+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 (
-P NFKPS EF MP NFKPS
1~(*/" % 4&$$* /Ê
%
"UMBT GVSJB DFOUFOBSJB
%PT WFDFT NVOEJBMJTUB '*&45" &/ :
"º0 $* /Á.&30
£ÓÈ
%&7&/*3&4 30+*/&(304
'VUCPMJTUBT EF BMDVSOJB £Î{ÊÞÊÊ£ÎÈ
£ÎÓ
$3"$,4 +"-*4$*&/4&4
+6&(04 0-µ.1*$04 : 1"/".&3*$"/04 &/ -" $*6%"%
£ÎnÊÞÊ£{ä
Õ >Ê Û Ì>`>
$IJWBT FM NPUF
-6*4 $"3-04 7«;26&; 7*%3*0
RVF OBDJ× FO &- */'03."%03 6O JOGVNBCMF QBSUJEP DPOUSB 5BNQJDP EJP PSJHFO B VOB OVFWB GPSNB EF MMBNBS BM 3FCB®P Z RVF BM QBTP EFM UJFNQP TF DPOWJSUJ° FO FM BQPEP NBSDB N T DPOPDJEP O QBSUJEP QBSB FM PMWJEP 6O SFQPSUFSP IBTUJBEP EF NJOVUPT EF NVDIP FT GVFS[P Z DFSP JOTQJSBDJÂO 6O FEJUPS DSFBUJWP Z EPT BGJDJPOFT DVZB SJWBMJEBE DSFD½B Z USBTMBEBCB TV BOUBHPOJTNP GVF SB EFM 1BSRVF 0SP 6OB DPNCJOBDJÂO DP NÈO FO VOB OPDIF DVBMRVJFSB RVF TF WPMWJÂ VOB KPS OBEB IJTUÂSJDB 4F DPOTVN½BO MPT ÈMUJNPT NJOVUPT EFM EF TFQ UJFNCSF EF Z OBEJF FO &- */'03."%03 JNB HJOÂ RVF DPO FM QSJNFS E½B EF PDUVCSF EF FTF BÁP MP RVF QBSFD½B TJNQMFNFOUF VOB DBCF[B JOHFOJPTB EF MB DSÂOJDB EF VO QBSUJEP GBTUJEJPTP TF DPOWFSUJS½B FO FM NPUF EFM FRVJQP N²T QPQVMBS EF .¹YJDP Z FO VOB NBSDB RVF WBMF N²T EF NJMMPOFT EF EÂMBSFT 4½ FM $MVC %FQPSUJWP (VBEBMBKBSB OBDJÂ FO FO MB $PMPOJB .PEFSOB QFSP MBT $IJWBT OBDJFSPO FO FO MB DBMMF *OEFQFOEFODJB FO MB $PMPOJB $FOUSP EF (VBEBMBKBSB -BT $IJWBT OBDJFSPO FO &- */'03."%03
6 3&*/"-%0 ."35¶/ %&- $".10 FEJUPS EF %FQPSUFT
º À >ÊÕ Ìi µÕiÀ >Ê v > > i >À} ÃÊÌ Ê`iV À Ã>Ê« i Ì jV ÊµÕ ÀµÕ V> iÊ iÊ ÃÊ` ÊV Ê i Ê ,> Ê Ì >Ã Ê Ã cap v>i Ê itá º,> Ê »Ê Ê n d v i en el GuûÊ"À 19 ad âV 48 ala ] jar a
0DVSSFODJB IJTU°SJDB "NBOFD½B FO MB 5FNQPSBEB EF MB -J HB .BZPS DPNP TF MMBNBCB FO FTF FOUPODFT MB 1SJ NFSB %JWJTJÂO &SBO UBNCJ¹O MPT BMCPSFT EFM GVUCPM QSPGFTJPOBM FO .¹YJDP &O FM &TUBEJP 'FMJQF .BSU½OF[ 4BOEPWBM FM (VB EBMBKBSB SFDJC½B BM 5BNQJDP QPS MB 'FDIB EFM DFSUB NFO &O &M */'03."%03 FM FEJUPS EF EFQPSUFT 3FJOBMEP .BSU½O EFM $BNQP BDPNQBÁÂ FO MB DPCFS UVSB EFM QBSUJEP BM SFQPSUFSP .BOVFM (ÂNF[ (VUJ¹ SSF[ RVJFO GJSNBCB DPO FM TFVEÂOJNP i.BHPHw TVT OPUBT &O UJFNQPT EPOEF MPT FRVJQPT KVHBCBO DPO DJO DP EFMBOUFSPT Z EPT EFGFOTBT Z MBT QPSUFS½BT UFSNJ OBCBO SFQMFUBT EF HPMFT TFHVSBNFOUF i.BHPHw Z .BSU½O EFM $BNQP MB QBTBSPO NVZ NBM FO FM (VBEB MBKBSB 5BNQJDP RVF UFSNJOÂ DPO VOB QJOHÊF WJDUPSJB EF QBSB MPT SPKJCMBODPT &[FRVJFM "MESFUF QFSJPEJTUB EF &- */'03." %03 RVF GJSNBCB DPNP 1FUFS TV GBNPTB DPMVNOB EFTDSJCJÂ B MB 3FWJTUB 6NCSBM MB IJTUÂSJDB BO¹DEPUB FO VO EBUP RVF SFDPHF -VJT $BSMPT 7²[RVF[ FO TV MJ CSP -B 'BTDJOBDJÂO $PMFDUJWB QPS MBT $IJWBT EFM (VB EBMBKBSB i&O VO NPNFOUP FO RVF FM (VBEBMBKBSB TF GVF BM BUBRVF TF JOUFSOÂ QPS VOB EF MBT CBOEBT +BWJFS EF MB 5PSSF BOUFT EF FOWJBS FM DFOUSP DPNFO[Â B CSJO DPUFBS GSFOUF BM EFGFOTB &O FTF NPNFOUP VO BGJDJP OBEP NPMFTUP HSJUÂ A`.½SBMPT QBSFDFO $IJWBT &T UP GVF FTDVDIBEP QPS MPT SFQPSUFSPT EF &- */'03."%03 RVF DVCS½BO FM FODVFOUSPw &TB OPDIF i.BHPHw OP UVWP QJFEBE i6OP EF MPT QBSUJEPT N²T EFTBTUSPTPT RVF IFNPT QSFTFODJBEP FO MPT UPSOFPT EF -JHB .BZPSw EJDF MB FOUSBEB EF TV OP UB EPOEF BEFN²T EFTDSJCF RVF MPT BGJDJPOB EPT EFTQJEJFSPO B MPT KVHBEPSFT B DPKJOB[PT UPEB WF[ RVF FSB VTVBM DPN
QSBS DPKJOFT QBSB BNPSUJHVBS MB EVSF[B EF MBT USJCV OBT Z RVF UBNCJ¹O TFSW½BO QBSB BWFOUBSMPT B MB DBO DIB BM GJOBM EFM DPUFKP FO TFÁBM EF EFTBQSPCBDJÂO i/P WBMJÂ MB QFOB FM FWFOUP RVF TF GVF IBDJFOEP UFEJPTP B NFEJEB RVF USBOTDVSS½B QVFT MPT KVHBEP SFT TF DPODSFUBCBO B FKFDVUBS DBSSFSBT QPS UPEPT MB EPT TJO PSHBOJ[BS OJOHÈO BWBODF EJHOP EF NFODJÂOw DPOTJHOÂ i.BHPHw FTB OPDIF EPOEF TFOUFODJÂ MBQJ EBSJP i&M WFSEBEFSP GVUCPM CSJMMÂ QPS TV BVTFODJBw 3FJOBMEP .BSU½O EFM $BNQP BMJBT FM i"OPUBEPSw QPSRVF FSB FM BOPUBEPS PGJDJBM EFM QBSRVF EF CFJTCPM GVF FM FODBSHBEP EF SFWJTBS MB OPUB Z DPNP TF BDPT UVNCSBCB FO MB ¹QPDB FSB FM SFTQPOTBCMF EF QPOFS MF VO U½UVMP "EFN²T FSB SPKJOFHSP SFDBMDJUSBOUF "T½ MB PDBTJÂO FSB ÈOJDB JNQFSEJCMF 4J i.B HPHw SPKJCMBODP IBTUB MPT IVFTPT IBC½B EFWBTUBEP B TV FRVJQP FO TV DSÂOJDB RV¹ TF QPE½B FTQFSBS EF MB JOTQJSBDJÂO SPKJOFHSB EFM i"OPUBEPSw i+VHBSPO B MBT DBSSFSBT Z HBOBSPO MBT ADIJWBT VOP B DFSPw UJUVMÂ .BSU½O EFM $BNQP &M FGFDUP GVF JONFEJBUP -PT BGJDJPOBEPT EFM "UMBT UPNBSPO MB PDVSSFOUF DBCF[B Z DPNFO[BSPO B MMBNBS EFTQFDUJWBNFOUF i$IJWBTw B MPT BGJDJPOBEPT Z BM FRVJQP EFM (VBEBMBKBSB DVZP ÈOJDP BQPEP FO BRV¹M FOUPODFT FSB MPT i3BZBEPTw FO BMVTJÂO BM VOJGPSNF -P EFN²T FT IJTUPSJB %F QFZPSBUJWP TF DPOWJS UJÂ FO TVQFSMBUJWP %F EFTQFDUJWP TF DPOWJSUJÂ FO PQV MFOUP 6OB PDVSSFODJB RVF IPZ FT FM FTUBOEBSUF EF NJ MMPOFT Z VOB NBSDB NJMMPOBSJB 4½ FM $MVC %FQPSUJWP (VBEBMBKBSB OBDJÂ FO FO MB $PMPOJB .PEFSOB QFSP MBT $IJWBT OBDJFSPO FO FO MB DBMMF *OEFQFOEFODJB FO MB DPMPOJB $FOUSP EF (VBEBMBKBSB -BT $IJWBT OBDJFSPO FO &- */'03."%03
&- %"50 &OGVSFDJFSPO -B DBCF[B EFM QFSJØEJDP DBVTØ UBM NBMFTUBS FO MB FO UPODFT EJSFDUJWB EFM (VBEBMBKBSB RVF EVSBOUF BMHÞO K UJFNQP OFHBSPO MB FOUSBEB BM DMVC SPKJCMBODP B MPT SF QPSUFSPT EF &- */'03."%03
$)*7"4 %& -" 0'&/4" "- 03(6--0 $VBOEP FM EF TFQUJFNCSF EF VO TFHVJEPS EFM (VBEBMBKBSB TPMUÂ EF TV SPODP QFDIP FM HSJUP i`.½SBMPT QBSFDFO DIJWBT w QBSB EFTDBSHBS TV FOP KP QPS FM NBM KVFHP EF TVT 3BZBEPT GSFOUF BM 5BNQJ DP KBN²T JNBHJOÂ RVF EFTEF FM BOPOJNBUP TFS½B MB JOTQJSBDJÂO QBSB VOP EF MPT T½NCPMPT EF JEFOUJEBE EFM FRVJQP DPOTJEFSBEP IPZ FM N²T QPQVMBS EF .¹ YJDP )BDJFOEP FDP EF BRVFMMB BJSBEB FYDMBNBDJÂO &- */'03."%03 UJUVMÂ MB DSÂOJDB EFM QBSUJEP i+V HBSPO B MBT DBSSFSBT Z HBOBSPO MBT DIJWBTw &O TV PSJHFO TF USBUB EF VO TPCSFOPNCSF EBEP EFTEF GVFSB DPO VO GSBODP TFOUJEP QFZPSBUJWP 4VS HF BEFN²T FO VO NBM NPNFOUP EFM (VBEBMBKBSB BM RVF TF WBUJDJOBCB RVF TVT BGJDJPOBEPT TF BMFKB S½BO EF MBT USJCVOBT &M TPCSFOPNCSF QSPWPDÂ IPO EP NBMFTUBS FO FM $MVC RVF SFDMBNÂ B &- */'03 ."%03 QPS MMBNBS BM FRVJQP DPO FM OPNCSF EF VO BOJNBM 3BGBFM i3BGMFTw 0SP[DP KVHBEPS EF BRVFM (VB EBMBKBSB SFWFMÂ RVF DVBOEP MFT FNQF[BSPO B EFDJS iDIJWBTw iFSB VOB PGFOTB QPSRVF OP UFO½BNPT U¹D OJDB DPNP MPT BSHFOUJOPT EFM "UMBTw -B CVSMB BQVO UBCB B TV JOGFSJPS DBMJEBE U¹DOJDB FO DPNQBSBDJÂO DPO FM "UMBT BVORVF OP ÈOJDBNFOUF &M TFOUJEP QFZPSBUJWP EF iDIJWBTw TF USBTUPDÂ DPO MB PCUFODJÂO EF TV QSJNFS U½UVMP FO RVF EJP JOJDJP B MB JEPMBUS½B QPS FM FRVJQP Z B MB BEPQDJÂO EF $IJWBT {$ÂNP GVF FTB BQSPQJBDJÂO 4FHÈO FM QFSJPEJTUB $BMEFSÂO $BSEPTP PDV SSJÂ FM EF KVMJP EF FO VO FOGSFOUBNJFOUP DPOUSB FM "UMBT &M (VBEBMBKBSB TBMJÂ B MB DBODIB MMFWBOEP VOB DIJWB DPO VOB DBNJTFUB SPKJCMBODB " MB QSFHVOUB EF VO QFSJPEJTUB FM QPSUFSP SPKJ CMBODP SFTQPOEJÂ i`4½ TPNPT DIJWBT Z RV¹ y %FDJS $IJWBT FT EFDJS (VBEBMBKBSBw 4J TFS MMBNB EPT iDIJWBTw FSB VOB PGFOTB BDBTP OP TF EFC½B TÂMP B RVF BMVE½B B VO BOJNBM P B VOB JOGFSJPS DB MJEBE U¹DOJDB RVF FM "UMBT -B GFNJOJ[BDJÂO EFM BEWFSTBSJP OP FSB DPTB NFOPS FO MB SJWBMJEBE QVFT FSBO MMBNBEPT iDIJWBTw OP iDIJWPTw "RVFM QBSUJEP FTUBCB SPEFBEP EF VOB BUNÂTGF SB FTQFDJBM 4J FM "UMBT USJVOGBSB PCUFOES½B FM DBN QFPOBUP QPS MP RVF MMFHÂ B FTQFDVMBSTF RVF MPT SP KJCMBODPT TF EFKBS½BO HBOBS QBSB RVF FM DBNQFÂO GVFTF VO FRVJQP EF +BMJTDP /P PDVSSJÂ BT½ FM (VB EBMBKBSB HBOÂ Z TVT TFHVJEPSFT MP DFMFCSBSPO DPO VO FTUSVFOEPTP i`$IJWBT `$IJWBT w WPMWJFOEP BT½ FM BQPEP PGFOTJWP FO VOB TFÁB EF JEFOUJEBE NPUJWP EF PSHVMMP &M GFNFOJOP MBT $IJWBT TF VOH½B DPNP TJOÂOJNP EF WJSJMJEBE EF QVSB WJSJMJEBE NFYJDBOB QPS MP EFN²T
1"3" 4"#&3 %FTUJOPT PQVFTUPT &TB DBNQB×B EF FM (VBEBMBKBSB RVFEØ FO FM UFSDFS MVHBS EF MB -JHB B VO VO QVOUP EFM DBNQFØO -FØO FO FM JOJDJP EF EF MB ÏQPDB EFM i:B NFSJUPw 5BNQJDP GVF FM F FM ÞMUJNP EF MPT QBSUJDJQBOUFT
."/6&- (».&; (65*²33&; SFQPSUFSP EF &- */'03."%03
.BSDB NJMMPOBSJB &O VO FTUVEJP EF 5SBOTGFSNBSLU FNQSFTB FTQFDJBMJ[BEB FO WBMVBS FRVJ QPT EF GVUCPM KVHBEPSFT Z U¹DOJDPT DPOTJEFSÂ RVF MB NBSDB $IJWBT WBM½B NJMMPOFT EF EÂMBSFT %FTEF RVF BQBSFDJÂ DPNP NP UF USBT VOB FODBCF[BEP EF &- */'03." '03 IBTUB RVF +PSHF 7FSHBSB DPN QSB FM FRVJQP BM $MVC (VBEBMBKBSB MB NBSDB FSB DPNP VO HJHBOUF EPSNJEP : FT RVF OBEJF MB IBC½B DPNFSDJBMJ [BEP FO TV KVTUB NFEJEB /J MPT QSFTJEFO UFT EF MB " $ B MB RVF QFSUFOFDJÂ FM 3FCB ÁP OJ 4BMWBEPS .BSU½OF[ (BS[B RVJFO BSSFOEÂ BM FRVJQP QPS DFSDB EF BÁPT +PSHF 7FSHBSB MMFHÂ DPO VO BHSFTJ WP QMBO EF NFSDBEPUFDOJB RVF IPZ EJD UB FOUSF PUSBT DPTBT RVF TVT USBOTNJ TJPOFT MMFHBSPO B DPTUBS NJMMPOFT EF EÂMBSFT BOVBMFT P RVF BOVODJBSTF FO TV DBNJTFUB FO FM QFDIP P FO MB FTQBM EB OP DVFTUB NFOPT EF NJMMPOFT EF EÂMBSFT QPS NFTFT
* ร ยฃร ร ย
1~(*/" &
&- */'03."%03
ร OJDPT
F JSSFQFUJCMFT %03 M
'03."
