100 años Segunda

Page 1

+VFWFT EF PDUVCSF EF

'6/%"%03&4 +FT·T ~MWBSF[ EFM $BTUJMMP 7 +PSHF ~MWBSF[ EFM $BTUJMMP ;

&- */'03."%03

&%*503 %*3&$503 $BSMPT ~MWBSF[ EFM $BTUJMMP (

$BQJUBM EF F MB UFDOPMPHÒB B

"º0 $* /Á.&30

1~(*/" % 4&$$* /Ê

%

$PNFSDJP NPUPS EFM $FOUSP 7&/5" : 4&37*$*04 1"3" 5"1"5µ04 Î{

&- '6303 %& -" */4%6453*" &-&$53º/*$"

&M HJHBOUF RVF SFTVSHJSÇ ÓÈ

#SJOEFNPT DPO UFRVJMB

&- 4&$503 ;"1"5&30

-" #&#*%" *$0/0 %& .±9*$0 +"-*4$*&/4&

Ón Îä

-BT QSJNFSBT FYUSBOKFSBT RVF MMFHBSPO B MB DJVEBE &- */'03."%03 t "3$)*70

-BT USBTOBDJPOBMFT *#. ,PEBL .PUPSPMB (FOFSBM &MFDUSJD )FXMFUU 1BDLBSE F *OUFM FOUSF PUSBT EFUPOBSPO VO DBNCJP FO MB FDPOPNªB KBMJTDJFOTF EFTEF TV MMFHBEB FO FM TJHMP QBTBEP

&

(&/&3"- &-&$53*$ 6OJEBE VUJMJ[BEB QBSB TV QSPNPDJØO NØWJM EF MB OVFWB MÓOFB RVF MMFWBSÓB B MBT QSPQJBT JOEVTUSJBT MBT EFNPTUSBDJPOFT EFM GVODJPOBNJFOUP EF MPT BQBSBUPT NÈT BWBO[BEPT FO DPOUSBDUPSFT Z BSSBODBEPSFT NBHOÏUJDPT

O MPT ÈMUJNPT BÁPT +BMJTDP IB DBQ UBEP NJMFT EF NJMMPOFT EF EÂMBSFT FO *O WFSTJÂO EF &YUSBOKFSB %JSFDUB RVF IB TJEP VO JNQPSUBOUF EFUPOBEPS EF GVFO UFT EF FNQMFPT Z CJFOFTUBS %FTQV¹T EF MB 3FWPMVDJÂO .FYJDBOB MBT QSJNFSBT FNQSFTBT USBTOBDJPOBMFT FO QJTBS TVFMP MPDBM GVFSPO MBT GSBO DFTBT MJCBOFTBT Z FTQBÁPMBT FOGPDBEBT FO FM TFD UPS EF DPNFSDJP Z TFSWJDJP " QBSUJS EF MB E¹DBEB EF MPT TFTFOUB Z PDIFO UB EFM TJHMP QBTBEP FNQF[BSPO B MMFHBS MBT QSJNF SBT FNQSFTBT EF NBOVGBDUVSB FMFDUSÂOJDB DPNP *#. ,PEBL .PUPSPMB (FOFSBM &MFDUSJD )FXMFUU 1BDLBSE *OUFM Z PUSBT DPNQBÁ½BT QSPEVDUPSBT EF DPNQPOFOUFT FMFDUSÂOJDPT $PO FM QBTP EFM UJFNQP FM &TUBEP TF DPOTPMJE DPNP VO TJUJP FTUSBU¹HJDP QBSB MB JOWFSTJÂO FO FM SV

&- */'03."%03 t "3$)*70

CSP UFDOPMÂHJDP IBTUB DPOWFSUJSTF FO VO FDPTJTUF NB EF JOOPWBDJÂO Z VO QJPOFSP EF MB JOEVTUSJB UFD OPMÂHJDB FO FM QB½T DPOPDJEP DPNP FM i7BMMF EFM TJ MJDJP NFYJDBOPw MP DVBM IB TJEP QPTJCMF HSBDJBT B TVT SFDVSTPT G½TJDPT IVNBOPT Z QPM½UJDBT QÈCMJDBT i-B MMFHBEB EF *#. Z ,PEBL NBSDBSPO VO IJ UP FO +BMJTDP QVFT FTUBT FNQSFTBT USBKFSPO VOB PS HBOJ[BDJÂO CJFO DJNFOUBEB Z BQPZBEB QPS FOUSF HBT B UJFNQP VOB DBEFOB EF TVNJOJTUSP Z DBMJEBE FO QSPDFTPT Z QSPEVDUPTw SFDVFSEB +BJNF 3FZFT 3PCMFT UJUVMBS EF MB 4FDSFUBS½B EF *OOPWBDJÂO $JFODJB Z 5FDOPMPH½B "T½ GVF DPNP TF DPOTPMJEÂ VOB DVMUVSB FNQSF TBSJBM EF BMUB QSPEVDUJWJEBE PSHBOJ[BDJÂO EF TFNQFÁP Z DBMJEBE RVF TF IB FYQBOEJEP EFM TFDUPS FMFDUSÂOJDP B JOEVTUSJBT USBEJDJPOBMFT DPNP MB BMJ NFOUJDJB UFYUJM Z DBM[BEP FOUSF PUSBT

&- */'03."%03 t "3$)*70

&- */'03."%03 t "3$)*70

$0$" $0-" &M EF BCSJM EF EPO +VBO (BSDÓB $BTUFMMBOPT HFSFOUF EF &N CPUFMMBEPSB -B 'BWPSJUB FODBCF[Ø MB BQFSUVSB EF MPT USBCBKPT EF MB 7 $POWFODJØO 3FHJPOBM EF %JTUSJCVJEPSFT EF $PDB $PMB

.*--0/"3*" /FTUMÏ FT VOB EF MBT USBTOBDJPOBMFT DPO NBZPS JOWFSTJØO EFTEF TV MMF HBEB B +BMJTDP 5BO TØMP FO BOVODJØ VOB JOWFSTJØO EF NJMMPOFT EF EØMBSFT QB SB TV QMBOUB OÞNFSP FO .ÏYJDP JOTUBMBEB FO 0DPUMÈO +BMJTDP

,PEBL $PO VOB JOWFSTJ°O EF NJMMPOFT EF QFTPT Z MB DSFBDJ°O EF NJM FN QMFPT BCSJ° TVT QVFSUBT FO (VBEB MBKBSB MB QMBOUB EF ,PEBL *OEVTUSJBM FM EF GFCSFSP EF FO 1SP MPOHBDJ°O .BSJBOP 0UFSP DPO MB QSFTFODJB EF 3PCFSUP -FTMJF HF SFOUF EF MB FNQSFTB FO .¦YJDP &- */'03."%03 DPOTJHO° FM FWFOUP DPNP FM JOJDJP EF VOB OVF WB FSB FO MB WJEB EF MB JOEVTUSJB GPUPHS GJDB FO .¦YJDP Z "N¦SJDB -BUJOB USBT JOBVHV SBSTF FM TFYUP DFOUSP EF QSPEVDDJ°O FO FM NVOEP EF QFMªDVMB GPUPHS GJDB ,PEBL FM QSJNFSP FO -BUJOPBN¦SJDB EPOEF TF QSPEVDJSªBO DFSDB EF UJQPT EF QFMªDVMBT EJ GFSFOUFT QBSB BGJDJPOBEPT P DJOF QSPGFTJPOBM BSUFT HS GJDBT Z NJDSPGJMNBDJ°O BTª DP NP MB QSPEVDDJ°O EF DJOUBT FO SPMMP EF DJOF SBZPT 9 Z FO IPKBT $PO BMUPT OJWFMFT EF DPNQMFKJEBE #VGFUF *OEVTUSJBM GVF MB FNQSFTB FODBSHBEB EF MB DPOTUSVDDJ°O EF MB QMBOUB RVF OFDFTJU° SFRVFSJNJFOUPT FTQFDJBMFT EF UFNQF SBUVSB Z IVNFEBE EFUFSNJOBOUFT QBSB TV BJTMBNJFOUP

&M FDPTJTUFNB EF FNQSFTBT

)POEB &M EF GFCSFSP EF FM HPCFSOBEPS &OSJRVF ~M WBSF[ EFM $BTUJMMP DPMPD° MB QSJNFSB QJFESB EFM DPNQMF KP QSPEVDUJWP EFEJDBEP B MB GBCSJDBDJ°O EF NPUPDJDMF UBT EFTUJOBEBT QBSB FM DPOTVNP OBDJPOBM Z BVUPQBSUFT QBSB MB FYQPSUBDJ°O B &TUBEPT 6OJEPT Z $BOBE $PO VOB JOWFSTJ°O EF NJMMPOFT EF E°MBSFT MB FNQSFTB JOUSPEVKP FO FM QBªT QSPEVDUPT EF MB N T BWBO[BEB UFDOPMPHªB DPO SFGBDDJPOFT BVU¦OUJDBT JN QPSUBEBT EF +BQ°O Z VO TFSWJDJP QSPGFTJPOBM " QBSUJS EF MB FNQSFTB DPNFO [° B PGFSUBS QSPEVDUPT HBSBOUJ[BEPT DPO MB BTFTPSªB EF U¦DOJDPT FOUSFOBEPT QPS FTQFDJBMJTUBT EF +BQ°O JOTUSVDUPSFT QSPGFTJPOBMFT EF NBOFKP Z DVSTPT EF TFHVSJ EBE HSBUVJUPT B TVT DMJFOUFT &M VTP EF SPCPUT JOEVTUSJBMFT GVF VOP EF MPT BEFMBOUPT DPO MPT RVF )POEB MMF H° B .¦YJDP QBSB MB GBCSJDBDJ°O EF NPUPDJDMFUBT Z BVUPQBSUFT FO &M 4BMUP RVF FO TV QSJNFSB FUBQB QSPEVKP EPT NJM NPUPT QFSP GVF IBTUB EJDJFNCSF EF DVBO EP MBO[° TV OVFWP NPEFMP $) Z TV QSJNFSB FYQPSUBDJ°O B &TUBEPT 6OJEPT

)FXMFUU 1BDLBSE " QBSUJS EFM EF OPWJFNCSF EF )FXMFUU 1BDLBSE QVTP B EJTQPTJDJ°O EF MBT FNQSFTBT EF .¦YJDP VOB IFSSBNJFOUB EF BMUB UFDOPMPHªB GBCSJDBEB FO (VB EBMBKBSB QBSB JODSFNFOUBS TV QSPEVDUJWJEBE 4F USBUBCB EF MB TFSJF EF DPNQV UBEPSBT QBSB OFHPDJPT )1 RVF JODPSQPSBCB MB UFDOPMPHªB N T BWBO[BEB DPO DBQBDJEBE EF QSPDFTBS BQMJDBDJPOFT BENJOJTUSBUJWBT Z EF BQPZP FO MB UPNB EF EFDJTJPOFT "EFN T EFM FTUBCMFDJNJFOUP EF MB QMBOUB FO (VBEBMBKBSB MB FNQSFTB FTUB EPVOJEFOTF DSF° VO DFOUSP EF EFTBSSPMMP EF BQMJDBDJPOFT BWBO[BEBT PSJFOUBEP B MBT OFDFTJEBEFT Z SFRVFSJNJFOUPT EFM NFSDBEP NFYJDBOP &O MB E¦DBEB EF MPT PDIFOUB MPT QSPEVDUPT UBOUP EF MB QMBOUB DPNP EFM DFOUSP DPNFO[BSPO B DP NFSDJBMJ[BTF FO "N¦SJDB -BUJOB

'MFYUSPOJDT

*#. &O VOB TVQFSGJDJF EF NJM NFUSPT DVBESBEPT FO FM LJ M°NFUSP EF MB $BSSFUFSB BM $BTUJMMP FO &M 4BMUP FM EF KVMJP TF JOBVHVS° MB QMBOUB EF NBOVGBDUVSB EF *#. DPO MB QSFTFODJB EFM TFDSFUBSJP EF *OEVTUSJB Z $P NFSDJP +PT¦ $BNQJMMP EFM HPCFSOBEPS "MCFSUP 0SP[ DP 3PNFSP EFM BMDBMEF +VBO %FMHBEP Z EFM QSFTJEFO UF EF *#. EF .¦YJDP (VTUBWP EF MB 4FSOB -B JOBVHVSBDJ°O GVF VO FWFOUP IJTU°SJDP FO MB WJEB EF +BMJTDP QVFT MB NBOVGBDUVSB EF N RVJOBT EF FT DSJCJS FM¦DUSJDBT FTUBCB MJNJUBEB B MPT QBªTFT EFTBSSP MMBEPT QPS MP RVF EFTEF FOUPODFT TF MPHS° TBUJTGBDFS MB EFNBOEB JOUFSOB Z EF FYQPSUBDJ°O BTª DPNP MB QSPEVDDJ°O EF DJOUBT EF QP MJFUJMFOP Z OZMPO QBSB MBT N RVJOBT Z FRVJQPT QBSB FM QSPDFTBNJFOUP EF EBUPT RVF FNQF[BSPO B TFS FYQPSUBEPT B "N¦SJDB -BUJOB +BQ°O "VTUSBMJB Z $BOBE FOUSF PUSPT QBªTFT

)0/%" &M TFDSFUBSJP EF $PNFSDJP Z 'PNFOUP *OEVTUSJBM +BJNF 4FSSB 1VDIF BDPNQB×BEP QPS FM HPCFSOBEPS Z FNQSFTBSJPT KBQPOFTFT DPMPDØ MB QSJNFSB QJF ESB EF MB OVFWB FNQSFTB OJQPOB GBCSJDBOUF EF BVUPNØWJMFT )POEB FO &M 4BMUP

& &M EF TFQUJFNCSF EF BO UUF N T EF FNQSFTBSJPT Z Mª EFSFT EF +BMJTDP GVF JOBVHVSBEB E MMB QSJNFSB QMBOUB EF 'MFYUSPOJDT **OUFSOBUJPOBM FO .¦YJDP Z MB RVJO UUB FO FM NVOEP QPS FM 1SFTJEFO UUF &SOFTUP ;FEJMMP Z FM HPCFSOB EPS "MCFSUP $ SEFOBT +JN¦OF[ E FO MBT JONFEJBDJPOFT EF MB #BTF F "¦SFB .JMJUBS " $PO EPT NJM FNQMFPT Z VOB JOWFSTJ°O JOJDJBM EF NJMMPOFT EF E°MBSFT DPO NJSBT B JODSFNFOUBSMB IBTUB MPT NJMMPOFT FO MPT QS°YJNPT B®PT TF JOTUBM° FO MB DJVEBE FM DPNQMFKP EF DVBUSP QMBO UBT EF FOTBNCMF Z BSNBEP QBSB EBS TFSWJDJP B DVBMRVJFS BSNBEPSB EF FRVJQPT EF UFMFGPOªB DPNQVUBDJ°O Z FMFDUS°OJDB .JDIBFM .BSLT EJSFDUJWP NVOEJBM EF MB FNQSFTB DPOGJSN° RVF TF FTUBCMF DJFSPO FO +BMJTDP QPS MPT FTUª NVMPT F JODFOUJWPT GJTDBMFT PGSFDJEPT QPS FM (PCJFSOP MB BHJMJEBE FO MPT US NJUFT CVSP DS UJDPT Z QPS MB QSFTFODJB EF PDIP VOJWFSTJEBEFT DPO BMUPT FTU OEBSFT EF DBMJEBE BEF N T EF DFOUSPT EF GPSNBDJ°O UFDOPM°HJDB F JOEVTUSJBM

4$* 4ZTUFNT &O BCSJM EF MB FNQSFTB 4$* 4ZT UFNT BOVODJ° MB BNQMJBDJ°O EF TV QMBO UB FO FM DPSSFEPS JOEVTUSJBM EF &M 4BMUP DPO VOB JOWFSTJ°O EF NJMMPOFT EF E° MBSFT Z MB DSFBDJ°O EF NJM OVFWPT FN QMFPT -B QMBOUB MMFH° B +BMJTDP QBSB EJ TF®BS QSPEVDJS DPNFSDJBMJ[BS Z PGSFDFS QSPEVDUPT EF TFSWJDJP FMFDUS°OJDP QSJO DJQBMNFOUF QBSB DPNQVUBEPSBT JOEVT USJB EF FOUSFUFOJNJFOUP FTQBDJBMFT UF MFDPNVOJDBDJPOFT Z N¦EJDB

+BCJM $JSDVJU $PO VOB JOWFSTJ°O EF NJMMPOFT EF E°MBSFT MB FNQSFTB FTUBEPVOJEFOTF +BCJM $JSDVJU BOVODJ° FO BCSJM EF MB DSFBDJ°O EF DJODP NJM FNQMFPT QBSB EJTF®BS Z FOTBNCMBS UBCMJMMBT EF DªSDV MPT JNQSFTPT BTª DPNP TJTUFNBT FMFD US°OJDPT QBSB DPNQB®ªBT NBOVGBDUV SFSBT EF FRVJQP PSJHJOBM FO MBT SFBT EF DPNQVUBEPSBT QFSTPOBMFT FRVJQPT QFSJG¦SJDPT EF DPNQVUBDJ°O UFMFDP NVOJDBDJPOFT Z SBNB BVUPNPUSJ[


* ÊÓÈ

1~(*/" &

&- */'03."%03

+VFWFT EF PDUVCSF EF

%F MB NBOVGBDUVSB

BM i7BMMF EFM 4JMJDJPv

+BMJTDP BQVFTUB QPS MBT OVFWBT JOEVTUSJBT EF MB UFDOPMPHªB

&M JOJDJP EF MB NBOVGBDUVSB %FTQV¹T EF MB 4FHVOEB (VFSSB .VO EJBM (VBEBMBKBSB WJWJÂ VOB USBOTP GPSNBDJÂO QPS MB QPM½UJDB EF JOEVT USJBMJ[BDJÂO QSPNPWJEB EFTEF FM (PCJFSOP 'FEFSBM " QBSUJS EF MB QSJNFSB NJUBE EFM TJHMP QBTBEP SFTVSHJFSPO FNQSFTB SJPT FYJUPTPT DPNP 4BMWBEPS -ÂQF[ $I²WF[ EF $BM[BEP $BOBE² MPT

&

O FM ÈMUJNP TJHMP &- */'03."%03 IB TJEP UFTUJHP EF MB FWPMV DJÂO IJTUÂSJDB EF MB FDPOPN½B EFM &TUBEP EPOEF (VBEBMBKBSB MP HS DPOTPMJEBSTF DPNP VO DFOUSP FTUSBU¹HJDP EF DPNVOJDBDJÂO F JOUFSDBNCJP FOUSF FM $FOUSP Z 0DDJEFOUF EFM QB½T *OWFTUJHBDJPOFT EF MPT IJTUPSJBEPSFT +PT¹ .BS½B .VSJ² Z "O H¹MJDB 1FSFHSJOB SFWFMBO FM TVSHJNJFOUP EF MBT QSJNFSBT JOEVTUSJBT Z DPNFS DJPT RVF NBSDBSPO FM EFTBSSPMMP EF MB &OUJEBE MB JOEVTUSJB UFYUJM GVF JNQVM TBEB QPS MPT NJHSBOUFT GSBODFTFT RVJFOFT TF DPOWJSUJFSPO FO EJTUSJCVJEPSFT FYDMVTJWPT EF MPT NBUFSJBMFT N²T DPEJDJBEPT QPS MBT DMBTFT BMUBT EF MB ¹QPDB &O MB E¹DBEB EF MPT WFJOUF EFM TJHMP QBTBEP MPT KVE½PT Z MJCBOFTFT JN QVMTBSPO FM DPNFSDJP EF NFSDBOD½BT BQSPWFDIBOEP MBT SVUBT DPNFSDJBMFT VUJMJ[BEBT QPS MPT BMNBDFOFT UBQBU½PT (VJMMFSNP EF MB 1FÁB SFTBMUB FM DBTP EF &SOFTUP 1BVMTFO GVOEBEPS EF MB 1BM NB VOP EF MPT FTUBCMFDJNJFOUPT DPNFSDJBMFT N²T EJO²NJDPT EF (VBEBMBKBSB &OUSF Z MB SBNB UFYUJM UVWP VO BVHF TJHOJGJDBUJWP DPO FM GMP SFDJNJFOUP EF MB JOEVTUSJB EF MB NPEB Z MB FYQBOTJÂO EF UBMMFSFT EFEJDBEPT B MB GBCSJDBDJÂO EF SPQB DBM[BEP Z UFKJEPT &O FTPT BÁPT UPNBSPO JNQVMTP MBT G²CSJDBT EF 3½P (SBOEF -PT OHFMFT Z %²WBMPT )FSNBOPT FOUSF PUSPT UBMMFSFT EF NFOPS UBNBÁP %VSBOUF FM TJHMP QBTBEP MB $PNQBÁ½B *OEVTUSJBM EF (VBEBMBKBSB TF DPOTUJUVZ FO MB FNQSFTB N²T JNQPSUBOUF EF MB SFHJÂO USBT JOWFSUJS FO USFT G²CSJDBT EF IJMBEPT Z UFKJEPT "UFNBKBD -B &YQFSJFODJB Z 3½P #MBODP 'VOEBEB FO $BM[BEP $BOBE² DPOTJHVJ TFS MB G²CSJDB [BQBUFSB N²T JNQPSUBOUF EF "N¹SJDB -BUJOB &O DBZ FO VO EFDMJWF RVF OP QVEP TV QFSBS 4F FTUJNB RVF MMFH B QSPEVDJS IBTUB NJM QBSFT EF [BQBUPT BM E½B DPO BMSFEFEPS EF NJM FNQMFBEPT $PQQFM UFSNJO BQSPQJ²OEPTF EF MB NBSDB %FTQV¹T EF FTUPT BÁPT MPT UBQBU½PT DPNJFO[BO B JODVSTJPOBS FO MPT OF HPDJPT EF BDFJUF Z KBCÂO MB BHSPJOEVTUSJB Z BMJNFOUPT MPT JOHFOJPT MB NBEF SB MB JOEVTUSJB EFM UFRVJMB FO MB DPOGJUFS½B F JOEVTUSJB GBSNBD¹VUJDB Z PUSPT TFDUPSFT EF MB JOEVTUSJB USBEJDJPOBM RVF TF DPOWJSUJFSPO FO MPT N²T JNQPSUBO UFT IBTUB MB E¹DBEB EF MPT TFUFOUB DVBOEP MMFHBO MBT QSJNFSBT FNQSFTBT EF NBOVGBDUVSB FMFDUSÂOJDB DPNP *#. ,PEBL .PUPSPMB FOUSF PUSBT &O MPT OPWFOUB Z QSJODJQJPT EF FTUF TJHMP +BMJTDP TF DPOTPMJE DPNP VO TJUJP FTUSBU¹HJDP Z QJPOFSP FO FM SVCSP UFDOPMÂHJDP IBTUB DPOWFSUJSTF FO FM EFTUJOP OBDJPOBM QSFEJMFDUP EF MBT JOWFSTJPOFT FO FTUF TFDUPS QPTJDJPO²OEP TF DPNP FM WBMMF EFM TJMJDJP NFYJDBOP &O BÁPT SFDJFOUFT &- */'03."%03 IB FTUBEP QSFTFOUF FO MB MMFHBEB EF OVFWBT FNQSFTBT EF BMUB UFDOPMPH½B B +BMJTDP RVF PDVQB FM QSJNFS MVHBS FO QSPEVDDJÂO NBOVGBDUVSFSB EF BMUB UFDOPMPH½B Z MB SFE EF DPNVOJEBEFT M½ EFSFT FO UFDOPMPH½B JOOPWBDJÂO Z FNQSFOEJNJFOUP

"SBOHVSFO DPO MBT BDFJUFSBT MPT .BSU½OF[ (ÊJUSÂO 6SSFB (BSDJBSDF 3BN½SF[ FOUSF PUSPT &O FM QFSJPEP MB DJV EBE TF DPOTPMJEÂ FO VO OÈDMFP JOEVT USJBM Z DPNFSDJBM FO FM RVF GMPSFDJF SPO FNQSFTBT FYJUPTBT FO MB JOEVTUSJB BMJNFOUJDJB GBSNBD¹VUJDB EFM UFRVJMB UFYUJM FOUSF PUSBT

t /07*&.#3& %& $PO MB WJTJUB EFM 1SFTJEFOUF .JHVFM "MFNÈO Z FM HPCFSOBEPS +FTÞT (PO[ÈMF[ (BMMP BCSJØ TVT QVFSUBT VOB OVFWB JOEVTUSJB UBQBUÓB QJPOFSB B OJWFM OBDJPOBM 4F USBUB EF MB BDFJUFSB /VFWB (B MJDJB RVF TF EFEJDBCB B FMBCPSBS BDFJUFT WFHFUBMFT Z TVT EFSJWBEPT DPO VOB TVQFS GJDJF EF NJM NFUSPT DVBESBEPT Z VOB DB QBDJEBE EF BMNBDFOBNJFOUP EF EPT NJMMP OFT EF MJUSPT EF BDFJUF

t "(0450 %& $BM[BEP $BOBEÈ JN QVTP VO SÏDPSE OBDJPOBM EF WFOUBT BM NF OVEFP BM WFOEFS DFSDB EF NJM QBSFT EF [B QBUPT QBSB IPNCSF EF NPEFMPT EFTDPOUJOVBEPT Z GVFSB EF DBUÈMPHP B MPT NJTNPT QSFDJPT RVF TF WFOEÓBO TJFUF B×PT BUSÈT $JFOUPT EF QFSTPOBT FTQFSBCBO TV UVSOP QBSB UFOFS BDDFTP B MB TVDVSTBM FO "WFOJEB +VÈSF[

7JBKF QPS FM UJFNQP &- */'03."%03 t "3$)*70

t 0$56#3& %& &- */'03."%03 WJTJUØ B MB FNQSFTB /JCDP EF .ÏYJDP FO EPOEF GVF SFDJCJEP QPS FM FNQSFTBSJP (VJ MMFSNP 6SSFB $BSSPMM RVJFO SFMBUØ FO TVT QÈHJOBT MB IJTUPSJB EF MB DPNQB×ÓB GVOEB EB FO Z RVF FO MB EÏDBEB EF MPT DVB SFOUB TF DPOWJSUJØ FO MB QSJNFSB FNQSFTB EF (VBEBMBKBSB FO BTPDJBSTF DPO VOB GJSNB FTUBEPVOJEFOTF PUPSHBOEP B +BMJTDP VO MJ EFSB[HP OBDJPOBM FO FM SBNP EF GBCSJDBDJØO EF WÈMWVMBT Z DPOFYJPOFT

+"#»/ -*3*0 'VF MB QSJNFSB FNQSFTB FO FM QBÓT RVF JOTUBMØ VOB QMBOUB EF QSPDFTP DPO UJOVP EF KBCPOFT FO 4V OBDJNJFOUP TF SFNPOUB B TJFOEP TVT GVOEBEPSFT +VBO 4ÈODIF[ "SBOB 'SBODJTDP .BSUÓO Z (VBEBMVQF 4ÈODIF[

&DPTJTUFNB EF BMUB UFDOPMPHÒB

&- */'03."%03 t "3$)*70

-PT BOUFDFEFOUFT EFM FDPTJTUFNB EF MB BMUB UFDOPMPH½B TF SFNPOUBO B MPT BÁPT TFUFOUB EFM TJHMP QBTB EP DVBOEP MMFHBSPO FNQSFTBT DP NP ,PEBL *#. Z .PUPSPMB Z FO MPT PDIFOUB )FXMFUU 1BDLBSE RVF UFSNJOBSPO DSFBOEP VOB DVM UVSB EF JOOPWBDJÂO Z DBMJEBE RVF QFSNFB FO MPT TFDUPSFT USBEJDJP

01&3"$*0/&4 &O DPNFO[Ø MB DPOTUSVDDJØO EF MB GÈCSJDB EF QBQFM FO FM QVFCMP EF "UFORVJRVF RVF BMDBO[Ø VOB DBQBDJEBE EF QSPEVDDJØO TVQFSJPS B MBT NJM UPOFMBEBT BOVBMFT FO &- */'03."%03 t "3$)*70

OBMFT EF MB FDPOPN½B +VMJP "DFWFEP EJSFDUPS EF $JVEBE $SFBUJWB %JHJUBM SFDVFS EB RVF EFTQV¹T EF MB DSJTJT EF DPNFO[BSPO B MMFHBS PUSBT FNQSFTBT JNQPSUBOUFT RVF DPO GPSNBSPO FM BIPSB DPOPDJEP DMÈT UFS UFDOPMÂHJDP DPNP 4PMFDUSÂO 'MFYUSPOJDT Z +BCJM FOUSF PUSBT

t 4&15*&.#3& %& &TUB DBTB FEJ UPSJBM DVCSJØ MB JOBVHVSBDJØO EF MB QSJNFSB QMBOUB EF 'MFYUSPOJDT *OUFSOBUJPOBM FO .Ï YJDP Z MB RVJOUB FO FM NVOEP &O FM FWFOUP TF DPOUØ DPO MB QSFTFODJB EF FNQSFTBSJPT Z QFSTPOBMJEBEFT DPNP FM 1SFTJEFOUF EF .ÏYJDP &SOFTUP ;FEJMMP FM HPCFSOBEPS EF +BMJTDP "MCFSUP $ÈSEFOBT BTÓ DPNP .JDIBFM .BSLT QSFTJEFOUF EFM DPOTFKP EF BENJOJTUSBDJØO EF MB FNQSFTB Z FM FOUPODFT BMDBMEF EF ;BQPQBO +PTÏ .BSÓB )FSOÈOEF[

