0$56#3& %&
"35#0
6?D?* 3?BD5CÅ1
,9 )(5,$ '( $57( '( %2*27É '( 2&78%5(
"
$57%2 ,9 )(5,$ '( $57( '( %2*27É 7
0$56#3& %&
)&/3*26& '"3*"
("-&3±" ,3&*4-&3
("-&3±" &- .64&0
("-&3±" -&0/ 507" 7 3
("-&3±" $"+" %& "35&
'"3*" '"#3&("4 ("-&3±" /6&7" :03, 7&/&;6&-"
&41"µ"
$0-0.#*"
&45"%04 6/*%04
"3(&/5*/"
'VOEBEB FO .BESJE FO MB (BMFSÎB ,SFJTMFS BCSJÓ FTQBDJP FO DJVEBEFT DPNP /VFWB :PSL #BSDF MPOB Z .JBNJ 4F IB EJTUJOHVJEP QPS USBCBKBS DPO MPT NFKPSFT BSUJTUBT QMÃTUJDPT EF &TQBÒB QSJODJQBM NFOUF
" à OBMFT EF MB (BMFSÎB &M .VTFP BCSJÓ TVT QVFSUBT Z EFTEF FOUPODFT EFTBSSPMMB Z QSPNVFWF FM BSUF DPMPNCJBOP BM ÃNCJUP JOUFSOB DJPOBM 7JODVMB FO GPSNB FYDMVTJWB B BSUJTUBT Z BTJTUF B DPMFDDJPOJTUBT FO MB BERVJTJDJÓO EF MBT PCSBT
1PS NÃT EF BÒPT MB HBMF SÎB -FPO 5PWBS IB QBSUJDJQBEP BDUJWBNFOUF FO FM NFSDBEP JOUFSOBDJPOBM EFM BSUF &O BÒPT SFDJFOUFT TF IB FOGPDBEP FO FM BSUF NPEFSOP Z DPOUFNQPSÃOFP EF "NÊSJDB -BUJOB
&T VOB DBTB BEBQUBEB EF GPSNB UBM RVF UPEBT MBT ÃSFBT EF TF USBOTGPS NBO FO FTDFOBSJP QBSB PCSBT EF BSUF -B QSPQVFTUB FT NPTUSBS VO QPDP EF UPEP DPO MB HSBO WBSJFEBE EF MFOHVBKFT RVF PGSFDF FM BSUF DPOUFNQPSÃOFP
&TQFDJBMJ[BEB FO MB DPNQSB Z WFOUB EF BSUF MBUJOPBNFSJDBOP DPO ÊOGB TJT FO MB BCTUSBDDJÓO HFPNÊUSJDB MB HBMFSÎB FYQPOF BSUJTUBT DPNP 4FSHJP $BNBSHP Z +FTÙT 3BGBFM 4PUP FOUSF PUSPT *HVBMNFOUF BZVEB FO MB BERVJTJDJÓO EF BSUF
MVHBSFT EPOEF FM OFHPDJP UBNCJÏO FT BSUF
$"3-" 3&: $"+" %& "35& "3(&/5*/"
&T SFDPOPDJEB DPNP VOB BSUJTUB HSÃà DB EF HSBO USBZFDUPSJB %FTEF FTUÃ BM GSFOUF EF MB (BMFSÎB $BKB EF "SUF EPOEF MF BQVFTUB B MB BVUPHFTUJÓO Z EJSJHF VO HSVQP EF BSUJTUBT MMBNBEPT i*OTUBOUFT (SÃà DPTu
"/" 5033&+¶/ : )03"$*0 %"##") %"##") 5033&+0/ "3(&/5*/"
-PT EPT EJSFDUPSFT EF %BCCBI 5PSSFKÓO CVTDBSPO EFTEF EJGVOEJS QSPNPWFS HFTUJPOBS Z DPNFSDJBMJ[BS FM BSUF DPOUFNQP SÃOFP EF TV OBUBM "SHFOUJOB Z PUSPT QBÎTFT MBUJOPBNFSJDBOPT
2<??=25B7
.
