Tapatío del 28 de enero 2018

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

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

"º0 $* /Á.&30

ENCUENTRA CADA DOMINGO

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

3*$"3%0 -6²7"/04 &4 6/0 %& -04 5"1"5¶04 .«4 %&45"$"%04 &/ -" *-6453"$*»/ &- "35*45" /04 )"#-" %& 46 130$&40 $3&"5*70 1ÈHJOB EPT -Õ«iÀÛ Ã À\Ê >À Ê >ÃÌ Ê >À °V>ÃÌ J v À >` À°V ° Ý

#

4&$$* /

En las páginas de

ESTA SECCIÓN

?Q=@ANJK @A HA?PQN=

(6"%"-"+"3" +"- %0.*/(0 %& &/&30 %&

*-6453"$*»/ t &- */'03."%03 + -»1&; '0504 $035&4¶" t 53«'*$0 ;.( : &953"7*"%0(

&M E©B RVF

4PG©B Z Ü.BUFBÝ DSV[BSPO TVT DBNJOPT 1PS .BSJP $BTUJMMP P

4

PG½B 1¹SF[ OP FT ABOJNBMJTUB Z UBN F[ OP FT ABOJNBMJTUB Z UBN QPDP CVTDB TBMWBS B DBEB QFSSP P VTDB TBMWBS B DBEB QFSSP P HBUP RVF DBNJOP F TF DSV[B FO TV DBNJOP 4JO FNCBSHP EPDVNFOUBSTF CBSHP USBT EPDVNFOUBSTF MB BDDJÂO RVF SFBMJ[Â FM QBTBEP MV O RVF SFBMJ[Â FM QBTBEP MV OFT EF FOFSP FO "WFOJEB -ÂQF[ EF FOFSP FO "WFOJEB -ÂQF[ .BUFPT BM SFTDBUBS B VOB QFSSJUB EF BM SFTDBUBS B VOB QFSSJUB EF TFS BUSPQFMMBEB FO MPT DBSSJMFT DFO QFMMBEB FO MPT DBSSJMFT DFO USBMFT B MB BMUVSB EF 1MB[B EFM 4PM MB BMUVSB EF 1MB[B EFM 4PM FO FM SFDPSSJEP EF /PSUF B 4VS FTUB FTUVEJBOUF Z FNQSFTBSJB TF WPMWJÂ FNQSFTBSJB TF WPMWJÂ VO DBTP iWJSBMw Z GVF VO UFNB RVF QPMBSJ[Â UFNB RVF QPMBSJ[Â PQJOJPOFT FO SFEFT TPDJBMFT BMFT 4PO MBT IPSBT BT EFM QBTBEP QBTBEP KVFWFT DVBOEP 4PG½B QMBUJDB DPO FT UJDB DPO FT UF NFEJP TPCSF MP BDPOUFDJEP FT FDJEP FT U² DBOTBEB EF UBOUBT FOUSFWJTUBT SFWJTUBT SFTQFDUP B TV BDUP RVF NV DIPT DPOTJEFSBO IFSPJDP DP QFSP FMMB OP &MMB DPNFO UB RVF TJNQMFNFOUF BD UVÂ EF GPSNB JOTUJOUJ WB QBSB QSFTFSWBS MB WJEB EF VO TFS JOEFGFO TP *ODMVTP FO MB DIBSMB ZB ZB DPNJFO[B B PMWJEBS BMHVOPT OPT EFUBMMFT iMP IF QMBUJDBEP P UBO UBT WFDFTyw EJDF QFSP SFUPNB SFUPNB FM ²OJNP QBSB TFHVJS DPNQBSUJFO NQBSUJFO EP FM SFMBUP i$SFP RVF UPEP DPNFO[Â NVDIP NFO[Â NVDIP UJFNQP BUS²T DVBOEP ZP FSB OJÁB JCB JCB SVNCP B MB DBSSFUFSB B $IBQBMB Z NF UPDÂ $IBQBMB Z NF UPDÂ WFS DÂNP VO US²JMFS BUSPQFMMBCB B VO QFSSP PQFMMBCB B VO QFSSP QFSP OP GVF VO BDDJEFOUF GVF MB QSJNFSB WF[ FO F GVF MB QSJNFSB WF[ FO NJ WJEB RVF WJ MB DSVFMEBE IVNBOB 4JNQMFNFOUF E IVNBOB 4JNQMFNFOUF QPSRVF FM USBJMFSP OP RVFS½B FTQFSBS B RVF FM QFSSP FS½B FTQFSBS B RVF FM QFSSP QBTBSB MP BUSPQFMMÂ &TB JNBHFO TF RVFEÂ FO NJ B JNBHFO TF RVFEÂ FO NJ HSBCBEB Z UPEB MB WJEB NF QPO½B NVZ OFSWJPTB DVBOEP ZP WF½B VO QFSSP FO MB DBMMF P BUSPQFMMBEP P FO MB DBMMF P BUSPQFMMBEP EF WFSEBE TF NF IBD½B JNQPTJCMF WFSMPw SFMBUB 4P NQPTJCMF WFSMPw SFMBUB 4P G½B BM SFDPOPDFS RVF FTF NPNFOUP RVF WJWJÂ IBDF F NPNFOUP RVF WJWJÂ IBDF BÁPT GVF MP RVF MB JNQVMTÂ B RVFSFS TBMWBS MB WJEB MTÂ B RVFSFS TBMWBS MB WJEB EF MB QFSSJUB FO -ÂQF[ .BUFPT .BUFPT

"4¶ -0 7*7*» "4¶ -0 7*7*»

|$°NP TPDJFEBE FTUBNPT TFOTJCJMJ[BEPT DPO FM PT TFOTJCJMJ[BEPT DPO FM TVGSJNJFOUP BOJNBM &O FM DPOUFYUP MB TJUVBDJÂO QBSFD½B OBEB GBWP UVBDJÂO QBSFD½B OBEB GBWP SBCMF UBOUP QBSB FM BOJNBM DPNP QBSB FM SFTUP EF MPT BM DPNP QBSB FM SFTUP EF MPT DPOEVDUPSFT QFSP USBT FM SFTDBUF 4PG½B DSF½B RVF FO M SFTDBUF 4PG½B DSF½B RVF FO VO QSJODJQJP UPEP UFO½B VO TFOUJEP EF VOJÂO Z TPMJ VO TFOUJEP EF VOJÂO Z TPMJ EBSJEBE &M TFOUJNJFOUP TF GVF EJMVZFOEP BM MFFS DP TF GVF EJMVZFOEP BM MFFS DP NFOUBSJPT OFHBUJWPT FO SFEFT TPDJBMFT QPS FM TVDF SFEFT TPDJBMFT QPS FM TVDF TP DPNFOUBSJPT RVF MB DSJUJDBCBO Z EFTBOJNBCBO DSJUJDBCBO Z EFTBOJNBCBO &MMB EJDF OP IBCFS IFDIP BMHP FYUSBPSEJOBSJP TJO P BMHP FYUSBPSEJOBSJP TJO FNCBSHP UBM WF[ OP TJHVJÂ FM HVJPO Z QPS IBDFS BM VJÂ FM HVJPO Z QPS IBDFS BM HP EJTUJOUP GVF DSJUJDBEB 5BNQPDP DPOTJEFSÂ IBCFS 5BNQPDP DPOTJEFSÂ IBCFS IFDIP BMHP IFSPJDP QVFT SFDBMDB RVF TJ DBEB DJVEB T SFDBMDB RVF TJ DBEB DJVEB EBOP SFTQFUBSB MB WJEB EF MPT BOJNBMFT TPCSF UPEP F MPT BOJNBMFT TPCSF UPEP EF MPT RVF WBHBO QPS MBT DBMMFT BM NFOPT EFNPTUSB DBMMFT BM NFOPT EFNPTUSB S½BNPT VO QPDP EF UBDUP Z IVNBOJEBE BOUF FMMPT Z IVNBOJEBE BOUF FMMPT i4J OP IVCJFSB QBTBEP FTUP EF MBT SFEFT TPDJB EP FTUP EF MBT SFEFT TPDJB MFT QBSB N½ MP IFDIP OP FT VO TVDFTP GVFSB EF MP P FT VO TVDFTP GVFSB EF MP OPSNBM QBSB OBEB %F IFDIP TJHP TJO DSFFSMP .²T FDIP TJHP TJO DSFFSMP .²T CJFO TF NF IVCJFSB IFDIP FYUSBÁP TJ OP IVCJFSBO IP FYUSBÁP TJ OP IVCJFSBO SFBDDJPOBEP MPT EFN²T BVUPNPWJMJTUBT DPNP MP IJ BVUPNPWJMJTUBT DPNP MP IJ DJFSPO )BZ RVF EBSOPT DVFOUB RVF FTUB FT MB SFBMJ DVFOUB RVF FTUB FT MB SFBMJ EBE OP UBOUP QSFNJBS QPS IBCFS IFDIP BMHP CJFO PS IBCFS IFDIP BMHP CJFO TJOP RVF BT½ EFCFNPT EF SFBDDJPOBS OP IBZ SB[ÂO F SFBDDJPOBS OP IBZ SB[ÂO QBSB TFS NBMPT DPO PUSPT TFSFT WJWPT $VBMRVJFS TFS TFSFT WJWPT $VBMRVJFS TFS RVF WJWB KVOUP DPO OPTPUSPT FT OVFTUSP IFSNBOP PUSPT FT OVFTUSP IFSNBOP DSFP RVF OP FTU²O QBSB TFSWJSOPT TJOP QBSB BDPN TFSWJSOPT TJOP QBSB BDPN QBÁBSOPTw 4PG½B EJDF UFOFS EPT NBTDPUBT i/P NF DPOTJ T NBTDPUBT i/P NF DPOTJ EFSP MB N²T ABOJNBMFSB Z NJ DBTB OP FT DBTB IPHBS Z NJ DBTB OP FT DBTB IPHBS 1PS FTP DSFP RVF EFCFS½B SFDPOPDFSTF N²T B RVJF B SFDPOPDFSTF N²T B RVJF OFT EFEJDBO TV WJEB B MPT BOJNBMFT Z OP UBOUP B N½ T BOJNBMFT Z OP UBOUP B N½ TPZ DPNÈO Z DPSSJFOUF Z MP TVDFEJEP GVF BMHP RVF Z MP TVDFEJEP GVF BMHP RVF NF OBDJÂ IBDFSw 4JO FNCBSHP 4PG½B TF TBMUB MB SFHMB Z FT QPS FTB TF TBMUB MB SFHMB Z FT QPS FTB QFRVFÁB EJGFSFODJB RVF MPHSÂ EFTUBDBS Z TFS UFNB MPHSÂ EFTUBDBS Z TFS UFNB EVSBOUF BMHVOPT E½BT i$PO UPEB FTUB FYQFSJFODJB $PO UPEB FTUB FYQFSJFODJB ZP QPES½B TBMWBS NJMFT EF QFSSPT QFSP TJ OBEJF UPNB F QFSSPT QFSP TJ OBEJF UPNB MB GPUP OBEJF TBCS½B OBEB FO MBT SFEFT TPDJBMFT MP B FO MBT SFEFT TPDJBMFT MP RVF TF NF IJ[P JNQSFTJPOBOUF -B DPODMVTJÂO B MB OBOUF -B DPODMVTJÂO B MB RVF MMFHP FT RVF EFCFNPT BQSFOEFS B SFTQFUBS Z WB T BQSFOEFS B SFTQFUBS Z WB MPSBS B UPEP MP RVF OPT SPEFB UBOUP MPT BOJNBMFT DP EFB UBOUP MPT BOJNBMFT DP NP B MBT QFSTPOBT Z BQPSUBS BMHP CVFOP TJ OP WBT PSUBS BMHP CVFOP TJ OP WBT B BQPSUBS BMHP QPTJUJWP NFKPS OP QBSUJDJQFT Z IB[UF NFKPS OP QBSUJDJQFT Z IB[UF B VO MBEP EFKB RVF BMHVJFO N²T MP IBHB CJFOw JFO N²T MP IBHB CJFOw

4BMWBS MB WJEB EF VO BOJNBM RVFEª VO BOJNBM RVFEª NBSDBEP DPNP VOB NBSDBEP DPNP VOB MFDDJªO EF MFDDJªO EF IVNBOJEBE MB EPDVNFOUBDJªO EF FTUF IFDIP MP MMFWª B VO M¤NJUF MMFWª B VO M¤NJUF JOJNBHJOBCMF

&- %"50

{2VJÏO FT 4PGÓB 1ÏSF[ &T CBJMBSJOB EF GMBNFODP Z CBMMFU &T CBJMBSJOB EF GMBNFODP Z CBMMFU EFTEF MPT DVBUSP B×PT EF FEBE FO EFTEF MPT DVBUSP B×PT EF FEBE FO MB "DBEFNJB EF CBJMF -PT $BCB MFT DPO RVJFOFT B MP MBSHP EF FT UPT B×PT TF IB QSFTFOUBEP FO MV HBSFT DPNP FM 5FBUSP %FHPMMBEP "DUVBMNFOUF FTUVEJB %JTF×P JOUF HSBM FO FM *5&40 DBSSFSB RVF MF IB HSBM FO FM *5&40 DBSSFSB RVF MF IB BZVEBEP B EFTFNQF×BSTF FO FM ÈSFB EF MB NPEB EPOEF UJFOF VOB ÈSFB EF MB NPEB EPOEF UJFOF VOB NBSDB EF WFTUJEPT EF BMUB DPTUVSB NBSDB EF WFTUJEPT EF BMUB DPTUVSB MMBNBEB i4PGÓB 1FSÏZw