%6-$&4 'VOEBEP IBDF B×PT (SVQP EF MB 3PTB QSPEVDF NÈT EF UJQPT EF EVMDFT FO USF MPT RVF EFTUBDB FM USBEJDJPOBM NB[BQÈO QSPEVDUPT EVMDFT BSUFTBOBMFT Z MJCSFT EF B[ÞDBS &- */'03."%03 t "3$)*70

t "7"/$&4 &O MPT ÞMUJNPT B×PT MBT FN QSFTBT EFM TFDUPS EF BMUB UFDOPMPHÓB IBO TFHVJEP JOTUBMÈOEPTF FO MB DJVEBE RVF FT UF B×P BMDBO[BSPO MB DJGSB EF NJM FN QSFTBT RVF IBO MMFHBEP B +BMJTDP QSJODJ QBMNFOUF QPS FM UBMFOUP DBMJGJDBEP FM FDPTJTUFNB UFDOPMØHJDP MB JOGSBFTUSVDUVSB Z MB DPMBCPSBDJØO FOUSF FM (PCJFSOP BDBEF NJB JOEVTUSJB Z TPDJFEBE DJWJM

ÓÊ ÊÊÊ Ê Ê Ê-ÊU

UÊ Ê Ê Ê/Ê Ê 'VOEBEPSFT

&EJUPS %JSFDUPS

+FT·T ~MWBSF[ EFM $BTUJMMP 7 +PSHF ~MWBSF[ EFM $BTUJMMP ;

&/ */5&3/&5

XXX JOGPSNBEPS NY

(6"%"-"+"3" +"- .* 3$0-&4 %& 4&15*&.#3& %&

"'1

w L]jkn]i] O -0$"-

: "

O /"$*0/"-

"

O */5&3/"$*0/"- : " O &$0/».*$0

: "

O '*4$"- "

-JCFSBO B TF®BMBEP QPS DBTP Â1BODIJUPÍ X 1ÈHJOB TFJT " O 4& ".1"3"

-iÊ`Õ« V> Êi «ÀiÃ>ÃÊ`iÊ> Ì>ÊÌiV } >ÆÊ Û iÀÌi Ê> Ê> ÊÎxäÊ

Êi Êi Ê ÃÌ>` +BMJTDP FT DPOTJEFSBEP FM 4JMJDPO 7B MMFZ EF "N¹SJDB -BUJOB Z MB DBQJUBM EF MB JOOPWBDJÂO FO MB 3FHJÂO EFCJEP BM FDPTJTUFNB EF UFDOPMPH½B Z DSFBUJWJ EBE BMUBNFOUF JOUFHSBEP MP RVF IB QFSNJUJEP RVF FO MPT ÈMUJNPT BÁPT TJ HBO MMFHBOEP OVFWBT FNQSFTBT -BT DJGSBT TPO DPOUVOEFOUFT FOUSF Z TF UFO½B SFHJTUSP EF FN QSFTBT EF BMUB UFDOPMPH½B DJGSB RVF BV NFOU FTUF BÁP B NJM EF BDVFSEP DPO MB $²NBSB /BDJPOBM EF MB *OEVTUSJB &MFD USÂOJDB EF 5FMFDPNVOJDBDJPOFT Z 5FD OPMPH½BT EF MB *OGPSNBDJÂO $BOJFUJ *TBBD WJMB QSFTJEFOUF EFM PSHBOJTNP TFÁBMB RVF +BMJTDP FT VO GPDP EF BUSBD DJÂO QBSB FTUF UJQP EF DPNQBÁ½BT QSJODJ QBMNFOUF QPS FM USBCBKP EF MB DV²ESVQMF I¹MJDF (PCJFSOP BDBEFNJB JOEVTUSJB Z

TPDJFEBE DJWJM QBSB GPSUBMFDFS FM FDPTJT UFNB UFDOPMÂHJDP MB JOGSBFTUSVDUVSB Z EJTQPOJCJMJEBE EF UBMFOUP DBMJGJDBEP %FTEF MB UJUVMBSJEBE EF MB 4FDSF UBS½B EF *OOPWBDJÂO $JFODJB Z 5FDOP MPH½B +BJNF 3FZFT 3PCMFT SFDPOPDF RVF FM TFDUPS iTF FTU² DPOTPMJEBOEP EF UBM NBOFSB RVF MJEFSB MB DSFBDJÂO EF OVFWPT FNQMFPT CJFO QBHBEPT Z VOB JOWFSTJÂO FYUSBOKFSB FO BTDFOTPw 1PS FTP MB &OUJEBE PDVQB FM QSJNFS MVHBS FO QSPEVDDJÂO NBOVGBDUVSFSB EF BMUB UFDOPMPH½B Z MB SFE EF DPNVOJEBEFT M½EFSFT FO UFDOPMPH½B F JOOPWBDJÂO DPO N²T EF TFJT NJM FNQSFOEFEPSFT 5BNCJ¹O iTPNPT M½EFSFT FO MB JOEVTUSJB EF TPGUXBSF TFSWJDJPT EF JOGPSNBDJÂO Z NVMUJNFEJBw -PT EBUPT N²T SFDJFOUFT JOEJDBO

RVF FO QSPNFEJP MBT DPNQBÁ½BT EF BM UB UFDOPMPH½B JOWJFSUFO FO +BMJTDP NJMMPOFT EF EÂMBSFT DBEB BÁP +PT¹ 1B MBDJPT TFDSFUBSJP EF %FTBSSPMMP &DP OÂNJDP FO FM &TUBEP SFDVFSEB RVF FT UF FDPTJTUFNB TF SFNPOUB BÁPT BUS²T DVBOEP MMFHBSPO ,PEBL *#. Z .PUPSPMB EFTQV¹T )1 4BONJOB +B CJM *OUFM Z $POUJOFOUBM FOUSF PUSBT i&M DBQJUBM IVNBOP IB QSPWPDBEP RVF WFOHBO FNQSFTBT OP TÂMP EF &TUB EPT 6OJEPT TJOP EF *OEJB "MFNBOJB *T SBFM *OHMBUFSSB #SBTJM Z 'SBODJBw 3FTBM UBO GJSNBT DPNP %PNFS #PTDI )$- 5FDIOPMPHJFT -VY 4PGU &QBN 4ZTUFN "NEPDT "MHBSUFDI 5FDIOJDPMPS 8JQSP Z 1FSTJTUFOU 4ZTUFNT FOUSF PUSBT

X 1ÈHJOBT EPT Z USFT "

3BGB . SRVF[ RVJFSF TVT HBOBODJBT X 1ÈHJOB PDIP " O $"3*#& : &6

5PNBO NFEJEBT BOUF BNFOB[B EF Â*SNBÍ X 1ÈHJOB OVFWF " 4VHFSFODJBT RVFKBT Z DPNFOUBSJPT

DPNFOUBSJPT!JOGPSNBEPS DPN NY

NaǗeop]

i%&40#&%*&/5&4w "M NFOPT VOB EPDFOB EF KØWFOFT JONJHSBOUFT CFOFGJDJBEPT DPO FM QSPHSBNB EF EFQPSUBDJØO EJGFSJEB P %"$" GVFSPO BSSFTUBEPT BZFS FO VO BDUP EF EFTPCFEJFODJB DJWJM GSFOUF B MB 5PSSF 5SVNQ EF /VFWB :PSL

-iÊ`Õ« V> Êi «ÀiÃ>ÃÊ`iÊ> Ì>ÊÌiV } >ÆÊ Û iÀÌi Ê> Ê> ÊÎxäÊ

Êi Êi Ê ÃÌ>` +BMJTDP FT DPOTJEFSBEP FM 4JMJDPO 7B MMFZ EF "N¹SJDB -BUJOB Z MB DBQJUBM EF MB JOOPWBDJÂO FO MB 3FHJÂO EFCJEP BM FDPTJTUFNB EF UFDOPMPH½B Z DSFBUJWJ EBE BMUBNFOUF JOUFHSBEP MP RVF IB QFSNJUJEP RVF FO MPT ÈMUJNPT BÁPT TJ HBO MMFHBOEP OVFWBT FNQSFTBT -BT DJGSBT TPO DPOUVOEFOUFT FOUSF Z TF UFO½B SFHJTUSP EF FN QSFTBT EF BMUB UFDOPMPH½B DJGSB RVF BV NFOU FTUF BÁP B NJM EF BDVFSEP DPO MB $²NBSB /BDJPOBM EF MB *OEVTUSJB &MFD USÂOJDB EF 5FMFDPNVOJDBDJPOFT Z 5FD OPMPH½BT EF MB *OGPSNBDJÂO $BOJFUJ *TBBD WJMB QSFTJEFOUF EFM PSHBOJTNP TFÁBMB RVF +BMJTDP FT VO GPDP EF BUSBD DJÂO QBSB FTUF UJQP EF DPNQBÁ½BT QSJODJ QBMNFOUF QPS FM USBCBKP EF MB DV²ESVQMF I¹MJDF (PCJFSOP BDBEFNJB JOEVTUSJB Z

-i > > Ê`iÃÛ Ê`iÊ >Ê-i`ià ʫ ÀÊ ?ÃÊ

%BWJE (VFUUB `iÊ` ÃÊ Ê * MB BWBO[BEB EF VO NFT NVZ NVTJDBM

X 1ÈHJOB EPT #

%*&(0 0403/0 .6&453" -" 4&%6$$*»/ %&- 10%&3 X 1ÈHJOB VOP #

i#&35" *4-"w -" "16&45" %& +"7*&3 ."3¶"4 X 1ÈHJOB DJODP #

-B 4FDSFUBS½B EF %FTBSSPMMP 4PDJBM 4F EFTPM QBHÂ NJMMPOFT EF QFTPT FO QBSB SFQBSUJS NJM QBRVFUFT EF BMJNFOUPT Z BSU½DVMPT QSPNPDJPOBMFT EF MB $SV[BEB /BDJPOBM DPOUSB FM )BN CSF FO FTUBEPT EFM QB½T QFSP TFHÈO MB "VEJUPS½B 4VQFSJPS EF MB 'FEFSBDJÂO BQFOBT TF FOUSFHÂ EF MBT EFTQFOTBT BERVJSJEBT 4FHÈO JOGPSNBDJÂO EFM EJBSJP EJ HJUBM "OJNBM 1PM½UJDP Z MB BTPDJBDJÂO DJ WJM .FYJDBOPT $POUSB MB $PSSVQDJÂO Z MB *NQVOJEBE .$$* FO FTUF DBTP MB 4FEFTPM DPO 3PTBSJP 3PCMFT BM GSFOUF DPOUÂ DPO MB QBSUJDJQBDJÂO EF MBT VOJ WFSTJEBEFT BVUÂOPNBT EF .PSFMPT Z &TUBEP EF .¹YJDP RVF GVOHJFSPO DP NP JOUFSNFEJBSJBT DPO VOB WFJOUFOB EF FNQSFTBT GBOUBTNB P JSSFHVMBSFT &O MB $VFOUB 1ÈCMJDB EF Z TF SFQPSUBSPO DPOWFOJPT DPO FTBT EPT VOJWFSTJEBEFT QPS VO NPOUP EF EPT NJM NJMMPOFT RVF EFC½BO EFTUJOBSTF B BNQMJBS MB DPCFSUVSB EF QSPHSBNBT TP DJBMFT NFKPSFT TFSWJDJPT FO MBT [POBT N²T SF[BHBEBT EFM QB½T P DPNCBUJS MB QP CSF[B 1PS MB USJBOHVMBDJÂO EF MBT PQFSB DJPOFT MBT JOTUJUVDJPOFT SFDJCJFSPO VOB DPNJTJÂO EF NJMMPOFT NJM QFTPT 4FHÈO MB JOWFTUJHBDJÂO MB FNQSFTB DPO NBZPSFT CFOFGJDJPT EF FTUBT USBO TBDDJPOFT GVF &4(&3 4FSWJDJPT Z $POT USVDDJPOFT 4 " EF $ 7 RVF FO EF DMBSÂ BOUF FM 4"5 JOHSFTPT QPS NJMMPOFT EF QFTPT Z HBTUPT QPS NJMMP OFT EF QFTPT TJO EFDMBSBS MPT NJMMP OFT EF QFTPT RVF SFDJCJÂ EF MB 4FEFTPM

XÊ1ÈHJOB PDIP "

AO?NE>AJ6

)PZ Q HJOBT ]

-&$)&3" (6"%"-"+"3" 'VF GVOEBEB QPS 3PCFSUP (PO[ÈMF[ EF MB 5PSSF RVJFO TF JOJ DJØ FO MB QSPEVDDJØO EF MFDIF EFTEF FM B×P FO FM NVOJDJQJP EF "DBUJD

/ .&30

$BSMPT ~MWBSF[ EFM $BTUJMMP (

"º0 $

«ÀiÃ>ÃÊ`iÊ > ÃV Ê>LÀi Ê«ÕiÀÌ>ÃÊ>Ê`Ài> iÀÃ

TPDJFEBE DJWJM QBSB GPSUBMFDFS FM FDPTJT UFNB UFDOPMÂHJDP MB JOGSBFTUSVDUVSB Z EJTQPOJCJMJEBE EF UBMFOUP DBMJGJDBEP %FTEF MB UJUVMBSJEBE EF MB 4FDSF UBS½B EF *OOPWBDJÂO $JFODJB Z 5FDOP MPH½B +BJNF 3FZFT 3PCMFT SFDPOPDF RVF FM TFDUPS iTF FTU² DPOTPMJEBOEP EF UBM NBOFSB RVF MJEFSB MB DSFBDJÂO EF OVFWPT FNQMFPT CJFO QBHBEPT Z VOB JOWFSTJÂO FYUSBOKFSB FO BTDFOTPw 1PS FTP MB &OUJEBE PDVQB FM QSJNFS MVHBS FO QSPEVDDJÂO NBOVGBDUVSFSB EF BMUB UFDOPMPH½B Z MB SFE EF DPNVOJEBEFT M½EFSFT FO UFDOPMPH½B F JOOPWBDJÂO DPO N²T EF TFJT NJM FNQSFOEFEPSFT 5BNCJ¹O iTPNPT M½EFSFT FO MB JOEVTUSJB EF TPGUXBSF TFSWJDJPT EF JOGPSNBDJÂO Z NVMUJNFEJBw -PT EBUPT N²T SFDJFOUFT JOEJDBO

bg_hkfZ]hk(gr

RVF FO QSPNFEJP MBT DPNQBÁ½BT EF BM UB UFDOPMPH½B JOWJFSUFO FO +BMJTDP NJMMPOFT EF EÂMBSFT DBEB BÁP +PT¹ 1B MBDJPT TFDSFUBSJP EF %FTBSSPMMP &DP OÂNJDP FO FM &TUBEP SFDVFSEB RVF FT UF FDPTJTUFNB TF SFNPOUB BÁPT BUS²T DVBOEP MMFHBSPO ,PEBL *#. Z .PUPSPMB EFTQV¹T )1 4BONJOB +B CJM *OUFM Z $POUJOFOUBM FOUSF PUSBT i&M DBQJUBM IVNBOP IB QSPWPDBEP RVF WFOHBO FNQSFTBT OP TÂMP EF &TUB EPT 6OJEPT TJOP EF *OEJB "MFNBOJB *T SBFM *OHMBUFSSB #SBTJM Z 'SBODJBw 3FTBM UBO GJSNBT DPNP %PNFS #PTDI )$- 5FDIOPMPHJFT -VY 4PGU &QBN 4ZTUFN "NEPDT "MHBSUFDI 5FDIOJDPMPS 8JQSP Z 1FSTJTUFOU 4ZTUFNT FOUSF PUSBT

5SBT MB DBODFMBDJ°O EFM %"$" FO &6 DBEB KPWFO RVF SFHSFTF QVFEF PDVQBS VOB EF MBT TFJT NJM WBDBOUFT FO SFBT U¦DOJDBT F JOHFOJFSªBT -½EFSFT FNQSFTBSJBMFT BGJSNBSPO RVF +BMJTDP FTU² MJTUP QBSB SFDJCJS B MPT ESFBNFST BGFDUBEPT QPS MB SFTDJTJÂO EF MB "DDJÂO %JGFSJEB QBSB MPT -MFHBEPT FO MB *OGBODJB %"$" QPS TVT TJHMBT FO JOHM¹T QPS QBSUF EFM HPCJFSOP EF %POBME 5SVNQ -BT PQPSUVOJEBEFT TF BCSJS²O FTQFDJBMNFOUF QBSB BRVFMMPT RVF DVFOUFO DPO FTUVEJPT FO DBSSF SBT U¹DOJDBT F JOHFOJFS½BT EPOEF MB &OUJEBE UJFOF VO E¹GJDJU EF TFJT NJM WBDBOUFT &M QSFTJEFOUF EF MB $PQBSNFY +BMJTDP .BVSP (BS[B BTFHVSÂ RVF EF MBT NJM FNQSFTBT MJHBEBT BM PSHBOJTNP DPOUSBUBS² B QFSTPOBM QBSB FM TFHVOEP TFNFTUSF EFM BÁP QPS MP RVF IBZ OFDFTJ EBE EF NBOP EF PCSB iESFBNFSw 4JO FNCBSHP (BS[B SFTBMUÂ RVF TF EFCF USB CBKBS FO NBUFSJB EF TFHVSJEBE Z &TUBEP EF EFSF DIP QBSB PGSFDFS NFKPSFT DPOEJDJPOFT B MPT RVF EF DJEBO SFHSFTBS EF &TUBEPT 6OJEPT &M DPPSEJOBEPS EFM $POTFKP EF $²NBSBT *O EVTUSJBMFT EF +BMJTDP $$*+ %BOJFM $VSJFM EFTUB DÂ RVF FM UFNB TBMBSJBM FT FM QSJODJQBM SFUP QBSB DPO WFODFS B FTUPT NFYJDBOPT i/VFTUSBT FNQSFTBT OP QPES²O QBHBS MPT TVFMEPT RVF QBHBO BMM² TJO FN CBSHP IBZ RVF EFDJS RVF FM DPTUP EF WJEB FT NVDIP N²T CBSBUP BRV½w $VSJFM BHSFHÂ RVF FM EPNJOJP EFM JOHM¹T MFT EB S² HSBOEFT PQPSUVOJEBEFT QBSB FODPOUSBS VO FN QMFP FO FM &TUBEP EPOEF MBT JOEVTUSJBT BVUPNPUSJ[ FMFDUSÂOJDB EF TPGUXBSF Z EF BMJNFOUPT SFRVJFSFO EF OVFWPT QFSGJMFT &M *OTUJUVUP EF *OGPSNBDJÂO &TUBE½TUJDB Z (FPHS²GJDB EF +BMJTDP **&( TFÁBMÂ RVF MB FY QFDUBUJWB EF BVNFOUP EF DPOUSBUBDJPOFT FO MB JOEVTUSJB FT EF BM DJFSSF EFM BÁP &O DBNCJP FO FM DPNFSDJP FT EF Z FO MPT TFSWJDJPT EF QPS DJFOUP %VSBOUF VO SFDPSSJEP QPS MBT PCSBT EF MB -½ OFB EFM 5SFO -JHFSP FM HPCFSOBEPS "SJTUÂUFMFT 4BOEPWBM BDFOUVÂ RVF MB QSÂYJNB TFNBOB EBS² B DPOPDFS VOB TFSJF EF JOJDJBUJWBT QBSB CSJOEBS BQP ZP B MPT ESFBNFST %F BDVFSEP DPO MB 0GJDJOB EF 4FSWJDJPT EF $JV EBEBO½B F *ONJHSBDJÂO EF &TUBEPT 6OJEPT FO MP RVF WB EF TF SFHJTUSÂ MB BQSPCBDJÂO EF NJM TPMJDJUVEFT QBSB GPSNBS QBSUF EFM %"$" %F FTUBT NJM TPO EF NFYJDBOPT -B "DDJÂO %JGFSJEB QBSB MPT -MFHBEPT FO MB *O GBODJB DSFBEB FO PUPSHÂ QFSNJTPT QBSB USB CBKBS Z VO OÈNFSP EF TFHVSP TPDJBM EVSBOUF EPT BÁPT B MPT KÂWFOFT JOEPDVNFOUBEPT RVF MMFHBSPO B &TUBEPT 6OJEPT BOUFT EF DVNQMJS BÁPT SFTJ EFOUFT FO FTUF QB½T EFTEF FM EF KVOJP EF FTUVEJBOUFT BM NPNFOUP EF TPMJDJUBSMB Z TJO BOUF DFEFOUFT QFOBMFT

X 1ÈHJOBT EPT Z USFT "

@alknpa

X 1ÈHJOB "

$045" 3*$"

.²9*$0

-F TBDBO FM FNQBUF BM 5SJ FO $PTUB 3JDB

.*4*-&4 $0/53" &- &* 6OB GSBHBUB SVTB BUBDB QPTJDJPOFT EF MPT ZJIBEJTUBT FO 4JSJB 7*%&0 IUUQT HPP HM S )3:

"$"1"3"/ "5&/$*»/ &TDPUFT QSPOVODJBEPT TPCSFTBMFO FO 'FTUJWBM EF $JOF EF 7FOFDJB '050("-&3¶" IUUQT HPP HM )4 #F

)63"$«/ &41&$5"$6-"3 $ÈNBSBT EF MB &TUBDJØO &TQBDJBM *OUFSOBDJPOBM DBQUBO B i*SNBw 7*%&0 IUUQT HPP HM QP#.Z'

X 1ÈHJOB VOP $

3&$*#&/ " -04 ("/"%03&4 %& 1"3"-*.1*"%" X 1ÈHJOB TJFUF $

"3%&/ -"4 &-*.*/"503*"4 "-3&%&%03 %&- .6/%0

X 1ÈHJOBT EPT Z USFT $

WÊ "Ê* / ,- Ê , Ê*>À>` >ÃÊ`iÊ >Ê« Ì V>ÊWÊ , "-Ê ", /Ê Ê " Ê °Ê ÊÃi ÀÊ ÕÌiÀÀiÃÊWÊ 6 Ê ,,"9"Ê· ÃÊ i}> Ê >Ê«>Ì> iÀ >Ê`iÊ iÀÛ> ÌiöÊWÊ+1 "Ê >ÀÌÕV Ê WÊ "*"Ê* V>°°°Ê« ÀÌiÊWÊ, 9 1 "Ê, 6 Ê* "Ê ÊÌ «Ê`iÊ ÃÊÛ i Ì ÃÊWÊ , Ê 1 ,, Ê -/ "-Ê Êv Ê`i ÊÃÕi ÊWÊ 1 "Ê , <"Ê iÀÀÞÊ >ÃÊÞÊ >Ê / Ê WÊ 1 Ê* " ,Ê6 , Ê Õ> Ê*> >ÀÊÞÊ À >Ã\Ê>ÊÌÀi Ì>Ê> ÃÊ`iÊÃÕÊ ÕiÀÌiÊWÊ Ê , Ê -Ê Ê·» > }>ÊµÕ i ÊV> }>»°°°¶ÊWÊ "Ê , "Ê " -"Êu jÝ V Êà }ÕiÊ Û VÌ tÊWÊ , -/"Ê $* <Ê "/ Ê ÕÌL ÊÃ Ê L> ÊWÊ Ê , Ê -ÊI-> V ÊWÊ8 6 ,Ê/"- "Ê °Ê Ê+1 6 "Êu-iÀ?Ê >ÊÖ Ì >Ê > >`>tÊWÊ 1, "Ê $* <Ê iÃÌ >ÊWÊ " ", -Ê/ * Ê ÃÌÀÕVV iÃÊ«>À>Ê`>ÀÊi Ê«jÃ> iÊWÊ , "-Ê ",/ -Ê6iÀ V>Ê

AHPAI=

>fik^lZl ]^ ZemZ m^\gheh` Z

ENTRE 4JHVF EFCBUFJOGPSNBEPS TODOS

1BSUJDJQB FO 5XJUUFS FO FM EFCBUF EFM EªB !JOGPSNBEPS

{2VÏ PQJOB EF MB SFMBDJØO FOUSF FM (PCJFSOP MBT FNQSFTBT Z MBT VOJWFSTJEBEFT QBSB NFKPSBS MB DPNQFUJUJWJEBE EF +BMJTDP

*ÀiÛjÊ `ÕÃÌÀ >Êi iVÌÀ V>Ê}i iÀ>ÀÊÊ ÓäÊ Êi « i ÃÊiÃÌiÊ> Êi Ê > ÃV ● EZ bgo^klb g ]^ eZl ikbg\b' iZe^l ^fik^lZl ^qmkZgc^kZl l^ ^lmbfZ ^g .** fbeehg^l ]^ ] eZk^l ^g ,*+1

-

B JOEVTUSJB EF MB FMFDUSÂOJDB UFMFDPNV OJDBDJPOFT Z UFDOPMPH½BT EF MB JOGPSNB DJÂO QSFW¹ BUSBFS FTUF BÁP VOB JOWFS TJÂO EF NJMMPOFT EF EÂMBSFT .%% Z DSFBS NJM OVFWPT FNQMFPT DPO QSP ZFDUPT EF DSFDJNJFOUP EF MBT USBTOBDJPOBMFT ZB JOT UBMBEBT FO +BMJTDP DPNP )1 *OUFM 4BONJOB 'MFY Z +BCJM *TBBD WJMB "IVNBEB QSFTJEFOUF SFHJPOBM EF 0DDJEFOUF EF MB $²NBSB /BDJPOBM EF MB *OEVTUSJB &MFDUSÂOJDB $BOJFUJ EFTUBDB RVF FO FM QSJNFS TF NFTUSF EFM BÁP TF IBO JOWFSUJEP NJMMPOFT EF EÂ MBSFT FO FTUF TFDUPS QSJODJQBMNFOUF EF FNQSFTBT QSPWFOJFOUFT EF &TUBEPT 6OJEPT 'SBODJB F *OEJB -B CVFOB OPUJDJB FT RVF QFTF B MB JODFSUJEVN CSF FDPOÂNJDB RVF IBO FOGSFOUBEP MPT FNQSFTBSJPT QPS MBT QPM½UJDBT EFM QSFTJEFOUF EF &TUBEPT 6OJEPT %POBME 5SVNQ Z MB FWFOUVBM SFOFHPDJBDJÂO EFM 5SB UBEP EF -JCSF $PNFSDJP EF "N¹SJDB EFM /PSUF 5-$"/ MB JOEVTUSJB EF MB BMUB UFDOPMPH½B FTQFSB BMDBO[BS MB NFUB EF JOWFSTJÂO Z FNQMFPT FTUF BÁP QPS MP RVF NBOUFOES² TV DSFDJNJFOUP FO +BMJTDP &M TFDSFUBSJP EF %FTBSSPMMP &DPOÂNJDP EF +B MJTDP +PT¹ 1BMBDJPT EFTUBDÂ RVF FTU²O FO QM²UJDBT DPO DVBUSP FNQSFTBT EF &TUBEPT 6OJEPT F *OEJB M½ EFSFT EFM TFDUPS QBSB RVF JOWJFSUBO FO +BMJTDP Z TF DVNQMB MB NFUB iTFHVSBNFOUF TF RVFEBS²O FO +B

&- */'03."%03 t " $"."$)0


Ê

+VFWFT EF PDUVCSF EF

&- */'03."%03

* ÊÓLJ

1~(*/" &


* ÊÓn

1~(*/" &

&- */'03."%03

&M HJHBOUF EF $BM[BEP $BOBEÇx

+VFWFT EF PDUVCSF EF

-B BQFSUVSB DPNFSDJBM MB EFWBMVBDJ°O EF MPT OPWFOUB Z MPT USBUBEPT EF MJCSF DPNFSDJP BGFDUBSPO BM TFDUPS QFSP BIPSB FOGSFOUB VOB OVFWB PQPSUVOJEBE