ÃT RVF MVHBSFT QBSB FYIJCJS NPT USBS Z QSPNPDJPOBS FM BSUF MBT HBMFSÎBT TPO FTQBDJPT QBSB IBDFS OFHPDJPT Z QBSUJDJQBS FO VO NFS DBEP FTQFDJBMJ[BEP Z TPà TUJDBEP /P PCTUBOUF FTUBT DBSBDUFSÎTUJDBT FM EJSFDUPS EF MB HBMFSÎB &M .VTFP -VJT 'FSOBOEP 1SBEJMMB DPOTJEFSB RVF iNÃT RVF VO OFHPDJP ÊTUB FT VOB BDUJWJEBE QBSB MPT BNBOUFT EFM BSUF QPSRVF TF QVFEF BCSJS VOB HBMFSÎB DPO QPDP DBQJUBM Z FO VO FTQBDJP SFEVDJEP -P RVF TF OFDFTJUB FT DPOà BCJMJEBE Z DPOPDJNJFOUP %F FTUP Z MB JEFOUJà DBDJÓO EF BSUJTUBT RVF PDVQFO QPTJDJPOFT JNQPSUBOUFT EFQFOEF FM ÊYJUP EF VOB HBMFSÎBu &M ABNPS BM BSUF OP FYDMVZF FO FTUF OFHPDJP FM QBHP EF QPS DJFOUP BM BVUPS &M QPS
6#"-%0 ,3".&3 ,#,"35 .9*$0
.&%*04 7*356"-&4 6/" 5&/%&/$*"
1
]\ ZOa bSQ\]Z] U Oa RS ZO W\T]` [OQW \ Z]a ^W\b] `Sa g Sf^]\S\bSa RSZ O`bS VO\ S\Q]\b`OR] S\ 7\bS`\Sb c\O T]`[O RS ^`][]QW]\O` ac b`OPOX] O b`Od{a RS UOZS` Oa Q][] eee U]\hOZ]`Sg Q][ ] eee O`bSZ]^Sh Q][
6?D?C* 3?BD5CÅ1
&T EJSFDUPS EF VOB EF MBT HBMF SÎBT NÃT SFDPOPDJEBT HSBDJBT B MB WFSTBUJMJEBE EF BSUJTUBT Z PCSBT RVF TF FYQPOFO &O MB TFEF TF SFBMJ[BO NFTBT EF EF CBUF EPOEF QBSUJDJQBO DSÎUJDPT DVSBEPSFT Z DPMFDDJPOJTUBT
DJFOUP SFTUBOUF FT QBSB MB HBMFSÎB SFTQPOTBCMF EFM DVJEBEP Z NBOUFOJNJFOUP EF MBT PCSBT &TUPT QPSDFOUBKFT WBSÎBO TFHÙO FM BSUJTUB FM QSFTUJHJP Z MB DBOUJEBE EF PCSB FOUSFHBEB FOUSF PUSPT 1BSB "MPOTP 3FTUSFQP EF "MPOTP "SUF (BMFSÎB iNÃT RVF FM CFOFà DJP FDPOÓNJDP MP JNQPSUBO UF FT PGSFDFS DBMJEBE BM JOWFSTJPOJTUB FO BSUF FOUSFHBOEP PCSBT ÙOJDBT Z FYDMVTJWBT QBSB EFTQFSUBS MB TFHVSJEBE FO MB JOWFSTJÓOu i$BEB WF[ IBZ VO NFSDBEP NÃT TFSJP EFM BSUF -B HSBO WBSJFEBE EF BSUJTUBT EF DBMJEBE RVF UJFOF FM QBÎT TVNBEP BM WBMPS RVF FTUÃ UPNBOEP FM DPMFDDJPOJTNP BVNFOUB FM OÙNFSP EF DPNQSBEPSFT EF BSUFu Bà SNB "MPOTP (BS DÊT EF "MPOTP (BSDÊT (BMFSÎB
*3&/& "#6+"56. : &-0%*& '6-50/ ("-&3±" "'" $)*-&
