Entrenamiento con TRX Suspensión training y su implicancia en la mejora de la presión inspiratoria...

8/18/2019 Entrenamiento con TRX Suspensión training y su implicancia en la mejora de la presión inspiratoria máxima (PiMax)

1/33

!"#$%&'#()( (% +),)--)"%'.)/!-0)( (% /#%"/#)' (% -) ')-!(

(%1)&0)+%"02 (% 3#"%'#2-2,4)

"#$%$&'()*& +* ,-$&.* '-/0-+*& ()/1(&*%2&(* '34('*

52/%$&(2& * -) 1&26&*'* 7$ $)%&$)*'($)%2 02) 89: $) $/%-7(*)%$/ 7$ ;< * =>

*?2/@ 1$&%$)$0($)%$/ * +* A)(B$&/(7*7 7$ C*6*++*)$/ $) +* D(-7*7 7$ 5-)%*

E&$)*/@ DF(+$ =G;HIJ

5(67689:;:;< 7=6 9>?:9@9 :;AB:8>7C8D 9@AEF6 A786;G768 > 78>:;:;< B8C9 H:7= 0&I :; A7@J6;7A K67H66; LMNOP D6>8A CFJQ H=C K6FC;< 7C !;:R68A:7D

CG +>FF>;6A :; 1@;7> )86;>AQ /=:F6 OSLTU

)F:AC; V>88:6;7CA -WXY &CJ8:A +WXY (:6F $W XY .8>;E:AEC +>;E:FF> -WXQ )F6[>;J8> .68;Z;J6\ %XXW

X %A7@J:>;76A J6 F> E>8868> J6 ]:;6A:CFC(6B>87>96;7C J6 3:;6A:CFCQ.>E@F7>J J6 _@9>;:J>J6AQ /:6;E:>A 'CE:>F6A D J6 F> '>F@JQ!;:R68A:J>J J6 +>FF>;6AQ1@;7> )86;>AQ /=:F6W

XX 3:;6A:`FC(6B>87>96;7C J6 3:;6A:CFCQ

.>E@F7>J J6 /:6;E:>A J6 F> '>F@JQ!;:R68A:J>J J6 +>FF>;6AQ1@;7> )86;>AQ /=:F6W

)R6;:J> V@F;6AQ SLMPPQ 1@;7> )86;>A /=:F6(:86EE:`; 1CA7>Fa bOSSSSS%N9>:Fa )F6[>;J8>WG68;>;J6\c@9>


2/33

9KLACKM

-> B86A6;76 :;R6A7:E:`; A6 :;7686A` 6; J67689:;>8 A: 6?:A76 >@96;7C J6 F>

G@68\> 9@AE@F>8 :;AB:8>7C8:> BCA768:C8 >F 6;786;>9:6;7C EC; 0&I A@AB6;A:C; 78>:;:;F J6 LM B>87:E:B>;76A G@68C; 6R>F@>JCAQ EC; 8>;J 6;786 FCA LM D OP >dCAQJ6

FCA E@>F6AQ e B>87:E:B>;76A G@68C; AC967:JCA > @; 6;786;>9:6;7C EC; 0&I A@AB6;A:C;

78>:;:;F J6 F> :;768R6;E:`; A6 86>F:\` F> 96J:E:`; J6 F> B86A:`; :;AB:8>7C8:>

9Z?:9> EC9C B>8Z9678C J6 6R>F@>E:`;W %F BF>; J6 6;786;>9:6;7C EC;A:A7:` 6; OT

A6A:C;6A J6 6[68E:E:CAB8C9>J>A 6; M A69>;>A J6 >E7:R:J>JQ EC; @;> G86E@6;E:> J6 f

R6E6A BC8 A69>;> D EC; J@8>E:`; J6 @;> =C8> BC8 A6A:`;W +6J:>;76 @; J:A6dC

6?B68:96;7>F J6 B86NB8@6K>Q BCA7NB8@6K> D 87:E:B>;76A g@6

E@9BF:68C; FCA E8:768:CA J6 :;EF@A:`;Q G@68C; J:A78:K@:JCA 6; 6F :;J:E>; g@6 6?:A76 @; >@96;7C A:7:RC J6 F>

G@68\> 9@AE@F>8 :;AB:8>7C8:> 6; FCA B>87:E:B>;76A J6F 9:6;7C 6;

EC9B>8>E:`; >F


3/33

EPL89ED8

0=6 GCFFCH:;< 86A6>8E= HC8] H>A GCE@A6J C; J67689:;:;< 7=6 :;E86>A6 ;@9K68 CG

7=6 9@AEF6 A786;F>7:C; >G768 B8>E7:E:;< 7=6 0&I A@AB6;A:C; 78>:;:;F@>76JQ H=C H686 K67H66; LM >;J OP D6>8A CFJ >;J H=686 e CG 7=69

78>:;6J @;J68 7=6 0&I A@AB6;A:C; 78>:;:;< B8C9W )7 7=6 K6;J :; 7=6 6;J CG

7=6 B8CE6J@86Q 7=6 96>A@8696;7 CG 7=6 9>?:9@9 :;=>F>7:C; B86AA@86 H>A @A6J >A

6R>F@>7:C; B>8>96768W 0=6 78>:;:;< BF>; EC;A:A76J CG OT A6AA:C;A CG 6?68E:A6Q AE=6J@F6J

GC8 M H66]A CG >E7:R:7:6AQ H:7= > G86g@6;ED CG f 7:96A B68 H66] >;J C;6 =C@8 B68 A6AA:C;W

VD >BBFD:;< >; 6?B68:96;7>F J6A:A6J C; B86N76A7Q BCA7N76A7 >;J EC;78CF FA H=C >E=:6R6J 7=6 :;EF@A:C; E8:768:>Q H686 J:A78:K@76J :; 7=6 A7@JD ;J

7=6 EC;78CF A:;7 9@AEF6 A786;F>7:C;

:;E86>A6 CG 7=6 B>87:E:B>;7A G8C9 7=6 78>:;:;< 86J 7C 7=6 EC;78CF


4/33

TM89U#ADDTVM

!; 6;786;>9:6;7C GÂ:EC A6 J6G:;6 EC9C >g@6FF> >E7:R:J>J g@6 FF6R> EC;A:

A68:6 J6 6[68E:E:CA B86R:>96;76 6A7>KF6E:JCA EC; F> G:;>F:J>J J6J6A>88CFF>8=>K:F:J>J6A C

:;EF@AC 96[C8>8 F>A E>B>E:J>J6A GÂ:E>A J6 E>J> B68AC;>Q D> A6> g@6 :;RCF@E86; G@68\>Q

BC76;E:>Q 6g@:F:K8:C C 86A:A76;E:>W %A ;6E6A>8:C 76;68 6; EC;A:J68>E:`;Q g@6 E@>;JC A6

86>F:\> @; 6;786;>9:6;7C A6 B@6J6; FF68 > CK76;68 J:G686;76A 86A@F7>JCAQFCA E@>F6A

J6B6;J68Z; 6; ; 96J:J> J6F CK[67:RC J6 >g@6FF>A B68AC;>A g@6 FC BC;6; > B8@6K>LW

%F B8CBÀ:7C J6 6A7C 6A FC8 6F 9Z?:9C BC76;E:>F 6; @; B68:CJC 6AB6E^G:EC J6 7:69BCQ D

g@6 B>8> 6A7> G:;>F:J>J A6 B@6J6 96;E:C;>8 g@6 ;C A`FC 6A >BF:E>KF6 E@>;JC A6 =>KF>

J6 >F7C 86;J:9:6;7CQ A:;C 7>9K:h; E@>;JC A6 B8676;J6 96[C8>8 6F 6A7>JC F J6

A>F@J 6; @;> B68AC;>Q 6A J6E:8Q F> KiAg@6J> J6 @; K:6;6A7>8 GÂ:EC D 96;7>F B>8> BCJ68>A^ >@96;7>8 F> E>F:J>J J6 R:J> 6; FCA J:G686;76A >AB6E7CA g@6 6A7> FF6R> EC;A:A6 > FC >;768:C8Q A6 B@6J6 J6E:8 g@6 @; 6;786;>9:6;7C 6A E@>Fg@:68 E>8

GÂ:E> g@6 > 78>RhA J6F 7:69BC R> > B8CRCE>8 @;> >J>B7>E:`; D 78>;AGC89>E:`; G@;E:C;>F

C 9C8GCF` J6F C8;:A9CQ D BC8 FC 7>;7CQ @; >@96;7C D 96[C8> J6F 86;J:9:6;7CW %A

>g@^ JC;J6 A6 B8CJ@E6 @;> 6A786E=> 86F>E:`; EC; F>A G>A6A J6 86=>K:F:7>E:`; J6 @;

B>E:6;76Q 6; F>A E@>F6AB>8> 96[C8>8Q GC87>F6E68 C :;EF@AC >J>B7>8 >F C8;:A9C J6 @;>

B68AC;>6A ;6E6A>8:C 6F @AC J6 6A78>76A 7>; KZA:E>A D A:9BF6A EC9C F> 6[68E:7>E:`;W

)E7@>F96;76Q F> ]:;6A:CFC => :JC 7C9>;JC @; B>B6F G@;J>96;7>F 6; 6F B8CE6AC

J6 86=>K:F:7>E:`; J6 F>A B68AC;>AW %A76 6A 6F B8:;E:B>F 9C7:RC BC8 6F E@>F A6 =>E6 E>J>

R6\ 9ZA ;6E6A>8:> F> >BF:E>E:`; C E86>E:`; J6 ;@6R>A 967CJCFCA D 6A78>76A g@6

B689:7>; FF6R>8 > E>KC E>J> CK[67:RC J6 F> 768>B:>Q g@6 > F>8\C K@AE> F> 9Z?:9>

86:;76E:`; J6 F>A B68AC;>A > F> ACE:6J>JOQfW

%; R:A7> D EC;A:J68>E:`; J6 FC J6AE8:7C >;768:C896;76Q BCJ69CA 96;E:C;>8 g@6 6F

6;786;>9:6;7C EC; 0&I 6A @;> ;@6R> 967CJCFC J6 78>K>[C GÂ:EC 6; A@AB6;A:`;Q g@6

EC;A:A76 6; 86>F:\>8 J:R68ACA 6[68E:E:CA 96J:>;76 6F @AC J6 EC886>A jE@DC ;C9K86 6A

0&I A@AB6;A:C; 78>:;:;A E@>F6A E@6F; J6 @;> A@B68G:E:6 86A:A76;76 D E>B>\ J6

ACBC87>8 6F B6AC EC8BC8>FW %; 6A7> 9CJ>F:J>JQ E>J> 6[68E:E:C g@6 A6 86>F:\> J@8>;76 F>A

J:G686;76A 8@7:;>A C A68:6A 6; A@AB6;A:`;Q FF6R>; >F J6A>88CFFC J6 F> G@68\> G@;E:C;>F J6


5/33

F> 9@AE@F>7@8>Q FC g@6 >F 9:A9C 7:69BC 96[C8> F> GF6?:K:F:J>JQ 6F 6g@:F:K8:C D F>

6A7>K:F:J>J J6 F> B>876 E6;78>F J6F E@68BC EC;CE:J> EC9C EC86Q 7>F EC9C A6 6?:Fg@:68 >E7:R:J>J J6BC87:R> C A:9BF696;76 6; F> R:J> EC7:J:>;>W%A76 A:A769>K>A>JC 6;

6[68E:E:CA G@;E:C;>F6A g@6 A696[6; FCA 9CR:9:6;7CA J6F J:>8:C R:R:8Q A@8

:J6> J6 G>E:F:7>8 6F 6;786;>9:6;7C > B68AC;>A g@6 ;C E@6;7>; EC; 7:69BC B>8> >A:A:7:8 >F

A:C D 86g@:686; J6 @;> 96;C8 :9BF696;7>E:`; B>8> 6[68E:7>8A6LQ TW-CA 86A@F7>JCA

CK76;:JCA 6; F> >BF:E>E:`; J6 6A76 7:BC J6 6;786;>9:6;7CQ => EC;A6 BF>;:G:E>E:`; J6BC87:R> J6 ;J6A 6g@:BCA B8CG6A:C;>F6A D E6;78CA

