(6"%"-"+"3" +6&7&4 %& 4&15*&.#3& %&
/PWFEBEFT
QBSB
&YQP (VBEBMBKBSB BMCFSHBSÈ &910"650 VOB GFSJB RVF DFMFCSBSÈ TV QSJNFSB EÏDBEB &TUF Z EF TFQUJFNCSF DPNJFO[B MB GJFTUB EF MPT BV UPT FO &910"650 VO FWFOUP RVF FO FTUF BÁP DVNQMF BÁPT EF FTUBS QSFTFOUF FO OVFTUSB DJVEBE DPO TFEF FO &Y QP (VBEBMBKBSB &TUF FWFOUP SFÈOF B MBT NFKPSFT NBSDBT EF BVUPT EF MB DJVEBE PGSFDJFOEP BUSBDUJWPT QMBOFT EF GJOBODJBNJFO UP Z MBT ÈMUJNBT OPWFEBEFT FO BVUPNÂWJMFT BEFN²T EF RVF FO FTUB FEJDJÂO TF MBO[BS²O OVFWPT NPEFMPT EF EJGF SFOUFT NBSDBT OVODB BOUFT WJTUP FO MB DJVEBE
3FGSFOEP EF MJDFODJBT &O &910"650 QPES²T SFGSFOEBS UV MJDFODJB EF NB OFKP ZB TFB EF BVUPNPWJMJTUB DIPGFS P NPUPDJDMJTUB FM DPT UP FT FM NJTNP RVF FM EF 4FDSFUBSJB EF .PWJMJEBE Z QPES²T SFBMJ[BS BI½ NJTNP FM QBHP
-BO[BNJFOUP EF NPEFMPT OVFWPT 4FS²O MPT OVFWPT BVUPT RVF TF QSFTFOUBSBO EVSBO UF FM USBTDVSTP EFM FWFOUP VO BDPOUFDJNJFOUP OVODB BO UFT WJTUP FO MB DJVEBE
$PODVSTP EF EJTF®P "VUPNPUSJ[
3FVOJSÈ MBT NFKPSFT NBSDBT
-B GJFTUB EF MPT BVUPT
4F SFÈOFO MBT NFKPSFT VOJWFSTJEBEFT EF MB DJVEBE QB SB BQPZBS FTUF QSPZFDUP RVF QSFNJBS² B MPT NFKPSFT USFT UBMFOUPT UBQBU½PT DPO CBTF FO TV JOOPWBDJÂO Z DPNQSPNJ TP DPO FM NFEJP BNCJFOUF &M DPODVSTP TF SFBMJ[BSB FM T² CBEP B MBT IPSBT
1BCFMM°O EF BVUPT 1SFNJVN $POPDF MBT OPWFEBEFT RVF MBT NFKPSFT NBSDBT EF BVUPT 1SFNJVN EF MB DJVEBE USBFO QBSB UJ FO VO FTQBDJP FYDMVTJWP Z EJHOP EF VOB NBSDB 1SFNJVN BMHVOBT EF MBT NBSDBT B FYIJ CJS FO FTUB [POB TPO #.8 */'*/*5* "6%* .*/* FOUSF PUSBT
1SFTFOUBDJ°O EF +FOOZ #BMM WPDBMJTUB EF +FOOZ BOE UIF .FYJDBUT &M T²CBEP FO QVOUP EF MBT IPSBT TF SFBMJ[BS² MB QSFTFOUBDJÂO EF +FOOZ #BMM WPDBMJTUB EF +FOOZ BOE UIF .F YJDBUT DPNP QBSUF EF MPT GFTUFKPT EF BÁPT EF &910"6 50 BEFN²T FTUBS² GJSNBOEP BVUÂHSBGPT Z UPN²OEPTF GP UPHSBG½BT QPS MPT TUBOET EF MBT NBSDBT FO FYIJCJDJÂO
1 HJOB
+VFWFT EF TFQUJFNCSF EF
$POPDF MP NÈT GSFTDP FO MB JOEVTUSJB
$035&4¶" t "6%*
"6%* &O FM " MB NBSDB EF MPT DVBUSP BSPT IJ[P MPT BKVTUFT OFDFTBSJPT QBSB EBS DPO FTUB HSBO GØSNVMB WJTVBM
"$63" o /49 "-'" 30.&0 o(*6-*" "6%* o" " 2 2 " : " #&/5-&: o#&/5":(" #.8 o4&3*& . $061² "$5*7& 5063&3 ):#3*% 4&3*& ):#3*% 1-6( */ 4&3*& : 4&3*&
#6*$, o/6&70 7&3"/0 $"%*--"$ o$54 7 95 $5 $)&730-&5 o$"."30 $0-03"%0 &26*/09 41"3, $)&:&//& ."-*#6 70-5
$)3:4-&3 o4& &41&3" 6/ 4&%«/ $0.1"$50 : -" /6&7" .*/*7«/
%0%(& o$6%" '&33"3* o 41*%&3 ' .
&M B×P EF MB
-"'&33"3* 41*%&3
'*"5 o 6/0 453"%" ❚❘ - }ÕiÊi Ê«?} >ÃÊ V ÊÞÊ ÕiÛi
DPOTPMJEBDJØO -B JOEVTUSJB BQVOUB QBSB DFSSBS EF GPSNB QPTJUJWB FTUF B×P DPO UFOEFODJB B MB BM[B FO
-VFHP EF VO FTQFDUBDVMBS RVF QFTF B MB EFWBMVBDJÂO EF MB NPOFEB NFYJDBOB GSFOUF BM EÂMBS WB B DFSSBS DPO S¹DPSE IJT UÂSJDP EF WFOUBT QPS BSSJCB EF NJMMPOFT EF WFI½DVMPT WFOEJEPT FM TJHVJFOUF BÁP OP EFCFS² TFS UBO HFOFSPTP 4JO FNCBSHP FM GSFOP QVFTUP B MB JNQPSUBDJÂO JOEJTDSJNJ OBEB EF WFI½DVMPT VTBEPT JNQPSUBEPT Z MB NBZPS PGFSUB EF DS¹EJUP EFCFS²O IBDFS RVF TF NBOUFOHB VOB UFOEFODJB IBDJB MB BM[B QBSB FM NFSDBEP JOUFSOP EF BVUPNÂWJMFT "RV½ NPTUSBNPT BMHVOBT EF MBT OPWFEB EFT RVF FTQFSBNPT QBSB FM BÁP FOUSBOUF Z MP RVF RVFEB EF TJO EFTDBSUBS BMHV OBT TPSQSFTBT
$)&730-&5 -B OVFWB GJTPOPNÓB EFM $B NBSP MMFHBSÈ QBSB QMBOUBSTF EF GSFOUF B TV HSBO SJWBM FM 'PSE .VTUBOH
$035&4¶" t $)&730-&5
1 HJOB
+VFWFT EF TFQUJFNCSF EF $035&4¶" t '03%
'03% &M (5 SFHSFTB QPS UPEP MP BMUP QBSB SFWJWJS VOB WJFKB HMPSJB EFM BVUPNPWJMJTNP
$035&4¶" t )0/%"
'03% o .645"/( (5 '0$64 34 &4$"1& '*&45" '03% (5
(.$ o 4*&33" $"/:0/ )0/%" o $*7*$ "$$03% ):6/%"* o $3&5" 56$40/ 563#0 4"/5" '&
*/'*/*5* o 2 2 4&%«/ %& (3"/ 5"."º0 +"(6"3 o 9& 3 +&&1 o 3&/&("%& ,*" o 406- 015*." 3*0
)0/%" "TÓ FT FM OVFWP $JWJD VO BVUP RVF FO TVT NÈT SFDJFOUFT HFOFSBDJP OFT IB QBTBEP EJGJDVMUBEFT QPS TV EJTF×P Z RVF IPZ )POEB RVJFSF SFFEJGJDBS
-"/% 307&3 o %*4$07&3: &7026& $0/7&35*#-&
-*/$0-/ o $0/5*/&/5"- .,; .";%" o .";%" '"$&-*'5 $9 .&3$&%&4 #&/; o $-"4& $ $061² $-"4& & 4-, (-4 $-"4& $ $"#3*0 $-4
.*/* o 4*/ $".#*04
$035&4¶" t ,*"
,*" 6OP EF MPT SPTUSPT OVFWPT RVF WFSF NPT FO .ÏYJDP FT FM EFM 0QUJNB VO TF EÈO DPO BJSFT EF BVUP 1SFNJVN
+VFWFT EF TFQUJFNCSF
1 HJOB
$035&4¶" t 3&/"6-5
.*546#*4)* o 065-"/%&3 -"/$&3
/*44"/ o .63"/0 /1 %*&4&-
3&/"6-5 -B NBSDB GSBODFTB BQPTUBSÈ QPS FM 5BMJTNBO DPNP TV OVFWP TFEÈO EF MVKP
: 9
1&6(&05 o : 4&%«/ (3"/%& %& -¶/&" .«4 1016-"3
1034$)& o 1"/".&3" 30--4 30:$& o %"8/ 3&/"6-5 o 5"-*4."/ ,0-&04 %645&3 -0("/ "650.«5*$0 "-"4,"/ %645&3 030$)
$035&4¶" t 50:05"
50:05" -B 5BDPNB JODSFNFOUB TVT DB QBDJEBEFT EF DBSHB BTÓ DPNP MB UFDOPMP HÓB QBSB FM DPOGPSU FO TV JOUFSJPS
4&"5 o *#*;" $613" "-5&" /6&70 467
4."35 o '063580 $"#3*0 46#"36 o -&("$: 46;6,* o 7*5"3" 50:05" o 3"7 13*64 5"$0." "7"/;" 70-,48"(&/ o 61 1"44"5 70-70 o 4
/*44"/ -B .VSBOP TJHVF WJ HFOUF Z DPO OVFWPT USB[PT CVT DBSÈ SFDPORVJTUBS BM QÞCMJDP RVF BMHVOB WF[ MB NJSØ DPNP VOB QJPOFSB EF MPT WFIÓDVMPT iGVUVSJTUBTw EF QSPEVDDJØO
$035&4¶" t /*44"/
1 HJOB
+VFWFT EF TFQUJFNCSF EF
/PWFEBEFT -B DBQBDJEBE FO MB DBKVFMB EF MB OVF WB 7PMLTXBHFO 5JHVBO TF JODSFNFOUØ B MJUSPT BOUFT MJUSPT
$035&4¶" t 70-,48"(&/
7PMLTXBHFO 5JHVBO
$SFDF TV
" DBTJ PDIP B×PT EF MB QSJNFSB HFOFSBDJØO FTUB 467 UJFOF VOB SFOPWBDJØO EF QVOUB B QVOUB
FODBOUP
-B TFHVOEB HFOFSBDJÂO EF MB 7PMLTXBHFO 5J HVBO TF QSFTFOUÂ FO FM 4BMÂO EF 'SBOLGVSU DFMF CSBEP FO FTUF NFT EF TFQUJFNCSF 4F USBUB EF VOB 467 RVF DPOTFSWB TV FTFODJB DPNQBDUB QFSP EPUBEB EF VOB OVFWB QMBUBGPSNB RVF MB IBDF N²T QS²DUJDB #BKP VOB OVFWB FTUSVDUVSB 7PMLTXBHFO BTFHVSB RVF MB 5JHVBO GVF TPNFUJEB B iVOB EJF UBw RVF MF BZVEÂ B CBKBS FO LJMPHSBNPT TV QFTP WFIJDVMBS 1PS PUSB QBSUF MB DBQBDJEBE FO MB DBKVFMB TF JODSFNFOUÂ B MJUSPT BOUFT MJUSPT HSBDJBT BM BVNFOUP EF EJNFOTJPOFT FO TV DBSSPDFS½B RVF MPOHJUVEJOBMNFOUF DSFDJÂ DFOU½NFUSPT Z FO MB EJTUBODJB FOUSF FKFT HBOÂ DFOU½NFUSPT MP RVF TF USBEVKP FO VO NBZPS FT QBDJP FO FM IBCJU²DVMP "T½ MBT EJNFOTJPOFT EF MB OVFWB 5JHVBO QSPNFUFO TFS N²T HFOFSPTBT DPO DBQBDJEBE QBSB MMFWBS B DJODP QFSTPOBT JO DMVTP BMUBT EF GPSNB DÂNPEB 1PS GVFSB MPT DBNCJPT FO MB OVFWB 5JHVBO TPO FWJEFOUFT BQFHBEPT BM BDUVBM MFOHVBKF EF EJTFÁP RVF QFSNFBCMF FO UPEB MB HBNB EF WFI½ DVMPT EF 78 &M GSFOUF MVDF N²T EJO²NJDP DPO VO KVFHP EF MVDFT RVF MF EBO VOB FTQFDJF EF NJ
SBEB QSPGVOEB Z DPNQMFNFOUBOEP VO GSFOUF CJFO QSPQPSDJPOBEP DPO SFTQFDUP BM SFTUP EF MB DBSSPDFS½B
*OUFSJPS Z NPUPSFT 1PS EFOUSP MPT NBUFSJBMFT RVF TF VTBO TPO EF NFKPS DBMJEBE DPO VOB PSJFOUBDJÂO BM MVKP Z FMFNFOUPT RVF MP IBDFO GVODJPOBM DPNP MB QBOUBMMB U²DUJM EF QVMHBEBT FO MB RVF TF EFTQMJFHB MB JOGPSNBDJÂO EFM WFI½DVMP BT½ DP NP FM TJTUFNB EF FOUSFUFOJNJFOUP *ODMVTP MPT TJTUFNBT NVMUJNFEJB TPO DPNQBUJCMFT DPO TNBSUQIPOFT RVF DVFOUFO DPO "OESPJE F J04 MPT DVBMFT QPES²O JOUFHSBS BMHVOBT BQMJDBDJP OFT B MB 5JHVBO &OUSF FM FRVJQBNJFOUP EFQFOEJFOEP EFM NFSDBEP BM RVF MMFHVF MB 5JHVBO QPES² DPOUBS DPO SJOFT EF Â QVMHBEBT EF EJ²NFUSP &O USF PUSPT TJTUFNBT EJTQPOES² EFM i&BTZ0 QFO &BTZ$MPTFw RVF BCSF FM QPSUÂO EF MB DB NJPOFUB DPO FM NPWJNJFOUP EFM QJF FO DBTP EF UFOFS MBT NBOPT PDVQBEBT 5BNCJ¹O EFQFOEJFOEP EFM NFSDBEP BM RVF MMFHVF DPNP MP IBS² FO .¹YJDP N²T BEF
MBOUF UFOES² VOB HBNB EF NPUPSFT DPNQVFTUB QPS TJFUF CMPRVFT B HBTPMJOB Z TP EJ¹TFM -PT USFT EF HBTP BT EF MJOB UFOES²O QPUFODJBT EF T EJ¹TFM Z )1 -PT EJ¹TFM Z )1 UFOES²O Z )1 "MHVOBT WFSTJPOFT DPOUBS²O DPO JOUFHSBM TJFOEP FTUB ÈMUJ USBDDJÂO EFMBOUFSB P JOUFHSBM TJFOEP FTUB ÈMUJ NB PQDJÂO MB RVF DVFOUF DPO FM TJTUFNB .P UJPO "DUJWF $POUSPM RVF QFSNJUF BM DPOEVDUPS HFTUJPOBS FM UJQP EF NBOFKP RVF SFRVJFSB NF EJBOUF DVBUSP NPEPT 1PS ÈMUJNP MB 5JHVBO UBNCJ¹O DPOUBS² DPO VOB WFSTJÂO I½CSJEB MB DVBM TF EJP B DPOPDFS FO FM 4BMÂO EF 'SBOLGVSU DPO BQFMMJEP (5& "T½ MB 5JHVBO TF FODVFOUSB MJTUB QBSB DP NFO[BS B SPEBS FO MBT QSÂYJNBT TFNBOBT FO &VSPQB QBSB MVFHP iDSV[BS FM DIBSDPw DPO TVT WFSTJPOFT BNFSJDBOBT %F IFDIP MB 5J HVBO TF GBCSJDBS² FO .¹YJDP Z UFOES² VOBT EJNFOTJPOFT BÈO N²T HFOFSPTBT RVF MB WFS TJÂO FVSPQFB
$"3"$5&3¶45*$"4 4VT JOUFSJPSFT FTUÈO PSJFOUB EPT BM MVKP Z MB GVODJPOBMJ EBE
1 HJOB
+VFWFT EF TFQUJFNCSF EF
com pa
iva rat
&
3*7"-&4 :B TFB QBSB MB DBS HB P QBSB FM VTP QFSTPOBM BNCBT QJDLVQT NVFTUSBO TV NÞTDVMP FO FM TFHNFOUP
/JTTBO /1 'SPOUJFS WT .JUTVCJTIJ -
1PS MB DPSPOB EF MB GVFS[B
.JUTVCJTIJ - "/", À Ì> ÊÌÀ> ÃÛiÀÃ> °
,"- {ÆÊÓ°xÊ ÌÀ ð /1, "Ê
" *, -", *"/ £Î{Ê *ÊJÊÎ]xääÊÀ« ° /",+1 ÓÎÓÊ LÀ>à « iÊJÊ Ó]äääÊÀ« ° /,
$ {7 ]Ê >ÃÞÊ-i iVÌ > Õ> Ê`iÊV V Ê /, - - $ Ûi V `>`iÃÊx³,®°
-1-* - $ `i«i ` i Ìi]Ê`iÊ
/ , ` L iÊ ÀµÕ >ÊV Ê Àià ÀÌiÃÊ i V `> ið /, - , iÊÀ } ` ]ÊV Ê Õi iÃÊ i «Ì V ð
, " / ,"- iÊ` ÃV ÃÊ Ûi Ì >` Ã]ÊV Ê -° /, - ,"- iÊÌ> L À°
,
$
iÊ« ÊÞÊVÀi > iÀ>ÊV Ê >à ÃÌi V >Ê `À?Õ V>°
- " -Ê ® x]Î{x £]Çnx £]ÇÇx
, " " /"
-/ ÊÊ /, Ê -
Î]äää
*
* -" / +1
,
£]n£äÊ }À> à ÇxÊ ÌÀ ð £]ä{äÊ }À> Ã
-BT QJDLVQT NFEJBOBT EF /JTTBO Z .JUTVCJTIJ TF SFOPWBSPO {$VÈM FT MB NFKPS &M TVNP FT VO EFQPSUF BODFTUSBM Z QPQVMBS FO +BQÂO 4PO MVDIBT FO MBT RVF QJFSEF BRVFM RVF UPRVF FM QJTP DPO BMHVOB QBSUF EFM DVFSQP EJGFSFOUF EFM QJF P TFB TBDBEP EFM D½SDVMP EPOEF QFMFBO 1BSB HBOBS FT OF DFTBSJP GVFS[B FRVJMJCSJP F JOUFMJHFODJB /1 'SPOUJFS Z - MVDIBO QPS MB QSF GFSFODJB EFM DPOTVNJEPS NFYJDBOP DPO MBT NJTNBT BSNBT {2VJ¹O TBMF BOUFT EFM SJOH 3FDJ¹O QSFTFOUBEB FO OVFTUSP QB½T MB - ZB UJFOF VOB CVFOB SFQVUBDJÂO FOUSF MPT DMJFOUFT 4V TPMJEF[ FT SFDPOPDJEB Z WB MPSBEB QSJODJQBMNFOUF MB WFSTJÂO EJFTFM DPNP MB RVF QSPCBNPT 1BSB FM NPEFMP MB NBSDB DBNCJÂ DBTJ UPEP FYDFQUP FM CVFO DIBTJT BOUFSJPS -BT NFEJEBT TPO EJT UJOUBT BVORVF QPS NVZ QPDP -P RVF TBMUB B MB WJTUB DPNP TJFNQSF FT FM GSFOUF DPO OVFWB QBSSJMMB GBSPT Z GBTDJB 4F NBOUJFOF TV QSJODJQBM DBSBDUFS½TUJDB RVF TF QFSDJCF FO FM DPTUBEP DPO MB TFQBSBDJÂO FOUSF DB CJOB Z DBKB FO GPSNB EF i+w 1PS EFOUSP MPT DBNCJPT TPO NFOPSFT &M EJTFÁP FT DPOTFSWBEPS Z MPT NBUFSJBMFT TPO BEFDVBEPT OP TPCSFTBMJFOUFT -PT QM²TUJDPT EFM UBCMFSP Z GPSSP EF QVFSUBT TPO
S½HJEPT -PT BTJFOUPT OP NVZ DÂNPEPT QB SB MPT PDVQBOUFT N²T BMUPT DPO N²T EF NFUSPT EFCJEP B RVF TV CBTF RVFEB EFNBTJBEP DFSDB EFM QJTP EF MB DBNJPOFUB MP RVF IBDF RVF MBT SPEJMMBT BQVOUFO IBDJB BSSJCB VOB QPTJDJÂO QPDP DPOGPSUBCMF FO WJBKFT N²T MBSHPT &M FRVJQP FT SB[POBCMF )BZ WJESJPT FM¹DUSJDPT BJSF BDPOEJDJPOBEP Z VO FTU¹ SFP DPO FOUSBEB BVYJMJBS Z 64# QFSP RVF EFTBGPSUVOBEBNFOUF OP QFSNJUF DPOFYJÂO QPS #MVFUPPUI -B TFHVSJEBE FT BDFQUBCMF DPO EPCMF CPMTB EF BJSF Z GSFOPT DPO "#4 &M NPUPS EJFTFM UJFOF )1 Z MJ CSBT QJF -B ÈOJDB DBKB EJTQPOJCMF FT NB OVBM EF DJODP WFMPDJEBEFT 4V NBOFKP FT NVZ QBSFDJEP BM RVF ZB DPOPDFNPT -B - TF TJFOUF SPCVTUB QF SP OBEB DÂNPEB -B TVTQFOTJÂO USBTFSB USBEJDJPOBM EF NVFMMFT FM½QUJDPT TBMUB TPCSF MBT JNQFSGFDDJPOFT EFM QJTP DVBOEP OP IBZ DBSHB FO TV DBKB Z FM NPUPS UJFOF MB WJFKB WJ CSBDJÂO EFM EJFTFM RVF TJO FNCBSHP SFTVM UB FO VOB WFOUBKB FO DPOTVNP Z EVSBCJMJ EBE TPCSF TV SJWBM RVF BM NFOPT QPS BIPSB TÂMP VTB HBTPMJOB
