+6&7&4 %& %*$*&.#3& %&
&M FTQÃ’SJUV QBSB
PCTFRVJBS FO FTUBT GJFTUBT
1 HJOB
+VFWFT EF EJDJFNCSF EF
z$×NP QBTBO MB /BWJEBE -"4 &453&--"4 4& 50."/ 6/ 3&41*30 &/ &45" 5&.103"%" %& '*&45"4 1"3" 70-7&3 " $"4*5"
:
B TF BQSPYJNB VOB EF MBT GFDIBT NÈT EJWFSUJEBT Z RVF UBNCJÏO TVFMF TFS NVZ OPTUÈMHJDB TF USBUB EF /BWJEBE FTF NPNFOUP FT QFDJBM EPOEF UPEPT DPNQBSUJNPT FO GBNJMJB BRVFMMBT FYQFSJFO DJBT RVF UVWJNPT EVSBOUF FM B×P : MPT GBNPTPT OP TPO MB FYDFQ DJØO FMMPT UBNCJÏO EJTGSVUBO NVDIP EF FTUB UFNQPSBEB NÈT QPSRVF FT FO SFBMJEBE VOP EF MPT QPDPT NPNFOUPT RVF QVFEFO UFOFS MJCSFT EFTQVÏT EF TV BQSFUBEB BHFOEB EF USBCBKP EVSBOUF UPEP FM B×P $IFDB DØ NP DFMFCSBSÈO FTUBT FTUSFMMBT KVWFOJMFT EFM NPNFOUP
MPT GBNPTPT
'0504 &- */'03."%03 t " $"."$)0
+6&7&4 %& %*$*&.#3& %&
" MPT $% MFT HVTUB NVDIP MB USB EJDJØO OBWJEF×B B #SZBO QPS FKFNQMP MP RVF NÈT MF HVTUB DP NFS FT FM CBDBMBP iFO OJOHVOB ÏQPDB EFM B×P MP DPNP NÈT RVF FO
1BSB .BV Z 3JDLZ IJKPT EF 3JDBSEP .POUBOFS FT VO FYDFMFOUF NP NFOUP QBSB QBTBS VOPT EÓBT EF EFT DBOTP Z DPOWFSTBS NVDIP i$FMFCSB NPT FO GBNJMJB Z DPO NVDIÓTJNB HFOUF QPSRVF FT RVF TPNPT WBSJPT IBZ NVDIB DPNJEB NVDIP BMDPIPM NVDIPT SFHBMPT Z NVDIP BNPSw EJ
DF 3JDLZ FO UBOUP .BV SFDVFSEB RVF UJFOFO MB USBEJDJØO EF EFTQFSUBSTF UP EPT KVOUPT FM EF EJDJFNCSF iOPT MFWBOUBNPT QBSB BCSJS MPT SFHBMPT EFM /J×P %JPT FTP FT NVZ CPOJUP Z TJFN QSF DPNJFOEP IBMMBDBT VOB DPNJEB USBEJDJPOBM WFOF[PMBOB Z QBO EF KB NØOw TVCSBZB .BV
/BWJEBE OP TÏ EØOEF MP WFOEFO QFSP FTF EÓB FO NJ DBTB FTUÈ QSF TFOUF UBNCJÏO MBT UPSUBT EF QBWP Z MPT SPNFSJUPTw +PT EJDF RVF MB /BWJEBE DBEB VOP MB QBTB DPO TVT
TFSFT RVFSJEPT iFO GBNJMJB B NÓ NF FODBOUB DFOBS Z EJTGSVUBS EF MPT JOUFHSBOUFT EF NJ GBNJMJB QPS RVF IBZ WBSJPT EF FMMPT RVF ZB WJ WFO GVFSB EF .ÏYJDPw
1BSB MPT %WJDJP RVJFOFT TPO FTQB×PMFT MB DPNJEB FT EJT UJOUB QFSP MB NBHJB QPS MB /BWJEBE TJHVF TJFOEP MB NJT NB RVF MB EF .BV Z 3JDLZ DPO RVJFOFT QPS DJFSUP IJ DJFSPO VO EVFUP FO FM UFNB i2VÏ UJFOFT UÞw FO FM RVF UBNCJÏO QBSUJDJQB +FTÞT EF 3FL i&M EF EJDJFNCSF FT UBNPT DBEB VOP DPO OVFT USBT GBNJMJBT BTÓ UBNCJÏO MB /BWJEBE &O "×P /VFWP FT DVBOEP OPT KVOUBNPT UPEPT OPTPUSPT DJODP Z OVFTUSPT BNJHPT RVF TPO DPNP PUSPT Z OPT WBNPT B CFCFS MB QBTBNPT NVZ CJFOw DPN QBSUF /BDIP FO UBOUP .BSUÓO EJDF RVF MB DPNJEB UÓQJDB FT FM KBNØO JCÏSJDP FM DPSEFSP MPT MBOHPTUJOPT Z QVMBSEB VOB FTQFDJF EF HBMMJOB
1 HJOB
+VFWFT EF EJDJFNCSF EF
1VFCMPT
QBSB MBT GJFTUBT "
JSF QVSP DBNJOPT EPOEF MB OBUVSB MF[B KVFHB VO QBQFM IFSNPTP MB HBTUSPOPNÓB NÈT FYRVJTJUB Z {QPS RVÏ OP VO UPRVF EF BESFOBMJOB QB SB BEFSF[BS FM QBTFP &TUB FT MB QSP
QVFTUB RVF UJFOFO MPT 1VFCMPT .ÈHJDPT EF CPTRVF Z TJFSSB RVF FO FTUB UFNQPSBEB EF JO WJFSOP WJTUFO DPO TVT NFKPSFT HBMBT Z TJFN QSF BM[BO MB NBOP DPNP VO BUSBDUJWP B EJT GSVUBS
%FKB MB UFOTJØO FO DBTB DBNCJB EF SVUJ OB Z FNQSFOEF FM DBNJOP QPS BRVFMMPT TFO EFSPT MMFOPT EF FODBOUP %FTDVCSF BMHVOBT QSPQVFTUBT B NFOPT EF IPSBT EF MB ;POB .FUSPQPMJUBOB EF (VBEBMBKBSB `MPT BNBSÈT &- */'03."%03 t ' (0/;«-&;
5BQBMQB +PZB EF +BMJTDP TJFNQSF FT VOB FYDFMFOUF PQDJÂO QBSB MBT WBDBDJPOFT RVF WJFOFO 5P NB FM UJFNQP RVF RVJFSBT QBSB EJTGSVUBS EF TV IFSNPTP Z USBORVJMP DPSB[ÂO EF MB DJV EBE Z EJTGSVUB EF VO CVFO DBG¹ NJFOUSBT FYQMPSBT TVT TFSQFOUFBOUFT DBMMFT 4J EF TFBT IPTQFEBKF UF SFDPNFOEBNPT MMFHBS BM IPUFM -B $BTB EF .BUZ .BUBNPSPT ;POB $FOUSP `$IVMBEB
+6&7&4 %& %*$*&.#3& %&
&- */'03."%03 t ' (0/;«-&;
1ÇU[DVBSP 1VFCMP DPO BMNB QFTDBEPSB Z CFMMF[B FU¹ SFB QSFTVNF FO TV HBTUSPOPN½B TV IFSFO DJB JOE½HFOB NJFOUSBT RVF FO TVT NPOV NFOUPT QPES²T EFTDVCSJS HSBOEF[B DPMPOJBM 7JTJUB MB QMB[B FO IPOPS B 7BTDP EF 2VJSPHB Z EB VO QBTFP QPS MB JTMB EF +B OJU[JP DPSPOBEB QPS VOB NPOVNFOUBM FGJ HJF EF .PSFMPT 3FDPNFOEBDJÂO EF IPTQF EBKF )PUFM .JTJÂO 1²U[DVBSP MWBSP 0CSFHÂO [POB $FOUSP `)FSNPTP
+VFWFT EF EJDJFNCSF
1 HJOB
.ÇHJDPT
4* &45~4 1&/4"/%0 4"-*3 %& -" $*6%"% "26 5& %&+".04 "-(6/"4 3&$0.&/%"$*0/&4 &- */'03."%03 t ' (0/;«-&;
.B[BNJUMB 3FDPSSF MB TJFSSB FO NPUP QBTFB B DBCB MMP P TJNQMFNFOUF EFKB RVF FM SFMBY TF BQPEFSF EF UVT TFOUJEPT FO VOB DBCBÁB 4VT FTQFDUBDVMBSFT TFOEFSPT OBUVSBMFT Z iBMNB EF GJFTUBw TPO MPT QSFGFSJEPT QB SB RVJFOFT CVTDBO VOB FTDBQBEB EF GJO EF TFNBOB TBMJS FO GBNJMJB P TJNQMF NFOUF FOUSFHBSTF B MB SFGMFYJÂO 6OB CVFOB PQDJÂO EF IPTQFEBKF FT #PTRVF &TDPOEJEP 7JTUB /FWBEB 'SBDDJP OBNJFOUP 1VFCMP #POJUP `%F BRVFMMPT
&- */'03."%03 t ' (0/;«-&;
-BHPT EF .PSFOP 4V $FOUSP )JTUÂSJDP DPOTFSWB FTF BJSF "M UFÁP UBO FODBOUBEPS DPNP FTQFDJBM 4VCF BM 5FNQMP EFM $BMWBSJP UFNQSBOP MPT GJOFT EF TFNBOB Z BERVJFSF FM SPNQPQF N²T FY RVJTJUP RVF QVFEBT JNBHJOBS 7JTJUB FM #SF
$BG¹ +V²SF[ [POB $FOUSP FO TV QMB [B QSJODJQBM Z QJEF VO DIPDPMBUF DBMJFOUF QPS MBT NBÁBOBT NJFOUSBT UV NJSBEB TF SF HPEFB FO MB CFMMB BSRVJUFDUVSB EFM MVHBS `/P PMWJEFT MBT DBSOJUBT
5BMQB EF "MMFOEF -BT FTUBNQBT EF EFWPDJÂO RVF FODPOUSB S²T FO FTUF 1VFCMP .²HJDP TPO ÈOJDBT 1B SB NVDIPT VO EFTUJOP PCMJHBEP FO MB WJEB Z QVOUP EF QFSFHSJOBDJÂO Z SF[P 5BNCJ¹O QSFTVNF EF VOB HBTUSPOPN½B GBCVMPTB
DPO TV USBEJDJPOBM SPNQPQF Z MPT SPMMPT EF HVBZBCB DPNP MPT FYQPOFOUFT USBEJDJPOB MFT 1BSB EPSNJS QVFEFT MMFHBS BM )PUFM "S CPMFEBT #FOJUP +V²SF[ -B 1BMNB BN CJFOUF GBNJMJBS `1VSB HP[BEFSB
+6&7&4 %& %*$*&.#3& %&
&- */'03."%03 t ' (0/;«-&;
1 HJOB
+VFWFT EF EJDJFNCSF EF
$FOB OBWJEFÖB 5&/&.04 "-(6/"4 13016&45"4 4* %&4&"4 30.1&3 -" 365*/" : /0 13&0$61"35& 103 $0$*/"3
-
MFHØ MB ÏQPDB FTQFDJBM EFM B×P EPO EF MB GBNJMJB TF SFÞOF B EJTGSVUBS EF VO UJFNQP EF DBMJEBE : OBEB FT NÈT TBUJTGBDUPSJP RVF DPNQBSUJS BOÏDEP UBT TPOSJTBT Z BMFHSÓB FOUPSOP B VOB NFTB TFS WJEB DPO VOB SJDB DFOB OBWJEF×B
B MB DBSUB 1BSB BRVFMMPT RVF CVTRVFO VOB PQDJØO EJGFSFOUF QBSB FTUB UFNQPSBEB EF GJFTUBT BM HVOPT IPUFMFT BCSFO TVT SFTUBVSBOUFT DPO NFOÞT FTQFDJBMFT EPOEF MPT TBCPSFT Z QMB UJMMPT QSPQJPT EF MB ÏQPDB EFDFNCSJOB TPO MPT QSPUBHPOJTUBT EF MB DBSUB
%FTEF FM USBEJDJPOBM QBWP QBTBOEP QPS VO CVFO WJOP QPTUSFT DPMBDJPOFT Z CVFOB TB[ØO -BT PQDJPOFT BCVOEBO Z BRVÓ PGSFDFNPT VOB HVÓB QBSB RVF UF EFDJEBT QPS BRVFMMB RVF UF SFTVMUF NÈT BQFUJUPTB
'"$&#00, %& '*&45" ".&3*$"/" (3"/%
" 50."3 &/ $6&/5"
