(VBEBMBKBSB +BM EF 0DUVCSF EF
$IFDP FO BDDJ×O .ÇT BMMÇ EF MB SJWBMJEBE RVF IB TPTUFOJEP DPO &TUFCBO 0DPO 4FSHJP 1ÎSF[ RVJFSF MVDJSTF FO MB QJTUB GSFOUF B MPT NFYJDBOPT
$PO FM "VU×ESPNP )FSNBOPT 3PESÒHVF[ DPNP FTDFOBSJP FM (SBO 1SFNJP EF .ÎYJDP CVTDB DPOGJSNBSTF DPNP FM FWFOUP DVNCSF EF MB '×SNVMB 6OP
' &45" ";5&$"
1 HJOB
'º3.6-" 6/0
.±9*$0
+VFWFT EF PDUVCSF EF
" ǒ -5" &-&("/$*" "-&."/"
$PO MB EJTUJODJ°O Z BMUB UFDOPMPHªB RVF PGSFDF .FSDFEFT #FO[ MMFHB FM OVFWP $MBTF $ MB PQDJ°O QFSGFDUB QBSB RVJFOFT UJFOFO VO FTUJMP EF WJEB RVF EFNBOEB WFSTBUJMJEBE
+6&7&4 %& 0$56#3& %&
&
O FM NVOEP BVUPNPUPS OBEJF HP[B EF MB SFQVUBDJ×O RVF UJFOFO MPT DP DIFT BMFNBOFT QVFT DPO FM QBTP EFM UJFNQP TF IBO HBOBEP FM UÒUVMP EF DPDIFT FMFHBOUFT EFQPSUJWPT Z DPO MPT NF KPSFT EFTBSSPMMPT UFDOPM×HJDPT &TUPT BUSJCVUPT TPO WJTJCMFT FO BVUP N×WJMFT EF HBNB BMUB DPNP FM OVFWP .FS DFEFT #FO[ $MBTF $ RVF DPOKVOUB SFGJOB NJFOUP Z EFQPSUJWJTNP QBSB RVJFOFT CVTDBO MP NFKPS FOUSF NBOFKP Z DPNPEJEBE &M EJTFÖP EF FTUF WFIÒDVMP DPNCJOB MÒ OFBT GVFSUFT DPO USB[PT RVF B TV WF[ TPO NÇT UFOVFT TJO EFKBS EF MBEP MB BHSFTJWJEBE Z TPGJTUJDBDJ×O CVTDBEB FO FTUF UJQP EF DP DIFT -PT GBSPT QPS FKFNQMP TPO BMBSHBEPT Z VTBO UFDOPMPHÒB -&% )JHI 1FSGPSNBODF QBSB VOB NFKPS QFOFUSBDJ×O EF MV[ 1PS TJ GVFSB QPDP PGSFDF WFSTBUJMJEBE QVFT FYJT UFO EJTUJOUBT DBSSPDFSÒBT DPNP TFEÇO DPV QÎ Z DPOWFSUJCMF -B DBCJOB FT D×NPEB Z DPO CVFOPT UFS NJOBEPT 7FTUJEVSBT EF DVFSP JOTFSUPT EF BMVNJOJP Z NBEFSBT GJOBT EBO GPSNB BM FMF HBOUF JOUFSJPS RVF TF BDPNQBÖB EF VOB CVF OB EPTJT EF UFDOPMPHÒBT DPNP DMJNBUJ[B DJ×O QPS [POBT TJTUFNB ,&:-&44 (0 RVF QFSNJUF FM BSSBORVF Z BQFSUVSB EFM DPDIF DPO VOB MMBWF QSFTFODJBM TJO OFDFTJEBE EF TBDBSMB EFM CPMTJMMP BTJFOUPT DPO NFNPSJB EF QPTJDJPOFT DPOUSPMFT EF BVEJP BM WPMBO UF Z NBOEPT DFOUSBMJ[BEPT QBSB FM DPOUSPM EF
TJTUFNB EF JOGP FOUSFUFOJNJFOUP EF BMUB SF TPMVDJ×O -B WFSTBUJMJEBE TF SFQJUF FO FM USFO NP UPS RVF DVFOUB DPO VOB CVFOB CBSBKB EF PQ DJPOFT %FTEF VO CMPRVF EF DVBUSP DJMJOESPT FO MÒOFB DPO QPUFODJB EF DBCBMMPT QB TBOEP QPS PUSB WBSJBOUF EF DVBUSP DJMJOESPT QFSP DPO VO QPEFS EF DBCBMMPT Z IBTUB MMFHBS B MB WFSTJ×O NÇT QPUFOUF RVF PGSFDF FRVJOPT /P TPMP TF USBUB EF QPUFODJB IBZ RVF TBCFS SFQBSUJSMB CJFO MP RVF TF MPHSB DPO VOB DBKB BVUPNÇUJDB EF OVFWF NBSDIBT RVF B TV WF[ UJFOF TFMFDUPS EF QSPHSBNBT EF NBOFKP 1PS TJ GVFSB QPDP FTUF FT VO WFIÒDVMP DPO VO HSBO OJWFM EF TFHVSJEBE ZB RVF DVFO *MVNJOBDJ×O EF BNCJFOUF UB DPO FMFNFOUPT RVF CVTDBO BZVEBS BM DPO EVDUPS FO DBTP EF DPOEJDJPOFT JOTFHVSBT 5BM FT FM DBTP EFM "55&/5*0/ "44*45 RVF BMFSUB BM DPOEVDUPS FO USBZFDUPT MBSHPT BTÒ DPNP DVBOEP FTUF QSFTFOUB GBUJHB BEFNÇT EF GSFOPT "#4 DÇNBSB EF SFWFSTB Z P CPM TBT EF BJSF QPS NFODJPOBS QBSUF EF MP NÇT .FSDFEFT #FO[ $MBTF JNQPSUBOUF $ FT VOB PQDJ×O QFS .FSDFEFT #FO[ $MBTF $ FT MB PQDJ×O TPOBMJ[BCMF ZB RVF QFSGFDUB QBSB RVJFOFT UJFOFO FTUJMP EF WJEB PGSFDF VO CVFO OÝNF RVF EFNBOEB WFSTBUJMJEBE BDPNQBÖBEB EF SP EF FYUSBT BTÒ DPNP BMUP EFTFNQFÖP Z FMFHBODJB QFSP TJO EFKBS OVFWF UPOPT EF DBSSP EF MBEP MB DPNPEJEBE Z DPNQBUJCJMJEBE DPO DFSÒB RVF TF QVFEFO FM EÒB B EÒB EFM DPOEVDUPS RVJFO SFDJCF B BERVJSJS FO MBT BHFO DBNCJP JOEFQFOEFODJB Z VO NBSDBEP FTUB DJBT EF MB NBSDB ǒ BSPT -&% )JHI 1FSGPSNBODF ' UVT TPDJBM GBWPSBCMF
&- %"50
'º3.6-" 6/0
1 HJOB
+6&7&4 %& 0$56#3& %&
+VFWFT EF PDUVCSF EF
.±9*$0 1*4" &"$&-&3"%03 -B GJFTUB RVF TF DPOTPMJE° DPNP MB GBWPSJUB EF MB GBNJMJB EFM EFQPSUF NPUPS FTU MJTUB QBSB MMFHBS B VO OVFWP OJWFM
µ/%*$&
50 /& %04 $& -0 4*5 4 $ "4 0/ 4" $& #& 150 3 % 4 &- 26 &2 ( 3" & "- 6*10 / $ (3 4 : *3$ "/ 1* 0 13 -05 &. 04 *0 26 %& & . --& )" ±9 . *$0 ("3 10 * ª/ 3 - -50/ " 4 7 4 61 7 3& &5 ." 5& $µ" - 6$ -0 )" 4 . ." 0 3$ .& "% /5 0 " 04 -" 26 5& & ) .1 "/ 03 6/ "% 5 &9 3" " *(& ;" /$ %0 *"4 26 & 3 &4 10 /% -" & " ". -" &/ &- #*$ 4 )& *º/ 3. %& "/ $) 04 &$ 30 0 %3 .± µ(6 -& 9*$0 &; 53 "4 (3" %& #" 03 46 /0 0 .# 3& -" &/ . &+ 03 ' &4 5" %& - ( 3" / $ '0 *3$ 3 $ 3& 0 '- & */% &$ 50 *" 4& 3& 4 $ 30# 0/ " 46 04 4 1 *-0 50 4
.±9*$0
)BCFS TJEP FMFHJEP DPNP FM NFKPS (SBO 1SFNJP EVSBOUF EPT UFNQP SBEBT DPOTFDVUJWBT OP FT DPJODJEFODJB -B DBSSFSB EF 'ÂSNVMB 6OP FO .¹YJDP RVF TF DFMFCSB FO FM "V UÂESPNP )FSNBOPT 3PES½HVF[ EF MB DBQJUBM EFM QB½T MMFHB QBSB DVN QMJS TV UFSDFSB DJUB EF DJODP DPNQSPNJTPT QBDUBEPT -B BENJOJTUSBDJÂO EFM (SBO $JSDP FT EJGFSFOUF B MB RVF FODBCF [BCB #FSOJF &DDMFTUPOF DVBOEP MB N²YJNB DBUFHPS½B EFM EFQPSUF NP UPS SFHSFTÂ B OVFTUSP QB½T FO &OUPODFT MB 'ÂSNVMB 6OP TF QSFP DVQBCB N²T QPS MP RVF PDVSSJFSB FO QJTUB RVF QPS MP RVF USBTDFOEJFSB FO MBT USJCVOBT QFSP MB BGJDJÂO NFYJDBOB RVF BUJCPSSÂ MBT HSBEBT EFM "VUÂESPNP )FSNBOPT 3PES½HVF[ EFNPTUSÂ MB GFTUJWJEBE RVF TF MF JN QSJNF B DBEB HSBO FWFOUP RVF TF DFMFCSB FO FTUB QBSUF EFM NVOEP &O MB FEJDJÂO EF MB IJTUPSJB GVF TJNJMBS TJ OP FT RVF NF KPS QVFT FTP MF WBMJÂ B MB DBSSFSB RVF TF DFMFCSB FO OVFTUSP QB½T TFS DPOTJEFSBEB DPNP MB NFKPS EFM DBMFOEBSJP EF FTF BÁP .¹YJ DP IBC½B DBVUJWBEP EF OVFWB DVFOUB B MB GBNJMJB N²T JNQPSUBOUF EFM BVUPNPWJMJTNP "IPSB DPO VOB UFSDFSB FEJDJÂO B MB WVFMUB EF MB FTRVJOB Z DPO FM PSHVMMP EF TFS NFYJDBOPT N²T BSSBJHBEP RVF OVODB FM (SBO 1SFNJP EF .¹YJDP FTU² QSFQBSBEP QBSB RVF FM NVOEP TF WVFMWB B FOBNPSBS EF MP RVF FTUF SJODÂO EFM QMBOFUB UJFOF QBSB PGSFDFS 6OB GJFTUB RVF TF IB DPOTPMJEBEP Z QPS MB RVF NJMFT FTQFSBO DPO BOTJBT FTU² B QVOUP EF MMFHBS Z DPO VOB 'ÂSNVMB 6OP RVF IB FWPMV DJPOBEP FO UPEPT MPT TFOUJEPT MB DFMFCSBDJÂO TFS² FO HSBOEF
