revista seguro total nº 102

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Revista Seguro Total - 2010

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Por Paula Craveiro (todos os textos apresentados neste arquivo são de autoria de Paula Craveiro para a Revista Seguro Total nº 102 - fev/2010)

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Revista Seguro Total - 2010

� � � � � � � � � � � � � � �� � � � � � � � � � � � � � � � � � � � � � �� � � � � � � � � � � � � � �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �� � � � � � � � � � �� � � � � � � � � � � � � � � � � � � � � � � ! � � �� � � � � � � � � � � � " �� � � � � � � � � � � �

Revista Seguro Total - 2010

EDITORIAL 3

ACONTECE4 a 13

CAPA14 a 17

ENTREVISTA18

EVENTO19 a 22

MERCADO24 a 27

ESPECIAL28 a 38

BALANÇO40 e 41

CARREIRA & COMUNICAÇÃO42

sumário

Edição Nº 102 - Ano X

EditorJosé Francisco Filho

MTb 33.063

Jornalista ResponsávelPaula Craveiro

MTb 39.316

[email protected]

Diretor de MarketingAndré Pena

[email protected]

Diretor ComercialJosé Francisco Filho

[email protected]

PublicidadeGraciane Pereira

[email protected]

Cleber Fabiano Francisco

WebdesignerLukasz Izai Torres Fokin

Periodicidade: mensal

Edição FinalPubliseg Editora [email protected]ção, administração e publicidade

Rua José Maria Lisboa, 593conj. 5 - CEP 01423-000São Paulo - SPTels/Fax: (11) 3884-5966 3889-0905

Os artigos assinados são de responsabilidade exclusiva dos autores, não representando, necessariamente, a opinião desta revista.

expediente

Sudeste60%

Centro-Oeste5%

Sul20%

NorteNordeste15%

DISTRIBUIÇÃO NACIONAL

www.planetaseguro.com.br

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ACONTECE4

Revista Seguro Total - 2010

^ _ ` a b c d e ` f g h i j a k a b d l k f ` f b k mb f n m ` k f e ` f g c k o p q c a e ` c g a k a h d a p r m ib f i p m g m e m ` n a d p a c p n f ` p f n s t p m g a k m ` hm u m ` n a d k f v m g f ` p a p r a w m ` e m ` a n c g a ha d x j k f n m ` p a ` a c p k a j a c b n ` a p b e a ` f p n ff k c p y j c q a a b j f d z m ` f b e ` { n c q a b k f | f b }n ~ m a k m n a k a b e a ` a a _ ` a b c d e ` f g h e ` m e m ` }q c m p a k c g f ` b a b e m b b c � c d c k a k f b f b f ` g c r m be a ` a m b a q c m p c b n a b f e a ` a m e � � d c q m c p }n f ` f b b a k m h a d | m q a k a g f � j a c b p f q f b b { }a c p k a h a c j e d a p n a r ~ m k f n a d b f ` g c r m e f d m� a n m k f m b a k j c p c b n ` a k m ` f b h j f j � ` m bk m w m p b f d z m k f ^ k j c p c b n ` a r ~ m k a _ ` a }b c d e ` f g h f b n a ` f j � a b f a k m b f j d m q a d c k a }k f b n ~ m k c � f ` f p n f b f k c b n a p n f b f p n ` f b c hq m j m m b � b n a k m b k f � ~ m u a i d m h � c m k f� a p f c ` m f _ ` a b l d c a f a n x f j m i n ` m b e a l }b f b h q m j m w z c d f f � b n a k m b � p c k m b s� p n ` f m b b f ` g c r m b � i f m e m ` n a d m � f ` f }q f k f b n a q a } b f i j a { ` f a p a � i a d m b j f j }� ` m b h j f k c a p n f i b m k f d m | c p f b f p z a he m k f j a q f b b a ` n m k a b a b a n a b f e a i n a b h` f | c b n ` a ` b f i b q m j f p n { ` c m b f q m p b i d n a `m j a n f ` c a d k a b ` f i p c � f b ` f j m n a j f p n f hb f j e ` f e ` m e m ` q c m p a p k m q m j i p c q a r ~ m` { e c k a h n ` a p b e a ` f p n f f b f | i ` a q m j a q c m }

p c b n a b f m j f ` q a k m s� q m m ` k f p a }k m ` k f v m g f ` p a p }r a w m ` e m ` a n c g a h� m k ` c | m u f q q z c a f h� i f f d a � m ` m i f | f }` f p q c a n m k m m e m ` n a dk f b k f j f a k m b k f� � � � h � i a p k m � m cc k f a d c � a k m h ` f b b a d n am a e m c m k a a d n a a k }j c p c b n ` a r ~ m k a _ ` a }b c d e ` f g � i f b f j e ` fc p q f p n c g m i a a k m r ~ mk f c p b n ` i j f p n m b fe ` { n c q a b c p m g a k m ` a b h a d x j k m f p g m d g c }j f p n m k a { ` f a h � i f � m ` a j � i p k a j f p n a c be a ` a a q m p q ` f n c � a r ~ m k m e m ` n a d s� f a q m ` k m q m j u f q q z c a f h z { a n i }a d j f p n f f j n m k m m _ ` a b c d j a c b k f� � � f j e ` f b a b k f q a e c n a d a � f ` n m h j a bp f j n m k a b m � f ` f q f j i j e m ` n a d k fv m g f ` p a p r a w m ` e m ` a n c g a p a c p n f ` p f nn ~ m c p n f ` a n c g m � a d | m e ` f q m p c � a k m f� m j f p n a k m e f d m t p b n c n i n m _ ` a b c d f c ` mk f v m g f ` p a p r a w m ` e m ` a n c g a � t _ v w �p m w � k c | m k a b � f d z m ` f b u ` { n c q a b k fv m g f ` p a p r a w m ` e m ` a n c g a f p m e ` � e ` c mv i c a k f � ` c f p n a r ~ m e a ` a c j e d f j f p n a }r ~ m k f u m ` n a d k f v m g f ` p a p r a s � � c p }g f b n c j f p n m e a ` a a k m r ~ m k a b e ` { n c q a ba k f � i a k a b k f | m g f ` p a p r a q m ` e m ` a n c g ax i j b f | i ` m e a ` a a f j e ` f b a f a { ` f ap ~ m x � m q a k a b � f j k m q i j f p n m b h j a b hb c j h p a b c p � m ` j a r � f b f k f q c b � f b p f d f bq m p n c k a b h � a � f p k m q m j � i f a b j f b j a ba k � i c ` a j g c k a f e f ` q m ` ` a j a b c p b n y p }q c a b k f g c k a b h b f p k m � i ` m q ` { n c q a b f j

^ _ ` a k f b q m � f | i ` m b f u ` f g c k o p }q c a h d l k f ` p m j f ` q a k m k f b f | i ` m b k a^ j x ` c q a � a n c p a h f b n f g f e ` f b f p n f e f d m� i a ` n m a p m q m p b f q i n c g m q m j m e a n ` m }q c p a k m ` a k m � � m | m k a b � b n ` f d a b � h e a ` }n c k a k f � i n f � m d � f p f � c q f p n f m ` | a p c � a }k a e f d m � m | a k m ` k f � i n f � m d � c q m s^ k c b e i n a ` f i p c i f � } � m | a k m ` f b fq ` a � i f b k a a n i a d c k a k f h q m j m m e ` � }e ` c m � c q m h � m j { ` c m h � k j i p k m f^ k ` c a p m s � f a d c � a k a f j � � k f k f � f j }� ` m p m � b n { k c m k m � a ` a q a p ~ h p m � c mk f � a p f c ` m h m � m | m ` f i p c i � � j c d e f b }b m a b f � m c n ` a p b j c n c k m a m g c g m e f d mq a p a d � e m ` � � e a ` a n m k m m u a l b s

^ _ ` a k f b q m � f | i ` m b f u ` f g c k o p }q c a a e ` m g f c n m i f b b f | ` a p k f j m j f p n mk m f b e m ` n f e a ` a k c g i d | a ` f j e a c p x c bd i j c p m b m b k c b n ` c � i l }k m b f j n m ` p m k m � a j m }b m | ` a j a k m h � i f b f ` {e a d q m k a � c p a d k a w m e ak m � i p k m k f � � � � hm b b f i b e ` m k i n m b f ac j e m ` n a p n f m ` c f p n a r ~ m �� � a r a � f | i ` m � � a d f q m jb f i q m ` ` f n m ` � s^ d x j k c b b m h � c q m f� m j { ` c m h | ` a p k f b l k m d m bk a z c b n � ` c a k m � i n f � m d

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ACONTECE6

Revista Seguro Total - 2010

� f | i p k m a p { d c b f k m t p b n c n i n m _ ` a }b c d f c ` m k f � f � f b a k m w m p b i j c k m `� t k f q � h a b p m g a b ` f | ` a b k m b f | i ` m z a }� c n a q c m p a d h f j g c | m ` k f b k f �   k f � a }p f c ` m h a i j f p n a ` ~ m m e m k f ` k f f b q m d z ak m q m p b i j c k m ` s ^ d x j k c b b m h p a a g a }d c a r ~ m k m t k f q h q m j a a n i a d d f | c b d a r ~ m ha q m j e f n c r ~ m p m b f n m ` � c q a ` { j a c m ` hm � i f e m k f e ` m g m q a ` i j a � a c � a p m be ` f r m b s � ^ b p m g a b ` f | ` a b e ` m e m ` q c m }p a j j a c b n ` a p b e a ` o p q c a a m b f n m ` s ^ b }b c j h m q m p b i j c k m ` b a � f ` { f � a n a j f p n fm � i f | a b n a ` { q m j m b f | i ` m a n x m � c jk m � c p a p q c a j f p n m f n f ` { j a c b q m p k c }� e ` m � f n m k f d f c � u � � k f a i n m ` c a k mk f e i n a k m � k j a ` � m ` f c ` a � u � } � v � h� i f e ` f g o a b i b e f p b ~ m k m ` f | c b n ` m k fb f | i ` a k m ` a b f k f m � c q c p a b k f g f l q i }d m b p a � f q f c n a � f k f ` a d h e m ` a n x q c p q ma p m b h q a b m i n c d c � f j e f r a b p ~ m m ` c | c }p a c b m i i b a k a b b f j m q m p b f p n c j f p n mk m b b f | i ` a k m b f j q a ` ` m b a q c k f p n a k m b he m k f q a i b a ` e ` m � d f j a b a m j f ` q a k mk f g f l q i d m b i b a k m b s� f a q m ` k m q m j d f g a p n a j f p n m k a� a n c p t p b i ` a p q f h k m � � i a k m ` h a � s � a }d i q f d d c � f | i ` a k m ` a b a d n m i k a � i a ` n ae m b c r ~ m e a ` a a d c k f ` a p r a k m j f ` q a k md a n c p m a j f ` c q a p m p m ` a j m | a ` a p n c a s ^f j e ` f b a i d n ` a e a b b m i n ` o b q m p q m ` ` f p }n f b j f � c q a p a b h e a l b m p k f f b b a j m k a d c }k a k f k f b f | i ` m x � a b n a p n f n ` a k c q c m p a d hq m j � m ` n f e f p f n ` a r ~ m s� f | i p k m k c ` f n m ` n x q p c q m v i b n a g m¡ f p ` c q z h a q m j e a p z c a � ` a b c d f c ` a | f }

r � f b e a ` a q m j e a ` a ` f f b q m d z f ` � h k c b b f^ d f b b a p k ` m v c a p f d c h a k g m | a k m k a f p }n c k a k f s� f a q m ` k m q m j a b p m g a b ` f | ` a b h m b� a p q m b b f ` ~ m m � ` c | a k m b a m � f ` f q f ` a m bj i n i { ` c m b k m � c b n f j a � c p a p q f c ` m k f¡ a � c n a r ~ m a e � d c q f b k f b f | i ` m k f e f d mj f p m b k i a b b f | i ` a k m ` a b p m j m j f p n mk a q m p n ` a n a r ~ m k m � c p a p q c a j f p n m s �q m p b i j c k m ` n a j � x j n f ` { a d c � f ` k a k fk f f b q m d z f ` m b f | i ` m k f i j a n f ` q f c ` af j e ` f b a h j a b h p f b n f q a b m h m � a p q m � c }p a p q c a k m ` e m k f ` { q m � ` a ` i j a n a � a k fa n x � ¢ � � � s� u � e ` m l � f a b b f | i ` a k m ` a b k f c j }e m ` f j a m b b f | i ` a k m b h f a n f ` q f c ` m b h a ` f }k f b c p c b n ` m h f g c n a p k m } b f q m j c b b m m � a n mi n c d c � a ` f j e f r a b p ~ m m ` c | c p a c b m i i b a k a bf q m � ` a ` f j m g a d m ` k f e f r a b p m g a b s �e ` m � f n m g f k a a c p k a a e m b b c � c d c k a k f k a bb f | i ` a k m ` a b c j e m ` f j e ` a � m b k c � f ` f p }q c a k m b e a ` a g c b n m ` c a b e ` f d c j c p a ` f b m i

` m i m f � i c g a d f p n f a � h   £ k a ` f q f c n a` f | c m p a d p m e f ` l m k m e f b � i c b a k m � f p n ` f� i p z m k f � � �   f � i p z m k f � � � ¤ � h q m je ` m k i r ~ m k f � � ¢ � � ¥ j c d z � f b s � ¦ ae ` c j f c ` a g f � � i f a b b i j c j m b a d c k f }` a p r a ` f | c m p a d p m ` a j m | a ` a p n c a s § m_ ` a b c d h d c k f ` a j m b k f b k f � ¤ ¤ � � h ` f g f d am f � f q i n c g m s¡ f p ` c q z e ` f g o i j q ` f b q c j f p n m g a }` c a p k m f p n ` f ¥ � £ f � � £ p f b b f p c q z me a ` a � � � � h n f p k m e m ` � a b f m b | ` a p k f b

}k f p q c a k a b b f j f � e ` f b b a a i n m ` c � a r ~ m k m bb f | i ` a k m b h � f j q m j m a ` f b e m p b a � c d c k a }k f k m j f b j m f j a ` q a ` q m j a k c � f ` f p r af b q m d z c k a e m ` f d f s � i n ` m e m p n m c j e m ` }n a p n f x a e ` m c � c r ~ m k m e a | a j f p n m k f | ` a }c p g f b n c | a r ~ m k f a q c k f p n f b q m p n ` a n a k m be a ` a a i n m ` c � a ` m e a | a j f p n m k m b f | i ` m se ` m � f n m b � i f b f ` ~ m f � f q i n a k m b p m u a l bp m b e ` � � c j m b a p m b h q m j m a b m � ` a b k mu ^ w h a q m p b n ` i r ~ m k m b f b n { k c m b e a ` a aw m e a k m � i p k m f k a f b n ` i n i ` a e a ` a a b� d c j e l a k a b k m � c m k f � a p f c ` m s§ m a p m e a b b a k m h j f b j m q m ja q ` c b f � c p a p q f c ` a c p n f ` p a q c m p a d h a� s � a d i q f d d c q m p b f | i c i � f q z a ` m f � f ` }q l q c m q m j i j c p q ` f j f p n m a q c j a k f� � £ h q m j � a n i ` a j f p n m k a m ` k f j k f� ¢ � ¥ � j c d z � f b p m ` a j m | a ` a p n c a s

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ACONTECE8

Revista Seguro Total - 2010

§ m k c a � k f � f g f ` f c ` m h � m c d a p r a k a hf j � ~ m u a i d m � � u � h a ³ t _ ` a b � ³ i a }d c k a k f k a t p � m ` j a r ~ m _ ` a b c d � h f p n c }k a k f � i f g c b a m ` c f p n a ` a b f j e ` f b a b� ` a b c d f c ` a b a q i c k a ` k a � i a d c k a k f k a bc p � m ` j a r � f b � i f q ` c a j f i n c d c � a j s� c k f ` a k a e f d m b e ` f b c k f p n f b k a^ b b f b b m h � d { g c m k f ^ d j f c k a u c }` f b h f k a � ´ b n f j � a ` µ f n c p | hv i c d z f ` j f � m q z a h a c p c q c a n c g a q m p }n a a c p k a q m j m i n ` a b m c n m f j e ` f }b a b � � ` m p n c f ` h ^ d e z a � a b f h � ¶ � � w� a ` µ f n c p | k f � f d a q c m p a j f p }n m h � e f ` b · � e f ` b w m p b i d n m ` c a h� c e w m k f h t p n f d c | o p q c a k f § f | � q c m b h� � u d i b f u ` m � f ` s� ^ p n f b h n l p z a j m b a d | i j a b c p c }q c a n c g a b e ` � e ` c a b k f ` f i p c ` f j e ` f b a be a ` a k f � a n f ` m n f j a h j a b h a e a ` n c ` k a� i p k a r ~ m k a a b b m q c a r ~ m h a c p n f p r ~ m x� a � f ` i j a k c g i d | a r ~ m a � f ` n a k a � i a }d c k a k f k a c p � m ` j a r ~ m � h a � c ` j a u c ` f b s¸ ¹ º^ ³ t _ ` a b x a e ` c j f c ` a m ` | a p c � a r ~ mk m b f n m ` p a ^ j x ` c q a � a n c p a h f b i ` | c iq m j a q z a p q f d a k m � a b b a q z i b f n n bt p b n c n i n f m � � f q z p m d m | ´ � � t � � h k m b� � ^ s � e m p n m e a ` a b i a q ` c a r ~ m � m ci j a e ` m e m b n a k f � c q z a ` k » s ¼ a p | he ` m � f b b m ` f k c ` f n m ` k m � t � t p � m ` j a }n c m p ³ i a d c n ´ � � t � t ³ � p m e ` m | ` a j ak m � t � h q m p b c k f ` a k m m � e a e a � k mn f j a s� � b n a p m g a m ` | a p c � a r ~ m x m ` f b i d }n a k m k m c p q f p n c g m k m e ` m � f b b m ` ¼ a p |f k f b f i b f b � m ` r m b e a ` a ` f i p c ` f j i j� p c q m | ` a p k f j m g c j f p n m n m k a b a be ` c p q c e a c b c p c q c a n c g a b ` f d a q c m p a k a b½ � i a d c k a k f k m b k a k m b p m _ ` a b c d � hf � e d c q a v i c d z f ` j f � m q z a s � � d f g c ij a n i ` c k a k f p a b c p c q c a n c g a b f e ` m e ¾ ba � m ` j a d c � a r ~ m k a a b b m q c a r ~ m � s

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� f | i p k m m b k c ` c | f p n f b h a ³ t _ ` a b xi j a a b b m q c a r ~ m b f j � c p b d i q ` a n c g m b fn ` a � a d z a ` { p a e ` m j m r ~ m f a e f ` � f c r m a }j f p n m n x q p c q m } e ` m � c b b c m p a d h ` f e ` f b f p }n a r ~ m f k f � f b a k m b c p n f ` f b b f b k m b a b }b m q c a k m b h k c g i d | a r ~ m k f c p � m ` j a r � f bf f b n l j i d m a m c p n f ` q y j � c m k f c k f c a b hf � e f ` c o p q c a b f p f | � q c m b h f p n ` f m i n ` m b s§ a a | f p k a k a f p n c k a k f � { f b n { q m p }� c ` j a k a a ` f a d c � a r ~ m h f j � ~ m u a i d m hf j � ¥ k f j a c m h k a � × w m p � f ` o p q c at p n f ` p a q c m p a d k f ³ i a d c k a k f k a t p � m ` }j a r ~ m h f p q m p n ` m � i f � { q m p n a q m j aa k f b ~ m k f e ` m � f b b m ` f b q m p q f c n i a k m bk m � t � f ` f � f ` o p q c a b j i p k c a c b s¹ ¸ Ø Ù Ú º Û� j a e f b � i c b a k m v ` i e m k f ³ i a }d c k a k f k f � a k m b h a e d c q a k a f j � ¥ �f j e ` f b a b � ` a b c d f c ` a b f j � � � ¤ h ` f g f }d m i � i f � � £ k m b f � f q i n c g m b f p n ` f }

g c b n a k m b q m p b c k f ` a j a d n m f j x k c m mc j e a q n m k a � i a d c k a k f k a c p � m ` j a r ~ mp m b p f | � q c m b s � a b q m j e a p z c a b e a ` }n c q c e a p n f b k m f b n i k m h Ü   £ q m p n a � c }d c � a g a j j a c b k f Ü � � � i p q c m p { ` c m b f� � £ h f p n ` f � � � f Ü � � q m d a � m ` a k m ` f b s� f b n f n m n a d h � � £ f ` a j c p b n c n i c r � f b� c p a p q f c ` a b s� d f g a p n a j f p n m j m b n ` m i a c p k a� i f Ý Ü £ k a b f j e ` f b a b f p n ` f g c b n a k a bk c b e i p z a j k f k f e a ` n a j f p n m c p n f ` p m` f b e m p b { g f d e f d a � i a d c k a k f k a c p }� m ` j a r ~ m f ¥ � £ c p � m ` j a ` a j � i f mk f e a ` n a j f p n m k f j a ` µ f n c p | f Þ m i q m }j f ` q c a d ` f b e m p k c a e f d a � i p r ~ m s^ j a c m ` c a k a b f j e ` f b a b ` f q m p z f }q f i a f � c b n o p q c a k f e ` m � d f j a b p m be ` m q f b b m b f p m ` f n ` a � a d z m e f d a � a d n ak f � i a d c k a k f k a c p � m ` j a r ~ m h m � i f| f ` a q i b n m b c p n f ` p m b s � h � c p a d j f p n f h  � £ a g a d c a j q m j m a d n a a ` f d f g y p q c ak a � i a d c k a k f k a c p � m ` j a r ~ m s

ACONTECE10

Revista Seguro Total - 2010

^ � f | a § f n h f j e ` f b a f b e f q c a d c � a k af j ß à á â ã ä á á å æ ç è ä á á é à ê á ç à æ è â ã ë h fb f i b j a c b k f j c d q m d a � m ` a k m ` f b a b }b i j c ` a j q m p � i p n a j f p n f h f j � � k fp m g f j � ` m e a b b a k m h m k f b a � c m k f a ` }` f q a k a ` m j a c m ` p � j f ` m e m b b l g f d k fk m p a n c g m b e a ` a q m p n ` c � i c ` q m j b f n fc p b n c n i c r � f b � i f a n f p k f j ½ q ` c a p r a bq a ` f p n f b f j � ~ m u a i d m st p k c q a k a b e f d m b � i p q c m p { ` c m b k a � f }t p b n c n i n m � f p c p m b k f � ~ m � i k a b � a k f i hw m j i p c k a k f � a ` k c j u f ` c h u ` m � f n m ^ j c | mk a b w ` c a p r a b h � � ` a � m q c a d § m b b a � f p z m ` ak a u a � f � a ` k f t k m b m b � c g o p q c a � f d c � s� f p g m d g c j f p n m k f n m k m b � m cc j f p b m f e m k f b f ` q d a ` a j f p n f p m n a }k m q m j � a b f p m b p � j f ` m b m � n c k m b s� j i j � p c q m k c a h � m ` a j a ` ` f q a k a k a b� s ¥   Ü e f r a b k f ` m i e a b f � ¤ Ü h Ü µ | k fa d c j f p n m b p ~ m } e f ` f q l g f c b s t p c q c a d }j f p n f h a f � e f q n a n c g a k m b m ` | a p c � a }k m ` f b k a a r ~ m f ` a q m d f n a ` q f ` q a k f� i a n ` m j c d e f r a b k f ` m i e a b f � i a p }n c k a k f b f j f d z a p n f k f � ` c p � i f k m b s� p n ` f n a p n m h | ` a r a b a m f j e f p z m k fb f i b � i p q c m p { ` c m b h � m ` a j f p n ` f | i f b  s ¥ Ü ¤ e f r a b k f ` m i e a b h i j a n m p f d a k ak f a d c j f p n m b h Ü � Ü � ` c p � i f k m b f Ü � �c n f p b k f j a n f ` c a d f b q m d a ` sÙ ì í Û� b e a ` n c q c e a p n f b k a q a j e a p z ak f a ` ` f q a k a r ~ m � m ` a j k c g c k c k m bf j � Ý | ` i e m b f aq m d f n a k a b k m a r � f b� m c ` f a d c � a k a e f d m b` f b e m p b { g f c b k m k f }e a ` n a j f p n m k f � a }` µ f n c p | h f j k a n a b

e ` f g c a j f p n f f b n a � f d f q c k a b s� ^ e a ` n c q c e a r ~ m q m d f n c g a f f � f }n c g a k f p m b b m b � i p q c m p { ` c m b � m c � a }n m ` k f n f ` j c p a p n f e a ` a m b i q f b b m k aa r ~ m h ` f a d c � a k a e f d m b f | i p k m a p mq m p b f q i n c g m s � a j � x j b f ` g c i e a ` ak f b e f ` n a ` h f c p b f ` c ` p m y j a | m k fq a k a i j h g a d m ` f b ` f d a q c m p a k m b ½q c k a k a p c a h b m d c k a ` c f k a k f f ` f b e m p }b a � c d c k a k f b m q c a d � h a � c ` j m i m e ` f }b c k f p n f k a � f | a § f n h � m ` | f ^ � f d s � ¦` f a d j f p n f | ` a n c � c q a p n f p m n a ` m q m j }e ` m j f n c j f p n m k f p m b b a b e f b b m a b f ji j a a r ~ m b m q c a d q m j m a � i f ` f a d c }� a j m b � s� u a ` a n m k m b p � b h x j i c n m q d a ` m� i f a e f b b m a � i f k m a ` f q f � f f j n ` m }q a j i c n m j a c b � i f m � f p f � c q c a k m e f d aq a j e a p z a s � f j k � g c k a b h c p c q c a j m b� � � � q m j a f p f ` | c a e m b c n c g a ` f p m }g a k a � h q m j e d f j f p n a w c � f d d f u a b b m b hk c ` f n m ` a k f v f b n ~ m k f u f b b m a b s

ACONTECE12

Revista Seguro Total - 2010

^ ^ d d c a p � � f | i ` m b h f j e a ` q f ` c a q m ji j î ç ç ï k f ` f b b f | i ` a k m ` f b f b e f q c a d c }� a k m b p m j f ` q a k m k f a ` n f b h f b n { d a p }r a p k m i j a a e � d c q f ð ï ï æ â á ñ á h c p b e c ` a k ap m c p q c k f p n f m q m ` ` c k m p m � f n ` m e m d c n a p� i b f i j m � ^ ` n h k f § m g a » m ` µ h f j � �k f � a p f c ` m h � i a p k m i j a g c b c n a p n f a q c }}p m j a k m a ` n c b n a f b e a p z m d u a � d m u c q a b b m h^ ` f b b f | i ` a k m ` a b i l r a � ò c b b � fa p i p q c m i f j �   k f � a p f c ` m � i f n ` a p b }� f ` c i e a ` n f k f b f i b p f | � q c m b k f b f | i }` m k f g c k a p m b � b n a k m b � p c k m b e a ` aa _ f ` µ b z c ` f ¼ a n z a ò a ´ h f j e ` f b a k fe a ` n c q c e a r � f b k m � c d c m p { ` c m ¼ a ` ` f p_ i � � f n n s � p f | � q c m � m c � f q z a k m e m `� | ` i e m � ` a p q o b k f b f | i ` m b f ` f b }b f | i ` m b � q m ` h � i c p n m j a c m ` k m j i p }k m h � i f ` � c ` j a ` e a ` q f ` c a b q m j a b b f }| i ` a k m ` a b � ` a b c d f c ` a b e a ` a q m p � i c b n a `p c q z m b k f j f ` q a k m � i f q m p b c k f ` aa c p k a e m i q m f � e d m ` a k m b s � ^ � i k a }

