!"#$%&'#()*+,#+&-#.&(#$&/(0+123$%&$#4+")5$#%&'#4+"(+",+6789+"(+%*2(*+#+,#+":;"2&"($&# 1#2*)34#$%5/&6 !"$*('"24&/(+")5$#%&'#<+2";2*)5$$&/(+)"+$,#4"=+>*+?5"+"4$#;#+#,+$3,$5,*0+@(#+#$%5#,&A#$&/(+)",+9&4%"2&*+)"+ B)5$#$&/( 4#$%#3.&37)/6#*)3'3182*+)319$&631$+&%) 7;5(%"4+)"+5(#+;"2C*2-#($"2#+"(+#$$&/( :)$&/#349/.&63;#$$+)D#2+,5.#2+#+)5)#40+12*)5$$&/(+)"+$*(*$&-&"(%*+E+;23$%&$#4+#2%F4%&$#4 :)$&%)3<*)/-)3<%+&/6#
-")$!*$(.&+*$, =/%$).8,,+>/3?@A#34#$5#3B#/%)-3BC/,D&6E786F#/G
1*,&%&$4<+G)"(%&%E+#()+#+6#2""2+&(+72%4+#()+H"#,%I :#/0*&'3;$)!/ D"4;#%*,*.&A#$&/(+%2#(4+E+;23$%&$#+#2%"%"2#;J5%&$# <F&%-3B8&-72%"%"2#;&#+E+954"*40+15(%*4+)"+"($5"(%2* 4H3I)*)$&-3:>(&634#$%5/&6 B,+72%"+$*-*+5(+,"(.5#K"+;*4&L,"+"(+,#4+;"24*(#4+$*(+$#;#$&)#)"4+)&'"24#4 </#34"3;#**&-%#J3K/+*3L+6,#5/)J3@A#3M$+-%+/#34&-#B,+54*+)"+,#4+%"2#;&#4+#2%F4%&$#4+$*(+;#$&"(%"4+)"+7,AI"&-"20+>#+":;"2&"($&#+)"+,#+C5()#$&/(+7,AI"&-@2 1#%$+,+#3N)$,9/3B,D&83'3I$"3;)$O#34)$0#.)3<08+$$& 6&5)#)#(F#+E+)"2"$I*4+$5,%52#,"40+@(#+#;2*:&-#$&/(+#+,#+$*(4%25$$&/(+)"+%"K&)*+4*$&#,+)"4)"+",+#2%"+ $*(%"-;*23("*+"(+,#+6&5)#)+)"+9J:&$* :+*#3=/-P#3:+/%$+.+M""&(.+%I"+NI*,"0+72%<+"$*,*.E+#()+%2#(4)&4$&;,&(#2&%E I$"3I#A+.3Q#*&'
"/-)"0*.-$. 6#2-"(+9O24$I"3I+&0)3.&*31)6)3'3L+$0+/+#3L+**#(*#/# P#((#+Q2#I#-=+I+&0)3.&*31)6)3'34)/%-&3R)F#/+
*/-")0"/+*&/".(1(+&/-)$-"2-&. B,+Q&2* =$+%3R)0)SS 9&4%"2&*+)"+")5$#$&/( 4#$%#3.&37)/6#*)3'3182*+)319$&631$+&%) M*,+"(+$#,&"(%"0+G-;2"4&*("4+E+":;2"4&*("4+)",+-*'&-&"(%*+RST-+)"4)"+,#+#$#-;#)# 0RLVpV 3RUFHO 0XxR] 0RXQD .HELU 7LR $GHOD &DVWDxR &XEHOOV /RXLV 0DQ¿HOG 6DUD 9LOODQXHYD 0DJiQ \ M$+-%+/#3L&0#3B)*5-3 12*$"4*4+1#2%&$&;#%&'*4+9U :+*#3=/-P#3:+/%$+.+-3T3=0/#,+)31*#6#:+*#3=/-P#
5HYLVWD LQGH[DGD 3ODWDIRUPD 2SHQ $FFHVV GH 5HYLVWDV &LHQWt¿FDV (OHFWUyQLFDV (VSDxRODV \ /DWLQRDPHULFDQDV H 5HYLVWDV
!!!"#$%&'()*+%+,#-.&+.&/%+.#.")$0
0345(6U3!"#$%&%'()*+*,-./%1")#.*.F#4+62F%&$#4++++++++++++++++++^8/+)33VWXX
!"#$%&%'$()$#*+$,(
0345(6U3!"#$%&%'()*+*,-./%1")#.*.F#4+62F%&$#4 O8/+)3VWXX =BBYU3XZZ[E[\[]
!"#$%&%'()*#+,-.%/$%+/$0#+/-/ ,-..P"2$8>"N"?Q6:($B ..I,,"%%
!"#$%&'()*+",-../"01'2(3($"41"5678(393($:1;"41"89"<:(21';(494"41"=6'3(9>"=6'3(9"?@;%9A9B" C00D"14(3(E:"(F%'1;9/".GGHIHJHK>"C00D"14(3(E:"L17"?*++%/MM'12(;+9;>6F>1;M9%(B/".HGHIGNO,
R193+(29:4$ 89"(F9)(:93(E: 5'S3+(39;"14639+(29;"1:"18"#T,= 1:"+$':$"9"89"1U%1'(1:3(9 5978$"=9'+V:1W"X
!"#$%&'(%)*+$",$"-,./)/01("2"3/4050,),$%"67*+0/)%"$("839:"8$(4;'",$"3;4$"9",$":)2' 6;'<$%';"$("+)"=)/.+4),",$">>33?"@(05$;%0,),"8'A&+.4$(%$",$":),;0," $BA)0+C"&)*+'DA);40($EFA),;0,D';G
!"#$%&'#()*+,#+&-#.&(#$&/(0+123$%&$#4+")5$#%&'#4+"(+",+6789+"(+%*2(*+#+,#+":;"2&"($&#++<++6)*+'":);4H($E
!"#$%&'#%&()*+,#)&(#%&-(.*/01"2&"($"34#5"6*/67$#%&-(#8*92#$%&$"5*#%*%:"*;<=>
T7;+'93+ Y*'$6)*"+*(;"+1U+"L1"L(88"(:+'$4631";$F1"$Z"+*1")$98;"9:4"F9(:"L$'[(:)"8(:1;"9+"#T,="#1:+'$" GH $UWH 'RV GH 0D\R WKH FRQWHPSRUDU\ DUW FHQWHU RI WKH UHJLRQ RI 0DGULG ,Q D FRQWH[W GH¿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Ã&#x20AC;H[LEOH DQG ORQJ ODVWLQJ '189+($:;*(%;"79;14"$:"+*1"4(98$)61"L(+*"988"+*1"%1$%81"(:2$8214"(:"+*1"14639+($:98"%'$31;;1;" 98$:)"L(+*"9:"$:)$(:)"'12(;($:"$Z"Z$'F9+;"713$F1"+*1"F9(:"+$$8;"$Z"9"%$;(+($:14"9:4"3$FF(++14" 14639+($:98"%'93+(31>"^1396;1"3'(+(3"L(+*$6+"(F9)(:9+($:"713$F1;":1)9+($:P"L1"*921"+$"%'$%$;1" 98+1':9+(21"L$'84;"+$"+*1"(F%$;14"'198(+&>"T:4"+*1;1"L$'84;"F6;+"71"4'19F+"$Z"71Z$'1>
_1&L$'4; @4639+($:P"CF9)(:9+($:P"`(41$"a(+1'93&P"^$4&P"#$:+1F%$'9'&"T'+