&- */
'0504
0
"3$)*7
-B HFOFSBDJยฐO Nย T EPNJOBOUF FO FM GVUCPM NFYJDBOP KVHยฐ DPO MB DBNJTB EFM (VBEBMBKBSB P IBCยฝB OBEJF NFKPS RVF FMMPT FO DVBOUP B DPOKVOUP TF SFGJFSF &O EPOEF TF QBSBCBO OP JN QPSUB TJ FSB FO 1SPWJODJB P FO MB $BQJUBM EF MB 3FQร CMJDB .FYJ DBOB TJFNQSF QBSBMJ[BCBO B MBT NB[BT QBSB WFSMPT KVHBS &SBO NFYJDBOPT RVF EFKBCBO FO DMBSP RVF IBCยฝBO MMFHBEP QB SB RVFEBSTF &M (VBEBMBKBSB GVF FM NFKPS FRVJQP EFM GVUCPM NFYJDBOP B GJOBMFT EF MB EยนDBEB EF MPT Z QSยฒDUJDBNFOUF UPEB MB Eยน DBEB EF MPT IBDJFOEP PMWJEBS FM i:B NF SJUPw Z DBNCJBSMP QPS FM NPUF EF i$BNQFP OยฝTJNPw RVF IBTUB MB GFDIB NBSDB VO BOUFT Z VO EFTQVยนT FO FM GVUCPM NFYJDBOP &M (VBEBMBKBSB EF BRVFM FOUPODFT BM[ร PDIP UยฝUVMPT EF -JHB TJFUF $BNQFร O EF $BNQFPOFT EPT $PQBT .ยนYJDP Z VOB $PQB EF MB $0/$"$"' MP RVF MF WBMJร DPOWFSUJS TF FO FM FRVJQP NยฒT HBOBEPS EFM GVUCPM NF YJDBOP QPS FODJNB EFM -Fร O RVF EPNJOB CB BRVFMMB ยนQPDB
+VFWFT EF PDUVCSF EF
-B QSJNFSB FTUSFMMB MB DVBM TF MPHSร BM EFSSPUBS BM *SBQVBUP FO MB ร MUJNB GFDIB FM UBOUP GVF EF 4BMWBEPS i$IBWBw 3FZFT -BT DJGSBT EF FTF DBNQFPOBUP GVFSPO FYUSBPSEJOBSJBT HPMFT FO QBSUJEPT Tร MP HPMFT SFDJCJEPT Z $SFTDFODJP i.FMMP OFw (VUJร SSF[ GVF FM DBNQFร O HPMFBEPS DPO HPMFT
/
-B MFZFOEB EFM i5JHSFw
'VFSUF SVEP QPDPT DPO TV DBMJEBE (VJMMFS NP i5JHSFw 4FQร MWFEB GVF VO GยนSSFP EFGF OTB DFOUSBM RVF DPO PSHVMMP WJTJUร MB DBNJTFUB EFM (VBEBMBKBSB Z GVF QJF[B DMBWF EFM i$BNQFP OยฝTJNPw FO MPT Bร PT Z 4FQร MWFEB FTUVWP FO TFJT EF MPT PDIP UยฝUVMPT EFM $MVC %FQPSUJWP (VBEBMBKBSB ZB RVF TF QFSEJร MB UFNQPSBEB BM TFS SFHJTUSBEP DPNP CBKB &TUP EFCJEP B RVF GVF MFTJPOBEP FO FM .VOEJBM EF FO FM QBSUJEP .ยนYJDP )VOHSยฝB &M i5JHSFw UJFOF NVZ DMBSP RVJยนOFT TPO FMMPT QBSB FM GVUCPM OBDJPOBM {&M i$BNQFPOร TJNPw GVF MB NFKPS HFOFSB DJร O EFM GVUCPM NFYJDBOP 2Vยน GFP EFCFO EF TFOUJS MPT RVF OP FTUยฒO EF BDVFSEP QFSP TPMBNFOUF VO UPOUP P VO OF DJP P RVF OP DPOPDF EF GVUCPM MP EJDF ZP EJHP RVF FTUF GVUCPM IB UFOJEP IJTUPSJB Z FM GVUCPM RVF EFTQMFHร FO BRVFMMPT Bร PT FM $MVC %FQPSUJWP (VBEBMBKBSB GVF FM NFKPS -B DBMJEBE Z MBT CVF OBT BDUVBDJPOFT TJFNQSF TF EFNPTUSBSPO BVO Z DVBOEP OP ยนSBNPT DBNQFPOFT TJFNQSF FM (VBEBMBKBSB EFNPTUSBCB TV DBMJEBE QPS UBO CVFOPT FMFNFOUPT RVF FTUVWJNPT BRVยฝ
%PT UFNQPSBEBT EFTQVร T MBT $IJWBT TF DPSPOBCBO EF OVFWP &TB UFNQPSBEB MB EPNJOBSPO EF QVOUB B QVO UB -B CBTF FSB MB NJTNB BVORVF TF QSFTFOUร MB GJHV SB EF )ร DUPS )FSOร OEF[ B MB DBCF[B EFM FRVJQP FTUB CB FM Iร OHBSP "SQBE 'ร LFUF Z MB ร OJDB BVTFODJB GVF MB EFM i5JHSFw 4FQร MWFEB QPS FTUBS DPO 4FMFDDJร O
&TF GVF FM ร MUJNP Uร UVMP DPO TFHVJEP FO FM 1BSRVF 'FMJQF .BSUร OF[ 4BOEPWBM FM DMVC TF NVEBCB B VO OVFWP JONVF CMF DPO Nร T DBQBDJEBE BM &TUBEJP +BMJTDP 4F JODPSQP SBSPO USFT OVFWPT UBMFOUPT "SUVSP i$VSBw $IBJSFT 'SBO DJTDP +BSB Z +BWJFS i$BCPw 7BMEJWJB BEFNร T EFM JOHFOJF SP +BWJFS EF MB 5PSSF DPNP TVTUJUVUP EF "SQBE 'ร LFUF
&O MB UFNQPSBEB MP HSBO FM DVBSUP Uร UVMP Z FM UFSDFSP FO GJMB FO UBO Tร MP DJODP Bร PT $VBOEP GBMUBCBO USFT GFDIBT QBSB RVF DPODMVZFSB FM UPSOFP UFOร BO ZB FM Uร UVMP TFHVSP &M 5P MVDB GVF FM ร MUJNP FTDBMร O QBSB MB DVBSUB DPSPOBDJร O &M QBSUJEP UFSNJOร DPO BOPUBDJPOFT EF i$IBWBw 3FZFT BVUPHPM EF 3PNFSP Z i.FMMPOFw (VUJร SSF[
-B NBร BOB EFM EF EJDJFNCSF EF MPHSBSร B FM Tร QUJNP Uร UVMP BM FO GSFOUBS OVFWBNFOUF BM /BDJPOBM FO FM &TUBEJP +BMJTDP FM NBSDBEPS UFSNJOร FNQBUBEP DPO HPM EF *TJEPSP %ร B[ Z DPO FTUP TF MPHSร FM ร MUJNP Uร UVMP EFM MMB NBEP i$BNQFPOร TJNPw TVQFSBOEP BM 0SP Z BM .POUFSSFZ RVF BDFDIBCBO BM DPOKVOUP SPKJCMBODP
-BT $IJWBT BTFHVSBSPO FM PDUBWP USPGFP FO MB QFOร MUJNB GFDIB FOGSFOUBOEP BM "UMBOUF FM FNQVKF EFM OVFWP ร EPMP DIJWB "MCFSUP 0OPGSF MFT EJP FM QSJNFS HPM FO DPNCJOBDJร O DPO FM UBMFOUP EF PUSP KPWFO 3Bร M i8JMMZw (ร NF[ MB HFOUF FOMPRVFDร B EF OVFWP FO MB 1FSMB EF 0DDJEFOUF Z FO UPEP FM 1Bร T FM FRVJQP FSB VO GFOร NFOP TPDJBM FO .ร YJDP
/VFWPT KVHBEPSFT TVS HJFSPO DPNP *HOBDJP Z $BSMPT $BMEFSร O $IBJ SFT 4FWJMMB 7JMMBMPCPT 5SFMMFT 'MFUFT Z 7BMMF FO USF PUSPT UPEP FTUP HSB DJBT B MB DPOGJBO[B RVF FM Uร DOJDP %F MB 5PSSF EJP B MPT Kร WFOFT &M EF EJ DJFNCSF EF FM FRVJQP WFODF BM /B DJPOBM DPO HPMFT EF i$IBWBw 3FZFT Z 1BDP +BSB Z DPO FTUP FM FRVJQP TF DPSPOร EF OVFWP
&M RVJOUP Uร UVMP TF MPHSBSร B OVFWBNFOUF BOUF FM %FQPS UJWP 5PMVDB FM NBSDBEPS UFSNJOร DPO VO ESBNร UJDP HSBDJBT BM HPM BOPUBEP QPS 4BCร T 1PODF DPO FTUP TVQFSBSPO BM -Fร O PUSP EF MPT NFKPSFT FRVJQPT EF 1SPWJODJB Z DPORVJTUBSPO TV DVBSUP DBNQFPOBUP DPOTF DVUJWP FM EF EJDJFNC SF EF
Ê
+VFWFT EF PDUVCSF EF
&- */'03."%03
* ʣӷ
1~(*/" &
* Ê£Ó{
1~(*/" &
&- */'03."%03
+VFWFT EF PDUVCSF EF &- */'03."%03 t '"#3*$*0
(VBEBMBKBSB
FM CBTUJ×O
GVUCPMÒTUJDP EF .ÎYJDP
$0/4*(6&/ -" $BSMPT 4BMDJEP MFWBOUB FM UÓUVMP RVF IPZ QPS IPZ UJFOF WJHFOUF B +BMJTDP DPNP TFEF EFM BDUVBM NPOBSDB EFM GVUCPM NFYJDBOP
$IJWBT QPS TVT UÓUVMPT Z OBDJPOBMJTNP FT SFGFSFOUF EF MB DJVEBE &M "UMBT DPO TV i"DBEFNÓBw FT MB DBOUFSB NÈT JNQPSUBOUF EFM QBÓT
6O NJÎSDPMFT BQBTJPOBOUF FO MB 1FSMB 5BQBUÒB
)
BCMBS EF (VBEBMBKBSB FT IBCMBS EF QB TJÂO Z NÈMUJQMFT USBEJDJPOFT -B DBQJ UBM EF +BMJTDP OP QPES½B DPODFCJSTF TJO TV FTFODJB NFYJDBOB TVT DJFOUPT EF DPTUVNCSFT RVF MB IBDFO VO MVHBS ÈOJDP Z DMBSP FTU² TJO MB QBTJÂO RVF TVT IBCJUBOUFT EFNVFTUSBO QPS FM GVUCPM %F BDVFSEP DPO FM TPDJÂMPHP -VJT $BSMPT 7²[RVF[ FT EJG½DJM DPNQSFOEFS QPS RV¹ MPT IBCJUBO UFT EF MB 1FSMB EF 0DDJEFOUF IBO QSPGFTBEP UBOUP DB SJÁP QPS FM CBMPNQJ¹ EVSBOUF N²T EF VO TJHMP EF FYJTUFODJB EF FTUF EFQPSUF FO +BMJTDP "VORVF OP FYJTUF VOB SFTQVFTUB DPODSFUB 7²[RVF[ TFÁBMB RVF VOB EF UBOUBT IJQÂUFTJT SBEJDB FO FM TVSHJNJFOUP EFM $MVC 6OJÂO B QSJODJQJPT EFM TJHMP 99 " MB QPTUSF FTUF FRVJQP GVOEBEP FO QPS FM DJVEBEBOP CFMHB &EHBS &WFSBFSU EBS½B MVHBS BM DPOKVOUP N²T QPQVMBS EFM QB½T MBT $IJWBT EFM (VBEBMBKBSB FM DVBM IB HBOBEP NJMMPOFT EF BEFQ UPT B MP MBSHP EF TVT BÁPT EF IJTUPSJB i&T DPNQMJDBEP JOGFSJS B RV¹ TF MF QVFEF BUSJ CVJS FM PSJHFO EF MB QBTJÂO QPS BMHÈO EFQPSUF JODMV TP MB NJTNB DVFTUJÂO BQVOUB B VOB DPNQMFKJEBE EF MB QTJDPMPH½B EF MBT NBTBT &M QBSUFBHVBT EFM GVUCPM FO +BMJTDP TF EB FO DPO FM TVSHJNJFOUP EFM 6OJÂO 'PPUCBMM $MVC QSJNFS OPNCSF EF MP RVF BD UVBMNFOUF FT FM (VBEBMBKBSB FO BRVFM FOUPODFT QP DP TF TBC½B EFM GVUCPM FO FTUB SFHJÂO EFM QB½T ZB TF IBCMBCB EF RVF FO MB DBQJUBM TF QSBDUJDBCB VO KVFHP RVF DPOTJTU½B FO QBUFBS VOB QFMPUB QFSP DBTJ OP IBZ EBUPT EF MPT MVHBSFT FO MPT RVF TF QSBDUJDBCBw i-P RVF PDVSSF FO +BMJTDP EFOUSP EFM GVUCPM TJ HVF MB NJTNB M½OFB EF MP RVF PDVSSF DPO FM EFQPSUF FO .¹YJDP UPEP QPS MB JOGMVFODJB EF HSVQPT FYUSBO KFSPT 4JFOUP RVF FO +BMJTDP FM GVUCPM FT FM EFQPSUF EF NBZPS BQSFDJP QPS DÂNP TF EJFSPO MBT SJWBMJEB EFT BEFN²T EF VO QSPDFTP EF JOUFS¹T EF QBSUF EF MB HFOUF &TUF KVFHP UJFOF VOB TJHOJGJDBDJÂO TJNCÂMJ DB QFSP BEFN²T UF BUSBQBO MBT DBSBDUFS½TUJDBT RVF DSFBO VOB JEFOUJEBEw 0USP EF MPT EFUPOBOUFT EF MB QBTJÂO UBQBU½B QPS FM GVUCPM TVSHJÂ FO FM BÁP EF DPO MB GVOEBDJÂO EFM $MVC "UMBT FM DVBM TF DPOWJSUJÂ FO FM BOUBHPOJT UB EFM (VBEBMBKBSB $SFBEP QPS KÂWFOFT RVF SBEJDB SPO FO *OHMBUFSSB MB DVOB EFM GVUCPM NPEFSOP FM "UMBT SFQSFTFOUBCB B MB DMBTF TPDJBM BMUB EF (VBEB MBKBSB i&O FM PSJHFO EFM GVUCPM FO +BMJTDP BM (VBEBMB KBSB TF MF DPOPDF DPNP FM FRVJQP EFM QVFCMP NJFO USBT RVF BM "UMBT MP GVOEBO VO HSVQP EF NVDIBDIPT RVF IBC½BO FTUVEJBEP FO *OHMBUFSSB RVJFOFT IB C½BO UFOJEP DPOUBDUP EJSFDUP DPO FM GVUCPM EF BMM² 4V JEFOUJEBE FO FM QSJODJQJP TF BTPDJBCB DPO MPT SJ DPT FOUPODFT MB SJWBMJEBE RVF NPW½B BM GVUCPM FO (VBEBMBKBSB FSB MB EF MB DMBTF TPDJBM BMUB DPOUSB FM FRVJQP EFM QVFCMP 1BVMBUJOBNFOUF FTUP TF IB JEP NPEJGJDBOEPw
10-².*$" &M 1BSRVF 0SP BCBSSPUBEP QBSB WFS FM QSJNFS UÓUVMP EFM "UMBT RVF MMFHØ DPO QFOBMUJ DVFTUJPOBEP
'&45&+0 -BT DBMMFT EFM DFOUSP EF MB DJVEBE GVFSPO FM FTDFOBSJP EFM GFTUFKP QPS FM UÓUVMP SPKJOFHSP FO '0504 &- */'03."%03 t "3$)*70
6/0 .«4 $PO JOWBTJØO EF DBODIB DPNP TF BDPTUVNCSBCB FO BRVFMMPT B×PT VOB WVFMUB PMÓNQJDB NÈT EFM 3FCB×P J È E M3 C ×
-PT UÒUVMPT EF +BMJTDP %VSBOUF MPT BÁPT EF IJTUPSJB EFM GVUCPM QSP GFTJPOBM FO .¹YJDP (VBEBMBKBSB IB PDVQBEP VO QBQFM QSFQPOEFSBOUF DPO TVT SFQSFTFOUBUJ WPT DPNP QSPUBHPOJTUBT EFM CBMPNQJ¹ OBDJPOBM BM IBCFS HBOBEP VO UPUBM EF DBNQFPOBUPT EF -JHB -BT $IJWBT EFM (VBEBMBKBSB FM DMVC N²T HBOBEPS EFM QB½T IB USB½EP DPSPOBT B MB DJV EBE NJTNBT RVF GVFSPO DPOTFHVJEBT FO MBT UFNQPSBEBT
7FSBOP "QFSUVSB Z $MBVTVSB &M "UMBT QSJNFS DBNQFÂO KBMJTDJFOTF FO MB FSB EFM QSPGFTJPOBMJTNP PCUVWP FM N²YJNP HB MMBSEFUF FO MB UFNQPSBEB -PT 5FDPT EF MB 6OJWFSTJEBE "VUÂOPNB EF (VBEBMBKBSB MPHSBSPO TV ÈOJDP DBNQFPOBUP EF -JHB FO MB DBNQBÁB "TJNJTNP FM IPZ FYUJOUP $MVC 0SP TF DPO TBHSÂ DPNP NPOBSDB EFM GVUCPM NFYJDBOP FO MB UFNQPSBEB
(VBEBMBKBSB FO MB IJTUPSJB EFM GVUCPM NFYJDBOP 6OB EF MBT DJVEBEFT N²T JNQPSUBOUFT EFM QB½T OP QPE½B RVFEBS FYDMVJEB B MB IPSB EF IBCMBS EFM GVUCPM (VBEBMBKBSB IB UFOJEP SFQSFTFOUBDJÂO FO FM CBMPNQJ¹ QSPGFTJPOBM EFTEF MB QSJNFSB Z IBTUB MB ÈMUJNB DBNQBÁB $PO $IJWBT Z "UMBT DPNP SFQSFTFOUBUJWPT MB -J HB .BZPS EF 'VUCPM FO .¹YJDP QSJNFS UPSOFP EFM QSPGFTJPOBMJTNP TVSHJÂ FO FM BÁP EF 1BSB MB 1FSMB 5BQBU½B UVWP B USFT SFQSF TFOUBOUFT DPO MB JODMVTJÂO EFM $MVC 0SP FO MB -JHB .BZPS (VBEBMBKBSB DPOUÂ DPO DVBUSP FRVJQPT FO FM QSPGFTJPOBMJTNP B QBSUJS EF MB UFNQPSBEB DPO MB MMFHBEB EFM $MVC /BDJPOBM EF +BMJTDP B MB -JHB .BZPS 1BSB FM UPSOFP .¹YJDP FM $MVC 0SP EFTBQB SFDJÂ QBSB EBSMF TV MVHBS BM $MVC +BMJTDP OVFWP JO UFHSBOUF EFM QSPGFTJPOBMJTNP NFYJDBOP
