Momento 2-2009.FH11

Asociación de Investigación y Estudios Sociales - Año 24 - No. 2 - 2009 ..... México. Chile. Perú. Brasil. Estados Unidos. Fuente: bancos centrales de los países.
304KB Größe 6 Downloads 62 vistas
!"#$% &$% '(

'&()*+,-./0.+1

!"#"$%&&"

89:;?@"A8";:":=3>9>A:A 8=B@?C>=:"8@"DEEF G"#8HI#8=3>9:I"#:H:"DEEJ ,-./'0.1.2"3.4.4"5'1"($'()0)'+/% 5'1"6$%5-(/%")+/'$+%"7$-/% >

@:> ?:8

D#E$+(.&F+

?

8

@

>:
:7 7:?

>:?

>:>

C D E 7;;; 7;;= 7;;7

7;;>

7;;8

7;;?

7;;@ 7;;A

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

D

C

!"!#$%" ,$NO)(."K #$%0'5)%".+-.1"5'1"4.15%"5'"%6)+)*+"5'"1."6$%5-(()*+ 6%$"/.0.P%"5'"'06$'4. @E AE BE CE DE E IDE ICE IBE IAE

BQ

DE

Q

B

J

I@

IDA

ID@

ID@ IBB ]'&,+

W+$%9

CEEQ

CEE>

I3"(2"^%D[E@[

U,%#$.

].$'%#%

T.K".F%

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b"6IEQ

a&7IEQ

-=,IEQ

0#.IEQ

b"6IE>

a&7IE>

-=,IE>

0#.IE>

b"6IE?

/%6$+)$.)+8'#'(#)8,+$"&&'(#)/"%P'S%$+

a&7IE?

-=,IE?

0#.IE?

b"6IE@

a&7IE@

-=,IE@

0#.IE@

b"6IEA

a&7IEA

-=,IEA

0#.IEA

IAHE

1'74+)2]-0)7.#$.#&'%I&'&6+

I3"(2"^%"*)8/4).'5(%64/6')%./(%$)2/#%$"*%PDdeCDf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deCDf%6/4%6)42"%$"*%e/8'"4(/%]"(24)*%$34)(2"%7)4'/#%0"#"#%$"*%)Z/B%N3" )%#3%7"=%%'(&*395%"(%3()%./(24)..'5(%'06/42)(2"%$"%*)%*'N3'$"=%$"%*)%"./(/01)B%N3"%#"%4"7'42'5%:).')%"*%&'()* $"*%)Z/; g24/%2"0)%4"*"7)(2"%&3"%*)%("."#'$)$%$"%3()%4"&/40)%24'832)4')%'(2"U4)*%$"4'7)$)%64'(.'6)*0"(2"%$"%*) "H6'4).'5(%$"*%E063"#2/%@H24)/4$'()4'/%9%f"06/4)*%$"%D6/9/%)%*/#%D.3"4$/#%$"%O)=%KE@fDDOLB%"*%Q\%$" $'.'"084"% $"% +,,AB% .39)% 4".)3$).'5(% &3"% '06/42)(2"% 6)4)% &'()(.')4% "*% 64"#363"#2/% $"% *)% ().'5(; D%6"#)4%$"%N3"%"*%E@fDDO%&3"%#3#2'23'$/%6/4%/24/%'063"#2/%$"%*)%0'#0)%()234)*"=)B%N3"$)4/(%6)4)%#"4 $'#.32'$)#%"(%+,,M%/24)#%4"&/40)#B%./0/%*)#%N3"%#"%2"(1)(%64"7'#2)#%)*%E063"#2/%[/84"%*)%G"(2)%KE[GLB%./( *)%'(2"(.'5(%$"%$)4*"%7'U"(.')%)%6)42'4%$"*%+,\,%9%N3"%$)$)%*)%./93(234)%"./(50'.)%().'/()*%"%'(2"4().'/()* #3%$'#.3#'5(%9%)64/8).'5(%%#"%$"#)44/**)41)%"(%3(%./(2"H2/%)$7"4#/;

A

!"!#$%"