R1;6F1: @:" 1;+1" +1U+$" %'1;1:+9F$;" 98)6:$;" 41" 8$;" $7Q1+(2$;" &" %'(:3(%981;" 8V:19;" 41" +'979Q$" 14639+(2$"418"#T,="#1:+'$"41"T'+1"b$;"41"=9&$>"@:"6:"3$:+1U+$"41+1'F(:94$"%$'";6" 67(393(E:"1:"=E;+$81;P"3(6494"418"S'19"F1+'$%$8(+9:9"41"=94'(4"981Q949"41"Z$3$;"+6'V;+(3$;" &"%$'"6:"+'979Q$"31:+'94$"1:"89"%'S3+(39"3$:+1F%$'S:19P"18"9'+1"%6141"3$:21'+(';1"1:"18" F9'3$"(4198"%9'9"'1%1:;9'"89"146393(E:"41":61;+'$"+(1F%$c":$"1:"29:$"8$;"93+$;"1;+d+(3$;" SXHGHQ FRQ¿JXUDU H[SHULHQFLD H LQGXFLU D QXHYDV IRUPDV GH VXEMHWLYLGDG SROtWLFD T" 4(Z1'1:3(9" 418" 39881QE:" ;(:" ;98(49" 98" e61" 3$:4631:" 98)6:9;" 41" 89;" 1;+'9+1)(9;" 41;9''$88949;"1:"18";1:$"41"89;"%149)$)V9;"3'V+(39;P"1:"1;+$;"+(1F%$;"41"3'(;(;";1"+$':9" 1;1:3(98" 41;9''$889'" 6:" +'979Q$" 79;94$" 1:" 18" %$+1:3(98" 41" 89" (F9)(:93(E:>" T" :61;+'$" F$4$"41"21'P"1;+9":131;9'(9"'193+(293(E:";$89F1:+1"%6141"'198(W9';1"9"+'92d;"&"41;41" 89" 1U%1'(1:3(9" 1;+d+(39" &" 18" 361'%$>" @:" 1;+1" ;1:+(4$P" 89" 3'193(E:" &" 3$:;$8(493(E:" 41" UHODFLRQHV KRUL]RQWDOHV Ã&#x20AC;H[LEOHV \ GXUDGHUDV EDVDGDV HQ HO GLiORJR FRQ TXLHQHV IRUPDQ %9'+1"41"8$;"%'$31;$;"14639+(2$;P"93$F%9A949"41"6:9"'12(;(E:"3$:+(:69"41"8$;"Z$'F9+$;P" ;1"3$:2(1'+1:"1:"8$;"%'(:3(%981;"(:;+'6F1:+$;"41"6:9"%'S3+(39"14639+(29"%$;(3($:949"&" 3$F%'$F1+(49>"5$'e61"89"3'V+(39";(:"(F9)(:93(E:"9:689P"1;":131;9'($"%'$%$:1'"F6:4$;" 98+1':9+(2$;"9"89"'198(494"(F%61;+9>"f"1;+$;P"%'(F1'$"*9:"41";1'";$A94$;> 59897'9;"#8921 @46393(E:P"(F9)(:93(E:P"98Z971+(W93(E:"964($2(;698P"361'%$P"9'+1"3$:+1F%$'S:1$
);4$I2I&'+H40/)%I,$I0,$(40,),"IJK"L
.g
51'$"89;"3$;9;":$";$:"+9:";(F%81;/"9"2131;"8$;"(:3$:;3(1:+1;" h&P"1:"1;+1"F$F1:+$P"3949"21W"FS;h"%'$+1;+9:>"@:"'()$'P" :$"%$4'V9F$;"889F9'"9"1;+$"i%'$+1;+9jP"F1Q$'";1'V9"*9789'"41" ³D¿UPDFLyQ´ R GH ³LQYHQFLyQ´ 6H GHV LQYLVWHQ ODV FDGHQDV 41"F$:+9Q1"41"89";67Q1+(2(494P";1"(:2(;+1:"$+'9;"8V:19;c"1;+$" 1;P";1"(:21:+9:"$+'$;"F6:4$;>" @8" %'(:3(%($" 41" 1;1" ;(;+1F9P" 89" 1;+9:49'(W93(E:" 418" 41;1$P";6Z'1"6:")$8%1"3949"21W"e61"1;$";63141> ?k69++9'("&"R$8:([P",--lB
`(2(F$;"1:"+(1F%$;"1:"8$;"e61"18"F1'$"*13*$"41"%1:;9'"&"1;3'(7('";$7'1"146393(E:"1;"&9" 6:9"Z$'F9"41"+$F9'"6:9"%$;(3(E:P"$+'9"F9:1'9"41"1Q1'31'"6:9"'1;(;+1:3(9>"0$7'1"+$4$";(" 8$"e61";1"%'1+1:41"1;P"3$F$"1:"1;+1"39;$P";(+69'"89"146393(E:"1:"18"31:+'$"41"6:"%'$&13+$" %$8V+(3$"e61"%$:1"9"+'979Q9'"89";67Q1+(2(494"98";1'2(3($"41"8$"3$Fm:"1"(:+1:+9P"9"%9'+('"41"89;" %'S3+(39;"9'+V;+(39;P"3$:$31'"&"49'";1:+(4$"9"1;+1"F6:4$"e61"3$F%9'+(F$;>" b1;41"18"(:(3($"418"%'$&13+$"14639+(2$"418"#T,="#1:+'$"41"T'+1"b$;"41"=9&$"d'9F$;" %81:9F1:+1"3$:;3(1:+1;"41"e61":$;"941:+'S79F$;"1:"6:"F$F1:+$"*(;+E'(3$"1:"18"e61" 6')V9"'1%1:;9'"89"146393(E:>"@8"3$:+1U+$"41"3'(;(;"1;+'63+6'98P"9*$'9"4(31:"e61";(;+dF(39P" e61"1;+9F$;"9+'921;9:4$"&"e61":$;"*9"93$F%9A94$"1:"1;+$;"+'1;"m8+(F$;"9A$;P":$;"*9" (4$"F$;+'9:4$"41"Z$'F9"%9689+(:9"6:"%9:$'9F9"41"41+1'($'$"41"8$"%m78(3$"&"41"41;)9;+1" 1F$3($:98" e61" *9;+9" *931" 7(1:" %$3$" 9;6;+979>" n6(WS" %$'" 188$" 9*$'9" FS;" e61" :6:39" :$;";1:+(F$;"1:"89":131;(494"41"863*9'"3$:+'9"3(1'+9"(:12(+9781";1:;93(E:"41"(F%$+1:3(9" %9'9"97$'49'":61;+'$"e61*931'"4(9'($>"Y98"&"3$F$"8$"1U%'1;9'9"T4$':$/"i8$;"(:+1:+$;"41" WUDQVIRUPDU H¿FD]PHQWH QXHVWUR PXQGR HQ WDO R FXDO DVSHFWR HVSHFt¿FR VH YHQ H[SXHVWRV 41" (:F14(9+$" 9" 89" 9%89;+9:+1" Z61'W9" 41" 8$" 1U(;+1:+1" &" %9'131:" 1;+9'" 3$:41:94$;" 9" 89" (F%$+1:3(9>" @;" %$;(781" e61" e6(1:" e6(1'9" +'9:;Z$'F9'" ;$89F1:+1" %6149" *931'8$" 1:" 89" F14(49" 1:" e61" 3$:2(1'+9" 1;+9" F(;F9" (F%$+1:3(9P" Q6:+$" 3$:" ;6" %'$%(9" (F%$+1:3(9P" 1:" 6:"F$F1:+$"41"8$"e61"%(1:;9"&"+9F7(d:"e6(WS"41"8$"e61"*931j"?T4$':$P".HHG/".,JB>"01" +'9+9'V9P"%$'"+9:+$P"41":$"41Q9'"e61":$;"4$F(:1"18"F(14$"&"1F%1W9'"9"%1:;9'"89"146393(E:" 3$F$"%$;(7(8(494P"3$F$"6:"F$4$"41"%'$211':$;"41"*1''9F(1:+9;"%9'9"9'F9'"&"41;9'F9'" 18"F6:4$"e61"3$F%9'+(F$;>" D61;+'9" (:21;+()93(E:" 41;41" 89" 146393(E:" )('9" 1:" +$':$" 9" 4(;+(:+$;" 1Q1;P" e61" 41+9889'1F$;" 9" 8$" 89')$" 41" 1;+9;" %S)(:9;P" 3$F$" ;$:" 89" 98Z971+(W93(E:" 964($2(;698P" 18" +'979Q$" 