maygalp magazine 06

$6-563" %& 13&7&/ˆ„0 /" ("-1 &/&3(*" 130(3"." %& 4&(63"/ˆ" 5&. &'&*50 104*5*70

%"5" #00,4 %"4 3&'*/"3*"4 .&-)03".&/504 & /07*%"%&4 /" &%*ˆ„0 %& %&45& 3&-"5”3*0

4&(63"/ˆ" & ".#*&/5& "DUJWPT DPN EJNFOT¤P FDPO´NJDB QBSB BT FNQSFTBT .BS¨P / {

.*- .*-)–&4 %& #"33*4

IUUQ NZHBMQ

130$63" %& 40-6ˆ–&4 1"3" (3"/%&4 $*%"%&4

3&$63404 $0/5*/(&/5&4 %" ("-1 &/&3(*" 40#&. &. .*/*.*;"ˆ„0 %& $"64"4 & &'&*504 %"4 "-5&3"ˆ–&4 $-*.‚5*$"4

WJT¤P EP $&0

'PDVT OB TFHVSBO¨B F OP SFTQFJUP QFMP BNCJFOUF 6N EPT WBMPSFT RVF WJWFNPT F QSPNPWFNPT OB (BMQ &OFSHJB DPOTJTUF OP GPDVT OB TFHVSBO¨B F OP SFTQFJUP QFMP BNCJFOUF /VN TFDUPS DPNP P OPTTP O¤P QPEJB TFS PVUSB B OPTTB BUJUVEF ª RVF UPEPT PT EJBT USBCBMIBNPT DPN QSPEVUPT QFSJHPTPT F QPUFODJBMNFOUF DPOUBNJOBOUFT %FTEF NVJUP DFEP OB TVB IJTU´SJB B JOE»TUSJB EP QFUS´MFP F H¢T BTTVNJV B TFHVSBO¨B F P SFTQFJUP QFMP NFJP BNCJFOUF DPNP VNB SFTQPOTBCJMJEBEF BTTPDJBEB BP TFV EJSFJUP EF PQFSBS OFTUF TFDUPS "T FNQSFTBT RVF BP MPOHP EF NBJT EF TFUF EªDBEBT GPSBN DPOTPMJEBOEP P RVF IPKF ª B (BMQ &OFSHJB TFNQSF BEPQUBSBN FTUF WBMPS FTUBNPT BTTJN QFSBOUF VN BUSJCVUP FOSBJ[BEP OB OPTTB DVMUVSB UBNCªN VN GBDUP RVF B TPDJFEBEF ¡ RVBM PGFSFDFNPT PT OPTTPT QSPEVUPT F TFSWJ¨PT ª DBEB WF[ NBJT FYJHFOUF FN UFSNPT EF TFHVSBO¨B F BNCJFOUF ª QPS JTTP RVF OPT ª FYJHJEB B UPEPT F B DBEB VN EF O´T VNB QBSUJDJQB¨¤P BDUJWB OB NFMIPSJB DPOU®OVB EPT O®WFJT EF TFHVSBO¨B EBT OPTTBT PQFSB¨¶FT F OB BQMJDB¨¤P EBT NFMIPSFT UªDOJDBT EJTQPO®WFJT QBSB NJOJNJ[BS P JNQBDUP TPCSF P BNCJFOUF EF UVEP P RVF QSPEV[JNPT F GB[FNPT

."/6&- '&33&*3" %& 0-*7&*3" 1SFTJEFOUF &YFDVUJWP EB (BMQ &OFSHJB

$PNP UPEPT P TBCFN B OPTTB &NQSFTB DPOTPMJEB BT TVBT QS¢UJDBT PQFSBDJPOBJT F PT TFVT QSPDFTTPT FN EPDVNFOUPT GPSNBJT RVF DPOTUJUVFN JOTUSVNFOUPT JOEJTQFOT¢WFJT ¡ EJWVMHB¨¤P F BQMJDB¨¤P EBT OPTTBT NFMIPSFT QS¢UJDBT SFçSP NF B QPM®UJDBT OPSNBT F SFHVMBNFOUPT BQSPWBEPT QFMPT ´SH¤PT EF HPWFSOP EB OPTTB &NQSFTB /P RVF TF SFGFSF BP UFNB EFTUB OPUB O¤P QPTTP EFJYBS EF NF SFGFSJS BPT TFHVJOUFT EPDVNFOUPT BNQMBNFOUF EJWVMHBEPT OB &NQSFTB Ô 1PM®UJDB EF 4FHVSBO¨B 4B»EF F "NCJFOUF Ô 4JTUFNB EF (FTU¤P EF 4FHVSBO¨B 4B»EF F "NCJFOUF Ô 3FHVMBNFOUP (FSBM EF 4FHVSBO¨B )JHJFOF F 4B»EF OP 5SBCBMIP /VN TFDUPS DPNP BPT RVBJT BDSFTDFOUP BT OPSNBT F QSPDFEJNFOUPT EF TFHVSBO¨B P OPTTP O¤P QPEJB TFS TB»EF F BNCJFOUF BEPQUBEPT OB JNFOTB WBSJFEBEF EF DPOUFYUPT PQFSBDJPOBJT BTTPDJBEPT ¡T OPTTBT BDUJWJEBEFT PVUSB B OPTTB BUJUVEF "PT OPTTPT DPMBCPSBEPSFT RVF M«FN FTUB DPMVOB RVFSP QFEJS MIFT RVF NBJT VNB WF[ MFJBN QFMP NFOPT PT US«T EPDVNFOUPT BDJNB SFGFSJEPT GB[FOEP P EJWVMHBOEP PT F BQMJDBOEP PT DPN SJHPS DPOUSJCVJSFNPT QBSB BQSPGVOEBS B OPTTB DVMUVSB EF TFHVSBO¨B TB»EF F BNCJFOUF "DBC¢NPT EF QVCMJDBS P OPTTP 3FMBU´SJP EF 4VTUFOUBCJMJEBEF 6N EPT TFVT QSJODJQBJT DBQ®UVMPT ª P EFEJDBEP BP BNCJFOUF TB»EF TFHVSBO¨B F RVBMJEBEF NBJT VNB WF[ BRVJ çDB P NFV BQFMP ¡ TVB MFJUVSB 1BSB BMªN EF JOGPSNB¨¤P RVBMJçDBEB TPCSF FTUFT UFNBT OFMF T¤P BQSFTFOUBEPT FMFNFOUPT BVEJUBEPT RVF RVBOUJçDBN P OPTTP EFTFNQFOIP BNCJFOUBM F P O®WFM EF TJOJTUSBMJEBEF BTTPDJBEP ¡T OPTTBT PQFSB¨¶FT T¤P O»NFSPT RVF NPTUSBN P OPTTP FTGPS¨P QBSB TFSNPT DBEB WF[ NFMIPSFT OFTUF EPN®OJP EB OPTTB BDUJWJEBEF 5FSNJOP FOGBUJ[BOEP B SFTQPOTBCJMJEBEF EF UPEPT O´T OB WJW«ODJB EJWVMHB¨¤P F BQMJDB¨¤P EBT OPTTBT QPM®UJDBT EF TFHVSBO¨B F BNCJFOUF BMªN EF VN EFWFS QSPçTTJPOBM ª VNB DPOUSJCVJ¨¤P SFMFWBOUF QBSB P TVDFTTP TVTUFOU¢WFM RVF UPEPT EFTFKBNPT QBSB B &NQSFTB RVF TFSWJNPT

."3 0

NZHBMQ

FEJUPSJBM

DPOUF»EP 1FTTPBT $PMBCPSBEPSFT EB (BMQ &OFSHJB FN NVEBO¨B

&EVBSEP (VFEFT EF 0MJWFJSB %JSFDUPS NZHBMQ NBHB[JOF

4&(63"/ " & 1305&$ 0 ".#*&/5"- Ô 5"3&'"4 & 3&410/4"#*-*%"%& %& 50%04 / 4 " QBSUJS EB QSFTFOUF FEJ¨¤P B NZHBMQ NBHB[JOF BTTVNF VN OPWP çHVSJOP DPN NFOPT Q¢HJOBT EP RVF UFWF BUª BRVJ 'BDF B DPOEJDJPOBMJTNPT EF PSEFN PS¨BNFOUBM PQU¢NPT QPS O¤P EFTWJSUVBS OFN B RVBMJEBEF HFSBM EB OPTTB QVCMJDB¨¤P OFN B TVB QFSJPEJDJEBEF &TUF OPWP çHVSJOP PCSJHB B VNB M´HJDB EF SFQPTJDJPOBNFOUP EBT SVCSJDBT F WBJ QSJWJMFHJBS VNB OPWB GPSNB EF BCPSEBS PT UFNBT F OPU®DJBT EF GPSNB NBJT TJOUªUJDB NBT TJNVMUBOFBNFOUF NBJT BQFMBUJWB &TUB SFBMJEBEF JS¢ JNQMJDBS RVF TF UFOIB NVJUBT WF[FT QPS PQUBS QPS VN BSUJHP FN EFUSJNFOUP EF PVUSP BMHP RVF JS¢ FYJHJS VN FOPSNF FTGPS¨P QPS QBSUF EF UPEBT BT QFTTPBT FOWPMWJEBT OFTUF QSPKFDUP FN QBSUJDVMBS EPT GPDBM QPJOUT EF DBEB VNB EBT ¢SFBT F VOJEBEFT EF OFH´DJP RVF DPMBCPSBN FN DBEB FEJ¨¤P /P FOUBOUP B SFWJTUB NZHBMQ NBHB[JOF JS¢ DPOUJOVBS B TFS TJO´OJNP EF FDMFDUJTNP F BCFSUVSB QSPNPWFOEP B DPOKVHB¨¤P EF JOUFSFTTFT OB EJWVMHB¨¤P EF OPU®DJBT SFMFWBOUFT EBT QFTTPBT F QBSB BT QFTTPBT EB (BMQ &OFSHJB 7BNPT DPOUJOVBS B BQPTUBS OFTUF FTGPS¨Pé /FTUB FEJ¨¤P UFNPT DPNP UFNB DPOEVUPS P CJO´NJP TFHVSBO¨B BNCJFOUF RVF OPT QSPQVTFNPT EFTFOWPMWFS OBT TFHVJOUFT WFSUFOUFT HMPCBM F JOUFSOBDJPOBM FNQSFTBSJBM DPSQPSBUJWB F JOEVTUSJBM 0 UFNB EB TFHVSBO¨B JOEJTTPDJ¢WFM EB QSPUFD¨¤P BNCJFOUBM DPNP DPOEJ¨¤P QBSB VNB PQFSB¨¤P TVTUFOU¢WFM DPNP MJDFO¨B QBSB PQFSBSNPT DPODFEJEB DPOEJDJPOBMNFOUF QPS VNB TPDJFEBEF DBEB WF[ NBJT FYJHFOUF 0 UFNB EP BNCJFOUF RVBTF TFNQSF MJEP OVNB QFSTQFDUJWB EF TVTUFOUBCJMJEBEF F SFTQPOTBCJMJEBEF TPDJBM NBT TFNQSF F DBEB WF[ NBJT USBOTGPSNBEP OVNB FYJH«ODJB F QSFNJTTB EF CBTF ¡ BDUJWJEBEF EBT FNQSFTBT /P DBTP EB (BMQ &OFSHJB OVNB FYJH«ODJB O¤P T´ EF DPOUSPMP EPT QPMVFOUFT DPN JNQBDUP OB TB»EF F OP BNCJFOUF FN HFSBM NBT OVNB WFSEBEFJSB DPOEJ¨¤P EF TPCSFWJW«ODJB FDPO´NJDB QFSTQFDUJWBOEP TF JNQMJDJUBNFOUF VNB USBOTGPSNB¨¤P B QSB[P EB TPDJFEBEF QPS WJB EB BMUFSB¨¤P EP TFV QBSBEJHNB FOFSHªUJDP &OçN QBTTPV TF EB QS´ BDUJWJEBEF F EB BQMJDB¨¤P WPMVOU¢SJB EF CPBT QS¢UJDBT DPNP SFTVMUBEP EF VNB DPOTDJ«ODJB TPDJBM QBSB VNB FYJH«ODJB QPM®UJDB F DPOTFRVFOUFNFOUF MFHJTMBUJWB F USBOTGPSNBDJPOBM EB TPDJFEBEF MJEFSBEB QFMB &VSPQB OP NVOEP DPN P PCKFDUJWP EF HBSBOUJS B TVB TPCSFWJW«ODJB .VJUP NBJT QPEFSJB TFS FTDSJUP F NVJUBT NBJT GPOUFT EF JOGPSNB¨¤P QPEFSJBN UFS TJEP DPOTVMUBEBT NBT EBEBT BT MJNJUB¨¶FT EFTUB OPTTB QVCMJDB¨¤P DPOTJEFSBNPT RVF GPJ GFJUB VNB FYDFMFOUF BCPSEBHFN B UPEB FTUB QSPCMFN¢UJDB Ô QPEFOEP WJS B TFS DPNQMFNFOUBEB FN FEJ¨¶FT TFHVJOUFT TFNQSF RVF PQPSUVOP F SFMFWBOUF EBEP RVF VN EFUFSNJOBEP BTTVOUP PV UFNB OVODB TF FTHPUB OVNB FEJ¨¤P NFTNP RVF B FMF TFKB FTQFDJçDBNFOUF EFEJDBEB /PUB 4FHVSBO¨B TFDVSJUZ TBGFUZ T¤P QBMBWSBT RVF UPEPT O´T K¢ PVWJNPT GBMBS OB FNQSFTB F RVF TFNQSF RVF TVSHFN DBVTBN BMHVNB DPOGVT¤P OB NFOUF EPT OPTTPT MFJUPSFT "TTJN GB[FNPT BRVJ VNB OPUB QBSB DMBSJçDBS P TFHVJOUF Ô B QBMBWSB ÙTFHVSBO¨BÚ ª USBEV[JEB FN JOHM«T QBSB TBGFUZ NBT UBNCªN TF QPEF USBEV[JS QBSB TFDVSJUZ 3FQSFTFOUBN EPJT DPODFJUPT UPUBMNFOUF EJTUJOUPT QFMP RVF B QBMBWSB NBJT BEFRVBEB FN QPSUVHV«T QBSB USBEV[JS TFDVSJUZ TFS¢ ÙQSPUFD¨¤PÚ SPVCPT BTTBMUPT BUFOUBEPT GSBVEFT FUD

FORVBOUP TBGFUZ UFN RVF WFS DPN B HFTU¤P EBT NFEJEBT EF QSFWFO¨¤P EPT BDJEFOUFT FN HFSBM BDJEFOUFT QFTTPBJT FYQMPT¶FT GPHPT EFSSBNFT FUD /FTUB FEJ¨¤P USBUBNPT FTTFODJBMNFOUF P UFNB EB ÙTFHVSBO¨BÚ DPNP TBGFUZ

NZHBMQ

."3 0

'MBTIFT /PU®DJBT EP VOJWFSTP (BMQ &OFSHJB %FTUBRVF /PWB FEJ¨¤P EPT EBUB CPPLT EBT 3FçOBSJBT "OP EJG®DJM DPOUSJCVJ QBSB CBJYB EF MVDSPT $VMUVSB EF QSFWFO¨¤P OB (BMQ &OFSHJB FWPMVJ QPTJUJWBNFOUF $BQB 4FHVSBO¨B F "NCJFOUF .VOEP "MUFSB¨¶FT DMJN¢UJDBT TPMV¨¶FT QBSB BT HSBOEFT DJEBEFT &OUSFWJTUB 'JMJQF %VBSUF 4BOUPT QSPGFTTPS OB 'BDVMEBEF EF $J«ODJBT EF -JTCPB BQPTUB OVN NVOEP DPN NFOPS SJTDP QBSB P GVUVSP &NQSFTBT 5SBOTQPSUF Q»CMJDP ª BMUFSOBUJWB DPNQFUJUJWB -JEFSBO¨B SFGPS¨BEB EB (BMQ (VJOª #JTTBV /FH´DJPT 6OJEBEF EF /FH´DJPT EF -VCSJçDBOUFT DSFTDF BEBQUBOEP TF BPT NFSDBEPT

'*$)" 5 $/*$" %JSFDUPS &EVBSEP (VFEFT EF 0MJWFJSB (FTU¤P JOUFHSBEB EF DPOUF»EPT +PTª $POEF #BSSPTP &EJUPS GPUPHSBçB .BOVFM "HVJBS $PMBCPSBSBN OFTUB FEJ¨¤P "OB "OUVOFT "OU´OJP 'POTFDB $BSMP "NBEP $ªMJB 1FSFJSB %FPMJOEB 1JSFT &MTB #FCJBOP 'FSOBOEP $BWBDP 'JMJQF 1FSFJSB FTUBHJ¢SJP 'JMPNFOB "TTJT 'SFEFSJDP $POEF (PO¨BMP &TUFW¤P *M®EP 3JDBSUF +PBOB 3PESJHVFT +PSHF (PO¨BMWFT +PTª .PUUB .BGBMEB 4FSSBTRVFJSP FTUBHJ¢SJB .BOVFM *[JEPSP . k $MBSB 1BSBEB .BSUB .JSBOEB /JLPMBPT #SPV[PT 1BVMB (PNFT 1BVMP 3VB 1FESP . 1FSFJSB 3JUB EF 4PVTB 3VCFO &JSBT 3VJ $PTUB 3VJ -FJUF 4BOESB 1BDIFDP 4BNVFM %JBT 4PçB .BUPT $IBWFT 4V[BOB #BSSFUP 5FSFTB -FJU¤P 5JBHP 4JMWB FTUBHJ¢SJP 7®UPS 1JUFJSB ;VMNJSB 3BNPT

4FHVSBO¨B F "NCJFOUF "DUJWPT DPN EJNFOT¤P FDPO´NJDB 3FTQPOTBCJMJEBEF $PSQPSBUJWB 3FçOBSJB EF 4JOFT DFSUJçDBEB FN BNCJFOUF F TFHVSBO¨B 0QJOJ¤P +»MJB 4FJYBT *OTJEF "24 $PSQPSBUJWP &ODPOUSPT /PWPT EFTBçPT OB DPOTUSV¨¤P EP GVUVSP 3BJP 9 6NB IJTU´SJB EF TVDFTTP "TTPDJB¨¤P 4BMWBEPS ;POB EP DJP & IJ TU´SJBT $MVCF (BMQ &OFSHJB $VMUVSB 3FTUBVSBOUF 7JBHFOT "HFOEB

5BNCªN DPMBCPSBSBN OFTUB FEJ¨¤P +PTª .JHVFM %FOUJOIP FEJ¨¤P -BSB -PVSFJSP DPPSEFOB¨¤P *TBCFM 3JCFJSP -V®T *O¢DJP F 1FESP (VJMIFSNF -PQFT UFYUP

3VJ (BSDJB BSUF "OZGPSNT F 3VJ 1JUB JOGPHSBçB &TU»EJP +P¤P $VQFSUJOP #SVOP #BSCPTB F BH«ODJBT GPUPHSBçB

5JSBHFN FYFNQMBSFT %FQ´TJUP MFHBM &E®çDJP (BMQ 3VB 5PN¢T EB 'POTFDB -JTCPB Ô 1PSUVHBM 5FM

FYU

'BY

& NBJM DPNVOJDBDBP JOUFSOB!HBMQFOFSHJB DPN 6NB FEJ¨¤P EB %JWJT¤P $VTUPNFS 1VCMJTIJOH EB *NQSFTB 1VCMJTIJOH

FN NVEBO¨B QFTTPBT $0/4536*3 0 '65630

&OGSFOUBS DPN EFUFSNJOB¨¤P PT EFTBçPT ĦĞ ĔĠğĤĖĝęĠ RVF SFDFCJ RVBO EP DPNFDFJ B USBCBMIBS GPJ USB UBS UPEPT EF GPSNB JHVBM OP RVF TF SFGFSF B SFTQFJUP F EJHOJEBEF 0VUSP GPJ FOGSFOUBS DPN EFUFS NJOBÎÍP PT EFTBmPT /P NFV QSJNFJSP EJB OB 1FUSPHBM FOUSFJ OVNB TBMB UP UBMNFOUF WB[JB TFN NF UFSFN QBTTBEP P UFTUFNVOIP &TTB TBMB WB[JB F B WPOUBEF EF NV EBOÎB RVF TVSHJB OB BMUVSB OB FNQSFTB DPOTUJUVJSBN VNB FYQFSJÐODJB F VNB PQPSUVOJ EBEF ÞOJDBT 0 SFTQPOTÈWFM EF 1MBOFB NFOUP $POUSPMP EB FOUÍP %JSFDÎÍP (FSBM $PNFSDJBM DPN B NJOIB DIFGJB QSP DFEFV B SFVOJÜFT FYBVTUJWBT DPN UPEBT BT QSJNFJSBT MJ OIBT BT EP JOÓDJP EP QMBOP F BT EP mOBM QPJT GPJ VNB GBTF RVF DPSSFTQPOEFV B VNB GPSUF SFFTUSVUVSBÎÍP 'PJ WFSEBEFJ

SBNFOUF VN QMBOP CBTF [FSP JNQPSUBOUF QBSB TF DPNFÎBS EF OPWP ² B IJTUØSJB DPOIFDJEB EP FMFGBOUF 0T DJSDPT QSFOEFN PT NBJT KPWFOT B VN QPTUF DPN VNB DPSSFOUF OB QBUB /ÍP Ï VN FMP FTQFDJBMNFOUF SFTJTUFOUF RVBOEP P FMFGBOUF DSFTDF .BT DPNP FTUÈ IBCJ UVBEP B FTTB MJNJUBÎÍP EFTEF KPWFN OFN TF FTGPSÎB QBSB UFOUBS iBMBSHBS IPSJ[POUFTw ² VNB NFUÈGPSB DMÈTTJDB QBSB B BVUP MJNJUBÎÍP 1BSB BMÏN EB TPCSFWJWÐO DJB P RVF Ï RVF MFWB BT QFT TPBT B DPSSFSFN F B UFOUBSFN SFTVMUBEPT EF FYDFMÐODJB 1PEFN BT PSHBOJ[BÎÜFT F B MJEFSBOÎB DSJBS VN FOUPSOP NPCJMJ[BEPS GBWPSÈWFM B FTTB FYDFMÐODJB 1FSEFV TF OPT UFNQPT B BVUPSJB EB GSBTF iP RVF Ï NFEJEP Ï GFJUPw 4VNBO

'3"/$*4$0 7*"/" Ù5FNPT B NJTT¤P EF OPT SFJOWFOUBS DPOUJOVBNFOUFÚ

USB (IPTBM GBMBWB EP TNFMM PG UIF QMBDF o B DSJBUJWJEBEF F BNCJFOUF EF USBCBMIP QPT TJCJMJUBEPT QFMPT BSSFEPSFT EB nPSFTUB EF 'POUBJOFCMFBV *OTFBE Ï NVJUP EJGFSFOUF EP BNCJFOUF EFSJWBEP EP DBMPS TVGPDBOUF EBT SVBT EB #BJYB EF $BMDVUÈ " EFNBOEB EF NFMIPSJB DPOUÓOVB EP EF TFOWPMWJNFOUP EF FRVJQBT F EF QFTTPBT B EFmOJÎÍP F SFQBS UJÎÍP EPT HSBOEFT PCKFDUJWPT B SFTQPOTBCJMJ[BÎÍP JOEJWJ EVBM QFSNJUFN VN FOUPSOP EF NVEBOÎB F VN DMJNB NBJT

QSØYJNP EF 'POUBJOFCMFBV EP RVF EF $BMDVUÈ o MPOHF EB [P OB EF DPOGPSUP NBT FOUFOEJEP DPNP VN DMJNB QPTJUJWP F TB UJTGBUØSJP 5FNPT B NJTTÍP DPN BT OPTTBT FRVJQBT EF OPT SFJWFO UBS DPOUJOVBNFOUF F EBS VN TFOUJEP QBSUJMIBEP F DPNVOJ DBEP EFTBmBEPS DPOEVDFOUF BP GVUVSP RVF RVFSFNPT DPOTUSVJS i" NBJPS EFmOJÎÍP EF MPVDVSB RVF DPOIFÎP Ï QSFUFOEFS UFS SFTVMUBEPT EJTUJOUPT GB[FOEP EB NFTNB GPSNBw EFmOJÎÍP MBQJEBS EF &JOTUFJO

.VEBO¨B OB FNQSFTB /PWPT EFTBçPT QBSB PT DPMBCPSBEPSFT EB (BMQ &OFSHJB +P¤P $BODFMMB EF "CSFV

"VHVTUP .FOEFT 1FSFJSB

*TBCFM .BSJB (SBOBEP

3JDBSEP "MFYBOESF -FJUF

%FQBSUBNFOUP %JSFD¨¤P EF *OPWB¨¤P %FTFOWPMWJNFOUP F 4VTUFOUBCJMJEBEF $BSHP 3FTQPOT¢WFM QFMB SFB EF 4VTUFOUBCJMJEBEF F 4JTUFNB $JFOU®çDP

%FQBSUBNFOUP 6/ %JTUSJCVJ¨¤P 0JM $BSHP "O¢MJTF EF NFSDBEPT F USBUBNFOUP EF JOGPSNB¨¤P

%FQBSUBNFOUP 6/ (¢T 1PXFS $BSHP (FTU¤P DPOUSBUVBM F QSJDJOH EF TFSWJ¨PT

%FQBSUBNFOUP %JSFD¨¤P EF *OPWB¨¤P %FTFOWPMWJNFOUP F 4VTUFOUBCJMJEBEF $BSHP (FTUPS EF QSPKFDUP

/07"4 5&$/0-0(*"4 NVJUP NPUJWBEPS QPEFS OFTUBT OPWBT GVO¨¶FT QBSUJDJQBS OP EFTFOWPMWJNFOUP EF OPWBT UFDOPMPHJBT F TFSWJ¨PT QBSB VTP EB (BMQ &OFSHJB F FN CFOFG®DJP EF UPEP P TFDUPS FOFSHªUJDP DPNP QBSDFJSP EP TJTUFNB DJFOU®çDP F EBT FNQSFTBT OBDJPOBJT

3&150 $"5*7"/5& " FYQFSJ«ODJB OP 1SJDJOH EP 3FUBMIP ª VN SFQUP DBUJWBOUF 'BDF ¡ EJO£NJDB EP NFSDBEP PT EFTBçPT T¤P DPOTUBOUFT QSPQPSDJPOBOEP VNB S¢QJEB BQSFOEJ[BHFN 1PTTP BQMJDBS PT DPOIFDJNFOUPT BERVJSJEPT OBT FUBQBT BOUFSJPSFT EP NFV QFSDVSTP F DPNQSFFOEFS NFMIPS P DPNQPSUBNFOUP EPT DPOTVNJEPSFT

"13&/%&3 $001&3"3 & &70-6*3 $POTJEFSP WBOUBKPTP IBWFS B QPTTJCJMJEBEF EF NVEBS QPSRVF TB®NPT NBJT GPSUBMFDJEPT UBOUP QFTTPBM DPNP QSPçTTJPOBMNFOUF 5FNPT B QPTTJCJMJEBEF EF GB[FS QBSUF EF VNB OPWB FRVJQB UFS VNB WJT¤P EJGFSFOUF EP GVODJPOBNFOUP EB FNQSFTB F FWPMVJS OFTTB BQSFOEJ[BHFN

'"$503 %& .05*7" 0 " NJOIB SFDFOUF NVEBO¨B QBSB B (BMQ 4PMV¨¶FT EF &OFSHJB ª VN OPWP EFTBçP RVF FODBSP DPN NVJUB TBUJTGB¨¤P " PQPSUVOJEBEF EF JOUFHSBS VNB FRVJQB OPWB F EJO£NJDB F EF DPMBCPSBS OP MBO¨BNFOUP EF VNB OPWB ¢SFB EF TFSWJ¨PT F TPMV¨¶FT RVF WJTBN B FçDJ«ODJB FOFSHªUJDB ª TFN E»WJEB VN GBDUPS BDSFTDJEP EF NPUJWB¨¤P ."3 0

NZHBMQ

èBTIFT

BT OPU®DJBT NBJT SFMFWBOUFT OP VOJWFSTP EF OFH´DJPT (BMQ &OFSHJB

64@C4A;4 78 F8AF<5<?<M4t±B

5BYB EF BMDPPMFNJB " 4PDJFEBEF "¨PSFBOB EF "SNB[FOBHFN EF (¢T FTU¢ B QSPNPWFS VNB DBNQBOIB EF TFOTJCJMJ[B¨¤P EFTBçBOEP UPEPT PT GSFRVFOUBEPSFT EBT TVBT JOTUBMB¨¶FT OBT EJGFSFOUFT JMIBT B¨PSJBOBT B BQSFTFOUBSFN EF UBYB EF BMDPPMFNJB

$".1"/)" %& "10*0 4&-&$ 0 4*.6-"$30 &. 4 0 .*(6&- %06503".&/50 &. &/(&/)"3*" %& 3&'*/" 0 CEB@Bt±B @HA7<4? %#$#

Ù7".04 - 10356("-Ú $PN B BQSPYJNB¨¤P EP .VOEJBM B (BMQ &OFSHJB MBO¨PV VNB DBNQBOIB EF BQPJP ¡ 4FMFD¨¤P /BDJPOBM %FTJHOBEB Ù7BNPT M¢ 1PSUVHBMÚ EFTUJOB TF B UPEPT PT DMJFOUFT EPT QPTUPT (BMQ FN 1PSUVHBM DPOUJOFOUBM F JMIBT RVF BUª EF .BJP PCUFOIBN VN DVQ¤P DPN VN D´EJHP QSPNPDJPOBM TFNQSF RVF FGFDUVFN DPNQSBT JHVBJT PV TVQFSJPSFT B FVSPT FN DPNCVTU®WFM QSPEVUPT EF MPKB F MBWBHFOT PV MJUSPT EF (1- "VUP 0T DVQ¶FT E¤P BDFTTP B NJMIBSFT EF QSªNJPT EF EFTDPOUPT EF DPNCVTU®WFM B WJBHFOT ¡ GSJDB EP 4VM

CE<@8<EB 7BHGBE4@8AGB

&. &/(&/)"3*" %" 3&'*/" 0 'PSBN BQSFTFOUBEPT W¢SJPT QSPKFDUPT EF EPVUPSBNFOUP JOTFSJEPT OP 1SPHSBNB EF %PVUPSBNFOUP FN &OHFOIBSJB EB 3FçOB¨¤P 1FUSPRV®NJDB F 2V®NJDB &OH*2 OB TFEF EB (BMQ &OFSHJB FN -JTCPB &TUB JOJDJBUJWB JOªEJUB FN 1PSUVHBM F MBO¨BEB OP £NCJUP EB "TTPDJB¨¤P EBT *OE»TUSJBT EB 1FUSPRV®NJDB F 3FçOB¨¤P "*123

NBUFSJBMJ[B BT JOUFO¨¶FT EB FNQSFTB EF DPOTUSVJS VN W®ODVMP DBEB WF[ NBJT GPSUF ¡T VOJWFSTJEBEFT EF 1PSUVHBM BP NFTNP UFNQP RVF QSFFODIF VNB MBDVOB FYJTUFOUF DPN B DSJB¨¤P EF DPOIFDJNFOUP FN ¢SFBT U¤P FTQFD®çDBT DPNP B SFçOB¨¤P

NZHBMQ

."3 0

F<@H?46EB AB CBFGB

&. 4 0 .*(6&%FDPSSFV SFDFOUFNFOUF VN TJNVMBDSP OP 1PTUP EF 3PEPWJB EBT 'VSOBT 4 .JHVFM "¨PSFT DPN P BQPJP JOUFSOP EP EFQBSUBNFOUP DPSQPSBUJWP EF 44" EB (BMQ &OFSHJB POEF FTUJWFSBN FOWPMWJEBT EJWFSTBT FOUJEBEFT FYUFSOBT DPNP B "TTPDJB¨¤P )VNBOJU¢SJB EPT #PNCFJSPT 7PMVOU¢SJPT EF 1PWPB¨¤P B 1PM®DJB EB 4FHVSBO¨B 1»CMJDB 141 PT 4FSWJ¨PT 3FHJPOBJT EF 1SPUFD¨¤P $JWJM F PT TFSWJ¨PT EB D£NBSB NVOJDJQBM MPDBM

454FG86<@8AGB 78 :C?

I<F<G4 4 @Bt4@5<DH8

" IPTQJUBM OPT "¨PSFT

(BMQ &OFSHJB JOUFHSB DPNJUJWB

" (BMQ "¨PSFT HBOIPV SFDFOUFNFOUF P DPODVSTP Q»CMJDP JOUFSOBDJPOBM QBSB P GPSOFDJNFOUP EF (1- BP )PTQJUBM EP %JWJOP &TQ®SJUP 4BOUP OVN DPOUSBUP DPN EVSB¨¤P FGFDUJWB EF VN BOP QSPSSPH¢WFM QPS NBJT EPJT POEF TF QSFW« VN DPOTVNP BOVBM EF UPOFMBEBT

3FQSFTFOUBEB QFMP TFV BENJOJTUSBEPS FYFDVUJWP 'FSOBOEP (PNFT QPS $BSMPT #BZBO 'FSSFJSB EB *OUFSOBDJPOBM 0JM F QPS )VHP 1FSFJSB EB VOJEBEF EF EFTFOWPMWJNFOUP EF #JPDPNCVTU®WFJT B (BMQ &OFSHJB JOUFHSPV B DPNJUJWB EP (PWFSOP 1PSUVHV«T OB TVB WJTJUB B .P¨BNCJRVF

7*4*5" 0'*$*"- " .0 ".#*26& ."*03 &91035"%03 /"$*0/"- 5"9" ;&30 %& "-$00-&.*"

:4?C 8A8E:<4

."*03 &91035"%03 10356(6 4

" (BMQ &OFSHJB NBOUFWF P FTUBUVUP EF NBJPS FYQPSUBEPS QPSUVHV«T FN DPN VN WBMPS BQSPYJNBEP EF NJMI¶FT EF FVSPT 0 EFTUJOP EPT QSPEVUPT EB FNQSFTB GPJ QSJODJQBMNFOUF PT &TUBEPT 6OJEPT EB "NªSJDB QBSB POEF GPSBN FYQPSUBEBT DFSDB EF NJM UPOFMBEBT OB TVB NBJPSJB HBTPMJOBT TFHVJEP EP .ªYJDP (S¤ #SFUBOIB F )PMBOEB FOUSF PVUSPT

&70-6 0 %" $05" 0 %" ("40-*/" & %0 %*&4&- NFSDBEPT JOUFSOBDJPOBJT

&OUSF EF 'FWFSFJSP EF F EF .BS¨P EF

(BTPMJOB CCM

%JFTFM CCM

&70-6 0 %" $05" 0 %& #3&/5 %"5&% &OUSF EF 'FWFSFJSP EF F EF .BS¨P EF

&70-6 0 %" $05" 0 %0 ( 4 /"563"- & &-&$53*$*%"%& &41"/)0-" &OUSF EF 'FWFSFJSP EF F EF .BS¨P EF

1SF¨P EP (¢T /BUVSBM /#1 EP 3FJOP 6OJEP (#Q UFSN 3)4

#SFOU EBUFE CCM

1SF¨P EB QPPM FTQBOIPMB ä .8I -)4

&70-6 0 %" 5"9" %& $ .#*0 &630 % -"3 &OUSF EF 'FWFSFJSP EF F EF .BS¨P EF

&70-6 0 %" $05" 0 %" ("-1 &/&3(*" & %0 /%*$& 14* &OUSF EF 'FWFSFJSP EF F EF .BS¨P EF

&63 64% (BMQ &OFSHJB ä -)4

14* 1POUPT 3)4

."3 0

NZHBMQ

èBTIFT

BT OPU®DJBT NBJT SFMFWBOUFT OP VOJWFSTP EF OFH´DJPT (BMQ &OFSHJB

?H5E<9<64AG8F :4?C

$PN B #BWJFSB " (BMQ &OFSHJB DPODSFUJ[PV VN OPWP DPOUSBUP DPN P (SVQP 4BMWBEPS $BFUBOP QBSB VN QFS®PEP EF EPJT BOPT EF GPSOFDJNFOUP EF MJUSPT EF MVCSJçDBOUFT JODMVJOEP B #BWJFSB SFEF EF DPODFTT¶FT #.8 F .*/*

G¢CSJDBT DBNJ¶FT BVUPDBSSPT F &TQBOIB

130(3"." &453&-" &. &41"/)" ("-1 % '03." 0 /" 7&/&;6&-" 561* $0.1307" 130%65*7*%"%& A4 I8A8MH8?4

I<F<G4 74 FBA4A:B?