M )BZ QSFTVQVFTUPT QBSB UPEPT MPT CPMTJMMPT M &T NFKPS IBDFS UV SFTFS WBDJØO DPO UJFNQP QVFT MPT DVQPT TPO MJNJUBEPT M 1SFHVOUB QPS MBT PQDJP OFT WFHBOBT EFM NFOÞ M 3FDVFSEB UPEP DPO NP EFSBDJØO
'JFTUB "NFSJDBOB (SBOE $FMFCSB FTUB /BWJEBE FO (SBOE 'JFTUB "NFSJDBOB (VBEBMBKBSB $PVOUSZ $MVC *ODMVZF DFOB CVGGFU DPDUFM EF CJFOWFOJEB NÞTJDB JOTUSVNFOUBM FO WJWP Z CSJOEJT DPO WJOP FTQVNPTP &M EFTDPSDIF FT TJO DPTUP M 1SFDJP NJM BEVMUPT Z OJ
ÍPT EF B BÍPT M *OGPSNFT Z SFTFSWBDJPOFT BM UFMÀGP
OP M &M IPUFM TF FODVFOUSB FO "WFOJEB
"NÀSJDBT
+6&7&4 %& %*$*&.#3& %&
&41&$*"- t 8&45*/ (6"%"-"+"3"
&41&$*"- t )*-50/ (6"%"-"+"3"
)JMUPO (VBEBMBKBSB 5IF 8FTUJO (VBEBMBKBSB %JTGSVUB VOB WFMBEB JOPMWJEBCMF FO GB NJMJB -B DFOB JODMVZF CBSSB EF FOTB MBEBT FTUBDJÎO FO WJWP EF DPSUFT QSF NJVN TBMNÎO TPQBT Z QPTUSFT M 1SFDJP QFTPT QPS QFSTPOB OJÍPT EF B BÍPT M 3FTFSWB BM 5FM
4F FTQFSB RVF TFB NVZ QBSFDJEP B MP PGSF DJEP FO BM DJFSSF OP IBCÅBO EBEP B DPOPDFS TV NFOÞ BDUVBM #BSSB EF FOTB MBEBT WBSJFEBE EF FOUSFNFTFT USBEJDJP OBM QBWP SPNFSJUPT Z CBDBMBP B MB WJ[DBÅ OB DSFNBT Z TPQBT $PQB EF WJOP Z QJTUB EF CBJMF M 5FMÀGPOP Z DPUJ[BDJPOFT BM M %JSFDDJÎO "W EF MBT 3PTBT
&- */'03."%03 t ' (0/;«-&;
)ZBUU 3FHFODZ "OEBSFT 5F FTQFSBO FTUF EF EJDJFNCSF DPO VO DPDUFM EF CJFOWFOJEB Z NÞTJDB FO WJWP B QBSUJS EF MBT IPSBT UPEP FO FM IFSNPTP SFTUBVSBOUF $BTTPMB BM JO UFSJPS EFM IPUFM -B DFOB NBSJEBKF TFSµ EF UJFNQPT Z QVFEFT MMFWBS OJÍPT M 1SFDJP NJM QPS QFSTPOB Z OJ ÍPT EF B BÍPT M 3FTFSWBDJPOFT BM P BM DPSSFP SFTFSWBDJPOFT DBTTP MB!IZBUU DPN M %JSFDDJÎO 1VFSUB EF )JFSSP
'"$&#00, %& )"3% 30$, )05&-
)BSE 3PDL )PUFM (VBEBMBKBSB )BSE 3PDL )PUFM (VBEBMBKBSB UF JOWJUB B EJTGSVUBS EF VOB EFMJSBOUF DFOB EF /PDIFCVFOB FO TV SFTUBVSBOUF 4FT TJPOT %FHVTUB FM NFOÞ FTQFDJBM Z DFMF CSB MB /BWJEBE DPO VO UPRVF NVZ NV TJDBM &OUSF MPT QMBUPT GVFSUFT QVFEFT EJTGSVUBS EF MPNP EF DFSEP B MB DJSVF MB CBDBMBP B MB WJ[DBÅOB SPNFSJUPT DPO UPSUJUB EF DBNBSÎO Z QBWP B MB OB SBOKB `5BNCJÀO IBZ NFOÞ QBSB MMFWBS &T FM EF EJDJFNCSF B MBT IPSBT M 1SFDJP QPS QFSTPOB M 3FTFSWBDJPOFT BM &YU
1 HJOB
+VFWFT EF EJDJFNCSF EF
&O FTUBT GJFTUBT NBOUFOUF TBMVEBCMF $6"/%0 -"4 104"%"4 40/ */5&3.*/"#-&4 &404 ,*-04 %& .~4 ".&/";"/ $0/ "1"3&$&3
+6&7&4 %& %*$*&.#3& %&
$
FOBT GBNJMJBSFT EÓBT GFTUJWPT SFVOJPOFT Z GJFTUBT UPEBT UJFOFO FO DPNÞO RVF FO OJO HVOB GBMUBO MBT DPNJEBT UÓQJDBT Z USBEJDJP OBMFT EF MB /BWJEBE 1PS FTUF NPUJWP TF TVFMF TVGSJS EF VOPT iLJMPT EF NÈTw RVF DVBOEP MMF HB FOFSP TF RVJFSFO CBKBS B DPNP EÏ MVHBS .VDIB HFOUF TF QSFQBSB QBSB SFDJCJS MBT GJFTUBT OBWJEF×BT QBSB QBSB MVDJS VOB TJMVFUB NFKPS DPO TV BUVFOEP 1FSP BOUFT EF UPNBS EFDJTJPOFT ESÈTUJDBT QJFOTF DPO DVJEBEP RVÏ EJFUB TFHVJSÈ QBSB MPHSBS FTUF PCKFUJWP -BT EJFUBT EFNBTJBEP SFTUSJDUJWBT IBDFO RVF FM PSHBOJTNP FTUÏ NÈT EFTQSPUFHJEP DPOUSB MPT SFTGSJBEPT Z EFCJMJUBO FM TJTUFNB JONV OPMØHJDP &TUP OP TJHOJGJDB RVF FM PUP×P Z FM JO WJFSOP OP TFBO CVFOPT NPNFOUPT B MB IPSB EF JOJ DJBS VOB EJFUB %FQFOEF EF MB EJFUB RVF TF FMJKB 6OB CVFOB EJFUB QBSB BEFMHB[BS EFCF JODMVJS MB DBOUJEBE TVGJDJFOUF EF UPEPT MPT OVUSJFOUFT QB SB DPOUSJCVJS DPO FM DPSSFDUP GVODJPOBNJFOUP EFM TJTUFNB JONVOPMØHJDP /P EFCF PMWJEBS RVF FM DVFSQP EFCF FTUBS CJFO OVUSJEP QBSB NBOUFOFS VOB CVFOB TBMVE /PSNBMNFOUF OVFTUSB BMJNFOUBDJØO FO PUP ×P F JOWJFSOP OP FT UBO MJHFSB DPNP FO WFSBOP /P BQFUFDF UBOUP UPNBS FOTBMBEBT Z MBT GSVUBT EF UFN QPSBEB FTUÈO NÈT MJNJUBEBT Z UBNCJÏO TVFMFO TFS NÈT DBMØSJDBT 4JO FNCBSHP FYJTUFO VOB HSBO WB SJFEBE EF BMJNFOUPT TBOPT RVF QVFEFO DPOUSJCVJS B NBOUFOFS B SBZB MB CÈTDVMB 4J RVJFSF MMFHBS B MB /BWJEBE DPO VOB GJHVSB NF KPSBEB FT NVZ JNQPSUBOUF FWJUBS MB BDVNVMBDJØO EF HSBTB RVF TF PCUJFOF NFEJBOUF DPNJEBT DPQJPTBT 4F EFCF GSFOBS MB JOHFTUB EF DBMPSÓBT Z TFHVJS VOB EJFUB FRVJMJCSBEB NBOUFOJÏOEPMB QBSB FWJUBS FM iSFCPUFw "M MMFHBS FOFSP TJO FNCBSHP MB CÈTDVMB OPT EFT DVCSF RVF IFNPT HBOBEP BMHVOPT iLJMJUPTw /P TJS WF EF OBEB EFTFTQFSBSTF MP IFDIP IFDIP FTUÈ -P RVF IBDF GBMUB BIPSB FT VO QMBO RVF TFHVJS QBSB SFDVQFSBS TV BOUJHVP QFTP &M QSPQØTJUP EF DB EB QFSTPOB BM JOJDJBS FM B×P FT IBDFS FKFSDJDJP &T IB CJUVBM WFS MPT HJNOBTJPT SFQMFUPT EFTQVÏT FO FOFSP QFSP BVORVF NVDIPT TF MP QSPQPOHBO FTUF FOUV TJBTNP OP TVFMF EVSBS NVDIP 4J OP QVFEF JS B VO HJNOBTJP QVFEFT SFBMJ[BS FKFSDJDJP FO DBTB P QSBD UJDBS BMHÞO EFQPSUF FOUSF Z WFDFT QPS TFNBOB 3FDVFSEF MP NÈT JNQPSUBOUF FT MB DPOTUBODJB $PNFS VOB QJF[B EF GSVUB BOUFT EF DPNFS 1SVFCF DPO VOB QJF[B EF GSVUB NFEJB IPSB BOUFT EF MB DPNJEB &TUP BZVEBSÈ B SFEVDJS MB TFOTBDJØO EF IBNCSF B MB IPSB EF MPT QSJODJQBMFT BMJNFOUPT #FCFS NVDIB BHVB EVSBOUF Z BOUFT EF DPNFS &T UP UBNCJÏO BZVEBSÈ B MMFOBS FM FTUØNBHP Z MP TBDJBSÈ &WJUF FM FYDFTP DBMØSJDP *OUFOUF FWJUBS DPNFS TBMTBT NVDIP QBO Z BMJNFOUPT SJDPT FO HSBTB "EF NÈT SFEV[DB FM UBNB×P EF MBT SBDJPOFT $PNB QPSDJPOFT EF DPNJEB NÈT QFRVF×BT UFOJFOEP QSFTFOUF RVF FM PCKFUJWP FT SFEVDJS MB DBOUJEBE EF DPNJEB Z EBS NFOPT DBMPSÓBT BM DVFSQP
&41&$*"-
-04 5*14 #ª4*$04
/0 %&+&4 %& $0.&3 .0%&3"%".&/5& M *OUFOUF DPOTVNJS DPNJEB TBOB Z MJ HFSB DPNP QPMMP FOTBMBEBT Z QFTDB EP &WJUF DPOTVNJS DPNJEB iQFTBEBw FTQFDJBMNFOUF QBTUB Z QBO FO DBOUJ EBE FYDFTJWB
M .BTUJRVF EFTQBDJP MB DPNJEB &T VO IÈCJUP TBMVEBCMF "EFNÈT BZVEB B NBOUFOFS MB MÓOFB Z EJTGSV UBSÈ NÈT EF MPT TBCPSFT
M "VNFOUB TV DPOTVNP EF GSVUB Z EFTQVÏT EF DPNFS EÏ VO QBTFP ZB RVF FTUP MF BZVEBSÈ B IBDFS EJ HFTUJØO
M &MJKB HSBTBT JOTBUVSB EBT 1SFGJFSB FM BDFJUF EF PMJWB Z MPT QFTDBEPT FO MVHBS EF MBT HSBTBT TBUV SBEBT DPNP PUSPT BMJNFO UPT EF PSJHFO BOJNBM Z NBOUFRVJMMB M $POTVNB GJCSB WFHFUBM -PT BMJNFOUPT BMUPT FO GJ CSB DPNP MPT WFHFUBMFT WFSEFT Z MPT DFSFBMFT JOUF HSBMFT BSSBTUSBO FO FM JO UFTUJOP FM FYDFTP EF HSBTB JOHFSJEP FTPT EÓBT M #FCB DPO NPEFSBDJØO &O FTUBT GFDIBT FT DMÈTJDP BCVTBS EF MBT CFCJEBT BM DPIØMJDBT Z DPOUJFOFO BCVOEBOUFT DBMPSÓBT RVF TF USBOTGPSNBO FO HSBTB DPSQPSBM Z iMMBOUJUBTw FO UV BOBUPNÓB M /P QSPMPOHVF TV BQFUJ UP &WJUF MMFHBS B MB DFOB OBWJEF×B DPO NVDIB IBNCSF &T NFKPS RVF IB HB FM EFTBZVOP Z MB DPNJ EB MJHFSPT QFSP DPNQMF UPT M 7JHJMF TV NFOÞ EJBSJP &O FTUPT EÓBT GFTUJWPT IB HB RVF TV BMJNFOUBDJØO TF CBTF FO BMJNFOUPT MJHFSPT DPNP GSVUBT WFSEVSBT MÈDUFPT EFTDSFNBEPT Z NVDIB BHVB OBUVSBM M $POUSPMF MBT DBOUJEB EFT :B RVF HFOFSBMNFOUF FM CBORVFUF FO QPTBEBT P FO /BWJEBE FT NVZ FYUFO TP Z DPO NVZ WBSJBEPT QMBUJMMPT QSPDVSF RVF UVT SBDJPOFT TFBO NPEFSBEBT Z OP SFQJUB