3$:" 18" 361'%$P" 89;" 9%'$U(F93($:1;" 9" 89" 3$8133(E:" 3$F$" 4(;%$;(+(2$" 41" 9:S8(;(;" 3'V+(3$P" 89;" 1U%$;(3($:1;" +1F%$'981;" 3$F$" 1;%93($;" %9'9" (:21;+()9'" :6129;" Z$'F9;" 41" PHGLDFLyQ \ XQD UHÀH[LyQ FRQVWDQWH VREUH HO VHQWLGR GH OD HGXFDFLyQ HQ HO SUHVHQWH D +'92d;"41";1F(:9'($;"&"$+'$;"Z$'$;"41"(:21;+()93(E:>"59'9"188$"89"3'193(E:"&"3$:;$8(493(E:" GH UHODFLRQHV KRUL]RQWDOHV ÀH[LEOHV \ GXUDGHUDV EDVDGDV HQ HO GLiORJR FRQ TXLHQHV Z$'F9:" %9'+1" 41" 8$;" %'$31;$;" 14639+(2$;P" 93$F%9A949" 41" 6:9" '12(;(E:" 3$:+(:69" 41" 8$;" Z$'F9+$;P" ;1" 3$:2(1'+1" 1:" 18" %'(:3(%98" (:;+'6F1:+$" 41" 6:9" %'S3+(39" %$;(3($:949" &" 3$F%'$F1+(49>"
!"#$%&'#()*+,#+&-#.&(#$&/(0+123$%&$#4+")5$#%&'#4+"(+",+6789+"(+%*2(*+#+,#+":;"2&"($&#++<++6)*+'":);4H($E @:" +$49;" :61;+'9;" %'$%61;+9;" &" ;$7'1" +$4$" 41;41" 18" m8+(F$" 36';$P" %'1+1:41F$;" %'$Z6:4(W9'"1:"89"(419"41"3$F6:(494"9"+'92d;"418"41;9''$88$"41"%'S3+(39;"3$897$'9+(29;>" 0$:" %'$&13+$;" e61" 1:361:+'9:" 1:" 8$;" %'$31;$;" 41" :1)$3(93(E:" 3$:" $+'$;" 9)1:+1;" ;$3(981;" ;6" 21'4941'9" 1;1:3(9" %149)E)(39>" @;+9" 3'193(E:" 41" 2V:368$;" 1:" +$':$" 98" #1:+'$"1;"1;1:3(98"1:":61;+'9"3$:31%3(E:"41"F6;1$P"%61;"8$"1:+(1:41"3$F$"6:"1;%93($" F$+$'" 41" 3$:;+'633(E:" 41" 3$:$3(F(1:+$" &" 3$:Z'$:+93(E:" 41" (419;" &" 3$F$" ZS7'(39" 41" :612$;"3$:;1:;$;";6;+1:+949"%$'"18"4(;1:;$":131;9'($"%9'9"89"3'193(E:"41"6:9"1;Z1'9" %m78(39>"<:9"1;Z1'9"%m78(39"e61"3$F$"89"*9:"1:+1:4(4$P"1:+'1"F63*$;"$+'$;P"R$;98&:4" b16;+3*1P"o93e61;"R9:3(p'1"$"#*9:+98"=$6ZZ1P"1;"6:9"9'1:9"41"93+(2(494"%$8V+(39"'1%81+9" 41" :1)$3(93($:1;P" 4179+1;" &" 3$:+'94(33($:1;>" 0(" 18" F6:4$" :131;(+9" :$F7'9'" 9e6188$;" FRQÀLFWRV TXH QR SXHGHQ VHU SRU PiV WLHPSR VLOHQFLDGRV OD HGXFDFLyQ SXHGH VHUYLU %9'9" 1;1" %'$%E;(+$" 9" +'92d;" 41" 89" 3'193(E:" 41" 1;%93($;" 1:" 8$;" e61" %$41'" '1:1)$3(9'" ODV YLVLELOLGDGHV \ ODV LGHQWLGDGHV \ FXHVWLRQDU ORV PDUFRV GH VLJQL¿FDFLyQ KDELWXDOHV 3'19:4$" 9;V" :612$;" 1;%93($;" 41" '1;(;+1:3(9" &" '1893($:98(494" e61" 93+(21:" 21'4941'9;" %68;($:1;"3$:13+949;"3$:"89"1U%1'(1:3(9P"8$;";971'1;"&"8$;"9Z13+$;>" @:"1;+1"+1U+$"1U%$:)$"98)6:9;"41":61;+'9;"%'S3+(39;"31:+'949;"1:"6:9"'193+(293(E:" GH OD LPDJLQDFLyQ TXH FRPR KD D¿UPDGR 6XHO\ 5ROQLN VRODPHQWH SXHGH '198(W9';1" 9" +'92d;" &" 41;41" 89" 1U%1'(1:3(9" 1;+d+(39" &" 18" 361'%$>" <:9" (F9)(:93(E:" e61P" FRPR KDEtD D¿UPDGR %DXGHODLUH QR HV IDQWDVtD VLQR* ?6:9" Z9368+94* qrs" e61" %1'3(71" SULPHUR IXHUD GH ORV PpWRGRV ¿ORVy¿FRV ODV UHODFLRQHV tQWLPDV \ VHFUHWDV GH ODV FRVDV 89;"3$''1;%$:41:3(9;"&"89;"9:98$)V9;j"?3(+94$"%$'"b(4(It671'F9:P",--H/"g-OB"&"e61"&9" Z61"9%6:+98949"1:"18"%1:;9F(1:+$"41"96+$'1;"3$F$"^1:Q9F(:"$"^'13*+"3$F$"6:9"Z$'F9" 41"3$:$3(F(1:+$")1:1'94$'9"41"%1:;9F(1:+$"3'V+(3$>"
12345$.#"(3,(0#$6#( 0(+694$"1:"=E;+$81;P"F6:(3(%($"418"S'19"F1+'$%$8(+9:9"41"=94'(4"41",-l>---"*97(+9:+1;P." 18" #T,=" 9871')9" 89" 3$8133(E:" 41" 9'+1" 3$:+1F%$'S:1$" 41" 89" #$F6:(494" 41" =94'(4" &" 361:+9" 941FS;" 3$:" 6:" 29'(94$" %'$)'9F9" 41" 1U%$;(3($:1;" +1F%$'981;" &" 93+(2(4941;" %m78(39;>"=E;+$81;"+(1:1"6:9"1;39;9"+'94(3(E:"1:"'1893(E:"3$:"89"3'193(E:"3$:+1F%$'S:19" &";6"+1Q(4$"368+6'98"1;+S"%$3$"41;9''$8894$>"01"*9889"1:"18"31:+'$"41"8$"e61";1"*9"889F94$" 18"3(:+6'E:"$7'1'$"41"89"39%(+98"&"89"F9&$'V9"41";6"%$7893(E:"%'$2(1:1"41"8$;"%'$31;$;" F()'9+$'($;"e61"41;41"89"4d3949"41"8$;"l-"1F%6Q9'$:"9"89"%$7893(E:"41"89;"%'$2(:3(9;" 418";6'"&"18";6'$1;+1"41"=94'(4"9"8$;"1:+$:31;"%1e61A$;"F6:(3(%($;"F1'(4($:981;"41"89" UHJLyQ &RPR SRGHPRV DSUHFLDU HQ ORV JUi¿FRV TXH QRV SURSRUFLRQD HO ,QVWLWXWR 1DFLRQDO 41"@;+94V;+(39P"89"%$7893(E:"41"89"8$398(494"41"=E;+$81;"*9"'$:494$"8$;"O---"*97(+9:+1;" 46'9:+1" 39;(" +$4$" 18" ;()8$" !!"" *9;+9" e61P" 98" 3$F1:W9'" 89" 4d3949" 41" .Hl-" &" 