3$#4'"$,+(5$+'+"$)1'(&)(0'('&-$+$2#1'"$,+(")+#1'0 !"%).3"4$/%./(%'(&/40).'5(%$"*%J'('#2"4'/%$"%I'()(=)#%OX8*'.)#B%)*%Q,%$"%(/7'"084"%$"%+,,AB%*/#%'(U4"#/# 2/2)*"#%$"*%e/8'"4(/%#30)8)(%h%Q+BTM,;A%0'**/("#B%0/(2/%N3"%4"64"#"(2)8)%"*%M\;+S%$"%*/%N3"%#"%:)81) "#2'0)$/%"(%"*%O4"#363"#2/%$"%E(U4"#/#%9%@U4"#/#%$"*%@#2)$/;%%("."#)4'/%**"7)4%)%.)8/%"(.3"#2)#%./0/%*)%$"%[)*3$%J)2"4(/%E(&)(2'*%9%)#1%'$"(2'&'.)4%6/4 "?"06*/%#'%:)%0"?/4)$/%*)%(324'.'5(%$"%*/#%('Z/#; !"%).3"4$/%)%*)%.*)#'&'.).'5(%$"*%U)#2/%6X8*'./%4"&"4'$)%)%*/#%#".2/4"#%#/.')*"#%64'/4'2)4'/#TB%63$/%/8#"47)4#" )*%0"#%$"%(/7'"084"%$"%+,,A%N3"%X('.)0"(2"%*/#%#".2/4"#%4"&"4'$/#%)*%g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iS%$"*%OEP%9%"*%$"%d'.)4)U3) $"*%-MS%"(%+,,-;%#%U4)($"#%$"*%6)1#%./0/%9)%:)81)%/.344'$/%"*%)Z/%)(2"4'/4B%*)%.3)*%&3"%#36"4)$)%./( ).*)4).'/("#%$"%*)#%)32/4'$)$"#%8)(.)4')#%9%*)#%$"*%64/6'/%8)(./;%D%4)1=%$"%"#2"%64/8*"0)%#"%64/63#/%3() *"9%6)4)%6"()*'=)4%"*%6>('./%&'()(.'"4/B%*)%.3)*%&3"%)64/8)$)%6/4%"*%]/(U4"#/%$"%*)%G"6X8*'.)i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iS%$"*%2/2)*LB%2)08'W(%.4".'"4/(%6"4/%)%2)#)# 0"(/4"#;

i !".4"2/%d/;%iRc+,,A%$"*%]/(U4"#/%$"%*)%G"6X8*'.)B%$"%&".:)%\A%$"%(/7'"084"%$"%+,,A;

!"!#$%"

Q

H@A

Q

CEE>

@HBQ

@H>A

G+P'.4=,.

AH?Q

-;+97+

CHJQ

b"6'+

@H@C

b"#'+

CH@@ CH>J

]%,S+

DH?>

-=,'6

EHJJ

]%M+

E

0#.,+

C

BH>B

/.87'.4=,.

CHQQ DHBC DH?J

a&7"=,.

AHBC

A

JHA

QH>@ >H>A

@HQC

?

!.=,.,+

T+,&.#7%c.

@(% */#% 64'0"4/#% 0"#"#% $"% +,,A% #" )."*"4)4/(%*/#%64".'/#%'(2"4().'/()*"# $"*%6"245*"/B%"*%0)1=%9%"*%24'U/B%*/%N3" )%#3%7"=%64"#'/(5%"(%*)%0'#0)%$'4"..'5( "*%./06/42)0'"(2/%$"*%4'20/%'(&*).'/()4'/B :)#2)%#'23)4*/%"(%$/#%$1U'2/#%"(%"*%0"# $"%)84'*%9%4"U'#24)4%3(%0>H'0/%$"%\R;\iS "(%?3*'/B%#'"($/%"*%4384/%$"%)*'0"(2/#%9 8"8'$)#%"*%N3"%'(&*395%"(%0)9/4%0"$'$) 6/4% #3% '06/42)(.')% $"(24/% $"*% 1($'." U"("4)*%$"%64".'/#;%%@#2)%2"($"(.')%#" 4"7'42'5%)%6)42'4%$"*%0"#%)U/#2/%:)#2) $"#."($"4% )% M;R,S% "(% "*% 0"#% $" $'.'"084"\,;

O'&'.4=,.