6AB6E:>F:\>JCA 6; 86=>K:F:7>E:`; J6 J:A7:;7>A B>876A J6F 9@;JCQ D >@;g@6 6; /=:F6 >i;

6A J6AEC;CE:JC B>8> F> ; 9>DC8^>Q BCEC > BCEC R> ;>;JC 76886;C EC9C @;> ;@6R>

GC89> J6 96[C8>8 F> EC;J:E:`; GÂ:E>W

%F 6;786;>9:6;7C 6; A@AB6;A:`; @7:F:\> @;> >9BF:> 9> J6 9CR:9:6;7CA D

6[68E:E:CA g@6 :;RCF@E8>; B>8> A@ >BF:E>E:`; 6F @AC J6 J:G686;76A 86AQ

JC;J6 > 78>RhA J6 F>A ;6E6A:J>J6A J6 E>J> B68AC;> A6 J:8: BF>;:G:E>E:`; J6 6A76W

%A7CA A6 86>F:\>; EC; F>A 6?7869:J>J6A A@B68:C86A C :;G68:C86A ACA76;:JCA ACFC BC8 @;

B@;7C J6 >;EF>[6Q 9:6;78>A g@6 6F 6?7869C CB@6A7C J6F E@68BC 6A7Z 6; EC;7>E7C EC; 6F

A@6FCW )F @7:F:\>8 0&I EC9C A:A769> J6 6;786;>9:6;7CQ 6F B6AC EC8BC8>F 86E>6 ACK86 F>

\C;> g@6 g@6869CA J6A>88CFF>8 6AB6E^G:E>96;76Q >J69ZA J6 >E7:R>8 F> \C;> 96J:> J6F

E@68BC B>8> B8CBC8E:C;>8 6A7>K:F:J>J >F 78>K>[CW %A7>A E>8>E768Â7:E>A =>E6; g@6 6F

6[68E:E:C 6; A@AB6;A:`; B8CBC8E:C;6 @;> EC9K:;>E:`; 6G:E>\ B>8> 78>K>[>8 6; E@>;7C >F

>BCDC D 9CR:F:J>JQ J6A>88CFF>;JC G@68\>Q 86A:A76;E:>Q ECC8J:;>E:`;Q GF6?:K:F:J>JQ BC76;E:>

D 6A7>K:F:J>JW 1C8 FC 7>;7CQ 6F 0&I 6A @;> =688>9:6;7> g@6 B689:76 6F 6;786;>9:6;7C J6F

E@68BC 6; @;> BCA:E:`; A@AB6;J:J> EC;78>886A7>;JC F> R6J>J >F @7:F:\>8 6F B6AC J6F

E@68BC EC9C 86A:A76;E:>Q 6?: F>A B68AC;>A 78>K>[>8 J6 9>;68> >E7:R> FCA

J:G686;76A A:A769>A J6F C8;:A9C 6; EC;[@;7CQ A6B7:7@J6A GÂ:E>AW %A

>A^ EC9C A6 =>E6 86G686;E:> g@6 ;C ACFC 6; >7F67>A J6 >F7C 86;J:9:6;7C A6 B@6J6;6R:J6;E:>8 FCA K6;6G:E:CA g@6 >BC87> 6A7> ;@6R> 9CJ>F:J>JQ D> g@6 :;J6B6;J:6;76 J6 F>

6J>JQ 6F Q 7CJC >g@6F g@6 K@Ag@6 @; 9h7CJC B>8>

96[C8>8 A@ A>F@J J6 GC89> 8ZB:J>Q A6 D 6G:E>\ B@6J6 R68A6 G>RC86E:JC EC; A@

6[6E@E:`;W %A7>A AC; >FA J6 F>A 8>\C;6A J6F BC8g@h A6 :J6;7:G:E> >F 0&I EC9C @;>

967CJCFC J6 6;786;>9:6;7C >J>B7>KF6 D g@6 B689:76 > FCA B8CG6A:C;>F6A J6 F> A>F@J D


6/33

F> EC;J:E:`; GÂ:E> J:A6d>8 B8C9>A >J6E@>JCA D > F> 96J:J> J6 @;> ; R>8:6J>J J6

@A@>8:CAW

)E7@>F96;76 F>A :;R6A7:E:C;6A 86>F:\>J>A ACK86 6F 0&I AC; 6AE>A>A D A6 K>A>;

B8:;E:B>F96;76 6; F> >E7:R:J>J 9@AE@F>8 >F 86>F:\>8 6[68E:E:CA :;6A7>KF6A C A:9BF696;76

>B>86E6; EC9C EC9BF696;7C J6 C78CAQ B68C ;C A6 >;>F:\> A@ G@;E:`; 6AB6E^G:E>W (6;78C

J6 FCA 6A7@J:CA 6;EC;78>JCAQ 6F B8:968C =>KF> J6 F> >E7:R>E:`; 6F6E78C9:CG^> J6F

$>A7C +6J:>F D ->768>F J6F /@ZJ8:E6BA J@8>;76 F> 86>F:\>E:`; J6 @;> A6;7>J:FF>

:AC9h78:E> 6; BF>7>GC89>A 6A7>KF6A 6 :;6A7>KF6A EC; 0&IPQD 6F A6K>[C 86R:A>JC

=>E6 86G686;E:> > F> EC9B>8>E:`; J6 FCA ;:R6F6A J6 >E7:R>E:`; J6 FCA 9iAE@FCA

6A7>K:F:\>JC86A J6F EC86 D >A J@8>;76 F> 86>F:\>E:`; J6F 6[68E:E:C B@A= @B ACK86

6g@:B>9:6;7CA EC; J:G686;76A JCA J6 6A7>K:F:J>J

b

W

+ZA >FFZ J6 FCA 6A7@J:CA 96;E:C;>JCA >;768:C896;76Q ;C 6?:A76 @;C g@6

6AB6E:G:g@6 6F 6G6E7C g@6 6F 6;786;>9:6;7C EC; 0&I 6; F> G@68\> J6 F>

9@AE@F>7@8> :;AB:8>7C8:>Q B68C A: EC;A:J68>9CA g@6 6F A:A769> 86AB:8>7C8:C B@6J6 F:9:7>8

F> >E7:R:J>J GÂ:E> 6; B68AC;>A EC; B>7CFCA B@F9C;>86A DlC

E>8J:CR>AE@F>86AQ;C7>869CA g@6 E>J> R6\ 6A 9ZA @7:F:\>JC 6; 6F Z9K:7C EF^;:EC D

J6BC87:RC F> 86>F:\>E:`; J6 J:R68ACA BF>;6A J6 6;786;>9:6;7C J6 FCA 9iAE@FCA

86AB:8>7C8:CAQ g@6 6; A@ 9>DC8^> A6 6;GCE>; > F> 96[C8> J6 F> E>B>E:J>J >68`K:E> B>8>>@96;7>8 F> E>F:J>J J6 R:J> 6; F>A B68AC;>A g@6 B>J6E6; 6A76 7:BC J6 6;G6896J>J6A C

K:6; B>8> 96[C8>8 F>A EC;J:E:C;6A GÂ:E>A 6; B68AC;>A A>;>AmQMW 1C8 FC 7>;7CQ 86>F:\>8 @;>

:;R6A7:E:`; 6; 6A76 Z9K:7C A68^> @; >BC876 > F> :;GC89>E:`; >E7@>FW

%; E@>;7C > F> >E7:R:J>J J6BC87:R>Q J:A7:;7CA >@7C86A EC; A@A 86AB6E7:RCA 6A7@J:CAQ

=>; J69CA78>JC EC9C @; EC886E7C BF>; J6 6;786;>9:6;7C J6 FCA 9iAE@FCA 86AB:8>7C8:CA

>@96;7> F>G@68\>Q F> E>B>E:J>J J6 86A:A76;E:> D 6F 86;J:9:6;7C J6BC87:RCQ >A^ EC9C FC

6?BC;6 )K6:[C; VW jOSSmkQ 6; A@ 6A7@J:C J6 FCA 6G6E7CA J6F 6;786;>9:6;7C J6F J:>G8>D 9iAE@FCA >EE6AC8:CA J6 F> :;AB:8>E:`; 6; >7F67>A J6 hF:76eW '6 => J69CA78>JC >J69ZAQ

g@6 6F 6;786;>9:6;7C J6 FCA 9iAE@FCA :;AB:8>7C8:CA B8CJ@E6 @; >@96;7C J6 F> B86A:`;

:;AB:8>7C8:> 9Z?:9> j1:+Z?kQ J6 F> 7CF68>;E:> > F> G>7: D J6 F> BC76;E:> 9Z?:9> J6 FCA

9iAE@FCA 86AB:8>7C8:CA D g@6 [@;7C > 6A7CQ F>A B68AC;>A g@6 BCA66; >F B>7CFC


7/33

86AB:8>7C8:> 9@6A78>; @;> 96[C8> 6; F> A:;7C9>7CFC g@6 B86A6;7>; ACK86 7CJC

E@>;JC A6 =>KF> J6 J:A;6>W

/C; 86F>E:`; >F A:A769> 86AB:8>7C8:CQ 6A76 A6 E>8>E768:\> BC8 B86A6;7>8 J:G686;76A

6A78@E7@8>A EC; G@;E:C;6A J67689:;>J>A D JC;J6 F> 9@AE@F>7@8> :9BF:E>J> 6; F>86AB:8>E:`; E@9BF6 @; 8CF G@;J>96;7>FW/C; 86AB6E7C >F 76[:JC 9@AE@F>8Q E>K6 96;E:C;>8

g@6 6?:A76; JCA 7:BCA J6 G:K8>A 9@AE@F>86A A6 CKA68R>E:`; 9>E8CAE`B:E>Q F>A

8C[>A D F>A KF>;E>AW ->A E@>F6A >J69ZA A6 B@6J6; EF>A:G:E>8 A6A J6 EC;78>EE:`; F6;7> D G:K8>A J6 EC;78>EE:`; 8ZB:J>LQ TW

)E7@>F96;76Q F>A J:G686;76A EF>A:G:E>E:C;6A 6A78@E7@8>F6AQ G@;E:C;>F6A D

967>K`F:E>A J6F 76[:JC 9@AE@F>8 A6 =>; @;:JC B>8> GC89>8 @;> ;@6R> EF>A:G:E>E:`; J>;JC

EC9C 86A@F7>JCa

>W .:K8>A 7:BC #a 8C[>A J6 EC;78>EE:`; F6;7>Q g@6 BCA66; @; 967>KCF:A9C

B86G686;7696;76 J6F 7:BC >68`K:ECQ E>8>E768^A7:E> J6 @;> C?:J>E:`; F6;7> J6

D 96;C8 >B>8:E:`; J6 G>7:W

KW .:K8>A 7:BC ##a KF>;E>A J6 EC;78>EE:`; 8ZB:J>Q BCA66; @; 967>KCF:A9C

:;76896J:C 6;786 >68`K:EC D >;>68`K:ECQ EC; @;> C?:J>E:`; J6 8ZB:J>

D @;> G>7:K:F:J>J :;76896J:>W

EW .:K8>A J6 7:BC ##Ka AC; 9@D A6;A:KF6A > F> G>7: J6K:JC > g@6 BCA66; @;>C?:J>E:`; J6 9@D 8ZB:J>Q E:>A > 6A7C BCA66; @;> EC;78>EE:`;

8ZB:J> D BC76;76W

%; 86F>E:`; > FC >;768:C8Q 6A J6 :9BC87>;E:> A>K68 g@6 FCA 9iAE@FCA 86AB:8>7C8:CA

BCA66; C A6 EC;GC89>; J6 J:G686;76A 7:BCA J6 G:K8>A 9@AE@F>86A JC;J6 6F J:>G8>Q

B8:;E:B>F 9iAE@FC 86F>E:C;>JC EC; F> :;AB:8>E:`;Q B86A6;7> @; MSn J6 G:K8>A 86A:A76;76A

> F> G>7: jPPn 7:BC # D OPn 7:BC ##kQ FC g@6 >F EC9B>8>8A6 EC; 9@AE@F>7@8> 6Ag@6Fh7:E>

