LOMCE LOE.comparativa.dic2013

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    * ,=>?@ABC #)Y4 5H@A=GCG FN=N BN [HTC=N SH BCG NF=HESDPNTHG ^ NFC^C NB F=C]HGC=NSC4

    * ;37-273+3N=DC SH BN ]AE@DZE FdQBD@N SC@HE>H4* ;37-273+3H ^ ]AE@DCEHG SH BCG @AH=FCG SC@HE>HG4* ;37-273+3HS=R>D@CG4* ;37-273+3CG FN=N HB DEU=HGC HE BCG @AH=FCG SH ]AE@DCEN=DCG SC@HE>HG4* ;37-273+3CG FN=N HB N@@HGC N BCG @AH=FCG SH @N>HS=R>D@CG H DEGFH@>C=HG4* ;37-273+3D>ABN@DCEHG SHB F=C]HGC=NSC4* ;37-273+3H=EN4* ;37-273+3C=N FC= ]AE@DCEN=DCG EC FH=>HEH@DHE>HG NB @AH=FC

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    GNBAS ^ BN [CSNBDSNS SH >H@ECBCU?N HE QN@`DBBH=N>C4* ;37-273+3DSNSHG BC@NBHG4* ;37-273+3NFNG HSA@N>DVNG4* ;37-273+3=C SH F=C]HGC=HG SH BCG @HE>=CG F=DVNSCG @CE@H=>NSCG4* ;37-273+3C SH @CEGAB>N N BNG +C[AEDSNSHG ,A>ZEC[NG4* ;37-273+3=NETH=C4* ;37-273+3HE@DZE N BNG V?@>D[NG SHB >H==C=DG[C4* ;37-273+3=C SH=DVNSCG SH N@>CG SH VDCBHE@DN4* ;37-273+3CG IHEH=NBHG SHB :G>NSC FN=N BN

    U=N>ADSNS SHB GHUAESC @D@BC SH HSA@N@DZE DE]NE>DB4* ;37-273+3C SH BN DUANBSNS H]H@>DVN HE>=H `C[Q=HG ^ [ATH=HG4* ;37-273+3=CG HSA@N>DVCG4* ;37-273+3CG4* ;37-273+3=CG aAH D[FN=>NE @D@BCG SH ]C=[N@DZE F=C]HGDCENB4* ;37-273+3H SH BCG [ZSABCG4* ;37-273+3HU=N@DZE SH @HE>=CG HE BN =HS SH @HE>=CG SH >D>ABN=DSNS FdQBD@N4* ;37-273+3D>ABN@DCEHG4* ;37-273+3D>ABN@DCEHG SH ]C=[N@DZE F=C]HGDCENB4* ;37-273+3ABNSCG HE WN@`DBBH=N>C :A=CFHC ^ HE WN@`DBBH=N>C 3E>H=EN@DCENB ^ NBA[ECG ^

    NBA[ENG F=C@HSHE>HG SH GDG>H[NG HSA@N>DVCG SH :G>NSCG [DH[Q=CG SH BN 0EDZE :A=CFHN C SH C>=CG :G>NSCG @CE BCG aAH GH `N^NEGAG@=D>C N@AH=SCG DE>H=EN@DCENBHG4

    * ;37-273+3ASDC4* ;37-273+3HU=N@DZE SH BNG @C[FH>HE@DNG HE HB @A==?@ABC4* ;37-273+3N=DNG C]D@DNBHG SH U=NSC SHGSH BNG >D>ABN@DCEHG SH

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    * ;37-273+3CG @CE SC[DEDC SH BHEUANG Hi>=NETH=NG4* ;37-273+3HBBNENg BHEUANG @CC]D@DNBHG ^ BHEUANG aAH UC@HE SH F=C>H@@DZE BHUNB4* ;37-273+3A=N 1HEUAN +CC]D@DNB ^ 1D>H=N>A=N4* ;37-273+3NE@DN SH FH=GCENG NSAB>NG4* ;37-273+3CG ^ VNBC=HG aAH GAG>HE>NE BN

    SH[C@=N@DN ^ BCG SH=H@`CG `A[NECG4* ;37-273+3=C FN=N BN 3EECVN@DZE ^ ;HGN==CBBC SH BN :SA@N@DZE N ;DG>NE@DN

    k+3;:,;l4* ;37-273+3=CG SH HEGHONEPNG SHFC=>DVNG SH U=NSC GAFH=DC= N SDG>NE@DN4* ;37-273+3=CG NSG@=D>CG N BCG @A=GCG F=D[H=C ^ GHUAESC SH BN HSA@N@DZE GH@AESN=DN CQBDUN>C=DN4* ;37-273+3N=DN NE>D@DFNSN4* ;37-273+3HG4* ;37-273+3h@ED@CG SH ]C=[N@DZE F=C]HGDCENB HE QN@`DBBH=N>C4* ;37-273+3=CG SHFHESDHE>HG SH ,S[DEDG>=N@DCEHG EC NA>CEZ[D@NG4* ;37-273+3C SH BCG Z=UNECG SH UCQDH=EC4* ;37-273+3=CG SC@HE>HG FdQBD@CG4* ;37-273+3D@N4* ;37-273+3N@DZE SH BCG @HE>=CG4* ;37-273+3CG4* ;37-273+3N=DNG4* ;37-273+3NG4* ;37-273+3D>ABN@DZE4* ;37-273+3=CG @CE FBNPN HE BCG GH=VD@DCG SH C=DHE>N@DZE C SH NGHGC=N[DHE>C