i$SFP RVF MBT DPTBT i$SFP RVF MBT DPTBT TF BDPNPEBSPO QBSB RVF QBTBSB BT½ 4J ZP IV CJFSB WJTUP RVF FSB JNQPTJ CMF SFTDBUBSMB OP MP IVCJFSB CMF SFTDBUBSMB OP MP IVCJFSB IFDIP &M QFSSJUP DPSS½B FOGSFOUF IFDIP &M QFSSJUP DPSS½B FOGSFOUF EF N½ FSBO DPNP MBT EF MB NB ÁBOB JCB SVNCP B MB FTDVFMB DJSDV MBOEP QPS -ÂQF[ .BUFPT QFSP FM USBZFDUP EPOEF TF FODPOUSÂ DPO FM USBZFDUP EPOEF TF FODPOUSÂ DPO FM QFSSJUP FNQF[Â EFTEF VO QBTP B EFTOJWFM BOUFT EF 1MB[B EFM 4PM Z UFSNJOÂ QSFDJTBNFOUF FOGSFOUF EF UFSNJOÂ QSFDJTBNFOUF FOGSFOUF EF 1MB[B EFM 4PM "OUFT WJ RVF MB HFO UF JCB FO TVT BVUPT DPO MBT JOUFSNJ UFOUFT Z FM US²GJDP MFOUP QFSP ZP QFOTBCB RVF BMHP QBTÂ VO BVUP QB SBEP P BMHP BT½ -VFHP NF EJ DVFO UB RVF MPT BVUPT FTRVJWBCBO BMHP QFSP OP TF WF½B RV¹ FTRVJWBCBO Z WJ QFSP OP TF WF½B RV¹ FTRVJWBCBO Z WJ RVF FSB QPS VO QFSSP RVF FTUBCB TÈ QFS DIJRVJUP FOUS¹ FO Q²OJDP QPS FM QFS DIJRVJUP FOUS¹ FO Q²OJDP QPS FM USBVNB RVF WJW½ EF QFRVFÁB 1PS NJ NFOUF TÂMP QBTÂ IBDFS BMHP MÂHJDP RVJUBS FM QFSSP EF BI½ /P FSB VO MV HBS EPOEF FM QFSSP QVEJFSB IBDFSTF B VO MBEP FTU²CBNPT FO FM QBTP B B VO MBEP FTU²CBNPT FO FM QBTP B EFTOJWFM FM QFSSP WF½B QBSB UPEPT EFTOJWFM FM QFSSP WF½B QBSB UPEPT MBEPT Z FTUBCB BTVTUBEP BM UJFNQP RVF QPE½B QBTBS VO BDDJEFOUF QPS MB RVF QPE½B QBTBS VO BDDJEFOUF QPS MB HFOUF RVF MP FTRVJWBCB 1FOT¹ 0 BM HVJFO WB B DIPDBS P TFHVS½TJNP RVF HVJFO WB B DIPDBS P TFHVS½TJNP RVF MP BUSPQFMMBO 5PEPT ½CBNPT MFOUP Z EFDJE½ QBSBSNF QFSP FM SFTDBUF OP UFSNJOB EPOEF TF WF FO MB GPUP EJ WVMHBEB QPS 5S²GJDP ;.( FO 'BDF CPPL UPEPT ½CBNPT FTDPMUBOEP BM CPPL UPEPT ½CBNPT FTDPMUBOEP BM QFSSP :P NF QBS¹ Z NF CBK¹ B BHB SSBSMP QFSP OP TF BDFSDBCB DPSS½B SSBSMP QFSP OP TF BDFSDBCB DPSS½B Z FTRVJWBCB B UPEPT /BEJF QJUBCB 5PEPT FTQFSBCBO QFSP OBEJF TBC½B RV¹ QBTBCB &O VO TFHVOEP JOUFOUP WPMW½ B RVFSFS BHBSSBSMP IBTUB RVF WPMW½ B RVFSFS BHBSSBSMP IBTUB RVF VO TFÁPS EF PUSP BVUP NF EJKP RVF K R NF BZVEBCB B BUSBQBSMP M TF GVF FODBSHBOEP EF RVF FM US²GJDP OP BWBO[BSB Z ZP JCB IBTUB BEFMBOUF QBSB DFSS²SNFMF BM QFSSJUP OP FT RVF ZP NF MF DFSSBSB B UPEP FM US²GJ

DP DPNP NVDIPT TVQPOFO Z QSPWP DP DPNP NVDIPT TVQPOFO Z QSPW DBS VO BDDJEFOUF FM US²GJDP FTUBCB DBS VO BDDJEFOUF FM US²GJDP FTUB DPOUSPMBEP QPS FM TFÁPS RVF NF BDPNQBÁBCB &M QFSSP DPSS½B SBQJ BDPNQBÁBCB &M QFSSP DPSS½B SB E½TJNP -MFHÂ B VO QVOUP EPOEF OP E½TJNP -MFHÂ B VO QVOUP EPOEF IBC½B VOB CBSSFSB RVF EJWJE½B MPT IBC½B VOB CBSSFSB RVF EJWJE½B TFOUJEPT Z TF JCB IBDJB FM TFOUJEP TFOUJEPT Z TF JCB IBDJB FM TFOU DPOUSBSJP MPT EFM PUSP TFOUJEP TFOUJEP MP FNQF[BSPO B FTRVJWBS Z FNQFD¹ B FNQF[BSPO B FTRVJWBS Z FNQFD IBDFS TFÁBMFT QBSB RVF MPT BVUP IBDFS TFÁBMFT QBSB RVF MPT BV NPWJMJTUBT TF EFUVWJFSBO 5PEPT 5PE FOUFOEJFSPO MP RVF TVDFE½B Z Z TF EFUVWJFSPO &M QFSSJUP BDBCÂ EFCB EFUVWJFSPO &M QFSSJUP BDBCÂ EFC KP EF VOB DBNJPOFUB Z ZP MF EFD½B KP EF VOB DBNJPOFUB Z ZP MF EF BM TFÁPS RVF MB NBOFKBCB RVF OP TF BM TFÁPS RVF MB NBOFKBCB RVF OP NPWJFSB &OUPODFT FM DPOEVDUPS DPOEVD RVF WFO½B BZVE²OEPNF EFTEF TV RVF WFO½B BZVE²OEPNF EFTEF BVUP TF CBKÂ Z NF BZVEÂ UBNCJ¹O BVUP TF CBKÂ Z NF BZVEÂ UBNCJ B TBDBSMP "M GJO DVBOEP FM QFSSJUP B TBDBSMP "M GJO DVBOEP FM QFSS FTUVWP FO OVFTUSBT NBOPT UPEB MB FTUVWP FO OVFTUSBT NBOPT UPEB HFOUF FNQF[BCB B BQMBVEJS Z OPT HFOUF FNQF[BCB B BQMBVEJS Z O GFMJDJUBCBO 7FT BM QFSSJUP Z UF QBS GFMJDJUBCBO 7FT BM QFSSJUP Z UF Q UF FM DPSB[ÂO FSB VOB FTQFDJF EF UF FM DPSB[ÂO FSB VOB FTQFDJF AGSFODI QFSP BCBOEPOBEP T½ UFO½B AGSFODI QFSP BCBOEPOBEP T½ UFO BM NFOPT VOPT EPT NFTFT QFSEJEP BM NFOPT VOPT EPT NFTFT QFSEJ TV QFMP FTUBCB DPNQMFUBNFOUF IF TV QFMP FTUBCB DPNQMFUBNFOUF I DIP SPDB OP WF½B QFSP GVF BM GJOBM DIP SPDB OP WF½B QFSP GVF BM GJO VO SFTQJSP QBSB UPEPT &M TFÁPS TFÁ RVF NF BZVEÂ B DPOUSPMBS FM US²GJDP RVF NF BZVEÂ B DPOUSPMBS FM US²G TF MMFWÂ BM QFSSJUP ¹M UBNCJ¹O GGVF NVZ JNQPSUBOUF Z OP UFOHP JEFB EF NVZ JNQPSUBOUF Z OP UFOHP JEFB RVJ¹O FT QFSP GVF NVZ BNBCMF Z TF RVJ¹O FT QFSP GVF NVZ BNBCMF Z IJ[P DBSHPy $VBOEP FNQJF[B B TV IJ[P DBSHPy $VBOEP FNQJF[B B DFEFS UPEP MP EF MBT SFEFT TPDJBMFT DFEFS UPEP MP EF MBT SFEFT TPDJBM EJ DPO FM TFÁPS RVF TF MP MMFWÂ EF EJ DPO FM TFÁPS RVF TF MP MMFWÂ OPNCSF "HVTU½O /ÈÁF[ QPSRVF WJ OPNCSF "HVTU½O /ÈÁF[ QPSRVF BM QFSSJUP FO VOB EF TVT GPUPT NF EJ BM QFSSJUP FO VOB EF TVT GPUPT NF KP RVF MB MMFWBSPO B MB WFUFSJOB WFUFSJOBSJB EPOEF TVQJFSPO RVF FSB VOB QFSSJUB EPOEF TVQJFSPO RVF FSB VOB QFSS Z MB MMBNBNPT A.BUFB w Z MB MMBNBNPT A.BUFB w "DUVBMNFOUF MB QFSSJUB TF FO "DUVBMNFOUF MB QFSSJUB TF F DVFOUSB FO QSPUPDPMP EF BEPQDJÂO DVFOUSB FO QSPUPDPMP EF BEPQDJ Z ZB UJFOF OVFWP IPHBS EF BDVFS Z ZB UJFOF OVFWP IPHBS EF BDV EP B QVCMJDBDJPOFT FO 'BDFCPPL EF EP B QVCMJDBDJPOFT FO 'BDFCPPL MB RVJFOFT MB Q²HJOB &YUSBWJBEPH &YUSBWJBEPH RVJFO BZVEBSPO B EBS DPO i.BUFBw i.BUFB Z "HVTU½O /ÈÁF[ RVJFO QSFGJFSF SF "HVTU½O /ÈÁF[ RVJFO QSFGJFSF TFSWBS TV JEFOUJEBE Z OP DVFOUB DVFO DPO Q²HJOB FO FTB SFE TPDJBM

1~(*/" #

&- */'03."%03 &- */'03."%03

%PNJOHP EF FOFSP EF

&- 1&340/"+& 3*$"3%0 -6²7"/04 *-6453"%03

*NQVMTPS EF MB DSFBUJWJEBE PSH OJDB 1PS /PSNB (VUJ¹SSF[

-B D DBQBDJEBE QB BS B FFSJH HJS QQSPQQVFTUBT E EF GGPSNB O OBUVS BM EFTEF TTV NFOU UF FFT B BMHP P R RVF I IB MMMFWBEP B B 3 3JDBSEP -V WWBO OPT B MMB D D°TQJEFF E EF MMB JJMVTUS BDJªO FFO ++BMJJTD DP

5

SBFS FM EJTFÁP Z MB DSFBUJWJEBE FO MBT WF OBT OP FT TPMP VOB DVFTUJÂO EF IFSFODJB P HVTUP GBNJMJBS 3JDBSEP -V¹WBOPT BTF HVSB RVF FO TV DBTB OBEJF EF TV GBNJMJB FTUBCB EJSFDUBNFOUF SFMBDJPOBEP BM BSUF TJO FNCBSHP EFTEF MB JOGBODJB FTUB JORVJFUVE QPS FT USVDUVSBS DPTBT FO TV NFOUF FSB JNQBSBCMF Z BM QBTP EF MPT BÁPT BIPSB FT VOP EF MPT UBQBU½PT N²T EFTUB DBEPT MB JMVTUSBDJÂO 4J BMHP DBSBDUFSJ[B B 3JDBSEP FT OP DPNQBEFDFS TF EF MBT EJGJDVMUBEFT RVF FODPOUSÂ QBSB DPNFO[BS B NBSDBS UFSSFOP FO FM EJTFÁP Z BVORVF MBT PQPSUVOJEB EFT FO TV JOJDJP OP FSBO MBT NJTNBT RVF BIPSB HP[BO MBT OVFWBT HFOFSBDJPOFT DSFBUJWBT SFDPOPDF RVF FM UFNQMF Z MB EFUFSNJOBDJÂO GVFSPO DMBWF QBSB PSJHJOBS TVT QSPQJBT QMBUBGPSNBT B GBMUB EF BQPZP QSPGFTJPOBM i'VF FO DVBOEP DPNFOD¹ B USBCBS FO MB JMVT USBDJÂO QFSP OBEB FSB DPODSFUP FTUBCB FYQMPSBOEP FTUJMPT USBUBOEP EF FODPOUSBS BMHP RVF NF JEFOUJGJ DBSB BT½ JOJDJ¹ DPO NJT JMVTUSBDJPOFT IBTUB RVF TF EJF SPO B DPOPDFS DPOPD½ B EJTFÁBEPSFT EF NPEB RVF FO FTF NPNFOUP FTUBCBO NVZ QSFTFOUFT FO MB FTDFOB UB QBU½B DPNP +POBUIBO .PSBMFT "MGSFEP .BSU½OF[ +VBO $BSMPT 1MBTDFODJB A+VLB ¹SBNPT BNJHPT UPEPT Z MPT BQPZBCB DPO MB FMBCPSBDJÂO EF MB JNBHFO EF TVT NBSDBT EF TVT MPHPUJQPT EFTQV¹T EF MB JEFB EF RVF FMMPT UVWJFSBO TVT QSPQJPT FTUBNQBEPT Z FYQFSJNFO U¹ QPS FTF MBEPw 1VFEF TFS RVF FM OPNCSF EF 3JDBSEP -V¹WBOPT OP UF TFB UBO QPQVMBS TJ FSFT VO QPDP EJTUBOUF BM NVO EP EFM EJTFÁP UBQBU½P QFSP TJ BMHVOB WF[ GVJTUF B MB NBSDB EF SPQB NFYJDBOB $ " TFHVSBNFOUF UPQBTUF DPO BMHVOPT EF TVT EJTFÁPT RVF TF DPNFSDJBMJ[BSPO FO UPEP FM QB½T i$SFP RVF UPEPT UFOFNPT NJFEP BM GSBDBTP ZP IF FTUBEP PDVQBEP FO MPT ÈMUJNPT BÁPT QFSP OP QJFOTP FO FTP QFSP UPEPT FYQFSJNFOUBNPT FTP BM GJO EF BÁP TJFNQSF NF QBTB Z QJFOTBT FO MP RVF TJHVF TJ UF TF HVJS²O CVTDBOEP P OP TJ ZB OP UF MMFHBO QSPZFDUPT UBO QBESFT &TF NJFEP OP MP QVFEFT DPOUSPMBS TPMP UJFOFT RVF TFHVJS USBCBKBOEPw $PNP JMVTUSBEPS Z EJTFÁBEPS HS²GJDP FHSFTBEP EF MB 6OJWFSTJEBE EF (VBEBMBKBSB 3JDBSEP -V¹WBOPT IB QBSUJDJQBEP FO QSPZFDUPT DPNP MB FMBCPSBDJÂO EF MB JNBHFO HS²GJDB EF #FMBOPWB FM EJTFÁP EFM UPVS i2VJ¹O TF RVFEB DPO FM QFSSPw EF +FTTZ +PZ QPS FKFNQMP QFSP TFS DPOTJEFSBEP QBSB FTUPT USBCBKPT OP QPS DBTVBMJEBE SFDBMDB FTUF JMVTUSBEPS UBQBU½P RVJFO B GBMUB EF HFOUF RVF DPNQSBSB FM UBMFOUP EF OVFWPT SPTUSPT ¹M Z TVT BNJHPT PQUBSPO QPS IBDFS TV QSPQJP DBNJOP Z NBSDBS TVT QSPQJPT FTU²OEBSFT DSFBUJWPT Z FDPOÂNJDPT i"IPSB NF FTQFDJBMJ[P FO FTUBNQBEPT UFYUJMFT Z IF DPMBCPSBEP DPO NBSDBT NFYJDBOBT NVZ GVFSUFT IF UFOJEP FYQPTJDJPOFT EF NJ USBCBKP FO HBMFS½BT Z NVTFPT 4JFNQSF UVWF VO FTUJMP QBSUJDVMBS EFTEF OJ ÁP NF HVTUP EJCVKBS Z FO MB QSFQBSBUPSJB NF EJ DVFO UB RVF NF HVTUBCBO N²T MBT ²SFBT DSFBUJWBT DPNFO D¹ B OPUBS NJ FTU¹UJDB OP TBCFT TJ FTU² CJFO P NBM Z BT½ PQU¹ QPS FM EJTFÁP HS²GJDPw