J6 F>A 6?7869:J>J6AQ A6 6;E@6;78> 9@D BC8 6;E:9>Q D> g@6 6A7CA B86A6;7>; ACFC @;TSn J6 G:K8>A 86A:A76;76A > F> G>7:W /C; 86F>E:`; > FCA C78CA 9iAE@FCA g@6 >D@J>; 6;

F> 86AB:8>E:`;Q 6A J6E:8Q :;768ECA7>F6A 6?768;CAQ 6AE>F6;CA D >KJC9:;>F6AQ BCA66;

B8CBC8E:C;6A R>8:>J>A J6 G:K8>A 7:BC # 6;EC;78Z;JCA6 6; 6A7CA @; TbNbbnQ @; bSNbPn D

@; fSNbSn 86AB6E7:R>96;76eW


8/33

/C; 86AB6E7C > F> 6R>F@>E:`; J6 FCA 9iAE@FCA :;AB:8>7C8:CAQ @;> J6 F>A B8@6K>A

g@6 A6 69BF6> =>K:7@>F96;76 6; EF^;:E> B>8> R>FC8>8 F> G@;E:`; 9@AE@F>8 :;AB:8>7C8:> 6A

F> B86A:`; :;AB:8>7C8:> 9Z?:9> j1:+Z?k g@6 9:J6 F> G@68\> g@6 FCA 9iAE@FCA :;AB:8>7C8:CA

B@6J6; J6A>88CFF>8 6; EC;[@;7C D 6A 6A7> B8@6K> F> E@>F @7:F:\>869CA 6; 6F 6A7@J:C B>8>

R>FC8>8 J6 GC89> CK[67:R> 6F >@96;7C J6 F> G@68\> J6 F> 9@AE@F>7@8> :;AB:8>7C8:>

BCA768:C8 > @; B8C9> J6 6;786;>9:6;7C EC; 0&IW

%;GCEZ;JCA6 6; 6F 9iAE@FC J:>G8>Q g@6 6A 6F B8:;E:B>F 9iAE@FC J6 F>

:;AB:8>E:`;Q )8:6F /C@E6:8CLS jOSLOk 6?BF:E> g@6 A6 EC;78>6 D J6AE:6;J6 F> E>R:J>J

>KJC9:;>FQ FC E@>F ;C B689:76 ACF>96;76 @;> 9>DC8 6?B>;A:`; 7C8ZE:E>Q A:;C g@6

7>9K:h; B8CRCE> @;> 9>DC8 6A7>K:F:J>J 6; F> \C;> 96J:> J6F E@68BCW o/`9C hA76

9iAE@FC >D@J> 6; F> 6A7>K:F:J>J J6F EC86p )F J6AE6;J68 F> E>R:J>J >KJC9:;>FQ 6F B:AC

BhFR:EC @;> 86A:A76;E:> G86;76 > 6A7> J6B86A:`;Q >J69ZA @;> EC;78>EE:`;

6?Eh;78:E> J6 F> B>86J >KJC9:;>F B8CRCE> @; >@96;7C J6 F> B86A:`; J6F>;76 J6 F>

ECF@9;> R6876K8>FQ F> E@>F A6 EC;78>886A7> BC8 F> EC;78>EE:`; J6 F> 9@AE@F>7@8>

6?76;AC8> J6 ECF@9;> F@9K>8Q D J6 hA7> 9>;68> A6 6A7>K:F:\> BC8 EC9BF67C 6F EC86W

)F =>KF>8 J6F EC86 A6 =>E6 86G686;E:> > 7CJCA FCA 9iAE@FCA g@6 8CJ6>; 6F

>KJC96;Q ACBC87>; F> ECF@9;> R6876K8>F D B8C76KJC9:;>F6AQ CKF:E@CAQ J:>G8>Q 686E7C86A J6

F> ECF@9;>Q JC8A>F6AQ B6E:CA D A@6FC BhFR:ECW %A7CAQ 6; EC;[@;7C >BC87>; @;>

6A7>K:F:J>J > F> ECF@9;> R6876K8>F D > F> B6FR:AQ >J69ZA J6 6A7>8 6;E>8JCA J6 C8:8

F> 9>DC8 B>876 J6 FCA 9CR:9:6;7CA G@;E:C;>F6A J6F E@68BC D J67689:;>8 F> BCA7@8> J6F

B>E:6;76Q 7>F EC9C FC A6d>F> q@>; ,:8>FJC jOSLLk 6; A@ 6A7@J:CLLW

$CFR:6;JC 6; F> =:A7C8:>Q E68E>;C > F> JhE>J> J6 FCA MS A6 EC96;\` EC; 6F @AC J6

J:G686;76A 7:BCA J6 6;786;>9:6;7CA J6 F> 9@AE@F>7@8> :;AB:8>7C8:>Q JC;J6 F> 967> >

EC;A6K> B8:;E:B>F96;76 6; 96[C8>8 F> G@68\> D 86A:A76;E:> J6 FCA 9iAE@FCA

86AB:8>7C8:CAQ J>;JC EC9C 86A@F7>JC @; :;E8696;7C J6 F> 7CF68>;E:> >F 6[68E:E:C D @;>

J:A9:;@E:`; J6 F> A6;A>E:`; J6 J:A;6>LOW %A >A^ EC9C > 78>RhA J6F 7:69BCQ A6 =>; :JC

:9BF696;7>;JC J:R68A>A 6A78>76A B>8> F> 86=>K:F:7>E:`; J6 J:E=CA 9@AE@FCAQ D 6;

K>A6 > 6A7C 6A EC9C A@8;76>9:6;7C J6 6;786;>9:6;7CW


9/33

%A J6 hA7> 9>;68> EC9C A6 B@6J6 86F>E:C;>8 6F 6;786;>9:6;7C EC; 0&I D 6F

6;786;>9:6;7C J6 F> 9@AE@F>7@8> :;AB:8>7C8:>W %F 78>K>[C 6; A@AB6;A:`; J6A>88CFF> G@68\>

6; F> A6EE:`; 96J:> J6F E@68BC > 78>RhA J6 9CR:9:6;7CA G@;E:C;>F6A D BCA:E:C;6A

J:;Z9:E>AQ >E7:R>;JC F> 9@AE@F>7@8> J6 hA7> DJ6ABF>\>;JC J6 GC89> :;76;E:C;>J> A@

E6;78C J6 R6J>JQ 86>F:\>;JC 6[68E:E:CA EC9C B86AA J6 B6E=CQ 869CQ 7:[68>Q 6?76;A:`;

D GF6?:`; J6 K8>\CAQ 6;786 C78CAW %?:A76; O 7:BCA J6 6;786;>9:6;7C g@6 A6 B@6J6;

86>F:\>8 B>8> 96[C8>8 F> 86A:A76;E:> C >@96;7>8 F> G@68\> J6 F> 9@AE@F>7@8> :;AB:8>7C8:>Q

6A7CA AC; 6F 6;786;>9:6;7C >68`K:EC D >;>68`K:ECW

%F 6;786;>9:6;7C >68`K:ECQ 96[C8> F> 86A:A76;E:> E>8J:C886AB:8>7C8:> E:>A > g@6

@7:F:\> 6F )01 EC9C B8:;E:B>F G@6;76 J6 6;68Q ACA76;:JC 6; K>A6 > =:J8>7CA J6

E>8KC;CQ A>A D B8C76:;>AQ FC g@6 B689:76 g@6 6F 6[68E:E:C 76; @;> 9>DC8 J@8>E:`; D

A6> 96[C8 7CF68>JC E:>A>F >@96;7C J6 F> J6;A:J>J E>B:F>8Q >@96;7C J6F 7>9>dC D

;i968C J6 9:7CEC;J8:>AW 0CJC 6A7C >D@J> > >@96;7>8 F> :;76;A:J>J J6F 6[68E:E:C >;76A

J6 >E@9@F>8 F>E7>7C 6; F> A>;;76 FCA 6;786;>9:6;7CA >68`K:ECA 7>9K:h; A6

GC87>F6E6 6F A:A769> 86AB:8>7C8:C D 96[C8> F> 6G:E:6;E:> EC; F> g@6 6A76 B8CR66 J6 C?^F E@68BCQ >@96;7>;JC B8C96;76 6F @9K8>F >;>68`K:EC J6F E@68BCLQ TW-C >;768:C8

A6 78>J@E6 6; @;> 96[C8> J6 F> 86A:A76;E:> D E>B>E:J>J B>8> EC9K>7:8 F> G>7: LfW

%; 6F 6;786;>9:6;7C >;>68`K:EC A6 @7:F:\> B8:;E:B>F96;76 F> 6;68 >F9>E6;>J>

6; FCA 9iAE@FCA 6; GC89> J6 K`F:EC ;CA B689:76 78>K>[>8 >

@;> >F7> :;76;A:J>J BC8 @; EC87C B68^CJC J6 7:69BCW '6 @7:F:\> 6A76 6;786;>9:6;7C B>8>

J6A>88CFF>8 E>B>E:J>J6A EC9C F> G@68\>Q F> BC76;E:>Q F> 86A:A76;E:> > F> G>7: D 6F

>@96;7C J6 F> 9>A> 9@AE@F>8W )F 78>K>[>8 > >F7>A :;76;A:J>J6AQ 96[C8> F> E>B>E:J>J

B>8> 86A:A7:8 6F >F9>E6;>9:6;7C J6 A@A7>;E:>A J6 J6A6E=C EC9C 6F ZE:JC FZE7:EC LQ TW

%; 86F>E:`; > FC 96;E:C;>JC D 6; EC9B>8>E:`; >F 78>K>[C 86>F:\>JC J@8>;76 F>

:;R6A7:E:`;Q BCJ69CA J6AE8:K:8 6F 6[68E:E:C EC; 0&I EC9C @; A:A769> J6

6;786;>9:6;7C g@6 BCA66 @;> K>A6 J6 78>K>[C 7>;7C >68`K:E> EC9C >;>68`K:E>Q JC;J6

F> @7:F:\>E:`; J6 F>A 86A68R>A 6;68A J6B6;J6 6?EF@A:R>96;76 J6F 6[68E:E:C 6F6 :;76;A:J>J g@6 J6A6> >BF:E>8 6; E>J> A68:6 J6F 6;786;>9:6;7CW )A^Q BCJ69CA

J:G686;E:>8 @; 9:A9C 6[68E:E:C 6; R>8:>J>A E:8E@;A7>;E:>AQ BC8 6[69BFCQ 6; 6F E>AC J6 F>

A6;7>J:FF> JC;J6 :;GF@D6 6F G>E7C8 :;76;A:J>JQ A:6;JC 6A76 6[68E:E:C J6 E>8ZE768 >68`K:EC A:


10/33

A6 86>F:\> > @;> R6FCE:J>J EC;A7>;76Q A:; B8CRCE>8 G>7: 9@AE@F>8 ;: ;J6A

86g@68:9:6;7CA 6;68F:\> > @;>

9Z?:9> R6FCE:J>J D A6 86g@:686 J6 @;> 9>DC8 6A7>K:F:\>E:`; J6F EC86 B>8> K8:;J>8

A6J >F 78>K>[CQ B8CRCE>869CA @; 8ZB:JC JhG:E:7 J6 F:\>8Z A@ B8CE6AC 6; ;J6A Ei9@FCA J6 F>E7>7CQ 78>;AGC89>;JC 6F 9:A9C 6[68E:E:C

