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',*,72B%RRN LQGE

"TTJOP MPHP FYJTUP

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',*,72B%RRN LQGE

1PMÓUJDBT EP 4BNQMFS

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',*,72B%RRN LQGE

"TTJOP MPHP FYJTUP

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',*,72B%RRN LQGE

1PMÓUJDBT EP 4BNQMFS

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',*,72B%RRN LQGE

"TTJOP MPHP FYJTUP

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',*,72B%RRN LQGE

1PMÓUJDBT EP 4BNQMFS

0QFSBÎÍP 1JSBUB QPS )FSOBOJ %JNBOUBT

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',*,72B%RRN LQGE

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',*,72B%RRN LQGE

0QFSBÎÍP 1JSBUB

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',*,72B%RRN LQGE

1PMÓUJDBT EP 4BNQMFS

FN SFMBÎÍP BP USBCBMIP DPOGPSNF FYQMJDB .BY 8FCFS FN TFV DMÈTTJDP " ÏUJDB QSPUFʽBOUF F P FʼÓSJUP EP DBQJUB MJTNP <y> $POUVEP B ÏUJDB EPT IBDLFST Ï BDJNB EF UVEP VN EFTBmP QBSB OPTTB TPDJFEBEF F QBSB OPTTB FYJʽÐODJB "MÏN EB ÏUJDB EP USBCBMIP P TFHVOEP BʼFʹP Ï B ÏUJDB EP EJOIFJSP VN BʼFʹP EFmOJEP QPS 8FCFS DPNP PVUSP DPNQPOFOUF EB ÏUJDB QSPUFʽBOUF ² DFSUP RVF P DPNQBS UJMIBNFOUP EBT JOGPSNBÎÜFT NFODJPOBEP OB EFmOJÎÍP EB ÏUJDB EPT IBDLFST OÍP Ï B GPSNB QSFEPNJOBOUF QFMB RVBM TF GB[ EJOIFJSP "P DPOUSÈSJP BT QFTTPBT HBOIBN EJOIFJSP OB NBJPS QBSUF EPT DBTPT RVBOEP EFUÐN B JOGPSNBÎÍP w $POUJOVBOEP OFTTB MJOIB EF SBDJPDÓOJP )JNBOFO EFmOF P NVOEP IBDLFS F TVBT NPUJWBÎÜFT QFMP EFTFKP EF DPOʽSVJS BMHP QBSB B DPNVOJEBEF "MHP RVF TFKB WBMPSPTP " SFQVUBÎÍP BQBSFDF BRVJ DPNP VNB GPSNB EF iSFNVOFSBÎÍPw .BT OJOHVÏN WJWF EF SF QVUBÎÍP 0T IBDLFST TVSHJSBN OP BNCJFOUF VOJWFSTJUÈSJP $PN BT DPOUBT CBMBODFBEBT Ï GÈDJM NVJUP GÈDJM SPNQFS DPN BT FʽSVUVSBT JNQPʽBT QFMP DBQJUBMJTNP 4UBMMNBO QPEJB QSJPSJ[BS P EFTFOWPMWJNFOUP EF VN ESJWFS QBSB B JNQSFTTPSB & RVFCSBS DPN PT NPEFMPT EB JOEÞT USJB EF TPGUXBSF /P #SBTJM FMF NPSSFSJB EF GPNF " PSJHJOBMJEBEF EBT DPOWFSTBÎÜFT RVF BDPOUFDFN OP CBJYP IF NJTGÏSJP EFWFN TFS BOBMJTBEBT EF PVUSP WJÏT 4FS IBDLFS Ï VNB GPSNB EF TPCSFWJWÐODJB &TTB BOÈMJTF TF EFTDPMB EB DJCFSDVMUVSB F FOUSB OBT SFMBÎÜFT RVF BDPOUFDFN OB TPDJFEBEF CSBTJMFJSB " DPMBCPSBÎÍP Ï VNB FʽSBUÏHJB EF TPCSFWJWÐODJB OBT QFSJGFSJBT /ÍP WPV NF BMPOHBS OBT QFSWFSTJEBEFT EBT DMBTTFT EPNJOBOUFT WPV GPDBS OB GPSNB DPNP PT CSBTJMFJSPT EFTDPCSFN P BUBMIP QBSB P GVUVSP ² MØHJDP RVF P EFCBUF OB TPDJFEBEF WJSUVBM FʽÈ PTNPUJDBNFOUF JOWBEJOEP B TPDJFEBEF FʽBCFMFDJEB "MHVOT QSJODÓQJPT EP TFS IVNB OP FʽÍP TFOEP USBOTGPSNBEPT 0 OPWP CPN TFOTP BDFJUB B SFWPMV ÎÍP EJHJUBM DPNP QSPQVMTPSB EF VNB OPWB PSEFN "DFJUB B BOBSRVJB

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',*,72B%RRN LQGE

0QFSBÎÍP 1JSBUB

DPNP VNB GPSNB WJÈWFM EF CBMBOÎP FOUSF PT QPEFSFT "DFJUB RVF P DPOIFDJNFOUP EFWF TFS MJWSF F P EJSFJUP EF BT QFTTPBT DPNVOT EJWJEJSFN FTTF DPOIFDJNFOUP "TTJN FNQSFTBT F P HPWFSOP TF UPSOBN NVJUP NBJT GSÈHFJT GSFOUF B FTTB SFBMJEBEF $POʽSVÓSBN VN WFSEBEFJSP NVSP EF #FSMJN RVF EJWJEF B TPDJFEBEF FN DBʽBT EPT PQSFTTPSFT F EPT PQSJNJEPT EPT QPEFSPTPT F EPT GSBDPT EPT QSPEVUPSFT F EPT DPOTVNJEPSFT EP CFN F EP NBM /ÍP BDSFEJUP OVNB TPDJFEBEF UÍP NBOJRVFÓʽB "TTJN B NVMUJEÍP IJQFSDPOFD UBEB WFN QSPNPWFS B SVQUVSB EB ÏUJDB QSPUFʽBOUF RVF BKVEPV B FWPMVÎÍP EB TPDJFEBEF JOEVʽSJBM 1PJT OB FSB EP DPOIFDJNFOUP FTTFT WBMPSFT EFWFN TFS TPCSFQVKBEPT QPS VNB PVUSB ÏUJDB " QSP QPʽB EB TPDJFEBEF EB JOGPSNBÎÍP Ï B ÏUJDB IBDLFS RVF FʽÈ TFOEP BEPUBEB QFMP NPWJNFOUP EP TPGUXBSF MJWSF 1BSB FOUFOEFS FTTB SVQUVSB EPT QBSBEJHNBT UFNPT RVF QFOTBS F QBSUJDJQBS 6N OPWP TJʽFNB FʽÈ OBTDFOEP &TRVFÎB P WFMIP DP NBOEP F DPOUSPMF &ʽÈ TVSHJOEP VNB DPOTDJÐODJB JOFRVÓWPDB EF RVF B DPOʽSVÎÍP EF CBJYP QBSB DJNB UFN NVJUP QBSB PGFSFDFS QBSB P EFTFOWPMWJNFOUP EP QSPDFTTP DPMFUJWP 6NB TPDJFEBEF RVF TP CSFWJWF F TF SFDSJB OB TVB QSØQSJB EJWFSTJEBEF & BTTJN UVEP NVEB $SJBOÎBT BQSFOEFN B DPMBCPSBS B EFTFO WPMWFS QSPKFUPT PO MJOF F B FʼFMIBS PT TPOIPT OP BNCJFOUF XFC 0 NVOEP WJSUVBM OÍP Ï EJGFSFOUF EP OPTTP CPN F RVFSJEP NVOEP SFBM " JOUFSOFU FʽÈ FOTJOBOEP PT VTVÈSJPT B TF JOUFS SFMBDJPOBSFN OFTTF FʼBÎP WJSUVBM /ÍP FYJʽF TFHSFEP BQFOBT CPB WPOUBEF F PCʽJOBÎÍP $SJBS QBSB B TPDJFEBEF 'B[FS BDPOUFDFS JOEFQFOEFOUFNFOUF EP SFUPSOP mOBODFJSP B DVSUP QSB[P ² FTTB B HSBOEF OPWJEBEF " NF UPEPMPHJB EF USBCBMIP Ï TJNQMFT F WJSUVBM 2VBMRVFS QFTTPB DPN VN DPNQVUBEPS DPOFʹBEP OB SFEF F DPN VN QPVDP EF DPOIFDJNFOUP UFN B QPTTJCJMJEBEF EF QBSUJDJQBS WPMVOUBSJBNFOUF EF BMHVOT QSPKF UPT JNQPSUBOUFT "TTJN P OPWP NVOEP FʽÈ QSPOUP QBSB P VTVÈSJP TJD mOBM & TFN EÞWJEB Ï B NFMIPS PQÎÍP "HFODJBNFOUP DPMFUJWP (JTFMF #FJHVFMNBO TVHFSF RVF B JOUFSGBDF OÍP Ï BQFOBT VNB NFNCSBOB RVF TFQBSB P FʼBÎP EP DJCFSFʼBÎP " JOUFSGBDF Ï VNB

',*,72B%RRN LQGE

1PMÓUJDBT EP 4BNQMFS

FʼVNB RVF BHSFHB B SFMBÎÍP OVN FʼBÎP JOGPSNBDJPOBM -FW .BOPWJDI GB[ FTTB EJʽJOÎÍP EB JOUFSGBDF TPC VNB ØUJDB DVMUVSBM .BOPWJDI UBNCÏN OÍP DPOTJEFSB B JOUFSGBDF VNB NFNCSBOB "MHP FOUSF VNB DPJTB F B PVUSB *OUFSGBDF Ï FYQMJDBEB OP ÉNCJUP EB DVMUVSB "TTJN QBSB FYQMJDBS FTTF NPNFOUP EF GFSWVSB UFNPT RVF UFOUBS GB[FS VNB QBVTB QBSB EFSJWBS F FYUSBQPMBS B DVSWB EF NVUBÎÜFT RVF FʽBNPT QSFTFODJBOEP .BOPWJDI VUJMJ[B P UFSNP JOUFSGBDF DVMUVSBM QBSB EFTDSFWFS BT NBOFJSBT RVF PT VTVÈSJPT JOUF SBHFN DPN P DPNQVUBEPS F TFHVF i$PNP B EJʽSJCVJÎÍP EF UPEBT BT GPSNBT EF DVMUVSB TF UPSOB CBTFBEB OPT DPNQVUBEPSFT OØT FʽBNPT BVNFO UBOEP B SFMBÎÍP DPN PT EBEPT QSFEPNJOBOUFT EB JOUFSGBDF DVMUVSBM UFYUPT GPUPHSBmBT mMNFT NÞTJDBT BNCJFOUFT WJSUVBJT &N SFTVNP OÍP FʽBNPT NBJT OPT SFMBDJPOBOEP DPN PT DPNQVUBEPSFT NBT DPN B DVMUVSB DPEJmDBEB FN GPSNB EJHJUBM w &TTB BmSNBÎÍP UFN UVEP B WFS DPN B JEÏJB EP BHFODJBNFOUP DPMFUJWP EB FOVODJBÎÍP %FMFV[F F (VBUUBSJ EJ[FN i"UÏ NFTNP B UFDOPMPHJB FSSB BP DPOTJEFSBS BT GFSSB NFOUBT OFMBT NFTNBT FʽBT TØ FYJʽFN FN SFMBÎÍP ËT NJT UVSBT RVF UPSOBN QPTTÓWFJT PV RVF BT UPSOBN QPTTÓWFJT 0 FʽSJCP FOHFOESB VNB OPWB TJNCJPTF IPNFN DBWBMP RVF FOHFOESB BP NFTNP UFNQP OPWBT BSNBT F OPWPT JOʽSV NFOUPT "T GFSSBNFOUBT OÍP TÍP TFQBSÈWFJT EBT TJNCJPTFT F BNÈMHBNBT RVF EFmOFN VN BHFODJBNFOUP NBRVÓOJDP OB UVSF[B TPDJFEBEF 1SFTTVQÜFN VNB NÈRVJOB TPDJBM RVF BT TFMFDJPOF F BT UPNF FN TFV QIZMVN VNB TPDJFEBEF TF EFm OF QPS TFVT BNÈMHBNBT & EB NFTNB GPSNB FN TFV BʼFD UP DPMFUJWP PV TFNJØUJDP P BHFODJBNFOUP OÍP SFNFUF B VNB

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',*,72B%RRN LQGE

0QFSBÎÍP 1JSBUB

QSPEVUJWJEBEF EF MJOHVBHFN NBT B SFHJNFT EF TJHOPT B VNB NÈRVJOB EF FYQSFTTÍP DVKBT WBSJÈWFJT EFUFSNJOBN P VTP EPT FMFNFOUPT EB MÓOHVB &TTFT FMFNFOUPT BTTJN DPNP BT GFSSBNFOUBT OÍP WBMFN QPS FMFT NFTNPT )È P QSJNBEP EF VN BHFODJBNFOUP NBRVÓOJDP EPT DPSQPT TPCSF BT GFSSBNFOUBT F TPCSF PT CFOT QSJNBEP EF VN BHFODJBNFOUP DPMFUJWP EB FOVODJBÎÍP TPCSF B MÓOHVB F TPCSF BT QBMBWSBT & B BSUJDVMBÎÍP EPT EPJT BʼFʹPT EP BHFODJBNFOUP TF GB[ QFMPT NPWJNFOUPT EF EFʽFSSJUPSJB MJ[BÎÍP RVF RVBOUJmDBN TVBT GPSNBT ² QPS JTTP RVF VN DBNQP TPDJBM TF EFmOF NFOPT QPS TFVT DPOnJUPT F TVBT DPOUSBEJÎÜFT EP RVF QFMBT MJOIBT EF GVHB RVF P BUSBWFT TBN 6N BHFODJBNFOUP OÍP DPNQPSUB OFN JOGSB FʽSVUV SB F TVQFSFʽSVUVSB OFN FʽSVUVSB QSPGVOEB F FʽSVUVSB TVQFSmDJBM NBT OJWFMB UPEBT BT TVBT EJNFOTÜFT FN VN NFTNP QMBOP EF DPOTJʽÐODJB FN RVF BUVBN BT QSFTTVQP TJÎÜFT SFDÓQSPDBT F BT JOTFSÎÜFT NÞUVBT w %FTTB NBOFJSB DSFJP RVF B JOUFSOFU PV NFMIPS P FʼBÎP JO GPSNBDJPOBM EFSJWBEP OÍP QPEF TFS FOTJNFTNBEP OB UFDOPMPHJB " UFDOPMPHJB BQPOUB QBSB P JODSFNFOUP EP FʽBEP EF SFMBÎÜFT FOUSF BT QFTTPBT " SFEF TØ FYJʽF QPS DBVTB EBT SFMBÎÜFT & OÍP P DPOUSÈ SJP %BWJE 8FJOCFHFS EJ[ i#FN BRVJ UFNPT EPJT NVOEPT /P NVOEP SFBM BT QFT TPBT TÍP TFQBSBEBT QFMB EJʽÉODJB 1PS DBVTB EB WBʽJEÍP EB UFSSB EJGFSFOUFT DVMUVSBT TF EFTFOWPMWFSBN 1FTTPBT WJ WFN FN QBÓTFT TFQBSBEPT EJWJEJEPT QPS GSPOUFJSBT F ËT WF [FT QPS NVSPT DPN TPMEBEPT F BSNBT /B XFC BT QFTTPBT DBNJOIBN KVOUBT TF DPOFʹBN QPJT FʽÍP JOUFSFTTB EBT OBT NFTNBT DPJTBT &MFT TF QSFPDVQBN DPN BT NFTNBT DPJTBT 0 NVOEP SFBM Ï TPCSF DPNP BT EJʽÉODJBT BQBSUBN BT QFTTPBT " XFC Ï TPCSF DPNP P DPNQBSUJMIBNFOUP EPT %&-&6;& ( (6"55"3* ' .JM 1MBUÙT 1PTUVMBEPT EF MJOHàÓTUJDB Q

',*,72B%RRN LQGE

1PMÓUJDBT EP 4BNQMFS

JOUFSFTTFT KVOUBN BT QFTTPBT "HPSB TF B DPOFYÍP F B QSFPDVQBÎÍP OPT GB[FN IVNBOPT FOUÍP B XFC DPOT USVÓEB QFMPT IZQFSMJOLT F FOFSHJ[BEB QFMP JOUFSFTTF F QFMB QBJYÍP EBT QFTTPBT Ï VN MVHBS POEF QPEFNPT TFS NF MIPSFT QFTTPBT & Ï QBSB JTTP RVF TFSWF B XFC w i-JOLBOEPw FTTB DPOʽSVÎÍP EF VN iNVOEP NFOUBMw OVN EBEP FʼBÎP JOGPSNBDJPOBM QFSDFCFNPT B XFC DPNP VN FʼBÎP EF BHFODJBNFOUP DPMFUJWP 5POJ /FHSJ F .JDIFM )BSEU OVNB JEÏJB RVF WBJ EF FODPOUSP Ë TPDJFEBEF EP DPOUSPMF BmOBM FTTF Ï P BHFO DJBNFOUP EP DBQJUBMJTNP EJ[FN i/ØT EFWFNPT DPNQSFFOEFS B TPDJFEBEF EP DPOUSPMF OP DPOUSBʽF DPNP TF FTTB TPDJFEBEF RVF TF EFTFOWPMWF OB QFSJGFSJB EB NPEFSOJEBEF F TF BCSF QBSB P QØT NPEFSOP

POEF PT NFDBOJTNPT EP DPNBOEP TF UPSOBN TFNQSF NBJT AEFNPDSÈUJDPT F NBJT JNBOFOUFT OP DBNQP TPDJBM EJʽSJCV ÓEP BUSBWÏT EPT DÏSFCSPT F EPT DPSQPT EPT DJEBEÍPT w " JNBOÐODJB BQBSFDF DPNP VNB GPSÎB FOHBKBEB &N .BSLFUJOH IBDLFS B SFWPMVÎÍP EPT NFSDBEPT BQSFTFOUBNPT B OFDFTTJEBEF EF iFTDPWBS NFSDBEPTw DPNP VN QSFTTVQPʽP IBDLFS QBSB PDVQBÎÍP F BQSPQSJBÎÍP EPT FʼBÎPT JOGPSNBDJPOBJT EFEJDBEPT &OUFOEB FTTFT FʼBÎPT DPNP PT MPDBJT POEF BT QFTTPBT TF SFÞOFN OP DJCFSFʼB ÎP 4ÍP PT NJDSPNFSDBEPT BT DPNVOJEBEFT WJSUVBJT CMPHT MJʽBT EF EFCBUFT TPGUXBSFT TPDJBJT F PVUSBT GPSNBT EF BÎÍP 0 i.BOJGFʽP $MVFUSBJOw BQSFTFOUB B UFTF EF RVF iPT NFSDBEPT TÍP DPOWFSTBÎÜFTw i6NB QPEFSPTB DPOWFSTBÎÍP HMPCBM DPNFÎPV "USBWÏT EB JOUFSOFU QFTTPBT FʽÍP EFTDPCSJOEP F JOWFOUBOEP OPWBT NBOFJSBT EF DPN QBSUJMIBS SBQJEBNFOUF DPOIFDJNFOUP SFMFWBOUF $PNP VN SFTVMUBEP EJSFUP NFSDBEPT FʽÍP mDBOEP NBJT FʼFSUPT F NBJT FʼFSUPT RVF B NBJPSJB EBT FNQSFTBTw 8&*/#&3(&3 %BWJE 4NBMM 1JFDFT -PPTFMZ +PJOFE B VOJGJFE UIFPSZ PG UIF XFC

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',*,72B%RRN LQGE

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%FMFV[F FOUÍP EJ[ RVF OB TPDJFEBEF EF DPOUSPMF B GPSNB EF DPO USPMBS PT IPNFOT Ï P GBTDÓOJP EP NBSLFUJOH OP TFOUJEP EF RVF TPNPT BVUÙNBUPT GBTDJOBEPT QFMBT NBSDBT QFMPT QSPEVUPT QFMBT FʽSFMBT EB UWy (JMCFSUP 'FMJTCFSUP 7BTDPODFMPT DIBNB P NPNFOUP BUVBM EF AJNQFSJBMJTNP WJEFPmOBODFJSP 'FSOBOEP 4PMBOBT EF AIPNPHFOFJ[B ÎÍP EP JNBHJOÈSJP %FMFV[F DIBNBSÈ EF ADPOTFOTP EPT VOJWFSTBJT EF DPNVOJDBÎÍP B DPNVOJDBÎÍP TF GB[ QBTTBS QPS EJTDJQMJOB DSJBEPSB EF DPODFJUPT F UFOUB FʽBCFMFDFS P DPOTFOTP DPN P PMIP QSPmTTJPOBM B NFSDBEPSJB F B PQJOJÍP EP KPSOBMJʽB P QMBOP NÏEJP F B NFEJPDSJ[B ÎÍP EP DJOFNB F P HPMQF DFOUSBM EP QPEFS DPOUSPMBEPS Ï P DMJDIÐ iQPS VN MBEP B JNBHFN FʽÈ TFNQSF DBJOEP OB DPOEJÎÍP EF DMJDIÐ QPSRVF TF JOTFSF FN FODBEFBNFOUPT TFOTØSJP NPUP SFT QPSRVF FMB QSØQSJB PSHBOJ[B PV JOEV[ TFVT FODBEFBNFO UPT QPSRVF OVODB QFSDFCFNPT UVEP P RVF IÈ OB JNBHFN QPS RVF FMB Ï GFJUB QBSB JTTP QBSB RVF OÍP QFSDFCBNPT UVEP QBSB RVF P DMJDIÐ OPT FODVCSB B JNBHFNy DJWJMJ[BÎÍP EB JNBHFN OB WFSEBEF VNB DJWJMJ[BÎÍP EP DMJDIÐ OB RVBM UP EPT PT QPEFSFT UÐN JOUFSFTTF FN OPT FODPCSJS BT JNBHFOT GPSÎPTBNFOUF FN OPT FODPCSJS B NFTNB DPJTB NBT FN FO DPCSJS BMHVNB DPJTB OBT JNBHFOT w JNBHFN UFNQP DJOFNB Q iFOmN P GVOEP EP QPÎP EB WFSHPOIB GPJ BUJOHJEP RVBOEP B JOGPSNÈUJDB P NBSLFUJOH P EFTJHO B QVCMJDJEBEF UPEBT BT EJTDJQMJOBT EB DPNVOJDBÎÍP BQPEFSBSBN TF EB QSØQSJB QB MBWSB DPODFJUP F EJTTFSBN Ï OPTTP OFHØDJP TPNPT OØT PT DSJB UJWPT OØT TPNPT PT DPODFJUVBEPSFT 4PNPT OØT PT BNJHPT EP DPODFJUP OØT PT DPMPDBNPT OPT DPNQVUBEPSFT *OGPSNBÎÍP F DSJBUJWJEBEF DPODFJUP F FNQSFTB VNB BCVOEBOUF CJCMJP HSBmB KÈy P NBSLFUJOH SFUFWF B JEÏJB EF VNB DFSUB SFMBÎÍP FOUSF P DPODFJUP F P BDPOUFDJNFOUP NBT FJT RVF P DPODFJUP TF UPSOPV P DPOKVOUP EBT BQSFTFOUBÎÜFT EF VN QSPEVUP IJʽØ SJDP DJFOUÓmDP BSUÓʽJDP TFYVBM QSBHNÈUJDPy F P BDPOUFDJ NFOUP B FYQPTJÎÍP RVF QÜF FN DFOB BQSFTFOUBÎÜFT EJWFSTBT F B USPDB EF JEÏJBT Ë RVBM TVQPʽBNFOUF EÈ MVHBS PT ÞOJDPT BDPOUFDJNFOUPT TÍP BT FYQPTJÎÜFT F PT ÞOJDPT DPODFJUPT QSP

',*,72B%RRN LQGE

OÍP Ï QPTTÓWFM TPDJFEBEF EF DPOUSPMF F EFMFV[F

EVUPT RVF TF QPEF WFOEFS P NPWJNFOUP HFSBM RVF TVCʽJUVJV B DSÓUJDB QFMB QSPNPÎÍP DPNFSDJBM OÍP EFJYPV EF BGFUBS B m MPTPmB P TJNVMBDSP B TJNVMBÎÍP EF VN QBDPUF EF NBDBSSÍP UPSOPV TF P WFSEBEFJSP DPODFJUP F P BQSFTFOUBEPS FYQPTJUPS EP QSPEVUP NFSDBEPSJB PV PCSB EF BSUF UPSOPV TF P mMØTPGP P QFSTPOBHFN DPODFJUVBM PV P BSUJʽB DPNP B mMPTPmB FTTB WFMIB TFOIPSB QPEFSJB BMJOIBS TF DPN PT KPWFOT FYFDVUJWPT OVNB DPSSJEB BPT VOJWFSTBJT EB DPNVOJDBÎÍP QBSB EFUFS NJOBS VNB GPSNB NFSDBOUJM EP DPODFJUP DFSUBNFOUF Ï EPMPSPTP EFTDPCSJS RVF ADPODFJUP EFTJHOB VNB TPDJFEBEF EF TFSWJÎPT F EF FOHFOIBSJB JOGPSNÈUJDB QPSÏN RVBOUP NBJT B mMPTPmB USPQFÎB FN SJWBJT JNQSVEFOUFT F TJNQMØSJPT NBJT FMB PT FODPOUSB FN TFV QSØQSJP TFJP QPJT FMB TF TFOUF QSFQB SBEB QBSB SFBMJ[BS B UBSFGB DSJBS DPODFJUPT RVF TÍP BOUFT NFUFPSJUPT RVF NFSDBEPSJBT FMB UFN BUBRVFT EF SJTP RVF B MFWBN ËT MÈHSJNBT BTTJN QPJT B RVFʽÍP EB mMPTPmB Ï P QPOUP TJOHVMBS POEF P DPODFJUP F B DSJBÎÍP TF SFNFUFN VN BP PVUSP w P RVF Ï B mMPTPmB Q US CS iUBMWF[ PT KPSOBMJʽBT UFOIBN VNB QBSUF EF SFʼPOTBCJMJEBEF OFTTB DSJTF EB MJUFSBUVSB Ï ØCWJP RVF PT KPSOBMJʽBT GSFRàFOUF NFOUF FTDSFWFSBN MJWSPT NBT RVBOEP FTDSFWJBN MJWSPT FO USBWBN OVNB PVUSB GPSNB RVF OÍP B EP KPSOBM EF JNQSFOTB UPSOBWBN TF FTDSJUPSFT B TJUVBÎÍP NVEPV QPSRVF P KPSOBMJʽB BERVJSJV B DPOWJDÎÍP EF RVF B GPSNB MJWSP MIF QFSUFODF EF QMFOP EJSFJUP RVF FMF OÍP UFN OFOIVN USBCBMIP FʼFDJBM B GB[FS QBSB DIFHBS B FTTB GPSNB GPJ JNFEJBUBNFOUF F FORVBO UP DPSQPSBÎÍP RVF PT KPSOBMJʽBT DPORVJʽBSBN B MJUFSBUVSB y P MJWSP UPSOPV TF FMF NFTNP SFMBUØSJP DPOTFRàFOUFNFOUF DBEB VN QBSFDF F QBSFDF B TJ NFTNP QSFOIF EF VN MJWSP CBʽB RVF UFOIB VNB QSPmTTÍP PV TJNQMFTNFOUF VNB GBNÓMJB VN QBJ EPFOUF VN DIFGF BCVTJWP FTRVFDF TF RVF B MJUFSBUVSB JNQMJDB QBSB UPEP NVOEP VNB CVTDB F VN FTGPSÎP FʼFDJBJT VNB JOUFOÎÍP DSJBEPSB FʼFDÓmDB RVF TØ QPEF TFS GFJUB OB QSØQSJB MJUFSBUVSB TFOEP RVF FMB OÍP FʽÈ EF NPEP BMHVN FODBSSFHBEB EF SFDFCFS PT SFTÓEVPT EJSFUPT EF BUJWJEBEFT F EF

',*,72B%RRN LQGE

*NBHFN "ÎÍP

JOUFOÎÜFT NVJUP EJGFSFOUFT Ï VNB ATFDVOEBSJ[BÎÍP EP MJWSP RVF UPNB P BʼFʹP EF VNB QSPNPÎÍP QFMP NFSDBEP w DPO WFSTBÎÜFT Q US CS P DPOUSPMF OBTDF EPT HPMQFT DFOUSBJT EBT FNQSFTBT EF DPNVOJ DBÎÍP B SFDPSSÐODJB EPT DMJDIÐT B UFMFWJTÍP F B QVCMJDJEBEF B GB[FS RVBMRVFS DJOFNB F PT DPOUSPMFT JOUFSQSFUBUJWPT WJNPT RVF B EPNFT UJDBÎÍP QFMP DPOTFOTP BHF QPS DSJBÎÍP EF VOJWFSTBJT EF DPNVOJDBÎÍP ANBJT CSBODP ANBJT DPNQBʹP y OVN NVOEP NFTB EF JOGPSNBÎÍP SFQFUJS P QBSBEPYP EFTFOWPMWJNFOUP UFDOPMØHJDP EBT NÈRVJOBT EF JOGPSNBÎÍP QBESPOJ[BÎÍP EB GPSNB EF USBOTNJTTÍP QBSBEPYBM QPS FYFNQMP OP DBTP EB UW EFTFOWPMWJNFOUP UFDOPMØHJDP GB[ DIFHBS B UPEPT BT FNJTTPSBT NBT OÍP IÈ FYQMPSBÎÍP EP QPUFODJBM FʽÏUJDP TFKB SFUSBOTNJUJOEP TFKB DSJBOEP QPEFNPT EJ[FS FOUÍP RVF BT NÓEJBT DPO USPMBN B UPEPT OÍP QSPCMFNBUJ[BOEP BT JOGPSNBÎÜFT RVF WFJDVMBN GBMUBWB OPT DSJBÎÍP RVF TFKB VN WB[JP OFTTF TJʽFNB KÈ RVF OÍP TPNPT DJOFBʽBT Ë NBOFJSB EF (PEBSE %PT 4USBVC EF (MBVCFS 3PDIB PV EF 4ZCFSCFSHy BQFOBT FYJCJNPT mMNFT DIFHPV B IPSB FOUÍP EF GBMBS EP OÍP Ï QPTTÓWFM OB VOJWFSTJEBEF FʽB EVBM EF DBNQJOBT KÈ FYJʽFN QSPKFUPT DPN VTP EJGFSFODJBEP EF NÓEJBT DJOFDMVCF F SÈEJP PT SFDVSTPT UFDOPMØHJDPT WÐN EBÓ NBT USBOTGPS NPV TF P VTP EBT NÈRVJOBT DPNFÎBNPT QPS FYJCJS BP BS MJWSF mMNFT DPN BQSFTFOUBÎÍP EF CBOEBT F PV EKT BÓ DPN VNB DFSUB EPTF EF FYQFSJNFOUBMJTNP DPNFÎBNPT B NVTJDBS mMNFT EJGFSFOUFNFOUF EF DSJBS VNB NÞTJDB QBSB VN mMNF PV BSSBOKBS mMNF QBSB B NÞTJDB RVF TF UFN m[FNPT FYQFSJNFOUBMJTNPT SFVOJOEP SFQFSUØSJPT JNBHFOT F TPOT RVF TF FOUSFDSV[BWBN EPJT FYFNQMPT VNB WF[ FEJUBNPT HPMT EF 1FMÏ F FYJCJNPT (BSSJODIB BMFHSJB EP QPWP EF +PBRVJN 1FESP EF "O ESBEF DPN EJTDPUFDBHFN EF TBNCB NVJUPT DPN GVUFCPM DPNP UFNB PVUSB WF[ GPJ P NPNFOUP EF EJTDPUFDBS KB[[ FN EFTFOIPT EB QBOUFSB DPS EF SPTB F DPNP TF BP GB[FS VNB FYJCJÎÍP FʽJWÏTTFNPT RVFCSBOEP UPEP P HFʽVBM DMÈTTJDP EF WFS mMNFT F FTDVUBS NÞTJDB QBSB JOʽBMBS VN FʼBÎP iQSPCMFNÈUJDPw OP TFV MVHBS QFHBNPT B JNBHFN RVF HF SBMNFOUF UFN OP TPN VN SFGPSÎP OP TFOUJEP RVF FMB KÈ DPOUJOIB F BDSFTDFOUBNPT TPOPSJEBEFT GB[ÓBNPT UPTDBNFOUF VNB JNBHFN BV EJPWJTVBM ÈVEJP F WJTÍP TFQBSBEPT NBT DPSSFOEP VN BUSÈT EP PVUSP

',*,72B%RRN LQGE

OÍP Ï QPTTÓWFM TPDJFEBEF EF DPOUSPMF F EFMFV[F

iBRVFMFT RVF OÍP MFSBN CFN PV OÍP DPNQSFFOEFSBN .D-VIBO QPEFN QFOTBS RVF Ï EB OBUVSF[B EBT DPJTBT RVF P BVEJPWJTVBM TVCʽJUVB P MJWSP KÈ RVF FMF NFTNP DPNQPSUB UBOUBT QPUFODJBMJEBEFT DSJBEPSFT RVBOUP B MJUFSBUVSB EFGVO UB PV PVUSPT NPEPT EF FYQSFTTÍP JʽP OÍP Ï WFSEBEF DPN FGFJUP TF P BVEJPWJTVBM DIFHBS B TVCʽJUVJS P MJWSP OÍP TFSÈ FORVBOUP NFJP EF FYQSFTTÍP DPODPSSFOUF NBT FORVBOUP NPOPQØMJP FYFSDJEPT QPS GPSNBÎÜFT RVF TVGPDBN UBNCÏN BT QPUFODJBMJEBEFT DSJBEPSBT EP QSØQSJP BVEJPWJTVBM y B BMUFSOBUJWB OÍP Ï FOUSF B MJUFSBUVSB FTDSJUB F P BVEJPWJTVBM Ï FOUSF BT QPUÐODJBT DSJBEPSBT OP BVEJPWJTVBM BTTJN DPNP OB MJUFSBUVSB F PT QPEFSFT EF EPNFʽJDBÎÍP w DPOWFSTBÎÜFT Q US CS iEF NPEP RVF P QSPCMFNB OÍP Ï NBJT GB[FS DPN RVF BT QFT TPBT TF FYQSJNBN NBT BSSBOKBS MIFT WBDÞPMPT EF TPMJEÍP F EF TJMÐODJP B QBSUJS EPT RVBJT FMBT UFSJBN FOmN BMHP B EJ[FSw DPOWFSTBÎÜFT Q US CS iGBDF ËT GPSNBT QSØYJNBT EF VN DPOUSPMF JODFTTBOUF FN NFJP BCFSUP Ï QPTTÓWFM RVF PT DPOmOBNFOUPT NBJT EVSPT OPT QB SFÎBN QFSUFODFS B VN QBTTBEP EFMJDJPTP F CFOFWPMFOUF BT QFTRVJTBT TPCSF PT AVOJWFSTBJT EB DPNVOJDBÎÍP UFN SB[ÜFT EF TPCSB QBSB OPT EBS BSSFQJPT Ï WFSEBEF RVF NFTNP BOUFT EBT TPDJFEBEFT EF DPOUSPMF UFSFN FGFUJWBNFOUF TF PSHBOJ[B EP BT GPSNBT EF EFMJORàÐODJB F EF SFTJʽÐODJB EPJT DBTPT EJʽJOUPT UBNCÏN BQBSFDFSBN QPS FYFNQMP B QJSBUBSJB PV PT WÓSVT EF DPNQVUBEPS RVF TVCʽJUVJSÍP BT HSFWFT F P RVF OP TÏDVMP 9*9 TF DIBNBWB EF ATBCPUBHFN P UBNBODP TBCPU FNQFSSBOEP B NÈRVJOB WPDÐ NF QFSHVOUB TF BT TPDJFEB EFT EF DPOUSPMF PV EF DPNVOJDBÎÍP OÍP TVTDJUBSÍP GPSNBT EF SFTJʽÐODJB DBQB[FT EF EBS OPWBT PQPSUVOJEBEFT B VN DPNVOJTNP DPODFCJEP DPNP APSHBOJ[BÎÍP EF JOEJWÓEVPT MJ WSFT OÍP TFJ UBMWF[ NBT JTTP OÍP EFQFOEFSJB EF BT NJOPSJBT SFUPNBSFN B QBMBWSB UBMWF[ B GBMB B DPNVOJDBÎÍP FʽFKBN BQPESFDJEBT FʽÍP JOUFJSBNFOUF QFOFUSBEBT QFMP EJOIFJSP OÍP QPS BDJEFOUF NBT QPS OBUVSF[B Ï QSFDJTP VN EFTWJP EF