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    @DASNSNECG SH>H=[DEN GA @NFN@DSNS SH @C[FH>D= @CE hiD>C HE HB R[QD>C SHB FNEC=N[NDE>H=EN@DCENB ^ SH N]=CE>N= BCG SHGN]?CG aAH GH FBNE>HHE HE HB ]A>A=C4 XHTC=N= HB EDVHB SHBCG @DASNSNECG HE HB R[QD>C HSA@N>DVC GAFCEH NQ=D=BHG BNG FAH=>NG N FAHG>CG SH >=NQNTC SH

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    6AE@N @C[C N`C=N `H[CG >HEDSC BN CFC=>AEDSNS SH SDGFCEH= SH AEN HSA@N@DZEFH=GCENBDPNSN ^ AEDVH=GNB4 +C[C EAE@N `NG>N N`C=N BN HSA@N@DZE `N >HEDSC BN FCGDQDBDSNSSH GH= AE HBH[HE>C >NE SH>H=[DENE>H SH BN HaADSNS ^ SHB QDHEHG>N= GC@DNB4 1N F=DE@DFNB

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    N@>ANBHG HG AEN SH@DGDZE HGHE@DNB FN=N ]NVC=H@H= BN @CEVDVHE@DN FN@?]D@N ^ HB SHGN==CBBC@AB>A=NB SH BN GC@DHSNS4

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    SHGDUANBSNS4 6C `N^ [N^C= ]NB>N SH HaADSNS aAH BN SH AE GDG>H[N aAH DUANBH HE BN SHGDSDN CHE BN [HSDC@=DSNS4 -N=N BN GC@DHSNS HGFNOCBN EC QNG>N @CE BN HG@CBN=DPN@DZE FN=N N>HESH=

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    .:

    0EN GC@DHSNS [RG NQDH=>Ng UBCQNB ^ FN=>D@DFN>DVN SH[NESN EAHVCG FH=]DBHG SH @DASNSNECG ^>=NQNTNSC=HGg [RG GC]DG>D@NSCG ^ SDVH=GD]D@NSCGg SH DUANB [NEH=N aAH HiDUH [NEH=NGNB>H=EN>DVNG SH C=UNEDPN@DZE ^ UHG>DZE HE BNG aAH GH F=D[HE BN @CBNQC=N@DZE ^ HB >=NQNTC HEHaADFCg NG? @C[C F=CFAHG>NG @NFN@HG SH NGA[D= aAH BN VH=SNSH=N ]C=>NBHPN HG>R HE BN[HP@BN SH @C[FH>HE@DNG @CEC@D[DHE>CG SDVH=GCG4

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    GC@DHSNS N BN aAH FH=>HEH@HEg SH @=HN= VNBC= DESDVDSANB ^ @CBH@>DVCg @NFN@HG SH NGA[D=@C[C F=CFDC HB VNBC= SHB HaADBDQ=DC HE>=H HB HG]AH=PC ^ BN =H@C[FHEGN4 :B GDG>H[N HSA@N>DVCSHQH FCGDQDBD>N= >NE>C HB NF=HESDPNTH SH @CGNG SDG>DE>NG @C[C BN HEGHONEPN SH [NEH=N

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    @C[C BN HSA@N@DZE DE@BAGDVN4

    1NG SD]H=HE@DNG HE>=H BCG NBA[ECG ^ NBA[ENG SH AE [DG[C @HE>=C ^ HE>=H BCG SDG>DE>CG

    @HE>=CG DESD@NE aAH >HEH[CG AE GDG>H[N HSA@N>DVC [RG `C[CUhEHC aAH BN [HSDNg BC aAHGH >=NSA@H HE AE ?ESD@H SH HaADSNS GAFH=DC= N BN [HSDN SH BN 2+;:4

    7DE H[QN=UCg HB GDG>H[N N@>ANB EC FH=[D>H F=CU=HGN= `N@DN AEN [HTC=N SH BN @NBDSNSHSA@N>DVNg @C[C FCEHE HE HVDSHE@DN BCG =HGAB>NSCG CQ>HEDSCG FC= BCG NBA[ECG ^ NBA[ENGHE BNG F=AHQNG SH HVNBAN@DZE DE>H=EN@DCENBHG @C[C -37, k-=CU=N[[H ]C= 3E>H=EN>DCENB7>ASHE> ,GGHGG[HE>lg BNG HBHVNSNG >NGNG SH NQNESCEC >H[F=NEC SH BN HSA@N@DZE ^ BN]C=[N@DZEg ^ HB =HSA@DSC Ed[H=C SH HG>ASDNE>HG aAH NB@NEPN BN Hi@HBHE@DN4 1N CQTH>DVDSNSSH BCG HG>ASDCG @C[FN=N>DVCG DE>H=EN@DCENBHGg aAH =H]BHTNE @C[C [?ED[C HB HG>NE@N[DHE>CSHB GDG>H[Ng BBHVNE N BN @CE@BAGDZE SH aAH HG EH@HGN=DN AEN =H]C=[N SHB GDG>H[N HSA@N>DVCaAH `A^N SH BCG SHQN>HG DSHCBZUD@CG aAH `NE SD]D@AB>NSC HB NVNE@H HE BCG dB>D[CG NOCG4 :GEH@HGN=DN AEN =H]C=[N GHEGN>Ng F=R@>D@Ng aAH FH=[D>N SHGN==CBBN= NB [RiD[C HB FC>HE@DNB SH@NSN NBA[EC C NBA[EN4

    1CG =HGAB>NSCG SH %\##g SD]AESDSCG FC= :0527/,/ !"#$#%%'$( *++%', -+ #., /01-2,$34-5503%#%,&6 HE =HBN@DZE @CE BCG DESD@NSC=HG HSA@N>DVCG SH BN :G>=N>HUDN :A=CFN %\%\gSHG>N@NE @CE @BN=DSNS HB NQNESCEC HSA@N>DVC >H[F=NEC @C[C AEN SH BNG SHQDBDSNSHG SHBGDG>H[N HSA@N>DVC HGFNOCBg NB GD>AN= BN >NGN SH NQNESCEC HE HB %!g)r HE %\##g @CE>HESHE@DN NB SHG@HEGC FH=C [A^ BHTCG SHB VNBC= [HSDC HA=CFHC N@>ANB k#(g)rl ^ SHB