$JODP UBQBUÒPT FO 1SJNFSB %JWJTJ×O -B 5FNQPSBEB NBSDØ VO IJUP FO MB IJTUPSJB EFM GVUCPM MPDBM QVFT DPO FM BTDFOTP EF MPT 5FDPT EF MB 6OJWFSTJEBE "VUØOPNB EF (VBEBMB
KBSB DJODP FRVJQPT EF (VBEBMBKBSB DPOWFSHJFSPO FO MB 1SJNFSB %JWJTJØO $IJWBT "UMBT -FPOFT /FHSPT Z FM +B MJTDP BEFNÈT EF MPT 5FDPMPUFT 4ØMP
&O MB UFNQPSBEB MB DBQJUBM EF +BMJT DP WPMWFS½B B DPOUBS DPO DVBUSP FRVJQPT FO 1SJNF SB %JWJTJÂO DPO FM TVSHJNJFOUP EF MPT -FPOFT /F HSPT EF MB 6OJWFSTJEBE EF (VBEBMBKBSB RVF TF TVNBSPO BM +BMJTDP $IJWBT Z "UMBT DPNP MPT QMBOUF MFT UBQBU½PT -B ¹QPDB EF NBZPS FTQMFOEPS QBSB FM GVUCPM EF +BMJTDP FO DVBOUP B OÈNFSP EF FRVJQPT QSPGFTJPOB MFT GVF B QBSUJS EF MB UFNQPSBEB DVBOEP BQBSFDJFSPO MPT 5FDPT EF MB 6OJWFSTJEBE "VUÂOPNB
MPT FNQMVNBEPT Z MB 6EF( DMBTJGJDB SPO B MB -JHVJMMB MPT .FMFOVEPT EF IF DIP GVFSPO TVCDBNQFPOFT BM DBFS FO MB 'JOBM DPO FM "NÏSJDB
EF (VBEBMBKBSB FO FM N²YJNP DJSDVJUP TVN²OEPTF BM "UMBT $IJWBT +BMJTDP Z -FPOFT /FHSPT &O MB UFNQPSBEB FM "UMBT EFTDFOEJÂ B MB 4FHVOEB %JWJTJÂO QPS MP RVF FO MB DBNQBÁB TÂMP DPNQJUJFSPO DVBUSP FRVJQPT UBQB U½PT FO FM .²YJNP $JSDVJUP -B 5FNQPSBEB GVF MB ÈMUJNB DPO DJODP FRVJQPT MPDBMFT FO FM .²YJNP $JSDVJUP QVFT BEFN²T EFM BTDFOTP EFM "UMBT FM +BMJTDP EFTDFOEJÂ FO FTF UPS OFP Z OVODB N²T SFHSFTÂ B MB ¹MJUF EFM GVUCPM NFYJDBOP
6OB EF MBT NVFTUSBT NÈT GJEFEJHOBT EFM BNPS RVF TF QSPGFTB QPS FM GVUCPM FO (VBEBMBKBSB UVWP MVHBS MB UBSEF EFM NJÏSDPMFT EF NBZP EF &O BRVFMMB PDBTJØO $IJWBT Z "UMBT BSSJCBSPO B MB -JHVJMMB QPS FM UÓUVMP "NCPT DPOKVOUPT KVHBCBO DPNP MP DBMFT FO MB JEB EF MPT $VBSUPT EF 'J OBM EFM $MBVTVSB Z FM &TUBEJP +BMJTDP UVWP RVF TFS PDVQBEP QPS SÓ PT EF BGJDJPOBEPT FO EPT PDBTJPOFT QBSB GVOHJS DPNP MB TFEF EF VOB EP CMF DBSUFMFSB IJTUØSJDB &O QVOUP EF MBT IPSBT $IJWBT SFDJCJØ BM DPOKVOUP EF .PSF MJB &O VO IPSBSJP QPDP IBCJUVBM QBSB MB QSÈDUJDB EFM GVUCPM FO .ÏYJDP MPT BGJDJPOBEPT SPKJCMBODPT BCBSSPUBSPO FM JONVFCMF EF MB $BM[BEB *OEFQFO EFODJB QBSB QSFTFODJBS FM FNQBUF B VO UBOUP DPO HPMFT EF +BWJFS 4BBWF ESB Z &NJMJP .PSB "DUP TFHVJEP B MBT IP SBT FM "UMBT GVOHJØ DPNP BOGJUSJØO EFM .POUFSSFZ &M +BMJTDP QSFTFOUØ VOB FOUSBEB DFSDBOB B MPT NJM FTQFDUBEPSFT Z BM JHVBM RVF FO FM FODVFOUSP BOUFSJPS FM NBSDBEPS UFS NJOØ FNQBUBEP B VO HPM -PT BOPUB EPSFT EF MB OPDIF GVFSPO *TNBFM 3P ESÓHVF[ QPS FM FRVJQP SFHJPNPOUBOP Z +VBO 1BCMP i$IBUPw 3PESÓHVF[ QPS FM DPOKVOUP UBQBUÓP "NCPT FRVJQPT GVFSPO FMJNJOB EPT FO TVT SFTQFDUJWPT FODVFOUSPT EF WVFMUB QFSP FO MPT BNBOUFT EFM CBMPNQJÏ UBQBUÓP RVFEØ FM SFDVFSEP EF MB ÞMUJNB PDBTJØO FO MB RVF SPKJ CMBODPT Z SPKJOFHSPT UVWJFSPO RVF DPNQBSUJS TV IPHBS FO VO NJTNP EÓB
Ê
+VFWFT EF PDUVCSF EF
&- */'03."%03
* Ê£Óx‡
1~(*/" &
* Ê£ÓÈ
1~(*/" &
"5-"4 $".1&º/
&- */'03."%03
+VFWFT EF PDUVCSF EF
%&4$&/40
EF NBZP EF -T SPKJ OFHSPT EFM "UMBT DPOTVNBSPO TV UFSDFS EFTDFOTP B MB 4F HVOEB %JWJTJØO &O MB DSØOJDB FTDSJUB QPS +BJNF FM i5VCPw (ØNF[ FO &M *OGPSNBEPS TF FYQMJDB MB NBOFSB FO RVF FM FRVJQP UBQBUÓP QFSEJØ DPO FM $VSUJEPSFT EF -FØO (VBOBKVBUP FO FM &TUBEJP +B MJTDP BOUF MB JODSFEVMJEBE EF MB BGJDJØO RVF TF IJ[P QSFTFO UF 'VF FM UFSDFS Z ÞMUJNP EFT DFOTP EFM FRVJQP MVFHP EF MPT EF Z
$PSSÓB FM B×P EF FM GVUCPM NFYJDBOP EBSÓB VO WVFMDP B TV IJTUPSJB DPO VOB HFOFSBDJØO EPSBEB FO MB 1SPWJODJB 0ODF KV HBEPSFT TF BM[BSÓBO DPO FM UÓUVMP FM EF BCSJM EF BRVFM B×P WFODJFOEP B TV BDÏSSJNP SJWBM EF MB DJV EBE FM (VBEBMBKBSB &M SÏDPSE EF MPT 3PKJOFHSPT GVF EF QBSUJEPT KVHB EPT WJDUPSJBT FN QBUFT Z EFSSPUBT
'0504 &- */'03."%03 M "3$)*70
.ÇT EF BÖPT
EF QBTJ×O -" '*&45" $&/5&/"3*" 30+*/&(3" &M B×P QBTBEP FM FRVJQP EFM 1BSBEFSP FTUVWP EF NBOUFMFT MBSHPT QPS TVT B×PT EF WJEB &M &TUBEJP +BMJTDP BMCFSHØ B MBT MFZFOEBT BUMJTUBT EF BZFS Z B MBT GJHVSBT EF IPZ " 30+*/&(3" &M B×P QBTBEP FM FRVJQP EFM 1BSBEFSP FTUVWP EF NBOUFMFT MBSHPT QPS TVT B×PT EF WJEB &M &TUBEJP +BMJTDP BMCFSHØ B MBT MFZFOEBT BUMJTUBT EF BZFS Z B MBT GJHVSBT EF IPZ
" MP MBSHP EF TV DFOUFOBSJB WJEB MPT SPKJOFHSPT TF IJDJFSPO VO OPNCSF RVF QFTB FO FM NFEJP OBDJPOBM
"NJHPT EFM CBM×O
4VCDBNQFPOBUP
&O MPT TFUFOUB "UMBT BQPTUØ QPS KØWFOFT KVHBEPSFT NFYJDBOPT CBKP MB EJSFDDJØO EF "MGSFEP i1JTUBDIFw 5PSSFT %F FTUB HFOFSBDJØO EFTUBDØ FTQFDJBMNFOUF 3JDBSEP i"TUSPCPZw $IBWBSÓO RVJFO TF DPOWFSUJSÓB FO FM HPMFBEPS EF MPT ;PSSPT EVSBOUF FTUB FSB DPO TVT HPMFT )ÏDUPS #SBNCJMB #FSOBSEJOP i#FSOBw (BSDÓB Z 1FQF %FMHBEP GPSNBSPO QBSUF EFM QMBOUFM %FCJEP B RVF TV FTUJMP EF KVFHP FSB BMUBNFOUF WJTUPTP DPO NVDIB WFMPDJEBE Z WFSUJDBMJEBE BM BUBRVF GVFSPO MMBNBEPT i-PT "NJHPT EFM #BMØOw
&M UÒUVMP EFM
B IJTUPSJB EFM GVUCPM UBQBU½P OP QPES½B FO UFOEFSTF TJO FM "UMBT -PT SPKJOFHSPT RVF FM BÁP QBTBEP GFTUFKBSPO BÁPT EF WJ EB TPO FM BOUBHPOJTUB QPS FYDFMFODJB EFM (VBEBMBKBSB Z VO GFOÂNFOP TPDJBM BSSBJ HBEP QSPGVOEBNFOUF FO HSBO QBSUF EF FTUB DJVEBE &M "UMBT FT VOP EF FTPT DBTPT EPOEF MB QBTJÂO FTU² QPS FODJNB EFM ¹YJUP -PT ;PSSPT UJFOFO BQFOBT VO U½UVMP EF -JHB Z FTP PDVSSJÂ FO %FTEF FO UPODFT -B 'JFM DPNP TF MF EFOPNJOB B TV BGJDJÂO BHVBSEB QPS FTF NPNFOUP FO RVF FM FRVJQP WVFMWB B MFWBOUBS VO USPGFP EF DBNQFÂO " DBNCJP IBO QB EFDJEP USFT EFTDFOTPT DPO SFHSFTPT JONFEJBUPT BM N²YJNP DJSDVJUP FO UPEPT MPT DBTPT 5BNCJ¹O NBSDÂ VO IJUP FO FM CBMPNQJ¹ OBDJP OBM BM TFS FM ÈMUJNP FRVJQP RVF GVODJPOÂ DPNP "TP DJBDJÂO $JWJM FO UJFNQPT EPOEF MBT HSBOEFT FNQSF TBT TF IBDFO DBSHP EF MPT FRVJQPT EF GVUCPM $PO MPT SPKJOFHSPT FTUF DBNCJP PDVSSJÂ IBTUB RVF FO GVF WFOEJEP B (SVQP 4BMJOBT EVFÁP EF 57 "[UFDB -PT 3PKJOFHSPT BEFN²T QSFTVNFO EF IBCFS GPSNBEP FO TV DBOUFSB B EPT GVUCPMJTUBT EF FYDFQ DJÂO 3BGBFM .²SRVF[ Z "OES¹T (VBSEBEP 1PS FTP Z QPS NVDIBT SB[POFT N²T MB IJT UPSJB EFM GVUCPM NFYJDBOP OP QPES½B FOUFOEFS TF TJO FM "UMBT
6OB EF MBT GJOBMFT NÈT ESBNÈUJDBT EF MBT RVF TF UJFOF NFNPSJB FO MPT UPSOFPT DPSUPT &O MPT 3PKJOFHSPT EFM "UMBT TF NJEJFSPO DPO MPT %JBCMPT EF 5PMVDB FO VO EVFMP RVF TF GVF IBTUB MB UBOEB EF QFOBMFT EFKBOEP DPNP HBOBEPSFT B MPT EFM &TUBEP EF .ÏYJDP &O BRVFMMB HFOFSBDJØO FTUVWJFSPO GJHVSBT DPNP %BOJFM 0TPSOP .JHVFM ;FQFEB )VHP $BTUJMMP 3BGBFM .ÈSRVF[ .BSJP .ÏOEF[ FOUSF PUSPT
7FOUB EFM "UMBT B 57 "[UFDB
&M i1JTUBDIFw 5PSSFT MFZFOEB WJWJFOUF
&M USJVOGP EF "UMBT TPCSF (VBEBMBKBSB FO FM 1BSRVF 'FMJQF .BSUÓOF[ 4BOEPWBM DPO TPMJUBSJP HPM EF &EXJO $VCFSP BM NJOVUP FO DJFSUB QBSUF FNQB×BEP QPS VOB EFDJTJØO SJHPSJTUB EFM ÈSCJUSP )PSBDJP i$VBUFw 4BMDFEB FO EPOEF MF TF×BMØ VO NBOP EFOUSP EFM ÈSFB B 3BGBFM i3BGMFTw 0SP[ DP MF EJP FM QSJNFS Z ÞOJDP UÓUVMP EF MPT 3PKJOFHSPT EFM "UMBT FO B×PT EF IJTUPSJB 4FHÞO SFMBUB &- */'03."%03 FO TV FEJDJØO EFM MVOFT EF BCSJM EF FM i$VBUFw TBODJP OØ FM QFOBM DVBOEP IBCÓBO USBOTDVSSJEP NJOVUPT EFM DPNQMFNFOUP TJFOEP FO FYUSFNP SJ HPSJTUB ZB RVF MB JOUFSWFODJØO EF 0SP[DP QBSB EFTQFKBS VO CBMØO RVF OP JCB SVNCP B MB QPSUF SÓB RVF EFGFOEÓB i5VCPw (ØNF[ GVF DPO FM IPNCSP QFSP QPS MB SBQJEF[ EF MB KVHBEB FM TJMCBOUF EFDJEJØ TF×BMBS MB QFOB NÈYJNB RVF GVF FKFDVUBEB QPS FM DPTUBSSJDFOTF $VCFSP "EFNÈT -FØO VOP EF MPT QSJODJQBMFT QFSTFHVJEPSFT EFM "UMBT FO MB UBCMB HFOFSBM Z RVF UBN CJÏO CVTDBCB DPSPOBSTF FO BRVFM UPSOFP EF QFSEJØ BOUF 7FSBDSV[ QPS UBN CJÏO DPODSFUBOEP BTÓ FM QSJNFS UÓUVMP QBSB VO FRVJQP EF +BMJTDP &M FRVJQP EFM "UMBT RVF FSB EJSJHJEP QPS &EVBSEP i$IFw 7BMEBUUJ FTUBCB DPOGPSNBEP FO TV UJUVMBS QPS 3BÞM i*OHMÏTw $ØSEPCB +FTÞT i$IJUBw "MESFUF 'FMJQF ;FUUFS -VJT 0SOFMBT (VJMMFSNP EFM 7BMMF +BWJFS /PWFMMP 'FMJQF 7FMÈ[RVF[ +VBO +PTÏ /PWP "EBMCFSUP i%VNCPw -ØQF[ +PTÏ i$IJWPw .FSDBEP Z &EXJO $VCFSP
"UMJTUB DPNP QPDPT 4JFOUF MPT DPMPSFT IBT UB MP N²T QSPGVOEP EF TV DPSB[ÂO "MGSF EP i1JTUBDIFw 5PSSFT MFZFOEB WJWJFOUF EF MPT 3PKJOFHSPT EFM "UMBT GVF KVHBEPS Z EJ SFDUPS U¹DOJDP EFM FRVJQP EF TVT BNPSFT /P MF UPDÂ TFS DBNQFÂO FO QVFT UP EBW½B OP MMFHBCB BM DMVC TJO FNCBSHP VOB WF[ RVF TF FOGVOEÂ MB QMBZFSB CJDPMPS ZB OBEB MP TFQBSÂ EF FMMB 'VF DBNQFÂO EF $PQB $BNQFÂO EF $BNQFPOFT Z $BNQFÂO EFM "TDFOTP Z FO TV IBCFS DPNP FTUSBUFHB FTU²O MPT EFCVUT EF GJ HVSBT DPNP +BSFE #PSHFUUJ .BHEBMFOP .FSDBEP #FSOB (BSD½B 4JHJGSFEP .FSDBEP QBESF +VBO $BSMPT $I²WF[ FOUSF PUSPT i-P RVF UJFOF "UMBT FT VO QÈCMJDP NB SBWJMMPTP QPS FTP MF EJDFO MB 'JFM FO MBT CVF OBT Z FO MBT NBMBT TJFNQSF OPT IBO BQPZB EP 1BSB N½ "UMBT MP IB TJEP UPEP ZP TPZ EF MPT RVF QSFGJSJÂ FM BNPS B MB DBNJTFUB BOUFT EFM EJOFSP RVJFSFT UBOUP B VO FRVJQP Z B UVT DPMPSFT RVF FM EJOFSP ZB OP UF JNQPSUB BVO RVF BIPSB T½ JNQPSUF "OUFT MPT KVHBEPSFT EVS²CBNPT DJODP P P BÁPT FO VO NJT NP DMVC ZP FO "UMBT KVHV¹ BÁPTw SFMBUÂ "MGSFEP i1JTUBDIFw 5PSSFT