5SBCBKP SFEJUVBCMF &M ESBNB Z MB BOHVTUJB EF TBCFS TJ TF QPES² WJWJS EFM BSUF FT FM NJTNP FO DVBMRVJFSB EF TVT EJTDJQMJOBT Z BVORVF EVSBOUF MPT QSJNFSPT DJODP BÁPT EFTQV¹T EF FHSFTBS VOJWFSTJUBSJBNFOUF TVT USBCBKPT FSBO EF BQP ZPT Z GBWPSFT TJO VO QBHP TVTUFOUBCMF MB FYQFSJFODJB Z FM SFDPOPDJNJFOUP MPDBM MF EJFSPO MBT CBTFT QBSB MMF HBS BM QVOUP EF DPCSBS MP RVF ¹M RVJFSF QPS TV USBCBKP i"M QSJODJQJP T½ UF DVFTUB DPOTFHVJS VOB HBMFS½B QBSB FYQPOFS Z EFTQV¹T EF FTP DPNFOD¹ B DPCSBS N²T QPS NJ USBCBKP Z BT½ DPOGPSNF DBEB FYQPTJDJÂO JCB BVNFOUBOEP FM QSFDJP &M BÁP QBTBEP UVWF FYQPTJDJÂO

FO FM .JBNJ "SU 8FFL Z B QBSUJS EF BI½ WJFOF PUSP JODSFNFOUP UÈ TPMP WBT DSFBOEP UV WBMPS &O MP UFYUJM DPNFOD¹ DPO EJTFÁBEPSFT EF NPEB MPDBMFT Z EFTQV¹T ZB FO MPT OBDJPOBMFT IBTUB RVF MMFHV¹ B $ " RVF GVF QBSB VOB QSPEVDDJÂO EF UJFOEBT "M JOJDJP OBEJF UFO½B EJOFSP Z FOUSF OPTPUSPT OPT IBD½B NPT GBWPSFT B WFDFT MPT N²T DPOTBHSBEPT QJFOTBO RVF OP QVFEFT TBDBS OBEB BM USBCBKBS DPO BMHVJFO TJO FYQFSJFODJB QFSP BM GJOBM FT VO HBOBS HBOBSw

>Ê}i ÌiÊV iVÌ>Ê ÕV ÊV Ê Ê ÌÀ>L> ]Ê>ÊÛiViÃÊ ÌiÊ i}> Ê i Ã> iÃÊ ÕÞÊ Ã« À>` ÀiÃÊ`iʵÕiÊ« ÀÊ Ê > ÊiÃÌÕ` >` Ê` Ãi Ê ÊÃiÊ > >À Ê>Ê> } ]Ê ÊÌiÊ >} >ÃÊi Ê> V> ViʵÕiÊÌÕÊ ÌÀ>L> Ê«Õi`iÊÌi iÀÊ«>À>Ê >ÀV>ÀÊÃÕÊÀÕ L ]ÊiÃÊ L>ÃÌ> ÌiÊ }À>Ì v V> Ìi

7JTJ°O EPDFOUF 3JDBSEP -V¹WBOPT UBNCJ¹O TF IB EFTFNQFÁB EP DPNP EPDFOUF EF FTUBNQBEP UFYUJM Z QVOUVBMJ[B RVF TJ CJFO MB DSFBUJWJEBE Z DBMJEBE EF USBCBKP FT JOOFHBCMF FO MBT OVFWBT HFOFSBDJPOFT MP DJFSUP FT RVF MB BDUJUVE ZB OP FT MB NJT NB BIPSB TF RVJFSF UPEP N²T S²QJEP Z TJO FM N½OJNP EF FT GVFS[P i-BT HFOFSBDJPOFT IBO DBNCJBEP UFOHP TJF UF BÁPT EBOEP DMBTFT MPT QSJNFSPT BMVNOPT FTUB CBO N²T JOUFSFTBEPT Z BIPSB IB DBNCJBEP FO MPT ÈMUJNPT BÁPT OP T¹ RV¹ QBTF QFSP MPT WFP N²T EFTJOUFSFTBEPT RVJFSFO MBT DPTBT S²QJ EBT OP RVJFSFO CBUB MMBS QPS PCUFOFS BMHP BVORVF MBT DPTBT MBT IBDFO CJFO OP FYJTUF FTB IBNCSF UBO QBESF QPS BQSFOEFSw FYQMJ DB -V¹WBOPT RVJFO UBNCJ¹O FT EPDFOUF FO FM $FOUSP 4VQF SJPS EF .PEB &EJUI .BSU½O +VOUP DPO "MFKBO ESP 4JPSEJB GVOEÂ i'²CSJ DB EF %JTFÁP .FYJDBOPw '%.

FTDVFMB RVF FM QSÂ YJNP KVOJP EF FTUF BÁP DVN QMJS² EPT BÁPT EF FTUBS FO PQF SBDJPOFT DPO DVSTPT Z UBMMFSFT EF GPSNBDJÂO DPNQMFNFOUBSJB QBSB MBT BSUFT TJ FTU²T FTUVEJBOEP GPUPHSB G½B EJTFÁP EF NPEBT P HS²GJDP FO MB FT DVFMB TPMP UF EBO DJFSUPT DPOPDJNJFOUPT C²TJDPT QFSP TJ RVJFSFT FTQFDJBMJ[BSUF FO BDVBSFMB FO MB VOJWFSTJEBE OP UF EBO FTB FOTFÁBO[B UBO QSPGVOEP #BKP FTUB JEFB FT DPNP '%. PGFSUB FTQFDJBMJ[BDJÂO FO JMVT USBDJÂO EJHJUBM FTUBNQBEP TPCSF UFMB FEJ DJÂO EJHJUBM BOJNBDJÂO EJTFÁP FEJUPSJBM Z DBU²MPHP MFUUFSJOH FOUSF PUSPT i.J FTUJMP FT BMHP NVZ PSH²OJDP DPN CJOP OBUVSBMF[B GMPSB Z GBVOB %VSBOUF BM HÈO UJFNQP IJDF SFUSBUP Z EFTQV¹T DPNFO D¹ DPO TJUVBDJPOFT IVNBOBT QFSP DPO BMHP EF BWFTw 0USP QVOUP DMBWF FO MB USBZFDUPSJB EF 3J DBSEP IB TJEP FM BEBQUBSTF B MBT OVFWBT GPS NBT DSFBUJWBT Z EF QSPNPDJÂO B USBW¹T EF MBT SFEFT TPDJBMFT Z MB UFDOPMPH½B QBSB SFBMJ[BS TVT PCSBT DPNCJOBOEP EF WF[ FO DVBOEP TV IBCJMJEBE QBSB FM USBCBKP N²T IFDIP B NBOP i"IPSB ZB IBZ N²T BMUFSOBUJWBT BOUFT FSB JN QPTJCMF QFOTBS RVF QPES½BT JNQSJNJS NFUSPT EF UV QSPQJB UFMB Z BIPSB OP IBZ QSPCMFNBw &- */'03."%03 t ' "5*-"/0

, -Ê Ê6 6 , , Ã>Ê ÌiÀ $BEB WF[ RVF QBTP DFSDB EF MPT TJO UFDIP EF NJ CBSSJP NF BTPN CSP VOB WF[ N²T EFM JODSF½CMF B[BS EF OVFTUSBT WJEBT EF MB TVFSUF RVF IF UFOJEP

.F HVTUB FM GS½P QFSP DBEB WF[ RVF JSSVNQF FO .BESJE FM EVSP JOWJFS OP OP QVFEP EFKBS EF QFOTBS FO MPT WFDJOPT TJO UFDIP DPO MPT RVF DPN QBSUP MB DJVEBE &O NJ CBSSJP IBZ CBTUBOUFT MB NBZPS½B MMFWBO NV DIPT BÁPT BRV½ Z NF TPO GBNJMJBSFT %VFSNFO FO MPT NJTNPT SJODPOFT DBEB OPDIF Z TF NVFWFO TJFNQSF FO FM NJTNP USJ²OHVMP EF MB DBMMF TJ IBZ TPM FO FM CBORVJUP TJ FM GS½P BSSFDJB P MMVFWF FO MBT FTDBMFSBT EFM NFUSP KVOUP B MBT QVFSUBT VO MVHBS RVF QSPQPSDJPOB DJFSUP DPCJ KP Z FM SFCVGP EF DBMPS EFM TVCUFSS²OFP $PO DPONPWFEPS FNQFDJOB NJFOUP FM EF MPT TJO UFDIP FTQBÁPMFT Z QSPCBCMFNFOUF EF UPEP FM NVOEP MPT IVNBOPT UFOFNPT UFOEFODJB BM FOSBJ[BNJFOUP GJKBO TV SFTJEFODJB QPS BT½ EFDJSMP FO VO MVHBS DPODSFUP EF MB BDFSB Z EF MB DJVEBE &T EFDJS IBDFO VO OJEP EF MB OBEB : FTUPZ TFHVSB EF RVF BM EFTQFEJSTF EF PUSPT DPNP FMMPT QBSB JSTF B BDPTUBS BM CBSVMMP EF NBOUBT Z DBSUPOFT RVF IBO EFKBEP FO VO RVJDJP N²T EF VOP EJS² NF WPZ B DBTB " MPT N½PT ZB MP IF EJDIP MPT DPOP[DP /PT TBMVEBNPT FO PDB TJPOFT DIBSMBNPT )BZ VOB NVKFS FO FTQFDJBM RVF FT VO FODBOUP 1B

`> ` Êi Ê >Ê >`> SFDF NVZ NBZPS QFSP TFHVSBNFOUF FT NVDIP N²T KPWFO RVF ZP -B FTQFSBO[B EF WJEB EF MPT TJO UFDIP FT BÁPT NFOPS RVF MB NFEJB FT QBÁPMB Z MB UBTB EF NPSUBMJEBE FOUSF USFT Z DVBUSP WFDFT TVQFSJPS MPT EBUPT TPO EF MB BTPDJBDJÂO "JSFT &M BÁP QBTBEP FTUB NVKFS EF TBQBSFDJÂ EVSBOUF WBSJPT E½BT &M BUBEP EF TVT QFSUFOFODJBT TFHV½B FO TV MVHBS QFSP FMMB OP FTUBCB UFN½ RVF IVCJFSB NVFSUP RVF IV CJFSB TVGSJEP BMHÈO QFSDBODF FM EF MPT TJO UFDIP EF .BESJE IBO TJEP W½DUJNBT EF BMHVOB BHSFTJÂO TFHÈO VO FTUVEJP RVF IJ[P FM "ZVO UBNJFOUP FM BÁP QBTBEP 1FSP BM DBCP EF VO QBS EF TFNBOBT NJ WFDJ OB SFBQBSFDJÂ Z SFUPNÂ TVT SVUJOBT DPNP HPMPOESJOB RVF SFHSFTB $BEB WF[ RVF QBTP DFSDB EF FMMPT NF BTPNCSP VOB WF[ N²T EFM JO DSF½CMF B[BS EF OVFTUSBT WJEBT EF MB TVFSUF RVF IF UFOJEP EF TFS RVJFO TPZ EF RVF FTF DPOKVOUP FG½NFSP F JOEFTDJGSBCMF EF DBTVBMJEBEFT RVF FT NJ JEFOUJEBE EF RVF OP IBZB JEP B DBFS FO VO EFTUJOP UBO EVSP DP NP FM EF FTUPT WFDJOPT Z FO FM NVOEP IBZ WJEBT BÈO NVDIP QFPSFT

2VJFSP EFDJS RVF NJ FYJTUFODJB Z MB EF DVBMRVJFSB EF OPTPUSPT QP ES½BO IBCFS TJEP BT½ )BZ VOB OPWFMB TPCSFDPHFEPSB MB QSJNFSB RVF FTDSJCJÂ &OSJRVF EF )¹SJ[ RVF TF UJUVMB &M E½B NFOPT QFOTBEP &EIB TB Z RVF DVFOUB MB IJTUPSJB EF VO BSRVJUFDUP RVF BDBCB WJWJFOEP B MB JOUFNQFSJF B DBVTB EF VO TVDFTP DBUBTUSÂGJDP .F JNQSFTJPOÂ FM SF MBUP BÈO SFDVFSEP VOB FTDFOB USFNFOEB FO MB RVF FM QSPUBHPOJTUB TF

PSJOB FODJNB Z FTB IÈNFEB UJCJF[B MF DPOTVFMB NPNFOU²OFBNFOUF EFM FTQBOUPTP GS½P `: DPO RV¹ GBDJMJEBE UFSNJOBCB TJO IPHBS -B QFS EJDJÂO OPT SPOEB B UPEPT DPO UBJNBEP QBTP EF GJFMUSP $BTJ UPEPT NJT WFDJOPT TJO UFDIP FTU²O BMDPIPMJ[BEPT 4JO FN CBSHP UBOUP FM FTUVEJP EFM "ZVOUBNJFOUP DPNP MB BTPDJBDJÂO "JSFT TFÁBMBO RVF FM BMDPIPMJTNP FT N½OJNP VO FO .BESJE VO FO MB NFEJB FTQBÁPMB TFHÈO "JSFT &T QSPCBCMF RVF FO NJ CBSSJP IB ZB N²T JODJEFODJB IBZ VO MPDBM EF BZVEB B BMDPIÂMJDPT FO MBT QSPYJ NJEBEFT 1FSP UBNCJ¹O DSFP RVF FO FTUP MBT FODVFTUBT OP TPO EFM UP EP GJBCMFT QPSRVF EFQFOEFO EF MB QSPQJB WBMPSBDJÂO EF MPT BGFDUBEPT 1PS PUSB QBSUF FM BMDPIPMJTNP FT VOB FOGFSNFEBE Z OP TÂMP QVFEF TFS MB DBVTB EF WJWJS FO MB DBMMF TJOP UBNCJ¹O VOB DPOTFDVFODJB &O DVBMRVJFS DBTP EF MP RVF OP DBCF EVEB FT EF RVF MB NBZPS½B FTU²O FO FTB TJUVBDJÂO QPS GBMUB EF USBCBKP QPS GBMUB EF EJOFSP QPS RVF MB EFTHSBDJB TF DFCÂ DPO FMMPT FO MB M½OFB EFM QSPUBHPOJTUB EF MB OPWFMB 4FHÈO FM "ZVOUBNJFOUP FM QPTFFO FTUVEJPT TVQFSJP SFT : MFT UFOFNPT PMWJEBEPT FTU²O BOUF OVFTUSBT OBSJDFT QFSP OP MPT WFNPT -B BTPDJBDJÂO "JSFT DSFBEB FO JOUFOUB BDFSDBSTF BM QSP CMFNB OP QBSB QBMJBSMP DPO DFOUSPT EF BDPHJEB QSPWJTJPOBMFT TJOP QSPQPSDJPOBOEP BQPZP Z VO BMPKBNJFOUP JOEJWJEVBM QFSNBOFOUF Z EJHOP &T EFDJS TBD²OEPMFT EF MB DBMMF Z EFWPMWJ¹OEPMFT MB PQPSUVOJ EBE EF QPTFFS VOB BVU¹OUJDB WJEB &O FTQFDJBM UJFOFO VO QSPZFDUP -B .PSBEB EJSJHJEP B NVKFSFT VO EF MPT TJO UFDIP Z DSFDJFOEP QPS RVF FT VO DPMFDUJWP NVDIP N²T WVMOFSBCMF 3FDVFSEB RVF QPES½BT IB CFS TJEP UÈ Z OP DJFSSFT MPT PKPT : FOUSB FO BJSFTBTPDJBDJPO PSH OF DFTJUBO WPMVOUBSJPT EJOFSP EF UPEP