    CQTH>DVC SHB #\r ]DTNSC FN=N %\%\4

    -C= C>=N FN=>Hg HB 3E]C=[H -37, %\\$ N==CTN AECG =HGAB>NSCG FN=N :GFNON aAH FCEHE SH=HBDHVH HB EDVHB DEGA]D@DHE>H CQ>HEDSC HE @C[F=HEGDZE BH@>C=Ng @C[FH>HE@DN [N>H[R>D@N ^

    @C[FH>HE@DN @DHE>?]D@Ng [A^ NBHTNSC SHB F=C[HSDC SH BCG FN?GHG SH BN 2+;:4

    1N :G>=N>HUDN SH BN 0EDZE :A=CFHN FN=N AE @=H@D[DHE>C DE>HBDUHE>Hg GCG>HEDQBH H DE>HU=NSC=`N HG>NQBH@DSC FN=N HB `C=DPCE>H %\%\ @DE@C N[QD@DCGCG CQTH>DVCG HE [N>H=DN SH H[FBHCgDEECVN@DZEg HSA@N@DZEg DE>HU=N@DZE GC@DNBg NG? @C[C @BD[N ^ HEH=U?N ^ `N @ANE>D]D@NSC BCGCQTH>DVCG HSA@N>DVCG aAH SHQH @CEGHUAD= BN 0EDZE :A=CFHN FN=N [HTC=N= BCG EDVHBHG SHHSA@N@DZE4 :E HB NOC %\%\g BN 0EDZE :A=CFHN SHQH=R =HSA@D= HB NQNESCEC HG@CBN= N [HECGSH AE #\r ^g @C[C [?ED[Cg NB [HECG HB &\r SH BN FCQBN@DZE SH HE>=H (\ ^ (& NOCG SHQH=R`NQH= ]DENBDPNSC GAG HG>ASDCG SH ]C=[N@DZE GAFH=DC= C HaADVNBHE>H4

    ;H N@AH=SC @CE BN :G>=N>HUDN :A=CFHN GCQ=H ;DG@NFN@DSNS %\#\s%\%\g NF=CQNSN HE %\#\FC= BN +C[DGDZE :A=CFHNg HG>N [HTC=N HE BCG EDVHBHG SH HSA@N@DZE SHQH SD=DUD=GH >N[QDhE N

    BNG FH=GCENG @CE SDG@NFN@DSNSg N aADHEHG GH BHG `NQ=R SH UN=NE>DPN= AEN HSA@N@DZE ^ AEN]C=[N@DZE DE@BAGDVNG ^ SH @NBDSNS HE HB [N=@C SH BN DED@DN>DVN oLAVHE>AS HE [CVD[DHE>Cpg

    FBNE>HNSN FC= BN F=CFDN :G>=N>HUDN :A=CFHN FN=N AE @=H@D[DHE>C DE>HBDUHE>H4 , >NB ]DEg GH>C[N=R @C[C [N=@C C=DHE>NSC= ^ SH =H]H=HE@DN EH@HGN=DN BN +CEVHE@DZE 3E>H=EN@DCENBGCQ=H BCG ;H=H@`CG SH BNG -H=GCENG @CE ;DG@NFN@DSNSg NSCF>NSN FC= BNG 6N@DCEHG 0EDSNGHE SD@DH[Q=H SH %\\!g VDUHE>H ^ FBHEN[HE>H NFBD@NQBH HE :GFNON SHGSH [N^C SH %\\'4

    -N=N NQC=SN= BN SDG[DEA@DZE SHB NQNESCEC HG@CBN=g GH `N SH DE@=H[HE>N= HB FC=@HE>NTH SHTZVHEHG aAH ]DENBDPNE HB EDVHB HSA@N>DVC SH :SA@N@DZE 7H@AESN=DN GAFH=DC=g EDVHB +36: (

    k+BNGD]D@N@DZE 3E>H=EN@DCENB 6C=[NBDPNSN SH BN :SA@N@DZE SH BN 2=UNEDPN@DZE SH BNG6N@DCEHG 0EDSNG FN=N BN :SA@N@DZEg BN +DHE@DN ^ BN +AB>A=Ng 06:7+2l4 1N @CEGH@A@DZE SH

    HG>H EDVHB HSA@N>DVC GH `N @CEVH=>DSC HE AEN @AHG>DZE @BNVH SH BCG GDG>H[NG HSA@N>DVCG ^]C=[N>DVCG HE BCG FN?GHG SHGN==CBBNSCGg ^ HG>R =H@CUDSN >N[QDhE HE HB -=C^H@>C SH

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    3ESD@NSC=HG SH BN :SA@N@DZE SH BN 2=UNEDPN@DZE FN=N BN +CCFH=N@DZE ^ ;HGN==CBBC:@CEZ[D@CG k2+;:lg aAH SHG>N@N BN EH@HGDSNS SH aAH BCG TZVHEHG @C[FBH>HE @C[C [?ED[CHB EDVHB +36: ( FN=N N]=CE>N= GA DE@C=FC=N@DZE NB [H=@NSC BNQC=NB @CE BNG GA]D@DHE>HG