ÎÇ ] ää
*iÃ Ã°Ê ÌÃÕL Ã Ê ÓääÊ {Ý{Ê iÃi ÊÓä£È°
- 4V DPOTUSVDDJØO FTUÈ PSJFOUBEB BM USBCBKP DPO QMÈTUJDPT SF TJTUFOUFT JEFBMFT QBSB SFTJTUJS DVBMRVJFS USBUP
+VFWFT EF TFQUJFNCSF
1 HJOB
com pa
&
iva rat
ΣÈ]äää
*iÃ Ã°Ê *ÎääÊ À Ì iÀÊ Ê/ Ê ÊÓä£È°
'3&/5& " '3&/5& "NCBT QJDLVQT HP[BO EF CVFOB SFQVUBDJØO FO FM NFSDBEP NFYJDBOP -B /1 'SPOUJFS EFTUBDB QPS TV FRVJQP Z EJTF×P Z MB - QPS MB WFSTJØO B EJFTFM
/1 'SPOUJFS
/1 '30/5*&3 "M DPOUSBSJP EF MB .JUTVCJTIJ MB /1 'SPOUJFS DBNCJÂ DPNQMFUBNFOUF QBSB MB QSFTFOUF HFOF SBDJÂO 4V GPSNB FT N²T NPEFSOB Z BDUVBM BVO RVF NFOPT BUSFWJEB RVF MB .JUTVCJTIJ 4V DVJ EBEP DPO MPT EFUBMMFT TPO UBNCJ¹O NFKPSFT #BTUB FOUSBS FO MB 'SPOUJFS QBSB EBSTF DVFOUB "OUFT EF TVCJSTF TF QFSDJCF VOB NBZPS DBMJEBE FO MPT QM²TUJDPT UFMBT Z EFN²T NBUFSJB MFT -B 'SPOUJFS FT DPNP VOB 467 DPO DBKB EF DBSHB N²T RVF VOB QJDLVQ -PT BTJFOUPT TPO N²T DÂNPEPT BODIPT Z DPO NFKPS BMUVSB 4ÂMP FM FTQBDJP USBTFSP FT VO QPDP NFOPS RVF FO MB - QFSP OP FT OBEB NBMP 5BNCJ¹O UJFOF BJ SF BDPOEJDJPOBEP BKVTUF FM¹DUSJDP EF DSJTUBMFT Z FTQFKPT Z FM FTU¹SFP EF NFKPS DBMJEBE EF TPOJ EP T½ FTU² IFDIP FO FTUF NJMFOJP Z BDFQUB DPOF YJÂO QPS #MVFUPPUI -B TFHVSJEBE FT FRVJWBMFO UF DPO "#4 Z EPCMF CPMTB EF BJSF &M ÈOJDP NPUPS EJTQPOJCMF GVODJPOB CJFO QFSP FM DPOTVNP FT MÂHJDBNFOUF NBZPS RVF FM EF MB - RVF VTB EJFTFM 5JFOF MJ USPT EF EFTQMB[BNJFOUP Z DBCBMMPT EF GVFS[B "VORVF FM UPSRVF FT NFOPS EF MJ CSBT QJF FT DBQB[ EF DBSHBS N²T RVF MB - : MB DBKB EF DBSHB WJFOF DPO QJOUVSB QSPUFD UPSB MP RVF OP PDVSSF FO MB .JUTV /P IBZ DBKB BVUPN²UJDB UBNQPDP QFSP MB NBOVBM FT EF TFJT WFMPDJEBEFT VOB N²T RVF TV SJWBM MP RVF BVNFOUB MB TVBWJEBE Z BZVEB B SF EVDJS MB EJGFSFODJB EF DPOTVNP 4VBWJEBE EF
"/", À Ì> ÊÌÀ> ÃÛiÀÃ> °
,"- {ÆÊÓ°xÊ ÌÀ ð *"/ £xnÊ *ÊJÊÈ]äääÊ À« ° ° /1, " /",+1 £ÇÓÊ LÀ>à « iÊJÊ {]äääÊÀ« ° /,
$ /À>ÃiÀ>° > Õ> Ê`iÊÃi ÃÊ /, - - $ Ûi V `>`iÃÊȳ,®°
-1-* - $
iÊ` L iÊ ÀµÕ >Ê
/ , V ÊL>ÀÀ>Ê iÃÌ>L â>` À>° /, - , À>â ÃÊ`iÊV ÌÀ °
, " / ,"- iÊ` ÃV ÃÊ Ûi Ì >` Ã]ÊV Ê -° /, - ,"-
iÊÌ> L À°
,
$ /1 '30/5*&3 " EJGFSFODJB EF MB - BRVÓ FODPOUSBNPT NFKPSFT NBUFSJBMFT Z FRVJQBNJFOUP
iÊ« ÊÞÊVÀi > iÀ>ÊV Ê >à ÃÌi V >Ê `À?Õ V>°
- " -Ê ® IFDIP FT VOB QBMBCSB RVF TF VTB DPO GSFDVFO DJB QBSB EFGJOJS MB 'SPOUJFS &TP QPSRVF /JTTBO SFEJTFÁÂ MB TVTQFOTJÂO USBTFSB Z FO MVHBS EF MPT NVFMMFT QVTP CSB[PT EF DPOUSPM -B NBSDIB FT DBTJ UBO DÂNPEB DPNP MB EF VO "MUJNB &O OVFTUSB PQJOJÂO MB WJDUPSJB TF RVFEB DPO MB /JTTBO 1PS TV EJTFÁP MPT UFSNJOBEPT JOUFSJPSFT Z EF MB DBKB EF DBSHB FM FRVJQP
N²T NPEFSOP TV NBZPS DBQBDJEBE EF USBOT QPSUBS QFTP VOB HSBO DBMJEBE EF NBSDIB Z QSFDJTJÂO EF NBOFKP $MBSP FT VOB QSVFCB EF DPSUP QMB[P Z MB EV SBCJMJEBE QVFEF UFSNJOBS GBWPSFDJFOEP MB - QFSP MB IJTUPSJB Z SFQVUBDJÂO EF /JTTBO FO FTUF BTQFDUP IBCMBO NVDIP N²T B GBWPS TV ZP RVF FO DPOUSB
x]Óxn £]nxä £]n£
, " " /"
-/ ÊÊ /, Ê -
Î]£xä
*
* -" / +1
,
£]Ç£xÊ }À> ð näÊ ÌÀ ð £]£äxÊ }À> Ã
1 HJOB
+VFWFT EF TFQUJFNCSF EF
$PNQSPNJTP DPO MB DBMJEBE EF MPT QSPEVDUPT Z TFSWJDJPT
&YQFSJFODJB /FPDTB "DUVBMNFOUF /FPDTB TF FODVFOUSB FO VOB GBTF EF USBOTGPSNBDJØO FO MPT BTQFDUPT EF DPNFSDJBMJ[BDJØO EF MMBOUBT QSPEVDUPT Z TFSWJDJPT $PO BÁPT EF SFTQBMEP MP RVF DPNFO[Â DP NP VOB FNQSFTB GBNJMJBS FT BIPSB FM (SV QP /FPDTB VOP EF MPT M½EFSFT DPO NBZPS QSFTUJHJP EF MB JOEVTUSJB MMBOUFSB FO .¹YJDP TPCSFTBMJFOUF QPS TV FYDFMFOUF BUFODJÂO BM DMJFOUF QSFDJPT DPNQFUJUJWPT FRVJQPT EF BM UB UFDOPMPH½B Z TV DBMJEBE QSFTFOUF FO HSBO QBSUF EF MB 3FQÈCMJDB .FYJDBOB -B TFHVSJEBE FM BIPSSP EF DPNCVT UJCMF Z MB MPOHFWJ EBE TPO BMHV OPT EF MPT BTQFDUPT JN QPSUBOUFT RVF
/FPDTB DPODFOUSB FO DBEB VOP EF TVT QVO UPT EF WFOUB FO MB EJTUSJCVDJÂO EF MMBOUBT QBSB BVUPNÂWJMFT DBNJPOFUBT DBNJPOFT NPUPDJDMFUBT USBDUPSFT JOEVTUSJBMFT BHS½ DPMBT Z QSPEVDUPT QBSB HPMG $PNP QBSUF EF MPT PCKFUJWPT RVF MB FN QSFTB DPOTUBOUFNFOUF TF QMBOUFB FM TFSWJ DJP BM DMJFOUF FT VOB EF TVT N²T HSBOEFT TB UJTGBDDJPOFT RVF DPO TV HSBO HBNB EF FTUJMPT EF MMBOUBT MPHSB DVCSJS UPEP UJ QP EF OFDFTJEBEFT 5BN CJ¹O TPO TVT TFSWJDJPT EF BMJOFBDJÂO BGJ BDFJUF TVTQFOTJÂO F JOGMBEP DPO OJUSÂHFOP OBDJÂO CBMBODFP MPT RVF SFBM[BO Z DPNQMFNFOUBO MB JODFTBO GSFOPT DBNCJP EF UF CÈTRVFEB QPS DVNQMJS FO UPUBMJEBE MB FY QFDUBUJWB EFM DPOTVNJEPS &O FTF TFOUJEP QPS NFEJP EF VO QFSTP OBM BMUBNFOUF DBQBDJUBEP FM FRVJQP /FPD TB HFOFSB VO BDFSDBNJFOUP RVF QFSNJUF BTFTPSBS FO VO BM DMJFOUF TPCSF TVT QSPEVDUPT Z TFSWJDJPT 1BSB BRVFMMPT RVF EFTFBO BNQMJBS P DSFBS VO UBMMFS EF MB NBOFSB N²T G²DJM Z FGJDJFOUF FM DPSQPSBUJWP UBQBU½P BDPN QBÁB BM DPNQSBEPS FO FM QSPDFTP EF TFMFDDJÂO EF FRVJQP QBSB RVF UFOHB MPT NFKPSFT CFOFGJDJPT EF VTP "M HVOBT EF MBT NBSDBT RVF /FPDTB EJTUSJCVZF TPO $PSHIJ Z 4BNTPO 0USB QFDVMJBSJEBE RVF /FPD TB NBOUJFOF FT MB JOOPWBDJÂO DPOUJOVB FO UPEPT TVT QSPEVDUPT TFSWJDJPT QSPDFTPT EF USBCBKP Z MB TJOFSHJB EF ¹YJUP RVF IB HFOFSB EP DPO TVT TPDJPT DPNFSDJBMFT DPO NPUJWP B TFHVJS FMFWBOEP TV QSFTFODJB B OJWFM OBDJPOBM &OUSF MMBOUBTy %FOUSP EFM DBU²MPHP RVF /FPDTB PGSFDF TF FODVFOUSB VOB HSBO WBSJFEBE EF TFMFDUBT NBSDBT )BOLPPL #SJEHFT UPOF $PPQFS Z (PPE :FBS
$0/»$&/04 -ÕVÕÀÃ> Ê iÀÛ>Ê
ÀV°Ê }ÕÃÌ Ê9? iâÊ °ÊÓ xäÊ
°Ê ÀV ÃÊ6> >ÀÌ>°Ê /i jv \ÊÎȣȰxÎxÎ°Ê Ê -ÕVÕÀÃ> Ê ÀV ÃÊ Û°Ê ÀV ÃÊ °ÇÇÇÊ
>Ê >À` iÃÊ`i Ê ÃµÕi°Ê /i jv \ÊΣÓÓ°£Óx£°Ê Ê Ê À `}iÃÌ iÊ-Ì ÀiÊ Û°Ê*>ÌÀ >]Ê °ÊÓäÈ{Ê À>VV°Ê-> Ì>Ê Ã>Li °Ê /i jv \ÊÎÈ{ä°Ó£Îx°Ê Ê -ÕVÕÀÃ> Ê Õ ÌÀÞÊ
ÀVÕ Û> >V Ê*À Û `i V >Ê °Ê£Ç äÊ
°Ê >À` iÃÊ`i Ê Õ ÌÀÞ°Ê /i jv \ÊÎnÓ{°xn{äÊÊ Ê -ÕVÕÀÃ> Ê >Ê Û°Ê i «iÊ-iÛ >Ê`i Ê, Ê °Ê£ nÊ
°Ê >ÃÊ6 ÃÌ>Ê iÀ Ã>°Ê /i jv \ÊΣӮÊΣÓ{ {{°Ê Ê -ÕVÕÀÃ> Ê > â> Ê Û`°Ê }Õi Ê`iÊ >Ê >`À `Ê °Ê °Ê äxxÊ
°Ê-> >}Õ>°Ê /i jv \ÊΣ{®ÊÎÎ{ÓÓÎä°
1 HJOB
+VFWFT EF TFQUJFNCSF EF
1 HJOB
+VFWFT EF TFQUJFNCSF EF
+BHVBS ' 1BDF
-B OVFWB KPZB -JTUP QBSB DPORVJTUBS MB KVOHMB EF BTGBMUP FM +BHVBS ' 1BDF FT PUSB EF MBT NBSBWJMMBT RVF TF QSFTFOUB SPO SFDJFOUFNFOUF FO FM 4BMÂO EF 'SBOLGVSU VO WFI½ DVMP RVF DPNQSVFCB QPSRVF FT RVF *BO $BMMVN Z MB NBSDB TJHVFO TJFOEP SFGFSFOUFT FO MB JOEVTUSJB QVFT OP TÂMP TF BQPTUÂ QPS FM EJTFÁP UBNCJ¹O FM DPOGPSU Z MB JOOPWBDJÂO RVF WBO ½OUJNBNFOUF MJHBEPT QBSB EF TBSSPMMBS WFI½DVMPT RVF MPT BNBOUFT EFM EJOBNJTNP CVTDBO "T½ FM ' 1BDF TF DPOWJFSUF FO VO PCKFUP EFM EFTFP QBSB RVJFOFT RVJFSFO BMHP N²T RVF VOB 467 6OP EF MPT HSBOEFT BUSBDUJWPT FO FM FRVJQBNJFOUP DPO MPT RVF TBMES² BM NFSDBEP FTUF NPEFMP FT FM TJTUF NB RVF QVFEF EFUFDUBS TJ IBZ MB QSFTFODJB EF QFSTPOBT DFSDBOBT V PUSPT BVUPNÂWJMFT EPOEF TF QVFEB FTUBS FO SJFTHP EF TVGSJS VO BDDJEFOUF UPEP HSBDJBT B VOB D²NB SB FTUFSFPTDÂQJDB RVF FTU² EFUS²T EFM SFUSPWJTPS DFOUSBM Z RVF PCUJFOF VOB WJTJÂO FO SFMJFWF NFEJBOUF MB PCTFS
&M ' 1BDF NVFTUSB FM MBEP NÈT BUSFWJEP EF +BHVBS WBDJÂO Z MPDBMJ[BDJÂO PQPSUVOB {: DÂNP GVODJPOB 6OB FTUSVDUVSB FMFDUSÂOJDB RVF GPSNB QBSUF EF MB D²NBSB EFUFDUBS² JONFEJBUBNFOUF TJ IBZ SJFTHP BDUJWBOEP FM GSFOP EF FNFSHFODJB -PT TJUJPT FTQFDJBMJ[BEPT FO MB JOEVTUSJB BVUPNPUSJ[ EFUBMMBO RVF FM +BHVBS ' 1BDF UFOES² VO DPTUP EF MBO[BNJFOUP EF NJM FVSPT FO FM 7JFKP $POUJOFOUF VO QSFDJP RVF TF KVTUJGJDB QPS TV EJTFÁP Z UFDOPMPH½B FTQF DJBMJ[BEB PSJFOUBEB BM DPOGPSU
-P EFTUBDBEP &OUSF MBT DVBMJEBEFT N²T JOUFSFTBOUFT RVF UJFOF FM WFI½DVMP FT RVF UJFOF VO ²OHVMP EF BUBRVF EF HSB
EPT Z FO FM EF TBMJEB FT EF HSBEPT DPO FTUP MB DB SSPDFS½B TF WFS² QPDP BGFDUBEB FO UFSSFOPT BDDJEFOUB EPT 4PCSF MBT MMBOUBT ¹TUBT QVFEFO UFOFS VO EJ²NF USP EF MBT B MBT QVMHBEBT EF EJ²NFUSP Z QPS GVFSB FTUF UPEPUFSSFOP UJFOF NFEJEBT EF NFUSPT EF MPO HJUVE EF BODIVSB Z EF BMUVSB &M ' 1BDF UFOES² VOB HBNB DPO DJODP OJWF MFT EF FRVJQBNJFOUP FOUSF MPT RVF EFTUBDBO FM 3 4QPSU FM 1VSF FM 4 FM 1SFTUJHF Z FM 1PSUGPMJP BEFN²T EF MB EFOPNJOBEB QSJNFSB FEJDJÂO RVF UFOES½B TP MBNFOUF EPT NJM VOJEBEFT Z RVF FT MB RVF EFTEF VO JOJDJP MMBNB N²T MB BUFODJÂO FO FTQFDJBM QBSB MPT DPMFDDJPOJTUBT 5BNCJ¹O UFOES² FOUSF TV FRVJQP EF QFOEJFOEP EFM NFSDBEP BM RVF MMFHVF GBSPT -FE TVTQFOTJÂO "EBQUBUJWF %ZOBNJDT BEFN²T EF BTJFO UPT EF QJFM Z NPUPS %JFTFM EF )1 P QBSB MB WFS TJÂO B HBTPMJOB EF )1
'0504 $035&4¶" t +"(6"3
+VFWFT EF TFQUJFNCSF
1 HJOB
'0504 $035&4¶" t "-'" 30.&0
"MGB 3PNFP (JVMJB
1FSGFDDJØO FO NPWJNJFOUP &TUF BVUP EB VO FKFNQMP EF MB CVFOB DPNCJOBDJØO FOUSF FMFHBODJB Z QPUFODJB -B FYQFDUBUJWB RVF TF HFOFSÂ QSFWJP B TV QSFTFO UBDJÂO IBDF VOPT E½BT OP TF IB EFTEJCVKBEP FOUSF MPT BNBOUFT EF MB WFMPDJEBE Z MB FMFHBODJB QVFT FM "MGB 3PNFP (JVMJB EFKÂ FO DMBSP RVF DVBOEP EF JO OPWBDJÂO Z UFDOPMPH½B TF USBUB FM 4BMÂO EF 'SBO LGVSU DFMFCSBEP FO FTUBT GFDIBT FT FM MVHBS QFS GFDUP QBSB QSFTVNJS MP N²T OVFWP EFM NFSDBEP "T½ FM BVUP EFCVUÂ Z DVNQMJÂ DPO MP QSPNFUJ EP &M OVFWP "MGB 3PNFP (JVMJB EFNPTUSÂ TV DB QBDJEBE QBSB QPEFS BMDBO[BS VOB BDFMFSBDJÂO EF B LN I FO UBO TÂMP TFHVOEPT Z MPHSBS VOB WFMPDJEBE N²YJNB EF LJMÂNFUSPT QPS IPSB 6OB EF MBT QBSUJDVMBSJEBEFT EF FTUB OVFWB FO USFHB FT RVF FO TV FEJDJÂO FTQFDJBM EF MBO[BNJFO UP DVFOUB DPO VO UFDIP Z DPGSF EFMBOUFSP JOUFHSB EP FO GJCSB EF DBSCPOP BEFN²T EF BTJFOUPT UJQP DVCP EF MB NBSDB 4QBSDP Z VO NPUPS 7 EF PSJHFO 'FSSBSJ DPO )1 Z OFXUPO NFUSP EF UPSRVF &M "MGB 3PNFP (JVMJB TF PGSFDFS² FO EJTUJOUPT NFSDBEPT DPO DBSSPDFS½B EF DVBUSP QVFSUBT Z EJ O²NJDBNFOUF UFOES² MB QPTJCJMJEBE EF NBOJQVMBS MBT WFMPDJEBEFT ZB TFB FO DBNCJP NBOVBM P BVUP N²UJDP BT½ DPNP VO TJTUFNB EF USBDDJÂO B MBT MMBO UBT USBTFSBT P B MBT DVBUSP SVFEBT
&M TQPJMFS GSPOUBM EPUB B FTUF NPEFMP EF VOB BFSPEJO²NJDB BDUJWB RVF BVNFOUB DPO MB DBSHB EFM GMVKP EF BJSF FO MB DBSSPDFS½B NJFOUSBT RVF FO TV DPGSF TF WJTVBMJ[B FO VO DPODFQUP PSH²OJDP BEBQ UBEP DPO TBMJEBT EF WFOUJMBDJÂO HFNFMBT RVF UBN CJ¹O IBO TJEP JOUFHSBEBT FO MBT BMFUBT EFMBOUFSBT 3FTQFDUP B TV KVFHP EF MVDFT FTUPT FMFNFO UPT IBO EFKBEP BUS²T TV GPSNB USBEJDJPOBM SFEPO EFBEB QBSB EBS VO QBOPSBNB N²T BMBSHBEP TJNV MBOEP VOB NJSBEB N²T GFMJOB 5BNQPDP IBZ RVF PMWJEBS RVF BIPSB FM "MGB 3PNFP (JVMJB DPOUFNQMB VO iSPNQJNJFOUPw FO FM QJMBS i$w BEFN²T EF DVBUSP TBMJEBT EF FTDBQF RVF TF FONBSDBO FO FM EJGVTPS TJFOEP VOB IFSSBNJFO UB CBTUBOUF GVODJPOBM QBSB FM DPOEVDUPS B MB IPSB EF NBOFKBSMP &M JOUFSJPS EF FTUF NPEFMP UBNCJ¹O IB MMBNB EP MB BUFODJÂO QPS BQPTUBS B VO FTUJMP NJOJNBMJTUB Z DPO MB FMFHBODJB B UPQF RVF NBOJGJFTUB VO FTUJMP SFGJOBEP QPS MB DPOEVDDJÂO QFSTPOBMJ[BEB &M UJQP EF DPOEVDDJÂO TF NBOUJFOF QSFTFOUF FO TVT NP EPT %ZOBNJD /BUVSBM "EWBODFE &GGJDJFOU Z 3B DJOH TJFOEP FTUB ÈMUJNB TÂMP EJTQPOJCMF QBSB MB WFSTJÂO EFQPSUJWB
&- %"50 *>À>ÊV «À L>ÀÊÃÕÊ« `iÀ]Ê i Ê v>Ê, i Ê Õ >Ê«Õ Ûi À â ÊÃÕÊÀi} ÃÌÀ Êi Êi Ê À VÕ Ì Ê`iÊ ØÀLÕÀ}À }ÊL> Ê Õ >ÊÛiÀà ÊiëiV > Ê`i >`>Ê+Õ>`À v } Ê*iÀ v À > ViÊ ` Ì ]ÊV ÊÕ Ê Ì i « Ê`iÊÇÊ ÕÌ ÃÊÞÊÎ Ê Ãi}Õ ` ÃÊi Êi ʺ v iÀ Ê ÛiÀ`i»]ÊL> > ` Ê>à Ê{ÊÃi }Õ ` ÃÊÃÕÊ> ÌiÀ ÀÊVÀ °
.VDIBT GBNJMJBT FTUBSÈO EF FTUSFOP
#POP EF IBTUB #POP EF IBTUB
NJM QFTPT
NJM QFTPT $JWJD
$3 7 J 4UZMF
%FM BM EF 4FQUJFNCSF FO UPEBT MBT BHFODJBT IPOEB EF (VBEBMBKBSB i;FSPOJPw BQBSFDF DPO BUSBDUJWPT CPOPT
888 26*/$&/")0/%" $0.