^ _ ` a b c d g f l q i d m b f p q f ` ` m i � � � ¤q m j q ` f b q c j f p n m k f � � £ f j e ` o j c m b` f n c k m b h � i a p k m q m j e a ` a k m q m j me f ` l m k m a p n f ` c m ` h f i j j c d z ~ m k f g f l }q i d m b b f | i ` a k m b s � _ _ � f | i ` m ^ i n m he ` m k i n m k a q m j e a p z c a h ` f | c b n ` m i l p }k c q f k f ` f p m g a r ~ m k f b f | i ` m b k f   � £ sw m j m j f d z m ` k f b f j e f p z m k m j f ` }q a k m b f | i ` a k m ` p m � d n c j m a p m h a b f }| i ` a k m ` a m � n f g f ` f n m ` p m k f � ¤ h � Ü £b m � ` f m e a n ` c j ¾ p c m d l � i c k m s

a g a d c a k a f j � � ¢ � ¥ � j c d z � f b sw m j i j a a e � d c q f ð ï ï æ â á ñ á h a q m j e a }}n m b s ^ q m � f ` n i ` a c p q d i c � c p q o p k c m b h ` m i � m b h� i f k a b p m n ` a p b e m ` n f f a n x a f � e m b c r ~ mn f j e m ` { ` c a f j j i b f i b f | a d f ` c a b s � u ` m }e m ` q c m p a j m b a q m � f ` n i ` a ó e ` f | m a e ` f | m ô h� i f f p g m d g f n m k a b a b f n a e a b k m n ` a p b e m ` n fk a b m � ` a b a n x m ` f n m ` p m a m d m q a d k f m ` c }� � ¢ � h � � � c d z ~ m h f b f ` { i b a k m e f d a � ò c b b� f e a ` a d c � f ` a ` q a e c n a d f e m k f ` c p g f b n c ` s� f | i p k m a f j e ` f b a h m a q m ` k m q m ja _ f ` µ b z c ` f ¡ a n z a ò a ´ n f ` { f � f c n m ` f }n ` m a n c g m e a ` a m i n i � ` m k f � � � ¤ f d c � f }` a ` { � � ¢ � ¤ � j c d z � f b f j q a e c n a d s§ m a p m e a b b a k m h a _ f ` µ b z c ` fj m b h e m ` f � f j e d m h a b b f | i ` a k m ` a b aq m p n ` m d a ` f j m b ` c b q m b k a b b m � ` f g c }g o p q c a b h � i f n o j b c k m q a k a g f � j a c bd m p | a b � h a � c ` j a m e ` c p q c e a d f � f q i n c g mk a � q m ` v d m � a d � c � f p m _ ` a b c d h � m p a d k¶ a i � j a p p s

^ c p k a f j � � � ¤ h a q m j e a p z c a e a b }b m i a m � f ` f q f ` q m p k c r � f b k f e a ` q f d a }j f p n m p a q m p n ` a n a r ~ m f ` f p m g a r ~ m k fb f | i ` m b k f a i n m j � g f c b b f j � i ` m b h e m `j f c m k a c p n f ` p f n h f j a n x k f � g f � f b s§ f b b f q a p a d h m � n f g f } b f h f j ` f d a r ~ ma m e f ` l m k m a p n f ` c m ` h q ` f b q c j f p n m k f� Ý � h � £ f j e ` o j c m b m ` c i p k m b k a g f p }k a b k f p m g a b a e � d c q f b s ^ q m j e a p z c an a j � x j c p g f b n c i p m d a p r a j f p n m k ma e d c q a n c g m e a ` a q f d i d a ` � f i w a ` ` m h

¡ a n z a ò a ´ c p g f b n c i � � ¢ � h Ý � c d z � f bp a � ò c b b � f h q m j a e m b b c � c d c k a k f k fq m p g f ` n f ` f b b f c p g f b n c j f p n m f j a r � f bq m p g f p q c m p a c b k a f j e ` f b a b i l r a f j� � � � s w a b m c b b m b f q m p q ` f n c � f h a f j }e ` f b a k f _ i � � f n n e a b b a ` { a k f n f ` q f ` q ak f � Ü £ k a b a r � f b k a ` f b b f | i ` a k m ` a s^ f j e ` f b a x d l k f ` p a � ` a p r a h � b }e a p z a f u m ` n i | a d f j b f | i ` m b k f g c k ak m n c e m õ ç ã ë ö ä æ ÷ h � i f | a ` a p n f i j a` f p k a j l p c j a p m j m j f p n m f j � i fm c k m b m p ~ m q m p b f | i f j a c b k f b f j }e f p z a ` � i p r � f b � { b c q a b s

i j a a | f p k a k m a i n m j � g f d q m j � f ` ` a }j f p n a b c p n f ` a n c g a b h c p x k c n m p m j f ` q a }k m s � a e d c q a n c g m f b n { k c b e m p l g f d e a ` ak m ò p d m a k | ` a n i c n m e a ` a j a c b k f Ü �j m k f d m b k f q f d i d a ` f b s� m q a k a p a q m j m k c k a k f f b f | i ` a p r am � f ` f q c k a a m b b f i b q d c f p n f b h a _ ` a b c d }k a b a e � d c q f b h � i f e f ` j c n f q m p b i d n a fc j e ` f b b ~ m k m k m q i j f p n m e m ` j f c m k a{ ` f a k m q d c f p n f k m b c n f _ _ � f | i ` m ^ i n m s

| f j � h f � e d c q a ^ p | f d m w m d m j � m h k c ` f n m `k f v ` a p k f b � c b q m b k a ^ d d c a p � s � � b n f x i jj f ` q a k m f j � i f a q m j e a p z c a e ` f n f p k fc p g f b n c ` q a k a g f � j a c b h � { � i f q m p n a j m bq m j m ñ ã ç ø } ù ç ø k f i j | ` i e m b f d f n m k f` f b b f | i ` a k m ` f b h i j k c � f ` f p q c a d p m b f n m ` sk m b q a b m b x m � i f k f c � a m g a d m ` k m b f | i ` mj a c b a q f b b l g f d � h q m j e d f n a s

ACONTECE 13

Revista Seguro Total - 2010

§ m k c a � Ý k f � a p f c ` m h m e ` f b c k f p n f� i d a a b b c p m i k f q ` f n m q ` c a p k m a � i e f }` c p n f p k o p q c a § a q c m p a d k f u ` f g c k o p q c aw m j e d f j f p n a ` � u ` f g c q � s � j ¤ k f k f }� f j � ` m k m a p m e a b b a k m h a w m j c b b ~ mk f w m p b n c n i c r ~ m f � i b n c r a � w w � � k m� f p a k m z a g c a a e ` m g a k m m e ` m � f n m k f� b n { e ` a n c q a j f p n f e ` m p n a a e ` m e m b n ak f e ` c g a n c � a r ~ m k m t p b n c n i n m k f � f b b f }| i ` m b k m _ ` a b c d � t � _ _ ` a b c d } � f � s u f d me d a p m h m | m g f ` p m n ` a p b � m ` j a ` { a f b n a n a df j i j a q m j e a p z c a e ` c g a k a s � a b n f ` {i j a | m d k f p b z a ` f e a ` a c j e f k c ` j i }k a p r a b k f q m p n ` m d f � q i � m � d m q m b f ` {q a e c n a p f a k m e f d m _ a p q m k m _ ` a b c d � ½` f g f d c a k a � p c ~ m s

� j f d f c r ~ m ` f a d c � a k a f j � ú k fj a ` r m h � a i ` m _ a n c b n a � m c f b q m d z c k me a ` a j a c b i j n ` c o p c m p a e ` f b c k o p q c ak m � c p k c q a n m k a b � f | i ` a k m ` a b h u ` f }g c k o p q c a f w a e c n a d c � a r ~ m k m � b n a k m

� a ` q m ^ p n m p c m � m b b c h e ` f b c k f p n fk m v ` i e m _ ` a k f b q m k f � f | i ` m b f u ` f }g c k o p q c a û � c q a ` k m � a a k h k c ` f n m ` } e ` f b c }k f p n f k a _ ` a k f b q m ^ i n m Þ � � h f f � f q i }n c g m b k a { ` f a q m ` e m ` a n c g a k a b f | i ` a k m ` a` f q f � f ` a j a k c ` f n m ` c a k a � i p c q z � f hd c k f ` a k a e m ` v f m ` | f � a b q z p f ` h k c ` f n m `f j f j � ` m k m w m p b f d z m � i e f ` c m ` k f^ k j c p c b n ` a r ~ m k a f j e ` f b a s � j ` f i p c ~ m` f a d c � a k a p a b k f e f p k o p q c a b k m | ` i e mp m � c m k f � a p f c ` m h � m b b c k f i a b � m a b }g c p k a b a m b q m p g c k a k m b f k f b n a q m i �� w m j m d l k f ` p m j f ` q a k m k f b f | i ` m b p a

d f c � i f q ` c m i a u ` f g c q h � i f b i e f ` g c }b c m p a ` { n m k m m ` f | c j f m e f ` a k m e m `f p n c k a k f b � f q z a k a b k f e ` f g c k o p q c aq m j e d f j f p n a ` s� b b a b c p b n c n i c r � f b a k j c p c b n ` a j ` f }q i ` b m b k f q f ` q a k f � ¢ � � � � c d z � f b k fa n c g m b n m n a c b s � k c p z f c ` m a k j c p c b n ` a k m^ ` f f b n ` i n i ` a r ~ m k m � ` | ~ m h f d a � m ` a }k a e f d m � c p c b n x ` c m k a � a � f p k a h b f ` { � f c }n a f j n ` o b f n a e a b � e ` c g a n c � a r ~ m û g f p k ak f e a ` n f k a b a r � f b k a � p c ~ m a m _ _ û f he m ` � d n c j m h a � f ` n i ` a k m q a e c n a d s � m � � f }n c g m k a f p | f p z a ` c a x ` m j e f ` a b a j a ` ` a bf b n a n a c b k m t � _ b f j ` f n c ` a ` e m k f ` k a� p c ~ m b m � ` f b i a a n i a r ~ m f b n ` a n x | c q a st p k c ` f n a j f p n f h k f g c k m a m q m p n ` m d f � f }

k f � ~ m u a i d m � � c p k b f | } � u � s � p m g mj a p k a n m c p c q c a } b f f j a � ` c d k f b n f a p mf n f ` j c p a f j j a ` r m k f � � � ¥ s ^ g m }n a r ~ m q m p n m i q m j a e ` f b f p r a k f Ü Ýf j e ` f b a b k f Ý � q m j k c ` f c n m a g m n m s

^ j x ` c q a � a n c p a h m | ` i e m � i b q a f j e ` f }b a b q m j m a � i p c q z � f h i j k m b e ` c p }q c e a c b p m j f b k m j f ` q a k m ` f b b f | i ` a k m `c p n f ` p a q c m p a d � s � a a k a | ` a k f q f i a g c p k ak m b f � f q i n c g m b k a f j e ` f b a a d f j ~ a m_ ` a b c d f h k i ` a p n f a ` f i p c ~ m h b a d c f p n m i �� � f j m b q m j m t � _ } _ ` a b c d � f i j a ` f }d a r ~ m q m j f ` q c a d f b n ` f c n a f q m p b m d c k a k az { j i c n m b a p m b s � a b h e a ` a p � b h x j i c n mc j e m ` n a p n f n f ` a e m b b c � c d c k a k f k f q m p n a `q m j i j a ` f b b f | i ` a k m ` a q m j m a � i p c }q z � f e a ` a � i b q a ` b f j e ` f a b j f d z m ` f bq m p k c r � f b a m b p m b b m b q d c f p n f b � s

e f d m b c b n f j a k f e ` f g c k o p q c a q m j e d f }j f p n a ` q m ` ` f b e m p k f a � � £ k m u ` m k i }n m t p n f ` p m _ ` i n m � u t _ � h q m j Ý Ý £ k m bc p g f b n c j f p n m b k c b n ` c � i l k m b f j n l n i d m bk f ` f p k a � c � a } n l n i d m b e � � d c q m b m i e a }e x c b e ` c g a k m b } f �   £ f j n l n i d m b k f` f p k a g a ` c { g f d sk f ` a d k m _ _ h a � p c ~ m n f ` { a j a c m ` c a k mq a e c n a d k a ` f b b f | i ` a k m ` a s^ b j i k a p r a b n o j m a g a d k m e ` f b c k f p n f� i c � t p { q c m � i d a k a � c d g a h k f p n ` m k m m � � f }n c g m k f n ` a p b � m ` j a ` m t � _ f j i j a f j e ` f }b a q m j e f n c n c g a h n a p n m j f ` q a k m k m j x b n c q m� i a p n m p m c p n f ` p a q c m p a d s � b e d a p m b g o jb f p k m k c b q i n c k m b q m j m b b � q c m b k a f j e ` f }b a f m _ § � � � k f b k f m a p m e a b b a k m s

^ d x j k m e ` f b c k f p n f h � m ` a j f d f c n m bm c n m j f j � ` m b k a k c ` f n m ` c a f b f c bk m q m p b f d z m k a f p n c k a k f s ^ f d f c r ~ mm q m ` ` f i p a b f k f k m b c p k c q a n m f n f g fq z a e a � p c q a s

CAPA14

Revista Seguro Total - 2010

^ � f q p m d m | c a k a t p � m ` j a r ~ m x i j a` f a d c k a k f � f i j a p f q f b b c k a k f � p mj f ` q a k m k f b f | i ` m b s � h e a ` a a n f p k f `a k f � i a k a j f p n f ½ k f j a p k a | f ` a k a e f d mb f n m ` h a b f j e ` f b a b � m ` p f q f k m ` a b k f b m }d i r � f b n f q p m d � | c q a b k f g f j f b n a ` a n f p }n a b a n m k a b a b n f p k o p q c a b s^ � c b n f j a b � f | i ` m b h f j e ` f b a q ` c a }k a f j � ¤ ¤ � h g f j a q m j e a p z a p k m k fe f ` n m f b b a b c p m g a r � f b h k f j m k m a m � f }` f q f ` a m b b f i b q d c f p n f b b f j e ` f a b b m }d i r � f b f e ` m k i n m b j a c b a k f � i a k m b a mb f i p f | � q c m s¸ ¹ ü ý Ù ì í Û� j f ` q a k m k f � t g c g f i j e f ` l m k mk f n ` a p b c r ~ m h p m � i a d a b e d a n a � m ` j a b k f }b f p g m d g c k a b f j g f ` b � f b k f b µ n m e f b n ~ mj c | ` a p k m e a ` a g f ` b � f b m p } d c p f s � u ` a n c }q a j f p n f n m k a b a b f j e ` f b a b k f n f q p m d m }| c a h c p k f e f p k f p n f j f p n f k a { ` f a f j � i fa n i a j h f b n ~ m c p g f b n c p k m f j e d a n a � m ` }j a b ò f � � h k c � � c d g c m � i c � v a ` k c p h k c }` f n m ` k f k f b f p g m d g c j f p n m k a � c b n f j a b� f | i ` m b s� f a q m ` k m q m j m f � f q i n c g m h a j c }| ` a r ~ m g c b a e ` m e m ` q c m p a ` a m b q m ` ` f n m ` f bf b i a b f � i c e f b e ` a n c q c k a k f p m i b m h i jb c b n f j a k c b e m p l g f d a � i a d � i f ` z m ` a f f j� i a d � i f ` d i | a ` f j a c m ` a | c d c k a k f h e f ` }j c n c p k m � i f m b j f b j m b n f p z a j a q f b b m` f j m n m a m b c b n f j a k a f j e ` f b a h b f � a e m `j f c m k f q f d i d a ` h k f i j p m n f � m m µ m i k fi j q m j e i n a k m ` c p b n a d a k m p m f b q ` c n � ` c mk f i j q d c f p n f h e m ` f � f j e d m s^ d x j k c b b m h n m k a b a b q m j e a p z c a b� i f k f b f p g m d g f j n f q p m d m | c a e a ` a f j }

Õ Â Ì Â þ ÿ � ÿ É Â Ó Ä Í � Ò Á Â Í Ó Ò � Ö Ì À Í Â Ã À Í � Â Ð À Â � À Á Ã Â Ð � Â Á Ò Ð � ÀÅ Ò Ã Ì À � Ò Í Í À Í Ò Ð À Ã Ò � Ö Ò Ð À � À Ì Ì Ò � À Ì Å Ò Í Ò � Ö Ì À Í

e ` f b a b k f c p � m ` j { n c q a h q m j m d c p | i a | f p bk f e ` m | ` a j a r ~ m h b c b n f j a b m e f ` a q c m p a c bf a j � c f p n f b k f k f b f p g m d g c j f p n m h f b n ~ mk f b f p g m d g f p k m b f i b e ` m k i n m b q m j � m q mf j a j � c f p n f ò f � s u a ` a � i f j i n c d c � ab c b n f j a b k a � c q ` m b m � n h e m ` f � f j e d m h}n ` a ` e ` m k i n m b e a ` a k f b µ n m e h i j a g f �� i f a q m j e a p z c a � { f b n { f g m d i c p k m b i a bd c p | i a | f p b f b c b n f j a b m e f ` a q c m p a c be a ` a m e f ` a ` f j ò f � s� u a ` a ` f a d c � a ` a j c | ` a r ~ m k f i jb c b n f j a q m p g f p q c m p a d e a ` a i j a e d a n a }

� m ` j a m p } d c p f h a b f j e ` f b a b p ~ m e ` f q c }b a j � a � o } d a k f i j a � p c q a g f � � h f � e d c q av a ` k c p s � � b b a a r ~ m e m k f b f ` ` f a d c � a k a| ` a k a n c g a j f p n f h j c | ` a p k m i j a { ` f ae m ` g f � h j a p n f p k m m b c b n f j a k f | f b n ~ ma m � i a d m q d c f p n f � { f b n { a q m b n i j a k m s§ a j f k c k a f j � i f f d f g a c n f p k m n f j }e m m i k c b e m p c � c d c k a k f h g a j m b j c | ` a p }k m m b k f j a c b k f e a ` n a j f p n m b s w m j mn f j e m h f d f f b n a ` { � � � £ ò f � s � i k m c b b mb f j e a b b a ` e m ` | ` a p k f b n ` a p b n m ` p m b f he ` c p q c e a d j f p n f h b f j n f ` a p f q f b b c k a k fe a ` a a i n c d c � a r ~ m k a p m g a e d a n a � m ` j a � s

CAPA 15

Revista Seguro Total - 2010

� j � m ` a b f � a i j a n f p k o p q c a f n m k a ba b f j e ` f b a b k f n f q p m d m | c a f b n f � a j k c }` f q c m p a p k m b f i b f b � m ` r m b p m b f p n c k mk f b i e ` c ` a k f j a p k a f m � f ` f q f ` q a k af e ` { n c q m b a m b b f i b q d c f p n f b h p ~ m b ~ mn m k m b m b q d c f p n f b � i f f b n ~ m a e n m b a c p }q m ` e m ` a ` f b b a p m g a n f q p m d m | c a f j b f iq m n c k c a p m s� � f | i ` a k m ` a b f q m ` ` f n m ` a b k f b f | i }` m b k f | ` a p k f e m ` n f n f p k f j a n f ` j a c b� a q c d c k a k f p m j m j f p n m k f i j a j c | ` a }r ~ m m i à î ë æ ð � ä k f b c b n f j a h e m c b a d x jk f ` f q i ` b m b h k c b e � f j k f f � i c e f b � m q a }k a b f j � t h q m p n ` c � i c p k m e a ` a a a � b m ` }r ~ m j a c b ` { e c k a b k f b b a b j i k a p r a b � hd f j � ` a m k c ` f n m ` k f k f b f p g m d g c j f p n m su a ` a a b e f � i f p a b f j e ` f b a b h � i fp ~ m e m k f j ` f a d c � a ` a j c | ` a r ~ m n m n a d}b l g f d k a ` b m � ` f g c k a a m b b c b n f j a b e a ` ak f b µ n m e s � § m n a } b f � i f j i c n a b f j e ` f b a ba k c a j a j c | ` a r ~ m e m ` p ~ m q m p b f | i c ` f j

a n i a d c � a ` n ~ m ` a e c k a j f p n f b f i b e a ` � i f bk a j a p f c ` a q m j m m j f ` q a k m c p q f p n c g a s� p n ~ m h q m p b f | i c j m b k a ` b m � ` f g c k a a m bá ç � ê ø ð æ ä á e m ` a d | i p b a p m b s u f p b a p k mp f b b f q d c f p n f h p m b b m e m ` n � � d c m q m p n an a p n m q m j e ` m k i n m b k f b f p g m d g c k m b q m jn f q p m d m | c a k f e m p n a h q m j m n a j � x jq m j b c b n f j a b q m j n f q p m d m | c a b j a c b a p }n c | a b s ^ b b c j h q m p b f | i c j m b a n f p k f ` a m bp m g m b q d c f p n f b b f j k f c � a ` k f e ` f b n a `i j b f ` g c r m k f � i a d c k a k f a m b � { f � c b n f p }n f b f j p m b b a q a ` n f c ` a � su a ` a � � � � h i j k m b � m q m b k a � c b n f }j a b � f | i ` m b b f ` ~ m a b e f � i f p a b q m ` ` f }n m ` a b k f b f | i ` m b s � ^ n x m j m j f p n m h p m b }b a b a n f p r � f b f b n a g a j q m j e d f n a j f p n fk c ` f q c m p a k a b ½ b j x k c a b f | ` a p k f b q m ` }` f n m ` a b f ½ b b f | i ` a k m ` a b s � p n ` f n a p n m hq m j a b � a q c d c k a k f b � i f a e d a n a � m ` j aò f � n ` a � h g c b i a d c � a j m b i j p c q z m k fj f ` q a k m � a b n a p n f c p n f ` f b b a p n f a b f ` f � }e d m ` a k m s u m ` j f c m k f i j a g f ` b ~ m a k a e }

n a k a h j a c b b c j e d f b f m p } d c p f h n f ` f j m b ae m b b c � c d c k a k f k f m � f ` f q f ` p m b b m b c b n f j aw m ` ` f n m ` � p } � c p f � w � � � ½ b e f � i f p a bf j e ` f b a b � h q m p n a v a ` k c p s^ � f ` ` a j f p n a h k f b f p g m d g c k a f j� ¤ ¤ ¤ f n c k a q m j m q a ` ` m } q z f � f k a f j }e ` f b a h x k c ` f q c m p a k a ½ a k j c p c b n ` a r ~ m k fn m k m b m b k f e a ` n a j f p n m b k f i j a q m ` ` f }n m ` a h c p k f e f p k f p n f k f b f i ` a j m k f a n i a }r ~ m h c p q d i c p k m � a � k f s ^ � p c q a { ` f a p ~ mq m p n f j e d a k a e f d m w � � x a q m p n { � c d hb f i | f ` f p q c a j f p n m sw m j d a p r a j f p n m e ` f g c b n m e a ` a � i }k m b c b n f j a h f j � a b f k f z m j m d m | a r ~ m hb f ` { k c b e m p c � c d c � a k a f j e d a n a � m ` j aò f � h p ~ m z a g f p k m p f q f b b c k a k f k f c p b }n a d a r � f b p m b q m j e i n a k m ` f b k m q d c f p n f s� u m ` p ~ m e ` f q c b a ` k f c p b n a d a r � f b p f jk f g c b c n a b n x q p c q a b k f p m b b m e f b b m a d h n f }` f j m b a m e m ` n i p c k a k f k f k c b e m p c � c d c � a `f b b f e ` m k i n m a m b q m ` ` f n m ` f b f f j e ` f b a bc p n f ` f b b a k m b a i j q i b n m � a b n a p n f a q f b }