    UN=NE>?NG4

    1N >h@ED@N EC=[N>DVN HBHUDSNg SH [CSD]D@N@DZE BD[D>NSN SH BN 1H^ 2=URED@N SH :SA@N@DZEk12:lg =HGFCESH N BNG =H@C[HESN@DCEHG SH BN 2+;: QNGNSNG HE BNG [HTC=HG F=R@>D@NG SH BCGFN?GHG @CE GDG>H[NG HSA@N>DVCG @CE [HTC=HG =HGAB>NSCGg HE BCG aAH BNG =H]C=[NG GHFBNE>HNE SH [NEH=N @CEG>NE>H GCQ=H AE [N=@C SH HG>NQDBDSNS UHEH=NB GHUdE GH VNESH>H@>NESC DEGA]D@DHE@DNG C GA=UHE EAHVNG EH@HGDSNSHG4 1N F=CFAHG>N SH BN 1H^ 2=URED@NFN=N BN XHTC=N SH BN +NBDSNS :SA@N>DVN k12X+:l GA=UH SH BN EH@HGDSNS SH SN= =HGFAHG>N NF=CQBH[NG @CE@=H>CG SH EAHG>=C GDG>H[N HSA@N>DVC aAH HG>RE GAFCEDHESC AE BNG>=H FN=N BNHaADSNS GC@DNB ^ BN @C[FH>D>DVDSNS SHB FN?Gg F=D[NESC BN @CEGH@A@DZE SH AE [N=@C SHHG>NQDBDSNS ^ HVD>NESC GD>AN@DCEHG Hi>=NC=SDEN=DNG @C[C BNG VDVDSNG HE EAHG>=C GDG>H[NHSA@N>DVC HE BCG dB>D[CG NOCG4

    1CG @N[QDCG F=CFAHG>CG HE EAHG>=C GDG>H[N HSA@N>DVC FC= BN 12X+: HG>RE QNGNSCG HEHVDSHE@DNG4 1N =H]C=[N F=H>HESH `N@H= ]=HE>H N BCG F=DE@DFNBHG F=CQBH[NG SH>H@>NSCG HE HBGDG>H[N HSA@N>DVC HGFNOCB GCQ=H BCG ]AESN[HE>CG F=CFC=@DCENSCG FC= BCG =HGAB>NSCG

    CQTH>DVCG =H]BHTNSCG HE BNG HVNBAN@DCEHG FH=DZSD@NG SH BCG C=UNEDG[CG HA=CFHCG HDE>H=EN@DCENBHG4

    1CG HG>ASDCG DE>H=EN@DCENBHG FCEHE SH [NED]DHG>C aAH BCG FN?GHG aAH `NE [HTC=NSC SH]C=[N =HBN>DVN[HE>H =RFDSN BN @NBDSNS SH GAG GDG>H[NG HSA@N>DVCG `NE D[FBNE>NSC [HSDSNG

    =HBN@DCENSNG @CE BN GD[FBD]D@N@DZE SHB @A==?@ABC ^ HB =H]AH=PC SH BCG @CEC@D[DHE>CGDEG>=A[HE>NBHGg BN ]BHiDQDBDPN@DZE SH BNG >=N^H@>C=DNG SH ]C=[N aAH BCG HG>ASDNE>HG FAHSNEHBHUD= BNG [RG NSH@ANSNG N GAG @NFN@DSNSHG ^ NGFD=N@DCEHGg HB SHGN==CBBC SH GDG>H[NG SH

    HVNBAN@DZE Hi>H=EN @HEGNBHG ^ @CEGDG>HE>HG HE HB >DH[FCg HB DE@=H[HE>C SH BN >=NEGFN=HE@DNSH BCG =HGAB>NSCGg BN F=C[C@DZE SH AEN [N^C= NA>CEC[?N ^ HGFH@DNBDPN@DZE HE BCG @HE>=CGSC@HE>HGg BN HiDUHE@DN N HG>ASDNE>HGg F=C]HGC=HG ^ @HE>=CG SH BN =HESD@DZE SH @AHE>NGg ^ HBDE@HE>DVC SHB HG]AH=PC4

    :G>N =H]C=[N SHB GDG>H[N HSA@N>DVC F=H>HESH GH= U=NSANBDG>N ^ F=ASHE>Hg QNGNSN HE HBGHE>DSC @C[dE ^ GCG>HEDQBH HE HB >DH[FCg FAHG GA hiD>C GH [HSD=R HE ]AE@DZE SH BN [HTC=NCQTH>DVN SH BCG =HGAB>NSCG SH BCG NBA[ECG ^ NBA[ENG4 :G>N 1H^ 2=URED@N HG HB =HGAB>NSC SHAE SDRBCUC NQDH=>C ^ GDE@H=Cg aAH QAG@N HB @CEGHEGCg HE=DaAH@DSC @CE BNG NFC=>N@DCEHG SH

    >CSN BN @C[AEDSNS HSA@N>DVN4

    :.

    1N =H]C=[N F=C[CVDSN FC= BN 12X+: GH NFC^N HE HVDSHE@DNG ^ =H@CUH BNG [HTC=HG F=R@>D@NG@C[FN=NSNG4 1CG F=DE@DFNBHG CQTH>DVCG aAH FH=GDUAH BN =H]C=[N GCE =HSA@D= BN >NGN SHNQNESCEC >H[F=NEC SH BN HSA@N@DZEg [HTC=N= BCG =HGAB>NSCG HSA@N>DVCG SH N@AH=SC @CE@=D>H=DCG DE>H=EN@DCENBHGg >NE>C HE BN >NGN @C[FN=N>DVN SH NBA[ECG ^ NBA[ENG Hi@HBHE>HGg@C[C HE BN SH >D>ABNSCG HE :SA@N@DZE 7H@AESN=DN 2QBDUN>C=DNg [HTC=N= BN H[FBHNQDBDSNSg ^HG>D[ABN= HB HGF?=D>A H[F=HESHSC= SH BCG HG>ASDNE>HG4 1CG F=DE@DFDCG GCQ=H BCG @ANBHGFDVC>N BN =H]C=[N GCEg ]AESN[HE>NB[HE>Hg HB NA[HE>C SH BN NA>CEC[?N SH @HE>=CGg HB=H]AH=PC SH BN @NFN@DSNS SH UHG>DZE SH BN SD=H@@DZE SH BCG @HE>=CGg BNG HVNBAN@DCEHGHi>H=ENG SH ]DE SH H>NFNg BN =N@DCENBDPN@DZE SH BN C]H=>N HSA@N>DVN ^ BN ]BHiDQDBDPN@DZE SH BNG

    >=N^H@>C=DNG4

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    :..