5SBT B×PT EF IJTUPSJB Z MVFHP EF WBSJPT B×PT DPO QSPCMFNBT FDPOØNJDPT MB EJSFDUJWB RVF DPNBOEØ &VHFOJP 3VJ[ 0SP[DP FO FM B×P EF EFDJEJØ WFOEFS BM FRVJQP EF GVUCPM B (SV QP 4BMJOBT EVF×PT EF 57 "[UFDB Z MB FOUSFHB PGJDJBM EF MB CBOEFSB EFM "UMBT GVF FM EPNJOHP EF EJDJFNCSF FO VO BDUP TPMFNOF FO MB $BODIB i1JTUBDIFw 5PSSFT EFM $MVC "UMBT $PMP NPT FO EPOEF FTUVWJFSPO QSFTFOUFT FM QSFTJEFOUF EFM DMVC FM ZB NFODJPOBEP &VHFOJP 3P ESJHP 3VJ[ 0SP[DP BTÓ DPNP MB EJSFDUJWB FOUSBOUF DPO 3JDBSEP 4BMJOBT 1MJFHP (VTUBWP (V[ NÈO 4FQÞMWFEB IPZ QSFTJEFOUF EFQPSUJWP EFM FRVJQP Z FM FOUPODFT EJSFDUPS UÏDOJDP 5PNÈT +VBO #PZ &TQJOP[B -B FVGPSJB EF VOB OVFWB FSB RVF DPNFO[BCB FSB UBM RVF FO MBT HSBEBT EF MB DBODIB QSJODJ QBM EFM DMVC TF BUJCPSSBSPO EF BGJDJPOBEPT RVF WJUPSFBSPO B MPT OVFWPT EJSJHFOUFT Z TPCSF UP EP B 5PNÈT #PZ RVJFO SFHSFTBCB EF NBOFSB USJVOGBM BM DMVC BUMJTUB -B MMFHBEB EF 57 "[UFDB BM GVUCPM UBQBUÓP DPO FM "UMBT TJHOJGJDØ VOB NFKPSB FDPOØNJDB QBSB FM DMVC BM HSBEP EF DPOUSBUBS SFGVFS[PT EF SFOPNCSF 1FSP TJO EVEB MP NFKPS RVF IBO IFDIP FT SFQBUSJBS B 3BGBFM .ÈSRVF[ EFM GVUCPM JUBMJBOP BTÓ DPNP USBFS EJSFDUBNFOUF EF 1VFCMB B .BUÓBT "MVTUJ[B RVJFO FO QPDP UJFNQP TF DPOWJSUJØ FO ÓEPMP Z FTUVWP NVZ DFSDB EF DPOWFS UJSTF FO DBNQFØO HPMFBEPS FO FM 5PSOFP $MBVTVSB
Ê
+VFWFT EF PDUVCSF EF
&- */'03."%03
* Ê£ÓLJ
1~(*/" &
* Ê£Ón
1~(*/" &
&- */'03."%03
+VFWFT EF PDUVCSF EF '0504 &- */'03."%03 M "3$)*70
i&M FRVJQP RVF OBDJ× -"²10$" %03"%" 6EF( JSSVNQJØ DPO UPEP FO FM GVUCPM NFYJDBOP HBOBOEP BEFQUPT QPS TV CVFO GVUCPM Z TPCSF UPEP QPS TV DPNQFUJUJWJEBE )PZ CVTDB SFHSFTBS BM .ÈYJNP $JSDVJUP
(3"/%&v (3"/%&
-B QSJNFSB 'JOBM
-PT -FPOFT /FHSPT VO DMVC EF BSSBJHP Z USBEJDJ°O BDBSJDJ° FM UªUVMP FO USFT PDBTJPOFT "QFOBT IBCÓBO TVQFSBEP TV QSJNFS B×P FO MB 1SJNFSB %JWJTJØO QFSP MPT -FPOFT /FHSPT OP TF DPOGPSNBSPO DPO MB QFSNB OFODJB Z QBSB MB UFNQPSBEB BDDFEJFSPO B MB 'JOBM QPS FM UÓUVMP CBKP FM NBOEP EFM FOUSFOBEPS CSBTJMF×P +PTÏ (ØNF[ /PHVFJSB
&O BRVFM FODVFOUSP QPS FM DBNQFPOBUP MPT VOJWFSTJUBSJPT TF WJFSPO MBT DBSBT DPO MBT «HVJ MBT EFM "NÏSJDB BVORVF FM SFTVMUBEP OP MPT GB WPSFDJØ Z BM GJOBM FM FRVJQP DBQJUBMJOP TF RVFEØ DPO TV UFSDFS UÓUVMP EF -JHB BM HBOBS QPS NBSDB EPS HMPCBM EF DPO VOB BDUVBDJØO NBHJTUSBM EFM DIJMFOP $BSMPT 3FJOPTP
0USB WF[ QPS FM UÒUVMP
1BSB MB UFNQPSBEB FM DPOKVOUP UBQBUÓP WPMWJØ B EBS EF RVÏ IBCMBS BM MMFHBS B TV TFHVOEB GJOBM DPOTFDVUJWB QBSB FO GSFOUBS MPT 1VNBT EF MB 6/". FO VO FO DVFOUSP FOUSF FRVJQPT VOJWFSTJUBSJPT RVF CVTDBCBO TV QSJNFS UÓUVMP FO FM GVUCPM QSP GFTJPOBM
1BSB MB JEB FM FODVFOUSP UFSNJOØ FNQBUBEP B DFSP HPMFT QFSP FO MB WVFMUB GVFSPO MPT 1VNBT RVJFOFT MFWBOUBSPO TV QSJNFS DFUSP DPNP NP OBSDBT EFM CBMPNQJÏ MPDBM BM EFSSPUBS FO FM &T UBEJP "[UFDB BM DPOKVOUP USJDPMPS QPS NBSDBEPS EF DPO BOPUBDJØO EFM NÓUJDP HPMFBEPS CSB TJMF×P &WBOJWBMEP $BTUSP i$BCJOIPw
-B UFSDFSB OP GVF MB WFODJEB
TUF FT FM FRVJQP RVF OBDJÂ HSBO EFw BT½ SFTBMUBCB FM MFHFOEBSJP DSPOJTUB EFQPSUJWP OHFM 'FS O²OEF[ 3VHBNB B MPT -FPOFT /F HSPT EF MB 6OJWFSTJEBE EF (VB EBMBKBSB DVBOEP OBSSBCB VO QBSUJEP EF FTUF DPOKVOUP FTDVBESB BDPHJEB DPNP PUSB EF MBT JOTUJUVDJPOFT EFQPSUJWBT N²T SFQSF TFOUBUJWBT EF +BMJTDP $POTJEFSBEP DPNP VO FRVJQP EF BSSBJHP Z USBEJ DJÂO DPO VOB IJTUPSJB MMFOB EF BMFHS½BT Z USJTUF [BT FM SFQSFTFOUBUJWP EF MB N²YJNB DBTB EF FTUV EJPT EF MPT KBMJTDJFOTFT JSSVNQJÂ DPO GVFS[B FO FM CBMPNQJ¹ QSPGFTJPOBM EF .¹YJDP Z BVORVF DPN QBSUJÂ IPHBS DPO DMVCFT EF NBZPS SBJHBNCSF DP NP FM (VBEBMBKBSB P FM "UMBT MPT -FPOFT /FHSPT MMFHBSPO QBSB RVFEBSTF FO FM DPSB[ÂO EF MPT UB QBU½PT 'VF FO DVBOEP MPT .FMFOVEPT WJFSPO MB MV[ FO MB 1SJNFSB %JWJTJÂO EFM QB½T HSBDJBT B RVF MB 6OJWFSTJEBE EF (VBEBMBKBSB DPNQSÂ MB GSBORVJ DJB EFM DMVC 5PSSFÂO " QBSUJS EF FTF NPNFOUP FM DPOKVOUP VOJWFSTJUBSJP IJ[P EFM &TUBEJP +BMJTDP TV GPSUBMF[B FO MB RVF DBEB E½BT TF BUJCPSSBCB FM HSBEFS½P QBSB EJTGSVUBS EF VO FTUJMP EF KVFHP BHSBEBCMF Z QBTJPOBM %FTEF FTF FOUPODFT FM FRVJQP IB WJWJEP NPNFO UPT JOPMWJEBCMFT DPNP MB 'JOBM EF MB UFNQPSBEB FO MB RVF FOGSFOUBSPO BM QPEFSPTP "N¹SJDB DPO BQFOBT VO BÁP EF FYJTUFODJB FO FM QSPGFTJPOBMJTNP P BRVFMMB OPDIF EFM EF FOFSP EF DVBOEP MFWBOUBSPO MB $PQB .¹YJDP OB EB N²T Z OBEB NFOPT RVF FO MB DBODIB EFM FN CMFN²UJDP &TUBEJP "[UFDB /PNCSFT DPNP MPT EF *HOBDJP i$VBUFw $BMEFSÂO *HOBDJP 5SFMMFT +BJS EF +FTÈT 1FSFJSB #FMBSNJOP EF "MNFJEB i/FO¹w &VTFCJP EF +FTÈT +PSHF i7J LJOHPw %²WBMPT Z %BOJFM (V[N²O IBO RVFEBEP FTDSJUPT QBSB MB QPTUFSJEBE FO MBT Q²HJOBT EF &- */'03."%03 EJBSJP RVF IB SFUSBUBEP UPEPT Z DBEB VOP EF MPT NPNFOUPT N²T TPCSFTBMJFOUFT FO MB IJTUPSJB EF i&M FRVJQP RVF OBDJÂ HSBOEFw
i&
%F OVFWP B MB 1SJNFSB
1BSB MPT -FPOFT /FHSPT TF WJFSPO JONFSTPT FO VOB HSBWF DSJTJT FDPOØNJDB RVF PDBTJPOØ MB EFTBQBSJDJØO EFM FRVJQP FO FM ÈNCJUP QSPGFTJPOBM 5SBT B×PT EF FTQFSB FO FM DPOKVOUP VOJWFSTJ UBSJP SFHSFTØ B MB -JHB EF "TDFOTP BM BE RVJSJS MB GSBORVJDJB EFM $MVC 5BQBUÓP FO BRVFM FOUPODFT GJMJBM EFM (VBEBMBKBSB -VFHP EF DJODP B×PT FO MB %JWJTJØO EF
QMBUB EFM GVUCPM NFYJDBOP FM FRVJQP EJSJ HJEP QPS -VJT "MGPOTP 4PTB MPHSØ FM BO TJBEP SFHSFTP B 1SJNFSB %JWJTJØO BM WFO DFS FO QFOBMFT B MPT 5FDPT EF MB 6"( &M HVBSEBNFUB )VNCFSUP i(BOTJUPw )FS OÈOEF[ TF FODBSHØ EF EBSMF FM QBTF BM FRVJQP NFMFOVEP BM NBSDBS FM HPM EFM UÓ UVMP FO MB DBODIB EFM +BMJTDP
'VF CPOJUP NJFOUSBT EVS×
5SBT VO B×P EF BMUJCBKPT FO FM RVF OVODB QVEJFSPO EFKBS BUSÈT MPT QSPCMFNBT FO MB UBCMB QPSDFOUVBM MPT -FPOFT /FHSPT UV WJFSPO RVF EFDJSMF BEJØT B TV QFSNBOFO DJB FO FM NÈYJNP DJSDVJUP BQFOBT VO B×P EFTQVÏT EF IBCFS MPHSBEP FM BTDFOTP 'VF FO MB KPSOBEB EFM $MBVTVSB
DVBOEP FM DMVC VOJWFSTJUBSJP TFOUFODJØ TV SFHSFTP BM "TDFOTP .9 1FTF B WFODFS DPNP WJTJUBOUFT BM $SV[ "[VM MPT EJSJHJ EPT QPS -VJT "MGPOTP 4PTB OP QVEJFSPO RVFEBSTF FO 1SJNFSB %JWJTJØO ZB RVF VO FNQBUF EFM 1VFCMB BOUF 4BOUPT MPT EFKØ TJO PQPSUVOJEBEFT
.POBSDBT FO MB DPQB
-B ÏQPDB EF PSP EF MPT -FPOFT /FHSPT QBSF DÓB IBCFS MMFHBEP B TV GJO QFSP B GJOBMFT EF MB EÏDBEB EF MPT PDIFOUB VOB OVFWB HFOFSB DJØO EF KØWFOFT GVUCPMJTUBT DPNFO[Ø B DBV TBS FDP FO FM GVUCPM UBQBUÓP 4FSHJP i$BZPw %ÓB[ -VJT 1MBTFODJB -VJT "MGPOTP 4PTB Z 0DUBWJP .PSB GVFSPO BMHVOPT EF MPT GVUCPMJT UBT RVF MMFWBSPO BM FRVJQP VOJWFSTJUBSJP B VOB OVFWB GJOBM QPS FM UÓUVMP FO MB UFNQPSBEB
EPOEF FOGSFOUBSPO BM DPOKVOUP EFM 1VFCMB 1FTF B MBT FYQFDUBUJWBT RVF MPT -FPOFT /FHSPT IBCÓBO HFOFSBEP FO BRVFM UPSOFP GVF FM DPO KVOUP DBNPUFSP RVJFO WPMWJØ B EFKBS DPO MBT HB OBT EF DPSPOBSTF B MPT UBQBUÓPT BM WFODFSMPT QPS NBSDBEPS HMPCBM EF JODMVZFOEP VO QBSUJEP EF BMBSJEP FO FM &TUBEJP $VBVIUÏNPD EF 1VFCMB RVF UFSNJOØ DPO UBOUFBEPS EF
5SBT B×PT EF QFMFBS QPS VO DBNQFPOBUP MPT VOJWFSTJ UBSJPT MPHSBSPO TV QSJNFSB $PQB .ÏYJDP FO MB UFNQPSB EB BM WFODFS BM DPOKVOUP EFM "NÏSJDB Z DP SPOBSTF QPS QSJNFSB WF[ FO FTUF DFSUBNFO FO MB DBODIB EFM &TUBEJP "[UFDB &M FRVJQP EJSJHJEP QPS "MCFSUP (VFSSB MPHSØ TV QSJNFS UÓUVMP OBDJPOBM HSBDJBT B VO HPM EF 7ÓDUPS .BOVFM 3PESÓHVF[ FO FM QBSUJEP EF JEB DFMFCSBEP FO MB DBODIB EFM &TUBEJP +BMJTDP 1BSB MB WVFMUB FM DPOKVOUP NFMFOVEP QVEP BHVBOUBS FM SF TVMUBEP Z UFSNJOØ QPS MFWBOUBS FM USPGFP EF DBNQFØO
Ê
+VFWFT EF PDUVCSF EF
&- */'03."%03
* ʣә‡
1~(*/" &
* Ê£Îä
1~(*/" &
&- */'03."%03
+VFWFT EF PDUVCSF EF
&M /BDJPOBM EF QBTP FGÒNFSP 'VOEBEP FO FO FM CBSSJP EF .FYJ DBMU[JOHP EF (VBEBMBKBSB FM /BDJPOBM KV HØ FO MB 4FHVOEB 'VFS[B 1BSB GVF DBNQFØO Z BTDFOEJØ B 1SJNFSB 'VFS[B EPOEF PCUVWP TJFUF UÓUVMPT EF FTB ÏQPDB BNBUFVS $VBOEP FO OBDF MB -JHB QSPGFTJPOBM GVF SFMFHBEP B MB 4FHVOEB %JWJTJØO Z QBSB MB DBNQB×B MPHSB BTDFOEFS B
1SJNFSB %JWJTJØO FO MB RVF UVWP VO QBTP GVHB[ EF TØMP DVBUSP B×PT &O KVHØ VOB QSPNPDJØO QBSB JOUFOUBS BTDFOEFS B MB NÈYJNB DBUFHPSÓB QFSP GVF TVQFSBEP QPS ;BDBUFQFD Z 1VFCMB 1PS MBT GJMBT EF MPT 1FSJDPT QBTBSPO 5PNÈT #BMDÈ[BS Z TV IPNCSF HPM $BSMPT ;BQBUB Z UVWP FOUSF PUSPT B FOUSFOBEPSFT DPNP B +BWJFS /PWFMMP Z "SQBE 'ÏLFUF
-B EÎDBEB EF MPT (BMMPT 6O EFDFOJP EVSØ FM QBTP EF MPT (BMMPT EFM +BMJTDP FO MB 1SJNF SB %JWJTJØO &O MMFHØ B MB DBUFHPSÓB FO TVTUJUVDJØO EFM 0SP Z TV BOEBS GVF DVFTUB BSSJCB TJFOEP TV NFKPS UPSOFP FM EF MB DBNQB×B EPOEF RVFEB B DVBUSP QVOUPT EF MPT 5JHSFT B MB QPTUSF NPOBSDB EFM DFSUBNFO %FTDFOEJFSPO FO MB UFNQPSBEB 1FSP MPT (BMMPT TFSÈO JOPMWJEBCMFT QPSRVF UVWJFSPO FO TVT GJMBT B i1FMÏw FO &O VO DVB
-B OPTUBMHJB QPS MPT RVF
ESBOHVMBS FO IPOPS B &ETPO "SBOUFT EP /BDJNFOUP FM CSBTJMF ×P BMJOFØ DPO FM +BMJTDP Z EF IFDIP BOPUØ VO HPM EF QFOBMUJ QBSB WFODFS B MPT SPKJOFHSPT EFTEF MPT QBTPT &M UPSOFP SF MÈNQBHP JODMVZØ B $IJWBT "UMBT Z -FPOFT /FHSPT 1PS FM +BMJTDP QBTBSPO FYUSBOKFSPT DPNP "MDJOEP i1BUB #FO EJUBw Z i3BUØOw "ZBMB FOUSF PUSPT Z NFYJDBOPT EFTUBDBEPT DPNP i)BMDØOw 1F×B (BNBMJFM 3BNÓSF[ Z .BOVFM "MFKÈOESF[
&M 0SP 5FDPT +BMJTDP Z /BDJPOBM EFKBSPO TV IVFMMB FO BGJDJPOBEPT UBQBUªPT FO TV QBTP QPS MB 1SJNFSB %JWJTJ°O
TF GVFSPO & '0504 &- */'03."%03 "3$)*70
6/ $".1&0/"50 %& 030 'VF (VJMMFSNP $B×FEP QSFTJEFOUF EF MB 'FEFSBDJØO .FYJDBOB EF 'VUCPM RVJFO IJ[P FOUSFHB BM DBQJUÈO EF MPT ÈVSFPT 'FMJQF 3VWBMDBCB EF MB IFSNPTB DPQB EF $BNQFØO EF -JHB DPSSFTQPOEJFOUF BM UPSOFP
-PT ÝOJDPT FTUVEJBOUFT UBQBUÒPT DBNQFPOFT
'VOEBEP FO 5FDPT HBOB FM BT DFOTP B 1SJNFSB %JWJTJØO FO USBT WFODFS BM *SBQVBUP FO MB 'JOBM EF 4F HVOEB %JWJTJØO &M FRVJQP FTUVEJBOUJM MMFHØ B UFOFS KVHBEPSFT JNQPSUBOUFT FO EJTUJOUBT ÏQPDBT DPNP BM DIJMFOP .JHVFM «OHFM (BNCPB BM QBSBHVBZP )VHP &OSJRVF ,JFTTF FM VSVHVBZP +PTÏ -VJT 4BMB[BS QSJNFS DBNQFØO EF HPMFP &OSJRVF 7JMMBMCB $MBVEJP .PSFOB Z 0TNBS %P OJ[FUF FOUSF PUSPT SFDPOPDJEPT QPS TV DBQBDJEBE HPMFBEPSB