'03." 0 40#3& (/-

*/5&3$ .#*0 %& $0/)&$*.&/504

" (BMQ &OFSHJB SFBMJ[PV VNB BD¨¤P EF GPSNB¨¤P TPCSF H¢T OBUVSBM MJRVFGFJUP (/- B RVBESPT EB DPNQBOIJB QFUSPM®GFSB WFOF[VFMBOB 1%74" OB TFEF EFTUB FNQSFTB FN $BSBDBT " JOJDJBUJWB WJTPV BQSPGVOEBS DPOIFDJNFOUPT EF OBUVSF[B DPNFSDJBM F DPOUPV DPN B QBSUJDJQB¨¤P EF DFSDB EF EVBT EF[FOBT EF QSPçTTJPOBJT EF EJWFSTBT ¢SFBT EF BDUJWJEBEF SFTQPOT¢WFJT QFMB HFTU¤P EPT QSPKFDUPT EF (/- RVF B FNQSFTB WFOF[VFMBOB FTU¢ B EFTFOWPMWFS DPN B (BMQ &OFSHJB F PVUSPT QBSDFJSPT JOUFSOBDJPOBJT

6NB EFMFHB¨¤P DPNQPTUB QPS EJSFDUPSFT EB 4POBOHPM DIFçBEB QFMP BENJOJTUSBEPS FYFDVUJWP EB FNQSFTB 'FSOBOEP 3PCFSUP RVF ª UBNCªN QSFTJEFOUF EP DPOTFMIP EF HFS«ODJB EB 4POBOHBMQ FNQSFTB NJTUB (BMQ &OFSHJB 4POBOHPM FTUFWF OB TFEF EB DPNQBOIJB 0SHBOJ[BEB QFMP TFDUPS *OUFSOBDJPOBM 0JM EB (BMQ &OFSHJB B WJTJUB UFWF DBS¢DUFS EF GPSNB¨¤P QBSB PT RVBESPT EB FNQSFTB BOHPMBOB BUSBWªT EF VN JOUFSD£NCJP EF SFDPMIB EF JEFJBT QBSB P QSPDFTTP EF NFMIPSJBT EB 4POBOHPM

GHC< A8 6B@CEBI4

"-5" 130%65*7*%"%& 0 DPOTØSDJP GPSNBEP QFMB (BMQ &OFSHJB 1FUSPCSBT F #( (SPVQ QBSB B FYQMPSBÎÍP EP CMPDP #. 4 FN ÈHVBT VMUSBQSPGVOEBT EB #BDJB EF 4BOUPT DPNVOJDPV RVF PT UFTUFT EF GPSNBÎÍP OP RVBSUP QPÎP JOGPSNBMNFOUF DPOIFDJEP DPNP 5VQJ /& GPSBN DPODMVÓEPT DPOTUBUBOEP VNB BMUÓTTJNB QSPEVUJWJEBEF EPT SFTFSWBUØSJPT DBSCPOÈUJDPT EP QSÏ TBM OFTUB ÈSFB CEB:E4@4 8FGE8?4

&. &41"/)" 0 1SPHSBNB &TUSFMB EB (BMQ &OFSHJB FTU¢ FN NBSDIB EFTEF P JO®DJP EP BOP FN &TQBOIB 7BJ BWBMJBS B RVBMJEBEF EP TFSWJ¨P OB OPWB SFEF JOUFHSBEB DPN P SFCSBOEJOH UFSNJOBEP EBT FTUB¨¶FT EF TFSWJ¨P EB FNQSFTB OP QB®T WJ[JOIP 0 QSJODJQBM EFTBçP F PCKFDUJWP EP QSPHSBNB ª B FTUBOEBSEJ[B¨¤P F VOJçDB¨¤P EF DPODFJUPT QSPDFTTPT QSPDFEJNFOUPT F TPCSFUVEP USBOTNJUJS BPT DPMBCPSBEPSFT EBT FTUB¨¶FT EF TFSWJ¨P RVF I¢ VNB T´ MJOIB EF BDUVB¨¤P B O®WFM PQFSBDJPOBM F DPNFSDJBM FN UPEB B SFEF

NZHBMQ

."3 0

:4?C 8A8E:<4 47DH<E8

1"3$&-" %" 7&/5*/7&45& 0 (SVQP (BMQ &OFSHJB BERVJSJV ¡ .BSUJGFS 3FOFXBCMFT VNB QBSUJDJQBEB EB .BSUJGFS 4(14 EP DBQJUBM EB TPDJFEBEF 1BSRVF &´MJDP EB 1FOIB EB (BSEVOIB - EB RVF EFUªN BDUVBMNFOUF EP DBQJUBM TPDJBM EB 7FOUJOWFTUF 4 " 7FOUJOWFTUF 0 WBMPS EB USBOTBD¨¤P GPJ EF DFSDB EF NJMI¶FT EF FVSPT

8A8E:<4 8?u6GE<64

13*.&*30 $-*&/5& */%6453*"0 QSJNFJSP DPOUSBUP EF GPSOFDJNFOUP EF FOFSHJB FMªDUSJDB B VN DMJFOUF JOEVTUSJBM O¤P QFSUFODFOUF BP (SVQP (BMQ &OFSHJB QSFW« P DPOTVNP BOVBM EF DFSDB EF .8I QPS QBSUF EB 4PQMBSJM 1PSUVHBM FNQSFTB RVF JOUFHSB P HSVQP NVMUJOBDJPOBM EF QSPEV¨¤P EF FNCBMBHFOT "NDPS RVF UFN DPNP DMJFOUFT FNQSFTBT DPNP B .D%POBME×T 1FQTJ$P /FTUMª ,SBGU %BOPOF F )FJO[

$(# CEB98FFBE8F E86858@

9H:4 78 :ÈF

'PSNB¨¤P TPCSF FOFSHJB

4JNVMBDSP FN WPSB

$FSDB EF QSPGFTTPSFT QBSUJDJQBSBN OVNB BD¨¤P EF GPSNB¨¤P PSHBOJ[BEB QFMB (BMQ &OFSHJB F "TTPDJB¨¤P #BOEFJSB "[VM EB &VSPQB RVF EFDPSSFV OP $BNQVT EP -VNJBS TPCSF FOFSHJBT SFOPW¢WFJT FEJG®DJPT FçDJFOUFT NPCJMJEBEF TVTUFOU¢WFM F QFHBEB DBSC´OJDB FOUSF PVUSPT

" %JBOBH¢T SFBMJ[PV VN TJNVMBDSP OB 6OJEBEF "VU´OPNB EF (¢T /BUVSBM 6"( EF WPSB RVF QSFUFOEJB UFTUBS B DBEFJB EF JOGPSNB¨¤P F PT UFNQPT EF SFTQPTUB EF BDPSEP DPN P 1MBOP EF &NFSH«ODJB

40-6 &4 %& &/&3(*" 1"3" &.13&4"4 $0/53"50 %& & 1 /0 636(6"* 4*.6-"$30 &. 703" ABIB 6BA68<GB

-PKB EF MVCSJçDBOUFT " (BMQ &OFSHJB BQSFTFOUPV B TVB MPKB FTQFDJBMJ[BEB EF MVCSJçDBOUFT VN DPODFJUP JOFYJTUFOUF FN 1PSUVHBM F RVF WBJ NBJT BMªN EP IBCJUVBM FTQB¨P EF WFOEB DPN VNB BQPTUB OVN BDPOTFMIBNFOUP UªDOJDP EF QSPEVUPT QBSB VUJMJ[B¨¶FT NBJT FTQFD®çDBT BDUVBMNFOUF JOFYJTUFOUF FN FTQB¨PT RVF DPNFSDJBMJ[BN MVCSJçDBOUFT F OVNB PGFSUB NBJT BMBSHBEB EF MVCSJçDBOUFT (BMQ &OFSHJB DPN RVBOUJEBEFT TVQFSJPSFT ¡T FNCBMBHFOT OPSNBMNFOUF EJTQPO®WFJT QBSB P Q»CMJDP FN HFSBM 78?8:4t±B CBEGH:H8F4

/" ("-1 46";*- /%*" 6NB EFMFHBÎÍP MJEFSBEB QFMP NJOJTUSP EF &TUBEP F EPT /FHØDJPT &TUSBOHFJSPT QPSUVHVÐT -VÓT "NBEP WJTJUPV P QPTUP EF BCBTUFDJNFOUP EB (BMQ 4VB[JMÉOEJB FN .CBCBOF POEF GPJ SFDFCJEP QFMP SFTQPOTÈWFM EB FNQSFTB OP QBÓT +PTÏ $BCSJUB $PN B DPNQSB EB 4IFMM FN B (BMQ 4VB[JMÉOEJB Ï IPKF VNB EBT NBJPSFT FNQSFTBT B PQFSBS OP QBÓT EFTFNQFOIBOEP VN QBQFM JNQPSUBOUF OB TVB FDPOPNJB F TPDJFEBEF 8KC?BE4t±B 8 CEB7Ht±B

$0/53"50 /0 636(6"* " (BMQ &OFSHJB FN DPOT´SDJP DPN B 1FUSPCSBT F B :1' BTTJOPV DPN B "ODBQ FNQSFTB QFUSPM®GFSB FTUBUBM EP 6SVHVBJ VN DPOUSBUP QBSB B FYQMPSB¨¤P F QSPEV¨¤P EF QFUS´MFP F H¢T OBUVSBM OB QMBUBGPSNB DPOUJOFOUBM VSVHVBJB ABI4F 8@54?4:8AF

1"3" -6#3*'*$"/5&4 " (BMQ &OFSHJB EFDJEJV FTUBOEBSEJ[BS B JNBHFN EPT CBMEFT EF MVCSJmDBOUFT OPT NFSDBEPT POEF PQFSB " OPWB FNCBMBHFN EFTFOWPMWJEB UFOEP FN DPOUB BT OFDFTTJEBEFT EPT DMJFOUFT F B TVB PQFSBDJPOBMJEBEF BQSFTFOUB WÈSJBT JOPWBÎÜFT RVF B EJGFSFODJBN EF GPSNB QPTJUJWB EBT SFTUBOUFT FYJTUFOUFT OP NFSDBEP

:4?C FB?Ht²8F 78 8A8E:<4

1"3" $-*&/5&4 &.13&4"3*"*4 " (BMQ &OFSHJB SFBMJ[PV B BQSFTFOUB¨¤P Q»CMJDB EB TVB OPWB PGFSUB EF TFSWJ¨PT EF FçDJ«ODJB FOFSHªUJDB QSPQPSDJPOBEB QFMB (BMQ 4PMV¨¶FT EF &OFSHJB RVF FTU¢ JOUFHSBEB OB %JSFD¨¤P EF *OPWB¨¤P %FTFOWPMWJNFOUP F 4VTUFOUBCJMJEBEF EB FNQSFTB 0 FWFOUP EFDPSSFV OP $FOUSP $VMUVSBM EF #FMªN FN -JTCPB F DPOUPV DPN B QSFTFO¨B EP TFDSFU¢SJP EF &TUBEP EB &OFSHJB F EB *OPWB¨¤P $BSMPT ;PSSJOIP F EP QSFTJEFOUF FYFDVUJWP EB (BMQ &OFSHJB .BOVFM 'FSSFJSB %F 0MJWFJSB " BQSFTFOUB¨¤P EB (BMQ 4PMV¨¶FT EF &OFSHJB GPJ FGFDUVBEB QPS +P¤P /VOP .FOEFT EJSFDUPS EF *OPWB¨¤P %FTFOWPMWJNFOUP F 4VTUFOUBCJMJEBEF EB FNQSFTB

:9BE68 4CB<4

/070 1034$)& 0 MBO¨BNFOUP EP NPEFMP 1BOBNFSB EB 1PSDIF FN &TQBOIB UFWF P BQPJP EB (BMQ &OFSHJB RVF DPOUSJCVJV DPN DBSCVSBOUF (GPSDF QBSB P BCBTUFDJNFOUP EPT WF®DVMPT QBSUJDJQBOUFT OBT BD¨¶FT EF QSPNP¨¤P SFBMJ[BEBT QFMB NBSDB BMFN¤ FN W¢SJBT DJEBEFT FTQBOIPMBT

."3 0

NZHBMQ

EFTUBRVF EBUB CPPLT

G8E68<E4 87<t±B

%BUB CPPLT EBT 3FçOBSJBT 3FMBU´SJPT U«N TJEP BMWP EF NFMIPSBNFOUPT F OPWJEBEFT CFOFçDJBOEP EB FYQFSJ«ODJB BDVNVMBEB F EB JNQMFNFOUB¨¤P EBT SFDPNFOEB¨¶FT ĠĤ ĕĒĥĒ ēĠĠĜĤ EF 4FHVSBOÎB 4BÞEF F "NCJFOUF EBT 3FmOBSJBT UÐN WJOEP B BMDBOÎBS VN FTUBUVUP QSJWJMFHJBEP DPNP GPSNB EF DPNVOJDBÎÍP EP EFTFNQFOIP EFTUBT JOTUBMBÎÜFT TFSWJOEP BT FN BD ÎÜFT JOUFSOBT PV FYUFSOBT BVEJUPSJBT F JOTQFDÎÜFT 4ÍP EPDVNFOUPT EB BVUPSJB DPOKVOUB EP "24 $PSQPSBUJWP F EBT 3FmOBSJBT EB

NZHBMQ

."3 0

EBT SFDPNFOEBÎÜFT EB %FMPJUUF F EPT MFJ UPSFT DPN WJTUB B QSFTUBS P NFMIPS TFSWJÎP QPTTÓWFM F BMJOIBOEP F PSJFOUBOEP PT EBUB CPPLT QBSB BT OFDFTTJEBEFT F JOUFSFTTFT RVF FTUJNVMBN &TUF BOP TVSHFN UBN CÏN WFSTÜFT FN JOHMÐT DPNP SFTQPTUB ËT .&-)03 4&37* 0 0T SFMBUØSJPT UÐN TJEP BMWP EF NFMIPSB TPMJDJUBÎÜFT OFTTF TFOUJEP 0 USJÏOJP GPJ NBSDB NFOUPT F OPWJEBEFT CFOFmDJBOEP EB FY QFSJÐODJB BDVNVMBEB F EB JNQMFNFOUBÎÍP EP QPS JOÞNFSPT QSPHSFTTPT 0 ÞMUJNP

(BMQ &OFSHJB TFOEP VNB EBT QSJODJQBJT NBJT WBMJBT B DSFEJCJMJEBEF DPOTFHVJEB FN SFTVMUBEP EB BQSFDJBÎÍP F WFSJmDBÎÍP QPS QBSUF EB %FMPJUUF F "TTPDJBEPT 4"

F OÍP DPOGPSNJEBEFT EF 44" CFN DP NP P BDPNQBOIBNFOUP EBT BDÎÜFT QBSB NJOJNJ[BS SJTDPT F FWJUBS B TVB SFDPS SÐODJB PDPSSÐODJB TJNJMBS PV EB NFTNB OBUVSF[B DPN P JOUVJUP EF DPOUSPMBS PV FMJNJOBS BT DBVTBT JEFOUJmDBEBT Ï VN QSPDFTTP BTTVNJEP DPNP GVOEBNFOUBM QBSB SFEV[JS B TJOJTUSBMJEBEF OBT 3FmOB 6. 5&." 6." 6/*%"%& SJBT 4ÍP FTGPSÎPT UBNCÏN QBUFOUFT OPT AXfgT XW\ }b WPMUB TF B EFTUBDBS VN UFNB EBUB CPPLT RVF USBUBN PT NBJT WBSJBEPT F VNB VOJEBEF QSPDFTTVBM EF DBEB VNB EBT JOEJDBEPSFT F UFNBT SFMBDJPOBEPT DPN B 3FçOBSJBT EBOEP WJTJCJMJEBEF BPT FTGPS¨PT TBÞEF F TFHVSBOÎB EPT DPMBCPSBEPSFT F EBT JOTUBMB¨¶FT FN QSPM EB NFMIPSJB DPOU®OVB QSFTUBEPSFT EF TFSWJÎP FN SFMBÎÍP BPT F EF VN EFTFNQFOIP FN IBSNPOJB DPN P BNCJFOUF F B DPNVOJEBEF RVBJT BT 3FmOBSJBT FTUÍP DJFOUFT EBT TVBT SFTQPOTBCJMJEBEFT F JOnVÐODJB 0T EBUB CPPLT EF TÍP QVCMJDBEPT FN .BJP EF F DPNP IBCJUVBMNFOUF EFTUFT BOPT FN QBSUJDVMBS EFNPOT TFSÍP EJWVMHBEPT JOUFSOB F FYUFSOBNFOUF USPV B TVTUFOUBCJMJEBEF EB UFOEÐODJB EF " TVB MFJUVSB Ï B GPSNB EF TF DPOIFDFS NFMIPSJB RVF GB[JB BEJWJOIBS NVEBOÎBT VN QPVDP NFMIPS BT 3FmOBSJBT F P TFV DPOTJTUFOUFT OPT NBJT WBSJBEPT WFDUPSFT EFTFNQFOIP FN NBUÏSJB EF TFHVSBOÎB EF EFTFNQFOIP TBÞEF F BNCJFOUF ² VNB FWPMVÎÍP RVF SFnFDUF P EFTFO WPMWJNFOUP DVMUVSBM EB PSHBOJ[BÎÍP F P DPNQSPNJTTP EB HFTUÍP RVF TF USBEV[FN @T\f \aYbe`T Xf fbUeX bf 7TgT 5bb^f WTf EXßaTe\Tf cbWXe}b fXe fb_\V\gTWTf Tbf fXei\ bf WT 7\eXV }b WX 4DF BP OÓWFM EF JOWFTUJNFOUPT FTUBCFMFDJ 6becbeTg\ib WT :T_c 8aXeZ\T!

&NJTT¶FT EF 40 QPS O®WFM EF BDUJWJEBEF LH UPO

3FGJOBSJB EF .BUPTJOIPT LH EF 40 QPS UPOFMBEB EF DBSHB USBUBEB

)¢ NFMIPSJB TVCTUBODJBM EB NPOJUPSJ[B¨¤P EP EFTFNQFOIP BP O®WFM EB TJOJTUSBMJEBEF

&NJTT¶FT EF QBSU®DVMBT QPS O®WFM EF BDUJWJEBEF LH UPO

3FGJOBSJB EF 4JOFT

LH EF QBSU®DVMBT QPS UPOFMBEB EF DBSHB USBUBEB

$PN FGFJUP P FTUBCFMFDJNFOUP EF DSJ UÏSJPT QBSB DMBTTJmDBÎÍP JOWFTUJHBÎÍP EPDVNFOUBÎÍP F EJWVMHBÎÍP EF BDJEFOUFT EPFOÎBT QSPmTTJPOBJT RVBTF BDJEFOUFT

&NJTT¶FT EF QBSU®DVMBT QPS O®WFM EF BDUJWJEBEF LH UPO

3FGJOBSJB EF .BUPTJOIPT

LH EF QBSU®DVMBT QPS UPOFMBEB EF DBSHB USBUBEB

.*/*.*;"3 3*4$04

LH EF 40 QPS UPOFMBEB EF DBSHB USBUBEB

NFOUP EF QMBOPT EF GPSNBÎÍP EF DPMB .&/04 &.*44 &4 CPSBEPSFT EFmOJÎÍP EF PCKFDUJWPT F NF 0 DMJNB EF NFMIPSJB ª FTQFDJBMNFOUF TFOUJEP BP UBT ² OP GVOEP SFTVMUBEP EB JOUFHSBÎÍP O®WFM EBT FNJTT¶FT BUNPTGªSJDBT 0T BWVMUBEPT JOWFTUJNFOUPT RVFS OB JNQMFNFOUB¨¤P EF UFDOPMPHJBT IPMÓTUJDB EP EFTFNQFOIP FN TFHVSBOÎB EF QPOUB QBSB B SFEV¨¤P EBT FNJTT¶FT Ô QSFDJQJUBEPSFT TBÞEF F BNCJFOUF 44" OB QFSGPSNBODF FMFDUSPTU¢UJDPT RVFJNBEPSFT EF CBJYP /0Y Ô RVFS OB BQPTUB FN DPNCVTU®WFJT NBJT MJNQPT EBT JOTUBMBÎÜFT DPNP P H¢T OBUVSBM U«N SFèFYP EJSFDUP F FWJEFOUF OP &N NBUÏSJB EF TFHVSBOÎB NFSFDF EFTFNQFOIP EBT 3FçOBSJBT FN NBUªSJB EF FNJTT¶FT SFGFSÐODJB B NFMIPSJB TVCTUBODJBM EB DPNP FWJEFODJBN PT HS¢çDPT TFHVJOUFT NPOJUPSJ[BÎÍP EP EFTFNQFOIP BP OÓWFM &NJTT¶FT EF 40 QPS O®WFM EF BDUJWJEBEF LH UPO

EB TJOJTUSBMJEBEF OPT ÞMUJNPT BOPT FN 3FGJOBSJB EF 4JOFT NBUÏSJB EF BDJEFOUFT QFTTPBJT BNCJFOUBJT

F NBUFSJBJT JODMVJOEP DPMBCPSBEPSFT QSØ

QSJPT F QSFTUBEPSFT EF TFSWJÎP

."3 0

NZHBMQ

EFTUBRVF BQSFTFOUB¨¤P EF SFTVMUBEPT 8@ %##,

%FTFNQFOIP EB (BMQ &OFSHJB BGFDUBEP QFMB DPOKVOUVSB FDPO´NJDB "OP EJG®DJM DPOUSJCVJ QBSB CBJYB EF MVDSPT EB FNQSFTB OVN QFS®PEP FN RVF PT TFVT SFDVSTPT DPOUJOHFOUFT TPCFN QBSB NJM NJMI¶FT EF CBSSJT Ē ĘĒĝġ ĖğĖģĘĚĒ GFDIPV P BOP QBTTBEP DPN VN MVDSP MÓRVJEP BKVTUBEP EF NJMIÜFT EF FVSPT VNB RVFCSB EF GBDF B /P NFTNP QFSÓPEP P &#*5%" 3FTVMUB EPT BOUFT EF +VSPT *NQPTUPT %FQSFDJB ÎÍP F "NPSUJ[BÎÍP EB QFUSPMÓGFSB mYPV TF FN NJMIÜFT EF FVSPT VNB NFMIPSJB EF GBDF BP BOP BOUFSJPS /VN BOP EF DFOÈSJP FDPOØNJDP EÏ CJM P EFTFNQFOIP PQFSBDJPOBM EB (BMQ &OFSHJB GPJ BGFDUBEP QFMB EFTDJEB EP QSFÎP EP CSFOU RVFEB EBT NBSHFOT EF SFmOB ÎÍP F NFOPSFT WPMVNFT WFOEJEPT EF HÈT OBUVSBM GBDUPSFT RVF UJWFSBN VN FGFJUP BEWFSTP OPT SFTVMUBEPT EB DPNQBOIJB FN UPEPT PT TFHNFOUPT "QFTBS EJTTP P TFDUPS EF 3FmOBÎÍP %JTUSJCVJÎÍP CFOFmDJPV EP DPOUSJCVUP QPTJUJWP EBT BRVJTJÎÜFT EBT mMJBJT JCÏSJDBT EB "HJQ F EB &YYPO.PCJM 5BNCÏN IPVWF VNB TVCJEB EF EPT SFDVSTPT DPOUJO HFOUFT EB QFUSPMÓGFSB RVF OP ÞMUJNP BOP QBTTBSBN EF QBSB NJM NJMIÜFT EF CBSSJT EF QFUSØMFP F HÈT OBUVSBM

&91-03" 0 130%6 0 &N BSSBODBSBN EPJT QSPKFDUPT JN QPSUBOUFT EF QSPEVÎÍP QFUSPMÓGFSB FN RVF B (BMQ &OFSHJB QBSUJDJQB P UFTUF EF MPO HB EVSBÎÍP OP DBNQP 5VQJ OB CBDJB EF 4BOUPT F P DBNQP 5ÙNCVB -ÉOEBOB OP CMPDP FN "OHPMB " DPOUSJCVJÎÍP EP QSJNFJSP QBSB B QSPEVÎÍP UPUBM XPSLJOH JOUFSFTU EB (BMQ &OFSHJB BTDFOEFV B NJM CBSSJT FORVBOUP B EP TFHVOEP BUJOHJV NJM CBSSJT /P FOUBOUP FTUFT WPMVNFT OÍP QFSNJUJSBN DPNQFOTBS PT DPSUFT EF QSPEVÎÍP JNQPTUPT QFMB 01&1 FN OFN BT QBSBHFOT SFTVMUBOUFT EPT USBCBMIPT EF NBOVUFOÎÍP OP CMPDP FN "OHPMB

NZHBMQ

."3 0

OFHBUJWBNFOUF QBSB B QFSGPSNBODF EFTUF TFHNFOUP EF OFHØDJP

3&4&37"4 & 3&$63404 $0/5*/(&/5&4

&NQSFTB WFOEFV NJMI¶FT EF UPOFMBEBT NBJT EF QSPEVUPT QFUSPM®GFSPT FN EP RVF OP BOP BOUFSJPS "TTJN B QSPEVÎÍP XPSLJOH JOUFSFTU EB (BMQ &OFSHJB TJUVPV TF FN NJM CBSSJT QPS EJB BCBJYP EP SFHJTUBEP FN 0 DBNQP #FOHVFMB #FMJ[B -PCJUP 5PNCPDP ##-5 FN "OHPMB DPOUJOVPV B SFQSFTFOUBS EP UPUBM DPN NJM CBSSJT &N UFSNPT OFU FOUJUMFNFOU B QSPEV ÎÍP EB (BMQ &OFSHJB EFTDFV QBSB NJM CBSSJT QPS EJB " RVPUB EP DBNQP ##-5 QBSB FTUF WBMPS Ï EF FORVBOUP B EP 5ÙNCVB -ÉOEBOB Ï EF /P BOP QBT TBEP P 5VQJ QSPEV[JV NJM CBSSJT 0 SFTVMUBEP PQFSBDJPOBM B DVTUP EF TVCTUJUVJÎÍP BKVTUBEP EP TFDUPS EF &Y QMPSBÎÍP 1SPEVÎÍP FN GPJ EF NJMIÜFT EF FVSPT DPOUSB NJMIÜFT EF FVSPT OP QFSÓPEP IPNØMPHP BOUFSJPS &TUB FWPMVÎÍP EFSJWB QSJODJQBMNFOUF EB EFTDJEB EF EP QSFÎP EP DSVEF GBDF B " EFTDJEB EB QSPEVÎÍP OFU FO UJUMFNFOU FN DPOUSJCVJV UBNCÏN

/P mOBM EF %F[FNCSP EF EF BDPSEP DPN P SFMBUØSJP EB %F(PMZFS BOE .BD /BVHIUPO BT SFTFSWBT QSPWBEBT F QSPWÈ WFJT EB (BMQ &OFSHJB OP CMPDP FSBN EF NJMIÜFT EF CBSSJT 0 SFMBUØSJP SFGFSF UBNCÏN RVF PT SFDVSTPT DPOUJOHFOUFT EB (BMQ &OFSHJB FSBN EF NJMIÜFT EF CBSSJT EPT RVBJT NJMIÜFT DPSSFT QPOEJBN B SFDVSTPT OPT CMPDPT , F FN "OHPMB F PT SFTUBOUFT NJMIÜFT BP PĊTIPSF EB CBDJB EF 4BOUPT F BP POTIPSF EBT CBDJBT EF 1PUJHVBS F EF 4FSHJQF "MBHPBT OP #SBTJM

3&'*/" 0 %*453*#6* 0 %& 130%6504 1&530- '&304 &N BT SFmOBSJBT EB (BMQ &OFSHJB USBUBSBN NJMIÜFT EF UPOFMBEBT EF NBUÏSJBT QSJNBT NFOPT RVF FN 0 JODJEFOUF OB 3FmOBSJB EF 4JOFT FN +BOFJSP RVF JOUFSSPNQFV P QSPDFTTB NFOUP EF NBUÏSJB QSJNB QPS VN QFSÓPEP BQSPYJNBEP EF TFJT TFNBOBT Ï B SB[ÍP QSJODJQBM EFTUF SFTVMUBEP 0 HBTØMFP F B HBTPMJOB DPN F SFTQFDUJ WBNFOUF GPSBN PT QSPEVUPT RVF NBJT QFTBSBN OP UPUBM EB QSPEVÎÍP " (BMQ &OFSHJB WFOEFV NJMIÜFT EF UPOFMBEBT EF QSPEVUPT QFUSPMÓGFSPT OP BOP QBTTBEP VN BVNFOUP EF GBDF B

0 JODJEFOUF OB 3FmOBSJB EF 4JOFT F B SFEVÎÍP QSPHSBNBEB EB UBYB EF VUJMJ[B ÎÍP EF DBQBDJEBEF EFWJEB BP DPOUFYUP JOUFSOBDJPOBM BEWFSTP EF NBSHFOT EF SF mOBÎÍP UJWFSBN JNQBDUP OFHBUJWP OBT

SFTQPOEF B EP NFSDBEP JOEVTUSJBM QPSUVHVÐT %P UPUBM (8I EFTUJOB SBN TF Ë SFEF VN BVNFOUP EF GBDF B 1BSB FTUF SFTVMUBEP DPOUSJCVJV B FOUSBEB FN PQFSBÎÍP EB DFOUSBM EF DPHFSBÎÍP EF 4JOFT OP RVBSUP USJNFTUSF EP BOP QBTTBEP &N P SFTVMUBEP PQFSBDJPOBM B DVTUP EF TVCTUJUVJÎÍP BKVTUBEP EP TFD UPS EF (BT 1PXFS GPJ EF NJMIÜFT EF FVSPT BCBJYP EP WFSJmDBEP OP QFSÓPEP IPNØMPHP BOUFSJPS

*/7&45*.&/50

FYQPSUBÎÜFT RVF DBÓSBN FOUSF F /FTUF B DPCFSUVSB EB BDUJWJEBEF EF SFmOBÎÍP QFMB EF EJTUSJCVJÎÍP EF QSPEV UPT QFUSPMÓGFSPT BVNFOUPV QBSB NBJT EP RVF P QFSÓPEP IPNØMPHP BOUFSJPS /P mOBM EF %F[FNCSP ÞMUJNP B SFEF EF FTUBÎÜFT EF TFSWJÎP EB (BMQ &OFSHJB FSB DPNQPTUB QPS QPTJÎÜFT NFOPT EP RVF OP mOBM EF OB TFRVÐODJB EB PQUJNJ[BÎÍP EB SFEF EF EJTUSJCVJÎÍP FN 1PSUVHBM F FN &TQBOIB BQØT B BRVJTJÎÍP EBT mMJBJT JCÏSJDBT EB "HJQ F EB &YYPO.P CJM /FTTB BMUVSB B FNQSFTB UJOIB NBJT MPKBT EF DPOWFOJÐODJB EP RVF FN %F [FNCSP EF &N P SFTVMUBEP PQFSBDJPOBM B DVTUP EF TVCTUJUVJÎÍP BKVTUBEP EP TFDUPS 3FmOBÎÍP %JTUSJCVJÎÍP EF 1SPEVUPT 1FUSPMÓGFSPT GPJ EF NJMIÜFT EF FVSPT P RVF DPSSFTQPOEF B VNB EFTDJEB EF NJMIÜFT EF FVSPT GBDF BP BOP EF

$0/'&3 /$*" .BOVFM 'FSSFJSB %F 0MJWFJSB QSFTJEFOUF FYFDVUJWP EB (BMQ &OFSHJB EVSBOUF B BQSFTFOUB¨¤P EPT SFTVMUBEPT EF

TFHNFOUP FMÏDUSJDP F ËT NFOPSFT WFOEBT OP USBEJOH " WBSJBÎÍP OFHBUJWB SFHJTUBEB OP TFH NFOUP FMÏDUSJDP EFWFV TF BP BVNFOUP EB HFSBÎÍP FMÏDUSJDB QPS WJB IJESÈVMJDB F QPS WJB UÏSNJDB DPN SFDVSTP BP DBSWÍP " RVFCSB OBT WFOEBT BP USBEJOH EFWF TF Ë SFEVÎÍP EBT NBSHFOT EF DPNFSDJBMJ[BÎÍP EP HÈT OBUVSBM FN SFTVMUBEP EB NFOPS QSPDVSB EFTUFT QSPEVUPT B OÓWFM JOUFS OBDJPOBM "T WFOEBT EF HÈT OBUVSBM BP TFDUPS JOEVTUSJBM OPT NFSDBEPT MJCFSBMJ[BEP F SFHVMBEP NBOUJWFSBN TF FTUÈWFJT FN SFMBÎÍP B /P BOP QBTTBEP EFTUB ("4 108&3 DPV TF B WFOEB EF NJMIÜFT EF NFUSPT "T WFOEBT EF HÈT OBUVSBM DJGSBSBN TF FN DÞCJDPT OP TFDUPS JOEVTUSJBM FN &TQBOIB NJMIÜFT EF NFUSPT DÞCJDPT F SFHJT VN BVNFOUP EF FN SFMBÎÍP BP QFSÓP UBSBN VNB EFTDJEB EF FN FN EP IPNØMPHP BOUFSJPS SFMBÎÍP BP QFSÓPEP IPNØMPHP BOUFSJPS " QSPEVÎÍP EF FMFDUSJDJEBEF OBT DFO &TUF SFTVMUBEP EFWFV TF FTTFODJBMNFO USBJT EF DPHFSBÎÍP EB (BMQ &OFSHJB GPJ UF Ë EJNJOVJÎÍP EF DPOTVNP EF HÈT EP EF (8I FN WBMPS RVF DPS

&N B (BMQ &OFSHJB JOWFTUJV VN UPUBM EF NJMIÜFT EF FVSPT BCTPSWJ EPT QSJODJQBMNFOUF QFMPT TFHNFOUPT EF 3FmOBÎÍP %JTUSJCVJÎÍP F &YQMPSBÎÍP 1SPEVÎÍP /FTUF GPSBN BQMJDBEPT NJMIÜFT EF FVSPT NBJPSJUBSJBNFOUF DB OBMJ[BEPT QBSB BT BDUJWJEBEFT OP PĊTIPSF EP #SBTJM CBDJB EF 4BOUPT F CMPDP FN "OHPMB QBÓT POEF GPSBN JOWFTUJEPT NJMIÜFT EF FVSPT EPT RVBJT NJMIÜFT EF FVSPT TF EFTUJOBSBN BP EFTFOWPMWJNFOUP EP DBNQP 5ÙNCVB -ÉOEBOB /P #SBTJM B NBJPS QBSUF EP JOWFT UJNFOUP GPJ DBOBMJ[BEP QBSB P PĊTIP SF EB CBDJB EF 4BOUPT 0 WBMPS BQMJDBEP OP POTIPSF GPJ EF NJMIÜFT EF FVSPT JODMVJOEP P QBHBNFOUP EF CØOVT EF BT TJOBUVSB SFGFSFOUF Ë EÏDJNB SPEBEB EF MJDJUBÎÍP EF MJDFOÎBT EF FYQMPSBÎÍP /P TFHNFOUP EF OFHØDJP EF 3FmOB ÎÍP %JTUSJCVJÎÍP P JOWFTUJNFOUP GPJ EF NJMIÜFT EF FVSPT DBOBMJ[BEP TPCSFUVEP QBSB P QSPKFDUP EF DPOWFSTÍP EBT SFmOBSJBT /B BDUJWJEBEF EF EJTUSJCVJÎÍP EF QSP EVUPT QFUSPMÓGFSPT OB 1FOÓOTVMB *CÏSJDB GPSBN JOWFTUJEPT DFSDB EF NJMIÜFT EF FVSPT EPT RVBJT NJMIÜFT EF FVSPT FN 1PSUVHBM F DFSDB EF NJMIÜFT EF FVSPT FN &TQBOIB BQMJDBEPT QSJODJQBMNFOUF OP QSPHSBNB EF JOUFHSBÎÍP EBT FY mMJBJT JCÏSJDBT EB "HJQ F EB &YYPO.PCJM /P TFHNFOUP EF OFHØDJP EF (BT 1PXFS P JOWFTUJNFOUP UPUBMJ[PV NJ MIÜFT EF FVSPT NBJPSJUBSJBNFOUF QBSB B BDUJWJEBEF EF EJTUSJCVJÎÍP EF HÈT OBUVSBM /P TFHNFOUP EP 1PXFS P JOWFTUJNFOUP EFTUJOPV TF FTTFODJBMNFOUF BPT QSPKFDUPT EBT DFOUSBJT EF DPHFSBÎÍP EBT 3FmOBSJBT EF 4JOFT F EP 1PSUP ."3 0

NZHBMQ

EFTUBRVF TFHVSBO¨B 6H?GHE4 78 CE8I8At±B A4 :4?C 8A8E:<4

6NB FWPMV¨¤P QPTJUJWB .VEBO¨B EFWF TF ¡T BD¨¶FT QSPNPWJEBT QFMP 1SPHSBNB EF 4FHVSBO¨B EB FNQSFTB Ē ĚğĥĖģĚĠģĚīĒšŝĠ EF VNB DVMUVSB EF QSF WFOÎÍP Ï FTTFODJBM QBSB HBSBOUJS VNB PQF SBÎÍP TFN BDJEFOUFT PV JODJEFOUFT OBT WÈ SJBT JOTUBMBÎÜFT EB (BMQ &OFSHJB ² QPJT GVOEBNFOUBM B FYJTUÐODJB EF QSPDFTTPT RVF QFSNJUBN BTTFHVSBS F NPOJUPSJ[BS B TVB FWPMVÎÍP BP MPOHP EP UFNQP

%*"(/ 45*$0 "TQFDUP EF VNB TFTT¤P EF BVUP BWBMJB¨¤P

3&'&3 /$*" */*$*"-

NZHBMQ

."3 0

&TUFT SFTVMUBEPT OÍP DPOTUJUVFN TVSQSFTB QBSB RVFN DPOIFDF B SFBMJEBEF EB FN QSFTB VNB WF[ RVF FYJTUFN WBSJBEÓTTJNPT JOEÓDJPT EF RVF B FWPMVÎÍP DVMUVSBM EB (BMQ &OFSHJB Ï VNB SFBMJEBEF KVTUJmDÈWFM QFMBT BDÎÜFT QSPNPWJEBT QFMP 1SPHSBNB *OT UJO UP OB UVS BM OEJDF EF BDJEFOUFT