&M (SBO 1SFNJP EF .ÎYJDP EFK× VOB EFSSBNB FDPO×NJDB NBZPS B MPT NJMMPOFT EF E×MBSFT DBTJ NJMMPOFT NÇT RVF FO
-B DBSSFSB DFMFCSBEB FO FO FM "VU×ESPNP )FSNBOPT 3PESÒHVF[ TF USBOTNJUJ× B QBÒTFT
.ÇT EF NJM BGJDJPOBEPT BDVEJFSPO B MBT BDUJWJEBEFT EFM (1 EF .ÎYJDP FM BÖP QBTBEP
.±9*$0
'º3.6-" 6/0
+VFWFT EF PDUVCSF
'
1 HJOB
1"3" */*$*"%04 &M (1 EF .¦YJDP SFHSFTB FTUF GJO EF TFNBOB Z QBSB RVF QVFEBT GPSNBS QBSUF EF MB DPOWFSTBDJ°O UF QSFTFOUBNPT VO HMPTBSJP C TJDP EF U¦SNJOPT RVF EFCFT TBCFS QBSB FOUFOEFS NFKPS BM (SBO $JSDP
#"/%&3"4
#BOEFSB "NBSJMMB 4F POEFB QBSB BMFS UBS B MPT QJMPUPT RVF EFCFO EF CBKBS MB WFMPDJEBE QVFT IB IBCJEP BMHÝO JODJ EFOUF FO MB QJTUB
#BOEFSB "[VM 4F NVFTUSB B MPT NPOPQMB[BT SF[BHBEPT MPT RVF UJFOFO MPT QFPSFT UJFNQPT FO QJT UBT DVBOEP TF BQSPYJNBO MPT MÒ EFSFT EF DBSSFSB "M WFSMBT FTUÇO PCMJHBEPT B EFKBS QBTBS BM QJMPUP RVF WJFOF EFUSÇT
#BOEFSB B $VBESPT 4F NVFTUSB B MPT BVUPT QBSB JOEJ DBS RVF IBO MP HSBEP UFSNJOBS MB DBSSFSB
#BOEFSB 3PKB -B RVF OJOHÝO GBOÇUJDP RVJF SF WFS &TUB JOEJDB RVF QPS DPOEJDJPOFT DMJ NÇUJDBT P BMHÝO JODJ EFOUF TFSJP TF EFCF EFUFOFS MB DBSSFSB
#BOEFSB /FHSB *OEJDB RVF FM QJ MPUP BM RVF TF MF NVFTUSB IB TJEP EFTDBMJGJDBEP Z EFCF EFKBS MB DB SSFSB
"("33& 4F VUJMJ[B QBSB EFUFSNJOBS '*" &T MB 'FEFSBDJ×O *OUFSOBDJPOBM EF 76&-5" 13&7*" &T MB WVFMUB RVF TF D×NP TF DPNQPSUB VO OFVNÇUJDP TP "VUPNPWJMJTNP SFBMJ[B BM DJSDVJUP BOUFT EF MB DBSSFSB CSF MB QJTUB TFHÝO MBT DPOEJDJPOFT EF MB 4F DBMJFOUBO MPT OFVNÇUJDPT Z MPT BV NJTNB IÝNFEB TFDB NPKBEB
."34)"--4 0'*$*"-&4 %& 1*45" UPT UPNBO MBT QPTJDJPOFT RVF PCUVWJF 6OP EF MPT QVFTUPT NÇT JNQPSUBOUFT SPO EVSBOUF MB DMBTJGJDBDJ×O
"650 %& 4&(63*%"% &TUF BVUP TF EFOUSP EF MB DBSSFSB FTUÇ PDVQBEP QPS VUJMJ[B DVBOEP IBZ BMHÝO JODJEFOUF DJFOUPT EF WPMVOUBSJPT &MMPT TF FODBS DPO MPT NPOPQMB[BT FO MB DBSSFSB " TV HBO EF PQFSBS MBT HSÝBT NPTUSBS MBT TBMJEB SFHVMB MB WFMPDJEBE EF MPT DPN
CBOEFSBT SFUJSBS B MPT BVUPT BWFSJBEPT
QFUJEPSFT FO MP RVF TF MJNQJB MB QJTUB P EF MB QJTUB FOUSF PUSBT GVODJPOFT -PT TF SFUJSB BMHÝO WFIÒDVMP /JOHÝO QJMP QVFEFT SFDPOPDFS QVFT FTUÇO WFTUJEPT UP QVFEF SFBMJ[BS SFCBTFT DVBOEP FTUF DPO PWFSPMFT OBSBOKBT Z DIBMFDPT BVUP TF FODVFOUSB FO MB QJTUB
CMBODPT
$"-*'*$"$*º/ &T MB TFTJ×O EF MB /0.&9 -PT USBKFT VUJMJ[BEPT QPS MPT DPNQFUFODJB FO MB RVF TF EFUFSNJOB QJMPUPT QBSB DPSSFS 5JFOFO VO DPN D×NP TBMESÇO MPT QJMPUPT FO MB DBSSFSB QVFTUP SFTJTUFOUF BM GVFHP QPS UFNQF 4F SFBMJ[BO USFT TFTJPOFT FO MBT RVF EF SBUVSBT EF IBTUB DFOUÒHSBEPT BDVFSEP B MPT UJFNQPT TF WBO FMJNJ OBOEP DPNQFUJEPSFT 1BSB MB UFSDFSB 1"%%0$, &T MB [POB FO EPOEF TF FO TFTJ×O RVFEBO T×MP BVUPT FO QJTUB DVFOUSBO MPT DPNFEPSFT Z [POBT EF EFT &M RVF SFHJTUSF FM NFKPS UJFNQP TBMESÇ DBOTP EF MBT FTDVEFSÒBT %FT FO MB iQPMF QPTJUJPOv EF FTUF MVHBS TF JOHSFTB
BM QJU MBOF
$)*$"/" &T FM QVOUP EF MB QJTUB FO EPOEF TF KVOUBO EPT DVSWBT DFSSBEBT 1*5 -"/& ;POB FO GPSNB EF i4v RVF SFEVDFO MB WFMPDJ
EPOEF TF FODVFO
i%3*7& 5)306()v &T VOP EF MPT 10-& 104*5*0/ &T DBTUJHPT BQMJDBEPT B MPT QJMPUPT EVSBO MB QSJNFSB QPTJDJ×O UF MB DBSSFSB Z DPOTJTUF FO UFOFS RVF QB
EF TBMJEB &M QJMPUP RVF
TBS EF NBOFSB PCMJHBUPSJB QPS MB [POB PDVQB FTUF TJUJP FT FM EF QJUT TJO OFDFTJEBE EF DBNCJBS OFV RVF UVWP FM NFKPS UJFNQP NÇUJDPT
FO MB DMBTJGJDBDJ×O
/FVNÇUJDPT
&TUPT TPO TVNJOJTUSBEPT QPS MB FNQSFTB 1JSFMMJ RVF BOUFT EF DBEB DBSSFSB QPOF B EJTQPTJDJ×O EF MPT FRVJQPT EJGFOUFT UJQPT EF DPNQVFTUPT RVF QPESÇO VTBS QBSB MB DPNQFUFODJB EFQFOEJFOEP EF MBT DPO EJDJPOFT DMJNÇUJDBT
● .PSBEP 6MUSB TVBWFT *EFBMFT QBSB DJSDVJUPT DFSSBEPT TJO FNCBSHP BVO RVF QSPQPSDJPOBO VO DBMFOUBNJFOUP SÇ QJEP RVF BZVEB BM BHBSSF FO QJTUB TV EFTHBTUF UBNCJÎO FT WFMP[ MP RVF PCMJHB B NÇT QBSBEBT FO QJUT ● 3PKP 4VQFS 4VBWFT &T FM TFHVOEP DPNQVFTUP NÇT TVBWF JEFBMFT QBSB DPOEJDJPOFT EF QJTUB GSÒBT 5JFOFO VOB EFHSBEBDJ×O SÇQJEB
● "NBSJMMBT 4VBWFT 4PO FM DPNQVFT UP NÇT VUJMJ[BEP QVFT UJFOFO VO FYDF MFOUF SFOEJNJFOUP Z CVFOB EVSBCJMJEBE ● #MBODBT .FEJBT *EFBM QBSB MPT DJSDVJUPT SÇQJEPT Z DPO BMUBT UFN QFSBUVSBT ● /BSBOKBT %VSBT 1FSGFDUP QBSB QJTUBT DPO BMUBT UFNQFSBUVSBT MBS HBT EJTUBODJBT Z DPO DVSWBT SÇQJ
EBT 5JFOF VOB EFHSBEBDJ×O CBKB ● 7FSEFT *OUFSNFEJBT 4PO CVFOBT QBSB DPOEJDJPOFT EF MMVWJB MFWFT 4F QVFEFO VUJMJ[BS DVBOEP MB QJTUB FTUÇ NPKBEB P IÝNFEB ● "[VMFT 8FU 4PO JEFBMFT QBSB MBT DPOEJDJPOFT EF MMVWJB GVFSUF QVFT TPO DBQBDFT EF EJTQFSTBS IBTUB MJUSPT EF BHVB QPS TFHVOEP
+6&7&4 %& 0$56#3& %&
EBE EF MPT NPOPQMB[BT $PNÝONFOUF USBO MPT HBSBKFT EF TF FODVFOUSBO BM GJOBM EF VOB SFDUB MPT FRVJQPT
1ย HJOB
.ยฑ9*$0
'ยบ3.6-" 6/0
+VFWFT EF PDUVCSF EF
-04 (6&33&304
%&- "4'"-50 .FSDFEFT ".( 1FUSPOBT ' 5FBN ' 8 &2 1PXFS
4DVEFSJB 'FSSBSJ 4' )
3FE #VMM 3BDJOH 3#
4BIBSB 'PSDF *OEJB 7+.