CAPA16

Revista Seguro Total - 2010

b l g f d � h k f b n a q a m k c ` f n m ` s� i n ` m e m p n m e m b c n c g m k m w m ` ` f n m `� p } � c p f x b i a � a q c d c k a k f p m i b m s � ^ mk f b f p g m d g f ` j m b a p m g a g f ` b ~ m h d f g a }j m b f j q m p b c k f ` a r ~ m a � i f b n ~ m k a � a }q c d c k a k f p a i n c d c � a r ~ m k a � f ` ` a j f p n a s}p i l j m b a k f j a p k a e m ` n ` f c p a j f p n m bq i b n m h c k f a d e a ` a e f � i f p a b q m ` ` f n m ` a b s� � a d f a q ` f b q f p n a ` � i f a b m d i r ~ m b f ` {q m j f ` q c a d c � a k a e m ` a b b c p a n i ` a b h b f p }k m q m � ` a k m e m ` i b i { ` c m b z a � c d c n a k m b � hq m j e d f n a s^ d x j k m w � � h a � c b n f j a b � f | i }` m b k c b e m p c � c d c � a a c p k a m i n ` a b k a b � f ` }` a j f p n a b a m b q m ` ` f n m ` f b k f b f | i ` m b �� i d n c e ` m k i n m b ¼ f � � � u ¼ � h b c b n f j ak f j i d n c q { d q i d m k f b f | i ` m b ò f � h � i fc p � m ` j a n c � a u � � b f � f n i a p k m q { d q i d m bq m j e a ` a n c g m b h f j c n c p k m e ` m e m b n a b fc j e ` c j c p k m � m d f n m b k f e a | a j f p n m û fw m p b i d n a b v f ` a c b p a ¼ f � � w v ¼ � h k f }b f p g m d g c k m e a ` a q m p b i d n a b | f ` a c b b m � ` fa e m b c r ~ m k f b f | i ` m b e a ` a m b b f | i ` a k m b he m b b c � c d c n a p k m a m q d c f p n f m a q m j e a p z a }j f p n m m p } d c p f k f b i a b a e � d c q f b h f p k m b }b m b h e a ` q f d a b f b c p c b n ` m b s ¦ c j e m ` n a p n fk f b n a q a ` � i f f b b f b c b n f j a x q m j f ` q c a }d c � a k m b m j f p n f e a ` a i b i { ` c m b k m w m ` ` f }n m ` � p } � c p f s� f j e ` f a n f p n a ½ b p f q f b b c k a k f b k m bq m ` ` f n m ` f b h a � c b n f j a b � f | i ` m b n a j � x jk c b e m p c � c d c � a m b f ` g c r m k f a q m j e a p z a }j f p n m k f e ` m q f b b m b s � � b b f b f ` g c r m � i p }q c m p a q m j m i j a a g a d c a r ~ m k f e ` m q f b }b m b e a ` a k f b q m � ` c ` f j � i f j m j f p n m aq m ` ` f n m ` a e f q m i f j ` f d a r ~ m a m b e ` m q f b }b m b h g f d m q c k a k f k f n ` a � a d z m h f p n ` f m i }n ` m b a b e f q n m b � h f b q d a ` f q f m f � f q i n c g m s� f | i p k m v a ` k c p h x c j e m ` n a p n f ` f b }b a d n a ` � i f p f b b f e ` m q f b b m p ~ m b f ` ~ m

a p a d c b a k m b a b e f q n m b d c | a k m b ½ f b n ` a n x | c aq m j m m e ` m q f b b m g f j b f p k m � f c n m h fa p a d c b a ` m � i f e m k f b f ` j f d z m ` a k m e a ` a� i f m b m � � f n c g m b b f � a j a d q a p r a k m b s �b f ` g c r m k f | f b n ~ m x g m d n a k m ½ m e f ` a q c m }p a d c � a r ~ m k f e ` m q f b b m b f c p b f ` r ~ m k a bn a ` f � a b k c { ` c a b a q m e d a k a b a m b c b n f j a| f ` f p q c a d k a q m ` ` f n m ` a s � a c b n ` a � a d z m bb ~ m f � f q i n a k m b f b i e f ` g c b c m p a k m b e m `� i p q c m p { ` c m b k a � c b n f j a b � f | i ` m b k c ` f }n a j f p n f p a b f k f k a q m p n ` a n a p n f s� � c � f j m b a d | i j a b f � e f ` c o p q c a b f jf j e ` f b a b f q m p b n a n a j m b � i f a j a c m ` c ak m b � i p q c m p { ` c m b p ~ m n f j i j a p m r ~ m

q d a ` a a ` f b e f c n m k f m p k f q m j f r a f n f ` }j c p a b i a � i p r ~ m s ^ d c { b h j i c n m b k c ` c | f p }n f b n a j � x j p ~ m b a � f j a m q f ` n m m � i f� a � f j h m i k f g f ` c a j � a � f ` h b f i b � i p q c m }b a � f ` b f m n ` a � a d z m f b n { b f p k m � f j � f c }n m m i p ~ m h f a k m n a ` a b j f k c k a b q a � l g f c b

u a ` a ` f a d c � a ` f b n f a q m j e a p z a j f p n m ha � c b n f j a b � f | i ` m b k f b d m q a a n x m f b q ` c }n � ` c m k m q d c f p n f i j k f b f i b � i p q c m p { ` c m b hk f g c k a j f p n f n ` f c p a k m e a ` a a ` f a d c � a r ~ mk a b a n c g c k a k f b k f b f p g m d g c k a b k c a ` c a j f p }n f f j n m k m b m b k f e a ` n a j f p n m b f h a e a ` n c `k a l h a p a d c b a ` { f j � i f j m j f p n m m n ` a � a }a | f ` a ` � b m � ` a b � s � w m j m i j a q m ` ` f n m ` ap ~ m q m p b f | i f k a ` g a � ~ m ½ k f j a p k a k fi j k c a k f n ` a � a d z m � ¦ c b b m � i f k f b q m � ` c }` f a d c � a k m b e f d m b � i p q c m p { ` c m b k a q m ` ` f }n m ` a � h | a ` a p n f � c d g c m � i c � v a ` k c p s^ e ` c p q l e c m h f b b a b � b m � ` a b � k f n a ` f � ae m k f j b f ` e m i q m ` f d f g a p n f b h � a q c d j f p n fq m ` ` c | c k a b f j e m i q m n f j e m h j a b h q m jm n f j e m h f d a b e m k f j | f ` a ` k f b | a b n f hq m j e ` m j f n f p k m m n ` a � a d z m k a q m ` ` f n m ` a s� ^ b q m ` ` f n m ` a b k f b f | i ` m n ` a � a d z a j e m `q m p n c p | o p q c a b s ³ i a p k m b f q z f | a a i j a� a b f q ` l n c q a h | f ` a } b f i j n ` a � a d z m q m d f n c }g m h q m j z m ` a b f � n ` a b k i ` a p n f a b f j a p ak a ` g a � ~ m ½ b e f p k o p q c a b s � a b b f a q a i b ak f b b f a q � j i d m k f n ` a � a d z m p ~ m � m ` c k f p }}g f d h k f p a k a a k c a p n a ` { s � f ` { � i f b n ~ m k fn f j e m a n x i j a p m g a q ` c b f b i ` | c ` f a n ` a }e a d z a ` p m g a j f p n f m a p k a j f p n m k m b n ` a }}j f p n m s � w m j e m i q m b a � i b n f b x e m b b l g f d^ d x j k a � a d n a k f f � a n c k ~ m b m � ` f a ba n c g c k a k f b � i f q a k a � i p q c m p { ` c m k f g f k f }b f j e f p z a ` h m i n ` m � a n m ` � i f q m p n ` c � i c e a ` aa b � b m � ` a b � x a k f b j m n c g a r ~ m k m b � i p q c m }p { ` c m b s � � j a f � i c e f k f b j m n c g a k a e ` m k i �j f p m b h f c b b m h c p f g c n a g f d j f p n f h a q a � aq m j e ` m j f n f p k m m n ` a � a d z m k a f j e ` f b a sw m j m q m p b f � i o p q c a h q ` c a } b f i j a a d n a ` m }

CAPA 17

Revista Seguro Total - 2010

� q m j m f d c j c p a ` f b b a m p k a k f c p b a n c b � a }r ~ m � � � a � f p k m a � i a p n c k a k f k f k m q i j f p }n m b � i f i j q m d a � m ` a k m ` e m k f | f ` f p q c a `b f z { n f j e m m q c m b m m i b f z { b m � ` f q a ` | ak f b f ` g c r m s � h a b b c j h n f p k m q m p b q c o p q c a k m� i f q a k a i j � a � h z a g f ` { j f p m b q m � ` a p r a bf q ` l n c q a b k f b p f q f b b { ` c a b f j ` f d a r ~ m a i jk f n f ` j c p a k m � i p q c m p { ` c m � s� a d f k f b n a q a ` � i f f � c b n f a c p k a a� i f b n ~ m k a ` f k i r ~ m b a d a ` c a d h � i f a � f n a mk f b f j e f p z m k m � i p q c m p { ` c m f | f ` a i j aq m p b n a p n f j i k a p r a k f f j e ` f | a k m b k f p }n ` m k a b q m ` ` f n m ` a b s � ¡ m � f f j k c a h � i b q a }}k m b f � f j n ` f c p a k m b h e m ` x j q m j � a c � m bb a d { ` c m b s ¦ j i c n m k c � l q c d q m p b f | i c ` f b b f b� m p b � i p q c m p { ` c m b � h a b b f | i ` a sf a n i a d c � a r ~ m x m i n ` a i j a � m a j a p f c ` a k fj m n c g a ` a f � i c e f f h a b b c j h a e f ` � f c r m a ` mn ` a � a d z m k f b f p g m d g c k m s � t p � f d c � j f p n f h mj f ` q a k m k f b f | i ` m b q a ` f q f k f j ~ m } k f } m � ` ap f j b f | i ` a k m ` a b k f j m p b n ` a j j i c n a k c b e m }b c r ~ m e a ` a c p g f b n c ` p c b b m � h m � b f ` g a s� ` f c p a ` e f b b m a d k f j a p k a c p g f b n c }

e ` m q f b b m h a � c b n f j a b � f | i ` m b q m p n a q m jb f ` g c r m k f n ` f c p a j f p n m � m q a k m p a a n i a d c }}j f p n f x i j e ` m q f b b m q a ` m h � i f f � c | f mk i ` a p n f i j k f n f ` j c p a k m e f ` l m k m � s� c b a p k m � a q c d c n a ` a g c k a k f b f i bq d c f p n f b f q m p n ` c � i c ` e a ` a a j f d z m ` c ak m b e ` m q f b b m b k f p n ` m k a b f j e ` f b a b h aq m j e a p z c a e a b b m i a ` f a d c � a ` e f ` c m k c q a }j f p n f i j a b x ` c f k f n ` f c p a j f p n m b s u a ` ae a ` n c q c e a ` h � a b n a a b q m ` ` f n m ` a b c p b q ` f g f }` f j b f i b � i p q c m p { ` c m b h � i f ` f q f � f ` ~ m hp a b f k f k a � c b n f j a b � f | i ` m b h a e ` f e a }` a r ~ m f m ` c f p n a r ~ m p f q f b b { ` c a s� f a q m ` k m q m j � c d g c m v a ` k c p h a b b f }| i ` a k m ` a b e m k f ` c a j b f ` a b | ` a p k f b | f }` a k m ` a b k f q a e a q c n a r ~ m k f e f b b m a d k f p }n m k a a c p � m ` j a r ~ m � i f i j a q m ` ` f n m ` aa k j c p c b n ` a x a j f b j a � i f i j a b f | i ` a }k m ` a n a j � x j a k j c p c b n ` a h f g c q f } g f ` b a s¡ m � f f j k c a h f � c b n f i j a b x ` c f k f c p c }q c a n c g a b k f b f | i ` a k m ` a b p m b f p n c k m k fc p n f | ` a ` m q m ` ` f n m ` k f b f | i ` m e m ` j f c mk f b m d i r � f b n f q p m d � | c q a b s § f b n f e m p n m h

b f | i p k m m f � f q i n c g m h q a � f i j a q ` l n c q a �� ^ b b f | i ` a k m ` a b n o j i j k c b q i ` b m k fe a ` q f ` c a j i c n m � m ` n f h j a b h p a e ` { n c q a h f d fp ~ m � i p q c m p a s ³ i a p k m m a b b i p n m e a ` q f }` c a f p g m d g f a b e f q n m b q m j f ` q c a c b h m i b f � a h� i a p k m b f n ` a n a k f j f n a b k f g f p k a h k c }� f ` f p q c a d h k f b q m p n m b h f b n ` a n x | c q a q m j f ` }q c a d h f p n ` f m i n ` m b h n i k m g a c � f j s � a b p az m ` a f j � i f m e ` m q f b b m b f q m p q ` f n c � a fa g c a � c d c � a r ~ m k f b b a e a ` q f ` c a k f e f p k f k fn f q p m d m | c a h a z c b n � ` c a x m i n ` a � s }| i ` a k m ` a b f b n ~ m j i c n m a n a ` f � a k a b h b m � ` f }q a ` ` f | a k a b q m j m q m p n f � n m n f q p m d � | c q m hf b i a b { ` f a b k f � t b ~ m b f j e ` f a b b m � f ` }� a k a b s � � p n ~ m g m q o b f p n f � i f a { ` f aq m j f ` q c a d h m i a e m d l n c q a k a b f | i ` a k m ` a ha n x n f j q m j m c p n f p r ~ m c p n f | ` a ` ` f a d }j f p n f i j q m ` ` f n m ` k f b f | i ` m h k f j m k ma � a � f ` i j a e a ` q f ` c a � i f f p g m d g a h c p }q d i b c g f h a b e f q n m b n f q p m d � | c q m b s � a b p mj m j f p n m f j � i f c b b m g a c e a ` a k f p n ` m k a{ ` f a k f b c b n f j a b k a b q m j e a p z c a b h n i k mj i k a s � m q o � { p ~ m b a � f q m j � i f j � a d a ` h}³ i a p k m a n f q p m d m | c a h e ` m j f n c k a k i }` a p n f m b a q m ` k m b q m j f ` q c a c b h q m j f r a a b f `k c b n ` c � i l k a h p m n a } b f q d a ` a j f p n f � i f a j f b }j a p ~ m � m c k f b f p g m d g c k a e a ` a a e a ` q f ` c a s� � ` a n a } b f k f i j a n f q p m d m | c a a e ` m g f c n a k ak f e ` m q f b b m b c p n f ` p m b f � c b n f p n f b f � i f f d ab c j e d f b j f p n f ` f e a b b a a m q m ` ` f n m ` e a ` a g f `b f f d f q m p b f | i f i b a ` s t b b m x n f ` ` l g f d � s� j n m k m m j i p k m h a { ` f a k f � f q p m }d m | c a k a t p � m ` j a r ~ m f b n { a � i f q c k a h q m j� m a b e f ` b e f q n c g a b e a ` a m b e ` � � c j m b a p m b sv a ` k c p f b n c j a � i f h f j � � � � h a q m j }e a p z c a n f ` { q ` f b q c j f p n m k f � Ü £ a � � £ s� � b b f q ` f b q c j f p n m b b f ` { c j e i d b c m p a k m e f d aq ` f b q f p n f k f j a p k a e m ` b m d i r � f b h a d c a k m a mc p g f b n c j f p n m � i f n f j m b � f c n m q m j � m q m p me f � i f p m q m ` ` f n m ` f h n a j � x j h p a � i f b n ~ m k f| f b n ~ m k f e ` m q f b b m b � h c p k c q a s

ENTREVISTA18

Revista Seguro Total - 2010

¡ { j a c b k f k i a b k x q a k a b p m j f ` q a }k m h a � k m p n m u ` f g h � i f q m p n a a n i a d j f p n fq m j j a c b k f Ü s � � � f j e ` f b a b } q d c f p n f fq f ` q a k f � h Ý j c d z � f b k f � ` a b c d f c ` m b a b }b m q c a k m b f j b i a q a ` n f c ` a h x d l k f ` k m b f | }j f p n m k f a b b c b n o p q c a m k m p n m d � | c q a p a^ j x ` c q a � a n c p a s� j f p n ` f g c b n a ½ � f g c b n a � f | i ` m � m }n a d h m k c ` f n m ` k f � f b f p g m d g c j f p n m k f� f ` q a k m h � f p a n m w a ` k m b m h � a d m i b m � ` fa j a n i ` c k a k f f q m p ¾ j c q a k m _ ` a b c d ff � e d c q m i q m j m a f j e ` f b a b f m ` | a p c � m ie a ` a q m p � i c b n a ` m j f ` q a k m f j q ` f b q c }j f p n m s� j a k a b q z a g f b k m b i q f b b m k a q m j }e a p z c a h b f | i p k m w a ` k m b m h n f j b c k m aq a e a q c k a k f k f m � f ` f q f ` i j a a j e d a g a }` c f k a k f k f e d a p m b m k m p n m d � | c q m b e f ` b m }p a d c � a k m b f k f � i a d c k a k f e a ` a a n f p k f `½ b k c � f ` f p n f b p f q f b b c k a k f b k m b q d c f p n f b s � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � ! � � " � � � # � � � � $ � � � � � � ^ � k m p n m u ` f g� m c q ` c a k a f j � ¤   � e m ` i j | ` i e m k fq c ` i ` | c � f b } k f p n c b n a b q m j m m � � f n c g m k f n m ` }p a ` a f j e ` f b a i j | ` a p k f � a n m ` k f a e ` m � c }j a r ~ m k a b m q c f k a k f ½ m k m p n m d m | c a s § m b b mq ` f b q c j f p n m b i b n f p n { g f d e m b c q c m p a a n i a d }j f p n f a f j e ` f b a p a d c k f ` a p r a k m j f ` q a k mk f e d a p m b m k m p n m d � | c q m b p m _ ` a b c d h q m jq f ` q a k f � h Ý j c d z � f b k f a b b m q c a k m b f e ` f }b f p r a f j n m k m b m b � b n a k m b s � j k i a b k x }q a k a b h a � k m p n m u ` f g b f j e ` f q m p n m i q m ja k m n m i a b j f d z m ` f b e ` { n c q a b k f | m g f ` p a p r aq m ` e m ` a n c g a s � j � � � Ý h n m ` p m i } b f i j a q m j }e a p z c a a � f ` n a f c p | ` f b b m i p m § m g m � f ` q a }k m k a _ m d b a k f � a d m ` f b k f � ~ m u a i d m s� � � � � � � � � � � % � � � � & � & � � '� � � � � � � & � � � ( ) * ) # � & � � � � � � � �� � � � � � � � � � � � � � � � � � � � � ! � � � �� � � � + , � #

$ � ^ e f b a ` k m k f b a � i f q c j f p n m k af q m p m j c a h c p c q c a k m f j � � �   h m b f n m ` k fe d a p m b m k m p n m d � | c q m b p m _ ` a b c d q m p n c }p i m i q ` f b q f p k m a i j ` c n j m � f j j a c m `� i f m u ` m k i n m t p n f ` p m _ ` i n m � u t _ � f mb f | j f p n m k f e d a p m b j x k c q m b s ^ n x b f }n f j � ` m k f � � � ¤ h m b e d a p m b m k m p n m d � | c }q m b f � e a p k c ` a j j a c b k f � � £ h a m j f b j mn f j e m f j � i f a f q m p m j c a a e ` f b f p n a g a� i a k ` m k f q ` f b q c j f p n m e ` � � c j m k f � f ` m s^ ` f q i e f ` a r ~ m j a q ` m f q m p ¾ j c q a x i j a` f a d c k a k f f a e f ` b e f q n c g a x k f � i f b f n m `b c | a q ` f b q f p k m k f j a p f c ` a a q f d f ` a k a hn f p k m f j g c b n a m e m n f p q c a d k m j f ` q a k m� ` a b c d f c ` m s� � � � � � � � � � � $ � � � � - � � � & � � '� � � � � � � � � � � � � & � � � � � & � � .� � � � � � - � � � � � � � � � � � & � � � �� � & � � � � � � � � � � � " � � � & � � � � � �� � � � � � � # $ � ^ e f p a b Ý £ k a e m e i d a r ~ m � ` a b c d f c }` a q m p n a j q m j e d a p m m k m p n m d � | c q m h q m p n ` a� � £ k f � ` a b c d f c ` m b q m j e d a p m b j x k c q m b s ¦i j e f ` q f p n i a d � f j a � a c � m k f e a l b f b q m j m� b n a k m b � p c k m b f w a p a k { s ^ d x j k c b b m h aa b b c b n o p q c a e � � d c q a f j m k m p n m d m | c a x e f }� i f p a h m � i f f b n c j i d a a q m p n ` a n a r ~ m k fe d a p m b m k m p n m d � | c q m b h � i f p m _ ` a b c d n o je ` f r m b � a b n a p n f a q f b b l g f c b � q f ` q a k f � � £k m g a d m ` k f i j e d a p m j x k c q m � f | ` a p k f� � � � � � � � � � � $ � � � � � � � � � / & � � , � . � � � � � � � � � � � & � � � � � � � � � � � # $ � ¡ m � f h a � k m p n m u ` f g x a j a c m `m e f ` a k m ` a k a ^ j x ` c q a � a n c p a s � q ` f b q c }j f p n m k a q m j e a p z c a p m b � d n c j m b a p m bg f j b i e f ` a p k m m b e f ` q f p n i a c b k f q ` f b q c }j f p n m a e ` f b f p n a k m b e f d m b f n m ` h c p q d i b c g fe m ` j f c m k f k c g f ` b a b a � i c b c r � f b s� � � � � � � � � � � 0 & � � � � � � � � 1 � � '� � 2 � � � � � � � � � � � � � � � � � � � #

$ � ^ a b b m q c a r ~ m q m j a _ ` a k f b q m� f p n a d a i j f p n m i f j n m ` p m k f Ü � £ p m b b m }e d c q m i a q a ` n f c ` a k f q d c f p n f b q m ` e m ` a n c g m b s§ m b b m m � � f n c g m a | m ` a x a j e d c a ` m b q a p a c bk f k c b n ` c � i c r ~ m k f e d a p m b m k m p n m d � | c q m bk f � i a d c k a k f a j a c b j i p c q l e c m b � ` a b c d f c }` m b h b f j e ` f q m p n a p k m q m j m a d n m p l g f d k m bq c ` i ` | c � f b } k f p n c b n a b q ` f k f p q c a k m b s� � � � � � � � � � � % � � � � - � � � � � & � ' � ! � 3 # $ � � m j m b i j a q m j e a p z c a a d n a j f p }n f f b e f q c a d c � a k a f f � q d i b c g a j f p n f � m q a k af j m k m p n m d m | c a h m � i f p m b e f ` j c n f m � f ` f }q f ` e ` m k i n m b f b f ` g c r m b � p c q m b h q m j j a c bk f q f j n c e m b k c � f ` f p n f b k f e d a p m b s� � � � � � � � � � � 2 � � � � � � � � � � �� / & � � , � � � � " � � . � � � � � � � � '� � � � � � � � � � � � � � � & � � 3 � � � �� � � � � � � � � # $ � � f j e ` f 4 w m p b n a p n f j f p n f � a � f }j m b � m ` n f b c p g f b n c j f p n m b f j i j a e d a n a }� m ` j a n f q p m d � | c q a e ` m e ` c f n { ` c a h � p c q a p mj i p k m h e f ` j c n c p k m � i f p m b b m b q d c f p n f b }k m h � i f | a ` a p n a a b a n c b � a r ~ m k m b i b i { ` c m b

EVENTO 19

Revista Seguro Total - 2010

� ¼ m ` d k _ c µ f � m i ` � ~ m u a i d m ` f i }p c i p a j a p z ~ k f � Ü k f � a p f c ` m q f ` q ak f b f c b j c d q c q d c b n a b p m � Ü Ý 5 a p c g f ` b { }` c m k a q a e c n a d e a i d c b n a s ^ d a ` | a k a k me f ` q i ` b m k f ¤ µ j � m c ` f a d c � a k a e f d au ` c j f c ` a } � a j a k m � b n a k m h � ¾ p c q a� f ` ` a h p a u m p n f � q n a g c m � ` c a b k f � d c }g f c ` a � u m p n f � b n a c a k a � h f a q z f | a k am q m ` ` f i p a � p c g f ` b c k a k f k f � ~ m u a i }d m � � � u � s� e a b b f c m q c q d l b n c q m h � i f p ~ m n f jq a ` { n f ` k f q m j e f n c r ~ m h f b c j k f q m p b }q c f p n c � a r ~ m e m ` j f d z m ` � i a d c k a k f k fg c k a h q m p n m i q m j a e a ` n c q c e a r ~ m k f� � q c m � d { g c m k f � d c g f c ` a f � i | o p c m� f d a b � i f b h ` f b e f q n c g a j f p n f h k c ` f n m `| f ` a d f k c ` f n m ` f � f q i n c g m k a _ ` a k f b q m� c k a f u ` f g c k o p q c a û t b a c ` � a � � a ` m n n m hk c ` f n m ` ` f | c m p a d � ~ m u a i d m k a _ ` a }k f b q m ^ i n m Þ � � û � a ` q m ^ p n m p c m � m }` f p � m p c h b i e f ` c p n f p k f p n f f � f q i n c g mk f u ` m k i r ~ m � ~ m u a i d m k a _ ` a k f b q m� a � k f h � f m p q c m k f ^ ` ` i k a h e ` f b c k f p n fk m � c p k c q a n m k m b w m ` ` f n m ` f b k f � f | i }` m b p m � b n a k m k f � ~ m u a i d m � � c p q m ` }� u � h f p n ` f m i n ` m b s� � b i q f b b m k m f g f p n m ` f � m ` r a m f b }n l j i d m a m i b m k a � c q c q d f n a q m j m j f c mk f d m q m j m r ~ m p ~ m e m d i f p n f h f j b i � b }n c n i c r ~ m a m a i n m j � g f d h f e ` m j m g f ae ` { n c q a k f f � f ` q l q c m b h a d c p z a k a ½ � c d m }b m � c a k f | f b n ~ m c p n f | ` a d k m � f j } f b n a `f k a b a � k f a k m n a k a e f d a _ ` a k f b q m� f | i ` m b f u ` f g c k o p q c a h i j a k a b e a }n ` m q c p a k m ` a b � h f � e d c q a � m ` | f § a b b f ` hk c ` f n m ` f � f q i n c g m k f � a ` µ f n c p | k a_ ` a k f b q m � f | i ` m b f u ` f g c k o p q c a h � i fn a j � x j e a ` n c q c e m i k m f g f p n m s� f b e l ` c n m _ c µ f � m i ` h � { q m p b a }| ` a k m e m ` j a c b k f Ý � j c d e f b b m a bf j u m ` n i | a d f p a � b e a p z a h ` f a d c � m ia b f | i p k a f k c r ~ m p a q a e c n a d e a i d c b n a s� w m j c n o k m ¼ m ` d k _ c µ f � m i ` q m p n aq m j a e m c m k m v m g f ` p m � f k f ` a d h e m `j f c m k a � f q ` f n a ` c a § a q c m p a d k f u m }

d l n c q a b b m � ` f � ` m | a b û k m v m g f ` p m k f� ~ m u a i d m f k a u ` f � f c n i ` a k a w c k a k f s� f j e ` f f j � i b q a k f e ` m j m g f `a n c g c k a k f b f j � a g m ` k a � i a d c k a k fk f g c k a h � f j } f b n a ` f b a � k f k a � a j l }d c a � ` a b c d f c ` a h a _ ` a k f b q m � f | i ` m bf u ` f g c k o p q c a x n a j � x j a e ` c p q c e a da e m c a k m ` a k a ó w c q d m � a c � a k f � a � f ` ô st p c q c a n c g a c p x k c n a k a u ` f � f c n i ` a k f� ~ m u a i d m h m e ` m � f n m ó � f e a ` � i f f je a ` � i f b f j e ` f k f � c µ f ô c p n f ` d c | a m bu a ` � i f b k m u m g m h t � c ` a e i f ` a f k a b_ c q c q d f n a b p a b j a p z ~ b k f k m j c p | m fn f j a n ` a l k m a j x k c a k f ¤ j c d � ` f � i f p }n a k m ` f b a q a k a f k c r ~ m s§ m � c m k f � a p f c ` m h a f j e ` f b a x ae ` c p q c e a d e a n ` m q c p a k m ` a k m ó u ` x } � m i ` ô fó � m i ` k m � c m ô h � i f g c b a j a � m ` j a r ~ mk f p m g m b a n d f n a b e a ` a a b � d c j e l a k a b k f� � � Ý s � � m i ` k m � c m b f ` { e ` f q f k c k me m ` i j a b x ` c f k f a n c g c k a k f b f b e m ` n c g a b hq i d n i ` a c b f b m q c m a j � c f p n a c b f j n m ` p m

k m q c q d c b j m h � i f q i d j c p a j f j i j a b i }e f ` q m j e f n c r ~ m e m ` n m k m m � b n a k m h p m bj m d k f b k m n ` a k c q c m p a d � m i ` k f � ` a p q f s^ e ` x g c a � m c m ó � c ` a k ~ m � b e m ` n c g m ô h ` f a }d c � a k m f j � k f p m g f j � ` m e a b b a k m h � i fq m p b c b n c i f j i j � n ` f c p ~ m � k f � � µ je a ` a q c q d c b n a b k f a d n m p l g f d h f p n ` f m � f }� d m p f m ^ ` e m a k m ` s § m k c a b f | i c p n f h p a� a | m a � m k ` c | m k f � ` f c n a b h � m c ` f a d c � a k mm e ` m � f n m ó ^ k f i b h ` m k c p z a b ô h g m d n a k m ½ bq ` c a p r a b a e a ` n c ` k f � i a n ` m a p m b f a k i d }n m b � i f p i p q a a e ` f p k f ` a j a e f k a d a ` s� j d c p z a q m j a b a r � f b � i f e ` m }j m g f j � i a d c k a k f k f g c k a e m ` j f c mk a e ` { n c q a f b e m ` n c g a h a _ ` a k f b q m � f }| i ` m b f u ` f g c k o p q c a ` f a d c � a a c p k a mó w c ` q i c n m k f w m ` ` c k a f w a j c p z a k ak a � m p | f g c k a k f ô h e a n ` m q c p a a ó w m ` }` c k a f w a j c p z a k a w m p n ` a m w y p q f `k f � a j a ô f a j a ` a n m p a k f ` f g f � a }j f p n m ó ^ ´ ` n m p � f p p a � a q c p | � a ´ ô hq i � a a ` ` f q a k a r ~ m e ` m g f p c f p n f k a bc p b q ` c r � f b x k f b n c p a k a a e ` m | ` a j a bf k i q a q c m p a c b s

