/ÞNFSP
5SBUBNJFOUP BOUJIJQFSUFOTJWP DPNCJOBEP FO QPCMBDJPOFT EF SJFTHP %S .JDIBFM 8FCFS
1SPGFTPS EF .FEJDJOB $FOUSP .ÏEJDP 46/: %PXOTUBUF #SPPLMZO /VFWB :PSL &TUBEPT 6OJEPT 4FHÞO MBT SFDPNFOEBDJPOFT EFM +/$ MPT WBMPSFT EF QSFTJØO EFTFBEPT TPO NN )H Z QBSB EJBCÏUJDPT P QBDJFOUFT DPO FOGFSNFEBE SFOBM NN )H %F BDVFSEP DPO FM BMHPSJUNP QSPQVFTUP EF USBUBNJFOUP FTUF DPNJUÏ SFDPNJFOEB JOJDJBS USBUBNJFOUP DPO EPT ESPHBT FO QBDJFOUFT DPO IJQFSUFOTJØO BSUFSJBM FTUBEJP BEFNÈT EF JOEJDBS DBNCJPT EFM FTUJMP EF WJEB &O VO NFUBBOÈMJTJT EF FTUVEJPT TF BOBMJ[Ø MB VUJMJEBE EF MB DPNCJOBDJØO EF ESPHBT FO CBKBT EPTJT FO DPNQBSBDJØO DPO MB FmDBDJB QPS TFQBSBEP EF DBEB DPNQPOFOUF EF MB DPNCJOBDJØO -PT SFTVMUBEPT NPTUSBSPO RVF MB DPNCJOBDJØO FO CBKBT EPTJT EF EPT ESPHBT FSB NÈT FGFDUJWB RVF MB BENJOJTUSB DJØO EF DBEB VOB EF FMMBT QPS TFQBSBEP $VBESP
OBEB QMBDFCP )$5; NH JSCFTBSUBO NH )$5; NH Z QPS ÞMUJNP JSCFTBSUBO NH )$5; NH 6O EF MB QPCMBDJØO FSB QPSUBEPSB EF TÓOESPNF NFUBCØMJDP FSBO EJBCÏUJDPT UJQP Z BODJB OPT -PT QBDJFOUFT BGSPBNFSJDBOPT UJFOFO FO QSPNF EJP NBZPS WBMPS EF 1" Z FNQJF[BO TV FOGFSNFEBE B FEBEFT NÈT UFNQSBOBT 5BNCJÏO UJFOFO NÈT SJFTHP EF FWFOUPT NBZPSFT FO DPNQBSBDJØO DPO PUSBT FUOJBT Z FO HFOFSBM SFTQPOEFO NFKPS BM USBUBNJFOUP DPN CJOBEP WT NPOPUFSBQJB -PT SFTVMUBEPT EFM FTUVEJP */$-64*7& NVFTUSBO RVF MB DPNCJOBDJØO JSCFTBSUBO
)$5; MPHSØ RVF VO EF FTUPT QBDJFOUFT MPHSBSB MBT NFUBT EF 1"4 Z 1"% $VBESP
-BT ESPHBT CMPRVFBEPSBT EF MPT SFDFQUPSFT "5 #3" IBO EFNPTUSBEP TFS FGFDUJWBT FO SFMBDJØO DPO MB SFEVDDJØO EF 1" Z FWFOUPT NBZPSFT DBSEJPWBTDV MBSFT $VBESP
-PT QBDJFOUFT IJTQBOPT UJFOFO NBZPS UBTB EF TÓOESP NF NFUBCØMJDP RVF MB QPCMBDJØO HFOFSBM FO &TUBEPT 6OJEPT -BT NVKFSFT EF FTUB FUOJB UJFOFO NBZPS QSF WBMFODJB EF IJQFSUFOTJØO EJBCFUFT CBKP DPMFTUFSPM )%- -B QSFWBMFODJB SFQPSUBEB EF FOGFSNFEBE DBS EJPWBTDVMBS FT TJNJMBS B MB EF MB QPCMBDJØO DBVDÈTJDB BVORVF QVFEF EFCFSTF B VO QSPCMFNB EF TVCSFQPSUF EF FWFOUPT &O FTUF FTUVEJP DMÓOJDP MB QPCMBDJØO IJT QBOB UBNCJÏO BMDBO[Ø VOB BMUB UBTB EF DPOUSPM EF MB 1"4 Z 1"% $VBESP