6; @; 78>K>[C J6 7:BC >;>68`K:ECLfW

%; K>A6 > 7CJC FC 6?B@6A7C >;768:C896;76Q A6 FF6 > F> A: 6F 6;786;>9:6;7C EC; 0&I A@AB6;A:C; 78>:;:;< 6; F>

G@68\> J6 F> 9@AE@F>7@8> :;AB:8>7C8:>Q 6; 6A7@J:>;76A 6;786 LM D OP >dCA J6 F>

!;:R68A:J>J J6 +>FF>;6AQ 1@;7> )86;>AQ /=:F6p':6;JC 6F CK[67:RC B8:;E:B>F J6 F>

B86A6;76 :;R6A7:E:`;a (67689:;>8 A: 6?:A76; J:G686;E:>A A:7:R>A 6; F> 96J:E:`; J6

F> G@68\> 9@AE@F>8 :;AB:8>7C8:> J6AB@hA J6 F> >BF:E>E:`; J6 @; B8C9> J6

6;786;>9:6;7C EC; 0&IQ D 86EC;CE68 6F 0&I EC9C ;@6RC A:A769> J6 6;786;>9:6;7C

@7:F:\>JC 6; ]:;6A:CFC B>8> CK76;68 @; >@96;7C J6 F> G@68\> 9@AE@F>8 :;AB:8>7C8:>W


11/33

CW8U#U

5E98TDT5EM8KL

-> 9@6A78> ;C B8CK>K:FÂ7:E> :;76;E:C;>J> 6A7@RC EC9B@6A7> BC8 LM 6A7@J:>;76A

J6 F> !;:R68A:J>J J6 +>FF>;6AQ J:R:J:JCA 6; O F6A e 6A7@J:>;76A

G@68C; AC967:JCA > 6;786;>9:6;7C EC; 0&I D e 6A7@J:>;76A B6876;6E:68C; >F 87:E:B>;76A G@6 J6 AE@F:;CQ 9:6;78>A g@6 fMQen

EC886ABC;J:` >F ;J EC9B86;J:JC 6;786 FCA Le > OT

>dCA EC; @; B8C96J:C J6 6J>J J6 OLQPS j(W%rLQOSkW

#TLKXU'6 @7:F:\` @; J:A6dC 6?B68:96;7>F J6 B86NB8@6K> N BCA7NB8@6K> D 6R>F@>E:`; :;:E:>F EC;A:A7:` 6; F> 96J:E:`; >;78CBC9h78:E>a 16ACQ %A7>7@8> 6

#+/ > E>J> B>87:E:B>;76Q EC; 6F CK[67:RC J6 :;EF@:8 B>87:E:B>;76A EC; ;C89CB6ACj#+/

6;786 FCA LMQP D OTQekW )J69ZA A6 @7:F:\` @; E@6A7:C;>8:CC8:6;7>JC > CK76;68 :;GC89>E:`;

J6 >;76E6J6;76A 9`8K:JCA EC; h;G>A:A 6; 6;G6896J>J6A J6F >B>8>7C 86AB:8>7C8:C D

ACK86 F> >E7:R:J>J GÂ:E> g@6 86>F:\>; FCA B>87:E:B>;76A EC; 6F G:; J6 :;EF@:8 A@[67CA A:;

>;76E6J6;76A J6 6;G6896J>J6A 86AB:8>7C8:>A D g@6 ;C 6A7h; 86>F:\>;JC >FE7:R:J>J GÂ:E> g@6 :;768G:68> EC; 6F 6A7@J:CW %A7CA >;76E6J6;76A G@68C; E8:768:CA J6

:;EF@A:`; B>8> B>87:E:B>8 6; F> :;R6A7:E:`;W

1CA768:C896;76 A6 86>F:\` F> 6R>F@>E:`; J6 F> G@68\> 9@AE@F>8 :;AB:8>7C8:> >

78>RhA J6 F> 96J:E:`; J6 F> 186A:`;:;AB:8>7C8:> 9Z?:9> j1:+Z?k K>A>J> 6; 6F B8C7CECFC

J6 96J:E:`; J6 F> 7hE;:E>Q 6A7>;J>8:\>J> BC8 F> )0' D %&' jLeePkLTQ EC; 6F G:; J6

J:A9:;@:8 F> R>8:>K:F:J>J 6;786 FCA 86A@F7>JCA CK76;:JCA BC8 FCA J:G686;76A 6A7@J:CA

86>F:\>JCAW


12/33

5&26&*'* 7$ $)%&$)*'($)%2

%F 6;786;>9:6;7C @7:F:\>JC 6; hA76 6A7@J:C G@6 J:8:JC

J6 0&IN/=:F6Q g@6 A6 FF6R` > E>KC 6; 3:;6AAa /6;78C 3:;hA:EC #;76FQ 6F E@>F 7>9K:h;

A6 6;E@6;78> E687:G:E>JC BC8 F> 9:A9> :;A7:7@E:`;W ->A E687:G:E>E:C;6A B@6J6; A68

EC88CKC8>J>A 6; F> BZ H6K HHHW78?NE=:F6WEFW1>8> F> :;R6A7:E:`; A6 @7:F:\` @;

B8C9> J6 6[68E:E:CA FF>9>JC 50&I /:8E@:7 78>:;:;87:E:B>;76A 86>F:\>8C;

EF>A6A F6AW

);76A J6 :;:E:>8 6F 6;786;>9:6;7CQ FCA B>87:E:B>;76A 7@R:68C; @;> EF>A6

J6;C9:;>J> 5EF>A6 J6 86EC;CE:9:6;7CUQ JC;J6 >B86;J:68C; > @7:F:\>8 J6 9>;68> EC886E7>

F>A EC886>A J6 6;786;>9:6;7CQ EC;CE:6;JC D >[@A7>;JC 6F 0&I B>8> FCA J:A7:;7CA

6[68E:E:CAW )J69ZA A6 :;J:E>8C; 7>;7C F>A B8CA 86J>

6[68E:E:CW1>8> 9>DC8 A6J > F> =C8> J6 86>F:\>8 FCA 6;786;>9:6;7CAQ 7>;7C

:;R6A7:JC86A EC9C B>87:E:B>;76A J6K:68C; EC;CE68 FCA FF>9>JCA 5688C86A EC9@;6A J6

0&IUQ EC88:;68> :;96J:>7> E@>;JC A6 J676E7>8C; J@8>;76 F> A6A:`; J6

6;786;>9:6;7CW />K6 J6A7>E>8 g@6 6A7>A 6?BF:E>E:C;6A J6;78C J6 F> EF>A6 J6

86EC;CE:9:6;7C ;C A@B68>8C; FCA LP > OS 9:;@7CAQ B>8> B>A>8 :;96J:>7>96;76 > F>

B8:968> A6A:`; J6 6;786;>9:6;7CW

%; E@>;7C >F 6;786;>9:6;7C B8CB:>96;76 7>FQ A6 EC96;\` > 78>K>[>8 EC; @;

B8C9> J6 6[68E:E:CA J6 M A69>;>AQ EC; G86E@6;E:> J6 f J^>A > F> A69>;>Q EC; @;

7C7>F J6 OT A6A:C;6AQ JC;J6 E>J> EF>A6 7@RC @;> J@8>E:`; 6;786 TP D bS 9:;@7CAW ->

B8:968> EF>A6 B689:7:` 6R>F@>8 6F 6A7>JC J6 EC;J:E:`; G^A:E> J6 E>J> @;C J6 FCA

B>87:E:B>;76AQ CK76;:6;JC >A^ @;> R:A:`; F J6 F> EC;J:E:`; G^A:E> J6F FQ

;CA B689:76 CB7:9:\>8 FCA 7:69BCA J6 F>A B8C :;76;A:J>J

J6 F> 9C7:R>E:`;W

->A A6A:C;6A J6 6;786;>9:6;7C 6A7@R:68C; K>A>J>A 6; 6F B8C9> 6A7Z;J>8 J6

0&IQ g@6 EC;A:A7:` 6; 78>K>[C J6 7:BC E:8E@:7CQ JC;J6 FCA B>87:E:B>;76A 86>F:\>8C; FCA

6[68E:E:CA 6; GC89> EC;[@;7>Q 6A J6E:8Q 7CJCA 86>F:\>; 6F 9:A9C 6[68E:E:C >F 9:A9C

7:69BCQ E>J> B>87:E:B>;76 6F: J:G:E@F7>J 9Z?:9>Q D A6 6AG@68\> BC8

9>;76;68FCA J@8>;76 F> A68:6W -> EF>A6 6A7@RC 86 BC8 F> A:;E8C;:\>E:`; 769BC8>F D F>A


13/33

:;J:E>E:C;6A R68K>F6A J6F :;A78@E7C8W ->A A68:6A A6 C8;:\>; BC8 7:69BCQ JC;J6

@7:F:\>9CA 786A R>8:>KF6A A6J J6 FCA 6[68E:E:CAa J6 fS A6F>J>A BC8 6F :;A78@E7C8W -> 6A6;E:> J6F

GC89>7C /:8E@:7 78>:;:;< @7:F:\>JCQ 6A 6F 6;786;>9:6;7C B68AC;>F:\>JC 6; @; 6;7C8;C

FW

!;> A6A:`; 9CJ6FC J6F B8C9> 86>F\>JC 7:6;6 @;> J@8>E:`; J6 bS 9:;@7CAQ FCA

E@>F6A A6 J:R:J6; 6; T A68:6AW %; FQ 6A76 9h7CJC EC;A7> J6 P 9:;@7CA J6

E>F6;7>9:6;7CQ TP 9:;@7CA J6 BF>;:G:E>E:`; D LS 9:;@7CA J6 86F>[>E:`; >F G:;>F J6F E:8E@:7C

D 6;786 E>J> B68:CJC @;> 86E@B68>E:`; J6 LQfS 9:;@7CAW />J> A68:6 :;EF@D6 O 6[68E:E:CA

B>8> F> B>876 :;G68:C8 J6F E@68BCQ O 6[68E:E:CA B>8> F> B>876 A@B68:C8Q O 6[68E:E:CA

;67>96;76 J6 EC86 D O 6[68E:E:CA E>8J:CR>AE@F>86AW )@;g@6 6A7> J:R:A:`; B>86E:68> A68@; A:A769> 78>J:E:C;>F:A7> J6 6;786;>9:6;7CQ =>D g@6 =>E68 h;G>A:A 6; g@6 6F 78>K>[C

EC; 0&I ;@;E> >ÂF> 9@AE@F>7@8>Q A:;C 9ZA K:6; B8:C8:\> J:A7:;7>A \C;>A J6F E@68BCW

%; E@>;7C > FCA 6[68E:E:CA g@6 78>K>[>; F>A 6?7869:J>J6A :;G68:C86AQ EC;7>9CA EC;

FCA 6[68E:E:CA EC;CE:JCA EC9C '6;7>J:FF>Q 0&I 1>87:J> J6 R6FCE:A7>Q A6;7>J:FF> > @;>

B:68;>Q 0&I 0:[68> E8@\>J> 6; 6g@:F:K8:C D 0&I 0:[68>Q g@6 B8:;E:B>F96;76 GC87>F6E6; F>

\C;> J6F E@ZJ8:E6BA D \C;> W )J69ZA A6 86>F:\>8C; 6[68E:E:CA J6;C9:;>JCA 0&I

.F6?:`; J6 B:68;>AQ 0&I %F6R>E:`; J6 78C;EC D 0&I 186AA J6 E>J68> g@6 J>; @;6;GCg@6 >F 78>K>[C J6 \C;> BCA768:C8 J6F 786; :;G68:C8Q EC9C 6A 6F E>AC J6 FCA 9iAE@FCA

:Ag@:C7:K:>F6AQ A78CE;69:CA D 78Ê6BA A@8>FW

1C8 A@ B>876Q >F >E6;7@>8 6F 78>K>[C J6 F> \C;> A@B68:C8 J6F E@68BC 6;EC;78>9CA

6[68E:E:CA EC9C 6F 0&I /=6A7 186AA D 0&I .F6?:`; J6 K8>\CA g@6 K@AE>; GC87>F6E68 FCA

9iAE@FCA B6E7C8>F6AQ KÊ6BA D J6F7C:J6A >;768:C86AW 1C8 C78C F>JCQ FCA 6[68E:E:CA EC9C 6F

0&I -CH &CHQ 0&I %?76;A:`; J6 ECJCQ 0&I )B687@8>A 6; 0Q 0&I )B687@8>A 6; # D 0&I

)B687@8>A 6; sQ 78>K>[>; F> E>J6;> BCA768C A@B68:C8 J6F E@68BCQ JC;J6 B8:;E:B>F96;76=>D @;> >E7:R>E:`; 9>DC8 J6 FCA 9iAE@FCA 6A7>K:F:\>JC86A J6 6AE>B@F>Q 78>B6E:CAQ

