MPT NBHBDJOFT EF
&456%*04 461&3*03&4 4FWJMMB .ÆMBHB (SBOBEB Z $ÖSEPCB 6O NBHBDÑO DPO UPEBT MBT DBSSFSBT HSBEPT QPTUHSBEPT NÆTUFSFT JEJPNBT 'PSNBDJÖO 1SPGFTJPOBM FTUVEJPT GJOBODJFSPT JOGPSNBDJÖO TPCSF CFDBT -B NFKPS PGFSUB QBSB RVJFOFT FNQJF[BO P RVJFSFO DPNQMFUBS TV GPSNBDJÖO FO 4FWJMMB .ÆMBHB (SBOBEB P $ÖSEPCB .BZP &KFNQMBS HSBUVJUP
-04 ."("$*/&4 %& .*/6504
."("$ɝ/ %& &456%*04 461&3*03&4 46."3*0
POFNPT FO MBT NBOPT EF OVFTUSPT MFDUPSFT FM .BHBDÑO EF &TUVEJPT 4VQFSJPSFT QBSB FM DVSTP VOB IFSSBNJFOUB DPNQMFUB Z QSÆDUJDB RVF FMBCPSB NPT FO NJOVUPT DPO FM PCKFUJWP EF RVF MPT FTUVEJBOUFT Z BRVFMMPT JOUFSFTBEPT FO FM TJTUFNB FEVDBUJ WP QVFEBO DPOPDFS MB BDUVBMJEBE Z UFOFS VOB JOGPSNBDJÖO EJSFDUB EF MPT NFKPSFT DFOUSPT DVSTPT Z PGFSUBT GPSNBUJWBT FO (SBOBEB 4FWJMMB .ÆMBHB Z $ÖSEPCB &O FTUB PDBTJÖO B USBWÍT EF VOB TFSJF EF BNQMJPT Z WBSJBEPT SFQPSUBKFT UPNBSFNPT FM QVMTP B MPT OVFWPT DBNCJPT RVF TF BWFDJOBO DPNP MB JNQMBOUBDJÖO EFM EFDSFUP RVF QFSNJUF B MPT DFOUSPT SFEVDJS MPT HSBEPT EF DVBUSP B USFT BÕPT Z BNQMJBS FM NÆTUFS B EPT 5BNCJÍO EBSFNPT DMBWFT Z DPOTFKPT QBSB FMFHJS MB NFKPS VOJWFSTJEBE QSFQBSBSTF
1
1BOPSBNB HFOFSBM VO EFCBUF BCJFSUP -BT VOJWFSTJEBEFT FTU˔O QSFQBSBOEP OVFWPT HSBEPT QFSP IBZ EJWJTJ̬O TPCSF FM OVFWP NPEFMP (SBEPT DPO EFNBOEB -B WPDBDJ̬O B WFDFT OP DPODVFSEB DPO MBT QSPGFTJPOFT DPO TBMJEB -B NFKPS VOJWFSTJEBE $MBWFT Z DPOTFKPT QBSB FMFHJS FM DFOUSP DPSSFDUP 0QPTJUBS DPO ÄYJUP "MHVOBT DMBWFT Z EBUPT QBSB OP EFDBFS FO FM JOUFOUP 5PEBT MBT VOJWFSTJEBEFT EF 4FWJMMB 5PEBT MBT VOJWFSTJEBEFT EF .¼MBHB 5PEBT MBT VOJWFSTJEBEFT EF (SBOBEB 5PEBT MBT VOJWFSTJEBEFT EF $ÎSEPCB 0USPT DFOUSPT GPSNBUJWPT
VOBT PQPTJDJPOFT DPO SJHPS Z IBCMBSFNPT TPCSF MPT HSBEPT NÆT EFNBOEBEPT UBOUP QPS MPT FTUVEJBOUFT DPNP QPS FM FYJHFO UF NFSDBEP MBCPSBM &M NBHBDÑO UBNCJÍO USBUBSÆ UFNBT SFMBDJPOBEPT DPO MBT OVFWBT UFDOPMPHÑBT DPNQFUFODJBT IPZ CÆTJDBT MB 'PSNBDJÖO 1SPGFTJPOBM MPT JOFMVEJCMFT JEJPNBT Z TPCSF MBT CFDBT Z BZVEBT B MPT FTUVEJBOUFT $PO FM PCKFUJWP EF PGSFDFS VO BQPZP B BRVFMMPT KÖWFOFT RVF JOJDJFO TVT FTUVEJPT VOJWFSTJUB SJPT QBSB RVJFOFT MFT MMFHB MB IPSB EF FMFHJS VO QPTUHSBEP P NÆTUFS P TF EFDBOUFO QPS MB 'PSNBDJÖO 1SPGFTJPOBM JODMVJNPT FO FTUBT QÆHJOBT MB JOGPSNBDJÖO NÆT DPNQMFUB EF MBT QSJODJQBMFT VOJWFSTJEBEFT BOEBMV[BT Z MB PGFSUB EF PUSPT DFOUSPT GPSNBUJ WPT BTÑ DPNP EF SFTJEFODJBT Z DPMFHJPT NBZPSFT MPT NBHBDJOFT EF
%*3&$503 "34&/*0 &4$0-"3 -PT NBHBDJOFT TPO QSPEVDUPT FEJUPSJBMFT FMBCPSBEPT QPS FM EFQBSUBNFOUP EF 1VCMJDBDJPOFT OP %JBSJBT EF NJOVUPT %JSFDDJÎO 1BCMP 4FHBSSB %JTFÌP %BWJE 7FMBTDP $PPSEJOBDJÎO $MBVEJB 3J[[P $PMBCPSBDJÎO +BWJFS 3BEB Z 4BSB .POUFSP .BRVFUBDJÎO )FOBS EF 1FESP 3BGBFM .BHBÌB .BOVFM 7JMMB Z (PO[BMP $IBDÎO &%*5" .*/6504 &%*503" 4 - 1VCMJDJEBE )PSUFOTJB 'VFOUFT %JSFDUPSB (FOFSBM Z 3PDÈP 0SUJ[ +FGB EF "OEBMVDÈB 0QFSBDJPOFT )ÄDUPS .BSÈB #FOJUP 1SPEVDDJÎO Z -PHÈTUJDB 4BOESB .PSFOP .BSLFUJOH "MGPOTP 1ÄSF[ 5* +VBOKP "MPOTP "ENJOJTUSBDJÎO -VJT 0ÌBUF *NQSJNF 3PUPDBZGP *NQSFTJB *CÄSJDB NJOVUPT $POEFTB EF 7FOBEJUP .BESJE 5FMÄGPOP %FQÎTJUP -FHBM . 'PUPHSBGÈB EF QPSUBEB $BSMPT %ÈB[
*.13&40 &/ 1"1&- 3&$*$-"%0
."("$ɝ/ %& &456%*04 461&3*03&4
4*56"$*ʂ/ (&/&3"-
1SPUFTUBT FTUVEJBOUJMFT $PMFDUJWPT EF FTUVEJBOUFT TF FTU˔O NPWJMJ[BOEP QPS UPEP FM QB̆T DPO FM PCKFUJWP EF JNQFEJS MB BQMJDBDJ̬O EF MB -0.$& Z FM QPM˭NJDP EFDSFUP
&M VO EFCBUF BCJFSUP 3FEVDJS MPT HSBEPT B USFT BÕPT Z TVCJS MPT NÆTUFST B EPT FTUÆ EJWJEJFOEP B MB DPNVOJEBE VOJWFSTJUBSJB &M NJFEP FT RVF VOB CVFOB GPSNBDJÖO BDBCF TJFOEP BMHP FMJUJTUB 5FYUP +BWJFS 3BEB
Q
VP WBEJT VOJWFSTJEBE {$VÆM TFSÆ FM NPEFMP {)BDJB EÖOEF UF EJSJHFT 4JO IBCFSTF JNQMBOUBEP EFM UPEP MB BEBQ UBDJÖO EF MBT VOJWFSTJEBEFT FTQBÕPMBT BM &T QBDJP &VSPQFP EF &EVDBDJÖO 4VQFSJPS FM 1MBO #PMPOJB oUPEBWÑB IBZ FTUVEJBOUFT DVSTBO EP MBT BOUJHVBT MJDFODJBUVSBTo TVSHFO OVFWBT CBUBMMBT FO FM IPSJ[POUF RVF EFCFSÆO SFTQPO EFS B FTUBT QSFHVOUBT {&T MB VOJWFSTJEBE VOB JOWFSTJÖO {$VNQMF VOB GVODJÖO TPDJBM -B VOJWFSTJEBE DPOUJOÜB DPO TV GBMMB BCJFS UB EVSBOUF MB DSJTJT FOUSF MBT QPTJCJMJEBEFT EF GJOBODJBDJÖO Z MB FTDBTF[ EF SFDVSTPT oNÆT EFM EF MPT DFOUSPT QÜCMJDPT TF FODPO
USBSÑBO FO EÍGJDJUo TFHÜO VO JOGPSNF EF MB 'F EFSBDJÖO EF 5SBCBKBEPSFT EF MB &OTFÕBO[B '&5& 6(5 &TUÆO TVGSJFOEP MB QÍSEJEB EF BMVNOPT NBUSJDVMBEPT FO HSBEPT Z NÆTUFST : BIPSB EFCFSÆO FOGSFOUBSTF BM OVFWP NPEF MP RVF QVFEF QPOFS QBUBT BSSJCB MB PGFS UB FEVDBUJWB BM SFEVDJS B JOJDJBUJWB EF MPT DFO USPT MPT HSBEPT EF DVBUSP B USFT BÕPT Z BVNFO UBOEP MPT NÆTUFSFT FO EPT -PT FTUVEJBOUFT FTUÆO FO QJF EF HVFSSB ZB RVF DPOTJEFSBO RVF FODBSFDFSÆ MB VOJWFSTJEBE Z MB DPOWFSUJSÆ FO VO FTQBDJP FMJUJTUB 6O JOGPSNF EF MB "HFODJB EF $BMJEBE EFM 4JTUFNB 6OJWFSTJUBSJP DFSUJGJ DB RVF MPT FTUVEJBOUFT EFTGBWPSFDJEPT TF FT
UÆO WJFOEP PCMJHBEPT B DVSTBS DBSSFSBT RVF MFT QFSNJUBO FODPOUSBS VO USBCBKP SÆQJEP BVO RVF FMMP TJHOJGJRVF DPCSBS TVFMEPT NÆT CBKPT -PT DBNQVT TF FODVFOUSBO EJWJEJEPT TPCSF MB JEPOFJEBE EF MB QSPQVFTUB EFM -B OVFWB QBMBCSB DMBWF FT GMFYJCJMJEBE &M DPODFQUP TVC ZBDFOUF QPEFS GJOBODJBSTF Z DPOHFOJBS DPO VOB &VSPQB RVF FTDPHJÖ NBZPSJUBSJBNFOUF FM DVBOEP TF BEBQUÖ B #PMPOJB -B DSJTJT FDPOÖNJDB Z MBT DBSFODJBT EF GJ OBODJBDJÖO oEVSBOUF FM QFSJPEP TF SFEVKFSPO MPT SFDVSTPT FYUFSOPT FO VO o IB MMFWBEP B MB VOJWFSTJEBE B CVTDBS TBMJEBT TVNÆOEPTF B MB UFOEFODJB EF DPNQFUFODJB
."("$ɝ/ %& &456%*04 461&3*03&4
-B $POGFSFODJB EF 3FDUPSFT EF MBT 6OJWFS TJEBEFT 1ÜCMJDBT &TQBÕPMBT TF NVFTUSB EF BDVFSEP DPO MB GMFYJCJMJEBE QFSP FO BTBNCMFB IB BQSPCBEP VOB NPSBUPSJB QBSB SFUSBTBS IBT UB TV JNQMBOUBDJÖO ZB RVF MPT DBN QVT FTQBÕPMFT FTUÆO EJWJEJEPT Z TF UFNF VO DBPT EF PGFSUBT DPO VOJWFSTJEBEFT WFDJOBT PGSFDJFOEP FM NJTNP HSBEP DPO EVSBDJPOFT EJTUJOUBT &TUB NPSBUPSJB OP BGFDUBSÆ B MPT HSB $PMFDUJWPT EF FTUVEJBOUFT VOJWFSTJUBSJPT DPNP FM 4JOEJDBUP EF &TUVEJBOUFT TFÕBMBO FM EPT EF OVFWB DSFBDJÖO OJ B BRVFMMPT RVF TF JN FNQPCSFDJNJFOUP EFM BMVNOBEP Z EFOVO QBSUBO FO JOHMÍT DPNP FM EF #JPJOGPSNÆUJDB DJBO VO QSPDFTP EF jQSJWBUJ[BDJÖO FODVCJFS P (MPCBM 4UVEJFT RVF QSFWJTJCMFNFOUF FNQF UBx "TFHVSBO RVF IBZ FTUVEJBOUFT RVF ZB [BSÆO FTUF QSÖYJNP DVSTP " FTUF QBOPSBNB OP QVFEFO QBHBS QPS MB BDFOUVBEB TVCJEB TF TVNBO MBT EFOVODJBT EF GBMUB EF CFDBT EF MBT UBTBT )PNPMPHBSTF DPO &VSPQB QBSF MBT EFNBOEBT EF VOB NBZPS BVUPOPNÑB Z HP DF TFS FM PCKFUJWP 1FSP UFOFNPT EPT NPEF CFSOBO[B QPS QBSUF EF MBT VOJWFSTJEBEFT MB MPT RVF DPOWJWFO FO FM IPSJ[POUF FVSPQFP VOB QSFDBSJFEBE EFM QSPGFTPSBEP Z MPT PCTUÆ VOJWFSTJEBE QÜCMJDB Z HSBUVJUB FOUFOEJEB DP DVMPT B MBT CFDBT &SBTNVT NP VO CJFO TPDJBM Z VOB VOJWFSTJEBE DPO DFCJEB DPNP CFOFGJDJP JOEJWJEVBM RVF EFCF &M NPEFMP UJFOF TVT EFGFOTPSFT Z TFS QBHBEP DPNP QFBKF QBSB VO NFKPS TVFM EFUSBDUPSFT -PT FYQFSUPT UBNCJÍO TF FODVFO EP Z PQPSUVOJEBEFT &TUPT TJTUFNBT FTUB USBO EJWJEJEPT j4FHVSBNFOUF OP SFTPMWFSÆ MPT SÑBO SFQSFTFOUBEPT QPS FM NPEFMP HSBUVJUP BMF QSPCMFNBT RVF UFOFNPT Z FO DBNCJP OPT USB NÆO P FM GSBODÍT UBTBT CBKBT RVF TF DPO FSÆ OVFWPT DPNP MPT RVF UJFOFO RVF WFS DPO USBQPOESÑB BM CSJUÆOJDP EPOEF MPT FTUVEJBOUFT DPTUFBO MB NBUSÑDVMB &TQBÕB QBSFDF EFDBO UBSTF IBDJB FM NPEFMP EF QBHP Z RVF MPT FT UVEJBOUFT BTVNBO QBSUF EF MPT DPTUFT -B JNQMBOUBDJÖO EFM EFDSFUP JNQVMTBEP QPS /6&704 (3"%04 FM NJOJTUSP +PTÍ *HOBDJP 8FSU BOUFT EF RVF EF TFS̆BO MPT RVF FTUBS̆BO QSFQBSBOEP MBT VOJWFSTJEBEFT KBSB FM DBSHP BIPOEB FO FTUF EFCBUF FTQB̤PMBT FO QSFWJTJ̬O EF MB BQMJDBDJ̬O EFM NPEFMP DPNP (MPCBM 4UVEJFT P 1SPEVDDJ̬O %JHJUBM "MHVOBT VOJWFSTJEBEFT MP DPOTJEFSBO VOB PQPSUVOJEBE Z FTUÆO QSFQBSBOEP HSBEPT QBSB FM QSÖYJNP DVSTP TFHÜO BMHVOPT DÆMDVMPT FM BVNFOUP EF MBT CBSSFSBT BM BDDFTP B MB VOJ FTQFDJBMNFOUF FO $BUBMVÕB &TUF TJTUFNB WFSTJEBEx FYQMJDB +PSEJ .JS QSPGFTPS EFM BDPSUBSÆ MBT DBSSFSBT EF BÕPT oNPEFMP FTDP %FQBSUBNFOUP EF )VNBOJEBEFT EF MB 6OJWFS HJEP FO TV NPNFOUP DVBOEP TF BEPQUÖ FM QMBO TJUBU 1PNQFV 'BCSB Z NJFNCSP EFM 0CTFSWB #PMPOJB FO &TQBÕBo QPS BÕPT NPEFMP RVF UPSJP EFM 4JTUFNB 6OJWFSTJUBSJP j"DFQUBOEP FOUPODFT TF SFDIB[Ö 4VSHFO MBT EVEBT EF DÖ RVF TF FRVJMJCSF FM QSFDJP EFM NÆTUFS OVFTUSPT NP TF QPESÆO JODMVJS MBT QSÆDUJDBT Z MPT TJT HSBEPT ZB OPT TJUÜBO FO BRVFMMPT QBÑTFT RVF UFNBT EF JOUFSDBNCJP FO UBO QPDP UJFNQP Z FOUJFOEFO RVF MB FEVDBDJÖO VOJWFSTJUBSJB FT DVÆM TFSÆ FM OJWFM FEVDBUJWP -B GPSNBDJÖO EF VO CJFO QSJWBEPx BÕBEF -B DPOOJWFODJB FO CFSÆ DPNQMFNFOUBSTF DPO VOB BNQMJB PGFS USF DFOUSPT QÜCMJDPT Z QSJWBEPT BETDSJUPT ZB IB UB EF NÆTUFST -BT VOJWFSTJEBEFT RVF MP EFGJFO HFOFSBEP NÆTUFST QÜCMJDPT FOUSF MPT NÆT DB EFO DPOTJEFSBO RVF BZVEBSÆ B BDFSDBSOPT B SPT EF &VSPQB DPO QSFDJPT RVF FTUÆO FOUSF MPT MPT HSBEPT FVSPQFPT -FT QFSNJUJSÆ GJSNBS DPO Z FVSPT QPS BÕP WFOJPT DPO VOJWFSTJEBEFT EF MB 6& EPOEF NB 6OP EF MPT BSHVNFOUPT B GBWPS EFM FT ZPSJUBSJBNFOUF TF BQMJDB FM Z FODPOUSBS WÑ MB JOUFSOBDJPOBMJ[BDJÖO ZB RVF MB NFEJB EF BT EF GJOBODJBDJÖO FTUVEJBOUFT FYUSBOKFSPT FO &TQBÕB TF FODVFO &M (PCJFSOP DPOTJEFSB RVF FT VO BWBODF USB FO FM DVBOEP FO &VSPQB FT EFM IBDJB VOB jFEVDBDJÖO QÜCMJDB EF DBMJEBEx Z FYJTUF VO HSBO EÍGJDJU FO MB BUSBDDJÖO EF FT SFDJFOUFNFOUF FM NJOJTUSP EF FEVDBDJÖO ´ÕJ UVEJBOUFT BTJÆUJDPT j4J MB NBZPSÑB EF QBÑTFT HP .ÍOEF[ EF 7JHP BSHVNFOUÖ RVF TF EFCF FVSPQFPT FTUÆO FO FM BRVÑ EFCFSÑBNPT jTJNQMJGJDBS FM TJTUFNB EF UBTBT RVF QBHBO MPT JS FO FTB EJSFDDJÖO OP UJFOF NVDIP TFOUJEP FTUVEJBOUFTx QBSB JHVBMBS FM QSFDJP EF MPT HSB TFS VOB JTMB FO FTUF UFSSFOP FT VO UFNB RVF TF EPT Z MPT NÆTUFST &M 4JOEJDBUP EF &TUVEJBO EFCF BGSPOUBS Z EJTDVUJS DÖNP IBDFSMPx FYQMJ UFT FOUJFOEF RVF FT VO QBTP NÆT jMMFWBEP QPS DB .BSUÑ 1BSFMMBEB EF MB 'VOEBDJÖO $POPDJ FM HPCJFSOP EFM 1BSUJEP 1PQVMBS QBSB JN NJFOUP Z %FTBSSPMMP QFEJS RVF MPT IJKPT EF MPT USBCBKBEPSFT QVFEBO "MHVOPT FYQFSUPT MP DPOTJEFSBO QSFDJQJ BDDFEFS B MB VOJWFSTJEBEx TFHÜO FYQMJDB TV UBEP Z TFÕBMBO RVF FO QBÑTFT DPNP &&66 P QPSUBWP[ "OB (BSDÑB QSFWÍO VO HSBO BVNFO $IJOB MBT DBSSFSBT TPO EF B BÕPT Z RVF UP EFM DPTUF UPUBM EF MPT FTUVEJPT oMMFHBO B PUSPT FTUÆO WBMPSBOEP BVNFOUBSMBT B DVB DJGSBSMP FO FVSPT QPS DBSSFSBo VO JO USP j&TUBNPT B DJFHBT "ÜO OP IFNPT FWBMVB DSFNFOUP RVF TF TVNBSÑB BM RVF ZB IB TV EP TJ IB GVODJPOBEP #PMPOJB Z OPT QPOF GSJEP FM QSFDJP EF MBT NBUSÑDVMBT EFTEF FO NPT DPO PUSB SFGPSNB {4J SFDPSUBNPT VOB DB BMHVOBT [POBT VOJWFSTJUBSJBT )PZ FTUVEJBS SSFSB EF *OHFOJFSÑB B USFT BÕPT TFSÆO NÆT FO &TQBÕB FT DBSP DPO VO EFTFNCPMTP RVF FNQMFBCMFT MPT HSBEVBEPT x TF QSFHVOUB QVFEF TVQFSBS MPT FVSPT QPS DVSTP %V +PTÍ (JOÍT .PSB FYQFSUP FO FEVDBDJÖO TVQF SBOUF MB DSJTJT QBSUF EFM DPTUF TF USBTMBEÖ EF SJPS Z VOP EF MPT JNQVMTPSFT EFM 1MBO #P MB GJOBODJBDJÖO QÜCMJDB BM VTVBSJP MPOJB 5FOESFNPT RVF FTQFSBS B WFS DÖNP SFT -B VOJWFSTJEBE FTQBÕPMB FTUÆ FOUSF MBT NÆT QPOEF FM NFSDBEP MBCPSBM Z MPT FTUVEJBOUFT DBSBT EF &VSPQB IBZ EJGFSFODJB FOUSF DP B FTUPT OVFWPT UÑUVMPT Z DFSUJGJDBS TJ DPNP EF NVOJEBEFT FTUVEJBS FO $BUBMVÕB DVFTUB WF OVODJBO TFSÆ JNQSFTDJOEJCMF FM NÆTUFS QBSB DFT NÆT RVF FO "OEBMVDÑB QPEFS USBCBKBS BM IBCFSTF EFWBMVBEP FM HSBEP B OJWFM OBDJPOBM F JOUFSOBDJPOBM MBT NÆT ÆHJ MFT IBO JOUFOUBEP SFTPMWFS MB FDVBDJÖO DPO MB DSFBDJÖO EF NÆTUFST Z HSBEPT BUSBDUJWPT 4F IBDF IJODBQJÍ FO MB FNQMFBCJMJEBE DPNP SF TVMUBEP FO MB DSFBDJÖO EF DVSTPT NFKPS BEBQ UBEPT WÑODVMP FOUSF FTUVEJBOUFT Z FNQSF TBT RVF EFTQJFSUF B VO TJTUFNB FOWFKFDJEP
"3$)*70
'*/ %& -" 4&-&$5*7*%"% : 40#3&$6"-*'*$"$*ʂ/ 0USP EF MPT QVOUPT FO SFGPSNB FT MB TVQSFTJÎO EF MB 1SVFCB EF "DDFTP B MB 6OJWFSTJEBE 1"6 MB TFMFDUJWJEBE Z MPT SFDUPSFT Z FM NJOJTUFSJP EF &EVDBDJÎO FTU¼O FMBCPSBOEP VOB QSVFCB N¼T VOJGJDBEB B OJWFM OBDJPOBM QBSB RVF MPT BMVNOPT QVFEBO NPWFSTF TJO EJGJDVMUBE $PODFQUPT DPNP TPCSFDVBMJGJDBDJÎO UBNCJÄO FTU¼O TPCSFWPMBOEP FM FTDFOBSJP MBCPSBM BVORVF MPT EBUPT QBSFDFO DPOTUBUBS RVF MPT FTUVEJBOUFT VOJWFSTJUBSJPT TJHVFO UFOJFOEP N¼T PQPSUVOJEBEFT MBCPSBMFT DPO SFQVOUFT FO FM ÕMUJNP BÌP /P PCTUBOUF TF FTU¼ SFEVDJFOEP FM OÕNFSP EF NBUSJDVMBEPT ZB TFB QPS MBT QSPQJBT EJO¼NJDBT EF MB QPCMBDJÎO DPNP QPS FM BVNFOUP EF MPT DPTUFT EF FTUVEJBS &T QPTJCMF JOEVDJS RVF NBZPS GPSNBDJÎO EB N¼T QPTJCJMJEBEFT EF JOTFSUBSTF MBCPSBMNFOUF QPS MP UBOUP FT VO UFNB QSFPDVQBOUF DPODMVZF .BSUÈ 1BSFMMBEB FYQFSUP EF MB 'VOEBDJÎO $POPDJNJFOUP Z %FTBSSPMMP
."("$ɝ/ %& &456%*04 461&3*03&4
$"33&3"4 .Ȱ4 %&."/%"%"4 HFOJFSÑB Z "SRVJUFDUVSB FO FM RVF MB DSJTJT EFM TFDUPS EF MB DPOTUSVDDJÖO IB SFEVDJEP ESÆTUJDBNFOUF MBT FYQFDUBUJWBT EF FNQMFP EF BMHVOBT EF TVT UJUVMBDJPOFTx 1SFPDVQB FTQFDJBMNFOUF MB EJTNJOVDJÖO HMPCBM EF MB EFNBOEB FO DBSSFSBT EF JOHFOJFSÑBT FY DFQUP FO JOGPSNÆUJDB Z FMFDUSÖOJDB Z FO $JFODJBT -BT "SUFT Z )VNBOJEBEFT NBO UJFOFO VOB QPTJDJÖO FTUBCMF DPO MJHFSPT JODSFNFOUPT -BT USFT UJUVMBDJPOFT NÆT FT UVEJBEBT FO FM TJTUFNB VOJWFSTJUBSJP TPO "E NJOJTUSBDJÖO Z %JSFDDJÖO EF &NQSFTBT %F SFDIP Z &EVDBDJÖO 1SJNBSJB 4J BM DPODFQUP EF FNQMFBCJMJEBE TVNB NPT PUSP FM EF MB WPDBDJÖO MB FDVBDJÖO DBNCJB &TDPHFS VOB DBSSFSB FYDMVTJWBNFO UF QPS TV QFSTQFDUJWB MBCPSBM OP FT FM NF KPS DBNJOP BGJSNBO MPT FYQFSUPT 1VFEF RVF MB WPDBDJÖO OP MMFWF BQBSFKBEB FTB QSP NFTB oRVF TJFNQSF FT VOB QSFEJDDJÖOo EF FODPOUSBS VO FNQMFP KVTUP BM GJOBMJ[BS MPT FTUVEJPT QFSP DPOUJFOF FO TÑ NJTNB MBT DPNQFUFODJBT USBOTWFSTBMFT Z MB NPUJWBDJÖO OFDFTBSJB RVF QVFEF NBSDBS MB EJGFSFODJB
/P EFCFSÑBNPT FTDPHFS VOB DBSSFSB TPMP QPS FM FNQMFP TFHÜO MPT FYQFSUPT -B FOFSHÑB RVF BCSJSÆ MBT QVFSUBT MB QSPBD UJWJEBE NBOUSBT NPEFSOPT FOUSF MPT SFT QPOTBCMFT EF SFDVSTPT IVNBOPT
4FHÕO MPT ÕMUJNPT EBUPT .FEJDJOB 7FUFSJOB
%JTDJQMJOBT DPO TBMJEB -BT $JFODJBT EF MB 4BMVE DSFDFO FO TPMJDJUVEFT Z HP[BO EF CVFOB FNQMFBCJMJEBE
"3$)*70
&OUSF MB WPDBDJÖO Z FM FNQMFP -PT HSBEPT NÆT EFNBOEBEPT TF FODVFOUSBO FO $JFODJBT EF MB 4BMVE Z MBT 4PDJBMFT Z +VSÑEJDBT .VDIPT EF MPT FTUVEJBOUFT TJHVFO FTDPHJFOEP MB DBSSFSB QPS WPDBDJÖO 5FYUP +BWJFS 3BEB
P
PS VO MBEP UFOFNPT MB EFNBOEB MBCP SBM MBT OFDFTJEBEFT EF MBT FNQSFTBT MB FNQMFBCJMJEBE Z FO FM PUSP MB WPDB DJÖO TJFNQSF BSNBEB QPS FM FOUVTJBTNP &O MÑOFBT HFOFSBMFT MBT DBSSFSBT NÆT EF NBOEBEBT QPS MPT FTUVEJBOUFT OP QBSFDFO BKVTUBSTF B MBT RVF UJFOFO BDUVBMNFOUF VOB NBZPS TBMJEB MBCPSBM &T VO IFDIP FO PDB TJPOFT FYJTUF VO DJFSUP EFTFRVJMJCSJP -B ÜOJ DB FYDFQDJÖO TPO MBT $JFODJBT EF MB 4BMVE
RVF WBO FO BVNFOUP BVORVF NVZ SFGPS[B EBT QPS MPT HSBEPT EF QTJDPMPHÑB DVZBT QFST QFDUJWBT MBCPSBMFT QVFEFO TFS NÆT BMUBT FO MB NBZPSÑB EF MBT EJTDJQMJOBT &M JOGPSNF -B 6OJWFSTJEBE FO $JGSBT QVCMJDBEP FO QPS MB $POGFSFODJB EF 3FDUPSFT EF MBT 6OJ WFSTJEBEFT 1ÜCMJDBT DPOTUBUB j&O FM DPO KVOUP EF MPT FTUVEJPT TF JODSFNFOUB FM QF TP EF MB SBNB EF $JFODJBT EF MB 4BMVE Z FM EF )VNBOJEBEFT Z DBF OPUBCMFNFOUF FM EF *O
SJB &OGFSNFSÑB Z $JFODJBT EF MB 7JEB TF FO DPOUSBSÑBO FOUSF MBT RVF IBO BVNFOUBEP TV EFNBOEB QPS QBSUF EF MPT FTUVEJBOUFT FTQB ÕPMFT Z QPS UBOUP NVDIBT EF FMMBT DPO OP UBT EF DPSUF BMUBT BDDFTP B MB VOJWFSTJEBE -PT HSBEPT RVF BDBCBO DVSTBOEP MPT BMVN OPT TPO QSJODJQBMNFOUF EF $JFODJBT 4P DJBMFT Z +VSÑEJDBT TFHVJEPT EF *OHFOJFSÑBT Z "SRVJUFDUVSB TFHÜO FM *OTUJUVUP /BDJPOBM EF &TUBEÑTUJDB 4JO FNCBSHP MBT UJUVMBDJP OFT EF EPCMF HSBEP DPNP .BUFNÆUJDBT Z 'Ñ TJDBT TPO MBT RVF UJFOFO VOB OPUB EF DPSUF NÆT FYJHFOUF -B EFNBOEB MBCPSBM FO MBT QSPGFTJPOFT 45&. 4DJFODF 5FDIOPMPHZ &OHJOFFSJOH BOE .BUIFNBUJDT TJHVF DSFDJFOEP FO &T QBÕB Z &VSPQB QFSP FTUBT PQDJPOFT OP TF DPSSFTQPOEFO DPO VO BVNFOUP EF NBUSJDV MBDJPOFT VOJWFSTJUBSJBT RVF MMFWBO BÕPT FO EFTDFOTP Z TPMP VO EFM UPUBM EF FTUVEJBOUFT EF HSBEP QPS FKFNQMP TF NB USJDVMBSPO FO $JFODJBT FO &O FM QPEJP EF MBT DBSSFSBT NÆT EFNBO EBEBT UBNCJÍO TF FODVFOUSBO MPT HSBEPT EF 1FSJPEJTNP P $PNVOJDBDJÖO "VEJPWJTVBM TFHVJEPT QPS MPT SFMBDJPOBEPT DPO FM EFQPS UF BMHVOBT *OHFOJFSÑBT &DPOPNÑB P 3FMB DJPOFT MBCPSBMFT FOUSF PUSBT )BO BVNFO UBEP MPT &TUVEJPT "TJÆUJDPT Z 5SBEVDDJÖO F *OUFSQSFUBDJÖO &OUSF MBT DBSSFSBT NFOPT EFNBOEBEBT EFOUSP EF MBT NÆT TPMJDJUBEBT FTUÆO MBT SFMBDJPOBEBT DPO "HSJDVMUVSB (B OBEFSÑB Z 1FTDB P 5SBCBKP 4PDJBM Z 0SJFO UBDJÖO $BSSFSBT EFM ÆNCJUP EF MB CJPUFD OPMPHÑB SPCÖUJDB Z DSJNJOPMPHÑB FTUÆO B TV WF[ HBOBOEP JOUFSÍT -BT UJUVMBDJP
."("$ɝ/ %& &456%*04 461&3*03&4
$"33&3"4 .Ȱ4 %&."/%"%"4 OFT SFMBDJPOBEBT DPO $JFODJBT EF MB 4B MVE TPO MBT RVF BUSBFO B MPT FTUVEJBOUFT DPO NFKPSFT OPUBT -B WPDBDJÖO TJHVF TJFOEP MB QSFGFSFODJB FOUSF MPT BMVNOPT
#"5"--" 103 -04 .Ȱ45&34 $0/ ("/$)0