&O FM FTUVEJP */$-64*7& TF JODMVZFSPO EF GPSNB QSPT QFDUJWB VOB TPMB SBNB EF USBUBNJFOUP BCJFSUP QBDJFO UFT IJQFSUFOTPT RVF OP SFTQPOEJFSPO BM USBUBNJFOUP DPO VOB TPMB ESPHB 6OB WF[ JODMVJEPT FO FM FTUVEJP UPEPT MPT QBDJFOUFT TF MFT JOEJDØ EF GPSNB FTDBMP
.FEJB EF SFEVDDJØO EF MB 1" WT QMBDFCP NN )H
&GFDUP EF MB DPNCJOBDJØO EF EPT ESPHBT B CBKBT EPTJT .FUBBOÈMJTJT EF FTUVEJPT
OB Z NN )H B MB TFNBOB 5PEPT MPT TVCHSVQPT EF QBDJFOUFT BOBMJ[BEPT FO FM FTUVEJP */$-64*7& NPT USBSPO SFEVDDJØO OPUBCMF EF MB 1"4 $VBESP $POUSPM EF MB 1" DPO JSCFTBSUBO )$5; FO QPCMBDJØO BGSPBNFSJDBOB
1"4 1"%
1"4 PCKFUJWP
1"% PCKFUJWP
6O DPNQPOFOUF EF MB DPNCJOBDJØO
0USP DPNQPOFOUF EF MB DPNCJOBDJØO
5SBUBNJFOUP DPNCJOBEP
$VBESP
-BX FU BM #.+
.FEJB DBNCJP 1"4 EFTEF CBTBM NN )H
.FEJB DBNCJP 1"% EFTEF CBTBM NN )H
$PNQBSBDJØO EF USBUBNJFOUPT CBTBEPT FO #3" T WT USBUBNJFOUPT DPOUSPM
$VBESP
0GJMJ FU BM + /BU .FE "TTPD &WFOUPT QBSUJDJQBOUFT
%JGFSFODJB 1"
33 *$
#3"
$POUSPM
"$7
&OGFSNFEBE DPSPOBSJB
*OT DBSEÓBDB
&WFOUPT $7 NBZPSFT
.VFSUF $7
.PSUBMJEBE UPUBM
" GBWPS #3"
33
1"4 PCKFUJWP
" GBWPS DPOUSPM
#MPPE 1SFTTVSF -PXFSJOH 5SFBUNFOU 5SJBMJTUT $PMMBCPSBUJPO -BODFU
$POUSPM EF MB 1" DPO JSCFTBSUBO )$5; FO QPCMBDJØO IJTQBOP MBUJOB
1"% PCKFUJWP
$VBESP
&M USBUBNJFOUP BOUJIJQFSUFOTJWP FGFDUJWP FO BODJBOPT IB EFNPTUSBEP SFEVDJS FO HSBO NFEJEB MB UBTB EF FWFO UPT DBSEJPWBTDVMBSFT NBZPSFT DPNP "$7 FOGFSNF EBE DPSPOBSJB F JOTVmDJFODJB DBSEÓBDB &O FM FTUVEJP */$-64*7& MB DPNCJOBDJØO EF JSCFTBSUBO )$5; SFEVKP MPT WBMPSFT EF 1"4 OPUBCMFNFOUF NN )H B MB TF NBOB Z NN )H B MB TFNBOB EF USBUBNJFOUP -PT QBDJFOUFT EJBCÏUJDPT UJFOFO NBZPS SJFTHP EF NVFS UF DBSEJPWBTDVMBS Z MB BEJDJØO EF IJQFSUFOTJØO BSUFSJBM Z HSBEP EF TFWFSJEBE EF MB NJTNB BVNFOUB EF GPSNB NVZ JNQPSUBOUF FTUF SJFTHP &TUF HSVQP EF QBDJFOUFT MPHSØ VOB SFEVDDJØO EF MB 1"4 DPOTJEFSBCMF DPO FM USBUBNJFO UP DPNCJOBEP EF JSCFTBSUBO )$5; NN )H B MB TFNB