#POP EF IBTUB
NJM QFTPT "DDPSE
)POEB VO TVDFTP ÞOJDP FO (VBEBMBKBSB 5F WBNPT B DPOUBS VOB IJTUPSJB SFBM RVF FTU² TVDFEJFOEP FO FTUPT NP NFOUPT FO (VBEBMBKBSB 2VJ[² ZB UF FOUFSBTUF EF MB 2VJODFOB )POEB QVFT BMHVJFO TF BQP EFSÂ EF FMMB QBSB QPOFS EF DBCF[B B UPEBT MBT "HFODJBT )POEB EF (VB EBMBKBSB &M BVUPS JOUFMFDUVBM EF FTUF NPWJNJFOUP FT DPOPDJEP DPNP i;F SPOJPw 2VJFOFT IBO WJTUP B ;FSPOJP Z IBO UFOJEP MB PQPSUVOJEBE EF QMBUJDBS DPO ¹M BTFHVSBO RVF TF FODBSHBS² EF RVF FO FTUB 2VJODFOB )POEB NV DIPT IPNCSFT NVKFSFT GBNJMJBT FTUSFOFO Z TF MMFWFO B TV DBTB TV )POEB OVFWP B 7BOHVBSEJB (BMFS½BT GSFOUF B QMB[B HBMFS½BT B .BH :B TFB RVF BDVEBT B 7BOHVBSEJB (BMFS½BT GSFOUF B QMB[B HBMFS½BT B .BH OP )POEB "DVFEVDUP OP BOUFT EF DFOUSP NBHOP )POEB "DVFEVDUP B &YDFMFODJB FO -Â TPCSF QFSJG¹SJDP )POEB &YDFMFODJB FO -Â EJB (PO[²MF[ (B QF[ .BUFPT Z 7BOHVBSEJB (PO[²MF[ (B MF[ (BMMP (BMMP B B MMP TPCSF $BM[ (PO[²MF[ "HVB "[VM DVBESBT EF 1BSRVF "N¹SJDBT )POEB $PVOUSZ FO "W "N¹SJDBT T MB NFKPS DBTJ 1BUSJB FODPOUSBS²T MB NFKPS EJTFÁP JOWFSTJÂO QPS DBMJEBE JDJP FY UFDOPMPH½B QSFDJP TFSWJDJP FY B FO DFMFOUF WBMPS EF SFWFOUB FO USF PUSBT DPTBT T "T½ RVF ZB MP TBCFT DPO NPUJWP EF MB 2VJO T DFOB )POEB ;FSPOJP FT NVZ U² IBDJFOEP RVF DPTBT NVZ CVFOBT TVDFEBO FO )POEB 7FO B DPNQSPCBSMP
#POP EF IBTUB
NJM QFTPT NJM Q FO 0EZTTFZ FO 0EZ ZTT
Dalton Honda Excelencia Motors Tel: (33) 3884 6000
Dalton Honda Colomos Country Tel: (33) 3884 6000
Superautos Acueducto Tel: (33) 5004 2200
Superautos Magno Tel: (33) 5004 4200
Vanguardia Glez. Gallo Tel: (33) 3344 1000
Vanguardia Galerías Tel: (33) 3673 4000
1 HJOB
+VFWFT EF TFQUJFNCSF EF
.*/* $PQQFS +PIO $PPQFS 8PSLT
'0504 &- */'03."%03 t . $"45*--0
1JDBOUF CSJUÈOJDP 6OB EF MBT WFSTJPOFT N²T EJWFSUJEBT RVF IF NPT QSPCBEP EF UPEB MB HBNB .JOJ FT FM RVF MMFWB QPS BQFMMJEP +PIO $PPQFS 8PSLT +$8 FM DVBM TF EJTUJOHVF QPS VO EJTFÁP N²T BUSFWJ EP Z FO FM RVF MB NBSDB MF EJDF BEJÂT B MB TVT QFOTJÂO EFNBTJBEP S½HJEB
%&1035*70 &M IBCJUÈDVMP UJF OF JOTQJSBDJØO TQPSU FO TVT BDB CBEPT -B JOTUSVNFOUBDJØO NBSDB EJGFSFODJB DPO SFTQFDUP BM SFTUP EF MB HBNB .JOJ $PPQFS
%*4&º0 - }ÕiÊ` ÃÌ }Õ j ` ÃiÊV >À> i ÌiÊ V ÊÕ Ê Ê`iÃ`iÊVÕ> µÕ iÀÊ? }Õ ]Ê«iÀ Êi Ê 7ÊÌ i iÊÃÕÃÊ`iÌ> iÃÊ `iÊiÝV ÕÃ Û `>`ÊiÃÌjÌ V>ÊV Ê >ÃÊ Ì >ÃÊ`iÊ> ÀiÊ`i > ÌiÀ>ÃÊÞÊ >Êv>Ã V >ÊÌÀ>ÃiÀ>°Ê
{nä]äää
*ià ð
&41"$*0 9>Ê ÊiÃÊÌ> Ê« V Êië>V à ÊV Êi Ê >Ê}i iÀ>V Ê> ÌiÀ ÀÊi Ê>VÌÕ> ÊiÃÊ Ã ÊÕ Ê«iµÕi ÊV> L Ê`iÊ Ì>`Ê`iÊ Û `>®]Ê«iÀ Ê>Ö Ê>Ã Ê >` iÊV «À>ÊÕ Ê Ê«i Ã> ` Êi Ê> « ÌÕ`Ê ÌiÀ À°Ê
'*$)" 5²$/*$"
&26*10 : 5&3.*/"%04 ÊiµÕ « ÊL?Ã V ÊiÃÊLÕi ]Ê«iÀ Êi Ê «Õ Ì ÊV Ê ÊiÃÊ >Ê« Ã L `>`Ê`iÊ «iÀÃ > â>ÀÊi Ê>ÕÌ ]Ê« i ` ÊV ÀiÃ]ÊÀ iÃÊÞÊiµÕ « ÊÃi}Ö Êi Ê}ÕÃÌ ÊÞÊ >Ê V>«>V `>`ÊiV V>Ê`iÊV>`>ÊÕ °Ê
"/", À Ì> ÊÌÀ> ÃÛiÀÃ> °
,"- {ÆÊÓ°äÊ ÌÀ ð /1, "Ê - °
" *, -",
%*7&35*%0 &O DBSSFUFSB FM DPDIF TF BGFSSB B MBT DVSWBT DPNP QPDPT EÈOEPOPT VOB TFOTBDJØO BEJDUJWB FO FM NBOFKP
."/&+0
.0503
ÊVÕ>ÌÀ ÊV `À ÃÊÞÊÕ >ÊÌÕÀL >]Êi Ê Ì ÀÊÓ°äÊ ÌÀ ÃÊÌ i iÊ> À>Ê£ä¯Ê ?ÃÊ `iÊ« `iÀ]Ê i}> ` Ê>ÊÓΣÊV>L> ÃÊ`iÊ vÕiÀâ>°Ê ÃÊi ?ÃÌ V ]ÊÃÕ>ÛiÊÞÊ«Õi`iÊÃiÀÊ iV V ÊÃ Ê ÊÃiÊ« Ã>ÊvÕiÀÌi°Ê Ê` v V ÊÃiÀ?ÊÀià ÃÌ ÀÃiÊ>Ê >ViÀ °
ÕÀ Ã> i ÌiÊ >ʵÕiÊi Êi Ê«>Ã>` Ê iÀ>Ê >ÊÛiÀÃ Ê ?ÃÊ V `>Ê`i Ê Ê «iÀ]Ê ÞÊ}À>V >ÃÊ>Ê >ÊÃÕëi à Ê> ÕÃÌ>L iÊÀiÃÕ Ì>ÊÕ >Ê`iÊ >ÃÊ i ÃÊÀ } `>Ã°Ê >À ]ÊVÕ> ` ÊÃiÊ« Ã>Ê vÕiÀÌiÊV Êi Ê« iÊ`iÀiV ]ÊÌ ` ÊV> L >Ê >V >Êi Ê`iÃi «i °
%*3&$$*»/ : $".#*0
7"-03 103 56 %*/&30
>ÞÊÕ >ÊÛiÀà ÊV ÊV> >Ê > Õ> ÊÞÊ ÌÀ>ÊV ÊÌÀ> à à Ê>ÕÌ ?Ì V>ÊV Ê >ʵÕiÊ«À L> ðÊ*iÃiÊ>ÊiÃÌ>ÀÊ ?ÃÊ À i Ì>`>Ê >V >Êi ÊV v ÀÌÊi Êi Ê ÌÀ?v V ]ÊÃÕÃÊÀi >V iÃÊV ÀÌ>ÃÊ«iÀ Ìi Ê` ÛiÀÌ ÀÃiÊ> ÊÛ > ÌiÊ`i Ê Ê 7°Ê
-ÕÊ«ÀiV Êi « iâ>Êi Ê ÃÊ{näÊ Ê«i à Ã]Ê ÊµÕiÊ ÊiÃÊiÝ>VÌ> i ÌiÊÕ >Ê }> }>]Ê«iÀ ÊÌ> « V ÊÕ Ê«ÀiV Ê ÕÞÊ > Ì Ê«>À>ÊÕ ÊV V iÊV ÊÃÕÊ«ÀiÃÌ } ]Ê ÌiÀ >` ÃÊÞÊ`iÃi «i °Ê
*"/ ÓÎ£Ê *ÊJÊx]Óää È]äääÊÀ« ° /",+1 ÎÓäÊ ÊJÊ £]Óxä {]nääÊÀ« ° /,
$ i > ÌiÀ>° ÕÌ ?Ì V>Ê`iÊÃi ÃÊ /, - - $ Ûi V `>`iÃÊȳ,®°
-1-* - $
iÊÌ « Ê V* iÀÃ ]Ê
/ , V ÊÀià ÀÌiÃÊ i V `> iÃÊÞÊL>ÀÀ>Ê iÃÌ>L â>` À>° /, - , iÊ«>À> i }À> Ê `iv À >L i]ÊV Ê Àià ÀÌiÃÊ i V `> iÃÊÞÊL>ÀÀ>Ê iÃÌ>L â>` À>°
, " / ,"- iÊ` ÃV ÃÊÛi Ì >` Ã]Ê V Ê -° /, - ,"- iÊ` ÃV ÃÊÃ ` Ã]ÊV Ê -°
,
$
iÊ« ÊÞÊVÀi > iÀ>ÊV Ê >à ÃÌi V >Êi jVÌÀ V>°
- " -Ê ®
$"+6&-"
4&(63*%"%
%63"#*-*%"%
, "
iÊ ÕiÛ ]ÊiÃÌiÊ ÊiÃÊÕ Ê>ÕÌ Êi Êi ʵÕiÊ ÃiÊiÃÌjÊiëiÀ> ` ÊÕ Êië>V ÊÃÕv V i ÌiÊ«>À>Ê iÛ>ÀÊ >ÃÊ > iÌ>ÃÊ`iÊÌ `>Ê >Êv> >Êi Êi ÊÛ > iÊ`iÊv Ê`iÊÃi > >]Ê «iÀ Ê ÃÊÓ££Ê ÌÀ ÃÊ`iÊV>«>V `>`ÊÞ>Ê Ã Ê ?ÃÊ`iVi ÌiÃʵÕiÊi Êi Ê«>Ã>` °
/ ` Ê ÊµÕiÊÃiÊiëiÀ>Ê`iÊÕ Ê>ÕÌ Ê`iÊÃÕÊ V>Ìi} À >ÊÞÊ«ÀiV ]ÊV Ê >Êi iVÌÀ V>Êi V>À}>`>Ê`iÊ>ÞÕ`>ÀÊ> Ê« Ì Ê>Ê > Ìi iÀ ÃiÊi ÊÃÕÊÌÀ>ÞiVÌ À >ÊÞÊ >ÊLÕi >ÊiÃÌÀÕVÌÕ À>]ÊÃÕ >`>Ê>ÊL Ã>ÃÊ`iÊ> Ài]ÊV Ê >ÊÌ>Ài>Ê `iÊ«À Ìi}iÀ ÃÊi ÊV>à Ê`iÊÕ >ÊV à °
ÊiÃÊV à `iÀ>`>ÊÕ >Ê`iÊ >ÃÊ >À V>ÃÊV Ê`iÃi «i Ê« LÀiÊi Ê ÃÊià ÌÕ` ÃÊ`iÊV> `>`Ê`iÊ Ê* ÜiÀÊi Ê Ã Ì>` ÃÊ1 ` Ã]Ê« ÀÊ ÊµÕiÊiëiÀ>ÀÊÕ >Ê `ÕÀ>L `>`Ê ÕÞÊi iÛ>`>Ê«Õi`iÊ}i iÀ>ÀÊ`iVi«V ið
/"
Î]nÇ{ £]ÇÓÇ £]{£{
"
-/ ÊÊ /, Ê -
Ó]{ x
*
* -" / +1
1
£]Ó xÊ }À> ð {{Ê ÌÀ ð Ó££Ê ÌÀ ð
+VFWFT EF TFQUJFNCSF
1 HJOB '0504 $035&4¶" t #&/5-&:
#FOUMFZ #FOUBZHB
$PO QPSUF JOHMÏT &M BVSB EF MVKP EF #FOUMFZ TF BMÓB DPO MBT DBSBDUFSÓTUJDBT EFM #FOUBZHB
&O MB NBZPS½B EF MPT DBTPT DVBOEP TF QJFOTB FO VO UPEP UFSSFOP MB QSJNFSB JNBHFO RVF MMF HB B MB NFOUF FT EF VO WFI½DVMP BSSJFTHBEP SV EP DPO EFUBMMFT BHSFTJWPT Z VO MJHFSP BJSF EF MV KP QFSP DVBOEP TF NF[DMBO MBT DBSBDUFS½TUJDBT EFM UPEPUFSSFOP DBQB[ EF BOEBS FO TVFMPT JSSF HVMBSFT QFESFHPTPT Z TJO BTGBMUBS DPO FM BTQFD UP EFM BVUPNÂWJM DPO BMNB EF DJVEBE FM SFTVM UBEP QVFEF TFS EFTDPNVOBM BMHP FO MP RVF QSFDJTBNFOUF MB OVFWB #FOUMFZ #FOUBZHB UPNB QPTJDJÂO QBSB DPOWFSUJSTF FO MB 467 N²T PTUFOUPTB Z BSSJFTHBEB EFM NPNFOUP $PO VO BTQFDUP QPEFSPTP Z FMFHBOUF MB OVFWB DSFBDJÂO EF #FOUMFZ SFEFGJOF TV VTP QB SB FM E½B B E½B FO FM RVF PCTFSWB TV SFGJOBEB WFSTBUJMJEBE FO VOB FKFDVDJÂO EF DBS²DUFS EF QPSUJWP TJO QFSEFS MB DM²TJDB FTFODJB EF MVKP RVF MB NBSDB JOHMFTB #FOUMFZ QSFTFOUB FO DB EB VOP EF TVT NPEFMPT -B WFMPDJEBE FT VOB EF TVT QFDVMJBSJEB EFT N²T QPEFSPTBT BMDBO[B MPT LJMÂNF USPT QPS IPSB FO VOB BDFMFSBDJÂO EF B LN I FO TFHVOEPT -B SFTQVFTUB FT EJO² NJDB Z TJO EVEB TFS² VO OVFWP PCKFUP EFM EF TFP QBSB MPT BNBOUFT EF MB WFMPDJEBE RVJFOFT QPES²O BERVJSJSMB B DPNJFO[PT EFM "EFN²T FTUB VOJEBE EF MJUSPT EPCMF UVSCP DPNQSFTPS Z DJMJOESPT HFOFSB VOB QPUFODJB EF DBCBMMPT EF GVFS[B &O TV NP UPS 8 DPNCJOB EPT UFDOPMPH½BT MB JOZFD DJÂO EJSFDUB Z MB JOEJSFDUB EF DPNCVTUJCMF DPO FM GJO EF NBYJNJ[BS FM SFOEJNJFOUP Z SFEVDJS MBT FNJTJPOFT EF QBSU½DVMBT HSBDJBT B RVF FO
5&$/0-0(¶" #FOUMFZ JO DPSQPSB MP NFKPS FO DVBO UP B FRVJQBNJFOUP QBSB FT UB 467 DPO EJWFSTPT TJTUFNBT PSJFOUBEPT B MB TFHVSJEBE BDUJWB Z QBTJWB
DJFSUBT DPOEJDJPOFT MB 467 EFTDPOFDUB MB NJ UBE EFM NPUPS QBSB RVF TÂMP GVODJPOF B USBW¹T EF TFJT DJMJOESPT B MB NJTNB FGJDJFODJB
$POKVOUP WBOHVBSEJTUB
4FHVSJEBE Z DPOGPSU TPO QBSUF EF MB OVF WB BQVFTUB EF #FOUMFZ EPOEF FM DPOEVDUPS TF WFS² FO MB QPTJCJMJEBE EF SFHVMBS MBT PDIP WF MPDJEBEFT RVF UJFOF FM WFI½DVMP Z BT½ QMBOFBS MB NFKPS DPOEJDJÂO RVF EFTF¹ JNQMFNFOUBS QBSB DVBMRVJFS UJQP EF DBNJOP 1PS PUSB QBSUF FM TJTUFNB EF DPOUSPM EF DSVDFSP BEBQUBUJWP "$$ BQPSUB TV QSFEJD DJÂO EFM DBNJOP B MB IPSB EF UPNBS MBT DVSWBT FO DBSSFUFSB BT½ DPNP MPT M½NJUFT EF WFMPDJ EBE DBNCJPT EF WFMPDJEBE Z BTJTUFODJB FO BUBTDPT B USBW¹T EF TVT TFOTPSFT Z D²NBSBT JODPSQPSBEBT BM DVFSQP EF MB DBNJPOFUB &O FTF TFOUJEP TVT DVBUSP D²NBSBT QB SB NPTUSBS MB JNBHFO HFOFSBM EF MPT BMSFEF EPSFT EFM WFI½DVMP GBDJMJUBO MB WJTJÂO QBSB RVF FM QJMPUP QVFEB FTUBDJPOBSTF TJO QSPCMF NBT BM DBQUBS FTQBDJPT BEFDVBEPT FO QBSB MFMP Z FO QFSQFOEJDVMBS 1FSP MB FYQFSJFODJB EF TVCJSTF BM #FOUMFZ #FOUBZHB OP UFSNJOB BI½ ZB RVF NJFOUSBT MPT QBTBKFSPT EF BEFMBOUF EJT GSVUBO EF VO USBZFDUP TPCSF MPT BTJFOUPT EF QJFM DPO BKVTUF FM¹DUSJDP Z SFHVMBDJPOFT NBTBKF DBMFGBDDJÂO Z WFOUJMBDJÂO MPT EF BUS²T FO VOB DPNPEJEBE BCTPMVUB TF EJWFS UJS²O QPS NFEJP EF MBT UBCMFUBT FYUSB½CMFT DPO QBOUBMMB EF ( 8J 'J Z #MVFUPPUI
"$"#"%04 $VFOUB DPO JOTQJSBDJØO QSPQJB FO DBEB FMFNFOUP EF TV JOUFSJPS
'3&/5& " 464 3*7"-&4
%&5"--&4 -B GVODJPOBMJEBE FT TV GVFSUF
Êx°£{£Ê iÌÀ ÃÊ`iÊ } ÌÕ`]Êi Ê i Ì iÞÊ i Ì>Þ}>ÊÓä£ÈÊÃÕ«iÀ>Ê i ÊÌ> > Ê« ÀÊÎäÊVi Ì iÌÀ ÃÊ> Ê * ÀÃV iÊ >Þi iÊ`iÊ >ʵÕiÊL> Ã>ÊÃÕÊ« >Ì>v À >®]Ê> Ê }Õ> ʵÕiÊ ÃÕÃÊ` ÃÊ iÌÀ ÃÊ`iÊ> V ÕÀ>ÊÞÊ £°Ç{Ê`iÊ> ÌÕÀ>Ê >Ê« i Ê>Ê >Ê«>ÀÊ `iÊ >Ê > `Ê, ÛiÀÊ,> }iÊ, ÛiÀÊÞÊ i Ê iÀVi`ià i âÊ °
1ย HJOB
+VFWFT EF TFQUJFNCSF EF
)ZVOEBJ 7JTJPO ( $PVQร $PODFQU '0504 $035&4ยถ" t ):6/%"*
*/5&3*03 "QVFTUB QPS MB UFDOPMPHร B
&MFHBODJB
$ยป.0%0 &O FTUF DPODFQUP IBZ BTJFOUPT JOEJWJEVBMFT QBSB DVBUSP QFSTPOBT
RVF NJSB BM GVUVSP &M 7JTJPO ( $PVQร $PODFQU QSFTFOUB MBT GPSNBT Nร T SBEJDBMFT EF )ZVOEBJ $PNP SFTVMUBEP EF MB DPMBCPSBDJร O EF MPT FRVJQPT EF USBCBKP EF MB DPNQBร ยฝB BVUPNPUSJ[ )ZVOEBJ FO "TJB &VSPQB Z MPT &TUBEPT 6OJEPT OBDF FM 7JTJPO ( $PVQยน $PODFQU DPNP VO QSPUPUJQP RVF CVTDB JNQBDUBS FO FM NFSDBEP EF MPT NPEFMPT EF MVKP HSB DJBT B MB BQMJDBDJร O EF SFOPWBEB UFDOPMPHยฝB VOB DB SSPDFSยฝB DVQยน DPO EPT QVFSUBT Z BDBCBEPT RVF CSJO EBO VOB TFOTBDJร O EF DPNPEJEBE Z TPGJTUJDBDJร O %F BDVFSEP DPO MB FNQSFTB DPSFBOB FM PCKF UJWP QBSB QSFTFOUBS FTUF QSPUPUJQP ย RVF IB WJBKB EP ZB QPS /PSUFBNยนSJDB Z &VSPQBย FT RVF DPOTUJ UVZB VO BWBODF EF Dร NP MVDJSยฒO MPT NPEFMPT i1SFNJVNw EF MB DPNQBร ยฝB FO FM GVUVSP BVUPNP UPSFT EF MVKP DPO FTUJMP Z FRVJQBEPT QBSB VOB NF KPS FYQFSJFODJB EF NBOFKP "Tยฝ MP QSJNFSP B EFTUBDBS FO FM 7JTJPO ( $PV Qยน OP FT TPMBNFOUF TV MBSHP DPGSF DPO VOB MยฝOFB EF UFDIP NยฒT CBKB QPTFF BEFNยฒT VOB WJTUPTB QBSSJMMB GSPOUBM MยฝOFBT EF EJTFร P FTUJMJ[BEBT MMBOUBT BODIBT