Ï 304" .0/5&30 &%*$*0/&4 &- 1"¡4 4- 5PEPT MPT EFSFDIPT SFTFSWBEPT

%PNJOHP EF FOFSP EF

1~(*/" #

&- */'03."%03

/"Ê /", i103 26² &45& .6/%0 6/" #*0(3"'¶" %& $-"3*$& -*41&$503w # .04&3

{%F E¯OEF FT VO KVE©P

Õ> Ê*> >À

&41&$*"-

$-"3*$& -*41&$503 'VF VOB FTDSJUPSB CSBTJ MF×B EF PSJHFO KVEÓP

-B FEJUPSJBM 4JSVFMB DPNQBSUF DPO MPT MFDUPSFT EF &- */'03."%03 VO GSBHNFOUP EFM DBQ¤UVMP Â'VO WPOFO JT B :JE Ã EFM MJCSP Â1PS RV FTUF NVOEP 6OB CJPHSBG¤B EF DMBSJDF MJTQFDUPSÃ EF #FOKBNJO .PTFS /P IBC½B DBSBDUFS½TUJDB RVF $MBSJDF -JTQFDUPS IV CJFSB RVFSJEP QFSEFS N²T RVF TV MVHBS EF OBDJ NJFOUP 1PS FTUB SB[ÂO BVORVF MB MFOHVB MB IBC½B BUBEP BM NJTNP B QFTBS EF MB UFSSJCMF TJODFSJEBE EF TV FTDSJUVSB UFO½B GBNB EF TFS BMHP NFOUJSPTB .FOUJSBT QJBEPTBT DPNP MPT WBSJPT BÁPT RVF TF DPODFEJÂ QBSB SFCBKBS TV FEBE TPO WJTUBT DPNP QBS UF EF MB DPRVFUFS½B EF VOB NVKFS HVBQB 4JO FNCBS HP DBTJ UPEBT MBT NFOUJSBT RVF DPOUBCB UFO½BO RVF WFS DPO MBT DJSDVOTUBODJBT EF TV OBDJNJFOUP &O TVT UFYUPT QVCMJDBEPT B $MBSJDF MF QSFPDV QBCB N²T FM TJHOJGJDBEP NFUBG½TJDP EF TV OBDJNJFO UP RVF TVT BDUVBMFT DJSDVOTUBODJBT UPQPHS²GJDBT /P PCTUBOUF FTBT DJSDVOTUBODJBT MB QFSTFHV½BO &O MBT FOUSFWJTUBT JOTJTU½B FO RVF OP TBC½B OBEB EFM MV HBS EFM RVF QSPDFE½B &O DPODFEJÂ VOB FOUSF WJTUB BM FTDSJUPS 3FOBSE 1FSF[ MB N²T MBSHB RVF IJ [P OVODB FT QSPCBCMF RVF FM BNBCMF Z DVJEBEPTP 1FSF[ DPOTJHVJFSB RVF TF TJOUJFSB B HVTUP "OUFT EF QVCMJDBS MB FOUSFWJTUB TF MB QBTÂ QBSB TV BQSPCB DJÂO 4V ÈOJDB PCKFDJÂO GVF QBSB MB QSJNFSB GSBTF j$VBOEP QPDP EFTQV¹T EF MB 3FWPMVDJÂO MPT -JT QFDUPS EFDJEJFSPO FNJHSBS EF 3VTJB B "N¹SJDB x j`/P GVF QPDP EFTQV¹T x QSPUFTUÂ j`'VF NVDIPT NVDIPT BÁPT EFTQV¹T x 1FSF[ IJ[P MB DPSSFDDJÂO Z FM UFYUP QVCMJDBEP FNQF[BCB j$VBOEP MPT -JT QFDUPS EFDJEJFSPO FNJHSBS EF 3VTJB B "N¹SJDB NVDIPT BÁPT EFTQV¹T EF MB 3FWPMVDJÂO x : NJOUJÂ BDFSDB EF MB FEBE RVF UFO½B DVBOEP MMFHÂ B #SBTJM &O FM QBTBKF DJUBEP N²T BSSJCB QP OF FO DVSTJWB RVF UFO½B TPMP EPT NFTFT DVBOEP TV GBNJMJB EFTFNCBSDÂ 4JO FNCBSHP UFO½B N²T EF VO BÁP &T VOB QFRVFÁB EJGFSFODJB EFNBTJBEP QF RVFÁB FO DVBMRVJFS DBTP QBSB BDPSEBSTF EF PUSB QBUSJB QFSP TV JOTJTUFODJB FO SFCBKBSMP B MB NF OPS DJGSB FOUFSB DSF½CMF SFTVMUB FYUSBÁB {1PS RV¹ NPMFTUBSTF $MBSJDF -JTQFDUPS SFFTDSJC½B VOB Z PUSB WF[ MB IJTUPSJB EF TV OBDJNJFOUP &O OPUBT QSJWBEBT EF

DVBOEP FTUBCB FO MB USFJOUFOB Z WJW½B FO FM FYUSBO KFSP FTDSJCJÂ j7VFMWP B NJ MVHBS EF QSPDFEFODJB -P JEFBM TFS½B WPMWFS BM QFRVFÁP QVFCMP EF 3VTJB Z OBDFS FO PUSBT DJSDVOTUBODJBTx &M QFOTBNJFOUP TF MF PDVSSJÂ NJFOUSBT TF FTUBCB RVFEBOEP EPSNJ EB &OUPODFT TPÁÂ RVF IBC½B TJEP QSPIJCJEB FO 3V TJB FO VO KVJDJP QÈCMJDP 6O IPNCSF EJKP j4PMP TF BDFQUBCBO B NVKFSFT GFNFOJOBT FO 3VTJB Z ZP OP FSB GFNFOJOBx %PT HFTUPT MB IBC½BO USBJDJPOBEP TJO RVF TF EJFSB DVFOUB FYQMJDB FM KVF[ j1SJNFSP RVF NF IBC½B FODFOEJEP FM DJHBSSJMMP DVBOEP VOB NVKFS EFCFS½B FTQFSBS DPO ¹M FO MB NBOP IBTUB RVF VO IPNCSF TF MP FODJFOEB 4FHVOEP IBC½B FNQV KBEP NJ QSPQJB TJMMB IBDJB MB NFTB DVBOEP VOB NV KFS EFCFS½B IBCFS FTQFSBEP B RVF VO IPNCSF MP IJ DJFSB FO NJ MVHBSx "T½ RVF TF MB QSPIJCJÂ WPMWFS &O TV TFHVOEB OPWFMB UBM WF[ QFOTBOEP FO MB GJOBMJEBE EF TV QBS UJEB FTDSJCJÂ j&M MVHBS FO FM RVF OBDJÂ TF TFOU½B BMHP TPSQSFOEJEB EF RVF UPEBW½B FYJTUJFSB DPNP TJ GVFSB BMHP RVF UBNCJ¹O IBC½B QFSEJEPx &O VOB OPWFMB CBTBEB FO MB FNJHSBDJÂO EF TV GBNJMJB &MJTB -JTQFDUPS MB IFSNBOB NBZPS EF $MB SJDF TF IBDF MB QSFHVOUB EF NBOFSB SFQFUJEB 'VO 7POFO *T B :JE -JUFSBMNFOUF j{%F EÂOEF FT VO KV E½P x Z FT MB NBOFSB FEVDBEB FO RVF VO IBCMBOUF EF ZJEJT QSFHVOUB TPCSF MB QSPDFEFODJB EF PUSP " MP MBSHP EF TV WJEB $MBSJDF TF FTGPS[Â QPS DPOUFT UBS j-B DVFTUJÂO EFM PSJHFOx FTDSJCJÂ VO DS½UJDP jFT UBO PCTFTJWB RVF VOP QPES½B EFDJS RVF UPEP FM DPSQVT OBSSBUJWP EF $MBSJDF -JTQFDUPS FTU² DPOT USVJEP FO UPSOP BM NJTNPx &O MBT GPUPHSBG½BT DBTJ OP QBSFDF RVF QVFEB TFS EF PUSP MVHBS RVF OP TFB #SBTJM $PNP TJ FTUV WJFSB FO DBTB FO MB QMBZB EF $PQBDBCBOB VTBCB FM NBRVJMMBKF ESBN²UJDP Z MB FTDBOEBMPTB KPZFS½B EF MB HSBOEF EBNF EF 3½P EF TV UJFNQP /P IBC½B OJ SBTUSP EF MB OJÁB BCBOEPOBEB Z IBNCSJFOUB EFM HVFUP FO MB NVKFS RVF QBTBCB TVT WBDBDJPOFT FT

8* ", "Ê Ê 1 "

RVJBOEP FO MB NPOUBÁB FO 4VJ[B P GMPUBOEP QPS FM (SBO $BOBM FO VOB HÂOEPMB &O VOB GPUPHSBG½B FT U² KVOUP B $BSPMJOB .BS½B EF +FTÈT VOB NVKFS EF DPMPS DVZB CJPHSBG½B EFTHBSSBEPSB EF MB QPCSF[B CSBTJMFÁB )JKB EF MB PTDVSJEBE GVF VOB EF MBT SF WFMBDJPOFT MJUFSBSJBT EF +VOUP B MB GBNPTB Z CFMMB $MBSJDF DVZP USBKF FOUBMMBEP Z HBGBT FOWPM WFOUFT MF DPOGFS½BO FM BTQFDUP EF VOB FTUSFMMB EF DJ OF $BSPMJOB QBSFDF UFOTB Z GVFSB EF MVHBS DPNP TJ BMHVJFO BSSBTUSBSB B MB DSJBEB EF $MBSJDF B MB GPUP HSBG½B /BEJF IVCJFSB EJDIP RVF FM QBTBEP EF $MB SJDF FSB JODMVTP N²T NJTFSBCMF RVF FM EF $BSPMJOB 4JO FNCBSHP FO MB WJEB SFBM $MBSJDF B NFOV EP EBCB MB JNQSFTJÂO EF TFS FYUSBOKFSB -BT NFNP SJBT NFODJPOBO TV FYUSBÁF[B DPO GSFDVFODJB &T UBCB FTB WP[ SBSB FTF OPNCSF SBSP UBO QPDP DPNÈO FO #SBTJM RVF DVBOEP BQBSFDJÂ TV QSJNFS MJ CSP VO DS½UJDP TF SFGJSJÂ B ¹M DPNP jFTF OPNCSF EF TBHSBEBCMF FT QSPCBCMF RVF VO TFVEÂOJNPx &TUB CB TV NBOFSB FYUSBÁB EF WFTUJS EFTQV¹T EF TFQBSBSTF EF TV NBSJEP UFO½B QPDP EJOFSP QBSB QP OFS BM E½B TV SPQFSP BT½ RVF VUJMJ[BCB MB SPQB BOUJ HVB DPNQSBEB GVFSB RVF EVSBOUF BÁPT MF EJFSPO VO BTQFDUP EF jFYUSBOKFSB EF FTUBS QBTBEB EF NP EBx 4V FYUSBÁF[B NPMFTUBCB B MB HFOUF j-B BDV TBO EF FTUBS BMJFOBEBx FTDSJCJÂ VO DS½UJDP FO jEF USBUBS DPO NPUJWPT Z UFNBT RVF OBEB UFO½BO RVF WFS DPO TV QBUSJB DPO VO MFOHVBKF RVF SFDVFSEB B MPT FTDSJUPSFT JOHMFTFT /P IBZ M²NQBSBT BSBÁBT FO #SBTJM Z OBEJF TBCF EÂOEF TF FODVFOUSB FTB DJVEBE TJUJBEBx i-B M²NQBSBw FT FM U½UVMP EF TV TFHVOEB OP WFMB i-B DJVEBE TJUJBEBw EF MB UFSDFSB

'SBHNFOUP EFM MJCSP i1PS RV¹ FTUF NVOEP 6OB CJPHSBG½B EF $MBSJDF -JTQFDUPSw EF #FOKBNJO .PTFS 1VCMJDBEP DPO BVUPSJ[BDJÂO EF MB FEJUPSJBM 4JSVFMB

ÃÊVi ÃÊ ÕÌÕ Ã

Õ iÀ Ê i > >ÀÞ 1VFT SFTVMUB RVF TPO NVDIBT MBT QBSFKBT FO RVF MPT EPT QBEFDFO EF DFMPT FT EFDJS UBM QBSB DVBM : BEFN²T TJFOUFO RVF FT VOB GPSNB EF DBSJÁP F JOUFS¹T QPS FM PUSP FO QPDBT QBMBCSBT TJ NF DFMBT FOUPODFT UF JNQPSUP Z FO UJFOEP RVF BT½ NF EBT NVFTUSBT EF UV BNPS &O DBNCJP TJ OP NF UJFOFT DFMPT FOUPODFT OJ UF JNQPSUP OJ NF BNBT : BT½ MB QBSFKB TF MB WJWF OVUSJFOEP Z GPNFOUBOEP TVT DFMPT FOUSF VOP Z FM PUSP DPNP TJ TF USBUBSB EF VOB BEFDVBEB NBOFSB EF WJWJS TV JOUJNJEBE Z BNPS 1FSP BVORVF MB NJTNB QBSFKB OP MP OPUF ZB FTU²O JONFSTPT FO VO TJTUFNB EF DPOUSPM TVTQJDBDJB Z EFTDPOGJBO[B RVF UBSEF RVF UFNQSBOP UFSNJOBS² QPS BTGJYJBS MB MJCFSUBE EF BNCPT : TF TVQPOF RVF MB NFKPS NBOFSB EF SFMBDJPOBSTF FT TJO EFTDPOGJBO[B DPO BENJSBDJÂO SFTQFUP Z EFTEF MVFHP EFKBS TFS BM PUSP MP RVF DPOTJEFSF DPOWFOJFOUF TBCJFOEP RVF TVT EF DJTJPOFT FTU²O TVTUFOUBEBT FO MB GJEFMJEBE Z FM DPNQSPNJTP EFM DVBM OP TF EFCF OJ EVEBS &M DBSJÁP Z FM BGFDUP OP SFRVJFSFO EF VOB TVQFSWJTJÂO Z VOB WJHJMBODJB OJ UBNQPDP WJWJS DPO FM UFNPS Z MB QSFPDVQBDJÂO EF RVF FO DVBMRVJFS NPNFOUP MP QVFEFT QFSEFS QPSRVF IBZ BMHVJFO RVF UF MP RVJFSF BSSFCBUBS P QPSRVF UV NJTNB QBSFKB ZB EFKF EF E²SUFMP

