Vallejo, 2015. Cap. 42. Psicopatologia de La Atención y Orientación

A
IOKLFH
FcYS_`Qd_\_WoQ TU \QQdU^SYq^

i _bYU^dQSYq^
)5ABJE3-5D5@@?
A E ? D @ C 5=3 F 7
î @lm^\Zizmnehl^\^gmkZ^geZ]^l\kbi\b|grZgxeblbl\ezgb\h]^ î N^]^lmZ\Zg(^g^li^\bZe(ehllzgmhfZlZlh\bZ]hl
eZl]blmbgmZlfh]Zeb]Z]^l]êZZm^g\b|gr]êZhkb^gmZ\b|g* ZiZmheh`zZlilbjnbxmkb\Zl]^Zjnêehl]^kboZ]hl
î ?^linyl]^ngZ[kô^k^_^k^g\bZZehllblm^fZlg^nkhgZe^l ]^^g_^kf^]Z]^lg^nkhe|`b\Zl(Zlnfb^g]h
bfieb\Z]hl^gZf[Zl_ng\bhg^l(l^]^l\kb[^geZl jn^ghlb^fik^^lihlb[e^(]^l]êZh[l^koZ\b|g
Zem^kZ\bhg^lfxl_k^\n^gm^l^geZikx\mb\Z\ezgb\Z* \ezgb\Z(^lmZ[e^\^k]b_^k^g\bZl\eZkZl*
@D JH E ; K : : @z D jnîn^]^gl^k}mbe^l(^gng fhf^gmh]Z]h( Zgm^l ]^jn^

gn^lmkZoZehkZ\b|g\ezgb\Z l^Z h gh \hg_bkfZ]Z f^]bZgm^
GZ Zm^g\b|g ^l ng mykf bgh ilb\h_blbhe|`b\h jn^ bf ieb) ikn^[Zl^li^\z_b\Zlg^nkhilb\he|`b\Zl*@g^lm^\Zizmneh]^l)
\ZeZ\ZiZ\b]Z]]ê\^k^[kh]^_h\ZebsZk( lê^\\bhgZk^bgm^) \kb[bk^fhlZe`nghl\nZ]khl\ezgb\hl^gehljn^êh[l^koZ]hk
`kZkeZbg_hkfZ\b|g*GZilb\hiZmheh`zZ]êZZm^g\b|gghaZ ik^lnihg^ngZhoZkbZl Zem^kZ\bhg^l]êZZm^g\b|gr]êZ
Ze\ZgsZ]heZkbjn^sZ]^l\kbimboZ]^hmkZl_Z\nemZ]^lilb\h) hkb^gmZ\b|g$mZ[eZ^0. )e%*
e|`b\Zl(mZeo^s ihkjn^ lnlZem^kZ\bhg^llâZglni^]bmZ]h
lb^fik^ZhmkZl\ezgb\Zf^gm^fxleeZfZmboZl$^li^\bZef^gm^
ZeZlZem^kZ\bhg^l]êZ\hg\b^g\bZ%* KhkhmkZiZkm^(ehl\hg) :E C FE D <D J<I ;< B88J<D :@zD
\îmhl ilb\h_blbhe|`b\hl ]^ Zm^g\b|g( Ze^kmZrZ\mboZ\b|g( N C E ; 8 B@; 8 ; <I ;<8J<D :@zD
]^lZkkheeZ]hl ihk ilb\|eh`hl ^qi^kbf ^gmZeblmZl( lhg ]^
]b_z\bemkZ]n\\b|gZeZ\ezgb\Z hk]bgZkbZ* @l fnrikh[Z[e^ GZZm^g\b|g^l_ng]Zf^gmZeiZkZeZZ\mbob]Z]\hgl\b^gm^r
jn^( \nZg]hng \ezgb\h^fie^Zêmykfbgh à]^lZm^g\b|gâ( iZkZeZZ]ZimZ\b|gZngfng]h\hfie^ch*@gh\Zlbhg^l(^lmZk
ylm^m^g`Zih\hjnô^k\hgê]^àlnl\îmb[beb]Z]ZeZ]bl) Zm^gmhr^lmZk\hgl\b^gm^l^\hglb]^kZglbg|gbfhl*Ihh[l)
mkZ\\b|gâ]êhlilb\|eh`hl$@rl^g\d( -541%*@gehl}embfhl mZgm^(^geZob]Z\hmb]bZgZ(\nZg]hl^]b\^ZZe`nb^gjn^^lmy
Z{hla^fhllb]hm^lmb`hl]^ng^qmkZhk]bgZkbhZoZg\^]êZ Zm^gmhghik^lnihg^fhljn^l^Zie^gZf^gm^\hgl\b^gm^]^
g^nkhilb\heh`zZ\h`gbmboZ]êZZm^g\b|gr]^hmkhlikh\^lhl ehjn^^lmxln\^]b^g]h*GZZm^g\b|gbfieb\Zlê^\\bhgZkng
]êZZ\mbob]Z]\^k^[kZe*Chr^g]zZ(eZlheb\bmn]]îkn^[Zl ô^gmh]^hmkh(fb^gmkZljn^l^k\hgl\b^gm^^l( ^gmk^hmkZl
g^nkhilb\he|`b\ZllâZ\hgo^kmb]h(^gfn\ahll^gmb]hl(^g \hlZl( ih]^kZmkb[nbk Z ^lmhlô^gmhl \b^kmZl\nZeb]Z]^l h
knmbgZl]êZikx\mb\Z]êZilbjnbZmkzZr^geZbgo^lmb`Z\b|g oZehk^l*GZmZ[eZk^_e^cZlhf^kZf^gmêZl\ZkZ\m^kzlmb\Zl]^
ilbjnbxmkb\Z]^^g_^kf^]Z]^lf^gmZe^l\hfie^cZl*Ihh[l) eZZm^g\b|g*NâZg]^l\kbmh\nZmkh\hfihg^gm^l_ng]Zf^g)
mZgm^(fnrih\hl\hg\îmhl]^kboZ]hl]êZg^nkhilb\heh`zZ mZe^l ]êZZm^g\b|g6 )"f^fhkbZ]^mkZ[Zch7 *"k^`neZ\b|g
\h`gbmboZaZgih]b]hmkZleZ]Zkl^Zee^g`nZcîlb\hiZmhe|`b\h ]êZl l^{Ze^l ]^ ]b_^k^gm^l \ZgZe^l]^ bg_hkfZ\b|g !fab%
fh]^kgh* Ghlob^chlmykf bghl]^ Z[ba%Z[bWdbdaeWj[S$ ihk VaièWè[f[h[fkUa`fda^"3+"lê^\\b|g]^^lmzfnehlobmZe^l
^c^fieh( aZg ]^lZiZk^\b]h ]êhleb[khl ]^m^qmh Z\mnZe^l iZkZeZ\hg]n\mZ !Taffa_%gbeS^[WÙWX[^fWde"$r,"lê^\\b|g
$cngmh\hghmkhlfn\ahlmykfbghl\exlb\hl%(lnlmbmnb]hl(^g \hfi^mbmboZ$Fgn]ll^g( .,,3%* GZ\exlb\ZlîZkZ\b|g^gmk^
h\Zlbhg^l(ihkhmkhloZ`Zf^gm^]^_bgb]hl \hfh f^fhkbZ Zem^kZ\bhg^l]êZf^fhkbZrZem^kZ\bhg^l]êZZm^g\b|g(ahr
]^mkZ[Zchrlê^\\b|g\hfi^mbmboZ(^gmk^hmkhl*Ihh[lmZgm^( ^g ]zZ( gh ^llhlm^gb[e^* ?^ a^\ah(eZ f^fhkbZ $^li^\bZe)
]^l]^ ngingmh]ôblmZ\ezgb\h $rikhoblbhgZe% ]^l\kb[bk^) f^gmêZf^fhkbZ]^mkZ[Zch%reZZm^g\b|glhgbglîZkZ[e^l
fhlZe`ngZl\ZkZ\m^kzlmb\Zl]êZZm^g\b|gr+hhkb^gmZ\b|g rln\^]^g^gehlfblfhllblm^fZlg^nkhgZe^l]^lhihkm^*
É.,-1*@elôb^k@liZ{Z(N*G*P*M^l^koZ]hlmh]hlehl]^k^\ahl
M).
^.4 > < KèOP GJ ^ 0 . Klb\hiZmheh`zZ]êZZm^g\b|grhkb^gmZ\b|g
àg}f^kh fx`b\h3âr(]^l]^ngZihlb\b|g^\ey\mb\Z(lh[k^
D34=3 M + ) $(
eZlebfbmZ\bhg^l]êZZm^g\b|grf^fhkbZanfZgZ*
AMZ\]ZJIKQWVM[LMTII\MVKQfV`TIWZQMV\IKQfV
@lmhl\hg\îmhlbg\bib^gm^l]b^khgen`ZkZeZ\hfiZkZ\b|g
CfYl]f[axf ]ê\^k^[kh\hgêhk]^gZ]hk*Pgh]^ ehl fxqbfhl^qih)
>akljYaZadÑ\Y\ g^gm^l^g^lm^l^gmb]h^lF^gm$-54-%(jnb^g(^glnfhgh)
Mvf\jge]\]f]_da_]f[aY `kZ_zZ AaeUWdWTdaeVW^Za_ TdWk^Se_pcg[`Se$ b]^gmb_b\Z
CfYl]f[axfYhtla[YpeglanY[agfYd mh]ZleZl_ng\bhg^llnin^lmZf^gmânfZgZl\hg\bk\nbmhl
@Yla_YZada\Y\
e|`b\hlg^nkhgZe^l*Ihh[lmZgm^(eZl]b_^k^g\bZllh[k^\|fh
>]kgja]flY[axf
@YdkYgja]flY[axf#gja]flY[axf[gf^YZmdY\Y$ ikh\^lZ ng hk]^gZ]hk eZbg_hkf Z\b|gr\|fh eh aZ\^ ng
Juj\a\Y\]YmlgfgevYY dgk]klvemdgkYeZa]flYd]k \^k^[kh iZk^\^g\hglb]^kZ[e^l* PgZ]^ êeZl( ^gmk^ hmkZl(
#kvf\jge]\]mladaqY[axf \]F`]jeall]$ ^leZ]^jn^êhk]^gZ]hkghiZk^\^g^\^lbmZkeZàZm^g\b|gâ
La_a\]qe]flYd $lZeoh jn^ ylmZ l^ b]^gmb_bjn^ \hg ng lbfie^ f ^\Zgblfh
Mvf\jge]\gjkgdYl]jYd ]^ à^g\^g]b]hâ%* Khk ^c^fieh( eZ `kZgo^gmZcZ jn^mb^g^
Mvf\jge]gjZalg^jgflYd nghk]^gZ]hklh[k^ê\^k^[kh ^l jn^ lnoêh\b]Z][xlb\Z
Mvf\jge]\]\]k[gf]oaxf j]la[mdg^jgflYd
]^mkZ[Zch^lfn\ahfZrhk* NnmZlZ]^ inelZ\bhg^l^lfbe
Mvf\jge]\]\uâ[al\]Yl]f[axf]àh]jY[lana\Y\#;>B>$
o^\^lfZrhkjnêZ\hkk^lihg]b^gm^ZeZoêh\b]Z]]ê\^k^)
[kh* @g\hgl^\n^g\bZ( bg\enlhngZ\hfinmZ]hkZi^jn^{Z
in^]^^fik^g]^kmZk^Zljn^ ê\^k^[khgh in^]^Z[hk]Zk
8dU^SYq^ cU\USdYfQ%f_\e^dQbYQ $o*eZ]^l\kbi\b|g]^ AkZg\bl >kb\d( -522%* JmkZ]b_^k^g\bZ
iQed_]mdYSQ bfihkmZgm^ ^l jn^ ê \^k^[kh ^lngZ fxjnbgZ ]^^gmkZ]Z
f}embie^*Hxl]^ngfbee|g]^_b[kZloZg]^l]^êhchZe\^k^)
GZ_ng\b|gôb]^gm^]êhllblm^fZll^glhkbZe^l^leZ]îkh) [kh(rfn\aZl]^êeZleeôZgl^{Ze^l]^_hkfZlbfnemxg^Z*
ihk\bhgZkngZ \hkkb^gm^ \hgmbgnZ ]^ gnôZ bg_hkfZ\b|g Khk\hglb`nb^gm^(ehl ê^f^gmhl]ê\^k^[khZ\m}Zg(aZlmZ
Z\^k\Z]êfng]hjn^ghlkh]^Z*@geZlni^k_b\b^l^glhkbZe \b^kmhingmh(^giZkZeêh(fb^gmkZljnêhl]^nghk]^gZ]hk
]^gn^lmkh\|km^ql^^qmb^g]^ngZfiebhiZblZc^]^àfZiZl Z\m}Zg^gl^kb^*In^lmkhl\^k^[khlghin^]^gk^ZebsZk\xe)
mhih`kx_b\hlâjn^l^]bl^{Zg^g_ng\b|g]êZbg_hkfZ\b|g \nehlinkhl$Zef^ghl(lbg`kZg^l_n^ksh%(fb^gmkZljn^lhg
ikho^gb^gm^]ê^qm^kbhk* Kh]kzZfhl]^\bkjnêZ SfWÙ[t` \ZiZ\^l]^k^\hgh\^keZ\ZkZ]^ngZfb`h\hglhkik^g]^gm^
\hehk^Z^lmhlfZiZlr]Z(^g]^_bgbmboZ(fZrhkhf^ghk\hg) kZib]^s$>kb\d( -522%*
mkZlm^ZehlfZiZlg^nkhgZe^ljn^kîk^l^gmZgfxlhf^ghl
_bêf^gm^êfng]hi^k\b[b]h*
GZ\hg]n\mZbgm^g\bhgZe]^ àik^lmZkZm^g\b|gâ \hglblm^ 8\UbdYjQSYq^
^ghkb^gmZk]bo^klhll^gmb]hlaZ\bZng_h\h]^bg_hkfZ\b|g
lê^\mboh* GZZm^g\b|gohengmZkbZ^lmxbfieb\Z]Z^geZik^) @e\^k^[khiZk^\îhl^^kngZ\ZiZ\b]Z] S`f[U[bSfad[S jn^
iZkZ\b|greZlê^\\b|g]bkb`b]Z !fab%Vai`"ihkê^lmzfneh gh ihl^^ êhk]^gZ]hk* Khk ^c^fieh( \nZg]h Znglnc^mh
^g\n^lmb|greZlô^gmnZe^lk^lin^lmZl*@lmZZm^g\b|glê^\) \hg ê^\mkh]hl bfieZgmZ]hl ^g ln \|km^q l^ e^ ib]^ jn^
mboZ in^]^ l^k \hgl\b^gm^rohengmZkbZ h [b^g bg\b]^gmZe fnôZZe`}g]^]h(]^m^kfbgZ]Zlg^nkhgZl\hkmb\Ze^l^fb)
$h\ZlbhgZef ^gm^ gh \hgl\b^gm^% $Zm^g\b|g Znmhf xmb\Z%( m^gbfinelhl S`fWe ]^ jn^ l^]^m^\m^ Ze`ngZ Z\mbob]Z]]^
\nZg]h ê_h\h ]^ bg_hkfZ\b|gl^\knsZ\ZlnZef^gmîhk lnlf}l\nehl*<gboêê^\mkh^g\^_Zeh`kx_b\h(ngihm^g\bZe
gn^lmkh \Zfih ]^ \hg\b^g\bZ* GZ Zm^g\b|gZnmhfxmb\Zgh g^`Zmbohe^gmh(k^\b[b]h^gê\kxg^h(\Zf[bZl^`ng]hlZgm^l
^lmxbfieb\Z]Z^geZlê^\\b|g]^^lmzfnehl*Khk]^l\hgmZ]h( ]^jnêZi^klhgZk^\b[ZeZl^{Zejn^^lmx^li^kZg]h* @lm^
eZbg_hkfZ\b|gjn^bg`k^lZ^ggn^lmkh\^k^[khghmb^gîhk _^g|f^ghl^\hgh\^\hfh hSd[SU[tÙa`f[`YW`fW`WYSf[hS
jny ihl^^klb^fik^ ng lb`gb_b\Z]h \hgl\b^gm^* ?Z]h jn^ $Q>I%*Gb[^mr\hbl* $-54/% ]^fhlmkZkhgjn^ê\Zf[bh]^
ê\^k^[kh ^lnglblm^fZ _bgbmhrebfbmZgm^( Zngjn^ in^]Z ihm^g\bZe^gê\^k^[khln\^]^Zgm^l]^jn^êlnc^mhàf^g)
ZefZ\^gZk`kZg \Zgmb]Z]]^ bg_hkfZ\b|g( Ze`ngZ]^[^l^k mZef^gm^]^\b]Zâjnyfhobfb^gmhhZ\\b|g]^[^^fik^g]^k*
]^l^\aZ]Z*=khZ][^gm(^g-513(ikhinlhngfh]êhf^\x) @lm^ _^g|f ^gh iZk^\^ Znmhfxmb\h rkêZ\bhgZ]h \hg ehl
gb\h]^Zm^g\b|grf^fhkbZZ\hkmhieZsh(^gmykfbghl]^ f^\Zgblfhl]^ S^WdfS \^k^[kZe* @e^lmZ]bh ]^Ze^kmbsZ\b|g
à[heZl]^[beeZkâjn^mkhib^sZg\hgngmn[h^g_hkfZ]^àTâ( ln\^]^ -,,Z.,,fl Zgm^l]^ jn^êlnc^mhk^\b[ZeZl^{Ze
kîk^l^gmZg]hoZkbhl à\ZgZe^lâ ]^ bg_hkfZ\b|g l^glhkbZe( ^li^kZ]Z* N^`}g ^lmZl h[l^koZ\bhg^l( Khlg^k r Ngr]^k
]hg]^Ze`ngZl[heZllnê^giZlZkrhmkZlgh* @gêfng]h $-531%\hglb]^kZkhgjn^ngikh\^lhZnmhfxmb\h6 )"ln\^]^
k^Ze(ghh[lmZgm^(eZZm^g\b|gohengmZkbZreZZnmhfxmb\Z^lmxg lbgbgm^g\b|g7 *"ghhkb`bgZng\hgh\bfb^gmh\hgl\b^gm^(r
f^s\eZ]ZlreZfZrhkzZ]^g^nkhilb\|eh`hleZl\hglb]^kZg +"ghbgm^k_b^k^^ggbg`ngZhmkZZ\mbob]Z]f^gmZe^g\nklh
iZkm^]^ng\hgmbgnh]êZZ\mbob]Z]\^k^[kZe* $Khlg^k( -5347@rl^g\d( -541%* KZkZKhlg^k$-534%(eZZm^g)
=khZ][^gmZk`nf^gm|jnêhlilb\|eh`hl]^[^kzZgi^g) \b|g\hgl\b^gmîhl^^ngZ\ZiZ\b]Z]ebfbmZ]Z6obkmnZef^gm^
lZk^gmykfbghl]^àbg_hkfZ\b|gârgh^gl^gmb]h ^lmkb\mh l^ZgneZ\nZg]h ln\^]^nga^\ahbg^li^kZ]h* @lmh in^]^
]^ ^lmzfnehl_zlb\hl*Ghl\hg\îmhl]^ àikh\^lZfb^gmh]^ iZk^\^k\hgmkZ]b\mhkbh(rZjn^ ]^[^kzZfhl( ^gikbg\bibh(
eZbg_hkfZ\b|gâ_n^khgZieb\Z]hlZeZZm^g\b|ganfZgZrZeZ àik^lmZkfZrhkZm^g\b|g Zeh bg^li^kZ]hâ*<e \hgmkZkbh(
f^fhkbZihkHbee^k(^g -512(^gln\exlb\hmkZ[Zchlh[k^ê eZZm^g\b|g \hgl\b^gm^ k^lihg]^ ZeZl ikh[Z[beb]Z]^l ]^
>< KèOP GJ ^ 0 . Klb\hiZmheh`zZ]êZZm^g\b|grhkb^gmZ\b|g ^.5
]b_^k^gm^la^\ahl( êZ[hkxg]hl^ngZ]^\blb|gl|eh\nZg]h <iZk^gm^f^gm^(ê\^k^[khlî^k\ZmZ$Zgm^l]^jn^l^Z)