8JMMJBNT .BSUJOJ 3BDJOH '8
4DVEFSJB 5PSP 3PTTP 453
)BBT ' 5FBN +6&7&4 %& 0$56#3& %&
7'
3FOBVMU 4QPSU ' 5FBN 3 4
.D-BSFO )POEB .$-
4BVCFS ' 5FBN $
1JMPUP -FXJT )BNJMUPO /ร NFSP
1JMPUP 7BMUUFSJ #PUUBT /ร NFSP
5FNQPSBEBT
5FNQPSBEBT
1JMPUP 4FCBTUJBO 7FUUFM /ร NFSP
1JMPUP ,JNJ 3BJLLPOFO /ร NFSP
5FNQPSBEBT
5FNQPSBEBT
1JMPUP %BOJFM 3JDDJBSEP /ร NFSP
1JMPUP .BY 7FSTUBQQFO /ร NFSP
5FNQPSBEBT
5FNQPSBEBT
Y
1JMPUP 4FSHJP 1ร SF[ /ร NFSP
1JMPUP &TUFCBO 0DPO /ร NFSP
5FNQPSBEBT
5FNQPSBEBT
1JMPUP 'FMJQF .BTTB /ร NFSP
1JMPUP -BODF 4USPMM /ร NFSP
5FNQPSBEBT
5FNQPSBEBT
1JMPUP %BOJJM ,WZBU /ร NFSP
1JMPUP 1JFSSF (BTMZ /ร NFSP
5FNQPSBEBT
5FNQPSBEBT
1JMPUP 3PNBJO (SPTKFBO /ร NFSP
1JMPUP ,FWJO .BHOVTTFO /ร NFSP
5FNQPSBEBT
5FNQPSBEBT
1JMPUP /JDP )VMLFOCFSH /ร NFSP
1JMPUP $BSMPT 4BJO[ /ร NFSP
5FNQPSBEBT
5FNQPSBEBT
1JMPUP 'FSOBOEP "MPOTP /ร NFSP
1JMPUP 4UPGGFM 7BOEPPSOF /ร NFSP
5FNQPSBEBT
5FNQPSBEBT
1JMPUP .BSDVT &SJDTTPO /ร NFSP
1JMPUP 1BTDBM 8FISMFJO /ร NFSP
5FNQPSBEBT
5FNQPSBEBT
.±9*$0
'º3.6-" 6/0
+VFWFT EF PDUVCSF
1 HJOB
-04 1305"(0/*45"4 %&- $".1&0/"50 -FXJT )BNJMUPO Z 4FCBTUJBO 7FUUFM IBO QFMFBEP MMBOUB B MMBOUB Z DBSSFSB B DBSSFSB QPS MB TVQSFNBDªB EFM (SBO $JSDP
%PNJOJP QVSP -&8*4 )".*-50/ &M DPOUSPWFSUJEP QJMPUP EF MB FTDVEFSÒB .FSDFEFT MMFH× B FTUB UFNQPSBEB DPO MB FUJRVFUB EF GBWPSJUP QBSB MPHSBS FM DBN QFPOBUP "M IBCFSTF SFUJSBEP /JDP 3PT CFSH TV FUFSOP SJWBM Z DPNQBÖFSP EF FRVJQP FO MBT ÝMUJNBT DBNQBÖBT QBSF DÒB RVF )BNJMUPO UFOESÒB FM DBNJOP MJ CSF QBSB TVNBS TV UÒUVMP OÝNFSP DVBUSP TJO FNCBSHP MB DPNQFUFODJB DPO 7FUUFM IB JEP FO BVNFOUP Z IBO QSPUBHPOJ [BEP VOB FODBSOJ[BEB CBUB MMB
-
B UFNQPSBEB EF MB N²YJNB DB UFHPS½B EFM BVUPNPWJMJTNP IB FOUSB EP FO TV FUBQB GJOBM 6O OVFWP DBN QFÂO TBMES² EF MBT QJTUBT EFM TFSJBM BVUPNPWJM½TUJDP DPO NBZPS SFMFWBODJB FO FM PSCF QFSP BOUFT EF RVF FTP TVDFEB -FXJT )BNJMUPO Z 4FCBTUJ²O 7FUUFM IBO QSPUBHPOJ[BEP VOB EF MBT UFNQPSBEBT N²T SFÁJEBT EF MPT ÈMUJNPT UJFNQPT FO TV MVDIB QPS FODBCF[BS FM DBNQFPOBUP EF QJMPUPT EF MB 'ÂSNVMB 6OP .JFOUSBT RVF FM CSJU²OJDP QFSUFOF DJFOUF B MB FTDVEFS½B .FSDFEFT TF VCJDB FO MB QVOUB EF MB DMBTJGJDBDJÂO FM QJMPUP BMF N²O EFM FRVJQP 'FSSBSJ TF NBOUJFOF FO MB QFMFB Z USBT IBCFSTF JOUFSDBNCJBEP FM MV HBS EF QSJWJMFHJP FO N²T EF VOB PDBTJÂO BNCPT DPOEVDUPSFT QSPNFUFO TFHVJS DPO FTB MVDIB JODFTBOUF RVF WVFMWB B FTDSJCJS TV OPNCSF FO MBT Q²HJOBT EF HMPSJB EFM EF QPSUF NPUPS
3FFTUBCMFDJFOEP MB USBEJDJ×O 4&#"45*"/ 7&55&- &M QJMPUP BMFNÇO EF 'FSSBSJ TF FODVFOUSB FO MB CÝTRVFEB EF TV RVJOUP UÒUVMP NVOEJBM EFOUSP EF MB '×SNVMB 5SBT TV BSSJCP B MB FTDVEFSÒB EFM $BWBMMJOP 3BNQBOUF FO FM UFVU×O WJWF BDUVBMNFOUF TV NFKPS NP NFOUP BM DPOEVDJS FM GBNPTP DPDIF SPKP BM OP IBCFS BCBOEPOBEP FM 5PQ EFM DBNQFP OBUP EF QJMPUPT
3±$03%4
&M PSJVOEP EF )FSUGPSETIJSF *OHMBUFSSB UVWP TVT QSJNFSPT DPOUBDUPT DPO FM WP MBOUF B MB FEBE EF MPT PDIP BÖPT DVBO EP TF JOJDJ× FO FM LBSUJTNP 5SBT IBCFSTF DPOWFSUJEP FO DBNQF×O FVSPQFP EF LBSUT FO FM BÖP TF MF BCSJFSPO MBT QVFSUBT EF MB '×SNVMB 3F OBVMU #SJUÇOJDB B MB DVBM MMFH× FO DPNP QBSUF EFM FRVJQP .BOPS .PUPST QPSU DPO FM RVF TF DPSPO× FO FM &O FM )BNJMUPO EJP FM TBMUP B MB '×SNVMB &VSPTFSJFT EPOEF WPMWJ× B EFTUBDBS FO MB QJTUB BM DPSPOBSTF DPNP DBNQF×O EFM 7JFKP $POUJOFOUF FO MB UFNQPSBEB DVBOEP DPNQJUJ× DPO FM FRVJQP "4. 1BSB FM CSJUÇOJDP TF BHSFH× B MBT GJMBT EF MB (1 4FSJFT DPOPDJEB DPNP '×SNVMB &O FTUB DBUFHPSÒB )BNJMUPO TF DPOTBHS× DPNP DBNQF×O FTB NJT NB UFNQPSBEB 4V QSJNFS DPOUBDUP DPO MB '×SNVMB 6OP TF EJP FO FM DVBOEP EFCVU× DPO .D-BSFO
1JMPUP DPO NBZPS DBOUJEBE EF QVO UPT MPHSBEPT FO VOB UFNQPSBEB BM MPHSBS VOJEBEFT FO 1JMPUP DBNQF×O EFM NVOEP DPO NB ZPS NBSHFO EF QVOUPT DPO FM TFHVO EP MVHBS BM UFOFS VOB WFOUBKB EF QVOUPT FO MB UFNQPSBEB 1JMPUP DPO NÇT 1PMF 1PTJUJPO FO VOB UFNQPSBEB BM TVNBS FO MB DBNQB ÖB 1JMPUP NÇT KPWFO FO MPHSBS VO UFUSB DBNQFPOBUP BM TVNBS DVBUSP UÒUVMPT DPO BÖPT Z EÒBT $BNQFPOBUPT FO '×SNVMB Z DPO FTDVEFSÒB 3FE #VMM $BNQFPOBUPT FO PUSBT DBUFHPSÒBT $BNQFPOBUP &VSPQFP EF ,BSUJOH +VOJPS $BNQFPOBUP EF MBT '×SNVMB #.8 "%"$
*OJDJPT $PNFO[× TV DBSSFSB FO FM EFQPSUF NP UPS B MPT PDIP BÖPT FO FM LBSUJTNP IBTUB EBS FM TBMUP B MPT NPOPQMB[BT B MB FEBE EF MPT BÖPT 7FUUFM TF DPOTB HS× DPNP DBNQF×O EF MB '×SNVMB #.8 EF "MFNBOJB FO TV BÖP EF OPWB UP &O TF DPOWJSUJ× FO QJMPUP EF MB '×SNVMB &VSPTFSJFT DPOTJEFSBEP DP NP VOP EF MPT TFSJBMFT EFM BVUPNPWJ MJTNP RVF NBZPS OÝNFSP EF OPNCSFT IBO BQPSUBEP B EJTUJOUPT FRVJQPT EF '×SNVMB 6OP %VSBOUF TV FTUBEÒB FO FTUB DPNQFUJDJ×O 7FUUFM MPHS× FM QSF NJP BM /PWBUP EFM "ÖP $VSJPTBNFOUF -FXJT )BNJMUPO TV IPZ SJWBM FO MB NÇ YJNB DPNQFUFODJB UBNCJÎO GPSN× QBSUF EF FTUF TFSJBM %VSBOUF FTF NJTNP BÖP FM QJMPUP PSJVOEP EF )FQQFOIFJN UVWP TV QSJ NFS BDFSDBNJFOUP DPO MB '×SNVMB 6OP BM SFBMJ[BS QSVFCBT DPO FM FRVJQP 8J MMJBNT 1BSB FM IPZ UFUSBDBNQF×O NVO EJBM TF DPOWJSUJ× FO FM QJMPUP EF QSVF CBT EF MB &TDVEFSÒB 4BVCFS
+6&7&4 %& 0$56#3& %&
*OJDJPT
1JMPUP DPO NBZPS DBOUJEBE EF QPEJPT DPOTFDVUJWPT FO UFNQPSBEB EF EFCVU BM TVNBS FO FM 1JMPUP OPWBUP DPO NBZPS DBOUJEBE EF QVOUPT TVNBEPT FO VOB UFNQPSBEB BM TVNBS 1JMPUP DPO NBZPS DBOUJEBE EF WJDUPSJBT FO UFNQPSBEB EF EFCVU DPO DVBUSP 1JMPUP DPO NÇT QVOUPT FO MB IJTUPSJB EPT NJM $BNQFPOBUPT FO '×SNVMB DPO .D-BSFO Z DPO .FSDFEFT $BNQFPOBUPT FO PUSBT DBUFHPSÒBT $BNQFPOBUP '×SNVMB 3FOBVMU #SJUÇOJDB $BNQFPOBUP '×SNVMB &VSPTFSJFT Z $BNQFPOBUP (1 4FSJFT
.ยฑ9*$0
'ยบ3.6-" 6/0
1ย HJOB
+VFWFT EF PDUVCSF EF
6/ "ยน0 ."3$"%0
&/ -"4 1*45"4
$PO MBT OVFWBT SFHVMBDJPOFT B MBT RVF GVF TPNFUJEP FM DBNQFPOBUP EF MB 'ยฐSNVMB 6OP MPT FWFOUPT RVF IBO QSFDFEJEP BM (SBO 1SFNJP EF .ยฆYJDP IBO FOUSFHBEP NPNFOUPT ESBNย UJDPT
