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Z Z Z X Q L P H W D H G X F R
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$UTXLWHFWR 'DUtR 6iQFKH] &DUEDOOR $UTXLWHFWR -XOLiQ 3LQ]yQ
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$UTXLWHFWD 'DQQD ÉQJHO 5XELDQR $UTXLWHFWR &DUORV $OEHUWR 'tD] $UTXLWHFWD $QJHOD 3HULOOD $UTXLWHFWD ,UHQH 'tD] $UTXLWHFWR <DVVHU )DUUpV 'HOJDGR $UTXLWHFWR 'DUtR 6iQFKH] &DUEDOOR $UTXLWHFWR -XOLiQ 3LQ]RQ
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$UTXLWHFWD &OHPHQFLD 0HOpQGH] $UTXLWHFWD -DQHWK 9DFD $UTXLWHFWR $ORQVR 4XLQWHUR
'LVHxR \ 'LDJUDPDFLRQ $OHMDQGUR *XWLpUUH] $QJXL &XELGHV
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'DQQD 9DOHQWLQD *DUFLD
NŸÅ&#x2DC;ǼsÅ&#x2DC;Ã&#x17E;_Ÿ $UTXLWHFWXUD \ 3HGDJRJtD $UT 9LYLDQD Ã&#x2030;OYDUH] 6HS~OYHGD +DELWDW (FROyJLFDPHQWH 7HFQROyJLFR $UT -DQHWK 'HO 3LODU 9DFD
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7(55,725,2 85%$1,602 < 3$75,021,2 02'(/26 7(Ð5,&26 85%$126 '( &,8'$'
GH ORV FRQFHSWRV SDUDJyJLFRV VRVWHQLEOHV HQ XQ HTXLSDPLHQWR HGXFDWLYR
rŘ sĶ ŎŸŎsŘǼŸ _s Njs ĶÞʊ Nj ȖŘ ÞŘǼsNjɚsŘOÞżŘ sŘ ȖŘ sǣƼ OÞŸ s_ȖO ǼÞɚŸ Ķ Ŏ ɴŸNjâ _s OŸŘǣǼNjȖOǼŸNjsǣ ǣs _s_ÞO Ř ǣżĶŸ Ķ Njs ĶÞʊ OÞżŘ _s ȖĶ ǣ NjsƼsǼÞǼÞɚ ǣ _sŘǼNjŸ _s ȖŘ ǼsNjNjsŘŸʰ ƼŸNj ĶŸ ¶sŘsNj Ķ ŘŸ ǣs ƼĶ ŘǼs Ķ ŘsOsǣÞ_ _ _s ÞŘOĶȖÞNj sŘ Ķ ǣ _sǼsNjŎÞŘ ŘǼsǣ _s _ÞǣsŠŸ ĶŸǣ ƼNjÞŘOÞƼÞŸǣ O _wŎÞOŸǣ LJȖs Ķ ÞŘǣǼÞǼȖOÞżŘ Ŏ ŘsĠ ʰ Ì OÞsŘ_Ÿ LJȖs ŘŸ ǣs ¶Ȗ Nj_s OŸÌsNjsŘOÞ sŘǼNjs ĶŸ sŘǣsŠ _Ÿ sŘ sǣs sǣƼ OÞŸ ɴ sĶ ŎÞǣŎŸ sǣƼ OÞŸʳ rŘ ȖŘ OŸĶs¶ÞŸ sŘ _ŸŘ_s sĶ OŸŘOsƼǼŸ Ƽs_ ¶ż¶ÞOŸ ¶ÞNj sŘ ǼŸNjŘŸ Ķ sŘǣsŠ Řʊ ʰ Ķ ÞŘɚsǣǼÞ¶ OÞżŘ ɴ Ķ ƼNjsǣsNjɚ OÞżŘ _sĶ Ŏs_ÞŸ ŎEÞsŘǼsʰ sǣ ŘsOsǣ NjÞŸ LJȖs sǣǼ Ķ EŸNj ŘŸ ǣŸĶŸ NjsO Þ¶ ǣŸENjs ĶŸǣ _ŸOsŘǼsǣʰ ǣÞŘŸ Ǽ ŎEÞwŘ ǣŸENjs sǣǼŸǣ ¶sŘǼsǣ LJȖs NjŸ_s Ř sĶ ŎEÞsŘǼs O _wŎÞOŸʰ OŸŎŸ ĶŸǣ Ƽ _Njsǣ ɴ sĶ sǣƼ OÞŸ ¯âǣÞOŸʰ ˆ_ÞɚsNjǣŸǣ sǣǼȖ_ÞŸǣ ÞŘ¯ŸNjŎ Ř LJȖs sĶ ŎEÞsŘǼs ¯âǣÞOŸʰ OŸŘ¯ŸNjŎ _Ÿ ƼŸNj Ķ ÞŘ¯Nj sǣǼNjȖOǼȖNj ʰ sǣ sŘ ǣâ ŎÞǣŎŸ ȖŘ ¯ȖsŘǼs NjÞO _s ÞŘ¯ŸNjŎ OÞżŘ Ƽ Nj ĶŸǣ ŘÞŠŸǣʰ ƼȖsǣ wǣǼs ÞŘ¯ĶȖɴs sŘ ǣȖ ƼNjsŘ_Þʊ Ġs ɴ _sǣ NjNjŸĶĶŸ ÞŘǼs¶Nj Ķʳ
_sŎ ǣʰ _ÞOÌ ÞŘ¯Nj sǣǼNjȖOǼȖNj sǣ ȖŘ OŸŘ_ÞOÞżŘ Ƽ Nj Ķ ƼNj OǼÞO _ŸOsŘǼsʰ ƼȖsǣ sǣ ȖŘ ÞŘǣȖŎŸ E ǣÞOŸ Ƽ Nj ĶŸǣ ƼNjŸOsǣŸǣ s_ȖO ǼÞɚŸǣ ɴ ǣȖ ȖǣsŘOÞ ʰ ÞŘǣȖ¯ÞOÞsŘOÞ Ÿ ÞŘ _sOȖ OÞżŘ ƼȖs_s ǣÞ¶ŘÞ¯ÞO Nj _sǣ ¯âŸǣ _ÞOÞŸŘ Ķsǣ Ķ ǣ Ǽ Njs ǣ _ŸOsŘǼsǣʳ ǣâʰ Ķ ǣ O Nj OǼsNjâǣǼÞO ǣ _s Ķ ÞŘ¯Nj sǣǼNjȖOǼȖNj ǣs ǼNj Řǣ¯ŸNjŎ Ř sŘ ŸƼŸNjǼȖŘÞ_ _sǣ Ƽ Nj sĶ ƼNjsŘ_Þʊ Ġs ɴ Ķ sŘǣsŠ Řʊ ˇʳ rǣǼŸǣ sǣƼ OÞŸǣ ŘŸ ǣŸĶŸ _sEsŘ Ÿ¯NjsOsNj ȖŘ ĶȖ¶ Nj OŸŘ¯ŸNjǼ EĶs ǣÞŘŸ LJȖs _sŎ ǣ _sEsŘ sŘǣsŠ Nj ƼŸNj Ŏs_ÞŸ _s ǣȖ ƼNjŸƼÞ sǣǼNjȖOǼȖNj ĶŸǣ ĶÞŘs ŎÞsŘǼŸǣ ɴ ƼNjÞŘOÞƼÞŸǣ _s Ķ ǣŸǣǼsŘÞEÞĶÞ_ _ʳ
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ĵŸǣ ŘǼsNjÞŸNjsǣ sǣǼȖ_ÞŸǣ ɴ Ķ ǼŸŎ _s OŸŘOÞsŘOÞ _s Ķ ¶Nj Ř ÞŘ¯ĶȖsŘOÞ _sĶ sǣƼ OÞŸ sŘ sĶ EÞsŘsǣǼ Nj _s ĶŸǣ sǣǼȖ_Þ ŘǼsǣʰ Ì ONjs _Ÿ Ķ ŘsOsǣÞ_ _ _s ÞŎƼĶsŎsŘǼ Nj ȖŘ O Nj OǼsNj ŎEÞsŘǼ Ķ Ÿ ǣŸǣǼsŘÞEĶs _sŘǼNjŸ _s ĶŸǣ s_Þ¯ÞOÞŸǣʰ EȖǣO Ř_Ÿ sĶ OŸŘ¯ŸNjǼ ÌȖŎ ŘŸ ɴ EÞsŘsǣǼ Nj ŎEÞsŘǼ Ķʳ Ǣs¶ȚŘ sĶ _ŸOǼŸNj NjLJȖÞǼsOǼŸ ĵȖÞǣ _s µ NjNjÞ_Ÿ ˆȖŘ ɚsNj_ _sNj NjLJȖÞǼsOǼȖNj ǢŸǣǼsŘÞEĶs sǣ LJȖsĶĶ LJȖs ǣ ǼÞǣ¯ Os Ķ ǣ ŘsOsǣÞ_ _sǣ _s ǣȖǣ ŸOȖƼ ŘǼsǣʰ sŘ OȖ ĶLJȖÞsNj ŎŸŎsŘǼŸ ɴ ĶȖ¶ Njʰ ǣÞŘ ƼŸNj sĶĶŸ ƼŸŘsNj sŘ ƼsĶÞ¶NjŸ sĶ EÞsŘsǣǼ Nj ɴ sĶ _sǣ NjNjŸĶĶŸ _s Ķ ǣ ¶sŘsNj OÞŸŘsǣ ¯ȖǼȖNj ǣʳ ƻŸNj ĶŸ Ǽ ŘǼŸʰ Ķ NjLJȖÞǼsOǼȖNj ǣŸǣǼsŘÞEĶs ÞŎƼĶÞO ȖŘ OŸŎƼNjŸŎÞǣŸ ÌŸŘsǣǼŸ OŸŘ sĶ _sǣ NjNjŸĶĶŸ ÌȖŎ ŘŸ ɴ Ķ sǣǼ EÞĶÞ_ _ ǣŸOÞ Ķʰ ȖǼÞĶÞʊ Ř_Ÿ sǣǼNj Ǽs¶Þ ǣ NjLJȖÞǼsOǼżŘÞO ǣ OŸŘ sĶ ¯ÞŘ _s ŸƼǼÞŎÞʊ Nj ĶŸǣ NjsOȖNjǣŸǣ ɴ Ŏ ǼsNjÞ Ķsǣʰ _ÞǣŎÞŘȖÞNj sĶ OŸŘǣȖŎŸ sŘsNj¶wǼÞOŸʰ ƼNjŸŎŸɚsNj Ķ sŘsNj¶â NjsŘŸɚ EĶsʰ Njs_ȖOÞNj Ķ Ŏ ɮÞŎŸ ĶŸǣ NjsǣÞ_ȖŸǣ ɴ Ķ ǣ sŎÞǣÞŸŘsǣʰ Njs_ȖOÞNj Ķ Ŏ ɮÞŎŸ sĶ Ŏ ŘǼsŘÞŎÞsŘǼŸʰ Ķ ¯ȖŘOÞŸŘ ĶÞ_ _ ɴ sĶ ƼNjsOÞŸ _s ĶŸǣ s_Þ¯ÞOÞŸǣ ɴ ŎsĠŸNj Nj Ķ O ĶÞ_ _ _s Ķ ɚÞ_ _s ǣȖǣ ŸOȖƼ ŘǼsǣˇʳ Ǣs¶ȚŘ ĵȖÞǣ _s µ NjNjÞ_Ÿ Ķ NjLJȖÞǼsOǼȖNj sǣ ǣŸĶŸ ȖŘ Njs¯ĶsĠŸ _s ȖŘ ǣŸOÞs_ _ ɴ ȖŘ ŎŸ_sĶŸ sOŸŘżŎÞOŸʰ LJȖs Ƽ Nj ǣsNj ǣŸǣǼsŘÞEĶsǣ _sEsŘ ÞŘǼs¶Nj Njǣs OŸŘ Ķ Njs ĶÞ_ _ ŎEÞsŘǼ Ķʰ ƼŸNj ĶŸ Ǽ ŘǼŸ ˆĶ ɚsNj_ _sNj NjLJȖÞǼsOǼȖNj ǣŸǣǼsŘÞEĶs _sEs ǣsNj ȖŘ Njs¯ĶsĠŸ _sĶ ǣÞǣǼsŎ sOŸŘżŎÞOŸ ɴ ǣŸOÞ Ķ LJȖs sɚŸĶȖOÞŸŘs _s ¯ŸNjŎ Ƽ Nj ĶsĶ Ķ sOŸǣÞǣǼsŎ ¶ĶŸE Ķʰ ɴ sǣǼw ÞŘǼs¶Nj _Ÿ sŘ sĶ ŎÞǣŎŸˇ˦ sŘ ŸǼNj ǣ Ƽ Ķ ENj ǣʰ Ķ NjLJȖÞǼsOǼȖNj _sEs ǣsNj sĶ ƼNjŸ_ȖOǼŸ _s Ķ OǼÞɚÞ_ _ ÌȖŎ Ř ʰ O Ƽ ʊ _s ǣ ǼÞǣ¯ OsNj Ķ ǣ ŘsOsǣÞ_ _sǣ ¯âǣÞO ǣʰ sOŸŘżŎÞO ǣ ɴ sǣƼÞNjÞǼȖ Ķsǣ _s Ķ ǣŸOÞs_ _ OǼȖ Ķ ƼsNjŸ ǣsNj NjsǣȖĶǼ _Ÿ _sĶ ǼŸǼ Ķ sŘǼsŘ_ÞŎÞsŘǼŸ _s Ķ Ř ǼȖNj Ķsʊ s ÞŘǼs¶Nj Njǣs ƼsNj¯sOǼ ŎsŘǼs ǣȖǣ OÞOĶŸǣ ɚÞǼ Ķsǣʰ sǣ _sOÞNjʰ _sEs ǣsNj Ķ ONjs OÞżŘ _s ˆŘ ǼȖNj Ķsʊ ǣ NjǼÞ¯ÞOÞ Ķsǣˇʳ