1BSB FTUBCFMFDFS B SFGFSÐODJB JOJDJBM EV SBOUF B GBTF EF EJBHOØTUJDP BOUFSJPS BP MBOÎBNFOUP EP 1SPHSBNB EF 4FHVSBO ÎB B %VQPOU 4BGFUZ 3FTPVSDFT FGFDUVPV FN VNB BWBMJBÎÍP EB DVMUVSB EF 44" EB (BMQ &OFSHJB UFOEP QPS CBTF PT FMFNFOUPT EP SFGFSFODJBM JOUFSOP EP 4JTUFNB EF (FTUÍP EF 44" 0 PCKFDUJWP FSB B EFUFSNJOBÎÍP EP FTUÈHJP DVMUVSBM FN RVF B FNQSFTB TF FODPOUSBWB OB BMUVSB QBSB B DPSSFDUB EFmOJÎÍP EP NPEFMP EF JNQMFNFOUBÎÍP /FTUB BWBMJBÎÍP DPODMVJV TF RVF B (BMQ &OFSHJB TF QPTJDJPOBWB OP JOÓDJP EB GBTF i%FQFOEFOUFw BJOEB NVJUP QSØYJNB EB GBTF i3FBDUJWPw OP NPEFMP EFmOJEP QFMB $VSWB EF #SBEMFZ mHVSB

&N KÈ DPN B QBSUJDJQBÎÍP EB FRVJQB EP 1SPHSBNB EF 4FHVSBOÎB SFB MJ[PV TF VN FYFSDÓDJP TFNFMIBOUF RVF NPTUSPV VNB FWPMVÎÍP QPTJUJWB EB FN QSFTB RVF KÈ TF QPTJDJPOBWB OB GBTF i*O EFQFOEFOUFw " mN EF GBDJMJUBS B JEFOUJmDBÎÍP F BOÈ MJTF EBT HSBOEFT ÈSFBT EF BDUVBÎÍP QBSB BT NFMIPSJBT B JNQMFNFOUBS PT FMFNFO UPT EF HFTUÍP GPSBN BHSVQBEPT FN EPJT HSBOEFT CMPDPT o FMFNFOUPT DVMUVSBJT F PQFSBDJPOBJT o F GPJ DPNQBSBEB B TVB FWP MVÎÍP OPT RVBUSP BOPT FN DBVTB mHVSB

%FTUB BOÈMJTF DPODMVJ TF RVF IPVWF VNB FWPMVÎÍP QPTJUJWB EB DVMUVSB EF TF HVSBOÎB WFSJmDBOEP TF VNB JOWFSTÍP OB DMBTTJmDBÎÍP SFMBUJWB EPT EPJT CMPDPT FN PT FMFNFOUPT DVMUVSBJT FTUÍP NBJT EFTFOWPMWJEPT EP RVF PT PQFSBDJPOBJT

EF 4FHVSBOÎB BP MPOHP EBRVFMF QFSÓPEP QVCMJDBÎÍP EB WJTÍP F QPMÓUJDB EF 44" GPSNBÎÍP DPNQPSUBNFOUBM B WÈSJPT OÓWFJT JNQMFNFOUBÎÍP EB PSHBOJ[BÎÍP JOUFHSB EB QVCMJDBÎÍP EF QSPDFEJNFOUPT TPCSF UFNBT EJWFSTPT F RVF FTUÍP EJSFDDJPOBEBT

" &70-6 0 %" $6-563" %& 13&7&/ 0 " (BMQ &OFSHJB QBTTPV FN RVBUSP BOPT EB GBTF Ù3FBDUJWBÚ QBSB P MJNJUF N¢YJNP EB Ù%FQFOEFOUFÚ

*OJDJBM

4VQ FSW JT¤ P

3FBDUJ WP

*OEJ WJEV BM

%FQFOE FOUF 4FHVSBO¨B DPNP VN *OTUJOUP /BUVSBM

$PNQSPNJTTP EB EJSFD¨¤P

$POGPSNJEBEF DPNP PCKFDUJWP

$POEJ¨¶FT EF USBCBMIP

%FMFHB¨¤P OP $IFGF EF 4FHVSBO¨B 'BMUB EF FOWPMWJNFOUP QPS QBSUF EB EJSFD¨¤P

.FEP %JTDJQMJOB 3FHSBT QSPDFEJNFOUPT $POUSPMP EP TVQFSWJTPS 'PSNB¨¤P

*OEFQF OEFOUF $POIFDJNFOUP QFTTPBM DPNQSPNJTTP *OUFSJPSJ[B¨¤P 7BMPS QFTTPBM $VJEBEP DPOTJHP NFTNP 1S¢UJDB )¢CJUPT 3FDPOIFDJNFOUP JOEJWJEVBM

&RVJ QBT *OUFSEF QFOEFO UF

"KVEB PT PVUSPT

$VJEBEP DPN PT PVUSPT 0SHVMIP PSHBOJ[BDJPOBM

&-&.&/504 $6-563"*4 7&3464 01&3"$*0/"*4

*/% $*04 %" .6%"/ "

" FWPMV¨¤P DVMUVSBM OB (BMQ &OFSHJB ª VNB SFBMJEBEF

" BWBMJB¨¤P EB DVMUVSB EF 44" EB (BMQ &OFSHJB FGFDUVBEB FN JEFOUJçDPV W¢SJPT JOE®DJPT EF RVF B FWPMV¨¤P DVMUVSBM EB (BMQ &OFSHJB ª VN GBDUP %FTUBDBN TF FOUSF FMFT

3&410/4"#*-*%"%& %" -*/)"

$VMUVSBM

0QFSBDJPOBM

" SFTQPOTBCJMJEBEF EB MJOIB ª IPKF BTTVNJEB EF GPSNB OBUVSBM QFMB FTUSVUVSB IJFS¢SRVJDB EB FNQSFTB QPEFOEP TFS DPOTUBUBEB OBT W¢SJBT VOJEBEFT EF OFH´DJP F EF HFTU¤P 6/ 6(

.&5"4 0#+&$5*704 & */%*$"%03&4

QBSB P EFTFOWPMWJNFOUP F JNQMFNFOUBÎÍP 0T FMFNFOUPT DVMUVSBJT FTUÍP NBJT EPT FMFNFOUPT DVMUVSBJT EFTFOWPMWJEPT EP RVF PT PQFSBDJPOBJT 0 OÓWFM EF JNQMFNFOUBÎÍP EPT WÈSJPT "650 "7"-*" 0 FMFNFOUPT EJGFSF FOUSF BT 6/ 6( &TUÈ TVCKBDFOUF B UPEPT PT TJTUFNBT EF "USBWÏT EF VNB BOÈMJTF NBJT EFUB HFTUÍP B OFDFTTJEBEF EF JODPSQPSBS BT MIBEB GPJ BJOEB QPTTÓWFM DPODMVJS RVF BQSFOEJ[BHFOT DPNP GPSNB EF HBSBOUJS QPEFN TFS NFMIPSBEPT OP DVSUP QSB B TVB NFMIPSJB DPOUÓOVB [P PT FMFNFOUPT OPT RVBJT BT 6/ 6( "T BWBMJBÎÜFT BOUFSJPSFT GPSBN CB TF DPOTJEFSBN NBJT GSBDBT 1BSB VOT KÈ TFBEBT OP DPOIFDJNFOUP EF FMFNFOUPT FYJTUFN EPDVNFOUPT OPSNBUJWPT FT FYUFSJPSFT "24 $PSQPSBUJWP F FMFNFOUPT USVUVSBJT RVF FTUBCFMFDFN PT SFRVJTJUPT EB %VQPOU %43 TPCSF BT 6/ 6( BWB QBSB B TVB NFMIPSJB 1BSB PT PVUSPT P MJBEBT &SB BHPSB JNQPSUBOUF RVF FTUBT 1SPHSBNB EF 4FHVSBOÎB WBJ EFTFOWPMWFS JOUFHSBTTFN P QSPDFTTP EF BWBMJBÎÍP USBCBMIP TPCSF FMFT BP MPOHP EFTUF BOP EF GPSNB B QPEFSFN JEFOUJmDBS PT TFVT QPOUPT GPSUFT F GSBDPT EFTFOIBSFN F 13 9*.04 1"4404 JNQMFNFOUBSFN BT BDÎÜFT DPSSFDUJWBT 0 "24 $PSQPSBUJWP OP ÉNCJUP EP TFV QSP BEFRVBEBT BP TFV DBTP F BTTJN BTTFHV HSBNB EF BQPJP ËT 6/ 6( QBSB B NFMIP SBSFN B NFMIPSJB DPOUÓOVB EP 4JTUFNB SJB EP 4JTUFNB EF (FTUÍP EF 44" JSÈ DPO EF (FTUÍP EF 44" EV[JS VN QSPDFTTP EF BVEJUPSJBT DSV[BEBT $PN FTUF PCKFDUJWP P "24 $PSQPSBUJWP QBSB BGFSJS P OÓWFM EF JNQMFNFOUBÎÍP EPT USBEV[JV F BEBQUPV B NBUSJ[ EF BWBMJBÎÍP FMFNFOUPT EF HFTUÍP EF NPEP B UPSOÈ MB NBJT PCKFDUJWB F QSP &TUBT BVEJUPSJBT EFTUJOBN TF GVOEB DFEFV DPN BT 6/ 6( B VNB TÏSJF EF NFOUBMNFOUF B HBSBOUJS P FOUFOEJNFOUP TFTTÜFT EF BVUP BWBMJBÎÍP &TUF FYFSDÓDJP DPSSFDUP EPT SFRVJTJUPT EPT WÈSJPT FMF QFSNJUJV ËT 6/ 6( JEFOUJmDBS BT TVBT NFOUPT EP 4JTUFNB EF (FTUÍP GPNFO MBDVOBT OB JNQMFNFOUBÎÍP EPT WÈSJPT UBS B USPDB EF FYQFSJÐODJBT NFMIPSFT FMFNFOUPT EF HFTUÍP &TUBT TFTTÜFT DPN QSÈUJDBT FOUSF BT 6/ 6( HBSBOUJOEP B EVSBÎÍP EF VN EJB UJWFSBN B QSFTFOÎB B TJNQMJmDBÎÍP EPT QSPDFTTPT EF HFT EPT SFTQPOTÈWFJT EBT 6/ 6( F EF 44" F UÍP EF 44" F EFTFOWPMWFS EF NBOFJSB EF VN HSVQP EF RVBESPT JOEJDBEPT QFMP VOJGPSNF P 4JTUFNB EF (FTUÍP EF 44" SFTQPOTÈWFM EF MJOIB FN UPEB B FNQSFTB " BWBMJBÎÍP SFBMJ[BEB DPN B TVCKFDUJ /FTUF TFOUJEP P "24 $PSQPSBUJWP JSÈ WJEBEF RVF MIF FTUÈ JOFSFOUF OÍP QPTTJCJ JODPSQPSBS OP TFV QSPHSBNB BOVBM EF MJUB GB[FS DPNQBSBÎÜFT FOUSF BT 6/ 6( BVEJUPSJBT P BDPNQBOIBNFOUP EFTUF /P FOUBOUP QFSNJUF DPOmSNBS BMHVOT UFNB %VSBOUF FTUF BOP JSÍP TFS GPS QPOUPT DPNVOT NBEPT BVEJUPSFT RVF JSÍP WFSJmDBS EF 5PEBT BT 6/ 6( BQSFTFOUBN VNB GPSNB JOEFQFOEFOUF P DVNQSJNFOUP FWPMVÎÍP TJHOJmDBUJWB GBDF BP SFHJTUBEP EPT SFRVJTJUPT EP 4JTUFNB EF (FTUÍP EF 44" FN FN UFSNPT HMPCBJT

&YJTUF VN RVBESP EF JOEJDBEPSFT F SFTQFDUJWPT PCKFDUJWPT VUJMJ[BEP OB HFOFSBMJEBEF EBT 6/ 6( 1FSNJUF NPOJUPSJ[BS P EFTFNQFOIP QBTTBEP FN 44" JOEJDBEPSFT SFBDUJWPT F BT BD¨¶FT QSFWFOUJWBT RVF FTU¤P B TFS JNQMFNFOUBEBT JOEJDBEPSFT QS´ BDUJWPT

*/7&45*(" 0 %& */$*%&/5&4 " DPNQSFFOT¤P EP QPUFODJBM EF BQSFOEJ[BHFN BTTPDJBEP ¡ DPSSFDUB JEFOUJçDB¨¤P EB DBVTB SBJ[ EF VN JODJEFOUF F ¡ JNQMFNFOUB¨¤P EF BD¨¶FT DPSSFDUJWBT QBSB FWJUBS B TVB SFDPSS«ODJB UFN BVNFOUBEP *TUP USBEV[ TF OP DSFTDFOUF O»NFSP EF SFQPSUFT F JOWFTUJHB¨¶FT EF BDJEFOUFT F JO®DJP EB QS¢UJDB EP SFQPSUF F JOWFTUJHB¨¤P EF RVBTF BDJEFOUFT

03("/*;" 0 */5&(3"%" /BT W¢SJBT 6/ F 6( GPSBN DSJBEPT G´SVOT EF HFTU¤P EF BTQFDUPT EF 44" EFOPNJOBEPT ÙDPNJTT¶FT EF 44"Ú 0 SFDPOIFDJNFOUP EB TVB VUJMJEBEF MFWPV ¡ DSJB¨¤P FN BMHVNBT 6/ 6( EF TVCDPNJTT¶FT EF 44" DPN çOBMJEBEF TFNFMIBOUF QBSB HFSJS PT QSPCMFNBT NBJT FTQFD®çDPT EB TVB ¢SFB PV OFH´DJP

0#4&37" &4 13&7&/5*7"4 %& ".#*&/5& & 4&(63"/ " 01"4

&TU¤P SFHJTUBEPT OP 4*"24 BMHVOT NJMIBSFT EF 01"4 $POTUJUVFN ÙGFSSBNFOUBTÚ EB (BMQ &OFSHJB QBSB JOèVFODJBS QPTJUJWBNFOUF P DPNQPSUBNFOUP EF 44" EPT TFVT DPMBCPSBEPSFT F QSFTUBEPSFT EF TFSWJ¨PT 1FSNJUFN BDUVBS OP JNFEJBUP TPCSF PT DPNQPSUBNFOUPT EF SJTDP ÙFN DBNQPÚ OP NªEJP QSB[P F GBDF BPT SFTVMUBEPT EP USBUBNFOUP FTUBU®TUJDP EBT PCTFSWB¨¶FT JNQMFNFOUBOEP BD¨¶FT DPSSFDUJWBT QBSB PT BTQFDUPT NBJT DS®UJDPT

("/)04 3 1*%04 VNB QS¢UJDB DPSSFOUF OBT ¢SFBT PQFSBDJPOBJT B QBSUJMIB EF TJUVB¨¶FT QBTT®WFJT EF VNB G¢DJM DPSSFD¨¤P DPN HBOIPT TJHOJçDBUJWPT QBSB PT BTQFDUPT EF 44" 0 "24 $PSQPSBUJWP GB[ VNB EJWVMHB¨¤P BMBSHBEB EPT HBOIPT NBJT TJHOJçDBUJWPT

."3 0

NZHBMQ

DBQB ESJWFST EB QPM®UJDB F PCKFDUJWPT EBT FNQSFTBT

F8:HE4At4 8 4@5<8AG8

"DUJWPT DPN EJNFOT¤P FDPO´NJDB " (BMQ &OFSHJB FTUBCFMFDFV P TFV SJUNP F UFN BWBO¨BEP QBSB TF FMFWBS B QBUBNBSFT TVQFSJPSFT EF EFTFNQFOIP OPT UFNBT EB TFHVSBO¨B F BNCJFOUF Ġ ĚĞġĒĔĥĖ OB HFOFSBMJEBEF EPT TFDUP SFT EB JOEÞTUSJB FVSPQFJB EFDPSSFOUF EP JOTVDFTTP OFHPDJBM EF $PQFOIBHB TFSÈ JOnVFODJBEP QFMB NFUB EB 6& RVF TF CBMJ[BSÈ FOUSF PT F PT NBT DVKP OÞNFSP FN DPODSFUP OÍP Ï BJOEB DPOIF DJEP /ÍP PCTUBOUF PT EF SFEVÎÍP TÍP KÈ VNB DFSUF[B F P FTGPSÎP TPMJDJUBEP Ë JOEÞTUSJB FVSPQFJB OÍP WJV FN $PQFOIBHB P NFTNP FTQÓSJUP EF FNQFOIBNFOUP OPVUSPT QBÓTFT EFTFOWPMWJEPT PV EF FDPOPNJBT FNFSHFOUFT NBOUFOEP TF QPSUBOUP B QSFPDVQBÎÍP RVBOUP Ë QFSEB

EF DPNQFUJUJWJEBEF FVSPQFJB F BP SJTDP EF DBSCPO MFBLBHF PV TFKB EF EFTMPDBMJ[BÎÍP EB JOEÞTUSJB FVSPQFJB QBSB SFHJÜFT TFN DPNQSPNJTTPT EF SFEVÎÍP EF FNJTTÜFT EF (&&

%&4"'*04 */5&3/"$*0/"*4 0 DVNQSJNFOUP EF NFUBT OBDJPOBJT NP UJWBEBT QFMB BDUVBÎÍP QPMÓUJDB Ë FTDBMB HMP CBM UFSÈ OFDFTTBSJBNFOUF JNQMJDBÎÜFT BP OÓWFM EPT QSJODJQBJT TFDUPSFT SFTQPOTÈWFJT QFMP DPOTVNP EF FOFSHJB " (BMQ &OFS HJB FORVBOUP QMBZFS ÞOJDP OB JOEÞTUSJB

+»MJB 4FJYBT 1SPGFTTPSB OB 6OJWFSTJEBEF /PWB EF -JTCPB F T´DJB EB & 7BMVF

".#*&/5& "$5*70 $0. %*.&/4 0 &$0/ .*$" B YbVhf OP QSPDFTTP EF QSPEV¨¤P JOEVTUSJBM GPJ VMUSBQBTTBEP QFMB OFDFTTJEBEF EF JOUFSOBMJ[B¨¤P EP DVTUP EBT FNJTT¶FT EF $0 BUSBWªT EB PCSJHBUPSJFEBEF EB JODMVT¤P EBT JOTUBMB¨¶FT JOEVTUSJBJT DPNP BT SFçOBSJBT OP DPNªSDJP FVSPQFV EF MJDFO¨BT EF FNJTT¤P $&-&

$POWªN SFGFSJS P OPWP QBUBNBS EF FYJH«ODJB JNQPTUP QFMBT OPWBT SFHSBT B WJHPSBS B QBSUJS EF BP FTUBCFMFDFS P DSJUªSJP EF CFODINBSL FRVJWBMFOUF ¡T NFMIPSFT OP FTQB¨P FVSPQFV

QBSB B BUSJCVJ¨¤P EF MJDFO¨BT EF FNJTT¤P F B EJUBS P MFJM¤P DPNP NFDBOJTNP QBSB B TVB BRVJTJ¨¤P OP NFSDBEP /¤P QPEF EFJYBS EF TFS SFGFSJEB B BJOEB KPWFN SFHVMB¨¤P BTTPDJBEB ¡ SFTQPOTBCJMJEBEF BNCJFOUBM RVF BDPNPEB B SFTQPOTBCJMJEBEF çOBODFJSB EBT FNQSFTBT QFSBOUF B FNJO«ODJB EPT SJTDPT FDPM´HJDPT OPT FDPTTJTUFNBT FOWPMWFOUFT F BT NFEJEBT EF QSFWFO¨¤P F PV SFQBSB¨¤P FN DBTP EF BDJEFOUF JOEVTUSJBM "T FNQSFTBT QBTTBN B UFS EF DPOTJEFSBS B ¢SFB FOWPMWFOUF ¡T JOTUBMB¨¶FT DPNP VN BDUJWP B QSFTFSWBS F B DPOUBCJMJ[BS OB TVB HPWFSOB¨¤P 'JOBMNFOUF F UBNCªN NPUJWBEP QPS RVFTU¶FT BNCJFOUBJT JNQPSUB SFGFSJS B FYJH«ODJB BP O®WFM EB RVBMJEBEF EP QSPEVUP çOBM F H EJSFDUJWB EB RVBMJEBEF EPT DPNCVTU®WFJT

0 BDUJWP BNCJFOUF FN UPEB B DBEFJB EF WBMPS EBT FNQSFTBT FN DBTPT DPNP P EB (BMQ &OFSHJB UFN PCSJHBUPSJBNFOUF EF FTUBS BTTVNJEP OB TVB EJNFOT¤P FDPO´NJDB 4F BTTJN O¤P GPS çDBS¢ FN DBVTB B DPNQFUJUJWJEBEF EP QSPEVUP çOBM RVFS QPS SB[¶FT EF DPODPSS«ODJB EJSFDUB DPN QSPEVUPT BMUFSOBUJWPT HFSBEPT FN FDPOPNJBT TFN PV DPN GSBDB SFHVMB¨¤P RVFS QPS TVCTUJUVJ¨¤P QPS TPMV¨¶FT BMUFSOBUJWBT QSFGFSJEBT EPT DPOTVNJEPSFT &TUFT EJ[FN UPEPT PT JORVªSJUPT GFJUPT OB &VSPQB FTU¤P DBEB WF[ NBJT CFN JOGPSNBEPT F BVNFOUB P O»NFSP EPT RVF FTU¤P EJTQPO®WFJT QBSB QBHBS NBJT QPS QSPEVUPT DPN NFOPS JNQBDUP OP BNCJFOUF

NZHBMQ

."3 0

-*$&/ " ".#*&/5"$POEJDJPOB B BDUJWJEBEF EF VNB JOTUBMB¨¤P

."3 0

NZHBMQ

DBQB ESJWFST EB QPM®UJDB F PCKFDUJWPT EBT FNQSFTBT

4&(63"/ " & &'*$ $*" P RVF BTTFHVSB B (BMQ &OFSHJB KVOUP EPT GPSOFDFEPSFT QBSB P USBOTQPSUF EF DPNCVTU®WFJT

4ªSHJP 7JMBOPWB %JSFDUPS UªDOJDP EB %V1POU 4BGFUZ 3FTPVSDFT 4PVUI &VSPQF

4&(63"/ " 6. #0. /&( $*0 B XaZXa[X\eb @TahX_ 9XeeX\eT 7X B_\iX\eT DPTUVNB EJ[FS Ù" TFHVSBO¨B ª VNB MJDFO¨B QBSB PQFSBS Ú &TUF DPNQSPNJTTP QPEF TFS PCTFSWBEP BUSBWªT EBT NVEBO¨BT F EPT WVMUPTPT JOWFTUJNFOUPT EB (BMQ &OFSHJB OPT »MUJNPT BOPT " FNQSFTB WPMUPV TF QBSB P FYUFSJPS BERVJSJV BDUJWPT F GF[ QBSDFSJBT JNQPSUBOUFT OB FYQMPSB¨¤P QSPEV¨¤P EF QFUS´MFP *TUP UVEP TFN DPNQSPNFUFS P DVSTP EPT JOWFTUJNFOUPT F EBT BD¨¶FT OB ¢SFB EB TFHVSBO¨B F EP BNCJFOUF $PNP FYFNQMPT QPEFNPT EFTUBDBS PT SFDVSTPT BQMJDBEPT OB NBOVUFO¨¤P EB JOUFHSJEBEF NFD£OJDB EBT 3FçOBSJBT EF 4JOFT F EF .BUPTJOIPT B NBOVUFO¨¤P F QSPUFD¨¤P EF NVJUBT DFOUFOBT EF UBORVFT TVCUFSS£OFPT EB %JTUSJCVJ¨¤P 0JM NJMIBSFT EF DPMBCPSBEPSFT GPSNBEPT OPT NBJT EJWFSTPT UFNBT EF TFHVSBO¨B F BNCJFOUF B PCUFO¨¤P EF DFSUJçDB¨¶FT EF QBES¤P JOUFSOBDJPOBM FN W¢SJBT EF TVBT VOJEBEFT PQFSBDJPOBJT P DPOUSPMP EBT TVBT FNJTT¶FT JOEVTUSJBJT F B JNQMFNFOUB¨¤P EF VN »OJDP 3FGFSFODJBM EF (FTU¤P EF 4FHVSBO¨B 4B»EF F "NCJFOUF QBSB UPEB B (BMQ &OFSHJB /P NVOEP UPEP P FTGPS¨P EBT FNQSFTBT FTU¢ DBEB WF[ NBJT WPMUBEP QBSB P FOWPMWJNFOUP F QBSUJDJQB¨¤P EF UPEPT PT DPMBCPSBEPSFT OB QSFWFO¨¤P EF BDJEFOUFT 4FHVSBO¨B ª VN CPN OFH´DJP QBSB UPEB HFOUF " OFDFTTJEBEF EF QSPUFD¨¤P EP BNCJFOUF ª JORVFTUJPO¢WFM 0 DPNQSPNJTTP EFNPOTUSBEP QFMPT M®EFSFT EB (BMQ &OFSHJB DPN FTUFT UFNBT F B EJTDJQMJOB PQFSBDJPOBM EPT TFVT DPMBCPSBEPSFT MFWBS¢ B FNQSFTB B O®WFJT EF FYDFM«ODJB OP EFTFNQFOIP FN TFHVSBO¨B F BNCJFOUF

NZHBMQ

."3 0

OBDJPOBM EF SFmOBÎÍP DPN JOFRVÓWPDB JOnVÐODJB OP TFDUPS EPT USBOTQPSUFT WÐ TF B CSBÎPT DPN JOÞNFSPT EFTBmPT QBS UF IFSEBEPT EBT QPMÓUJDBT JOUFSOBDJPOBJT EBT BMUFSBÎÜFT DMJNÈUJDBT PVUSPT JOWB SJBWFMNFOUF SFTVMUBOUFT EBT FTUSBUÏHJBT OBDJPOBJT DPN RVF 1PSUVHBM FOGSFOUBSÈ PT EFTBmPT JOUFSOBDJPOBJT "T FTUSBUÏHJBT OBDJPOBJT QBSB B NJ UJHBÎÍP EF FNJTTÜFT EF (BTFT EF &GFJ UP EF &TUVGB OB QSFTFOÎB PV BVTÐODJB EP BNCJDJPOBEP BDPSEP RVF GBMIPV FN $PQFOIBHB UFOEFN B BDUVBS OP TFDUPS EPT USBOTQPSUFT RVFS BUSBWÏT EB JOEÞTUSJB BVUPNØWFM RVFS EB JOEÞTUSJB EF SFmOBÎÍP PV BJOEB BUSBWÏT EB QPMÓUJDB mTDBM SFMBUJWB B BNCPT PT TFDUPSFT "MJÈT UPEP P DJDMP EF WJEB EP OFHØDJP QFUSPMÓGFSP EFWFSÈ TFOUJS VNB GPSUF JODJTÍP EB QPMÓUJDB mTDBM DPNP GPSNB EF PT HPWFSOPT JOnVFODJBSFN F NPUJWBSFN P TFDUPS QSJWBEP B DSJBS BMUFS OBUJWBT BPT DPNCVTUÓWFJT GØTTFJT EFTDBS CPOJ[BOEP B FDPOPNJB 1PEFNPT BmSNBS RVF B DPNQPOFO UF BNCJFOUBM Ï PV EFWFSÈ TFS BDUV

4&(63"/ " /" %*453*#6* 0 %& $0.#645 7&*4 /B EJTUSJCVJ¨¤P EF DPNCVTU®WFJT BPT DMJFOUFT EB (BMQ &OFSHJB USBCBMIBN B UFNQP JOUFJSP DFSDB EF WF®DVMPT DJTUFSOB 7$ F NBJT EF NPUPSJTUBT 1FSDPSSFN BOVBMNFOUF BQSPYJNBEBNFOUF NJMI¶FT EF RVJM´NFUSPT F SFBMJ[BN NBJT EF NJM FOUSFHBT OBT JOTUBMB¨¶FT EPT DMJFOUFT 1BSB B DPODSFUJ[B¨¤P EFTUB UBSFGB DPN PT NBJT FMFWBEPT QBES¶FT EF TFHVSBO¨B F FçD¢DJB B O®WFM EF DVTUPT B "3- -PH®TUJDB EB FNQSFTB BDPSEPV VN DPOUSBUP DPN TFJT FNQSFTBT EF SFGFS«ODJB OP USBOTQPSUF EF NBUªSJBT QFSJHPTBT "T EJWFSTBT DM¢VTVMBT EFTUF DPOUSBUP SFèFDUFN B QSFPDVQB¨¤P EB (BMQ &OFSHJB DPN BT RVFTU¶FT EF BNCJFOUF F TFHVSBO¨B F JODMVFN

Þ .FMIPSJB EB HFTU¤P JOUFSOB EBT FNQSFTBT EF USBOTQPSUF

1BSB P DPOUSPMP EPT SFRVJTJUPT EFçOJEPT GPJ EFTFOWPMWJEB VNB NFUPEPMPHJB EF NPOJUPSJ[B¨¤P BTTFOUF OVN TJTUFNB EF JOTQFD¨¤P JOUFSOB QFTTPBM QS´QSJP F FYUFSOB FNQSFTB DPOUSBUBEB &TUB NFUPEPMPHJB JODMVJ JOTQFD¨¶FT UªDOJDBT BPT 7$ OPT NPMEFT EB "1&530 F BPT QSPDFEJNFOUPT EPT NPUPSJTUBT BO¢MJTF EPT SFHJTUPT (14 F 41% $POTJEFSB BJOEB

Þ $SJB¨¤P EF VN TJTUFNB EF BWBMJB¨¤P EF GPSOFDFEPSFT BTTFOUF

Þ *WFTUJHB¨¤P EF BDJEFOUFT RVBMRVFS JODJEFOUF TFKB BDJEFOUF SPEPWJ¢SJP EFSSBNF PV DPOUBNJOB¨¤P ª JOWFTUJHBEP TFOEP FMBCPSBEP VN SFMBU´SJP EF BDPSEP DPN BT OPSNBT (BMQ &OFSHJB /1(

QFSNJUJOEP EFUFDUBS BT DBVTBT F EFçOJS NFEJEBT RVF FWJUFN B TVB SFQFUJ¨¤P

F EB DPNVOJDB¨¤P DPN B (BMQ &OFSHJB BUSBWªT EB PCSJHBUPSJFEBEF EB FYJTU«ODJB EF VN HFTUPS EF US¢GFHP QBSB BDPNQBOIBS UPEB B BDUJWJEBEF PQFSBDJPOBM F GB[FS B MJHB¨¤P EJSFDUB DPN P SFTQPOT¢WFM EF HFTU¤P EP DPOUSBUP EB (BMQ &OFSHJB FN EJWFSTPT JOEJDBEPSFT DPN PCKFDUJWPT EFçOJEPT OPNFBEBNFOUF O»NFSP EF BDJEFOUFT SPEPWJ¢SJPT O»NFSP EF EFSSBNFT F DPOUBNJOB¨¶FT EF QSPEVUPT O»NFSP EF O¤P DPOGPSNJEBEFT OP RVF TF SFGFSF BP FTUBEP EP WF®DVMP QSPDFEJNFOUPT EF DBSHB F EFTDBSHB F JOUFHSJEBEF EBT RVBOUJEBEFT EF QSPEVUP FYJH«ODJB EF VUJMJ[B¨¤P EF FRVJQBNFOUPT EF QSPUFD¨¤P JOEJWJEVBJT &1*

Þ %FçOJ¨¤P EPT SFRVJTJUPT EF GPSNB¨¤P N®OJNPT EPT NPUPSJTUBT

JODMVJ TF B FYJH«ODJB EF DVSTPT EF SPMM PWFS DPOEV¨¤P EFGFOTJWB F NBOVTFBNFOUP EF QSPEVUPT

Þ %FçOJ¨¤P EF VNB NBUSJ[ EF BOUJHVJEBEF N¢YJNB QBSB PT FRVJQBNFOUPT EF USBOTQPSUF

Þ *OTUBMB¨¤P EF TJTUFNBT EF MPDBMJ[B¨¤P EF GSPUB (14 F EF TFMBHFN FMFDUS´OJDB 41%

Þ 'PSNB¨¤P BD¨¶FT TJTUFN¢UJDBT EF TFOTJCJMJ[B¨¤P BPT NPUPSJTUBT TPCSF PT UFNBT NBJT DS®UJDPT FN DBEB NPNFOUP

Þ 'FFECBDL SFVOJ¶FT USJNFTUSBJT DPN PT USBOTQPSUBEPSFT DPN P PCKFDUJWP EF BOBMJTBS PT SFTVMUBEPT PCUJEPT F EFçOJS PQPSUVOJEBEFT EF NFMIPSJB "JOEB OP £NCJUP EB TFHVSBO¨B FTU¢ QSFWJTUB QBSB B DSJB¨¤P EF VN TJTUFNB EF TFHVJNFOUP FN FTUSBEB RVF QFSNJUB EFUFDUBS FWFOUVBJT JODVNQSJNFOUPT QPS QBSUF EPT NPUPSJTUBT EPT QSJOD®QJPT EB DPOEV¨¤P EFGFOTJWB 0T SFTVMUBEPT TFSWJS¤P DPNP CBTF QBSB BD¨¶FT EF GPSNB¨¤P EF ®OEPMF DPNQPSUBNFOUBM

("40%650 %& (/ 1SFQBSB¨¤P QBSB USBWFTTJB EP FTUV¢SJP EP 4BEP

BMNFOUF VN EPT QSJODJQBJT ESJWFST EB QPMÓUJDB F PCKFDUJWPT EBT FNQSFTBT 1BSB +ÞMJB 4FJYBT QSPGFTTPSB EB 6OJ WFSTJEBEF /PWB EF -JTCPB iEFQPJT EPT UFNQPT JOJDJBJT FN RVF B SFHVMBÎÍP GP DBWB BTQFDUPT FTQFDÓmDPT EP DPOUSPMP EF FNJTTÜFT EF QPMVFOUFT SFTVMUBOUFT EP GVODJPOBNFOUP JOEVTUSJBM PT ÞMUJNPT BOPT USPVYFSBN NVJUBT OPWJEBEFT RVF FYJHFN B BEPQÎÍP EF VNB QFSTQFDUJWB JOUFHSBEPSB EF UPEB B BDUJWJEBEF JOEVT USJBMw ² FTUB B NPUJWBÎÍP EB 1SFWFOÎÍP F

$POUSPMP *OUFHSBEPT EB 1PMVJÎÍP 1$*1

iRVF DPOEJDJPOB B BDUJWJEBEF EF VNB JOTUBMBÎÍP B VNB MJDFOÎB BNCJFOUBM F UFN DPMPDBEP BT FNQSFTBT OB TFOEB EBT NFMIPSFT UFDOPMPHJBT EJTQPOÓWFJT F EB PQUJNJ[BÎÍP EF QSPDFTTPTw

OPMØHJDBT FDPOØNJDBT F TPDJBJT PDPSSJEBT OP TFJP EB TPDJFEBEF HMPCBM "T BDÎÜFT WPMUBEBT QBSB B QSPUFDÎÍP EP BNCJFOUF TÍP NBJT SFDFOUFT F TØ EFSBN VN TBMUP TJHOJmDBUJWP RVBOEP P IPNFN QFSDFCFV RVF OÍP QPEFSJB UFS VNB WJEB TBVEÈWFM OVN QMBOFUB EPFOUF */5&(3" 0 %" 4&(63"/ " " QSJNFJSB MFHJTMBÎÍP DPOTJEFSBEB Fm %FTEF B 3FWPMVÎÍP *OEVTUSJBM EP TÏDV DJFOUF OB QSPUFDÎÍP EPT USBCBMIBEPSFT MP 97*** RVF B TFHVSBOÎB OP USBCBMIP F B TVSHJV FN *OHMBUFSSB FN 5SBUB TF TBÞEF PDVQBDJPOBM UÐN FWPMVÓEP DPNP EB -FJ EBT 'ÈCSJDBT 'BDUPSZ "DU F BQMJDB QBSUF JOUFHSBOUF EBT USBOTGPSNBÎÜFT UFD WB TF B UPEBT BT FNQSFTBT UÐYUFJT POEF TF ."3 0

NZHBMQ

DBQB ESJWFST EB QPM®UJDB F PCKFDUJWPT EBT FNQSFTBT

3VJ -FJUF -®EFS EP (SVQP EF &YDFM«ODJB 1SFWFO¨¤P EF %BOPT QPS 5FSDFJSPT EB (BMQ &OFSHJB F SFTQPOT¢WFM EB %JSFD¨¤P 5ªDOJDB EB #FJSBH¢T

" 1305&$ 0 %" */5&(3*%"%& %"4 */'3" &4536563"4 %& ( 4 /"563"-

*/5&(3" 0 " (BMQ &OFSHJB FTUBCFMFDFV DPNP QSJPSJEBEF FTUSBUªHJDB B JNQMFNFOUB¨¤P EF VN 4JTUFNB EF (FTU¤P EB 4FHVSBO¨B USBOTWFSTBM B UPEBT BT TVBT ¢SFBT EF OFH´DJP

