1&)$&(.H$*1&7&J;1&";%=1&D%1#("$-1.51&*1&";&D%1"1.#($&

1.&1)&);=$%&*1&)/"&>1#>/"+&*1&";&D$%5(#(D$#(G./-/&51"5(=/&/#;)$%V&


39/49


40/49

6#/+)/(1&7"#)%../,

LRM&su0G-/&51&D$%1#(G&J;1&)/"&-1*(/"&*1/-;.(#$#(G.&5%$5$%/.&1)&51-$v&

sw&9;1./V&8%$&U1/+&>/%%(9)1&D1%/+&uJ;N&)1&H$"&$&>$#1%v&b/&J;1&D$"$&1"&J;1&=%$#($"&$&)$&51)1H("(G.&"1&>(\/&;.&-/.5G.&*1/"$"V&w/&51.=/&)/"&$-(=/"&-6/"&1.&51%$D($&7&)$"&-$*%1"&"1&-15(1%/.&./&"N&1.3.5$"&-/%=;1"V&8"$&=1.51&J;1*G&D1/%&J;1&)/"&J;1&U;(-/"V&4(&$-(=/&-1&)/&*(#1V&4(&H(1F$&J;1*/&D1/%&J;1&7/V&xuC$9N"&J;N&U1/&1"&(%&$&$=$%%$%&)$&"39$.$&7&$#1%5$%&"(&1"53&5;&>(F/&$>6&$9$F/vy&8"$&=1.51&J;1*G & #/-/& )/#$V & b$& >1%-$.$& J;1*G & %1#/)(U$g & )$& -$*%1+& >1#>$&-(1%*$VVV&';1%/.&$&5/*/"&)/"&>/"D(5$)1"&*1&$))3&*1&0$D(5$)&7&*1&$>6&"1&

U;1%/.&$&)$&-/%=;1V&w&N)&$D$%1#(G&$&)$"&"(151&*1&)$&-$P$.$&1.&1)&>/"D(5$)&(.51%.$*/V&:/%J;1&"(&H/"&1"53"&*1"-$7$*/+&x./&D/*N"&>$#1%&.$*$y&C(&7/&-1&>;9(1%$&*1"-$7$*/+&-(&H(1F$&"1&-/%6$V&,&-(&H(1F$&)$&))$-$%/.&D/%J;1&>$96$.&1.#/.5%$*/&1)&*/#;-1.5/&7&J;1%6$.&H1%&"($D$\&J;1&1"5$9$&-;1%5/V&

sxxxw&H/"&7$&1"5$9$"&$#3yyy&

sw/&7$&1"5$9$&$#3+&=%$#($"&$&B(/"+&*;%-(1.*/V&w/&))1=;N&$#3&7&H(&1.&)$&51)1&$)%1*1*/%&*1&J;(.#1&-;1%5/"&J;1&7$&)/"&>$96$&H("5/&$))3&

D1%/&7/&"$96$&J;1&1%$.&-3"V&uC$9N"v+$.*/&"$)6+&*(F1Y&],)=;./&H$&

$&-/%(%V&!F$)3&J;1&./&D1%/&D$%$&$&-6+&$)=;./&"1&-;1%1^V&b1&*(F1&$&)$>(#$VVV&b/&J;1&-1./"&-1&(9$&$&(-$=(.$%&1"&J;1&(9$.&$&-/%(%&*/"#(1.5$"&D1%"/.$"VVV&j/V&j/V&j/V&x';1&;.&*1"$"5%1y&x:$%$&)$&U1#>$&1.&J;1&U;1&$$1%y&j/&5(1.1&.$*$&J;1&H1%&D/%J;1&"1&51&-;1%1&;.&>(F/+&7$(=$&1.&)$&U1#>$&J;1$(=$&"1&51&-;1%1&;.&>(F/+&D1%/&1)&TX&*1&*(#(1-9%1+&$)&/5%/&*6$&51.N"&J;1&)1H$.5$%&)$/D$&7&H1.6"&*1)-1.51%(/V&u0G-/&)1H$.53"&)$/D$v&j/&)1H$.5G&)$/D$&.$*(1&1"1&*6$V&j/V&x4;7&5%("51y&x4;7&5%("51y&xh.$&-(1%*$y&