',*,72B%RRN LQGE

*NBHFN "ÎÍP

GBMB DSJBS TFNQSF GPJ DPJTB EJʽJOUB EF DPNVOJDBS P JNQPS UBOUF UBMWF[ WFOIB B TFS DSJBS WBDÞPMPT EF OÍP DPNVOJDBÎÍP JOUFSSVQUPSFT QBSB FTDBQBS BP DPOUSPMF w DPOWFSTBÎÜFT Q US CS B TJUVBÎÍP QBSBEPYBM OÍP Ï VNB DPOUSBEJÎÍP PQPTJÎÍP NBT NBO EB EPJT TFOUJEPT BP NFTNP UFNQP QBS EF JOGPSNBÎÜFT F Ï B OBUVSF [B EP QSPCMFNÈUJDP DBSSFHBS NBJT RVF VNB JOGPSNBÎÍP F BÓ OÍP TF USBUB EF FOUSF WÈSJBT JOGPSNBÎÜFT FTDPMIFS B NFMIPS PV B NBJT WFS EBEFJSB NBT B UBSFGB Ï JNQMJDBS BT JOGPSNBÎÜFT F UJSBS EFMBT SFMBÎÜFT GVHBT SFWFSCFSBÎÜFFT SFTTPOÉODJBTy QSPCMFNBUJ[BS Ï QBSFDJEP DPN DPMPDBS QBSBEPYPT QSPCMFNÈUJDP F QBSBEPYP TÍP GPSNBT EJGFSFOUFT EF MJEBS DPN FTTB BCVOEÉODJB EF JOGPSNBÎÍP EJGFSFOUFT EPT VOJWFS TBJT F EP DPOTFOTP FV DPNFDFJ QPS NPOUBS VN DJOFDMVCF B QSFUFOTÍP FSB QSPHSBNBS PT QSØQSJPT mMNFT RVF TF RVFSJB BTTJʽJS QFTRVJTBNPT SFMBDJPOBNPT mMNFT QPS BMHVN NPUJWP F FYJCJNPT /JMTPO (VJMIFSNF 5ÞMJP F 1BVMP GB[FN SÈEJP TVSHJSBN JEÏJBT OPWBT OÍP TFSJB UBNCÏN CBDBOB FYJCJS BP BS MJWSF DPN TPN BOUFT QBSB RVF BT QFTTPBT DPOWFSTBTTFN TF EJT USBÓTTFN BOUFT EF WFS P mMNF QPS TFS BCFSUP TFN MVHBSFT QSÏWJPT FSB EBEB BPT QBSUJDJQBOUFT DPNQMFUB BMFBUPSJFEBEF QBSB FʽBCFMFDFS VNB SFMBÎÍP FʼFʹBEPS mMNF OVODB iBw SFMBÎÍP FʽBOEBSUJ[BEB QBESP OJ[BEB EP DJOFNB QPMUSPOB BUSÈT EF QPMUSPOB TPNCSBT QSPKFUBEBT OP GVOEP EB TBMB NBT TFNQSF iVNw UJQP EF SFMBÎÍP SFMBÎÜFT EP UJQP FODPʽBEP OB ÈSWPSF TFOUBEP OP DIÍP DBNJOIBOEP FN QÏ DPOWFS TBOEP EBOÎBOEPy OBT FYJCJÎÜFT BP BS MJWSF DPN TPN B NÞTJDB UBNCÏN GPJ TF NPT USBOEP VN NFJP QBSB FYQMPSBÎÍP KÈ RVF BP NPOUBS B FʽSVUVSB UÏD OJDB P TJOBM EF WÓEFP Ï TFQBSBEP EP TJOBM EF TPN FʽF QBTTBOEP QPS FRVJQBNFOUPT RVF QPEFN BDSFTDFOUBS JOGPSNBÎÜFT ËT KÈ QSFTFOUFT OPT mMNFT UVEP NVEPV RVBOEP EJWJEJNPT PT TJOBJT EF ÈVEJP F WÓEFP RVF WJOIBN EP mMNF F SFFMBCPSBNPT QSPQPʽBT EF TPN BT FYQFSJÐO DJBT DPN DFOBT EF GVUFCPM F EF TBNCB F EF EFTFOIP BOJNBEP F EF KB[[ GPSBN QSPQPʽBT RVF TVSHJSBN EB FYQFSJNFOUBÎÍP EF BDSÏTDJNP EF TPN PT TPOT EF NVJUPT mMNFT SFGPSÎBN P TFOUJEP KÈ DPOUJEP OB JNB HFN OÍP SFQSFTFOUBOEP BTTJN VNB DPNQMFYJEBEF NBJPS EF TFOUJEP

',*,72B%RRN LQGE

OÍP Ï QPTTÓWFM TPDJFEBEF EF DPOUSPMF F EFMFV[F

BP DPMPDBS PVUSP TPN OBT JNBHFOT MJUFSBMNFOUF FʽÈWBNPT USBCBMIBO EP DPN P BVEJPWJTVBM B DPNQMFYJEBEF EP FʼBÎP JOGPSNÈUJDP P QBS EF TFOUJEPT P QSPCMFNÈUJDP iBT OPWBT JNBHFOT KÈ OÍP UÐN FYUFSJPSJEBEF FYUSBDBNQP

UBNQPVDP JOUFSJPSJ[BN TF OVN UPEP UÐN NFMIPS EJ[FOEP VN EJSFJUP F VN BWFTTP SFWFSTÓWFJT F OÍP QBTTÓWFJT EF TVQFS QPTJÎÍP DPNP VN QPEFS EF TF WPMUBS TPCSF TJ NFTNBT FMBT TÍP PCKFUP EF VNB QFSQÏUVB SFPSHBOJ[BÎÍP OB RVBM VNB OPWB JNBHFN QPEF OBTDFS EF RVBMRVFS QPOUP EB JNBHFN QSFDFEFOUF w JNBHFN UFNQP Q US CS B iNBT RVBOEP P RVBESP PV B UFMB GVODJPOBN DPNP RVBESP EF CPSEP NFTB EF JNQSFTTÍP PV EF JOGPSNBÎÍP B JNBHFN OÍP QÈSB EF TF SFDPS UBS FN PVUSB JNBHFN EF TF JNQSJNJS BUSBWÏT EF VNB USBNB BQBSFOUF EF EFTMJ[BS QBSB PVUSBT JNBHFOT OVNB AQSPGVTÍP JODFTTBOUF EF NFOTB HFOT F P QSØQSJP QMBOP BTTFNFMIB TF NFOPT B VN PMIP RVF B VN DÏSFCSP TPCSFDBSSFHBEP RVF TFN QBSBS BCTPSWF JOGPSNBÎÜFT Ï B EVQMB DÏ SFCSP JOGPSNBÎÍP DÏSFCSP DJEBEF RVF TVCʽJUVJ P PMIP OBUVSF[Bw JNBHFN UFNQP Q US CS

iP WJTVBM F P TPOPSP OÍP SFDPOʽJUVFN VN UPEP NBT FOUSBN OVNB SFMBÎÍP AJSSBDJPOBM TFHVOEP EVBT EJSFÎÜFT EJTTJNÏUSJDBT B JNBHFN BVEJPWJTVBM OÍP Ï VN UPEP Ï VNB AGVTÍP EP SBTHP y B EJTKVOÎÍP F B EJWJTÍP EP WJTVBM F EP TPOPSP WÍP TFS QSFDJ TBNFOUF JODVCJEBT EF FYQSJNJS FTTB DPNQMFYJEBEF EP FʼBÎP JO GPSNÈUJDP Ï FMB RVF UBOUP TVQFSB P JOEJWÓEVP QTJDPMØHJDP RVBOUP UPSOB JNQPTTÓWFM VN UPEP VNB DPNQMFYJEBEF OÍP UPUBMJ[ÈWFM AOÍP SFQSFTFOUÈWFM QPS VN ÞOJDP JOEJWÓEVP F RVF TØ FODPOUSB SF QSFTFOUBÎÍP OP BVUÙNBUP w JNBHFN UFNQP Q US CS

',*,72B%RRN LQGE

*NBHFN "ÎÍP

OPTTBT FYQFSJÐODJBT DPN P OÍP Ï QPTTÓWFM GPSBN FOUÍP BUSÈT EFTTB DPNQMFYJEBEF EP FʼBÎP JOGPSNÈUJDP BDSFTDFOUBOEP TPOT ËT JNBHFOT OÍP TF USBUB EF DPNVOJDBÎÍP EF CVTDBS P DPOTFOTP F B IPNPHFJ OJ[BÎÍP EP JNBHJOÈSJP F BTTJN UJSBNPT VTP iNFOPSw EB UFDOPMPHJB DPOʽJUVJOEP WBDÞPMPT EF JOGPSNBÎÍP OP TJʽFNB NBJPS QSPCMFNBUJ [BNPT B QSØQSJB GPSNB EF FYJCJS mMNFT QBSB EFMB FYUSBJS VNB PVUSB QPʽVSB BOUF B DPNVOJDBÎÍP SFUJSBNPT EPT NFDBOJTNPT UÏDOJDPT VN VTP iNFOPSw OÍP QPS TFS JOGFSJPS NBT iNFOPSw QPS OÍP TFS DPNP PT TJʽFNBT iNBJPSFTw BT HSBOEFT DPSQPSBÎÜFT EF CSPBEDBʽJOH OBT EBR HPPHMF XBSOFS EJTOFZ GPY HMPCP TJMWJP TBOUPT F PVUSBT HSBOEFT FNJTTPSBT EJʽSJCVJEPSBT USBOTNJTTPSBT OP iNBJPSw QPSRVF TÍP DPO HMPNFSBEPT EF BUJWJEBEF HMPCBM DPOʽJUVJOEP VN TJʽFNB NVOEJBM EF DPOUSPMF NBJPS OP TFOUJEP EF RVF BUÏ QFRVFOBT UWT EF FTDPMBT F VOJWFSTJEBEFT PV EF HSVQPT EF FNQSFTÈSJPT EF NVOJDÓQJPT QFRVFOPT PV QSPKFUPT EF DJOFNB JUJOFSBOUFT TFHVFN VN DFSUP QBESÍP EF RVB MJEBEF FʽF TJN VN QBESÍP EF RVBMJEBEF iNBJPSw NFOPS FOUÍP GVHJOEP EFTTF NBJPS Ï JNQPSUBOUF OPUBS RVF B QJSB UBSJB Ï QBSUF EB BUJWJEBEF SFTJʽFOUF PCWJBNFOUF RVF DJEBEF EFM FʽF F PT DBNFMÙT BJOEB OÍP TÍP PT CBMVBSUFT EF VNB SFWPMVÎÍP QPS WJS KÈ RVF QJSBUFJBN BT HSBOEFT NBT SFWFOEFN GB[FN EF TFV USBCBMIP B SFJUFSBÎÍP EPT QSFTTVQPʽPT EP DBQJUBMJTNP FMFT OÍP DSJBN VN VTP NFOPS QBSB P GSVUP EB QJSBUBSJB B QJSBUBSJB QSFDJTB UBNCÏN QBTTBS QFMP TFV VTP iNFOPSw FOUÍP SFʽB EJ[FS RVF FORVBOUP BDFTTP F SF EJʽSJCVJÎÍP EF JOGPSNBÎÍP OÍP WJPMBNPT PT EJSFJUPT EF BVUPS BQFOBT BDFMFSBNPT P EPNÓOJP QÞCMJDP EBT PCSBT B WFMPDJEBEF EJUB OPTTBT SF MBÎÜFT DPN P NVOEP USFN CBMB TVQFSTÙOJDPT BVUP FʽSBEBT CBOEB MBSHB DBJYB FMFUSÙOJDP ESJWF UISVy QPS RVF FʼFSBS BOPT QBSB B PCSB DBJS FN EPNÓOJP QÞCMJDP F TFS EF MJWSF BDFTTP Ï DPNP TF GÙTTF NPT QJSBUBT QPJT OÍP EFTFKBNPT VNB FNQSFTB JOUFSNFEJBOEP OPTTB SFMBÎÍP DPN P BVUPS KÈ RVF OÍP GB[FNPT VN VTP DPNFSDJBM GPSNBM EB PCSB OÍP WBNPT WFOEFS HMBVCFS PV CV×VFM QFMBT FTRVJOBT OÍP QSFDJTBNPT BERVJSJ MB QFMPT NFDBOJTNPT DPNFSDJBJT GPSNBJT Ï PVUSB DJWJMJ[BÎÍP FN DVSTP EFOUSP EB BOUJHB OÍP Ï DSJNF Ï OFDFTTÈSJB UPEB VNB OPWB KVSJʼSVEÐODJB

',*,72B%RRN LQGE

OÍP Ï QPTTÓWFM TPDJFEBEF EF DPOUSPMF F EFMFV[F

EBUBT FʽJMPT

NÞTJDB CMBDL

TBNCB

F

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QSFGFSFODJBMNFOUF BP BS MJWSF F FN FʼBÎPT QÞCMJDPT QSBÎBT FTDP MBT VOJWFSTJEBEFT SFQBSUJÎÜFTy

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OÍP Ï QPTTÓWFM TPDJFEBEF EF DPOUSPMF F EFMFV[F

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TPN EBT JNBHFOT

NN QSPDFTTP NFDÉ OJDP GPUPHSBNBT QPS TFHVOEP

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QSPKFUPS EF WÓEFP QSP DFTTP FMFUSÙOJDP NJYFS QJDL VQT QPUÐODJB DE DBJYBT

TBJ EB GPOUF F QBTTB QFMP NJYFS EP TPN

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QBSUJDJQBN BUJWBNFOUF F FʽÍP EJSFUBNFOUF MJHBEPT BP RVF BRVJ GPJ FTDSJUP TPCSF P OÍP Ï QPTTÓWFM OJMTPO GFSSFJSB HVJMIFSNF CBUFMPDIJ QBVMP KPTÏ F UÞMJP DFOF SFʼPOTBCJMJ[P NF QFMP RVF TF UFOUPV SFMB DJPOBS DPN HJMMFT EFMFV[F TFN KFTVT F PTWBMEPT NVJUP OÍP Ï QPTTÓWFM OÍP TFSJB QPTTÓWFM UPEPT PT EJSFJUPT DFEJEPT DPQJFN QSJODJQBMNFOUF BT DJUBÎÜFT

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NBT BP WJWP PVUSBT QSFQBSBEBT FN CBODPT EF JNBHFOT QSFWJBNFOUF FMBCPSBEPT UBNCÏN TÍP QSPDFEJNFOUPT EPT 7+T OB DSJBÎÍP EF TFV CBODP EF EBEPT 6NB NBSDB OB SFQSFTFOUBÎÍP EBT QPÏUJDBT Ï P USÉO TJUP FOUSF mHVSBÎÍP F BCʽSBÎÍP *NBHFOT mHVSBUJWBT UFOEFN Ë BCʽSB ÎÍP F B BCʽSBÎÍP TVHFSF DFOBT 0 mHVSBUJWP EFTMPDB TF RVFS TF SJUNP F P SJUNP EB BCʽSBÎÍP TVHFSF VNB GPSNBMJ[BÎÍP mHVSBUJWB &N TVNB UFNPT P USÉOTJUP FOUSF FʽBUVUPT F RVBMJEBEFT BVEJPWJTVBJT RVF BPT QPVDPT FYQMJDBSFNPT 0 DFOÈSJP Ï B OPJUF B GFʽB P BDPOUFDJNFOUP ÞOJDP )È VNB QSP QPʽB EF FODPOUSP EP QÞCMJDP P SFJOP EP MÞEJDP 1SPDVSB TF P QBʹP EF QSB[FS F MB[FS 0VWJS NÞTJDB FMFUSÙOJDB EBOÎBS F QPS RVF OÍP WFS EF SFMBODF BMHVNBT JNBHFOT "JOEB OÍP TF QPEF EJ[FS RVF PT IBCJUVÏT EBT GFʽBT FʽÍP BMJ QBSB WFS %JGFSFOUFNFOUF EF JS BP DJOFNB QPVDPT TBFN EF DBTB QBSB WJWFS SFQSFTFOUBÎÜFT QSPQPʽBT QFMPT 7+T QFMP 0V USP %F VNB NBOFJSB HFSBM BRVFMF RVF GSFRàFOUB B GFʽB TBJ QSB GB[FS TVB QSØQSJB IJʽØSJB TFN DPNQSPNJTTP EP FODPOUSP DPN P PVUSP mD DJPOBM DPN P PVUSP USBWFʽJEP EF JOGPSNBÎÍP " JNBHFN Ï VNB EBT BUSBÎÜFT " JNBHFN Ï VN FʽÓNVMP Ï VN EPT DPNQPOFOUFT EB OPJUF " QSJODÓQJP JOUFSFTTB BP QÞCMJDP P SJUNP TPOPSP 0 SJUNP WJTVBM Ï VN BEFOEP iGB[ QBSUF EP QBDPUFw " JNBHFN OÍP Ï B QSJODJQBM DPOWJEBEB QBSB B GFʽB NBT TF NPʽSB F TF GB[ WFS PDBTJPOBMNFOUF QSPWPDB WBJBT PV NBOJGFʽBÎÜFT EF BQPJP &MB UFN EJWFSTBT GPSNBT F SJUNPT BQSFTFOUB TF TFHVOEP BRVFMF RVF B DPNBOEB TFHVOEP BRVFMF RVF B NBOJQVMB &N FʽBEP EF BUFOÎÍP EFTBUFOUB P GFʽFJSP TF FODPOUSB DPN JNBHFOT F FN NÍPT BUFOUBT FʽBT TF GB[FN BP WJWP OVN SJUNP QBTTÓWFM EF PDVQBS B DFOB EF TF GB[FS QSFTFOUF 0 SJUNP Ï UFNQP SFBM TJODSPOJB TFOTPSJBM "T JNBHFOT TÍP P SFQFSUØSJP EF UPEB B HBNB EF JNBHFOT mYBT F EF JNBHFOT FN NPWJNFOUP mHVSBUJWBT PV BCʽSBUBT BDVNVMBEBT BP MPOHP EB IJʽØ SJB EB DSJBÎÍP JDPOPHSÈmDB "T JNBHFOT mYBT HBOIBN NPWJNFOUP QFMP DJOUJMBS EB MV[ QFMB TPCSFQPTJÎÍP EF DBNBEBT EF JNBHFOT QSPQPSDJPOBEB QPS TPGUXBSF QBSB NBOJQVMBÎÍP BP WJWP 0 NPWJNFOUP WFN EP DIPRVF FOUSF BT DB NBEBT F QFMB TVDFTTÍP BT QSPKFÎÜFT QSPWPDBN TBUVSBÎÍP IPSJ[POUBM NFOUF OB TFRàÐODJB UFNQPSBM F WFSUJDBMNFOUF QPS TPCSFQPTJÎÍP )È

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$JOUJM¬OTJBT WJTVBJT QFMPT 7+T

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%F FʼBÎP UFNQP B UFNQP FʼBÎP *NBHFOT BCʽSBUBT TÍP VNB DPOʽBOUF OB QJʽB &YJʽF HSBOEF RVBOUJEBEF EF UJQPT EF JNBHFOT F QSPQPTJÎÜFT BTTPDJBUJWBT JODMVTJWF BMHVNBT TPCSFDPEJmDBEBT DPN SFGFSFODJBM EF TFOUJEP F WJTVBM NVJUP EJSFUP RVF SFJUFSBN VNB GPSNVMBÎÍP UFSDFJSB EF OPÎÜFT NBSDBEBT FN FOVODJBEPT BVEJPWJTVBJT EB DPNVOJDBÎÍP EF NBTTB GB[FOEP VN VTP QSFWJTÓWFM EB JEÏJB BP MBOÎBS NÍP EP TJHOP WJTVBM TFKB FMF QBMBWSB NBSDB TMPHBO PCKFUP PCSB EF BSUF PV NFTNP FʽJMP PV FTDPMB HSÈm DB .BOUÐN P TFOUJEP QSJNÈSJP /ÍP TF NJʽVSBN 0 SJUNP Ï VN FYDFMFOUF QSPWPDBEPS EF NJʽVSBT ² DMBSP RVF B FTDPMIB BQSPQSJBEB EB DPNCJOBÎÍP EF JNBHFOT F P TFV USBUBNFOUP DPNQÜFN B NJʽVSB "T NJʽVSBT TF EÍP OP QMBOP ØQUJDP F EB TJHOJm DBÎÍP "T EF TJHOJmDBÎÍP UÐN FʽSFJUB SFMBÎÍP DPN BT QVSBNFOUF ØQUJ DBT 0 DJOUJMBS EF MV[FT FN HFSBM CSBODBT Ï QSPEV[JEP QFMPT TPGUXBSFT EPT 7+T F QFMB JMVNJOBÎÍP EB GFʽB 7+T RVF TF VUJMJ[BN EF QSPHSBNBT EF FEJÎÍP DPNP P 'JOBM $VU OÍP DPOUBN DPN QMVH JOT QBSB DPMPDBS RVBESPT GSBNFT CSBODPT FOUSF BT JNBHFOT EPT GSBNFT EF VN MPPQJOH 0 QJTDBS BJOEB BTTJN BDPOUFDF OFTTF DBTP QFMB EFTDPOUJOVJEBEF EP NPWJNFOUP QFMB JOUFSSVQÎÍP CSVTDB EB FWPMVÎÍP EP HFʽP PV EFTMP DBNFOUP F QPS MV[ FʽSPCPTDØQJDB F SBJPT MBTFS SFDVSTPT SFDPSSFOUFT OB BNCJFOUBÎÍP EBT GFʽBT "Ó NFTNP B JNBHFN TJNCØMJDB mHVSBUJWB P UFSDFJSP EB USJDPNJB EP TJHOP EF 1FJSDF UFOEF Ë BCʽSBÎÍP BNFB ÎB DBJS QBSB B QSJNFJSF[B *TTP TF EÈ QFMP QJTDBS F QFMB BCʽSBÎÍP EP TFOUJEP DPOʽJUVÓEP QPS NFUÈGPSBT 0 TÓNCPMP QBTTB B TFS QPÏUJDP IÈ VNB JOWFSTÍP VN FʽPVSP EB EFOPUBÎÍP " OPSNB EP TJHOP Ï RVFT UJPOBEB QFMB QSPYJNJEBEF DPN PVUSP TJHOP RVF DPMPDB FN RVFʽÍP TFV TFOUJEP 0T EPJT TF BOVMBN TF QSPWPDBN USBOTGPSNBN TF $PNP OB QPFTJB B TJHOJmDBÎÍP DJSDVMB TFN MVHBS P TFOUJEP QFSNBOFDF BCFS UP )È VN TJHOP QPÏUJDP QPSRVF B OPWB TJOUBYF QSPEV[JV SVÓEP VNB

" SFGFSÐODJB B UFSDFJSP BRVJ Ï OBUVSBMNFOUF Ë BSRVJUFUVSB QFJSDFBOB EF DBUFHPSJ[BÎÍP EB FYQFSJÐODJB F GB[ RVFTUÍP EF NPEP DFOUSBM BPT TFOUJEPT DPEJmDBEPT FTUJQVMBEBNFOUF F RVF DJSDVMBN OB BDFJUBCJMJEBEF HFSBM

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$JOUJM¬OTJBT WJTVBJT QFMPT 7+T

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',*,72B%RRN LQGE

*NBHFN "ÎÍP

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',*,72B%RRN LQGE

$JOUJM¬OTJBT WJTVBJT QFMPT 7+T

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',*,72B%RRN LQGE

*NBHFN "ÎÍP

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',*,72B%RRN LQGE

$JOUJM¬OTJBT WJTVBJT QFMPT 7+T

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$JOUJM¬OTJBT WJTVBJT QFMPT 7+T

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*NBHFN "ÎÍP

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',*,72B%RRN LQGE

$JOUJM¬OTJBT WJTVBJT QFMPT 7+T

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*NBHFN "ÎÍP

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$JOUJM¬OTJBT WJTVBJT QFMPT 7+T

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8PSL JO QSPHSFTTT QFSGPSNBODF WKJOH XJSFMFTT

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" SFEF JO EJ WJTÓWFM EP GVOL QPS #SVOP /BUBM

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" SFEF JO EJ WJTÓWFM EP GVOL

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',*,72B%RRN LQGE

" SFEF JO EJ WJTÓWFM EP GVOL

/PT &6" 1MBOFU 3PDL JOʼJSPV EJWFSTPT BSUJʽBT 7JFSBN GBJYBT DPNP %PO U 4UPQ UIF 3PDL F *U T "VUPNBUJD EP + + 'BE 4VQFSTPOJD EP 'SFFʽZMF JHVBMNFOUF BCVTBOEP EPT FGFJUPT EB CBUFSJB FMFUSÙOJDB 53 RVF OÍP EFNPSBSBN B DIFHBS QPS BRVJ TFOEP NVJUP CFN SFDFCJEPT OPT CBJMFT /B TFRàÐODJB WFJP P .JBNJ CBTT FʽJMP NBSDBEP QPS GSFRàÐODJBT TPOPSBT NVJUP NVJUP HSBWFT F QFMP WJTVBM F MFUSBT FYQMPSBOEP B TFOTVBMJEBEF GFNJOJOB ËT WF[FT EF GPSNB DPOTJEFSBEB NBDIJʽB 0 -JWF $SFX GPJ UBMWF[ P QSJODJQBM FYQPFOUF EFTTF TPN 4VBT MFUSBT RVBTF QPSOPHSÈmDBT SFOEFSBN VNB DPUB SB[PÈWFM EF QSP CMFNBT QBSB B CBOEB %FWJEP B FTTB JOnVÐODJB BQFTBS EB CBSSFJSB EB MÓOHVB P GVOL BDBCBSJB IFSEBOEP PT NFTNPT QSPCMFNBT NBJT UBSEF /P TFHVOEB NFUBEF EB EÏDBEB EF PT CBJMFT GVOL BUSBÓBN NVMUJEÜFT $POUVEP TFOEP VN GFOÙNFOP MPDBMJ[BEP OPT TVCÞSCJPT BJOEB OÍP EFʼFSUBWB B BUFOÎÍP OFN EB NÓEJB OFN EB DMBTTF NÏEJB &TTF GBUPS JODMVTJWF NPʽSPV TF DSVDJBM QBSB P EFTFOWPMWJNFOUP EP GVOL 0 EFTJOUFSFTTF EB QBSUF NBJT BCPOBEB EB TPDJFEBEF FWJUPV RVF IPVWFTTF JOUFSGFSÐODJB PV RVBMRVFS GPSNB EF DFOTVSB PV EJSFDJPOB NFOUP OP RVF FʽBWB TVSHJOEP "MÏN EJTTP PCSJHPV P NPWJNFOUP GVOL B DSJBS VN FTRVFNB JOEFQFOEFOUF EBT HSBOEFT HSBWBEPSBT F EB NÓEJB GBUPS SFʼPOTÈWFM OÍP TØ QFMB BVUPOPNJB NBT UBNCÏN QFMB TPCSFWJWÐODJB EP GVOL BUÏ IPKF "UÏ FOUÍP FNCPSB VNB HSBOEF RVBOUJEBEF EF EJTDPT EF .JBNJ CBTT GPTTFN DPOTVNJEPT OP #SBTJM BJOEB OÍP IBWJB TVSHJEP OBEB MPDBM GFJUP BRVJ $PNP P QÞCMJDP JOUFSFTTBEP UBOUP %+T RVBOUP PVWJOUFT FʽBWB DPODFOUSBEP OBT [POBT NBJT QPCSFT EB DJEBEF PCWJBNFOUF B EJmDVMEBEF EF BDFTTP B FRVJQBNFOUPT EF QSPEVÎÍP FSB QBSUF EP QSPCMFNB QBSB JTTP BDPOUFDFS .BT B JEÏJB FYJʽJB P DBMEP FʽBWB FOHSPTTBOEP 4PN #SBTJM &N P BOUSPQØMPHP )FSNBOP 7JBOOB QVCMJDPV 0 NVOEP GVOL DBSJPDB VN FʽVEP TPCSF FTTF VOJWFSTP BUÏ FOUÍP QBSBMFMP RVF FYJʽJB OP 3JP 'PJ BUSBWÏT EFTTF FʽVEP RVF B [POB TVM F B HSBOEF NÓEJB DP NFÎBSBN B TF EBS DPOUB EF FOPSNJEBEF 0 DPOUBUP EF )FSNBOP DPN P GVOL GPJ UBNCÏN EFUFSNJOBOUF QPS PVUSP NPUJWP GPJ FMF RVFN EFV B .BSMCPSP TVB QSJNFJSB CBUFSJB FMFUSÙOJDB VNB #PTT %3 &SB P

',*,72B%RRN LQGE

4POT F 4JTUFNBT

JOÓDJP EP GVOL CSBTJMFJSP DPNP DPOIFDFNPT IPKF " QSJNFJSB NÞTJDB GFJUB QPS .BSMCPSP GPJ B i.FMÙ EB NVMIFS GFJBw EFQPJT FN WFJP B DPNQJMBÎÍP 'VOL #SBTJM DPN EJWFSTPT BSUJT UBT VN TVDFTTP FʽSPOEPTP 0VUSP QSPEVUPS (SBOE .BʽFS 3BGBFM UBNCÏN MBOÎPV VN EJTDP OP NFTNP BOP /ÍP TF USBUBWB EF NFSB DØQJB EP .JBNJ CBTT RVF BMJNFOUPV P CBJMF QPS NVJUPT BOPT &YJʽJB BMHP EF EJGFSFOUF OBRVFMF TPN 0 TPN NFUÈMJDP UJOIB VN HSBWF BJOEB NBJT QSFTFOUF B QSPEVÎÍP FSB NBJT TFDB PT FGFJUPT NBJT TJNQMFT " QSJODJQBM EJGFSFOÎB OP FOUBOUP FSB PVUSB BHPSB BT NÞTJDBT FSBN FN QPSUVHVÐT 0 UPSOPV TF OPWP JOʽSVNFOUP VN NFJP EF DPNVOJDBÎÍP QBSB BT GBWFMBT (FOUF RVF BQFTBS EF KBNBJT UFS TFHVSBEP VN NJDSPGPOF UJOIB NVJUP P RVF GBMBS F FODPOUSPV P WFÓDVMP QFSGFJUP QBSB FYUFSOBS TFVT QFOTBNFOUPT 3ÈQJEP EJSFUP F QSJODJQBMNFOUF TFN JOUFSNF EJÈSJPT RVF QVEFTTFN mMUSBS B NFOTBHFN " GBWFMB QPEJB FOmN GBMBS EF TFVT QSPCMFNBT TFVT TPGSJNFOUPT F UBNCÏN EF TVBT BMFHSJBT F EP PSHVMIP EF WJWFS FN DPNVOJEBEF HFSBOEP DMÈTTJDPT DPNP P i3BQ EB GFMJDJEBEFw EF ,ÈUJB F +VMJOIP 3BʽB DBOUBEP QFMB EVQMB $JEJOIP F %PDB $PN P QBTTBS EP UFNQP UFOEP BDFTTP B FRVJQBNFOUPT NFMIPSFT DPNP CBUFSJBT FMFUSÙOJDBT F TBNQMFST P GVOL DPOUJOVPV TFV QSPDFTTP BOUSPQPGÈHJDP &MFNFOUPT EB DVMUVSB NVTJDBM CSBTJMFJSB EP TBNCB BP DBOEPNCMÏ GPSBN TFOEP BCTPSWJEPT FOSJRVFDFOEP F USB[FOEP QFS TPOBMJEBEF QSØQSJB QBSB TPOPSJEBEF &ʽÏUJDB GBWFMBEB %FTEF P QSJODÓQJP QPS UFS TPGSJEP QPVDBT JOUFSGFSÐODJBT EF NFJPT EJUPT NBJT DVMUPT P GVOL QPTTVJ DBSBʹFSÓʽJDBT NVJUP QSØQSJBT " BQSPQSJBÎÍP EB BMUB UFDOPMPHJB QPS QFTTPBT DPN QPVDP BDFTTP B FEV DBÎÍP GF[ DPN RVF QPVDBT SFHSBT PV OFOIVNB GPTTFN TFHVJEBT TJN QMFTNFOUF QPSRVF OÍP IBWJB VNB /FTTF TFOUJEP P GVOL OÍP Ï VN DBTP JTPMBEP )È BMHP EF TJNJ MBS FOUSF P SJUNP DBSJPDB F GFOÙNFOPT NVTJDBJT RVF WÐN TVSHJOEP BP SFEPS EP NVOEP OBT ÞMUJNBT EÏDBEBT DPNP P SFHHBF EJHJUBM EP EBODFIBMM KBNBJDBOP P SFHHBFUØO QBOBNFOIP QPSUP SJRVFOIP P LVEVSV BOHPMBOP P CBOHISB JOEJBOP F NFTNP P UFDOP CSFHB QBSB

',*,72B%RRN LQGE

" SFEF JO EJ WJTÓWFM EP GVOL

FOTF &N UPEPT FTTFT FʽJMPT BT GBDJMJEBEFT QSPNPWJEBT QFMB SFWPMVÎÍP EJHJUBM QFMP NFOPT PT RVF FWFOUVBMNFOUF GPSBN QBSBS OBT DMBTTFT NFOPT GBWPSFDJEBT EBT TPDJFEBEFT GPSBN EFUFSNJOBOUFT QBSB P TFV DSFTDJNFOUP 1SPEVUPSFT NVTJDBJT EP QSJNFJSP NVOEP EF VNB NBOFJSB PV EF PVUSB TFNQSF UJWFSBN BDFTTP Ë UFDOPMPHJB %P QPOUP EF WJʽB NVTJ DBM FTTB SFWPMVÎÍP EJHJUBM QÙEF TFS NBJT GBDJMNFOUF TFOUJEB OPT QBÓTFT TVCEFTFOWPMWJEPT PV FN EFTFOWPMWJNFOUP 2VFN BOUFT OVODB UJOIB WJʽP VN DPNQVUBEPS IPKF TBCF VUJMJ[È MP NJOJNBNFOUF P CBʽBOUF QBSB GB[FS TVBT QSØQSJBT NÞTJDBT " FʼFSB GPJ MPOHB QPS JTTP B GPNF EF DPOIFDJNFOUP F B WPOUB EF EF QSPEV[JS TÍP FOPSNFT /BT GBWFMBT FODPOUSBS OPWBT VUJMJEBEFT QBSB PCKFUPT Ï DPJTB EP EJB B EJB WBMF B MFJ EP EFʼFSEÓDJP NÓOJNP %B NFTNB NBOFJSB DPNP VN CVSBDP OFHSP TVHBOEP UVEP B TVB WPMUB OP GVOL VUJMJ[B TF RVBMRVFS DPJTB FN GBWPS EB NÞTJDB "TTJN OÍP Ï BOPSNBM PVWJS TBNQMFT EF ʾF $MBTI 1SJODF ʾF 4NJUIT ÈSJBT JUBMJB OBT PV -BZP #VTIXBDLB TFSWJOEP EF CBTF OBT QSPEVÎÜFT iGVOLFJSBTw /ÍP TF USBUB EF DJUBÎÍP PV EFNPOʽSBÎÍP EF DPOIFDJNFOUP NVJ UBT WF[FT PT QSPEVUPSFT OFN TBCFN RVF BSUJʽBT TÍP FTTFT 0 RVF JN QPSUB Ï B TPOPSJEBEF F P RVF JTTP WBJ DBVTBS OP SFTVMUBEP mOBM " DPNCJOBÎÍP FOUSF B GBMUB EF DSJUÏSJPT DMBSPT RVBOUP BP RVF QPEF PV OÍP GB[FS QBSUF EF VNB NÞTJDB F P GBUP EF OÍP TF QSFPDVQBS FN BHSBEBS OJOHVÏN RVF OÍP B TJ QSØQSJP Ï P GBUPS SFʼPOTÈWFM QFMB DB SBʹFSÓʽJDB NBJT NBSDBOUF EP GVOL B PSJHJOBMJEBEF 4ÍP NJʽVSBT UÍP JNQSPWÈWFJT UBOUPT FMFNFOUPT KVOUPT RVF OÍP IÈ DPNP TPBS OBEB NFOPT EP RVF OPWP 1PS JTTP P GVOL Ï FOYFSHBEP QSJODJQBMNFOUF OP FYUFSJPS DPNP B NÞTJDB FMFUSÙOJDB HFOVJOBNFOUF CSBTJMFJSB 'FJUB OP #SBTJM EF VNB NBOFJSB ÞOJDB F RVF TØ QPEFSJB UFS TVSHJEP BRVJ &TTB BVTÐODJB EF MØHJDB PV SFGFSÐODJBT QSÏ FʽBCFMFDJEBT Ï NVJUBT WF[FT B GPOUF EP QSFDPODFJUP VN EPT QSJODJQBJT PCʽÈDVMPT EP GVOL 4PCSFUVEP FOUSF B DMBTTF NÏEJB TFNQSF EFQFOEFOUF EF VN BWBM FY UFSOP QBSB BDFJUBS BMHP DPNP CPN 4FN OFVSPTF &TTF QSFDPODFJUP Ï FN QBSUF SFʼPOTÈWFM QPS PVUSP FʽJHNB RVF QFSTFHVF P GVOL P EB WJPMÐODJB +VOUP DPN B EJTDVTTÍP TPCSF P