mb^gên`Zknga^\ah ^li^kZ]h* KZk^\^ jn^ ^g_k^gmZkl^ Z fhl\hgl\b^gm^l]^êeh%]êZlbg\hg`kn^g\bZll^fxgmb\Zlh
nga^\ahbg^li^kZ]h ^qb`^[ZlmZgm^mb^fih ^g ê\Zf[bh ]^hmkhmbih]^bg_hkfZ\b|g$Iôbee^( -541%$o*mZ[eZ^0.).%*
Zm^g\bhgZe$@rl^g\d( -541%* GZZm^g\b|gohengmZkbZ !fab%Vai`"l^bgb\bZ^gehle|[nehl
KhkhmkZiZkm^( ê\^k^[kh lê^\\bhgZkx ik^\hsf^gmêZ _khgmZe^lbsjnb^k]hl(fb^gmkZljnêZZm^g\b|gbgb\bZ]Zihk
bg_hkfZ\b|gjn^\hglb]^kZkêôZgm^(lnikbfb^g]heZbg_hk) ^lmzfnehl !Taffa_%gb"^f^k`^]êZZ\mbob]Z]]êhle|[nehl
fZ\b|gk^lb]nZe*@e`knih]^CbeerZk]]^fhlmk|(f^]bZgm^ iZkb^mZe^l$_b`l*^0 . )er^0.).%*
bafWÙ[S^WeWhaUSVae $K@% k^\h`b]hl^gê\kxg^h(eZlê^\)
\b|gik^\hs]^^lmzfnehlZn]bmbohl(oblnZe^lrlhfZmhl^glh)
kbZe^l $CbeerZk]rFnmZl( -54/%*GZSfWÙ[tèW^WUf[hSbdWUal @^db_cÙSSYqî]UdQbbU`bUcU^dQSY_Ûc
\hglblm^ ^g ng f ^\Zgblf h Znmhf xmb\h ]^ êbf bgZ\b|g h
Zm^gnZ\b|g]êZbg_hkfZ\b|gbkkêôZgm^ $i*^c*(lhgb]hl^g GZ \ZiZ\b]Z] ]^ bgmkhli^\\b|g ^l ngh ]^ ehl ikbobe^`bhl
ng hz]h bgZm^gmh( en\^l ^g ngZeh\ZebsZ\b|g gh ^li^kZ]Z( ]êZfZjnbgZkbZ\^k^[kZe* N^ ]^l\hgh\^\|fh ê\^k^[kh
^m\*%*@e\hg\îmh]^lê^\\b|gik^\hs $Zm^g\b|g^c^\nmboZ% eeôZ Z \Z[h ^lm^ _^g|f ^gh* GZ bg_hkf Z\b|g \hglblm^ ^g
Zlnf^jn^ê \^k^[kh kxib]Zf^gm^ êbfbgZehl]Zmhl i^k) Zm^g]^k Zê^f^gmhl inkZf^gm^ \h`gbmbohl $b]^Zl( l^gmb)
\îmbohl]^_n^gm^lbgZm^gmZl( ikhm^`b^g]h]^^lmZfZg^kZ fb^gmhl(^m\*%rlbfnemxg^Zf^gm^Zm^gnZkeZbg_hkfZ\b|g
ehlZgZebsZ]hk^llni^kbhk^l\hkmb\Ze^l]^ngZlh[k^\Zk`Z]^
bg_hkfZ\b|g$CbeerZk]( -541%*
Khk hmkZ iZkm^( ohengmZkbZf^gm^ ih]^fhl lê^\\bhgZk D3 4=3 M + ) $ )
^lmzfnehljn^^gikbg\bibhl^kzZgbkkêôZgm^llbg^lmZ\ZiZ) ? M]ZWIVI\WU dIN]VKQWVITLM TI[ ZMLM[
\b]Z]]^ZbleZkehl]êZ\hkkb^gm^ ]^bg_hkfZ\b|g*GZl^{Ze VM]ZWVITM[LMTII\MVKQfV
\^k^[kZe^lmk^\aZf^gm^kêZ\bhgZ]Z\hgêZ\mh]^]^m^\mZk IYcdU]QÛeb_^Q\ =e^SYq^
ngZ\hgm^\bf b^gmh ^l eZhg]Z K/,, $CbeerZk]( -541%* @lmZ
IeRS_bdYSQ\
hg]Z l^k^\h`^ê^\mkh^g\^_Zeh`kx_b\Zf^gm^ ^gê \kxg^h
Makl]eYfgjY\j]fuj_a[g /USXVEP
\nZg]hl^bg]n\^ngK@Zn]bmboh*Kb\mhgr\hbl*$-530%b]^g) Makl]eY\ghYeafuj_a[g ;d]jlYpYl]f[axfk]d][lanY
mb_b\Zkhg -1 \hfihg^gm^lbg]bob]nZe^l]êhlK@Zn]bmbohl Makl]eY[gdafuj_a[g G]egjaY
k^\h`b]hl^gêoykmb\^fZlmhb]^h]ânfZghl*N^b]^gmb_b\Z) Makl]eY_dmlYeYluj_a[g ;[lanY[axf[gjla[Yd
khg]hl\hfihg^gm^l[xlb\hl6nghg^`Zmboh$I%]^,(-)1tqQ Makl]eYlYdtea[g Maf[jgfaqY[axf
rhmkhihlbmboh$K%]^,(-)2EEGQ*GZK/,,^lngZhg]ZihlbmboZ :_bdYS_ceRS_bdYSQ\
jn^gh]î^g]^^lmkb\mZf ^gm^]êZfh]Zeb]Z] l^glhkbZe7 1SPPMGXPXVkmh]jagj >]l][[axf\]]klvemdgkfm]ngk
ZiZk^\^Zehl.,,fl]ê^lmzfnehZn]bmboh(\nZg]hylm^^lng JmdnafYj =YeZagYl]f[agfYd
lhihkmîZkZZe`ngZZ\mbob]Z]]bl\kbfbgZmboZ(ihk^c^fieh( =gjl]qYhYja]lYd hgkl]jagj Ija]flY[axfYl]f[agfYd
\nZg]hngZi^klhgZ]^[^]^\b]bk^gmk^ngZiZeZ[kZ\hkk^\mZ :_bdYSQ\
hbg\hkk^\mZ(hiZk^l]îZeZ[kZll^]ZgZeZo^sr]^[^gl^k =gjl]qYhYja]lYd hgkl]jagj =YeZag\]Yl]f[axfngdmflYjag
\hfiZkZ]Zl*@g^_^\mh(eZZ\mbob]Z]\^k^[kZe\Zf[bZ_k^gm^Z =gjl]qYhYja]lYd kmh]jagj ;l]f[axf eglgjY
bg_hkfZ\bhg^lZghkfZe^l*>nZg]hk^\b[bfhl(ihk^c^fieh( =gjl]qYhj]eglgjY ;mlg[gfljgd
É @elôb^k* @l ngZ in[eb\Z\b|g H<NNJI* Ahmh\hibZk lbg ZnmhkbsZ\b|g ^l ng ]êbmh*
=gjl]qY\gjkgdYl]jYd GglanY[axf
iZeZ[kZl l^fxgmb\Zf^gm^Z[^kkZgm^lh bg\hg`kn^gm^l( l^
=gjl]qY[af_mdY\YYfl]jagj ;l]f[axfY dYY[[axf
]^m^\mZgghkfZef^gm^ZfiebhlK@g^`Zmbohl$I0,,%*
HUTUcÛeb_^Q\UcTU\QQdU^SYqîVe^SY_Ûc
HUTTUS_^db_\UZUSedYf_ HUTTUQ\UbdQ HUTTU_bYU^dQSYq^
FxZmdg^jgflYd\]j][`g
=aj[mfngdm[axf[af_mdY\YYfl]jagj FxZmdghYja]lYd
FxZmdghYja]lYd\]j][`g
AYf_dagkZYkYd]k [aj[mfngdm[axf^mka^gje]
6THZXHTWJZQJZX
>]l][[axf\]dYk]wYd ?klY\g\]na_adYf[aY Ija]flY[axf\]k]wYd]knakmYd]k

