LETTER FROM THE PRESIDENT
)
RU 35( +RUVH EUHHGHUV LV QRW MXVW DQRWKHU \HDU EXW UDWKHU LW LV DFFRPSDQLHG E\ WZR YHU\ VSHFLDO FLUFXPVWDQFHV 7KH ILUVW LV GLUHFWO\ UHODWHG WR $1&&( ZKLFK LV FHOHEUDWLQJ IRUW\ \HDUV RI $VVRFLDWLRQ OLIH 7KH VHFRQG LV WKH 6WXG %RRN FHQWHQQLDO ZLWK WKH VWXG ERRN EHLQJ DQ HVVHQWLDO LQVWUXPHQW WR JXDUDQWHH WKH SXULW\ RI WKH EUHHG IRU LWV FUHGLELOLW\ DQG WKHUHIRUH WR UHLQIRUFH WKH LQWHUQDWLRQDO SUHVWLJH RI 35( +RUVHV DQG IDYRU WKHLU PDUNHWLQJ )RU RYHU IRXU GHFDGHV WKH 1D WLRQDO 35( %UHHGHUV¶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¶V WK
$QQLYHUVDU\ ZH QHHG QRW WDON DERXW FHOHEUDWLRQ EXW UDWKHU FRPPHPR UDWLRQ :LWK VXFK D FRQWH[W WKHUH LV OLWWOH WR FHOHEUDWH EXW UDWKHU ZH PXVW ZRUN KDUG WR UHVROYH WKH PDQ\ SUREOHPV DIIHFWLQJ XV DOO 7KXV WKH DFWLYLWLHV VHW XS WKURXJKRXW WKH \HDU WR FRPPHPRUDWH WKLV HYHQW VKRXOG EH PDUNHG E\ DXVWHULW\ UDWKHU WKDQ FHOHEUDWLRQV 5HJDUGLQJ WKH 35( 6WXG %RRN FHQWHQQLDO , EHOLHYH WKDW ZH VKRXOG DOO FRQJUDWXODWH RXUVHOYHV IRU ZKDW WKLV UHSUHVHQWV :H VKRXOG EH SURXG WR KDYH RQH RI WKH ROGHVW HTXHVWULDQ VWXG ERRNV LQ WKH ZRUOG ZLWK WKH ILUVW UHJLVWUDWLRQV GDWLQJ EDFN WR WR FRQWLQXH XQLQWHUUXSWHGO\ XQWLO QRZ 7KH 6WXG %RRN LV WKH RQO\ RIILFLDO UHJLVWHU IRU WKH EUHHG LQ WKH HQWLUH ZRUOG 6LQFH LW KDV EHHQ KDQGOHG E\ $1&&( E\ DSSRLQWPHQW RI WKH *RYHUQPHQW RI 6SDLQ WKURXJK WKH 0LQLVWU\ RI $JULFXOWXUH )RRG DQG WKH (QYLURQPHQW +HQFH IRU ILYH \HDUV ZH KDYH WDNHQ RQ WKH UHVSRQVLELOLW\ WKDW &ULD &DEDOODU SHUIRUPHG IRU WKH SUHYLRXV \HDUV FKDUDFWHUL]HG HIIRUWV WKDW ZH VKRXOG DOO EH WKDQNIXO IRU 2XU FKDOOHQJH WKHUHIRUH LV WR PHHW WKH FLUFXPVWDQFHV DQG FRQWLQXH ZLWK WKH WDVNV WKDW KDYH EHHQ ZHOO GRQH IRU DOPRVW D FHQWXU\ , VLQFHUHO\ EHOLHYH WKDW ZH DUH DFKLHYLQJ WKLV REMHFWLYH 7RGD\ WKH 6WXG %RRN DV WKH (TXLQH ,GHQWLIL FDWLRQ 'RFXPHQWV (,' LVVXLQJ
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xRO ZLOO GHGLFDWH VLJ QLILFDQW VSDFH WR LQIRUPDWLRQ DERXW DOO DVSHFWV RI WKH WK $1&&( $QQLYHUVDU\ DQG WKH 6WXG %RRN FHQWHQQLDO²VHH WKH SUHVHQWDWLRQ RI WKH FRPPHPRUDWLYH ORJRV LQ WKLV LVVXH $OVR WKHVH HYHQWV ZLOO EH SUHIHUHQWLDO WRSLFV LQ RWKHU PHDQV RI FRPPXQLFDWLRQ ZLWK WKH EUHHGHUV VXFK DV WKH ZHE VLWH DQG WKH SHUVRQ DOL]HG QHZVOHWWHUV -DYLHU &RQGH &HUUDWR
(O &DEDOOR (VSDxRO
sum M A RY
/(77(5 )520 7+( 35(6,'(17 /(77(56 72 7+( (',725 1(:6 ,17(59,(:
67(3+(1 &/$5.( ,QPDFXODGD 5RGUtJXH]
5(3257
(50,7$f2 ,,, ),567 (/,7( %5((',1* 672&. 0DUtD 6iH] GH 3URSLRV
$1&&( 5(32576 35( +,6725<
5(&29(5,1* (48,1( %5((',1* )2//2:,1* 7+( 63$1,6+ :$5 2) ,1'(3(1'(1&( ,
-XDQ &DUORV $OWDPLUDQR
'5(66$*(
7+( )2580
-8'*(6 6+$5( 7+(,5 23,1,21 -RVp $ )GH] /LQHURV (48,1( +20(23$7+< $OEHUWR $ELWERO 7+( ´+2:µ $1' ´:+<µ 2) )((',1* <281*67(56 72 *,9( 7+(0 7+( %(67 3266,%/( 67$57 ,1 /,)( 3$57 -RKDQQD 6SHWV
'$,/< 9(7(5,1$5< 35$&7,&(
$662&,$7,216 ,17(51$7,21$/ $662&,$7,216 7+( /,%5$5< &203(7,7,216 &$/(1'$5 /,67 2) $1&&( %5(('(56
6&,17,*5$3+< 'DYLG $UJ HOOHV 0LJXHO 9DOGpV \ (GXDUG *DVFyQ
(/ &$%$//2 (63$f2/ 7KH 35( PDJD]LQH VLQFH
(GLWHG E\ $VRFLDFLyQ 1DFLRQDO GH &ULDGRUHV GH &DEDOORV GH 3XUD 5D]D (VSDxROD $1&&(
&RUWLMR GH &XDUWR 9LHMR
6(9,//$ 7HOHSKRQH )D[ ZZZ DQFFH FRP (GLWRU LQ &KLHI -DYLHU &RQGH &HUUDWR (GLWRULDO &RPPLWWHH $1&&( &RPPXQLFDWLRQ &RPPLVVLRQ (GLWRU ,QPDFXODGD 5RGUtJXH] SUHQVD#DQFFH FRP 3XEOLFLW\ $OHMDQGUR 6iQFKH] FRPHUFLDO#DQFFH FRP 3KRWRV &DUORV 1~xH] 'LUN &DUHPDQV DQG )HOLSH $OPDUFKD 'HVLJQ DQG 6HW XS (GLWRULDO 0DUDWDQLD ZZZ PDUDWDQLD HV PDUDWDQLD#PDUDWDQLD HV 7UDQVODWLRQV <UHYD $UREHG 6 / WUDGXFFLRQHV#\UHYDDUREHG FRP 3KRWR PHFKDQLFV DQG 3ULQWLQJ - GH +DUR $UWHV *UiILFDV 6 / ZZZ MGHKDUR FRP MGHKDUR#MGHKDUR FRP ,661 /HJDO 5HJLVWUDWLRQ &RGH 6( $OO ULJKWV UHVHUYHG 1R SDUW RI WKLV PDJD]LQH LQFOXGLQJ LWV FRQWHQWV WH[WV JUDSKLFV DQG SKRWRJUDSKV ZKHWKHU LQ (QJOLVK RU 6SDQLVK PD\ EH UHSURGXFHG E\ DQ\ PHDQV ZLWKRXW VSHFLILF ZULWWHQ SHUPLVVLRQ IURP WKH SXEOLVKHUV (O &DEDOOR (VSDxRO LV QRW UHVSRQVLEOH IRU WKH RSLQLRQV H[SUHVVHG E\ LWV FROODERUDWRUV LQ WKH DUWLFOHV SXEOLVKHG
&RYHU 3DJH )HUPtQ %RKyUTXH] (VFULEDQR 6WXG )DUP 3KRWR &DUORV 1~xH] RWR 5DIDHO /HPRV
$1&&(
ZZZ DQFFH FRP
LETTERS TO THE EDITOR
yW d d/KE^ K& Z Z :KHQ WKH FULVLV QRW RQO\ HFRQRPLF EXW D YDOXH FULVLV LQYDGHV XV ZKHQ ZH DUH EHLQJ GHYRXUHG E\ D VHOILVK VRFLHW\ ODFNLQJ LQ SULQFLSOHV DQG YDOXHV ZKHUH KRQRU KRQHVW\ DQG RQH¶V ZRUG DSSHDU WR KDYH GLVDSSHDUHG IURP :HEVWHU¶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³3HGUR WKLV LV WKH NQHH RI WKH 6SDQLVK +RUVH WKDW PXVW QRW EH ORVW :RXOG \RX ORDQ KLP WR PH IRU WKH 5R\DO 6FKRRO"´ )URP WKDW VDPH LQVWDQW , WROG KLP WKDW KH FRXOG FRXQW RQ KLP EXW XQGHU RQH FRQGLWLRQ LI WKH KRUVH ZHQW WR WKH 5R\DO 6FKRRO KH KDG WR EH LWV WXWRU DQG WKDW LV ZKHUH WKH VWRU\ RI 1XYRODUL EHJLQV ³1XYR ´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
$1&&(
3HGUR &DVDOV ULGLQJ 1XYRODUL
, KDYH QRW RQO\ VHHQ WKH GHEXW RI 1XYRODUL EXW UDWKHU , KDYH ULGGHQ KLP HQMR\HG KLP DW WKH 6FKRRO IDFLOLWLHV DQG ZKDW LV PRUH WKH\ KDYH JLYHQ PH VRPH KLJK OHYHO ULGLQJ OHVVRQV 7KLV VXUSULVLQJ VWRU\ JRHV HYHQ IXUWKHU VLQFH , KDYH VSHQW WKUHH GD\V DW WKH 6FKRRO ZKHUH , KDYH ULGGHQ DOO NLQGV RI 6SDQLVK +RUVHV²IURP WKH PRVW YDOXDEOH VFKRRO PDVWHUV VXFK DV )LOHPyQ WR WKH KRUVHV XVHG LQ WKH VKRZ , KDYH UHFHLYHG OHVVRQV IURP %DXWLVWD -RVp 0ROLQD -XDQ 5XELR )HUQDQGR $UL]D ZKR FXUUHQWO\ ULGHV 1XYRODUL DOO H[FHOOHQW SURIHVVLRQDOV LQ DGGLWLRQ WR EHLQJ ZDUP DV SHRSOH DQG RI FRXUVH ,JQDFLR 5DPEOD IRU ZKRP , KROG JUHDW DGPLUDWLRQ DV D SHUVRQ DQG D ULGHU , PXVW QRW RYHUORRN 5RFtR ZLWKRXW KHU KHOS , ZRXOG KDYH QHYHU KDG DOO WKH SKRWRJUDSKV
, ZLOO DOZD\V EH JUDWHIXO IRU WKH ZRUN SHUIRUPHG DQG WKH XQIRUJHW WDEOH PRPHQWV WKHVH PDJQLILFHQW SURIHVVLRQDOV KDYH JLYHQ PH LQ WKHVH WKUHH GD\V $Q HQWKXVLDVW ZLWK WKH H[SHFWDWLRQ RI OHDUQLQJ PRUH HYHU\ GD\ 3HGUR &DVDOV Ã&#x2C6;YLOD /E Z ^WKE^ dK DZÍ&#x2DC; ZK Z/'K E/ dK 7KH UHDVRQ IRU WKLV OHWWHU LV QRQH RWKHU WKDQ WR VWDWH P\ GLVDJUHHPHQW ZLWK WKH GHFODUDWLRQV IRUPXODWHG E\ 0U 5RGULJR 1LHWR SXEOLVKHG LQ WKLV VDPH VHFWLRQ LQ LVVXH RI WKH PDJD]LQH ZKHUH KH UHIHUUHG WR WKH ³ZRXOG EH´ XQIDLU FRPSHWLWLRQ RQ EHKDOI RI WKH 0LQLVWU\ RI 'HIHQVH ZKHQ WKH\ DXFWLRQHG WKHLU KRUVHV LQ KLV RSLQLRQ DW PHDW SULFHV
ZZZ DQFFH FRP
0DUHV DQG IRDOV RZQHG E\ WKH 0LOLWDU\ 6WXG )DUP
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
3KRWR &DUORV 1~xH]
LQGLFDWHG WKLV LV WKH PDUNHW DQG WKH PDUNHW LQ JHQHUDO LV LQ FULVLV DQG WKLV KDV XQIRUWXQDWHO\ DIIHFWHG HYHU\RQH DQG D ORW ERWK WKH 35( +RUVH DQG DOO RWKHU SURIHVVLRQDO DFWLYLWLHV 2U DUH \RX VWLOO EXLOGLQJ DQG VHOOLQJ KRXVHV DW WKH VDPH SULFH DV EHIRUH" 'RQ¶W \RX ILQG WKH IRUPHU SULFHV RI WKHVH EXLOGLQJV H[RUELWDQW ZKHQ WKH\ DUH FXUUHQWO\ ZRUWK OHVV WKDQ KDOI" , KRSH \RX DFFHSW P\ QRQ FRQIRUPLW\ ZLWK \RXU GHFODUDWLRQV DQG , DSRORJL]H LQ DGYDQFH LI IRU DQ\ UHDVRQ WKLV KDV RIIHQGHG \RX EXW 0U 1LHWR , ZRXOG OLNH \RX WR EHOLHYH PH ZKHQ , VD\ WKDW \RX DUH FRQIXVLQJ \RXU ZRUGV ZKHQ \RX GHFODUH WKDW WKH REMHFWLYH RI WKH 0LQLVWU\ RI 'HIHQVH LV WR GHFHLYH DQG WR GURZQHG EUHHGHUV RXW QRWKLQJ FRXOG EH IXUWKHU IURP WKH WUXWK (PLOLR &DUR
(O &DEDOOR (VSDxRO
dK >> E D D Z^͗ KE͛d > d d, D Wh>> d, &> Ks Z zKhZ z ^͊͊ , ZRXOG OLNH WR FRPPHQW WKDW , DP DQ $1&&( HQWKXVLDVW DQG DOZD\V ZLOO EH 7KH ZRUVW WKLQJ WKDW FRXOG KDSSHQ WR WKH 35( ZRXOG EH IRU LW QRW WR KDYH EHHQ SURWHFWHG E\ $1&&( E\ LWV SKLORVRSK\ VLQFH WKDW , UHPHPEHU DVLGH IURP WKH LQWHUQDO FRQIDEXODWLRQV WKDW RFFXU LQ DOO DVVRFLDWLRQV )URP P\ VWDQGSRLQW DQ\RQH ZKR FUHDWHV SDUDOOHO RUJDQL]DWLRQV DQG IDLOV WR XVH WKH EDOORW ER[ KDV QR IXWXUH 3HRSOH DUH EHLQJ XVHG HLWKHU E\ FRHUFLRQ SUHVVXUH RU E\ RIIHULQJ IDOVH H[SHFWDWLRQV :LWK WKH SDVVLQJ RI WLPH WKHVH SDUDOOHO DVVRFLDWLRQV ZLOO EH FRUUXSWHG FUHDWLQJ EDG IHHOLQJ DPRQJ WKH PHPEHUV ZKR ZLOO UHWXUQ WR WKHLU RULJLQV RU ZLOO OHDYH UHPDLQLQJ RXWVLGH RI DQ\ RUJDQL]DWLRQ
$1&&(
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
FDXVHG LQFRQYHQLHQFLQJ EUHHGHUV DQG OHDGLQJ WR WKH FXUUHQW VFKLVP $1&&( RQ RFFDVLRQV KDV IDLOHG WR UHFRJQL]H WKH HIIRUWV RI EUHHGHUV DQG WKH UHJLRQDO DVVRFLDWLRQV²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
ZZZ DQFFH FRP
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« ,W KDV EHHQ FRPPHQWHG WKDW WKHUH DUH FXPXODWLYH EHQHILWV WRWDOLQJ PRUH WKDQ ¼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²DFFRUGLQJ WR WKHP²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³WKH EHVW GH IHQVH LV D JRRG DWWDFN ´ 7KLV LV \RXU PRPHQW 7KH RSLQLRQV , H[SUHVV ZLOO SRV VLEO\ QRW EH ZHOO UHFHLYHG E\ VRPH EXW WKH\ DUH P\ RSLQLRQV , DP H[ SUHVVLRQ WKHVH RSLQLRQ EHFDXVH LW LV P\ ULJKW DQG , GR VR ZLWK P\ EHVW LQWHQWLRQV RI FRXUVH ZLWK QR LQWHQ WLRQ RI KDUPLQJ DQ\RQH , EHOLHYH WKDW WKH WLPH KDV FRPH WR PHGLWDWH DQG WR DFW $OVR , DP PRYHG E\ WKH ORYH , KROG IRU WKLV EHDXWLIXO DQLPDO WKDW KDV KHOSHG PH VR PXFK DQG LQ WKH HQG LW EHFRPHV WKH PDLQ ORVHU -XDQ $QWRQLR (VStQ -LPpQH]
'LDORJXH EULQJV XV FORVHU WR RQH DQRWKHU DQG HQULFKHV XV ([SHULHQFHV VWRULHV FRQVXOWDWLRQV DQG RSLQLRQV IURP DOO ZKR VXSSRUW WKH 3XUHEUHG 6SDQLVK +RUVH DUH JRRG IRU XV DQG DUH LQWHUHVWLQJ WR HYHU\RQH 7KH PDJD]LQH ³(O &DEDOOR (VSDxRO´ WUXVWV WKDW WKLV VHFWLRQ ³/HWWHUV WR WKH (GLWRU´ ZLOO EH DQ LQWHUHVWLQJ DQG XVHIXO PHDQV RI FRPPXQLFDWLRQ ZLWK LWV UHDGHUV 7KH OHWWHUV WR WKLV VHFWLRQ PXVW EH VLJQHG ZLWK QDPH VXUQDPH V ,' DQG WHOHSKRQH QXPEHU DQG PXVW QRW H[FHHG ZRUGV 6HQG \RXU OHWWHUV IRU SXEOLFDWLRQ WR Â&#x2021; 3RVWDO DGGUHVV 5HYLVWD ³(O &DEDOOR (VSDxRO´ $1&&( &RUWLMR GH &XDUWR 9LHMR %HOODYLVWD 6HYLOOD 6SDLQ (VSDxD
Â&#x2021; 2U E\ H PDLO WR SUHQVD#DQFFH FRP
(O &DEDOOR (VSDxRO
NEWS 21( +81'5(' <($56 2) (48(675,$1 2/<03,&6 $7 /21'21
$XJXVW 6KRZ MXPSLQJ 4XDOLILHU LQGLYLGXDO 5RXQG WHDPV $XJXVW 6KRZ MXPSLQJ 4XDOLILHU LQGLYLGXDO 5RXQG WHDPV ILQDO WHDPV $XJXVW 'UHVVDJH *UDQG 3UL[ 6SHFLDO EHVW WHDPV DQG EHVW LQGLYLGXDOV 4XDOLILHU LQGLYLGXDO ILQDO WHDPV $XJXVW 6KRZ MXPSLQJ )LQDO LQGLYLGXDO URXQGV
$XJXVW 'UHVVDJH )LQDO LQGLYLGXDO )UHH VW\OH $XJXVW 2O\PSLF *DPHV &ORVLQJ &HUHPRQ\
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³:H FDQ FHOHEUDWH WKLV DQQLYHUVDU\ DV WKH WLFNHW VDOHV KDYH FRQILUPHG WKDW WKLV VSRUW FRQFXUV ZLWK RWKHU SRSXODU VSRUWV LQ WHUPV RI ILOOLQJ UDWHV RI VWDGLXPV DQG DUHQDV 1RZ WKH JRDO LV WR SURPRWH HTXHVWULDQLVP DQG WKH IHGHUDWLRQ LQ WKH IXWXUH WR EH DEOH WR H[SHULHQFH DQRWKHU RQH KXQGUHG \HDUV RI HTXHVWULDQ VSRUW DW WKH 2O\PSLFV ´ VKH H[SODLQHG (TXHVWULDQ 3URJUDP -XO\ 2O\PSLF *DPHV 2SHQLQJ &HUHPRQ\ -XO\ (YHQWLQJ 'UHVVDJH LQGLYLGXDO WHDPV -XO\ (YHQWLQJ 'UHVVDJH LQGLYLGXDO WHDPV -XO\ (YHQWLQJ ± &URVV FRXQWU\ LQGLYLGXDO WHDPV -XO\ (YHQWLQJ -XPSLQJ VW URXQG TXDOLILHU LQGLYLGXDO ILQDO WHDPV QG URXQG ILQDO LQGLYLGXDO $XJXVW 'UHVVDJH *UDQG 3UL[ VW TXDOLILHU LQGLYLGXDO WHDPV $XJXVW 'UHVVDJH *UDQG 3UL[ VW TXDOLILHU LQGLYLGXDO WHDPV $XJXVW 6KRZ MXPSLQJ ± 4XDOLILHU IRU URXQG
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
(O &DEDOOR (VSDxRO
*(1(5$/ $66(0%/< 2) 7+( 63$1,6+ 52<$/ (48(675,$1 )('(5$7,21
7+( 5)+( 68&&(66)8//< &21&/8'(' 7+( ),567 '5(66$*( 75$,1(56 6<0326,80 5RV½Q )UDGHUD *ROG 0HGDO IURP WKH 5)+(
7KH 2UGLQDU\ *HQHUDO $VVHPEO\ RI WKH 6SDQLVK 5R\DO (TXHVWULDQ )HGHUDWLRQ WRRN SODFH LQ )HEUX DU\ DW WKH 2O\PSLF &RPPLWWHH RIILFH LQ 0DGULG )RUW\ VL[ SHRSOH DWWHQGHG WKH PHHWLQJ UHSUHVHQW LQJ DOO DUHDV RI HTXHVWULDQ VSRUW $ QXPEHU RI VLJQLILFDQW DJUHHPHQWV ZHUH DGRSWHG LQFOXGLQJ WKH )HGHUDWLRQ %XGJHW IRU DQG WKH 2IILFLDO &RP SHWLWLRQ &DOHQGDU :LWK UHJDUGV WR WKH 5)+( %XGJHW² DSSURYHG E\ YRWHV LQ IDYRU²D WRWDO RI PLOOLRQ HXURV ZDV HVWDEOLVKHG ZKLFK DFFRXQWV IRU D DGMXVWPHQW RYHU WKH SUHYLRXV \HDU 7KH 2IILFLDO &RPSHWLWLRQ &DOHQGDU PDLQWDLQV DQG HYHQ LQFUHDVHV WKH QXPEHU RI FRPSHWLWLRQ ZLWK WKH FRQFHVVLRQ RI WKH 6SDQLVK &KDPSLRQVKLSV IRU WKH YDULRXV GLVFLSOLQHV DQG FDWHJRULHV EHLQJ QRWHZRUWK\
7KH 6SDQLVK 5R\DO (TXHVWULDQ )HGHUDWLRQ 5)+( VXFFHVVIXOO\ FRQFOXGHG WKH )LUVW 'UHVVDJH 7UDLQHUV¶ 6\PSRVLXP KHOG LQ -DQXDU\ DW WKH 6SDQLVK 2O\PSLF &RPPLWWHH RIILFH LQ 0DGULG 0RUH WKDQ HTXHVWULDQ HQWKXVLDVWV DQG SURIHVVLRQDOV ZHUH RQ KDQG WRJHWKHU ZLWK D QXPEHU RI H[SHUWV RQ WKH VXEMHFW ZKR FRQWULEXWHG WKHLU NQRZOHGJH LQ GLYHUVH ILHOGV 7KH V\PSRVLXP VHUYHG DV WKH EDFNGURS IRU WKH SUHVHQWDWLRQ RI WKH 5)+( *ROG 0HGDO WR 5RVtQ )UDGHUD SUHVLGHQW RI WKH 'UHVVDJH &RPPLVVLRQ IRU KHU SURIHVVLRQDO FDUHHU 6XEMHFWV GLUHFWO\ UHODWHG WR WKH YDULRXV DVSHFWV RI 'UHVVDJH ZHUH FRYHUHG LQFOXGLQJ WUDLQLQJ KRUVHV DQG ULGHUV WKH LPSRUWDQFH RI WUDLQLQJ WKH KHDOWK DQG FDUH RI KLJK SHUIRUPDQFH GUHVVDJH KRUVHV SV\FKRORJLFDO IDFWRUV WKDW LQIOXHQFH WKH SHUIRUPDQFH RI WKH ULGHUV DQG HTXLQH ELRPHFKDQLFV
2ELWXDU\
2Q EHKDOI RI $1&&( DQG IURP WKLV SODWIRUP ZH ZRXOG OLNH WR H[SUHVV RXU GHHSHVW V\PSDWK\ IRU WKRVH IDPLOLHV OLQNHG WR WKH HTXHVWULDQ ZRUOG ZKR KDYH UHFHQWO\ VXIIHUHG
WKH ORVV RI D ORYHG RQH (YHU\RQH LQ WKH $VVRFLDWLRQ ZRXOG OLNH WR RIIHU \RX RXU FRQGROHQFHV VXSSRUW DQG VWUHQJWK DW WKLV WLPH RI VDGQHVV DQG PRXUQLQJ
5HVW LQ SHDFH -RVp 0DUtD -DUDTXHPDGD IURP *DQDGHUtD 0DUTXpV GH /RUHQ]DQD \ +QRV (VWHEDQ %RVFK IURP <HJXDGD &DQ %RDGD
$1&&(
ZZZ DQFFH FRP
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
(O &DEDOOR (VSDxRO
INTERVIEW
67(3+(1 &/$5.(
, t ^ WZ/s/> ' dK K&&/ / d &/s tKZ> hW^͕ d,Z hZKW E , DW/KE^,/W^ E d,Z tKZ> Yh ^dZ/ E ' D ^͘ >KE KE ϮϬϭϮ t/>> ,/^ ^ KE K>zDW/ ' D ^
$1&&(
ZZZ DQFFH FRP
2O\PSLF 6WDGLXP LQ /RQGRQ IRU HTXHVWULDQ VSRUWV
35(6,'(17 2) 7+( '5(66$*( -8'*(6 $7 7+( /21'21 2/<03,&6 7UDLQHU ULGHU DQG RI¿FLDO )(, 'UHVVDJH MXGJH 6WHSKHQ &ODUNH KDV EHHQ DSSRLQWHG 3UHVLGHQW RI WKH -XGJHV DW WKH /RQGRQ 2O\PSLFV 7KLV UHQRZQHG %ULWLVK MXGJH URGH DW LQWHUQDWLRQDO OHYHO LQ WKH µ V DQG µ V FROOHFWLQJ ¿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tJXH] 3KRWRV 'LUN &DUHPDQV
6WHSKHQ &ODUNH KDV KDG WKH SULYLOHJH RI RIILFLDWLQJ ILYH :RUOG &XSV WKUHH (XURSHDQ &KDPSLRQVKLSV DQG WKUHH :RUOG (TXHVWULDQ *DPHV /RQGRQ ZLOO EH KLV VHFRQG 2O\PSLF *DPHV 6WHSKHQ SOHDVH H[SODLQ EULHIO\ KRZ WKH MXGJLQJ DW DQ LQWHUQDWLRQDO FRPSHWLWLRQ FXUUHQWO\ ZRUNV 9HU\ GLIILFXOW WR PDNH WKLV EULHI DV WKHUH DUH D P\ULDG RI UHVSRQVLELOLWLHV WR EH WDNHQ LQWR DFFRXQW ,Q D µQXWVKHOO¶ WKH MXGJHV HYDOXDWH DQG VFRUH HDFK HOHPHQW RI WKH WHVW DQG JLYH FRUUHVSRQGLQJ FROOHFWLYH PDUNV DW WKH FRQFOXVLRQ RI WKH WHVW 7KHVH VFRUHV DUH WRWDOHG DQG WUDQVODWHG LQWR D SHUFHQWDJH VFRUH 7KLV LV HDVLO\ XQGHUVWDQGDEOH WR WKH VSHFWDWRUV (DFK RI WKH MXGJHV VFRUHV DUH DGGHG WRJHWKHU DQG WKHQ DYHUDJHG LQWR WKH ILQDO SHUFHQWDJH
7KH FRPSHWLWRU WHDP ZLWK WKH KLJKHVW SHUFHQWDJH ZLQV +RZ DUH \RX DSSURDFKLQJ WKLV DSSRLQWPHQW ZKLFK LV VR IXOO RI UHVSRQVLELOLWLHV" :LWK JUHDW H[FLWHPHQW , DP KRSLQJ WKDW ZH ZLOO VHH VXSHUE GUHVVDJH WKDW ZLOO WRXFK WKH KHDUWV RI WKH SXEOLF $ORQJ ZLWK P\ VL[ FROOHDJXHV P\ ELJJHVW UHVSRQVLELOLW\ LV WR JLYH D IDLU DQG FRUUHFW HYDOXDWLRQ RI HDFK DQG HYHU\ PRYHPHQW RI HYHU\ ULGHU¶V WHVW ,I ZH FDQ PDQDJH WKLV QRW HDV\ WR GR ZLWKRXW PLVWDNHV«ZH DUH KXPDQ WRR WKHQ WKH FRUUHFW SODFLQJ RI ERWK WHDPV DQG LQGLYLGXDOV ZLOO ILQG WKHPVHOYHV $V 3UHVLGHQW RI WKH *URXQG -XU\ P\ UHVSRQVLELOLW\ DOVR LQFOXGHV HQVXULQJ WKDW WKH FRPSHWLWLRQ UXQV VPRRWKO\ DQG DFFRUGLQJ WR WKH UXOHV
(O &DEDOOR (VSDxRO
´
7KH ILUVW WLPH , JDYH D WHQ IRU SLDIIH ZDV WR WKH PDJQLILFHQW 6SDQLVK +RUVH ,QYDVRU , UHPDLQ FRPSOHWHO\ LQ DZH RI WKH QRELOLW\ RI WKLV DULVWRFUDWLF EUHHG
$1&&(
,Q ZKDW GLUHFWLRQ LV GUHVVDJH GH YHORSLQJ" ,Q P\ RSLQLRQ ³RQZDUGV DQG XSZDUGV´ 7KURXJK HDFK GHFDGH ZH VHH D PDUNHG GHYHORSPHQW RI TXDOLW\ ERWK LQ WKH WUDLQLQJ RI WKH KRUVHV DQG WKH SURIHVVLRQDOLVP RI WKH ULGHUV LQ WKHLU SUHVHQWDWLRQ RI WKH WHVW :KHQ ZDV WKH ILUVW WLPH \RX MXGJHG D 3XUHEUHG 6SDQLVK +RUVH 35( DQG ZKDW GR \RX WKLQN DERXW WKLV EUHHG" 6RPH \HDUV DJR QRZ , WKLQN P\ ILUVW ³ELJ LPSUHVVLRQ´ ZDV 5DSKDHO 6RWR ZLWK ,QYDVRU :KDW DW ULGHU DQG LQFUHGLEOH VKRZPDQ $QG DV IRU WKH PDJQLILFHQW ,QYDVRU« WKLV , WKLQN ZDV WKH ILUVW WLPH , JDYH D WHQ IRU SLDIIH , UHPDLQ FRPSOHWHO\ LQ DZH RI WKH QRELOLW\ RI WKLV DULVWRFUDWLF EUHHG
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
ZZZ DQFFH FRP
REPORT
(50,7$f2 ,,,
),567 (/,7( %5((',1* 672&. 7H[W \ 3KRWRV 0DUtD 6iH] GH 3URSLRV
$ WUXH IDWKHU RI WKH EUHHG ZLWK FKLOGUHQ DQG JUDQGFKLOGUHQ
$1&&(
ZZZ DQFFH FRP
,Q VKH ZDV FRQYLQFHG WR PDNH (UPLWDxR D SDUW RI WKH V\QGLFDWLRQ SURMHFW RI &HQWUR /RV $UFRV WKH WLPH ZKHQ KLV RZQHUVKLS ZDV GLVWULEXWHG EHWZHHQ WKH EUHHGHUV $PDGRU $ORQVR <HJXDGD /RV $PDGRUHV &ULVWLQD %DTXHUR <HJXDGD /RV &RUUDOHV $QQD *DPD]R <HJXDGD /D (QFLQD -DLPH 0RUHQR &HQWUR /RV $UFRV $QWRQLR 3iUDPR DQG )LGHO 6iH] <HJXDGD $UUR\RPRQWH (UPLWDxR ,,, KDV LQDXJXUDWHG WKH /* 35( $1&&( UHJLVWHU IRU (OLWH %UHHGLQJ 6WRFN DW KLV \HDUV RI DJH +H LV WKH ILUVW 35( KRUVH WR KDYH DFKLHYHG WKH FDWHJRULHV RI ,PSURYHU %UHHGLQJ 6WRFN IRU 'UHV VDJH ,PSURYHU %UHHGLQJ 6WRFN IRU &RQIRUPDWLRQ $SWLWXGH DQG (OLWH %UHHGLQJ 6WRFN 7KH UHVXOWV RI WKH ODWHVW JHQHWLF DVVHVVPHQW FDUULHG RXW E\ WKH 0(5$*(0 5HVHDUFK *URXS ZLWKLQ WKH IUDPHZRUN RI WKH $1&&( %UHHGLQJ 3URJUDP WKLV KRUVH KDV DFKLHYHG D *OREDO *HQHWLF ,QGH[ **, IRU 'UHVVDJH RI DQG D **, IRU FRQIRUPDWLRQ DSWLWXGH RI ERWK ZLWK D UHSHDWDELOLW\ H[FHHGLQJ 7KLV GDWD UHSRUWV RQ WKH JOREDO FDSDFLW\ RI (UPLWDx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
,/^ Z Z E KtE Z^ > Z d ,/^ ^h ^^ (UPLWDxR ,,, RSHQHG WKH GRRUV RI 'UHVVDJH IRU WKH 6SDQLVK +RUVH DW D WLPH ZKHQ LW ZDV XQWKLQNDEOH +H KDV OHIW DQ LQGHOLEOH KRRI SULQW ZKLFK ZLWK WKH SDVVLQJ RI WLPH KLV GHVFHQGDQWV DUH HWHUQDOO\ UHQHZLQJ DQG FRQ VHFUDWLQJ 7RGD\ KLV EUHHGHU DQG KLV VL[ RZQHUV DUH FHO HEUDWLQJ WKLV ORQJ DZDLWHG QHZV RI KDYLQJ FRQWULEXWHG ZLWK WKHLU HQWKXVLDVP DQG HI IRUWV WR LPSURYH WKH EUHHG 1RZ ZH WUXO\ FDQ VD\ WKDW OLNH D JRRG KHUPLW (UPLWDxR FDQ HWHUQDOO\ OLYH LQ SHDFH KDUPRQ\ DQG DFFRPSDQLHG E\ KLV EHVW WURSK\ UHFRJ QLWLRQ DV ³(OLWH %UHHGLQJ 6WRFN ´ 7HVWV IRU WKH 35( ,PSURYHPHQW 3UR JUDP PDLQO\ IRU 'UHVVDJH 7KHVH VDPH GHVFHQGHQWV KDYH HQDEOHG KLP WR DFKLHYH WKHVH JHQHWLF FDWHJRULHV DV WKH\ KDYH DFKLHYHG WKH FDWHJRU\ RI <RXQJ 5HFRPPHQGHG %UHHGLQJ 6WRFN 0RUHRYHU KH KDV D ODUJH QXPEHU RI TXDOLILHG RIIVSULQJ 7KH JHQHWLF FDWHJRU\ DV (OLWH %UHHGLQJ 6WRFN FHUWLILHV WKDW (U PLWDxR ,,, LV D WUXH ³IDWKHU RI WKH EUHHG´ +H ZDV WKH ILUVW 35( WR HQWHU WKH 'UHVVDJH DUHQD DQG WR GD\ KLV RIIVSULQJ IROORZ LQ KLV KRRI SULQWV WKDQNV WR KLV HOHYDWHG JHQHW LF YDOXH , DP SURXG WR SD\ WULEXWH WR (UPLWDxR ,,, IRU KDYLQJ ZULWWHQ WKH
JROGHQ SDJH LQ 35( JHQHWLF KLVWR U\ DQG EHFDXVH VLQFH LQ ZKHQ P\ IDWKHU ZDV SDUW RI WKH V\QGLFD WLRQ SURMHFW ZLWK (UPLWDxR ,,, , KDYH EHHQ DEOH WR UHDOO\ OHDUQ WKH JHQHWLF YDOXH RI WKLV VWDOOLRQ LQ WKRVH DOPRVW RIIVSULQJ ERUQ RQ RXU VWXG IDUP DOO WKHP ZLWK RXU RZQ EUDQG 7KH VZHHWQHVV RI WKHLU ORRN WKH QRELOL W\ WKDW WKH\ VKRZ WKHLU EHDXW\ WKHLU HDVH RI OHDUQLQJ WKHLU FRPPLWPHQW DQG DERYH DOO WKHLU JUHDW KHDUW ZLWK D SUHGLVSRVLWLRQ IRU 'UHVVDJH DQG DQ XQFRPPRQ ZLOOLQJQHVV WR ZRUN DUH ZKDW FDXVH DQ\RQH ZKR WULHV DQ ³(U PLWDxR ´ WR EH FDSWLYDWHG IRUHYHU %UHG E\ 0 )HUQDQGD GH OD (V FDOHUD (UPLWDxR ,,, LV WKH VRQ RI *DQDGRU 9,,, DQG (UPLWDxD ,9 +LV PRWKHU LV RQH RI WKH PRVW LPSRUWDQW PDUHV LQ WKH EUHHG 6KH KDV SUR GXFHG RXWVWDQGLQJ RIIVSULQJ VXFK DV (UPLWDxR ,,, 1DGDGRUD 9,,, VKH LV WKH PRVW KRQRUHG 35( PDUH WR GDWH ZLWK VHYHQ JROG PHGDOV DW 6,&$% WZR 6SDQLVK 1DWLRQDO &KDPSLRQ VKLSV DW 6,&$% µ DQG µ \HDUV DW ZKLFK VKH ZDV DOVR 0RYHPHQW &KDPSLRQ DQG (UPLWDxR ,9 IXOO EURWKHU RI (UPLWDxR ,,, ZKR KDV ZRQ VHYHUDO PHGDOV DW 6,&$% LQ DG GLWLRQ WR KDYLQJ EHHQ )XQFWLRQDOLW\ &KDPSLRQ LQ WKH 6SDQLVK 1DWLRQDO &KDPSLRQVKLSV *DQDGRU 9,,, ZDV DQ RXWVWDQGLQJ KRUVH ZKR WUDQVPLW WHG KLV ZDON DQG FDQWHU DV ZHOO DV KLV FKDUDFWHU 0RYHPHQWV WKDW FDPH WR KLP IURP WKH JHQHWLF LQKHULWDQFH RI &pVDU DQG 0DOXVR IURP WKH 0LO LWDU\ 6WXG IDUP KRUVHV NQRZQ DQG IRXQGHUV RI WKH 35( ZKR KDYH HQ GRZHG WKHLU GHVFHQGDQWV ZLWK JRRG PRYHPHQW DQG DQ LQVWLQFWLYH SUHGLV SRVLWLRQ IRU 'UHVVDJH
(O &DEDOOR (VSDxRO
DJDLQVW &HQWUDO (XURSHDQ KRUVHV 7R EHDW WKHP ZDV UHYROXWLRQDU\ 7KH UHDFWLRQ RI WKH LQWHUQDWLRQDO MXGJHV ZDV DV LW KDV EHHQ WKURXJK RXW WKH ZKROH FDUHHU RI WKH 35( LQ 'UHVVDJH ULJKW XS WR WRGD\ GHFLVLYH 7KH\ EURNH WKH PROGV DQG KRZ 7RGD\ DOO ULGHUV KDYH 35(V LQ 'UHV VDJH EXW DW WKDW WLPH \RX KDG WR EH ULGLQJ D 6SDQLVK +RUVH DQG FRPSHW LQJ ZLWK KLP WR VHH WKH FRPPHQWV RI ULGHUV WUDLQHUV DQG VRPH MXGJ HV )RUWXQDWHO\ ZH NQHZ ZKHUH ZH ZDQWHG WR JR DQG KRZ WR GR LW
d, W d, dKt Z Z ^^ ' ,Q DW WKH DJH RI WKUHH KLV RZQHU DQG EUHHGHUV 0DQXHO 1RYD OHV U L S VHQW KLP WR WKH /ODYDQHUDV (TXHVWULDQ &OXE RI %DUFHORQD WR WUDLQLQJ DQG SDUWLFLSDWH L 7KLV ZDV WKH VWDUW SRLQW IRU 35( KRUVHV WR EH XVHG LQ 'UHVVDJH DQG WKH 0 )HU QDQGD GH OD (VFDOHUD VWXG IDUP EHFDPH D SLRQHHU LQ WKDW LPSRUWDQW DGYHQWXUH 0 )HUQDQGD GH OD (V FDOHUD UHPHPEHUV WKDW DW WKDW WLPH ³WKH\ ZHUH EHWWLQJ RQ WKH EUHHG DQG RQ ZKDW LQ WKH ORQJ WHUP ZRXOG EH WKH EHIRUH DQG DIWHU RI WKH 35( ´ 7KH LGHD ZDV WR FRQILUP ZKHWK HU WKH SRWHQWLDO WKDW (UPLWDxR ,,, VHHPHG WR KDYH IRU 'UHVVDJH FRXOG EH H[SUHVVHG LQ WKH DUHQDV ³$QG D \HDU ODWHU LW KDSSHQHG KH ZDV SUR FODLPHG IRU WKH ILUVW WLPH LQ 35( KLVWRU\ WKH ZLQQHU RI WKH 5R\ DO (TXHVWULDQ )HGHUDWLRQ RI 6SDLQ 3ULPDV &RPSHWLWLRQ DW WKH DJH RI DQG LQ DQG ¶ ´ $V /XLV /XFLR H[SODLQHG WKH $QQXDO 3ULPD &RPSHWLWLRQ ZDV DZDUGHG EDVHG RQ D UDQNLQJ ZKLFK
$1&&(
LQ WKH VW\OH RI WKH FXUUHQW $1&&( &XS ZDV RSHQ WR DOO \RXQJ KRUV HV WKDW ZHUH IRXU DQG ILYH \HDUV ROG ZKLFK SDUWLFLSDWHG LQ QDWLRQDO FRP SHWLWLRQV VSRQVRUHG E\ WKH 5)+( DQG ZKRVH ILQDOV ZHUH MXGJHG E\ ,QWHUQDWLRQDO -XGJHV IURP WKH ,Q WHUQDWLRQDO (TXHVWULDQ )HGHUDWLRQ )(, $QQXDO DZDUGV ZHUH HVWDE OLVKHG IRU WKH ILUVW VHFRQG DQG WKLUG EHVW \RXQJ KRUVHV RI HDFK RI WKHVH DJH JURXSV /XFLR UHPHPEHUV WKDW ³ZKDW ZDV LQWHUHVWLQJ ZDV WKDW WKH WHVWV ZHUH RSHQ DQG ZH FRPSHWHG
´
0 )HUQDQGD IRU WKH ILUVW WLPH LQ 35( KLVWRU\ KH ZDV WKH ZLQQHU RI WKH 5)+( 3ULPDV &RPSHWLWLRQ ZLWK D DQG \HDU ROG KRUVH LQ DQG ¶
,KZ^ K& </E'^ /XLV /XFLR DV WUDLQHU DQG ULGHU NQRZV (UPLWDxR ZHOO +H UHPHP EHUV WKDW ³KH ZDV DQ RXWVWDQGLQJ KRUVH VHULRXV H[SUHVVLYH DQG LQ WHOOLJHQW ,W LV DV LI LQ DGGLWLRQ WR D SULYLOHJHG FRQIRUPDWLRQ KH KDG LQKHULWHG WKH HGXFDWLRQ DQG NQRZ KRZ +H ZDV DQ RXWVWDQGLQJ VWXGHQW ´ 7KH IHHOLQJ ZKHQ ULGLQJ KLP ZD RI ³OHQJWK RI VWULGH LQ DOO KLV SDFHV IOXHQF\ DQG KDUPRQ\ 7KH OHQJWK DQG VWUXFWXUH RI KLV QHFN ZDV LPSUHVVLYH IURP WKH VDGGOH LW ZDV VSHFWDFXODU ,W ZDV UHDOO\ OLNH ULG LQJ D KRUVH RI NLQJV (UPLWDxR KDG D QDWXUDO OHQJWK RI VWULGH LQ DOO KLV SDFHV WKDW ZDV XQWLO WKHQ XQNQRZQ 7KDQNV WR KLV QDWXUDO KDUPRQ\ DQG WKH OHQJWK RI KLV QHFN KH ZDV DEOH WR PRYH ZLWK HQRUPRXV QLPEOH QHVV DQG DW WKH VDPH WLPH ZLWKRXW UXVKLQJ +LV FDQWHU ZDV YHU\ KLJK VWDQGDUG VWLOO GLIILFXOW WR EHDW QRZ 7KH TXDOLWLHV KH KDV FRQWULEXWHG WR KLV GHVFHQGDQW DUH FRXQWOHVV ³, KDYH EHHQ DEOH WR WUDLQ DQG REVHUYH PDQ\ RIIVSULQJ RI (UPLWDxR LQ WKH JUHDW PDMRULW\ RI WKHP KH KDV OHIW KLV PDUN RQ WKH IHDWXUHV RI WKHLU QDWXUDO EDODQFH WKHLU OHQJWK RI VWULGH DQG WKH PRELOLW\ RI WKHLU FDQWHU DORQJ ZLWK WKHLU HQRUPRXV FODVV +H PDUNHG D EHIRUH DQG DQ DIWHU LQ WKH WHVWV ZKHUH KH SDUWLFLSDWHG DQG KH KDV OHIW DQ HQRUPRXV DQG YDOXDEOH QXPEHU RI GHVFHQGDQWV ZKR XQGRXEWHGO\ ZLOO DFKLHYH JUHDW VXFFHVVHV LQ WKH 'UHV VDJH ZRUOG , IHHO YHU\ SURXG WR KDYH KDG WKH SULYLOHJH RI WUDLQLQJ KRUV HV ZLWK VXFK JUHDW TXDOLW\ :LWKRXW