JC8A>F >;E=C D 6A7>K:F:\>JC86A J6 F> \C;> F@9K>8W


14/33

%; F> A6EE:`; 96J:> jEC86kQ A6 86>F:\>8C; 6[68E:E:CA EC9C 0&I BF>;E=> D 0&I

BF>;E=> F>768>FQ 0&I 6;ECKJC9:;>F6AQ 0&I 6?76;A:`; J6 6AB>FJ> D 0&I

6?76;A:`; J6 K8>\CAQ 6A7CA 6[68E:E:CA K@AE>; GC87>F6E68 9@AE@F>7@8> >KJC9:;>F EC9C

J:>G8>Q 78>;AR68AC J6F >KJC96;Q CKF:E@CAQ 86E7C >;768:C8Q 7>9K:h; 9@AE@F>7@8>

6A7>K:F:\>JC8> J6 =C9K8C D F> 9@AE@F>7@8> B>8>R6876K8>FW 278CA 6[68E:E:CA EC9C 0&I

6AE>F>JC86A J6 9C;7>d>Q 0&I Q K@AE>; GC87>F6E68

F> 9@AE@F>7@8> >;76A 96;E:C;>J> >K>[C 96J:>;76 GC87>F6E:9:6;7C J6F

E@ZJ8:E6BAW

1C8 iF7:9C A6 78>K>[> 6F A:A769> E>8J:CR>AE@F>8 96J:>;76 6[68E:E:CA EC9C A>F7CA

J6 7:[68>Q 8CJ:FF>A >F7>AQ A6;7>J:FF> EC; A>F7CQ B>7:;>JC86A J6 R6FCE:J>J D B:6A 8ZB:JCAW

%A7CA 6[68E:E:CA >D@J>; > GC87>F6E68 J:>G8> D 96[C8>8 F> 86A:A76;E:> J6FCA

B>87:E:B>;76AW

59UDK#TCTKM8U

-CA B>87:E:B>;76A G@68C; EC;7>E7>JCA 6; F> !;:R68A:J>J J6 +>FF>;6AW

#;:E:>F96;76 A6 F6A :;GC89` ACK86 FCA CK[67:RCA E6;78>F6A J6F 6A7@J:CQ A6 F6A 6?BF:E` 6;

g@h EC;A:A7^> F> 6R>F@>E:`; D 6F B8C9> J6 6;786;>9:6;7CQ 7:69BCQ J@8>E:`; D

>E7:R:J>J6AW -CA A@[67CA g@6 A6 :;7686A>8C; 6; B>87:E:B>8 J6 F> :;R6A7:E:`; B8CE6J:68C;

> G:89>8 6F EC;A6;7:9:6;7C :;GC89>JC D BCA768:C896;76 G@68C; :;R:7>JCA > 86ABC;J68 6;

GC89> :;J:R:J@>F @; E@6A7:C;>8:C > 78>RhA J6F E@>F A6 CK7@R:68C; J>7CA 86F6R>;76A B>8> F>

A6F6EE:`; G:;>F J6 FCA B>87:E:B>;76AW

%F B8CE6J:9:6;7C EC;A:A7:` B8:;E:B>F96;76 6; 786A G>A6Aa %R>F@>E:`; :;:E:>FQ

)BF:E>E:`; J6F B8C9> 6;786;>9:6;7C D %R>F@>E:`; G:;>FW -> B8:968> G>A6 J6

6R>F@>E:`; :;:E:>F EC;A:A7:` 6; 96J:8 F> B86A:`; :;AB:8>7C8:> 9Z?:9> D B>8Z9678CA>;78CBC9h78:ECA > >9KCA F D EC;78CFkW %; 6FF>Q A6 EC;A7>7` g@6

>9KCA 8>; E>8>E768^A7:E>A A:9:F>86A D 6g@:R>F6;76A 6; 86F>E:`; > 6A7>A

R>8:>KF6AW


15/33

-> A6 G>A6 EC;A:A7:` 6; F> >BF:E>E:`; J6F B8C9> J6 6;786;>9:6;7C EC;

0&I > FCA B>87:E:B>;76A J6F FW %A76 B8C9> :;EF@DC OT A6A:C;6A J6

6;786;>9:6;7C B68AC;>F:\>JC 6; @; 6;7C8;C FQ 786A R6E6A > F> A69>;>W

1C8 iF7:9CQ @;> R6\ G:;>F:\>JC 6F B8C9> J6 6;786;>9:6;7CQ A6 86>F:\` F> 768E68>

G>A6 g@6 EC886ABC;J:` > F> 6R>F@>E:`; J6 F> B86A:`; :;AB:8>7C8:>9Z?:9> 6; 6F F D 8 A: 6?:A7:` E>9K:C 6; F> G@68\>

9@AE@F>8 :;AB:8>7C8:> BCA768:C8 >F 6;786;>9:6;7C EC; 0&IW )F G:;>F:\>8 A6 F6A >J6E:`

A@ B>87:E:B>E:`; D A6 86ABC;J:68C; > A@A :;g@:67@J6AW

EMEZTLTL KL8E#TL8TDU

1>8> B8CE6A>8 FCA J>7CA A6 @7:F:\` 6F B8C9> 6A7>J^A7:EC '1'' RWOSt

9KLAZ8E#UL

#$/0&(1%(B2/O

1>8> 6G6E7C J6F 6A7@J:CQ FCA B>87:E:B>;76A G@68C; J:R:J:JCA 6; JCA ;76A EC; 6;786;>9:6;7C 0&I j;rekQ 6F bbQmn EC886ABC;J6

>F AE@F:;C D 6F ffQfn >F ;J EC9B86;J:JC

6;786 FCA OS > FCA OT >dCAQ EC; @; B8C96J:C J6 6J>J J6 OLQff j!"# r LQOOkW /C;

86AB6E7C >F B6ACQ F> 96J:> G@6 J6 bTQL ] 96J:> J6 OOQeP ]F B6ACQ F> 96J:> G@6 J6 PmQmM ]


16/33

LQbO97AW j!"# r SQSmk D 6F #+/ EC; @;> 96J:> J6 OLQmf ]


17/33

#(,$&$)0(*/ $)%&$ 6&-12 7$ $)%&$)*'($)%2 02) 89: R 6&-12 02)%&2+O

)F EC9B>8>8 FCA 86A@F7>JCA J6 F> 1:+Z? :;:E:>F >;76A J6F BF>; J6 :;768R6;E:`; j186N

B8@6K>kQ A6 CKA68R> g@6 6F F CK7@RC @;> 1:+Z? :;:E:>F J6 $ r ePQP

E9_O2 j!"# r OOQTkQ D F> 1:+Z? :;:E:>F J6F 1:+Z? G:;>F J6F 1:+Z? G:;>F j1CA7NB8@6K>kQ

$ r LLmQm E9_O2 j!"# r OOQOkW %; K>A6 > FCA 86A@F7>JCAQ A6 CKA68R> g@6 F> 1:+Z?

>@96;7` A:7:R>96;76 BCA768:C8 >F %;786;>9:6;7C EC; 0&IQ ( EjMk r NbQLSQ ' r

SQSSSLW %; C78CA 7h89:;CAQ FCA 86A@F7>JCA :;J:E>; g@6 6F BF>; J6 :;768R6;E:`; 7@RC @;

:9B>E7C BCA:7:RC 6; F> 1:+Z? J6 FCA B>87:E:B>;76AW j$68 E:`; >F F j186N B8@6K>k G@6 J6 $ r efQf E9_O2

j!"# r fLQbkQ D F> 1:+Z? G:;>F j1CA7NB8@6K>kQ $ r emQm E9_O2 j!"# r OmQmkW -CA

86A@F7>JCA 9@6A78>; g@6 >F EC9B>8>8 F> 1:+Z? :;:E:>F D G:;>F J6F A A:7:R>AQ ( E jMk r N LQMfQ ' r SQLSW j$68


18/33

\&3,(02 ;O D2'1*&*0(Y) 7$ C$7(* 7$ +* 5(C34 ()(0(*+^ _()*+ /$6[) 6&-12 02)%&2+ R

6&-12 02) 89:

)F EC9B>8>8 FCA 86A@F7>JCA A6kQ $ r LOLQb E9_O2 j!"# r ObQfkW

/C; 86AB6E7C >F 1:+Z? G:;>F j1CA7NB8@6K>kQ $ r LLSQS E9_O2 j!"#

r LSQSkW -CA 86A@F7>JCA 9@6A78>; g@6 F> 1:+Z? G:;>F G@6 9>DC8 6; 6F AE@F:;C

6; EC9B>8>E:`; >F G696;:;CQ 6A7> J:G686;E:> ;C G@6 6A7>J^A7:E>96;76 A:7:R>W( jek r

SQmLQ ' r SQTeWj$68 7>KF> OkW


19/33

8*N+* =O 5&2'$7(2/ 7$ +* 5(C34 ()(0(*+^ _()*+ /$6[) \`)$&2 $) $+ \&-12 02) 89:J

\&-12 02) 89: 5(C34 C$7(* #JK

,h;68C +>AE@F:;C 1:+Z? :;:E:>F eMQf OmQL

1:+Z? G:;>F LOLQb ObQf

,h;68C .696;:;C 1:+Z? :;:E:>F eSQS LSQS

1:+Z? G:;>F LLSQS LSQS

#TLDALTVM a DUMDZALTVM

%A76 6A7@J:C 7@RC EC9C CK[67:RC J67689:;>8 A: 6F B8C9> J6 6;786;>9:6;7C EC;

0&I B8CB@6A7C BC8 FCA :;R6A7:JC86AQ E>9K:CA 6; F> G@68\> 9@AE@F>8

:;AB:8>7C8:> 96J:J> > 78>RhA J6 F> 1:+Z?W '6 @7:F:\` @; F AC967:JC >

@; 6;786;>9:6;7C J67689:;>JC D 6F ;76;^>; A@A >E7:R:J>J6A

EC7:J:>;>A J6 GC89> ;C89>F A:; 86>F:\>8 >E7:R:J>J G^A:E>W

%; K>A6 > FCA 86A@F7>JCA CK76;:JCA J6F F J6 B>87:E:B>;76AQ A6 EC;EF@D6

FC A:8> >9KCA 9@6A78> J6 B>87:E:B>;76A G@6 6?>E7>96;76 F> 9:A9> 6;

E@>;7C >F ;i968C J6 A@[67CA g@6 EC;GC89>8C; E>J> @;C J6 6FFCAW/C; 86AB6E7C >F

9KCA B>87:E:B>E:`; J6F AE@F:;CW %; 86F>E:`;

>F B6AC 6 #+/Q FCA B>87:E:B>;76A J6F F D 8C;

;C89CB6ACW

%; 6F B8C96J:C J6 F> B86A:`; :;AB:8>7C8:> 9Z?:9> 6; F> B86NB8@6K> J6F F D J6F 8C;B86A:C;6A A:9:F>86AQ A:; J:G686;E:>

A:7:R> 6;786 >9KCA 9KCA K>;

6; :FJ>J J6 EC;J:E:C;6A >F 9C96;7C J6 EC96;\>8 EC; 6F 6A7@J:CW


20/33

%?:A76 @;> >ACE:>E:`; BCA:7:R> D A:7:R> 6;786 F> B86A:`; :;AB:8>7C8:> 9Z?:9>

G:;>FQ6F B6AC D F> 6A7>7@8> J6 FCA B>87:E:B>;76AW 1C8 FC 7>;7CQ > 96J:J> g@6 6A7>A

>@96;7>;Q 7>9K:h; FC =>E6 F> 1:+Z?W %A7CA 86A@F7>JCA EC;E@68J>; EC; FC BF>;76>JC

BC8 -69CA )W D ECFAWLP jOSLSkQ g@:6;6A 86F>E:C;>; 6F >@96;7C J6 F> 1:9>? EC; 6F

>@96;7C J6F B6AC D 6A7@8>Q J6K:JC > F> :;GF@6;E:> J6 hA7> R>8:>KF6 ACK86 F>

EC;GC89>E:`; J6 F> E>[> 7C8ZE:E> g@6 >G6E7> >F RCF@96; B@F9C;>8W /C; 86AB6E7C >F B6ACQ

FCA 86A@F7>JCA :;J:E>; @;> 86F>E:`; EC; F> 1:+Z?Q 7>F EC9C FC BF>;76> 6F 6A7@J:C

86>F:\>JC BC8 1W J6 -@E>A &>9CA D ECFAWLb jOSSTk JC;J6 A6d>F>; g@6 6F >@96;7C J6 F>

B86A:`; :;AB:8>7C8:> 9Z?:9> 6; 86F>E:`; >F >@96;7C J6F B6ACQ A6 K>A> 6; F> BCA:KF6

=:B6878CG:> g@6 A6 B86A6;7> A6E@;J>8:> >F :;E8696;7C J6F 78>K>[C 86AB:8>7C8:C 6;