EVENTO20

Revista Seguro Total - 2010

^ w z i � � � f | i ` m b k m _ ` a b c d e ` m }j m g f i p m b k c a b ¥ f � k f � f g f ` f c ` m m� 5 � p q m p n ` m k f � l k c a w z i � � � f | i ` m b s� f p q m p n ` m m q m ` ` f i p m ¡ m n f d � a � f p k a� m p a w a ` m d c p a h f j t n a n c � a � � u � h f ` f i }p c i j f j � ` m b k a c j e ` f p b a f b e f q c a d c }� a k a s � c j i d n a p f a j f p n f h � m c ` f a d c � a k mm ¥ 5 � p q m p n ` m § a q c m p a d k a b w f p n ` a c bk f § f | � q c m b k a w z i � � � f | i ` m b h k f }k c q a k m ½ c p n f ` a r ~ m f a m e d a p f � a j f p n mf b n ` a n x | c q m k a q m j e a p z c a h � i f q m p n m iq m j a e a ` n c q c e a r ~ m k f f � f q i n c g m b k af j e ` f b a f q m ` ` f n m ` f b k f b f | i ` m e a ` }q f c ` m b s^ q a q c m ³ i f c ` m � h e ` f b c k f p n f fw � � k a q m j e a p z c a h a e ` f b f p n m i i j� ` f g f e a p m ` a j a k a f q m p m j c a f � f �i j a a p { d c b f b m � ` f a b e f ` b e f q n c g a be a ` a m b f n m ` k f b f | i ` m p m _ ` a b c d fp m j i p k m s � � j � m ` a m j i p k m n f p z ae a b b a k m e m ` i j a � m ` n f q ` c b f f q m p ¾ }j c q a p m � d n c j m a p m h � i f a � f n m i e ` c p }q c e a d j f p n f a � i ` m e a h g c g f j m b a | m ` ai j e f ` l m k m k f ` f n m j a k a k m q ` f b q c }j f p n m s � _ ` a b c d f b n { j i c n m � f j e m }b c q c m p a k m f j ` f d a r ~ m a m b k f j a c be a l b f b s � p n ` f m b f j f ` | f p n f b h b m j m bm n f ` q f c ` m j a c m ` j f ` q a k m h e f ` k f p k m

a e f p a b e a ` a w z c p a f 6 p k c a � h k f b n a q m i s� f | i p k m m f � f q i n c g m h a f � e f q }n a n c g a x � i f z a � a q ` f b q c j f p n m p m bb f | j f p n m b k f | ` a p k f b ` c b q m b f j e ` f }b a ` c a c b h b f | i c k m e f d m b f | i ` m z a � c n a }q c m p a d h e ` f g c k o p q c a h b a � k f f g c k a s³ i f c ` m � ` f b b a d n m i a e ` m � f r ~ m k fq ` f b q c j f p n m k m b f | i ` m j a b b c � c q a k m h� i f f j � � � � k f g f ` f e ` f b f p n a ` q f ` }q a k f � ¢ Ý � c d z � f b s � � _ ` a b c d e m b b i cm e m ` n i p c k a k f b � a b n a p n f a n ` a f p n f b e a ` am b f n m ` k f b f | i ` m b h f b e f q c a d j f p n f f j` f d a r ~ m a m j c q ` m b b f | i ` m h b f | i ` m z a }� c n a q c m p a d f c p � ` a f b n ` i n i ` a h a d x j k m b| ` a p k f b f g f p n m b q m j m � d c j e l a k a b fw m e a h � i f f b n ~ m f j g c a b k f m q m ` ` f ` � su a ` a f b n f a p m h ^ q a q c m ³ i f c ` m �k f b n a q m i a c p n f p b c � c q a r ~ m k f c p g f b n c }j f p n m b p m b b f | j f p n m b k f n f q p m d m | c ak a c p � m ` j a r ~ m � � t � h � m ` j a r ~ m k f e f b }b m a b f ` f f b n ` i n i ` a r ~ m s � u ` f n f p k f j m ba j e d c a ` p m b b m b q a p a c b k f k c b n ` c � i c r ~ ma n ` a g x b k f e a ` q f ` c a b q m j q m ` ` f n m ` f bf q f p n ` a c b k f p f | � q c m b s � f b n f j m k m h� m ` n a d f q f ` f j m b a c p k a j a c b p m b b a j a ` }q a h f b e f q c a d j f p n f p m § m ` n f f p m § m ` }k f b n f � s^ q m j e a p z c a h � i f f b e f ` a a n c p | c ` ½` f q f c n a k f � ¢ � h Ü � c d z ~ m p m b e ` � � c j m bq c p q m a p m b h g f j q m p b n a p n f j f p n f c p }n f p b c � c q a p k m b i a e f p f n ` a r ~ m p m b b f | }j f p n m b k f j c q ` m b b f | i ` m b f j a b b c � c q a }k m b p a b m e f ` a r � f b d c | a k a b a m g a ` f � m ûf p n ` f n f p c j f p n m û f a f ` m p { i n c q a h a d x j

EVENTO 21

Revista Seguro Total - 2010

k f a e m b n a ` p m j f ` q a k m c j m � c d c { ` c m� ` a b c d f c ` m h � i f a e ` f b f p n a � m a b e f ` b }e f q n c g a b k f q ` f b q c j f p n m s � f | i p k m mf � f q i n c g m h f b e f ` a } b f i j q ` f b q c j f p n mk f Ü £ a m a p m a n x � � � � s ^ d x j k c b b m ha f j e ` f b a f b n i k a a e m b b c � c d c k a k f k ff p n ` a ` p m j f ` q a k m k f | ` a p k f b ` c b }q m b a e a ` n c ` k m b f | i p k m b f j f b n ` f k f� � � � s � ^ p n f b k f a e m b n a ` j m b p m j f ` }q a k m k f | ` a p k f b b f | i ` m b h � i f e m b b i c| ` a p k f e m n f p q c a d h e ` c p q c e a d j f p n f f jg c ` n i k f k a w m e a f k a b � d c j e l a k a b h� i f ` f j m b q ` f b q f ` f j b f | i ` m | a ` a p n c }k m h a i j f p n a ` m b j c q ` m b b f | i ` m b f m bj a b b c � c q a k m b h e ` c p q c e a d j f p n f d c | a k m ba m g a ` f � m h a j e d c a ` p m b b a a n i a r ~ m p mb f | j f p n m k f f p n ` f n f p c j f p n m f a f ` m }p { i n c q a � h k f b n a q m i s� j k m b e ` c p q c e a c b m � � f n c g m b k aw z i � � � f | i ` m b x f b n a ` f p n ` f a b k f �j a c m ` f b b f | i ` a k m ` a b k m _ ` a b c d f f p n ` fa b q c p q m j a c m ` f b f j ` f b i d n a k m m e f ` a }q c m p a d a n x � � � � s � d i q ` m k a f j e ` f b aq z f | m i a � ¢ Ü � h � ¥ � j c d z � f b p m � d }n c j m a p m h f f b n c j a } b f � i f f j � � � �q z f | i f a � ¢ Ü � h � � � j c d z � f b s^ d x j k c b b m h a f j e ` f b a e ` f n f p k fc p g f b n c ` p m q a j e m k a z a � c n a r ~ m h q i � a be f ` b e f q n c g a b b ~ m � a b n a p n f e m b c n c g a b s� f | i p k m ³ i f c ` m � h a f � e f q n a n c g a x k f� i f m q ` x k c n m c j m � c d c { ` c m e m b b a q z f }| a ` a ¤ h ¤ £ k m u t _ a n x � � � � s � ¡ { i j am e m ` n i p c k a k f j i c n m | ` a p k f p m b f | i ` m` f b c k f p q c a d f � i f ` f j m b q ` f b q f ` b c | p c }� c q a n c g a j f p n f h e m ` q a p a c b k c � f ` f p n f b � ha � c ` j m i s§ m b f | j f p n m k f g c k a h a j f n a x k m }� ` a ` a a n i a d q a ` n f c ` a h k f � ¢   � j c d z � f b s^ d x j k c b b m h a f j e ` f b a � i f ` q ` c a `� � p m g m b e ` m k i n m b p m b ` a j m b f d f j f p }n a ` f b f k f g c k a a n x � � � � s� i n ` a j f n a k a w z i � � k c � ` f b e f c n m½ � i f b n ~ m k a b i b n f p n a � c d c k a k f s � f b k fm a p m e a b b a k m a b f | i ` a k m ` a n f j f j c }n c k m a e � d c q f b � i f b ~ m f p g c a k a b a m bq d c f p n f b a q m j e a p z a k a b k f b f j f p n f bk f � a q a ` a p k { s � ^ m f p g c a ` j m b a d | i }j a b b f j f p n f b a m b p m b b m b q d c f p n f b hf b n a j m b q m p n ` c � i c p k m h a p n f q c e a k a }j f p n f h e a ` a a � i a d c k a k f k f g c k a e a ` a| f ` a r � f b � i n i ` a b � h | a ` a p n c i s

� a p m k f � � � ¤ � m c e ` m � i p k a j f p n fj a ` q a k m e m ` k c g f ` b a b � i b � f b m q m ` ` c k a bp m j f ` q a k m k f b f | i ` m b s � e ` f b c k f p n f k aw z i � � h ^ q a q c m ³ i f c ` m � h a q ` f k c n a � i ff b b a b a r � f b q m p n ` c � i f j e a ` a a ` f k i r ~ mk a b m e r � f b k m b q d c f p n f b s � � f b j m � i fa b f j e ` f b a b � i b � i f j m q ` f b q c j f p n m ha m b f � i p k c ` f j h b f i b e f p b a j f p n m b b f }` ~ m i j b � s § ~ m z a g f ` { e d i ` a d c k a k f s � �k f b n a q a � i f a w z i � � p ~ m n f j c p n f ` f b b ff j b f a b b m q c a ` a m i n ` a b q m j e a p z c a b m ip ~ m k f b q a ` n a a e m b b c � c d c k a k f k f e a ` q f }` c a b s � § m j m j f p n m h q m p n a j m b q m j a d }| i j a b e a ` q f ` c a b h f f b n a b k f g f j q m p n c }p i a ` f j a p k a j f p n m s �

³ i a n ` m k c a b k f k c q a k m b ½ c p n f ` a r ~ m fa m e d a p f � a j f p n m f b n ` a n x | c q m s ^ b b c j � m cm ¥ 5 � p q m p n ` m § a q c m p a d k a b w f p n ` a c bk f § f | � q c m b k a w z i � � � f | i ` m b h b i � }b c k c { ` c a � ` a b c d f c ` a k f i j k m b j a c m ` f b| ` i e m b b f | i ` a k m ` f b k m j i p k m � � z fw z i � � w m ` e m ` a n c m p s � f p q m p n ` m n f g fq m j m m � � f n c g m e ` c p q c e a d d a e c k a ` h � i p }n m b a m b f � f q i n c g m b f e a ` q f c ` m b k a b f | i }` a k m ` a h m e d a p m f b n ` a n x | c q m k a w z i � �_ ` a b c d e a ` a m b e ` � � c j m b q c p q m a p m b ha d x j k f a e ` c j m ` a ` m ` f d a q c m p a j f p n mf p n ` f m b | f b n m ` f b k a j a n ` c � h c p b n a d a k af j � ~ m u a i d m h f m b q m ` ` f n m ` f b k f b i a bq f p n ` a c b k f p f | � q c m b h k c b n ` c � i l k a b e f }d a b e ` c p q c e a c b q c k a k f b k m e a l b s

EVENTO22

Revista Seguro Total - 2010

� j � ¤ k f � a p f c ` m h a � a ` c p z m� f b e a q z a p n f b h j a c m ` f j e ` f b a k fk m q i j f p n a r ~ m k f g f l q i d m b k m u a l b h` f a d c � m i f j � ~ m u a i d m i j | ` a p k ff g f p n m e a ` a e ` f j c a ` m b | a p z a k m ` f bk a q a j e a p z a k f c p q f p n c g m � f ` a bk m � f | i ` m � � � ¤ s � ` | a p c � a k m e f d a� f | z a e d a p h m a j � c f p n f ` f q f � f ik f q m ` a r ~ m n ` m e c q a d h � i f ` f j f n c a a me ` o j c m e ` c p q c e a d � i j q ` i � f c ` m j a }` l n c j m e a ` a u i p n a k f d � b n f h p m � ` i }| i a c s � j f p i n a j � x j � m c c p b e c ` a k mp a q i d c p { ` c a d m q a d st p c q c a k a f j � i d z m e a b b a k m h m m � � f }n c g m k a q a j e a p z a x ` f q m p z f q f ` a a | c d c }k a k f k m b q m ` ` f n m ` f b k f b f | i ` m b k i ` a p n fa ` f | i d a ` c � a r ~ m k f i j b c p c b n ` m k f a i }n m j � g f d s � f p b a d j f p n f h n ` o b q m ` ` f n m ` a b� i f a q i j i d a ` a j j a c b e m p n m b � m ` a je ` f j c a k a b q m j i j p f n � m m µ h i j g a d f }q m j e ` a b k f � ¢ Ü � � p m b c n f � i � j a ` c p mf i j t e m k s^ e � b a a e i ` a r ~ m k m b e m p n m b a q i }j i d a k m b k f b k f m c p l q c m k a q a j e a p z a h}| i ` m � � � ¤ h � i f � m ` a j e ` f j c a k a b k i }` a p n f m f g f p n m s^ k j c p c b n ` a k m ` a f w m ` ` f n m ` a k f � f | i }` m b h � i f ` f q f � f i i j q ` i � f c ` m j a ` l n c }

j m e a ` a u i p n a k f d � b n f h q m j k c ` f c n ma a q m j e a p z a p n f s � { a ¼ § � w m ` ` f n m }` a k f � f | i ` m b h b f | i p k a q m d m q a k a h � m ce ` f j c a k a q m j i j a � � k f e d a b j a s ^| a p z m i i j ù ç ÷ ä ê ù ä ð ê ä æ su a ` a � d � a ^ | i c a ` h k c ` f n m ` a k f p f }| � q c m b k a � a ` c p z m � f b e a q z a p n f b h mf j e f p z m k m b q m ` ` f n m ` f b f a k c b e i n ab a i k { g f d � i f | f ` m i a q a j e a p z a h b i ` }e ` f f p k f i a f j e ` f b a s � § m b b m e a e f d xa i � c d c a ` n a p n m m b q m ` ` f n m ` f b � i a p n m a bb f | i ` a k m ` a b a c p k f p c � a ` m b q d c f p n f b mj a c b ` { e c k m e m b b l g f d s ^ q a j e a p z a � m cq ` c a k a e a ` a � i f e i k x b b f j m b � m ` n a d f }q f ` a c p k a j a c b m ` f }d a q c m p a j f p n m q m jm b q m ` ` f n m ` f b h j a ba m d m p | m k m b j f b f be i k f j m b m � b f ` g a `m f b � m ` r m k f b b f be a ` q f c ` m b e a ` a a q i }j i d a ` m j a c m ` p � }j f ` m k f e m p n m b � hf � e d c q m i s� f | i p k m m k c }` f n m ` k a � c a p a q a ` h� k b m p � c j a h m

` f q m p z f q c j f p n m x j a c b c j e m ` n a p }n f � i f a e ` f j c a r ~ m s � ^ b b c j n f j m b aq m j e ` m g a r ~ m k f � i f p m b b m b b f ` g c r m bb ~ m e ` f b n a k m b q m j � i a d c k a k f f | f ` a j� c k f d c � a r ~ m p a q a ` n f c ` a k f q d c f p n f b k a� a ` c p z m � f b e a q z a p n f b � h a q ` f b q f p }n m i s � ³ i a p k m b m i � f j m b k a g c n � ` c a hk c g i d | a j m b m � a n m c p n f ` p a j f p n f a m b� i p q c m p { ` c m b k c ` f n a j f p n f f p g m d g c k m bp a ` f | i d a r ~ m k f b c p c b n ` m b s t b b m k {j a c m ` b f | i ` a p r a a m b e ` m � c b b c m p a c b k af j e ` f b a h ` f � m ` r a p k m a b e ` f j c b b a b � i ff j � a b a j a � i b q a q m p b n a p n f k a b a n c b }� a r ~ m k m q d c f p n f � h q m p q d i c i s� a ` c m w i p z a h q m m ` k f p a k m ` k f b c }}}� f e ` f b f p n a p k m a � m k m � f p b h aa b b c b n f p n f n x q p c q a k f b f | i ` m b h ^ p a� m k m d � m � i c � h k c b b f � i f � a c k f c a k aq a j e a p z a x j i c n m � m a h i j a g f � � i fn m k m b b a f j | a p z a p k m � m b f | i ` a k m h� i f ` f q f � f a c p k f p c � a r ~ m q m j ` a e c }k f � û a � a ` c p z m h � i f ` f b m d g f m e ` m q f b }b m b f j e f p k o p q c a b û f m q m ` ` f n m ` h e m `� c k f d c � a ` m q d c f p n f f b f ` e ` f j c a k m e m `b i a f � c q c o p q c a � s

MERCADO24

Revista Seguro Total - 2010

§ m � d n c j m k c a � � k f � f g f ` f c ` m h a ^ b }b m q c a r ~ m u a i d c b n a k f � x q p c q m b k f � f | i ` m b� ^ u � � � e ` m j m g f i a e a d f b n ` a � � b n f j m }` f b k m b q m ` ` f n m ` f b k f b f | i ` m b � h e ` m � f ` c k ae m ` u f k ` m _ a ` � a n m h k c ` f n m ` } e ` f b c k f p n f k aw y j a ` a k m b w m ` ` f n m ` f b k f � f | i ` m b k m� b n a k m k f � ~ m u a i d m � w a j a ` a q m ` � s_ a ` � a n m f d f p q m i k f � k m b j a c m ` f be ` m � d f j a b b f d f q c m p a k m b a m d m p | m k fq m p g f ` b a b f n ` m q a b k f f � e f ` c o p q c a b q m jf d f h � m a e a ` n f k f b b f b j f k m b b i ` | f e m `q m p n a k a a n i a r ~ m k a b b f | i ` a k m ` a b s � � bk c ` f c n m b k m b q m ` ` f n m ` f b g o j b f p k m k f b }` f b e f c n a k m b q m p b n a p n f j f p n f e f d a b b f | i }` a k m ` a b q m p b c k f ` a k a b ó e a ` q f c ` a b ô s �Ø ý Û 7 ¹ 8 8 ¹ Û 9 Ù ¹ 8¦ q m j i j h e m ` e a ` n f k a b q m j e a p z c a bb f | i ` a k m ` a b h a ` f q i b a k f q a k a b n ` m k f p m }g m b q m ` ` f n m ` f b k f b f | i ` m b m i k a � i f d f b � i fa e ` f b f p n a j � a c � m g m d i j f k f e ` m k i r ~ m s� t b b m x i j a e c a k a f k f j m p b n ` a q d a ` a j f p n fa � a d n a k f a e m c m f q m d a � m ` a r ~ m k a b b f | i ` a }}p c b n ` a n c g a h p ~ m q m j e f p b a ` c a m q a k a b n ` a }j f p n m k m b j f b j m b � h ` f q d a j m i _ a ` � a n m se ` f b f p n f b ½ e a d f b n ` a q m p q m ` k a j � i f }q f b k f b f e ` m b e f ` a ` p m ` a j m s � � f z m i }g f ` a e m c m e m ` e a ` n f k a b b f | i ` a k m ` a b hi j k c a f b b f q m ` ` f n m ` h � i f a n i a d j f p n f xe f � i f p m h e m k f g c ` a b f n m ` p a ` i j | ` a p }k f q m ` ` f n m ` h i j | ` a p k f e ` m k i n m ` s � a bb f a b q m c b a b q m p n c p i a ` f j q m j m f b n ~ m hf d f f b n a ` { � a k a k m a q m p n c p i a ` p a j f b j a }b c m p a d j f p n f s �³ i f j p i p q a n f g f i j e f k c k m k fb f | i ` m p f | a k m e f d a b f | i ` a k m ` a m i h

Õ Â Ï Ò Í � Ì Â Å À Æ Ò Ä À : ; Ä Â É Å Â < Õ È Ó É Å Ä Í � Ö � Ò À Í Á Â Ä À Ì Ò Í � Ò Á À Ì Ò Í Å À � À Ì Ì Ò � À Ì Å Ò Í Ò � Ö Ì À Íf p n ~ m h ` f q i b a k m b m � � i b n c � c q a n c g a k f` f b n ` c r ~ m p m � f ` a b a � � f a q m ` k m q m jm b e a ` n c q c e a p n f b h e ` a n c q a j f p n f n m k m b� { e a b b a ` a j e m ` f b b a b c n i a r ~ m � i f hj a c b � i f k c � c q i d n a ` m n ` a � a d z m k m q m ` }` f n m ` h m q m d m q a f j i j a b c n i a r ~ m k f b }� a g m ` { g f d � ` f p n f a m b f i q d c f p n f s� k c ` f n m ` } e ` f b c k f p n f k a w a j a }` a q m ` k c b b f � i f x � ` f � i f p n f a ` f q i b ak f b f | i ` m b � j f b j m f j q a b m k f ` f }p m g a r ~ m � b m � a a d f | a r ~ m k f � i f z {a d | i j a e f p k o p q c a � i p n m a m w u � k mb f | i ` a k m p m � f ` a b a s � p n ` f n a p n m h f j� i a b f � � � £ k a b g f � f b h p ~ m z { f � }e d c q a r ~ m a ` f b e f c n m k f � i f n c e m k fe f p k o p q c a x f b b a h m � i f c j e f k f i j aa n i a r ~ m j a c b a k f � i a k a f f � c q c f p n f k mq m ` ` f n m ` k f b f | i ` m p m b f p n c k m k f b m }d i q c m p a ` a � i f b n ~ m s � § ~ m f � c b n f i jq ` c n x ` c m � f j k f � c p c k m e a ` a a ` f q i b a s^ e f p k o p q c a k m b f | i ` a k m e m k f b f ` k fi j a q m c b a j l p c j a m i f p g m d g f ` j a c bk f � ¢ � j c d z ~ m h � i f p ~ m � a ` { a j f }p m ` k c � f ` f p r a 4 � h ` f q d a j m i s � ^ e a ` n c `k m j m j f p n m � i f a b f | i ` a k m ` a n f j mq m ` ` f n m ` k f b f | i ` m b q m j m e a ` q f c ` m hf d a k f g f ` c a � i b q a ` m k c { d m | m f j g f �k f b c j e d f b j f p n f k f b q a ` n { } d m s ^ | c p k ma b b c j h m q m ` ` f n m ` � c q a f p | f b b a k m h b f jq m p k c r � f b k f k c a d m | a ` h k f p f | m q c a `q m j a q � e i d a k a q m j e a p z c a � s� j ` f d a r ~ m ½ ` f q i b a p a a q f c n a r ~ m k fb f | i ` m b � i f � i � a j a m e a k ` ~ m h _ a ` � a n m }n f k a b f | i ` a k m ` a s � ^ b f p b a r ~ m k f c j }e m n o p q c a k f c � a k a e f d m q m ` ` f n m ` � i p n m a mb f i q d c f p n f � a � q m j � i f f b n f ` f q m ` ` a ai j a a | o p q c a � a p q { ` c a h d m q a d m p k f b f i| f ` f p n f j i c n m e ` m g a g f d j f p n f a q f c n a ` {b f i b f | i ` m � s� b � a p q m b h a d c { b h b ~ m m i n ` a � e f }k ` a p m b a e a n m � k m b q m ` ` f n m ` f b s � �_ a p q m k m _ ` a b c d h j f b j m k c a p n f k fn a p n m b e ` m n f b n m b h q m p n c p i a c p g a k c p k mm f b e a r m k m b e ` m � c b b c m p a c b k a { ` f a � hk f b n a q m i s

® ¬ = ¬ > ¬ ¯ ¬ ? ° ¯� a d i | i f d k f p � j f ` m b k f � i b f ee m ` e a ` n f k f a d | i p b e ` m � c b b c m p a c b xi j k m b � a p n a b j a b � i f a b b m d a j a q a }n f | m ` c a h � f j q m j m a � i f b n ~ m k a g f p }k a q a b a k a h q m j e ` f f p k c k a e m ` u f k ` m_ a ` � a n m q m j m q m p q m ` ` o p q c a e ` f k a n � }` c a s � � c g f ` b a b q a b a b d m n x ` c q a b h � a p }q m b h d m � a b k f k f e a ` n a j f p n m b h f p n ` fm i n ` m b h f b n ~ m c p g f b n c p k m p m b f | j f p n mk f b f | i ` m b b f j e m b b i c ` a z a � c d c n a r ~ mp f q f b b { ` c a h b f j q m p z f q c j f p n m a q f ` }q a k m j f ` q a k m � s^ a n i a r ~ m k f q m p q f b b c m p { ` c a b p aq m j f ` q c a d c � a r ~ m k f b f | i ` m b k f a i n m }j � g f c b n a j � x j f b n { n c ` a p k m m b m p m k m bq m ` ` f n m ` f b s � � i c n a b q m p q f b b c m p { ` c a b fe a ` a a g f p k a k f b f | i ` m b e a ` a a i n m j � }g f c b p m g m b h m � f ` f q f p k m a m q d c f p n f e ` o }j c m b q m j g a d m ` f b ` f d a n c g a j f p n f � a c � m bf g c | o p q c a f b n f p k c k a h � a � f p k m q m j � i fp ~ m n f p z a j m b h a m j f p m b p m j m j f p n m h