+VFWFT EF EJDJFNCSF
1 HJOB
&- "35& EF IBDFS VO CVFO
*/5&3$".#*0 10/&3 -"4 3&(-"4 %&4%& &- 13*/$*1*0 '"$*-*5"3~ 50%0 " -" )03" %& %"3 : 3&$*#*3 6/ 3&("-0 FOUSBSÈO QFSTPOBT RVF BQFOBT DPOPDFT &TUP IBDF NÈT EJGÓDJM EFGJOJS FM UJQP EF SF HBMP B EBS QVFT BM NFOPT TF EFCF TBCFS BM HÞO HVTUP EF MB QFSTPOB DPO RVJFO TF JO UFSDBNCJBSÈ FM PCTFRVJP Z FM BCSB[P FM EÓB EF MB QPTBEB 6O JOUFSDBNCJP EF SFHBMPT TJFNQSF FT VO CVFO QSFUFYUP QBSB FTUSFDIBS MB[PT FOUSF MPT QBSUJDJQBOUFT :B TFB RVF TF IBHB FO MB GB NJMJB DPO BNJHPT P FO MB PGJDJOB FTUP BZV EBSÈ B RVF MBT QFSTPOBT QBTFO VO NPNFOUP BHSBEBCMF Z TJ OP TF DPOPDÓBO CJFO QPS MP NFOPT FTF EÓB FTUBCMF[DBO VO EJÈMPHP 2VF FM JOUFSDBNCJP TFB VO ¦YJUP
1BSB RVF MB EJOÈNJDB EFM JOUFSDBNCJP TFB VO ÏYJUP FT NFKPS RVF VOB QFSTPOB TFB MB FODBSHBEB EF UPEP 2VF TFB FMMB RVJFO FT UBCMF[DB MBT SFHMBT QSFDJPT UPQF Z CSJOEF MB JOGPSNBDJØO B UPEPT EF MP DPOUSBSJP QVFEF IBCFS DPOGVTJØO 4J FM JOUFSDBNCJP FT MJCSF MP JEFBM FT RVF TF IBHB VOB MJTUB EF QSFGFSFODJBT EF DBEB RVJÏO &O VOB IPKB TF FTDSJCFO MPT OPNCSFT EF UPEBT MBT QFSTP OBT Z DBEB RVJFO QPOF MP RVF MF HVTUBSÓB RVF MF SFHBMBSBO 1BSB FWJUBS EFDFQDJPOFT Z EFTJHVBMEBEFT VOB CVFOB JEFB FT FTUBCMFDFS VO UFNB EF SFHBMP 1PS FKFNQMP QVFEF
$0/4&+04
TFS VO JOUFSDBNCJP EF QFMÓDVMBT EJTDPT CV GBOEBT P MJCSPT $BEB RVJÏO QPOF BM NFOPT USFT BSUJTUBT HÏOFSPT BVUPSFT Z DPMPSFT EF TV HVTUP BTÓ EJGÓDJMNFOUF IBCSÈ SFTVMUBEPT OF HBUJWPT "MHP DPNÞO Z RVF OP EFCFSÓB EF QB TBS FT RVF IBZB BMHVJFO RVF TF RVFEF TJO SFHBMP 4J QPS DVBMRVJFS SB[ØO OP TF QVF EF BTJTUJS B MB SFVOJØO FT OFDFTBSJP FOWJBS FM SFHBMP QBSB OP RVFEBS NBM 4J FM JOUFSDBNCJP FT EF BMHVOB QSFOEB FT JNQPSUBOUF RVF RVJFO FTUÏ B DBSHP EF MB SFVOJØO SFDVFSEF B UPEPT RVF HVBSEFO FM UJDLFU EF DPNQSB DPO FM PCKFUJWP EF UF OFS VO SFTQBMEP QBSB QPTJCMFT DBNCJPT 1BSB IBDFS EFM QSPDFTP VO SBUP EJWFS UJEP EFTEF TFNBOBT BOUFT EFM EÓB EF MB FO USFHB EFM SFHBMP TF QVFEF IBDFS VOB EJOÈ NJDB TFDSFUB EF EVMDFT P QFRVF×PT NFOTBKFT RVF TF EFKBO B MB QFSTPOB EF NB OFSB TPSQSFTB &TUF EFUBMMF TF VUJMJ[B TPCSF UPEP FOUSF DPNQB×FSPT EF DMBTF V PGJDJOB %JTGSVUB EF UV SFVOJØO Z RVF TFB VO CVFO JOUFS DBNCJP
M &M RVF OP UF IBZB HVT UBEP MB BHFOEB RVF UF SF HBMØ FM KFGF OP RVJFSF EF DJS RVF QVFEFT VUJMJ[BSMB QBSB VO JOUFSDBNCJP P TFB OP SFDJDMFT SFHBMPT M 4J OP UJFOFT JEFB TPCSF MPT HVTUPT EF MB QFSTPOB RVF UF UPDØ FO FM JOUFS DBNCJP `QSFHVOUB B TVT BNJHPT M /P EFKFT MB DPNQSB EFM SFHBMP IBTUB FM ÞMUJNP NPNFOUP BOUFT EF MB SFV OJØO EPOEF TF IBSÈ FM JO UFSDBNCJP QVFT UF WBT B FODPOUSBS DPO UJFOEBT MMF OBT Z DPO NFOPT DPTBT
4*/ 26&+" &O FM JOUFSDBNCJP TF EFCF BKVTUBS FM QSFTVQVFTUP Z RVÏ UJQP EF PCTFRVJPT TF EBSÈO BTÓ FWJUBSÈT QBTBS VO NBM SBUP
+6&7&4 %& %*$*&.#3& %&
&
O FTUB UFNQPSBEB FTUÈ FO QMFOP RVF MBT SFVOJPOFT OBWJEF×BT EFM USBCBKP P FO DBTB TF PSHBOJDFO MB UÓQJDB BDUJWJEBE EFM JOUFSDBN CJP 4JO FNCBSHP FTUP UBNCJÏO QVFEF USBFS NBM TBCPS EF CPDB TJ QPS FKFNQMP UF FTNFSBTUF QPS MMFWBS VO CVFO SFHBMP QBSB UV DPNQB×FSP VOB DBNJTB RVF DPNQSBT UF FO VOB UJFOEB EFQBSUBNFOUBM Z RVF FO WPMWJTUF IBTUB DPO NP×P "M NPNFOUP EF IBDFS FM JOUFSDBNCJP UÞ EBT MB DBNJTB Z SFDJCFT VOB DBKB EF DIPDPMBUFT 0 QVFEF PDVSSJS MP DPOUSBSJP 1FOTBT UF RVF FM JOUFSDBNCJP TFSÓB EF MP NÈT TJN QMF Z DPNQSBTUF MP QSJNFSP RVF WJTUF FO VOB UJFOEB EF BVUPTFSWJDJP P FO PGFSUB B DBNCJP SFDJCJTUF VO CVFO SFHBMP 2VJFO EJHB RVF OP MF IB QBTBEP BMHP TJNJMBS NFOUJSÓB 1BSB RVF OP TVDFEB P FWJUBS FO MP QPTJCMF RVF BTÓ TFB IBZ RVF QPOFS MBT iSFHMBT EFM KVFHPw EFTEF FM NP NFOUP FO FM RVF TF QJFOTB FO IBDFS VO JO UFSDBNCJP EF SFHBMPT -B CBTF GVOEBNFOUBM FT EFGJOJS RVÏ UJ QP EF SFHBMPT TF EBSÈO TJ FT GPSNBM JOGPS NBM EF SPQB BDDFTPSJPT MJCSPT P DVBM RVJFS PUSP BSUÓDVMP :B EFGJOJEP FM UJQP TF EFCF QPOFS VO NÓ OJNP EF QSFDJP EFM BSUÓDVMP B SFHBMBS QBSB RVF TFB KVTUP Z UPEPT EFO Z SFDJCBO BMHP TJNJMBS 0USB DPTB B UPNBS FO DVFOUB FT TJ FO FM JOUFSDBNCJP FTUBSÈO TØMP BNJHPT P MF
&41&$*"-
1 HJOB
+VFWFT EF EJDJFNCSF EF
4Î MB FTUSFMMB
EF MB OPDIF
-6$*3 " -" .0%" &4 5"3&" %& &--"4 : &--04 $0/0$& -"4 5&/%&/$*"4 26& %&#&4 50."3 &/ $6&/5" 1"3" -6$*3 -04 .&+03&4 -00,4 %63"/5& -" 5&.103"%" %& '*/ %& " 0
i5
PEP MP RVF RVJFSP QB SB /BWJEBE FSFT UÞw "TÓ MF EJSÈT BM PVUGJU RVF MVDJSÈT ZB TFB FO MB DFOB EF /BWJEBE P FO MB GJFTUB EF "×P /VFWP Z FT RVF FT JNQPSUBOUF RVF EVSBOUF FTUBT SFV OJPOFT MV[DBT JNQFDBCMF Z FO UFO EFODJB 4J BÞO OP TBCFT RVÏ UF QPO ESÈT QBSB FM DPDUFM EF MB PGJDJOB MB WJTJUB B DBTB EF UVT TVFHSPT P FM FO DVFOUSP DPO UVT BNJHPT SFMÈKBUF Z DIFDB FTUBT TVHFSFODJBT
$&/"3 $0/ -04 ".*(04 0#7*".&/5& "26¶ 5& 16&%&4 3&-"+"3 : &91&3*.&/5"3 "4¶ 26& 4»-0 "#3& 56 "3 ."3*0 4*²/5&5& -*#3& : &4$0(& -0 26& .&+03 5& )"(" 4&/5*3 "IPSB QBSB FTUB UFNQPSBEB PUP×P JOWJFSOP MPT UPOPT EF NPEB TPO FM WFSEF LBLJ &M DVFSP P UFKJEP RVF MP JNJUB UJQP QPMJ QJFM SFHSFTB DPO GVFS[B Z FT JEFBM DPN CJOBS VOB QJF[B EF FTUF FTUJMP DPO VOB CMVTB USBOTQBSFOUF B NPEP EF FODBKF P UFKJEPT RVF EFKBO WFS TVUJMNFOUF UV QJFM -B NF[DMJMMB DPNCJOBEB DPO QJF[BT USBOTQBSFOUFT UBNCJÏO TPO VOB HSBO PQDJØO 0USP NVTU EF MB UFNQPSBEB TPO MPT WFTUJEPT NJEJ DPO CPUBT BMUBT TÓ MPT FTUÈO EF WVFMUB
-04 1305"(0/*4 5"4 %& -" 5&. 103"%"
+6&7&4 %& %*$*&.#3& %&
4JO JNQPSUBS BM UJQP EF GFTUFKP RVF BDVEBT TJO EVEB MBT HBCBSEJOBT P BCSJHPT FYUSB MBSHPT TPO MPT HSBO EFT QSPUBHPOJTUBT EF MB UFNQPSBEB Z NÈT TJ TPO FO MPT DPMPSFT SPKP OFHSP P CMBODP
'0504 1*9"#":
$0.&/$&.04 $0/ -" $&/" %& 53"#"+0 4¶ -0 4"#&.04 &45& 5*10 %& 3&6/*0 /&4 46&-&/ )"$&3 4&/5*3 5&/4"4 " -"4 1&340/"4 16&4 &/ &--"4 &45"3«/ 13&4&/5&4 %&4%& 464 $0.1"º&304 %& 53"#"+0 : 464 +&'&4 )"45" 464 $-*&/ 5&4 0 1307&&%03&4 "TÓ RVF QBSB EJTGSVUBS EF FTUF NPNFOUP MP NFKPS FT PQUBS QPS MPPLT RVF UF IBHBO TFOUJS CJFO DPOUJHP NJTNP DØNP EP Z RVF BM NJTNP UJFNQP DBVTFT VOB CVFOB JNQSFTJØO 1BSB MBT NVKFSFT MB NFKPS PQDJØO FT BQPTUBS QPS VOB CMVTB Z VO QBOUBMØO 3FDVSSF B MPT UBDPOFT QBSB EBSMF B UV BTQFDUP VO UPRVF EF FMFHBODJB 4J UF JOUFSFTB UFNBUJ[BSUF DPO MB /B WJEBE FMJHF FM DPMPS SPKP MJTP QBSB MB CMVTB Z FM OFHSP QBSB MPT QBOUBMPOFT 0USB PQDJØO FT MB DPNCJOBDJØO EF OFHSP DPO CSJMMPT BTÓ DPNP WFTUJEPT FO UPOPT EPSBEPT