rŘ sĶ Ƽ âǣʰ Ķ ÞŘ¯ĶȖsŘOÞ _s Ķ NjLJȖÞǼsOǼȖNj sǣOŸĶ Nj sŘ ĶŸǣ sǣǼȖ_Þ ŘǼsǣ ŘŸ ǣs ǼȖɚŸ Njs ĶŎsŘǼs sŘ OȖsŘǼ _ȖNj ŘǼs ĶŸǣ ƼNjÞŎsNjŸǣ ǼNjsǣ ǣÞ¶ĶŸǣ _s ÌÞǣǼŸNjÞ ʳ rĶ NjLJȖÞǼsOǼŸ NJ ¯ sĶ ō Ķ_ŸŘ _Ÿ ǻ ƼÞ ǣ sŘ ǣȖ ĶÞENjŸ ˆËÞǣǼŸNjÞ _s Ķ NjLJȖÞǼsOǼȖNj sǣOŸĶ Nj sŘ NŸĶŸŎEÞ ˇ ŎsŘOÞŸŘ ʲ rŘ ˠˤ˦˥ʰ Ķ ȖǼÞĶÞʊ OÞżŘ _sĶ ōwǼŸ_Ÿ ĵ ŘO ǣǼsNjʰ sĶ OȖ Ķ OŸŘǣÞǣǼâ sŘ ¶Nj Ř_sǣ ǣ ĶŸŘsǣ _s ƼsLJȖsŠ ǣ ɚsŘǼ Ř ǣ Ƽ Nj ˢ˟˟ sǣǼȖ_Þ ŘǼsǣʰ sŘ sĶ LJȖs ǣs ƼĶÞO E sĶ _ÞOÌŸ ˆĶ ĶsǼNj OŸŘ ǣ ضNjs sŘǼNj ˇʳ ƻ Nj ˠ˨ˠˠʰ ǣs EȖǣO NjssŎƼĶ ʊ Nj Ķ ŎwǼŸ_Ÿ _s rǣOȖsĶ EÞsNjǼ _s ^sONjsĶɴʰ ȖŘ sŘǼŸNjŘŸ ƼNjŸƼÞOÞŸ Ƽ Nj Ķ sŘǣsŠ Řʊ E ǣ _Ÿ sŘ sĶ EÞsŘsǣǼ Nj ɴ sĶ ˆÌÞ¶ÞsŘsˇʳ ƻsNjŸ sǣǼs O ŎEÞŸ ŘŸ ǣȖOs_s Ì ǣǼ ˠ˨ˠˣʰ OŸŘ Ķ OŸŘǣǼNjȖOOÞżŘ _sĶ NŸĶs¶ÞŸ µÞŎŘ ǣÞŸ ōŸ_sNjŘŸ LJȖs ǣÞNjɚs _s Njs¯sNjsŘǼs Ƽ Nj ǼŸ_ ǣ Ķ ǣ _sŎ ǣ ÞŘǣǼÞǼȖOÞŸŘsǣ s_ȖO ǼÞɚ ǣ _s Ķ wƼŸO ʳ rŘ ˠ˨ˡ˦ʰ rĶ ōÞŘÞǣǼsNjÞŸ _s r_ȖO OÞżŘ ŗ OÞŸŘ Ķʰ NjsOŸŘŸOs ƼŸNj ƼNjÞŎsNj ɚsʊ Ķ ÞŎƼŸNjǼ ŘOÞ _sĶ Ŏs_ÞŸ ŎEÞsŘǼs NjLJȖÞǼsOǼżŘÞOŸ sŘ Ķ sǣOȖsĶ ɴ _s Ķ ÞŘ¯ĶȖsŘOÞ _s sǣǼs sŘ ĶŸǣ sǣǼȖ_Þ ŘǼsǣʳ ʳ
7(55,725,2 85%$1,602 < 3$75,021,2 02'(/26 7(Ð5,&26 85%$126 '( &,8'$'
Ǣs¶ȚŘ ^s µ NjNjÞ_Ÿ Ƽ Nj LJȖs sǣǼ ǣ ˆŘ ǼȖNj Ķsʊ NjǼÞ¯ÞOÞ Ķsǣˇ ǣs ÞŘǼs¶NjsŘ _sEÞ_ ŎsŘǼs sǣǼŸǣ OÞOĶŸǣ Ř ǼȖNj Ķsǣ ǣȖǣ OŸŎƼŸŘsŘǼsǣ _sEsŘ sɮǼNj sNjǣs _sĶ Ŏs_ÞŸ Ř ǼȖNj Ķ ǣÞŘ O Ȗǣ Nj _sǼsNjÞŸNjŸʰ _sEsŘ ǼsŘsNj ȖŘ Ķ Nj¶ _ȖNj OÞżŘʰ sŘ sĶ ǼNj ŘǣOȖNjǣŸ _s ǣȖ ɚÞ_ ȚǼÞĶ _sEs ǣsNj ƼŸǣÞEĶs Ķ NjsOŸŘ¯Þ¶ȖNj OÞżŘ _s ĶŸǣ sǣƼ OÞŸǣ ɴ Ķ ŎƼĶÞ OÞżŘ _s ĶŸǣ ŎÞǣŎŸǣʰ sǣǼŸǣ OŸŎƼŸŘsŘǼsǣ _sEsŘ ƼŸ_sNjǣs ÞŘǼsNjO ŎEÞ Nj Ƽ Nj Njs ĶÞʊ Nj ŸǼNjŸǣ sǣƼ OÞŸǣ _Þ¯sNjsŘǼsǣ ɴ sŘ sĶ O ǣŸ _s LJȖs Ķ¶ȚŘ OŸŎƼŸŘsŘǼs ǣs _sǼsNjÞŸNjs _sEs ƼŸ_sNjǣs NjsOȖƼsNj Nj ƼŸNj Ŏs_ÞŸ _s ȖŘ ¯ OÞĶ NjsƼ Nj OÞżŘ ɴ sǣǼ ǣ Ƽ NjǼsǣ ƼŸ_sNjǣs NjsOÞOĶ Nj Ÿ _s¶Nj _ Njǣs ǣÞŘ Njs ĶÞʊ Nj ȖŘ _sǼsNjÞŸNjŸ Ķ sOŸǣÞǣǼsŎ ʳ ŗŸ ǼŸ_ ǣ Ķ ǣ sǣǼNj Ǽs¶Þ ǣ ɴ OOÞŸŘsǣ NjLJȖÞǼsOǼżŘÞO ǣ ǣŸǣǼsŘÞEĶsǣ ǣsŠ Ķ _ ǣ ŘǼsNjÞŸNjŎsŘǼs ǼÞsŘsŘ Ķ ŎÞǣŎ s¯ÞO OÞ ɴ ɚ ĶÞ_sʊ sŘ ĶŸǣ ƼNjŸɴsOǼŸǣʰ sŘ ŸO ǣÞŸŘsǣ Ķ ǣ OOÞŸŘsǣ Ŏ ǣ sOŸŘżŎÞO ǣ ǣŸŘ Ķ ǣ Ŏ ǣ s¯ÞO Osǣ ʹ^s µ NjNjÞ_Ÿʺʰ ƼŸNj ĶŸ Ǽ ŘǼŸ Ì ɴ LJȖs ǣsNj ŸEĠsǼÞɚŸǣ Ķ ÌŸNj _s sɚ ĶȖ Nj ɴ ƼNjŸɴsOǼ Njʰ ǣs _sEs ǼsŘsNj sŘ OȖsŘǼ ɴ sŘǼsŘ_sNj ŎȖɴ EÞsŘ ĶŸǣ ǣƼsOǼŸǣ ǣŸOÞ Ķsǣʰ sOŸŘżŎÞOŸǣ ɴ ŎEÞsŘǼ Ķsǣ _sĶ sŘǼŸNjŘŸ _s O _ ƼNjŸɴsOǼŸ Ƽ Nj ǣâ Njs ĶÞʊ Nj Ķ ǣ _Þ¯sNjsŘǼsǣ sǣǼNj Ǽs¶Þ ǣ LJȖs ǣs sĠsOȖǼ Nj Řʳ ^sŘǼNjŸ _sĶ sǣǼȖ_ÞŸ Njs ĶÞʊ _Ÿ ƼŸNj ^s µ NjNjÞ_Ÿ ǣŸENjs sǣǼs ǼsŎ ʰ _sŘŸŎÞŘ _Ÿ ˆĶ ǣ ƼÞNj ŎÞ_sǣ ÞŘɚsNjǼÞ_ ǣˇ ŎsŘOÞŸŘ Ķ¶ȖŘ ǣ OOÞŸŘsǣ ǣÞŘ OŸǣǼs _ÞOÞŸŘ Ķ ǣÞ¶ŘÞ¯ÞO ǼÞɚŸ ƼsNjŸ OŸŘ ȖŘ ĶǼ s¯ÞO OÞ Ŏs_ÞŸ ŎEÞsŘǼ Ķʰ sŘǼNjs sĶĶ ǣ ǣs sŘOsŘǼNj Řʲ ¯ŸŎsŘǼ Nj Ķ ȖǼŸǣȖ¯ÞOÞsŘOÞ _s ĶÞŎsŘǼŸǣ ʹOȖĶǼÞɚ Nj sŘ s_Þ¯ÞOÞŸǣ ɴ sŘ ʊŸŘ ǣ ɚsNj_sǣʺʰ sŘǼNjs ŸǼNj ǣʳ
$JULFXOWXUD 8UEDQD Ǣs¶ȚŘ D NjNjÞ¶ ɴ ĵs Ķ ʹˡ˟ˠˠʺ ˆĵ ¶NjÞOȖĶǼȖNj ȕNjE Ř ʹ ȕʺ sǣ ȖŘ ¯ŸNjŎ _s ƼNjŸ_ȖOOÞżŘ ¶NjâOŸĶ sŘ sǣƼ OÞŸǣ ȖNjE ŘŸǣ ʻʴʼʰ LJȖs ƼŸNj sǣǼ ŎÞǣŎ Nj ʊżŘ ǣs _sǣ NjNjŸĶĶ OŸŘ ŎŸ_ ĶÞ_ _sǣ ɴ ǼsOŘŸĶŸ¶â ǣ _Þ¯sNjsŘǼsǣ Ķ ǣ LJȖs ǣs Ŏ ŘsĠ Ř sŘ Ķ ¶NjÞOȖĶǼȖNj ǼNj _ÞOÞŸŘ Ķʳ ĵŸ ŘǼsNjÞŸNj sǣƼsOÞ ĶŎsŘǼs ƼŸNjLJȖs EȖǣO Ì OsNj ȖǣŸ _s ǼsOŘŸĶŸ¶â ǣ ĶÞŎƼÞ ǣʰ NjsOÞOĶ Ġsʰ NjsOŸĶsOOÞżŘ ɴ Njs˚ȖǼÞĶÞʊ OÞżŘ _s Ŏ ǼsNjÞ Ķsǣ LJȖs ǣs sŘOȖsŘǼNj Ř OŸŎȚŘŎsŘǼs sŘ Ķ ɚÞ_ OŸǼÞ_Þ Ř _s Ķ ǣ OÞȖ_ _sǣʰ ɴ Ķ ŸƼǼÞŎÞʊ OÞżŘ _s sǣƼ OÞŸǣʰ sŘǼNjs ŸǼNjŸǣˇʳ