=gf\m[lY\aja_a\Y GYfl]faea]flg\]dY[YhY[a\Y\\]j]Y[[axf Fg[YdaqY[axf]khY[aYd
L]kgdm[axf\]af^gjeY[axf ZgjjgkY
CfàZa[axf\]j]khm]klYk
Ymlgetla[Yk
8;9EB3M +)$( L]\]k f]mjg fYd]k\] dYYl] f [ax f p^m f [ag f ] k)

^/, > < KèOP GJ ^ 0 . Klb\hiZmheh`zZ]êZZm^g\b|grhkb^gmZ\b|g
eZ \ZiZ\b]Z] Zm^g\bhgZe ]ê lnc^mh ]^m^kf bgZkx( ^g`kZg

L]\Yl]f[agfYd iZkm^(ln\hgmkhe\h`gbmboh*<efZk`^g]êê^f^gmhln`^l)
\]k]d][[axf
mboh jn^ in^]Z]Zkl^^g^lmZfZgbh[kZ( ê^gmk^gZfb^gmh
\h`gbmbohih]kzZ]î^g]^k]ê^lmZ]h ^gjn^lâZeeZgeZl
xk^Zl \^k^[kZe^l ^li^\bZebsZ]Zl ^geZ f ^fhkbZ( Zm^g\b|g
lê^\mboZrhi^kZ\bhg^ll^fxgmb\Zl*
I@IJ<C 8I D <KHED 8B<I

@C FB@:8 ; E I <D B88J<D :@zD
L]\ ?bo^klhl^lmn]bhlf^]bZgm^mhfh`kZ_zZ]^^fblb|g]îhlb)
Yl]f[agfYd mkhg^l$K@O%rikn^[Zlg^nkhilb\he|`b\Zl(mZgmh^gikbfZm^l
\] \hfh^ganfZghl( aZgi^kfbmb]h ]^m^\mZkeZlxk^Zl\^k^)
k]d][[axf
[kZe^lbfieb\Z]Zl^geZl_ng\bhg^l]^Zm^g\b|glê^\mboZr]^
Ze^kmbsZ\b|ghob`beZg\bZ*Khlg^krMhma[Zk$-55.%]^l\kb[b^)
khg]hl lblm^fZlg^nkhgZe^lkêZ\bhgZ]hl\hgeZZm^g\b|g
lê^\mboZ(êe[efW_SVWS^WdfSaVWSUf[hSU[t`!SdageS^" rehl
8;9EB3M + ) $) L]\ Y f Y lg e a[g ^m f [ag f Y d \] dYYl]f} e[efW_SeWebWUrX[UaeVWSfWÙ[t` $mZ[eZ^0.).%*
[ ax f ) ,); L ; M EVGIRHMRKUIWMGXPEUEGWMYEWMRKV\VWIQ!$
- ) NtdYe g. ) ?kljaY\g) / ) = aj[ m f n g dm [ ax f [ af _ m dY \ Y )
0 ) = g jl] qY hYja]lYd hgkl]jagj) 1 ) = g jl] qY hj]^jgflYd) IYcdU]QTU Q\UbdQ EUSXVEP!
@elblm^fZ]^Z\mboZ\b|g !SdageS^"^lmxZlh\bZ]hZeZZ\mbob)
l^glhkbZe*@lmZ\ZiZ\b]Z]iZk^\^bggZmZ^gêl^kanfZgh( ]Z]\h`gbmboZ]^_h\ZebsZ\b|gaZ\bZng^lmzfneh* @emb^f )
rZ jn^ gZ]b^ g^\^lbmZ Zik^g]^k Zik^lmZk Zm^g\b|g Z lnl ih ]^k^Z\\b|g^l^qmk^fZ]Zf^gm^\hkmh ^geZ]^m^\\b|g
ikhibhli^glZfb^gmhl$f^mZkkîk^l^gmZ\bhg^l%*GZfZrh) ]^l^{Ze^ljn^ ]^[^gl^kikh\^lZ]Zl* @l nglblm^fZih\h
kzZ]îlb\|eh`hl$r_be|lh_hl%lâZga^\aheZik^`ngmZ]^ ^li^\z_b\hrfnembfh]Ze$Z_^\mZZ]bo^klhllblm^fZl\h`gb)
jnbyg e^^ eZl ikhihlb\bhg^l ]^ eZ f ^gm^ $Mbob^k^( -541%* mbohlri^k\îmbohl%*@elblm^fZ\^k^[kZeln[rZ\^gm^Z^lmZ
@e bggZmblf h lhlmb^g^ jn^ gZ]b^( rZ jn^ eZl ikhihlb\bh) Z\mbob]Z]l^n[b\Z^geZl\hg^qbhg^l]êf^l^g\y_Zeh( jn^
g^l gh mb^g^g jn^ l^k ]^l\b_kZ]Zl( ihk eZ l^g\beeZ kZs|g k^\b[^ bg_hkfZ\b|goblnZe( Zn]bmboZ( lhf ^lmylb\Z( ^m\*( ]^
]^ jn^ ^lmxg bg\enb]Zl S bd[ad[ ^geZ fZjnbgZkbZ f^gmZe ]b_^k^gm^lZ_^k^g\bZl* @lmZlozZlmb^g^g\hg^qbhg^l Zl\^g)
$Mbob^k^( -541%* Ih h[lmZgm^( ^lmZ lnihlb\b|g ih]kzZ l^k ]^gm^l$<M<N%ZemxeZfhrZe\|km^q(Zlz\hfh]^l\^g]^gm^l
_ZelZ*GZbgmkhli^\\b|g^lêê^f^gmh\Zk]bgZe^geZfZrh) $Khlg^krMhma[Zk( -550%*
kzZ ]^ m^kZibZl ilb\he|`b\Zl( bg\enb]Z eZ ilb\hZgZezmb\Z* ?bo^klZl ^lmkn\mnkZlf^l^g\^_xeb\Zl( ^li^\bZef^gm^ê
GZ \n^lmb|g^l lb ^qblm^ Ze`}g lnlmkZmh ZgZm|f b\h ]^ eZl âUgeUaWdg^Wge $G>%(]^m^kfbgZgehl^lmZ]hl]^Z\mboZ\b|g
hi^kZ\bhg^l f^gmZe^lbgm^kgZl( lbgeZ iZkmb\biZ\b|g l^g) èh[Ze ]ê \|km^qr]ê lblm^fZZm^g\bhgZeZgm^kbhk* @elbl)
lhkbZeh f hm|kb\Z* Khlg^kr\hbl* $-544% ]^fhlmkZkhgngZ m^f Z ghkZ]k^gyk`b\h Zl\^g]^gm^ l^ eh\ZebsZ ^g ê G> r
eh\ZebsZ\b|gkêZmboZf^gm^]bl\k^mZiZkZeZlàhi^kZ\bhg^l Zl\b^g]^bg^koZg]hmh]hêg^nkh^c^khlmkZe(^li^\bZef^gm^
l^f xgmb\Zlâ Z gboê _khgmZe( ]blmbgmZl ]^ eZl xk^Zl \^k^) ê\|km^q_khgmZerik^_khgmZe*@lm^lblm^fZl^\hfie^f^gmZ
[kZe^lbfieb\Z]Zl^geZàZm^g\b|giZkZeZZ\\b|gâ* M^lnemZ ]^_hkfZ^qm^glZ\hgêlblm^fZl^khmhgbgyk`b\hZl\^g]^g)
ieZnlb[e^lnihg^kjnêZZ\mbob]Z]reh\ZebsZ\b|g\^k^[kZe^l m^ jn^ l^ hkb`bgZ ^gêg}\e^h ]ê kZ_^ ]hklZer f^]bZgh*
l^Zg ]blmbgmZl iZkZ eZ bgmkhli^\\b|g( Zm^g\b|g lê^\mboZ <f[hllblm^fZl^lmxgZ\mbohl]nkZgmêZlfblfZl_Zl^l]ê
r Zm^g\b|g oblnh^liZ\bZe( h eZ `^g^kZ\b|gohengmZkbZ ]^ \b\ehob`bebZ)ln^{h*GZlg^nkhgZlghkZ]k^gyk`b\ZllâZ[b)
bfx`^g^lbgm^kgZl $Fhllerg( -544%* m}Zg fnrkxib]Zf^gm^ Z^lmzfnehl l^glhkbZe^l( fb^gmkZl
jn^ eZl l^khmhgbgyk`b\Zl fZgmb^g^g ngZZ\mbob]Z]m|gb\Z
_k^gm^ Z ^lmhl ^lmzf nehl lbg aZ[bmnZ\b|g* GZl g^nkhgZl
:_^db_\ S_W^YdYf_ ghkZ]k^gyk`b\Zl l^ Z\mboZg $rZ\mboZg ê \|km^q _khgmZe%
\nZg]h ê hk`Zgblfh l^ lbm}Z ^g \hg]b\bhg^l ]^ ^lmkyl(
Nbgn^lmkh \^k^[kh _ng\bhgZ\hkk^\mZf ^gm^( lhfhl \ZiZ) f b^gmkZl jn^ eZl g^nkhgZl l^khmhgbgyk`b\Zl l^ Z\mboZg
\^l]^lnlmbmnbkngZb]^ZihkhmkZ* GZlm^kZibZl\h`gbmboZl ]nkZgm^ Z\mbob]Z]^l o^`^mZmboZl kzmf b\Zl $\Zf [bhl ]^
fh]^kgZl \hglblm^g ^gbgm^gmZk( ^g ngmb^fihkZshgZ[e^( m^f i^kZmnkZ( ens)hl\nkb]Z]( ]b`^lmb|g( ^m\*%* @e lblm^fZ
lnlmbmnbk ngh ]^ ehl f|]nehl \h`gbmbohl lnin^lmZf^gm^ l^khmhgbgyk`b\hiZk^\^^c^k\^kngZZ\\b|gfh]neZ]hkZ]^
bgZikhibZ]hl h iZmhe|`b\hl ihk hmkhl jn^ k^]ng]^g ^g eZ Z\mbob]Z] ]êG>r]^lnlshgZl ]^ ikhr^\\b|g*<f[hl
\hg]n\mZl f ^chk Z]ZimZ]Zl* Nbg]n]Z( eZ \ZiZ\b]Z] iZkZ lblm^f Zl bgm^kZ\m}Zg _Z\bebmZg]h( ^gmk^ hmkZl _ng\bhg^l(
SfW`VWd ^ [VW`f[X[USd ^lmhl f|]nehl \h`gbmbohl ^lngik^) ngZZ\mbob]Z] ghkfZe]êhl lblm^fZlZm^g\bhgZe^l $=Zd^k
kk^jnblbmhiZkZ\nZejnb^k^l_n^ksh]^lnlmbmn\b|g*KhkmZgmh( rCZeeb]Zr( -551%*
>< KèOP GJ ^ 0 . Klb\hiZmheh`zZ]êZZm^g\b|grhkb^gmZ\b|g ^/-
IYcdU]QcTUQdU^SYq^ UcÙSoVYS_c k^lihg]^k\hkk^\mZf^gm^r]^_hkfZ^l\n^mZ*Nbg^f[Zk`h(