',*,72B%RRN LQGE

4POT F 4JTUFNBT

DPOUFÞEP EBT MFUSBT FTTF Ï P QSJODJQBM FOUSBWF EP HÐOFSP &OUSF PT BDPOUFDJNFOUPT DSVDJBJT FʽÈ P BSSBʽÍP OB QSBJB EP "SQPBEPS FN BOP FMFJUPSBM 7JTJUBS VN CBJMF QPEF BKVEBS B FMVDJEBS QPOUPT JNQPSUBOUFT &N BDPNQBOIBEP EP %+ .BSMCPSP FʽF BVUPS GPJ BP CBJMF OB DPNVOJEBEF EB 'PSNJHB GBWFMB MPDBMJ[BEB OB 5JKVDB [POB OPSUF EP 3JP

4VCJOEP P NPSSP VNB TÏSJF EF JOʽSVÎÜFT UJWFSBN RVF TFS TFHVJ EBT "MÏN EF PCFEFDFS BPT DPNBOEPT EP NPUPRVFJSP RVF GB[JB B FT DPMUB BUÏ P UPQP UPEBT BT KBOFMBT EP WFÓDVMP EFWFSJBN FʽBS BCFSUBT F B MV[ JOUFSJPS BDFTB 2VBTF MÈ FN DJNB VNB CBSSJDBEB EF MJYFJSBT mMUSBWB B QBTTBHFN TPC P PMIBS WJHJMBOUF EF SBQB[FT QPSUBOEP QJʽP MBT DSPNBEBT &SB B DIFHBEB 'PSB EB RVBESB EF FʼPSUFT POEF BDPOUFDJB P CBJMF SBQB[FT EF BOPT BOEBWBN DPN GV[JT RVBTF EP TFV UBNBOIP %FOUSP EB RVBESB UVEP NBJT USBORàJMP 1SPWBWFMNFOUF QPS DPOUB EB WJTJUB EF KPSOBMJʽBT OÍP IBWJB OFOIVNB BSNB Ë WJʽB 0 FʼBÎP FʽBWB WB[JP %FWJEP ËT SFDFOUFT PQFSBÎÜFT QPMJDJBJT OB SFHJÍP FTTB FSB B QSJNFJSB GFʽB FN EJBT 0T RVF GPSBN EBOÎBSBN CF CFSBN TF EJWFSUJSBN F GPSBN FNCPSB 'PSB B FOPSNF RVBOUJEBEF EF DSJBOÎBT EF TFJT PJUP BOPT EF JEBEF DJSDVMBOEP QFMP MVHBS ËT I EB NBOIÍ OÍP IPVWF OBEB GPSB EP OPSNBM /FOIVNB QBODBEBSJB OF OIVN QSPJCJEÍP OFOIVNB BQPMPHJB &NCPSB OFOIVNB EBT FRVJQFT EF SFQPSUBHFN QSFTFOUFT FʽJWFT TF JOUFSFTTBEB OB TJNQMJʽB BTTPDJBÎÍP GVOL USÈmDP BT BSNBT FʽÍP MÈ OÍP UFN DPNP JHOPSBS $PNP TF TBCF P 3JP Ï VNB DJEBEF EJWJEJEB &N DFSUBT QBSUFT FN NVJUBT QBSUFT OÍP TF FOUSB TFN BVUPSJ[BÎÍP EPT iEPOPTw EP MVHBS *TTP OÍP Ï FYDMVTJWJEBEF EPT CBJMFT GVOL RVBM RVFS BUJWJEBEF OVNB GBWFMB EPNJOBEB QFMP USÈmDP Ï BTTJN JODMVJOEP PT TFSWJÎPT QÞCMJDPT DPNP DPMFUB EF MJYP HÈT F DMBSP QPMJDJBNFOUP ² JNQPSUBOUF FOUFOEFS DPNP P GVOL GPJ QBSBS OFTTF BNCJFOUF OFN TFNQSF GPJ BTTJN 0 HSBOEF FSSP EP &ʽBEP GPJ B UFOUBUJWB EF QSPJCJÎÍP EPT CBJMFT OP DPNFÎP EPT BOPT EF OP GSFOFTJ QØT BS SBʽÍP UFMFWJTJPOBEP EP "SQPBEPS RVBOEP QFMB QSJNFJSB WF[ P GVOL GPJ BTTPDJBEP EF NBOFJSB EJSFUB B CBEFSOB F BUJWJEBEFT JMFHBJT BUÏ IPKF NPUJWP EF EJTDVTTÍP OPT NFJPT BDBEÐNJDPT F KPSOBMÓʽJDPT 0C

',*,72B%RRN LQGE

" SFEF JO EJ WJTÓWFM EP GVOL

WJBNFOUF QSPJCJS OÍP EFV DFSUP &YQVMTBT EPT DMVCFT OP BTGBMUP BT GFʽBT GPSBN TF FTDPOEFS OPT NPSSPT %B NBOFJSB RVF BDPOUFDFN IPKF Ï JNQPTTÓWFM mTDBMJ[BS 6NB WF[ EFOUSP EBT DPNVOJEBEFT OÍP Ï P &ʽBEP RVFN NBOEB 0 FTHPUP FTDPSSFOEP QFMB SVB F B RVBOUJEBEF EF MJYP QFMPT DBOUPT MFNCSB JTTP B UPEB IPSB 0T CBJMFT TÍP GSFRàFOUBEPT UBOUP QPS USBCBMIBEPSFT B NBJPSJB

RVBOUP QPS CBOEJEPT " QSFTFOÎB EF USBmDBOUFT OÍP TJHOJmDB RVF B GFʽB TFKB EFMFT PV QBSB FMFT &MFT PVWFN GVOL DPNP UPEPT NJʽVSBEPT BMJ F TØ 0 OFHØDJP EP USÈmDP Ï ESPHB OÍP NÞTJDB %J[FS RVF PT CBJMFT TÍP GFʽBT EF CBOEJEP Ï VNB HFOFSBMJ[BÎÍP CVSSB F JSSFʼPOTÈWFM &YJT UFN PT QSPJCJEÜFT GVOLT EF FYBMUBÎÍP B GBDÎÜFT DSJNJOPTBT FOUSFUBO UP FTTFT TÍP NJOPSJB %F RVBMRVFS GPSNB NFTNP OPT MVHBSFT POEF P USÈmDP mOBODJB BT GFʽBT FMF P GB[ QPSRVF P &ʽBEP GBMIPV BMJ UBNCÏN 1SPJCJS P GVOL GPJ DPNCBUFS P FGFJUP OÍP B DBVTB "JOEB RVF UJWFT TFN DPOTFHVJEP BDBCBS DPN PT CBJMFT PVUSP UJQP EF NÞTJDB BOJNB SJB BT GFʽBT 1PSRVF FMBT DPOUJOVBSJBN BDPOUFDFOEP F RVBMRVFS RVF GPTTF P HÐOFSP NVTJDBM BT DPJTBT TFSJBN FYBUBNFOUF JHVBJT /ÍP JSJB EFNPSBS NVJUP BQBSFDFSJB BMHVÏN QSPQPOEP QSPJCJS B NÞTJDB OBT DPNVOJEBEFT 2VBOEP TF GBMB FN BVTÐODJB EF &ʽBEP OÍP FʽÈ TF GBMBOEP TP NFOUF EF QPMÓDJB NVJUP NFOPT EP WFMIP iTPCF QSFOEF F NBOEB GF DIBSw 0 &ʽBEP GBMIPV F DPOUJOVB GBMIBOEP FN RVFʽÜFT TPDJBJT CÈTJ DBT DPNP FEVDBÎÍP F PQPSUVOJEBEFT 'PJ FTTB GBMUB EF DPOEJÎÜFT RVF QSPQPSDJPOPV B HFSNJOBÎÍP EP UBM iQPEFS QBSBMFMPw &TTB TJUVBÎÍP HFSPV P BNCJFOUF QFSGFJUP QBSB PT DIBNBEPT iCBJMFT EF DPSSFEPSw FN RVF P RVFCSB QBV SPMB TPMUP F QBSB P TVSHJNFOUP EPT QSPJCJEÜFT i1SPJCJEÍPw Ï P GVOL FYBMUBOEP GBDÎÜFT DSJNJOPTBT F TVBT BUJWJEBEFT JMÓDJUBT HFSBMNFOUF FODPNFOEBEPT QFMPT USBmDBOUFT PV GFJUPT QPS BMHVÏN DPN B JOUFOÎÍP EF BHSBEBS PT DIFGFT EP USÈmDP 1FMB MFJ CSBTJMFJSB FYBMUBS DPOUSBWFOÎÜFT Ï DPOTJEFSBEP BQPMPHJB BP DSJNF F QPSUBOUP Ï JMFHBM &OUSFUBOUP NFTNP B EFmOJÎÍP EP RVF Ï VN QSPJCJEÍP Ï OFCV MPTB 0 DBOUPS F MFUSJʽB .S $BUSB OÍP OFHB JODVSTÜFT QFMP FʽJMP OP QBTTBEP 1PSÏN FMF BMFHB RVF NVJUBT NÞTJDBT UBOUP TVBT RVBOUP EF PVUSPT BSUJʽBT OÍP GB[FN BQPMPHJB TJNQMFTNFOUF SFMBUBN B SFBMJEB

',*,72B%RRN LQGE

4POT F 4JTUFNBT

EF EBT GBWFMBT /FTTF DBTP P SØUVMP QSPJCJEÍP TFSWJSJB DPNP EFTDVMQB QBSB DBMBS BT EFOÞODJBT /FTTF DPOUFYUP EJ[FS RVF iGVOL Ï WJPMFOUPw Ï RVFSFS TJNQMJmDBS BT DPJTBT 0T CBJMFT PV P GVOL OÍP TÍP WJPMFOUPT " GBWFMB RVF Ï 0 NFT NP SBDJPDÓOJP QPEF TFS BQMJDBEP OB DPOUSPWÏSTJB TPCSF P DPOUFÞEP EBT MFUSBT PVUSB GPOUF JOFTHPUÈWFM EF EJTDVTTÍP TFKBN BT FSØUJDBT PV PT QSPJCJEÜFT "mOBM Ï EJGÓDJM FYJHJS QPMJEF[ F mOF[B EF QFTTPBT RVF NVJUBT WF[FT NBM UJWFSBN BDFTTP Ë FEVDBÎÍP NBJT CÈTJDB %F NÍP FN NÍP .BJT VNB WF[ VTBOEP UÈUJDBT EF GBWFMB P GVOL GF[ EP QSFDPODFJUP F EBT BEWFSTJEBEFT TVB GPSÎB " NÓEJB QPS NVJUP UFNQP JHOPSPV B JOEÞʽSJB EP EJTDP EJTGBSÎPV F BT DMBTTFT TPDJBJT NBJT GBWPSFDJEBT OFHB SBN TVB MFHJUJNJEBEF .FTNP BTTJN P GVOL DSFTDFV " WFSEBEF Ï RVF RVBOUP NBJT TF UFOUB SFQSJNJS P GVOL NBJPS P HÐOFSP mDB %FTEF P QSJODÓQJP EPT BOPT EF QFMP NFOPT VNB NÞTJDB FT UPVSB OBDJPOBMNFOUF %FQPJT RVF B POEB QBTTB B JNQSFOTB FTRVFDF P BTTVOUP F B TPDJFEBEF WBJ BUSÈT EF PVUSB OPWJEBEF 0 GVOL QPSÏN DPOUJOVB 0 HÐOFSP OÍP TPGSF DPN NPEJTNPT QFMP DPOUSÈSJP TF BQSP WFJUB EFMFT OB NFTNB QSPQPSÎÍP FN RVF Ï FYQMPSBEP TFSWF DPNP VNB JOKFÎÍP EF HÈT 4FKB OPT CBJMFT OBT GBWFMBT PV OBT CBSSBDBT EP DBNFMØESPNP EB 6SVHVBJBOB OP DFOUSP EP 3JP VN EPT NBJT JNQPS UBOUFT QPOUPT EF WFOEB EF EJTDPT EP FʽJMP B NÞTJDB OÍP QÈSB 0 TFHSFEP EJTTP Ï RVF FNCPSB TFNQSF IBKB nFSUFT P GVOL OVODB EFQFOEFV PV BMNFKPV EFQFOEFS EF HSBOEFT HSBWBEPSBT QBSB FYJʽJS " JOEFQFOEÐODJB USBOTGPSNPV P GVOL OVN HÐOFSP BVUP TVʽFOUÈWFM BMHP QPS TJ TØ JOWFKÈWFM F ÞOJDP 0T QSPEVUPSFT F QSPmTTJPOBJT FOWPMWJ EPT FODPOUSBN F MBOÎBN PT BSUJʽBT GBCSJDBN F EJʽSJCVFN PT QSØQSJPT EJTDPT OVN SJUNP GSFOÏUJDP F DPOUSPMBN DFOUFOBT EF FWFOUPT OP DJS DVJUP EPT CBJMFT &TTB SFEF JOWJTÓWFM Ï P NBJPS QBUSJNÙOJP EP GVOL $SV[BOEP GSPOUFJSBT &TTB SFEF TF QSPWPV UÍP FmDJFOUF RVF P GVOL BDBCPV DPORVJʽBOEP SFDPOIFDJNFOUP JOUFSOBDJPOBM BMHP RVF NVJUPT NÞTJDPT CSBTJMFJSPT QBTTBN B DBSSFJSB UFOUBOEP FN WÍP +VOUPT BSUJʽBT DPNP %+ .BSMCP SP .S $BUSB F 5BUJ 2VFCSB #BSSBDP EFSBN B WPMUB BP NVOEP UPDBOEP FN BMHVOT EPT QSJODJQBJT GFʽJWBJT JOUFSOBDJPOBJT *OHMBUFSSB 'SBOÎB

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BNQMB HFSBM F JSSFʽSJUB EB IJʽØSJB BMJÈT OFN NFTNP P CPN TFOTP OÍP IÈ MVHBS OP DPOUFNQPSÉOFP QBSB QPTJÎÜFT RVF OÍP QSPDVSFN GB[FS JOWFOUÈSJP EF TVB SBEJDBMJEBEF &OUÍP OBRVFMF EJB EFTDPCSJ RVF TFN EÞWJEB TPV VN PUJNJʽB NFOPT OP RVF EJ[ SFʼFJUP Ë SFBMJEBEF 0CTFSWP RVF FN QPVDP NBJT EF EF[ BOPT P NVOEP NVEPV DPNQMF UBNFOUF WBJ DPOUJOVBS NVEBOEP F FN SJUNP BDFMFSBEP F RVF NVJ UP NBJT EP RVF VNB HSBOEF WBSJFEBEF EF QFOTBEPSFT PV BUJWJʽBT F NFTNP EF HSBOEFT UFNBT F DBVTBT RVF UÐN PDVQBEP B DFOB EFTEF PT BOPT EF PV EF QPS BTTJN EJ[FS P GBUPS NBJT EFDJTJWP EFTTB NVEBOÎB UFN TJEP B UFDOPMPHJB "T USBOTGPSNBÎÜFT OB QBJTBHFN EP NVOEP UÐN TJEP DPOEV[JEBT NVJUP NBJT QFMBT OPWJEBEFT UFDOPMØ HJDBT EP RVF QPS RVBJTRVFS SFEFT EF TVCKFUJWJEBEFT PV QPS DBEFJBT EJTDVSTJWBT RVF UFOIBN QPS WFOUVSB FNFSHJEP B QBSUJS EFTTF DFOÈSJP /FTTF TFOUJEP QPEF TF EJ[FS QPTTP TFS UPNBEP DPNP VN EBRVFMFT B RVFN TF BDVTBN EF BQPʽBS OVN EFUFSNJOJTNP UFDOPMØHJDP NBT DSFJP RVF JTTP TFSJB TJNQMJmDBS EFNBJT BT QPTJÎÜFT RVF WFOIP QSPDV SBOEP JOWFʽJHBS F BT QFSHVOUBT RVF UFJNP FN DPMPDBS .BT EJBOUF EFTTB DPOʽBUBÎÍP QBSB NJN JOFWJUÈWFM EF RVF P BHFOUF EFDJTJWP OB JOʽBMBÎÍP EB QBJTBHFN QSFTFOUF UFN TJEP B UFDOPMPHJB KÈ EF BMHVOT BOPT QBSB DÈ NF QVT B SFnFUJS TPCSF B QPTTJCJMJEBEF EF IBWFS FNCVUJ EB PV DMBOEFʽJOBNFOUF FN UBM UFDOPMPHJB BMHVNB GPSNB EF VUPQJB VN QSPKFUP EF NVOEP BCSJHBEP OP VOJWFSTP EF QFOTBNFOUP F EF TFOUJEP EF POEF UBJT EJʼPTJUJWPT FNFSHJSBN F NF QBSFDF RVF IÈ TJN BCSJHBEB OP EJHJUBM VNB VUPQJB FV EJSJB RVF Ï B VUPQJB EP nVYP QFS GFJUP EF JOGPSNBÎÜFT PV QPEFS TF JB EJ[FS B VUPQJB EF VN NVOEP TFN SVÓEP &OUSFUBOUP VNB UFDOPMPHJB UÍP QPEFSPTB OÍP QPEFSJB EFJYBS EF QPUFODJBMJ[BS DPNP EF GBUP UFN GFJUP NJSÓBEFT EF NPEPT EF SVÓEP OB DPOEJÎÍP EF RVF FMFT TFKBN DBQB[FT EF TF GPSNVMBSFN F EF TF GPSNB MJ[BSFN EF VN NPEP MJWSF EF SVÓEP QBSB VTVGSVJS EPT BHFODJBNFOUPT BCFSUPT QFMP UFDOPMØHJDP UFNPT FOUÍP B TVCNJTTÍP EP SVÓEP BPT UFSNPT EP BQBSFMIP VNB FʼÏDJF EF OPJTFMFTT OPJTF & TPC B POJQSF TFOÎB EB NFEJBÎÍP EBT UFDOPMPHJBT JOGPSNBDJPOBJT F EB NVMUJQMJDBÎÍP EFTPSEFOBEB NFTNP EFMJSBOUF EPT EBEPT BT DPJTBT TF QBTTBN DPNP TF OPTTB FYQFSJÐODJB GPTTF B EF QÈSB SBJPT JOGPSNBDJPOBJT PV mMUSPT

',*,72B%RRN LQGE

" FSB EP SVÓEP TFN SVÓEP

JOGPSNBDJPOBJT RVF NFSBNFOUF BUFSSBN EFTWJBN PV EÍP TFRàÐODJB B VN WJPMFOUP nVYP JOGPSNBDJPOBM F BTTJN WJWFNPT UFDOPMPHJDBNFO UF FYQBOEJEPT F UFDOPMPHJDBNFOUF TJUJBEPT JʽP Ï FN SFEF 1FSDFQÎÍP DPOUSBUP DPN P NVOEP /VN UBM JOUFSFTTF QFMB FYQFSJÐODJB DPOUFNQPSÉOFB UFOIP CVT DBEP BMHVNBT JEÏJBT TPCSF B QFSDFQÎÍP RVF WPV QSPDVSBS FOUÍP SFMBDJPOBS Ë RVFʽÜFT EF QPEFS F UFDOPMPHJB ² JOUFSFTTBOUF OFʽF DPO UFYUP DPOUFNQPSÉOFP SFUPNBSNPT EF VNB NBOFJSB CFN TJOUÏUJDB F DFSUBNFOUF TJNQMJmDBEPSB BT SFnFYÜFT TPCSF B QFSDFQÎÍP RVF GF[ .FSMFBV 1POUZ QBSB SFDPMPDBS B SFMFWÉODJB EP QSPCMFNB QFSDFQUJWP OB DPOʽJUVJÎÍP EP TFOUJEP EB OPTTB FYQFSJÐODJB 1BSB .FSMFBV 1POUZ P TFOUJEP EB FYQFSJÐODJB WJWJEB TF EÈ OFTTF FODPOUSP NFEJBEP QFMB QFSDFQÎÍP EB DPOTDJÐODJB DPN BT DPJTBT F BT EFNBJT TVCKFUJWJEBEFT OB JOUFSTVCKFUJWJEBEF EPT OPTTPT NVOEPT TJOHVMBSFT GVOEBNPT FTTB HSBOEF BMVDJOBÎÍP DPMFUJWB RVF DIBNBNPT iP SFBMw ² B QFSDFQÎÍP BP GB[FS FTTB NFEJBÎÍP RVF FʽBCFMFDF OPTTP DPOUSBUP DPN P NVOEP ² UBNCÏN B QFSDFQÎÍP RVF GVOEB FN NJN B QSØQSJB OPÎÍP EF WFSEBEF F Ï B QBSUJS EFTTB OPÎÍP OBTDJEB EF VNB DFSUB GÏ DPN RVF JOWJʽP NJOIBT QFSDFQÎÜFT RVF B mMPTPmB F EFQPJT B DJÐODJB QVEFSBN USBCB MIBS OVN NÏUPEP RVF HBSBOUJTTF VNB WFSEBEF iSBDJPOBMw F iNBUFNB UJDBNFOUF EFNPOʽSÈWFMw " QFSDFQÎÍP Ï BTTJN B GVOEBÎÍP EP QFOTB NFOUP F SFTVMUB OVNB FʼÏDJF EF mMPTPmB TJMFODJPTB F JNQFOTBEB EP DPUJEJBOP RVF TF PDVMUB QBSB RVF QPTTBNPT UFS VN NVOEP F RVF Ï P GVOEP TPCSF P RVBM TF EFʽBDBN OPTTBT JEÏJBT F OPTTPT BUPT /ÍP TF USBUB QPSÏN EF FOUSBSNPT FN EFUBMIFT BRVJ TPCSF B SFnFYÍP EF .FSMFBV 1POUZ 4PNFOUF HPʽBSJB EF BTTJOBMBS RVF B QBSUJS EFMB QPEF TF TVHFSJS RVF PT TFOUJEPT B QFSDFQÎÍP OPT MBOÎBN OP TFOUJEP EJSFÎÍP EP NVOEP F TÍP B GVOEBÎÍP EP TFOUJEP TJHOJmDB EP DPN P RVBM JOWFʽJNPT OPTTB FYQFSJÐODJB 0 RVF FTDBQB B .FS MFBV 1POUZ QPSÏN Ï RVF B QFSDFQÎÍP Ï DVMUVSBMNFOUF GPSNBEB P DPOKVOUP EP OPTTP BQBSBUP TFOTPSJBM QFSNJUF EJWFSTPT BSSBOKPT F P QSFEPNÓOJP FʼFDÓmDP EB WJTÍP RVF DPOʽJUVJ P NPEP EF QFSDFCFS RVF EFmOJV B SB[ÍP PDJEFOUBM OÍP Ï P ÞOJDP NPEP EF DPOʽJUVJS FTTF DPOUSBUP DPN P SFBM /B WFSEBEF EJGFSFOUFT QPWPT QPTTVFN DPTNP

',*,72B%RRN LQGE

5FPSJBT 5ÈUJDBT

MPHJBT NBSDBEBT QFMB QSJNB[JB EP NVOEP BVEJUJWP EP NVOEP UÈUJM PV EP NVOEP PMGBUØSJP DPNP WFN NPʽSBOEP EFTEF PT BOPT EF P USBCBMIP EPT BOUSPQØMPHPT DBOBEFOTFT $POʽBODF $MBTTFO %BWJE )PXFT F "OUIPOZ 4ZOOPUU 1FSDFQÎÍP F QPEFS B JOʽBMBÎÍP EP QFSDFCJEP "HFODJBOEP B HÐOFTF EP TFOUJEP EB FYQFSJÐODJB B QFSDFQÎÍP Ï DMBSP UPSOB TF DBNQP EF CBUBMIB B IFHFNPOJB TPCSF P DBNQP QFS DFQUJWP DPOʽJUVJ B IFHFNPOJB TPCSF PT TFOUJEPT RVF BTTVNF P SFBM QBSB B FYQFSJÐODJB DPNQBSUJMIBEB Ï P RVF +BDRVFT 3BODJÒSF DIBNB iB QBSUJMIB EP TFOTÓWFMw 1PS VN MBEP JOÞNFSPT DØEJHPT QFSDFQUJWPT DP UJEJBOPT NBSDBN SFMBÎÜFT EF HÐOFSP EF DMBTTF F EF IJFSBSRVJBT OVNB FNQSFTB QPS FYFNQMP FORVBOUP BP TVQFSJPS TF QFSNJUF UPDBS PT GVO DJPOÈSJPT B FʽFT OÍP Ï QFSNJUJEP UPDBS P DIFGF FMF Ï JOUPDÈWFM $POT UBODF $MBTTFO EFTDSFWF P NPEP QFSWFSTP DPNP OBT DJSDVOʽÉODJBT EFHSBEBEBT EB WJEB OPT DBNQPT EF DPODFOUSBÎÍP BT PmDJBJT OB[JʽBT PʽFOUBWBN FN TVBT WJTJUBT SJDPT QFSGVNFT RVF BT TJUVBWBN OVN VOJWFSTP RVBTF JOUBOHÓWFM EJBOUF EB JNVOEÓDJF F EB GBMUB EF IJHJFOF B RVF FSBN TVCNFUJEPT PT QSJTJPOFJSPT PT BSPNBT FSBN FOUÍP TJHOP EF QPEFS F VNB GPSNB EF UPSUVSB .FOPT PV NBJT TVUJT DØEJHPT QFS DFQUJWPT EFTTB PSEFN BTTPDJBEPT B IJFSBSRVJBT EF DMBTTF F EF QPEFS QPEFN TFS FODPOUSBEPT FN UPEPT PT VOJWFSTPT TFOTPSJBJT FN UPEPT PT OÓWFJT EP WJWJEP FN UPEBT BT TPDJFEBEFT .BT B JNQPTJÎÍP EF VNB PSEFN EF QPEFS QPS NFJP EB FYQFSJ ÐODJB QFSDFQUJWB TF EÈ EF GPSNB NBJT EFDJTJWB OP DBNQP FYQFSJFODJBM DPNP VN UPEP 4F WFʽJNPT OPTTB BCFSUVSB BP NVOEP EB GÏ QFSDFQ UJWB EF RVF GBMB .FSMFBV 1POUZ Ï OFTTB BCFSUVSB QBSB P NVOEP RVF DPOʽJUVÓNPT VNB FʼÏDJF EF NPSBEB QFSDFQUJWB P NVOEP EF OPTTB GBNJMJBSJEBEF P NVOEP FN RVF JOWFʽJNPT OPTTP BGFUP 6N FYFNQMP USJWJBM QPEF FMVDJEBS B RVFʽÍP DBEB VN EF OØT KÈ WJWFV B FYQFSJÐODJB EF BQØT DFSUP UFNQP WJBKBOEP NFTNP RVF FN DPOEJÎÜFT FYUSBPSEJ OÈSJBT TFOUJS P EFTFKP EF TBCPSFBS VN QSBUP EF TVB UFSSB OBUBM TFOUJS P DPOGPSUP EP NVOEP EF TVB GBNJMJBSJEBEF DPOmHVSBEB FN VN VOJ WFSTP EF TFOTBÎÜFT POEF TF DPOʽJUVJV TVB FYQFSJÐODJB ® NFEJEB RVF UPEP P NVOEP RVF IBCJUBNPT Ï IPKF UFSSJUØSJP EF TFOTBÎÜFT JOʽBMB EP QFMB IJʽØSJB QFMB DVMUVSB F QFMBT JOʽÉODJBT EF QPEFS P NVOEP

',*,72B%RRN LQGE

" FSB EP SVÓEP TFN SVÓEP

EF OPTTB GBNJMJBSJEBEF TF DPOʽJUVJ TFHVOEP P DBNQP QFSDFQUJWP JOT UBMBEP QPS FTTB IJʽØSJB 0T TJHOPT ESBNÈUJDPT EB QSFTFOÎB EP QPEFS DPOʽJUVJOEP VN NVOEP DPOUFNQPSÉOFP TPCSF P RVBM TF QSPKFUBN EF NPEP QPVDP QFOTBEP PT BGFUPT TÍP QPS VN MBEP B POJQSFTFOÎB EF MPHPUJQPT DPSQPSBUJWPT FN FʼBÎPT PVUSPSB QÞCMJDPT RVF DPOmHV SBN B GBMÐODJB EP &ʽBEP NPEFSOP DPNP QPEFS MFHÓUJNP FNBOBEP EP QPWP F DPNP CFN OPUB P $SJUJDBM "SU &OTFNCMF FTTF EFTJOUFSFTTF EP &ʽBEP QFMPT FʼBÎPT QÞCMJDPT FʽÈ EJSFUBNFOUF MJHBEP Ë EJTTPMV ÎÍP EP MPDVT EP QPEFS OBT JOʽÉODJBT OÙNBEFT EB SFEF F QPS PVUSP B DPOTPMJEBÎÍP EF UPEP VN NVOEP EF TBCPSFT F BSPNBT F FʼBÎPT DBMDVMBEPT F QMBOFKBEPT RVF DPOʽJUVFN B GVOEBÎÍP EF UPEB B FYQFSJ ÐODJB DPOUFNQPSÉOFB B HÐOFTF EPT TFOUJEPT WJWJEPT OÍP QFSDFCFNPT OFOIVNB JOʽÉODJB EP WJWJEP RVF OÍP TFKB NBSDBEB QFMB POJQSFTFOÎB DPSQPSBUJWB PV QFMB NFEJBÎÍP UÏDOJDB EF UPEBT BT TFOTBÎÜFT 1FSDFQÎÍP F UFDOPMPHJB UFʽFNVOIPT OPUÈWFJT 4F BDFJUBNPT BT UFTFT EF RVF B QFSDFQÎÍP Ï B HÐOFTF EP TFOUJEP EB FYQFSJÐODJB F EF RVF IÈ VNB JOʽÉODJB EF QPEFS SFMBDJPOBEB Ë IF HFNPOJB TPCSF P DBNQP QFSDFQUJWP FʽÓNVMPT BMJÈT DBMDVMBEPT DBEB WF[ NBJT TFHVOEP BT NBJT BVʼJDJPTBT F BUFNPSJ[BOUFT USBUB TF EF JNQPS VNB TVCKFUJWJEBEF QPS NFJP EP DÈMDVMP EB QFSDFQÎÍP DPNP TF QBMBWSBT DPNP iGFMJDJEBEFw GPTTFN SFEVUÓWFJT BP VOJWFSTP MJNJUBEP EPT FYQFSJNFOUPT MBCPSBUPSJBJT F BPT RVFʽJPOÈSJPT QMBOFKBEPT QFT RVJTBT EB QTJDPMPHJB F EB OFVSPMPHJB FOUÍP OÍP QPEFNPT EFJYBS EF OPUBS UBNCÏN B JOUFSWFOÎÍP EFDJTJWB EBT UFDOPMPHJBT EF NFEJBÎÍP TPCSF P DBNQP QFSDFQUJWP 5BM JOUFSGFSÐODJB GPJ QSJNFJSBNFOUF OPUB EB QPS #FOKBNJO OP TFV UFYUP DMÈTTJDP TPCSF B SFQSPEVUJCJMJEBEF FN RVF BTTJOBMB B QSFTFOÎB EF VNB NPEBMJEBEF FʼFDÓmDB EB QFSDFQÎÍP NPEFSOB BUFOUB B UVEP P RVF TF SFQFUF JEFOUJDBNFOUF OP NVOEP BGFJUB ËT FʽBUÓʽJDBT F EFʼJEB EF JOWFʽJNFOUP BVSÈUJDP F EB BCFSUVSB EF VN JODPOTDJFOUF ØQUJDP 1BSB #FOKBNJO TBCFNPT BT UFDOPMPHJBT JOUFSWÐN EFDJTJWBNFOUF OP DBNQP QFSDFQUJWP 6NB BCPSEBHFN EF BMHVN NPEP TFNFMIBOUF GPJ BRVFMB DPOEV[JEB FN UFSNPT SBEJDBJT QPS .D-VIBO RVF BTTPDJPV ËT UFDOPMPHJBT B QP UÐODJB EF JNQPS NPEPT EF QFSDFCFS P NVOEP F FN DPOTFRàÐODJB

',*,72B%RRN LQGE

5FPSJBT 5ÈUJDBT

NPEPT EF PSEFOBS F GPSNBMJ[BS DPOIFDJNFOUP 6N ØUJNP FYFNQMP NFOPT DPNVN Ï P EB NÈRVJOB EF YFSPY F UPEB B SFPSHBOJ[BÎÍP EP FOTJOP VOJWFSTJUÈSJP RVF FMB EFUFSNJOPV B QBSUJS EB EÏDBEB EF QPVDP JNQPSUBN RVBJT DPOUFÞEPT GPSBN GPUPDPQJBEPT EP QPOUP EF WJʽB EF .D-VIBO TBCFNPT B NFOTBHFN EB NÈRVJOB Ï B SFPSEFOB ÎÍP RVF FMB JNQÙT BT NVEBOÎBT EF IÈCJUP F B FDPOPNJB RVF FN UPSOP EFMB TF DPOʽJUVFN 0T NFJPT EF DPNVOJDBÎÍP MJWSP mMNF UFMFWJTÍP DPNQVUBEPS JODJEFN EJSFUBNFOUF TPCSF B QFSDFQÎÍP EFUFSNJOBN NPEPT EF QFSDFCFS P NVOEP RVF SFCBUFN OPWBNFOUF TPCSF P SFBM

RVF TF SFPSEFOB Ë TVB JNBHFN F TFNFMIBOÎB EBT iEJMÞWJP BP 5BNCÏN 7JMÏN 'MVTTFS BUSJCVJV FOPSNF QBQFM JNBHFOT UÏDOJDBTw F NBJT EF VN BVUPS KÈ PCTFSWPV P QBSFOUFTDP FOUSF P SBEJDBMJTNP nVTTFSJBOP F P QFOTBNFOUP EF .D-VIBO 1BSB 'MVTTFS BT JNBHFOT UÏDOJDBT DPOʽJUVFN JOEFQFOEFOUFNFOUF EP iDPOUFÞEP JNQSFTTPw FN TVBT TVQFSGÓDJFT VNB NFOTBHFN DPEJmDBEB FN TFVT QSPHSBNBT F RVF TF EÈ DPNP BVUPNBUJ[BÎÍP EF VN NPEP EF TJHOJ mDBS F TF BQPEFSBS EP NVOEP "MHP TJNJMBS ËRVJMP RVF .D-VIBO F 'MVTTFS GPSNVMBSBN QPEF TF FODPOUSBS UBNCÏN FN 1BVM 7JSJMJP QBSB RVFN B HVFSSB Ï FN QSJNFJSP MVHBS VNB HVFSSB QFSDFQUJWB &N USB CBMIPT SFDFOUFT QSPDVSFJ NPʽSBS BT BmOJEBEFT FN VNB SFPSEFOBÎÍP EB IJFSBSRVJB EPT TFOUJEPT QSPNPWJEB QFMB DVMUVSB EJHJUBM FN RVF P PMIBS Ï SFQPTJDJPOBEP OVN DBNQP TJOFʽFTJDBNFOUF TBUVSBEP EF TFOTBÎÜFT TFHVOEP VN NPEFMP QFSDFQUJWP RVF UFOIP DIBNBEP iQFS DFQÎÍP EJHJUBMw &N TFVT WÓODVMPT QPVDP QFOTBEPT DPN FTTF BSTFOBM UFDOPMØHJDP RVF IPKF BHFODJB EF NPEP VCÓRVP UPEBT BT JOʽÉODJBT EP SFBM EP TFYP Ë HVFSSB EP MB[FS Ë DJÐODJB FTTB TJOFʽFTJB UFDOJmDBEB UFN OB WFSEBEF QPVDB SFMBÎÍP DPN FYQFSJÐODJBT USBEJDJPOBJT F SJUV BJT EF DVMUVSBT OÍP UFDOPMØHJDBT DPNP RVFSFN DSFS BRVFMFT RVF DPO mBN JOHFOVBNFOUF OB USBOʼBSÐODJB EP TVQPSUF EJBOUF EB PSEFN EF

