LQIRUPDomR WpFQLFR FRPHUFLDO
ETVSZIMXEQIRXS HS Qj\MQS TSXIRGMEP HE IRIVKME JSXSZSPXEMGE IQ MRWXEPEp~IW WSFVI GSFIVXYVEW MRHYWXVMEMW GSQ -&' 730%6 'HVGH DV RULJHQV GR PHUFDGR GD HQHUJLD IRWRYROWDLFD TXH WDQWR D (VSDQKD FRPR D $OHPDQKD VH SRVLFLRQDUDP FRPR GRLV JUDQGHV PHUFDGRV GH HQHUJLD VRODU $Wp HP (VSDQKD Vy H[LVWLDP LQYHVWLPHQWRV HP JUDQGHV LQVWDODo}HV VREUH WHUUHQR HQTXDQWR TXH QD $OHPDQKD D SURFXUD VH FHQWUDYD SULQFLSDOPHQWH HP SHTXHQRV VLVWHPDV IRWRYROWDLFRV GRPpVWLFRV -&' 730%6 IQ GSPEFSVEpnS GSQ (EZMH +EPPEVHS 4VSJIWWSV HE 9RMZIVWMHEHI 4SPMXqGRMGE HI :EPsRGME
(IZMHS kW VIGIRXIW EPXIVEp~IW RE VIKYPEpnS HEW XEVMJEW TEVE MRWXEPEp~IW HI PMKEpnS k VIHI IWXj TVIZMWXE YQE IZSPYpnS HS QIVGEHS JS XSZSPXEMGS IWTERLSP E TEVXMV HSW WMWXIQEW IQ WSPS HI KVERHI IWGEPE TEVE SW WMWXIQEW WSFVI GSFIVXYVE 3 TSXIRGMEP TEVE MRWXEPEV WMWXI QEW JSXSZSPXEMGSW IQ GSFIVXYVEW q IRSVQI YQE ZI^ UYI GSQ IWXI XMTS HI MRWXEPEp~IW WI SFXsQ QIPLSVIW XEVMJEW %WWMQ SW IHMJuGMSW MRHYWXVMEMW WnS HI KVERHI MRXIVIWWI TEVE SW EKIRXIW UYI UYIVIQ HIWIRZSPZIV TVSNIGXSW I UYI TVIXIRHIQ QSRXEV MRWXEPEp~IW HI IRIVKME WSPEV JSXSZSPXEMGE (IZMHS kW RYQI VSWEW HMJIVIRpEW REW IWXVYXYVEW HEW GSFIV XYVEW EW RIGIWWMHEHIW TSHIQ ZEVMEV GSRWM HIVEZIPQIRXI HI YQE MRWXEPEpnS TEVE SYXVE 7nS QYMXSW SW JEGXSVIW E XIV IQ GSRXE TIPS UYI q MQTVIWGMRHuZIP GSRXEV GSQ YQ IWTI GMEPMWXE RE QEXqVME % EQTPE I\TIVMsRGME HE -&' 730%6 GSQ EW VIJIVMHEW MRWXEPEp~IW RS QIVGEHS EPIQnS q YQ MQTSVXERXI JEGXSV HI VIJIVsRGME TEVE S QIVGEHS IWTERLSP GEHE ZI^ QEMW EXVEGXMZS
2nS Lj HSMW XIPLEHSW MKYEMW % MRWXEPEpnS WSFVI E GSFIVXYVE HE *IMVE 'S QIVGMEP HI 7XYXXKEVX 2IYI 1IWWI 7XYXXKEVX q YQ FSQ I\IQTPS HSW HIWE½SW IRZSPZMHSW REW MRWXEPEp~IW MRHYWXVMEMW WSFVI XIPLEHS 3W TEZMPL~IW HE *IMVE IRGSRXVEQ WI TIVXS 116
HS EIVSTSVXS HI 7XYXXKEVX I SGYTEQ YQE ^SRE HI I\TSWMpnS XSXEP GSQ QI XVSW UYEHVEHSW S UYI E GSRZIVXI RYQE HEW HI^ QEMSVIW *IMVEW HE %PIQERLE ª TVMQIMVE ZMWXE EW GSFIVXYVEW HSW WIXI TEZMPL~IW HI I\TSWMpnS WnS E PSGEPM^EpnS MHIEP TEVE MRWXE PEV YQ WMWXIQE JSXSZSPXEMGS 2nS SFWXERXI E WYTIVJuGMI GYVZE YQ HSW TSRXSW EVUYMXIGXz RMGSW HIWXEGEHSW HE RSZE *IMVE MQTPMGSY YQ IRSVQI HIWE½S TEVE E MRWXEPEpnS HS WMWXIQE JSXSZSPXEMGS % JSVQE MRYWYEP EWWMQ GSQS E MR¾YsRGME RIKEXMZE UYI IWXE TIGYPMEVMHEHI
I\IVGME WSFVI E GETEGMHEHI HI WYTSVXI XSV REVEQ MQTSWWuZIP GSRWMHIVEV YQ WMWXIQE HI QSRXEKIQ WXERHEVH %PqQ HMWWS S WMWXIQE JSXSZSPXEMGS HIZME MRXIKVEV WI XSXEPQIRXI GSQ E IWXqXMGE KIVEP HSW TEZMPL~IW HE *IMVE 4EVE VIWSPZIV IWXI TVSFPIQE E -&' 730%6 YXMPM^SY IWXVYXYVEW HI QSRXEKIQ IWTIGu½ GEW UYI EPqQ HI WEXMWJE^IVIQ SW VIUYMWMXSW IWXjXMGSW HE IHM½GEpnS TIVQMXMVEQ PIZEV E GEFS E MRWXEPEpnS WIQ TIVXYVFEV E EGXMZMHE HI HE *IMVE UYI XIZI PYKEV HYVERXI S TIVuS HS HI GSRWXVYpnS
*MKYVE % GSFIVXYVE GSQ JSVQE VIHSRHE HSW TEZMPL~IW HE *IMVE 'SQIVGMEP HI 7XYXXKEVX VIUYIVIQ YQ WMWXIQE HI QSRXEKIQ PMKIMVS I IWTIGMEP TEVE TSHIV WYTSVXEV S WMWXIQE JSXSZSPXEMGS