6OB SFMBDJÂO EF DFMPT NVUVPT FT VO W½ODVMP BUSBQBEP FO MB OFDFTJEBE EF EFNPTUSBS RVF TF QPTFF Z RVF TF OFDFTJUB DVJEBS MB QFSUFOFODJB RVF TF DSFF QSPQJB &M QSPCMFNB FT RVF TF WJWF FO VO DPOTUBOUF UFNPS EF QFSEFS FM BGFDUP Z FM DBSJÁP MP RVF B TV WF[ QSPWPDB VOB FYUSBÁB TFOTBDJÂO EF DSFFS UFOFS FM EFSFDIP B SFDMBNBS Z B QFMFBS FO PDBTJPOFT IBT UB DPO WJPMFODJB P FNPDJPOBM P G½TJDB B RVJFO TF EJDF BNBS UBOUP $VBOEP TF MMFHB B FTUF QVOUP FOUPODFT FM FTUBEP EF ²OJNP EF MPT EPT ZB OP FT EFM UPEP HSBUP TF FOUVSCJB MB WJEB DPUJEJBOB Z TF FYQPOFO B RVF DVBMRVJFS EFTMJ[ EF VOB TVQVFTUB JOGJEFMJEBE TF EFTBUF FM NPOTUSVP BHSFTPS : OP IBZ OFDFTJEBE EF OBSSBS MP RVF QVFEF MMFHBS B TVDFEFS TJ FO SFBMJEBE IBZ DPOEVDUBT Z T½OUP NBT EF JOGJEFMJEBE -B CPNCB USVFOB EF VOB NBOFSB JODPOUSPMB CMF Z TF KVTUJGJDBO UPEP UJQP EF JOTVMUPT Z PGFOTBT "VORVF MB QBSFKB FTU¹ FO FM BDVFSEP NVUVP EF NBOUFOFS TVT DFMPT JOUFSDBNCJBEPT MP NFKPS EF UPEP FT DPOGJBS EBSTF MB PQPS UVOJEBE EF OP EVEBS Z EF FSSBEJDBS UPEP JOUFOUP QPS WJHJMBS Z RVF SFS DPOUSPMBS BM PUSP 6OB QBSFKB TBOB OP BMJNFOUB MPT DFMPT JODMVTP USBUB EF EJT NJOVJS MPT MMBNBEPT OBUVSBMFT 1VFT MB BENJSBDJÂO Z FM SFTQFUP WBO MJHBEPT B MB DPOGJBO[B Z UPEPT FTUP FT VOB WFSEBEFSB NBOJGFTUBDJÂO EFM ".03

, "Ê Ê1 Ê -* / ", "UNPTG¹SJDBT 1BTBKFSPT WJFOUPT H¹MJEPT SFDPODFO USBO FM KBSE½O 4VT GPMMBKFT TF FTUSFNFDFO BM QBTP EFM WJTJUBOUF JOFTQFSBEP 6OB MMVWJB JOEFDJTB Z FSSBOUF BDFOUÈB FM HJSP EF MB FTUBDJÂO 4V IVFMMB MJWJBOB NBS DB Q²MJEPT D½SDVMPT FO MPT MBESJMMPT EF MB UFSSB[B 1B TB BIPSB MB BOVBM EPTJT EF MPT GS½PT RVF DPOUSJCVZFO B EBS TV DJDMP B MBT TBWJBT B BDPSEBS MPT SJUNPT EF MB WJEB RVF USBOTDVSSF B NBSDBS VO US²OTJUP JONFNP SJBM GJFM B TVT JNQBTJCMFT JOTUSVDDJPOFT %VSBS QSPTQFSBS DPOUSJCVJS EFTEF TV N½OJNP SJODÂO BM EF WFOJS EFM DPTNPT BM BCSJHP Z FM HP[P EF MBT HFOUFT #JFO RVF MP TBCF FM KBSEJOFSP MFF FM DJFMP QSFWJFOF DVJEBEPT TF BQMJDB FO TVT MBCPSFT NFUÂEJDBT Z TB CJBT &T QBSUF EF VOB DBMMBEB MFHJÂO EF PQFSBSJPT RVF DPOEVDF DPO MB JOUFNQPSBM DPOTUBODJB EF TV PGJDJP BM NFKPS EFTUJOP EF MBT DJVEBEFT EFM NVOEP

$BNJOBS MB DJVEBE EFTEF FM NPSPTP BWBODF EFM QBTFBOUF DPOTJEFSBS DBMMFT Z NJOVDJBT DPO TJHOBS NFOUBMNFOUF BHSBWJPT Z QSPHSFTPT 5BM BS CPMFEB QSPTQFSB Z FO PUSBT QBSUFT IVFDPT EPMPSP TPT EBO DVFOUB EF MB OFDFEBE P MB JODVSJB "QVOUFT QBSB VOB FTQFSBEB JSSVQDJÂO EFM EFTFP EF RVF UP EP QSPTQFSF -B NBSDIB QPS CBSSJPT Z SJODPOBEBT FT VOB DPOTDJFOUF JOTDSJQDJÂO FO VOB HFSNJOB DJÂO DFOUFOBSJB RVF FNQF[Â DPO VOBT QSJNFSBT DVBESBT RVF TF BIPOEB BIPSB FO MBT MFKBO½BT EF MB VSCF RVF TF FYUJFOEF &EJGJDBDJPOFT EJHOBT Z BVO HSBDJPTBT GJODBT CSBWBNFOUF NBOUFOJEBT DPOUSB MB VTVSB EFM UJFNQP DPOTUSVDDJPOFT RVF BDVTBO FM MFOUP OBVGSBHJP RVF QSPQJDJBO MPT EB ÁPT #SFWFT KBSEJOFT RVF BHSBEFDJCMFNFOUF TF BTPNBO BM QBTP EFM USBOTFÈOUF PUSBT FYUFOTJPOFT EFEJDBEBT EFTQV¹T B MBT JOOPCMFT NBODIBT EFM BDFJUF Z FM DBVDIP &O FM DBTFS½P HFTUPT EF DJWJMJ EBE Z IPOSBEB DPSUFT½B DJVEBEBOB TF BMUFSOBO DPO IVSBÁPT EFTBSSFHMPT 6OB DJVEBE FOUSF UBOUBT QFSP ÈOJDB RVF USBCBKPTBNFOUF DBNJOB UBNCJ¹O SVNCP B TV GVUVSP JODJFSUP B WFDFT FODSFTQBEP QFSP BM GJOBM JNCBUJCMF : RVJFO QBTB TBCF DVN QMJEP TV USBZFDUP RVF EF FTUPT SFDPSSJEPT FNFS HFS² DPNP VO JOFTQFSBEP QSPEJHJP VOB N²T ÈUJM FTFODJBM MVDJEF[

%F MB CBUFB EF MBT QPTUBMFT 6O QBJTBKF CSB W½P EF MPT BHBWFT FO TV BWBODF JONÂWJM Z WFSUJHJ OPTP FT VOB DBSHB DPOUSB FM UJFNQP JODMFNFOUF -BT B[VMFT FTQBEBT TF SFDPSUBO DPOUSB MPT DFSSPT SFNPUPT QSPDMBNBO TV JOEÂNJUP UBMBOUF EFGJFO EFO TV UFSSJUPSJP Z TVT DJFMPT 4BCFO MB EVSBDJÂO EF TV QFSNBOFODJB DSFDFO Z QSPTQFSBO DPO FM FT UPJDJTNP EF RVJFO FOUJFOEF RVF DVNQMF TV EFTUJ OP 4PO VOB HFOFSBDJÂO N²T FO MB DBEFOB EF MPT WJH½BT EF MPT HFSNJOBEPSFT EFM NJMBHSP 5PEP FT UP Z N²T TPCSF DVBMRVJFS NFTB B MB TPNCSB EF VO DPSSFEPS BNBCMF P BM GPOEP EF VOB DBOUJOB EFT WFODJKBEB EJS² EFTQV¹T FM MJDPS EFTUJMBEP EF UBMFT CBUBMMBT Z TFNFKBOUFT EFTWFMPT 'VMHPS DPOTVFMP Z VO SFHVTUP B UJFSSBT BSEVBNFOUF HFOFSPTBT B FTPT NJTNPT DJFMPT QSPQJDJPT

-BT QMBOUJMMBT EF MPT JOHFOJFSPT TF EFTUBDBO TP CSF MPT NVSPT EFM UBMMFS 3FDPSUBO FO FMMPT GJHVSBT QSFDJTBT F JOWBSJBCMFT GPSNBT JOEJTQFOTBCMFT QBSB MB DPNQPTJDJÂO EF USB[PT Z EJCVKPT %F TVT IPOSB EPT TFSWJDJPT IBO EFSJWBEP B USBW¹T EF MPT BÁPT SF DJOUPT Z NVSPT DPMVNOBT CÂWFEBT BSRVFS½BT QPS UBMFT NJOVDJPTPT BSSFHMPT EF FTUBODJBT Z DVBSUPT %F FTB SFVOJÂO EF JOUFODJPOFT RVF TVT QFS½NFUSPT BQVOUBO FNFSHF VOB PCTUJOBEB WPMVOUBE QPS EBSMF VO PSEFO BM NVOEP QSPQPSDJÂO Z DPIFSFODJB B MBT JOUFODJPOFT RVF MPT IPNCSFT BMJFOUBO -BT QMBOUJ MMBT GVODJPOBO MVFHP EFTEF MBT QBSQBEFBOUFT QBO UBMMBT DJCFSO¹UJDBT TPO PUSBT Z TPO MBT NJTNBT FM WJFKP 1MBUÂO MP TBC½B : OBEB TVQFSBS² TJO FNCBSHP BM EJ²MPHP UBOHJCMF F JONFEJBUP RVF FTPT JOUFNQP SBMFT JOTUSVNFOUPT FTUBCMFDFO DPO MB NBOP RVF B USBW¹T EF FMMBT DBWJMB Z EFDJEF

.ÈTJDBT BM BNBOFDFS 5FOVFT BM QSJODJQJP MFWBO UBEBT QPS VO TPMP EF DPSOP UJUVCFBOUFT FO MPT BMJFOUPT RVF BQBSFDFO CPSSBEBT B WFDFT QPS FM US²GJDP RVF BV NFOUB Z MVFHP EFDMJOB DPNP VOB NBSFB GMVDUVBOUF )BTUB RVF VOB DPNQPTJDJÂO WB FNFSHJFOEP DPO GJSNF [B Z FTUBCMFDF EF BMHVOB NBOFSB MB OBUVSBMF[B EF MB NBÁBOB 1PDP TF TBCF QFSP EF FTB DPOKVODJÂO EF TP OJEPT QBVTBT Z BDFOUPT TBMES² EFTQV¹T MB QVMTBDJÂO EF MB KPSOBEB RVF EFTQVOUB 4DBSMBUUJ QPS EFDJS BMHÈO OPNCSF JMVTUSF oQVFEFO TFS UBOUPT PUSPT BDPNQBÁB S² B USBW¹T EF TJHMPT Z EJTUBODJBT MPT BGBOFT RVF DPOT USVZFO FM E½B QSFTFOUF 1PEFS½P EF MB NÈTJDB DPOGFSJS QPS VOB RV½NJDB JOFTDSVUBCMF FMFNFOUPT BM ²OJNP BS NPO½BT RVF USBTDJFOEFO MVFHP TJ IBZ TVFSUF FO MPT EF TJHOJPT DPUJEJBOPT

$POUJOVBDJÂO FO XXX JOGPSNBEPS DPN NY

1~(*/" #

"/",, *",/

&- */'03."%03 &- */'03."%03

%PNJOHP EF FOFSP EF

&4$3*#*3 $0/ -6;

" EPT EF USFT

'0504 &- */'03."%03 t ' "5*-"/0

DB©EBT 1PS 'BCSJDJP "UJMBOP

-B USBEJDJªO EF MB -VDIB -JCSF FODVFOUSB PUSB FYQSFTJªO FO MPT CBSSJPT EF MB ;POB .FUSPQPMJUBOB

/

P IBDF NVDIP UJFNQP MPT FODPSEBEPT UVWJFSPO VO FTQMFOEPS NBZÈTDVMP FO UPEP FM QB½T 4VT GJHVSBT N½UJDPT MVDIBEPSFT EF N²TDBSB Z NBMMBT FM²TUJDBT QSPUBHPOJ [BSPO QFM½DVMBT UBRVJMMFSBT Z GVFSPO SF DPOPDJEPT FO UPEPT MPT SJODPOFT EF .¹ YJDP Z FM FYUSBOKFSP -VFHP WJOP FM EFDMJWF Z FM EFQPSUF TF SFGVHJÂ FO MPT CB SSJPT BMFKBEP EF MBT MVDFT Z FM HMBNPVS

-B MVDIB MJCSF SFTJTUF DPNP MVDIB EPS RVF TF OJFHB BM DPOUFP GJOBM FO USF N²TDBSBT EFTDPOPDJEBT DPO NFOPS QÈCMJDP QFSP EF NBZPS GJEF MJEBE TJO FM QSPGFTJPOBMJTNP OFDF TBSJP QFSP DPO MB QBTJÂO TVGJDJFOUF &KFNQMP EF FMMP FT MB "SFOB i3BNÂO $P SPOBw FO MB QPQVMPTB DPMPOJB +BMJTDP EPOEF BM GJOBMJ[BS MBT QFMFBT OBEJF FT QFSB HSBOEFT DIFRVFT QFSP T½ NVDIBT TPOSJTBT Z BQMBVTPT Z DPO FTP CBTUB