FYQFSJÐODJB RVF JOBVHVSB

"SUF F QPEFS QBTTFJP OP DBNQP EF HVFSSB 'PJ OVN QBTTFJP QFMP )ZEF 1BSL MPOESJOP RVF FV mOBMNFOUF F UBSEJBNFOUF FOUFOEJ BT JNQMJDBÎÜFT EBRVJMP RVF TF DIBNB DPOTPMJEB ÎÍP EB BVUPOPNJB EB BSUF BP MPOHP EP TÏDVMP 9*9 EF RVF FNFSHJSBN

',*,72B%RRN LQGE

" FSB EP SVÓEP TFN SVÓEP

B BSUF NPEFSOB BT WBOHVBSEBT F mOBMNFOUF B QSPGVTÍP EF EJTDVSTPT EF NBUFSJBJT EF BWFOUVSBT F QSPQPTJÎÜFT FʽÏUJDBT F DPODFJUVBJT RVF DPOmHVSBN B DPNQMFYB QBJTBHFN EB BSUF DPOUFNQPSÉOFB F QFOTP RVF OFTTF TFOUJEP BT QSPEVÎÜFT QPÏUJDBT RVF FNQSFHBN NBUFSJBJT F TVQPSUFT UFDOPMØHJDPT OÍP QPEFN TFOÍP QPS SB[ÜFT EF VNB OFDFTTJ EBEF EF DMBTTJmDBÎÍP RVF Ï OP GVOEP FTTFODJBMNFOUF NPEFSOB TFSFN QPʽBT Ë QBSUF OVN DBNQP NBJT BNQMP EF QPÏUJDBT DPOUFNQPSÉOFBT /B WFSEBEF Ï FN DPNQBOIJB EF PCSBT RVF OÍP UÐN FN TFV QSPKFUP P GFUJDIF EB UFDOPMPHJB RVF NFMIPS TF FOUFOEFN BT EJGFSFOÎBT F TPCSF UVEP BT TFNFMIBOÎBT FOUSF FTTFT USBCBMIPT RVF BmOBM QFSUFODFN F NFTNP FWJEFODJBN UFOTÜFT RVF DPOʽJUVFN VNB NFTNB ÏQPDB 4FSÈ QPS BDBTP RVF NPEBMJEBEFT CBUJ[BEBT EF QFSGPSNBODF PV JOʽBMBÎÍP FʽFKBN UÍP GPSUFNFOUF QSFTFOUFT OPT UFSSJUØSJPT UFDOPMØHJDPT F WB NPT EJ[FS OÍP UFDOPMØHJDPT 0V RVF FTTBT QBMBWSBT UFOIBN TJEP BEP UBEBT QBSB EFTJHOBS NBOJGFʽBÎÜFT RVF FNFSHFN FN TJODSPOJB DPN P EFTFOWPMWJNFOUP EP QBSRVF EJHJUBM

'PJ EJBOUF EBT FʽÈUVBT EPT NJMJUBSFT F EPT OPCSFT JOHMFTFT SFT QPOTÈWFJT QFMB BENJOJʽSBÎÍP EBT QPTTFT DPMPOJBJT EP JNQÏSJP CSJUÉOJ DP F EF QSÓODJQFT F QSJODFTBT SFJT F SBJOIBT RVF GPSBN B FODBSOBÎÍP EF VN DFSUP NPEFMP EF QPEFS RVF QVEF EF GBUP FOUFOEFS VNB DPJTB OB WFSEBEF CBʽBOUF ØCWJB RVF Ï P RVBOUP B PCSB EF BSUF FʽFWF IJT UPSJDBNFOUF WJODVMBEB Ë QSPEVÎÍP EPT TJHOPT EF EFUFSNJOBEPT EJT DVSTPT F B VN DBNQP QFSDFQUJWP BTTPDJBEP B FʽB PV BRVFMB PSEFN EF QPEFS B *HSFKB B OPCSF[B B CVSHVFTJB P &ʽBEP FUD F DPNP B TVB DPORVJʽB EF VN DBNQP EPUBEP EF VNB DFSUB BVUPOPNJB TFNQSF QSPCMFNÈUJDB JOʽÈWFM F BUSBWFTTBEB QPS UPEBT BT PSEFOT EF JOUFSFT TFT F EJTDVSTPT NBT FOmN VNB BVUPOPNJB DPNP UFSSJUØSJP OB DVMUV SB F DPNP DBNQP EF TBCFS QFSNJUJV DPN RVF TF QSPEV[JTTFN PT TJHOPT EF PVUSBT PSEFOT EF EJTDVSTP EF PVUSBT DBEFJBT TJNCØMJDBT EF PVUSBT PSEFOT FYQFSJFODJBJT F EF TVCKFUJWJEBEFT BMUFSOBUJWBT PV NFT NP PQPʽBT ËRVFMB PSEFN 5FSSJUØSJP RVF BCSJHB P JOGPSNBMJ[ÈWFM RVF BQPOUB QBSB BMÏN EPT MJNJUFT FʽSFJUPT EB MJOHVBHFN F TVBT EFUFS NJOBÎÜFT UFSSJUØSJP EF WFSEBEFT USBOTJUØSJBT GSVUP EF FNCBUFT DPN DPOUFYUPT EF QPEFS FʼFDÓmDPT F EF SFnFYÍP TPCSF BT MJOIBT EF GPSÎB RVF OPT BUSBWFTTBN F EFUFSNJOBN OPTTP DPUJEJBOP B BSUF QFSNBOFDF

',*,72B%RRN LQGE

5FPSJBT 5ÈUJDBT

QPS JOÞUJM Ë PSEFN TPC DPOʽBOUF BNFBÎB F DBEB WF[ NBJT OFDFTTÈSJB " HSBOEF MJÎÍP EB BSUF DPOUFNQPSÉOFB GPJ UPSOBS P BSUJʽB DPOTDJFOUF EBT DBEFJBT EJTDVSTJWBT F EPT DJSDVJUPT TFNJØUJDPT BPT RVBJT TF BMJOIB EBT GBMBT RVF GVOEB BMJNFOUB PV SFWFSCFSB F DPN BT RVBJT EJBMPHB 0 EJTDVSTP JOHÐOVP EB FYQSFTTJWJEBEF QPVDP SFnFUJEB DPSSF TFNQSF P SJTDP EF TFS BQSPQSJBEP DPNP TÓNCPMP EP QPEFS JOʽBMBEP DPNP VQ HSBEF EJTTJNVMBEP OVNB FSB EB IFHFNPOJB EBT HSBOEFT DPSQPSBÎÜFT EBT FʽÈUVBT EB OPCSF[B F EP EJTDVSTP EPNJOBOUF 0 FYFNQMP QB SBEJHNÈUJDP EB SFTJʽÐODJB QFSNBOFDF DVSJPTBNFOUF TFOEP P VSJOPM B 'POUF EVDIBNQJBOB TF QPS VN MBEP (PFCFMMT QFEJB BPT DJOFBʽBT BMFNÍFT RVF MIF EFTTFN VN 1PUFNLJO DPNP P EF &JTFOʽFJO QBSFDF NBJT EJGÓDJM JNBHJOBS 4UBMJO TPMJDJUBOEP BPT BSUJʽBT TPWJÏUJDPT RVF MIF EFTTFN P TFV VSJOPM

(VFSSJMIB QFSDFQUJWB ² GÈDJM OPUBS RVF P QBSRVF UFDOPMØHJDP SFNPEFMPV BT DBUFHPSJBT POUPMØHJDBT EF UFNQP F FʼBÎP "T EJʽÉODJBT EFTBQBSFDFSBN F B WFMPDJEBEF WFSUJHJOPTB EBT EFNBOEBT QSPEVUJWBT DPOUFNQPSÉOFBT PCWJBNFOUF QPUFODJBMJ[BEBT QFMP QBSRVF EJHJUBM JOʽBMBEP DSJBN VNB UFNQPSBMJEBEF TPC B RVBM USPDBNPT JODFTTBOUFNFOUF P JNQPSUBOUF QFMP VSHFOUF DPNP EJ[ (JMMFT -JQPWFUTLZ ² DVSJPTP QPSÏN RVF -JQP WFUTLZ OÍP TF EÐ DPOUB EBT EFUFSNJOBÎÜFT EB UFDOPMPHJB OB DPOʽJUVJ ÎÍP EFTTF UFNQP IJQFSNPEFSOP & TPCSFUVEP RVF OÍP UFOIB OPUBEP RVF P NPNFOUP EF SFMBYBNFOUP EBT UFOTÜFT NPEFSOBT RVF BMFHSF NFOUF WJWFNPT DPNP B QØT NPEFSOJEBEF SFQSFTFOUPV QSFDJTBNFOUF P IJBUP FOUSF B EJTTPMVÎÍP EPT SJHPSFT EB PSEFN NPEFSOB GVOEBEB OP MJWSP F B JOʽBMBÎÍP EF VNB OPWB NPEBMJEBEF EF QPEFS NBJT SJHP SPTB QFMP DPOUSPMF QFMB WJHJMÉODJB QFMP DÈMDVMP JODFTTBOUF EF UPEBT BT JOʽÉODJBT EP WJWJEP QFMB QSPEVUJWJEBEF DPNQVMTJWB F QFMP GFUJDIF EB QSFDJTÍP F EB FmDJÐODJB QFMP DVMUP Ë BOPSFYJB F Ë UFDOJmDBÎÍP EPT BGFUPT FN RVF PT WBMPSFT DIBWF EB PSEFN QSPEVUJWB EB NPEFSOJEBEF TÍP USBOTGFSJEPT BP QBSRVF UFDOPMØHJDP RVF EFUFSNJOB BT DPOEJÎÜFT EP NVOEP IJQFSNPEFSOP $IFHBNPT mOBMNFOUF BP DBNQP QFSDFQUJWP DPOUFNQPSÉOFP F TPNPT GPSÎBEPT B SFDPOIFDFS RVF BP NFOPT OP RVF EJ[ SFʼFJUP Ë

',*,72B%RRN LQGE

" FSB EP SVÓEP TFN SVÓEP

JOUFSOFU F TFVT NJMIÜFT EF NPOJUPSFT FʼBMIBEPT QFMPT DJODP DPOUJ OFOUFT OØT FʽBNPT WJWFOEP VNB JOBDSFEJUÈWFM FOUSPQJB QFSDFQUJWB DPN UPEPT PMIBOEP QBSB UFMBT JEÐOUJDBT F FTDVUBOEP NÞTJDB FN GPS NBUP .1 $PNP QFOTBS UBM DPOUFYUP QFSDFQUJWP 1PSRVF TVCMJNJ OBSNFOUF FʽBNPT UPEPT PMIBOEP JODFTTBOUFNFOUF QBSB BT NFTNBT FʽSVUVSBT EF QJYFMT POJQSFTFOUFT &OUÍP UBMWF[ GPTTF P DBTP EF QFOTBS FN BMHVN UJQP EF UFSSPSJTNP QFSDFQUJWP DPNP ÞOJDB BMUFSOBUJWB QBSB EFnBHSBS RVBMRVFS SFWPMVÎÍP OPT TFOUJEPT EP WJWJEP RVF TF RVFJSB QPTTÓWFM &V QFOTP RVF FTTF UJQP EF UFSSPSJTNP P ÞOJDP RVF FV DPOTJ EFSP DPODFCÓWFM Ï BmOBM BRVJMP RVF FV UFOIP DIBNBEP EF BSUF 0V TF RVFSFNPT GVHJS EF JNQMJDBÎÜFT QPTTÓWFJT EFTTF UFSNP UÍP DBSSFHBEP F VN UBOUP TJOJʽSP RVF Ï B QBMBWSB UFSSPSJTNP UBMWF[ QPTTBNPT BEPUBS VN UFSNP NBJT CSBOEP RVF Ï B QBMBWSB iHVFSSJMIBw DBCF Ë BSUF QFS NBOFDFS OFTTF FʽBEP EF BMFSUB EF BGSPOUBNFOUP EF FOGSFOUBNFOUP F EF BDPSEBNFOUP RVF Ï QSÈUJDB EF VNB JODFTTBOUF HVFSSJMIB DPOUSB B FOUSPQJB EP DBNQP QFSDFQUJWP UPNBEP BRVJ DPNP TBCFNPT DPNP DBNQP EF QPEFS POEF TF EFmOFN PT NPEPT EF TJHOJmDBÎÍP EP SFBM

',*,72B%RRN LQGE

5FPSJBT 5ÈUJDBT

.BOJGFTUP QFMB SFDJDMBHFN EF SVÓOBT QPS (SVQP &TRVBESÍP 4BSDÈʽJDP

" i&YQSFTTÍP 4BSDÈʽJDBw DPNP mMPTPmB 2VBOEP VN QSPEVUPS DVMUVSBM EFDJEF SFBMJ[BS VNB QSPQPʽB OPWB PV BUÏ NFTNP GPSB EPT QBESÜFT DPNFSDJBJT BDBCB QPS USBWBS VNB WFSEBEFJSB iCBUBMIBw $PNP VN BVUÐOUJDP SFWPMVDJPOÈSJP FN QSPM EB NVEBOÎB QFMPT TFVT JEFBJT FMF TF WÐ PCSJHBEP B JS DPOUSB UPEPT PT UJQPT EF GPSÎBT RVF UJSBN QSPWFJUP EB FʽBHOBÎÍP NFOUBM EP QBÓT B PMJHBSRVJB P JNQFSJB MJTNP B DPSSVQÎÍP F P NPOPQØMJP EB DPNVOJDBÎÍP 0 &TRVBESÍP 4BSDÈʽJDP Ï VN HSVQP EF JOUFSWFOÎÍP OB NÓEJB RVF VTB DPNP GFSSBNFOUBT B MVUB QFMB EFNPDSBUJ[BÎÍP EB DPNVOJDBÎÍP B BSUF P HPMQF EF NBSLFUJOH F B QSPQBHBOEB HSBUVJUB OB EJWVMHBÎÍP F VTP EPT WFÓDVMPT BMUFSOBUJWPT DBVTBOEP JNQBʹP OPT NFJPT DPOWFODJPOBJT -FNCSBNPT BJOEB RVF OFN NFTNP P VTP EFTTFT Ï EJʼFOTÈWFM FN GVOÎÍP EB WJTJCJMJEBEF QPJT UPEP P FʼBÎP F SFDVSTP QPS NBJT JOTØMJUPT RVF TFKBN TÍP ÞUFJT QBSB EJʼPOJCJMJ[BS JOGPSNBÎÜFT RVF OÍP iQBTTBSJBw QFMPT QSPDFTTPT OPSNBJTy " JOUFSWFOÎÍP F P CPJDPUF TÍP GPSNBT EF DIBNBS B BUFOÎÍP EP DJEBEÍP FN TVB SPUJOB EJÈSJB F NBTTJmDBEB QBSB PT QSPCMFNBT EF SFBM JNQPSUÉODJB EF TVB DPNVOJEBEF F DPOTFRàFOUFNFOUF TFVT 5PEP P HPMQF EF NBSLFUJOH VOJEP B VN EJTDVSTP FOHBKBEP NFT NP DPN BT NFMIPSFT JOUFOÎÜFT QPTTÓWFJT UPNB VN BS EF iUFSSPSJTNPw FN VNB TPDJFEBEF EPNFʽJDBEB F BOFʽFTJBEB QFMB NÓEJB EPNJOBOUF $PNP GPSNB EF SFBÎÍP CFN IVNPSBEB BPT SØUVMPT FNJUJEPT QFMP TJʽFNB QBSB BCBGBS F BUÏ EFUVSQBS BT JOJDJBUJWBT PSJHJOBJT PDVQB TF EB QBSBOØJB iUFSSPSJʽBw OB EFmOJÎÍP EF VN iFTRVBESÍPw IUUQ XXX TBSDBTUJDP DPN CS

',*,72B%RRN LQGE

.BOJGFTUP QFMB SFDJDMBHFN EF SVÓOBT

4Ø RVF VN FTRVBESÍP GFJUP EF HVFSSJMIFJSPT EF QBQFM TPOT F CZUFT BHJOEP OP NFJP DVMUVSBM 4FOEP FTTF P NFJP NBJT BQSPQSJBEP QBSB P USBWBNFOUP EF DPOnJ UPT QPJT Ï POEF TF SFnFUFN F JOUFSBHFN BT BʼJSBÎÜFT OFDFTTJEBEFT F BUÏ iFʽSBWBTBNFOUPTw IVNBOPT RVF SFRVFSFN SFTPMVÎÜFT OÍP FO DPOUSBEBT GBDJMNFOUF EFWJEP Ë DPNQMFYJEBEF EF TVBT DBVTBT &NCPSB UFOIBNPT DPOTDJÐODJB EF RVF BUÏ FN VNB SFWPMVÎÍP DVMUV SBM IÈ NPSUPT F GFSJEPT MVUBNPT QBSB RVF P QÞCMJDP OÍP TFKB BQFOBT BMWP 0 4BSDBTNP Ï VNB SFʼPʽB BP iSFBMJTNP GBOUÈʽJDPw WJWJEP OFʽF QBÓT EF WFSEBEFT UÍP BCTVSEBT F JOBDSFEJUÈWFJT FN TFV DPUJEJBOP RVF QBSB QSPDFTTÈ MBT Ï OFDFTTÈSJP BMÏN EF FʽÙNBHP VN BQÐOEJDF EF BUJUVEF DPOUFʽBEPSB F DSÓUJDB RVF QPS VNB RVFʽÍP EF TPCSFWJWÐODJB UFOIB TFOTP EF IVNPS P TVmDJFOUF QBSB OÍP DBJS FN BSNBEJMIBT PT SØUVMPT 4FOEP BTTJN P 4BSDBTNP FWPMVJV EF VN TVCʽBOUJWP BOBMP HBNFOUF FN GVOÎÍP EB EFTDSFOÎB HSBEBUJWB OP FʽBEP EFHFOFSBEP FN RVF BT PSHBOJ[BÎÜFT IVNBOBT HPWFSOP SFMJHJÍP F TJʽFNB FDPOÙ NJDP TF DPOʽJUVFN QBSB VNB mMPTPmB 7PDÐ EÈ B PVUSB GBDF DPN VNB iFYQSFTTÍP TBSDÈʽJDBw RVF P EFGFO EB BP NFTNP UFNQP FN RVF BUBDB TFVT BHSFTTPSFT DPOGVOEJOEP PT 1PJT TBSDBTNP Ï DSJUJDBS TPSSJOEP 0T 4BSDÈʽJDPT DVMUJWBN B EFTJMVTÍP DPNP VN TFOUJNFOUP DPO UFʽBEPS F DPOʽSVUJWP OP TFOUJEP RVF OÍP UFOEP RVF FʼFSBS QPS NBJT OBEB QBTTB B QSPEV[JS QPS TJ NFTNP 6NB EBT NBJT GBNPTBT F BOUJHBT SFGFSÐODJBT EFTTF TFOUJNFOUP WFN IÈ NBJT EF EPJT NJM BOPT EB ÏQPDB EF %JØHFOFT EF 4ÓOPQF B $ VN mMØTPGP DÓOJDP HSFHP RVF WJWFV FN "UFOBT 4VB EFTJMVTÍP FSB UBOUB RVF DBNJOIBWB QFMBT SVBT EF "UFOBT DPN VNB MÉNQBEB HSJUBOEP i#VTDP VN IPNFN IPOFʽPw " mMPTPmB EF %JØHFOFT FSB P $JOJTNP EPVUSJOB GVOEBEB QPS "O UÓʽFOFT EF "UFOBT B RVBM SF[BWB RVF SJRVF[B F B GBNB FSBN NBMFT FORVBOUP B QPCSF[B F B PCTDVSJEBEF FSBN CFOT 0T $ÓOJDPT CVTDBSBN EFTDPOTJEFSBS MFJT GSPOUFJSBT DPOWFOÎÜFT PQJOJÍP QÞCMJDB SFQVUBÎÍP IPOSB F EFTPOSB %FGFOEJBN B BVUP TVGJDJÐODJB BVUBSRVJB FOGBUJ[BOEP P FHP EPNÓOJP NPSBM F OFHBO EP B OFDFTTJEBEF EF WBMPSFT DPNP B GBNÓMJB B DVMUVSB B SFMJHJÍP F P &ʽBEP "T EFTJMVTÜFT EF %JØHFOFT QFSQFUVBSBN TF BUÏ FʽF NJMÐOJP

',*,72B%RRN LQGE

5FPSJBT 5ÈUJDBT

BHSBWBEBT QPS VNB TFOTBÎÍP EF FYUJOÎÍP JNJOFOUF QFMB FYQMPSBÎÍP EFTFOGSFBEB EPT SFDVSTPT OBUVSBJT F QFMP BVUPDPOIFDJNFOUP RVF B IJʽØSJB B QTJDBOÈMJTF F PVUSBT DJÐODJBT USPVYFSBN 0 4BSDBTNP Ï P SFTVMUBEP EFTTF mN EF TÏDVMP VN FTHPUBNFOUP F VNB CVTDB EF USBOTJÎÍP OÍP TØ QBSB VN OPWP TÏDVMP PV NJMÐOJP

NBT QBSB VN OPWP NVOEP %BÓ TFV DBSÈUFS RVBTF iBQPDBMÓQUJDPw 0T 4BSDÈʽJDPT TÍP JOEJWÓEVPT GSVʽSBEPT F BVUPDSÓUJDPT QBSPEJBO EP TF FN UVEP RVF B NÓEJB TVCTFSWJFOUF BP TJʽFNB F QPSUBOUP EF JOUFSFTTF OB FʽBHOBÎÍP NBTTJmDB DPN VN BQFMP iGBOUÈʽJDPw OB UFO UBUJWB EF FNCSJBHBS P DJEBEÍP EJBOUF EF VNB SFBMJEBEF GSJB F DSVFM %FWJEP Ë FTDBTTF[ EF SFGFSÐODJBT RVF VNB DVMUVSB UPUBMJUÈSJB PGFSFDF UFN TF OB QBSØEJB OB iBOUSPQPGBHJBw B ÞOJDB WJB EF EJTDFS OJNFOUP QBSB B WFSEBEFJSB DSJBUJWJEBEF &N NFJP B UPEB FTTB iSFDJDMB HFNw EF SVÓOBT P 4BSDÈʽJDP TPSSJ EF QFSQMFYB JOEJHOBÎÍP TBUVSBEP DPN PT BUVBJT NFJPT EF DPNVOJDBÎÍP RVF QPS NPUJWP EF GPSÎB NBJPS HSBOB FN QMFOB FSB EB JOGPSNBÎÍP DPMBCPSBN QBSB QJPSBS B TJUVB ÎÍP EF VN QPWP TFN NFNØSJB BVUP FʽJNB F DBEB WF[ NBJT DBSFOUF Ë NFEJEB RVF MIF TÍP SFUJSBEBT PQÎÜFT RVF GB[FN NVJUB EJGFSFOÎB OB IPSB EF WPUBS UFS FEVDBS TFVT mMIPT F JOUFSBHJS DPOTDJFOUFNFOUF OP NFJP BNCJFOUF FWPMVJOEP EFʽB iFSB EBT USFWBTw OÍP NVJUP EJGFSFO UFT EBRVFMBT WJWJEBT OB ÏQPDB EF %JØHFOFTy 0T 4BSDÈʽJDPT FYQSFTTBN BT TVBT JOTBUJTGBÎÜFT F DPOUFʽBÎÜFT BUSBWÏT EF NFUÈGPSBT SFQSFTFOUBÎÜFT F mHVSBT EF MJOHVBHFN QPJT BDSFEJUBN OB BSUF DPNP VN TFOUJEP FWPMVÓEP F FYUSFNBNFOUF OFDFT TÈSJP OB DPNVOJDBÎÍP IVNBOB " EJGFSFOÎB EBT JDPOPHSBmBT F QFSTP OJmDBÎÜFT DSJBEBT QFMPT 4BSDÈʽJDPT F BT EF PVUSPT HSVQPT F EPVUSJOBT Ï B DPOʽBOUF DPOTDJÐODJB EP DBSÈUFS mHVSBUJWP EF TFVT DPODFJUPT NBOUFOEP TFV TFOUJEP PSJHJOBM F OÍP PT UPSOBOEP NJUPT EF SFGFSÐODJB EVWJEPTB PV VOJDBNFOUF TÓNCPMPT EF GÏ %FOUSP EFTTB mMPTPmB GPJ DSJBEP 4JNPO (P EF 'MPSJQB E $

B QFSTPOJmDBÎÍP EF VN BOEBSJMIP JOTBUJTGFJUP RVF QFSDPSSF PT DBNJ OIPT PCTDVSPT EB DVMUVSB CSBTJMFJSB DPN VNB MBOUFSOB BMUFSOBUJWB QSPDVSBOEP B WFSEBEFJSB QSPEVÎÍP BSUÓʽJDB F RVFN SFBMNFOUF UFN JOUFSFTTF OFMB "MÏN EF FYQPS BT JOGPSNBÎÜFT FYDMVÓEBT EPT DÓSDVMPT WJDJPTPT EP TJʽFNB

',*,72B%RRN LQGE

.BOJGFTUP QFMB SFDJDMBHFN EF SVÓOBT

4FV PCKFUJWP Ï UJSBS FʽB BUNPTGFSB iPDVMUJʽBw EF OPTTBT NBOJ GFʽBÎÜFT TPUFSSBEBT QFMBT TVQFSmDJBJT NPOUBOIBT EF CJCFMÙT EB NÓ EJB CSBTJMFJSB 4JNPO (P RVFS RVFCSBS DJDMPT 2VFS SFHJʽSBS PT GBUPT 2VFS GB[FS NFUBMJOHVBHFN FN DJNB EF NFUBMJOHVBHFN FN 'SBOLMJO $BTDBFT RVF EJTTF i$BEB BSUJʽB Ï VN BQBSFMIP SFHJʽSBEPS RVF USBOT QPSUB EF HFSBÎÍP FN HFSBÎÍP B SFBMJEBEF CJPMØHJDB DVMUVSBM F UÏDOJDB EPT QPWPTw 4JNPO (P BDSFEJUB OJTTP DPNP BDSFEJUB OB VUJMJEBEF EF iRVFT UJPOBS GÏTw EF 1BVMP 'SFJSF UFOUBOEP OÍP QFSEFS B UFSOVSB DPNP $IF (VFWBSB /FN RVF TFKB OVN TPSSJTP TBSDÈʽJDP EF HVFSSJMIFJSP DVMUV SBMy 1PEFSJB TF DJUBS VNB JOmOJEBEF EF OPNFT RVF DPOUSJCVÓSBN F DPOUSJCVFN QBSB RVF B TVCTJʽÐODJB MJUFSÈSJB F MJUFSBM OFTTF QBÓT TFKB NBJT UPMFSÈWFM .POUFJSP -PCBUP -VJT 'FSOBOEP 7FSÓTTJNP $IJDP 4DJFODF "VHVʽP EPT "OKPT F VNB JOmOJEBEF BJOEB NBJPS F RVF OÍP WBJ DIFHBS OFN QFSUP EPT DVSSÓDVMPT FTDPMBSFT EPT OPTTPT OFUPT ² QPS JTTP RVF &TRVBESÍP 4BSDÈʽJDP MVUB QFMB EFNPDSBUJ[BÎÍP EB DPNVOJ DBÎÍP F QFMB WJBCJMJ[BÎÍP EF WFÓDVMPT BMUFSOBUJWPT F DPNVOJUÈSJPT RVF BUSBWÏT EF TFV EFTWÓODVMP DPN B MØHJDB QVSBNFOUF DPNFSDJBM GBÎBN VN USBCBMIP EF DPOUSB JOGPSNBÎÍP SFFEVDBÎÍP F NBOVUFOÎÍP EF WB MPSFT DVMUVSBJT JOEJʼFOTÈWFJT Ë QPQVMBÎÍP 1PJT WFSEBEFJSB SFWPMVÎÍP OÍP Ï B QPMÓUJDB PV B BSNBEB NBT B DVM UVSBM 4FOEP BTTJN DPNQSFFOEFNPT BT OPTTBT BUJWJEBEFT DPNP VN BSRVJWP QBSB BT HFSBÎÜFT GVUVSBT SFHJʽSBOEP F QSPDFTTBOEP PT GBUPT F FRVÓWPDPT BMBSEFBOEP BT NBTTBT F SJOEP NVJUP EB EFTHSBÎB RVF TF RVFS BMIFJB /B IJQØUFTF EF RVF BMHVNB GBDÎÍP EB TPDJFEBEF NJOPSJB PV OÍP UFOIB VN EJTDFSOJNFOUP NBJPS FOUSF OPTTPT FSSPT F BDFSUPT TPSSJNPT BQPDBMJQUJDBNFOUF FODFSSBOEP FʽF NBOJGFʽP DPN VNB UFSOB SFnFYJWB QSPGVOEB DPOʽBUBÎÍP EF 4JNPO (P TPCSF B WJEB 4Ø TFOEP 4"3$«45*$0 $0. P #3BTJM NFTNPy %Í y 4BVEBÎÜFT 4BSDÈʽJDBT (SVQP &TRVBESÍP 4BSDÈʽJDP QFMB &YQSFTTÍP 4BSDÈʽJDB

',*,72B%RRN LQGE

5FPSJBT 5ÈUJDBT

*OUFSGBDFT DPN B SFBMJEBEF QPS -VDBT #BNCP[[J

1BSUP EP QSJODÓQJP EF RVF B iSFBMJEBEFw WFN JOUFSFTTBOEP B TF UPSFT EB JOEÞʽSJB DVMUVSBM F EB QSPEVÎÍP BSUÓʽJDB EF GPSNB EJGFSFOUF EP RVF WJOIB BDPOUFDFOEP 1BSUP UBNCÏN EF VN QSJODÓQJP UBMWF[ RVFʽJPOÈWFM EF RVF FTTB iSFBMJEBEF PSEJOÈSJBw WFN JOUFSFTTBOEP BPT JOEJWÓEVPT EF GPSNB UBNCÏN EJGFSFOUF OB NFEJEB FN RVF FTTF TF SFMBDJPOBN DPN B WJEB QÞCMJDB EB DJEBEF F DPN TVBT SFʼFʹJWBT EV SF[BT EF GPSNB DBEB WF[ NBJT NFEJBEB 4F DPOTJEFSBSNPT RVF B NBJP SJB EBT QFTTPBT RVF GSFRàFOUBN P DJSDVJUP EB BSUF OÍP TF SFMBDJPOB DPN B SFBMJEBEF EF GPSNB DPUJEJBOB FGFUJWB /PT QSPUFHFNPT EFTTB SFBMJEBEF BUSBWÏT EB VUJMJ[BÎÍP EF DBSSPT EF QPSUBSJBT HSBEFT KBOFMBT DPOEPNÓOJPT DFSDBEPT QSÏEJPT EJʽBOUFT EP DFOUSP EBT DBQJUBJT /FN UPEPT BTTVNFN NBT OÍP Ï TFNQSF RVF BT QFTTPBT FODPOUSBN EJʼP TJÎÍP QBSB P DIFJSP P HPʽP DPOUÓOVP EFTTB SFBMJEBEF /PT QSPNFUFN RVF B GPSNB TFHVSB EF OPT SFMBDJPOBSNPT DPN B SFBMJEBEF TFSJB BUSB WÏT EF TJʽFNBT NFEJBEPSFT EF EJʼPTJUJWPT UÏDOJDPT GÓTJDPT F WJSUVBJT .VJUBT WF[FT FTTB NFEJBÎÍP TFRVFS FʽBCFMFDF VN DPOUBUP FGFUJWP FOUSF OPTTBT WJEBT QSPUFHJEBT F B PSEJOBSJFEBEF FTDBODBSBEB EBT SVBT EB DJEBEF PV EB QPFJSB EP JOUFSJPS EP QBÓT .VJUBT WF[FT P TJʽFNB NFEJBEPS TF USBWFʽF EF SFBMJEBEF FNCFCJEP FN VNB FʼÏDJF EF WFS OJ[ EF VNB SFBMJEBEF TVQFSmDJBM F QPS WF[FT FʽFUJ[BEB OÍP NBJT B SVB P FʼBÎP QÞCMJDP P DIFJSP EB UFSSB NBT VNB FʼÏDJF EF BCʽSB ÎÍP RVF DPSSF QBSBMFMB Ë OPTTB WJEB /FTTFT NFDBOJTNPT EF NFEJBÎÍP DPNVNFOUF FOUSBN PVUSPT FMFNFOUPT RVF SFGPSÎBN P iTBCPSw EFTTB SFBMJEBEF DPNP B JOUJNJEB EF F P BDFTTP Ë QSJWBDJEBEF NFTNP FN TJʽFNBT EF SFMBÎÜFT UJQJDB NFOUF QÞCMJDPT "QSPYJNP FTTB JEÏJB EF SFBMJEBEF ËT UFDOPMPHJBT EB JOUJNJEBEF 4ÍP UFDOPMPHJBT RVF UÐN B QSFTVOÎÍP EF NVEBS BT GPSNBT 0 UFSNP SFBMJEBEF BRVJ EFWF TFS FOUFOEJEP DPNP SFMBUJWP BP PSEJOÈSJP DPNP SFGFSFOUF Ë WJEB QÞCMJDB SFTVMUBEP EF SFMBÎÜFT EJSFUBT JNFSTBT OP BNCJFOUF VSCBOP PV SVSBM

',*,72B%RRN LQGE

*OUFSGBDFT DPN B SFBMJEBEF

EF TF SFMBDJPOBS DPN P NVOEP "T GSPOUFJSBT FOUSF QÞCMJDP F QSJWBEP

FʽÍP TF BQBHBOEP TPC B JOnVÐODJB EBT OPWBT UFDOPMPHJBT EJHJUBJT EPT DFMVMBSFT BPT DPNQVUBEPSFT RVF TF QPEF WFʽJS EBT NÓEJBT DPN QPT TJCJMJEBEFT UÈUFJT JOUFSGBDFT IÈQUJDBT BPT JOʽSVNFOUPT EF DPNVOJDB ÎÍP JOʽBOUÉOFB DIFHBOEP BPT NBJT SFDFOUFT F iQFSWBTJWPTw TJʽFNBT CBTFBEPT OB QPTJÎÍP F MPDBMJ[BÎÍP EP VTVÈSJP MPDBUJWF NFEJB

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5FPSJBT 5ÈUJDBT

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*OUFSGBDFT DPN B SFBMJEBEF

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',*,72B%RRN LQGE

5FPSJBT 5ÈUJDBT

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IUUQ BSDIJWFT DOO DPN 803-% FVSPQF CSJUBJO IPNFMFTT "DFTTP FN KVO

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*OUFSGBDFT DPN B SFBMJEBEF

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5FPSJBT 5ÈUJDBT

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OB #JFOBM BOPT 5SBUB TF EF VN EF NFVT QSJNFJSPT QSPKFUPT FN RVF FTTB JEÏJB EF JOUFSGBDF DPN B SFBMJEBEF GPJ MFWBEB BEJBOUF DPN VNB NBJPS DPOTDJÐODJB EP RVF FʽBWB GB[FOEP &SB VN USBCBMIP DPNQPʽP EF EPJT FMFNFOUPT QSJODJQBJT VN PVUEPPS F VN DBSSP &MF SFQSPEV [JB VN QBJOFM EP UJQP iUSJFESPw DPN USÐT GBDFT EVBT EFMBT WJTÓWFJT BP QÞCMJDP %F VN MBEP GPSBN QSPKFUBEBT JNBHFOT EF FʼBÎPT QÞCMJDPT WB[JPT F EFTBCJUBEPT %F PVUSP MBEP TJUVBÎÜFT RVF BDPOUFDFN FN FT QBÎPT QÞCMJDPT NBT RVF TVQPʽBNFOUF TFSJBN NBJT BQSPQSJBEBT FN FʼBÎPT QSJWBEPT &TTBT JNBHFOT NPʽSBWBN USÐT TJUVBÎÜFT RVF TF TP CSFQVOIBN Ë QSPKFÎÍP EPT FʼBÎPT WB[JPT P SJUVBM EF VN iUSBCBMIPw GFJUP QPS VN DBSJKFCØ OVNB FODSV[JMIBEB VNB FODPNFOEB EF DBO EPNCMÏ P TBDSJGÓDJP EF VNB HBMJOIB EPJT USBWFʽJT TF NBʽVSCBOEP FN SFHJÜFT QÞCMJDBT F OPCSFT EB DJEBEF F VN TVKFJUP GVNBOEP DSBDL 4ÍP TJUVBÎÜFT UBCV RVF JODPNPEBN B TPDJFEBEF NBT RVF DPOWJWFN OP FʼBÎP QÞCMJDP TFN NBJPSFT DPOnJUPT /P DFOUSP EB JOʽBMBÎÍP GPJ DPMPDBEP FOmN VN DBSSP VN UÈYJ RVF GVODJPOBWB DPNP VNB FʼÏDJF EF FMFNFOUP NFEJBEPS VNB JOUFSGBDF QBSB BT QFTTPBT TF SFMBDJPOBSFN DPN FTTBT JNBHFOT DPOTJEFSBEBT FYFNQMPT EB CBSCÈSJF VSCBOB " TJ UVBÎÍP QSPQPʽB QFMP USBCBMIP TVHFSJB RVF BT QFTTPBT TF DPMPDBTTFN EFOUSP EP DBSSP QBSB RVF QVEFTTFN WFS NBJT DPNPEBNFOUF BRVFMBT JNBHFOT DPN VN DPOʽSBOHJNFOUP NFOPS VNB WF[ QSPUFHJEBT QPS FTTF WFÓDVMP EF GSVJÎÍP EB DJEBEF &ORVBOUP FʽBWBN OP DBSSP QPEJBN UBNCÏN PVWJS WÈSJPT EFQPJNFOUPT EF NPUPSJʽBT EF UÈYJ DPOUBOEP FYQFSJÐODJBT FYUSFNBT WJWJEBT FN TFV JOUFSJPS EFOUSP EFTTF WFÓDVMP