4 :T_c 8aXeZ\T TFNQSF EFEJDPV FTQFDJBM BUFO¨¤P BPT QSPCMFNBT EB TFHVSBO¨B F B QBSUJS EF FTUBCFMFDFV DPNP QSJPSJEBEF FTUSBUªHJDB B JNQMFNFOUB¨¤P EF VN TJTUFNB EF HFTU¤P EB TFHVSBO¨B USBOTWFSTBM B UPEBT BT TVBT ¢SFBT EF OFH´DJP /P RVF DPODFSOF FN QBSUJDVMBS BP /FH´DJP EP (¢T /BUVSBM PT EBOPT DBVTBEPT QPS UFSDFJSPT OBT JOGSB FTUSVUVSBT EBT EJTUSJCVJEPSBT RVF BUJOHJBN FN NªEJB B QSFPDVQBOUF GSFRV«ODJB EF RVBTF VN JODJEFOUF EJ¢SJP GPSBN JEFOUJçDBEPT F DPNQSPWBEPT FTUBUJTUJDBNFOUF DPNP QSJODJQBM F NBJT HSBWF GBDUPS EF JOTFHVSBO¨B EFTUB BDUJWJEBEF /FTTF DPOUFYUP GPJ DSJBEP OP £NCJUP EP 1SPHSBNB EF 4FHVSBO¨B VN (SVQP EF &YDFM«ODJB 44" EB 6/ ( 1 DPN P PCKFDUJWP QSJNPSEJBM EF JEFOUJçDBS B DBVTB SBJ[ EP QSPCMFNB QBSB FODPOUSBS F JNQMFNFOUBS TPMV¨¶FT EFTUJOBEBT B QSFWFOJS B PDPSS«ODJB EF EBOPT OBT SFEFT EF EJTUSJCVJ¨¤P QPS BD¨¤P EF UFSDFJSPT HFSBMNFOUF SFTVMUBOUFT EB BCFSUVSB EF WBMBT 'PSBN JEFOUJçDBEBT F EFTFOWPMWJEBT BT TFHVJOUFT BD¨¶FT QSJPSJU¢SJBT

Þ $POUBDUPT DPN B "TTPDJB¨¤P /BDJPOBM EF .VOJD®QJPT 1PSUVHVFTFT "/.1 F DPN B UPUBMJEBEF

EBT BVUBSRVJBT BCSBOHJEBT EF NPEP B TFOTJCJMJ[¢ MBT QBSB FTUF HSBWF QSPCMFNB CFN DPNP HBSBOUJS RVF QBTTBSJBN B FOUSFHBS JOGPSNB¨¤P DBSUPHS¢çDB EB MPDBMJ[B¨¤P EBT JOGSB FTUSVUVSBT B UPEPT PT QSPNPUPSFT EF PCSBT Q»CMJDBT DVKPT QSPKFDUPT WJFTTFN B TFS BQSPWBEPT

Þ 1SPNP¨¤P EF BD¨¶FT EF FTDMBSFDJNFOUP FOUSFHB EF JOGPSNB¨¤P RVBOUP ¡ NFUPEPMPHJB EF

SFBMJ[B¨¤P EF PCSBT OPT MPDBJT POEF FYJTUBN SFEFT EF H¢T F EJTQPOJCJMJ[B¨¤P EF BTTJTU«ODJB UªDOJDB OP UFSSFOP TFNQSF RVF SFRVFSJEB

Þ $POUBDUP DPN P *OTUJUVUP EB $POTUSV¨¤P F *NPCJMJ¢SJP */$* PSHBOJTNP SFTQPOT¢WFM QFMB

FNJTT¤P EPT BMWBS¢T EF FNQSFTBT EF DPOTUSV¨¤P OP TFOUJEP EF EFçOJS VNB NFUPEPMPHJB EF SFQPSUF EBT PDPSS«ODJBT JEFOUJçDBOEP KVOUP EFTUF PSHBOJTNP PT SFTQPOT¢WFJT QPS QS¢UJDBT EF SJTDP

"USBWªT RVFS EF DPSSFTQPOE«ODJB SFNFUJEB QFMBT EJWFSTBT EJTUSJCVJEPSBT EB (BMQ &OFSHJB B UPEPT PT QSFTJEFOUFT EBT D£NBSBT NVOJDJQBJT FOWPMWJEBT RVFS EF TFTT¶FT FGFDUVBEBT OPT W¢SJPT QPOUPT EP 1B®T POEF B (BMQ &OFSHJB FTU¢ QSFTFOUF çDPV QBUFOUF QBSB UPEPT PT BHFOUFT B OFDFTTJEBEF JNQFSJPTB EF VNB DPMBCPSB¨¤P NBJT QS´YJNB FOUSF BT D£NBSBT NVOJDJQBJT PT W¢SJPT PQFSBEPSFT EP TVCTPMP BT FNQSFTBT RVF SFBMJ[BN FTDBWB¨¶FT OP EPN®OJP Q»CMJDP F BT DPODFTTJPO¢SJBT EB EJTUSJCVJ¨¤P EP (¢T /BUVSBM DPN WJTUB ¡ QSPUFD¨¤P EB JOUFHSJEBEF EBT JOGSB FTUSVUVSBT %FTEF RVF FTUF (SVQP EF &YDFM«ODJB DPNF¨PV B USBCBMIBS QPEF PCTFSWBS TF VNB O®UJEB UFOE«ODJB EF NFMIPSJB EB TJUVB¨¤P NPSNFOUF BP O®WFM EB SFEV¨¤P EP O»NFSP EF JODJEFOUFT Ô P RVF ª UBOUP NBJT EF SFBM¨BS RVBOUP ª DFSUP RVF B FYUFOT¤P EBT SFEFT EF EJTUSJCVJ¨¤P UFN DPOUJOVBEP B DSFTDFS OPNFBEBNFOUF T´ OPT »MUJNPT EPJT BOPT EF LN QBSB LN QBSB BMªN EPT SBNBJT EF BCBTUFDJNFOUP RVF BVNFOUBSBN NJM VOJEBEFT /¤P PCTUBOUF FTUB UBTL GPSDF UFS¢ DPN B JOFTUJN¢WFM DPMBCPSB¨¤P EBT FRVJQBT EBT EJTUSJCVJEPSBT EF QSPTTFHVJS DPN PT TFVT FTGPS¨PT QBSB DPOTPMJEBS F TF QPTT®WFM NFMIPSBS PT SFTVMUBEPT K¢ BMDBO¨BEPT 1BSB UBOUP ª OFDFTT¢SJP NBOUFS VNB ÙWJHJM£ODJBÚ BUFOUB F BQFSUBEB ¡ FYFDV¨¤P EBT NFEJEBT K¢ UPNBEBT F QSPDVSBS JODFTTBOUFNFOUF JEFOUJçDBS PVUSBT JOJDJBUJWBT EFTUJOBEBT P RVF QPEFS¢ QBTTBS QFMP FOWPMWJNFOUP EF PVUSBT FOUJEBEFT FYUFSOBT ¡ (BMQ &OFSHJB OPNFBEBNFOUF B QS´QSJB %JSFD¨¤P (FSBM EF &OFSHJB F (FPMPHJB F PVUSBT VUJMJUJFT RVF PQFSBN OP TVCTPMP 6NB OPUB çOBM QBSB B DPMBCPSB¨¤P RVF FTUF (SVQP EF &YDFM«ODJB UFN SFDFCJEP EBT EJWFSTBT ¢SFBT EB 6OJEBEF EF /FH´DJP F EF PVUSBT ¢SFBT EB FNQSFTB NPSNFOUF EP "24 $PSQPSBUJWP CFN DPNP B OFDFTT¢SJB SFOPWB¨¤P EPT QBSUJDJQBOUFT EP (SVQP RVF DPOUSJCVJ BDUJWBNFOUF QBSB SFOPWBS B WPOUBEF FNQFOIP F EJWFSTJEBEF EF JOJDJBUJWBT

0T EBOPT DBVTBEPT QPS UFSDFJSPT OBT JOGSB FTUSVUVSBT EBT EJTUSJCVJEPSBT EF H¢T OBUVSBM BUJOHJBN VNB GSFRV«ODJB QSFPDVQBOUF

NZHBMQ

."3 0

VTBTTF GPSÎB IJESÈVMJDB PV B WBQPS 1SPJCJB P USBCBMIP OPDUVSOP BPT NFOP SFT EF BOPT F SFTUSJOHJB PT UFNQPT EF USBCBMIP EFTUFT B IPSBT QPS EJB F QPS TFNBOB %J[JB UBNCÏN RVF BT GÈCSJDBT QSFDJTBWBN EF UFS FTDPMBT RVF EFWJBN TFS GSFRVFOUBEBT QPS UPEPT PT USBCBMIBEPSFT NFOPSFT EF BOPT F RVF B JEBEF NÓOJNB QBSB P USBCBMIP FSB EF BOPT 6N NÏEJDP EFWJB BUFTUBS RVF P EFTFOWPMWJNFOUP GÓ TJDP EB DSJBOÎB DPSSFTQPOEJB Ë TVB JEBEF DSPOPMØHJDB %FTEF FOUÍP IPVWF VNB FYQBOTÍP EB JOEVTUSJBMJ[BÎÍP F DPOTFRVFOUFNFOUF EB QSPUFDÎÍP EPT USBCBMIBEPSFT QBSB UP EPT PT DPOUJOFOUFT FN UPEBT BT SFHJÜFT POEF B NBOVGBDUVSB EFQFOEJB EP VTP EF NÈRVJOBT FRVJQBNFOUPT F QSPDFTTPT UFDOPMØHJDPT DPNQMFYPT EF QSPEVÎÍP

$0/4$*&/$*"-*;" 0 %" 40$*&%"%& " QBSUJS EB (VFSSB .VOEJBM PT IP SJ[POUFT BMBSHBSBN TF NVJUÓTTJNP "T FNQSFTBT UJWFSBN VN DSFTDJNFOUP JN

$&35*'*$" &4 & 26"-*'*$" &4 ("-1 &/&3(*" ".#*&/5& /1 &/ *40

$-$ 4FUH¢T #FJSBH¢T -JTCPBH¢T -VTJUBOJBH¢T $633 "RVJTJ¨¤P F $PNFSDJBMJ[B¨¤P EF (¢T /BUVSBM 1BSRVF EF 1PSUP #SBOE¤P 3FçOBSJB EF 4JOFT 1USPWBM

4&(63"/ " 04)"4 /1

4""(" $-$ 4FUH¢T #FJSBH¢T -JTCPBH¢T -VTJUBOJBH¢T $633 "RVJTJ¨¤P F $PNFSDJBMJ[B¨¤P EF (¢T /BUVSBM 1BSRVF EF 1PSUP #SBOE¤P 3FçOBSJB EF 4JOFT

26"-*%"%& /1 &/ *40

/FH´DJP EF -VCSJçDBOUFT $PNCVTU®WFJT EF "WJB¨¤P MFPT #BTF (BMQ 2V®NJDPT (BMQ (¢T *OTQFD¨¤P EB 3FçOBSJB EF 4JOFT /FH´DJP EF #FUVNFT 1SPCJHBMQ 4""(" $-$ 4FUH¢T #FJSBH¢T -JTCPBH¢T -VTJUBOJBH¢T $633 "RVJTJ¨¤P F $PNFSDJBMJ[B¨¤P EF (¢T /BUVSBM 1BSRVF EF 1PSUP #SBOE¤P 1USPWBM (BMQHFTUF

-"#03"5 3*0 /1 &/ *40 *&$

-BCPSBU´SJP EB 3FçOBSJB EP 1PSUP -BCPSBU´SJP EB 3FçOBSJB EF 4JOFT -BCPSBU´SJP (BMQ -VCSJçDBOUFT

QPSUBOUF F BT HSBOEFT DPSQPSBÎÜFT DPO TPMJEBSBN BT TVBT BDUJWJEBEFT EF NBOFJSB HMPCBMJ[BEB 4ÏSHJP 7JMBOPWB EJSFDUPS UÏDOJDP EB %V1POU 4BGFUZ 3FTPVSDFT 4PVUI &VSPQF SFGFSF RVF TVSHJSBN iOP DBNQP EB TFHVSBOÎB EP USBCBMIP F EP BNCJFOUF PT TJTUFNBT EF HFTUÍP PT BDPSEPT F PT QSPUPDPMPT JOUFSOBDJPOBJT BT DFSUJmDB ÎÜFT EF DPOGPSNJEBEF P BQSJNPSBNFOUP F P SJHPS EB MFHJTMBÎÍP B GPSNBÎÍP F B DBQBDJUBÎÍP EPT QSPmTTJPOBJT EB ÈSFB F B DPOTDJFODJBMJ[BÎÍP EB TPDJFEBEF QSJODJ QBMNFOUF QBSB PT UFNBT EP BNCJFOUFw " (BMQ &OFSHJB FTUÈ JOTFSJEB OFTUF DPOUFYUP &TUBCFMFDFV P TFV SJUNP F UFN BWBOÎBEP FN DPOGPSNJEBEF DPN P 14(& 1SPHSBNB EF 4FHVSBOÎB EB (BMQ &OFS HJB &TUF QSPHSBNB GPJ FTUBCFMFDJEP IÈ BMHVOT BOPT QFMP "24 $PSQPSBUJWP DPN P GPSUF BQPJP EB HFTUÍP EF UPQP DPN GPDP OB TFHVSBOÎB TBÞEF F BNCJFOUF QBSB FMFWBS B (BMQ &OFSHJB B QBUBNBSFT TVQFSJPSFT EF EFTFNQFOIP FN JHVBMEBEF DPN BT EFNBJT DPNQBOIJBT RVF BDUVBN OP SBNP FOFSHÏUJDP

4BOESB 4BSBJWB 3FTQPOT¢WFM QFMB 4FHVSBO¨B 2VBMJEBEF F "NCJFOUF OB 5SBOTQPSUFT 'SFJUBT

%*7*%&/%04 & 7"/5"(&/4 %& 6." 1"3$&3*" 4 GeTafcbegXf 9eX\gTf PSHVMIB TF EF QSFTUBS TFSWJ¨PT VOJDBNFOUF OP USBOTQPSUF DPNFSDJBMJ[B¨¤P EF DPNCVTU®WFJT 5PEPT PT TFVT DPMBCPSBEPSFT FTU¤P FTQFDJBMJ[BEPT OFTUB ¢SFB FTQFD®çDB P RVF MIFT E¢ DPNQFU«ODJBT BDSFTDJEBT QBSB BDUVBS DPN QSPOUJE¤P FN DBTP EF PDPSS«ODJBT JOFTQFSBEBT " QBSDFSJB DPN B (BMQ &OFSHJB QFSNJUF OPT SFUJSBS EJWJEFOEPT F WBOUBHFOT EB NBSDB (BMQ &OFSHJB F EF UPEB B FTUSVUVSB RVF B TVQPSUB NBT UBNCªN FMFWB BT OPTTBT SFTQPOTBCJMJEBEFT 5FNPT B OP¨¤P EF RVF OBEB QPEF GBMIBS QPJT O¤P ª P OPNF EPT 5SBOTQPSUFT 'SFJUBT RVF FTU¢ FN DBVTB NBT TJN P UJNCSF (BMQ "T QPM®UJDBT F SFRVJTJUPT EF TFHVSBO¨B F SFTQFJUP QFMP BNCJFOUF EP OPTTP QBSDFJSP (BMQ &OFSHJB T¤P SFDFCJEPT DPN FOPSNF BHSBEP F DPMPDBEPT FN QS¢UJDB EF JNFEJBUP QPJT B TFHVSBO¨B F P BNCJFOUF T¤P EVBT DPOEJ¨¶FT NVJUP JNQPSUBOUFT OP QPTJDJPOBNFOUP EF BNCBT BT FNQSFTBT OB TPDJFEBEF " 5SBOTQPSUFT 'SFJUBT BDUVB FN UFSNPT EF TFHVSBO¨B EJSFDUBNFOUF OBT TVBT VOJEBEFT EF USBOTQPSUF F DPMBCPSBEPSFT EJTQPOJCJMJ[BOEP QPS FYFNQMP QBSB GPSNB¨¤P FTQFD®çDB VN PS¨BNFOUP RVF SPOEB PT NJM FVSPT 3FMBUJWBNFOUF BP BNCJFOUF B FNQSFTB UFN WJOEP B BERVJSJS WJBUVSBT &VSP FN NªEJB EF[ WF®DVMPT QPS BOP RVF HBSBOUFN B TPMV¨¤P NBJT FçDB[ FN UFSNPT EF DPNCVTU®WFM FOUSF BT UFDOPMPHJBT DPODPSSFOUFT P RVF SFQSFTFOUB FN TJ NFTNP VNB NBJT WBMJB çOBODFJSB F BNCJFOUBM " TFHVSBO¨B F TB»EF OP USBCBMIP U«N EFTEF I¢ BMHVOT BOPT BTTVNJEP FTQFDJBM SFMFW£ODJB OB FTUSBUªHJB EFMJOFBEB QBSB B QSFTUB¨¤P EP TFSWJ¨P EF USBOTQPSUF QFMP RVF FN TF DPODSFUJ[PV DPN B DFSUJçDB¨¤P EP TJTUFNB EF TFHVSBO¨B F TB»EF OPSNB 04)"4 &N B FNQSFTB GPJ B QSJNFJSB B TFS DFSUJçDBEB QFMB OPSNB &34 * Ù5SBOTQPSUF SPEPWJ¢SJP EF NFSDBEPSJBTÚ DPOTUJUVJOEP VN SFGFSFODJBM EF BQPJP ¡ NFMIPSJB DPOU®OVB EB TBUJTGB¨¤P EPT DMJFOUFT "DSFTDFOUF TF BJOEB RVF B 5SBOTQPSUFT 'SFJUBT O¤P FGFDUVB TVCDPOUSBUB¨¤P QPJT QSFUFOEF PGFSFDFS VN TFSWJ¨P DPN RVBMJEBEF F TFHVSBO¨B

."3 0

NZHBMQ

NVOEP HSBOEFT DJEBEFT

ÈG<64F @ < ?

6

t²8F 4?G8E4

P ¤ ¨ V M P T

B E

B D T V C

N &

FOUF FN T N M B V U TF BD T EF HB JBM WJWF F E ¶ O T V T

J N

BT FN FTU¤P MB¨¤P T E

J V B Q

D P

P Q M

T EB QPS SOP BT .FUBEF SFTQPOT¢WFM F HPWF

T F FTQPTU E S

B S E B ª J S

D U

F O

T T DJEBEF P EF FTUVGB " BEPT FN FODP I FJU FNQFO F QSPCMFNB

DPN FG T J B N

U [ QBSB FT DBEB WF

NZHBMQ

."3 0

Ē ġģĖĠĔĦġĒšŝĠ DPN B EJNJOVJÎÍP EB FN DFSDB EF EBT QFTTPBT SFTJ FNJTTÍP EPT HBTFT DPN FGFJUP EF FTUVGB EBN OBT EFTJHOBEBT iNFHBDJEBEFTw DPN (&& UFN WJOEP B HBOIBS EFTUBRVF QSP NBJT EF VN NJMIÍP EF IBCJUBOUFT /VNB HSFTTJWBNFOUF VNB WF[ RVF BT FMFWBEBT FDPOPNJB HMPCBM DFOUSBEB OB NPCJMJEBEF DPODFOUSBÎÜFT EF EJØYJEP EF DBSCPOP OB FN USBOTQPSUF JOEJWJEVBM PT DVTUPT TP BUNPTGFSB FTUÍP SFMBDJPOBEBT DPN BT BM DJBJT F BNCJFOUBJT EFDPSSFOUFT UFOEFSÍP UFSBÎÜFT DMJNÈUJDBT "$ F DPOEV[FN BP B BHSBWBS TF BERVJSJOEP VN QFTP DBEB BRVFDJNFOUP HMPCBM WF[ NBJT TJHOJmDBUJWP OB FDPOPNJB EF "T DJEBEFT F HPWFSOPT MPDBJT FTUÍP DBEB QBÓT DBEB WF[ NBJT FNQF $PN FGFJUP OP OIBEPT FN FODPOUSBS DBTP EB &VSPQB F EF 1FSEFN TF UPEPT PT SFTQPTUBT QBSB FTUF BDPSEP DPN P -JWSP BOPT NJM NJMI¶FT QSPCMFNB VNB WF[ 7FSEF i1PS VNB OPWB RVF BDUVBMNFOUF EF FVSPT EFWJEP BP DVMUVSB EF NPCJMJEBEF EB QPQVMBÎÍP NVOEJBM DPOHFTUJPOBNFOUP VSCBOBw EB $PNJTTÍP WJWF FN [POBT VSCB &VSPQFJB QFSEFN TF OBT DJEBEFT OBT DPOTPNF BOVBMNFOUF NJM EB FOFSHJB NVOEJBM NJMIÜFT EF FVSPT PV F ¡ QPMVJ¨¤P F Ï SFTQPOTÈWFM QPS TFKB EP 1*# BQF EBT FNJTTÜFT EF HBTFT DPN FGFJUP OBT EFWJEP BP DPOHFTUJPOBNFOUP OBT DJ EF FTUVGB EBEFT F Ë QPMVJÎÍP TFOEP B DJSDVMBÎÍP EP USÈGFHP SPEPWJÈSJP SFTQPOTÈWFM QPS EBT FNJTTÜFT EF $0 $64504 *3 0 "(3"7"3 4& 4FHVOEP $BSMPT .BUJBT 3BNPT CBT UPOÈSJP EB 0SEFN EPT &OHFOIFJSPT F &.*44 &4 $3&4$&.

QSFTJEFOUF EP -BCPSBUØSJP /BDJPOBM EF %F BDPSEP DPN P ÞMUJNP SFMBUØSJP EB &OHFOIBSJB $JWJM -/&$ FTUJNB TF RVF "HÐODJB &VSPQFJB EF "NCJFOUF BT FNJT

(3"/%&4 $*%"%&4 /B DPOTUSV¨¤P EBT DJEBEFT ª OFDFTT¢SJP BEPQUBS NFEJEBT NJOJNJ[BEPSFT EPT JNQBDUPT BNCJFOUBJT OFHBUJWPT ."3 0

NZHBMQ

NVOEP HSBOEFT DJEBEFT

$BSMPT )VNCFSUP $BSWBMIP 1SFTJEFOUF EB +VOUB .FUSPQPMJUBOB EF -JTCPB

40-6 &4 4645&/5 7&*4 & */07"%03"4 4 ÈeXT @Xgebcb_\gTaT WX ?\fUbT ª B SFHJ¤P RVF UFN B NBJPS DPODFOUSB¨¤P QPQVMBDJPOBM EP 1B®T EF BDUJWJEBEFT F JOGSB FTUSVUVSBT "RVJ BT QSFPDVQB¨¶FT BNCJFOUBJT BTTVNFN DBEB WF[ NBJT SFMFWP VNB WF[ RVF B DJEBEF F BT BDUJWJEBEFT IVNBOBT FYFSDFN VNB HSBOEF JOèV«ODJB TPCSF BT DPOEJ¨¶FT BNCJFOUBJT DBVTBOEP JNQBDUPT OFHBUJWPT TFOEP JOBEJ¢WFM DPODSFUJ[BS TPMV¨¶FT TVTUFOU¢WFJT F JOPWBEPSBT "T QPM®UJDBT VSCBOBT EFWFN FNQFOIBS TF DBEB WF[ NBJT OB NJOJNJ[B¨¤P EPT EFTFRVJM®CSJPT FDPM´HJDPT F OB SFEV¨¤P TJHOJçDBUJWB EP DPOTVNP FOFSHªUJDP F NBUFSJBM BTTPDJBEP ¡T HSBOEFT DJEBEFT EF GPSNB RVF FTUBT TFKBN NFOPT QPMVFOUFT F EFTQFSEJ¨BEPSBT F NBJT ÙBVUP TVçDJFOUFTÚ 0 SFTQFJUP QFMP BNCJFOUF F B TVB QSPUFD¨¤P BUSBWªT EB SFEV¨¤P EBT FNJTT¶FT EF HBTFT DPN FGFJUP EF FTUVGB DPOEV[ ¡ DPOTFRVFOUF NFMIPSJB EB RVBMJEBEF EF WJEB EPT DJEBE¤PT TFOEP JOEJTQFOT¢WFM VN QMBOFBNFOUP VSCBOP TVTUFOU¢WFM B BQPTUB OBT FOFSHJBT SFOPW¢WFJT F OB FçDJ«ODJB FOFSHªUJDB B NPEJçDB¨¤P EPT QBES¶FT EF NPCJMJEBEF VSCBOB RVFS EFTFODPSBKBOEP P VTP EP BVUPN´WFM NFMIPSBOEP P TJTUFNB EF USBOTQPSUFT DPMFDUJWPT RVFS QSPNPWFOEP GPSNBT BMUFSOBUJWBT EF USBOTQPSUFT CJDJDMFUB B Qª F FOWPMWFOEP UPEB B DPNVOJEBEF

TÜFT EF (&& HFSBEBT QFMP DSFTDJNFOUP EPT WPMVNFT EF USÈGFHP SPEPWJÈSJP EF QBTTBHFJSPT F NFSDBEPSJBT OB &VSPQB GPSBN SFTQPOTÈWFJT QPS VN BVNFOUP EF EFTUBT FNJTTÜFT FOUSF F &N 1PSUVHBM UBNCÏN BT FNJTTÜFT EF (&& GPSBN TVQFSJPSFT FN ËT SFHJT UBEBT FN DBCFOEP BPT TFDUPSFT EPT USBOTQPSUFT F EB FOFSHJB DFSDB EF EP TFV UPUBM 1BSB $BSMPT )VNCFSUP EF $BSWBMIP QSFTJEFOUF EB +VOUB .FUSPQPMJUBOB EF -JTCPB +.- HSBOEF QBSUF EBT FNJTTÜFT EF (&& QPEF TFS JNQVUBEB B BTQFDUPT EB WJEB VSCBOB DPNP PT USBOTQPSUFT F B NPCJMJEBEF B JOFmDJÐODJB FOFSHÏUJDB OPT FEJGÓDJPT B JMVNJOBÎÍP QÞCMJDB B BV TÐODJB EF FOFSHJBT SFOPWÈWFJT B FTDBTTB TFOTJCJMJ[BÎÍP QÞCMJDB QBSB BT CPBT QSÈ UJDBT F BP VSCBOJTNP F PSEFOBNFOUP EP UFSSJUØSJP RVF TÍP ÈSFBT DIBWF POEF TF QPEF JOUFSWJS DPN P JOUVJUP EF JNQFEJS F JOWFSUFS B UFOEÐODJB EF DSFTDJNFOUP EBT FNJTTÜFT i"T BMUFSBÎÜFT DMJNÈUJDBT F P UFS SJUØSJP FTUÍP BTTJN NBOJGFTUBNFOUF SFMBDJPOBEPT FYJTUJOEP GBDUPSFT DPNP B JNQFSNFBCJMJ[BÎÍP F B PDVQBÎÍP EF UFSSJUØSJPT WVMOFSÈWFJT F P DPOTVNP FN FYDFTTP EF SFDVSTPT IÓESJDPT FOUSF PV USPT RVF EFUFSNJOBN B WVMOFSBCJMJEBEF EP UFSSJUØSJP F QSPEV[FN FGFJUPT DPNP JOVOEBÎÜFT DBMPS FYUSFNP UFNQFTUBEFT FUD RVF JSÍP MFTBS EF GPSNB NBJT TJHOJ mDBOUF HSVQPT WVMOFSÈWFJT DPNP DSJBO

NZHBMQ

."3 0

ÎBT JEPTPT F QFTTPBT EFTGBWPSFDJEBTw EJ[ $BSMPT )VNCFSUP $BSWBMIP /B TFRVÐODJB EF VN FTUVEP SFBMJ[BEP QFMB -JTCPB & /PWB "HÐODJB .VOJDJQBM EF &OFSHJB F "NCJFOUF SFMBUJWP Ë NB USJ[ EF DPOTVNPT QPS UJQP EF VUJMJ[BÎÍP OP DPODFMIP EF -JTCPB DPOTUBUB TF RVF EPT DPOTVNPT UPUBJT FN FOFSHJB QSJNÈSJB DPSSFTQPOEFN BPT USBOTQPSUFT %FTUFT EJ[FN SFTQFJUP BP NPEP SPEPWJÈSJP BP GFSSPWJÈSJP F BP nVWJBM

(&45 0 */5&(3"%" "T QSJODJQBJT BNFB¨BT ¡ TVTUFOUBCJMJEBEF EBT DJEBEFT FYJHFN OPWBT SFTQPTUBT F NFTNP OPWPT QBSBEJHNBT OB ¢SFB EPT USBOTQPSUFT

$BSMPT .BUJBT 3BNPT #BTUPO¢SJP EB 0SEFN EPT &OHFOIFJSPT

" 4645&/5"#*-*%"%& %"4 $*%"%&4 4f ce\aV\cT\f T`XT Tf ¡ TVTUFOUBCJMJEBEF EBT DJEBEFT FYJHFN OPWBT SFTQPTUBT F NFTNP OPWPT QBSBEJHNBT OB ¢SFB EPT USBOTQPSUFT O¤P T´ BP O®WFM EP QMBOFBNFOUP F EB DPOTUSV¨¤P DPNP UBNCªN BP O®WFM EB HFTU¤P JOUFHSBEB EPT W¢SJPT SJTDPT /FTUB QFSTQFDUJWB P -/&$ JODMVJV OP TFV 1MBOP EF *OWFTUJHB¨¤P 1SPHSBNBEB QBSB P RVBESJªOJP PT TFHVJOUFT QSPKFDUPT EF JOWFTUJHB¨¤P Ù"CPSEBHFOT NFUPEPM´HJDBT QBSB B HFTU¤P EP SJTDP FN TJTUFNBT EF USBOTQPSUFTÚ F Ù"WBMJB¨¤P EBT FYUFSOBMJEBEFT EPT TJTUFNBT EF USBOTQPSUFT F QMBOFBNFOUP EB NPCJMJEBEF TVTUFOU¢WFMÚ &TUF »MUJNP E¢ DPOUJOVJEBEF B VNB MJOIB EF JOWFTUJHB¨¤P RVF UFN TJEP EFTFOWPMWJEB FN DPMBCPSB¨¤P DPN JOTUJUVUPT FTUSBOHFJSPT SFMBUJWB ¡ BQMJDB¨¤P EF NPEFMPT QBSB B BWBMJB¨¤P FTUJNBUJWB EF DVTUPT NBSHJOBJT BNCJFOUBJT EP USBOTQPSUF SPEPWJ¢SJP F BªSFP 1SFUFOEF TF DPN FTUFT FTUVEPT EFTFOWPMWFS NFUPEPMPHJBT NPEFSOBT RVF EF VNB GPSNB JOUFHSBEB DPOUSJCVBN QBSB VNB NBJPS FçDJ«ODJB FOFSHªUJDB OBT DJEBEFT RVF QBTTB QFMB NFMIPS BEFRVB¨¤P EPT TJTUFNBT EF USBOTQPSUFT RVFS OB TVB BSUJDVMB¨¤P DPN PT VTPT EP TPMP CBTFBEB OB WBMPSJ[B¨¤P EP UFSSJU´SJP OB JOUFSNPEBMJEBEF OB BDFTTJCJMJEBEF F OB NPCJMJEBEF TVTUFOU¢WFM

RVFS OB QSPNP¨¤P EP USBOTQPSUF DPMFDUJWP DPN «OGBTF OP GFSSPWJ¢SJP EPT NPEPT TVBWFT EF OPWPT DPODFJUPT EF NPCJMJEBEF VSCBOB F EF OPWBT UFDOPMPHJBT EFTJHOBEBNFOUF BT DFOUSBEBT OB NPCJMJEBEF FMªDUSJDB $PN P DPOUSJCVUP EPT JOWFTUJHBEPSFT EP -/&$ "OU´OJP -FNPOEF EF .BDFEP F &MJTBCFUF "STªOJP

+PSHF #POJUP 4BOUPT .FNCSP EB DPNJTT¤P JOTUBMBEPSB EP $PMªHJP EF &TQFDJBMJEBEF EF 6SCBOJTNP EB 0SEFN EPT "SRVJUFDUPT

" $*%"%& $0.1"$5" $0/$&/53"%" AT c_Ta\ßVT }b EF VNB DJEBEF TFS¢ GVOEBNFOUBM UFS QSFTFOUF RVF RVBMRVFS BHMPNFSBEP VSCBOP DPOTUJUVJ VN TJTUFNB EF N»MUJQMBT WBSJ¢WFJT F EFWFS¤P TFS UJEBT FN DPOTJEFSB¨¤P BT BSUJDVMB¨¶FT FOUSF FTTBT NFTNBT WBSJ¢WFJT Ô IBCJUB¨¤P USBCBMIP FOTJOP SFDSFJP MB[FS TB»EF DPNªSDJP FUD %FWFS¢ QFOTBS TF OVNB DJEBEF DPNQBDUB DPODFOUSBEB DPN VNB NJTUVSB EF VTPT EJTUSJCV®EB EF GPSNB FRVJMJCSBEB QFMP TFV UFSSJU´SJP QFOTBEB F EFTFOIBEB QBSB BT QFTTPBT RVF QFSNJUB NJOJNJ[BS B OFDFTTJEBEF EF HSBOEFT EFTMPDB¨¶FT F QPTTJCJMJUF B FYJTU«ODJB EF VNB SFEF EF USBOTQPSUFT Q»CMJDPT BSUJDVMBEB F JOUFHSBEB OVN TJTUFNB HMPCBM F NVMUJNPEBM EF EFTMPDB¨¶FT &TUF UJQP EF DJEBEF QFSNJUF P EFTFOWPMWJNFOUP EF VNB FTUSBUªHJB EF NPCJMJEBEF POEF P USBOTQPSUF Q»CMJDP ª EPNJOBOUF F QPTTJCJMJUB UBNCªN P JODSFNFOUP EP VTP EPT NPEPT TVBWFT EF MPDPNP¨¤P DPOUSJCVJOEP BTTJN QBSB VNB NPCJMJEBEF TVTUFOU¢WFM F QBSB B EJNJOVJ¨¤P EF UPEBT BT GPSNBT EF QPMVJ¨¤P Ô TPOPSB BUNPTGªSJDB WJTVBM Ô RVF FTU¤P OPSNBMNFOUF BTTPDJBEBT BP VTP EPT WF®DVMPT BVUPN´WFJT 1FSNJUF JHVBMNFOUF B EJNJOVJ¨¤P EPT DVTUPT BTTPDJBEPT ¡ DPOTUSV¨¤P EBT SFEFT EF JOGSB FTUSVUVSBT F DPOTFRVFOUFNFOUF QPS TFSFN FTTBT NFTNBT SFEFT EF NFOPS EJNFOT¤P SFEV[JS BT RVBOUJEBEFT EF NBUFSJBJT EF DPOTUSV¨¤P VTBEPT QBSB B TVB DPODSFUJ[B¨¤P Ô NFOPT NBUFSJBJT NFOPT QSPEV¨¤P NFOPT QPMVJ¨¤P /B DPOTUSV¨¤P EF VNB DJEBEF TFS¢ OFDFTT¢SJP BEPQUBS UPEBT BT NFEJEBT NJOJNJ[BEPSBT RVF QPTTBN DPOUSJCVJS QBSB EJNJOVJS P QFTP EPT JNQBDUPT BNCJFOUBJT OFHBUJWPT EFDPSSFOUFT EBT W¢SJBT GBTFT EB TVB DPOTUSV¨¤P /B HFTU¤P EF VNB DJEBEF EFWFS¢ QSPDVSBS TF BEPQUBS UPEBT BT QPM®UJDBT F NFEJEBT EF BD¨¤P DPOEVDFOUFT ¡ DPODSFUJ[B¨¤P EF VNB DJEBEF RVF TFKB TVTUFOU¢WFM FN UPEPT BT TVBT WFSUFOUFT

1-"/04 &453"5 (*$04 4ÍP WBMPSFT RVF GB[FN SFnFDUJS F TBMJFO UBN B JNQPSUÉODJB EF TF EJTQPS EF VNB FTUSBUÏHJB FOFSHÏUJDB BNCJFOUBM QBSB BT DJEBEFT RVF QPTTJCJMJUF B JNQMFNFOUBÎÍP EF NFEJEBT JOUFHSBEBT DPOEVDFOUFT B VN EFTFNQFOIP FOFSHÏUJDP NBJT TVTUFOUÈWFM "TTJN QBSB GB[FS GBDF BPT FGFJUPT OFHBUJ WPT B JNQMFNFOUBÎÍP EF 1MBOPT EF "DÎÍP 3FHJPOBM F -PDBM QBSB BT "MUFSBÎÜFT $MJ NÈUJDBT 1"3-"$ FN DPNQMFNFOUP DPN QSÈUJDBT EF EFTFOWPMWJNFOUP TVTUFOUÈWFM VNB CPB HPWFSOBÎÍP P FOWPMWJNFOUP EB DPNVOJEBEF F P FTUBCFMFDJNFOUP EF QBS DFSJBT F DPNQSPNJTTPT QFSNJUFN GB[FS VNB BCPSEBHFN RVF QBTTF QPS JOWFO UBSJBS BT FNJTTÜFT FTUBCFMFDFS NFUBT EF SFEVÎÍP EFMJOFBS VN QMBOP EF BDÎÍP F GB [FS B TVB JNQMFNFOUBÎÍP NPOJUPSJ[BÎÍP F SFWJTÍP &TUFT QMBOPT FTUSBUÏHJDPT JOUFHSBEPT DPN PT JOTUSVNFOUPT EF HFTUÍP UFSSJUPSJBM FYJTUFOUFT OPNFBEBNFOUF DPN PT QMBOPT EJSFDUPSFT NVOJDJQBJT OBT ÈSFBT EF QSF WFOÎÍP EPT SJTDPT OBUVSBJT F OB BEBQUBÎÍP EP VTP EP TPMP Ë WVMOFSBCJMJEBEF EP UFS SJUØSJP DPOTUJUVFN VNB NBJT WBMJB QBSB B SFTPMVÎÍP EPT QSPCMFNBT EFDPSSFOUFT EBT BMUFSBÎÜFT DMJNÈUJDBT ."3 0