&M IPNCSF EF MBT QPMFT &O TV USBZFDUPSJB EFOUSP EF MB 'ร SNVMB 6OP -FXJT )BNJMUPO TF IB DBSBDUFSJ[BEP QPS TFS VO QJMPUP EPNJOBOUF DVBOEP TF MP QSPQPOF FTQFDJBMNFOUF DVBOEP EF QFMFBS MBT QPTJ DJPOFT EF QSJWJMFHJP TF USBUB &TUF Bร P FM CSJ Uร OJDP IB FTDSJUP TV OPNCSF FO MPT MJCSPT EF IJTUPSJB BM QSJNFSP JHVBMBS FM Oร NFSP EF QP MFT EF TV Nร T HSBOEF ร EPMP "ZSUPO 4FOOB DPO FTUP FO MBT BDUJWJEBEFT EFM (SBO 1SF NJP EF $BOBEร 1PS TJ GVFSB QPDP FM QJMPUP EF .FSDFEFT BIPSB FT FM QPTFFEPS EF MB Nร YJNB DBOUJEBE EF QPMFT FO MB IJTUPSJB EFM (SBO $JSDP BM MMFHBS B FO .PO[B TVQF SBOEP B .JDIBFM 4DIVNBDIFS
"RVร DPNFO[ร UPEP
#PUUBT EB MB DBNQBOBEB
1SPGFUB FO TV UJFSSB
1BSB BMHVOPT GVF TPSQSFTB QFSP QBSB PUSPT
5SBT IBCFSTF BMUFSOBEP FM QSJNFS QVFTUP FO
6O EPNJOJP BWBTBMMBEPS GVF FM RVF EFNPT
FTUBCB QSFTVQVFTUBEP RVF MB QSJNFSB DB SSFSB EF MB UFNQPSBEB GVFSB HBOBEB
MPT USFT (SBOEFT 1SFNJPT DPO MPT RVF DP NFO[ร MB UFNQPSBEB QPS QSJNFSB WF[ )B
USร -FXJT )BNJMUPO BM DPSSFS FO DBTB &M CSJ Uร OJDP MPHSร NJSBS MB CBOEFSB B DVBESPT FO
QPS FM BMFNร O 4FCBTUJBO 7FUUFM EF MB FTDV
NJMUPO Z 7FUUFM OP QVEJFSPO TVCJS B MP Nร T
FM FNCMFNร UJDP (SBO 1SFNJP EF 4JMWFSTUP
EFSร B 'FSSBSJ &M QJMPUP UFVUร O MPHSร JNQP OFSTF B MPT NJFNCSPT EF .FSDFEFT -FXJT
BMUP EFM QPEJP &TUP TVDFEJร FO FM (SBO 1SF NJP EF 3VTJB EPOEF FM GJOMBOEร T 7BMUUFSJ
OF "EFNร T EF EPNJOBS MBT QSVFCBT DMBTJ GJDBUPSJBT )BNJMUPO TF BEVFร ร EF MB QPMF
)BNJMUPO Z 7BMUUFSJ #PUUBT DPO RVJFO NBO
#PUUBT EF .FSDFEFT TF BEKVEJDร FM USJVOGP
QPTJUJPO Z EVSBOUF MB DBSSFSB EPNJOร EF
UVWP VOB DFSSBEB DPOUJFOEB EVSBOUF MBT DB MJGJDBDJPOFT :B FO MB QJTUB EF .FMCPVSOF
&M QJMPUP Oร SEJDP IJ[P VOB DBSSFSB DFSFCSBM FO FM DJSDVJUP EF 4PDIJ Z BVORVF BMUFSOร FM
QVOUB B QVOUB FO MBT WVFMUBT RVF DPOGPS NBSPO MB DPNQFUJDJร O &M QJMPUP EF .FSDF
7FUUFM TVQP BQSPWFDIBS VOB QBSBEB UFNQSBOB
MJEFSBUP EF MB NJTNB DPO 4FCBTUJBO 7FUUFM
EFT MPHSร FO DBTB TV DVBSUP USJVOGP EF MB
EF )BNJMUPO B QBSUJS EF MB WVFMUB QBSB MPHSBS TV QSJNFSB WJDUPSJB DPO 'FSSBSJ EFTEF IBCFS
MPHSร EPNJOBS MB QVOUB B QBSUJS EF MB WVFMUB &TUB GVF MB QSJNFSB WJDUPSJB FO MB 'ร S
UFNQPSBEB Z QPS TJ GVFSB QPDP SPNQJร UBN CJร O FM Sร DPSE EF MB WVFMUB Nร T Sร QJEB FO FT
WJTUP MB CBOEFSB B DVBESPT FO FM (SBO 1SFNJP
NVMB 6OP EFM FY QJMPUP EF 8JMMJBNT
UF DJSDVJUP )BNJMUPO DPNQBSUJร FM QPEJP
+6&7&4 %& 0$56#3& %&
EF 4JOHBQVS EF
-
B QBSUF GJOBM EF MB UFNQPSBEB EFM (SBO $JSDP IB DPNFO[BEP &M (SBO 1SFNJP EF .ยนYJDP FTUยฒ B MB WVFMUB EF MB FTRVJOB Z MPT NFKPSFT QJMPUPT EF MB BD UVBMJEBE WJTJUBSยฒO VOB EF MBT QJTUBT DPO NBZPS USBEJ DJร O EFM UPEP DPOUJOFOUF DPO MB BUFOVBOUF EF RVF FO TVFMP NFYJDBOP TF QVFEB EBS MB DPSPOBDJร O EF VO OVFWP DBNQFร O EF MB DBUFHPSยฝB 5SBT IBCFS USBOTDVSSJEP FNPDJPOBOUFT (SBOEFT 1SFNJPT MB 'ร SNVMB 6OP QVEJFSB EFGJOJS B TV OVFWP NPOBSDB FO MB QJTUB EFM "VUร ESPNP )FSNBOPT 3P ESยฝHVF[ $PO FM CSJUยฒOJDP -FXJT )BNJMUPO EF MB FT DVEFSยฝB .FSDFEFT FO MB DJNB EFM DBNQFPOBUP EF QJMPUPT Z FM BMFNยฒO 4FCBTUJBO 7FUUFM TJHVJยนOEP MP NVZ EF DFSDB MB UFSDFSB FEJDJร O EFM (SBO 1SF NJP EF .ยนYJDP EFTEF TV SFBQBSJDJร O FO QSPNFUF TFS EF BVUยนOUJDP BMBSJEP QFSP BOUFT EF BEFMBOUBSOPT B MBT TJUVBDJPOFT UF QSFTFO UBNPT DVยฒMFT IBO TJEP MPT NPNFOUPT NยฒT USBTDFOEFOUBMFT EF MB BDUVBM UFNQPSBEB
DPO #PUUBT Z 3BJLLPOFO
&M OJร P NBSBWJMMB SFHSFTร $POTJEFSBEP DPNP VOB EF MBT Nร YJNBT QSP -B EFCBDMF EF 7FUUFM FO 4V[VLB NFTBT EFM BVUPNPWJMJTNP NVOEJBM FM IPMBO Eร T .BY 7FSTUBQQFO EFM FRVJQP 3FE #VMM EF 1BSFDร B RVF FM DBNQFPOBUP EF QJMPUPT MMFHBSร B NPTUSร RVF FTUร QBSB HSBOEFT DPTBT BM B TV DMร NBY FO FM (SBO 1SFNJP EF +BQร O ZB RVF BEVFร BSTF EFM USJVOGP FO FM TJFNQSF JOUFSFTBO 4FCBTUJBO 7FUUFM TFHVร B NVZ EF DFSDB FO MB DMB UF (SBO 1SFNJP EF .BMBTJB
TJGJDBDJร O B -FXJT )BNJMUPO BVORVF BM GJOBM MB
7FSTUBQQFO MPHSร JNQPOFSTF B )BNJMUPO Z 7FUUFM EV BNBSHVSB GVF HSBOEF QBSB MPT TFHVJEPSFT EFM SBOUF MB NBZPSร B EF MBT WVFMUBT RVF DPOGPSNBO $BWBMMJOP 3BNQBOUF ZB RVF FM QJMPUP UFVUร O OP MB DPNQFUFODJB SFBMJ[BEB FO FM DJSDVJUP EF ,VB QVEP RVFEBSTF DPO FM USJVOGP Z EFKร Nร T DFSDB EF MB DPSPOB BM CSJUร OJDP 6OB GBMMB NFDร OJDB MB -VNQVS &M IPMBOEร T BQSPWFDIร VO UJUVCFP EFM .FS FO MB RVJOUB WVFMUB PCMJHร B 7FUUFM B SFUJSBSTF EF DFEFT EF -FXJT )BNJMUPO Z B QBSUJS EF MB MB DPNQFUJDJร O EFKBOEP MB NFTB QVFTUB QBSB DVBSUB WVFMUB TF BQPEFSร EFM QSJNFS TJ RVF )BNJMUPO TVNBSB TV PDUBWB WJDUPSJB EFM UJP IBTUB MMFHBS B MB Mร OFB EF NFUB MP TFSJBM FO FM RVF GVF TV TFHVOEP SFUJSP FO HSBOEP BTร TV TFHVOEP USJVOGP FO VO USFT DBSSFSBT TVNBEP B MB DBUร TUSPGF RVF GVF FM (SBO 1SFNJP B TVT Bร PT EF FEBE
(SBO 1SFNJP EF 4JOHBQVS
.±9*$0
'º3.6-" 6/0
+VFWFT EF PDUVCSF
1 HJOB
1JU CVJMEJOH
4F USBUB EF VOB EF MBT ÇSFBT RVF TF DPOTUSVZ× EFTEF MPT
DJNJFOUPT FO EVSBOUF MB NÇT SFDJFOUF SFNPEFMBDJ×O EFM BVU×ESPNP "OUFT FYJTUÒB FO TV MVHBS VOB FTUSVDUVSB TJ NJMBS B MBT HSBEBT QSJODJQB MFT &M JONVFCMF UJFOF VOB MPOHJUVE EF NFUSPT
-B QJTUB
1*45"
OÇOEF[ (×NF[ %B[B FO
%& "-563" %FTEF TV DPODFQDJ°O IBDF DBTJ B®PT IBTUB TV N T SFDJFOUF SFNPEFMBDJ°O FM "VU°ESPNP )FSNBOPT 3PESªHVF[ IB TJEP VO SFUP QBSB FM NVOEP EFM EFQPSUF NPUPS S½BT QPS MB TVQFSGJDJF BDDJEFOUB EB Z QPS MB FMFWBDJÂO EF EPT NJM NFUSPT TPCSF FM OJWFM EFM NBS RVF PDBTJPOB RVF MPT NPUP SFT QJFSEBO QPUFODJB 5SBT SFDJCJS (SBOEFT 1SF NJPT EF 'ÂSNVMB 6OP FOUSF Z FM JONVFCMF GVF SFOPWB EP Z FM DJSDVJUP TVGSJÂ BMHVOBT NPEJGJDBDJPOFT QBSB QPEFS WPM WFS B TFS VOP EF MPT FTDFOBSJPT EFM (SBO $JSDP RVF EF OVFWP IJ [P FTDBMB FO .¹YJDP EFTEF IBTUB -VFHP EF TV TFHVOEB FUBQB MB 'ÂSNVMB 6OP FTUVWP BVTFOUF EVSBOUF BÁPT EFM )FSNBOPT 3PES½HVF[ &O FM JOUFS GVF DPOTUSVJEP VO GPSP NBTJWP EF FTQFDU²DVMPT BM JOUF SJPS EF MB DVSWB 1FSBMUB EB RVF DPOTUJUVZF VOB EF MBT DBSBDUFS½TUJDBT N²T OP UPSJBT EF MB BDUVBM GJTPOPN½B EFM DJSDVJUP
1BSB IBDFS QPTJCMF FM SFUPS OP EFM (SBO $JSDP MB DBTB EF MB WFMPDJEBE FO .¹YJDP GVF SFDPOT USVJEB DBTJ FO TV UPUBMJEBE 4F FSJHJÂ VO OVFWP FEJGJDJP EF CP YFT VOB [POB 7*1 VO IPTQJUBM OVFWBT HSBEBT Z TF SFBTGBMUÂ QPS DPNQMFUP MB QJTUB QBSB PCUF OFS MB BQSPCBDJÂO EF MB 'FEFSB DJÂO *OUFSOBDJPOBM EF "VUPNP WJMJTNP Z WPMWFS B TFS QBSUF EFM DBMFOEBSJP EF MB 'ÂSNVMB 6OP "T½ EFTEF .¹YJDP WJWF FO VO FTDFOBSJP SFOPWBEP VOB QBTJÂO RVF ZB TVQFSB FM NFEJP TJHMP