6+50'"$,+

CEEQ

I3"(2"^%"*)8/4).'5(%64/6')%./(%$)2/#%$"*%Ed@ -% @(% +,,AB% #/*)0"(2"% #"% $'/% *)% )8#/4.'5(% $"*% P)(./% $"% *)% G"6X8*'.)% 6/4% "*% P)(./% $"% */#% f4)8)?)$/4"#; A% G"#/*3.'5(%FJc\i-c+,,A%$"%*)%F3(2)%J/("2)4')B%$"%&".:)%Q,%$"%$'.'"084"%$"%+,,A; M% !"%).3"4$/%./(%$)2/#%$"%*)%[36"4'(2"($"(.')%$"%P)(./#%*)%.)42"4)%./(2)0'()$)%#"%#'235%"(%h%+B,\-;i%0'**/("#%Q\%$"%/.2384"%$" +,,AB%*/%N3"%"(%2W40'(/#%6/4."(23)*"#%4"64"#"(2)%"*%+;-S%$"%*)%.)42"4)%2/2)*B%N3"%)%*)%0'#0)%&".:)%$"*%)Z/%+,,-%"4)%$"*%R;iS; \, ]/(%"**/%"#2)%7)4')8*"%./(.*395%"(%3(%#/*/%$1U'2/B%)3(N3"%2/$)71)%#36"4'/4%"(%+;R,S%%)*%2".:/%$"%*)%0"2)%"#2)8*".'$)%"(%*)%6/*12'.) 0/("2)4')%N3"%&3"%$"*%-S;%%["UX(%"*%PDdeCDf%"*%\;Q+S%$"%*)%'(&*).'5(%2/2)*%./44"#6/($'5%)%*)%%%'06/42)$)B%$'4".2)%"%'($'4".2);

J

!"!#$%"

@*%4>6'$/%'(.4"0"(2/%$"%*)%'(&*).'5(%'($3?/%)*%PDdeCDf%)%#38'4%*)%2)#)%*1$"4%$"%*)%6/*12'.)%0/("2)4')%6)4) .)62)4%*/#%"H."$"(2"#%$"%*'N3'$"=%N3"%63$'"4)(%"?"4."4%64"#'/("#%'(&*).'/()4')#%)$'.'/()*"#B%)#1%./0/%"7'2)4 */#%"&".2/#%'$"(2'&'.)$/#%./0/%$"%#"U3($)%73"*2)%'($3.'$/#%6/4%"*%./06/42)0'"(2/%$"%"#2)%7)4')8*";%%!34)(2" "*%)Z/%+,,-%*)%8)(.)%."(24)*%"*"75%$'.:)%2)#)%"(%#"'#%/6/423('$)$"#%"(%+T%63(2/#%6/4."(23)*"#%$"%T;,, )%i;T,SB%"(%2)(2/%N3"%$34)(2"%"*%)Z/%+,,A%#/*)0"(2"%*)%'(.4"0"(25%"(%$/#%/6/423('$)$"#B%$"%i;T,S%) i;-TS%"*%+Q%$"%0)4=/%9%$"%i;-TS%)%-;+TS%"*%+Q%$"%?3*'/;%D%6)42'4%$"%"(2/(."#B%(/%237/%('(U3()%0/$'&'.).'5(B )%6"#)4%$"*%.)08'/%$"%2"($"(.')%0/#24)$/%6/4%"*%1($'."%'(&*).'/()4'/B%*/%N3"%0/2'75%N3"%)*U3(/#%#".2/4"# $"%/6'('5(%9%)()*'#2)#%"./(50'./#%)$7"4#)4)(%"#2)%6/*12'.)B%N3"%#"UX(%"*%PDdeCDf%#"%0)(237/%64'(.'6)*0"(2" 6/4%*)%./(7"('"(.')%$"%./)$937)4%)%3()%./(24)..'5(%0)9/4%"(%*)%'(&*).'5(%/8#"47)$)%"(%*/#%X*2'0/#%0"#"# $"*%)Z/; ,$NO)(."Z 3.4."1M5'$"5'"1."6%1M/)(."0%+'/.$). A)()'07$'"DEEY[A)()'07$'"DEEF D?HEE DAHEE DCHEE DEHEE QHEE ?HEE AHEE CHEE

U"%7.4%6%

N['6.