NZHBMQ

FOUSFWJTUB çMJQF EVBSUF TBOUPT 4CBFG4 C4E4 B 9HGHEB

6N NVOEP DPN NFOPS SJTDP " EFTDBSCPOJ[B¨¤P EB FDPOPNJB ª VN EFTBçP HJHBOUFTDP NBT ª QPTT®WFM TVQFS¢ MP ġĒģĒ ėĚĝĚġĖ ĕĦĒģĥĖ ĤĒğĥĠĤ QSPGFTTPS DB UFESÈUJDP EF 'ÓTJDB OB 'BDVMEBEF EF $JÐO DJBT EB 6OJWFSTJEBEF EF -JTCPB P MBEP NFOPT QPTJUJWP EB $JNFJSB EF $PQFOIBHB GPJ B GBMUB EF VN TJOBM DMBSP EF BDPSEP RVF JSJB MFWBS BT FNQSFTBT FN UPEP P NVOEP B BQPTUBS DPN NBJT GPSÎB OBT FOFSHJBT SFOPWÈWFJT .BT FTUÈ DPOWFODJEP EF RVF B $IJOB FTUÈ DBEB WF[ NBJT FNQFOIBEB FN EFTFOWPMWÐ MBT F RVF JTTP JSÈ BSSBTUBS DPOTJHP BT PVUSBT OBÎÜFT " SFDFOUF $JNFJSB EF $PQFOIBHB DPO TJTUJV NBJT OVN GSBDBTTP PV OVN SF MBUJWP TVDFTTP 1FOTP RVF OÍP TF QPEF GBMBS EF VN GB MIBOÎP EB $POWFOÎÍP 2VBESP EBT /BÎÜFT 6OJEBT TPCSF "MUFSBÎÜFT $MJNÈUJDBT FN $PQFOIBHB 'PJ DPOTFHVJEP BMHP QPTJUJWP 1FMB QSJNFJSB WF[ GPJ QPTTÓWFM OFHPDJBS DPN BMHVOT EPT QBÓTFT EF FDPOPNJBT FNFSHFOUFT F PT &TUBEPT 6OJEPT 0 BDPSEP BMDBOÎBEP Ï JOTVmDJFOUF QBSB USBWBS BT BMUFSBÎÜFT DMJNÈUJDBT NBT Ï VN QBTTP JNQPSUBOUF QBSB MFWBS BT FDPOPNJBT FNFSHFOUFT FN QBSUJDVMBS BT EB $IJOB F EB ¶OEJB B BTTVNJSFN VN DPNQSPNJTTP EF SFEVÎÍP EBT FNJTTÜFT 0 RVF TF QPEF FTQFSBS QBSB B QS´YJNB $JNFJSB EP .ªYJDP %FQPJT EB $JNFJSB EF #BMJ IPVWF VNB USBOTGPSNBÎÍP RVBMJUBUJWB OP RVF SFTQFJUB ËT OFHPDJBÎÜFT QPJT FN $PQFOIBHB SB EJDBMJ[PV TF P EJTDVSTP EF BMHVOT QBÓTFT 1PS JTTP WBJ TFS EJGÓDJM RVF OB $JNFJSB EP .ÏYJDP TF DIFHVF B VN BDPSEP WJODVMBUJWP OP ÉNCJUP EBT /BÎÜFT 6OJEBT RVF BCSBOKB UPEPT PT QBÓTFT FOWPMWJEPT %F RVBMRVFS NPEP Ï NVJUP JNQPSUBO UF DPOUJOVBSFN BT OFHPDJBÎÜFT QPJT IÈ VNB DPOTDJFODJBMJ[BÎÍP DBEB WF[ NBJPS EF RVF FTUB Ï VNB QSPCMFNÈUJDB RVF WBJ BGFDUBS UPEPT )È FTQBÎP QBSB TF BWBOÎBS F MFWBS PT QBÓTFT EFTFOWPMWJEPT F FN EF

NZHBMQ

."3 0

TFOWPMWJNFOUP B FTUBCFMFDFSFN DPNQSP NJTTPT EF SFEVÎÍP EBT FNJTTÜFT

DPOUSÈSJP WBNPT UFS VNB QFSTQFDUJWB EF DVSUP QSB[P F OÍP WBNPT JOWFTUJS P TVm DJFOUF QBSB SFTPMWFS P QSPCMFNB 7BJ TFS OFDFTTÈSJP OÍP TØ JOWFTUJS NBJT OBT FOFSHJBT SFOPWÈWFJT NBT UBNCÏN OB FmDJÐODJB FOFSHÏUJDB & FTUB EFQFOEF NVJ UP EB TFOTJCJMJ[BÎÍP EBT QFTTPBT QBSB P VTP EF TJTUFNBT NBJT FmDJFOUFT RVF SFQSF TFOUBN QBSB FMBT VNB FDPOPNJB 5BNCÏN EFWFSÈ TFS VTBEB VNB UFDOPMPHJB RVF BJOEB OÍP FTUÈ DPNQMFUB NFOUF PQFSBDJPOBM B EF DBQUVSB F TFRVFT USP EP DBSCPOP $$4 RVF QFSNJUF VUJMJ[BS P DBSWÍP TFN MBOÎBS PV EJNJOVJOEP BT FNJTTÜFT EF $0 QBSB B BUNPTGFSB .BT QPEFSÈ OÍP TFS QPTTÓWFM VNB NBJT SÈQJEB EFTDBSCPOJ[BÎÍP EB FDPOPNJB TFN RVF BMHVOT QBÓTFT RVF FOWFSFEFN QPS FTTB WJB PQUFN QPS UFS EF GBDUP QSPHSBNBT WJHPSPTPT EF FOFSHJB OVDMFBS

2VF OPWP QBSBEJHNB FOFSHªUJDP QP EFNPT UFOUBS QSFWFS OP £NCJUP EB JOFWJU¢WFM EFTDBSCPOJ[B¨¤P EBT FDP OPNJBT F BP SJUNP RVF P EFTFOWPM WJNFOUP UFDOPM´HJDP F DVMUVSBM IPKF QFSNJUF 5SBUB TF EF VNB RVFTUÍP DFOUSBM " 6OJÍP &VSPQFJB UFN TF CBUJEP QBSB RVF OÍP TF VMUSBQBTTF $ EF BVNFOUP EB UFNQFSBUVSB NÏEJB HMPCBM FN SFMBÎÍP BP QFSÓPEP QSÏ JOEVTUSJBM VN EFTBmP NVJUP HSBOEF 1BSB TF DPOTFHVJS JTTP TFSÈ OFDFT TÈSJP SFEV[JS BT FNJTTÜFT EF UPEP P NVOEP FN NBJT EF FN SFMBÎÍP B ² VN EFTBmP HJHBOUFTDP NBT Ï QPTTÓ WFM TVQFSÈ MP &YJTUFN KÈ DFOÈSJPT DPNP P EB "HÐODJB *OUFSOBDJPOBM EF &OFSHJB RVF OPT BQPOUBN P DBNJOIP B TFHVJS 0 DVTUP FOWPMWJEP OB EFTDBSCPOJ[B 2VBM P QBQFM EB 6& B ÎÍP EB FDPOPNJB FTUÈ DBMDVMBEP FN " 6OJÍP &VSPQFJB UFN TJEP MÓEFS OP QSP

0 DVTUP FOWPMWJEP OB EFTDBSCPOJ[B¨¤P EB FDPOPNJB FTU¢ DBMDVMBEP FN CJMJ¶FT EF FVSPT F JNQMJDB RVF EB PGFSUB EF FOFSHJB TFKB EF PSJHFN SFOPW¢WFM CJMJÜFT EF EØMBSFT CJMJÜFT EF FVSPT

1BSB RVF FMF TFKB BMDBOÎBEP Ï UBNCÏN OFDFTTÈSJP RVF DFSDB EF EB PGFSUB EF FOFSHJB TFKBN EF PSJHFN SFOPWÈWFM ² VN OÞNFSP HJHBOUFTDP NBT TF P FORVBESBSNPT FN UFSNPT EB TPNB EPT 1*# EF UPEPT PT QBÓTFT EP NVOEP SFQSF TFOUB FGFDUJWBNFOUF VN BSSFGFDJNFOUP EB FDPOPNJB EF FN F FN " RVFTUÍP RVF FTUÈ FN DJNB EB NFTB Ï TF WBMF B QFOB GB[FS FTUF FTGPSÎP F EFJYBS QBSB BT OPWBT HFSBÎÜFT VN NVOEP DPN NFOPS SJTDP OP RVF SFTQFJUB ËT BMUFSBÎÜFT DMJNÈUJDBT F TFVT JNQBDUPT TPCSF BT BDUJWJ EBEFT FDPOØNJDBT F BNCJFOUF PV TF QFMP

DFTTP EF SFEVÎÍP EF HBTFT DPN FGFJUP EF FTUVGB QBSB B BUNPTGFSB $PNP P SFTVMUB EP EBT OFHPDJBÎÜFT FN $PQFOIBHB mDPV BRVÏN EBT FYQFDUBUJWBT B 6& RVF UJOIB B JOUFOÎÍP EF TF DPNQSPNFUFS FN SFEV[JS BUÏ NBJT QPOUPT QFSDFOUVBJT EP RVF B NFUB QSFWJTUB OÍP P GF[ QPSRVF PT PVUSPT QBÓTFT FN QBSUJDVMBS PT &TUBEPT 6OJEPT F B $IJOB OÍP BWBOÎBSBN DPN QSPQPTUBT TVmDJFOUFNFOUF BNCJDJPTBT " 6OJÍP &VSPQFJB GF[ CFN &TUF QSP CMFNB UFN RVF TFS SFTPMWJEP NBT EF GPSNB JOUFHSBEB F HMPCBM TFN QSFKVEJ DBS B DPNQFUJUJWJEBEF FDPOØNJDB EPT QBÓTFT F SFHJÜFT FOWPMWJEPT BUÏ QPSRVF IÈ EJmDVMEBEFT B SFTPMWFS OP TFV TFJP

#*0(3"'*" 9\_\cX 7hTegX FTagbf ª QSPGFTTPS DBUFES¢UJDP EF '®TJDB OB 'BDVMEBEF EF $J«ODJBT EB 6OJWFSTJEBEF EF -JTCPB 5FN TF EFEJDBEP TPCSFUVEP ¡ JOWFTUJHB¨¤P OBT $J«ODJBT EP "NCJFOUF FN FTQFDJBM EBT .VEBO¨BT (MPCBJT F "MUFSB¨¶FT $MJN¢UJDBT QSPGFTTPS DPOWJEBEP EF W¢SJBT VOJWFSTJEBEFT QSFTUJHJBEBT EPT &6" F EB &VSPQB 5FN DFSDB EF BSUJHPT DJFOU®çDPT QVCMJDBEPT F DPPSEFOPV B SFEBD¨¤P EP QSJNFJSP F »OJDP -JWSP #SBODP TPCSF P &TUBEP EP "NCJFOUF FN 1PSUVHBM QVCMJDBEP FN *OUFHSB P $POTFMIP /BDJPOBM EP "NCJFOUF F EP %FTFOWPMWJNFOUP 4VTUFOU¢WFM F ª NFNCSP FGFDUJWP EB "DBEFNJB EBT $J«ODJBT EF -JTCPB HFTUPS EB ¢SFB EF %FTFOWPMWJNFOUP 4VTUFOU¢WFM EP 1SPHSBNB *CFSP "NFSJDBOP $:5&% Ô $J«ODJB F 5FDOPMPHJB QBSB P %FTFOWPMWJNFOUP

DPNCVTUÓWFJT &TUF Ï VN QSPCMFNB POEF UPEPT FTUBNPT FOWPMWJEPT /ÍP JNQPSUB TF BT FNJTTÜFT UÐN PSJHFN OB $IJOB OB #PMÓWJB OPT &TUBEPT 6OJEPT PV FN 1PS UVHBM 0 GBDUP Ï RVF PT HBTFT DPN FGFJUP EF FTUVGB QFSNBOFDFN CBTUBOUF UFNQP OB BUNPTGFSB 0 EJØYJEP EF DBSCPOP FN NÏEJB DFSDB EF BOPT " OPTTB DPOUSJCVJÎÍP Ï QFRVFOB OÍP TØ QFMB EJNFOTÍP EP 1BÓT NBT QPSRVF OÍP FNJUJNPT NVJUP FN DPNQBSBÎÍP DPN PVUSPT QBÓTFT EB 6OJÍP &VSPQFJB 0 GBDUP Ï RVF JSFNPT TPGSFS DPN BT BMUFSBÎÜFT DMJNÈUJDBT QPJT B SFHJÍP NFEJUFSSÉOJDB EB &VSPQB WBJ UFS JNQBD UPT NBJT HSBWPTPT DPN NFOPS QSFDJQJUB ÎÍP F QSPCMFNBT EF FTDBTTF[ EF ÈHVB

FN SFMBÎÍP BP GVUVSP &N QBSUJDVMBS QPS FYJTUJSFN &TUBEPT DPN SFTFSWBT EF DBSWÍP JNQPSUBOUFT DPNP B 1PMØOJB F B )VOHSJB RVF TFOUFN NFOPT QSFTTÍP QBSB EFTFOWPMWFS FOFSHJBT SFOPWÈWFJT EP RVF P OPTTP 1BÓT RVF UFN VNB EF QFOEÐODJB FOFSHÏUJDB GPSUÓTTJNB EP FY UFSJPS $FSDB EF EP OPTTP DPOTVNP EF FOFSHJB WÐN EF JNQPSUBÎÜFT VNB GBDUVSB HJHBOUFTDB QBSB PT QPSUVHVFTFT 1PS JTTP BRVJMP RVF UFN TJEP GFJUP FN 1PSUVHBM OP TFOUJEP EP EFTFOWPMWJNFOUP EBT FOFSHJBT SFOPWÈWFJT FN QBSUJDVMBS EB FØMJDB Ï FYUSFNBNFOUF QPTJUJWP 5SBUB TF EF TJUVBÎÜFT F EF WPOUBEFT EJWFSTBT 1PS JTTP WBJ TFS OFDFTTÈSJB NVJ

"-5&3" &4 $-*. 5*$"4 'JMJQF %VBSUF 4BOUPT BDSFEJUB RVF B 6& WBJ DPOUJOVBS B MJEFSBS FTUF DPNCBUF

UB OFHPDJBÎÍP QBSB QÙS UPEPT EF BDPSEP .BT FTUPV FN DSFS RVF B 6& JSÈ DPOUJOVBS B MJEFSBS FTUF QSPDFTTP EF DPNCBUF ËT BMUFSBÎÜFT DMJNÈUJDBT 2VBM P DPOUSJCVUP EF VN QFRVFOP F QFSJGªSJDP QB®T DPNP 1PSUVHBM 0 OPTTP DPOUSJCVUP OP DPNCBUF ËT BMUF SBÎÜFT DMJNÈUJDBT Ï F TFSÈ JNQPSUBOUF EFWJEP B FTUBSNPT B EFTFOWPMWFS BT FOFS HJBT SFOPWÈWFJT EF GPSNB FNQFOIBEB UBOUP B FØMJDB DPNP B TPMBS PV PT CJP

2VBJT PT QSJODJQBJT JNQBDUPT F DPOTFRV«ODJBT QBSB VNB FNQSFTB DPNP B (BMQ &OFSHJB " FOFSHJB FTUÈ OB CBTF EP QBSBEJHNB BDUVBM EP EFTFOWPMWJNFOUP /ÍP UFNPT GPOUFT BMUFSOBUJWBT TVGJDJFOUFNFOUF BCVOEBOUFT 1PS JTTP WBNPT DPOUJOVBS B VUJMJ[BS PT DPNCVTUÓWFJT GØTTFJT .BT Ï QSFWJTÓWFM RVF P TFV QSFÎP WÈ BVNFO UBS TPCSFUVEP P QFUSØMFP F OÍP UBOUP P DBSWÍP ² NVJUP JNQPSUBOUF RVF BT FNQSF TBT EFTUF TFDUPS DPNP B (BMQ &OFSHJB FTUFKBN BUFOUBT F B GB[FS JOWFTUJNFOUPT FN FOFSHJBT SFOPWÈWFJT QPJT FMBT WÍP UFS VNB JNQPSUÉODJB DBEB WF[ NBJPS OP GVUVSP ."3 0

NZHBMQ

FNQSFTBT TUDQ GE4AFCBEG8 CÒ5?<6B HE54AB

6NB BMUFSOBUJWB DPNQFUJUJWB " PGFSUB EFTUB FNQSFTB JODMVJ NBJT EF WF®DVMPT F VNB SFEF DPN FYUFOT¤P TVQFSJPS B RVJM´NFUSPT

ĖĞġģĖĤĒ EF USBOTQPSUF QÞCMJDP VSCBOP EF QBTTBHFJSPT OB «SFB .FUSPQPMJUBOB EP 1PSUP ".1 FN BSUJDVMBÎÍP DPODFSUBEB DPN PT EFNBJT PQFSBEPSFT SPEPWJÈSJPT GFSSPWJÈSJP F EF NFUSP MJHFJSP B 4PDJFEBEF EF 5SBOTQPSUF $PMFDUJWPT EP 1PSUP 45$1

DPOUSJCVJ QBSB B FGFDUJWB NPCJMJEBEF EBT QFTTPBT %JTQPOJCJMJ[BOEP VNB BMUFSOBUJWB DPNQFUJUJWB BP USBOTQPSUF JOEJWJEVBM QSJWBEP HFSB QFMB TVB BDUJWJEBEF CF OFGÓDJPT TPDJBJT F BNCJFOUBJT OVN RVBESP EF SBDJPOBMJEBEF FDPOØNJDB QSPDVSBOEP B NFMIPSJB DPOUÓOVB OP TFV EFTFNQF OIP " TVB PGFSUB JODMVJ TFSWJÎPT EF USBOT QPSUF VSCBOP SPEPWJÈSJP EF QBTTBHFJSPT FN NPEP BVUPDBSSP F DBSSP FMÏDUSJDP BUSBWÏT EB FYQMPSBÎÍP EB SFEF EF USBOT

NZHBMQ

."3 0

QPSUF QÞCMJDP RVF MIF FTUÈ DPODFTTJPOBEB F RVF TF FTUFOEF QPS NBJT EF RVJMØ NFUSPT " 45$1 FGFDUVB BJOEB BMVHVFSFT EF BVUPDBSSPT B FNQSFTBT PV QBSUJDVMB SFT F HFSF P .VTFV EP $BSSP &MÏDUSJDP OP 1PSUP RVF FGFDUVB WJTJUBT BP FTQBÎP NVTFPMØHJDP BMVHVFS EF FMÏDUSJDPT F EF FTQBÎP F PSHBOJ[BÎÍP EF FWFOUPT

"+645"3 " 0'&35" " FNQSFTB BDPNQBOIB SFHVMBSNFOUF P DPNQPSUBNFOUP EB QSPDVSB QBSB NFMIPS BKVTUBNFOUP EB TVB PGFSUB &TUF FTUVEP QFSNJUF MIF EBS SFTQPTUB BP TVSHJNFOUP EF QØMPT EF QSPDVSB SFMBDJPOBEPT DPN B DPOTUSVÎÍP EF OPWPT FRVJQBNFOUPT FTDP MBSFT IPTQJUBMBSFT PV EFTQPSUJWPT PV EF TFSWJÎPT QÞCMJDPT EF BUFOEJNFOUP CFN DPNP DPN B TVB SFMPDBMJ[BÎÍP

/ .&304 %" &.13&4"

NJMI¶FT EF QBTTBHFJSPT USBOTQPSUBEPT

LN QFSDPSSJEPT DPMBCPSBEPSFT 7PMVNF EF OFH´DJPT NJMI¶FT EF FVSPT

3FEF USBOTQPSUFT EB 45$1 DPN

LN FN TFJT DPODFMIPT F GSFHVFTJBT

BVUPDBSSPT DBSSPT FMªDUSJDPT

'SPUB EF F

6. 106$0 %& )*45 3*"

" FNQSFTB NBOUªN VNB BUFO¨¤P FTQFDJBM FN SFMB¨¤P BPT DMJFOUFT DPN EJçDVMEBEFT 6N EPT TFVT PCKFDUJWPT Ï BTTFHVSBS VN OÓWFM FMFWBEP EF DVNQSJNFOUP EP TFSWJÎP QSPHSBNBEP F DVNQSJS P EFWFS EF JOGPS NBÎÍP BUFNQBEB EFTJHOBEBNFOUF TPCSF B SFEF QFSDVSTPT IPSÈSJPT [POBNFOUP F QBSBHFOT CFN DPNP TPCSF BOPNBMJBT QSFWJTÓWFJT UBJT DPNP EFTWJPT EF USÉOTJUP GFTUFKPT HSFWFT PV PVUSBT 1BSB PQUJNJ[BS P TFSWJÎP RVF PGFSFDF BDPMIF DPN SFDFQUJWJEBEF BT TVHFTUÜFT SFDFCJEBT F BQØT BOÈMJTF EÈ SFTQPTUB TPCSF B FYJTUÐODJB PV OÍP EB TVB WJBCJ MJEBEF F JOUFSFTTF EBOEP TFHVJNFOUP RVBOUP QPTTÓWFM ËT RVF QSFFODIBN FT UFT SFRVJTJUPT 0 NFTNP BDPOUFDF DPN P USBUBNFOUP F SFTQPTUB FN UFNQP ÞUJM ËT SFDMBNBÎÜFT SFDFCJEBT QBSB JEFOUJmDBÎÍP EBT DBVTBT USBUBNFOUP F TFHVJNFOUP EBT RVF TFKBN SFTQPOTBCJMJEBEF EF UFSDFJSPT F DPSSFDÎÍP EBT JNQVUÈWFJT Ë 45$1 " FNQSFTB NBOUÏN VNB BUFOÎÍP FT QFDJBM DPN PT DMJFOUFT DPN EJmDVMEBEFT QPS FYFNQMP BTTFHVSBOEP DPOEJÎÜFT EF BDFTTJCJMJEBEF B DJEBEÍPT DPN NPCJMJEBEF SFEV[JEB QPSUBEPSFT EF EFmDJÐODJB GÓ TJDB JEPTPT F NVMIFSFT HSÈWJEBT PV DPN DBSSJOIPT EF CFCÏ F EJTQPOJCJMJ[BOEP JOGPSNBÎÍP QBSB JOWJTVBJT 0T DMJFOUFT KP WFOT o FORVBOUP GVUVSPT VUJMJ[BEPSFT o F PT DMJFOUFT NFOPSFT o FORVBOUP DJEBEÍPT

DPN OFDFTTJEBEFT QSØQSJBT EF BUFOÎÍP F QSPUFDÎÍP o UBNCÏN NFSFDFN FTQFDJBM BUFOÎÍP QPS QBSUF EB 45$1 0 NFSDBEP POEF FTUB FNQSFTB BDUVB FTUÈ MJNJUBEP Ë «SFB .FUSPQPMJUBOB EP 1PSUP " TVB PGFSUB DPOTUJUVÓEB QPS MJOIBT EF TFSWJÎP QÞCMJDP Ï EJSJHJEB QBSB B QPQVMBÎÍP SFTJEFOUF F WJTJUBOUFT OVN UPUBM EF DFSDB EF NJM QFTTPBT

G\a[T` cTffTWb BOPT EFTEF P BQBSFDJNFOUP EB QSJNFJSB MJOIB EF DBSSPT BNFSJDBOPT FOUSF /PWB *PSRVF F )BSMFN OPT &TUBEPT 6OJEPT " VUJMJ[B¨¤P FN 1PSUVHBM EFTUF UJQP EF WF®DVMPT DPNF¨PV FN DPN B TVB FYQMPSB¨¤P B DBSHP EB $PNQBOIJB $BSSJM "NFSJDBOP EP 1PSUP &N TVSHJV VNB MJOIB VUJMJ[BOEP USBD¨¤P B WBQPS F FN B QSJNFJSB MJOIB EB 1FO®OTVMB *CªSJDB FYQMPSBEB DPN DBSSPT FMªDUSJDPT "Uª DPFYJTUJSBN PT US«T NPEPT EF USBOTQPSUF EBEP RVF OFTUB EBUB EFTBQBSFDFN PT DBSSPT BNFSJDBOPT 4´ EF[ BOPT NBJT UBSEF EFJYPV EF TFS VUJMJ[BEB B USBD¨¤P B WBQPS F EVSBOUF BOPT BT QPQVMB¨¶FT EP 1PSUP F DPODFMIPT MJN®USPGFT GPSBN USBOTQPSUBEBT BQFOBT FN DBSSPT FMªDUSJDPT 'PJ FN RVF PT BVUPDBSSPT DPNF¨BN B QSFTUBS TFSWJ¨P OFTUB DJEBEF &N KVOUPV TF P USPMFJDBSSP RVF QFSNBOFDFV BDUJWP BUª " EFTJHOB¨¤P EP 4FSWJ¨P EF 5SBOTQPSUFT $PMFDUJWPT EP 1PSUP TVSHJV FN 0 JO®DJP EB BDUJWJEBEF EPT USBOTQPSUFT DPMFDUJWPT SFNPOUB BP BOP FN RVF B $PNQBOIJB $BSSJM "NFSJDBOP EP 1PSUP JOJDJPV B TVB FYQMPSB¨¤P 6N BOP EFQPJT GPSNPV TF B $PNQBOIJB $BSSJT EF 'FSSP EP 1PSUP "T EVBT FNQSFTBT DPODPSSFOUFT GVOEJSBN TF FN OVNB T´ RVF NBOUFWF P OPNF EFTUB »MUJNB " $PNQBOIJB $BSSJT EF 'FSSP EP 1PSUP EVSPV DPN FTUB EFTJHOB¨¤P BOPT "JOEB IPKF RVBTF BOPT EFQPJT EF UFS EFTBQBSFDJEP I¢ NVJUB HFOUF RVF TFHVJOEP P WFMIP I¢CJUP BP SFGFSJS TF ¡ 45$1 DPOUJOVB B DIBNBS MIF Ù$BSSJTÚ &N EFV TF B QBTTBHFN B TPDJFEBEF BO´OJNB EF DBQJUBJT FYDMVTJWBNFOUF Q»CMJDPT QBTTBOEP B EFTJHOBS TF 4PDJFEBEF EF 5SBOTQPSUF $PMFDUJWPT EP 1PSUP 4 "

.&3$"%0 $0. '30/5&*3"4 0 USBOTQPSUF EF BVUPDBSSP F PV DBSSP FMÏD USJDP BJOEB Ï DPOTJEFSBEP EFTDPOGPSUÈWFM NPSPTP F QPVDP FmDB[ QBSB EFTMPDBÎÍP EFOUSP EBT EVBT HSBOEFT ÈSFBT NFUSP QPMJUBOBT EP 1BÓT " 45$1 UFN UPNBEP WÈSJBT EFDJTÜFT QBSB NFMIPSBS P TFSWJ ÎP RVF PGFSFDF F NVEBS FTTB JNBHFN OB DPOTDJÐODJB EPT DJEBEÍPT 5FN BEPQUBEP UFDOPMPHJBT EF JOGPSNBÎÍP F DPNVOJDBÎÍP RVF HBSBOUFN B mBCJMJEBEF EP QMBOFB NFOUP F B BEFRVBÎÍP F SFHVMBSJEBEF EB PGFSUB CFN DPNP B BRVJTJÎÍP EF WJBUVSBT RVF JOUFHSFN BT NBJT SFDFOUFT JOPWBÎÜFT BEBQUBEBT JOUFSOBDJPOBMNFOUF NFMIP SBOEP B RVBMJEBEF EP TFSWJÎP ² UBNCÏN PCKFDUJWP EB 45$1 NFMIPSBS BT DPOEJ ÎÜFT EF FTQFSB OBT QBSBHFOT EPUBOEP PT QSJODJQBJT JOUFSGBDFT NPOPNPEBJT F NVMUJNPEBJT EF NFMIPSFT DPOEJÎÜFT EF

DPOGPSUP F JOGPSNBÎÍP BPT DMJFOUFT 1BSB B 45$1 B SFMBÎÍP DPN B (BMQ &OFSHJB Ï iEF QFSGFJUB QBSDFSJBw &TUB FNQSFTB TFOUF UPEP P FNQFOIP F JOUF SFTTF RVF B (BMQ &OFSHJB QÜF OP TFSWJÎP BP DMJFOUF i" MPHÓTUJDB EF BCBTUFDJNFOUP EF DPNCVTUÓWFJT F MVCSJmDBOUFT OÍP Ï QSFP DVQBÎÍP 1PEF TFS FODBSBEB DPN EFTDBOTP F DPOmBOÎB QPJT TÍP NVJUP SBSPT F EF QFRVFOB EJNFOTÍP PT QSPCMFNBT DPN RVF QPS WF[FT TF EFQBSBw " 45$1 TBMJFO UB RVF NFTNP FTUFT OVODB UÐN UFNQP QBSB DSFTDFS HSBÎBT iË QSPOUB F FmDB[ JOUFSWFOÎÍPw EPT TFVT JOUFSMPDVUPSFT OB (BMQ &OFSHJB FNQSFTB RVF iOÍP TF MJNJUB B WFOEFS DPNCVTUÓWFJT F MVCSJmDBOUFT EJTQPOJCJMJ[BOEP UPEB VNB QBOØQMJB EF JOJDJBUJWBT EF BQPJP Ë HFTUÍP F QSFPDVQB ÎÜFT BNCJFOUBJTw ."3 0

NZHBMQ

FNQSFTBT QFUSPHBM HVJOª CJTTBV

/07" *."(&.

1PTUP EF BCBTUFDJNFOUP JOBVHVSBEP SFDFOUFNFOUF FN 4¤P %PNJOHPT

6B@ 54F8 8@ <AI8FG<@8AGB

1PTJ¨¤P EF MJEFSBO¨B SFGPS¨BEB "QPTUB OBT DPNQFU«ODJBT EF MJEFSBO¨B EPT RVBESPT MPDBJT ª VN EPT QJMBSFT GVOEBNFOUBJT QBSB P TFV TVDFTTP 7&/%"4 $3&4$&. Ġ ĘģĦġĠ (BMQ &OFSHJB Ï MÓEFS OPT NFS 0 BOP EF GPJ QPTJUJWP DBEPT EF JNQPSUBÎÍP BSNB[FOBNFOUP QBSB BT PQFSBÎÜFT EB (BMQ DPNFSDJBMJ[BÎÍP F EJTUSJCVJÎÍP EF DPN &OFSHJB FN «GSJDB F B 1FUSPHBM CVTUÓWFJT MÓRVJEPT MVCSJmDBOUFT F HÈT OB (VJOÏ #JTTBV OÍP GPJ FYDFQ (VJOÏ #JTTBV ÎÍP "T WFOEBT EFTUB FNQSF &TUB QPTJÎÍP Ï BTTFHVSBEB BUSBWÏT TB DSFTDFSBN DFSDB EF FN EB 1FUSPHBM (VJOÏ #JTTBV RVF Ï EFUJEB SFMBÎÍP BP BOP BOUFSJPS F PT B QFMB 1FUSPHBM &TUB FNQSFTB Ï TFVT SFTVMUBEPT BVNFOUBSBN SFTQPOTÈWFM QFMB HFTUÍP EBT QBSUJDJQB RVBTF QBSB P EPCSP BUJOHJO ÎÜFT EB 1FUSPNBS RVF DPODFOUSB B TVB EP WBMPSFT EF &#*5%" EF BDUJWJEBEF OB JNQPSUBÎÍP EJTUSJCVJÎÍP F 5BNCÏN QBSUJDJQB OB HFTUÍP EB $-$ NJMIÜFT EF FVSPT F VN SFTVMUBEP MÓRVJEP DPNFSDJBMJ[BÎÍP EF DPNCVTUÓWFJT MÓRVJ EPT (1- F MVCSJmDBOUFT F EB 1FUSPHÈT (# FNQSFTB RVF BSNB[FOB DPNCVTUÓ EF NJMIÜFT EF FVSPT /P BOP QBTTBEP B (BMQ &OFSHJB JOWFT RVF JNQPSUB BSNB[FOB EJTUSJCVJ F DP WFJT MÓRVJEPT F EB "4# RVF BTTFHVSB P BCBTUFDJNFOUP EF BFSPOBWFT UJV OB (VJOÏ #JTTBV DFSDB EF NJMIÜFT NFSDJBMJ[B (1-

NZHBMQ

."3 0

" DPOTPMJEB¨¤P EB FTUSBUªHJB EB (BMQ &OFSHJB UFN TJEP QPTT®WFM BUSBWªT EB BQPTUB OBT DPNQFU«ODJBT EF MJEFSBO¨B EPT TFVT RVBESPT MPDBJT

03("/*;" 0 &NQSFTBT RVF DPNQ¶FN P (SVQP (BMQ &OFSHJB OB (VJOª #JTTBV FN DJNB

F JNQMBOUB¨¤P EB FNQSFTB OFTUF QB®T BGSJDBOP FN CBJYP

C

;Vg^b 8VX]Zj

<VW

BVch V 7V[Vi{

7>HH6J 8Vi^ 6gfj^e aV\d Ydh 7^_V\ h

/07" '305"

<J>Cw

-JCFSUP #BUJD¤ 'FSSFJSB DPN NFNCSPT EB FRVJQB EB (BMQ &OFSHJB KVOUP BPT OPWPT WF®DVMPT DJTUFSOB EB FNQSFTB F UBNCªN OB GPUP EF DJNB

"$5*704 %" 1&530("- /" (6*/ #*44"6

1PTUPT EF BCBTUFDJNFOUP

1BSRVF EF BSNB[FOBHFN EF (1- #JTTBV

1BSRVF EF BSNB[FOBHFN HBT´MFP #JTTBV

1BSRVF EF BSNB[FOBHFN HBTPMJOB +VHVEVM

Þ "SNB[ªOT EF MVCSJçDBOUFT #JTTBV

Þ &EJG®DJP TFEF #JTTBV

Þ &EJG®DJP EB BOUJHB TFEF #JTTBV BSSFOEBEP

Þ 'SPUB EF BCBTUFDJNFOUP Þ *OTUBMB¨¤P EF BCBTUFDJNFOUP EF BFSPOBWFT

EF FVSPT NBJT EP RVF FN " DPOTUSVÎÍP EP QPTUP EF BCBTUFDJNFOUP EF 4ÍP %PNJOHPT KVOUP Ë GSPOUFJSB DPN P 4FOFHBM B SFNPEFMBÎÍP F SFCSBOEJOH EPT QPTUPT EF (BCV +VHVEVM F $BODIVO HP B DPODMVTÍP EB SFOPWBÎÍP EB GSPUB EF BCBTUFDJNFOUP B SFPSHBOJ[BÎÍP EP NPEFMP EF WFOEBT F EF MPHÓTUJDB EP (1- RVF QFSNJUJV P JODSFNFOUP EBT WFOEBT FN OFTUF TFHNFOUP GBDF B

P SFGPSÎP EBT BDÎÜFT EF WJHJMÉODJB BPT EFTWJPT F RVFCSBT OPT QBSRVFT MPHÓTUJ DPT F P DPOUSPMP EB HFTUÍP EB $-$ RVF B 1FUSPHBM (VJOÏ #JTTBV BTTVNJV FN TVCTUJUVJÎÍP EB 1FUSPEJT GPSBN BMHVOT

EPT JOWFTUJNFOUPT NBJT JNQPSUBOUFT SFBMJ[BEPT

&453"5 (*" $0/40-*%"%" %FTUB GPSNB P (SVQP (BMQ &OFSHJB SF GPSÎPV B TVB QPTJÎÍP EF MJEFSBOÎB OPT NFSDBEPT EF JNQPSUBÎÍP BSNB[FOB HFN DPNFSDJBMJ[BÎÍP F EJTUSJCVJÎÍP EF DPNCVTUÓWFJT MÓRVJEPT MVCSJmDBOUFT F (1- OFTUF NFSDBEP " DPOTPMJEBÎÍP EFTUB FTUSBUÏHJB TØ UFN TJEP QPTTÓWFM QFMB BQPTUB FN DPNQFUÐODJBT EF MJEFSBOÎB EPT RVB ESPT MPDBJT RVF TF SFWÐFN OB FTUSBUÏHJB EP (SVQP F TÍP IPKF VN EPT QJMBSFT GVO EBNFOUBJT QBSB P TFV TVDFTTP ."3 0