417(4$" 9" ODV SROtWLFDV GH ORV JRELHUQRV WHFQyFUDWDV GHO ¿QDO GH OD GLFWDGXUD \ D OR TXH VH KD 41:$F(:94$"41;9''$88(;F$P"18"%1'($4$"418"Z'9:e6(;F$"41"F9&$'"(:46;+'(98(W93(E:"418"%9V;P" 3$F1:W9'$:"9"F()'9'"+'979Q94$'1;"41;41"S'19;"F1:$;"41;9''$88949;"418"@;+94$"*93(9" 8$;")'9:41;":m381$;"6'79:$;>"@:"18"39;$"41"=E;+$81;";6"%$7893(E:";1"2($"F68+(%8(3949"%$'" N-"1:+'1"89"4d3949"41".Hl-"&"18"9A$",---P"8$"e61"3$:2('+(E"98"F6:(3(%($"1:"18"FS;")'9:41" 41"89"#$F6:(494"41"=94'(4"41;%6d;"41"89"%'$%(9"39%(+98>" @:"1;+1"3$:+1U+$"1:"18"e61";1"9;(1:+9"18"#T,=P"981Q94$"41"Z$3$;"41"9+'933(E:"+6'V;+(39" &" ;(+694$" 1:" 6:9" 8$398(494" '1;(41:3(98" 41" 3$'+1" $7'1'$P" ;1" *93V9" 4(ZV3(8" %1:;9'" 1:" 6:9" %'S3+(39"14639+(29"79;949"1:"F$418$;"%'11;+97813(4$;>"D61;+'9;"8V:19;"41"+'979Q$"*9:" 1;+94$"$'(1:+949;"*93(9"6:9"(:21;+()93(E:"e61"+$F9"89"1U%1'(1:3(9"1;+d+(39"3$F$"%6:+$" 41"%9'+(49"&"1:+(1:41"9"3949"(:4(2(46$"3$F$"6:"9)1:+1>"@;"1;+1"6:"%'$&13+$"e61P"81Q$;"41" 94$3+'(:9'P"76;39"e61"8$;";6Q1+$;":$";1";(1:+9:"$7Q1+$;"41"89"146393(E:P";(:$"(:4(2(46$;"
);4$I2I&'+H40/)%I,$I0,$(40,),"IJK"L
.O
93+(2$;"3$:"89"F(;F9"39%93(494"e61";6;";1F1Q9:+1;"&"3$:"2$86:+94"41"%9'+(3(%9'"1:"89" 3$:;+'633(E:" 41" ;1:+(4$>," b1" 9361'4$" 9" 1;+$P" 41;9''$889F$;" 6:9" 7m;e6149" 41" :612$;" F$418$;"41"9%'1:4(W9Q1"9"+'92d;"41"4(Z1'1:+1;"%'$%61;+9;/"89;"79;949;"1:"F$418$;"e61" %9'+1:"41"89"'(W$2$398(494P"1:+1:4(49"d;+9"3$F$"6:";(;+1F9"$')S:(3$"41"3$:;+'633(E:"&" 4(Z6;(E:"41"3$:$3(F(1:+$"?0+6'FP",--JBc"18"3(:1"1U%1'(F1:+98"&"18"2V41$P"3$F%'1:4(4$;" 3$F$"4(;%$;(+(2$;"%149)E)(3$;"39%931;"41"3'19'"$+'$;"(F9)(:9'($;"&"%'$%(3(9'"1U%1'(1:3(9;" 41"3$:+'9''189+$"981Q949;"41"89"(:46;+'(9"418"1:+'1+1:(F(1:+$"])1:1'94$'9"(:+1:3($:98"41" 3$:$3(F(1:+$;P" (41:+(4941;" &" '1893($:1;" ;$3(981;]c" $" 18" +'979Q$" 3$:" 18" 361'%$>" f9" e61" %1:;9F$;"e61"1;"(F%$;(781"14639'";(:"(F%8(39'"18"361'%$"1:"18"9%'1:4(W9Q1"%'1+1:41F$;" Z$F1:+9'":6129;"%'S3+(39;"e61P"41;41"8$"%1'Z$'F9+(2$P"1:361:+'1:"1:"8$"1U%1'(1:3(98"6:9" :6129"Z$'F9"%149)E)(39"&"e61"1:+(1:49:"18"361'%$"3$F$"%'$%(3(94$'"41"1U%1'(1:3(9;"&" 3$F$"6:9"Z$'F9"41"'13$:$31';1"&"1:3$:+'9'"6:"86)9'"1:"18"F6:4$>"@;+9"8V:19"41"+'979Q$" 3$:13+9" 941FS;" 3$:" :61;+'$" 41;1$" 41" (:21;+()9'" %'$%61;+9;" 9'+V;+(39;" e61" 39F(:9:" *93(9"89";6%1'93(E:"41"8$;"298$'1;"1U386;(29F1:+1"E%+(3$;"418"9'+1"1:"9'9;"41"%'$%(3(9'" $+'9;"'1893($:1;"&"3$:1U($:1;"1:+'1"89;"$7'9;"&"8$;"4(;36';$;>" a9"146393(E:"1:"18"#T,="1;"1:+1:4(49"3$F$"6:9"%'S3+(39"368+6'98"(:41%1:4(1:+1P"1;" 413('P":$";6%14(+949"98"+'979Q$"'1893($:94$"3$:"89;"1U%$;(3($:1;"+1F%$'981;"$"89"3$8133(E:" &" %$'" 188$" ;6" 897$'" :$" e6149" 8(F(+949" 9" 89" '198(W93(E:" 41" 93+(2(4941;" 41;+(:949;" 9" 8$;" 4(21';$;"%m78(3$;"1:"%9'9818$"9"89;"1U%$;(3($:1;>"06"(:+1'd;";1"31:+'9"1:"18"41;9''$88$"41" %'$%61;+9;"e61P"41;41"8$;"Z$'F9+$;"%149)E)(3$;P";1"941:+'1:"1:"8$;"+1F9;"41"(:+1'd;" e61" ;$:" 3$F6:1;" 9" +$4$" 18" #1:+'$>" @;+$" e6(1'1" 413('" e61" ;(" 89" %'$)'9F93(E:" )('9" 1:" +$':$"9"1Q1;"41"(:21;+()93(E:"3$F$"18"1;+9+6+$"41"89"(F9)1:"1:"89"d%$39"3$:+1F%$'S:19P" 89"3'(;(;"41"'1%'1;1:+93(E:"%$8V+(39P"89"3'V+(39"(:;+(+63($:98P"89"1F9:3(%93(E:I+'9:;)'1;(E:P" OD FRQ¿JXUDFLyQ GHO SDVDGR HQ HO SUHVHQWH R OD UHODFLyQ HQWUH SROtWLFD \ ELRSROtWLFD 41;41"89;"S'19;"41"+'979Q$"418"#1:+'$";1"97$'49:"1;+$;"+1F9;"41;9''$889:4$"4(;+(:+9;" 93+(2(4941;/" 1U%$;(+(29;P" 41" 3$8133(E:" &" +9F7(d:" 14639+(29;>"T;VP" 3$F$" 41%9'+9F1:+$P" 18"41"146393(E:"&9":$"+(1:1"1:3$F1:4949"89"+9'19"41"i;1'2(3($"41"9+1:3(E:"98"%m78(3$jP" 98)$"+'94(3($:98F1:+1"%1:;94$"1:"8$;"F6;1$;P":("9e61889"41"i+'9:;F(+('j"8$;"3$:+1:(4$;" 41"89;"1U%$;(3($:1;"$"i931'39'"18"9'+1j"9"89;"F9;9;P":("+(1:1"89"$78()93(E:"41"3'19'":612$;" D¿FLRQDGRV DO DUWH 5HFLHQWHPHQWH &DUPHQ 