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q m j m q m j e f n c ` � h k c b b f s� m � ` f m j c q ` m b b f | i ` m h _ a ` � a n ma q ` f k c n a � i f f j � m ` a b f � a i j a | ` a p k fm e m ` n i p c k a k f k f q ` f b q c j f p n m e a ` a mj f ` q a k m h f � c b n f a c p k a m ` c b q m k f m b q m ` }` f n m ` f b k f b f | i ` m b b f ` f j f � q d i l k m b k f b }b f e ` m q f b b m s � ^ g f p k a k f b f | i ` m b f jf b n { k c m b h � a p q a b k f � m ` p a d h � a ` j { q c a b fm i n ` m b f b n a � f d f q c j f p n m b � i f p ~ m i j aq m ` ` f n m ` a k f b f | i ` m b e m k f g c ` a e ` f � i k c }� j k m b j a c m ` f b a n ` c n m b p a ` f d a r ~ mk m q m ` ` f n m ` q m j a b q m j e a p z c a b b f | i }` a k m ` a b ` f � f ` f } b f ½ n ` a p b � f ` o p q c a k fb f ` g c r m b h b f j a k f g c k a ` f j i p f ` a r ~ m s� � q m ` ` f n m ` � m c a b b i j c p k m k c g f ` b a b ` f b }e m p b a � c d c k a k f b h j a b p ~ m | a p z a p a k ae m ` c b b m s � f i g m d i j f k f n ` a � a d z m f b n {a i j f p n a p k m f p � i a p n m b i a b q m j c b b � f b� c p a d c � a p k m b i a e a d f b n ` a h u f k ` m_ a ` � a n m a � c ` j m i � i f h a d x j k m b e ` m }� d f j a b a p n f ` c m ` j f p n f q c n a k m b h f � c b n fa c p k a a � i f b n ~ m k a a n i a r ~ m k m � c p }k c q a n m k m b w m ` ` f n m ` f b s � � b c p k c q a n mn f j q m p k c r � f b h c p q d i b c g f j m ` a c b h k fk c b q i n c ` q a ` a a q a ` a q m j a b b f | i ` a k m }` a b � w d a ` m � i f p ~ m 4 ³ i f j x � i f e a | am b f g f p n m b ` f a d c � a k m b e f d m b c p k c q a n m �§ � b b a � f j m b � i f h a b b c j h � c q a k c � l q c da f p n c k a k f n f ` q m p k c r ~ m k f f p q a ` a ` hk f e f c n m a � f ` n m h a b b f | i ` a k m ` a b � s

u a ` a f d f h m j a c b c p k c q a k m b f ` c aa q a � a ` q m j m b � j f | a f g f p n m b � fb f k f k c q a ` a a b b i p n m b j a c b e f ` n c }p f p n f b f k f j a c m ` c p n f ` f b b a p n f k aq a n f | m ` c a h q m j m e a d f b n ` a b f n ` f c }p a j f p n m b s � � a b h k m � f c n m � i f a bq m c b a b g o j b f p k m � f c n a b h p ~ m n f jq m j m k f c � a ` k f q m p n a ` q m j m a g a d� c p a p q f c ` m k a b b f | i ` a k m ` a b s � x a l� i f b f q m ` ` f e f ` c | m s �� b f | j f p n m k f n f q p m d m | c a k a c p � m ` }j a r ~ m � ` a b c d f c ` m g c g f i j � m j j m j f p }n m s � f | i p k m e f b � i c b a k a ^ b b m q c a r ~ me a ` a u ` m j m r ~ m k a � � q f d o p q c a k m � m � }n ò a ` f _ ` a b c d f c ` m � � m � n f � � h m b f n m ` f p }q f ` ` m i � � � ¤ q m j q ` f b q c j f p n m k f ¤ h ¥ £f i j a ` f q f c n a a p i a d a e ` m � c j a k a k f � ¢Ü � h   � c d z � f b s u a ` a � � � � h a f p n c k a k f h � i fn f j p m � c p c b n x ` c m k a w c o p q c a f � f q p m }d m | c a b f i e ` c p q c e a d e a ` q f c ` m h f b n c j a i jj m g c j f p n m k f � ¢ Ü � h � � c d z � f b f i j a` f e f n c r ~ m k m p l g f d k f q ` f b q c j f p n m h a q c }j a k f ¤ £ s� j � m j f � f j e d m k f b b f q f p { ` c mx a t � u � � � t p b i ` a p q f � m ` u ` m � f b b c m }p a d b h f j e ` f b a d l k f ` k m j f ` q a k m k f � te a ` a b f | i ` a k m ` a b s ^ q m j e a p z c a f p q f ` }` m i � � � ¤ q m j i j q ` f b q c j f p n m a q c j ak f � � £ h a e � b n f ` q m p � i c b n a k m � � £ k fj a ` µ f n b z a ` f p m b | ` i e m b b f | i ` a k m ` f b s� m j f p n f p m � d n c j m a p m h a f j e ` f b a q m p }� i c b n m i � i a n ` m p m g m b q d c f p n f b f a d q a p }r m i a j a ` q a k f � Ü b f | i ` a k m ` a b � k f � ¥

| ` i e m b k c � f ` f p n f b � f j b f i e m ` n � � d c m s¡ m � f h a t � u � � a n i a f j k f � q a ` n f c ` a b �u a n ` c j m p c a d h � c b q m b � b e f q c a c b h � f b }e m p b a � c d c k a k f b h ^ i n m j � g f d h w a b q m b h� ` a p b e m ` n f b h � c b q m b � c p a p q f c ` m b h w ` x }k c n m h u f b b m a b f � i ` a d Þ ^ p c j a c b su a ` a � a i ` c q c m v z f n d f ` h k c ` f n m ` k f� a ` µ f n c p | k a f j e ` f b a h m ` f b i d n a k m k ma p m e a b b a k m j m b n ` a � i f a b q m j e a p z c a bk f b f | i ` m b � ` a b c d f c ` a b f b n ~ m ` f a d j f p n fc p n f ` f b b a k a b f j e ` m j m g f ` i j k f b f p }g m d g c j f p n m n f q p m d � | c q m � i f e f ` j c n aa d a g a p q a ` p m g m b p f | � q c m b s � ¡ m � f � {p ~ m x j a c b e m b b l g f d e f p b a ` p a | f b n ~ mk f e ` m q f b b m b k f b f | i ` m b b f j m i b m c p }n f p b c g m f c p n f d c | f p n f k a n f q p m d m | c a k ac p � m ` j a r ~ m s ^ d x j k f j c p c j c � a ` ` c b q m bm e f ` a q c m p a c b h a | c d c � a m a n f p k c j f p n m a mq d c f p n f h a m q m ` ` f n m ` f g c a � c d c � a p f | � q c m b� i n ` m � a n m ` � i f n f j c j e i d b c m p a k m mb f n m ` x � i f m b c p g f b n c j f p n m b f j � t p ~ mf b n ~ m ` f b n ` c n m b b m j f p n f ½ b | ` a p k f b q m j }

e a p z c a b s � � f | i ` a k m ` a b k f p c q z m n a j }� x j f b n ~ m k f j a p k a p k m p m g a b b m d i r � f bf b f ` g c r m b s ^ n i a d j f p n f h � i a b f j f n a k fk a p m b b a q a ` | a k f n ` a � a d z m x b m d c q c n a k ae m ` f b b a b f j e ` f b a b � h ` f g f d a v z f n d f ` s§ m j f ` q a k m c p n f ` p a q c m p a d h m p k f m_ ` a b c d q m j f r a a j a ` q a ` e ` f b f p r a n a j }� x j p m b f | j f p n m n f q p m d � | c q m h a t � u � �f b e f ` a a e ` f b f p n a ` p m g c k a k f b f j � ` f g f he m c b m b e ` c p q c e a c b j f ` q a k m b � � � ^ f� a e ~ m � � { f b n ~ m b f ` f q i e f ` a p k m s� j k m b j m n c g m b e a ` a m m n c j c b j mf j � � � � x m j m k f d m k f p f | � q c m a k m }n a k m e f d a q m j e a p z c a s � § m b b a e ` m e m b }n a h k f f g m d i r ~ m n f q p m d � | c q a q m p n ` a n i a d hn f j � i p q c m p a k m j i c n m � f j s ^ b q m j }k f � a b a k a b f j ` f d a r ~ m a m j f ` q a k m s t b b mp m b k c � f ` f p q c a f j ` f d a r ~ m a m b k f j a c b� m ` p f q f k m ` f b f j m b n ` a � i f m q d c f p n fg a d m ` c � a m b c p g f b n c j f p n m b ` f a d c � a k m bv z f n d f ` s

MERCADO26

Revista Seguro Total - 2010

� ` y p b c n m h j f k m h m d z a ` f b a n f p n m b fe ` f m q i e a r ~ m b ~ m a d | i j a b e a d a g ` a b� i f k f b q ` f g f j m q m n c k c a p m a n i a d k ae m e i d a r ~ m � ` a b c d f c ` a s t p � f d c � j f p n f ha g c m d o p q c a f b n { j i c n m e ` f b f p n f p a` f a d c k a k f k m u a l b s u ` m � f n m b b m q c a c b he m d c q c a j f p n m p a b ` i a b f j a c b c d i j c }p a r ~ m b ~ m n ` a � a d z a k a b k c a ` c a j f p n fe a ` a k c j c p i c ` f b b f � i a k ` m h j a b � i ` }n m b f a b b a d n m b ½ j ~ m a ` j a k a k f g f l }q i d m b h b f | i c k m k f ` m i � m h f b n ~ m f p n ` fa b � i f c � a b j a c b q m j i p b f p q m p n ` a k a bp a b k f d f | a q c a b s^ � ` m n a a i n m j m � c d l b n c q a k m _ ` a }b c d q ` f b q f q m p b c k f ` a g f d j f p n f s ¡ m � f hb ~ m b f c b j c d z � f b k f a i n m j � g f c b q c ` }q i d a p k m p a q a e c n a d e a i d c b n a f � � j c }d z � f b p m � b n a k m k f � ~ m u a i d m s u a ` ab f n f ` i j a c k f c a h m � b n a k m k f � ~ mu a i d m � a n f i ` f q m ` k f k f � i ` n m b f ` m i }� m b k f g f l q i d m b f j � � � ¤ h q m j � � �j c d m q m ` ` o p q c a b h i j q ` f b q c j f p n m k f� � £ f j ` f d a r ~ m a m a p m a p n f ` c m ` s� p n ` f m e f ` l m k m k f � � � � f � � � ¤ hm a i j f p n m k m p � j f ` m k f g f l q i d m b` f | c b n ` m i a d n a k f � Ý £ h m f � i c g a d f p }n f a � � j c d z � f b k f i p c k a k f b p m g a bp a b ` i a b s � c a p n f k f b b a b c p � m ` j a r � f b hx q m j e ` f f p b l g f d f p n f p k f ` m q ` f b q c }j f p n m k a c p k � b n ` c a k m ` m i � m p f b b fb f n m ` sw m j f b b f p � j f ` m k f g f l q i d m b f jq c ` q i d a r ~ m f m ` f | c b n ` m k f k f p � p q c a bk f � i ` n m b f ` m i � m b h b i ` | f j p m g a bm e m ` n i p c k a k f b e a ` a m j f ` q a k m k fa d a ` j f b h ` a b n ` f a k m ` f b h g a q c p a b a p n c }@ A B C D E C A F D G H D @ D I A B J D E K L A B G M A N D G B O H D @ D D I P M C A @ D Q R S A A J H S P K S B K D B S BB D A J I S C A @ @ G C T @ G S E D K G S E D M UA @ S P V S I A D P C S J T F A G B U

� i ` n m f � d c p k a | f j h f p n ` f g { ` c m b m i }n ` m b e ` m k i n m b � i f n f p n a j k c � c q i d n a ` aa r ~ m k m b � a p k c k m b s� m b q a ` ` m b ` m i � a k m b h a e ` m � c j a }k a j f p n f Ü � £ b ~ m ` f q i e f ` a k m b s �` f b n a p n f x k c ` f q c m p a k m e a ` a k f b j a p }q z f b c d f | a c b h e a ` a a k i d n f ` a r ~ m f h f je m i q m b q a b m b h b a f j k m n f ` ` c n � ` c m p a }q c m p a d s � f b n f b n ` o b k f b n c p m b h m e ` c }j f c ` m h f j a c b f � e ` f b b c g m h x m d m q a dm p k f b ~ m ` f n c ` a k a b a b e f r a b k f j a c m `e ` m q i ` a e a ` a a � a b n f q f ` m j f ` q a k me a ` a d f d m h � i f q ` f b q f q m p b n a p n f j f p }n f f e m ` m p k f q c ` q i d a j j c d z a ` f b k f` f a c b k c a ` c a j f p n f s � l p k c q f k f ` m i }� m b k f q a k a j m k f d m f b n { ` f d a q c m p a k m½ e ` m q i ` a k f b b a b e f r a b h d f g a p k m } b ff j q m p n a e ` f r m h | ` a i k f i b m f f b q a b }b f � k a b j f b j a b p m j f ` q a k m m � c q c a d s^ b b a d n m b b ~ m f p q m j f p k a k m b p mm � � f n c g m k f m � n f ` k f n f ` j c p a k a b e f }r a b e a ` a m f b n m � i f k a b d m � a b c d f | a c b s� b g f l q i d m b j a c b e ` m q i ` a k m b | f ` a jd i q ` m b q ` f b q f p n f b e a ` a f b b f n c e m k f� q m j f ` q c a p n f � s u m ` c b b m h m b a i n m j � }g f c b f a b j m n m q c q d f n a b � i ` n a k m b m i` m i � a k m b h k f e m c b k f q m ` n a k m b h d c n f }` a d j f p n f b ~ m k f b j a p q z a k m b s � i a be f r a b b ~ m b f e a ` a k a b f g f p k c k a b a i je ` f r m � a b n a p n f b c | p c � c q a n c g m h e a b b a p }k m a g a d f ` a n x q c p q m g f � f b j a c b � i fk m g a d m ` e a | m e f d m q a ` ` m su a ` a b f f p n f p k f ` j f d z m ` � i a p n mk c p z f c ` m x j m g c j f p n a k m p f b n f j f ` }

q a k m e a ` a d f d m h e m k f } b f ` f a d c � a ` i jq { d q i d m s § m _ ` a b c d h a j x k c a k f q a ` }` m b ` m i � a k m b x k f � � � j c d g f l q i d m be m ` a p m û p m � b n a k m k f � ~ m u a i d m b ~ mq f ` q a k f � � � j c d s � f b b f p � j f ` m h b ~ m` f q i e f ` a k m b f j n m ` p m k f Ü � £ h m ib f � a h b ~ m f p q m p n ` a k m b � � j c d h ` f e ` f }b f p n a p k m m g a d m ` k f � ¢ � h � � c d z � f ba m a p m f � ¢ Ý � c d z � f b b f q m p b c k f ` a ` }j m b m e a l b s¦ e ` f q c b m k f c � a ` q d a ` m � i f f � c b }n f j m b k f b j a p q z f b d f | a c b s � b b a bd m � a b b ~ m a � f ` n a b a m e � � d c q m f j | f }` a d f q m j e ` a j a i n m j � g f c b � i f p ~ mb ~ m j a c b a i n m ` c � a k m b a q c ` q i d a ` e f d a b` i a b h m i b f � a h g c ` a ` a j b i q a n a e m ` a d }| i j j m n c g m s w m j p m n a � c b q a d h f b b a be f r a b b ~ m q m j f ` q c a d c � a k a b f ` f g f p }k c k a b e m ` e ` a n c q a j f p n f a j f n a k f k me ` f r m k f j f ` q a k m s � f e m c b k f b f ` f jq m j e ` a k a b f q m d m q a k a b ½ g f p k a p m }g a j f p n f h m b e ` m e ` c f n { ` c m b k f k f b }

MERCADO 27

Revista Seguro Total - 2010

j a p q z f b d f | a c b k f g f j j a ` q a ` a b e f }r a b q m j m p � j f ` m k m q z a b b c h q m j m� m ` j a k f b f | i ` a p r a f | a ` a p n c a s� f b b f j m k m h q i j e ` c ` ~ m a � f c� b n a k i a d p 5 � ¥ s Ü � Ý h k f � ~ m u a i d m hf a � f c p 5 Ü s � � � h k m � c m k f � a p f c ` m h� i f f � c | f j � i f a b a i n m e f r a b i b a }k a b ½ b f ` f j q m j f ` q c a d c � a k a b b f � a j| ` a g a k a b q m j m b p � j f ` m b k m q z a b b ck m g f l q i d m s � { f � c b n f i j e ` m � f n m k f� f c � f k f ` a d f j n ` y j c n f p m w m p | ` f b }b m § a q c m p a d f � c | c p k m a m � ` c | a n m ` c f }k a k f k a j a ` q a r ~ m k f e f r a b i b a k a bf j n m k m _ ` a b c d q m j a p i j f ` a r ~ m k mq z a b b c s� f b k f a b i a c j e d a p n a r ~ m p m a p mk f � � � ¥ h a j a ` q a r ~ m k a b e f r a b k fg f l q i d m b q m p n ` c � i c i f � f p f � c q c m i k c }` f n a j f p n f m n ` a � a d z m k a e m d l q c a p ac k f p n c � c q a r ~ m f ` f q i e f ` a r ~ m k m � f j` m i � a k m m i � i ` n a k m s � � c q m i j a c b� { q c d c k f p n c � c q a ` m a i n m j � g f d h e ` m }e ` c f n { ` c m h f e ` c p q c e a d j f p n f h m ` f q f e }n a k m ` f g f p k f k m ` k f e f r a b c d f | a c b s ^j a ` q a r ~ m b f n m ` p m i a e ` c j f c ` a e ` m g aj a n f ` c a d q a e a � k f a i � c d c a ` a e m d l q c a aq m j e ` m g a ` m q ` c j f k f ` m i � m k f q a ` }` m b f j m n m b � h a � c ` j a � { ` c m w a b b c m� a i ` c q c m h k c ` f n m ` q m j f ` q c a d k a � § ^� f q i ` c n ´ s ^ f j e ` f b a h f b e f q c a d c � a k ap m b f ` g c r m h � { | ` a g m i j a c b k f ¥ � �j c d g f l q i d m b f a n f p k f ½ b e ` c p q c e a c bb f | i ` a k m ` a b k m j f ` q a k m st p � f d c � j f p n f h x b f j e ` f c j e m ` n a p }n f d f j � ` a ` � i f � i f j q m j e ` a e f r a b` m i � a k a b n a j � x j f b n { q m d a � m ` a p k me a ` a a d c j f p n a ` a c p k � b n ` c a k m q ` c j f su a ` a b f n f ` i j a c k f c a k a f � c q c o p q c ak a j a ` q a r ~ m k f e f r a b h a b b f | i ` a k m }` a b m � n c g f ` a j ` f k i r ~ m k f a n x Ý � £ p a� ` f � i o p q c a k f ` m i � m f � i ` n m h q m j e a }

` a k m a m b g f l q i d m b p ~ m | ` a g a k m b s� ^ j a ` q a r ~ m k f e f r a b n f j b c k mm j f c m j a c b f � c q a � k f k f b c p n f ` f b b a `m b � a p k c k m b a ` m i � a ` f j i j q a ` ` m s^ b e ` c p q c e a c b e a ` n f b k m a i n m j � }g f d b ~ m | ` a g a k a b q m j m p � j f ` m k mq z a b b c h k c � c q i d n a p k m j i c n m a a r ~ m k mk f b j a p q z f s � b a k f b c g m b q m d a k m b p mg f l q i d m c p c � f j m e m b b l g f d c p n f ` f b b a }k m s t b b m a q a � a � a � f p k m q m j � i f m bd a k ` � f b b f k f b c p n f ` f b b f j e f d m b g f l }q i d m b j a ` q a k m b h f g c n a p k m n a j � x j ma b b a d n m f a | c p k m q m j m i j j m k m k fb f | i ` a p r a e a b b c g a s ^ d x j k f e ` f b f ` }g a ` m � f j f a g c k a k m j m n m ` c b n a � h f � }e d c q a m f � f q i n c g m s� j j f p m ` e ` m e m ` r ~ m h f b n { a ` f }g f p k a p m _ ` a b c d k f q a ` ` m b q d m p a k m b hm i b f � a h b ~ m g f l q i d m b � i f n o j b i ac k f p n c � c q a r ~ m m i m b k m q i j f p n m b a d n f }` a k m b h f b ~ m ` f g f p k c k m b e m ` � i a k ` c }d z a b p m j f ` q a k m p a q c m p a d s ^ j f p m `e a ` n f k f c � a m e a l b h i j a g f � � i f h m

j a c m ` j f ` q a k m ` f q f e n a k m ` x k f e f r a b hm p k f a ` a b n ` f a � c d c k a k f x j a c b k c � l q c d s� f a q m ` k m q m j a � f q ` f n a ` c a k f� f | i ` a p r a u � � d c q a k m � b n a k m k f � ~ mu a i d m h m b l p k c q f b k f q ` c j c p a d c k a k fk m n f ` q f c ` m n ` c j f b n ` f k f � � � ¤ k c j c }p i l ` a j f j ` f d a r ~ m a m b k m c b e ` c j f c }` m b n ` c j f b n ` f b k m a p m s ^ a p { d c b f k m bk a k m b k f b n f n f ` q f c ` m n ` c j f b n ` f a e m p }n a ` f k i r ~ m p m b q ` c j f b q m p n ` a m e a }n ` c j ¾ p c m p m � b n a k m h f j q m j e a ` a r ~ ma m n ` c j f b n ` f a p n f ` c m ` � j f p m b � h Ý ¤ £p m b ` m i � m b f Ü h � Ý £ p m b � i ` n m b k fg f l q i d m b s � m b f | i p k m e a ` a m n f ` q f c }` m n ` c j f b n ` f h m b ` m i � m b k f g f l q i d m bq a l ` a j k f � ¤ s � � � e a ` a � � s Ü Ü � f m b� i ` n m b k m b g f l q i d m b h k f �   s � Ü   e a ` a� Ý s Ý � ¤ s� b k a k m b k a n a � f d a b ~ m k a � f q ` f }n a ` c a k f � f | i ` a p r a u � � d c q a k m � b n a k mk f � ~ m u a i d m h m p k f Ü ¤ £ k m b q a b m bb ~ m k f � i ` n m f � � £ b ~ m k f ` m i � m h n f p }k m i j a ` f q i e f ` a r ~ m k f � � h Ü £ �

ESPECIAL28

Revista Seguro Total - 2010

^ e � b k x q a k a b k f j m p m e � d c m h p m� i a d a b q m j e a p z c a b b f | i ` a k m ` a b � ` a }b c d f c ` a b m � ` c | a n m ` c a j f p n f q m p n ` a n a g a j` f b b f | i ` m b q m j m t p b n c n i n m k f � f b b f }| i ` m b k m _ ` a b c d � t � _ � a n i a d j f p n f ` f }p m j f a k m t � _ } _ ` a b c d � f � h a a n c g c k a k fk f c � m i k f b f ` f � q d i b c g c k a k f k m � b n a k m s� j � � � � h k f e m c b k f a p m b k f e ` f }e a ` a r ~ m h a p { d c b f b f k f � a n f b h a a n c g c }k a k f � m c ` f | i d a j f p n a k a e m ` j f c m k a� f c w m j e d f j f p n a ` p 5 � � Ý Þ � � � � f e f d a� f b m d i r ~ m p 5 � Ý   Þ � � � � h k a � i e f ` c p n f p }k o p q c a k f � f | i ` m b u ` c g a k m b � � i b f e � hk a p k m h a b b c j h c p l q c m a i j a p m g a f n a e ap m j f ` q a k m b f | i ` a k m ` p m u a l b s^ a � f ` n i ` a k f j f ` q a k m q ` c m i i j ab x ` c f k f f � e f q n a n c g a b e m ` p m g m b e ` m k i }n m b f b f ` g c r m b û e m b b c � c d c n m i a f p n ` a k a k f` f b b f | i ` a k m ` a b f b n ` a p | f c ` a b h � i f e a b b a }` a j a a n i a ` q m j m a k j c n c k a b m i f g f p n i }a c b û f q m p n ` c � i c i e a ` a m f b n a � f d f q c j f p n mk f p m g a b ` f | ` a b k f j f ` q a k m h q a e a � f b k f` f | i d a ` a a n i a r ~ m k a b f j e ` f b a b f n m ` p a `m b f n m ` j a c b a n ` a f p n f f q m j e f n c n c g m s� f | i p k m � m ` | f � i c � w a j c p z a h e ` f }b c k f p n f k f v i ´ w a ` e f p n f ` h k f b k f � ¤   Ük m t � _ } _ ` a b c d � f s � p n ` f n a p n m h f b b f b m }p z m b m j f p n f g f c m a b f ` ` f a d c � a k m ` f q f p }n f j f p n f s � � m c a l � i f n m j a j m b q m p n a n mq m j a ` f a d c k a k f k m j f ` q a k m a � f ` n m s^ p n f b h f p � i a p n m b f f b e f ` a g a � i f m t � _ }n m b q m b n i j a g a j k c � f ` q m c b a b q m j m ó a bn a � a b k f � i ` m b q a c ` ~ m ô h ó m t � _ b f ` { ab m d i r ~ m e a ` a a b b f | i ` a k m ` a b e f � i f p a b ô hó m b ` f b b f | i ` a k m ` f b b � b f c j e m ` n a j q m ja b b f | i ` a k m ` a b | ` a p k f b h q m j a � i f d a b� i f q m p n a j q m j | ` a p k f g m d i j f k fe ` o j c m b ô s � a b h p a g f ` k a k f h � i a p k m mj f ` q a k m f � f n c g a j f p n f � m c a � f ` n m h � i a }b f p a k a b f q m p q ` f n c � m i s � � i f f � c b n c af ` a i j a g c b ~ m k c b n m ` q c k a k a ` f a d c k a k f hj a b � i f z m � f x k f g c k a j f p n f e m b b l g f df p n f p k f ` � s

� i ` a p n f j i c n m b a p m b h m t � _ � m c e ` m }q i ` a k m e m ` b f | i ` a k m ` a b h � i f q z f | a g a ja n x f d f p a n i ` a d j f p n f h p ~ m k f j a p k a p k mp f p z i j f b � m ` r m e m ` e a ` n f k a f b n a n a d s^ e � b � � � � h f b b f q f p { ` c m j i k m i s � � fm d z a ` j m b e a ` a m b f � f c n m b ` f a c b h g c p k m bk f a p m b k f f � q d i b c g c k a k f h m � i f b f g ox � i f m j m p m e � d c m a i � c d c m i a q ` c a r ~ mk f e m d l n c q a k f q m p b f ` g a r ~ m k m j f ` q a k m he m ` � i f n c ` m i k a b b f | i ` a k m ` a b k f j f }

p m ` e m ` n f a e m b b c � c d c k a k f k f m e f ` a ` f jk f n f ` j c p a k m b p c q z m b s w d a ` m � i f z m i g fq m p q f p n ` a r ~ m k f j f ` q a k m f j � i p r ~ mk f m i n ` m b � a n m ` f b h q m j m a q m p n f q f i f jj i c n m b m i n ` m b b f | j f p n m b h f b e f q c a d j f p }n a j � x j a i � c d c m i c b b m � h k f b n a q a s^ d c a k a a f b b f � a n m ` h a a � f ` n i ` a b fk f i f j i j j m j f p n m f j � i f m j i p }k m g c g f p q c a g a f j i j a k f b i a b e c m ` f b� i o p q c a h | ` a p k f e ` f m q i e a r ~ m e m ` e a ` n fk m j f ` q a k m j i p k c a d f j a g a d c a ` m b f � f c }n m b k f b b a q ` c b f b m � ` f a ` f p n a � c d c k a k f k mk m b a | f p n f b k m j f ` q a k m c p n f ` p a q c m p a d st p n f ` p a j f p n f h m u a l b g c g c a i j e f ` l m k m

k f k f q d l p c m k a b n a � a b k f � i ` m b s � c a p n fk f b b a b c n i a r ~ m h a b b f | i ` a k m ` a b � m ` a jm � ` c | a k a b a d c k a ` q m j i j q f p { ` c m q m j }e d f n a j f p n f p m g m s� � b a � a d m b p a f q m p m j c a | d m � a d p ~ me f ` j c n c ` a j � i f a b n a � a b q a l b b f j p m_ ` a b c d e m ` q m p n a k m a i j f p n m k a q m p q m ` }` o p q c a h q m p � m ` j f f ` a a | i a ` k a k m e f d mj f ` q a k m s � i b f � a h a f � e f q n a n c g a k m b f }n m ` p a q c m p a d f ` a q m p b f | i c ` n a � a b a c p k aj a c b � a c � a b h j a b c b b m p ~ m b f q m p q ` f n c }� m i h e m ` � i f h q m j a a � f ` n i ` a h m b e ` f r m be ` a n c q a k m b p m _ ` a b c d b ~ m k c ` f n a j f p n fa � f n a k m b e f d m q f p { ` c m c p n f ` p a q c m p a d � hf � e d c q a � a � � z c f ` j a p p h e ` f b c k f p n f k a^ d d c a p � � f | i ` m b s� j � m ` a f b n f � a e ` f b n f b a q m j e d f }n a ` n ` o b a p m b k f f � c b n o p q c a h m j f ` q a k ma � f ` n m � ` a b c d f c ` m k f ` f b b f | i ` m b a c p k a x� a b n a p n f ` f q f p n f s � ^ a � f ` n i ` a g f c m a d }| i p b j f b f b a p n f b k m a i | f k a q ` c b f k m b }k m m b p m g m b m e f ` a k m ` f b q m j f r a ` a j a` f q f � f ` b i a b a i n m ` c � a r � f b m i ` f | c b n ` m be a ` a a n i a ` f j p m _ ` a b c d h a b c n i a r ~ m f ` af � n ` f j a j f p n f k f d c q a k a f h e m ` c b b m hz m i g f i j a p a n i ` a d ` f n ` a r ~ m p m e ` m q f b }b m k f j i k a p r a b � h f � e d c q a � m d � � n f c p f ` h