'PSP 4PM
DPNP QSPZFDUP EF UFTJT &M SBT HP DBSBDUFSÒTUJDP EF MB QJTUB FSB MB DVSWB GJOBM MMBNBEB 1FSBMUB EB $PNP QBSUF EF MB SFNPEFMB DJ×O QBSB FM SFHSFTP EF MB '×S NVMB 6OP B .ÎYJDP FO MB QJTUB GVF SFBTGBMUBEB Z NPEJGJ DBEB BEFNÇT QPS NPUJWPT EF TFHVSJEBE TF QSFTDJOEJ× EF MB 1FSBMUBEB
$*'3"
NJMMPOFT EF E×MBSFT TF JOWJSUJFSPO FO MB SFNPEFMBDJ×O EFM ")3 FO
-B FTUSVDUVSB DPOTUSVJEB FO FT VOB EF MBT [POBT RVF NÇT FNPDJPOFT EFT QJFSUBO Z VOB EF MBT NÇT DBSBDUFSÒTUJDBT EFM (SBO 1SFNJP EF .ÎYJDP Z EFM "VU× ESPNP )FSNBOPT 3PESÒHVF[ -B BOUJHVB DVSWB 1FSBMUBEB GVF EJWJEJEB FO EPT QBSB RVF MPT BVUPT EF '×SNVMB 6OP BUSBWJFTFO FM GPSP Z TJFOUBO EF DFSDB FM DBMPS EF MB NVMUJUVE BOUFT EF BMDBO[BS MB NFUB
.FEJB DFOUFS
6CJDBEP BM JOUFSJPS EFM DJSDVJUP FOUSF FM 1BEEPDL Z FM KBSEÒO CPUÇOJDP FT PUSB EF MBT OPWF EBEFT FO MB JOGSBFTUSVDUVSB EFM BVU×ESPNP QBSB FM SFHSFTP EF MB '×SNVMB 6OP FO &M FEJ GJDJP EF EPT QMBOUBT BMCFSHB B MPT BQSPYJNBEBNFOUF NJFNCSPT EF MPT NFEJPT EF DP NVOJDBDJ×O QSPDFEFOUFT EF UPEP FM NVOEP
+6&7&4 %& 0$56#3& %&
$
JODVFOUB Z PDIP BÁPT OP QBTBO FO WBOP Z QBSB DPNQSPCBSMP CBTUB SF QBTBS MB IJTUPSJB EFM "V UÂESPNP )FSNBOPT 3PES½HVF[ RVF EFTEF TV DPOTUSVDDJÂO FO IB FWPMVDJPOBEP QBSB BEBQUBSTF B MPT DBNCJPT FO FM NVOEP EFM BVUPNPWJMJTNP 6OB EF MBT NPEJGJDBDJPOFT N²T FWJEFOUFT FT FM OPNCSF *OJ DJBMNFOUF DPOPDJEP TJNQMFNFO UF DPNP $JSDVJUP EF MB .BHEBMF OB .JYIVDB FM BVUÂESPNP SFDJCJÂ TV OPNCSF BDUVBM FO DPNP IPNFOBKF B 3JDBSEP Z 1FESP 3PES½HVF[ MPT EPT NF KPSFT QJMPUPT NFYJDBOPT EF MPT BÁPT TFTFOUB %FTEF FM JOJDJP MBT QFDVMJB SFT DPOEJDJPOFT EF MB $JVEBE EF .¹YJDP MF EJFSPO BM DJSDVJUP VO DBS²DUFS ÈOJDP RVF DPOTFSWB IBTUB IPZ &M )FSNBOPT 3PES½ HVF[ FT VO SFUP QBSB MBT FTDVEF
&M USB[BEP PSJHJOBM GVF EJTFÖB EP QPS FM JOHFOJFSP ºTDBS 'FS
'º3.6-" 6/0
.±9*$0
$)&$0 %&'*/&
4FSHJP Ü$IFDPÝ 1¦SF[ T°MP UJFOF VO PCKFUJWP FO NFOUF QBSB FM (SBO 1SFNJP EF .¦YJDP CSJOEBSTF BOUF TVT QBJTBOPT
◗ "VUPNPWJMJTNP 1BTJ×O ◗ ,BSUJTNP 1VSF[B ◗ &M %POBT (PLBSU ◗ (BSJCBZ 1BESF ◗ 5PÖP $PNQBÖFSP ◗ 1BPMB $POTFKFSB ◗ (VBEBMBKBSB .J UJFSSB ◗ '×SNVMB #SJUÇOJDB 'FMJDJEBE ◗ (1 $POTPMJEBDJ×O ◗ 4BVCFS 1SJNFSB PQPSUVOJEBE ◗ .D-BSFO "QSFOEJ[BKF ◗ 'PSDF *OEJB 4FHVOEB GBNJMJB ◗ $BSMPT 4MJN "QPZP JODPOEJDJPOBM
.0453"34&
&/ $"4"
'ยบ3.6-" 6/0
+VFWFT EF PDUVCSF
4&3(*0 1ยฑ3&; &/ -" 'ยบ3.6-" 6/0
UFNQPSBEBT
$PNQSPNJTPT
(SBOEFT 1SFNJPT BSSBODBEPT BCBOEPOPT
FRVJQPT
DPFRVJQFSPT
WFDFT UFSNJOBOEP FO OPWFOP MVHBS TV QPTJDJร O Nร T SFQFUJEB FOUSF MPT QVOUPT
DBSSFSBT EFOUSP EFM 5PQ QPEJPT
QVOUPT QPS UFNQPSBEB /ร NFSPT IBTUB FM (SBO 1SFNJP EF +BQร O
.ยฑ9*$0
1ย HJOB
FSHJP 1ยนSF[ FTUยฒ B QVOUP EF WJWJS QPS UFSDF ย {$ร NP TF IB EFTBSSPMMBEP MB FNQBUร B EF MB SB PDBTJร O FO TV DBSSFSB MB FYQFSJFODJB EF GBNJMJB EF MB 'ร SNVMB 6OP EFTQVร T EF MBT USBHF DPSSFS VO (SBO 1SFNJP FO DBTB GSFOUF B TV EJBT PDVSSJEBT FO .ร YJDP ย 3FDJCยฝ NFOTBKFT EF BQPZP EF WBSJPT QJMPUPT GVF Qร CMJDP Z DPO FM BQPZP EF UPEP VO QBยฝT FO TVT VOB OPUJDJB NVOEJBM QFSP BM NJTNP UJFNQP GVF QBESยฝ FTQBMEBT &M UBQBUยฝP TF IB IFDIP EF VO OPNCSF EFOUSP EF MB TJNP EBS FTB JNBHFO BM NVOEP EF MP HSBOEFT RVF TP 'ร SNVMB 6OP HSBDJBT B TVT TJFUF Bร PT EF FYQFSJFODJB NPT TJ OPT VOJNPT ย &O NBUFSJB EFQPSUJWB {FTUร T FO MB QPTJ FO MB DBUFHPSยฝB Z B RVF UFNQPSBEB B UFNQPSBEB NVFT USB NBZPS NBEVSF[ FO DBEB QJTUB RVF QJTB BEFNยฒT EF DJร O RVF IVCJFSBT EFTFBEP B JOJDJPT EF Bร P ย 4JFNQSF B QSJODJQJP EF Bร P QPOFT UVT NFUBT Z RVF TVT SFTVMUBEPT IBO JEP B MB BM[B DPO FM QBTP EFM WBNPT NVZ CJFO TPNPT FM DVBSUP FRVJQP FO FM NVO UJFNQP 4JO FNCBSHP TPCSF FM BTGBMUP EFM "VUร ESPNP )FS EJBM Z FTP TJHVF TJFOEP NVZ CVFOP QBSB OPTPUSPT ย &YDFQUVBOEP MPT SPDFT RVF UVWJTUF DPO UV DPN NBOPT 3PESยฝHVF[ EPOEF TF DFMFCSBSยฒ FM (SBO 1SFNJP EF .ยนYJDP FM KBMJTDJFOTF B QFTBS EF IBCFS UFSNJOBEP QBร FSP EF FRVJQP {IBO FYJTUJEP BMHVOBT PUSBT DPTBT FO MPT QVOUPT OP IB PCUFOJEP MPT SFTVMUBEPT EFTFBEPT RVF QVEJFSPO IBCFSTF EBEP NFKPS FO MB UFNQPSBEB ย $SFP RVF MPT SFTVMUBEPT RVF IFNPT DPOTFHVJEP FO Z SFTQFDUJWBNFOUF "ร O BTยฝ 1ยนSF[ .FOEP[B OP WF B FTUB OVFWB PQPS TPO QPS NVDIP TVQFSJPSFT B MP RVF B QSJODJQJP EF Bร P UVOJEBE DPNP VOB SFWBODIB TJOP DPNP VOB WJUSJOB QB IVCJยนSBNPT QFOTBEP IFNPT UFSNJOBEP DVBSUPT FO WB SB TFHVJS EFNPTUSBOEP FM QPS RVยน TF IB HBOBEP VO MV SJBT DBSSFSBT Z FTP FT NVZ CVFOP FTUPZ NVZ DPOUFOUP DPO NJ USBCBKP IBTUB FM NPNFOUP HBS FOUSF MPT NFKPSFT QJMPUPT EFM NVOEP
4
ย {&YJTUF BMHร O UJQP EF SFWBODIB QPS NFKPSBS ย %F DBSB BM DJFSSF {DVร M FT FM PCKFUJWP JOEJWJ MPT SFTVMUBEPT EF MPT EPT BOUFSJPSFT (SBOEFT 1SF EVBM RVF UF IBT USB[BEP NJPT FO .ร YJDP ย .F FODBOUBSยฝB UFSNJOBS TยนQUJNP EFM NVOEJBM EF QJMP ย /P MP WFP DPNP SFWBODIB MP WFP DPNP VOB OVF UPT Z TVQFSBS NJ NBSDB EFM Bร P QBTBEP EF QVOUPT ย {-B BGJDJร O QVFEF FTQFSBS MB NFKPS WFSTJร O WB PQPSUVOJEBE EF MMFHBS B NJ DBTB DPO NJ HFOUF Z DPO VO Bร P NยฒT EF FYQFSJFODJB FO FM DVBM CVTDBSยน EBS NJ EF $IFDP EF DBSB B MBT ร MUJNBT DBSSFSBT EFM Bร P ย 1PS TVQVFTUP DBEB DBSSFSB FSFT NยฒT NBEVSP Z NFKPS DBSSFSB Z TFHVJS TPร BOEP DPO VO QPEJP FTP TF DSFP RVF IF USBCBKBEP NVZ GVFSUF QBSB DFSSBS EF MB NF SยฝB NVZ FTQFDJBM ย {2Vร WBMPS FTQFDJBM UFOESร FTUF (SBO 1SF KPS NBOFSB QPTJCMF Z SFDVQFSBS MPT QVOUPT RVF IFNPT NJP EFTQVร T EF MPT EFTBTUSFT PDVSSJEPT FO FM QBร T EFKBEP JS FO BMHVOBT DBSSFSBT ย {2Vร TJHOJGJDBEP MF EBT B FTUB UFNQPSBEB ย 1BSB Nยฝ FT FM NยฒT FTQFDJBM NF FOPSHVMMFDF MB DBMJEBE IVNBOB RVF NPTUSBNPT UPEPT DPNP NFYJDB DPO MPT OVFWPT DPDIFT ย &T JNQSFTJPOBOUF MP SยฒQJEP RVF WBNPT FT NVZ OPT EFNPTUSBNPT RVF TPNPT VOB HFOFSBDJร O RVF WB NPT B IBDFS EJGFSFODJB Z RVF .ยนYJDP FTUยฒ EF QJF NยฒT EJWFSUJEB FTUB 'ร SNVMB 6OP RVF IFNPT FYQFSJNFOUB EP B QBSUJS EF FTUF Bร P RVF OVODB Z FTP RVJFSP EFNPTUSBS ZP FO MB QJTUB