0|UVFK FODVL¿FDED ODV IXQFLRQHV TXH WUDGLFLRQDOPHQWH ;1" 1:3$F(1:49:" 9" 8$;" 41%9'+9F1:+$;" 41" 146393(E:" 1:" 8$;" F6;1$;" 1:" 89;" ;()6(1:+1;" FDWHJRUtDV OD D¿UPDWLYD OD UHSURGXFWRUD OD FUtWLFD GH FRQVWUXFWLYD \ OD WUDQVIRUPDWLYD " 59'9"89"96+$'9P"OD IXQFLyQ D¿UPDWLYD VHUtD DTXHOOD TXH WUDQVPLWLUtD LQIRUPDFLyQ VREUH HO DUWH \ VXV LQVWLWXFLRQHV D XQ S~EOLFR D¿FLRQDGR OD UHSURGXFWLYD WUDEDMDUtD FRQ ORV S~EOLFRV TXH D~Q QR VH KDQ LQLFLDGR HQ DUWH FRQ HO ¿Q GH FUHDU QXHYDV DXGLHQFLDV SDUD OD LQVWLWXFLyQ 89" Z6:3(E:" 3'V+(39" 41I3$:;+'63+(29" %$:4'V9" 1:" 361;+(E:" 98)6:$;" 9;%13+$;" 418" 9'+1" &" ;6;" LQVWLWXFLRQHV \ SURSLFLDUtD OD FRQ¿JXUDFLyQ GH FULWHULRV SHUVRQDOHV HQ UHODFLyQ FRQ pVWRV 98"+(1F%$"e61"418(F(+9'V9"%$;(3($:1;"&"3$:4(3($:1;c"&"%$'"m8+(F$"89"Z6:3(E:"+'9:;Z$'F9+(29" ;1'V9"89"e61"%'1+1:41'V9"39F7(9'"89";$3(1494"&"89;"(:;+(+63($:1;"1:39F(:S:4$89;"*93(9" 6:9" 4('133(E:" FS;" Q6;+9" &" 3$:" 6:9" F1:$'" 2($81:3(9" 1;+'63+6'98" 1:" 8$" e61" 9" 1F(;(E:" &" OHJLWLPDFLyQ GH ORV GLVFXUVRV VH UH¿HUH $WHQGLHQGR D HVWD FODVL¿FDFLyQ FUHR TXH SRFRV PXVHRV SXHGHQ HVFDSDU D ODV GRV SULPHUDV IXQFLRQHV GH¿QLGDV SRU 0|UVFK \D TXH )1:1'98F1:+1" 89;" (:;+(+63($:1;P" &" 1:" 1;%13(98" 89;" 41" 1;+1" %9V;P" 41%1:41:" 41" E')9:$;" 41"413(;(E:"%$8V+(39"36&$"(:+1'd;"'1;(41"1;1:3(98F1:+1"1:"18"41;9''$88$"41"89;"Z6:3($:1;" D¿UPDWLYDV \ UHSURGXFWRUDV 6LQ HPEDUJR SRGHPRV D¿UPDU TXH JUDQ SDUWH GH QXHVWUD ODERU SHGDJyJLFD QR VH LGHQWL¿FD WDQWR FRQ OD IXQFLyQ D¿UPDWLYD \ GH UHSURGXFFLyQ ;(:$" e61" %'1+1:41" ;1'" 6:" +'979Q$" 3'V+(3$"e61" 1:+(1:41" 89" 146393(E:" 3$F$" 6:9" %'S3+(39" +'9:;Z$'F94$'9>"
!"#$%&'#()*+,#+&-#.&(#$&/(0+123$%&$#4+")5$#%&'#4+"(+",+6789+"(+%*2(*+#+,#+":;"2&"($&#++<++6)*+'":);4H($E
72345$.#"-.3'"8,#+,-. 51'$r" u41" e6d" F$4$" %$41F$;" %'$%(3(9'" 18" :93(F(1:+$" 41" :6129;" ;67Q1+(2(4941;" '1;(;+1:+1;v" u#EF$" ;1" %6141:" ;6;3(+9'" :6129;" Z$'F9;" 41" (F9)(:93(E:" %9'9" 1;39%9'" 41"89"4$F(:93(E:"418"%1:;9F(1:+$v"u@;"%$;(781"41;9''$889'"$+'$;"F$4$;"41"9%'1:4(W9Q1" 3$813+(2$"3$F$"%'S3+(39;"41"+'9:;Z$'F93(E:";$3(98v"@;+9;"&"$+'9;"%'1)6:+9;":$;"9;98+9:" 41"3$:+(:6$"1:":61;+'$"e61*931'"4(9'($"&"89;"'1;%61;+9;"e61":$;";981:"98"%9;$";(1F%'1" :$;" 97'1:" :612$;" (:+1''$)9:+1;" 4(ZV3(81;" 41" 3$:+1;+9'>" 0(:" 1F79')$P" &" 9" %1;9'" 41" 89" 3$:+(:)1:3(9" 41" :61;+'$;" F9'3$;" 41" %'$4633(E:P" *9&" 3$:;+9:+1;" 1:" :61;+'$" +'979Q$" e61" (:+1:+9:" '1;%$:41'" 9" 1;+$;" (:+1''$)9:+1;" 9" +'92d;" 418" 41;9''$88$" 41" %'S3+(39;" e61" %'$%(3(9:"1U%1'(1:3(9;"1;+d+(39;"&"e61";(1F%'1";1"97'1:"9"89"(F9)(:93(E:"];("1:+1:41F$;" 1;+d+(39"3$F$"6:9"Z$'F9"41"3$):(3(E:"41"89"'198(494"9"89"e61";1"881)9"9"+'92d;"418";1:;$'($" 3$'%$'98]"&"9"6:"+(%$"41"1U%1'(1:3(9"e61":$;"3$:4631"9"+1''(+$'($;"9m:":$"1U%8$'94$;"%$'" :61;+'9"'9WE:>" &RPR \D D¿UPDUD #6;9:" ^63[I=$';;" ?.HHgB" " 1:" ;6" '12(;(E:" 418" 1:;9&$" 41" w98+1'" ^1:Q9F(:" ;$7'1" 89" $7'9" 41" 9'+1" 1:" 89" 1'9" 41" ;6" '1%'$463+(7(8(494" +d3:(39* /5%@%&$#* A* #("5%@5&$#P" 18" 9'+1" 1;" 18" 1:39')94$" 41" 412$821':$;" 89" 39%93(494" 1;+d+(39" %1'4(49" &" ;939':$;"41"89"9:1;+1;(9"1:"89"e61"1;+9F$;"981+9')94$;"&"e61"9:689":61;+'9"%1'31%3(E:>" @:"1;+1";1:+(4$":61;+'9;"%'$%61;+9;";1"31:+'9:"1:")1:1'9'"1U%1'(1:3(9;"41"1U+'9A9F(1:+$" e61P"FS;"988S"41"%9'+('"41"6:"%1:;9F(1:+$"4(;36';(2$"$'(1:+94$"*93(9"89"F1'9"+'9:;F(;(E:" 41"3$:31%+$;P";1"4('()1:"9"89"3$:;+'633(E:"41":612$;";971'1;"9"%9'+('"41"89"F$2(8(W93(E:" 41" 8$;" 9Z13+$;>"f" %$'e61P" 98" ()698" e61" ^'13*+P" %1:;9F$;" e61" 89" %$1;V9" 1;" %9'+1" 41" 89" %149)$)V9P"i%$'e61";6"F9+1'(98";(1F%'1"+$F9"Z61:+1"1:"18":$;$+'$;"%$8V+(3$"1"*(;+E'(3$" &"%$'e61";6"F(;F9"1U%'1;(E:":$"+1:4'V9";1:+(4$"FS;"e61"97'(d:4$;1"98"F6:4$";$3(98j" ?b(4(It671'F9:P",--gB> T" 3$:+(:693(E:" %9;$" 9" 41+9889'" 98)6:9;" 41" 89;" 93+(2(4941;" 1:" 89;" e61" ;1" 3$:3'1+9:" 1;+9;"8V:19;"41"+'979Q$>