ˆĵŸǣ ŎŸŎsŘǼŸǣ _s Ŏ ɴŸNj Ȗ¶s _s Ķ ȕ sǣǼ Ř ĶÞ¶ _Ÿǣ ONjÞǣÞǣ sOŸŘżŎÞO ǣ ɴ sŘsNj¶wǼÞO ǣʰ LJȖs ŸEĶÞ¶ Ř NjsOȖNjNjÞNj sĶĶ Ƽ Nj ǣs¶ȖNj Nj sĶ ȖǼŸ E ǣǼsOÞŎÞsŘǼŸˇ OŸŎŸ Ķ ǣ ¶ȖsNjNj ǣ ŎȖŘ_Þ Ķsǣ ɴ Ķ ǣ ONjÞǣÞǣ ÌÞ¶ÞwŘÞO ǣ _s Ķ ǣ ¶Nj Ř_sǣ OÞȖ_ _sǣʳ ĵ ȕ sǣ ȖŘ ƼNj OǼÞO LJȖs ǣs _ ƼǼ Ķ ǣ ŘsOsǣÞ_ _sǣ _s Ķ ǣŸOÞs_ _ Ŏs_Þ_ LJȖs Ķ ƼŸEĶ OÞżŘ ɴ ǣȖǣ ǣÞǣǼsŎ ǣ sɚŸĶȖOÞŸŘ Řʰ ƼŸNj ĶŸ Ǽ ŘǼŸ sǣ ȖŘ NjsǣƼȖsǣǼ s¯ÞO ʊ Ƽ Nj Ķ ǣ ƼNjŸEĶsŎ ǼÞO ǣ ȖNjE Ř ǣ LJȖs sɮÞǣǼÞsNjŸŘ ɴ sɮÞǣǼsŘ sŘ Ķ ǣ ¶Nj Ř_sǣ OÞȖ_ _sǣʰ ŘŸ ǣŸĶŸ sǣ ȖŘ NjsǣƼȖsǣǼ Ķ ƼNjŸEĶsŎ ǼÞO _s Ķ ƼŸENjsʊ ɴ Ķ _sǣŘȖǼNjÞOÞżŘʰ ǣÞŘŸ LJȖs Ǽ ŎEÞwŘ ONjs sǣƼ OÞŸǣ LJȖs sLJȖÞĶÞENj Ř ĶŸ NjǼÞ¯ÞOÞ Ķ OŸŘ ĶŸ Ř ǼȖNj Ķʰ ƼNjsǣsNjɚ Ř_Ÿ ǣâ ŎEÞsŘǼsǣ ŎEÞsŘǼ ĶŎsŘǼs ǣŸǣǼsŘÞEĶsǣʳ rŘ ĶŸǣ OŸĶs¶ÞŸǣ LJȖs _sǣ NjNjŸĶĶ Ř ȖŘ OŸŘOsƼǼŸ Ƽs_ ¶ż¶ÞOŸ _s ȖǼŸ˚OŸŘǣǼNjȖOOÞżŘ ɴ s_ȖO OÞżŘ ŎEÞsŘǼ Ķ sǣ ŎȖɴ ÞŎƼŸNjǼ ŘǼs ÞŎƼĶsŎsŘǼ Nj sǣǼNj Ǽs¶Þ ǣ ɴ ƼNj OǼÞO ǣ s_ȖO ǼÞɚ ǣ OŸŎŸ Ķ ¶NjÞOȖĶǼȖNj ȖNjE Ř ʰ Ǽ Ķ OŸŎŸ _ÞOs ĵżƼsʊ NȖsNjɚŸ ˆĵ ¶NjÞOȖĶǼȖNj ȖNjE Ř sǣ ȖŘ ƼNj OǼÞO ¶NjŸsOŸĶż¶ÞO LJȖs Ÿ¯NjsOs Ķ ŸƼŸNjǼȖŘÞ_ _ _s s_ȖO Nj ŎEÞsŘǼ ĶŎsŘǼsˇ ɴ _s ONjs Nj ˆĶŸǣ O ŎEÞŸǣ ǣŸOÞŸOȖĶǼȖNj Ķsǣ NjsLJȖsNjÞ_Ÿǣ ƼŸNj Ķ ǣ OŸŎȖŘÞ_ _sǣˇʳ rŘ ŸǼNj ǣ Ƽ Ķ ENj ǣʰ Ķ ȕ sǣ ȖŘ sǣǼNj Ǽs¶Þ ɚ ĶÞŸǣ Ƽ Nj Ķ ƼŸEĶ OÞżŘ O _wŎÞO ƼŸNj LJȖs ɴȖ_ OŸŘǣǼNjȖÞNj OŸŎȖŘÞ_ _ʰ ÞŘOsŘǼÞɚ sǣƼâNjÞǼȖǣ sŎƼNjsŘ_s_ŸNjsǣ s ÞŘɚsǣǼÞ¶ ǼÞɚŸǣ ɴ _sŎ ǣ ɴȖ_ OŸŎƼNjsŘ_sNj ŎsĠŸNj LJȖÞsŘsǣ Ķ ƼNj OǼÞO Ř Ķ Njs ĶÞ_ _ ŎEÞsŘǼ Ķʰ sǣ _sOÞNjʰ Ķ _sƼsŘ_sŘOÞ _sĶ ǣsNj ÌȖŎ ŘŸ _s ȖŘ sŘǼŸNjŘŸ ƼNjsǣsNjɚ _Ÿ ɴ sŘ EȖsŘ ǣ OŸŘ_ÞOÞŸŘsǣ LJȖs Ķs ƼsNjŎÞǼ ŘŸ ǣŸĶŸ ƼNjŸ_ȖOÞNj ɴ OŸŎsNjOÞ ĶÞʊ Nj ĶÞŎsŘǼŸǣʰ ǣÞŘŸ Ǽ ŎEÞwŘ ¯ŸŎsŘǼ Nj ȖŘ sLJȖÞĶÞENjÞŸ OŸŘ sĶ sŘǼŸNjŘŸ Ř ǼȖNj Ķʰ OŸŘOsƼǼŸǣ E ǣÞOŸǣ _s Ķ s_ȖO OÞżŘ ŎEÞsŘǼ Ķʳ
7(55,725,2 85%$1,602 < 3$75,021,2 02'(/26 7(Ð5,&26 85%$126 '( &,8'$'
0DWHULDOHV < 0HWRGRV
/D LQVWLWXFLyQ D WUDYpV GH OD +LVWRULD
ĵ ŎsǼŸ_ŸĶŸ¶â sǣ _s O Nj OǼsNj OȖ ĶÞǼ ǼÞɚŸ ɴ _s ǼÞƼŸ _sǣONjÞƼǼÞɚ ɴ ƼNjŸƼŸǣÞǼÞɚ ʰ ɴ LJȖs ǼNj ɚsǣ _s Ķ ÞŘɚsǣǼÞ¶ OÞżŘ ǣs EȖǣO NjsOŸŘŸOsNj Ķ ÞŎƼŸNjǼ ŘǼs NjsĶ OÞżŘ sŘǼNjs ĶŸǣ OŸŘOsƼǼŸǣ Ƽs_ ¶ż¶ÞOŸǣ ɴ Ķ NjLJȖÞǼsOǼȖNj sǣOŸĶ Njʳ Ǣs EȖǣO LJȖs ǼNj ɚwǣ _s Ķ ǣŸǣǼsŘÞEÞĶÞ_ _ LJȖs sŘǣsŠ ǣs ŎsĠŸNjsǣ Ķ ǣ OŸŘ_ÞOÞŸŘsǣ _s ÞŘ¯Nj sǣǼNjȖOǼȖNj ƼŸNj Ŏs_ÞŸ _sĶ ƼNjŸɴsOǼŸ NjLJȖÞǼsOǼżŘÞOŸ ǼsŘÞsŘ_Ÿ sŘ OȖsŘǼ Ķ ǣ ŘsOsǣÞ_ _sǣ ŎEÞsŘǼ Ķsǣ ɴ Ķ ǣ EÞŸOĶÞŎ ǼÞO ǣ ONjs Ř_Ÿ ȖŘ _ÞǣsŠŸ _s ȖŘ sŘǼŸNjŘŸ sǣOŸĶ Nj ǣŸǣǼsŘÞEĶs LJȖs Ȗǣs sǣǼNj Ǽs¶Þ ǣ ɴ ƼNj OǼÞO ǣ _s ¶NjÞOȖĶǼȖNj ȖNjE Ř ʹ®Þ¶ȖNj ˠʺʳ
Ǣs¶ȚŘ Ķ ÞŘɚsǣǼÞ¶ OÞżŘ Njs ĶÞʊ _ ƼŸNj Ķ ŎÞǣŎ ÞŘǣǼÞǼȖOÞżŘʰ O Nj¶Ÿ _s Ķ ĵÞOʳ NsĶsŘs NżNj_ŸE ɴ ĶŸǣ sǣǼȖ_Þ ŘǼsǣ _s ŗŸɚsŘŸ ˠ _sĶ ŠŸ ˡ˟ˠ˟ʰ Ķ ÞŘǣǼÞǼȖOÞżŘ ¯Ȗs ONjs _ sŘ ˠ˨ˤˡ ƼsNjŸ ¯ȖŘOÞŸŘ E sŘ ȖŘ ¯ÞŘO ƼNjsǣǼ _ ƼŸNj ȖŘ ɚsOÞŘŸʰ ȖŘ ŠŸ _sǣƼȖwǣ ǣs OŸŘǣǼNjȖɴsNjŸŘ Ķ ǣ ƼNjÞŎsNj ǣ ÞŘǣǼ Ķ OÞŸŘsǣ sŘ ȖŘ ǼsNjNjsŘŸ sŘ¯NjsŘǼs _s Ķ ŘǼsNjÞŸNj ¯ÞŘO ʳ rŘ ˠ˨˨˟ ¯Ȗs
^s OȖsNj_Ÿ ōŸNjÞĶĶżŘ ʹˡ˟˟˟ʺ OÞǼ _Ÿ ƼŸNj Ǣ Ķ ʊ Nj ʹˡ˟ˠˠʺʰ ˆƼNjŸƼŸŘs LJȖs Ƽ Nj LJȖs ȖŘ s_Þ¯ÞOÞŸ ǣs ǣŸǣǼsŘÞEĶsʰ _sEs ǣsNj EÞŸOĶÞŎ ǼÞOŸʰ Ì OsNj ȖŘ ȖǣŸ s¯ÞOÞsŘǼs _s Ķ sŘsNj¶â ʰ ȖǼÞĶÞʊ Nj Ķ ǣ sŘsNj¶â ǣ ĶǼsNjŘ ǼÞɚ ǣ ɴ ĶŸ¶Nj Nj Ķ ȖǼŸǣȖ¯ÞOÞsŘOÞ ʳ ĵ ǣ sǼ Ƽ ǣ E ǣÞO ǣ _sĶ ƼNjŸOsǣŸ _s _ÞǣsŠŸ ǣŸŘʲ ˠʳNJsOŸƼÞĶ OÞżŘ ɴ ƼNjŸOsǣ ŎÞsŘǼŸ _s Ķ ÞŘ¯ŸNjŎ OÞżŘʳ ˡʳ ^Þ ¶ŘżǣǼÞOŸʳ ˢʳ ^s¯ÞŘÞOÞżŘ _s sǣǼNj Ǽs¶Þ ǣ _s OĶÞŎ ǼÞʊ OÞżŘʳ ˣʳ NJsOŸŎsŘ_ OÞŸŘsǣ _sĶ ^ÞǣsŠŸʳ ˤʳ ŘǼsƼNjŸɴsOǼŸʳ ˥ʳ rɚ ĶȖ OÞżŘ ǼwNjŎÞO ʳ ˦ʳ ǻŸŎ _s _sOÞǣÞŸŘsǣʳ ˧ʳ ƻNjŸɴsOǼŸ _s¯ÞŘÞǼÞɚŸˇʳ
ŗŸŎENj _ ŎŸ_sĶŸ Njs¶ÞŸŘ Ķ _s sǣOȖsĶ ŘȖsɚ ɴ ¯ÞŘ ĶŎsŘǼs _sǣ_s sĶ ŠŸ ˡ˟˟ˡ Ì ǣǼ sĶ _â _s ÌŸɴ sĶ OŸĶs¶ÞŸ Ì Njs ĶÞʊ _Ÿ ŎsĠŸNj ǣ sŘ ǣȖ Ƽs_ ¶Ÿ¶â OŸŘ ȖŘ sŘ¯ŸLJȖs sOŸǼȖNjâǣǼÞOŸ ɴ Ŏ ŘsĠŸ ŎEÞsŘǼ Ķʳ ǻ ŎEÞwŘ Njs ĶÞʊ Ř_Ÿ sŘ ĶŸǣ ȚĶǼÞŎŸǣ ŠŸǣ ƼsLJȖsŠŸǣ O ŎEÞŸǣ ɴ ŎƼĶÞ OÞŸŘsǣ sŘ ǣȖ ÞŘ¯Nj sǣǼNjȖOǼȖNj ʹ®Þ¶ʳ ˡʰ ÝŎ¶ʳ ˡʺ ¶Nj OÞ ǣ Ķ ¶sǣǼÞżŘ _s Ķ _ŎÞŘÞǣǼNj OÞżŘ _s Ķ ÞŘǣǼÞǼȖOÞżŘ ɴ ĶŸǣ ɚsOÞŘŸǣʳ
&RQIRUPDFLyQ \ HVWDGR GH OD LQVWLWXFLyQ
^s sǣǼ Ŏ ŘsNj ǣs _sǼsNjŎÞŘż LJȖs Ķ ÞŘǣǼÞǼȖOÞżŘ ǼÞsŘs ¶Nj Ř O ŘǼÞ_ _ _s ʊŸŘ ǣ ɚsNj_sǣ ʹ¯Þ¶ʳ ˢʰ ÝŎ¶ʳ ˢʺ ɴ LJȖs _s sǣǼ ǣ ¶Nj Ř ƼŸNjOsŘǼ Ġs ǣŸŘ ʊŸŘ ǣ sŘ _sǣȖǣŸʰ ǣs ŸEǣsNjɚż LJȖs Ķ ǣ s_Þ¯ÞO OÞŸŘsǣ OŸŘ Ŏ ɴŸNjsǣ ÞŘOŸŘɚsŘÞsŘǼsǣ ŎEÞsŘǼ Ķsǣ ǣŸŘ LJȖsĶĶ ǣ LJȖs ǼÞsŘsŘ Ŏ ɴŸNj s_ _ _s OŸŘǣǼNjȖOOÞżŘ ɴ LJȖs ǣs sŘOsŘǼNj Ř sŘ sĶ OsŘǼNjŸ _s Ķ ÞŘǣǼÞǼȖOÞżŘ ʹ¯Þ¶ʳ ˣʰ ÝŎ¶ ˣʺʰ Ì OÞsŘ_Ÿ LJȖs Ķ OŸŘ¯ŸNjŎ OÞżŘ _s Ķ ǣ _Þ¯sNjsŘǼsǣ Njs ǣ _sŘǼNjŸ _s Ķ ÞŘǣǼÞǼȖOÞżŘ ǣs OŸŎƼĶsǼ ŎsŘǼs ÞŘOŸŘsɮ ʹ®Þ¶ʳ ˤʰ ÝŎ¶ʳ ˤʺʳ
7(55,725,2 85%$1,602 < 3$75,021,2 02'(/26 7(Ð5,&26 85%$126 '( &,8'$'