NZHBMQ

OFH´DJPT MVCSJçDBOUFT

$"1"$*%"%& " G¢CSJDB EF MVCSJçDBOUFT UFN DPOEJ¨¶FT QBSB SFTQPOEFS SBQJEBNFOUF BP BVNFOUP EB QSPDVSB

ABF @8E647BF <AG8EAB 8 8KG8EAB

'PSUBMFDFS MJHB¨¶FT " 6OJEBEF EF /FH´DJPT EF -VCSJçDBOUFT EB (BMQ &OFSHJB DSFTDF BEBQUBOEP TF BPT NFSDBEPT POEF PQFSB ĠĤ ĝĦēģĚėĚĔĒğĥĖĤ DPOTUJUVFN VNB VOJ EBEF EF OFHØDJP WFSUJDBM EB 1FUSPHBM DPN DBQBDJEBEF QBSB EFTFOWPMWFS QSPEV [JS DPNFSDJBMJ[BS F EJTUSJCVJS ØMFPT F NBTTBT MVCSJmDBOUFT DPN B NBSDB (BMQ &OFSHJB ² VNB PSHBOJ[BÎÍP RVF DPOUB DPN P BQPJP EF JOGSB FTUSVUVSBT UFDOPMØHJ DBT ÞOJDBT OP 1BÓT DPNQPTUBT QPS VN CMFOEJOH DPN DBQBDJEBEF EF QSPEVÎÍP EF U BOP F VN MBCPSBUØSJP ÞOJDP OP TFV HÏOFSP FN 1PSUVHBM &TUBT DPOEJ ÎÜFT QFSNJUFN RVF P TFDUPS QPTTVB VN DPOIFDJNFOUP UFDOPMØHJDP BWBOÎBEP F TFSWFN EF CBTF QBSB P FTUVEP EFTFO WPMWJNFOUP F MBCPSBÎÍP EF MVCSJmDBOUFT

NZHBMQ

."3 0

DPOTUBOUFNFOUF BEBQUBEPT ËT FYJHÐODJBT EPT NFSDBEPT POEF B FNQSFTB PQFSB 1BSB RVF JTTP BDPOUFÎB IÈ VNB FTUSFJUB DPMBCP SBÎÍP FOUSF BT ÈSFBT EF %FTFOWPMWJNFOUP (FTUÍP EF 0GFSUB 1SPEVÎÍP $PNFSDJBM "TTJTUÐODJB 5ÏDOJDB F .BSLFUJOH EF GPS NB B HBSBOUJS UBNCÏN B RVBMJEBEF EPT MVCSJmDBOUFT RVF B (BMQ &OFSHJB DPNFS DJBMJ[B

EP OBDJPOBM &N UFSNPT JOUFSOBDJPOBJT B SFDFOUF BRVJTJÎÍP EP OFHØDJP JCÏSJDP EB &YYPO.PCJM USPVYF MIF NBJT WBMJBT NBT OÍP TØ FN &TQBOIB &TUÈ UBNCÏN B DPOUSJCVJS QBSB B FOUSBEB EB NBSDB FN NFSDBEPT DPN GPSUF JOnVÐODJB EP QBÓT WJ[JOIP DPNP PT TVM BNFSJDBOPT OP NFBEBNFOUF P 6SVHVBJ 0 TFDUPS EF MVCSJmDBOUFT FOGSFOUB IPKF EFTBmPT FYDFQDJPOBJT "MÏN EF PQFSBS "1045" /0 .&3$"%0 &95&3/0 FN NFSDBEPT NBEVSPT DPN BDÏSSJNB " DPOTJTUÐODJB EB 6OJEBEF EF -VCSJmDBO DPODPSSÐODJB EF QMBZFST FTUBCFMFDJEPT UFT OB FYFDVÎÍP EBT QPMÓUJDBT DPNFSDJBJT PV BDBCBEPT EF DIFHBS UBNCÏN FOGSFO FTUBCFMFDJEBT F B TVB BQPTUB DSFTDFOUF OP UB RVFCSBT FN NBSHFOT F WPMVNFT OPT EFTFOWPMWJNFOUP EP NFSDBEP FYUFSOP QSPEVUPT RVF DPNFSDJBMJ[B *TUP PCSJHB DPOEV[JSBN OB Ë MJEFSBOÎB EP NFSDB B FODPOUSBS OPWBT GPSNBT EF PQFSBS F

0 .&3$"%0 %04 -6#3*'*$"/5&4 SFBT EF OFH´DJP F QSJODJQBJT TFDUPSFT EF NFSDBEP POEF B 6OJEBEF EF /FH´DJP EF -VCSJçDBOUFT EB (BMQ &OFSHJB FTU¢ FOWPMWJEB 6/*%"%& %& -6#3*'*$"/5&4 .BSDBT F PçDJOBT 1SJWBUF MBCFMT 3FWFOEB )JQFSNFSDBEPT F QPTUPT

$0.1&5* 0 &TUF TFDUPS DPOTUS´J QBSUF EB TVB JNBHFN BUSBWªT EP BQPJP BP EFTQPSUP NPUPSJ[BEP

SFOUBCJMJ[BS PT OFHØDJPT F UBNCÏN EF PMIBS PT NFSDBEPT F PT TFVT BHFOUFT 5FOEP FN DPOUB JTUP F RVF DPNP SFGFSJV P QSFTJEFOUF FYFDVUJWP EB (BMQ &OFSHJB 'FSSFJSB %F 0MJWFJSB iOÍP FYJTUFN FN QSFTBT HSBOEFT F QFRVFOBT FYJTUFN TJN FNQSFTBT JTPMBEBT F FNQSFTBT FN SFEFw B ÈSFB EF MVCSJmDBOUFT FTUÈ B SFOPWBS F B FODBSBS OPWBT BQSPYJNBÎÜFT DPNFSDJBJT BP NFSDBEP JOUFSOP F FYUFSOP GPSUBMF DFOEP QBSDFSJBT DPNFSDJBJT EFOUSP PV GPSB EB FNQSFTB

/&( $*0 53"/47&34"0 OFHØDJP EF MVCSJmDBOUFT Ï USBOTWFSTBM "QPSUB WBMPS BUSBWÏT EF WÈSJBT ÈSFBT EB (BMQ &OFSHJB *OEÞTUSJB 5SBOTQPSUFT &NQSFJUFJSPT .BSJOIB F *MIBT RVF DP NFSDJBMJ[BN MVCSJmDBOUFT F SFQSFTFOUBN NBJT EF NFUBEF EBT WFOEBT FN UFSSJUØSJP OBDJPOBM $BCF P SFTUBOUF Ë VOJEBEF EF

0 TFDUPS FWPMVJ DPOTUBOUFNFOUF F UFN VN DSFTDJNFOUP TVTUFOUBEP

7&/%"4 %&-&("%"4

OFHØDJP EF -VCSJmDBOUFT BUSBWÏT EPT TFVT USÐT DBOBJT EF DPNFSDJBMJ[BÎÍP .BT FTUF UJQP EF SFMBDJPOBNFOUP OÍP FYJTUF BQF OBT B OÓWFM OBDJPOBM 5BNCÏN Ï NBO UJEP DPN BT FNQSFTBT QBSUJDJQBEBT FN &TQBOIB F «GSJDB F PT SFWFOEFEPSFT OP NFSDBEP FYUFSOP FN QBÓTFT DPNP .BM UB (SÏDJB "MFNBOIB 4VÏDJB F 6SVHVBJ FOUSF PVUSPT " HSBOEF BQPTUB EP TFDUPS EF -VCSJmDBOUFT EB (BMQ &OFSHJB Ï IPKF P DSFTDJNFOUP OP NFSDBEP FYUFSOP RVF TF QSFUFOEF WFOIB B SFQSFTFOUBS B DVSUP QSB[P QFMP NFOPT EB TVB QSPEVÎÍP .BT JTUP OÍP TJHOJmDB B EJNJOVJÎÍP EF WFOEBT OFN B QFSEB EF RVPUB OP NFSDBEP JOUFSOP QPJT B GÈCSJDB EF MVCSJmDBOUFT UFN DPOEJÎÜFT F DBQBDJEBEF QBSB SFTQPO EFS SBQJEBNFOUF BP BVNFOUP EB QSPDVSB EPT TFVT QSPEVUPT " OÓWFM OBDJPOBM F B UÓUVMP EF FYFNQMP EF VNB OPWB GPSNB EF GB[FS OFHØDJPT FWJEFODJB TF P DBTP EPT HSBOEFT HSVQPT BVUPNØWFJT $PNFÎB SBN B USBCBMIBS DPN PT -VCSJmDBOUFT DPN QPTJÎÜFT EF BVUP DPOTVNP F OFTUF NPNFOUP FODPOUSBN TF B GB[FS SFWFOEB KVOUBNFOUF DPN QFÎBT

*OE»TUSJB 5SBOTQPSUFT .BSJOIB &NQSFJUFJSPT *MIBT

&.13&4"4 1"35*$*1"%"4 &TQBOIB "OHPMB .P¨BNCJRVF (VJOª 4VB[JM£OEJB (£NCJB $BCP 7FSEF

3&7&/%&%03&4 .BMUB 3FQ»CMJDB %PNJOJDBOB 6SVHVBJ 4VªDJB %JOBNBSDB "MFNBOIB (SªDJB "MC£OJB .BSSPDPT 4V®¨B VTUSJB

BKVEFN OBT TVBT BDÎÜFT 0 EFTBmP BDUVBM Ï DPOTFHVJS SFTQPOEFS OÍP TØ BPT EJGFSFOUFT TFHNFOUPT F OJDIPT EP NFSDBEP JOUFSOP DPNP B OFDFTTJEBEFT EF SFBMJEBEFT TPDJBJT F FDPOØNJDBT UPUBMNFOUF EJGFSFOUFT DPO %&4"'*0 "$56"USJCVJOEP FN TJNVMUÉOFP QBSB P DSFTDJ &N RVBMRVFS EBT WFSUFOUFT FYUFSOB PV NFOUP FN WPMVNF F WBMPS BDSFTDFOUBEP JOUFSOB B QPMÓUJDB EF BDÎÍP EB 6OJEBEF EF EBT WFOEBT EB (BMQ &OFSHJB F EPT TFVT /FHØDJP EF -VCSJmDBOUFT EB (BMQ &OFS QBSDFJSPT DPNFSDJBJT 0 QFSmM EP OFHØDJP HJB QBTTB QPS FTUSFJUBS BT SFMBÎÜFT DPN HMPCBM EF MVCSJmDBOUFT EB (BMQ &OFSHJB BT FRVJQBT DPNFSDJBJT RVF USBCBMIBN PT DBQBDJUB P QBSB TF BEBQUBS B NVEBOÎBT NFSDBEPT TFKBN FMBT EF FNQSFTBT QBS DPOTUBOUFT TFKBN UFDOPMØHJDBT EF NFO UJDJQBEBT PVUSBT ÈSFBT EB FNQSFTB RVF UBMJEBEFT PV PVUSBT ² QPS JTTP VN TFDUPS WFOEBN MVCSJmDBOUFT PV SFWFOEFEPSFT RVF FWPMVJ DPOTUBOUFNFOUF EFNPOTUSBO GPSOFDFOEP GFSSBNFOUBT EF USBCBMIP B OÓ EP RVF DPOTFHVF BUJOHJS VN DSFTDJNFOUP WFM UÏDOJDP GPSNBÎÍP F NBSLFUJOH RVF PT TVTUFOUBEP BP MPOHP EPT BOPT ."3 0

NZHBMQ

SFTQPOTBCJMJEBEF DPSQPSBUJWB HFTU¤P

4GE<5HË7B C8?4 FB6<uGu :uAuE4?8 78 FHEI8<??4A68

3FçOBSJB EF 4JOFT DFSUJçDBEB FN BNCJFOUF F TFHVSBO¨B 0 4JTUFNB EF (FTU¤P EF "NCJFOUF F 4FHVSBO¨B EFTUB VOJEBEF EB (BMQ &OFSHJB QFSNJUF NPOJUPSJ[BS QSPDFTTPT EF TFHVSBO¨B JOUFSOB EFçOJS JOEJDBEPSFT F RVBOUJçDBS PCKFDUJWPT Ē ģĖėĚğĒģĚĒ EF 4JOFT SFDFCFV P DFSUJmDBEP EF DPOGPSNJEBEF FN BNCJFOUF F TFHV SBOÎB BUSJCVÓEP QFMB 4PDJÏUÏ (ÏOÏSBMF EF 4VSWFJMMBODF 4(4 EF BDPSEP DPN PT QSJODÓQJPT EBT OPSNBT JOUFSOBDJP OBJT /1 &/ *40 F 0)4"4 EFNPOTUSBOEP P DPNQSP NJTTP EB (BMQ &OFSHJB DPN B TFHVSBOÎB EBT TVBT PQFSBÎÜFT F P SFTQFJUP QFMP BN CJFOUF F DPNVOJEBEF FOWPMWFOUF 0 4JTUFNB EF (FTUÍP EF "NCJFOUF F 4FHVSBOÎB TVCNFUJEP B VNB SJHPSPTB BVEJUPSJB RVF DVMNJOPV DPN B BUSJCVJ ÎÍP EP DFSUJmDBEP EF DPOGPSNJEBEF GPJ JNQMFNFOUBEP FTUF BOP F BCSBOHF UPEPT PT QSPDFTTPT F BDUJWJEBEFT EFTFOWPMWJEPT OP ÉNCJUP EB 3FmOBSJB EF 4JOFT OP RVF SFTQFJUB B TFHVSBOÎB F BNCJFOUF $PN B JNQMFNFOUBÎÍP EFTUF TJTUFNB B 3FmOBSJB EF 4JOFT QBTTB B EJTQPS EF VNB GFSSBNFOUB EF HFTUÍP RVF MIF QFS

NZHBMQ

."3 0

NJUF NPOJUPSJ[BS PT TFVT QSPDFTTPT EF (3610 4(4 TFHVSBOÎB JOUFSOB EFmOJS JOEJDBEPSFT F RVBOUJmDBS PCKFDUJWPT DPN WJTUB Ë NFMIP B :ehcb F:F ª B NBJPS PSHBOJ[B¨¤P SJB DPOUÓOVB F Ë DPOTPMJEBÎÍP F QBSUJMIB EP NVOEJBM OP EPN®OJP EB JOTQFD¨¤P WFSJçDB¨¤P BO¢MJTF F DFSUJçDB¨¤P $PN NBJT EF NJM DPOIFDJNFOUP EFOUSP EB PSHBOJ[BÎÍP

4&/5*%0 %& 3&410/4"#*-*%"%& 1BSB P BENJOJTUSBEPS FYFDVUJWP EB (BMQ &OFSHJB "OESÏ 3JCFJSP iFTUF DFSUJmDBEP Ï P SFDPOIFDJNFOUP EF VN FTGPSÎP RVF WFN TFOEP EFTFOWPMWJEP OP TFOUJEP EF QSPNPWFS VNB DVMUVSB EF [FSP BDJEFO UFT RVFS IVNBOPT RVFS NBUFSJBJT CFN DPNP EB QMFOB F IBSNPOJPTB JOUFHSBÎÍP EB 3FmOBSJB EF 4JOFT OB DPNVOJEBEF FN RVF TF JOTFSFw +È "OB 1JOB 5FJYFJSB QSFTJEFOUF EP DPOTFMIP EF BENJOJTUSBÎÍP EP (SVQP 4(4 1PSUVHBM DPOTJEFSB RVF iTÍP BT BUJUVEFT EBT HSBOEFT FNQSFTBT RVF JSÍP JOnVFO DJBS BT BUJUVEFT EF DBEB VN EF OØT F QPS

DPMBCPSBEPSFT PQFSB VNB SFEF EF NBJT EF NJM FTDSJU´SJPT F MBCPSBU´SJPT FN UPEP P NVOEP " 4(4 *$4 ª P PSHBOJTNP EF DFSUJçDB¨¤P EP (SVQP 4(4 M®EFS OB DFSUJçDB¨¤P EF 4JTUFNBT EF (FTU¤P EB 2VBMJEBEF "NCJFOUF 4FHVSBO¨B 0DVQBDJPOBM 4FHVSBO¨B "MJNFOUBS 3FTQPOTBCJMJEBEF 4PDJBM 4FSWJ¨PT F 1SPEVUPT FOUSF PVUSPT

FTUF NPUJWP B (BMQ &OFSHJB EFNPOTUSB VN HSBOEF TFOUJEP EF SFTQPOTBCJMJEB EF QFSBOUF P OPTTP 1BÓT "T NBSDBT EF DFSUJmDBÎÍP RVF B (BMQ &OFSHJB NPTUSB B QBSUJS EF IPKF TÍP UBNCÏN VNB GPSNB EF DPNVOJDBS BPT TFVT TUBLFIPMEFST FTUF TFOUJEP EF SFTQPOTBCJMJEBEF BNCJFOUBM F TPDJBMw

K»MJB TFJYBT PQJOJ¤P

1SPUFD¨¤P BNCJFOUBM "T FNQSFTBT FTUBS¤P OP DFOUSP EF VNB FDPOPNJB POEF IBWFS¢ QMFOB JOUFHSB¨¤P EB RVBMJEBEF EP BNCJFOUF OB QSPTQFSJEBEF FDPO´NJDB F TPDJBM ĢĦĒğĕĠ FN 3BDIFM $BSTPO QVCMJ DPV 1SJNBWFSB 4JMFODJPTB JOJDJBWB TF VN OPWP QBSBEJHNB EBT TPDJFEBEFT EFTFO WPMWJEBT B DPOTDJÐODJB EPT QSPCMFNBT EB QPMVJÎÍP F EB EFHSBEBÎÍP EP BNCJFOUF /PT BOPT P NVOEP BTTJTUJB ËT DIVWBT ÈDJEBT F B JOJDJBUJWBT QBSB BT DPOUSPMBS BUSBWÏT EF UFDOPMPHJBT RVF SFEV[JBN BT FNJTTÜFT EF 40 F /0Y QBSB B BUNPTGFSB *NQMFNFOUBWBN TF UBNCÏN UÏDOJDBT EF TBOFBNFOUP CÈTJDP DPNP GPSNB EF DPOUSPMBS B QPMVJÎÍP EB ÈHVB %PNJOB WB P DPODFJUP EF QSPUFDÎÍP BNCJFOUBM RVF BT FNQSFTBT BEPQUBWBN Ë NFEJEB EB SFHVMBÎÍP FYJTUFOUF F RVF UJOIB DPNP QSFTTVQPTUP RVF B UFDOPMPHJB EF SFEVÎÍP EBT FNJTTÜFT QPMVFOUFT HBSBOUJB B SFMBÎÍP EP IPNFN DPN B /BUVSF[B /P FOUBOUP B EJNFOTÍP EPT EFTBTUSFT PDPSSJEPT OB EÏDBEB EF DPNP P FOWFOFOBNFOUP EF NJMIBSFT EF QFTTPBT QSPWPDBEP QFMB MJCFSUBÎÍP EF VN RVÓNJDP FN #IPQBM OB ¶OEJB P EFTBTUSF EF $IFSOPCZM OB 6DSÉOJB F P EFSSBNF EF QFUSØMFP EP &YYPO 7BMEF[ SFTQPOTÈWFM QPS VN EPT NBJPSFT EFTBTUSFT FDPMØHJDPT EB IJTUØSJB NPTUSPV RVF B QSPUFDÎÍP EP BNCJFOUF FTUBWB NVJUP MPOHF EP EFTFKÈWFM 0 TV DFTTP JODMVTJWF QPMÓUJDP EB BTTJOBUVSB EP 1SPUPDPMP EF .POUSFBM FN QBSB DPOUSPMBS BT FNJTTÜFT EF $'$T RVF EFT USVÓBN B DBNBEB EF P[POP WFJP JMVTUSBS B EJNFOTÍP HMPCBM EP FTGPSÎP OFDFTTÈSJP QBSB QSPUFHFS P BNCJFOUF ² OFTUF DPOUFYUP RVF TVSHF FN P DPODFJUP EF EFTFOWPMWJNFOUP TVTUFO UÈWFM RVF BDSFTDFOUB EVBT JEFJBT OPWBT Ë

+»MJB 4FJYBT 1SPGFTTPSB EB 6OJWFSTJEBEF /PWB EF -JTCPB

Ù4PMV¨¤P QBTTB QFMB NVEBO¨B EP QBSBEJHNB EF QSPEV¨¤P F DPOTVNPÚ

QSPUFDÎÍP EP BNCJFOUF B QSJNFJSB USBEV[ P DPNQSPNJTTP JOUFSHFSBDJPOBM OFDFT TJEBEF EF QSFTFSWBS PT SFDVSTPT OBUVSBJT F B RVBMJEBEF EPT FDPTTJTUFNBT RVF VNB HFSBÎÍP VTB QBSB TBUJTGBÎÍP EBT TVBT OF DFTTJEBEFT QBSB RVF BT HFSBÎÜFT TFHVJOUFT PT QPTTBN VTBS UBNCÏN F B TFHVOEB P DPNQSPNJTTP FOUSF B RVBMJEBEF EP BNCJFOUF B QSPTQFSJEBEF FDPOØNJDB F B FRVJEBEF TPDJBM ² UBNCÏN OP JOÓDJP EB EÏDBEB EF RVF VN QSPGFTTPS EB )BSWBSE #VTJOFTT 4DIPPM FTQFDJBMJTUB FN DPNQFUJUJWJEBEF F FTUSBUÏHJB FNQSFTBSJBM BmSNB RVF VNB SFHVMBÎÍP BNCJFOUBM FYJHFOUF QPEF JO

EV[JS FmDJÐODJB F FODPSBKBS B JOPWBÎÍP QSPNPWFOEP B DPNQFUJUJWJEBEF DPNFSDJBM EBT FNQSFTBT .JDIBFM 1PSUFS MBOÎBWB BTTJN B CBTF FDPOØNJDB QBSB RVF P BN CJFOUF GPTTF DPOTJEFSBEP QBSUF JOUFHSBOUF EPT SBDJPDÓOJPT NPEFMPT F EFDJTÜFT FDP OØNJDBT F OÍP NBJT DPNP VNB DPNQP OFOUF FYDMVTJWB EF DVTUP &TUB JEFJB FODPOUSB UFSSFOP GÏSUJM OP JOÓDJP EP TÏDVMP 99* DPN B DIBNBEB iFDPOPNJB EP DBSCPOPw RVF WBMPSJ[B FDPOPNJDBNFOUF B SFEVÎÍP EBT FNJT TÜFT EF HBTFT DPN FGFJUP EF FTUVGB DPNP NFEJEB QBSB DPOUSPMBS P BRVFDJNFOUP HMPCBM EP 1MBOFUB /FTUF QSPCMFNB UBM DPNP OP EB QSPNPÎÍP EB RVBMJEBEF EPT FDPTTJTUFNBT QBSB TBMWBHVBSEB EB CJPEJWFSTJEBEF B QSPUFDÎÍP BNCJFOUBM FOUFOEJEB DPNP P VTP EF UFDOPMPHJBT EF SFNPÎÍP EF QPMVFOUFT EFJYB EFmOJ UJWBNFOUF EF GB[FS TFOUJEP " TPMVÎÍP QBTTB PCSJHBUPSJBNFOUF QFMB NVEBOÎB EP QBSBEJHNB EF QSPEVÎÍP F DPOTVNP TPCSFUVEP FN NBUÏSJB EF FOFSHJB F QFMP QSØQSJP NPEFMP EF EFTFOWPMWJNFOUP .BOUFOEP B QSPUFDÎÍP BNCJFOUBM OFDFTTÈSJB FN NVJUBT EJNFOTÜFT F H RVBMJEBEF EB ÈHVB HBTFT BDJEJmDBOUFT EFTDPOUBNJOBÎÍP F QSPUFDÎÍP EPT TP MPT PT NFDBOJTNPT F JOTUSVNFOUPT RVF BTTFHVSFN B JOUFHSBÎÍP QMFOB EB RVB MJEBEF EP BNCJFOUF F EPT TFSWJÎPT EPT FDPTTJTUFNBT OB QSPTQFSJEBEF FDPOØNJDB F TPDJBM QBTTBN B TFS SFHSB 1PS SB[ÜFT EF SFHVMBÎÍP EF DPNQFUJUJWJEBEF F EF JNBHFN BT FNQSFTBT FTUBSÍP OP DFOUSP EFTUB OPWB FDPOPNJB

#*0(3"'*" Þ +»MJB 4FJYBT ª T´DJB F DP GVOEBEPSB EB & 7BMVF POEF DPPSEFOB BT ¢SFBT EF BMUFSB¨¶FT DMJN¢UJDBT NFSDBEP SFHVMBEP EP DBSCPOP F BWBMJB¨¤P EF QPM®UJDBT Q»CMJDBT EF BNCJFOUF QSPGFTTPSB OB 'BDVMEBEF

EF $J«ODJBT F 5FDOPMPHJB EB 6OJWFSTJEBEF /PWB EF -JTCPB OBT EJTDJQMJOBT EF &TUBU®TUJDB "NCJFOUBM F 5FDOPMPHJBT EF *OGPSNB¨¤P (FPHS¢çDB .POJUPSJ[B¨¤P EF 4JTUFNBT "NCJFOUBJT F *OTUSVNFOUPT

(MPCBJT FN &OFSHJB F "NCJFOUF $PPSEFOB VN HSVQP EF JOWFTUJHB¨¤P 5FN NBJT EF QVCMJDB¨¶FT FN SFWJTUBT JOUFSOBDJPOBJT DPN BSCJUSBHFN DJFOU®çDB F UFN DPPSEFOBEP PT USBCBMIPT UªDOJDPT EF TVQPSUF

BP 1SPHSBNB /BDJPOBM QBSB BT "MUFSB¨¶FT $MJN¢UJDBT F BP 1SPHSBNB QBSB PT 5FDUPT EF &NJTT¤P /BDJPOBJT MJDFODJBEB FN &OHFOIBSJB EP "NCJFOUF POEF UFN VN EPVUPSBNFOUP FN &OHFOIBSJB EP "NCJFOUF ."3 0

NZHBMQ

JOTJEF BRT DPSQPSBUJWP 4@5<8AG8 DH4?<7478 8 F8:HE4At4

1JMBSFT EB CPB HFTU¤P " EJSFD¨¤P EF "24 BTTFHVSB B JNQMFNFOUB¨¤P EF QPM®UJDBT FTUSBUªHJBT PCKFDUJWPT F NFUPEPMPHJBT EF BNCJFOUF RVBMJEBEF F TFHVSBO¨B OB (BMQ &OFSHJB Ē ĕĚģĖĔšŝĠ EF "NCJFOUF 2VBMJEBEF F 4FHVSBOÎB EB (BMQ &OFSHJB "24 UFN QPS NJTTÍP FTUBCFMFDFS F BTTFHVSBS B JNQMFNFOUBÎÍP EF QPMÓUJDBT FTUSBUÏHJBT PCKFDUJWPT F NFUPEPMPHJBT EF BNCJFOUF RVBMJEBEF F TFHVSBOÎB OB (BMQ &OFSHJB DPPSEFOBOEP B BQMJDBÎÍP EBT NFMIPSFT QSÈUJDBT DPOIFDJEBT OFTUF EPNÓOJP FN UPEBT BT ÈSFBT EB FNQSFTB DPN WJTUB Ë FMJNJOBÎÍP EF BDJEFOUFT QFTTPBJT NBUF SJBJT PV BNCJFOUBJT F Ë QSPTTFDVÎÍP EPT NBJT BMUPT QBESÜFT EF RVBMJEBEF 0 BDJEFOUF RVF PDPSSFV FN OP 5FSNJOBM 1FUSPMÓGFSP EB (BMQ &OFSHJB FN -FJYÜFT EFTQPMFUPV B OFDFTTJEBEF EF B FNQSFTB SFWFS BT TVBT QSÈUJDBT EF HFT UÍP EB TFHVSBOÎB F QSPUFDÎÍP BNCJFOUBM /B BMUVSB B BENJOJTUSBÎÍP EFMJCFSPV QSPDFEFS Ë BWBMJBÎÍP EB HFTUÍP EFTUF UF NB OB FNQSFTB QBSB EFDJEJS PT DBNJOIPT B UPNBS QBSB B TVB NFMIPSJB 1BSB FTUF FYFSDÓDJP GPSBN DIBNB EPT FTQFDJBMJTUBT FYUFSOPT EF SFOPNF NVOEJBM FOUSF PT RVBJT B %V1POU 4BGFUZ 3FTPVSDFT RVF GPJ TFMFDDJPOBEB QBSB BKVEBS B (BMQ &OFSHJB B FWPMVJS F BEPQ UBS P RVF EF NFMIPS TF GB[ FN UFSNPT JOUFSOBDJPOBJT 'PJ BTTJN JOJDJBEP VN QSPKFDUP EF NÏEJP QSB[P EFOPNJOBEP 1SPHSBNB EF 4FHVSBOÎB BENJOJTUSBEP JOUFSOBNFOUF DPNP VNB ÈSFB OB EJSFDÎÍP EF "24 $PS QPSBUJWP EB FNQSFTB RVF QBTTPV B USBUBS FTQFDJmDBNFOUF EP EFTFOWPMWJNFOUP EP 4JTUFNB EF (FTUÍP EF 4FHVSBOÎB F 1SP UFDÎÍP "NCJFOUBM 0 1SPHSBNB FN TJ UFOEFSÈ B EFTBQB SFDFS BQØT B JOUFSJPSJ[BÎÍP EF VNB DVM UVSB EF QSFWFOÎÍP F JNQMFNFOUBÎÍP EF UPEBT BT NFMIPSFT QSÈUJDBT DPODFJUPT QSPDFEJNFOUPT FOmN UPEBT BT GFSSB NFOUBT NÓOJNBT F JOEJTQFOTÈWFJT B VNB QFSGPSNBODF EF FYDFMÐODJB OFTUF UFNB B NFUB mOBM EFTFKBEB QFMB FNQSFTB

NZHBMQ

."3 0

(6*%0 "-#626&326& %JSFDUPS EP "24 $PSQPSBUJWP EB (BMQ &OFSHJB

" *.1035 /$*" %" 4&(63"/ "

SFTQFJUP B VNB QFTTPB PV B VNB FRVJQB EF FTQFDJBMJTUBT FN QBSUJDVMBS i&MB TØ TF EFTFOWPMWF RVBOEP UPEPT JOUFSJPSJ[BN B TVB SFTQPOTBCJMJEBEF OFTUF ÉNCJUP OB BDUJWJEBEF RVF FYFSDFN F B DPMPDBN FN QSJNFJSP MVHBS 1PS FYFNQMP OÍP Ï QPT TÓWFM HFSJS EF GPSNB TVTUFOUÈWFM VNB VOJEBEF PQFSBDJPOBM RVBOEP P TFV HFTUPS DPOTJEFSB RVF B QSFTFSWBÎÍP EB TFHVSBO ÎB TBÞEF F BNCJFOUF EPT USBCBMIBEPSFT EPT BDUJWPT EP NFJP RVF PT SPEFJB F RVF UFN Ë TVB SFTQPOTBCJMJEBEF OÍP MIF EJ[ EJSFDUBNFOUF SFTQFJUP 0 TFV MÓEFS EFWF TFOUJS DPNP TVB QSØQSJB F QSJNFJSB SFT QPOTBCJMJEBEF BOUFT EF UPEPT PT PVUSPT PCKFDUJWPT RVF OÍP PDPSSBN EBOPT QFT TPBJT NBUFSJBJT F BNCJFOUBJT w )È ÈSFBT EB (BMQ &OFSHJB POEF Ï OF DFTTÈSJP RVF P TFOUJEP EF TFHVSBOÎB TFKB NBJT JOUFOTP RVF TÍP BRVFMBT POEF P SJTDP FNCPSB DPOUSPMBEP FYJTUF UPEPT PT EJBT i0 QBQFM EB EJSFDÎÍP EF "24 Ï QSFDJTBNFOUF QSPNPWFS B TFHVSBOÎB TBÞEF F QSPUFDÎÍP BNCJFOUBM OFTUBT F OBT SFTUBOUFT ÈSFBT EB FNQSFTB NBT OBEB DPOTFHVJSFNPT TF UBM OÍP GPS BTTVNJEP F QSBUJDBEP QFMPT HFTUPSFT EF DBEB VNB EBT ÈSFBT F TVBT FRVJQBT RVF TÍP PT SFT QPOTÈWFJT EJSFDUPT QFMB TVB PQFSBÎÍPw TBMJFOUB (VJEP "MCVRVFSRVF " BDUJWJEB EF EP TFDUPS EF TFHVSBOÎB EP "24 $PS QPSBUJWP BMBSHB TF OÍP TØ BPT BDUJWPT EB FNQSFTB NBT UBNCÏN B UPEP P VOJWFSTP EF GPSOFDFEPSFT EF TFSWJÎPT F NBUFSJBJT RVF DPN FMB TF SFMBDJPOBN %FTFOWPMWF DPN PT QBSDFJSPT DBEFSOPT EF FODBSHPT FTQFDÓmDPT DPN FYJHÐODJBT EF TFHVSBO ÎB RVF NVJUBT WF[FT JODMVFN PCSJHBÎÜFT NVJUP QBSB BMÏN EBT MFHBJT F DVKP DVN QSJNFOUP WFSJmDB SFHVMBSNFOUF

" (BMQ &OFSHJB MJEB QFSNBOFOUFNFOUF DPN QSPEVUPT DPNCVTUÓWFJT RVF QPEFN PSJHJOBS JNQBDUPT OFHBUJWPT OP NFJP BN CJFOUF F UÐN FMFWBEP QPUFODJBM EF SJTDPT QFTTPBJT F NBUFSJBJT RVBOEP OÍP DPOUSP MBEPT BEFRVBEBNFOUF .BT B FNQSFTB FTUÈ DPOTDJFOUF EF RVF OÍP Ï BDFJUÈWFM DPOEV[JS B TVB BDUJWJEBEF BGFDUBOEP OF HBUJWBNFOUF F OB TVB JOUFHSJEBEF GÓTJDB PT TFVT DPMBCPSBEPSFT EJSFDUPT JOEJSFDUPT F DMJFOUFT CFN DPNP P NFJP BNCJFOUF FN 1PSUVHBM F OPT PVUSPT QBÓTFT POEF PQFSB 1BSB (VJEP "MCVRVFSRVF EJSFDUPS EP "24 $PSQPSBUJWP UVEP TF CBTFJB OP DPODFJUP GVOEBNFOUBM EF RVF VNB "5&/50 "0 ".#*&/5& QFSGPSNBODF TVTUFOUÈWFM OP ÉNCJUP EB /B TVB ÈSFB EP BNCJFOUF B EJSFDÎÍP EF TBÞEF TFHVSBOÎB F BNCJFOUF OÍP EJ[ "24 BDPNQBOIB UPEP P EFTFOWPMWJNFOUP

UÍP GPSUF JNQBDUP TF QSFWÐ WFOIB B UFS OP TFDUPS POEF B (BMQ &OFSHJB PQFSB 1BSBMFMBNFOUF F TFNQSF RVF DIBNBEB B JOUFSWJS B BDUJWJEBEF EB ÈSFB EF BN CJFOUF FTUFOEF TF B PVUSPT BTTVOUPT OÍP NFOPT JNQPSUBOUFT DPNP Ï QPS FYFN QMP P DBTP EP MJDFODJBNFOUP JOEVTUSJBM BNCJFOUBM QBSB B DPOTUSVÎÍP EF OPWBT VOJEBEFT EFTEF P HÈT OBUVSBM ËT SFmOB SJBT F FTUBÎÜFT EF TFSWJÎP

13*/$ 1*0 %" 26"-*%"%& " ÈSFB EB RVBMJEBEF EP "24 $PSQPSBUJWP QSPNPWF B DPOTPMJEBÎÍP EF VNB DVMUV SB GPDBMJ[BEB OP DMJFOUF EJOBNJ[BOEP B BEPQÎÍP QFMB FNQSFTB EBT NFMIPSFT QSÈUJDBT OFTUF EPNÓOJP &OUFOEB TF QPJT RVBMJEBEF OÍP BQFOBT DPNP BM HP SFMBUJWP Ë DPOGPSNJEBEF EP QSPEV UP NBT TPCSFUVEP DPNP VN QSJODÓQJP JOUSÓOTFDP Ë FNQSFTB F Ë TVB HFTUÍP $PPSEFOB QPJT OPT WÈSJPT TFDUPSFT EB (BMQ &OFSHJB PT BTQFDUPT OPSNBUJWPT F MFHJTMBUJWPT SFMBUJWPT Ë RVBMJEBEF EPT QSPEVUPT BDPNQBOIBOEP FTUBT BDUJWJ EBEFT B OÓWFM OBDJPOBM DPNVOJUÈSJP F JOUFSOBDJPOBM P BMJOIBNFOUP GVODJPOBM EPT HFTUPSFT EB RVBMJEBEF EBT EJWFSTBT VOJEBEFT PSHBOJ[BDJPOBJT QSPNPWFOEP SFHVMBSNFOUF GØSVOT EF USBCBMIP B HFTUÍP EF BVEJUPSJBT "24 EF NPEP B BTTFHVSBS PT SFRVJTJUPT EF FOUJEBEFT PmDJBJT CFN DPNP BT DFSUJmDBÎÜFT F BDSFEJUBÎÜFT EF QBSUF B EJWVMHBÎÍP F JNQMFNFOUBÎÍP EF NFUPEPMPHJBT F GFSSBNFOUBT QBSB B NFMIPSJB DPOUÓOVB FUD

" &26*1" $PPSEFOB B BQMJDB¨¤P EBT NFMIPSFT QS¢UJDBT EF BNCJFOUF RVBMJEBEF F TFHVSBO¨B OB FNQSFTB

FTUSBUÏHJDP F OPSNBUJWP OBDJPOBM F DPNV OJUÈSJP BTTFHVSBOEP P EFTFOWPMWJNFOUP MFHJTMBUJWP F B BQMJDBÎÍP OPSNBUJWB EFTUF ÉNCJUP OBT TVBT PQFSBÎÜFT OB FNQSFTB 6N UFNB SFDFOUF B -FJ EB 3FTQPO TBCJMJEBEF "NCJFOUBM QPS FYFNQMP RVF FOUSPV FN WJHPS FN BMUFSB DPOTJ EFSBWFMNFOUF BT SFMBÎÜFT EF SFTQPOTBCJ MJEBEFT SFGPSÎBOEP P QSJODÓQJP QPMVJEPS QBHBEPS F DPOEV[JOEP B VNB JOUFSWFO ÎÍP QSØ BDUJWB PCSJHBUØSJB F NBOEBUØSJB EF DBEB PQFSBEPS OP TFOUJEP EB QSFWFOÎÍP EP EBOP BNCJFOUBM EFNPOTUSBOEP BOUF