1"3" -" $&/" '".*-*"3 5& 46(&3*.04 )"$&3 6/" .&;$-" &/53& -"4 01$*0 /&4 "26¶ 13016&45"4 16&%&4 *3 $0.0 .«4 5& (645& 10326& "- '*/ : "- $"#0 &4 56 '".*-*" 1&30 4*/ %&4$6*%"3 56 *."(&/ -B SFDPNFOEBDJØO FO FTUF DB TP FT DPNCJOBS BMHP FYUSBWB HBOUF BSSJCB Z DMÈTJDP BCBKP 0USB UFOEFODJB EF MB UFNQPSB EB FT VTBS QSFOEBT DPO UPEPT MPT DPMPSFT EFM BSDPÓSJTy `'VF SB MB UJNJEF[
)"#-&.04 %& 6¹"4 4JO EVEB MBT V×BT UBNCJÏO NFSFDFO TV QSPUBHPOJTNP QBSB FTUBT GJFTUBT Z VOP EF MPT CÈTJDPT EF MB /BWJEBE FT BQPTUBS QPS FM HMJUUFS QMBUFBEP 6OB TFHVOEB QSP QVFTUB FT MVDJS JODSVTUBDJPOFT CSJMMBOUFT FO FM BOVMBS P FO DVBMRVJFS PUSP EFEP DPO V×BT EF CBTF FO UPOP OVEF SPTBEP -BT EFDPSBDJPOFT HFPNÏUSJDBT UBNCJÏO TPO NVZ QFEJEBT FOUSF MBT GBOT EF EFDPSBS TVT NBOPT %F IFDIP MPT USJÈOHVMPT Z MBT NFEJBT MVOBT TPO MBT NÈT QPQVMBSFT
1 HJOB
+VFWFT EF EJDJFNCSF EF
+6&7&4 %& %*$*&.#3& %&
$
PNFODFNPT DPO MPT QVOUPT RVF UF BZVEBSÈO B FWJUBS QBEFDFS MPT FTUSBHPT EF VOB CPSSBDIFSB &O QSJODJQJP MP RVF EFCFT EF SFDPS EBS FT RVF TJ WBT B JOHFSJS BMDPIPM EVSBO UF MBT SFVOJPOFT EF /BWJEBE MP NFKPS RVF QVFEFT IBDFS FT EFKBS FM DPDIF FO DBTB NPWFSUF FO UBYJ P EFTJHOBS B VO DPOEVD UPS RVF QPS FM CJFO EF UPEPT TF BCTUFO ESÈ EF JOHFSJS CFCJEBT FUÓMJDBT "IPSB RVF ZB EJTUF FM QSJNFS QBTP FM TJHVJFOUF QVOUP FT OVODB CFCFS TJO BOUFT IBCFS DPNJEP Z FT RVF TJ CJFO FM BMDPIPM RVF UFSNJOBSÈ FO UV TJTUFNB OP CMPRVFB SÈ MPT FGFDUPT EF ÏTUF JOHFSJS BMJNFOUPT IB SÈ RVF FM SJUNP DPO FM RVF FM BMDPIPM JO HSFTB FO UV DVFSQP TFB NÈT MFOUP MP DVBM MF EB B UV IÓHBEP MB PQPSUVOJEBE EF EFTJO UPYJDBSTF {$ØNP PDVSSF FTUP -P BOUFSJPS TF EF CF B RVF FM BMDPIPM QSJNFSP WB B UV FTUØ NBHP Z EFTQVÏT FTQFSB B RVF TFB WBDJBEP FO FM JOUFTUJOP EFMHBEP EPOEF FT BCTPS CJEP QPS UV TBOHSF $PNFS EFNPSB FTUF WBDJBNJFOUP EFM FTUØNBHP BM JOUFTUJOP QPSRVF FM FTUØNBHP QSJNFSP UJFOF RVF EFTDPNQPOFS Z QSPDFTBS MPT BMJNFOUPT 6OP EF MPT DPOTFKPT CÈTJDPT QBSB FWJ UBS MB EFTIJESBUBDJØO RVF UF DBVTBSÈ FM DMÈTJDP EPMPS EF DBCF[B RVF TF QBEFDF EV SBOUF FM QFSJPEP EF MB GBNPTB DSVEB FT BMUFSOBS FM DPOTVNP EF CFCJEBT BMDPIØ MJDBT DPO USBHPT EF BHVB {$ØNP UF BZV EB FTUB BDDJØO *OHFSJS BHVB FO DBEB SPO EB BZVEB B GSFOBS FM SJUNP DPO FM RVF UPNBT UVT USBHPT &TP MF EB MB PQPSUVOJ EBE B UV DVFSQP EF QSPDFTBS MPT EFSJWB EPT UØYJDPT EFM BMDPIPM RVF JOHJFSFT DPO MP RVF FWJUBT RVF MB NB×BOB TJHVJFOUF TFB VOB QFTBEJMMB 0USB SFDPNFOEBDJØO FT FWJUBS MBT MMB NBEBT CFCJEBT PTDVSBT DPNP FM WJOP SP KP &TUVEJPT IBO FODPOUSBEP RVF ÏTUBT UJFOEFO B DPOUFOFS NÈT DPOHÏOFSFT FT EFDJS RVÓNJDPT DPNP MPT UBOJOPT RVF TF BSSBTUSBO FO MB QSPEVDDJØO EF BMDPIPM Z RVF B NFOVEP DPOUSJCVZFO B EBSMF TBCPS B MB CFCJEB &OUPODFT {DØNP UF BGFDUBO FTUPT DPOHÏOFSFT 1VFT NJFOUSBT FM FUB OPM FT MB QSJODJQBM TVTUBODJB EB×JOB FO DVBMRVJFS CFCJEB MPT DPOHÏOFSFT DPOUSJ CVZFO B MB SFTBDB QPSRVF TPO EFTJOUFHSB EPT FO RVÓNJDPT UØYJDPT B NFEJEB EF RVF TPO EJHFSJEPT 4J EFTQVÏT EF IBCFS MFÓEP MBT TVHFSFO DJBT BOUFSJPSFT Z QPS BMHÞO NPUJWP OP QV EJTUF V PQUBTUF QPS OP TFHVJSMPT Z MB DSV EB TF BQPEFSB EF UV BOBUPNÓB MPT NÏEJDPT SFDPNJFOEBO CFOFGJDJBSUF DPO VO SJDP EF TBZVOP DBMJFOUF QPS FKFNQMP MPT IVFWPT TPO SJDPT FO BNJOPÈDJEP DJTUFÓOB RVF FM IÓHBEP OFDFTJUB QBSB EFTJOUPYJDBS MPT EF SJWBEPT UØYJDPT EFM BMDPIPM 5BNCJÏO TF SFDPNJFOEB UPNBS EPT UB [BT EF DBGÏ OFHSP TJO B[ÞDBS QPSRVF FM DB GÏ SFEVDF MB IJODIB[ØO EF MPT WBTPT TBO HVÓOFPT RVF DBVTBO FM EPMPS EF DBCF[B Z BZVEB BM IÓHBEP B NFUBCPMJ[BS TVT UPYJOBT %FKBOEP EF MBEP MPT SFNFEJPT OBUVSBMFT UPNBS BMHÞO NFEJDBNFOUP QBSB MB SFTBDB DPNP 1BSBDFUBNPM BZVEB B EJTNJOVJS MPT TÓOUPNBT EF MB SFTBDB DPNP EPMPS EF DB CF[B Z NBSFPT
05304 #ª4*$04 1"3" $63"3 -" $36%" M #FCFS BHVB QBSB IJESBUBS BM PSHB OJTNP M $PNFS HBMMFUBT EF NJFM ÏTUB UJFOF VOB GPSNB DPODFOUSBEB EF GSVDUPTB RVF BZVEB B FMJNJOBS FM BMDPIPM EFM PS HBOJTNP M $PNFS VOB TPQB DPO WFSEVSBT Z WF HFUBMFT FTUP UF BZVEBSÈ B SFQPOFS MB TBM Z FM QPUBTJP RVF FM DVFSQP QFSEJØ EVSBOUF FM DPOTVNP EF BMDPIPM M #FCFS VO KVHP EF GSVUBT OBUVSBM MPT KVHPT UJFOFO VO UJQP EF B[ÞDBS MMBNB EP GSVDUPTB RVF BZVEB BM DVFSQP B RVFNBS FM BMDPIPM NÈT SÈQJEP 6O WBTP HSBOEF EF KVHP EF OBSBOKB P EF UPNBUF BZVEB UBNCJÏO B BDFMFSBS MB SFNPDJØO EF BMDPIPM EFM PSHBOJTNP
"EJ×T B MB
DSVEB
3&"-*%"% 4* &3&4 '"/ %& -"4 '*&45"4 %& '*/ %& " 0 : /0 16&%&4 7*7*3 4*/ Ü#3*/%"3Ý $)&$" &45" (6 " 13~$5*$" 1"3" 40#3&7*7*3 " -"4 104"%"4 3&6/*0/&4 %& '*/ %& " 0 $&/" /"7*%& " : 6/ -"3(0 &5$ 5&3" '0504 1*9"#":
+VFWFT EF EJDJFNCSF
1 HJOB
`4BMVE 4BMVUF $IFFST &
M QPODIF FT MB CFCJEB DMÈTJDB EF MBT GJFTUBT OBWJEF×BT B OJWFM NVOEJBM -BT SFDFUBT EF FTUB CFCJEB QVFEFO WBSJBS NVDIP Z BRVÓ UF QSFTFOUBNPT VOB TFMFDDJØO EF SF DFUBT RVF UF JOWJUBSÈO B EFDJS i4BMVEw FO EJGFSFOUFT JEJPNBT
(-Ã)8&*/
7053& 4"/5± - $&5& $0.0 50. $36*4& &/ -" $*/5" Ü$0$,5"*-Ý : 4 &- "-." %& -" '*&45" 13&1"3"/%0 &45"4 3&$&5"4 %& 10/$)&4 /"7*%& 04 $0/ 5026& */5&3/"$*0/"- (-0((
&41&$*"-
10/$)& .&9*$"/0
&((/0(
&41&$*"-
&M USBEJDJPOBM EF DBTB &O .ÏYJDP OP IBZ QPTBEB OBWJEF×B TJO FTUF EFMJDJPTP QPO DIF IFDIP B CBTF EF GSVUBT
*/(3&%*&/5&4 M CPUFMMB EF WJOP UJOUP M H EF B[ÞDBS M DVDIBSBEJUB EF DMBWP M DVDIBSBEJUB P VOB SBNB EF DBOFMB M P OBSBOKBT 13&1"3"$*»/ M 7FSUFS FM WJOP FO VOB PMMB M $PSUBS MB OBSBOKB FO DVBUSP QJF[BT Z FO MB DÈTDBSB JOTFSUBS MPT DMBWPT M &DIBS FM B[ÞDBS MB DBOFMB Z MB OBSBOKB DPO MPT DMBWPT FO FM WJOP M $BMFOUBS IBTUB RVF FTUÏ B QVOUP EF IFSWJS M 4FSWJSMP CJFO DBMJFOUF FO UB[B M %VSBDJØO NJOVUPT BQSPY
6OB CFCJEB RVF TF DPOTVNF FO MPT QBÓTFT FTDBOEJOBWPT BMHP TJNJMBS BM (MàIXFJO
*/(3&%*&/5&4 M CPUFMMB EF WJOP UJOUP M .FEJB UB[B EF WPELB P CSBOEZ M UB[B EF QBTBT M UB[B EF B[ÞDBS M $ÈTDBSBT EF MB NJUBE EF VOB OBSBOKB M USPDJUP EF KFOHSJCSF M DVDIBSBEB EF DBSEBNPNP USJUVSBEP M DVDIBSBEJUB EF DMBWPT M .FEJB UB[B EF BMNFOESBT QFMBEBT Z USJUVSBEBT 13&1"3"$*»/ M %FKBS SFQPTBOEP FM MJDPS DPO MBT FTQF DJFT UPEB MB OPDIF BMHVOPT MP EFKBO UPEB VOB TFNBOB M $BMFOUBS FM WJOP BHSFHBS FM B[ÞDBS Z MB GSVUB TJO QFSNJUJS RVF MMFHVF B IFSWJS M $PMBS FM MJDPS FWJUBS RVF IBZB SFTJEVPT EF MB NF[DMB M 7FSUFS FM MJDPS FO MB PMMB DPO FM WJOP DBMJFOUF M "×BEJS MBT QBTBT P MBT BMNFOESBT M %VSBDJØO NJOVUPT BQSPY