rŘ OȖ ŘǼŸ Ķ ǣƼsOǼŸ ǣŸOÞ Ķʰ sĶ OŸĶs¶ÞŸ OȖsŘǼ OŸŘ ˢ˟ _ŸOsŘǼsǣʰ ˡˠ ƼsNjǣŸŘ Ķ _s ǣsNjɚÞOÞŸǣ ɴ ˨ˠˠ sǣǼȖ_Þ ŘǼsǣ Ŏ ǼNjÞOȖĶ _Ÿǣ sŘ ˡ˟ˠˣʰ ƼNjŸɚsŘÞsŘǼsǣ _s ǼŸ_Ÿǣ ĶŸǣ sǣǼNj ǼŸǣ ɴ OŸŘ_ÞOÞŸŘsǣ ǣŸOÞ Ķsǣ ɴ _s ŎȖŘÞOÞƼÞŸǣ Ķs_ ŠŸǣʳ rĶ ƼNjÞŘOÞƼÞŸ _s Ķ ÞŘǣǼÞǼȖOÞżŘ sǣ ONjs Nj Ķâ_sNjsǣ ɴ ˃ɚ ĶŸNj Nj sĶ ǣsNj ɴ ŘŸ sĶ ǼsŘsNj˃ _sŎ ǣ _s ƼNjŸƼ ¶ Nj _s OŸŘŸOÞŎÞsŘǼŸ sŘ Ķ OŸŎȖŘÞ_ _ O _wŎÞO ʳ
ĵŸǣ rǣOsŘ NjÞŸǣ ÞŘɚsǣǼÞ¶ ǼÞɚŸǣ ǣŸŘ sĶ ǣƼsOǼŸ Ŏ ǣ ÞŎƼŸNjǼ ŘǼs Ƽ Nj sǣǼ ÞŘǣǼÞǼȖOÞżŘ ɴ LJȖs ǣŸŘ ˤˣ˟˟ Ŏˡ _s ƼNjŸɴsOǼŸǣ sŘ ĶŸǣ OȖ Ķsǣ ĶŸǣ sǣǼȖ_Þ ŘǼsǣ ǼŸŎ Ř OŸŘOÞsŘOÞ ɴ ƼNjsŘ_sŘ _sĶ sOŸǣÞǣǼsŎ ʰ sŘ sǣǼs ƼNjŸOsǣŸ ƼNjsŘ_sŘ sĶ Ƽ ƼsĶ ɴ Ķ ÞŎƼŸNjǼ ŘOÞ _s O _ sǣƼsOÞs _sŘǼNjŸ _sĶ sLJȖÞĶÞENjÞŸ _s Ķ Ř ǼȖNj Ķsʊ ʳ rǣǼŸǣ sǣOsŘ NjÞŸǣ ǣs ɚsŘ ƼŸɴ _Ÿǣ _sĶ OŸŘǼsɮǼŸ ¶sŸ¶Nj ¯ÞOŸ ɴ sĶ OĶÞŎ ǼÞOŸ ɴ LJȖs Ķ ÞŘǣǼÞǼȖOÞżŘ ǣs sŘOȖsŘǼNj sŘ ȖŘ ʊŸŘ ƼĶ Ř _sĶ ƼÞs_sŎŸŘǼs ĶĶ ŘsNjŸʰ sŘ Ķ OsNjO Řâ _s ȖŘ ÌȖŎs_ Ķʰ ǣÞsŘ_Ÿ ȖŘ ʊŸŘ O ĶÞ_ ɴ ÌȚŎs_ _s OŸŘǣǼ ŘǼsǣ ĶĶȖɚÞ ǣ ɴ ƼŸOŸǣ ɚÞsŘǼŸǣʳ ƻ Nj _sǼsNjŎÞŘ Nj sĶ sǣǼ _Ÿ _s Ķ ÞŘ¯Nj sǣǼNjȖOǼȖNj ¯Ȗs ŘsOsǣ NjÞŸ sɚ ĶȖ Nj ˧ OŸŎƼŸŘsŘǼsǣ ʹÞĶȖŎÞŘ OÞżŘʰ ɚsŘǼÞĶ OÞżŘʰ OȚǣǼÞO ʰ ¶Ȗ ʰ NjsǣÞ_ȖŸǣʰ ʊŸŘ ǣ ÞŘOŸŎƼ ǼÞEĶsǣʰ ʊŸŘ ǣ ɚsNj_sǣ ɴ Ŏ ǼsNjÞ Ķsǣʺ _s O _ ȖŘ _s Ķ ǣ OŸŘǣǼNjȖOOÞŸŘsǣ ɴ ǣâ ĶŸ¶Nj Nj ǼsŘsNj ȖŘ _Þ ¶ŘŸǣǼÞOŸ EÞŸ NjLJȖÞǼsOǼŸŘÞOŸ _s Ķ ÞŘ¯Nj sǣǼNjȖOǼȖNj sŘ ¶sŘsNj Ķʰ OŸŘ¯ŸNjŎ _Ÿ ƼŸNj Njs¶ÞǣǼNjŸ ¯ŸǼŸ¶Nj ¯ÞOŸ ɴ ƼĶ ŘŸǣ _Þ ¶ŘżǣǼÞOŸʳ
ŗŸŎENj _ ŎŸ_sĶŸ Njs¶ÞŸŘ Ķ _s sǣOȖsĶ ŘȖsɚ ɴ ¯ÞŘ ĶŎsŘǼs _sǣ_s sĶ ŠŸ ˡ˟˟ˡ Ì ǣǼ sĶ _â _s ÌŸɴ sĶ OŸĶs¶ÞŸ Ì Njs ĶÞʊ _Ÿ ŎsĠŸNj ǣ sŘ ǣȖ Ƽs_ ¶Ÿ¶â OŸŘ ȖŘ sŘ¯ŸLJȖs sOŸǼȖNjâǣǼÞOŸ ɴ Ŏ ŘsĠŸ ŎEÞsŘǼ Ķʳ ǻ ŎEÞwŘ Njs ĶÞʊ Ř_Ÿ sŘ ĶŸǣ ȚĶǼÞŎŸǣ ŠŸǣ ƼsLJȖsŠŸǣ O ŎEÞŸǣ ɴ ŎƼĶÞ OÞŸŘsǣ sŘ ǣȖ ÞŘ¯Nj sǣǼNjȖOǼȖNj ʹ®Þ¶ʳ ˡʰ ÝŎ¶ʳ ˡʺ ¶Nj OÞ ǣ Ķ ¶sǣǼÞżŘ _s Ķ _ŎÞŘÞǣǼNj OÞżŘ _s Ķ ÞŘǣǼÞǼȖOÞżŘ ɴ ĶŸǣ ɚsOÞŘŸǣʳ ^sĠ Ř_Ÿ OŸŎŸ OŸŘOĶȖǣÞŸŘsǣ ƼNjsĶÞŎÞŘ Njsǣ LJȖs Ķ ÞŘǣǼÞǼȖOÞżŘ sǣ ŎȖɴ ÞŎƼŸNjǼ ŘǼs Ƽ Nj sĶ _sƼ NjǼ ŎsŘǼŸʰ OȖsŘǼ OŸŘ ȖŘ s¯ÞOÞsŘǼs _ŎÞŘÞǣǼNj OÞżŘ ɴ ǼÞsŘs ȖŘ ŎEÞsŘǼs ƼNjŸƼÞOÞŸ Ƽ Nj Ķ s_ȖO OÞżŘ ŎEÞsŘǼ Ķʰ ƼsNjŸ Ì Os ¯ ĶǼ sĶ OŸŘŸOÞŎÞsŘǼŸ NjLJȖÞǼsOǼżŘÞOŸʰ ŎsĠŸNj ŎÞsŘǼŸ _s ÞǣĶ ŎÞsŘǼŸ ¶sŘsNj Ķʰ NjsƼĶ ŘǼs ŎÞsŘǼŸ _s ʊŸŘ ǣ ƼsĶÞ¶NjŸǣ ǣʰ sŘǼNj _ ǣ ɴ Ƽ NjLJȖs _sNjŸǣʰ ǣÞsŘ_Ÿ ĶŸǣ sǣOsŘ NjÞŸǣ ÞŘɚsǣǼÞ¶ ǼÞɚŸǣ ɴ Ķ ǣ ʊŸŘ ǣ sŘ _sǣȖǣŸ sĶ ƼŸǼsŘOÞ Ķ ǣŸĶȖOÞżŘ ʹ®Þ¶ʳ ˥ʺʳ
7(55,725,2 85%$1,602 < 3$75,021,2 02'(/26 7(Ð5,&26 85%$126 '( &,8'$'
&DUDFWHUL]DFLyQ 'H /D &RKHUHQFLD (QWUH (GXFDFLyQ < (VSDFLR $UTXLWHFWRQLFR
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NŸŎŸ ǣs ŎsŘOÞŸŘ E OŸŘ ŘǼsNjÞŸNjÞ_ _ sǣ _s ƼNjÞŘOÞƼ Ķ ÞŎƼŸNjǼ ŘOÞ LJȖs ȖŘ sǣƼ OÞŸ sǣOŸĶ Nj _s Ķ ÞŘǣǼÞǼȖOÞżŘ s_ȖO ǼÞɚ ¶ Nj ŘǼÞOs ĶŸǣ ŎâŘÞŎŸǣ _s OŸŘ¯ŸNjǼ ɴ O ĶÞ_ _ ŘsOsǣ NjÞ sɮÞ¶Þ_Ÿǣ ƼŸNj Ķ ŘŸNjŎ ǼÞɚÞ_ _ Ƽ Nj sĶ OŸNjNjsOǼŸ _sǣ NjNjŸĶĶŸ _s Ķ ǣ OǼÞɚÞ_ _sǣ O _wŎÞO ǣʱ Ƽ Nj sǣǼŸ ǣs ǼÞsŘsŘ sŘ OȖsŘǼ ĶŸǣ NjsLJȖsNjÞŎÞsŘǼŸǣ sɮÞ¶Þ_Ÿǣ ƼŸNj Ķ ŗŸNjŎ ǻwOŘÞO NŸĶŸŎEÞ Ř ŗǻN ˣˤ˨ˤʰ ÝضsŘÞsNjâ OÞɚÞĶ ɴ NjLJȖÞǼsOǼȖNj ʰ ƻĶ Řs ŎÞsŘǼŸ ɴ ^ÞǣsŠŸ _s ÝŘǣǼ Ķ OÞŸŘsǣ ɴ ŎEÞsŘǼsǣ rǣOŸĶ Njsǣʰ ɴ Ķ ŘŸNjŎ ǼÞɚ sɮÞ¶Þ_ ƼŸNj sĶ ŎȖŘÞOÞƼÞŸ sŘ sĶ rǣLJȖsŎ _s ŷNj_sŘ ŎÞsŘǼŸ ǻsNjNjÞǼŸNjÞ Ķ _s NJsǣǼNjsƼŸʳ rŘ Ķ ƼNjŸƼȖsǣǼ ǣs ƼĶ ŘǼs ÞŘOĶȖÞNj sĶ OŸŘOsƼǼŸ Ƽs_ ¶ż¶ÞOŸ Ķ ǣ ŎÞǣŎ ǣ s_Þ¯ÞO OÞŸŘsǣ _s Ķ ÞŘǣǼÞǼȖOÞżŘʰ ƼŸNj Ŏs_ÞŸ _s Ķ ÞŎƼĶsŎsŘǼ OÞżŘ _s Ķ¶ȖŘ ǣ ˆ OOÞŸŘsǣ NjLJȖÞǼsOǼżŘÞO ǣ ǣŸǣǼsŘÞEĶsǣˇ ƼĶ ŘǼs _ ǣ ƼŸNj sĶ NjLJʳ ĵȖÞǣ _s µ NjNjÞ_Ÿʳ rŘ sĶ O ǣŸ _s Ķ ƼNjÞŎsNj ǣs¶ȚŘ Ķ ǣ ¯sOǼ OÞŸŘsǣ ɴ OsǣÞŸŘsǣ sŘ sĶ ĶŸǼs ɴ ĶŸǣ ɚ ĶŸNjsǣ _sǼsNjŎÞŘ _Ÿǣ ƼŸNj Ķ ŗǻNʰ ǣs _sǼsNjŎÞŘ LJȖs Ƽ Nj sĶ Njs ȚǼÞĶ _sĶ ƼNjs_ÞŸ _s Ķ ÞŘǣǼÞǼȖOÞżŘ ʹǻ EĶ ˠʺ Ķ ƼŸEĶ OÞżŘ Ŏ ɮÞŎ sǣ _s ˠ˦˟˦ sǣǼȖ_Þ ŘǼsǣ ƼsNjŸ sŘ ɚÞǣǼ LJȖs sĶ ǣƼsOǼŸ ŎEÞsŘǼ Ķ sǣ Ŏ ǣ ÞŎƼŸNjǼ ŘǼs ǣs _sOÞ_s OŸŘǣsNjɚ Nj sĶ ƼNjŸ¶Nj Ŏ NjLJȖÞǼsOǼżŘÞOŸ OǼȖ Ķ OŸŘǣÞ_sNj Ř_Ÿ ˡ˧ ȖĶ ǣʰ Ƽ Nj ȖŘ ŎƼĶÞ OÞżŘʰ OŸŘ sĶ ƼNjŸɴsOǼŸ _s Ì ǣǼ ˨˦˧ sǣǼȖ_Þ ŘǼsǣ ʹǻ EĶ ˡʺ