    :B NA[HE>C SH BN NA>CEC[?N SH BCG @HE>=CG HG AEN =H@C[HESN@DZE =HD>H=NSN SH BN 2+;:

    FN=N [HTC=N= BCG =HGAB>NSCG SH BCG [DG[CGg EH@HGN=DN[HE>H AEDSN N BN HiDUHE@DN SH AEN[N^C= >=NEGFN=HE@DN HE BN =HESD@DZE SH @AHE>NG4 -HGH N BN =HD>H=N@DZE ]C=[NB SH BN 12:

    GCQ=H BN D[FC=>NE@DN SH BN NA>CEC[?Ng BNG HE@AHG>NG DE>H=EN@DCENBHG GDUAHE [N=@NESC HG>H]N@>C= @C[C AE Sh]D@D> SH EAHG>=C GDG>H[N4 :G EH@HGN=DC aAH @NSN @HE>=C >HEUN BN@NFN@DSNS SH DSHE>D]D@N= @ARBHG GCE GAG ]C=>NBHPNG ^ BNG EH@HGDSNSHG SH GA HE>C=ECg FN=N NG?FCSH= >C[N= SH@DGDCEHG GCQ=H @Z[C [HTC=N= GA C]H=>N HSA@N>DVN ^ [H>CSCBZUD@N HE HGHR[QD>Cg HE =HBN@DZE SD=H@>Ng @ANESC @C==HGFCESN FC= GA EN>A=NBHPNg @CE BN HG>=N>HUDN SH BNNS[DEDG>=N@DZE HSA@N>DVN4 :G>N =HGFCEGNQDBDSNS BBHVN=R NFN=HTNSN BN HiDUHE@DN SH SH[CG>=N=aAH BCG =H@A=GCG FdQBD@CG GH `NE A>DBDPNSC SH ]C=[N H]D@DHE>H ^ aAH `NE @CESA@DSC N AEN[HTC=N =HNB SH BCG =HGAB>NSCG4 1N NA>CEC[?N SH BCG @HE>=CG HG AEN FAH=>N NQDH=>N N BNN>HE@DZE N BN SDVH=GDSNS SH BCG NBA[ECG ^ NBA[ENGg aAH [NE>DHEH BN @C`HGDZE ^ AEDSNS SHBGDG>H[N ^ NQ=H EAHVNG FCGDQDBDSNSHG SH @CCFH=N@DZE HE>=H BCG @HE>=CG ^ SH @=HN@DZE SH

    =HSHG SH NFC^C ^ NF=HESDPNTH @C[FN=>DSC4

    1N =H]C=[N @CE>=DQAD=R >N[QDhE N =H]C=PN= BN @NFN@DSNS SH UHG>DZE SH BN SD=H@@DZE SH BCG@HE>=CGg @CE]D=DHESC N BCG SD=H@>C=HGg @C[C =HF=HGHE>NE>HG aAH GCE SH BN ,S[DEDG>=N@DZE

    HSA@N>DVN HE HB @HE>=C ^ @C[C =HGFCEGNQBHG SHB F=C^H@>C HSA@N>DVCg BN CFC=>AEDSNS SHHTH=@H= AE [N^C= BDSH=NPUC FHSNUZUD@C ^ SH UHG>DZE4 -C= C>=C BNSCg GH FC>HE@DN BN ]AE@DZESD=H@>DVN N >=NVhG SH AE GDG>H[N SH @H=>D]D@N@DZE F=HVDN FN=N N@@HSH= NB FAHG>C SH SD=H@>C=g^ GH HG>NQBH@H AE F=C>C@CBC FN=N =HESD= @AHE>NG SH BNG SH@DGDCEHG >C[NSNGg SH BNG N@@DCEHGSH @NBDSNS ^ SH BCG =HGAB>NSCG CQ>HEDSCG NB D[FBH[HE>N=BNG4 -C@NG R=HNG SH BNNS[DEDG>=N@DZE >DHEHE BN @C[FBHTDSNS ^ HB >N[NOC aAH >DHEH BN =HS SH @HE>=CG FdQBD@CGHSA@N>DVCGq GDHESC @CEG@DHE>HG SH GA SD]D@AB>NS ^ SHB HG]AH=PC aAH GAFCEH FN=N GAG=HGFCEGNQBHGg [HTC=N= GA UHG>DZE HG AE =H>C DEHBASDQBH FN=N HB GDG>H[N4

    :...