]VY'&+

T.,d

$'&IEQ

+&7IEQ

#+PIEQ

9.8IEQ

c"6IEQ

%;+IEQ

c"#IEQ

%=,IEQ

4%MIEQ

4%,IEQ

X.=IEQ

$'&IE>

.#.IEQ

EHEE

f,%9'6 097%$+9)g#'$+9

I3"(2"^%8)(./#%."(24)*"#%$"%*/#%6)1#"#;

@(%*)%U4>&'.)%)(2"4'/4%#"%/8#"47)%N3"%e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

!"!#$%"

DE

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iS%9%-\;\SB%4"#6".2'7)0"(2";%d/ /8#2)(2"B%)08/#%64/$3.2/#%#/*/%4"64"#"(2)4/(%3(%-;RS%$"*%2/2)*%$"%*)#%"H6/42).'/("#B%'(&"4'/4%)%*)# "H6/42).'/("#%$"%.)&W%N3"%)8#/48'"4/(%"*%A;-S; G"#6".2/%)%*/#%64/$3.2/#%(/%24)$'.'/()*"#%#3%.4".'0'"(2/%)%(/7'"084"%$"%+,,A%&3"%$"%T;iSB%#/84"#)*" *)%./(24)..'5(%$"*%7"#23)4'/%./(%3()%2)#)%$"%7)4').'5(%$"%cM;MSV%$'#0'(3.'5(%N3"%/8"$"."%)%*)%6W4$'$) $"%./06"2'2'7'$)$%4"#6".2/%)%64/$3.2/4"#%)#'>2'./#%9B%#/84"%2/$/B%)*%'06).2/%$"%*)%.4'#'#%"./(50'.)%03($')*; O/4%"**/B%*)%6)42'.'6).'5(%$"%7"#23)4'/%"(%*)#%"H6/42).'/("#%#"%4"$3?/%)%\T;TS%"(%+,,AB%$"#63W#%:)8"4 4"64"#"(2)$/%*)%.3)42)%6)42"%$"%*)#%"H6/42).'/("#%"(%"*%6"41/$/%+,,Rc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i;,SLB%4"#3*2)$/ 64'0/4$')*0"(2"%$"*%"#2)(.)0'"(2/%N3"%:)%7"('$/%"H6"4'0"(2)($/%"*%#".2/4%7"#23)4'/%"(%*/#%X*2'0/#%)Z/#; d/%/8#2)(2"B%./(2'(X)%#'"($/%"*%64'(.'6)*%$"#2'(/%$"%*)#%"H6/42).'/("#%U3)2"0)*2".)#B%./063"#2)#B%"( /4$"(%$"%'06/42)(.')B%6/4%7"#23)4'/%KR,SLB%&432)#%9%7"U"2)*"#%K+\SLB%.)&W%K\RSLB%6"245*"/%KASL%9%)=X.)4 KiSL;%@*%7"#23)4'/B%6)#5%$"%T-S%"(%+,,T%)%R,S%"(%+,,A; #B%*)#%"H6/42).'/("#%(/%)06)4)$)# 8)?/%"*%!Gc]DIfD%4"U'#24)4/(%3()%2)#)%$"%.4".'0'"(2/%("U)2'7)%$"%+;iSB%*/%N3"%"7'$"(.')%N3"%$"%(/ :)8"4#"%4)2'&'.)$/%$'.:/%24)2)$/B%*)#%"H6/42).'/("#%:38'"4)(%6"40)(".'$/%"#2)(.)$)#%"(%"*%0"?/4%$"%*/# .)#/#V%*)#%"H6/42).'/("#%)*%)06)4/%$"*%0'#0/%'(.4"0"(2)4/(%#3%6)42'.'6).'5(%$"*%QAS%"(%+,,-%)*%RiS $"*%2/2)*%"(%+,,A; @(%*/%N3"%4"#6".2)%)%*)#%'06/42).'/("#B%)%(/7'"084"%$"%+,,AB%"*%'(.4"0"(2/%$"%*)#%%64/7"('"(2"#%$"%JWH'./ &3"%+,;-SB%#'0'*)4%)*%$"*%)Z/%)(2"4'/4;%EHE

CEE>

.