®Ȗs ŘsOsǣ NjÞŸ Njs ĶÞʊ Nj ȖŘ Ķsɚ ŘǼ ŎÞsŘǼŸ NjLJȖÞǼsOǼżŘÞOŸ OŸŎƼĶsǼŸ _s O _ ȖŘŸ _s ĶŸǣ sǣƼ OÞŸǣ ɴ ȖǣŸǣʰ ǣs _sǼsNjŎÞŘż ȖŘ _s¯ÞOÞsŘOÞ _s ˧˦ˤʳ˧ Ŏˡʳ rŘ sǣƼ OÞŸǣ OŸŎŸ EÞEĶÞŸǼsO ǣʰ Ǽs ǼNjŸʰ ǣ Ķ _s ƼNjŸ¯sǣŸNjsǣʰ EÞsŘsǣǼ Nj sǣǼȖ_Þ ŘǼÞĶ ɴ _s ĶŎ OsŘ ŎÞsŘǼŸʳ rǣǼŸǣ ŘȖsɚŸǣ sǣƼ OÞŸǣ ǣs Njs ĶÞʊ Njâ Ř Ƽ Nj _ Nj ǣsNjɚÞOÞŸ Ķ OŸŎȖŘÞ_ _ O _wŎÞO ɴ ɚsNjs_ Ķʳ ĵ ǣ OȖ Ķsǣ ǣs ƼȖs_sŘ ǣŸĶȖOÞŸŘ Nj ƼŸNj Ŏs_ÞŸ _s Ķ ȖǼÞĶÞʊ OÞżŘ ɴ ŸƼǼÞŎÞʊ OÞżŘ Ķ ǣ ʊŸŘ ǣ sŘ _sǣȖǣŸ ɴ Ķ ǣ Njs ǣ sɮOs_sŘǼsǣ OŸŎŸ Ķ ǣ _sƼŸNjǼÞɚ ǣʳ NŸŎŸ OŸŎƼĶsŎsŘǼŸ _sĶ ÞŘɚsŘǼ NjÞŸ _s Njs ǣ ǣs ŎȖsǣǼNj OŸŘǼÞŘȖ OÞżŘ ĶŸǣ ŎsǼNjŸǣ OȖ _Nj _Ÿǣ _sĶ ĶŸǼs ɴ OŸŘǣǼNjȖÞ_Ÿǣ ƼŸNj sǣǼȖ_Þ ŘǼs ʹǻ Dĵ ˣʺʳ ȖŘLJȖs ĶŸǣ ŎsǼNjŸǣ OȖ _Nj _Ÿǣ OŸŘǣǼNjȖÞ_Ÿǣ ƼŸNj sǣǼȖ_Þ ŘǼs ǣs Njs_ȖOsŘʰ sǣǼŸ ŘŸ ¯sOǼ Řs¶ ǼÞɚ ŎsŘǼs sĶ ¯ȖŘOÞŸŘ ŎÞsŘǼŸ _s Ķ ÞŘǣǼÞǼȖOÞżŘʰ ƼŸNjLJȖs ǣs ŎƼĶâ ǣŸĶŸ sĶ ŘȚŎsNjŸ Ŏ ɮÞŎŸ _s sǣǼȖ_Þ ŘǼsǣ ƼsNjŎÞǼÞ_Ÿǣ Ƽ Nj sĶ ƼNjŸ¶Nj Ŏ NjLJȖÞǼsOǼżŘÞOŸ sɮÞǣǼsŘǼs _s Ķ ÞŘǣǼÞǼȖOÞżŘʰ sǣ _sOÞNjʰ ǣŸĶ ŎsŘǼs sĶ ŘȚŎsNjŸ _s sǣǼȖ_Þ ŘǼsǣ Ŏ ɮÞŎŸǣ Ƽ Nj Ķ ǣ ˡ˧ ȖĶ ǣʳ ĵ ŗŸNjŎ ǻwOŘÞO NŸĶŸŎEÞ Ř ŗǻN ˣˤ˨ˤ ƼsNjŎÞǼs Ķ ŎƼĶÞ OÞżŘ _sĶ ŘȚŎsNjŸ _s OȖƼŸ Ì ǣǼ ˠˡˤ˨ sǣǼȖ_Þ ŘǼsǣ Ƽ Nj sǣǼs ǼÞƼŸ _s ÞŘǣǼÞǼȖOÞżŘ ɴ OŸŘ sĶ ŘȚŎsNjŸ _s Ŏ ǼNjâOȖĶ sǣOŸ¶Þ_Ÿ OŸŎŸ Njs¯sNjsŘOÞ ʳ
ǻ EĶ ˠʳ ¯sOǼ OÞŸŘsǣ ɴ OsǣÞŸŘsǣ _sĶ ĶŸǼs _s Ķ ÞŘǣǼÞǼȖOÞżŘʳ
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7DEOD 0 HWURV FXDGUDGRV GHO ORWH \ FRQVWUXLGRV SRU HVWXGL ( 63 $ & ,2 & 2 1 ( 63 $ & ,2 $ & 7 8 $ / 3 5 2 3 8 ( 67 $ 1 ~P HUR GH 1 ~P HUR GH HVWXGLDQWHV HVWXGLDQWHV 0 ORWH HVWXGLDQWH 0 ORWH HVWXGLDQWH
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7(55,725,2 85%$1,602 < 3$75,021,2 02'(/26 7(Ð5,&26 85%$126 '( &,8'$'
rŘ sĶ O ǣŸ _sĶ OŸŘOsƼǼŸ Ƽs_ ¶ż¶ÞOŸʰ sĶ OŸĶs¶ÞŸ ǼÞsŘs NjsĶ OÞŸŘsǣ ƼŸǣÞǼÞɚ ǣ sŘǼNjs Ķ ǣ Njs ǣ ɚsNj_sǣʰ ĶŸǣ sǣOsŘ NjÞŸǣ ÞŘɚsǣǼÞ¶ ǼÞɚŸǣ ɴ sĶ OŸŘOsƼǼŸ Ƽs_ ¶ż¶ÞOŸ ƼsNjŸ Ķ NjsĶ OÞżŘ ÞŘsɮÞǣǼsŘǼs sǣ OŸŘ sĶ sǣƼ OÞŸ NjLJȖÞǼsOǼżŘÞOŸʰ Ķ OȖ Ķ ǣs EȖǣO ǣŸĶȖOÞŸŘ Nj ƼŸNj Ŏs_ÞŸ _s Ķ ǣ ˆ OOÞŸŘsǣ NjLJȖÞǼsOǼżŘÞO ǣ ǣŸǣǼsŘÞEĶsǣˇ _s ĵȖÞǣ _s µ NjNjÞ_Ÿʳ Ǣs _sǼsNjŎÞŘż LJȖs _s sǣǼ ǣ OOÞŸŘsǣ ǣŸĶŸ ǣs Ȗǣ Ř ˤ sŘ Ķ ÞŘǣǼÞǼȖOÞżŘʰ OŸŘ Ķ ƼNjŸƼȖsǣǼ ǣs EȖǣO ÞŘONjsŎsŘǼ Nj ˡ˧ _s Ķ ǣ ˤ˥ OOÞŸŘsǣ NjLJȖÞǼsOǼżŘÞO ǣ ǣŸǣǼsŘÞEĶsǣʰ ƼĶÞO Ř_Ÿ ƼNjÞŘOÞƼ ĶŎsŘǼs Ķ ǣ Ŏ ǣ s¯ÞOÞsŘǼsǣ ɴ ŎsŘŸǣ OŸǣǼŸǣ ǣʳ ĵ ǣ OOÞŸŘsǣ ŘŸ ÞŎƼĶsŎsŘǼ _ ǣ ǣs _sEsŘ ÞŎƼs_ÞŎsŘǼŸǣ OĶÞŎ ǼÞOŸǣʰ ǣŸOÞ Ķsǣ ɴ sOŸŘżŎÞOŸǣʳ
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ĵǼNj Ǽ ŎÞsŘǼŸ _s ^sǣ NjNjŸĶĶŸʲ ƻŸNj Ŏs_ÞŸ _s Ķ ÞŘǼsNjɚsŘOÞżŘ ǣs EȖǣO ÞŘOŸNjƼŸNj Nj ȖŘ ǼsNjNjsŘŸ ɚ O⟠Ķ _sǣ NjNjŸĶĶŸ _s Ķ ÞŘǣǼÞǼȖOÞżŘʰ Ŏs_Þ ŘǼs sĶ _sĶ ŘǼŸ _s ƼNjŸOsǣŸǣ OŸŘǣǼNjȖOǼÞɚŸǣ OŸÌsNjsŘǼsǣ OŸŘ ĶŸǣ ƼNjÞŘOÞƼÞŸǣ _s Ķ ÞŘǣǼÞǼȖOÞżŘʳ
3URSXHVWD JHQHUDO GHO &RQWH[WR 5XUDO
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Ķ _sǼsNjŎÞŘ ŘǼsǣ ƼĶ ŘǼs Ř ȖŘ ƼNjŸƼȖsǣǼ LJȖs ǣs NjÞ¶s ƼŸNj sĶ sǣǼ _Ÿ OǼȖ Ķ _s Ķ ÞŘǼÞǼȖOÞŸŘʰ ɴ LJȖs ȖŘ _s Ķ ǣ _sǼsNjŎÞŘ ŘǼsǣ ǣŸOÞ Ķsǣ ɴ OȖĶǼȖNj Ķsǣ sǣ sĶ ¶Nj Ř ǣsŘǼÞ_Ÿ _s ƼsNjǼsŘsŘOÞ _s Ķ ƼŸEĶ OÞŸŘ ƼŸNj Ķ ÞŘǼÞǼȖOÞŸŘʳ
(GLILFDFLRQHV 3URSXHVWDV $PELHQWH $ % \ 'LUHFFLyQ $GPLQLVWUDWLYD ȕŘ Njs ÞŘ _sOȖ _ Ƽ Nj Ķ ÞŘǣǼÞǼȖOÞżŘ ǣs ƼNjŸƼŸŘs Ķ ÌŸŎŸ¶sŘÞʊ OÞżŘ OŸŘ sĶ ĶsضȖ Ġs NjLJȖÞǼsOǼżŘÞOŸ ǣŸǣǼsŘÞEĶs ƼNjŸƼȖsǣǼŸ ɴ _ÞǣƼŸŘs ǼŸ_ ǣ Ķ ǣ ¯ȖŘOÞŸŘsǣ Ŏ ǣ ÞŎƼŸNjǼ ŘǼsǣʰ OŸŎŸ Ķ _ŎÞŘÞǣǼNj ǼÞɚ ʳ
$PELHQWHV $ ² & ´%ORTXH GH /DERUDWRULRVµ ^s ĶŸǣ s_Þ¯ÞOÞŸǣ LJȖs OŸŘ¯ŸNjŎ Ř sǣǼs OŸŘĠȖŘǼŸ _s ǣ ĶŸŘsǣ ɴ Ķ EŸNj ǼŸNjÞŸǣ sǣǼ Ř _sǣ NjǼÞOȖĶ _Ÿǣʳ ĵ ƼNjŸƼȖsǣǼ NjsǣȖĶǼ _s OŸŎEÞŘ Nj ĶŸǣ ɚŸĶȚŎsŘsǣ ɴ sĠsǣʰ ǼÞsŘs sŘ OȖsŘǼ Ķ ǼÞƼŸĶŸ¶â NjLJȖÞǼsOǼżŘÞO _ŸŎÞŘ ŘǼs sŘ sĶ OŸĶs¶ÞŸʰ ŎȖNjŸǣ _s Ķ _NjÞĶĶŸ ǼŸĶsǼs Ķ ɚÞǣǼ ʰ Ƽ Nj Ķ ȖǼÞĶÞʊ OÞżŘ _s ĶŸǣ Ŏ ǼsNjÞ Ķsǣ ɴ Ķ ɚŸĶȖŎsǼNjâ _sĶ s_Þ¯ÞOÞŸ sŘ ¶sŘsNj Ķʰ ǣs ƼNjŸƼŸŘsŘ O ŎEÞ Nj ¯ OÌ _ ǣ OsNjNj _ ǣ ƼŸNj ǣsŎÞ˚ EÞsNjǼ ǣʰ ƼŸNj Ŏs_ÞŸ _s OŸNjǼ ǣŸĶsǣ ŎÞONjŸ˚ƼsNj¯ŸNj _Ÿǣ ¯ÞĠŸǣʰ _sŎ ǣ _s Ķ ONjs OÞżŘ _s E NjNjsNj ǣ ɚsNj_sǣ ĠȖŘǼŸ OsNjNj ŎÞsŘǼŸ _s Ķ ÞŘǣǼÞǼȖOÞżŘ ɴ Ķ ǣ O E ĶĶsNjÞʊ ǣ _s Ķ ǣ ¯ÞŘO ǣ ɚsOÞŘ ǣʳ
$PELHQWHV $ \ 6HUYLFLRV 6DQLWDULRV SDUD QLxRV SHTXHxRV $PELHQWH GH $OPDFHQDPLHQWR \ ² ´%ORTXH GH 3UHHVFRODUµ PDQWHQLPLHQWR ² ´3RUWHUtDµ
7(55,725,2 85%$1,602 < 3$75,021,2 02'(/26 7(Ð5,&26 85%$126 '( &,8'$'
ȕŘ ÞŘOŸŘɚsŘÞsŘǼs LJȖs ƼNjsǣsŘǼ sǣ sĶ Njs¯sNjsŘǼs Ķ ÞĶȖŎÞŘ OÞżŘ ɴ LJȖs Ķ ǣ ɚsŘǼ Ř ǣ sǣǼ Ř ŸEǣǼ OȖĶÞʊ _ ǣ ƼŸNj Ŏs_ÞŸ _s O NjǼsĶsNj ǣ O _wŎÞO ǣʳ _sŎ ǣ ǣs sǣǼ s_Þ¯ÞO OÞżŘ ǣs sŘOȖsŘǼNj ˃ÞŘOŸŎȖŘÞO _ ˃ OŸŘ Ķ ǣ _sŎ ǣ _s ǣȖ ĶNjs_s_ŸNjʰ ɴ LJȖs sĶ ŘÞɚsĶ _sĶ ƼÞǣŸ sǣǼ ƼŸNj sŘOÞŎ _s ĶŸǣ _sŎ ǣʰ ÞŎƼÞ_ÞsŘ_Ÿ sĶ ĶÞENjs ǼNj ŘǣÞǼŸ sŘǼNjs Ķ ǣ s_Þ¯ÞO OÞŸŘsǣʳ rŘ ǣȖ OŸŘ¯ŸNjŎ OÞżŘ sǣƼ OÞ Ķ ŘŸ ǣs ƼNjŸɚsOÌ Ķ OÞsŘ ƼŸNj OÞsŘǼŸʰ _sEÞ_Ÿ Ķ ȖǼÞĶÞʊ OÞżŘ _s ȖŘ OŸOÞŘsǼ Ķ ǼsNj Ķ OŸŎŸ ĶŎ OwŘʳ