&O FM NPEFMP FVSPQFP MB VOJWFSTJEBE BTQJSB "MHVOBT VOJWFSTJEBEFT CVTDBO TFS N¼T B DPOWFSUJSTF FO VO FTQBDJP QBSB QSPEVDJS DPNQFUJUJWBT Z FTU¼O EJTFÌBOEP OVFWPT HSBEPT QSPGFTJPOBMFT HFOUF QSFQBSBEB RVF EFCF Z N¼TUFST DPO HBODIP Z BUSBDUJWP HFOFSBDJPOBM SÑB QPEFS JOTFSUBSTF FO FM NFSDBEP MBCPSBM DPNP MPT EF EJTFÌP FO WJEFPKVFHPT DPDJOB P DPO MPT DPOPDJNJFOUPT ÖQUJNPT -B VOJWFS QSPEVDDJÎO FO USBOTNFEJB &T VOB PGFSUB RVF TJEBE TF FODVFOUSB FO VOB DMBSB UFOEFO TVSHF EF MB GVTJÎO FOUSF JEFOUJGJDBS OFDFTJEBEFT DJB FODBNJOBEB B QSJNBS MPT DPOPDJNJFO Z OJDIPT EF NFSDBEP Z MB VSHFODJB EF QPEFS UPT QSÆDUJDPT Z QSPGFTJPOBMFT DVCSJS MPT EÄGJDJUT EF GJOBODJBDJÎO BM RVF FTU¼O &O &TQBÕB NÆT EF MB NJUBE EF MPT FT TPNFUJEBT MBT VOJWFSTJEBEFT FTQFDJBMNFOUF UVEJBOUFT FTDPHFO MBT $JFODJBT 4PDJBMFT Z EFTEF MB DSJTJT -B FMFDDJÎO EF VOPT FTUVEJPT +VSÑEJDBT NBSDBOEP EJTUBODJB DPO $JFODJBT QVFEF DPOWFSUJSTF FO VOB DVFTUJÎO EJGÈDJM Z OP EF MB 4BMVE RVF FTUÆ FO FM Z $JFODJBT FTU¼ EFNPTUSBEP FO NVDIPT DBTPT RVF FTUPT DPO VO &YJTUFO EJTUJOUPT HSBEPT RVF HSBEPT PGSF[DBO FM ÄYJUP MBCPSBM RVF QSPNFUFO PGSFDFO B QSJPSJ VO NBZPS SFOEJNJFOUP MB -PT FTUVEJBOUFT EF N¼TUFST FODVFOUSBO VO CPSBM TJ FTUF FT FM FOGPRVF QSJODJQBM -PT HSB FNQMFP B VO SJUNP TJNJMBS RVF MPT FTUVEJBOUFT EVBEPT FO .FEJDJOB ¹QUJDB Z 0QUPNFUSÑB EF HSBEP GSFOUF B TFHÕO VO FTUVEJP Z $JFODJBT "DUVBSJBMFT Z 'JOBODJFSBT FTUÆO EF MB "HFODJB QBSB MB $BMJEBE EFM 4JTUFNB FOUSF FMMPT TFHÜO FM ÜMUJNP JOGPSNF EF JO 6OJWFSTJUBSJP -B JOTFSDJÎO N¼T BMUB TF TFSDJÖO MBCPSBM EF MPT FTUVEJBOUFT VOJWFSTJ FODPOUSBSÈB FOUSF MPT EPDUPSBEPT &M UBSJPT EFM .JOJTUFSJP EF &EVDBDJÖO CB FTUVEJP JOEJDB RVF VOP EF DBEB USFT UJUVMBEPT TBEP FO MPT EBUPT EF FNQMFBCJMJEBE EF MPT FO N¼TUFST OP WPMWFSÈB B DVSTBS FTUPT FTUVEJPT FHSFTBEPT RVF UFSNJOBSPO TVT DVSTPT FO .VMUJQMJDBO TVT QPTJCJMJEBEFT EF FODPOUSBS FNQMFP DPO VOBT UBTBT EF JOTFSDJÖO FOUSF FM Z /P PCTUBOUF QBSUF EF FTUPT OVFWPT HSBEVBEPT QVFEF RVF TF WFBO PCMJHBEPT B FNJHSBS TPCSF UPEP %& -04 &456%*"/5&4 FO .FEJDJOB QPS MBT EJGJDVMUBEFT SFJOBOUFT RVF JOJDJBSPO .FEJDJOB FO MB Q͔CMJDB UFŎBO VOB FO MB FTQFDJBMJ[BDJÖO QSÆDUJDB DBMJGJDBDJ̬O TVQFSJPS BM EF OPUB EF DPSUF TFH͔O FM 1PS TV QBSUF FM NFSDBEP MBCPSBM FTQBÕPM JOGPSNF -B 6OJWFSTJEBE FO $JGSBT FTUÆ EFNBOEBOEP DBSSFSBT SFMBDJPOBEBT DPO *OGPSNÆUJDB .BUFNÆUJDBT &TUBEÑT UJDB FUD NJFOUSBT RVF FO )VNBOJEBEFT "SUFT Z %FSFDIP MB PQPSUVOJEBE MBCPSBM TV QFSB QPS QPDP FM FO QBSUF QPS TBUVSB %& $"%" "-6./04 DJÖO QFSP UBNCJÍO QPSRVF FM TFDUPS QÜCMJ UFSNJOBO MPT FTUVEJPT EF DBSSFSBT EF *OHFOJFS̆BT DP IBCÑB BCTPSCJEP USBEJDJPOBMNFOUF B QBS TFH͔O EBUPT EFM &VSPTUBU VOB EF MBT SBNBT DPO UF EF FTUPT FHSFTBEPT Z EVSBOUF MB DSJTJT MBT NBZPS EFTDFOTP EF NBUSJDVMBDJPOFT PGFSUBT TF IBO WJTUP SFEVDJEBT 4FHÜO MPT EBUPT EFM */& *OHFOJFSÑB FO &MFDUSÖOJDB Z MBT *OHFOJFSÑBT "VUPNÆUJDBT Z EF &MFDUSÖOJDB *OEVTUSJBM EF UBTB EF QBSP TPO PUSBT EF MBT RVF PGSFDFO NBZPS %& -04 6/*7&34*5"3*04 FNQMFBCJMJEBE -BT 'JMPMPHÑBT ©SBCFT Z DBNCJBO EF DBSSFSB P BCBOEPOBO MPT FTUVEJPT USBT FM QSJNFS B̤P TFH͔O FM .JOJTUFSJP EF &EVDBDJ̬O 'SBODFTB MBT EJQMPNBUVSBT FO /BWFHB DJÖO .BSÑUJNB KVOUP B )JTUPSJB MBT RVF NF OPT &O NBMB QPTJDJÖO FTUÆO UJUVMBDJPOFT FO 5VSJTNP Z MB *OHFOJFSÑB 5ÍDOJDB 'PSFTUBM 4J QPOFNPT FM GPDP FO MBT TPMJDJUVEFT &OUSF MPT TFDUPSFT NÆT EFNBOEBEPT QPS MBT FNQSFTBT DPODMVZF PUSP JOGPSNF EF EF MPT BMVNOPT VO FTUVEJP EF MB 6OJWFSTJ "EFDDP TF FODVFOUSBO BEFNÆT FM EF "ENJ EBE $PNQMVUFOTF EF .BESJE EFTUBDB RVF OJTUSBDJÖO EF &NQSFTBT Z 'JOBO[BT *OHF BEFNÆT EF .FEJDJOB Z 1TJDPMPHÑB VOP EF OJFSÑB *OGPSNÆUJDB F JOEVTUSJBM .BSLFUJOH MPT HSBEPT NÆT EFNBOEBEPT FO MB DPNVOJ Z $PNFSDJP Z &OGFSNFSÑB 0USP EF MPT GBDUP EBE EF .BESJE FT FM EF *OHFOJFSÑB "FSPFT SFT B UFOFS FO DVFOUB FT MB QPTJCMF JOUFSOB QBDJBM NVZ TPMJDJUBEP DPNP QSJNFSB PQ DJPOBMJ[BDJÖO EFM GVUVSP FNQMFBEP FM FTUV DJÖO FO MPT GPSNVMBSJPT EF MB 1PMJUÍDOJDB -B EFNBOEB EF UJUVMBEPT FO $JFODJBT EJBOUF RVF KVOUP BM DPOPDJNJFOUP IPZ CÆTJ DP FO JEJPNBT QVFEB BEBQUBSTF B MBT 5FDOPMPHÑB *OHFOJFSÑB Z .BUFNÆUJDBT DSF UFOEFODJBT HMPCBMFT Z PQUBS QPS FNQMFPT FO DFSÆ FO &VSPQB VO IBTUB TFHÜO FM QBÑTFT RVF SFRVJFSBO TVT DPOPDJNJFOUPT %F $FOUSP &VSPQFP QBSB FM %FTBSSPMMP EF MB 7P BRVÑ B TFHÜO VO FTUVEJP EFM %FQBS DBDJÖO 1SPGFTJPOBM &TUP DPOUSBTUB DPO PUSP UBNFOUP EF 5SBCBKP EF MPT &TUBEPT 6OJEPT FTUVEJP EF MB 6OJWFSTJEBE EF $BNCSJEHF TP MBT QSPGFTJPOFT DPO NBZPS QSPZFDDJÖO TF CSF MBT BTQJSBDJPOFT MBCPSBMFT EF MPT KÖ SÆO FOGFSNFSÑB EJSFDUPSFT EF PQFSBDJPOFT WFOFT FTQBÕPMFT *OHFOJFSP 1SPCBEPS EFTBSSPMMBEPSFT EF BQMJDBDJPOFT EF TPGUXBSF EF WJEFPKVFHPT %JTFÕBEPS HSÆGJDP FTQFDJBMJTUBT FO NFEJDJOB Z DJSVHÑB BV 1PMJDÑB Z $IFG FTUBCBO FO EJUPSFT Z UÍDOJDPT DPOUBCMFT KVOUP B DPOTVM USF MBT QSPGFTJPOFT NÆT EFTFBEBT $POUJOÜBO FO BVNFOUP MBT EPCMFT UJUV UPSFT EF EJSFDDJÖO Z BOBMJTUBT EF TJTUFNBT MBDJPOFT DPO VO BDDFTP NÆT EJGÑDJM DPNP Z QSPHSBNBEPSFT
1FSJPEJTNP Z 3FMBDJPOFT *OUFSOBDJPOBMFT "%& Z %FSFDIP P 'BSNBDJB Z /VUSJDJÖO &T UBT DBSSFSBT EPCMFT FTUÆO HBOBOEP FO QSP ZFDDJÖO BM DPOTFHVJS BMVNOPT NÆT WFSTÆ UJMFT Z NFKPS GPSNBEPT 0USP EBUP EFTUBDBCMF FT RVF FM OÜNFSP EF FTUVEJBOUFT RVF DVSTBO VO NÆTUFS TF IB JODSFNFOUBEP FO VO FOUSF Z FO MBT VOJWFSTJEBEFT QSJWBEBT NJFO USBT RVF FO MB QÜCMJDB EJTNJOVZFSPO FO VO TFHÜO VO JOGPSNF EF MB $FOUSBM 4JOEJDBM *OEFQFOEJFOUF Z EF 'VODJPOB SJPT $4*' &M DSFDJNJFOUP FO MPT DFOUSPT QSJWBEPT TF FYQMJDBSÑB QPS MB DSFFODJB RVF EJDIPT MVHBSFT PGSFDFO NFKPSFT ÑOEJDFT EF FNQMFBCJMJEBE &M OÜNFSP EF FTUVEJBOUFT FO MBT VOJWFSTJEBEFT QÜCMJDBT IB EFTDFOEJ EP VO TFHÜO FM .JOJTUFSJP EF &EVDB DJÖO &M QSFDJP EF MPT NÆTUFST TFSÑB WFDFT NBZPS BM EF MPT HSBEPT Z IBZ EJTDVTJÖO TPCSF TJ FM EFTDFOTP EF NBUSJDVMBDJPOFT TF EFCF B VOB NFOPS QPCMBDJÖO VOJWFSTJUBSJB P BM BDFOUVBEP BVNFOUP EF MBT UBTBT
"MSFEFEPS EFM EF MPT VOJWFSTJUBSJPT DBNCJBSÑB EF UJUVMBDJÖO TJ WPMWJFSB SFQFUJS TVT FTUVEJPT TFHÜO FM #BSÖNFUSP EF FNQMFB CJMJEBE Z FNQMFP EF MPT VOJWFSTJUBSJPT FO &T QBÕB VO EBUP SFMBDJPOBEP DPO MBT QPTJCJMJEBEFT EF FNQMFP Z MB TPCSFDVBMJGJ DBDJÖO 4JO FNCBSHP MB FNQMFBCJMJEBE EF QFOEF EF NVDIPT GBDUPSFT &M NFSDBEP FT JNQSFEFDJCMF )PZ MBT QSPGFTJPOFT NÆT CVT DBEBT TPO FTQFDJBMJTUB FO #JH %BUB *OHFOJF SP -PHÑTUJDP $POUSPMMFST EFEJDBEPT BM DPO USPM GJOBODJFSP EF MBT FNQSFTBT P %FTB SSPMMBEPSFT EF /FHPDJP FO &NQSFTB %JHJUBM BTFHVSB FM JOGPSNF -PT .ÆT #VTDBEP EF MB DPOTVMUPSB 4QSJOH 1SPGFTTJPOBM 1FSP OBEJF QVFEF BTFHVSBSOPT RVF FTUP TFSÆ BTÑ FO VOPT BÕPT j"MHVOBT EF MBT NFKPSFT VOJWFSTJEB EFT EFM NVOEP DPNP MB EF 0YGPSE OP CVT DBO GPSNBS QSPGFTJPOBMFT TJOP QFSTPOBT DPO SFGMFYJÖO DSÑUJDB Z DBQBDJEBEFT Z DVSJP TBNFOUF TPO MBT RVF DVFOUBO DPO VOB NB ZPS UBTB EF FNQMFBCJMJEBEx FYQMJDB FM FY QFSUP FO FEVDBDJÖO TVQFSJPS +PTÍ (JOÍT .P SB j4FB DVBM TFB FM HSBEP RVF FMJKBO ZP MFT EJSÑB RVF USBCBKFO RVF BQSFOEBO RVF TFBO NVZ BDUJWPT RVF WJBKFO RVF TF NFUBO FO MÑ PT Z UFOESÆO TV SFDPNQFOTBx BÕBEF -BT EFNBOEBT EF HSBEPT TPO WBSJBCMFT Z MBT NPEBT QPS MBT QSPGFTJPOFT FWPMVDJP OBO KVOUP BM FTQÑSJUV EF MPT UJFNQPT 6O FTUVEJP EF $ÑSDVMP 'PSNBDJÖO BTFHVSB RVF EF DBEB KÖWFOFT FTQBÕPMFT BÜO OP TBCF RVÍ HSBEP VOJWFSTJUBSJP FTDPHFSÆ &MMP TF EF CF FO QBSUF B MB HSBO PGFSUB GPSNBUJWB MB HSBO DPJODJEFODJB FO HVTUPT RVF EJGJDVMUBO FM BDDFTP Z VOBT UBTBT EF NBUSJDVMBDJÖO FO BVNFOUP 5PEP BQVOUB B RVF FTUB PGFS UB DSFDFSÆ DPO FM OVFWP NPEFMP -B QSFTJÖO TPDJBM P GBNJMJBS OP EFCFSÑB TFS OVODB VO GBDUPS EFUFSNJOBOUF QBSB FTDPHFS VOB DBSSFSB j"VORVF TPDJBMNFOUF DPOTJEF SBNPT RVF IBZ BMHVOBT DBSSFSBT TJO TBMJEB NJ QSJODJQJP TFSÑB RVF JOUFOUFT FMFHJS BMHP RVF UF HVTUF QPSRVF TJ IBDFT FTP TFSÆ NÆT GÆDJM RVF MB DPTB UF WBZB CJFO BM GJOBM FTUB TBMJEB UFOESÆ NVDIP RVF WFS DPO UV FOUVTJBTNP Z UV DB QBDJEBE EF USBCBKBSx FYQMJDB +PSEJ .JS QSP GFTPS EFM %FQBSUBNFOUP EF )VNBOJEBEFT EF MB 6OJWFSTJEBE 1PNQFV 'BCSB Z NJFNCSP EFM 0CTFSWBUPSJP EFM 4JTUFNB 6OJWFSTJUBSJP
."("$ɝ/ %& &456%*04 461&3*03&4
$-"7&4 1"3" &-&(*3 6/*7&34*%"%
5Ü EFDJEFT MB NFKPS VOJWFSTJEBE &TDPHFS DFOUSP QBSB DVSTBS MB DBSSFSB JNQMJDB UFOFS FO DVFOUB WBSJPT GBDUPSFT RVF EFQFOEFSÆO EF UVT OFDFTJEBEFT 5FYUP + 3
S
J EVEBNPT FO FM NPNFOUP EF FMFHJS VOB VOJWFSTJEBE QPEFNPT FODBSBS FM TJT UFNB VOJWFSTJUBSJP QPS TVT DJGSBT QBSB IBDFSOPT VO JEFB TPCSF B RVÍ OPT FOGSFOUB NPT &M TJTUFNB FTQBÕPM MP DPOGPSNBO VO UPUBM EF VOJWFSTJEBEFT JNQBSUJFOEP EP DFODJB EJTUSJCVJEBT FO DBNQVT MBT QSF TFODJBMFT Z TFEFT MBT OP QSFTFODJBMFT %F MBT VOJWFSTJEBEFT TPO EF UJUVMBSJEBE QÜ CMJDB Z QSJWBEB &TUF FT FM FTDFOBSJP RVF EJ CVKB FM JOGPSNF %BUPT Z $JGSBT EFM 4JTUFNB 6OJ WFSTJUBSJP FTQBÕPM EFM .JOJTUFSJP EF &EV DBDJÖO $VMUVSB Z %FQPSUF &O &TQBÕB IBZ VOJWFSTJEBEFT QPS DBEB NJMMÖO EF IBCJUBOUFT QFSP TJ UFOFNPT FO DVFOUB TPMP MB FEBE EF FTUVEJPT OBUVSBM FOUSF Z BÕPT FOUPODFT FM OÜNFSP EF VOJWFSTJEBEFT QPS NJMMÖO TF TJUÜB FO -BT $PNVOJEBEFT "VUÖOPNBT RVF PGSF DFO VO NBZPS OÜNFSP EF HSBEPT TPO .B ESJE Z $BUBMVÕB &TUBT SFHJPOFT DPJODJEFO DPO UFOFS BMHVOBT EF MBT VOJWFS TJEBEFT NÆT GBWPSFDJEBT QPS MPT SBOLJOHT UBO UP FO JOWFTUJHBDJÖO DPNP FO EPDFODJB BVO RVF .BESJE IB CBKBEP FO MBT ÜMUJNBT DMBTJGJ DBDJPOFT -BT VOJWFSTJEBEFT QSFTFODJBMFT Z OP QSFTFODJBMFT QÜCMJDBT PGFSUBSPO QMB[BT EF HSBEP FO -B NBZPSÑB EF FTUPT QVFTUPT TF EFTUJOBSPO QBSB DJFO DJBT TPDJBMFT Z KVSÑEJDBT TFHVJEBT EF *OHFOJF SÑB Z "SRVJUFDUVSB $JFODJBT EF MB 4BMVE "SUFT Z )VNBOJEBEFT Z $JFODJBT &TUPT TPO MPT EBUPT FM QBOPSBNB HFOFSBM FO DJGSBT RVF OP QVFEF SFTQPOEFS B MB HSBO QSFHVOUB {RVÍ VOJWFSTJEBE FTDPHFS {$VÆM QVFEF TFS FM DSJUFSJP FOUSF UBOUB PGFSUB GPS NBUJWB {2VÍ HSBEP FTDPKP EF FTPT DFO UFOBSFT EF DVSTPT Z FTQFDJBMJEBEFT {2VÍ SB NB Z RVÍ MVHBS FO FM RVF WJWJS Z FTUVEJBS /P IBZ VOB SFTQVFTUB IPNPHÍOFB 5BNQPDP VOB DMBWF RVF BTFHVSF FM ÍYJUP EPDFOUF -B VOJWFSTJEBE DPOGPSNB VOB SFMBDJÖO CJMBUF SBM MB NJUBE MP QSPQPSDJPOBSÆ FM DFOUSP EF FTUVEJPT Z FM SFTUP DPSSF QPS DVFOUB EF MB QB TJÖO Z FTGVFS[P EFM BMVNOP 6SHF JNQMJDBS TF EFTEF FM JOJDJP
&O &TQBÌB IBZ DFOUSPT VOJWFSTJUBSJPT &TDVFMBT Z 'BDVMUBEFT Z FO FM DVSTP TF NBUSJDVMBSPO
$0/4&+04 1"3" 6/" &-&$$*ʂ/ &9*504" ◗ 1SPGFTPSBEP &M OJWFM EF GPSNBDJÎO
JOWFTUJHBDJÎO Z FTQFDJBMJ[BDJÎO EFM QSPGFTPSBEP QVFEF TFS DMBWF QBSB PCUFOFS NFKPSFT DPOPDJNJFOUPT ◗ /ÕNFSP EF BMVNOPT QPS DMBTF 6O FYDFTP FO FM OÕNFSP EF BMVNOPT QVFEF NFOPTDBCBS FM QSPDFTP EF BQSFOEJ[BKF ◗ &OTFÌBO[B UFDOPMÎHJDB -PT EFTBGÈPT UFDOPMÎHJDPT BDUVBMFT JNQMJDBO RVF MBT VOJWFSTJEBEFT FTUÄO B MB BMUVSB FO TVT NÄUPEPT EF BQSFOEJ[BKF ◗ 4FSWJDJPT RVF PGSFDF MB VOJWFSTJEBE %FTEF MBT QS¼DUJDBT FO MBT FNQSFTBT B MPT TJTUFNBT EF JOUFSDBNCJP Z BDUJWJEBEFT FYUSBFTDPMBSFT BTÈ DPNP QPTJCJMJEBEFT EF FOUBCMBS DPOUBDUPT DPO FM FOUPSOP QSPGFTJPOBM ◗ #JCMJPUFDB F JOGSBFTUSVDUVSBT -B CJCMJPUFDB FT VOP EF MPT FMFNFOUPT GVOEBNFOUBMFT ◗ $PTUF EFM MVHBS Z GMFYJCJMJEBE EF IPSBSJPT &TUVEJBS FO VOB VOJWFSTJEBE OP TPMP FT FM DPTUF EF MB NBUSÈDVMB TJOP UBNCJÄO MB WJWJFOEB NBUFSJBMFT Z BMJNFOUBDJÎO -PT IPSBSJPT GMFYJCMFT QFSNJUFO RVF FM BMVNOP QVFEB USBCBKBS P BNQMJBS TVT DPOPDJNJFOUPT
6OB WF[ EFGJOJEB MB SBNB EF DPOPDJNJFOUP RVF TF RVJFSF DVSTBS ÍTUB QVFEF PGSFDFSOPT QJTUBT Z QPTJCJMJEBEFT .VDIBT VOJWFSTJEBEFT FTUÆO FTQFDJBMJ[BEBT FO UJQPT EF FTUVEJPT Z UJF OFO QPS UBOUP VO NBZPS DBQJUBM IVNBOP Z UÍD OJDP RVF TF TVNB B TV QSFTUJHJP FO EFUFSNJ OBEBT NBUFSJBT 1PS FKFNQMP MB 6OJWFSTJ EBE EF #BSDFMPOB TF FODVFOUSB FOUSF MBT
NFKPSFT FO $JFODJBT EF MB 4BMVE TFHÜO FM SBO LJOH 24 QPS EJTDJQMJOBT Z MB 1PMJUÍDOJ DB EF $BUBMVÕB FO *OHFOJFSÑB $JWJM &O &TQB ÕB BMHVOBT EF MBT VOJWFSTJEBEFT UJFOFO VO BM UP HSBEP EF FTQFDJBMJ[BDJÖO DPNP MBT QPMJUÍDOJDBT QFSP UBNCJÍO MBT IBZ DPO SFMF WBODJB FO $JFODJBT 4PDJBMFT Z +VSÑEJDBT DP
NP MB "VUÖOPNB EF .BESJE P MB $BSMPT *** &DPOPNÑB 1PNQFV 'BCSB "SUFT Z )VNBOJ EBEFT DPNP MB 6OJWFSTJEBE EF #BSDFMPOB P MB $PNQMVUFOTF Z $JFODJBT DPNP MBT BVUÖ OPNBT EF .BESJE Z #BSDFMPOB &O DBTP EF UFOFS DMBSB MB EJTDJQMJOB EF FT UVEJP QPEFNPT DPNQBSBS MPT DFOUSPT F JEFO UJGJDBS MBT QPTJCJMJEBEFT DPODSFUBT EF DBEB VOP -PT FYQFSUPT SFDPNJFOEBO SFWJTBS TJFNQSF FM QSPHSBNB BDBEÍNJDP EFM HSBEP RVF TF RVJFSF DVSTBS DPOPDFS MPT DPOUF OJEPT UFÖSJDPT Z QSÆDUJDPT Z TPQFTBS MBT TB MJEBT QSPGFTJPOBMFT /P PCTUBOUF MB DMBWF FT UBSÑB FO VOB BDUJUVE BDUJWB EF QPOEFSBDJÖO JNQMJDBSTF FO MB JOWFTUJHBDJÖO QBSB BWF SJHVBS DVÆM QVFEF TFS MB NFKPS VOJWFSTJEBE RVF DVCSB OVFTUSPT PCKFUJWPT /P FYJTUF VOB SFTQVFTUB VOJGPSNF Z DBEB BMVNOP EFCFSÆ BEBQUBSTF B TVT OFDFTJEBEFT Z FYQFDUBUJWBT
&T BDPOTFKBCMF EFEJDBSMF UJFNQP EF SFGMFYJÎO /P FT VOB DVFTUJÖO EF SBOLJOHT Z QPEJPT -BT DMBTJGJDBDJPOFT BOVBMFT RVF TVFMFO QVCMJDBS EJTUJOUPT DFOUSPT FOUSF MPT RVF EFTUBDB FM SF DPOPDJEP 3BOLJOH EF 4IBOHIBJ TPO JOEJDB EPSFT TJOUÍUJDPT RVF TVFMFO NJOVTWBMPSBS MBT VOJWFSTJEBEFT FTQBÕPMBT " WFDFT OP QPOEF SBO FO QSPGVOEJEBE MB EPDFODJB EF MPT DFO USPT 4V QSFTUJHJP QVFEF OP FTUBS CBTBEP FO MPT DPOPDJNJFOUPT DPODSFUPT RVF BERVJSJSÆ FM BMVNOP TJOP DFOUSBEP FO DVFTUJPOFT DP NP MB JOWFTUJHBDJÖO MPT QSFNJPT /PCFM DPO DFEJEPT B TVT QSPGFTPSFT Z BMVNOPT MB JOWFS TJÖO FO * % Z MB QVCMJDBDJÖO EF BSUÑDVMPT -B NBOFSB EF FWBMVBS BM QSPGFTPSBEP TF DFO USB OPSNBMNFOUF FO TV JOWFTUJHBDJÖO Z QVCMJ DBDJPOFT NÆT RVF FO TV EPDFODJB j5PEB MB JOGPSNBDJÖO FT CVFOB Z OFDFTBSJB QFSP OP
."("$ɝ/ %& &456%*04 461&3*03&4
FTUVEJBOUFT FOUSF HSBEPT Z N˔TUFST
"3$)*70
QPEFNPT SFEVDJS B VO JOEJDBEPS TJOUÍUJDP MB FMFDDJÖO EF VOJWFSTJEBEx FYQMJDB .BSUÑ 1B SFMMBEB FYQFSUP EF MB 'VOEBDJÖO $POPDJ NJFOUP Z %FTBSSPMMP &M ÜMUJNP JOGPSNF 6 .VMUJSBOL BVTQJDJB EP QPS MB 6& Z VOP EF MPT NÆT DPNQMFUPT TJ UÜB B MB 6OJWFSTJEBE 1PNQFV 'BCSB $BUBMV ÕB .POESBHÖO 1BÑT 7BTDP Z MB EF #BSDFMP OB FOUSF MBT USFT VOJWFSTJEBEFT FTQBÕPMBT NÆT JOGMVZFOUFT FO JOWFTUJHBDJÖO &TUF QPSUBM QFS NJUF B MPT BMVNOPT WBMPSBS VOJWFSTJEBEFT FO VOB CBTF EF EBUPT EF JOTUJUVDJPOFT EF FEV DBDJÖO TVQFSJPS FTQBÕPMBT EF QBÑTFT QPS EFUFSNJOBEBT SBNBT EF FTUVEJP BVORVF MJNJ UBEBT Z QPS TV QSFTUJHJP XXX VNVMUJ SBOL PSH 0USBT DMBTJGJDBDJPOFT DPNP FM ÜMUJ NP JOGPSNF TPCSF VOJWFSTJEBEFT FTQBÕPMBT SFBMJ[BEP QPS MB 'VOEBDJÖO ##7" TJUÜBO B MPT DFOUSPT DBUBMBOFT FOUSF MPT NÆT QVOUFSPT EF &TQBÕB FO FM JOEJDBEPS 6 3BOLJOH DPO MB 6OJ WFSTJEBE 1PNQFV 'BCSB "VUÖOPNB EF #BSDF MPOB Z MB 1PMJUÍDOJDB EF $BUBMVÕB Z 7BMFODJB B MB DBCF[B TFHVJEBT QPS MB 6OJWFSTJEBE "VUÖ OPNB EF .BESJE Z MB 6OJWFSTJEBE $BSMPT *** &TUF CBSFNP EFEVDF RVF MBT NFKPSFT VOJ WFSTJEBEFT FO EPDFODJB TFSÑBO MB 1PNQFV 'BCSB Z MB VOJWFSTJEBE QSJWBEB EF /BWBSSB " DPOUJOVBDJÖO FODPOUSBSÑBNPT MB EF %FVTUP MB 3BNÖO -MVMM MB "VUÖOPNB EF .BESJE Z MB $BS MPT *** -PT NFKPSFT TJTUFNBT VOJWFSTJUBSJPT TF SÑBO FM EF $BUBMVÕB $BOUBCSJB $PNVOJEBE 7B MFODJBOB /BWBSSB #BMFBSFT Z .BESJE 7B MPSBOEP MB FNQMFBCJMJEBE USFT VOJWFSTJEBEFT QSJWBEBT o*& 6OJWFSTJUZ MB 6OJWFSTJEBE EF /B WBSSB Z &4"%& #VTJOFTT 4DIPPMo TF FODPOUSB
SÑBO FOUSF MBT GBWPSJUBT EF MBT FNQSFTBT FO &TQBÕB TFHÜO FM (MPCBM &NQMPZBCJMJUZ 6OJWFS TJUZ EF 5JNFT )JHIFS &EVDBUJPO &O MP BM UP EF UPEBT MBT DMBTJGJDBDJPOFT HMPCBMFT FTUÆO MBT QSFTUJHJPTBT Z DBSÑTJNBT VOJWFSTJEBEFT EF )BSWBSE &&66 $BNCSJEHF Z 0YGPSE 3FJOP 6OJEP .ÆT RVF CBTBSTF FO DSJUFSJPT HFOFSBMFT MP NÆT SFDPNFOEBCMF FT PCUFOFS MB JOGPS NBDJÖO EF QSJNFSB NBOP $FOUSBSTF FO MBT IBCJMJEBEFT EPDFOUFT Z FO MPT DPOUFOJ
/P QPEFNPT FMFHJS MB VOJWFSTJEBE TPMP QPS MPT ASBOLJOHT F JOEJDBEPSFT TJOUÍUJDPT EPT BTÑ DPNP FO MPT FMFNFOUPT RVF NBS RVFO VO WBMPS BÕBEJEP QBSB MPT FTUVEJPT Z FM BMVNOP &T BEBQUBS MB VOJWFSTJEBE B UVT OFDFTJEBEFT j:P PQUBSÑB TJFNQSF QPS JS B MBT KPSOBEBT EF QVFSUBT BCJFSUBT FTDSJCJS Z FOUSBS FO DPOUBDUP DPO FM QSPGFTPSBEP Z BO UJHVPT BMVNOPT RVF UF QVFEBO BDPOTFKBS CVTDBS FM DPOUBDUP EJSFDUP QPSRVF OP UP EP FM NVOEP RVJFSF MP NJTNP 4F USBUB EF UF OFS VO DJFSUP DPOPDJNJFOUP EF QSJNFSB NB OP EF MP RVF FT MB VOJWFSTJEBE EF DÖNP GVO DJPOB EF QFSTPOBT RVF IBO QBTBEP QPS BMMÑx BMFHB FM FYQFSUP FO FM TJTUFNB VOJWFSTJ UBSJP +PSEJ .JS EFM EFQBSUBNFOUP EF IV NBOJEBEFT EF MB 1PNQFV 'BCSB
."("$ɝ/ %& &456%*04 461&3*03&4
'03."$*ʂ/ 130'&4*0/"-
3VNCP B VOB QSPGFTJÖO -B JOTFSDJÖO MBCPSBM EF MPT UJUVMBEPT FO 'PSNBDJÖO 1SPGFTJPOBM IB NFKPSBEP FO MPT ÜMUJNPT EPT BÕPT 4JO FNCBSHP FM TJTUFNB BDBEÍNJDP BÜO QSFTFOUB EFCJMJEBEFT 5FYUP +BWJFS 3BEB
D
FUSÆT EF MPT VOJWFSTJUBSJPT MPT HSBEVB EPT FO 'PSNBDJÖO 1SPGFTJPOBM '1 TF IBO DPOWFSUJEP FO BRVFMMPT FTUV EJBOUFT RVF DPOTJHVFO NFKPSFT DPOEJDJPOFT MBCPSBMFT Z TBMBSJBMFT TFHÜO FM NBQB MBCPSBM RVF QVCMJDÖ FM BÕP QBTBEP FM .JOJTUFSJP EF &EVDBDJÖO -PT ÑOEJDFT EF FNQMFBCJMJEBE EF MB 'PSNBDJÖO 1SPGFTJPOBM NFKPSBO Z TF IB SF WBMPSJ[BEP DPNP VOB IFSSBNJFOUB EF BQSFO EJ[BKF QBSB MPT BMVNOPT -BT EJTUBODJBT GSFO UF B MB VOJWFSTJEBE TF BDPSUBO TJFOEP TJHOJ GJDBUJWP RVF NVDIPT UJUVMBEPT EF '1 EFDJEBO BDDFEFS B MB VOJWFSTJEBE QBSB DPN QMFUBS TV GPSNBDJÖO Z RVF MP NJTNP IBDFO FO TFOUJEP DPOUSBSJP MPT HSBEVBEPT VOJWFSTJUB SJPT CVTDBOEP VOB FTQFDJBMJ[BDJÖO -B SFMB DJÖO FOUSF MPT EPT ÆNCJUPT FT CJEJSFDDJPOBM QPS MP RVF FM FTUJHNB RVF IB BDPNQBÕBEP B FTUF UJQP EF FTUVEJPT QBSFDF NJUJHBSTF -B '1 UJFOF MB WJSUVE EF MB FTQFDJBMJ[B DJÖO QSPGFTJPOBM Z TF DPOUSBQPOF FO FTUPT EJGÑDJMFT NPNFOUPT BM ÆNCJUP VOJWFSTJUBSJP FO FM RVF MB TPCSFUJUVMBDJÖO B VO UFSDJP EF MPT FTUVEJBOUFT VOJWFSTJUBSJPT MFT TPCSB UJUVMB
DJÖO Z MB GBMUB EF PQPSUVOJEBEFT FO EFUFS NJOBEBT SBNBT NFSNB MBT FYQFDUBUJWBT FO GVODJÖO EF MPT HSBEPT RVF TF IBZBO EFDJEJ EP DVSTBS -B '1 QVFEF PGSFDFS QPS UBOUP VOB BMUFSOBUJWB WJBCMF QBSB BRVFMMPT RVF BQVFTUFO QPS VOB TFOEB FTQFDÑGJDB .ÆT EFM EF MBT PGFSUBT HFOFSBEBT FO &TQBÕB FO QF EÑBO UJUVMBEPT EF '1 TFHÜO MB DPOTVMUPSB
1&340/"4 4& ."53*$6-"30/
FO '1 FO FM DVSTP TFH͔O MPT EBUPT EFM .JOJTUFSJP EF &EVDBDJ̬O TPMP FO MB '1 #˔TJDB VO FMFNFOUP DMBWF QBSB FWJUBS FM BCBOEPOP FTDPMBS "EFDDP Z FTQFDJBMNFOUF TPMJDJUBEPT FSBO MPT UJUVMBEPT FO HSBEP TVQFSJPS DJGSB TPMP TVQFSBEB QPS FM EF MPT DPOUSBUPT RVF FYJHÑBO VO HSBEP VOJWFSTJUBSJP &O MB BDUVBMJEBE NÆT EF QFSTP OBT DVSTBO '1 FO &TQBÕB 4FHÜO FM NBQB MBCPSBM EFM .JOJTUFSJP EF &EVDBDJÖO MPT HSB
EPT DPO NBZPS JOTFSDJÖO MBCPSBM TFSÑBO (FT UJÖO "ENJOJTUSBUJWB $VJEBEPT "VYJMJBSFT EF &OGFSNFSÑB Z "ENJOJTUSBDJÖO Z 'JOBO[BT &EVDBDJÖO *OGBOUJM &MFDUSPNFDÆOJDB EF WFIÑDVMPT Z BVUPNÖWJMFT P 1FMVRVFSÑB TF TV NBSÑBO B MPT RVF DPOTJHVJFSPO NBZPS OÜNF SP EF DPOUSBUPT -B FEBE EF MPT BMVNOPT EF '1 TVQFSB FO &TQBÕB MB NFEJB RVF MF DPSSFTQPOEFSÑB FTQF DJBMNFOUF FO HSBEP NFEJP Z HSBEP TV QFSJPS ZB RVF MBT FEBEFT UFÖSJDBT TF FO DPOUSBSÑBO FOUSF MPT Z BÕPT -BT ÜMUJ NBT SFGPSNBT EFM HPCJFSOP B USBWÍT EF MB -0.$& IBO CVTDBEP TJNQMJGJDBS MBT QSVFCBT EF BDDFTP MPT UJUVMBEPT FO 'PSNBDJÖO 1SP GFTJPOBM #ÆTJDB QPS FKFNQMP QPESÆO BD DFEFS EJSFDUBNFOUF TJO OFDFTJEBE EF QSVF CB BEJDJPOBM B MPT DJDMPT EF HSBEP NFEJP SFMBDJPOBEPT DPO TV UÑUVMP -BT QSVFCBT EF BD DFTP B MPT HSBEPT NFEJP Z TVQFSJPS RVFEBSÆO MJNJUBEBT B BRVFMMPT BMVNOPT RVF OP IBZBO QPEJEP UFSNJOBS FM DJDMP CÆTJDP Z MB &40 &O &TQBÕB TPMP FM EF MB QPCMBDJÖO BEVM UB UJFOF FTUVEJPT EF '1 VOB DJGSB NVZ QPS
."("$ɝ/ %& &456%*04 461&3*03&4
'03."$*ʂ/ 130'&4*0/"-
"DUVBMNFOUF EF DBEB PGFSUBT EF FNQMFP DVBMJGJDBEBT TPMJDJUB VO ŬUVMP FO '1 Z TF FTUJNB RVF QBSB FM EF MBT FNQSFTBT OFDFTJUBS˔ QFSTP "3$)*70 OBM DPO UJUVMBDJPOFT EF HSBEP NFEJP
EFCBKP EF MB NFEJB EF MB 0$%& RVF TF FO DVFOUSB FO FM 4FHÜO MPT TJOEJDBUPT MPT SFTVMUBEPT EF MB '1 FTUÆO TJFOEP NPEFTUPT DPO VOBT DJGSBT EF BCBOEPOP EF MPT FTUVEJPT NVZ BMUBT "EFNÆT BTFHVSBO RVF TPMP USFT EF DBEB HSBEVBEPT UFSNJOBO DPO VO FN QMFP FO TV FTQFDJBMJEBE -B DSJTJT MB GBMUB EF SF DVSTPT MB QSFDBSJ[BDJÖO EFM QSPGFTPSBEP FM HSBO OÜNFSP EF BMVNOPT QPS BVMB BTÑ DPNP MB GBMUB EF QMB[BT FO BRVFMMBT SBNBT RVF UJFOFO VOB NFKPS QFSTQFDUJWB MBCPSBM TFSÑBO PCTUÆ DVMPT RVF JNQJEFO RVF FM NPEFMP TF EFTBSSP MMF DPO TVGJDJFODJB &TUP TF TVNB B RVF TF IBO FODBSFDJEP MPT HSBEPT QPS FM BVNFOUP EF MBT UB TBT Z MBT EFOVODJBT EF MPT FTUVEJBOUFT EF RVF TF SFBMJ[BO QSÆDUJDBT TJO DPCSBS -PT JOGPSNFT RVF EFTQMJFHBO (PCJFSOP Z $PNVOJEBEFT "VUÖOPNBT TJO FNCBSHP DPOTUBUBO RVF MB UBTB EF QBSP EF MPT FTUV EJBOUFT EF '1 FT JOGFSJPS B MB NFEJB DPO VO TVFMEP UJQP FOUSF MPT Z MPT FV SPT CSVUPT BOVBMFT RVF TJO FNCBSHP FTUÆ DPOEJDJPOBEP QPS MB UFNQPSBMJEBE EF MPT DPOUSBUPT &TUPT EBUPT DPOGJSNBSÑBO VO SF QVOUF FO MB UBTB EF JOTFSDJÖO MBCPSBM EF MPT FTUVEJBOUFT EF '1 USBT BÕPT EF DSJTJT FO RVF MBT QFSTQFDUJWBT MBCPSBMFT OP DVNQMÑBO DPO MBT FYQFDUBUJWBT %F FOUSF MPT HSVQPT RVF PCUJFOF MBT UB TBT EF JOTFSDJÖO NÆT FMFWBEBT FO MB SFMB DJÖO B FRVJWBMFODJB FOUSF FNQMFP Z FTUV EJPT FTUÆO MPT HSBEVBEPT FO GBCSJDBDJÖO NF DÆOJDB FO DJDMPT GPSNBUJWPT EF HSBEP TVQFSJPS Z MPT EF IPTUFMFSÑB Z UVSJTNP FO DJ DMPT GPSNBUJWPT EF HSBEP NFEJP TFHÜO FM ÜM UJNP JOGPSNF EF *OTFSDJÖO -BCPSBM EF MBT &O