sub)1H$"51&$)=/&D$%$&*1F$%&$>6v&

sj/V&b)1H$%+& .$*$& -3"& J;1& U)/%1"V &j/V & :1%/& 1" & %1#/-p.& ))1H$%&U)/%1"+&U)/%1"&))1H$&5/*/&1)&-;.*/V&:1%/VVV&B1F$%&$)=/&$"6+&./&"1&-1&/#;%%(G&.$*$&D/%J;1&=%$#($"&$&B(/"&./&51.=/&.(.=p././#(*/V&C(&51.N"&$)=p././#(*/+&H$"V&

sB1F$.&*1&5/*/+&>$"5$&)$5$"&*1%H1\$V

sC6V & 0(=$%%())/" & D$%$ & )/" & J;1& U;-$9$.V&O/*$"& )$" & \$D$5())$"& J;1&J;1*$%/.& #/)=$*$"& *1"*1 & 1"1 & *6$o& 4(& $-(=/ & D1%*(G& )$& *1& N)& 7&1.#/.5%G&/5%$V&O1.6$&;.$&O/DD1%&*1$*$/)/%V&';1&)/&p.(#/&J;1&-1&>(\/&%16%&1.&1"$&./#>1V&';1&1"/&D/%J;1&51.6$&;.$&5/*$&9)$.#$&7&)$&/5%$&1%$/-/&)$&9$.*1%(5$&$ $*%/"V&w/&)/&H16$&$&N)&7&D$%1#6$&;.&

D$7$"/V&O1.6$&;.$&*1$*$/)/%&7&$=$%%/&7&)1&*(=/Y&]0>1+&b;#($./+&


41/49


42/49


43/49


44/49

sj/&-1&51%-(.$"51&*1/.5$%$.*/&))$-$"51&$&5;&-$-3o&

sx,>y&2;1./+&7/&)$&))$-N&$&-(&-$-3&7&)1&*(=/Y&]Z/3N.&-$-3&7/&1"5/7&9(1.+&1"5$-/"&5/*/"&9(1.+&)1&*(=/&>$7&-;1%5/"VV^V&]O1&J;(1%/&7$&$#3^V&b1&*(=/Y&]2;1./+&J;1*$51&5%$.J;()$+&7/&7$&1"5/7&71.*/&D$%$&

$))3^+&D/%J;1&./"&1"5$9$&71.*/&$&9;"#$%&1)&D$D3&*1&;./&*1&)/">(#/"V&j/&"$96$-/"&*1#(%)1&*/.*1&./"&H$7$&$&9;"#$%&D/%J;1&1%$&;.&J;()/-9/V&8.&:;17%%1*G.&7&6V&41&D%1=;.5$%/.&J;N&U;1&)/&J;1&D$"GV&

su0/./#6$"&$&$)=;(1.&J;1&>$7$&"$)(*/&)$"5(-$*/&/&>1%(*/v&

sC(V&w/&1"$&./#>1&51.6$&;./-D$P1%/&*1/)1=(/&J;1&./&"$96$&J;1&>$96$&(*/+&./&"$96$&J;1&1"5$9$&$>6+&./&)/&H(&.(&>$#(1.*/&)$/)$&D$%$&1.5%$%+&./&)/&H(&$*1.5%/&.($.*/&1-D1#N&$&"$#$%&=1.51&.(&1.&5/*/&1)&)6/&1"1V&8));)$%&./&)/&>$96$&))1H$*/&D/%J;1&.;.#$&))1H/&1));)$%&$&)/"&%1#(5$)1"&7$.*/&))1=/&$$"$&)/&D%1.*/&7&>$96$&-1."$F1"&J;1&-1&D%1=;.5$9$.&D/%&:$.#>/V&B(=/Y&]ut;N&D$"$/.&:$.#>/v&j/+&:$.#>/ & ./ & U;1V & u0G-/ & J;1& :$.#>/& U;1 & "( & ./& 1"5;H/& #/.-(=/&.$*$v^V&j/&D;*1&*/%-(%&1.&5/*$&)$&./#>1&7&$)&/5%/&*6$&-1&1.51%/&J;1&:$.#>/&>$96$&$D$%1#(*/&(.51%.$*/&1.& m/"D(5$)&8"D$P/)&1.& 51%$D($&(.51."(H$V&:$.#>/&1"5;H/&J;(.#1&*6$"&1./-$&U$%-$#/)G=(#/&7&