Z MB JOEVTUSJB RVF CVTDB SFOPWBSTF

NFEJBEPT EFM TJHMP 99 +BMJTDP DPOUB CB DPO VOB FDPOPN½B FNFSHFOUF HSB DJBT BM DSFDJNJFOUP EF BMHVOPT TFDUP SFT DPNP MB JOEVTUSJB EFM DBM[BEP RVF DPNFO[Â B EFTBSSPMMBSTF IBDF N²T EF BÁPT Z BMDBO[Â TV NBZPS BVHF FO MB E¹DBEB EF MPT TFUFOUB &TUP TF EFCJÂ FO HSBO NFEJEB BM DSFDJNJFOUP RVF UVWP MB FNQSFTB UBQBU½B $BM[BEP $BOBE² GVO EBEB FO QPS 4BMWBEPS -ÂQF[ $I²WF[ DPO VOB QSPEVDDJÂO RVF QBSB NFEJBEPT EF MPT TFTFOUB FSB EF N²T EF NJM QBSFT BM E½B MP RVF MB DPOWJSUJÂ FO VOB EF MBT FNQSFTBT N²T JNQPSUBOUFT B OJWFM -BUJ OPBN¹SJDB &M EFTBSSPMMP BMDBO[BEP FO FTPT BÁPT QPS MBT G²CSJDBT QFSNJUJÂ B +BMJTDP NBOUFOFSTF DPNP VOP EF MPT QSJODJQBMFT QSPEVDUPSFT EF [BQBUPT B OJWFM OBDJPOBM TÂMP QPS EFCBKP EF (VBOBKVBUP TJO FN CBSHP MB QSPEVDDJÂO DPNFO[Â B SFTFOUJSTF B QBSUJS EF DPO MB BQFSUVSB DPNFSDJBM "VORVF MBT FYQPSUBDJPOFT NFKPSBCBO FM TFD UPS FNQF[BCB B QFSEFS DPNQFUJUJWJEBE MP DVBM TF BHVEJ[Â DPO MB DSJTJT EF Z FM 5SBUBEP EF -JCSF $PNFSDJP 5PN²T -ÂQF[ 3PDIB ÈMUJNP EJSFDUPS HFOFSBM EF $BM[BEP $BOBE² SFDPOPDJÂ RVF FTUP QSPWPDÂ MB DB½EB EF HSBOEFT FNQSF TBT MPDBMFT QPSRVF .¹ YJDP TF PMWJEÂ EFM NFSDB EP JOUFSOP 1FSP FM NBZPS QSPCMFNB EF MB JOEVTUSJB GVF QSPWPDBEP QPS MB DPNQFUFODJB EFT MFBM Z FM DPOUSBCBOEP QSJODJQBMNFOUF EF QB½ TFT BTJ²UJDPT DPNP $IJ OB iFTB GVF VOB EF MBT AIFSJEBT HSBWFT EF $BM [BEP $BOBE² FTUF NF EJP QVCMJDÂ RVF FO TF WFOEJÂ BM (SVQP $PQQFM Z EFM TFDUPS )BZ VOB JNQPSUBOUF NPSUBO EBE EF FNQSFTBT EFTEF y DSFP RVF NVSJFSPO w %F BDVFSEP DPO MB $²NBSB EF MB *OEVTUSJB EFM $BM[BEP EF +BMJTDP FTB FNQSFTB HFOFSBCB N²T EF NJM FNQMFPT EF MPT NJM RVF TF UFO½BO FO FM TFD UPS IBDF N²T EF EPT E¹DBEBT Z QSPEVD½B EPT NJMMP OFT EF QBSFT EF [BQBUPT BM BÁP &O FM (PCJFSOP GFEFSBM QVCMJDÂ VO EFDSF UP FO FM RVF TF FTUBCMFDJFSPO PDIP NFEJEBT QBSB GSF OBS MB DPNQFUFODJB EFTMFBM Z NFKPSBS MBT DPOEJDJP OFT EFM TFDUPS VOB EF MBT BDDJPOFT RVF QFSNJUJÂ NFKPSBT FO MB JOEVTUSJB OBDJPOBM EFM DBM[BEP B QBS UJS EFM RVF BIPSB MVDF QSPNFUFEPSB 5SBT BTVNJS FM DBSHP FM QSFTJEFOUF EF MB $²NB SB +PT¹ "SJBT TVCSBZÂ RVF FM SFUP FT OJWFMBS MB CB MBO[B DPNFSDJBM BUSBFS B N²T DPNQSBEPSFT JOUFS OBDJPOBMFT DPNCBUJS MB JMFHBMJEBE F JOOPWBS 3JDBSEP 0SUB FYQFSUP FO MB NBUFSJB EFTUBDÂ RVF FTUF BÁP TF IB JOJDJBEP VOB OVFWB FSB FO FTUB JOEVTUSJB FO +BMJTDP B USBW¹T EF MBT JOOPWBDJPOFT UFDOPMÂHJDBT QBSB RVF MPHSF VO SFDPOPDJNJFOUP QPS TV DBMJEBE Z EJGFSFODJBDJÂO

"

&- */'03."%03 t "3$)*70

%"50

'VFS[B OÊ&O +BMJTDP TF DVFOUB

DPO GÈCSJDBT Z USBCBKBEPSFT FO MB JOEVTUSJB EF DBM [BEP Z DVFSP OÊ4F QSPEVDFO NJ

MMPOFT EF QBSFT BOVB MFT EF DBM[BEP QBSB EBNB OÊ&M &TUBEP QSPEVDF

EFM DBM[BEP EF EBNB B OJWFM OBDJP OBM &T MÓEFS FO FTUF SVCSP

&.13&4" #0:"/5& &O MB EÏDBEB EF MPT TFTFOUB EFM TJHMP QBTBEP $BM[BEP $BOBEÈ QSPEVDÓB IBTUB NJM QBSFT DBEB EÓB

-B NÇT JNQPSUBOUF FO -BUJOPBNÎSJDB Â-B FYDFTJWB EFNBOEB EFM DBM[BEP EF "VSFMJP -° QF[ IB NPUJWBEP MB DSFBDJ°O EF ¾$BOBE ½Í TF MFªB FO VOP EF MPT QSJNFSPT BOVODJPT QVCMJDBEPT FO KV OJP EFM B®P EF MPT DVBMFT GVFSPO MBO[BEPT QPS MB FNQSFTB UBQBUªB QBSB BOVODJBS TV QS°YJNB JOBV HVSBDJ°O FO +BMJTDP &O KVMJP EF FTF B®P DPNFO[° B PQFSBS MB DPN QB®ªB EF DBM[BEP GVOEBEB QPS 4BMWBEPS -°QF[ $I WF[ RVJFO FO MPT QS°YJNPT B®PT MPHS° DPOWFSUJSMB FO MB N T JNQPSUBOUF EFM TFDUPS FO -BUJOPBN¦SJDB 1SPEVDUP EF FTF BVHF FO FTUF QFSJ°EJDP JOGPSN° RVF MB FNQSFTB QSPEVDªB IBTUB NJM QB SFT BM EªB

$-"7&4 $SFDJNJFOUP EFM TFDUPS

OÊ4V EFTBSSPMMP GPSNBM FO +BMJTDP JOJDJØ FO MB EÏDBEB EF

MPT WFJOUF EFM TJHMP QBTBEP OÊ&O MPT USFJOUB ZB FYJTUÓB VO FMFWBEP OÞNFSP EF GÈCSJ

DBT : TF GPSNB FM QSJNFS TJOEJDBUP QBUSPOBM EF [BQB UFSPT OÊ&O MB EÏDBEB EF MPT DVBSFOUB DPO MB 4FHVOEB (VFSSB

.VOEJBM (VBEBMBKBSB TF DPOWJFSUF FO VO HSBO QSP EVDUPS EF IVBSBDIFT OÊ&O MPT DJODVFOUB TF JOJDJB VO QSPDFTP EF JOEVTUSJBMJ[B &- */'03."%03 t "3$)*70

&OGSFOUBO GVFSUF EÎGJDJU DPNFSDJBM &M EF EJDJFNCSF EF FTUF NFEJP Q·CMJDP MPT SFTVMUBEPT EF VO EJBHO°TUJDP EF MB $ NBSB EF MB *O EVTUSJB EF MB 5SBOTGPSNBDJ°O $BODJOUSB FO FM RVF TF SFQPSUBCB RVF MB JOEVTUSJB UFYUJM WFTUJEP DVFSP Z DBM[BEP IBCªB TJEP MB N T HPMQFBEB DPO MB BQFSUV SB DPNFSDJBM "M BCSJSTF MB FDPOPNªB EFM QBªT MB JOEVTUSJB EFM DBM[BEP DPNFO[° B JODSFNFOUBS TVT FYQPSUBDJP OFT TJO FNCBSHP IBO TJEP TVQFSBEBT QPS MBT JN QPSUBDJPOFT MP RVF IB HFOFSBEP VO E¦GJDJU DPNFS DJBM DFSDBOP B MPT NJMMPOFT EF E°MBSFT %F BDVFSEP DPO EBUPT EFM *OFHJ QBSB +B MJTDP FYQPSUBCB NJMMPOFT EF E°MBSFT &O FM UPUBM EF MBT WFOUBT BM FYUFSJPS BMDBO[° TV QVOUP N T BMUP DPO NJMMPOFT EF E°MBSFT &O CB K° B NJMMPOFT Z FM B®P QBTBEP GVFSPO QPS NJMMPOFT .JFOUSBT FO MBT FYQPSUBDJPOFT FSBO TJNJ MBSFT B MBT JNQPSUBDJPOFT BM SFHJTUSBS GSFOUF B NJMMPOFT EF E°MBSFT SFTQFDUJWBNFOUF QBSB MBT JNQPSUBDJPOFT TF DVBESVQMJDBSPO NJFO USBT FM &TUBEP WFOEJ° QSPEVDUP BM FYUFSJPS QPS VO WB MPS EF NJMMPOFT EF E°MBSFT MB DPNQSB FO MB RVF BEFN T EF DBM[BEP TF JODMVZF QPMBJOBT Z BSUªDVMPT BO MPHPT GVF EF NJMMPOFT EF E°MBSFT &M B®P QBTBEP MBT JNQPSUBDJPOFT BMDBO[BSPO MPT NJMMPOFT QPS MP RVF FM E¦GJDJU DPNFSDJBM GVF EF NJMMPOFT EF E°MBSFT -B EJGFSFODJB N T BNQMJB GVF FO DPO NJMMPOFT EF E°MBSFT 4JO FNCBSHP EFCJEP BM JOUFS¦T EF BMHVOBT FN QSFTBT EFM FYUFSJPS QBSB NBRVJMBS FO FM &TUBEP TF QSPZFDUB RVF QBSB DPO MB QSPEVDDJ°O EF MB FNQSFTB 'MFY +BMJTDP EVQMJRVF TV FYQPSUBDJ°O BM QBTBS EF B NJMMPOFT EF QBSFT EF [BQBUPT

DJØO (VBEBMBKBSB DPNJFO[B TV MJEFSB[HP OBDJPOBM FO MB GBCSJDBDJØO EF DBM[BEP QBSB EBNB 4F GVOEB FM $FOUSP +BMJTDJFOTF EF 1SPEVDUJWJEBE OÊ6OB EÏDBEB EFTQVÏT EFTQFHBO HSBOEFT FNQSFTBT

DPNP $BM[BEP $BOBEÈ $BM[BEP -JOB .FDBM[B $BM[B EP .BESFDJUB 1' 'VFOUFT $BM[BEP $FMJT Z $BM[BEP $IJRVJMMP MBT DVBMFT JOUSPEVDFO JOOPWBDJPOFT UBOUP FO MPT TJTUFNBT EF QSPEVDDJØO DPNP EF DPNFSDJBMJ [BDJØO OÊ&O MB EÏDBEB EF MPT TFUFOUB TF EB FM SFMFWP HFOFSBDJP

OBM FO FM FNQSFTBSJBEP EFM DBM[BEP 4F MMFWB B MB JO EVTUSJB B VOB ÏQPDB EF BVHF Z SFDPOPDJNJFOUP OBDJP OBM QPS TV MJEFSB[HP FO NPEB Z EJTF×P OÊ&O MPT PDIFOUB MB JOEVTUSJB TF WF JNQBDUBEB QPS MB

BQFSUVSB DPNFSDJBM "VNFOUBO MBT JNQPSUBDJPOFT FO TV NBZPSÓB EFTMFBMFT QSJODJQBMNFOUF EF $IJOB OÊ&O TF EPDVNFOUB VOB EF MBT NBZPSFT BGFDUBDJP

OFT BM TFDUPS USBT MB DSJTJT FDPOØNJDB -VFHP WFOESÓB MB WFOUB EF $BM[BEP $BOBEÈ OÊ" NFEJBEPT EF JOJDJØ VO QSPDFTP MFOUP EF SFDV

QFSBDJØO OÊ&O DPNFO[Ø VOB OVFWB FSB FO MB JOEVTUSJB KBMJT

DJFOTF DPO MBT JOOPWBDJPOFT UFDOPMØHJDBT 3&7²4 -B DSJTJT EF MB BQFSUVSB DPNFSDJBM Z MB QJSBUFSÓB DPOWFSHJFSPO QBSB BGFDUBS B MB FNQSFTB NÈT JNQPSUBOUF EFM DBM[BEP

0CMJHBEPT B JOOPWBS $PNP DPOTFDVFODJB EF MB FOUSBEB EF QSPEVDUP EF "TJB BM QBªT EF MB NBMB DBMJEBE QFSP B CBKPT DPT UPT MP RVF BHVEJ[° MB DSJTJT EF MB JOEVTUSJB EFM DBM [BEP FM TFDUPS TF WJP PCMJHBEP B JOOPWBS B USBW¦T EFM EJTF®P Z MB UFDOPMPHªB Â-B JOEVTUSJB FTU NVZ NBM BDPTUVNCSBEB B JO WFSUJS QPDP FO EJTF®P Z DSFP RVF ¦TF GVF FM NPUJWP QPS FM DVBM IVCP VO FTUBODBNJFOUP Î )BDªBO S¦ QMJDBT P IBDªBO NPEJGJDBDJPOFT EF DBM[BEPÍ EFT UBD° %PMPSFT $PSU¦T DPPSEJOBEPSB EF MB -JDFODJB UVSB EF %JTF®P EF *OEVNFOUBSJB Z .PEB EFM *5&40 &O TF QVTP FO NBSDIB FO +BMJTDP FM $FO USP EF %JTF®P .*/% .¦YJDP FM DVBM IB SFDPOPDJEP RVF IBTUB MB E¦DBEB EF MPT PDIFOUB MB JOEVTUSJB EFM &M B®P QBTBEP FM HPCFSOBEPS "SJTU°UFMFT 4BO DBM[BEP B OJWFM OBDJPOBM BM JHVBM RVF PUSPT TFDUP SFT SFBMJ[BCB JNJUBDJPOFT EF NBSDBT EFM FYUSBOKF EPWBM SFNBSD° RVF MB BQVFTUB RVF TF UJFOF FO JO SP TJO FNCBSHP BIPSB MBT FNQSFTBT WFOEFO EJTF OPWBDJ°O QFSNJUJS B +BMJTDP DPOWFSUJSTF FO FM DFO USP EFM OFHPDJP EF DBM[BEP EFM QBªT ®PT QSPQJPT Z IBO JODPSQPSBEP MB UFDOPMPHªB

-04 /À.&304

v?LÀ V>ÃÊ`iÊV> â>` Êi Ê jÝ V °

`iÊ«>ÀiÃÊ`iÊâ>«>Ì ÊÃiÊ«À `ÕVi Ê> Ê > \ÊÈǯÊi Ê Õ> > Õ>Ì ]ÊÓä¯Êi Ê > ÃV ÊÞʣίÊi Ê >Ê Õ`>`Ê`iÊ jÝ V ]Ê ÃÌ>` Ê`iÊ jÝ V ]Ê9ÕV>Ì? ]Ê V >V? ÊÞÊ*ÕiL >°Ê


Ê

+VFWFT EF PDUVCSF EF

&- */'03."%03

P O R

100 A Ñ O S R E S P A L D A D O S POR PROFESIONALES

F E L I C I TA A

* Êә‡

1~(*/" &


* ÊÎä

1~(*/" &

&- */'03."%03

+VFWFT EF PDUVCSF EF

-B ÎQPDB EPSBEB EF MB JOEVTUSJB UFRVJMFSB &- */'03."%03 t "3$)*70

$0.1"3"5*70 .JFOUSBT RVF FO MBT FYQPSUBDJPOFT FSBO EF NJMMPOFT EF MJUSPT FO GVFSPO QPS NJMMPOFT

&- */'03."%03 t "3$)*70

130%6$$*»/ -B DBEFOB BHBWF UFRVJMB SFQPSUØ FO FM QFSJPEP FOFSP EJDJFNCSF EF VOB QSPEVD DJØO EF NJMMPOFT EF MJUSPT TFHÞO FM $POTFKP 3FHVMBEPS EFM 5FRVJMB

-B DBEFOB BHBWF UFRVJMB SFHJTUSB VO DSFDJNJFOUP TJHOJGJDBUJWP

%

FTEF TV PSJHFO FM UFRVJMB UVWP RVF TPSUFBS EJWFSTPT PCTU²DVMPT 4V DPNFSDJBMJ[BDJÂO TF SFBMJ[BCB EF NB OFSB DMBOEFTUJOB IBTUB RVF B NFEJBEPT EFM TJHMP 97*** FM (PCJFSOP QFSNJUJÂ TV QSPEVDDJÂO 'VF FO DVBOEP +PT¹ .BS½B (VBEBMVQF $VFS WP Z .POUBÁP EF $BTB $VFSWP MB G²CSJDB UFRVJMFSB N²T BOUJHVB EFM NVOEP Z BÈO NFYJDBOB SFDJCJÂ MB QSJNFSB D¹EVMB QBSB MB DPNFSDJBMJ[BDJÂO EFM WJOP NF[DBM " QBSUJS EFM BÁP EVSBOUF MB 4FHVOEB (VFSSB .VOEJBM FTUB DBTB FEJUPSJBM EPDVNFOUÂ DÂNP MB FYQPSUBDJÂO EF FTUB CFCJ EB UVWP VO BVHF DPNFSDJBM ZB RVF &TUBEPT 6OJEPT EFKÂ EF SFDJCJS XIJTLZ Z DPNFO[Â DPO MB JNQPSUBDJÂO EFM UFRVJMB .JFOUSBT TF PC UVWP MB EFOPNJOBDJÂO EF PSJHFO EFM UFRVJMB FO GVF IBTUB MB E¹DBEB EF MPT OPWFOUB EFM TJHMP QBTBEP DVBOEP DPNFO[Â B SFHJT USBS OJWFMFT JNQPSUBOUFT EF QSPEVDDJÂO Z UBNCJ¹O EF FYQPSUBDJÂO i-B DBEFOB BHBWF UFRVJMB IB WFOJEP DPO VO DSFDJNJFOUP TJHOJ GJDBUJWP FO MPT ÈMUJNPT BÁPT &M UFRVJMB DBEB E½B UJFOF VOB NB ZPS BDFQUBDJÂO FO MPT EJGFSFOUFT NFSDBEPTw EFTUBDB .BSU½O .V ÁP[ DPPSEJOBEPS EFM $FOUSP EF 3FGFSFODJB "HBWF 5FRVJMB EFM $POTFKP 3FHVMBEPS EFM 5FRVJMB $35 &OGBUJ[B RVF FTUF iCPPNw TF EJP B MB QBS EFM OBDJNJFOUP EFM $POTFKP 3FHVMBEPS FO FM BÁP EF %F BDVFSEP B EBUPT EFM $35 FOUSF MPT BÁPT EF Z FM DSFDJNJFOUP QSPNFEJP BOVBM EF MB JOEVTUSJB UFRVJMFSB FSB EFM NJFOUSBT EF B FM DSF DJNJFOUP QSPNFEJP QBTÂ BM &O FYQMJDB .BSU½O .VÁP[ DFSSBSPO DPO VOB QSPEVDDJÂO EF NJMMPOFT EF MJUSPT EF UFRVJMB RVF DPNQBSBEP DPO FM UVWP VO DSFDJNJFOUP EF 4F SFNBSDB FM BVHF 1FSP MBT FYQPSUBDJPOFT EFM UFRVJMB UBNCJ¹O IBO SFHJTUSBEP VOB UFOEFODJB QPTJUJWB EF DSFDJNJFOUP FO FM ²NCJUP JOUFSOBDJPOBM &O TF FYQPSUBSPO NJMMPOFT EF MJUSPT EF MPT DVBMFT TF DPODFOUSB FO &TUBEPT 6OJEPT B QFTBS EF FTUP MB CFCJEB ZB FT U² QSFTFOUF FO QPDP N²T EF QB½TFT i&M DBTP N²T OPUPSJP EF FTF ¹YJUP RVF IB UFOJEP MB DBEFOB BHB WF UFRVJMB IB TJEP FM UFNB EFM UFRVJMB EF BHBWF FOWBTBEP EF PSJHFO &O TF FYQPSUBSPO NJMMPOFT EF MJUSPT FM BÁP QB TBEP NJMMPOFTw )PZ MB JOEVTUSJB WJWF VOB ¹QPDB EPSBEB FO NBUFSJB EF QSP EVDDJÂO Z FYQPSUBDJÂO BVORVF TF FOGSFOUB BM QSPCMFNB EF MB WFO UB EFTMFBM EF FTUF QSPEVDUP %FTEF B MB GFDIB TF IBO MPHSBEP EFTUSVJS NJMMPOFT EF MJUSPT EF QTFVEP QSPEVDUP 5BO TPMP FO TF EFTUSVZFSPO N²T EF NJM MJUSPT RVF QSFUFOE½BO JOHSF TBS B "MFNBOJB &M $POTFKP 3FHVMBEPS EFM 5FRVJMB FTUJNB RVF FM EFM NFS DBEP EF CFCJEBT DPO BMDPIPM EFTUJMBEBT FT JOGPSNBM FO FM QB½T QPS FTP QJEF B MB 1SPGFDP RVF BNQM½F MPT PQFSBUJWPT QBSB FMJNJOBS FTBT CFCJEBT &T FM FOFNJHP

&- */'03."%03 t "3$)*70

-PT TFJT NPNFOUPT DMBWFT EF MB CFCJEB

&O FTF B×P TF SFBMJ[B MB QVCMJDBDJØO EF MB QSJNFSB OPSNB PGJDJBM NFYJDBOB QBSB MB DBMJEBE FO MB NBUFSJB QSJNB Z QBSB FM DPOUFOJEP EFM EFTUJMBEP 4F QVCMJDB FO FM %JBSJP 0GJDJBM EF MB 'FEFSBDJØO MB %FDMBSBDJØO EF MB 1SPUFDDJØO B MB %FOPNJOBDJØO EF 0SJHFO EFM 5FRVJMB PUPSHÈO EPMF QSFTUJHJP 0UPSHB FM SFHJTUSP EF MB EFOPNJOBDJØO EF PSJHFO EFM

UFRVJMB QPS MB 0SHBOJ[BDJØO .VOEJBM EF MB 1SPQJFEBE *OUFMFDUVBM 0.1* /BDF FM $POTFKP 3FHVMBEPS EFM 5FRVJMB $35 4F DVFOUB DPO MB QSPUFDDJØO EF MB EFOPNJOBDJØO EF PSJ HFO EFM UFRVJMB QPS MB 6OJØO &VSPQFB 0CUJFOF TV MPHSP NÈT SFDJFOUF DPNP NBSDB EF DFSUJGJDBDJØO FO &TUBEPT 6OJEPT

*.16-40 $PNP 'SBODJB DPO FM DPHOBD .ÏYJDP QSPUFHJØ B MB JOEVTUSJB EFM UFRVJMB

-B CFCJEB

'«#3*$" " QSJODJQJPT EFM 4JHMP 9*9 TF GVOEØ -B 3PKF×B EF MB GBNJMJB $VFSWP 1BSB DPNJFO[B B EFTUBDBS DPO VOB QSPEVDDJØO EF CBSSJMFT TFNBOBMFT

-PT OÝNFSPT

4PO MBT GBNJMJBT RVF WJWFO EF MB JOEVTUSJB UFRVJMFSB %F UPEBT MBT FYQPSUBDJPOFT EFM UFRVJMB FT FM QPSDFOUBKF RVF TF EFTUJOB B &TUBEPT 6OJEPT &M DSFDJNJFOUP QSPNFEJP BOVBM EF MB JOEVTUSJB UFRVJMFSB FSB EF QPS DJFOUP

B

"6(& &O MBT WFOUBT EFM UFRVJMB FO FM FYUSBOKFSP BMDBO[BSPO MPT NJM NJMMPOFT EØMBSFT DPOTPMJEÈOEPTF FO FM NFSDBEP FO &TUBEPT 6OJEPT

5JFOF VO UFSSJUPSJP QSPUFHJEP FO NVOJDJQJPT EF DJODP &TUBEPT %FOP NJOBDJ°O EF 0SJHFO EFM 5FRVJMB NVOJDJQJPT EF +BMJTDP EF .JDIPBD O EF 5BNBVMJQBT EF /BZBSJU Z EF (VBOBKVBUP

BM

&M DSFDJNJFOUP QSPNFEJP BOVBM BTDFOEJØ BM QPS DJFOUP "×P EFTEF FM RVF TF IB USBCBKBEP QBSB DPNCBUJS MB DPNQFUFODJB EFT MFBM " MB GFDIB TF IBO EFTUSVJEP NÈT EF NJMMPOFT EF MJUSPT EF QTFVEP QSPEVDUP 'VF FM B×P SÏDPSE EF QSPEVDDJØO DPO NJMMPOFT EF MJUSPT

"16&45" &O TF FOWJBSPO NÈT EF TFJT NJM DBKBT EF UFRVJMB BHBWF B $IJOB JOJ DJBOEP MB FYQPSUBDJØO BM QBÓT BTJÈUJDP &T FM TFHVOEP NFSDBEP NÈT JNQPSUBOUF

-PT QJMBSFT EF MB JOEVTUSJB (BCSJFMB EF MB 1FÖB EF $BTB )FSSBEVSB

+VBO #FDLNBOO EF $BTB $VFSWP

&EVBSEP 0SFOEÇJO (PO[ÇMF[ EF UFRVJMB 0SFOEÇJO

'SBODJTDP +BWJFS 4BV[B EF $BTB 4BV[B

5SBT UPNBS MBT SJFOEBT EF $BTB )FSSBEVSB MVFHP EF DPNQSBS MBT BDDJPOFT RVF DPSSFTQPOEªBO B TVT EPT IFSNBOBT EP®B (BCSJFMB EF MB 1F®B 3PTBT TF RVF EB BM GSFOUF EF $BTB )FSSBEVSB &OUSF Z DPOTUSVZ° VOB OVFWB G CSJDB F JOUSPEVKP FM UFRVJMB B®FKP Z SFQPTBEP MP RVF MF WBMJ° SFDPOPDJNJFOUP JOUFSOBDJPOBM QPS MP DVBM IB TJEP DPOTJEFSBEB DPNP VOB WJTJPOBSJB FO FM NVOEP EFM UFRVJMB 4VT IJKPT (VJMMFSNP Z 1BCMP 3PNP EJSJHJFSPO MB FNQSFTB USBT TV NVFSUF &O MB FNQSFTB FTUB EPVOJEFOTF #SPXO 'PSNBO SFBMJ[° MB DPNQSB UPUBM EF FTUB G CSJDB RVF GVF DPOTUSVJEB QPS '¦MJY Z $BSNFO -°QF[ 3PTBMFT FO

%PO +VBO #FDLNBOO FT DPOTJEFSBEP VOP EF MPT JN QVMTPSFT EF MB JOUFSOBDJPOBMJ[BDJ°O EFM EFTUJMBEP EF BHBWF EFCJEP B RVF FO MB E¦DBEB EF MPT WFJOUF EFM TJHMP QBTBEP DVBOEP TF MJCFS° MB WFOUB EFM UFRVJMB FO &TUBEPT 6OJEPT GVF VOP EF MPT RVF FNQVK° MB FYQPS UBDJ°O EFM UFRVJMB RVF JOJDJ° B USBW¦T EF $BMJGPSOJB $BTB $VFSWP GVF GVOEBEB FO QPS +PT¦ "O UPOJP $VFSWP QPS MP RVF BDUVBMNFOUF FT MB G CSJDB UF RVJMFSB N T BOUJHVB EFM NVOEP " QFTBS EF IBCFS FO USBEP FO OFHPDJBDJPOFT QBSB TV WFOUB ¦TUB TF NBOUJFOF DPNP VOB FNQSFTB NFYJDBOB 4VT PQFSBDJPOFT JOJDJBSPO EF NBOFSB GPSNBM FO DVBOEP +PT¦ .BSªB (VBEBMVQF $VFSWP Z .PO UB®P SFDJCJFSPO MB QSJNFSB D¦EVMB QBSB MB DPNFSDJBMJ [BDJ°O EFM WJOP NF[DBM