^lbg\ZiZs ]^ lni^kZkeZikn^[Z]êhl]z`bmhl* >nZg]h l^
N^ aZg ]^l\kbmh ]hl lblm^fZl ^li^\z_b\hlZm^g\bhgZe^l ^g e^ln`b^k^kî^mbkngZl^kb^]^g}f^khl$i*^c*(. (0 (2(4(-,(
ê \^k^[kh \hg _ng\bhg^l ^li^\z_b\Zl ]^ lê^\\b|g ]^ eZ ^m\*%( êiZ\b^gm^fn^lmkZ]b_b\nemZ]^liZkZkî^mbk\nZmkh
bg_hkfZ\b|gr]bk^\\b|g]êZhkb^gmZ\b|g $_b`*^0.).%* GZl h\bg\hg}f^khl]êZl^kb^* Oh]ZozZk^lnemZfxl ôb]^gm^
^lmkn\mnkZlZgZm|fb\Zlbfieb\Z]Zl^gZf[hllblm^fZllhg eZ bgZm^g\b|g \nZg]h l^ e^ ]b\^ Ze iZ\b^gm^ jn^ Z]ob^kmZ
êmxeZfhrlblm^fZezf[b\h(ehl`Zgèbhl]êZ[Zl^r]bo^klZl ngZe^mkZ $i* ^c*( eZ à=â% ]^ngZl^kb^ Zk[bmkZkbZ $GO=J?)
xk^Zl]êZ\hkm^sZ\^k^[kZe* 76G&&&"&@g^lmZikn^[Z(ih\Zlo^\^lêlnc^mhZ\b^kmZ$Nmkn[
r=eZ\d( -544%*
DbTIUW% >exlb\Zf^gm^(^lmZ^lmkn\mnkZlâZkêZ\bhgZ]h
\hgê_bemkZ]h]^bg_hkfZ\b|gaZ\bZ^lmkn\mnkZl\hkmb\Ze^l* ;V I\MV KQfV LM WZQOMV W ZO b V QK W % GZ bgZm^g\b|g ^l
M^\b^gm^f^gm^(lâZln`^kb]hjn^(^gmk^hmkZl_ng\bhg^l(ê \ZkZ\m^kzlmb\Z]êhl ^lmZ]hlZ`n]hl hk`xgb\hl(cngmh ZeZ
mxeZfh$^li^\bZef^gm^êg}\e^hineobgZk%m^g]kzZeZfblb|g ]^lhkb^gmZ\b|g( iyk]b]Z]^ f^fhkbZrhmkZlZem^kZ\bhg^l
]^ àZfieb_b\Zkâ eZbg_hkfZ\b|gZeZjn^ êlnc^mhik^m^g]^ \h`gbmboZl*@g^lmZl\bk\nglmZg\bZl(êiZ\b^gm^ghmb^gîhk
h ]^[^ Zm^g]^k( bg]î^g]b^gm^f^gm^ ]êZlxk^ZloblnZe^l jny^lmZkZ[lhkmh^gZe`}g\hgm^gb]hf^gmZeiZkmb\neZk*?^
ikbfZkbZl$Khlg^krMZb\ae^( -550%* a^\ah( eh fxl ikh[Z[e^^l jn^ gh in^]ZZm^g]^kgbZ lnl
ikhibhl\hgm^gb]hl*@g^lmhl\Zlhl(êiZ\b^gmîn^]îZk^)
9IVOTQW[ JI[ITM[% @eiZiê]êhl`Zgèbhl[ZlZe^l^gehl \^kZfgylb\hhZ_xlb\h*GZbfZ`^gjn^ln`b^k^^leZ]^ fad%
f^\Zgblfhl ]^Zm^g\b|grob`beZg\bZ^l\hfie^ch* M^\b^g) bad[`fW^WUfgS^& M^lnemZb`nZef^gmêeZfZmboZeZ [`SfWÙ[t`
m^f^gm^( ^lmZl^lmkn\mnkZlaZgZ]jnbkb]hngiZiêik^]h) ftj[US l^\ng]ZkbZZ\hglnfh]^_xkfZ\hlZgmb\hebgyk`b\hl*
fbgZgm^^geZ^qieb\Z\b|g]^ ]bo^klZliZmheh`zZlilbjnbx) @g^lmhl\Zlhl(eZbgZm^g\b|glnê^l^kngh]êhllzgmhfZl
mkb\Zl( ^li^\bZef^gm^^gêmkZlmhkghh[l^lboh)\hfinelboh ik^\h\^l*
riZmheh`zZlZlh\bZ]Zl $QZee^chr=^kkbhl( -551%* NâZ]^l)
\kbmhngZozZ]bk^\mZ^gmkêZ\bk\ngohen\b|g]ê\zg`nehrê ;VI\MVKQfV MV MT XIKQMV\M X[QY]Qb\ZQKW% <\hfiZ{Z
^lmkbZ]h(jn^l^\hglb]^kZ\hfhngf^\Zgblfhkô^k[^kZgm^ Zmh]hlehl WefSVaeVW[`Z[T[U[t`be[Ua_afadS& ?â^\ah(Z
iZkZfZgm^g^keZZm^g\b|glê^\mboZ\nZg]hlâZeh\ZebsZ]h gn^lmkhcnb\bh( ghl^mkZmZ]^ngZbgZm^g\b|gk^Ze( \hfheZ
ng^lmzfneh jn^(cngmhZeZ^lmkn\mnkZZgm^kbhk( Zrn]ZkzZZ Zgm^kbhk( lbgh fxl [b^g ]^ ng îb_^g|f^gh jn^ ZiZk^\^
àhimbfbsZkâ eZb]^gmb_b\Z\b|g*Pg_Zeeh ^g^lmZl^lmkn\mnkZl lbfnemxg^Zf^gm^ Zek^lmh ]^ eZ ilb\hiZmheh`zZ* ?hl \nZ)
k^]ng]ZkzZ^geZ\ZiZ\b]Z]]^ b]^gmb_b\Z\b|g( bg]n\b^g]h ]khl \ezgb\hl( eZ f êZg\hezZreZ ^ljnbsh_k^gbZ( ^g Ze`}g
ikh[Z[e^f^gm^\hg]n\mZl$oblnZe^lhfhmhkZl%]^kî^mb\b|g fhf^gmh]^lnôhen\b|g(ln`b^k^gZem^kZ\bhg^l^gêgboê
h\hfikh[Z\b|g* Zm^g\bhgZe ]êhl ^g_^kfhl* @gê Wefgbad_W^SÙt^[Ua$ ê
^g_^kfh ^lbg\ZiZs]^ Zm^g]^k Z^lmzfnehl ^qm^kbhk^l* N^
3 ZMI[ K W Z \QK I TM [ % GZ Zm^g \b|g lê^\mbo Z h ]bkb`b]Z bg_b^k^jn^ ^lmx^glbfblfZ]h ^glnl\hgm^gb]hl f^gmZe^l
]î^g]^]^ eZ bgm^`kb]Z]]^ ngZ^qm^glZ k^] \hkmb\Zejn^ $mkblm^l(]êbkZgm^l(^m\*%(rZjn^Zek^\ni^kZkl^]^^lm^^lmZ]h
bg\enr^ \| km^q ]^ Zlh\bZ\b|g ^g ê e|[neh iZkb^mZe ihl) lnê^k^_^kbk\hg\eZkb]Z]ehli^glZfb^gmhlhl^gmbfb^gmhl
m^kbhk(e|[nehl_khgmh]hklZe^l(\hkm^sZ\bg`neZ]Zrezf[b\Z fêZg\|eb\hl i^k\b[b]hl]nkZgm^ê^lmnihk* Nbg^f[Zk`h(
Zgm^kbhk* @lmhl f|]nehl g^nkhgZe^l ZgZebsZg ngZoZlmZ ^lmhgh^lngbo^klZeiZkZmh]hlehlfêZg\|eb\hl*