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*OUFSGBDFT DPN B SFBMJEBEF

NFJP BNCÓHVP RVF UFN GVOÎÍP UBOUP QSJWBEB DPNP QÞCMJDB "TTJN DPNP FN BMHVOT PVUSPT USBCBMIPT QSPEV[JEPT OPT ÞMUJNPT BOPT IÈ FN VNB SFJODJEFOUF QSPDVSB QFMPT MJNJUFT EF GSPOUFJSBT FOUSF PT VOJWFSTPT QÞCMJDP F QSJWBEP /FTTBT PCSBT JOUFSFTTB FYBUBNFOUF P QPOUP EF DPOnVÐODJB P DPOUPSOP FNCBÎBEP BT [POBT EF JOUFSTFDÎÍP 6SHÐODJBT BSUF SFBMJEBEF

"HJS FN [POBT EF DPOnJUP DPN P PVUSP FN [POBT NBSHJOBJT F EFʼSPUFHJEBT FN TJUVBÎÜFT OÍP JOʽJUVDJPOBJT KÈ Ï VNB JOEJDBÎÍP EF RVF BMHP EJGFSFOUF FʽÈ BDPOUFDFOEP OP TJʽFNB EB BSUF F OÍP GPJ VNB UFOEÐODJB EJUBEB QPS DVSBEPSFT PV HBMFSJBT /B QSPEVÎÍP BSUÓʽJDB DPOUFNQPSÉOFB B SFMFWÉODJB EB iSFBMJEB EFw GPSKB VN DFOÈSJP NVMUJGBDFUBEP 0 BQBSFDJNFOUP EF USBCBMIPT EF BSUF RVF TF MBOÎBN TPCSF PT BQBSBUPT EB UFDOPMPHJB QPSUÈUJM PV TFN mP WFN UPSOBOEP P DPOUFYUP BJOEB NBJT DPNQMFYP "OUFT EF QBSUJS NPT QBSB VNB BOÈMJTF NBJT FʼFDÓmDB BDFSDB EPT EFTMPDBNFOUPT QSP EV[JEPT QFMP VTP NBDJÎP EFTTBT UFDOPMPHJBT UBMWF[ EFWBNPT MFWBS FN DPOTJEFSBÎÍP RVF P BVNFOUP EF QSÈUJDBT EF JOUFSWFOÎÍP VSCBOB PV BUJWJTNP EB NÓEJB TVSHF UBNCÏN EF VNB DPOnVÐODJB BNCÓHVB FOUSF P QFOTBNFOUP QPMÓUJDP RVF VTB B BSUF DPNP FʽSBUÏHJB F B BSUF RVF TF MBOÎB OB SFBMJEBEF NBJT EJSFUB DPN B VSHÐODJB EF VNB BÎÍP TFN FTRVFDFS VNB DFSUB QVCMJDJEBEF RVF TF VUJMJ[B EF BNCPT EB UFDOP MPHJB F EB QPMÓUJDB QBSB mOT FʽSJUBNFOUF NFSDBEPMØHJDPT &N UPEPT PT DBNJOIPT B SFBMJEBEF TF UPSOB VN DBNQP EF CBUBMIB P MVHBS EF FNCBUF FOWPMWFOEP FʽSBUÏHJBT EJWFSTBT ËT WF[FT EB BSUF EB QPMÓUJDB PV EP NBSLFUJOH 0 GFOÙNFOP EPT DPMFUJWPT BSUÓʽJDPT DPMBEPT OP BUJWJTNP UBN CÏN QPEF FOGBUJ[BS B WJTÍP EF RVÍP JNFSTB OB SFBMJEBEF FʽÈ B QSP EVÎÍP EF BSUF DPOUFNQPSÉOFB 'BMP EF EFUFSNJOBEPT QSPKFUPT RVF QPEFN OPT BQPOUBS NVJUPT BʼFʹPT FN UPSOP EPT DPOnJUPT FOUSF B BSUF F B OFDFTTJEBEF EF BÎÍP OP BNCJFOUF NBJT JNFEJBUP i"MHVNBT DPJTBT WPDÐ KBNBJT mDBSÈ TBCFOEP QFMB NÓEJBw GPJ VNB

QSPWPDBÎÍP JNQSFTTB EP HSVQP 'PSNJHVFJSP DPMPDBEB FN QPʽFT EF FMFUSJDJEBEF BP MPOHP EB BWFOJEB #SBTJM FN 4ÍP 1BVMP B DJEBEF UFN IUUQ XXX DPNVN DPN EJQIVTB GPSNJHVFJSP "DFTTP FN KVO

',*,72B%RRN LQGE

5FPSJBT 5ÈUJDBT

TJEP TVQPSUF F JOʼJSBÎÍP QBSB WÈSJBT BÎÜFT EFTTF UJQP *NQSFTTJPOBO UF DPNP FTTBT JOTDSJÎÜFT OÍP TF mYBSBN FYBUBNFOUF QPS VUJMJ[BSFN DPNP TVQPSUF B QSØQSJB NÓEJB " BÎÍP GPJ SFQFUJEB FN EVSBOUF B DIBNBEB iPDVQBÎÍPw EF BSUJʽBT OVN QSÏEJP FGFUJWBNFOUF PDVQB EP QFMP ĞĤĥĔ OB BWFOJEB 1SFʽFT .BJB $PNP GPSNB EF DIBNBS B BUFOÎÍP QBSB BʼFʹPT RVF B JNQSFOTB WJOIB TF OFHBOEP B BQPOUBS DPN SFMBÎÍP Ë DPOEJÎÍP GSBHJMJ[BEB EPT NPSBEPSFT GPSBN BmYBEPT PT DBSUB[FT DPN PT NFTNPT EJ[FSFT TPCSF PT QBJOÏJT QVCMJDJUÈSJPT PVUEPPST RVF DPCSFN B GBDIBEB EP QSÏEJP "MJ BT GSBTFT UBNCÏN OÍP TPCSFWJWFSBN NVJUP &N DFSDB EF EPJT EJBT OÍP IBWJB NBJT WFʽÓ HJPT EB DPMBHFN 3FDFOUFNFOUF FN VNB NPCJMJ[BÎÍP QSPNPWFOEP FODPOUSPT F BÎÜFT EF BSUJʽBT FN TPMJEBSJFEBEF BPT NPSBEPSFT EFTTF NFTNP FEJGÓDJP BHPSB FN GVOÎÍP EB SFJOUFHSBÎÍP EF QPTTF PCUJEB QFMP QSPQSJFUÈSJP RVF TPOFHB *156 IÈ NBJT EF BOPT GPJ GFJUB VNB OPWB BÎÍP TPCSF PT QBJOÏJT QVCMJDJUÈSJPT /FTTB ÞMUJNB TJUVBÎÍP B GSBTF BERVJSJV VNB DPOPUBÎÍP EJGFSFOUF VNB WF[ RVF PT QBJOÏJT HF SBN MVDSP BP QSPQSJFUÈSJP F IPVWF VN BDPSEP DPN P NPWJNFOUP QBSB RVF PT QBJOÏJT GPTTFN QPVQBEPT F OÍP TPGSFTTFN JOUFSGFSÐODJBT 0V TFKB FTTF FʼBÎP BÏSFP TF NBOUÏN DPNP VNB QSPQSJFEBEF JO WJPMÈWFM NFTNP FʽBOEP B QPTTF EP JNØWFM RVF P TVʽFOUB TVʼFOTB .FTNP RVF OÍP UFOIBN EVSBEP NVJUP JOTFSÎÜFT DPNP FTTB SFWFSCF SBN OP JNBHJOÈSJP DPMFUJWP %F GPSNB BOÈMPHB P TMPHBO i0OEF &ʽÈ P )PSJ[POUF w DPMPDBEP FN QBTTBHFOT TVCUFSSÉOFBT FN 4ÍP 1BVMP QFMP HSVQP $POUSB 'JMÏ m DPV OB NFNØSJB EF NVJUB HFOUF 4FNFMIBOUF BP RVF BDPOUFDF DPN P HSBmUF #SJBO )PMNFT TVHFSF RVF FTTBT JOTDSJÎÜFT OB SFBMJEBEF EJT UBODJBEBT EP ØCWJP QPEFN BERVJSJS P QPUFODJBM EF FOVODJBEP EF VN IJFSØHMJGP VNB QJʽB QBSB FOUFOEFS B BSUF QSPEV[JEB OFʽF UFNQP /P QSPKFUP ;POB EF "ÎÍP P HSVQP $POUSB 'JMÏ GPJ NBJT MPOHF 0 QSPKFUP $BNQBOIB QBSB %FTDBUSBDBMJ[BÎÍP EB 1SØQSJB 7JEB DSJPV JODJTÜFT EF DBSÈUFS EVSBEPS F FGFUJWP OB NFNØSJB DPMFUJWB "UFOUPT PCTFSWBEPSFT EBT DPOUSBEJÎÜFT OB USBNB VSCBOB PT JOUFHSBOUFT EP HSVQP DSJBSBN VNB TVQPʽB DBNQBOIB VUJMJ[BOEP VN NFDBOJTNP CB

)0-.&4 #SJBO )JFSPHMZQIT PG UIF 'VUVSF "SU BOE 1PMJUJDT JO B /FUXPSLFE &SB ;BHSFC "SL[JO Q

',*,72B%RRN LQGE

*OUFSGBDFT DPN B SFBMJEBEF

OBM EF DPOUSPMF CJPQPMÓUJDP FYJʽFOUF OB TPDJFEBEF "T DBUSBDBT NF UBGØSJDBT PV OÍP TÍP BQBSBUPT EF VN DPOUSPMF FGFUJWBEP QFMBT GPSÎBT EF QPEFS TPCSF PT DJEBEÍPT " BÎÍP JOJDJBM F RVF EJʼBSPV VNB TÏSJF EF BDPOUFDJNFOUPT DPSSFMBUPT DPOTJʽJV OB DPMPDBÎÍP EF VNB DBUSBDB FOGFSSVKBEB TPCSF VN QFEFʽBM OP MBSHP EP "SPVDIF POEF TF FODPO USB VNB QSBÎB DPN CVʽPT EF QPFUBT F FTDSJUPSFT DPNP 0MBWP #JMBD (VJMIFSNF EF "MNFJEB F PVUSPT iOPCSFTw EB MJUFSBUVSB CSBTJMFJSB 1PVDPT DPOTFHVJSBN FYQMJDBS P PDPSSJEP " QSFGFJUVSB EF 4ÍP 1BVMP TF NBOJGFʽPV EJ[FOEP RVF JSJB QSPWJEFODJBS B SFUJSBEB P NBJT CSFWF QPTTÓWFM 0 GBUP Ï RVF B DBUSBDB WJSPV OÍP BQFOBT GBUP NBT QBTTPV B TFS SFBMNFOUF VNB NFUÈGPSB QBSB NVJUPT EPT QSPCMFNBT FODPOUSBEPT QFMPT DJEBEÍPT OB DJEBEF EF 4ÍP 1BVMP 0T KPSOBJT QBTTBSBN B OPUJDJBS P BTTVOUP OBT DPMVOBT EF MFJUPSFT F BUSBWÏT EF TFVT QSJODJQBJT DPMV OJʽBT RVFʽJPOBOEP B DPOEJÎÍP EF BSUF PV OÍP EP QSPKFUP 0 HSVQP MBOÎPV BT RVFʽÜFT i1PS RVBOUBT DBUSBDBT QBTTBNPT EJBSJBNFOUF w i1PS RVBOUBT OÍP QBTTBNPT BQFTBS EF UFSNPT B TFOTBÎÍP EF QBTTBS w &OUSF PVUSPT BʼFʹPT EF JOUFSFTTF WBMF SFTTBMUBS P RVBOUP B BÎÍP SF QFSDVUJV OPT NFJPT EF DPNVOJDBÎÍP DSJBOEP NFTNP JODJEFOUFT FN UPSOP EP QSPKFUP 0 DBSUVOJʽB -BFSUF SFUPNPV TFV QFSTPOBHFN IP NFN DBUSBDB BHPSB JOTFSJEP OP EJTDVSTP EF EFTDBUSBDBMJ[BÎÍP TVHF SJEP QFMB PCSB EP $POUSB 'JMÏ &N KBOFJSP EF NBJT EF TFJT NFTFT BQØT B BÎÍP B 'VWFʽ P NBJPS WFʽJCVMBS CSBTJMFJSP VTPV P GBUP DPNP UFNB EB TVB QSPWB EF SFEBÎÍP 1PVDP UFNQP EFQPJT P #BODP *UBÞ JO TFSJV P UFNB FN TFVT BOÞODJPT QVCMJDJUÈSJPT OVNB BUJUVEF UÓQJDB EF BQSPQSJBÎÍP F PV TVCWFSTÍP EF TFOUJEP EJHB TF EF QBTTBHFN DPN PT EJ[FSFT i7FʽJCVMBOEP EFTDBUSBDBMJ[F TVB WJEB BCSB VNB DPOUB OP *UBÞw .BJT UBSEF FʽVEBOUFT FN QSPUFʽP DPOUSB B UBYB EP WFʽJCVMBS SFGPSÎBSBN P TFOUJEP EF VTP EB DBUSBDB DPNP PCKFUP EF VTP DPOUSP MBEPS BP JODFOEJBS VNB DBUSBDB BOUFT EF JOWBEJS VN QSÏEJP EB 'VWFʽ 0 DÓSDVMP EF SFMBÎÜFT NÞUVBT TF EFNPOʽSB EF NBOFJSB FYFNQMBS DPN FTTF QSPKFUP OÍP BQFOBT JOUFSGFSJOEP OP DVSTP EB SFBMJEBEF NBT DSJBOEP VNB QSØQSJB SFBMJEBEF GBʹVBM F QPUFOUF IUUQ JSBUJPOBM PSH UUUQ 5551 "DFTTP FN KVO

IUUQ JSBUJPOBM PSH NWD FOHMJTI IUNM "DFTTP FN KVO

IUUQ XXX NWDCJPUFD PSH "DFTTP FN KVO

',*,72B%RRN LQGE

5FPSJBT 5ÈUJDBT

1SPEVÎÍP EF SFBMJEBEFT %F GPSNB BOÈMPHB OP FʼBÎP EBT WJSUVBMJEBEFT QSPKFUPT EF OFU BSU DPNP 5FDIOPMPHJFT UP UIF 1FPQMF EP BSUJʽB FʼBOIPM %BOJFM (BSDJB "OEVKBS .FKPS 7JEB $PSQ F .FKPS 7JEB #JPUFDI EB BSUJʽB NFYJDBOB .JOFSWB $VFWBT UÐN DSJBEP PDPSSÐODJBT JHVBMNFOUF JOUF SFTTBOUFT BP QSPEV[JS FWFOUPT RVF MJEBN EJSFUBNFOUF DPN FʽB GSJD ÎÍP FOUSF B SFBMJEBEF 3FTTBMUBN B FNFSHÐODJB EF JOUFSGBDFT FʽÏUJDBT RVF GB[FN VNB QPOUF FOUSF P NVOEP SFBM F P WJSUVBM 3FEJSFDJPOBOEP B OBWFHBÎÍP EP VTVÈSJP QBSB MJOLT FYUFSOPT FTTFT USBCBMIPT QSPEV [FN B TFOTBÎÍP EF RVF BRVJMP RVF BDPOUFDF FN TFTTÜFT PO MJOF OÍP Ï EJTTPDJBEP EBRVJMP RVF BDPOUFDF OB WJEB iSFBMw ®T WF[FT Ï QSFDJTP QMBOUBS VNB TFOTBÎÍP OFHBUJWB QBSB QSPEV[JS QFOTBNFOUPT DPOʽSVUJWPT FN VN EFUFSNJOBEP DPOUFYUP BMHP B WFS DPN iDPOTDJFOUJ[BÎÍPw

0 QSPKFUP NFUB XBMMT EF NJOIB BVUPSJB QSPEV[JB FTTB TFOTBÎÍP EF EFTDPOGPSUP "T QFTTPBT RVF BDFTTBSBN P USBCBMIP FN DPNQVUB EPSFT MPDBMJ[BEPT FN FʼBÎPT QÞCMJDPT PV OP TFV MPDBM EF USBCBMIP NVJUBT WF[FT TF BTTVʽBWBN RVBOEP IBWJB PVUSB QFTTPB OB TBMB *TTP QPSRVF BT KBOFMBT EP KPHP NPWFN TF QBSB P QSJNFJSP QMBOP EB UFMB F TÍP EJGÓDFJT EF GFDIBS SFWFMBOEP P JOUFSFTTF EP VTVÈSJP QPS TJUFT JMÓDJUPT PV iTVKPTw " ÞOJDB GPSNB EF GFDIBS DPNQMFUBNFOUF UPEBT BT KBOFMBT Ï VTBOEP VN GPSDF RVJU QBSB P CSPXTFS JOUFJSP F NVJUPT VTVÈSJPT OÍP GBNJMJBSJ[BEPT DPN P DPNQVUBEPS OÍP TBCFN DPNP GB[Ð MP 5FOIP SFHJʽSPT EF RVF FN DFSUBT TJUVBÎÜFT P NFUB XBMMT DIFHPV B DBVTBS QÉOJDP "MÏN EJTTP P USBCBMIP GPJ MBOÎBEP KVʽBNFOUF RVBOEP PT FN QSFHBEPSFT OP 3FJOP 6OJEP BERVJSJSBN QPEFSFT QBSB CJTCJMIPUBS P USBCBMIP EPT FNQSFHBEPT BQBSFDFOEP DPODPNJUBOUFNFOUF DPN EFCBUFT F QSFPDVQBÎÜFT DPN B QSJWBDJEBEF &ʽBNPT PCTFSWBOEP P RVBOUP B NÓEJB OÍP TØ SFQSFTFOUB VNB

NFUB XBMMT Ï B TJNVMBÎÍP EF VN QPSUBM EF TFSWJÎPT FTDVTPT F EVWJEPTPT &ORVBOUP OB WFHB QPS FTTFT EPNÓOJPT P TJTUFNB DPMFUB EBEPT EP VTVÈSJP F PT EFWPMWF DPOTUSBOHFOEP P QÞCMJDP EF VNB DFSUB GPSNB BP NFTNP UFNQP FN RVF UPSOB USBOTQBSFOUFT BMHVOT NFDB OJTNPT JOUSVTJWPT MBSHBNFOUF VUJMJ[BEPT OB JOUFSOFU 'PJ DSJBEP FTTFODJBMNFOUF B QBSUJS EF FNBJMT DPOTJEFSBEPT TQBNT DPMFDJPOP FYFNQMPT NBJT BCFSSBOUFT IÈ VN CPN UFNQP 0 TJUF GVODJPOB DPNP VNB FTQÏDJF EF EFWPMVÎÍP QBSB P EPNÓOJP QÞCMJDP EF VN MJYP EFTQFKBEP TPCSF VN FTQBÎP QSJWBEP 1BSB JTTP VUJMJ[B VNB MJOHVBHFN BNCÓHVB F UBMWF[ iDBQDJPTBw IUUQ XXX DPNVN DPN EJQIVTB NFUB "DFTTP FN KVO

',*,72B%RRN LQGE

*OUFSGBDFT DPN B SFBMJEBEF

SFBMJEBEF iQSÐU Ë QPSUFSw NBT TF UPSOB DBEB WF[ NBJT VNB GPSNB EF DPOʽSVJS SFBMJEBEFT 4JʽFNBT CBTFBEPT OB NÓEJB OÍP SFUSBUBN P NVOEP FYJʽFOUF FMFT P TVCʽJUVFN QPS iSFBMJEBEFT NJEJÈUJDBTw $PNP BT EJGFSFOUFT NÓEJBT GPSNBN FTTB iUFYUVSB EF SFBMJEBEFw Ï PV USB RVFʽÍP RVF WBMF MFWBOUBS *OUFSGBDFT 'PSNBT EJʽJOUBT EJTTP RVF FʽBNPT DIBNBOEP BRVJ EF SFBMJEBEF UÐN TJEP GPSKBEBT QFMB NÓEJB F B NBOFJSB DPNP MJEBNPT DPN B SFBMJ EBEF FGFUJWB Ï DBEB WF[ NBJT NFEJBEB QPS WÈSJPT UJQPT EF JOUFSGBDFT 2VFʽÜFT BEWJOEBT EFTTB SFBMJEBEF PSEJOÈSJB F QSPTBJDB UÐN BGFUBEP OÍP TPNFOUF B BSUF NBT B QSØQSJB WJEB 6NB BSUF FN FʽSFJUB MJHBÎÍP DPN BʼFʹPT DPUJEJBOPT BMHVOT VSHFOUFT PVUSPT OFN UBOUPT EFWF FOGSFOUBS RVFʽÜFT UBNCÏN JNFEJBUBT PGFSFDFOEP DPOFYÜFT F TF OÍP GPSOFDFOEP SFʼPʽBT QFMP NFOPT MFWBOUBOEP RVFʽÜFT DSVDJBJT 0T JOʽSVNFOUPT EB BSUF QBSB FTTBT JOUFSWFOÎÜFT QPEFN DPOTJʽJS EF JOUFSGBDFT BMHP RVF OÍP TPNFOUF WBJ NFEJBS PT JOEJWÓEVPT OB EJSFÎÍP EF FʼBÎPT QÞCMJDPT DPNQBSUJMIBEPT SFBMJEBEF NBT UBNCÏN QPEF TVHFSJS DPOTDJFOUJ[BÎÍP .FTDMBOEP DPODFJUPT SFMBDJPOBEPT DPN DPOUFYUP NFEJBÎÍP UFDOPMØHJDB F VTP EP FʼBÎP FV DIBNBSJB EF iJOUFSGBDFT CBTFBEBT OB SFBMJEBEFw BMHP QFOTBEP PSJHJOBMNFOUF FN JOHMÐT DPNP iSFBMJUZ CBTFE JOUFSGBDFTw FTTBT UFOUBUJWBT EF QSPEV[JS VNB DPOFYÍP NFEJBEB FOUSF DFSUBT NÈRVJOBT F USBCBMIPT JOʼJSBEPT QFMB SFBMJEBEF *OUFSGB DFT CBTFBEBT OB SFBMJEBEF MFWBSJBN FN DPOTJEFSBÎÍP B JOʽBCJMJEBEF EB NÓEJB RVFʽÜFT DVMUVSBJT JEFOUJEBEF P PVUSP F P FʼBÎP RVF OPT DJSDVOEB &MBT UBNCÏN QPEFN TFS JOUFSGBDFT EF TJNVMBÎÍP KÈ RVF VTBN NPEFMPT FODPOUSBEPT OB WJEB SFBM QBSB QSPEV[JS BQSPYJNBÎÍP FNQBUJB F VN TFOUJEP EF BUFOÎÍP 1PS OÍP DBSSFHBS OFDFTTBSJBNFOUF WBMPS FʽÏUJDP B BSUF QPMÓUJDB DPN DBSÈUFS BUJWJʽB OÍP TF SFʼBMEB OB MØHJDB DBQJUBMJʽB F OÍP TF DPOʽJUVJ DPNP NFSDBEP QBSB NVJUPT TFRVFS DPNP BSUF

1PS PVUSP MBEP TVB BQSPYJNBÎÍP DPN PT WBMPSFT FʽÏUJDPT TVQPʽB NFOUF B EJʽBODJB EF TVBT GPSNBT NBJT EJSFUBT F DPOWJODFOUFT EF JOTFS ÎÍP OB SFBMJEBEF $PNP TF GPTTF NBJT QBTTÓWFM EF DPPQUBÎÍP QPS QBSUF EF TJʽFNBT NFSDBEPMØHJDPT NBJT QFSWFSTPT F JTTP EFTBVUPSJ[BTTF TFV

',*,72B%RRN LQGE

5FPSJBT 5ÈUJDBT

QPEFS USBOTGPSNBEPS TVB QPUÐODJB EF FNCBUF F USBOTGPSNBÎÍP EB SF BMJEBEF .BT FN BMHVOT DBTPT OÍP TF USBUB EF KVMHBS QBESÜFT FʽÏUJDPT 'BMP EF USBCBMIPT OPT RVBJT BT EJNFOTÜFT QSPDFTTVBJT PV DPODFJUVBJT OÍP TF BQMJDBN B WBMPSFT BGFSÓWFJT BUSBWÏT EPT WBMPSFT FʽÏUJDPT 5P NBOEP DPNP FYFNQMP P QSPKFUP .PWJNFOUP EF %FTDBUSBDBMJ[BÎÍP EP HSVQP $POUSB 'JMÏ NFODJPOBEP BOUFSJPSNFOUF KVMHBS TF B DBUSBDB JOʽBMBEB OB QSBÎB QÞCMJDB Ï GFJB PV CPOJUB Ï QFSEFS UPUBMNFOUF P GPDP EP QPOUP EF BUFOÎÍP TVTDJUBEP QFMB BÎÍP EP HSVQP 0 RVF TF PCTFSWB OB QSÈUJDB Ï RVF FN OPNF EF VNB NBJPS QSP YJNJEBEF EP iSFBMw TPC P QSFUFYUP EF FYUSBJSNPT BMHVNB WFSEBEF EPT NFDBOJTNPT EF NFEJBÎÍP FN OPTTP NVOEP WJWFODJBNPT KÈ IÈ BMHVN UFNQP VNB OPWB JOEÞʽSJB RVF WFOEF B SFBMJEBEF DPNP DPOTVNP DPNP NFSDBEPSJB 5PSOB TF OFDFTTÈSJP NFMIPS FOUFOEFS FTTF DPSQP EF SFMBÎÜFT F TVBT DBNBEBT *OUFSFTTB TBCFS RVBOUP BT NFEJBÎÜFT OPT BQSPYJNBN PV OPT EJʽBODJBN EB SFBMJEBEF 0OEF FʽÈ P WFSOJ[ RVBM B FʼFTTVSB EFTTB QFMÓDVMB EF SFBMJEBEF RVF DPCSF UPEBT BT NBOJGFʽBÎÜFT DVMUV SBJT F BSUÓʽJDBT & TF FTTF WFSOJ[ FTDPOEF P SFBM PV P MJCFSUB 3FMBUP mOBM )È QPVDP UFNQP QBSUJDJQFJ BUJWBNFOUF EB SFBMJ[BÎÍP EP QSPKFUP ĔĦēĠ RVF BDPOUFDFV EVSBOUF USÐT mOT EF TFNBOB OP DFOUSP EB DJEBEF F GPJ VN EFTTFT QSPKFUPT RVF TF MBOÎBN TPCSF FTTF UJQP EF SFMBÎÍP FOUSF SFBMJEBEF FOUSF TF QSPUFHFS PV TF MBOÎBS BP SJTDP F EFJYBS TF BGFUBS QFMB SFBMJEBEF $PODFCJEP QFMPT HSVQPT " 3FWPMVÎÍP /ÍP 4FSÈ 5FMFWJTJPOBEB #JKBSJ $PCBJB $POUSB 'JMÏ $PNQBOIJB $BDIPSSB F 1FS EB 5PUBM P ĔĦēĠ GPJ QMBOFKBEP DPNP VN EJʼPTJUJWP OÍP FYBUBNFOUF EF FʼFUÈDVMP NBT EF JOUFSBÎÍP F EJÈMPHP DPN VN UJQP EF QÞCMJDP F DPN VN BNCJFOUF NBJT PV NFOPT FʼFDÓmDP P DFOUSP EB DJEBEF F TFVT IBCJUBOUFT BRVFMFT RVF FGFUJWBNFOUF DJSDVMBN BMJ F GB[FN EB RVFMF BNCJFOUF TVB WJEB 5SBUB TF EF VN QÞCMJDP RVF HFSBMNFOUF FʽÈ Ë NBSHFN EF BQSFTFOUBÎÍP B OÍP TFS RVBOEP B QSFGFJUVSB GB[ BMHVN UJQP EF GFʽB OP "OIBOHBCBÞ BT JHSFKBT FWBOHÏMJDBT QSPNPWFN FO DPOUSPT NVTJDBJT QBSB HSBOEFT NBTTBT PV PVUSBT JOJDJBUJWBT EP HÐOFSP " JEÏJB JOJDJBM FSB RVF DBEB HSVQP QSPEV[JSJB JNBHFOT QBSB VNB EBT

',*,72B%RRN LQGE

*OUFSGBDFT DPN B SFBMJEBEF

DJODP GBDFT EP ĔĦēĠ B TFSFN DPOTJEFSBEBT QBSB QSPKFÎÜFT FN MBSHB FTDBMB DJODP UFMBT RVBESBEBT EF TFUF NFUSPT /P mOBM BDBCBNPT QFS DFCFOEP RVF EFWFSÓBNPT DPOʽSVJS VN EJTDVSTP DPOKVOUP FN DPMB CPSBÎÍP FOUSF PT HSVQPT FOWPMWJEPT UPEPT KVOUPT OP QSPDFTTP DPNP VN UPEP F OÍP DBEB HSVQP QFOTBOEP EF GPSNB JOEFQFOEFOUF 2VFSÓBNPT GB[FS VN UJQP EF USBCBMIP FN RVF IPVWFTTF VN EJÈMPHP NBJT FʽSFJUP DPN FTTF QÞCMJDP RVF TF WÐ JOTFSJEP IPKF FN VN EJTDVSTP EF SFWJUBMJ[BÎÍP EP DFOUSP OB QFSʼFʹJWB EF TFS FYQVMTP EBMJ QPS DPOUB EF VN QSPDFTTP JNJOFOUF EF HFOUSJmDBÎÍP "T HSBWB ÎÜFT QSPEV[JEBT GPSBN SFTVMUBEPT EF NFTFT EF DBQUBÎÍP BUFOUB EF JNBHFOT GSVUP EF VN DPOWÓWJP DPN HFOUF RVF DJSDVMB QFMP DFOUSP USBCBMIB OP DFOUSP IBCJUB P DFOUSP FNQSFʽB WJEB BP DFOUSP F RVF HPʽBSJB EF WJWFS BMJ EF GPSNB NBJT EJHOB DPNP P QFTTPBM EP ĞĤĥĔ QPS FYFNQMP SFJWJOEJDB &OUÍP CVTDBNPT OPT DPOFʹBS NBJT FʽSFJ UBNFOUF DPN FTTB SFBMJEBEF QBSB GB[FS DPN RVF P ĔĦēĠ GPTTF VN DBOBM VN WFÓDVMP QBSB RVF FMBT QVEFTTFN TF FYQSFTTBS DBTP RVJ TFTTFN .BT OB QSJNFJSB NPOUBHFN OB QSBÎB EP 1BUSJBSDB P RVF TF NPʽSPV GPJ BMHP EJGFSFOUF RVF GVHJV BP FʼFSBEP /FTTB QSJNFJSB BQSFTFOUBÎÍP BJOEB OÍP EFWJEBNFOUF iFYQFSJNFOUBEBw P ĔĦēĠ TF NPʽSPV VNB FʼÏDJF EF NPOPMJUP JOʽBMBEP OB QSBÎB RVF OÍP EBWB DPOUB EF VNB JOUFSBÎÍP FGFUJWB 0 QÞCMJDP JOUFSFTTBEP FN BQSFTFO UBÎÜFT EFTTF UJQP DPNQBSFDFV EF GPSNB QSFʽJHJPTB NBT P QÞCMJDP DPN P RVBM NBJT FʼFSÈWBNPT EJBMPHBS TF NPʽSPV BQÈUJDP FYDMVÓEP EB BQSFTFOUBÎÍP QPS NBJT RVF UFOUÈTTFNPT GB[FS DPN RVF BT JNB HFOT PT SFQSFTFOUBTTFN 1BSFDJB RVF IBWJB VNB GFʽB BDPOUFDFOEP MÈ EFOUSP FOUSF PT NÞTJDPT QFSGPSNFST WJEFPBSUJʽBT F PSHBOJ[BEPSFT NBT QBSB B RVBM OÍP IBWJB FʼBÎP QBSB VNB DFMFCSBÎÍP NBJT QPQVMBS /BT BQSFTFOUBÎÜFT TFHVJOUFT UFOUBNPT QSPHSFTTJWBNFOUF NVEBS FTTB FʽSVUVSB RVF EFmOJUJWBNFOUF OÍP FʽBWB GVODJPOBOEP 'PNPT JOTF SJOEP BMHVOT EJʼPTJUJWPT EF NFEJBÎÍP NBJT JNFEJBUPT F USBOʼBSFO UFT DPNP QPS FYFNQMP EJʼPOJCJMJ[BOEP NBJT NJDSPGPOFT F DÉNFSBT CFN DPNP QFTTPBT SFBMNFOUF EJʼPʽBT B JOUFSBHJS OVNB SFMBÎÍP EJ SFUB DBSB B DBSB DPN P RVF TF QBTTBWB BP SFEPS EP ĔĦēĠ "QPʽBNPT NBJT FN FWFOUPT EF MJWF TFU JODFOUJWBOEP NBJT TFTTÜFT EF GSFFʽZMF FN NBJPS QSPYJNJEBEF DPN P SBQ DPN P SFQFOUF OPT MBOÎBOEP NBJT BP JNQSPWJTP NFTNP *TTP QBTTPV B PDPSSFS ËT WF[FT TFRVFS TFN IBWFS