    1NG HVNBAN@DCEHG Hi>H=ENG SH ]DE SH H>NFN @CEG>D>A^HE AEN SH BNG F=DE@DFNBHG ECVHSNSHG SHBN 12X+: @CE =HGFH@>C NB [N=@C NE>H=DC= ^ AEN SH BNG [HSDSNG BBN[NSNG N [HTC=N= SH[NEH=N [RG SD=H@>N BN @NBDSNS SHB GDG>H[N HSA@N>DVC4 MHDE>H FN?GHG SH BN 2+;: =HNBDPNE NGAG NBA[ECG ^ NBA[ENG F=AHQNG SH HG>N EN>A=NBHPN ^ BNG HVDSHE@DNG DESD@NE aAH GAD[FBNE>N@DZE >DHEH AE D[FN@>C SH NB [HECG SDH@DGhDG FAE>CG SH [HTC=N SH N@AH=SC @CE BCG@=D>H=DCG SH -37,4

    :G>NG F=AHQNG >HES=RE AE @N=R@>H= ]C=[N>DVC ^ SH SDNUEZG>D@C4 -C= AE BNSC SHQHE GH=VD=

    FN=N UN=NE>DPN= aAH >CSCG BCG NBA[ECG ^ NBA[ENG NB@NE@HE BCG EDVHBHG SH NF=HESDPNTHNSH@ANSCG FN=N HB EC=[NB SHGHEVCBVD[DHE>C SH BN VDSN FH=GCENB ^ F=C]HGDCENB @CE]C=[H HB

    >?>ABC F=H>HESDSCg ^ NSH[RG SHQHE FH=[D>D= C=DHE>N= N BCG NBA[ECG ^ NBA[ENG HE GAGSH@DGDCEHG HG@CBN=HG SH N@AH=SC @CE BCG @CEC@D[DHE>CG ^ @C[FH>HE@DNG aAH =HNB[HE>HFCGHNE4 -C= C>=C BNSCg HG>NG F=AHQNG EC=[NBDPNE BCG HG>RESN=HG SH >D>ABN@DZE HE >CSN:GFNONg DESD@NESC SH ]C=[N @BN=N NB @CETAE>C SH BN @C[AEDSNS HSA@N>DVN @ARBHG GCE BCGEDVHBHG SH HiDUHE@DN =HaAH=DSCG H DE>=CSA@DHESC HBH[HE>CG SH @H=>HPNg CQTH>DVDSNS ^@C[FN=NQDBDSNS SH =HGAB>NSCG4 ,SH[RGg F=CFC=@DCENE N BCG FNS=HGg N BCG @HE>=CG ^ N BNG,S[DEDG>=N@DCEHG HSA@N>DVNG AEN VNBDCGN DE]C=[N@DZE SH @N=N N ]A>A=NG SH@DGDCEHG4 :BCQTH>DVC SH HG>N HVNBAN@DZE HG BN [HTC=N SHB NF=HESDPNTH SHB NBA[EC C NBA[ENg SH BNG[HSDSNG SH UHG>DZE SH BCG @HE>=CG ^ SH BNG FCB?>D@NG SH BNG ,S[DEDG>=N@DCEHG4

    1N >=NEGFN=HE@DN SH BCG SN>CG SHQH =HNBDPN=GH FH=GDUADHESC DE]C=[N= GCQ=H HB VNBC= NONSDSC

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    SH BCG @HE>=CG HE =HBN@DZE @CE BNG @D=@AEG>NE@DNG GC@DCH@CEZ[D@NG SH GA HE>C=EC ^g SH[NEH=N HGFH@DNBg GCQ=H BN HVCBA@DZE SH hG>CG4

    1NG F=AHQNG GH=RE `C[CBCUNQBHG N BNG aAH GH =HNBDPNE HE HB R[QD>C DE>H=EN@DCENB ^g HEHGFH@DNBg N BNG SH BN 2+;: ^ GH @HE>=NE HE HB EDVHB SH NSaADGD@DZE SH BNG @C[FH>HE@DNG4

    7DUADHESC BNG FNA>NG DE>H=EN@DCENBHGg SHQH=RE GH= @ADSNSCGNG HE @ANBaADH= @NGC FN=N FCSH=[HSD= BCG =HGAB>NSCG SHB F=C@HGC SH NF=HESDPNTH GDE [H=[N= BN SHGHNSN NA>CEC[?N SH BCG@HE>=CGg ^ SHQH=RE Hi@BAD= BN FCGDQDBDSNS SH @ANBaADH= >DFC SH NSDHG>=N[DHE>C FN=N GAGAFH=N@DZE4

    1NG HVNBAN@DCEHG F=CFAHG>NG EC NUC>NE BNG FCGDQDBDSNSHG SH HVNBAN@DZE SHE>=C SHB GDG>H[NgGD QDHE @C==HGFCESH=R N BNG ,S[DEDG>=N@DCEHG HSA@N>DVNG BN SH@DGDZE GCQ=H BN =HNBDPN@DZE SHC>=NG HVNBAN@DCEHG4

    :B hiD>C SH BN F=CFAHG>N SH HVNBAN@DCEHG @CEGDG>D=R HE @CEGHUAD= aAH EDEUdE NBA[EC CNBA[EN HE@AHE>=H NE>H HBBNG AEN QN==H=N DE]=NEaAHNQBH4 +NSN F=AHQN SHQH C]=H@H=CF@DCEHG ^ FNGN=HBNGg SH [NEH=N aAH ENSDH aAH aADH=N GHUAD= NF=HESDHESC FAHSN aAHSN=gQNTC EDEUdE @CE@HF>Cg ]AH=N SHB GDG>H[N4

    .=

    1N =N@DCENBDPN@DZE SH BN C]H=>N HSA@N>DVNg =H]C=PNESC HE >CSNG BNG H>NFNG HB NF=HESDPNTH SH[N>H=DNG >=CE@NBHG aAH @CE>=DQA^NE N BN NSaADGD@DZE SH BNG @C[FH>HE@DNG ]AESN[HE>NBHGFN=N HB SHGN==CBBC N@NSh[D@C SH BCG NBA[ECG ^ NBA[ENGg HG C>=C CQTH>DVC QRGD@C SH BN

    =H]C=[N4 1N =HVDGDZE @A==D@ABN= aAH GA@HSN N BN NF=CQN@DZE SH BN BH^ C=URED@N SHQH=R >HEH=[A^ HE @AHE>N BNG EH@HGDSNSHG SH NF=HESDPNTH VDE@ABNSNG N BCG N@HBH=NSCG @N[QDCG