"."5&63 -PT MVDIB EPSFT QFMFBO NÈT QPS QB TJØO BM EFQPSUF RVF QPS SFUSJCVDJØO NPOFUBSJB

1&340/"+&4 "MHVOPT MVDIBEPSFT PQUBO QPS FT DPOEFS TV SPTUSP

&41&$5«$6-0 " QFTBS EF TFS VO EFQPSUF BNBUFVS TVT QSPUBHPOJTUBT PGSFDFO MP NFKPS EF TÓ NJTNPT

¶%0-04 -PT SFGFSFOUFT TF NVFTUSBO DPO PSHVMMP

%3"." : 1"4*»/ $PO VO UPRVF EF IJTUSJPOJTNP MB MVDIB MJCSF TF EJTGSVUB B SBT EF MPOB

%6&-04 1PS VO SBUP TPO SFZFT EFM DVBESJMÈUFSP

'*(63"4 -PT MVDIBEP SFT TF NVFTUSBO FO TV DPOEJDJØO NÈT QVSB

7&45*%03&4 &M CJFO DPOUSB FM NBM UBNCJÏO CBUBMMB FO FM QBODSBDJP

1Á#-*$0 -PT DPMP OPT EF i-B +BMJTDPw TPO BTJEVPT B MB "SFOB i3BNØO $PSPOBw

%PNJOHP EF FOFSP EF

&/3*26& 50644"*/5 "/"-*45" 10-¶5*$0

"/«-*4*4 -ªQF[ 0CSBEPS IB JOUFHSBEP B TV QSPZFDUP QPM¤UJDP B QFSTPOBKFT RVF BOUFT DBMJGJDBCB DPNP MB NBGJB EFM QPEFS

6

O E½B MF MBO[B VO HVJÁP B .JHVFM OHFM 0TPSJP $IPOH 1BTBO BMHVOBT IPSBT Z ZB DPSUFKB B MPT NJMJUBOUFT EFM 1BSUJEP 7FSEF FOPKBEPT FO $IJB QBT .JOVUPT EFTQV¹T MF EB MB CJFOWFOJEB B (B CSJFMB $VFWBT QBOJTUB Z GVSJPTB QSPNPUPSB EF TV EFTBGVFSP FO &M E½B TJHVJFOUF EJDF RVF GBNJMJBSFT EF &M CB &TUIFS (PSEJMMP TPO CJFOWFOJEPT FO .PSFOB DPNP UPEPT MPT NFYJDBOPT RVF RVJFSBO iVO DBNCJP FO FM QB½Tw : BEFN²T RVF TPO CJFOWFOJEPT DPO MBT QVFSUBT BCJFSUBT FO VOB DBOEJEBUVSB RVF VOF B MPT FOUVTJBTUBT KVDI¹T EFM 1BSUJEP EFM 5SBCBKP Z B MPT VMUSBT SFBD DJPOBSJPT EF &ODVFOUSP 4PDJBM {2V¹ FTU² QBTBOEP DPO "OES¹T .BOVFM -ÂQF[ 0CSBEPS {&T QSBHNBUJTNP P QFSEJÂ MB CSÈKVMB {%ÂOEF UFSNJOB FM QSBHNBUJTNP FTUSBU¹HJDP Z DPNJFO[B MB USBJ DJÂO B MPT QSJODJQJPT P MB CÈTRVFEB EFM QPEFS QPS FM QPEFS NJT NP &T JOOFHBCMF -ÂQF[ 0CSBEPS IB NBSDBEP MPT SJUNPT EFM EF CBUF FO FTUB FMFDDJÂO Z TVT UFNBT IBO EPNJOBEP FM EFCBUF QÈCMJ DP 4FB MB BNOJTU½B RVJUBS MPT FY²NFOFT EF JOHSFTP B MBT VOJWFS TJEBEFT TV HBCJOFUF P TVT BMJBO[BT JODPOGFTBCMFT QFSP -ÂQF[ 0CSBEPS TF IB DPOWFSUJEP FO MB SFGFSFODJB EF MB EJTDVTJÂO QÈCMJ DB FO FTUB QSFDBNQBÁB -PT JOUFOUPT EF SFMBDJPOBSMP DPO MB 3V TJB EF 7MBEJNJS 1VUJO P MBT CBSEBT FO 7FOF[VFMB IBO TJEP N²T ÈUJ MFT MMFOBS EF NFNFT MBT SFEFT TPDJBMFT RVF QBSB DPOUSBSSFTUBS TV WFOUBKB FO MBT FODVFTUBT $PO FSSPSFT P TJO FMMPT QFSP FM UBCBT RVFÁP IB TFHVJEP B QJF EF KVOUJMMBT VO HVJPO EF DBNQBÁB RVF IPZ MP DPMPDB DPNP QVOUFSP Z DPO EJTUBODJB SFTQFDUP B TVT BEWFSTB SJPT : FT RVF +PT¹ "OUPOJP .FBEF TJHVF TJFOEP VO QSFDBOEJEB UP NVZ E¹CJM TJO JODJEFODJB FO MB BHFOEB QÈCMJDB Z 3JDBSEP "OB ZB FTU² USBUBOEP EF BSNBS FTF SPNQFDBCF[BT BM RVF MF MMBNBO QPS .¹YJDP BM 'SFOUF 4JO FNCBSHP MP N²T TFÁBMBEP EF TV DBNQBÁB IBO TJEP TVT BMJBO[BT -ÂQF[ 0CSBEPS QBTÂ EF TFS FM SFZ EFM EPHNBUJTNP BRV¹M RVF FOEJMHBCB DSFEFODJBMFT EF MB NBGJB EFM QPEFS B UPEB QFSTPOB RVF OP DPNQBSU½B TV DSFEP B TFS FM SFZ EFM QSBHNBUJT NP Z FM SFBMJTNP QPM½UJDP -P RVF FO FM QBTBEP TJHOJGJDÂ USBJ DJÂO IPZ FT FOUFOEJEP DPNP FTUSBUFHJB -P RVF BOUFT FSB VOB DBQJUVMBDJÂO GSFOUF B MPT QPEFSPTPT Z BM 13*"/ IPZ TV EJTDVS TP CVTDB QSFTFOUBSMP DPNP VO TBOP QSBHNBUJTNP RVF MF QFS NJUF BDFSDBSTF B -PT 1JOPT -P RVF BOUFT FSB FM iIBJHB TJEP DP NP IBJHB TJEPw EFM DBMEFSPOJTNP IPZ FT MB JODMVTJÂO EF UPEPT BRVFMMPT RVF iRVJFSFO DBNCJBS B .¹YJDPw 4JO FNCBSHP N²T BMM² EF MB SFUÂSJDB Z MB DBQBDJEBE EF MPT EJSJHFOUFT EF .PSFOB QBSB UPSDFS FM WPDBCVMBSJP Z SFEFGJOJS TVT BDDJPOFT MP SFBM FT RVF EFUS²T EF MB FTUSBUFHJB EF OVFWBT JODPSQPSBDJPOFT IBZ VOB DMBSB BENJTJÂO OPT FRVJWPDBNPT FO OP IBCFS QBDUBEP BOUFT &T EFDJS QFSEJNPT QPSRVF PUSPT T½ SFBMJ[BSPO MBT BMJBO[BT RVF OPTPUSPT OP RVJTJNPT IBDFS -BT BMJBO[BT Z MBT JODPSQPSBDJPOFT QPM½UJDBT OP TPO OFHBUJ WBT FO T½ NJTNBT -B EFNPDSBDJB FYJHF FOUFOEJNJFOUP FOUSF EJT UJOUPT -B EFNPDSBDJB FYJHF DBOBMFT EF DPNVOJDBDJÂO QBSB FO DPOUSBS DPOTFOTPT &NQFSP MBT DPBMJDJPOFT UJFOFO TFOUJEP TPCSF MB CBTF EF VOB BHFOEB QSPHSBN²UJDB &T EFDJS RV¹ DFEP ZP Z RV¹ DFEFT UÈ "NCPT MBEPT SFOVODJBO BM NBYJNBMJTNP DPO FM PCKFUJWP EF MMFHBS B BDVFSEPT PQFSBUJWPT -BT DPBMJDJPOFT JN QVMTBEBT QPS .PSFOB FO FM QSPDFTP FMFDUPSBM TPO PQBDBT FMFD UPSBMJTUBT Z TJO QSJODJQJPT {4BCFNPT RV¹ BDPSEBSPO .PSFOB Z FM 1&4 N²T BMM² EF SFQBSUJSTF DBOEJEBUVSBT {4BCFNPT RV¹ DPNQBSUF (BCSJFMB $VFWBT EFM QSPZFDUP EF .PSFOB P MPT NJMJ UBOUFT EFM 1BSUJEP 7FSEF RVF IBDFO DBNQBÁB QPS .PSFOB FO $IJBQBT JNQVMTBEPT QPS VO HPCFSOBEPS GS½WPMP DPNP .BOVFM 7FMBTDP {2V¹ DPNQBSUF -ÂQF[ 0CSBEPS DPO FM 4/5& &M QSBHNBUJTNP FT TBOP QBSB OP DPOUBNJOBSOPT DPO MB FY USFNB JEFPMPHJ[BDJÂO EF MB QPM½UJDB RVF JNQJEF DVBMRVJFS FTCP [P EF BDVFSEP 4JO FNCBSHP EFCF UFOFS M½NJUFT : FM M½NJUF FT MB DBQBDJEBE EF DBNCJP /P FT DJFSUP RVF MPT DBNCJPT QPM½UJDPT EFQFOEBO EF MB WPMVOUBE EF VOB QFSTPOB &M WPMVOUBSJTNP FT JNQPSUBOUF QFSP JOTVGJDJFOUF 5SBOTGPSNBS VOB SFBMJEBE UJFOF N²T RVF WFS DPO MPT FRVJMJCSJPT EF QPEFS FYJTUFOUFT RVF DPO MB TJNQMF WPMVOUBE EF VOB QFSTPOB -ÂQF[ 0CSBEPS BOUF MBT EV EBT RVF EFTQJFSUBO TVT BMJBO[BT TF MJNJUB B EFDJS FM DBNCJP MP BTFHVSP ZP OP JNQPSUB DV²OUP T²USBQB JODMVZB FO NJ DPBMJDJÂO P FO NJT BMJBO[BT MP RVF EFCFO WBMPSBS MPT NFYJDBOPT FT RVF ZP TPZ VO DBOEJEBUP MJNQJP Z IPOFTUP 6O EJTDVSTP BT½ SFRVJF SF N²T EF VO BDUP EF GF RVF EF VO DPOWFODJNJFOUP SBDJPOBM %FUS²T EF FTUF EFCBUF TVCZBDF VO EJMFNB RVF NBSDÂ MB JOF GJDBDJB EF MB USBOTJDJÂO QPM½UJDB FO .¹YJDP RV¹ UBOUP DBNCJP QVF EF IBDFS VO HPCFSOBOUF QPS N²T IPOFTUP RVF TFB TJ FO TV DPB MJDJÂO QPM½UJDB JODMVZF B JOUFSFTFT EF UPEP UJQP Z RVF NVDIPT EF FMMPT TF PQPOFO B DVBMRVJFS NPEJGJDBDJÂO EFM FTUBUVT RVP 1BTÂ DPO MPT HPCJFSOPT QBOJTUBT RVF QSPNFUJFSPO EFNPDSBUJ[BDJÂO DPNCBUF B MB DPSSVQDJÂO Z VO OVFWP TJTUFNB QPM½UJDP {: RV¹ QB TÂ 2VF TF DPOWJSUJFSPO N²T FO HFTUPSFT EF MPT JOUFSFTFT RVF MFT BDPNQBÁBSPO RVF FO WFSEBEFSPT QSPNPUPSFT EF MB USBOTGPSNB

1~(*/" #

&- */'03."%03

{1SBHNBUJTNP

P USBJDJ¯O

*-6453"$*»/ t &- */'03."%03 + -»1&;

DJÂO EFM QB½T "T½ MB DBQBDJEBE EF DBNCJP RVF UJFOF VO QPM½UJ DP FT JOWFSTBNFOUF QSPQPSDJPOBM B MPT JOUFSFTFT RVF TVNB B TV DPBMJDJÂO 1BSB EFDJSMP DPO DMBSJEBE FOUSF N²T BMJBO[BT IBHB -ÂQF[ 0CSBEPS DPO BRVFMMPT RVF FYQMJDBO CVFOB QBSUF EFM EF UFSJPSP EFNPDS²UJDP EFM QB½T FT NFOPS TV DBQBDJEBE EF DBN CJBS MBT DPTB &M iIBJHB TJEP DPNP IBJHB TJEPw TÂMP OPT MMFWB B FTDFOBSJPT EF DPOUJOVJEBE Z QSPGVOEJ[BDJÂO EF MPT NJTNPT QSPCMFNBT RVF BGFDUBO B MPT NFYJDBOPT /P IBZ BMJBO[BT HSB UVJUBT UPEBT JNQMJDBO TBDSJGJDJPT QSPHSBN²UJDPT P QBDUPT EF JNQVOJEBE %FTEF MBT DBNQBÁBT TF DPOTUSVZFO MPT HPCJFSOPT /P FT DJFSUP RVF VO QPM½UJDP QVFEB IBDFS UPEPT MPT DPNQSPNJTPT B EJFTUSB Z TJOJFTUSB Z MVFHP MMFHBS DPO UPUBM JOEFQFOEFODJB B UP NBS EFDJTJPOFT EFTEF MB TJMMB -P RVF OPT EFNVFTUSB MB USBOTJ DJÂO QPM½UJDB FO .¹YJDP FT RVF MB WPMVOUBE OP CBTUB TJOP RVF MPT GSFOPT Z MBT SFTJTUFODJBT TF WVFMWFO JOTVQFSBCMFT DVBOEP TF DPOWJFSUFO FO QBSUF NFEVMBS EF MB FTUBCJMJEBE Z FGJDBDJB QP M½UJDB EF VO (PCJFSOP 'PY FT FM FKFNQMP N²T UBOHJCMF &M QSBH NBUJTNP FO FYDFTP EJMVZF DVBMRVJFS NBSHFO EF NBOJPCSB QB SB FM DBNCJP -ÂQF[ 0CSBEPS OVODB IBC½B FTUBEP UBO DFSDB EF MB TJMMB QFSP UBNQPDP OVODB IBC½B FTUBEP UBO QSÂYJNP B BRVF MMPT RVF BMHVOB WF[ EFGJOJÂ DPNP MB NBGJB EFM QPEFS

ʵÕiÊÃiÊ>V>L> iÀ > ` Ê->Û>ÌiÀ 4F IB DPOWFSUJEP FO UÂQJDP SFQFUJS RVF MB QSFOTB FO QBQFM UJF SJPT Z MBT SFWJTUBT FTU²O BNFOB[BEPT EF NVFSUF TÈCJUB QPS MB OF MPT NFTFT DPOUBEPT -PT UÂQJDPT TVFMFO TFS WFSEBEFT RVF TFODJMMB SB[ÂO EF RVF MB HFOUF IB EFKBEP EF DPNQSBSMPT : QPS GBTUJEJBO B MBT QFSTPOBT JOHFOJPTBT QPSRVF FTU²O BM BMDBODF MP UBOUP EF MFFSMPT TBMWP DVBOEP TF FODVFOUSBO MBT DPMBCPSBDJP EF UPEP FM NVOEP %F BI½ RVF JOUFOUFO EBS MB WVFMUB BM UÂQJDP OFT RVF BMM½ TVFMFO BQBSFDFS FO BMHÈO NFEJP EJHJUBM $VBOEP DJF SSB BMHVOB QVCMJDBDJÂO NVDIBT CVFOBT QFSTP TFÁBMBOEP FYDFQDJPOFT P SBTHPT DPOUSBEJDUPSJPT MP OBT MP MBNFOUBO DPNP TJ TF USBUBTF EFM DVBM TJSWF EF QPDP QPSRVF MBT DPTBT TVFMFO FNQFÁBS TF UP[VEBNFOUF FO TFS DPNP TPO 2VJFOFT FTDSJCJ