-B CFCJEB NÈT USBEJDJPOBM FO UFNQPSBEB OBWJEF×B FO &TUBEPT 6OJEPT Z PUSPT QBÓ TFT BOHMPTBKPOFT
*/(3&%*&/5&4 M ZFNBT EF IVFWP M DMBSBT EF IVFWP M EF UB[B EF B[ÞDBS M DVDIBSBEB EF B[ÞDBS M MJUSP EF MFDIF FOUFSB M UB[B EF DSFNB M DVDIBSBEB EF OVF[ NPTDBEB M #PVSCPO P SPO PQDJPOBM 13&1"3"$*»/ M &O VO QMBUP IPOEP CBUJS MBT ZFNBT IBTUB RVF DBNCJFO EF DPMPS M "×BEJS FM EF UB[B EF B[ÞDBS QPDP B QPDP Z DPOUJOVBS CBUJFOEP IBTUB RVF TF EJTVFMWB M "HSFHBS MB MFDIF Z MB DSFNB Z FM CPVS CPO P SPO M 7FSUFS MBT DMBSBT EF IVFWP Z CBUJS B QVOUP EF OJFWF M "×BEJS MB DVDIBSBEB SFTUBOUF EF B[ÞDBS M #BUJS IBTUB RVF IBZB RVFEBEP CJFO IFDIP UPEP M "HSFHBS MB OVF[ NPTDBEB M %VSBDJØO NJOVUPT BQSPY
+6&7&4 %& %*$*&.#3& %&
&M (MàIXFJO FT VOB CFCJEB USBEJDJPOBM RVF TF CFCF EVSBOUF FM JOWJFSOP FO NV DIPT QBÓTFT EF &VSPQB DPNP "MFNBOJB #ÏMHJDB "VTUSJB FUD TPCSF UPEP FO MPT NFSDBEPT OBWJEF×PT Z EFTQVÏT EF FT RVJBS &T NVZ BOUJHVB FO "MFNBOJB QPS FKFNQMP TF IB UPNBEP EFTEF FM TJHMP 97
*/(3&%*&/5&4 M DB×BT QFMBEBT M HS EF UBNBSJOEPT BMHVOPT QSF GJFSFO VTBS KBNBJDB M SBNBT EF DBOFMB M P DPOPT EF QJMPODJMMP M OBSBOKBT M DMBWPT M NBO[BOBT M HVBZBCBT M UFKPDPUFT EFTIVFTBEPT Z QBSUJEPT M UB[B EF DJSVFMBT M UB[B EF B[ÞDBS M 6OPT MJUSPT EF BHVB M 3PO CSBOEZ P UFRVJMB BM HVTUP $PSUBS MB GSVUB FO QFEBDJUPT QFMBS MBT OBSBOKBT Z QPOFSMBT FO HBKPT ZB RVF MB GSVUB TF VUJMJ[BSÈ EFOUSP EF MB UB[B B MB IPSB EF CFCFS FM QPODIF 13&1"3"$*»/ M )FSWJS FM BHVB DPO MPT EPT DPOPT EF QJMPODJMMP Z MB DBOFMB IBTUB RVF TF EJ TVFMWB M "HSFHBS UPEB MB GSVUB M %FKBS B GVFHP MFOUP IBTUB RVF TF BCMBOEF MB GSVUB M 6OB WF[ MJTUP B×BEJS FM MJDPS BM HVTUP M -B CFCJEB TF TJSWF DPO MBT GSVUBT M %VSBDJØO IPSB BQSPY
1ย HJOB
+VFWFT EF EJDJFNCSF EF &41&$*"-
%*453*#6$*ยป/ &O .ร YJDP DVBUSP EF DBEB QFSTPOBT VTB TV BHVJOBMEP QBSB QBHBS EFVEBT P BERVJSJS JOTVNPT
%JOFSP FO NBOP zDร NP HBTUBS FM BHVJOBMEP
+6&7&4 %& %*$*&.#3& %&
*/7&35*3 6OB JOWFSTJร O FT QPOFS B USBCBKBS B UV EJOFSP QBSB MPHSBS HBOBODJBT FO FM GVUVSP -B $POEVTFG SFDPNJFOEB OP HBTUBS FM BHVJOBMEP Z NFKPS EFT UJOBSMP B DPOGPSNBS VO JOTUSVNFOUP EF JOWFSTJร O RVF CJFO QVFEF TFS VOB DVFOUB EF BIPSSP QBSB FM SFUJSP BGPSF QBSB MB FEVDBDJร O EF UVT IJKPT Z IBTUB QBSB BERVJSJS VOB WJWJFOEB "OUFT EF JOWFSUJS QSFHร OUBUF B UJ NJTNP {QBSB RVร RVJFSP JOWFSUJS {FO DVร OUP UJFNQP RVJFSP SFDVQFSBS NJ JOWFSTJร O {RVร FEBE UFOHP {DVร OUP EJOFSP FTUPZ EJTQVFTUP B BSSJFTHBS Z {RVร UBOUP DPOP[DP TPCSF JOWFSTJร O P {DVร M FT NJ FYQFSJFODJB JOWJSUJFOEP 5SBT SFTQPOEFS B FTUBT QSFHVOUBT QVFEFT BDFSDBSUF B UV JOTUJUVDJร O CBODBSJB EF DPOGJBO[B QBSB Nร T JOGPSNBDJร O
&45& &4 &- .&4 .~4 &41&3"%0 %&- "ย 0 -" ย 10$" %& -"4 104"%"4 3&6/*0/&4 '".*-*"3&4 %& -04 3&("-04 : 5".#*ย / %&- "(6*/"-%0
&
M BHVJOBMEP FT VOB QSFTUBDJร O MB CPSBM B MB RVF UJFOFO EFSFDIP UP EPT MPT USBCBKBEPSFT DPO VOB SF MBDJร O MBCPSBM SFNVOFSBEB P TVCPSEJOBEB B VO QBUSร O &TUF EFCF QB HBSTF BOUFT EFM EF EJDJFNCSF Z DPOTJT UF FO BM NFOPT Eร BT EF TBMBSJP EJBSJP P MB QBSUF QSPQPSDJPOBM BM UJFNQP FGFDUJWB NFOUF USBCBKBEP %F BDVFSEP DPO VO FTUVEJP FMBCPSBEP QPS MB 6OJWFSTJEBE /BDJPOBM "VUร OPNB EF .ร YJDP 6/". TFJT EF DBEB NF
YJDBOPT VUJMJ[BO TV BHVJOBMEP QBSB MB DPNQSB EF BMJNFOUPT Z DVBUSP EF DBEB QBSB MJRVJEBS EFVEBT P BERVJSJS JOTVNPT 4JO FNCBSHP IBZ NFKPSFT VTPT QBSB FTUB QSFTUBDJร O 5BOUP MB $PNJTJร O /B DJPOBM QBSB MB 1SPUFDDJร O Z %FGFOTB EF MPT 6TVBSJPT EF 4FSWJDJPT 'JOBODJFSPT $PO EVTFG DPNP MB 1SPDVSBEVSร B 'FEFSBM EFM $POTVNJEPS 1SPGFDP SFDPNJFOEBO OP DBFS FO MBT UFOUBDJPOFT Z FWJUBS iHBTUBS QPS HBTUBSw "RVร UF TVHFSJNPT BMHVOPT EFTUJ OPT QBSB UV BHVJOBMEP
461&3"$*ยบ/ 1&340/"4J CVTDBT DBNCJBS EF FNQMFP QBSB MPHSBS NFKPSFT JOHSFTPT MB 1SPGFDP TVHJFSF EFTUJOBS FM BHVJOBMEP QBSB FM QBHP EF DVSTPT P EJQMPNBEPT RVF UF BZVEFO B NFKPSBS UV GPSNBDJร O QSPGFTJPOBM P CJFO RVF BZVEFO FO MB FTQFDJBMJ[BDJร O EF UV ร SFB &TUP UF QFSNJUJSร FYQBOEJS UVT IPSJ[POUFT MBCPSBMFT Z BVNFOUBS UV SFBMJ[BDJร O DPNP QSPGFTJPOJTUB 3FDVFSEB RVF MB FEVDBDJร O FT VOB EF MBT NFKPSFT JOWFSTJPOFT 4J FTUBT SFDPNFOEBDJPOFT OP UF DPOWFO DFO Z QSFGJFSFT HBTUBS UV BHVJOBMEP FO SF HBMPT QBSB UVT TFSFT RVFSJEPT Z PUSPT VTPT USBEJDJPOBMFT
.&+03"4 &/ &- )0("3 %FTUJOBS VOB QBSUF EFM BHVJOBMEP P UPEP TJ FT OFDFTBSJP QBSB SFBMJ[BS NFKPSBT FO FM IPHBS FT VOP EF MPT NFKPSFT VTPT RVF QVFEFT EBSMF B UV EJOFSP 4FHร O MB 1SPGFDP FTUP SFQSFTFOUB VOB JOWFSTJร O QBSB MB TFHVSJEBE MB DBMNB Z MB USBO RVJMJEBE EF MB GBNJMJB "OBMJ[B RVร FT MP Nร T VSHFOUF FO UV IPHBS Z EF QFOEF EF DVBM TFB UV QSFTVQVFTUP QVFEFT BERVJ SJS OVFWPT NVFCMFT FMFDUSPEPNร TUJDPT DBNCJBS MPT NVFCMFT EF CBร P SFOPWBS MBT JOTUBMBDJPOFT IJESร VMJDBT Z EF HBT QJOUBS MBT QBSFEFT Z MB GB DIBEB IBDFS USBCBKPT EF BMCBร JMFSร B P JNQFSNFB CJMJ[BS MB B[PUFB BOUFT EF MB UFNQPSBEB EF MMVWJBT
$0.1"3" "/5&4 %& $0.13"3
&7*5" %"3 &- 5"3+&5";0
6OB WF[ RVF UFOHBT UV MJTUB EF SFHBMPT MP JEFBM FT DPNQBSBS MPT QSFDJPT FO BM NFOPT USFT FTUB CMFDJNJFOUPT 1SPGFDP QVCMJDB DBEB Bร P FO TV TJUJP XFC XXX QSPGFDP HPC NY FO MB TFDDJร O EF {2VJร O FT 2VJร O MPT QSPHSBNBT 2VJร O FT 2VJร O FTQFDJBM FO KVHVFUFT Z 2VJร O FT 2VJร O FTQFDJBM FO QSPEVDUPT OBWJEFร PT
/P HBTUFT FM EJOFSP RVF OP UJFOFT Z FWJUB BCVTBS EF MBT UBSKFUBT EF DSร EJUP .VDIPT FTUBCMFDJ NJFOUPT MBO[BO QSPNPDJPOFT B NFTFT TJO JOUF SFTFT QFSP BOUFT EF FOEFVEBSUF SFGMFYJPOB TJO FO SFBMJEBE OFDFTJUBT BERVJSJS FTF QSPEVDUP P TJ FT QPTJCMF QBHBSMP BM DPOUBEP
&-"#03" 6/ 13&4616&50 %VSBOUF MB ร QPDB EFDFNCSJOB FT JNQPS UBOUF FT JNQPSUBOUF QMBOJGJDBS MPT HBTUPT QBSB FMMP FT OFDFTBSJP FMBCPSBS VO QSF TVQVFTUP RVF JODMVZB FM SFDVSTP DPO FM RVF DVFOUBT Z MB MJTUB EF SFHBMPT &TUF MJTUBEP QVFEF JODMVJS QSFDJPT Z MP RVF TP CSF EF UV BHVJOBMEP EF TFS FM DBTP QVF EFT BIPSSBSMP
+VFWFT EF EJDJFNCSF
1 HJOB
&
T NPNFOUP EF QFOTBS FO MB QSØYJNB UFNQPSBEB OBWJEF×B Z MB OFDFTJEBE EF GVFOUFT EF JOTQJSBDJØO QBSB IBDFS EFM IPHBS FM NFKPS FTDFOBSJP EF MPT QSØ YJNPT GFTUFKPT EFDFNCSJOPT FO GBNJMJB )BZ RVF BQSPWFDIBS MPT UJFNQPT MJCSFT RVF RVFEBO FO USF FM USBCBKP Z UBSFBT EPNÏTUJDBT Z TBCFS EØOEF Z RVÏ CVT DBS &ODVFOUSB MPT NFKPSFT BSUÓDVMPT EF EFDPSBDJØO QBSB FM IPHBS OBWJEF×P " DPOUJOVBDJØO FTQFSFNPT FODVFOUSFT VO QPDP EF JOTQJSBDJØO QBSB BSNBS UV DBTB ZB TFB RVF DPNQSFT FTUPT QSPEVDUPT P MPT IBHBT &TUBT TPO VOBT DVBOUBT PQDJP OFT RVF QPESÈO BQPSUBS B UV JEFB EF BEPSOBS UV DBTB FO /B WJEBE `5JFOFT NVDIBT PQDJPOFT QBSB FTUF GJO EF B×P