    GC@DNBHG ^ H@CEZ[D@CG aAH HG>N[CG VDVDHESC4 1N GD[FBD]D@N@DZE SHB SHGN==CBBC @A==D@ABN= HGAE HBH[HE>C HGHE@DNB FN=N BN >=NEG]C=[N@DZE SHB GDG>H[N HSA@N>DVCg GD[FBD]D@N@DZE aAHg SH

    N@AH=SC @CE BNG SD=H@>=D@HG SH BN 0EDZE :A=CFHNg SHQH F=CFC=@DCEN= AE @CEC@D[DHE>CGZBDSC SH BCG @CE>HEDSCG aAH UN=NE>D@H BN H]H@>DVDSNS HE BN NSaADGD@DZE SH BNG @C[FH>HE@DNGQRGD@NG4 1NG @BNVHG SH HG>H F=C@HGC SH @N[QDC @A==D@ABN= GCE ]NVC=H@H= AEN VDGDZEDE>H=SDG@DFBDEN= ^g SH [NEH=N HGFH@DNBg FCGDQDBD>N= AEN [N^C= NA>CEC[?N N BN ]AE@DZESC@HE>Hg SH ]C=[N aAH FH=[D>N GN>DG]N@H= BNG HiDUHE@DNG SH AEN [N^C= FH=GCENBDPN@DZE SHBN HSA@N@DZEg >HEDHESC HE @AHE>N HB F=DE@DFDC SH HGFH@DNBDPN@DZE SHB F=C]HGC=NSC4

    =

    1NG =DUDSH@HG SHB GDG>H[N @CESA@HE N BN Hi@BAGDZE SH BCG NBA[ECG ^ NBA[ENG @A^NGHiFH@>N>DVNG EC GH NSH@ANE NB [N=@C HG>NQBH@DSC4 :E @N[QDCg BN FCGDQDBDSNS SH HBHUD= HE>=H

    SDG>DE>NG >=N^H@>C=DNG BHG UN=NE>DPN AEN [RG ]R@DB FH=[NEHE@DN HE HB GDG>H[N HSA@N>DVC ^g HE@CEGH@AHE@DNg [N^C=HG FCGDQDBDSNSHG FN=N GA SHGN==CBBC FH=GCENB ^ F=C]HGDCENB4 1N]BHiDQDBDPN@DZE SH BNG >=N^H@>C=DNGg SH ]C=[N aAH @NSN HG>ASDNE>H FAHSN SHGN==CBBN= >CSC GAFC>HE@DNBg GH @CE@=H>N HE HB SHGN==CBBC SH F=CU=N[NG SH [HTC=N SHB NF=HESDPNTH ^ HB=HESD[DHE>C HE HB GHUAESC ^ HB >H=@H= @A=GC SH BN :SA@N@DZE 7H@AESN=DN 2QBDUN>C=DNg BN9C=[N@DZE -=C]HGDCENB WRGD@Ng BN NE>D@DFN@DZE SH BCG D>DEH=N=DCG `N@DN WN@`DBBH=N>C ^

    9C=[N@DZE -=C]HGDCENBg ^ BN >=NEG]C=[N@DZE SHB N@>ANB @AN=>C @A=GC SH BN :SA@N@DZE7H@AESN=DN 2QBDUN>C=DN HE AE @A=GC ]AESN[HE>NB[HE>H F=CFHShA>D@C ^ @CE SCG

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    GAG EH@HGDSNSHG ^ NGFD=N@DCEHGg BC aAH SHQH ]NVC=H@H= GA F=CU=HGDZE HE HB GDG>H[NHSA@N>DVC4

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    ^ GH `N SC>NSC SH [N^C= FH=[HNQDBDSNS N BCG HiDG>HE>HG4 1N FH=[HNQDBDSNS SHB GDG>H[Ng>NE>C VH=>D@NB @C[C `C=DPCE>NBg HG AEN SH BNG [N^C=HG F=HC@AFN@DCEHG SH BN 0EDZE :A=CFHN4

    ,G?g BN 1H^ NQ=H FNGN=HBNG HE>=H >CSNG BNG >=N^H@>C=DNG ]C=[N>DVNG ^ SHE>=C SH HBBNGg SH[NEH=N aAH EDEUAEN SH@DGDZE SH EDEUdE NBA[EC C NBA[EN GHN D==HVH=GDQBH4 +ANBaADH=NBA[EC C NBA[EN FAHSH >=NEGD>N= N BC BN=UC SH GA F=C@HGC SH ]C=[N@DZE SH AECG R[QD>CG NC>=CG SH N@AH=SC @CE GA VC@N@DZEg HG]AH=PC ^ HiFH@>N>DVNG VD>NBHGg HEBNPNESC @CE BNGEH@HGDSNSHG SH AEN ]C=[N@DZE N BC BN=UC SH BN VDSN4

    LAE>C N HG>CG F=DE@DFDCG HG EH@HGN=DC SHG>N@N= >=HG R[QD>CG GCQ=H BCG aAH BN 12X+: `N@HHGFH@DNB DE@DSHE@DN @CE VDG>NG N BN >=NEG]C=[N@DZE SHB GDG>H[N HSA@N>DVCn BNG /H@ECBCU?NG SHBN 3E]C=[N@DZE ^ BN +C[AED@N@DZEg HB ]C[HE>C SHB FBA=DBDEUtDG[Cg ^ BN [CSH=EDPN@DZE SH BN9C=[N@DZE -=C]HGDCENB4