"VORVF EFTEF MBT GBNJMJBT 0SFOE JO DPNFO [BSPO TVT BDUJWJEBEFT DPNFSDJBMFT Z IBDJB B NFEJB EPT EF ZB QSPEVDªBO WJOP NF[DBM GVF IBTUB DVBOEP MB G CSJDB UVWP VO EFTQVOUF &O FTF B®P EPO &EVBSEP 0SFOE JO (PO[ MF[ GVOE° TV FNQSFTB MB EFTUJMFSªB -B .FYJDBOB MB DV BM TF NBOUJFOF DPNP MB ·OJDB PSJHJOBSJB EFM NVOJDJ QJP EF 5FRVJMB -B G CSJDB RVFE° FO NBOPT EF TV IJKP +BJNF 0SFOE JO RVJFO FO USFT PDBTJPOFT GVF QSFTJEFOUF EF MB $ NBSB /BDJPOBM EF MB *OEVTUSJB EFM 5FRVJMFSB $/*5 &O VOP EF TVT QFSJPEPT TF MPHS° RVF FM UFRVJ MB GVFSB EFDMBSBEP DPNP MB QSJNFSB EFOPNJOBDJ°O EF PSJHFO EF .¦YJDP

&O EPO 'SBODJTDP +BWJFS 4BV[B BENJOJTUSBCB MB EFTUJMFSªB RVF GVF BERVJSJEB FO QPS TV GBNJMJB Â"M JHVBM RVF TV QBESF Z BCVFMP TF QSFPDVQ° QPS JO OPWBS MB DBMJEBE EF OVFTUSP UFRVJMB 4VT JOOPWBDJP OFT TF FYUFOEJFSPO IBTUB FM SFB BHSªDPMB BTFHVSBO EP MB DBMJEBE EF MB CFCJEB EFTEF TVT JOJDJPT DPO MB N T GJOB NBUFSJB QSJNB 5BNCJ¦O DSF° MBT NBSDBT )PSOJUPT Z 5SFT (FOFSBDJPOFT TJFOEP FTUPT UFRVJMBT IBTUB OVFTUSPT EªBT MPT QSFGFSJEPT QPS MPT QBMBEBSFT N T FYJHFOUFT Z DPOPDFEPSFT EFM UFRVJMBÍ TF EFTUB DB FO MB IJTUPSJB EF $BTB 4BV[B 1FTF B QFSNBOFDFS DPNP VO OFHPDJP GBNJMJBS EVSBOUF USFT HFOFSBDJPOFT FO 'SBODJTDP WFO EJ° VOB QBSUF EF TVT BDDJPOFT B MB DPNQB®ªB $BTB 1FESP %PNFDR Â5SBT TV NVFSUF FO %PNFDR TF DPOWJSUJ° FO FM ·OJDP EVF®P EF 5FRVJMB 4BV[BÍ


Ê

+VFWFT EF PDUVCSF EF

&- */'03."%03

* ÊΣ‡

1~(*/" &


* ÊÎÓ

1~(*/" &

&- */'03."%03

+VFWFT EF PDUVCSF EF

`4"-6$*5"

JQIAN=HE= $POTVNP EF DFSWF[B FO .¦YJDP .¹YJDP B OJWFM NVOEJBM TF compran cerveza. FODVFOUSB FO FM TFYUP MVHBS prefiere clara. EF DPOTVNP Z FO FM TFHVOEP EF -BUJOPBN¹SJDB gusta más de la os-

È°£ Ç° È ¯

£¯ ¯ Îί

cura. litros de cerveza consumen los mexide la población canos al mes. nacional opta por litros consumen en las marcas light. diciembre. cajas de cerveza beben los jaliscienses al año; de los hogares en casi 30 litros. nuestro país

%& -" #6&/"

+BMJTDP FT SJDP FO USBEJDJ°O EF CFCJEBT TJFOEP MB DFSWF[B QBSUF EF MB JEFOUJEBE EF FTUB UJFSSB

&

T CJFO TBCJEP RVF FM UFRVJ MB IB DPMPDBEP B +BMJTDP FO MB NJSB JOUFSOBDJPOBM TJO FNCBSHP FYJTUF PUSB CFCJ EB RVF UBNCJ¹O IB MMFWBEP FM OPNCSF EF (VBEBMBKBSB B DSV[BS MBT GSPOUFSBT MB DFSWF[B %F IFDIP FO MPT ÈMUJNPT BÁPT FTUB CFCJEB IB WJWJEP VO BVHF FO MB DJVEBE ZB RVF IBO TVSHJEP EJWFSTBT QSPEVDUPSBT EF DFSWF[BT BS UFTBOBMFT .JOFSWB FT VOB EF FMMBT MB DVBM IB MPHSBEP VO HSBO BMDBODF QFTF B TV DPSUB FEBE GVF QSFTFOUBEB BM NFSDBEP FO &TUB NBSDB QPTFF VOB BNQMJB QSFTFODJB B OJWFM OBDJPOBM BEFN²T JNQPSUB B .¹YJDP MBT DFSWF[BT &SEJO HFS 'VMMFS T Z %FMJSJVN -B NFOUF DSFBUJWB USBT MB DFSWF[B .JOFSWB FT +F TÈT #SJTFÁP RVJFO DPNFO[Â DPO EPT MPUFT EF DFSWF[B VOP BM FTUJMP ,ÄMTDI Z PUSP FTUJMP 7JFOB "DUVBMNFOUF FTUB FNQSFTB UJFOF TJFUF DFSWF[BT EF M½OFB $PMPOJBM EF NBM UB EF USJHP DPO VO TBCPS MJHFSBNFOUF D½ USJDP Z BSPNB BGSVUBEP 7JFOB DPO TBCPS B NBMUB UPTUBEB BSPNB B OVF[ DBSBNF MP Z DPMPS ²NCBS SPKJ[P *NQFSJBM 4UPVU IFDIB DPO NBMUBT DIPDPMBUF QFSGFDUB NFOUF UPTUBEBT EF DPMPS OFHSP JOUFOTP

&- */'03."%03 t ' "5*-"/0

1BMF "MF DPO CBTF EF NBMUB TVBWF Z DPO VO BNBSHPS EF MPT MÈQVMPT JOHMFTFT *UB EF WBJOJMMB Z UBCBDP DPO VO TVBWF UPRVF EF UFRVJMB %JPTB #MBODB GBCSJDBEB DPO OBSBOKBT Z NBOEBSJOBT "EFN²T MBO [BO VOB DFSWF[B EF UFNQPSBEB DBEB BÁP $BCF TFÁBMBS RVF FO MBO[B SPO MB DFSWF[B .BMWFSEF MB DVBM IB UF OJEP VO ¹YJUP TJO QSFDFEFOUFT

$POUJO·BO MBT PQDJPOFT "VOBEP BM DBU²MPHP EF PQDJPOFT RVF PGSFDF DFSWFDFS½B .JOFSWB PUSBT CFCJEBT BSUFTBOBMFT RVF TPO UB QBU½BT TPO MB DFSWF[B ;PSSB NJTNB RVF OBDJÂ FO Z UJFOF USFT WBSJF EBEFT MB *NQFSJBM 1FBOVU 4UPVU DPO OPUBT B OVFDFT Z DBSBNFMP FO BSPNB 3FE *OEJB 1BMF "MF EF BSPNBT GMPSB MFT Z IFSCBMFT Z VO BNBSHPS NPEFSB EBNFOUF BMUP Z 8IFBU 4VNNFS "MF EF USJHP JOUFOTPT BSPNBT GSVUBMFT Z DPO VO BNBSHPS MJHFSP " ¹TUB TF TVNB MB DFSWF[B 'PSUV OB GVOEBEB QPS DVBUSP BNJHPT BNBO UFT EF FTUF M½RVJEP Z RVJFOFT GVOEBSPO MB FNQSFTB EFOPNJOBEB -:. (SVQP $FSWFDFSP 4V PGFSUB FTU² DPNQVFTUB QPS DVBUSP WBSJBOUFT $BMJGPSOJB "MF 1BMF "MF *QQÂMJUB Z MB 4UPVU

.6-5*'"$²5*$" "VOBEP B MB GBCSJDBDJØO EFM QSPEVDUP MPT DSFBEPSFT EF MB DFSWF[B .JOFSWB UBNCJÏO PGSFDFO UBMMFSFT QBSB MB FMBCPSBDJØO EF FTUB CFCJEB

50." /05" .ÈT DFSWF[BT

5&45*.0/*0 5SBCBKPT TPCSF FM ÏYJUP PCUFOJEP BOUF FM DPOTVNJEPS QPS QBSUF EF MB DFSWF[B .JOFSWB

-" &453&--" 5"1"5µ" 6OB EF MBT N²T BOUJHVBT Z SFDPOPDJEBT DFS WF[BT UBQBU½BT FT MB DFSWF[B &TUSFMMB DSFB EB FO (VBEBMBKBSB IBDF BÁPT &TUB CF CJEB UBQBU½B TF DPNFO[ B QSPEVDJS EFTEF FO MB $FSWFDFS½B &TUSFMMB EF (VBEBMBKBSB MB RVF QPTUFSJPSNFOUF GVF BERVJSJEB QPS (SVQP .PEFMP FO %V SBOUF TV TJHMP EF WJEB TF IB DPOWFSUJEP FO VOB EF MBT NBSDBT DFSWFDFSBT N²T HSBOEFT EFM QB½T "EFN²T FO TV QVCMJDJEBE HVBS EBO FM PSHVMMP KBMJTDJFOTF Z NFODJPOBO BM FTUBEP DPNP MB DBQJUBM DVMUVSBM EF .¹YJDP i$BEB WF[ RVF MFWBOUBT VOB &TUSFMMB +BMJT DP FTU²T DFMFCSBOEP N²T EF VO TJHMP EF USB EJDJÂO NFYJDBOB Z MB DFSWF[B RVF QFSTPOJ GJDB TV DPSB[ÂO Z BMNB UBQBU½Bw &TUB DFSWF[B TF DBSBDUFSJ[B QPS TFS VOB QJMTOFS UJQP EF DFSWF[B MBHFS EF CVF OB DBMJEBE QPS MP RVF FM BÁP QBTBEP MB DPN QBÁ½B DFSWFDFSB FTUBEPVOJEFOTF "OIFV TFS #VTDI MB MBO[ FO FOUJEBEFT EFM QB½T WFDJOP EFM OPSUF CBKP FM OPNCSF EF &TUSF MMB +BMJTDP MB DVBM FT WFOEJEB FO $BMJGPSOJB $PMPSBEP *MMJOPJT /VFWP .¹YJDP /FWBEB /VFWB :PSL 0SFHPO 5FYBT 6UBI Z 8B TIJOHUPO 1BSB MB QVCMJDJEBE FO FTUF QB½T TF MF MMBN &TUSFMMB +BMJTDP Z FT QBSUF EF MB DBNQBÁB i5IJT JT .FYJDBOJEBEw &TUP FT NFYJDBOJEBE QPS MP RVF UBNCJ¹O DBNCJB FM FTUJMP HS²GJDP EF TV FUJRVFUB Z FNQBRVFT FTUPT FTU²O CBTBEPT FO MB JNBHFO PSJHJOB SJB EF &TUSFMMB SFMBDJPOBEP DPO T½NCPMPT NFYJDBOPT

&M BVHF EF MB DFSWF[B BSUFTBOBM FO (VBEB MBKBSB TJHVF FO DPOTUBOUF DSFDJNJFOUP Z VOP EF MPT MBO[BNJFOUPT NÈT SFDJFOUFT FT -PCB &TUB DFSWFDFSÓB OBDJØ FO Z FO HBOØ FM SFDPOPDJNJFOUP B .FKPS $FS WFDFSÓB .FEJBOB EF .ÏYJDP FO MB $PQB $FS WF[B .ÏYJDP $VFOUB DPO DVBUSP WBSJFEB EFT "MUF×B /FHSB 4QPSU Z -PCB "MGB 5BNCJÏO MBO[BO FEJDJPOFT FTQFDJBMFT QPS UFNQPSBEB DPNP MB 4VF×P 3PTB RVF FTUÈ FMBCPSBEB DPO UVOB SPKB

/07&%"% /PUB FO MB RVF TF BOVODJB FM MBO [BNJFOUP EF MB DFSWF[B .BMWFSEF

'&45&+0 $PO FTUB JOTFSDJØO MB DFS WF[B &TUSFMMB DFMFCSØ NÈT EF B×PT EF FTUBS FO FM NFSDBEP

&- */'03."%03 t & #"33&3"

#&#*%"4 "TQFDUPT EF MB 'ÈCSJDB EF MB $FSWFDFSÓB .PEFMP DBTB QSPEVDUPSB EF MB DFSWF[B &TUSFMMB


Ê

+VFWFT EF PDUVCSF EF

&- */'03."%03

* Êη

1~(*/" &


* ÊÎ{

1~(*/" &

&- */'03."%03

+VFWFT EF PDUVCSF EF

6O $FOUSP )JTU×SJDP QBSB FM DPNFSDJP

%FTEF IBDF WBSJPT TJHMPT FM DPNFSDJP EF (VBEBMBKBSB FT ·OJDP FO .¦YJDP -B EJWFSTJEBE EF TFSWJDJPT Z QSPEVDUPT EFUPOBO RVF TFB MB QSJODJQBM [POB FDPO°NJDB EFM 0DDJEFOUF EFM QBªT &- */'03."%03 t "3$)*70

$0.&3$*0 40#3& 36&%"4 $SVDF EF MBT DBMMFT .PSFMPT Z .BFTUSBO[B B GJOBMFT EFM 4JHMP 9*9

-PT DPNFSDJPT DPO HSBO IJTUPSJB OÊ >À >V >ÃÊ Õ>`> > >À>Ê­vÕ `>`>Ê i Ê >Àâ Ê`iÊ£ {Ó®Ê OÊ >Ã>Ê > « ÊÊ ­£n{n®Ê OÊ ?LÀ V>ÃÊ`iÊ À> V >ÊÊ ­£nÇÈ®Ê OÊ Ìi Ê À> VjÃÊ ­£n Î®Ê OÊ Ê6>« À]ÊÌ i `>Ê`iÊÀ «>ÊÊ ­£ äÓ®Ê OÊ Ì V>Ê`i Ê Ã« V Ê­vÕ `>`>Ê>Ê «À V « ÃÊ`iÊà } ÊÞÊÛi ` `>Ê>ÊÃÕÃÊ >VÌÕ> iÃÊ`Õi ÃÊi Ê£ £x®Ê OÊ Ì]Ê LÀiÀ >ÊÊ ­£ än®Ê OÊ iÛiÀ >Êi Ê* Ê ÀÌiÊ­>LÀ Ê`iÊ £ ä ®Ê OÊ >Ê i > >]ÊÀiÃÌ À? ÊÊ ­£ £ä®Ê OÊ Ìi Ê j ÝÊ­ Õ Ê`iÊ£ £Ó®Ê OÊ >L À>Ì À ÃÊ Õ Ê ­£ £n®Ê OÊ ÃÊv> à ÃÊiµÕ «> iÃ]Ê V> Ì >Ê ­£ Óä®Ê OÊ >Ê* >Þ Ì>]Ê V iÃÊÊ ­£ Îx®Ê OÊ >Ê > Ê`iÊ iÝ V> Ìâ } Ê ­£ ÎÈ®Ê OÊ<>«>ÌiÀ >ÃÊ >ÃÊÌÀiÃÊ Ê ­£ Î ®Ê OÊ > â>` Ê > >`?Ê ­£ {ä®Ê OÊ Ìi Ê`i Ê*>ÀµÕiÊ ­£ {ä®Ê OÊ >Ê >Ì>]ÊÀiÃÌ À? Ê ­£ {Ó®Ê OÊ L>ÀÀ? ]Êi «ÀiÃ>ÊÊ >ÕÌ ÌÀ âÊ ­£ {Ç®Ê OÊ Ìi Ê, >ÊÊ ­£ { ®Ê OÊ Ê ÕiÛ Ê Õ ` Ê­"VÌÕLÀiÊ`iÊ£ { ®Ê OÊ V iÃÊ i >ÊÊ ­£ xÎ®Ê OÊ iÀÀiÌiÀ >ÃÊ > â>`>Ê ­£ xÎ®Ê OÊ i >` ÃÊ }Ê ­£ Èx®Ê Ê Õi Ìi\Ê Ãi Ê`iÊ >Ê À V>ÊÞÊ >Ê ÃÌ À >Ê Õ>`> > >À>°

/BDF FM QSJNFS MBCPSBUPSJP EF GPUP 1BSB +VMJP (BSD½B (BSD½B EFDJEJ BCSJS VOB UJFOEB TPCSF MB "WFOJEB $PMÂO FO EPOEF WFOE½B BS U½DVMPT GPUPHS²GJDPT -B FNQSFTB OPSUFBNFSJDBOB ,PEBL MF QFSNJUJ WFOEFS TVT QSPEVDUPT FO Z TV QPQVMBSJEBE TJHVJ FO BVNFOUP IBTUB RVF FO DPOTUSVZF FM QSJNFS MBCPSBUPSJP FO FM &TUBEP QBSB SFWFMBS F JNQSJNJS GPUPHSBG½BT VO QSPDFTP RVF BOUFT EF FTP SFRVFS½B FOUSF DVBUSP Z PDIP TFNBOBT -BCPSBUPSJPT +VMJP FTUBCB FO NBSDIB 0USP HJSP RVF EJTUJOHVF BM QSJNFS DVBESP EF (VBEBMBKBSB Z RVF BEFN²T FTUF BÁP DVNQMF BÁPT FT &M /VFWP .VOEP 6OB UJFOEB EFQBSUBNFO UBM RVF JOJDJ FO EJDJFNCSF EF Z RVF DSFDJ B UBM HSBEP RVF JODMVTP DVFOUB DPO DPNQBÁ½BT GJMJB MFT FO MBT DJVEBEFT EF .¹YJDP .POUFSSFZ 5BNQJ DP Z "DBQVMDP &O VO SFQBSUJEPS EF VOB DFSWFDFS½B EFDJ EJ JOWFSUJS TV EJOFSP FO VOB DBOUJOB FO MB DBMMF EF )JEBMHP BÁPT EFTQV¹T MB BNQMJBDJÂO EF FTB DB MMF IPZ BWFOJEB iNPWJÂw FM OFHPDJP B MB DBMMF 1JOP 4V²SF[ &M USBCBKBEPS 'MPSFODJP CBVUJ[ TV OFHP DJP DPNP i-B 'VFOUFw DBOUJOB RVF EPT BENJOJTUSB DJPOFT EFTQV¹T NBOUJFOF FO FYIJCJDJÂO VOB CJDJ DMFUB RVF QFSUFOFDJ B VO JOEJWJEVP RVJFO JOUPYJDBEP FO BMDPIPM TPMJDJU FM VTP EFM CBÁP FO Z KBN²T SFHSFT QPS TV WFI½DVMP i-B DJVEBE Z FM $FOUSP FWPMVDJPOBO DPOGPSNF MBT PCSBTw EJDF "MFKBOESP 4BMBT i-BT HSBOEFT USBOTGPSNBDJPOFT RVF IPZ TVGSF FM $FOUSP DPNP MB -½OFB 5SFT $JVEBE $SFBUJWB %JHJUBM Z 1BTFP "MDBM EF EF OVFWP SFDPOWFSUJS²O BMHVOPT EF MPT OFHPDJPT RVF EFCFO BEBQUBSTF B MB NPEFSOJEBEw &M $FOUSP DPODMVZFO OBDJ Z DPOTPMJE TV HJSP DPNFSDJBM 3FTUBVSBOUFT NFSDBEPT IPUFMFT Z IBTUB KPZFS½BT IBO NBSDBEP VO FTQBDJP RVF TJHVF FO FWPMVDJÂO

%

FTEF RVF MBT ÂSEFOFT GSBODJTDBOBT TF JOTUBMBSPO FO MB (VBEBMBKBSB EFM TJ HMP FM DPNFSDJP EJTUJOHVJÂ BM QSJ NFS DVBESP EFM NVOJDJQJP 'VFSPO FMMPT RVJFOFT EFGJOJFSPO FM SVNCP EF VO FTQBDJP RVF EFTEF FOUPODF TF DBSBDUFSJ[B QPS VOB FTFODJB QSPNJOFOUFNFOUF DPNFSDJBM i&TB FT OVFTUSB GJSNB FTP OPT EB OVFTUSP WBMPS FO UP EP FM QB½Tw TPTUJFOF "MFKBOESP 4BMBT QSFTJEFOUF EF MB EFMFHBDJÂO $FOUSP )JTUÂSJDP EF MB $²NBSB /BDJPOBM EF $PNFSDJP $BOBDP &O MB BDUVBMJEBE TPO MPT DPNFSDJPT Z MPT TFS WJDJPT -PT BMJNFOUPT MPT IPUFMFT Z IBTUB MPT OÈ DMFPT KPZFSPT MPT RVF BUSBFO BM UVSJTNP B MB DJV EBE 1FSP GVF HSBDJBT B MPT GSBODJTDBOPT Z TV FTUSBUFHJB DPNP TF MPHSÂ RVF FM QSJNFS DVBESP UB QBU½P BEPQUBSB FTF QFSGJM i&MMPT MFT EJFSPO FTQB DJP B MPT IVFSUPT -FT EFD½BO B MPT JOE½HFOBT AUÈ WBT B TFNCSBS MFDIVHB UÈ KJUPNBUF UÈ S²CB OPT %F FTB NBOFSB IVCP N²T QSPEVDUPT Z N²T DPNFSDJPw BHSFHB 4JMWJB -JOFU 'MPSFT TFDSFUBSJB U¹DOJDB EFM $POTFKP EF MB $SÂOJDB Z MB )JTUPSJB EF (VBEBMBKBSB &TF DPNFSDJP DSFDJÂ FO QPQVMBSJEBE Z S²QJ EBNFOUF N²T QFSTPOBT EF MB QFSJGFSJB P JODMVTP EFM JOUFSJPS EFM &TUBEP CVTDBSPO MB NFSDBOD½B EFM $FOUSP EF (VBEBMBKBSB &OUPODFT IVCP RVJFOFT TF EFEJDBSPO B BDFSD²STFMBT MMFW²OEPMB FO BOJNB MFT EF DBSHB i-BT DBMBOESJBT TPO MB IFSFODJB EF FTB QS²DUJDB &O DBCBMMPT Z CVSSPT TF WFO½BO B TVS UJS TVT QSPEVDUPT Z ZB TF MPT MMFWBCBOw 4JHMPT EFTQV¹T FM $FOUSP EF (VBEBMBKBSB DPOTFSWB TV GVODJÂO DPNFSDJBM 4FHÈO "MFKBOESP 4BMBT FM EF RVJFOFT DBNJOBO B EJBSJP QPS TVT DBMMFT TPO DPOTVNJEPSFT &T EFDJS WJBKBO BM QSJ NFS DVBESP UBQBU½P DPO FTF GJO FTQFD½GJDP 5PEP QFTF B MB HSBO DBOUJEBE EF PGFSUBT RVF IBZ FO MB NFUSÂQPMJ i-BT QBQFMFS½BT CPOFUFS½BT KVHVFUFS½BT MBT UJFOEBT EF UFMBTy )BZ NVDI½TJNPT HJSPT RVF BUSBFO B MBT QFSTPOBT B (VBEBMBKBSB Z RVF OP TF FODVFOUSBO FO PUSPT QVOUPT &M DFOUSP EFM NVOJ DJQJP UVWP VO PSJHFO NVZ NBSDBEP FO FM DPNFS DJP Z ¹TUF FWPMVDJPOÂ DPO MPT NFSDBEPT DPO MBT DPNJEBT Z IPZ QPS IPZ FT VO SFGFSFOUF B FTDBMB OBDJPOBM *ODMVTP FO NBUFSJB UFDOPMÂHJDBw &O MPT ÈMUJNPT BÁPT MBT Q²HJOBT EF &- */'03."%03 IBO EBEP DVFOUB EF FTB FWPMV DJÂO DPNFSDJBM EFM QSJNFS DVBESP UBQBU½P 'JSNBT DPNP 'BSNBDJBT (VBEBMBKBSB '²CSJDBT EF 'SBO DJB &M /VFWP .VOEP 'FSSFUFS½BT $BM[BEB P $BM [BEP $BOBE² DPNP BMHVOPT FKFNQMPT IBO TPMJ DJUBEP FTQBDJPT EF NFODJÂO FO FTUF SPUBUJWP QBSB BUSBFS B TVT DMJFOUFT &O FM ÈMUJNP TJHMP MBT QS²DUJDBT EF DPNFSDJP IBO DBNCJBEP FO N²T EF VOB PDBTJÂO 4FHÈO FM EFMFHBEP EF MB $BOBDP FTUP IB TVDFEJEP FO DBEB JOUFSWFODJÂO JNQPSUBOUF QVFT MB OVFWB JOGSBFT USVDUVSB NPEJGJDB BM $FOUSP )JTUÂSJDP Z FO DPO TFDVFODJB EF FTUP MBT OFDFTJEBEFT EF RVJFOFT MP SFDPSSFO -BT PCSBT EF FOUVCBNJFOUP EFM 3½P 4BO +VBO EF %JPT EF DBSB B MB DFMFCSBDJÂO EFM 1SJNFS $FO UFOBSJP EF MB *OEFQFOEFODJB EF .¹YJDP GVFSPO VO QBSUFBHVBT %VSBOUF FM HPCJFSOP EF 1PSGJSJP %½B[ (VBEBMBKBSB iWJWJÂ VOB FUBQB EF FTUBCJMJEBE Z DSFDJNJFOUP DPNFSDJBM F JOEVT USJBMw BQPHFP RVF TFHÈO FM "ZVOUBNJFOUP iTF WJP SFGMFKBEP FO MB BSRVJUFDUVSB EF MB DJVEBE TP CSF UPEP FO MB [POB $FOUSPw %FTEF NFEJBEPT EFM TJHMP 9*9 F JOJDJPT EFM TJHMP 99 (VBEBMBKBSB WJP OBDFS HJSPT DPNP $B TB $BMQJOJ RVF PGFSUBCB BSU½DVMPT EF ÂQUJ DB 1PS PUSB QBSUF FO USFT TPDJPT EF PSJHFO GSBOD¹T GVOEBSPO FM QSJNFS BMNBD¹O EF i-BT '² CSJDBT EF 'SBODJBw RVF FO TV BSSBORVF UFOES½B VO TJTUFNB EF WFOUBT BM NBZPSFP Z NFOVEFP FO EJ WFSTPT BSU½DVMPT

&M /VFWP .VOEP

3FCBKBT EF QSJNBWFSB &M /VFWP .VOEP FSB FM MVHBS &M EF NBS[P EF FTUB FNQSFTB BOVODJBCB TVT PGFSUBT FO T CBOBT NFEJBT Z VO HSBO TVSUJEP FO SFUBDFSªB -B ÂFTRVJOB EF MBT PQPSUVOJEBEFTÍ JO DMVTP PGSFDªB VO 4JESBM "HB FO MB DPNQSB

'BSNBDJBT (VBEBMBKBSB

'BSNBDJB $VBMRVJFS JOTV NP QBSB MBT WBDBDJPOFT EF RVFEBCB SFTVFM UP FO DVBMRVJFSB EF MBT USFT 'BSNBDJBT (VBEBMB KBSB RVF IBCªB FOUPODFT -PDJPOFT DPOUSB FM 4PM Z IBTUB SFGSJHFSBEPSFT DPO EFTUBQBEPS EF CPUFMMBT TF BOVODJBSPO FO FTUB FEJ DJ°O EFM EF NBS[P

'FSSFUFSÓBT $BM[BEB

%FQPSUF -B FVGPSJB NVO EJBMJTUB QFH° GVFSUF B MB DPOPDJEB FNQSFTB Z FM EF KVOJP EF BOVODJ° FO FTUBT Q HJOBT VOB QSPNPDJ°O EF CBMPOFT Z NFEBMMBT EF BDVFSEP B MBT DPNQSBT EVSBOUF UP EP FM NFT EF KVOJP

5PSUBT (FNNB 'ÈCSJDBT EF 'SBODJB

'BNJMJB 1BSB SFOPWBS TV IPHBS FM EF GFCSFSP EF ' CSJDBT EF 'SBODJB JOWJU° B MPT MFDUPSFT EF &- */'03."%03 B DBNCJBS TV BMNBD¦O DPNQMFUP Â`)BZ NVDIP Í -B PGFSUB QPS MPT UFMFWJTPSFT EF NF TB QPS FKFNQMP FOUPODFT FSB EF NJM QFTPT

$PNJEB &M EF PDUVCSF EFM MB DPOPDJEB DB EFOB EF MPODIFT CB®BEPT QFOT° FO FTUB DBTB FEJUP SJBM QBSB BOVODJBS MB BQFS UVSB EF TV SFTUBVSBOUF FO 1MB[B EFM 4PM DFMFCSBOEP TVT QSJNFSPT B®PT


Ê

+VFWFT EF PDUVCSF EF

&- */'03."%03

* ÊÎx‡

1~(*/" &


* ÊÎÈ

1~(*/" &

&- */'03."%03

+VFWFT EF PDUVCSF EF

&- */'03."%03 t "3$)*70

&- */'03."%03 t "3$)*70

)*4503*" "TQFDUP EFM FEJGJDJP RVF MB $POTUSVDUPSB +BMJTDP 4 " TFEF EFM &TUBDJPOBNJFOUP $FOUSBM Z MB UJFOEB 8PPMXPSUI VOB JNBHFO DBQUBEB FM EF %JDJFNCSF EF