z$×NP BEPSOBS UV DBTB FO FTUB ÎQPDB
5& %".04 5*14 1"3" %&$03"3 56 )0("3 %63"/5& -"4 '*&45"4 %& /"7*%"% : " 0 /6&70
&41&$*"-
&41&$*"-
$0+*/&4 $0/ 1&340/"-*%"% 4BMB Z DPNFEPS TPO MPT MVHBSFT NÈT GSFDVFOUBEPT FO MBT SFVOJPOFT EBMF VO UPRVF FTQFDJBM DPO DPKJOFT OBWJEF×PT FT VOB GPSNB TFODJ MMB EF USBOTGPSNBSMPT Z DSFBS VO DÈMJEP BNCJFOUF FO UV IPHBS
&41&$*"-
130:&$503&4 -B JMVNJOBDJØO FT DMBWF FO MB UFNQPSBEB Z TPO FTFODJBMFT MPT QSPZFDUPSFT DPO NPWJNJFOUP Z TPOJEP 4Ø MP IBZ RVF DPMPDBSMP FO FM MVHBS RVF TF RVJFSF USBOTGPSNBS -PT FYQFSUPT SFDPNJFOEBO VUJMJ[BSMP FO MB FTUBODJB QBSB EBS VOB JODSFÓCMF CJFOWFOJEB B MB GBNJMJB
(6*3/"-%"4 %&$03"%"4 & *-6.*/"%"4 &M TFDSFUP QBSB EFDPSBS GÈDJM Z SÈQJEP VOB QVFSUB FT DPMPDBS HVJSOBMEBT EFDPSBEBT 4J MBT DPMPDBT BMSF EFEPS EFM NBSDP EF MB QVFSUB MPHSBSÈT VO BTQFDUP PSJHJOBM UJFOFO MV[ JOUFHSBEB &TUP BMFHSBSÈ MB DB TB Z FO VOPT NJOVUPT UV EFDPSBDJØO RVFEBSÈ MJTUB
&41&$*"-
*/'-"#-&4 $0/ &45*-0 4F JOGMBO FO TFHVOEPT &O QPDP UJFNQP UV KBS EÓO UFOESÈ VO iNPPEw OBWJEF×P 5JQ FMJHF MPT JOGMBCMFT IFDIPT DPO NB UFSJBMFT NFUÈMJDPT QBSB FTUBS B MB NPEB
+6&7&4 %& %*$*&.#3& %&
&41&$*"-
«3#0- %& '«$*- "3."%0 &O NJOVUPT MP UFOESÈT MJTUP /P FT OFDFTBSJP CVTDBS CBMBODF FOUSF MBT MVDFT FTGFSBT P DPMHBOUFT ZB RVF QPTFF JMVNJOBDJØO JOUFHSBEB TØ MP EFCFT EFDPSBSMP QBSB UFOFS FM ÈSCPM NÈT OBWJEF×P 5JQ EBMF FTUJMP NVZ B UV HVTUP BM ÈSCPM DPO MB WBSJFEBE EF DPMFDDJPOFT EF DPMHBOUFT Z FTGFSBT
1 HJOB
+VFWFT EF EJDJFNCSF EF
6/" (6 " %& 3&("-04 &41&$*"- 1"3" 6/ 4&3 .6: &41&$*"1*9"#":
*OUFMFDUVBM 4J UV QBESF EJTGSVUB EF QBTBS TVT SBUPT MJCSFT MFZFOEP WJFOEP EPDVNFOUBMFT BTJTUJFOEP B NVTFPTy FO SFTV NFO BQSFOEJFOEP Z DVSJPTFBOEP MP NÈT TFODJMMP FT VO MJCSP QFSP `PKP /P DVBMRVJFS MJCSP ZB RVF TJ EJTGSVUB B %PTUPJFWTLZ OP MF TFSÈ NVZ HSBUP VO UFYUP EF TVQFSB DJØO QFSTPOBM 5BNQPDP FT CVFOB PQDJØO JSUF QPS MPT DMÈTJDPT NVOEJBMFT DPNP 5PMTUPJ P +PZDF OJ QPS MPT NF YJDBOPT DPNP $BSMPT 'VFOUFT &MFOB (BSSP V 0DUBWJP 1B[ QVFT QSPCBCMFNFOUF ZB MPT UFOHB P MPT IBZB MFÓEP $PO FTUPT NPUJWPT UF SFDPNFOEBNPT MBO[BSUF BM ÈSFB EF OPWFEBEFT FO MB MJCSFSÓB Z NÈT FTQFDÓGJDB NFOUF VOB CVFOB PQDJØO FT i:P +VMJBw OPWFMB IJT UØSJDB RVF HBOØ FM 1SFNJP 1MBOFUB FTUF B×P TF SF NPOUB BM JNQFSJP SPNBOP Z SFTDBUB B VOB QPEFSPTB NVKFS BEFNÈT MB BMVTJØO B i:P $MBVEJPw FT VO HVJ×P QBSB MPT BNBOUFT EF MB IJTUPSJB SPNBOB
--&(" -" ±10$" *%&"- 1"3" .0453"3-& " 1"1ª 56 ".03
$BUBEPS
+6&7&4 %& %*$*&.#3& %&
.ÈT EF VO QBESF EJTGSVUB EF VOB CVFOB DPQB EF WJOP P VOB SFGSFTDBOUF DFSWF[B TJ FM UVZP FT VOP EF FMMPT VO WJOP JNQPSUBEP P OBDJPOBM 1SFNJVN FT VO EFUBMMF RVF TFHVSP TBCPSFBSÈ DPO UPEP HVTUP 4JO FNCBSHP TJ EF TFBT EBSMF VO UXJTU B FTUF SFHBMP GSFDVFOUF {RVÏ UBM FM LJU QBSB RVF QSFQBSF TV QSPQJB DFSWF[B BSUFTBOBM $PO FTUP TF EJWFSUJSÈ QBTBSÈ VO CVFO SBUP Z RVJÏO TBCF RVJ [È IBTUB TF DPOWJFSUB FO UPEP VO FNQSFOEFEPS Z BCSB TV QSPQJB NBSDB DFSWFDFSB %F FTUPT LJUT IBZ NVZ WBSJBEPT Z DPO QSFDJPT EJGF SFOUFT TFHÞO MP RVF JODMVZBO B USBWÏT EF JOUFSOFU QVF EFT FODPOUSBS CBTUBOUFT PQDJPOFT "RVÓ UF BDPOTFKB NPT MB (PME &EJUJPO EF .S #FFS ZB RVF DVFOUB DPO VO QSFDJP BDDFTJCMF F JODMVZF UPEP MP OFDFTBSJP GFSNFOUB EPS CPUFMMBT SFVUJMJ[BCMFT F JOBTUJMMBCMFT EJTF×BEBT QBSB DBSCPOBUBS DFSWF[B MBUB EF FYUSBDUP EF DFSWF[B GPSNB DPODFOUSBEB EF DFCBEB NBMUFBEB Z MÞQVMP OBUVSBM
%
BS VO SFHBMP B QBQ² QVFEF TFS VOB UBSFB DPNQMJDBEB NV DIPT TF WBO QPS MP C²TJDP BM HVOB DBNJTB RVJ[² VOB DBS UFSB P CJFO VO DJOUVSÂO P [BQBUPT 5V QBESF BHSBEFDFS² DVBMRVJFSB EF FTUPT SFHBMPT QFSP TJ EFTFBT EBSMF BMHP NF OPT FTQFSBEP Z N²T QFSTPOBMJ[BEP MP NFKPS FT TFS NVZ BUFOUP EVSBOUF FTUPT E½BT PCTFSWBS TV SVUJOB Z TV FTUJMP EF WJEB BT½ QPEFNPT JEFOUJGJDBS TVT OF DFTJEBEFT P HVTUPT BDUVBMFT QVFT MP RVF MF HVTUBCB DVBOEP UÈ FSBT VO QF RVFÁP OP FT MP NJTNP RVF EJTGSVUBS² BDUVBMNFOUF 4J CJFO OP FT TFODJMMP DPOTFHVJS FM SFHBMP JEFBM QBSB QBQ² BRV½ UF EFKB NPT VOB HV½B TFHÈO QFSTPOBMJEBEFT HFOFSBMFT DBEB JEFB QSPQVFTUB FT BEBQUBCMF B MBT DVBMJEBEFT Z DBSBDUF S½TUJDBT QSPQJBT EF UV QBESF
`'FMJDFT GJFTUBT QBQÇ
'SJLJ
1BTBS IPSBT DPO VO WJEFPKVFHP MFFS DØNJDT WFS DBEB QF MÓDVMB EF TVQFSIÏSPFT {UF TVFOB 4J UV QBQÈ IBDF DVBM RVJFSB EF FTUBT BDUJWJEBEFT UFOFNPT FM SFHBMP JEFBM QBSB ÏM $MBSP RVF MP TFODJMMP FT PCTFRVJBSMF FM OVFWP WJEFPKVF HP EF MB DPOTPMB RVF MF FODBOUB P RVJ[È VO DPOUSPM NÈT iDPPMw QFSP BRVÓ UF SFDPNFOEBNPT IBDFS VTP EF MB OPT UBMHJB QBSB SFNPWFSMF MPT SFDVFSEPT Z EBSMF VO SFHBMP RVF MP USBOTQPSUBSÈ BM QBTBEP Z MP IBSÈ EJTGSVUBS TVT UBSEFT DP NP DVBOEP FSB QFRVF×P NBOEP i3FUSP (BNFw `FT MB NJOJ WJEFPDPOTPMB NÈT PDIFOUFSB -P DPNQMJDBEP BRVÓ TFSÈ FODPOUSBSMB BVORVF HSBDJBT BM JOUFSOFU CBTUB DPO HPHMFBSMB Z QFEJSMB B EPNJDJMJP BTÓ RVF TJ PQUBT QPS FTUB PQDJØO `DPSSF 2VF ZB DBTJ FT OBWJEBE &TUB NJOJ WJEFPDPOTPMB UJFOF BMSFEFEPS EF KVF HPT DPNP 4QBDF #BTF P 3BDJOH 'JHIUFS FT NVZ TFO DJMMB EF VTBS TØMP DPOFDUBSMB B MB UFMFWJTJØO TJO JN QPSUBS RVF ÏTUB TFB QMBTNB SFWJWJSÈ MPT PDIFOUB
+VFWFT EF EJDJFNCSF
1ย HJOB
/05*.&9
1"3" 13&1"3"3 M LJMP EF NBร [ DBDB IVB[JOUMF M DVDIBSBEBT EF DBM M L EF DBCF[B EF DFSEP M NBOJUBT EF DFSEP M LJMP EF MPNP M QPMMP M DFCPMMBT HSBOEFT M Sร CBOP HSBOEF UJFSOP M MJNPOFT M DBCF[B EF BKP M MFDIVHB 4BM BM HVTUP M HS EF DIJMF QJRVร O M HSBNPT EF PSร HBOP NPMJEP M 4BM BM HVTUP
10%3~ )"$&34& &/ %*7&34"4 &/5*%"%&4 1&30 $0.0 &- 26& 4& %*4'365" "26ย /0 )": %04
'JFTUB BMFHSร B Z
`1P[PMF -
B HBTUSPOPNร B KBMJTDJFOTF FT VOB EF MBT Nร T SJDBT EF OVFTUSP QBร T Z OP BOEBSFNPT FSSBEPT TJ QFOTBNPT RVF UBNCJร O FT VOB EF MBT Nร T WBSJBEBT B OJWFM NVOEJBM %F MPT FYRVJTJUPT NBSJTDPT EF MBT DPTUBT B MBT TVQSF NBT DBSOJUBT EF MPT "MUPT QBTBOEP QPS MPT EVMDFT EF MFDIF EFM /PSUF Z MB 5PSUB "IPHBEB EF OVFTUSB DBQJUBM UBQBUร B TJO PMWJEBS MBT GVTJPOFT CPIFNJBT EF MB $Jร OFHB P MBT SFGSFTDBOUFT CFCJEBT EF MPT 7B MMFT " EPOEF NJSFNPT ย P NFKPS FYQSFTBEP B EPOEF QSPCFNPTย FODPOUSBSFNPT VO TVDVMFO UP NBOKBS 1PS TV FTUJMP QPS MP EJGFSFOUF RVF FT SFTQFDUP B PUSPT Z QPSRVF FT VOP EF MPT TFMMPT EF MB JEFOUJ EBE HBTUSPOร NJDB EF 0DDJEFOUF FM QP[PMF FT VOP EF MPT QMBUJMMPT QSFGFSJEPT QBSB BDPNQBร BS MB DF OB OBWJEFร B