',*,72B%RRN LQGE

5FPSJBT 5ÈUJDBT

VN UFYUP CBTF FN DPOTPOÉODJB DPN P RVF PDPSSJB B DBEB NPNFOUP NBT FN GVOÎÍP EB SFʼPʽB EP QÞCMJDP F TVB EJʼPOJCJMJEBEF FN JOUF SBHJS DPN P ĔĦēĠ 2VBOEP GBMBNPT OFTTF DPOUFYUP EF SFNJY EF BQSPQSJBÎÍP EF SF DJDMBHFN OFN TFNQSF OPT EBNPT DPOUB EP RVBOUP JTTP FʽÈ QSØYJNP EF NBOJGFʽBÎÜFT NBJT QPQVMBSFT EF RVF JTTP BDPOUFDF OBT SVBT P UFNQP UPEP " QBSUJS EBÓ BT DPJTBT GPSBN NVEBOEP F BT BQSFTFOUBÎÜFT GPSBN HBOIBOEP OBUVSBMNFOUF B QBSUJDJQBÎÍP EPT WFSEBEFJSPT IBCJ UBOUFT EP DFOUSP EFTTF QÞCMJDP RVF FʽBWB BMJ FN WPMUB BOUFT BQÈUJDP /B TFHVOEB TFNBOB EF BQSFTFOUBÎÍP OP "OIBOHBCBÞ DPOTFHVJ NPT EBS FTTF QBTTP BEJBOUF NBJT EF SBQQFST TF NBOJGFʽBSBN DPN JNQSPWJTPT DPN PT %+T F .$T EP QSPKFUP RVF TF WJBN DPNQFMJEPT B NVEBS BT CBTFT QSFFʽBCFMFDJEBT QPSRVF FTTB GBMB RVF WJOIB EB SVB P iSFQFOUFw F B NÞTJDB RVF WJOIBN EB QBSUJDJQBÎÍP MFHÓUJNB EP MBEP EF GPSB EP ĔĦēĠ EFNBOEBWB FN WÈSJPT NPNFOUPT VN PVUSP UJQP EF USBUBNFOUP TPOPSP F WJTVBM $PNQSFFOEFS JTTP FN QMFOP QSPDFTTP GPJ CBʽBOUF SJDP 5ÓOIBNPT RVF CVTDBS PVUSBT DPOFYÜFT FN OPTTP CBODP EF JNBHFOT PVUSBT DFOBT OÍP OFDFTTBSJBNFOUF BRVFMBT RVF UÓOIBNPT QMBOFKBEP QBSB B FʽSVUVSB OBSSBUJWB /BT ÞMUJNBT BQSFTFOUBÎÜFT OB QSBÎB EB 4Ï B BQSFTFOUBÎÍP BmOBM GVODJPOPV EF GPSNB CFN QSØYJNB EBT FYQFʹBUJWBT 0 QÞCMJDP RVF FʽBWB BMJ SFBMNFOUF QBSUJDJQPV OB NFEJEB FN RVF ÓBNPT USB[FOEP NBJT FMFNFOUPT EF EFOUSP EP ĔĦēĠ QBSB GPSB 0T QFSGPSNFST F .$T FʽBWBN NVJUP NBJT FN DPOUBUP DPN P QÞCMJDP FYUFSOP EP RVF DPN P JOUFSOP "T DÉNFSBT DPNFÎBSBN B GVODJPOBS DPNP NFDBOJTNPT EF NFEJBÎÍP FGFUJWB F OÍP EF DPOʽSBOHJNFOUP *TTP OPT QFSNJUJB WFS F TFOUJS P RVF TF QBTTBWB EP PVUSP MBEP EB UFMB EB NFTNB GPSNB DPNP BCSJB QBSB P QÞCMJDP P DPOWJUF Ë DFMFCSBÎÍP RVF WJOIB EF EFOUSP 0V TFKB OB QSJNFJSB BQSFTFOUBÎÍP FYJʽJB VNB PQBDJEBEF FWJEFO UF FOUSF PT FʼBÎPT JOUFSOP F FYUFSOP /ÍP IBWJB EJÈMPHP EJSFUP FOUSF P FʼBÎP EB QFSGPSNBODF F P EB FʼPOUBOFJEBEF EB SVB /B QSBÎB EB 4Ï B NFEJBÎÍP TF UPSOPV NBJT USBOʼBSFOUF F FʽBCFMFDFV TF VN EJÈMPHP QPUFODJBMJ[BEP JODMVTJWF QFMBT DÉNFSBT F NJDSPGPOFT &TTB SFMBÎÍP BDPOUFDFV EF VNB GPSNB CBʽBOUF iFOFSHJ[BOUFw BMHP RVF TF FWJEFODJB RVBOEP TF USBCBMIB DPN P DPOUFYUP FN UFNQP SFBM 'BMBS

',*,72B%RRN LQGE

*OUFSGBDFT DPN B SFBMJEBEF

EF TJOFʽFTJB QPEF SFTVMUBS FN VN EJTDVSTP NFSBNFOUF SFUØSJDP NBT JTTP UBNCÏN BDPOUFDFV FN CPB NFEJEB UBOHFODJBOEP FTTFT JEFBJT RVF NVJUB HFOUF BMNFKB OFTTB SFMBÎÍP JNBHFN TPN OP DBTP FʼF DJBMNFOUF B QBSUJS EP TPN 1FTTPBMNFOUF DPN P ėĒĢ PV P $PCBJB WF OIP QBSUJDJQBOEP BUJWBNFOUF EF PVUSBT FYQFSJÐODJBT EFTTB OBUVSF[B P RVF WFN TFOEP WBMJPTP QBSB BMJBS BʼFʹPT JNQPSUBOUFT FOUSF UFPSJB F QSÈUJDB 4ÍP GPSNBT DPNQMFNFOUBSFT F OÍP FYDMVEFOUFT EF FYQMPSBS FʽSVUVSBT MJHBEBT Ë NFEJBÎÍP FOUSF SFBMJEBEFT EJʽJOUBT CFN DPNP PVUSPT iDPODFJUPT MJHBEPT ËT OPWBT NÓEJBT DPNP BT QPTTJCJMJEBEFT EF NVMUJTTFOTPSJBMJEBEF PT JEFBJT EF DPOnVÐODJB FOUSF NFJPT MJOHVB HFOT FGFUJWBNFOUF IÓCSJEBT GPSNBT EF JOUFSBÎÍP F QBSUJDJQBÎÍP EP QÞCMJDPyw .BT TPCSFUVEP DPN P QSPQØTJUP DMBSP EF JOʽSVNFOUB MJ[BS VNB PVUSB DPJTB EF GVODJPOBS DPNP VN DBOBM WFJDVMBEPS VNB JOUFSGBDF EF NFEJBÎÍP RVF QPEF TFS DPMPDBEB B TFSWJÎP EF BMHVÏN VNB QFTTPB VN HSVQP & FTTF JOEJWÓEVP PV FTTF HSVQP BMHVÏN RVF BOTFJB QPS EJ[FS BMHP QPEF FWFOUVBMNFOUF UPNBS DPOTDJÐODJB EB SFBM VUJMJEBEF EFTTFT DBOBJT 5FN TF B JNQSFTTÍP NVJUBT WF[FT FRVJWPDBEB EF RVF PT BSUJʽBT UFSJBN TFNQSF BMHP NBJT JNQPSUBOUF B EJ[FS EP RVF RVBMRVFS PVUSP $PNP TF FʽF TFNQSF UJWFTTF B QSFSSPHBUJWB EP EJTDVSTP BRVFMF RVF WBJ QSPEV[JS JOUFSWFOÎÜFT SVQUVSBT F EFTMPDBNFOUPT .BT QPVDP OPT QFSHVOUBNPT TF P QÞCMJDP EF GBUP RVFS FTTB JOUFSWFOÎÍP TF P QÞCMJDP PT IBCJUBOUFT EP DFOUSP QPS FYFNQMP RVFSFN TF SFMBDJPOBS DPN FTTF UJQP EF BSUF .BT OÍP TF USBUB EF EFGFOEFS BRVJ VNB BSUF BTTJT UFODJBMJʽB 'BMP EF TJUVBÎÜFT BTTPDJBEBT BP iGB[FS BSUFw FN UFSSFOPT EFʼSPUFHJEPT & FOWPMWFS P PVUSP Ï TFNQSF VN SJTDP RVBOEP TF UFN B EFWJEB SFʼPOTBCJMJEBEF TPCSF P RVF TF GB[ F TPCSF P DPOUFYUP 'PJ QPS NPUJWPT RVF SFTWBMBN QPS RVFʽÜFT EFTTB PSEFN RVF QBTTFJ B GB[FS EPDVNFOUÈSJPT QPS FYFNQMP 1PSRVF GB[FS EPDVNFO UÈSJPT QPEF TFS VNB GPSNB EF BQSFOEFS DPN B SFBMJEBEF VNB GPSNB EF TF JOTFSJS OVNB SFMBÎÍP DPN P PVUSP DPN P BNCJFOUF PV DPN VN EFUFSNJOBEP DPOUFYUP RVF OÍP TF DPOIFDF & FTTF QSPDFTTP FTTF QFSDVSTP QPEF NF USBOTGPSNBS QPEF NF GB[FS EJGFSFOUF NF GB[FS WFS BMHP RVF FV OÍP WJB BOUFT & NBJT RVF JTTP QPEF GVODJPOBS DPNP DB OBM QBSB RVF BMHVÏN TF FYQSFTTF 0 USBCBMIP DPN NÓEJBT UFN RVF UFS FTTB NÍP EVQMB FMF UFN RVF QPUFODJBMJ[BS P EJÈMPHP " DPOFʹJWJEBEF

',*,72B%RRN LQGE

5FPSJBT 5ร UJDBT

Oร P CBสฝB ร QSFDJTP QSFFODIFS FTTF DBOBM DPN BMHP RVF WBMIB B QFOB

#JCMJPHSBmB #".#0;;* -VDBT 304"4 3JDBSEP $POUSBmMF 6SHFODZ *O 30-/*, 4VFMZ &E 1BSBDIVUF $POUFNQPSBSZ "SU .POUSFBM 1BSB DIVUF O %*".0/% 4BSB .BQQJOH UIF $PMMFสนJWF *O $POUFYU $SFBUPST 7&4 /" 7JสนPSJB 1"6- $ISJสฝJBOF &E $BNCSJEHF .*5 1SFTT $POGFSFODF 1SPDFFEJOHT "SU BOE 5FDIOPMPHZ #SBTร MJB KVMIP $POGFSFODF 1SPDFFEJOHT IUUQ XXX FDJBE DB _SCVSOFUU NBQQJOHDPMMFสนJWF QEG "DFTTP FN EF[ )0-.&4 #SJBO )JFSPHMZQIT PG UIF 'VUVSF "SU BOE 1PMJUJDT JO B /F UXPSLFE &SB ;BHSFC "SL[JO @@@@@@ 3FWFSTF *NBHJOFFSJOH 5PXBSE UIF /FX 6SCBO 4USVHHMFT PS 8IZ 4NBTI UIF 4UBUF 8IFO :PVS /FJHICPSIPPE สพFNF 1BSL *T 4P .VDI $MPTFS /FUUJNF IUUQ BNสฝFSEBN OFUUJNF PSH -JสฝT "SDIJWFT OFUUJNF M NTH IUNM "DFTTP FN EF[ 3)&*/(0-% )PXBSE 4NBSU .PCT สพF /FYU 4PDJBM 3FWPMVUJPO $BNCSJEHF 1FSTFVT 30-/*, 4VFMZ "XBLFO GSPN -FUIBSHZ "SU BOE 1VCMJD -JGF JO 4ร P 1BV MP BU UIF $FOUVSZ T 5VSO *O 1BSBDIVUF $POUFNQPSBSZ "SU .POUSFBM 1BSBDIVUF O

',*,72B%RRN LQGE

4Ø P BGPSJTNP B QBSØ EJB F P QBSBEPYP OPT VOFN QPS 4ÓMWJP .JFMJ

/P mMNF ʾF FEVLBUPST EJSJHJEP QPS )BOT 8FJOHBSUOFS IÈ VN SJUVBM RVF TF SFQFUF %PJT KPWFOT BUJWJʽBT FTDPMIFN DBTBT EB BMUB CVSHVFTJB CFSMJOFOTF F HSBÎBT BP CMPRVFJP EPT BQBSBUPT EF WJHJ MÉODJB JOWBEFN BT NBOTÜFT NVEBN UVEP EF MVHBS F EFJYBN VNB NFOTBHFN HSBmUBEB iPT EJBT EF GBSUVSB FʽÍP DIFHBOEP BP mN BT TJOBEP FEVLBUPSTw &N TFHVJEB QBSUFN TFN OBEB MFWBS /ÍP TF USBUB EF VNB BNFBÎB PV VNB SFWPMUB DPOUSB P TJʽFNB " EVQMB EF iFEV DBEPSFTw +BO F 1FUFS QSPQÜF VNB QFEBHPHJB CBTFBEB OB DPOʽSVÎÍP EF VN DPOUSB TFOTP EF VN BCTVSEP EF VN EJʼBSBUF " BÎÍP Ï DMBSB DSJBS VNB JOʽBCJMJEBEF EPT TVKFJUPT F EPT PCKFUPT 0 NVOEP EP CPN TFOTP F EP TFOTP DPNVN FYQSFTTP OB PSEFN F OP HPʽP EBT DBTBT CVSHVFTBT BCBʽBEBT VNB WF[ SFWJSBEP QFMP BWFTTP TF UPSOB JOʽÈWFM F FʽSBOIP BQBSFMIPT EF TPN OB HFMBEFJSB QPSDFMBOBT DIJOFTBT OP WBTP TBOJUÈSJP NØWFJT FNQJMIBEPT P TPGÈ CPJBOEP OB QJTDJOBy

0 BUP EF JOWBEJS QSPQSJFEBEFT QBSUJDVMBSFT Ï DPOTJEFSBEP JMFHBM .BT OP DPOUFYUP EF VN FʽBEP EF FYDFÎÍP RVBOEP PT EJSFJUPT FT UÍP TVʼFOTPT OP BS P RVF GB[FS &NCBSBMIBS PT DØEJHPT $SJBS VN QFOTBNFOUP RVF QBTTF QPS EFCBJYP EBT MFJT SFDVTBOEP BT QPS EF CBJYP EBT SFMBÎÜFT DPOUSBUVBJT EFTNFOUJOEP BT QPS EFCBJYP EBT JOT UJUVJÎÜFT QBSPEJBOEP BT i" DPOUFʽBÎÍP IPKF mDPV VN QPVDP NBJT DPNQMJDBEBw EJ[ +BO Ë BNJHB +VMF OVN EPT EJÈMPHPT EP mMNF 1PʽF SJPSNFOUF BUSBWÏT EB JOUFSWFOÎÍP EB QSØQSJB +VMF FNFSHF VN DIPRVF EF HFSBÎÜFT JOFWJUÈWFM ʾF FEVLBUPST DPMPDB GSFOUF B GSFOUF B HFSBÎÍP EF F PT BUJWJʽBT EP OPWP NJMÐOJP /ÙNBEFT MJCFSUÈSJPT F BOBSRVJʽBT EF POUFN F EF IPKF UÐN FN DPNVN P GBUP EF JOʽBMBSFN P QBSBEPYP OP QFOTBNFOUP F OB WJEB %&-&6;& (JMMFT /JFU[TDIF IPKF DPMØRVJP EF $FSJTZ ."350/ 4DBSMFUU 0SH 4ÍP 1BVMP #SBTJMJFOTF Q

',*,72B%RRN LQGE

5FPSJBT 5ÈUJDBT

QPMÓUJDB 0 QBSBEPYP UFN VNB GVOÎÍP EFTBVUPNBUJ[BEPSB EB QFSDFQ

ÎÍP EP NVOEP OB NFEJEB FN RVF USBOTGPSNB B QFSNBOÐODJB FN QVSP EFWJS & TF QPS VN MBEP Ï UÍP EJGÓDJM USBUBS IJʽPSJDBNFOUF PT NPWJNFOUPT QBSBEPYBJT BP NFTNP UFNQP QPEFNPT BQSPYJNBS NVJ UPT UFØSJDPT RVF OVODB TF EFmOJSBN BOBSRVJʽBT /JFU[TDIF 'PVDBMU %FMFV[F EB iNÈRVJOB EF HVFSSBw BOÈSRVJDB DPOUSB P QPEFS *OʼJSBEP QFMB QFEBHPHJB EPT FEVLBUPST QSFUFOEF TF BRVJ BQFOBT F UÍP TPNFOUF NBQFBS BMHVNBT SFWFSCFSBÎÜFT QBSBEPYBJT EF NBUSJ[ OJFU[TDIFBOB OBT NBOJGFʽBÎÜFT DPOUFNQPSÉOFBT EF NJEJBUJWJTNP UFSNP BTTJN EFmOJEP QPS .BUUFP 1BTRVJOFMMJ i0 NJEJBUJWJTNP OÍP Ï TØ VN GFOÙNFOP TPDJBM F QPMÓUJDP SFQSF TFOUB VN MBCPSBUØSJP EF JOPWBÎÜFT F FYQFSJNFOUBÎÜFT RVF WFSFNPT TVSHJS OB TPDJFEBEF EP GVUVSP 5SBUB TF EF VN QSPUØUJQP PV EF VNB PmDJOB EF VNB OPWB DVMUVSB F EF VNB OPWB NFOUBMJEBEF EPT GØSVOT TPDJBJT BP IBDLUJWJTNP EP PSÎBNFOUP QBSUJDJQBUJWP Ë FDPOPNJB TPMJ EÈSJB EB EFTPCFEJÐODJB TPDJBM Ë JOUFSWFOÎÍP QBDÓmDB OPT UFSSJUØSJPT EB HVFSSB HMPCBM ² VNB OPWB BUJUVEF VN NPEFMP DVMUVSBM VNB GPSNB NFOUBM RVF DPOTJEFSBNPT DFOUSBM OP IVNBOJTNP EP NVOEP RVF FʽÈ QPS WJS 6N QSPUØUJQP NFOUBM RVF BJOEB Ï FNCSJPOÈSJP NBT DBSSFHBEP EF QPUFODJBMJEBEFT SBEJDBMNFOUF JOPWBEPSBT RVF KÈ BSSB OIBSBN B TVQFSGÓDJF EBT QJSÉNJEFT JNQFSJBJT EP QPEFS EPT NFJPT EF DPNVOJDBÎÍP EB FDPOPNJByw $PNFDFNPT QPS VNB QJʽB GPSOFDJEB QPS .JDIFM 'PVDBVMU FN OVNB JOVTJUBEB FOUSFWJʽB DPODFEJEB Ë 3FWJʽB .BODIFUF 'PV DBVMU FN TVB TFHVOEB F ÞMUJNB WJTJUB BP #SBTJM BVUPEFmOJB TF VN KPSOBMJʽB i0 RVF NF JOUFSFTTB Ï B BUVBMJEBEF P RVF TF QBTTB FN

OPTTP SFEPS P RVF TPNPT P RVF BDPOUFDF OP NVOEPw EFDMBSPV &N TFHVJEB BSSFNBUPV i" mMPTPmB BUÏ /JFU[TDIF UJOIB DPNP SB[ÍP EF TFS B FUFSOJEBEF 0 QSJNFJSP mMØTPGP KPSOBMJʽB GPJ /JFU[TDIF &MF JOUSPEV[JV P IPKF OP DBNQP EB mMPTPmB "OUFT P mMØTPGP DPOIFDJB P UFNQP F B FUFSOJEB

1"426*/&-* .BUUFP 0SH .FEJB "DUJWJTN TUSBUFHJF F QSBUJDIF EFMMB DPNVOJDB[JPOF JOEJ QFOEFOUF NBQQB JOUFSOB[JPOBMF F NBOVBMF EVTP 3PNB %FSJWF "QQSPEJ Q

-&*5& 3JDBSEP (PNFT 0 NVOEP Ï VN HSBOEF IPTQÓDJP 3FWJTUB .BODIFUF O KVO Q

',*,72B%RRN LQGE

4Ø P BGPSJTNP B QBSØEJB F P QBSBEPYP OPT VOFN

EF .BT /JFU[TDIF UJOIB VNB PCTFTTÍP QFMB BUVBMJEBEF 1FOTP RVF P GVUVSP TPNPT OØT RVF GB[FNPT 0 GVUVSP Ï B NBOFJSB DPNP SFBHJNPT BP RVF TF QBTTB Ï B NBOFJSB DPNP USBOTGPSNBNPT FN WFSEBEF VN NPWJNFOUP VNB EÞWJEB 4F OØT RVJTFSNPT TFS NFʽSFT EP OPTTP GV UVSP EFWFNPT DPMPDBS GVOEBNFOUBMNFOUF B RVFʽÍP EP IPKF 1PS JTTP QBSB NJN B mMPTPmB Ï VNB FʼÏDJF EF KPSOBMJTNP SBEJDBM w 0SB P QSPKFUP NBJT HFSBM EF /JFU[TDIF FOTJOB OPT (JMMFT %FMFV[F DPOTJʽF FN JOUSPEV[JS OP VOJWFSTP mMPTØmDP PT DPODFJUPT EF TFOUJEP B SFMBÎÍP EF BMHVNB DPJTB QBSB DPN B GPSÎB RVF EFMB TF BQPEFSB F WBMPS B IJFSBSRVJB EF GPSÎBT RVF TF FYQSJNFN OP PCKFUP ² DPNP TF P iIPKFw F B iBUVBMJEBEFw EF RVF OPT GBMB 'PVDBVMU OB DJUBÎÍP BDJNB QBTTBTTFN B HBOIBS VN OPWP TFOUJEP F VN SFOPWBEP WBMPS PV USBOTWBMPS RVF TØ QPEFN TFS FOUFOEJEPT EJBOUF EF VNB DSÓUJDB SBEJDBM EP KPHP EF GPSÎBT DPOUFNQPSÉOFBT 6NB mMPTPmB DPOGPSNF /JFU[TDIF EJ[JB SFBMJ[BEB B iNBSUFMBEBTw .BT RVF UJQP EF KPSOBMJTNP SBEJDBM BP NFTNP UFNQP DSÓ UJDP F DSJBUJWP EFʼPOUBSJB B QBSUJS EBT NBSUFMBEBT EF /JFU[TDIF *NFEJBUJTNP 1PʽP RVF OÍP TF QPEF GBMBS FN KPSOBMJTNP TFN BMVEJS B VNB MJOHVBHFN TVCKBDFOUF USBUB TF EF CVTDBS FN /JFU[TDIF B OPWJEBEF EJTDVSTJWB VNB OPWB OBSSBUJWB DBQB[ EF JMVNJOBS iB BVSPSB EF VNB DPOUSBDVMUVSBw F EF VNB DPOUSBmMPTPmB ² FYBUBNFOUF JTTP RVF P mMØTPGP (JMMFT %FMFV[F BQSPGVOEB OB TVB GBMB i1FOTBNFOUP OÙNBEFw OP $FOUSP $VMUVSBM *OUFSOBDJPOBM EF $FSJTZ MB 4BMMF /PSNBOEJB EV SBOUF P DPMØRVJP i/JFU[TDIF IPKF w FN KVMIP EF /B USBEJÎÍP mMPTØmDB B SFMBÎÍP DPN P FYUFSJPS TFNQSF GPJ NFEJB EB F EJTTPMWJEB OVNB JOUFSJPSJEBEF B BMNB B DPOTDJÐODJB B FTTÐODJB PV P DPODFJUP /JFU[TDIF BP DPOUSÈSJP GVOEB P QFOTBNFOUP B FTDSJUVSB TPCSF VNB SFMBÎÍP JNFEJBUB DPN P FYUFSJPS BUSBWÏT EP BGPSJTNP TFO UFOÎB CSFWF NÈYJNB EB QPFTJB EB QBSØEJB EB JSPOJB F EP QBSBEPYP .JHVFM "OHFM EF #BSSFOFDIFB JOTJʽF OB FYBMUBÎÍP FOGÈUJDB RVF %FMFV[F GB[ EP FʽJMP OJFU[TDIFBOP iy P BGPSJTNP Ï TBVEBEP DPNP VNB OPWB GPSNB EF FTDSJUB VNB GBMB *EFN

%&-&6;& (JMMFT 0Q DJU Q

',*,72B%RRN LQGE

5FPSJBT 5ÈUJDBT

SBEJBM F SFWPMVDJPOÈSJB PQPʽB ËT DPOʽSVÎÜFT USBEJDJPOBJT EB mMPTPmB 0 BGPSJTNP QBSB %FMFV[F QPTTVJ VN DBSÈUFS BCTPMVUBNFOUF JOPWBEPS

DPMPDBOEP FN YFRVF UPEPT PT NFJPT EF FYQSFTTÍP BOUFSJPSFT w 1BSB (JMMFT %FMFV[F DPOFʹBS P QFOTBNFOUP BP FYUFSJPS Ï P RVF PT mMØTPGPT OVODB m[FSBN NFTNP RVBOEP GBMBWBN EF QPMÓUJDB /ÍP CBʽB GBMBS EP FYUFSJPS QBSB DPOFʹBS P QFOTBNFOUP EJSFUBNFOUF F JNFEJBUBNFOUF BP FYUFSJPS 0T UFYUPT EF /JFU[TDIF TÍP BUSBWFTTBEPT QPS VN NPWJNFOUP RVF WFN EF GPSB RVF OÍP DPNFÎB OB QÈHJOB EP MJWSP OFN OBT QÈHJOBT QSFDFEFOUFT RVF OÍP DBCF OP RVBESP EP MJ WSP F RVF Ï BCTPMVUBNFOUF EJGFSFOUF EP NPWJNFOUP JNBHJOÈSJP EBT SFQSFTFOUBÎÜFT PV EP NPWJNFOUP BCʽSBUP EPT DPODFJUPT "MHVNB DPJTB TBMUB EP MJWSP FOUSB FN DPOUBUP DPN VN QVSP FYUFSJPS F P RVF Ï NBJT JNQPSUBOUF BCSF TF QBSB BT QMVSBMJEBEFT F EJGFSFOÎBT EFTTF FYUFSJPS i'SJFESJDI /JFU[TDIF BmSNPV RVF P IBCJUBU EPT HSBOEFT QSP

CMFNBT Ï B SVBw BOPUPV DFSUB WF[ P FTDSJUPS 0TXBME EF "OESBEF &TTF JNFEJBUJTNP OJFU[TDIFBOP JOʼJSPV QPS FYFNQMP )BLJN #FZ P DPEJOPNF EF 1FUFS -BNCPSO 8JMTPO BOBSRVJʽB BNFSJDBOP FʽVEJPTP EP TVmTNP DPSSFOUF NÓʽJDB EP *TMÍ #FZ Ï P UFØSJDP EBT ;POBT 5FNQPSÈSJBT "VUÙOPNBT RVF TFSJBN ÈSFBT PV EJNFOTÜFT TP DJBJT MJCFSBEBT UFNQPSBSJBNFOUF EP DBQJUBMJTNP HMPCBMJUÈSJP 0 DPO DFJUP EF ĥĒī BTTJN DPNP BT OPÎÜFT EF iJNFEJBUJTNPw UJWFSBN VNB JOnVÐODJB GVOEBNFOUBM OBT FYQFSJÐODJBT UFMFNÈUJDBT BMUFSOBUJWBT #FZ DIFHPV B FTDSFWFS VN NBOJGFʽP EP JNFEJBUJTNP &N TFV PJUBWP JUFN MÐ TF P TFHVJOUF i$PNQVUBEPSFT WÓEFP SÈEJP JNQSFTTPSBT TJOUFUJ[BEPSFT NÈRVJ OBT EF GBY HSBWBEPSFT EF mUB GPUPDPQJBEPSBT FTTBT DPJTBT SFQSFTFO UBN CPOT CSJORVFEPT NBT UFSSÓWFJT WÓDJPT 'JOBMNFOUF OØT QFSDFCFNPT RVF OÍP QPEFNPT BMDBOÎBS F UPDBS FN OJOHVÏN RVF OÍP FʽFKB QSF TFOUF FN DBSOF F PTTP &TTBT NÓEJBT QPEFN TFS ÞUFJT B OPTTB BSUF

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"/%3"%& 0TXBME EF "QVE #03(&4 'FSOBOEB $BSMPT " 7POUBEF EF .VEBOÎB F P .FEP EB 2VFEB *O TJUF EP 4JOUF 4JOEJDBUP EPT 5FSBQFVUBT IUUQ XXX TJOUF DPN CS NPEVMFT QIQ OBNF $POUFOU QB TIPXQBHF QJE QBHF

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4Ø P BGPSJTNP B QBSØEJB F P QBSBEPYP OPT VOFN

NBT FMBT OÍP EFWFN OPT QPTTVJS UBNQPVDP EFWFN QFSNBOFDFS AFO USF NFEJBOEP PV OPT TFQBSBOEP EF OPTTP AFV BOÓNJDP BOJNBM /ØT RVFSFNPT P DPOUSPMF EF OPTTB NÓEJB OÍP TFSNPT DPOUSPMBEPT QPS FMB (PʽBSÓBNPT EF MFNCSBS EF DFSUB BSUF NBSDJBM RVF BDFOUVB B JEÏJB EF RVF P DPSQP Ï FN TJ NFTNP B NFOPT NFEJBEB EF UPEBT BT NÓEJBT w " BUVBMJ[BÎÍP EP KPSOBMJTNP SBEJDBM JNFEJBUP F BGPSÓʽJDP EF /JFU[TDIF OPT DPNQFMF B WJWFODJBS B DPNVOJDBÎÍP DPNP VNB QSÈUJ DB BUJWB FN WF[ EF TFSNPT NFSPT SFDFQUPSFT EF JOGPSNBÎÍP &OTJOB UBNCÏN RVF PT NFJPT EF DPNVOJDBÎÍP OÍP TÍP BQFOBT NFJPT NBT DBNQPT EF CBUBMIBT QPMÓUJDBT UFBUSPT EP JNBHJOÈSJP DPMFUJWP FʼF MIPT EF QSPKFÎÜFT EB FʽSVUVSB F EB DPOʽSVÎÍP TPDJBM /ÍP CBʽB PMIBS QBSB PT NFJPT QFMP WJÏT JOʽSVNFOUBM BTTJN DPNP OÍP Ï NBJT QPTTÓWFM EFTDPOTJEFSBS P GBUP EF RVF FʽBNPT JNFSTPT OVNB NJEJBT DBQF QBJTBHFN NJEJÈUJDB

+PHP EF GPSÎBT 4FHVJOEP BT DBSBʹFSÓʽJDBT RVF (JMMFT %FMFV[F EÈ BPT BGPSJTNPT OJFU[TDIFBOPT UFNPT VN NBQB OÍP QBSB BOBMJTBS PV DBUFHPSJ[BS B DPOUSBDVMUVSB EPT BOPT PV RVF UFN NBJT B WFS DPN 'SFVE F .BSY NBT QBSB DPOUJOVBS B FʽVEBS BT BÎÜFT QBSBEPYBJT OB FTGFSB DPNVOJDBDJPOBM RVF FNFSHFN OB FSB QØT 4FBUUMF F RVF QBSF DFN FʽBCFMFDFS VN EJÈMPHP NVJUP SJDP DPN /JFU[TDIF 0SB OVN NVOEP POEF DPNP CFN EFNPOʽSB 5POJ /FHSJ OÍP FYJʽF NBJT P GPSB /JFU[TDIF TVHFSF USBUBS P BGPSJTNP FʽB DFOUFMIB EF MJOHVBHFN DPNP VN GFOÙNFOP Ë FʼFSB EF OPWBT GPSÎBT RVF WF OIBN iTVCKVHÈ MPw PV GB[Ð MP GVODJPOBS PV FOUÍP GB[Ð MP FYQMPEJS +È TBCFNPT RVF DBEB JOPWBÎÍP FʽÏUJDB UFDOPMØHJDB F DPNVOJDBDJP OBM Ï JNFEJBUBNFOUF BCTPSWJEB QFMP TJʽFNB .BT EJBOUF EFTTF NBS SFWPMUP EF GPSÎBT Ï QSFDJTP NBJT EP RVF OVODB TBCFS BWBMJBS QFTBS DPOGFSJS TFOUJEPT F TJHOJmDBEPT 5BMWF[ TFKB FYBUBNFOUF FTTF P NÏUP EP OJFU[TDIFBOP iy RVF GB[ EP UFYUP EF /JFU[TDIF OÍP NBJT BMHVNB DPJTB B SFʼFJUP #&: )BLJN *NFEJBUJTN *O TJUF IUUQ XXX MFGU CBOL PSH CFZ JNNFEJBU IUN

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5FPSJBT 5ÈUJDBT

EB RVBM TFSJB QSFDJTP TF QFSHVOUBS AÏ GBTDJʽB Ï CVSHVÐT Ï SFWPMVDJPOÈSJP FN TJ A NBT VN DBNQP EF FYUFSJPSJEBEF POEF TF EFGSPOUBN GPSÎBT GBT DJʽBT CVSHVFTBT F SFWPMVDJPOÈSJBT & B SFʼPʽB DPOGPSNF BP NÏUPEP

TFSJB FODPOUSF B GPSÎB SFWPMVDJPOÈSJB 2VFN Ï BMÏN EP IPNFN w ² QSFDJTP DPOTJEFSBS FTTF KPHP EF GPSÎBT B QBSUJS EB OPÎÍP EF TFO UJEP FN /JFU[TDIF i/ØT OVODB FODPOUSBSFNPT P TFOUJEP EF BMHVNB DPJTB GFOÙNFOP IVNBOP CJPMØHJDP PV NFTNP GÓTJDP TF OÍP TBCFNPT RVBM Ï B GPSÎB RVF TF BQSPQSJB EB DPJTB RVF B FYQMPSB RVF EFMB TF BQPEFSB PV RVF OFMB TF FYQSJNF 6N GFOÙNFOP OÍP Ï VNB BQBSÐODJB JNBHFN OFN NFTNP VNB BQBSJÎÍP NBT VN TJHOP VN TJOUPNB RVF FODPOUSB P TFV TFOUJEP OVNB GPSÎB BUVBM " JOUFJSB mMPTPmB Ï VNB TJOUPNBUPMPHJB F VNB TFNJP

MPHJB "T DJÐODJBT TÍP VN TJʽFNB TJOUPNBUPMØHJDP F TFNJPMØHJDP w -FJB TF P TFHVJOUF BGPSJTNP EF /JFU[TDIF i/ÍP TF CBTFJB QSFDJTB

NFOUF B EJWJOEBEF FN IBWFS EFVTFT F OÍP EFVT w " JOUFSQSFUBÎÍP RVF %FMFV[F GB[ EP BGPSJTNP NFSFDF EFʽBRVF 1BSB FMF PT EFVTFT NPSSFSBN NBT OB WFSEBEF FMFT NPSSFSBN EF SJS RVBO EP PVWJSBN VN %FVT GBMBS RVF FMF FSB P ÞOJDP & B NPSUF EFʽF %FVT RVF TF EJ[JB P ÞOJDP Ï UBNCÏN VN FWFOUP QMVSBM B NPSUF EF %FVT Ï VN BDPOUFDJNFOUP POEF DBEB TFOUJEP Ï NÞMUJQMP ² QPSRVF iOJFU[TDIF OÍP BDSFEJUB OPT HSBOEFT FWFOUPT SVJEPTPT NBT OB QMVSBMJEBEF TJMFO DJPTB EF TFOUJEPT EF DBEB FWFOUPw 4F PVWJSNPT PVUSP JOUÏSQSFUF BmBEP EF /JFU[TDIF P mMØTPGP JUBMJBOP (JBOOJ 7BUUJNP QFSDFCFSFNPT RVF /JFU[TDIF F )FJEFHHFS OPT m[FSBN WFS RVF EFWFNPT USBOTGPSNBS B JEÏJB EF RVF B WFSEBEF OÍP Ï PCKFUJWB OVNB EJTDJQMJOB EP EJÈMPHP /ÍP FYJʽFN QSJODÓQJPT BCTPMV UPT PCKFUJWPT NBT BQFOBT PQJOJÜFT QPOUPT EF WJʽB GPSÎBT 4F FV TFJ RVF B WFSEBEF OÍP Ï EFmOJUJWB QSPDVSP VN BDPSEP QSPDVSP FTDVUBS PT PVUSPT DPSSJHJS NF

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1*/50 .BOVFM EB $PTUB 0 OJJMJTNP DPNP SFTJTUÐODJB 'PMIB EF 4 1BVMP .BJT 4ÍP 1BVMP KVO

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4Ø P BGPSJTNP B QBSØEJB F P QBSBEPYP OPT VOFN