Z GPSNBT ย TPCSF UPEP FO EFGFOTB Z DPTUBEPTย RVF PUPSHBO VO UPRVF BFSPEJOยฒNJDP TJO QFSEFS TVT QSP QPSDJPOFT FTUJMJ[BEBT "EFNยฒT TF IBO JODMVJEP BTQFDUPT EF PSEFO UFDOPMร HJDP EF ร MUJNB HFOFSBDJร O EFTEF MB BQFS UVSB BVUPNยฒUJDB EF MBT QVFSUBT IBTUB VO OPWFEPTP FRVJQP EF TPOJEP -FYJDPO Z VO WPMBOUF NVMUJGVO DJร O EF USFT SBEJPT BTJNJTNP B USBWยนT VO NBOEP DJSDVMBS FOUSF MPT BTJFOUPT EFMBOUFSPT TF QVFEF DPOUSPMBS MB NBZPSยฝB EF MBT GVODJPOFT EFM BVUP QPS NFEJP EF VOB QBOUBMMB UยฒDUJM DPO MP RVF TF FMJNJ OBO MB NBZPSยฝB MPT CPUPOFT Z NBOEPT EFM UBCMFSP 6OB WFOUBKB FYUSB FT RVF FM DVBESP EF JOTUSV NFOUPT TF QSFTFOUB FO MB QBOUBMMB B DPMPS Z TF QVF EF DPOGJHVSBS MB JOGPSNBDJร O EF BDVFSEP DPO MPT HVTUPT P OFDFTJEBEFT EF DBEB DPOEVDUPS BIPSB CJFO TJ OP JNQSFTJPOB TVGJDJFOUF MB BQFSUVSB BVUP NยฒUJDB EF QVFSUBT FO FM JOUFSJPS MB TFOTBDJร O EF MV KP Z FMFHBODJB TF BDFOUร B DPO BQMJDBDJPOFT EF QJFM
BDBCBEPT FO NBEFSB BMVNJOJP Z EFUBMMFT FO DPMPS PSP UPEP EF QSJNFSB DBMJEBE
.PUPS Z QMBOFT 'JOBMNFOUF BVORVF EFM NPUPS EF FTUF QSPUP UJQP OP TF IBO PGSFDJEP NBZPSFT EFUBMMFT MP NJT NP EF TV EFTFNQFร P RVF TV DPOTVNP EF DPNCVT UJCMF QPS QBSUF EF )ZVOEBJ FM DPODFQUP UJFOF VO NPUPS EF MJUSPT 7 DPO JOZFDDJร O EJSFDUB Z VOB QPUFODJB NยฒYJNB EF DBCBMMPT EF GVFS[B B TFJT NJM SFWPMVDJPOFT QPS NJOVUP $PO VO FYJUPTP CBMBODF RVF DPOUSBTUB MBT EJ NFOTJPOFT EF VO DVQยน EF MVKP RVF OP OFDFTBSJB NFOUF TF EFMBUB B QSJNFSB WJTUB TF QSFWยน RVF FTUF OVFWP NPEFMP EF )ZVOEBJ TF DPNFSDJBMJDF DPNP FM OVFWP (FOFTJT $VQยน DPO NJSBT B DPPNQFUJS FO FM TFHNFOUP BOUF WFSTJPOFT TJNJMBSFT EF DPNQB ร ยฝBT FVSPQFBT 4ร MP RVFEB FTQFSBS B WFS Dร NP TF Sยฒ MB WFSTJร O EFGJOJUJWB
+VFWFT EF TFQUJFNCSF
1 HJOB
'FSSBSJ 4QJEFS
1BSBEFTQFJOBSTF -B NBSDB EFM DBWBMMJOP SBNQBOUF MBO[B MB WFSTJØO EFTDBQPUBCMF EFM 'FSSBSJ (5# FM DPO BQFMMJEP 4QJEFS
6O EJTFÍP TPCFSCJP FO FMFHBODJB FT MB WFSTJÎO 4QJEFS EFM 'FSSBSJ (5# RVF GVF QSFTFOUB EP FO FM QBTBEP 4BMÎO EFM "VUPNÎWJM EF 'SBO LGVSU FM DVBM BEFNµT TF DPOWJFSUF FO FM EFT DBQPUBCMF RVF TVTUJUVZF BM 'FSSBSJ 4QJEFS -B OPWFEBE RVF TPSQSFOEJÎ B UPEPT FO FM FWFOUP BVUPNPWJMÅTUJDP DVFOUB DPO VO QSPQVM TPS 7 UVSCPBMJNFOUBEP EF MJUSPT RVF EB )1 EF QPUFODJB DPO OFXUPO NF USP EF UPS
RVF NµYJNP EFTEF MBT QSJNFSBT SQN FTUP BDPQMBEP B VOB DBKB EF DBNCJPT BVUP NµUJDB EF EPCMF FNCSBHVF Z TJFUF WFMPDJ EBEFT &TUBT DJGSBT MF QFSNJUFO BMDBO[BS MPT LN I FO TÎMP TFHVOEPT Z MPT LN I FO TFHVOEPT &M BVUPNÎWJM RVF FTUµ CBTBEP FO FM NP EFMP (5# NVFTUSB WBSJBDJPOFT DPNP FM UFDIP SFUSµDUJM RVF TF SFQMJFHB FO EPT TFDDJP OFT TVQFSQVFTUBT RVF TF SFDPHFO TPCSF FM NP UPS FO TFHVOEPT Z VOB NBZPS SJHJEF[ EFM DIBTJT 4FHÞO MB NBSDB JUBMJBOB MB SJHJEF[ UPSTJPOBM Z GMFYJPOBM EFM DPDIF FT MB NJTNB RVF MB EFM (5# Z VO NµT GVFSUF RVF MB EFM 4QJEFS TJFOEP UBN CJÀO LJMPHSBNPT NµT QFTBEP RVF FM (5# Z LJMPT NµT MJHFSP RVF FM 4QJEFS &M QSFDJP EF FTUF EF QPSUJWP FO TV MBO[BNJFOUP FVSPQFP TFSµ EF NJM FVSPT
5FSDFSB HFOFSBDJØO EFM "VEJ 55
"VEJ $FOUFS (BMFSÓBT -B DFMFCSBDJÂO DPOUJOÈB EVSBOUF FM NFT EF TFQUJFN CSF FO "VEJ $FOUFS (BMFS½BT ZB RVF DPOUÂ DPO FM MBO [BNJFOUP EFM "VEJ 55 NPEFMP &T MB UFSDFSB HFOFSBDJÂO EFM FNCMFN²UJDP BVUP EF "VEJ QPS MP RVF FM 55 TF DPOTPMJEB DPNP VOP EF MPT EFQPSUJWPT 1SFNJVN SFGFSFOUFT FO MB JOEVTUSJB &M "V EJ 55 DVFOUB DPO FM "VEJ WJSUVBM DPDLQJU MVDFT "VEJ NBUSJ[ -&% Z LJMPT N²T MJHFSP RVF TV QSFEFDFTPS MP RVF TF USBEVDF FO VOB NBZPS BHJMJEBE FO TV NBOF KP Z NFKPSFT QSFTUBDJPOFT &M "VEJ 55 GVF NPTUSBEP QPS QSJNFSB WF[ DPNP VO QSPUPUJQP FO FM 4BMÂO EFM "VUPNÂWJM EF 'SBOLGVSU FO FM OPNCSF 55 FT VOB SFGFSFODJB EF UPVSJTU USPQZ MB QSJNFSB HFOFSBDJÂO GVF EF B MB TF HVOEB EF B Z FO JOJDJB VOB UFSDFSB HF OFSBDJÂO DPO FTUF NPEFMP
-VFHP EF RVF BMSFEFEPS EF QFSTPOBT GVFSBO UFT UJHPT EF FTUB QSFTFOUBDJÂO FO "VEJ $FOUFS (BMFS½BT N²T QFSTPOBT IBO QPEJEP DPOPDFS FTUF OVFWP NPEFMP &O MB QSFTFOUBDJÂO MPT JOWJUBEPT GVFSPO SFDJCJEPT DPO VO DPD UFM EF CJFOWFOJEB "QFSPM Z EJTGSVUBSPO EF VO PSJHJOBM DPDUFM DPO QMBUPOFT EF DBSOFT GS½BT Z TFNJMMBT GJOBT SP MMJUPT QSJNBWFSB SPMMP EF XPOUPO DPO QPMMP B MBT GJOBT IJFSCBT QBO NFMCBD DPO EJQ EF UPDJOP TBMBNJ Z BDFJ UVOB NPVTTF EF DIPDPMBUF DPO XIJTLZ Z GSFTBT DPO DIPDPMBUF "MHVOBT EF MBT CFCJEBT DPO MBT RVF TF BDPNQBÁÂ FTUPT SJDPT CPDBEJMMPT GVFSPO XIJTLZ #VDIBOBT WPELB "CTPMVU UFRVJMB &TQP MÂO "ÁFKP WJOP UJOUP NFSMPU Z SPO #BDBSEJ &M BN CJFOUF FTUVWP BNFOJ[BEP QPS VO HSVQP EF NÈTJ DB FO WJWP Z NÈTJDB FMFDUSP IPVTF FO VO BNCJFOUF QFSGFDUP QBSB EBSMF MB CJFOWFOJEB BM "VEJ 55
"VEJ $FOUFS (BMFSÓBT Û°Ê6> >ÀÌ>Êx{ää ]Ê °Ê >À` iÃÊ1 ÛiÀà `>`Ê /i °ÊÎÇÇÇ {{ÈnÊ Ê *?} >Ê7iL\Ê ÊÜÜÜ°>Õ` Vi ÌiÀ}> iÀ >ðV ° ÝÊ >ViL \Ê>Õ` Vi ÌiÀ}> iÀ >Ã
1 HJOB
+VFWFT EF TFQUJFNCSF EF
/PWFEBE o #.8 9
" QBSUJS EF PDUVCSF QSÂYJNP #.8 DPNFO [BS² B WFOEFS FO UFSSJUPSJP NFYJDBOP MB OVFWB 9 RVF BIPSB WFOES² FO MB NJTNB QMBUBGPSNB EF USBDDJÂO EFMBOUFSB RVF FM 4F SJF "DUJWF 5PVSFS 1BSB DBTJ UPEPT FTUP FT CVFOB OPUJDJB -PT FTUVEJPT JOUFSOPT EF #.8 NPT USBSPO RVF NVDIB HFOUF OP DPNQSBCB BV UPT EF MB NBSDB QSFDJTBNFOUF QPS FM NJTNP NPUJWP RVF IJ[P RVF UVWJFSBO UBOUPT FOUV TJBTUBT FO FM NVOEP MBT QMBUBGPSNBT EF USBDDJÂO USBTFSB &T RVF QPOFS MB GVFS[B EFM NPUPS FO MBT SVFEBT QPTUFSJPSFT JNQMJDB NFOPT FTQBDJP JOUFSJPS EFCJEP BM HSBO UV OFM EF USBOTNJTJÂO OFDFTBSJP 1PS PUSP MB EP FM NBOFKP FT N²T TÂMJEP Z EFQPSUJWP NVDIP HSBDJBT B RVF MBT SVFEBT EFMBOUFSBT TPMP UJFOFO MB GVODJÂO EF EJSJHJS OP EF KBMBS FM QFTP EFM WFI½DVMP %FCJEP B FTUP MB NBS DB EF #BWJFSB EFDJEJÂ EFKBS FO FM QBTBEP TV NBUSJNPOJP PUSPSB JORVFCSBOUBCMF DPO MB USBDDJÂO USBTFSB -B 9 FT TPMP FM TJHVJFOUF BVUP FO IBDFSMP &T WFSEBE BM QPOFS MB GVFS[B FO MBT SVFEBT EF BEFMBOUF MB DBNJPOFUB HBOÂ FTQBDJP JOUFSJPS TJO RVF TVT EJNFOTJPOFT FYUFSJPSFT GVFSBO NBZPSFT %F IFDIP MB OVFWB DBNJPOFUB FT N²T DPSUB FO MBSHP UPUBM Z EJTUBODJB FOUSF FKFT &M iNJMBHSPw TF EFCF OP TPMP BM NFOPS FTQBDJP PDVQB EP QPS FM UVOFM RVF BOUFT MFWBCB MB USBOT NJTJÂO Z BIPSB FM FTDBQF QFSP UBNCJ¹O BM NPUPS BOUFT MPOHJUVEJOBM Z BIPSB QVFTUP USBOTWFSTBMNFOUF .²T DPSUB N²T BODIB Z N²T BMUB DPO NBZPS FTQBDJP JOUFSOP Z UFSNJOBEPT EF FY DFMFOUF OJWFM MB OVFWB 9 TFS² VOB EF MBT DPOTFOUJEBT EFM QÈCMJDP QBSB FM DVBM FM GB NPTP QMBDFS EF DPOEVDJS EF #.8 OP FT UBO
.ÈT FTQBDJP NFOPT EFQPSUJWJEBE -B OVFWB 9 EFCFSÈ TFS NFKPS SFDJCJEB QPS MB NBZPSÓB OP QPS MPT FOUVTJBTUBT JNQPSUBOUF DPNP FM QSFTUJHJP RVF MB NBS DB IB MPHSBEP FO TVT BÁPT EF IJTUPSJB $MBSP RVF FM TBDSJGJDJP TFS² FO FM NB OFKP " KV[HBS QPS FM 4FSJF "DUJWF 5PVSFS FM BQMPNP Z TFOTBDJÂO EF TPMJEF[ RVF BO UFT FSBO VOB DBSBDUFS½TUJDB EF MPT WFI½DV MPT EF #.8 ZB OP EFCFS²O FTUBS QSFTFOUFT FO MB OVFWB 9 1FSP MBT GBNJMJBT RVF MB VTBS²O N²T RVF OBEB FO DJVEBE DPO TBMJ EBT FWFOUVBMFT B DBSSFUFSB B WFMPDJEBEFT EJG½DJMNFOUF TVQFSJPSFT B LN I RVF TFHVSBNFOUF SFQSFTFOUBO MB NBZPS½B EFM NFSDBEP WBO B QSFGFSJS MB OVFWB DPOGJHV SBDJÂO "M NFOPT FTUP FT MP RVF FTQFSB #.8 EF TV OVFWB DBNJPOFUB DVBOEP MMF HVF B TVT EJTUSJCVJEPSFT FO NFOPT EF VO NFT DVBOEP DPOPDFSFNPT DV²MFT TFS²O MBT FTQFDJGJDBDJPOFT QBSB OVFTUSP QB½T 4FSHJP 0MJWFJSB .ÈOJDI
'0504 $035&4¶" t #.8
/07&%"%&4 &M NBOFKP EF MB 9 EF #.8 FT NÈT TØMJEP Z EFQPSUJWP
1 HJOB
+VFWFT EF TFQUJFNCSF EF
#.8 . J" "VUPNÈUJDP
&M DPOEJNFOUP QFSGFDUP Èx ] ää
*ià ð
'0504 &- */'03."%03 t
. $"45*--0
%&4&.1&º0 "M NPNFOUP EF QJTBS B GPOEP FM BDFMFSBEPS FTUF BVUP TF DPO WJFSUF FO VO HFOFSBEPS EF FNPDJPOFT
'*$)" 5²$/*$"
%*4&º0 ÕiÛ>ÃÊv À >ÃÊ>V «> > Ê> Ê 7Ê £ÎxÊ ]ÊÞÊà Ê`Õ`>ÊÃ Ê ÕV Ê ?ÃÊ >}À>`>L iÃʵÕiÊ> ÌiÃ°Ê ÊvÀi ÌiʵÕiÊ Ê `i Ì v V>ÊV ÊÕ Ê i LÀ Ê ?ÃÊ`iÊ >Ê «À Û i} >`>Êv> >Ê«iÀv À > Viʺ »Ê «Õi`iÊ}i iÀ>ÀÊ ?ÃÊiÝ«iVÌ>Ì Û>ð
&41"$*0 -ÕÊiÃi V >ÊiÃÊ ` Û `Õ> ÃÌ>]ÊÞ>ʵÕiÊ VÕi Ì>ÊV ÊÌÀiÃÊ«ÕiÀÌ>Ã°Ê Ê >Ê«>ÀÌiÊ « ÃÌiÀ ÀÊi ÌÀ> Ê` ÃÊ«iÀà >ÃÊ«iÀviV Ì> i ÌiÊÃi Ì>`>ðÊ- Êi L>À} ]Êi Ê > ` Ê«À?VÌ V ÊiÃÌ?Êi ÊÃÕÊÛiÀà Ê`iÊV V Ê«ÕiÀÌ>Ã]Ê«>À>Êi ʵÕiÊ>Ã Ê Ê«Àiv iÀ>°
&26*10 : 5&3.*/"%04 ÃÊ >ÌiÀ > iÃÊà Ê*Ài Õ ]ÊV Ê `iLiÊÃiÀ°Ê ÊiµÕ « Ê` ë iÊ`iÊV iV Ì Û `>`ÊÞÊÕ >Ê«> Ì> >ʵÕiÊV Vi ÌÀ>Ê Ì `>Ê >Ê v À >V ÊÞÊi ÌÀiÌi i Ì °Ê >ʺ »]Êà Êi L>À} ]ÊiÃÊà ÊiÃÌjÌ V>°
*/5&3*03 -PT BDBCBEPT i.w EFTUBDBO HSBDJBT BM VTP EF FMFNFOUPT FO BMV NJOJP Z WFTUJEVSBT FO QJFM
%*3&$$*»/ : $".#*0
."/&+0
>Ê` ÀiVV ÊiÃÊ«ÀiV Ã>ÊÞÊÀ?« `>Êi Ê V>`>Ê} À °Ê >ÊV> >ÊV ÀÀië `iÊ>ÊÕ >Ê >ÕÌ ?Ì V>Ê`iÊ V ÊÛi V `>`iÃ]Ê ÕÞÊ` ÃvÀÕÌ>L iÃÊi ÊV>ÀÀiÌiÀ>Ê Êi Ê « ÃÌ>]Êi Ê ` Ê > Õ> °
ÃÊ >Ê i ÀÊ«>ÀÌiÊ`iÊiÃÌiÊ >ÌV L>V °Ê / >Ê >ÃÊVÕÀÛ>ÃÊV Ê >Ê Ì `>`Ê`iÊ Õ Ê> > ÌiÊÞÊÛiÀ?ÃÊ >ÊÀiëÕiÃÌ>Ê` ? V>]ÊV ÊÕ Ê}À> ÊV ÌÀ Ê i` > ÌiÊ ÃÊà ÃÌi >ÃÊ`iÊÌÀ>VV ÊÞÊiÃÌ>L `>`°Ê à ÃÌ Ã]ÊiÃÊi V Ê«iÀ > i Ìi°
$"+6&-"
7"-03 103 56 %*/&30
*>À>Ê ÃʵÕiÊÃiÊ>à > Ê>Ê >ÊV> Õi >Ê i ÊÕ Ê>ÕÌ Ê ` Û `Õ> ÃÌ>]Ê iÃÊ`iV ÃʵÕiÊµÕ i ÊµÕ iÀ>ÊÛ > >ÀÊVÕi Ì>Ê V Êië>V Ê«>À>ÊÕ Ê«>ÀÊ`iÊ > iÌ>ÃÊ i` > >Ã]ÊV Ê`iVi ÌiÃÊÎÈäÊ ÌÀ ÃÊ `iÊV>«>V `>`°
* `À > ÃÊ`iV ÀʵÕiÊiÃÊÕ ÊV V iÊ«> À>Êi ÌÕà >ÃÌ>ðÊ-ÕÊiµÕ «> i Ì Êº »Ê ÞÊ` > à ]Ê«À Û V>ʵÕiÊVÕ> µÕ i À>ÊµÕ iÀ>Êv À >ÀÊÕ ÊV iµÕiÊi ÊL > V Ê « ÀÊj °Ê ÊÌ ` Ê>ÕÌ Ê*Ài Õ ]ÊÌ i iÊÃÕÊ«ÀiV Êi ÊÌ ` ÃÊ ÃÊ>ëiVÌ Ã®°