ZZZ DQFFH FRP
-DLPH 0RUHQR DW &HQWUR /RV $UFRV ZLWK (UPLWDxR ZKHQ KH ZDV \HDUV ROG
D GRXEW KRUVHV OLNH (UPLWDxR PDNH EUHHGHUV $PDGRU $ORQVR <HJXDGD FHQWHU RSHQ WR WKH SXEOLF WKHUH DUH WKH ULGHU , DP YHU\ JUDWHIXO WR KLP /RV $PDGRUHV &ULVWLQD %DTXH PDQ\ VWXG IDUPV VLQFH WKDW UR <HJXDGD /RV &RUUDOHV $QQD KDYH FHUWLILHG WKH SURMHFW DQG KDYH IRU WKLV ´ *DPD]R <HJXDGD /D (QFLQD -DL EHQHILWHG IURP WKH YDOXDEOH JHQHW KhZ '/&d͕ ,/^ > ' z PH 0RUHQR &HQWUR /RV $UFRV LFV RI (UPLWDxR ,,, -RLQW RZQHUVKLS $IWHU KDUYHVWLQJ WKRVH LPSRUWDQW $QWRQLR 3iUDPR DQG )LGHO 6iH] E\ VL[ EUHHGHUV DQG KLV EHLQJ RSHQ WR DQ\ RWKHU LQWHUHVWHG EUHHGHU KDV FRPSHWLWLYH VXFFHVVHV (UPLWDxR UH <HJXDGD $UUR\RPRQWH 7KH &HQWUR /RV $UFRV V\QGLFDW DOORZHG LPSRUWDQW UHVXOWV DERXW KLV WXUQHG KRPH WR 0 )HUQDQGD GH OD (VFDOHUD LQ DQG VKH XVHG KLP HG LQLWLDWLYH FRQILGHG LQ (UPLWDxR JHQHWLF FDSDFLW\ ZLWK D JUHDW YDULHW\ IRU ILYH \HDUV DV D VLUH VWDOOLRQ DW KHU ,,, DV KH ZDV D 35( ZLWK SURYHQ JH RI OLQHV LQ WKH 35( WR EH REWDLQHG 7KRVH ZKR UHDOO\ NQRZ WKH OHJDF\ VWXG IDUP XQWLO LQ VKH ZDV QHWLFV ZLWK DSWLWXGHV IRU 'UHVVDJH FRQYLQFHG WR PDNH (UPLWDxR D SDUW DW WKDW WLPH VXFK DSWLWXGHV ZHUH XQ RI (UPLWDxR DUH WKH 'UHVVDJH DUH RI WKH V\QGLFDWLRQ SURMHFW RI &HQWUR WKLQNDEOH DV ZHOO DV KLV DELOLW\ WR QDV WKDW KDYH ZLWQHVVHG KLV YLFWRULHV /RV $UFRV WKH WLPH ZKHQ KLV RZQ WUDQVPLW VXFK DSWLWXWHV OLNH D WUXH DQG DUH WKRVH LQ ZKLFK WKH SUHV HUVKLS ZDV GLVWULEXWHG EHWZHHQ WKH VLUH VWDOOLRQ 7KDQNV WR WKLV SULYDWH HQFH RI ³(UPLWDxRV´ FRQWLQXHV WR
(O &DEDOOR (VSDxRO
>h/^ >h /KÍ&#x2022; dZ /E Z E Z/ Z K& ZD/d HK /// ³+RUVHV OLNH (UPLWDxR ,,, PDNH WKH ULGHU ´ H[SODLQV /X FLR ³(UPLWDxR ,,, EHFDPH WKH ILYH \HDU ROG WKDW KDV ZRQ PRUH 'UHVVDJH FRPSHWL WLRQV WKDQ DQ\ RWKHU KRUVH LQ 6SDLQ +H LV GLIILFXOW WR GH ILQH )DQWDVWLF SUHVHQFH DQG EHDXW\ H[WUDRUGLQDU\ FKDU DFWHU DQG SDFHV ZLWK WKH VWULFWHVW FRPSHWLWLRQ OLQHV 7KDW LV WR VD\ ORQJ VWULGLQJ ZDON FDGHQFHG ZHOO EDO DQFHG WURW DQG D PDJQLILFHQW ERXQF\ FDQWHU
EH VWDQGDUG +H KDV PDQ\ RXWVWDQG LQJ GHVFHQGDQWV 5HPHPEHU 'REOyQ 75 RZQHG E\ <HJXDGD 7UHPHG DO ZKR ZRQ WKH $1&&( 'UHVVDJH &83 DW 6,&$% DV D ILYH \HDU ROG DQG RQH \HDU ODWHU SDUWLFLSDWHG LQ WKH <RXQJ +RUVH :RUOG &KDPSL RQVKLSV" $OVR LQ KH ZDV WKH RQO\ VL[ \HDUV ROG 35( KRUVH MXGJHG DV ³([FHOOHQW´ LQ WKH )LQDO RI WKH 0$3$ <RXQJ +RUVH 6HOHFWLRQ 7HVWV 36&- :KHQ JHQHWLFDOO\ DVVHVVHG KH DFKLHYHG WKH JHQHWLF FDWHJRU\ RI <RXQJ 5HFRPPHQGHG %UHHGLQJ 6WRFN <HJXDGD /RV &RUUDOHV LV SURPRW LQJ WKH FRPSHWLWLYH FDUHHU RI VHYHUDO RIIVSULQJ RI (UPLWDxR ,,, *RWDUGR DW ILYH DQG VL[ \HDUV ROG ZDV MXGJHG DV ³9HU\ *RRG´ LQ WKH <RXQJ +RUVH 6HOHFWLRQ 7HVWV KH DFKLHYHG WKH FDWHJRU\ RI <RXQJ 5HFRPPHQG HG %UHHGLQJ 6WRFN IRU 'UHVVDJH LQ 7KLV VHDVRQ *XPLHO KDV PDGH KLV GHEXW LQ *UDQG 3UL[ DQG KDV PRQRSROL]HG WKH DWWHQWLRQ RI WKH QDWLRQDO WUDLQHU -HDQ %HPHO PDQV (UPLWDxR V JUDQGVRQV DUH DOVR DFKLHYLQJ LPSUHVVLYH VXFFHVV HV LQFOXGLQJ 0DQFKHJR $5% E\ *XPLHO RZQHG E\ <HJXDGD 6DQ
$1&&(
´
/XLV /XFLR KRUVHV OLNH (UPLWDxR ,,, PDNH WKHLU ULGHUV +H ZDV D KRUVH WKDW ZDV H[WUDRUGLQDU\ +H DOZD\V EHKDYHG OLNH DQ DGXOW VHULRXV H[SUHVVLYH DQG LQWHOOLJHQW
$QWRQLR ZKR ZDV SURFODLPHG 5H VHUYH &KDPSLRQ RI 6SDLQ LQ &KDPSLRQ RI WKH $1&&( 'UHVVDJH &XS LQ DQG KH DFKLHYHG WKH FDWHJRU\ RI <RXQJ 5HFRPPHQG HG %UHHGLQJ 6WRFN IRU 'UHVVDJH LQ LQ DGGLWLRQ WR TXDOLI\LQJ IRU WKH <RXQJ +RUVH 'UHVVDJH :RUOG &KDPSLRQVKLSV LQ 9HUGHQ *HUPDQ\ %pWLFR /RV $UFRV RZQHG E\ /RV $UFRV DQG &DULxRVR /;9, RZQHG E\ $UUR\RPRQWH ZHUH WKH RQO\ WZR IRXU \HDU ROG 35(V WKDW LQ
ZHUH MXGJHG DV ³([FHOOHQW´ LQ WKH )LQDO RI WKH 0$3$ <RXQJ +RUVH 'UHVVDJH &LUFXLW 7KH\ DFKLHYHG WKH JHQHWLF FDWHJRU\ RI <RXQJ 5HF RPPHQGHG %UHHGLQJ 6WRFN IRU 'UHVVDJH LQ $OVR %pWLFR ZDV 5HVHUYH &KDPSLRQ RI WKH $1&&( &XS ZKLOH &DULxRVR /; 9, ZDV WKDW VDPH \HDU &KDPSLRQ DW WKH )LQDO RI WKH &DVWLOOD \ /HyQ )HGHUDWLRQ &XS LQ DGGLWLRQ WR KDY LQJ EHHQ DPRQJ WKH ILQDOLVWV RI WKH DQG $1&&( &XSV 7KH UHYHODWLRQ RI ODVW VHDVRQ ZDV ,VOHxR 6)& RZQHG E\ $UUR\RPRQWH ZKR LQ ZDV SURFODLPHG 5HVHUYH &KDPSLRQ RI 6SDLQ LQ WKH $1& &( &XS IRU \HDU ROGV DQG 5HVHUYH &KDPSLRQ RI 6SDLQ LQ WKH 6SDQ LVK <RXQJ +RUVH &KDPSLRQVKLSV ZKHUH KH ZDV MXGJHG DV ³([FHOOHQW´ LQ WKH 36&- 7KHUH DUH DOVR IHPDOH UHSUH VHQWDWLYHV ZKR DUH WULXPSKDQW LQ FRPSHWLWLRQ VXFK DV ([SOpQGLGD ;9, RZQHG E\ /RV $UFRV 7KLV KRUVH ZRQ WKH %URQ]H DW WKH )LQDO RI WKH ¶ $1&&( &XS &RUDO ;;9 RZQHG E\ $UUR\RPRQWH ZKR KDV DFKLHYHG JUHDW UHVXOWV RQ WKH <RXQJ +RUVH &LUFXLW
ZZZ DQFFH FRP
(O &DEDOOR (VSDxRO
ANCCE REPORTS
$1&&(·6 7+ $11,9(56$5< $1' 7+( 35( 678' %22. &(17(11,$/ $1&&( WKH 1DWLRQDO 35( %UHHG HUV¶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
KDV FRQWLQXHG XQLQWHUUXSWHGO\ XQWLO QRZ 6LQFH $1&&( KDQGOHV WKH 35( 6WXG %RRN E\ DSSRLQWPHQW RI WKH JRYHUQPHQW RI 6SDLQ DV WKH RQO\ RIIL FLDO UHJLVWHU IRU WKH EUHHG LQ WKH ZRUOG 2QH RI WKH ILUVW VWHSV IRU WKH FRP PHPRUDWLRQ RI ERWK HYHQWV KDV EHHQ WKH FUHDWLRQ RI VSHFLILF FRUSRUDWH ORJRV WKDW DUH QRZ EHLQJ SUHVHQWHG %RWK GHVLJQV ZHUH FUHDWHG E\ -XDQ 0DQXHO 0DUtQ DQG $OHMDQGUR 6iQFKH] DW WKH $1&&( RIILFH DQG DUH VLPSOH OLQHV LQVSLUHG E\ WKH $VVRFLDWLRQ ORJR XVLQJ WKH VDPH FRORUV 7KURXJKRXW WKHVH ORJRV ZLOO EH XVHG RQ DOO $1&&( FRPPXQLFD WLRQV LQFOXGLQJ WKH ZHE VLWH H PDLO VWDWLRQHU\ DQG WKH PDJD]LQH ³(O &DEDO OR (VSDxRO´ DV ZHOO DV WKH SRVWHUV IRU FRQIRUPDWLRQ FRPSHWLWLRQV 6,&$% DQG RWKHU DFWLYLWLHV RUJDQL]HG E\ WKH $VVR FLDWLRQ /LNHZLVH WKH 35( 6WXG %RRN ZLOO XVH LWV ORJR RQ DOO LWV FRPPXQLFD WLRQV DQG DFWLYLWLHV
(O &DEDOOR (VSDxRO
8635($ ,6 7+( $1&&( 35( 678'%22. &2//$%25$7,1* 25*$1,=$7,21 ,1 1257+ $0(5,&$
-DYLHU &RQGH .LPEHUO\ YDQ .DPSHQ %R\HU
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¶V 0LQLVWU\ RI $JULFXOWXUH )RRG DQG WKH (QYLURQPHQW 7KH 8635( LV WKH RIILFLDO VWXGERRN UHSUHVHQWDWLYH LQ WKH 8QLWHG 6WDWHV IRU WKLV JURZLQJ SXUH 6SDQLVK EUHHG DQG ZLOO EH VKRZFDVLQJ PDQ\ XS DQG FRPLQJ \RXQJ KRUVHV DW WKH *OREDO 'UHVVDJH )HVWLYDO
$1&&(
7+,6 <($5·6 0(0%(56+,3 )(( ,6 )5(( 8321 6321625,1* 7:2 1(: 0(0%(56 7KLV 2IIHU &RQFOXGHV $SULO
7KH FDPSDLJQ UHFHQWO\ ODXQFKHG DW 6,&$% WR FHOHEUDWH $1&&(¶V WK DQQLYHUVDU\ WR LQWURGXFH QHZ PHPEHUV LV DZDNHQLQJ JUHDW LQWHUHVW DQG PRYLQJ YHU\ ZHOO ,I \RX SDUWLFLSDWH LQ WKLV LQLWLDWLYH ZKLFK ZLOO FRQWLQXH XQWLO WKH WK RI $SULO \RX FDQ VDYH RQ WKLV \HDU¶V PHPEHUVKLS IHH 7KH SURFHGXUH LV UHDOO\ HDV\ (DFK EUHHGHU ZKR LQWURGXFHV D QHZ PHPEHU WR $1&&( ZLOO UHFHLYH D GLVFRXQW RI RQ WKH PHPEHUVKLS IHH 8SRQ LQWURGXFLQJ WZR QHZ PHPEHUV WKH DQQXDO PHPEHUVKLS IHH ZLOO EH IUHH RI FKDUJH 6KRXOG DQ\RQH KDYH DOUHDG\ SDLG WKLV \HDU¶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¶V \HDUV RI VHUYLFH 7DNH DGYDQWDJH RI LW QRZ
ZZZ DQFFH FRP
:25.6+23 )25 &21)250$7,21 -8'*(6 72 67$1'$5',=( &5,7(5,$
0HQVDMHUD 5% IURP <HJXDGD 1REOH]D GHO 7RPLxR
+256(6 )25 6$/( 7+( )$925,7( 6(&7,21 21 7+( $1&&( :(% 6,7( :LWK DSSUR[LPDWHO\ KLWV LQ 7KH ³KRUVHV IRU VDOH´ VHF WLRQ RQ WKH $1&&( 1DWLRQDO 35( %UHHGHUV¶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¶ DUHD ZLWK WKH DFWXDO EUHHGHUV EHLQJ UHVSRQVLEOH IRU KDQ
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¶ $VVRFLDWLRQ RI 6SDLQ ZLWK D WRWDO RI MXGJHV ZDV GLYLG HG LQWR WZR VHVVLRQV 7KHUH ZDV WKH SUDFWLFDO VHVVLRQ LQ ZKLFK WKH MXGJHV VFRUHG KRUVHV LQGLYLG XDOO\² IRU IXQFWLRQDOLW\ IRU PRYHPHQW DQG IRU FRQIRUPD WLRQ²WR WKHQ DVVHVV WKH UHVXOWV WRJHWKHU DQG REWDLQ E\ PHDQV RI PRGHUDWRUV IRU WKLV RFFDVLRQ $OIRQVR GHO &DVWLOOR 9LUJLOLR )HUQi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
(O &DEDOOR (VSDxRO
.LQJ )HUGLQDQG 9,, RI 6SDLQ RQ KRUVHEDFN 3UDGR 0XVHXP 0DGULG
PRE HISTORY
$1&&(
ZZZ DQFFH FRP
5HFRYHULQJ HTXLQH EUHHGLQJ IROORZLQJ WKH 6SDQLVK :DU RI ,QGHSHQGHQFH , 7H[W -XDQ &DUORV $OWDPLUDQR
.LQJ )HUGLQDQG 9,, RI 6SDLQ WKH 'HVLUHG ZDV ERUQ LQ (O (VFRULDO 0DGULG RQ 2FWREHU +H ZDV WKH WKLUG VRQ RI &KDUOHV ,9 RI 6SDLQ DQG 0DUtD /XLVD RI 3DUPD ,Q KH PDUULHG KLV FRXVLQ 0DULD $QWRQLD IURP 1DSOHV KHLUHVV WR WKH WKURQH RI 1DSOHV %HWZHHQ DQG KH XQVXFFHVVIXOO\ OHG WKH VR FDOOHG &RQVSLUDF\ RI WKH (VFRULDO DJDLQVW 0DQXHO GH *RGR\ UR\DO IDYRULWH DQG 3ULPH 0LQLVWHU XQGHU &KDUOHV ,9 +H UHFHLYHG WKH &URZQ RI 6SDLQ IURP KLV IDWKHU RQ 0DUFK DIWHU WKH 0XWLQ\ RI $UDQMXH]
:LWK WKH H[SXOVLRQ RI -RVHSK %RQDSDUWH KH EHFDPH .LQJ RI 6SDLQ DOWKRXJK RQO\ EHWZHHQ 0DUFK DQG 0D\ RI WKDW \HDU :KLOH WKH 6SDQLVK :DU RI ,QGHSHQGHQFH ZDV RQ JRLQJ WKH &RQVWLWXWLRQ ZDV DSSURYHG LQ &DGL] DQG DFFHSWHG E\ )HUGLQDQG 9,, )RU WKLV UHDVRQ WKH 7UHDW\ RI 9DOHQo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
RQ WKH QHHG WR UHHVWDEOLVK WKH RUGLQDQFHV DQG DGGLWLRQDO RUGHUV LQ IRUFH EHIRUH EHFDXVH WKH\ FRQWLQXHG LQ WKH VDPH IUHHGRP HVWDEOLVKHG E\ WKH RUGLQDQFH RI /HJLVODWXUH RQ 0DUFK $IWHU OLVWHQLQJ WR WKH 6XSUHPH &RXQFLO RI :DU²WKH 9LFH SUHVLGHQW ZDV 3ULQFH &DUORV RI 6SDLQ &RXQW RI 0ROLQD ²WKH NLQJ UHFRJQL]HG WKH SRRU VWDWH RI HTXLQH EUHHGLQJ LQ YDULRXV DUHDV RI WKH FRXQWU\ DQG KH FRQVLGHUHG LW QHFHVVDU\ WR LVVXH D QHZ OLYHVWRFN RUGLQDQFH 7KLV ZDV GRQH DV TXLFNO\ DV SRVVLEOH LQ DQ HIIRUW WR DYRLG WKH ³KXPLOLDWLRQV´ EUHHGHUV KDG VXIIHUHG VLQFH WKH SXEOLFDWLRQ RI WKH 2UGLQDQFH GDWHG 6HSWHPEHU DQG LWV DGGLWLRQDO RUGHUV LQ DGGLWLRQ WR WKH QXPHURXV OLYHVWRFN UREEHULHV FDUULHG RXW E\ WKH LQYDGLQJ DUP\ DV ZHOO DV WKH 6SDQLVK JXHULOOD ILJKWHUV GXULQJ WKH ZDU 7KH SDUWLHV KDYLQJ EHHQ KHDUG DQG DW WKHLU UHTXHVW RQ WKH QG RI $SULO WKDW VDPH \HDU )HUGLQDQG 9,, SURSRVHG WKDW ³FRUSRUDWLRQV DQG LQWHOOLJHQW SHRSOH´ JLYH WKHLU YDULRXV RSLQLRQV ³RQ WKH PDWWHU DQG FDUHWDNHUV RI FRPPRQ JRRG ´ $IWHU FRQVXOWDWLRQV WKH FRQFOXVLRQ ZDV UHDFKHG WKDW LQ DGGLWLRQ WR HTXLQH EUHHGLQJ KDYLQJ GLPLQLVKHG WKHUH ZDV DOVR D SUREOHP ZLWK PXOH EUHHGLQJ IRU WZR UHDVRQV ILUVW EHFDXVH PXOHV ZHUH HVVHQWLDO IRU DJULFXOWXUH DQG VHFRQG EHFDXVH LW ZDV WKH ODWHVW IDVKLRQ IRU PXOHV WR GUDZ GHOX[H FDUULDJHV WKXV FDXVLQJ
(O &DEDOOR (VSDxRO
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
ZZZ DQFFH FRP
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
´
,Q IROORZLQJ WKH )UHQFK LQYDVLRQ &LW\ &RXQFLOV DQG EUHHGHUV DVNHG .LQJ )HUGLQDQG ,, IRU VROXWLRQV WR WKH FKDRWLF VWDWH RI HTXLQH VWRFN
0XQLW\ RI $UDQMXH]
(O &DEDOOR (VSDxRO
0DS RI $QGDOXVLD LQ E\ -DLOORW -XDQ 3DEOR 1DYDUUR &ROOHFWLRQ
0DUtD GH OD 7RUUH 7KH RUGHU ZDV GHFLVLYH ³$QG WR HIIHFW RI FRPSO\LQJ H[DFWO\ ZLWK WKH SURYLVLRQV RI WKLV 0DQGDWH , FRPPDQG WKDW IURP WKH WK GD\ RI WKH FXUUHQW PRQWK XQWLO WKH WK WKH HFRQRPLF DVVRFLDWLRQV DQG VRFLHWLHV JR WR WKH QRWDU\¶V RIILFH DW WKH 7RZQ +DOO WR GHFODUH WKH OX[XU\ OLYHVWRFN GUDIW RU SOHDVXUH PXOHV DV ZHOO DV WKH JHOGLQJV RU PDUHV WKDW DUH QRW EURRGPDUHV IURP IRUHLJQ FRXQWULHV WKH RQO\ H[FHSWLRQ EHLQJ KRUVH DQG PXOH OLYHVWRFN GHGLFDWHG LQ IXOO DQG H[FOXVLYHO\ WR DJULFXOWXUDO XVHV DQG RWKHU XVHV
$1&&(
ZZZ DQFFH FRP
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´ 7R EH FRQWLQXHG
6iQFKH] 0RQWHUR 5DIDHO )HUGLQDQG 9,, 0DGULG $UODQ]D 'tD] 3ODMD ) )HUGLQDQG 9,, HO PiV TXHULGR \ HO PiV RGLDGR GH ORV UH\HV HVSDxROHV )HUGLQDQG 9,, WKH PRVW ORYHG DQG PRVW KDWHG RI 6SDQLVK 0RQDUFKV %DUFHORQD 3ODQHWD $JRVWLQL 7KH VR FDOOHG ³0DQLILHVWR GH ORV 3HUVDV´ 3HUVLDQ 0DQLIHVW ZDV D GRFXPHQW VLJQHG LQ 0DGULG RQ $SULO E\ VHYHQW\ QLQH OHJLVODWRUV ZKR ZHUH OHG E\ %HUQDUGR 0R]R 5RVDOHV ZKLFK UHTXHVWHG .LQJ )HUGLQDQG 9,, WR UHWXUQ WR WKH SUHYLRXV OHJLVODWLRQ DQG DEROLWLRQ RI
WKH ODZV VHQW RXW E\ WKH &RXUWV RI &DGL] ZKHQ WKH .LQJ UHWXUQHG IURP H[LOH DQG ZDV LQ 9DOHQFLD 7KH PDQLIHVW WRRN WKH QDPH RI D TXRWH WKDW PDGH UHIHUHQFH WR DQFLHQW 3HUVLDQ FXVWRP RI KDYLQJ ILYH GD\V RI DQDUFK\ DIWHU WKH GHDWK RI WKH .LQJ 6iQFKH] $OPHLGD $ )HUGLQDQG 9,, HO GHVHDGR )HUGLQDQG 9,, 7KH 'HVLUHG 0DGULG $OGHEDUiQ -HUH] GH OD )URQWHUD $UFKLYH %XQGOH Q )LOH Q 3UHYLRXVO\ %XQGOH Q )LOH Q 5R\DO 2UGHU DQG ,QVWUXFWLRQ E\ )HUGLQDQG 9,, GDWHG 6HSWHPEHU 3ULQFH &DUORV 0DUtD ,VLGUR GH %RXUERQ &RXQW RI 0ROLQD VHFRQG VRQ RI &DUORV ,9 DQG 0DUtD /XLVD GH 3DUPD ZDV D SULVRQHU RI 1DSROHRQ LQ 9DOHQoD\ DORQJ ZLWK KLV EURWKHUV EHWZHHQ DQG 0XQLFLSDO $UFKLYHV %RRN RI 0LQXWHV RI WKH -HUH] &LW\ +DOO &KDSWHU GDWHG -XQH &LWHG LQ $OWDPLUDQR 0DFDUUyQ -& +LVWRU\ RI WKH &DUWKXVLDQ +RUVHV 0DODJD (GLFLRQHV (FXHVWUHV S -HUH] GH OD )URQWHUD $UFKLYH %XQGOH Q )LOH Q SUHYLRXVO\ %XQGOH Q )LOH Q 5R\DO 2UGHU VLJQHG E\ WKH 4XDUWHUPDVWHU *HQHUDO GDWHG 6HSWHPEHU
(O &DEDOOR (VSDxRO
DRESSAGE
-8'*(6 6+$5( 7+(,5 23,1,21 7H[W -RVp $ )GH] /LQHURV 3KRWRV )HOLSH $OPDUFKD
7KLV LVVXH RI (O &DEDOOR (VSDxRO RIIHUV DQ LQWHUYLHZ ZLWK HLJKW 'UHVVDJH MXGJHV ZKR VKDUH WKHLU H[WHQVLYH H[SHULHQFH LQ MXGJLQJ 3XUHEUHG 6SDQLVK +RUVHV 35( 7KH\ SURYLGH WKHLU RSLQLRQV DERXW WKH SUHVHQW DQG WKH IXWXUH RI WKH EUHHG DW ,QWHUQDWLRQDO FRPSHWLWLRQ 7KUHH RI WKHP DUH LQWHUQDWLRQDO MXGJHV DQG WKH RWKHU ¿YH QDWLRQDO 2I WKH LQWHUQDWLRQDO MXGJHV WZR DUH IURP DEURDG ZKLFK LV SHUKDSV VRPHWKLQJ WKDW DOORZV WKHP WR KDYH D PRUH REMHFWLYH YLHZ DERXW WKH EHKDYLRU RI 35( KRUVHV LQ WKH FRPSHWLWLYH HQYLURQPHQW
-DYLHU * 0RQWLHO &RFR 5RPHUR 3LODU * %H]RV 0DULHWWH :LWKDJHV 0DULDQR 6DQWRV 5RVD * 0DXULxR -RUJH &RQGH DQG 3DWULFN &ROODUG
0DULHWWH :LWKDJHV D ZHOO NQRZQ ,QWHUQDWLRQDO -XGJH IURP %HOJLXP KDV EHHQ 3UHVLGHQW RI WKH )(, 'UHVVDJH &RPPLVVLRQ IRU PDQ\ \HDUV DQG KDV MXGJHG WKH PRVW LPSRUWDQW FRPSHWLWLRQV LQ WKH ZRUOG $W WKH VWDUW RI WKH QLQH WLHV VKH ZDV D SLRQHHU LQ RIIHULQJ FOLQLFV DQG FRXUVHV WR MXGJHV LQ 6SDLQ WKHUHIRUH VKH LV ZHOO DZDUH RI WKH GHYHORSPHQW RI 'UHVVDJH DQG WKH 35( KRUVH ERWK LQ 6SDLQ DQG DEURDG ,Q JHQHUDO ZKDW GR \RX WKLQN KDV LPSURYHG LQ WKH 35( DQG LQ 'UHV VDJH LQ 6SDLQ"
$1&&(
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
KRUVHV WKH\ FDQ DGYLVH EUHHGHUV DERXW ZKDW KRUVH WKH\ VKRXOG EUHHG DQG WKHVH FDQ SURYLGH WKHP ZLWK EHW WHU KRUVHV IRU H[DPSOH WKRVH KRUVHV ZLWK WKH PRVW HODVWLF EDFNV <RX DUH D VSHFLDOLVW LQ MXGJLQJ WKH . U :KDW DGYLFH ZRXOG \RX JLYH ULGHUV WR EHWWHU SUHSDUH IRU WKLV WHVW" 0 : ,I \RX ZDQW WR WHOO WR D ULG HU ZKDW FKRUHRJUDSK\ VKRXOG EH WKH DQVZHU LV ³LW VKRXOG EH EDOOHW ´ <RX KDYH WR WHOO D VWRU\ ZLWK D VWDUW DQG D ILQLVK <RX PXVW VWDUW ZLWK DQ DWWUDF WLYH EHJLQQLQJ VR WKDW SHRSOH SD\ DWWHQWLRQ DQG VKRZ ZKDW \RX GR EHVW 7KH PLGGOH VHFWLRQ VKRXOG EH OLNH D
ZZZ DQFFH FRP
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
0DULHWWH :LWKDJHV &KRUHRJUDSK\ VKRXOG EH EDOOHW <RX KDYH WR WHOO D VWRU\ ZLWK D VWDUW DQG D ILQLVK
0DULDQR 6DQWRV :H KDYH D EUHHG WKDW PDWXUHV VRPHZKDW ODWHU DOWKRXJK LQ JHQHUDO WKH GHYHORSPHQW LV SURJUHVVLYH :H DUH JRLQJ WR LPSURYH
(O &DEDOOR (VSDxRO
-RUJH &RQGH 7KH 35( LV D KRUVH LQ ZKLFK D ORW RI LPSURYHPHQWV FDQ EH PDGH ZLWKRXW ORVLQJ VLJKW RI LWV EUHHG FKDUDFWHULVWLFV
3DWULFN &ROODUG &RFR 5RPHUR 7KHUH LV PDMRU SRWHQWLDO 7KH SUHVV KDV RYHUFRPH EXW LW LV H[WUHPHO\ GLIILFXOW WKH IRUPHU SUREOHPV ZLWK WR FKDQJH D KRUVH LI WKH WKH FKDQJHV EXW WKH\ EUHHGHU PHQWDOLW\ IDLOV WR DUH VWLOO WRR VKRUW LW LV FKDQJH ILUVW HVVHQWLDO WR ORRN IRU PRUH OHQJWK RI VWULGH
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
EH QR GHYLDWLRQ EXW WKH 35( LV D KRUVH ZKLFK FDQ VWLOO KDYH PDQ\ LPSURYHPHQWV ZLWKRXW IRUVDNLQJ LWV EUHHG FKDUDFWHULVWLFV
$1&&(
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³FORVHG"´ 3 & 7KHVH KRUVHV LQ JHQHU DO JR WRR FORVHG ZLWK WKHLU QHFNV WRR VKRUW DQG WKLV LQIOXHQFHV WKH TXDOLW\ RI WKHLU SDFHV 7KHUH LV QRW
HQRXJK IUHHGRP LQ WKHLU VKRXOGHUV DQG WKH HODVWLFLW\ GHWHULRUDWHV 2I ZKDW \RX KDYH VHHQ UHFHQWO\ ZKDW LV WKH DVSHFW WKDW KDV LP SURYHG PRVW LQ WKH 35(" 3 & 7KH FDQWHU LV WKH SUREOHP LQ WKH 35( WKLV LV ZKHUH EUHHGHUV VKRXOG ZRUN PRVW 7KH WURW GRHVQ W KDYH DQ\ SUREOHPV DQG WKH ZDON LV PXFK EHWWHU 0 6RFRUUR 5RPHUR /RPHOL QR NQRZQ E\ DOO DV &RFR 5RPHUR LV D 1DWLRQDO -XGJH ZLWK SOHQW\ RI H[SHULHQFH MXGJ LQJ 6SDQLVK +RUVHV +RZ GR \RX VHH WKH 35( +RUVH DW WKH PRPHQW LQ 'UHVVDJH FRP SHWLWLRQ" &RFR 5RPHUR :HOO IRU \HDUV , KDYH EHHQ VHHLQJ D YHU\ PDMRU LPSURYHPHQW LQ WKH WURW 7KH ZDON LV VWLOO OLPLWHG EXW HYHQ VR LW FDQ EH VHHQ WKDW WKH KRUVHV DUH VWDUWLQJ WR UHOD[ DQG WR ORRN IRU WKH FRQWDFW D OLWWOH ELW PRUH LQ IURQW &DQWHU LV WDNLQJ WKH PRVW WLPH DQG PRVW
ZZZ DQFFH FRP
-DYLHU *DUFtD 0RQWLHO , WKLQN WKDW LQFOXGLQJ -XQLRUV LQ WKH $1&&( &XS FLUFXLW LV DQ LPSRUWDQW VWHS
RI WKH WLPH LW LV GXH WR WKH ULGHU¶V KDQG EHFDXVH WKHVH DUH KRUVHV WKDW FORVH YHU\ HDVLO\ 'R \RX EHOLHYH WKDW WKH SURE OHPV LQ WKH ZDON DQG WKH FDQWHU DUH GXH PRUH WR D SUREOHP LQ WKH WUDLQLQJ" & 5 2QH DVSHFW FDQQRW EH VHSDUDWHG IURP WKH RWKHU EXW ZH DUH LQFUHDVLQJO\ VHHLQJ LPSURYHG ULGHUV ULGLQJ DQG WUDLQLQJ 7KH IRU PHU SUREOHPV ZLWK WKH FKDQJHV KDYH QRZ EHHQ RYHUFRPH EXW WKH\ DUH VWLOO WRR VKRUW LW LV HVVHQWLDO WR ORRN IRU PRUH OHQJWK RI VWULGH -DYLHU *DUFtD 0RQWLHO 5RVD *DUFtD 0DXULxR DQG 3LODU *DU FtD %H]RV DUH 1DWLRQDO -XGJHV DFFXVWRPHG WR MXGJLQJ -XQLRUV :KDW GR \RX WKLQN -DYLHU RI WKH LGHD RI $1&&( LQFOXGLQJ -X QLRUV LQ WKH $1&&( &XS &LUFXLW" -DYLHU *DUFtD 0RQWLHO , WKLQN WKDW LQFOXGLQJ -XQLRUV LQ WKH $1 &&( &XS FLUFXLW LV DQ LPSRUWDQW VWHS &XUUHQWO\ WKHUH LV OLPLWHG
3LODU *DUFtD %H]RV 5RVD *DUFtD 0DXULx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tD 0DXULxR $OO WKLV WLPH 6SDQLVK +RUVHV KDYH EHHQ H[SHQVLYH DQG WKHUH ZHUH YHU\ IHZ WKDW ZHUH ULGGHQ VR IRU WKH VDPH SULFH LQ &HQWUDO (XURSH \RX FRXOG EX\ D KRUVH WUDLQHG WR D KLJK HQRXJK OHYHO IRU FRPSHWLWLRQ )RU PH WKLV LV WKH IXQGDPHQWDO UHDVRQ 0RUHRYHU DW WKH OHYHO IRU FKLOGUHQ ZKLFK LV YHU\ EDVLF WKH 35( SHUIRUPV ZRUVH ZKHQ FRP SDUHG WR &HQWUDO (XURSHDQ EUHHGV /DVWO\ , EHOLHYH ZKDW ZH KDYH KDV
EHHQ VROG YHU\ SRRUO\ $OWKRXJK LW LV WUXH WKDW &HQWUDO (XURSH DQ KRUVHV OHQJWKHQ EHWWHU DQG GR IO\LQJ FKDQJHV WKH 35( LV PXFK HDVLHU IRU D FKLOG WR KDQGOH LW KDV DQ H[WUDRUGLQDU\ FKDUDFWHU DQG D PDJQLILFHQW HTXLOLEULXP VR D FKLOG FDQ IHHO PRUH FRPIRUWDEOH DQG VDI HU %XW XQWLO QRZ QHLWKHU EUHHGHUV QRU SDUHQWV KDYH EHOLHYHG LQ WKHVH TXDOLWLHV 3LODU KRZ GR \RX WKLQN ZH FRXOG SURPRWH WKH 35( LQ WKH PDUNHW IRU -XQLRUV" 3LODU *DUFtD %H]RV 7KH LGHD RI LQFOXGLQJ -XQLRUV LQ WKH $1& &( &XS &LUFXLW LV D YHU\ LPSRUWDQW VWHS $OWKRXJK LW VHHPV WKDW WKHUH KDV EHHQ OLWWOH GLVVHPLQDWLRQ , DP VXUH WKDW LQ WZR RU WKUHH \HDUV WKLV ZLOO FKDQJH 'R \RX ZDQW WR PDNH DQ\ VXJJHV WLRQV" 3DWULFN &ROODUG <HV 5HPHP EHU WKDW LW LV H[WUHPHO\ GLIILFXOW WR FKDQJH D KRUVH LI WKH EUHHGHU PHQ WDOLW\ IDLOV WR FKDQJH ILUVW
(O &DEDOOR (VSDxRO
THE FORUM
(48,1( +20(23$7+< 7H[W \ 3KRWRV 5REHUWR $ELWERO
,W LV D WKHUDSHXWLF PHWKRG WKDW DSSOLHV WKH /DZ RI 6LPLODUV ZKLFK FRXOG EH H[SODLQHG DV ³WKH VDPH WKLQJ WKDW KDV FDXVHG WKH LOO FXUHV LW ´ FLWLQJ +LSSRFUDWHV WKH IDWKHU RI PHGLFLQH 7KLV SULQFLSOH RI VLPLODUV LV EDVHG RQ FOLQLFDO H[SHULPHQWDWLRQ DQG RQ REVHUYDWLRQ 6R WR DYRLG JRLQJ IDU EDFN LQWR KLVWRU\ , ZLOO UHIHU RQO\ WR 6DPXHO +DKQHPDQQ *HUPDQ GRFWRU DQG WR[LFRORJLVW ZKR HVWDEOLVKHG WKH EDVHV IRU WKLV VFLHQFH WKXV FKULVWHQLQJ LW ZLWK LWV PRGHUQ QDPH ,Q +RPHRSDWKLF 9HWHULQDULDQ *XLOODXPH /X[ SXEOLVKHG D VWXG\ FDOOHG =RRLDVLV ZKLFK HQDEOHG KLP WR FRQ¿UP WKH DFWLRQ RI KRPHRSDWK\ LQ PRVW GLVHDVHV IRXQG LQ KRUVHV $IWHU WKLV ¿UVW ZULWLQJ RQ YHWHULQDU\ KRPHRSDWK\ D QXPEHU RI DUWLFOHV DSSHDUHG LQ D YDULHW\ LQFOXGLQJ )UDQFH *HUPDQ\ WKH 8QLWHG 6WDWHV HWF
7
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³WUHDWPHQW ZLWK WKH VLPLODU ´
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
(O &DEDOOR (VSDxRO
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
$1&&(
UHVXOW LQ WKH SDWKRORJ\ ³[´ RI WKH KRUVH ³\ ´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
´
+RPHRSDWKLF WUHDWPHQW ZLOO QHYHU FDXVH GDPDJH GXH WR WKH PHGLFDWLRQ ,Q KRPHRSDWK\ FRQWUDLQGLFDWLRQV VHFRQGDU\ UHDFWLRQV SRVVLELOLW\ RI RYHUGRVH RU LQWHUDFWLRQV ZLWK QRQ KRPHRSDWKLF PHGLFDWLRQV GR QRW H[LVW DQG WKHUH LV DOVR QR ULVN RI WHVWLQJ SRVLWLYH LQ DQ DQWL GRSLQJ WHVW
ZZZ DQFFH FRP
(O &DEDOOR (VSDxRO
7KH ´KRZµ DQG ´ZK\µ RI IHHGLQJ \RXQJVWHUV WR JLYH WKHP WKH EHVW SRVVLEOH VWDUW LQ OLIH 3DUW 7H[W -RKDQQD 6SHWV 3KRWRV <HJXDGD $UUR\R 3 5 (
^/ Z Yh/Z D Ed^ &KZ ,KZ^ ^ +RUVHV DUH VWHSSH OLYLQJ JUDVV HDWHUV DQG ZKHQ NHSW VWDEOHG WKH\ DUH PRUH RU OHVV GHSULYHG RI WKHLU QDWXUDO EHKDYLRU ZKHQ LW FRPHV WR ILQGLQJ IRRG HDWLQJ IUHHGRP RI PRYHPHQW DQG VRFLDO EHKDYLRU 7KLV LV LPSRUWDQW WR EHDU LQ PLQG ZKHQ IHHGLQJ WKHP ,Q ³IUHHGRP´ KRUV HV VSHQG PRVW RI WKHLU WLPH KRXUV SHU GD\ ILQGLQJ DQG HDWLQJ JUDVV DQG KHUEV IHHGV EDVHG RQ IL
$1&&(
´
+RUVHV FDQ XWLOL]H HQHUJ\ IURP ILEHU FDUERK\GUDWHV IDW DQG SURWHLQ
EHU +RUVHV DUH IDVWLGLRXV DQG SLFN\ WKH\ SUHIHU WR HDW WKH EHVW DQG WDVWL HVW JUDVV ILUVW <RX FDQ VHH KRZ ZHOO WKH SDVWXUH IXOILOOV WKHLU UHTXLUH PHQWV E\ REVHUYLQJ WKHLU HDWLQJ SDWWHUQV ,W¶V HDV\ WR EH IRROHG E\ WKH RYHUJURZQ KHUEV DQG JUDVV DQG EH OLHYH WKDW WKHUH LV SOHQW\ RI IHHG IRU WKH PDUHV DQG IRDOV ,W LV LPSRUWDQW WR UHFRJQL]H D SDVWXUH VXLWDEOH IRU IRDOV DQG \RXQJVWHUV DQG D SDVWXUH VXLWDEOH IRU DGXOW KRUVHV VLQFH WKH\ KDYH GLIIHUHQW QHHGV DQG WKH IHHG
ZZZ DQFFH FRP
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
´
,Q ´IUHHGRPµ KRUVHV VSHQG PRVW RI WKHLU WLPH KRXUV SHU GD\ ILQGLQJ DQG HDWLQJ JUDVV DQG KHUEV IHHGV EDVHG RQ ILEHU
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
LV DOO DERXW EDODQFH )HHGLQJ KRUV HV ZLWK EDODQFHG UDWLRQV ZLOO DIIHFW WKHLU KHDOWK LQ D SRVLWLYH ZD\ DQG FDQ GHFUHDVH IHHGLQJ DQG YHWHUL QDU\ FRVWV h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s Z& /E' 2YHUIHHGLQJ DQG REHVLW\ DUH ZHO IDUH SUREOHPV ,Q KRUVHV REHVLW\ KLJKO\ LQFUHDVHV WKH ULVN RI ODPLQLWLV HTXLQH PHWDEROLF V\QGURPH (06 DQG LQVXOLQ UHVLVWDQFH ,5 HWF :H ZLOO WDON PRUH DERXW WKHVH DLO PHQWV LQ IXWXUH DUWLFOHV
(O &DEDOOR (VSDxRO
d, ^/ EhdZ/d/KE > Z Yh/Z D Ed^ (QHUJ\ LV QHHGHG IRU WKH EDVLF QHHGV VXFK DV EUHDWKLQJ KHDUW IXQFWLRQ PRYHPHQW HWF 7KH KRUVH FDQ XWLOL]H HQHUJ\ IURP ILEHU FDUERK\GUDWHV IDW DQG SURWHLQ 3URWHLQV DUH QHFHVVDU\ IRU EXLOGLQJ DQG UHFRYHULQJ ERG\ WLVVXH IRU PLON SURGXFWLRQ DQG JURZWK HWF )RDOV DQG ODFWDWLQJ PDUHV KDYH WKH KLJKHVW SURWHLQ UHTXLUHPHQWV DQG VKRXOG DOZD\V KDYH WKH EHVW IHHG DYDLODEOH :DWHU LV QHFHVVDU\ IRU PRVW SURFHVVHV LQ WKH ERG\ )LEHU ± LV ZKDW WKH KRUVH LV GHVLJQHG WR HDW ,W LV QHFHVVDU\ IRU PDLQWDLQLQJ QRUPDO GLJHVWLYH IXQFWLRQ DQG QRUPDO EHKDYLRU 0DFUR PLQHUDOV IRU H[DP SOH FDOFLXP &D SKRVSKRURXV 3 PDJQHVLXP 0J VRGLXP 1D DQG FKORULQH &O +RUVHV UHTXLUH KLJK OHYHOV RI FDOFLXP DQG SKRV SKRURXV DQG WKHVH PXVW DOZD\V
EH FRQVLGHUHG ZKHQ FDOFXODWLQJ IHHG UDWLRQV 7KH EDODQFH EHWZHHQ WKHVH WZR LV FUXFLDO DQG PRUH LP SRUWDQW WKDQ WKH WRWDO DPRXQW IHG &DOFLXP DQG SKRVSKRURXV DUH HV VHQWLDO IRU QRUPDO VNHOHWDO JURZWK DQG WKH\ DUH VWRUHG LQ WKH VNHOHWRQ &DOFLXP LV DOVR HVVHQWLDO IRU PXV FOH DQG QHUYH IXQFWLRQ 0LFUR PLQHUDOV DUH RIWHQ UHIHUUHG WR DV WUDFH HOHPHQWV VLQFH WKH\ DUH UHTXLUHG LQ YHU\ VPDOO DPRXQWV )RU H[DPSOH FRSSHU &X VHOHQLXP 6H LURQ )H ]LQF =Q PDQJDQHVH 0Q LRGLQH , DQG FREDOW &R ,Q ZHOO EDODQFHG
´
9LWDPLQV $ ' DQG ( HIIHFW IHUWLOLW\ DQG DUH LPSRUWDQW IRU WKH EURRG PDUH