&TUB HBMFSÎB TF FTQFDJBMJ[Ó FO MB FYQMPSBDJÓO EF MB FWPMVDJÓO Z EFTBSSPMMP EF MB GPUPHSBGÎB DPO ÊOGBTJT FO MB DPNFSDJBMJ[BDJÓO EF MB GPUPHSBGÎB DPOUFNQPSÃOFB UBOUP EF $IJMF DPNP EF PUSPT QBÎTFT
("-&3±" */4*()5 "35&
("-&3±" +"$0# ,"31*0
("-&3±" +&/: 7*-©
("-&3±" ,#,"35
"3(&/5*/"
$045" 3*$"
$0-0.#*"
.9*$0
-B EJSFDUPSB EF MB HBMFSÎB 1BVMB $PQQB DPNFOUB RVF MB JEFB OBDJÓ HSBDJBT B TV IFSNBOB BSUJTUB Z TV QBESF DPNFSDJBOUF -VFHP EF DSFBS i1SJODJQJVNu Z QPTJDJPOBSTF FO FM NFSDBEP EFDJEJFSPO TFQBSBSTF Z EBSMF WJEB B *OTJHIU "SUF
*OJDJÓ TVT MBCPSFT FO DPO MB QSJNFSB HBMFSÎB FO 2VJUP Z $JVEBE EF 1BOBNÃ QFSP MVFHP EFDJEJÓ DFSSBS BNCPT MVHBSFT Z CVTDBS PUSP NÃT BQSPQJBEP 4F USBTMBEB B 4BO +PTÊ $PTUB 3JDB TV QBÎT OBUBM EPOEF FTUBCMFDF TV FTUSBUFHJB
'VOEBEB FO $BMJ FO MB HBMFSÎB FT MB QVFSUB EF FYIJCJDJÓO Z QSPNPDJÓO EFM BSUF EPOEF SFBMJ[B FYQPTJDJPOFT EF BSUJTUBT KÓWFOFT Z DPOTBHSBEPT +FOZ 7JMÆ FTUJNVMB FM DPMFDDJPOJTNP Z BTFTPSB FO MB BERVJTJDJÓO EF PCSBT EF BSUF
,#, "SUF $POUFNQPSÃOFP OBDJÓ FO DPO FM PCKFUJWP EF SFQSF TFOUBS JOUFSOBDJPOBMNFOUF B VOB TFSJF EF BSUJTUBT MBUJOPBNFSJDBOPT &O MB HBMFSÎB TF FYQPOFO DBEB EPT NFTFT PCSBT EF BSUJTUBT FO NVFT USBT JOEJWJEVBMFT Z DPOKVOUBT
$57%2 ,9 )(5,$ '( $57( '( %2*27É 7
0$56#3& %&
#
-BT DPMFDDJPOFT NÈT JNQPSUBOUFT EFM QBÓT &
YIJCJDJPOFT DPNP MB QSFTFO UBEBT FO FM .VTFP /BDJPOBM FM .BOCP Z DPMFDDJPOFT QSJWB EBT DPNP MB EF MB $PNQBÒÎB 4VSBNFSJDBOB EF 4FHVSPT 4 " Z EFM #BODP EF MB 3FQÙCMJDB DPO MB #JCMJPUF DB -VJT ¦OHFM "SBOHP IBDFO QBSUF EF MBT TFMFDDJPOFT EF BSUF RVF QSFTFOUBO NBZPS SFMFWBODJB FO FM QBÎT 1FSP TJ EF FTUBCMFDFS VO SBOLJOH TF USBUB FYQFSUPT FO FM UFNB OP EVEBO FO BTFHVSBS RVF MB DPMFDDJÓO #PUFSP FT RVJ[ÃT MB RVF NÃT JNQBDUB QPS TV WBMPS BSUÎTUJDP F IJTUÓSJDP 4FHÙO #FBUSJ[ ¦MWBSF[ EF MB 6OJ EBE EF "SUF Z PUSBT $PMFDDJPOFT EFM #BODP EF MB 3FQÙCMJDB FO UPEBT MBT DPMFDDJPOFT EF BSUF IBZ PCSBT RVF MB HFOUF QSFà FSF QPS VOB V PUSB SB[ÓO Z DVBMRVJFS FTDPHFODJB FT BSCJUSBSJB TJO FNCBSHP TJ TF TJHVFO DSJUFSJPT EF SFDPOPDJNJFOUP JOUFSOBDJPOBM iMBT