-0 1&340/"- "1"35& %& -0 130'&4*0/""EFNร T EF FTUBS WJWJFOEP VOB EF TVT NFKPSFT FUBQBT DPNP QJMPUP EF 'ร SNV MB 6OP DPO MB FTDVEFSร B 4BIBSB 'PSDF *OEJB 4FSHJP 1ร SF[ WJWF VOP EF MPT NP NFOUPT Nร T QMFOPT FO FM BTQFDUP QFS TPOBM QVFT FTUร B VOBT DVBOUBT TFNB OBT EF DPOWFSUJSTF FO QBESF
$PO MB NBEVSF[ BERVJSJEB DPO MPT Bร PT TPCSF MBT QJTUBT FM UBQBUร P USBUB EF OP NF[DMBS BNCPT BTQFD UPT TJO FNCBSHP MPT WJWF Z EJTGSVUB DBEB VOP B MB NBOFSB RVF MF DP SSFTQPOEF i4PO FUBQBT EJGFSFOUFT Z EJT
GSVUP DBEB VOB EF EJGFSFOUF NBOF SBv DPNFOUB $IFDP i-P QSPGFTJP OBM MP TJHP WJFOEP EF MB NJTNB NB OFSB Z MP QFSTPOBM FT VOB FUBQB ร OJDB RVF FTUPZ EJTGSVUBOEP NV DIPv BHSFHB -P DJFSUP FT RVF FM QJMPUP NFYJ
DBOP OP RVJUB FM EFEP EFM SFOHMร O FO CVTDBS TFS DBEB Eร B VOB NFKPS WFSTJร O EF Tร NJTNP UBOUP EFOUSP DPNP GVFSB EF MB QJTUB Z FO FTUB FEJDJร O EFM (SBO 1SFNJP EF .ร YJDP UJFOF VOB EF MBT WJUSJOBT Nร T JN QPSUBOUFT QBSB EFNPTUSBSMP
+6&7&4 %& 0$56#3& %&
QVOUPT BDVNVMBEPT
'ยบ3.6-" 6/0
1ย HJOB
.ยฑ9*$0
+VFWFT EF PDUVCSF EF
)*4503*" &4$3*5"
" 50%" +6&7&4 %& 0$56#3& %&
7&-0$*%"% 4PCSF FM BTGBMUP EFM "VUยฐESPNP )FSNBOPT 3PESยชHVF[ TF IBO FTDSJUP BMHVOBT EF MBT Qย HJOBT Nย T HMPSJPTBT FO MB FYJTUFODJB EF MB 'ยฐSNVMB 6OP
B IJTUPSJB EFM (SBO 1SFNJP EF .ยน YJDP FTUยฒ MJHBEB B MB EF MPT IFSNB OPT 3JDBSEP Z 1FESP 3PESยฝHVF[ &M TBMUP B MB GBNB EF 3JDBSEP FO DPNP QJMPUP EF 'FSSBSJ B MPT Bร PT GVF FM PSJHFO EF MB JEFB EF DPOTUSVJS FM BV Uร ESPNP FO MB .BHEBMFOB .JYIVDB 5SBT MB USยฒHJDB NVFSUF EFM NFOPS EF MPT 3PESยฝ HVF[ FM ยนYJUP EF 1FESP NBOUVWP WJWP FM JO UFSยนT QPS FM EFQPSUF NPUPS FO .ยนYJDP -B QSJNFS DBSSFSB EF 'ร SNVMB 6OP FO .ยนYJDP TF EJTQVUร FO QFSP OP DPOUร QBSB FM DBNQFPOBUP EF FTB UFNQPSBEB &M TBMEP EFM FODVFOUSP JOBVHVSBM GVF USยฒHJDP 3JDBSEP 3PESยฝHVF[ QFSEJร MB WJEB BM FTUSF MMBSTF FO MB 1FSBMUBEB EVSBOUF MB QSVFCB EF DBMJGJDBDJร O " QBSUJS EF .ยนYJDP QBTร B GPSNBS QBSUF EFM DBMFOEBSJP PGJDJBM EF MB 'ร SNVMB 6OP %VSBOUF Bร PT MB DJUB NFYJDBOB GVF MB
-
ร MUJNB EF MB UFNQPSBEB QPS MP RVF FO OVFT USP QBยฝT TF FTDSJCJFSPO QยฒHJOBT FOUFSBT EF MB IJTUPSJB EF MB 'ร SNVMB 6OP -B QSJNFSB FUBQB EFM (SBO 1SFNJP EF .ยนYJDP TF DJFSSB FO " TV SFHSFTP FO FM (SBO $JSDP USBKP DPOTJHP VOB OVF WB HFOFSBDJร O EF MFZFOEBT Z TJSWJร EF GPO EP QBSB BMHVOPT FQJTPEJPT EFM EVFMP FOUSF "MBJO 1SPTU Z "ZSUPO 4FOOB %F NBOFSB TJHOJGJDBUJWB FTB TFHVOEB GBTF DPODMVZF DPO MB TPOSJTB EF MB QSร YJNB MFZFOEB EFM BVUPNPWJMJTNP .JDIBFM 4DIVNBDIFS RVF PCUVWP FO FM )FSNBOPT 3PESยฝHVF[ FM QSJNFS QPEJP EF TV DBSSFSB FO &O MB 'ร SNVMB 6OP WVFMWF BM )FS NBOPT 3PESยฝHVF[ Z FM SFTUP FT IJTUPSJB RVF UPEBWยฝB FTUยฒ TJFOEP FTDSJUB B UPEB WFMPDJ EBE .FSDFEFT EPNJOB QFSP 'FSSBSJ OP TF SFTJHOB B OP UFOFS MB ร MUJNB QBMBCSB
$*'3"4
QJMPUPT IBO
QSPCBEP MBT NJFMFT EF FTUBS FO FM QPEJP EF VO (SBO 1SFNJP EF .ร YJDP
QJMPUPT NFYJDB OPT IBO GPSNBEP QBSUF EF VO (SBO 1SF NJP EF .ร YJDP 1FESP Z 3JD BSEP 3PESร HVF[ .PJTร T 4PMBOB 4FSHJP 1ร SF[ Z &TUFCBO (V UJร SSF[
+VFWFT EF PDUVCSF
.±9*$0
'º3.6-" 6/0
1 HJOB
.0.&/504 26& ."3$"/ &O MB NFNPSJB EF MPT BGJDJPOBEPT EF MB '°SNVMB 6OP TF IBO HSBCBEP JN HFOFT RVF T°MP FM (SBO 1SFNJP EF .¦YJDP IB QPEJEP PGSFDFS $MBSL FM QSJNFS HBOBEPS
-B MFDDJ×O EFM i1SPGFTPSv
&M QSJNFS QJMPUP FO BEKVEJDBSTF FM (SBO 1SF
&M GJOBM EF MPT BÖPT PDIFOUB Z FM JOJDJP EF MPT OP
NJP NFYJDBOP GVF MB MFZFOEB +JN $MBSL RVF MMFH× B MB QFOÝMUJNB GFDIB EF MB DBNQBÖB
WFOUB GVFSPO NBSDBEPT QPS MB SJWBMJEBE FOUSF "MBJO 1SPTU Z "ZSUPO 4FOOB "M NFOPT FO MP RVF
DPO FM DBNQFPOBUP ZB BTFHVSBEP $MBSL
SFTQFDUB B .ÎYJDP FM i1SPGFTPSv GSBODÎT TF MMFW×
EFNPTUS× QPS RVÎ TF MMFW× MB DPSPOB EPNJ OBOEP DMBSBNFOUF B TV NÇT DFSDBOP DPNQF
MB NFKPS QBSUF BEKVEJDÇOEPTF MBT FEJDJPOFT EF Z ÎTUB FO MB RVF 1SPTU PGSFDJ× VOB EF
UJEPS FM UBNCJÎO IJTU×SJDP +BDL #SBCIBN -B
TVT DBSSFSBT NÇT NFNPSBCMFT DVBOEP EJP VOB
FVGPSJB EFTBUBEB QPS MB DBSSFSB GVF UBOUB RVF B QBSUJS EF MB TFHVOEB FEJDJ×O .ÎYJDP TF DPO
DÇUFESB EF HFTUJ×O EF OFVNÇUJDPT RVF MF QFSNJ UJ× MPHSBS VOB SFNPOUBEB FTQFDUBDVMBS RVF MP MMF
WFSUJSÒB FO MB ÝMUJNB GFDIB EFM DBNQFPOBUP
W× EF MB QPTJDJ×O IBTUB MP NÇT BMUP EFM QPEJP
-B BVEBDJB EF .BOTFMM
-B MFZFOEB CSBTJMFÖB HBO× FM (SBO 1SFNJP
-B TPMB NFODJ×O EF .ÎYJDP EFCF USBFS UPEBWÒB
NFYJDBOP FO BVORVF MB QJTUB EFM "VU× ESPNP )FSNBOPT 3PESÒHVF[ OP MF GVF DPN
VOB TPOSJTB BM SPTUSP DVSUJEP EF /JHFM .BOTFMM &M -F×O EF MB *TMB EF .BO GVF FM HBOBEPS EF MB DB
QMFUBNFOUF IPTQJUBMBSJB &O 4FOOB TBMJ×
SSFSB EF MB ÝMUJNB EF MB TFHVOEB FUBQB EF MB
EFM USB[BEP Z HPMQF× VO NVSP DPO UBM GVFS[B RVF FM QJMPUP DSFZ× RVF TF IBCÒB SPUP MBT QJFS
'×SNVMB 6OP FO .ÎYJDP "EFNÇT FO FTF BÖP FM CSJUÇOJDP GVF DBNQF×O EFM NVOEP 1PS TJ FTP OP
OBT 6O BÖP BOUFT UBNCJÎO FO DBMJGJDBDJ×O MB
CBTUBSB .BOTFMM SFHBM× BM BVUPNPWJMJTNP VOB
1FSBMUBEB OP UVWP DPOUFNQMBDJPOFT DPO FM MF HFOEBSJP QJMPUP DVZP .D-BSFO UFSNJO× CPDB
QPTUBM NFNPSBCMF FO DVBOEP TVQFS× B (FSIBSE #FSHFS FO MB UFNJCMF DVSWB 1FSBMUBEB
BCBKP QPOJFOEP B UFNCMBS B UPEP FM NVOEP
QBSB RVFEBS FO TFHVOEP MVHBS EF MB DBSSFSB )PZ
EFM BVUPNPWJMJTNP
VOB EF MBT DVSWBT EF FTB [POB MMFWB TV OPNCSF
&M QSJNFS QPEJP EF 4DIVNBDIFS
HBOBEP NÇT EF VOB WF[ FM (1 EF .ÎYJDP +JN $MBSL /JHFM .BOTFMM Z "MBJO 1SPTU
.BOTFMM GVF FM ÝMUJNP HBOBEPS EF MB TFHVOEB FUBQB EFM (SBO 1SFNJP EF .ÎYJDP FO -F TFHVÒBO FO FM QPEJP TV DPNQBÖFSP EF FRVJQP FO 8J MMJBNT 3JDDBSEP 1BUSFTF Z FO UFSDFS MVHBS VO KPWFO BMFNÇO EF NBOEÒCV MB QSPOVODJBEB RVF OP QPEÒB DPOUFOFS TV GFMJDJEBE ZB RVF TVCÒB QPS QSJ NFSB WF[ B VO QPEJP EF '×SNVMB 6OP 4F USBUBCB EF .JDIBFM 4DIVNBDIFS RVF FOUPODFT DPSSÒB QBSB MB FTDVEFSÒB #FOFUUPO FO TV TF
FTDVEFSÒBT EJT UJOUBT TF IBO BM [BEP DPO MB WJDUPSJB FO .ÎYJDP
HVOEP BÖP FO MB DBUFHPSÒB &O FTF NPNFOUP DPNFO[BCB B FTDSJCJSTF VOP EF MPT QBTBKFT NÇT CSJMMBOUFT EF MB '×SNVMB 6OP
-PT DBNQFPOFT EFM (1 EF .ÎYJDP 'FDIB EF EF EF EF EF EF EF EF EF EF EF EF EF EF EF EF EF