\Zgmb]Z]]^bg_hkfZ\b|gl^glhkbZe$ghg^\^lZkbZf^gm^]^ @geZ Wecg[laXdW`[S$ eZbgZm^g\b|gfxlôb]^gm^k^lnemZ
_hkfZ\hgl\b^gm^%*Khk^c^fieh(eZi^k\î\b|ggh\hgl\b^g) ]ê_^g|f^ghZen\bgZmhkbh*GZi^k\î\b|g]ôh\^lZn]b[e^l
m^]^^lmzfnehlZn]bmbohlbg\k^f^gmZeZZ\mbob]Z]g^nkhgZe ]bZeh`Zgm^laZ\^jn^ê^ljnbsh_kygb\hmb^g]ZZk^lmkbg`bkln
]^ eZ \hkm^sZ ]^ Zlh\bZ\b|g Zn]bmboZ ]ê e|[neh iZkb^mZe Zm^g\b|g]^hmkhl^lmzfnehl*@gehl^ljnbsh_kygb\hl\k|gb\hl(
$mZ[eZ^0.).%* eZbgZm^g\b|gk^lnemZ]b_z\be]^]b_^k^g\bZk]êZZiZmzZ(Z[nebZ
h Zg^k`bZikhibZl ]ê\nZ]khr+h ]ê\hglnfh\k|gb\h]^
Zgmbilb\|mb\hl* GZiZmheh`zZ]êZZm^g\b|g_n^\hglb]^kZ]Z
JH8 IJHE D E I ;< B88J<D :@zD ihk]bo^klhlZnmhk^lngê^f^gmh[xlb\h^mbhiZmh`ygb\h^g
eZ^ljnbsh_k^gbZ* H \Bnb^r>aZifZg $-52-% ihlmneZkhg
@^QdU^SYq^ jnêhl^ljnbsh_kygb\hlln_kzZgngZ]b_b\nemZ]iZkZ_bemkZkh
Zm^gnZkehl^lmzfnehlbkkêôZgm^l(bkknfib^g]hylmhl^gehl
>hglblm^^g ngZbg\ZiZ\b]Z]iZkZ fhobebsZkeZZm^g\b|gh ikh\^lZ]hk^l\hkmb\Ze^lr]^lhk`ZgbsZg]hê\nklhe|`b\h]ê
\Zf[bZkê_h\h]^Zm^g\b|g_k^gm^Z^lmzfnehl^qm^kghl*@g i^glZfb^gmh* <gboê\ezgb\h( ^lm^_^g|f^gh l^mkZ]n\bkzZ
l^gmb]h ^lmkb\mh( l^mkZmZ]^ngZ àbg^k\bZ]êZZm^g\b|gâ h ihkngZbg\ZiZ\b]Z]iZkZ [YàdSd $^lihgmxg^Zf^gm^% ^lmz)
^qmk^fZe^gmbmn]iZkZfhobebsZkeZZm^g\b|g*@elnc^mhiZk^\^ fnehlhl^glZ\bhg^l(]Zg]heZZiZkb^g\bZê^g_^kfh]^^lmZk
]blmkZz]h h ^glbfblfZ]h( \hf h lb ^lmnob^kZ l|eh Zm^gmh ^glbfblfZ]h(bg\enlh^gZnl^g\bZ]^Z\mbob]Z]Zen\bgZmhkbZ*
Zlnl \hgm^gb]hl f ^gmZe^l* @e iZ\b^gm^ ^lmx ]^lib^kmh r <gboêilb\h_blbhe|`b\h(lâZh[l^koZ]hngZZm^gnZ\b|g]^
ZiZk^gm^f^gm^ \hg\^gmkZ]h( lbg jn^ iZk^s\Z bgm^k^lZkl^ eZhg]ZK/,,(ln`bkb^g]hngà^ge^gm^\bfb^gmhâ]êhlf^\Z)
ihk lhgb]hl h f hobfb^gmhl jn^ ln\^]Zg ^g ln ^gmhkgh* gblfhl\^k^[kZe^l Zgmb\biZmhkbhlZeZee^`Z]Z]^^lmzfnehl
>nZg]h lê^ ^lmbfneZ ]^ _hkfZo^k[Ze( ê iZ\b^gm^ lnê^ $FhoêfZgrN\a^b[ê( -542%*
^/. > < KèOP GJ ^ 0 . Klb\hiZmheh`zZ]êZZm^g\b|grhkb^gmZ\b|g
D34=3 M + ) $ *
BM[]UMV LM TII\MVKQfV MTMK\QÎMV LQ[\QV\I[ XI\WTWOdI[
JbQcd_b^_ <cdo]e\_cUhdUb^_c <cdo]e\_cY^dUb^_c <fYdQSYq^QdU^SY_^Q\
Jtfa[g#Yfka]\Y\hYjgovkla[Y$ &&& &&& &&&
@gZaYkg[aYd &&& &&&
@gZaYk]kh][vâ[Yk &&& & &&&
NI = &&& OkmYde]fl][g_falangk
;fka]\Y\_]f]jYdaqY\Y && && &
Bahg[gf\jvY &&&
>]hj]kaxf mfahgdYj & &&&
>]hj]kaxf ZahgdYj &&
NjYklgjfg\akg[aYlang & && &
@g ehl mkZlmhkg hl gh ilb\|mb\hl( eZ bgZm^g\b|g gh ^l \hgl^koZg]heZ\ZiZ\b]Z]iZk\bZef^gmîZkZ_h\ZebsZkeZh
_^g|f ^gh i Zkmb\n eZkf ^g m^ eeZf Zmboh* GZ f ZrhkzZ ]^ \Zf[bZkeZ*GZ]blmkZb[beb]Z]]êfZgzZ\hin^]^ ]^kboZk]^
iZ\b^gm^lZglbhlhlnh[l^lbohlfn^lmkZngZSfWÙ[tÙa_% eZkZib]^s]ê\nklh]êi^glZfb^gmh$mZjnbilbjnbZ%r+h]êZ
b Sdf[V S $h]h[e^%7ihkngeZ]h(iZk^\^gbgZm^gmhlZe^qm^) ^q\bmZ\b|g`^g^kZe*@eiZ\b^gm^gh^lmxZm^gmh(i^khmZfih\h
kbhkr( ihkhmkh( ^qmk^fZ]Zf^gm^ Zm^gmhl Z lnl lzgmhfZl Z[lhkmh h i^kie^ch* @l bg\ZiZs ]^ f Zgm^g^k ê kbmf h ]ê
$Zm^g\b|g Z ^lmzf nehl ^qm^kghl+bgm^kghl% $mZ[eZ ^0.)/%* ]bxeh`h h]êZ^qiehkZ\b|g( ]bli^klxg]hl^lnZm^g\b|g^g
@lm^ _^g|f ^gh gZ]Zmb^g^ jn^ o^k \hg eZ ]blmkZb[beb]Z] _ng\b|g]êZkZib]^srln\^lb|g]êZlb]^Zl*@e_Zeeh^geZl
\ZkZ\m^kzlmb\Z]êfZgzZ\hh ]êhk`xgb\h* GZ]h[e^Zm^g) ikn^[ZlZm^g\bhgZe^l$l^kb^l]^g}f^khlhe^mkZl%]^kboZ]êZ
\b|g ]êg^nk|mb\h r]^ eZ fZrhkzZ ]^ ^g_^kf hl lhf xmb) ik^fnkZ]êZlk^lin^lmZlfxljn^]^ngZZnmygmb\Ziyk]b]Z
\hl\hglblm^^geZiheZkbsZ\b|g]êi^glZfb^gmh( ]nkZgm^ ]^ Zm^g\b|g* @em^fie^^n_|kb\hh bkkbmZ[e^ Z\hfiZ{ZZeZ
eZk`hli^kzh]hl( aZ\bZehllzgmhfZl]êZ^g_^kf^]Z]* GZ ]blmkZb[beb]Z]reZo^k[hkk^Z^g^lmhliZ\b^gm^l*
Zm^g\b|gjn^]ZZmkZiZ]Z^g\ZobeZ\bhg^li^lbfblmZl(abih)
\hg]kzZ\Zl h _|[b\Zl* @elnc^mh in^]^ lZebk fxl h f^ghl
]^ ^lm^ ^lmZ]hr k^lihg]^k ]^ fZg^kZ \hkk^\mZ ]nkZgm^ Io^Tb_]UTU YW^_bQ^SYQ
eZ^qiehkZ\b|g*
@e lzg]khf ^ ]^ b`ghkZg\bZ h ]^ g^èb`^g\bZ ^lmx \hgl)
mbmnb]hihk [`SfWÙ[t`$SU[`We[S r `WY^[YWÙ[SZW_[WebSU[S^
;YcdbQYRY\YTQT $=kZbg(-50-7>kbm\ae^r(-522%*GZbgZm^g\b|gngbeZm^kZeln\^)
]^^ge^lbhg^l_h\Ze^l]êhla^fbl_^kbhl\^k^[kZe^l*@elzg)
>hglblm^^g\Zf[bhl[knl\hlhlbg\hiZ]hl]êZZm^g\b|g* ]khf^\hglblm^^geZm^g]^g\bZZb`ghkZkeZfbmZ]]ê^liZ\bh
GZ\hg]n\mZ]êiZ\b^gm^]^ghmZjn^lnZm^g\b|gl^_h\ZebsZ( ^qmkZi^klhgZe(fZgb_^lmxg]hl^^gZjnêeZlmZk^Zl$^l\kbmnkZ(
ikbf^kh(ihkbaUaf[W_ba r(l^`ng]h(^g_u^f[b^WeWefr_gâe& ]b[nch( ^m\*% jn^k^jnb^k^gngZ i^k\î\b|g lbf ymkb\Z]ê
GZmkZ]n\\b|gfhm|kb\Z]^^lm^_^g|f^gh^l]^bgjnb^mn]( ^liZ\bh*Nn\^]^^gi^klhgZl\hge^lbhg^l^gêa^fbl_^kbhgh
abi^k\bg^lbZhZ`bmZ\b|g*GZ]blmkZb[beb]Z]^lngh]êhllzg) ]hfbgZgm^(eh\Zebsxg]hlêZbgZm^g\b|g^gêeZ]hhin^lmhZ
mhfZl\Zk]bgZe^l]êZabi^k\bg^lbZbg_Zgmbe* eZe^lb|g*@e\hfikhfblh]êZZm^g\b|gl^]^]n\îhkjn^ê
GZ]blmkZb[beb]Z]k^lnemZfnreeZfZmboZ^gehliZ\b^gm^l g}\e^hiZmhe|`b\hgh^l]^gZmnkZe^sZ\h`gbmboZhi^k\îmboZ(
\kînl\neZk^lîbeyimb\hl*?nkZgm^êbgm^kkh`Zmhkbh( ^lmhl lbgh]êZ\ZiZ\b]Z]]^lzgm^lbl]êhl]Zmhll^glhkbZe^l(jn^
iZ\b^gm^llhgbg\ZiZ\^l]^fZgm^g^klnZm^g\b|gZe^gmkôbl) ^l\ZkZ\m^kzlmb\Z]êa^fbl_^kbhgh]hfbgZgm^ $BZbghmmbr
mZ]hkhZehlm^fZl( ]blmkZryg]hl^ ihk\nZejnb^k^lmzfneh \hbl*( -53.7 C^befZggr\hbl*( -54/%*GZg^èb`^g\bZngbeZ)
Zf[b^gmZe*<]b_^k^g\bZ]êlnc^mhbgZm^gmh(jnîn^]î^k) m^kZeln\^]^\hg_k^\n^g\bZ^gehl]Z{hl]êe|[nehiZkb^mZe
lô^kZk^gngZikn^[Zlbg\hgl^`nbkiZlZkeZ(ê^g_^kfh\hg bg_^kbhk*OZf[bygin^]^ln\^]^k^gxk^ZlghiZkb^mZe^l]ê
]blmkZb[beb]Z]`kZo^^gh\Zlbhg^lghin^]^lbjnb^kZbgb\bZkeZ a^fbl_^kbh]hfbgZgm^$\hkm^sZik^_khgmZe]hklheZm^kZe(\hk)
ikn^[Z(rZjn^Zeih\h]^bgm^gmZkehlnZm^g\b|gobkZaZ\bZ m^sZ\bg`neZ]Z(^lmkbZ]hrmxeZfh%*GhliZ\b^gm^lZ_^\mZ]hl
hmkhm^fZh_n^gm^]^^lmzfnehl*B^g^kZef^gm^(^lm^lzgmhfZ ]^ g^èb`^g\bZ ik^l^gmZg hmkhl lzgmhfZl \ZkZ\m^kzlmb\hl
l^lni^]bmZZeZlhl\beZ\bhg^l ]êl^glhkbh^gehl^g_^kfhl \hfh SbdaeaV[S$ eZbg\ZiZ\b]Z] iZkZikh]n\bkeZ^gmhgZ)
hk`xgb\hl* D`nZef^gm^( eZ]blmkZb[beb]Z]^l_k^\n^gm^^gehl \b|gZ]^\nZ]Z* JmkhlzgmhfZ^leZ [_bWde[efWÙ[S_afadS
^lmZ]hl]^bgmhqb\Z\b|gihkZe\haher]kh`Zl* h]b_b\nemZ]iZkZfZgm^g^keZihlmnkZr_bgZef^gmêZ Sâe%
GZ]blmkZb[beb]Z]]êhl ^lmZ]hlfZgzZ\hll^mkZ]n\^^g fWe[S h i^k\î\b|g]^^lmzfnehleh\ZebsZ]hlk^fhmZf^gm^
ngZ iyk]b]Z]êZ\ZiZ\b]Z] iZkZ f Zgm^g^keZ Zm^g\b|g( $?ôbgldrr?ç@lihlbmh(.,,0%*
>< KèOP GJ ^ 0 . Klb\hiZmheh`zZ]êZZm^g\b|grhkb^gmZ\b|g ^//
8`QdoQ FnbTYTQTUQed_^_]oQ
Q\_cUcdo]e\_cQ]RYU^dQ\Uc
@gehl^lmZ]hlZlm^gb\hZixmb\hl(eZZm^g\b|gghin^]^fZgb) "co^Tb_]U TU edY\YjQSYq^#
_^lmZkl^]nkZgm^ngmb^fihkZshgZ[e^*GZ[`SfWÙ[t`Sbpf[US
]ê^g_^kfhhk`xgb\hin^]^]b_^k^g\bZkl^]êZbgZm^g\b|g @lngh]êhllzg]khf^l_k^\n^gm^l^geZe^lb|g]hklheZm^)
fhmboZ\bhgZe]^\b^kmhliZ\b^gm^l\ZkZ\m^kbZe^l*@g^_^\mh( kZeik^_khgmZe*@eiZ\b^gm^ln_k^]blmkZ\\bhg^lbg\b]^gmZe^l
eZbgZm^g\b|gZixmb\Z\hglblm^^geZ]b_b\nemZ]iZkZfZgm^) rgh^l\ZiZs]^l^`nbkehlieZg^l`^g^kZ]hlbgm^kgZf^gm^
g^keZZm^g\b|gihk_Zmb`Z^qmk^fZ(g^\^lb]Z]]^]hkfb\b|g( $i* ^c*( [^[^k \nZg]h eZ \hiZ ^lmxoZ\zZ%* An^ Ga^kf bmm^(
^lmZ]hl ]^ ]^lgnmkb\b|g h \Zjn^qbZ( h ^g iZ\b^gm^l [Zch ^g -54/( jnb^g]^l\kb[b| ^lm^_^g|f^gh ]^ghfbgxg]heh
mkZmZfb^gmh\hglh[k^]hlbl]îlb\h_xkfZ\hl*@l_k^\n^gm^ Ua`VgUfSVWgf[^[lSU[t`& <e`nghl iZ\b^gm^l fZgb_b^lmZg
mZf[byg^gikh\^lhl]^`^g^kZmbohl]b_nlhl\hkmb\Ze^lrln[) Z]^f xl W U a ^S ^[S r WUabdSj[S$ in]b^g]h l^k \hg_ng]b)
\hkmb\Ze^l* @eiZ\b^gm^lnê^ k^_^kbk\ZglZg\bhr]b_b\nemZ] ]hl \hg iZ\b^gm^l ^ljnbsh_kyg b\hl* Ghl iZ\b^gm^l \hg
iZkZZm^g]^kZeZlik^`ngmZl]ê^gmkôblmZ]hk*Kn^]^m^g^k ê lzg]khf ^ ]^ nmbebsZ\b|g ingm}Zg [Zchl ^g ê m^lm ]^
bgmZ\mZlhmkZl_Z\nemZ]^l\^k^[kZe^l^bg\enlh lni^kZk\hg Nmkhhi(bg]î^g]b^gm^f^gm^]êZiZmheh`zZln[rZ\^gm^Ze
^l_n^ksh eZl ikn^[Zl g^nkhilb\he|`b\Zl* <e \hgmkZkbh( eZ _^g|f^gh*
[`SfWÙ[t`_af[hSU[a`S^]îZ\b^gm^l\hgZem^kZ\bhg^l`kZo^l
]î^klhgZeb]Z] ik^l^gmZngZl \ZkZ\m^kzlmb\Zl\hf ihkmZ)
f^gmZe^l]blmbgmZl* @gk^Zeb]Z]( _hkfZ iZkm^ ]^ eZ Z\mbmn] HYWYTUj ]U^dQ\
`WYSf[h[efS$\hg\îmhZfiebZf^gm^nmbebsZ]h^gilbjnbZmkzZ(
Zngjn^]^]n]hlhoZehkl^fbhe|`b\h*GZbfik^lb|gjn^mb^g^ GZ \ZiZ\b]Z] iZkZ f Zg m^g ^k eZ ^lmZ[beb]Z] f ^gmZe $h
êh[l^koZ]hk^ljnêZ\hg]n\mZ^l]^VWe[`fWdqe$ fxljn^ \h`gbmboZ% l^ ]^ghf bgZ _e^qb[beb]Z] f ^gmZe r i^kf bm^
]^ ngZ Zem^kZ\b|g ]êZ Zm^g\b|g* Khk^c^fieh( \nZg]h ê oZkbZkeZ Zm^g\b|g ]^ ngZ b]^Z Z hmkZ( ohengmZkbZ h Znmh)
lnc^mhl^]^\b]^ZiZlZk\b^kmZlikn^[Zl^qiehkZmhkbZl(kZkZ f xmb\Zf^gm^*<gm^l(^gêZiZkmZ]h]^\hgmkhe\h`gbmboh(
o^si^klblm^gehlihlb[e^l^kkhk^lbgb\bZe^l(Ze`hlnfZf^gm^ ]^mZeex[Zf hl ^lmZ \ZkZ\m^kzlmb\Z ]^ gn^lmkh \^k^[kh* @e
_k^\n^gm^^gehliZ\b^gm^lhk`xgb\hlhf^gmZe^l`kZo^l*@g ]Z{h ^g ê e|[neh _khg mZe r ^g ê g}\e^h \Zn]Z]h ikh)
h\Zlbhg^l( l^Z]cn]b\Z^lm^lzgmhfZZiZ\b^gm^lilb\|mb\hl ]n\^ ngZ ^qmk^f Z kb`b]^s f ^gmZe* GZl aTeWe[a` We r eZ
]^_^\mbohl h Z]îk^lbohl( eh jn^( Zgn^lmkhcnb\bh( gh ^l bWdeWhWdSU[t` lhg ehl lzgmhfZl fxl _k^\n^gm^l ^g ^lmhl
\hkk^\mh*KhkhmkZiZkm^(]Z]ZeZln[c^mbob]Z]^geZoZehkZ\b|g \Zlhl*@em^lm]^R bl\hglbg !L[eUaè[`8SdVHadf[`YIWef"
]^^lmZZ\mbmn]( ^lik^_^kb[e^ k^l^koZkeZl|ehiZkZZjnêehl ^l ^li^\bZef ^gm^ l^glb[e^ iZkZ ^lmhl \Zlhl* GZ ikn^[Z
\Zlhljn^ghoZrZgZ\hfiZ{Z]hl]^hmkhllzgmhfZlilb\h) k^jnb^k^ ieZg b_b\Z\b|g( ]bk^\\b|g ]^ eZ kîk^l^g mZ\b|g
iZmhe|`b\hl* bgm^kgZ(_e^qb[beb]Z]rf^fhkbZ]^mkZ[ZchbgmZ\mZl$=ZZkl
rBZ`^( .,,3%*
=QdYWQRY\YTQT
Io^Tb_]UT_bc_\QdUbQ\
GhliZ\b^gm^l\hgnglzg]khf^]^_Zmb`Z\k|gb\h$R^llêr
rKhpêe( -545%in^]^gfhlmkZk]^l\^glh]^ln\ZiZ\b]Z] N^\ZkZ\m^kbsZihkeZbfihlb[beb]Z]]^bgb\bZkngZ\hg]n\mZ*