ĵ ÞŘǣǼÞǼȖOÞżŘ OȖsŘǼ OŸŘ ȖŘ sǣƼ OÞŸ ÞŘ _sOȖ _Ÿ Ƽ Nj sĶ sĠsNjOÞOÞŸ _s Ķ ɚÞ¶ÞĶ ŘOÞ ʰ ĶŸǣ ƼŸNjǼsNjŸǣ _sEsŘ ƼsNjŎ ŘsOsNj sŘ OsNjO Řâ ǣ Ķ Ÿ¯ÞOÞŘ _s ǣsONjsǼ Njâ ɴ ĶŸǣ ǣ ĶŸŘsǣ sŘ ȖŘ ĶȖ¶ Nj EÞsNjǼŸ LJȖs sŘ ŸO ǣÞŸŘsǣ sǣ ŸOȖƼ _Ÿ ƼŸNj ĶŸǣ sǣǼȖ_Þ ŘǼsǣʰ ƼNjŸɚŸO Ř_Ÿ ȖŘ _ÞǣǼNj OOÞżŘ _s sǣǼs sĠsNjOÞOÞŸʳ rǣǼs sǣƼ OÞŸ ǣs sŘOȖsŘǼNj _sŎ ǣ NjsǼÞNj _Ÿ _s Ķ ƼȖsNjǼ ƼNjÞŘOÞƼ Ķ _s OOsǣŸʳ rŘ Ķ ƼNjŸƼȖsǣǼ sǣ ȖŘ s_Þ¯ÞOÞŸ ǼÞƼŸ O E Š _s Ŏ ǼsNjÞ Ķsǣ NjsOÞOĶ _Ÿǣʳ
ĵ ƼNjŸƼȖsǣǼ NjsǣȖĶǼ _s ƼNjŸɴsOǼ Nj sĶ ɚŸĶȖŎsŘ ƼNjssɮÞǣǼsŘǼs ɴ ĶŸǣ sĠsǣ Ƽs ǼŸŘ Ķsǣʰ ǼÞsŘs sŘ OȖsŘǼ Ķ ǼÞƼŸĶŸ¶â NjLJȖÞǼsOǼżŘÞO _ŸŎÞŘ ŘǼs sŘ sĶ OŸĶs¶ÞŸ Ƽ Nj Ķ ȖǼÞĶÞʊ OÞżŘ _s ĶŸǣ Ŏ ǼsNjÞ Ķsǣʰ _ÞOÞŸŘ ĶŎsŘǼs ǣs ǼŸŎ NjŸŘ sŘ OȖsŘǼ Ķ ǣ ŘsOsǣÞ_ _sǣ EÞŸOĶÞŎ ǼÞO ǣ _s sǣǼs sǣƼ OÞŸʰ ƼŸNj ĶŸ Ǽ ŘǼŸ ǣs ƼNjŸƼŸŘsŘ O ŎEÞ Nj Ķ ÞĶȖŎÞŘ OÞżŘ ƼŸNj ȖŘ ÞĶȖŎÞŘ OÞżŘ OsŘÞǼ Ķ LJȖs ƼsNjŎÞǼ ĶŸǣ sǣǼȖ_Þ ŘǼsǣ Njs ĶÞʊ Nj ǣȖǣ OǼÞɚÞ_ _sǣ O _wŎÞO ǣ ǣÞŘ _ÞǣǼNj OOÞŸŘsǣʳ
0RELOLDULR ² ´ÉUHD GH HQFXHQWURµ
ȕŘ Njs ÞŘsɮÞǣǼsŘǼs LJȖs ƼŸNj Ŏs_ÞŸ _s Ķ ƼNjŸƼȖsǣǼ ǣs ƼĶ ŘǼs ƼNjÞŘOÞƼ ĶŎsŘǼs Ķ ȖǼÞĶÞʊ OÞżŘ _s ĶŸǣ Ŏ ǼsNjÞ Ķsǣ NjsOÞOĶ _Ÿǣʳ Ǣs EȖǣO LJȖs ǣs ȖŘ sǣƼ OÞŸ Ƽ Nj Njs ĶÞʊ Nj OǼÞɚÞ_ _sǣ O _wŎÞO ǣ Ÿ _s sǣƼ NjOÞŎÞsŘǼŸʳ Ǣs ƼNjŸƼŸŘs Ȗǣ Nj OŸŎŸ ǣŸƼŸNjǼs ĶĶ ŘǼ ǣ LJȖs ƼsNjŎÞǼ Ř Ķ NjsǼsŘOÞżŘ _s Ķ ǼÞsNjNj LJȖs Ì Os _s sǣƼ Ķ_ Nj Ƽ Nj Ķ ǣ ǣÞĶĶ ǣʰ ɴ _ÞOÞŸŘ ĶŎsŘǼs ƼŸNj Ŏs_ÞŸ _s ȖŘ ǣs¶ȖŘ_Ÿ ȖǣŸ ǣs ɴȖ_ Ķ NjsǼsŘOÞżŘ _s ˡˤ ĶĶ ŘǼ ǣ ¶Nj Ř_sǣʳ
675$7(*,$6 < $&&,21(6 ( 6267(1,%/(6 < $*5,&8/785$ 85%$1$
(GLILFDFLRQHV 5HQRYDGDV
7(55,725,2 85%$1,602 < 3$75,021,2 02'(/26 7(Ð5,&26 85%$126 '( &,8'$'
6HUYLFLRV VDQLWDULRV \ $PELHQWHV $ ² ´%DWHUtD GH EDxRVµ \ ´%ORTXHV GH DXODVµ rǣǼŸǣ s_Þ¯ÞOÞŸǣ ǼÞsŘsŘ ƼNjŸEĶsŎ ǣ OŸŘ Ķ ÞĶȖŎÞŘ OÞżŘ ɴ Ķ ǼsŎƼsNj ǼȖNj _sŘǼNjŸ _s Ķ ǣ ȖĶ ǣ ɴ OŸŘ ĶŸǣ Ř_sŘsǣ _s OŸŎȖŘÞO OÞżŘʳ ĵ ƼNjŸƼȖsǣǼ Ƽ Nj Ķ ǣ _Ÿǣ s_Þ¯ÞO OÞŸŘsǣ NjssŎƼĶ ʊ Ķ ǣ OȖOÌÞĶĶ ǣ sɮÞǣǼsŘǼsǣ ƼŸNj OŸNjǼ ǣŸĶsǣʳ Ǣs ƼNjŸƼŸŘs Ķ ƼNjŸĶŸŘ¶ OÞżŘ _s Ķ OȖEÞsNjǼ _sĶ ŘǼsNj Ƽ Nj ¶Nj Ř Ƽ NjǼs _sĶ Ř_wŘ ¯NjŸŘǼ Ķʰ Ķ sǣǼNjȖOǼȖNj sŘ Ŏ _sNj sŎƼĶs _ Ƽ Nj sǣǼs sĶsŎsŘǼŸ sǣ NjsȖǼÞĶÞʊ _ ʰ _ÞOÞŸŘ ĶŎsŘǼs sǣǼs sĶsŎsŘǼŸ Ǽ ŎEÞwŘ O Ř ĶÞʊ Ķ ǣ ¶Ȗ ǣ ĶĶȖɚÞ ǣ Ƽ Nj ǣsNj OŸŘ_ȖOÞ_ ǣ Ì OÞ ȖŘ ƼŸǣŸ LJȖs ƼsNjŎÞǼ NjsȖǼÞĶÞʊ Nj Ķ ǣ ¶Ȗ ǣ ĶĶȖɚÞ ʳ
ƻ Nj ƼŸ_sNj NjǼÞOȖĶ Nj Ķ ƼNjŸƼȖsǣǼ ĶŸǣ ĶÞŘs ŎÞsŘǼŸǣ _s Ķ ÞŘǣǼÞǼȖOÞżŘʰ ǣs ƼNjŸƼŸŘsŘ ȖŘ OŸŘĠȖŘǼŸ _s sǣǼNj Ǽs¶Þ ǣ _sǼ ĶĶsǣ OŸŘǣǼNjȖOǼÞɚŸǣʰ LJȖs ƼŸNj Ŏs_ÞŸ _s ƼNj OǼÞO ǣ ǣŸǣǼsŘÞEĶsǣ ǣȖƼĶsŘ Ķ ǣ ŘsOsǣÞ_ _sǣ ƼȖŘǼȖ Ķsǣ _s Ķ ÞŘǣǼÞǼȖOÞżŘʳ ĵ ǣ O NjsŘOÞ ǣ _s sĶsŎsŘǼŸǣ _s ŎŸEÞĶÞ NjÞŸ ɴ sĶsŎsŘǼŸǣ sǣǼNjȖOǼȖNj Ķsǣ ƼNjŸƼÞŸǣ Ƽ Nj Ķ ǣ ŘsOsǣÞ_ _sǣ _s Ķ ÞŘǣǼÞǼȖOÞżŘ ǣs ǣȖƼĶsŘ ¶Nj Ř_sǣ Nj ǣ¶Ÿǣ OŸŘ Ķ ONjs OÞżŘ _s ȖŘ Njs_ _s _sǼ ĶĶsǣ LJȖs ǼŸŎ Ř OŸŎŸ ƼNjÞŘOÞƼ Ķ _sǼsNjŎÞŘ ŘǼs _s _ÞǣsŠŸ Ķ ǣ ƼNj OǼÞO ǣ ɴ OOÞŸŘsǣ ǣŸǣǼsŘÞEĶsǣʰ ɴ Ķ ǣ ǼNj _ȖOsŘ sŘ ǣŸĶȖOÞŸŘsǣ ŘsOsǣÞ_ _sǣ ƼNjÞŘOÞƼ Ķsǣ OŸŎŸ sĶ ÞǣĶ ŎÞsŘǼŸ ɴ sĶ E ǣǼsOÞŎÞsŘǼŸ _s ¶Ȗ ʳ
3DUDGD GH EXV NŸŎŸ ƼȖŘǼŸ ǣs¶ȖNjŸ ɴ _s ǣsŠ ĶÞʊ OÞżŘ Ƽ Nj Ķ OŸŎȖŘÞ_ _ sŘ sĶ sɮǼsNjÞŸNj _s Ķ ÞŘǣǼÞǼȖOÞżŘʳ
6HUYLFLRV VDQLWDULRV \ $PELHQWHV $ ² ´%DWHUtD GH EDxRVµ \ ´%ORTXHV GH DXODVµ rǣǼŸǣ s_Þ¯ÞOÞŸǣ ǼÞsŘsŘ ƼNjŸEĶsŎ ǣ OŸŘ Ķ ÞĶȖŎÞŘ OÞżŘ ɴ Ķ ǼsŎƼsNj ǼȖNj _sŘǼNjŸ _s Ķ ǣ ȖĶ ǣ ɴ OŸŘ ĶŸǣ Ř_sŘsǣ _s OŸŎȖŘÞO OÞżŘʳ ĵ ƼNjŸƼȖsǣǼ Ƽ Nj Ķ ǣ _Ÿǣ s_Þ¯ÞO OÞŸŘsǣ NjssŎƼĶ ʊ Ķ ǣ OȖOÌÞĶĶ ǣ sɮÞǣǼsŘǼsǣ ƼŸNj OŸNjǼ ǣŸĶsǣʳ Ǣs ƼNjŸƼŸŘs Ķ ƼNjŸĶŸŘ¶ OÞżŘ _s Ķ OȖEÞsNjǼ _sĶ ŘǼsNj Ƽ Nj ¶Nj Ř Ƽ NjǼs _sĶ Ř_wŘ ¯NjŸŘǼ Ķʰ Ķ sǣǼNjȖOǼȖNj sŘ Ŏ _sNj sŎƼĶs _ Ƽ Nj sǣǼs sĶsŎsŘǼŸ sǣ NjsȖǼÞĶÞʊ _ ʰ _ÞOÞŸŘ ĶŎsŘǼs sǣǼs sĶsŎsŘǼŸ Ǽ ŎEÞwŘ O Ř ĶÞʊ Ķ ǣ ¶Ȗ ǣ ĶĶȖɚÞ ǣ Ƽ Nj ǣsNj OŸŘ_ȖOÞ_ ǣ Ì OÞ ȖŘ ƼŸǣŸ LJȖs ƼsNjŎÞǼ NjsȖǼÞĶÞʊ Nj Ķ ǣ ¶Ȗ ǣ ĶĶȖɚÞ ʳ
XHUWDV GH ,QJUHVR 3 Ǣs ƼNjŸƼŸŘs OŸŎŸ ǼNj OǼÞɚŸ ɚÞǣȖ Ķ Ķ rɮǼsNjÞŸNj _s Ķ ÞŘǣǼÞǼȖOÞżŘʳ
-DQHWK GHO 3LODU 9DFD 'HYLD $ORQVR 4XLQWHUR 3HxDUDQGD
ȕŗ NrNJN ōÝrŗǻŷ ĵ Ëȕō ŗÝʉ NÝŻŗ ǻrŻNJÝN ^rĵ rǢƻ NÝŷ NJdžȕÝǻrNǻŻŗÝNŷʳ
7(55,725,2 85%$1,602 < 3$75,021,2 02'(/26 7(Ð5,&26 85%$126 '( &,8'$'
+iELWDW HFROyJLFDPHQWH WHFQROyJLFR