.

=,

=,

4

4

'.

'.

'& O

.

,. "= &7

a

+P G

7+

=,

+9

4 '.

-;

/.

87

+

6'+ b"

+

#' b"

,'6

%M

-=

]

+

S+ %, ]

., =,

!.

0#

.,

+

C@EHE

CEEQ

I3"(2"^%"*)8/4).'5(%64/6')%./(%$)2/#%$"*%PDdeCDf; @*%"&".2/%$"%*)%.)1$)%$"*%0/(2/%$"%*)#%4"0"#)#%"(%2W40'(/#%4")*"#%6/$41)%4"$3($)4%"(%"*%'(.4"0"(2/%$"%*/# ('7"*"#%$"%6/84"=)%$"*%6)1#B%9)%N3"%#"UX(%*)%@d]gjEB%$"*%2/2)*%$"%6"4#/()#%N3"%4".'8"(%4"0"#)#%"*%iMS (/%#/(%6/84"#B%+iS%#/(%6/84"#%9%#/*)0"(2"%"*%TS%6/84"%"H24"0/;

6+71)2*(&)(&$%$2'2(/*1(#41$2-* !"%).3"4$/%./(%"#2'0).'/("#%$"%*)%g4U)('=).'5(%J3($')*%$"%f34'#0/%KgJfL%"*%234'#0/%03($')*B%0"$'$/ "(%(X0"4/%$"%7'#'2)(2"#B%.4".'5%"(%+,,A%"(24"%+S%9%QSB%.'&4)%'(&"4'/4%)%*)%$"%)Z/#%)(2"4'/4"#;%O)4)%e3)2"0)*)B $"%"("4/%)%(/7'"084"%$"%+,,A%"*%234'#0/%#"%'(.4"0"(25%"(%T;\SB%U"("4)($/%3(%'(U4"#/%$"%$'7'#)#%)*%6)1# 6/4%234'#0/%9%7')?"#%$"%C[l%\B\+T;Q%0'**/("#%./(%3(%.4".'0'"(2/%).303*)$/%$"%R;QS%4"#6".2/%)%(/7'"084" $"*%)Z/%+,,-;

A'("4)+#'(&)("'/$#'0(B()0(2'0&*(&)(0'(;'0'+@'(&)(/'7*2 !"%).3"4$/%./(%"#2'0).'/("#%$"*%PDdeCDf\QB%"*%$W&'.'2%"(%*)%8)*)(=)%./0"4.')*%6)4)%+,,A%#"41)%$"%C[l TBMR-;R%0'**/("#;%['%)%"#2"%4"#3*2)$/%#"%*"%$"$3."(%*/#%'(U4"#/#%$"%$'7'#)#%6/4%4"0"#)#%&)0'*')4"#%9%234'#0/B "*%8)*)(."%("U)2'7/%$"%*)%.3"(2)%./44'"(2"%#"%#'23)41)%"(%C[l%+B,--;-%0'**/("#B%"*%.3)*%#"41)%0>#%N3" ./06"(#)$/%6/4%"*%#)*$/%$"%*)%.3"(2)%$"%.)6'2)*%9%&'()(.'"4)%N3"%0/#24)41)%3(%#36"4>7'2%$"%C[l%+BQAQ;0'**/("#%Y64/$3.2/%64'(.'6)*0"(2"%$"%3()%'(7"4#'5(%"H24)(?"4)%$'4".2)%$"%C[l%AQ-;A%0'**/("#Y%N3"%&'()*0"(2" U"("4)41)%3(%#)*$/%&)7/4)8*"%$"%*)%8)*)(=)%$"%6)U/#%$"%C[l%Q,i;,%0'**/("#\R; \+% @*%)30"(2/%$"*%&*3?/%$"%4"0"#)#%"#237/%6/4%$"8)?/%$"%*)%2)#)%$"%'(&*).'5(%)(3)*%KM;RSL; \Q% BC0.60)%4*"2+".0":(.D/%)0"8(*+/01%0E",0-5%01%0"7",1+2%/%)%0"0"*(C%+-51+"2+"FGGH;%PDdeCDf;%]'3$)$%$"%e3)2"0)*)B%$'.'"084" $"%+,,A;%!'#6/('8*"%"(%4"$^%mmm;8)(U3)2;U/8;U2 \R% j)*"%$".'4%N3"%"#2/#%$)2/#%)*%#"4%%"#2'0).'/("#B%(/%./'(.'$"(%"H).2)0"(2"%./(%"*%'(.4"0"(2/%$"%*)#%4"#"47)#%0/("2)4')#%'(2"4().'/()*"# /8#"47)$/%)%$'.'"084"%$"%+,,A%./(%4"#6".2/%)*%0'#0/%0"#%$"%+,,-%KC[l%QQA;T%0'**/("#L;