"/", À Ì> Ê } ÌÕ` >
,"- ÈÆÊΰäÊ ÌÀ ð /1, "Ê - °
" *, -", *"/ ÎÓÈÊ *ÊJÊx]nää È]äääÊÀ« ° /",+1 {xäÊ ÊJÊ £]Îää {]xääÊÀ« ° /,
$ /À>ÃiÀ>° ÕÌ ?Ì V>Ê`iÊ V Ê /, - - $ Ûi V `>`iÃÊn³,®°
-1-* - $ `i«i ` i Ìi]Ê`iÊ
/ , Ì « Ê V* iÀà ]ÊV Ê Àià ÀÌiÃÊ i V `> iÃÊÞÊL>ÀÀ>Ê iÃÌ>L â>` À>° /, - , `i«i ` i Ìi]Ê`iÊ «>À> i }À> Ê `iv À >L i]ÊV ÊÀià ÀÌiÃÊ i V `> iÃÊÞÊL>ÀÀ>ÊiÃÌ>L â>` À>°
, " / ,"- iÊ` ÃV ÃÊ Ûi Ì >` Ã]ÊV Ê -°
iÊ` ÃV ÃÊ /, - ,"- Ûi Ì >` Ã]ÊV Ê -°
,
$
iÊ« ÊÞÊVÀi > iÀ>]ÊV Ê >à ÃÌi V >Êi jVÌÀ V>°
- " -
.0503 ÃÊi Ê«Õ Ì Ê`iÊ«>ÀÌ `>Ê«>À>ÊÕ Ê > i Ê` ? V °Ê ÊL µÕiÊV ÀÀië `iÊ>Ê Õ ÊÃi ÃÊV `À ÃÊi Ê i>]ÊV ÊΰäÊ ÌÀ ÃÊ`iÊ`ië >â> i Ì ÊÞÊÃi Ã>V > iÃÊÎÓÈÊ *]ÊV ÊÌÕÀL ]ʵÕiÊ ÃÊ i Û>À Ê>ÊÃi Ì À Ê>Ê ?ÃÊ`iÊÓÎäÊ É °Ê
4&(63*%"%
%63"#*-*%"%
, "
7Ê ÊiÃV>Ì >Êi ÊÃi}ÕÀ `>`°Ê ÌÀiÊ ?ÃÊ ÖÃVÕ Êi V ÌÀ> Ã]Ê ?ÃÊÃi }ÕÀ `>`Êi ÊÃÕÊ > i °Ê1 >Ê`iÊ >ÃÊ Ûi`>`iÃÊiÃÊi Ê > Ê i ÌiÀÊ`iÊ >Ê >ÀV>]Ê i ÊVÕ> ÊÃ V Ì>Ê>Ã ÃÌi V >Ê i` >Ì>Ê i ÊV>Ã Ê`iÊi iÀ}i V >Ê Ê>VV `i Ìi°
ÃÊÕ ÊV V iÊiëiV > ]ÊV Ê> ÕÃÌiÃÊ iV? V ÃÊ À i Ì>` ÃÊ>Ê >Ê`i« À Ì Û `>`]Ê« ÀÊ ÊµÕiÊÃÕÊ > Ìi i Ì ÊV Êi ÊÌ i « ÊÌi `À?ÊÕ Ê V ÃÌ Ê ?ÃÊi iÛ>` °Ê ÊÕ ÊLÕi Ê VÕ `>` ÊiÃÊÕ Ê`i« ÀÌ Û Ê«>À>ÊÀ>Ì °
/"
"
-/ ÊÊ /, Ê -
{]ÎÓ{ £]ÇÈx £]{££ Ó]È ä
*
£]xÓäÊ }À> ð xÓÊ ÌÀ ð
1 ÎÈäÊ ÌÀ ð * -"
/ +1
1 HJOB
+VFWFT EF TFQUJFNCSF EF
'PSE 3BOHFS 9- %JFTFM Y
'*$)" 5²$/*$"
%JTF×BEB QBSB FM USBCBKP QFTBEP
À Ì> ÊÌÀ> ÃÛiÀÃ> "/",
,"- {ÆÊÓ°ÓÊ ÌÀ ð /1, "Ê °
" *, -", *"/ £ÓxÊ *° /",+1 Ó{ÎÊ LÀ>Ã « i° /,
$
> Õ> Ê`iÊÃi ÃÊ /, - - $ Ûi V `>`iÃÊȳ,®°
-1-* - $ `i«i ` i Ìi]Ê`iÊ
/ , ` L iÊ ÀµÕ >ÊV Ê > ÀÌ }Õ>` ÀiÃÊ`iÊ}>ÃÊÞÊ Àià ÀÌiÃÊ i V `> ið
-B CVFOB FOUSFHB EF UPSRVF B CBKBT SFWPMVDJPOFT IBDFO NÈT FGJDJFOUF FM NBOFKP EF FTUB QJDLVQ 6O QBS EF DBMDPNBO½BT B MPT DPTUBEPT USBTFSPT BOVODJBOEP i Y w FT MB ÈOJDB EJGFSFODJB FTU¹UJDB FYUFSJPS FOUSF MB 3BOHFS EJFTFM Z MBT WFSTJPOFT EF FOUSBEB DPO QSPQVMTPS B HBTPMJOB 1FSP FO MB QS²DUJDB IBZ N²T &O MB QBSUF NPUSJ[ VOB USBOTNJTJÂO EF TFJT WFMPDJEBEFT Z VO NPUPS EJFTFM EF MJUSPT DSFBO VOB HSBO EJGFSFODJB QBSB BRVF MMBT QFSTPOBT RVF VUJMJ[BO MBT QJDLVQ DPNP WFI½DVMPT EF USBCBKP QBSB MMFWBS DBSHB FO DBTJ DVBMRVJFS UFSSFOP $PO VOB USBOTNJTJÂO USBTFSB DPO PQDJÂO EF Y 'PSE BQVFTUB FO FTUB WFSTJÂO QPS VOB QJDLVQ NFEJBOB DBQB[ EF TVCJS Z CBKBS QFOEJFOUFT FO UFSSFOPT OP EFM UPEP BNBCMFT DPO VOB DBS HB EF IBTUB NJM LJMPT FO MB DBKB DBTJ LJMPT N²T RVF TV DPNQFUJEPSB MB .JUTVCJTIJ - FO TV WFSTJÂO EJFTFM Y 4V NPUPS 5%$J EF MJUSPT EF EFTQMB[BNJFOUP TF PTUFO UB DPNP VOP EF MPT NFKPSFT EJFTFM QBSB FTUF TFHNFOUP JOUF HSBOEP OVFWBT UFDOPMPH½BT DPNP VOB CPNCB EF BDFJUF EF QSF TJÂO RVF BZVEB B VO SFOEJNJFOUP ÂQUJNP PCUFOJFOEP VO NFOPS DPOTVNP EF DPNCVTUJCMF Z FNJTJPOFT DPOUBNJOBOUFT FO FM BN CJFOUF BEFN²T EF BMBSHBS MPT TFSWJDJPT EF NBOUFOJNJFOUP " EJGFSFODJB EF BMHVOPT NPEFMPT EF QJDLVQ RVF FTU²O EJ TFÁBEPT QBSB VO VTP N²T IBCJUVBEP B MB DJVEBE MB 3BOHFS %JFTFM Y QVFEF SFTVMUBS iEVSBw P JODÂNPEB QBSB FM E½B B E½B TPCSF UPEP FO FM US²GJDP QFTBEP -B SFMBDJÂO EF MPT DBNCJPT EF MB QBMBODB EF WFMPDJEBEFT TPO DPSUPT MP DVBM MB IBDF N²T QSF DJTB Z DPO NFOPS Q¹SEJEB EF QPUFODJB Z DPNCVTUJCMF QFSP FTB NJTNB QSFDJTJÂO FO VO WFI½DVMP UBO QFTBEP Z VO UPSRVF EF MJCSBT QJF PUPSHB VO NBZPS KBMÂO TJ FM DBNCJP OP FT IF DIP DPSSFDUBNFOUF " QFTBS EF MB QPUFODJB RVF UJFOF FM NB OFKP EF MB 3BOHFS FT DÂNPEP "M NFOPT UBO DÂNPEP DPNP QVFEB TVQPOFSTF FO VOB QJDLVQ
.FKPS DPO DBSHB 4JO DBSHB FO MB DBKB MB 3BOHFS FT MJHFSBNFOUF iCSJODPOBw F
JOFTUBCMF FO WFMPDJEBEFT BMUBT $PO DBSHB TF NBOFKB EF NBOFSB N²T FGJDJFOUF FO DVBMRVJFS TVQFSGJDJF Z FT QSFDJTBNFOUF FO UFSSFOP OP BTGBMUBEP JODMV TJWF TÂMP DPO MB USBDDJÂO USBTFSB EPOEF TV NB OFKP FT NFKPS -B EJSFDDJÂO UJFOF MB SFMBDJÂO QFSGFDUB FOUSF EVSF[B Z DPNPEJEBE IBDJFO EP MBT NBOJPCSBT FO UFSSFOP TJOVPTP NVDIP N²T FGFDUJWBT BM NPNFOUP EF HJSBS FM WPMBOUF &M IBCJU²DVMP FT BNQMJP QBSB QBTBKFSP Z DPQJMPUP &M FTQBDJP USBTFSP FT TVGJDJFOUF QBSB USFT QFSTPOBT TJO FNCBSHP OP IBZ MVHBS FO MB QBSUF EF BUS²T EF MB CBODB EF BTJFOUPT QBSB BDPNP EBS BCTPMVUBNFOUF OBEB -PT UFSNJOBEPT TPO BEFDVB EPT B VO WFI½DVMP EF USBCBKP BM JHVBM RVF MPT NBUFSJBMFT QM²T UJDPT MPT DV²MFT TF TJFOUFO TÂMJEPT Z EF CVFOB DBMJEBE &M FRVJQBNJFOUP EF MB 3BOHFS EJFTFM FT UBM WF[ TV QVOUP N²T E¹CJM $PO VO QSFDJP EF MJTUB EF NJM QFTPT BOVODJBEP FO MB Q²HJOB PGJDJBM EF 'PSE MB WFSTJÂO EJFTFM DBSFDF EF FMFNFOUPT DPNP CPMTBT EF BJSF MBUFSBMFT FMFWBEPSFT FM¹DUSJDPT DPOUSPM EF BVEJP FO FM WPMBOUF P FM 4:/$ RVF QFSNJUF FM DPOUSPM Z VTP EFM UFM¹GPOP W½B #MVFUPPUI 5PEPT FTUPT TJTUFNBT TF FODVFOUSBO FO WFSTJPOFT EF NFOPS QSFDJP DPO NPUPSFT B HBTPMJOB VOB SB[ÂO QBSB QFOTBS FO MB PQDJÂO EJFTFM TJ MP RVF TF CVTDB FT GPSUBMF[B UPSRVF Z DMBSP BIPSSP EF DPNCVTUJCMF DPO MB PQDJÂO EF VO WFI½ DVMP Y FO DBTP EF OFDFTJUBSMP -B 3BOHFS EJFTFM Y FT TJO MVHBS B EVEBT VO WFI½DVMP FO GPDBEP BM USBCBKP Z DBSHB FO UFSSFOPT OP UBO BHSBEBCMFT Z GVFSB EFM BTGBMUP MB DPOWJWFODJB EFM E½B B E½B FO DJVEBE EF VOB QJDLVQ DPO FTUBT DBSBDUFS½TUJDBT QVFEF SFTVMUBS QPDP BHSBEBCMF EFCJEP BM TPOJEP Z WJCSBDJÂO EFM NPUPS 4J MP RVF TF CVTDB FT VOB QFRVF ÁB HVFSSFSB EF DBSHB DPO PQDJÂO UPEP UFSSFOP FTUB 'PSE 3BOHFS FT QSPCBCMFNFOUF MB NFKPS PQDJÂO FO FM NFSDBEP QBSB IBDFS FM USBCBKP QFTBEP TJO QSPCMFNB
{Ý{°
/, - , iÊÀ } ` ]Ê Õi iÃÊÞÊ > ÀÌ }Õ>` ÀiÃÊ`iÊ}>ð
, " / ,"- iÊ` ÃV ÃÊÃ ` Ã]Ê V Ê -ÊÞÊ ° /, - ,"- iÊÌ> L À°
,
$
iÊ« ÊÞÊVÀi > iÀ>ÊV Ê >à ÃÌi V >Ê `À?Õ V>°
- " -Ê ® x]Îx £]nxä £]n£x
, " " /"
%63"#-& -B DPOT USVDDJØO EFM JOUFSJPS FT JEFBM QBSB RVJFOFT CVT DBO VOB QJDLVQ EF NB UFSJBMFT SFTJTUFOUFT
-/ ÊÊ /, Ê -
Î]ÓÓä
*
* -" / +1
,
Î n] ää
£]nxnÊ }À> ð näÊ ÌÀ ð £]£{ÓÊ }À> ð
*ià ð
%*4$3&5" -B 3BOHFS ÞOJDB NFOUF TF EJTUJOHVF FO TV WFS TJØO B EJFTFM QPS MPT FMFNFO UPT EFDPSBUJWPT FO FM FYUFSJPS '0504 $035&4¶" t $ «-7"3&;
+VFWFT EF TFQUJFNCSF
1 HJOB
"VEJ F USPO 2VBUUSP $PODFQU
4BDVEF FM UFSSFOP -B BVUPOPNÓB FMÏDUSJDB EF FTUF WFIÓDVMP FT MB DMBWF QBSB FM EFTBSSPMMP EFM iBVUP EFM NB×BOBw
-B N²T OPWFEPTB FOUSFHB FM¹DUSJDB EF "VEJ QSF TVNF EF VOB DBSSPDFS½B UPEP UFSSFOP DBQB[ EF BEBQUBSTF B DVBMRVJFS OFDFTJEBE EF USBTMBEP FO DPSUB P MBSHB EJTUBODJB 4F USBUB EFM F USPO 2VBUUSP $PODFQU RVF SFDJFOUFNFOUF BUFSSJ[Â FO FM 4BMÂO EF 'SBOLGVSU Z TF DPMPDB DPNP VOB EF MBT DBSUBT N²T JOUFSFTBOUFT QBSB MB NBSDB EF MPT DVBUSP BSPT B GVUVSP $PO VO UBNBÁP JOUFSNFEJP FOUSF VO 2 Z VO 2 DPO NFUSPT EF MPOHJUVE NFUSPT EF BODIP Z NFUSPT EF BMUVSB PGSFDF VO BNQMJP FTQBDJP EF DVBUSP QMB[BT BT½ DPNP VOB USBDDJÂO JOUFHSBM HSBDJBT B MPT USFT NPUPSFT RVF MP DPNQP OFO QPS VO MBEP VOP EF FTUPT UJFOF MB SFTQPOTB CJMJEBE EF NPWFS MBT EPT SVFEBT EFMBOUFSBT FO UBOUP RVF MPT NPUPSFT SFTUBOUFT TF FOGPDBO B DB EB VOB EF MBT MMBOUBT USBTFSBT 6OB QFDVMJBSJEBE N²T FT RVF MB CBUFS½B EF JP OFT EF MJUJP EF L8I EF FTUF "VEJ FTU² MPDBMJ [BEB KVTUP EFCBKP EFM IBCJU²DVMP Z PGSFDF VOB BV UPOPN½B ÈOJDB EF N²T EF LJMÂNFUSPT DBOUJEBE EF FOFSH½B RVF TF SFDVQFSB DVBOEP FM DPOEVDUPS QJTB FM GSFOP Z RVF UBNCJ¹O EJDIB FOFSH½B TF QVFEF SFHVMBS FO QMFOB SFDVQFSBDJÂO &O UBO TÂMP TFHVOEPT FTUF "VEJ F USPO 2VBUUSP MPHSB BDFMFSBS EF B LJMÂNFUSPT QPS IPSB IBTUB BMDBO[BS VOB WFMPDJEBE N²YJNB EF LJMÂNFUSPT QPS IPSB B MB QBS RVF TV QPUFODJB DPOKVOUB N²YJNB FT EF )1 BVORVF EF NBOF SB DPOUJOVB FT EF )1
"VUPOPNªB QFSTPOBMJ[BEB 2VFEBSTF TJO CBUFS½B TFS½B VOB QFTBEJMMB RVF VO DPOEVDUPS EFM "VEJ F USPO 2VBUUSP ZB OP FY QFSJNFOUBS½B QVFT MB SFDBSHB EF ¹TUB QVFEF SFB MJ[BSTF EF EPT NBOFSBT DPO DPSSJFOUF BMUFSOB P DPOUJOVB &O FM DBTP EF MB DPSSJFOUF DPOUJOVB FO UBO TÂMP NJOVUPT FT QPTJCMF SFWJWJS MB CBUFS½B B USB W¹T EF VOB UPNB EF L8 4JO FNCBSHP MB QP TJCJMJEBE EF SFDBSHB JOBM²NCSJDB UBNCJ¹O FT GBD UJCMF NFEJBOUF JOEVDDJÂO TJO MB OFDFTJEBE EF DBCMFT $PNP TPSQSFTB "VEJ BQVFTUB UBNCJ¹O QPS MB SFDBSHB EFTEF FM UFDIP B USBW¹T EF QMBDBT GPUPWPMUBJDBT QBOFMFT TPMBSFT RVF BZVEBO B BMJ NFOUBS MB FOFSH½B EF MB CBUFS½B 3FTQFDUP B MB UFDOPMPH½B DPNQMFNFOUBS½B FM "VEJ F USPO 2VBUUSP QSFTVNF TVT BWBODFT FO FM MMBNBEP 0-&% 0SHBOJD -JHIU &NJUJOH %JPEF RVF TF NBOJGJFTUB FO MPT GBSPT DPO JMVNJOBDJÂO NBUSJDJBM -&% HSBDJBT B DJODP UJSBT MVNJOPTBT RVF BMUFSOB MB UFDOPMPH½B -&% DPO MB 0-&% &O FM UFNB EF TV BFSPEJO²NJDB "VEJ ZB SF DJCF CVFOBT DS½UJDBT EFCJEP BM DPFGJDJFOUF BFSPEJ O²NJDP $Y RVF PGSFDF VOB SFTJTUFODJB BM WJFO UP EF WBMPS NVZ QFDVMJBS BM USBUBSTF EF VOB DBSSPDFS½B UPEP UFSSFOP RVF BEFN²T JOGMVZF OP UBCMFNFOUF FO FM DPGSF MPT MBUFSBMFT Z MB QBSUF QPT UFSJPS DPO FMFNFOUPT NÂWJMFT RVF MMFHBOEP B MPT LJMÂNFUSPT QPS IPSB DBNCJBO FM GMVKP EF BJSF QPS MP RVF FM EJOBNJTNP FTU² EF TV MBEP &26*10 "MHVOPT FMFNFOUPT BQVOUBO QBSB VTBSTF B GVUVSP
'0504 $035&4¶" t "6%*
1 HJOB
+VFWFT EF TFQUJFNCSF EF
5PZPUB $PSPMMB 4 1MVT
$JUBEJOP DPO
SPQB EFQPSUJWB '0504 &- */'03."%03 t . $"45*--0
&TUB FT VOB EF MBT WFSTJPOFT N²T FRVJQB EBT EFM $PSPMMB VO BVUP IFDIP QBSB TFS FGJ DJFOUF FO MB DJVEBE QFSP RVF DPO FTUB WFS TJÂO HBOB BMHVOPT FMFNFOUPT RVF MF EBO VO MJHFSP BJSF EF EFQPSUJWJEBE
%*4&º0 >ÃÊÛiÀà iÃÊ`i Ê À >ÊÌ i i Ê «iÀVi«Ì L iÃÊV> L ÃÊ`iÊÕ >Ê>Ê ÌÀ>°Ê - Êi L>À} ]Êi ÊiÃÌ>ÊÛiÀà Êp >Ê-Ê * ÕÃpÊÌi i ÃÊi ÊiÝV Õà Û>Êi ʵÕi >V V ÃÊÞÊÕ Êë iÀÊÌÀ>ÃiÀ ]ʵÕiÊ iÊ `> Ê> ÀiÃÊ`iÊ`i« ÀÌ Û `>`ÊÛ ÃÕ> °
ÎÓÎ]£ää