ǼNj ɚwǣ _s ĶŸǣ ƼNjŸOsǣŸǣ _s _sǣ NjNjŸĶĶŸ ǣs Ì ŘŸNjŎ ǼÞʊ _Ÿ Ķ ǣ _ÞɚsNjǣ ǣ ¯ŸNjŎ ǣ _s OŸŘǣǼNjȖÞNj ɴ _s Ì EÞǼ Njʰ sŘ Ķ ÌÞǣǼŸNjÞ ǣs sɚÞ_sŘOÞ ȖŘ ǣŸOÞs_ _ ÞŘ_Þ¯sNjsŘǼs ɴ sɮOĶȖɴsŘǼs LJȖs _sƼsŘ_s _sĶ ǣsOǼŸNj sOŸŘżŎÞOŸ ɴ LJȖs ŘŸǣŸǼNjŸǣ ŎÞǣŎŸǣ ǣȖǣǼsŘǼ ŎŸǣ OŸŘ ŘȖsǣǼNj Þ¶ŘŸNj ŘOÞ ʰ ɴ sŘ ĶŸ LJȖs Ǽ Šs Ķ Ì EÞǼ Ǽʰ sĶ sǣƼ OÞŸ _ŸŘ_s OŸŘǼÞŘȖ ŎsŘǼs Njs ĶÞʊ ŎŸǣ ŘȖsǣǼNj ǣ OǼÞɚÞ_ _sǣ O _ _â O NjsOs ɴ _ŸĶsOs _s ȖŘ NjLJȖÞǼsOǼȖNj ¯ÞŘ ʰ sOŸĶż¶ÞO ŎsŘǼs NjsǣƼsǼȖŸǣ _sĶ sŘǼŸNjŘŸʰ sɮÞ¶ÞsŘ_Ÿ NjsǣƼȖsǣǼ ǣ Ķ ƼNjŸEĶsŎ ǼÞO Ŏs_ÞŸ ŎEÞsŘǼ Ķ LJȖs _sŎ Ř_ Ř ŸǼNjŸ ǼÞƼŸ _s ɚÞɚÞsŘ_ ʳ
ʳĵ NjLJȖÞǼsOǼȖNj ǼNj Řǣ¯ŸNjŎ ǣȖ OŸŘOsƼǼŸ ¶sŘsNj Ř_Ÿ ÌȖŎ ŘÞʊ OÞżŘ sŘ ĶŸǣ sǣƼ OÞŸǣ ǼsOŘŸĶż¶ÞO ŎsŘǼs OǼÞɚŸǣ Ƽ Nj ȖŘ NjLJȖÞǼsOǼȖNj sOŸĶż¶ÞO ŎsŘǼs Ƽ ǣÞɚ LJȖs NjsǣƼŸŘ_ Ř ɴ ǣs _ ƼǼsŘ Ķ ¯ÞĶŸǣŸ¯â NjǼâǣǼÞO ɴ ONjs ǼÞɚ ʰ ÞŘOĶȖɴsŘǼs Ķ NjsǣƼȖsǣǼ ¯ŸNjŎ Ķ _sĶ ȖǣȖ NjÞŸ ǣs¶ȚŘ ǣs ǣȖ OŸŘ_ÞOÞżŘʰ OȖɴŸ ƼNjŸ_ȖOǼŸ Ķ ¯ÞŘ Ķ sǣ ȖŘ ōŸ_sĶŸ sOŸĶż¶ÞO ŎsŘǼs s¯ÞOÞsŘǼsʰ NjsǣƼsǼȖŸǣŸ OŸŘ Ķ NjLJȖÞǼsOǼȖNj ǼsOŘŸĶż¶ÞO ŎsŘǼs sOŸĶż¶ÞO ʰ ǣŸǣǼsŘÞEĶs ɴ ǣȖǣǼsŘǼ EĶsʳ
ĵ ǻsOŘŸĶŸ¶â Ì ǣÞǣǼsŎ ǼÞʊ _Ÿ Ķ ¯ȖsNjʊ sĶ NjŸĶ _s Ķ ONjs ǼÞɚÞ_ _ NjLJȖÞǼsOǼżŘÞO _sĶ sǣƼ OÞŸ ɚÞǼ Ķʰ _sĶ sǣƼ OÞŸ OŸŘ¯ŸNjǼʰ _sĶ sǣƼ OÞŸ ɚsNjŘ OȖĶŸʰ _sĶ sǣƼ OÞŸ Ì EÞǼ EĶs Ƽ Nj sĶ ǣsNj ÌȖŎ ŘŸʰ Ƽ Nj Ķ ¯ ŎÞĶÞ ʰ ŸĶɚÞ_ Ř_Ÿǣs _s ǣȖ ɚsNj_ _sNj sǣsŘOÞ OŸŎŸ sĶsŎsŘǼŸ ɴ ǣÞǣǼsŎ _s OŸŘǣǼNjȖOOÞżŘʰ ɚ Řʊ _ sŘ Ķ ǼsOŘŸĶŸ¶â ƼȖNj ʰ OŸŎŸ _ÞNjsOǼNjÞʊ sǣƼ OÞ Ķʰ LJȖs ¯ŸNjŎ Ƽ NjǼs sǣsŘOÞ Ķ _sĶ ƼNjŸ_ȖOǼŸ NjLJȖÞǼsOǼżŘÞOŸ _sĶ sǣƼ OÞŸʳ
7(55,725,2 85%$1,602 < 3$75,021,2 02'(/26 7(Ð5,&26 85%$126 '( &,8'$'
+LVWRULFLGDG GHO HVSDFLR \ VX HQWRUQR ŗŸ sǣ sɮǼNj ŠŸ sɚÞ_sŘOÞ Nj LJȖs sŘ Ķ ÌÞǣǼŸNjÞ _sĶ Ë EÞǼ Ǽ Ƽ Nj sĶ ÌŸŎENjs ǣs Ì ɚsŘÞ_Ÿ ɚ Řʊ Ř_Ÿ sŘ NjsĶ OÞżŘ ǣȖ ǼsOŘŸĶŸ¶â ʰ ǼNj ɚwǣ _s ĶŸǣ ǼÞsŎƼŸǣʰ Ķ ÌÞǣǼŸNjÞ ŘŸǣ _sŎȖsǣǼNj OŸŘ ÌsOÌŸǣ Ķ ƼŸǣǼȖNj _s Ķ OŸŘǣǼNjȖOOÞżŘ sŘ NjsĶ OÞżŘ Ķ ȖǼÞĶÞʊ OÞżŘ _s ĶŸǣ Ŏ ǼsNjÞ Ķsǣ ƼNjŸƼÞŸǣ _s Ķ Njs¶ÞżŘ ˆ NjLJȖÞǼsOǼȖNj ɚsNjŘ OȖĶ ˆOŸŎŸʰ ÌȖsǣŸǣʰ NjEŸĶsǣʰ ENjÞ¶Ÿǣ NjŸOŸǣŸǣʰ Ķ _NjÞĶĶŸǣ _s _ŸEsʰ ƼÞs_Nj ɴ Ŏ NjŎŸĶʳ rĶ _ÞǣsŠŸ _s Ķ ɚÞɚÞsŘ_ ĶŸ Ķ Nj¶Ÿ _s Ķ ɚÞɚÞsŘ_ ĶŸ Ķ Nj¶Ÿ _s Ķ ÌÞǣǼŸNjÞ Njs¯ĶsĠ Ķ ǣ _Þ¯sNjsŘǼsǣ ǣŸĶȖOÞŸŘsǣ _ŸƼǼ _ ǣ sŘ O _ ƼsNjÞŸ_Ÿ ¯NjsŘǼs Ķ ƼNjŸEĶsŎ _s ƼNjŸɚssNjǣs _s ȖŘ sŘǼŸNjŘŸ ƼsLJȖsŠŸ ɴ OŸŘǼNjŸĶ _Ÿʰ _sŘǼNjŸ _sĶ ŎƼĶÞŸ sǣƼ OÞŸ Ř ǼȖNj Ķʰ ¶sŘsNj ĶŎsŘǼs O ǣǼÞ¶ _Ÿ ƼŸNj ¯ OǼŸNjsǣ _ɚsNjǣŸǣ Ǽ Ķsǣ OŸŎŸ sĶ ¯NjâŸʰ sĶ O ĶŸNjʰ sĶ ɚÞsŘǼŸʰ Ķ ǣ ĶĶȖɚÞ ǣ ɴ sĶ ǣŸĶʳ rŘ sǣs Ŏ NjOŸ ÌÞǣǼżNjÞOŸʰ Ƽ NjsOs Ǽ ŎEÞwŘʰ _sǣ_s Ķ ¯ÞĶŸǣŸ¯â _s Ķ sɮÞǣǼsŘOÞ ʰ ȖŘ OŸŘOsƼǼȖ ĶÞʊ OÞżŘ _sĶ Ì EÞǼ Nj ÌȖŎ ŘŸʳ ËsÞ_s¶¶sNj OŸŘOsŘǼNj sŘ sĶ Ì EÞǼ Nj Ķ ǣ _ÞŎsŘǣÞŸŘsǣ ¯ȖŘ_ ŎsŘǼ Ķsǣ _s Ķ sɮÞǣǼsŘOÞ ʰ OŸŘ ĶŸ LJȖs _sǣǼ O OŸŎŸ ÞNjNjs_ȖOǼÞEĶs Ķ ÞŘǼsNj OOÞżŘ _sĶ ÌŸŎENjs sŘ ǣȖ sɮÞǣǼsŘOÞ ʰ OŸŘ ǣȖ sǣƼ OÞŸʰ Ÿ ǣȖ sŘǼŸNjŘŸʳ ĵ NjsǣƼȖsǣǼ _sĶ Ë EÞǼ Ǽ Ķ NĶÞŎ ʰ ǣs O Nj OǼsNjÞʊ sŘ Ķ s¯ÞOÞsŘOÞ sŘsNj¶wǼÞO ʰ Ķ ŸNjÞsŘǼ OÞżŘ _sĶ ŎÞǣŎŸʰ sĶ ÌŸNjNjŸ ɴ Ķ NjsǣƼȖsǣǼ s¯ÞOÞsŘǼs _s OȖsNj_Ÿ Ķ ǼÞƼŸ _s Ì EÞǼ Ǽʰ Ķ ǼÞƼŸ _s ƼŸEĶ OÞżŘʰ ɴ ¶sŘsNj ȖŘ Ř ĶÞǣÞǣ _s Ŏ ǼsNjÞ Ķsǣ _s OȖsNj_Ÿ Ķ OŸŎƼŸNjǼ ŎÞsŘǼŸ EÞŸOĶÞŎ ǼÞOŸʰ Ķ Ř ĶÞǣÞǣ _sĶ ȖǣȖ NjÞŸʰ Ķ _ÞǣsŠŸ _s ĶŸǣ sǣƼ OÞŸǣʰ ƻsNjŸ Ǽ ŎEÞwŘ sǣ ŎȖɴ ÞŎƼŸNjǼ ŘǼs OŸŘǼsŎƼĶ Nj _s LJȖw sǣǼ Ř ÌsOÌŸǣ sǣŸǣ Ŏ ǼsNjÞ Ķsǣ ɴ _s _żŘ_s ɚÞsŘsŘʳ ĵ s¯ÞOÞsŘOÞ sŘsNj¶wǼÞO Ǽ ŎEÞwŘ OŸŘǣÞǣǼs sŘ ȖǼÞĶÞʊ Nj Ŏ ǼsNjÞ Ķsǣ OŸŘ ƼŸO ÌȖsĶĶ sOŸĶż¶ÞO ʳ
/D 7HyULFD GHO HVSDFLR Ķ ƼNjs¶ȖŘǼ Nj Ķ sǣǼȖ_Þ ŘǼs LJȖw sǣ Ķ NjLJȖÞǼsOǼȖNj ʰ ƼŸ_sŎŸǣ sĶs¶ÞNj ȖŘ _s sǣǼ ǣ _Ÿǣ _s¯ÞŘÞOÞŸŘsǣʲ ˠ ̮ ĵ NjLJȖÞǼsOǼȖNj sǣ ȖŘ ɚŸĶȖŎsǼNjâ OŸŘǣǼNjȖÞ_ ƼŸNj sĶ ÌŸŎENjsʰ Ƽ Nj ƼNjŸǼs¶sNj Ķ ÌŸŎENjs OŸŘ ȖŘ O Ƽ Nj ʊżŘ sɮǼsNjÞŸNj wĶ ɴ ĠsŘŸ ǣȖ ÌȖŎ ŘÞ_ _ʳ ˡ̮ ĵ NjLJȖÞǼsOǼȖNj sǣ ȖŘ OŸŎƼĶsŎsŘǼŸ ŘsOsǣ NjÞŸ _s Ķ ƼsNjǣŸŘ ĶÞ_ _ _sĶ ÌŸŎENjs Ķ LJȖs sŘɚȖsĶɚsʱ ƼsNjŸ LJȖs sǣǼ sŘNj Þʊ _Ÿ s ÞŘǼs¶Nj _Ÿ sŘ ǣȖ ɚÞ_ ƼsNjǣŸŘ Ķʰ _s OȖɴŸǣ Ŏ ǣ âŘǼÞŎŸǣ ¯ Řsǣ Ř Osʳ ʶrŘ ŎÞ ĶÞENjŸ rĶ ŎEÞǼŸ _sĶ ËŸŎENjsʵ _Ÿɴ ȖŘ NjsǣƼȖsǣǼ E ǣǼ ŘǼs sɮǼsŘǣ sǣǼ ƼNjs¶ȖŘǼ LJȖs LJȖâ ŘŸ Ì ¶Ÿ Ŏ ǣ LJȖs ƼĶ ŘǼs Njʳ ĵ ƼĶ ŘǼsŸ Ƽ Nj ¯ÞĠ NjŎs sŘ Ķ¶ȖŘŸǣ ǣƼsOǼŸǣ _s ǣȖ ǣs¶ȖŘ_ ɚsNjǼÞsŘǼsʳ ĵ ÞŎƼŸNjǼ ŘOÞ ŎEÞsŘǼ Ķ _s ĶŸǣ OsNjNj ŎÞsŘǼŸǣ ŘŸ ǣs Njs_ȖOs ǣȖ ŎÞǣÞżŘ _s ĶÞŎÞǼ Nj ɴ _s¯ÞŘÞNjʰ ǣÞŘŸ LJȖs OǼȚ Ř Ǽ ŎEÞwŘ ƼNjŸɴsOǼ Ř_Ÿ Ì OÞ _sŘǼNjŸ ɴ ǣŸENjs sĶ ÌŸŎENjs Ķ ENj ʊ Ř ǣȖǣ ɚ ĶŸNjsǣ ¯ŸNjŎ Ķsǣʰ Ķ NjsĶ OÞżŘ _s ǣȖǣ _ÞŎsŘǣÞŸŘsǣ ɴ ǣȖǣ OȖ ĶÞ_ _sǣ Ǽ OǼÞĶsǣ ɴ ONjŸŎ ǼÞO ǣʱ ɴ ǣâ ŘŸǣ sŘOŸŘǼNj ŎŸǣ OŸŘ ȖŘŸǣ ŎȖNjŸǣ LJȖs ɚsNj_ _sNj ŎsŘǼs ŘŸǣ âǣĶ Ř ɴ sŘOÞsNjNj Řʰ ɴ ŸǼNjŸǣ LJȖs ŘŸǣ _ÞNjÞ¶sŘ ɴ Ì ǣǼ ŘŸǣ OŸŎƼ Š Řʱ Ì ɴ ŎȖNjŸǣ LJȖsʰ OŸŘ ǣȖ OŸŘO ɚÞ_ _ Ÿ OŸŘ sĶ O ĶŸNj _s ǣȖ ǼsɮǼȖNj Ÿ _s ǣȖ OŸĶŸNjÞ_Ÿʰ ŘŸǣ OŸ¶sŘʳ ɳ ĶŸǣ Ì ɴ LJȖs ŘŸǣ _ÞǣǼ ŘOÞ Ř Ÿ LJȖs ŘŸǣ NjsƼsĶsŘʳ Ë ɴ ɚsOsǣ LJȖs ĶŸǣ ŎȖNjŸǣ ÞĶȖŎÞŘ Ř ʹʶNjÞLJȖsʊ ŎEÞsŘǼ Ķ _s Ķ ǣ ɚÞ_NjÞsNj ǣ ɴ ŸǼNj ǣ LJȖs ENjȖŎ Ř ɴ ŸǼNj ǣ LJȖs ŘŸǣ Ķs¶Nj Řʴʳ