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    D==HEAE@DNQBH FN=N BN @CEG>=A@@DZE SH AE F=C^H@>C HA=CFHC4 1N 1H^ NFC^N SH@DSDSN[HE>H HBFBA=DBDEUtDG[Cg =HSCQBNESC BCG HG]AH=PCG FN=N @CEGHUAD= aAH BCG HG>ASDNE>HG GH

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    Ql 1N HSA@N@DZE HE HB =HGFH>C SH BCG SH=H@`CG ^ BDQH=>NSHG ]AESN[HE>NBHGg HE BN DUANBSNSSH SH=H@`CG ^ CFC=>AEDSNSHG HE>=H `C[Q=HG ^ [ATH=HG ^ HE BN DUANBSNS SH >=N>C ^ ECSDG@=D[DEN@DZE SH BNG FH=GCENG @CE SDG@NFN@DSNS4

    @l 1N HSA@N@DZE HE HB HTH=@D@DC SH BN >CBH=NE@DN ^ SH BN BDQH=>NS SHE>=C SH BCG F=DE@DFDCG

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    SH VNBC=HG aAH F=CFD@DHE HB =HGFH>C `N@DN BCG GH=HG VDVCG ^ HB [HSDC N[QDHE>Hg HEFN=>D@ABN= NB VNBC= SH BCG HGFN@DCG ]C=HG>NBHG ^ HB SHGN==CBBC GCG>HEDQBH4

    ]l :B SHGN==CBBC SH BN @NFN@DSNS SH BCG NBA[ECG FN=N =HUABN= GA F=CFDC NF=HESDPNTHg @CE]DN=HE GAG NF>D>ASHG ^ @CEC@D[DHE>CGg NG? @C[C FN=N SHGN==CBBN= BN @=HN>DVDSNSg BN DED@DN>DVN

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    `l 1N NSaADGD@DZE SH `RQD>CG DE>HBH@>ANBHG ^ >h@ED@NG SH >=NQNTCg SH @CEC@D[DHE>CG@DHE>?]D@CGg >h@ED@CGg `A[NE?G>D@CGg `DG>Z=D@CG ^ N=>?G>D@CGg NG? @C[C HB SHGN==CBBC SH`RQD>CG GNBASNQBHGg HB HTH=@D@DC ]?GD@C ^ HB SHFC=>H4

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    "*

    F=HG>N=BC4

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    H4 :B 7DG>H[N :G>N>NB SH WH@NG ^ ,^ASNG NB :G>ASDCg @C[C UN=NE>?N SH BN DUANBSNS SH

    CFC=>AEDSNSHG HE HB N@@HGC N BN HSA@N@DZE4

    &4 :B ]AE@DCEN[DHE>C SHB 7DG>H[N :SA@N>DVC :GFNOCB GH =DUH FC= BCG F=DE@DFDCG SH @NBDSNSg@CCFH=N@DZEg HaADSNSg BDQH=>NS SH HEGHONEPNg [h=D>Cg DUANBSNS SH CFC=>AEDSNSHGg ECSDG@=D[DEN@DZEg H]D@DHE@DN HE BN NGDUEN@DZE SH =H@A=GCG FdQBD@CGg >=NEGFN=HE@DN ^ =HESD@DZESH @AHE>NG4

    6/!-,'() ..

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    SH ]C=[N aAH NGHUA=H BN >=NEGD@DZE HE>=H BCG [DG[CG ^g HE GA @NGCg SHE>=C SH @NSN AEC SHHBBCG4

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    Nl :SA@N@DZE DE]NE>DB4

    Ql :SA@N@DZE F=D[N=DN4

    @l :SA@N@DZE GH@AESN=DN CQBDUN>C=DN4

    Sl WN@`DBBH=N>C4

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    #+

    Ul :EGHONEPNG N=>?G>D@NG4

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    (4 1N HSA@N@DZE F=D[N=DN ^ BN HSA@N@DZE GH@AESN=DN CQBDUN>C=DN @CEG>D>A^HE BN HSA@N@DZEQRGD@N4

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    /?@ABCDE X4 :B NF=HESDPNTH N BC BN=UC SH BN VDSN4

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    )4 :B GDG>H[N HSA@N>DVC SHQH ]N@DBD>N= ^ BNG ,S[DEDG>=N@DCEHG FdQBD@NG SHQHE F=C[CVH= aAH>CSN BN FCQBN@DZE BBHUAH N NB@NEPN= AEN ]C=[N@DZE SH HSA@N@DZE GH@AESN=DN FCG>CQBDUN>C=DNC HaADVNBHE>H4

    !4 +C==HGFCESH N BNG ,S[DEDG>=N@DCEHG FdQBD@NG ]N@DBD>N= HB N@@HGC N BN DE]C=[N@DZE ^ N BN

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    6CK@?E* :B >?>ABC SHB @NF?>ABC 333 SHB >?>ABC F=HBD[DEN= ^ HB N=>?@ABC ! aAHSNE =HSN@>NSCG SH BNGDUADHE>H [NEH=Nn

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    ##

    @4 1CG @CE>HEDSCGg C @CETAE>CG SH @CEC@D[DHE>CGg `NQDBDSNSHGg SHG>=HPNG ^ N@>D>ASHG aAH@CE>=DQA^HE NB BCU=C SH BCG CQTH>DVCG SH @NSN HEGHONEPN ^ H>NFN HSA@N>DVN ^ N BNNSaADGD@DZE SH @C[FH>HE@DNG4

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    ]C=[Nn

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    #l ;H>H=[DEN= BCG @CE>HEDSCGg BCG HG>RESN=HG SH NF=HESDPNTH HVNBANQBHG ^ HB `C=N=DCBH@>DVC [?ED[C SHB QBCaAH SH NGDUEN>A=NG >=CE@NBHG4

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    &4 ;H N@AH=SC @CE BC aAH HG>NQBHP@NE BNG ,S[DEDG>=N