1"4"3&-"4 *OUFSJPSFT EF MPT "MNBDFOFT 'BWJFS EPOEF TF QSFTFOUBCBO EFTGJMFT EF NPEB FO MPT B×PT TFTFOUB 'PUP UPNB EB FM EF .BS[P EF

":&3 : )0:

z2VÎ IBZ BDUVBMNFOUF EPOEF TF VCJDBSPO MPT FTUBCMFDJNJFOUPT USBEJDJPOBMFT

16#-*$*%"% "OVODJP EF MB UJFOEB &M /VFWP 1BSÓT

'& -PT BMNBDFOFT 3JDBNFTB SFDJCF WJTJUB SFMJHJPTB

&M PSJHFO EFM

GVSPS DPNFSDJBM

7BSJPT EF MPT FTUBCMFDJNJFOUP RVF JOJDJBSPO MB DBSSF SB DPNFSDJBM FO +BMJTDP ZB OP FYJTUFO BMHVOPT N²T TPCSFWJWFO BM QBTP EFM UJFNQP 1PS FKFNQMP '²CSJ DBT EF 'SBODJB DPOUJOÈB EF QJF Z FO MB TFEF RVF WJP OBDFS B EJDIB UJFOEB "W EF 4FQUJFNCSF 'SFOUF B FTUB UJFOEB EPOEF BIPSB FTU² 4VCVSCJB TF FODPO USBCB 4FBST 3PFCVDL BMNBD¹O RVF BIPSB FTU² TJUVB EP N²T BM 4VS FO FM CBSSJP EF .FYJDBMU[JOHP $BCF TFÁBMBS RVF FM FEJGJDP RVF BDUVBMNFOUF PDVQB EJDIP BMNBD¹O GVF EJTFÁBEP QPS FM BSRVJUFDUP 5FPEPSP (PO[²MF[ EF -FÂO FO MPT BÁPT &O MP RVF IPZ FT 4BOCPSOT FO "WFOJEB +V²SF[ BI½ FTUBCB 8PPMXPSUI Z FOGSFOUF EPOEF BIPSB FTU² MB MJCSFS½B (POWJMM TF VCJDÂ "MNBDFOFT 'BWJFS &O UBOUP EPOEF IPZ FT $PQQFM FO 1MB[B 6OJWFSTJEBE TF FODPOUSÂ &M /VFWP 1BS½T "T½ NJTNP VOB EF MBT QSJODJQBMFT UJFOEBT )F NVEB TF IBMMÂ FO +V²SF[ Z &OSJRVF (PO[²MF[ .BSU½ OF[ TÂMP RVF BIPSB TF QVFEF WFS FO EJDIP UFSSFOP VO 4PSJBOB 'JOBMNFOUF FO MB [POB EF -BT 3PTBT Z 5FQFZBD EPOEF BMHVOB WF[ FTUVWP 3JDBNFTB BIP SB FT VOB [POB EF DPNFSDJPT SFTUBVSBOUFT Z CBODPT

-B IJTUPSJB EF MPT BMNBDFOFT Z UJFOEBT EFQBSUBNFOUBMFT RVF GPSNBO QBSUF EF MB JEFOUJEBE EF MB NFUS°QPMJ

-

B FWPMVDJÂO EF VOB DJVEBE OP QVFEF FOUFOEFSTF TJO FM BWBODF EF TV DPNFSDJP Z FO (VBEBMBKBSB MB [POB $FOUSP FSB FM QSJODJQBM QVOUP QBSB DPNQSBS UPEP BRVFMMP RVF MPT DJVEBEBOPT OFDFTJUBCBO &OUSF MPT BÁPT Z IBTUB MPT FO MB 1FSMB 5BQBU½B TF BTFOUBSPO HSBOEFT BMNBDFOFT Z UJFOEBT RVF PGSFD½BO BSU½DVMPT EF OFDFTJEBEFT C²TJDBT QFSP UBNCJ¹O EF MVKP &TUPT FTUBCMFDJNJFOUPT BEFN²T GPNFOUBCBO MB DPOWJWFODJB Z FSBO VO QVOUP EF FODVFOUSP QBSB EJTGSVUBS EF MB NFUSÂQPMJ MPT GJOFT EF TFNBOB i(VBEBMBKBSB FSB VOB DJVEBE NVZ QFRVFÁB NVZ USBORVJMB EPO EF QS²DUJDBNFOUF MB WJEB EF MB NFUSÂQPMJ TF IBD½B FO FM $FOUSP "I½ ½CBNPT UPEPT QS²DUJDBNFOUF B TPMVDJPOBS OVFTUSPT QSPCMFNBT FSB JS BM .FSDBEP $PSPOB P B MBT UJFOEBT EFQBSUBNFOUBMFT RVF UFO½BO DB SBDUFS½TUJDBT NVZ CPOJUBT FO 'JFTUBT 1BUSJBT TF NPOUBCBO FO TVT BQB SBEPSFT MP RVF TF MMBNBCB MPT BMUBSFT B MB 1BUSJB NJFOUSBT RVF FO EJ DJFNCSF TF FYIJC½BO OBDJNJFOUPT JODMVTP DPODVSTBCBO FOUSF MBT UJFOEBT B WFS RVJ¹O UFO½B FM NFKPS BQBSBEPSw TFÁBMÂ FM DSPOJTUB +VBO 5PTDBOP (BSD½B EF 2VFWFEP 6OP EF MPT QSJNFSPT BMNBDFOFT RVF MMFHÂ B MB DJVEBE GVF '²CSJDBT

EF 'SBODJB B GJOBMFT EFM TJHMP 9*9 &TUB UJFOEB EFQBSUBNFOUBM TF VCJ DB IBTUB MB GFDIB FOUSF "WFOJEB +V²SF[ Z "WFOJEB EF TFQUJFNCSF 4FHÈO +VBO 5PTDBOP FO MPT BÁPT DVBSFOUB TF BTFOUBSPO BMHVOBT EF MBT UJFOEBT EFQBSUBNFOUBMFT N²T JNQPSUBOUFT EF MB VSCF "MNBDF OFT 'BWJFS 4FBST Z 8PPMXPSUI RVF UBNCJ¹O TF VCJDBCBO FO MPT DSV DFT EF +V²SF[ Z EF TFQUJFNCSF B FMMBT TF TVNÂ &M /VFWP 1BS½T VCJ DBEB FO 1MB[B 6OJWFSTJEBE i5PEPT FTPT DPNFSDJPT OBDFO EFTQV¹T EF MB 4FHVOEB (VFSSB .VOEJBM DVBOEP MMFHBO DBQJUBMFT FYUSBOKFSPT B (VBEBMBKBSB FT EF DJS MB DPNVOJEBE GSBODFTB GVOEÂ '²CSJDBT EF 'SBODJB Z 'BWJFS NJFO USBT RVF MPT OPSUFBNFSJDBOPT MMFHBSPO DPO 4FBST 3PFCVDL Z NVDIP UJFNQP EFTQV¹T DPO 8PPMXPSUI &TUPT DPNFSDJPT UPNBSPO MBT DVBUSP FTRVJOBT N²T JNQPSUBOUFT EF (VBEBMBKBSB FM DSVDF EF MB "WFOJEB +V²SF[ DPO "WFOJEB EF 4FQUJFNCSFw EFTUBDB FM DSPOJTUB 0USP FTUBCMFDJNJFOUP RVF NBSDÂ QBVUB GVF -B $PMPOJBM UJFOEB RVF TJHVF BCJFSUB Z FO FM NJTNP TJUJP FO FM CBSSJP EF .FYJDBMU[JOHP FO $PMÂO " FTUB MJTUB TF VOFO MBT UJFOEBT )FNVEB VCJDBEB FO +V²SF[ FT RVJOB &OSJRVF (PO[²MF[ .BSU½OF[ Z 3JDBNFTB MB DVBM TF TJUVÂ FO "WF &- */'03."%03 t "3$)*70

$0.13"4 *OUFSJPSFT EF &M /VFWP 1BSÓT $FOUSP FO UFNQPSBEB EF PGFSUBT GPUP DBQUBEB FM EF .BS[P EF

OJEB EF MBT 3PTBT FTRVJOB DPO 5FQFZBD FO MB DPMPOJB $IBQBMJUB i:B IBO EFTBQBSFDJEP NVDIPT OFHPDJPT RVF FSBO EF QFSTPOBT EF (VBEBMBKBSB QPS FKFNQMP MBT UJFOEBT EF BVUPTFSWJDJP )FNVEB P MBT .BYJ EF MPT TFÁPSFT .PSBHSFHB Z RVF BIPSB TPO JOWFSTJPOJTUBT EF CJF OFT SB½DFTw

&M QBTP HFOFSBDJPOBM "M QBTP EF MPT BÁPT Z DPOGPSNF (VBEBMBKBSB JCB DSFDJFOEP Z NP EFSOJ[²OEPTF MPT NPEFMPT EF OFHPDJP GBNJMJBS GVFSPO SF[BH²OEPTF Z TÂMP MPT RVF FOUFOEJFSPO MBT OVFWBT GÂSNVMBT TJHVJFSPO FO QJF EFT UBDB FM FTQFDJBMJTUB i-B DPNVOJEBE GSBODFTB FO MPT BÁPT DVBSFOUB Z DJODVFOUB FSB NVZ JNQPSUBOUFT QFSP DPNP FO UPEP TF BDBCBO MPT KF GFT EF GBNJMJB MMFHBO MPT IJKPT Z TF UJFOFO RVF SFQBSUJS FOUSF UPEPT FM OFHPDJPy 6OBT UJFOEBT TPCSFWJWFO QPS FKFNQMP '²CSJDBT EF 'SBO DJB BMNBDFOFT RVF GVFSPO BERVJSJEPT QPS -JWFSQPPMw "HSFHÂ RVF i%FGJOJUJWBNFOUF FTUBT GBNJMJBT GSBODFTBT GVFSPO QBSUF JNQPSUBOUF FO FM EFTBSSPMMP EFM &TUBEP QVFT GVFSPO QBSUF EF MB DPOTUSVDDJÂO EFM DFOUSP DPNFSDJBM 1MB[B EFM 4PM MB QSJNFSB QMB[B EF "N¹SJDB -BUJOBw &- */'03."%03 t "3$)*70

)*4503*" 1SJNFSBT GPUPT EFM FEJGJDJP EF MBT 'ÈCSJDBT EF 'SBODJB VCJDBEP FO FM DSVDF EF "W +VÈSF[ Z EF 4FQUJFNCSF


Ê

+VFWFT EF PDUVCSF EF

&- */'03."%03

* ÊÎLJ

1~(*/" &


* ÊÎn

1~(*/" &

&- */'03."%03

+VFWFT EF PDUVCSF EF

-PT HSBOEFT ÒDPOPT FNQSFTBSJBMFT EF +BMJTDP &M &TUBEP IB TJEP TFNJMMFSP EF HSBOEFT DPNQB®ªBT MBT RVF FO EJTUJOUPT SVCSPT IBO DPBEZVWBEP FO FM DSFDJNJFOUP EF MB &OUJEBE &O FTUF DFOUFOBSJP SFNFNPSBNPT MPT PSªHFOFT Z MB FWPMVDJ°O EF BMHVOBT EF FMMBT -BCPSBUPSJPT 1JTB

6SSFB

$PSQPSBUJWP 'SBHVB &- */'03."%03 t "3$)*70

6OB EF MBT FNQSFTBT N T JNQPSUBOUFT EF .¦YJDP -BCPSBUPSJPT 1JTB DPNFO[° TV DBNJOP FO FM #BSSJP EFM 4BOUVBSJP EF (VBEBMVQF QPS JOJDJB UJWB EFM GVOEBEPS .JHVFM ~MWBSF[ 0DIPB FO %PO .JHVFM ~MWBSF[ 0DIPB KVOUP B PUSPT QSPGFTJPOBMFT EF MB TBMVE DSF° 1SPEVDUPT *OGBOUJ MFT 4 " &O 1JTB JOJDJBSPO DPO MB QSPEVDDJ°O EF N T EF NFEJDBNFO UPT FOGPDBEPT FO NFOPSFT Â&O BRVFM NPNFOUP EF OVFTUSB IJTUPSJB UPEP FSB TVQFSWJTBEP QFS TPOBMNFOUF QPS FM QSPGFTPS ~MWBSF[ 0DIPB RVJFO FTUBCB BUFOUP B UPEPT MPT QSPDFTPT EFTEF MB BERVJTJDJ°O EF NBUFSJBT QSJNBT Z NBUFSJBMFT QB SB MB GBCSJDBDJ°O EF MPT QSPEVDUPT IBTUB TV BMNBDFOBNJFOUP EJTUSJCV DJ°O QSPNPDJ°O Z WFOUBÍ TF®BMB MB DPNQB®ªB FO TV Q HJOB FMFDUS°OJDB &M HSBO FTGVFS[P EF ~MWBSF[ 0DIPB EFSJW° FO RVF B®PT EFTQV¦T MB FNQSFTB EF 1SPEVDUPT *OGBOUJMFT 4 " TF USBOTGPSNBS FO -BCPSBUP SJPT 1JTB 4 " EF $ 7 IPSB DPO N T EF NJM FNQMFBEPT Z QSPEVDUPT EF MB N T BMUB DBMJEBE RVF DVNQMFO DPO UPEBT MBT OPSNBT OBDJPOBMFT F JOUFSOBDJPOBMFT RVF SFHVMBO MB QSPEVDDJ°O GBSNBD¦VUJDB Â1JTB FT OVFTUSP O·DMFP CBTF GPSNBEP QPS QMBOUBT EF GBCSJDB DJ°O FO MBT RVF TF PQFSBO MªOFBT EF FTQFDJBMJEBE Z FM QPSUBGPMJP EF QSPEVDUPT N T HSBOEF EFM SBNP DPO N T EF NJM NBSDBT DPNP &MFD USPMJU FM FNCMFNB EFM HSVQP Z EFM RVF QSPEVDJNPT BDUVBMNFOUF VO UP UBM EF NJMMPOFT EF VOJEBEFT MP RVF TJHOJGJDB RVF FTUBNPT WFOEJFO EP N T EF EPT &MFDUSPMJU QPS NFYJDBOPÍ FYQMJDB MB FNQSFTB 'VFOUF XXX QJTB DPN NY F JOGPSNBEPS DPN NY &- */'03."%03 t "3$)*70

/VNFSBMJB OÊ&TUSVDUVSB DPNFS

DJBM RVF TVQFSB MPT NJM FKFDVUJWPT OÊ"UJFOEFO EF GPSNB

EJSFDUB B NJM VOJEBEFT NÏEJDBT EFM TFDUPS HVCFS OBNFOUBM Z B NÈT EF NJM IPTQJUB MFT QSJWBEPT

-B NBZPSªB EF MPT UBQBUªPT IB DPNQSBEP BMHVOB WF[ FO 'BSNBDJBT (VB EBMBKBSB VOB EF MBT FNQSFTBT N T SFQSFTFOUBUJWBT EF MB &OUJEBE Z VO FKFNQMP EF DSFDJNJFOUP FNQSFTBSJBM &O NBS[P EF MB QSJODJQBM TVCTJEJBSJB DPNFO[° DPNP VOB CP UJDB FO -°QF[ $PUJMMB IBTUB RVF FO DSFBSPO FM DPODFQUP EF Â4·QFS GBSNBDJBÍ FM DVBM NF[DMB MB GBSNBDJB DPO VOB UJFOEB EF DPOWFOJFODJB Z BVUPTFSWJDJP $PSQPSBUJWP 'SBHVB TF DPOTUJUVZF FO NJFOUSBT RVF FO MB DPNQB®ªB FTUBCMFDJ° VO DPOTFKP EF BENJOJTUSBDJ°O DPO DPOTFKFSPT JOEFQFOEJFOUFT Z EPT DPNJU¦T EF WJHJMBODJB DPO GVODJPOFT EF BVEJUPSªB FTUSBUFHJB RVF IB QFSNJUJEP NBOUFOFS FM DSFDJNJFOUP Z DVNQMJS NFUBT EFGJOJEBT Â&O $PSQPSBUJWP 'SBHVB IFNPT NBOUFOJEP FM DPNQSPNJTP EF BCSJS VOB TVDVSTBM DBEB TFJT EªBTÍ FYQSFTB MB FNQSFTB FO TV Q HJOB "EFN T EF 'BSNBDJBT (VBEBMBKBSB FM DPSQPSBUJWP UJFOF MBT GJMJBMFT 'PUPTJTUFNBT 0SHBOJ[BDJ°O EF 7JHJMBODJB $PNFSDJBM Z 5SBOTQPSUFT Z &O WªPT EF (VBEBMBKBSB &O FM TFHVOEP TFNFTUSF EF MB FNQSFTB SFQPSU° DPO NJM DPMBCPSBEPSFT VO N T RVF FO FM NJTNP USJNFTUSF EFM &- */'03."%03 t "3$)*70

3&$0/0$*%" 6SSFB FYQPSUB B NÈT EF QBÓTFT EFM DPOUJOFOUF BNFSJDBOP

$PO N T EF B®PT EF WJEB (SVQP 6SSFB FT VOB DPNQB®ªB NFYJDBOB DVZBT NBSDBT TPO SFDPOPDJEBT FO N T EF QBªTFT EFM DPOUJOFOUF BNF SJDBOP JODMVZFOEP &TUBEPT 6OJEPT &O GVOEBO Â7 MWVMBT $BSSPMMÍ &O MB EJSFDDJ°O GVF BTVNJEB QPS 3B·M 6SSFB "WJM¦T RVJFO UBN CJ¦O GVF VOP EF MPT GVOEBEPSFT EFM *5&40 &O TVSHF MB EJWJTJ°O EF )FSSBNJFOUBT Z FO OBDF 6SSFB DPNP NBSDB DPNFSDJBM &O DSFBO 4VSUFL FO BERVJFSFO -PDL $PO MBT USFT NBSDBT MB PGFSUB EF QSPEVDUPT EF FTUB EJWJTJ°O TVNB N T EF NJM QSPEVDUPT Â$POUBNPT DPO JOTUBMBDJPOFT VCJDBEBT FO &M 4BMUP +BMJTDP EF N T EF NJM N BTª DPNP OVFTUSP DFOUSP EF EJTUSJCVDJ°O FO 4BO "OUP OJP 5FYBTÍ JOEJDB MB DPNQB®ªB FO TV Q HJOB FMFDUS°OJDB "EFN T (SVQP 6SSFB 4PMVDJ°O 5PUBM FO )FSSBNJFOUBT Z $FSSBKFSªB FTU EFOUSP EF MBT NFKPSFT FNQSFTBT QBSB USBCBKBS FO MB SFHJ°O DFO USP 0DDJEFOUF EFOUSP EF MB DBUFHPSªB N T EF NJM DPMBCPSBEPSFT Z FOUSF MBT NFKPSFT FNQSFTBT QBSB USBCBKBS B OJWFM OBDJPOBM EF BDVFSEP DPO (SFBU 1MBDF UP 8PSL

4&37*$*0 -BT 'BSNBDJBT (VBEBMBKBSB IBO FTUBEP TJFNQSF DFSDB EF TVT DPO TVNJEPSFT

OÊ&OUSFHBO EJSFDUB

NFOUF FO TV EPNJDJ MJP B NJM QB DJFOUFT EF EJÈMJTJT Z FO VOJEBEFT IPTQJ UBMBSJBT BMSFEFEPS EF USFT NJMMPOFT BOVBMFT EF CPMTBT EF TPMVDJØO QBSB MB BUFODJØO EF QBDJFO UFT DPO JOTVGJDJFODJB SFOBM DSØOJDB

&91"/4*»/ ".1-¶" -" 5&3$&3" &5"1" %&- $&/530 %& %*453*#6$*»/

+VFWFT EF KVMJP EF

ÀÕ« Ê1ÀÀi>Ê >Õ}ÕÀ>Ê« > Ì>Êi Ê Ê-> Ì 1~(*/" "

&- */'03."%03

L]jkn]i]

&630 " *, ÊfÊ

%»-"3 '*9

A?KJéIE?K

*/'-"$*»/ "/6"-

6 / Êf

1 "É£xÊÊÓ°nǯ 1&53»-&0 .&;$-" .&9*$"/"

3&4&37"4 */5&3/"$*0/"-&4

#0-4" .&9*$"/"

7"-03 7"3*"$*»/

1&53»-&0 85*

$&/5&/"3*0 COMPRA

VENTA

%08 +0/&4

7"-03 7"3*"$*»/

7"-03

/"4%"2

7"3*"$*»/

*/%*$"%03&4 &/ -¶/&"

ppp(

6%*4 5**&Ê­ÓnÊ` >î $&5&4Ê­ÓnÊ` >î bg_hkfZ]hk 1-"5" -*#&35"%

COMPRA

VENTA

(\hf(fq

.&3$"%04 "3(6.&/5" .&+03¶" &/ -" &$0/0.¶" %& &45"%04 6/*%04

>Ê i`Ê > Ì i iÊÃ Ê V> L ÃÊÌ>Ã>ÃÊ`iÊ ÌiÀjà "1

#0-4" &M $PNJUÏ EFM .FSDBEP "CJFSUP EFM CBODP DFOUSBM FTUBEPVOJEFOTF NBOUVWP FOUSF Z MB UBTB EF JOUFSÏT EF GPOEPT GFEFSBMFT

*OWFSTJPOJTUBT FTQFSBO RVF RVF RVJFSF WFS NBZPSFT HBOBODJBT FDPOÂ TFJT BÁPT -B EFDJTJÂO EF MB 'FE USBT TV SF NJDBT Z VOB JOGMBDJÂO N²T BMUB BOUFT EF VOJÂO HFOFSÂ RVF 8BMM 4USFFU DFSSBSB DPO FM CBODP DFOUSBM TVCB MBT FMFWBS MBT UBTBT i-B JOWFSTJÂO GJKB EF OF OÈNFSP QPTJUJWPT UBTBT FO TFQUJFNCSF HPDJPT Z MB SFE EF FYQPSUBDJPOFT QFSNBOF %F TVCJS TVT UBTBT EF JOUFS¹T FM QF DJFSPO CBKBTw BÁBEJÂ TP TF WFS½B QSFTJPOBEP GSFOUF BM EÂMBS &TQFDJBMJTUB SFDPNJFOEB .VDIPT JOWFSTJPOJTUBT FTQFSBO RVF RVF FO W½TQFSB EFM BOVODJP EF MB 'FE FT QBHBS UBSKFUBT EF DS¦EJUP FM CBODP DFOUSBM TVCB MBT UBTBT FO TFQ UVWP UPDBOEP N²YJNPT IJTUÂSJDPT "ZFS BOUF MB WPMBUJMJEBE NPOFUBSJB UJFNCSF P EJDJFNCSF QFSP MB 'FE OP EJP DFSSÂ FO QFTPT QPS VOJEBE JOEJDJPT EF DV²OEP TVDFEFS² EJDIP JO &M FODBSHBEP EFM EPDUPSBEP FO FT -B 3FTFSWB 'FEFSBM EF &TUBEPT 6OJEPT DSFNFOUP "QVOUÂ RVF FM $PNJU¹ EFM UVEJPT FDPOÂNJDPT EF MB 6OJWFSTJEBE EF 'FE TF BCTUVWP EF TVCJS MBT UBTBT EF JOUF .FSDBEP "CJFSUP EFM CBODP DFOUSBM EF (VBEBMBKBSB "OUPOJP 3VJ[ 1PSSBT IBDF S¹T Z OP PGSFDJÂ JOEJDJPT EF DV²OEP DBN DJEJS² JOJDJBS DBNCJPT FO TV QPM½UJDB NP VO MMBNBEP B OP TPSQSFOEFSTF TJ FM EÂ CJBS½B TV QPM½UJDB NPOFUBSJB "SHVNFOUÂ OFUBSJB FO DPOTPOBODJB DPO TVT PCKFUJ MBS BMDBO[B MPT QFTPT 4JO FNCBSHP RVF FM DSFDJNJFOUP FDPOÂNJDP EFM QB½T FT WPT EF FNQMFP EF MBSHP QMB[P Z VOB BOUF MB WPMBUJMJEBE NPOFUBSJB SFDPNJFO NPEFSBEP QFSP QVOUVBMJ[Â RVF MPT JOEJDB JOGMBDJÂO EF QPS DJFOUP EB QBHBS EFVEBT B DPSUP QMB[P FO UBSKF EPSFT EF JOGMBDJÂO iQFSNBOFDFO CBKPTw -BT CBKBT UBTBT EF JOUFS¹T IBO TJEP CF UBT EF DS¹EJUP P QS¹TUBNPT DPO UBTBT EF -B 'FE TFÁBMÂ RVF MB FDPOPN½B FTUB O¹GJDBT QBSB MPT PQFSBEPSFT EF BDDJPOFT JOUFS¹T WBSJBCMF NPEFSBS FM HBTUP USB EPVOJEFOTF TJHVF NFKPSBOEP FO EJWFSTPT BM BZVEBS B JNQVMTBS VO NFSDBEP BMDJTUB UBS EF OP DPNQSBS EÂMBSFT Z FWJUBS MPT BTQFDUPT DPNP FM FNQMFP QFSP SFDBMDÂ RVF IB QFSNBOFDJEP BT½ EVSBOUF N²T EF WJBKFT BM FYUSBOKFSP

"EWJFSUFO TPCSF GVHB EF DBQJUBMFT FO .ÏYJDP

$3&$*.*&/50 &M HPCFSOBEPS "MCFSUP $ÈSEFOBT DP MPDB MB QSJNFSB QJFESB EF MB OVFWB QMBOUB EF 1JTB

.FHBDBCMF "VORVF MB IJTUPSJB EF .FHBDBCMF JOJDJ° FO FO FM /PSUF DVBOEP VO HSVQP EF FNQSFTBSJPT GPSN° 7JTJ°O QPS $BCMF EF 4POPSB 4" EF $7 7J DBTPO Z 7JTJ°O QPS $BCMF EF 4JOBMPB 4" EF $7 7JDBTJO -B DPNQB®ªB TF DPOTPMJE° FO UFSSJUPSJP KBMJTDJFOTF DVBOEP FO BERVJSJ° MB DPODFTJ°O QBSB FYQMPUBS FM NVOJDJQJP EF (VBEBMBKBSB Â&TUF IFDIP NBSD° FM OVFWP SVNCP EF FYQBOTJ°O EF MB DPNQB®ªB &O FTUF B®P TF VOJGJD° FM OPNCSF EF MB FNQSFTB B 7JTJ°O QPS $BCMFÍ EFUBMMB MB FNQSFTB 'VF FO DVBOEP NPEJGJD° MB SB[°O TPDJBM F JNBHFO DPSQPSBUJ WB B .FHBDBCMF Z MPT NVOJDJQJPT EF 5MBRVFQBRVF Z 5POBM +BMJTDP Z $JVEBE +V SF[ $IJIVBIVB TF VOFO B MB SFE 6O B®P EFTQV¦T FM $PSQPSBUJWP EF (SVQP .FHBDBCMF DBNCJB TVT PGJDJOBT EF -PT .PDIJT B (VBEBMBKBSB QPS FM DBS DUFS FTUSBU¦HJDP EF FT UB DJVEBE &O DSFBO DBOBMFT EF UFMFWJTJ°O DPO QSPEVDDJ°O MPDBM FO MB 1FSMB UBQBUªB -PT .PDIJT Z $VMJBD O CBKP FM OPNCSF .FHBDBOBM Â*OJ DJB .FHBSFE FO (VBEBMBKBSB DPNP TFSWJDJP QJPOFSP FO "N¦SJDB -BUJOB RVF PGSFDF *OUFSOFU QPS DBCMF B BMUB WFMPDJEBEÍ EFTUBDB MB FNQSFTB &O MBO[BO FM DBOBM 7JEFP 3PMB VOB QSPQVFTUB FOGPDBEB FO MB N·TJDB HSVQFSB Z EF CBOEB NJFOUSBT RVF FO FNQJF[B .FUSP$B SSJFS MB VOJEBE EF OFHPDJPT EF (SVQP .FHBDBCMF PSJFOUBEB B DVCSJS MBT OFDFTJEBEFT EF UFMFDPNVOJDBDJPOFT EF MBT NJDSP QFRVF®BT Z NFEJB OBT FNQSFTBT &- */'03."%03 t "3$)*70