7(55,725,2 85%$1,602 < 3$75,021,2 02'(/26 7(Ð5,&26 85%$126 '( &,8'$'
+XPDQL]DQGR HO &RQFHSWR
'LVHxR GH OD ,QYHVWLJDFLyQ
rĶ Ì EÞǼ Ǽ OŸŎŸ OŸŘOsƼǼŸ ŘŸ ǣżĶŸ Ì ǣÞ_Ÿ sŎƼĶs _Ÿ sŘ ǼsŎ ǣ _s ȖNjE ŘÞǣŎŸ ɴ NjLJȖÞǼsOǼȖNj ʰ ǣs Ì ȖǼÞĶÞʊ _Ÿ Ǽ ŎEÞwŘ Ƽ Nj Ķ O Nj OǼsNjÞʊ OÞżŘ _sĶ ŎEÞsŘǼs sŘ sĶ LJȖs ǣs _sǣ NjNjŸĶĶ s ÞŘǼsNj OǼȚ ȖŘ ¶NjȖƼŸ _s ǣsNjsǣ ɚÞɚŸǣʳ ǢȖsĶs ǣsNj sŎƼĶs _Ÿ Þ¶Ȗ ĶŎsŘǼs Ƽ Nj Njs¯sNjÞNjǣs Ķ sǣƼ OÞŸ ¶sŸ¶Nj ¯ÞOŸ sŘ sĶ OȖ Ķ ɚÞɚs ȖŘ ǣŸOÞs_ _ Ÿ sŘ ǼwNjŎÞŘŸǣ Njs¯sNjÞ_Ÿǣ Ķ ÌŸŎENjs ɴ Ķ ǣŸOÞs_ _ʳ ōȖOÌŸǣ Ì Ř ǣÞ_Ÿ Ķ ǣ ɚ NjÞ OÞŸŘsǣ ƼŸNj Ķ ǣ LJȖs Ì Ƽ ǣ _Ÿ sĶ OŸŘOsƼǼŸ _s Ì EÞǼ Ǽ ĶĶs¶ Ř_Ÿ E NjO Nj ȖŘ ǣÞŘŘȚŎsNjŸ _s ƼȖŘǼŸǣ _s ɚÞǣǼ ʰ _s Ǽ Ķ ¯ŸNjŎ ǣs _sOÞ_Þż Ì OsNj ȖŘ sǣǼȖ_ÞŸ _sǣ_s ǼNjsǣ ƼȖŘǼŸǣ _s ɚÞǣǼ sǣƼsOâ¯ÞOŸǣ OŸŎŸ ǣŸŘ Ķ ǣsŎ ŘǼÞO ʰ ǣȖǣ _Þ¯sNjsŘǼsǣ ǣÞ¶ŘÞ¯ÞO _Ÿǣ ɴ ƼŸNj ȚĶǼÞŎŸ ĶŸǣ _Þ¯sNjsŘǼsǣ ȖǣŸǣ sŘ LJȖs ǣŸŘ ƼĶÞO _Ÿǣ sĶ ǼsNjŎÞŘŸ Ì EÞǼ Ǽʳ ĵ ǼwOŘÞO ʲ ʸ ŘǼsOs_sŘǼs _s Ķ ǼsOŘŸĶŸ¶â ʷ rŘ Ķ ŘǼÞ¶Ȥs_ _ OĶ ǣÞO Ķ ȖǼÞĶÞ_ _ sNj ȖŘ NjǼsʰ LJȖs ǣs ĶĶ Ŏ E Ķ ǼsOÌŘsʱ wǣǼ sNj Ķ ɚsʊ ȖŘ NjǼs ɴ ȖŘ ǼwOŘÞO ʳ E NjO ǼŸ_Ÿ ĶŸ NjǼÞ¯ÞOÞ Ķ sŘ ŸƼŸǣÞOÞżŘ ƻÌɴOÞǣ ˚ĶŸ Ř ǼȖNj Ķ˚ ɴ ĶŸ¶Ÿǣ ˚Ķ Ƽ Ķ ENj ˚ʰ Ķ sɮƼĶÞO OÞżŘʰ sĶ _ÞǣOȖNjǣŸʳ ĵŸǣ ¶NjÞs¶Ÿǣ _Þ¯sNjsŘOÞ E Ř Ķ ǼsOÌŘs _s Ķ ƼNj ɮÞǣʰ sǣ _sOÞNjʰ _sĶ ŸENj Nj OŸǼÞ_Þ ŘŸʰ LJȖs ÞŘɚŸĶȖONj E ĶŸ NjǼÞ¯ÞOÞ Ķʰ _s Ŏ ŘsNj ¯ÞĶŸǣż¯ÞO Ŏ ǣ ÞضsŘȖ ʳ ĵ ŘȖsɚ OŸŘOsƼOÞżŘ _s Ķ ǼsOŘŸĶŸ¶â _sǣ_s Ķ ǣ OÞsŘOÞ ǣ ǣŸOÞ Ķsǣ ĵ ɚÞǣÞżŘ OĶ ǣÞO _sǣ_s Ķ Þ_sŸĶŸ¶â ƼŸǣÞǼÞɚÞǣǼ ǣŸENjs Ķ ǼsOŘŸĶŸ¶â ʰ ǣs Ŏ ŘǼȖɚŸ Ì ǣǼ Ķ ǣs¶ȖŘ_ ŎÞǼ _ _sĶ ǣÞ¶ĶŸ ɭÝɭʰ OȖ Ř_Ÿ ¯Ȗs ƼȖsǣǼ sŘ OȖsǣǼÞżŘ ƼŸNj Ķ ǣ OÞsŘOÞ ǣ ǣŸOÞ Ķsǣ ǣs¶ȚŘ µŸŘʊ Ķsǣ rǣOŸE Nj ĵȖÞǣ ®sNjŘ Ř_Ÿʲ ĵ ŘȖsɚ OŸŘOsƼOÞżŘ _s Ķ ǼsOŘŸĶŸ¶â _sǣ_s Ķ ǣ NÞsŘOÞ ǣ ǢŸOÞ Ķsǣ ¯ȖŘ_ ŎsŘǼ ĶŎsŘǼs˚ʰ LJȖs Ķ ɚÞsNjŸŘ ŘŸ ǣżĶŸ sŘ ǼwNjŎÞŘŸǣ ÞŘǣǼNjȖŎsŘǼ Ķsǣʰ _s ÌsNjNj ŎÞsŘǼ ǣʰ sLJȖÞƼŸǣʰ Ƽ Nj ǼŸǣ ɴ ŸǼNjŸǣ ƼNjŸ_ȖOǼŸǣ Ŏ ǼsNjÞ Ķsǣ ¯âǣÞOŸǣʰ ǣÞŘŸ Ǽ ŎEÞwŘ OŸŎŸ ƼNjŸOsǣŸǣ _s ƼNjŸ_ȖOOÞżŘ ǣÞǣǼsŎ ǼÞOŸǣ _s ÌsOÌŸǣʳ
Ǣs¶ȚŘ sĶ ŸEĠsǼŸ _s sǣǼȖ_ÞŸ ǣs ȖǼÞĶÞʊż Ķ ÞŘɚsǣǼÞ¶ OÞżŘ Ř ĶâǼÞO ʲ ǣȖ ƼNjÞŘOÞƼ Ķ ŸEĠsǼÞɚŸ sǣ OŸŘǼNj ǣǼ Njʰ sŘǼNjs ¶NjȖƼŸǣ _s sǣǼȖ_ÞŸ Ķ ǣ _ÞǣǼÞŘǼ ǣ ɚ NjÞ EĶsǣʳ Ǣs¶ȚŘ sĶ ŘÞɚsĶ _s Ŏs_ÞOÞżŘ ǣs ȖǼÞĶÞʊż Ķ ÞŘɚsǣǼÞ¶ OÞżŘ OȖ ĶÞǼ ǼÞɚ ʲ ĵ ÞŘɚsǣǼÞ¶ OÞżŘ OȖ ĶÞǼ ǼÞɚ sǣ ȖŘ ŎwǼŸ_Ÿ _s ÞŘɚsǣǼÞ¶ OÞżŘ sŎƼĶs _Ÿ sŘ ŎȖOÌ ǣ _ÞǣOÞƼĶÞŘ ǣ O _wŎÞO ǣʰ ǼNj _ÞOÞŸŘ ĶŎsŘǼs sŘ Ķ ǣ OÞsŘOÞ ǣ ǣŸOÞ Ķsǣʰ OȖɴŸ ŸEĠsǼŸ sǣ NjsȖŘÞNj ȖŘ OŸŘŸOÞŎÞsŘǼŸ ƼNjŸ¯ȖŘ_Ÿ _sĶ OŸŎƼŸNjǼ ŎÞsŘǼŸ ÌȖŎ ŘŸ ɴ Ķ ǣ Nj ʊŸŘsǣ LJȖs ¶ŸEÞsNjŘ Ř Ǽ Ķ OŸŎƼŸNjǼ ŎÞsŘǼŸʳ Ǣs¶ȚŘ sĶ ōwǼŸ_Ÿ s_ȖO ǼÞɚŸ _s Ķ ȕŘÞɚsNjǣÞ_ _ _sĶ ōsǼ ʰ ǣs ȖǼÞĶÞʊż sĶ ǢsŎÞŘ NjÞŸ OŸŎŸ ˥sǣǼNjȖOǼȖNj _sĶ sǣǼȖ_ÞŸ _s O ǣŸǣ ȕŘÞŎsǼ ʰ OŸŘǼsŎƼĶ _Ÿ OŸŎŸ ȖŘ ǼÞƼŸ _s OĶ ǣÞ¯ÞO OÞżŘ _s Ķ ÝŘɚsǣǼÞ¶ OÞżŘ OȖ ĶÞǼ ǼÞɚ sɮƼĶŸNj ǼŸNjÞ ɴ _s OŸŎƼŸǣÞOÞżŘ EÞsNjǼ ʳ NŸŎŸ sǣǼNj Ǽs¶Þ Ƽs_ ¶ż¶ÞO ǣs sŎƼĶsż sĶ ƼNjŸɴsOǼŸ _s ȖĶ ʰ _sǣ NjNjŸĶĶ _Ÿ ƼŸNj ¶NjȖƼŸǣ _s ǼNj E ĠŸ _s _Ÿǣ sǣǼȖ_Þ ŘǼsǣʰ ĶŸǣ OȖ Ķsǣ ǣs Ķsǣ ȖEÞOŸ ȖŘ ǼsŎ ǼÞO _s OŸŎƼsǼsŘOÞ sŘ Ř ĶÞǣÞǣ _sĶ Ŏ ŘsĠŸ EÞŸOĶÞŎ ǼÞOŸ _sĶ sŘǼŸNjŘŸ OŸŎŸ _sǼsNjŎÞŘ ŘǼs ÞŘÞOÞ Ķ ɴ sǣsŘOÞ Ķ _sĶ _ÞǣsŠŸ _sĶ sǣƼ OÞŸ Ì EÞǼ EĶsʳ NŸŎŸ OŸŎƼŸŘsŘǼs ÞŘɚsǣǼÞ¶ ǼÞɚŸ ɴ ƼĶÞO ǼÞɚŸ ǣs Njs ĶÞʊż ȖŘ ɚÞǣÞǼ _s O ŎƼŸ _sǣ NjNjŸĶĶ Ř_Ÿ ȖŘ sɮƼĶŸNj OÞżŘ O _wŎÞO _s Ķ ǼsŎ ǼÞO _sĶ Ì EÞǼ Ǽ sŘ ȖŘ OŸŘǼsɮǼŸ Njs Ķ _s Ŏ ŘsĠŸ _sĶ sǣƼ OÞŸʰ ÌȖŎ ŘÞʊ Ř_Ÿ Ķ ǼsŸNjâ _LJȖÞNjÞ_ sŘ sĶ ȖĶ _s OĶ ǣsʳ rĶ sĠsNjOÞOÞŸ ǣs Njs ĶÞʊż ƼŸNj rǼ Ƽ ǣ Ķ ǣ OȖ Ķsǣ ǼÞsŘs OŸŎŸ ŸEĠsǼÞɚŸ ȖŘ Ř ĶÞǣÞǣ OŸŎƼ Nj ǼÞɚŸ ɴ Njs¯ĶsɮÞɚŸ _sĶ ȖǣȖ NjÞŸ ɴ sĶ sǣƼ OÞŸ NjLJȖÞǼsOǼżŘÞOŸ sɚÞ_sŘOÞ Ř_Ÿ ȖŘ NjsĶ OÞżŘ _ÞNjsOǼ ʳ
7(55,725,2 85%$1,602 < 3$75,021,2 02'(/26 7(Ð5,&26 85%$126 '( &,8'$'
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