*ià ð
&41"$*0 >ÊiÃi V >Ê`i Ê À >ÊiÃÊÃiÀÊÕ Ê>ÕÌ Ê V Ì>` ʵÕiÊ ÊÃiÊ iÌiÊi Ê«À L i >ÃÊ Ê`iÊ > i Ê Ê`iÊÌÀ> ë ÀÌ> V ]Ê« ÀÊ ÊµÕiÊ iÛ>ÀÊ >ÃÌ>ÊV V Ê «>Ã> iÀ ÃÊiÃÊÕ >ÊÌ>Ài>ʵÕiÊVÕ « iÊ `iÊv À >Êiv V i Ìi°
'*$)" 5²$/*$" "/", À Ì> ÊÌÀ> ÃÛiÀÃ> °
,"- {ÆÊ£°nÊ ÌÀ ð /1, "Ê °
" *, -",
.*4.0 4"#03 -B WFSTJØO i4 1MVTw TØMP MP EJTUJOHVF DPNP FM NÈT FRVJQBEP EF MB HBNB EFM $PSPMMB
&26*10 : 5&3.*/"%04 ʵÕiÊ` ÃÌ }ÕiÊ>ÊiÃÌ>ÊÛiÀà Ê`i Ê
À >ÊV ÊÀiëiVÌ Ê> Ê-]ÊiÃÊÃÕÊ«> Ì> >ÊÌ?VÌ Ê`iÊÈ°£Ê«Õ }>`>Ã]ÊV Ê *-Ê `iÊ >Ûi}>V ÆÊV? >À>Ê`iÊÀiÛiÀÃ>ÆÊ >VVià ÊÞÊi Vi ` ` ÊºÃ Ê >Ûi»ÊÞÊ V ÌÀ Ê>ÕÌ ?Ì V Ê`i Êà ÃÌi >Ê`iÊ > ÀiÊ>V ` V >` °
.0503
103 %&/530 4JO QSFUFOTJPOFT EFQPSUJWBT FM DPDIF NVFTUSB VO FRVJQP DPNQMFUP RVF BCBS DB UFDOPMPHÓB DPOGPSU Z TFHVSJEBE
.0503
$"+6&-"
«>ÀÌiÊi Ê Ã Ê Ì ÀʵÕiÊi ÊÀiÃ Ì Ê`iÊ >Ê}> >Ê`i Ê À >]ÊV ÊÕ ÊL µÕiÊ`iÊ{ÊV `À Ã]Ê£°nÊ ÌÀ ÃÊ`iÊ`ià « >â> i Ì ÊÞÊ£ÎÓÊ *ʵÕiÊi Û > Ê >Ê « Ìi V >Ê> Êi iÊ`i > ÌiÀ °Ê
ÊÎxäÊ ÌÀ ÃÊiÃÌ> ÃÊ >L > ` Ê`iÊ Õ >Ê`iÊ >ÃÊV> Õi >ÃÊ ?ÃÊV «>VÌ>ÃÊ `iÊÃÕÊÃi} i Ì ]Ê V ÕÃ Ê >ÞÊV «>VÌ ÃÊ`iÊ ÌÀ>ÃÊ >ÀV>ÃʵÕiÊÌ i i Ê ?ÃÊië>V °Ê Êv>Û À]ÊÌ i iÊÕ >ÊLÕi >Ê` ÃÌÀ LÕV Êi Êi Ê > iÌiÀ °
%*3&$$*»/ : $".#*0 >Ê>à ÃÌi V >Êi jVÌÀ V>Êi Ê >Ê` ÀiV V Ê ÃÊ«iÀ ÌiÊÌi iÀÊÕ Ê > i Ê ÃÕ>Ûi]Ê i ÌÀ>ÃʵÕiÊ >ÊV> >Ê`iÊV> L ÃÊ ÊÃiÊV «À iÌiÊV Êi Ê`i Ãi «i ʵÕiÊ Ã Ö>Êi ÊiÝÌiÀ ÀÊV Ê > ÀiÃÊ`i« ÀÌ Û ÃÊÞÊà ÊV Ì> ÃÊV Ê VÕ>ÌÀ ÊÛi V `>`ið
4&(63*%"% ÃÊvÀi ÃÊà Ê`iÊ` ÃV ÃÊÛi Ì >` ÃÊ >`i > ÌiÊÞÊà ` ÃÊ>ÌÀ?Ã]ÊV Ê -]Ê ÊÞÊ ]ÊÃÕ >` Ê>Ê >ÃÊL Ã>ÃÊ`iÊ > ÀiÊvÀ Ì> iÃ]Ê >ÌiÀ> iÃÊÞÊ`iÊÌ « ÊV À Ì >ÊÞÊÕ >ÊÃj«Ì >ÊL Ã>Êi Ê >ÃÊÀ ` >ÃÊ`i ÊV `ÕVÌ À®]ÊV Ê ÊµÕiÊÌi i ÃÊÕ ÊV V iʵÕiÊ«À Ìi}iÊL i °
Ê Ì ÀÊi ÌÀi}>Ê >Ê« Ìi V >Ê`iÊv À >Ê}À>`Õ> ÊÞÊV ÊVÕ>ÌÀ Ê >ÀV >ÃÊ Ê « `i ÃÊ«i` ÀʵÕiÊÃi>ÊÕ ÊL ` °Ê- Ê i L>À} ]ÊÃÕÊ > i ÊÌÀ> µÕ ÊÃiÊÀi v i >Êi Êi ÊL à ÊV ÊÕ ÊL> ÊV ÃÕ Ê`iÊ}>à >°
7"-03 103 56 %*/&30
Ì>ÀÊV Êi ÊÀië> ` Ê`iÊÕ >Ê >ÀV>Ê V Ê/ Þ Ì>]ÊV ÊLÕi >ÊV> `>`Êi ÊÃÕÃÊ ÃiÀÛ V ÃÊ« ÃÌ Ûi Ì>ÊÞÊ > Ìi i Ì ]Ê Ìi i ÃÊÕ ÊV V iʵÕiÊ«Õi`iÊ}i iÀ>ÀÊ « V ÃÊ` ÀiÃÊ`iÊV>Liâ>ÊÞ]Êà LÀiÊÌ ` ]Ê Ìi iÀÊÕ ÊLÕi ÊÛ> ÀÊ`iÊÀiÛi Ì>°
*"/ £ÎÓÊ *ÊJÊÈ]äääÊÀ« ° /",+1 £ÓnÊ LÀ>à « iÊJÊ {]{ääÊÀ« ° /,
$ i > ÌiÀ>° ÕÌ ?Ì V>Ê`iÊ /, - - $ VÕ>ÌÀ ÊÛi V `>`iÃÊ {³,®°
-1-* - $ `i«i ` i Ìi]Ê`iÊ
/ , Ì « Ê V* iÀà ]ÊV Ê Àià ÀÌiÃÊ i V `> iÃÊÞÊL>ÀÀ>Ê iÃÌ>L â>` À>° /, - , -i `i«i ` i ÌiÊ`iÊ Û }>Ê`iÊÌ Àà ÊV Ê Àià ÀÌiÃÊ i V `> iÃÊ ÞÊL>ÀÀ>ÊiÃÌ>L â>` À>°
, " / ,"- iÊ` ÃV ÃÊ Ûi Ì >` Ã]ÊV Ê -]Ê ÊÞÊ °
iÊ` ÃV ÃÊÃ ` Ã]ÊV Ê /, - , -]Ê ÊÞÊ °
,
$
iÊ« ÊÞÊVÀi > iÀ>ÊV Ê >à ÃÌi V >Êi jVÌÀ V>°
- " -
%63"#*-*%"%
ÊV>à ÊÌ ` Êi Ê/ Þ Ì>]ÊiÃÌiÊ>ÕÌ Ê Ê iÃÊ >ÊiÝVi«V Ê«>À>ÊÃiÀÊ`ÕÀ>L i°Ê Ê Õ Ê«>ÀÊ`iÊ> ÃÊi Êi Ê iÀV>` Ê Õi} Ê`iÊ ÃÕÊ ?ÃÊÀiV i ÌiÊÀi Û>V ]Ê ÕiÃÌÀ>Ê ÃiÀÊÕ Ê>ÕÌ ÊµÕiÊ« ÀÊ Ê i ÃÊ`ÕÀ>À >Ê ?ÃÊ> ?Ê`iÊÕ Ê ÕÃÌÀ Êi Ê >ÊV V iÀ>°
{]Èxä £]ÇÇÈ £]{Çx
, " " /"
-/ ÊÊ /, Ê -
Ó]Çää
*
* -" / +1
1
£]Ó äÊ }À> ð xäÊ ÌÀ ð ÎxäÊ ÌÀ ð
+VFWFT EF TFQUJFNCSF
1 HJOB
1PSTDIF .JTTJPO &
)&
'0504 $035&4¶" t 1034$
-B SFWPMVDJØO UFDOPMØHJDB 1PSTDIF JODVSTJPOB FO MB GBCSJDBDJØO EF TV QSJNFS WFIÓDVMP FMÏDUSJDP QSFTFOUBEP FO FM 4BMØO EF 'SBOLGVSU -B TPSQSFTB TVDFEJÂ FO FM 4BMÂO EF 'SBOLGVSU EPOEF 1PSTDIF QSFTFOUÂ FM QSPUPUJQP .JTTJPO & 6O BVUP BM RVF MB DBTB EF 4UVUUHBSU BQPTUÂ QPS DSFBS VO FKFNQMBS FO DPOUSB EF MB JEFB EF RVF MPT BVUPT FM¹DUSJDPT TPO BCVSSJEPT Z MFO UPT &M .JTTJPO & MPHSB )1 BM TFS JNQVM TBEP QPS VO QBS EF NPUPSFT FM¹DUSJDPT BN CPT FTUSBU¹HJDBNFOUF DPMPDBEPT FO MBT QBSUFT EFMBOUFSB Z USBTFSB &TUP QBSB PCUFOFS MB USBD DJÂO FO MBT DVBUSP MMBOUBT MP RVF FO UFPS½B BCPOB B VOB TFOTBDJÂO EF NBOFKP 4V QPEFS½P EF BSSBORVF BGJSNB FM GBCSJ DBOUF WB EF B LJMÂNFUSPT QPS IPSB FO TFHVOEPT &M EJTFÁP EFM DPDIF EJTQPOF EF MB CBUFS½B EF JPOFT EF MJUJP FO MB QBSUF CBKB EFM WFI½DVMP NJFOUSBT RVF MB BVUPOPN½B N²YJNB RVF BMDBO[B EJDIB CBUFS½B FT EF LJMÂNF USPT FM EPCMF P USJQMF EF MPT FM¹DUSJDPT EF PUSBT NBSDBT RVF ZB DPOPDFNPT $PNP FO PUSPT NPEFMPT FO FM NFSDBEP RVF SFDVSSFO B MB UFDOPMPH½B EF JPOFT EF MJUJP FM .JTTJPO & QVFEF SFDBSHBSTF FO NPEP S²QJ EP FO UBO TÂMP NJOVUPT QPS MP NFOPT IBT UB FM QPS DJFOUP 1PS PUSP MBEP FO TV FYUF SJPS PTUFOUB VOB DBSSPDFS½B EF DVBUSP QVFSUBT RVF NF[DMB BDFSP BMVNJOJP Z QM²TUJDP -B TJO HVMBSJEBE SBEJDB FO MBT QVFSUBT USBTFSBT RVF TF BCSFO FO FM TFOUJEP PQVFTUP BM RVF FTUBNPT
BDPTUVNCSBEPT :B FO FM JOUFSJPS MB QBSUF USB TFSB EFM IBCJU²DVMP PGSFDF EPT BTJFOUPT 0USB QFDVMJBSJEBE FT MB WBSJBDJÂO FO FM UBNBÁP EF MPT SJOFT EF GJCSB EF DBSCPOP ZB RVF FM QBS EF BEFMBOUF NJEF QVMHBEBT DBEB VOP NJFO USBT RVF MPT USBTFSPT TPO EF QVMHBEBT BQPSUBOEP B MB GVODJPOBMJEBE Z FM BTQFDUP EF VO EFQPSUJWP
5PEBWªB N T UFDOPMPHªB &O FM UBCMFSP QJMPUP Z DPQJMPUP UJFOFO BD DFTP B MB HBNB EF BQMJDBDJPOFT NVMUJNFEJB FM ZB JOGBMUBCMF OBWFHBEPS DPOUSPMFT EFM DMJ NB EFOUSP EFM BVUP FUD¹UFSB -B JOUFSGBTF TF QSPZFDUB DPNP VO IPMPHSBNB Z TF DPOUSPMB NFEJBOUF NPWJNJFOUPT DPO MBT NBOPT " MB QBS EF FTUF SFDVSTP UFDOPMÂHJDP MPT SFUSPWJ TPSFT DBSFDFO EF FTQFKPT UBM Z DPNP MPT DPOP DFNPT QVFT FO TV MVHBS IBZ D²NBSBT RVF SF GMFKBO DPO NBZPS QFSGFDDJÂO TFHÈO 1PSTDIF FM FOUPSOP EFM WFI½DVMP "VORVF QBSFDF RVF FM GVUVSP EF MPT BV UPT FM¹DUSJDPT UJFOF FO FM .JTTJPO & VOB DBS UB GVFSUF QBSB NBSDBS UFOEFODJBT IBCS² RVF FTQFSBS B RVF FTF GVUVSP MMFHVF QPS DPNQMFUP Z 1PSTDIF DPODSFUF MP RVF QSFTV NJÂ DPO TV QSPUPUJQP FO MB FEJDJÂO N²T SF DJFOUF EFM 4BMÂO EF 'SBOLGVSU
&- %"50 * ÀÃV iÊ>V >À ʵÕiÊ ÃÊ Ì ÀiÃÊ`i Ê ÃÃ Ê Êà Êà >ÀiÃÊ>Ê ÃʵÕiÊ ÕÌ â>Êi Ê £ Ê ÞLÀ `]ÊÃÕÊ `i Ê LÀ ` Ê`iÊV>ÀÀiÀ>Ã°Ê >Ê>«>À i V >Ê `i Ê ÃÃ Ê Ê ÕViÊÌ> L j ÊÕ Ê« À ÌiÊ`i« ÀÌ Û ]Ê«iÀ Ê` Ãi >` Ê ?ÃÊ «>À>Ê >ÊV> iÊÞÊ Ê«>À>Ê >ÃÊ« ÃÌ>Ã°Ê Ã Êà ]ÊÃiÊ > Ì i iÊÕ >Ê> ÌÕÀ>ÊÀi `ÕV `>\Ê£°ÎÊ iÌÀ ð
1ย HJOB
+VFWFT EF TFQUJFNCSF EF '0504 $035&4ยถ" t ,*" .05034
3&%*4&ยบ0 -BT OVFWBT GPS NBT EF FTUB 467 TF BMJOFBO DPO FM MFOHVBKF EF EJTFร P RVF IPZ FYQFSJNFOUB ,JB
,JB EFTUBQร EVSBOUF FM 4BMร O EF 'SBOLGVSU TV OVFWP NPEFMP EF MB 4QPSUBHF 4F USBUB EF VOB 467 DVZB BOUFSJPS WFSTJร O MMF Hร UBO Tร MP IBDF VOPT NFTFT BM NFSDBEP NFYJDBOP Z BIPSB GVF SFOPWBEB QPS MPT GB CSJDBOUFT DPSFBOPT MVFHP EF DJODP Bร PT EF IBCFS MBO[BEP TV HFOFSBDJร O BOUFSJPS -B QSJNFSB EJGFSFODJB FT TV NBZPS UB NBร P DPO NFUSPT EF MBSHP -B BMUVSB Z BODIVSB TF NBOUJFOFO FO Z NF USPT SFTQFDUJWBNFOUF "VORVF OP TF USB EVKP FO NBZPS BMUVSB MB FNQSFTB BVUPNP USJ[ Tยฝ NFKPSร FM EJTFร P QBSB RVF FO FM JOUFSJPS FM FTQBDJP MJCSF FO FM UFDIP TFB NN NยฒT HSBOEF RVF MB WFSTJร O BOUFSJPS FO MPT BTJFOUPT EFMBOUFSPT -B DJGSB BTDJFOEF B NN FO MPT BTJFOUPT USBTFSPT &M SFBDP NPEP FO FM IBCJUยฒDVMP UBNCJยนO CSJOEB NB ZPS FTQBDJP QBSB MBT QJFSOBT NN FO MBT QMB[BT EFMBOUFSBT Z NN FO MBT USBTFSBT 4VT DSFBEPSFT BGJSNBO RVF FO FM JOUFSJPS EF MB 467 FT NBZPS MB JOTPOPSJ[BDJร O 4FHร O ,*" MPT BTJFOUPT EFMBOUFSPT QFTBO NFOPT 6OB OVFWB DBSBDUFSยฝTUJDB FT TV DPOTJTUFODJB RVF QSFUFOEF BCTPSCFS MBT WJCSBDJPOFT EF NFKPS NBOFSB $PNP PQ DJร O FTUยฒ MB DBMFGBDDJร O JOUFHSBEB FO FMMPT DPO SFHVMBDJร O FMยนDUSJDB &M UBCMFSP PTUFO UB FO FM DFOUSP MB ZB DBTJ JNQSFTDJOEJCMF QBOUBMMB UยฒDUJM RVF FO FTUB 4QPSUBHF QVF EF TFS EF TJFUF V PDIP QVMHBEBT " USBWยนT EF FMMB TF BDDFEF B MPT TJTUF NBT NVMUJNFEJB Z B MPT BQPZPT QBSB MB OB WFHBDJร O -B DBQBDJEBE EF DBSHB QBSB MB DBKVFMB BVNFOUร DBTJ MJUSPT QBSB MMFHBS B MJUSPT FO MBT WFSTJPOFT BOUFSJP SFT &TUP TF EFCF B MPT NN NยฒT EF BO DIVSB &O DPODPSEBODJB DPO FM DSFDJNJFO UP HFOFSBM FM UBORVF EF HBTPMJOB FT EF MJUSPT DVBUSP NยฒT RVF MB "EFNยฒT FM UFDIP QBOPSยฒNJDP PQDJPOBM DSFDJร B DN DN NยฒT
,JB 4QPSUBHF
3FOPWBDJร O UPUBM ,JB QPOF BM Eร B B MB 4QPSUBHF DPO NFKPS EJTFร P Z Nร T UFDOPMPHร B
.&+03 $0/4536$$*ยป/ -B OVFWB FTUSVDUVSB FMJNJOB HSBO QBSUF EF MBT WJCSBDJPOFT QBSB PUPSHBS NBZPS DPNPEJEBE B MPT QBTBKFSPT
-P RVF MB NVFWF -PT NPUPSFT FMFHJEPT QBSB FTUB OVFWB 4QPSUBHF TPO TJNJMBSFT B MPT RVF VUJMJ[B MB 5VDTPO EF )ZVOEBJ -BT OVFWBT 4QPSUBHF TF GBCSJDBSยฒO DPO DJODP NPUPSFT EJGFSFOUFT EPT EF HBTPMJOB Z USFT EF EJยนTFM -PT QSJNFSPT TPO EF MJUSPT DPO QPUFODJBT EF Z DBCB MMPT EF GVFS[B 6OP EF MPT NPUPSFT EJFTFM FT
EF MJUSPT Z MMFHB IBTUB MPT )1 NJFOUSBT RVF MPT EPT SFTUBOUFT TPO EF MJUSPT DPO WB SJBDJPOFT EF Z DBCBMMPT EF QPUFODJB 1BSB FTUPT EPT ร MUJNPT ,JB SFTFSWร MB QPTJCJ MJEBE EF UFOFS MB USBDDJร O EFMBOUFSB P UPUBM EF QFOEJFOEP EF MPT SFRVFSJNJFOUPT EFM QJMPUP 5PEBWยฝB OP IBZ JOGPSNBDJร O TPCSF MBT WBSJBOUFT RVF MMFHBSยฒO BM NFSDBEP NFYJDB
OP FO DVBOUP B FRVJQBNJFOUP 1BSB MB TF HVSJEBE ,JB IB EJTQVFTUP CPMTBT EF BJSF QBSB MBT SPEJMMBT TVNBEBT B MBT CPMTBT EF BJSF EF UJQP DPSUJOB EFMBOUFSBT Z USBTFSBT &O MB TFHVSJEBE FYUFSJPS FM DPGSF QPTFF VO SFWFTUJNJFOUP FTQFDJBM RVF BCTPSCF MB NBHOJUVE EF MPT JNQBDUPT DPO VOB NF[DMB EF FTQVNB Z DBVDIP TJOUยนUJDP
+VFWFT EF TFQUJFNCSF
1 HJOB
3PMMT 3PZDF %BXO
&M TFOUJEP EF MB FYDMVTJWJEBE %FTEF DVBMRVJFS ÈOHVMP FM 3PMMT 3PZDF %BXO FT ÞOJDP
&M TJNQMF IFDIP EF NFODJPOBS FM OPNCSF EF MB NBSDB JOHMFTB 3PMMT 3PZDF TJHOJGJDB QBSB NV DIPT BMHP N²T RVF VOB DPNQBÁ½B GBCSJDBOUF EF BVUPT Z NPUPSFT EF BWJÂO FOUSF PUSBT DPTBT 4JHOJGJDB FYDMVTJWJEBE FO DBEB VOB EF TVT DSFB DJPOFT : BT½ TF SFGMFKB FO FM %BXO VO DPO WFSUJCMF RVF TF CBTB FO FM 8SBJUI QFSP DPO VO TFOUJEP EJTUJOUP TJO EFKBS EF MBEP FM MVKP F JO TJTUJNPT MB FYDMVTJWJEBE 6O FKFNQMP EF MP BOUFSJPS FT MB GBCSJDBDJÂO EF MPT Q²OFMFT EF MB DBSSPDFS½B MPT DVBMFT FTU²O IFDIPT TÂMP QBSB FTUF NPEFMP FO EF TV FT USVDUVSB E²OEP BT½ FM QSJNFS QBTP QBSB IBDFSMP EJTUJOUP FO VO NFSDBEP EPOEF MPT DPNQSBEPSFT CVTDBO QSFDJTBNFOUF FTP BMHP RVF TFB ÈOJDP $PO NFUSPT EF MBSHP NFUSPT EF BMUP Z NFUSPT EF BMUVSB FTUBNPT IB CMBOEP EF VO DPDIF BHB[BQBEP BVORVF TVT GPSNBT TVHJFSBO WFSMP DPNP VO DPDIF GPSOJEP -P RVF OP TF BMFKB EFM SFTUP EF MB GBNJMJB 3PMMT