Zm^g\bhgZeihk_ZemZ]^fhmboZ\b|g*@ei^k_be\ezgb\h]^^lmhl GhliZ\b^gm^lfZgb_b^lmZgZ_^\mhieZgh$ehjn^ghlb`gb_b\Z
iZ\b^gm^lgh^lmx]^_bgb]h(Zngjn^]b_b^k^g]êhl\ZkZ\m^) jn^ gh in^]Zg ihl^^k^fh\bhg^l%( e^g`nZc^ f hg|mhghr
kbZe^l\hgbgZm^g\b|gfhmboZ\bhgZe( ^g ]blmbgmhlZli^\mhl* ngZZ\mbmn]ZiZk^gm^f^gm^bg]b_^k^gm^*@lm^^lmZ]h]^bg]b)
Kkbf^kh(lhgiZ\b^gm^l\hglzgmhfZlln[c^mbohlrh[c^mbohl _^k^g\bZi^klblm^_k^gm^ZlbmnZ\bhg^l à[n^gZlâ h àfZeZlâ*
]^_Zmb`Z7l^`ng]h( ik^l^gmZgZgm^\^]^gm^l]^Zem^kZ\bhg^l OZgmhehliZ\b^gm^l^ljnbsh_kygb\hl \hfhehllnc^mhl \hg
_zlb\Zl $_k^\n^gm^f^gm^bg_^\\bhlZl% ikôbZl7m^k\^kh(iZk^) ]Z{h h[c^mboZ[e^^gêe|[neh _khgmZeik^l^gmZg ^lmhllzg)
\^gfhlmkZkZem^kZ\bhg^l]êanfhk]^mbih]îk^lboh$F^g) mhfZl*
g^]r( -544%(Zngjn^ gh \nfieZgg^\^lZkbZf^gm^\kbm^kbhl
]^]îk^lb|g(r( ihk}embfh(k^_b^k^ghlm^glb[e^likh[e^fZl
^glnl^l_n^kshlihkôh\Zkhk^m^g^kbg_hkfZ\b|g$R^llêr Io^Tb_]U _bRYd_Vb_^dQ\
rKhpêe%*
@e \hg\îmh ]^ à_Zmb`Zf^gmZeâ( h l^glZ\b|gln[c^mboZ KZkZ fn\ahl g^nkhilb\|eh`hl( ^lm^ lzg]khf^ ^l ê \hg)
]^_Zmb`Z$=^kkbhl( -55,%$lbg|gbfh]êZlZgmb`nZlg^nkZl) mkZkbh Zelzg]khf^ ]hklheZm^kZe*GhliZ\b^gm^l\eZkZf^gm^
m^gbZrilb\Zlm^gbZ%(]^[^kzZaZ\^ki^glZk^gnglzg]khf^ ik^l^gmZgngZ\hg]n\mZ]^lbgab[b]Z(lbgi^k\ZmZkl^]êZl
Z_^\mboh h ngmkZlmhkgh \ZkZ\m^khe|`b\h* Ih h[lmZgm^( ehl \hgl^\n^g\bZl* @gêZk`hmZgèhlZc|glê^l \hgh\^\hfh
lzg]khf^l ]^ _Zmb`Z \k|gb\hl $Zlz \hf h eZ _b[khfbZe`bZ% eW^X[eZ& Kn^]^g(\hg\b^kmZ_k^\n^g\bZ(l^k\hg_ng]b]hl\hg
lhg fnra^m^kh`yg^hl ^g \nZgmh Z ln ^mbheh`zZ( f Zgb) lnc^mhl in^kbe^l( bgfZ]nkhl h Z_^\mhl ]^ngmkZlmhkgh ]^
_^lmZ\bhg^l \ezgb\Zlr ôhen\b|g* GZ _Zmb`Z[beb]Z]( \hfh eZ i^klhgZeb]Z]* @l nglzg]khf^ jn^ZiZk^\^^g]bo^klZl
lzgmhfZZbleZ]h( ^lkZkZrh[eb`Z lb^fik^ ZngZikh_ng]Z iZmheh`zZl\^k^[kZe^l$i*^c*(<Q>(]^f^g\bZl(mnfhk^l(^m\*%
oZehkZ\b|gfy]b\Z* $=ZZklrBZ`^(.,,3%*
^/0 > < KèOP GJ ^ 0 . Klb\hiZmheh`zZ]êZZm^g\b|grhkb^gmZ\b|g
Io^Tb_]UTUTUcS_ÛhYq^ GZ ]blmkb[n\b|geZfbgZk]êZlg^nkhgZl ]ê abih\Zf )