/VNFSBMJB IBTUB FM QSJNFS USJNFTUSF EF TVTDSJQUPSFT EF 7JEFP

ÊV ÃiVÕi V >Ê`iÊ >ÊÛ > Ì `>`Ê i Ê ÃÊ iÀV>` ÃÊ µÕiÊ «>VÌ Ê> ÊÌ « Ê`iÊV> L ]Êi Ê ÊµÕiÊÛ>Ê`i Ê> ÊÃ> iÀ Ê`iÊ jÝ V Ê{ÎÊ Ê iÃÊ`iÊ` >ÀiÃ]ÊÃi > Ê iÀ>À` Ê-> >â>À]Ê ` ÀiVÌ ÀÊ}i iÀ> Ê`iÊ > V Ê ÌiÀ>VV iÃ°Ê - Êi L>À} Ê>v À ʵÕiÊ>Ê v > iÃÊ`iÊ> Ê >LÀ?ÊÕ ÊÀiÌ À Ê`iÊV>« Ì> iÃÊ> Ê«> Ã]Ê>`i ?ÃÊ i Ê«ià ÊÀi}ÀiÃ>À?Ê>Ê Ûi iÃÊ`iÊ

£x°ÎäÊÕ `>`iÃÊ« ÀÊ` >À]ÊÕ >Ê ÛiâʵÕiÊ >Ê i`ÊV> L iÊÃÕÊ« Ì V>Ê iÌ>À >Ê­ÃiÊiÃÌ >ÊÃi>Ê i Ê Ãi«Ì i LÀi®Ê ÞÊ ÃiÊ iÃÌ>L Vi Ê ÃÊ iÀV>` Ã°Ê º ÊV Ãi à ʵÕiÊÌi i ÃÊ i Ê ÌiÀ>VV iÃÊiÃʵÕiÊi ÊÌ « Ê `iÊV> L ÊV iÀÀiÊi Ê Ûi iÃÊ`iÊ £x°ÎäÊ «ià ÃÆÊ iÃÌ?Ê V Õà ÛiÊ £äÊ Vi Ì>Û ÃÊ« ÀÊ`iL> Ê`i ÊV Ãi à Ê`iÊ ÃÊ> > ÃÌ>Ã]Ê`iÊ£x°{äÊ«i Ã Ã°Ê ÃÌ> ÃÊ ÕÞÊ «Ì ÃÌ>Ã]ÊiÃ

ÌÀÕVÌÕÀ> i ÌiÊi Ê«> ÃÊiÃÌ?Ê ÕÞÊ L i »]ÊÞÊ`iÃÌ>V ʵÕiÊ >ÊÛ >Ì `>`Ê ÊiÃÊ`iÊ jÝ V Êà Ê`iÊ ÃÊ iÀV>` ÃÊ} L> iÃ°Ê Ý« V ʵÕiÊiÃÌ>ÊÃ> `>Ê`iÊ V>« Ì> iÃÊ ÊvÕiʺÃÖL Ì>»Ê Ê`iÊ Õ >ÊÃi > >Ê>Ê ÌÀ>]Êà ÊÃiÊ` Ê i Ê ÊµÕiÊÛ>Ê`i Ê> Ê`iL ` Ê> Ê > ÕÃÌiÊi Ê ÃÊ« ÀÌ>v ÃÊ`iÊ ÛiÀÃ Ê µÕiÊ ÃiÊ ` v V> Ê V v À iÊÃiÊ>`>«Ì> Ê ÃÊ«À ÃÌ V ÃÊ`iÊ >ÃÊV «> >ð

&91"/4*»/ ".1-¶" -" 5&3$&3" &5"1" %&- $&/530 %& %*453*#6$*»/

ÀÕ« Ê1ÀÀi>Ê >Õ}ÕÀ>Ê« > Ì>Êi Ê Ê-> Ì (SVQP 6SSFB BNQMJ TVT JOTUBMBDJPOFT FO FM NVOJDJQJP EF FM HPCFSOBEPS EFM &TUBEP +PSHF "SJTUÂUFMFT 4BOEPWBM &M 4BMUP DPO MB DPOTUSVDDJÂO EF MB 1MBOUB EF )FSSBNJFO EFTUBD RVF MB DPNQBÁ½B TF IB EJTUJOHVJEP QPS BMDBO UBT .FD²OJDBT BT½ DPNP MB UFSDFSB FUBQB EFM $FOUSP EF [BS NFUBT JOUFSOBDJPOBMFT F JNQMFNFOUBS FTU²OEBSFT %JTUSJCVDJÂO Z VOP W½B SFNPUB B 4BO "OUPOJP 5FYBT EF BMUB DBMJEBE F JOOPWBDJÂO FO TVT QSPEVDUPT MP RVF &TUB FNQSFTB QFSUFOFDF BM TFDUPS EF MBT IFSSB MB IB DPOWFSUJEP FO FKFNQMP FO FM QB½T %JKP RVF TV BENJOJTUSBDJÂO TFS² VO BMJBEP QBSB MPT NJFOUBT Z DFSSBKFS½B JOEVTUSJBM 'VF GVOEBEB IBDF BÁPT FO .¹YJDP 4V DSFDJNJFOUP TF IB FYUFOEJEP BM FY FNQSFTBSJPT RVF CVTDBO JOWFSUJS FO MB &OUJEBE %FTUB D RVF FO FM QSJNFS DVBUSJNFTUSF EF +BMJTDP MPHS USBOKFSP DPO FM FOW½P EF NFSDBOD½B B QB½TFT %VSBOUF MB JOBVHVSBDJÂO EF EJDIBT BNQMJBDJPOFT JODSFNFOUBS TVT FYQPSUBDJPOFT FO QPS DJFOUP

V >ÊÞÊv ÃV -6*4 +03(& $«3%&/"4 %¶"; (luisjcardenas2@hotmail.com)

" MPT BMDBMEFT FMFDUPT &TUB DPMBCPSBDJÂO WB EFEJDBEB B MPT BMDBMEFT FMFDUPT EF MB [POB NFUSPQPMJUBOB $PNP ZB MP TBCS²O FM "SU½DVMP EF MB $POTUJUVDJÂO DPOTBHSB MB BVUPOPN½B EFM NVOJDJQJP 4JO FNCBSHP BVUPOPN½B TJO JOEFQFOEFODJB FDPOÂNJDB JOIJCF MB MJCFSUBE QPM½UJDB &M QSJODJQJP EF TVCTJEJBSJEBE FTUBCMFDF RVF TÂMP BRVFMMP RVF OP QVFEB IBDFS CJFO FM NVOJDJQJP TF IBHB QPS MPT FTUBEPT Z TÂMP BRVFMMP RVF OP QVFEBO IBDFS CJFO MPT FTUBEPT MP IBHB MB 'FEFSBDJÂO &M NVOJDJQJP FT VOB TPDJFEBE OBUVSBM EPNJDJMJBEB GPSNBEB QPS D¹MVMBT GB NJMJBSFT FT QVFT VOB QSPMPOHBDJÂO EF MB GBNJMJB FO DVBOUP FT VOB DPNVOJEBE PSH²OJDB C²TJDB RVF KVS½EJDB Z QPM½UJDBNFOUF TF BOUFQPOF BM &TUBEP DPO FDP OPN½B Z BVUBSRV½B QSPQJB JOEFQFOEJFOUF EF MB &OUJEBE EF RVF GPSNB QBSUF 'JTDBMNFOUF FM NVOJDJQJP EFCFS½B TFS MB D¹MVMB SFDBVEBUPSJB EF JNQVFT UPT N²T JNQPSUBOUF QPSRVF UJFOF MB DFSDBO½B Z FM DPOUBDUP EJSFDUP DPO FM DPO USJCVZFOUF Z QPS MP UBOUP FM PSHBOJTNP RVF QBSUJDJQBS½B B MPT HPCJFSOPT FTUB UBM Z GFEFSBM QBSB TV TPTUFOJNJFOUP 5PEP MP DPOUSBSJP EF MP RVF TF IBDF BIPSB QPS USBEJDJÂO QPS DPTUVNCSF QPSRVF BT½ FT FO UPEP FM NVOEP QFSP TPNPT JO DBQBDFT EF DVFTUJPOBSMP %FOUSP EF FTBT MJNJUBDJPOFT EFCF EBSTF BM NVOJDJQJP MB TVGJDJFOUF MJCFS UBE Z DBQBDJEBE FDPOÂNJDB QBSB BENJOJTUSBS Z QSFTUBS UPEPT MPT TFSWJDJPT RVF SFRVJFSF MB DPNVOJEBE -B SFBMJEBE FT RVF BIPSB UFOFNPT VOB ²SFB NFUSPQPMJUBOB QPCSF Z FOEFVEBEB MP DVBM OP FT OPWFEBE TJFNQSF IB TJEP BT½ QPS MP RVF TFS½B CVFOP IBDFS VO SFQBTP EF MP RVF IBO IFDIP PUSPT HPCJFSOPT NVOJDJQBMFT QBSB TPCSFWJWJS &O MPT BÁPT TFTFOUB OBDJÂ FM UBQBU½P VO NJMMÂO BIPSB TFHÈO FM *OFHJ MB QPCMBDJÂO FT EF VO NJMMÂO NJM IBCJUBOUFT DBTJ N²T &O BRVFMMB ¹QP DB QBSB EBS TFSWJDJPT B VO NJMMÂO EF IBCJUBOUFT FM "ZVOUBNJFOUP UBQBU½P UF O½B BMSFEFEPS EF USFT NJM FNQMFBEPT 1BSB BIPSSBS EJOFSP TF IJ[P VO FTUVEJP EF BTJHOBDJÂO EF GVODJPOFT Z TF NFDBOJ[Â MB OÂNJOB DPO MB TPSQSFTB EF RVF DFSDB EF EF MPT FNQMFBEPT OP SFDPHJFSPO TVT DIFRVFT QPSRVF TFO DJMMBNFOUF OP FYJTU½BO FSBO BWJBEPSFT %F MPT EPT NJM RVF RVFEB SPO TF FODPOUSÂ RVF BMSFEFEPS EF FNQMFBEPT OP USBCBKBCBO QBSB FM "ZVO UBNJFOUP FTUBCBO BTJHOBEPT B GVODJPOBSJPT Z FY GVODJPOBSJPT QÈCMJDPT FY EJ QVUBEPT Z EJQVUBEPT DPNP DIPGFSFT KBSEJOFSPT NFOTBKFSPT DVTUPEJPT WFMBEPSFT Z IBTUB IBC½B VO UFOJFOUF DPSPOFM RVF DPCSBCB FO MB OÂNJOB NVOJ DJQBM QBSB DPNQMFUBS TVT FYJHVPT IBCFSFT EF SFUJSP EFM &K¹SDJUP QPS TFS VO I¹ SPF SFWPMVDJPOBSJP %F FTPT BÁPT B MB GFDIB DBEB OVFWP "ZVOUBNJFOUP DPOUSJCVZF B FOHSP TBS MB OÂNJOB BTJHOBOEP QMB[BT B TVT DPMBCPSBEPSFT Z FRVJQP EF DBNQBÁB DPNP QSFNJP B TVT FTGVFS[PT Z MFBMUBE BM QBSUJEP RVF QFSUFOFDFO BM HSBEP EF RVF BIPSB QBSB BUFOEFS BM NJMMÂO Z NFEJP EF IBCJUBOUFT IBZ BMSFEFEPS EF NJM FNQMFBEPT -B DJVEBE OP IB DSFDJEP FO UFSSJUPSJP QPS MP RVF OP WFNPT BIP SB MB EJGJDVMUBE EF HPCFSOBSMB DPO NFOPT EF DJODP NJM FNQMFBEPT DPO MBT IF SSBNJFOUBT UFDOPMÂHJDBT DPO RVF BIPSB TF DVFOUB 1BSB FMJNJOBS QFSTPOBM QVFEF IBDFSTF MP NJTNP RVF FO MPT BÁPT TFTFO UB JOWFTUJHBS RV¹ IBDF DBEB VOP Z FMJNJOBS B MPT BWJBEPSFT QFSP OP OBEB N²T EBSMPT EF CBKB TJOP FYJHJSMFT RVF EFWVFMWBO FM EJOFSP RVF DPCSBSPO TJO USBCB KBS Z BNBHBSMPT DPO MB DPOTJHOBDJÂO QFOBM QPS QFDVMBEP

(SVQP 6SSFB BNQMJÂ TVT JOTUBMBDJPOFT FO FM NVOJDJQJP EF &M 4BMUP DPO MB DPOTUSVDDJÂO EF MB 1MBOUB EF )FSSBNJFO UBT .FD²OJDBT BT½ DPNP MB UFSDFSB FUBQB EFM $FOUSP EF %JTUSJCVDJÂO Z VOP W½B SFNPUB B 4BO "OUPOJP 5FYBT &TUB FNQSFTB QFSUFOFDF BM TFDUPS EF MBT IFSSB NJFOUBT Z DFSSBKFS½B JOEVTUSJBM 'VF GVOEBEB IBDF BÁPT FO .¹YJDP 4V DSFDJNJFOUP TF IB FYUFOEJEP BM FY USBOKFSP DPO FM FOW½P EF NFSDBOD½B B QB½TFT %VSBOUF MB JOBVHVSBDJÂO EF EJDIBT BNQMJBDJPOFT

FM HPCFSOBEPS EFM &TUBEP +PSHF "SJTUÂUFMFT 4BOEPWBM EFTUBD RVF MB DPNQBÁ½B TF IB EJTUJOHVJEP QPS BMDBO [BS NFUBT JOUFSOBDJPOBMFT F JNQMFNFOUBS FTU²OEBSFT EF BMUB DBMJEBE F JOOPWBDJÂO FO TVT QSPEVDUPT MP RVF MB IB DPOWFSUJEP FO FKFNQMP FO FM QB½T %JKP RVF TV BENJOJTUSBDJÂO TFS² VO BMJBEP QBSB MPT FNQSFTBSJPT RVF CVTDBO JOWFSUJS FO MB &OUJEBE %FTUB D RVF FO FM QSJNFS DVBUSJNFTUSF EF +BMJTDP MPHS JODSFNFOUBS TVT FYQPSUBDJPOFT FO QPS DJFOUP

%& +6-*0 %& 6OP EF MPT HSV QPT FNQSFTBSJBMFT NÈT JNQPSUBOUFT EFM QBÓT BCSF VOB OVFWB QMBOUB FO FM VOP EF MPT QPMPT JOEVTUSJBMFT EF +BMJTDP

%& %*$*&.#3& %& &M SJUNP EF BQFSUVSBT EF 'BS NBDJBT (VBEBMBKBSB TF IB WVFMUP NÓUJDP

1SFTFODJB

&NCPUFMMBEPSB "HB EFM $FOUSP &- */'03."%03 t "3$)*70

)BTUB FM TFHVOEP TFNFTUSF EF UJFOFO QSFTFODJB FO DJVEBEFT Z &TUBEPT EF MB 3FQÞCMJDB .FYJDBOB "HVBTDBMJFOUFT $IJBQBT $IJ IVBIVB $JVEBE EF .ÏYJDP $PBIVJMB $PMJNB %VSBOHP &TUBEP EF .Ï YJDP (VBOBKVBUP (VFSSFSP )JEBMHP +BMJTDP .JDIPBDÈO .PSFMPT /B ZBSJU /VFWP -FØO 0BYBDB 1VFCMB 2VFSÏUBSP 4BO -VJT 1PUPTÓ 4JOBMPB 4POPSB 5BCBTDP 5BNBVMJQBT 5MBYDBMB 7FSBDSV[ Z ;BDBUFDBT

0NOJMJGF 3&'3&4$0 &M DPOTPSDJP "HB UJFOF GVFSUF QSFTFODJB FO MB DJVEBE -B IJTUPSJB EF FTUB HSBO FNQSFTB DPNFO[° DPO "CFMBSEP (BSDªB "SDF KBMJTDJFOTF RVF OBDJ° FO %F KPWFO TF EJP DVFOUB RVF UFOªB QBTJ°O QPS MBT WFOUBT HSBDJBT B TV QBESF $BSMPT (BSDªB RVJFO UFOªB VOB G CSJDB UBCBDBMFSB &O "CFMBSEP (BSDªB "SDF GVOE° MB FNQSFTB Â5FQFZBD )JFMP Z 3FGSJHFSBDJ°OÍ Â(SBDJBT BM EJOBNJTNP Z FYQFSJFODJB EF EPO "CFMBSEP IPZ TJHVFO TJFOEP GVFOUF EF NJMFT EF FNQMFPT ZB RVF ¾5FQFZBD )JFMP Z 3FGSJHFSB DJ°O½ DSFDJ° EFTBSSPMMBOEP BTª OVFWBT PQPSUVOJEBEFT EF OFHPDJP QBSB GJ OBMNFOUF USBOTGPSNBSTF FO ¾&NCPUFMMBEPSB -B 1VSF[B½ JODVSTJPOBOEP EF FTUF NPEP BM NFSDBEP EF MBT CFCJEBT SFGSFTDBOUFT JOOPWBOEP FO (VBEBMBKBSBÍ FYQMJDB MB FNQSFTB FO TV Q HJOB XFC "MHVOBT NBSDBT GVFSPO 4JESBM 1VSF[B -JNPOBEB "CFM Z &TDVEP KVO UP DPO MBT GSBORVJDJBT EF 0SBOHF $SVTI Z /FTCJUU 5SBT FM JNQVMTP PCUF OJEP QPS FTPT QSPEVDUPT FO &NCPUFMMBEPSB "HB TF DPOTUJUVZF DPO TPDJFEBE Z DBQJUBM NFYJDBOPT BEFN T EF RVF FO FTF NJTNP B®P OBDF MB FNQSFTB "HVB 6MUSB 1VSB EFEJDBEB FYDMVTJWBNFOUF B MB QVSJGJ DBDJ°O Z WFOUB EF BHVB FO HBSSBG°O &O TF MBO[B FM SFGSFTDP EJTUJO UJWP EF MB NBSDB 4JESBM "HB RVF KVOUP B 4RVJSU TF DPOTFSWB IBTUB IPZ 'VFOUF XXX BHBDFOUSP DPN NY

-B IJTUPSJB EF 0NOJMJGF DPNFO[° FM EF TFQUJFNCSF EF DVBOEP +PSHF 7FSHBSB GVOE° MB FNQSFTB EFEJDBEB B MB GBCSJDBDJ°O Z DPNFSDJB MJ[BDJ°O EF QSPEVDUPT OVUSJDJPOBMFT &O FTF FOUPODFT FM FNQSFTBSJP UF OªB TPMBNFOUF TFJT EJTUSJCVJEPSFT Z USFT FNQMFBEPT 4FH·O SFMBUB MB QSPQJB FNQSFTB UPEP DPNFO[° FO VOB QFRVF®B CPEFHB KVOUP B MBT WªBT EFM GFSSPDBSSJM EF MB $JVEBE EF .¦YJDP FO EPO EF TF WFOEªBO EPT QSPEVDUPT &O MB BDUVBMJEBE TF IB DPOWFSUJEP FO VOB EF MBT FNQSFTBT N T JNQPSUBOUFT EF .¦YJDP Z -BUJOPBN¦SJDB BEFN T EF RVF UJFOF MB 1MBO UB EF .BOVGBDUVSB EF QSPEVDUPT OVUSJDJPOBMFT N T HSBOEF EFM NVOEP FO TV UJQP Z DBSBDUFSªTUJDBT Â4F USBUB EF VO DPNQMFKP JOEVTUSJBM RVF DP NFO[° PQFSBDJPOFT FO FO &M 4BMUP +BMJTDP Z FTU EJWJEJEP FO MªOFBT EF GBCSJDBDJ°O FOUSF MªRVJEPT QM TUJDPT Z BMJNFOUPT FO QPMWPÍ TF ®BMB MB FNQSFTB FO TV Q HJOB XFC "TJNJTNP SFNBSDB RVF GPSNBO QBSUF EF FTUF HSVQP NJMMPOFT EF QFSTPOBT FO QBªTFT EF "N¦SJDB Z &VSPQB RVJFOFT TPO EJTUSJCVJ EPSFT JOEFQFOEJFOUFT EF 0NOJMJGF 'VFOUF XXX PNOJMJGF DPN &- */'03."%03 t "3$)*70

TVTDSJQUPSFT EF )4% *OUFSOFU

TVTDSJQUPSFT EF 5FMFGPOªB

%&4"330--0 -B FNQSFTB IB BNQMJBEP TV ÈSFB EF JO GMVFODJB

TVTDSJQUPSFT OJDPT

%& +6-*0 %& &- */'03 ."%03 IB EBEP DVFOUB EF MPT MP HSPT EF MB PSHBOJ [BDJØO FNQSFTB SJBM "(" FO UPEP .ÏYJDP

&- -¶%&3 +PSHF 7FSHBSB IB FTUBCMFDJEP VO FYJUPTP NPEFMP EF OFHPDJP


Ê

+VFWFT EF PDUVCSF EF

&- */'03."%03

* ÊΙ‡

1~(*/" &


* Ê{ä

1~(*/" &

&- */'03."%03

-B 6EF(

+VFWFT EF PDUVCSF EF

FM BMNB FTUVEJBOUJM EF 1PS MBT BVMBT EF FTUB VOJWFSTJEBE Q·CMJDB IBO QBTBEP BMHVOPT EF MPT KBMJTDJFOTFT N T D¦MFCSFT

+BMJTDP &- */'03."%03 t "3$)*70

-B QSJNFSB -FZ 0SHÇOJDB

&O KVMJP EF FM FOUPODFT HPCFSOBEPS +PT¦ (VBEB MVQF ;VOP )FSO OEF[ DPOWPD° B VO HSVQP EF QSPGF TPSFT JOUFMFDUVBMFT Z QSPGFTJPOJTUBT QBSB DSFBS FM TFO UJEP EF MB 6OJWFSTJEBE 4F USB[BSPO DVBUSP EJSFDUSJDFT NFKPSBS MPT TFSWJDJPT EF MBT JOTUJUVDJPOFT EF FEVDBDJ°O TVQFSJPS Z NFEJB TVQFSJPS FYJTUFOUFT FTUBCMFDFS MBT FTDVFMBT Z EFQFOEFODJBT RVF IBDªBO GBMUB SFPSHBOJ [BS MB FOTF®BO[B FMFNFOUBM Z TVQFSJPS Z QMBOJGJDBS MB FO TF®BO[B JOEVTUSJBM Z BHSªDPMB %F BIª OBDJ° MB QSJNFSB -FZ 0SH OJDB RVF TF BQSP C° FM EF TFQUJFNCSF EF FO FM $POHSFTP EFM &T UBEP &O FMMB TF SFDPOPDJ° B MB GJHVSB EFM SFDUPS DPNP FM ÂKFGF OBUPÍ QSFTJEFOUF EFM $POTFKP 6OJWFSTJUBSJP DB CF[B EF MB JOTUJUVDJ°O Z FODBVTBEPS EF MPT QSFTVQVFT UPT VOJWFSTJUBSJPT &SB OPNCSBEP QPS FM (PCFSOBEPS EFM &TUBEP

-

B 6OJWFSTJEBE EF (VBEBMBKBSB UJFOF TVT PS½HFOFT FO MB ¹QPDB DPMPOJBM &M EF OPWJFNCSF EF TF JOBV HVSÂ MB 3FBM 6OJWFSTJEBE EF (VBEBMBKB SB USBT DBTJ BÁPT EF HFTUJPOFT BOUF MB $PSPOB &TQBÁPMB Z QPS MB JOUFSWFODJÂO EFM PCJTQP 'SBZ "OUPOJP "MDBMEF Z #BSSJHB "EPQUÂ FM NPEFMP FEVDBUJWP EF MB 6OJWFSTJEBE EF 4BMBNBODB F JOJDJÂ DPO D²UFESBT EF .FEJDJOB %F SFDIP 5FPMPH½B Z 'JMPTPG½B -B DPOTUSVDDJÂO EFM 3FBM )PTQJUBM EF 4BO .JHVFM EF #FM¹O Z MB BQPSUBDJÂO EF SFDVSTPT QBSB DPOGPSNBS FM QBUSJNPOJP VOJWFSTJUBSJP MF EJP FM U½UVMP EF GVOEBEPS B 'SBZ "OUPOJP 4V QSJNFSB TFEF GVF FM $PMFHJP EF 4BOUP 5PN²T " MP MBSHP EF MPT BÁPT MB 6OJWFSTJEBE GVF DMBVTV SBEB USFT WFDFT &OUSF Z QFSEJÂ MB EFOPNJ OBDJÂO MPT JOUFOUPT QPS SFTUBVSBSMB OP QSPTQFSBSPO 'VF QPS JOJDJBUJWB EFM HPCFSOBEPS +PT¹ (VBEBMV QF ;VOP Z +VBO 4BMWBEPS "HSB[ RVF FO DPNFO [BSPO MBT HFTUJPOFT QBSB SFGVOEBS B MB 6OJWFSTJEBE $PO BZVEB EF &OSJRVF %½B[ EF -FÂO *SFOF 3P CMFEP $BUBMJOB 7J[DB½OP "HVTU½O #BTBWF +VBO $BNQPT ,VOIBSEU *HOBDJP 7JMMBMPCPT *HOBDJP $BM EFSÂO "ESJ²O 1VHB Z "EPMGP $POUSFSBT TF DSFÂ MB QSJNFSB -FZ 0SH²OJDB RVF BQSPCÂ FM $POHSFTP EFM &%*'*$*0 )*45»3*$0 &M QSJNFS SFDJOUP VOJWFSTJUBSJP &TUBEP FM EF TFQUJFNCSF EF &M EF PDUVCSF EF FTF BÁP TF JOBVHVSÂ MB 6OJWFSTJEBE EF (VBEBMBKBSB DPO &OSJRVF %½B[ EF -FÂO DPNP TV QSJNFS SFDUPS "DUVBMNFOUF MB 6EF( UJFOF TFJT $FOUSPT 6OJ WFSTJUBSJPT 5FN²UJDPT OVFWF $FOUSPT 6OJWFSTJUB SJPT 3FHJPOBMFT VO 4JTUFNB EF &EVDBDJÂO 7JSUVBM Z VO 4JTUFNB EF &EVDBDJÂO .FEJB 4VQFSJPS 5JFOF B NJM BMVNOPT NBUSJDVMBEPT FO MPT OJWFMFT .F EJP 4VQFSJPS Z 4VQFSJPS 0GFSUB QSPHSBNBT EF OJ WFM NFEJP TVQFSJPS EF QSFHSBEP EF QPTHSB EP Z EF PUSPT OJWFMFT

"TPDJBDJPOFT FTUVEJBOUJMFT '&40 '&( '&6

.PEFMPT EF IPTQJUBM FTDVFMB DPO FM "OUJHVP Z /VFWP )PTQJUBM $JWJM &- */'03."%03 t "3$)*70

&M 'SFOUF EF &TUVEJBOUFT 4PDJBMJTUBT EF 0DDJEFOUF '& 40 GVF VOB PSHBOJ[BDJ°O FTUVEJBOUJM GVOEBEB FM EF EJDJFNCSF EF 4V QSJNFS TFDSFUBSJP HFOFSBM GVF /BUBMJP 7 [RVF[ 1BMMBSFT 5FOªB DPNP PCKFUJWPT QSP NPWFS Z BQMJDBS MPT MJOFBNJFOUPT EF MB FEVDBDJ°O TP DJBMJTUB FO MB WJEB BDBE¦NJDB EF MB 6OJWFSTJEBE EF (VB EBMBKBSB -B USBOTJDJ°O EFM '&40 B MB 'FEFSBDJ°O EF &TUV EJBOUFT EF (VBEBMBKBSB '&( USBOTDVSSJ° FOUSF Z TJFOEP $BSMPT 3BNªSF[ -BEFXJH FM QSJNFS QSFTJ EFOUF EFM OVFWP HSVQP FTUVEJBOUJM #VTDBCBO EFGFO EFS MVDIBT TPDJBMFT &O MB PSHBOJ[BDJ°O GVF SFFNQMB[BEB QPS MB 'FEFSBDJ°O EF &TUVEJBOUFT 6OJWFSTJUBSJPT '&6 FM EF KVMJP EF FTF B®P -B '&6 UJFOF VO DPNJU¦ FKFDVUJWP FMF HJEP QPS WPUP EJSFDUP DBEB USFT B®PT

"QVFTUB DVMUVSBM VOJWFSTJUBSJB &- */'03."%03 t "3$)*70

6/*7&34*5"3*0 &M "OUJHVP )PTQJUBM $JWJM GVF FEJGJDBEP QPS JOJDJBUJWB EFM PCJTQP 'SBZ "OUPOJP "MDBMEF

&- */*$*0 &O &- */'03."%03 EJP DVFOUB EFM DP NJFO[P EF MBT BDUJWJEBEFT VOJWFSTJUBSJBT

3FDUPSFT %FTEF TV SFGVOEBDJ°O FO MB 6OJWFSTJEBE IB UFOJEP SFDUPSFT -B NBZPSªB EF MPT DVBMFT IBO TJ EP BCPHBEPT DPO VO UPUBM EF OVFWF BVORVF T°MP DVBUSP EF FMMPT TPO FHSFTBEPT EF MB 'BDVMUBE EF -F ZFT EF MB 6OJWFSTJEBE EF (VBEBMBKBSB %FTUBDBO EPT FY HPCFSOBEPSFT 4JMWBOP #BSCB Z $POTUBODJP )FSO OEF[ "MWJSEF RVJFOFT FTUVEJBSPO FO MB &T DVFMB EF +VSJTQSVEFODJB 4JFUF IBO TJEP N¦EJDPT UPEPT FMMPT BMVNOPT EF MB &TDVFMB EF .FEJDJOB EF MB 6EF( DPNP +F T·T %FMHBEJMMP "SBVKP .BOVFM "MBUPSSF Z -VJT 'BSBI .BUB FOUSF PUSPT 0USPT SFDUPSFT EFTUBDBEPT RVF IB UFOJEP MB 6OJWFSTJEBE EVSBOUF MB FSB NPEFSOB TPO FM JOHFOJF SP DJWJM +PSHF .BUVUF 3FNVT FM BCPHBEP +PT¦ 1B SSFT "SJBT Z FM IJTUPSJBEPS 3B·M 1BEJMMB -°QF[ &- */'03."%03 t "3$)*70