-04 (3"%04 .Ȱ4 40-*$*5"%04 -B '1 IB HBOBEP FO SFQVUBDJÎO Z EFNBOEB ZB RVF DPNCJOB QS¼DUJDBT FO FNQSFTBT DPO BQSFOEJ[BKF FO MBT BVMBT )BZ FTUVEJPT RVF BGJSNBO RVF QBSB FM EF MBT FNQSFTBT OFDFTJUBS¼ QFSTPOBM DPO UJUVMBDJPOFT EF HSBEP NFEJP &OUSF MPT HSBEPT EF '1 N¼T EFNBOEBEPT FODPOUSBNPT MPT "VYJMJBSFT &OGFSNFSÈB &MFDUSPNFD¼OJDB QBSB DPDIFT 4JTUFNBT .JDSPJOGPSN¼UJDPT Z 3FEFT (FTUJÎO "ENJOJTUSBUJWB $PDJOB Z (BTUSPOPNÈB FOUSF PUSPT 0USPT EF MPT DJDMPT GPSNBUJWPT N¼T TPMJDJUBEPT QPS MPT FTUVEJBOUFT TPO &EVDBDJÎO JOGBOUJM "OJNBDJÎO EF BDUJWJEBEFT GÈTJDBT Z EFQPSUJWBT P )JHJFOF CVDPEFOUBM -PT RVF DSFDFO FO FNQMFBCJMJEBE TPO MPT SFMBDJPOBEPT DPO *OGPSN¼UJDB Z MBT $PNVOJDBDJPOFT BVORVF FM NBZPS OÕNFSP EF DPOUSBUPT MP PTUFOUBO MPT DJDMPT EF "ENJOJTUSBDJÎO Z 'JOBO[BT Z 4BOJEBE FTQFDJBMNFOUF FO FM HSBEP NFEJP *OGBODJB Z &TUÄUJDB Z "VUPNPDJÎO UBNCJÄO PGSFDJFSPO CVFOPT OJWFMFT EF DPMPDBDJÎO TFÕBO[BT QSPGFTJPOBMFT EF MB (FOFSBMJ UBU EF $BUBMVÕB -B 'PSNBDJÖO %VBM FM NPEFMP EF JOT QJSBDJÖO DFOUSPFVSPQFP FO FM RVF TF DPN CJOB MB FOTFÕBO[B DPO QSÆDUJDBT FO MBT FNQSF TBT JOTUBVSBEP MFHBNFOUF EFTEF Z QSF TFOUF FO UPEBT MBT DPNVOJEBEFT BDPHJÖ B BMVNOPT FO GSFOUF B MPT
EF DPO MB QBSUJDJQBDJÖO EF FNQSF TBT FTQBÕPMBT &O DJGSBT HMPCBMFT MPT BMVNOPT RVF MB DVSTBO FO &TQBÕB OP MMFHBO BM VOB DJGSB BMFKBEB EF "MFNBOJB RVF TVQFSB FM EF MPT FTUVEJBOUFT EF '1 -PT ÜMUJ NPT EBUPT QSFTFOUBEPT QPS FM (PCJFSOP BQVO UBO B RVF NÆT EF QFSTPOBT MB FTUBSÑBO DVSTBOEP WBMPSBOEP FTUB FYQFSJFODJB EF jÍYJ UPx EFTEF TV JNQMBOUBDJÖO IBDF BÕPT
-PT TJOEJDBUPT EFOVODJBO RVF FM NPEFMP EVBM SFRVJFSF EF DPOUSBUPT Z RVF MPT FNQSFTBSJPT TF DPNQSPNFUBO DPO FM TJTUFNB "EFNÆT FM BMUP QSFDJP EF MBT UBTBT VOJWFSTJUBSJBT FTUÆ JN QVMTBOEP VO BVNFOUP EF MB NBUSÑDVMB EF MB '1 SFHMBEB TJO RVF TF IBZB BVNFOUBEP DPO WFOJFOUFNFOUF MB PGFSUB EF QMB[BT TFHÜO VO FTUVEJP EF MB VOJWFSTJEBE EF 7BMFODJB RVF DBMJGJDB MB JNQMBOUBDJÖO EF MB '1 EVBM EF jQSF DJQJUBEBx &TUF FTUVEJP TFÕBMB RVF NVDIBT FNQSFTBT BÜO EFTDPOPDFO FM NPEFMP Z RVF B MPT DFOUSPT MFT DVFTUB FODPOUSBS DPNQBÕÑBT oZB TFB QPS TV UBNBÕP EFTDPOPDJNJFOUP P OFDFTJEBEFTo RVF EFTFFO QBSUJDJQBS 5BN CJÍO DPOTUBUB RVF IB IBCJEP FYQFSJFODJBT EF ÍYJUP BVORVF IB TJEP jJSSFHVMBSx 1BSB RVF FTUF NPEFMP QVEJFSB EFTBSSPMMBS TF TFHÜO VO JOGPSNF EFM *OUFSOBUJPOBM 3F TFBSDI $FOUFS PO 0SHBOJ[BUJPOT *3$0 FT OF DFTBSJP SPNQFS DPO FM FTUJHNB EF MB 'PSNB DJÖO 1SPGFTJPOBM EF VOB WF[ QPS UPEBT TVQFSBS MPT PCTUÆDVMPT BENJOJTUSBUJWPT Z HFOFSBS VO NBZPS DPNQSPNJTP EF MBT QBSUFT JNQMJDBEBT DPO VO NBSDP KVSÑEJDP RVF BQPSUBTF TFHVSJ EBE Z BTÑ QPEFS BEBQUBS MB '1 EVBM B MBT TJO ■ HVMBSJEBEFT EFM QBÑT
."("$ɝ/ %& &456%*04 461&3*03&4
*%*0."4
4JO JEJPNBT IBZ QPDP GVUVSP -BT OFDFTJEBEFT EF JOUFSOBDJPOBMJ[BDJÖO EF MBT VOJWFSTJEBEFT Z EF MBT FNQSFTBT FTUÆO DPOWJSUJFOEP FM EPNJOJP EF VOB TFHVOEB MFOHVB FO VO FMFNFOUP DSÑUJDP QBSB MPT BDUVBMFT FTUVEJBOUFT 5FYUP +BWJFS 3BEB
R
FGPS[BS MPT JEJPNBT TJHVF TJFOEP VO SF UP QFOEJFOUF FO OVFTUSP TJTUFNB FEV DBUJWP BVORVF NVDIBT VOJWFSTJEBEFT IBO BWBO[BEP FO MPT ÜMUJNPT BÕPT FTQFDJBM NFOUF FO MBT SBNBT TPDJBMFT Z KVSÑEJDBT BTÑ DPNP FO BMHVOBT JOHFOJFSÑBT Z BSRVJUFDUV SB -B NBZPSÑB EF DFOUSPT ZB FYJHFO VO NÑ OJNP EF DSÍEJUPT FO JOHMÍT QBSB DPOTFHVJS MB HSBEVBDJÖO 1PUFODJBS VOB TFHVOEB MFOHVB FTQFDJBMNFOUF FM JOHMÍT P FM GSBODÍT TF IB DPOWFSUJEP FO VO FMFNFOUP FO MB JOTFSDJÖO MBCPSBM CÆTJDP FO VO NVOEP HMPCBMJ[BEP 4V CFO DPO GVFS[B FM BMFNÆO BVORVF UBNCJÍO MBT MFOHVBT BTJÆUJDBT DPNP FM DIJOP Z FM KBQP OÍT Z FM SVTP RVF GVF JNQVMTBEP QPS FM BV NFOUP EFM UVSJTNP -BT VOJWFSTJEBEFT ZB JNQBSUFO BMHVOBT DMBTFT DPO FM JOHMÍT DPNP MFOHVB WFIJDVMBS F JODMVTP IBZ HSBEPT RVF FO TV UPUBMJEBE TF DVSTBO FO FTUF JEJPNB Z UBNCJÍO NÆTUFST -B BQVFTUB FT NBZPS FO CVTDB EF MB JOUFSOB DJPOBMJ[BDJÖO RVF QVFEB BUSBFS B OVFTUSBT BV MBT BMVNOPT FYUSBOKFSPT Z SFGPS[BS MPT JEJPNBT FO VOP EF MPT QBÑTFT FVSPQFPT DPO QFPSFT ÑOEJDFT FO DPNQFUFODJBT EF MFOHVBT 4FHÜO FM ÜMUJNP JOGPSNF EF &OHMJTI 1SP GJDJFODZ *OEFY RVF NJEF MB DPNQFUFODJB FO JOHMÍT QPS QBÑTFT &TQBÕB DPO FM QVFTUP o DPNQFUFODJB NPEFSBEBo TF FODVFOUSB FO NF KPS QPTJDJÖO RVF QBÑTFT DPNP 'SBODJB P *UB MJB QFSP BMFKBEB EF MPT QSJNFSPT QVFTUPT PDV QBEPT QPS 4VFDJB %JOBNBSDB P /PSVFHB 6O FTUVEJP EF MB 0SHBOJ[BDJÖO EF $POTVNJEP SFT Z 6TVBSJPT 0$6 BGJSNB RVF TPMP VOP EF DBEB EJF[ FTQBÕPMFT BTFHVSB UFOFS VO OJWFM EF JOHMÍT BWBO[BEP VOB TJUVBDJÖO TJNJMBS DVBO EP TF QSFHVOUB QPS FM GSBODÍT FM BMFNÆO P FM QPSUVHVÍT &O FTUB FODVFTUB MB NBZPSÑB EF MPT QBSUJDJQBOUFT BMFHBSPO RVF TVT EFGJDJFODJBT FO VOB TFHVOEB MFOHVB TF EFCÑBO BM TJTUFNB FEV DBUJWP JODMVZFOEP MB VOJWFSTJEBE /P PCTUBO UF FM JOGPSNF TPCSF NJMMFOOJBMT KÖWFOFT FOUSF Z BÕPT EFM $BNCSJEHF 6OJWFSTJUZ 1SFTT EFKB QBUFOUF RVF MPT KÖWFOFT FTQBÕPMFT DPO TJEFSBO RVF TBCFS JOHMÍT TFSÆ GVOEBNFOUBM QB SB FODPOUSBS USBCBKP FO &TQBÕB FO VO Z BÜO NÆT FO FM FYUSBOKFSP &TUPT KÖWF OFT BQSFDJBO FO VO RVF IBCMBO NFKPS JOHMÍT RVF TVT QSPHFOJUPSFT 0USP FTUVEJP BGJS NB RVF FM EF MPT NJMMFOOJBMT UJFOF VO OJ WFM NFEJP EF JOHMÍT TVQFSBOEP MB NFEJB EF QP CMBDJÖO Z TFHÜO FM &VSPTUBU &TQBÕB FT VOP EF MPT QBÑTFT RVF NÆT FTUÆ BWBO[BOEP FO MB FOTFÕBO[B EFM JEJPNB &OUSF MBT NFEJEBT JNQMFNFOUBEBT DPO NÆT JOUFOTJEBE QBSB SFWFSUJS FTUB TJUVBDJÖO FODPOUSBNPT MBT EFM TJTUFNB FEVDBUJWP DB
UBMÆO ZB RVF B QBSUJS EF UPEPT MPT HSBEVB EPT EF VOJWFSTJEBE EFCFSÆO BDSFEJUBS FM OJWFM # FO VOB UFSDFSB MFOHVB BEFNÆT EFM DBTUF MMBOP Z DBUBMÆO RVF FT FM FRVJWBMFOUF BM 'JSTU $FSUJGJDBUF EFM JOHMÍT &M # TF IB DPOWFSUJEP FO FM OJWFM EF JEJPNBT RVF MB 6OJÖO &VSPQFB DPOTJEFSB CÆTJDP QBSB MB NPWJMJEBE MBCPSBM VOBT BQUJUVEFT SFDPHJEBT FO FM .BSDP &VSP QFP $PNÜO EF 3FGFSFODJB QBSB MBT -FOHVBT FO FM RVF TF EFUBMMBO MPT OJWFMFT EF EPNJOJP EF VO JEJPNB FYUSBOKFSP ÜUJM QBSB DPNQSFO EFS B OJWFM HFOFSBM VOB DPOWFSTBDJÖO F JOUF SBDUVBS EF NPEP FGJDB[ DPO FM JOUFSMPDVUPS
&M (PWFSO EF MB (FOFSBMJUBU FTU¼ QSFQBSBOEP BZVEBT EF FVSPT FO CFDBT VOJWFSTBMFT TJ MPT BMVNOPT TF NBUSJDVMBO FO MBT FTDVFMBT EF JEJPNBT EF MBT VOJWFSTJEBEFT P JODMVTP FO DFOUSPT QSJWBEPT P FO MBT FTDVFMBT PGJDJB MFT "EFNÆT EFM JOHMÍT TF QFSNJUJSÆ BDSFEJ UBS PUSBT MFOHVBT DPNP FM BMFNÆO FM GSBODÍT FM JUBMJBOP P BRVFMMPT JEJPNBT EF MPT RVF QVF EBO FYBNJOBSTF FO MB TFMFDUJWJEBE .FEJEBT DPNP FTUB TF FTUÆO JNQMFNFOUBOEP FO PUSBT
%& -"4 0'&35"4 -"#03"-&4 EF FNQMFP DVBMJGJDBEP SFRVJFSFO FM DPOPDJNJFOUP EFM JOHM˭T TFH͔O VO FTUVEJP EF *OGPFNQMFP "VNFOUB VO MBT QPTJCJMJEBEFT EF FODPOUSBS VO USBCBKP
%& -04 &41"ʁ0-&4
TBCF IBCMBS Z FTDSJCJS JOHM˭T TFH͔O FM CBS̬NFUSP EFM $FOUSP EF *OWFTUJHBDJPOFT 4PDJPM̬HJDBT $*4 4PMP FM BMFN˔O Z FM FM GSBOD˭T
)BCMBS PUSPT JEJPNBT QVFEF BCSJS NVDIBT QVFSUBT FO FM NFS
DPNVOJEBEFT DPNP $BOUBCSJB #BMFBSFT Z FO BMHVOBT VOJWFSTJEBEFT EF UPEB &TQBÕB &TUBT SFGPSNBT IBO SFDJCJEP DSÑUJDBT EFCJEP B RVF TF DPOTJEFSB RVF FM OJWFM RVF TF IB FTUBEP EBO EP IBTUB BIPSB FO MB FEVDBDJÖO QSJNBSJB Z TF DVOEBSJB FSB JOTVGJDJFOUF QBSB QPEFS BDDFEFS B MB VOJWFSTJEBE DPO DPNQFUFODJBT EF JOHMÍT BWBO[BOEP 1PS PUSP MBEP QBSB PCUFOFS MBT CF DBT &SBTNVT UBNCJÍO TF FTUÆ FYJHJFOEP VO OJ WFM EF JOHMÍT # P FRVJWBMFOUF FO MB MFOHVB FO MB RVF TF WBZB B SFDJCJS MB FEVDBDJÖO FO EFT UJOP &TUP PDVSSF EFTEF MB ÜMUJNB SFGPSNB BVORVF MB GJMPTPGÑB EF FTUPT TJTUFNBT EF JOUFS DBNCJP FSB QPEFS BQSFOEFS FM JEJPNB Z TV NFSHJSTF FO PUSB DVMUVSB
&YJTUFO UJUVMBDJPOFT RVF ZB TF DVSTBO DPO EPNJOJP EF VOB MFOHVB DPODSFUB DPNP PDV SSF DPO "ENJOJTUSBDJÖO Z %JSFDDJÖO EF &N QSFTBT .BFTUSP FO &EVDBDJÖO *OGBOUJM Z FO &EVDBDJÖO 1SJNBSJB &O MB 6OJWFSTJEBE "V UÖOPNB EF #BSDFMPOB QPS FKFNQMP TF FOTF ÕB FM DIJOP P FM KBQPOÍT FO FM (SBEP EF &TUV EJPT "TJÆUJDPT JEJPNBT RVF TF FTUÆO BCSJFO EP QBTP DPO GVFS[B DPNP EFNVFTUSB FM JOUFSÍT EF NVDIPT FTUVEJBOUFT QPS FTUB DMBTF EF UJUVMBDJPOFT EFCJEP B MB GBMUB EF FYQFSUPT FTQBÕPMFT FO MPT NFSDBEPT FNFSHFOUFT &O FTUPT HSBEPT MPT BMVNOPT EFCFO BQSFOEFS VOB MFOHVB BTJÆUJDB Z DPOUBS UBNCJÍO DPO FM JOHMÍT DPNP VOP EF MPT MFOHVBKFT WFIJDV
."("$ɝ/ %& &456%*04 461&3*03&4
MBSFT -PT FTUVEJPT EF DIJOP KBQPOÍT Z BMFNÆO IBO DSFDJEP FO EFNBOEB FO MPT ÜMUJNPT BÕPT FO &TQBÕB EFCJEP B TVT QPTJCJMJEBEFT MB CPSBMFT -B OFDFTJEBE EF MPT FTQBÕPMFT FT DBEB WF[ NBZPS DPNP DPOGJSNB FM IFDIP EF RVF FO Z FO FM OÜNFSP EF DFOUSPT EF FOTFÕBO[B EF JEJPNBT IBZB BVNFOUBEP VO 5BNCJÍO IB DSFDJEP FM OÜNFSP DPNVOJ EBEFT BVUÖOPNBT RVF BDSFEJUBO MPT OJWFMFT TVQFSJPSFT EF EPNJOJP EF JEJPNBT DPNP FM $ P FM $ &M JOGPSNF "DSFEJUBDJÖO EF MB MFOHVB JO HMFTB FO MBT VOJWFSTJEBEFT FTQBÕPMBT QSFTFO UBEP FO Z RVF SFDPHÑB MPT EBUPT BQPSUB EPT QPS VOJWFSTJEBEFT o QÜCMJDBT Z QSJWBEBTo SFDPOPDÑB jBWBODFT TJHOJGJDB UJWPTx FO NBUFSJB EF JEJPNBT FO MB FOTFÕBO [B FTQFDJBMNFOUF FOUSF MPT SFRVJTJUPT QBSB MPT HSBEVBEPT ZB RVF MB NBZPSÑB EF VOJWFSTJ EBEFT FYJHÑBO VOPT DPOPDJNJFOUPT NÑOJNPT FO JOHMÍT BVORVF NVDIBT TF DPOGPSNBCBO DPO FM # &TUF OJWFM IB TJEP JNQVMTBEP EFTEF MB JNQMFNFOUBDJÖO EFM &TQBDJP &VSPQFP EF &EVDBDJÖO 4VQFSJPS &&&4 FM QMBO #PMP
&M QSFTJEFOUF 3BKPZ BTFHVSÖ RVF FO BÕPT UPEP HSBEVBEP EFCFSÆ BDSFEJUBS FM # EF JOHMÍT OJB &M QSFTJEFOUF EFM (PCJFSOP FO GVODJPOFT .BSJBOP 3BKPZ BTFHVSÖ RVF FSB OFDFTBSJP QP OFS FO NBSDIB VO QMBO QBSB RVF EFOUSP EF BÕPT UPEP MJDFODJBEP EFCB BDSFEJUBS FM OJWFM # EF JOHMÍT QBSB PCUFOFS FM UÑUVMP EF HSBEP
DBEP MBCPSBM UBOUP FO &TQB̤B DPNP FO FM FYUSBOKFSP
(53&4
-&/(6"4 #Ȱ4*$"4 &/ "-(6/04 4&$503&4 &M JOHMÄT FT BDUVBMNFOUF MB MFOHVB GSBODB MBCPSBM ZB RVF FM EF MBT PGFSUBT RVF SFRVJFSFO JEJPNBT FO &TQBÌB MP FYJHFO &M BMFN¼O TF IB DPOWFSUJEP FO MB TFHVOEB DPO FM EFTCBODBOEP BM GSBODÄT TFHÕO VO JOGPSNF EF MB DPOTVMUPSB "EFDDP &M DIJOP Z FM ¼SBCF FTU¼O FTDBMBOEP QPTJDJPOFT BTÈ DPNP MBT MFOHVBT EFM FTUF FTQFDJBMNFOUF FM SVTP -PT JEJPNBT EF MBT QPUFODJBT FDPOÎNJDBT TPO MPT RVF NBSDBO MBT QBVUBT FO MB BDUVBMJEBE &OUSF MPT TFDUPSFT FO MPT RVF DSFDF MB TPMJDJUVE EF VOB TFHVOEB MFOHVB EFTUBDBO FM TFDUPS TBOJUBSJP DPO DSFDJFOUF EFNBOEB EF JEJPNBT NJOPSJUBSJPT -BT UFMFDPNVOJDBDJPOFT UVSJTNP Z IPTUFMFSÈB DPO GVFSUF QSFTFODJB EFM GSBODÄT Z FM BMFN¼O TF NBOUJFOFO DBCF[B -PT SFDVSTPT FOÄSHFUJDPT BTÈ DPNP $POTVMUPSÈB NBSLFUJOH Z DPNVOJDBDJÎO SFUBJM Z DPNFSDJP FMFDUSÎOJDP TJHVFO FO MB MJTUB 0USP EF MPT TFDUPSFT DPO OFDFTJEBEFT EF JEJPNBT FT MB FOTFÌBO[B &OUSF MBT DPNVOJEBEFT FO MBT RVF TF EFNBOEBO N¼T PGFSUBT DPO DPNQFUFODJBT MJOH×ÈTUJDBT FTU¼O $BUBMVÌB 1BÈT 7BTDP Z .BESJE
-B DBSSFSBT EF 5SBEVDDJÎO F *OUFSQSFUBDJÎO Z -FOHVBT .PEFSOBT IBO BVNFOUBEP TV EF NBOEB FTQFDJBMNFOUF FO 6OJWFSTJEBEFT DP NP MB EF (SBOBEB FM HSBEP NÆT EFNBOEBEP MB 6OJWFSTJEBE +BVNF * EF $BTUFMMÖO MB $PN QMVUFOTF EF .BESJE MB "VUÖOPNB EF #BSDF MPOB P MB EF .BESJE P MB EF 4BMBNBODB &M JOHMÍT Z FM GSBODÍT TJHVFO TJFOEP MPT JEJPNBT DPO EFNBOEB NÆT FTUBCMF QFSP UBNCJÍO IBZ JOUFSÍT FO FM ÆSBCF F JUBMJBOP &OUSF MBT MFOHVBT NÆT FTUVEJBEBT FO &VSPQB FM FTQBÕPM ZB FT UÆ FO MB DVBSUB QPTJDJÖO TFHÜO MPT ÜMUJNPT EB UPT QVCMJDBEPT QPS MB 6OJÖO &VSPQFB &O MB &TUSBUFHJB QBSB MB *OUFSOBDJPOBMJ [BDJÖO EF MBT 6OJWFSTJEBEFT &TQBÕPMBT FM (PCJFSOP GJKÖ FM BNCJDJPTP PCKFUJWP EF RVF MPT HSBEPT GVFSBO CJMJOHÞFT FO VO Z MPT NÆTUFST BM BVORVF TFSÆ OFDFTBSJB VOB NBZPS JOWFSTJÖO Z DBQBDJEBE EFM QSPGF TPSBEP FO BMHVOPT DFOUSPT -PT JEJPNBT TF FTUÆO DPOWJSUJFOEP FO VO SFRVJTJUP DSÑUJDP QBSB MB FNQMFBCJMJEBE -BT FOUSFWJTUBT FO JOHMÍT TPO NÆT VTVBMFT /P EJT UBO NVDIP EF VO QSPDFTP EF TFMFDDJÖO OPS NBM j&YJTUFO EJTUJOUBT GPSNBT EF FWBMVBS VO JEJPNB EFQFOEFSÆ EFM QVFTUP ZB RVF OP FT MP NJTNP VO USBEVDUPS RVF BMHVJFO EF WFO UBT /PSNBMNFOUF FT NÆT JNQPSUBOUF MB DB QBDJEBE EF NBOUFOFS VOB DPOWFSTBDJÖO RVF MB HSBNÆUJDBx FYQMJDB /VSJB &TQBS[B EJSFD UPSB EF "USBDDJÖO EF 5BMFOUP EF "EFDDP 1VF EF USBUBSTF EF VO FOUSFWJTUB FO JOHMÍT FO MB RVF TF EFCFSÆ EFNPTUSBS TPMUVSB FTQPOUBOFJEBE SJHPS Z TPCSF UPEP SFDPNJFOEBO jOP QPOFS TF OFSWJPTPx %FTUBDBSÆ MB GMVJEF[ WFSCBM
."("$ɝ/ %& &456%*04 461&3*03&4
0104*$*0/&4 EP B NVDIBT QFSTPOBT RVF WVFMWFO B WFS FM FN QMFP QÜCMJDP DPNP VO DBNJOP TFHVSP
&YJTUFO UJQPT C¼TJDPT EF PQPTJDJPOFT EJWJEJEPT FO MPT HSVQPT " # $ DVZPT SFRVJTJUPT Z EJ GJDVMUBE WBSÑBO Z RVF TF EJTUSJCVZFO FO PUSPT TVCHSVQPT &O FM " FM NÆT FYJHFOUF QFSP UBN CJÍO BM RVF TF QSFTFOUBO NFOPT DBOEJEBUPT FT UBSÑBO FOUSF PUSPT MPT DVFSQPT EF JOHFOJFSPT BCPHBEPT EFM &TUBEP JOTQFDUPSFT EF )BDJFO EB P EF 5SBCBKP FT OFDFTBSJP UFOFS FM UÑUVMP EF HSBEP VOJWFSTJUBSJP P FRVJWBMFOUF Z EF CFSÆO TVQFSBS VO FYBNFO PSBM VOB QSVFCB EF JEJPNBT Z VO DBTP QSÆDUJDP DPO VOPT UF NBT QPS EFMBOUF &M " SFRVJFSF VOB EJQMP NBUVSB VOJWFSTJUBSJB P HSBEP Z OP DVFOUB DPO FYBNFO PSBM Z UBNQPDP FT VTVBM RVF TF TPMJ DJUFO JEJPNBT &O FM # TF SFRVJFSF VOB UJUVMB DJÖO EF UÍDOJDP TVQFSJPS Z FO FM $ MB UJUVMB DJÖO EF #BDIJMMFS UÍDOJDP P HSBEVBEP FO &40
%& -04 &'&$5*704
EF MPT NJOJTUFSJPT UJFOFO VOB FEBE TVQFSJPS B MPT B̤PT QPS MP RVF FT QSFWJTJCMF VOB TFOEB EF SFOPWBDJ̬O FO MBT QMBOUJMMBT
&M NPNFOUP EF MB WFSEBE "TQJSBOUFT QSFTFOU˔OEPTF BM FYBNFO EF VOBT PQPTJDJPOFT
&M FNQMFP QÜCMJDP EFTQFHB 5SBT BÕPT EF TFRVÑB MB PGFSUB EF QMB[BT NFKPSB IBDJFOEP EF MBT PQPTJDJPOFT VOB TBMJEB MBCPSBM DPO GVUVSP Z FTUBCJMJEBE 5FYUP + 3
T
"3$)*70
SBT BÕPT EF DSJTJT Z FTDBTF[ FO MBT DPO WPDBUPSJBT EF PQPTJDJPOFT FM FNQMFP QÜ CMJDP EB NVFTUSBT EF SFDVQFSBDJÖO Z MBT PGFSUBT QVCMJDBEBT FO FM #PMFUÑO 0GJDJBM EFM &TUBEP #0& FTUÆO BMDBO[BOEP B MPT BÕPT BOUFSJPSFT B MB SFDFTJÖO 5PEPT MPT ÖSHBOPT EF MB "ENJOJTUSBDJÖO EFM &TUBEP TF IBO WJTUP SF GPS[BEPT DPO OVFWBT QMB[BT VOB DPOTPMJEBDJÖO RVF FNQF[Ö FO Z RVF FTUF BÕP FT NÆT BN CJDJPTB DPO NÆT EF QMB[BT FO UVSOP MJ CSF FOUSF UPEPT MPT DVFSQPT GVODJPOBSJBMFT Z DB TJ QMB[BT EF QSPNPDJÖO JOUFSOB FO UP UBM QVFTUPT &TUP TVQPOF VO DSFDJNJFOUP EFM SFTQFDUP BM EFM BÕP QBTBEP Z MB PGFS UB NÆT BNQMJB EFTEF TFÕBMBO FO FM $FO USP EF &TUVEJP 'JOBODJFSPT $&' FTQFDJBMJ [BEP FO QSFQBSBS PQPTJDJPOFT B MB "ENJOJTUSB DJÖO 4FHÜO EBUPT EF MB "DBEFNJB "EBNT MB PGFSUB QÜCMJDB EF FNQMFP TVQPOF VO NÆT SFTQFDUP B TJFOEP MPT QVFTUPT EF MB "ENJ OJTUSBDJÖO EFM &TUBEP FO UPUBM VO NÆT RVF FO Z MB "ENJOJTUSBDJÖO EF +VT UJDJB QMB[BT VO RVF FO MPT NÆT TPMJDJUBEPT KVOUP B MPT EF .PTTPT E &TRVBESB FO $BUBMVÕB -B OVFWB DPZVOUVSB FTUÆ BUSBZFO
TF EJWJEF FO $ BZVEBOUFT EF JOTUJUVDJPOFT QF OJUFODJBSJBT P UÍDOJDPT BVYJMJBSFT EF JOGPSNÆ UJDB Z FO FM $ BVYJMJBSFT EF MB "ENJOJTUSBDJÖO FOUSF PUSPT 1BSB EFUFSNJOBS MB EJGJDVMUBE EF VOBT PQP TJDJPOFT FT OFDFTBSJP DPOTJEFSBS WBSJPT GBDUP SFT &M ÍYJUP EFQFOEF EF VOB CVFOB FTUSBUF HJB &M WPMVNFO EFM UFNBSJP BMSFEFEPS EF UFNBT FO MBT $ OP FT EFUFSNJOBOUF 4F EFCF QSFTUBS BUFODJÖO B MBT WBSJBCMFT DPNP MB SBUJP EF QFSTPOBT RVF TF QSFTFOUBO ZB RVF MBT NÆT TFODJMMBT TVFMFO UFOFS VO NBZPS OÜNFSP EF BT QJSBOUFT Z BVORVF FM FTUVEJP Z FM FYBNFO TFBO NÆT TJNQMFT QVFEF MMFHBS B TFS EJGÑDJM PC UFOFS VOB QMB[B QPS FM FMFWBEP OÜNFSP EF QFSTPOBT RVF DPNQJUFO 1PS FTUF NPUJWP TF EF CFO QMBOJGJDBS CJFO MBT PQPTJDJPOFT B MBT RVF TF RVJFSF PQUBS WBMPSBS MBT DVBMJGJDBDJPOFT Z BQUJ UVEFT EF DBEB PQPTJUPS QSFQBSBS VO NÍUPEP B MBSHP QMB[P Z UFOFS FO DVFOUB FM UJFNQP EFM RVF TF EJTQPOESÆ "OUFT Z EFTQVÍT EF FNQF[BS FM PQPTJUPS EF CF DPOUBS DPO CVFOB JOGPSNBDJÖO FTUBS BUFO UP B UPEPT MPT EBUPT RVF QVFEBO BGFDUBSMF EFGJOJS FM QSPHSBNB Z FM QFSGJM DPOPDFS MB SFHV MBSJEBE EF MBT DPOWPDBUPSJBT QPS MBT FEJDJPOFT QBTBEBT Z EFTBSSPMMBS MB NPUJWBDJÖO Z QFS TFWFSBODJB OFDFTBSJB QPSRVF TF USBUB EF VOB DB SSFSB EF GPOEP FO MB RVF MP NÆT QSPCBCMF FT RVF OP TF TVQFSF FM FYBNFO B MB QSJNFSB %FCJEP B MB EVSBDJÖO EF MPT FTUVEJPT FM PQPTJUPS UJF OF RVF FNQF[BS BOUFT EF RVF TF PGFSUFO MBT QMB [BT Z UFOFS MB FTQFSBO[B EF RVF FTF QVFTUP MMFHBSÆ KVOUP B VOB CVFOB FTUSBUFHJB RVF NVM UJQMJRVF Z SFOUBCJMJDF TVT QPTJCJMJEBEFT DPO VO BUBRVF TFMFDUJWP B WBSJBT DPOWPDBUPSJBT &M PQPTJUPS QVFEF TFS BVUPEJEBDUB Z QSF QBSBSTF ÍM NJTNP FM UFNBSJP DPO SFDVSTPT PO MJ OF Z MJCSPT P BDVEJS B DFOUSPT FTQFDJBMJ[BEPT RVF MP QSFQBSFO QBSB TVQFSBS MBT QSVFCBT DPO DSFUBT &O MBT BDBEFNJBT TF UJFOF MB WFOUBKB EF FODPOUSBSTF FO VO BNCJFOUF EF PQPTJUPSFT Z FOUSFOBEP QPS QFSTPOBT RVF TVQFSBSPO MBT QSVFCBT &M DPTUF WBSÑB FO GVODJÖO EFM OJWFM EF MB PQPTJDJÖO Z FM SÍHJNFO EF DMBTFT
."("$ɝ/ %& &456%*04 461&3*03&4
#&$"4 : ":6%"4
3FOUB Z DSJUFSJPT BDBEÄNJDPT &O &TQB̤B TF DPODFEFO MBT CFDBT Q͔CMJDBT FO CBTF B VNCSBMFT EF SFOUB DPNCJOBEPT DPO SFTVMUBEPT BDBE˭NJDPT
(53&4
0CTUÆDVMPT FO MBT BZVEBT " QFTBS EF RVF IBO BVNFOUBEP MBT QBSUJEBT NVDIPT FTUVEJBOUFT TJHVFO UFOJFOEP QSPCMFNBT QBSB QSPTFHVJS TVT FTUVEJPT QPS DVMQB EF MB TVCJEB EF UBTBT 5FYUP +BWJFS 3BEB
E
M QSPHSFTJWP FODBSFDJNJFOUP EF MB VOJWFS TJEBE FTUÆ DPOWJSUJFOEP B MBT CFDBT FO VOB IFSSBNJFOUB JOEJTQFOTBCMF TJ TF RVJFSF NBOUFOFS MB JHVBMEBE EF PQPSUVOJEB EFT -PT QSFDJPT EF MBT UBTBT TF IBO EJTQBSBEP FO MPT ÜMUJNPT BÕPT NJFOUSBT RVF FO &VSPQB DPOUJOFOUBM MB UFOEFODJB FT MB EF NBUSÑDVMBT HSBUVJUBT P NVZ CBKBT &M DPTUF EF VO HSBEP FO BMHVOBT SFHJPOFT EF &TQBÕB FTUÆ FOUSF MPT DVBUSP NÆT DBSPT TPMP TVQFSBEPT QPS 3FJOP 6OJEP *SMBOEB F *UBMJB &O DBNCJP FO QBÑTFT FVSPQFPT MPT FTUVEJPT TPO HSBUVJUPT TFHÜO FM 0CTFSWBUPSJP EFM 4JTUFNB 6OJWFSTJUBSJP -BT BENJOJTUSBDJPOFT UBOUP MB DFOUSBM DP NP MBT BVUPOÖNJDBT BTFHVSBO RVF B QFTBS EF FTUBT TVCJEBT MBT CFDBT FTUÆO DVCSJFOEP MBT OFDFTJEBEFT EF MPT BMVNOPT NFOPT GBWPSFDJ EPT &M QFTP SFDBFSÑB TPCSF UPEP FO MPT BMVN OPT RVF QVFEFO QBHBS 4JO FNCBSHP BMHVOPT JOGPSNFT EFOVODJBO MP DPOUSBSJP 1BSB MB $PO GFSFODJB EF 3FDUPSFT EF MBT 6OJWFSTJEBEFT &T QBÕPMBT $36& FM TJTUFNB EF CFDBT QÜCMJDBT FT JOTVGJDJFOUF EBOEP SB[ÖO B MBT EFOVODJBT EF MPT FTUVEJBOUFT -BT DVBOUÑBT PUPSHBEBT TPO NFOPSFT RVF MBT EF PUSPT QBÑTFT FVSPQFPT EF OVFTUSP NJTNP OJWFM EF EFTBSSPMMP j1BSFDF MÖ HJDP RVF EFCB IBCFS VOB BQPSUBDJÖO QSJWBEB
QPS QBSUF EF MPT FTUVEJBOUFT ZB RVF EFTQVÍT PCUJFOFO VOB SFNVOFSBDJÖO TBMBSJBM TVQFSJPS B MB NFEJB TJO FNCBSHP EFCF IBCFS VOB HBSBO UÑB EF FRVJEBE BM BDDFTP B MB VOJWFSTJEBE Z FT UP EFCF USBEVDJSTF FO VOB FGFDUJWB QPMÑUJDB EF CFDBTx FYQMJDB .BSUÑ 1BSFMMBEB EF MB 'VOEB DJÖO $POPDJNJFOUP Z %FTBSSPMMP &M HBTUP EFM &TUBEP FO CFDBT FT EFM GSFOUF B MB NFEJB FVSPQFB Z NVZ DPODFO
.ÆT EF QFSTPOBT IBO EFKBEP MB VOJWFSTJEBE QPS MPT SFDPSUFT FO FEVDBDJÖO USBEP FO MB FEVDBDJÖO TVQFSJPS 4FHÜO FM JOGPS NF -B 6OJWFSTJEBE &TQBÕPMB FO DJGSBT MB TJUVB DJÖO EF &TQBÕB FTUÆ jPCKFUJWBNFOUF NVZ BUSB TBEBx FO DVBMRVJFSB EF TVT NPEBMJEBEFT CFDBT BZVEBT P QSÍTUBNPT -PT SFRVJTJUPT QB SB PCUFOFS VOB CFDB TF IBO FOEVSFDJEP FO VO QBÑT FO FM RVF FM EF MPT SFDPSUFT MPT IBO BTV NJEP MBT GBNJMJBT Z EPOEF FM EF MB GJOBO DJBDJÖO EF MPT DBNQVT QÜCMJDPT QSPDFEF ZB EF MBT NBUSÑDVMBT