3PZDF FT MB GPSNB FO RVF TF BCSFO MBT QVFS UBT DPO CJTBHSBT FO MP RVF TFS½B FM QJMBS i#w QBSB BCSJS IBDJB BUS²T &O DVBOUP BM UFDIP MB GBCSJDBDJÂO FT EF MP OB QFSP OP DVBMRVJFS MPOB TJOP VOB RVF BJTMB FM TPOJEP Z FT U¹SNJDB QBSB EJTGSVUBS EFM DPDIF DVBOEP FTU² DPO FM UPMEP QVFTUP TJO RVF FTUP JNQMJRVF FTDVDIBS FM SVJEP EFM US²OTJUP P RVF TF GJMUSF FM DBMPS P FM GS½P -B BQFSUVSB EFM UFDIP FT DPNQMFUBNFOUF FM¹DUSJDB MB DVBM UBSEB TFHVOEPT QBSB EFT QMB[BSTF Z EJDIB BDDJÂO TF QVFEF SFBMJ[BS FO NPWJNJFOUP B OP N²T EF LN I : DVBOEP TF BCSF MB DBQPUB FM UFDIP TF HVBSEB FO MB QBSUF TVQFSJPS EF MB DBKVFMB SFTHVBSEBEB QPS VOB UB QB GBCSJDBEB EF BVU¹OUJDB NBEFSB &WJEFOUFNFOUF MB DBKVFMB FT NVZ SFEVDJEB DPO MJUSPT EF DB
QBDJEBE N²YJNB Z MJUSPT DVBOEP TF HVBSEB FM UFDIP 4JO FNCBSHP FTUP TF DPNQFO TB DPO TVHFSFOUFT QSFTUBDJPOFT EFM NPUPS EF DJMJOESPT FO 8 EF MJUSPT EF DJMJOESBKF Z TP CSFBMJNFOUBEP QPS EPT UVSCPDPNQSFTPSFT &O UPUBM FSPHB )1 Z OFXUPO NFUSP EF UPSRVF FOUSFHBEP B SQN &TUF CMP RVF FTU² BDPQMBEP B VOB DBKB BVUPN²UJDB EF PDIP WFMPDJEBEFT GBCSJDBEB QPS ;' $PO FTUPT OÈNFSPT FM 3PMMT 3PZDF %BXO BDFMFSB EF DFSP B LN I FO TFHVOEPT Z BMDBO[B VOB WFMPDJEBE N²YJ NB EF LN I VOB CVFOB DPNCJOBDJÂO EF DJGSBT B QFTBS EF TV QFTP EF LJMPHSBNPT 1PS ÈMUJNP MB UFDOPMPH½B UBNCJ¹O BDPN QBÁB BM %BXO FO TV JOUFSJPS DPO FMFHBOUFT BDBCBEPT EF QJFM Z NBEFSB VUJMJ[BOEP VO IFBE VQ EJTQMBZ BT½ DPNP VO TJTUFNB NVMUJ NFEJB DPO QBOUBMMB EF QVMHBEBT Z VO TPOJEP EF MB NBSDB #FTQPLF FYDMV TJWP QBSB FTUF BVUP
'0504 $035&4¶" t 30--4 30:$&
1 HJOB
+VFWFT EF TFQUJFNCSF EF '0504 &- */'03."%03 t . $"45*--0
'*$)" 5²$/*$" "/", À Ì> Ê } ÌÕ` > °
,"- {ÆÊÓ°äÊ ÌÀ ð /1, "Ê °
" *, -", *"/ £xxÊ *ÊJÊÊ È]äääÊÀ« ° *ÀÕiL>Êi Êi Ê ` > iÌÀ ÊÊ `iÊ /Ê/Õ }°Ê / " "\Ê£ nÎ { È£ *"/ \ʣΠ°nÊ * £{n°ÈÊ LÀ>à « iÊ JÊ{]ÈääÊÀ« ° /,
$ /À>ÃiÀ>° > Õ> Ê`iÊÃi ÃÊ /, - - $ Ûi V `>`iÃÊ È³,®° /",+1
-1-* - $ `i«i ` i Ìi]Ê`iÊ
/ , ` L iÊ ÀµÕ >ÊV Ê L>ÀÀ>ÊiÃÌ>L â>` À>° /, - , `i«i ` i Ìi]Ê`iÊ Ì « Ê Õ Ì ÊV Ê L>ÀÀ>ÊiÃÌ>L â>` À>°
, " / ,"- iÊ` ÃV ÃÊ Ûi Ì >` Ã]ÊV Ê -]Ê ÊÞÊ °
iÊ` ÃV ÃÊÃ ` Ã]ÊV Ê /, - , -]Ê ÊÞÊ °
,
$
iÊ« ÊÞÊVÀi > iÀ>Ê V Ê>à ÃÌi V >Êi jVÌÀ V>°
- " Î] £x £] £n £]Ó{ä
, " " /"
-/ ÊÊ /, Ê -
Ó]Σä
*
* -" / +1
1
£]äÇ£Ê }À> ð {xÊ ÌÀ ð £ÎäÊ ÌÀ ð
, -1 / "-Ê
Ê Ê*,1 Vi iÀ>V Ê`iÊäÊ>Ê£ääÊ É Êi \
£ä°ÇÊÃi}Õ ` à Ài >` Ê`iÊ£ääÊ É Ê>ÊäÊi \
{äÊ iÌÀ ð
Õ>ÀÌ Ê`iÊ >\ É ° 6i V `>`Ê ?Ý >Ê LÃiÀÛ>`>\
ÓäxÊ É °
.B[EB .9
6O EÓB QFSGFDUP &M QFRVF×P OJQØO SFTVMUB FM DPNQB×FSP JEFBM QBSB DJFSUPT NPNFOUPT EF MB WJEB 4JFNQSF IBZ VOPT E½BT NFKPSFT RVF PUSPT QFSP FTF GVF FTQFDJBM : MP GVF KVT UP EFCJEP BM .B[EB .9 "NBOF DJÂ OVCMBEP Z GSFTDP FTF NJ¹SDPMFT QPS MB NBÁBOB &O MB BHFOEB TÂMP IBC½B VO QFO EJFOUF NBZPS QSPCBS FM OVFWP .9 : FM DMJNB FSB FYBDUBNFOUF FM BEFDVBEP i"SNBEPw DPO QSPUFDUPS TPMBS VOB HPSSB D²NBSB JOTUSVNFOUPT EF NFEJ DJÂO Z DVBEFSOP QBSB BQVOUFT TVC½ BM DPDIF Z NF EJTQVTF B IBDFS FM USBCBKP $MBSP RVF MB QSJNFSB QBSUF FT PCTFSWBS FM JOUFSJPS TFOUJS MPT UFSNJOBEPT FM FT QBDJP MB DPNPEJEBE WFS DÂNP OVFTUSP DVFSQP TF BEBQUB BM DPDIF Z WJDFWFSTB : FM .9 SFTQPOEF NVZ CJFO &T DÂ NPEP N²T BNQMJP EF MP RVF TF QVEJFSB
QFOTBS JODMVTP QBSB MPT N²T BMUPT -PT UFSNJOBEPT TPO NVZ BHSBEBCMFT -B BVTFODJB EF SVJEPT JOUFSJPSFT UBNCJ¹O NVFTUSB RVF GVF DPOTUSVJEP DPO DVJEB EP $PNP FRVJQP IBZ BJSF BDPOEJDJPOB EP NBOVBM VO CVFO TJTUFNB EF TPOJEP QBOUBMMB RVF TÂMP FT U²DUJM DVBOEP FM BV UP OP TF FODVFOUSB FO NPWJNJFOUP Z DVBOEP T½ FTU² FO NBSDIB IBZ VO NBO EP DFOUSBM FO MB DPOTPMB EPT QPSUBWB TPT SFNPWJCMFT FOUSF MPT BTJFOUPT KVT UP EFCBKP EFM ÈOJDP DPNQBSUJNFOUP QBSB HVBSEBS PCKFUPT ZB RVF OP IBZ HVBOUFSB -PT DSJTUBMFT Z FTQFKPT TPO FM¹DUSJDPT Z MPT BKVTUFT EF MPT BTJFOUPT NBOVBMFT Z TPMP MPOHJUVEJOBMFT /P TF QVFEF NPWFSMPT IBDJB BSSJCB P BCBKP
-B WJTJCJMJEBE FT CVFOB JODMVTP DPO FM UFDIP EF MPOB FO TV MVHBS 1FSP FM E½B JOEJDBCB RVF FM 4PM OP TF S½B JODMFNFOUF Z RVF FSB IPSB EF CBKBS FM UFDIP &O FM .9 FTUP TF IBDF NBOVBM NFOUF HSBDJBT .B[EB QPS OP QPOFS VO QFTBEP Z MFOUP NPUPS QBSB FTUP Z FO USFT TFHVOEPT RVJUBNPT FM TFHVSP MP QMFHB NPT IBDJB BUS²T "IPSB B EJTGSVUBS )BTUB TBMJS EF MB DJVEBE FTDVDIBCB CVF OB NÈTJDB FO FM FTU¹SFP MP RVF TF QVFEF IB DFS TJO QSPCMFNBT JODMVTP DPO FM UFDIP BCB KP TJ NBOUFOFNPT BSSJCB MPT DSJTUBMFT Z VTBNPT FM QFRVFÁP EFGMFDUPS EF QM²TUJDP RVF FODBKB FO EPT SBOVSBT FOUSF MBT DBCFDFSBT EF MPT BTJFOUPT -B TVTQFOTJÂO DÂNPEB QBSB VO EFQPSUJWP DPNQMFUBCB FM DVBESP EF QMBDFS
+VFWFT EF TFQUJFNCSF
1 HJOB
7JBKF IBDJB MP JNQPTJCMF 5PN¹ MB BVUPQJTUB Z MB EJWFSTJÂO DP *iÃ Ã°Ê Ê -« ÀÌ° NFO[ VOBT DVBOUBT DFOUFOBT EF NFUSPT BEFMBOUF &SB IPSB EF BQBHBS FM FTU¹SFP Z DPODFOUSBSTF FO MB EJWFSTJÂO -B DVSWB IBDJB MB J[RVJFSEB SFQSFTFOUBCB FM QSJNFS SFUP 3FDPSEBOEP NPEFMPT BOUFSJPSFT TB '0504 &- */'03."%03 t . $"45*--0 C½B RVF OP FSB VO QSPCMFNB QBSB FM OVF WP BVUP N²T MJHFSP DIJDP Z ²HJM RVF BO UFT -F TFHV½B PUSB DVSWB B MB EFSFDIB Z PUSB N²T B MB J[RVJFSEB Z FM .B[EB TF MV D½B 'JSNF TÂMJEP DPO DBS²DUFS Z DMBSP DPO MB USBDDJÂO USBTFSB PCMJH²OEPNF B NBOUFOFS QSFTJÂO TPCSF FM BDFMFSBEPS DP NP EFCF EF TFS FO VO WFSEBEFSP EFQPSUJ WP 4V QSFDJTJÂO B MB CBKB BMUVSB B RVF OPT FODPOUSBNPT EFM QJTP IBDF RVF FM BVUP TFB NBHO½GJDP JODMVTP B CBKBT WFMPDJEB EFT 1FSP FO BMUBT FT BÈO NFKPS +VTUP EFTQV¹T EF MB QSJNFSB DBTFUB EF DPCSP EF QFBKF MMFHBSPO MBT SFDUBT &M E½B BZVEBCB RVJUBOEP US²GJDP Z MJCFSBOEP NJ QJF EFSFDIP QBSB IVOEJSTF )BTUB LJMÂNFUSPT QPS IPSB Z FM .9 TF NBOUFO½B TPCSJP Z GJSNF TÂMP VO QFRVFÁP CBMBODFP EF MB USBTFSB OBUVSBM FO VO BVUP DPO MB DBKVFMB UBO DIJDB Z GSFO UF MBSHP NPTUSBCB RVF FTUBCB FO VO SPBETUFS /P IBC½B N²T FO FTF MVHBS &M .9 MMFH B TV M½NJUF EF QPEFS BQFOBT SF CBTBOEP MPT LN I 1FSP ZP TBC½B RVF MB WFSEBEFSB TPOSJTB MB JCB B UFOFS BMHV OPT LJMÂNFUSPT N²T BEFMBOUF : BT½ GVF "M MMFHBS B MBT DVSWBT TV CJFOEP MB NPOUBÁB FM NPUPS EF MJUSPT NPTUS RVF TVT DBCBMMPT EF GVFS[B TPO N²T RVF TVGJDJFOUFT 4V BHBSSF FT EJHOP EF VO (P ,BSU $PO FM WJFOUP FO MB DBSB Z FM TPOJEP RVF FO FTF NPNFOUP OPT MMFHB BM P½EP VOB NF[DMB EF NPUPS FTDB QF Z BJSF FM .9 FSB FM DPNQBÁFSP QFS GFDUP 1PS VO JOTUBOUF FOUSFDFSS¹ MPT PKPT Z QFOT¹ FTUBS FO VO WJEFP KVFHP UBNBÁB FT MB SFTQVFTUB Z SFBDDJÂO EF FTUF QFRVF ÁP KBQPO¹T "VUP IBDJB VO MBEP WPMBOUF IBDJB FM PUSP MBT SVFEBT USBTFSBT EFSSB QBOEP IBDJB GVFSB EF MB DVSWB BM NJTNP "$$&40 &M UBNB×P EFM .9 QVFEF QBSFDFS FOHB×PTP UJFOF DBCJEB QBSB QFSTPOBT QPS BSSJCB EF NFUSPT UJFNQP RVF FM BDFMFSBEPS MBT GPS[BCB B NBOUFOFSTF IBDJB EFMBOUF $ÂNP NF IV CJFSB HVTUBEP IBCFS GJMNBEP B NJ NJTNP FO FTF NPNFOUP 4FHVSP NJ TPOSJTB BQF OBT TF TFQBSBCB EF NJT PSFKBT &M SFHSFTP GVF JHVBMNFOUF FYDJUBOUF 'SFOBOEP DPO NPUPS FO MB CBKBEB DBN CJBOEP MB QSFDJTB Z DPSUB DBKB NBOVBM EF WFMPDJEBEFT Z EJTGSVUBOEP MB GFOPNFOBM FTUBCJMJEBE FO MBT DVSWBT &TB OPDIF BM QPOFS MB DBCF[B FO MB BM NPIBEB NJ TPOSJTB BÈO OP TF CPSSBCB {$ÂNP TF JCB B CPSSBS TJ IBC½B TJEP VO E½B QFSGFDUP .JS¹ FM SFMPK FO FM CVS Z NF BDPSE¹ EF MB QFM½DVMB i(SPVOEIPH EBZw i)FDIJ[P EFM 5JFNQPw DPNP NBM TF USB EVKP QBSB .¹YJDP FO FM RVF #JMM .VSSBZ TF WF BUSBQBEP FO FM NJTNP E½B RVF BNB OFDF Z BNBOFDF JHVBM IBTUB RVF DPORVJT UB B VOB IFSNPT½TJNB "OEZ .D%PXFMM 4½ FT GJDDJÂO QFSP FO FTF NPNFOUP RVFS½B RVF FTP QBTBSB DPONJHP BM E½B TJHVJFOUF BNBOFDFS FO FM NJTNP E½B Z NBOFKBS EF OVFWP FM .9 TPMP ¹M Z ZP UFDIP BCBKP FO SFDUBT Z NPOUBÁBT VOB Z PUSB WF[ VOB Z PUSB WF[ {4FS² SFBMNFOUF JNQPTJCMF
Î{Î]äää
1 HJOB
+VFWFT EF TFQUJFNCSF EF
5PZPUB 3BW
1VFTUB BM EÓB
0GSFDF BMHP NÈT RVF VO MBWBEP EF DBSB DPO NÈT UFDOPMPHÓB Z TFHVSJEBE "VORVF FM MBO[BNJFOUP EF MB 5PZPUB 3BW FO TV WFSTJÂO I½CSJEB NPTUSÂ FM OVF WP SPTUSP EF MB DBNJPOFUB FO BCSJM QBTBEP FO FM 4BMÂO EF /VFWB :PSL OP EFKB EF TFS VOB OPWFEBE QBSB FM NFSDBEP QSFDJTBNFO UF FO VO TFHNFOUP EPOEF MB SJWBMJEBE DPO MB )POEB $3 7 FYJHF RVF UBNCJ¹O MB 3BW UFO HB QPS MP NFOPT VOB BDUVBMJ[BDJÂO 4FS² FO EJDJFNCSF EFM QSFTFOUF BÁP DVBOEP MB 5PZPUB 3BW DPNJFODF B DP NFSDJBMJ[BSTF FO &VSPQB QBSB MVFHP MMFHBS HSBEVBMNFOUF BM SFTUP EF NFSDBEPT DPNP FM NFYJDBOP EPOEF QPTJCMFNFOUF MB UFOHBNPT FO MPT QSJNFSPT NFTFT EFM QSÂYJNP BÁP &TUB BDUVBMJ[BDJÂO EF MB 3BW NVFTUSB VO EJTFÁP RVF FO FTUPT E½BT QSFTFOUÂ UBN CJ¹O FM 5PZPUB 1SJVT DPO GBSPT N²T FTUJMJ[B EPT DPNP VOPT PKPT SBTHBEPT FO TV KVFHP EF MVDFT TJFOEP VOB QSPQVFTUB WJTVBM GSFTDB DPO MP N½OJNP OFDFTBSJP QBSB QPOFSTF BM E½B -B VUJMJ[BDJÂO EF UFDOPMPH½B -FE FO MPT GBSPT EFMBOUFSPT BT½ DPNP VO SFEJTFÁP FO MBT DBMBWFSBT Z NPMEVSBT MBUFSBMFT Z EF QBTP VO DBNCJP WJTVBM FO MBT EFGFOTBT TPO MPT QSJO DJQBMFT FMFNFOUPT RVF FM EFQBSUBNFOUP EF EJ TFÁP EF 5PZPUB UPDÂ QBSB IBDFSMB EJTUJOUB &O FM JOUFSJPS 5PZPUB QSPNFUF VOB NF KPS DBMJEBE FO DVBOUP BM UJQP EF NBUFSJBMFT RVF VTBS² Z FWJEFOUFNFOUF VOB SFWJTBEB MJT UB EF FRVJQBNJFOUP &OUSF MBT OPWFEBEFT EFQFOEJFOEP EFM NFSDBEP BM RVF MMFHVF QP ES½B UFOFS VO NPOJUPS EF WJTJÂO QBOPS²NJDB EF HSBEPT MP RVF GBDJMJUB MBT NBOJPCSBT EF FTUBDJPOBNJFOUP BT½ DPNP VOB NBZPS QSPUFDDJÂO B QFBUPOFT RVF TF FODVFOUSFO FO BMHÈO QVOUP DJFHP EFM DPOEVDUPS DVBOEP ¹T UF TF FODVFOUSB FTUBDJPO²OEPTF -FDUVSB EF TFÁBMFT EF US²GJDP DPOUSPM EF DSVDFSP BEBQUBUJWP Z VO TJTUFNB EF QSF QBSBDJÂO BOUF VOB JONJOFOUF DPMJTJÂO BT½ DPNP VO TJTUFNB RVF EFUFDUB QFBUPOFT V PC KFUPT Z BQMJDB MPT GSFOPT DPSUBOEP BM NJTNP UJFNQP MB BDFMFSBDJÂO MB DVBM GVODJPOB EFT EF MPT LN I IBTUB MPT LN I SFEVDJFO EP MB WFMPDJEBE EF GPSNB JONFEJBUB FO VOPT LN I 5PEP FTUP TFS² QBSUF EF MPT OVFWPT TJTUFNBT RVF JODMVS² MB 3BW RVJ[² UBNCJ¹O QBSB FRVJQBS BMHV OBT WFSTJPOFT FO .¹YJ DP :B WFSFNPT