72139-3+:-;$03$03:(<+:+$0#( D61;+'$"+'979Q$"1:"'1893(E:"9"89"98Z971+(W93(E:"964($2(;698";1"31:+'9"1:"89"(:21;+()93(E:" 1" (F%81F1:+93(E:" 41" %'$)'9F9;" 14639+(2$;" 9" +'92d;" 418" 3(:1" &" 18" 2V41$P" 3$F$" 1;" 18" 39;$"41"9e6188$;"41;+(:94$;"9"89"1+9%9"(:Z9:+(8>"#$:;3(1:+1;"418"%$+1:3(98"14639+(2$"41" OD LPDJHQ HQ PRYLPLHQWR JHQHUDPRV SURJUDPDV GH DXGLRYLVXDOHV FRQ HO ¿Q GH SURSLFLDU 1U%1'(1:3(9;" +'9:;Z$'F94$'9;" e61" ;6;3(+1:" 1:" 18" :(A$" 6:" :612$" (:+1'd;" %$'" 18" F6:4$" e61"81"'$419>"@8"3(:1"%$;11"6:9"%$41'$;9"39%93(494"%9'9"3'19'"(F9)(:9'($;"&")1:1'9'" :612$;" *S7(+$;" 41" '131%3(E:" 93+(29" &" 3'V+(39>" @;+$" *931" 41" d8" 6:" 3$F%9A1'$" (4198" 1:" OD FRQ¿JXUDFLyQ GH OD H[SHULHQFLD VHQVLEOH \D TXH QRV SHUPLWH DVRPDUQRV D QXHYRV F6:4$;"&":921)9'"%$'"8$"41;3$:$3(4$>"@:Z'1:+S:4$:$;"3$:"89"98+1'(494"41;367'(F$;"1:" :$;$+'$;":612$;"9;%13+$;"e61"():$'S79F$;"98"+(1F%$"e61":$;"*931F$;"FS;"+$81'9:+1;" 3$:"89"4(Z1'1:3(9>" D61;+'$"3$F%'$F(;$"'94(39"1:"89"7m;e6149"&";18133(E:"41"3'193($:1;"e61";1"981Q1:" 41" 8$;" 4(;36';$;" 4$F(:9:+1;P" %18V3689;" e61" :$" ;$89F1:+1" 9&641:" 9" 3$:;+'6('" :6129;" ;67Q1+(2(4941;"%$'"8$;"+1F9;"e61"97$'49:P";(:$"e61"941FS;"+'979Q1:"3$:"$+'9;"Z$'F9;"41" :9''9'"&"$+'$;"+(1F%$;"4(;+(:+$;"9"8$;"41"8$;"%'$463+$;"964($2(;6981;"418"3(:1"3$F1'3(98"&" 89"+1812(;(E:P"9e6188$;"e61"%$'"$+'9"%9'+1"'1Z61'W9:"3$:463+9;"41"3$:;6F$"&"%$39;"2131;" FRQGXFHQ D OD UHÃ&#x20AC;H[LyQ /DV FRQVWUXFFLRQHV GH UHODWRV TXH HVFDSDQ GH OR FRQYHQFLRQDO DEUHQ VXV VLJQL¿FDGRV D QXHVWUD LQWHOLJHQFLD \ HVWLPXODQ QXHVWUD FDSDFLGDG FUtWLFD
);4$I2I&'+H40/)%I,$I0,$(40,),"IJK"L
.J
9%'1:4(W9Q1"e61":$;"93$F%9A9'S"41;%6d;"1:":61;+'$"%9;1$"%$'"89"2(49>" a9";18133(E:"41"%18V3689;"41"3(:1"&"2V41$"4$36F1:+98P"1U%1'(F1:+98"&"41"9:(F93(E:" e61" 3$F%$:1" 3949" %'$)'9F9" 9+(1:41" 1;%13(98F1:+1" 98" '(+F$" 41" 89;" ;1361:3(9;>" @8" 1U+'9A9F(1:+$"e61"%'$4631:"98)6:9;"41"89;"3'193($:1;"FS;"1U%1'(F1:+981;P":131;9'($" %9'9" )1:1'9'" 1U%1'(1:3(9;" 1;+d+(39;" 1:" 18" :(A$P" 2(1:1" 3$F%1:;94$" 1:" 18" '(+F$" &" 1:" 18" 3$:+1:(4$"418"'1;+$"418"%'$)'9F9P"1:"18"e61"89"'(;9P"89";$'%'1;9"&"18"1;%9'3(F(1:+$"+9F7(d:" +(1:1:"397(49>"59'+(F$;"41"89"(419"41"e61"3698e6(1'"(F9)1:"1;"2S8(49"&"e61"89"36'($;(494" 1:"89"(:Z9:3(9"1;"(:9)$+9781"&"76;39F$;"F$4$;"41")1:1'9'"18"1:361:+'$"1:+'1"8$;":(A$;"&" 89"(F9)1:"1:"F$2(F(1:+$>"<:"3(:1":$"(:Z9:+(8(W9:+1P"e61":$"+$F1"9"8$;":(A$;"3$F$";6Q1+$;" (:39%931;"$"(:3$F%81+$;P";(:$"3$F$"(:4(2(46$;"e61"41;7$'49:"%81:(+64"&"1;+S:"97(1'+$;"9" OD H[SHULHQFLD 'H HVWH PRGR OD VHOHFFLyQ GH SHOtFXODV FRQWLHQH ¿FFLRQHV GH DXWRUHV FRPR o93e61;"R$W(1'"$"T779;"_(9'$;+9F(P"4$36F1:+981;"41"T):p;"`9'49P"3(:1"1U%1'(F1:+98" 41"a1:"a&1"$"9:(F93($:1;"41"k6($::1"a1'$&P"e61";$:"+'979Q949;"1:"3$F%9AV9"41"6:9" 146394$'9"&"93$F%9A949;"41"+9881'1;"41"3(:1";(:"3SF9'9"1:"8$;"e61"8$;":(A$;"+'979Q9:" GLUHFWDPHQWH VREUH IUDJPHQWRV GH SHOtFXOD \D ¿OPDGD TXH LQWHUYLHQHQ UD\DQ \ SLQWDQ 'H 1;+9"Z$'F9"i%(1:;9:"Q6)9:4$P"+$F9:"%$;(3(E:"x4(;%$:(1:4$\P"41;F$:+9:4$P"'1F$:+9:4$" 3949"181F1:+$"1:"'1893(E:"9"+$4$;"8$;"41FS;j"?b(4(It671'F9:P",--g/",GOB>" T41FS;"41"1;+9"93+(2(494"41"3(:1"%9'9":(A$;P"'198(W9F$;"$+'9;"%9'9"94$81;31:+1;P" 1;+64(9:+1;"41"146393(E:";136:49'(9"&"Z9F(8(9;P"+$49;"1889;"(:;1'+9;"41:+'$"41"6:"%'$&13+$" 41"(:21;+()93(E:"41"89;"F1+$4$8$)V9;"9%8(3949;"9"89"(F9)1:"1:"F$2(F(1:+$P":$";E8$"1:" ;6"813+6'9P";(:$"+9F7(d:"1:";6"3'193(E:>"Y98"1;"18"39;$"41"BCDE"89"%89+9Z$'F9"41"3'193(E:" 964($2(;698" %9'9" 94$81;31:+1;" 41" .g" 9" .G" 9A$;>" b1;41" 89" 9%1'+6'9" 418" #T,=" *1F$;" 