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k c ` f n m ` q m j f ` q c a d k a � ò c b b � f e a ` a m_ ` a b c d f w m p f � i d � ^ ` | f p n c p a h w z c d f h� ` i | i a c f u a ` a | i a c � s� � � f n c g a j f p n f h m j f ` q a k m b m j f p n fq m j f r m i a m e f ` a ` q m j m j f ` q a k m a � f ` }n m a e f p a b a e a ` n c ` k m e ` c j f c ` m n ` c j f b }n ` f k f � � � ¤ � h q m j e d f j f p n a a _ ` a k f b q m^ i n m Þ � � w m j e a p z c a k f � f | i ` m b s� p n ` f n a p n m h a e f b a ` k m b i b n m h a ` f q i }e f ` a r ~ m k m b j f ` q a k m b k f c p g f b n c j f p n m| d m � a c b � f � q m j � i f � � � ¤ b f n m ` p a b b fi j a p m j i c n m d i q ` a n c g m e a ` a a c p k � b n ` c ak m ` f b b f | i ` m s � p � i a p n m a b b f | i ` a k m ` a bf p � ` f p n a j e ` m � d f j a b e a ` a j a p n f ` m � a }n i ` a j f p n m k f p n ` m k f i j q f p { ` c m f q m p ¾ }j c q m f j ` f q f b b ~ m h m b f n m ` k f ` f b b f | i ` m b� a c � m g m d i j f k f e f k c k m b k f c p k f p c � a }r ~ m q a i b a k m b e m ` q a n { b n ` m � f b p a n i ` a c b s� � j � � � ¤ h m b f n m ` p m _ ` a b c d q m p b m d c k m iq f ` q a k f � � ¢ � � c d z � f b h q m p n a p k m q m ji j a n a � a q a j � c a d � a b n a p n f � a g m ` { g f d � hc p � m ` j a w c k ^ p k ` a k f h k c ` f n m ` k a w a n d c p s� f b j m p ~ m a n f p k f p k m e d f p a j f p n fa m b f p b f � m b k m j f ` q a k m h a a � f ` n i ` a p ~ m� m c k f n m k a j { s ^ m q m p n ` { ` c m s u a ` a m g c }q f } e ` f b c k f p n f k a i p c k a k f ^ m p � c b µ � f ` }g c q f b h � a ` q f d m ¡ m j � i ` | f ` h � a � i f � ` ak m j m p m e � d c m k m ` f b b f | i ` m f m c p | ` f b }b m k f f j e ` f b a b f b n ` a p | f c ` a b p m j f ` q a }k m q m p n ` c � i l ` a j e a ` a m b i ` | c j f p n m k fp m g m b e ` m k i n m b f e m b n m b k f n ` a � a d z m h

q ` c a ` a j i j p m g m p c q z m k f j f ` q a k m fe ` m e m ` q c m p a ` a j i j a j � c f p n f q m j e f n c }n c g m � i f h b m j a k m b h a i � c d c a ` a j p a f g m }d i r ~ m k m u a l b � s� ^ p m g a k c p y j c q a k m j f ` q a k m | f ` m ia e m b b c � c d c k a k f k f f b q m d z a h e ` c p q c e a d j f p }n f p m b k f b f p z m b k f q m p n ` a n m b h � i f e a b b a }` a j a e f ` j c n c ` ` f n f p r � f b j a c b a e ` m e ` c a }k a b f e ` f r m b j a c b q m j e f n c n c g m b � h a e m p n a§ c q m d a i � a i k n h w � � k a � � � � f sw d { i k c m � a � a h k c ` f n m ` k f ` c b q m b f b }e f q c a c b k a � a ` l n c j a � f | i ` m b h k f b n a q a a� i f b n ~ m k a q a ` n f c ` a k f e ` m k i n m b s � w m ja a � f ` n i ` a h a b f j e ` f b a b n c g f ` a j a e m b }b c � c d c k a k f k f a e ` f b f p n a ` b i a q a ` n f c ` a k f

e ` m k i n m b f b f ` g c r m b a i j p � j f ` m j a c m `k f c p n f ` f b b a k m b f e m n f p q c a c b q d c f p n f b s� f b j m � i f c b b m p ~ m n f p z a | f ` a k m q m p }j m b n ` a ` a f j e ` f b a h b i a q a e a q c k a k f fb f i ñ ã ç ø W ù ç ø a m j f ` q a k m � h k c � s^ � � f q i n c g f w d c f p n � a p a | f ` k a� i p c q z � f h ^ k ` c a p a � f f j a p p h q m p n a �� u m k f j m b a c p k a j f p q c m p a ` q m j m � f }p f � l q c m b a | f ` o p q c a k m p f | � q c m q m j m` f b e m p b a � c d c k a k f k a b f | i ` a k m ` a f j` f d a r ~ m a n a � a b n x q p c q a b f ` f | i d a r ~ mk f b c p c b n ` m b h f i j a j a c m ` | a j a k fb f ` g c r m b � s^ b q m ` ` f n m ` a b k f ` f b b f | i ` m n a j }� x j g c g f p q c a ` a j j i k a p r a b e m b c n c g a b s

� ^ e � b a a � f ` n i ` a h a b q m ` ` f n m ` a b e a b b a }` a j a n f ` g { ` c m b q d c f p n f b � b f | i ` a k m ` a b � hf p � i a p n m � i f p m e a b b a k m n c p z a a e f p a bm t � _ } _ ` a b c d � f q m j m q d c f p n f � h ` f b b a d n a¡ m j � i | f ` h k a ^ m p sk f ` f b b f | i ` m � m c ` f q m p z f q c k a f m n ` a � a }d z m k m � ` m µ f ` g f j b f j m b n ` a p k m � i p k a }j f p n a d h � { � i f h j f b j m a p n f b k a a � f ` n i ` a hk f g { ` c m b j f ` q a k m b h f q m d f n a k f e ` o j c m bf e a | a j f p n m b k f b c p c b n ` m b q m j e d f � m b c p }q d i c p k m g { ` c m b e a ` n c q c e a p n f b s^ a � f ` n i ` a f b n { b f p k m j i c n m e ` m g f c }n m b a f c j e m ` n a p n f e a ` a m _ ` a b c d h i j a g f �� i f m e a l b f b n { q a k a g f � j a c b | a p z a p }k m k f b n a � i f p m q f p { ` c m c p n f ` p a q c m p a d s� § ~ m b � p m g a b f j e ` f b a b f b n ` a p | f c ` a be a b b a ` a j a � a � f ` p f | � q c m b m i c p | ` f b }b a ` a j p m e a l b h q m j m n a j � x j z m i g f af � e a p b ~ m k a b j i d n c p a q c m p a c b � ` a b c d f c }` a b e a ` a p m g m b j f ` q a k m b � h q m p n a � a �� z c f ` j a p p h k a ^ d d d c a p � s� j � i f e f b f a q ` c b f � { j f p q c m p a }k a h m j f ` q a k m � ` a b c d f c ` m n f g f i j � m jk f b f j e f p z m b f q m j e a ` a k m a m i n ` m bj f ` q a k m b f j � � � ¤ s ^ n x p m g f j � ` me a b b a k m h m b k a k m b k a � i b f e a e m p n a }g a j e ` o j c m k f � ¢ � h � � c d z � f b s� f | i p k m f b n i k m b k a { ` f a k f � � w� X è ç ã ç ÷ â è Y ä á ä ð æ è ù Z [ ç ã á à ï ê â ã ë �

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u f b � i c b a � q m p ¾ j c q a f w m p b i d n m ` c a � k a� ò c b b � f h � f c n m b a e a ` n c ` k f k a k m b e � }� d c q m b h m b e ` o j c m b k f ` f b b f | i ` m q ` f b }q f ` a j j a c b � i f m b e ` o j c m b k f b f | i ` m bp m _ ` a b c d p m � d n c j m a p m s � ^ b d c p z a b � i fj a c b q m p n ` c � i l ` a j e a ` a m q ` f b q c j f p n mj a c b � m ` n f k m ` f b b f | i ` m � m ` a j � i ` a d h� p | f p z a ` c a h � c b q m b � c p a p q f c ` m b f � w � hf b q d a ` f q f � m d � � n f c p f ` h k a � ò c b b � f su a ` a � � � � h a b q m j e a p z c a b a n i a p n f bp m b f n m ` f b n c j a j q ` f b q c j f p n m k f � � £f j ` f d a r ~ m a m a p m a p n f ` c m ` h c j e i d b c m p a k me m ` f j e ` f f p k c j f p n m b ` f d a q c m p a k m b ½ ` f a }d c � a r ~ m k a w m e a k m � i p k m h f j � � � � û k m b� m | m b � d l j e c q m b h f j � � � Ý û f e m ` m � ` a bk m u ^ w f k m u ` x } � a d s¦ b a � c k m � i f m j f ` q a k m a c p k a x ` f }q f p n f f � i f n m k m b f b n ~ m b f a k f � i a p k m ½ b` f | ` a b k m � m | m h j a b h � i f b n c m p a k m b b m }� ` f a b j i k a p r a b p f q f b b { ` c a b e a ` a m � i fb f n m ` n f p z a m k f b f j e f p z m c k f a d k a � i ce a ` a � ` f p n f h m b f p n ` f g c b n a k m b a e ` f b f p n a }` a j a b b f | i c p n f b b i | f b n � f b �� m p a d k ¶ a i � j a p p h k c ` f n m ` k a � q m ` h}n i k m b f e f b � i c b a b h q a e a � f b k f c p k c q a ` b i a be ` c p q c e a c b q a ` a q n f ` l b n c q a b f k f b f i b î ï ð ] ä æ á s� { w c k ^ p k ` a k f h k a w a n d c p h q m j f p n a �� v m b n a ` c a � i f a � i b f e b f b f p b c � c d c � a b b f� i f e ` f n f p k f c j e d a p n a ` f � i f a b p m g a b

a d l � i m n a b k f c j e m b n m b e a ` a ` f j f b b a b a mf � n f ` c m ` � m b b f j ` f k i � c k a b � s� f | i p k m § c q m d a i � a i k n h k a � � � � f hm e ` m � d f j a j a c m ` f b n { p a � a d n a k f j ~ m }k f } m � ` a s � � � i f � a d n a z m � f x j ~ m } k f }m � ` a f b e f q c a d c � a k a s ^ � i p f p b f | � a � i jf � q f d f p n f n ` a � a d z m p a { ` f a f k i q a q c m p a d he m ` x j m j f ` q a k m q ` f b q f i j a c b � i f a� ^ q ` f k c n m � i f a e ` c p q c e a d j i k a p r ak f g a m q m ` ` f ` f j ` f d a r ~ m ½ a k f � i a r ~ mk f n a � a b f q m p k c r � f b h f j f d z m ` c a b p a� f f j a p p h k a � i p c q z � f s }n i a r ~ m p ~ m n f j b c k m k a b j f d z m ` f b e a ` am j f ` q a k m s ^ e f b a ` k a a j e d a g a ` c f k a k fk f f j e ` f b a b � f � c b n f j q f ` q a k f � � f j }e ` f b a b a n i a p n f b � h q m j e a p z c a b b f | i ` a }k m ` a b f b f i b b f | i ` a k m b f b n ~ m e a b b a p k me m ` j a i b j m j f p n m b e a ` a q m p n ` a n a ` ` f b }b f | i ` m e a ` a b f i b ` c b q m b s� m ` | f � i c � w a j c p z a h k a v i ´ w a ` e f p }n f ` h q m p n a � i f � a b f � c | o p q c a b � i f z m � f b ~ m� f c n a b e f d m j f ` q a k m e a ` a a b i � b q ` c r ~ m k f` c b q m b f ` a j a p n f ` c m ` j f p n f c | p m ` a k a b s � a l� k c ` f n m ` k a � c d d f ` k m _ ` a b c d h � { ` }q c m w m ` ` o a h q m j e d f n a � � ^ e a ` n c ` k f a | m }` a z a g f ` { q a k a g f � j a c b e f k c k m b ` f }q i b a k m b h j a c b ` f b n ` c r � f b h e m c b z { i j a

e m d l n c q a k f b i � b q ` c r ~ m ` f a d h � i f q m p b c }}q f c ` a h q m p q f c n m b f ` f j i p f ` a r � f b � su a ` a m e ` f b c k f p n f k a ^ w � � f | i ` m b h� a ` q m b w m i n m h m e ` m � d f j a p ~ m f b n {d c | a k m ½ b ` f b b f | i ` a k m ` a b s � � f � a n m hj i c n a b f j e ` f b a b p ~ m f b n ~ m q m p b f | i c p }k m q m d m q a ` b f i b ` c b q m b f c b b m h f g c k f p n f }j f p n f h q a i b a i j a b x ` c f k f n ` a p b n m ` p m bn a p n m ½ f j e ` f b a � i a p n m a m b f i b f | i }` a k m s � p n ` f n a p n m h p a m i n ` a e m p n a h n f jj i c n a | f p n f � i f q m p b f | i f � a � f ` h f e m `i j b c j e d f b j m n c g m � f b n ~ m � a � f p k m k c }q m p n a k a e ` f b n a r ~ m k f c p � m ` j a r � f b c p }q m j e d f n a b h f � i c g m q a k a b s ³ i a p n m j a c bc p � m ` j a r � f b � m ` f j ` f e a b b a k a b a m ` f b }b f | i ` a k m ` h j a c m ` b f ` { a q z a p q f k f j f }d z m ` a ` m ` c b q m f k f q m � ` c } d m � h a b b f | i ` a s� f b k f � � k f � a p f c ` m k f b n f a p m h a ` f b f ` }g a k f j f ` q a k m k f n f ` j c p a k a a m b ` f b b f | i }` a k m ` f b d m q a c b � m c ` f k i � c k a h e a b b a p k m k fÝ � £ e a ` a � � £ s � f b n a j a p f c ` a h a g a p n a }| f j h c p c q c a d j f p n f a n ` c � i l k a a m b d m q a c b f� i f e f ` k i ` m i e m ` n ` o b a p m b h b f ` { ` f k i � c k a hq ` c a p k m j a c m ` j a ` | f j k f e m b b c � c d c k a k f bk f p f | � q c m b e a ` a m b ` f b b f | i ` a k m ` f b a k j c }n c k m b s � w a j c p z a } b f e a ` a i j p m g m q f p { ` c m hj a c b a � f ` n m f d c g ` f p a b q m p n ` a n a r � f b h q i � m be a ` a k c | j a b k f g f j e f ` j f a ` n m k m f � i a d }� i f ` b f | j f p n m f q m p ¾ j c q m p m u a l b s § ~ m z {j a c b f b e a r m e a ` a j f q a p c b j m b � i f q m p k c }q c m p f j a d c � f ` k a k f k f a | c ` k a b f j e ` f b a b � hu m d c k m h k a u m d c k m w m p b i d n m ` c a s� c a p n f k a p m g a p m ` j a h m i n ` a b ` f b e m p }b a � c d c k a k f b b i ` | f j e a ` a a b b f | i ` a k m ` a b s¡ m � f h m a j � c f p n f k m ` f b b f | i ` m x e d i ` a df h e m ` c b b m h k f j a p k a f b e f q c a d c � a r ~ m k a bq m j e a p z c a b s § f b n f q f p { ` c m h q a � f a m u m }k f ` u � � d c q m ` f | i d a k m ` j i p c q c a ` m j f ` q a }k m e m ` j f c m k f j f k c k a b q m p k i q f p n f b a m bp m g m b e a ` a k c | j a b h b f j a e a ` n a ` m _ ` a b c dk m b k f j a c b j f ` q a k m b c p n f ` p a q c m p a c b f n ~ me m i q m f b n c | j a n c � a } d m q m j � a n m ` f b k c � f }` f p q c a k m ` f b p ~ m f p q m p n ` a k m b f j m i n ` m be a l b f b s � � ` f b b f | i ` m x i j a m e f ` a r ~ m c p }n f ` p a q c m p a d e m ` f � q f d o p q c a f m _ ` a b c d p ~ me m k f ó p a q c m p a d c � a } d a ô � h k f b n a q a u m d c k m s

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§ m b � d n c j m b a p m b h m q ` f b q c j f p n m k m bp f | � q c m b k m j f ` q a k m b f | i ` a k m ` � ` a b c }d f c ` m e m k f b f ` m � b f ` g a k m e f d m a i j f p n mk m g m d i j f k f a ` ` f q a k a r ~ m s � f | i p k mk a k m b k a w m p � f k f ` a r ~ m § a q c m p a d k a b� j e ` f b a b k f � f | i ` m b v f ` a c b h u ` f g c k o p }q c a u ` c g a k a f � c k a h � a � k f � i e d f j f p n a `f w a e c n a d c � a r ~ m � w § � f | � h f j � � �   h mj f ` q a k m a ` ` f q a k m i � ¢ ¤ Ý h ¥ ¤   j c d z � f b sj f ` q a k m h j f k c k a e m ` b i a e a ` n c q c e a r ~ mp m u ` m k i n m t p n f ` p m _ ` i n m � u t _ � k m u a l b� ¥ h ¥ � £ p m j f b j m e f ` l m k m s� q ` f b q c j f p n m f � f n c g m ` f | c b n ` a k mp m b � d n c j m b a p m b n f j b c k m a q m j e a p z a }k m e f d m a e ` c j m ` a j f p n m k m b e ` m q f b b m bk f p f | � q c m b k a b q m j e a p z c a b f k f b f i bb c b n f j a b k f c p � m ` j a r ~ m sv ` a p k f e a ` n f k m b i q f b b m k f i j aq m ` ` f n m ` a k f b f | i ` m b h b f | i ` a k m ` a m im e f ` a k m ` a k f b a � k f k f e f p k f k f i j� m j b c b n f j a k f a k j c p c b n ` a r ~ m f | f b }n ~ m k f e ` m q f b b m b s ^ b b c j h m b b c b n f j a bn m ` p a j } b f a d c a k m b c p k c b e f p b { g f c b e a ` am q m p n ` m d f f b n ` a n x | c q m k m b | a b n m b f hq m p b f � i f p n f j f p n f h q m p n ` c � i f j e a ` a a` f k i r ~ m k f k f b e f b a b s� b a ` a k f � i a k a j f p n f m b ` f q i ` b m bk c b e m p c � c d c � a k m b e f d a � f q p m d m | c a k a t p }q m c b a b h � i f a b { ` f a b ` f b e m p b { g f c b e f d a| f b n ~ m k f � t p a b f j e ` f b a b e ` f q c b a j q m }p z f q f ` e ` m � i p k a j f p n f b f i b p f | � q c m b h}q a k m ` f b e a ` a m b i e m ` n f ½ | f b n ~ m s� ^ � t n f j j i c n m a q m p n ` c � i c ` e a ` a mk f b f | i ` m b s � b e ` m q f b b m b m e f ` a q c m p a c bb ~ m b i e m ` n a k m b e m ` X ã ê ä æ î æ â á ä Y ä á ç à æ Wè ä å ï ð ã ã â ã ë � � � u � � � c b n f j a b t p n f | ` a }k m b k f v f b n ~ m � j e ` f b a ` c a d � f b c b n f j a b

À Ò Á Ã Ì Ò � À Å Ò Ì Ò � Ö Ì Í À Í � Ò � Ð À Ï ^ � Ä � À Í _ Ä Í Â � À Ð � Ì Ä ` Ö Ä Ì Ã Â Ì Â � Ö Ò � À Ì Ì Ò � À Ì Â Í ÒÍ Ò � Ö Ì Â Å À Ì Â Í À ` � Ò Ð � Â Á Í Ö � Ò Í Í À Ò Á Í Ò Ö Í Ð Ò � ^ � Ä À Í

k f ß à á â ã ä á á å æ ç è ä á á a ç � ä ï â ã ë � _ u �� � m k f d a | f j k f e ` m q f b b m b k f p f | � }q c m b � h � i f | a ` a p n f j j a c m ` q m p n ` m d f hb f | i ` a p r a f g f d m q c k a k f û a | m g f ` p a p r aq m ` e m ` a n c g a a b b f | i ` a a n ` a p b � m ` j a r ~ mk m q m p z f q c j f p n m f k m b k a k m b k a b f j }e ` f b a b f j g f ` k a k f c ` m b n f b m i ` m b û f a b� f ` ` a j f p n a b k f ß à á â ã ä á á b ã ê ä ï â ë ä ã è ä fe d a p f � a j f p n m q m p � f ` f j j a c m ` g a p n a }| f j q m j e f n c n c g a f | ` a p k f q a e a q c k a k fa p a d l n c q a � h f � e d c q a § f i � a � f ` ` f c ` a � m }q z a h k c ` f n m ` a k f � f q p m d m | c a f � e f ` a }r � f b k a ^ j c d s^ n f q p m d m | c a e m k f b f ` i j a � m ` n fk f p f | � q c m b h m � i f p m ` j a d j f p n f b f n ` a }a q a ` ` f n a p k m ` f k i r ~ m k f q i b n m b f � a ` a }n f a p k m m b b f | i ` m b s � a j � x j x e m b b l g f de ` m g f ` j a c b a d n f ` p a n c g a b a m b q m ` ` f n m ` f b }q m j i j b � d c k m b i e m ` n f k f g f p k a b su m ` q m p n a k f b f i f j e ` f | m h b c n i a r � f b

c j e m b b l g f c b z { a d | i p b a p m b q m p b n c n i f jz m � f i j a ` f a d c k a k f s u m ` f � f j e d m ha n i a d j f p n f x e m b b l g f d q m j f ` q c a d c � a `b f | i ` m e m ` q f d i d a ` f i n c d c � a ` f b n f q a p a de a ` a a j e d c a ` a m � f ` n a k f b f ` g c r m b f e ` m }k i n m b s� f | i p k m � a ` q m b � m p n f c ` m u f ` f c ` a hq m p b i d n m ` k f p f | � q c m b k a � n f � a p c p c t �� m d i n c m p b h m b q a p a c b k f k c b n ` c � i c r ~ m b ~ m� m q m f b n ` a n x | c q m k a b q m j e a p z c a b b f }| i ` a k m ` a b s � ^ c p n f ` p f n h q m j m q a p a d k fk c b n ` c � i c r ~ m f k f c p n f | ` a r ~ m f p n ` f e a ` }q f c ` m b k f p f | � q c m b h n f j e a e f d � i p k a }j f p n a d s ^ b f j e ` f b a b e ` f q c b a j a e ` f p }k f ` a i n c d c � a ` f b b f q a p a d e a ` a a d q a p r a `b f i e � � d c q m } a d g m f e a ` q f c ` m b k f p f | � }q c m b e a ` a k c b n ` c � i c r ~ m k f b f i b e ` m k i n m bj a p n f ` i j q a p a d k f q m j i p c q a r ~ m e f ` }^ _ ` a k f b q m � f | i ` m b f u ` f g c k o p q c aq m j e d f n a � � ^ n f q p m d m | c a x � i p k a j f p n a de a ` a k a ` b i e m ` n f ½ j a c m ` e ` c m ` c k a k f k mj f ` q a k m k f b f | i ` m b f j � � � � h � i f x k f }b f p g m d g f ` p m g m b q a p a c b k f a n f p k c j f p }n m h q m j m g c a c p n f ` p f n h ` f k f b k f g a ` f � m hj m � c d c k a k f f k a ` j a c m ` k c p y j c q a a mè ð ï ï è ä ã ê ä æ � sw m j m f j n m k a b a b m ` | a p c � a r � f b hm b g { ` c m b b f | j f p n m b f p q m p n ` a j } b f f jf b n { | c m b k c b n c p n m b k f a j a k i ` f q c j f p n mf q m p b m d c k a r ~ m s w f ` n a j f p n f h a c p k a z {j i c n m a b f � a � f ` h j a b k c g f ` b a b c p c q c a }n c g a b h a c p k a � i f f j f b n { | c m b f j � ` c m p { }` c m b m i f j f g m d i r ~ m h � { a | ` f | a j | ` a p }k f g a d m ` a n m k m b m b f d m b k a q a k f c a s� j � m ` a m b q i b n m b b f � a j q m j e ` m }g a k a j f p n f � a b n a p n f f d f g a k m b h j f b j me a ` a m b q m � ` f b k f i j a b f | i ` a k m ` a k f| ` a p k f e m ` n f h e m k f p k m g a ` c a ` k f b k f a d }| i p b e m i q m b j c d z a ` f b k f ` f a c b a n x q f p }

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n f p a b k f j c d z � f b h m c p g f b n c j f p n m f jb m d i r � f b n f q p m d � | c q a b x � i p k a j f p n a de a ` a f b n ` f c n a ` m ` f d a q c m p a j f p n m f p n ` fa b b f | i ` a k m ` a b Þ q m ` ` f n m ` f b f q d c f p n f b he ` m j m g f p k m a m � n f p r ~ m f ` f n f p r ~ m k fq d c f p n f b s � ^ ` f k i r ~ m k f q i b n m f a � i a d c }k a k f k m b f ` g c r m k f e f p k f f b b f p q c a d j f p }n f k a c j e d f j f p n a r ~ m k f i j a | f b n ~ m e m `e ` m q f b b m b g c p q i d a k a ½ f b q m d z a q m ` ` f n ak f � f ` ` a j f p n a b f e a ` q f c ` m b n f q p m d � | c }q m b � h f � e d c q a m | f ` f p n f f � f q i n c g m k f� f q p m d m | c a k a t p � m ` j a r ~ m k a � a ` b z_ ` a b c d h v a b e a ` � c p b s� b � f p f � l q c m b | f ` a k m b a e a ` n c ` k f b }b f c p g f b n c j f p n m b ~ m c p � j f ` m b h q m j mj a c m ` q m p n ` m d f b m � ` f e ` m q f b b m b f p ae ` f g f p r ~ m k f � ` a i k f b û | m g f ` p a p r aq m ` e m ` a n c g a h � i f a b b f | i ` a ` f n f p r ~ m k fq m p z f q c j f p n m n { q c n m f j f d z m ` | f ` f p }q c a j f p n m k f ` f q i ` b m b f m e m ` n i p c k a k f b ûf b n ` f c n a j f p n m q m j a � m ` r a k f g f p k a b }q c a f j f d z m ` k c b n ` c � i c r ~ m k f � f p f � l q c m be a ` a n m k m b û m n c j c � a r ~ m k f e ` m q f b b m b k fa i k c n m ` c a f ` f d a q c m p a j f p n m q m j � ` | ~ m b` f | i d a k m ` f b û | a ` a p n c a k f e f ` f p c k a k f k fa n c g m b m e f ` a q c m p a c b f c p � m ` j a q c m p a c b fa k c b e m p c � c d c � a r ~ m k f b b f b a n c g m b e a ` ai b m k a f j e ` f b a p a | f ` a r ~ m k f k c � f ` f p }q c a c b q m j e f n c n c g m b û | f b n ~ m c p n f | ` a k a fq f p n ` a d c � a k a h q m j e a k ` m p c � a r ~ m f g c b ~ mq m ` e m ` a n c g a û | a ` a p n c a k f a n f p k c j f p n ma q d c f p n f b h e a ` q f c ` m b f � m ` p f q f k m ` f b k f

p f | � q c m û g a p n a | f j q m j e f n c n c g a b m � ` fq m p q m ` ` f p n f b û f h j i c n m ` f q f p n f j f p n f hf j � m ` a a c p k a j i c n m c p q c e c f p n f h q m j i }p c k a k f b k f ` f d a q c m p a j f p n m � i f e ` m e c }q c a ` ~ m p m g m b j f ` q a k m b f a � m ` j a r ~ m k fp m g a b j a ` q a b f k f q a k f c a b k f g a d m ` a n xf p n ~ m e m i q m q m p z f q c k a b m i j f b j m a c p }k a k f b q m p z f q c k a b s^ � t x i j f d f j f p n m c j e m ` n a p n f p af b n ` a n x | c a e a ` a � a � f ` � ` f p n f ½ b e ` m � i p }k a b j i k a p r a b p m j f ` q a k m b f | i ` a k m ` hq m j m a a k m r ~ m k f p m g a b ` f | i d a j f p n a }r � f b h a d n f ` a r � f b p a b ` f | ` a b k f b m d g o p }q c a h m e f ` a r � f b q m j j c q ` m b b f | i ` m b f mc p q ` f j f p n m k a b m e f ` a r � f b k f ` f b b f | i }` m s ^ f � e f q n a n c g a x k f � i f a � t q m p n ` c }}` a q c m p a d p m b p f | � q c m b s � j n f j e m b k f� i b � f b Þ c p q m ` e m ` a r � f b f a n i a r ~ m f j p c }}e ` f b a b x � a n m ` � i p k a j f p n a d k f b i q f b b m s� p n ` f n a p n m h k f p a k a a k c a p n a c p g f b n c ` f jn f q p m d m | c a f p ~ m e ` f e a ` a ` � m ` n f j f p n f m b }| o p q c a b k m j f ` q a k m s ¦ e ` f q c b m q m j i }p c q a ` a m b � i p q c m p { ` c m b f q m d a � m ` a k m ` f b� i f a f j e ` f b a a k m n a ` { i j a n f q p m d m | c ap m g a f f � e d c q a ` b f i b m � � f n c g m b s� i c n a b m ` | a p c � a r � f b e m b c q c m p a j mk f e a ` n a j f p n m k f n f q p m d m | c a q m j m i j af b � f ` a b f e a ` a k a k a b k f j a c b { ` f a b h f c b b mx i j | ` a p k f f ` ` m s ^ � t x e a ` n f f b n ` a n x | c }q a k m p f | � q c m h e m b b i c p k m e a e f d k f q c b c }g m p m e d a p f � a j f p n m f b n ` a n x | c q m k a b f j }e ` f b a b f e a ` n c q c e a r ~ m a n c g a p a k c b q i b b ~ mk a b e ` c m ` c k a k f b k f p f | � q c m s� ¦ j i c n m c j e m ` n a p n f � i f a f j e ` f b a hc p k f e f p k f p n f k f b f i e m ` n f h m e n f e m ` i jb c b n f j a � i f e f ` j c n a a c p n f ` a r ~ m q m jm i n ` m b b m � n ò a ` f b � { f � c b n f p n f b h k f j m k ma n ` a � f ` c p � m ` j a r � f b � i f � m ` a j a d n f ` a }k a b f q ` i � a ` k a k m b h | a ` a p n c p k m a q m p }b c b n o p q c a k a b c p � m ` j a r � f b s t b b m � a � q m j� i f a f j e ` f b a | a p z f a | c d c k a k f f � i a d c }k a k f p m e ` m q f b b m k f | f b n ~ m q m j m i jn m k m � h k f b n a q a � x ` | c m � ¾ p a q m h k c ` f n m `k f j a ` µ f n c p | f g f p k a b k a � f � _ ` a b c d s� b b a c p n f | ` a r ~ m k f k a k m b f c p � m ` j a r � f ba i � c d c a p a | f b n ~ m f p a n m j a k a k f k f q c }b � f b h q m p n ` c � i c p k m e a ` a � i f a f j e ` f b aa d q a p q f m b m � � f n c g m b k f b f i p f | � q c m s