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
DAILY VETERINARY PR ACTICE
6&,17,*5$3+<
$1&&(
ZZZ DQFFH FRP
6FLQWLJUDSK\ LV DQ H[WUHPHO\ XVHIXO LPDJH GLDJQRVWLF WHFKQLTXH LQ WKH GLDJQRVLV DQG ORFDOL]DWLRQ RI PXVFXORVNHOHWDO SUREOHPV LQ KRUVHV HVSHFLDOO\ LQ WKRVH FDVHV FDXVLQJ ODPHQHVV DQG SRRU FRPSHWLWLYH SHUIRUPDQFH 7KLV WHFKQLTXH KDV RQO\ UHFHQWO\ EHHQ XVHG DW HTXLQH FOLQLFV LQ 6SDLQ²IRU DERXW \HDUV 7KHUH DUH IRXU VSHFLDOL]HG FHQWHUV VXLWDEOH IRU FDUU\LQJ RXW WKLV GLDJQRVWLF WHFKQLTXH LQ 6SDLQ %DUFHORQD 0DGULG DQG 0DQLOYD 0DODJD WKDW UHTXLUHV D VHULHV RI SHUPLWV IURP WKH 1XFOHDU 6HFXULW\ &RXQFLO VSHFL¿F IDFLOLWLHV DQG TXDOL¿HG SHUVRQQHO ZKR SHUIRUP WKLV WHFKQLTXH DIWHU KDYLQJ SDVVHG D QXPEHU RI VSHFL¿F H[DPV DQG WUDLQLQJ LQ WKH VXEMHFW
3KRWR &DUORV 1~xH]
7H[W 'DYLG $UJ HOOHV 0LJXHO 9DOGpV DQG (GXDUG *DVFyQ
t, d K ^ /d /EsK>s ͍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¶V EORRG DIWHU DERXW ILIWHHQ PLQXWHV LPPHGLDWHO\ DIWHU LW PRYHV RQ WR WKH VRIW WLVVXHV WHQGRQV PXVFOHV DQG OLJDPHQWV LQ DQRWKHU ILIWHHQ PLQXWHV 7KHVH ILUVW WZR SKDVHV FDQ EH XVHG WR GLDJQRVH YDVFXODU DFFLGHQWV EORRG SUREOHPV DQG VRIW WLVVXH LQMXULHV VXFK DV WHQGLQLWLV RU GHVPLWLV LQIODPPDWLRQ RI D OLJDPHQW ([DPSOHV RI LQMXULHV WKDW FDQ EH GLDJQRVHG LQFOXGH ODPLQLWLV RU GHVPLVLWLV RULJLQDWLQJ LQ WKH VXVSHQVRU\ OLJDPHQW RI WKH IHWORFN 'XULQJ WKH WKLUG SKDVH²NQRZQ DV WKH ERQH SKDVH²WKH UDGLRDFWLYH FRQWUDFW UHDFKHV WKH ERQ\ WLVVXHV 7KLV LV WKH PRVW XVHIXO SKDVH IRU PRVW RI XV DV LW VHUYHV WR GLDJQRVH ODPHQHVV WKDW LV GLIILFXOW WR ORFDWH XVLQJ RWKHU WUDGLWLRQDO GLDJQRVWLF PHWKRGV 6FLQWLJUDSK\ DOORZV D FRPSOHWH H[DPLQDWLRQ RI WKH ZKROH DQLPDO LQ RQH VHVVLRQ ,Q VOLJKWO\ OHVV WKDQ WKUHH KRXUV D
(O &DEDOOR (VSDxRO
PXVFXORVNHOHWDO PDS RI WKH FRQWUDVW LV REWDLQHG DQG WKHUHIRUH DQ\ SRVVLEOH KRW VSRWV RU DUHDV WKDW DUH SRWHQWLDOO\ FDXVLQJ WKH KRUVH SDLQ DUH ORFDWHG ,W LV D WUXO\ XVHIXO WHFKQLTXH LQ WKH FDVH RI SUREOHPV FDXVLQJ SRRU FRPSHWLWLYH SHUIRUPDQFH GXH WR PXVFXORVNHOHWDO SUREOHPV LQ WKH GLDJQRVLV RI XSSHU OLPE ODPHQHVV WKDW LV WR VD\ ZKHQ WKH RULJLQ LV LQ WKH EDFN FHUYLFDO RU LQ WKH DUHD FORVH WR WKH OLPEV ,W LV DOVR RI JUHDW XVH ZKHQ WKH ; 5D\ VWXGLHV RU VFDQV FDUULHG RXW RQ WKH KRUVH DIWHU EHLQJ H[DPLQHG DQG KDYLQJ ORFDWHG WKH SDLQIXO DUHD ZLWK DQHVWKHVLD DUH QHJDWLYH RU GR QRW RIIHU HQRXJK LQIRUPDWLRQ IRU WKH GLDJQRVLV 6FLQWLJUDSK\ UHIOHFWV SK\VLRORJLFDOO\ DFWLYH SURFHVVHV 7KDW PHDQV WKDW WKH 7& PGS LV GHSRVLWHG LQ DFWLYH ERQ\ WLVVXH LQ QRUPDO SK\VLRORJLFDO JURZWK LQ DUHDV WKDW DUH UHPRGHOHG RU LQIODPHG EHFDXVH WKH\ DUH KHDOLQJ GXH WR D WUDXPD RU WR D GHJHQHUDWLYH RU WXPRUDO SURFHVV ,W GRHV WKLV E\ WDNLQJ DGYDQWDJH RI QRUPDO SK\VLRORJLFDO PHFKDQLVPV IRXQG LQ ERQ\ FHOOV UHFRQVWUXFWLQJ WKH ERQ\ WLVVXH LQ ZKLFK WKH 0'3 PROHFXOH LPLWDWHV WKH SKRVSKRUXV GHSRVLW LQ WKH ERQH $ TXDQWLW\ RI 7& PGS LV GHSRVLWHG GHSHQGLQJ RQ WKH TXDQWLW\ RI ERQ\ WLVVXH DIIHFWHG
´
,Q VOLJKWO\ OHVV WKDQ WKUHH KRXUV D PXVFXORVNHOHWDO PDS RI WKH FRQWUDVW LV REWDLQHG DQG WKHUHIRUH DQ\ SRVVLEOH KRW VSRWV RU DUHDV WKDW DUH SRWHQWLDOO\ FDXVLQJ WKH KRUVH SDLQ DUH ORFDWHG
,Q DGGLWLRQ WKLV WHFKQLTXH LV H[WUHPHO\ VHQVLWLYH LQ WKH GHWHFWLRQ RI ERQ\ LQMXULHV RYHU WLPH LQ RWKHU ZRUGV LW ZLOO RQ RFFDVLRQ GHWHFW LQMXULHV ORQJ WLPH EHIRUH DQ [ UD\ RU VFDQ 7KXV LW FDQ HVWDEOLVK D SUHYHQWLYH RU DSSURSULDWH WUHDWPHQW DQG DYRLG ZRUVHQLQJ WKH LQMXU\ ,Q VXPPDU\ VFLQWLJUDSK\ LV D QXFOHDU PHGLFLQH WHFKQLTXH WKDW YLVXDOO\ LGHQWLILHV WKH RULJLQ RI ODPHQHVV RQ D FRPSXWHU VFUHHQ ,W LV SDUWLFXODUO\ HIIHFWLYH LQ GHWHFWLQJ LQMXULHV WKDW DUH KLGGHQ ZKHQ RWKHU WHFKQLTXHV DUH XVHG VXFK DV GLDJQRVWLF DQHVWKHVLD 7KH PRVW IUHTXHQW XQVHHQ LQMXULHV DUH WKH RULJLQ RI WKH VXVSHQVRU\ OLJDPHQW WKH VSLQH WKH GRUVDO OXPEDU DUHD DQG XSSHU OLPE ODPHQHVV VXFK DV VKRXOGHU EODGH VKRXOGHU DQG FURXS
$1&&(
´
,W GHWHFWV D ERQ\ LQMXU\ ORQJ WLPH EHIRUH DQ [ UD\ RU VFDQ
/()7 )5217 1$9,&8/$5 %21(
5,*+7 )5217 1$9,&8/$5 %21(
/()7 )5217 +22)
,
'
1$9,&8/$5
/()7 )5217 +22)
&RORU 1DYLFXODU 6FLQWLJUDSK\
&$8'$/ 9(57(%5$(
&(175$/ 9(57(%5$(
7+25$&,& 9(57(%5$(
9HUWHEUDO
/()7 (/%2:
/()7 +22)
5,*+7 (/%2:
5,*+7 +22)
/()7 6+28/'(5 5,*+7 6+28/'(5 /()7 5,*+7
+229(6
)URP VKRXOGHU HOERZ DQG KRRI
ZZZ DQFFH FRP
ASSOCIATIONS
CORDOBA
&Ð5'2%$ (&8(675( )$&(6 7+( )8785( :,7+ (;&,7(0(17 $)7(5 *22' 5(68/76 ,1 ' H V S L W H W K H F X U U H Q W HFRQRPLF GLIILFXOWLHV WKH $V VRFLDWLRQ &yUGRED (FXHVWUH KDV QRW RQO\ EHHQ DEOH WR PRYH IRUZDUG EXW LW KDV DO VR DFKLHYHG RQH RI WKH PRVW LPSRUWDQW ODQGPDUNV LQ LWV KLVWRU\ 7KURXJKRXW WKH SDVW WZHOYH PRQWKV PDQ\ LQLWLD WLYHV KDYH VWDUWHG ZKLFK KDYH FRQWULEXWHG WR PDNLQJ D SODFH LQ WKH FXOWXUDO VSRU WV DQG WRXULVW SDQRUDPD RI WKH FLW\ 2QH KLJKOLJKW LV WKH ZRUN FDUULHG RXW E\ WKH 6FKRRO RI (TXLWDWLRQ DV LW KDV LQWUR GXFHG WKH HTXHVWULDQ ZRUOG WR PDQ\ QRQ KRUVH UHODWHG &RU GRYDQ ZKR LQ WXUQ KDYH KDG WKHLU ILUVW H[SHULHQFH ZLWK WKH ZRUOG RI WKH KRUVH $V D QRYHOW\ 6HSWHPEHU ZDV FKRVHQ WR KROG WKH &yUGR ED +RUVH )DLU &DEDOFRU 7KH FKDQJH RI GDWH ZDV DQ DV WRXQGLQJ VXFFHVV ERWK IRU WKH VXSSRUW UHFHLYHG IURP WKH &LW\ &RXQFLO DQG IRU LWV JRRG DF FHSWDQFH RQ EHKDOI RI EUHHGHUV ,I &yUGRED (FXHVWUH KDV VWRRG EHHQ QRWHZRUWK\ RI D VSHFLI LF WRSLF LW ZDV XQTXHVWLRQDEO\ IRU LWV HTXHVWULDQ 6KRZ 3DVVLRQ DQG &KDUP RI WKH $QGDOXVLDQ +RUVH 7KLV VKRZ KDV GHOLJKW HG WKRXVDQGV RI &RUGRYDQV DQG YLVLWRUV /DVW 1RYHPEHU FHOH EUDWHG WKH ILUVW DQQLYHUVDU\ RI WKLV SHUPDQHQW VKRZ DW WKH 5R\ DO 6WDEOHV LQ &RUGRED DQG PDQ\ FKDOOHQJLQJ REMHFWLYHV KDYH EHHQ DFKLHYHG 1RW RQO\ LV LW D
FRPSHWLWLYH SURGXFW WKDW RIIHUV WUHPHQGRXV TXDOLW\ EXW LW KDV EHHQ DVVHVVHG E\ WKH 6SDQLVK 5LGLQJ 6FKRRO LQ 9LHQQD 7KLV SUHVWLJLRXV $XVWULDQ LQVWLWXWLRQ LQYLWHG WKH VKRH WR SDUWLFLSDWH LQ LWV DQQXDO JDOD WRJHWKHU ZLWK WZR RI WKH EHVW VFKRROV RI HTXL WDWLRQ LQ WKH ZRUOG²9LHQQD DQG 6DXPXU /LNHZLVH DW &DEDO FRU WKLV VKRZ VKDUHG WKH VWDJH ZLWK WKH 5R\DO $QGDOX VLDQ 6FKRRO RI (TXHVWULDQ $UW IURP -HUH] GH OD )URQWHUD LQ WKUHH MRLQW SHUIRUPDQFHV 7KH VKRZ ZKLFK LV SHULRGL FDOO\ XS GDWHG UHFHLYHV PRUH DQG PRUH UHTXHVWV IRU SHUIRU PDQFHV ,Q IDFW LQ PRUH WKDQ WZR KXQGUHG 6KRZV ZHUH SHUIRUPHG D VFRUH WRRN SODFH LQ 'HFHPEHU ZKHQ WLFNHW VDOHV
LQFUHDVHG GXH WR WKH &KULVW PDV KROLGD\V 'XH WR WKH HQRUPRXV YHU VDWLOLW\ RI WKH IDFLOLWLHV WKH 6KRZ FDQ EH HQMR\HG LQ WKH EHDXWLIXO SDWLR RI 6WDEOHV ZKHQHYHU WKH ZHDWKHU DOORZV RU LQ WKH PDJQLILFHQW FRYHUHG DUHQD ,Q WRWDO VRPH JXHVWV ZLWQHVVHG 3DVVLRQ DQG &KDUP RI WKH $QGDOXVLDQ +RUVH LQ 'HFHPEHU ZLWK IRU HLJQ WRXULVWV DFFRXQWLQJ IRU DSSUR[LPDWHO\ RI WKH DX GLHQFH :LWK WKH FRPLQJ RI WKH 1HZ <HDU &yUGRED (FXHVWUH KDV DOUHDG\ EHJXQ SUHSDUDWLRQV IRU LWV ILUVW PDMRU DSSRLQWPHQW RI WKH \HDU QRQH RWKHU WKDQ WKH HTXHVWULDQ PDUFK ³&RUGR ED RQ +RUVH EDFN ´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
(O &DEDOOR (VSDxRO
GALICIA
7+( *$/,&,$1 $662&,$7,21 +$6 &5($7(' &$5 $&&(*$
6LJQLQJ RI WKH FRQWUDFW ZLWK 6HPDQD 9HUGH
7KH 6SDQLVK +RUVH %UHHGHUV¶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
$1&&(
&2856(6 &21)(5(1&(6 &/,1,&6 6<0326,80 $&&(*$ ZZ/ ' Z/s/E' >/E/ t/d, &/ > WZ d/ 'DWH 0DUFK /RFDWLRQ &RUWLxiQ (TXHVWULDQ &OXE LQ *XtVDPR /D &RUXxD
6SHDNHU 0U 5XL 4XLQWLQR GH 2OLYHLUD ,QWHUQDWLRQDO &DUULDJH 'ULYLQJ &KDPSLRQ 0HPEHU RI WKH %RDUG RI WKH 3RUWXJXHVH &DUULDJH 'ULYLQJ $VVRFLDWLRQ 0HPEHU RI WKH 1DWLRQDO %RDUG RI 7HDFKLQJ IRU WKH 3RUWXJXHVH 1DWLRQDO 6FKRRO RI (TXLWDWLRQ &ROODERUDWLQJ 0HPEHU RI WKH &DUULDJH 'ULYLQJ $VVRFLDWLRQ LQ %UD]LO KhZ^ &KZ KDW d/d/KE , E > Z^ 'DWH $SULO /RFDWLRQ $PD]RQDV (TXHVWULDQ &OXE LQ 3XHQWHFDOGHODV
6SHDNHU 6HEDVWLiQ %DVWLGD ,QWHUQDWLRQDO 3 5 ( -XGJH 'UHVVDJH -XGJH 3 5 ( /LQHDO 4XDOLILFDWLRQ -XGJH 3URIHVVLRQDO +DQGOHU DW &RQIRUPDWLRQ )XQFWLRQDO &RPSHWLWLRQV WLPHV &KDPSLRQ RI 6SDLQ // WhZ Z ^W E/^, ,KZ^ ^zDWK^/hDÍ&#x2014; d, WZ ,KZ^ /E ^WKZd^Í&#x2022; /d^ ^ > d/KE E dZ /E/E' &KZ KDW d/d/KE 'DWH DQG /RFDWLRQ WR EH FRQILUPHG 'LUHFWRU %HOpQ %DUWRORPp &DOYR 1DWLRQDO 'UHVVDJH -XGJH &RQIRUPDWLRQ )XQFWLRQDO -XGJH 'UHVVDJH 5LGHU ,QVWUXFWRU 6SHDNHU ,JQDFLR %UDYR ,QWHUQDWLRQDO 'UHVVDJH 5LGHU 'UHVVDJH DQG &RQIRUPDWLRQ )XQFWLRQDO -XGJH 35( %UHHGHU KDW d/d/KE^ $&&(*$ ZLOO EH RQ KDQG DW D QXPEHU RI FRPSHWLWLRQV FRQWHVWV WKLV \HDU ZLWK LWV RZQ VWDQG *DOLFLD +RUVH )DLU (TXLJDO /XJR -XQH WR *DOLFLD 6HPDQD 9HUGH 6LOOHGD -XQH WR ,QWHUQDWLRQDO +RUVH )DLU 3RQWH GH /LPD 3RUWXJDO
3RQWH GH /LPD -XQH WR ,QWHUQDWLRQDO 35( 7UDGH )DLU ± 6,&$% 6HYLOOD 1RYHPEHU WR
ZZZ DQFFH FRP
VALENCIA
)DFLOLWLHV DW &(6 9$/(1&,$
&+$1*( 2) '$7( $1' /2&$7,21 )25 7+( 7+ (',7,21 2) ),(&9$/ )URP -XQH WR DW &(6 9$/(1&,$
7KH WK HGLWLRQ RI WKH 9DOHQFLDQ &RPPXQLW\ +RUVH )DLU ),(&9$/ RUJDQL]HG E\ WKH 9DOHQFLDQ +RUVH %UHHGHUV¶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
CANARY ISLANDS
$&&&( 352*5$0 2) $&7,9,7,(6 $SULO )LUVW (TXLQH ([SR ³([KLELWLRQ DQG 6DOH´ DW WKH /D &RUGLOOHUD (TXHVWULDQ &HQWHU 0D\ )LUVW 35( &RQIRUPDWLRQ )XQFWLRQDO &RPSHWLWLRQ 9LOOD GH /RV 5HDOHMRV 4XDOLILHU IRU WKH )LQDO RI WKH 6SDQLVK 1DWLRQDO &KDPSLRQVKLSV 6,&$% -XQH 35( )XQFWLRQDOLW\ FOLQLF DW WKH /D &RUGLOOHUD (TXHVWULDQ &HQWHU -XO\ WK 35( &RQIRUPDWLRQ )XQFWLRQDO &RPSHWLWLRQ &DQDU\ ,VODQGV ± DW &HQWUR +tSLFR GHO 6XU 4XDOLILHU IRU WKH )LQDO RI WKH 6SDQLVK 1DWLRQDO &KDPSLRQVKLSV 6,&$% $XJXVW H[FXUVLRQ RI KRUVH EDFN ORFDWLRQ WR EH GHWHUPLQHG 2FWREHU (TXXV &DQDULDV LQ WKH 6DQWD &UX] GH 7HQHULIH )DLU *URXQGV 'DWH WR EH GHWHUPLQHG 'HFHPEHU (QG RI VHDVRQ 'LQQHU DQG GDQFH IRU WKH 3UHVHQWDWLRQ RI 7URSKLHV
(O &DEDOOR (VSDxRO
INTERNATIONAL ASSOCIATIONS COLOMBIA
&2/20%,$ 1$7,21$/ '5(66$*( &+$03,216+,36 35( VWDOOLRQ 0RUDOHMR ZDV 6XSUHPH &KDPSLRQ
&RORPELDQ ULGHU 5D~O &RUFKXHOR DQG WHQ \HDU ROG 3XUHEUHG 6SDQLVK 6WDOOLRQ 0RUDOHMR UDQ DZD\ ZLWK WKH WRS DZDUGV DW WKH 1DWLRQDO 'UHVVDJH &KDPSLRQVKLSV KHOG LQ %RJRWi DW WKH HQG RI ODVW \HDU DW WKH %DFDWi (TXHVWULDQ &OXE IDFLOLWLHV 7KLV KRUVH EUHG E\ -RVp ,JQDFLR 6iQFKH] 9HOi]TXH] IURP <HJXDGD HO 0R UDOHMR ZDV LPSRUWHG WR &RORPELD DQG EHFDPH WKH SURSHUW\ RI WKH <HJXDGD $OFD]DED GHO 9LHQWR $IWHU WDNLQJ VHFRQG SODFH LQ WKH WHVW RQ WKH ILUVW GD\ KRUVH DQG ULGHU WKHQ EHDW WKH VWURQJHVW FRPSHWLWRUV 'LDQD 5H\ ULGLQJ 7ZLVWHU DQG +XPEHUWR 9RQ 5RWFKNL ZLWK 7HTXLOD 7KH\ ZRQ ILUVW SODFH LQ WKH FRPSHWLWLRQ KHOG RQ 6DWXUGD\ 6XQGD\ GXULQJ WKH . U WKH HDUQHG D ILQDO VFRUH RI 7KH &KDPSLRQVKLS ZDV MXGJHG E\ MXGJHV IURP WKH ,QWHUQD WLRQDO (TXHVWULDQ )HGHUDWLRQ 0HUFHGHV &DPSGHUD 0H[LFR +HLQULFK -HLEPDQ *HUPDQ\ DQG 5D~O &UX] &RORPELD 7KXV FRQFOXGHV DQ H[FHSWLRQDO \HDU IRU 5D~O &RUFKXHOR DQG 0RUDOHMR 7KH\ KDYH ZRQ WZR $1&&( ()* 'UHVVDJH &XS WHVWV ILYH )(, :RUOG 'UHVVDJH &KDOOHQJHV DQG ODVWO\ WKH 1D WLRQDO &KDPSLRQVKLSV RI WKH (TXHVWULDQ )HGHUDWLRQ RI &RORPELD &RQJUDWXODWLRQV WR WKH ZKROH WHDP DQG WR WKH 35( ZKR LV FRPSHWLQJ DOO RYHU WKH ZRUOG LQ 'UHVVDJH DQG DJDLQVW D YDUL HW\ RI EUHHGV
$1&&(
PANAMA
326,7,9( &+$1*(6 )25 7+( )8785( 2) 7+( 63$1,6+ +256( 7DNLQJ DGYDQWDJH RI WKH RSSRU WXQLW\ WR JUHHW HYHU\RQH PDNLQJ XS $1&&( LQ 6SDLQ , ZRXOG OLNH DW WKH VDPH WLPH WR LQIRUP \RX RI D YHU\ RXWVWDQGLQJ HYHQW WKDW , DP VXUH ZLOO KDYH PDMRU UHSHUFXVVLRQV RQ WKH IXWXUH RI WKH 6SDQLVK +RUVH DQG HVSHFLDOO\ LQ 3DQDPD /DVW ZHHN ZH LQ 3DQDPD HQ MR\HG WKH FRPSDQ\ RI WKH 'XNH RI 9HUDJXD 0U &ULVWyEDO &RORQ GH &DUEDMDO²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p 3URYLQFH RI &RFOp DW WKH KDQG RI 0U $OYDUR 'RPHFT ZKR KDV EHHQ YHU\ PRWLYDWHG E\ DQG FRPPLWWHG WR WKLV PLVVLRQ D IRXQGD WLRQ IODJVKLS SURMHFW .QRZLQJ KRZ LPSRUWDQW DQG QHF HVVDU\ WKLV WUDLQLQJ FHQWHU LV IRU XV LQ $PHULFD DQG YHU\ HVSHFLDOO\ IRU 3DQ DPD ZH WKH PHPEHUV RI $1&&( 3DQDPD KDYH PHW DQG FRPPLWWHG WR VXSSRUWLQJ DQG SURPRWLQJ WKLV UHDO O\ LPSRUWDQW SURMHFW :H NQRZ WKDW LW ZLOO EH H[WUHPHO\ XVHIXO IRU WKH GH YHORSPHQW RI WKH 6SDQLVK +RUVH DQG HTXLWDWLRQ LQ 3DQDPD DQG ZK\ QRW VD\ LW LQ WKH &HQWUDO $PHULFD
ZZZ DQFFH FRP
ITALY
,7$/<·6 6,/9(5 0('$/
,WDOLDQ 'UHVVDJH JRHV GRZQ LQ WKH KLVWRU\ ERRNV 7KH QDWLRQ DO WHDP ZRQ WKH VLOYHU PHGDO DW WKH WK (XURSHDQ ,EHULDQ +RUVH 0DVWHU¶V &KDPSLRQVKLSV EHKLQG )UDQFH EXW DKHDG RI 6SDLQ 7KLV FRPSHWLWLRQ ZKLFK WRRN SODFH LQ ,WDO\ IRU WKH ILUVW WLPH ZDV FHO HEUDWHG DW WKH IDFLOLWLHV RI WKH +RUVHEULGJH (TXHVWULDQ &OXE RI 1RQH LQ 7XULQ ³,W ZDV WKDQNV WR WKH ZRUN RI HYHU\RQH WKDW WKLV PHGDO ZDV ZRQ ´ FRPPHQWHG DQ H[FLWHG *LDFRPR 6LOYLR 0D]]ROHQL &KHI G¶HTXLSH DQG FRQWLQXHG ³7KH HIIRUWV DQG WKH ]HDO VKRZQ E\ HYHU\RQH (YD 5RVHQWKDO ZLQQLQJ WKH LQGLYLGXDO JROG PHGDO DQG QXPHURXV PDMRU SODFLQJV PHDQW WKDW ZH ZHUH DEOH WR DFKLHYH WKLV
KLVWRULF UHVXOW ´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
(O &DEDOOR (VSDxRO
THE LIBR ARY
/ zKh <EKt͍͘͘͘
E E z >KW /
)URP LQIDQF\ WR VHQLRULW\ LQ WKH KRUVH 7H[W ,VDEHO %HUPHMR
+RUVHV DUH E\ QDWXUH VR FLDEOH FUHDWXUHV )RU WKLV YHU\ UHDVRQ HYHQ ZKHQ DW OLEHUW\ WKH\ WHQG WR OLYH LQ KHUGV ,W LV LQWHUHVWLQJ KRZ LQ D JRRG QXPEHU RI FDVHV SUHJQDQW PDUHV PRYH DZD\ IURP WKH KHUG ZKHQ WKH WLPH FRPHV WR IRDO DQG WKLV JHQHUDOO\ WDNHV SODFH DW QLJKW )URP WKH PRPHQW LQ WKDW WKH\ DUH ERUQ IRDOV WU\ WR VWDQG XS²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
$1&&(
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
VHHQ LQ WKH 0DQFKHVWHU 0XVHXP +H ZDV RZQHG E\ WKH FRPSDQ\ 0HUVH\ DQG ,UZHOO 1DYLJDWLRQ DQG KLV ZRUN ZDV WUDQVSRUW LQJ JRRGV +LV GHDWK RQ 1RYHPEHU ZDV PHQWLRQHG LQ WKH QHZVSD SHUV RI WKH WLPH 7KH RQO\ UHPDLQLQJ SLFWXUH RI KLP LV D OLWKRJUDSK WDNHQ LQ LQ WKH (QJOLVK FLW\ RI :DUULQJWRQ 7KLV KRUVH FXUUHQWO\ KDV KLV RZQ IDQ FOXE²ZLWK PRUH WKDQ PHPEHUV RQ )DFH ERRN XQGHU WKH QDPH RI ³2OG %LOO\ 7KH ROG HVW KRUVH WKDW HYHU OLYHG ´ +LV IROORZHUV RIIHU RWK HU H[DPSOHV RI ORQJ OLYHG HTXLQHV DOWKRXJK QRQH KDV EHHQ DEOH WR VQDWFK WKH WLWOH IURP 2OG %LOO\
+DLU EDOOV EDOOV RI KDLU WKDW IRUP LQ WKH LQWHVWLQHV RI WKH KRUVH DV D UHVXOW RI OLFNLQJ LWV ERG\ DQG VZDOORZLQJ WKH KDLU 2YHU DW WKH NQHH D GHYLDWLRQ IRUZDUG RI WKH NQHHV -HW EODFN $OWKRXJK OLWHUDOO\ WUDQVODWHG LW LV EODFNWKRUQ LW UHIHUV WR D VKLQLQJ EODFN FRDW FRORU /HDQ WKLQ KRUVH &DVW D KRUVH WKDW LV VWXFN ZLWK LWV IRXU OHJV LQ WKH DLU XQDEOH WR ULVH 'RFN WR FXW RII V KRUVH¶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
ZZZ DQFFH FRP
^,KZd ^dKZz
)
DU IDU DZD\ WKHUH ZDV D VZHHW SULQFHVV FDOOHG 6RSKLH 7KH SULQFHVV OLYHG LQ WKH WRZHU RI D ELJ FDVWOH ZLWK KHU IDWKHU .LQJ $UWKXU DQG KHU PRWKHU 4XHHQ 9LFWRULD 7KH \RXQJ SULQFHVV ORYHG ULGLQJ 6SHHG\ KHU JUH\ KRUVH 7KH\ WHQGHG WR KDFN WKURXJK WKH IRUHVW EXW ZKDW WKH\ PRVW OLNHG ZDV WR JDOORS DFURVV WKH JUDVV\ KLOOVLGHV DURXQG WKH FDVWOH DV IDVW DV 6SHHG\ FRXOG JR .LQJ $UWKXU DOZD\V ZDUQHG 6RSKLH EHIRUH VKH OHIW WR ULGH WKDW VKH VKRXOG EH FDUHIXO DQG DYRLG HQWHULQJ WKH IRUHVW EHFDXVH LW ZDV KRPH WR D YHU\ HYLO PRQVWHU ZLWK HQRUPRXV ZLQJV 2QH PRUQLQJ 6RSKLH ZDV SUHSDULQJ KHU KRUVH WR JR RXW IRU D ULGH DIWHU VHYHUDO GD\V RI UDLQ ZKHQ VKH KDG QRW EHHQ DEOH WR WDNH KHU IULHQG RXW DW DOO ,W ZDV D VSOHQGLG GD\ WKH VXQ VKRQH EHDXWLIXOO\ VWURQJ DQG 6SHHG\ ZDV QRZ UHDG\ IRU ULGLQJ %RWK KRUVH DQG SULQFHVV ZHUH KDYLQJ VXFK D JRRG WLPH DQG KDYLQJ
VR PXFK IXQ WKDW WKH\ GLGQ¶W HYHQ UHDOL]H WKDW WKH\ ZHUH OLWWOH E\ OLWWOH HQWHULQJ WKH IRUHVW 6XGGHQO\ 6RSKLH QRWLFHG WKDW LW ZDV GDUN DQG ZLWKRXW ZDQWLQJ WR WKH\ ZHUH LQ WKH GDQJHURXV IRUHVW WKDW KHU IDWKHU .LQJ $UWKXU KDG VDLG VR PXFK DERXW ³6SHHG\ , WKLQN ZH¶UH LQ WKH PLGGOH RI WKH IRUHVW´ VDLG 6RSKLH ³,W VHHPV VR SULQFHVV´ UHSOLHG 6SHHG\ ³:H KDYH WR JHW RXW RI KHUH DV VRRQ DV SRVVLEOH 6SHHG\ WKLV SODFH LV QRW VDIH ´ 6RSKLH VDLG -XVW KHQ ZKHQ WKH SULQFHVV ZDV WDONLQJ WR 6SHHG\ D VWUDQJH QRLVH FRXOG EH KHDUG FRPLQJ IURP WKH WUHHV 7KH SULQFHVV DQG KHU KRUVH JDOORSHG RII WR JHW RXW RI WKHUH DV TXLFNO\ DV SRVVLEOH EHFDXVH WKH QRLVH FRXOG EH FRPLQJ IURP WKH GDQJHURXV ZLQJHG PRQVWHU WKDW OLYHG LQ WKH IRUHVW 7KH VRXQG NHSW JHWWLQJ FORVHU EXW WKH SULQFHVV GLGQ W ORVH KRSH DQG NHSW JDOORSLQJ WU\LQJ WR OHDYH WKH IRUHVW WR EH VDIH
³5XQ 6SHHG\ GRQ¶W VWRS NHHS RQ OLNH WKLV DQG ZH¶OO JHW RXW³ 6RSKLH HQFRXUDJHG 6SHHG\ 7KH\ FRXOG VHH D EHDP RI OLJKW EHWZHHQ WKH WUHHV 7KDW PXVW EH WKH ZD\ RXW EXW WKH ZLQJHG PRQVWHU ZDV YHU\ FORVH 6RSKLH ORRNHG EDFN DQG VKH VDZ WKDW LW ZDV DERXW WR JUDE KHU ZLWK LWV FODZV ³&RPH RQ 6SHHG\ \RX FDQ GR LW ZH¶UH YHU\ QHDU WKH ZD\ RXW ´ WKH SULQFHVV VFUHDPHG 7KHQ ZKHQ LW VHHPHG WKDW DOO ZDV ORVW DQG WKDW WKH PRQVWHU ZRXOG FDWFK WKHP 6SHHG\ JDOORSHG VR IDVW WKDW WKH\ OHIW WKH IRUHVW OHDYLQJ WKH GDQJHURXV ZLQJHG PRQVWHU EHKLQG ³:HOO GRQH 6SHHG\ <RX¶YH GRQH UHDOO\ ZHOO ZH¶UH QRZ VDIH ´ 3ULQFHVV 6RSKLH VDLG WR 6SHHG\ %RWK WKH SULQFHVV DQG 6SHHG\ KDG OHDUQHG WKDW FHUWDLQ GDQJHUV FDQ EH DYRLGHG LI \RX SD\ DWWHQWLRQ WR WKH DGYLFH WKDW \RXU SDUHQWV JLYH \RX 6SHHG\ DOVR UHDOL]HG KRZ LPSRUWDQW 3ULQFHVV 6RSKLH¶V HQFRXUDJHPHQWV ZHUH EHFDXVH KHU FRQILGHQFH WKDW KH FRXOG JHW WKHP RXW RI WKH IRUHVW ZDV ZKDW KHOSHG KLP WR JR HYHQ IDVWHU
(O &DEDOOR (VSDxRO
COMPETITIONS CALENDAR &21)250$7,21 &203(7,7,216 '$7( 0DUFK 0DUFK 0DUFK 0DUFK 0DUFK 0DUFK $SULO $SULO $SULO $SULO $SULO $SULO $SULO
$SULO
&203(7,7,21 /2&$7,21 &28175< (48,085 7255( 3$&+(&2 63$,1 WK 385(%5(' 63$1,6+ +256( 48,72 (&8$'25 )$,5 VW (4886 /,1$5(6 35( &21)250$7,21 &203(7,7,21 /,1$5(6 63$,1 WK ,17(51$7,21$/ (48(675,$1 6$&$7(3(48(= *8$7(0$/$ )(67,9$/ 63$1,6+ +256( )$,5 &$/,)251,$ 86$ %21$1=$ 6$1 -26e &267$ 5,&$ WK 9$//( '( /26 3('52&+(6 /,9(672&. )$,5 6$&$% &2Ì1 520$&$9$//, WK 35( &21)250$7,21 )81&7,21$/ &203(7,7,21 VW (48863(75(5 &21)250$7,21 &203(7,7,21 UG &(175$/ $0(5,&$1 385(%5(' 63$1,6+ +256( )$,5 VW 35( (4886 &,8'$' 5($/ &21)250$7,21 &203(7,7,21 WK &,7< 2) 9(-(5 '( /$ )5217(5$ 35( &21)250$7,21 &203(7,7,21
32=2%/$1&2
63$,1
&2Ì1 520$
63$,1 ,7$/<
$/%$/É
63$,1
3(75(5
63$,1
7(*8&,*$/3$
+21'85$6
32=8(/2 '( &$/$75$9$ 9(-(5 '( /$ )5217(5$
63$,1
0DUFK 0
7
:
7
)
6
6
$SULO 0
7
:
7
)
6
6
63$,1
)RU IXUWKHU LQIRUPDWLRQ DERXW WKH &RQIRUPDWLRQ &RPSHWLWLRQ $1&&( &XS <RXQJ +RUVH 6HOHFWLRQ 7HVWV 36&- DQG 74% &DOHQGDUV LQ SOHDVH VHH WKH :HE VLWH ZZZ DQFFH FRP
6255< 285 0,67$.( ,Q WKH ODVW LVVXH 6,&$% 6SHFLDO LQ WKH &RQIRUPDWLRQ VHFWLRQ RQ SDJH WKHUH ZDV DQ HUURU LQ WKH SODFH DQG ILQDO VFRUH RI WKH KRUVHV LQ 6HFWLRQ 6WDOOLRQV DJHG DQG +HUH DUH WKH FRUUHFW UHVXOWV
3RV
+RUVH
6WXG )DUP
%UHHGHU
7RWDO
<$&2 '( 7255(/81$
<(*8$'$ <$&2
<(*8$'$ $*8,/$5 9(/$6&2
,1',2 -7 ,,,
<(*8$'$ &(1785,Ï1
<(*8$'$ -8$1 7,5$'2
'848( &;,,,
<(*8$'$ /$6 $5(1$6
<(*8$'$ /$6 $5(1$6
0$57Ë1
'(+(6$ '( &$%(=$ 58%,$
'(+(6$ '( &$%(=$ 58%,$
6(55$1,72 ,,
-26e $/0$16$ 52'5Ë*8(=
-26e $/0$16$ 52'5Ë*8(=
$1&&(
0 )
ZZZ DQFFH FRP
/LVW RI $1&&( %UHHGHUV $*5$385 6 / ' 1XULD 6DL] &LIXHQWHV & ÔQLFD V Q 5HQDQW ² /pULGD 7OI ² )D[ ZZZ FDEDOOHULDHVWHYH FRP -RUGL#JUXSDJUD FRP $*5,&2/$ *8=0$1 6 $ 'LUHFWRU 7pFQLFR ' -RVp 1LHWR %HQtWH] & $PRU GH 'LRV Q ,]T 6(9,//$ 7OI )D[ MM QLHWR#WHUUD HV $*5,&2/$ -8$1 52-$6 6 / ' -XDQ 5RMDV 9i]TXH] $YGD 0DUWtQH] %DUULR (GLILFLR 9LDSRO &HQWHU SODQWD 6HYLOOD 7OI )D[ 0yYLO ZZZ JUXSRIHUUR HV PPDUWLQH]#JUXSRIHUUR HV $*5,&2/$ 3(5$/7$ 5DQFKR (O 5RFtR &WUD 3XHEOD GHO 5LR ,VOD 0D\RU NP 38(%/$ '(/ 5Ì2 6(9,//$ 7OI )D[ ZZZ FDEDOORVSHUDOWD HV SHUDOWD#ELWPDLOHU FRP $*5,&2/$ 6$1 $/9$52 6 / ' 5H\HV *XDUGLROD 'RPtQJH= 3HUVRQD GH FRQWDFWR ' -RVp 3DFKHFR /ySH] GH 0RUOD 3DVHR GH &ROyQ 6(9,//$ )D[ DJULVDO#DJULVDO H WHOHIRQLFD QHW $*5,&2/$ 60,55 ' (ULN 6PLUU $P *HL]HQEHUJ :DOGK|O]EDFK ² /RVKHLP $P 6HH $OHPDQLD 7OI ² )D[ 0yYLO LQIR#VPLUU GH $*5,&2/$ 9$/9, 6 $ *HUHQWH -XDQ 0DQXHO )HUQiQGH] GH $UJ HVR 3OD]D 1XHYD % 6(9,//$ 7OI )D[ 0yYLO MPID#DFWLYLGDGHVJHVWRUDV HV $*5Ì&2/$ < *$1$'(5$ &8(9$ 6(55$1$ /2 *5$&,$ ' -RVp 0HQDUJXH] *UDFLD & -RVp $QWRQLR 2ULKXHOD $/,&$17( 7OI $*52*$1$'(5$ 9$57521 6 / 6UHV -RVp 9DUR *DUULGR \ -XDQ 0DQXHO 7URQFRVR &DUGRQD &RUWLMR 2OLYHUD $SDUWDGR $OFDOi GH *XDGDLUD 6(9,//$ 7OI )D[ ZZZ \HJXDGDROLYHUD FRP FRUWLMRROLYHUD#KRWPDLO FRP $*523(&8$5,$ ´(/ $1&/$µ ' $QWRQLR ) *RQ]iOH] 6iQFKH] &DUUHWHUD 1 ,9 &iGL] 0iODJD .P )LQFD &DQWHUXHODV 9HMHU GH OD )URQWHUD ² &iGL] ZZZ DJURSHFXDULDHODQFOD FRP ),1&$ (/ $1&/$ &DOOH % /DV /DSDV 7XFDFDV 2ILFLQD 9(1(=8(/$ IJRQ]DOH]PH#\DKRR HV
$1&&(
$*523(&8$5,$ /$5,26 6 $ <(*8$'$ /$5,26 'xD *LVHOD 5H[URWK 6LOYLQJ &WUD -HUH] $OJHFLUDV .P $OFDOD GH ORV *D]XOHV &iGL] (63$f$ 7OI )D[ 0yYLO ZZZ ODULRV HV ZZZ IDFHERRN FRP <HJXDGD/DULRV ODULRV#ODULRV HV $*523(&8$5,2 ( ,1'8675,$/ (/ &$50,1 <(*8$'$ (/ &$50(1 +DFLHQGD 6HFWRU 6DQ $QWRQLR <XQJXLOOD 7OI 2ILFLQDV $Y 2FWDYLR &KDFyQ \ 6HJXQGD 7UDQVYHUVDO 6HFWRU 3DUTXH ,QGXVWULDO &XHQFD (FXDGRU 7OI )D[ ZZZ HF LQIR# HF $*8,/$5 *$5&,$ ' $1721,2 &ROyQ /25$ '(/ 5,2 6HYLOOD
DD DQWRQLRDJXLODUJDUFLD#JPDLO FRP $*8,/$5 0$7(6$1= +126 ' 0DULR $JXLODU 0DWHVDQ] & -XQFDO 1DYDV GH 2UR 6(*29,$ 7OI \ )D[ 0yYLO ZZZ \HJXDGDDJXLODUPDWHVDQ]KQRV FRP SUHDJXLOD#KRWPDLO FRP $*8,/(5$ 025(12 ' 0$18(/ <(*8$'$ /26 $5&26 &DSLWiQ *DVSDU 2UWL] (/&+( $OLFDQWH
FPUPRUDQ#KRWPDLO FRP $/%$ $<$/$ +'526 '( ' )5$1&,6&2 1$9$+21'$ & % & 6LHUSHV % 3DVDMH GH ODV 'HOLFLDV (GLI 6(9,//$ 7OI ² 0yYLO MPID#DFWLYLGDGHVJHVWRUDV HV $/%$ %(7(5( ' &e6$5 & &LXGDG GH 5RQGD SLVR 6(9,//$ 7OI 0yYLO FHVDUDOEDEHWHUH#KRWPDLO FRP $/*$,'$ &WUD &DUPRQD (O 9LVR GHO $OFRU .P $SWGR &RUUHRV &$5021$ 6HYLOOD
7OI 0yYLO )D[ DFHEXFKDO#LQIRQHJRFLR FRP $/0$16$ 52'5,*8(= ' -26e )LQFD 9LVWD $OHJUH &WUD 6DQ -XDQ GHO 3XHUWR 1LHEOD NP 6$1 -8$1 '(/ 38(572 +XHOYD 7OI JHLSUDQVD#\DKRR HV $/7$-$5$ 6 / ' -RVp ' 'RPtQJXH] )UDLOH GH 7HMDGD & &LDXUUL] 0DLUHQD GHO $OMDUDIH 6(9,//$ 7OI )D[ 0yYLO MGGRP#LEFFRSLHUV FRP $/9$5(= 3(5(= ' 526(5 3UDW GH OD 5LED (/ 9(1'5(// 7DUUDJRQD
\HJXDGDDOYDUH]SHUH]#KRWPDLO FRP \HJXDGDURVHUDOYDUH]SHUH]#JPDLO FRP $1'$8525$ 5$1&+ ' 5D~O %XFLR 5HLOO\ 5G 0HUFHG &DOLIRUQLD 86$ 7OI ² )D[ 0yYLO LQIR#DQGDXURUDUDQFK FRP
$1',& (50$< ' 1$+0$1 *HUHQWH ' 0DULR 3LQHGD *RQ]iOH] $XJXVW )RQW L &DUUHUDV (63/8*8(6 '( //2%5(*$7 %DUFHORQD
0yYLO ZZZ \HJXDGDQGLF FRP LQIR#\HJXDGDQGLF FRP $5$1'$ $/&$17$5$ ' *5(*25,2 &+$38(/$ 6 / &DUUHWHUD GH OD ,VOD 0HQRU .P '26 +(50$1$6 6HYLOOD
7OI $5(1$6 526$ ' )(/,3( ´(67,53( '( $5(1$6µ $YGD *HQHUDOLWDW 9DOHQFLDQD 3LQFD\D ² 9DOHQFLD 7OI )D[ 0yYLO ZZZ HVWLUSHGHDUHQDV FRP IDU#HVWLUSHGHDUHQDV FRP $5*h(62 3,f$5 ' *21=$/2 *$3+256( 6 / 9LUJHQ GH /XMiQ $ % 6(9,//$ )D[ ZZZ JDSKRUVH FRP LQIR#JDSKRUVH FRP $552<2 3 5 ( ' 0LJXHO $UUR\R 0DUWtQ /RV 6RWLOORV 'HO 7RULO 3DUTXH 5HJLRQDO &XHQFD $OWD 'HO 0DQ]DQDUHV 6RWR 'HO 5HDO 0$'5,'
0yYLO 7OI )D[ ZZZ DUUR\R SUH FRP P DUUR\R#WHONURQ HV $67$5/2$ 625'2 ' ,/'()2162 $YGD 6DQ /XLV 0$'5,' %$//(67(526 025&,//2 ' -(6Ô6 ),1&$ $QWLJXD &WUD 3ULHJR &DUFDEXH\ 5tR 35,(*2 '( &25'2%$ &yUGRED
%$21(6 *21=$/(= ' 0,6$(/ 3HUXOHUR $/021$67(5 /$ 5($/ +XHOYD
7OI )D[ %$5%$ %$55(5$ ' -26e $YGD $UEROHGD V Q (GLILFLR (PSUHVDULDO $OMDUDIH 3OWD 0RG 7RPDUHV 6(9,//$ 7OI )D[ 0yYLO EDUEDFRQVO#EDUEDFRQVO H WHOHIRQLFD QHW %$55262 3(5$/(6 ' -26e 3DVHR 'H /RV &HUH]RV 0DGULG 7OI \ )D[ 2ILFLQD )D[ DFRQWUHUDV#PDPXQLDJURXS FRP %$<2 &+,9$ ' &e6$5 3OD]D GH (VSDxD SLVR 21'$ &DVWHOOyQ
7OI 0yYLO ZZZ \HJXDGDED\R FRP FHVDUED\R#WHUUD HV %$<2 6$1&+(= ' -$9,(5 /21-$ 3(6&$'(5Ì$ 2),&,1$6 \ +XHOYD 0yYLO )D[ %(1,7(= 025(12 +126 $YGD 3RUWXJDO &$5021$ 6HYLOOD
7OI 3DUW )LQFD LQIR#EHPR HV
ZZZ DQFFH FRP
%(50(-2 3(57(*$/ <(*8$'$ ' /XLV %HUPHMR 6DH] 0HOpQGH] 9DOGpV 5,%(5$ '(/ )5(612 %DGDMR]