bUdYSe\_Vb_^dQ\ ih $\ZiZ> < E kîk^l^gmZng _ SbSUaY`[f[haWebSU[S^$ ]^
mZe_hkfZjn^ eZbg_hkfZ\b|g]^ ^liZ\bh^qmkZi^klhgZe^l
N^Zlh\bZZe]Z{h]êZlozZl]^\hg^qb|g]êe|[neh_khgmZe lhfZmhm|ib\Zf^gm^mkZglfbmb]Z]^l]^ê\|km^q^gmhkkbgZe(
ZhmkZl ^lmkn\mnkZl( lh[k^ mh]h Zehl g}\e^hl ]êlblm^fZ egT[Ug^g_ r></ Z eZ^lmkn\mnkZeZfbgZk ><z $JçF^^_^r
f^lh\hkmb\Ze]hiZfbgyk`b\h $xk^Zm^`f^gmZeo^gmkZe%*GZl ?hlmkholdr( -5357Fbef^krRbeeZk]( -533%*
Zem^kZ\bhg^l]^^lmZlozZlbg]n\^gZem^kZ\bhg^l^li^\z_b\Zl GZl g^nkhgZl ]^ eZ \ZiZ > < S iZk^\^g ^li^\bZef ^gm^
]êZlX gÙ[a`WeW\WUgf[hSejn^^gehl}embfhl]b^sZ{hlaZg l^glb[e^lZ]^m^kfbgZ]hlm|qb\hl $i* ^c*( Ze\hahe% r]kh`Zl(
fhmboZ]hngZbgm^glZbgo^lmb`Z\b|g^g]bo^klZliZmheh`zZl Zlz\hfhZ]^_b\b^g\bZlobmZfzgb\Zl $i*^c*(mbZfbgZ%* OZgmh
f ^gmZe^l $i* ^c*( ^ljnbsh_k^gbZ( mkZlmhkgh [biheZk( OJ > ( fh]^kZ]Zl\Zgmb]Z]^l ]^ Ze\hahe\hfh \b^kmhl _xkfZ\hl
^m\*%* Ghl iZ\b^gm^l\hg^lm^mbih ]^ e^lb|g_kZ\ZlZg ^geZ Zgmb\hebgyk`b\hl$i*^c*(mkb\z\eb\hl%bg]n\^gàfb\kh]^lhkb^g)
\ZiZ\b]Z] ]^ mhf Zk ]^\blbhg^l \hfie^cZl ]bkb`b]Zl Zng mZ\bhg^lâjn^êlnc^mhin^]^(ln[c^mboZf^gm^(k^_^kbk\hfh
_bg*<]^fxl(\nZg]h lêe^`ZgZmhfZk( _ZeeZêf^\Zgblfh ]^liblm^nheob]h*
]^k^\hfi^glZreZ\hg]n\mZgh l^fZgmb^g^ ^gêmb^fih M^li^\mhZemb^fih(lâZg]^l\kbmh\nZmkhfh]Zeb]Z]^l
$Bhe][^k`r\hbl*( -545%* ]^^qi^kb^g\bZm^fihkZe6 )"êbdWeW`fW $mb^fihZ\hkmhieZ)
sh%(\ZkZ\m^kbsZ]hihkeZi^k\î\b|ghobo^g\bZ]^bgm^koZehl
\hkmhlrlbfnemxg^Zf^gm^]êkbmfh !f[_[`Y"3*"êbSeSVa$
;nVYSYdQdU^SY_^Q\ S_^ XYÙbQSdYfYTQT ]î^g]b^gm^]êZf^fhkbZZeZk`hieZsh( jn^hmhk`ZngZ
obo^g\bZ]^]nkZ[beb]Z]7 +"eZbWdebWUf[hSfW_badS^ $_behl|)
Ghl lzgmhfZl \ZkZ\m^kzlmb\hl ]^ ^lmZ iZmheh`zZ lhg[xlb) _b\Z( \nemnkZe( lh\bZe% lh[k^êfng]h(r ," eZlobo^g\bZl]^
\Zf^gm^bgZm^g\b|gâbi^kZ\mbob]Z]+bfinelbob]Z](mZgmh e[_g^fS`W[VSVkegUWe[t`$ jn^bfib]^gjn^êbg]bob]nhl^
^g gb{hl\hfh^gZ]nemhl* @e f^\Zgblfh g^nkh[bhe|`b\h \hg_ng]Z_k^gm^ Z i^k\î\bhg^l kxib]Zl $i* ^c*( \Ze^b]hl)
ikhin^lmh iZkZ^lm^ lzg]khf^ ^l ngZ]bl_ng\b|g^gmkêhl \|ib\Zl% hbg^lmZ[e^l $=^k`lhg( -5.,7 ?bfhg]( -5207 Jkl)
lblm^f Zl ]^ \hg^qb|g ln[\hkmb\Ze^l $lblm^f Z ]^ Z\mboZ) m^bg( -525%*
\b|gk^mb\neZk( ^li^\bZef^gm^]hiZfbgyk`b\h%r\hkmb\Ze^l
$\hkm^sZik^_khgmZer\hkm^sZihlm^kbhk%(]êhljn^]î^g)
]^g ê\hgmkhe^c^\nmbohreZ Zm^g\b|g lê^\mboZ $Njnbk^r ;Uc_bYU^dQSYq^
\hbl*(.,,/%*
GZ]^lhkb^gmZ\b|g^giZ\b^gm^l \hg]Z{h\^k^[kZe]^fhl)
mkZ[e^\hglblm^^geZiyk]b]Z]êZ\ZiZ\b]Z]iZkZlbmnZkl^
E H @<D J8:@z D \hkk^\mZf^gm^^gen`Zkrmb^fih$f^l(Z{h(ahkZ(]zZ(]hfb)
\bebh( \Zee^( ^m\*%* @g ehl lnc^mhl \hg_nlhl l^ h[l^koZngZ
HUS_^_SY]YU^d_Uc`QSY_dU]`_bQ\ ]^lhkb^gmZ\b|gikh_ng]Z\hgbg\ZiZ\b]Z]iZkZk^\hgh\^k^g
jnyfhf^gmh]ê]zZ$fZ{ZgZ(mZk]^(gh\a^%l^^g\n^gmkZg*
?Z]h jn^ê^gmhkgh ikhihk\bhgZfxl bg_hkfZ\b|g]^ eZ @g^lmhl\Zlhl( êiZ\b^gm^ghl|eh^lmx]^lhkb^gmZ]h( lbgh
jn^ in^]Z l^kikh\^lZ]Z( eZi^k\î\b|g]^ àezfbm^â ^gê mZf[bygZfgylb\h*Ak^\n^gm^f^gm^(^lmhliZ\b^gm^lbglblm^g
^gmhkghiZk^\^]î^g]^k^g`kZgf^]b]Z]êZfZjnbgZkbZ ^g^lmZk^gln\ZlZ^b]^gmb_b\ZgZei^klhgZefy]b\h\hgZe`}g
l^glhkbZe(Zlz\hfh]^^qi^kb^g\bZliZlZ]Zl*GZi^k\î\b|g _ZfbebZk*GZ]^lhkb^gmZ\b|gZnmhilzjnb\Z^lfxlbg_k^\n^gm^
]ê^liZ\bh)mb^fihgh^lngb_hkf^^gmh]hlehlanfZghlgb rkîk^l^gmZng^lmZ]h `kZo^ ]^\hg_nlb|g* MZkZo^s^lmZ
^gmh]ZleZl\nemnkZl*Khk^c^fieh(ê\hg\îmh]^àZg`neZkb) ]^lhkb^gmZ\b|gfZlboZeZ ln_k^g ^g_^kfhl ilbjnbxmkb\hl*
]Z]â^lfnroZkbZ[e^^gmkêZli^klhgZlr\nemnkZl$<eeihkmr =^kkbhl $-54.%ikhihg^mk^l_hkfZl]^]^lhkb^gmZ\b|gjn^
K^mmb`k^p(-513%*Ihh[lmZgm^(iZk^\^g]Zkl^^gehlanfZghl aZrjn^m^g^k^g\n^gmZ(_k^gm^ZiZ\b^gm^l\hglzgmhfZl]^
\b^kmhlê^f^gmhlbgoZkbZ[e^l k^li^\mhZeZi^k\î\b|g]ê ]^lhkb^gmZ\b|g6)"eZ]^lhkb^gmZ\b|g$hk`xgb\Z%]^l\kbmZZgm^)
^liZ\bh(_hkfZl(\hehk^lri^k\î\b|g]êiZlh]êmb^fih( kbhkf^gm^7 *"eZ]h[e^hkb^gmZ\b|g(r+" eZ_ZelZhkb^gmZ\b|g*
bg]î^g]b^gm^l ]êe^g`nZc^* Khk ^c^fieh( eZhkb^gmZ\b|g GZ ]h[e^ hkb^gmZ\b|gl^ ]^ghfbgZmZf[byg àhkb^gmZ\b|g
lh[k^êikhibh\n^kihrlh[k^êka $bg]bob]nZeb]Z]% ^lng ^kk|g^Z]êbkZgm^âhà\hgmZ[beb]Z]]h[e^â(ihkjn^ê^g_^k)
_^g|f^ghngbo^klZe $hkb^gmZ\b|gilb\h_zlb\Z% kêZ\bhgZ]h fhl^hkb^gmZlbfnemxg^Zf^gm^(h]^_hkfZZem^kgZmboZ(\hg
\hgê]^lZkkheehl^glhkbhfhmhkreZ^mZiZ]^_hkfZ\b|g]^ lnliZkxf^mkhlZghkfZe^lr\hgehl\hkk^\mhl*Khk^c^fieh(
\hg\îmhl* D`nZef^gm^( eZhkb^gmZ\b|g^liZ\bZehlbmnZ\bh) ngiZ\b^gm^ ^ljnbsh_kygb\h $\hg]êbkbhlrZen\bgZ\bhg^l%
gZe$Zehilzjnb\Z% ]î^g]^]ê\hkk^\mh_ng\bhgZfb^gmh]^ in^]^hkb^gmZkl^k^li^\mhZe^liZ\bhk^Ze]êahlibmZerZeZ
]^m^kfbgZ]ZlshgZl\^k^[kZe^l* o^slnlmbmnbk\b^kmhlê^f^gmhl]^^l^^liZ\bh\hgê^f^gmhl
@eabih\Zfih^leZ^lmkn\mnkZ^g\Zk`Z]Z]^\hglheb]Zk ]^ln]êbkbh*@lm^_^g|f^gh]^[^]b_^k^g\bZkl^]êZUa`XS%
eZlbfx`^g^lmhih`kx_b\Zl]ê^qm^kbhk*@g^lmZ_ng\b|gbgm^k) Tg^SU[t` ]ê^g_^kfhhk`xgb\h$\hglblm^gm^^geZ]^l\kbi\b|g
ob^g^g hmkZl( mZe^l\hfheZf^fhkbZreZi^k\î\b|g* Ghl ]^Z\hgm^\bfb^gmhljn^ghaZgln\^]b]h% $BkZ]beeZl( -5437
iZ\b^gm^l\hgnglzg]khf^Zfgylb\h_k^\n^gm^f^gm^^lmxg FhiêZg]( -543%( ]^ eZl SeaU[SU[a`We[ddW^WhS`fWe r]^ eZl
]^lhkb^gmZ]hl^gmb^fihr^liZ\bh(^bgo^klZf^gm^êlnc^mh eWgVaddWebgWefSe jn^( h\ZlbhgZef^gm^(in^]^g]Zkl^ ^geZ
]^lhkb^gmZ]hlnêîk^l^gmZkZfg^lbZ* ^ljnbsh_k^gbZr^gêlzg]khf^]^BZgl^k*
>< KèOP GJ ^ 0 . Klb\hiZmheh`zZ]êZZm^g\b|grhkb^gmZ\b|g ^/1
GZ_ZelZhkb^gmZ\b|gl^]^ghfbgZmZf[bygàhkb^gmZ\b|g E*$]bk*%*Nrlm^flI^nkhl\b^g\^l$ii*.0-).15%*InôZThkd*
\hg_Z[neZ]Zâ(Zngjn^^lm^\hg\îmhgh^lZikhibZ]h(rZjn^ <\Z]^fb\Kk^ll*
gh^qblm^gikn^[Zl]^jnêhliZ\b^gm^l\hg_ZelZhkb^gmZ\b|g Fgn]l^g(@*D*$.,,3%*Ang]Zf^gmZe>hfihg^gmlh_<mm^gmbhg*
6``&GWh&CWgdaeU[WÙW$+($13)34*
^lmyg(Z]^fxl(Zfgylb\hl*N^\ZkZ\m^kbsZihkjn^êiZ\b^gm^
FhiêfZg(H*?*$-543%*Ophmri^lh_\hg_Z[neZmbhg*?&CWgda^&
iZk^\^b`ghkZkehl iZkxf^mkhl ^liZ\bhm^fihkZe^lk^Ze^lr
CWgdaegdY&EekUZ[Sfdk$- ( $-04.)-043*
l|ehfZg^cZlnlikhibZl\hhk]^gZ]ZliZmhe|`b\Zl* Fhllerg(N*H*$-544%*<li^\mlh_Z\h`gbmbo^g^nkhl\b^g\^h_
f^gmZebfZ`^kr*HU[WÙW$* , ( $-2.-)-2.2*
FhoêfZg(E*<*("N\a^b[ê(<*=*$-542%*=bheh`b\Zeln[lmkZm^lh_
9 @9 B@E > H 8 =y8 l\abshiak^gbZ*6 UfSCWgda^&HUS`V&$ / + $-)/.*
Ga^kfbmm^(A*$-54/%*PmbebsZmbhg[âZobhnkZg]bmlkêZmbhgmh
<eeihkm(B*R*("K^mmb`k^pm(G* $-513%*>nemnkZebg_en^g\^lhg e^lbhglh_ma^_khgmZeeh[^l*7dS[`$) ( . $-,.3)-,/1*
maî^k\îmbhgh_fho^f^gm*?&6Tàd_&HaU&EekUZa^&$11( Gb[^m(=*(>nkmbl(<*B*(Rkbàm(@*R*("K^Zke(?*F* $-54/%*Obf^
-,0)--0* h_\hgl\bhnlbgZm^gmbhgmhZ\mbgkêZmbhgmhhnml^mh_\^k^[kZe
=ZZkl(=*E*("BZ`^(I*H*$.,,3%*8aY`[f[a`$7 dS[`S `V Z\mbobmr$k^Z]bg^ll)ihm^gmbZe%*Oa^ng\hgl\bhnlbgbmbZmbhg
8aèU[ag`Wee&>`fdaVgUf[a`fa8aY`[f[hWCWgdaeU[WÙW&Ghg]hg6 h_Z_k^êrohengmZkrZ\m*7dS[`$)(.$20,*
@elôb^k(<\Z]^fb\Kk^ll* H\Bnb^(<*(">aZifZg(Q*$-52-%*?blhk]^klh_Zmm^gmbhgZg]
=Zd^k(F*B*(rCZeeb]Zr(B*H*$-551%*<l\^g]bg`ghkZ]k^g^k`b\ i^k\îmbhgbg^Zkerl\abshiak^gbZ*7d&?&BWV&EekUZa^&$+ , $ -,/*
Zg]l^khmhg^k`b\lrlm^flbgmaânfZg[kZbglm^f*DgOkZ\^r( Hbee^k(B* $-512%*Oa^fZ`b\Zegnf[^k3Ü*3lhfêbfbmlhglnk
?*E*(KZqbfhl(B*(rNmhg^(E*$]bkl*%*I^nkhmkZglfbmm^klbgma^ \ZiZ\bmr_hkikh\^llbg`bg_hkfZmbhg*EekUZa^&GWh&$.+$4-)53*
CnfZg=kZbg($ii*-11)-3-%*InôZThkd*Ke^gnfKk^ll* Iôbee^(C*E* $-541%*=kZbgihm^gmbZelk^_e^\mf^Zgbg`bgeZg`nZ`^*
=^k`lhg(C*$-5.,%*:eeS[egd^WeVa``qe[`_ WV[SfWe IdW`VeCWgdaeU[&$5-)5.(fZksh*
V W^S UaèU[WÙW&KZkzl6<\\Zg* JçF^^_^(E*("?hlmkholdr(E*$-53-%*Oaâbiih\Zfinl
=^kkbhl(B*@* $-54.%*?^lhkb^gmZmbhglmZm^lZg]ilr\abZmkr* ZlZNiZmbZefZi*KkêbfbgZkrôb]^g\^_khfngbmZ\mbobmr
8a_bd&EekUZ[Sfdk$* + $035)05,* bgma^_k^^)fhobg`\Zm*7dS[`GWe&$+ , $ -3-)-31*
=^kkbhl(B*@* $-55,%*A^êbg`lh__Zmb`n^Zg]ilr\ahiZmaheh`r6 Jklm^bg(M*@* $-525%*D`fZWWjbWd[WÙWa X f [_W&Ghg]k^l6K^g`nbg
<\hg\îmnZeablmhkr*8a_bd&EekUZ[Sfdk$+ ) $-0,)-1-* =hhdl*
=kZbg(M*$-50-%*QblnZe]^lhkb^gmZmbhgpbmali^\bZek^_^k^g\^lmh Kb\mhg(O*R*(CbeerZk](N*<*(FkZnls(C*D*("BZeZf[hl(M*
e^lbhglh_ma^kbàma^fblia^k^*7dS[`$.,$.00).3.* $-530%*CnfZgZn]bmhkrôhd^]ihm^gmbZel*D*@oZenZmbhglh_
=khZ][^gm(?*@*$-513%*<f^\aZgb\Zefh]^l_hkanfZg \hfihg^gml*:^WUfdaWÙWbZ& 8^[`&CWgdabZke[a^&$+ . $-35)-5,*
Zmm^gmbhgZg]bgf^]bZm^f^fhkr*EekUZa^&GWh&$. , $.,1).-1* Khlg^k(H*D*$-534%*8Zdaà_ Wfd[U:jbâdSf[aèa X _ [`V&
>kb\d(A* $-522%*D X_ a^WUg^WeS ` V _W`&RZlabg`mhg6Pgbo^klbmr Cbeel]Zm^(InôZThkd6GZpk^g\^@ke[Znf*
h_RZlabg`mhgKk^ll* Khlg^k(H*D*(K^m^kl^g(N*@*(Ahq(K*O*("MZb\ae^(H*@*$-544%*
>kbm\ae^r(H*$-522%*Oa^^gb`fZh_B^kmlfZgaçllrg]khf^* Gh\ZebsZmbhgh_\h`gbmbo^hi^kZmbhglbgmaânfZg[kZbg*
7dS[`$0 1 $ -4/)-54* HU[WÙW$* , ( $-2.3)-2/-*
?ôbgldr(J*("?ç@lihlbmh(H* $.,,0%*CWgdaâYka X 8 aY`[f[hW Khlg^k(H*D*("MZb\ae^(H*@* $-550%*>_SYWea X B [`V&InôZ
S ` V 7 WZSh[adS^9[eadVWde&Jq_hk]6Jq_hk]Pgbo^klbmrKk^ll* Thkd6N\b^gmb_b\<f^kb\ZgGb[kZkr*
?bfhg](N*E*$-520%*Oa^lmkn\mnkZe[Zlblh_mbfbg`*EekUZa^&7g^^&$ Khlg^k(H*D*(rMhma[Zkm(H*F*$-55.%*<mm^gmbhgZg]\hgl\bhnl
.*$/04)/1,* ^qi^kb^g\^*Dg<*?*(Hbeg^l(rH*?*Mn``$]bkl*%*Oa^
@rl^g\d(H*R*$-541%*6fWÙ[t`k SUf[hSU[t`&8aY`[U[t` I^nkhilr\aheh`rh_>hgl\bhnlg^ll$ii*5-)--.%*Ghg]k^l6
k dWS^[lSU[t`&=Zk\êhgZ6C^k]^k* <\Z]^fb\Kk^ll*
BZbghmmb(B*(H^ll^keb(K*("Obllhm(M*$-53.%*>nZgmbmZmbo^ Khlg^k(H*D*(rMhma[Zkm(H*F*$-550%*>hglmkn\mbg`g^nkhgZe
ZgZerlblh_ngbeZm^kZeliZmbZeg^è^\mbgkêZmbhgmheZm^kZebmrh_ ma^hkb^lh _fbg]*DgFh\a(>*(rE*G*(?Zobl$]bkl*%*GZk`^)N\Ze^
\^k^[kZee^lbhg*?&CWgda^&CWgdaegdY&EekUZ[Sfdk$+ - $101)11,* I^nkhgZeOa^hkb^lh_ma^=kZbg$ii* -4/)-55%*HZllZ\anl^mml6
Bhe][^k`(@*(=be]^k(M*H*(Cnà^l(E*@*(<gmbg(N*K*("HZmmbl(N* <=kZ]_hk]=hhd(H DOKk^ll(>Zf[kb]`^*
$-545%*<k^mb\neh)_khgmZe]bl\hgg^\mbhglrg]khf^* 8adfWj&$ Mbob^k^(<*$-541%*Nh[kêZfnembieb\b]Z]]êZlkîk^l^gmZ\bhg^l*
*-$243)251* PgobZcîhkehlo^kb\n^mhl]êhle^g`nZc^l]êi^glZfb^gmh*
C^befZg(F*H*(RZmlhg(M*O*(=hp^k(?*("QZe^glm^bg(@*$-54/%* DgHZrhk(E*$]bk*%*<\mbob]Z]anfZgZrikh\^lhl\h`gbmbohl
?hfbgZg\â^fbliaykbjn^]khbmîhnkeçZmm^gmbhg*GWh& $ii*-,5)-.5%*HZ]kb]6<eaZf[kZ*
CWgda^&!ESd[e"$)+1!)"$-1)-3* Njnbk^(G*M*(=ehhf(A*@*(H\>hggêe(N*F*(Mh[^kml(E*G*(Nibms^k(
CbeerZk](N*<*$-541%*@e^\mkhiarlbheh`rh_anfZglê^\mbo^ I >*("Ub`fhg](H*E* $.,,/%*;g`VS_ W`fS^&CWgdaeU[WÙW
Zmm^gmbhg* IdW`VeCWgdaeU[&$0,,)0,1(lîmb^f[k^* $.*Z^]b\b|g%*NZg?b^`h6@elôb^k<\Z]^fb\Kk^ll*
CbeerZk](N*<*("FnmZl(H*$-54/%*@e^\mkhiarlbheh`rh_\h`gbmbo^ Nmkn[(M*G*("=eZ\d(A*R* $-544%*C WgdaTW`ZSh[adS^9[eadVWde&
Kkh\^llbg`*6``&GWh&EekUZa^&$+,$//)2-* 68^[`[US^6bbdaSUZ&InôZThkd6?Zobl*
F^gg^]r(C*$-544%*AZmb`n^Zg]_Zmb`Z[bebmr*7d&?&EekUZ[Sfdk$)-+$ QZee^chMnbeh[Z( "=^kkbhl(B*@*$-551%*:efSVaeaTeWe[hae&
-)1* =Zk\êhgZ6HZllhg*
F^gm(@*R*$-54-%*IZW7dS[èa X B W`S ` V B SUZ[`We&InôZThkd6 R^llêr(N*("Khpêe(M*$-545%*AZmb`n^lrg]khf^l6
H\BkZp)Cbee* Z\hfiZkblhgh_\akhgb\àihlmobkZeâ_Zmkb`n^pbma
Fbef^k(R*G*(rRbeeZk](?*$-533%*<Hh]êh_><- g^nkhfnl\neZkZg]Z__^\mbo^]blhk]^kl*?&CWgda^&CWgdaegdY&
Cbiih\ZfinlZlZNiZmbZg>h`gbmbo^HZi*DgH^mse^k( EekUZ[Sfdk$-*$50,)504*
LKHCM FL AEPG
-* Pg\hfihg^gm^_ng]Zf^gmZe]êZZm^g\b|g^l6 ]* Oh]hehZgm^kbhk^l\b^kmh
6# GZk^`neZ\b|g]êZll^{Ze^l]^]b_^k^gm^l\ZgZe^l :# IZ]Z]êhZgm^kbhk^l\b^kmh
]^bg_hkfZ\b|g +ACC:8E6(V& Oh]h]^_bg^êikh\^lhZnmhfxmb\h*
[ * GZf^fhkbZk^mkhli^\mboZ
8# GZZ\mboZ\b|gk^\nkk^gm^ / * @geZ]^lhkb^gmZ\b|ghk`xgb\Z6
]* Oh]hehZgm^kbhk 6# Nîb^k]êZ\ZiZ\b]Z]iZkZlbmnZkl^m^fihkh^l)
:# IZ]Z]êhZgm^kbhk iZ\bZef^gm^
+ACC:8E6( S& N|eheZk^`neZ\b|g]^l^{Ze^l^l\hkk^\mZ* [* N^k^\hgh\^êfhf^gmh]ê]zZ
8# @qblm^]^lhkb^gmZ\b|gi^khghZfg^lbZ
. * N^\hglb]^kZjn^ngikh\^lhZnmhfxmb\h6 ]* Oh]h^l\b^kmh
6# Nn\^]^lbgbgm^g\b|g :# IZ]Z^l\b^kmh
[ * Ihhkb`bgZng\hgh\bfb^gmh\hgl\b^gm^ +ACC:8E6(6#@qblm^]^lhkb^gmZ\b|gm^fihkh^liZ\bZe(
8# Ihbgm^k_b^k^^ggbg`ngZhmkZZ\mbob]Z]f^gmZe Zfg^lbZr]^l\hgh\bfb^gmh]êfhf^gmh]ê]zZ*
^g\nklh
^/2
A JHJ A F O G E A H J
:8IE : ByD @: E * :8IE :ByD @:E +
K Z \b^ g m^ ]^ 2 . Z{ hl( f nc^k( \ h g a blmh kbZ ]^ a bi ^ km^ g lb| g KZ\b^gmôZk|g]^24Z{hljn^Z\n]^Znk`^g\bZlZ\hfiZ{Z)
r ] bZ [ ^ m^ l j n ^ l } [ bmZ f ^ g m^ g h mZ ] ^[ beb] Z ] ^g ê [ kZ s h ]h]^ln^lihlZihkng^lmZ]h]^ZiZmzZr]^lbgm^kyl]ôZkbZl
bsj n b^k] h ^ bg ` k^lZ ^g ê a h li bmZ e iZkZô Z en Z \b| g ]^ ln l^fZgZl ]^ ]nkZ\b|g* @gmkêhlZgm^\^]^gm^l i^klhgZe^l
^lmZ] h* @e ^qZf ^g f y] b\h kôêZ] ^ lZ m^ g \b| g rf Zk\Z] Z ]^lmZ\Zng<Q>mk^lZ{hlZgm^lmkZmZ]h\hgZgmb\hZ`neZgm^l
] blmkZb[beb]Z]* Nn e^g `n Zc^^l f h g | mh g h ^ a bi h _| g b\h lbg $lZeb\beZmhl% rZgmbabi^km^glbohl* @e iZ\b^gm^ l^ k^\ni^k|
] ^ m^\mZkl^ ^kkh k^ liZkZ_xlb\hl(b] ^ Z \b| g ] êbkZg m^h Zen\b) \ezgb\Zf ^gm^ ihk\hfie^mh ]^ lniZmheh`zZ lb`nb^g]h ehl
g Z mh kbZ ] n kZg m^ eZ \h g o ^ klZ \ b| g ^ li h g mx g ^ Z * > n Zg ] h l^ \hgmkhe^lknmbgZkbhlihklnfy]b\h]^_ZfbebZ* ?^l]âZ\^
e^bg m^ kkh ` Z lh [ k^ ln_ZemZ]^ f hobeb]Z] ]^ eZ ^qmk^f b]Z] nghlf^l^l(lbgZiZk^gm^]^l^g\Z]^gZgmîkôbh(bgb\bZng
ln i ^kbhkbsjnb^k]Z`bkZeZ\Z[ ^sZr\ b^ kkZ ehlhch lg^`Zg]h ^lmZ]h]^ZiZmzZr]^lbgm^kylihkeZlZ\mbob]Z]^lnlnZe^l(lbg
o ^ a ^ f ^ g m^ f ^ g m^ ln i kh [ e^ f Z * > n Z g ] h l^ e^ i k^` n g mZ hmkZlZem^kZ\bhg^l]êZ\hg]n\mZZiZk^gm^l*GZ^qiehkZ\b|g
lh [ k^ h [ c^ mh l h i ^ klh g Z l lbmn Z ] h l ^g ln eZ]h bsj n b^k] h ( _zlb\Zr]êZ[hkZmhkbhghôb]^g\bZkhgZghfZezZl*?nkZgm^
gb^`Zjn^^qblmZg *? ^li n yl]^ngZl^f Zg Z]^ln Z \\b] ^g ) eZ^gmkôblmZ( ê iZ\b^gm^ lhezZ kî^mbk( lbg Zi^k\b[bkl^( eZ
m^ o Z l \ n eZ k \ ^ k^ [ kZ e ^ lmx Z m^ g mZ ] n kZ g m^ eZ ^ q i eh kZ \ b| g }embfZiZeZ[kZ]ê^gmkôblmZ]hk*@lm^_^g|f^gh_n^mZf[byg
Zngjnî Zk^\^]îkbf b]Z* Nne^g`nZc^ ^l Zikh l|] b\h $lbg k^_^kb]h ihkeZ^lihlZ* N^ ikZ\mb\|MH \^k^[kZe^geZ jn^
^ g mh g Z \b| g ^f h \bh g Z e% rebf bmZ]h* l^ ]^m^\m| ng Zgmb`nh<Q>^g e|[neh _khgmZe ihlm^kbhkr
fb\khe^lbhg^lfxlk^\b^gm^lZgboêik^_khgmZe* ?nkZgmêZ
^qiehkZ\b|gêiZ\b^gm^bgm^gmZ[Z^l\kb[bk\hgln[hez`kZ_h
FbUWe^dQc ^geZlx[ZgZ(]bl\neixg]hl^Zel^kZ]o^kmb]hihkêi^klhgZe
]^^g_^kf^kzZ*
- * áL n ylzgmhf Zin^]^] ^l\ZkmZkng^lmZ]h]îk^lboh;6
3% GZabih_hgzZ
=* GZ]^lZm^g\b|g FbUWe^dQc
> * GZ\hg] n \mZg^`ZmboblmZ
6% GZZikhlh]bZ - * áLnymykfbghnmbebsZkzZiZkZê_^g|f^gh]^kî^mbk
BM[X]M[\I1 @% eZ}embfZik^`ngmZ;6
)# M^bm^kZ\b|g
. * áL n ylzgmhf Zbg\enbkzZiZkZê]bZ`g|lmb\h *# @\heZebZ
]^g^èb`^g\bZ;6 +# K^klô^kZ\b|g
3% J f blb| g ]ê^mkZl^geZe^\mn kZ ,# <nmhfZmblfh
=* < en \bgZ\bhg ^l\^g^lmylb\Zl 3:DBF:DE6( Ď
> * > ^`n^kZngbeZm^kZe
?* ? blZkmkbZ . * @e\nZ]kh\ezgb\h]^^lmîZ\b^gm^_n^]^l\kbmh
BM[X]M[\I1 6& ihkGa^kfbmm^\hfh6
)# Nzg]khf^]^]^l\hg^qb|g
/ * áL n yeh\ZebsZ\b| g]ê]Z{h\^k^[kZeln`b^k^;6 =* Nzg]khf^]^]^li^klhgZebsZ\b|g)_|[b\h)Zglbhlh
3% G|[nehh\\bi bmZe]^k^\ah >* Nzg]khf^]^g^èb`^g\bZ
=* B Zgèbhl[ZlZe^l ,# Nzg]khf^]^nmbebsZ\b|g
> * > hkm^sZik^_khgmZe 3:DBF:DE6( ,#
? * G|[neh iZkb^mZe]^k^\ah
BM[X]M[\I1 @% / * @lmîZ\b^gm^mZf[bygin^]îk^l^gmZk6
)# @\hikZqbZ
=* <fg^lbZ\hg_Z[neZ]Z
>* <en\bgZ\bhg^loblnZe^l
,# Ibg`ngZ]êZlZgm^kbhk^l
3:DBF:DE6( Ď
^/3