%VSBOUF MB DSJTJT MBT DPNVOJEBEFT BV UÖOPNBT TVCJFSPO MPT QSFDJPT QÜCMJDPT EF MPT FTUVEJPT BM NJTNP UJFNQP RVF TF SFDPSUÖ FM QSF TVQVFTUP FO FEVDBDJÖO &MMP IB QSPWPDBEP RVF NÆT EF QFSTPOBT TF IBZBO WJTUP PCMJHB EBT B BCBOEPOBS MB VOJWFSTJEBE TFHÜO EFOVO DJB FM TJOEJDBUP $$00 Z FM EF &TUVEJBOUFT &OUSF MBT DPNVOJEBEFT NÆT DBSBT FODPOUSB NPT B $BUBMVÕB Z .BESJE VO HSBEP FO $B UBMVÕB DVFTUB DBTJ FM USJQMF RVF VOP FO (BMJDJB P $BTUJMMB MB .BODIB EPOEF MPT QSFDJPT TF IBO EJTQBSBEP FO MPT ÜMUJNPT BÕPT 1BSB PCUFOFS VOB CFDB DPNQMFUB NBUSÑ DVMB DVBOUÑB GJKB MJHBEB B MB SFTJEFODJB DVBO UÑB GJKB MJHBEB B MB SFOUB Z DVBOUÑB WBSJBCMF OP QPESÆ TVQFSBS FM DBOEJEBUP MPT FVSPT BOVBMFT FO VOB GBNJMJB EF VO TPMP NJFNCSP -BT BZVEBT RVF BOUFT BMDBO[BCBO MPT FV SPT BIPSB OP TVQFSBSÑBO MPT -B NPWJMJ EBE EF MPT FTUVEJBOUFT TF IB WJTUP SFEVDJEB FO &TQBÕB EFCJEP B FTUF EÍGJDJU &O FM DVSTP UBO TPMP VO EF MPT NBUSJDVMB EPT FO VOJWFSTJEBEFT QÜCMJDBT QSPDFEÑBO EF PUSB DPNVOJEBE BVUÖOPNB &M (PCJFSOP IB BEFMBOUBEP RVF FM PCKFUJWP FT JODSFNFOUBS MB QBSUF WBSJBCMF EF B FVSPT BTÑ DPNP BV NFOUBS MPT VNCSBMFT EF QBUSJNPOJP Z SFOUB
."("$ɝ/ %& &456%*04 461&3*03&4
/6&7"4 5&$/0-0(ɝ"4 UB EF $BUBMVÕB 60$ BEWJFSUF RVF BRVFMMPT DFOUSPT RVF OP TF BEBQUFO B MBT OVFWBT EJ OÆNJDBT EFTBQBSFDFSÆO j-PT QSJODJQBMFT JO WFTUJHBEPSFT DPOTJEFSBO RVF TF BDFSDB VO UTV OBNJx EJDF FM EJSFDUPS EFM F-FBSO $FOUFS EF MB 60$ -MVJT 1BTUPS BM QSFTFOUBS FM FTUV EJP 1VFEF RVF TFB FM GJO EF MPT DBMFOEBSJPT MBT BTJHOBUVSBT GJKBT Z UFÖSJDBT USBTUPDBEPT QPS VOB PGFSUB NVZ QSÆDUJDB Z B NFEJEB EFM VTVBSJP FO FM RVF MB WFSTBUJMJEBE EF MBT OVF WBT UFDOPMPHÑBT PCMJHVF B VOJWFSTJEBEFT Z BMVNOPT B SFEFGJOJSTF
-B VOJWFSTJEBE FTQBÌPMB IB BWBO[BEP FO MB ÜMUJNB EÍDBEB FO DVBOUP B TV EFTBSSPMMP UFD OPMÖHJDP BVORVF RVFEB DBNJOP QPS SFDPSSFS -B EPDFODJB OP QSFTFODJBM TF FTUÆ BCSJFOEP DBNJOP Z DBEB WF[ TPO NÆT IBCJUVBMFT MPT HSB EPT P NÆTUFST PO MJOF -B VOJWFSTJEBEFT CVT DBO SFJOWFOUBS FTUPT DVSTPT Z MPT .00$ MPT
%& -"4 6/*7&34*%"%&4 PGSFDF TFSWJDJPT EF EPDFODJB WJSUVBM Z BVMBT NVMUJNFEJB 5BNCJ˭O TF VUJMJ[BO MBT OVFWBT UFDOPMPH̆BT DPNP BQPZP QBSB MB FMBCPSBDJ̬O EF MPT DPOUFOJEPT EPDFOUFT
-PT OVFWPT EJTQPTJUJWPT N̬WJMFT TF FTU˔O DPOWJSUJFOEP FO VOB IFSSBNJFOUB C˔TJDB FO MBT BVMBT
(53&4
-BT BVMBT CVTDBO TFS NÆT EJHJUBMFT -B JSSVQDJÖO EF MBT OVFWBT UFDOPMPHÑBT FO MB VOJWFSTJEBE Z MB FOTFÕBO[B FTUÆ DBNCJBOEP MPT QBSBEJHNBT EFM BQSFOEJ[BKF -PT BMVNOPT Z DFOUSPT OFDFTJUBO BEBQUBSTF B FTUB SFWPMVDJÖO 5FYUP +BWJFS 3BEB
L
B VOJWFSTJEBE EFM GVUVSP TFSÆ NÆT EJHJ UBM FTQFDJBMJ[BEB EJTUJOUB B DPNP MB DP OPDFNPT -BT OVFWBT UFDOPMPHÑBT QFS NJUJSÆO GMFYJCJMJEBE Z MB DBQBDJEBE EFTQMFHBS FM DPOPDJNJFOUP FO UPEP UJQP EF EJTQPTJ UJWPT -PT BMVNOPT QPESÆO EFDJEJS BRVFMMPT DPOPDJNJFOUPT RVF NFKPS TF BEBQUFO B TVT OF DFTJEBEFT Z FM DPODFQUP EF DMBTF IBCJUVBM QVF EF RVF TF USBOTGPSNF QBSB TJFNQSF &TUBNPT WJWJFOEP VO CPPN EF MPT DVSTPT PO MJOF EFTEF IBDF VOPT BÕPT CBTBEPT FO MB GMFYJCJMJEBE EF MPT IPSBSJPT Z MB DBQBDJEBE UFD OPMÖHJDB QBSB BQSFOEFS TJO MB SJHJEF[ EF MPT NÍUPEPT QSFTFODJBMFT DMÆTJDPT BVORVF UPEB WÑB DPO DBSFODJBT DPNP MBT OPUBCMFT UBTBT EF BCBOEPOP FTQFDJBMNFOUF FO MPT NBTJWPT Z HSBUVJUPT Z FO PDBTJPOFT QPS QFDBS EF DJFS UP NFSDBOUJMJTNP 1BSB MPT FYQFSUPT MPT DBN CJPT RVF FTUÆO QSPEVDJFOEP MBT UFDOPMPHÑBT EF MB JOGPSNBDJÖO 5*$ FO MB WJEB EJBSJB UFO ESÆO VO HSBO JNQBDUP FO MBT GPSNBT EF FO TFÕBO[B 6O JOGPSNF EF MB 6OJWFSTJEBE 0CFS
$63404 k0/ -*/&l (3"56*504 : "#*&3504 1SPZFDUPT DPNP &DP -FBSOJOH IUUQT FDPMFBSOJOH FV Z 0QFO &EVDBUJPO &VSPQF PGSFDFO DVSTPT .00$ NBTJWPT HSBUVJUPT Z BCJFSUPT FO MB SFE &YJTUFO .00$ EF HSBO DBOUJEBE EF NBUFSJBT CVTDBOEP MB EFNPDSBUJ[BDJÎO EF MPT DPOUFOJEPT 1PSUBMFT DPNP $PVSTFSB XXX DPVSTFSB PSH ,IBO "DBEFNZ XXX LIBOBDBEFNZ PSH P 6EBDJUZ XXX VEBDJUZ DPN EJTQPOFO EF DVSTPT Z DPOUFOJEPT EF EJTUJOUBT UFN¼UJDBT EF MBT QSJODJQBMFT VOJWFSTJEBEFT EFM NVOEP -B 6/&% IUUQ PDX JOOPWB VOFE FT PDXVOJWFSTJB P MB 6OJWFSTJEBE $BSMPT *** IUUQ PDX VD N FT UBNCJÄO IBO BQPTUBEP QPS FM DPOPDJNJFOUP MJCSF Z HSBUVJUP -P NFKPS FT DPOTVMUBS MB SFE Z FODPOUSBS MP RVF TF CVTDB
DVSTPT BCJFSUPT Z NBTJWPT Z MB UFOEFODJB TFSÆ B RVF FM BMVNOP TFB FM HFOFSBEPS EF DP OPDJNJFOUP Z FM QSPGFTPS VO EJOBNJ[BEPS -B HFTUJÖO BVUPNBUJ[BEB EF MBT VOJWFSTJ EBEFT FTUÆ QMFOBNFOUF DPOTPMJEBEB Z MPT JOWFTUJHBEPSFT FO HFOFSBM EJTQPOFO EF IFSSB NJFOUBT EF UFDOPMPHÑBT 5*$ QBSB EJWVMHBS TV BDUJWJEBE JOWFTUJHBEPSB BTÑ DPNP FM TVGJDJFO UF TPQPSUF UFDOPMÖHJDP DFOUSBMJ[BEP TFHÜO FM JOGPSNF 6OJWFSTJUJD EF MB $POGFSFODJB EF 3FDUPSFT EF MBT 6OJWFSTJEBEFT &TQBÕPMBT 6O EF MBT VOJWFSTJEBEFT ZB EJTQPOF DPNP TP QPSUF EF BVMBT EF JOGPSNÆUJDB EF VTP EPDFO UF Z MB NBZPSÑB PGSFDF TFSWJDJPT EF EPDFODJB WJSUVBM Z BVMBT NVMUJNFEJB 5BN CJÍO TF VUJMJ[BO FTUBT UFDOPMPHÑBT DPNP BQP ZP QBSB MB FMBCPSBDJÖO EF MPT DPOUFOJEPT EP DFOUFT Z QBSB MB SFBMJ[BDJÖO Z DPSSFDDJÖO EF FYÆNFOFT 1PS PUSB QBSUF TF FTUÆO BCSJFOEP QBTP MBT QJ[BSSBT WJSUVBMFT Z MPT TJTUFNBT QBSB EJTUSJCVJS FO DMBTF DPOUFOJEPT FO UJFN QP SFBM -BT QMBUBGPSNBT EF EPDFODJB WJSUVBM FO MBT RVF MPT FTUVEJBOUFT QVFEFO JOUFSBDUVBS DPO MB VOJWFSTJEBE Z FM QSPGFTPSBEP BTÑ DPNP UFOFS BDDFTP B MPT DPOUFOJEPT EF MB EPDFODJB Z MBT OPUBT HFTUJPOFT Z TFDSFUBSÑBT WJSUVBMFT TF IBO JOTUJUVDJPOBMJ[BEP BHJMJ[BOEP MB BUFO DJÖO B MPT VTVBSJPT NFEJBOUF MPT DBNQVT WJS UVBMFT /P PCTUBOUF TPMP VO EF MPT DVSTPT PGFSUBEPT QPS MBT VOJWFSTJEBEFT UJFOFO QPS PCKFUJWP NFKPSBS MBT DPNQFUFODJBT EJHJ UBMFT EF MB DPNVOJEBE VOJWFSTJUBSJB Z TF FTUÆ QSPEVDJFOEP VO SFUSPDFTP FO FM DPNQSP NJTP EF MPT DFOUSPT FO MB FYQBOTJÖO EFM TPGU XBSF MJCSF Z FM DÖEJHP BCJFSUP j&M NBOFKP EF OVFWBT UFDOPMPHÑBT OP FT BD UVBMNFOUF VO BTQFDUP UBO DSÑUJDP FO MPT QSP DFTPT EF TFMFDDJÖO DPNP QVFEFO TFS MPT JEJP NBT V PUSBT DPNQFUFODJBT USBOTWFSTBMFT QF SP TJFNQSF FT VO QMVT GPSNBO QBSUF EF MPT TJTUFNBT EF DPNVOJDBDJÖO EF MBT FNQSFTBT Z TFSÆ CVFOP RVF FM DBOEJEBUP UFOHB MPT DPOP DJNJFOUPT CÆTJDPTx FYQMJDB /VSJB &TQBS[B EJ SFDUPSB EF "USBDDJÖO EF 5BMFOUP EF MB DPOTVM UPSB "EFDDP
$FOUSPT EF FTUVEJPT TVQFSJPSFT EF 4FWJMMB
4FWJMMB OP FT TPMP MB DBQJUBM EF "OEBMVDÑB 5BNCJÍO FT TV FQJDFOUSP EF DPOPDJNJFOUP DPO EPT HSBOEFT VOJWFSTJEBEFT QÜCMJDBT Z EFDFOBT EF DFOUSPT GPSNBUJWPT
."("$ɝ/ %& &456%*04 461&3*03&4
$&/5304 %& &456%*04 461&3*03&4 %& 4&7*--"
6OJWFSTJEBE EF 4FWJMMB 64 4VT PSÈHFOFT TF FODVFOUSBO FO FM $PMFHJP EF 4BOUB .BSÈB EF +FTÕT QFSP OP GVF IBTUB DVBOEP TF DPOWJFSUF PGJDJBMNFOUF FO VOB VOJWFSTJEBE $PO VO FOWJBEJBCMF QBUSJNPOJP IJTUÎSJDP IPZ FT VO $BNQVT EF &YDFMFODJB *OUFSOBDJPOBM DPO HSBEPT Z FTUVEJPT EF QPTHSBEP QPS FM RVF QBTBO N¼T EF BMVNOPT &T VO NPUPS DVMUVSBM EF DPOPDJNJFOUP Z FDPOÎNJDP FO "OEBMVDÈB /ÕNFSP EF BMVNOPT ● 3FDUPS .JHVFM OHFM $BTUSP ● "ÌP EF GVOEBDJÎO ● $BNQVT FO 4FWJMMB XXX VT FT !VOJTFWJMMB 6OJWFSTJEBEEF4FWJMMBPGJDJBM $ 4 'FSOBOEP 4FWJMMB 5FM
5¨56-04 %& (3"%0
"SUFT Z )VNBOJEBEFT &EVDBDJÎO 1SJNBSJB &TUVEJPT 'SBODFTFT EPCMF HSBEP 'JMPMPHÈB $M¼TJDB 'JMPMPHÈB )JTQ¼OJDB EPCMF HSBEP -FOHVB Z -JUFSBUVSB "MFNBOBT &EVDBDJÎO 1SJNBSJB EPCMF HSBEP "SRVFPMPHÈB #FMMBT "SUFT $POTFSWBDJÎO Z 3FTUBVSBDJÎO EF #JFOFT $VMUVSBMFT &TUVEJPT SBCFT F *TM¼NJDPT &TUVEJPT EF "TJB 0SJFOUBM &TUVEJPT 'SBODFTFT &TUVEJPT *OHMFTFT 'JMPMPHÈB $M¼TJDB 'JMPMPHÈB )JTQ¼OJDB 'JMPTPGÈB )JTUPSJB
)JTUPSJB EFM "SUF -FOHVB Z -JUFSBUVSB "MFNBOBT $JFODJBT 'ÈTJDB *OH EF .BUFSJBMFT EPCMF 'ÈTJDB .BUFN¼UJDBT EPCMF .BUFN¼UJDBT &TUBEÈTUJDB EPCMF 2VÈNJDB FO *OH EF .BUFSJBMFT #JPMPHÈB #JPRVÈNJDB &TUBEÈTUJDB 'ÈTJDB .BUFN¼UJDBT 2VÈNJDB $JFODJBT EF MB 4BMVE 'BSNBDJB ®QUJDB Z 0QUPNFUSÈB EPCMF HSBEP #JPNFEJDJOB #¼TJDB Z &YQFSJNFOUBM &OGFSNFSÈB 'BSNBDJB 'JTJPUFSBQJB .FEJDJOB
0EPOUPMPHÈB ®QUJDB Z 0QUPNFUSÈB 1PEPMPHÈB 1TJDPMPHÈB $JFODJBT 4PDJBMFT Z +VSÈEJDBT "%& %FSFDIP EPCMF HSBEP %FSFDIP &DPOPNÈB EPCMF HSBEP %FSFDIP 'JOBO[BT Z $POUBCJMJEBE EPCMF %FSFDIP Z (FTUJÎO Z "ENJOJTUSBDJÎO 1ÕCMJDB EPCMF 'JOBO[BT Z $POUBCJMJEBE 3FM -BC Z 3FDVSTPT )VNBOPT EPCMF 'JOBO[BT Z $POUBCJMJEBE Z 3FMBDJPOFT -BCPSBMFT Z 3FDVSTPT )VNBOPT (FPHSBGÈB (FTUJÎO EFM 5FSSJUPSJP F )JTUPSJB EPCMF HSBEP 1FSJPEJTNP $PNVOJDBDJÎO "VEJPWJTVBM EPCMF HSBEP 1FSJPEJTNP $PNVOJDBDJÎO "VEJPWJTVBM EPCMF HSBEP "ENJO Z %JSFDDJÎO EF &NQSFTBT
"OUSPQPMPHÈB 4PDJBM Z $VMUVSBM $JFODJBT EF MB "DUJWJEBE 'ÈTJDB Z EFM %FQPSUF $PNVOJDBDJÎO "VEJPWJTVBM $SJNJOPMPHÈB %FSFDIP &DPOPNÈB &EVDBDJÎO *OGBOUJM &EVDBDJÎO 1SJNBSJB 'JOBO[BT Z $POUBCJMJEBE (FPHSBGJB Z (FTUJÎO EFM 5FSSJUPSJP (FTUJÎO Z "ENJOJTUSBDJÎO 1ÕCMJDB .BSLFUJOH F *OWFTU EF .FSDBEPT 1FEBHPHÈB 1FSJPEJTNP 1VCMJDJEBE Z 3FMBDJPOFT 1ÕCMJDBT 3FMBDJPOFT -BCPSBMFT Z 3FDVSTPT )VNBOPT 5VSJTNP *OHFOJFSÈB Z "SRVJUFDUVSB *OH FO %JTFÌP *OE Z %FTBSSPMMP EFM 1SPEVDUP F *OH .FD¼OJDB EPCMF
."("$ɝ/ %& &456%*04 461&3*03&4
*OHFOJFSÈB &MÄDUSJDB F *OHFOJFSÈB &MFDUSÎOJDB *OEVTUSJBM EPCMF *OHFOJFSÈB &MÄDUSJDB F *OHFOJFSÈB .FD¼OJDB EPCMF $JFODJB Z 5FDOPMPHÈB EF &EJGJDBDJÎO 'VOEBNFOUPT EF "SRVJUFDUVSB *OHFOJFSÈB "FSPFTQBDJBM *OHFOJFSÈB "HSÈDPMB *OHFOJFSÈB $JWJM *OHFOJFSÈB EF MB &OFSHÈB *OHFOJFSÈB EF MB 4BMVE *OHFOJFSÈB EF MBT 5FDOPMPHÈBT EF 5FMFDPNVOJDBDJÎO *OHFOJFSÈB EF .BUFSJBMFT *OH EF 0SHBOJ[BDJÎO *OEVTUSJBM *OH EF 5FDOPMPHÈBT *OEVTUSJBMFT *OHFOJFSÈB &MÄDUSJDB *OHFOJFSÈB &MFDUSÎOJDB *OEVTUSJBM *OHFOJFSÈB &MFDUSÎOJDB 3PCÎUJDB Z .FDBUSÎOJDB 6." 64 *OHFOJFSÈB FO %JTFÌP *OEVTUSJBM Z %FTBSSPMMP EFM 1SPEVDUP *OHFOJFSÈB *OGPSN¼UJDB *OHFOJFSÈB EF $PNQVUBEPSFT *OHFOJFSÈB *OGPSN¼UJDB *OHFOJFSÈB EFM 4PGUXBSF *OHFOJFSÈB *OGPSN¼UJDB 5FDOPMPHÈBT *OGPSN¼UJDBT *OHFOJFSÈB .FD¼OJDB
*OHFOJFSÈB 2VÈNJDB *OHFOJFSÈB 2VÈNJDB *OEVTUSJBM
:0 &456%*0 "26ɡ
&456%*04 %& . 45&3
.F IB EBEP MB PQPSUVOJEBE EF DPOPDFS HSBOEFT BNJHPT
"SUFT Z )VNBOJEBEFT &TUVEJPT )JTQ¼OJDPT 4VQ 1SPGFTPSBEP EF &OT 4FDVOEBSJB 0CMJHBUPSJB Z #BDIJMMFSBUP 'PSNBDJÎO 1SPGFTJPOBM Z &OT EF *EJPNBT EPCMF N¼TUFS 'JMPTPGÈB Z $VMUVSB .PEFSOB Z 1SPG EF &OT 4FDVOEBSJB 0CMJH Z #BDIJMMFSBUP 'PSNBDJÎO 1SPGFTJP OBM Z &OT EF *EJPNBT EPCMF "SRVFPMPHÈB "SUF *EFB Z 1SPEVDDJÎO "SUFT EFM &TQFDU¼DVMP 7JWP %PDVNFOUPT Z -JCSPT "SDIJWPT Z #JCMJPUFDBT &OTFÌBO[B EFM &TQBÌPM DPNP -FOHVB &YUSBOKFSB Z EF PUSBT -FOHVBT .PEFSOBT &TDSJUVSB $SFBUJWB &TUVEJPT "NFSJDBOPT &TUVEJPT )JTQ¼OJDPT 4VQFSJPSFT &TUVEJPT )JTUÎSJDPT "WBO[BEPT &TUVEJPT -JOH×ÈTUJDPT
"OB .PSFOP DVSTB FM N¼TUFS FO $PNVOJDBDJÎO *OTUJUVDJPOBM Z 1PMÈUJDB 1BSB FMMB TV FYQF SJFODJB FO MB 6OJWFSTJEBE EF 4FWJMMB FT Z TFS¼ JOPMWJEBCMF OP TPMP QPS MPT DPOPDJNJFOUPT BERVJSJEPT TJOP UBNCJÄO QPS MB WJEB VOJWFSTJUBSJB .F IB EBEP MB PQPSUVOJEBE EF EJTGSVUBS EF VOB HSBO DPNQB ÌÈB DPOPDFS HSBOEFT BNJHPT Z USBCBKBS IBDJFOEP MP RVF N¼T NF HVTUB "VORVF OP UPEP FT QFSGFDUP &O MPT HSBEPT QFTBO N¼T MBT BTJHOBUVSBT UFÎSJDBT RVF MBT QS¼DUJDBT
-JUFSBSJPT Z $VMUVSBMFT 'JMPTPGÈB Z $VMUVSB .PEFSOB 1BUSJNPOJP "SUÈTUJDP "OEBMV[ Z TV 1SPZFDDJÎO *CFSPBNFSJDBOB 5SBEVDDJÎO F *OUFSDVMUVSBMJEBE $JFODJBT #JPMPHÈB "WBO[BEB *OWFTUJHBDJÎO Z "QMJDBDJÎO $JFODJB Z 5FDOPMPHÈB EF /VFWPT .BUFSJBMFT &TUVEJPT "WBO[BEPT FO 2VÈNJDB 'ÈTJDB /VDMFBS .BUFN¼UJDBT .JDSPFMFDUSÎOJDB %JTFÌP Z "QMJDBDJPOFT EF 4JTUFNBT .JDSP /BOPNÄUSJDPT $JFODJBT EF MB 4BMVE $JFODJBT 0EPOUPMÎHJDBT &TQFD 1SPGFTJPOBM FO 'BSNBDJB &TU "WBO[ FO $FSFCSP Z $POEVDUB 'JTJPMPHÈB Z /FVSPDJFODJB (FOÄUJDB .PMFDVMBS Z #JPUFDOPMPHÈB *OWFTUJHBDJÎO #JPNÄEJDB *OWFTUJHBDJÎO .ÄEJDB $MÈOJDB Z &YQFSJNFOUBM .JHSBDJPOFT *OUFSOBDJPOBMFT 4BMVE Z #JFOFTUBS .PEFMPT Z &TUSBUFHJBT EF *OUFSWFODJÎO
."("$ɝ/ %& &456%*04 461&3*03&4
$&/5304 %& &456%*04 461&3*03&4 %& 4&7*--" 6OJWFSTJEBE EF 4FWJMMB "TJTUFODJB POMJOF %FSFDIP 1FOBM %JSFDDJÎO EF $PNVOJDBDJÎO &NQSFTBSJBM F *OTUJUVDJPOBM %JSFDDJÎO )PUFMFSB POMJOF %JSFDDJÎO )PUFMFSB %JTFÌP EF *OUFSJPSFT Z (FTUJÎO EFM 1SPZFDUP & MFBSOJOH /VFWBT 5FDOPMPHÈBT QBSB FM BQSFOEJ[BKF B USBWÄT EF *OUFSOFU &OEPEPODJB &OTFÌBO[B #JMJOH×F QBSB 1SPGFTPSBEP EF 1SJNBSJB Z 4FDVOEBSJB 'JTJPUFSBQJB EFM %FQPSUF Z EFM 5FKJEP #MBOEP (FTUJÎO EFM 1BUSJNPOJP *OEVTUSJBM *NQMBOUPMPHÈB 0SBM *OHFOJFSÈB EFM "HVB .FEJBDJÎO .JDSPCJPMPHÈB "QMJDBEB B MB #JPUFDOPMPHÈB *OEVTUSJBM 1SPZFDUP EF *OTUBMBDJPOFT FO "SRVJUFDUVSB %JTFÌP $¼MDVMP Z &GJDJFODJB &OFSHÄUJDB 1TJDPMPHÈB EF MB "DUJWJEBE 'ÈTJDB Z FM %FQPSUF 4BOJEBE 7FHFUBM 4JTUFNBT EF *OGPSNBDJÎO (FPHS¼GJDB 1MBOJGJDBDJÎO 0SEFOBDJÎO 5FSSJUPSJBM Z .FEJP "NCJFOUF 7JEFPKVFHPT (VJÎO %JTFÌP Z 1SPHSBNBDJÎO
/VFWBT 5FOEFODJBT "TJTUFODJBMFT FO $JFODJBT EF MB 4BMVE 1TJDPMPHÈB EF MB *OUFSWFODJÎO 4PDJBM Z $PNVOJUBSJB 1TJDPMPHÈB EF MBT 0SHBOJ[BDJPOFT Z EFM 5SBCBKP 1TJDPMPHÈB (FOFSBM 4BOJUBSJB $JFODJBT 4PDJBMFT Z +VSÈEJDBT "CPHBDÈB "TFTPSÈB +VSÈEJDP .FS DBOUJM 'JTDBM Z -BCPSBM EPCMF "CPHBDÈB Z %FS 1ÕCMJDP EPCMF "CPHBDÈB Z 3FMBDJPOFT +VSÈEJDP 1SJWBEBT EPCMF &SBTNVT .VOEVT FO 1MBOJGJDBDJÎO &TQBDJBM .BSJOB QPS MB 6OJWFSTJEBE EF 4FWJMMB 6OJWFSTJEBE EF 7FOFDJB Z 6OJWFSTJEBE EF MBT "[PSFT "CPHBDÈB "DUJWJEBE 'ÈTJDB Z $BMJEBE EF 7JEB EF 1FSTPOBT "EVMUBT Z .BZPSFT "OUSPQPMPHÈB (FTUJÎO EF MB %JWFSTJEBE $VMUVSBM FM 1BUSJNPOJP Z FM %FTBSSPMMP "TFTPSÈB +VSÈEJDP .FSDBOUJM 'JTDBM Z -BCPSBM "VEJUPSÈB Z $POUBCJMJEBE 4VQFSJPS $JFODJBT EFM 5SBCBKP $PN *OTUJUVDJPOBM Z 1PMÈUJDB $PNVOJDBDJÎO Z $VMUVSB $POTVMUPSÈB &DPOÎNJDB Z "O¼MJTJT "QMJDBEP $POTVMUPSÈB -BCPSBM %FSFDIP $POTUJUVDJPOBM %FSFDIP 1ÕCMJDP %JS Z 1MBOJGJDBDJÎO EFM 5VSJTNP %JSFDDJÎO &WBMVBDJÎO Z $BMJEBE EF MBT *OTUJUVDJPOFT EF 'PSNBDJÎO &DPOPNÈB Z %FTBSSPMMP &TUVEJPT "WBO[BEPT FO %JSFDDJÎO EF &NQSFTBT &TUVEJPT EF (ÄOFSP Z %FTBSSPMMP 1SPGFTJPOBM &TUVEJPT &VSPQFPT 'PSNBDJÎO Z 0SJFOUBDJÎO 1SPGFTJPOBM QBSB FM &NQMFP (FTUJÎO &TUSBUÄHJDB Z /FHPDJPT *OUFSOBDJPOBMFT (FTUJÎO Z %FTBSSPMMP EF 3FDVSTPT )VNBOPT (VJÎO /BSSBUJWB Z $SFBUJWJEBE "VEJPWJTVBM *OUFSWFODJÎO Z .FEJBDJÎO 'BNJMJBS /FDFTJEBEFT &EVDBUJWBT &TQFDJBMFT Z "UFODJÎO B MB %JWFSTJEBE FO MB &TDVFMB 0SEFOBDJÎO Z (FTUJÎO EFM %FTBSSPMMP 5FSSJUPSJBM Z -PDBM 1SPGFTPSBEP EF &OTFÌBO[B 4FDVOEBSJB 0CMJHBUPSJB Z #BDIJMMFSBUP 'PSNBDJÎO 1SPGFTJPOBM Z &OT EF *EJPNBT 1SPGFTPSBEP EF &40 #BDIJMMFS '1 Z &OTFÌBO[BT EF *EJPNBT 1TJDPMPHÈB EF MB &EVDBDJÎO
"WBODFT FO *OUFSWFODJÎO 1TJDPFEVDBUJWB Z /FDFTJEBEFT &EVDBUJWBT &TQFDJBMFT 1TJDPQFEBHPHÈB 3FMBDJPOFT +VSÈEJDP 1SJWBEBT *OHFOJFSÈB Z "SRVJUFDUVSB "SRVJUFDUVSB "SRVJUFDUVSB Z 1BUSJNPOJP )JTUÎSJDP "VUPN¼UJDB 3PCÎUJDB Z 5FMFN¼UJDB $JVEBE Z "SRVJUFDUVSB 4PTUFOJCMFT %JTFÌP "WBO[BEP FO *OH .FD¼OJDB &MFDUSÎOJDB 5SBUBNJFOUP EF 4FÌBM Z $PNVOJDBDJPOFT (FTUJÎO EF MBT 5FDOPMPHÈBT EF MB *OGPSNBDJÎO Z EF MBT $PN (FTUJÎO *OUFHSBM EF MB &EJGJDBDJÎO *OHFOJFSÈB "FSPO¼VUJDB *OHFOJFSÈB "HSPOÎNJDB *OHFOJFSÈB "NCJFOUBM *OHFOJFSÈB EF $BNJOPT $BOBMFT Z 1VFSUPT *OH EF $PNQVUBEPSFT Z 3FEFT *OHFOJFSÈB EF 5FMFDPNVOJDBDJÎO *OHFOJFSÈB *OEVTUSJBM *OHFOJFSÈB *OGPSN¼UJDB *OHFOJFSÈB 2VÈNJDB
*OH Z 5FDOPMPHÈB EFM 4PGUXBSF *OOPWBDJÎO FO "SRVJUFDUVSB 5FDOPMPHÈB Z %JTFÌP *OTUBM Z %JTFÌP EF 1SPEVDUPT -ÎHJDB $PNQVUBDJÎO F *OUFMJHFODJB "SUJGJDJBM 0SHBOJ[BDJÎO *OEVTUSJBM Z (FTUJÎO EF &NQSFTBT 1FSJUBDJÎO Z 3FQBS EF &EJGJDJPT 4FHVSJEBE *OUFHSBM FO &EJGJDBDJÎO 4FHVSJEBE *OUFHSBM FO MB *OEVTUSJB Z 1SFWFODJÎO EF 3JFTHPT -BCPSBMFT 4JTUFNBT EF &OFSHÈB &MÄDUSJDB 4JTUFNBT EF &OFSHÈB 5ÄSNJDB 4JTU *OUFM FO &OFSHÈB Z 5SBOTQPSUF 5FDOPMPHÈB F *OEVTUSJB "MJNFOUBSJB 6SCBOJTNP 1MBOFBNJFOUP Z %JTFÌP 6SCBOP
104(3"%04 1301*04
.¼TUFSFT #JPFTUBEÈTUJDB "QMJDBEB FO $JFODJBT EF MB 4BMVE #JPÄUJDB Z )VNBOJ[BDJÎO EF MB
&TQFDJBMJ[BDJÎO "CPSEBKF 'JTJPUFSBQÄVUJDP EFM %PMPS Z %JTG EFM 5FKJEP #MBOEP $BMJEBE $PNFSDJBMJ[BDJÎO Z (FTUJÎO -FHBM EF "MPKBNJFOUPT 5VSÈTUJDPT Z 3FTUBVSBDJÎO $JSVHÈB Z 3FIBCJMJU *NQMBOUPMÎHJDB %JSFDDJÎO EF 3FTJEFODJBT Z 4FSWJDJPT EF "UFODJÎO BM .BZPS 'JTJPUFSBQJB EFM %FQPSUF Z $MÈOJDB %JBSJB 'JTJPUFSBQJB .BOVBM 0TUFPQ¼UJDB /JWFM * 'PSNBDJÎO #JMJOH×F 'VOEBNFOUPT Z .FUPEPMPHÈBT 'PSNBDJÎO #JMJOH×F "WBO[BEB (FTUJÎO Z %JSFDDJÎO EF "MPKBNJFOUPT Z 3FTUBVSBDJÎO *NQMBOUPMPHÈB 0SBM "WBO[BEB *NQMBOUPMPHÈB 0SBM $MÈOJDB *OUFSWFO 1TJDPMÎHJDB FO FM %FQPSUF .FEJBDJÎO $JWJM 4PDJBM Z +VTUJDJB 3FTUBVSBUJWB .FEJBDJÎO 'BNJMJBS DPO .FOPSFT Z &EVDBUJWB .JDSPPSHBOJTNPT FO MB #JPUFDOPMPHÈB *OEVTUSJBM 1SÎUFTJT TPCSF *NQMBOUFT
."("$ɝ/ %& &456%*04 461&3*03&4
$&/5304 %& &456%*04 461&3*03&4 %& 4&7*--"
6OJW *OUFSOBDJPOBM EF "OEBMVDÑB 6/*" $PO N¼T EF BÌPT EF USBZFDUPSJB FT VOB SFGFSFODJB FO DVBOUP B QPTUHSBEPT 5JFOF WPDBDJÎO JOUFSOBDJPOBM TPCSF UPEP FO FM ¼NCJUP FVSPQFP BVORVF UBNCJÄO QSPNVFWF MB DPPQFSBDJÎO VOJWFSTJUBSJB BM EFTBSSPMMP FO "NÄSJDB -BUJOB FM OPSUF EF GSJDB Z MB DVFODB EFM .FEJUFSS¼OFP 1SFTVNF EF BEBQUBSTF EF GPSNB ¼HJM B MPT DBNCJPT Z EFNBOEBT EFM FOUPSOP TPDJBM Z FNQSFTBSJBM /ÕNFSP EF BMVNOPT 3FDUPS &VHFOJP %PNÈOHVF[ 7JMDIFT ● "ÌP EF GVOEBDJÎO ● $BNQVT FO #BF[B +BÄO -B 3¼CJEB )VFMWB .¼MBHB Z 4FWJMMB XXX VOJB FT !6/*"VOJWFSTJEBE 6OJWFSTJEBE *OUFSOBDJPOBM EF "OEBMVDÈB $ "NÄSJDP 7FTQVDJP *TMB EF -B $BSUVKB 4FW 5FM
. 45&3&4 0'*$*"-&4
$JFODJBT &YQFSJNFOUBMFT Z 5FDOPMÎHJDPT #JPUFDOPMPHÈB "WBO[BEBT (FPMPHÈB Z (FTUJÎO "NCJFOUBM EF MPT 3FDVSTPT .JOFSBMFT 5FDOPMPHÈB EF MPT 4JTUFNBT EF &OFSHÈB 4PMBS 'PUPWPMU¼JDB 5FDOPMPHÈB "NCJFOUBM $JFODJBT EF MB 4BMVE "DUJWJEBE 'ÈTJDB Z 4BMVE $JFODJBT 4PDJBMFT Z +VSÈEJDBT "HSJDVMUVSB Z (BOBEFSÈB &DPMÎHJDBT "HSPFDPMPHÈB VO &OGPRVF QBSB MB 4VTUFOUBCJMJEBE 3VSBM $PN Z &EVDBDJÎO "VEJPWJTVBM %FSFDIP "NCJFOUBM %FSFDIPT )VNBOPT *OUFSDVMUVSBMJEBE Z %FTBSSPMMP &DPOPNÈB 'JOBO[BT Z $PNQVUBD (FTUJÎO &TUSBUÄHJDB 4PTUFOJCMF EF %FTUJOPT 5VSÈTUJDPT *OW FO MB &OTFÌBO[B Z FM "QSFOEJ[BKF EF MBT $JFODJBT &YQ 4PDJBMFT Z .BUFN¼UJDBT 1BUSJNPOJP .VTJDBM 3FMBDJPOFT *OUFSOBDJPOBMFT *OUFSWFODJÎO "TJTUJEB DPO "OJNBMFT %JSFDDJÎO Z (FTUJÎO EF 1FSTPOBT
5¨56-04 1301*04
.0%"-*%"% 13&4&/$*"- $JFODJBT 4PDJBMFT Z +VSÈEJDBT %JSFDDJÎO 'JOBODJFSB &EVDBDJÎO .VTJDBM $JFODJBT &YQFSJNFOUBMFT Z 5FDOPMÎHJDBT %BUB #BTF .0%"-*%"% 4&.*13&4&/$*"- $JFODJBT 4PDJBMFT Z +VSÈEJDBT "ENJO EF &NQSFTBT 0MFÈDPMBT
%FSFDIP "HSBSJP Z "HSPBMJNFOUBSJP 1MBOJGJDBDJÎO $POUSPM Z (FTUJÎO EF 4FSWJDJPT .VOJDJQBMFT .FEJBDJÎO 'BNJMJBS $JWJM Z .FSDBOUJM "UFODJÎO *OUFHSBM Z $FOUSBEB FO MB 1FSTPOB 'VOEBNFOUPT .FUPEPMPHÈB F *OUFSWFODJPOFT 4FHVSJEBE *OUFSOBDJPOBM Z %FSFDIP *OUFSOBDJPOBM )VNBOJUBSJP %JSFDDJÎO Z (FTUJÎO 6OJWFSTJUBSJB 1SPCBUJPO 5SBCBKP 4PDJBM QBSB MB +VTUJDJB 1FOBM .FEJBDJÎO 'BNJMJBS FO MPT ¼NCJUPT $JWJM Z .FSDBOUJM 0SHBOJ[BDJÎO Z (FTUJÎO EF &WFOUPT %FQPSUJWP $JFODJBT EF MB 4BMVE 6SHFODJBT Z &NFSHFODJBT 1FEJ¼U 1BUPMPHÈB EFM )PNCSP 1BUPMPHÈB EF MB .BOP 1BUPMPHÈB EF MB 3PEJMMB "UFODJÎO *ONFEJBUB BM 5SBVNB (SBWF 6SHFODJBT Z &NFSHFODJBT "UFODJÎO BM 5SBVNB (SBWF *NQMBOUPMPHÈB &TUÄUJDB .VMUJEJTD /VUSJDJÎO QBSB 0GJD EF 'BSNBDJB