&M "OUJHVP )PTQJUBM $JWJM GVF FEJGJ DBEP QPS JOJDJBUJWB Z SFDVSTPT EP OBEPT QPS FM PCJTQP 'SBZ "OUPOJP "MDBMEF Z #BSSJHB RVJFO BQPSU° NJM QFTPT Z USFT SFBMFT QB SB TV DPOTUSVDDJ°O &M EF NBZP EF JOJDJB BDUJWJEBEFT FM )PTQJUBM EF 4BO .J

HVFM EF #FM¦O OFDFTBSJP QBSB RVF GVODJPOBSB MB 'BDVMUBE EF .FEJDJ OB EF MB 3FBM 6OJWFSTJEBE EF (VB EBMBKBSB &O FM )PTQJUBM $JWJM GVF FOUSFHBEP GPSNBMNFOUF QPS FM FO UPODFT HPCFSOBEPS 3BN°O $PSP OB BM EJSFDUPS EF MB &TDVFMB EF .F

EJDJOB 4BMWBEPS (BSDªB %JFHP "Tª GVF RVF TF FTUBCMFDJ° GPSNBMNFO UF MB SFMBDJ°O FOUSF FM IPTQJUBM Z MB &TDVFMB EF .FEJDJOB &O B®PT EFTQV¦T BCSF TVT QVFS UBT FM IPTQJUBM FTDVFMB IPZ /VFWP )PTQJUBM $JWJM EF (VBEBMBKBSB Â%S +VBO * .FODIBDBÍ

3FGPSNB FEVDBUJWB EF &- */'03."%03 t "3$)*70 &O FM FOUPODFT SFDUPS 3B·M 1BEJMMB -°QF[ FNQSFOEJ° VOB TFSJF EF SFGPSNBT QBSB NPEFSOJ[BS B MB 6OJWFSTJEBE &M EF TFQUJFNCSF EF FTF B®P FM $POTFKP (FOFSBM 6OJ WFSTJUBSJP EJTDVUJ° Z BQSPC° FM EP DVNFOUP Â#BTFT QBSB MB EJTDVTJ°O EF MB 3FGPSNB FO MB 6OJWFSTJEBE EF (VBEBMBKBSBÍ &T FM EF BHPTUP EF DVBOEP BQSPC° MB SFBMJ[BDJ°O EF VOB DPOTVMUB FOUSF MB DPNVOJEBE VOJWFSTJUBSJB Z MB TPDJFEBE &O FOUS° FO WJHPS FM OVFWP 3FHMBNFO UP EF *OHSFTP 1FSNBOFODJB Z 1SP NPDJ°O EFM 1FSTPOBM "DBE¦NJDP -" 3&'03." 4F NBUFSJBMJ[Ø FO BM BQSPCBSTF MB OVFWB -FZ 0SHÈOJDB EF -B SFGPSNB TF NBUFSJBMJ[° FO MB 6OJWFSTJEBE EF (VBEBMBKBSB DVBOEP FM $POHSFTP EFM &T UBEP EF +BMJTDP BQSPC° MB OVFWB UPOPNªB VOJWFSTJUBSJB FO NBUFSJB DSFBSPO MPT $FOUSPT 6OJWFSTJUBSJPT -FZ 0SH OJDB EF MB 6OJWFSTJEBE EF EF QMBOFBDJ°O BDBE¦NJDB Z BENJ 5FN UJDPT Z 3FHJPOBMFT Z FM 4JTUF (VBEBMBKBSB &TUB SFDPOPDªB MB BV OJTUSBDJ°O EF MPT SFDVSTPT 4F NB EF &EVDBDJ°O .FEJB 4VQFSJPS

.FEJPT 6EF(

$0/45"/$*0 )&3/"/%&; "-7*3%&

&M EF NBZP EF TF JOBVHVS° 3BEJP 6OJWFSTJEBE EF (VBEBMBKBSB FO MB 'BDVMUBE EF *OHFOJFSªB EF MB 6EF( &SB NFEJP EªB DVBOEP FM SFDUPS 3BGBFM (BSDªB EF 2VFWFEP QSPOVODJ° MB GSBTF Â-B 6OJWFSTJEBE BM QVF CMPÍ DPO MB RVF TF HFTU° FM QSPZFDUP SBEJPG°OJDP VOJ WFSTJUBSJP -B (BDFUB EF MB 6OJWFSTJEBE EF (VBEBMBKBSB NF EJP EF DPNVOJDBDJ°O PGJDJBM EF MB N YJNB DBTB EF FT UVEJPT DPNFO[° B QVCMJDBSTF FO DPO VOB QFSJP EJDJEBE TFNBOBM 1FSNJUF B MB JOTUJUVDJ°O EJGVOEJS MB JOWFTUJHBDJ°O MB DJFODJB MB UFDOPMPHªB Z MB DVMUVSB &M EF FOFSP EFM DPNFO[BSPO MBT USBOTNJ TJPOFT EF $BOBM TF®BM EF UFMFWJTJ°O BCJFSUB EF MB 6OJWFSTJEBE EF (VBEBMBKBSB 6EF( DPO MB JEFOUJGJDB DJ°O 9)6%(57 CBKP FM NBOEP EF (BCSJFM 5PSSFT &TQJ OP[B

&- */'03."%03 t "3$)*70

$0.6/*$"$*»/ &M EF NBZP EF TF JOBVHVSØ 3B EJP 6OJWFSTJEBE EF (VBEBMBKBSB

-" '*- &M FWFOUP DVMUVSBM Z MJUFSBSJP FTQFSBEP B×P DPO B×P QPS MPT UBQBUÓPT %FTEF MPT B®PT PDIFOUB MB 6OJWFSTJEBE EF (VBEBMB KBSB IB EBEP VO GVFSUF JNQVMTP B MB EJGVTJ°O DVMUVSBM &O OBDJ° MB .VFTUSB EF $JOF .FYJDBOP FO (VBEB MBKBSB RVF B®PT EFTQV¦T FO FM TF DPOWFSUJSªB FO FM 'FTUJWBM *OUFSOBDJPOBM EF $JOF EF (VBEBMBKBSB &O TF DFMFCS° MB QSJNFSB FEJDJ°O EF MB 'FSJB *OUFSOBDJPOBM EFM -JCSP QBSB IBDFSMF FTQBDJP FO B 1BQJSPMBT &M 5FBUSP %JBOB BCSJ° TVT QVFSUBT FO FM USBT VOB E¦DBEB EF BCBOEPOP &M QSJNFS FTQFDU DVMP RVF TF QSFTFOU° GVF -PSE PG UIF %BODF EF .JDIBFM 'MBUFZ 'JOBMNFOUF FO FM TF JOBVHVS° FM "VEJUPSJP 5FM NFY EJTF®BEP QPS +PT¦ "SJNBUFB .PZBP DPNP QBS UF EFM QSPZFDUP DVMUVSBM N T BNCJDJPTP Z USBTDFOEFO UF EF MB 6OJWFSTJEBE EF (VBEBMBKBSB &- */'03."%03 t "3$)*70

&$0-»(*$04 -B 6EF( BQVFTUB QPS MBT FOFSHÓBT MJNQJBT

1MBO EF %FTBSSPMMP #VTDB DPMPDBS BM BQSFOEJ[BKF EFM FTUVEJBOUF Z B MB JO WFTUJHBDJ°O DPNP QJMBSFT GVOEBNFOUBMFT QBSB FM EF TBSSPMMP EF MB 6OJWFSTJEBE EF (VBEBMBKBSB &O FTUF EPDVNFOUP MB JOTUJUVDJ°O SFGSFOEB TV DPNQSPNJTP DPO MB FYDFMFODJB BDBE¦NJDB Z MB QFSUJOFODJB TPDJBM EF TVT BDUJWJEBEFT &O ¦M MB N YJNB DBTB EF FTUVEJPT FTUBCMFDF TFJT FKFT UFN UJDPT RVF TPO EPDFODJB Z BQSFOEJ[BKF QBSB RVF MB NBTJGJDBDJ°O OP EFNFSJUF MB DBMJEBE FEVDBUJWB JOWFTUJHBDJ°O Z QPTHSBEP QPS TV SFMFWBODJB FO MB GPS NBDJ°O EF BMUP OJWFM Z FO MB HFOFSBDJ°O EF DPOPDJNJFO UPT WJODVMBDJ°O QBSB DPOUSJCVJS BM EFTBSSPMMP TPDJBM Z FDPO°NJDP FYUFOTJ°O Z EJGVTJ°O BTª DPNP JOUFSOBDJP OBMJ[BDJ°O Z HFTUJ°O Z (PCJFSOP


Ê

+VFWFT EF PDUVCSF EF

&- */'03."%03

* Ê{£Â‡

1~(*/" &


* Ê{Ó

1~(*/" &

&- */'03."%03

+BMJTDP

+VFWFT EF PDUVCSF EF

&- */'03."%03 IB TJEP UFTUJHP EF MB GVOEBDJ°O EF BMHVOBT EF MBT N T JNQPSUBOUFT DBTB EF FTUVEJPT Z IB BDPNQB®BEP B TVT FYJUPTPT QSPGFTJPOJTUBT

DVOB EF QSFTUJHJPTBT VOJWFSTJEBEFT QSJWBEBT " &- */'03."%03 t " $"."$)0

MP MBSHP EF TV IJTUPSJB &- */'03."%03 IB BUFTUJHVBEP FM OB DJNJFOUP EF MBT VOJWFSTJEBEFT QSJWBEBT N²T JNQPSUBOUFT EF +B MJTDP UBMFT DPNP MB 6OJWFSTJEBE "VUÂOPNB EF (VBEBMBKBSB MB QSJ NFSB EF TV UJQP FO FM QB½T FM *OTUJUVUP 5FDOPMÂHJDP Z EF &TUVEJPT 4VQFSJPSFT EF 0DDJEFOUF *5&40 MB 6OJWFSTJEBE +FTVJUB EF (VB EBMBKBSB Z MB 6OJWFSTJEBE EFM 7BMMF EF "UFNBKBD 6OJWB RVF OBDJÂ DPNP MB QSJNFSB FTDVFMB EF QFSJPEJTNP FO FM 0DDJEFOUF EFM QB½T &TUB DBTB FEJUPSJBM B TV WF[ GVF UFTUJHP EF MB MMFHBEB EF QMBOUFMFT EF PUSBT VOJWFSTJEBEFT JNQPSUBOUFT FO .¹YJDP FOUSF MBT RVF EFTUBDB FM 5FDOPMÂHJDP EF .POUFSSFZ RVF JOJDJÂ TÂMP DPO NBFTUS½BT FO VOB QFRVFÁB TFEF QFSP RVF FWPMVDJPOÂ IBTUB DPOUBS DPO TV QSPQJP DBNQVT FO (VBEBMBKBSB &O GFDIBT N²T SFDJFOUFT OVFWPT DFOUSPT VOJWFSTJUBSJPT IBO MMFHBEP QBSB OVUSJS MB PGFSUB BDB E¹NJDB F JNQVMTBS MB DBMJEBE FEVDBUJWB

4F BNQMªB MB DBSUB &O MPT ÈMUJNPT BÁPT IBO MMFHBEP OVFWBT VOJWFSTJEBEFT QSJWBEBT EF DBMJ EBE B (VBEBMBKBSB UBMFT DPNP MB 6OJWFSTJEBE EFM 7BMMF EF .¹YJDP 67. RVF BCSJÂ TVT QVFSUBT FM MVOFT EF BHPTUP EF FO TV DBNQVT (VBEBMBKBSB 4VS FO FM 1FSJG¹SJDP 4VS 4FHÈO VOB OPUB EF &- */'03."%03 EF EF BHPTUP EF FTF BÁP FM QSJNFS JOHSFTP GVF EF BMVNOPT FO CBDIJMMFSBUP Z FO MJDFO DJBUVSBT "DUVBMNFOUF DVFOUBO DPO EPT QMBOUFMFT &TUB DBTB FEJUPSJBM UBNCJ¹O EPDVNFOUÂ FM JOJDJP EF DMBTFT EF MB 6OJWFSTJ EBE 5FDOPMÂHJDB EF .¹YJDP 6OJUFD DBNQVT ;BQPQBO FM EF TFQUJFNCSF EF 'VFSPO BMVNOPT MPT RVF TF JOTDSJCJFSPO QBSB CBDIJMMFSBUP Z MJDFO DJBUVSB FO TVT JOTUBMBDJPOFT FO 1FSJG¹SJDP 1POJFOUF "DUVBMNFOUF DVFOUBO DPO PDIP QMBOUFMFT FO FM FTUBEP &M EF KVOJP EF FTUF NFEJP BOVODJÂ FM OBDJNJFOUP EFM $BNQVT 5MB RVFQBRVF EF 6OJWFSTJEBE 5FD .JMFOJP MB DVBM OBDJÂ FO BVTQJDJBEB QPS FM 5FDOPMÂHJDP EF .POUFSSFZ DPO VOB PGFSUB BDBE¹NJDB EF MJDFODJBUVSBT B DVSTBS FO VO QSPNFEJP EF USFT BÁPT &YJTUFO BIPSB EPT NÂEVMPT FO FM FTUB EP EF FTUB DBTB EF FTUVEJPT .6-5*$6-563"- -B 6"( DVFOUB DPO NÈT EF NJM FHSFTBEPT EF EJGFSFOUFT OBDJPOBMJEBEFT RVF TF EFTBSSPMMBO QSPGFTJPOBMNFOUF FO UPEP FM NVOEP

6OJWFSTJEBE "VU×OPNB EF (VBEBMBKBSB MB QSJNFSB VOJWFSTJEBE QSJWBEB EFM QBÒT

'JMPTPGÒB Z &DPOPNÒB MBT QSJNFSBT PGFSUBT BDBEÎNJDBT EFM *5&40

&M EF NBS[P EF OBDJ° FO FTUB DJVEBE MB QSJNF %03 BOVODJ° FM JOJDJP EF DMBTFT SB VOJWFSTJEBE QSJWBEB EFM QBªT MB 6OJWFSTJEBE "VU° Â-B %JSFDDJ°O EF MB &TDVFMB EF .FEJDJOB EF (VB E OPNB EF (VBEBMBKBSB GVO EBMBKBSB JODPSQPSBEB B MB 6OJ W WFSTJEBE /BDJPOBM "VU°OP EBEB QPS VO HSVQP EF NB N EF .¦YJDP QBSUJDJQB B FTUVEJBOUFT MJEFSBEPT QPS VTUFE RVF DPO MB GFDIB EFM V $BSMPT $VFTUB (BMMBSEP ~O BDUVBM IB BCJFSUP MB NBUSªDVMB B HFM -FB®P ~MWBSF[ EFM $BTUJMMP QBSB MB DBSSFSB EF .¦EJDP Q Z "OUPOJP -FB®P ~MWBSF[ EFM $JSVKBOP Z 1BSUFSP -PT DVS $ $BTUJMMP Â.¦YJDP TFS FO FM TPT T QSJODJQJBS O MB QS°YJNB GVUVSP MP RVF TFB TV FEVDB TFNBOBÍ T DJ°OÍ EJKP FTUF ·MUJNP 4V TFEF GVF MB DBMMF EF -PT WBMPSFT EF FTUB JOT 5PMT BIPSB &OSJRVF %ªB[ EF 5 UJUVDJ°O BDBE¦NJDB TF GVOEB -F°O O·NFSP EPOEF SPO FO MB EJHOJEBE EF MB QFS BDUVBMNFOUF TF IBMMB FM )PT B TPOB Z MB KVTUJDJB TPDJBM &TF QJUBM 3BN°O (BSJCBZ FO IP Q NJTNP EªB GVF DPOTUJUVJEB MB OPS BM IPNCSF RVF EPO° FM JO O 'BDVMUBE EF .FEJDJOB MB DV BM BCSJ° TVT QVFSUBT FO KVOJP EF FTF B®P 6O EFTQMF NVFCMF QBSB MB GBDVMUBE .FEJDJOB Z PEPOUPMPHªB TPO HBEP QVCMJDBEP FM EªB EF FTF NFT FO &- */'03." EF TVT NFKPSFT MJDFODJBUVSBT BDUVBMNFOUF

-B DPOTUSVDDJ°O EF VOB TPDJFEBE N T KVTUB Z IVNB OB FT FM PCKFUJWP DPO FM RVF TF GVOE° FM EF KVMJP EF FM *OTUJUVUP 5FDOPM°HJDP Z EF &TUVEJPT 4VQFSJP SFT EF 0DDJEFOUF *5&40 FO VO MPDBM EF MB DBMMF 1FESP -P[B DBTJ FTRVJOB DPO (BSJCBMEJ &M FOUPODFT $BSEFOBM +PT¦ (BSJCJ 3J WFSB BWBM° MB JEFB EF VOB VOJWFSTJEBE KFTVJUB DPO DSFUBEB QPS +PT¦ 'FS O OEF[ EFM 7BMMF Z "ODJSB &M NJ¦SDPMFT EF FOFSP EF FM *5&40 QVCMJD° FO FTUB DBTB FEJ UPSJBM MB GFDIB EF JOJDJP EF TVT DVSTPT Â" MB TPDJF EBE NFYJDBOB Z NVZ QBSUJDVMBSNFOUF B MPT QBESFT EF GBNJMJB TF MFT JOWJUB DPSEJBMNFOUF B MB DFSFNPOJB EF JOBV HVSBDJ°O Z CFOEJDJ°O EFM QSJNFS FEJGJDJP EF MB FTDVFMB EFM

&- */'03."%03 t"3$)*70

*5&40 RVF UFOES WFSJGJDBUJWP FM EªB EFM QSFTFOUF B MBT IPSBT FO FM FEJGJDJP EF *OEFQFOEFODJB Í 'VFSPO MPT DVSTPT EF 'JMPTPGªB Z FM EF &DPOPNªB MPT RVF JOBVHVSBSPO MB TFEF MPT DVBMFT JOJDJBSPO FM EF GF CSFSP Z IBTUB FM EF KVMJP C EF FTF B®P 6O UPUBM EF E BMVNOPT DVSTBSPO FM QSJ B NFSP Z FM TFHVOEP N &M EF KVOJP EF TTF DPMPD° MB QSJNFSB QJF ESB EF MB VOJWFSTJEBE FO TV E BDUVBM TFEF FO 1FSJG¦SJDP B 4VS FO VO QSFEJP EF 4 IFDU SFBT EPOBEP QPS +P I TT¦ "HVJMBS 'JHVFSPB "D UUVBMNFOUF DVSTBO TVT MJ DFODJBUVSBT OVFWF NJM BMVNOPT FO DBSSFSBT $PNVOJDBDJ°O EFSFDIP Z DPOUBEVSªB TPO EF TVT NF KPSFT DBSSFSBT &- */'03."%03 t "3$)*70

*5&40

6"(

*.16-40 &M SFDUPS EF MB 6"( -VJT (BSJCBZ BCBOEFSØ FO B MB EFMFHBDJØO RVF MFT SF QSFTFOUBSÓB FO MPT $BNQFPOBUPT /BDJPOBMFT &TUVEJBOUJMFT &- */'03."%03 t"3$)*70

53"/4'03."3 &O TF DPMPDØ MB QSJNFSB QJFESB EF MBT JOTUBMBDJPOFT EPOEF IBTUB BIPSB TF VCJDB FM *5&40 &- */'03."%03 t"3$)*70

5&$ %& .0/5&33&: 6/*7"

$3&$*.*&/50 -B 6OJWFSTJEBE EFM 7BMMF EF "UFNBKBD IB DSFDJEP B QBTPT BHJHBOUBEPT FO MPT ÞMUJNPT B×PT

6OJWB EF FTDVFMB EF QFSJPEJTNP B DFOUSP EF FTUVEJPT DJFOUÒGJDPT -B 6OJWFSTJEBE EFM 7BMMF EF "UFNBKBD OBDJ° FO DPNP MB QSJNFSB FTDVFMB EF QFSJPEJTNP FO FM 0DDJEFO UF EF .¦YJDP FM *OTUJUVUP 1ªP 9** 4JO FNCBSHP GVF FWP MVDJPOBOEP IBTUB DPOWFSUJSTF FO VOB JOTUJUVDJ°O RVF CVTDB JODJEJS FO MB USBOTGPSNBDJ°O TPDJBM EFT EF MB DPTNPWJTJ°O DBU°MJDB 'VOEBEB QPS 4BOUJBHP .¦O EF[ #SBWP TV QSJNFSB TFEF GVF FO FM O·NFSP EF MB DBMMF 1FESP .PSFOP &M MVOFT EF TFQUJFNCSF BQBSFDJ° FO &- */'03."%03 MB JOWJUBDJ°O QBSB FM JOJDJP EF TVT BD UJWJEBEFT Â&M *OTUJUVUP 1ªP 9** JOWJ UB B VTUFE Z TV BQSFDJBCMF GBNJMJB B MB CFOEJDJ°O EF TV OVFWP MPDBM F JOBVHVSBDJ°O EF DVSTPTÍ 'VFSPO QFSTPOBT MB QSJNF SB HFOFSBDJ°O EF FHSFTBEPT EF FTUF MVHBS

&O DBTJ EPT E¦DBEBT EFTQV¦T MPHSBSPO FM SFDPOPDJNJFOUP EF MB 4FDSFUBSªB EF &EVDBDJ°O 1·CMJ DB QBSB DPOTUJUVJSTF DPO FM OPNCSF EF 6OJWB TFH·O TTF JOGPSN° FM T CBEP EF KV OJP O Â$FOUSP EF &TUVEJPT $JFO UUªGJDPT Z 5FDOPM°HJDPT EFM 7BMMF EF "UFNBKBD FT FM OPNCSF PGJ E DJBM RVF MB 4FDSFUBSªB EF &EVDB D DJ°O 1·CMJDB BDBCB EF BTJHOBS B D MMB OVFWB SFB EF FEVDBDJ°O QSF VOJWFSTJUBSJB EF MB 6OJWFSTJEBE V EFM 7BMMF EF "UFNBKBDÍ 4VT DVS E TTPT JOJDJBSPO FM EF TFQUJFNCSF EF FTF B®P Z BDUVBMNFOUF FO E TTVT MJDFODJBUVSBT FTUVEJBO DVB USP NJM BMVNOPT &OUSF TVT NFKPSFT DBSSFSBT FTU JOHFOJFSªB JOEVTUSJBM Z NFSDBEPUFDOJB

5&$/0-0(¶" &M 5FD EF .POUFSSFZ $BNQVT (VBEBMBKBSB GVF EF MBT QSJNFSBT VOJWFSTJEB EFT FO JOTUBMBS ÈSFBT EF USBCBKP BM BJSF MJCSF QBSB TVT FTUVEJBOUFT

5FD EF .POUFSSFZ MB ÎUJDB DPNP QSJODJQJP &M 5FDOPM°HJDP EF .POUFSSFZ TF GVO E° FO CBKP FM MJEFSB[HP EF &V HFOJP (BS[B 4BEB GJSNF JNQVMTPS EF MB ¦UJDB FO FM NCJUP QSPGFTJPOBM RVF QFSNF° MB GJMPTPGªB EF MB JOTUJUV DJ°O 4FH·O TF®BMB TV IJTUPSJB FM EF TFQUJFNCSF EF TF JNQBSUJF SPO DMBTFT QPS WF[ QSJNFSB FO (VB EBMBKBSB FO MP RVF TFSªB VOB FYUFO TJ°O BGJMJBEB B MB TFEF FO $IBQVMUFQFD DPO BQFOBT BMVNOPT 5SFT B®PT EFTQV¦T MB FYUFOTJ°O TF JOEFQFOEJ[° QBSB USBOTGPSNBSTF FO MB 6OJEBE (VBEBMBKBSB &TUB DB TB FEJUPSJBM SFHJTUS° FM JOJDJP EF TVT DMBTFT NFEJBOUF VO EFTQMFHBEP FM EF NBS[P EF EPOEF TF PGFS

UBCB MB NBFTUSªB FO "ENJOJTUSBDJ°O &M EF OPWJFNCSF EF FTF NJT NP B®P &- */'03."%03 UBNCJ¦O QVCMJD° FM BOVODJP EF MB QSJNFSB HF OFSBDJ°O EF HSBEVBEPT MB DVBM UVWP MVHBS FM EF PDUVCSF Â-VFHP EF IBCFS IFDIP FOUSFHB EF MPT UªUVMPT BDBE¦NJDPT FM SFDUPS 'FSOBOEP (BSDªB 3PFM UPN° MB QSPUFTUB B MPT SFDJ¦O HSBEVBEPT RVJFOFT B TV WF[ BTVNJFSPO ¾TVCPSEJOBS TJFNQSF FM JOUFS¦T QFSTPOBM P EF HSVQP B MPT TV QSFNPT JOUFSFTFT EF MB TPDJFEBE½Í &O TF JOBVHVS° GJOBMNFO UF FM $BNQVT (VBEBMBKBSB RVF BD UVBMNFOUF DVFOUB DPO QSPHSB NBT EF FTUVEJP DVSTBEPT QPS PDIP NJM BMVNOPT


Ê

+VFWFT EF PDUVCSF EF

&- */'03."%03

* Ê{·

1~(*/" &


* Ê{{

1~(*/" &

&- */'03."%03

+BMJTDP VO

+VFWFT EF PDUVCSF EF

-B 1FSMB EF 0DDJEFOUF TF IB DPOWFSUJEP FO WBSJBT PDBTJPOFT FO FM DFOUSP QPMªUJDP Z EJQMPN UJDP EFM NVOEP

QVOUP EF FODVFOUSP

JOUFSOBDJPOBM

-

B DJVEBE IB TJEP TFEF EF EJWFSTPT FWFOUPT QPM½UJDPT Z EJQMPN²UJDPT EF DBS²DUFS JOUFSOBDJPOBM " FTUPT FODVFOUSPT IBO BTJTUJEP QFSTP OBMJEBEFT NVOEJBMFT EF EJWFSTPT QB½TFT FVSPQFPT Z EF "N¹SJDB DP NP FM M½EFS EF MB 3FWPMVDJÂO DVCBOB 'JEFM $BTUSP P #BSBDL 0CB NB FOUPODFT QSFTJEFOUF EF &TUBEPT 6OJEPT &M *OTUJUVUP $VMUVSBM $BCBÁBT IB TJEP QSFEPNJOBOUFNFOUF FM MVHBS QSF GFSJEP QBSB FTUBT SFVOJPOFT EF BMUP OJWFM %VSBOUF VO SFDPSSJEP QPS FTUF TJUJP 1BUSJNPOJP $VMUVSBM EF MB )VNBOJEBE QPS MB 6OFTDP 0CBNB NBOJGFTUÂ i"RV½ FO (VBEBMBKBSB WFNPT MB SJRVF[B EFM MFHBEP NFYJDBOP TV BSRVJUFDUVSB WJUB MJEBE Z DVMUVSB 7FNPT UBNCJ¹O UPEBT MBT QPTJCJMJEBEFT EFM GVUVSP EF .¹YJDP MB JOOPWBDJÂO MBT FNQSFTBT Z MPT FNQSFTBSJPT RVF IBDFO EF FTUB DJVEBE BMHP UBO EJE²DUJDPw &- */'03."%03 t "3$)*70