^ d x j k c b b m h g a d f ` f b b a d n a ` � i f p ~ mb ~ m a e f p a b a b b f | i ` a k m ` a b f q m ` ` f n m ` a bp f b b f e ` m q f b b m s � � q d c f p n f n a j � x j b a c| a p z a p k m q m j m b c p g f b n c j f p n m b � f c n m bf j � t h e m c b h a d x j k f m � n f ` i j a ` f b }e m b n a j a c b { | c d ½ b b i a b b m d c q c n a r � f b fp f q f b b c k a k f b h f d f a c p k a q m p b f | i f i j` f b b a d n a m k c ` f n m ` k f ` f d a q c m p a j f p n m k aw ` c g m h � m k ` c | m � f d w d a ` m s³ i a p k m b f e f p b a f j c p g f b n c ` f j� t h p ~ m � a b n a a e f p a b n f ` f j j f p n f ap f q f b b c k a k f k f a � i c b c r ~ m k f i j a b m d i }r ~ m n f q p m d � | c q a e a ` a a i � c d c a ` a | f ` c ` mp f | � q c m s � f | i p k m f b e f q c a d c b n a b f j � tf b f | i ` m b h x k f b i j a c j e m ` n y p q c a a m � }b f ` g a r ~ m k f a d | i p b e m p n m b s � ^ n f q p m d m }| c a h e m ` b c b � h p ~ m x q a e a � k f e ` m j m g f `| ` a p k f b ` f b i d n a k m b s � d a x m j f c m f p ~ mx e ` f q c b m f p n f p k f ` a k f j a p k a h f b n a }� f d f q f ` m � � f n c g m b h ` f g f ` m b e ` m q f b b m b sb c j e d f b j f p n f f b q m d z f ` i j e ` m k i n m k mj f ` q a k m f b f d f q c m p a ` i j c p n f | ` a k m ` s ^b m j f p n f ó q m j m � i o ô � h ` f b b a d n a v a b e a `� c p b h k a � a ` b z s� ^ p n f b k f � i b q a ` i j � m ` p f q f k m ` h xj i c n m c j e m ` n a p n f e f b � i c b a ` � i a c b b ~ m a b` f a c b p f q f b b c k a k f b k a q m j e a p z c a f � m ` }

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j a n a ` i j a f b n ` a n x | c a e a ` a a a e d c q a r ~ mk m � i f h k f � a n m h b f � i b q a s w m j c b b m f j }q f c ` m b e m k f j a n f p k f ` ½ b p f q f b b c k a k f bk m � i n i ` m q m p n ` a n a p n f � h k c � m | f ` f p n f k f� t k a � a � a j } � � � h � a i ` m _ f p n f b sf � c b n f j k c g f ` b a b m e r � f b k f b m d i r � f b f� m ` p f q f k m ` f b f h k f p n ` f f d f b h f g c k f p n f }j f p n f z { i j a b x ` c f k f m e m ` n i p c k a k f bf a j f a r a b s � � j a f j e ` f b a k f g f a b b f }| i ` a ` } b f k f f b n a ` ` f a d c � a p k m m f b n i k ma e ` m e ` c a k m f e a i n a p k m b i a b k f q c b � f bf j � a n m b q m p q ` f n m b s � b n i k m b k f g c a � c }d c k a k f h k f ` f n m ` p m b m � ` f m c p g f b n c j f p }n m h l p k c q f b k f a k f ` o p q c a f g c a � c d c k a k fa d | i p b k m b ` f � i c b c n m b c p k c b e f p b { g f c b s� a b n a j � x j b ~ m c j e m ` n a p n f b a a p { d c b fk f b i b n f p n a � c d c k a k f h q m p b c k f ` a r � f b � m ` }j a c b k f a | ` f | a r ~ m k f g a d m ` a m p f | � q c mf k f ` f d f g y p q c a � j m k c b j m � s� i n ` m e m p n m c j e m ` n a p n f h q m p � m ` j fk f b n a q a � a i ` c q c m v z f n d f ` h k c ` f n m ` k fj a ` µ f n c p | f g f p k a b k a t � u � � h ` f � f ` f }b f a m b ` f q i ` b m b k f b n c p a k m b a � t s � ¦� i p k a j f p n a d � i f m b c p g f b n c j f p n m b b f }� a j a b b f ` n c g m b h m i b f � a h � i f i j b c b n f }j a � { b f � a ` a � m a g f d j f p n f a k f ` f p n f ½ bp f q f b b c k a k f b k a f j e ` f b a h � i f p ~ m f � c � ad m p | m b e ` m q f b b m b k f c j e d a p n a r ~ m p f jq m j e ` m j f n a j i c n m b ` f q i ` b m b c p c q c a c bq m j m � ç ø ã W î ð ] ÷ ä ã ê s � j a k c r ~ m h x c j }

e m ` n a p n f � i f m q i b n m k f j a p i n f p r ~ m f hq m p b f � i f p n f j f p n f h m � w � c ö ç ê ð ï [ ç á êç � é ø ã ä æ á ù â î � w i b n m � m n a d k f u ` m e ` c f }k a k f � b f � a j � a c � m b h e m c b b c b n f j a b k f }g f j b f ` c j e d a p n a k m b e a ` a k i ` a ` � su a ` a a _ ` a k f b q m � f | i ` m b h � x f b b f p }q c a d n f ` a q a e a q c k a k f k f e f ` q f � f ` a b` f a c b p f q f b b c k a k f b k a f j e ` f b a h j a p n f p }k m k c { d m | m � ` f � i f p n f q m j a b { ` f a b k fp f | � q c m s � a j � x j x � i p k a j f p n a d � i f m }k a k f k a f j e ` f b a h � i f f d f e m b b i a ñ ã ç ø Wù ç ø p a � i f d f p f | � q c m s ¦ k f b p f q f b b { ` c mk c � f ` � i f x f � n ` f j a j f p n f c j e m ` n a p n f h}q c m h q m p n a ` q m j e a ` q f ` c a b f � e f ` c f p n f b ff b e f q c a d c � a k a b h a q m b n i j a k a b a e ` m g f `b m d i r � f b e a ` a m j f ` q a k m b f | i ` a k m ` s ^j a c m ` e a ` n f k a b f j e ` f b a b � i f n ` a � a d z a jq m p m b q m � { m � a � f j z { a p m b f e m b b i f ji j z c b n � ` c q m k f e ` f b n a r ~ m k f b f ` g c r m b s �^ f � f q i n c g a k m b f n m ` k f � f | i ` m b k at _ � _ ` a b c d h � ¾ p c q a � a g a ` f b h a e m p n a� i f � x e ` f q c b m n f ` a q f ` n f � a � i f m � m ` }p f q f k m ` n f j ñ ã ç ø W ù ç ø p m j f ` q a k m û}k m b p m j a p f � m k a � f ` ` a j f p n a h e m c b f d aa i n m j a n c � a m e ` m q f b b m h j a b p ~ m � i p q c m }p a b m � c p z a û a d x j k f q m d a � m ` a k m ` f b � i fq m p z f r a j m p f | � q c m � s^ p k ` x u a e a d f m h g c q f } e ` f b c k f p n f k a� p c k a k f k f t p k � b n ` c a b k a � ` a q d f e a ` a a^ j x ` c q a � a n c p a h k f b n a q a a c p k a � i f � xe ` f q c b m m � b f ` g a ` a b m d c k f � k a f j e ` f b a hb i a q a e a q c k a k f k f c p m g a r ~ m h � a q c d c k a k fk f c p n f | ` a r ~ m q m j m d f | a k m h b i e m ` n fq m j e d f n m � n ` f c p a j f p n m h q m p b i d n m ` c a ha e d c q a n c g m b h ÷ â � � ï ä ø ð æ ä h � a p q m k f k a }k m b � f ` f � f ` o p q c a b k f j f ` q a k m � s� e ` f b c k f p n f k a u d i b m � n h v i c d z f ` j fu m ` n m h q m j e d f n a � � � a d f a e f p a a p a d c b a `m b è ð á ä á q m p b n ` i l k m b h a b f � e f ` c o p q c a bp m b f | j f p n m f a b q a ` a q n f ` l b n c q a b n f q p m }d � | c q a b k m e ` m k i n m h � i f g f p z a j e f ` j c }n c ` f b q a d a � c d c k a k f p m p � j f ` m k f i b i { }` c m b s � a j � x j b f k f g f d f g a ` f j q m p n a a b� a q c d c k a k f b m e f ` a q c m p a c b f k f j m � c d c k a }k f k a b m d i r ~ m f j � i f b n ~ m � sv ` a p k f e a ` n f k m b i q f b b m k f i j a b f }

| i ` a k m ` a m i m e f ` a k m ` a k f e f p k f k f i j� m j b c b n f j a k f a k j c p c b n ` a r ~ m f | f b n ~ m s� � b q i b n m b k f b b a b f j e ` f b a b b ~ m f d f g a k m b hm b ` f e a b b f b k f a i j f p n m b a b f | i ` a k m b b ~ md c j c n a k m b f x e ` f q c b m f p q m p n ` a ` b m d i r � f bq ` c a n c g a b h e ` c p q c e a d j f p n f p a a k j c p c b n ` a }r ~ m s ^ b b c j h m b b c b n f j a b n m ` p a j } b f a d c a k m bc p k c b e f p b { g f c b e a ` a m q m p n ` m d f f b n ` a n x | c q mk m b | a b n m b f a q m p b f � i f p n f j f p n f ` f k i r ~ m� f � _ ` a b c d h f j e ` f b a � i f q m j f ` q c a d c � a m� c b n f j a � f � � m n a d h k f b n c p a k m a m e f ` a k m ` a bf b f | i ` a k m ` a b k f b a � k f s� � f q p m d m | c a k a c p � m ` j a r ~ m f b n { c p }n c j a j f p n f d c | a k a a m b p f | � q c m b k f i j a

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b f | i ` a k m ` a h b f � a k f i j a j a p f c ` a k c ` f n am i c p k c ` f n a h b f � a p m q m ` a r ~ m k m b p f | � }� a i ` c q c m v z f n d f ` h k a t � u � � s� � j � m ` a p m b � d n c j m b a p m b n f p z am q m ` ` c k m i j a q m p b c k f ` { g f d f g m d i r ~ mp a b e d a n a � m ` j a b n f q p m d � | c q a b h m j f ` q a }k m b f | i ` a k m ` a c p k a x ` f d a n c g a j f p n f q a }` f p n f k f b m d i r � f b a k f � i a k a b s ¡ { a c p k aj i c n m f b e a r m e a ` a b m d i r � f b k f w � � hc p n f | ` a r ~ m b c b n o j c q a f p n ` f q m ` ` f n m ` f b fb f | i ` a k m ` a b f e m ` n a c b k f q m d a � m ` a r ~ m

f p n ` f b f | i ` a k m ` a b h q m ` ` f n m ` f b f b f | i ` a }k m b � h | a ` a p n f v a b e a ` � c p b h k a � a ` b z s� i a b k a b e ` c p q c e a c b f j e ` f b a bk f n f q p m d m | c a k m j i p k m h a t _ � f a� ` a q d f h a m e f ` q f � f ` a p f q f b b c k a k f k mj f ` q a k m b f | i ` a k m ` e m ` b c b n f j a b q a }e a � f b k f m n c j c � a ` a ` f a d c � a r ~ m k f b f i be ` m q f b b m b h g o j c p g f b n c p k m � m ` n f j f p n fp m k f b f p g m d g c j f p n m k f b m d i r � f b f b e f }^ p k ` x u a e a d f m h k a � ` a q d f h q m p n a� i f a f j e ` f b a n f j f j b f i e m ` n � � d c mi j a b x ` c f k f � f ` ` a j f p n a b k c ` f q c m p a k a ba m j f ` q a k m s � � j p m b b a q a ` n f c ` a k f e ` m }k i n m b h q m p n a j m b q m j b m d i r � f b q m j mó v f b n ~ m k f � c b n ` c � i c r ~ m f � f ` g c r m ô h � i fe f ` j c n f a m i b i { ` c m | f ` f p q c a ` ` f k f b k fk c b n ` c � i c r ~ m h � m ` p f q f ` g c b c � c d c k a k f k ad i q ` a n c g c k a k f k a k c b n ` c � i c r ~ m f z a � c d c n a `m a n f p k c j f p n m a m q d c f p n f j i d n c q a p a d ûf ó v f b n ~ m k f w c q d m k f � c k a k a b ^ e � }d c q f b ô h � i f e m b b c � c d c n a i j a | f b n ~ m k fc p k f p c � a r � f b q m j e d f n a f q f p n ` a k a p mq d c f p n f h m � f ` f q f | f b n ~ m k f q m j c b b � f b f� a n i ` a j f p n m f j e ` f b a ` c a c b q m j a � i p }q c m p a d c k a k f k m b e ` m q f b b m b g f ` n c q a c b fe f ` j c n f i j a | f b n ~ m a � ` a p | f p n f e a ` a m be ` m q f b b m b k f p f | � q c m b � s� ¾ p c q a � a g a ` f b f � e d c q a � i f a t _ �q m p n a q m j i j a f � i c e f a d n a j f p n f | a }ä d î ä æ ê â á ä f j b f | i ` m b s � w m p z f q f ` a� i p k m m p f | � q c m x � i p k a j f p n a d e a ` a b fk f b f p z a ` i j e ` m � f n m a k f � i a k m ½ b ` f a c bp f q f b b c k a k f b k f p m b b m b q d c f p n f b s � f jf b b f q m p z f q c j f p n m e ` x g c m k m p f | � q c m hq m ` ` f } b f m ` c b q m k f p ~ m b f a n f p k f ` e d f }p a f b a n c b � a n m ` c a j f p n f a m b f p b f � m b k mq d c f p n f � s� b f n m ` k f b a � k f x i j k m b j a c b k c }p y j c q m b f q m j e f n c n c g m b f f b b f � c p ¾ j c mp m ` j a d j f p n f ` f b i d n a f j | ` a p k f q m j }

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k f b n c p a k a a m i n ` m b b f n m ` f b n f j | ` a p k f| ` a i k f a k f ` o p q c a a m b f n m ` k f b a � k f s

u a ` a a e ` m n f r ~ m k f k a k m b q m ` e m ` a n c }g m b h � a � } b f p f q f b b { ` c a a a k m r ~ m k f k c }g f ` b a b j f k c k a b s � b a b e f q n m b j a c b b c | }k a b p m ` j a b b ~ m e f b b m a b f e ` m q f b b m b s� i b f � a h m b e ` m q f k c j f p n m b k f g f j b f `q d a ` m b h � f j q m j m a b ` f b e m p b a � c d c k a k f bk m b f p g m d g c k m b s § ~ m � a b n a n f ` p m ` j a bf e ` m q f b b m b b f j q a e a q c n a r ~ m f q m p b }q c f p n c � a r ~ m s � m | m h z { i j | ` a p k f k f b a }a b e f q n m f � n ` f j a j f p n f g a d m ` c � a k m e f d am ` | a p c � a r ~ m s� § a q m p n ` a n a r ~ m k f i j b c b n f j a h x� i p k a j f p n a d i j a q m ` k m f p n ` f a b e a ` }g a d z a a m j f p m b e m ` k m c b a p m b a e � b mn x ` j c p m k f i j q m p n ` a n m � h a k g f ` n f � a i }` c q c m v z f n d f ` h k a t � u � � s � � j ` f d a r ~ ma m b b c b n f j a b h k c g f ` b a b a r � f b k f g f j b f ` n m j a k a b f j ` f d a r ~ m ½ b f | i ` a p r a k fc p � m ` j a r ~ m h b f � a p a f b � f ` a k m q m p n ` m d fk f a q f b b m f k f ï ç ë á k f a q f b b m h b f � a p af b � f ` a k m � a p q m k f k a k m b f k a c p � ` a } f b }w m j m m � � f n c g m k f a i � c d c a ` m i b i }{ ` c m k i ` a p n f a i n c d c � a r ~ m k a b b m d i r � f bn f q p m d � | c q a b a k m n a k a b e f d a b f j e ` f }b a b h a a k g m | a k a u a n ` c q c a u f q µ u c p z f c }` m h k a u u u ^ k g m | a k m b û f m q m p b i d n m `k a ¶ u � h ^ k a d � f ` n m � c d g a � a q z a k m hf d f p q a ` a j a d | i j a b � ` f g f b m ` c f p n a }r � f b � }n c b e ´ ò a ` f a n i a d c � a k m b sb m � n ò a ` f b k f b f | i ` a p r a h c p q d i b c g fe a ` a q ` c e n m | ` a � c a k a b c p � m ` j a r � f b si n c d c � a r ~ m k f b c b n f j a b m i k f n f ` j c p a }k m b q m j a p k m b h e f r a a � i k a a m k f e a ` }n a j f p n m k f � t s � b e ` m � c b b c m p a c b k f b }b a { ` f a b ~ m f b e f q c a d c b n a b f e m k f j n fm ` c f p n a ` s }

j a r � f b q ` l n c q a b f Þ m i b c | c d m b a b e a ` ak c b e m b c n c g m b j � g f c b h q m j m e f p k ` c g f b hq f d i d a ` f b h ¡ � b f � n f ` p m b h f p n ` f m i n ` m b s� f � m ` c j e ` f b q c p k l g f d h i n c d c � f n x q p c q a bk f e ` m n f r ~ m m i q ` c e n m | ` a � c a s }e a j f p n m b s § ~ m m b k f c � f a q f b b l g f c b a� i a d � i f ` e f b b m a s }� i f a k m � i a p k m p ~ m f b n c g f ` e m ` e f ` n m hf g c n a p k m � i f e f b b m a b p ~ m a i n m ` c � a k a ba q f b b f j b f i b a ` � i c g m b q m p � c k f p q c a c b sk f n f ` j c p a k m b c b n f j a h p ~ m f b � i f r a k f� a � f ` d m | } m � � k f n m k m b m b a j � c f p n f b se a ` a f } j a c d b e f b b m a c b s � b a ` � i c g m b e m }k f j e a ` a ` f j a j � c f p n f c p b f | i ` m h q m j mm q m j e i n a k m ` k m j x b n c q m k m � i p q c m p { }` c m h f g a � a ` h q a i b a p k m ` c b q m b ½ f j e ` f b a s

}b i p n m b q m p � c k f p q c a c b f j d m q a c b e � � d c }q m b h q m j m ` f b n a i ` a p n f b f q a � x b s � i c }n a b e f b b m a b p ~ m b f a n f p n a j e a ` a f b b fk f n a d z f h j a b e m k f j f b n a ` e f ` n m k fq m p q m ` ` f p n f b h � m ` p f q f k m ` f b f q d c f p n f b s}b m a m b b c b n f j a b e a ` a n f ` q f c ` m b � j f b }j m � i f b f � a j � a j c d c a ` f b m i a j c | m be ` � � c j m b � s � f m � c � f ` h j i k f } a f j b f }| i c k a sb f p z a b sn f p z a j ` f d a r ~ m q m j m n ` a � a d z m � i fg m q o f b n { k f b f p g m d g f p k m h q m j m b c n f bk f � m | m b h e m ` f � f j e d m s � f j m b k f g c }k m b q i c k a k m b h b f i q m j e i n a k m ` f b n a ` {b i � f c n m a a n a � i f b e z c b z c p | h c p g a b ~ m hb e ´ ò a ` f b h f p n ` f m i n ` m b ` c b q m b s

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q a b m b k f e f ` k a b k f k a k m b f b n { k c ` f n a }j f p n f ` f d a q c m p a k a ½ k c b e d c q o p q c a k m b� i p q c m p { ` c m b a p n f ½ b p m ` j a b k f b f | i }` a p r a h m � i f e m k f q i b n a ` q a ` m ½ q m ` e m }` a r ~ m s� � a j � x j x e ` f q c b m ` f b n ` c p | c ` a mj { � c j m m p � j f ` m k f e f b b m a b a i n m ` c }� a k a b a f p n ` a ` p m w u � � w f p n ` m k f u ` m }q f b b a j f p n m k f � a k m b � s � f e m c b k c b b m h xp f q f b b { ` c a a c p b n a d a r ~ m k f i j b c b n f j ak f d f c n i ` a � c m j x n ` c q a h � f q z a k i ` a b f d f }n ` m j a | p x n c q a b f d f c n m ` f b f � n f ` p m b � i fa e ` f b f p n f j a k a n a h z m ` { ` c m f d m q a d k fa q f b b m k a e f b b m a � h ` f b b a d n a � f ` p a p k m� m ` f c ` a h | f ` f p n f q m j f ` q c a d k a t p b n a d a ` }j f s � ¦ � i p k a j f p n a d � a � f ` i j f b n i k ma e ` m � i p k a k m k f k c a | p � b n c q m k f ` c b q mn x q p c q m } � i ` l k c q m h e a ` a � i f a a k m r ~ m k an f q p m d m | c a p ~ m n ` a | a p m g m b ` c b q m b e a ` aa m e f ` a r ~ m h j a b h a m q m p n ` { ` c m h a e � c f p ak c j c p i c r ~ m h | f b n ~ m f q m p n ` m d f k m b ` c b q m b

n ` i n i ` a q m j e i n a q c m p a d � i f m b i e m ` n a � hq m j e d f n a s� i c n a b f j e ` f b a b � { m i g c ` a j � a d a `b m � ` f e m d l n c q a b k f b f | i ` a p r a h � d m � i f c mk f b f ` g c r m b f b c n f b a m b b f i b q m d a � m }` a k m ` f b h e m d l n c q a b k f b f p z a e a ` a b f i bi b i { ` c m b h f p n ` f m i n ` m b s � � f b j m f jf j e ` f b a b � i f � { i n c d c � a j a d | i j n c e mk f e m d l n c q a k f b f | i ` a p r a h a d | i p b k a k m bb c j e d f b � a d n a k f a n f p r ~ m m i f ` ` m q m j f }n c k m e f d m e ` � e ` c m i b i { ` c m s u m ` f � f j e d m hf j e f p k ` c g f b b f j n x q p c q a b k f e ` m n f r ~ m� a q z a k m h q m p b i d n m ` k a ¶ u � w m p b i d }n c p | a p k � k i q a n c m p a d � f ` g c q f b su a ` a f g c n a ` f b b f n c e m k f e ` m � d f j a hx f b b f p q c a d � i f z a � a i j q m p � i p n m k f }| i ` a p r a k a b c p � m ` j a r � f b f k f n m k m ma j � c f p n f k f n ` a � a d z m s v ` a p k f e a ` n f k m b a n i a c b � h m ` c f p n a u a n ` c q c a u f q µ u c p z f c ` m ha k g m | a k a f b e f q c a d c b n a f j � c ` f c n m � c | c }n a d s � t b b m n f j b c k m m � b f ` g a k m p a { ` f a k fb a � k f h p m b f p n c k m k f b f i b a ` q a k a g f �

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j a c b e ` m q f b b m b f d f n ` ¾ p c q m b h g c b n m � i f af d c j c p a r ~ m k f e a e f d f k f q m p n a n m z i j a }p m a � i k a p m q m j � a n f a � ` a i k f h a d x j k fd c � f ` a ` f b e a r m e a ` a d f c n m b � s� i b m k a � c m j f n ` c a n a j � x j e f ` j c }n f i j a a i n f p n c q a r ~ m j a c b � m ` n f s � � a bx f b b f p q c a d q ` c a ` p m ` j a b c p n f ` p a b q d a }` a b h f b e f q c a d j f p n f a b ` f d a q c m p a k a b ½u m d l n c q a k f � f | i ` a p r a w m ` e m ` a n c g a k fi j j m k m | f ` a d f h f j f b e f q c a d h k f � f }| i ` a p r a k a t p � m ` j a r ~ m f b m � ` f m i b mk m b ` f q i ` b m b n f q p m d � | c q m b � h k f b n a q au a n ` c q c a s� m p ´ � a c p � m � h b � q c m k a e e c q f_ d i j ^ k g m | a k m b f e ` m � f b b m ` k f � c }` f c n m � d f n ` ¾ p c q m h e m p n i a � i f b f | i ` a p r ak c | c n a d p ~ m b f ` f b n ` c p | f a e f p a b a m j f c mf d f n ` ¾ p c q m s � ¦ k f b i j a c j e m ` n y p q c a� i f a b q m ` ` f n m ` a b f b f | i ` a k m ` a b a k m }n f j j f k c k a b n f q p m d � | c q a b p m b f p n c k mk f e ` m n f | f ` b f i b b c b n f j a b f c p � m ` j a }r � f b s � a b h c | i a d j f p n f c j e m ` n a p n f xa p f q f b b c k a k f k f b f q ` c a ` i j a q i d n i ` ac p n f ` p a p a f j e ` f b a � s