.FEJB DBNCJP 1"4 EFTEF CBTBM NN )H
0GJMJ FU BM + /BU .FE "TTPD
.FEJB DBNCJP 1"% EFTEF CBTBM NN )H
$VBESP
&T JNQPSUBOUF JOJDJBS USBUBNJFOUP DPNCJOBEP FO QBDJFO UFT DPO FTUBEJP EF IJQFSUFOTJØO BSUFSJBM NN )H &O MPT QBDJFOUFT DPO IJQFSUFOTJØO TFWFSB FM USBUBNJFO UP DPNCJOBEP JSCFTBSUBO )$5; IB EFNPTUSBEP TFS NÈT FGFDUJWP RVF FM USBUBNJFOUP DPO JSCFTBSUBO TPMP $PO MB DPNCJOBDJØO TF MPHSØ NBZPS QPSDFOUBKF EF QBDJFOUFT DPO 1" DPOUSPMBEB $VBESP -B SFEVDDJØO EF MB 1"4 GVF TVQFSJPS DPO FM USBUBNJFOUP DPNCJOBEP $VBESP
DPNCJOBEPT FO SFMBDJØO DPO MB SFEVDDJØO EF FWFOUPT CFOB[BQSJM BNMPEJQJOB WT CFOB[BQSJM )$5; -PT SFTVMUBEPT QSFMJNJOBSFT NVFTUSBO RVF MB DPNCJOBDJØO EF ESPHBT MPHSØ VO EF DPOUSPM EF MB 1" EF GPSNB HMPCBM "ÞO OP TF DPOPDFO MPT EBUPT EF BDVFSEP DPO FM USBUBNJFOUP BTJHOBEP &O VO NFUBBOÈMJTJT EF FTUVEJPT EF IJQFSUFOTJØO TF EFNPTUSØ RVF FM EFTDFOTP EF UBO TPMP NN )H EF MB 1"4 SFEVDF VO FM SJFTHP EF NVFS UF EF DBVTB DPSPOBSJB Z VO EF "$7 GBUBM
&TUVEJP */$-64*7& $BNCJP EF MB 1"4 B MB TFNBOB
"ODJBOPT O
"GSPBNF SJDBOPT O
)JTQBOPT MBUJOPT O
4ÓOESPNF %JBCÏUJDPT NFUBCØMJDP O
O
.VKFSFT O
)PNCSFT O
$BNCJP EF MB 1"4 FO IJQFSUFOTJØO TFWFSB
$VBESP
5SBUBNJFOUP DPNCJOBEP WT NPOPUFSBQJB 1PSDFOUBKF EF QBDJFOUFT DPO IJQFSUFOTJØO TFWFSB 1"% NN )H $POUSPMBEPT NN )H
*SCFTBSUBO )$5; *SCFTBSUBO NPOPUFSBQJB
1BDJFOUFT
*SCFTBSUBO )$5; *SCFTBSUBO NPOPUFSBQJB
4FNBOB
4FNBOB
4FNBOB
4FNBOB
%JGFSFODJB TJHOJGJDBUJWB UPEPT Q
$VBESP
/FVUFM FU BM + $MJO )ZQFSUFOT
.FEJB EFM DBNCJP EFTEF FM CBTBM NN )H
$BNCJP NFEJP EF 1"4 NN )H
$BNCJP EF MB 1"4 FO IJQFSUFOTJØO NPEFSBEB
4FNBOB 4FNBOB 4FNBOB 4FNBOB %JGFSFODJB TJHOJGJDBUJWB 4FNBOB Q 4FNBOB Z Q 4FNBOB 4FNBOB
$VBESP
&O QBDJFOUFT DPO IJQFSUFOTJØO NPEFSBEB MB DPNCJOB DJØO EF ESPHBT UBNCJÏO GVF TVQFSJPS BM USBUBNJFOUP DPO NPOPUFSBQJB $VBESP )PZ TF TBCF B USBWÏT EF FTUVEJPT DMÓOJDPT DPNP FM "4$05 7"-6& Z "--)"5 RVF FM EFTDFOTP SÈQJEP QFSP JOBEFDVBEP EF MB 1" OP FT EFM UPEP DPSSFDUP 4J OP TF BM DBO[BO MBT NFUBT PCKFUJWP MPT QBDJFOUFT TJHVFO UFOJFO EP FWFOUPT BVORVF FM EFTDFOTP EF MB 1" TFB SÈQJEP 1PS MP UBOUP MB 1" EFCF TFS SFEVDJEB QBSB MPHSBS BMDBO[BS MBT NFUBT EF GPSNB SÈQJEB &O FM FTUVEJP "$$0.1-*4) TF FTUÈ FWBMVBOEP MB FGFDUJWJEBE EF EPT USBUBNJFOUPT