*OUFOTJEBEFT RVBMJEBEFT

" JOUFOTJEBEF OÍP SFNFUF OFN B TJHOJmDBEPT RVF TFSJBN DPNP B SFQSFTFOUBÎÍP EBT DPJTBT OFN B TJHOJmDBOUFT RVF TFSJBN DPNP B SF QSFTFOUBÎÍP EBT QBMBWSBT 0 BGPSJTNB Ï JOUFOTP QPSRVF OBTDF EP nVYP WJUBM EF VN JOEJWÓEVP DPODSFUP FODBSOBEP EF VN OPNF QSØQSJP EF VN DPSQP QSØQSJP &MF FʽÈ QSFTFOUF FN UPEBT BT NBOJGFʽBÎÜFT NJ EJBUJWJʽBT RVF DMBNBN QPS VN QSPDFTTP EF SFBQSPQSJBÎÍP EP DPSQP EP DPSQP QÞCMJDP EP DPSQP TPDJBM 0 BGPSJTNP QSPDVSB JOUFOTJEBEFT F QPS TVB WF[ JOUFOTJEBEFT TÍP EJGFSFOÎBT &TTF DPODFJUP QSØQSJP EB EJGFSFOÎB %FMFV[F CVTDBSÈ NFS HVMIBOEP QSPGVOEBNFOUF OBT UFPSJBT EP &UFSOP 3FUPSOP F EB 7PO UBEF EF 1PUÐODJB EF /JFU[TDIF 1FOTBOEP FN UFSNPT EF JOWFOÎÍP F OÍP EF PSJHFN EP DPOIFDJNFOUP FOUFOEFOEP TVB SFMBÎÍP EF QPEFS DPN BT DPJTBT B DPOIFDFS UJSBOEP P QBQFM EF QSPUBHPOJʽB EP TVKFJUP EP DPOIFDJNFOUP FOmN /JFU[TDIF OPT BQSPYJNB EF VNB GPSNB EF FTRVFDJNFOUP SFWPMVDJPOÈSJB QBSB B USBEJÎÍP EB mMPTPmB PDJEFOUBM ² VNB RVFCSB EFTDPODFSUBOUF FN SFMBÎÍP BP RVF WJOIB TFOEP EPHNB UJ[BEP FOTJOBEP EFNPOʽSBEP FYFNQMJmDBEP F JODVUJEP EF RVF P DPOIFDJNFOUP Ï TFNFMIBOUF Ë OBUVSF[B IVNBOB F BP NVOEP EF RVF P NVOEP Ï QFSGFJUP PSEFOBEP F JNJUB P IPNFN EF RVF UVEP Ï CFMP IBSNÙOJDP F UFN VNB PSJHFN RVF JOWBSJBWFMNFOUF DVMNJOBWB OP i& P 7FSCP FSB %FVTyw .BT /JFU[TDIF SFUJSB B mHVSB EFʽF %FVT ÞOJDP JOÓDJP F mN EF UVEP EP NVOEP CFN DPNP B CVTDB BOHVʽJBEB EBT PSJHFOT EBT DPJTBT RVFS FTRVFDFS BNCPT PT DBNJOIPT KÈ RVF SFQSF TFOUBN VN GBSEP QFTBEP EFNBJT QBSB TF DBSSFHBS 4FV NVOEP FʽÈ BMÏN EB NPSBM BMÏN EP CFN F EP NBM 4FV VOJWFSTP Ï iVN QSPDFTTP DJSDVMBS EP UPEPw Ï B i5FPSJB EP &UFSOP 3FUPSOPw /FTTF BOFM OFTTF DÓSDVMP GFDIBEP RVF TFSJB P VOJWFSTP B RVBOUJEBEF EF GPSÎB FYJʽFOUF TFSJB EFUFSNJOBEB /FMF UVEP Ï FUFSOP OBEB WFJP B TFS %JGFSFOUFNFO UF EF PVUSPT DVSTPT DJSDVMBSFT P EP VOJWFSTP Ï VNB MFJ PSJHJOÈSJB POEF PT BDPOUFDJNFOUPT TF SFQFUFN i4FKB RVBM GPS P FʽBEP RVF FTTF NVOEP QPTTB BMDBOÎBS FMF UFN EF UÐ MP BCSBÎBEP F OÍP VNB WF[ NBT JOÞNFSBT WF[FTy )PNFN 5VB WJEB JOUFJSB DPNP VNB BNQVMIFUB TFSÈ TFNQSF EFTWJSBEB PVUSB WF[ F TFNQSF TF FTDPBSÈ PVUSB WF[ VN HSBOEF NJOVUP EF UFNQP OP

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5FPSJBT 5ÈUJDBT

JOUFSWBMP BUÏ RVF UPEBT BT DPOEJÎÜFT B QBSUJS EBT RVBJT WJFʽF B TFS TF SFÞOBN PVUSB WF[ OP DVSTP DJSDVMBS EP NVOEPy &TTF BOFM FN RVF ÏT VN HSÍP SFʼMBOEFDF TFNQSF PVUSB WF[ & FN DBEB BOFM EB FYJʽÐODJB IVNBOB y FNFSHF P NBJT QPEFSPTP EPT QFOTBNFOUPT P QFOTBNFOUP EP FUFSOP SFUPSOP EF UPEBT BT DPJTBT Ï DBEB WF[ QBSB B IVNBOJEBEF B IPSB EP NFJP EJB w %FDPSSF EB 5FPSJB EP &UFSOP 3FUPSOP B 5FPSJB EB 7POUBEF EF 1PUÐODJB 6NB WPOUBEF NBJT GPSUF MFWB B NFMIPS OÍP IÈ OFOIVN QSPKFUP BOUFSJPS ² B UFPSJB EF VN NVOEP RVF FUFSOBNFOUF TF DSJB F TF EFʽSØJ B TJ NFTNP VN NVOEP EF WPMÞQJB TFN PCKFUJWPT iy GPSÎB QPS UPEB QBSUFy NBS EF GPSÎBT UFNQFʽVBOEP F POEVMBOEP FN TJ

QSØQSJBT FUFSOBNFOUF NVEBOEP w /ÍP IÈ FRVJMÓCSJP OBEB Ï EFmOJUJWP /ØT NFTNPT TPNPT TF HVOEP /JFU[TDIF FTTB WPOUBEF EF QPUÐODJB F OBEB NBJT " MFJUV SB RVF (JMMFT %FMFV[F GB[ EP &UFSOP 3FUPSOP OJFU[TDIFBOP PQÜF P iDBPT FSSÉODJBw Ë iDPFSÐODJB EB SFQSFTFOUBÎÍPw FYDMVJOEP B QPTTÓWFM QFSUJOÐODJB EF VN TVKFJUP RVF TF SFQSFTFOUB JOEFmOJEBNFOUF F EF VN PCKFUP SFQSFTFOUBEP FN OPNF EF VNB FUFSOB SFQFUJÎÍP RVF SFDFQUBSJB VNB QPUÐODJB JOGPSNBM DBQB[ EF EFTGB[FS DBEB SFQSFTFO UBÎÍP EBT DPJTB BUSBWÏT EB EJGFSFOÎB i0 EÓʼBS Ï P ÞMUJNP FMFNFOUP EB SFQFUJÎÍP RVF TF PQÜF Ë JEFOUJEBEF EB SFQSFTFOUBÎÍP 0 DÓSDVMP EP FUFSOP SFUPSOP P EB EJGFSFOÎB F EB SFQFUJÎÍP RVF EFTGB[ P EP JEÐOUJDP F EP DPOUSBEJUØSJP Ï VN DÓSDVMP UPSUVPTP RVF TØ EJ[ P .FTNP EBRVJMP RVF EJGFSFw %FMFV[F QSPDVSBSÈ OPT EFʼFSUBS BUSBWÏT EP i&UFSOP 3FUPSOPw QBSB UPEB F RVBMRVFS SFNPÎÍP EPT FOUSBWFT RVF NFEJBUJ[BN B SFMB ÎÍP FOUSF P TFS F B EJGFSFOÎB EPT GFOÙNFOPT "P BTTVNJS B QPʽVSB EF RVF DBEB GFOÙNFOP Ï VNB FUFSOB DØQJB EF PVUSBT DØQJBT EBT RVBJT OÍP IÈ VNB PSJHFN NBT BQFOBT FWFOUPT RVF TØ FYJʽFN SFUPSOBOEP %FMFV[F BCSF TF QBSB P TJNVMBDSP DPNP iP WFSEBEFJSP DBSÈUFS PV B GPSNB EP RVF Ï AP FOUF RVBOEP P FUFSOP SFUPSOP Ï B QPUÐODJB EP TFS /*&5;4$)& 'SJFESJDI 4PCSF P OJJMJTNP F P FUFSOP SFUPSOP *O 0T QFOTBEPSFT FE 4ÍP 1BVMP "CSJM BGPSJTNP O Q

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4Ø P BGPSJTNP B QBSØEJB F P QBSBEPYP OPT VOFN

P JOGPSNBM w " JEFOUJEBEF SFʼPOTÈWFM QFMB NPEFMBÎÍP GPSNBM EPT GFOÙNFOPT FN GVOÎÍP EF VN JEFBM B TFS SFQSFTFOUBEP EFTGB[ TF OP TJNVMBDSP RVF MPOHF EF TFS VNB DØQJB QSPDVSBSÈ FYQFSJFODJBS P SFBM B QBSUJS EF VNB TFMFÎÍP EPT FMFNFOUPT EJWFSHFOUFT EÓʼBSFT i$PN FGFJUP QPS TJNVMBDSP OÍP EFWFNPT FOUFOEFS VNB TJNQMFT JNJUBÎÍP NBT TPCSFUVEP P BUP QFMP RVBM B QSØQSJB JEÏJB EF VN NP EFMP PV EF VNB QPTJÎÍP QSJWJMFHJBEB Ï DPOUFʽBEB SFWFSUJEB 0 TJNV MBDSP Ï B JOʽÉODJB RVF DPNQSFFOEF VNB EJGFSFOÎB FN TJ DPNP EVBT TÏSJFT EJWFSHFOUFT QFMP NFOPT TPCSF BT RVBJT FMF BUVB UPEB TFNF MIBOÎB UFOEP TJEP BCPMJEB TFN RVF TF QPTTB QPS DPOTFHVJOUF JOEJDBS B FYJʽÐODJB EF VN PSJHJOBM F EF VNB DØQJB ² OFʽB EJSFÎÍP RVF Ï QSFDJTP QSPDVSBS BT DPOEJÎÜFT OÍP NBJT EB FYQFSJÐODJB QPTTÓWFM NBT EB FYQFSJÐODJB SFBM TFMFÎÍP SFQFUJÎÍP FUD ² BÓ RVF FODPOUSBNPT B SFBMJEBEF WJWJEB EF VN EPNÓOJP TVC SFQSFTFOUBUJWP 4F Ï WFSEBEF RVF B SFQSFTFOUBÎÍP UFN B JEFOUJEBEF DPNP FMFNFOUP F VN TFNFMIBOUF DPNP VOJEBEF EF NFEJEB B QVSB QSFTFOÎB UBM DPNP BQBSFDF OP TJ NVMBDSP UFN P AEÓʼBS DPNP VOJEBEF EF NFEJEB JʽP Ï TFNQSF VNB EJGFSFOÎB EB EJGFSFOÎB DPNP FMFNFOUP JNFEJBUP w &TTF FMPHJP EB EJGFSFOÎB EB JOUFOTJEBEF F EP TJNVMBDSP TPB IPKF DPNP VN MJCFMP DPOUSB BT MFJT EF QBUFOUFT F P GVOEBNFOUBMJTNP EBT QSPQSJFEBEFT JOUFMFʹVBJT 0 TFOTP EF IVNPS F B JSPOJB ² JNQPTTÓWFM OÍP SJS RVBOEP OP DPNFÎP EF ʾF FEVLBUPST B GB NÓMJB DIFHB EF GÏSJBT F FODPOUSB P NVOEP EF DBCFÎB QBSB CBJYP 0 IVNPS Ï VN FYFSDÓDJP EF EJTTFDBÎÍP EB SFBMJEBEF UBM DPNP FMB Ï F OÍP DPNP P CPN TFOTP PV P TFOTP DPNVN HPʽBSJBN RVF FMB GPTTF /P TFOTP DPNVN PT EJGFSFOUFT PCKFUPT JHVBMJ[BN TF iF PT EJGFSFO UFT FVT UFOEFN B TF VOJGPSNJ[BSw -PHP P RVF %FMFV[F JEFOUJmDB OP QBSBEPYP DPNP NBOJGFʽBÎÍP EB mMPTPmB BP DPOUSÈSJP EP CPN TFOTP Ï WÈMJEP UBNCÏN QBSB PT FGFJUPT QBSBEPYBJT OP IVNPS iy P QBSBEPYP RVFCSB P FYFSDÓDJP DPNVN F MFWB DBEB GBDVMEBEF EJBOUF EP TFV QSØQSJP MJNJUF EJBOUF EF TFV JODPNQBSÈWFM P QFOTBNFOUP EJBOUF %&-&6;& (JMMFT 0Q DJU Q

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B OPUB QSB NJN F RVF m[FTTF JTTP FMB NFTNB F NF EFTTF PVUSB OPUB QPS RVF FV TPV FʽSBOHFJSP F NFV UJQP GÓTJDP OVODB GPJ DPNVNy 4PV GÈDJM EF TFS SFDPOIFDJEP 3FʼPʽB EFTPMÏFFy &V PPPEEEEFFF FFJJJJJJJJJPPPPP P EFFFTPPPMÏFFFFFF " WPOUBEF Ï EF SFʼPOEFS WBJ UF GPEFS UV UBNCÏNy & mDP DPN GPNF NBT OÍP HBʽP ȴȳ FVSPT OVN BMNPÎP NVJUP NFOPT QBSB NF EBS CFN USBJOEP B DPOmBOÎB EPT RVF DPOTJEFSP BNJHPT 4Ø Ï mMIP EB QVUB TBDBOB RVFN SPVCB QSB TJ PV USBJ FN DBVTB QSØQSJB F OÍP TPV EFTTF UJQP EF mMIP EB QVUB o NJOIB MBNB Ï PVUSB /P 3JP EF +BOFJSP TF NPSSF DPN CBMB QFSEJEB FN .BDBQÈ Ï OB QPOUB EB GBDB F BRVJ TF NPSSF OP EFTPMÏFF .BT B WJPMÐODJB Ï B NFTNB P EFTPMÏFF Ï JSPOJB WJPMFOUB EJTGBSÎBEB EF FEVDBÎÍP 0 RVF Ï P IVNBOJTNP GSBODÐT 5FN CPOKVS QBSEPO F NFSDJ NBT UBNCÏN UFN EFTPMÏF QSB UVEP #POKVS EFTPMÏF & P EFTPMÏFF OÍP Ï GBMUB EF FOUFOEJNFOUP EPT TFVT QSPCMFNBT OÍP FʽÈ JOTFSJEP OVN DPOUFY UP POEF OJOHVÏN DPOTFHVF FYQSFTTBS P RVF QFOTB PV FOUFOEFS P RVF MIF Ï EJUP PV NPʽSBEP BJOEB RVF OB NFTNB MÓOHVB .VJUP QFMP DPOUSÈSJP P EFTPMÏF Ï QVSB GBMUB EF TPMJEBSJFEBEF Ï VN iTFVT QSPCMFNBT OÍP NF JOUFSFTTBN F SFTPMWB TP[JOIPw Ï VN BVUPSJUÈSJP BVUPNBUJTNP OJWFMBOEP RVBMRVFS DPJTB OVNB GPSNB HFOÏSJDB DVKP ÞOJDP PCKFUJWP Ï TBMWBHVBSEBS B QPʽVSB QFTTPBM CMB[Ò F mMIB EB QVUB EF OÍP RVFSFS TF DPNQSPNFUFS DPN OBEB BGPSB TFVT QSØQSJPT BOTFJPT F PCKFUJWPT WPDÐ GB[ DPN RVF B QBMBWSB EJUB QFSDB TVB GPSÎB DPHOJUJWB QBSB EJMVJS TFV TJHOJmDBEP F TFN TJHOJmDBEP OÍP IÈ DPN QSPNJTTP FV MIF FOUFOEP F JTTP OÍP TJHOJmDB OBEB QSB NJN 0 EFTPMÏF Ï WB[JP TFNÉOUJDP Ï P DPOUSBSJP EP HàFSB RVF MBOÎB B QBMBWSB F TFV TJHOJmDBEP BP FODPOUSP EF OPWBT DJSDVOʽÉODJBT WFKP P EFTPMÏF DPNP B BUJUVEF EB NVSBMIB EB DPNVOJDBÎÍP Ï NVSBMIB EP FV QBSB DPN B DPNVOJEBEF DPN RVF TF DPN WJWF & TPV DPOWJEBEP OÍP TPV VN UPUBMNFOUF PVUSP RVF MIFT Ï FT USBOIP PV JNQSFWJTÓWFM .BT P USBUBNFOUP Ï P EF MIF EBNPT CPB WJOEBT F MIF USBUBNPT CFN EFTEF RVF WPDÐ TF BEBQUF BT MFJT F OPS NBT EP UFSSJUØSJP EB MÓOHVB F EB USBEJÎÍP JODMVTJWF B BSUÓʽJDB 5P NF DPOWFODFOEP EF RVF P NFMIPS FSB UFS FOUSBEP DMBOEFʽJOP QFMB GSPO UFJSB EB (VJBOB DPNP FN BCSJM EF ȵȳȳȷ QSPQÙT P +PTBQIB FN SFVOJÍP

',*,72B%RRN LQGE

(SVQP 6SVDVN 3FT MBUJN DPOUJOVBOEP

EP 6SVDVN OB TFEF RVF PT DPSSFJPT JEFOUJmDBN DPNP BCBOEPOBEB UBYJBS QFMBT FʽSBEBT QSPUFHJEP QFMP DPNÏSDJP JMFHBM EP TVCFNQSFHP GSBODÐT BUÏ DIFHBS OB CBTF EF MBOÎBNFOUP EF GPHVFUFT F HSJUBS GSBV EF 'VJ EFQPSUBEP EF .BDBQÈ QPS RVF HSJUFJ GSBVEF & QPS RVF FV RVJT & OÍP NF BSSFQFOEP F OFN UFOIP NFEP EF TFS EFQPSUBEP EP UFSSJUØSJP GSBODÐT F QPTTP HSJUBS GSBVEF EF OPWP EF "WJHOPO EP 3JP EF +BOFJSP EF .BDBQÈy 0 CPN EB QSPQPʽB EF +PTB Ï RVF TFSÓBNPT iBSUJʽBTw CSBTJMFJSPT SFBMJ[BOEP BÎÜFT JMFHBJT FN UFSSJUØSJP GSBODÐT EVSBOUF P BOP PmDJBM EB DVMUVSB CSBTJMFJSB OB 'SBOÎB F B EFQPSUBÎÍP PmDJBMJ[BSJB P TFS JOEFTF KBEP o RVBM B DVMUVSB CSBTJMFJSB RVF FMFT EFTFKBN 0 BOP EP #SBTJM WBMF QBSB B (VJBOB 7BMF QSP "NBQÈ o F FʽBSÓBNPT NFYFOEP DPN BT MFJT QSFDJTBT F DPN PT FGFJUPT FYBUPT EP NFJP HFPHSÈmDP DPOTDJFOUFNFOUF PSHBOJ[BEP PV OÍP FN GVOÎÍP EF TVB JOnVÐODJB EJSFUB TPCSF P DPN QPSUBNFOUP BGFUJWP EPT JOEJWÓEVPT "MÏN EF HBSBOUJS B WPMUB QBS BWJPO EFJYBOEP B DPOUB EFTTF USBOʼPSUF QBSB P HPWFSOP CSBTJMFJSPy 4FSÓB NPT mMIPT EB QVUB QBSB EPJT &ʽBEPT NBT OÍP DPN PT BGFUPT F BNJHPT BMJÈT DPOWJEBNPT BRVFMFT RVF DPOTJEFSBNPT BNJHPT QBSB JS DPOPTDP .BT BT DJSDVOʽÉODJBT USPVYFSBN PVUSPT DBNJOIPT F P WFOUP NF MFWB ËT JOUJNJEBEFT F NF BQPOUB P NBQB EF 7PMVCJMJT 3FTPMWJ TP[JOIP F USBORàJMBNFOUF P QSPCMFNB EB OPUB EBOJmDBEB B EFWPMWJ QBSB P &ʽBEP GSBODÐT F BMNPDFJ DPN NFVT BNJHPT $PNFS KVOUPT PV QBTTBS GPNF KVOUPT F FN UPUBM DPOmBOÎB DPNVOIÍP 4FHVF BCBJYP P QSPKFUP BQSFTFOUBEP QPS NJN BRVJ Ï GFJUP QPS WÈSJPT &ʼFSBWB QPEFS DPSSJHJS PT FSSPT PSUPHSÈmDPT NBT FV BTTVNP NFVT FSSPT TF RVJTFSFN DJUBS CPUFN P TJD PV BTTVNBN NFVT FSSPT QSB TJ F@UBOUPGB[ 1SPKFUP 3JUVBM %F 1BTTBHFN 1SPKFUP BQSFTFOUBEP QPS "SUIVS -FBOESP QBSB B &TDPMB EF "SUF E "WJHOPO F QBSB P GFʽJWBM EF "WJHOPO DPNP BSUJʽB DPOWJEBEP F JOUF HSBOUF EP 1SPKFUP *OUFSGBDFT EF JOUFSDÉNCJP FOUSF P 3FTTFBV M "HF E PS F B &TDPMB EF #FMBT "SUFT EB Ħėģě F &TDPMB 4VQFSJPS EF %FTJHO EB ĦĖģě & QFOTBOEP B QBSUJS EF DPOWFSTBT DPN &ETPO #BSSVT $FDJMJB $PUSJN F NFNCSPT EP (SVQP 6SVDVN Ï VN QSPKFUP BMUBNFOUF JNQSFHOBEP

',*,72B%RRN LQGE

$PMFUJWBÎÜFT

QFMBT JEÏJBT HFSBEBT B QBSUJS EBT EJTDVTTÜFT F FYQFSJÐODJBT EB DPNV OJEBEF WJSUVBM 3FT UP

QBS FUFUVCB QPʽÏ MF "SUIVS %F i&UFUVCBw FUFUVCB!VPM DPN CS %BUB 5FS .BJ BN "TTVOUP SFTMBUJN 1VCMJDJEBEF 7PV OB QSFGFJUVSB ËT EB NBOIÍ UFOUBS SFTPMWFS B FʽØSJB EP WJT UP QBSFDF RVF BT JOʽÉODJBT DBSSBTDPDSBUBT SFTPMWFSBN TF FOUFOEFS F BDIP RVF FN CSFWF TBCFSFJ B EBUB EB WPMUB NBT P QSPHSBNB NBUJOBM KÈ Ï VNB DIBUJDF QPS TJ TØ F OÍP TFJ TF NJOIB QBDJÐODJB FʽB QBSB BT TVNJS QPʽVSB EF DPNQMFYP EF 1PMZBOB F FʼFSP EF UBSEF DPNFÎBS B OFHPDJBS P USBCBMIP EPT FʽVEBOUFT DPN B FTDPMB 7BJ TFS UFOTP )PKF EFQPJT EF UFS TJEP BUFʽBEP RVF NFV QVMNÍP OÍP Ï UÍP CMBDL BTTJN QSB OÍP NF TFS QFSNJUJEP SFTJEJS OB 'SBOÎB GVJ BMNP ÎBS DPN +FBO .BSD EJSFUPS EB FTDPMB EBRVJ F QSFTJEFOUF EP 3FTTBV M "HF E PS &NJMJF TFDSFUB EF ěĞ F NJOIB CBCÈ F P EJSFUPS EB FT DPMB EF BSUFT EF .POUQFMJFS OÍP BOPUFJ P OPNF EP DBSB NBT BDIP RVF Ï $SJʽJBO P 'BMBSBN EF DPJTBT EF JOUFSFTTFT EFMFT BWBMJBSBN QPS BMUP P *OUFSGBDFT F JOUFSFTTFT DPNVOT QBSB BÎÜFT GVUVSBT %FQPJT DPOWFSTBNPT TPCSF QPTTJCJMJEBEFT E FV SFBMJ[BS BMHVN QSPKFUP QPS MÈ UBNCÏN DPN PT FʽVEBOUFT RVF GPSBN BP 3JP PV NFTNP PVUSBT BÎÜFT OB FTDPMB EBÓ SFMBUBSBN B NJOIB EJmDVMEBEF DPN P JOEJPNB F P DBSB SFʼPOEFV RVF QPS MÈ UB DIFJP EF FʽV EBOUFT QPSUVHVFTFT F RVF P JNQPSUBOUF Ï B DPOWJWÐODJB UFNQPSÈ SJB NFTNP RVF P FOUFOEJNFOUP OÍP TFKB UPUBM EPSFJ 1SPQPʽB EF DPN WJWFS 2VBOUP UFNQP Ï QSFDJTP QSB DPN WJWFS $PN UBMWF[ TFKB QSFDJTP FN WFSCP NBT WJWFS OÍP Ï QSFDJTP BEKFUJWBEP $BNÜFT OP FRVBEPS Ï EJGFSFOUF F FMFT OÍP TBCFN EJTTP 2VBOUP UFNQP Ï QSFDJ TP QSB DPN WFODFS ² QSFDJTP DPOWFODFS &NJMJF DPOUPV B $SJʽJBOP EP i3JUVBM EF QBTTBHFNw P QSPKFUP

',*,72B%RRN LQGE

(SVQP 6SVDVN 3FT MBUJN DPOUJOVBOEP

RVF BQSFTFOUFJ Ë FTDPMB F RVF USBUB UBNCÏN EFTTBT RVFʽÜFT F GBMPV EPT FODPOUSPT DPN FʽVEBOUFT FN TFNJOÈSJPT EF DPNQSFFOTÍP JNQFS GFJUB DPN NFVT BSHVNFOUPT EF RVF DPNVOJDBÎÍP Ï NBJT JNQPSUBOUF RVF FOUFOEJNFOUP 0 TPSSJTP EF BQSPWBÎÍP EP DBSB GPJ NBSBWJMIPTPy " FTTBT BMUVSBT FV KÈ UJOIB QFSEJEP P NFEP EF GBMBS CFʽFJSB F GBMBWB OP JOEJPNB QPTTÓWFM TFN QVYBS OFOIVN MJWSJOIP JOGBOUJM 7PV QBSB MÈ EF USFN OB NBOIÍ EF USJOUB EF NBJP F BDIP RVF +FBO .BSD mDPV NFJP FO DJVNBEP QPS RVF OP EFTFOSPMBS EB DPOWFSTB NFTNP RVF OB CSJODBEFJSB EJTTF RVF $SJʽJBOP UBWB RVFSFOEP NF SPVCBSy EFMF %F RVFN 4F EFMF FOUÍP QPSRVF TPV QBHP F CFN USBUBEP BHPSB UFOIP P ANFV EPOP RVF BDIB RVF P TFV JHVBM SJWBM RVFS ANF SPVCBS 4F Ï EB JOʽJUVJÎÍP Ï MBESÍP SPVCBOEP MBESÍP QPJT B ĖēĒ GPJ SPVCBEB RVBOEP P DPOWJUF WFJP EJSFUBNFOUF B NJN F OÍP WJB JOʽÉODJBT EB Ħėģě SPV CBSBN EB VOJWFSTJEBEF CSBTJMFJSB BNVSBMMBEB FN TVB GBMUB EF WFSCBT F PVUSPT QSPCMFNBT P EJSFJUP EF FTDPMIFS F BQFTBS EF TBCFS EBT QPVDBT DIBODFT EF VN QSPKFUJOIP EF DPNQSFFOTÍP JNQFSGFJUB EF BMHVÏN RVF OÍP GBMB P JOEJPNB EFMFT QBTTBS QFMP DSJWP EPT FTDPMIÜFT CSBTJMFJSPT RVF BJOEB FYJHFN EPNÓOJP EF EVBT MÓOHVBT FʽSBOHFJSBT QBSB EJQMPNBS EPVUPSFT BUJUVEF UÓQJDB EF DPMPOJ[BEPT FV OÍP TFJ GBMBS EJSFJUP OFN P QPSUVHVÐT NBT BQSFOEJ B QFOTBS F OÍP NF TJOUP Ë WPOUBEF DPN P GBUP EFMFT TFSFN PT ÞOJDPT FTDPMIÜFT HMPTTÈSJP FTDPMIÍP BRVFMF RVF FTDPMIF 0OEF FʽÈ P JOUFSDÉNCJP *OUFSDÉNCJP Ï USPDB PV JOUFSDÉN CJP Ï SPVCP .BT TF FTTF ANF WJFS EF NJN IÈ BMHP QSFDJPTP FN NJN RVF FV EFTDPOIFÎP F RVF TFJ RVF OÍP JOUFSFTTB B FMFT USPDBS NBT SPV CBS NFV PVSP 4FSÈ RVF DPNP TÍP EP 3FTTFVBV M "HF E PS FTTF PS E PT UPMPT BJOEB Ï QFOTBEP DPNP P PS EB "NÏSJDB TBRVFBEB .FV 4F FV GPS P EPOP EP JOUFSFTTF EB DPCJÎB QSPWBWFMNFOUF WÍP SPV CBS QPSRVF OÍP TFJ P RVF Ï 4F B DPCJÎB GPS QPS NJN F TF SFBMNFOUF FV GPS P MJCFSUP RVF QFOTP TFS OFN +FBO .BSD Ï NFV EPOP F OFN $SJT UJBOP WBJ SPVCÈ MP QPSRVF FʽF CFN QSFDJPTP OÍP Ï QPTTF TVB F OFN EFʽB PV EF PVUSB FTDPMB F OFN EFʽB F EF PVUSB DJEBEF PV QBJT -J CFSEBEF OJOHVÏN TBCF EJ[FS FYBUBNFOUF P RVF Ï NBT UPEPT TBCFN P RVF TJHOJmDB & FV RVFSP NFTNP Ï BUSBWFTTBS P NBS F JS QSP $BJSP 5SJQPMJ "MFYBOESJB .BSSBRVFTI $BTBCMBODB PV TFHVJS PVUSP NBQB JNQPTTÓWFM EP JNBHJOÈSJP QBSB GB[FS P DBNJOIP JO WFSTP EJ WFS TP

',*,72B%RRN LQGE

$PMFUJWBÎÜFT

4FS FTTB DFMFCSJEBEF EFCBJYP EFTTFT IPMPGPUFT JOEJWJEVBMNFOUF PV OP DPMFUJWP EP 6SVDVN RVF OÍP FYJʽF NF JODPNPEB QPSRVF FV UBNCÏN TPV MBESÍP & OÍP WPV FTRVFDFS 3POBMEP 3POZ QPSRVF FTTF EJTDVSTP Ï EFMF F OFTTF SPVCP P NFV Ï OPTTP QPSRVF B OPTTB GBMB OÍP Ï NJOIB OFN EF OFOIVN PVUSP JOEJWJEVP Ï GBMB EB RVFMFT RVF DPN WJWFN DPUJEJBOBNFOUF BJOEB RVF WBJEPTPT RVF OFN FV F $VOIBVOB OVODB TF TFOUJV MFTBEB DPNJHP QPSRVF ² GBMB DPNVOJ UÈSJB 0 RVF Ï P DPMFUJWP 2VFN Ï P BVUPS /ÍP CBʽB SFDPOIFDFS TJOUPNBT NBT DPOIFDFS VNB SFBMJEBEF QBSB QPEFS JOUFSWJS F TF Ï DPN WPDÐT RVF FV GBMP F Ï EF WPDÐT RVF FV FTDVUP F Ï WPDÐT RVF FV DJUP QPSRVF BT GSBTFT SPVCBEBT EBT DFMFCSJEBEFT BNVSBMMBEBT OBT HBJPMBT EPVSBEBT EPT IPMPGPUFT EB MJUFSBUVSB DJFOUÓmDB F EJMVÓEBT OPT NFVT UFYUPT TÍP EF SFDPOIFDJNFOUP PCSJHBUØSJP EF PVUSPT RVF WJWFN EFTTF SPVCP EF DPOIFDJNFOUP OBT VOJWFSTJEBEFT F PV USBT JOʽJUVJÎÜFT BNVSBMMBEBT 5BNQPVDP FTTB BUJUVEF Ï NJOIB 3FDPOIFÎBN BDVTFN P SPVCP UÈ EFDMBSBEP 5BMWF[ FTTB BUJ UVEF TFKB P UBM iHàFSB EP FVw RVF P "MFYBOESF NF BMFSUPV RVBO EP MFV NFV QSPKFUP EF RVBMJmDBÎÍP DPNP P 9BOEF EP NFV BGFUP RVF OÍP QSFDJTB TFS QSPGFTTPS VOJWFSTJUÈSJP & UBMWF[ FV TFKB NVJUP SBEJDBM NBT RVFSP DPOUJOVBS B WJWFS OB IJESPTPMJEBSJFEBEF F OB IJESPHFOFSPTJEBEF RVF GB[ B HFOUF USBCBMIBS KVOUP QPS VN QSP KFUP DPMFUJWP RVF OJOHVÏN TBCF P RVF Ï DPNP B MJCFSEBEF NBT RVF UFN B QBSUJDJQBÎÍP EF UPEB B DPNVOJEBEF DPNP B MJCFSEBEF +VOUPT /PTTPT QSPKFUPT TÍP EFDMBSBEBNFOUF DPMFUJWPT F FV RVFSP EJMVJS &V BQSFTFOUP P EBRVJ NBT EFDMBSP RVF OÍP Ï NFV Ï SPVCP TFRàFʽSP EFDMBSBEP F OØT TBCFNPT RVF Ï QPTTÓWFMy "JOEB RVF FN USÉOTJUP QPS RVF BNPS OÍP Ï WFSCP DPOEJDJPOBM Z DVBOEP MP NJSBT DPNP B VO DBCSPO TPMP FʽBT EBOEP NBMB WJEB DPSB[POy $P SB[PO NFV CFNy NFV CFNy /ÍP EÐ PVWJEPT B NBMEBEF BMIFJB F DSFJB OBRVJMP RVF WPDÐ TBCF GB[FS NVJUP CFN WBNPT TFS TPMJEÈSJPT NF FOTJOF RVF FV UBNCÏN MIF RVFSP TFS QSPGFTTPS IPKFy &V KÈ OÍP TFJ NBJT RVF EJB Ï P IPKF EPT NFVT SFMBUPT FTDSFWP FN WÈSJPT EJBT EJGFSFOUFT F TFNQSF NF SFmSP BP IPKF DPNP IPKF NBT RVBM IPKF Ï FTTF *TTP UÈ WJSBOEP VN QSPCMFNB "UFODJÛO UPEP D Fʽ QFSJHPTP )PKF Ï IPKF F QSPOUP P RVF OÍP UFN TPMVÎÍP TPMVDJP

',*,72B%RRN LQGE

(SVQP 6SVDVN 3FT MBUJN DPOUJOVBOEP

OBEP FʽÈ F WPV WJWFS BQFOBT OP EJB EF IPKF IPKF P WFOUP NF USPVYF VN DBSUÍP QPʽBM FN CSBODP OPWBNFOUF &QB )FZ 7FJP FN USPDB EB DBSUB JOTPOF QFSEJEB SPVCBEB Ï EF 7PMVCJMJT DJUF SPNBJOF EV ÏNF TJFDMF DMBTTÏF QBUSJNPJOF VOJWFSTFM - BSD EF USJPNQIF EF $BSBDBMMB FU MB DBSUF EFT WFʽJHFT SPNBJOT BV .BSSPD & FʽF KÈ FʽÈ B DBNJOIP EP #SBTJM WJB DJSDVMBÎÍP EF FNBJM UPEPT SFDFCFSBN B OPUÓDJB EB DBSUB QFSEJEB UPEPT SFDFCFN P DBSUÍP RVF WFJP FN USPDB 0 TFSUÍP WBJ WJSBS NBS 0 NBS WJSPV TFSUÍPy /ÍP BHàFOUP NBJT B TFDBy "DIP WPV UFS RVF WPMWBS NJOIB EJHJOB OP BCBOUP )PKF P ĦĠĝ WPMUPV B GVODJPOBS 4BVEBEFT "SUIVS

$PSQP 'FDIBEP QPS "MFYBOESF 1FSFJSB

1SPQPTJÎÍP QBSB P QSPKFUP *OUFSGBDFT 1SBJB EF *QBOFNB 3JP EF +BOFJSP OPWFNCSP EF NFJPT GPUPHSBmB WJEFPBOJNBÎÍP SFMBUPT Y Y Y Y Y Y Y Y &N 0JBQPRVF VNB NFOJOB EF EP[F QBSB USF[F BOPT QPEF UFS VN EFʽJOP NBJT PV NFOPT BTTJN JOJDJBS TVB DBSSFJSB TFYVBM F BCSJS TVB QFSOB QFMB QSJNFJSB WF[ F TØ QBSBS RVBOEP UJWFS NBJT WFMIB BÓ FMB QPEF TFS PV EPOB EF NBJT VN QVUFJSP F BTTJN DPOUSJCVJS QBSB B HFSBÎÍP EF FNQSFHP MPDBM PV TF FMB OÍP UJWFS DPOTFHVJEP KVOUBS VNB HSBOB DP [JOIFJSB EF HBSJNQPy " 2VJOUB TFN -FJ Ï VN BDPSEP FOUSF BT EPOBT

'SBTF FN RVJCVOEP EJBMFUP CBOUV RVF Ï VTBEB FN JOJDJBÎÍP OP $BOEPNCMÏ "OHPMB 2VFS EJ[FS BMHP TFNFMIBOUF B iHSJUBS NFV OPNF QBSB P NVOEPw PV iGB[FS NF DPOIFDFSw