iëÕjÃ]Êi Ê Ã Ê TFDVFTUSP EF VOB OJÁB P EFM BTFTJOBUP EF VO WJF KFDJUP OP TVFMFO QFOTBS RVF FO TV NBOP FTUB NPT FO QSFOTB EFTEF IBDF NVDIP NFEJP TJHMP FO NJ DBTP UFOFNPT VOB QSVFCB FWJEFOUF EFM DBNCJP >ÀÌ VÕ Ê« j V Ê«>à Ê>Ê CB IBCFS FWJUBEP FM ESBNB DPO TÂMP RVF IVCJF EF FTUBT DPTBT RVF UBOUP OPT BGFDUBO BOUFT VO BSU½ `iëiÀÌ>ÀÊ « iÃÊÌ> Ê TFO DPNQSBEP EJDIB QVCMJDBDJÂO FO MVHBS EF MMPSBS FO TV GVOFSBM UBO TFOUJEBNFOUF &TBT EF DVMP NFEJBOBNFOUF QPM¹NJDP UF MP DPNFOUBCBO NV V ÌÀ>«ÕiÃÌ>ÃÊÞÊ TBQBSJDJPOFT TPO MBNFOUBCMFT OP TÂMP QPS FM DIPT DPOPDJEPT Z EFTDPOPDJEPT B GBWPS Z FO DPOUSB UFO½B FGFDUP BVORVF UF HBOBTF MB BOJNBEWFSTJÂO EF Ûi i i ÌiÃÊV Ê> ÌiÃ]Ê QFRVFÁP P OP UBO QFRVFÁP EFTBTUSF MBCPSBM EFNBTJBEPT DPOUFNQPS²OFPT RVF QPS PUSB QBSUF «iÀ Êà Êi ÌÀiÊ ÃÊ« V ÃÊ RVF QSPWPDBO TJOP TPCSF UPEP QPSRVF DPNQSP NFUFO MB DPOUJOVJEBE EF VO BSUF OFDFTBSJP MMB QBSB FTP FTU²O %FTQV¹T FM NJTNP BSU½DVMP QPM¹NJ DP QBT B EFTQFSUBS PQJOJPOFT UBO DPOUSBQVFTUBT Z iVÌ ÀiÃÊv i iÃÊV ʵÕiÊ NBEP QFSJPEJTNP 4JO QFSJPEJTNP EFTBQBSFDF WFIFNFOUFT DPNP BOUFT QFSP TÂMP FOUSF MPT QPDPT à i «ÀiÊVÕi Ì>ÊÕ ]Ê>Ê VOB ¹UJDB Z VOB FTU¹UJDB EF MB JOGPSNBDJÂO EF DBOUBEB B MP MBSHP EF NVDIBT E¹DBEBT EF QSP MFDUPSFT GJFMFT DPO RVF TJFNQSF DVFOUB VOP B TBCFS MPT BNJHPT Z MPT FOFNJHPT TF EJTUJOHVFO QPSRVF MPT Ã>LiÀ\Ê ÃÊ> } ÃÊÞÊ ÃÊ GFTJÂO F JOUFSBDUVBDJÂO DPO MPT MFDUPSFT -PT WFOEFEPSFT DBMMFKFSPT EF QPTUBMFT QJBEPTBT P DPNFOUBSJPT N²T NBMJDJPTPT WJFOFO TJFNQSF EF MPT i i } à QPSOPHS²GJDBT OP CBTUBO QBSB TVTUJUVJS MPT NV BNJHPT RVF QPS BMHP OPT DPOPDFO NFKPS .²T UBS TFPT RVF DPOTFSWBO MB IJTUPSJB EF MB QMBTNB EF IVCP RVF FNQF[BS B BWJTBS QPS TNT B MPT JODPO EJDJPOBMFT QBSB RVF FTUVWJFTFO BUFOUPT FTF E½B BM QFSJÂEJDP DJÂO TVQFSJPS EF MB WJEB IVNBOB /P OPT FRVJWPRVFNPT FT FM QBSB OP QFSEFSTF FM BSU½DVMP RVF FUD FUD : FO MPT ÈMUJNPT QFSJPEJTNP DPNP BSUF EF MB PCTFSWBDJÂO F JOUFSQSFUBDJÂO EF MB UJFNQPT TBCFNPT SFTJHOBEBNFOUF RVF OVFTUSB WBMJPTB DPMBCP SFBMJEBE VSHFOUF MP RVF IBZ RVF TBMWBS B DVBMRVJFS QSFDJP FO FT SBDJÂO OP MMFHBS² B TFS DPOPDJEB N²T RVF TJ BQBSFDF EF SFCPUF UPT UJFNQPT FNQPO[PÁBEPT EF QPTWFSEBE -PT EFN²T ZB OPT MBT FO BMHÈO CMPH P DVBMRVJFS PUSP FTQBDJP EF MB SFE GVFSB EF DVZPT BSSFHMBSFNPT DPNP QPEBNPT 7BNPT EJHP ZP 'FSOBOEP 4BWBUFS FMPHJPT P BOBUFNBT OBEJF QVFEF IBDFSTF MB JMVTJÂO EF FYJTUJS Ï '&3/"/%0 4"7"5&3 &%*$*0/&4 &- 1"¡4 4 - &O VOB QBMBCSB QBSB BIPSSBS UJFNQP Z M²HSJNBT MPT EJB

1~(*/" #

&- */'03."%03 &- */'03."%03

Ê /1, -ÊÊ 6 , >À >Ê*> >À

&TBT UJFSSBT EF &M 3JODÂO MBT TFNCS¹ DPO VO CVFZ QBOEP

)BZ JOJDJBUJWBT RVF NFSFDFO FM SFTQBMEP FOUVTJBTUB EF MBT JOTUJUVDJP OFT Z EF MB HFOUF TPCSF UPEP DVBOEP TPO MÈEJDBT PQUJNJTUBT Z BCSFO VO FTQBDJP QBSB MB EJWFSTJÂO Z B GJO EF DVFOUBT QBSB MB FTQFSBO[B &M DPNVOJDBEPS .BSJP WJMB $BNQPT QFSJPEJTUB EF MBSHB USBZFDUP SJB Z TV FTQPTB -VQJUB -ÂQF[ "SBOB EF BCPMFOHP BUMJTUB Z EF -B &Y QFSJFODJB MMFWBO VOPT EJF[ BÁPT FNQFÁBEPT FO VOB FNQSFTB QFRVF ÁB Z BENJSBCMF RVF UJFOF FM OPNCSF EF )JMP /FHSP DBTB FEJUPSJBM

5PEP FNQF[Â FO MB E¹DBEB QBTBEB FO &M 3JODÂO NVOJDJQJP EF ;BQPUJMUJD EF EPOEF WJFOF QBSUF EF MB GBNJMJB EF .BSJP WJMB &O MBT GJFTUBT QBUSPOBMFT Z DPO MB WJTJUB EF NVDIPT EF MPT iIJKPT BVTFOUFTw TF MF PDVSSJÂ IBDFS VO KVFHP EF MPUFS½B RVF TJSWJFSB QBSB RVF MPT PSJVOEPT

6 - $ ÊÊ 9Ê

- $

>À ÃÊ ÀÌjÃÊ6?âµÕiâ %FTEF FM 5SBUBEP EF -JCSF $PNFSDJP IB TJEP NP UJWP EF DPOTUBOUFT EJTDVTJPOFT "IPSB FM /"'5" QPS TVT TJHMBT FO JOHM¹T IB SFDPCSBEP BDUVBMJEBE DPO MBT EFDMBSBDJPOFT EFM QSFTJEFOUF 5SVNQ FO TV SBUJGJDBDJÂO OFHBUJWB EFTEF TV DBNQBÁB EFM NVSP FO MB M½OFB GSPO UFSJ[B TVQFSJPS B MPT USFT NJM LJMÂNFUSPT N²T MB EFQPS UBDJÂO EF NJHSBOUFT JOEPDVNFOUBEPT DPO BGFDUBDJÂO B FNQSFTBT OPSUFBNFSJDBOBT JNQPSUBEPSBT EF QSP EVDUPT Z QBSUFT EF NBOVGBDUVSB NFYJDBOB &O UBOUP MPT BTVOUPT EPN¹TUJDPT RVFEBO FO NBOP EF MPT BGBOFT QPM½UJDPT FO TFTJPOFT TJO BMDBO [BS BDVFSEPT GBWPSBCMFT QBSB $BOBE² &TUBEPT 6OJ EPT Z .¹YJDP TPCSFTBMJFOEP MB FDPOPN½B FO VO QMB OP EF QSPQVFTUBT UPMFSBOUFT Z DPOWFOJFODJB QSVEFOUF TJO EFN¹SJUP QBSB MPT USFT QB½TFT &O FTUF FTDFOBSJP TF USBUB EF JNQVMTBS FM FN QSFOEJNJFOUP EF OFHPDJPT EF BDVFSEP B MBT OVFWBT ²SFBT TFÁBMBEBT QPS MB DJFODJB Z MB UFDOPMPH½B EPO EF QSFWBMFDF FO +BMJTDP FM QSPQÂTJUP EF MB $JVEBE $SFBUJWB %JHJUBM EFM NPEFMP 6/&4$0 DPO DBS²D UFS HMPCBM : FM UVSJTNP FO ²SFBT USBEJDJPOBMFT EF DJVEBEFT QMBZBT Z NPOUBÁBT EPOEF TF VCJDBO MPT MMBNBEPT QVFCMPT N²HJDPT EF TJOHVMBS BUSBDUJWP JNQVMTPS EF FNQMFP QBSB KÂWFOFT RVF BMDBO[BO MB DJGSB EF WFJOUF NJMMPOFT B OJWFM OBDJPOBM 5BNCJ¹O DPODVSSFO SFUPT Z SJFTHPT NPUJWBEPSFT EF BUFODJÂO FO MB DPOUJFOEB QPM½UJDB FO HSBEP EF FGFS WFTDFODJB RVF DPOMMFWB MB HFOFSBDJÂO EF BNFOB[BT F JOGMBDJÂO BKFOBT B MB EFNBHPHJB Z B DBNCJP ¹OGBTJT BM DPNCBUF EF DPNQMJDJEBE F JNQVOJEBE JNQJEJFOEP MB VOJEBE TPDJBM JODMVZFOUF EF MB NVKFS FO FM FTDFOBSJP EF -FZ EF 1BSJEBE EF (¹OFSP "T½ MB DPNQFUFODJB FO USF QBSUJEPT BVTFOUB MB BVU¹OUJDB EFNPDSBDJB &DPOPN½B Z TFHVSJEBE TBMVE Z FEVDBDJÂO EFCFO

%PNJOHP EF FOFSP EF

1 >Ê `i>ÊiÝVi i Ìi\Ê u ÌiÀ >t UVWJFSBO TJFNQSF DFSDB B TV QVFCMP 2VJ[² NVDIB HFOUF OP TF EFDJEJ S½B B BCSJS VO MJCSP QFSP B UPEP NVOEP MF HVTUB KVHBS B MB MPUFS½B BMHP RVF TVFMF IBDFSTF FO GBNJMJB Z RVF QVFEF BEFN²T TFSWJS QBSB JOGPS NBS Z FEVDBS BMJNFOUBS MB OPTUBMHJB DSFBS JEFOUJEBE QSFTVNJS MP QSP QJP BDFSDBS B MBT SB½DFT &M ¹YJUP GVF SPUVOEP Z BT½ OBDJÂ VOB NBHO½GJ DB JOJDJBUJWB RVF EFTQV¹T EF VOB E¹DBEB OP TF BHPUB Z TF EFCF BMFOUBS

%FTEF FOUPODFT TPO BMSFEFEPS EF RVJODF MPT KVFHPT EF MPUF S½B RVF IBO JEP QSPEVDJFOEP MPT WJMB -ÂQF[ B WFDFT DPO FM SFTQBMEP EF BMHVOB JOTUJUVDJÂO B WFDFT QPS TVT QSPQJPT NFEJPT QFSP TJFNQSF EJTGSVUBOEP FM USBCBKP EF JOWFTUJHBDJÂO RVF JNQMJDB DBEB QSPZFDUP EFGJOJS Z DPOTFHVJS MBT JN²HFOFT P QSPEVDJSMBT FMMPT NJTNPT IBCMBS DPO MPT DSPOJTUBT Z FTQFDJBMJTUBT DPOTVMUBS MB CJCMJPHSBG½B EFTQMB[BS TF B MPT EJTUJOUPT MVHBSFT &OUSF MBT MPUFS½BT RVF ZB IBO IFDIP FTU²O MBT EFEJDBEBT B +BMJTDP (VBEBMBKBSB 4BO 1FESP $PDVMB $IBQBMB Z

>V > Ã Ê À>V > BMDBO[BS DPOGJBO[B QBSB MB DPIFTJÂO TPDJBM SFEVDUP SB EF QPCSF[B NFEJBOUF JOGSBFTUSVDUVSB QBSB DSFDJ NJFOUP FDPOÂNJDP QPOEFSBEP RVF SFGMFKF NFKPS½B EF OJWFMFT EF DBMJEBE FEVDBUJWB FO FM IPHBS Z FM BVMB QBS UJDVMBSNFOUF FO TFHNFOUPT EFTGBWPSFDJEPT SFRVJ SFOUFT EF CJFOFTUBS -B 4FHVSJEBE NFODJPOBEB DPO GSFDVFODJB QPS QPTUVMBOUFT B BMHVOB QPTJDJÂO HVCFSOBNFOUBM NF EJBOUF FM WPUP DJVEBEBOP EFM QSJNFS EPNJOHP WFOJ EFSP FO KVMJP FT NPUJWP EF TFSJB QSFPDVQBDJÂO QB SB MB FTUBCJMJEBE JOUFSOB Z TV QSPZFDDJÂO EF NBZPS DPOFDUJWJEBE DPO MPT NFSDBEPT F JOWFSTJPOJTUBT OB DJPOBMFT Z FYUSBOKFSPT TJO FYFOUBS QSPEVDUJWJEBE DPO MB BQPSUBDJÂO EFSJWBEB EF MBT OVFWBT UFDOPMP H½BT SFDVSSFOUFT B NFOPT NBOP EF PCSB B DBNCJP EF PUSBT EF NBZPS DBMJGJDBDJÂO $PO FMMP FMFWBS MB QSPEVDUJWJEBE DPO TJNVMU²OFB FTUSBUFHJB EF QBSUJ DJQBDJÂO TPDJBM Z TFHVSJEBE JOUFHSBM %FCFNPT SFDPOPDFS RVF FTU² FO KVFHP /BDJPOB MJTNP 3BDJPOBM DPO FM HSBEP EF DBNCJPT FO FM DPNQPS UBNJFOUP DJVEBEBOP BGFDUP B OVFWBT IFSSBNJFOUBT DPNQSFOEJEBT EFTEF MB DPNVOJDBDJÂO Z FGFDUPT FO TVT QSPQÂTJUPT NFEJBOUF MB JNQSFTDJOEJCMF VOJEBE B QBS UJS EF MB GBNJMJB V PUSPT DPOEVDFOUFT B MB TVQVFTUB GB DJMJEBE Z SJFTHP FO MB WJPMFODJB Z MB DSJNJOBMJEBE %F FTUB GPSNB MPT EFTBG½PT TPO WBSJPT Z QBSUFO EFM FKFN QMP EF QBESFT Z NBESFT FNQPEFSBEPT EF MB BVUPSJEBE FO FM IPHBS QBSB FKFNQMJGJDBS FM CJFO FWJUBOEP FKFN QMPT OFHBUJWPT USBTMBEBCMFT BM EFTQFHP B UPEP MP QPTJ UJWP EFTFBCMF .²T RVF VOB JMVTJÂO EFCF TFS UBSFB DPOT UBOUF MB VOJEBE FO OVFTUSP FOUPSOP %JPT OPT HVBSEF EF MB EJTDPSEJB

TJDQN!JOGPSNBEPS DPN NY

UBNCJ¹O BMHVOBT UFN²UJDBT TPCSF FM UFRVJMB EPOEF UVWJFSPO MB DPMB CPSBDJÂO EFM $POTFKP 3FHVMBEPS TPCSF FM BHVB DPO FM 4*"1"