$0.6/*$" 0 ."%63"

DJQBEBNFOUF B TVB DBQBDJEBEF mOBODFJSB QBSB JTTP 0 "24 $PSQPSBUJWP BTTJTUJV EFTEF P JOÓDJP BP TFV EFTFOWPMWJNFOUP F UFN TF EFEJDBEP DPN UPEB B FNQSFTB Ë TVB BQMJDBÎÍP ² P RVF WFN BDPOUFDFOEP UBNCÏN DPN NVJUBT PVUSBT MFJT EFTEF B TVB QSFQBSB ÎÍP KVOUP EB $PNJTTÍP &VSPQFJB Ë TVB USBOTQPTJÎÍP F BQMJDBÎÍP FN 1PSUVHBM DPN EFTUBRVF QBSB P DIBNBEP i1BDPUF &OFSHJB $MJNBw RVF MFHJTMB OBT EJWFSTBT WFSUFOUFT BT HSBOEFT QPMÓUJDBT FVSPQFJBT EF EFTDBSCPOJ[BÎÍP EB TPDJFEBEF F RVF

"MÏN EP QSPDFTTBNFOUP F DPNVOJDB ÎÍP EF EPDVNFOUBÎÍP GPSNBM o OPSNBT F QSPDFEJNFOUPT o B EJSFDÎÍP EP "24 UFN VNB QSØ BDUJWJEBEF NBEVSB FN UFS NPT EF DPNVOJDBÎÍP "T TVBT JOJDJBUJWBT CFN DPNP BT TVBT SFTQPOTBCJMJEBEFT TÍP DPNVOJDBEBT SFHVMBSNFOUF BPT WÈSJPT TFDUPSFT EB (BMQ &OFSHJB F BDUVBMJ[BEBT EF GPSNB SFDPSSFOUF " JOGPSNBÎÍP EFTUF TFDUPS FOHMPCB EFTEF EJDBT TPCSF QSPUFDÎÍP SPEPWJÈSJB B DBNQBOIBT EF TFHVSBOÎB TBÞEF F BN CJFOUF F QVCMJDBÎÍP EF OPSNBT o /1( o EF BNCJFOUF RVBMJEBEF F TFHVSBOÎB WJODVMBUJWBT EF UPEBT BT BDUJWJEBEFT EP (SVQP (BMQ &OFSHJB ."3 0

NZHBMQ

FODPOUSPT VOJ¤P F JOPWB¨¤P DH47EBF 4E? %#$#

/PWPT EFTBçPT 0 GVUVSP BQ´T B DPOWFST¤P EBT 3FçOBSJBT EF .BUPTJOIPT F EF 4JOFT Ġ ñ ĖğĔĠğĥģĠ EF 2VBESPT EB "3- "QSP WJTJPOBNFOUP 3FmOBÎÍP F -PHÓTUJDB EB (BMQ &OFSHJB UFWF DPNP GPDP B QBSUJMIB EF WJTÜFT TPCSF P EFTFNQFOIP EF DBEB VNB EBT ÈSFBT FN F PT OPWPT EFTBmPT OP IPSJ[POUF EP QMBOP " BCFSUVSB EB TFTTÍP GPJ GFJUB QFMP BENJOJTUSBEPS EB (BMQ &OFSHJB "OESÏ 3JCFJSP 4FHVJSBN TF BT BQSFTFOUBÎÜFT EBT EJWFSTBT ÈSFBT EB VOJEBEF DPN B QBSUJMIB EF FYQFSJÐODJBT F MJÎÜFT BQSFO EJEBT FN F BT QFSTQFDUJWBT QBSB P GVUVSP DFOUSBEBT OPT HSBOEFT EFTBmPT RVF TF BQSFTFOUBN Ë "3- DPN B DPOWFS TÍP EBT 3FmOBSJBT EF .BUPTJOIPT F EF 4JOFT FN DVSTP " (FTUÍP *OUFHSBEB EB .BSHFN BCPS EPV B i(FTUÍP EB JODFSUF[Bw DPNP B MJÎÍP BQSFOEJEB FN RVF TF DPODSFUJ[PV OB PQUJNJ[BÎÍP EF QSPDFTTPT OVN DPO UFYUP EF HSBOEF WPMBUJMJEBEF EP NFSDBEP

" «SFB EF "QSPWJTJPOBNFOUP 5SBEJOH F 2VÓNJDPT GBMPV EB BEFRVBÎÍP EB QPMÓUJDB DPNFSDJBM BP DFOÈSJP EF DSJTF WJWJEP OP BOP QBTTBEP " JOUFHSBÎÍP EP TVQQMZ F B DPMPDBÎÍP EB QSPEVÎÍP OP NFSDBEP TÍP PT TFVT HSBOEFT EFTBmPT QBSB PT QSØYJ NPT BOPT 0 CMPDP EF JOUFSWFOÎÜFT EB 3FmOBÎÍP JOUFHSPV WJTÜFT TVQPSUBEBT OP EFOPNJ OBEPS DPNVN EB TFHVSBOÎB F FmDJÐODJB FOFSHÏUJDB EPT EFTBmPT UÏDOJDPT F EF 44" "/%3 3*#&*30 Ë JOUFHSBÎÍP EP .BTUFS 1MBO QBTTBOEP "ENJOJTUSBEPS FYFDVUJWP QFMB MJEFSBOÎB FN DVTUPT DPN FOGPRVF DPN P QFMPVSP EB 6/ "3OB FmDJÐODJB FOFSHÏUJDB 0 TFDUPS EF -PHÓTUJDB BCPSEPV B TVB QFSGPSNBODF mOBODFJSB F PQFSBDJPOBM EF .BOUFS VNB QFSTQFDUJWB EF EFTBmP F JOP F PT EFTBmPT QBSB BTTFOUFT WBÎÍP QFSBOUF VN TJTUFNB SFmOBEPS NBJT OB FmDJÐODJB PQUJNJ[BÎÍP EF BDUJWPT DPNQMFYP Ï VN EPT HSBOEFT EFTBmPT RVF mBCJMJEBEF NFDÉOJDB F QSPKFDUP -PHVT TF BQSFTFOUBN B FTUB ÈSFB QBSB P QMBOP RVF QSFUFOEF TFS JOUFHSBEPS OVN DPO

UFYUP EF MPHÓTUJDB JCÏSJDB

HA<7478 78 A8:Ï6<B :C?

+VOUPT OB DPOTUSV¨¤P EP GVUVSP 6NB FRVJQB EFUFSNJOBEB F VOJEB QSFQBSBEB QBSB VMUSBQBTTBS EFTBçPT Ġ ĖğĔĠğĥģĠ EB VOJEBEF EF OFHØDJP EP (1- EFDPSSFV OP $FOUSP EF $POHSFTTPT EF 7BMMF EF $BOBT FN $PJNCSB TPC P UFNB i+VOUPT OB DPOTUSVÎÍP EP GVUVSPw 0 FWFOUP FOHMPCPV VNB SFVOJÍP EF USBCBMIP F VNB BDUJWJEBEF RVF UFWF DPNP PCKFDUJWP QSPNPWFS P USBCBMIP FN FRVJQB B DPNVOJDBÎÍP F P GPDP OVN PCKFDUJWP DPNVN " NBOIÍ GPJ QSFFODIJEB DPN BQSFTFO UBÎÜFT EPT SFTVMUBEPT EF F QSJODJ QBJT EFTBmPT QBSB SFBMJ[BEBT QFMP SFTQPOTÈWFM EB VOJEBEF EF OFHØDJP F QPS DPMBCPSBEPSFT EF DBEB VNB EBT ÈSFBT 0 BMNPÎP EFDPSSFV OVN BNCJFOUF QSP

NZHBMQ

."3 0

" 3"50&*3" " DPOTUSV¨¤P EFTUB FTUSVUVSB BUSBWªT EF VN KPHP EJWFSUJEP GPJ VN JODFOUJWP ¡T FRVJQBT QBSB USBCBMIBSFN DPN VN PCKFDUJWP DPNVN

QÓDJP BP DPOWÓWJP F Ë QBSUJMIB EF FYQFSJÐO DJBT " TFHVJS JOJDJPV TF B BDUJWJEBEF EF UFBNCVJMEJOH " 3BUPFJSB KPHP EJWFSUJEP RVF JODFOUJWB BT FRVJQBT B USBCBMIBS QBSB VN PCKFDUJWP DPNVN DPOTUSVJS VNB FT

USVUVSB HJHBOUF iB SBUPFJSBw DPOTUJUVÓEB QPS WÈSJBT JOEJWJEVBJT FODBJYBEBT VNBT OBT PVUSBT QBSB BQBOIBS VN SBUP $BEB FRVJQB DPODFOUSPV TF JOJDJBM NFOUF OB DPOTUSVÎÍP EB TVB QBSUF HB

%FQPJT EF VN BMNPÎP WPMBOUF TFSWJEP OB TBMB QPMJWBMFOUF EB 5PSSF " EB TFEF EB FNQSFTB FN -JTCPB PT USBCBMIPT DPO UJOVBSBN DPN B JOUFSWFOÎÍP EB 4BDPS .BSÓUJNB RVF QBSB BMÏN EF VN CSFWF CSJFmOH TPCSF B QFSGPSNBODF mOBODFJSB F PQFSBDJPOBM EB BDUJWJEBEF GBMPV EP DJDMP EB SFOPWBÎÍP EB GSPUB F EPT EFTBmPT EFT UF BOP POEF TF JODMVFN B BEFRVBÎÍP EB FTUSVUVSB EB FNQSFTB Ë OPWB SFBMJEBEF F P JOÓDJP EF BDUJWJEBEF EP 4BDPS ** " mOBMJ[BS BT BQSFTFOUBÎÜFT P 1MBOFB NFOUP F $POUSPMP GF[ VNB SFUSPTQFDUJ WB EB QFSGPSNBODF mOBODFJSB EB "3- FN F FWJEFODJPV P HSBOEF EFTBmP EPT QSØYJNPT BOPT EF DSJBÎÍP EF WBMPS BDSFTDFOUBEP " i(FTUÍP EB QFSGPSNBODF TVQPSUBEB OPT ,1* *OEJDBEPSFT $IBWF EF %FTFNQFOIP w GPJ B BCPSEBHFN RVF P 1MBOFBNFOUP F $POUSPMP FTDPMIFV DPNP FMFNFOUP DPNVN B UPEBT BT ÈSFBT DPOTJ EFSBEB VNB BMBWBODB QBSB P EFTFNQFOIP EB "3- 0 EJB EF USBCBMIPT UFSNJOPV DPN "OESÏ 3JCFJSP B GB[FS P FORVBESBNFOUP BDUVBM EB BDUJWJEBEF OVN DFOÈSJP NB DSPFDPOØNJDP ÓNQBS F B USBOTNJUJS VNB WJTÍP TVNÈSJB EP RVF GPSBN BT EJWFSTBT GPSNBT EF TFOUJS F QBSUJMIBS BT FYQFSJÐO DJBT EBT WÈSJBT ÈSFBT EB "3-

OIBOEP QFÎBT BUSBWÏT EB VMUSBQBTTBHFN EF WÈSJPT EFTBmPT RVF QSPNPWFSBN B DPNVOJDBÎÍP F P USBCBMIP FN FRVJQB /P mOBM BT FRVJQBT SFVOJSBN TF F FODBJYB SBN BT FTUSVUVSBT VNBT OBT PVUSBT BDUJ WBOEP iB SBUPFJSBw F BQBOIBOEP P SBUP " VOJEBEF EF OFHØDJP EF (1- DPOTFHVJV OVN BNCJFOUF EJWFSUJEP F EFTDPOUSBÓEP BMDBOÎBS PT PCKFDUJWPT EFTUB BDUJWJEBEF FN UFNQP SFDPSEF NPTUSBOEP TFS VNB FRVJQB EFUFSNJOBEB F VOJEB QSFQBSBEB QBSB VMUSBQBTTBS PT EFTBmPT GVUVSPT F BT BEWFSTJEBEFT RVF QPEFSÍP TVSHJS FN

(0.&4 %" 4*-7" "ENJOJTUSBEPS FYFDVUJWP DPN P QFMPVSP EB 6/ %JTUSJCVJ¨¤P 0JM

8@CE8F4F %##,"%#$#

'B[FS B EJGFSFO¨B %BS BRVFMB DPOUSJCVJ¨¤P »OJDB OP NPNFOUP DFSUP RVF HFSB PT SFTVMUBEPT FTQFSBEPT Ġ ģĖĔĖğĥĖ &ODPOUSP EBT &NQSFTBT RVF EFDPSSFV OP BVEJUØSJP EB 5PSSF " EB (BMQ &OFSHJB FN -JTCPB GF[ B EJGFSFOÎB 0 NPEFMP FTDPMIJEP NBJT BKVTUBEP BP DFOÈSJP BDUVBM RVJT QSPQPSDJPOBS BPT DP MBCPSBEPSFT OVN TØ EJB VN NPNFOUP EJTSVQUJWP EJWJEJEP FN EVBT QBSUFT 0 FWFOUP JOJDJPV TF DPN VNB TFTTÍP EF USBCBMIP /FMB PT SFTQPOTÈWFJT EBT ÈSFBT EF OFHØDJP EBT &NQSFTBT 5SBOT QPSUFT *OEÞTUSJBT .FJPT EF 1BHBNFOUP %FTFOWPMWJNFOUP EF .FSDBEPT F $03F

m[FSBN B BQSFTFOUBÎÍP EBT TVBT ÈSFBT F EPT SFTVMUBEPT EF JOUFSBHJOEP EJSFDUBNFOUF DPN P QÞCMJDP DPN VN TJT UFNB EF QFSHVOUBT F SFTQPTUBT BUSBWÏT EF UFMFWPUP %BOEP DPOUJOVJEBEF ËT BQSFTFOUBÎÜFT 3VJ 3FJT EJSFDUPS HFSBM EB 6OJEBEF EF /FHØDJPT &NQSFTBT QBSUJMIPV PT PCKFD UJWPT QBSB "QSPWFJUPV QBSB SFGPSÎBS B OFDFTTJEBEF EF JOPWBÎÍP FN UFSNPT EF QSPDFTTPT F EB QSPDVSB EF OPWPT NPEFMPT EF OFHØDJP /FTUF FODPOUSP P TFDUPS EF 3FDVSTPT

)VNBOPT EB (BMQ &OFSHJB EJWVMHPV PT SFTVMUBEPT EP RVFTUJPOÈSJP EF TBUJTGBÎÍP F NPCJMJEBEF EP TFDUPS EF &NQSFTBT FN DPNQMFNFOUP EB BQSFTFOUBÎÍP EP QSP KFDUP 'B[FS B %JGFSFOÎB 5FSNJOBEBT BT TFTTÜFT OP BVEJUØSJP UPEPT TF EFTMPDBSBN QBSB P OBWJP -JTCPB 7JTUB EP 5FKP OBWJP SFTUBVSBOUF QFSUP EBT %PDBT POEF EFDPSSFV VN KBOUBS DPN B QSFTFOÎB EP BENJOJTUSBEPS EB FNQSF TB (PNFT EB 4JMWB 'PJ BOJNBEP QFMPT DPNFEJBOUFT #SVOP /PHVFJSB F &EVBSEP .BEFJSB FORVBOUP P CBSDP OBWFHPV QFMP SJP 5FKP EB 5PSSF EF #FMÏN BP 1BSRVF EBT /BÎÜFT ."3 0

NZHBMQ

SBJP Y MJCFSUP CBUJD¤ GFSSFJSB A4 :H<Au 5<FF4H

6NB IJTU´SJB EF TVDFTTP /PWF BOPT EFQPJT EF UFS FOUSBEP OP (SVQP (BMQ &OFSHJB -JCFSUP #BUJD¤ 'FSSFJSB ª IPKF BEKVOUP EP EJSFDUPS HFSBM QBSB B ¢SFB PQFSBDJPOBM EB 1FUSPHBM (VJOª #JTTBV Ē ęĚĤĥŭģĚĒ EF -JCFSUP #BUJDÍ 'FSSFJSB DPN B (BMQ &OFSHJB (VJOÏ #JTTBV UFN DFSDB EF OPWF BOPT $PNFÎPV P TFV QFSDVSTP FN DPNP BEKVOUP EP SFTQPOTÈWFM EP QBSRVF EF HÈT EB 1FUSPHÈT UFOEP BTTVNJ EP B TVB EJSFDÎÍP RVBUSP BOPT EFQPJT

#"-"/ 0 104*5*70 &YFSDFV FTUB GVOÎÍP BUÏ QBTTBS B SFT QPOTÈWFM EF PQFSBÎÜFT EP 1BSRVF EF $PNCVTUÓWFJT EB #PMPMB POEF TVQFSPV P EFTBmP RVF NBJT P NBSDPV OP (SVQP RVF GPJ BDBCBS DPN BT RVFCSBT BWVMUBEBT FYJTUFOUFT OBT JOTUBMBÎÜFT

$PNP SFTVMUBEP EP TFV CPN EFTFN QFOIP QBTTPV FN B BDVNVMBS B SFTQPOTBCJMJEBEF EF UPEPT PT QBSRVFT EF DPNCVTUÓWFJT HÈT F MVCSJmDBOUFT EBT FNQSFTBT 1FUSPNBS F 1FUSPHÈT &N /PWFNCSP EF DPN B QBTTB HFN EB EJSFDÎÍP EB $PNQBOIJB -PHÓTUJDB EF $PNCVTUÓWFJT (VJOÏ #JTTBV EB 1F USPEJT QBSB B 1FUSPHBM (VJOÏ #JTTBV GPJ OPNFBEP BEKVOUP EP EJSFDUPS HFSBM QBSB B ÈSFB PQFSBDJPOBM EFTUB FNQSFTB GVO ÎÍP RVF BDVNVMB DPN B EF SFTQPOTÈWFM -*#&350 #"5*$ '&33&*3" QFMB -PHÓTUJDB EB 1FUSPNBS F 1FUSPHÈT "EKVOUP EP EJSFDUPS HFSBM QBSB B ¢SFB PQFSBDJPOBM -JCFSUP #BUJDÍ 'FSSFJSB GB[ VN CBMBOÎP EB 1FUSPHBM (VJOª #JTTBV

>KZ ϮϬϭϬ

^ĞůĞĐĕĆŽ džĐůƵƐŝǀĂ ZĞƐĞƌǀĞ ũĄ Ă ƉƌĞĕŽ ĞdžĐůƵƐŝǀŽ ĐŽůĂďŽƌĂĚŽƌ 'ĂůƉ Ğ ǀĞŶŚĂ ĞdžƉĞƌŝŵĞŶƚĂƌ ĂƐ ͞ŵŽƌŶĂƐ͟ ĚŽ ƚůąŶƟĐŽ͘

WĂƌĂ ĐůŝĞŶƚĞƐ ĞƐƉĞĐŝĂŝƐ͕ ĐŽŶĚŝĕƁĞƐ ĞƐƉĞĐŝĂŝƐ͊ ŽŶƚĂĐƚĞͲŶŽƐ͗ ϳϬϳ Ϯϰ ϭϰ ϭϰ ʹ ŐĂůƉͲĨĞƌŝĂƐΛŐĞŽƚƵƌ͘ĐŽŵ

QPTJUJWP EPT ÞMUJNPT BOPT EP (SVQP OB (VJOÏ #JTTBV i.FTNP DPN B JOTUBCJ MJEBEF QFSNBOFOUF EP QBÓT F BT DSJTFT JOUFSOBDJPOBJT B FNQSFTB UFN WJOEP B PCUFS CPOT SFTVMUBEPT RVF UÐN WJOEP TJTUFNBUJDBNFOUF B BVNFOUBS BOP BQØT BOP EVQMJDBOEP FN PT SFTVMUBEPT EF w 1BSB JTTP UÐN DPOUSJCVÓEP PT QPOUPT GPSUFT EB FNQSFTB RVF Ï VNB iSFGFSÐODJB OB (VJOÏ #JTTBVw 5FN B NBJPS RVPUB EF NFSDBEP Ï FTUÈWFM F SFDPOIFDJEB QF MP QÞCMJDP FN HFSBM F UFN B TVB QSØQSJB GSPUB SFOPWBEB QBSB EJTUSJCVJÎÍP EPT QSPEVUPT RVF DPNFSDJBMJ[B 1BSB BMÏN

.FTNP DPN B JOTUBCJMJEBEF QFSNBOFOUF EP QB®T F BT DSJTFT JOUFSOBDJPOBJT B FNQSFTB UFN WJOEP B PCUFS CPOT SFTVMUBEPT

EJTTP iFWJUB SVQUVSBT EF TUPDL F BQPTUB 5&.104 -*73&4 OB SFOPWBÎÍP DPOTUBOUF QBSB GB[FS GBDF Ë DPODPSSÐODJBw )0##*&4 1BSB FTUF SFTQPOTÈWFM EB (BMQ &OFSHJB 0VWJS N»TJDB F QSBUJDBS EFTQPSUPT P QPOUP NBJT GSBDP EB FNQSFTB iÏ B GSBDB ."*03 40/)0 EJWVMHBÎÍP EBT OPSNBT F QSPDFEJNFOUPT 5PSOBS TF NJMJPO¢SJP EP (SVQP F B GBMUB EF GPSNBÎÍP EPT DPMB 7*"(&.

CPSBEPSFTw 1PS JTTP DPOTJEFSB RVF VNB "PT &TUBEPT 6OJEPT EB "NªSJDB BQPTUB TÏSJB OB PSHBOJ[BÎÍP EPT 3FDVSTPT -*730 '*-.& %&410350 '"703*50 )VNBOPT F OB GPSNBÎÍP EPT DPMBCPSB -JWSPT EF DJ«ODJBT F DPOUPT EF BWFOUVSB EPSFT UFSJB VN DPOUSJCVUP QPTJUJWP F TJH çMNFT EF ESBNB F EF BWFOUVSB GVUFCPM F OJmDBUJWP QBSB B FNQSFTB CBTRVFUFCPM -JCFSUP #BUJDÍ 'FSSFJSB RVFS DPOUJOVBS 26"- 0 5*10 %& $0.*%" 26& ."*4 B USBCBMIBS OBT FNQSFTBT EP (SVQP (BMQ "13&$*" &OFSHJB POEF QSFUFOEF DPOUSJCVJS QBSB 'FJKPBEB ¡ USBOTNPOUBOB EF 1PSUVHBM P TFV DSFTDJNFOUP TVTUFOUÈWFM EFTFO WPMWFOEP FN TJNVMUÉOFP BJOEB NBJT PT TFVT DPOIFDJNFOUPT OPVUSPT QBÓTFT 1BSB FMF FTUF SFQSFTFOUB VNB FTDPMB POEF DPOTFHVF iJOUFSDBN 6." &4$0-" CJBS DPOIFDJNFOUPT DPN PT DPMFHBTw %P QPOUP EF WJTUB QFTTPBM HPTUBSJB EF $POUSJCVJOEP QBSB B TVB SFBMJ[BÎÍP QFT GB[FS VNB QØT HSBEVBÎÍP OB ÈSFB EB TPBM F QSPmTTJPOBM B FNQSFTB SFQSFTFOUB FOFSHJB FN QBSUJDVMBS OPT QFUSØMFPT F FN QBSUF UBNCÏN P MBS QPSRVF Ï OFMB RVF USBCBMIBS EFOUSP EP (SVQP (BMQ &OFSHJB QBTTB B NBJPS QBSUF EP EJB

W ^^ d DWK

'K^dK s/ : Z

EŽ ąŵďŝƚŽ ĚŽ ƉĂƐƐĂƚĞŵƉŽ ĞdžĐůƵƐŝǀŽ ĐƌŝĂĚŽ ƉĂƌĂ Ă ƌĞǀŝƐƚĂ ĐŽƌƉŽƌĂƟǀĂ ĚĂ 'ĂůƉ ŶĞƌŐŝĂ͕ Ğŵ ƉĂƌĐĞƌŝĂ ĐŽŵ Ă 'ĞŽ^ƚĂƌ͕ ǀŝŵŽƐ ůĂŶĕĂƌ Ă ϭ͘ǐ ĞĚŝĕĆŽ ĚĞ ϮϬϭϬ͘ WĂƌĂ ƐĞ ŚĂďŝůŝƚĂƌ͕ ďĂƐƚĂ ůĞƌ Ă ƌĞǀŝƐƚĂ ŵLJŐĂůƉ Ŷ͘Ǒ Ϭϱ Ğ ƌĞƐƉŽŶĚĞƌ ă ƐĞŐƵŝŶƚĞ ƋƵĞƐƚĆŽ͗ ͞YƵĂů Ž ƐŝƚĞ ŽŶĚĞ ƐĞ ĞŶĐŽŶƚƌĂ ĚŝƐƉŽŶşǀĞů Ă ƐĐŽůĂ ĚĂ ŶĞƌŐŝĂ ĚĂ 'ĂůƉ ŶĞƌŐŝĂ͍͟ ĞƉŽŝƐ͕ ĨĂĕĂ ƵŵĂ ĨƌĂƐĞ ĐƌŝĂƟǀĂ ĐŽŵ ĂƐ ƉĂůĂǀƌĂƐ ͞ ĂďŽ sĞƌĚĞ͟ Ğ ͞ŵŽƌŶŽ͘͟ ^ĞƌĄ ƉƌĞŵŝĂĚŽ ƋƵĞŵ ĞŶǀŝĂƌ Ă ƌĞƐƉŽƐƚĂ ĐŽƌƌĞĐƚĂ Ğ Ă ĨƌĂƐĞ ŵĂŝƐ ĐƌŝĂƟǀĂ͕ ĂƚĠ ĂŽ ĚŝĂ ϮϮ ĚĞ DĂŝŽ ĚĞ ϮϬϭϬ͕ ƉĂƌĂ ĐŽŵƵŶŝĐĂĐĂŽ͘ ŝŶƚĞƌŶĂΛŐĂůƉĞŶĞƌŐŝĂ͘ĐŽŵ͘ ƵƌĂŶƚĞ Ƶŵ ĂŶŽ͕ Ğ ĚĞ ĚŽŝƐ Ğŵ ĚŽŝƐ ŵĞƐĞƐ͕ ǀĂŵŽƐ ŽĨĞƌĞĐĞƌ ĂŽƐ ŶŽƐƐŽƐ ůĞŝƚŽƌĞƐ ĐŽůĂďŽƌĂĚŽƌĞƐ ĚĂ 'ĂůƉ ŶĞƌŐŝĂ Ƶŵ ĮŵͲĚĞͲƐĞŵĂŶĂ ŶƵŵ ĚĞƐƟŶŽ ŶĂĐŝŽŶĂů ;ĚƵĂƐ ŶŽŝƚĞƐ ĚĞ ĂůŽũĂŵĞŶƚŽ Ğŵ ƋƵĂƌƚŽ ĚƵƉůŽ͕ Ğŵ ƌĞŐŝŵĞ W Ϳ͘ EŽ ĮŶĂů ĚŽ ĂŶŽ͕ ƋƵĞŵ ƟǀĞƌ ƉĂƌƟĐŝƉĂĚŽ Ğŵ ƉĂƐƐĂƚĞŵƉŽƐ ĚĂƐ ĞĚŝĕƁĞƐ ĚĞ ϮϬϭϬ Ğ ŐƵĂƌĚĂĚŽ ŽƐ ƌĞƐƉĞĐƟǀŽƐ ĞdžĞŵƉůĂƌĞƐ ĚĂ ƌĞǀŝƐƚĂ ŵLJŐĂůƉ ƉŽĚĞƌĄ ŚĂďŝůŝƚĂƌͲƐĞ Ă ƵŵĂ ǀŝĂŐĞŵ ĚĞ ŽŝƚŽ ĚŝĂƐ ƉĂƌĂ ĚƵĂƐ ƉĞƐƐŽĂƐ Ă Ƶŵ ĚĞƐƟŶŽ Ă ĂŶƵŶĐŝĂƌ Ğŵ ďƌĞǀĞ͘ WĂƌĂ ŵĂŝƐ ŝŶĨŽƌŵĂĕƁĞƐ͕ ĞƐƚĞũĂ ĂƚĞŶƚŽ ă ƌĞǀŝƐƚĂ ŵLJŐĂůƉ Ğ ă ŝŶƚƌĂŶĞƚ ĚĂ 'ĂůƉ ŶĞƌŐŝĂ͘ ƐƚĞƐ ĐŽŶĐƵƌƐŽƐ ;ƚĂŶƚŽ ŽƐ ďŝŵĞƐƚƌĂŝƐ ĐŽŵŽ Ž ĂŶƵĂůͿ ƐĆŽ ĞdžĐůƵƐŝǀĂŵĞŶƚĞ ƉĂƌĂ ĐŽůĂďŽƌĂĚŽƌĞƐ ĚŽ 'ƌƵƉŽ 'ĂůƉ ŶĞƌŐŝĂ͘ K ǀĞŶĐĞĚŽƌ ĚĂ ϱ͘ǐ ĞĚŝĕĆŽ ĚŽ ƉĂƐƐĂƚĞŵƉŽ ͞'ŽƐƚŽ ĚĞ sŝĂũĂƌ͟ ĨŽŝ :ŽƐĠ ůǀĞƐ͕ ĚĂ hEͲ'ĄƐ Θ WŽǁĞƌ Ͳ >ŝƐďŽĂŐĄƐ Ͳ ŝƌĞĐĕĆŽ ŽŵĞƌĐŝĂů

SBJP Y BTTPDJB¨¤P TBMWBEPS

CE<A6<C4? B5=86G<IB

26"-*%"%& %& 7*%"

" "TTPDJBÎÍP 4BMWBEPS QSFUFOEF TFS VNB SFGFSÐODJB OB ÈSFB EB NPCJMJEBEF SFEV[JEB FN FTQFDJBM OP DBNQP EB EF mDJÐODJB NPUPSB F VN QJMBS OB EFGFTB EPT JOUFSFTTFT F EJSFJUPT EFTUBT QFTTPBT "DUVB EF GPSNB EJSFDUB F PV JOEJSFDUB FN QSPKFDUPT RVF QSPNPWBN NFMIPSFT BDFTTJCJMJEBEFT F BVNFOUFN B RVBMJEBEF 1BSB BT QFTTPBT DPN NPCJMJEBEF SFEV[JEB EF WJEB EBT QFTTPBT BUSBWÏT EF "DÎÜFT TF JOUFHSBSFN TFN CBSSFJSBT OB WJEB BDUJWB 1SØQSJBT "DFTTJCJMJEBEFT 5VSJTNP *O UFHSBÎÍP 1SFWFOÎÍP 3PEPWJÈSJB $PP QFSBÎÍP *OUFSOBDJPOBM F *OWFTUJHBÎÍP F Ē ĒĤĤĠĔĚĒšŝĠ ĤĒĝħĒĕĠģ QSPNPWF B EFGF TFN BT DPOTUBOUFT CBSSFJSBT RVF TF MIFT 5FDOPMPHJB TB EPT JOUFSFTTFT F EJSFJUPT EBT QFTTPBT FOUSFQÜFN /P DPOKVOUP EF BDUJWJEBEFT RVF EF DPN NPCJMJEBEF SFEV[JEB FN FTQFDJBM /BTDFV B EF /PWFNCSP EF TFOWPMWF EFTUBDB TF B "DÎÍP 2VBMJEBEF EBT RVF TÍP QPSUBEPSBT EF EFmDJÐODJB GSVUP EB WPOUBEF EP 4BMWBEPS .FOEFT EF EF 7JEB JOJDJBUJWB BUSBWÏT EB RVBM PGFSFDF NPUPSB 0 TFV QSJODJQBM PCKFDUJWP Ï VNB "MNFJEB P QSFTJEFOUF EB JOTUJUVJÎÍP RVF BQPJPT EJSFDUPT B QFTTPBT DPN NPCJMJEBEF TPDJFEBEF NBJT JODMVTJWB QBSB RVF TF mDPV UFUSBQMÏHJDP BPT BOPT FN DPOTF SFEV[JEB &N UFWF BQFOBT TFJT DBO JOUFHSFN OBUVSBMNFOUF OB WJEB BDUJWB RVÐODJB EF VN BDJEFOUF EF WJBÎÍP EJEBUVSBT F BQPJPV EVBT QFTTPBT .BT FN

6NB TPDJFEBEF NBJT JODMVTJWB

NZHBMQ

."3 0

3&'&3 /$*" " "TTPDJB¨¤P 4BMWBEPS QSFUFOEF TFS VNB SFGFS«ODJB OB ¢SFB EB NPCJMJEBEF SFEV[JEB FN FTQFDJBM OP DBNQP EB EFçDJ«ODJB NPUPSB

SFDFCFV KÈ DBOEJEBUVSBT F QSF QBSB TF QBSB FOUSFHBS OP mOBM EF "CSJM QSØYJNP BQPJPT B QFTTPBT OP WBMPS EF FVSPT JODMVJOEP DJODP DBEFJSBT EF SPEBT FMÏDUSJDBT F NBOVBJT EPJT DBS SPT BEBQUBEPT EJWFSTPT DPNQVUBEPSFT F NBUFSJBM JOGPSNÈUJDP BEBQUBÎÜFT EF DBTBT EF CBOIP FUD &OUSF BT JOJDJBUJWBT EFTUB JOTUJUVJÎÍP UBNCÏN TF TBMJFOUBN BT BDÎÜFT EF 1SF WFOÎÍP 3PEPWJÈSJB &N BUSBWÏT EP QSPHSBNB -JDFOÎB QBSB (VJBS 4BMWBEPS .FOEFT EF "MNFJEB EFV P UFTUFNVOIP QFTTPBM B NBJT EF BMVOPT EF FTDPMBT TFDVOEÈSJBT 'PSBN BJOEB SFBMJ[BEBT EJ WFSTBT BDÎÜFT EF TFOTJCJMJ[BÎÍP FN FTQB ÎPT EF EJWFSTÍP OPDUVSOB QSPUBHPOJ[BEPT QPS WPMVOUÈSJPT EB "TTPDJBÎÍP 4BMWBEPS HSBOEF QBSUF EPT RVBJT TF EFTMPDBN FN DBEFJSBT EF SPEBT

"#"45&$*.&/50 "44*45*%0 " QBSDFSJB FOUSF B "TTPDJBÎÍP 4BMWBEPS F B 'VOEBÎÍP (BMQ &OFSHJB QBTTB QFMP GPSOFDJNFOUP EF EJTQPTJUJWPT B QFTTP BT DPN NPCJMJEBEF SFEV[JEB NFEJBOUF JOTDSJÎÍP OP TJUF EB 'VOEBÎÍP (BMQ &OFS HJB 1FSNJUFN P BCBTUFDJNFOUP BTTJTUJEP EF DPNCVTUÓWFM OPT QPTUPT EB FNQSFTB BVNFOUBOEP P TFV HSBV EF NPCJMJEBEF F JOEFQFOEÐODJB F DPOTFRVFOUFNFOUF B TVB RVBMJEBEF EF WJEB 0 TJTUFNB GVODJPOB BDDJPOBOEP P DP NBOEP RVF BWJTB P PQFSBEPS EP QPTUP QPS NFJP EF VN TJOBM TPOPSP F MVNJOPTP

10356("- "$&44 7&B Zh\T XXX QPSUVHBMBDFTTJWFM DPN EJTQPOJCJMJ[B JOGPSNB¨¤P TPCSF FTQB¨PT BDFTT®WFJT ¡T QFTTPBT DPN EFçDJ«ODJB NPUPSB PV NPCJMJEBEF SFEV[JEB JODMVJOEP BMHVOT QPTUPT (BMQ &OFSHJB

RVF TF FODPOUSB VN DMJFOUF DPN NPCJMJ EBEF SFEV[JEB QBSB TFS BUFOEJEP "TTJN RVF QPTTÓWFM FMF EFTMPDB TF BP WFÓDVMP FN DBVTB QBSB FGFDUVBS P BCBTUFDJNFO UP EF DPNCVTUÓWFM F EF CFOT EB MPKB RVF TFKBN TPMJDJUBEPT UBM DPNP P SFTQFDUJWP QBHBNFOUP 4BMWBEPS .FOEFT EF "MNFJEB EJ[ RVF GVOEPV B "TTPDJBÎÍP 4BMWBEPS DPN B NJTTÍP EF DPOTUSVJS VN 1PSUVHBM NBJT BDFTTÓWFM QBSB UPEPT i%FTEF FOUÍP GP SBN EFTFOWPMWJEPT QSPKFDUPT BNCJDJP TPT F DPODSFUPT RVF WJTBN EBS SFTQPTUB B EJGFSFOUFT OFDFTTJEBEFT TFOUJEBT OB ÈSFB EB EFmDJÐODJB NPUPSB RVF KÈ UJWF SBN SFTVMUBEPT F JNQBDUP OB NFMIPSJB EB JOUFHSBÎÍP F RVBMJEBEF EF WJEB EF JOÞNFSBT QFTTPBTw BDSFTDFOUB "DSF EJUB UBNCÏN RVF IBWFSÈ VN EJB FN RVF RVBMRVFS QFTTPB FN 1PSUVHBM RVF UFOIB VNB EFmDJÐODJB NPUPSB PV DJSDVMF OVNB DBEFJSB EF SPEBT UFOIB WJEB BDUJWB JHVBM B RVBMRVFS PVUSP DJEBEÍP TFN MJNJUBÎÜFT GÓTJDBT ."3 0