',*,72B%RRN LQGE

$PMFUJWBÎÜFT

(SVQP 6SVDVN $PSQP GFDIBEP

EF QVUFJSP F B QPMÓDJB MPDBM FN RVF UVEP Ï QFSNJUJEP P QPOUP DIBWF EP FWFOUP Ï RVBOEP FMBT DIVQBN PT QBVT EPT NJMJUBSFT GSBODFTFT EB -FHJÍP &ʽSBOHFJSB F GB[FN DPN RVF FMFT FKBDVMFN OP QÞCMJDP RVF PCTFSWB B GBMBÎÍP DPMFUJWB &N 0JBQPRVF BT GSPOUFJSBT TÍP SF BJT MJNJUF HFPHSÈmDP EF VN QSPWÈWFM QSJNFJSP NVOEP " MÓOHVB EF 0JBQPRVF DSJPVMP DPNFSDJBM P FVSP 0T iGSBODFTFTw GSBODP HVJB OFOTF OB WFSEBEF BEPSBN DSV[BS VNB GSPOUFJSB EF CBSDP F GB[FS TVBT DPNQSBT FN 0JBQPRVF Ï NBJT CBSBUP MFJUF FN QØ mBNCSF CJTDPJUPT & DPNP HPʽBN EBT CSBTJMFJSBT EBT KPWFOT QVUBT CSBTJMFJ SBT BMJÈT TFJ EF DBTPT EF NVMIFSFT CSBTJMFJSBT RVF TÍP QFSTFHVJEBT OBT SVBT EF 4BJOU (FPSHF F $BZFOOF ² CPN QBSB B FDPOPNJB MPDBM B GSPOUFJSB DPN B (VJBOB 'SBODFTB &N 0JBQPRVF Ï SFBM B GSPOUFJ SB EB TPCSFWJWÐODJB EB QSPʽJUVJÎÍP F EP PVSPy BT GSPOUFJSBT TÍP SFBJT FOUSF B WJEB F B NPSUF 0 "SUIVS JSÈ SFDFCFS VN HSVQP EF GSBODFTFT OB DBTB EFMF FN OPWFNCSP FMFT EJTDVUFN GSPOUFJSBT F QBSB JTTP RVFSFN JS BP NBS VNB GSPOUFJSB ØCWJB VNB GSPOUFJSB EF FWBTÍP EF EJWJTBT CSBTJMFJSBT EFTEF B DPMÙOJBy QBSFDF NBJT RVF RVFSFN JS B $PQBDBCBOBy F B IJʽØSJB TF SFQFUF IJʽØSJB P DBSBMIP &YJʽF VNB QPMÓUJDB EF FYQMP SBÎÍP TFYVBM F BTTVNP BHPSB VN EJTDVSTP GFNJOJʽB PV GFNJOJOB KÈ RVF FMBT FTRVFDFSBN EF GBMBSy B QVCMJDJEBEF TFYVBM Ï FWJEFOUF F OÍP WPV EJTDVUJS OFʽF FNBJM B DIVWB EF FʽFSFØUJQPT EB NÓEJB EP $BSOBWBM FUD .BT OÍP Ï B NVMIFS CSBTJMFJSB B UBM $PNP EJTTF -BNBSUJOF #BCP iQSFUB Ï QSFUB CSBODB Ï CSBODB NBT B NVMBUB Ï B UBM Ï B UBM wy EF MÈ QBSB DÈ Ï QJDB TVÓÎB QSB UPEP MBEPy JTTP Ï VNB GSPOUFJSB EF SFTJʽÐODJB DPSQPSBM DPNP EJTTF 5PN ;Ïy 1SPKFUP $PSQP 'FDIBEP 7BNPT EBS VN CBOIP EF QFNCB OPT GSBODFTFT P "SUIVS DPN QSPV WÈSJPT CBOIPT BRVJ OB QFSGVNBSJB 0SJPN FN #FMÏN UFN $IPSB OPT NFVT QÏT "HBSSBEJOIP #BOIP EF UBNBRVBSÏ "NBOTB "NBOTB DPSOP FUD " JEÏJB Ï DFSDBS PT GSBODFTFT DPN SPVQB EF CBOIP FN QMFOP TPM EF NFJP EJB OB QSBJB BDFOEFS WFMBT EF 4ÍP +PSHF WFSNFMIBT DJSDVOT DSFWFOEP PT F EBS VN CBOIP QÞCMJDP OFMFT DPN FTTFT iQSFQBSBEPTw

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(SVQP 6SVDVN 3FT MBUJN DPOUJOVBOEP

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',*,72B%RRN LQGE

-JOLBOJBT

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',*,72B%RRN LQGE

$VMUVSB FN 3FEF BMHVOT QPOUPT QBSB SFGMFYÍP

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',*,72B%RRN LQGE

-JOLBOJBT

&YDMVTÍP EJHJUBM QSPCMFNBT DPODFJUVBJT FWJEÐODJBT FNQÓSJDBT F QPMÓUJDBT QÞCMJDBT

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',*,72B%RRN LQGE

&YDMVTÍP EJHJUBM

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-JOLBOJBT

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EPT QPTTVJEPSFT EF DPNQVUBEPS TPNFOUF VN UFSÎP UFN BDFTTP Ë JOUFSOFU EF GPSNB RVF EP UPUBM EF VTVÈSJPT EF JOUFSOFU QPVDP NBJT EF P GB[FN OP EPNJDÓMJP SFQSPEV[JOEP PT QBESÜFT EF VTP EF DPNQVUBEPS NFODJPOBEPT BDJNB JʽP Ï B QSJODJQBM GPOUF EF BDFT TP TF FODPOUSB GPSB EP EPNJDÓMJP (SÈmDP -PDBJT EF BDFTTP Ë JOUFSOFU NBJT VUJMJ[BEPT OBT DPNVOJEBEFT EP NVOJDÓQJP EP 3JP EF +BOFJSP

6OJWFSTP PT RVF VTBN B JOUFSOFU EB QPQVMBÎÍP

/P VTP EF JOUFSOFU B GBJYB FUÈSJB BJOEB Ï NBJT EFDJTJWB KÈ RVF TVB JNQPSUÉODJB BVNFOUB OPT TFUPSFT NBJT KPWFOT

',*,72B%RRN LQGE

-JOLBOJBT

(SÈmDP 1FSDFOUVBM EF VUJMJ[BÎÍP EB JOUFSOFU F DPN QVUBEPS TFHVOEP B JEBEF

/PUB 0T QFSDFOUVBJT GPSBN DBMDVMBEPT FN SFMBÎÍP BP QSØQSJP HSVQP " EJʽÉODJB FOUSF NBJPS F NFOPS SFOEB BVNFOUB WJTJWFMNFOUF RVBO EP QBTTBNPT EF VTVÈSJPT EF DPNQVUBEPS QBSB VTVÈSJPT EF JOUFSOFU P RVF EFWF FʽBS SFMBDJPOBEP BP DVʽP F Ë EJmDVMEBEF EF BDFTTP B FMB (SÈmDP 3FOEB EPNJDJMJBS QFS DBQJUB F SFOEB QFTTPBM TF HVOEP P OÓWFM EF JODMVTÍP EJHJUBM

',*,72B%RRN LQGE

&YDMVTÍP EJHJUBM

'JOBMNFOUF FNCPSB OÍP FʽFKB JODMVÓEP OFʽB BQSFTFOUBÎÍP RVF TF SFGFSF B VNB EJTDVTTÍP TPCSF PT VTPT EB JOUFSOFU OÍP QPEFNPT EFJYBS EF JOEJDBS VN EBEP RVF NPʽSB PT MJNJUFT EP VTP EB UFMFNÈUJ DB QFMBT DBNBEBT QPQVMBSFT (SÈmDP 1FSDFOUVBM EF VTP EF FNBJM FN SFMBÎÍP Ë VUJMJ[BÎÍP EF NJDSPDPNQVUBEPSFT F JOUFSOFU OP UPUBM EB QPQVMBÎÍP EBT GBWFMBT

.FOPT EB NFUBEF EPT VTVÈSJPT EB JOUFSOFU Ï VTVÈSJB EF FNBJM 5SBUB TF EF VNB QPSDFOUBHFN NVJUP CBJYB EF VTVÈSJPT QSPEVUP EP DPOUFYUP TPDJBM EPT IBCJUBOUFT EBT GBWFMBT FN RVF CPB QBSUF EB SFEF TPDJBM OÍP VUJMJ[B JOUFSOFU GB[FOEP EP FNBJM VN JOʽSVNFOUP NFOPT ÞUJM EF DPNVOJDBÎÍP D 2VBMJEBEF EP BDFTTP 4F PT EBEPT BOUFSJPSFT JOEJDBN RVF PT DBNJOIPT QBSB VUJMJ[BS P DPNQVUBEPS F BDFTTBS B JOUFSOFU TÍP NÞMUJQMPT UPEPT FMFT DPOWFSHFN OP TFOUJEP EF JOEJDBS BT MJNJUBÎÜFT EP UFNQP EJʼPOÓWFM F EF RVBMJEB EF EF BDFTTP EP VTVÈSJP EF CBJYB SFOEB

"RVFMFT RVF QPTTVFN DPNQVUBEPS F BDFTTP Ë JOUFSOFU FN DBTB FʽÍP MJNJUBEPT QFMB RVBMJEBEF EF BDFTTP B HSBOEF NBJP

',*,72B%RRN LQGE

-JOLBOJBT

SJB TFN BDFTTP Ë CBOEB MBSHB F QFMP UFNQP FN RVF QPEFN QFS NBOFDFS MJHBEPT KÈ RVF VUJMJ[BN BDFTTP EJTDBEP FN RVF Ï QBHP P UFNQP EF QFSNBOÐODJB OB MJOIB 0 SFTVMUBEP Ï VNB CBJYB GSFRàÐODJB EF VTP 0 OÍP BDFTTP Ë JOUFSOFU SÈQJEB DPN VN WBMPS NFOTBM mYP JOEF QFOEFOUFNFOUF EP UFNQP EF VTP UFN VNB EVQMB DPOTFRàÐODJB B JOGPSNBÎÍP EFNPSB NBJT UFNQP QBSB TFS BDFTTBEB FORVBOUP P UFN QP EJʼPOÓWFM QBSB QFSNBOFDFS OB JOUFSOFU Ï NFOPS KÈ RVF P VTVÈSJP QBHB QFMP UFNQP FN RVF QFSNBOFDF MJHBEP "TTJN B JOGPSNBÎÍP EF NPSB NBJT UFNQP QBSB DIFHBS F P UFNQP EJʼPOÓWFM QBSB SFDFCÐ MB Ï NFOPS $PNP NPʽSB P HSÈmDP B TFHVJS B JOUFOTJEBEF EP VTP EB JOUFSOFU FOUSF PT IBCJUBOUFT EBT GBWFMBT BJOEB Ï CBʽBOUF CBJYB /P FʽVEP EB FYDMVTÍP EJHJUBM QPSUBOUP EFWF TFS DPOTJEFSBEP OÍP TPNFOUF P OÞ NFSP EF VTVÈSJPT F OÍP VTVÈSJPT NBT UBNCÏN B JOUFOTJEBEF EF TFV VTP UBOUP OB RVBMJEBEF EF BDFTTP CBJYB F BMUB WFMPDJEBEF DPNP OP UFNQP FGFUJWBNFOUF EJʼPOÓWFM (SÈmDP 'SFRàÐODJB EP BDFTTP Ë JOUFSOFU OBT DPNVOJEBEFT EP NVOJDÓQJP EP 3JP EF +BOFJSP

6OJWFSTP PT RVF VTBN B JOUFSOFU EB QPQVMBÎÍP

',*,72B%RRN LQGE

&YDMVTÍP EJHJUBM

0T RVF UÐN BDFTTP Ë JOGPSNÈUJDB F BP DPNQVUBEPS OP USBCB MIP QPEFN VUJMJ[BS FTTFT JOʽSVNFOUPT OPT MJNJUFT EF TVBT PCSJHBÎÜFT F IPSÈSJP EF USBCBMIP

"RVFMFT RVF TF VUJMJ[BN EF UFMFDFOUSPT EFQFOEFN EB QSPYJ NJEBEF F SFDVSTPT QBSB QBHBS P TFSWJÎP F PV EB EJʼPOJCJMJEBEF EF DPNQVUBEPSFT OP UFMFDFOUSP OP IPSÈSJP EF TFV JOUFSFTTF

"RVFMFT RVF UÐN BDFTTP FN DBTB EF BNJHPT PV GBNJMJBSFT FO GSFOUBN JHVBMNFOUF EJmDVMEBEFT EF EJʼPOJCJMJEBEF MJNJUBEBT EFTTFT JOʽSVNFOUPT

'JOBMNFOUF PT VTVÈSJPT EBT &ʽBÎÍP 'VUVSP UFMFDFOUSPT EB 0/( 7JWB 3JP DPN BDFTTP B QSFÎPT NFOPSFT BQSFTFOUBN P NFTNP QFSmM FEVDBDJPOBM F EF SFOEB RVF P VTVÈSJP UÓQJDP EF DPNQVUBEPS F JOUFSOFU OB GBWFMB 0T UFMFDFOUSPT EF UPEB GPSNB BVNFOUBN B CBTF EF VTVÈSJPT F QSPWÐFN PT IBCJUBOUFT EB GBWFMB JODMVTJWF BRVFMFT RVF QPTTVFN BDFTTP FN DBTB DPN NFMIPS RVBMJEBEF EF TFSWJÎPT JOGSB FʽSVUVSB F BQPJP &NCPSB PT DPNFOUÈSJPT BOUFSJPSFT OÍP JOWBMJEFN B SFMFWÉODJB EBT WÈSJBT FʽSBUÏHJBT EF VOJWFSTBMJ[BÎÍP EF BDFTTP OÍP QPEF EFJYBS EF TFS BTTJOBMBEB B DPOUJOVJEBEF EBT EFTJHVBMEBEFT FOUSF PT WÈSJPT HSVQPT TPDJBJT NFTNP FOUSF BRVFMFT FN RVF BT FʽBUÓʽJDBT BQSFTFO UBN DPNP UFOEP BDFTTP Ë UFMFNÈUJDB $PODMVTÜFT QPMÓUJDBT QÞCMJDBT F JODMVTÍP EJHJUBM -FWBOEP FN DPOTJEFSBÎÍP PT BDIBEPT EB QFTRVJTB F B CJCMJP HSBmB JOUFSOBDJPOBM TPCSF P UFNB EB FYDMVTÍP EJHJUBM BMHVNBT DPO DMVTÜFT TPCSF PT PCKFUJWPT EF VOJWFSTBMJ[BÎÍP EP BDFTTP Ë JOUFSOFU F TPCSF B EFNPDSBUJ[BÎÍP EB JOGPSNBÎÍP TF JNQÜFN 4FNQSF Ï CPN MFNCSBS RVF NFTNP TVCMJOIBOEP BT MJNJUBÎÜFT EF EFNPDSBUJ[BS B JOGPSNBÎÍP OÍP FʽBNPT EF GPSNB BMHVNB JOEJDBOEP B JNQPSUÉODJB EBT QPMÓUJDBT EF VOJWFSTBMJ[BÎÍP EF BDFTTP 1FMP DPOUSÈSJP VOJWFSTBMJ [BS P DPOIFDJNFOUP CÈTJDP TPCSF P VTP EF DPNQVUBEPSFT F JOUFSOFU Ï GVOEBNFOUBM QBSB MJNJUBS P JNQBʹP OFHBUJWP RVF FMFT QPEFN USB[FS QBSB TFUPSFT NBJT QPCSFT /B BUVBMJEBEF DPOIFDJNFOUPT CÈTJDPT EF DPNQVUBÎÍP F JOUFSOFU TÍP DSFTDFOUFNFOUF QSFDPOEJÎÍP EF

',*,72B%RRN LQGE

-JOLBOJBT

BDFTTP BP FNQSFHP "T QPMÓUJDBT EF VOJWFSTBMJ[BÎÍP EF BDFTTP EFWFN DPOGSPOUBS BT DPN QMFYJEBEFT BTTPDJBEBT Ë BQSPQSJBÎÍP FGFUJWB EBT 5*$T QFMPT TFUPSFT NBJT QPCSFT EB QPQVMBÎÍP 0 WBMPS FGFUJWP EB JOGPSNBÎÍP EFQFOEF EB DBQBDJEBEF EPT VTV ÈSJPT EF JOUFSQSFUÈ MB *OGPSNBÎÍP TØ FYJʽF OB GPSNB EF DPOIFDJNFO UP F DPOIFDJNFOUP EFQFOEF EF VN MPOHP QSPDFTTP EF TPDJBMJ[BÎÍP F EF QSÈUJDBT RVF DSJBN B DBQBDJEBEF BOBMÓUJDB RVF USBOTGPSNB CJUT FN DPOIFDJNFOUP 1PSUBOUP DPOGSPOUBS B FYDMVTÍP EJHJUBM TVQÜF FOGSFO UBS B FYDMVTÍP FTDPMBS "T QPMÓUJDBT EF VOJWFSTBMJ[BÎÍP EP BDFTTP Ë JOUFSOFU OPT QBÓTFT FN EFTFOWPMWJNFOUP TFSÍP VNB RVJNFSB TF OÍP FʽJWFSFN BTTPDJBEBT B PVUSBT QPMÓUJDBT TPDJBJT FN QBSUJDVMBS BT EB GPSNBÎÍP FTDPMBS /ÍP IBWFSÈ VOJWFSTBMJ[BÎÍP EF BDFTTP ËT OPWBT UFDOPMPHJBT EB JOGPSNBÎÍP F EB DPNVOJDBÎÍP TFN VOJWFSTBMJ[BÎÍP EF PVUSPT CFOT TPDJBJT &N QBÓTFT FN EFTFOWPMWJNFOUP FN RVF BT UBYBT EF BOBMGBCFUJTNP GVO DJPOBM TÍP BMUÓTTJNBT OP #SBTJM DBMDVMB TF FN UPSOP EF B MVUB DPOUSB BT EJWFSTBT DBSÐODJBT EF BDFTTP B TFSWJÎPT QÞCMJDPT FEVDBÎÍP TBOFBNFOUP TFHVSBOÎB TBÞEF TFSWJÎPT KVSÓEJDPT FYJHFN VNB WJTÍP DPNQMFYB B SFʼFJUP EB MVUB DPOUSB B FYDMVTÍP EJHJUBM 0CWJBNFOUF JTTP OÍP TJHOJmDB FʼFSBS B FSSBEJDBÎÍP EP BOBMGBCFUJTNP QBSB EFTFO WPMWFS QPMÓUJDBT EF JODMVTÍP EJHJUBM /ÍP QPEFNPT FTRVFDFS RVF B MVUB QFMB JODMVTÍP EJHJUBM Ï VNB MVUB DPOUSB P UFNQP "T OPWBT UFDOPMPHJBT EB JOGPSNBÎÍP BVNFOUBN B EFTJHVBMEBEF TPDJBM EF GPSNB RVF B VOJ WFSTBMJ[BÎÍP EP BDFTTP OÍP Ï NBJT EP RVF B MVUB QPS SFOJWFMBS BT DPO EJÎÜFT EF BDFTTP BP NFSDBEP EF USBCBMIP "T FYJHÐODJBT EB FDPOPNJB F PT OPWPT FNQSFHPT PCSJHBN B DPOWJWÐODJB EF QPMÓUJDBT QÞCMJDBT RVF USBCBMIFN TJNVMUBOFBNFOUF DPN EJGFSFOUFT TFUPSFT TPDJBJT F SJUNPT EFTJHVBJT EF VOJWFSTBMJ[BÎÍP EF TFSWJÎPT QÞCMJDPT 1PSÏN OÍP TF QPEF EFTDPOIFDFS P JNCSJDBNFOUP EBT QPMÓUJDBT TPDJBJT F RVF P TVDFTTP mOBM EFʽBT EFQFOEF EF VN QSPHSBNB JOUFHSBEP EF VOJWFSTBMJ[BÎÍP EPT WÈSJPT TFSWJÎPT QÞCMJDPT /P DVSUP QSB[P BT QPMÓUJDBT EF JODMVTÍP EJHJUBM RVF UFSÍP OFDFTTBSJBNFOUF VN JNQBʹP TPCSF TPNFOUF VNB QBSUF EB QPQVMBÎÍP NBJT QPCSF EFWFN EFmOJS DMBSBNFOUF RVBM Ï P QÞCMJDP BMWP

',*,72B%RRN LQGE

&YDMVTÍP EJHJUBM

$PNP GPJ BSHVNFOUBEP BOUFSJPSNFOUF Ï GVOEBNFOUBM EFmOJS BT QSJPSJEBEFT EP QÞCMJDP BMWP $PNP B QFTRVJTB JOEJDB FN QSJODÓQJP PT UFMFDFOUSPT FN CBJSSPT QPCSFT TÍP VUJMJ[BEPT QFMPT TFUP SFT EB DPNVOJEBEF RVF KÈ QPTTVFN VN OÓWFM CÈTJDP EF FTDPMBSJEBEF F VN NBJPS OÓWFM EF SFOEB 6NB QPMÓUJDB EF VOJWFSTBMJ[BÎÍP EP BDFT TP Ë JOUFSOFU EFWF UFS DPNP PCKFUJWP QSJPSJUÈSJP B SFEF FTDPMBS ÞOJDP MPDBM POEF QPEF TFS FGFUJWBNFOUF BUJOHJEP P DPOKVOUP EB QPQVMBÎÍP $PNP B QFTRVJTB UBNCÏN JOEJDB P MPDBM EF USBCBMIP Ï VN GBUPS JN QPSUBOUF EF JODMVTÍP EJHJUBM %FTTF NPEP QPMÓUJDBT EF JODMVTÍP EJHJUBM EFWFSJBN DSJBS JODFOUJWPT QBSB BVNFOUBS P OÞNFSP EF FNQSFTBT VTV ÈSJBT EF JOGPSNÈUJDB F JOUFSOFU RVF PGFSFDFTTF DVSTPT EF DPNQVUBÎÍP F JOUFSOFU QBSB UPEPT PT TFVT FNQSFHBEPT "T FTDPMBT TÍP JOʽSVNFOUPT DFOUSBJT QBSB TPDJBMJ[BS BT OPWBT HFSBÎÜFT OB JOUFSOFU *ʽP OÍP JNQMJDB USBOTGPSNBS B UFMFNÈUJDB OVN JOʽSVNFOUP QSJWJMFHJBEP EP TJʽFNB FEVDBUJWP OFN SFBMJ[BS VN TV QFSJOWFʽJNFOUP FN RVBOUJEBEFT FYBHFSBEBT EF DPNQVUBEPSFT QPS FTDPMB 0T SFTVMUBEPT EB QFTRVJTB TPCSF P JNQBʹP EP VTP EB JOGPS NÈUJDB F JOUFSOFU OBT FTDPMBT TÍP DPOUSBEJUØSJPT " BEBQUBÎÍP EPT QSPGFTTPSFT B FTTF OPWP JOʽSVNFOUP Ï VN MPOHP QSPDFTTP RVF OÍP QPEF TFS EJTTPDJBEP EB NFMIPSJB HFSBM EB GPSNBÎÍP QSPmTTJPOBM 0 EFTFOWPMWJNFOUP EF TPGUXBSFT BEFRVBEPT B SFBEBQUBÎÍP EP TJʽFNB QFEBHØHJDP F P EFTFOWPMWJNFOUP EF EJTDJQMJOBT EF FOTJOP DSÓUJDP EP VTP EB UFMFNÈUJDB TFSÍP OB NBJPSJB EPT QBÓTFT FN EFTFOWPMWJNFOUP VN QSPDFTTP OFDFTTBSJBNFOUF MPOHP "UÏ MÈ P QBQFM EPT MBCPSBUØSJPT FTDPMBSFT EF UFMFNÈUJDB EFWF TFS P EF JOUSPEV[JS PT BMVOPT OP VTP EFTTFT JOʽSVNFOUPT DBQBDJUBOEP PT QBSB P DPOIFDJNFOUP EF QSP HSBNBT CÈTJDPT EF GPSNB RVF GBDJMJUF B GVUVSB JOTFSÎÍP OP NFSDBEP EF USBCBMIP F NPUJWBOEP PT QBSB P VTP EF OPWBT UFDOPMPHJBT /FTTFT MJNJUFT Ï TVmDJFOUF PGFSFDFS DVSTPT EF UFMFNÈUJDB OVN ÞOJDP BOP EV SBOUF P QSJNFJSP TFHNFOUP EP FOTJOP GVOEBNFOUBM F FWFOUVBMNFOUF EVSBOUF P TFHVOEP TFHNFOUP 6NB QFSʼFʹJWB TJNJMBS EFWF TFS BQMJDBEB FN SFMBÎÍP BP PC KFUJWP EB EFNPDSBUJ[BÎÍP EB JOGPSNBÎÍP 0 WBMPS FGFUJWP EB JOGPS NBÎÍP EFQFOEF EB DBQBDJEBEF EF JOUFSQSFUBÎÍP EP VTVÈSJP 6N OÓWFM NBJT BMUP EF FTDPMBSJEBEF Ï GVOEBNFOUBM QBSB NBYJNJ[BS P

',*,72B%RRN LQGE

-JOLBOJBT

QPUFODJBM PGFSFDJEP QFMB JOUFSOFU " QSPNPÎÍP EF TJUFT DPN DPO UFÞEPT FʼFDÓmDPT QBSB BT QPQVMBÎÜFT EF CBJYB SFOEB PV MÓOHVBT OBUJWBT QPEF UFS VN QBQFM JNQPSUBOUF QBSB DPNQFOTBS BT EJmDVMEB EFT EF BDFTTP B DPOUFÞEPT QSPEV[JEPT QBSB QÞCMJDPT EF DMBTTF NÏEJB PV DPN DPOIFDJNFOUP EF PVUSBT MÓOHVBT .BT OFTTB ÈSFB BQFTBS EP SFDPOIFDJNFOUP EP QSPCMFNB QPS PSHBOJTNPT EFEJDBEPT Ë JODMVTÍP EJHJUBM PT BWBOÎPT UÐN TJEP NVJUP MJNJUBEPT /B BUVBMJEBEF P mOBO DJBNFOUP EB NBJPSJB EPT OPWPT DPOUFÞEPT EJʼPOÓWFJT OB JOUFSOFU Ï GFJUP QPS DBQJUBM EF SJTDP P RVF TVQÜF VN SFUPSOP BP TFV JOWFʽJNFO UP #PB QBSUF EP NFSDBEP BMWP EFTTFT DPOUFÞEPT Ï DPOʽJUVÓEB QFMB DMBTTF NÏEJB 0 EFTFOWPMWJNFOUP EF UFMFDFOUSPT JʽP Ï DBCJOBT EF BDFTTP QÞCMJDP Ë JOUFSOFU Ï QBSUF JNQPSUBOUF FN RVBMRVFS QPMÓUJDB EF VOJ WFSTBMJ[BÎÍP EF TFSWJÎPT "QFTBS EPT FTGPSÎPT EF 0/(T FN EFTFO WPMWFS UFMFDFOUSPT DPNVOJUÈSJPT BT JOJDJBUJWBT UÐN DPOTFHVJEP VN JNQBʹP RVBOUJUBUJWP QSBUJDBNFOUF SFTJEVBM FNCPSB DVNQSBN VNB JNQPSUBOUF GVOÎÍP EF FGFJUP EF EFNPOʽSBÎÍP F QPTTBN UFS QPS WF [FT VN QBQFM JNQPSUBOUF OBT DPNVOJEBEFT OB RVBM BUVBN .BT B VOJWFSTBMJ[BÎÍP EP BDFTTP QBTTB GVOEBNFOUBMNFOUF QFMBT QPMÓUJDBT QÞCMJDBT BTTPDJBEBT FWFOUVBMNFOUF BP TFUPS QSJWBEP F QFMPT JODFO UJWPT BP NFSDBEP 0 TFUPS QSJWBEP UFN EFTFNQFOIBEP VN QBQFM JNQPSUBOUF OB DSJBÎÍP EF UFMFDFOUSPT FN HFSBM RVBOEP VTB FRVJQB NFOUP EF CBJYP DVʽP QSPHSBNBT QJSBUBT F TÍP BENJOJʽSBEPT QFMB GB NÓMJB QSPQSJFUÈSJB DPNP JOEJDB P FYFNQMP QFSVBOP .BT BT QPMÓUJDBT QÞCMJDBT DPOUVEP TÍP GVOEBNFOUBJT QBSB BUJOHJS VNB FTDBMB RVF JOJ DJBUJWBT WPMVOUÈSJBT OÍP UÐN DPOEJÎÜFT EF PCUFS "T QPMÓUJDBT QÞCMJDBT EF VOJWFSTBMJ[BÎÍP EF BDFTTP FYJHFN TPMVÎÜFT DSJBUJWBT EF MJDJUBÎÍP EF TFSWJÎPT QBSB BT DPNVOJEBEFT NBJT QPCSFT DPN TFSWJÎPT TVCTJEJBEPT SFBMJ[BEPT QPS FNQSFTBT QSJWBEBT PV BTTPDJBÎÜFT DPNVOJUÈSJBT F PV 0/(T

',*,72B%RRN LQGE

&YDMVTÍP EJHJUBM

',*,72B%RRN LQGE

-JOLBOJBT

0 JNQBDUP EB TPDJFEBEF DJWJM EFT PSHBOJ[BEB DVMUV SB EJHJUBM PT BSUJDVMBEPSFT F TPGUXBSF MJWSF OP QSPKFUP EPT QPOUPT EF DVMUVSB EP .JO$ QPS 'FMJQF 'POTFDB "MFYBOESF 'SFJSF F "SJFM 'PJOB

0 PCKFUJWP EFʽF BSUJHP NBJT EP RVF BQSFTFOUBS VN FʽVEP EF DBTP Ï EFMJOFBS P DPOUFYUP OP RVBM BMHVOT HSVQPT SFMBDJPOB EPT Ë DVMUVSB EJHJUBM F BP BUJWJTNP FMFUSÙOJDPT F BT JEFPMPHJBT RVF PT DFSDBN FʽSVUVSBSBN TF QBSB JOnVFODJBS QSPKFUPT EP .JOJʽÏSJP EB $VMUVSB CSBTJMFJSP 6NB JOUSPEVÎÍP TPCSF P IJʽØSJDP EP TPGUXBSF MJWSF OP HPWFSOP CSBTJMFJSP Ï OFDFTTÈSJB FNCPSB UFOIBNPT DPOTDJ ÐODJB EF RVF RVBOEP B QVCMJDBÎÍP TF DPODSFUJ[BS UVEP QPEF FʽBS EJGFSFOUF &N TFHVJEB BQSFTFOUBNPT B IJʽØSJB EP QSPKFUP 1POUPT EF $VMUVSB .BJT EP RVF TJNQMFT BÎÍP HPWFSOBNFOUBM FTTF QSPKFUP UFN QPS PCKFUJWP DIFHBS BPT MJNJUFT HFPHSÈmDPT F TPDJBJT EP #SBTJM DPN VNB FʽSBUÏHJB JOUFHSBEB EF HFSBÎÍP EF BVUPOPNJB TVʽFOUBCJMJEBEF F BSUJDVMBÎÍP FN SFEF DBMDBEB OP GPNFOUP Ë QSPEVÎÍP EF NÓEJB F Ë DVMUVSB DPMBCPSBUJWB F MJWSF 4PGUXBSF MJWSF OP #SBTJM /PT ÞMUJNPT BOPT P #SBTJM BTTVNJV VN QBQFM EF EFʽBRVF OP DPO UFYUP JOUFSOBDJPOBM EP TPGUXBSF MJWSF 0 HPWFSOP GFEFSBM BQSFTFOUPV VN QPTJDJPOBNFOUP QÞCMJDP EF EFGFTB EB BEPÎÍP EF TPGUXBSF MJWSF FN EJWFSTPT QSPKFUPT " SFQFSDVTTÍP OP FYUFSJPS GPJ UBM BP QPOUP EF B SFWJʽB 8JSFE SFUSBUBS P QBÓT DPNP VNB i/BÎÍP 0QFO TPVSDFw

',*,72B%RRN LQGE

0 JNQBDUP EB TPDJFEBEF DJWJM EFT PSHBOJ[BEB

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0 JNQBDUP EB TPDJFEBEF DJWJM EFT PSHBOJ[BEB

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',*,72B%RRN LQGE

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0 JNQBDUP EB TPDJFEBEF DJWJM EFT PSHBOJ[BEB

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0 DJCFSGFNJOJTNP OVODB DIFHPV Ë "NÏSJDB -BUJOB

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0 DJCFSGFNJOJTNP OVODB DIFHPV Ë "NÏSJDB -BUJOB

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',*,72B%RRN LQGE

0 DJCFSGFNJOJTNP OVODB DIFHPV Ë "NÏSJDB -BUJOB

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',*,72B%RRN LQGE

-JOLBOJBT

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',*,72B%RRN LQGE

0 DJCFSGFNJOJTNP OVODB DIFHPV Ë "NÏSJDB -BUJOB

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IUUQ XXX HOVSJBT PSH CS "DFTTP FN KVO

IUUQ NVMIFSFT TPGUXBSFMJWSF PSH "DFTTP FN KVO

',*,72B%RRN LQGE

-JOLBOJBT

UFDOPMPHJB DPNP QPS FYFNQMP .BSJBOB EF EF[ BOPT B NBTDPUF EP ÞMUJNP FODPOUSP EF TPGUXBSF MJWSF OP 'JTMJ 'FʽJWBM *OUFSOBDJPOBM EP 4PGUXBSF -JWSF FN 1PSUP "MFHSF TÍP SFBMNFOUF TPNFOUF NFOJOBT UVEP JTTP GB[ DPN RVF IPKF P UFSNP GFNJOJʽB TFKB UÍP QSFDJQJUBEB NFOUF SFKFJUBEP "MÏN EJTTP BP NBOUFS P GPDP OP VTP EB UFDOPMPHJB QBSB P NFS DBEP EF USBCBMIP NVJUPT QSPKFUPT UBNCÏN BDBCBN QPS HFSBS NVJUP QPVDB EJTDVTTÍP TPCSF NVMIFSFT DPNP VTVÈSJBT EF UFDOPMPHJBT PV B DVMUVSB EJHJUBM F TVBT JNQPSUBOUÓTTJNBT DPOFYÜFT DPN PT NFJPT QPQV MBSFT B DJÐODJB B SFDJDMBHFN P DPOUFÞEP MJWSF RVF Ï TPCSFUVEP B SFBMJ EBEF CSBTJMFJSB 1FSDFCF TF FOUÍP RVF OÍP CBʽB TVQFSBS B TFHSFHBÎÍP UÏDOJDB DJFOUÓmDB F EJHJUBM DPSSFOUF FN OPTTB TPDJFEBEF F TJN EBS BQPJP B JOJDJBUJWBT RVF RVFJSBN USBCBMIBS QFMPT EJSFJUPT EBT NVMIF SFT EF TFSFN NBJT BVUPDPOmBOUFT UFDOPMPHJDBNFOUF NBT UBNCÏN P EF OÍP RVFSFSFN VTBS GFSSBNFOUBT DPSQPSBUJWBT TBCFOEP TPCSFUVEP DPOUFYUVBMJ[È MBT DPN B TVB WJEB F QSÈUJDB DPUJEJBOB F DPNP GFSSB NFOUB DVMUVSBM F FYQSFTTJWB )È RVF TF EPNJOBS UBNCÏN P EJTDVSTP RVF DPNQÜF BT SFMBÎÜFT TPDJBJT F B MJOHVBHFN EBT UÏDOJDBT 0T TPG UXBSFT MJWSFT TÍP BQFOBT P QSJNFJSP QBTTP ² RVBTF VN DPOTFOTP FOUSF PT HSVQPT RVF USBCBMIBN DPN BT 5$*T RVF FʽBT EFWFN TFS VTBEBT QBSB SFGVOEBS B QMVSBMJEBEF EPSNFOUF EBT DPOFYÜFT TPDJBJT 0 TFV BGSP SPTB OÍP DPNCJOB DPN P NFV TDSFFOTBWFS PV DBMÎB EB (BOH UPEB NVMIFS RVFS SFBJT QSB EFJYBS B CVOEB FN QÏ "TTJN DPNP P DJCPSHVF EF )BSSBXBZ BT GPSNBÎÜFT IÓCSJEBT EF NVMIFSFT TÍP JOnVFODJBEBT UBOUP QFMBT TVCDVMUVSBT EF SFTJʽÐODJB RVBOUP QFMPT GFOÙNFOPT EF NBTTB DPNP #SJUOFZ 4QFBST CFJKBOEP .BEPOOB TVHFSJOEP GBMTBNFOUF NBJT MJCFSEBEF TFYVBM 7BMF OPUBS OP FOUBOUP P BʼFʹP EFNPDSBUJ[BEPS RVF (JMCFSUP 'SFJSF EFTDSFWF BP GBMBS EBT NJTDJHFOBÎÜFT ÏUOJDBT GVOEBEPSBT EP QPWP CSBTJMFJSP F VNB EBT SB[ÜFT QPSRVF WBNPT FODPOUSBS BQBSFOUFNFOUF UÍP MPOHF EP iDJCFSw F UÍP QFSUP EPT QBSBEPYPT EB DPODFOUSBÎÍP NJEJÈUJDB OP #SBTJM P DPOUFYUP DSJBUJWP F BP NFTNP UFNQP QFSWFSTP EBT USBOT '3&*3& (JMCFSUP $BTB HSBOEF F TFO[BMB 3JP EF +BOFJSP .BJB 4DINJEU

',*,72B%RRN LQGE

0 DJCFSGFNJOJTNP OVODB DIFHPV Ë "NÏSJDB -BUJOB

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