O MB IJTUPSJB EFM GVUCPM EF MB UJF SSB UBQBU½B IVCP FRVJQPT RVF OP TPQPSUBSPO FM QBTP EFM UJFNQP QPS EJTUJOUBT DJSDVOTUBODJBT 4JO FNCBSHP EF WF[ FO WF[ SF HSFTBO B MB NFNPSJB EF MPT BNBOUFT EFM CB MPNQJ¹ QPS FM MFHBEP RVF EFKBSPO UBOUP B FMMPT DPNP B MPT GJFMFT TFHVJEPSFT RVF MP HSBSPO DPORVJTUBS -PT .VMPT EFM 0SP MPT (BMMPT EFM +BMJT DP MPT 5FDPT EF MB 6"( Z FM /BDJPOBM IJDJF SPO WJCSBS MPT DPSB[POFT EF TVT BGJDJPOBEPT FO EJTUJOUBT ¹QPDBT FO MPT ÈMUJNPT BÁPT Z &- */'03."%03 EJP UFTUJNPOJP EF FMMP B USBW¹T EF TVT Q²HJOBT $V²OUPT GBO²UJDPT EFM UFSSVÁP BÈO SF DVFSEBO RVF FO FM 0SP PCUVWP TV ÈOJ DP DBNQFPOBUP Z OBEB NFOPT RVF GSFOUF B MBT $IJWBT FO BRVFM UJFNQP MMBNBEP ZB FM $BNQFPO½TJNP BM RVF MF DPSUÂ VOB SBDIB EF DVBUSP U½UVMPT DPO TPMJUBSJP HPM EFM CSBTJMF ÁP i/FDDPw 0 BRVFM DBNQFPOBUP RVF MPT 5FDPT EF MB 6"( MPHSBSPO FO MB DBNQBÁB EF MB NBOP EF 0TNBS i-B 1BOUFSBw %POJ[F UF MB N²YJNB DPORVJTUB EF VO FRVJQP FTUV EJBOUJM EF MB MPDBMJEBE 0 UBM WF[ MPT QBSUJEPT EF MPT GBNPTPT "SMFRVJOFT MPT (BMMPT EFM +BMJTDP RVF FO MB E¹DBEB EF MPT TFUFOUB MMFWBCBO HFOUF BM DP MPTP EF MB $BM[BEB *OEFQFOEFODJB QPS USB FS B KVHBEPSFT EF MB UBMMB EF "MDJOEP .BS UIB EB 'SFJUBT VO CSBTJMFÁP UPEP VO BDPSB[BEP RVF MF QFHBCB BM CBMÂO DPO SFO DPS BM JHVBM RVF TV TVDFTPS FO FM FRVJQP FM DIJMFOP 0TXBMEP $BTUSP CJFO BQPEBEP FM i1BUB #FOEJUBw RVJFO MMFHÂ QSFDFEJEP QPS VO U½UVMP EF HPMFP DPO MBT HVJMBT EFM "N¹ SJDB &M BOEJOP TF IJ[P ½EPMP EF MB GBOBUJDB EB Z NBSDÂ HPMFT FO DVBUSP UFNQPSBEBT QBSB FM DMVC EF B[VM Z BNBSJMMP : BOUFT EF EFTDFOEFS USBKFSPO BM NVOEJBMJTUB BSHFOUJ OP 3VC¹O i3BUÂOw "ZBMB RVJFO UBNCJ¹O GVF JN²O EF UBRVJMMB &M /BDJPOBM VOP EF MPT DMVCFT N²T BO UJHVPT FO MB IJTUPSJB EFM GVUCPM UBQBU½P UV WP VO QBTP FG½NFSP QPS MB N²YJNB %JWJ TJÂO BM QSJODJQJP EF MPT TFTFOUB Z TV N²YJNP MPHSP GVF VO TFYUP MVHBS FO MB DBNQBÁB
$VBOEP MPT .VMPT MF QFHBSPO B $IJWBT
&M DMÓNBY EF MPT FTUVEJBOUJMFT GVF FO MB DBNQB×B DVBOEP EJ SJHJEPT QPS 7ÓDUPS .BOVFM 7VDFUJDI HB OBSPO FM DBNQFPOBUP DPOUSB FM 4BOUPT DPO GJHVSBT DPNP FM QSPQJP %POJ[FUF BVUPS EFM HPM EFM UÓUVMP $ÈOEJEP .BS DFMP B(POÎBMWFT 1PSGJSJP +JNÏOF[ P $MBVEJP .PSFOB &O MPHSBSPO MMFHBS B TV TF HVOEB 'JOBM QFSP GVFSPO HPMFBEPT QPS FM "NÏSJDB 1BSB WJOP MB SFOPWBDJØO FM FRVJQP DBNCJØ FM OPNCSF QPS &TUV
EJBOUFT TF SFNP[Ø FM FTUBEJP NFKPSB SPO MBT FOUSBEBT QBSUJDJQØ FO MB $PQB -JCFSUBEPSFT QFSP FO FM $MBVTVSB EFTDFOEJØ B MB -JHB EF "TDFOTP 6O B×P EFTQVÏT FM FRVJQP GVF WFO EJEP BM (SVQP 1BDIVDB Z QBSB DBNCJØ TV TFEF BM USBTMBEBSTF B ;BDB UFDBT QBSB KVHBS DPO FM OPNCSF EF .J OFSPT &O TF BOVODJØ MB EFTBQB SJDJØO EF &TUVEJBOUFT 5FDPT DPNP UBM :B CBKP MB EJSFDDJØO EF MB 6"( 5FDPT TBMJØ DBNQFØO EF MB 5FSDFSB %JWJTJØO FTUF B×P EJSJHJEPT QPS 3PESJHP FM i1POZw 3VJ[
'VOEBEP FO QPS VO HSVQP EF KP ZFSPT EFM #BSSJP EF 0CMBUPT FM 0SP EJP MVTUSF B TV OPNCSF DPO TV NÈYJNB DPORVJTUB RVF GVF VO UÓUVMP EF 1SJNFSB %JWJTJØO FO MB DBNQB×B o DVBOEP TF JNQVTP B MBT $IJWBT EFM (VBEBMBKBSB FO FM &TUBEJP +BMJTDP &O TVT JOJDJPT MF UPDØ DPNQFUJS OBEB NFOPT RVF DPOUSB (VBEBMBKBSB "UMBT /BDJPOBM .BSUF -BUJOP $PMØO Z 0SJFOUF FO MB -JHB +BMJTDP :B FO MB FSB QSPGFTJPOBM B QBSUJS EF FM 0SP FTUVWP DFSDB EF TV QSJNFS DBNQFPOBUP FO BM UFSNJOBS FN QBUBEP FO QVOUPT DPO FM -FØO QFSP FO VOB TFSJF B EPT QBSUJEPT DBZØ QPS &O FTF FRVJQP NJMJUBCB FM i$IFQFw /B SBOKP -B IJTUPSJB TF SFQJUJØ DPOUSB FM
NJTNP SJWBM FO &M DBNQFPOBUP JOPMWJEBCMF MMFHØ B×PT EFTQVÏT &O MB DBNQB×B FM 0SP FOGSFOUBCB B $IJWBT FO FM ÞMUJNP QBSUJEP UFOÓB VO QVOUP NFOPT RVF FM $BNQFPOÓTJNP RVF MMFHBCB DPO DVBUSP UÓUVMPT TFHVJEPT &TF EF EJDJFNCSF EF FM CSBTJMF×P i/FDDPw FTDSJCJSÓB TV OPN CSF DPO MFUSBT EF PSP DPO FM HPM RVF EJP FM DBNQFPOBUP B MPT .VMPT NBSDB EP FO FM NJOVUP 6OB BOÏDEPUB EF BRVFM EVFMP ÏQJDP GVF DVBOEP FO MB EF TFTQFSBDJØO EF WFSTF TVQFSBEPT Z QFS EFS FM UÓUVMP RVF UFOÓBO FO TVT NBOPT FM QPSUFSP +BJNF i5VCPw (ØNF[ IJ[P VO SFNBUF B MB DBCB×B EFM 0SP QFSP "OUPOJP .PUB JNQJEJØ MB BOPUBDJØO
-PT BVUPSFT EF MB FQPQFZB GVFSPO "OUPOJP i1JPMÓOw .PUB (FSNÈO i5B NBMw "TDFOTJP "EIFNBS #BSTFMMPT Z 7ÓDUPS $IBWJSB 3PHFMJP (PO[ÈMF[ /BWB SSP Z 'FMJQF FM i1JQJTw 3VWBMDBCB +PSHF i5FQPw 3PESÓHVF[ "NBVSZ &QBNJOPO EBT .BOPFM 5BCBSFT i/FDPw /JDPMB (SBWJOB Z +PTÏ -VJT i;VSEPw 1ÏSF[ &O FM 0SP TF TBMWB EF EFT DFOEFS BM WFODFS BM +BCBUPT EF /VFWP -FØO &O FM UPSOFP .ÏYJDP TJFOEP ÞMUJNP EF OVFWP FWJUB MB 4FHVOEB %J WJTJØO BM BVNFOUBS B MB DBOUJEBE EF FRVJQPT FO FM NÈYJNP DJSDVJUP Z GJOBM NFOUF FTF B×P EFKB EF TFS 0SP QBSB BEPQUBS FM OPNCSF EF $MVC +BMJTDP "DUVBMNFOUF FM $MVC %FQPSUJWP 0SP NJMJUB FO MB 5FSDFSB %JWJTJØO
Ê
+VFWFT EF PDUVCSF EF
&- */'03."%03
* ʣΣ‡
1~(*/" &
* Ê£ÎÓ
1~(*/" &
&- */'03."%03
+VFWFT EF PDUVCSF EF
4BCBT 1PODF
+PTÎ 7JMMFHBT
(VBEBMBKBSB
(VBEBMBKBSB
-PHSØ EFCVUBS B MPT B×PT DPO FM (VBEBMBKBSB FO MB ÏQP DB EFM $BNQFPOÓTJNP 4V OPNCSF FTUÈ FTDSJUP FO MB IJTUP SJB EFM GVUCPM NFYJDBOP BM TFS VOP EF MPT EPT GVUCPMJTUBT DPO NÈT DBNQFPOBUPT EF MJHB DPO PDIP USPGFPT MFWBOUB EPT BEFNÈT EF IBCFS HBOBEP TJFUF UÓUVMPT EF $BNQFØO EF $BNQFPOFT
/P IBZ KVHBEPS FO FM GVUCPM NFYJDBOP DPO NÈT UÓUVMPT EF -JHB RVF +PTÏ 7JMMFHBT 5BWBSFT &M i+BNBJDØOw KVOUP DPO 4BCÈT 1PODF HBOØ PDIP DBNQFPOBUPT DPO FM (VBEBMBKBSB FO MB ÏQPDB EFM $BNQFPOÓTJNP Z GVF NVOEJBMJTUB FO 4VFDJB Z $IJMF HSBDJBT B TV HSBO DBMJEBE FO MB EFGFOTB
'0504 &- */'03."%03 "3$)*70
+BWJFS )FSOÇOEF[ (VBEBMBKBSB %F DBTUB MF WJFOF BM HBMHP QVFT FM i$IJDIBSJ UPw FT IJKP EF +BWJFS )FSOÈOEF[ (VUJÏSSF[ DBNQFØO DPO 5FDPT Z 1VFCMB Z OJFUP EF 5P NÈT #BMDÈ[BS FY KVHBEPS EF MBT $IJ WBT &M i$IJDIBSJUPw FT FM NÈYJNP HPMFBEPS FO MB IJTUPSJB EF MB 4FMFD DJØO /BDJPOBM Z IB EFTBSSPMMBEP TV DBSSFSB FO &VSPQB USBT EFCVUBS FO MBT $IJWBT FO FRVJQP DPO FM RVF VF GVF DBNQFØO EF HPMFP +BWJFS GVF CJDBNQFØO DBNQFØO DPO .BODIFTUFS 6OJUFE Z IB KVHBEP QBSB FM 3FBM .BESJE #BZFSO -FWFSLVTFO Z BDUVBM NFOUF QBSB FM 8FTU )BN )B NBSDBEP USFT HPMFT FO $PQB EFM .VOEP EPT FO 4VEÈGSJDB Z VOP FO #SBTJM
%F +BMJTDP FT FM NBSJBDIJ QFSP UBNCJ¦O MBT FTUSFMMBT EFM CBMPNQJ¦ OBDJPOBM 'JHVSBT EFM 5SJ IBO OBDJEP FO FTUBT UJFSSBT
$6/" %&
(
VBEBMBKBSB Z +BMJTDP OP QPES½BO DPODFCJSTF TJO MB QBTJÂO RVF FYJTUF QPS FM GVUCPM FO FTUBT UJF SSBT $POTJEFSBEPT DPNP FM CBTUJÂO EFM CBMPNQJ¹ OBDJPOBM MB 1FSMB 5BQBU½B Z MB QSPQJB &OUJEBE IBO TJ EP DVOB EF BMHVOPT EF MPT NBZPSFT FYQP OFOUFT FO MB IJTUPSJB EF FTUF EFQPSUF B OJ WFM OBDJPOBM +VHBEPSFT EF MB UBMMB EFM DBNQFPO½TJNP 4BMWBEPS 3FZFT FM TJFNQSF FGFDUJWP "O ES¹T (VBSEBEP P FM NBZPS HPMFBEPS FO MB IJTUPSJB EF MB TFMFDDJÂO OBDJPOBM +BWJFS i$IJDIBSJUPw )FSO²OEF[ TPO MB NVFTUSB EF MB DBMJEBE RVF OBDJÂ DSFDJÂ TF GPSKÂ Z USJVOGÂ FO TVFMP KBMJTDJFOTF Z N²T BMM² EF MBT GSPOUFSBT
(3"/%&4 '65#0-*45"4 (VJMMFSNP 0DIPB JMMFSNP 0DIPB
'FSOBOEP 2VJSBSUF
"MGSFEP i1JTUBDIFv 5PSSFT
)ÎDUPS )FSOÇOEF[
(VBEBMBKBSB
(VBEBMBKBSB
(VBEBMBKBSB
(VBEBMBKBSB
$POTJEFSBEP DPNP VOP EF MPT NFKPSFT HVBSEBNFUBT FO MB ÞMUJNB EÏDBEB (VJMMFSNP 0DIPB CSJMMØ DPO FM "NÏSJDB BM HBOBS FM UÓUVMP EFM $MBVTVSB &NJHSØ B &VSPQB FO FM EPOEF IB KVHBEP DPO FM "KBDDJP .BMBHB (SBOBEB Z 4UBOEBSE EF -JFKB
%FGFOTB GÏSSFP Z DPO GBDJMJEBEFT QBSB SFNBUBS EF DBCF [B 2VJSBSUF TF DPOWJSUJØ FO ÓEPMP EF $IJWBT BM HBOBS FM DBNQFPOBUP FO MB UFNQPSBEB 'VF NVOEJB MJTUB DPO .ÏYJDP FO KVTUB FO MB RVF BOPUØ EPT UBO UPT BOUF #ÏMHJDB F *SBL
6OP EF MPT NÈYJNPT FTUBOEBSUFT EF MPT SPKJOFHSPT EFM "UMBT BM IBCFS CSJMMBEP DPNP GVUCPMJTUB Z FOUSFOBEPS %F CVUØ DPO FM FRVJQP EFM 1BSBEFSP FO DPO MPT RVF BOPUØ HPMFT .VOEJBMJTUB DPO .ÏYJDP FO MB $PQB .VO EJBM EF 4VJ[B
&M i$IBMFw FT VOP EF MPT BUBDBOUFT DPO NÈT SFDVSTPT RVF IB UFOJEP FM GVUCPM NFYJDBOP %FCVUØ DPO FM 0SP QFSP DPO $IJWBT BMDBO[Ø MB HMPSJB GVUCPMÓTUJDB BM BDVNVMBS TFJT UÓUVMPT EF -JHB FO BM ÏQPDB EFM $BNQFPOÓTJNP 'VF NVOEJBMJTUB FO 4VFDJB Z $IJMF
1ÇWFM 1BSEP
+PTÎ EF +FTÝT $PSPOB
(VBEBMBKBSB
(VBEBMBKBSB
" OESÎT (VBSEBEP (VBEBMBKBSB
*TJEPSP %ÒB[ "DBUMÈO EF +VÈSF[ .&941035
4VSHJEP EF MB DBOUFSB SPKJOFHSB 1BSEP NJMJUØ FO 5FDPT Z "NÏSJDB EPOEF GVF DBNQFØO FO 5SBT TV BDUVBDJØO FO FM .VOEJBM EF "MFNBOJB GVF DPOUSBUBEP QPS FM 4UVUUHBSU EPOEF TF DPOTBHSØ DBNQFØO EF MB #VOEFTMJHB FO
6OP EF MPT QPDPT KVHBEPSFT FO IBCFS WFTUJEP MBT DBNJ TFUBT EF "UMBT 5FDPT Z $IJWBT 4FMFDDJPOBEP OBDJPOBM Z DBNQFØO PMÓNQJDP FO MPT +VFHPT EF -POESFT 4V BDUVBDJØO DPO MB TFMFDDJØO GVF DMBWF FO FM USJVOGP BOUF #SBTJM FO FM &TUBEJP EF 8FNCMFZ
4VSHJEP EFM "UMBT FM i1SJODJQJUPw IB QBSUJDJQBEP FO MPT NVOEJBMFT EF "MFNBOJB 4VEÈGSJDB Z #SBTJM EPOEF NBSDØ VO HPM 5JFOF NÈT EF QBSUJEPT FO FM NFEJP DBNQP EF MB 4FMFD DJØO /BDJPOBM Z FT IBCJUVBMNFOUF FM DBQJUÈO EFM FRVJQP 'VF CJ DBNQFØO EF MB MJHB IPMBOEFTB DPO 147 &JOEIPWFO
&M i$IPMPMPw GVF DBNQFØO EF -JHB FO TJFUF PDBTJPOFT DPO FM (VBEBMBKBSB $POTJEFSBEP VOP EF MPT NFKPSFT FYUSFNPT QPS EFSFDIB FO FM GVUCPM OBDJPOBM GVF NVOEJBMJTUB FO $IJMF *OHMBUFSSB Z .ÏYJDP Z BVUPS EFM QSJNFS HPM EFM (VBEBMBKBSB FO FM &TUBEJP +BMJTDP
0TXBMEP 4ÇODIF[
+VBO i#JHPU×Ov +BTTP
4BMWBEPS 3FZFT
$BSMPT 4BMDJEP
(VBEBMBKBSB
(VBEBMBKBSB
(VBEBMBKBSB
0DPUMÈO &- */'03."%03 ' "5*-"/0
4VT WBMJPTBT BDUVBDJPOFT SFTHVBSEBOEP MB QPSUFSÓB EF $IJWBT MF WBMJFSPO FM NPUF EF i4BO 0TXBMEPw $BNQFØO DPO FM 3FCB×P FO Z DPO 4BOUPT -BHVOB FO Z 4ÈODIF[ GVF FM QPSUFSP UJUVMBS EF .ÏYJDP FO "MFNB OJB