NZHBMQ

F IJ TU´SJBT TFHVSBO¨B F BNCJFOUF "5*56%& 104*5*7"

'PSNBS QBSB FWJUBS SJTDPT ĒĤ ĔĒģĒĔĥĖģŧĤĥĚĔĒĤ EB BDUJWJEBEF QFUSP MÓGFSB PCSJHBN B RVF BT FNQSFTBT RVF TF EFEJDBN B FTTF OFHØDJP EJTQFOTFN VNB BUFOÎÍP QBSUJDVMBS ËT RVFTUÜFT SFMBDJP OBEBT DPN B TFHVSBOÎB F P BNCJFOUF 0 1SPHSBNB 7JEBT (BMQ EÈ OPT B DPOIF DFS BMHVOT FQJTØEJPT RVF UFTUFNVOIBN B EJNFOTÍP RVF FTUFT BTTVOUPT QPEFN BUJO HJS F UBNCÏN DPNP BT BDÎÜFT EF GPSNBÎÍP QPEFN DPOUSJCVJS FN TJUVBÎÜFT EF DSJTF QBSB B SFTPMVÎÍP EF BMHVOT QSPCMFNBT

4&(63"/ " 7JTJUB EPT UªDOJDPT EB 3FHJ¤P *OEVTUSJBM EF -JTCPB ¡ TBMB EF DPOUSPMP EB QSPEV¨¤P EF IJESPHªOJP F H¢T EP DPNQMFYP JOEVTUSJBM EF $BCP 3VJWP OB EªDBEB EF

0 ( 4 26& &3" .035 '&30ê i/P EJB EF %F[FNCSP EF FOUSFJ QBSB B 411 4PDJFEBEF 1PSUVHVFTB EF 1F USPRVÓNJDB FN $BCP 3VJWP NBJT DPODSF UBNFOUF QBSB B 'ÈCSJDB EF "NPOÓBDP <y> &N $BCP 3VJWP OB QPOUF DBJT EB .BUJOIB FYJTUJB VNB JOTUBMBÎÍP POEF TF EFTDBSSFHBWB P BNPOÓBDP F BT QFTTPBT WJWJBN BQBWPSBEBT QPS DBVTB EJTTP 6N EJB SFCFOUPV VNB WÈMWVMB OFTTB JOTUBMBÎÍP FN $BCP 3VJWP F MJCFSUPV TF QSPEVUP 4Ø DIFJSBWB B BNPOÓBDP 0 CBSCFJSP EP 1PÎP EP #JTQP RVF FTUBWB B GB[FS B CBSCB B VN JOEJWÓEVP mDPV UÍP BQBWPSBEP BP PVWJS BT QFTTPBT B HSJUBS RVF UJOIB IBWJEP VNB GVHB EF HÈT NPSUÓGFSP RVF EFJYPV P DMJFOUF OB DBEFJSB 'PJ CVTDBS B NVMIFS NFUFV TF OP DBSSP F TØ QBSPV OP &TUPSJM EF POEF UFMFGPOPV B QFSHVOUBS TF UJOIB IBWJEP BMHVN QSPCMFNB HSBWF &OUSFUBOUP VN EPT USBCBMIBEPSFT EB FNQSFTB RVF FTUBWB B BSSBODBS QSFHPT EF VN DBJYPUF RVBOEP PVWJV HSJUBS RVF IBWJB GVHB EF BNPOÓBDP DPSSFV QBSB P FMÏDUSJDP RVF FTUBWB B QBTTBS F TØ QBSPV OP $BNQP EBT $FCPMBT RVF mDB QSØYJNP EB 1SBÎB EP $PNÏSDJP /FTTB BMUVSB Ï RVF SFQBSPV RVF MFWBWB P BSSBODB QSFHPT OB NÍP F OÍP DPOTFHVJB FYQMJDBS P RVF UJOIB BDPOUFDJEP /ÍP QBTTPV EF VN TVTUP NBT GPJ P TVmDJFOUF QBSB TF HFSBS VN FOPSNF QB WPS OB [POB QSJODJQBMNFOUF QPSRVF BT QFTTPBT OÍP FTUBWBN JOGPSNBEBT BDFSDB EBT DPOEJÎÜFT EF TFHVSBOÎB RVF UÓOIB

NPT F OB BMUVSB BJOEB FYJTUJBN NVJUPT SFDFJPT w &VHÏOJP .BJB EF .BUPT

0 4*.6-"$30 %& */$ /%*0 i0 -BCPSBUØSJP EB .BUJOIB FSB VN NVOEP NVJUP FOHSBÎBEP QPSRVF UJOIB QFTTPBT DPN GFJUJPT NVJUP EJGFSFOUFT F P EJB B EJB EF USBCBMIP OÍP FSB OBEB NPOØUPOP 3FDPSEP QPS FYFNQMP VN TJNVMBDSP EF JODÐOEJP RVF FOWPMWFV UPEBT BT QFUSPMÓ GFSBT RVF FTUBWBN OB [POB EF $BCP 3VJWP F .BUJOIB POEF BDUVBMNFOUF Ï B &YQP 0 RVF FTUBWB FN DBVTB FSB B FYQMPTÍP EP QJQFMJOF RVF QBTTBWB OBRVFMB [POB 'J[F SBN P TJNVMBDSP QBSB UFTUBS UPEBT BT NFEJ EBT EF SFTQPTUB B FTUF UJQP EF TJUVBÎÜFT 'PJ NVJUP JOUFSFTTBOUF QPSRVF P TJ NVMBDSP FOWPMWFV UPEP P UJQP EF NFJPT FYJTUFOUFT OB DJEBEF EF -JTCPB EFTEF IFMJDØQUFSPT IPTQJUBJT EF DBNQBOIB CPNCFJSPT F NVJUP NBJT " FRVJQB EP -BCPSBUØSJP EF -VCSJmDBOUFT EB 1FUSPHBM OB BMUVSB GPJ DIBNBEB QBSB EFTFNQFOIBS P QBQFM EF WÓUJNB 5ÓOIBNPT GFSJEPT QJO

UBEPT QFMP MBCPSBUØSJP UPEP F MFNCSP NF EF VN DPMFHB RVF UJOIB VN PTTP B TBJS EP CSBÎP 5PEB B DBSBDUFSJ[BÎÍP GPJ MFWBEB NVJUP B TÏSJP 'PJ VN NPNFOUP NVJUP SFMFWBOUF OB .BUJOIB QPSRVF UJWFNPT PQPSUVOJEBEF EF WJWFS EF QFSUP P RVF QPEF TFS FWFOUVBMNFOUF VNB TJUVBÎÍP EF QF SJHP F BQSFOEFNPT DPN NBJT QSFDJTÍP BT NFEJEBT RVF EFWFN TFS UPNBEBT )FMFOB 0MJWFJSB

4*.6-"$30 &N DBVTB FTUBWB B FYQMPT¤P EF VN QJQFMJOF I\f\gX b @hfXh I\eghT_ X iX]T XfgTf X bhgeTf ¹Xfg e\Tfº X` [ggc-""i\WTf!ZT_cXaXeZ\T!Vb`

NZHBMQ

."3 0

UFNQPT MJWSFT DMVCF HBMQ FOFSHJB 8@ <A6E8@8AGB 6BAFG4AG8

"DUJWJEBEFT QBSB DSJBO¨BT F KPWFOT *OJDJBUJWBT RVF QSPNPWFN P TFV EFTFOWPMWJNFOUP JOEJWJEVBM F B TVB JOTFS¨¤P OB TPDJFEBEF ĦĞ ĕĠĤ ġģĚğĔĚġĒĚĤ QSPQØTJUPT EB EJSFDÎÍP EP $MVCF (BMQ &OFSHJB o /ÞDMFP $FOUSP QBTTB QFMP EFTFOWPMWJNFOUP F PSHBOJ[B ÎÍP EF BDUJWJEBEFT SFDSFBUJWBT DVMUVSBJT F EFTQPSUJWBT EJSFDDJPOBEBT QBSB BT DSJBO ÎBT mMIBT EPT TFVT "TTPDJBEPT /PT BOPT NBJT SFDFOUFT FTUF QSPQØTJUP UFN TJEP DPSPBEP DPN VN DPOTUBOUF JO DSFNFOUP OÍP TØ EP OÞNFSP EF JOJDJBUJWBT F FWFOUPT QSPQPTUPT NBT UBNCÏN F QSJO DJQBMNFOUF OB BEFTÍP ËT NFTNBT *TTP GB[ DPN RVF TFKBN DBEB WF[ NBJT SFHVMBSFT F SFDPSSFOUFT OP 1MBOP EF "D UJWJEBEFT "OVBM EP $MVCF (BMQ &OFSHJB o /ÞDMFP $FOUSP BT JOJDJBUJWBT EJSFD DJPOBEBT QBSB PT NBJT KPWFOT

$3*"/ "4 4Ø FN GPSBN RVBTF DSJBOÎBT F KPWFOT RVF QBSUJDJQBSBN EF GPSNB BDUJWB OBT NBJT EF EVBT EF[FOBT EF JOJDJBUJWBT

" BEFT¤P EF DSJBO¨BT F KPWFOT ¡T JOJDJBUJWBT EP $MVCF FTU¢ B DSFTDFS EFTUB ÓOEPMF MFWBEBT B DBCP QFMP $MVCF BMHVNBT EFMBT POEF FTUJWFSBN BDPNQB OIBEBT QFMPT QBJT F PV BWØT %F FOUSF FMBT EFTUBDB TF FN FTQF DJBM B 'FTUB EF /BUBM EP 6OJWFSTP (BMQ &OFSHJB VNB PSHBOJ[BÎÍP EP $MVCF RVF EFDPSSF UPEPT PT BOPT OP $PMJTFV EPT 3FDSFJPT FN -JTCPB 5FN SFVOJEP BP MPOHP EP UFNQP NBJT EF VN NJMIBS EF DSJBOÎBT FN UPSOP EP FTQFDUÈDVMP RVF P DJSDP QSPQPSDJPOB F EBT QSFOEBT BMVTJWBT Ë ÏQPDB OBUBMÓDJB 1BSB BMÏN EB BMFHSJB QSPQPSDJPOBEB EF GPSNB JNFEJBUB Ï JOUVJUP EP $MVCF (BMQ &OFSHJB RVF BT BDUJWJEBEFT QSPQPSDJPOB EBT QBSB PT NBJT KPWFOT QSPNPWBN P TFV EFTFOWPMWJNFOUP JOEJWJEVBM F B TVB JOTFS ÎÍP OB TPDJFEBEF FN RVF WJWFNPT

$3*"/ "4 '&-*;&4

&/70-7*.&/50 50%0 0 "/0 0 $MVCF (BMQ &OFSHJB EFTFOWPMWF UPEPT PT BOPT BMHVNBT EF[FOBT EF JOJDJBUJWBT QBSB PT NBJT OPWPT POEF TF TFOUF B BMFHSJB F FOWPMWJNFOUP EF UPEPT %F FOUSF FMBT TBMJFOUBN TF

" BMFHSJB EBT DSJBO¨BT ª VN EPT PCKFDUJWPT EP $MVCF (BMQ &OFSHJB QBSB BMªN EB QSPNP¨¤P EP TFV EFTFOWPMWJNFOUP JOEJWJEVBM F JOTFS¨¤P OB TPDJFEBEF

Þ "T DPM´OJBT EF GªSJBT OPT QFS®PEPT EF GªSJBT FTDPMBSFT Ô /BUBM 1¢TDPB F 7FS¤P Ô FN SFHJNF EF JOUFSOBUP PV FYUFSOP

Þ " K¢ USBEJDJPOBM RVBSUB GFJSB EF $BSOBWBM 6N EJB QBTTBEP

OVN MPDBM EF SFDPOIFDJEP JOUFSFTTF DVMUVSBM EPT RVBJT TF EFTUBDB FTUF BOP B JEB BP ,JE[BOJB OP %PMDF 7JUB 5FKP FN 0EJWFMBT EF NBJT EF TFUF EF[FOBT EF DSJBO¨BT Þ 0T FTQFDU¢DVMPT NVTJDBJT F UFBUSBJT QBSB PT NBJT KPWFOT Þ 'JMNFT FN FTUSFJB OBDJPOBM

7\fcba iX_ 6ba[X T `X_[be b 6_hUX :T_c 8aXeZ\T aT <agXeaXgjjj!V_hUXZT_cXaXeZ\T!Vb`

."3 0

NZHBMQ

DVMUVSB MJWSPT DE F EWE 6B@B 78HF @4A74

T abffT fX_XV }b

.BSDBOUF

-JWSP

7FODFEPS EP 1SªNJP 4USFHB VN MJWSP DSV F JNQMBD¢WFM NPSEB[ QPS WF[FT TJOJTUSP QPS WF[FT FOUFSOFDFEPS DMBSBNFOUF JOFTRVFD®WFM GBMUB EFHSBEBÎÍP NPSBM ĔģĚĤĥĚĒğĠ ĥĖĞ BOPT F VNB ESPHBT TFYP F QPSOPHSBmB WJEB CFN MPOHF EB QFSGFJÎÍP BEVMUÏSJPT SPVCP 2VBOEP P TFV QBJ F EPJT F BTTBTTJOBUP

BNJHPT %BOJMP F 2VBUUSP 1BVUBEP QFMB WJPMÐODJB 'PSNBHJ P QSJNFJSP JODBQB[ P IVNPS OFHSP F B UFSOVSB EF TVQFSBS B NPSUF EB mMIB F OBSSBEP B VN SJUNP F P BCBOEPOP EB NVMIFS BMVDJOBOUF $PNP %FVT F P TFHVOEP DPN EFMÓSJPT .BOEB BQSFTFOUB QTJDØUJDPT FOHFOESBN VNB EFTFODBOUBEB WJTÍP VN QMBOP QBSB BTTBMUBSFN EB TPDJFEBEF BDUVBM BUSBWÏT VN CBODP $SJTUJBOP WÐ "VUPS /JDDPM³ "NNBOJUJ EB QFDVMJBS SFMBÎÍP FOUSF OJTTP B QPTTJCJMJEBEF EF &EJUPSB #FSUSBOE &EJUPSB VN QBJ F VN mMIP VNB WJEB NFMIPS .BT BT 1SF¨P ä OB 'OBD

4FN SPEFJPT TFN DPJTBT OÍP DPSSFN CFN F TVCUFSGÞHJPT EFTJOJCJEP OVNB BQPDBMÓQUJDB OPJUF EF /JDDPMØ "NNBOJUJ BQSFTFOUB BP UFNQFTUBEF P QBQFM EFTFNQFOIBEP MFJUPS VN FMFODP EF QFSTPOBHFOT QPS DBEB VNB EBT QFSTPOBHFOT JSÈ JOFTRVFDÓWFJT OVNB FODSV[JMIBEB EFTFODBEFBS DPOTFRVÐODJBT UFSSÓWFJT FOUSF B FTQFSBOÎB F P EFTFTQFSP RVF &ORVBOUP JTTP TPMJEBSJFEBEF UÍP CFN DBSBDUFSJ[BN B EVSB FTDPMB DPNQBJYÍP F MFBMEBEF BMUFSOBN DPN EB WJEB FQJTØEJPT USÈHJDP DØNJDPT POEF OÍP

" 4ªUJNB 1PSUB 3JDIBSE ;JNMFS

#FSMJN OB EªDBEB EF +VEFVT DBCBMJTNP F GFO´NFOPT EF DJSDP 6NB IJTU´SJB JOUFOTB F WJCSBOUF DBSSFHBEB EF TJNCPMJTNPT F BNPS RVF OPT EFJYB QSFTPT ¡ MFJUVSB CFN BP KFJUP EF ;JNMFS $BUBSJOB "NBSBM $BJBEP 6/ Ô "3- 4JTUFNBT EF *OGPSNB¨¤P EF 1SPEV¨¤P

$% ¢VEJP 5IF 'BMM /PSBI +POFT

%PJT BOPT BQ´T /PU 5PP -BUF /PSBI +POFT DPOTFHVF OPWBNFOUF GB[FS OPT TVTQJSBS QPS NBJTß /VN SFHJTUP JOPWBEPS 5IF 'BMM BQSFTFOUB TF NBJT FOªSHJDP EP RVF PT BOUFSJPSFT ¢MCVOT .BJT BSSPKBEP F SFCFMEF UVEP TF DPOKVHB OFMF QBSB VNB TPOPSJEBEF GBOU¢TUJDB 5JBHP (BNB 4JMWB 3FMB¨¶FT *OTUJUVDJPOBJT F $PNVOJDB¨¤P *OUFSOB

%7% çMNF 0 'JFM +BSEJOFJSP 'FSOBOEP .FJSFMFT

'FSOBOEP .FJSFMFT SFBMJ[B EF GPSNB TVCMJNF FTUF SPNBODF BEBQUBEP EB PCSB EF +PIO -F $BSSª /FMF GSJDB TVSHF DPNP DFO¢SJP FN UPEP P TFV FTQMFOEPS F NJTªSJB SFUSBUBEB OBT QBJTBHFOT EFTMVNCSBOUFT EP 2VªOJB F OPT CBJSSPT EF /BJSPCJ 6NB DPNPWFOUF IJTU´SJB EF BNPS F FOUSFHB POEF B CVTDB QFMB WFSEBEF ª VNB DPOTUBOUF F POEF T¤P FYQPTUBT BMHVNBT GSBHJMJEBEFT EP DPOUJOFOUF BGSJDBOP

iXe bhi\e X _Xe

$BSMP "NBEP 6/ *OUFSOBDJPOBM 0JM

%PJT 4FMPT F 6N $BSJNCP %F %FPMJOEB &EJUPSB &.*

&TUF ª P TFHVOEP ¢MCVN EPT %FPMJOEB RVF TVDFEF B $BO¨¤P BP -BEP VN EPT EJTDPT NBJT TVSQSFFOEFOUFT F JOPWBEPSFT EB N»TJDB QPSUVHVFTB EPT »MUJNPT BOPT 1SF¨P B BOVODJBS

NZHBMQ

{ "U 5IF 3PTF #PXM %FMVYF &EJUJPO

&TUBEP EF (VFSSB

%F 6 &EJUPSB .FSDVSZ 3FDPSET 6OJWFSTBM

'JMNBEP FN FTUF ª P NBJPS DPODFSUP EPT 6 EF TFNQSF OPT &6" POEF BDUVBSBN QBSB NBJT EF NJM QFTTPBT 5PUBMNFOUF çMNBEP FN )%

0 HSBOEF WFODFEPS EB »MUJNB OPJUF EPT TDBSFT ª VNB JNQSFTTJPOBOUF WJBHFN BP NVOEP EF VN HSVQP EF TPMEBEPT EF FMJUF DVKB GVO¨¤P ª P EFTBSNBNFOUP EF CPNCBT FN QMFOP DPNCBUF

1SF¨P ä OB 'OBD

1SF¨P ä OB 'OBD

."3 0

%F ,BUISZO #JHFMPX &EJUPSB ;PO -VTPNVOEP

$PSB¨¤P TFN "CSJHP %F +PTª +PSHF -FUSJB &EJUPSB 0çDJOB EP -JWSP

6NB IJTU´SJB EF TPMJE¤P NBT UBNCªN EF BNPS QBSUJMIBEP DPOUBEB OB QSJNFJSB QFTTPB QPS VN TFN BCSJHP RVF EFBNCVMB QFMBT SVBT OB DPNQBOIJB EF VN MBCSBEPS EF Q«MP QSFUP 1SF¨P ä OB 8PPL

%7% N»TJDB 2VFFO Ô 3PDL .POUSFBM -JWF "JE 2VFFO

" NJOIB TFMFD¨¤P QSFUFOEF IPNFOBHFBS VNB EBT NBJPSFT SFGFS«ODJBT EP NVOEP EB N»TJDB F EP FTQFDU¢DVMP P WPDBMJTUB 'SFEEZ .FSDVSZ .BSDPV TFN E»WJEB B OPTTB BEPMFTD«ODJB QFSNJUJOEP OPT WJBKBS F WPMUBS BPT BOPT DPN NVJUB OPTUBMHJB +PTª 1JOIP (BMQ &OFSHJB &TQBOIB

SFTUBVSBOUF BMNB

z _T VTegX 30#"-0 $0.

"330; 464)* 6N QSBUP DIFJP EF BSPNBT NFEJUFSS£OJDPT

cTeT UXUXe .6304 %& .&-(" 0

F45BE8F 78 @8E647B

$P[JOIB JOTQJSBEB /P "MNB EF )FOSJRVF 4¢ 1FTTPB TFOUF TF VNB DSJBUJWJEBEF RVF E¢ QSB[FS ĝĠĘĠ Ś ĖğĥģĒĕĒ EB TBMB POEF DPOWJEBUJWPT QBSB UPEPT .BT OÍP QSFEPNJOB P CSBODP VN HJHBOUFTDP TÍP BTTVTUBEPSFT OPWFMP OVWFN TVSQSFFOEF P WJTJUBOUF 1SPWFJ VN mMFUF EF DBWBMB NBSJOBEP 0 SFTUP EP FTQBÎP NPOPDSPNÈUJDP DPN UÈSUBSP EF UPNBUF F FTDBCFDIF QBSFDF QSFQBSBS RVFN DIFHB QBSB CPOT EF MFHVNFT QMFOP EF BSPNBT FODPOUSPT DPN B DPNJEB "P GVOEP NFEJUFSSÉOJDPT F VN MPNCP EF BUVN VNB KBOFMB WJESBEB MJHB DP[JOIB F TBMB F DPN TBMBEB OJÎPJTF F PWP EF DPEPSOJ[ DPNFOTBJT Ë B[ÈGBNB EB DPOGFDÎÍP EPT FTDBMGBEP .BJT CFN DPOTFHVJEP F QSBUPT TVQSFFOEFOUF P QSJNFJSP FN UFSNPT "MJ BT QFTTPBT RVF EF DPOKVHBÎÍP EF TBCPSFT QSPDVSBN OPWBT F BSPNBT FORVBOUP OP %"%04 FYQFSJÐODJBT EF BSPNBT TFHVOEP TF TBMJFOUPV $BM¨BEB .BSRV«T F TBCPSFT QPEFN QSJODJQBMNFOUF B UFYUVSB EF "CSBOUFT FODPOUSBS BRVFMBT RVF F P HPTUP EP QFJYF 4BOUPT Ô -JTCPB SFTVMUBN EB JOTQJSBÎÍP 0 "MNB BCSF TØ BP KBOUBS 5FMT

EF )FOSJRVF 4È 1FTTPB EVSBOUF B TFNBOB /FMF & NBJM SFTFSWBT!BMNB DP QU ² VN FTQBÎP POEF TF )FOSJRVF 4È 1FTTPB BQPTUB OP B[FJUF BMIP F RVFS PGFSFDFS VNB "CFSUP EF UFS¨B GFJSB B T¢CBEP EBT ¡T FSWBT OVNB DP[JOIB RVF DP[JOIB EF RVBMJEBEF UFOUB TFS EF NFSDBEP F VN TFSWJÎP BUFODJPTP POEF TF VTBN NVJUBT WF[FT PT NFTNPT NBT OÍP JOUJNJEBOUF )PKF Ï KÈ VNB QSPEVUPT SFDSJBEPT EF GPSNBT EJWFSTBT SFGFSÐODJB FN -JTCPB UFOEP NFTNP ² VNB GPSNB EF SFEV[JS DVTUPT QPSRVF TJEP QSFNJBEP DPNP 3FTUBVSBOUF EP BRVJ OÍP TF QSFUFOEF RVF P QSFÎP EB "OP QFMB 3FWJTUB 7JOIPT QPVDP UFNQP SFGFJÎÍP TF FMFWF FN EFNBTJB /ÍP BOUFT EF DPNFNPSBS P QSJNFJSP RVF PT DFSDB EF FVSPT QPS QFTTPB BOJWFSTÈSJP QBHPT FN NÏEJB QPS SFGFJÎÍP TFKBN +PTÏ .JHVFM %FOUJOIP

0 TFV BSPNB ª JOUFOTP F DPNQMFYP DPN OPUBT èPSBJT DJUSJOBT B UBOHFSJOB F B Q«SB VN "MWBSJOIP DPN CPB FTUSVUVSB F BDJEF[ OB CPDB QMFOP EF TBCPSFT GSVUBEP DPN çOBM MPOHP F FMFHBOUF F HSBOEF DPNQBOIJB QBSB PTUSBT F QFSDFCFT BP OBUVSBM FN çOBM EF UBSEF

1 3" ."/$" #3"/$0

VN WJOIP DPN BSPNB RVF TF WBJ BCSJOEP QBSB NPTUSBS HSBOEF DPNQMFYJEBEF DPN TBMJ«ODJB QBSB BT TVHFTU¶FT EF FTQFDJBSJBT BN«OEPB F OPUBT NJOFSBJT /B CPDB ª DSFNPTP DPN OPUBT MJNPOBEBT F çOBM QFSTPOBMJ[BEP F MPOHP

26*/5" %" "-03/" "#"'"%0 :&"34 /P BSPNB EFJYB OPUBT EF MBSBOKB çHPT GSVUPT TFDPT F DSJTUBMJ[BEPT F OB CPDB VNB VOUVPTJEBEF NFMBEB F CPB BDJEF[ CPN QBSDFJSP QBSB EPDFT EF çOBM EF SFGFJ¨¤P

26*/5" %& 1"/$"4 3&4&37" &TUF WJOIP NPTUSB BSPNB DPNQMFYP DPN OPUBT WFHFUBJT FTQFDJBSJBT F GSVUPT WFSNFMIPT /B CPDB BQSFTFOUB DPSQP F DPODFOUSB¨¤P BDJEF[ NBSDBOUF F VN çOBM QFSTJTUFOUF (BOIBS¢ NBJT WJSUVEFT DPN P UFNQP .BT QPEF TFS BQSFDJBEP BHPSB DPN DBSOFT BTTBEBT QPS FYFNQMP ."3 0

NZHBMQ

WJBHFOT DBCP WFSEF FB? 8 @4E 8@ 8A?8<B @BEAB

0 ÙDBMPSÚ EBT JMIBT "SRVJQªMBHP EF CPB HFOUF RVF PGFSFDF NVJUP NBJT EP RVF QSBJBT F TPM UFYUP EF +PTÏ .JHVFM %FOUJOIP

3&53"504 %& $"#0 7&3%& 1SBJBT EP 4BM "SRVJUFDUVSB VSCBOB .BS USBOTQBSFOUF 1FTDB BSUFTBOBM

)¢ OP BSRVJQªMBHP VNB EJWFSTJEBEF EF QBJTBHFOT FOUSF B QMBOVSB EB #PBWJTUB F P BMDBOUJMBEP WVMD£OJDP EB JMIB EP 'PHP ĢĦĖĞ ğĦğĔĒ GPJ F JNBHJOB BT JMIBT EF $B CP 7FSEF FTQFSB FODPOUSBS MPOHBT QSBJBT EF BSFJB CSBODB CBOIBEBT QPS VN PDF BOP EF ÈHVBT DÈMJEBT F DSJTUBMJOBT .BT UBNCÏN BOUJHBT DJEBEFT DPMPOJBJT DPNP 1SBJB PV .JOEFMP DIFJBT EF WJEB F CPB HFOUF F VNB EJWFSTJEBEF EBT QBJTBHFOT FOUSF B QMBOVSB EB #PBWJTUB F P BMDBOUJMBEP WVMDÉOJDP EP 'PHP POEF TF FODPOUSB P QPOUP NBJT BMUP EP BSRVJQÏMBHP 0VUSB BUSBDUJWJEBEF EFTUBT JMIBT SF TVMUB EB DPNVOJEBEF EF MÓOHVB F BUÏ EB DVMUVSB DPN PT QPSUVHVFTFT .BOJGFT UB TF EF JNFEJBUP BUSBWÏT EB FNQBUJB EBT QPQVMBÎÜFT BNÈWFJT F DPN OÓWFJT EF DPOIFDJNFOUP BDJNB EP RVF FTQFSBN

WJTJUBOUFT NFOPT QSFWFOJEPT

1"*4"(&/4 &41&$5"$6-"3&4 " $BCP 7FSEF WBJ TF QFMP GBTDÓOJP EP TPM F EB BSFJB FN JMIBT DPNP 4BM #PBWJTUB F .BJP .BT UBNCÏN QFMB PSPHSBmB TVS QSFFOEFOUF EF 4BOUP "OUÍP 4 /JDPMBV 4BOUJBHP PV 'PHP RVF QPEF TFS EFTDP CFSUB EF DBSSP F FN QBTTFJPT QFEFTUSFT

*/'03." &4 5&*4 /FTUBT JMIBT I¢ CPOT QBTTFJPT F BNCJFOUF BMFHSF F CFN EJTQPTUP $0.0 *3 %F BWJ¤P OPT WPPT EB 5"1 F 5"$7

$0/4&-)04 13 5*$04 $POTVNB BQFOBT ¢HVB FOHBSSBGBEB 5PEPT PT BMJNFOUPT EFWFN TFS CFN DP[JOIBEPT

0 26& $0.&3 $BDIVQB EKBHBDJEB CPUDIBEB NPMIP DBQBEP EJWFSTPT QSBUPT EF QFJYF TFNQSF GSFTDP F TBCPSPTP F MBHPTUB

" (FP4UBS EJTQ¶F EF DPOEJ¨¶FT FTQFDJBJT QBSB PT DPMBCPSBEPSFT (BMQ &OFSHJB DPOUBDUF OPT

" JMIB EF 4BOUP "OUÍP QPS FYFNQMP Ï QSPDVSBEB TPCSFUVEP QFMBT FYDFMFOUFT PQPSUVOJEBEFT QBSB PT BNBOUFT EF MPOHBT DBNJOIBEBT USFLLJOH F UVSJTNP BWFOUV SB 0 DMJNB TFDP OP TVM GSFTDP OB SFHJÍP DFOUSBM F IÞNJEP B OPSPFTUF UFN HSBOEF JNQBDUP OB WFHFUBÎÍP RVF WBSJB EF GPSNB ESBNÈUJDB PGFSFDFOEP BT QBJTBHFOT NBJT FTQFDUBDVMBSFT EF UPEP P BSRVJQÏMBHP 5BNCÏN MÈ TF WBJ BUSBÓEP QFMB TVB GBVOB F GMPSB TVCNBSJOBT GBDJMNFOUF PCTFSWÈWFJT BUSBWÏT EF ÈHVBT USBOTQB SFOUFT RVF QPEFN TFS FODPOUSBEBT DPN SFDVSTP BPT EJWFSTPT DMVCFT EF NFSHVMIP JOTUBMBEPT FN WÈSJBT JMIBT 0T BNBOUFT EBT NPEBMJEBEFT EF NFSHVMIP UÐN OB JMIB EP 4BM DPOEJÎÜFT FYDFQDJPOBJT QBSB B TVB QSÈUJDB " TVB TJUVBÎÍP HFPHSÈmDB F B JOFYJTUÐODJB EF QFTDB JOEVTUSJBM QFS NJUFN B WJTVBMJ[BÎÍP EF HSBOEFT IBCJUBUT EF FTQÏDJFT PDFÉOJDBT 5BNCÏN IÈ [POBT JOFYDFEÓWFJT QBSB B QFTDB EFTQPSUJWB F QSÈUJDB EF XJOETVSG & EFQPJT EF VN QFJYF GSFTRVÓTTJNP PV EF VNB MBHPTUB FYQFSJÐODJB JNQFSEÓWFM OFTUBT JMIBT IÈ EBOÎB F NÞTJDB FOMFBO UF F PNOJQSFTFOUF B DPOWJEBS QBSB VOT QBTTPT ."3 0

NZHBMQ

BHFOEB 7JTJUBT UFN¢UJDBT "Uª BP çOBM EP BOP P 1BM¢DJP /BDJPOBM EB "KVEB QSPNPWF VN DJDMP EF WJTJUBT UFN¢UJDBT RVF UFN MVHBS UPEBT BT »MUJNBT UFS¨BT GFJSBT EF DBEB N«T B QBSUJS EBT I -JNJUBEB B QFTTPBT FTUBT WJTJUBT U«N P QSF¨P EF FVSPT FYJHJOEP NBSDB¨¤P QSªWJB BUSBWªT EP /P EJB EF .BJP B WJTJUB TFS¢ DPOEV[JEB QPS .BSJB EP $BSNP 3FCFMMP EF "OESBEF DPOTFSWBEPSB EB DPMFD¨¤P EF NPCJMJ¢SJP F TVCPSEJOBEB BP UFNB Ù" PCSB EF 1BVM 4PSNBOJ OB DPMFD¨¤P EF NPCJMJ¢SJP EP 1B¨P EB "KVEBÚ 1BSB P EJB EF +VOIP FTU¢ BHFOEBEP Ù .BDBDPT OB $PSUF Ô 0 UFNB EBT TJOHFSJFT OBT "SUFT %FDPSBUJWBT QPSUVHVFTBTÚ DPN VNB QBMFTUSB EF $SJTUJOB /FJWB $PSSFJB SFTQPOT¢WFM QFMB DPMFD¨¤P EF DFS£NJDB "5 %& %&;&.#30 1BM¢DJP /BDJPOBM EB "KVEB -JTCPB

#FJKP #BOEJEP

j 'JMJQF #SBHB

/FZ .BUPHSPTTP SFHSFTTB B 1PSUVHBM DPN US«T FTQFDU¢DVMPT BHFOEBEPT QBSB QSPNPWFS P TFV NBJT SFDFOUF USBCBMIP #FJKP #BOEJEP 6NB CPB PQPSUVOJEBEF QBSB WFS DPNP /FZ JOUFSQSFUB BP WJWP VN EJTDP RVF NFSHVMIB OVNB BUNPTGFSB EF SFDJUBM RVBTF VN DPOUSBQPOUP ¡ TPOPSJEBEF SPRVFJSB EP QSPKFDUP BOUFSJPS %*" %& "#3*- $PMJTFV EP 1PSUP %*"4 & %& ."*0 $PMJTFV EF -JTCPB

8PSME 1SFTT $BSUPPO

" .BUªSJB /FHSB EB -V[ EPT .FEJB " 'VOEB¨¤P 4FSSBMWFT BQSFTFOUB VNB FYQPTJ¨¤P EF %BSB #JSOCBVN B BSUJTUB OPWB JPSRVJOB RVF DPNF¨PV FN NFBEPT EPT BOPT B SFBMJ[BS BSUF EF SFMFW£ODJB QPM®UJDB F DS®UJDB F RVF UFN DBVTBEP TFOTB¨¤P DPN PT TFVT QSPWPDBEPSFT USBCBMIPT FN W®EFP " O¤P QFSEFS "5 %& +6-)0 'VOEB¨¤P 4FSSBMWFT 1PSUP

.JMZ 1PTTP[ " 'VOEB¨¤P "SQBE 4[ªOFT Ô 7JFJSB EB 4JMWB UFN QBUFOUF VNB NPTUSB DPNJTTBSJBEB QPS &N®MJB 'FSSFJSB RVF QSPQ¶F VNB OPWB BCPSEBHFN F VNB SFBWBMJB¨¤P EB PCSB EF .JMZ 1PTTP[ BSUJTUB EF PSJHFN CFMHB OBTDJEB FN 1PSUVHBM " FYQPTJ¨¤P SF»OF PCSBT EB DPMFD¨¤P EB GBN®MJB EB BSUJTUB EP $FOUSP EF "SUF .PEFSOB EB (VMCFOLJBO F EP )PUFM 5JWPMJ RVF QSFTFSWB B NBJPS DPMFD¨¤P EF PCSBT EB BSUJTUB "5 %& +6/)0 'VOEB¨¤P "SQBE 4[ªOFT Ô 7JFJSB EB 4JMWB -JTCPB

NZHBMQ

."3 0

0 4JOUSB .VTFV EF "SUF .PEFSOB SFDFCF BUª BP EJB EF +VMIP P 8PSME 1SFTT $BSUPPO " JOJDJBUJWB UFN DPNP PCKFDUJWP EJTUJOHVJS F EBS B DPOIFDFS PT NFMIPSFT USBCBMIPT QSPEV[JEPT F QVCMJDBEPT FN KPSOBJT PV SFWJTUBT OBT ¢SFBT EF DBSUPPO FEJUPSJBM DBSJDBUVSB F EFTFOIP EF IVNPS EVSBOUF P BOP BOUFSJPS 0 Q»CMJDP QPEFS¢ BQSFDJBS DFSDB EF USBCBMIPT EF UFS¨B GFJSB B EPNJOHP FOUSF BT F BT IPSB JODMVJOEP GFSJBEPT FYDFQUP P EF EF .BJP &OUSBEB MJWSF "5 %& +6-)0 4JOUSB .VTFV EF "SUF .PEFSOB 4JOUSB

6HUYLÃRV NDWXUDO &RPIRUW

808 277 277 24h SRU GLD _ GLDV DQR

Aquecimento Central A melhor solução de conforto está mais acessível s 2UÃDPHQWR JUDWXLWR s (TXLSDPHQWRV GD PDUFD s ,QVWDODÿR SRU WÅFQLFRV TXDOLILFDGRV s &RQGLÃÑHV HVSHFLDLV GH ILQDQFLDPHQWR Para mais informações, consulte o catálogo ou vá a www.galpenergia.com