$JFODJBT &YQFSJNFOUBMFT %FTBSSPMMP Z &YQFSJNFOUBDJÎO EF 4JTUFNBT "ÄSFPT /P 5SJQVMBEPT %FTBSSPMMP EF *OTUBMBDJPOFT EF &OFSHÈBT 3FOPWBCMF .0%"-*%"% 7*356"- $JFODJBT 4PDJBMFT Z +VSÈEJDBT 1SPDFEJNJFOUP "ENJOJTUSBUJWP Z $POUFODJPTP "ENPO %FSFDIP 4PDJFUBSJP %FSFDIP &TQBÌPM *NQ FO *OHMÄT %FSFDIP EFM 5SBCBKP Z (FTUJÎO -BCPSBM %FSFDIP #BODBSJP %FSFDIP Z .FEJBDJÎO 1SFDPODVSTBM 3FTQPOTBCJMJEBE $JWJM $JFODJBT EF MB 4BMVE 'MFCPMPHÈB 6SPMPHÈB 1FEȼUSJDB 0ODPMPHÈB $VJEBEPT 1BMJBUJWPT Z &OGFSNFSÈB 7BMPSBDJÎO EF *ODBQBDJEBEFT 4VFMP 1ÄMWJDP "MFSHJB 0DVQBDJPOBM %JSFDDJÎO EF 0SHBOJ[ 4BOJUBSJBT )JQPTQBEJBT
*/5&3/"$*0/"-&4 $JFODJBT 4PDJBMFT Z +VSÈEJDBT .#" &TQFDJBMJEBEFT 33)) *OUFSOBUJPOBM #VTJOFTT .BSLFUJOH POMJOF DPO 4BO *HOBDJP #VTJOFTT 4DIPPM FO .JBNJ && 66 (FTUJÎO )PUFMFSB Z (FTUJÎO 5VSÈTUJDB POMJOF DPO 4BO *HOBDJP #VTJOFTT 4DIPPM FO .JBNJ .BSLFUJOH %JHJUBM Z 3FEFT 4PDJBMFT POMJOF DPO 6OJWFSTJUZ PG -PVJTWJMMF 1BOBN¼ 4PCFSBOÈB "MJNFOUBSJB Z "HSPFDPMPHÈB &NFSHFOUF TFNJQ DPO 6OJWFSTJEBE /BDJPOBM EF 3PTBSJP "SHFOUJOB Z 6OJWFSTJEBE 7FSBDSV[BOB .ÄYJDP $JFODJBT EF MB 4BMVE "DUJWJEBE 'ÈTJDB 3FOEJNJFOUP %FQPSUJWP Z 4BMVE QSFTFODJBM DPO 6OJWFTJEBE EFM 7BMMF .ÄYJDP "DUJWJEBE 'ÈTJDB QSFTFODJBM DPO 6OJWFSTJEBE $BUÎMJDB EF 7BMQBSBÈTP $IJMF
."("$ɝ/ %& &456%*04 461&3*03&4
$&/5304 %& &456%*04 461&3*03&4 %& 4&7*--"
6OJWFSTJEBE 1BCMP EF 0MBWJEF 610 $PO HSBEPT N¼TUFSFT PGJDJBMFT Z QSPHSBNBT EF EPDUPSBEP FTUB VOJWFSTJEBE QSFUFOEF TFS VO MVHBS EF SFGMFYJÎO Z QFOTBNJFOUP DSÈUJDP DPNQSPNFUJEP DPO MB DPOUSJCVDJÎO BM QSPHSFTP 4VT BMVNOPT TF GPSNBO BDBEÄNJDBNFOUF Z FO WBMPSFT IVNBOPT 'PNFOUB BDUJWJEBEFT Z QSPZFDUPT EF DPPQFSBDJÎO JOUFSOBDJPOBM Z TPMJEBSJEBE /ÕNFSP EF BMVNOPT ● 3FDUPS 7JDFOUF $ (V[N¼O 'MVKB ● "ÌP EF GVOEBDJÎO ● $BNQVT FO 4FWJMMB XXX VQP FT !QBCMPEFPMBWJEF 1BCMPEFPMBWJEF $ $USB EF 6USFSB LN 4FWJMMB 5FM
5¨56-04 %& (3"%0
"ENJOJTUSBDJÎO Z %JSFDDJÎO EF &NQSFTBT JOHMÄT "ENJO Z %JSFDDJÎO EF &NQSFTBT "O¼MJTJT &DPOÎNJDP #JPUFDOPMPHÈB $JFODJBT "NCJFOUBMFT $JFODJBT EF MB "DUJWJEBE 'ÈTJDB Z EFM %FQPSUF $JFODJBT 1PMÈUJDBT Z EF MB "ENJOJTUSBDJÎO $SJNJOPMPHÈB %FSFDIP %FSFDIP )JTQBOP "MFN¼O DPO MB 6OJW EF #BZSFVUI &EVDBDJÎO 4PDJBM 'JOBO[BT Z $POUBCJMJEBE (FPHSBGÈB F )JTUPSJB )VNBOJEBEFT *OHFOJFSÈB *OGPSN¼UJDB FO
4JTUFNBT EF *OGPSNBDJÎO /VUSJDJÎO )VNBOB Z %JFUÄUJDB 3FMBDJPOFT -BCPSBMFT Z 3FDVSTPT )VNBOPT 4PDJPMPHÈB 5SBCBKP 4PDJBM 5SBEVDDJÎO F *OUFSQSFU 'SBODÄT 5SBEVDDJÎO F *OUFSQSFU "MFN¼O 5SBEVDDJÎO F *OUFSQSFU *OHMÄT %0#-&4 (3"%04 %FSFDIP "%& "%& FO JOHMÄT %FSFDIP "%& %FSFDIP $JFODJBT 1PMÈUJDBT Z EF MB "ENJOJTUSBDJÎO %FSFDIP $SJNJOPMPHÈB %FSFDIP 'JOBO[BT Z $POUBCJMJEBE %FSFDIP 3FMBDJPOFT -BCPSBMFT Z 3FDVSTPT )VNBOPT &EVDBDJÎO 4PDJBM 5SBCBKP 4PDJBM )VNBOJEBEFT 5SBE F *OUFSQ 4PDJPMPHÈB $JFODJBT 1PMÈUJDBT Z EF MB "ENJOJTUSBDJÎO
5SBCBKP 4PDJBM Z 4PDJPMPHÈB 4BO *TJEPSP EF $&"%& BETDSJUP "ENJO Z %JSFDDJÎO EF &NQSFTB $JFODJBT EF MB "DUJWJEBE 'ÈTJDB Z EFM %FQPSUF $PNVOJDBDJÎO $PNVOJDBDJÎO %JHJUBM %FSFDIP $PNVOJDBDJÎO $PNVOJDBDJÎO %JHJUBM EPCMF HSBEP
&456%*04 %& . 45&3
"CPHBDÈB "DUJWJEBE 'ÈTJDB Z 4BMVE "HSJDVMUVSB (BOBEFSÈB Z 4JMWJDVMUVSB &DPMÎHJDBT "HSPFDPMPHÈB 6O FOGPRVF QBSB MB TVTUFOUBCJMJEBE SVSBM "SUF .VTFPT Z (FTUJÎO EFM 1BUSJNPOJP )JTUÎSJDP
#JPEJWFSTJEBE Z #JPMPHÈB EF MB $POTFSWBDJÎO #JPUFDOPMPHÈB "NCJFOUBM *OEVTUSJBM Z "MJNFOUBSJB #JPUFDOPMPHÈB 4BOJUBSJB $JFODJB Z 5FDOPMPHÈB EF "DFJUFT Z #FCJEBT 'FSNFOUBEBT $PNVOJDBDJÎO *OUFSOBDJPOBM 5SBEVDDJÎO F *OUFSQSFUBDJÎO $POTVMUPSÈB Z BVEJUPSÈB -BCPSBM $POUBCJMJEBE %JSFDUJWB $SJNJOPMPHÈB Z $JFODJBT 'PSFOTFT %FSFDIP EF MBT /VFWBT 5FDOPMPHÈBT %FSFDIP 1BUSJNPOJBM 1SJWBEP FO FM .FSDBEP (MPCBM %FSFDIPT )VNBOPT *OUFSDVMUVSBMJEBE Z %FTBSSPMMP $POPDJNJFOUP "DUVBM EF MBT &OGFSNFEBEFT 3BSBT %JBHOÎTUJDP EFM &TUBEP EF $POTFSWBDJÎO EFM 1BUSJNPOJP )JTUÎSJDP %JSFDDJÎO EF &NQSFTBT %JS EF /FHPDJPT *OUFSOBDJPOBMFT
."("$ɝ/ %& &456%*04 461&3*03&4
%JSFDDJÎO &TUSBUÄHJDB EF 3FDVSTPT )VNBOPT &E QBSB FM %FTBSSPMMP 4FOTJCJMJ[B DJÎO 4PDJBM Z $VMUVSB EF 1B[ &EVDBEPS B "NCJFOUBM &OTFÌBO[B #JMJOH×F &OTFÌBO[B EFM FTQBÌPM DPNP -FOHVB &YUSBOKFSB &TUVEJPT 4PDJP 1PMÈUJDPT &UPMPHÈB BQMJDBEB Z $PNQPSUBNJFOUP "OJNBM &WBMVBDJÎO Z NBOFKP EFM $BSCPOP FO &DPTJTUFNBT 'JOBO[BT Z #BODB (ÄOFSP F *HVBMEBE (FSPOUPMPHÈB Z %JSFDDJÎO Z (FTUJÎO EF $FOUSPT (FSPOUPMÎHJDPT (FTUJÎO "ENJOJTUSBUJWB )JTUPSJB EF "NÄSJDB -BUJOB .VOEPT *OEÈHFOBT )JTUPSJB EF &VSPQB FM .VOEP .FEJUFSS¼OFP Z TV %JGVTJÎO "UM¼OUJDB .ÄUPEPT 5FPSÈBT Z /VFWBT -ÈOFBT EF *OWFTUJHBDJÎO *OHFOJFSÈB *OGPSN¼UJDB *OUFSWFODJÎO 4PDJBM Z $JFODJBT 4PDJBMFT *OWFTUJHBDJÎO FO (FTUJÎO /FVSPDJFODJBT Z #JPMPHÈB EFM $PNQPSUBNJFOUP 1SPGFTPSBEP EF &E 4FDVOEBSJB 0CMJHBUPSJB Z #BDIJMMFSBUP 'PSNBDJÎO 1SPGFTJPOBM Z &OTFÌBO[B EF *EJPNBT 3FMBDJPOFT *OUFSOBDJPOBMFT 3FMJHJPOFT Z 4PDJFEBEFT 3FOEJNJFOUP 'ÈTJDP Z %FQPSUJWP 4PDJFEBE "ENJOJTUSBDJÎO Z 1PMÈUJDB 5FDOPQPMÈUJDB Z (PCJFSOP "CJFSUP
130(3"."4 %& %0$503"%0
"ENJO Z %JSFDDJÎO EF &NQSFTBT #JPUFDOPMPHÈB *OHFOJFSÈB Z 5FDOPMPHÈB 2VÈNJDB $JFODJBT +VSÈEJDBT Z 1PMÈUJDBT $JFODJBT 4PDJBMFT $JFODJBT EF MB "DUJWJEBE 'ÈTJDB Z EFM %FQPSUF &TUVEJPT .JHSBUPSJPT )JTUPSJB Z &TUVEJPT )VNBOÈTUJDPT &VSPQB "NÄSJDB "SUF Z -FOHVBT .FEJP "NCJFOUF Z 4PDJFEBE /FVSPDJFODJBT
5¨56-04 1301*04 .¼TUFSFT $JFODJBT 4PDJBMFT Z
)VNBOJEBEFT .FODJÎO &TUVEJPT "NB[ÎOJDPT *OUFSQSFUBDJÎO EF (VJUBSSB $M¼TJDB -BT 5ÄDOJDBT EF MB &TDSJUVSB EF MB &TDSJUVSB 5FBUSBM B MB &TDSJUVSB QBSB FM $JOF /BSSBUJWB Z $SFBDJÎO -JUFSBSJB "DVQVOUVSB .ÄEJDB $POEVDUB 4VJDJEB 'JTJPUFSBQJB .BOVBM EFM "QBSBUP -PDPNPUPS (FTUJÎO $MÈOJDB Z 4BOJUBSJB FO 4BMVE .FOUBM .POJUPSJ[BDJÎO FO &OTBZPT $MÈOJDPT /FVSPQTJDPMPHÈB 'VODJPOBM /JWFM C¼TJDP 1SFQBSBDJÎO 'ÈTJDB Z 3FBEBQUBDJÎO BM 'ÕUCPM 5FSBQJBT &DVFTUSFT F *OUFSWFODJPOFT "TJTUJEBT DPO $BCBMMPT %JSFDDJÎO Z "ENJO EF &NQSFTBT )PTUFMFSBT (FTUJÎO Z %JOBNJ[BDJÎO EF "DUJWJEBEFT EF 5VSJTNP "DUJWP FO FM .FEJP /BUVSBM 4VQFSJPS "TFTPSÈB Z %FGFOTB +VSÈEJDB #VTJOFTT -JUJHBUJPO "HSJDVMUVSB Z $BNCJP $MJN¼UJDP #JH %BUB #VTJOFTT "OBMZUJDT 4JTUFNBT *OUFHSBEPT EF (FTUJÎO $BMJEBE Z .FEJPBNCJFOUF %JQMPNB EF FTQFDJBMJ[BDJÎO "O¼MJTJT #JPJOGPSN¼UJDP %JSFDUPS 5ÄDOJDP EF *OTUBMBDJPOFT (.1 "O¼MJTJT EFM 5FSSPSJTNP :JIBEJTUB *OEVMHFODJBT Z .PWJNJFOUPT 3BEJDBMFT %FSFDIP EF 'BNJMJB Z 4VDFTJPOFT *OUFSWFODJÎO "ENJOJTUSBUJWB Z +VEJDJBM DPO 'BNJMJB .FOPSFT Z +ÎWFOFT *OUFSWFODJÎO DPO .BZPSFT *OWFTUJHBDJÎO $SJNJOBM .FEJBD 'BNJMJBS $JWJM Z .FSDBOUJM 1FSJPEJTNP +VEJDJBM Z 3FMBDJPOFT FOUSF MB "CPHBDÈB Z MPT .FEJPT EF $PNVOJDBDJÎO 1SPEVDDJÎO EF .FEJD $FMVMBSFT 7JPMFODJB EF (ÄOFSP "DVQVOUVSB Z .PYJCVTUJÎO .POJUPSJ[BDJÎO FO &OTBZPT $MÈOJDPT 1PTUEPDUPSBM FO )JTUPSJB EF MPT .VOEPT "UM¼OUJDPT 5ÈUVMP EF FYQFSUP $JSVHÈB NFOPS QBSB &OGFSNFSÈB &WBMVBDJÎO 'VODJPOBM EFM .PWJNJFOUP Z &KFSDJDJP $PSSFDUJWP *OUFSWFODJÎO FO $POUFYUP /BUVSBM -PT )VFSUPT 6SCBOPT #VFOBT 1S¼DUJDBT 4PDJBMFT
:0 &456%*0 "26ɡ &M QSPGFTPSBEP TF JNQMJDB Z TF DPNQSPNFUF DPO MPT BMVNOPT
5ÄDOJDBT EF *OWFTUJHBDJÎO FO 'JTJPMPHÈB 1BUDI $MBNQ 1SPEVDUPT 2VÈNJDPT $POUSPM EF MB "ENJO Z 3FTQPOTBCJMJEBEFT EF MBT &NQSFTBT 3FHMBNFOUPT 1BUDI Z $-1 "VEJUPS *OUFSOP EF 4JTUFNBT EF (FTUJÎO "NCJFOUBM *40 $POTVMUB 7JTVBMJ[BDJÎO Z &YQPSUBDJÎO EF *OGPSNBDJÎO (FPHS¼GJDB FO MB 8FC
'SBODJTDP +BWJFS .BSUÈOF[ $BSSBO[B UJFOF BÌPT Z FTUVEJB TFHVOEP EFM EPCMF HSBEP FO 5SBCBKP 4PDJBM Z &EVDBDJÎO 4PDJBM &MJHJÎ FTUB VOJWFSTJEBE QPS TFS QFRVFÌB Z KPWFO DPO VO QSPGFTPSBEP RVF TF JNQMJDB Z TF DPNQSPNF UF DPO MPT BMVNOPT -P RVF N¼T MF BUSBF EF TV QMBO EF FTUVEJPT FT MB HSBO DBOUJEBE EF USBCBKPT FO HSVQP Z QS¼DUJDBT RVF DPNQMFNFOUBO MB UFPSÈB Z FM DBNQVT ÕOJDP ZB RVF DPOPDF HFOUF NVZ EJGFSFOUF EF PUSBT UJUVMBDJPOFT "NCJFOUBMFT Z 5FSSJUPSJBMFT 'VFOUFT F *OEJDBEPSFT QBSB FM "O¼MJTJT EF MB 3FBMJEBE 4PDJBM $FSUJGJDBEPT &YDFMFODJB FO MPT 1SPDFTPT &NQSFT -FBO .BOVGBDUVSJOH )BCJMJEBEFT 4PDJBMFT F *OUFMJHFODJB &NPDJPOBM .PEFMP &'2. &WBMVBDJÎO EF MB &YDFMFODJB FO MB (FTUJÎO "O¼NOFTJT &YQMPSBDJÎO %JBHOÎTUJDP F *OGPSNFT FO /FVSPQTJDPMPHÈB <*> "O¼NOFTJT &YQMPSBDJÎO %JBHOÎTUJDP F *OGPSNFT FO /FVSPQTJDPMPHÈB <**> #JPNFUSÈB Z (FTUJÎO EF %BUPT BQMJDBEB BM &OTBZP $MÈOJDP #VFOBT 1S¼DUJDBT $MÈOJDBT $MBTJGJDBDJÎO EF MBT "DUJWJEBEFT Z 'VODJPOBMJEBE FO 3FMBDJÎO DPO MB "MUFSBDJÎO /FVSPDPHOJUJWB FO &OGFSNFEBEFT /FVSPMÎHJDBT %JBHOÎTUJDP $MÈOJDP FO /FVSPQTJDPMPHÈB %JBHOÎTUJDP 'VODJPOBM FO /FVSPQTJDPMPHÈB &YQMPSBDJÎO FO /FVSPQTJDPMPHÈB 'VODJPOBM <*> &YQMPSBDJÎO FO /FVSPQTJDPMPHÈB 'VODJPOBM <**> .PEFMP /FVSPDPHOJUJWP FO /FVSPQTJDPMPHÈB 'VODJPOBM
*OUSPEVDDJÎO BM %FSFDIP Z BM -FOHVBKF +VSÈEJDP QBSB 5SBEVDUPSFT F *OUÄSQSFUFT %JQMPNB EF FYUFOTJÎO VOJWFSTJUBSJB %JSFDUPS EF 4FHVSJEBE (FTUJÎO EF &NFSHFODJBT Z 1SPUFDDJÎO $JWJM (FTUJÎO Z %JSFDDJÎO EF )PTUFMFSÈB $FSUJGJDBEP EF FYUFOTJÎOVOJWFSTJUBSJB $SPNBUPHSBGÈB -ÈRVJEB )1-$ QBSB 5ÄDOJDPT EF -BCPSBUPSJP .POJUPS EF &EVDBDJÎO "NCJFOUBM %JTFÌP (S¼GJDP Z $SFBUJWJEBE %JHJUBM ** 5JQPHSBGÈB Z 'PUPHSBGÈB (FTUJÎO *OUFSOBDJPOBM EF $BU¼TUSPGFT Z &NFSHFODJBT *OUFSWFODJÎO "ENJOJTUSBUJWB Z +VEJDJBM DPO .FOPSFT EF 1SPUFDDJÎO *OUFSWFODJÎO DPO .FOPSFT FO $POGMJDUP DPO MB -FZ *OUFSWFODJÎO FO DBTPT EF "EJDDJPOFT *OUFSWFODJÎO FO DBTPT EF 4FQBSBDJÎO 'BNJMJBS Z %FSFDIP EF 'BNJMJB &M 1FSJUP +VEJDJBM *OUFSWFODJÎO FO DBTPT EF 7JPMFODJB EF (ÄOFSP 1MBOJGJDBDJÎO (FTUJÎO F *OUFSWFODJÎO EF MBT &NFSHFODJBT Z "VUPQSPUFDDJÎO "O¼MJTJT Z (FTUJÎO EF 3JFTHPT .ÄUPEP )JQPQSFTJWP /VFWBT 5FDOPMPHÈBT FO MBT &NFSHFODJBT 1TJDPMPHÈB FO MB (FTUJÎO EF &NFSHFODJBT "M DJFSSF EF FTUB FEJDJÎO MB PGFSUB EF UÈUVMPT QSPQJPT BÕO OP FTUBCB DPNQMFUB 1VFEFT DPOTVMUBS UPEBT MBT BDUVBMJ[BDJPOFT FO MB Q¼HJOB XFC EFM DFOUSP
."("$ɝ/ %& &456%*04 461&3*03&4
$&/5304 %& &456%*04 461&3*03&4 %& 4&7*--"
6OJW /BDJPOBM EF &EVDBDJÖO B %JTUBODJB 4VT N¼T EF BMVNOPT DPOWJFSUFO B MB 6/&% FO MB VOJWFSTJEBE N¼T HSBOEF EF &TQBÌB 4V MFNB &TUÄT EPOEF FTUÄT FT UPEB VOB EFDMBSBDJÎO EF JOUFODJPOFT FT JEFBM QBSB BRVFMMPT RVF QSFUFOEFO DPNQBUJCJMJ[BS FTUVEJPT Z USBCBKP -B GPSNBDJÎO N¼T TPMJDJUBEB QPS MPT FTUVEJBOUFT EF TV TFEF EF 4FWJMMB FT DPO EJGFSFODJB 1TJDPMPHÈB Z %FSFDIP /ÕNFSP EF BMVNOPT ● 3FDUPS "MFKBOESP 5JBOB ● "ÌP EF GVOEBDJÎO ● 4FEFT FO "OEBMVDÈB 4FWJMMB $ÎSEPCB (SBOBEB Z .¼MBHB XXX VOFE FT !6/&% 6/&% &4 $ "W 4BO +VBO EF MB $SV[ 4FWJMMB 5FM
$PNVOJDBDJÎO FO MB &OTFÌBO[B Z FM 5SBUBNJFOUP EF -FOHVBT -JOH×ÈTUJDB *OHMFTB BQMJDBEB -JUFSBUVSBT )JTQ¼OJDBT $BUBMBOB (BMMFHB Z 7BTDB FO FM DPOUFYUP FVSPQFP 'JMPTPGÈB 5FÎSJDB Z 1S¼DUJDB *OWFTUJHBDJÎO "OUSPQPMÎHJDB Z TVT "QMJDBDJPOFT -B &TQBÌB $POUFNQPS¼OFB FO FM $POUFYUP *OUFSOBDJPOBM .ÄUPEPT Z 5ÄDOJDBT "WBO[BEBT EF *OWFTUJHBDJÎO )JTUÎSJDB "SUÈTUJDB Z (FPHS¼GJDB $JFODJBT $JFODJB Z 5FDOPMPHÈB 2VÈNJDB 'ÈTJDB EF 4JTUFNBT $PNQMFKPT .BUFN¼UJDBT "WBO[BEBT
5¨56-04 %& (3"%0
"SUFT Z )VNBOJEBEFT "OUSPQPMPHÈB 4PDJBM Z $VMUVSBM &TUVEJPT *OHMFTFT -FOHVB -JUFSBUVSB Z $VMUVSB 'JMPTPGÈB (FPHSBGÈB F )JTUPSJB )JTUPSJB EFM "SUF -FOHVB Z -JUFSBUVSB &TQBÌPMBT $JFODJBT $JFODJBT "NCJFOUBMFT 'ÈTJDB .BUFN¼UJDBT 2VÈNJDB $JFODJBT EF MB 4BMVE 1TJDPMPHÈB $JFODJBT 4PDJBMFT Z +VSÈEJDBT "ENJO Z %JSFDDJÎO EF &NQSFTBT $JFODJBT +VSÈEJDBT EF MBT "ENJOJTUSBDJPOFT 1ÕCMJDBT $JFODJB 1PMÈUJDB Z EF MB "ENJOJTUSBDJÎO %FSFDIP &DPOPNÈB &EVDBDJÎO 4PDJBM 1FEBHPHÈB 4PDJPMPHÈB
5SBCBKP 4PDJBM 5VSJTNP *OHFOJFSÈB Z "SRVJUFDUVSB *OHFOJFSÈB FO &MFDUSÎOJDB *OEVTUSJBM Z "VUPN¼UJDB *OHFOJFSÈB &MÄDUSJDB *OHFOJFSÈB FO 5FDOPMPHÈBT EF MB *OGPSNBDJÎO *OH FO 5FDOPMPHÈBT *OEVTUSJBMFT *OHFOJFSÈB *OGPSN¼UJDB *OHFOJFSÈB .FD¼OJDB %0#-&4 (3"%04 'BDVMUBE EF &DPOÎNJDB Z &NQSFTBSJBMFT "ENJOJTUSBDJÎO Z %JSFDDJÎO EF &NQSFTBT 5VSJTNP "%& &DPOPNÈB 'BDVMUBE EF %FSFDIP 'BDVMUBE EF &EVDBDJÎO 5SBCBKP 4PDJBM &EVDBDJÎO 4PDJBM %FSFDIP $D +VSÈEJDBT EF MBT "ENJOJTUSBDJPOFT 1ÕCMJDBT & 5 4 EF *OHFOJFSPT *OEVTUSJBMFT *OHFOJFSÈB &MÄDUSJDB *OH FO &MFDUSÎOJDB *OEVTUSJBM Z "VUPN¼UJDB *OHFOJFSÈB &MÄDUSJDB *OH .FD¼OJDB *OHFOJFSÈB &MÄDUSJDB *OHFOJFSÈB FO 5FDOPMPHÈBT *OEVTUSJBMFT
*OH FO &MFDUSÎOJDB *OEVTUSJBM Z "VUPN¼UJDB *OHFOJFSÈB FO 5FDOPMPHÈBT *OEVTUSJBMFT *OHFOJFSÈB .FD¼OJDB *OH FO &MFDUSÎOJDB *OEVTUSJBM Z "VUPN¼UJDB *OHFOJFSÈB FO 5FDOPMPHÈBT *OEVTUSJBMFT *OHFOJFSÈB .FD¼OJDB 'BDVMUBE EF $JFODJBT 1PMÈUJDBT Z 4PDJPMPHÈB 4PDJPMPHÈB $JFODJB 1PMÈUJDB Z EF MB "ENJOJTUSBDJÎO
. 45&3&4 0'*$*"-&4
"SUFT Z )VNBOJEBEFT "O¼MJTJT (SBNBUJDBM Z &TUJMÈTUJDP EFM &TQBÌPM $JFODJB EFM -FOHVBKF Z -JOH×ÈTUJDB )JTQ¼OJDB &M .VOEP $M¼TJDP Z TV 1SPZFDDJÎO FO MB $VMUVSB 0DDJEFOUBM &MBCPSBDJÎO EF %JDDJPOBSJPT Z $POUSPM $BMJEBE -ÄYJDP &TQBÌPM &TUVEJPT 'SBODFTFT Z 'SBODÎGPOPT &TUVEJPT -JUFSBSJPT Z $VMUVSBMFT *OHMFTFT Z TV 1SPZFDDJÎO 4PDJBM 'PSNBDJÎO EF 1SPGFTPSFT EF &TQBÌPM DPNP 4FHVOEB -FOHVB 'PSNBDJÎO F *OW -JUFSBSJB Z 5FBUSBM FO FM $POUFYUP &VSPQFP 5FDOPMPHÈBT EF MB *OGPSNBDJÎO Z MB
$JFODJBT EF MB 4BMVE 'ÈTJDB .ÄEJDB "ENJOJTUSBDJÎO 4BOJUBSJB .FUPEPMPHÈB EF MBT $JFODJBT EFM $PNQPSUBNJFOUP Z EF MB 4BMVE *OUFSWFODJÎO 1TJDPMÎHJDB FO FM %FTBSSPMMP Z MB &EVDBDJÎO *OWFTUJHBDJÎO FO 1TJDPMPHÈB 1SFWFODJÎO EF 3JFTHPT -BCPSBMFT 1TJDPMPHÈB (FOFSBM 4BOJUBSJB $JFODJBT 4PDJBMFT Z +VSÈEJDBT 4PTUFOJCJMJEBE Z 34$ *OWFTUJHBDJÎO FO &DPOPNÈB $PNVOJDBDJÎO $VMUVSB 4PDJFEBE Z 1PMÈUJDB 1PMÈUJDB Z %FNPDSBDJB 1SPCMFNBT 4PDJBMFT "DDFTP B MB "CPHBDÈB "DDFTP B MB 1SPDVSB %FSFDIP EF 'BNJMJB Z 4JTUFNBT )FSFEJUBSJPT %FSFDIP EF 4FHVSPT %FSFDIPT 'VOEBNFOUBMFT %FSFDIPT )VNBOPT %JSFDDJÎO 1ÕCMJDB 1PMÈUJDBT 1ÕCMJDBT Z 5SJCVUBDJÎO )BDJFOEB 1ÕCMJDB Z "ENJOJTUSBDJÎO 'JOBODJFSB Z 5SJCVUBSJB *OUFSWFODJÎO EF MB "ENJOJTUSBDJÎO FO MB 4PDJFEBE *OWFTUJHBDJÎO FO %FSFDIP EF MB $VMUVSB
."("$ɝ/ %& &456%*04 461&3*03&4
1PMÈUJDBT 4PDJBMFT Z %FQFOEFODJB 1SPUPDPMP 4FHVSJEBE 5SBCBKP 4PDJBM &TUBEP EFM #JFOFTUBS Z .FUPEPMPHÈBT EF *OUFSWFODJÎO 4PDJBM 6OJÎO &VSPQFB $PNVOJDBDJÎO Z &EVDBDJÎO FO MB 3FE &TUSBUFHJBT Z 5FDOPMPHÈBT QBSB MB 'VODJÎO %PDFOUF FO MB 4PDJFEBE .VMUJDVMUVSBM 'PSNBDJÎO EFM 1SPGFTPSBEP EF &EVDBDJÎO 4FDVOEBSJB 0CMJHBUPSJB Z #BDIJMMFSBUP 'PSNBDJÎO 1SPGFTJPOBM Z &OTFÌBO[BT EF *EJPNBT *OOPWBDJÎO F *OWFTUJHBDJÎO FO &EVDBDJÎO *OUFSWFODJÎO &EVDBUJWB FO $POUFYUPT 4PDJBMFT .FNPSJB Z $SÈUJDB EF MB &EVDBDJÎO 0SJFOUBDJÎO 1SPGFTJPOBM 5SBUBNJFOUP &EVDBUJWP EF MB %JWFSTJEBE &VSP MBUJOPBNFSJDBOP FO &EVDBDJÎO *OUFSDVMUVSBM $PNVOJDBDJÎO "VEJPWJTVBM EF 4FSWJDJP 1ÕCMJDP (FTUJÎO EF $POUSBUPT Z 1SPHSBNBT FO FM 4FDUPS 1ÕCMJDP DPO FTQFDJBM
BQMJDBDJÎO BM NCJUP EF MB %FGFOTB 1B[ 4FHVSJEBE Z %FGFOTB *OHFOJFSÈB Z "SRVJUFDUVSB *OHFOJFSÈB "WBO[BEB EF 'BCSJDBDJÎO *OHFOJFSÈB EFM %JTFÌP *OHFOJFSÈB *OEVTUSJBM *OWFTUJHBDJÎO FO *OHFOJFSÈB &MÄDUSJDB &MFDUSÎOJDB Z $POUSPM *OEVTUSJBM *OW FO 5FDOPMPHÈBT *OEVTUSJBMFT 4JTUFNBT &MFDUSÎOJDPT EF *OGPSNBDJÎO Z $PNVOJDBDJÎO $PNVOJDBDJÎO 3FEFT Z (FTUJÎO EF $POUFOJEPT * " "WBO[BEB 'VOEBNFOUPT .ÄUPEPT Z "QMJDBDJPOFT *OHFOJFSÈB EF 4JTUFNBT Z EF $POUSPM *OWFTUJHBDJÎO FO *OHFOJFSÈB EF 4PGUXBSF Z 4JTUFNBT *OGPSN¼UJDPT -FOHVBKFT Z 4JTUFNBT *OGPSN¼UJDPT
130(3"."4 %& %0$503"%04 "SUFT Z )VNBOJEBEFT 'JMPMPHÈB &TUVEJPT -JOH×ÈTUJDPT Z -JUFSBSJPT
:0 &456%*0 "26ɡ 5FOFS UVUPSÈBT QSFTFODJBMFT BZVEB NVDIP B SFTPMWFS EVEBT
)JTUPSJB F )JTUPSJB EFM "SUF Z 5FSSJUPSJP %JWFSTJEBE 4VCKFUJWJEBE Z 4PDJBMJ[BDJÎO &TUVEJPT FO "OUSPQPMPHÈB 4PDJBM )JTUPSJB EF MB 1TJDPMPHÈB Z EF MB &EVDBDJÎO 'JMPTPGÈB $JFODJBT $JFODJBT .FD¼OJDB EF 'MVÈEPT $JFODJBT EF MB 4BMVE 1TJDPMPHÈB EF MB 4BMVE
.BSÈB 5FSFTB .JSBEB FTUVEJBO UF EFM N¼TUFS EF *OUFSWFODJÎO &EVDBUJWB FO $POUFYUPT 4PDJBMFT UVWP RVF EFKBS MPT FTUVEJPT USBT UFOFS B TV QSJNFSB IJKB Z CVTDÎ GPSNBDJÎO DPO IPSBSJPT N¼T GMFYJCMFT QBSB QPEFS DPNQBUJCJMJ[BSMB UBNCJÄO DPO FM USBCBKP : MP IB MPHSBEP DPO ÄYJUP HSBDJBT B MB NFUPEPMPHÈB BVUÎOPNB Z B UFOFS B EJTQPTJDJÎO EFM BMVNOP UVUPSÈBT QSFTFODJBMFT FO MBT RVF SFTPMWFS MBT EVEBT P RVF VO QSPGFTPS UF FYQMJRVF MP RVF OP IBT FOUFOEJEP
$JFODJBT 4PDJBMFT Z +VSÈEJDBT &EVDBDJÎO &DPOPNÈB Z &NQSFTB %FSFDIP Z $JFODJBT 4PDJBMFT 4PDJPMPHÈB $BNCJP 4PDJBM FO 4PDJFEBEFT $POUFNQPS¼OFBT 4FHVSJEBE *OUFSOBDJPOBM &DPOPNÈB 6OJÎO &VSPQFB "O¼MJTJT EF 1SPCMFNBT 4PDJBMFT *OHFOJFSÈB Z "SRVJUFDUVSB 5FDOPMPHÈBT *OEVTUSJBMFT *OHFOJFSÈB EF 4JTUFNBT Z $POUSPM 4JTUFNBT *OUFMJHFOUFT
."("$ɝ/ %& &456%*04 461&3*03&4
$&/5304 %& &456%*04 461&3*03&4 %& 4&7*--"
&TDVFMB EF 0SHBOJ[BDJÖO *OEVTUSJBM &0* $PO TFEF FO 4FWJMMB .BESJE Z "MJDBOUF FTUF DFOUSP IB TJEP QJPOFSP FO NVDIPT DBNQPT 'VOEBEB FM EF KVMJP EF GVF MB QSJNFSB FTDVFMB EF OFHPDJPT EF &TQBÌB Z VOB EF MBT QSJNFSBT EF &VSPQB /P IB TJEP TV ÕOJDP IJUP FO DPNFO[Î B JNQBSUJS MPT 1SPHSBNBT .FEJPBNCJFOUBMFT TJFOEP MB QSJNFSB RVF DPODFEÈB VO UÈUVMP SFDPOPDJEP PGJDJBMNFOUF FO FTUF ¼SFB /ÕNFSP EF BMVNOPT %JSFDUPS (FOFSBM 'FSOBOEP #BZÎO .BSJOÄ ● "ÌP EF GVOEBDJÎO ● 4FEF FO "OEBMVDÈB 4FWJMMB XXX FPJ FT !FPJ FPJ FEV $ -FPOBSEP EB 7JODJ *TMB EF MB $BSUVKB 4FWJMMB 5FM
BOUFSJPSJEBE DPSSFTQPOEF B MPT QSPHSBNBT HFOFSBMFT EF MB &0* QBSB UPEB &TQBÌB &0* "OEBMVDÈB UJFOF TV TFEF FO FM 1BSRVF 5FDOPMÎHJDP $BSUVKB EFOUSP EF MB *TMB EF MB $BSUVKB EF 4FWJMMB Z DVFOUB DPO VO FEJGJDJP EF N¼T EF NFUSPT DVBESBEPT EF TVQFSGJDJF %JTQPOFO EF BVMBT NVMUJNFEJB TBMBT EF SFVOJPOFT P FTQBDJPT EF DPXPSLJOH QBSB FNQSFOEFEPSFT " DPOUJOVBDJÎO EFUBMMBNPT MB PGFSUB FTQFDÈGJDB FO 4FWJMMB
5¨56-04 %& . 45&3 .#" 'VMM 5JNF *OUFSOBUJPOBM .#" *OUFSOBUJPOBM .BTUFS JO 4VTUBJOBCMF %FWFMPQNFOU BOE $PSQPSBUF 3FTQPOTJCJMJUZ &OFSHÈBT 3FOPWBCMFT Z .FSDBEP &OFSHÄUJDP (FTUJÎO EFM .FEJP "NCJFOUF FO MB &NQSFTB *OHFOJFSÈB Z (FTUJÎO EFM "HVB *OH Z (FTUJÎO .FEJPBNCJFOUBM #JH %BUB #VTJOFTT "OBMZUJDT
0'&35" %& . 45&3
0QDJPOBM TUVEZ USJQ Z P FTQFDJBMJ[BDJPOFT 1SPKFDU .BOBHFNFOU *OUFSOBUJPOBM 4FDUPS BOE 0SHBOJ[BUJPOT QSJWBUF BOE QVCMJD TFDUPS BOE /(0n4 4NBSU $JUJFT &GJDJFODJB &OFSHÄUJDB 3FTQPOTBCJMJEBE $PSQPSBUJWB #JH %BUB *OEVTUSJBT .BSLFUJOH Z &OUPSOPT %JHJUBMFT &YQFSJFODJB EF $MJFOUF 'JOBO[BT
&9&$65*7& &%6$"5*0/ 1SPHSBNBT .#" &YFDVUJWF .#" TFNBOBM Z RVJODFOBM &YFDVUJWF .#" POMJOF &YFDVUJWF .#" *OUFSOBDJPOBM FO &NQSFTBT EFM 4FDUPS EF MBT *OGSBFTUSVDUVSBT POMJOF &YFDVUJWF .#" *OUFSOBDJPOBM FO &NQSFTBT EFM 4FDUPS &OFSHÄUJDP POMJOF &YFDVUJWF .#" *OUFSOBDJPOBM FO &NQSFTBT EFM 4FDUPS *OEVTUSJBM POMJOF .¼TUFSFT QSPGFTJPOBMFT &YFDVUJWF FO &DPOPNÈB 4PDJBM POMJOF
"ENJO Z %JSFDDJÎO EF &NQSFTBT DPO FTQFDJBMJEBE Z POMJOF #VTJOFTT *OUFMMJHFODF Z #JH %BUB POMJOF 5SBOTGPSNBDJÎO %JHJUBM POMJOF 1PTJUJWF 1TZDIPMPHZ Z -JEFSB[HP $PMBCPSBUJWP /FVSPQTJDPMPHÈB EF MB &EVDBDJÎO POMJOF 1TJDPQFEBHPHÈB EF MB &EVDBDJÎO POMJOF &YFDVUJWF FO (FTUJÎO &EVDBUJWB POMJOF &YFDVUJWF FO (FTUJÎO )PTQJUBMBSJB POMJOF &YFDVUJWF FO %JSFDDJÎO EF &NQSFTBT EFM 4FDUPS 5VSÈTUJDP POMJOF (FTUJÎO EF $BMJEBE Z 3FJOHFOJFSÈB EF 1SPDFTPT POMJOF &YFDVUJWF FO %FTBSSPMMP 4PTUFOJCMF Z 3FTQPOTBCJMJEBE $PSQPSBUJWB POMJOF &YFDVUJWF FO &OFSHÈBT 3FOPWBCMFT POMJOF
130(3"."4 &+&$65*704 : 461&3*03&4 $VSTP 4VQFSJPS FO %JSFDDJÎO EF 1SPZFDUPT .FUPEPMPHÈB 1.* QSFTFODJBM Z POMJOF 1SPHSBNB &KFDVUJWP FO #JH %BUB