!"!#$%"

DB

A'2(1)2)1%'2(-*+)#'1$'2($+#)1+'"$*+'0)2(B(#$/*(&)("'-;$* %2/0)4*)#%./(%*)%$"8'$)%4"#"47);%O/4%"**/B%"*%PDdeCDf%"(%"*%'(&/40"%$" (/7'"084"%$"%+,,A%(/%84'($)%3()%"#2'0).'5(%63(23)*%6)4)%*)%2)#)%$"%.4".'0'"(2/%"./(50'./%"#6"4)$)%6)4) +,,MB% #'(/% 0>#% 8'"(% 64/6/("% 3(% '(2"47)*/% 6)4)% $'.:/% 6/4."(2)?"% % $"% "(24"% "*% Q;,S% 9% "*% Q;TS; #B%"(%"*%X*2'0/ '(&/40"%$"%+,,AB%$)$/%N3"%#"%63$/%./(#2)2)4%N3"%*)#%"H6".2)2'7)#%"064"#)4')*"#%$"%64/$3..'5(%"#2>(%"( U"("4)*%#/84""#2'0)$)#%6/4%"*%#".2/4%"064"#)4')*%n&+"+&/%-0"J6+"+."&0.2("2+"('%*%4*"2+".0"'1(26))%4*"'010 K6.%(" 2+" FGGL" )(*/%*601M" &%+*2(" *+;0/%C(" 7" '(&%5.+-+*/+" &+" &%/601M" 0.1+2+2(1" 2+." NOFP ; \T @(%.3)(2/%)%*)#%&'()(=)#%6X8*'.)#B%$)$)%*)#%./($'.'/("#%"./(50'.)#%)$7"4#)#%).23)*"#B%#"%"#6"4)%N3"%*)# 6/*12'.)#%$"%4").2'7).'5(%"./(50'.)%6/4%6)42"%$"*%@#2)$/%'(&*39)(%#'U('&'.)2'7)0"(2"%6/4%"*%*)$/%$"*%U)#2/ 6X8*'./;%D%2)*%"&".2/B%"*%e/8'"4(/%$'/%)%./(/."4%4".'"(2"0"(2"%"*%O4/U4)0)%d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e/8'"4(/%(/%2"($4>%4".34#/#%6)4)%)2"($"4%)%*/#%U436/#%73*("4)8*"#%N3'"("#%#"4>( */#%0>#%)&".2)$/#%6/4%*)%.4'#'#%"./(50'.);%["%"#6"4)41)%6)4)*"*)0"(2"%./(2'(3)4%*/#%"#&3"4=/#%"(%0)2"4') $"%24)(#6)4"(.')%$"%*)%U"#2'5(%6X8*'.)%9%"(%*)%4"&/40)%$"%*)%24'832).'5(%$'4".2)B%"#6".')*0"(2"%*)%4"*)2'7)%) 3()% (3"7)% *"9% $"*% E063"#2/% [/84"% *)% G"(2)B% N3"% 6/$41)% "(24)4% "(% 7'U/4% )% 6)42'4% $"% +,\,;