PCSBT EF BSUF EPOBEBT BM #BODP EF MB 3FQÙCMJDB QPS FM NBFTUSP 'FSOBOEP #PUFSP TPO DMBSBNFOUF EFTUBDBCMFT EFOUSP EF DVBMRVJFS DPMFDDJÓO JOUFS OBDJPOBM DPO OPNCSFT DPNP 'SBODJT #BDPO #BMUIBVT (JBDPNFUUJ $MBVEF .POFU 1JDBTTP 1JTBSSP 3FOPJS Z .BUJTTF FOUSF NVDIPT PUSPTu -B %POBDJÓO DPOTUB EF PCSBT FO UPUBM %F FMMBT PCSBT QFSUFOFDFO B BSUJTUBT JOUFSOBDJPOBMFT Z TPO BVUPSÎB EFM EPOBOUF &TUÃ DFOUSB EB FO BSUJTUBT FVSPQFPT EF MPT 4JHMPT 9*9 Z 99 Z FO FMMB TF FODVFOUSBO PCSBT EF #BDPO #BMUIVT #BSDFMÓ #FDL NBOO #POOBSE #SBRVF $BJMMFCPUF $BMEFS $BSP $IBHBMM %F ,PPOJOH %F HBT %BMÎ 'SFVE (JBDPNFUUJ (SFDP (SPT[ ,MJNU ,PLPTILB -ÍHFS .B UJTTF .JSÓ .POFU .PPSF 1JDBTTP 1JTTBSSP 3FOPJS 4JTMFZ 5ÆQJFT 5PSSFT (BSDÎB Z 5PVMPVTF -BVUSFD
6/ #"/$0 %& "35& %& $0-0.#*" 1"3" &- .6/%0
C
Y^ TeTQ Q\We^Q \Qc `bY^SY`Q\Uc S_\USSY_^Uc ` R\YSQc TU 1bdU TU\ `Q c cU U^SeU^dbQ^ U^ ]Q^_c TU\ 2Q^S_ TU \Q BU` R\YSQ 5cdQ U^dYTQT dYU^U U^ ce XQRUb U\ =e cU_ TU\ ?b_ U\ =ecU_ 6Ub^Q^T_ 2_dUb_ \Q S_\USSY ^ TU QbdU TU\
3?BD5C91
5\ 2Q^S_ TU \Q BU` R\YSQ Se]`\U S_^ ce Q`_i_ Q\ TUcQbb_\\_ Se\debQ\ S_\_]RYQ^_ QTaeYbYU^T_ SQdQ\_WQ^T_ `b_dUWYU^T_ i `_^YU^T_ Q\ cUbfYSY_ TU\ ` R\YS_ d_TQc \Qc _RbQc aeU `bUcUbfQ
2Q^S_ TU \Q BU` R\YSQ U\ =ecU_ >e]Yc]vdYS_ i "( vbUQc Se\debQ\Uc U^ d_T_ U\ dUbbYd_bY_ ^QSY_^Q\ i TY VUbU^dUc S_\USSY_^Uc ]Q^UZQTQc Q Z dbQf}c TU \Q 2YR\Y_dUSQ <eYc Â^WU\ 1bQ^W_ 5^ \_ aeU bUc`USdQ Q\ QbdU S_\_]RYQ^_ U\ 2Q^S_ XQ XUSX_ e^ dbQRQZ_ SeYTQT_c_ FQ\U TUcdQSQb \Qc `YUjQc TU \Q S_\USSY ^ TU QbdU S_\_^YQ\ S_]_ \Qc Secd_TYQc U^dbU \Qc aeU cU SeU^dQ \Q QVQ]QTQ ²<U SXeWQ³ 5cdv dQ]RY}^ \Q S_\USSY ^ TU ]_^ZQc ]eUbdQc i e^Q Q]`\YQ ]eUcdbQ TU QbdU TU\ cYW\_ H9H 5^ dbU \_ QbdYcdQc Q TUcdQSQb Ucdv^ 3Q RQ\\Ub_ ?RbUW ^ 7bQe 7_^jv\Uj GYUTU]Q^ 2ebcjdY^ GYUTU]Q^ 4_bYc CQ\SUT_ ?cSQb =e _j i e^Q \QbWQ \YcdQ aeU fQ XQcdQ \Qc bU`bUcU^dQSY_^Uc ]vc Z fU^Uc TU\ QbdU S_\_]RYQ^_ 4U^db_ TU \Q S_\USSY ^ TU QbdU ^QSY_^Q\ U Y^ dUb^QSY_^Q\ aeU XQ YT_ V_bZQ^T_ U\ 2Q^S_ TU \Q BU` R\YSQ Q dbQf}c TU SY^SeU^dQ Q _c XQi _RbQc Ve^TQ ]U^dQ\Uc aeU SeU^dQ^ \Q XYcd_bYQ TU\ QbdU U^ \_c \dY]_c % Q _c U^dbU \Qc aeU cU TUcdQSQ^ \Qc TU QbdYcdQc \QdY^_Q]UbYSQ^_c S_]_ D_\UT_ BUfUb_^ 6YWQbY =e^Yj C_d_ i <Q]
6/" $0.1"º¶" 26& "4&(63" &- 5"-&/50
<
Q 3_]`Q Q CebQ]UbYSQ^Q TU CUWeb_c C 1 dYU^U e^ \QbW_ bUS_bbYT_ U^ SeQ^d_ Q \Q S_\USSY ^ i UhXYRYSY ^ TU QbdU U^ U\ `Q c Ce XYcd_bYQ cU bU]_^dQ Q `QbdYb TU !)'" SeQ^ T_ `_b Y^YSYQdYfQ TU :_bWU =_\Y^Q =_bU^_ \Q S_]`Q Q S_]U^j Q QTaeYbYb _RbQc TU QbdU <Q `bY]UbQ _RbQ aeU Y^WbUc Q \Q S_\USSY ^ VeU ²5\ `UaeU _ WeUbbUb_³ e^ \U_ TU\ `Y^ d_b 1\UZQ^Tb_ ?RbUW ^ <eUW_ \\UWQb_^ _RbQc TU QbdYcdQc S_]_ B_hQ^Q =UZ Q 6Ub^Q^T_ 2_dUb_ i 5^bYaeU 7bQe S_^ ²<Q SQjQT_bQ TU ]QbY`_cQc³ i Q `QbdYb TU UcdU ]_]U^d_ \Q ]eUcdbQ U]`YUjQ Q U^bYaeUSUbcU Q `QbdYb TU SbYdUbY_c ]ei Q]`\Y_c 5^ \_c Q _c cYWeYU^dUc Y^WbU cQ^ Q \Q 3_\USSY ^ _RbQc TU \_c ]vc Y]`_bdQ^dUc QbdYcdQc S_\_] RYQ^_c S_]_* BYSQbT_ 1SUfUT_ 2Ub^Q\ 1^Tb}c TU CQ^dQ]Qb Q :_c} =Qb Q JQ]_bQ i 6bQ^SYcS_ 1^d_^Y_ 3Q^_ U^dbU _db_c 5^ U\ dbQ^cSebc_ TU \_c Q _c \Q 3_]`Q Q XQ bUSebbYT_ TU ]Q^UbQ `Ub]Q^U^dU Q\ SbYdUbY_ TU Uh`Ubd_c U^ \Q ]QdUbYQ bUS_^_ SYU^T_ \Q Qed_bYTQT `b_VUcY_^Q\
3?BD5CÅ1
CebQ]UbYSQ^Q XQ aeUbYT_ Q dbQf}c TU \_c Q _c Y^f_\eSbQbcU U^ \Q Se\debQ TU 1^dY_aeYQ i 3_\_]RYQ Q `QbdYb TU ce fY^Se\QSY ^ S_^ U\ QbdU U^ e^ SQ]`_ SQTQ fUj ]vc S_]`\UZ_ 3_]_ bUce\dQT_ TU d_T_ UcdU dbQRQZ_ \Q bYaeUjQ Q\SQ^jQTQ `_b \Q S_\USSY ^ XQ `Ub]YdYT_ U\ TUcQbb_\\_ TU cUbY_c `b_SUc_c TU Y^fUcdYWQSY ^ i TU `b_iUSd_c SebQd_bYQ\Uc