7OI ID[ 0yYLO OXLV#\HJXDGDEHUPHMR FRP ZZZ \HJXDGDEHUPHMR FRP %2&$1(*5$ 3(5(= 6 / ' -XDQ /XLV %RFDQHJUD 3OD]D 6DQ $JXVWtQ 6(9,//$ 7OI KHUPDQRVERFDQHJUD#\DKRR HV %2+2548(= (6&5,%$12 ' )(50Ì1 & 6HYLOOD 3ODQWD -HUH] GH OD )URQWHUD &$',= 7OI )D[ LVDEHO#IHUPLQERKRUTXH] RUJ %2+2548(= *$5&,$ '( 9,//(*$6 ' 0,*8(/ $YGD GHO /LPRQDU -(5(= '( /$ )5217(5$ &iGL]
7OI 0yYLO VR\PLJXHOERKRUTXH]#KRWPDLO FRP ZZZ DFWLZHE HV JDQDGHULDPLJXHOERKRUTXH] %2+2548(= 0$57,1(= ' $1*(/ 8UEDQL] (O %RVTXH (GLI 6\GRQLD $ -(5(= '( /$ )5217(5$ &iGL]
7OI )D[ 0yYLO ERKRQRULHWD#KRWPDLO FRP %2/2,; $6 ² +'526 '( 0$57,1(= %2/2,; 'LUHFWRUHV 'DYLG 0DUWtQH] &DVWLOOHMR 5DPyQ +HUQiQGH] /ySH] )LQFD OR 3HUWLJXHUR $SDUWDGR GH &RUUHRV (O 3DOPDU ² 085&,$ 7OI ² )D[ MD JRPH]#JUXFRSHO FRP %5(1(6 &8(1&$ ' 6(%$67,$1 & *DULEDOGL Q 3XHUWR GH OD 7RUUH 0$/$*$ 7OI )D[ ² 0yYLO EUHQHV #KRWPDLO FRP &$%$//(52 6$/*8(52 ' 0$18(/ $YGD GH 0p[LFR &DVD & 3DUTXH 6WDGLXP -HUH] GH OD )URQWHUD &É',= PDQXHO FDEDOOHUR#MHUH] HV &$%$//26 '( /$ /8= ' 6LPRQH /LHQHUW 6WRRWHU 6WU 0 OKHLP $OHPDQLD 7OI LQIR#FDEDOORV GH OD OX] GH &$%$//26 //$5*8(6 )LQFD 0DV /ODUJXpV &DPt &DVWHOO GH &DQ 7DLR V Q 6WD 3HUSHWXD GH 0RJRGD %$5&(/21$ 7OI ² )D[ ZZZ OODUJXHV LQIR FDEDOORV#OODUJXHV LQIR &$'(1$6 %(/75É1 ' $*867Ì1 &RUWLMR ´(O &RQGHµ $YGD 0HQpQGH] SHOD\R /$ /,1($ &É',=
7OI )$; HOFRQGH #KRWPDLO FRP &$0$&+2 %(1,7(= +126 & $OFDOD *DOLDQR Q &$%5$ &yUGRED
7OI 0yYLO )D[ KFDPDFKR#DUUDNLV HV &$0$&+2 5,9(5$ ' 52%(572 $8729Ì$ 1 ,9 NP 9$/'(3(f$ &LXGDG 5HDO
7OI UFDPDFKRULYHUD#KRWPDLO FRP &$0$5$ < 6(51 ' 52&Ì2 '( /$ $YGD 5HS~EOLFD $UJHQWLQD 6(9,//$ 7OI 0yYLO
&$0$5*2 48,17$1$ ' 5$)$(/ 6RWR 9HUGH *(/9(6 6HYLOOD UFDPDUJR#WHUUD HV &$032 /81(6 0U .RQVWDQWLQRV 3DUDQRPRV 2O\PSR\ .R]DQL *UHFLD 7OI )D[ SDUDQRPR#RWHQHW JU &$1 &$9$//(5 ' 3ODFLG &DOPHW &RSRQV 3DVHR $QVHOP &ODYH Q &DOOXV ² %$5&(/21$ 7OI ² )D[ 0yYLO SODFLG#PHFDQLFDFDOPHW FRP &$5'(1$6 -(6Ô6 ' 5$)$(/ +HUPDQRV &iUGHQDV +HUQiQGH] 6 / & *R\D %HOODYLVWD $OMDUDTXH ² +XHOYD 7OI )D[ 0yYLO FDEDOORV#FDKHUKXHOYD FRP &$5'(1$6 2681$ ' 3('52 '( <(*8$'$ 3('52 '( &$5'(1$6 $QFKD (&,-$ 7OI DFDUGHQDV#JSURLFDU FRP &$5'(1$6 6$1&+(= +126 -HUH] 0217(//$126 6HYLOOD
7OI &$5021$ 8548,=$ ' -26e ,1e6 &RUWLMR )XHQWH $ODPHGD &WUD $WDUIH 6DQWD )H $7$5)( *UDQDGD
7OI )D[ 0yYLO DODPHGDFD#KRWPDLO FRP &$52 $1'5$'( ' 0$18(/ & $UUR\R $ 6HYLOOD 7OI )D[ JHUHQFLD#FRPXQLFDFLRQHVHOSXHUWR FRP &$578-$12 %$<(51 ² 35( =8&+ 817(56&+:$,* ' 5RVHPDULH :RKOHUW 8QWHUVFKZDLJ +DDJ DQ GHU $PSHU ² %DYDULD $OHPDQLD 7OI ZZZ FDUWXMDQR ED\HUQ GH URVHPDULH ZRKOHUW#PDZRK GH &$578-$126 '( &$67(// 6 / ' *HUPiQ %RQLOOD 6iQFKH] 0DQVR GH &DVWHOO V Q $SDUWDGR &RUUHRV 3DODPyV ² *HURQD 7OI ² )D[ HJRGHFDVWHOO#KRWPDLO FRP ZZZ FDUWXMDQRVFDVWHOO FRP &$6$ (67$148( 6UHV )UDQ]LVND *HRUJ :H\HU 2EHUUHIIHUVFKHLG +HOOHQWKDO *(50$1< 7OI LQIR#FDVD HVWDQTXH GH &$6&2 /$ 9(17$ ' 3DWULFN 6OLP 'RPLW /DJR =XULFK 1R 7RUUH &DUVR 3LVR &RO $PSOLDFLyQ *UDQDGD 'HOHJDFLyQ 0LJXHO +LGDOJR 0p[LFR ' ) 7OI OXFLDO#WHOPH[ FRP &(16<5$ &DPLQR GH 6DQWD (QJUDFLD V Q %$'$-2= 7OI ² (QFDUJDGR ' 5DIDHO &DOHUR &DUUHWHUR MXDQMHVXV FDUUDVFR#DGU MXQWDH[ HV
&/8% +Ì3,&2 =80$&$5 ' )HUQDQGR &HMXGR /R]DQR & 7ULQLGDG 'DLPLHO &LXGDG 5HDO 0yYLO )D[ FOXEKLSLFR]XPDFDU#\DKRR HV &2/25$'2 /23(= ' -26e $SDUWDGR GH &RUUHRV &DUPRQD 6HYLOOD 7OI ² ZZZ MRVHFRORUDGR FRP JDQDGHULD#MRVHFRORUDGR FRP &2175(5$6 &$0326 ' 0$57$ & $OPHQGUDOHMR Q 6(9,//$ 7OI PFRQFDP#KRWPDLO FRP &2175(5$6 5$026 ' -(686 & $OPHQGUDOHMR 6HYLOOD 7OI )D[ UEOD]TXH]#D]YL HV &25325$&,21 $*52*$1$'(5$6 /(=&$12 6 $ ' 2PDU $EGLHO /H]FDQR 0RUDOHV & &RQFHSFLyQ %XJDED 5HFWD +DFLHQGD *DULFKH *DULFKH ² &KLULTXL ² 3$1$0$ 7OI )D[ 0yYLO OH]SDQ#FZSDQDPD QHW &257(6 '( /$ (6&$/(5$ +'526 '( 0 '2/25(6 $YGD GH OD &RQVWLWXFLyQ $ 6HYLOOD 7OI )D[ IGR EDUTXLQ#WHUUD HV &257(6 *$5&,$ ' 6$/9$'25 3OD]D GH OD &RQVWLWXFLyQ % )8(1*,52/$ 0iODJD
7OI 0yYLO ZZZ JDQDGHULDVDOYDGRUFRUWHV FRP FFRUWHVEXHQR#\DKRR HV FFRUWHV#JDQDGHULDVDOYDGRUFRUWHV FRP &257(6 52'5Ì*8(= ' $1721,2 3OD]D 6DQ -XDQ GH OD &UX] Q %LV 7RUUHQXHYD *UDQDGD
7OI ² KRUPLFRU PRWULO#WHOHIRQLFD QHW ZZZ \HJXDGDDQWRQLRFRUWHVURGULJXH] FRP *HUHQWH ' $QWRQLR &RUWpV 9LFWRULD &257,-2 $/%$55$&,1 ' -RDTXtQ 0ROLQD 6iQFKH] $YGD &DUORV ,,, %DUFHORQD 7OI )D[ MPROLQD#ODXGUHFR FRP ZZZ FRUWLMRDOEDUUDFLQ QHW &257,-2 (/ $32672/ +QRV $USHH )HUQiQGH] &DPLQR DO ,QGLR &RQJUHJDFLyQ +XDMXTXLWR 9LOOD GH 6DQWLDJR ² 1XHYR /HyQ 0(;,&2 7OI ² ² )D[ ² LQIR#FRUWLMRHODSRVWRO FRP P[ ZZZ FRUWLMRHODSRVWRO FRP P[ &257,-2 (/ 52%/('$/ *(57 7 (./81' 3 2 %R[ (VWHSRQD 0iODJD
7OI )D[ LQIR#HOUREOHGDO FRP ZZZ HOUREOHGDO FRP &257,-2 *$1$'(5,$ %8(1$9,67$ ' $PDGRU 0DUWtQH] $\QDW 3M %XHQDYLVWD V Q 7LMROD ² $OPHUtD 7OI ² )D[ FRQWDELOLGDG#EXIHWHD\QDW FRP
(O &DEDOOR (VSDxRO
/LVW RI $1&&( %UHHGHUV
&257,-2 /$ 0$548(6$ 6 / 8 *HUHQWH ' $QGUpV 6XDUH] 0DUWtQ $YGD 6DQ )UDQFLVFR -DYLHU 6HYLOOD
0yYLO DVXDUH]#WHSUR HV &257,-2 /$6 &$67$f$6 ' )UDQFLVFR 7DODYHUD $XWULTXH &DPLQR D 6DQWD 7HUHVD &RORQLD -DUGLQHV HQ OD 0RQWDxD 'HOHJDFLyQ 7ODOSDQ ² 0(;,&2 ' ) 7OI ² )D[ IUDQWDOD#KRWPDLO FRP &257,-2 /26 /(21(6 ' (QULTXH 0RQWHUR 5RFKR &RUWLMR /RV /HRQHV 6DQ 1LFROiV GHO 3XHUWR 6HYLOOD 7OI ² 0yYLO HPURFKR#KRWPDLO FRP &257,-2 0,5$0217(6 6 $ 6ROHGDG 72&,1$ 6HYLOOD
ILQFD RILFLQD )D[ 0yYLO *HUHQWH ' 0DQXHO 0RQWHUR =DIUD DKRFDVD#WHOHIRQLFD QHW &257,-2 6$1 0,*8(/ ' -RUJH *UDQHUD 6DFDVD ' -RUJH *UDQHUD 6DUDYLD .P &DUUHWHUD 0DQDJXD /HyQ /HyQ ² 1,&$5$*8$ 7OI 0yYLO MJV#JVLWUDGLQJ QHW &29(&$ ' -HV~V 2YHODU &DOYR $YGD GHO *XLMDU 3ROJ ,QGXVWULDO (O *XLMDU $UJDQGD GHO 5H\ 0$'5,' 7OI ² )D[ ZZZ FRYHFDKRUVHV FRP MHVXV RYHODU#RYHODU FRP &5(632 *21=$/(= +126 & 3URIHVRU /XFHQD &RQGH Q &25'2%$ 7OI ID[ PyYLO 'WRU 7pFQLFR ' -XDQ 0DQXHO &UHVSR *RQ]iOH] MXDQPDFUHVSR#WHUUD HV &5,$'(52 /$ 38(57$ ' &DUORV ÉOYDUH] GHO &DVWLOOR &DOOH ,QGHSHQFLD Q ² &RORQLD &HQWUR ² *XDGDODMDUD -DOLVFR 0H[LFR ZJDUFLD#LQIRUPDGRU FRP P[ &58= -,0(1(= ' )5$1&,6&2 $YGD 5DPyQ GH &DUUDQ]D $ 6(9,//$ 7OI \ )D[ 0yYLO (QFDUJDGR ' 'DYLG %RUUHUR 5RGUtJXH] SURPRWRUDGHODOMDUDIH#\DKRR HV &8$'5$ &2148,67$ ' $UPDQGR 6DOD]DU 0DFKDGR +LGDOJR 6 + *XDGDODMDUD -DOLVFR 0(;,&2 7OI FXDGUDFRQTXLVWD#\DKRR FRP P[ &8(9$6 %$-$6 6 / $YGD GH &iGL] &Ð5'2%$ DFDUULOOR#SWYWHOHFRP FRP DQWRQLRFDUULOORSWY#KRWPDLO FRP &848(5(//$ 8%('$ ' -8$1 & 0pQGH] 1XxH] & 6(9,//$ 7OI )D[ #WHOHIRQLFD QHW &+$9(6 6$,1= ' )('(5,&2 )51$1'2 3OD]D 5XEpQ 'DULR ,]T 6DQWDQGHU 7OI )D[ 0yYLO GLUHFFLRQ#URSHU HV
$1&&(
'(+(6$ ´/$ *5$1-$µ 6 $ &DPLQR GH ODV +DFLHQGDV /RV %DUULRV &iGL] 7OI )D[ 0yYLO MDLPH SXMRO#WHOHIRQLFD QHW ZZZ \HJXDGDGHKHVDODJUDQMD FRP
(/ (63$55$*$/ 6 $ )LQFD (O (VSDUUDJDO &WUD 1DFLRQDO .P *(5(1$ 6HYLOOD
)D[ ZZZ HOHVSDUUDJDO FRP RILFLQD#HOHVSDUUDJDO FRP
'(+(6$ '( &$%(=$ 58%,$ 6 / &WUD GH %DGDMR] D 9LOODQXHYD GHO )UHVQR .P $OFRQFKHO %DGDMR] 7OI 0yYLO *HUHQWH ' 5DPyQ 0DUWtQ +HUQiQGH] &DxL]DUHV ZZZ GHKHVDFDEH]DUXELD FRP UDPRQPDUWLQ#GHKHVDFDEH]DUXELD FRP '(+(6$ '( )$7,0$ ' -XDQ 0DQXHO /ORUFD 5RGUtJXH] 8UE 6LPyQ 9HUGH & 0XpUGDJR 0DLUHQD GHO $OMDUDIH 6(9,//$ 7OI 0yYLO
',$= 5(1('2 ' -$9,(5 & 5HDO 6HUUDGD ² 9DOODGROLG 0yYLO ² )D[ \GLD]UHQHGR#KRWPDLO FRP
(548,&,$ *8$5',2/$ ' $/)5('2 )LQFD (O (EDUGHQ $5&26 '( /$ )5217(5$ &iGL]
2ILFLQD )D[ )LQFD HUGRVD#HUGRVD FRP
',26'$'2 *$/$1 ' $1721,2 6WR 'RPLQJR -(5(= '( /$ )5217(5$ &iGL]
7OI ID[ 0yYLO YGLRVGDGR#HUHVPDV FRP '2/*$5(17 6 $ ' 0DQXHO 3pUH] $UpYDOR +DFLHQGD 2URPDQD $YGD GH 3RUWXJDO V Q $SDUWDGR GH &RUUHRV $/&$/$ '( *8$'$,5$ 6HYLOOD
'20(&4 520(52 ' $/9$52 5HFUHR ´(O 3DTXHWHµ -(5(= '( /$ )5217(5$ &iGL]
MXDQPDULDPRUHQR #JPDLO FRP
(6&$/(5$ '( /$ (6&$/(5$ ' -26e /8,6 *HQHUDO $UPHUR )8(17(6 '( $1'$/8&,$ 6HYLOOD
0yYLO ZZZ \HJXDGDGHODHVFDOHUD HV MRVHOXLV#\HJXDGDHVFDOHUD HV (6&$/(5$ '( /$ (6&$/(5$ ' 0 )(51$1'$ +DELWDW Q 6(9,//$ LQIR#\HJXDGDHVFDOHUD FRP (6&2%$5 +'526 '( ' -26e 0$5Ì$ ' 0DXULFLR 6ROHU (VFREDU $UWHVDQtD 3DUTXH ,QGXVWULDO 3 , 6 $ 0$,5(1$ '(/ $/-$5$)( 6HYLOOD
7OI )D[ )LQFD 2ILFLQD 0yYLO ZZZ LVODPLQLPD FRP PWE#LVODPLQLPD FRP
'20(&4 =85,7$ ' %/$1&$ $SGR -(5(= '( /$ )5217(5$ &iGL]
VDOYDGRUBPRVX#KRWPDLO FRP '20,1*2 &+,1&+,//$ 52'5,*8(= '&5 *$1$'(5Ì$ < &$=$ 0$<25 $YGD 'LYLQD 3DVWRUD ORFDO *UDQDGD 7OI )D[ GRP#GRPLQJRFKLQFKLOOD FRP ZZZ GRPLQJRFKLQFKLOOD FRP
(63$f2/ 1$9$552 ' 5$)$(/ & 6DQWLVVLPD 7ULQLWDW GHO 0RQW %DUFHORQD UDIDHOHVSDQRO#LFDE HV (63,1$ 12*8(5$6 +126 ' -XDQ (VSLQD 1RJXHUDV $YGD GH OD /LEHUWDG '26 +(50$1$6 6HYLOOD
MHVSLQD#UDYVD FRP
'20,1*8(= *$/,$12 ' $1721,2 & )HGHULFR 6iQFKH] %HGR\D Q * 6(9,//$ 7OI )D[ 0yYLO LQIR#FDEDOORFDUWXMDQR HV ZZZ FDEDOORFDUWXMDQR HV
(63,126$ +,'$/*2 ' 6$/9$'25 3DUTXH &DSXFKLQRV & -HUH] GH OD )URQWHUD &DGL] 0yYLO 'LUHFWRU 7pFQLFR )UDQFLVFR - *yPH] &DxDV JDQDGHUDVSUH#KRWPDLO FRP
'21262 3$',//$ ' /8,6 &$5/26 &DWDOXxD 0$/$*$ DGPLQLVWUDFLyQ#JDQDGHULDGRQRVR FRP
'85$1 *$//$5'2 ' -26e 0$18(/ )LQFD -DUGLQLOOR $SDUWDGR GH &RUUHRV 9HMHU GH OD )URQWHUD ² &$',= 7OI ² ² )$; MRVHPDQXHO GXUDQURPHUR#JPDLO FRP
(0%$5%$ '( )58726 ' $1,&(72 8UEDQL]DFLyQ *XDGDOPDU )UHVQRV 0$/$*$ )D[ VHFUHWDULR#HPEDUED FRP (321$ %2562 0UV 'RURWHD %RUVy (SRQD /RYDVNOXE .)7 6UO
%DUWKD 7 3 2 %R[ + 6=$·5 ² +81*5,$ 7OI ² )D[ HSRQD#W RQOLQH KX HSRQD#H[HOHUR KX ZZZ HSRQD KX
',$= 1$9$552 ' -8$1 &RUWLMR $UGyQ &WUD $UMRQD $QG~MDU .P $UMRQD -$(1 7OI ZZZ GLD]QDYDUUR FRP GLD]QDYDUUR#GLD]QDYDUUR FRP
'85$1 $/7,0,5$ ' $1721,2 & -RVHS 8PEHUW % *UDQROOHUV ² %DUFHORQD 7OI ZZZ \HJXDGDWRQLGXUDQ FRP \HJXDGDGXUDQ#JPDLO FRP
(/ 0$'5,*$/ ' ,JQDFLR 6LOYD %RWDV 3DVHR GH OD &DVWHOODQD $ 0DGULG 7OI )D[ SD]DUDJRQ#PXQGLYLD HV
(67(%$1 58,= ' ,9$1 $*52729( 6 $ 3DVHR GH OD &DVWHOODQD SODQWD 0$'5,' 7OI )D[ 0yYLO LYDQHVWHEDQ#JUXSRQDYLVD FRP (8*$66$'$ &(6&$3 ' &ODUD &DSRO & &DOYDUL Q &HUYLD GH OHV *DUULJXHV ² /OHLGD 7OI ZZZ HXJDVVDGD FHVFDS FRP LQIR#HXJDVVDGD FHVFDS FRP
ZZZ DQFFH FRP
(8*8(66$'$ )25781< %$5%$7 ' -RVp )RUWXQ\ )RQW )LQFD &DO 0DQFR &RUUR '·DPXQW ² %DUFHORQD 0yYLO ² )D[ -RVHS IRUWXQ\#NLWFRJUXS FRP (;3/27$&,21(6 $*5Ì&2/$6 5$%$1 6$ ' )UDQFLVFR %HQMXPHD *DUFtD )LQFD ´/RV %DUUDQTXLOORVµ &WUD 3XHQWH *HQLO -DXMD NP $*8,/$5 '( /$ )5217(5$ &Ð5'2%$
LQIR#EHQMXPHD HV )('(563,(/ 3,172 ' 52%(572 $SDUWDGR SRVWDO 6$1 -26e &267$ 5,&$
7OI )D[ 0RYLO UIHGHUVSLHO#JXQLYHUVDOFU FRP NEUHQQHU# JXQLYHUVDOFU FRP )(51$1'(= '$=$ < )'(= '( &25'29$ ' )5$1&,6&2 5HLQD 9LFWRULD $/0(1'5$/(-2 %DGDMR]
IHUQDQGH] GD]D#KRWPDLO FRP )(51$1'(= )(51$1'(= ' -26e 0 )LQFD (O $UUHERODGR 875(5$ 6HYLOOD
'WRU 7pFQLFR ' -RVp 5DPyQ )HUQiQGH] 9LOOHJDV HODUUHERODGR#KRWPDLO FRP MRVHUDPRQIHUQDQGH]YLOOHJDV#KRWPDLO FRP ),1&$ /,1'$ 9,67$ ' &DUORV 4XLQWDQLOOD 9LOOHJDV $QLOOR 3HULIpULFR ]RQD (O 6DXFH *8$7(0$/$ 7OI ² ² )$; FTXLQWDQLOODYL#JPDLO FRP ),1&$ /26 3$1'85(-26 :DJQHU $QQD (OLHVDEHWK DQG %HUQKDUG *UDEHQ $ .LOE $XVWULD 7OI ILQFDORVSDQGXUHMRV #DRQ DW )217 ' -8$1 &WUD )UDQTXHVHV $PHWOOD .P );5$148(6(6 9$//(6 $SGR GH &RUUHRV %$5&(/21$
IRQWFDEDOORV#\DKRR HV )25/, ' +HUDOGR /LVD & $OPLUDQWH /RER 6HYLOOD 7OI ² ZZZ HPEULRQHVHTXLQRV HV LQIR#HPEULRQHVHTXLQRV HV )281'$7,21 )25 7+( 63$1,6+ +256( ' 0 -RVH *LO 0RUD )LQFD HO (UPLWDxR $OPDGpQ GH OD 3ODWD 6(9,//$ 0yYLO )D[ ILQFDHOHUPLWDxR#\DKRR HV )5$1&,6&2 2/,9(5$ 6 / &RUWLMR ´2OLYHUDµ $SGR $/&$/$ '( *8$'$,5$ 6HYLOOD
)D[ 0yYLO ZZZ \HJXDGDROLYHUD FRP FRUWLMRROLYHUD#KRWPDLO FRP * 5$1&+ ,17 ' ,VPDHO 5H\HV 0HMtD %DUULR 6DQ $QWRQLR GH $UULED 'LULDPED 1LFDUDJXD &H/ \HJXDGDPDMDORED#KRWPDLO FRP
*$/,$12 25,+8(/$ ' -8$1 )LQFD ´(O 5DPDOµ &WUD 1DFLRQDO 6HYLOOD +XHOYD NP 0$1=$1,//$ +XHOYD
2ILFLQDV (YDQJHOLVWD %OT & 6(9,//$ )LQFD 0yYLO 2ILFLQD )D[ JHVWRULD#ULSROOHVJDOLDQR FRP *$1$'(5$ $* 6 $ ' $QGUH *DUQLHU .UXVH 6DQ 5DIDHO 2MR GH $JXMD $ODMXHOD ZZZ DJVSDQLVKKRUVHV FRP H PDLOV DJDUQLHU#JDUQLHU FR FU LQIR#DJVSDQLVKKRUVHV FRP 6$1 -26( &267$ 5,&$
*$1$'(5$ -2&+$ ' -RVp *HUDUGR &KDYDUULD )HUUDUR & /ROD SLVR %RVTXHV GH 'RxD 5RVD &LXGDG &DULDUL +HUHGLD &267$ 5,&$ 7OI ID[ ZZZ JDQDGHUDMRFKD FRP LQIR#JDQDGHUDMRFKD FRP
*$1$'(5Ì$ %8&$7$,2 1,&2/$ %XFDWDLR 1LFROD $OOHYDPHQWR %XFDWDLR 1LFROD /RF 0RQWDOFLQR 'HUXWD ² 3HUXJLD ,7$/,$ 7OI )D[ QLN Q#OLEHUR LW *$1$'(5Ì$ &$08f(= (63,126$ 5HVLGHQFLDO (VSDUWLQDV 6 / ' -RVp $QWRQLR &DPXxH] & 6DQ 3DEOR &DVD ) % 6HYLOOD 7OI )D[ FRQWUROUHVLGHQFLDO#JPDLO FRP *$1$'(5,$ &$5/26 '(/*$'2 &DUGHO &RQVXOWRUHV 6 / & )DLViQ Q /DV 5R]DV ² 0DGULG 7OI FGHOJDGR#DXGLFDQSDUWXHUV FRP *$1$'(5Ì$ &(55$'2 '(/ &$6,/ ´&HUUDGR GHO &DVLOµ $SDUWDGR GH FRUUHRV 9LOODQXHYD GH OD 9HUD ² &$&(5(6 7OI )D[ YDE#URQLQYHU FRP
*$1$'(5,$ $*52685 6 / ' 0DQXHO %DMR *DUFtD 8UE &ROLQD %ODQFD &$0$6 6HYLOOD
DGPLQLVWUDFLyQ#JUDQKRWHOGHOFRWR FRP
*$1$'(5Ì$ &29(6 '$5'(1 ' 0LJXHO $QJHO &RYHV $]RUtQ (DVW *DWH 'U 0DLO %R[ $LNHQ 6& ((88 7OI FRYHVGDUGHQSUH#JPDLO FRP
*$1$'(5Ì$ $/)2162 $5$*Ð1 '20Ì1*8(= & 5HDO &DPSLOORV 0iODJD
7OI 0yYLO ZZZ JDQDGHUtDDUDJRQ FRP FRPHUFLDO#JDQDGHULDDUDJRQ FRP 5HVSRQVDEOH ' $JXVWLQ $UDJyQ 'RPLQJXH]
*$1$'(5Ì$ &58= &$032< *HUHQWH ' -XDQ 0DQXHO &UX] F &ROLPER 3817$ 80%5,$ +XHOYD
7OI 0yYLO )D[ DSURVD#FRQVWUXQHW QHW MXDQFUX]FDPSR\#WHOHIRQLFD QHW
*$1$'(5Ì$ $/)2162 &252 ' -RVp $OIRQVR &RUR 6XHUR & 3DGUH 9LFHQWH &RVWD Q $GRVDGR 6DQWD (XODULD GHO 5tR ² %$/($5(6 7OI ² )D[ MFRURLEL]D#JPDLO FRP *$1$'(5Ì$ $/3(1'( 6 / ' *ORULD /LPD 5RGUtJXH] 8UE (O %RVTXH (GLILFR &\FDV % -HUH] GH OD )URQWHUD &iGL] 7OI )D[ 0yYLO DOSHQGHVO#WHOHIRQLFD QHW *$1$'(5Ì$ $17$5(6 6 / ' )UDQFLVFR 0DUFRV )HUUHU &WUD GH 5HGRYDQ /D &DPSDQHWD V Q 5HGRYDQ $OLFDQWH 3HUVRQDV GH FRQWDFWR 0DQXHO 2 7OI 9LFWRU 0 PRUWXQR#JUXSRPDUFRV FRP *$1$'(5Ì$ $=$+$5 ' 3HGUR *DUFtD 0HURxR 3DUTXH (PSUHVDULDO 3RODULV &UWD 0XUFLD 6DQ -DYLHU .P %DOVLFDV ² 0XUFLD 7OI )D[ FDUPHQ#SRODULVZRUOG FRP *$1$'(5,$ %(1$%$' &257(6 ' %HQDEDG 6DOD]DU 0DUFRV & &DER )RUPHQWRU (V 3%- 3DOPD GH 0DOORUFD %DOHDUHV 7OI ² JDQDGHUtDBEF#KRWPDLO FRP *$1$'(5Ì$ %/$1&$ 52-$6 ' 0 GH ODV 1LHYHV 5RMDV *XLMR & -HV~V 0DUtD &25'2%$ 7OI ² 0yYLO EODQFDURJXL#KRWPDLO FRP *$1$'(5Ì$ %2+Ð548(= 520$1 ' ,QPDFXODGD %RKyUTXH] 9HUGXJR & 9i]TXH] 'tD] Q 3DUDGDV ² 6HYLOOD 7OI DOGKDLU#PVQ FRP (QFDUJDGR 5DIDHO 5RPiQ
*$1$'(5Ì$ '(/ +,(552 '(/ &$/'(52 0DUWtQ 'RPtQJXH] ' )HUQDQGD 0DUtD 8UEDQL]DFLyQ /D /DJXQD $PDSROD 3$/20$5(6 '(/ 5,2 6HYLOOD
0yYLO FDOGHURB #KRWPDLO FRP LQIR#JDQDGHULDHOFDOGHUR FRP *$1$'(5Ì$ '(/ 321721 ' 0LJXHO 5XL] 2OPRV ² ' 0DUtD 9HODVFR &DQR &DPLQR GH &DEDQLOODV V Q 7L]QHURV ² 6HJRYLD 0yYLO ² )D[ ZZZ SRQWRQGRPD HV LQIR#SRQWRQGRPD HV *$1$'(5,$ '20,1*2 $55$%( ' 'RPLQJR $UUDEH 9HUGXJR /D 9HQWD V Q 1DYDUUHGRQGD GH *UHGRV $9,/$ 7OI )$; 0yYLO GRPLQJRDUUDEH#KRWPDLO FRP *$1$'(5Ì$ '20Ì1*8(= < *Ð0(= 6 / & 9LUJHQ GH OD &LQWD $ 6(9,//$ 7OI ² )D[ LQIR#JDQDGHULDGRPLQJXH]\JRPH] HV *$1$'(5Ì$ (/ $+,-21 ' 3LODU $UHVWL 9LFWRULD GH /HFHD $YGD 3UtQFLSH )HOLSH (QWUHSODQWD 7DODYHUD GH OD 5HLQD ² 0DGULG 7OI ² JHVWLRQYHW#LQIRQHJRFLR FRP *$1$'(5,$ (/ &$-21 ' 6RQLD &DVDPD\RU *UDFLD & 6LHUUD GH /XQD FDVD 0DUtD GH +XHUYD ² =DUDJR]D 7OI ² VRQLDFJ #KRWPDLO FRP *$1$'(5,$ (/ &2<2/ ' $OEHUWR *RQ]iOH] &DUPRQD &DOOH $YGD \ &DVD 6DQ -RVp &267$ 5,&$ 7OI )D[ DOIDJDP#UDFVD FR FU
(O &DEDOOR (VSDxRO
/LVW RI $1&&( %UHHGHUV
*$1$'(5Ì$ (/ 0$'52f8(/2 ' -RVp -XDQ 0DUWtQH] 6LPy -XDQ GH 3DGLOOD Q ' 0$/$*$ )LQFD (O 0DGURxXHOR /D SXHEOD GH &D]DOOD ² 6(9,//$ 7OI )D[ 0yYLO YDOOHMHUDV#YDOOHMHUDV H WHOHIRQLFD QHW *$1$'(5,$ (48,1$ 385$ 5$=$ (63$f2/$ 'xD (QFDUQDFLyQ %RPELOODU ([SyVLWR &DPLQR $EDGtD $/%2/27( *5$1$'$
)D[ 3HUVRQD GH FRQWDFWR 0LJXHO %UDYR 9HJD JDQDGHULDHTXLQDSUH#KRWPDLO FRP *$1$'(5Ì$ )5$1&,6&2 /$=2 ',$= ' 0 7HUHVD 9LOODU 2UWL] +DFLHQGD GH /HUHQD $SDUWDGR GH &RUUHRV +XpYDU GHO $OMDUDIH ² 6HYLOOD 7OI PDFDOD]RYLOODU#KRWPDLO FRP *$1$'(5Ì$ )5$1&,6&2 6$17,$*2 58,= ' )UDQFLVFR 6DQWLDJR 5XL] )LQFD ORV 3HUDOHV &WUD 0ROOLQD $ODPHGD .P 0ROOLQD 0$/$*$
7OI )D[ ZZZ JDQDGHULDIUDQFLVFRVDQWLDJRUXL] FRP 6DQWLDJR#JDQDGHULDIUDQFLVFRVDQWLDJRUXL] FRP 2ILFLQD & 0DUTXHV 0$/$*$ 7OI ² )D[ FHQWURPRGDPDODJD#JPDLO FRP *$1$'(5,$ )5217(*,/ ' 0DUtD -HV~V *DOODUGR )HUQiQGH] 6DQ $ORQVR GH 2UR]FR ) 6HYLOOD 7OI ² )D[ FJI #KRWPDLO HV *$1$'(5,$ *$5&, 9$/ ' -XDQ 0DQXHO *DUFtD )HUQiQGH] & =DUDJR]D 8JHQD ² 72/('2 7OI 0yYLO H[XJHQD#PVQ FRP *$1$'(5Ì$ *,/6$1 ' (XGR[LR *LO 6iQFKH] )LQFD /RV 2OLYRV 6DQWD &UX] GHO 5HWDPDU 7ROHGR 7OI )D[ 0yYLO \RODQGDJLO#JLOJR HV
*$1$'(5Ì$ +(50$126 321&( %(5'8*2 ' )UDQFLVFR -DYLHU 3RQFH )HUQiQGH] & (VWUHOOD )XHQWHV GH $QGDOXFLD 6(9,//$ 7OI \HJXDGDKSE#KRWPDLO HV
*$1$'(5,$ /$ '8/&,1$ ' ,VDEHO %HDWUL] 9LVFRQWL 2EOLJDGR ² %DUULR $HURSXHUWR (]DL]D %XHQRV $LUHV ² $UJHQWLQD 7OI JUDQDGRVGXOFH#KRWPDLO FRP
*$1$'(5Ì$ +1$6 *$5&,$ (&+(9$55,$ ' 0DWHR - 6ROtV 0RUHQR & 9HOi]TXH] Q +HUUHUD ² 6(9,//$ 7OI ² )D[ PVP#IL HV
*$1$'(5Ì$ /$ )257$/(=$ 0U 7LPXU *R\DHY %HOLQVNRJR 1 (NDWHULQEXUJ 8UDOVNLL 5HJLRQ ² 5XVLD 7OI )D[ DNR]KDQRYD#NDOLQD RUJ
*$1$'(5Ì$ +126 $<$/$ ' $OEHUWR $\DOD 6RXVD &WUD 8WUHUD 6HYLOOD .P $SDUWDGR &RUUHRV 8WUHUD 6(9,//$
7OI )D[ HPLOLRD\DOD#KHUPDQRVD\DOD FRP
*$1$'(5Ì$ /26 %$55,26 ' &ULVWLQD 0DUWtQH] &DUULOOR & 5XLVHxRU 9HJDV GH 7ULDQD $QG~MDU ² -$(1 7OI )D[ \ROLWRE\#KRWPDLO FRP
*$1$'(5Ì$ +126 18f(= %$5%(52 ' -RVp $QWRQLR 1~xH] %DUEHUy &WUD 3DUTXH GH OD &RQFKXHOD 'RV +HUPDQDV 6(9,//$ 0yYLO *HUHQWH $JXVWtQ 1~xH] /ODQR *$1$'(5Ì$ ,6$%(/ 0(5(//2 9,8'$ '( 7(55< 7(50(5 6 $ 3HUVRQD GH FRQWDFWR ' 0LJXHO 7HUU\ 2VERUQH 7OI )D[ ODPLFRQD#JPDLO FRP *$1$'(5,$ -$848,&2$ 0$57,1(1$ ' 7HUHVD 0DUWLQHQD & $EHMHUDV L]T 3DPSORQD 1DYDUUD 7OI ² WHUHVDPDUWLQHQD#FHQDYDUUD HV
*$1$'(5Ì$ *21=É/(= &+$&Ð1 ' 0 $QJHOHV &KDFyQ 1RJXHUD $YGD GH OD 3D] $ %XUJRV 7OI )D[ IHUQDQGR#FRQWUDWDV\PDTXLQDULD FRP
*$1$'(5Ì$ -8$1 -26( 62/,6 ' -XDQ -RVp 6ROtV %RQLOOD 3OD]D GHO 2EUDGRLUR %OT Q 6HYLOOD 0yYLO )D[ ZZZ MXDQMRVHVROLV FRP MMVROLV#MXDQMRVHVROLV FRP
$1&&(
*$1$'(5Ì$ /,%(57< $1'$/86,$16 ' 6WHSKHQ 6WUXQN *DUGHQ +LJKZD\ 6DFUDPHQWR ² &DOLIRUQLD 86$ 7OI ² VWUXQNFM#DRO FRP
*$1$'(5Ì$ +126 1,(72 ' 5RGULJR 1LHWR *yPH] 3DVVHLJ GHO 3OD 0DWDGHSHUD %$5&(/21$ 7OI )D[ 0yYLO \HJXDGDKQLHWR#FHFRW HV
*$1$'(5Ì$ -&% ' -RVp &DUORV %XVWHOR 9DUHOD & /DV ,QGXVWULDV %ORTXH 3 % *LOyQ ² /D &DO]DGD $6785,$6 7OI ² JDQDGHULDMFE#KRWPDLO FRP
*$1$'(5Ì$ +(50$126 0(675( (GLILFLR 7HUFDW 0XHOOH 3UtQFLSH GH (VSDxD V Q 3XHUWR GH %DUFHORQD %$5&(/21$ )D[ PDULD PHVWUH#WHUFDW HV
*$1$'(5,$ /$6 /80%5(5$6 'LUHFWRU 7pFQLFR ) -DFRER 'HOJDGR /ySH] )HUQDQGR ,9 % 6(9,//$ ILQFD 2ILFLQD 0yYLO ODVOXPEUHUDV#KRWPDLO HV
*$1$'(5Ì$ +126 %$75(6 ' $QWRQLR %DWUHV 0DUWtQ 3DVHR (VWDFLyQ Q 7DODYHUD GH OD 5HLQD 72/('2 7OI D EDWUHV#KRWPDLO FRP
*$1$'(5Ì$ */25,$ 52&$)257 ' *ORULD 5RFDIRUW 6DO 0DV 5LROD 3WGD 9LQ\ROV 3RO 3DUF 0RQWEULy GHO &DPS ² 7$55$*21$ 7OI 0yYLO )D[ ZZZ JDQDGHULDJORULDURFDIRUW FRP JORULDURFDIRUW#KRWPDLO FRP
*$1$'(5Ì$ +(50$126 0(66$ 6$1&+(= (DV\V *UXSR ,QPRELOLDULR 6 / ' 6HUDItQ 0HVVD 6iQFKH] $YHQLGD 6DQ 0DQXHO $OFDOi GHO 9DOOH ² &$',= 7OI ² )D[ ZZZ JDQDGHULDSUH FRP JUXSRHDV\V#JPDLO FRP
*$1$'(5,$ /$ 0$*'$/(1$ 7HFKQLFDO DQG :RUN 6 $ &WUD 1 ,9 .P 2QWtJROD ² 7ROHGR 7OI ² )D[ IHUULWZVD#JPDLO FRP
*$1$'(5Ì$ -8$1 3('52 '20(&4 3URSLHWDULR ' -XDQ 3HGUR 'RPHFT 6ROtV )LQFD ´/R $OYDURµ 9DOGHIORUHV &$67,//2 '( /$6 *8$5'$6 6HYLOOD
2ILFLQD /DJDVFD SLVR 0$'5,' 7OI )D[ ZZZ MXDQSHGURGRPHFT FRP MS#LQQDYD FRP *$1$'(5Ì$ -8$1 52'5Ì*8(= %(%,$ & &HUYDQWHV *LEUDOHyQ +XHOYD 7OI )D[ 0yYLO
*$1$'(5Ì$ /26 627,//26 *HQHUDO 3DODFLR *(7$)( 0DGULG )D[ VQRRS\ OX]#KRWPDLO FRP *$1$'(5Ì$ //23,6 0(9,1 'f$ 3,/$5 0DMRU 5$)(/*8$5$) 9DOHQFLD
*HUHQWH ' $GROIR &DPSRV 9LODU )D[ *$1$'(5Ì$ 0$*,1 0$7(8 ' 0DJtQ 0DWHX $OPHQDUD & 0XVVDUD (O 9HQGUHOO 7$55$*21$
7OI PDJPDW #KRWPDLO FRP *$1$'(5Ì$ 0$5,$ ,6$%(/ -,0(1(= *5$1'( ' 0DUtD ,VDEHO -LPpQH] *UDQGH & 5XLVHxRU &DQGHOHGD ² $9,/$ 7OI ² FDQGHOHLOODVO#KRWPDLO FRP *$1$'(5,$ 0$5,$ /8,6$ ' /LEUDGR /RULHQWH $UULEDV & +RVSLWDO 7DUDQFyQ ² &8(1&$ 7OI SDUDFD#JUXSROLEUDGR FRP *$1$'(5,$ 0$5,$ /8,6$ *8$5',2/$ ' /XLV 0DQXHO +DOFyQ GH OD /DVWUD $YGD GH OD 3DOPHUD 6(9,//$ 7OI )$; ZZZ FDEDOORVJXDUGLROD FRP KDOFRQ#FDEDOORVJXDUGLROD FRP *$1$'(5,$ 0$5,$1$ &$55$6&2 -,0(1(= ' (XORJLR +HUUHUD 5DPRV & 7DMR $ (VWHSRQD ² 0iODJD 7OI HXORJLRKHUUHUD#KRWPDLO FRP
ZZZ DQFFH FRP
*$1$'(5Ì$ 0$548(6 '( /26 +2<26 ' -DYLHU *XWLpUUH] %DUTXtQ %DUULR $OFDOGH -XDQ GH 6DQ )XHQWHV &KDOHW ² $EDQWR \ &LHUEDQD ²9L]FD\D 7OI ² )D[ MDYLHUJXWLHUUH]EDUTXLQ#KRWPDLO FRP *$1$'(5Ì$ 0$57,1(= 025$*$ ' -XDQ 0DUWtQH] 0DUWtQH] ' -XDQ 0DUWtQH] 0RUDJD 3ROJ &DPSROODQR $YGD Q $OEDFHWH 7OI )D[ 0yYLO *$1$'(5Ì$ 0$7(5 &+5,67, 6 / ' 3HGUR 3LQJDUUyQ 6DQWRILPLD & 0DGULG % *HWDIH ² 0DGULG 7OI )D[ LQIR#\HJXDGDPDWHUFKULVWL FRP *$1$'(5Ì$ 0235(6$ ' 0DQXHO 1DYDUUR 6iQFKH] 3DVDMH &LUFXQYDODFLyQ Q %DUEHUi GHO 9DOOpV %DUFHORQD 7OI PDQXHOQDYDUUO#PRSUHVD HV *$1$'(5,$ 08f2= ) &8(9$6 ' )UDQFLVFR -DYLHU 0XxR] 0XxR] $YGD GH 6HYLOOD 'RV +HUPDQDV ² 6HYLOOD 7OI ² VDQGUDBPO #KRWPDLO FRP *$1$'(5Ì$ 3('52 025$7$ ' 3HGUR 0RUDWD :LQGIHOG +DQVHQ &DPLQR 6RQ 0HQGLYLO Q %X]yQ Q 3DOPD GH 0DOORUFD ² %DOHDUHV 7OI SHGUR PRUDWD#KRWPDLO FRP ZZZ \HJXDGDPZK HV *$1$'(5Ì$ 3520$%2 ' 6HUJLR *DU]yQ *DUFtD & ,VDEHO &ROEUDQG Q SLVR 0$'5,' 7OI ² )D[ 0yOYLO VJDU]RQ#JUXSRILQHFR FRP *$1$'(5Ì$ 52'5,*8(= ',$= ' 5DPyQ 5RGUtJXH] 0DFtDV $YGD $OFDOGH GH 0yVWROHV Q % ² (' 0yVWROHV ² 0$'5,' 7OI )D[ U URGULJXH]#EH]DUHV FRP *$1$'(5,$ 520$1 520(52 6$1&+(= 520$1 520(52 6$1&+(= 6 / $'0,1,675$'25 520$1 520(52 6$1&+(= & $QGURQD 8PEUHWH ² 6HYLOOD 0yYLO 7OI 2ILFLQD URPDQUUV#KRWPDLO FRP *$1$'(5Ì$ 6 6 67$%/(6 ' .DUHQ /HZLV 'LFN :RRGV 5RDG $IWRQ $IWRQ ² 9LUJLQLD ² 86$ 7OI ² NDUHQOHZLV#DWW EODFNEHUU\ QHW ZZZ VDQGVVWDEOHV FRP *$1$'(5Ì$ 6$/9$'25 6$/9$7,(55$ /23(= &RUWLMR 6DQWD &DWDOLQD $YGD )HGHULFR *DUFLD /RUFD (GLI 2ULHQWH /RFDO *UDQDGD 7OI 0yYLO 3HUVRQD GH FRQWDFWR -XDQ 6DOYDWLHUUD 2UR]FR VDOYDWHU #KRWPDLO FRP ZZZ JDQDGHULDVDOYDGRUVDOYDWLHUUDORSH] FRP *$1$'(5Ì$ 6$17$ %$5%$5$ < /$ 6(51$ ' 9DOHULDQR +HUQiQGH] 7DYHUD 0DUWtQ & =XJD]DUWH 0$'5,' 7OI ² )D[ KHUQDQGH]WDYHUD#JPDLO FRP
*$1$'(5Ì$ 6$50,(172 ' -DFLQWR *LO 0XxR] $YGD %XHQD 9LVWD 9HMHU GH OD )URQWHUD &iGL]
MDFLQWRJLO#VDUPLFRP FRP
*21=$/(= $6785,$6 ' &$5/26 $YHQLGD 5HIRUPD =RQD (GLILFLR 5HIRUPD 2ILFLQD *XDWHPDOD &LXGDG ² *XDWHPDOD 7OIV ² FJRQ]DOH]#VDPERUR FRP
*$1$'(5,$ 7255(6 9(/21 ' -XDQ $QGUpV &DQWRV 5HTXHQD )LQFD &DO 7RIRO V Q 9LODIUDQFD GHO 3HQHGpV %DUFHORQD 0yYLO )D[ ZZZ WRUUHVYHORQ FRP WRUUHVYHORQ#KRWPDLO FRP
*21=$/(= %5$92 ' -26e & 3RFR 7ULJR % *UDQDGD 7OI
*$1$'(5Ì$ 9,f$/7$ ' &DUORV $QWROtQ $JXDGR $YGD 9LxDOWD 3DOHQFLD 7OI ² )D[ FDUORV#DULGRVDQWROLQ HV *$1$'(5Ì$ <$1&, ' <DQFL (PPDQXHO &DVD %RUGDNRW[HD =XJDUDPXUGL ² 1DYDUUD 7OI ZZZ YHQWH FKHYDXVH HVSDJQROV FRP HFXULH\DQFL#\DKRR IU *$1$'26 &+$0%(5, 6 / ' 'DQLHO %UHD &RUER &WUD GH 2FDxD NP $ODPHGD GH OD 6DJUD 7ROHGR 7OI )D[ GDQLHO#FDUQLFDVFKDPEHUL FRP *$5&,$ ',e*8(= /23(= ' 0,*8(/ F -XOLR &pVDU GHUHFKD 6(9,//$ )D[ PLJXHO#JDUFLDGLHJXH]DERJDGRV FRP *$5&,$ *$0(= ' -2$48,1 & &ROyQ (GLILFLR 6DOHWD )XHQJLUROD ² 0iODJD 7OI ² )$; JDUFLDJDPH] MRDTXLQ#JPDLO FRP *$5&,$ 520(52 ' )5$1&,6&2 -$9,(5 8UEDQL] (O %RVTXH (GLI &LWUXV $ -(5(= '( /$ )5217(5$ &iGL]
IUDQFLVFRMDYLHUVLHWH#KRWPDLO FRP *$5&,$ 9É=48(= ' $1721,2 <HJXDGD *DUFtD 9iTXH] )LQFD 0XUDJyQ %$(=$ -DpQ
*$55,'2 *21=É/(= '( 5,$1&+2 ' $/%(572 <(*8$'$ (/ +25&$7( ' 7pFQLFD ' 0 -RVp $QGUpV 0DUFKHQD & -XDQ 6HEDVWLiQ (OFDQR %DMR 6HYLOOD )LQFD )D[ 2ILFLQD )D[ 0yYLO VXUILQFDV#WHUUD HV *$5=21 38/,'2 ' 7(5(6$ & 0HQpQGH] 3HOD\R ,]T 0DGULG 7OI WJDUSXO#RF PGH HV *(5(6$ 6 / & )UDQ] .DIND Q %OT 0$/$*$ 0yYLO ² 7HO )D[ JHUHVD #\D FRP
*21=É/(= 1$5$1-2 +126 ' )UDQFLVFR *RQ]iOH] 7ULJR )LQFD /DV +LJXHUDV V Q 80%5(7( 6HYLOOD