&M KVFHP RVF MMFWB FM OPNCSF EF -B (VBEBMBKBSB EF BZFS FT FTQFDJBMNFOUF BUSBDUJWP -BT JN²HFOFT UPNBEBT EFM "SDIJWP .VOJ DJQBM EF MB DJVEBE Z BUJOBEBNFOUF SFQSPEVDJEBT FO UPOP TFQJB NVFT USBO MVHBSFT FEJGJDJPT UFNBT Z QFSTPOBKFT UBQBU½PT EF UJFNQPT QB TBEPT Z MMFWBO BM SFWFSTP EF DBEB UBSKFUB EF MBT RVF iTF DBOUBOw VOB CSFWF FYQMJDBDJÂO &TU²O BI½ QPS TVQVFTUP MB $BUFESBM MB 1MB[B EF "SNBT MPT $PMPNPT FM "HVB "[VM MB #BSSBODB QFSP UBNCJ¹O FM DP NFSDJP Z MB JOEVTUSJB MB DBOUJOB MB CJDJDMFUB EF MB 'VFOUF DMBSP FTU²

FM TJOEJDBUP FM KBSBCF UBQBU½P Z FOUSF MPT QFSTPOBKFT TF WF BM DIBSSP 5JUP (V½[BS FO "MM² FO FM SBODIP HSBOEF FM QPSUFSP FM 5VCP (ÂNF[ QPS TVQVFTUP MB SFJOB .BS½B '¹MJY DPNP SFJOB EF MPT FTUVEJBOUFT

FM BS[PCJTQP EPO 'SBODJTDP 0SP[DP Z +JN¹OF[ FM DÂNJDP 1BMJMMP

-BT JEFBT Z FM FOUVTJBTNP OP MFT GBMUBO B MPT WJMB -ÂQF[ Z UJFOFO FO FM UJOUFSP NVDIPT QSPZFDUPT OVFWPT )BO IBMMBEP OJDIPT EF EFNBO EB JNQPSUBOUFT FO QBSUJDVMBS FM EF MPT QBJTBOPT FO &TUBEPT 6OJEPT &T EF FTQFSBS RVF TJHB IBCJFOEP FNQSFTBT JOTUJUVDJPOFT Z HPCJFSOPT JOUF SFTBEPT FO VO QSPZFDUP UBO BNBCMF Z RVF UBOUP QVFEF BQPSUBS

IJMPOFHSP !PVUMPPL DPN

"-Ê " ", -ÊÊ

Ê/ *" À > ` Ê â? iâÊ ÃV Ì $PO MB FWPMVDJÂO EF MB EFNPDSBDJB FM HPCJFSOP [PPMÂHJDPT P MB QSPIJCJDJÂO EFM USBCBKP EPN¹T EF MB NBZPS½B TPMBNFOUF TF IB NBOUFOJEP FO MP UJDP EF DVBMRVJFS BOJNBM DPNP TFS½B FM DBTP EF RVF NJSB B MPT QSPDFTPT FMFDUPSBMFT RVF FGFDUJ MPT QFSSPT HVBSEJBOFT P TBMWBWJEBT QFPS BÈO TJ WBNFOUF TF TJHVFO EFGJOJFOEP QPS MB NBZPS½B TVT BNPSFT BOJNBMFT FYBDFSCBEPT BMDBO[BO FM BMDBO[BEB FO MBT VSOBT QPS VO EFUFSNJOBEP NFEJP HBOBEFSP P BHS½DPMB FTQBDJP EPOEF MPT BOJNBMFT IBO TJEP UBO DPOTUBOUFT DPMBCPSBEP DBOEJEBUP P QBSUJEP -B WJEB TPDJBM FO DBNCJP OP TF EFUFSNJOB SFT EFM USBCBKP IVNBOP DPO MP DVBM BEFN²T TF IPZ QPS FM JNQFSJP EFM HSVQP P TFDUPS N²T OV IBO HBOBEP TV DVJEBEP Z QSFTFSWBDJÂO *NBHJOFNPT B FTUBT SFTQFUBCMFT QFSTPOBT NFSPTP QVFT MB EFNPDSBDJB TF DPODJCF DPNP VO FTQBDJP EF QMVSBMJEBE EPOEF UPEBT MBT QFS FNQFÁBEBT FO BDBCBS DPO SBODIFSPT Z DIBSSPT TPOBT UJFOFO EFSFDIP B FMFHJS TV FTUJMP EF WJEB RVF UPEBW½B FO OVFTUSPT UJFNQPT TF BUSFWFO B NPOUBS DBCBMMPT B VTBSMPT DPNP NF Z EF PSHBOJ[BDJÂO TJFNQSF Z EJP EF USBOTQPSUF Z UBNCJ¹O DPNP QBS DVBOEP OP EBÁF P MFTJPOF MPT EFSFDIPT EF MPT EFN²T ÃÊ > >` Ãʺ`>À iÌ Ã»Ê U½DJQFT EF GJFTUBT MMBNBEBT iDIBSSBTw P JSSVNQJFOEP FO VO KBSJQFP FO EFGFO &TP FYQMJDB RVF QVFEBO P EFCJFSBO QPEFS DPFYJTUJS EJWFS } â> Ê`iÊ ÃÊ Ã ÃÊ TB EF MPT JOPDFOUFT OPWJMMPT Z ZB FN TBT QPTUVSBT TPDJBMFT PQDJPOFT `iÀiV ÃʵÕiÊ Ãʺ ÃÊ QPEFSBEPT MBO[BSTF FOUVTJBTUBT B CB KBS B MB SFJOB EF *OHMBUFSSB EF TV DSFFODJBT P DPOEVDUBT -PT MMB NBEPT iEBSLFUPTw HP[BO EF MPT iÝ« À>` Àiû]Ê`iÊ >Ê TVOUVPTB DBSSP[B QPSRVF FT UJSBEB QPS NJTNPT EFSFDIPT RVF MPT iOJÁPT à >Êv À >ʵÕiÊ >Ê DBCBMMPT {QVFT RV¹ OP IBO TBCJEP FT UPT QSFUFOTJPTPT JOHMFTFT RVF QVFEF FYQMPSBEPSFTw EF MB NJTNB GPS à V i`>`Ê Û À>Ê VTBS DBSSVBKFT FM¹DUSJDPT %F JHVBM NB RVF MB TPDJFEBE PNO½WPSB QVFEF WJWJS KVOUP B MPT WFHFUB «Õi`iÊÛ Û ÀÊ Õ Ì Ê>Ê ÃÊ NPEP BGJSNBS½BO RVF UBOUP MB FTDPMUB NPOUBEB EF MB SFJOB JOHMFTB DPNP MB SJBOPT P B MPT WFHBOPT 5BNCJ¹O FT DPSSFDUP Z BÈO Ûi}iÌ>À > ÃÊ Ê>Ê ÃÊ QPMJD½B DBOBEJFOTF QVFEF IBDFS MP NJTNP TPCSF MMBOUBT NPUPSJ[BEBT WBMJPTP RVF QFSTPOBT QSPDFEFO Ûi}> à 2V¹ CVFOP RVF MPT QBSUJEPT QPM½ UFT EF DVBMRVJFS TFDUPS DVMUVSBM UJDPT Z MPT MMBNBEPT NPWJNJFOUPT DJV QVFEBO DPOUSJCVJS DPO TV FT GVFS[P Z USBCBKP FO MB BENJOJTUSBDJÂO QÈCMJDB EBEBOPT BOBSBOKBEPT JODMVZFO FO TVT HPCJFS TJFNQSF Z DVBOEP OP VTFO TV QVFTUP QBSB RVF OPT B QFSTPOBT EF UPEPT MPT TFDUPSFT QFSP MB SFS JNQPOFS B MB FOUFSB DJVEBEBO½B TV QBSUJDV BVUPSJEBE OP EFCF PMWJEBS RVF TV GVODJÂO FT MB MBS QVOUP EF WJTUB FT EFDJS OP QPS FM IFDIP EF EF TFS ²SCJUSP OP MB EF UPNBS QBSUJEP Z RVF VTBS RVF VO WFHFUBSJBOP BMDBODF FM DBSHP EF SFHJEPS FM DBSHP QBSB JNQPOFS MPT QFSTPOBMFT QVOUPT EF TFDSFUBSJP P HPCFSOBEPS WB B VTBS FTB QPTJDJÂO WJTUB DPOTUJUVZF VOB EF MBT N²T U½QJDBT GPSNBT QBSB DMBVTVSBS MPT SBTUSPT DBSOJDFS½BT Z DVBOUP EF MB DPSSVQDJÂO Z EFM BCVTP EF BVUPSJEBE KVT SFTUBVSBOUF TF EFEJRVF B MB WFOUB EF DBSOF 5BN UBNFOUF MP RVF TF CVTDBCB TVQFSBS PQUBOEP QPS QPDP TFS½B EFNPDS²UJDP OJ SB[POBCMF RVF TJ EF OVFWBT PQDJPOFT QPM½UJDBT RVF BM GJOBM IBO SF QSPOUP FM P MB QSFTJEFOUF EF VOB TPDJFEBE QSP TVMUBEP TFS JHVBMFT RVF MBT EFN²T QFSP UPEBW½B UFDUPSB EF BOJNBMFT MPHSB VO QVFTUP QÈCMJDP MP N²T iDSFBUJWBTw

VTF QBSB EFDSFUBS MB MJCFSBDJÂO VOJWFSTBM EF UP BSNBOEP HPO!VOJWB NY EBT MBT BWFT FO DBVUJWFSJP MB TVQSFTJÂO EF MPT

9 ,ÊÊ

"-

>À ÃÊ À }Õi

º,Õ v ]ÊÃ i «Ài» /P DBCF EVEB RVF SFMFFS 1FESP 1²SBNP FT TJFNQSF VOB FYQFSJFODJB NVZ BHSBEBCMF Z FO SJRVFDFEPSB &T NVZ EJG½DJM Z TFS½B JOKVTUP TF ÁBMBS WFSEBEFSBNFOUF RVF BMHÈO BVUPS P MJCSP FT NFKPS RVF PUSP QFSP DPOTJEFSP RVF TJ QVFEF TFS WBMJEP IBDFSMP B U½UVMP QFSTPOBM ZB RVF MB MFDUVSB BEFN²T EF TV WBMPS PCKFUJWP QSPEVDF TJFNQSF VO SFGMFKP NVZ QFSTPOBM FO FM MFD UPS MB PCSB EFM KBMJTDJFOTF FTU² KV[HBEB Z BMB CBEB QPS DS½UJDPT FO UPEP FM NVOEP NJ JOUFS¹T QBSUJDVMBS FT USBUBS EF EFTDSJCJS Z DPNFOUBS DPO VTUFEFT MBT JNQSFTJPOFT RVF NF DBVTB FTUB OVFWB MFDUVSB %FCP EFDJS RVF MB JODVSTJÂO FO FM NVOEP EF 3VMGP NF QSPEVDF TJFNQSF VOB FNPDJÂO OVFWB DBEB WF[ 4JO EVEB FT VOB PCSB EF BSUF OP TPMP QBSB MPT DPOPDFEPSFT TJOP QBSB FM MFDUPS DPNÈO 1BSB DPNFO[BS MB PCSB FT CSFWF EF VOB CSFWFEBE RVF MP FOBMUFDF OP FT VOP EF FTPT MJ CSPT DVZP WBMPS DPOTJTUB FO DJFOUPT EF Q²HJOBT OP DPNP PCSB QFSGFDUB OP UJFOF QVOUPT TPCSBO UFT P EF SFMMFOP ZP EJS½B RVF MB QFSGFDDJÂO DPO RVF FTU² FTDSJUB IJ[P RVF GVFSB VOB PCSB QFS GFDUB FO N²T EF VO TFOUJEP UJFOF BEFN²T FM UB NBÁP RVF EFCF UFOFS FTB QFSGFDDJÂO QPS VOB DVSJPTB NF IJ[P SFDPSEBS QPS BMHVOB BTPDJB DJÂO EF JEFBT RVF IBDF NVDIPT BÁPT RVF FO MB BOUJHVB QMB[B EF UPSPT FM 1SPHSFTP "OUPOJP 0S EPÁF[ IJ[P VOB GBFOB FYUSBPSEJOBSJB FSB FM QSJNFS UPSP EF MB DPSSJEB &OUSF FM QÈCMJDP FT UBCB FM NBUBEPS FO SFUJSP +FTÈT 4PMÂS[BOP RVF BM UFSNJOBS MB GBFOB MF MFWBOUÂ EF TV BTJFOUP Z TF EJSJHJÂ BM UÈOFM EF TBMJEB "MHÈO FTQFDUBEPS

MF QSFHVOUÂ FYUSBÁBEP {DIVDIP ZB UF WBT : $IVDIP MF DPOUFTUÂ iTJ ZB W½ UPSFBSw BRVFMMP FSB BMHP RVF OP QPE½B TVQFSBSTF Z MP NJTNP TV DFEF DPO MB PCSB EF 3VMGP .VDIPT TF IBO QSFHVOUBEP QPS RVF OP EF KP N²T PCSB FTDSJUB QFSP ZP DSFP RVF BEFN²T EF RVF UFO½B PUSPT JOUFSFTFT EPOEF UBNCJ¹O NPTUSÂ TV HFOJP UBMFT DPNP MB GPUPHSBG½B QPS DJUBS VOB " NJ KVJDJP ¹M TBC½B MP RVF IBC½B FT DSJUP Z TBC½B RVF FSB VOB PCSB NBFTUSB -PT RVF TPO HFOJPT TBCFO RVF MP TPO Z OP OFDFTJUBO EF BQPZBEPSFT FYUFSOPT MFT CBTUB DPO WFS TV PCSB 5BM WF[ NJ TPMJUBSJP MFDUPS QJFOTF RVF DPNP TPZ VO FYBHFSBEP FO HFOFSBM FTUPT FYBHFSBO EP BIPSB QFSP DS¹BNF RVF OP UBM WF[ MB QSJNF SB WF[ RVF MFB 1FESP 1²SBNP P FM -MBOP FO MMB NBT TF TPSQSFOEB VO QPDP QFSP MF HBSBOUJ[P RVF EF VOB GPSNB V PUSB MP JNQBDUBS² TF MP BTF HVSP 1FSP MB TFHVOEB Z MBT QPTUFSJPSFT WFDFT RVF EFDJEB MFFSMB RVF TFHVSP MP IBS² DPNFO [BS² B HP[BSMB DBEB WF[ N²T )BDF NVDIPT BÁPT ZB RVF UVWF MB TVFSUF EF MFFSMBT Z EVSBOUF MPT BÁPT TJHVJFOUFT QFSJÂEJDB NFOUF WVFMWP B MB PCSB MFZ¹OEPMB TJO QSJTBT DPNP VOB PCSB QMBDFOUFSB Z FO DBEB PDBTJÂO RVF JOJDJP FM BDPNQBÁBNJFOUP EF MB CÈTRVFEB EF +VBO 1SFDJBEP FOUSP B VO NVOEP OVFWP Z MP NJTNP TVDFEF DVBOEP TF MFFO MBT IJTUPSJBT EFM MMBOP QPSRVF FM VOJWFSTP SVMGJBOP OPT USBTMBEB &TUF NFT DPONFNPSBNPT TV QBSUJEB Z TJFNQSF FT VO CVFO E½B QBSB WJWJS TV PCSB

!DBSMPTNPSTB