&- .64&0 %& "35& .0%&3/0 %& #0(05¦
4
3?BD5CÅ1
<Qc _RbQc TU QbdU T_^QTQc Q\ 2Q^S_ TU \Q BU` R\YSQ `_b U\ =QUcdb_ 6Ub^Q^T_ 2_dUb_ c_^ S\QbQ]U^dU TUc dQSQR\Uc i QT]YbQTQc TU^db_ TU SeQ\aeYUb S_\USSY ^ Y^dUb^QSY_^Q\
c\ROR] S\ '$' ^]` W\WQWO bWdO RS ;O`bO B`OPO g 5Z]`WO HSO _cW{\ Z] RW`WUS VOabO ZO OQbcOZWROR SZ ;O[P] bWS\S c\O Q]ZSQQW \ RS O^`]fW[ORO[S\bS ! ]P`Oa ^`W\QW^OZ[S\bS RS O`bWa bOa Q]Z][PWO\]a 8c\b] O ZO 0WPZW]bS QO :cWa À\USZ /`O\U] Sa SZ ^`W\QW^OZ RWTca]` RSZ O`bS Q]\bS[^]`t\S] S\ SZ ^O a =b`]a [caS]a RSRWQOR]a OZ [Wa[] ^S`W]R] a]\ ZOR] SZ ;caS] RS /`bS ;]RS`\] RS ;SRSZZ \ 3Z ;caS] RS /`bS :O BS`bcZWO RS 1OZW 3Z ;caS] RS /`bS ;]RS`\] RS 0cQO`O [O\UO g SZ ;caS] RS /`bS ;]RS`\] RS 1O`bOUS\O
$
$57%2 ,9 )(5,$ '( $57( '( %2*27É 7
0$56#3& %&
"/%34 3".±3&;
"/(-*$" 5&65"
*7¦/ )635"%0
."5&0 3*7"/0
."3±" *4"#&"3"/(0
4"/5*"(0 -&"-
&M USBCBKP EF FTUF BSUJTUB CP HPUBOP SFÙOF FMFNFOUPT EF MB IJTUPSJB EFM BSUF NPEFSOP DPO UFDOPMPHÎB FMFDUSÓOJDB Z EJHJUBM QBSB DSFBS IÎCSJEPT OVFWPT RVF SFFYBNJOBO BMHVOBT OPDJPOFT QFSUFOF DJFOUFT B BNCPT DBNQPT EF FTUVEJP )B FYIJCJEP FO CJFOBMFT Z NVTFPT EF 7JFOB /VFWB :PSL 1FLÎO .BESJE Z #FSMÎO
&TUB KPWFO BSUJTUB FT FHSFTBEB EFM QSPHSBNB EF "SUFT 1MÃTUJDBT EF MB 6OJWFSTJEBE /BDJPOBM EF $PMPNCJB )B TJEP SÃQJEB NFOUF SFDPOPDJEB QPS TV USBCBKP FO FTDVMUVSB RVF DPOTJTUF FO MB EFDPEJà DBDJÓO EF MP GPUPHSÃà DP B USBWÊT EF JOTUBMBDJPOFT EF MV[ DPOTUSVJEBT DPO NFDB OJTNPT QSFDBSJPT
"SRVJUFDUP Z "SUJTUB 1MÃTUJDP EF .FEFMMÎO WJWF Z USBCB KB FO 4BP 1BVMP 4V USBCB KP FT DPODFCJEP B USBWÊT EF MB DPOTUBOUF JOWFTUJHBDJÓO QPS FM UFSSJUPSJP Z TVT GSPO UFSBT 4V OVFWB PCSB FTUÃ DPNQVFTUB QPS HFPNF USÎBT RVF TF KVOUBO FO QMBOPT EF NFNPSJB DSFBOEP EFT FRVJMJCSJP EFTQMB[BNJFO UP F JOFTUBCJMJEBE