$POTJEFSBEP DPNP VO KVHBEPS RVF QPEÓB PDVQBS DBTJ UP EBT MBT QPTJDJPOFT FO FM UFSSFOP EF KVFHP +BTTP HBOØ UPEP DPNP FMFNFOUP EFM (VBEBMBKBSB DMVC DPO FM RVF DPOTJHVJØ TJFUF UÓUVMPT EF MJHB Z TFJT USPGFPT EF $BNQFØO EF $BNQFPOFT
%VSBOUF DJODP EÏDBEBT 4BMWBEPS 3FZFT .POUFØO GVF FM NÈYJ NP HPMFBEPS FO MB IJTUPSJB EF MBT $IJWBT IBTUB RVF FO 0NBS #SBWP SPNQJØ TV NBSDB EF HPMFT &M i.FMØOw PCUV WP TJFUF UÓUVMPT DPO FM 3FCB×P Z GVF NVOEJBMJTUB FO 4VFDJB $IJMF F *OHMBUFSSB
$PO NÈT EF QBSUJEPT FO 4FMFDDJØO /BDJPOBM $BSMPT GVF NVOEJBMJTUB FO "MFNBOJB 4VEÈGSJDB Z #SBTJM %FCVUØ FO $IJWBT Z IB TJEP CJDBNQFØO FO )PMBOEB DPO FM 147 &JOEIPWFO DBNQFØO EF -JHB Z EF $PQB DPO 5JHSFT Z $IJWBT Z DBNQFØO PMÓNQJDP QPS .ÏYJDP FO -POESFT
Ê
+VFWFT EF PDUVCSF EF
&- */'03."%03
* ʣη
1~(*/" &
* Ê£Î{
1~(*/" &
&- */'03."%03
+VFWFT EF PDUVCSF EF '0504 &- */'03."%03 t "3$)*70
0 3FJ FO FM +BMJTDP
#SBTJM TF DBOTØ EF NBSDBS HPMFT FO FM &TUBEJP +BMJTDP GVF DPNP TJ FOUSFOBSBO FO (VBEBMBKBSB QBSB FM QBSUJEP HSBOEF FO FM &TUBEJP "[UFDB "RVÓ VOB TFDVFODJB EFM HPM EF 1FMÏ RVF BTFHVSØ FM USJVOGP EFM 4DSBUDI TPCSF 3VNBOJB
-B NBHJB EFM
4DSBUDI FO (VBEBMBKBSB &M NFKPS FRVJQP FO MB IJTUPSJB EF MPT NVOEJBMFT EF GVUCPM UPN° DPNP IPHBS MB 1FSMB 5BQBUªB Z DPNP TFEF EF TVT CBUBMMBT FM +BMJTDP FO MB GJFTUB EFM .VOEJBM .¦YJDP
&
M FRVJQP N²T EPNJOBO UF FO MB IJTUPSJB EFM GVU CPM NVOEJBM UPNÂ DP NP TVZP FM &TUBEJP +BMJTDP F JOWBEJÂ (VB EBMBKBSB DPO TV NBHJB Z DPMPSJEP &M .VOEJBM EF NBSDÂ FM JOJDJP EFM SPNBODF FOUSF FM 4DSBUDI EV 0VSP Z MB 1FSMB EF 0D DJEFOUF 'VF BNPS B QSJNFSB WJT UB VO GMFDIB[P JOTUBOU²OFP Z MB IJTUPSJB N²T JNQPSUBOUF EFM N² YJNP FWFOUP GVUCPM½TUJDP FO BRV¹M BÁP
3FDJCJNJFOUP EF IÎSPF "M 3FZ 1FMÏ OP MF GBMUØ DBSJ×P FO (VBEBMBKBSB #SBTJM OP WJOP DPNP DBNQFØO EFM NVOEP BM FWFOUP QFSP MB BGJDJØO UBQBUÓB TF MF FOUSFHØ BM FRVJQP Z B &ETPO "SBOUFT FO QBSUJDVMBS JODMVTP EFTEF TV MMFHBEB BM BFSPQVFSUP EF FTUB DJVEBE
5SBT MB EFTJHOBDJÂO EF (VB EBMBKBSB DPNP TVC TFEF EF MB $PQB EFM .VOEP EF JODMVTP DPNP MB N²T JNQPSUBOUF EFTQV¹T EF MB $JVEBE EF .¹YJDP Z FM &TUBEJP "[ UFDB FM DPNJU¹ PSHBOJ[BEPS EFDJ EJÂ NBOEBS B #SBTJM B MB DBQJUBM EFM &TUBEP EF +BMJTDP -B DBQJUBM TF RVFEÂ DPO MB 4F MFDDJÂO NFYJDBOB Z B OVFTUSB DJV EBE MMFHÂ VO FRVJQP RVF DPOTFSWB CB KVHBEPSFT DBNQFPOFT EFM NVOEP FO Z QFSP RVF IBC½BO TJEP FDIBEPT B QBUBEBT EFM
.VOEJBM EF *OHMBUFSSB "T½ #SBTJM WFO½B QPS VOB SF WBODIB Z FM &TUBEJP +BMJTDP FSB MB TFEF JEFBM QBSB DPOTFHVJSMP VO DPTP RVF FO BRVFM NPNFOUP FSB EF MPT N²T NPEFSOPT EFM NVOEP QF SP TPCSF UPEP Z BOUF TV TPSQSFTB VOB BGJDJÂO RVF TF MF FOUSFHÂ TJO DPOEJDJPOFT (VBEBMBKBSB TF QJOUÂ EF WFSEF Z BNBSJMMP FO : #SBTJM DPSSFTQPO EJÂ B FTF BNPS DPO MB NBHJB EF TV GVU CPM &- */'03."%03 GVOHJÂ FO TVT Q²HJOBT DPNP UFTUJHP EF IPOPS
&M &TUBEJP +BMJTDP EF FTUSFOP &M &TUBEJP +BMJTDP TF WJTUJØ EF HBMB QBSB SFDJCJS MB $PQB EFM .VOEP &O BRVFM FO UPODFT QSFTVNÓB TV OVFWB QMBOUB BMUB RVF TF DPOTUSV ZØ FYQSPGFTP QPS FM HSBO DFSUBNFO RVF BMCFSHBSÓB -B BGJDJØO OP RVFEØ NBM Z BCBSSPUØ DBEB QBSUJEP
'JFTUB FO (VBEBMBKBSB
8F BSF UIF $IBNQJPOT (VBEBMBKBSB OP TØMP SFDJCJØ B #SBTJM FO SFBMJEBE FM FRVJQP FTUFMBS EF MB TFEF FSB FM BD UVBM DBNQFØO EFM .VOEP *OHMBUFSSB -B BGJDJØO EFM FRVJQP EF MB 3PTB TF IJ[P QSFTFOUF FO FM &TUBEJP +BMJTDP Z FM EVFMP BOUF MPT TVEBNFSJDBOPT GVF EF MPT NÈT FTQFSBEPT Z FMFDUSJ[BOUFT EFM UPSOFP
#BUVDBEB UBQBUÒB
-BT WJBMJEBEFT EFM DFOUSP EF FTUB DJVEBE TF DPMBQTB CBO DPO MB GJFTUB EFM GVU CPM -BT PGJDJOBT GVFSPO MB YBT DPO TVT IPSBSJPT MPT EÓBT EF QBSUJEP Z MB QPCMB DJØO FO HFOFSBM TF WPMDBCB B MBT DBMMFT QBSB GFTUFKBS BOUF FM NFOPS QSFUFYUP &O MB JNBHFO +VÈSF[ Z EF 4FQUJFNCSF FO FM GFTUFKP EF VO USJVOGP EFM 5SJ
-B GJFTUB FO (VBEBMBKBSB GVF UPUBM -B HFOUF BCBSSPUBCB MBT DBMMFT QPS EPOEF TBCÓBO RVF JCB B QBTBS FM BVUPCÞT EFM FRVJQP CSBTJMF×P QBSB WJUPSFBS B TVT OVFWPT IÏSPFT
1FSÝ CVFO SJWBM %PT DPMPTPT EF BRVFMMB ÏQPDB DIPDBSPO FO FM +B MJTDP QPS FM QBTF B 4FNJGJ OBMFT 1FSÞ Z VOB EF TVT EPT HFOFSBDJPOFT EPSB EBT MF EJFSPO QFMFB B #SB TJM RVF FOUSF PUSPT GBDUP SFT QVEP HBOBS HSBDJBT BM BQPZP JODPOEJDJPOBM EF MB BGJDJØO UBQBUÓB
.ÓUJDB 4FNJGJOBM
-B $PQB EF WJTJUB &M NÈYJNP USPGFP EFM GVUCPM NVOEJBM UVWP TV ÞMUJNB WJTJUB FO FM .VOEJBM EF .ÏYJDP &M USPGFP +VMFT 3JNFU WJTJUØ (VBEBMBKBSB QPS ÞOJDB WF[ QVFT USBT FM USJVOGP BCTPMVUP EF #SBTJM FM USPGFP TF GVF B MB WJUSJOBT EF MB $POGFEFSBDJØO EF GVUCPM EF BRVÏM QBÓT
&M QBTF B MB 'JOBM EFM .VO EJBM UBNQPDP FTUVWP UBQJ [BEP EF SPTBT QBSB #SBTJM QVFT 6SVHVBZ SFQSFTFOUØ VO EVSP TJOPEBM 0USB WF[ FM BQPZP EFM &TUBEJP +BMJTDP GVF EFUFSNJOBOUF QBSB RVF MPT BNB[ØOJDPT EFKBSBO GVFSB B MB (BSSB $IBSSÞB
Ê
+VFWFT EF PDUVCSF EF
&- */'03."%03
* Ê£Îx‡
1~(*/" &
* ร ยฃร ร ย
1~(*/" &
&- */'03."%03
+VFWFT EF PDUVCSF EF '0504 &- */'03."%03 t "3$)*70
3FOBDF FM BNPS -B BGJDJร O UBQBUร B SFWJWJร FM SPNBODF EF Bร PT BOUFT Z MF IJ[P TFOUJS BM FRVJQP CSBTJMFร P UPEP TV DBSJร P FO DVBMRVJFS TJUJP EPOEF FTUBCBO MPT BNB[ร OJDPT "EFNร T NJMFT EF BGJDJP OBEPT EF BRVร M QBร T JOWB EJFSPO (VBEBMBKBSB
&NQJF[B MB GJFTUB 4ร DSBUFT Z 5POJOIP $FSF[P GFTUFKBO FM HPM EFM USJVOGP BOUF &TQBร B FO MB JOBVHVSBDJร O EF MB TFEF UBQBUร B FO FM .VOEJBM EF 0USB WF[ (VBEBMBKBSB BDPHJร BM 4DSBUDI QFSP FTUB WF[ MPT BNB[ร OJDPT OP USBร BO VO FRVJQP QBSB QFMFBS QPS FM Uร UVMP DPNP Bร PT BOUFT
0USB WF[ EF NBOUFMFT MBSHPT
/P TF PMWJEBCB BยทO MB GJFTUB EFM .VOEJBM EF DVBOEP FO MB $PQB EFM .VOEP SFHSFTยฐ B UJFSSBT UBQBUยชBT
-
P NยฒT HSBOBEP EFM GVUCPM NVOEJBM SF HSFTร B (VBEBMBKB SB Bร PT EFTQVยนT EF TV NยฝUJDB WJTJUB B QSPQร TJUP EFM .VOEJBM EF : FT RVF MVFHP EF RVF $PMPN CJB EFDMJOBSB B PSHBOJ[BS MB $PQB EFM .VOEP RVF TF MF IBCยฝB BTJH OBEP QBSB .ยนYJDP SFTDBUร FM FWFOUP Z (VBEBMBKBSB Z TV &T UBEJP +BMJTDP GVF EF OVFWB DVFO UB MB TFEF QSJODJQBM EFM DFSUBNFO EFTQVยนT EF MB $JVEBE EF .ยนYJDP Z FM &TUBEJP "[UFDB -B OPWFEBE QBSB FTUB PDB TJร O GVF RVF MB DJVEBE ZB DPOUBCB DPO EPT FTUBEJPT EF GVUCPM QSPGF TJPOBM QVFT BEFNยฒT EFM +BMJTDP
*OPMWJEBCMF %VSBOUF TV QSFQBSBDJร O QBSB MB $PQB EFM .VOEP #SBTJM KVHร VO QBSUJEP BNJTUPTP BOUF MPT -FPOFT /FHSPT RVF NJMJUBCBO FO MB 1SJNFSB %JWJTJร O &M EVFMP TF FGFDUVร BOUF VO MMFOP FO FM IPZ EFTBQBSF DJEP &TUBEJP 5FDOPMร HJDP
FO ;BQPQBO TF FSJHF IBTUB MB GF DIB FM 5SFT EF .BS[P DBTB FO BRVFM FOUPODFT EFM IPZ FYUJOUP 5FDPT EF MB 6OJWFSTJEBE "VUร OP NB EF (VBEBMBKBSB &M JONVFCMF [BQPQBOP GVF TFEF NVOEJBMJTUB &M SPNBODF FOUSF #SBTJM Z MB DJVEBE TF SFBOVEร EF JONFEJBUP QVFT FM $PNJUยน 0SHBOJ[BEPS EF TJHOร B (VBEBMBKBSB DPNP TFEF EFM (SVQP % "Tยฝ FM 4DSBUDI WPMWJร B MB RVF GVFSB TV DBTB FO FM &TUBEJP +BMJTDP Z FM 5SFT EF .BS[P BMCFS Hร MPT QBSUJEPT EFM SFTUP EF MPT JO UFHSBOUFT EF VO HSVQP RVF DPN QMFUBSPO &TQBร B *SMBOEB EFM /PSUF Z "SHFMJB &M DPMPTP EF MB $BM[BEB *OEF
QFOEFODJB GVF UFTUJHP EF VO FRVJ QP BNB[ร OJDP RVF OP UFOยฝB MBT GJ HVSBT RVF USBKP FM #SBTJM EF Z FTUB WF[ BM 4DSBUDI BQFOBT MF BM DBO[ร QBSB RVFEBS FO $VBSUPT EF 'JOBM BOUF 'SBODJB RVF MP WFODJร QPS MB WยฝB EF MPT QFOBMFT %F JHVBM GPSNB FM DPTP GVF UFTUJHP EF MB EFCBDMF EF MB HSBO HFOFSBDJร O GSBODFTB FODBCF[BEB QPS .JDIFM 1MBUJOJ RVF OP QVEP BDDFEFS B MB 'JOBM PUSB WF[ FMJNJ OBEPT QPS "MFNBOJB DPNP DVB USP Bร PT BUSยฒT -B DJVEBE TF WPMDร EF OVFWP FO MB GJFTUB EFM GVUCPM Z FO MBT Qยฒ HJOBT EF &- */'03."%03 RVF Eร QMBTNBEB UPEB MB IJTUPSJB EF MB $PQB EFM .VOEP .ยนYJDP
-B NPEB EFM .VOEJBM .ร T BMMร EF MBT CBOEFSBT P MBT DBNJTBT FM TPVWFOJS RVF JNQVTP NPEB GVF MB CBOEB FO MB GSFOUF 4F VTB CBO QBSB EFUFOFS FM TVEPS EF RVJFOFT IBDร BO FKFSDJ DJP QFSP FO FM .VOEJBM NVUร B VO Tร NCPMP EF BQP ZP B BMHVOP EF MPT FRVJQPT QBSUJDJQBOUFT
5PEPT QSFTFOUFT &O QBSUF QPSRVF FSB FM QSFTJEFOUF EF MB '*'" QFSP TPCSF UPEP QPSRVF FSB CSBTJMFร P FM FOUPODFT NBOEBNร T EFM Nร YJNP PSHBOJTNP SFDUPS EFM GVU CPM +PBP )BWFMBOHF TF IJ[P QSFTFOUF FO MBT HSB EBT EFM &TUBEJP +BMJTDP
-B TFHVOEB JOWBTJร O -B BGJDJร O CSBTJMFร B TF EFKร TFOUJS FO (VBEBMBKBSB FO VO Oร NFSP NVDIP NBZPS B MPT RVF WJBKBSPO FO .VDIPT BGJ DJPOBEPT SFHSFTBSPO B MB DJVEBE USBT MB FYQFSJFODJB EF Bร PT BOUFT Z MB 1FSMB 5BQBUร B GVF WFSEF BNBSFMIB
5FSNJOB MB JMVTJร O $PO VO FRVJQP DPNBOEBEP QPS VO EJTNJOVJEP ;JDP Z GPSNBEP QPS WBSJPT WFUFSB OPT DPNP 'BMDBP 4ร DSBUFT P $FSF[P #SBTJM OP QVEP SFWJWJS MBT HMPSJBT EF Z GVF FMJNJOBEP FO VOP EF MPT NFKPSFT QBSUJEPT EFM UPSOFP QPS MB FYRVJTJUB 'SBODJB EF 1MBUJOJ
'JO EF VOB FSB 'SBODJB UFOร B VOB OVFWB PQPSUVOJEBE EF DPEFBSTF DPO MB SFBMF[B EFM GVUCPM NVOEJBM QFSP PUSB WF[ MPT BMFNBOFT DPNP FO &TQBร B TF MP JNQJEJFSPO FO TFNJGJOBMFT 0USB HSBO CBUBMMB RVF GVF UBNCJร O FM ร MUJNP QBSUJEP NVOEJBMJTUB FO FM &TUBEJP +BMJTDP
Ê
+VFWFT EF PDUVCSF EF
&- */'03."%03
* Ê£ÎLJ
1~(*/" &
* Ê£În
1~(*/" &
&- */'03."%03
+VFWFT EF PDUVCSF EF '0504 &- */'03."%03 t "3$)*70
&91&$5"$*0/ -B BGJDJØO UBQBUÓB TF IJ[P QSFTFOUF FO FM &TUBEJP +BMJTDP QBSB MBT UBSEFT EF GVUCPM PMÓNQJDP
-" $&3&.0/*" $PO MB TFODJMMF[ RVF DBSBDUFSJ[BCB B MBT JOBVHVSBDJPOFT FO MB ÏQPDB FM &TUBEJP +BMJTDP SFDJCJØ MB BQFSUVSB EFM GVUCPM Z FM UFOJT FO MBT 0MJNQJBEBT EF
&M 0MJNQP FO +BMJTDP &O OP T°MP MB DBQJUBM EFM QBªT WJCS° DPO MB DFMFCSBDJ°O EF MB 9*9 0MJNQJBEB
&