#VTJOFTT "OBMZUJDT 1SPHSBNB &KFDVUJWP FO (FTUJÎO EF /FHPDJPT *OUFSOBDJPOBMFT POMJOF 1SPHSBNB &KFDVUJWP FO *OOPWBDJÎO Z &YQFSJFODJB EF $MJFOUF POMJOF 1SPHSBNB &KFDVUJWP FO .BSLFUJOH %JHJUBM POMJOF 1SPHSBNB &KFDVUJWP FO 4VQQMZ $IBJO .BOBHFNFOU POMJOF 1SPHSBNB 4VQFSJPS FO $PBDIJOH &KFDVUJWP $VSTP FO (FTUJÎO "ENJOJTUSBUJWB EF MB 1SPQJFEBE *OEVTUSJBM $VSTP FO %FSFDIP &VSPQFP EF 1BUFOUFT 1SPHSBNB &KFDVUJWP FO &YQFSJFODJB EF $MJFOUF 1SPHSBNB &KFDVUJWP FO *OOPWBDJÎO FO MB (FTUJÎO F *OUFMJHFODJB $PMBCPSBUJWB 1SPHSBNB &KFDVUJWP FO *OOPWBDJÎO FO .PEFMPT EF /FHPDJP
0'&35" &41&$¨'*$" &/ "/%"-6$¨" -B &TDVFMB EF 0SHBOJ[BDJÎO *OEVTUSJBM OP TPMP UJFOF TFEF FO "OEBMVDÈB TJOP UBNCJÄO FO .BESJE Z "MJDBOUF -B JOGPSNBDJÎO EFUBMMBEB DPO
.#" 'VMM 5JNF FTQBÌPM JOHMÄT (FTUJÎO EFM .FEJP "NCJFOUF FO MB &NQSFTB "FSPTQBDF .#" &TQFDJBMJEBEFT 1SPKFDU .BOBHFNFOU *OUFSOBUJPOBM 4FDUPS BOE 0SHBOJ[BUJPOT QSJWBUF BOE QVCMJD TFDUPS BOE /(0n4 4NBSU $JUJFT &GJDJFODJB &OFSHÄUJDB 3FTQPOTBCJMJEBE $PSQPSBUJWB #JH %BUB *OEVTUSJBT .BSLFUJOH Z &OUPSOPT %JHJUBMFT &YQFSJFODJB EF $MJFOUF 'JOBO[BT &YFDVUJWF &EVDBUJPO &YFDVUJWF .#" 4FWJMMB .BTUFS &YFDVUJWF JO (MPCBM &OUSFQSFOFVSTIJQ POMJOF .BTUFS &YFDVUJWF FO (FTUJÎO &EVDBUJWB POMJOF $VSTP 4VQFSJPS FO %JSFDDJÎO EF 1SPZFDUPT r .FUPEPMPHÈB 1.* 4FWJMMB 1SPHSBNB &KFDVUJWP FO #JH %BUB Z #VTJOFTT "OBMZUJDT 4FWJMMB Z (SBOBEB 1SPHSBNB &KFDVUJWP FO .BSLFUJOH %JHJUBM -JOBSFT
."("$ɝ/ %& &456%*04 461&3*03&4
$&/5304 %& &456%*04 461&3*03&4 %& 4&7*--"
&4*$ #VTJOFTT .BSLFUJOH 4DIPPM &T VOB QSFTUJHJPTB FTDVFMB EF OFHPDJPT GVOEBEB FO DVZP PCKFUJWP FT GPSNBS MÈEFSFT FO FM DBNQP EFM NBSLFUJOH Z MB FNQSFTB QBSB RVF USJVOGFO FO VO NFSDBEP UBO DPNQFUJUJWP DPNP FM FTQBÌPM 4VT DBNQVT FTU¼O VCJDBEPT FO .BESJE #BSDFMPOB 7BMFODJB ;BSBHP[B 1BNQMPOB 4FWJMMB .¼MBHB (SBOBEB BTÈ DPNP FO $VSJUJCB Z #SVTRVF #SBTJM /ÕNFSP EF BMVNOPT %JSFDUPS 4JNÎO 3FZFT .BSUÈOF[ $ÎSEPWB ● "ÌP EF GVOEBDJÎO ● $BNQVT FO "OEBMVDÈB .¼MBHB 4FWJMMB Z (SBOBEB XXX FTJD FEV !&4*$FEVDBUJPO &4*$ $ "WEB EF $BSMPT *** T O *TMB EF MB $BSUVKB 4FWJMMB 5FM
%JSFDDJÎO EF $PNFSDJP *OUFSOBDJPOBM *OUFSOBUJPOBM 5SBEF .BOBHFNFOU JOHMÄT $POTVMUPSÈB %JSFDDJÎO EF $PNVOJDBDJÎO Z 1VCMJDJEBE %JSFDDJÎO EF 1FSTPOBT Z %FTBSSPMMP 0SHBOJ[BUJWP %3)0 %JSFDDJÎO 'JOBODJFSB .%' %JSFDDJÎO EF -PHÈTUJDB Z $BEFOB EF 4VNJOJTUSP 4"1 &31 %JSFDDJÎO EF -PHÈTUJDB Z $BEFOB EF 4VNJOJTUSP .JDSPTPGU %ZOBNJDT /BW
. 45&3&4 6/*7&34*5"3*04
5¨56-04 %& (3"%0 .BSLFUJOH .BSLFUJOH .BSLFUJOH 5ÈUVMP 4VQFSJPS FO %JSFDDJÎO $PNFSDJBM 5ÈUVMP 4VQFSJPS FO %JSFDDJÎO EF .BSLFUJOH Z (FTUJÎO $PNFSDJBM %JHJUBM #VTTJOFTT %JSFDDJÎO Z (FTUJÎO EF &NQSFTBT FO FM ¼NCJUP %JHJUBM %JHJUBM #VTJOFTT %JSFDDJÎO Z (FTUJÎO EF &NQSFTBT FO FM NCJUP %JHJUBM %JHJUBM #VTJOFTT 5ÈUVMP 4VQFSJPS FO %JSFDDJÎO EF .BSLFUJOH Z (FTUJÎO $PNFSDJBM %JSFDDJÎO Z .BOBHFNFOU "ENJOJTUSBDJÎO Z %JSFDDJÎO EF &NQSFTBT .BESJE "ENJOJTUSBDJÎO Z %JSFDDJÎO &NQSFTBT 7BMFODJB "%& 5ÈUVMP 4VQFSJPS FO
%JSFDDJÎO EF .BSLFUJOH Z (FTUJÎO $PNFSDJBM .BESJE "%& 5JUVMP 4VQFSJPS FO %JSFDDJÎO EF .BSLFUJOH Z (FTUJÎO $PNFSDJBM 7BMFODJB #BDIFMPS %FHSFF JO #VTJOFTT "ENJOJTUSBUJPO BOE .BOBHFNFOU #BDIFMPS %FHSFF JO #VTJOFTT "ENJOJTUSBUJPO BOE .BOBHFNFOU %FHSFF JO .BSLFUJOH BOE $PNNFSDJBM .BOBHFNFOU *OUFSOBUJPOBM #VTJOFTT /FHPDJPT *OUFSOBDJPOBMFT *OUFSOBUJPOBM #VTJOFTT /FHPDJPT *OUFSOBDJPOBMFT *OUFSOBUJPOBM #VTJOFTT 5ÈUVMP 4VQ FO %JSFDDJÎO EF .BSLFUJOH Z (FTUJÎO $PNFSDJBM $PNVOJDBDJÎO Z 1VCMJDJEBE 1VCMJDJEBE Z 3FMBDJPOFT 1ÕCMJDBT $PNVOJDBDJÎO Z 3FMBDJPOFT 1ÕCMJDBT 1VCMJDJEBE Z 3FMBDJPOFT 1ÕCMJDBT 5ÈUVMP 4VQFSJPS FO .BSLFUJOH $PNVOJDBDJÎO Z 3FMBDJPOFT 1ÕCMJDBT 5ÈUVMP 4VQ FO .BSLFUJOH
5¨56-04 %& 104(3"%0
.#" .#" .¼TUFS FO "ENJOJTUSBDJÎO Z %JSFDDJÎO EF &NQSFTBT *OUFSOBUJPOBM .#" JOHMÄT &YFDVUJWF .#" .¼TUFS FO "ENJOJTUSBDJÎO Z %JSFDDJÎO EF &NQSFTBT .¼TUFSFT FTQFDJBMJ[BEPT %JSFDDJÎO EF .BSLFUJOH Z (FTUJÎO $PNFSDJBM (&4$0 .BSLFUJOH .BOBHFNFOU JOHMÄT .BSLFUJOH 4DJFODF ..4 %JQMPNB FO (FTUJÎO EF .BSLFUJOH FO FM %FQPSUF 14(.% .BSLFUJOH EF .PEB Z -VKP &DPOPNÈB %JHJUBM %JHJUBM #VTJOFTT .%# %JHJUBM .BSLFUJOH JOHMÄT .BSLFUJOH %JHJUBM %JHJUBM $VTUPNFS .BOBHFNFOU
1PS MB 6OJWFSTJEBE 3FZ +VBO $BSMPT (FTUJÎO $PNFSDJBM %JSFDDJÎO EF 1FSTPOBT Z %FTBSSPMMP 0SHBOJ[BUJWP .BESJE %JSFDDJÎO EF $PNVOJDBDJÎO Z /VFWBT 5FDOPMPHÈBT .BESJE 1PS MB 6OJWFSTJEBE .JHVFM )FSO¼OEF[ %JSFDDJÎO EF 1FSTPOBT Z %FTBSSPMMP 0SHBOJ[BUJWP 7BMFODJB
130(3"."4 461&3*03&4
.BSLFUJOH .BSLFUJOH 0QFSBUJWP .BSLFUJOH &TUSBUÄHJDP $VTUPNFS &YQFSJFODF .BOBHFNFOU .BSLFUJOH 3FMBDJPOBM .BSLFUJOH FO FM %FQPSUF .BSLFUJOH "OBMZUJDT .BSLFUJOH EF MB 4BMVE .BSLFUJOH 3FTFBSDI .BSLFUJOH 5VSÈTUJDP 3FUBJM .BSLFUJOH #JH %BUB &DPOPNÈB %JHJUBM
."("$ɝ/ %& &456%*04 461&3*03&4
.BSLFUJOH %JHJUBM $PNFSDJP &MFDUSÎOJDP )FBMUIDBSF %JHJUBM .BSLFUJOH &VSPQFP FO .BSLFUJOH %JHJUBM *OOPWBDJÎO FO MB &DPOPNÈB %JHJUBM 1SPHSBNNF JO %JHJUBM .BSLFUJOH JOHMÄT 4&0 4&. Z "OBMZUJDT 144&0 4&. *OCPVOE .BSLFUJOH 14*. %JSFDDJÎO Z .BOBHFNFOU 1SPHSBNB *OUFHSBM EF %FTBSSPMMP %JSFDUJWP %JSFDDJÎO EF /FHPDJPT *OUFSOBD %JSFDDJÎO EF &NQSFTBT %JSFDDJÎO Z .BSLFUJOH QBSB MB &NQSFTB 'BSNBDÄVUJDB (FTUJÎO EF $POUBDU $FOUFS -JEFSB[HP *OOPWBEPS Z $PBDIJOH &TUSBUÄHJDP %JSFDDJÎO EF $PNFSDJP *OUFSOBD $PNVOJDBDJÎO Z 1VCMJDJEBE %JSFDDJÎO EF $PNVOJDBDJÎO 14%$ %JSFDDJÎO EF 1VCMJDJEBE Z &OUPSOPT %JHJUBMFT 14%1 3FDVSTPT )VNBOPT %JSFDDJÎO EF 1FSTPOBT 143) 'JOBO[BT
:0 &456%*0 "26ɡ &TUVEJBNPT DPO ÄUJDB Z WBMPSFT BMHP RVF DPOTJEFSP JOEJTQFOTBCMF
%JSFDDJÎO 'JOBODJFSB
&456%*04 %& . 45&3
$PNFSDJBM Z 7FOUBT %JSFDDJÎO EF 7FOUBT #MFOEFE -FBSOJOH (FTUJÎO EF $MJFOUFT POMJOF
.#"
0'&35" &41&$¨'*$" &/ "/%"-6$¨" .BSÈB +PTÄ &HFB FTUVEJB VO HSBEP FO %JSFDDJÎO EF .BSLFUJOH Z (FTUJÎO $PNFSDJBM FO FM DBNQVT EF 4FWJMMB 1BSB FMMB FT VOB PQPSUVOJEBE BQSFOEFS EF NBOP EF QSPGFTJPOBMFT UBO SFTQFUBEPT FO TVT TFDUPSFT DPO VO QSPHSBNB EF FTUVEJPT FOGPDBEP B MB SFBMJEBE FNQSFTBSJBM 1FSP OP TPMP CVTDB GPSNBDJÎO UBNCJÄO DSFDFS DPNP QFSTPOB &TUVEJBNPT DPO ÄUJDB Z WBMPSFT BMHP RVF DPOTJEFSP JOEJTQFOTBCMF BDMBSB
"EFN¼T EF FTUBS JOTUBMBEP FO 4FWJMMB .¼MBHB Z (SBOBEB &4*$ UJFOF TFEF FO .BESJE #BSDFMP OB ;BSBHP[B 1BNQMPOB #JMCBP Z 7BMFODJB 4J FO FM BOUFSJPS BQBSUBEP FTU¼ JODMVJEB MB PGFSUB HFOFSBM QBSB UPEB &TQBÌB B DPOUJOVBDJÎO TF FTQFDJGJDBO MBT UJUVMBDJPOFT JNQBSUJEBT FO "OEBMVDÈB
&YFDVUJWF .#" FO "ENJOJTUSBDJÎO Z %JSFDDJÎO EF &NQSFTBT &TQFDJBMJ[BEPT %JSFDDJÎO EF .BSLFUJOH Z (FTUJÎO $PNFSDJBM %JSFDDJÎO EF $PNFSDJP *OUFSOBDJPOBM %JSFDDJÎO EF 1FSTPOBT Z %FTBSSPMMP 0SHBOJ[BUJWP %JSFDDJÎO 'JOBODJFSB
130(3"."4 461&3*03&4
&456%*04 %& (3"%0
.BSLFUJOH
.#" 5ÈUVMP 4VQ FO %JSFDDJÎO EF .BSLFUJOH Z (FTUJÎO $PNFSDJBM
.BSLFUJOH %JHJUBM %JSFDDJÎO EF 7FOUBT #MFOEFE -FBSOJOH 3FUBJM .BSLFUJOH
91 349 56 00 • informacion@eoi.es • www.eoi.es Síguenos 60 AÑOS EN VANGUARDIA
."("$ɝ/ %& &456%*04 461&3*03&4
$&/5304 %& &456%*04 461&3*03&4 %& 4&7*--"
*.' #VTJOFTT 4DIPPM &TUB FTDVFMB EF OFHPDJPT FTU¼ FTQFDJBMJ[BEB FO GPSNBDJÎO POMJOF Z TFNJQSFTFODJBM DPO FM PCKFUJWP EF QSFQBSBS MÈEFSFT FO FM ¼NCJUP FNQSFTBSJBM 4FHÕO BGJSNBO EF DBEB BMVNOPT RVF FTUVEJBO FO FTUF DFOUSP DPOTJHVFO NFKPSBS TV TJUVBDJÎO QSPGFTJPOBM FO VO QMB[P EF TFJT NFTFT 4V GPSNBDJÎO BMDBO[B WBSJBT ¼SFBT EFTEF SFDVSTPT IVNBOPT IBTUB NBSLFUJOH UVSJTNP Z UFDOPMPHÈB /ÕNFSP EF BMVNOPT ● $&0 $BSMPT .BSUÈOF[ ● "ÌP EF GVOEBDJÎO ● 4FEF FO "OEBMVDÈB 4FWJMMB XXX JNG GPSNBDJPO DPN !*.''03."$*0/ *.' 'PSNBDJPO $ (PO[BMP #JMCBP 4FWJMMB 5FM
)JHJFOF Z 4FHVSJEBE "MJNFOUBSJB
5¨56-04 %& (3"%0
&91&350 6/*7&34*5"3*0
1SPUPDPMP Z 0SHBOJ[BDJÎO EF &WFOUPT (SBEP FO %FSFDIP
&456%*04 %& . 45&3 1SFWFODJÎO EF 3JFTHPT -BCPSBMFT 13- 1SFWFODJÎO EF 3JFTHPT -BCPSBMFT QBSB 5ÄDOJDPT 4VQFSJPSFT FO 13- (FTUJÎO Z %JSFDDJÎO EF .BSLFUJOH (MPCBM Z /VFWPT .FSDBEPT "DDFTP B MB 1SPGFTJÎO EF "CPHBEP %JSFDDJÎO EF 3FDVSTPT )VNBOPT 3FDVSTPT )VNBOPT 0SHBOJ[BDJÎO 1MBOJGJDBDJÎO Z (FTUJÎO EFM 5BMFOUP %JSFDDJÎO EF &NQSFTBT .#"
. 45&3&4 130'&4*0/"-&4 $BMJEBE )JHJFOF Z 4FHVSJEBE "MJNFOUBSJB 1FSJUBKF +VEJDJBM Z "VEJUPSÈB FO 1SFWFODJÎO EF 3JFTHPT -BCPSBMFT 5S¼GJDP .PWJMJEBE Z 4FHVSJEBE 7JBM &OFSHÈBT 3FOPWBCMFT (FTUJÎO EFM .FEJP "NCJFOUF $POTVMUPSÈB Z "VEJUPSÈB EF 4JTUFNBT EF $BMJEBE Z &YDFMFODJB $BMJEBE .FEJP "NCJFOUF Z 13- 4PTUFOJCJMJEBE Z &GJDJFODJB &OFSHÄUJDB %JSFDDJÎO Z "ENJOJTUSBDJÎO EF &NQSFTBT .#" %JSFDDJÎO Z "ENJOJTUSBDJÎO EF &NQSFTBT .#" &TQFDJBMJEBE FO %JSFDDJÎO EF .BSLFUJOH %JHJUBM %JSFDDJÎO Z "ENJOJTUSBDJÎO EF &NQSFTBT .#" &TQFDJBMJEBE FO %JSFDDJÎO 'JOBODJFSB %JSFDDJÎO Z "ENJOJTUSBDJÎO EF &NQSFTBT .#" &TQFDJBMJEBE FO %JSFDDJÎO EF 3FDVSTPT )VNBOPT %JSFDDJÎO Z "ENJOJTUSBDJÎO EF
&NQSFTBT .#" &TQFDJBMJEBE FO %JSFDDJÎO $PNFSDJBM Z .BSLFUJOH %JSFDDJÎO Z "ENJOJTUSBDJÎO EF &NQSFTBT .#" &TQFDJBMJEBE FO 1SFWFODJÎO EF 3JFTHPT -BCPSBMFT %JSFDDJÎO Z "ENJOJTUSBDJÎO EF &NQSFTBT .#" &TQFDJBMJEBE FO (FTUJÎO 4BOJUBSJB %JSFDDJÎO Z "ENJOJTUSBDJÎO EF &NQSFTBT .#" &TQ FO &OPMPHÈB %JSFDDJÎO Z "ENJOJTUSBDJÎO EF &NQSFTBT .#" &TQFDJBMJEBE FO -PHÈTUJDB Z 5SBOTQPSUF %JSFDDJÎO Z "ENJOJTUSBDJÎO EF &NQSFTBT .#" &TQ FO .PEB %JSFDDJÎO Z "ENJOJTUSBDJÎO EF &NQSFTBT .#" &TQFDJBMJEBE FO 5VSJTNP Z 0DJP %JSFDDJÎO Z "ENJOJTUSBDJÎO EF &NQSFTBT .#" &TQFDJBMJEBE FO .BSLFUJOH %FQPSUJWP %JSFDDJÎO Z "ENJOJTUSBDJÎO EF &NQSFTBT .#" &TQFDJBMJEBE FO &NQSFOE Z $SFBDJÎO EF &NQSFTBT %JSFDDJÎO Z (FTUJÎO EF 1SPZFDUPT 1SPKFDU .BOBHFNFOU %JS EF /FHPDJPT *OUFSOBDJPOBMFT %JSFDDJÎO -PHÈTUJDB Z EF MB $BEFOB EF 4VNJOJTUSP
$PNFSDJP *OUFSOBDJPOBM %JSFDDJÎO &DPOÎNJDP 'JOBODJFSB #VTJOFTT "ENJOJTUSBUJPO %JS EF $PNFSDJP *OUFSOBDJPOBM 4VQQMZ $IBJO .BOBHFNFOU 4PDJBM .FEJB Z &TUSBUFHJBT EF .BSLFUJOH 0OMJOF %FTBSSPMMP 4PTUFOJCMF EF MB &NQSFTB %FTBSSPMMP 4PTUFOJCMF QBSB &OUJEBEFT -PDBMFT -JEFSB[HP 4PTUFOJCMF .BSLFUJOH Z $PNVOJDBDJÎO %JHJUBM %JSFDDJÎO $PNFSDJBM Z .BSLFUJOH $JCFSTFHVSJEBE %JS EF 4JTUFNBT EF *OGPSNBDJÎO Z 5FDOPMPHÈB &NQSFTBSJBM 4FHVSJEBE EF MB *OGPSNBDJÎO (FTUJÎO EF 3FDVSTPT )VNBOPT Z 3FMBDJPOFT -BCPSBMFT %JSFDDJÎO Z (FTUJÎO EF 3FDVSTPT )VNBOPT 5FDOPMPHÈB F *OOPWBDJÎO &EVDBUJWB 5*$ /FVSPQTJDPMPHÈB *OUFMJHFODJBT .ÕMUJQMFT Z .JOEGVMOFTT %JFUÄUJDB Z /VUSJDJÎO $BMJEBE
1SFWFODJÎO EF 3JFTHPT -BCPSBMFT (FTUJÎO .FEJPBNCJFOUBM Z &NQSFTB $POUSPM EF MB $POUBNJOBDJÎO EFM .FEJP "NCJFOUF (FTUJÎO EF MB $BMJEBE Z MB 4FHVSJEBE FO MB *OEVTUSJB "HSPBMJNFOUBSJB (FTUJÎO EF MB $BMJEBE &OFSHÈBT 3FOPWBCMFT 4PTUFOJCJMJEBE Z &GJDJFODJB &OFSHÄUJDB (FTUJÎO EF 1SPZFDUPT %JSFDDJÎO EF &NQSFTBT EF 5VSJTNP Z 0DJP %JSFDDJÎO Z "ENJO EF &NQSFTBT $PNFSDJP *OUFSOBDJPOBM $POUBCJMJEBE Z %JSFDDJÎO 'JOBODJFSB #VTJOFTT "ENJOJTUSBUJPO %JSFDDJÎO -PHÈTUJDB Z EF MB $BEFOB EF 4VNJOJTUSP .BSLFUJOH Z $PNVOJDBDJÎO %JHJUBM (FTUJÎO $PNFSDJBM Z .BSLFUJOH 4FHVSJEBE EF MB *OGPSNBDJÎO 3FTQPOTBCMF EF "QMJDBDJPOFT 5FDOPMPHÈB F *OGSBFTUSVDUVSBT 3FDVSTPT )VNBOPT (FTUJÎO -BCPSBM Z 4FHVSJEBE 4PDJBM /VUSJDJÎO %JFUÄUJDB F )JHJFOF "MJNFOUBSJB (FTUJÎO 4BOJUBSJB
4&.*13&4&/$*"-&4 &/ 4&7*--" %JSFDDJÎO Z "ENJOJTUSBDJÎO EF &NQSFTBT .#" $PNFSDJP *OUFSOBDJPOBM .BSLFUJOH Z $PNVOJDBDJÎO %JHJUBM %JSFDDJÎO $PNFSDJBM Z .BSLFUJOH %JSFDDJÎO Z (FTUJÎO EF 3FDVSTPT )VNBOPT 1VFEFT DPOTVMUBS FM SFTUP EF DVSTPT FO TV Q¼HJOB XFC
$FOUSPT EF FTUVEJPT TVQFSJPSFT EF .Ã&#x2020;MBHB
&TUB DJVEBE UVWP RVF FTQFSBS IBTUB QBSB UFOFS TV QSPQJB VOJWFSTJEBE FO MB RVF IPZ FTUVEJBO NÃ&#x2020;T EF BMVNOPT )PZ MB 6OJWFSTJEBE EF .Ã&#x2020;MBHB TF IB DPOWFSUJEP FO VO NPUPS EJOBNJ[BEPS EF MB [POB
36 ESTUDIOS SUPERIORES ANDALUCIA 2016 MAYO DE 2016
$&/5304 %& &456%*04 461&3*03&4 %& .Ȱ-"("
6OJWFSTJEBE EF .ÆMBHB 5JFOF TV PSJHFO FO DPO MB DSFBDJÎO EF MB m"TPDJBDJÎO EF "NJHPT EF MB 6OJWFSTJEBE EF .¼MBHBn RVF TF PSHBOJ[Î QBSB DPOTFHVJS RVF MB QSPWJODJB UVWJFSB TV VOJWFSTJEBE VO PCKFUJWP RVF DPOTJHVJÎ FO )PZ FT VO SFGFSFOUF FO OVFWBT UFDOPMPHÈBT F JOWFTUJHBDJÎO *OOPWBDJÎO EJOBNJTNP F JOUFSOBDJPOBMJ[BDJÎO TPO MPT QJMBSFT RVF HVÈBO TV BDUJWJEBE EPDFOUF /ÕNFSP EF BMVNOPT ● 3FDUPS +PTÄ OHFM /BSW¼F[ #VFOP ● "ÌP EF GVOEBDJÎO ● $BNQVT FO 5FBUJOPT Z &M &KJEP .¼MBHB
XXX VNB FT !*OGPVNB 6OJWFSTJEBENBMBHB $ "WEB $FSWBOUFT .¼MBHB 5FM
.FEJDJOB 'BDVMUBE EF 1TJDPMPHÈB -PHPQFEJB 1TJDPMPHÈB $FOUSP EF &OGFSNFSÈB m%JQVUBDJÎO 1SPWJODJBMn &OGFSNFSÈB $FOUSP EF &OGFSNFSÈB m7JSHFO EF MB 1B[n &OGFSNFSÈB 'BDVMUBE EF $JFODJBT #JPMPHÈB #JPRVÈNJDB $JFODJBT "NCJFOUBMFT *OHFOJFSÈB 2VÈNJDB .BUFN¼UJDBT 2VÈNJDB
5¨56-04 %& (3"%0
'BDVMUBE EF #FMMBT "SUFT #FMMBT "SUFT 'BDVMUBE EF 'JMPTPGÈB Z -FUSBT &TUVEJPT *OHMFTFT 'JMPMPHÈB $M¼TJDB 'JMPMPHÈB )JTQ¼OJDB 'JMPTPGÈB )JTUPSJB )JTUPSJB EFM "SUF 5SBEVDDJÎO F *OUFSQSFUBDJÎO 'BDVMUBE EF $JFODJBT EF MB $PNVOJDBDJÎO $PNVOJDBDJÎO "VEJPWJTVBM 1FSJPEJTNP 1VCMJDJEBE Z 3FMBDJPOFT 1ÕCMJDBT 'BDVMUBE EF $JFODJBT EF MB &EVDBDJÎO
&EVDBDJÎO *OGBOUJM &EVDBDJÎO 1SJNBSJB &EVDBDJÎO 4PDJBM 1FEBHPHÈB 'BDVMUBE EF $JFODJBT &DPOÎNJDBT Z &NQSFTBSJBMFT "ENJO Z %JSFDDJÎO EF &NQSFTBT Z %FSFDIP EPCMF HSBEP "ENJO Z %JSFDDJÎO EF &NQSFTBT &DPOPNÈB 'JOBO[BT Z $POUBCJMJEBE &DPOPNÈB Z "ENJOJTUSBDJÎO Z %JSFDDJÎO EF &NQSFTBT EPCMF 'BDVMUBE EF $PNFSDJP Z (FTUJÎO (FTUJÎO Z "ENJOJTUSBDJÎO 1ÕCMJDB .BSLFUJOH F *OWFTU EF .FSDBEPT %FSFDIP %FSFDIP Z "ENJOJTUSBDJÎO Z %JSFDDJÎO EF &NQSFTBT $SJNJOPMPHÈB %FSFDIP
'BDVMUBE EF &TUVEJPT 4PDJBMFT Z EFM 5SBCBKP &TUVEJPT EF "TJB 0SJFOUBM 3FMBDJPOFT -BCPSBMFT Z 3FDVSTPT )VNBOPT 5SBCBKP 4PDJBM 'BDVMUBE EF 'JMPTPGÈB Z -FUSBT (FPHSBGÈB Z (FTUJÎO EFM 5FSSJUPSJP 'BDVMUBE EF 5VSJTNP 5VSJTNP $FOUSP .BHJTUFSJP m.BSÈB *ONBDVMBEBn FO "OUFRVFSB &EVDBDJÎO *OGBOUJM &EVDBDJÎO 1SJNBSJB 'BDVMUBE EF $JFODJBT EF MB 4BMVE &OGFSNFSÈB 'JTJPUFSBQJB 1PEPMPHÈB 5FSBQJB 0DVQBDJPOBM 'BDVMUBE EF .FEJDJOB
&TDVFMB 1PMJUÄDOJDB 4VQFSJPS *OHFOJFSÈB &MÄDUSJDB *OHFOJFSÈB &MFDUSÎOJDB *OEVTUSJBM *OHFOJFSÈB FO %JTFÌP *OEVTUSJBM Z %FTBSSPMMP EFM 1SPEVDUP *OHFOJFSÈB .FD¼OJDB *OH &MÄDUSJDB F *OHFOJFSÈB .FD¼OJDB EPCMF HSBEP *OHFOJFSÈB &MÄDUSJDB F *OHFOJFSÈB &MFDUSÎOJDB *OEVTUSJBM EPCMF *OH .FD¼OJDB F *OH FO %JTFÌP *OEVTUSJBM Z %FT EFM 1SPEVDUP & 5 4 EF "SRVJUFDUVSB "SRVJUFDUVSB & 5 4 * EF $PNVOJDBDJÎO *OHFOJFSÈB EF 4JTUFNBT EF 5FMFDPNVOJDBDJÎO *OHFOJFSÈB EF 4JTUFNBT &MFDUSÎOJDPT *OHFOJFSÈB EF 4POJEP F *NBHFO *OHFOJFSÈB EF 5FDOPMPHÈBT EF 5FMFDPNVOJDBDJÎO *OHFOJFSÈB 5FMFN¼UJDB & 5 4 * *OEVTUSJBM *OHFOJFSÈB EF MB &OFSHÈB *OHFOJFSÈB EF 0SH *OEVTUSJBM *OHFOJFSÈB &MFDUSÎOJDB 3PCÎUJDB Z .FDBUSÎOJDB *OH FO 5FDOPMPHÈBT *OEVTUSJBMFT
MAYO DE 2016 ESTUDIOS SUPERIORES ANDALUCIA 2016 37
$PPQFSBDJÎO *OUFSOBDJPOBM Z 1PMÈUJDBT EF %FTBSSPMMP $SFBDJÎO "VEJPWJTVBM Z "SUFT &TDÄOJDBT $SJNJOBMJEBE F *OUFSWFODJÎO 4PDJBM FO .FOPSFT $VMUVSB EF 1B[ $POGMJDUPT . 45&3&4 0'*$*"-&4 &EVDBDJÎO Z %FSFDIPT )VNBOPT %FSFDIP 1FOBM Z 1PMÈUJDB $SJNJOBM %JSFDDJÎO Z "ENJOJTUSBDJÎO EF &NQSFTBT .#" "SUFT Z )VNBOJEBEFT %JSFDDJÎO &TUSBUÄHJDB F %FTBSSPMMPT 4PDJBMFT *OOPWBDJÎO FO $PNVOJDBDJÎO EF MB $VMUVSB "SUÈTUJDB %JSFDDJÎO Z (FTUJÎO EF &TUVEJPT *OHMFTFT Z $PNVOJDBDJÎO .BSLFUJOH %JHJUBM .VMUJMJOH×F F *OUFSDVMUVSBM %JSFDDJÎO Z 1MBOJGJDBDJÎO &TUVEJPT 4VQ EF -FOHVB &TQBÌPMB EFM 5VSJTNP 'JMPTPGÈB $JFODJB Z $JVEBEBOÈB &EVDBEPS B "NCJFOUBM 'JOBO[BT #BODB Z 4FHVSPT (FTUJÎO EFM 1BUSJNPOJP -JUFSBSJP Z -JOH×ÈTUJDP &TQBÌPM *OWFTUJHBDJÎO F *OUFSWFODJÎO 1BUSJNPOJP )JTUÎSJDP Z 4PDJBM Z $PNVOJUBSJB -JUFSBSJP EF MB "OUJH×FEBE *OWFTUJHBDJÎO TPCSF .FEJPT 1SPEVDDJÎO "SUÈTUJDB *OUFSEJTDJQ EF $PN "VEJFODJBT Z 1S¼DUJDB 1SPGFTJPOBM FO &VSPQB 5SBEVDDJÎO QBSB FM .VOEP &EJUPSJBM .FEJBDJÎO $JFODJBT 4PDJBMFT Z +VSÈEJDBT 1PMÈUJDBT Z 1S¼DUJDBT EF "CPHBDÈB *OOPWBDJÎO &EVDBUJWB "O¼MJTJT &DPOÎNJDP Z &NQSFTBSJBM 3FHVMBDJÎO &DPOÎNJDB Z 5FSSJUPSJBM &TQ FO 0SEFOBDJÎO EFM 5FSSJUPSJP "TFTPSÈB +VSÈEJDB EF &NQSFTBT 6SCBOJTNP Z .FEJP "NCJFOUF $BNCJP 4PDJBM Z 1SPGFTJPOFT &EVD $JFODJBT "DUVBSJBMFT Z 'JOBODJFSBT 4PDJPMPHÈB "QMJDBEB & 5 4 * *OGPSN¼UJDB *OHFOJFSÈB EF $PNQVUBEPSFT *OHFOJFSÈB EF MB 4BMVE *OHFOJFSÈB EFM 4PGUXBSF *OHFOJFSÈB *OGPSN¼UJDB
:0 &456%*0 "26ɡ -BT CJCMJPUFDBT Z FM TJTUFNB JOGPSN¼UJDP GVODJPOBO NVZ CJFO
.JHVFM "HVJMBS FTUVEJB $SJNJOPMPHÈB VOB FYQFSJFODJB RVF WBMPSB DPNP NVZ QPTJUJWB HSBDJBT BM QFSTPOBM DVBMJGJDBEP RVF USBCBKB FO MB 6." Z BM USBUP DFSDBOP RVF MPT QSPGFTPSFT EJTQFOTBO B MPT BMVNOPT 5BNCJÄO NF HVTUBSÈB SFTBMUBS RVF MBT CJCMJPUFDBT GVODJPOBO NVZ CJFO BTÈ DPNP FM TJTUFNB JOGPSN¼UJDP 4J BMHP FDIBO EF NFOPT UBOUP "HVJMBS DPNP TVT DPNQBÌFSPT FT RVF MBT QS¼DUJDBT GVFSBO N¼T JOUFOTBT Z EF VOB NBZPS EVSBDJÎO
5VSJTNP &MFDUSÎOJDP 5FDOPMPHÈBT "QMJDBEBT B MB (FTUJÎO Z $PNFSD EFM 5VSJTNP & 5PVSJTN "QQMZJOH 5FDIOPMPHZ UP 5PVSJTN .BOBHFNFOU BOE 4BMFT $JFODJBT EF MB 4BMVE $VJEBEPT *OUFHSBMFT EF &OGFSNFSÈB FO 1SPDFTPT /FGSPMÎHJDPT &DPOPNÈB EF MB 4BMVE (FTUJÎO 4BOJUBSJB Z 6TP 3BDJPOBM EFM .FEJDBNFOUP *OWFTUJHBDJÎO FO "DUJWJEBE 'ÈTJDB Z %FQPSUF /VFWBT 5FOEFODJBT EF *OWFTU FO $JFODJBT EF MB 4BMVE 1TJDPMPHÈB (FOFSBM 4BOJUBSJB 4BMVE *OUFSOBDJPOBM $JFODJBT "O¼MJTJT Z (FTUJÎO "NCJFOUBM #JPMPHÈB $FMVMBS Z .PMFDVMBS #JPMPHÈB &WPMVUJWB #JPUFDOPMPHÈB "WBO[BEB %JWFSTJEBE #JPMÎHJDB Z .FEJP "NCJFOUF .BUFN¼UJDBT 2VÈNJDB 3FDVSTPT )ÈESJDPT Z .FEJP "NCJFOUF *OHFOJFSÈB 2VÈNJDB
."("$ɝ/ %& &456%*04 461&3*03&4
$&/5304 %& &456%*04 461&3*03&4 %& .Ȱ-"(" 6OJWFSTJEBE EF .˔MBHB $POUBCJMJEBE (FTUJÎO Z $POUSPM EF &OUJEBEFT -PDBMFT %JSFDDJÎO Z $PNFSDJP *OUFSOBDJPOBM $PN 1PMÈUJDB Z &NQSFTBSJBM (FTUJÎO Z %JSFDDJÎO "FSPQPSUVBSJB Z "FSPO¼VUJDB *OHFOJFSÈB Z "SRVJUFDUVSB 5FDI FO 4FHVSJEBE *OUFHSBM FO 5SBOTQPSUF &OFSHÈB Z .FEJP "NCJFOUF *OGPSN¼UJDB "QMJDBEB B MBT 5FMFDPNVOJDBDJPOFT .ÎWJMFT %PNÎUJDB (FTUJÎO EF MB &OFSHÈB Z (FTUJÎO 5ÄDOJDB EF &EJGJDJPT *OUFSEJTDJQMJOBS $JFODJBT $PHOJUJWBT
%*1-0."4 %& &41&$*"-*;"$*®/
"SUFT Z )VNBOJEBEFT &OTFÌBO[B EFM &TQBÌPM DPNP -FOHVB &YUSBOKFSB $JFODJBT EF MB 4BMVE 1TJDPESBNB Z .PWJNJFOUPT 4JTUÄNJDPT 'JTJPUFSBQJB .BOJQVMBUJWB Z 5ÄDOJDBT 0TUFPQ¼UJDBT /JWFM
5FDOPMPHÈB EF MPT 4JTUFNBT EF &OFSHÈB 4PMBS 'PUPWPMUBJDB *OHFOJFSÈB Z "SRVJUFDUVSB )JES¼VMJDB "NCJFOUBM *OHFOJFSÈB "DÕTUJDB *OHFOJFSÈB *OEVTUSJBM *OHFOJFSÈB *OGPSN¼UJDB *OHFOJFSÈB EFM 4PGUXBSF F *OUFMJHFODJB "SUJGJDJBM *OHFOJFSÈB .FDBUSÎOJDB *OHFOJFSÈB 2VÈNJDB *OHFOJFSÈB EF 5FMFDPNVOJDBDJÎO 1SPZFDUPT "SRVJUFDUÎOJDPT %JTFÌP "NCJFOUBM Z /VFWBT 5FDOPMPHÈBT 3FQSFTFOUBDJÎO Z %JTFÌP FO *OHFOJFSÈB Z "SRVJUFDUVSB 4JTUFNBT &MFDUSÎOJDPT QBSB &OUPSOPT *OUFMJHFOUFT 4JTUFNBT *OUFMJHFOUFT FO &OFSHÈB Z 5SBOTQPSUF 5FMFN¼UJDB Z 3FEFT EF 5FMFDPNVOJDBDJÎO .VMUJEJTDJQMJOBS *HVBMEBE Z (ÄOFSP 1SFWFODJÎO EF 3JFTHPT -BCPSBMFT 1SPGFTPSBEP EF &EVD 4FDVOEBSJB 0CMJHBUPSJB #BDIJMMFSBUP 'PSNBDJÎO 1SPGFTJPOBM Z &OTFÌBO[B EF *EJPNBT