.FEJB EFM DBNCJP EFTEF FM CBTBM NN )H
/FVUFM FU BM + $MJO )ZQFSUFOT
4FNBOB
4FNBOB
*SCFTBSUBO )$5; *SCFTBSUBO NPOPUFSBQJB )$5; NPOPUFSBQJB
Q WT )$5; Q WT JSCFTBSUBO
$VBESP
&O DPODMVTJØO FM USBUBNJFOUP DPO NPOPESPHBT OVODB BMDBO[BSÈ FM OJWFM EF FGFDUJWJEBE RVF MPHSB FM USBUBNJFO UP DPNCJOBEP FM DVBM IB EFNPTUSBEP HSBO FGFDUJWJEBE
$0"1307&-¥ *SCFTBSUBO )JESPDMPSPUJB[JEB '03." '"3."$²65*$" $PNQSJNJEPT SFDVCJFSUPT $P"QSPWFM¥ NH NH $P"QSPWFM¥ NH NH $P"QSPWFM¥ NH NH '»3.6-" $BEB DPNQSJNJEP SFDVCJFSUP EF $P"QSPWFM¥ NH NH DPOUJFOF *SCFTBSUBO yyyyyy NH )JESPDMPSPUJB[JEB yyyy NH &YDJQJFOUFT D T $BEB DPNQSJNJEP SFDVCJFSUP EF $P"QSPWFM¥ NH NH DPOUJFOF *SCFTBSUBO yyyyyy NH )JESPDMPSPUJB[JEB yyyy NH &YDJQJFOUFT D T $BEB DPNQSJNJEP SFDVCJFSUP EF $P"QSPWFM¥ NH NH DPOUJFOF *SCFTBSUBO yyyyyy NH )JESPDMPSPUJB[JEB yyyy NH &YDJQJFOUFT D T "$$*»/ '"3."$0-»(*$" $P"QSPWFM¥ FT VOB BTPDJBDJØO EF EPT QSJODJQJPT BDUJWPT JSCFTBSUBO F IJESPDMPSPUJB[JEB *SCFTBSUBO QFSUFOFDF BM HSVQP EF NFEJDBNFOUPT DPOPDJEPT DPNP BOUBHPOJTUBT EF MPT SFDFQUPSFT EF MB BOHJPUFOTJOB ** -B BOHJPUFOTJOB ** FT VOB TVTUBODJB QSPEVDJEB FO FM PSHBOJTNP RVF TF VOF B MPT SFDFQUPSFT EF MPT WBTPT TBOHVÓOFPT QSPEVDJFOEP TV DPOUSBDDJØO &MMP PSJHJOB VO JODSFNFOUP EF MB QSFTJØO BSUFSJBM *SCFTBSUBO JNQJEF MB VOJØO EF MB BOHJPUFOTJOB ** B FTUPT SFDFQUPSFT SFMBKBOEP MPT WBTPT TBOHVÓOFPT Z SFEVDJFOEP MB QSFTJØO BSUFSJBM )JESPDMPSPUJB[JEB QFSUFOFDF BM HSVQP EF NFEJDBNFOUPT MMBNBEPT EJVSÏUJDPT UJB[ÓEJDPT RVF BVNFO UBOEP MB DBOUJEBE EF PSJOB FMJNJOBEB EJTNJOVZF MB QSFTJØO BSUFSJBM -PT EPT QSJODJQJPT BDUJWPT EF $P"QSPWFM¥ BDUÞBO DPOKVOUBNFOUF QBSB MPHSBS VOB EJTNJOVDJØO EF MB QSFTJØO BSUFSJBM NÈT FmDB[ RVF MB PCUFOJEB DPO DBEB VOP EF FMMPT QPS TFQBSBEP */%*$"$*»/ $P"QSPWFM¥ TF VUJMJ[B QBSB FM USBUBNJFOUP EF MB QSFTJØO BSUFSJBM FMFWBEB IJQFSUFOTJØO FTFODJBM DVBO EP FM USBUBNJFOUP TØMP DPO *SCFTBSUBO P TØMP DPO )JESPDMPSPUJB[JEB OP QSPQPSDJPOB FM DPOUSPM BEFDVBEP EF TV QSFTJØO BSUFSJBM */5&3"$$*0/&4 $0/ 05304 .