M GVUCPM Z FM UFOJT EPT EFQPSUFT BSSBJ HBEPT FO MB TPDJFEBE UBQBU½B MF EJFSPO B (VBEBMBKBSB MB QPTJCJMJEBE EF WJWJS FO DBTB MB FNPDJÂO EF MPT ÈOJDPT +VF HPT 0M½NQJDPT RVF TF IBO DFMFCSBEP FO OVFTUSP QB½T $PO QPDP N²T EF NFEJP TJHMP EF FYJTUFODJB FO FTF FOUPODFT &- */'03."%03 EJP DVFOUB EF UPEB MB BDUJWJEBE EF MB 0MJNQJBEB FO MB 1FSMB 5BQBU½B Z EF DÂNP FM QÈCMJDP MPDBM QPDP B QPDP GVF IBDJFOEP TVZPT VOPT +VFHPT RVF BM QSJODJQJP QBSFD½BO BKFOPT Z FYDMVTJWPT EF MB $JVEBE EF .¹ YJDP : FT RVF IBDF BÁPT FM 0MJNQP WJTJUÂ MB UJF SSB EFM UFRVJMB Z FM NBSJBDIJ
1PDP B QPDP &M EPNJOHP EF PDUVCSF TF EJFSPO QPS JOBVHV SBEPT MPT +VFHPT 0M½NQJDPT FO (VBEBMBKBSB -B DJV EBE GVF TVCTFEF EFM FWFOUP RVF BMCFSHÂ QBSUJEPT EF GVUCPM FO FM &TUBEJP +BMJTDP Z FM UFOJT EFQPSUF EF FYIJ CJDJÂO BM OP TFS DPOTJEFSBEP EFQPSUF PGJDJBM QPS EJGF SFODJBT FOUSF FM $PNJU¹ 0M½NQJDP *OUFSOBDJPOBM Z MB 'F EFSBDJÂO *OUFSOBDJPOBM EF 5FOJT -B JOBVHVSBDJÂO GVF VO CSFWF EFTGJMF FO MB DBODIB EFM DPMPTP EF MB $BM[BEB *OEFQFOEFODJB FODBCF[BEP QPS MPT UFOJTUBT QBSB EBS QBTP B MB TFMFDDJPOFT EF $IFDPTMPWBRVJB )VOHS½B &M 4BM WBEPS Z (VBUFNBMB FTDVBESBT RVF BCSJFSPO MB BDUJWJEBE EFM CBMPNQJ¹ FO FTUB TFEF &M FOUPODFT HPCFSOBEPS 'SBODJTDP .FEJOB "TDFODJP FO FM DFOUSP EF MB DBODIB GVF FM FODBS HBEP EF IBDFS MB EFDMBSBUPSJB JOBVHVSBM EF MPT +VFHPT FO (VBEBMBKBSB &SBO UJFNQPT EPOEF MB '*'" QSPIJC½B B TVT BGJ MJBEPT JOTDSJCJS B TVT KVHBEPSFT QSPGFTJPOBMFT FO FM GVUCPM PM½NQJDP QBSB QSPUFHFS TV QSJODJQBM DPNQFUFO DJB MB $PQB EFM .VOEP &TUB TJUVBDJÂO MB BQSPWFDIB SPO MPT QB½TFT TPDJBMJTUBT RVF QBSUJDJQBCBO DPO TVT 4FMFDDJPOFT NBZPSFT BEVDJFOEP RVF FO TVT UFSSJUP SJPT OP FYJTU½B FM QSPGFTJPOBMJTNP -B '*'" TJO FNCBS HP UBNCJ¹O QVTP VO DBOEBEP BOUF FTUB TJUVBDJÂO Z QSPIJCJÂ MB FMFDDJÂO EF KVHBEPSFT RVF IVCJFSBO QBS UJDJQBEP FO MB ÈMUJNB $PQB EFM .VOEP o FO FTUF DBTP FM .VOEJBM EF $IJMF MP DVBM OP SFTUBCB QPEFS½P Z GBWPSJUJTNP B MPT QB½TFT EFM CMPRVF DPNVOJTUB 1SFDJTBNFOUF )VOHS½B FM FOUPODFT DBN QFÂO WJHFOUF EFM GVUCPM PM½NQJDP BCSJÂ MB BDUJWJ EBE BOUF VOB SFHVMBS FOUSBEB FO FM &TUBEJP +BMJT DP DPO WJDUPSJB EF TPCSF &M 4BMWBEPS %FTGJMBSPO BEFN²T QPS FTB DBODIB $IFDPT MPWBRVJB MB TPSQSFOEFOUF 4FMFDDJÂO EF (VBUF NBMB RVF B QVOUP FTUVWP EF DPMBSTF B MB QFMFB QPS MBT NFEBMMBT #VMHBSJB *TSBFM (IBOB Z 5BJMBOEJB FO MB SPOEB EF HSVQPT &M +BMJTDP GVF TFEF EF VO QBSUJEP EF $VBSUPT EF 'JOBM EPOEF )VOHS½B WFODJÂ QPS MB N½OJNB EJ GFSFODJB B (VBUFNBMB Z EFM EVFMP DVNCSF RVF UV WP FM GVUCPM PM½NQJDP FO FTUBT UJFSSBT
/6&70 &4$&/"3*0 &M UFOJT TF KVHØ FO FM (VBEBMBKBSB $PVOUSZ $MVC Z UBNCJÏO FO FM "VEJUPSJP EFM &TUBEP GPUP DPOTUSVJEP FYQSPGF TP QBSB FM FWFOUP FO MB DPOGMVFODJB EF 1FSJGÏSJDP Z $BSSFUFSB B 4BMUJMMP VO TJUJP NVZ MFKBOP QBSB MPT UBQBUÓPT EF BRVFMMPT B×PT
3BRVFUBT EF MVKP "MHVOBT EF MBT NFKPSFT SBRVFUBT EFM NVOEP FT UVWJFSPO FO (VBEBMBKBSB QBSB EJTQVUBS FM UPS OFP TFNJPM½NQJDP DPNP TF MF EFOPNJOÂ BM UF OJT RVF OP GVF DPOTJEFSBEP EFQPSUF PGJDJBM FO FM QSPHSBNB EF .¹YJDP &M $MVC (VBEBMBKBSB FM $MVC "UMBT 1B SBEFSP Z TPCSF UPEP FM (VBEBMBKBSB $PVO USZ $MVC RVF DPOTUSVZÂ VO FTUBEJP EF USFT NJM BGJDJPOBEPT GVFSPO MBT TFEFT EF MPT QBSUJEPT KVHBEPT FO MB NPEBMJEBE EF TJO HMFT WBSPOJM Z GFNFOJM EPCMFT UBNCJ¹O BNCBT SBNBT Z NJYUPT &O FM UPSOFP EF EFNPTUSBDJÂO FM QSJNFS
: FT RVF MB 4FMFDDJÂO EF .¹YJDP EJSJHJEB QPS /BDIP 5SFMMFT KVHÂ BRV½ MBT 4FNJGJOBMFT BO UF #VMHBSJB FO EVFMP RVF EF GPSNB ESBN²UJDB GB WPSFDJÂ B MPT FVSPQFPT DPO MP RVF FM 5SJ UV WP RVF DPOGPSNBSTF DPO QFMFBS QPS MB NFEBMMB EF CSPODF BOUF +BQÂO FO FM &TUBEJP "[UFDB 'VF BEF N²T FM DFSSPKB[P EF MB BDUJWJEBE PM½NQJDB FO (VBEBMBKBSB FM EF PDUVCSF EF
MVHBS TF MP MMFWÂ FM FTQBÁPM .BOVFM 0SFTUFT FO MB SBNB WBSPOJM Z MB BMFNBOB )FMHB /JFTTFO FO GFNFOJM RVJFO SFQJUJÂ DPO TV DPNQBUSJPUB &EEB #VEJOH FO EPCMFT &M PSP FO EPCMFT WBSPOJM GVF QBSB MPT NFYJDBOPT 3BGBFM 0TVOB Z 7JDFOUF ;BSB[ÈBZ FO MPT NJYUPT QBSB MPT FTUBEPVOJEFOTFT +VMJF )FME NBO Z )FSCFSU 'JU[HJCCPO &O FM UPSOFP EF FYIJCJDJÂO RVF TF KV HÂ FO FM "VEJUPSJP EFM &TUBEP DPOTUSVJEP FYQSPGFTP QBSB BMCFSHBS FTUB DPNQFUFO DJB 3BGBFM 0TVOB HBOÂ FO TJOHMFT Z FO EP CMFT DPO ;BSB[ÈB
"M GJOBM FO FM GVUCPM EF MB 9*9 0MJNQJBEB FM PSP TF MP DPMHBSPO MPT IÈOHBSPT GBWPSJUPT EFTEF FM QSJODJQJP RVF WFODJFSPO B #VMHBSJB FO VO EVFMP DPO NVDIB QPM¹NJDB QPS MPT USFT FYQVMTB EPT EFM MBEP EF MPT CÈMHBSPT Z DPO MB EFDFQDJÂO EF WFS B .¹YJDP QFSEFS MB NFEBMMB EF CSPODF BM DBFS BOUF +BQÂO BNCPT EVFMPT SFBMJ[BEPT FO FM &TUBEJP "[UFDB
26± 1"4"#" &/ +BDRVFMJOF ,FOOFEZ WJVEB EFM QSFTJEFOUF +PIO DPO USBÓB OVQDJBT DPO FM NBHOBUF OBWJFSP HSJFHP "SJTUØUF MFT 0OBTTJT 1BVMP 7* FSB 1BQB Z QJEJØ QPS RVF MPT +VFHPT 0MÓNQJDP USBOTNJUJFSBO VO NFOTBKF EF QB[ B VO NVOEP DPOWVM TP QPS MB HVFSSB Z MPT HPMQFT EF FTUBEP -B $FSFNPOJB EF *OBVHVSBDJØO EF MPT +VFHPT DPJODJEJØ FO FTUB DJVEBE DPO MB 3PNFSÓB &M WFIÓDVMP EF MB 7JSHFO UFOÓB MPT BSPT PMÓNQJDPT B MPT DPTUBEPT " MPT EPT EÓBT EFM JOJDJP EFM GVUCPM PMÓNQJDP FO (VBEBMBKBSB FM HPCFSOBEPS 'SBODJTDP .FEJOB "TDFODJP BOVODJØ MB SF EVDDJØO EF MPT QSFDJPT EF MPT CPMFUPT BM +BMJTDP Z MB FOUSB EB HSBUVJUB B FTUVEJBOUFT EF QSJNBSJB Z TFDVOEBSJB &&M QSFTJEFOUF EFM $PNJUÏ 0MÓNQJDP *OUFSOBDJPOBM "WFSZ #PVOEBHF Z FM QSFTJEFOUF EF MB '*'" 4UBOMFZ 3PVT FTUVWJFSPO FO (VBEBMBKBSB EVSBOUF MB DFMF CSBDJØO EF MPT +VFHPT -B QSFTFODJB EFM QSÓODJQF +VBO $BSMPT EF #PSCØO Z TV FTQPTB MB QSJODFTB *SFOF EF )PMBOEB DBVTØ SFWVFMP FO FM (VBEBMBKBSB $PVOUSZ $MVC B QSPQØTJUP EF QSF TFODJBS FM UFOJT PMÓNQJDP "EFNÈT EF PGSFDFS MB FOUSBEB HSBUVJUB BM "VEJUPSJP EFM &T UBEP QBSB FM 5PSOFP EF 5FOJT EF FYIJCJDJØO PMÓNQJDP UBN CJÏO TF PGSFDÓB USBOTQPSUF BM FOUPODFT NVZ MFKBOP TJUJP &O FM DJOF USJVOGBCBO i%PDUPS ;IJWBHPw i"M .BFTUSP DPO &O O FM F DJOF D UJ G C i $BSJ×Pw FM XFTUFSO i&M #VFOP FM .BMP Z FM 'FPw BEFNÈT EF MB NFYJDBOB i1PS NJT 1JTUPMBT EF $BOUJOGMBTw
Ê
+VFWFT EF PDUVCSF EF
&- */'03."%03
* ʣΙ‡
1~(*/" &
* ร ยฃ{รคย
1~(*/" &
&- */'03."%03
+VFWFT EF PDUVCSF EF /05*.&9
&M PSJHFO EF MB MFZFOEB
/05*.&9
1BPMB -POHPSJB MB NFKPS SBRVFUCPMJTUB EF MB IJT UPSJB DPNFO[ร B GPSKBS TV MFZFOEB FO (VBEBMBKB SB KVTUB FO MB RVF HBOร MBT USFT NFEBMMBT EF PSP DPSSFTQPOEJFOUFT B MBT USFT QSVFCBT FO MBT RVF QBSUJDJQร
(VBEBMBKBSB GVF FO MB DBTB EF MBT FTUSFMMBT EFM EFQPSUF EFM $POUJOFOUF
1BOBNFSJDBOPT
)*45ยบ3*$04 -04 .0.&/504 &M QSFร NCVMP EFM NBZPS USJVOGP
-BT QSJNFSBT NFEBMMBT
-PT EVFร PT EF MB GPTB
)JTUPSJB FO CBTRVFUCPM
#SJMMBO FO MB QJTUB
3FWร T EF PSP
-B NBESVHBEB EFM EF PDUVCSF EF .ร YJDP IJ "QFOBT IBCร B DPODMVJEP FM &O (VBEBMBKBSB &M CBTRVFUCPM GVF VOB EF %VSBOUF MB JOBVHVSBDJร O EFM [P IJTUPSJB FO FM UFOJT BM MP HSBS MB NFEBMMB EF PSP FO MB -B 4FMFDDJร O NFYJDBOB EF QSJNFS Eร B EF DPNQFUFODJBT .ร YJDP EPNJOร B TV BOUP MBT HSBUBT TPSQSFTBT QBSB &TUBEJP 1BOBNFSJDBOP EF NPEBMJEBE EF EPCMFT NJY DVBOEP .ร YJDP ZB IBCร B TV KP MB EJTDJQMJOB EF MPT DMB .ร YJDP FO FTUB KVTUB EF "UMFUJTNP .ร YJDP TF IJ[P GVUCPM WBSPOJM MPHSร BEVF UPT 4BOUJBHP (PO[ร MF[ Z WBEPT BM TVNBS VO UPUBM QPSUJWB ZB RVF QPS QSJ QSFTFOUF FO FM NFEBMMFSP ร BSTF EF MB NFEBMMB EF PSP NBEP TVT QSJNFSBT DJODP "OB 1BVMB EF MB 1Fร B EJF HSBDJBT B MBT BDUVBDJPOFT FO VOB 'JOBM BHร OJDB DPOUSB NFEBMMBT $ZOUIJB 7BMEF[ FO EF PDIP NFEBMMBT EF PSP NFSB WF[ FO MB IJTUPSJB MPT EPT FRVJQPT NFYJDB EF +VBO -VJT #BSSJPT Z .B SPO B MB EFMFHBDJร O NFYJ "SHFOUJOB 6O Bร P EFTQVร T HJNOBTJB -PSFO[B .PSGร O FO TVNBOEP UPEBT MBT QSF DBOB TV ร OJDB NFEBMMB FO SJTPM 3PNFSP RVJFOFT TF MB DPORVJTUB TF SFQFUJSร B FO DJDMJTNP EF NPOUBร B +BOFUI TFBT EF QSJNFS MVHBS EF MB OPT MMFHBSPO B MB 'JOBM Z "MFHSร B Z %BNJร O 7JMMB FO DPNQFUFODJB TF RVFEBSPO DPO MB NF DPMHBSPO FM PSP FO MBT QSVF FTUB EJTDJQMJOB EVSBOUF FT MPT +VFHPT 0Mร NQJDPT EF UPT KVFHPT UBFLXPOEP Z 5BNBSB 7FHB EBMMB EF QMBUB CBT EF NJM Z NJM NF -POESFT FO QFOUBUMร O NPEFSOP USPT QMBOPT
B IJTUPSJB NPEFSOB EF MB 1FSMB 5BQBUยฝB FO FM ยฒNCJUP EFQPSUJWP OP QPESยฝB DPODFCJSTF TJO MB DFMFCSBDJร O EF MPT +VFHPT 1BOBNFSJDB OPT EF FWFOUP RVF NBSDร VO BOUFT Z VO EFTQVยนT FO MB SFBMJ[BDJร O EF KVTUBT EF QPSUJWBT OP Tร MP FO (VBEBMBKBSB TJOP FO UP EP FM QBยฝT ZB RVF FO FM OVFWP NJMFOJP IB TJEP MB DPNQF UFODJB BUMยนUJDB NยฒT JNQPSUBOUF RVF .ยนYJDP IB BMCFSHBEP (VBEBMBKBSB IJ[P RVF UPEP FM $POUJOFOUF GJ KBSB TV NJSBEB FO MB DBQJUBM KBMJTDJFOTF EPOEF TF SFV OJFSPO BMHVOPT EF MPT NFKPSFT EFQPSUJTUBT EF UPEB "Nยน SJDB EVSBOUF MB NBZPS DPNQFUFODJB EFQPSUJWB RVF FYJTUF B OJWFM DPOUJOFOUBM MB DVBM GVF DFMFCSBEB EFM BM EF PDUVCSF FO MBT NยฒT EF TFEFT DPO MBT RVF DPO Uร FO UPEB MB &OUJEBE 5SBT EPT FMFDDJPOFT FO MBT RVF MB DBQJUBM KBMJTDJFO TF TF RVFEร DPO MBT NBOPT WBDยฝBT QSJNFSP FO Z EFTQVยนT FO FM EF NBZP EF TF EJP B DPOP DFS RVF (VBEBMBKBSB PSHBOJ[BSยฝB QPS QSJNFSB WF[ MB Nยฒ YJNB KVTUB EFQPSUJWB EF "NยนSJDB QBSB MB FEJDJร O EF 5PEP FTUP GVF EFDJEJEP QPS MB 0SHBOJ[BDJร O %F QPSUJWB 1BOBNFSJDBOB 0%&1" EVSBOUF MB DVBESBHF TJNBDVBSUB "TBNCMFB DFMFCSBEB FO MB DJVEBE EF #VF OPT "JSFT "SHFOUJOB "Tยฝ GVF DPNP (VBEBMBKBSB BMCFSHร MB FEJDJร O Oร NFSP EF MPT +VFHPT 1BOBNFSJDBOPT MB DVBM GVF DPO TJEFSBEB QPS MBT QSPQJBT BVUPSJEBEFT EF MB 0%&1" DP NP MB NFKPS EF MB IJTUPSJB
-
-B NFKPS BDUVBDJยฐO NFYJDBOB
"'1
-B SFJOB EF MPT 1BOBNFSJDBOPT -B HJNOBTUB UBQBUร B $ZOUIJB 7BMEF[ TF HBOร FM BQPEP EF MB 3FJOB EF MPT 1BOBNFSJDB OPT BM TFS MB BUMFUB DPO Nร T QSFTFBT HBOBEBT 7BMEF[ MP HSร DJODP NFEBMMBT EPT EF PSP Z USFT EF QMBUB