/05*.&9
13&1"3"$*ยบ/ 4F MBWB FM NBร [ Z TF QPOF B MB MVNCSF DPO DBM Z BHVB TVGJ DJFOUF QBSB DVCSJS FM NJTNP $VBOEP TF MF EFTQSFOEB FM QFMMFKP TF SFUJSB EFM GVFHP Z TF MBWB NVZ CJFO IBTUB RVF RVFEB CMBODP -VFHP TF EFT DBCF[B TF MBWB OVFWBNFOUF Z TF QPOF B DPDFS DPO CBT UBOUF BHVB Z MB DBCF[B EF BKP DVBOEP ZB FTUร SF WFOUBOEP FM NBร [ TF TBDBO MPT BKPT Z TF MF QPOF MB DBSOF KVOUP DPO FM QPMMP QBSUJEP FO QJF[BT $VBOEP TF FTUร DPDJFOEP TF MF QPOF MB TBM Z TJ MF GBMUB DBMEP EVSBOUF FM DPDJNJFOUP TF MF BHSFHB BHVB DBMJFOUF 4F EFKB IFSWJS IBTUB RVF FM NBร [ FTUร NVZ TVBWF 4F TJSWF FO QMBUP IPOEP EF CBSSP Z TF BEPSOB DPO DF CPMMB GJOBNFOUF QJDBEB SVF EBT EF Sร CBOP MFDIVHB QJDB EB QPMWP EF PSร HBOP Z P QPMWP EF DIJMF QJRVร O TJ FM DBMEP OP FT DPMPSBEP 4F MF QPOF KVHP EF MJNร O BM HVTUP
+6&7&4 %& %*$*&.#3& %&
10;0-& 30+0 6OB EF MBT DVBMJEBEFT EFM QP[PMF EF OVFT USP &TUBEP Z FTQFDJBMNFOUF FO MB 1FSMB 5BQBUร B FT MP KVHPTP EF TV TBCPS Z FM UPOP SPKJ[P RVF BE RVJFSF HSBDJBT BM DIJMF RVF TF BHSFHB 5BOUP FM DBMEP DPNP MB DBSOF Z OP PMWJEFNPT FM NBร [ BMDBO[BO VOB DPNVOJร O QFS GFDUB Z TVFMF TFS FM QMBUJMMP DFO USBM EFTEF MB NFSJFOEB IBTUB MB DFOB Z IBCSร WBMJFOUFT RVF MP FMJKBO IBTUB DPNP EFTBZVOP
1 HJOB
+VFWFT EF EJDJFNCSF EF
-PT NFKPSFT SFHBMPT QBSB NBNÇ TFHÝO TV QFSTPOBMJEBE $"%" ."%3& &4 %*'&3&/5& 103 &40 -" ."/&3" %& "1"1"$)"3-" &45"4 '&45*7*%"%&4 %&#& 4&3 "$03%& " 46 &45*-0 %& 7*%"
+
+6&7&4 %& %*$*&.#3& %&
VOUP DPO MB ¹QPDB OBWJEFÁB MMF HB FM NPNFOUP EF EBS QPS MP RVF FT IPSB EF TBMJS B MBT UJFO EBT P OBWFHBS QPS JOUFSOFU QB SB FODPOUSBS FM SFHBMP QFSGFDUP QBSB FM TFS RVF UF EJP MB WJEB UF IB DVJEBEP Z TJFNQSF UFOES² VO BCSB[P D²MJEP QBSB UJ TJO JNQPSUBS DV²OUBT OBWJEBEFT QBTFT DPO FMMB NBN²
4FB VO EFUBMMF P VO PCTFRVJP HFOFSPTP FM SFHBMP QBSB NBNÈ FT PCMJHBUPSJP FO DBEB GFTUJWJEBE Z /BWJEBE FT MB GFDIB JEFBM QBSB NPTUSBSMF FM DBSJ×P Z BHSBEFDJNJFOUP RVF TF MF QSPGFTB EJBSJBNFOUF 4BCFNPT RVF FO DPOUSBS FM JEFBM OP FT UBSFB TFODJMMB QPS MP RVF BRVÓ UF QSPQPOFNPT VOB HVÓB EF SFHB MPT QFSGFDUPT QBSB NBNÈ TFHÞO TV QFSTPOB MJEBE Z BDPSEF B TVT BDUJWJEBEFT EJBSJBT `%F NVÏTUSBMF RVF UV BNPS QPS FMMB FT JOUPDBCMF t1BSB MB NBNÈ EFQPSUJTUB 4J SFDPOP DFT FO FM FTUJMP EF WJEB EF UV NBNÈ VO CB MBODF Z FRVJMJCSJP FOUSF FM EFQPSUF MB BMJ NFOUBDJØO Z FM EFTDBOTP `BQØZBMB B DPOUJOVBS DPO FTUBT SVUJOBT "IPSB RVF FM UFSNJOB Z FM SFQSFTFOUB VOB PQPSUVOJEBE QBSB MPHSBS NFUBT Z PCKFUJ WPT MPT HJNOBTJPT MBO[BO EFTDVFOUPT QB SB TV JOTDSJQDJØO Z NFOTVBMJEBEFT BTÓ RVF VOB TVTDSJQDJØO BOVBM B VO DFOUSP EFQPS UJWP DFSDB EF TV DBTB Z DPO WBSJBT DPNPEJ EBEFT FT VOB CVFOB PQDJØO 0 CJFO VOB DBNJOBEPSB CJDJDMFUB GJKB P DVBMRVJFS BQB SBUP QBSB IBDFS FKFSDJDJP EFTEF DBTB &M QVOUP FT FODPOUSBS DVÈM FT TV GPS NB GBWPSJUB EF FKFSDJUBSTF Z GBDJMJUÈSTFMB BTÓ TJ MF HVTUB DPSSFS {RVÏ UBM VOPT UFOJT EF MB MÓOFB /JLF "JS TJ EJTGSVUB EF IBDFS ZPHB DPO FM UBQBUF "EJEBT CZ 4UFMMB .D$BSUOFZ UFOESÈ MB TVQFSGJDJF JEFBM QB SB OP MBTUJNBS OJ NÞTDVMPT OJ BSUJDVMBDJP OFT Z BEFNÈT MVDJSTF FO DBEB DMBTF t1BSB MB NBNÈ IPHBSF×B .ÈT EF VOB NBESF EJTGSVUB EF UFOFS JOWJUBEPT FO TV IP HBS EF PSHBOJ[BS DFOBT DPNJEBT CSVODIT P EFTBZVOPT Z B USBWÏT EF FTUPT SFVOJS B MB GBNJMJB P B MPT BNJHPT *HVBMNFOUF TVFMFO TFS FM UJQP EF NBNÈT RVF OP UF EFKBO QBS UJS EF DBTB TJO VOBT DVBOUBT HBMMFUBT P BMHÞO QMBUJMMP EPOEF DPDJOØ QBSUF EF TV BNPS "RVFMMBT RVF TPSQSFOEFO TJFNQSF DPO VO IPHBS DÈMJEP Z QVMDSP : BVORVF BDUVBM NFOUF OP TFB MP NÈT QPMÓUJDBNFOUF DPSSFD UP SFHBMBS DPTBT EFM IPHBS B VOB NVKFS TJ UV NBESF EJTGSVUB EF IBDFS ÏTUF FTQBDJP VO SFDJOUP FTQFDJBM PMWJEB MPT KVJDJPT IBDJB MPT
FTUFSFPUJQPT Z SFHÈMBMF VOB MJOEB WBKJMMB BRVÓ SFDPNFOEBNPT MB ,ÚTUMJDI $FSSBEB 7JDUPSJBOB EF WFOUB FO -JWFSQPPM QVFT ÏTUB FT DMÈTJDB Z TPCSJB QFSP UÞ TBCSÈT FMF HJS MB NÈT BEFDVBEB B TV HVTUP 0USBT CVFOBT PQDJPOFT TPO MPT KVFHPT EF UÏ QBSB DBEB PDBTJØO FO RVF TVT BNJHBT RVJFSBO FDIBS DIJTNF P TJNQMFNFOUF QB SB DVBOEP FMMB RVJFSB VO UJFNQP EF MFDUV SB P SFMBY FM UÏ FT VO HSBO BDPNQB×BOUF "RVÓ TF JODMVZFO DVBMRVJFS UJQP EF EFDP SBDJØO EFM IPHBS EFTEF DFOUSPT Z DBNJOPT EF NFTB WFMBT DVBESPT QPSUBSSFUSBUPT FUD -P JNQPSUBOUF FT TFS NVZ PCTFSWBEPS MB QSØYJNB WF[ RVF MB WJTJUFT Z DIBSMFT DPO FMMB QBSB EFTDVCSJS TJ UJFOF BMHVOB OFDFTJ EBE P BMHÞO PCKFUP EFTFBEP 1PS FM MBEP EF MB DPDJOB UBNCJÏO IBZ VO TJOGÓO EF PQDJPOFT QVFT BVORVF UV NBESF UFOHB MPT FMFDUSPEPNÏTUJDPT CÈTJDPT TJFN QSF FYJTUFO BQBSBUPT JOOPWBEPSFT RVF TFHV SP MF TFSWJSÈO {RVÏ UBM VOP QBSB EFTIJESBUBS GSVUBT Z WFSEVSBT 4PO JEFBMFT QBSB QPEFS SFBMJ[BS IBTUB MB SFDFUB NÈT FYRVJTJUB t1BSB MB NBNÈ USBCBKBEPSB &O QMFOP TJHMP 99* OP FT DPNÞO RVF MBT NBESFT TF RVFEFO FO FM IPHBS MB NBZPSÓB EF FMMBT TVFMFO UFOFS VO USBCBKP NÈT BMMÈ EF MB GB NJMJB QPS FTP VO HSBO SFHBMP QBSB FTUBT NBNÈT FT `VO EÓB EF TQB {2VÏ NFKPS RVF SFHBMBSMF FTUP B UV NBNÈ RVF BEFNÈT EF EFEJDBS UJFNQP B MBT UBSFBT EF MB DBTB TBMF B MB PGJDJOB &T NPNFOUP EF RVF MF EJHB BEJØT BM FTUSÏT Z B MPT EÓBT BSEVPT VO EÓB MJCSF TFSÈ MP NFKPS QBSB FMMB Z TJ FT EF VOB GPSNB FO RVF QVFEB MJCFSBSTF BM EF MBT UBSFBT EJBSJBT MP BHSBEFDFSÈ &O MB DJVEBE IBZ EJWFSTPT TQBT RVF PGSFDFO NÞMUJQMFT TFSWJDJPT UF SFDPNFO EBNPT 0 #FMMB 4QB QVFT FTUÈ EFOUSP EF MB ;POB .FUSPQPMJUBOB Z UJFOF QBRVFUFT EF EÓB FOUFSP FO FM RVF UV NBNÈ QPESÈ EJTGSVUBS EF UJOB EF IJESPNBTBKF NBTBKFT SFMBKBOUFT VTP EF BMCFSDB F JODMVTP DPQBT EF WJOP TJ BTÓ MP EFTFBT &TUF SFDJOUP OP FT FM ÞOJDP QPS MP RVF OBWFHB QPS JOUFSOFU Z IBT VO QBS EF MMBNBEBT QBSB BSNBS FM EÓB QFSGFDUP QBSB NBNÈ 0USBT PQDJPOFT TPO BSUÓDVMPT QBSB TV PGJDJOB P QBSB MPT EÓBT RVF BTJTUF B ÏTUB QVF EF TFS VO CPOJUP CMB[FS QVFT BEFNÈT EF FT UBS EF NPEB TPO DØNPEPT Z PGSFDFO MB FMF HBODJB OFDFTBSJB QBSB JS BM USBCBKP 6O QPSUBGPMJP UBNCJÏO FT CVFOB PQDJØO WÓB "NB[PO FYJTUFO DJFOUPT EF PQDJPOFT RVF QVFEFO MMFHBS KVTUP QBSB MB /BWJEBE
.".« `%B BM TFS RVF UF EJP MB WJEB MPT NFKPSFT SFHBMPT
'0504 1*9"#":
%&1035*45" 4J UV NBNÈ BNB FM FKFSDJDJP `UF OFNPT VOB MBSHB MJTUB EF SFHBMPT QBSB FMMB
1*9"#":
&+&$65*7" 6O CMB[FS QBSB JS B MB PGJDJOB FT VO PCTFRVJP ÞUJM Z QSÈDUJDP
1*9"#":
)0("3&º" 6O KVFHP EF UÏ QVFEF TFS VO MJOEP EFUBMMF
+VFWFT EF EJDJFNCSF
1ย HJOB 5"."-&4 6OB USBEJDJร O FO UPEP NPNFOUP
1*9"#":
-MFHร MB IPSB EF MPT UBNBMFT
&
O FTUB UFNQPSBEB EF GJFTUBT Z QPTB EBT {B QPDP OP TF BOUPKB VO SJDP UB NBM %VMDFT P TBMBEPT DPO DBSOF EF DFSEP P QPMMP SBKBT RVFTP QBTBT BMNFOESBT NPMF TBMTB WFSEF P SPKB MPT UB NBMFT UJFOFO EPT JOHSFEJFO UFT JOGBMUBCMFT MB NBTB FMBCP SBEB B QBSUJS EFM NBร [ Z MBT IPKBT 2VF WFOHB DBMJFOUJUP BDPNQBร BEPT DPO DIBNQV SSBEP P VOB CFCJEB DPO QJ RVFUF `TBCFO B QVSB HMPSJB 7FSTร UJM FO JOHSFEJFOUFT
UBNBร P QSFTFOUBDJร O Z TBCP SFT QFSP ร OJDP FO FM NVOEP FM UBNBM FT VOP EF MPT BMJNFO UPT NFYJDBOPT Nร T QPQVMBSFT Z DPNQPOFOUF JOEJTDVUJCMF EF TV USBEJDJร O DVMJOBSJB %FTEF FM [BDBIVJM EF UB NBร P EFTDPNVOBM EF MB IVBTUFDB QPUPTJOB QBTBOEP QPS MPT QJRVFT EF 5JIVBUMร O Z 5VYQBO 7FSBDSV[ MBT DP SVOEBT Z VDIFQPT EF .J DIPBDร O IBTUB MPT EF CPMB EF $IJBQBT MPT UBNBMFT MP NJTNP TPO FM NFOร QBSB VO BDPOUFDJNJFOUP FTQFDJBM
6/ 10$0 %& )*4503*" 1SPWFOJFOUF EF MB QBMBCSB Oร IVBUM iUBNBMMJw RVF TJHOJGJDB iFOWVFMUPw FM UBNBM TF FMBCPSB B CBTF EF VOB NB TB EF NBร [ P DPNCJOBEB DPO GSJKPM DPDJEP BM WBQPS Z FOWVFMUP FO IPKBT DPNร ONFOUF EF NBร [ P EF QMร UBOP 2VJ[ร FM OPNCSF QSPWJFOF UBNCJร O EFM iBUBNBMDVBMJ[UMJw GJFTUB B[UFDB QBSB DPONFNPSBS FM OBDJNJFOUP EF
$JOUร PUM FM EJPT NBร [ %F BDVFSEP DPO FM BSUร DVMP "UBNBM DVBMJ[UMJ GJFTUB B[UFDB EFM OBDJNJFOUP EF $JOUร PUM 7FOVT FTDSJUP QPS .JDIFM (SBVMJDI JOWFTUJHBEPS EF MB 6OJWFSTJ EBE -JCSF EF #SVTFMBT FO FTF GFTUFKP MB HFOUF QBSUJDJQBCB FO EBO[BT TP MFNOFT CFCร B BHVB QVSB Z DPNร B UB NBMMJ TJO DIJMF P DPO WFSEVSBT
UBO FTQFDJBM DPNP MP TPO MBT QPTBEBT Z MB UFNQPSBEB OB WJEFร B `4PO VO JOGBMUBCMF FO MB NFTB " EPOEF GVFSFT FM UBNBM RVF DPNJFSFTy -PT JOHSFEJFOUFT EFM UB NBM WBSร BO Z EFQFOEFO EF MP RVF TF QSPEV[DB FO MB SFHJร O 1PS FMMP #BKB $BMJGPSOJB NVFTUSB BM NVOEP TVT UBNB MFT EF BUร O NJFOUSBT RVF FO MB DPTUB EF 0BYBDB WBO SFMMF OPT EF DBNBSPOFT .FODJร O BQBSUF FT FM
UBNBM EF GSJKPM MFHVNJOP TB RVF DPO FM NBร [ GPSNB QBSUF EF MB EJFUB Cร TJDB EF OPTPUSPT MPT NFYJDBOPT %JDIB WBSJFEBE EF UBNB MFT GJH|VSB FO MB HBTUSPOP Nร B USBEJDJPOBM EF EJWFS TBT SFHJPOFT EFM QBร T DPNP MPT QJRVFT EF MB [P OB /PSUF EF 7FSBDSV[ QF SP UBNCJร O FYJTUFO UBNB MFT EF GSJKPM FO $IJBQBT $PMJNB %VSBOHP 0BYB DB 4JOBMPB 5BCBTDP 4P OPSB Z /VFWP -Fร O &YJTUFO UBNCJร O MPT QV
MBDMFT QSFQBSBEPT FO 1VFCMB 6/" 1&26&ยน" RVF BEFNร T EF GSJKPM OFHSP -&:&/%" MMFWBO DBMBCB[B Z BKPOKPMร &O Tร OUFTJT MPT UBNBMFT TPO PGSFOEB DVBOEP TF MMF 1SFQBSBS MPT UBNBMFT FT DPTB WBO B MB UVNCB EF VO TFS TFSJB Z EF NVDIP SFTQFUP -B RVFSJEP FO %ร B EF .VFSUPT USBEJDJร O TFร BMB RVF RVJFO TF TPO QBHP EF EFVEB DVBOEP FODBSHB EF DPDJOBSMPT EFCF FM %ร B EF MB $BOEFMBSJB MPT EFKBS EF MBEP MBT QSJTBT MB USJT QSFQBSBO RVJFOFT MFT UPDร FM UF[B Z FM NBM IVNPS QVFT EF MP OJร P EF MB 3PTDB EF 3FZFT DPOUSBSJP MB PMMB Z MPT UBNBMFT TPO NBOKBS EF MVKP DVBOEP TF MP SFDSJNJOBSร O QVFT OP TF TF EFHVTUBO FO VOB CPEB EF DPDFSร O CJFO MB IVBTUFDB Z DMBSP TPO FM BDPNQBร BNJFOUP QFSGFDUP ร B `1SPWFDIJUP FO FTUB UFNQPSBEB OBWJEF /05*.&9
+6&7&4 %& %*$*&.#3& %&
6/0 %& -04 "-*.&/504 13&'&3*%04 %& -04 .&9*$"/04 &4 5".#*ย / -" &453&--" %& -" 5&.103"%"
1žHJOB
+VFWFT EF EJDJFNCSF EF
-B /BWJEBE 103 "26Š : 103 "--~ -04 %&5"--&4 %& -" 5&.103"%" --&/"/ %& -6; 50%04 -04 3*/$0/&4
&
M B×P FTUÈ QPS UFSNJOBS Z FM ÈOJNP EF DF MFCSBSMP SFDPSSF MFOUBNFOUF FM BNCJFOUF 1BSB BMHVOPT MB GJFTUB DPNJFO[B FO DBTB EPOEF QPDP B QPDP TF MMFOBO MBT GBDIBEBT DPO MPT BEPSOPT QSPQJPT EF MB UFNQPSBEB NJMFT EF GPRVJUPT NVMUJDPMPSFT BEPSOBO MBT DBMMFT Z FM ÈS CPM EF /BWJEBE TF WB HBOBOEP EF B QPDP VO MVHBS FO EJWFSTPT SJODPOFT 1FSP OP OBEB NÈT MPT IPHBSFT TF SFCP[BO EF EFUBMMFT OBWJEF×PT -BT HSBOEFT DBQJUBMFT EFM NVOEP DPNJFO[BO B WFTUJS TVT NFKPSFT HBMBT EF DBSB B MBT DFMFCSBDJPOFT OBWJEF×BT Z MB MMF HBEB EFM B×P OVFWP /VFWB :PSL 1BSJT 3PNB 8BTIJOHUPO -POESFT #FSMÓO #VEBQFTU 5P LJP 4FÞM Z .BOJMB TPO BMHVOBT EF MBT DJVEBEFT EPOEF FM BNCJFOUF EF DFMFCSBDJPOFT ZB TF BQP EFSØ EF MBT DBMMFT
"1
$"45*--0 %& 8*/%403 %POEF WJWF MB SFJOB EF *O HMBUFSSB
"1
"'1
4:%/&: -B DJVEBE BVTUSBMJBOB FTUÈ DBMVSPTB
"1
+6&7&4 %& %*$*&.#3& %&
"'1
`EF MB /BWJEBE
5&9"4 6OB CFMMB JMVNJOBDJØO OPDUVSOB FO FM /PSUF
'-03*%" /BWJEBE FO MB QMBZJUB `TF BOUPKB
#6%"1&45 4F TVCFO BM USFO
+VFWFT EF EJDJFNCSF
1žHJOB
JMVNJOB BM NVOEP &- */'03."%03 t ' (0/;«-&;
$035&4¶" t (0#*&3/0 -"(04 %& .03&/0
M 1BSÓT -B 5PSSF &JGGFM Z FM SÓP 4FOB TF WFO SPEFBEPT EF BSCPMJUPT EF /BWJEBE Z BMFHSFT IPNCSFT WFTUJEPT EF 4BOUB $MBVT DPO MB MMF HBEB EF MBT GJFTUBT 4JO EVEB MB DBQJUBM EF MB OB DJØO GSBODFTB FT VOB EF MBT RVF DPO NBZPS PSHVMMP WJTUF TVT HBMBT EF GJO EF B×P M 3PNB «SCPMFT OBWJEF ×PT Z MVDFT NPOVNFOUB MFT DPNJFO[BO B QPCMBS MBT QSJODJQBMFT BSUFSJBT EF 3PNB -B MMBNBEB i$JV EBE FUFSOBw MPHSB FRVJMJ CSBS VO FTQFDUBDVMBS KVF HP EF MVDFT DPO MB EFWPDJØO RVF JSSBEJBO TVT JODPOUBCMFT JHMFTJBT -B JOTUBMBDJØO EF i/BDJ NJFOUPTw FO HSBO UBNB×P TVFMFO TFS BDUPT RVF DPO WPDBO B NVDIB HFOUF
-"(04 %& .03&/0 $IVMBEB FO MPT "MUPT EF +BMJTDP
1"3¶4 -B DBQJUBM GSBODFTB TF WJTUF EF MV[
5".#*±/ (6"%"-"+"3" -6$*3ª #&--" 4J EFTFBT EJTGSVUBS MB EFDPSBDJØO OBWJEF×B EF OVFTUSB DJVEBE UF SF DPNFOEBNPT EBS VO QBTFP QPS FM
$FOUSP &O B×PT SFDJFOUFT ZB TF IB DPO FMBCPSBEBT EFDPSBDJPOFT -B CFMMF[B FTUÈ B MB WVFMUB EF MB WVFMUP QPQVMBS BEFNÈT RVF MPT DFOUSPT DPNFSDJBMFT TF FOHBMBOFO FTRVJOB
&'&
1"3µ4 : 30." `#&--"4
"1
&- */'03."%03 t ' (0/;«-&;
"-&."/*" 4& -6$&
.*-«/ :B TF FODVFOUSB FM N
6OB EF MBT OBDJPOFT RVF TVFMF EFTUBDBS BM NPNFOUP EF EFDPSBS TVT DBMMFT FT "MFNBOJB RVF ZB TF QSFQBSB QBSB iUJSBS MB DBTB QPS MB WFOUBOBw DPO MBT GJFTUBT EF FTUF B×P QPSRVF TJ BMHP TBCFO IBDFS CJFO MPT UFVUPOFT FT DFMFCSBS %POEF FM FTQÓSJUV OBWJEF×P ZB TF TJFOUF DPO QBSUJDVMBS BMFHSÓB FT FO #FSMÓO RVF ZB MVDF UB QJ[BEB EF GPRVJUPT Z IBTUB VO ÈSCPM MFWBOUBEP DPO CPUFMMBT `4PO VOPT USBWJFTPT
POUBKF FO MB DJVEBE JUBMJBOB
$*6%"% %& .²9*$0 5FSOVSB BCTPMVUB
+6&7&4 %& %*$*&.#3& %&
"(6"4$"-*&/5&4 :B MVDF BEPSOBEB MB DBUFESBM
&'&