4JFNQSF IB VTBEP FM EJCVKP DPNP CBTF EF TV USBCBKP QFSP BM UJFNQP IB TFOUJEP MB OFDFTJEBE EF FYQFSJNFOUBS OVFWBT UÊDOJDBT DPO PUSPT NBUFSJBMFT QPS MP RVF SFDVSSF B JOTUBMBDJPOFT DPNP NFEJP EF FYQSFTJÓO EF TV USBCBKP %Fà OF TV PCSB DPNP VO HBCJ OFUF EF SFDVFSEPT GFUJDIFT Z PCTFTJPOFT SFQSFTFOUBEB FO VOB GVTJÓO EF FTUJMPT
-B PCSB EF FTUB KPWFO BSUJTUB SBEJDBEB FO -POESFT Z RVJFO BDUVBMNFOUF EFTBSSPMMB VO NBTUFS FO BSUFT QMÃTUJDBT FO FM 8JNCMFEPO $PMMFHF PG "SUT USBUB TPCSF MP RVF OPT BUSBF B MB NBHJB Z MB GBOUBTÎB EF MBT GÃCVMBT Z DVFOUPT EF IB EBT " MP MBSHP EF TV DBSSFSB IB FYIJCJEP TVT DSFBDJPOFT FO /VFWB :PSL )POH ,POH ;VSJDI .JBNJ Z #PHPUÃ
"SUJTUB CPHPUBOP RVF DPO WFSTB DPO MP DPUJEJBOP FO FTDVMUVSBT GPUPHSBGÎBT EJCVKPT F JOUFSWFODJPOFT &O PDUVCSF FYQPOF FO USFT MVHBSFT EJGFSFOUFT "SUF KPWFO FO FM $MVC &M /PHBM "SUFDÃNBSB FO "SUCP Z FO MB FYQPTJDJÓO #PEFHÓO DPO FTQFKP Z OBSBOKB FO MB 6OJWFSTJEBE EF MPT "OEFT
-PT BSUJTUBT HSBOEFT B PCSB EF 'FSOFMM 'SBODP DPNFO[Ó B EFTUBDBSTF B OJWFM JOUFSOBDJPOBM MVFHP EF TV NVFSUF FO Z EF MB QSFTFOUBDJÓO EF MB FYQPTJDJÓO i'FSOFMM 'SBODP 0USP EPDVNFOUPu FO WBSJBT DJVEBEFT EFM NVOEP " MP MBSHP EF TV WJEB 'SBODP GVF SFDPOPDJEP FO FM QBÎT DPNP SFQPSUFSP HSÃà DP 4JO FNCBSHP DPNP MP Bà SNB .BSÎB *PWJOP DVSBEPSB EF MB NVFTUSB iFM USBCBKP RVF SFBMJ[Ó QBSBMFMBNFOUF B FTF Pà DJP QFSNBOFDJÓ EFTDPOP DJEP Z PDVMUP QBSB NVDIPT BM JHVBM RVF MB FYQFSJFODJB QFSTPOBM RVF EFUFSNJOÓ VOB NJSBEB DPNQMFKB Z EFOTB EF TJHOJà DBEP RVF GVF TFÒBMBEB DPNP FYDFQDJPOBM FO BRVFM NPNFOUPu &O TV NJTJÓO EF EJGVOEJS MBT HSBOEFT FYQSFTJPOFT BSUÎTUJDBT "SU#P TF VOF B MPT SFDPOPDJNJFOUPT Z IPNFOBKFT QÓTUVNPT RVF SFDJCJSÃ 'SBODP FO /VFWB :PSL -B )BCBOB Z #PTUPO Z QSFTFOUB BMHVOBT EF MBT QSJODJQBMFT TFSJFT GPUPHSÃ à DBT RVF DPOGPSNBSPO MB SFWJTJÓO RVF IPZ TF QVFEF WFS DPNP MB EFTQFEJEB EFM BSUJTUB FO $BMJ
3&$0/0$*.*&/50 " 6/ '05¶(3"'0 %&4$0/0$*%0 &/ 46 1301*0 1"±4