1JMPUP +JN $MBSL %BO (VSOFZ 3JDIJF (JOUIFS +PIO 4VSUFFT +JN $MBSL (SBIBN )JMM %FOOZ )VMNF +BDLZ *DLY (FSIBSE #FSHFS /JHFM .BOTFMM "MBJO 1SPTU "ZSUPO 4FOOB "MBJO 1SPTU 3JDDBSEP 1BUSFTF /JHFM .BOTFMM /JDP 3PTCFSH -FXJT )BNJMUPO
&TDVEFSÒB -PUVT #SBCIBN )POEB $PPQFS -PUVT -PUVT .D-BSFO 'FSSBSJ #FOFUUPO 8JMMJBNT .D-BSFO .D-BSFO 'FSSBSJ 8JMMJBNT 8JMMJBNT .FSDFEFT .FSDFEFT
'FDIB (1 EF PDUVCSF EF PDUVCSF EF PDUVCSF EF PDUVCSF EF PDUVCSF EF OPWJFNCSF EF PDUVCSF EF PDUVCSF EF PDUVCSF EF PDUVCSF EF NBZP EF NBZP EF KVOJP EF KVOJP EF NBS[P EF OPWJFNCSF EF PDUVCSF
QPEJPT MPT
$*'3"4
"ÖP
QJMPUPT IBO
RVF UJFOF MB FYUJOUB FTDVEFSÒB #SBCIBN FO .ÎYJDP FRVJQP DPO NÇT MVHBSFT EF IPOPS FO FTUB DBSSFSB
QJMPUPT BDVNVMBO DVBUSP QPEJPT FO .ÎYJDP +BDL #SBCIBN %FOOZ )VMNF "ZSUPO 4FOOB /JHFM .BOTFMM Z 3JDDBSEP 1BUSFTF
+6&7&4 %& 0$56#3& %&
4FOOB EF DBCF[B
1 HJOB
%JDFO RVF OP IBZ VOB TFHVOEB PQPSUVOJEBE QBSB VOB QSJNFSB JNQSFTJ×O Z MPT PSHBOJ[BEPSFT EFM (SBO 1SFNJP EF .ÎYJDP MP FOUFOEJFSPO NVZ CJFO &O FM SFHSFTP EFM FWFOUP BM QBÒT EFKB SPO VO FYDFMFOUF TBCPS EF CPDB
(SBEBT SFQMFUBT
-B '*" TF IB QSFPDVQBEP QPS MB CBKB BTJTUFODJB B MPT (SBOEFT 1SFNJPT TJO FNCBSHP FO MB QSJNFSB FEJDJ×O EF FTUF FWFO UP FM "VU×ESPNP )FSNBOPT 3PESÒHVF[ MVDJ× MBT HSBEBT MMF OBT EVSBOUF MPT USFT EÒBT EFM (SBO 1SFNJP #BOEFSBT HPSSBT HSJUPT NÝTJDB UPEPT FTUPT FMF NFOUPT QJOUBSPO MBT USJCVOBT EFM SFDJOUP
+6&7&4 %& 0$56#3& %&
&M )JNOP
'º3.6-" 6/0
.±9*$0
+VFWFT EF PDUVCSF EF
&3"
2VJFO IBZB EJDIP RVF MBT TF HVOEBT QBSUFT OVODB GVFSPO CVFOBT FT QPSRVF OP UVWP MB PQPSUVOJEBE EF FTUBS FO FM (1 EF .ÎYJDP 4J VO BÖP BO UFT IBCÒBO TPSQSFOEJEP FO FT UB FEJDJ×O TF FODBSHBSPO EF SFBGJSNBS RVF FTUP OP TF EJP QPS DBTVBMJEBE
%F EPT B USFT DBÒEBT
.&.03"#-& &O TV OVFWB FUBQB FM (SBO 1SFNJP EF .¦YJDP IB SFHBMBEP FTUBNQBT RVF IBO EFKBEP VOB IVFMMB JOEFMFCMF FO FM NVOEP EF MB '°SNVMB 6OP
-
B QJTUB FTU² QSFQBSBEB MBT CBOEFSBT POEFBO FO MB FOUSBEB 5PEP FTU² MJTUP 1PS UFSDFSB PDB TJÂO FO GJMB FM "VUÂESPNP )FSNBOPT 3PES½ HVF[ BCSJS² TVT QVFSUBT QBSB SFDJCJS B NJMFT EF BGJDJPOBEPT BM EFQPSUF NPUPS FO FM QB½T RVF WJB KBO QBSB WJWJS MB FYQFSJFODJB EF VOB DBSSFSB EFM N² YJNP DJSDVJUP MB 'ÂSNVMB 6OP &O MBT EPT FEJDJPOFT QSFWJBT EF FTUB OVFWB FSB FM (1 DFMFCSBEP FO MB $JVEBE EF .¹YJDP GVF QSFNJB EP DPNP iFM NFKPS FWFOUP EFM BÁPw Z OP FT DBTVBMJ EBE &T TJO MVHBS B EVEBT FM SFTVMUBEP EF VOB DPN CJOBDJÂO EF USBCBKP FTGVFS[P Z FM HSBO BNCJFOUF RVF JNQSJNFO MPT BGJDJPOBEPT NFYJDBOPT 1PS TJ BMHP MF IJDJFSB GBMUB B FTUB DBSSFSB QPEF NPT FTUBS TFHVSPT RVF FM EF FTUF BÁP FTUBS² DBSHB EP EF VOB HSBO EPTJT EF FNPUJWJEBE MVFHP EF MPT TJT NPT RVF TBDVEJFSPO FM QB½T Z RVF QSPWPDBSPO MB TPMJEBSJEBE EF HSBO GBNJMJB EF MB 'ÂSNVMB 6OP 1PS FMMP UF JOWJUBNPT B SFDPSEBS BMHVOPT EF MPT NPNFOUPT RVF OPT IB SFHBMBEP MB 'ÂSNVMB 6OP FO .¹YJDP FO TVT FEJDJPOFT QBTBEBT
&M 1BEEPDL EF MB '×SNVMB
3ÎDPSE EF BTJTUFODJB
6OP FT VO TJUJP SFTFSWBEP QB SB MPT FRVJQPT NJFNCSPT EF MB QSFOTB Z BMHVOPT BTJTUFO
UFT i7*1v TJO FNCBSHP FO FM
QFSTPOBT BTJTUJFSPO
FTUB [POB TF DPOWJSUJ× FO VO SJOH EF MVDIB MJCSF UF
B MPT USFT EÒBT EF BD
NÇUJDB SFDVSSFOUF FO UPEP FM
UJWJEBEFT EFM (1 EF .ÎYJDP DVBUSP
BVU×ESPNP
NJM NÇT RVF FO
&M EÒB EF NVFSUPT FO QJUT
&M NPNFOUP EF FOUPOBS FM
4JO EVEB VOB EF MBT EVQMBT NÇT RVFSJEBT EFOUSP EF MPT
)JNOP EF .ÎYJDP GVF TJO MVHBS
FRVJQPT FT MB JOUFHSBEB QPS %B
B EVEBT VOP EF MPT NÇT FNPUJ WPT 6O DPSP JOUFHSBEP QPS OJ
OJFM 3JDDJBSEP Z .BY 7FST UBQQFO RVF EFDJEJFSPO VOJSTF B
ÖPT JOEÒHFOBT MB NÝTJDB EF MB
MB DFMFCSBDJ×O EFM i%ÒB EF
CBOEB EFM &KÎSDJUP /BDJPOBM Z VOB CBOEFSB NPOVNFOUBM
NVFSUPTv Z TPSQSFOEFS B UPEPT BM MVDJS MB DBSB NBRVJMMBEB DP
EFTQMFHBEB FO MBT USJCVOBT UP
NP VOB USBEJDJPOBM DBUSJOB
DBSPO MBT GJCSBT NÇT TFOTJCMFT EFM QÝCMJDP QSFTFOUF
5SFT UFSDFSPT
&M QPEJP
$VBOEP QBSFDÒB RVF .BY 7FSTUBQQFO EF 3FE #VMM PDV QBSÒB FM UFSDFS TJUJP FO FM QP -B HSBO QPTUBM Z MP RVF TF DPO
EJP VOB QFOBMJ[BDJ×O FO MB QFOÝMUJNB WVFMUB MF EJP FM
WJSUJ× B MB MBSHB FO MB JNBHFO
QVFTUP B 4FCBTUJBO 7FUUFM EF
SFQSFTFOUBUJWB EF FTUF FWFOUP GVF MB DFSFNPOJB EF QSFNJB
'FSSBSJ $PNP TJ FM FWFOUP OFDFTJUBSB NÇT ESBNBUJTNP
DJ×O FO MB RVF FM QJMPUP EF .FS
VOB WF[ DPODMVJEB MB QSF
DFEFT /JDP 3PTCFSH QPSUBOEP VO TPNCSFSP EF DIBSSP TPO
NJBDJ×O TF JOGPSN× RVF FO SFBMJEBE FTF QVFTUP FSB EF
SFÒB FOWVFMUP FO VOB MMVWJB EF
%BOJFM 3JDDJBSEP
DPOGFUJ WFSEF Z SPKP
+VFWFT EF PDUVCSF
.±9*$0
'º3.6-" 6/0
$*3$0
1 HJOB
4FSHJP 1¦SF[ Z &TUFCBO 0DPO IBO QSPUBHPOJ[BEP VOB JOUFOTB SJWBMJEBE BM JOUFSJPS EF 'PSDF *OEJB Z RVF IB EFSJWBEP FO NFEJEBT ES TUJDBT
'3&/5& " '3&/5&
4FSHJP 1ÎSF[ &TQBÖB "CBOEPOP "[FSCBJZÇO WFDFT
3VCSP &TUFCBO 0DPO $BSSFSBT 5PQ 5FO 1VOUPT .FKPS SFTVMUBEP &TQBÖB 1FPS SFTVMUBEP .×OBDP 3FTVMUBEP NÇT SFDVSSFOUF WFDFT "CBOEPOPT 1PTJDJ×O FO FM DBNQFPOBUP
/ÝNFSPT IBTUB FM (SBO 1SFNJP EF +BQ×O
&M QSJNFS DPNQFUJEPS QBSB VO QJMPUP EF 'ÂS NVMB 6OP FT TV DPNQBÁFSP EF FRVJQP &O 'PSDF *OEJB FTUB N²YJNB FTU² TJFO EP MMFWBEB BM FYUSFNP QVFT B MP MBSHP EF MB UFNQPSBEB 4FSHJP 1¹SF[ Z &TUFCBO 0DPO BMJOFBDJÂO EFM FRVJQP DPO CBTF FO 4JM WFSTUPOF IBO MMFWBEP MB DPNQFUFODJB JOUFSOB B OJWFMFT RVF IJDJFSPO FODFOEFS MBT BMFSUBT BM JOUFSJPS EF MB FTDVEFS½B &T DJFSUP RVF FM FRVJQP EF 7JKBZ .BMMZB FT FM NFKPS EFM QFMPUÂO RVF OP QFMFB QPS MBT WJDUPSJBT FO DBEB (SBO 1SFNJP .FSDFEFT 'FSSBSJ Z 3FE #VMM DPSSFO FO VO DBNQFPOBUP EJTUJOUP QFSP FO BMHVOPT NPNFOUPT EFM DB MFOEBSJP MB USBORVJMJEBE EF BTFHVSBS FM DVBS UP TJUJP EFM DBNQFPOBUP TF WJP BNFOB[BEB QPS MPT NPNFOUPT UFOTPT RVF TF EJFSPO FOUSF FM UBQBU½P Z FM GSBOD¹T )BTUB FM (SBO 1SFNJP EF +BQÂO EF FT UF BÁP 'PSDF *OEJB BDVNVMB QVOUPT DPSUFT½B EF 1¹SF[ Z QPS QBSUF EF 0DPO BEFN²T FO EF MBT DBSSFSBT BNCPT QJ MPUPT IBO UFSNJOBEP FOUSF MPT QVOUPT MP RVF MPT DPOWJFSUF FO FM TFHVOEP FRVJQP DPO N²T 5PQ FO MB UFNQPSBEB TÂMP EFUS²T EF .FSDFEFT 1PS FMMP QBSB QSFTFSWBS MB GJBCJMJEBE Z QSPEVDUJWJEBE RVF IB NBOUFOJEP MB FTDVEF S½B B MP MBSHP EF UPEB MB UFNQPSBEB UVWJFSPO RVF MMFHBS ÂSEFOFT EF FRVJQP QBSB FWJUBS NB ZPSFT EFTBTUSFT EFTQV¹T EF RVF MBT UFOTJPOFT EFTQFSUBSBO FO FM (SBO 1SFNJP EF $BOBE² TF BHSBWBSBO VO QBS EF TFNBOBT EFTQV¹T FO "[FSCBJZ²O Z UFSNJOBSBO QPS EFSSBNBS FM BHVB EFM WBTP FO #¹MHJDB "T½ MB DPNQFUFODJB JOUFSOB FO 'PSDF *O EJB IB TJEP VOB EF MBT IJTUPSJBT QBSBMFMBT B MB MVDIB QPS FM DBNQFPOBUP EF QJMPUPT JODMVTP QPS NPNFOUPT N²T ESBN²UJDB RVF MB QFMFB FOUSF -FXJT )BNJMUPO Z 4FCBTUJBO 7FUUFM MP RVF IB IFDIP EF MB EVQMB EF 1¹SF[ Z 0DPO VOP EF MPT QVOUPT FNPDJPOBOUFT EF FTUF DBMFOEB SJP Z FO FM (SBO 1SFNJP EF .¹YJDP FYJTUF MB BMUB QPTJCJMJEBE EF RVF TF WJWB PUSP NPNFOUP EF BMUP WPMUBKF FOUSF BNCPT QJMPUPT