HOLVDEHW J Q#JPDLO FRP *21=É/(= 3(5(= ' )(51$1'2 & 6DQ 6HEDVWLiQ DWLFR *HWDIH 0$'5,' 0yYLO IHUQDQGRBJS#WHOHIRQLFD QHW *21=É/(= 6272 ' &$50(1 8UE (O %RVTXH (GLI &DWDOSD & -(5(= '( /$ )5217(5$ &iGL]
FJVRWR #JPDLO FRP *29$17(6 2681$ ' 0 $1*(/(6 'HKHVD /RV 5HFLWDOHV 'LUHFWRU 7pFQLFR ' 6DOYDGRU 0DUWtQ /RVDGD (PLOLR &DVWHODU (&,-$ 6HYLOOD
0yYLO ORVUHFLWDOHV#WHUUD HV *29$17(6 2681$ ' 0 '(/ 9$//(' 6DOYDGRU 0DUWtQ *RYDQWWHV & )UD\ &DUORV $PLJR 9DOOHMR (FLMD ² 6(9,//$ 7OI )D[ 0yYLO ZZZ ORVUHFLWDOHV FRP VDOYDPJ#WHUUD HV *5$1'$ /26$'$ ' 0,*8(/ &RQGH &DPSR (VSLQD 'HKHVD ' &DWDOLQD 758-,//2 &iFHUHV
0yYLO )D[ )LQFD 2ILFLQD *HUHQWH ' -RVp $OYDUH] 3R]DO DGPLQLVWUDFLyQ#JDQDGHULDJUDQGD HV ZZZ JDQDGHULDJUDQGD HV *5832 35( ' 2OJD 7DUUDJRQD %HQLWR & 7XUR $OHOOD %DUFHORQD
0yYLO ZZZ JUXSRSUH FRP JUXSRSUH#JUXSRSUH FRP *8$5',2/$ '20,1*8(= ' %/$1&$ $YGD GH ,WDOLD EDMR $ 6(9,//$ *HUHQWH ' -XDQ GH 3RUUHV *XDUGLROD MSJ#ODQGDOX] HV *8$5',2/$ '20,1*8(= ' &2168(/2 6DQ $QWRQLR 0DUtD &ODUHW 6(9,//$ DOIJD#RQR FRP
*/(1 $5<1 )$50 :RRG &KDVH /Q 5RXQG +LOO 9D 86$ 7OI 7OI )D[ ZZZ JOHQDU\QIDUP FRP UREHUWVFD#XUHDFK FRP
*8$5',2/$ )$1721, <'$ +'526 '( ' 6$/9$'25 ' -DLPH *XDUGLROD 'RPtQJXH] 3XHUWD GH -HUH] 6(9,//$ 7OI JXDUGLROD#HOSLQJDQLOOR HV ZZZ \HJXDGDJXDUGLRODIDQWRQL FRP
*Ð0(= 52/'26 +126 $YGD %DKtD %ODQFD Q %DMR &$',= 2ILFLQD )D[ 0yYLO PJP#FRPXQLGDGHVGHOVXU FRP
+$&,(1'$ '( /$ 526$ 'HOJDGR 3LFDGR 6 / 3OD]D (O 1LxR GH 9DOOHFDV V Q 6HYLOOD 0yYLO LQIRUPDFLyQ#KDFLHQGDGHODURVD HV
(O &DEDOOR (VSDxRO
/LVW RI $1&&( %UHHGHUV
+$&,(1'$ '(/ 62/ $1'$/86,$16 6UHV /HRQDUGR \ 0DUtD 0DQGLQD WK 6WUHHW 9HUR %HDFK )ORULGD (( 88 7OI )D[ HVSDQD #JDWH QHW
+,(552 &$1'É8 ' 5RFtR &DQGiX )HUQiQGH] 0HQVDTXH 3DVHR GH ODV 'HOLFLDV 'FKD 6HYLOOD 7OI ² 0yYLO FEF#LQPDUN HV
+$&,(1'$ '21 5,&$5'2 ' 5LFDUGR 5RODQGR 3pUH] 0 9tD %UDVLO \ 6DPXHO /HZLV 5LFDUGR 3pUH] 6 $
'LUHFFLyQ )tVLFD %DJDOD &KLULTXL $SDUWDGR 3RVWDO 3DQDPi 5HS~EOLFD GH 3DQDPi 7OI )D[ SUHVLGHQFLDKGU#WR\RWDUS FRP USHUH]#WR\RWDUS FRP ZZZ KGUSDQDPD FRP
+,3,&$ &8%(//(6 ' 3HGUR 6LOYD 1DYDUUR &WUD &RPDUFDO &XEHOOHV %DUFHORQD 7OI 0yYLO PVYSUH#KRWPDLO FRP
+$03721 *5((1 )$506 0V .LPEHUO\ 9DQ .DPSHQ %R\HU ( )DUU 5RDG )UXLWSRUW ² 0LFKLJDQ 86$ 7OI )D[ NOYDQNDPSHQ#DRO FRP +'526 )(51$1'2 %$21(6 *21=É/(= & 3HUXOHUR $OPRQDVWHU OD 5HDO +XHOYD
ZZZ EDRQHV QHW JHVWLRQFDEDOODU#DXQD FRP *HUHQWH ' *HQDUR $OJRUD &DVWUR +($567 ' -2$11( )LQFD ´/D &DSULFKRVDµ &DUUHWHUD GH (O *DUURER .P *(5(1$ 6HYLOOD
ZZZ JDQDGHULD OD FDSULFKRVD FRP MRKHFD#DUUDNLV HV
+126 -85$'2 5,(5$ 6 / ' &DUPHOR -XUDGR /ySH] $YGD GHO 2FpDQR 3XQWD 8PEUtD ² +XHOYD 7OI ² )$; ORERPDULQR #PVQ FRP
+126 7(-('25 )(51É1'(= -HVXV 7HMHGRU 0DUWtQ (QFDUJDGR *UHJRULR 7HMHGRU )HUQiQGH] & 1DYDOPDQ]DQR V Q 3LQDUHMRV 6HJRYLD
)D[ KQRV WHMHGRU IGH]#KRWPDLO FRP +526 '( ' -26( $1721,2 /(,9$ *20(= ' &DUPHQ &DO]DGR 0DUWtQH] GH 2FWXEUH D &25'2%$ OXLVVDQFKH]VDODPDQFD#KRWPDLO FRP
+(50$126 $/9$5(= *$5&Ì$ 6 / ' 'DQLHO $OYDUH] *DUFtD $YGD 7DUUDJRQD $' $QGRUUD /D 9HOOD 3ULQFLSDGR GH $QGRUUD 7OI ERQUDFR#DQGRUUD DG
+8(572 *$(1$ 6 $ 8UE /D 3HxLWD $/+$85,1 (/ *5$1'( 0iODJD
)D[ )LQFD +XHUWR *DHQD &25,3( 6HYLOOD
JDQDGHUtD#JUXSREDGLD FRP
+(50$126 )$9,(5 ' -XDQ -RUJH )DYLHU $Y $PHULFDV SLVR 3+ *XDGDODMDUD 0p[LFR 7OI H[W \ MMIDYLHU#JUXSRIDYLHU FRP ZZZ JDQDGHULDKHUPDQRVIDYLHU FRP
-$5(7$ 0UV -R 'DYLG -DUUHWW 6SULQJILHOG )DUP /ODQJRYDQ 13 %8 0RQPRXWK ² *ZHQW 8QLWHG .LQJGRQ 7OI MDUHWD#EWFRQQHFW FRP
+(50$126 9$5*$6 6,/9$ & % ' )HUQDQGR 9DUJDV 6LOYD & 3UDGR *UDQGH 3XHUWR GH 6DQWD &UX] ² &iFHUHV 7OI )D[ ZZZ \HJXDGDKHUPDQRVYDUJDV FRP MMYHIHU#JPDLO FRP
$1&&(
+126 *$552&+2 &$55,//2 ' -RVp /XLV *DUURFKR &DUULOOR $SDUWDGR GH &RUUHRV 0RUyQ GH OD )URQWHUD 6(9,//$
7OI )D[ SDLI#DUUDNLV HV
+126 085,(/ 320$5(6 ' -RVp $QWRQLR 0XULHO *RQ]iOH] $SDUWDGR GH &RUUHRV 3817$ 80%5,$ +XHOYD
+(5(7$7 /$ 9(51$ ' -RVp $QWRQLR (VFRIHW 9DOOpV 0DVtD /D 9HUQD 7RUUHOOHV GH )RL[ %$5&(/21$
7OI KKYHUQD #KRWPDLO FRP
+(51$1 6$/*8(52 ' 52%(572 &WUD 1DFLRQDO .P 6DQ $JXVWtQ ² *XDGDOL[ 0$'5,' 0yYLO )D[ UKHUQDQ#UKHUQDQ FRP
+,3,&$ 1292 6$1&7, 3(75, ' -RDTXtQ 9i]TXH] 9HOD &WUD )XHQWH $PDUJD ²IUHQWH DO KRWHO )XHQWHPDU &KLFODQD GH OD )URQWHUD &$',= ² )$; MYD]TXH]#KLSLFD QRYR FRP
+126 08f2= 52/'É1 ' -RVp $QWRQLR 0XxR] $FRVWD & 1XHYD /RV 3DODFLRV 6(9,//$ 7OI )D[ LQIR#\HJXDGDPXQR]UROGDQ FRP
+(5&( *$5&,$ ' 7(2'252 & /RUD GHO 5tR )XHQWHV GH $QGDOXFtD 6HYLOOD 7OI 0yYLOHV ZZZ \HJXDGDWHRGRURKHUFH FRP MDYLKHUFH#\DKRR HV
+(502)(5 6 / ' -RVp -XDQ 0RUDOHV )HUQiQGH] & 9LUJHQ GH OD $QWLJXD & 6(9,//$ 7OI ² 0yYLO JUXSRFVS#FDWHULQJVDQSDEOR QHW
-26( $1721,2 9$521$ '( /$ &8$'5$ 6 / ' -RVp $QWRQLR 9DURQD GH OD &XDGUD )LQFD /RV $EHGXOHV &DPLQR GH 6HUUDFLQHV V Q 9DOGHDYHUR ² 0$'5,' 7OI )D[ ZZZ \HJXDGDMDYDURQD FRP LQIR#\HJXDGDMDYDURQD FRP -26( '( 25,2/ *29$17(6 ( +,-26 'xD 0DUtD GH 2ULRO 9DOYHUGH *RUGLOORV 2681$ 6HYLOOD
S RULRO#FDEDOORVRULRO FRP ZZZ FDEDOORVRULRO FRP
/$ &$6$ *5$1'( $&(,7( '( 2/,9$ ' $VXQFLyQ )HUQiQGH] /ySH] & 0HGLRGtD 7RUUHMyQ GH 9HODVFR ² 0DGULG 7OI ² )D[ 0yYLO DVXQFLyQ IHUQDQGH]#GHVJXDFHVODWRUUH HV /$ 3/$7$ &2081,'$' '( %,(1(6 &WUD 1 ,9 .P )LQFD (O 3LQR 6DQ -RVp &$5021$ 6HYLOOD
HOSLQRGHVDQMRVH#HOSLQRGHVDQMRVH FRP /$ 6$(7$ 62&,('$' $*523(&8$5,$ 6 $ ' -XDQ &DUORV 'yPLQH *yPH] & 6HUUDQR SLVR 0$'5,' 7OI ID[ 0yYLO MFGRPLQHRIWDO#JPDLO FRP /$%2*$5 6 / *HUHQWH ' ;DYLHU )HUUHU 3XLJ 3DQDPi %$5&(/21$ ODERJDU#ODERJDU FRP /$5526$ $%(//É1 ' -$9,(5 3DUWLGD GH $O]DEDUHV %DMR 3 1 (OFKH $/,&$17( 7OI )D[ 0yYLO ZZZ VSDQLVKKRUVHVMO FRP LQIR#VSDQLVKKRUVHVMO FRP /$6 025(5,$6 ' $EHODUGR 0RUDOHV 3XURQ &DUUHWHUD 1DFLRQDO .P (O %DUULDO 6DQWLDJR 1XHYR /HyQ 0p[LFR 7OI )D[ ZZZ ODVPRUHULDV FRP P[ ODVPRUHULDV#\DKRR FRP P[ /('(60$ '( /$ &58= ' -26e 0$18(/ <HJXDGD /HGHVPD \ )UDQFR +RWHO 1RJXHUD GH OD 6LHUSH &UWD GHO 7UDQFR NP &272 5,26 &$=25/$ -DpQ
)LQFD )D[ 2ILFLQD )D[ 0yYLO ZZZ OIKRWHOHV FRP OIKRWHOHV#OIKRWHOHV FRP /(21 6272 ' &5,672%$/ 0XVTXHUD GH )LJXHURD 6HYLOOD 7OI FULVWREDOOHRQVRWR#KRWPDLO FRP
/23(= *,%$-$ ' $1721,2 'LUHFWRU WpFQLFR ' $QWRQLR /ySH] 5LYDV /LEHUWDG %DMR $/&2%(1'$6 0DGULG
0yYLO ZZZ \HJXDGDFDUWXMDQD FRP LQIR#\HJXDGDFDUWXMDQD FRP /23(= 0(1'(= ' 5$)$(/ $SDUWDGR $UDFHQD KXHOYD
7OI )D[ 0yYLO /23(= 3$/202 ' 9Ì&725 /8,6 & &DPLQR GH 3XUFKLO Q *UDQDGD 7OI 0yYLO YLFWRUOO#XJU HV /25(17( 7255(6 ' /8,6 *$%5,(/ & -RDTXtQ 2UR]FR & $OLFDQWH 7OI )D[ HTXLVHOHF#OLYH FRP 0$&+8&$ 6(55$12 ' )5$1&,6&2 -$9,(5 5FGD 'H $OEXHOD 1DYDOPRUDO GH OD 0DWD &$&(5(6 7OI )D[ MPDFKXFD#JUXSRPDFDO FRP 0$/2 *$5&,$ ' 0,*8(/ $1*(/ *DXGt 5(86 7DUUDJRQD
ZZZ DQFFH FRP
0$548(6 '( /25(1=$1$ < +126 &DYD )8(17( '(/ 0$(675( %DGDMR]
MDUDTXHPDGDI#\DKRR HV
02-,&$ 58,= ' -8$1 & 720$6 0858%( 6(9,//$ )D[ 0yYLO MPRMLFD#FHPDPDTXLQDULD FRP
08f2= &$f$6 +126 & -HV~V Q & 3R]REODQFR ² &yUGRED 7OI ² 0yYLO 5HSUHVHQWDQWH ' 6DQWLDJR 0XxR] &DxDV
0$57, 9(5',$ ' )5$1&,6&2 & 6DQWRV 9LYDQFR &DVWHOOyQ 0yYLO )D[ SDFRPDUWL#SDFRPDUWL FRP ZZZ SDFRPDUWL FRP
02// *21=É/(= ' 52%(572 +DFLHQGD HO %DOXDUWH $ &DOOH =RQD *8$7(0$/$ & 3 )D[ UPROO#UPEDOXDUWHSUH FRP LQIR#UPEDOXDUWHSUH FRP ZZZ UPEDOXDUWHSUH FRP
1$9$552 085,//2 ' 02,6e6 -XVWR 6LHUUD &RO 9DOODUWD 1RUWH & 3 *XDGDODMDUD -DOLVFR ² 0(;,&2 7OI )D[ 0yYLO PQDYDUUR#LQIRUPDGRU FRP P[
0$57,1 /25&$ ' -26e /8,6 +RWHO $QJHOD 3DVHR 0DUtWLPR )8(1*,52/$ 0iODJD
ZZZ \HJXDGDLQGDOR FRP LQIR#\HJXDGDLQGDOR FRP 0$57Ì1(= %2/2,; 257, 6 / ' -RVp /XLV 0DUWtQH] 2UWL $YGD GHO 0HGLWHUUDQHR $ 5LQFyQ 'H /D 9LFWRULD 0DODJD )D[ MO#ERORL[SUH FRP 0$57,1(= 68$< ' 5$)$(/ 3ROJ ,QG %REDODU FDOOH Q 0DVVDPDJUHOO 9DOHQFLD )LQFD &DSULFKRVD 3DUWLGD 5RGRQHW 1DTXHUD 9DOHQFLD
0yYLO )D[ PVXD\#KRWPDLO FRP
025$/ $5$1'$ ' )(51$1'2 3HGUR $QWRQLR $ODUFyQ $ *5$1$'$ 7OI )D[ IHUQDQGR#PRUDODERJDGRV FRP
0$7(8 *,33,1, 'f$ &21&+$ <HJXDGD &RQFKD\PDU & 0DQROR 9LROD $ 6DQ /RUHQ]R GHO (VFRULDO 0DGULG
7OI ² )D[ 0yYLO FRQFKD#\HJXDGDFRQFKD\PDU FRP ZZZ \HJXDGDFRQFKD\PDU FRP 0$85, 025(12 ' $1721,2 &WUD &DUPRQD %UHQHV $ .P ² &DUPRQD ² 6HYLOOD PDULRPDXULODPDGULG#JPDLO FRP 0$=$ ,f,*8(= ' 3('52 $PDGHR 'HSULW %,/%$2 7OI )D[ ZZZ \HJXDGDSHGURPD]D HV SHGURPD]D#MHW HV 0(6$ 025(12 ' -(686 & (VStULWX 6DQWR 6(9,//$ 7OI ² SHUVR JUDWLVZHE FRP JDQDGHULDPHVD SDUDJXD\RGRFH#KRWPDLO FRP 0,*8(/ $ '( &É5'(1$6 6 / 6DQWD )ORUHQWLQD (&,-$ 6HYLOOD
)D[ ZZZ FDEDOORVFDUGHQDV FRP FDUGHQDV#WHOHIRQLFD QHW 0,85$ 0$57,1(= ' ('8$5'2 < ' $1721,2 3DH] GH 5LYHUD 6(9,//$ )LQFD )D[ 2ILFLQD )D[ ]DKDULFKH #\DKRR HV 02-$552 =$025$ +126 +XHOYD 7OI PPRMDUUR]#KRWPDLO FRP
0217252 3(5$/(6 ' -26e 3OD]D $QGDOXFtD %$,/(1 -DpQ
025$,5$ )(55(5 '( &2872 ' $1721,2 9LUJHQ GH /XMiQ % 6(9,//$ 3HUVRQD GH FRQWDFWR ' 3LODU 0RUDLUD
0$5726 $=1$57( ' -8$1 $YGD /DV 0DULQDV Q 5RTXHWDV 'H 0DU $OPHUtD ZZZ \HJXDGDMXDQPDUWRV FRP ZZZ \HJXDGDMXDQPDUWRV HV LQIR#\HJXDGDMXDQPDUWRV FRP 0$5726 %(508'(= ' $1721,2 & 9LUJHQ GH OD $QWLJXD % 6HYLOOD 7OI 0yYLO
0217(52 3(5(= ' (8*(1,2 $YGD GH 0DOORUFD Q % /DV 5R]DV 0$'5,' )LQFD )D[ 2ILFLQD 0yYLO ZZZ JDQDGHULDOD]DU]D FRP HXJHQLRPRHQWHUR#JDQDGHULDOD]DU]D FRP
025$/(6 08f2= ' -26e 9LUJHQ GH OD $QWLJXD & 6HYLOOD 2ILFLQD
JUXSRFVS#FDWHULQJVDQSDEOR QHW 025$72 &267$ ' -8$1 & /D 3DOPD 9LODQRYD GHO 9DOOpV %DUFHORQD 7OI )D[ 025$72 -2$1#WHUUD HV 025(12 '( 6,/9$ ' -26e -2$48Ì1 &DVWHOODQD 0DGULG UDPRQPRQWDOYR#KRWPDLO FRP 025(12 *$5&,$ ' -$,0( &HQWUR /RV $UFRV 5RVD -DUGyQ &KDOHW 0$'5,' )LQFI)D 0yYLO ZZZ ORVDUFRVSUH FRP MPRUHQR#ORVDUFRVSUH FRP 025(12 0,85$ 6 & $YGD 6DQ )UDQFLVFR -DYLHU 6(9,//$ )LQFD 0yYLO 2ILFLQD 0yYLO MPPLXUD#KRWPDLO FRP 'LUHFWRU 7pFQLFR ' -DYLHU 0RUHQR 0LXUD 025(12 381&(// ' ,6$%(/ )LQFD (O 2ELVSR 9,//$18(9$ '( /26 &$67,//(-26 +XHOYD ZZZ JDQDGHULDHORELVSR FRP DOPHQVD#JPDLO FRP 025(5$ 9$//(-2 ' $1721,2 $YGD .DQVDV &LW\ FUXFH 6( 6(9,//$ FRPXQLFDFLRQHV#PEL HV 02<$ $/0(1'5$/ ' $1721,2 3HGUR 3pUH] )HUQiQGH] $ 6(9,//$ 7OI PR\DDOPHQGUDO#JPDLO FRP
1,02 0$/'21$'2 ' -26e 5$0Ð1 $YGD 6DQ )UDQFLVFR -DYLHU $ 6(9,//$ UDPyQ QLPR#QLJRDXWR FRP 25,(17$/,$ +,63$1$ 6 / 6U ' 0LJXHO *DUFtD %RURQDW 6DQW -RDQ /D )RQW ' HQ &DUURV 9DOHQFLD 0yYLO )D[ DGPRQRK#KRWPDLO FRP ZZZ JDQDGHULDRK FRP 3$//$5e6 ' -RVp %HQLWH] &XEHUR 3DOODUpV &RUWLMR /RV 2MXHORV $SDUWDGR GH &RUUHRV 0DUFKHQD 6HYLOOD
)D[ 3$55$ 0217(55(< ' ,6$%(/ $YGD &DUROLQD &RURQDGR $OWR 0(5,'$ %DGDMR]
)D[ 'LUHFWRU 7pFQLFR ' )UDQFLVFR *DUFtD 3DUUD 3$6&8$/ -$1'$ ' )5$1&,6&2 $YGD GH &DODKRUUD 6$172 '20,1*2 '( /$ &$/=$'$ /D 5LRMD FRQWDFWR#KRWHOHOFRUUHJLGRU FRP 3$8 .$5,1$ )LQFD OD $QJRVWXUD V Q -LPHQD GH OD )RQWHUD &iGL]
NDULQDSDX#KRWPDLO FRP *HUHQWH ' )FR -RVp *yPH] &DxDV 3(f$ *87,(55(= ' )(/,3( < +'526 3(f$ 'Ì$= *HUHQWH ' 0DQXHO 3HxD 5XL] &HUYDQWHV &25,$ '(/ 5,2 6HYLOOD
PDQXHOSHQD#JDQDGHULDSF FRP ZZZ JDQDGHULDSF FRP 3(f$ *87,(55(= ' 0$18(/ ( +,-26 &HUYDQWHV &25,$ '(/ 5,2 6HYLOOD
)D[ VHYLOOD#HVPRVD HV 3(5(= -,0(1(= ' 3$%/2 -(6Ô6 & 6DQ $JXVWtQ Q %DMR ([W ,]T 0DGULG 7OI ² SDEORMSHUH]MLPHQH]#SDEORMSHUH]MLPHQH] HV 3(5(= /23(= +126 <HJXDGD /D 7HMD ,PDJHQ 6(9,//$ )D[ 3(5(= 0,//$1 ' -26e $1721,2 <HJXDGD 9HJD <DUHV $YGD GH 5RQGD $JXLODU GHO &DPSR 3DOHQFLD
\YHJD\DUHV#DUUDNLV HV ZZZ \HJXDGDYHJD\DUHV HV 3257,//2 *,-21 ' ('8$5'2 & &DUGHQDO $OERUQR] Q ,]T +8(/9$ 0yYLO 7O \ )D[ JDQDGHULDSRUWLOORJLMRQ#KRWPDLO FRP ZZZ JDQDGHULDSRUWLOORJLMRQ FRP
(O &DEDOOR (VSDxRO
/LVW RI $1&&( %UHHGHUV
38-(8 &2037( ' 52%(57 & /OHLGD Q 9LODPDOOD ² *HURQD 7OI UREHUW SXMHX#FDPLRQZRUOG FRP
52*(5 0$/)$*21 ' /8,6 0,*8(/ & 6DQ 0LJXHO Q $SWGR &RUUHRV
/D 3REOD GH 9DOOERQD ² 9DOHQFLD 0yYLO ² )D[ OXLVPLJXHOURJHUPDOIDJRQ #JPDLO FRP
5$1&+2 (/ &,' &$03($'25 ' /HRSROGR & 9LGDO 6RVD 0DQFKHVWHU Q HU 3LVR &RO -8É5(= & 3 0e;,&2 ' ) )D[ QEODQFR#DIDVD FRP P[ HOFLGBFDEDOORV#KRWPDLO FRP
52-$6 )(51$1'(= ' *$%5,(/ 0RQWH &DUPHOR 6(9,//$ MJXWLHUUH]#JDEULHOURMDV FRP
5$1&+2 /$ 9,//,7$ ' $QWRQLR $YLOD 5LYHUD 6DQ )UDQFLVFR $YG /RQJ %HDFK ² &DOLIRUQLD 86$ 7OI ² 0yYLO ODYLOOLWD #\RRK FRP 5$1&+2 /26 +(51$1'(= ' 0LJXHO +HUQiQGH] /LHIHU 5G ² 7HPHFXOD &DOLIRUQLD ² 86$ 7OI HKEE #DWW QHW 5$1&+2 0$57,1 ' )UDQFLVFR - 0DUWLQ %DVHOLQH 5G : : /RV $QJHOHV &$ ² 86$ 7OI )D[ IP #\DKRR FRP 5$1&+2 6(f25$ ),1$ ' $PDGRU 5RGUtJXH] 8UEDQL]DFLyQ (O 3DUTXH %OT ( ² $QWHTXHUD ² 0$/$*$ 7OI ² )D[ \HJXDGDHOWHPSOH#JPDLO FRP 5(48(-2 *21=É/(= 'f$ 0 -26e &DUUHWHUD 'H /D %DUURVD 3LVWD 8UEDQL]DFLRQ /RV 3LQRV 6 1 3RUWDO 1 &KLFODQD 'H /D )URQWHUD &DGL] 7OI )D[ 0yYLO PDULDMRVH#FRUWLMRSXQWDDJXMD FRP 5(<(6 %$5($ ' 0$18(/ 3URSLHWDULR ' $QWRQLR 5H\HV *RPDUL] *8$'$3(52 $/72 &RUUHGHUD $ $5&26 '( /$ )5217(5$ &iGL]
)LQFD 2ILFLQD 0yYLO JXDGDSHUR#KRWPDLO FRP 5(<(6 6('$ ' )(/,&,$12 )LQFD ´38(17( &$,'$µ 9$/(1&,$ '( $/&$17$5$ &iFHUHV
0yYLO IHOLFLDQR UH\HV#DGU MXQWDH[ HV 52%/(6 6$/*8(52 ' )5$1&,6&2 )LQFD ´'HKHVD GHO 'XTXHµ &WUD 9LOODUUDVD 5RFLDQD GHO &RQGDGR .P 9LOODUUDVD +XHOYD ' 3 $YGD GH 0p[LFR PRG +XHOYD 7OI )D[ \HJXDGDIUDQFLVFRUREOHV#KRWPDLO FRP ZZZ \HJXDGDIUDQFLVFRUREOHV FRP 52'5,*8(= (6&$f2 +126 $SDUWDGR GH &RUUHRV 3,/$6 6(9,//$
*HUHQWH ' %DOGRPHUR 5RGUtJXH] (VFDxR FRQVWUXFFLRQHV\REUDVSXEOLFDVGHSLODV#KRWPDLO FRP
52-$6 3$/$7,1 ' -26e 0 & 5DIDHO =DPRUD $7,&2 (GLILFLR 352$
*(/9(6 6(9,//$
7OI )D[ 0yYLO 52-2 58,= '( 7(55< +126 )LQFD µ'HKHVD HO 0XOHWRµ $SDUWDGR GH &RUUHRV '26 +(50$1$6 6HYLOOD
7OI V MDFRERURMR#JPDLO FRP 526$ 0$55(52 ' -8$1 )5$1&,6&2 <HJXDGD /DQ]DURWH &WUD /= $UUHFLIH <DL]D 8JD ² <DL]D /DQ]DURWH ² /DV 3DOPDV
&$1$5,$6 7OI ² ),1&$ )LQFD 9DOOHIHUQDQGR =XIUH ² +8(/9$ 0D\RUDO ' 3HGUR 8UELQD 3RQFH 0yYLO FPRUDO#JUXSRURVD FRP 58,= 0$57Ì1 ' 0$18(/ & 5HDO 1 % (O 9LVR GHO $OFRU 6HYLOOD
JDQDGHULDPDQXHOUXL]#JPDLO FRP ZZZ IDFHERRN FRP *DQDGHULD0DQXHO5XL] 6$/*8(52 3e5(= ' 0$18(/ & 6DJDVWD 3XHUWR 5HDO &iGL]
7OI )D[ PDQWGHVXU#FWY HV 6$1 520$1 025$1 ' $/08'(1$ $YGD GH OD &RUXxD 3RUWDO $ /DV 5R]DV ² 0$'5,' 7OI ² )D[ VDQURPDQDOPXGHQD#\DKRR HV 6$1 520$1 025$1 ' $1721,2 $YGD GH OD &RUXxD Q 3RUWDO % /DV 5R]DV 0$'5,' 7OI 0yYLO GLUHFFLyQ#HGLVDQ HV 6$1&+(= %$5%8'2 0$57,1 ' 6$/9$'25 $SDUWDGR GH &RUUHRV /DV &DEH]DV GH 6DQ -XDQ 6(9,//$ 0yYLO )LQFD 6$1&+(= %('2<$ < )(51$1'(= 0(16$48( ' $1721,2 $SDUWDGR GH FRUUHRV 6(9,//$ 6$1&+(= 5$0,5(= ' $1721,2 /D )UDJXD 6$1 -26( '( /$ 5,1&21$'$ 6HYLOOD
7OI SDWDWDVDQFKH]#ODULQFRQDGD HV
52'5,*8(= 3,1$ &58= ' - '( ',26 0HVRQFLOORV /$ 025$/(-$ 0DGULG
7OI )D[ 0yYLO VHQRULRMSLQD#KWRPDLO FRP
6$1&+2 )$%5(*$7 ' -26e 5$0Ð1 & /OHLGD / DPSROOD 7$55$*21$ 7OI 0yYLO MRVHUUDVDQ#OLYH FRP
52'5,*8(= 520(52 ' 0$18(/ & 5HDO %UHQHV 6(9,//$ 0yYLO EUHQHVBODUDBVO#KRWPDLO FRP
6$1&+2 1(%5('$ ' /8,6 & 6DQ 0LJXHO V Q /(50$ %85*26
7OI VDQFKR#JUXDVVDQFKR H WHOHIRQLFD QHW
$1&&(
6$1/8&$% *5832 $*523(&8$5,2 6 / ' *DEULHO $QWRQLR 5D\D 7RVFD]R $YGD &DER 1RYDO V Q ² 6DQ &DOL[WR 6DQO~FDU GH %DUUDPHGD ² &$',= 7OI ² )D[ 0yYLO JDEULHOUD\D#JPDLO FRP 6$7 1 &8&$/(5$6 ' 1LFROiV *DUFtD *DUFtD & &DVWHOOyQ %DMR $JXLODV 085&,$ 7OI 0yYLO )$; FXFDOHUDV#FXFDOHUDV FRP 6(f25,2 '( $/2162 '( /$ )/25,'$ < %$5$+21$ ' 0 7HUHVD $ORQVR GH OD )ORULGD \ &DVHOODV 'WRU 7pFQLFR +QRV 5XL] $ORQVR GH OD )ORULGD 'RPLQJR 7HMHUD 6(9,//$ 0yYLO 6(f25,2 0217(6 '(/ 3$5'2 ' *XLOOHUPR GHO &RUUDO GH 6DODV &WUD )XHQFDUUDO (O 3DUGR .P 0DGULG 7OI ² )D[ 0yYLO DODPHGDGHOSDUGR #\DKRR HV 6,(55$ %$5Ð1 ' $6,(5 *DQDGHUtD /D /ODQD % GH %HFL 6RSXHUWD %L]NDLD
ZZZ \HJXDGDODOODQD FRP LQIR#\HJXDGDODOODQD FRP 6,(55$ )5$*$ ' %(1,72 )LQFD (O 0DHVWUH V Q $SDUWDGR GH &RUUHRV 6DQOXFDU GH %DUUDPHGD &É',= 7OI 62/(5$ %5$92 6 / ' ,JQDFLR %UDYR *DUFtD )LQFD /D 0RUHUD %85*8,//26 '(/ &(552 %DGDMR] VROHUDEUDYR#DUUDNLV HV 67$// +$9$1* 0V ,GD .UHNXOD $QJDUQD 79$$.(5 ² 9$5%(5* 68(&,$
7OI ZZZ VDWDOOKDYDQJ VH LGDNUHNXOD#KRWPDLO FRP 680(58 6 / ' 5DIDHO $UHQDV &DxR & )HUQiQ 1~xH] 0DGULG 7OI 7(//2 %/$1&2 ' '$1,(/ < ' /8,6 )LQFD 6DQ $QWRQLR 9LHMR $5$&(1$ +8(/9$
2ILFLQD GDQLHO#QRWDULDEFQ FRP 7+5(( / 5$1&+ 0V 0DULDQQH /DWWLPRUH 0DULQHUV 'ULYH 3ODQR ² 7H[DV ² 86$ 7OI )D[ PODWWLPRUH #DRO FRP 7255(+(50262 $ < 6 6 / ' (GXDUGR 7RUUHV *RQ]iOH] %R]D & $OKyQGLJD Q ' *UDQDGD 7OI )D[ 0yYLO ZZZ WRUUHKHUPRVR FRP WRUUHKHUPRVR#PVQ FRP 7255(21 '( $50(17(526 ' -DLPH /ODQWDGD $JXLQDJD & -XDQ GH $MXULDJXHUUD * %,/%$2 VDQGDPHQGL#VDQGDPHQGL HV 7255(6 *21=É/(= ' -26e & )RQWDQLOODV &DVWLOEODQFR GH ORV $UUR\RV 6(9,//$ 7OI )D[
ZZZ DQFFH FRP
7255,&2 )(51$1'(= ' $1721,2 3OD]D (O 9HUJHO /RFDO %DMR 6DQO~FDU GH %DUUDPHGD ² &iGL] 7OI )D[ JUXSRWRUULFR#JPDLO FRP
<(*8$'$ $/$5&Ð1 $QLQD =XIUH 6 / $YGD GH OD 3DOPHUD 6HYLOOD 7OI
729$5 6$1= ' 0,*8(/ & 6DQ )UDQFLVFR 7UXMLOOR &$&(5(6 7OI ² )$; 0yYLO PWRYDUVDQ#JPDLO FRP
<(*8$'$ $/%(52 < 520(52 ' )DXVWR 6LPyQ ÉOYDUH] &DPLQR GH 9DOGHFDxDV $OPDUD] ² &iFHUHV 7OI ² )D[ VLPRQDOYDUH]#ZDQDGRR HV
9$/(1=8(/$ 58,= ' *21=$/2 6ROtV 5XL] &$%5$ &yUGRED
7OI )D[ 0yYLO JRQ]DORYDOHQ#KRWPDLO HV
<(*8$'$ $/%(572 %2<$ ' $OEHUWR %R\D $EDGtD & 6DQ -DLPH V Q /HV 9DOOH GH $GiQ /(5,'$ 7OI )D[ DER\D#VXSHUPHUFDGRDER\D FRP
9$/(1=8(/$ +126 5HS~EOLFD $UJHQWLQD /,1$5(6 -DpQ
DFHLWHVYDOHQ]XHOD#KRWPDLO FRP
<(*8$'$ $/&$f,&(6 3URSLHWDULR $/&2),1&$ 6 $ 0DUTXHVD 9LXGD $OGDPD $/&2%(1'$6 0DGULG
*HUHQWH ' $QWRQLR 3iUDPR $JXDGR DSDUDPR#GREOHDO FRP
9$5$ 08f2= &$6,//$6 +126 $YGD GH 9LOODQXHYD %$'$-2= 7OI 0yYLO IHUQDQGRYDUD#WHUUD HV 9$=48(= $50(52 '85$1 ' $/9$52 3DVHR GH ODV 'HOLFLDV 6(9,//$ )D[ 0yYLO :$5%85* 'f$ $/(;$ ,6$%(/ 'HKHVD )XHQWH <PEUR &WUD -HUp] &RUWpV NP 6$1 -26( '(/ 9$//( &iGL]
)D[ \PEUR#\DKRR HV :,1'625 67$%/(6 ' $OH[DQGHU % =LOR 6RXWK 6KRUH %RXOHYDUG :HOOLQJWRQ )ORULGD 7OI ² )$; DOH[DQGHU]LOR#KRWPDLO FRP ZZZ ZLQGVRUVWDEOHV FRP :22'%,1( (48(675,$1 &(17(5 ' 6XVDQ +ROW] 6XPQHU $YH :RRGELQH 1- ² 86$ 7OI ² )D[ 0yYLO EUXMR #FRPFDVW QHW <(*8$'$ $ )(55,2/ ' $QWRQLR )HUULRO *HODEHUW &DQ 7RUUHV 0DUUDW[L ² %DOHDUHV 7OI ² ZZZ \HJXDGDIHUULRO FRP WDOOHUIHUULRO#JPDLO FRP <(*8$'$ $& ' -DYLHU (QULTXH $U]X 7LQRFR $YHQLGD =RQD /RPDV GH 3DPSORQD *XDWHPDOD 7OI )D[ MDYLHUDU]X#JUXIDW FRP <(*8$'$ $&267$ 321&( 3URSLHWDULR ' -XDQ -RVp $FRVWD *RQ]iOH] $SDUWDGR GH FRUUHRV /HSH +XHOYD
0yYLO MDFRVWD#\HJXDGDFRVWDSRQFH FRP <(*8$'$ $,0$5$1 6 $ ' -XDQ +XHUWDV 0RQWLHO %DEHO 0$/$*$ ZZZ \HJXDGDDLPDUDQ FRP DLPDUDQ#\HJXDGDDLPDUDQ FRP
<(*8$'$ $/)2162 )(51É1'(= & $JXVWtQ 9LUJLOL &RUYHUD 0XUFLD
DOIRQVRIHUQDQGH]VDQFKH]#KRWPDLO FRP <(*8$'$ $/*$5$%(1 ' 0DQXHO 0DUtD &DOYR -~GLFL *DUFtD 8UE 3LQDUHV 2URPDQD & 3LQVDSR $OFDOi GH *XDGDLUD 6HYLOOD 0yYLO )D[ \HJXDGDOJDUDEHQ#WHUUD HV <(*8$'$ $/+$0,//$ 3URSLHWDULR ' )UDQFLVFR GHO $JXLOD /ySH] &WUD /D &DxDGD 9LDWRU V Q +D]D 7DEOHDGD /D &DxDGD $OPHUtD ZZZ \HJXDGDDOKDPLOOD FRP GHODJXLOD#VXSHUFDEOH HV 0yYLO )D[ <(*8$'$ $/,&,$ 0(',1$ &21'(6$ '( %$5'($8 ' $OLFLD 0HGLQD 5RGUtJXH] GH $FXxD & /RV /ODQRV Q $ 6DQWD &UX] GH 7HQHULIH ² &DQDULDV 7OI 0yYLO DOLFLDPHGLQD #JPDLO FRP <(*8$'$ $/081,$ 520(52 ' 0DQXHO $OPXQLD 5LYHUR +LJKJURYH 3RLQW )URJQDO 5LVH +DPSVWHDG 1: 3= ² /RQGUHV 8QLWHG .LQJGRQ 7OI PDQX DO#KRWPDLO HV <(*8$'$ $/08=$5$ 3DUTXH -R\HUR )DVH 1DYH &WUD 3DOPD GHO 5tR .P &25'2%$ 7OI ² )D[ 0yYLO IFRMDYLHUORSH]URVD#\DKRR HV <(*8$'$ $/35(6$ ' )HUQDQGR $OSUHVD *DUFtD & -RVp $QWRQLR *DOHUtD $OJHFLUDV &iGL]
7OI ZZZ \HJXDGDDOSUHVD HV IHUDOSUHVD#DOGLD HV <(*8$'$ $/7$9,67$ ' 3DEOR 5DPRVTXLUDUWH GH *X]PiQ 3XHQWH GH $OYDUDGR Q 4XHUHWDUR 4$ 0(;,&2 7OI ² )D[ SDEOR#UDQFKRDOWDYLVWD P[
<(*8$'$ $1$ 0$5,$ %2+2548(= (6&5,%$12 3URSLHWDULR 0RGHUQL]DFLyQ GH &XOWLYRV 6 $ 02'(&86$
3OD]D GH ODV $QJXVWLDV -(5(= '( /$ )5217(5$ &iGL]
5HSUHVHQWDQWH ' 6DQWLDJR 'RPHFT %RKyUTXH] MDLPHGRPHFT#KRWPDLO FRP <(*8$'$ $1&25,$ &WUD 5RQGD OD 9LHMD .P $SDUWDGR GH &RUUHRV 5RQGD ² 0$/$*$ 0yYLO )D[ \HJXDGDQFRULD#PDF FRP <(*8$'$ $1*8$6 0(',1$ ' -RVp 0DUtD $QJXDV 0HGLQD 0DUtD $X[LOLDGRUD $& 3LODV 6HYLOOD
)D[ 0yYLO ZZZ DQJXDVPHGLQD FRP DQJXDVPHGLQD#JPDLO FRP <(*8$'$ $f2 &(59(52 ' +LJLQLR $xR 6DQ] 3OD]D %ODVFR ,EixH] %HQLIDLR 9DOHQFLD 7OI )D[ 0yYLO ZZZ \HJXDGDDQ\R FRP KLJLQLR#UWYY HV <(*8$'$ $1721,2 025(7$ ' $QWRQLR 0RUHWD 0RUDOHGD & 9L]FD\D /HJDQpV 0$'5,'
7OI 0yYLO ZZZ \HJXDGD DQWRQLRPRUHWD FRP LQIR#\HJXDGD DQWRQLRPRUHWD FRP <(*8$'$ $48,/,12 )5$,/( ' $TXLOLQR )UDLOH *DUFtD & )HUQiQGH] GH 5LYHUD Q 6(9,//$ 2ILFLQD 0yYLO )LQFD )D[ JDGRUPJ#KRWPDLO FRP ZZZ \HJXDGDDTXLOLQRIUDLOH FRP <(*8$'$ $48,/,12 02<$ ' $TXLOLQR 0R\D (VSHMR 3DVDMH GHO 5RFtR S % (&,-$ 6HYLOOD
JDGRUPJ#KRWPDLO FRP <(*8$'$ $5$8=2 3URSLHWDULD ' $VFHQVLyQ 6 $ &UWD 1DFLRQDO ÉYLOD 6DODPDQFD NP 6$/$0$1&$ *HUHQWH ' $XUHOLR 5RGUtJXH] 6iQFKH] PDULDUHOHD#GDWD\XV FRP <(*8$'$ $55,%$6 ' )UDQFLVFR $UULEDV +HUUDQ] & &DUUDFXHOODU V Q 0R]RQFLOOR 6(*29,$ 7OI 0yYLO FRQWDFWR#\HJXDGDUULEDV FRP ZZZ \HJXDGDUULEDV FRP <(*8$'$ $552<20217( ' )LGHO 6DH] 0XxR] &WUD 7ROHGR 6DQ %DUWRORPp GH 3LQDUHV $9,/$ 7OI )$; IV#\HJXDGDUUR\RPRQWH FRP ZZZ \HJXDGDUUR\RPRQWH FRP <(*8$'$ $57852 )(51$1'(= '( /$ 9(*$ ' $UWXUR )HUQiQGH] GH OD 9HJD 6HQUD 3OD]D 5DPyQ )DOFyQ Q /8*2 0yYLO ² )D[ IGH]GHODYHJD#KRWPDLO FRP <(*8$'$ $7$/$<$ $/7$ &RPSOHMR $WDOD\D $OWD 6 / &WUD 6HYLOOD &yUGRED .P &DUPRQD 6(9,//$ 7OI )$; ZZZ KDFLHQGDDWDOD\D FRP LQIR#KDFLHQGDDWDOD\D FRP
(O &DEDOOR (VSDxRO
/LVW RI $1&&( %UHHGHUV
<(*8$'$ $9,/$ &$67(//$12 ' (PLOLR -RVp $YLOD &DVWHOODQR & -RVp GH OD %DVWLGD &RQVWDQWLQD ² 6HYLOOD 0yYLO ² )D[ HMDYLOD #KRWPDLO FRP <(*8$'$ $<$/$ ' 5DIDHO $\DOD 0XxR] )LQFD /DV <HJXDV ²8WUHUD ² 6HYLOOD 'LUHFFLyQ GH FRUUHRV & $OYDUH] 4XLQWHUR & /RV 3DODFLRV ² 6HYLOOD 0yYLO 7HO )D[ ZZZ \HJXDGDD\DOD QHW \HJXDGDD\DOD#WHOHIRQLFD QHW <(*8$'$ %(5(1*8(5 ' $QWRQLR %HUHQJXHU +XUWDGR /LFHR 3ROLWpFQLFR $OPRUDGt $/,&$17( 7OI )D[ PDULDEHUHQJXHU #KRWPDLO FRP <(*8$'$ %(50(-2 6É1&+(= &WUD 6HJRYLD $UDQGD .P 7XUpJDQR 6HJRYLD 7OI 0yYLO ² FDUQLFDVEV#KRWPDLO FRP <(*8$'$ %,21(67 ' -XDQ 6ROWHUR 3DUGR 9LFHQWH $OHL[DQGUH $/0217( +8(/9$
7OI )D[ MXDQ#ELRQHVW HV ZZZ ELRQHVW HV <(*8$'$ %2+(0,$ ' -RVp (UQHVWR %DWUHV *RQ]iOH] (GLILFLR 5HIRUPD $YH 5HIRUPD RILFLQD *XDWHPDOD 7OI MEDWUHV#\HJXDGDERKHPLD FRP <(*8$'$ %8(1$9(1785$ ' $QGUp 6DXQHQLpUH &KHPLQ GH 7KXPDLGH 5RXFRXUW ² %(/*,&$ 7OI ZZZ \HJXGDEXHQDYHQWXUD FRP DVDXYHQLHUH#DRO FRP <(*8$'$ &$%$//2 1(*52 ' &OLIIRUG 3LOFKHU )LQFD &DEDOOR 1HJUR 6$1 5248( &iGL]
7OI )D[ <(*8$'$ &$0$&+2 )$/&Ð1 & -XDQ &DUUHUD &DUPRQD 6(9,//$ 0yYLO <(*8$'$ &$032 %$-2 ' -RVp (QULTXH 0XxR] GH $OEHOGD 'LUHFWRUD 7pFQLFD ' %ODQFD 5RMDV *XLMR & 3OD]D &DUGHQDO 7ROHGR &RUGRED 7OI \ )D[ )LQFD 0yYLOHV ZZZ \HJXDGDFDPSREDMRMHP FRP EODQFDURJXL#KRWPDLO FRP <(*8$'$ &$1 $/=,1$ ' 4XLU]H (OLDV 9LQDUGHOO &DQ $O]LQD & 3ROLQ\D ² %$5&(/21$ 7OI ² )D[ ZZZ EDUFHORQD KRUVHV FRP DJXVWLHOLDV#KRWPDLO FRP <(*8$'$ &$1 %2$'$ ' (VWHEDQ %RVFK )UDQFK & 5RWHV %DQ\ROHV ² *(521$ 7OI ² )D[ \HJXDGD#FDQERDGD FRP <(*8$'$ &$1 0$<128 ' $QWRQLR -RURGRYLFK (VWDQFRYLFK &DQ 0D\QRX V Q /D 5RFD GHO 9DOOpV %DUFHORQD 0yYLO ZZZ \HJXDGDFDQPD\QRX FRP U DEDG#HFRQRPLVWHV FRP
$1&&(
<(*8$'$ &$1'$8 ' ,JQDFLR &DQGDX &UX] &RQGH & &HUUDMHUtD & 6HYLOOD 0yYLO FDQGDX#\HJXDGDFDQGDX FRP ZZZ \HJXDGDFDQGDX FRP
<(*8$'$ &(%5,$1 3 5 ( $YGD 0RWULO (O 6RODQLOOR 5RTXHWDV GH 0DU $OPHUtD 7OI ² )D[ 0yYLO LQIR#\HJXDGDFHEULDQ FRP ZZZ \HJXDGDFHEULDQ FRP
<(*8$'$ &$1',27$ 0DHVWUR *DUFtD & % 7OI \HJXDGDFDQGLRWD#KRWPDLO FRP
<(*8$'$ &2/21,$6 '( 3(648(5,/ ' -DLPH +HUPRJHQHV *RQ]iOH] &RQGH & $VXQFLyQ ,]T 6HYLOOD 7OI ODVFRORQLDVGHSHVTXHULO#\DKRR HV
<(*8$'$ &$3,7$1 ' 0DQXHO &DSLWiQ 6RULD $YGD GH 6HYLOOD % /RV 3DODFLRV 6(9,//$ 7OI ² )D[ 0yYLO PD\FDJRPH]#KRWPDLO FRP
<(*8$'$ &203/(-2 (/ %27,-2 ' 5DIDHO $QWyQ 0RUHQWH $XWRYtD GH DQGDOXFtD 6DOLGD (O %RWLMR
$1'8-$5 -$e1
:HE ZZZ HOERWLMR RUJ HOERWLMR#KRWPDLO FRP
<(*8$'$ &$5021$ &DUPR]DOH] 6 / ' 9LFHQWH &DUPRQD *RQ]iOH] & 0DUEHOOD & 0DGULG 7OI )D[ YLFHQWHFDUPRQDJRQ]DOH]#JPDLO FRP
<(*8$'$ &21'( '( 9$/'(35$'26 ' 5LFDUGR *RL]XHWD $ULDV 'iYLOD &RQGH GH 9DOGHSUDGRV