1;+94$"(:+1'1;94$;"1:"18"41;9''$88$"41"%'$)'9F9;"14639+(2$;"%9'9"94$81;31:+1;"1:";6" +(1F%$"41"$3($>"D$"1:"29:$P"89"94$81;31:3(9"1;"18"F$F1:+$"41"(:(3($"41"89"96+$:$FV9" (:+1813+698"&"1;"941FS;"18"%1'($4$"1:"e61";1"%6141"'198(W9'"6:"+'979Q$"31:+'94$"1:"89" 3'193(E:"39%9W"41")1:1'9'"1;%93($;"41"3$:;+'633(E:"41"3$:$3(F(1:+$"3'V+(3$P"+$49"21W" e61" d;+1" :$" 41%1:49" 41" 41;+'1W9;" F9:6981;" ;(:$" e61" %'(F1:" 8$;" '9;)$;" 1U%'1;(2$;>" Y'9;" 29'($;" (:+1:+$;" Z988(4$;" 41" 2(:3689'" 9" 8$;" 94$81;31:+1;" 418" 1:+$':$" 418" #T,=" 1:" DFWLYLGDGHV GH ¿Q GH VHPDQD UHODFLRQDGDV FRQ ODV H[SRVLFLRQHV GHFLGLPRV SHQVDU HQ 6:":612$"Z$'F9+$"e61";1"9Q6;+9;1"9"89;"(:e6(1+641;"&"*S7(+$;"41"8$;"94$81;31:+1;"41"89" W$:9>"59'9"188$"(419F$;"6:9"%89+9Z$'F9"41"3'193(E:"1:"2V41$>g"T"4(Z1'1:3(9"41"9:+1'($'1;" %'$%61;+9;" ]e61" '1e61'V9:" (:;3'(%3(E:" %'12(9" &" 1;+979:" 1;+'63+6'949;" 41" Z$'F9" FS;" UtJLGD± FUHDPRV XQD SODWDIRUPD SHUPDQHQWH Ã&#x20AC;H[LEOH HQ FXDQWR D KRUDULRV TXH QR '1e61'V9"41"6:"3$F%'$F(;$"1U%8V3(+$"&"e61":$"1;+979"79;949"1:"89"39%93(+93(E:"+d3:(39P" ;(:$"1:"89"3'193(E:"41"3$:+1:(4$;>" BCD":$;"%1'F(+1"93+698(W9'"9"+'92d;"41"8$"964($2(;698"98)6:$;"3$:31%+$;"41'(294$;" 418"%1:;9F(1:+$"41"59$8$"y'1('1P"3$F$"1;"18"41"98Z971+(W93(E:"3'V+(39>N"y'1('1"936AE"1;+1" +d'F(:$"1:"'1893(E:"9"6:9"98Z971+(W93(E:"1:39F(:949":$"+9:+$"98"9%'1:4(W9Q1"41"89"813+6'9" 3$F$"98"41"89"1;3'(+6'9P"1:+1:4(1:4$"e61"4$F(:9'"18"3E4()$":$;"39%93(+9"%9'9"'1*931'" 18"F6:4$P"%9'9"1;3'(7('"6:9":6129"*(;+$'(9"&"%9'9"%'$&13+9'"6:"Z6+6'$"4(Z1'1:+1>"@:"1;+1" ;1:+(4$" (:+1:+9F$;" 93+698(W9'" 1;+1" 3$:31%+$" e61" ;6')1" 1:" 89" 4d3949" 41" 8$;" J-" ?&" e61" ;('2(E"9"y'1('1"%9'9"9%6:+9'"F$4$;"%9'9"89"1F9:3(%93(E:B"1:"6:"3$:+1U+$"&"3$:4(3($:1;" F6&"4(;+(:+$;/"6:"F6:(3(%($"418"1U+'9''94($"41"6:9")'9:"3(6494"&"3$:"94$81;31:+1;>"@:" BCD"8$;"QE21:1;"1:;9&9:"89"3$:;+'633(E:"41":612$;"'189+$;"9"%9'+('"418"2V41$"&")1:1'9:" $+'$;" 4(;36';$;" 9" +'92d;" 41" ;6;" 3'193($:1;P" e61" %6141:" (:;1'+9'" 41" Z$'F9" 2('98" 1:" 18" ;(;+1F9"9"+'92d;"41"89"'14>"BCD"%'1+1:41"3$:21'+(';1"1:"6:9"'1(2(:4(393(E:"41":6129;" Z$'F9;"41"1U%'1;(E:"1:Z'1:+949;"98"4(;36';$"4$F(:9:+1"9:6894$'P"1:"1;%13(98"+$4$"9e618" e61";1"1F(+1"41;41"8$;"F14($;"41"3$F6:(393(E:"931'39"41"8$;"QE21:1;>"
!"#$%&'#()*+,#+&-#.&(#$&/(0+123$%&$#4+")5$#%&'#4+"(+",+6789+"(+%*2(*+#+,#+":;"2&"($&#++<++6)*+'":);4H($E @;+9"%89+9Z$'F9";$89F1:+1"88129"93+(29"41;41"18"%9;94$"F1;"41"1:1'$P"%1'$":61;+'9" (:+1:3(E:"1;"e61"18")'6%$"e61";1"*9"Z$'F94$";1"3$:;$8(41"&"%6149:"3$F1:W9'"9")1:1'9';1" :6129;" 93+(2(4941;" %9'9" $+'$;" QE21:1;" &" 881)9'" 9" (:+1'3$:13+9'" ;6;" 3$:+1:(4$;" 3$:" 8$;" 418" #1:+'$>" @:" 89;" ;1;($:1;" 41" BCD" ;1" %$:1:" 1:" %'S3+(39" F1+$4$8$)V9;" 14639+(29;" *$'(W$:+981;P" 1:" 89;" e61" 8$;" QE21:1;" FS;" 929:W94$;" %6141:" 1:;1A9'" 9" 8$;" '13(d:" 881)94$;" 9" 89" 93+(2(494>" <:9" %9'+1" (F%$'+9:+1" 3$:;(;+1" 1:" 18" 2(;($:94$" 41" 3'193($:1;" 9%$'+949;"7(1:"%$'"8$;"146394$'1;"$"%$'"8$;"9;(;+1:+1;P"&9"e61"%9'9":$;$+'$;"1;"1;1:3(98" F$;+'9'" 9" 8$;" QE21:1;" $+'$;" '1Z1'1:+1;" &" e61" 3$:$W39:" 8$;" +'979Q$;" 41" 3'194$'1;" e61" 29:" 41;41" o$:9;" =1[9;P" _6718[9" $"T:+$:(" =6:+949;" 9" =9'V9" #9A9;" $" ^9;" o9:"T41'>" a9;";1;($:1;";1"3$F%81F1:+9:"3$:"3$897$'93($:1;"41"3'194$'1;P"9"e6(1:1;"(:2(+9F$;" 9" 89" %89+9Z$'F9" %9'9" e61" '198(31:" +9881'1;>O"T;VP" 1:" 1;+9" %'$%61;+9" ;$:" Z6:49F1:+981;" +9:+$"89"%9'+1"1U%1'(F1:+98"3$F$"89"1U%1'(1:3(98>"b1"89"933(E:";1"%9;9"98"4179+1"&"41" :612$"9"89"%'$4633(E:"3$F$"6:9"F1+$4$8$)V9"%$;(781P"1:"6:"(:+1:+$"%$'"e61"18"4(;36';$" :$";1"(F%$:)9";$7'1"89"%'$4633(E:P";(:$"98"3$:+'9'($P"e61";19"d;+9"89"e61";('29"41"F$+$'" %9'9" )1:1'9'" 18" 4(;36';$P" 361;+($:9'" 8$;" (F9)(:9'($;" 41" $'()1:" &" 2(;86F7'9'" :6129;" %$;(7(8(4941;"41"3'193(E:>