&%*$".&/504 0USBT NFEJDBDJPOFT BOUJIJQFSUFOTJWBT &M FGFDUP BOUJIJQFSUFOTJWP EF $P"QSPWFM¥ QVFEF JODSFNFOUBS TF DPO FM VTP DPODPNJUBOUF EF PUSPT BHFOUFT BOUJIJQFSUFOTJWPT &M USBUBNJFOUP QSFWJP DPO EJVSÏUJDPT FO EPTJT BMUBT QVFEF UFOFS DPNP DPOTFDVFODJB MB EFQMFDJØO EF WPMVNFO Z VO SJFTHP EF IJQPUFOTJØO -JUJP /P EFCF UPNBSTF KVOUP DPO $P"QSPWFM¥ TJO MB TVQFSWJTJØO EF TV NÏEJDP MPT QSFQBSBEPT EF -JUJP &T BDPOTFKBCMF UPNBS DJFSUBT NFEJEBT EF QSFDBVDJØO FK BOÈMJTJT EF TBOHSF FO FM DBTP EF FTUBS UPNBOEP TVQMFNFOUPT EF QPUBTJP TVTUJUVUPT EF MB TBM RVF DPOUFOHBO QPUBTJP NFEJDBNFOUPT BIP SSBEPSFT EF QPUBTJP PUSPT EJVSÏUJDPT DPNQSJNJEPT RVF BVNFOUBO MB QSPEVDDJØO EF PSJOB BMHVOPT MBYBOUFT NFEJDBNFOUPT VUJMJ[BEPT FO FM USBUBNJFOUP EF MB HPUB TVQMFNFOUPT EF WJUBNJOB % NFEJDB NFOUPT QBSB DPOUSPMBS FM SJUNP DBSEJBDP P QBSB MB EJBCFUFT BHFOUFT PSBMFT P JOTVMJOBT 5BNCJÏO FT JNQPSUBOUF QBSB TV NÏEJDP DPOPDFS TJ FTUÈ UPNBOEP PUSPT NFEJDBNFOUPT QBSB CBKBS MB QSFTJØO BSUFSJBM FTUFSPJEFT NFEJDBNFOUPT QBSB USBUBS FM DÈODFS BOBMHÏTJDPT P NFEJDBNFOUPT QBSB MB BSUSJUJT BMDPIPM CBSCJUÞSJDPT P OBSDØUJDPT DPMFTUJSBNJOB Z SFTJOBT EF DPMFTUJQPM DPSUJDPTUFSPJEFT "$5) HMVDØTJEPT EJHJUÈMJDPT /4"*%T QSFTPSBNJOBT SFMBKBOUFT NÞTDVMP FTRVFMÏUJDPT OP EFTQPMBSJ[BOUFT UVCPDVSBSJOB CF UBCMPRVFBEPSFT BHFOUFT BOUJDPMJOÏSHJDPT BUSPQJOB BHFOUFT DJUPUØYJDPT DJDMPGPTGBNJEB NFUPUSFYBUP $0/53"*/%*$"$*0/&4 &NCBSB[P Z -BDUBODJB )JQFSTFOTJCJMJEBE B DVBMRVJFSB EF MPT DPNQPOFOUFT EF $P"QSPWFM¥ P B NFEJDBNFOUPT EFSJWBEPT EF MB TVMGPOBNJEB
TVQFSJPS BM USBUBNJFOUP DPO VOB TPMB ESPHB Z FTUF CF OFmDJP TF NBOUJFOF B MBSHP QMB[P MP RVF TF USBEVDF FO SFEVDDJØO EF FWFOUPT $P"QSPWFM¥ FTUÈ DPOUSBJOEJDBEP FO QBDJFOUFT FO FTUBEP EF BOVSJB *OTVmDJFODJB SFOBM HSBWF BDMBSBDJØO EF DSFBUJOJOB N- NJO