& 9HOi]TXH] ,]T 0$'5,' 7OI ² )D[ 0yYLO DGPLQLVWUDFLRQ#\ROIL HV
<(*8$'$ &$55,Ð1 *HUHQWH ' /XLV &DUULyQ $PDWH -XOLR &pVDU 6(9,//$ 7OI )D[ 7OI )LQFD 0yYLO ZZZ FDEDOORVFDUWXMDQRV FRP OXLVFDUULRQ#ILQDQFD HV
<(*8$'$ &25,6 ' 0DQXHO %RUJH &DUYDMDO &XUULGDEDW GH 0RWRUHV %ULWiQLFRV P 1RUWH &RULV GH &DUWDJR ² 6DQ -RVp &RVWD 5LFD 7OI )D[ 7OI )D[ ZZZ \HJXDGDFRULV FRP PEF#\HJXDGDFRULV FRP
<(*8$'$ &$57+$*2 ' ÉQJHO *DUFtD 0DUWtQH] $YGD -XDQ &DUORV , &$57$*(1$ 0XUFLD
ZZZ \HJXDGDFDUWKDJR FRP ,QIR#\HJXDGDFDUWKDJR FRP )D[ <(*8$'$ &$6$ $/$5&Ð1 6 / 8 ' )HUQDQGR $QGUpV 6LOYHVWUH $SDUWDGR GH &RUUHRV &$8'(7( $/%$&(7( 7OI \HJXDGDFDVDDODUFRQ FRP FRUUHR#\HJXDGDFDVDDODUFRQ FRP
<(*8$'$ &2521,1$6 ' -HQV %HFNHU 2OVHQ 8UE 9DOOH 5RPDQR & &XED Q (VWHSRQD ² 0iODJD 7OI ² )D[ 0yYLO FRURQLQDV#FRURQLQDV FRP ZZZ FRURQLQDV FRP
<(*8$'$ &$6$3,17$'$ )UDQFLVFR 5RQFHUR 0RODQR & 'U 0DUDxRQ W $ &iFHUHV 7OI )D[ ILQFDVDSLQWDGD#JPDLO FRP
<(*8$'$ &5,67,$1 085&,$ ' 0DQXHO 0XUFLD &RUUHDV $XWRYtD 0DGULG $OLFDQWH .P 3HWUHU $OLFDQWH
FULVWLDQBPXUFLDB#KRWPDLO FRP
<(*8$'$ &$67$12%/( 6 $ ' 6DOYDGRU %DOGL]yQ $YHQLGD =RQD *XDWHPDOD & 3 7OI )D[ \FDVWDQREOH#LWHOJXD FRP
<(*8$'$ &8%$6 6 / & 6HFXQGLQR =XD]R Q %OT % %RDGLOOD GHO 0RQWH ² 0$'5,' 7OI ² 0yYLO 'LUHFWRU 7pFQLFR ' (QULTXH 1DYDUUR VXVD #JPDLO FRP
<(*8$'$ &$67(//$ ' -25', &$67(//É 9,/$ &UWD 'RVULXV &DQ\DPDUV NP '265,86 %DUFHORQD
LQIR#\HJXDGDFDVWHOOD FRP
<(*8$'$ &8(1&$ '(/*$'2 6U ' -DFLQWR $QWRQLR &XHQFD 'HOJDGR & $OFDXGHWH 3ROtJRQR $UFDXGHWH -DpQ 7OI 0yYLO RGLZDQ #KRWPDLO FRP
<(*8$'$ &$67(/1292 ' $QDVWDVLR 1DUDQMR +LGDOJR 3OD]D 6DJUDGR &RUD]yQ 9LOODQXHYD GH OD 6HUHQD %$'$-2=
7OI )$; JHUHQFLD#DWDQDVLRQDUDQMR FRP <(*8$'$ &$67,//2 '( $=8(/ 3URSLHWDULR +HUDEDU $JURSHFXDULD 6 $ 3UHVLGHQWH ' $OHMDQGUR %DUUHUDV %DUUHW & 3ROLFDUSR 6DQ] 2ILFLQD 'HUHFKD 9LJR 3RQWHYHGUD
'LUHFWRU ' $OHMDQGUR %DUUHUDV *DUFtD 5HERUHUR DEDUUHUDV#JPDLO FRP <(*8$'$ &$=$ -8$1 ' -XDQ $ 5RVDULR -LPpQH] & /LHEUH Q 6HYLOOD 7OI ² FD]DMXDQ#KRWPDLO HV
<(*8$'$ &8(9$ $1',$ ' 'DYLG &XHYD /ySH] & 6LHUUD GH $ODL] Q &LQWUXHQLJR ² 1$9$55$ 7OI \HJXDGDFXHYDDQGLD#KRWPDLO FRP <(*8$'$ '( $=25(6 ' $QWRQLR 5XL] )HUQiQGH] 7UDV 0RQMDV 35,(*2 '( &25'2%$ &yUGRED
\HJXDGDD]RUHV#KRWPDLO FRP <(*8$'$ '( /$ &$578-$ +,(552 '(/ %2&$'2 ([SDVD $JULFXOWXUD \ *DQDGHULD 6 $ $SDUWDGR GH &RUUHRV -HUH] GH OD )URQWHUD &$',= 7OI )D[ VHFUHWDULD#H[SDVD HV
ZZZ DQFFH FRP
<(*8$'$ '( /$ (63,5$/ (67,53( &$578-$1$ ' )HOLSH 3DORPLQR *RQ]iOH] & %DOELQR 0DUUyQ (GLILFLR 9LDSRO 3RUWDO $ 2ILFLQD 6HYLOOD 7HO )D[ ² 0yYLO ZZZ FDUWXMDQRVGHODHVSLUDO FRP FRPHUFLDO#FDUWXMDQRVGHODHVSLUDO FRP <(*8$'$ '( /$ /20$ '( 8%('$ ' -RVp 5DPyQ %ODQFR %XHQR $YGD &ULVWR 5H\ % 8%('$ -DpQ DUDFUHOL#KRWPDLO FRP <(*8$'$ '( 0$18(/ 52/'$1 ' 0DQXHO 5ROGiQ 6iQFKH] & &2/Ð1 (/ 9,62 '(/ $/&25 6HYLOOD SD\WRVO#\DKRR HV <(*8$'$ '( 0,*8(/ &$55,21 ' ,VUDHO GH 0LJXHO &DUULyQ $YHQLGD GH 0DGULG 7DODYHUD GH OD 5HLQD ² 7ROHGR 7OI ² )D[ LBGHPLJXHO#LQPRQWD FRP <(*8$'$ '( 9(*$1=21(6 ' -HVXV 0DULD *RQ]DOH] 4XHEUDGD & /RV 3DODFLRV Q GHVSDFKR 9LOODQXHYD GHO 3DUGLOOR 0DGULG 7OI )D[ \HJXDGDGHYHJDQ]RQHV# \HJXDGDGHYHJDQ]RQHV HV ZZZ \HJXDGDGHYHJDQ]RQHV HV <(*8$'$ '( <0$6 6DQGDUDFD 9LQFH 6 / & /HUH] 0DGULG 7OI ² )D[ 6 %D\VKRUH 'U &RFRQXW *URYH ² )/ 86$ ZZZ VDQGDUDFD HV \PDV#VDQGDUDFD HV (QFDUJDGR ' -DYLHU %DFDUL]D 'RPtQJXH] <(*8$'$ '(+(6$ (/ +(55(52 $YGD 'LHJR 0DUWtQH] %DUULR Q (GLILFLR 9LDSRO &HQWHU 3ODQWD 0yGXOR 6HYLOOD )D[ GLUHVXU #ZDQDGRR HV <(*8$'$ '(/ +,(552 '( /$ 0$*'$/(1$ ' 6DQWLDJR &DVDGR &DVWDxHGD & $QWRQLR GH 9LOOHJDV 0HGLQD GHO &DPSR 9DOODGROLG 7OI )D[ FDUWXMDQRV#FDUWXMDQRV FRP ZZZ FDUWXMDQRV FRP <(*8$'$ '(/ +,(552 '(/ É1*(/ ' )UDQFLVFR $QJHOHW &DWDIDO & 6DQ -RVH 'H &DODVDQ] (QWUHVXHOR *UDQROOHUV %DUFHORQD )D[ ZZZ KLHUURGHODQJHO FRP LQIR#KLHUURGHODQJHO FRP <(*8$'$ '(/ 2',(/ (QFDUJDGR 0LJXHO 0RUHQR )LQFD 0DMDGDOHMRV $SDUWDGR GH &RUUHRV $UDFHQD ² +XHOYD 0yYLO ² )D[ \HJXDGDGHORGLHO#KRWPDLO FRP <(*8$'$ ',$= 62/,6 ' -RVp 'tD] 6ROtV 5HVLGHQFLDO =DXGLQ F %HJRQLDV %2508-26 6HYLOOD
MGLD]#\HJXDGDGLD]VROLV FRP MGLD]#JXDGDOPDTXLQD FRP <(*8$'$ ',&$5 ' 5DIDHO &RGLQD &DOYHW $YGD 2OLPSLD 9LF ² %DUFHORQD 7OI ID[ UDIDHOFRGLQD#RUDQJHPDLO HV
<(*8$'$ ',(&,6,(7( ' -XDQ %HQDYHQWH 5REOHGR $JURSHFXDULD (O 2FKR 6 / & 7HUXHO Q /RFDO 0$'5,' 7OI ² )D[ \HJXDGD #\HJXDGD FRP <(*8$'$ ',02%$ ' -XDQ -RVp 'tD] 0ROLQD & 6ROGDGR (VSDxRO ² $/0(5,$ 7OI ² )D[ 0yYLO )LQFD ´9LOOD 3DORPDVµ 6DQWD )p GH 0RQG~MDU /DWLWXG · µ1 /RQJLWXG · µ2 ZZZ \HJXDGDGLPRED FRP \HJXDGD#GLPRED FRP <(*8$'$ '2*$5 ' 'RPLQJR *XWLpUUH] $UL]D & &DUUHUD GH ODV $QJXVWLDV Q 7RUUH GHO 0DU 0iODJD 7OI )D[ GRJDU#GRJDUPF FRP <(*8$'$ '20(1(&+ ' &DUROLQD 'RPpQHFK &HEDOORV & 9HUJH GH 0RQVHUUDW ORFDO ´.ULVVµ 3DOPD GH 0DOORUFD %DOHDUHV 7OI )D[ 0yYLO ZZZ \HJXDGDGRPHQHFK FRP MRVHGRPHQHFKULHUD#KRWPDLO FRP <(*8$'$ '20,1&$12 ' -XDQ %DXWLVWD 'RPtQJXH] &DQR & 5HDO Q %DMR 6DQ -XDQ GHO 3XHUWR ² +XHOYD 7OI )D[ GRPLQFDQRVO#WHUUD HV <(*8$'$ '21 /8,6 *21=$/(= ',(= 5DQFKR /D (VSHUDQ]D /LF )HUQDQGR *RQ]iOH] &LPDGHYLOOD %RXOHYDUG 0DQXHO ÉYLOD &DPDFKR 1 SLVR 7RUUH (VPHUDOGD ,, &RO 3RODQFR 'HOHJDFLyQ 0LJXHO +LGDOJR & 3 0p[LFR ' ) 7OI ² )D[ ([W MDFTXHOLQH DPH]FXD#JUXSRJRQGL FRP <(*8$'$ '5$*2 ' )UDQFLVFR +HUQiQGH] 0RUHQR $YGD 9HUHGD GH 6DQ $JXVWtQ 0$,5(1$ '(/ $/&25 6HYLOOD
0yYLO IFRKHUQDQGH]PR#WHOHIRQLFD QHW <(*8$'$ '8&$/ ' 7$1-$ %$&+ & 6DQ 5DIDHO Q /DV 1DYDV GHO 0DUTXpV É9,/$ 0yYLO HTXRPDU#\DKRR HV ZZZ \HJXDGDGXFDO FRP <(*8$'$ '848( '(/ ,1)$17$'2 ' ,xLJR GH $UWHDJD 0DUWtQ $SDUWDGR GH &RUUHRV )LQFD ´5LEHUD $OWDµ $OFROHD ² &yUGRED 7OI ² 0yYLO ² GLHJR REUHUR#WHUUD HV <(*8$'$ ( & , ' )UDQFLVFR 7LUDGR 0DFtDV & 0DU Q %DMR 6DQW $QWRQL GH 3RUWPDQ\ ² %DOHDUHV 7OI <(*8$'$ (/ $/$'5248( ' (GXDUGR 3UDGHUD *iPH] & (VFXGR Q 6RWR GH 9LxXHODV 7UHV &DQWRV ² 0$'5,' 7OI ² )D[ ZZZ \HJXDGDHODODGURTXH FRP PHU\SUDGHUD#\DKRR HV
<(*8$'$ (/ $/$0,//2 ' -RVp &UHVSR &XELQR 0RQWH (VTXLQ]D ,]T 0$'5,' )D[ ZZZ \HJXDGDHODODPLOOR FRP LQIR#HODODPLOOR FRP <(*8$'$ (/ $//2=$5 -XDQ 3pUH] =~xLJD 0$'5,' 0yYLO PDQRORPRUHQR#SDVWHOHULD PDOORUFD FRP <(*8$'$ (/ $=$)5$1$5 ' ÉOYDUR *yPH] 0LJDOOyQ &HUYDQWHV &R]DU &LXGDG 5HDO
LQIR#\HJXDGDHOD]DIUDQDU FRP <(*8$'$ (/ %$5%,$1 ' 5REHUW : 0HLMHU $SDUWDGR GH FRUUHRV -HUH] GH OD )URQWHUD ² &iGL] 7OI 0yYLO ² ZZZ FDEDOORSUH FRP \HJXDGDHOEDUELDQ#JPDLO FRP <(*8$'$ (/ %$<2 6 & 3 +QRV 0DUWtQH] 5XL] \ -RVp $QJHO (VFDORQD & 5HLPDW $O 3LFDW /OHLGD
7OI )D[ \HJXDGDHOED\R FRP SUH#\HJXDGDHOED\R FRP 3HUVRQD GH FRQWDFWR ' -RVp $QJHO (VFDORQD 3XH\R <(*8$'$ (/ &$&+(7( ' 3HGUR &DVDOV $YLOD & 6DPWD (QJUDFLD ' 0DGULG ZZZ HOFDFKHWH FRP FDVDOV#HOFDFKHWH FRP <(*8$'$ (/ &$50(1 ' -RVp $ %HFHUUD 0DUWtQ 6LHUUD GH *UD]DOHPD 0$/$*$ \HJXDGDHOFDUPHQ#KRWPDLO FRP <(*8$'$ (/ &,61( ' 5DIDHO -XDQ *DUULGR +HUHQFLD 3OD]D GH ODV 0RUHUDV &DVWUR GHO 5LR &25'2%$ 7OI )D[ ² 0yYLO \HJXDGDHOFLVQH#KRWPDLO FRP <(*8$'$ (/ &+232 ' &DUORV 6XiUH] 'HOJDGR &RYDFKR (VWDFLyQ
/$6 1$9$6 '(/ 0$548e6 É9,/$
)D[ 0yYLO \HJXDGDHOFKRSR#\DKRR HV <(*8$'$ (/ ',$%2/2 +QDV *RQ]iOH] $JXLODU & )HUQDQGR ,9 )DUPDFLD 6(9,//$ )D[ \HJXDGDHOGLDEROR#KRWPDLO FRP <(*8$'$ (/ (8&$/,372 & 0DJQROLDV 3R]XHOR GH $ODUFyQ 0DGULG
'LU 7pFQLFR ' -RVp &DUPRQD 7HO 2ILFLQD )D[ )LQFD (O (XFDOLSWR 0RQWRVR 7HO MLJOHVLDV#FLQHVODGHKHVD HV ZZZ \HJXDGDHOHXFDOLSWR FRP <(*8$'$ (/ +,12-$/ (;$/,1 6 / ' ,VDDF )HUQiQGH] 0RUHQR &9 .P )LQFD HO +LQRMDO
0RQWDQFKH] &iFHUHV (VSDxD
7OI )D[ 0yYLO LVDDF#H[DOLQ HV LIS#H[DOLQ HV ZZZ \HJXDGDKLQRMDO HV
(O &DEDOOR (VSDxRO
/LVW RI $1&&( %UHHGHUV
<(*8$'$ (/ /,1$5 '( &8552 ' 2VFDU *RQ]iOH] 9HUGXJR & ÉODPR /DV 1DYDV GHO 0DUTXpV $9,/$ 7OI )$; 0yYLO RJYHUGXJR#KRWPDLO FRP <(*8$'$ (/ 025$/(-2 )LQFD ´(O 0RUDOHMRµ ' -RVp , 6iQFKH] 9HOi]TXH] $/3(5$ $OEDFHWH
)D[ ZZZ \HJXDGDHOPRUDOHMR FRP LQIR#\HJXDGDHOPRUDOHMR FRP <(*8$'$ (/ 12%/( +QRV $OJDUUDGD 0DWHRV )LQFD (O 1REOH &D]DOOD GH OD 6LHUUD 6HYLOOD
0yYLO )D[ HXURSLVD#UHGLQPRELOLDULD FRP <(*8$'$ (/ 2/,*8(52 'HKHVD HO 2OLJXHUR 6 / ' 3HGUR /ySH] %HUQDO $YGD GHO %ULOODQWH &RUGRED 7OI 0yYLO \HJXDGDHOROLJXHUR#JPDLO FRP <(*8$'$ (/ 3$/(148( ' 6HUUJLR 5XEHQ $UWHDJD 5RGUtJXH] & 9LVR GH &DOYRV Y %$,21$ 3RQWHYHGUD
)D[ LQIR#\HJXDGDHOSDOHQTXH FRP <(*8$'$ (/ 5(&8(5'2 ' ÉQJHO )HUQiQGH] 6iQFKH] 3RO ,QGXVWULDO GH 5LDxR ,,, 3DUF /DQJUHR ² $VWXULDV 7OI ² )D[ 0yYLO ZZZ \HJXDGDHOUHFXHUGR FRP HOUHFXHUGR#\HJXDGDHOUHFXHUGR FRP <(*8$'$ (/ 520(5,72 3URD /RV 3UDGRV 0iODJD 7OI 'LUHFWRU 7pFQLFR 1LFROiV 5RPHUR 5Xt] SHGURDUDQGD #\DKRR HV <(*8$'$ (/ 62/ ' &DUORV 0RQWLMDQR &DUERQHOO 0DUWtQH] & %DLODULQD $QQD 3DXORYD Q $ %DMR $ &RUGyED 7OI )D[ 0yYLO ² ZZZ \HJXDGDHOVRO FRP \HJXDGDHOVRO#\DKRR HV (QFDUJDGR $QWRQLR -HV~V *iOYH] *UDQDGRV <(*8$'$ (/ 62/(, ' -XDQ -RVp 5RGUtJXH] 6iQFKH] )LQFD (O 6ROHL $5%8&,(6 *,521$
)D[ ZZZ \HJXDGDHOVROHL FRP MXDQMR#\HJXDGDHOVROHL FRP <(*8$'$ (/ 7(03/( ' )UDQFLVFR -LPpQH] 0DUWtQH] 8UEDQL]DFLyQ (O 3DUTXH %OT ( $QWHTXHUD ² 0$/$*$ 7OI ² )$; \HJXDGDHOWHPSOH#JPDLO FRP <(*8$'$ (/ 720,//$5 ' 0DULDQR 0DUWtQ 0HUOR 3RWRVt $ 0$'5,' *HUHQWH ' 5D~O 0DUWtQ *RQ]iOH] JUXSRPDUWLQPDU#JUXSRPDUWLQPDU FRP <(*8$'$ (/ 75(0('$/ ' 0DULDQR 6DQWRV 5HGRQGR & 3DUDJXD\ $ 6HYLOOD 7HO )D[ PDULDQRVDQWRV#WHOHIRQLFD QHW <(*8$'$ (/ 78'$/ ' -RVp 0DQXHO 6DQ] 7LPyQ %DMDGD GHO 3R]R $PDUJR Q 72/('2 7OI DGLD]#SXHUWDGHWROHGR HV
$1&&(
<(*8$'$ (/ <8148( 6 / ' $GROIR 6iQFKH] GH 0RYHOOiQ 5XL] 0RQWH &DUPHOR % 6(9,//$ \HJXDGDHO\XQTXH#WHOHIRQLFD QHW 7OI )D[
<(*8$'$ )(55(52 6 / ' )DXVWR )HUUHUR )LRO $YGD &RPWH 'H 6DOOHQW Q 3ODQWD 3DOPD 'H 0DOORUFD %DOHDUHV
<(*8$'$ (1&,1$6 %255$&+$6 6 / ' )HOLSH *yPH] =RWDQR $YGD 5LFDUGR VRULDQR 3OWD 2ILFLQD 0DUEHOOD 0iODJD 7OI )D[ IJ]#FDQDGDDQFKD FRP
<(*8$'$ )/25 '( /,5,2 &ULDGRU -RVp ÉQJHO (VFDORQD 3XH\R 9LFHQWH &DPSR ( $ +8(6&$ )D[ ZZZ IORUGHOLULR HV IORUGHOLULR#\HJXDGDIORUGHOLRULR FRP
<(*8$'$ (4886 &2168/7,1* ' )UDQFLVFR -RVp *yPH] &DxDV ' 0DQXHO /ySH] 0XxR] & $UDJyQ Q $ +8(/9$ 7OI ² ² )D[ GLUHFFLyQ#HTXXVFRQVXOWLQJ FRP ZZZ HTXXVFRQVXOWLQJ FRP
<(*8$'$ )8(17( (/ 62/ /DJDVFD 0$'5,' MPILJXHUD#DJURSDVD H WHOHIRQLFD QHW
<(*8$'$ (50,7$ 6$1 %(51$5'2 ' -DYLHU $OELxDQD &LOYHWL 3DVHR GH OD &DVWHOODQD % 0DGULG 0yYLO )D[ DOELQDQD MDYLHU#JPDLO FRP ZZZ \HJXDGDVDQEHUQDUGR FRP <(*8$'$ (6 9('5$ )(55(5 &$67$f2 ' )UDQFLVFR &DVWDxR *XWLHUUH] &WUD GHO $HURSXHUWR .P 1DYH 3XLJ %DUUHGD
6DQWD -RUGL GH 6HV 6DOLQHV ² %DOHDUHV 7OI <(*8$'$ (675(//$ --55 ' -RVp -XDQ 5RGUtJXH] 5LFR &DOOH $SWR %RJRWi &XQGLQDPDUFD ² &RORPELD 7OI \HJXDGDHVWUHOOD#JPDLO FRP <(*8$'$ (86(%,2 &$12 ' (XVHELR &DQR *RQ]iOH] & -XDQ 0DUDJDOO 3 3DOPD GH 0DOORUFD ² %DOHDUHV 7OI MRVHOXLVVDODU#KRWPDLO FRP <(*8$'$ ) ' -RDTXtQ )HUQiQGH] &HSHGHOOR 3ROJ /D 5HG & 3DUFHOD Q $OFDOi GH *XDGDLUD 6(9,//$ 7OI )D[ 0yYLO \HJXDGDI #OHWWHUDQHW FRP <(*8$'$ )$55,2/6 ' 5DIDHO )DUULROV &DOYR 9HLQDW GH OD 3XMDGD Q $UJHQWRQD %$5&(/21$ 7OI )$; 0yYLO 0HOtQ )DUULROV \HJXDGDIDUULROV#JPDLO FRP ZZZ \HJXDGDIDUULROV FRP <(*8$'$ )(/,3( *$552&+2 ' )HOLSH *DUURFKR 5XELR )LQFD 9LxD GH )XHQWHV 02521 '( /$ )5217(5$ 6HYLOOD
)D[ 0yYLO SDMI#DUUDNLV HV <(*8$'$ )(51É1'(= '( /$ 9(*$ $*523(&8$5,$ (63(5$1=$ 6/ 3OD]D GH (VSDxD Q /,//2 7ROHGR
0yYLO )D[ ZZZ IHUQDQGH]GHODYHJD FRP IHUQDQGH]GHODYHJD#IHUQDQGH]GHODYHJD FRP <(*8$'$ )(51$1'(= 25'$6 &RUWLMR ´/D &RUFKXHODµ '26 +(50$1$6 6(9,//$
2ILFLQD &HUYDQWHV &RULD GHO 5LR 6(9,//$
)$; VHYLOOD#HVPRVD HV
<(*8$'$ )8(17(6 ' (GXDUGR )XHQWHV $YGD GH ODV 0RWDV %HQLIDLR ² 9DOHQFLD 2ILFLQD OHV *RXVDWV 6W *HQLHV GH 0DOJRLUHV ² )UDQFLD 7OI 0yYLO ZZZ \HJXDGDIXHQWHV FRP IXHQWHV#FKHYDO HVSDJQRO FRP <(*8$'$ )8(57(6 &$0$&+2 ' -XDQ -RVp )XHUWHV &DPDFKR $YGD 3L L 0DUJDOO &DOGHV GH 0RQWEXL %DUFHORQD 7OI LQIR#\HJXDGDIXHUWHVFDPDFKR FRP <(*8$'$ *$/$ ' $OIUHGR *DOD 0XULOOR & 0LODQR 5RMR 6HYLOOD 0yYLO )D[ \HJXDGDJDOD#JPDLO FRP <(*8$'$ *$5&,$ )(55(52 ' -RVp /XLV *DUFtD 9DUJDV & 0DMDUDQD 0DLUHQD GHO $OMDUDIH ² 6HYLOOD 7OI ² ZZZ \HJXDGDJI FRP MOJDUFLDYDUJDV#KRWPDLO FRP <(*8$'$ *$5&,$ +(51$1'(= ' )UDQFLVFR -DYLHU *DUFtD %HMDU $YGD (VSDxD % $OGHDQXHYD GH OD 9HUD ² &$&(5(6 7OI ZZZ JDUFLDKHUQDQGH]SUH FRP \HJXDGDJDUFLDKHUQDQGH]#KRWPDLO FRP <(*8$'$ *$5527$/(6 6$1 )&2 6 $ ' -26e 58%,2 9e/(= $QFKD 0DLUHQD GHO $OFRU 6HYLOOD
JDUURWDOHVVDQIUDQFLVFR#JPDLO FRP <(*8$'$ *$63$5 ,=48,(5'2 ' -RVp 0DQXHO *DVSDU ,]TXLHUGR 3DVHR GH OD &KRSHUD ( $OFREHQGDV 0$'5,'
0yYLO MRVHPDQXHOJDVSDU#KRWPDLO FRP <(*8$'$ *$67$55(-21(6 ' -XDQ /XLV *RQ]iOH] 5RVDV & 0DURV =DSDWD 0iODJD 7OI )D[ ZZZ \HJXDGDJDVWDUUHMRQHV FRP \HJXDGDJDVWDUUHMRQHV#\DKRR HV <(*8$'$ *(50$1 *,/(7( 6$17$12 )LQFD (O 6RWR &WUD GH *XDUHxD .P & 3 9$/9(5'( '( 0e5,'$ %$'$-2=
7OI )D[ ZZZ SDJLQDV DPDULOODV HV RQ OLQH JJLOHWH DULGRVJLOHWH#KRWPDLO FRP <(*8$'$ *,1(6 3$55$ 3OD]D 1LxD 0RJXHU +XHOYD
7OI )D[ 0yYLO LQIR#\HJXDGDJLQHVSDUUD FRP ZZZ \HJXDGDJLQHVSDUUD FRP
ZZZ DQFFH FRP
<(*8$'$ *21=$/(= 6$1&+(= ' 9tFWRU 0DQXHO *RQ]iOH] GH 3DEORV & ,JOHVLD 7RUUH ( 3LVR 'HVSDFKR &RO 7L]DSDQ ² 'HOHJDFLyQ ÉOYDUR 2EUHJyQ 0p[LFR ' ) 7OI YLFWRU#JRGHS QHW <(*8$'$ *8(55(52 ' )UDQFLVFR *XHUUHUR *yPH] 3RO ,QGXVWULDO -DGUDKLO 1DYH $UFRV GH OD )URQWHUD ² &$',= 7OI )D[ 0yYLO ZZZ \HJXDGDJXHUUHUR FRP IUDQFLVFRJXHUUHUR#WHFQLFDJHQHUDO FRP <(*8$'$ *8(55(52 -85$'2 ' )UDQFLVFR -RVp *XHUUHUR /ySH] $YGD *UiQ &DSLWiQ (GLI /D 5HLQD %OT $ &Ð5'2%$ IUDJXH#RQR FRP <(*8$'$ +$&,(1'$ (/ 02/,12 +QRV *XWLpUUH] +HUQiQGH] & $QWRQLR 0DFKDGR /DV &DEH]DV GH 6DQ -XDQ 6HYLOOD
7OI )D[ 0yYLO EODVJXWL#DIUXWRV H WHOHIRQLFD QHW <(*8$'$ +$&,(1'$ 0$5,$ ' -XDQ $QGUpV 4XLIHV *DUFtD $SDUWDGR GH &RUUHRV $YGD /D -DUD V Q 3DORV GH OD )URQWHUD +8(/9$ 7OI ² )D[ 0yYLO ZZZ \HJXDGDKDFLHQGDPDULD FRP LQIR#\HJXDGDKDFLHQGDPDULD FRP <(*8$'$ +$86 '2+5 'U .ODXV 6FKDUPHU 'RKUHU :HJ ' -h/,&+ $/(0$1,$
7OI ID[ 0yYLO NODXV VFKDUPHU#W RQOLQH GH <(*8$'$ +(5('(526 '( ' $1721,2 $/%$ 520(8 'U )OHPLQJ $SDUWDGR GH &RUUHRV 9LODQRYD L /D *HOWU~ %DUFHORQD &3 7OI )D[ ZHEPDVWHU#\HJXDGD DOED FRP
<(*8$'$ +,63$1'$/8= ' &DUORV 6HRDQH (LUy )LQFD ´$ /DJXLxDµ 9HUHQJR 3DUDGD GHO 6LO 2UHQVH
2ILFLQD &DVHLURV $ 12$//$ 6$1;(1;2 3217(9('5$
)D[ 0yYLO FDEDOKRQND#WHUUD HV YHUHQJR#DUUDNLV HV \HJXDGDKLVSDQGDOX] JRRJOHSDJHV FRP <(*8$'$ +,63$1,$ ' *UDFLDQR $PDGRU 0DXMR ,JOHVLDV 3OD]D /RQJRULD &DUEDMD % 2YLHGR ² $VWXULDV 7OI )D[ 0yYLO ZZZ \HJXDGDKLVSDQLD HV \HJXDGDKLVSDQLD#\HJXDGDKLVSDQLD HV
<(*8$'$ -8$1 9É=48(= ' -XDQ $QWRQLR 9i]TXH] 'RPLQJXH] & %HVD Q +RVSLWDOHW GH /OREUHJDW %$5&(/21$ 7OI 0yYLO
<(*8$'$ +126 -,0(1(= %85*26 ' (GXDUGR -LPpQH] %XUJRV $YGD 1WUD 6UD 'H OD 6ROHGDG &DQWLOODQD ² 6HYLOOD 'LUHFFLyQ )LQFD )LQFD HO =DPRUDO ² &WUD 6( .P &DQWLOODQD ² 6HYLOOD 7OI ZZZ \HJXDGDMLPHQH]EXUJRV FRP HGXDUGR WHM#JPDLO FRP
<(*8$'$ - 0 75(66(55$6 6 / &DPL 0DV 9LOD 7UDY ,]T Q 7$55$*21$ \HJXDGD U#WHUUD HV
<(*8$'$ +126 52'5,*8(= 0$5$f21 9LUJHQ GH 5HJOD Q 3DVDMH 3ODQWD ,, 0yGXOR 6(9,//$ 7OI ² MRVHOH UP#WHOHIRQLFD QHW
<(*8$'$ ,3$ ' 3HS %RWp %ODQFR &DOOH 6DQWR -RDQ Q 7DUUHJD ² /OHLGD 7OI ² 0yYLO HXJDVVDGDLSD#PVQ FRP
<(*8$'$ +,*8(5$ ' 9DOHULDQR +LJXHUD 9LRTXH & 0XFKR 7ULJR &25'2%$ 7OI ² YKLJXHUD#KRWPDLO FRP
<(*8$'$ -8$1 7,5$'2 6 $ ' -8$1 7,5$'2 $*8'2 & $JXDFDWH (GLILFLR % 3RUWDO 3ODQWD 0DGULG 7OI )D[ ZZZ JUXSRWDVD FRP PSJDUFLD#JUXSRWDVD FRP
<(*8$'$ +126 *87,(55(= '(/*$'2 *HUHQWH ' *XLOOHUPR *XWLpUUH] (JHD )LQFD /D 6DUJHQWD $QFKD (&,-$ 6HYLOOD JXGHO #KRWPDLO FRP
<(*8$'$ +(50$126 02/(52 0$/2 ' (PLOLR 0ROHUR /XFDV & $QWRQLR *DXGt % 5HXV ² 7$55$*21$ 7OI )D[ 0yYLO ZZZ \HJXDGDPROHURPDOR HV VDPXHOPROHUR#JPDLO FRP
<(*8$'$ +,(552 &$/$1'5$ 6 / ' $QWRQLR 3UDGR &DVWUR & 3XQWD GH OD 3ODWD 8UE 0 /XLVD *DUGHQ (VWHSRQD ² 0iODJD 7OI KLHUURFDODQGUD#JPDLO FRP
<(*8$'$ -26( /8,6 52'5,*8(= 5$0,5(= ' -RVp /XLV 5RGUtJXH] 5DPtUH] &HUUR GH OD 9LxD 0RQWHTXLQWR ² 'RV +HUPDQDV ² 6HYLOOD 7OI MOURGUD#JPDLO FRP ORUHQ]RORJD#WHUUD HV
<(*8$'$ +126 &$5',(/ 6$1&+2 ' &DUORV &DUGLHO 6DQFKR & *DUFtD 0HQpQGH] (MHD GH ORV &DEDOOHURV =$5$*2=$ 0yYLO FFDUGLHO#PDFDUVDQ FRP
<(*8$'$ ,168/$5 ' -RVp &DUORV 3pUH] )HUQiQGH] & (O /LULD]R V Q 6DQ 6HEDVWLiQ GH OD *RPHUD 6DQWD &UX] GH 7HQHULIH ² &DQDULDV 7OI ² )D[ ODOODYHSXEOLFLGDG#KRWPDLO FRP
<(*8$'$ +(50$126 520$126 ' 0LJXHO $QJHO 5RPDQRV *RQ]iOH] $YGD &DWDOXxD /RFDO =DUDJR]D 7OI 0yYLO )D[ ZZZ JUXSRURPDQRV FRP PLJXHODQJHO#JUXSRURPDQRV FRP
<(*8$'$ -26e )5$1&2 6É1&+(= &RUWLMR /DV 3DYRQDV 1XHYD -DULOOD -(5(= '( /$ )5217(5$ &iGL]
\HJXDGDMRVHIUDQFRVDQFKH]#KRWPDLO FRP
<(*8$'$ +126 $5$1'$ 7(-(5,=2 /RUD 7DPD\R &2167$17,1$ 6(9,//$
0yYLO DUDQGDFDEUHUD P#JPDLO FRP
<(*8$'$ +(50$126 *$5&,$ ),/262 & % ' )UDQFLVFR *DUFtD )LORVR )HUQiQGH] &DOOH GH OD 9LUJHQ Q 9LOODUUREOHGR ² $/%$&(7( 7OI ² 0yYLO )D[ SDFRILORVR #KRWPDLO FRP
<(*8$'$ -(5(= ' /XLV %ODQFR -HUH] & $\DOD 0DGULG 7OI \HJXDGDMHUH]#\DKRR HV <(*8$'$ -,0e1(= ' -HV~V -LPpQH] 6DQGRYDO /DUN 3RUW 'U /D 3XHQWH &DOLIRUQLD 86$ 7OI ² )$; ² ZZZ UDQFKRMLPHQH] FRP LQIR#UDQFKRMLPHQH] FRP <(*8$'$ -- 0217(6 ' -XDQ -RVp 0RQWHV 6iQFKH] $SDUWDGR GH &RUUHRV Q 'LSXWDFLyQ /D +R\D GH /RUFD /RUFD ² 085&,$ 7OI ² 0yYLO )D[ ZZZ \HJXDGDMMPRQWHV FRP SHGURPRQWHV#EWLQWHUQHW FRP
<(*8$'$ -26( &58= &$12 ' -RVp 0DQXHO &DQR *DUFtD *DQDGHUtD 3DUDMH 6LVFDUHMR 3ROtJRQR 3DUFHOD $OKDPD GH 0XUFLD ² 085&,$ &RUUHVSRQGHQFLD $SDUWDGR &RUUHRV $OKDPD GH 0XUFLD ² 085&,$ 7OI )D[ 0yYLO \HJXDGDMRVHFUX]#KRWPDLO FRP
<(*8$'$ /$ $'(/)$ ' 6HUJLR 6DODV *DUFtD 8UE 6HxRUtR GH 5HJOD & 0 %iUEDUD 7LUDGRUXELR (VSDUWLQD 6(9,//$ 7OI 0yYLO VHUJLRDGHOID#KRWPDLO FRP <(*8$'$ /$ &2/0(1$ &RUWLMR 3RUUDV V Q 3HULDQD ² 0iODJD 7OI )D[ 0yYLO ZZZ DQGDOXVLHU QHW LQIR#DQGDOXVLDQ QHW <(*8$'$ /$ &21&+8(/$ ' 5DIDHO 'H]D ÉOYDUH] &UWD 0iODJD .P )LQFD /D &RQFKXHOD 0DUFKHQD 6(9,//$ ² ERGHJRQVDQYLFHQWH#DQGDOXQHW FRP <(*8$'$ /$ &23$ ' $QWRQLR 6iQFKH] 9DUJDV &UWD +XHWRU 9HJD *5$1$'$ DJURSHFXDULDEDUFKHO#KRWPDLO FRP <(*8$'$ /$ &58= ' ,VDEHO 2VXQD -LPpQH] 8UEDQL]DFLyQ 3LQR 6RO *UDQDGD (/ (6&25,$/ 0DGULG
2ILFLQD 0yYLO \HJXDGDODFUX]#WHOHIRQLFD QHW ZZZ \HJXDGDODFUX] FRP ZZZ DOSDFD VSDLQ FRP <(*8$'$ ´/$ '(9(6$µ ' 5DIDHO 'RPHQHFK -RUGD 3URYHQoD %$5&(/21$ 7OI )D[ )LQFD 0LTXHO %DUFHOy V Q )$/6(7 7DUUDJRQD ZZZ \HJXDGDODGHYHVD FRP LQIR#\HJXDGDODGHYHVD FRP
(O &DEDOOR (VSDxRO
/LVW RI $1&&( %UHHGHUV
<(*8$'$ /$ (1&,1$ ' $QQD ,VDEHO *DPD]R +RKHQORKH & )HUQDQGR (O 6DQWR 0DGULG 7OI EDWL#WRUUHDO FRP
<(*8$'$ /$ 75,1,'$' ' 0LJXHO GH 5RMDV 0DHVWUH $SDUWDGR GH &RUUHRV &$5021$ 6HYLOOD
PLJXHOGHURMDV#\DKRR HV
<(*8$'$ /$ (63$'$ ' 5DIDHOD 9DUJDV 0DUtQ & 6DQVXHxD &25'2%$ 7OI )$; PLPD #KRWPDLO FRP
<(*8$'$ /$ 752<(7$ ' 3HGUR 3DVWRU &DEUHUD 7UR\D $OLPHQWDFLyQ &WUD /HV 5RWHV '(1,$ $OLFDQWH
)D[ 0RYLO ZZZ \HJXDGDODWUR\HWD HV LQIR#\HJXDGDODWUR\HWD HV
<(*8$'$ /$ )217 '(/ 6$/$'5$5 /D )RQW GHO 6DODGUDU 6 / ' 5DIDHO $SDULFLR 3DUUD & 9LFHQWH %RL[ SXHUWD ;DWLYD 9$/(1&,$ 7OI ² HOVDODGUDU#JPDLO FRP ZZZ HOVDODGUDU HV <(*8$'$ /$ *$//$5'$ ' 6DOYDGRU 0DUWtQH] 0HOODGR &WUD GH 7UHEXMHQD .P 6DQO~FDU GH %DUUDPHGD &iGL]
7OI )$; VDOYDGRUPDUWLQH]#FDQRQFDGL] FRP
<(*8$'$ ´/$ 9,*Ì$µ 6RFLHGDG $JUtFROD 0HQFDFKyQ 6 / $YGD GH )LOLSLQDV ' 0DGULG 7OI PDLO#OD YLJLD FRP <(*8$'$ /$ <('5$ )LQFD /D <HGUD &UWD $QWLJXD 0iODJD .P $17(48(5$ 0É/$*$
ZZZ \HJXDGDOD\HGUD FRP DGPLQLVWUDFLyQ#\HJXDGDOD\HGUD FRP
<(*8$'$ /23(= 526$'2 ' -XDQ 'RPLQJR /ySH] 5RVDGR 9HQWDV %HUUXJXHWH 'FKD 6216(&$ 7ROHGR
7OI )D[ 0yYLO ORSH]URVDGR#WHOHIRQLFD QHW <(*8$'$ /23(= '( +$52 ' -RVp $QWRQLR 5RGUtJXH] &RSHOOR %DQLTXH /RJURYDO ;,, Q % 6DQWR 'RPLQJR ² 5HS~EOLFD 'RPLQLFDQD 7OI ² )D[ MURGULJXH]#EOK FRP GR <(*8$'$ /26 $/&25(6 GH )HEUHUR ,]TGD 9$//$'2/,' )D[ 0yYLO LVDJPD #KRWPDLO FRP <(*8$'$ /26 $/*$59(6 ' -XDQ 5DPyQ %HUQDO 6LOYD & 6DQFKR ,9 (O %UDYR 7DULID ² &iGL] 7OI MUEV #JPDLO FRP
<(*8$'$ /$ *$021,7$ ' -RVp (PLOLR &RUUDO GHO 2OPR )LQFD OD *DPRQLWD $SGR &RUUHRV 3XHUWROODQR &LXGDG 5HDO 7OI ZZZ \HJXDGDYDOGHYLQDV FRP LQIR#\HJXDGDYDOGHYLQDV FRP
<(*8$'$ /$6 $5(1$6 ' -XOLiQ *yPH] 'RPtQJXH] ´)LQFD /DV $UHQDVµ 3DJR /DV $UHQDV V Q /HEULMD 6(9,//$ ZZZ \HJXDGDODVDUHQDV FRP LQIR#\HJXDGDODVDUHQDV FRP
<(*8$'$ /26 $/-,%(6 0DQXHO /RUHQ]R 5yGHQDV 0DWHR ,QXUULD Q 0DGULG 7OIV )D[ ZZZ ILQFDORVDOMLEHV FRP PORUHQ]R#ILQFDORVDOMLEHV FRP
<(*8$'$ /$ *2/(7(5$ ' -XDQ &DUORV 5H\HV 6iQFKH] &WUD 1DFLRQDO .P %HQDMDUDIH ² 0$/$*$ 7OI )D[ 0yYLO \HJXDGDODJROHWHUD#KRWPDLO FRP
<(*8$'$ /$6 &$%(&(5$6 ' 'LRQLVLR 3pUH] 0XxR] & &LUXHOD & &LXGDG 5HDO 0yYLO ZZZ \HJXDGDODVFDEHFHUDV FRP G SHUH]#LFDFU HV
<(*8$'$ /$ /,5$ < /$ : 6 / ' (QULTXH *XHUUHUR 0D\HU 9 :LWWJHQVWHLQ $YG GH $PpULFD % 0$'5,' )D[ 0yYLO HJ#OLUD\Z FRP
<(*8$'$ /$6 /81$6 ' 'DYLG 3DQDUHGD 3RX \ 'RQDOGR 1LFRVLD +tSLFD &DQ 9LOD &WUD 0RQWVH\ .P 6W (VWHYH 3DODXW %DUFHORQD 7OI )D[ FILDPHQL#KLSLFDFDQYLOD FRP
<(*8$'$ /26 &$35,&+26 ' 0LJXHO $QJHO *RQ]iOH] *DUFtD & 'RQ &HFLOLR 1DYDOFDUQHUR 0DGULG 7OI 0yYLO )D[ HMRUGDQ#FKDQGDYLOD H WHOHIRQLFD QHW UHJLGRUPLJ#PVQ FRP
<(*8$'$ /$ 12675( //$5 6U ' -XDQ 6RVSHGUD 9LOD &DQ )RVDOED (OV +RVWDOHWV GH 3LHUROD %$5&(/21$ 7OI )D[ LQIR#IUXLWHVEDL[OOREUHJDW FRP <(*8$'$ /$ 18&Ì$ ' $QWRQLR -LPpQH] 5XL] & )UDQFLD & %HQLGRUP ² $/,&$17( 7OI ZZZ \HJXDGDODQXFLD FRP \HJXDGDODQXFLD#KRWPDLO FRP
<(*8$'$ /$6 7,-(5$6 'xD 6HUJLD 9DOOV GH 7ULTXHOO )LQFD ´%RQ 5HWLURµ /D *DUULJD %DUFHORQD
VHUJLD YDOOV#JPDLO FRP <(*8$'$ /$6 <(*8$6 '(/ &$5$&2/ ' -HV~V &DEDOOHUR 0DUWtQH] & *R\D $/&$=$5 '( 6$1 -8$1 &LXGDG 5HDO
MHVXVFDEDOOHUR #KRWPDLO FRP
<(*8$'$ /$ 3$/20$ ' 'LDQD *RQ]iOH] &WUD )XHQWH 3DOPHUD D 3DOPD GHO 5tR .P 3DOPD GHO 5tR ² &25'2%$ 7OI GLDQD WWY#KRWPDLO FRP
<(*8$'$ /$<26 ' -XDQ )HUQiQGH] /D\RV 5XELR 8UE 9DOGHODJXD 6$1 $*867,1 '( *8$'$/,; 0DGULG
MXDQ OD\RV#KRWPDLO FRP
<(*8$'$ /$ 326$'$ ' 0 'RORUHV /ySH] %HOPRQWH /ySH] & +HUPDQR $QWRQLR 1DYD GHO 5H\ ² 9DOODGROLG 0yYLO )D[ \HJXDGDODSRVDGD#KRWPDLO FRP
<(*8$'$ /(50$ ' -RVp /XLV 0XxR] $SDUWDGR &RUUHRV OD 3XHEOD GH &D]DOOD 6HYLOOD 7OI ² 0yYLO MRVHOXLV#\HJXDGDOHUPD FRP
<(*8$'$ /$ 3529(1=$ &% ' )UDQFLVFR -DYLHU &DEDOOHUR 9HODVFR & $EHODUGR &RYDUVL Q ,]T %DGDMR] 7OI )D[ MDYLHUFDEDOOHUR#WHOHIRQLFD QHW
<(*8$'$ /(=$0$ /(*8,=$021 ' -RUJH 3RUWDOHV &HEUHUR 8UE ,VOD GH *XDGDOPLQD 9LOOD 6DQ 3HGUR GH $OFiQWDUD ² 0$/$*$ 7OI ² 0yYLO MRUJHSFB #KRWPDLO FRP
<(*8$'$ /$ 3817$ ' -RVp ,JQDFLR 9DFD (OJXHUR $Y 8QLYHUVLGDG 1R ,QW \ %RVTXHV GH 3UDGR 6XU $JXDVFDOLHQWHV $JV 0(;,&2 7OI ² )D[ ZZZ \HJXDGDODSXQWD FRP MYDFD#\HJXDGDODSXQWD FRP P[
<(*8$'$ //25(17( 3URSLHWDULRV ' 3HGUR /XLV \ ' &DUORV /ORUHQWH 3pUH] 'LUHFFLyQ ILQFD +DFLHQGD /D 3UDGHUD 0DUWtQ 0LJXHO 6HJRYLD 7OIV )D[ SHGUROORUHQWH#ELQNDO FRP
$1&&(
<(*8$'$ /26 &$67$f21(6 ' /XLV &DVWDxyQ 5RGUtJXH] /XLV , 1DYH % 0$'5,' FDVWDQRQHV#\HJXDGDORVFDVWDQRQHV FRP ZZZ \HJXDGDORVFDVWDQRQHV FRP <(*8$'$ /26 &,(5926 ' $QWRQLR GH /RUHQ]R $YGD 9DOODGROLG 0$'5,' 7OI PDULDQ#LQGXVWULDOL]DFLRQ FRP <(*8$'$ /26 &255$/(6 ' &ULVWLQD %DTXHUR 5RGULJXH] )LQFD ORV &RUUDOHV $SDUWDGR GH &RUUHRV &LXGDG 5HDO 7OI 0yYLO \HJXDGDORVFRUUDOHV#JPDLO FRP ZZZ \HJXDGDORVFRUUDOHV FRP <(*8$'$ /26 2/,926 $EDG \ 6LHUUD ,%,=$ %DOHDUHV
<(*8$'$ /26 32=26 +HUPDQRV +ROJDGR &DUUHUR & -LOJXHUR 1 9LOODPDUWtQ &iGL]
ZZZ \HJXDGDORVSR]RV FRP DKG#\HJXDGDORVSR]RV FRP <(*8$'$ /26 68(f26 ' 0HUFHGHV )HUQiQGH] -LPpQH] & 1DWDFLyQ 6(9,//$ 7OI )D[ PHUFHGHV#IHUUHWHULDDOFDQWDULOOD FRP <(*8$'$ /26 7(-26 ' $QWRQLR 3pUH] 6LHUUD 6LHUUD 1HYDGD &$5021$ 6HYLOOD
7OI )D[ 0yYLO y ZZZ \HJXDGDORVWHMRV FRP RILFLQD#SUH]VLHUUD HV
ZZZ DQFFH FRP
<(*8$'$ /29(5$ 3URSLHWDULR ' 0LJXHO /RYHUD *DUFtD 0LJXHO %HQ]R &25'2%$ )D[ 0yYLOHV HQULTXHORYHUD#\HJXDGDORYHUD QHW <(*8$'$ /8&,$ /29(5$ *$5&,$ -HV~V 0DUtD &25'2%$ 7OI )D[ 0yYLO HERUUDMRS#KRWPDLO FRP <(*8$'$ 0$,3( 3OD]D GH ORV 7UHV 5H\HV &$57$*(1$ 0XUFLD