+6&7&4 %& 0$56#3& %&
"1"35&
'º3.6-" 6/0
1 HJOB
.±9*$0
"-5" 5&/4*º/ 5SFT NPNFOUPT QVOUVBMFT FO FM DBNQFPOBUP FOUSF FM NFYJDBOP Z FM GSBOD¦T IBO FODFOEJEP MBT BMBSNBT BM JOUFSJPS EF MB FTDVEFSªB EF 4JMWFSTUPOF 306/% (SBO 1SFNJP EF $BOBEÇ KVOJP -B TÎQUJNB DBSSFSB EF MB UFNQPSBEB SFTVMUBCB TFS MB NÇT DPNQFUJUJWB QBSB 'PSDF *OEJB B FTB BMUVSB EFM DBMFOEBSJP BEFNÇT GVF FM CÇMTBNP JEFBM QBSB RVF MB FTDVEFSÒB TF TB OBSB MBT IFSJEBT QPS FM GJBTDP RVF SFTVMU× TFS FM (SBO 1SF NJP EF .×OBDP EPT TFNBOBT BUSÇT 4JO FNCBSHP GVF VO USJVOGP BHSJEVMDF QBSB FM FRVJQP RVF UFOÒB MB TFOTBDJ×O EF DPNQFUJS QPS VO QVFTUP FO FM QPEJP DPO &TUFCBO 0DPO DVBOEP TF MF EJP MB TVHFSFODJB B 4FSHJP 1ÎSF[ EF EFKBS QBTBS BM GSBODÎT RVF NPTUSBCB VO NFKPS SJUNP FO DBSSFSB QBSB QFMFBSMF FM UFSDFS MVHBS B %BOJFM 3JDDJBSEP &M UBQBUÒP IJ[P PÒEPT TPSEPT Z UFSNJO× FO RVJOUB QPTJDJ×O
+6&7&4 %& 0$56#3& %&
EFMBOUF EFM GSBODÎT BVORVF MB UFOTJ×O DPNFO[× B BWJWBSTF
306/%
&M JNQBDUP MF DPTU× EPCMF QVOUVB
(SBO 1SFNJP EF "[FSCBJZÇO
DJ×O BM FRVJQP Z PUSB QPTJCJMJEBE EF
KVOJP
QPEJP QVFT MB PTBEÒB EF 0DPO UFS NJO× QPS BGFDUBS TV SJUNP FDIBO
%PT TFNBOBT EFTQVÎT EFM FQJTPEJP
EP QPS UJFSSB MBT DIBODFT EF UFSNJ
FO $BOBEÇ VOP EF MPT QVOUPT NÇT UFOTPT EF MB MVDIB JOUFSOB FO 'PSDF
OBS FOUSF MPT USFT QSJNFSPT &O MPT EÒBT QPTUFSJPSFT B MB DBSSFSB 1Î
*OEJB TF WJWJ× FO MBT DBMMFT EF #BLÝ
SF[ TF MF GVF B MB ZVHVMBS B TV DPNQBÖF
DVBOEP 1ÎSF[ GVF EFKBEP GVFSB EF DPNCBUF QPS VO DPOUBDUP QSPWPDBEP
SP BM BGJSNBS RVF OVODB FO TV DBSSFSB IBCÒB UFOJEP VO DPFRVJQFSP UBO BHSFTJWP
QPS 0DPO NJFOUSBT QFMFBCBO QPS NF
DPNP FM GSBODÎT Z RVF FTQFSBCB VOB TP
KPSFT QPTJDJPOFT FO MB DBSSFSB DPO ,JNJ 3BJLLPOFO EF 'FSSBSJ
MVDJ×O SÇQJEB FO MB FTDVEFSÒB QBSB RVF OP WPMWJFSB B PDVSSJS VO FQJTPEJP TJNJMBS
306/%
IJ[P VOB NBOJPCSB DPNP TJ USBUBSB EF
(SBO 1SFNJP EF #ÎMHJDB
iNBUBSMPv DPNFOUBSJPT RVF EFKBSPO EF
BHPTUP
DFQDJPOBEP B $IFDP RVJFO QPS MB NJT NB WÒB QJEJ× VOB EJTDVMQB B TV DPFRVJ
1ÎSF[ MF EFWPMWJ× FM GBWPS EF "[FSCBJ
QFSP Z SFTBMU× RVF DPNP QJMPUP ÎM OP
ZÇO B 0DPO TPCSF MB QJTUB EF 4QB 'SBODPSDIBNQT QFSP DPO FM UBQBUÒP
DVFOUB DPO NBMBT JOUFODJPOFT -B QVOUJMMB EFM FQJTPEJP MMFH×
TVGSJFOEP MPT NBZPSFT EBÖPT BM QJO
DVBOEP MB QBDJFODJB EF MPT KFGFT
DIBSTF VO OFVNÇUJDP Z DMBTJGJDBSTF FO DBSSFSB GVFSB EF MPT QVOUPT
EFM FRVJQP TF BHPU× EBOEP QBTP B RVF TF UPNBSB MB EFUFSNJOBDJ×O EF
&O FTUB PDBTJ×O FM NÇT NPMFTUP GVF FM
RVF OJOHVOP EF MPT QJMPUPT SFDJCJ
QJMPUP GSBODÎT RVJFO FO MBT SFEFT TP DJBMFT TF BWFOUVS× B EFDJS RVF FM UBQBUÒP
SÒB MB MJCFSUBE QBSB DPNQFUJS FO MBT TJHVJFOUFT DBSSFSBT
#POVT
FQJTPEJPT RVF TBDBSBO DIJTQBT
4JO FNCBSHP MB DBMNB OP UBSE× FO BHJUBS
(SBO 1SFNJP EF .BMBTJB Z (SBO 1SFNJP EF +BQ×O Z PDUVCSF
TF QVFT FO 4FQBOH Z FO 4V[VLB 0DPO Z 1ÎSF[ TF RVFKBSPO FM VOP EFM PUSP &O .B
&T UBM MB DPNQFUJUJWJEBE FOUSF MPT QJMPUPT
MBTJB FM GSBODÎT BDVT× BM UBQBUÒP EF IB
EF 'PSDF *OEJB RVF QSÇDUJDBNFOUF DBSSF SB B DBSSFSB DPSSFO MBEP B MBEP VOP EFM
CFSMP GPS[BEP B UFOFS VO EFTQJTUF Z FO +B Q×O FM UBQBUÒP QJEJ× RVF MF EFKBSBO QBTBS
PUSP QFSP USBT MP EF #ÎMHJDB OP IVCP NÇT
B 0DPO QFSP MB TPMJDJUVE MF GVF EFOFHBEB
+VFWFT EF PDUVCSF EF
iÃ`iÊ >Ê« ÃÌ> "63&-*0 -»1&; !EFTEFQJTUB
/P UPEP FT DPMPS EF SPTB -B EF EFCJÂ EF IBCFS TJEP MB UFN QPSBEB FO MB RVF 4FSHJP 1¹SF[ TBDVEJF SB MPT EFNPOJPT Z GSVTUSBDJPOFT DPOTF DVFODJB EF TV SFTJEFODJB FO .D-BSFO TJO FNCBSHP MB KVWFOUVE Z BNCJDJÂO EF &TUFCBO 0DPO QSPQVTP VO SFUP NVZ EJ GFSFOUF BM RVF i$IFDPw FTUBCB BDPTUVN CSBOEP NJFOUSBT DPNQBSUJÂ GPTPT DPO /JDP )VMLFOCFSH &TUPZ DPOWFODJEP RVF MB DPOWFS TBDJÂO OP EFCBUF DBQBDJEBEFT EF MPT QJMPUPT TJOP MB GPSNB FO RVF TF IBO DPNQPSUBEP MPT QSPUBHPOJTUBT FTUB UFNQPSBEB -BT QBOUFSBT SPTBT OP BWBO[BSPO UBOUP SFTQFDUP B TVT SJWB MFT QFSP T½ DPODSFUBSPO MB WFOUBKB DPOUSB BRVFMMBT FTDVEFS½BT RVF QSF UFOE½BO BSSFCBUBSMFT FM DVBSUP QVFT UP FO FM DBNQFPOBUP NVOEJBM EF DPOTUSVDUPSFT QFSP MB CBUBMMB JOUFS OB FO 'PSDF *OEJB FT MB DPOTUBOUF RVF MJNJUB MPT SFTVMUBEPT FO MB FTDVBESB CSJU²OJDB /P FT OPWFEBE RVF FOUSF DPNQB ÁFSPT EF FRVJQP TF BUBRVFO DPO N²T BHSFTJWJEBE RVF B DVBMRVJFS PUSP QJMP UP FO MB QBSSJMMB VMUJNBEBNFOUF FM QVOUP EF SFGFSFODJB N²T SFBM TPCSF EFTFNQFÁP EFOUSP EF MB QJTUB QBSB VO QJMPUP FO MB FSB NPEFSOB EF MB 'ÂSNV MB 6OP TÂMP TF DPOTJHVF TJ DPNQBSBT B QJMPUPT DPO MBT NJTNBT IFSSBNJFO UBT EJTQPOJCMFT " EJGFSFODJB EF UJFNQPT QBTBEPT BIPSB MPT QJMPUPT DVFOUBO DPO MBT QMB UBGPSNBT TPDJBMFT QBSB SPDJBS EF HB TPMJOB FM GVFHP FODFOEJEP TPCSF FM BT GBMUP Z FO FTUB SJWBMJEBE DSFP RVF FM FRVJQP UBSEÂ EFNBTJBEP FO FTUBCMF DFS SFHMBT EF DPNCBUF &O VOB TJUVBDJÂO BOPSNBM Z DPO TFDVFODJB EF MPT BDUPT QPS QBSUF EF BNCPT QJMPUPT EFOUSP EF QJTUB BIPSB FM SFTVMUBEP GJOBM FO VOB DBSSFSB FTUB S² DPOEJDJPOBEP B DV²M EF MPT JOUF HSBOUFT EF 'PSDF *OEJB MPHSF VOB NF KPS DMBTJGJDBDJÂO BGPSUVOBEBNFOUF FM QJMPUP UBQBU½P IB EPNJOBEP B 0DPO FTUBE½TUJDBNFOUF EVSBOUF MB UFNQP SBEB QFSP FM GSBOD¹T TF BEKVEJDÂ MB QPTJDJÂO EF QSJWJMFHJP EFOUSP EF TV FT DVEFS½B FO .BMBTJB Z +BQÂO /P FT MB QSJNFSB OJ TFS² MB ÈMUJNB HSBO SJWBMJEBE FOUSF DPNQBÁFSPT FO FM TFSJBM QFSP FO FTUF DPNCBUF UPEPT MPT NFYJDBOPT UFOFNPT BMHÈO UJQP EF JOWFSTJÂO TFOUJNFOUBM $PO BNCPT QJ MPUPT DPOGJSNBEPT QBSB FTUPZ TF HVSP RVF MB CBUBMMB BQFOBT DPNJFO[B