B>E:6;76A EC; 9>DC8 B6ACQ B@J:6;JC A68 @;> J6 6A7>A F> 86AB@6A7> > F> 86F>E:`;

CK76;:J> 6; FCA J>7CA J6 F> :;R6A7:E:`;W

-> 1:+Z? ;C B86A6;7` @;> 86F>E:`; A:7:R> EC; F> 6J>J 6 #+/Q 6A7CA

86A@F7>JCA EC:;E:J6; EC; FC g@6 BF>;76>; -69CA )W D ECFAWLP jOSLSk D )9>8> )8

(69678:C D ECFAWLm jOSLTk 6; A@A 86AB6E7:RCA 6A7@J:CAQ JC;J6 7@R:68C; EC9C 86A@F7>JCAQ

g@6 >F >@96;7>8 F> 6J>J j9>DC86A J6 LM >dCAk ;C A6 EC886F>E:C;> EC; 6F >@96;7C J6 F>

1:+Z?Q 6?:A7:6;JC 86E:h; > B>87:8 J6 FCA mm >dCA @;> 76;J6;E:> > A68 9ZA K>[CA FCA

R>FC86A J6 J:E=> B86A:`;Q 6; 86F>E:`; > B68AC;>A EC; 96;C8 6J>JLm

Q FC g@6 :;EF@AC ;C9@6A78> EC886F>E:`; >F EC; F>A B86A:C;6A 86AB:8>7C8:>ALPW

-> EC9B>8>E:`; A6kQ :;J:E>; g@6 FCA

R>8C;6A B86A6;7> @; B8C96J:C 9ZA >F7C J6 1:+Z? 6; 86F>E:`; > F> 9@[686AQ A:;

69K>8 A:7:R> 6;786 6F AE@F:;C J6F

F D 8>8 F> 1:+Z? G:;>F j1CA7NB8@6K>k J6F 9:6;7C D 6F :;768R6;E:`; B86A6;7` @;> 1:+Z?

G:;>F A:7:R>96;76 9>DC8 6; EC9B>8>E:`; >F ;7CQ 6?:A76

J:G686;E:> 6;786 >9KCA F B8C9> J6 :;768R6;E:`;W


21/33

/C; 86AB6E7C >F :;768R6;E:`; EC; 0&IQ >F EC9B>8>8 F> 1:+Z?

:;:E:>F j186NB8@6K>k D 1:+Z? G:;>F j1CA7NB8@6K>kQ FCA 86A@F7>JCA ;CA :;J:E>; g@6 F> 1:+Z?

>@96;7` A:7:R>96;76 BCA768:C8 >F 6;786;>9:6;7C EC; 0&IW %; C78CA 7h89:;CAQ FCA

86A@F7>JCA >B@;7>; > g@6 6F BF>; J6 :;768R6;E:`; 7@RC @; :9B>E7C BCA:7:RC 6; F> 1:+Z?

J6 FCA B>87:E:B>;76AW ':; 69K>8 1:+Z? :;:E:>F j186N B8@6K>k 6; EC9B>8>E:`; > F> 1:+Z? G:;>F j1CA7NB8@6K>kW

%; EC;EF@A:`;Q FCA 86A@F7>JCA BCA7NB8@6K> AC; EC;A:A76;76AW '6 B@6J6 J67689:;>8

g@6 6?:A76 @; >@96;7C A:7:RC J6 F> G@68\> 9@AE@F>8 :;AB:8>7C8:> 6; FCA

B>87:E:B>;76A g@6 G@68C; AC967:JCA >F B8C9> J6 6;786;>9:6;7C EC; 0&IW 1C8 FC

7>;7CQ 6F 0&I @7:F:\>JC J6 9>;68> EC886E7> D > 78>RhA J6 @;> :;768R6;E:`; >J6E@>J>QA:8R6 EC9C @;> =688>9:6;7> i7:F B>8> 96[C8>8 F> G@68\> 9@AE@F>8 :;AB:8>7C8:>W 1C8 FC

7>;7CQ FCA 86A@F7>JCA J6F 6A7@J:C G86;76 > F> 6G6E7:R:J>J J6F 6;786;>9:6;7C EC; 0&I 6; 6F

>@96;7C J6 F> 1:+Z? B86A6;7>; @;> 6A786E=> 86F>E:`; EC; F> :;R6A7:E:`; 86>F:\>J> BC8

(>;:6F ->K>8E> %WLM jOSLSkQ JC;J6 J6AE8:K6 F> :9BC87>;E:> J6F 6;786;>9:6;7C J6 FCA

9iAE@FCA 86AB:8>7C8:CA 6; F> 96[C8> J6 F> 7CF68>;E:> > F> G>7:Q FC g@6 > A@ R6\ B8CRCE>

@;> 9>DC8 6G:E:6;E:> 86AB:8>7C8:>Q FC g@6 BCJ8^> 8678>A>8 F> >B>8:E:`; J6F 86GF6[C

967>K`F:EC 86AB:8>7C8:CW )J69ZA EC; 6F 6;786;>9:6;7C J6 0&I A6 78>K>[>; FCA 9iAE@FCA

J6 F> \C;> 96J:> J6F E@68BCQ JC;J6 J6A7>E> F> B>87:E:B>E:`; J6 FCA 9iAE@FCA B6E7C8>F6A

9>DC8 D 96;C8Q A688>7CA >;768:C8Q 686E7C86A J6 F> ECF@9;>Q CKF:E@CA 6?768;CA D

9@F7^G:JCAW%A7> 6A @;> J6 F>A E>@A>A BC8 F>A g@6 6F 0&I J69@6A78> @;> 6A786E=>

86F>E:`; 6;786 6F 78>K>[C G^A:EC 86>F:\>JC 6; A@AB6;A:`; D F> 96[C8> A@A7>;E:>F J6 F>

G@68\> 9@AE@F>8 :;AB:8>7C8:> D J6 FC E@>F BCJ69CA EC;EF@:8 g@6 A68Z @;> K>A6 g@6

78>\>8Z F>A F^;6>A B>8> ;@6R>A :;R6A7:E:C;6A g@6 ;CA >E68g@6; >i; 9ZA > F>

R68J>J68> 86F>E:`; g@6 6?:A76 6;786 F> >E7:R>E:`; J6 F> 9@AE@F>7@8> J6 F> B>876 E6;78>F

J6F E@68BC EC;CE:J> EC9C EC86 6; 78>K>[CA BF>;:G:E>JCA EC; 0&I D @; >@96;7CA:7:RC J6 F> 9@AE@F>7@8> 6;E>8J> J6 F> :;AB:8>E:`;PW


22/33

%; 86F>E:`; > FC >;768:C8Q BCJ69CA A:;767:\>8 g@6 FCA >R>;E6A FCJCA >F

>@96;7>8 F> 1:+Z? J6 FCA B>87:E:B>;76A g@6 G@68C; B>876 J6F

6;786;>9:6;7CA EC; 0&I 7:6;6 J:86E7> 86F>E:`; EC; F> 96[C8> J6 F> 9@AE@F>7@8> J6F EC86Q

JC;J6 :;J:86E7>96;76 A6 86>F:\>8C; 6[68E:E:CA B>8> GC87>F6E68 D 96[C8>8 F> E>B>E:J>J

G@;E:C;>F J6 FCA 9iAE@FCA :;RCF@E8>JCA 6; 86F>E:`; EC; F> 86AB:8>E:`;W

-CA 86A@F7>JCA CK76;:JCA J6F 9:6;7C EC;E@68J>; EC; FCA

7:69BCA J6AE8:7CA 6; F>A J:A7:;7>A 86R:A:C;6A K:KF:CA 6; F>A g@6 A6 86EC9:6;J>

g@6 FCA 6;786;>9:6;7CA J6K6; 86>F:\>8A6 EC; @;> G86E@6;E:> J6 f R6E6A BC8 A69>;> D

@;> J@8>E:`; 9^;:9> J6 O 96A6AQ 6A7C J6K:JC > g@6 J@8>;76 6A76 B68:CJC J6 7:69BC A6

B8CJ@E6; E>9K:CA > ;:R6F 9C8GCF`7C8:CEC9C FC

96;E:C;> +>87^; ':RC8: D ECFALe jOSSTkW

'6 J6K6 76;68 6; E@6;7> g@6 B>8> 6A76 6A7@J:C A6 @7:F:\>8C; FCA f B8:;E:B:CA

G@;J>96;7>F6A B>8> g@6 @; B8C9> J6 6;786;>9:6;7C A6> 6G:E>\ A6@F];68Q J6

FCA E@>F6A J6A7>E>9CA FCA A:B>87>JCAea

LW %F B8:;E:B:C J6 ACK86E>8Q g@6 =>E6 86G686;E:> > g@6 F>A G:K8>A 9@AE@F>86A

B86E:A>; @; 6A7^9@FC 9^;:9C B>8> B8CRCE>8 @;> >J>B7>E:`; G@;E:C;>FW

OW %F B8:;E:B:C J6 6AB6E:G:E:J>JQ g@6 =>E6 86G686;E:> > g@6 F>A >J>B7>E:C;6A CE@886;

6; 6F 8 6;786;>JCQ A:; @; 6G6E7C J6 78>;AG686;E:> > C78CA 86AW

fW %F B8:;E:B:C J6 F> 86R68A:K:F:J>Ja %F 6G6E7C 6;786;>9:6;7C 7:6;6 E>8ZE768 86R68A:KF6

B@6A F> G@;E:`; 9@AE@F>8 D A@A K>A6A 6A78@E7@8>F6A R@6FR6; > A@A R>FC86A

:;:E:>F6A J6G:;:JCA BC8 J6G6E7C 78>A BCE>A A69>;>A J6F E6A6 J6 6;786;>9:6;7CW


23/33

_>D g@6 76;68 6; E@6;7> >J69ZA g@6 FCA 9iAE@FCA 86AB:8>7C8:CA j+&k AC;

6A6;E:>F96;76 J6 7:BC 6Ag@6Fh7:ECA 6A78:>JCAQ B68C g@6 A:; 69K>8F EC9B>8>8FCA EC;

FCA J6 F>A 6?7869:J>J6AQ F>A G:K8>A J6 FCA 9iAE@FCA 86AB:8>7C8:CA BCA66; @;> 9>DC8

7CF68>;E:> > F> G>7:Q 9>DC8 GF@[C A>;DC8 E>B>E:J>J C?:J>7:R> D 9>DC8

J6;A:J>J E>B:F>8W %A7>A E@>F:J>J6A A6 J6K6; > g@6 F> G@;E:`; J6 FCA 9iAE@FCA

86AB:8>7C8:CA 6A F> J6 86>F:\>8 F> >EE:`; J6 KC9K> R6;7:F>7C8:>Q J6 9CJC g@6 6F 78>K>[C J6

6A7CA J6K6; A68 E>B>E6A J6 A@B68>8 F>A E>8A 6FZA7:E>A D F>A 86A:A76;E:>A J6F >B>8>7C

86AB:8>7C8:C J@8>;76 F> :;AB:8>E:`;Q B@J:6;JC BC8 7>;7CQ J6ABF>\>8 @;> E>;7:J>J J6

RCF@96; A@G:E:6;76 B>8> 6?B>;J:8 6F B@F9`;W

%; K>A6 > FC 96;E:C;>JC D > 6A7@J:CA g@6 86F>E:C;>; 6F 6;786;>9:6;7C D F>

9@AE@F>7@8> :;AB:8>7C8:>Q BCJ69CA J6J@E:8 g@6 6F 6[68E:E:C 6; A@AB6;A:`; B@6J6

96[C8>8 F> 86A:A76;E:> D F> G>7: J6 FCA 9iAE@FCA 86AB:8>7C8:CAQ BC8 FC E@>F F> J:ABCA:E:`;