+VFWFT EF TFQUJFNCSF
1 HJOB '0504 &- */'03."%03 t . $"45*--0
ÈÓ ]äää
%*4&º0 * V>ÃÊÃ Ê >ÃÊ` viÀi V >ÃÊÛ ÃÕ> iÃÊ i ÌÀiÊi ÊÎää ÊV Ê Ì ÀÊ6ÈÊÞÊi Ê6n°Ê ÊiÃÌiÊ>ÕÌ ÊµÕiÊ«À L> ÃÊV ÊL µÕiÊ`iÊÃi ÃÊV `À îÊÃÕÊ` Ãi ÊiÃÊ ?ÃÊ « ]Ê >V j ` ÃiÊ Ì>ÀÊ« ÀÊ >Ê >ÌÀ>VÌ Û>Ê«>ÀÀ >Êi Êv À >Ê`iÊ«> > ÊÞÊ > }Õ ÃÊVÀ ÃʵÕiÊ >Ê>V «> > °
*ià ð
$ISZTMFS $ 7
&M MBEP FGJDJFOUF EFM MVKP
&41"$*0
'*$)" 5²$/*$"
ÃÊÕ ÊV V iÊ iV Ê«>À>Êi iVÕÌ Û ÃÊ Êi «ÀiÃ>À Ã]ÊµÕ i iÃÊ« ÀÊ Ê}i iÀ> ÊÛ > > Ê Ã Ã]Ê«iÀ Ê Ê >ÞʵÕiÊ Û `>ÀʵÕiÊÌ> L j ÊÌ i iÊV>«>V `>`Ê«>À>Ê ÌÀ>ÃÊVÕ>ÌÀ Ê «iÀà >ÃÊV `> i ÌiÊÃi Ì>`>ð
"/", À Ì> Ê } ÌÕ` >
,"- 6ÈÆÊΰÈÊ ÌÀ ð /1, "Ê °
" *, -", *"/ Ó ÓÊ *ÊJÊÈ]ÎxäÊ À« ° /",+1 ÓÈäÊ LÀ>à « iÊJÊ {]nääÊÀ« ° /,
$ /À>ÃiÀ>°
&26*10 : 5&3.*/"%04 ÊÃ>L ÀÊ`iÊÕ Ê>ÕÌ ÊiÃÌ>` Õ `i ÃiÊiÃÊ V vÕ ` L i°Ê ÃiÀÌ ÃÊÀi ÕV i ÌiÃÊi Ê V L >V ÊV Ê`iÌ> iÃÊi Ê> Õ ]Ê >à ÊV ÊÕ ÊiµÕ «> i Ì ÊV À >` Ê « ÀÊ >Ê«> Ì> >Ê`iÊn°{Ê«Õ }>`>ÃÊV Ê > Ûi}>` À]Êà ʫ>ÀÌiÊ`iÊ >ÃÊ> i `>`ið
ÕÌ ?Ì V>Ê`iÊ V Ê /, - - $ Ûi V `>`iÃÊn³,®°
-1-* - $ 3&416&45" -B WFSTJØO 7 EFM $ OP MF QJEF OBEB B TV TJNJMBS DPO CMPRVF 7 -B BDFMFSBDJØO FT JONFEJBUB
."/&+0 Ê`ië >â> i Ì ÊiÃÊÃÕ>Ûi]ÊV ÊÕ Ê Ì>VÌ Êië à Êi Êi Ê«i`> Ê`i ÊvÀi Ê ÞÊÕ >Ê` ÀiVV Ê ÊÌ> Ê«ÀiV Ã>]Ê«iÀ Ê `i> Ê«>À>Ê} À ÃÊ ?ÃÊ> « ðÊ1 ÊV V iÊVÕÞ Ê Ì ÀÊ Û Ì>Ê>Ê> `>ÀÊ>ÊÃÕÃÊ > V >ÃÊi Ê >ÊV Õ`>`°
.0503
ÊÕ >Ê ?µÕ >Ê Õ Ì «Ài >`>ÊÞÊÕÌ â>`>Êi ÊÛ>À ÃÊÛi VÕ ÃÊ`iÊ ]Êi Ê *i Ì>ÃÌ>ÀÊ6ÈÊiÃÊÕ ÊV À>â Êiv V i ÌiÊ «>À>ÊÕ ÊV V iÊ`iÊ >ÃÊ` i à iÃÊÞÊ «ià Ê`i ÊÎää °Ê Ê>ÕÌ Ê`iëi}>ÊL i ÊÞÊ ÃÊÓ ÓÊ *Ê Ê ÕiÛi ÊV Êà ÌÕÀ>°
/ ` Êi Êi ÊÎää ÊiÃÊÃÕ>Ûi]Ê`iÃ`iÊi Ê } À Ê`i ÊÛ > ÌiÊ >ÃÌ>Êi ÊLÀ V Êi ÌÀiÊ Õ ÊV> L ÊÞÊ ÌÀ Ê`iÊÃÕÊV> >Ê>ÕÌ ? Ì V>Ê`iÊ V ÊÛi V `>`iÃ°Ê >Ê` ÀiV V Ê ÃÊÌÀ> à ÌiÊ« V Ê`iÊ ÊµÕiÊ ÃÕVi`iÊi Êi Ê« à °
1 Ê>ÕÌ Ê`iÊÃÕÃÊ«À « ÀV iÃÊÃÕi iÊ vÀiViÀÊ> « Êië>V Êi Êi Ê > iÌi À °Ê µÕ ÊÌi i ÃÊ{ÈÓÊ ÌÀ Ã]ÊÃÕv V i ÌiÃÊ«>À>Ê iÛ>ÀÊÕ Ê«>ÀÊ`iÊ > iÌ>ÃÊ }À> `iÃ]ÊV ÊLÕi >Ê` ÃÌÀ LÕV °
/, - , `i«i ` i Ìi]Ê`iÊÌ « Ê Õ Ì ÊV ÊL>ÀÀ>Ê iÃÌ>L â>` À>°
, " / ,"- iÊ` ÃV Ã]ÊV Ê -° /, - ,"- iÊ` ÃV Ã]ÊV Ê -°
,
$
%*3&$$*»/ : $".#*0
$"+6&-"
`i«i ` i Ìi]Ê`iÊ
/ , ` L iÊ ÀµÕ >ÊV Ê L>ÀÀ>ÊiÃÌ>L â>` À>°
7"-03 103 56 %*/&30
iÊ« ÊÞÊVÀi > iÀ>Ê V Ê>à ÃÌi V >Êi jVÌÀ V>°
* ÀÊ ÃÊV>à ÊÈÎäÊ Ê«ià ÃʵÕiÊ VÕiÃÌ>]ÊiÃÌ> ÃÊ >L > ` Ê`iÊÕ Ê V V iÊV Ê À i Ì>V Ê*Ài Õ ]Ê Ã>â >` ÊV ÊÕ Ê > i ÊÌ « V Ê`iÊ >ÕÌ ÃÊiÃÌ>` Õ `i ÃiÃ]Ê iV Ê«> À>ÊµÕ i iÃÊ` ÃvÀÕÌ> Ê`iÊÕ >ÊV `ÕVV Ê }>`>°
- " -Ê ® " /"
-/ ÊÊ /, Ê -
%63"#*-*%"%
ÛiÀà ÃÊà ÃÌi >ÃÊV >L À> Êi Ê >Ê «À ÌiVV Ê«>À>Ê ÃÊ«>Ã> iÀ Ã°Ê Ê >Ê >À}>Ê ÃÌ>Ê`iÃÌ>V> Ê >Ê> iÀÌ>Ê`iÊV à ÊvÀ Ì> ÆÊi Ê>à ÃÌi ÌiÊ`iÊvÀi >` Ê i Ê ÕÛ >ÆÊV ÌÀ Ê`iÊÌÀ>VV ÊÞÊ`iÊià Ì>L `>`ÆÊL Ã>ÃÊ`iÊ> ÀiÊvÀ Ì> ]Ê >Ìi À> ÊÞÊ`iÊÌ « ÊV ÀÌ >°
Ê ÀÞà iÀÊÎää ÊÛ Û ÊÕ >ÊÀi Û> V Ê >ViÊÕ ÃÊ iÃiÃ]ÊÕ Ê>ÕÌ Êi Ê VÕÞ>ÊÛiÀà ÊV Ê Ì ÀÊ*i Ì>ÃÌ>ÀÊ i ÃÊi V ÌÀ>` ÊÕ ÊiÝVi i ÌiÊ iµÕ LÀ Êi ÌÀiÊiv V i V >ÊÞÊ« Ìi V >]Ê ÃÕ >` Ê>ÊÕ >ÊV ÃÌÀÕVV ÊL i Ê i V >ʵÕiÊÃiÊ Ì>Êi Êi Ê ÌiÀ À°
Î]äxÓ
*
* -" / +1
4&(63*%"%
x]ä{{ £] äÓ £]{ Ó
, "
1
£]nÓnÊ }À> ð ÇäÊ ÌÀ ð {ÈÓÊ ÌÀ ð
, -1 / " , $ Ê ÊäÊ Ê£ääÊ É
°È{ÊÃi}Õ ` ð , "Ê Ê£ääÊ É Ê Êä
i Ê{£Ê iÌÀ ð
1 ,/"Ê Ê
£È°n ÊÃi}Õ ` ÃÊJÊ£ÎnÊ É 6 " Ê 8 Ê " - ,6 ÓÓäÊ É °
1 HJOB
+VFWFT EF TFQUJFNCSF EF
$PO FYQFSJFODJB FO FM TFDUPS
3PVY (SVQP *OEVTUSJBM 3PVY FT VOB EF MBT NBSDBT NÈT QSFTUJHJBEBT Z VOB EF MBT EJF[ QSJODJQBMFT FO MB 3FQÞCMJDB .FYJDBOB 1PS TV USBZFDUPSJB FO FM ²NCJUP EF MPT MVCSJDBO UFT MB DPSQPSBDJÂO 'SBODPNFYJDBOB 3PVY IB DPOTPMJEBEP DPO ¹YJUP TVT DJNJFOUPT FO +BMJT DP NPOUBOEP TV QSPQJB G²CSJDB FO MB DJVEBE EF (VBEBMBKBSB DPO JOGSBFTUSVDUVSB WBOHVBS EJTUB JOOPWBDJPOFT UFDOPMÂHJDBT Z VO TP GJTUJDBEP MBCPSBUPSJP EPOEF GBCSJDBO Z DPNFSDJBMJ[BO TVT QSPQJPT QSPEVD UPT 3PVY DPO FM GJO EF HBSBOUJ[BS MB DPNQMFUB TBUJTGBDDJÂO EFM DMJFOUF B USBW¹T EF TVT OFDFTJEBEFT "T½ NJTNP HSBDJBT B MB DBMJ EBE EF MPT QSPEVDUPT RVF CSJO EBO UBMFT DPNP MPT BDFJUFT BVUP NPUSJDFT JOEVTUSJBMFT TJOU¹UJDPT EJFM¹DUSJDPT CMBODPT QMBTUJGJDBO UFT Z FTQFDJBMFT BT½ DPNP UPEP UJQP EF HSBTBT MVCSJDBOUFT Z PUSPT QSPEVD UPT DPNP BOUJDPOHFMBOUFT BFSPTPMFT Z BEJUJWPT FM (SVQP *OEVTUSJBM 3PVY IB MPHSB EP VOB DMBSB QSFTFODJB FO HSBO QBSUF EF MB 3F QÈCMJDB .FYJDBOB BM JHVBM RVF FT FYQPSUBEPS EJSFDUBNFOUF EF "N¹SJDB -BUJOB F JOEJSFDUB NFOUF EF "TJB Z &VSPQB 4JFOEP 3PVY VO FYDFMFOUF GBCSJDBEPS FT UBNCJ¹O SFTQPOTBCMF EF NBRVJMBS QSPEVDUPT FO BFSPTPM B USBW¹T EF VO TPQPSUF U¹DOJDP QBSB FOWBTBS DVBMRVJFS UJQP EF QSPEVDUP Z EFTBSSP MMBS NBSDBT QSPQJBT FO RV½NJDPT BVUPNPUSJDFT &T TJO EVEB QBSB 3PVY VO DPNQSPNJTP B TVQFSBS MBT FYQFDUBUJWBT EF MPT NFSDBEPT N²T FYJHFOUFT ZB RVF B MP MBSHP EF TVT BÁPT EF FYJTUFODJB IB UFOJEP DPNP VOP EF TVT QSJODJQB MFT PCKFUJWPT NBOUFOFS Z NFKPSBS TV UFDOPMP H½B QBSB FTUBS FO MBT N²T FTUSJDUBT OPSNBT EF DBMJEBE DVNQMJFOEP BNQMJBNFOUF DPO MBT FT QFDJGJDBDJPOFT N²T BWBO[BEBT FO FM ²SFB JOUFS
4"#&3 .«4 , ÕÝÊÊVÕi Ì>ÊÊV ÊÊÕ >ÊÊ i «ÀiÃ>ÊÊ`iÊÌÀ> ë ÀÌiÊ iëiV > â>`>Êi Êi Ê > i Ê`iÊ ÕLÀ V> ÌiÃÊÞÊ >ÌiÀ >ÃÊ«À >Ã°Ê Ê $POUBDUP "MUPT )PSOPT $PM «MBNP *OEVTUSJBM 5FMÏGPOP ?â>À Ê ?À`i >ÃÊ£{xäÊ v JÀ ÕÝ ÕL°V Ê
OBDJPOBM BT½ DPNP MPT N²T QSFDJTPT SFRVFSJ NJFOUPT EF MPT GBCSJDBOUFT Z BSNBEPSBT EF NPUPSFT Z NBRVJOBSJB 1PS UBM NPUJWP MB DPNQBÁ½B FTU² DFSUJGJ DBEB CBKP MB /PSNB *OUFSOBDJPOBM *40 MB DVBM BTFHVSB VOB ÂQUJNB FWB MVBDJÂO EF MPT QSPEVDUPT RVF DPNFSDJBMJ[B
IBDJB VOB NFKPSB DPOUJOVB QFSNJUJ¹OEPMF BEFN²T TPCSFTBMJS QPS MB FYQFSJFODJB RVF UJF OF DBEB VOP EF TVT DPMBCPSBEPSFT QBSB BUFO EFS MB EFNBOEB EF TVT DMJFOUFT BDUVBMFT -B DBMJEBE QSPOUJUVE Z FGJDJFODJB TPO BMHVOBT EF MBT DVBMJEBEFT RVF FM (SVQP *OEVTUSJBM 3PVY SFGMFKB DPNP JNBHFO
1BSB MPT BNBOUFT EFM BMUP DJMJOESBKF
&M NVOEP EFM NPUPDJDMJTNP FO )POEB -BT NPUPDJDMFUBT )POEB 1PXFS )PVTF TPCSFTBMFO QPS TV WFMPDJEBE EFTFNQF×P Z EJTF×P
4"#&3 .«4 / `>ÃÊÃÕÃÊ Ì V V iÌ>ÃÊ VÕi Ì> ÊV ÊÓÊ> ÃÊ`iÊ }>À> Ì >IÊÊ I ÝVi«Ì Ê , ÓxäÊ9Ê
, {xä°Ê
Ì>VÌ Ê Û°Ê6> >ÀÌ>Êx{änÊ ÌÊ ]Ê >À` iÃÊ6> >ÀÌ>]Ê<>« «> ]Ê > ÃV °ÊqÊ/i °ÊÎÎ®Ê Óää£ÊäxääÊÊ ÌÌ«\ÉÉÜÜÜ° `>° ÝÉ Ì ÃÉ« ÜiÀ ÕÃiÉ
)POEB 1PXFS )PVTF FT MB ÈOJDB BHFODJB FTQFDJBMJ[BEB FO NPUPDJDMFUBT EF BMUP DJMJOESBKF RVF FYJTUF FO MB 3FQÈCMJDB .FYJ DBOB RVF DPO BQFOBT EPT NFTFT EF IBCFS BCJFSUP TVT QVFSUBT BM QÈCMJDP NFYJDBOP TV ¹YJUP IB TJEP JOEJTDVUJCMF DPO MB WFO UB EF NPUPDJDMFUBT DBSBDUFS½TUJDBT EF VO CVFO SFOEJNJFOUP DPNPEJEBE DPO MB N²T BMUB UFDOPMPH½B Z DPO VO HSBO TFO UJEP BNCJFOUBM QBSB MPHSBS FNJTJPOFT N²T MJNQJBT B MB WF[ RVF NFKPSB MB FDPOPN½B EFM DPNCVTUJCMF "EFN²T DPNP QBSUF FTFODJBM EFM DPSQPSBUJWP )POEB MB TFHVSJEBE FO DBEB VOP EF TVT QSPEVDUPT FT GBDUPS DMBWF QBSB QSPNPWFS F JNQVMTBS VOB DVMUVSB EF QSFWFODJÂO EF BD DJEFOUFT FO MPT RVF B USBW¹T EF TVT NPUPDJDMFUBT BT½ DPNP UBNCJ¹O FO MPT TFSWJDJPT RVF MB FNQSFTB DPO PS½HFOFT KBQP OFTFT CSJOEB FO TVT BNQMJBT JOTUBMBDJPOFT FM DPNQSPNJTP Z FM FTGVFS[P TPO SFGMFKBEPT FO DBEB BDDJÂO RVF SFBMJ[B 1BSUF EF MPT TFSWJDJPT RVF PGSFDF 1PXFS )PVTF FT FM CBMBODFP BGJOBDJÂO FOUSF PUSPT CFOFGJDJPT RVF FM VTVBSJP QPES² EJTGSVUBS JOEFQFOEJFOUFNFOUF EF MB NBSDB RVF TV NP UPDJDMFUB UFOHB ZB RVF HSBDJBT B TV QFSTPOBM BMUBNFOUF DBQBDJ UBEP TPO DBQBDFT EF FKFDVUBS TVT GVODJPOFT DVJEBOEP MB FYDFMFOUF BUFODJÂO BM DMJFOUF -B NBZPS½B EF MPT DPMBCPSBEPSFT 1PXFS )PVTF TPO DBQBDJUBEPT IBTUB MBT QMBOUBT EF )POEB +BQÂO QBSB TFS BTFTPSBEPT FO DVBOUP B MB JO OPWBDJÂO Z NBOUFOJNJFOUP TP CSF MBT FYDMVTJWBT NPUPT RVF WFOEFO DPO FM GJO EF HBSBOUJ [BS VO TFSWJDJP RVF DVCSB MPT FTUBOEBSFT EF MB NBSDB )0/ %" Z MB DPNQMFUB TBUJTGBDDJÂO EFM DPNQSBEPS &O MB [POB CPVUJRVF DVFOUB DPO VOB HSBO HBNB EF DBTDPT CPUBT HVBOUFT MFOUFT FTQFDJBMFT QSFOEBT QBSB NPUPDJDMJTUBT Z FRVJQP EF TFHVSJEBE B QSFDJPT DPNQFUJUJWPT Z UPEP FMMPT EJTUSJCVJ EPT EF MBT NBSDBT N²T FYDMVTJWBT FO FM NFSDBEP UB MFT DPNP MP FT 4IPFJ 4DPSQJPO 'PY 5SPZMFF %FTJHOT FUD -B HBNB EF NPEFMPT RVF NBOFKB MB NBSDB TPO i5PVSJOHw i$SPTTPWFSw i4VQFS 4QPSUw i$VPVTUPNw Z i0GG 3PBEw -B EJTUJODJÂO RVF MB FNQSFTB IBDF QBSB DMBTJGJDBS TVT NP UPT FT B USBW¹T EF MB A5PVSJOH TPCSFTBMJFOUF QPS TFS FM WFI½ DVMP EF E½B B E½B TJO QFSEFS MB BUSBDUJWB JNBHFO RVF )PO EB MF QSPQPSDJPOB B TVT NPUPDJDMFUBT -PT NPEFMPT A$SPTTPWFS TF EJTUJOHVFO QPS TFS HVFSSFSPT BM TPCSFQBTBS MBT DPOEJDJPOFT EFM TVFMP QPS TV QBSUF MB M½OFB A4VQFS 4QPSU HSBDJBT B MB DPOGJHVSBDJÂO EF TV NPUPS 7 UJFOF VO EF TFNQFÁP RVF MPHSB NVZ CVFOPT SFTVMUBEPT "EJDJPOBMNFOUF A$PVTUPN FT VOB EF MBT HB NBT QSFGFSJEBT QPS TV DPOGPSU Z EJTFÁP
}Õ ÃÊ`iÊ ÃÊ `i ÃÊ ?ÃÊ i L i ?Ì V ÃʵÕiÊÌ i iÊ `>Ê* ÜiÀÊ ÕÃiÊà \Ê Ê
À Ãà ÛiÀ\Ê Çxä8]Ê À ÃÃÀÕ iÀÊ6 ,nää]Ê À ÃÃÌ ÕÀiÀÊ 6 ,£ÓääÊ -Õ«iÀÊ-« ÀÌ\Ê ,£äääÉ, ]Ê
,ÈääÉ, Ê
ÕÃÌ \Ê6/£ÎääÊ 1,9]Ê 6/Çxä°Ê / ÕÀ }\Ê /8Çää]Ê]Ê /8£Îää]Ê Ê£nääÊ `Ü }Ê "vvÊ, >`\Ê , Óxä,]Ê , {xä,