9;1./+&*1"D;N"& D;*/&"$)(%V &m$96$&D1%*(*/&1)/./#(-(1.5/& D/%&1)&51-$&*1)&>;-/&7&J;1*G&*1"-$7$*/&9/#$&$%%(9$g&*1"D;N"+$.*/&H/-(5G&"1&5%$=G&1)&HG-(5/&1.5/.#1"&1%$&-;#>/&D1/%&1)$*%/&*1&N)&7&

9;1./+&D/%&";1%51 &D;*/& "$)(%& 7&$>/%$& 1"53& 9(1.V& j/&51&D;1*/&*1#(%&J;1&>$#1&H(*$&./%-$)&D1%/&1"53&9(1.V&


45/49

1.5%1& )$"& U;1%\$"&51."(H$"& J;1&(."5$;%$.& )/"&H1%9/" &7+$3$3& 7 &)-2$3V&O$)/-/&"1P$)$&

'()(.(#>&LWXXTYRTnR[MY

IoK&D$%$&J;1&;.$&D$"(G.&5/-1&U/%-$&1.&1)&*("#;%"/&./&9$"5$/.&)$&$D$%(#(G.&*1&;.$&

-/*$)(*$*V&:$%$&J;1&;.&";F15/&"1$&$U1#5$*/&D/%&)$&51."(G.&*1&U;1%\$"&J;1&(-D)(#$&;.$ &D$"(G.+&1"&.1#1"$%(/&J;1+&$)&-1./"+&*/"&-/*$)(*$*1"&1.5%1.&1.&F;1=/V&IoK&0/-/&"1&H1+&;./.U)(#5/& *1&U;1%\$"/.5%$D;1"5$"&$5%$H(1"$&$)&";F15/&$D$"(/.$*/+& *1&$J;6&J;1& )$&-/*$)(\$#(G.&>$7$&"(*/&5%$5$*$/-/&;.$&*(.3-(#$&*1&U;1%\$"&J;1&1.U%1.5$&$&;.&$=/.("5$&7&;.&$.5$=/.("5$V

8.&1)&1F1-D)/&J;1&./"&/#;D$+&)$&U;1%\$&51."(H$+7$&*(.3-(#$&D%/*;#(%3&*("5(.5$"&

-/*$)(\$#(/.1"+&D;1*1&(."5$;%$%"1&1.5%1&1)&"-#2$4$3#7&$,#7+$3$3#*1#(%V&:/%&1F1-D)/+&)$&

D%11-(.1.#($&*1)#7+$3$3&2$'/3&D/%&"/9%1&1)&"-#2$4$3+&D;1*1&D%/H/#$%&*1"*1&)$&"(-D)1&

(.U(*1.#($+&$&)$&-/%5$)&*1)$#(G.V&w&)$&D%11-(.1.#($&*1)& "-#7+$3$3&"/9%1&1)&2$4$3#*1#(%&/%(=(.$%6$&)$&/-("(G.V&

8.&1)&1F1-D)/&LQQM+&1"&D%1#("$-1.51&1"5$&51."(G.&1.5%1&1)&"-#7+$3$3&*1#(%&7&1)&

2$4$3&*1#(%&)/&J;1&$U1#5$&$)&";F15/&*1&)$&1.;.#($#(G.+&J;(1.&*(#1&] W*.#-(%3.#1(1N.#8(6 #

1+$3&-%^+&7&D%1"1.5$&";&1.;.#($#(G./-/&;.$&1"D1#(1&*1&"(-;)$#%/&*1&(.U(*1.#($&J;1&)1&

D%/H/#$&;.&"1.5(-(1.5/&*1)D$9()(*$*&D/%&51.1%&J;1&*1#(%&$J;1))/&J;1&"-#7+/$3$+&J;1&

./&>;9(1%$&J;1%(*/&*1#(%&.;.#$+&D1%/&$.517$&(.1H(5$9)1&%1$)(*$*& 2$4$&.1#1"$%($-1.51&

*1#(%V&8)&)/#;5/%&"1&$"(-()$&$&;.&8W&J;1&%1#/./#1&J;1&>$7&-;1%5/"&D/%J;1&)/"&1"53&H(1.*/&1.&1"1&D%1#("/&-/-1.5/&7&"1&/D/.1&$&;.&8Q& J;1& D%1U1%(%6$&/-(5(%& D%1#("$-1.51& 1"$&

(.U/%-$#(G.Y&J;1&>$7&-;1%5/"V&

8.&"6.51"("+&$&D1"$%&*1&J;1&)$&a

Astrada Verbo Ver y Operador Mira

Documents

Transcript of Astrada Verbo Ver y Operador Mira