Vallejo, 2015. Cap. 42. Psicopatologia de La Atención y Orientación

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Vallejo, 2015. Cap. 42. Psicopatologia de La Atención y Orientación

Uploaded by

Copyright:

Available Formats

A

FcYS_`Qd_\_WoQ TU \QQdU^SYq^

@D JH E ; K : : @z D jn^in^]^gl^k}mbe^l(^gng fhf^gmh]Z]h( Zgm^l ]^jn^

]b_^k^gm^la^\ahl( êZ[hkxg]hl^ngZ]^\blb|gl|eh\nZg]h <iZk^gm^f^gm^(ê\^k^[khlî^k\ZmZ$Zgm^l]^jn^l^Z)

HUTTUS_^db_\UZUSedYf_ HUTTUQ\UbdQ HUTTU_bYU^dQSYq^

>]l][[axf\]dYk]wYd ?klY\g\]na_adYf[aY Ija]flY[axf\]k]wYd]knakmYd]k

8;9EB3M +)$( L]\]k f]mjg fYd]k\] dYYl] f [ax f p^m f [ag f ] k)

eZ \ZiZ\b]Z] Zm^g\bhgZe ]^e lnc^mh ]^m^kf bgZkx( ^g`kZg

I@IJ<C 8I D <KHED 8B<I

IYcdU]QcTUQdU^SYq^ Uc`USoVYS_c k^lihg]^k\hkk^\mZf^gm^r]^_hkfZ^l\n^mZ*Nbg^f[Zk`h(

Zgm^kbhk* @lmhl f|]nehl g^nkhgZe^l ZgZebsZg ngZoZlmZ ^lmhgh^lngbo^klZeiZkZmh]hlehlf^eZg\|eb\hl*

rKhp^ee( -545%in^]^gfhlmkZk]^l\^glh]^ln\ZiZ\b]Z] N^\ZkZ\m^kbsZihkeZbfihlb[beb]Z]]^bgb\bZkngZ\hg]n\mZ*

Io^Tb_]UTUTUcS_ÛhYq^ GZ ]blmkb[n\b|geZfbgZk]êZlg^nkhgZl ]ê abih\Zf )

You might also like