)JQPQPUBTFNJB SFGSBDUBSJB IJQFSDBMDFNJB *OTVmDJFODJB IFQÈUJDB HSBWF DJSSPTJT CJMJBS Z DPMFTUBTJT "%7&35&/$*"4 : 13&$"6$*0/&4 )JQPUFOTJØO QVFEF PCTFSWBSTF IJQPUFOTJØO TJOUPNÈUJDB FO QBDJFOUFT DPO EFQMFDJØO EF TBM Z P WPMV NFO QPS USBUBNJFOUPT QSPMPOHBEPT DPO EJVSÏUJDPT EJFUBT SFTUSJDUJWBT FO TBM EJBSSFB P WØNJUPT &TUBT TJUVBDJPOFT EFCFO DPSSFHJSTF BOUFT EF JOJDJBS FM USBUBNJFOUP DPO $P"QSPWFM¥ &TUFOPTJT EF MB BSUFSJB SFOBM )JQFSUFOTJØO SFOPWBTDVMBS *OTVmDJFODJB SFOBM Z USBOTQMBOUF SFOBM *OTVmDJFODJB IFQÈUJDB &TUFOPTJT WBMWVMBS BØSUJDB Z NJUSBM DBSEJPNJPQBUÓB IJQFSUSØmDB PCTUSVDUJWB "MEPTUFSPOJTNP QSJNBSJP &GFDUPT NFUBCØMJDPT Z FOEPDSJOPT MBT UJB[JEBT QVFEFO NPEJmDBS MB UPMFSBODJB B MB HMVDPTB &O QBDJFOUFT FO USBUBNJFOUP DPO UJB[JEBT QVFEF QSPEVDJSTF IJQFSVSJDFNJB P QSFDJQJUBSTF VO BUBRVF EF HPUB %FTFRVJMJCSJP FMFDUSPMÓUJDP IJQPQPUBTFNJB IJQPOBUSFNJB IJQPNBHOFTFNJB Z BMDBMPTJT IJQPDMPSÏNJ DB EFCF SFBMJ[BSTF EFUFSNJOBDJPOFT QFSJØEJDBT EF FMFDUSPMJUPT TÏSJDPT B JOUFSWBMPT BEFDVBEPT $POUSPM EFM EPQBKF MB DBOUJEBE EF IJESPDMPSPUJB[JEB RVF DPOUJFOF FTUF NFEJDBNFOUP QVFEF PDBTJPOBS SFTVMUBEPT GBMTPT QPTJUJWPT FO FM DPOUSPM EFM EPQBKF %VSBOUF FM USBUBNJFOUP DPO EJVSÏUJDPT UJB[ÓEJDPT TF IBO PCTFSWBEP DBTPT EF FYBDFSCBDJØO P BDUJWB DJØO EF MVQVT FSJUFNBUPTP TJTUÏNJDP 1BDJFOUFT BODJBOPT 1FSTPOBT EF FEBE BWBO[BEB OP SFRVJFSFO EF BKVTUFT EF MB EPTJmDBDJØO /J×PT Z "EPMFTDFOUFT -B TFHVSJEBE Z FmDBDJB FO QBDJFOUFT NFOPSFT EF B×PT OP IB TJEP FTUBCMFDJEB */$0.1"5*#*-*%"%&4 OJOHVOB DPOPDJEB 3&"$$*0/&4 "%7&34"4 -PT FWFOUPT BEWFSTPT DPO $P"QSPWFM¥ TPO HFOFSBMNFOUF MFWFT Z USBOTJUPSJPT Z OP FTUÈO SFMBDJPOBEPT DPO MB FEBE FM HÏOFSP MB SB[B P MB EPTJT 3FBDDJPOFT BEWFSTBT GSFDVFOUFT OÈVTFBT WØNJUPT BOPNBMÓBT FO MB NJDDJØO GBUJHB NBSFPT JODMV ZFOEP FM RVF TF QSPEVDF BM QPOFSTF EF QJF BVNFOUP EFM OJUSØHFOP VSFJDP FO MB TBOHSF BVNFOUP EF MB DSFBUJOJOB Z BVNFOUP EF MB DSFBUJOB DJOBTB 3FBDDJPOFT BEWFSTBT QPDP GSFDVFOUFT