)D[ ZZZ \HJXDGD PDLSH FRP LQIR#\HJXDGD PDLSH FRP <(*8$'$ 0$-$/2%$ ' ,VPDHO 5H\HV 0HMtD +RVSLWDO 6DOXG ,QWHJUDO GH 0RQWR\D FXDGUD $O /DGR FXDGUD $EDMR 0DQDJXD ² 1LFDUDJXD 7OI ²)D[ 0yYLO ,VPDHO#LEZ FRP QL <(*8$'$ 0$5Ì1 *$5&Ì$ & 3DORV +XHOYD 0yYLOHV 7OI )D[ GLHJRPDIL#KRWPDLO FRP LQIR#\HJXDGDPDULQJDUFLD FRP ZZZ \HJXDGDPDULQJDUFLD FRP <(*8$'$ 0$548e= /Ð3(= 6 / ' *XLOOHUPR 0iUTXH] +DKQ $YHQLGD 5REHUWR 2VERUQH 3RO ,QG &WUD $PDULOOD &DVD 0iUTXH] 6HYLOOD )D[ JPDUTXH]#FDVDPDUTXH] HV <(*8$'$ 0$57(7 ' 5DIDHO *HQRYDUW )HPHQtDV & )HPHQLDV 6DQW /ORUHQo GHV &DUGDVVDU 0$//25&$ 7OI FRQVWUXFFLRQVPDUWHW#FRQVWUXFFLRQVPDUWHW FRP \HJXDGDPDUWHW#FRQVWUXFFLRQVPDUWHW FRP <(*8$'$ 0$57,1(= %2/2,; 3URSLHWDULR ' 9LFHQWH 0DUWtQH] 2UWL $YGD 0DQXHO $JXVWtQ +HUHGLD 0$/$*$ 0yYLO \HJXDGDPDUWLQH]ERORL[#KRWPDLO FRP <(*8$'$ 0$6 '(/6 )5$5(6 *HUHQWH 0RQWVHUUDW 9DOHUR 6RUULEDV 0DV GHOV )UDUHV &RQVWDQWL 7DUUDJRQD PYV #\DKRR HV <(*8$'$ 0$6 ' (1 &,6$ ' 2ULRO 3HOPDQ\HU $QGUHEL & &DOD 6DEDGHOO %DUFHORQD 7OI 0yYLO SHUPDQ\HU#WURYHOV FRP <(*8$'$ 0(1'2=$ &$'(0$ ' 1LFROiV 0HQGR]D )XQHV 3ROJ 3ROYRUDQFD ² $YGD /RV 0HWDOHV /HJDQpV 0$'5,' 0yYLO ² )D[ ZZZ \HJXDGDPHQGR]D HV QPHQGR]DI#FDGHPD HV <(*8$'$ 0,*8(/ 6É1&+(= %HQHGLFWR ;9 32=2%/$1&2 &yUGRED
)D[ PLJXHOVDQFKH]#\HJXDGDSUH FRP ZZZ \HJXDGDSUH FRP 5HSUHVHQWDQWH 0DUtD 6iQFKH] *yPH] PDULDVDQFKH]#\HJXDGDSUH FRP
<(*8$'$ 0,/( 6 / 0,/( &,0(6$ 8UE % +RUL]RQWH & %XGDSHVW /D 1XFLD ² $OLFDQWH 7OI )D[ \HJXDGD PLOH#KRWPDLO FRP <(*8$'$ 0,//É1 +(5&( ' 0LOOiQ +HUFH *DUFtD 1XHVWUD 6UD GHO &DUPHQ )8(17(6 '( $1'$/8&Ì$ 6HYLOOD
)D[ 0yYLO PLOODQKHUFH#KRWPDLO FRP <(*8$'$ 0,//$5(6 ' 0DQXHO $QJHO 0LOODUHV *DUFtD 6DQ 3HGUR 7ULJXHURV ² +XHOYD 7OI ² )D[ ZZZ JDQDGHULDPLOODUHV FRP JDQDGHULDPLOODUHV#KRWPDLO FRP <(*8$'$ 0,f2 ' -RVp %HUP~GH] (VWpYH] $YGD 'HOILQHV 9LXGHV SDUF $SGR 7255(9,(-$ $OLFDQWH
)D[ \HJXDGD#PLQR HV <(*8$'$ 0,5$6 ' 6DOYDGRU 0LUDV *yPH] )LQFD 'HKHVD 7HMRQHUDV &25'2%$
'LUHFFLyQ & *R\D 'FKD ² 0DGULG 7OI MPLUDV#\HJXDGDPLUDV FRP <(*8$'$ 0217$1$ ' -RVp 0RQWDQHW 0DUWtQH] ,SDUW[LNL ,581 *XLS~]FRD
\HJXDGDPRQWDQD#JPDLO FRP <(*8$'$ 0217$5&2 ' $QD GH 5RMDV 3DUGR & (PEDMDGRUHV *XDGDSHUR ² 6DODPDQFD 7OI ² 0yYLO ZZZ ODJDFHWDUXUDO QHW UHGDFFLRQ#ODJDFHWDUXUDO QHW <(*8$'$ 0217( /$ //$0$ ' 5DIDHO *LUyQ /OLQiV & $QWRQLR /ySH] 0$'5,' 7OI 0yYLO UJLURQ#RWHFDW H WHOHIRQLFD QHW PRQWHODOODPD#PVQ FRP *HUHQWH ' -RVp 0 GH 0D]DUUDVD \ GH OD 7RUUH <(*8$'$ 0217(52 ' *X\ 0RQWHUR LPSDVVH GHV $QGDORXV 6DLQW *LOOHV ² )UDQFLD 0yYLO JX\ PRQWHUR#JPDLO FRP ZZZ FKHYDX[ HVSDJQROV HVWDJHS FRP <(*8$'$ 02178// 3$/$&,26 ' 'LHJR 0RQWXOO /ySH] $SGR GH &RUUHRV 0DWDUy %$5&(/21$ 7OI \HJXDGDPS #\DKRR FRP <(*8$'$ 025$1 6 / ' -RVp 0 *DUFtD 0RUiQ -RDQ *XDVFK /·DPHWOOD 9DOOHV %$5&(/21$ 7OI )D[ 0yYLO LUHQH ORSH]#JUXSRXQL FRP <(*8$'$ 08(/$ $<$/$ ' -HV~V $OEHUWR 0XHOD $\DOD &DPLQR GH ORV 0ROLQRV V Q 3XHEOD GHO 3UtQFLSH &LXGDG 5HDO 7OI ² )D[ VDQJDUFLD #KRWPDLO FRP
<(*8$'$ 08f2= 758-,//2 3URSLHWDULR ' 5DIDHO 0XxR] /HyQ & 9LFHQWH 7HOOH] Q 7RUUHORGRQHV ² 0$'5,' 7OI )D[ 0yYLO \HJXDGDBPXQR]WUXMLOOR#\DKRR HV <(*8$'$ 1$'$/(6 ' -XDQ 3HGUR 1DGDOHV (VWpEDQH] -RVp &DOGHUyQ &$03$1,//$6 0É/$*$
\HJXDGDQDGDOHV#JPDLO FRP <(*8$'$ 1$9$552 6 / ' 0LJXHO 1DYDUUR &DPDFKR 3DGLOOD 9LOODQXHYD GH OD )XHQWH &LXGDG 5HDO
\HJXDGDQDYDUUR#KRWPDLO FRP <(*8$'$ 12%/(=$ '( 720,f2 ' 5LFDUGR 0DQXHO $EDO /ySH] $YGD GH 3RUWXJDO 1LJUiQ ² 3RQWHYHGUD 7OI GHPROLFLRQHVJDOLFLD#KRWPDLO FRP <(*8$'$ 12%/(=$ '(/ 3$548( ' )HOLSH ,EDxH] 6FRWW &DPLQR 9LOODUULFD D /RQFRFKH NP +8,6&$3, &$87,1 &+,/( <(*8$'$ 18f(= ' -RVp *DUFtD 1~xH] & *UHPL 7HL[LGRUV Q 3ROtJRQR 6DQ &DVWHOOR 3DOPD GH 0DOORUFD ² %DOHDUHV 7OI ² )D[ ZZZ \HJXDGDQXxH] FRP HQFDUQD#SDUTXHWEDOHDUV FRP <(*8$'$ 20(*$ ' )UDQFLVFR /XLV 3RUUDV 'tD] &DQ *R\ 9HLQDW GH &DQ 6HUUD Q )RUQHOOV GH OD 6HOYD ² *HURQD 7OI )D[ JLURQDHTXHVWUH#WHUUD HV <(*8$'$ 26&$5 &,1&$ ' 2VFDU &LQFD 2ULRO 3DVHR GH OD 6DJUDGD 0RQ]DOEDUED ² =DUDJR]D 0yYLO )D[ RBFLQFD#\DKRR HV <(*8$'$ 29(/$5 29(/$5 &$/92 ' -HV~V $YGD GHO *XLMDU 3ROtJRQR ,QGXVWULDO (O JXLMDU $UJDQGD GHO 5H\ 0DGULG
MHVXV RYHODU#RYHODU FRP ZZZ \HJXDGDRYHODU FRP <(*8$'$ 3$/$=8(/26 1257( 6 / ' $QWRQLR ÉOYDUH] 6iQFKH] & &DPSR $]DOYDUR $9,/$ 7OI ² DQWRQLRDOYDUH]#JUXSRD DOYDUH] FRP <(*8$'$ 3$/(1=8(/$ +(16 ' 5DIDHO 3DOHQ]XHOD 5RGUtJXH] 3URORJ F 7HUXHO &25'2%$ UDIDHO#\HJXDGDSDOHQ]XHODKHQV QHW <(*8$'$ 3$/2-2 ' $QWRQLR 0 9DOOHMR 3DGLOOD 6HUUDQR 0$'5,' )D[ 0yYLO ZZZ SDORMR FRP \HJXDGD#SDORMR FRP
(O &DEDOOR (VSDxRO
/LVW RI $1&&( %UHHGHUV
<(*8$'$ 3$1721, 6 / ' $QWRQLR 7RUUHV 6DQFKR $YGD GH /RQGUHV 'FKD $QG~MDU -$(1 7OI )D[ DQWRQLR#DULWRVD FRP <(*8$'$ 3$6$/5,2 '( 6$1 5248( ' 9,&725 &+$1'/(5 &DOOH $YDUDGR 1 6RWRJUDQGH ² &DGL] URVD#FRQLO HXURVXU FRP <(*8$'$ 3$=2 '( 0(,5( ' (GXDUGR 0DFHGD 4XLURJD %(/(6$5 0(,5( 9,//$/%$ /XJR
7OI )D[ 0yYLO ZZZ \HJXDGDSD]RGHPHLUH FRP LQIRUPDFLyQ#\HJXDGDSD]RGHPHLUH FRP <(*8$'$ 3('52 -,0(1(= ' 3HGUR -LPpQH] /DUD )LQFD (O 9HQWRULOOR $SDUWDGR GH &RUUHRV (O 9LVR GHO $OFRU 6(9,//$
7OI )$; \HJXDGDSHGURMLPHQH]#DXWRVSHGULWR FRP <(*8$'$ 3('52 3216 6 / &WUD 0DQDFRU Q 3$/0$ '( 0$//25&$ %DOHDUHV ZZZ \HJXDGDSHGURSRQV FRP SHGUR#\HJXDGDSHGURSRQV FRP <(*8$'$ 3(f$ '( %(-$5 6 / ' &DUORV &RQHVD $OFDUi] ' -RVp &RQHVD -LPpQH] $XWRYtD .P 3XHUWR /XPEUHUD 0XUFLD
FDUORV# PROLQRV FRP <(*8$'$ 3(f$ 6 / ' -RVp $QWRQLR 3HxD /ySH] *DYLOiQ \ 3ROtJRQR /RV *DOOHJRV )8(1/$%5$'$ 0$'5,'
0yYLO )D[ ZZZ \HJXDGDSHQD HV FRQWDELOLGDG#OX[DU HV <(*8$'$ 3e5(= 0$48('$ É9,/$ 3OD\D GH &RUFXELyQ %2$',//$ '(/ 0217( 0DGULG
7OI )D[ 0yYLO JHUDUGRSHUH]MLPHQH]#JPDLO FRP <(*8$'$ 3,/$5 5(<(6 3LQWRU 9DOGpV /HDO $5&26 '( /$ )5217(5$ &iGL]
*HUHQWH ' $QWRQLR &DxDGDV 6iQFKH] \HJXDGDSUH\HV#WHOHIRQLFD QHW <(*8$'$ 3,f(52 ' -RVp $QWRQLR 3LxHUR %XVWRV 5H\ -XDQ &DUORV , 9,//$18(9$ '( /26 ,1)$17(6 &LXGDG 5HDO MDQWRQLR#\HJXDGDSLQHUR FRP <(*8$'$ 3,1,//$ *20(= $JURFLQHJpWLFD /D 3DUULOOD 6 / & 5RPD 3ROiQ ² 7ROHGR 7OI ² 0yYLO ZZZ PRQWHVFDUWXMDQRV FRP UXSLJR#SLYHOORQ FRP <(*8$'$ 3,48( $1*(/ ' )HUQDQGR 3LTXH /OXVD 5RQGD *XLQDUGy %DUFHORQD 7OI )D[ 0yYLO ZZZ \HJXDGDSLTXHDQJHO FRP HPDLO#\HJXDGDSLTXHDQJHO FRP
$1&&(
<(*8$'$ 3/$=$ '( $50$6 )ORUHQFLR 0RUHQR H +LMRV 6DQ -XDQ %RVFR 32=2%/$1&2 &yUGRED
SOD]DGHDUPDV#YRGDIRQH HV
<(*8$'$ 5,%(5$ 1$9$55$ ' *UHJRULR 5XL] 0DUWtQH] & 5RVDULR 5,%$)25$'$ 1DYDUUD
LQIR#\HJXDGDULEHUDQDYDUUD HV ZZZ \HJXDGDULEHUDQDYDUUD HV 7OI ID[ PyYLO
<(*8$'$ 329('$12 ' )UDQFLVFR 3RYHGDQR 2UWL] & 2UWHJD 0RQWLOOD ² &yUGRED 7OI ISRYHWH#JPDLO FRP
<(*8$'$ 52%(572 58$12 ' 5REHUWR 5XDQR %HUUHQGHUR $YGD /RV 0DQDQWLDOHV )XHQWH HO 6D] 0$'5,' 7OI ² )D[ U UXDQR#VWDUVLVWHPDV FRP
<(*8$'$ 35( /$ &+8580%(/$ & %L]FRFKHURV -HUH] GH OD )URQWHUD &$',= 7OI )D[ PULYHULHJR#WHUUD HV
<(*8$'$ 52&$)257 ' -XVWR 5RFDIRUW *D\ &DUGHQDO *RPD =$5$*2=$ LQIR#KRWHOYLOODJRPD HV
<(*8$'$ 38(57$ $/7$ ' 6DQWLDJR 3pUH] $QJXLWD & )HGHULFR *DUFtD /RUFD $/&$/$ /$ 5($/ -DpQ
7OI LQIR#\HJXDGDSXHUWDDOWD FRP
<(*8$'$ 52'5,*8(= '( 02<$ ' -RVp $QWRQLR 5RGULJXH] GH 0R\D 9HODVFR 3URORQJDFLyQ $YGD &RUWLMR /DV &DVLOODV V Q 6HYLOOD LQIR#FRUWLMRGRQDPDULD FRP
<(*8$'$ 38(57$ 26&85$ ' -RVp 'DYLG 9LODULxR 5RGUtJXH] &DQWLPSOD $YGD GH (XURSD \ 0$/$*$ 7OI ² )D[ 0yYLO \HJXDGDSXHUWDRVFXUD#KRWPDLO FRP
<(*8$'$ 52'5,*8(= 32=2 ' 5DIDHO 5RGUtJXH] 3R]R & 6DQWD $QD &$%5$ &yUGRED
0yYLO PFDUPHQ PDUPROHV#WHOHIRQLFD QHW
<(*8$'$ 3Ô5385$ & 5LYHUD SXHUWD 9DOHQFLD 0yYLO IXVWHU#GLVWULYHUD FRP <(*8$'$ 48,-$12 ' -XOLR &DEDOOHUR 6iQFKH] $SDUWDGR GH &RUUHRV $UDKDO ² 6(9,//$ 0yYLO )D[ MFW \HJXDGDTXLMDQR#\DKRR HV <(*8$'$ 5$)$(/ &21'( ' )UDQFLVFR -DYLHU &RQGH &HUUDWR & 0HVRQHV &DPSLOOR GH /OHUHQD %DGDMR] 7OI )D[ 0yYLO ZZZ UDIDHOFRQGH FRP LQIR#UDIDHOFRQGH FRP <(*8$'$ 5$0,5(= 5DPtUH] -LPpQH] $QWRQLR \ -RVp /XLV <HJXDGD 5DPtUH] & % & -XGHUtD &yUGRED 7OI )D[ 0yYLO \HJXDGDUDPLUH]#WHUUD HV ZZZ \HJXDGDUDPLUH] FRP <(*8$'$ 5$1$ ' *LDQ /XFD 5DQD 9tD 3DFLQRWWL 6 *LRYDQQL /XSDWRWR 9HURQD ,7$/,$ 7OI ² JOUDQD#UDQD LW <(*8$'$ 5($/ 7(6252 -26( (67(9(= 6 $ ' -XDQ &DUORV (VWpYH] 3XHUWR &WUD 1DFLRQDO ,9 NP -(5(= '( /$ )5217(5$ &iGL] )$; 029,/ MFH#JUXSRHVWHYH] FRP ZZZ JUXSRHVWHYH] HV <(*8$'$ 5(%8-(1$ /$ $/7$ 7LWXODU ([SORWDFLRQHV *LOFDPS & 6DQ 3DEOR (VF $ 6HYLOOD 7OI ² \HJXDGDUHEXMHQD#KRWPDLO FRP
<(*8$'$ 52,* %(5*$'2 +,(552 '( /$ &58= )LQFD 6D &OHGD //8%, %DOHDUHV
3HUVRQD GH FRQWDFWR -XDQ 3D\R ZZZ HOKLHUURGHODFUX] FRP FDUWXMDQRV#PVQ FRP
<(*8$'$ 52-$ &DPt 3OD GHO %RVF V Q &DQ\HOOHV %DUFHORQD 7OI LQIR#\HJXDGDURMD FRP ZZZ \HJXDGDURMD FRP <(*8$'$ 520(52 %(1,7(= ' $QWRQLR 1RQHOO &XFXUHOO 0yYLO WRQ\QR#\HJXDGDURPHUREHQLWH] FRP 3DJR GH 'XFKD -HUH] GH OD )URQWHUD &iGL]
<(*8$'$ 520(52 '( 7(-$'$ ' 5LFDUGR 5RPHUR GH 7HMDGD )UHVQRV Q 0RQWHFODUR 3R]XHOR GH $ODUFyQ ² 0DGULG 0yYLO \HJXDGDUW#JPDLO FRP ZZZ \HJXDGDURPHURGHWHMDGD FRP <(*8$'$ 526$5,2 -,0(1(= 025(12 ' 5RVDULR -LPpQH] 0RUHQR & 5RVDULR (O 9LVR GHO $OFRU ² 6HYLOOD 7OI )D[ ZZZ \HJXDGDURVDULR FRP \HJXDGDURVDULR#\HJXDGDURVDULR FRP <(*8$'$ 526$ & % ' 0DQXHO 5RVD 2UWL] &DUUHWHUD GH (QWUHUUtRV +P 9,//$18(9$ '( /$ 6(5(1$ %DGDMR]
)D[ ZZZ PDQXHOURVD FRP PURVD#PDQXHOURVD FRP <(*8$'$ 6$ 6,1,$ ' 3HGUR -RVp 6XUHGD 9HQ\ )UDQFLVFR *RPLOD 0DQDFRU ² 0DOORUFD ² %DOHDUHV 7OI ² )D[ )D[ QVXUHGD#PLJXHOVXUHGD FRP
ZZZ DQFFH FRP
<(*8$'$ 6$5'21,/ 0$(62 ' 0DUFHOLDQR 6DUGRQLO 3pUH] & 0D\RU %XUJRV 7OI )D[ 0yYLO MDYLHU#\HJXDGDVDGRUQLOPDHVR FRP
<(*8$'$ 6(1,//26$ ' $UFDGLR GH 6HQLOORVD 5RVDOHV 3DUTXH GHOV $LJXDPROOV GH O (PSRUGi &DVWHOOy G (PS~ULHV *(521$ 0yYLO 7OI )D[ VHQLOORVD#\HJXDGDVHQLOORVD FRP ZZZ \HJXDGDVHQLOORVD FRP
<(*8$'$ 6$/9$7,(55$ $SWGR GH &RUUHRV 6 -26( '( /$ 5,1&21$'$ 6HYLOOD
PDMDORED#PDMDORED FRP
<(*8$'$ 6(f25,2 '( %$5,$,1 6 / 5RGUtJXH] $ULDV ELV SOWD %,/%$2 7OI )D[ ZZZ EDULDLQ FRP EDULDLQ#EDULDLQ FRP
<(*8$'$ 6$1 $1721,2 ' $QWRQLR 5XELR %HFHUULO &WUD GHO 5tR V Q 0$5,$ '( +8(59$ =DUDJR]D
)LQFD 0yYLO ZZZ \HJXDGDVDQDQWRQLR FRP DQWRQLRUXELR#\HJXDGDVDQDQWRQLR HV <(*8$'$ 6$1 )(51$1'2 ' 0DULD 6XDUH] *DUPHQGLD & (GXDUGR GHO 3DODFLR 0$'5,' 7OI )$; PDULD VXDUH]#\HJXDGDVDQIHUQDQGR FRP ZZZ \HJXDGDVDQIHUQDQGR FRP <(*8$'$ 6$1 )5$1&,6&2 ' &pVDU $JXLODU )ORUHV $OOLRWK ,QW % )UDQFFLRQDPLHQWR $UEROHGDV =DSRSDQ ² -DOLVFR 0p[LFR 7OI )D[ ZZZ \HJXDGDVDQIUDQFLVFR FRP P[ LQIR\HJXDGDVI#\DKRR FRP P[ <(*8$'$ 6$1 -8$1 '( $/%(5&+( ' $OEHUWR $UUDQ] )HUUHUD 'RFWRU (VTXHUGR %DMR ( 0$'5,' )D[ LQFRQVD#LQFRQVD H WHOHIRQLFD QHW <(*8$'$ 6$1 -8$1 '( %8(1$9,67$ ' &ULVWLQD 'DQJXLOOHFRXUW & /pUH] Q 0DGULG 7OI ZZZ VDQGDUDFD HV \PDV#VDQGDUDFD HV <(*8$'$ 6$1 520$1 &$/92 &RQWDFWR $OPXGHQD 6DQ 5RPiQ $YGD GH OD &RUXxD Q /DV 5R]DV 0DGULG
)D[ DIU#\HJXDGDVUF FRP ZZZ \HJXDGDVUF FRP <(*8$'$ 6$17$ 1,12 ' 0DQXHO 5RGUtJXH] $VHLMDV )LQFD &HUUR GH %XHQDYLVWD /RV %DODQFLQHV 2OLYD GH 0pULGD ² %DGDMR] 7OI ² PUDVHLMDV#KRWPDLO FRP <(*8$'$ 6$1= 52/'É1 ' -XDQ )FR 6DQ] 5ROGiQ &DPLQR (VSHULOOD V Q 9LOODQXHYD GH $OFDUGHWH 72/('2 7OI )D[ 0yYLO ZZZ VDQ]UROGDQ FRP LQIR#\HJXDGDVDQ]UROGDQ HV <(*8$'$ 6$1= 3$5(-2 ' -RVp 0 6DQ] & 6DOGDxD &25'2%$ 7OI )$; WHUUD VXU#KRWPDLO FRP
<(*8$'$ 686$(7$ 0 -RVp 5XL] )HUQiQGH] 8UEDQL]DFLRQ %HUURFDOHV GHO -DUDPD & 3DVHR 4XLQWDQD 3DUDFXHOORV GH -DUDPD 0DGULG
0yYLO ZZZ \HJXDGDVXVDHWD FRP LQIR#\HJXDGDVXVDHWD FRP
<(*8$'$ 6(51$ %25-$ ' 0DQXHO 6HUQD %RUMD /ySH] & 'RFWRU 7DYHUD < $UDR] $SDUWDGR &RUUHRV +HOOtQ $OEDFHWH 0yYLO )D[ \HJXDGDVHUQDERUMD#WHOHIRQLFD QHW VHUQDERUMD#WHOHIRQLFD QHW <(*8$'$ 6,(55$ '( *8$'$/83( 6 / ' 3HGUR /ySH] &DVWDxHGD $YGD /XLV GH OD &RQFKD Q EDMR 5HQHGR ² &DQWDEULD 7OI ² )D[ 0yYLO VLHUUDGHJXDGDOXSH#JPDLO FRP
<(*8$'$ 6,(55$ 0$<25 3URSLHWDULR &+(0752/ (63$f2/$ 6 $ & 6DQWR 7RPiV Q SODQWD 6(9,//$ 7OI )D[ 0yYLO ZZZ VLHUUDPD\RU FRP MDU#\HJXDGDVLHUUDPD\RU FRP
<(*8$'$ 7255(/21*$ ' $QWRQLR 5RGUtJXH] GH OD %RUEROOD (GXDUGR 'DWR 6(9,//$ DQWRQLRERUEROOD#KRWPDLO FRP <(*8$'$ 7255(/81$ ' $OIUHGR *DOD 0XULOOR $YGD (GXDUGR 'DWR Q 3OWD 0yG 6HYLOOD 7OI )D[ ZZZ \HJXDGDWRUUHOXQD FRP \HJXDGDWRUUHOXQD#JPDLO FRP
<(*8$'$ 62/$ 12*$/(6 6 / ' -XDQ -RVp 6ROD 5LFFD ' 0 -RVp 1RJDOHV 'HOJDGR )LQFD ´/RV *LUDVROHVµ 3DJR (O 9HVWLVTXHUR &+,3,21$ &iGL]
&RUUHVSRQGHQFLD &RQGH 2VERUQH 6(9,//$ ZZZ \HJXDGD VRODQRJDOHV FRP \HJXDGD#\HJXDGD VRODQRJDOHV FRP
<(*8$'$ 7255(16 *$/$1 ' 'RPLQJR 7RUUHQV *DOiQ & 4XHURO 1 3RUWDO $ 0DGULG 7OI ZZZ \HJXDGDWRUUHQVJDODQ FRP LQIR#\HJXDGDWRUUHQVJDODQ FRP
<(*8$'$ 62/,7(/ ' -XDQ 0DQXHO 0DUtQ &DVDXV & /D ,JOHVLD 9LOODUGLJD ² =DPRUD =DPRUD 7OI )D[ 0yYLO \HJXDGDVROLWHO#\DKRR HV
<(*8$'$ 6272 *,/ ' -RVp 0 &DVWLOOR 9LOODIUDQFD )LQFD 6RWR *LO 3(5$/7$ 1DYDUUD
7OI 0yYLO ZZZ \HJXDGDVRWRJLO FRP LQIR#\HJXDGDVRWRJLO FRP <(*8$'$ 6272 -,0(1(= ' 0LJXHO 6RWR -LPpQH] & 'LGHURW Q 1DYH 3ROtJRQR *XDOKRUFH ² 0iODJD 0yYLO SURJUDPDV#WYPDODJD FRP PLJXHOVRWRWHOHYLVLRQ#KRWPDLO FRP <(*8$'$ 65 $OELV ,QYHUVLRQHV 6 / $SDUWDGR GH &RUUHRV %ROOXOORV GHO OD 0LWDFLyQ ² 6HYLOOD 7OI MRVHOXLVIDEUH#\DKRR HV
<(*8$'$ 720$6 26%251( ' $XJXVWR 5RPHUR +DXSROG & $XURUD 3XHUWR GH 6DQWD 0DUtD ² &$',= 7OI )D[ 0yYLO ZZZ \HJXDGDWRPDVRVERUQH FRP VHFUHWDULD#ULYHV HV <(*8$'$ 7255(+(5026$ ' 5DIDHO (UDVR /XFD GH 7HQD )UD\ /XLV GH *UDQDGD SLVR ,]TGD &25'2%$ )D[ 0yYLO ZZZ WRUUHKHUPRVD FRP LQIR#WRUUHKHUPRVD FRP (QFDUJDGR ' $OIRQVR &UHVSLQ
<(*8$'$ 6,(55$ '( /$ 1$9$ &DOOH *ROHWD 8UEDQL]DFLyQ +XHUWD %HOyQ 0$5%(//$ 0iODJD
7OI )D[ ² 0yYLO 3URSLHWDULR ' -RVp 0DQXHO *XWLpUUH]
<(*8$'$ 621 ;$175( 6 / ' 3HUH $QJODGD &ROO & 0DGULG ,OOHV %DOHDUHV 0yYLO \HJXDGD#VRQ[DQWUH HV
<(*8$'$ 7$5$=21 ' )UDQFLVFR 7DUD]yQ /ORUpQV F 3LQWRU 3LQD]R *2'(//$ 9DOHQFLD
0yYLO UXWDOFKL#UXWDOFKL FRP
<(*8$'$ 7255(6 $UVDQD 3DWULPRQLDO 6 / ' $QWRQLD &DPDFKR =DIUD & 3DVWRU -XDQ GH 5LYDV $1'8-$5 ² -$(1 7OI ² )$; 0RYL/ DUVDQDSDWULPRQLDO#JPDLO FRP <(*8$'$ 75(6 (675(//$6 ' 0LJXHO &iQRYDV &RUEDOiQ 6DQWD 5RVD GH /LPD 9('$7 7255(17( 9DOHQFLD
7HO )D[ 0yYLO ZZZ \HJXDGDWUHVHVWUHOODV FRP LQIR#\HJXDGDWUHVHVWUHOODV FRP <(*8$'$ 75(6 5(<(6 ' )UDQFLVFR 5H\ $OYiUH] &ROODGR GH 0DULFKLYD 0DGULG 7OI SDFRUH\#UH\JD FRP <(*8$'$ 75,$1$ 3URSLHWDULR ' 0DQXHO 5DPRV 3pUH] 'HKHVD HO 5H\ $SDUWDGR GH &RUUHRV &25,$ '(/ 5,2 6HYLOOD
(O &DEDOOR (VSDxRO
/LVW RI $1&&( %UHHGHUV
<(*8$'$ 85,2/ 3(5$/7$ ' )HUQDQGR 8ULRO 5D\yQ & 6LULR 'FKD (VF 0DGULG 7OI 0yYLO IXULRO#L]DVD HV <(*8$'$ 8548,-2 6 / *HUHQWH -RVp 0DUtD &DVWUR &DVWLOOR 6DQ %DUWRORPp $1'Ô-$5 -DpQ
² )D[ MPFFB #KRWPDLO FRP <(*8$'$ 9$/'(2/,9$6 )LQFD 9DOGHROLYDV &DUUHWHUD GH +RQWDQDUHV $SDUWDGR GH FRUUHRV $5(1$6 '( 6$1 3('52 ÉYLOD
)D[ I YDOGHROLYDV#\DKRR HV <(*8$'$ 9$/'(5$6 )(51$1'(= ' 0DQXHO )HUQiQGH] -LPpQH] & 6DODGR 'FKD 6(9,//$ 0yYLO YDOIHUVO#KRWPDLO FRP <(*8$'$ 9$/'(6 *21=$/(= ' 0 /XLVD 9DOGHV %HQLJQL $YH 5RPRODQG &D 5LYHUVLGH ² &DOLIRUQLD 86$ 7OI ² )D[ ZZZ LDQDGUHVVDJH FRP LDQDGUHVVDJH#JPDLO FRP <(*8$'$ 9$/'(9,f$6 )LQFD ´/D *DPRQLWDµ $SGR &RUUHRV 38(572 //$12 &LXGDG 5HDO
0yYLO ZZZ \HJXDGDYDOGHYLQDV FRP LQIR#\HJXDGDYDOGHYLQDV FRP
)D[ \HJXDGDYHJDFDVWLOOR#KRWPDLO FRP ZZZ \HJXDGDYHJDFDVWLOOR FRP <(*8$'$ 9(*$ 02/,1(52 3DVHR GH OD (VWDFLyQ 3OWD (GLILFLR $68$1 -DHQ JUXSRLQPRELOLDULR#YHJDPROLQHUR FRP <(*8$'$ 9(/$6&2 *21=$/(= ' &DUORV 9HODVFR /ySH] & 7UDEXFDLUHV 6DQW )UXLWRV GH %DJHV %DUFHORQD 7OI 0yYLO FDUOHV#WHWHQDO HV
<(*8$'$ < *$1$'(5Ì$ $9,/$ )$5=Ð1 ' 0DQXHO $YLOD )RUQHOO &WUD 0HGLQD 9HMHU .P )LQFD &KDUFR 'XOFH 0HGLQD 6LGRQLD &DGL] 7OI )D[ EDUWROR#SURYLDI FRP
<(*8$'$ 9,&(17( $1'5(6 3$6725 ' 9LFHQWH $QGUpV 3DVWRU 5XH GH 'D[ $QJOH 0LFKHO GH / +RVSLWDO 5RFKH 1RLUHV &DVDEODQFD 0DUUXHFRV 7OI JDUJRVBVDUO#PHQDUD PD
<(*8$'$ <$&2 ' 0DUWD &DQWDODSLHGUD 3HUH\UD $YGD (GXDUGR 'DWR (GLI *DOLD 3LVR 0yGXOR 6(9,//$ 7OI ² )D[
<(*8$'$ 9,&2%$ ' -RVp ÉQJHO &RQWUHUDV )HUQiQGH] & /DV (VSHxDV 0RQHVWHULR ² %DGDMR] 7OI ² )D[ DOLPHQWRVGHH[WUHPDGXUD#KRWPDLO FRP
<(*8$'$ =$0$5 *DQDGHUtD =DPDU 6 / &WUD GH OD 8QLyQ .P (O $OJDU 0XUFLD 7OI )D[ 0yYLO ZZZ \HJXDGD]DPDU FRP ]DPDU#\HJXDGD]DPDU FRP
<(*8$'$ 9$/'(=$5=$ <HJXDGD 9DOGH]DU]D 6 / +QRV )HUQiQGH] /ySH] & 6ROHGDG 025$7$ '( 7$-8f$ 0DGULG
7OI \ )D[ 0yYLO ZZZ \HJXDGDYDOGH]DU]D FRP YDOGH]DU]DVO#WHOHIRQLFD QHW <(*8$'$ 9$/(17,1 '( 6272 'LUHFWRU 7pFQLFR ' -RVp 9DOHQWtQ GH 6RWR 0HGLQD L]T -(5(= '( /$ )5217(5$ &iGL]
0yYLO MYVRWR #KRWPDLO FRP
<(*8$'$ 9,/É &$0%5( ' (PLOLR 3pUH] 5REOHV & //DQoD %DUFHORQD 0yYLO HSHUH]#YLDMHVRUDQJH FRP
<(*8$'$ 9$/(52 ' 0DUWD 9DOHUR 5DPRV 3DVHR 6DQ *UHJRULR $ 3XHUWROODQR &,8'$' 5($/ 7OI )$; YDOHURBPDUWD#KRWPDLO FRP
<(*8$'$ 9,/$,5( ' 6DPXHO 9LODLUH &LIUH +RWHO %DKtD GH $OFXGLD $YGD GH OD 3OD\D )LQFD ´621 )e \ 621 6,02µ 38(572 '( $/&8',$ 0$//25&$
)D[ 0yYLO ZZZ \HJXDGDYLODLUH FRP LQIR#\HJXDGDYLODLUH FRP
<(*8$'$ 9$//( 0,f25 6 / ' 5LFDUGR %DUURV +HUPLGD $YGD GH 3RUWXJDO /D 5DPDOORVD 1LJUiQ
3RQWHYHGUD 7OI ² )D[ ZZZ \HJXDGDYDOOHPLQRU FRP ULFDUGR EDUURV#JUXSRPLQRU FRP <(*8$'$ 9$5*$6 9$=48(= ' -XDQ 0DQXHO 9DUJDV 9i]TXH] & &HFLOLD %|OK GH )DEHU %RUPXMRV ² 6(9,//$ 7OI ² )D[ HVWUXFHUUD#LVHUYLFHVPDLO FRP <(*8$'$ 9(*$ &$67,//2 6 / ' )HUQDQGR 9HJD &DVWLOOR $YGD 5HS~EOLFD $UJHQWLQD &yUGRED 7OI
$1&&(
<(*8$'$ 9,67$%(//$ ' -RVp 0LJXHO 6DQFKt] 3pUH] 9LVWDEHOOD ² $SDUWDGR &RUUHRV (QJXHUD ² 9DOHQFLD 7OIV ² ZZZ \HJXDGDYLVWDEHOOD FRP LQIR#\HJXDGDYLVWDEHOOD FRP
<(*8$'$ 9(5$&58= ' -RVp 0DQXHO &RUGRED 8UEDQR & $QFKD $JXLODU GH OD )URQWHUD ² &yUGRED 7OI ² )D[ 0yYLO \HJXDGDYHUDFUX]#KRWPDLO FRP
<(*8$'$ 9,*$5$ *21=$/(= ' -RVp /XLV 9LJDUD 7DXVWH /DV 3DOPDV 0$'5,' )LQFD /D 6DUJXLOOD \ (O 'HKHVyQ 9HQWD GH ORV 6DQWRV -DpQ
0DGULG
-DpQ
)LQFD /D 6DUJXLOOD ZZZ \HJXDGDYLJDUDJRQ]DOH] HV \HJXDGDYLJDUD#KRWPDLO FRP (QFDUJDGR ' $QJHO 5DPtUH] /LxiQ
<(*8$'$ 9$//( )LQFD 9LOODVXVR GH 0HQD D .P GH 9LOODVDQD GH 0HQD %XUJRV 7OIQRV <HJXDGD 2ILFLQD 3RO ,QG .DUHDJD 5HWXHUWR %DUDFDOGR %L]NDLD ZZZ \HJXDGDYDOOH FRP LQIR#\HJXDGDYDOOH HV
<(*8$'$ 9,1<(7 ' 6LPyQ 6LOYD 1DYDUUR /HV 3ODQHV V Q 6DQW 0LTXHO 2OHUGROD 7OI ² ZZZ \HJXDGDYLQ\HW FRP DGPLQLVWUDFLRQ#\HJXDGDYLQ\HW FRP
=$/9,'( É/9$5(= 5(0(17(5Ì$ ' ,*1$&,2 $YGD $OHPDQLD ( +8(/9$ 7OI )$; L]DOYLGH #DUTXLKXHOYD FRP
<(*8$'$ 9,//$/2%,//26 ' -RVp 0RUJDGR =DPEUDQR & 5RFtR 6HYLOOD )D[ <(*8$'$ 9,//$*(/< ' &DUORV 0RXULxR 7HUUD]R $Y 5XL] &RUWLQHV HUR &DPSHFKH ² 0(;,&2 7OI )D[ ZZZ \HJXDGDYLOODJHO\ FRP OHGH\ #KRWPDLO FRP <(*8$'$ 9,//(*$6 +,'$/*2 ' 0DQXHO 9LOOHJDV 5XL] &DPLQR GHO 5LQFyQ V Q $OMDUDTXH ² +8(/9$ 7OI ² )D[ <(*8$'$ 9,f$9,(-$ ' 0DQXHO (VFREDU 0DODYH & ,OLSXOD 1LHEOD ² +XHOYD 7OI ² )D[ ZZZ \HJXDGDYLQDYLHMD FRP \HJXDGDYLQDYLHMD#KRWPDLO FRP
ZZZ DQFFH FRP
/LVW RI $1&&( DVVRFLDWHG RUJDQL]DWLRQV
(63$f$ 63$,1 $62&,$&,Ð1 $1'$/8=$ '( &5,$'25(6 '( &$%$//26 '( 3 5 ( ´&$%$//2 $1'$/8=µ 0DUWtQH] &DPSRV $ 0É/$*$ )D[ 0yYLO DVRFLDFLRQ#FDEDOORDQGDOX] FRP ZZZ FDEDOORDQGDOX] FRP ´(6 &$9$//µ $62&,$&,21 %$/($5 '( &5,$'25(6 3523,(7$5,26 < 6,03$7,=$17(6 '( &$%$//26 '( 385$ 5$=$ 3UHVLGHQWH 6UD 'RUWH 6WXE /DUVHQ &XDUWHO *HQHUDO /XTXH $YGD *HQHUDO /XTXH V Q ,QFD %$/($5(6 ZZZ HVFDYDOO FRP RILFLQD#HVFDYDOO FRP SHGURYDOFD#KRWPDLO FRP 3HUVRQD GH &RQWDFWR ' 3HGUR 9DOFDQHUDV $62&,$&,21 '( &5,$'25(6 '( &$%$//26 (63$f2/(6 '( *$/,&,$ ² $&&(*$ 6HGH 5HFLQWR )HULDO 6HPDQD 9HUGH V Q $SDUWDGR &RUUHRV Q 6LOOHGD 3RQWHYHGUD 0yYLO DFFHJD#DFFHJD HV 2ILFLQD $GPLQLVWUDWLYD & &iQGLGR $FXxD %ODQFR Q 3RUWDO % 2 *URYH ² 3RQWHYHGUD 0yYLO DFFHJDVDOQHV#PRYLVWDU HV $62&,$&,Ð1 '( &5,$'25(6 '( &$%$//26 '( 5$=$6 385$6 '( /$ 5(*,21 '( 085&,$ & $FLVFOR 'tD] Q . (GLILFLR $UJRV 085&,$ 7OI )D[ 0yYLO DFFPXUFLD#JPDLO FRP $62&,$&,21 &5,$'25(6 '( &$%$//26 '( 3 5 ( (1 &25'2%$ & 5H\ +HUHGLD &RUGyED 7OI )D[ ZZZ FRUGREDHFXHVWUH FRP FRUGRED HFXHVWUH#D\XQFRUGRED HV $ 2 & & ( $62&,$&,21 218%(16( '( &5,$'25(6 '( &$%$//26 '( 385$ 5$=$ (63$f2/$ 3UHVLGHQWH ' (GXDUGR 3RUWLOOR *LMyQ & &DUGHQDO $OERUQR] Q +XHOYD 7OI ² )D[ SRUWLOOR JLMRQ#H\FHU HV $62&,$&,21 '( &5,$'25(6 '( &$%$//26 '( 385$ 5$=$ (63$f2/$ '( /$ &2081,'$' 9$/(1&,$1$ & *XLOOpQ GH &DVWUR 9DOHQFLD )D[ SUHFYDO#SUHFYDO HV ZZZ SUHFYDO FRP (63$&$1 $62&,$&,21 5(*,21$/ '( &5,$'25(6 '( &$%$//26 '( 385$ 5$=$ (63$f2/$ '( &$17$%5,$ $YGD GH 3DUD\DV 0DOLDxR &DQWDEULD 7OI ² )D[ 0RYLO ZZZ HVSDFDQ RUJ LQIR#HVSDFDQ RUJ $ & & 3 5 ( & $62&,$&,Ð1 '( &5,$'25(6 '( &$%$//26 '( 385$ 5$=$ (63$f2/$ '( &$',= 6DQWR 'RPLQJR -(5(= '( /$ )5217(5$ &iGL]
SDOPLWRVR #KRWPDLO HV
)81'$&,Ð1 '(/ &$%$//2 (;75(0(f2 35( 5HSUHVHQWDQWH )FR -DYLHU &RQGH &HUUDWR &WUD 1DFLRQDO 9 .P 7UXMLOOR &iFHUHV 7OI \ )D[ $62&,$&,21 1$&,21$/ '( &5,$'25(6 '( &$%$//26 '( 385$ 5$=$ (63$f2/$ '( (67,53( &$578-$1$ ' -RVp $QWRQLR 3pUH] 0LOOiQ &DPSXV 8QLYHUVLWDULR GH 5DEDQDOHV 6HUYLFLRV &OtQLFRV 'HVSDFKR &WUD GH 0DGULG NP &yUGRED 7OI )D[ ZZZ HVWLUSHFDUWXMDQD FRP LQIR#HVWLUSHFDUWXMDQD FRP $62&,$&,21 $/0(5,(16( '( &5,$'25(6 '( 35( 32572&$55(52 &WUD /D &DxDGD 9LDWRU V Q +D]D 7DEOHDGD /D &DxDGD $/0(5,$ 7OI )$; JHUHQWH#YLDJUR HV $35($ $62&,$&,21 '( 35( '( $/,&$17( & -RUJH -XDQ (QWUHVXHOR &RPHUFLDO (OFKH $/,&$17( 7OI LQIR#FDEDOORVDSUHD FRP $62&,$&,21 &$1$5,$ '( &5,$'25(6 '( &$%$//26 (63$f2/(6 $ & & & ( 3UHVLGHQWH ' 6HUJLR &RQFHSFLyQ 0ROLQD &WUD *HQHUDO GHO 6XU Q .P ² &UX] &RORUDGD ,JXHVWH GH &DQGHODULD 7HQHULIH ² &DQDULDV 7OI ² DFFFH#KRWPDLO FRP $62&,$&,21 '( *$1$'(526 $6785,$126 '( &$%$//26'( 385$ 5$=$ (63$f2/$ ² $*$&35( ' 6RUD\D 0RQWHV /XDFHV & 0ROLQyQ V Q 9LOODSpUH] ² 2YLHGR 7OI 0yYLO ² SUHDVWXULDV#JPDLO FRP $&&35(% ² $62&,$&,21 &5,$'25(6 '( &$%$//26 '( 35( '( %e-$5 & 5DPLUR $UUR\R Q & %pMDU ² 6$/$0$1&$ 7OI ² )D[ ZZZ DFFSUHE HV MPFURVRO#WHOHIRQLFD QHW $62&,$&,21 1$9$55$ '( &5,$'25(6 '( &$%$//26 '( 385$ 5$=$ (63$f2/$ $1$&( ' $QWRQLR $]FRQD $UDQGLJR\HQ & $OIRQVR , HO %DWDOODGRU Q $ 3XHQWH OD 5HLQD ² 1$9$55$ 7OI 0yYLO ZZZ DQDFFH FRP LQIR#DQDFFH FRP $62&,$&,21 -,(11(16( '( &5,$'25(6 '( &$%$//26 '( 385$ 5$=$ (63$f2/$ ² $6,-35( ' -RVp 0 &DVWUR &DVWLOOR &GUD 6DQ %DUWRORPp $QG~MDU ² -$(1 7OI ² )D[ DVMLSUH#KRWPDLO FRP $62&,$&,21 $%8/(16( '( &5,$'25(6 '( &$%$//26 '( 385$ 5$=$ (63$f2/$ ² $$&&35( 3UHVLGHQWH ' 2VFDU *RQ]iOH] 9HUGXJR (VFXHOD GH &DSDFLWDFLyQ $JUDULD ² )LQFD %DVFDUUDEDO &DUUHWHUD GH 3LHGUDKLWD V Q $SDUWDGR GH &RUUHRV Q $9,/$ 7OI )D[ ² 0yYLO DDFFSUH#JPDLO FRP
$662&,$&,Ð 0(12548,1$ '( &5,$'256 , 3523,(7$5,6 '( &$9$//6 '( 3 5 ( 3UHVLGHQWH ' 6HEDVWLi 6HUYHUD &DUUHUDV 5RQGD 6XG .P &LXWDGHOOD GH 0HQRUFD ² %DOHDUHV 7OI ² DPFLS#HVSUHPHQRUFD FRP ZZZ HVSUHPHQRUFD FRP $/(0$1,$ *(50$1< $62&,$&,Ð1 $/(0$1$ '( &5,$'25(6 '( &$%$//26 '( 385$ 5$=$ (63$f2/$ $$&&35(
3UHVLGHQW 0U +RUVW 6H\IULHG $Q GHU 0RONHUHL ' .DVWHOODXQ ² $/(0$1,$ 7OI )D[ DDFFSUH#JP[ FRP $8675$/,$ 35($$ 385$ 5$=$ (63$f2/ 35( $662&,$7,21 2) $8675$/$6,$ ,1& 3UHVLGHQWH 0UV 5LWD *DOODZD\ 3 2 %R[ (DJOHKDZN 9,& $XVWUDOLD 7OI ZZZ SUHDD FRP DX UHJLVWUDU#SUHDD FRP DX %e/*,&$ %(/*,80 )('(5$&,Ð1 1$&,21$/ %(/*$ '(/ &$%$//2 35( 3UHVLGHQWH ' 0DUF /HMHXQH 5LNL 9HUEHHN ² 6HFUHWDULDW *DQ]HQGULHV % 3(//(1%(5* %(/*,&$ 7OI ZZZ ESUHE FRP LQIR#ESUHE FRP &$1$'É &$1$'$ &$1$',$1 $662&,$7,21 )25 7+( 35( +256( &$35(+ 3UHVLGHQWH 0U &DUORV /DUD 3 2 %R[ 7 : 6 :DLQZULJKW $OEHUWD &$1$'$ 7OI )D[ LQIR#DQGDOXVLDQEUHHGHU FRP ZZZ FDSUHK FRP &2/20%,$ $1&&( &2/20%,$ $62&,$&,21 '( &5,$'25(6 '( &$%$//26 '( 385$ 5$=$ (63$f2/$ 9LFHSUHVLGHQWH ' ÉOYDUR 0RUD 6RWR &DOOH & 7RUUH $SWR &RQMXQWR /DEUDGRU ,9 %RJRWi ² &RORPELD 7OIV ² ZZZ DQFFHFRORPELD FRP DQFFHFRO#\DKRR HV &267$ 5,&$ $62&,$&,Ð1 &267$55,&(16( '( &5,$'25(6 '( &$%$//26 '( 385$ 5$=$ (63$f2/$ 'LUHFWRUD (MHFXWLYD 3DXOD &KDQWDGD 9LFHQWH 6DEDQD 6XU GH OD &RQWUDORUtD *HQHUDO GH OD 5HS~EOLFD PWV 2HVWH (GLILFLR (GLFRO 3LVR 6DQ -RVp &RVWD 5LFD 7OI )D[ ZZZ FDEDOORHVSDxROGHFRVWDULFD FRP DVRFSUH#LFH FR FU
(O &DEDOOR (VSDxRO
/LVW RI $1&&( %UHHGHUV
',1$0$5&$ '(10$5.