'JEFM $BTUSP Z MB 1SJNFSB $VNCSF *CFSPBNFSJDBOB -B 1SJNFSB $VNCSF *CFSPBNFSJDBOB SFBMJ[BEB FO KVMJP EF TF EFTBSSPMM° FO MB DBQJUBM KBMJTDJFOTF FM FO DVFOUSP DPOU° DPO MB QBSUJDJQBDJ°O EF KFGFT EF &T UBEP FOUSF FMMPT FM FOUPODFT QSFTJEFOUF EF $VCB 'J EFM $BTUSP 3V[ RVJFO EF BDVFSEP B QVCMJDBDJPOFT EF &- */'03."%03 GVF VOP EF MPT NBOEBUBSJPT N T BQMBVEJEPT QPS FM Q·CMJDP B TV MMFHBEB Z TBMJEB EFM *OT UJUVUP $VMUVSBM $BCB®BT TFEF EFM FWFOUP RVJFO QSP UFHJEP QPS TV HVBSEJB DPSSFTQPOEJ° B FTB EJTUJODJ°O DPO TVT TBMVEPT &OUSF MPT KFGFT EF &TUBEP FTUVWJFSPO FM FOUPODFT NBOEBUBSJP EF &TQB®B 'FMJQF (PO[ MF[ Z FM 3FZ +VBO $BSMPT * EF #PSC°O 1BUSJDJP "ZMXJO EF $IJMF 'FSOBO EP $PMMPS EF .FMP EF #SBTJM FM QSFTJEFOUF EF 1PSUVHBM .BSJP 4PBSFT "MCFSUP 'VKJNPSJ EF 1FS· MB QSFTJEFOUB EF /JDBSBHVB 7JPMFUB #BSSJPT EF $IBNPSSP 3BGBFM -FPOBSEP $BMMFKBT NBOEBUBSJP EF )POEVSBT FOUSF PUSPT &M BOGJUSJ°O GVF FM NBOEBUBSJP NFYJDBOP $BSMPT 4BMJOBT EF (PSUBSJ -PT NBOEBUBSJPT SFVOJEPT DPOTUJUVZFSPO MB $POGFSFODJB *CFSPBNFSJDBOB EF +FGFT EF &TUBEP Z (P CJFSOP DPO MB QBSUJDJQBDJ°O EF MPT FTUBEPT TPCFSBOPT EF "N¦SJDB Z &VSPQB EF MFOHVB FTQB®PMB Z QPSUVHVF TB DPO FM PCKFUP EF DVNQMJS MPT PCKFUJWPT QPMªUJDPT FDP O°NJDPT Z DVMUVSBMFT USB[BEPT FO MB NJTNB 4F GJSN° MB Â%FDMBSBDJ°O EF (VBEBMBKBSBÍ FO MB RVF TF FTUBCMFDJFSPO BDVFSEPT C TJDPT Z DPNQSP NJTPT QBSB SFBMJ[BS FTGVFS[PT DPNVOFT FODBNJOB EPT B SFTPMWFS MPT QSJODJQBMFT QSPCMFNBT RVF BRVF KBO B MB SFHJ°O

*.1035"/$*" -B DVN CSF BUSBKP MB BUFODJØO JOUFS OBDJPOBM IBDJB (VBEBMBKB SB RVF SFDJCJØ B MPT NBOEBUBSJPT Z TV JOUFS DBNCJP EF JEFBT TPCSF FM GVUVSP EF MB SFHJØO

&- */'03."%03 t "3$)*70

3JDIBSE /JYPO TF FODVFOUSB DPO %ÒB[ 0SEB[ FO 1VFSUP 7BMMBSUB &O VOB WJTJUB B .¦YJDP FO BHPTUP EF FM FOUPODFT QSFTJEFOUF OPSUFBNFSJDBOP 3JDIBSE /JYPO FTUVWP FO UJFSSBT KBMJTDJFOTFT WJBK° B 1VFSUP 7BMMBSUB EPOEF TPTUV WP VOB SFVOJ°O DPO FM QSFTJEFOUF (VTUBWP %ªB[ 0SEB[ &OUSF MPT UFNBT FO MB BHFOEB EF MPT NBOEBUBSJPT EF BDVFSEP B &- */'03."%03 FTUVWJFSPO FM DVSTP EJ WBHBOUF EFM 3ªP #SBWP MB TBMJOJEBE EFM 3ªP $PMPSBEP Z MB SFOPWBDJ°O EF VO DPOWFOJP RVF FYQJSBSªB FO BTª DPNP FM DPNCBUF BM US GJDP EF ESPHBT

"NÎSJDB -BUJOB Z FM $BSJCF EJBMPHBO DPO 6OJ×O &VSPQFB

&- */'03."%03 t "3$)*70

)"-"(04 &- */ '03."%03 EFTUBDØ MBT QBMBCSBT FMPHJP TBT EFM DVFTUJPOBEP QSFTJEFOUF EF &6 3J DIBSE /JYPO IBDJB FM NBOEBUBSJP NFYJDB OP (VTUBWP %ÓB[ 0S EB[

5&."4 1&3."/&/5&4 -PT EFSFDIPT IVNBOPT Z FM DPNFSDJP EFOUSP EFM 5-$ BTVOUPT RVF TJFNQSF BQB SFDFO FO MB BHFOEB CJMBUF SBM

#BSBDL 0CBNB FO FM *OTUJUVUP $VMUVSBM $BCBÖBT 0USP FODVFOUSP JOUFSOBDJPOBM GVF -B $VNCSF EF -ªEFSFT EF "N¦SJDB EFM /PSUF DFMFCSBEB FO (VBEBMBKBSB FO BHPTUP EF DPOHSFH° FO MB DBQJ UBM KBMJTDJFOTF BM FY QSFTJEFOUF EF &TUB EPT 6OJEPT #BSBDL 0CBNB BM QSJNFS NJOJTUSP DBOBEJFOTF 4UFQIFO )BSQFS Z DPNP BOGJUSJ°O FM NBOEBUBSJP NFYJDB OP 'FMJQF $BMEFS°O )JOPKPTB RVJFOFT BCPSEBSPO UFNBT NJHSBUPSJPT EF TF HVSJEBE DPPQFSBDJ°O DPOUSB FM DSJNFO PSHBOJ[BEP DBNCJP DMJN UJDP FDPOP NªB FOUSF PUSPT "M U¦SNJOP EF MB SFVOJ°O MPT NBOEB UBSJPT TVCSBZBSPO TVT DPJODJEFODJBT Z CVFOB WPMVOUBE QBSB DPO TVT WFDJOPT QFSP TJO IBDFS DPNQSPNJTPT PGJDJBMFT DPOGPSNF B MBT QVCMJDBDJPOFT EF &- */ '03."%03

. T EF VOB E¦DBEB EFTQV¦T TF SFBMJ[° FO MB DBQJUBM KBMJTDJFOTF -B *** $VNCSF "N¦SJDB -BUJOB Z FM $BSJCF 6OJ°O &VSP QFB GVF FM NPUJWP EF SFVOJ°O EF NBOEB UBSJPT EF QBªTFT FO NBZP EF FOUSF RVJFOFT EFTUBD° MB BTJTUFODJB EFM FOUPODFT QSFTJEFOUF GSBOD¦T +BRVFT $IJSBD -PT MªEFSFT EF "N¦SJDB -BUJOB FM $BSJCF Z MB 6OJ°O &VSPQFB DFSSBSPO MB UFSDFSB DVNCSF FO (VBEBMBKBSB DPO VO MMBNBEP B GBWPS EF MB 0/6 EF VO NBZPS NVMUJMBUFSBMJTNP B OJWFM NVOEJBM Z VOB DPOEFOB B MPT NBMUSBUPT EF QSJTJPOFSPT

FO D SDFMFT JSBRVªFT MB JORVJFUVE BOUF MB IFHFNPOªB FTUBEPVOJEFOTF Z FM EFTFP EF SFMBO[BS MB BMJBO[B FVSPQFB Z MBUJOP BNFSJDBOB FO FM NBSDP EF /BDJPOFT 6OJ EBT FOUSF PUSPT "EFN T MB 6OJ°O &VSPQFB NBOJ GFTU° OP BQPZBS MB -FZ )FMNT #VSUPO RVF DPOUFNQMB TBODJPOFT B RVJFOFT DP NFSDJFO DPO $VCB Z QSPQVTP MB DPOEF OB B UPEB BDDJ°O FYUSBUFSSJUPSJBM VOJMBUF SBM FO WP[ EFM QSFTJEFOUF EFM $POTFKP EF MB $PNVOJEBE &VSPQFB 3PNBOP 1SPEJ &M BOGJUSJ°O EFM FODVFOUSP GVF FM 1SF TJEFOUF NFYJDBOP 7JDFOUF 'PY


Ê

+VFWFT EF PDUVCSF EF

&- */'03."%03

* Ê{x‡

1~(*/" &


* ร {ร ย

1~(*/" &

&- */'03."%03

-B FYQSPQJBDJร O QFUSPMFSB &TUBEPT 6OJEPT SFDJCJร DPNP iVO SBZP FO VO DJFMP EFTQFKBEPw TF Hร O QBMBCSBT EFM FOUPODFT FNCBKBEPS FO .ยนYJDP +PTFQI %BOJFMT MB FYQSPQJBDJร O QFUSPMFSB BOVODJBEB QPS FM QSFTJEFOUF -ยฒ[BSP $ยฒS EFOBT FM EF NBS[P EF &O QSJODJQJP MB SFBDDJร O EFM %FQBS UBNFOUP EF &TUBEP Z MBT FNQSFTBT QFUSPMFSBT BGFDUBEBT GVF GVSJCVO EB Z FYJHJFSPO DPNQFOTBDJPOFT JONFEJBUBT P FO TV EFGFDUP MB SFTUJUVDJร O EF TVT QP[PT FO .ยนYJDP 4JO FNCBSHP BOUF MB DFSDBOยฝB EF MB 4FHVOEB (VFSSB .VOEJBM MB GJSNF[B EFM (PCJFSOP EF $ยฒSEFOBT BOUF MB FYQSPQJB DJร O Z BOUF MBT FYQPSUBDJPOFT IFDIBT B QBยฝ TFT FVSPQFPT DPNP MB "MFNBOJB EF )JUMFS P MB *UBMJB EF .VTTPMJOJ FM (PCJFSOP EF 'SBOLMJO %FMBOP 3PPTFWFMU EFDJEJร OP BD UVBS DPO FYDFTJWB EVSF[B Z NBOUFOFS VOB BMJBO[B DPO .ยนYJDP CBTBEB FO MB QPMยฝUJDB EFM iCVFO WFDJOPw FTUSBUFHJB FTUBEPVOJ EFOTF QBSB HBOBSTF BM CMPRVF MBUJOPBNFSJ DBOP BOUF MBT BNFOB[BT EFM DPNVOJTNP Z FM GBTDJTNP FO UJFNQP DPOWVMTPT -BT OFHPDJBDJPOFT QBSB JOEFNOJ[BS B MBT DPNQBร ยฝBT OPSUFBNFSJDBOBT GJOBMNFOUF MMFHBSPO B CVFO QVFSUP EVSBOUF MPT EPT QSJNFSPT Bร PT EF MB BENJOJTUSBDJร O EF .BOVFM ย WJ MB $BNBDIP FO VO BSSFHMP EJSFDUP NVZ QPS EFCBKP EF MBT FYJHFO DJBT FDPOร NJDBT JOJDJBMFT USBT MB FYQSPQJBDJร O &TUF BDVFSEP GVF DMB WF QBSB RVF MBT SFMBDJPOFT .ยนYJDP &TUBEPT 6OJEPT TF FTUSFDIBSBO Z FO OVFTUSP QBยฝT TF BMJร DPO TV WFDJP EFM /PSUF DPOUSB MPT QBยฝ TFT EFM FKF FO FM FQJTPEJP EF MB IJTUPSJB DPOPDJEP DPNP MB 4FHVOEB (VFSSB .VOEJBM

+VFWFT EF PDUVCSF EF

1SPHSBNB #SBDFSP

0QFSBDJร O JOUFSDFQDJร O

$PNP DPOTFDVFODJB EF MB FOUSBEB EF &TUBEPT 6OJEPT FO MB 4FHVOEB (VFSSB .VOEJBM MBT OFDFTJEBEFT FDPOร NJDBT EF FTF QBยฝT Z MB GBMUB EF NBOP EF PCSB QBSB DVMUJWBS TVT DBNQPT FO BHPTUP EF TF DSFร FM 1SPHSBNB #SBDFSP QBSB EPUBS EF NJHSBOUFT NFYJDBOPT RVF BVYJMJB SBO BM DBNQP FTUBEPVOJEFOTF PGSFDJยนOEPMFT USBCBKPT UFNQPSBMFT &M QSPHSBNB EVSร Bร PT Z TF DBMDVMB RVF FO FTF QFSJPEP NยฒT EF NJMMPOFT EF USBCBKBEPSFT GVFSPO DPOUSBUBEPT NFEJBOUF FM QSP HSBNB Z MBT DPOUSBUBDJPOFT TF BNQMJBSPO BM TFDUPS JOEVTUSJBM Z EF TFSWJDJPT "VORVF FM WยฝODVMP CVTDBCB DPOUSBUBS EF NBOFSB MFHBM B MPT CSBDFSPT NFYJDBOPT DPO HBSBOUยฝBT EF DPNQFOTBDJร O FO DBTP EF EFTFNQMFP TBMB SJP EJHOP Z OP EJTDSJNJOBDJร O NVDIPT NยฒT NFYJDBOPT GVFSPO DPOUSBUBEPT EF NBOFSB JMFHBM DPO MB DPNQMBDFODJB EF MPT HSBOKFSPT Z BVUPSJEBEFT EF &TUBEPT 6OJEPT &TUP EFSJWร FO DBEB WF[ NยฒT BOPNB MยฝBT FO FM QSPZFDUP ZB RVF NVDIBT WFDFT MBT DPOEJDJPOFT OP TF SFTQFUBCBO Z MPT NJHSBO UFT FSBO DBEB WF[ NยฒT NBMUSBUBEPT Z QFPS QBHBEPT 4JOEJDBUPT Z DBNQFTJOPT NV DIPT EF FMMPT USBCBKBEPSFT MFHBMNFOUF DPOUSBUBEPT QSPUFTUBSPO BOUF FTB TJUVBDJร O EFTUBDBOEP FM DBTP EFM MยฝEFS $ยนTBS $IยฒWF[ Z TV 6OJร O EF 5SBCBKBEPSFT $BNQFTJOPT DPO QSFTJPOFT RVF MPHSBSPO BDBCBS DPO FM 1SPHSBNB FO "Tยฝ FM 1SPHSBNB #SBDFSP GVF VOP EF MPT BDPOUFDJNJFOUPT RVF EJP QJF B MB NJHSBDJร O EF NJMMPOFT EF NFYJDBOPT B &TUBEPT 6OJEPT 4JO FNCBSHP UBNCJยนO HFOFSร M QSPCMFNB EF MPT NJHSBOUFT JOEPDVNFOUB EPT MPT DVBMFT TPO BDVTBEPT EF RVJUBS USBCBKPT B FTUBEPVOJEFOTFT

-B DPMBCPSBDJร O .ยนYJDP &TUBEPT 6OJEPT FO NBUFSJB EF MVDIB DPO USB MBT ESPHBT WJFOF EFTEF NVDIP UJFNQP BUSยฒT " GJOBMFT EF MPT TF TFOUB FM (PCJFSOP SFQVCMJDBOP EF 3JDIBSE /JYPO JOJDJร TV QSPQJB HVFSSB DPOUSB MBT ESPHBT Z EJP VO HPMQF JOJDJBM RVF CVTDBCB TFS FT QFDUBDVMBS BM DFSSBS MB GSPOUFSB NFYJDBOB FO FO MB MMBNBEB 0QFSBDJร O *OUFSDFQDJร O P *OUFSDFQUBDJร O DPO MB BQBSFOUF JOUFODJร O EF SFEVDJS FM USยฒOTJUP EF NBSJIVBOB EF .ยนYJDP B &TUBEPT 6OJEPT &M HPMQF GVF VOJMBUFSBM FT EFDJS &TUB EPT 6OJEPT DFSSร MB GSPOUFSB TJO DPOTVMUBS B .ยนYJDP Z UVWP NVZ QPDP ยนYJUP $PTUร NJMMPOFT EF Eร MBSFT Z BQFOBT TF DBQUVSB SPO USFT NJM MJCSBT EF NBSJIVBOB NยฒT PUSBT DBOUJEBEFT NยฝOJNBT EF ESPHB FO MPT EยฝBT RVF EVSร FTUB PQFSBDJร O ยฌOJDB NFOUF QSPWPDร DBยฝEBT FO MBT WFOUBT EF MBT DJVEBEFT GSPOUFSJ[BT EF BNCPT QBยฝTFT DPOHFTUJPOร MBT BEVBOBT F IJ[P MFOUP FM USยฒOTJUP EF QFSTPOBT B BNCPT MBEPT EF MB GSPOUFSB 1BSB Bร BEJS MB 0QFSBDJร O ร OJDBNFO UF MPHSร RVF FM OBSDPUSยฒGJDP FTQFSBSB FM GJO EFM CMPRVFP GSPOUFSJ[P F JEFBSB OVFWBT FTUSBUFHJBT QBSB QBTBS ESP HB B &TUBEPT 6OJEPT FOUSF FMMBT FM JODSFNFOUP EF DPDBยฝOB EF DPO USBCBOEP QSPDFEFOUF EF BWJPOFT MJHBEPT B MPT DยฒSUFMFT DPMPNCJBOPT EF MB ESPHB MPT DVBMFT GPSUBMFDJFSPO TVT PQFSBDJPOFT BM UFOFS MPT SF DVSTPT QBSB USBGJDBS JMFHBMNFOUF &O .ยนYJDP MB 0QFSBDJร O EF /JYPO USBKP JODPOWFOJFOUFT NPNFOUยฒOFPT VO MJHFSP FOGSJBNJFOUP NP NFOUยฒOFP FO MBT SFMBDJPOFT QFSP UBNCJยนO MBT PCMJHร B HFOFSBS QP MยฝUJDBT QBSB BUBDBS BM OBSDPUSยฒGJDP

.ร YJDP Z &TUBEPT 6OJEPT VOB WFDJOEBE DPNQMFKB 3FMBDJยฐO DPNQMJDBEB F JOFWJUBCMF MB WFDJOEBE EF &TUBEPT 6OJEPT Z .ยฆYJDP IB UFOJEP NPNFOUPT ย MHJEPT

" -" '*3." %&- 5-$ "OUF MB NJSBEB EF TVT NBOEBUBSJPT SFTQFDUJWPT FO MPT TFDSFUBSJPT EF $PNFSDJP EF .ร YJDP &TUB EPT 6OJEPT Z $BOBEร GJSNBSPO FM EPDVNFOUP RVFBWBMBCB FM 5SBUBEP EF -JCSF $PNFSDJP QBSB "Nร SJDB EFM /PSUF

-B JOUFHSBDJร O DPNFSDJBM &M 5SBUBEP EF -JCSF $PNFSDJP QBSB "NยนSJDB EFM /PSUF 5-$"/ FT VO BDVFSEP DPNFSDJBM FOUSF .ยนYJDP &TUBEPT 6OJEPT Z $BOBEยฒ RVF TF GJSNร FO EJDJFNCSF EF FOUSBOEP FO WJHPS FM QSJNFSP EF FOF SP EF &M BDVFSEP MJCFSร EF BSBODFMFT MPT JOUFSDBNCJPT DPNFS DJBMFT EF MPT USFT QBยฝTFT Z IB IFDIP DSFDFS FM DPNFSDJP FO MB [POB VO QPS DJFOUP &M 5-$"/ GVF JNQVMTBEP EFTEF QPS MPT FOUPODFT QSFTJEFOUFT $BSMPT 4BMJOBT EF (PSUBSJ (FPSHF #VTI QBESF Z FM QSJNFS NJOJTUSP DBOBEJFOTF #SJBO .VMSPOFZ %FTEF TV BQSPCBDJร O FM 5-$"/ IB UF OJEP EFGFOTPSFT Z EFUSBDUPSFT DPO JHVBM JO UFOTJEBE %F IFDIP FM BDVFSEP DPNFSDJBM GVF BQSPCBEP FO FM $POHSFTP EF MPT &TUBEPT 6OJEPT FO DPO BQFOBT WPUPT EF EJ GFSFODJB &M (PCJFSOP MPT FNQSFTBSJPT DPO JOUFSFTFT FO .ยนYJDP Z &TUBEPT 6OJEPT Z MB $BTB #MBODB IBTUB BOUFT EF %POBME 5SVNQ IBO EFGFOEJEP FM BDVFSEP NJFOUSBT RVF Mยฝ EFSFT TJOEJDBMFT Z USBCBKBEPSFT EF BNCPT MB EPT EF MB GSPOUFSB MP IBO BUBDBEP BM DPOTJEF SBS DPOUSBSJP B TVT JOUFSFTFT "DUVBMNFOUF TF SFOFHPDJB FM 5SBUBEP USBT MB MMFHBEB EF %POBME 5SVNQ B MB $BTB #MBODB &M SFQVCMJDBOP IB EJDIP RVF FM BDVFSEP IB SPCBEP FNQMFPT B MPT FTUBEPVOJEFOTFT EF CJEP B MB NBOP EF PCSB CBSBUB NFYJDBOB -BT OFHPDJBDJPOFT DPNFO [BSPO FO BHPTUP EF FO IBTUB OVFWF NFTBT EF OFHPDJBDJร O

MP MBSHP EF MB IJTUPSJB MBT SFMBDJPOFT .ยนYJDP &TUBEPT 6OJEPT IBO QBTBEP QPS NPNFOUPT EJGยฝDJMFT %FTEF MB JO EFQFOEFODJB EF 5FYBT FO Z TV QPTUFSJPS BOFYJร O B &TUBEPT 6OJEPT QBTBOEP QPS FM 5SBUBEP (VBEBMVQF )JEBMHP FO RVF EFSJWร FO MB QยนSEJEB EF $BMJGPSOJB Z VO UFSSJUPSJP EF NยฒT EF EPT NJMMPOFT EF LJMร NFUSPT EF FYUFOTJร O MB DPOWJWFODJB FOUSF OVFTUSP QBยฝT Z TV WFDJOP EFM /PSUF IB QBTBEP QPS TJUVBDJPOFT DPN QMJDBEBT IBTUB IPZ DPO VO QSFTJEFOUF FTUBEPVOJ EFOTF %POBME 5SVNQ DPO QPMยฝUJDBT DBMJGJDBEBT DPNP BCJFSUBNFOUF DPOUSBSJBT B MPT JOUFSFTFT EF .ยนYJDP F JOTJTUFOUF FO DPOTUSVJS VO NVSP FO MB GSPOUFSB /PSUF 4JO FNCBSHP BNCPT QBยฝTFT TF OFDFTJUBO QVFT TVT FDPOPNยฝBT FTUยฒO NVZ FOUSFMB[BEBT &M EF MBT FYQPSUBDJPOFT NFYJDBOBT TF EJSJHFO BM QBยฝT EFM

-B *OJDJBUJWB .ร SJEB DPOUSB FM OBSDP &O QMFOB MVDIB DPOUSB FM OBSDPUSยฒGJDP FM (PCJFSOP EFM FOUPODFT QSFTJEFOUF 'FMJQF $BMEFSร O EFDJEJร GJSNBS VO QBDUP EF DPPQFSB DJร O DPO MPT &TUBEPT 6OJEPT Z FM FOUPODFT NBOEBUBSJP FTUBEPV OJEFOTF (FPSHF 8 #VTI &O FM BDVFSEP BNCPT WFDJOPT TF DPNQSPNFUยฝBO B BQPZBS DPO SFDVSTPT GJOBODJFSPT BSNBT UFDOPMPHยฝB Z FRVJQPT EF JOTQFDDJร O FOUSF PUSBT IF SSBNJFOUBT BM (PCJFSOP NFYJDBOP Z TV DSV[BEB DPOUSB FM DSJNFO PSHBOJ[BEP -B GJSNB PGJDJBM GVF DPOTJHOBEB FO EJDJFNCSF EF Z IBTUB MB GFDIB &T UBEPT 6OJEPT IB BQSPCBEP NยฒT EF NJM NJMMPOFT EF Eร MBSFT QBSB DPNCBUJS B MPT DBSUFMFT EF MB ESPHB %F FTF SFDVSTP NJM NJMMPOFT IBO TJEP FO FRVJQP Z DBQBDJUBDJร O BM &KยนSDJUP NFYJDBOP -B JOJDJBUJWB TF IB NBOUFOJEP DPO MPT DBNCJPT EF BENJOJT USBDJร O FO BNCPT QBยฝTFT Z TF MF IB BE KVEJDBEP JNQPSUBODJB FO BMHVOPT FQJ TPEJPT JNQPSUBOUFT EF MB MVDIB DPOUSB FM OBSDPUSยฒGJDP DPNP MB TFHVOEB Z UFS DFSB EFUFODJร O EF +PBRVยฝO i&M $IBQPw (V[NยฒO MยฝEFS EFM $ยฒSUFM EF 4JOBMPB -PT ร MUJNPT BWBODFT EF MB *OJDJBUJWB .ยนSJEB SFHJTUSBEPT FO GFCSFSP EF IBO SFQPSUBEP BQPZPT DPOKVOUPT EF TFHVSJEBE FO DJVEBEFT DPNP $JVEBE +VยฒSF[ Z 5JKVBOB

/PSUF Z UJFOFO VO WBMPS DFSDBOP B MPT NJM NJ MMPOFT EF Eร MBSFT 1BSB &TUBEPT 6OJEPT .ยนYJDP SF QSFTFOUB FM UFSDFS TPDJP DPNFSDJBM EF JNQPSUBODJB TPMP QPS EFUSยฒT EF $IJOB Z $BOBEยฒ &O UPUBM FM DP NFSDJP CJMBUFSBM FO TVQFSร MPT NJM NJMMP OFT EF Eร MBSFT "EFNยฒT EF BDVFSEP B EBUPT PGJDJBMFT NJ MMPOFT EF IBCJUBOUFT EF PSJHFO NFYJDBOP SBEJDBO FO MPT &TUBEPT 6OJEPT &M BTQFDUP FDPOร NJDP NยฒT UFNBT DPNP MPT NJ HSBOUFT MPT KPSOBMFSPT BHSยฝDPMBT P MBT JOUFSWFODJP OFT FTUBEPVOJEFOTFT FO BTVOUPT EF HPCJFSOP OBDJP OBM IBDFO EF MB SFMBDJร O .ยนYJDP &TUBEPT 6OJEPT VO BTVOUP DBQJUBM QBSB MB FTUBCJMJEBE OBDJPOBM B MP MBSHP EF MB IJTUPSJB &- */'03."%03 IB DVCJFS UP Z OBSSBEP WBSJPT EF MPT NPNFOUPT RVF IBO NBS DBEP FTUB SFMBDJร O Z TF MBT QSFTFOUBNPT FO FTUF FT QFDJBM EF BOJWFSTBSJP

-B CFMJHFSBOUF OVFWB BENJOJTUSBDJร O %FTEF RVF CVTDร MB DBOEJEBUVSB EFM 1BSUJEP 3FQVCMJDBOP B MB QSF TJEFODJB EF &TUBEPT 6OJEPT FM FNQSFTBSJP %POBME 5SVNQ GJODร QBS UF EF TV QPQVMBSJEBE FO FYQSFTJPOFT DPOUSB .ยนYJDP Z MPT NFYJDB OPT MPT DVBMFT UVWJFSPO VO JNQBDUP JNQPSUBOUF FO MB SFMBDJร O DPO OVFTUSP QBยฝT Z HBOBSPO BQPZP FO VO TFDUPS EF MB QPCMBDJร O FTUBEPV OJEFOTF DMBWF QBSB EBSMF FM USJVOGP FO MBT FMFDDJPOFT EF OPWJFNCSF EF &O MBT QPMยฝUJDBT EF 5SVNQ DPOUSB .ยน YJDP FM BIPSB QSFTJEFOUF IB QSPQVFTUP MB DPOTUSVDDJร O EF VO NVSP FO MB GSPOUFSB .ยนYJDP &6" RVF DPTUBSยฒ NยฒT EF PDIP NJM NJMMPOFT EF Eร MBSFT Z IB QSPNFUJEP iRVF .ยนYJDP QBHBSยฒ QPS ยนMw 5BNCJยนO IB QSFTJP OBEP B MBT FNQSFTBT FTUBEPVOJEFOTFT QB SB RVF OP JOWJFSUBO FO .ยนYJDP EFCJEP B RVF TFHร O TV QFSTQFDUJWB RVJUBO FNQMFPT B MPT BNFSJDBOPT BMHP RVF QVEP JOGMVJS FO FWFOUPT DPNP MB DBODFMBDJร O EF MB QMBOUB EF 'PSE FO 4BO -VJT 1PUPTยฝ FO FM QSร MPHP EFM 6O QVOUP ยฒMHJEP FO MB SFMBDJร O GVF DVBOEP %POBME 5SVNQ BVO TJFOEP DBOEJ EBUP B MB QSFTJEFODJB EF TV QBยฝT GVF JOWJ UBEP B .ยนYJDP FO TFQUJFNCSF EF QPS FM QSFTJEFOUF &OSJRVF 1Fร B /JFUP -B WJTJUB USBKP GVFSUFT DSยฝUJDBT BM HPCJFSOP NFYJDBOP Z EFSJWร FO VOB QPTUFSJPS DBODFMBDJร O EF VOB SFVOJร O CJMBUFSBM FO &TUBEPT 6OJEPT


Ê

+VFWFT EF PDUVCSF EF

&- */'03."%03

* Ê{LJ

1~(*/" &


* Ê{n‡

1~(*/" &

&- */'03."%03

+VFWFT EF PDUVCSF EF


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.