� f | i p k m m a k g m | a k m h x e ` f q c b mm ` c f p n a ` m b � i p q c m p { ` c m b f k f j a c b q m d a }� m ` a k m ` f b b m � ` f m b ` c b q m b � i f f b n f b e m }k f j q a i b a ` ½ q m j e a p z c a f a m b q d c f p n f b ha d x j k f e m k f ` f j e ` f � i k c q a ` a b c e ` � }e ` c m b � i a p k m k m g a � a j f p n m k f c p � m ` }j a r � f b s � � c g i d | a ` k a k m b q m p b c k f ` a k m bb c | c d m b m b h � a g m ` f q f p k m a q m p q m ` ` o p q c a

k f b d f a d h e m ` f � f j e d m h x i j a n m | ` a g l b }b c j m h e a b b l g f d k f j f k c k a b � i k c q c a c b hq m p � m ` j f e ` f g c b n m p m b a ` n c | m b � Ü ¥ f� Ü � k m w � k c | m u f p a d � h a d f ` n a s� b f | j f p n m k f n f q p m d m | c a k a c p }� m ` j a r ~ m � ` a b c d f c ` m g c g f i j � m j j m }j f p n m s � f | i p k m e f b � i c b a k a ^ b b m q c a }r ~ m e a ` a u ` m j m r ~ m k a � � q f d o p q c a k m� m � n ò a ` f _ ` a b c d f c ` m � � m � n f � � h m b f n m `f p q f ` ` m i � � � ¤ q m j q ` f b q c j f p n m k f¤ h ¥ £ f ` f q f c n a a p i a d k f � ¢ Ü � h   � c }d z � f b s u a ` a � � � � h a f p n c k a k f f b n c j ai j j m g c j f p n m k f � ¢ Ü � h � � c d z � f b f` f e f n c r ~ m k m p l g f d k f q ` f b q c j f p n m h a q c }j a k f ¤ £ s� j f ` q a k m k f � t q m j � m q m f j b f }| i ` m b f | i f m j f b j m ` c n j m h q m j f � }q f d f p n f b e f ` b e f q n c g a b e a ` a m e f ` l m k m s� ^ b f j e ` f b a b � i f ` f j e ` f e a ` a ` b i a b{ ` f a b k f � t e a ` a | ` a p k f b c p g f b n c j f p n m ba e a ` n c ` k f � � � � h e m ` c b b m h a n f p k o p q c ae a ` a f b n f a p m x a � i b q a e m ` b m d i r � f b� i f g c b a j a ` f k i r ~ m k f q i b n m b h a j a }� c j c � a r ~ m k a e f ` � m ` j a p q f k a b n f q p m }d m | c a b � { f � c b n f p n f b h m b i e m ` n f a m q ` f b }q c j f p n m k a f j e ` f b a f m a d c p z a j f p n mk a b k c g f ` b a b f b n ` a n x | c a b k f p f | � q c m � hq m p n a v i c d z f ` j f u m ` n m h e ` f b c k f p n f k au d i b m � n s§ a { ` f a k f b f | i ` m b h k f a q m ` k m q m ja � i e f ` c p n f p k o p q c a k f � f | i ` m b u ` c }g a k m b � � i b f e � h a f � e f q n a n c g a x � i f mj f ` q a k m q ` f b r a f j n m ` p m k f � Ý £ f� � £ p f b n f a p m h q m j � a n i ` a j f p n m f jn m ` p m k f � ¢ � � � � c d z � f b h f p | d m � a p k ma b a n c g c k a k f b k f b f | i ` m b h e ` f g c k o p q c a hq a e c n a d c � a r ~ m f ` f b b f | i ` m b s ^ b b c j hf b e f ` a } b f � i f a k f j a p k a e m ` b f ` g c r m ba i j f p n f s� ^ p f q f b b c k a k f k f c p n f | ` a r ~ m k fb c b n f j a b | f ` a k a b e f d a b � i b � f b f a � i c b c }r � f b k m � d n c j m a p m b f ` ~ m ` f b e m p b { g f c be m ` e a ` n f k f b b a k f j a p k a s � b b f j m }g c j f p n m n a j � x j | f ` a a p f q f b b c k a k fk f a � i b n f b p m b b c b n f j a b k a b f j e ` f b a bq m j m c p n i c n m k f i n c d c � a ` a b j f d z m ` f be ` { n c q a b k f q a k a f j e ` f b a f p g m d g c k a � hq m j f p n a � a ` q m b � m p n f c ` m u f ` f c ` a h k a� n f � a p c p c s � ^ b f j e ` f b a b k f g f j � m q a `

q ` f c m � i f z a g f ` { j a c b c p g f b n c j f p n m bf j e ` m q f b b m b m p k f a b � f ` ` a j f p n a b k f_ u � e m k f j b f k f b n a q a ` s � a j � x j hk a k a a f b e f q c a d c � a r ~ m f m e f ` a r ~ m f jp c q z m b k f j f ` q a k m h n m ` p a } b f p f q f b b { }` c m i j a j a c m ` g c b c � c d c k a k f k a b c p � m ` }j a r � f b e f ` j c n c p k m a � i b n f b p a f b n ` a n x }| c a s § f b b f e m p n m h a b � f ` ` a j f p n a b k f _ tf w � � b f ` ~ m j i c n m c j e m ` n a p n f b � s� � b n a j m b n ` a � a d z a p k m e a ` a f p n ` a `f j p m b b m b q d c f p n f b q m j n m k a a a i n m }j a r ~ m k m e ` m q f b b m k f a p { d c b f k f ` c b q m }j m b � i f a b f j e ` f b a b k f b f | i ` m b c p }g f b n c ` ~ m a d n m p a a i n m j a r ~ m k f e ` m q f b }b m b f p m | a p z m k f e f ` � m ` j a p q f h � i ff b n { k c ` f n a j f p n f d c | a k m a b i a q m j e f n c }n c g c k a k f p m j f ` q a k m b f | i ` a k m ` � h q m p n a� m k ` c | m � f d w d a ` m h k a w ` c g m s� ^ q ` f k c n a j m b � i f q a k a g f � j a c ba b b f | i ` a k m ` a b k f g f ` ~ m c p g f b n c ` f jn f q p m d m | c a q m j m � � f n c g m k f ` f k i � c }̀o p q c a f a e ` c j m ` a ` q a k a g f � j a c b m ` f }d a q c m p a j f p n m q m j q d c f p n f b � h k f b n a q a� ¾ p c q a � a g a ` f b h k a t _ � s� f | i p k m m b f p n ` f g c b n a k m b h f b n c j a }b f � i f j f ` q a k m b f | i ` a k m ` c p g f b n fa p i a d j f p n f f p n ` f � £ f ¥ £ k f b f i � a }n i ` a j f p n m f j n f q p m d m | c a s u a ` a � � � � h af � e f q n a n c g a x � i f f b b f b c p g f b n c j f p n m bi d n ` a e a b b f j a j a ` q a k f � ¢ � h Ü � c d z ~ m s

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^ � c � f ` n ´ � f | i ` m b � f q z m i � � � ¤q m j � ¢ � h Ü � c d z ~ m f j e ` o j c m b f j c }n c k m b d l � i c k m b h g m d i j f � Ý £ b i e f ` c m `a m ` f | c b n ` a k m f j � � �   s ^ f � e a p b ~ mk m b p f | � q c m b m q m ` ` f i h f j e a ` n f h k f }g c k m a m q ` f b q c j f p n m k a b g f p k a b k m be ` m k i n m b k f g a ` f � m s � j k m b k f b n a }� i f b � m c a q a ` n f c ` a k f a i n m j � g f c b h� i f ` f | c b n ` m i a d n a k f � Ü £ s � b b fb f | j f p n m � m c f b n c j i d a k m e f d a g f p }k a ` f q m ` k f k f q a ` ` m b � f ` m � i c d ¾ j f }n ` m h � ` i n m k a c b f p r ~ m k m t j e m b n m b m }� ` f u ` m k i n m b t p k i b n ` c a d c � a k m b � t u t � s� a j � x j ` f | c b n ` a j f � e a p b ~ m m b q m p }n ` a n m b k f ð � � â ã â ê ] � ¥ � £ � h ` f � d f n c p k m a� c a p n f k f i j q f p { ` c m f q m p ¾ j c q m }b c d k f j m p b n ` m i z a � c d c k a k f f f p q f ` ` m i� � � ¤ q m j � ¢ Ü � h � j c d z � f b k f d i q ` m� ` i n m h a p n f b k m b c j e m b n m b f e a ` n c q c e a }r � f b s ^ q m j e a p z c a � f q z m i m a p m q m j� ¢   � Ý j c d z � f b k f a n c g m b n m n a c b f b f ie a n ` c j ¾ p c m d l � i c k m n f g f q ` f b q c j f p n m k f� � h ¤ £ f j ` f d a r ~ m a � � �   s� ` f b i d n a k m k m a p m x q m p b f � i o p q c ak f i j q ` f b q c j f p n m k f � h � £ p m b e ` o }j c m b ` f n c k m b h b m j a k m a i j a � m ` n f c p }� j � � � ¤ m t � _ } _ ` a b c d � f ` f | c b n ` m id i q ` m d l � i c k m k f � ¢ ¥ � � h � j c d z � f b h j m p }n a p n f � h Ý � £ b i e f ` c m ` a m ` f | c b n ` a k m p me f ` l m k m a p n f ` c m ` s ^ ` f p n a � c d c k a k f b m � ` fm e a n ` c j ¾ p c m d l � i c k m � m c k f � ¤ h Ý   £ s � b` f b i d n a k m b a d q a p r a k m b � m ` a j e m b c n c g m b hn a p n m e f d m ` f q m p z f q c j f p n m k m g a d m ` e a }n ` c j m p c a d k a q m j e a p z c a � i a p n m e f d a ` f a }§ m a p m e a b b a k m h m t � _ e f ` j a p f }q f i q m j a e ` f � f ` o p q c a k a b b f | i ` a k m ` a b hj a p n f p k m } b f q m j   � £ k m b e ` o j c m bf j c n c k m b e f d m b ` f b b f | i ` a k m ` f b d m q a c b s^ e f b a ` k a e f ` k a ` f d a n c g a k f ÷ ð æ ñ ä ê

n ` a k c r ~ m j i p k c a d k m | ` i e m f j e ` m }| ` a j a b k f a � c p c k a k f s� � m ` n f q ` f b q c j f p n m ` f | c b n ` a k me f d a q m j e a p z c a � m c a q m j e a p z a k mk a k c g f ` b c � c q a r ~ m k f b f i b p f | � q c m bp m j f ` q a k m d m q a d s � j � f g f ` f c ` m k f� � �   h a � c � f ` n ´ c p c q c m i p m u a l b a bm e f ` a r � f b k a � t � � õ â f ä æ ê ] b ã ê ä æ Wã ð ê â ç ã ð ï g ã � ä æ ø æ â ê ä æ á h i j k l m l n o pq r s k l j t k u v w j s k u n w l n x p n k j y l z u w {| } i ~ r u x p s | j | j q z � q x p q j k l m l {n o p k u w u n n u v r w p n i j y � � � � � � � � � � �� � � � � � � � � � � � � � � � � � � � � � h i ~ r ul s x t r l j l s k j p n n u v q u s | p n k u � u | w � {t u p i � u | w p ~ r � q l x j i x p s n | w r � o p x l m l ts p w u n r t | j k p � p n l | l m p k j n p � u w j � � u n k un u v r w p n j s | u n k p n | w l z r | p n i ~ r u j | l s v l r� � � � i   q l t ¡ � u n i r t | w j � j n n j s k p u q¢ � i £ ¤ p w u n r t | j k p k p j s p � j n n j k p ¥¦ � s k l x u k u n l s l n | w j t l k j k u k u   § i � ¤q j s | u m u { n u j z j l ¨ p k j q � k l j k p q u w x j {k p i x u w x j £ © ¤ s p � u w � p k p ¥ ª n k u n � u n j nk u x p q u w x l j t l « j � o p w u k r « l w j q u q © ¤k u k u « u q z w p k u © ¬ ¬ ­ u q w u t j � o p j pq u n q p � u w � p k p u q © ¬ ¬ � ¥ ® p u s | j s | p ij n k u n � u n j n j k q l s l n | w j | l m j n x w u n x u w j q

� ¯ � � � i j u q � w u n j x p s n u v r l r q j s | u w pm p t r q u k u � w ° q l p n k u w u n n u v r w p n u n | ± {m u t ² � � © ¥ ­ ¢   i § q l t ¡ � u n i r q j w u k r � o pk u � i § � ¤ u q x p q � j w j � o p j p u ¨ u w x � x l pj s | u w l p w ¥ ª s j t l n j s k p n p q u s | u p n � w ° {q l p n w u | l k p n i j k l ³ u w u s � j | j q z � q ³ p lq � s l q j � � � ¢ ¥ £ � § i � q l t ¡ � u n u q © ¬ ¬ ­ u� � ¢ ¥ £ � ´ q l t ¡ � u n u q © ¬ ¬ � h ¥ª w u m l n o p k j � p t � | l x j k u n r z n x w l � o p uv u n | o p k u w l n x p n k j x p q � j s ¡ l j | j q z � qx p s | w l z r l r � j w j p w u n r t | j k p � p n l | l m p ¥ µ qj q z l u s | u x p s x p w w u s x l j t i p � � ¶ p � | p r � p wj n n r q l w i u q k l m u w n j n p ³ u w | j n i ³ w j � � u n k pw l n x p i u q m u « k u j x j | ± { t p l s | u v w j t q u s | u i

u x p s n | w r � o p s j m j t ¥µ q n u r n � w l q u l w p n s p m u q u n u n k uj | r j � o p i j k l m l n o p q p m l q u s | p r � w ° q l p nk j p w k u q k u � � ¢ ´ q l t ¡ � u n ¥ ¦ k u n | j ~ r uj n j � � t l x u n k u · ¸ ¦ � ¹� � � � h i x p s ¡ u x l k p s p ¶ w j n l t x p q p n u v r w pk u w u n � p s n j z l t l k j k u x l m l t k u u ¨ u x r | l m p n ¥� u n q p x p q j x w l n u u x p s º q l x j ~ r uq j w x p r p � w l q u l w p n u q u n | w u i p j r q u s {| p k j n l s l n | w j t l k j k u u p n l s m u n | l q u s | p nw u j t l « j k p n s j u ¨ � j s n o p k j x j w | u l w j u s jj z u w | r w j k j n s p m j n k l m l n � u n i p v w r � py l z u w | } ³ u x ¡ p r © ¬ ¬ ­ x p q t r x w p t � ~ r l k pk u � � ¢ ´ i ­ q l t ¡ � u n s p ¶ w j n l t ¥¢ ¤ � k u ¢ ¢ i � ¤ � j w j ¢ © i £ ¤ h i l s k l x j s k p³ p w | u l s m u n | l q u s | p u q � u n n p j n u � w p {x u n n p n i � p w q u l p k u l s l x l j | l m j n k u j � w l {{s j t i u l q � t u q u s | j � o p k u ³ u w w j q u s | j n¦ � s k l x u x p q z l s j k p j q � t l j k p ³ p lk u § § i © ¤ x p s | w j § � i   ¤ s p q u n q p � u {w � p k p k p j s p j s | u w l p w ¥ » ± p � s k l x u x p q {z l s j k p j | l s v l r � ¢ i � ¤ s p j s p x p s | w j§ � i   ¤ u q k u « u q z w p k u © ¬ ¬ � ¥x p q p ³ j « l j s j � � p x j k p q p s p � � t l p ¥ ¦n r x u n n p k j u n | w j | � v l j � p k u n u w x p q � w p {m j k p | j s | p � u t p w u n r t | j k p p � u w j x l p s j t~ r j s | p � u t p � s k l x u k u n l s l n | w j t l k j k u k p nw l n x p n w u | l k p n ¥ ¦ w u n r t | j k p p � u w j x l p s j t³ p l k u � � � ­ ¬ i   q l t ¡ � u n i w u � w u n u s | j s {k p j r q u s | p k u ¢ ­ ¢ i ¬ © ¤ u q w u t j � o p j© ¬ ¬ � ¥ ¦ � s k l x u k u n l s l n | w j t l k j k u ³ p l k u´ ¢ i § � ¤ i r q j w u k r � o p k u ¢   i   § ¤ ¥³ p l k u � � � ©   i ¢ q l t ¡ � u n i r q j w u k r � o pk u £ ¢ i � © ¤ u q w u t j � o p j p u ¨ u w x � x l p k u© ¬ ¬ � i x j r n j k j � p w k p l n ³ j | p w u n ¼ w u k r � o pk j | j ¨ j ½ u t l x u m j w l j � o p x j q z l j t ¥

BALANÇO 41

Revista Seguro Total - 2010

ª ª t t l j s « ½ u v r w p n k l m r t v p r w u x u s {| u q u s | u n u r z j t j s � p i ~ r u l s x t r l p n w u {n r t | j k p n k j n r z n l k l ± w l j ª t t l j s « ½ j ¾ k u ¥® p n n u v q u s | p n u q ~ r u j | r j i l s x t r l s k p½ j ¾ k u i p n � w ° q l p n k u n u v r w p n x p s n p t l k j {k p n n p q j w j q � � © i © £ z l t ¡ � u n i x p q j t | jk u ¢ ­ i © ¤ u q w u t j � o p j © ¬ ¬ � ¥ ¦ n j | l m p n| p | j l n j | l s v l w j q � � � i ¬ § z l t ¡ � u n i w u � w u {n u s | j s k p j r q u s | p k u © £ i § ¤ i u q x p q {� j w j � o p j © ¬ ¬ � ¥ ª n � w p m l n � u n | � x s l x j nn p q j w j q � � ¢ i ¢   z l t ¡ o p i x p q r q l s {x w u q u s | p k u ­ i ­ ¤ ¥ ¦ � j | w l q º s l p t � ~ r l {k p | u m u u t u m j � o p k u £ i ­ ¤ i � u w ³ j « u s k p� � £ � � q l t ¡ � u n ¥ ¦ w u n r t | j k p p � u w j x l p {s j t x ¡ u v p r j � � ¢   ¬ q l t ¡ � u n i x p q x w u n {x l q u s | p k u ¢ © i © ¤ i ~ r j s k p x p q � j w j k pj p u ¨ u w x � x l p j s | u w l p w ¥ ¦ t r x w p t � ~ r l k p ³ p l¦ q u w x j k p k u | � | r t p n k u x j � l | j t l « j � o pu s x u w w p r © ¬ ¬ ­ x p q s ¾ q u w p n � p n l | l m p n ¥· u j x p w k p x p q k j k p n k l m r t v j k p n � u t j¿ u k u w j � o p ® j x l p s j t k u � j � l | j t l « j � o p� ¿ u s j � j � h i p n u | p w u s x u w w p r p j s p x p q³ j | r w j q u s | p k u � � ¢ ¬ i ¢ z l t ¡ � u n i p ~ r u w u {� w u n u s | j x w u n x l q u s | p k u ¢ © ¤ n p z w u © ¬ ¬ � ¥½ p q u s | u u q k u « u q z w p i p q u w x j k p³ j | r w p r � � ­ £ � q l t ¡ � u n k u w u x u l | j i x l ³ w j~ r u w u � w u n u s | j u ¨ � j s n o p k u § ¤ u q w u t j {� o p j p q u n q p � u w � p k p k u © ¬ ¬ � ¥ » ± j n w u {n u w m j n k u x j � l | j t l « j � o p ³ p w j q l q � r t n l p {¦ À w r � p � x j | r Á j w | ³ p w k j � w u n u s | p rt r x w p t � ~ r l k p k u � � ¢ ¬ ´ q l t ¡ � u n u q© ¬ ¬ ­ i x w u n x l q u s | p ¢ ¢ ¤ j x l q j k p j s pj s | u w l p w ¥ ¦ � j | w l q º s l p t � ~ r l k p | u m u j r {q u s | p k u © � ¤ i x ¡ u v j s k p j � � ´   ­ q l {t ¡ � u n ¥ » ± p m p t r q u k u j | l m p n t l m w u n u s {x u w w p r p j s p x p q p q p s | j s | u k u � � � � ¢q l t ¡ � u n i n r � u w j s k p u q � ­ ¤ p | p | j t j | l s {{m p n j | l s v l r p � j | j q j w k u � � ´ i ´ z l t ¡ � u n i¢ § ¤ j x l q j k p j s p j s | u w l p w i n u s k p x u w x jk u � �   i � z l t ¡ � u n n p z v u n | o p � w � � w l j u� � ¢ i � z l t ¡ o p n p z v u n | o p k u | u w x u l w p n ¥

k u � � � ¬ q l t ¡ � u n i § i � ¤ q j l p w ¥ {x l ° s x l j p � u w j x l p s j t i j ª t t l j s « w u k r « l r p� s k l x u k u k u n � u n j n j k q l s l n | w j | l m j n i ~ r u� j n n p r k u ¢ ´ i § ¤ u q © ¬ ¬ � � j w j ¢ £ i ´ ¤s p ¾ t | l q p u ¨ u w x � x l p ¥ ¦ � s k l x u k u n l s l n | w j {t l k j k u ³ p l k u ´   i © ¤ i q j s | u s k p j q u n q j³ p l l q � j x | j k p k u m l k p  w u k r � o p k j | j ¨ jz ± n l x j k u à r w p n ¥· u j x p w k p x p q k j k p n k l m r t v j k p n� u t j ½ r n u � i s p | p | j t k p n u | p w i n u q n j ¾ k un u | u q j l p w u n n u v r w j k p w j n k p � j � n i x p qj t | j k u © © i � ¤ ¥ ¦ x w u n x l q u s | p k p q u w x j {k p ³ p l k u £ ¤ ¥µ q ª r | p q � m u t i j x p q � j s ¡ l j x w u n x u rs j k j n u q ¢ ¢ i ¢ ¤ x p q p | p | j t k u � � ¢   i ­z l t ¡ � u n s p ¾ t | l q p q ° n k u © ¬ ¬ ­ ¥Ä j w j Á � t l p Ä p w | p x j w w u w p i k l w u | p w {u ¨ u x r | l m p k j ¿ u s j � j � i Å u n n u n w u n r t | j k p n| p k j n j n x p q � j s ¡ l j n k p n u | p w ¥ ¦ q u w x j k pn u q j s | u m u u q j n x u s n o p q u n q p k r w j s | uj x w l n u u x p s º q l x j u i j � � n n u r � u w � p k p x w � {| l x p i x p s | l s r p r x w u n x u s k p i p ~ r u q p n | w j~ r u p z w j n l t u l w p l s x t r l r p ¡ ± z l | p k u v r j w {k j w k l s ¡ u l w p � p w q u l p k j x j � l | j t l « j � o p¦ n u v q u s | p k u n u v r w p n k u m l k j³ j | r w p r � � w ° q l p n w u | l k p n h � �   © ¢ q l {t ¡ � u n i j t | j k u ¢   ¤ u q w u t j � o p j © ¬ ¬ � ij x p q � j s ¡ j s k p j | j ¨ j k u x w u n x l q u s | pk p q u w x j k p ¥ µ q � w u m l k ° s x l j j z u w | j ij n p � u w j � � u n k u Ä À ¶ y u Æ À ¶ y x w u n {x u w j q © ¬ ¤ u q x p q � j w j � o p j p q u n q p� u w � p k p k u © ¬ ¬ � ¥ ª n w u n u w m j n k p À w r � ps p n u v q u s | p k u � w p k r | p n k u j x r q r t j {� o p j | l s v l w j q x u w x j k u � � � z l t ¡ � u n ir q x w u n x l q u s | p k u © © ¤ u q w u t j � o p j p {¨ p k p q u w x j k p � © ´ ¤ h ¥ ® p n u v q u s | p

©   i   ¤ i ¥ À w j s k u � j w | u k u n n u w u n r t | j k p n uk u m u  u n | w j | � v l j k u u ¨ � j s n o p w u v l p s j t ¥¦ � w p k r | p | u m u k u n u q � u s ¡ p u ¨ � w u n n l m pu q | p k j n j n w u v l � u n k p � j � n ¥ ¦ j r q u s {| p k j z j n u k u x p w w u | p w u n u i x p s n u ~ r u s {| u q u s | u i k j x j � l t j w l k j k u ³ p w j q ³ j | p w u nk u x l n l m p n j p w u n r t | j k p k u n n j x j w | u l w j ¥® p n n u v r w p n u q � w u n j w l j l n i m j t u w u n {n j t | j w p k u n u q � u s ¡ p k p n � l n x p n ® p q u {j k p n � � ® h u � l n x p n ¦ � u w j x l p s j l n � � ¦ h ¥® u n | u n w j q p n i p x w u n x l q u s | p k j x p q � j {s ¡ l j ³ p l k u £ ¬ i   ¤ u q w u t j � o p j © ¬ ¬ � ix p t p x j s k p { j s j m l x u { t l k u w j s � j k p n u | p w ¥ª ª t t l j s « ½ j ¾ k u i n p z n r � u w m l n o p k jª v ° s x l j ® j x l p s j t k u ½ j ¾ k u ½ r � t u q u s {| j w i ª ® ½ i ³ j | r w p r � � � ´ § q l t ¡ � u n u | u m ut r x w p k u � � ¢ £ q l t ¡ � u n ¥u s x u w w p r p j s p s j � w l q u l w j x p t p x j � o p i x p q� � � i § z l t ¡ � u n k u ³ j | r w j q u s | p u � § ¤ k u� j w | l x l � j � o p s p n u v q u s | p ¥ ¦ � l p k u » j s u l {w p n u q j s | u m u s j n u v r s k j � p n l � o p x p q � �¢ i ¢ z l t ¡ o p k u w u x u l | j u ¢ ¢ ¤ k u w u � w u n u s | j {| l m l k j k u i u s ~ r j s | p � l s j n À u w j l n p x r � p r p| u w x u l w p t r v j w x p q � � � � ­ q l t ¡ � u n u k u | � qr q j ³ j | l j k u ­ ¤ k p q u w x j k p ¥Ä j w j © ¬ ¢ ¬ i p n u | p w � w u m ° x w u n x l q u s | pk u ¢ © ¤ s p ³ j | r w j q u s | p n p z w u p n s ¾ q u w p nj t x j s � j k p n u q © ¬ ¬ ­ ¥k u x j � l | j t l « j � o p i p ³ j | r w j q u s | p j � w u {n u s | p r u t u m j � o p k u ¢ ¢ ¤ x p q � j w j k pj © ¬ ¬ � i x ¡ u v j s k p j � � § § ­ q l t ¡ � u n ij x p q � j s ¡ j s k p j | u s k ° s x l j k u x w u n x l {q u s | p k p q u w x j k p ¥ ¦ q p s | j s | u k l n | w l {z r � k p s j ³ p w q j k u n p w | u l p n j t x j s � p r� � £ ´ q l t ¡ � u n ¥® p n s u v � x l p n k u j k q l s l n | w j � o p k u� j n n l m p n u ³ r s k p n k u � u s n o p i p � j | w l q º {s l p j k q l s l n | w j k p r t | w j � j n n p r j q j w x j k u� � ¢ z l t ¡ o p i ³ u x ¡ j s k p p j s p x p q ´ ­ u q {� w u n j n � j | w p x l s j k p w j n u x u w x j k u £ ¬ q l t� j w | l x l � j s | u n ¥