,7$/,$ ,7$/<
5(3Ô%/,&$ &+(&$ &=(&+ 5(38%/,&
'$1,6+ 35( %5((',1* $662&,$7,21 0UV &KDUORWWH (LFKHO /DUVHQ 6ROKRHMYHM 7RUVOXQGH '. +HGHKXVHQH ',1$0$5&$ 7OI FKDUPH#PDLO GN
81,),&$=,21( $662&,$=,21, ,7$/,$1( 385$ 5$=$ (63$f2/$ ² 8 $ , 3 5 ( 3UHVLGHQWH ' $OHVVDQGUD *LRYHQHWWL & 5HJLRQDOH GL ,QFUHPHQWR ,SSLFR 9LD ,SSRGURPR )(55$5$ ,7$/,$ 7HO )D[ ZZZ XDLSUH FRP LQIR#XDLSUH FRP
$662&,$7,21 2) )5,(1'6 2) 385( 63$1,6+ 5$&( +256(6 2) 7+( &=(&+ 5(38%/,& 0DOp QiPHVWt 35$+$ &=(&+ 5(38%/,& 3UHVLGHQW 0U -DQ 6XN )D[ MDQ VXN#DNPV F]
,65$(/
68(&,$ 6:('(1
(&8$'25 $62&,$&,21 (&8$725,$1$ '( &5,$'25(6 '( &$%$//26 '( 35( $(&&35( 3UHVLGHQWH ' *RQ]DOR &KLULERJD &KDYHV $YGD (OR\ $OIDUR \ $PD]RQDV (GLI )LQDQGHV Q SLVR 4XLWR ² 3LFKLQFKD ² (&8$'25 7OI )D[ ZZZ FDEDOORHVSDQROHFXDGRU FRP DHFFSUH#FDEDOORHVSDQROHFXDGRU FRP (67$'26 81,'26 86$ 81,7(' 67$7(6 3 5 ( $662&,$7,21 3UHVLGHQWH 0V .LPEHUO\ 9DQ .DPSHQ )RUWXQH &LFOH 6XLWH ( :HOOLQJWRQ )ORULGD 86$ 7OI ² )D[ ² H[HFXWLYHGLUHFWRU#XVSUHD FRP ZZZ XVSUHD FRP )5$1&,$ )5$1&( $662&,$7,21 )5$1d$,6( '(6 (/(9(856 '( &+(9$8; '8 385( 5$&( (63$*12/( $(&( 3UHVLGHQWH 6U ' *HRUJHV 5RQFKDLO &LWp GX &KHYDO 4XDUWLHU .LOPDLQH 7DUDVFRQ ² )5$1&,$ ZZZ DHFH SUH IU VWXGERRN DHFH#IUHH IU
$662&,$7,21 385$ 5$=$ (63$f2/$ 2) ,65$(/ ' &DUPHQ 'HYLOOH 0DNRYHU 0HVKHN 32 %R[ *$1 <26+,<$ ² ,65$(/ 7OI ZZZ SUHD LVUDHO FRP FDUPHQ#SUHD LVUDHO FRP 0e;,&2 0(;,&2 $1&&(0(; $ & 3UHVLGHQWH ' 9tFWRU 0DQXHO *RQ]iOH] GH 3DEORV & +DPEXUJR SLVR &RO -XDUH] ² 'HOHJDFLyQ &XDXKWHPRF 0p[LFR ' ) 7OI )D[ ZZZ DQFFHPH[ FRP DQFFHPH[#KRWPDLO FRP 1,&$5$*8$
1258(*$
$62&,$&,21 *8$7(0$/7(&$ '( &5,$'25(6 '( &$%$//26 35( ² $*&&35( ' 5REHUWR 0ROO PD $YHQLGD =RQD (GLILFLR /D *DOHULD 1R $ *XDWHPDOD & $ 7OI ² ² )D[ ² DJFFSUH#JPDLO FRP
1256. 35( $9/6)25(1,1* .DDUH /LDGDO -U & 2 .DDUH /LDGDO -U /LDGDO 2HUVWD ² 1RUXHJD 7OI ZZZ SUHQRUJH QR NDDUH OLDGDO#JURYLN QR
+2/$1'$ +2//$1'
$1&&( 3$1$0$ $62&,$&,21 3$1$0(f$ &5,$'25(6 &$%$//26 35( 3UHVLGHQWH ' 5LFDUGR 5 3pUH] 0DUWLQLV 3+ %OXH %XVLQHVV &HQWHU 3LVR 2ILFLQD &DOOH 6DQ )UDQFLVFR 3DQDPi 5HS~EOLFD GH 3DQDPi 7OI ([W ULSHUH]#DQFFHSDQDPD FRP
+81*5Ì$ +81*$5< 0$*<$5256=É*, $1'$/Ô= /Ð7(1<e6=72. (*<(6h/(7( 3UHVLGHQWH 0U ,VWYiQ 1DJ\ 0iW\XV 8GYDUKi] (JHU ² +HYHV ² +81*5,$ 7OI ² )D[ 0yYLO ZZZ PDW\XVXGYDUKD] KX LQIR#PDW\XVXGYDUKD] KX
$1&&(
68,=$ 6:,7=(5/$1' $(&( ² $662&,$7,21 68,66( '(6 (/(9(856 '( &+(9$8; '( 385( 5$&( (63$*12/ 0 OLWDO &+ 6FKPLWWHQ ² 68,=$ 7OI ² )D[ ZZZ DQGDOXVLHU DHFH FK LQIR#VFKH\HQKRO] FK
$62&,$&,21 1,&$5$*8(16( '( &5,$'25(6 '( &$%$//26 35( ² $1&35( ' ,VPDHO 5H\HV 0HMtD 5HSDUWR %RORQLD (VTXLQD 1RUWH GH &DQDO & $EDMR 3OD]D (O &DUPHQ 0yGXOR Q 0DQDJXD 1LFDUDJXD 7OI DQFSUH#WXUERQHWW FRP QL
*8$7(0$/$
35( 67$0%2(. 1('(5/$1' 3UHVLGHQWH 0V $UDQND 2XZHKDQG 1LHXZ /DDU 7/ %HUOLFXP ² 7KH 1HWKHUODQGV 7OI VHFUHWDULDDW#SUH VWDPERHN QO ZZZ SUH VWDPERHN QO
$62&,$&,21 '( &5,$'25(6 '( &$%$//26 '( 35( (1 68(&,$ 0UV $VD :HUNHO 3 2 %R[ 6WRFNKROP 68(&,$ 7OI ZZZ VZHGLVKSUHKRUVHV VH LQIRVZHGLVKSUH#WHOH VH
3$1$0É
5(,12 81,'2 81,7(' .,1*'21 %5,7,6+ $662&,$7,21 )25 7+( 385(%5(' 63$1,6+ +256( 0UV 0DUtD (VWUHOOD 5LEEDFN %URDGOHDV 3DUN 'HYL]HV :LOWVKLUH 61 -$ 8QLWHG .LQJGRQ 7OI PDULD ULEEDFN#EWLQWHUQHW FRP ZZZ EDSVK FR XN
ZZZ DQFFH FRP
/LVW RI DVVRFLDWH PHPEHUV $QGDOXFtD
5RMDV 0DUWLQ 0RH 0LJXHO
6HYLOOD
7RUQD\ 5HLQD -XDQ
$OPHUtD
+XHOYD
$OJRUD &DVWUR -HQDUR
7RUUHV GH /D 5XELD /XLV
$OEHUR 1RJXHUD -RUJH %DUFHORQD
ÉOYDUH] 0XxR] -RDTXtQ
$ORQVR )HUQiQGH] -XDQ *DEULHO
7URQFRVR &DUGRQD -RVH $QWRQLR
%HU 1DYDUUR -XDQ )UDQFLVFR
$UURODW +XEHUW 6XVDQQH
$PDGRU %RUUHJR )UDQFLVFR
9LGDO 2UWL] -RVH /XLV
%HU 1DYDUUR 6DQGUD
%DOOHVWHURV 5RGULJXH] -RVH 0DULD
$UWDFKR 6iQFKH] -DYLHU
$UDJyQ
'H +DUR &DUUHxR )UDQFLVFR
'H 0RUDOHV 0DUWLQH] )HUQDQGR
%HDWWOH %DWLVWD -RKDQQD
7HUXHO
0DUWLQH] 5HLQD -XDQ -RVH
'LD] $QJHO 3HUH] &ULVWREDO
&DUDEDOOR /DQFKR -RVH
'REDWR /LHGDQD 9LFHQWH
0RQWR\D /RSH] )UDQFLVFR -RVH
*DQDGHULD &XDWUR 9LHQWRV
&UDYIRUG )LRQD &DUPLFKHO
=DUDJR]D
5tRV 5tRV 0LJXHO
*DUFtD %DUUHUR 0DULR
&KDFyQ %RQLOOD )UDQFLVFR -DYLHU
&DOHMHUR 6RULD $OEHUWR
7RUUHV +HUQDQGH] )UDQFLVFR
*DUULGR )UDQFR -RVH 0DULD
'H /HRQ +R\R -RVH 0DQXHO
2OLYDV $JXVWLQ -RVH $QWRQLR
&iGL]
*yPH] $OYDUH] 3HGUR
'HO &DVWLOOR 6DHQ] (QULTXH
2VWDUL] 2OLYHU 'LDQD
$UDXMR ,JOHVLDV -RVp 0LJXHO
*RPH] *RQ]DOH] -RVH 0DQXHO
'H OD 5LYD 0RUHQR &DUPHQ
$VWXULDV
$VRF $PLJRV 'HO &DEDOOR 6DQ ,VLGUR
/HyQ +LGDOJR -RVp 0DUtD 3HxD (O 5HOLQFKR
'XUDQ 6DQFKH] 3ODFLGR
2YLHGR
([FPR $\XQWDPLHQWR $OFROHD 'HO 5LR
$OYDUH] %XHQR 3DEOR
)HUQiQGH] )HUQiQGH] 0LJXHO )UDQFLVFR
%ODQFR 7HPSUDQR -RVH &DUORV
)HUQDQGH] *DUFLD (GXYLJLV
)HUQDQGH] 'LD] $OHMDQGUR
)HUQiQGH] -LPHQH] -XDQ -RVp
)HUUQDQGH] )HUQDQGH] )HGHULFR
)HUQDQGH] /HDO -RVH $QWRQLR
)HUQiQGH] 6XDUH] -RYLQR
)UDQFLVFR )ORUHV &DVDEODQFD 6 /
,JOHVLDV 6XDUH] -RVH 9LFHQWH
)XHQWHV 0RQWDxR -RVH
/ODQR 0XxL] &HOVR
*DUFLD $UDXMR $JXVWLQ
5RGULJXH] &RUWH -RVH /XLV
*DUFLD 'LD] 5 *RQ]DOR
5RGULJXH] 6XDUH] -RVH $QJHO
*DUFLD *XWLHUUH] 'DQLHO
5XELR 6DQFKH] 5LFDUGR
*DUFLD 0RVFRVR (PLOLR
%DOHDUHV
*DUULGR *RQ]DOH] 'H 5LDQFKR )FR -
%DOHDUHV
*RPH] 8VLQ 5RJHOLR
&DXOHV &DWDOD 3HGUR
*RQ]DOH] &DXVVH -RVH ,JQDFLR
&RPSDQ\ 6ROGDGR 7ROLQ
*RQ]DOH] &RURQD 5DIDHO
(VFDODV 1RFHUDV *DEULHO
*RQ]DOH] *RQ]DOH] -XDQ 5DPRQ
)HUUDUL 0HVTXLGD 'RPLQJR
*RQ]iOH] 3UDGDV 0DQXHO
3RQV 6DXUD 0DULVD
*XLGHUD *HUDUGR
4XHYHGR &ROO -RVH )HUPLQ
+HUQDQGH] *UDQDGR -XDQ )UDQFLVFR
9DOGLYLHVR +HUQDQGR 0LJXHO
/DKR] 6HYLOOD &DQGLGR
9LHUD 6DOJDGR 5RJHOLR
/ySH] 6HUUDQR ÉOYDUR
9LODLUH %ODQFK 1DUFLVR
0DUWLQ 'H 3DEORV $QJHO
<HJXDGD %DXWLVWD 9LFK 6 /
0HQHVHV &DPLQR 5HJOD
&DQDULDV
0LSURPD 6 /
/DV 3DOPDV
0LUDLVPH 0DHVWUH 0DQXHO
)XFKV 9LFWRULD
0ROLQD 'H /D (VFDOHUD -DYLHU
*DUFLD 6RVD )UDQFLVFR -RVp
0RUD 5RFKH $QWRQLR
7HQHULIH
0RUHQR &DEDQDV -XDQ /XLV
$OD\RQ %DUUHUD 0LJXHO $QJHO
0RUHQR GH /RV 5LRV 'LD] 5DPRQ
3HUH] GH $VFDQLR &D\LWD
0XxR] $ODUFRQ -RVH -RDTXLQ
3HUH] )HUQDQGH] -RVH &DUORV
0XxR] $OEDODW 0DQXHO
5HSUHVD 0DUWLQ /RUHWR
1DYDUUR 5LYHUR 6HEDVWLiQ
&DQWDEULD
1HJURQ 'LD] -XDQ -RVH
6DQWDQGHU
2VWRV 'H /D 6HUQD )UDQFLVFR
&DVXVR *RPH] $OIRQVR
2VXQD $ULVSRQ -HVXV
*RQ]DOH] +R\RV 0DULD 9DOYDQX]
3HUH] /HULGD 'DYLG
0RGLQR 5RGULJXH] )LOLEHUWR
3HUH] 0HQGR]D 0DQXHO
2UWL] 6DQWLVWHEDQ 9HQDQFLR
5HFXHUR &DUR -RVp
3HOD\R &ROODQWHV 3HGUR $OHMDQGUR
5HLQD &RUSDV 0DQXHO
3LQR *DUFLD 0DQXHO
5HTXHOR 5HTXHOR 1LFDQRU
6DxXGR 5XL] 7DQRV 0DQXHO $QJHO
5RFLR /DJXQD 'DYLG
&DVWLOOD /D 0DQFKD
5RPHUR 6DQFKH] 5RPDQ
$OEDFHWH
5XL] %DUFLD 0DQXHO
&HEULDQ 8WLHO -XDQ &DUORV
6DODGR 5LRV 0DQXHO
5RGULJXH] 'H /D 9LOOD -RDTXLQ
6DQFKH] &DUUDVFR $QWRQLR
9DOGHV 5RGULJXH] 'H 3DWHUQD -RVH /XLV
%HOO /LQGVD\ 0DUJDUHW &DUR $UDQD 6LOYLD &DVWLOOR )HUQDQGH] 0DQXHO -HVXV &OHPHQWH 5LDO 0DQXHO )ORUHV *RPH] 9LFHQWH )ORUHV 0RUOD 0DQXHO *DUULGR /RSH] -RVH $QWRQLR *RPH] &DxDV )UDQFLVFR -RVH +DFLHQGD 6HUUHFLQ 6 / +GURV 'H ' $QWRQLR )HUQDQGH] 0HGLQD 3DUUD 'RPLQJR 1DUERQD 5RPHUR 'LHJR $OIRQVR 2UR]FR *DOLQGR -XDQ 2UWL] %DH]D -XDQ &DUORV 3HUH] 0DULD =DUD 5RGULJXH] &RUGRED 5RTXH 6DODV 9D]TXH] 0DQXHO 6DOD]DU 'RPLQJXH] 9LFWRU 0DQXHO 7HMDGD 3DYyQ $X[LOLDGRUD :LOVRQ %DUQHV )UDQFHV -DQH <HJXDGD +HUPDQRV 7LQDMHUR *DUULGR &yUGRED &DEDOOHUR 1XxH] 0DQXHO &DEUHUD 0RQWHUR $QGUHV &DUR 2UWL] )UDQFLVFR &RUWHV )HUQDQGH] &DUORV 'HO 5LR &DxDVYHUDV -DYLHU )HUQDQGH] &XHQFD 0DQXHO +LGDOJR 3HUH] ,VDEHO +LGDOJR 3HUH] 0LJXHO $QJHO +ROJDGR 'H /DWRUUH $QWRQLR /HRQ &KDWDJQ\ 0DWLOGH /RYHUD 'H /DV 0RUHQDV (QULTXH 0DUWLQH] *XLVDGR &DUPHQ 0RKHGDQR *RPH] 5DIDHO 3RYHGDQR 5XL] 0DULD -RVH 3UHDOERUDQ 6 / 6DQWDPDULD 0XxR] +QRV 6RWR 6DOPRUDO $QWRQLR 9HODVFR 3HUH] 0DQXHO <HJXDGD (O $ODPR *UDQDGD %DOLQRW 9DOGLYLD )UDQFLVFR -RVH (VFXGHUR =DEDOD -RVH 0LJXHO *DUFLD 5RGULJXH] /XLV 0LJXHO *RPH] *XHUUHUR $QWRQLR 0DUWLQ &DUUDVFRVD 6HEDVWLDQ 0DUWLQH] )DOFRQ 0DQXHO 0D[LPLOLDQR 1REOH +HHUHQ 9LFWRULD
/HSTXXV +XHOYD 6 / / 0DUWLQ 3DYRQ /XLV 0DUWLQH] 0DUDYHU $OIRQVR 0HOODGR )HUQDQGH] 0LJXHO $QJHO 0RUD &UX] -RVH 0 0RUDQR 0DHVWUH -RVH 0DULD 3HUH] 9HQWDQD &HUGDQ &DUORV 3RUWLOOR 'H /D &DOOH 0 (XJHQLD 5REOHV 5REOHV -RDTXLQ 6 &RRS $QG $JURPROLQLOOR 6XUHGD \ 6HUYHUD -RVH 7RVFDQR 6XDUH] -RVH <HJXDGD 'H /D &RURQD -DpQ $ODUFyQ %XHQGLD -XDQ $OYDUH] *DUFLD $XUHOLR -HVXV &RER $OED -RVH 'H 9LFHQWH *DU]DUDQ (XJHQLR )HUQDQGH] 5RPHUR (VWHEDQ -LPHQH] 0RUHQR -XOLDQ 0RQGHMDU ([SRVLWR $QJHO )UDQFLVFR 3HUHD 0RUHQR ,VLGRUR 5XL] $JXLOHUD -XDQ 'H /D &UX] 5XL] 2OOHUR -HVXV 6DQFKH] *DUULGR )UDQFLVFR 0iODJD $JUREURNHU $QWHTXHUD %DGLOOR *XWLHUUH] $ORQVR %RUUHUR 2VSLQD $OHMDQGUR &DUQHUR 6DQFKH] -XDQ 0DQXHO 'XFWRU -LPHQH] ,QPDFXODGD )HUUDUL 3HWHU *DQDGHULD 3UH -XDQ 0DUWLQH] 6 / *DUFLD =D\DV (PLOLR -LPHQH] %HQLWH] $QGUHV .UXGGH :HVVHPDQ &DWHOLMQH /HH 6WDUU 'HQLVVH /RJJHQ (OHQD 0DULQ &DPDFKR -XDQ &DUORV 0HVGDJ .ODDV 1LHWR %DUUHQD /XLV 3pUH] )XHUWHV $PLOFDU 3pUH] 7RUUHFLOOD -RVp 0DUtD 5DPLUH] /DUD 6DOYDGRU 5HDO 0DHVWUDQ]D 'H &DEDOOHULD 5LWFKHU 3DWULFLD 6ROHUD $UDJXH] 0DQXHO 6XDUH] %HQtWH] ' 5DIDHO
6DQFKH] 0RURQ ' 5RPDQ 6iQFKH] 5RGULJXH] -XDQ 7DSLD /RER 0LJXHO 7HMDGD 5RGULJXH] 5DIDHO
&LXGDG 5HDO %UDJDQ]D 3LQKHLUR )UDQFLVFR 0DQXHO )HUQDQGH] )HUQDQGH] -XDQ
(O &DEDOOR (VSDxRO
0DUWLQH] 'H &DUQHURV 5DPRQ )GR
*HURQD
6DODV 0DUWLQ $PDOLD
0HGLQD $OERUV 9LFHQWH
1DYDUUR &DPDFKR 0LJXHO
&DPSD /D 6HOYD 6 / 6DOYDGRU %RDGD
6iQFKH] &DPSR\ $QWRQLR
1DYDUUR 6DOYDGRU 5REHUWR
6RMR 6HLMR -RUJH 7RPDV
4XHVDGD *DUFLD -RVH
7HUPHV GHO &DVWLOOR 3DEOR
6DQFKL] 3HUH] -RVH 0LJXHO
9DMGD *XHUUHUR /DGLVODR
6DQ 0LJXHO GH *XHYDUD
<HJXDGD 0DQXHO /HDO
<HJXDGD (]HTXLHO )DXV
0XUFLD
$OHPDQLD *HUPDQ\
0XUFLD
%LQJROG (OLVDEHWK
$ODUGV &KULVWLQD * 0DODJD
'H :LVSHODHUH 'DYLG
$UPHUR /XFDV -RVH
+ROJHU *HKUOHLQ
&UHVSR /XFDV -XDQ
.HVVOHU 7KRPDV '
'LD] %DUQHV 3HGUR
.XSSHQV 5DI
(VStQ -LPHQH] -XDQ $QWRQLR <HJXDGD /D (UPLWD
5DKQ $UPLQ
5DPRQ 2OLYDUHV 6 / &XHQFD 2QDWH )LJXHUH] )UDQFLVFR -RVp 7ROHGR $OPHJDPDQ 6 / $QGUHV 5RGULJR 9LFWRU &DPSX]DQR )HUQDQGH] &ROLQD -RVH $QWRQLR &HGLOOR 5RGULJXH] -XOLR *RQ]DOH] &DPDFKR $QGUHV *RQ]DOR 3HUH] /XLV +XHUWDV 9HJD 9LFWRU 0DUWLQ *RQ]DOH] -RVH $QWRQLR &DVWLOOD /HyQ ÉYLOD &KDYHV 'tD] -RVH ,JQDFLR *RPH] 0RUFXHQGH 0DULR %XUJRV )HUQDQGH] *XWLHUUH] $OEHUWR +HUUHUR 6LOYRVD -RVH 0DQXHO
&OXE +LSLF 6DQW 0DUWL 9HOO 3ODQDV 5RV -DFLQWR /pULGD $UOHWWH 'HPRO &ODLUH %XUJXHV 3LTXH -RVHS 7DUUDJRQD $SOLWHF *DELQHWH $VHVRU 6 / $VVRFLDFLR $ILFLRQDWV $O &DYDOO 3 5 ( 'H &DPEULOV %RUW &DQHW 9LFHQWH &DVWUR *RQ]DOYH] -RVH 0DULD &RVWD 'RORUHV 3ODQDV 3ULP /XLV 5LYDV 5DPLUH] -RVH ([WUHPDGXUD %DGDMR] 'LD] /RSH] %DVLOLR 0DUWLQ 5RPR 5RGULJXH] 9LFHQWH 3HUH] &DVDVHFD 0DQXHO 9DUJDV 9DUJDV 0LJXHO $QJHO
5LFKWHU 8WH
*RPH] %HUQDO 2EGXOLD
6FKDUI 6RQMD (OLVDEHWK
-RGDU 0DUWLQH] -XDQ
7KRPDV 6RQMD $QG *HUKDUG
0DUWtQH] &RUEDODQ -XDQ 0DUWLQH] 'H 5REOHV )UDQFLVFR 7RPDV 0DUWLQH] 0LOODQ $QWRQLR
%HOO <YRQQH . 3HOOLQJ 5RQDOG $QG 0DU\ /RX
0DUWLQH] 1DYDUUR -RVp /XLV
7KRPSVRQ -RFHO\Q
1LFRODV 2UWL] -XOLR
$XVWULD
3DODR $OEHUW -RVH
&iFHUHV 'LD] $PRU )LGHO
5XL] 3DVWRU )UDQFLVFR -DYLHU
6DQWRV %HMDUDQR ' )UDQFLVFR & %
6iQFKH] &DPSR\ $QWRQLR
*DOLFLD
6DQFKH] 0DUWLQH] -RUJH
/D &RUXxD
1DYDUUD
)HUQDQGH] 3HUPX\ +HULEHUWR
3DPSORQD
9LOODQXHYD 'DFDVD 0LJXHO
*DUED\R 6DQ] -HVXV
+HUUHUR $\XVR -XDQ $QWRQLR
/XJR
+DULQRUGRTX\ 5REHUWR
3URPRFLRQHV $WDOD\D 'H 6HJRYLD 6 /
'RSLFR 5RXFR 0DQXHO
0LOLWLQR 2FKRD ,JQDFLR
9DOODGROLG
3ULHWR 3RUWHOD ,YDQ
3XHUWRODV ,QGDUW +QRV
&DVDGR %Oi]TXH] ' 3DXOD
<HJXDGD &DVDQRYD
3DtV 9DVFR
'LD] *RQ]DOH] $QJHO
3RQWHYHGUD
ÉODYD
(VWHEDQ -XVWR -RVH $QWRQLR
5RPDQ /DQGHLUR $QWRQLR
*DUFLD &DVWLOOD -HVXV
&DWDOXxD
9LOODYHUGH /RSH] 3DEOR
*XLS~]FRD
%DUFHORQD
/D 5LRMD
%UDYR 5XL] 8UEDQR
$EDQWH %HUJHV )UDQFLVFR
/RJURxR
9L]FD\D
%DODJXHU *LPHQR $QWRQLR
$UQHGR (VFRULD]D /XLV -RVH 'H
$UWHFDEDOORV &RP
%ULOODV 6DJXHU -RVH
)HUQDQGH] 0DUWLQH] (GXDUGR
0DUGDUiV $OEHUGL (QULTXH
%URV )RQW 0DUtD 5RVD
2YHMDV *DOYH] &RQVWDQWLQR
0DUWLQ 8JDUWH 0DUFLDO
&ODURV 6DQFKH] -RDTXLQ
0DGULG
5DPLUH] *DUFtD 3DEOR
&XUWR 0DVVDQD -XDQ
0DGULG
9DOHQFLD
'LYRUUD 5HLJ 3HGUR
$OFRQFKHO 0XxR] )UDQFLVFR -DYLHU
$OLFDQWH
'XUDQ 9LFHQV &ULVWLQD
$UUR\R 0DUWLQ 0LJXHO
$QGXL[ 9LFHGR 5DIDHO
(TXLIO\ZRUOG
%HUPHMR &DEDOOHUR *XVWDYR
%D]DQ 0DUWLQH] -RVH 0DQXHO
)ROJDURODV *HQHUR 5DPRQ
&DEDOOHUR 9HODVFR -DYLHU
&DUDYDFD *DUFLD -RVH /XLV
)UDGHUDV /ORUHW 5RVD 0DULD
&UX] *DOOHJR -RVH 'H
&DUULOOR 0DUWLQ )UDQFLVFR
*DQDGHUtD +LSLF 7UHVV
'HO &LG 3RO $QJHO
'LH] 0DFLD 'LHJR
*LPHQH] %UXQD 0DWHR
)HUQDQGH] $EDVFDO 0DQXHOD
)DMDUGR *DUFLD -RVH )UDQFLVFR
/XFLR 3HUH] /XLV
)UHQN .DQQ 0LULDP
)ORULQ /DQJORLV )UDQFRLVH
0DUWLQH] 'H %XMR $xRQ $GROIR
)XVWHU %UHD 5DIDHO
*LODEHUW 0XUFLD -RVH 0LJXHO
0DWDV 3XOLGR -RUGL
*DUFLD $QGUDGH 0DQVR -DLPH
/ORUHQV 0RQWDYD -RVH 5DIDHO
0HVD 2YDO 6 /
*RQ]DOH] =DSDWD -RVH 0DULD
3HUHWR &DUGRQD 9LFHQWH
0LJXHO &DVDV 3LODU
+HUQiQGH] 'DPLiQ -RVp -XOLR
&DVWHOOyQ
0LUR 5RLJ -RUGL
+H\Q 0DOODULQR (GJDU
$UQDQGLV 9HQWXUD 0DULH &ODLUH
0RUD &DPLOD
/RUHQ]R 5RGHQDV 0DQXHO
%ROLYDU 0RUHQR 9LFHQWH
2OOHU &DPSGHODFUHX 3HGUR
0DUWLQH] 6RPROLQRV $GULDQ
*DODQ %D\DUUL 9LFHQWH
3pUH] 1LQ -XDQ
0DWXWH $]SLWDUWH -XDQ
*LODEHUW %HOWUDQ -XDQ -RVH
5RMDV 7RUUXV -DYLHU
0HULQR 'H 0HVD )UDQFLVFR -DYLHU
5REOHV 3DORPDUHV 3HGUR
5RWJHU 0HVHJXHU 9LFHQWH
1DYDUUR 8WUHUD (QULTXH
9DOHQFLD
6iQFKH] %ODQFR -RUJH )UDQFLVFR
3HLQDGR 9i]TXH] )UDQFLVFR
$PLJR 6DOPHURQ -XOLR )UDQFLVFR
-DFNDVV 0RXQWDLQ 5DQFK ² :DVKLQJWRQ
6DQ 0LJXHO &HUHYDOOV 3LODU
3pUH] &HUH]R /RXUGHV
$QGUHX %RUW 9LFHQWH
-R\D GH $QGDOXFLD )DUPV ² 1HEUDVND
6RULDQR -RVH -RUJH
3UDGR $FRVWD -XOLDQ
%HOGD *DOLDQD 0DQXHO
.D\H (GGLH /DQ\V
7DULER 7HQD 0DUF
5DPRV 2UWHJD 0DQXHO
(QUL +LGDOJR $OIRQVR
.HWFKDP 5DQFK ² &DOLIRUQLD
9LGDO 5LYDV 3LFD]R -XDQ
5RGUtJXH] 6DOLGR -HV~V
5RGULJXH] 6DJXLOOR -DLPH 0DULR 6DODPDQFD 0DUWLQ 0DUWLQ )UDQFLVFR <HJXDGD 9LVWD $OHJUH 6 / 6HJRYLD *RQ]DOH] /ORUHQWH $QWRQLR <HJXDGD /D $SDUHFLGD
$1&&(
-XOLDQ
,OF &KULVWLDQ
3HGUHxR 3HGUR
3DOHQFLD
)GH] +HQDUHMRV
$XVWUDOLD
%pOJLFD %HOJLXP -RRVHQ 1DGLD /HMHXQH 0DUF 5DHGWV -R]HI 9HUELVW 7RP <HJXDGD 5HVLGHOFD &RORPELD -DUDPLOOR (VWUDGD -DLPH /RQGRxR (VFREDU -RKQQ\ &RVWD 5LFD *XHUUD /DVSLXU -RVp $QJHO 0H]D /RER 0DQXHO 'LPDPDUFD .UDIW =X]HWWH <HJXDGD (GRUDV
(FXDGRU *UDQMD $YDORV :LOVRQ +HUGRL]D *XHUUHUR 0DUFHOR (VWDGRV 8QLGRV 86$ $ ' 5DQFK ² &DOLIRUQLD $OGR 'HO &DUSLR $ULVWD $QGDOX] ² 0LFKLJDQ $VPRKU 6WDEOHV ² 1HZ <RUN $YLOD -RVH $\DOD )DUPV ,QF %HUJROOD 5RGROIR %RFDGR 5DQFK ² 7H[DV &DPHORW $QGDOXVLDQV ² 7H[DV &DVWLOOR )HUQiQGH] $OHMDQGUR &DVWLOOR 7LUVR $ &DVWUR )HUUDGD $OH[DQGUD &RYHV 'DUGHQ )DUP ² 6RXWK &DUROLQD 'RUDGR $QGDOX] ² &DOLIRUQLD (DVWHUQ 5HJLRQ $QGDOXVLDQ +RUVH &OXE *DQDGHULD 0LJXHO 1XQH] ² &DOLIRUQLD *ORULRVD )DUPV ² 7H[DV *XHYDUD (OLVHR +DFLHQGD /DXGHOD ² &DOLIRUQLD +RIODQG &DUROLQH
.LOLPDQMDUR 5DQFK ² &DOLIRUQLD
ZZZ DQFFH FRP
/DV &XPEUHV 5DQFK 7H[DV
6\PSKRQ\ )DUP ² &DOLIRUQLD
0HQD 3LHUUH
5RELQD < %XVWRV $OIRQVR
/HJDF\ )DUPV ² &DOLIRUQLD
7KUHH / 5DQFK 7H[DV
1REOHW (ULF
1LFDUDJXD
/HJDF\ )DUPV ² )ORULGD
9DQ .DPSHQ %R\HU .LPEHUO\
5R]LHUH 'RPLQLTXH
/DFD\R /DFD\R &HVDU $XJXVWR
0DUDYLOOD $QGDOXVLDQV ² 0LFKLJDQ
9LOODIDQD *RGLQH] (VWHEDQ
9LJQDX[ /DXUHQW
6HUUDQR *RQ]DOH] $UPDQGR 6
0F'RZHOO (TXHVWULDQ ² )ORULGD
:DHFKWHU 7HUU\ :DWKFKPDQ )DUPV
1XHYD =HODQGD 1HZ =HDODQG
0FOHDQ /LVD
:DWFKPDQ &DOLIRUQLD
<HJXDGD /D %RGHJD $]XO $XUHOLHQ %DVWLDQL
07,&$ )DUPV ² )ORULGD
:KLWHJDWH )DUP ² 'HODZDUH
3DUUD 5DIDHO
;RW[ $QGDOXVLDQV ² &RORUDGR
3UREVRQ &KULVWD
<HJXDGD &KDULOHHQ ² &DOLIRUQLD
5DQFKR ,QFDQVDEOH &DOLIRUQLD
<HJXDGD 'REOH 2 ² &DOLIRUQLD
5DQFKR $OHJUH $QGDOXVLDQV &DOLIRUQLD
<HJXDGD 0DUTXHVD ² &DOLIRUQLD
5DQFKR $QGDOXFLD ² 7H[DV 5DQFKR $UPHQGDUL] ² &DOLIRUQLD 5DQFKR &KLFR ² 7H[DV 5DQFKR (O &DQWR ² &DOLIRUQLD 5DQFKR -LPHQH] ² &DOLIRUQLD 5DQFKR /RV 0DUWLQH] ² &DOLIRUQLD 5H\QROGV 0DQXHOD 5RVHKLOO ² 0LFKLJDQ 5R\DO +RUVH )DUPV ² )ORULGD 6FKZDUW] $OHVVDQGUD 6NHOWRQ 0RXQWDLQ 'UHDP 5DQFK ² &RORUDGR
<HJXDGD 5RPHULWR ² 0LFKLJDQ )UDQFLD )UDQFH $ ' 5DQFK ² &DOLIRUQLD $OH[ 6RODQJH %UXHO -HDQ &ODXGH ' $OHVVLR 'DULR -RVHSK ' (OEHH 3DODFLQ 0DULH +HOHQH (OHYDJH 5RQFKDLO *DUFtD /DJRV 6DELQD *DUFtDODJRV 6DELQD *RXsOOR -HDQ /HIHEYUH 2OLYLD /H )OHP 0LFKHO
*XDWHPDOD 0LQRQGR 5DXO ,WDOLD ,WDO\ &DQHOOD *LDQQL &KLQL $QWRQLR &RGLVSRWL 2UQHOOD &RQWL *LDQFDUOR )UDQFD 'H $FXWLV 3DURGL 0DVVLPR 6ROELDWL )UDQFR
&RXFK *DLOH 3HU~ &RQGH &HUUDWR 0DQXHO 5HLQR 8QLGR 8QLWHG .LQJGRP %HUQDUG +LJK 2DNV -HQQ\ %ODNH $PDQGD )R\ )LRQD - 5ROIH 5RJJH .ULVWLQD 6PLWK 5REHUW
=DQFDQDUR *LDPSDROR
6SDQLVK +RUVH % $ 3 6 + %ULWLVK $VVRFLDWLRQ )RU 7KH 3XUHEUHG
/X[HPEXUJR /X[HPERXUJ
:KHDWFURIW 0DQG\
0DQJHQ 6FKPLW] 1DGLQH
5HS~EOLFD &KHFD &]HFK 5HSXEOLF
0DOWD
9DOHVRYD 3DYOD
)HQHFK $QWKRQ\
6XHFLD 6ZHGHQ
0p[LFR
%HUJ $JQHWD
'H /D 3HxD 7RSHWH -DYLHU
&KULVWHQVVRQ $QQLFD
)DYLHU -XDQ -RUJH
6HGHUOXQG $QQ &KDUORWWH
(O &DEDOOR (VSDxRO
ASOCIACIÓN NACIONAL de CRIADORES de CABALLOS de PURA RAZA ESPAÑOLA 35( +RUVH %UHHGHUV· $VVRFLDWLRQ RI 6SDLQ
$1&&( &RUWLMR GH &XDUWR 9LHMR 6HYLOOD 7HOI _ )D[ ZZZ DQFFH FRP _ DQFFH#DQFFH FRP $1&&( /LEUR *HQHDOyJLFR 6WXG %RRN 1XHYR 7RUQHR (PSUHVDULDO $YHQLGD GH OD $VWURQRPtD 6 1 7RUUH 3ODQWD 2ILFLQD 6HYLOOD 7HOI ZZZ OJDQFFH FRP _ GLUHFFLRQ#OJDQFFH FRP $GYHUWLVLQJ $OHMDQGUR 6iQFKH] 7HOI FRPHUFLDO#DQFFH FRP (GLWLRQ DQG GLVWULEXWLRQ ELOLQJXDO LVVXHV IRU 3XUHEUHG 6SDQLVK +RUVH EUHH GHUV DQG DILFLRQDGRV DOO RYHU WKH ZRUOG DV ZHOO DV WR RIILFHV RI LQWHUHVW VXFK DV 6SDQLVK (PEDVVLHV ,&(; 2IILFHV 7RXULVP RI 6SDLQ HWF 3XEOLVKHG IXOO RQ WKH $1&&( ZHE VLWH ZZZ DQFFH FRP ZZZ XVSUHD FRP &RYHUDJH 3 5 ( EUHHGHUV DQG DILFLRQDGRV WKURXJKRXW WKH ZRUOG VHYHUDO FRSLHV ZLOO EH GLVWULEXWHG WR HDFK RI WKH H[LVWHQW EUHHGHUV· DVVRFLDWLRQV IRU WKHP WR UHGLVWULEXWH WR WKHLU PHPEHUV )UHTXHQF\ %LPRQWKO\ LVVXHV SHU \HDU
3 8 % / , & , 7 < )((6 $1' )250$7 )25 38%/,&,7< *HQHUDO )HH
)250$7 ,QVLGH SDJH [ PP
6SHFLDO 3ULFHV )RU %UHHGHU 0HPEHUV
ʙ
ʙ
'RXEOH SDJH [ PP [
ʙ
ʙ
,QVLGH FRYHU SDJH [ PP
ʙ
ʙ
,QVLGH EDFN FRYHU [ PP
ʙ
ʙ
%DFN FRYHU [ PP
ʙ
ʙ
+DOI SDJH [ PP
ʙ
ʙ
4XDUWHU SDJH [ PP
ʙ
ʙ
)RRWHU &ROXPP [ PP [ PP
ʙ
ʙ
6KRUW DG 0RGXOH
[ PP
ʙ
ʙ
ʙ
ʙ
3XEOLFLW\ 5HSRUW SiJLQDV FRQ WH[WRV \ IRWRV
9$7 LV QRW LQFOXGHG
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
38%/,&$7,21 '$7(6 ,VVXH
'HDGOLQJ GDWH
3XEOLVKLQJ GDWH
,,
,,,
,9
9
9,
9,,
9,,,
,;
;
;,
;,,
,