%PCMFT UÈUVMPT .BUFN¼UJDBT 1SPGFTPSBEP EF &EVDBDJÎO 4FDVOEBSJB 0CMJHBUPSJB #BDIJMMFSBUP 'PSNBDJÎO 1SPGFTJP OBM Z &OTFÌBO[B EF *EJPNBT &TUVEJPT *OHMFTFT $PNVOJDBDJÎO .VMUJMJOH×F F *OUFSDVMUVSBM 1SPGFTPSBEP EF &EVDBDJÎO 4FDVOEBSJB 0CMJH #BDIJMMFSBUP 'PSNBDJÎO 1SPGFTJPOBM Z &OTFÌBO[B EF *EJPNBT &TQ -FOHVB&YUSBOKFSB (FTUJÎO EFM 1BUSJNPOJP -JUFSBSJP Z -JOH×ÈTUJDP &TQBÌPM 1SPGFTPSBEP EF &EVDBDJÎO 4FDVOEBSJB 0CM #BDIJMMFSBUP 'PSNBDJÎO 1SPGFTJPOBM Z &OTFÌBO[B EF *EJPNBT &TQ -FOHVB Z -JUFSBUVSB -BUÈO Z (SJFHP 'JMPTPGÈB $JFODJB Z $JVEBEBOÈB 1SPGFTPSBEP EF &EVDBDJÎO 4FDVOEBSJB 0CMJHBUPSJB #BDIJMMFSBUP 'PSNBDJÎO 1SPGFTJPOBM Z &OTFÌBO[B EF *EJPNBT &TQ $JFODJBT 4PDJBMFT (FPHSBGÈB )JTUPSJB Z 'JMPTPGÈB
. 45&3&4 1301*04
"SUFT Z )VNBOJEBEFT $JFODJBT QBSB MB 'BNJMJB PQDJÎO
QSFTFODJBM TFNJQ V POMJOF &OTFÌBO[B EFM &TQBÌPM DPNP -FOHVB &YUSBOKFSB $JFODJBT EF MB 4BMVE $PVOTFMJOH F *OUFSW FO 6SHFODJBT &NFSHFODJBT Z $BU¼TUSPGFT $JSVHÈB 0SBM *NQMBOUPMPHÈB Z 1FSJPEPODJB *OUFMJHFODJB &NPDJPOBM 'JTJPUFSBQJB FO %JTGVODJPOFT EFM 4VFMP 1ÄMWJDP 5ÄDOJDBT EF /FVSPJNBHFO Z TVT "QMJDBDJPOFT 5SBUBNJFOUP 1TJDPMÎHJDP *OGBOUJM Z +VWFOJM $JFODJBT 4PDJBMFT Z +VSÈEJDBT 5VSJTNP EF 4BMVE %JSFDDJÎO 'JOBODJFSB 4FMFDDJÎO Z (FTUJÎO EFM 5BMFOUP -JEFSB[HP Z $PNVOJDBDJÎO .BSLFUJOH EF /FHPDJPT "UFODJÎO 5FNQSBOB m%S .JHVFM EF -JOBSFT 1F[[Jn %JSFDDJÎO Z (FTUJÎO &TUSBUÄHJDB EF 3FDVSTPT )VNBOPT (FTUJÎO *OUFHSBEB EF MB &NQSFTB TPCSF 4PMVDJPOFT 4"1 &OPUVSJTNP %FUFDUJWF 1SJWBEP
$JFODJBT 4PDJBMFT Z +VSÈEJDBT "VEJUPSJB Z $POUBCJMJEBE %JSFDDJÎO Z (FTUJÎO EF $BNQPT EF (PMG "UFODJÎO 5FNQSBOB *OUFSW FO "UFODJÎO 5FNQSBOB
&91&350 6/*7&34*5"3*0
"SUFT Z )VNBOJEBEFT &TUVEJPT 'MBNFODPT $JFODJBT 4PDJBMFT Z +VSÈEJDBT 'PSNBDJÎO %FTBSSPMMP 1FSTPOBM Z 0SHBOJ[BUJWP "TFTPSBNJFOUP 'JTDBM Z $POUBCMF EF &NQSFTBT -JEFSB[HP Z $PNVOJDBDJÎO 7JPMFODJB 'JMJP QBSFOUBM &WBMVBDJÎO F *OUFSWFODJÎO 1TJDP FEVDBUJWB *OUFHSBM 4FMFDDJÎO EFM 5BMFOUP .BSLFUJOH EF /FHPDJPT 0SJFOUBDJPO -BCPSBM $PBDIJOH %FQPSUJWP $PBDIJOH &KFDVUJWP *OUFSEJTDJQMJOBS $JFODJBT $PHOJUJWBT
$FOUSPT EF FTUVEJPT TVQFSJPSFT EF (SBOBEB
%FTEF RVF FO TF DSFÃ&#x2013; MB 6OJWFSTJEBE EF (SBOBEB FTUB DJVEBE IB HP[BEP EF VOB HSBO WJEB VOJWFSTJUBSJB UBOUP EFOUSP DPNP GVFSB EF TVT DBNQVT 4V QBUSJNPOJP IJTUÃ&#x2013;SJDP FT VOP EF TVT QSJODJQBMFT BUSBDUJWPT
."("$ɝ/ %& &456%*04 461&3*03&4
$&/5304 %& &456%*04 461&3*03&4 %& (3"/"%"
6OJWFSTJEBE EF (SBOBEB 6(3 'VOEBEB FO CFCF EF MB USBEJDJÎO EPDFOUF EF MB .BESB[B EFM 3FJOP /B[BSÈ "VORVF MB IJTUPSJB FTU¼ NVZ QSFTFOUF FO FTUB DJVEBE MB BQVFTUB QPS FM GVUVSP TF NBUFSJBMJ[B FO TVT N¼T EF HSVQPT EF JOWFTUJHBDJÎO DPO QSPZFDUPT BDUJWPT 5JFOF VOB HSBO WJEB VOJWFSTJUBSJB FM $FOUSP EF $VMUVSB $POUFNQPS¼OFB Z TV $FOUSP EF "DUJWJEBEFT %FQPSUJWBT EBO CVFOB GF EF FMMP /ÕNFSP EF BMVNOPT ● 3FDUPS 1JMBS "SBOEB 3BNÈSF[ "ÌP EF GVOEBDJÎO $BNQVT FO $FOUSP $BSUVKB 'VFOUFOVFWB "ZOBEBNBS Z $JFODJBT EF MB 4BMVE XXX VHS FT !$BOBMVHS VOJWFSTJEBEHSBOBEB $ "WEB EFM )PTQJDJP T O (SBOBEB 5FM
1FEBHPHÈB 3FMBDJPOFT -BCPSBMFT Z 3FDVSTPT )VNBOPT 4PDJPMPHÈB 5SBCBKP 4PDJBM 5VSJTNP "SUFT Z )VNBOJEBEFT "SRVFPMPHÈB #FMMBT "SUFT $POTFSWBDJÎO Z 3FTUBVSBDJÎO EF #JFOFT $VMUVSBMFT &TUVEJPT SBCFT F *TM¼NJDPT &TUVEJPT 'SBODFTFT &TUVEJPT *OHMFTFT 'JMPMPHÈB $M¼TJDB 'JMPMPHÈB )JTQ¼OJDB 'JMPTPGÈB )JTUPSJB )JTUPSJB EFM "SUF )JTUPSJB Z $JFODJBT EF MB .ÕTJDB -FOHVBT .PEFS Z TVT -JUFSBUVSBT -JUFSBUVSBT $PNQBSBEBT 5SBEVDDJÎO F *OUFSQ "MFN¼O 5SBEVDDJÎO F *OUFSQS SBCF 5SBEVDDJÎO F *OUFSQS 'SBODÄT 5SBEVDDJÎO F *OUFSQS *OHMÄT
5¨56-04 %& (3"%0
$JFODJBT #JPMPHÈB #JPRVÈNJDB #JPUFDOPMPHÈB $JFODJBT "NCJFOUBMFT $JFODJB Z 5FDO EF MPT "MJNFOUPT &TUBEÈTUJDB 'ÈTJDB (FPMPHÈB .BUFN¼UJDBT ®QUJDB Z 0QUPNFUSÈB 2VÈNJDB *OH *OGPSN¼UJDB .BUFN¼UJDBT .BUFN¼UJDBT 'ÈTJDB
$JFODJBT EF MB 4BMVE &OGFSNFSÈB 'BSNBDJB 'JTJPUFSBQJB .FEJDJOB /VUSJDJÎO )VNBOB Z %JFUÄUJDB -PHPQFEJB 0EPOUPMPHÈB 1TJDPMPHÈB 5FSBQJB 0DVQBDJPOBM $JFODJBT 4PDJBMFT Z +VSÈEJDBT "ENJO Z %JSFDDJÎO EF &NQSFTBT "ENJOJTUSBDJÎO Z %JSFDDJÎO EF &NQSFTBT %FSFDIP "OUSPQPMPHÈB 4PDJBM Z $VMUVSBM $JFODJBT EF MB "DUJWJEBE 'ÈTJDB Z EFM %FQPSUF $JFODJBT EF MB "DUJWJEBE 'ÈTJDB Z EFM
%FQPSUF &EVDBDJÎO 1SJNBSJB $JFODJBT 1PMÈUJDBT Z EF MB "ENJOJTUSBDJÎO $JFODJBT 1PMÈUJDBT Z EF MB "ENJOJTUSBDJÎO %FSFDIP $PNVOJDBDJÎO "VEJPWJTVBM $SJNJOPMPHÈB %FSFDIP &DPOPNÈB &EVDBDJÎO *OGBOUJM &EVDBDJÎO 1SJNBSJB &E 1SJNBSJB &TUVEJPT 'SBODFTFT &E 1SJNBSJB &TUVEJPT *OHMFTFT &EVDBDJÎO 4PDJBM 'JOBO[BT Z $POUBCJMJEBE (FPHSBGÈB Z (FTUJÎO EFM 5FSSJUPSJP *OGPSNBDJÎO Z %PDVNFOUBDJÎO .BSLFUJOH F *OW EF .FSDBEPT
*OHFOJFSÈB Z "SRVJUFDUVSB "SRVJUFDUVSB BÌPT *OHFOJFSÈB $JWJM &EJGJDBDJÎO *OHFOJFSÈB *OGPSN¼UJDB *OH EF 5FDOPMPHÈBT EF 5FMFDPN *OHFOJFSÈB 2VÈNJDB *OHFOJFSÈB &MFDUSÎOJDB *OEVTUSJBM *OH *OGPSN¼UJDB .BUFN¼UJDBT
&456%*04 %& . 45&3
"SUFT Z )VNBOJEBEFT "SRVFPMPHÈB $VMUVSBT SBCF Z )FCSFB "M "OEBMVT Z .VOEP SBCF $POUFNQPS¼OFP %JCVKP $SFBDJÎO 1SPE Z %JGVTJÎO &OTFÌBO[B EF &-& -FOHVB $VMUVSB Z .FUPEPMPHÈB
."("$ɝ/ %& &456%*04 461&3*03&4
&TUVEJPT EF "TJB 0SJFOUBM &TUVEJPT -BUJOPBNFSJDBOPT $VMUVSB Z (FTUJÎO &TUVEJPT -JUFSBSJPT Z 5FBUSBMFT &TUVEJPT 4VQ EF -FOHVB &TQBÌPMB 'JMPTPGÈB $POUFNQPS¼OFB )JTUPSJB EF &VSPQB B "NÄSJDB 4PDJFEBEFT 1PEFSFT $VMUVSBT )JTUPSJB EFM "SUF $POPDJNJFOUP Z 5VUFMB EFM 1BUSJNPOJP )JTUÎSJDP *OUFSQSFUBDJÎO EF $POGFSFODJBT -FOHVBT Z $VMUVSBT .PEFSOBT -JOH×ÈTUJDB Z -JUFSBUVSB *OHMFTBT -ÎHJDB Z 'JMPTPGÈB EF MB $JFODJB 1BUSJNPOJP .VTJDBM 1SPEVDDJÎO F *OWFTUJHBDJÎO FO "SUF 5SBEVDDJÎO 1SPGFTJPOBM $JFODJBT 4PDJBMFT Z +VSÈEJDBT "CPHBDÈB "SUFT 7JTVBMFT Z &EVDBDJÎO 6O &OGPRVF $POTUSVDDJPOJTUB "TFTPSÈB -BCPSBM 'JTDBM Z "ENJOJTUSBUJWB "VEJUPSÈB $PPQFSBDJÎO BM %FTBSSPMMP (FTUJÎO 1ÕCMJDB Z EF MBT 0/(T $SJNJOBMJEBE F *OUFSWFODJÎO 4PDJBM FO .FOPSFT $VMUVSB EF 1B[ $POGMJDUPT
&EVDBDJÎO Z %FSFDIPT )VNBOPT %FSFDIP $POTUJUVDJPOBM &VSPQFP %FSFDIP EF MPT /FHPDJPT %FSFDIP *OUFSOBDJPOBM Z 3FMBDJPOFT *OUFSOBDJPOBMFT %FSFDIP 4BOJUBSJP #JPÄUJDB Z %FSFDIP B MB 4BMVE FO MB 6OJÎO &VSPQFB %JE¼DUJDB EF MB .BUFN¼UJDB %JSFDDJÎO Z (FTUJÎO 1ÕCMJDB %JWFSTJEBE $VMUVSBM 6O &OGPRVF .VMUJEJTDJQMJOBS Z 5SBOTGSPOUFSJ[P &DPOPNÈB &DPOPNJDT &DPOPNÈB Z 0SH EF &NQSFTBT &EVDBDJÎO .VTJDBM 6OB 1FSTQFDUJWB .VMUJEJTDJQMJOBS &EVDBDJÎO 4PDJBM *OWFTUJHBDJÎO Z %FTBSSPMMP 1SPGFTJPOBM &EVDBEPS &EVDBEPSB "NCJFOUBM &TUVEJPT EF MBT .VKFSFT Z EF (ÄOFSP (&.." &TUVEJPT F *OUFSWFODJÎO 4PDJBM FO *ONJHSBDJÎO %FTBSSPMMP Z (SVQPT 7VMOFSBCMFT (FSPOUPMPHÈB %FQFOEFODJB Z 1SPUFDDJÎO EF MPT .BZPSFT (PCFSOBO[B -JEFSB[HP Z 1MBOJGJDBDJÎO 5FSSJUPSJBM *OGPS Z $PNVOJDBDJÎO $JFOUÈGJDB *OUFSWFODJÎO 1TJDPQFEBHÎHJDB
:0 &456%*0 "26ɡ 4J NF QSFHVOUBO IF BQSFOEJEP NVDIP EVSBOUF FTUPT BÌPT
.BOVFM 4BMNFSÎO UJFOF BÌPT Z FTUVEJB DVBSUP DVSTP EF $PNVOJDBDJÎO "VEJPWJTVBM 4J NF QSFHVOUBO DV¼OUP IF BQSFOEJEP NVDIP Z DBTJ OBEB BQBSFDF FO MBT HVÈBT EPDFOUFT BGJSNB SFGJSJÄOEPTF B MB BHJUBEB WJEB VOJWFSTJUBSJB &M FTUVEJBOUF UBNCJÄO EFTUBDB MBT QS¼DUJDBT QSPGFTJPOBMFT RVF DPOFDUBO MB VOJWFSTJEBE DPO FM NVOEP FNQSFTBSJBM Z HVBSEB DPO FTQFDJBM DBSJÌP B MBT QFSTPOBT RVF DBEB EÈB FO NJT QS¼DUJDBT EF FNQSFTB NF EFNVFTUSBO TV DPOGJBO[B
*OWFTUJHBDJÎO F *OOPWBDJÎO FO $VSSÈDVMVN Z 'PSNBDJÎO *OWFTUJHBDJÎO FO "DUJWJEBE 'ÈTJDB Z %FQPSUF .BSLFUJOH Z $PNQPSUBNJFOUP EFM $POTVNJEPS 1FSJPEJTNP .VMUJNFEJB Z .FEJPT "VEJPWJTVBMFT *OUFSBDUJWPT 1SPCMFNBT 4PDJBMFT %JSFDDJÎO Z (FTUJÎO EF 1SPHSBNBT 4PDJBMFT 1TJDPMPHÈB EF MB *OUFSWFODJÎO 4PDJBM 5ÄDOJDBT $VBOUJUBUJWBT FO (FTUJÎO &NQSFTBSJBM $JFODJBT "WBODFT FO #JPMPHÈB "HSBSJB Z "DVJDVMUVSB #JPMPHÈB .PMFDVMBS "QMJDBEB B &NQSFTBT #JPUFDOPMÎHJDBT #JPFOUFSQSJTF #JPUFDOPMPHÈB $JFODJB Z 5FDOPMPHÈB FO 1BUSJNPOJP "SRVJUFDU ,IFNJB $JFODJBT Z 5FDOPMPHÈBT 2VÈNJDBT $POTFSWBDJÎO (FTUJÎO Z 3FTUBVSBDJÎO EF MB #JPEJWFSTJEBE $04* $PMPS JO 4DJFODF *OEVTUSZ &TUBEÈTUJDB "QMJDBEB 'ÈTJDB Z .BUFN¼UJDBT 'ÈTJDB 3BEJBDJPOFT /BOPUFDO 1BSUÈDVMBT Z "TUSPGÈTJDB
CONSEJERÍA DE EDUCACIÓN Centro Nº 18014373 18014646 - 18014701
."("$ɝ/ %& &456%*04 461&3*03&4
$&/5304 %& &456%*04 461&3*03&4 %& (3"/"%" 6OJWFSTJEBE EF (SBOBEB
(FOÄUJDB Z &WPMVDJÎO (FPGÈTJDB Z .FUFPSPMPHÈB (FPMPHÈB "QMJDBEB B MPT 3FDVSTPT .JOFSBMFT Z &OFSHÄUJDPT (&03&$ *OWFTUJHBDJÎO Z "WBODFT FO .JDSPCJPMPHÈB .BUFN¼UJDBT ®QUJDB Z 0QUPNFUSÈB "WBO[BEBT 5ÄDOJDBT Z $JFODJBT EF MB $BMJEBE EFM "HVB *%&" $JFODJBT EF MB 4BMVE "O¼MJTJT #JPMÎHJDP Z %JBHOÎTUJDP EF -BCPSBUPSJP "OUSPQPMPHÈB 'ÈTJDB Z 'PSFOTF "U 'BSNBDÄVUJDB &6301)"3./&4 "WBODFT FO $BMJEBE Z 5FDOPMPHÈB "MJNFOUBSJB "WBODFT FO 3BEJPMPHÈB %JBHOÎTUJDB Z 5FSBQÄVUJDB Z .FEJDJOB 'ÈTJDB #JPNFEJDJOB 3FHFOFSBUJWB $POEJDJPOBOUFT (FOÄUJDPT /VUSJDJPOBMFT Z "NCJFOUBMFT EFM DSFDJNJFOUP Z EFTBSSPMMP $VJEBEPT EF 4BMVE QBSB MB 1SPNPDJÎO EF MB "VUPOPNÈB EF MBT QFSTPOBT Z MB "UFODJÎO B MPT 1SPDFTPT EFM 'JO EF 7JEB &YDFMFODJB FO 4BMVE 1ÕCMJDB &63016#)&"-5) *OHFOJFSÈB 5JTVMBS *OWFTUJHBDJÎO %FTBSSPMMP $POUSPM F *OOPWBDJÎO EF .FEJDBNFOUPT *OWFTUJHBDJÎO 0EPOUPMÎHJDB
*OWFTUJHBDJÎO 5SBTMBDJPOBM Z .FEJDJOB 1FSTPOBMJ[BEB *OWFTUJHBDJÎO Z "WBODFT FO *ONVOPMPHÈB .PMFDVMBS Z $FMVMBS *OWFTU Z "WBODFT FO .FEJDJOB 1SFWFOUJWB Z 4BMVE 1ÕCMJDB /FVSPDJFODJB $PHOJUJWB Z EFM $PNQPSUBNJFOUP /FVSPDJFODJB Z %PMPS /VUSJDJÎO )VNBOB 1TJDPMPHÈB (FOFSBM 4BOJUBSJB 1TJDPMPHÈB +VSÈEJDB Z 'PSFOTF 3FIBCJMJUBDJÎO -PHPQÄEJDB FO 5SBTUPSOPT %FHFOFSBUJWPT Z %BÌP $FSFCSBM *OHFOJFSÈB Z "SRVJUFDUVSB "SRVJUFDUVSB $JFODJB EF %BUPT F *OHFOJFSÈB EF $PNQVUBEPSFT %FTBSSPMMP EFM 4PGUXBSF &TUSVDUVSBT (FTUJÎO Z 4FHVSJEBE *OUFHSBM FO MB &EJGJDBDJÎO (FTUJÎO Z 5FDOPMPHÈBT EF 1SPDFTPT EF /FHPDJPT )JES¼VMJDB "NCJFOUBM *OHFOJFSÈB "DÕTUJDB *OHFOJFSÈB *OGPSN¼UJDB *OHFOJFSÈB EF $BNJOPT $BOBMFT Z 1VFSUPT *OHFOJFSÈB EF 5FMFDPNVOJDBDJÎO *OHFOJFSÈB 2VÈNJDB 1SFWFODJÎO EF 3JFTHPT -BCPSBMFT
3FIBCJMJUBDJÎO "SRVJUFDUÎOJDB *OUFSEJTDJQMJOBSFT 1SPGFTPSBEP EF &EVDBDJÎO 4FDVOEBSJB 0CMJHBUPSJB Z #BDIJMMFSBUP 'PSNBDJÎO 1SPGFTJP OBM Z &OTFÌBO[B EF *EJPNBT &SBTNVT .VOEVT Z &SBTNVT $PMPS JO 4DJFODF *OEVTUSZ $04* &YDFMFODJB FO 4BMVE 1ÕCMJDB &63016#)&"-5) &TUVEJPT EF MBT .VKFSFT Z EF (ÄOFSP (&.." %PCMFT UÈUVMPT 1SPGFTPSBEP EF &40 Z #BDIJMMFSBUP '1 Z &OTFÌBO[B EF *EJPNBT Z .BUFN¼UJDBT $JFODJBT Z 5FDOPMPHÈBT 2VÈNJDBT ,)&.*" )JTUPSJB EF &VSPQB " "NÄSJDB 4PDJFEBEFT 1PEFSFT $VMUVSBT &63".& &TUVEJPT 4VQFSJPSFT EF 'JMPMPHÈB Z 5SBEJDJÎO $M¼TJDBT %PCMFT 5JUVMBDJPOFT *OUFSOBDJPOBMFT %FHSFF *O &DPOPNJDT 6(3 *OUFSOBUJPOBM .BOBHFNFOU 43) )PDITDIVMF #FSMJO (FSNBOZ &DPOPNÈB Z 0SH EF &NQSFTBT 6(3 *OUFSOBUJPOBM .BOBHFNFOU &TD %JKPO #PVSHPHOF 'SBODJB .BSLFUJOH Z $PNQPSUBNJFOUP EFM $POTVNJEPS 6(3 .BSLFUJOH 4USBUÄHJRVF FU 0QÄSBUJPOOFM *(3 *"& 6OJWFSTJUÄ EF 3FOOFT 'SBODJB
. 45&3&4 1301*04
"SUFT Z )VNBOJEBEFT .VTFPMPHÈB &OTFÌBO[B Z FM "QSFOEJ[BKF EF MB -FOHVB &TQBÌPMB Z TV $VMUVSB 'PSNBDJÎO EF 1SPGFTPSBEP EF &TQBÌPM DPNP -FOHVB &YUSBOKFSB $JFODJBT EF MB 4BMVE &OGFSNFSÈB EF 6SHFODJBT Z $VJEBEPT $SÈUJDPT "ERVJTJDJÎO EF $PNQFUFODJBT EF &OGFSNFSÈB QBSB MB "UFODJÎO B 1BUPMPHÈBT 6SHFOUFT Z $VJEBEPT $SÈUJDPT $JSVHÈB #VDBM F *NQMBOUPMPHÈB $MÈOJDB 0EPOUPMÎHJDB *OUFHSBM BWBO[BEB &DPOPNÈB EF MB 4BMVE Z %JSFDDJÎO EF 0SHBOJ[BDJPOFT 4BOJUBSJBT 'GBSNBDPFDPOPNJB )PTQJUBMBSJB /VUSJDJÎO $MÈOJDB 4BMVE 1ÕCMJDB Z (FTUJÎO 4BOJUBSJB 4FHVJNJFOUP 'BSNBDPUFSBQÄVUJDP BM QBDJFOUF 7*) 4JEB POMJOF 1SPEVDUPT 4BOJUBSJPT POMJOF $JFODJBT 4PDJBMFT Z +VSÈEJDBT .BSLFUJOH POMJOF Z &TUSBUFHJBT FO 4PDJBM .FEJB %FSFDIP EF MB 4FHVSJEBE 4PDJBM 1VFEFT DPOTVMUBS FM SFTUP EF TVT UÈUVMPT FO MB XFC EF MB VOJWFSTJEBE
$FOUSPT EF FTUVEJPT TVQFSJPSFT EF $ÖSEPCB
-B 6OJWFSTJEBE EF $ÖSEPCB FT VOB EF MBT NÆT KÖWFOFT QFSP FO QPDPT BÕPT IB TBCJEP QPOFSTF B MB BMUVSB EF TVT IPNÖOJNBT &O MB QSPWJODJB IBZ VOB BNQMJB PGFSUB UBOUP QÜCMJDB DPNP QSJWBEB FO UPEP UJQP EF FTUVEJPT
."("$ɝ/ %& &456%*04 461&3*03&4
$&/5304 %& &456%*04 461&3*03&4 %& $ʂ3%0#"
6OJWFSTJEBE EF $ÖSEPCB 6$0 " QFTBS EF TFS VOB EF MBT JOTUJUVDJPOFT N¼T KÎWFOFT FT IFSFEFSB EF MB 6OJWFSTJEBE -JCSF EFM TJHMP 9*9 .¼T EF QSPGFTPSFT Z USBCBKBEPSFT FTU¼O B EJTQPTJDJÎO EF MPT BMVNOPT 4F FTUSVDUVSB FO USFT HSBOEFT DBNQVT FM KVSÈEJDP TPDJBM DFOUSP VSCBOP FM EF MB TBMVE PFTUF Z FM BHSPBMJNFOUBSJP DJFOUÈGJDP Z UÄDOJDP EF 3BCBOBMFT BEFN¼T EF MB &TDVFMB 1PMJUÄDOJDB EF #FMNF[ /ÕNFSP EF BMVNOPT 3FDUPS +PTÄ $BSMPT (ÎNF[ 7JMMBNBOEPT ● "ÌP EF GVOEBDJÎO ● $BNQVT FO 3BCBOBMFT .FOÄOEF[ 1JEBM $FOUSP Z #FMNF[ XXX VDP FT !6OJWDPSEPCB VOJWFSTJEBEDPSEPCB $ "W .FEJOB "[BIBSB $ÎSEPCB 5FM
5¨56-04 %& (3"%0
'BDVMUBE EF 7FUFSJOBSJB 7FUFSJOBSJB $JFODJB Z 5FDOPMPHÈB EF MPT "MJNFOUPT & 5 4 *OHFOJFSÈB "HSPOÎNJDB Z EF .POUFT *OHFOJFSÈB "HSPBMJNFOUBSJB Z EFM .FEJP 3VSBM *OHFOJFSÈB 'PSFTUBM &OPMPHÈB F *OHFOJFSÈB "HSPBMJ NFOU Z EFM .FEJP 3VSBM EPCMF 'BDVMUBE EF .FEJDJOB Z &OGFSNFSÈB .FEJDJOB &OGFSNFSÈB 'JTJPUFSBQJB 'BDVMUBE EF $JFODJBT #JPMPHÈB $JFODJBT "NCJFOUBMFT 2VÈNJDB 'ÈTJDB #JPRVÈNJDB 'BDVMUBE EF 'JMPTPGÈB Z -FUSBT &TUVEJPT *OHMFTFT 'JMPMPHÈB )JTQ¼OJDB 5SBEVDDJÎO F *OUFSQ 'SBODÄT 5SBEVDDJÎO F *OUFSQ *OHMÄT )JTUPSJB )JTUPSJB EFM "SUF (FTUJÎO $VMUVSBM $JOF Z $VMUVSB "VEJPWJTVBM 5SBEVDDJÎO F *OUFSQSFUBDJÎO Z &TUVEJPT *OHMFTFT JUJO DPOKVOUP 5SBEVDDJÎO F *OUFSQSFUBDJÎO Z 'JMPMPHÈB )JTQ¼OJDB JUJO DPOKVOUP )JTUPSJB F )JTUPSJB EFM "SUF DPOKVOUP &TUVEJPT *OHMFTFT Z &EVDBDJÎO 1SJNBSJB JUJO DPOKVOUP 'BDVMUBE EF %FSFDIP Z $$&& Z && "ENJO Z %JSFDDJÎO EF &NQSFTBT %FSFDIP
"ENPO Z %JSFDDJÎO EF &NQSFTBT Z %FSFDIP EPCMF HSBEP 'BDVMUBE EF $JFODJBT EF MB &EVDBDJÎO &EVDBDJÎO 1SJNBSJB &EVDBDJÎO 1SJNBSJB CJMJOH×F &EVDBDJÎO *OGBOUJM &EVDBDJÎO *OGBOUJM CJMJOH×F &EVDBDJÎO 4PDJBM &TDVFMB 1PMJUÄDOJDB 4VQFSJPS *OHFOJFSÈB &MÄDUSJDB *OHFOJFSÈB &MFDUSÎOJDB *OEVTUSJBM *OHFOJFSÈB *OGPSN¼UJDB *OHFOJFSÈB .FD¼OJDB 'BDVMUBE EF $JFODJBT EFM 5SBCBKP 3FMBDJPOFT -BCPSBMFT Z 3FDVSTPT )VNBOPT 5VSJTNP 5VSJTNP Z 5SBEVDDJÎO F *OUFSQSFUBDJÎO JUJO DPOKVOUP &TDVFMB 1PMJUÄDOJDB 4VQ EF #ÄMNF[ *OHFOJFSÈB $JWJM *OHFOJFSÈB FO 3FDVSTPT &OFSHÄUJDPT Z .JOFSPT *OH $JWJM F *OH FO 3FDVSTPT &OFSHÄUJDPT Z .JOFSPT EPCMF $FOUSP EF .BHJTUFSJP 4BHSBEP $PSB[ÎO &EVDBDJÎO 1SJNBSJB &EVDBDJÎO *OGBOUJM
5¨56-04 %& . 45&3
"CPHBDÈB "HSPBMJNFOUBDJÎO "HSPFDPMPHÈB VO &OGPRVF QBSB MB 4VTUFOUBCJMJEBE #JPUFDOPMPHÈB $BNCJP (MPCBM 3FDVSTPT /BUVSBMFT Z 4PTUFOJCJMJEBE $JFODJBT 'PSFOTFT &SBTNVT .VOEVT $JOFNBUPHSBGÈB $PNFSDJP &YUFSJPS F *OUFSOBDJPOBMJ[BDJÎO EF
&NQSFTBT $VMUVSB EF 1B[ $POGMJDUPT &EVDBDJÎO Z %FSFDIPT )VNBOPT &EVDBDJÎO *ODMVTJWB &EVDBEPS &EVDBEPSB "NCJFOUBM &MFDUSPRVÈNJDB $JFODJB Z 5FDOPM &OFSHÈBT 3FOPW %JTUSJCVJEBT &TUSBUFHJBT QBSB FM %FTBSSPMMP 3VSBM Z 5FSSJUPSJBM 'ÈTJDB "WBO[BEB (FPN¼UJDB 5FMFEFUFDDJÎO Z .PEFMPT &TQBDJBMFT "QMJDBEPT B MB (FTUJÎO 'PSFTUBM (FTUJÎO EFM 1BUSJNPOJP %FTEF FM .VOJDJQJP )JES¼VMJDB "NCJFOUBM *ODFOEJPT 'PSFTUBMFT $JFODJB Z (FTUJÎO *OUFHSBM *OHFOJFSÈB "HSPOÎNJDB *OHFOJFSÈB EF .POUFT *OHFOJFSÈB *OEVTUSJBM *OHFOJFSÈB *OGPSN¼UJDB *OHFOJFSÈB Z (FTUJÎO EF MB $BEFOB "HSPBMJNFOUBSJB *OHMÄT QBSB MB $VBMJGJDBDJÎO 1SPGFTJPOBM *OW #JPNÄEJDB 5SBTMBDJPOBM .BUFSJBMFT QBSB FM "MNBDFOBNJFOUP Z $POWFSTJÎO EF &OFSHÈB &SBTNVT .VOEVT .FEJDJOB 4BOJEBE Z .FKPSB "OJNBM .FUPEPMPHÈB EF MB *OWFTUJHBDJÎO FO $JFODJBT EF MB 4BMVE /VUSJDJÎO )VNBOB 0MJWJDVMUVSB Z &MBJPUFDOJB 1MBTNB -¼TFS Z 5FDOPMPHÈBT EF 4VQFSGJDJF 1PMÈUJDBT 5FSSJUPSJBMFT EF &NQMFP 1SFWFODJÎO EF 3JFTHPT -BCPSBMFT 1SPEVDDJÎO 1SPUFDDJÎO Z .FKPSB 7FHFUBM 1SPGFTPSBEP EF &OTFÌBO[B 4FDVOEBSJB 0CMJHBUPSJB Z #BDIJMMFSBUP 'PSNBDJÎO 1SPGFTJPOBM Z &OT EF *EJPNBT 1TJDPMPHÈB "QMJDBEB B MB &EVDBDJÎO Z FM #JFOFTUBS 4PDJBM 1TJDPMPHÈB (FOFSBM 4BOJUBSJB 2VÈNJDB 3FQSFTFOUBDJÎO Z %JTFÌP FO *OHFOJFSÈB Z "SRVJUFDUVSB
5FDOPMPHÈB EFM "HVB FO *OHFOJFSÈB $JWJM 5FYUPT %PDVNFOUPT F *OUFSWFODJÎO $VMUVSBM 5SBEVDDJÎO &TQFDJBMJ[BEB *OHMÄT 'SBODÄT "MFN¼O &TQBÌPM ;PPUFDOJB Z (FTUJÎO 4PTUFOJCMF %0#-&4 5*56-"$*0/&4 *OHFOJFSÈB "HSPOÎNJDB &TUSBUFHJBT QBSB FM %FTBSSPMMP 3VSBM Z 5FSSJUPSJBM *OHFOJFSÈB "HSPOÎNJDB )JES¼VMJDB "NCJFOUBM FTQFDJBMJEBE FO HFTUJÎO *OUFHSBM EF $VFODBT *OHFOJFSÈB "HSPOÎNJDB 3FQSFTFOUBDJÎO Z %JTFÌP FO *OHFOJFSÈB Z "SRVJUFDUVSB *OHFOJFSÈB EF .POUFT &TUSBUFHJBT QBSB FM %FTBSSPMMP 3VSBM Z 5FSSJUPSJBM *OHFOJFSÈB EF .POUFT (FPN¼UJDB 5FMFEFUFDDJÎO Z .PEFMPT &TQBDJBMFT "Q B MB (FTUJÎO 'PSFTUBM *OHFOJFSÈB EF .POUFT )JES¼VMJDB "NCJFOUBM FTQFDJBMJEBE (FTUJÎO *OUFHSBM EF $VFODBT *OHFOJFSÈB EF .POUFT *ODFOEJPT 'PSFTUBMFT $JFODJB Z (FTUJÎO *OUFHSBM *OHFOJFSÈB EF .POUFT 3FQSFTFOUBDJÎO Z %JTFÌP FO *OHFOJFSÈB Z "SRVJUFDUVSB 1SPGFTPSBEP FO &40 #BDIJMMFSBUP ' 1 P &OTFÌBO[B *EJPNBT &TQ 'ÈTJDB Z 2VÈNJDB 'ÈTJDB "WBO[BEB 1SPGFTPSBEP FO &40 #BDIJMMFSBUP ' 1 P &OTFÌBO[B *EJPNBT &TQ 'ÈTJDB Z 2VÈNJDB 2VÈNJDB 1SPGFTPSBEP FO &40 #BDIJMMFSBUP ' 1 P &OTFÌBO[B *EJPNBT &TQ -FOHVB &YUSBOKFSB *OHMÄT &TU *OHMFTFT "WBO[BEPT
."("$ɝ/ %& &456%*04 461&3*03&4
$&/5304 %& &456%*04 461&3*03&4 %& $ʂ3%0#"
6OJWFSTJEBE EF -PZPMB "OEBMVDÑB &T VOB JOTUJUVDJÎO QSJWBEB QSPNPWJEB QPS MB $PNQBÌÈB EF +FTÕT 4V NJTJÎO FT MB GPSNBDJÎO JOUFHSBM EFM FTUVEJBOUF QBSB DPOWJWJS FO VOB TPDJFEBE N¼T KVTUB Z TPTUFOJCMF 4VT WBMPSFT TPO MB FYDFMFODJB FYJHFODJB TFSWJDJP VOJWFSTBMJEBE DPNQSPNJTP FTQJSJUVBMJEBE Z QBTJÎO QPS DPOPDFS &T QS¼DUJDB JOUFSOBDJPOBM BQVFTUB QPS FM CJMJOH×JTNP Z TV GPSNBDJÎO TF BEBQUB B MB FNQSFTB /ÕNFSP EF BMVNOPT ● 3FDUPS (BCSJFM .BSÈB 1ÄSF[ "MDBM¼ ● "ÌP EF GVOEBDJÎO ● $BNQVT FO $ÎSEPCB Z 4FWJMMB XXX VMPZPMB FT !MPZPMB"OE -PZPMB"OE $ &TDSJUPS $BTUJMMB "HVBZP $ÎSEPCB 5FM
&EVDBDJÎO 'PSNBDJÎO EFM 1SPGFTPSBEP EF #BDIJMMFSBUP &40 'PSNBDJÎO 1SPG Z &OTFÌBO[B EF *EJPNBT 1TJDPMPHÈB 1TJDPMPHÈB (FOFSBM 4BOJUBSJB /FVSPQTJDPMPHÈB 1TJDPMPHÈB (FOFSBM 4BOJUBSJB /FVSPQTJDPMPHÈB EPCMF N¼TUFS *OHFOJFSÈB *OHFOJFSÈB *OEVTUSJBM *OHFOJFSÈB *OEVTUSJBM .#" EPCMF N¼TUFS #JH %BUB Z #VTJOFTT "OBMZUJDT 0SJFOUBDJÎO *OWFTUJHBDJÎO .ÄUPEPT EF *OW FO $JFODJBT &DPOÎNJDBT Z &NQSFTBSJBMFT
5¨56-04 %& (3"%0
"ENJOJTUSBDJÎO Z %JSFDDJÎO EF &NQSFTBT "ENJOJTUSBDJÎO Z %JSFDDJÎO EF &NQSFTBT "%& "ENJOJTUSBDJÎO Z %JSFDDJÎO EF &NQSFTBT CJMJOH×F "%& %FSFDIP EPCMF HSBEP "%& #JMJOH×F %FSFDIP EPCMF "%& 3FMBDJPOFT *OUFSOBDJPOBMFT EPCMF HSBEP "%& #JMJOH×F 3FMBDJPOFT *OUFSOBDJPOBMFT EPCMF HSBEP "%& &DPOPNÈB EPCMF HSBEP %VBM #VTJOFTT %FHSFF %FSFDIP %FSFDIP "%& %FSFDIP EPCMF HSBEP "%& #JMJOH×F %FSFDIP EPCMF %FSFDIP 3FMBDJPOFT *OUFSOBDJPOBMFT EPCMF HSBEP %FSFDIP $SJNJOPMPHÈB EPCMF *OHFOJFSÈB
*OHFOJFSÈB &MFDUSPNFD¼OJDB *OH EF 0SHBOJ[BDJÎO *OEVTUSJBM *OHFOJFSÈB EF MB &OFSHÈB *OH .FDBUSÎOJDB Z 3PCÎUJDB *OHFOJFSÈB *OGPSN¼UJDB Z 5FDOPMPHÈBT 7JSUVBMFT 3FMBDJPOFT *OUFSOBDJPOBMFT 3FMBDJPOFT *OUFSOBDJPOBMFT 33** "%& 33** EPCMF HSBEP "%& #JMJOH×F 33** EPCMF HSBEP %FSFDIP 33** EPCMF HSBEP &DPOPNÈB Z 33** EPCMF HSBEP 33** Z $PNVOJDBDJÎO EPCMF HSBEP &DPOPNÈB &DPOPNÈB &EVDBDJÎO &EVDBDJÎO *OGBOUJM #JMJOH×F &EVD 1SJNBSJB #JMJOH×F EPCMF &EVDBDJÎO *OGBOUJM Z 1SJNBSJB #JMJOH×F EPCMF HSBEP $SJNJOPMPHÈB $SJNJOPMPHÈB 1TJDPMPHÈB 1TJDPMPHÈB
1TJDPMPHÈB Z $SJNJOPMPHÈB EPCMF
&9&$65*7& &%6$"5*0/
$PNVOJDBDJÎO $PNVOJDBDJÎO
5¨56-04 %& . 45&3