\T% D#/.').'5(%$"%E(7"#2'U).'5(%9%@#23$'/#%[/.')*"#B%!!!?!"B*)6+&/0"B-'1+&01%0.E""?*=(1-+"2+"I+&6./02(&A"O>U;%\i;

!"!#$%"

DA

G"#6".2/%)%*)#%6"4#6".2'7)#%$"%'(&*).'5(B%"*%P)(U3)2%)$/625%3()%0"2)%$"%'(&*).'5(%6)4)%"*%)Z/%+,,M%$"%T;T opc%3(%63(2/%6/4."(23)*V%"#%$".'4B%./(%3(%*10'2"%0>H'0/%$"%i;TS;%%%64'(.'6)*0"(2"%$"*%4"2/4(/ $"%*)%./(&')(=)%9%$"%*)%"7/*3.'5(%&)7/4)8*"%$"%*)%"./(/01)%().'/()*%9%03($')*;%f)08'W(%'(&*3'4>%"*%.4".'0'"(2/ $"%*/#%0"$'/#%$"%6)U/%2/2)*"#%9%"*%&*3?/%$"%*1(")#%$"%.4W$'2/%$"*%"H2"4'/4B%)#1%./0/%*)%4".36"4).'5(%$"*%1($'." $"%./(&')(=)%"(%*)%"./(/01)%$"%6)42"%$"%*/#%)U"(2"#%"./(50'./#; (%6"4?3$'.)$)#%6/4%*)%./(24)..'5(%$"%*)%$"0)($)%$"%*/#%64'(.'6)*"#%#/.'/#%./0"4.')*"# $"%e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

%" ! ! " %" ! "

!

#$

!

%" #$

!

"

!

"

! #$

Ta1W0)T-U-Oa !

%"

! #$

"

"

!

%"

%"

! #$ " !

#$

#$ " ! ! %"

! #$

!

"

!

!

! " %" #$ ! "

%"

%" ! " ! %" #$

%"

-9+&'%&'(#)$.)2#P.97';%&'(#)M)097"$'+9)/+&'%6.9 -8%,7%$+)T+97%6)DREE@)N'"$%$)U"%7.4%6% U"%7.4%6%R)NH-H #$

%" #$ ! ! " !

#$

%" #$ ! " !

!

!

"

"

!

!

#$

#$

%"

%"

["%64/(/#2'.)%*)%'(2"(#'&'.).'5(%$"%*)%./06"2"(.')%6/4%*)%.)62).'5(%$"%*)%'(7"4#'5(%"H24)(?"4)%$'4".2)%$"8'$/ )%*)%./93(234)%"./(50'.)%03($')*B%N3"%/8*'U)41)%)%6)1#"#%./0/%e3)2"0)*)%)%"(.)4)4%*)%0"?/4)%$"%*) ./06"2'2'7'$)$B%)%&'(%$"%)24)"4*)#;%D%*/%)(2"4'/4%$"8"%)U4"U)4#"%N3"%*)#%$'&'.3*2)$"#%$"%*)%8)(.)%'(2"4().'/()* 63"$"(%*'0'2)4%*)%$'#6/('8'*'$)$%$"%4".34#/#%"H2"4(/#;%O/4%2)(2/B%"#%6/#'8*"%N3"%*)%.3"(2)%$"%.)6'2)*%$"%*) 8)*)(=)%$"%6)U/#%#3&4)%3()%8)?)%'06/42)(2";%@(%#30)B%#'%#"%"(#)(.:)%"*%$W&'.'2%"(%.3"(2)%./44'"(2"%9%8)?)4) "*%#)*$/%&)7/4)8*"%$"%*)%.3"(2)%$"%.)6'2)*B%"*%"&".2/%&'()*%6/$41)%#"4%3()%4"$3..'5(%$"%*)#%4"#"47)#%0/("2)4')# '(2"4().'/()*"#%("2)#%9p/%3()%$"64".').'5(%$"*%2'6/%$"%.)08'/;