EJBSSFB QSFTJØO BSUFSJBM CBKB EFTNBZP UBRVJDBSEJB FOSPKFDJ NJFOUP FEFNB Z EJTGVODJØO TFYVBM EFTDFOTP EF MPT OJWFMFT EF QPUBTJP Z P TPEJP FO TBOHSF 0DBTJPOBMNFOUF EPMPS EF DBCF[B [VNCJEP FO MPT PÓEPT UPT BMUFSBDJØO EFM HVTUP JOEJHFTUJØO EPMPS EF MBT BSUJDVMBDJPOFT Z NVTDVMBS BMUFSBDJPOFT EF MB GVODJØO IFQÈUJDB F JOTVmDJFODJB SFOBM 3BSPT FSVQDJØO DVUÈOFB VSUJDBSJB JOnBNBDJØO MPDBMJ[BEB FO MB DBSB MBCJPT Z P MFOHVB SFTQJSBDJØO FOUSFDPSUBEB EPMPS EF QFDIP %04*4 : 7¶" %& "%.*/*453"$*»/ 1BSB BENJOJTUSBS QPS WÓB PSBM &O HFOFSBM FM NÏEJDP MF QSFTDSJCJSÈ $P"QSPWFM¥ DVBOEP MPT USBUBNJFOUPT BOUFSJPSFT RVF SFDJCJFSB QBSB MB IJQFSUFOTJØO OP IVCJFSBO QSPQPSDJPOBEP MB EJTNJOVDJØO BEFDVBEB EF MB QSFTJØO BSUFSJBM &M NÏEJDP MF JOEJDBSB DØNP QBTBS EF USBUBNJFOUPT BOUFSJPSFT B $P"QSPWFM¥ -B EPTJT OPSNBM EF $P"QSPWFM¥ FT VO DPNQSJNJEP BM EÓB &M FGFDUP SFEVDUPS EF MB QSFTJØO BSUFSJBM EFCF BMDBO[BSTF B MBT TFNBOBT EFTQVÏT EFM JOJDJP EFM USBUBNJFOUP 1VFEF BENJOJTUSBSTF DPO MBT DPNJEBT 53"5".*&/50 &/ $"40 %& 40#3&%04*4 &M QBDJFOUF EFCF TFS FTUSJDUBNFOUF NPOJUPSFBEP Z FM USBUBNJFOUP EFCF TFS TJOUPNÈUJDP Z EF TPQPSUF &M JSCFTBSUBO OP FT FMJNJOBEP NFEJBOUF IFNPEJÈMJTJT &O FM DBTP EF MB IJESPDMPSPUJB[JEB MPT TÓOUPNBT Z TJHOPT NÈT DPNÞONFOUF PCTFSWBEPT FTUÈO SFMBDJPOBEPT DPO EFQMFDJØO FMFDUSPMÓUJDB Z EFTIJESBUBDJØO QPS BVNFOUP EF MB EJVSFTJT 4F EFTDPOPDF FM HSBEP EF SFNPDJØO EF MB IJESPDMPSPUJB[JEB QPS IFNPEJÈMJTJT "-."$&/".*&/50 $POTFSWBS B UFNQFSBUVSB JOGFSJPS B ¡$ Z QSPUFHJEP EF MB MV[ *NQPSUBEP QPS 4BOPm BWFOUJT EFM 1FSÞ 4 " %JD
$BMMF -PT 4BVDFT /¡ 5PSSF 3PKB $ PG 4BO *TJESP -JNB 1FSÞ 5FMÏGPOP
@4"/ 1&3@W @Nn
3FTVNFO FMBCPSBEP QPS FM 4UBGG .ÏEJDP EF &VSPQB 1SFTT B QBSUJS EF TV QSFTFODJB FO FM 4JNQPTJP 130%6$$*0/ &%*503*"- ª &6301" 13&44 $01:3*()5
%JTF×P &EJUPSJBM 'MPSFODJB #F[[J &EJDJØO .ÏEJDB %S ' "ZBMB
1& *3)
FO EJGFSFOUFT TVCHSVQPT EF QBDJFOUFT &M DPNJFO [P EFM USBUBNJFOUP BOUJIJQFSUFOTJWP DPO USBUBNJFOUP DPNCJOBEP QSPWFF VOB SFEVDDJØO JONFEJBUB EF MB 1"