3
a c\] RS Z]a T]b U`OT]a Q] Z][PWO\]a [ta W[^]`bO\bSa aW\ S[PO`U] ZO ]P`O RS 4S`\SZZ 4`O\Q] O \ ^S`[O\SQS RSaQ]\]QWRO 2c`O\bS aca $! O ]a RS dWRO Z]U` SfVWPW` ac b`OPOX] S\ 3a^O O ;{fWQ] 0`OaWZ g /`US\bW\O g ac b`OPOX] TcS `SQ]\]QWR] Q]\ ^`S[W]a Q][] SZ RSZ AOZ \ RS /`bSa DWacOZSa RS 1OZW SZ >`S[W] <OQW]\OZ RS 4]b]U`OT O SZ UOZO`R \ RS ZO >`W[S`O 0WS\OZ RS /`bS RS ZO 6OPO\O g SZ >`S[W] 1]Z][PWO\] RS 4]b]U`OT O ;c`W S\ 1OZW S\ $ 6?D?C* 3?BD5CÅ1
i-" 0#3" %& '&3/&-- '3"/$0 &913&4" $0/ /*5*%&; -" 4*56"$*»/ %& 6/ 1"¶4 ."3$"%0 103 -04 130#-&."4 26& %&3*7"/ %&- $0-0/*"-*4.0 : 103 -" 7*0-&/$*" )6."/" 26& &--04 */45"63"/w ."3±" *07*/0 $63"%03" %& -" &9104*$*¶/ )0.&/"+& "- '05¶(3"'0
y Z MPT QFRVF×PT UJFOFO VO FTQBDJP
& 6/" .6&453" %&- "35& ".&3*$"/0
=
QO ^]` [SRW] RS aca O`bWabOa [ta S[PZS[tbWQ]a 3Z a]QWOZWa[] RS 2WSU] @WdS`O ZO W``SdS`S\QWO RS 5OP`WSZ =`]hQ] g ZO ^W\bc`O `SUW]\OZWabO RS 5`O\b E]]R a]\ OZUc\]a RS Z]a O`bWabOa _cS aS SfVWPW`t\ S\ SZ ^OPSZZ \
EVDBS FO DVBMRVJFS IBDF QBSUF EF IFSSBNJFOUBT EF BSSPMMP EF MB TPDJF QPSÃOFB Z FT QPS F MPT PSHBOJ[BEP RVJTJFSPO JODMVJS MPT OJÒPT FO MB GFSJB B USBWÊT EFM QBCFMMÓO JOGBOUJM i1PO EF UV QBSUFu &M PCKFUJWP iEFT QFSUBS MB QBTJÓO PS MB FYQMPSBDJÓO FM BQSFOEJ[BKF FM BSUF DPOUFNQP OFP FO MPT NFOP u TFHÙO MP Bà SNB SFB 8BMLFS QSFTJ B EF "SU#P F FTQBDJP MÙEJDP JTFÒBEP QBSB ÃT QFRVFÒPT Z FTUÃ DPNQVFTUP QPS VOB TBMB EJEÃDUJDB RVF USBUBSÃ UFNBT SFMBDJPOBEPT DPO MBT JEFOUJEBEFT MBUJOPB
NFSJDBOBT B USBWÊT EFM BSUF DPOUFNQPSÃOFP 1PS NFEJP EF FTUB BDUJWJEBE MB GFSJB CVTDB RVF iB QBSUJS EF VOB QMBUBGPSNB HFPHSÃà DB OPT BDFSRVFNPT B QBÎTFT NPWJ NJFOUPT BSUJTUBT QBSB IBDFS VOB SFá FYJÓO TPCSF FM BSUF DSFBEP FO OVFTUSP DPOUJOFO UFu DPNFOUB 8BMLFS Q
BÒPT &216(&87,926 4& )" 03("/*;"%0 &- 1"#&--¶/ */'"/5*- &/ "35#0 : )" 53"5"%0 6/ 5&." "35±45*$0 : &%6$"5*70 %*'&3&/5&