.BOBHFNFOU &YFDVUJWF .BTUFS JO .BOBHFNFOU 1SPHSBNNF GPS -FBEFSTIJQ %FWFMPQNFOU 1-%
.BOBHFNFOU %JSFDDJÎO EF &NQSFTBT .#" %JSFDDJÎO 'JOBODJFSB %JSFDDJÎO EF 3FDVSTPT )VNBOPT %JSFDDJÎO EF .BSLFUJOH "VEJUPSÈB .#" %JS 'JOBODJFSB EPCMF .#" %JSFDDJÎO EF .BSLFUJOH EPCMF N¼TUFS .#" %JSFDDJÎO EF 3FDVSTPT )VNBOPT EPCMF N¼TUFS +VSÈEJDPT "CPHBDÈB 5SJCVUBDJÎO Z "TFTPSÈB 'JTDBM "TFTPSÈB +VSÈEJDB EF &NQSFTBT "CPHBDÈB 5SJCVUBDJÎO Z "TFTPSÈB 'JTDBM EPCMF N¼TUFS "CPHBDÈB "TFTPSÈB +VSÈEJDB EF &NQSFTBT EPCMF N¼TUFS
&YQFSUP FO %JSFDDJÎO $PNFSDJBM .BSLFUJOH Z 7FOUBT &YQFSUP FO %JSFDDJÎO 'JOBODJFSB 1SPHSBNB *O%JHJUBM +VSÈEJDP "MUB &TQFDJBMJ[BDJÎO FO %FSFDIP 5SJCVUBSJP %JSFDDJÎO EF 1SPZFDUPT 1SPKFDU .BOBHFNFOU .FEJBDJÎO .FEJBDJÎO Z (FTUJÎO EF $POGMJDUPT &EVDBDJÎO 1SPHSBNB EF BMUP SFOEJNJFOUP QBSB %JSFDUJWPT EF $FOUSPT &EVDBUJWPT
."("$ɝ/ %& &456%*04 461&3*03&4
3&4*%&/$*"4 &456%*"/5*-&4 : $0-&(*04 .":03&4
$PMFHJPT .BZPSFT /USB 4SB EF MB "TVODJþO EF MB 6OJWFSTJEBE EF $þSEPCB
3&4*%&/$*"4 &456%*"/5*-&4 : $0-&(*04 .":03&4 -B DFSDBOÈB B MB VOJWFSTJEBE VO CVFO USBOTQPSUF QÕCMJDP MPT TFSWJDJPT RVF CSJOEBO P MB PGFSUB DVMUVSBM Z TPDJBM EF VO DPMFHJP NBZPS P VOB SFTJEFODJB VOJWFSTJUBSJB QVFEFO JODMJOBS MB EFDJTJÎO EFM BMVNOP B MB IPSB EF FMFHJS VOP V PUSP MVHBS QBSB WJWJS &M BMPKBNJFOUP FT GVOEBNFOUBM QBSB BRVFMMPT RVF TF WBO B FTUVEJBS B PUSB DJVEBE " DPOUJOVBDJÎO QSPQPOFNPT VOB TFMFDDJÎO EF DPMFHJPT NBZPSFT Z SFTJEFODJBT VOJWFSTJUBSJBT FO "OEBMVDÈB
3&4*%&/$*" 3&$503 $0-&(*0 .":03 &45"/*4-"0 %&- $".10 )&3/"/%0 $0-®/ XXX SVTFWJMMB DPN
XXX DNIFSOBOEPDPMPO VT FT
&T VOB EF MBT SFTJEFODJBT EF MB 6OJWFSTJEBE EF 4FWJMMB DVZP QSJODJQBM BUSBDUJWP FT TV VCJDBDJÎO TF FODVFOUSB FO FM DBTDP VSCBOP EF MB DJVEBE KVOUP BM FTUBEJP EF GÕUCPM #FOJUP 7JMMBNBSÈO 5PEBT TVT IBCJUBDJP OFT UJFOFO CBÌP QSPQJP DPDJOB FRVJQBEB DPO OFWFSB WJUSPDFS¼ NJDB DBNQBOB FYUSBDUPSB Z NJDSPPOEBT FTDSJUPSJP Z TJMMB EF FTUVEJP DMJNBUJ[BDJÎO JOEJWJEVBMJ [BEB TJTUFNB EF EFUFDDJÎO EF JODFOEJPT UFMÄGPOP DPO OÕNFSP EJSFDUP BM FYUFSJPS JOUFSOFU Z UFMFWJTJÎO 5JFOFO IBCJUBDJP OFT EJWJEJEBT FO USFT UJQPT JOEJWJEVBM EPCMF Z BQBSUBNFOUP EPCMF 4VT JOTUBMBDJPOFT TPO NPEFSOBT Z EJTQPOFO EF VOB BNQMJB HBNB EF TFSWJDJPT QBSB RVF UPEPT MPT FTUVEJBOUFT TF TJFOUBO DPNP FO DBTB
*OBVHVSBEP FM EF PDUVCSF EF FT VO DFOUSP NJYUP EF DBS¼DUFS QÕCMJDP EF MB 6OJWFSTJ EBE EF 4FWJMMB &O MB BDUVBMJEBE SFTJEFO FO TVT JOTUBMBDJPOFT N¼T EF DPMFHJBMFT EF UPEBT MBT UJUVMBDJPOFT QPS MP RVF MPT FTUVEJBOUFT QPES¼O JOUFSDBN CJBS PQJOJPOFT F JEFBT DPO PUSPT BMVNOPT DPO EJTUJOUPT JOUFSFTFT 0GSFDF VO CVFO BNCJFOUF EF FTUVEJP Z VO DMJNB EF SFTQFUP Z MJCFSUBE SFTQPOTBCMF FOUSF TVT SFTJEFOUFT
"WEB $USB EF TV &NJOFODJB " 4FWJMMB 5MG
1BTFP EF MB 1BMNFSB 4FWJMMB 5MG
3&4*%&/$*" '-03" 53*45 / XXX VQP FT GMPSB USJTUBO &T VOB EF MBT SFTJEFODJBT PGJDJBMFT EF MB 6OJWFSTJEBE 1BCMP 0MBWJEF &TU¼ VCJDBEB FO MB [POB TVS EF
4FWJMMB Z UJFOF VO NBSDBEP DBS¼DUFS TPDJBM DPMBCPSB DPO MPT WFDJOPT EFM 1PMÈHPOP 4VS FO MPT QSPDFTPT EF JOUFHSBDJÎO DPIFTJÎO TPDJBM Z OPSNBMJ[BDJÎO 3FTJEFODJB EF &TUVEJBOUFT T O 4FWJMMB 5MG
3&4*%&/$*" 3&$503 3".®/ $"3"/%& XXX SFTB FT "ETDSJUB B MB 6OJWFSTJEBE EF 4FWJMMB FTU¼ VCJDBEB KVOUP BM 1BSRVF EF .BSÈB -VJTB DFSDB EF WBSJBT GBDVMUBEFT Z CJFO DPNVOJDBEB 4VT BMPKBNJFOUPT TF DPNQPOFO EF EÕQMFY EF P IBCJUBDJPOFT JOEJWJEVBMFT Z EPCMFT &TU¼O DPNQMFUBNFOUF BNVFCMBEPT Z FRVJQBEPT DPO CBÌPT DPDJOB TBMÎO DPNFEPS XJGJ HSBUVJUP QPS MP RVF EJTQPOF EF UPEBT MBT DPNPEJEBEFT OFDFTBSJBT &T JEFBM QBSB IBDFS BNJHPT Z DPOPDFS B HFOUF EJGFSFOUF DPO MB RVF JOUFSDBN CJBS JEFBT F JNQSFTJPOFT
."("$ɝ/ %& &456%*04 461&3*03&4
"OUPOJP .BVSB .POUBOFS
TBMÎO DPNFEPS VO CBÌP DBMFGBDDJÎO FMÄDUSJDB BJSF BDPOEJDJPOBEP DPOFYJÎO JOGPSN¼UJDB DPO BDDFTP B JOUFSOFU Z BOUFOB EF 57 5BNCJÄO IBZ TFSWJDJP EF MBWBOEFSÈB GVODJPOB QPS GJDIBT TBMB EF UFMFWJTJÎO Z WÈEFP Z TBMBT EF FTUVEJP $PNP DPNQMFNFOUP B MB WJEB BDBEÄNJ DB QPOF B EJTQPTJDJÎO EF TVT SFTJEFOUFT VOB TBMB NVMUJVTPT 5BNCJÄO UJFOF TFSWJDJP EF DPOTFSKFSÈB MBT IPSBT EFM EÈB
4FWJMMB 5MG
3&4*%&/$*" $033"-" %& 4"/5*"(0 XXX DPSSBMBEFTBOUJBHP VHS FT *EFBM QBSB MPT VTVBSJPT EF MB 6OJWFSTJEBE EF (SBOBEB %FTUBDB QPS MB CFMMF[B EF TV BSRVJUFDUVSB RVF SFTDBUB BMHVOB EF MBT FTUSVDUVSBT N¼T QPQVMBSFT EF (SBOBEB EF MPT TJHMPT 97* Z 97** UÈQJDP EF MB [POB CBKB 'VF DFEJEB B MB VOJWFSTJ EBE FO FM BÌP Z EFTEF FOUPODFT GVODJPOB DPNP SFTJEFODJB EF JOWJUBEPT 4VT FTUBODJBT TF PSHBOJ[BO FOUPSOP B VO QBUJP DFOUSBM RVF EB BDDFTP B VO [BHV¼O BVOBOEP MB USBEJDJÎO N¼T JOTQJSBEPSB DPO MBT DPNPEJEBEFT EF MB WJEB NPEFSOB 5PEBT MBT IBCJUBDJP OFT UJFOFO CBÌP DPNQMFUP DMJNBUJ[BDJÎO Z 57 QPS DBCMF -PT SFTJEFOUFT QPES¼O BDDFEFS UBNCJÄO B MB CJCMJPUFDB FM TBMÎO EF BDUPT VO TBMÎO TPDJBM VOB DBGFUFSÈB VO QBUJP DFOUSBM Z VOB TBMB EF FYQPTJDJPOFT
$BNQVT EF 3BCBOBMFT $USB .BESJE $¼EJ[ LN $PMFHJP .BZPS *TBCFM MB $BUþMJDB EF (SBOBEB
5MG
VOJWFSTJUBSJP EF $BSUVKB EF MB 6OJWFSTJEBE EF (SBOBEB BM MBEP EF GBDVMUBEFT DPNP MB EF 0EPOUPMPHÈB 1TJDPMPHÈB P &NQSFTBSJBMFT 5JFOF EJTQPOJCMFT VOBT QMB[BT UPEBT FMMBT FRVJQBEBT DPO JOTUBMBDJPOFT NPEFSOBT FYUFSJPSFT DPO [POB QSPQJB EF FTUVEJP Z DPO PUSPT TFSWJDJPT DPNP XJGJ HSBUVJUP 1SPGFTPS 7JDFOUF $BMMBP (SBOBEB 5MG
4BOUJBHP (SBOBEB 5MG
$0-&(*0 .":03 *4"#&- -" $"5®-*$" XXX DNJTBCFM VHS FT &T NJYUP Z QFSUFOFDF B MB 6OJWFSTJEBE EF (SBOBEB $BEB BÌP TF BMPKBO FO TVT FTUBODJBT VOPT FTUVEJBOUFT EJTUSJCVJEPT FO EPT QMBOUBT NJYUBT )BZ TFJT IBCJUBDJPOFT EPCMFT BDDFTP Z CBÌP DPNQBSUJEP NJFOUSBT RVF FM SFTUP TPO JOEJWJEVBMFT 0SHBOJ[BO UBMMFSFT EF JEJPNBT P GPUPHSBGÈB DJDMPT EF DJOF HSVQPT EF UFBUSP DVSTPT Z DPOGFSFODJBT EF UPEP UJQP -B BHJUBEB WJEB EF TVT SFTJEFOUFT FT VOP EF MPT QVOUPT B TV GBWPS 5JFOF QJTUBT EFQPSUJWBT TBMB EF FTUBS Z UFMFWJTJÎO CJCMJPUFDBT Z HJNOBTJP
3&4*%&/$*" "-#&350 +*.¤/&; '3"6% XXX SFTJEFODJBDIBQPS DPN 4F FODVFOUSB B NJOVUPT EFM $BNQVT 6OJWFSTJUBSJP EF 5FBUJOPT EF MB 6OJWFSTJEBE EF .¼MBHB $PO BMPKBNJFOUP QBSB BMVNOPT FTU¼ PSHBOJ[BEB FO BQBSUBNFOUPT EF EPT Z USFT IBCJUBDJPOFT EPCMFT F JOEJWJEVBMFT FO MB RVF MPT FTUVEJBOUFT DPNQBSUFO DVBSUP EF CBÌP TBMÎO Z VOB QFRVFÌB DPDJOB 5BNCJÄO UJFOFO MBWBOEFSÈB CJCMJPUFDB TBMÎO EF BDUPT Z VO TFSWJDJP EF MJNQJF[B EF MPT BQBSUBNFOUPT RVF GVODJPOB EPT WFDFT QPS TFNBOB 1MB[B +PTÄ #FSHBNÈO .¼MBHB 5MG
(SBOBEB
3&4*%&/$*" 4"/5" 1"6-"
5MG
XXX SVTBOUBQBVMB DPN
3FDUPS -ÎQF[ "SH×FUB
3&4*%&/$*" $"3-04 7 XXX SFTB FT 4V VCJDBDJÎO OP QPESÈB TFS NFKPS FTU¼ TJUVBEB FO FM DBNQVT
$ÎSEPCB
&TUB SFTJEFODJB UBNCJÄO QVFEF TFS VOB CVFOB PQDJÎO QBSB MPT FTUVEJBOUFT EF MB 6OJWFSTJEBE EF .¼MBHB TPCSF UPEP QBSB BRVFMMPT RVF CVTRVFO GPSNBDJÎO BDBEÄNJDB IVNBOB TPDJBM Z NPSBM 5JFOF QMB[BT GFNFOJOBT Z NBTDVMJOBT 4VT
JOTUBMBDJPOFT FTU¼O PSHBOJ[BEBT FO IBCJUBDJPOFT JOEJWJEVBMFT Z EPCMFT -PT SFTJEFOUFT EJTGSVUBO EF TFSWJDJPT DPNP MB SFDFQDJÎO IPSBT P MB MBWBOEFSÈB &TQFDFSJBT .¼MBHB
$0-&(*04 .":03&4 /53" 43" %& -" "46/$*®/ XXX VDP FT TFSWJDJPT
5MG
3&4*%&/$*" "-'*- XXX SFTJEFODJBVOJWFSTJUBSJBBMGJM FT &T VOB SFTJEFODJB QSJWBEB NVZ DFSDBOB BM DBNQVT EF 5FBUJOPT EF MB 6OJWFSTJEBE EF .¼MBHB 1POF B EJTQPTJDJÎO EF MPT FTUVEJBOUFT VOBT IBCJUBDJPOFT EJTUSJCVJ EBT FO BQBSUBNFOUPT EF DVBUSP EPSNJUPSJPT CBÌPT Z TBMB EF FTUBS DPO UFMFWJTJÎO Z UFSSB[B 4V SFDFQDJÎO Z TV TBMB EF FTUVEJP FTU¼O BCJFSUBT IPSBT BM EÈB 5BNCJÄO EJTQPOF EF PUSBT FTUBODJBT EPOEF MPT KÎWFOFT QVFEFO SFMBDJPOBSTF Z FOUSFUFOFS TF DPNP VOB TBMB EF 57 Z EF SFVOJPOFT VO DPNFEPS QJOH QPOH HJNOBTJP TBMB EF NÕTJDB MBWBOEFSÈB Z QBSLJOH -B SFTJEFODJB EFTUBDB UBNCJÄO QPS MB FTQFDJBM BUFODJÎO RVF MF PUPSHBO B MB BMJNFOUBDJÎO FMBCPSBOEP TVT QMBUPT DPO QSPEVDUPT EF DBMJEBE %PDUPS .JHVFM %ÈB[ 3FDJP .¼MBHB 5MG
3&4*%&/$*" -6$"/0 IXXX VDP FT TFSWJDJPT &T VOB EF MBT SFTJEFODJBT HFTUJPOBEBT QPS MB 6OJWFSTJEBE EF $ÎSEPCB 4PO WJWJFOEBT EJTUSJCVJEBT FO USFT UJQPT P IBCJUBDJPOFT 5PEBT FMMBT EJTQPOFO EF DPDJOB FRVJQBEB
4PO MPT DPMFHJPT NBZPSFT HFTUJPOBEPT QPS MB 6OJWFSTJEBE EF $ÎSEPCB %JTQPOF EF QMB[BT DPO DBMFGBDDJÎO Z BJSF BDPOEJDJPOBEP $BEB IBCJUBDJÎO DVFOUB DPO DVBSUP EF CBÌP QSPQJP DPO EVDIB Z DPO WJTUBT BM FYUFSJPS -PT FTUVEJBOUFT QPES¼O EJTGSVUBS EF JOTUBMBDJPOFT EFQPSUJWBT DPNFEPS MBWBOEFSÈB QPS N¼RVJOB EF NPOFEBT Z MJNQJF[B EF IBCJUBDJPOFT EPT WFDFT FO TFNBOB "WE .FOÄOEF[ 1JEBM T O $ÎSEPCB 5MG
3&4*%&/$*" #&-.&; XXX VDP FT TFSWJDJPT &T PUSB EF MBT SFTJEFODJBT RVF MB 6OJWFSTJEBE EF $ÎSEPCB IB QVFTUP B EJTQPTJDJÎO EF TVT BMVNOPT 4F PSHBOJ[B DPO WJWJFOEBT EF IBCJUBDJPOFT Z TV TFSWJDJP EF MBWBOEFSÈB GVODJPOB NFEJBOUF GJDIBT 5PEBT MBT FTUBODJBT UJFOFO DPDJOB FRVJQBEB DPO QMBDBT FMÄDUSJDBT EF DPDDJÎO FYUSBDUPS EF IVNPT Z OFWFSB -PT BMVNOPT UBNCJÄO EJTQPOFO EF VOB UFMFWJTJÎO Z DPOFYJÎO XJGJ #BJMÄO T O #FMNF[ $ÎSEPCB 5MG
0USPT DFOUSPT
9YY Y YYYY Y YYYY 9YYYYYY Y YYYYYYYY YYYYY YYY YY Y YYYYYYYY YYYYYYYYY '*3." '050
6OJWFSTJEBEFT "OEBMVDÃ&#x2018;B UJFOF VOB HSBO EF $Ã&#x2013;SEPCB
PGFSUB GPSNBUJWB 9YY Y YYYYYY Y YYYYY EJTUSJCVJEB QPS TVT Y YYYYY Y YYYY Y YYY DJVEBEFT %FTEF Y YYYYYYY Y YY FTQFDJBMJ[BDJPOFT YYYYYY Y YY YYYYYY Y B MB 'PSNBDJÃ&#x2013;O YY YYYYYYYY Y YY YYY 1SPGFTJPOBM Y YYYYYYY Y YY EJWFSTPT DFOUSPT YYYYYY Y YY PGSFDFO UJUVMBDJPOFT YYYYYYYY Y YY YYY Y EF UPEP UJQP YYYYYYY Y Y YY Z UFNÃ&#x2020;UJDB YYYYYY YY YYYYYY Y YY YYYYYYYY Y YYY
."("$ɝ/ %& &456%*04 461&3*03&4
05304 $&/5304 %& '03."$*ʂ/
&4&4" FT MB FTDVFMB EF OFHPDJPT EF MB JOOPWBDJþO FO .ÅMBHB
"6%*0-¨4 $&/530 %& '03."$*®/
$&35*'*$"%04 %& 130'&4*0/"-*%"% : $63404 %& $"1"$*5"$*®/
XXX GPSNBDJPOBVEJPMJT DPN
$VFOUBO DPO DJFOUPT EF DVSTPT EF EJGFSFOUFT DBUFHPSÈBT QSPGFTJPOB MFT BTÈ DPNP DPOWPDBUPSJBT EF DVSTPT QBSB PCUFOFS FM DFSUJGJDBEP EF QSPGFTJPOBMJEBE PGJDJBM 1VFEF FODPOUSBS VOB SFMBDJÎO EF UPEPT FMMPT FO MB XFC EFM DFOUSP
"VEJPMÈT FT MB DPNQBÌÈB DPO N¼T DBQBDJEBE EF JOOPWBDJÎO Z EF SFOPWBDJÎO FO FM TFDUPS EF MB GPSNBDJÎO FO &TQBÌB USBT BÌPT FO FM TFDUPS 4F BEBQUBO B MBT OFDFTJEBEFT EF VO FOUPSOP DBEB WF[ N¼T DPNQFUJUJWP Z FYJHFOUF 3FBMJ[BO GPSNBDJÎO B OJWFM QSJWBEP QBSB QBSUJDVMBSFT RVF RVJFSBO EFTBSSPMMBS BÕO N¼T TV DBSSFSB QSPGFTJPOBM Z DPMBCPSBO DPO VOJWFSTJEBEFT QBSB MB SFBMJ[BDJÎO EF FYQFSUPT VOJWFSTJUBSJPT BTÈ DPNP DPMFDUJWPT BTPDJBDJPOFT Z FOUJEBEFT EF QSPGFTJPOBMFT QBSB MB NFKPSB EF MB GPSNBDJÎO EF TVT FNQMFBEPT $ $VFWB EF 7JFSB " $FOUSP EF /FHPDJPT $"%* 1MBOUB -PDBM .¼MBHB 5FM
&91&3504 6/*7&34*5"3*04 $0/ -" 6/*7&34*%"% %& . -"(" 0SJFOUBDJÎO -BCPSBM %FSFDIP EF &YUSBOKFSÈB 1S¼DUJDB -BCPSBM $POUSBUBDJÎO -BCPSBM /ÎNJOBT Z $PUJ[BDJPOFT 4FHVSJEBE +VSÈEJDB FO FM 1SPDFTP -BCPSBM
"DUJWJEBEFT 'ÈTJDBT Z %FQPSUJWBT "ENJO 0GJDJOB Z (FTUJÎO "HSJDVMUVSB Z (BOBEFSÈB "SUFT (S¼GJDBT $PDJOB Z 3FTUBVSBDJÎO $PNFSDJP Z .BSLFUJOH $POTUSVDDJÎO %FSFDIP %JTFÌP $"% r .VMUJNFEJB %JTFÌP HS¼GJDP %FTBSSPMMP 8FC r .VMUJNFEJB %PDFODJB &EJGJDBDJÎO Z 0CSB $JWJM &OFSHÈB Z "HVB &MFDUSJDJEBE Z &MFDUSÎOJDB 'BCSJDBDJÎO .FD¼OJDB )BCJMJEBEFT %JSFDUJWBT )PTUFMFSÈB Z 5VSJTNP *EJPNBT *OEVTUSJBT "MJNFOUBSJBT *NBHFO 1FSTPOBM *OGPSN¼UJDB Z $PNVOJDBDJPOFT
*OTUBMBDJÎO Z .BOUFOJNJFOUP .FEJP "NCJFOUF 1SFWFODJÎO EF 3JFTHPT -BCPSBMFT 4BOJEBE 4FSWJDJPT 4PDJPDVMUVSBMFT Z B MB $PNVOJEBE 4PDJBM .FEJB 5SBOTQPSUF Z .BOUFOJNJFOUP EF 7FIÈDVMPT 7FUFSJOBSJB Z $VJEBEP EF "OJNBMFT
BM TFDUPS GJTDBM MBCPSBM Z KVSÈEJDP F JNQBSUJEPT QPS FYQFSUPT FO MB NBUFSJB .BUSJDVMBDJÎO BCJFSUB EVSBOUF UPEP FM BÌP 4V QSJODJQBM WFOUBKB FT MB S¼QJEB BTJNJMBDJÎO EF DPOUFOJEPT HSBDJBT BM GPSNBUP Z B TV EJTQPOJCJMJEBE 5PEPT FMMPT FO XXX GPSNBDJPOBVEJPMJT DPN 6/*7&34*%"% 3&: +6"/ $"3-04 * %& ."%3*%
4&.*/"3*04
$VSTPT B EJTUBODJB EF DBS¼DUFS PGJDJBM BDSFEJUBEPT QPS MB 6OJWFSTJEBE 3FZ +VBO $BSMPT * EF .BESJE 4V SFBMJ[BDJÎO QSPQPSDJP OB DSÄEJUPT &$54 W¼MJEPT QBSB DPNQMFUBS FTUVEJPT VOJWFSTJUBSJPT P QBSB QSPDFTPT BCJFSUPT FO CPMTBT EF USBCBKP Z PQPTJDJPOFT
7ÈEFPT GPSNBUJWPT EF DPSUB EVSBDJÎO SFBMJ[BEPT B USBWÄT EFM DBNQVT WJSUVBM EF "VEJPMÈT RVF BCPSEBO UFNBT EF HSBO JOUFSÄT Z RVF TF DFOUSBO OPSNBMNFOUF FO MBT QSJODJQBMFT OPWFEBEFT MFHJTMBUJWBT FO NBUFSJB MBCPSBM Z GJTDBM %PDFOUFT EF SFDPOPDJEB FYQFSJFODJB EBS¼O VOB WJTJÎO QSPGFTJPOBM Z EF QSJNFSB NBOP TPCSF FTUBT DVFTUJPOFT &M DFOUSP EJTQPOF BEFN¼T EF VO GPSP EF EVEBT Z DPOTVMUBT QBSB MPT BMVNOPT FO FM RVF FM NJTNP EPDFOUF SFTQPOEFS¼ B MBT DVFTUJPOFT Z TF HFOFSBS¼O DBTVÈTUJDBT EF JOUFSÄT 5PEPT MPT NFTFT IBZ OVFWPT TFNJOB SJPT POMJOF RVF QVFEFO DPOTVMUBSTF FO MB XFC XXX TF NJOBSJPT BVEJPMJT DPN
&4"% &4$6&-" 461 %& "35& %3". 5*$0 XXX FTBETFWJMMB PSH 6OPT BMVNOPT MMFOBO DBEB BÌP MBT BVMBT EF FTUB FTDVFMB TVQFSJPS EF "SUF %SBN¼UJDP 4F DFOUSB FO EPT FTQFDJBMJEBEFT MB &TDFOPHSBGÈB Z MB *OUFSQSFUBDJÎO 5FYUVBM BNCBT EFQFOEJFOUFT EF GPSNB EJSFDUB EF MB $POTFKFSÈB EF &EVDBDJÎO EF MB +VOUB EF "OEBMVDÈB
7¨%&04 '03."5*704
$ 1BTDVBM EF (BZBOHPT
/PWFEPTPT XFCJOBST FO EJGFSJEP FO NPEBMJEBE POMJOF SFGFSFOUFT
4FWJMMB 5FM
."("$ɝ/ %& &456%*04 461&3*03&4
05304 $&/5304 %& '03."$*ʂ/ 5*56-"$*0/&4
$ "WFOJEB 4PS 5FSFTB 1SBU
5ÈUVMP 4VQFSJPS EF "SUF%SBN¼UJDP FO MB FTQFDJBMJEBE EF &TDFOPHSBGÈB 5ÈUVMP 4VQFSJPS EF "SUF %SBN¼UJDP FO MB FTQFDJBMJ EBE EF *OUFSQSFUBDJÎO 5FYUVBM
.¼MBHB 5FM
&4$6&-" "35& (3"/"%" '03."$*®/ 461&3*03 XXX FTDVFMBBSUFHSBOBEB DPN &T VO DFOUSP QSJWBEP EF GPSNBDJÎO TVQFSJPS FO %JTFÌP (S¼GJDP %JTFÌP EF *OUFSJPSFT %JTFÌP 8FC 'PUPHSBGÈB "VEJPWJTVBM *OGPSN¼UJDB Z .PEFMBEP % $PO N¼T EF BÌPT EF FYQFSJFODJB DVFOUB DPO VOBT JOTUBMBDJPOFT ÕOJDBT FO (SBOBEB N EPUBEBT DPO MBT ÕMUJNBT UFDOPMPHÈBT Z VO QSPGFTPSBEP DPO BNQMJB FYQFSJFODJB EPDFOUF $ "WFOJEB %PDUPS 0MÎSJ[ #BKP (SBOBEB 5FM
$"33&3"4 130'&4*0/"-&4 %JTFÌP (S¼GJDP Z .VMUJNFEJB %JTFÌP Z "SRVJUFDU EF *OUFSJPSFT (3"%04 461&3*03&4 $JDMP 'PSNBUJWP EF (SBEP 4VQFSJPS EF %FTBSSPMMP EF "QMJDBDJPOFT 8FC $63404 461&3*03&4 %JTFÌP Z %FTBSSPMMP 8FC $¼NBSB Z 1PTUQSPEVDDJÎO %JHJUBM 'PUPHSBGÈB 1SPGFTJPOBM $63404 %& &41&$*"-*;"$*®/ .PEFMBEP "SRVJUFDUÎOJDP % &TDBQBSBUJTNP Z 7JTVBM .FSDIBOEJTJOH
&4&4" &4$6&-" %& /&(0$*04 XXX FTFTB FV $PO N¼T EF BÌPT EF IJTUPSJB &4&4" FT VOB EF MBT QSJODJQBMFT FTDVFMBT EF OFHPDJPT FO "OEBMVDÈB 1PS TVT BVMBT IBO QBTBEP N¼T EF BMVNOPT FOUSF QSPGFTJPOBMFT Z SFDJÄO UJUVMBEPT VOJWFSTJUBSJPT QBSB DPNQMFUBS TV GPSNBDJÎO EF QPTUHSBEP &TQFDJBMJ[BEPT FO USFT ¼SFBT EF GPSNBDJÎO HFTUJÎO FNQSFTBSJBM GJOBO[BT Z GJTDBMJEBE FO &4&4" TF HSBEÕBO DBEB BÌP BMSFEFEPS EF EPTDJFOUPT BMVNOPT EF QSPHSBNBT N¼TUFS DVSTPT FYQFSUP Z QSPHSBNBT TVQFSJPSFT
0'&35" '03."5*7" SFB EF (FTUJÎO Z %JSFDDJÎO .#" &YFDVUJWF .#" 1PTUHSBEVBUF 1SPHSBNB 4VQFSJPS FO (FTUJÎO EF 0GJDJOBT EF 'BSNBDJB $VSTP *OUFOTJWP FO DPNQFUFODJBT QBSB EJSJHJS SFB 'JTDBM .¼TUFS FO "TFTPSÈB 'JTDBM EF &NQSFTBT $VSTP EF $POUBCJMJEBE 'JTDBM $VSTP *OUFOTJWP EF 3FOUB $VSTP EF "DUVBMJ[BDJÎO 'JTDBM SFB 'JOBODJFSB .¼TUFS FO "TFTPSBNJFOUP 'JOBODJFSP &VSPQFP .¼TUFS FO %JSFDDJÎO 'JOBODJFSB &45"$*®/ %*4&¬0 &4$6&-" 461&3*03 DJFSB XXX FTUBDJPOEJTFOP FT &TDVFMB EF EJTFÌP QSJWBEB BVUPSJ[BEB QPS MB +VOUB EF "OEBMVDÈB QBSB JNQBSUJS DBSSFSBT TVQFSJPSFT EF EJTFÌP PGJDJBMFT N¼TUFSFT Z DJDMPT GPSNBUJWPT EF HSBEP TVQFSJPS &M DFOUSP EJSJHJEP QPS EJTFÌBEPSFT PGSFDF GPSNBDJÎO SFHMBEB Z OP SFHMBEB FO EJGFSFOUFT ¼NCJUPT $PNVOJDBDJÎO (S¼GJDB Z .VMUJNFEJB %JTFÌP EF .PEB *MVTUSBDJÎO Z $ÎNJD %JTFÌP EF *OUFSJPSFT 'PUPHSBGÈB Z %JTFÌP Z 1SPEVDDJÎO % $ #FOKBNJO 'SBOLMJO "SNJMMB (SBOBEB 5FM
5¨56-04 0'*$*"-&4 &OTFÌBO[BT "SUÈTUJDBT 4VQFSJPSFT EF %JTFÌP %JTFÌP (S¼GJDP %JTFÌP EF .PEB $JDMPT 'PSN EF (SBEP 4VQFSJPS *MVTUSBDJÎO $ÎNJD (S¼GJDB "VEJPWJTVBM (S¼GJDB *OUFSBDUJWB .¼TUFSFT 0GJDJBMFT *MVTUSBDJÎO %JTFÌP EF *OUFSJPSFT 5¨56-04 1301*04 "¬0 %JTFÌP (S¼GJDP
%JTFÌP EF .PEB %JTFÌPT EF $PMFDDJPOFT EF .PEB *MVTUSBDJÎO "WBO[BEB %JTFÌP Z 1SPEVDDJÎO % BÌPT 'PUPHSBGÈB 1VCMJDJUBSJB %JTFÌP &EJUPSJBM %JTFÌP 8FC .PUJPO (SBQIJDT $63404 .0/0(3 '*$04 "OJNBDJÎO 4UPQ .PUJPO .POPHS¼GJDPT EF 4PGUXBSF 1BUSPOBKF Z $POGFDDJÎO .PO EF %JCVKP F *MVTUSBDJÎO .POPHS¼GJDPT EF 'PUPHSBGÈB *MVNJOBDJÎO $SFBUJWJEBE 1VFEFT DPOTVMUBS UPEPT TVT DVSTPT FO TV XFC
$&/5304 %& '03."$*®/ 130'&4*0/"- -B QSJODJQBM GJOBMJEBE EF MB '1 FT MB EF QSFQBSBS BM BMVNOP QBSB TFS DPNQFUFOUF FO VO ¼SFB QSPGFTJPOBM DPODSFUB 1SPQPSDJP OB BM BMVNOP MB PQPSUVOJEBE EF QSPGFTJPOBMJ[BSTF FO VO PGJDJP Z TBMJS QSFQBSBEP BM NFSDBEP MBCPSBM &YJTUF VOB BNQMJB PGFSUB QBSB TBUJTGBDFS UPEBT MBT BTQJSBDJPOFT
$&463 $&/530 0'*$*"- '03."$*®/ 130'&4*0/"- XXX DFTVSGPSNBDJPO DPN 4F GVOEB EFOUSP EFM (SVQP $PSFNTB VO HSVQP FNQSFTBSJBM FTQFDJBMJ[BEP FOUSF PUSBT BDUJWJEBEFT FO FM ¼NCJUP GPSNBUJWP 1POF FTQFDJBM BUFODJÎO FO MB 'PSNBDJÎO 1SPGFTJPOBM EF (SBEP 4VQFSJPS Z DVFOUB DPO PODF DFOUSPT PGJDJBMFT EPOEF JNQBSUFO UJUVMBDJPOFT PGJDJBMFT OBDJPOB MFT UBOUP FO NPEBMJEBE QSFTFODJBM DPNP EJTUBODJB $ *TMB EF MB $BSUVKB 4FDUPS /PSUF &EJGJDJP 4VSPFTUF 1VFSUB & 4FWJMMB 5FM $ 5PN¼T )FSFEJB .¼MBHB 5FM
4&7*--" 5ÄD FO &NFSHFODJBT 4BOJUBSJBT 5ÄDOJDP 4VQFSJPS FO "OBUPNÈB 1BUPMÎHJDB Z $JUPEJBHOÎTUJDP 5ÄD 4VQ FO )JHJFOF #VDPEFOUBM
5ÄDOJDP 4VQFSJPS FO *NBHFO QBSB FM %JBHOÎTUJDP Z .FEJDJOB /VDMFBS 5ÄDOJDP 4VQFSJPS FO -BCPSBUPSJP $MÈOJDP Z #JPNÄEJDP 5ÄDOJDP 4VQFSJPSF FO 3BEJPUFSBQJB Z %PTJNFUSÈB 5ÄDOJDP 4VQ FO "OJNBDJÎO EF "DUJWJEBEFT 'ÈTJDBT Z %FQPSUJWBT 5ÄDOJDP 4VQ FO "OJNBDJPOFT % +VFHPT Z &OUPSOPT *OUFSBDUJWPT 5ÄD 4VQ FO 3FBMJ[BDJÎO EF 1SPZ EF "VEJPWJTVBMFT Z &TQFDU¼DVMPT 5ÄD 4VQ FO &EVDBDJÎO *OGBOUJM 5ÄD 4VQ FO *OUFHSBDJÎO 4PDJBM 5ÄDOJDP FO &NFSHFODJBT 4BOJUBSJBT POMJOF 5ÄD 4VQ FO "OBUPNÈB 1BUPMÎHJDB Z $JUPEJBHOÎTUJDP POMJOF 5ÄDOJDP 4VQFSJPS FO )JHJFOF #VDPEFOUBM POMJOF 5ÄD 4VQ FO *NBHFO QBSB %JBH Z .FEJDJOB /VDMFBS POMJOF 5ÄDOJDP 4VQFSJPS FO -BCPSBUPSJP $MÈOJDP Z #JPNÄEJDP POMJOF 5ÄDOJDP 4VQFSJPS FO 3BEJPUFSBQJB Z %PTJNFUSÈB POMJOF 5ÄDOJDP 4VQFSJPS FO &EVDBDJÎO *OGBOUJM POMJOF 5ÄDOJDP 4VQFSJPS FO *OUFHSBDJÎO 4PDJBM POMJOF . -"(" 5ÄD FO &NFSHFODJBT 4BOJUBSJBT 5ÄD FO 'BSNBDJB Z 1BSBGBSNBDJB 5ÄDOJDP 4VQFSJPS FO "OBUPNÈB 1BUPMÎHJDB Z $JUPEJBHOÎTUJDP 5ÄD 4VQ FO )JHJFOF #VDPEFOUBM 5ÄD 4VQ FO *NBHFO QBSB FM %JBHOÎTUJDP Z .FEJDJOB /VDMFBS 5ÄD 4VQ FO -BCPSBUPSJP $MÈOJDP Z #JPNÄEJDP 5ÄD 4VQ FO 3BEJPUFS Z %PTJNFUSÈB 5ÄD FO 7ÈEFP %JTD +PDLFZ Z 4PO 5ÄDOJDP 4VQ FO "OJNBDJPOFT % +VFHPT Z &OUPSOPT *OUFSBDUJWPT 5ÄD 4VQ FO *MVNJOBDJÎO $BQUBDJÎO Z 5SBU EF *NBHFO 5ÄD 4VQ FO 3FBMJ[BDJÎO EF 1SPZFDUPT EF "VE Z &TQFDU¼DVMPT 5ÄD 4VQ FO 4POJEP QBSB "VEJPWJTVBMFT Z &TQFDU¼DVMPT 5ÄDOJDP 4VQ FO "ENJOJTUSBDJÎO EF 4JTUFNBT *OGPSN¼UJDPT FO 3FE 5ÄDOJDP 4VQFSJPS FO %FTBSSPMMP EF "QMJDBDJPOFT .VMUJQMBUBGPSNB 5ÄDOJDP 4VQFSJPS FO %FTBSSPMMP EF "QMJDBDJPOFT 8FC 5ÄDOJDP 4VQ FO "OJNBDJÎO EF "DUJWJEBEFT 'ÈTJDBT Z %FQPSUJWBT 5ÄD 4VQ FO $PNFSDJP *OUFSO 5ÄD 4VQ FO .BSLFUJOH Z 1VCM 5ÄD 4VQ FO &EVDBDJÎO *OGBOUJM 5ÄD 4VQ FO *OUFHSBDJÎO 4PDJBM 5ÄD 4VQ FO .FEJBDJÎO $PNVO