&O (VBEBMBKBSB MB EFMFHBDJร O NFYJDBOB MP HSร TV NFKPS QBSUJDJQBDJร O FO MB IJTUPSJB EF FTUF FWFOUP BM MPHSBS QPTJDJPOBSTF FO FM DVBSUP QVFTUP EFM NFEBMMF SP HFOFSBM ร OJDBNFOUF QPS EFUSยฒT EF &TUBEPT 6OJEPT $VCB Z #SBTJM Z QPS EFMBOUF EF SFQSFTFOUBUJWPT DPNP $BOBEยฒ Z $PMPNCJB .ยนYJDP TVNร VO UPUBM EF NFEBMMBT EF MBT DVB MFT GVFSPO EF PSP EF QMBUB Z EF CSPODF TVQF SBOEP FO BRVFM FOUPODFT MBT NFEBMMBT DPOTFHVJEBT FO MPT +VFHPT 1BOBNFSJDBOPT EF .BS EFM 1MBUB
+BMJTDP QSFTFOUF "M JHVBM RVF FO UPEBT MBT DPNQFUFODJBT EFQPSUJWBT JOUFSOBDJPOBMFT FO MBT RVF .ยนYJDP QBSUJDJQB FO FTUB PDBTJร O MPT EFQPSUJTUBT KBMJTDJFOTFT WPMWJFSPO B EFTUB DBS DPNP MPT NFKPSFT EF MB EFMFHBDJร O OBDJPOBM &O TV DBTB Z DPO TV HFOUF MPT BUMFUBT EF MB &OUJEBE BOGJUSJPOB CSJOEBSPO BM FRVJQP NFYJDBOP VOB CVFOB DP TFDIB EF NFEBMMBT &OUSF MPT KBMJTDJFOTFT NยฒT EFTUBDBEPT FTUยฒ FM DBTP EF *WยฒO i1PMMPw (BSDยฝB Z "MFKBOESB 0SP[DP FO DMBWBEPT $ZOUIJB 7BMEF[ FO HJNOBTJB Z #FSUIB (VUJยนSSF[ FO LB SBUF RVJFOFT QVEJFSPO DPMHBSTF MB NFEBMMB EF PSP FO TVT SFTQFDUJWBT QSVFCBT
-B JOGSBFTUSVDUVSB 1BSB BMCFSHBS MPT EFQPSUFT RVF DPOGPSNBSPO FM QMBO EF FTUPT +VFHPT +BMJTDP QSFTFOUร VO DBNCJP ESยฒT UJDP FO FM UFNB EF TV JOGSBFTUSVDUVSB EFQPSUJWB ZB RVF VO UPUBM EF SFDJOUPT GVFSPO DPOTUSVJEPT QBSB FTUB DPNQFUJDJร O EF MPT DVBMFT MB NBZPSยฝB DPOUJOร B FO GVO DJPOBNJFOUP $BTP DPOUSBSJP GVF FM EF MB 7JMMB 1BOBNFSJDBOB RVF BDUVBMNFOUF FT DPOTJEFSBEB DPNP FM iFMFGBOUF CMBODPw EF (VBEBMBKBSB BM OP TFS VUJMJ[BEP QBSB OJOHร O GJO &OUSF MPT JONVFCMFT RVF MPT +VFHPT 1BOBNFSJDB OPT EFKBSPO DPNP IFSFODJB B MB DJVEBE Z BM &TUBEP EFT UBDB FM DBTP EFM 7FMร ESPNP 1BOBNFSJDBOP VCJDBEP FO FM $PEF 1BSBEFSP FM $PNQMFKP "DVยฒUJDP FM $PNQMFKP EF (JNOBTJB EFM $PEF -ร QF[ .BUFPT Z FM &TUBEJP 1BO BNFSJDBOP EF "UMFUJTNP RVF GVF DPNQMFUBNFOUF BEF DVBEP QBSB DPOWFSUJSTF FO MB DBTB EF MPT $IBSSPT EF +B MJTDP EFM CFJTCPM QSPGFTJPOBM
)BTUB QSPOUP *OBVHVSBDJร O PMร NQJDB -B DFSFNPOJB EF JOBVHVSBDJร O GVF FTQFDUBDVMBS BM HSB EP EF TFS DPOTJEFSBEB DPNP VOB BQFSUVSB EF UBMMB PMร N QJDB .ร TJDB MVDFT Z VO TJOGร O EF QFSTPOBMJEBEFT EJF SPO WJEB BM JOJDJP EF (VBEBMBKBSB
&M EF PDUVCSF EF FM &TUBEJP EF MBT $IJWBT GVF UFTUJ HP EF MB DFSFNPOJB EF DMBVTVSB EF (VBEBMBKBSB &O PUSP FTQFDUBDVMBS FWFOUP MBT BVUPSJEBEFT EFQPSUJWBT FOUSF HBSPO MB FTUBGFUB B MPT SFQSFTFOUBOUFT EF 5PSPOUP QBSB MB FEJDJร O EF
Ê
+VFWFT EF PDUVCSF EF
&- */'03."%03
* Ê£{£‡
1~(*/" &
* Ê£{Ó
1~(*/" &
&- */'03."%03
+BMJTDP
+VFWFT EF PDUVCSF EF
/VFTUSP FTUBEP FT FM SFGFSFOUF EFM EFQPSUF OBDJPOBM Z TVT UªUVMPT DPOTFDVUJWPT EF 0MJNQJBEB /BDJPOBM MP EFNVFTUSBO
+"-*4$*&/4&4 %& 030 *WÇO (BSDÒB Z (FSNÇO 4ÇODIF[
'0504 &- */'03."%03 M "3$)*70
WFDFT
&M i1PMMPw Z FM i%VWBw GPSNBO QBSUF EFM OVUSJEP HSVQP EF EFQPSUJTUBT KBMJTDJFOTFT RVF IBO USJVOGBEP FO VOB 0MJN QJBEB /BDJPOBM QBSB EFTQVÏT DPOTBHSBSTF DPNP NFEB MMJTUBT PMÓNQJDPT (BSDÓB PTUFOUB FM SÏDPSE EF QVOUVBDJØO FO VOB 0MJNQJBEB /BDJPOBM BEFNÈT EF IBCFS DPOTFHVJEP USFT PSPT FO MB FEJDJØO EFM NJTNPT RVF MF EJFSPO B +BMJTDP FM UÓUVMP OBDJPOBM FO FTUB EJTDJQMJOB &M i1PMMPw MPHSØ CB×BSTF EF HMPSJB FO MPT +VFHPT 0MÓNQJDPT EF -POESFT BM HBOBS KVOUP BM i%VWBw MB NFEBMMB EF QMBUB FO MB QSVFCB EF TJO DSPOJ[BEPT FO QMBUBGPSNB EF NFUSPT 1PS TV QBSUF (FSNÈO 4ÈODIF[ DPNFO[Ø TV QBSUJDJQBDJØO FO MB 0MJNQJBEB /BDJPOBM B MB FEBE EF TJFUF B×PT Z BDUVBM NFOUF FT FM TVCDBNQFØO PMÓNQJDP FO MB QSVFCB JOEJWJEVBM EF MPT NFUSPT QMBUBGPSNB USBT IBCFSTF DPMHBEP MB QMB UB FO 3ÓP
EPSBEP "
" MP MBSHP EF MPT BÁPT +BMJTDP TF IB DPOWFSUJEP FO FM QSJODJQBM SFGFSFOUF EFQPSUJWP EF .¹YJDP Z OP FT QBSB NFOPT ZB RVF MB FOUJEBE TF IB BGJBO[BEP DPNP MB N²T HBOBEPSB FO MB IJTUPSJB EF MB 0MJNQJBEB /BDJPOBM N²YJNP FWFOUP EFM EFQPSUF JOGBOUJM Z KVWFOJM EF FTUF QB½T Z TFNJMMFSP EF MPT NFKPSFT BUMFUBT EF MB OBDJÂO %VSBOUF BÁPT DPOTFDVUJWPT MPT EFQPSUJTUBT KBMJTDJFOTFT IBO MMFOBEP EF HMPSJB Z TBUJTGBDDJÂO BM FTUBEP BM BEVFÁBSTF EF UP EBT MBT KVTUBT EFQPSUJWBT EF FTUB FOWFSHBEVSB #BTUB DPO NJSBS MBT NJM NFEBMMBT EF PSP RVF IBO MPHSBEP MPT SFQSFTFOUBOUFT EF +BMJTDP EVSBOUF MPT BÁPT EF IJTUPSJB EF MB 0MJNQJBEB /BDJPOBM +BMJTDP B USBW¹T EFM $POTFKP &TUBUBM QBSB FM 'PNFOUP %F QPSUJWP $PEF IB BTDFOEJEP IBTUB DPOWFSUJSTF FO FM FTUBEP RVF NBZPS DBOUJEBE EF EFQPSUJTUBT BQPSUB B MBT TFMFDDJPOFT OBDJP OBMFT FO HSBO QBSUF EF MBT EJTDJQMJOBT RVF TF QSBDUJDBO FO FM ²N CJUP EFQPSUJWP BNBUFVS Z QSPGFTJPOBM FO UPEP .¹YJDP
+VBO 3FOÎ 4FSSBOP
&M BSRVFSP UBQBUÓP FT PUSP EF MPT SFGFSFOUFT RVF IB QVFTUP FM OPNCSF EF .ÏYJDP FO MP BMUP USBT GPSNBS QBSUF EF MB 0MJNQJBEB /BDJPOBM 4FSSBOP RVJFO IB TJEP NVMUJNFEBMMJTUB FO FWFOUPT EF UBMMB NVOEJBM Z DVBSUP MVHBS FO MPT +VFHPT 0MÓNQJDPT EF #FJKJOH TF DPOWJSUJØ FO FM BUMFUB NÈT HBOBEPS EF MB 0MJNQJBEB /BDJPOBM BM DPMHBSTF TJFUF NFEBMMBT EF PSP
"MFKBOESB 0SP[DP
4& 1"4"/ -" &45"'&5" 5SFT HPCFSOBEPSFT 'SBODJTDP 3BNÓSF[ "DV×B &NJMJP (PO[ÈMF[ Z "SJTUØUFMFT 4BOEPWBM IBO GFTUFKBEP MPT USJVOGPT EF MPT BUMFUBT KBMJTDJFOTFT
.VFTUSB EF RVF MB FTDVFMB EF DMBWBEPT FO +BMJTDP FT EF MBT NFKPSFT EFM NVOEP "MFKBOESB 0SP[DP DPNFO[Ø TV DB SSFSB EF BMUP OJWFM FO MB 0MJNQJBEB /BDJPOBM Z QBSB MB FEJ DJØO EFM TF DPOWJSUJØ FO MB NÈYJNB NFEBMMJTUB KBMJT DJFOTF DPO DJODP NFEBMMBT EF PSP &O TV QBMNBSÏT 0SP[DP DVFOUB DPO MB NFEBMMB EF QMBUB DPOTFHVJEB FO MPT +VFHPT 0MÓNQJDPT EFM
&M QSJNFS UÒUVMP -BT QSJNFSBT DVBUSP FEJDJPOFT EF MB 0MJNQJBEB /BDJPOBM GVFSPO EPNJOBEBT QPS MB EFMFHBDJØO EF MB $JVEBE EF .ÏYJDP TJO FNCBS HP FTUP DBNCJØ USBT MB FEJDJØO EFM DVBOEP FM SFQSFTFOUB UJWP EF +BMJTDP TF DPOTBHSØ DBN QFØO FO DBTB USBT PSHBOJ[BS FTUB KVTUB EFQPSUJWB QPS QSJNFSB WF[ FO TV IJTUPSJB &O FTUB FEJDJØO MB &OUJEBE B[VM Z PSP EFTCBODØ BM UFUSBDBNQFØO EFM EFQPSUF OBDJPOBM BM HBOBS NFEBMMBT EF MBT DVBMFT GVFSPO EF PSP EF QMBUB Z EF CSPODF "EFNÈT EF EP NJOBS FM NFEBMMFSP MPT KBMJTDJFO TFT BMDBO[BSPO MB DJNB EF MB DMB TJGJDBDJØO QPS QVOUPT DPO VO UPUBM EF NJM VOJEBEFT
-B RVJOUB FTUSFMMB 1BSB MB FEJDJØO EFM MB EFMFHBDJØO KBMJTDJFOTF TV NØ TV RVJOUP DBNQFPOBUP DPOTFDVUJWP NJTNP RVF MP DPOWJSUJØ FO MB &OUJEBE NÈT HBOBEPSB EFM QBÓT EFTCBO DBOEP B MB $JVEBE EF .ÏYJ DP DPO DVBUSP HBMBSEPOFT &O FTUB PDBTJØO +BMJTDP MF WBOUØ FM DFUSP EF DBNQFØO FO MB DPNQFUFODJB DFMFCSB EB FO MPT FTUBEPT EF #BKB $BMJGPSOJB #BKB $BMJGPSOJB 4VS 4POPSB /BZBSJU Z 4JOB MPB BM HBOBS VO UPUBM EF QSFTFBT EF PSP EF QMBUB Z EF CSPODF BEFNÈT EF TVNBS NJM VOJEBEFT FO MB DMBTJGJDBDJØO QPS QVOUPT
%PCMF EÒHJUP EF DBNQF×O
&M DFUSP OÝNFSP
WFDFT HMPSJPTPT
-B EÏDJNB DPSPOB DPOTFDVUJWB QBSB +BMJTDP FO FM EFQPSUF OBDJP OBM MMFHØ FO MB FEJDJØO EFM EF MB DVBM GVF BOGJUSJØO KVOUP B #BKB $BMJGPSOJB 4JOBMPB 4POPSB 4BO -VJT 1PUPTÓ Z 2VJOUBOB 3PP -PT BUMFUBT KBMJTDJFOTFT RVF QBS UJDJQBSPO FO FTUB KVTUB WPMWJFSPO B MMFOBS EF KÞCJMP B UPEP FM FTUBEP BM DPOTBHSBSTF DPNP MPT MÓEFSFT EFM NFEBMMFSP Z MB UBCMB EF QVO UVBDJPOFT &O MP RVF SFTQFDUB B MBT QSFTFBT +BMJTDP MPHSØ VO UP UBM EF NFUBMFT DJGSB SÏDPSE QBSB DVBMRVJFS FOUJEBE FO BRVF MMPT UJFNQPT NFEBMMBT EF PSP EF QMBUB Z EF CSPO DF GVF MB DPTFDIB EF MB EFMFHB DJØO B[VM Z PSP BEFNÈT EF NJM VOJEBEFT
-B IJTUPSJB OP DBNCJØ QBSB MB FEJDJØO EFM EFM NBZPS FWFOUP EFM EFQPSUF FO .ÏYJDP +BMJTDP WPMWJØ B EFNPTUSBS TV EPNJOJP BCTPMVUP FO FTUF FWFO UP BM HBOBS TV DBNQFPOBUP OÞ NFSP EF NBOFSB DPOTFDVUJWB FO VOB DPNQFUJDJØO RVF UPDØ UFSSJUPSJP KBMJTDJFOTF QPS TFYUB PDBTJØO BEFNÈT EF SFBMJ[BSTF FO MPT FTUBEPT EF 7FSBDSV[ 1VFCMB &TUBEP EF .ÏYJDP .P SFMPT Z MB 6OJWFSTJEBE /BDJPOBM "VUØOPNB EF .ÏYJDP 6/". %VSBOUF FTUB FEJDJØO FO MB RVF TF EFGJOJØ BM DBNQFØO QPS OÞNFSP EF QSFTFBT EF PSP MPT EFQPSUJTUBT EF DBTB EJFSPO B +BMJTDP VO UPUBM EF NJM NFEBMMBT EF PSP EF QMBUB Z EF CSPODF
&M PSHVMMP EF MPT EFQPSUJTUBT KB MJTDJFOTFT RVFEØ IFSJEP DVBO EP B QSJODJQJPT EFM +BMJT DP GVF EFTQPKBEP EF MB TFEF QSJODJQBM EF MB 0MJNQJBEB /B DJPOBM FO TV FEJDJØO NJTNB RVF TF MMFWØ B DBCP FO UFSSJUP SJP EF /VFWP -FØO FUFSOP BO UBHPOJTUB EFQPSUJWP EF MPT BV SJB[VMFT 1SÈDUJDBNFOUF DPO UPEP FO DPOUSB MPT BUMFUBT KBMJTDJFOTFT WPMWJFSPO B MMFOBSTF EF HMPSJB BM HBOBS FM EFDJNPDUBWP HBMMBS EFUF DPOTFDVUJWP EFM EFQPSUF OBDJPOBM BM TVNBS VO UPUBM EF NFEBMMBT EF MBT DVBMFT GVFSPO EF PSP EF QMB UB Z EF CSPODF BEFNÈT EF NJM VOJEBEFT
$ZOUIJB 7BMEF[ -B HJNOBTUB NFYJDBOB NÈT MBVSFBEB EF MPT ÞMUJNPT UJFN QPT UBNCJÏO DPNFO[Ø TV DBSSFSB EF ÏYJUPT FO MB 0MJNQJB EB /BDJPOBM BM QBSUJDJQBS FO MPT QSJNFSPT UÓUVMPT EF MB EF MFHBDJØO KBMJTDJFOTF &O FM QBMNBSÏT EF MB UBQBUÓB EFTUBDBO MBT EPT NFEBMMBT EF PSP Z USFT EF QMBUB RVF DPOTJHVJØ FO MPT +VFHPT 1BO BNFSJDBOPT EF (VBEBMBKBSB BEFNÈT EF NFEB MMBT EF PSP FO USFT FEJDJPOFT EF +VFHPT $FOUSPBNFSJDB OPT Z EFM $BSJCF
4BÝM i$BOFMPv ªMWBSF[ &M QÞHJM KBMJTDJFOTF Z NVMUJDBNQFØO NVOEJBM IJ[P FDP FO FM NVOEP EFM CPYFP QPS QSJNFSB WF[ FO MB NÈYJNB KVTUB EFQPSUJWB EF .ÏYJDP BM QBSUJDJQBS FO MB FEJDJØO EFM DVBOEP MPHSØ DPMHBSTF VOB NFEBMMB EF QMBUB 5SBT SFOVODJBS BM CPYFP FO TV NPEBMJEBE PMÓNQJDB «MWB SF[ #BSSBHÈO TF DPOWJSUJØ FO VOP EF MPT CPYFBEPSFT DPO NBZPS SFOPNCSF FO UPEP .ÏYJDP TJFOEP NPOBSDB EFM PS CF FO MBT EJWJTJPOFT 4ÞQFS XFMUFS Z .FEJBOP
Ê
+VFWFT EF PDUVCSF EF
&- */'03."%03
* ʣ{·
1~(*/" &
* Ê£{{‡
1~(*/" &
&- */'03."%03
+VFWFT EF PDUVCSF EF