J6 F>A G:K8>A B@6J6 >J>B7>8A6Q 78>;AGC89Z;JCA6 F>A G:K8>A J6 7:BC ## 6; G:K8>A J6 7:BC #W

1C8 iF7:9C D > 9CJC J6 EC;EF@A:`;Q 6F 0&I 6A @; 9h7CJC 78>K>[C g@6 A:8R6 B>8>

96[C8>8 F> G@68\> J6 F> 9@AE@F>7@8> :;AB:8>7C8:>Q A:6;JC @; 7:BC J6 78>K>[C 6G:E:6;76 6;

B68AC;>A g@6 86>F:E6; @; 6;786;>9:6;7C 6; FCA 7:69BCA J6G:;:JCA D g@6 BCA6>; @; #+/

;C89>FQ >K8:6;JC B>AC > 86ABC;J68 ;@6R>A =:B`76A:A g@6 :;R6A7:E:C;6A B>8>R68:G:E>8 A: 6A76 E>9K:C 6A 86F6R>;76 6; C78C 7:BC J6 9C8GCFCAQ B68AC;>A g@6

B>J6\E>; >F B>7CFC E>8J:C86AB:8>7C8:> C B68AC;>A J6 J:A7:;7>A 6J>J6A 6; F>A g@6

A6> ;6E6A>8:C 96[C8>8 F> G@;E:`; J6 F> KC9K> 86AB:8>7C8:> B>8> 96[C8>8 F> E>F:J>J J6

R:J> D J:A9:;@:8 G>E7C86A J6 8:6AACE:>JCAW


24/33

PTPZTU\9E_bE

LW -`B6\ /=:E=>88C qQ .68;Z;J6\ R>g@68C >W jOSSbk .:A:CFC J6F 6[68E:E:CQ fv 6JW

%J:7C8:>F 9hJ:E> B>;>968:E>;>Q

OW ,@:9>8>6A(@>876 (C9:; D +68E=>;N_>9>;;Q %J8W

3:;6A:C768>B:> ECF6E7:R>a 86B6;A>;JC 6F B>B6F J6F ]:;6A:`FC ACE:6J>J

K8>A:F6d>W &6R E@K>;> A>F@J BiKF:E>W wC;F:;6xW q@FWNA6BW OSSTQ RCFWfSQ ;CWf

wE:7>JC LM 9>DC OSSbxQ BWSNSW (:ABC;:KF6 6; F> HC8FJH:J6 H6Ka

u=77BallAE:6FCWAFJWE@lAE:6FCWB=Bp'E8:B7rAE:y>8776?7zB:JrASMbTN

fTbbOSSTSSSfSSSLTzF;A7:FFC )W &CJ8:;:6F> jOSSTkW (67689:;>E:`; J6 ;6E6A:J>J6A J6

:;768R6;E:`; ]:;hA:E> 6; F> >76;E:`; JC9:E:F:>8:> J6 F> @;:J>J J6F JCFC8 D

E@:J>JCA B>F:>7:RCA J6F #;A7:7@7C ">E:C;>F J6F /Z;E68a 76A:A 6;786J> > F>

!;:R68A:J>J J6 /=:F6Q G>E@F7>J J6 96J:E:;>W

TW |:F9C86 qQ /CA7:FF (W .:A:CFC J6F 6AG@68\C D J6F J6BC876 P} 6J:E:`;Q %J:7C8:>F

1>:JC78:KCQ OSSTW /C;A6[C J6 /:6;7CQ OTP K:AW LW~ LW} SMSLLQ V>8E6FC;>

PW (:6@J:C qC8g@68> J6F B:;CW %A7@J:C 6F6E78C9:CA7> 96J:>F D F>768>F J6F E@ZJ8:E6BA J@8>;76 F> 86>F:\>E:`; J6 @;>

A6;7>J:FF> :AC9h78:E> 6; BF>7>GC89>A 6A7>KF6A 6 :;6A7>KF6A EC; 0&I•W

!;:R68A:J>J J6 BF>D> >;E=>Q $>FB>8>^ACQ /=:F6Y >dC OSLfW

bW .68;>;JC +>87^; &:R68> 5/C9B>8>E:`; J6 FCA ;:R6F6A J6 >E7:R>E:`; J6 FCA

9iAE@FCA 6A7>K:F:\>JC86A J6F EC86 D >A J@8>;76 F> 86>F:\>E:`; J6F

6[68E:E:C B@A= @B ACK86 6g@:B>9:6;7CA EC; J:G686;76A JCA J6 6A7>K:F:J>JU

@;:R68A:J>J J6 R>F6;E:>W OSLOW

mW %JH>8JA &_W _@9>; 9@AEF6G@;E7:C; >;J G>7:; 9@AEF6 G>7:;:A9W -C;JC;a |=6F>;Y LeMLW


25/33

MW '>K:;6 #3Q _6FJ !.Q .8>;] #Q 'B6;7C8D+@AEF6 08>:;:;<

C;%?68E:A6 168GC89>;E6 :; _6>F7=D#;J:R:J@>FAa ) 'DA769>7:E&6R:6H >;J +67>N

);>FDA:AW 'BC87A +6J:E:;6W OSLOYjTOkMamSmNOTW

eW )K6:[C; KW %G6E7CA J6F 6;786;>9:6;7C J6F J:>G8> D 9iAE@FCA >EE6AC8:CA J6

F> :;AB:8>E:`; 6; >7F67>A J6 hF:76W .>E@F7>J J6 96J:E:;>W !;:R68A:J>J >@7`;C9>W

V>8E6FC;>Q OSSmW 06A:A JCE7C8>FW

LSW /C@E6:8C ,C;\ZF6\ )W %F 6AF>K`; B68J:JC J6F 5EC86Ua 6F J:>G8>Q +>8\C J6F

OSLOW /C8BC '>C 6;786;>9:6;7C :;76F:9:6;7C B68AC;>F:\>JC D

A69:B68AC;>F:\>JC B>8> J6BC87:A7>A D ;C J6BC87:A7>AW )R6;:J> 16J8C ,CD6;>

LTbMQ LTSb V@6;CA ):86AQ )8W

LLW ,:8>FJC 2K>;JC qW &6A:A76;E:> 9@AE@F>8 J6F EC9BF6[C F@9KCNBhFR:EC 6;

6A7@J:>;76A J6 FCA JCA J:6\ D C;E6 J6F ECF6F>A>;\Q 1686:8>Q OSLLW

!;:R68A:J>J 76E;CF` J6 1686:8>Q G>E@F7>J J6 E:6;E:>A J6 F> A>F@JQ B8C9>

E:6;E:>A J6F J6BC876 D F> 86E86>E:`;Q 1686:8>Q OSLLW

LOW (6 -@E>A &>9CA 1Q &CJ8^FF6 &@K:C +W .>7:

9@AE@F>8W 18C@A AE:6;E6 LeebY emNLLm=77BallHHHW>8E=K8C;EC;6@9CFWC8E:C;NG@;E:C;>FNFCAN9@AE@FCAN

86AB:8>7C8:CANl>87:E@FClLLOfTlW

LfW &>9^86\ -6E=@ qWQ +@8CA +CF:;> qW qWQ +C86;76 'Z;E=6\ qWQ 'Z;E=6\ +@dC\

/WQ .69:> +>8\C 1WQ €>K>F> (^>\ +WW %G6E7C J6 @; B8C9> J6 6;786;>9:6;7C

>68`K:EC J6 M A69>;>A J@8>;76 F>A EF>A6A J6 6J@E>E:`; G^A:E> 6;

>JCF6AE6;76AW "@78W _CABW w86R:A7> 6; F> #;768;67xW OSLO q@; wE:7>JC OSLT (:E

SLxY Omjfka mTmNmPTW

LTW )0'l%&' '7>7696;7 C; &6AB:8>7C8D +@AEF6 06A7:;86

+6JQ OSSOQ OaPOMNPTTQ TaPPeNPbeW


26/33

LPW -69CA )WQ #9B:68: J6 'C@\> )WQ (C8;6F>A J6 );J8>J6 )W s /CF>KC8>JC86A

jOSLSkW &6AB:8>7C8D 9@AEF6 A786;7C8D 96J:E:;6

LSTjLLkaLbfMNLbTTQ ;CR OSLSW

LbW (6 -@E>A &>9CA 1WQ &CJ8:F6\N+C8C q9WQ &@K:C 'CEC88C sW jOSSTkW

2K6A:J>J D G@;E:`;B@F9C;>8a >8E= K8C;EC;6@9CFW OSSTYTSjA@BF PkaOmNfLW N RCFW

TS ;i9WA@BFWPW '68R:E:C J6 ;6@9CFCW _CAB:7>F F !;:R68A:7>8:C ,868>d`;W +>J8:JW %AB>d>W

LmW )8 (69678:C )WQ ,:F @:;768CA+GWQ->@K86>@?,@\9Z; +WQ 1h86\ +>FJC;>JC

/W jOSLTkW />8>E768:\>E:`; J6 F> 6R>F@>E:`; J6 F> B86A:`;:;AB:8>7C8:>9Z?:9>

BCA7 6?7@K>E:`; 6; B>E:6;76AE8^7:ECA9>DC86A J6 LM >dCA J6 @;:J>J J6E@:J>JCA:;76;A:RCA J6 EF^;:E>:;J:A>a 969C8:>B>8>CB7>8 > F> F:E6;E:>7@8> J6

]:;6A:CFCW !;:R68A:J>J );J8hA V6FFCQ .>E@F7>J (6 /:6;E:>A (6 ->

&6=>K:F:7>E:`;Q %AE@6F> (6 3:;6A:CFCW '>;7:>K>8E>%;E:;> (W jOSLSkW -> G>7: D 6;786;>9:6;7C J6 FCA 9iAE@FCA

86AB:8>7C8:CAa :9BF:E>;E:> 6; 6F 86;J:9:6;7CJ6BC87:RCa 6GJ6BC876AWEC9Q 86R:A7>

J:FW V@6;CA >:86AQ >dC LPQ ;~ LTMQ A6B7:69K86 J6 OSLSW

#;A7:7@7">E:C;>F(‚6J@E>E:`.^A:E> (6 />7>F@;D>W .@;J>E:`.W/ V>8E6FC;>W

V:6;:COSSeNOSLSW

LeW +>87:; ':RC8:Q &CK687C V6;\CQ %J8JC &=CJ:@AQ %;8:g@6 qCFFDQ /F>8:A>VC:9Q

+>8E6F> '>>J:>Q %8;6A7C /C;7:Q #R>; ,@6R>8>Q (>;:6F />8F6AQ />8FCA $:E7C8:CQ

.>K:>; '>;7:;:Q 1>78:E:> &>77CQ #E:C />BB>86FF:Q %8;6A7C 18:67CQ +>8ECA

)\R>F:;A]DQ +>8:> )F>:AW jOSSTkW /C;A6;AC)8K:F:7>E:`;&6AB:8>7C8:>a '6EE:`; (6 &6=>K:F:7>E:`;&6AB:8>7C8:> (6 -> )ACE:>E:`; )8 (6 +6J:E:;>&6AB:8>7C8:>W +6J:E:;> jV@6;CA ):86Ak OSSTY

bTa fPmNfbmW


27/33

OSW V6>E= 0Q _CH>87= 'Q />FF>; qW +@AE@F>8 EC;78:K@7:C; 7C FCHNK>E] FC>J:;<

A7:GG;6AA J@8:;< A7>;J>8J >;J A@AB6;J6J B@A=N@BAW _@9>; +CR696;7 'E:6;E6W

OSSMY Om jfkQ TPmNTmOW

OLW %JH>8JA &_0Q .>@F];68 q)W '78@E7@86 >;J G@;E7:C; CG 7=6 86AB:8>7C8D 9@AEF6AW%;a 0=68 0=C8>?W &CAACA /Q +>E]F69 10Q %J:7C8AW +>8E6F (6]]68Q "WsW LeMbQBBW OemNfObW

OOW )8Q +WQ ,6>Q qWQ ,>FF>87Q -WQ 28C\ECN-6R:Q +WQ V8Cg@67>AQ qW jLeeTkW %?B:8>7C8D

96;6C@R68 >;J 86AB:8>7C8D 9@AEF6 A786;7=D A@K[6E7AW %@8&6AB:8 qQ

mafTSW

OfW )W |W '=66FW &6AB:8>7C8D 9@AEF6 78>:;:;< :; =6>F7=D :;J:R:J@>FAW

1=DA:CFCF8>7:C;>F6 >;J :9BF:E>7:C;AGC86?68E:A6 B68GC89>;E6W 'BC87A+6JOSSOQ fO jeka PbmNPMLW

OTW )8:\;>R>8867>Q /WQ />8J:;>F:Q (W jOSSPkW .:A:CFC =@9>;> jf 6J:E:`;kQ +>J8:JQ

%AB>d>W +E,8>HN_:FFQ #;768>968:E>;> OaLTNfTW

OPW V@A7>9>;76 $Q ,ZFJ:\ qVQ ,C8CA7:\> )Q />9:;C qQ 0>F>D68C "Q 'CK8>J:FFC $W

/C9B>8>E:`; J6 O 9h7CJCA J6 6;786;>9:6;7C 9@AE@F>8 :;AB:8>7C8:C 6;

B>E:6;76A EC; %12/W )8E= V8C;EC;6@9CFW OSSmYTfjMkaTfLNMW

ObW (69BA6D q)Q &C968 -Q &CJ9>; qQ +:FF68 qQ '9:7= /W /C;A6g@6;E6A CG

6?68E:A6N:;J@E6J 86AB:8>7C8D 9@AEF6 HC8]W &6AB:81=DA:CF"6@8CK:CFW

OSSbYLPLaOTONPSW

OmW (6$:7C %Q ,8>AA:;C )%W &6AB:8>7C8D 9@AEF6 G>7:?W "6H sC8]a +>8E6F (6]]68Y LeePW BW LMPmNmeW

OMW (:E]:;AC; qQ |=D76 ,Q +E/C;;6FF )W #;AB:8>7C8D 9@AEF6 78>:;:; A:9BF6 ECA7N

6GG6E7:R6 786>796;7 GC8 :;AB:8>7C8D A78:JC8W />A6 &6BC87AW V8:7:A= qC@8;>F CG

'BC87A +6J:E:;6W OSSmYTLabeTNPW


28/33

OeW (CH;6D )%Q /=6;CH67= -+Q 0CH;A6;J (3Q &>;@9 q(Q .68


29/33

fbW _>89A /)Q |67768 0qQ +E/F>8>; '&Q 16FW %GG6E7A CG 86AB:8>7C8D 9@AEF6 HC8] C; E>8J:>E C@7B@7 >;J :7A J:A78:K@7:C;

J@8:;< 9>?:9>F 6?68E:A6W q )BBF 1=DA:CFW LeeMYMPabSeNLMW

fmW _@


30/33

EMK:U ;

"#$%&$'()(&$'# ($*#+),-#

$./012 324 51.6278.

"#$%&'$()*+ ,-% $./-+0& ,- %$ 1.+()*+ 2.%/&+$' /-,)$+0- -+0'-+$/)-+0& (&+ 345 -+

-60.,)$+0-6 ,- 78 $ 9: $;&6< 2-'0-+-()-+0-6 $ %$ =+)>-'6),$, ,- ?$@$%%$+-6 -+ %$ (.),$, ,- A.+0$

B'-+$6< CD)%- 9E7FGH

(9:2;83.12; 12;5.9;>042;

B%)6&+ I$'')-+0&6 J-K0.+ L M&+&N OF77:F79 P ?$)%N $%)6&+QR9Q7SD&0/$)%H(&/

4&,')@& CT',-+$6 ?$+()%%$ L M&+&N OF:7O::: P ?$)%N '&,H($',-+$6SD&0/$)%H(&/

U)-@& J-$% #-%T6V.-W L M&+&N 8899FXE8 P ?$)%NU)-@&H%-$%HRES@/$)%H(&/

M'$+()6(& ?$+()%%$ J&K&6 L M&+&N R9Y:X8EE P ?$)%N 1'$+()6(&H/$+()%%$%&K&6S@/$)%H(&/

?@A>

Z%@$HB%-[$+,'$ M-'+T+,-W \%@.-0$P M&+&N 88:RE797 P/$)%N M-'+$+,-W-%@.-0$S@/$)%H(&/

U&] 2&' -+0-+,),&< V.- -% 2'-6-+0- 1&'/.%$')& K.6($ )+1&'/$'/- '-62-(0& $ /)6 ,-'-(D&6

(&/& 2$'0)()2$+0- -+ -60- -60.,)& ] 6&K'- %$6 (&+,)()&+-6 -+ V.- -60- 6- '-$%)W$'T< 2$'$ V.- -% D-(D& ,-

,-(),)' 6-' 2$'0- ,- %̂< 6-$ -+ K$6- $ )+1&'/$()*+ (%$'$ V.- /- 2-'/)0$ 0&/$' ,)(D$ ,-()6)*+ (&+

$K6&%.0$ %)K-'0$,H

_- 6),& )+1&'/$,&`$a V.- /) 2$'0)()2$()*+ -+ -60- -60.,)& -6 (&/2%-0$/-+0- >&%.+0$')$ ] V.-

(&+6)60- -+ '-$%)W$' .+ -+0'-+$/)-+0& 1b6)(&< 0'-6 >-(-6 2&' 6-/$+$ ,.'$+0- $2'&c)/$,$/-+0- 9 /-6-6

,- ,.'$()*+H B,-/T6 -+0)-+,& V.- ,.'$+0- -60- 2'&(-6& 6-'^ ->$%.$,& (&+60$+0-/-+0- (&+ -% 1)+ ,-&K0-+-' '-6.%0$,&6 V.- $2&'0-+ -+ -% $+T%)6)6 ,- %$ )+>-60)@$()*+H

M.) )+1&'/$,& ,- %&6 &K[-0)>&6 @-+-'$%-6 ,- %$ )+>-60)@$()*+ ] V.- /) 2$'0)()2$()*+ -+ -60-

-60.,)& 6-'T ,- ($'T(0-' $+*+)/& ] V.- %&6 ,$0&6 '-($K$,&6 -+ +)+@.+$ 1&'/$ 2&,'b$+ 6-' '-%$()&+$,&6

(&+ /) 2-'6&+$H

B.1 4. 8>98.C />918 512;2982


31/33

EMK:U =

KMDAKL8E )c

"#$%&'$()*+ ,-% $./-+0& ,- %$ 1.+()*+ 2.%/&+$' /-,)$+0- -+0'-+$/)-+0& (&+ 345 -+

-60.,)$+0-6 ,- 78 $ 9: $;&6< 2-'0-+-()-+0-6 $ %$ =+)>-'6),$, ,- ?$@$%%$+-6 -+ %$ (.),$, ,-

A.+0$ B'-+$6< CD)%- 9E7FGH

!"#$% '" ()*+#%#+,- '"* ./"01+2-%3+2

HH QQQdQQQQQdQQQQQQQ

\% &K[-0)>& ,-% 2'-6-+0- (.-60)&+$')&< -6 ),-+0)1)($' ($'$(0-'b60)($6 V.- (&)+(),$+ (&+ -% 2-'1)%

6-%-(()&+$,& 2$'$ '-$%)W$' %$ )+>-60)@$()*+ /-+()&+$,$H

e. $2&'0- $% '-62&+,-' -60- (.-60)&+$')&< 6-'T /.] >$%)&6& 2$'$ &K0-+-' )+1&'/$()*+ (&+

'-62-(0& $ %$ 6-%-(()*+ ,- %&6 2$'0)()2$+0-6 $6b (&/& 0$/K)^+ ,- %$6 (&+6),-'$()&+-6 +-(-6$')$6

V.- 6- ,-K-+ 0-+-' -+ (.-+0$ 2$'$ V.- %$ 2-'6&+$ -+ (.-60)*+ +& 6- >-$ 2-'[.,)($,$ -+ -%

2-')&,& V.- ,.'- %$ )+>-60)@$()*+H

f.+0& (&+ (&+0')K.)' $% ,-6$''&%%& ,-% 0-/$ ,- )+>-60)@$()*+< -% (.-60)&+$')& -6 (&/2%-0$/-+0-

$+*+)/& ] 6*%& 6-'T .0)%)W$,& (&+ 1)+-6 ,- ,)$@+*60)(& 2$'$ -60$ 0-6)6 ,- )+>-60)@$()*+H

$./012GHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH

?J921.G M-/-+)+& ?$6(.%)+&

&3>3G HHHHHHH $;&6

B2;.G HHHHH g@

&;8>8@1>G HHHHHHHH

".982;8> 4>; ;


32/33

%< 8@ 12;5@2;8> >9821 4. ; 512=@98> 9@/21. MG

9H7H hC.T+0&6 ()@$'')%%&6 1./$6 $ %$ 6-/$+$i

U- 7 $ : U- Y $ 7E ?T6 ,- 7E

MF B(0.$%/-+0- '-$%)W$6 $(0)>),$, 1b6)($ `-+0-+,)-+,& -60$ (&/& '-$%)W$' $%@m+ 0)2& ,-

-+0'-+$/)-+0& ]$ 6-$ ,-2&'0)>& & '-$%)W$,& -+ .+ @)/+$6)& $ %& /-+&6 X >-(-6 2&' 6-/$+$

(&+ ,.'$()*+ /b+)/$ ,- 7 D&'$aH

ej kl

%< 8@ 12;5@2;8> >9821 4. ; 512=@98> 9@/21. NG

XH7H j+,)V.- %$ $(0)>),$, & ,-2&'0- V.- '-$%)W$N QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQ

NF hA%$+-$6 '-$%)W$' $%@m+ 0)2& ,- $(0)>),$, 1b6)($ `+& )+(%.]-+,& -% -+0'-+$/)-+0& (&+ 345a,.'$+0- -% 0)-/2& V.- ,.'- -60$ )+>-60)@$()*+ `9 /-6-6 $2'&c)/$,$/-+0-ai

ej kl

%< 8@ 12;5@2;8> >9821 4. ; 512=@98> 9@/21. OG

FH7H n.^ $(0)>),$, & -+0'-+$/)-+0& 1b6)(& $ 2$'0- ,-% 345 2%$+-$6 D$(-'N QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQ

FH9H C.$+0& 0)-/2& 2%$+-$6 '-$%)W$'%$ ̀ $2'&cHaN QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQ

OF j+,)($ D$(- (.T+0& 0)-/2& 1.- %$ m%0)/$ >-W V.- '-$%)W$60- $%@m+ 0)2& ,- $(0)>),$, 1b6)($ &

-+0'-+$/)-+0& `/-+()&+$+,& ,b$6< /-6-6 & $;&6 ,-6,- %$ m%0)/$ >-W ] %$ $(0)>),$, V.-

'-$%)W$K$6aN QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQ


33/33

PF j+,)($ 6) 2&6--6 & D$6 6.1'),& $%@.+$ ,- %$6 6)@.)-+0-6 -+1-'/-,$,-6 `,.'$+0- %&6 m%0)/&6 Y/-6-6aN

\6@.)+(-

M'$(0.'$

J.c$()&+-6

\+1-'/-,$,-6 '-62)'$0&')$6 ,.'$+0- -% m%0)/& /-6

l0'$6 `D)2-'0-+6)*+< ,)$K-0-6< -0(Ha

j+,)V.- (.$% `%-6aN QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQ

QF U.'$+0- %&6 2'*c)/&6 ,&6 /-6-6 2&6-- ,)62&+)K)%),$, ,- D&'$')& 2&60-')&' $ %$6 9E D&'$6H

ej kl

Entrenamiento con TRX Suspensión training y su implicancia en la mejora de la presión inspiratoria...

Documents

Transcript of Entrenamiento con TRX Suspensión training y su implicancia en la mejora de la presión inspiratoria...