72723=$0.-"3,(03$)3,5$"'( z+'9"41":61;+'9;"8V:19;"Z6:49F1:+981;"41"+'979Q$"1;"9e61889"e61";1"(:+1'1;9"%$'"18"361'%$" 3$F$"6:"86)9'"41"3$:;+'633(E:"41"3$:$3(F(1:+$>"y'1:+1"9"9e61889"146393(E:"79;949"1:" OD H[LVWHQFLD GH FRQRFLPLHQWRV REMHWLYRV \ XQLYHUVDOHV TXH D¿UPD TXH FXHUSR \ PHQWH Z6:3($:9:"41"Z$'F9";1%9'949P":$;$+'$;"%1:;9F$;"e61":$"1U(;+1"6:"%1:;9F(1:+$"e61":$" %9;1"%$'"18"361'%$P"e61":$";1"%(1:;9"3$:"89"F1:+1";(:$"9"+'92d;"41"6:"361'%$>"59'+(1:4$" 41" e61" +$4$" %1:;9F(1:+$" 1;+S" %$;(3($:94$" &" 8$;" ;971'1;" ;(+694$;P" :61;+'$" (:+1'd;" ;1" 31:+'9"1:"+'979Q9'"3$:"18"361'%$"1:"8$;"1;%93($;"41"89"146393(E:P")1:1'9:4$"86)9'1;"%9'9" 89" 3'(;(;>" @;36189" &" F6;1$" ;$:" (:;+(+63($:1;" *1'141'9;" 418" %'$&13+$" (86;+'94$" &" 9F79;" DVSLUDQ D VHU QHXWUDOHV REMHWLYDV OLPSLDV \ UDFLRQDOHV FRQWHQHGRUDV HQ GH¿QLWLYD GH 6:";971'"6:(21';98"e61"1;":131;9'($"+'9:;F(+('"9"89;"F9;9;>"0(:"1F79')$P"3$:;(41'9F$;" 1;+9"%$;(3(E:"41"9F79;"(:;+(+63($:1;"369:4$"F1:$;"361;+($:9781P"&9"e61":$"3$:+'(76&1" 9")1:1'9'"1;%93($;"41"+'9:;Z$'F93(E:P";(:$"9"%1'%1+69'"3(1'+$;"1;e61F9;"&"%9+'$:1;"41" 4$F(:93(E:>"D61;+'$"F$41;+$"+'979Q$"1:"1;+1";1:+(4$"3$:;(;+1"1:"6:9";1'(1"41"%'S3+(39;" 1:"89;"e61"(:21;+()9F$;"F$4$;"41"%$:1'"1:"3'(;(;"1;+9;":$3($:1;P"41;41"18"+'979Q$"3$:" 89;"Z9F(8(9;"$"8$;"%'$Z1;$'1;"*9;+9"18"39'S3+1'"%1'Z$'F9+(2$"41":61;+'$;"+'979Q$;"1:";989> <:9"41"1;+9;"%'$%61;+9;"1;"18"+9881'"D7"2#*6"*F-2,#%-E"6:9"93+(2(494"e61";1"'198(W9" 1:"31:+'$;"1;3$89'1;"&"1:"#T,="9"8$"89')$"41"+'1;";1;($:1;>"@:"89;"4$;"%'(F1'9;";$:" 8$;"146394$'1;l"e6(1:1;";1"41;%89W9:"9"8$;"31:+'$;"1;3$89'1;"&"89"+1'31'9";1;(E:"+(1:1" 86)9'"1:"18"31:+'$"41"9'+1>"@:"1;+9"%'$%61;+9"1;"F6&"(F%$'+9:+1"18"+'979Q$"3$:"18"361'%$" VRFLDO HO FXHUSR TXH VH LQVFULEH HQ XQRV PDUFRV GH VLJQL¿FDFLyQ DVLJQDGRV \D TXH FRPR D¿UPDUD EHOO KRRNV ³XQR GH ORV PDOHVWDUHV LPSOtFLWRV HQ OD DOWHUDFLyQ GHO iPELWR 9394dF(3$P"417(4$"98"4(;36';$"e61"+(1:1"1:"361:+9"89"'9W9"&"18")d:1'$"98"()698"e61"89" 389;1";$3(98"&"89;"%'S3+(39;";1U6981;P"1;"%'13(;9F1:+1"18"e61"41;9ZV9"9"1;9";1%9'93(E:" 1:+'1"18"361'%$"&"89"F1:+1>"#69:4$":$;"%$:1F$;"9"*9789'"1:"389;1"418"361'%$"&"41"3EF$" YLYLPRV HQ QXHVWURV FXHUSRV DXWRPiWLFDPHQWH HVWDPRV GHVD¿DQGR OD RUTXHVWDFLyQ GHO %$41'"1:"1;1"1;%93($"(:;+(+63($:98(W94$"3$:3'1+$>"@8"FS;"%$41'$;$"$;+1:+9"18"%'(2(81)($" 41":1)9'";6"%'$%($"361'%$P"qrs"8$"(F%$'+9:+1"1'9"e61"+$4$;"'1;%1+S;1F$;"e61";6"Z6:3(E:" 3$:;(;+V9"1:";1'"6:9"F1:+1"1:"86)9'"41"6:"361'%$j"?*$$[;P".HllB> @:"1;+1"+9881'"8$;"14639:4$;";$:"+$F94$;"3$F$";6Q1+$;"3'19+(2$;"&"'1;%$:;9781;"41" ;6;"93+$;P"8$"e61"8$;"*931"3$:;3(1:+1;"41"89;"3$::$+93($:1;"%$8V+(39;"418"93+$"14639+(2$" &"418"+(%$"41"146393(E:"e61"'13(71:>"@;"1;+1"6:"9%'1:4(W9Q1"%9'9";1'"9Z13+94$c";1"+'9+9P"
);4$I2I&'+H40/)%I,$I0,$(40,),"IJK"L
.H
FRPR KD GH¿QLGR UHFLHQWHPHQWH 0DULQD *DUFpV GH DSUHQGHU ³D WUDQVJUHGLU OD UHODFLyQ GH (:4(Z1'1:3(9"e61":$;"3$:Z$'F9"3$F$"3$:;6F(4$'1;I1;%13+94$'1;"41"8$"'198>"@F%1W9F$;" 9"%1:;9'"369:4$"9e6188$"e61";971F$;"?$":$";971F$;B"9Z13+9":61;+'9"'1893(E:"3$:"89;" 3$;9;P"3$:"18"F6:4$P"3$:"8$;"$+'$;>"59'9"188$"*931"Z98+9"2981:+V9P"&"89"2981:+V9";1"368+(29" 1:"'1893(E:"9Z13+(29"3$:"8$;"$+'$;>"{;+9"1;"89"1U%1'(1:3(9"Z6:49F1:+98"e61"%6141"39F7(9'" *$&"41"'9VW":61;+'9"'1893(E:"3$:"18"F6:4$"&";6;"Z$'F9;"41"4$F(:93(E:P"3949"21W"FS;" V:+(F9;"&";67Q1+(29;j"?,-.-B> @:" 18" +9881'P" 8$;" 146394$'1;" %'$%$:1:" '198(W9'" 4(;+(:+9;" 933($:1;" 9" 8$;" 986F:$;" GHQWUR GHO DXOD \ D WUDYpV GH HOODV VH SODQWHD HO VLJQL¿FDGR TXH DSRUWD D OD DFFLyQ XQ FRQWH[WR HVSHFt¿FR 8QD GH ODV FXHVWLRQHV IXQGDPHQWDOHV GH OD DFWLYLGDG HV WUDEDMDU 3$:"89"1;1:3(9"41"89"%1'Z$'F9:31/"*931'"9e6V"&"9*$'9P":$"93+69'":("'1%'1;1:+9'>"un6d" VLJQL¿FD TXH PH VXED D XQD PHVD" ¢TXp FRQQRWDFLRQHV SRVHH HQ XQ HVSDFLR FRPR HO 1;3$89'P"e61"39F7(1"18"+1F%$"1:"98)6:9"41"89;"933($:1;"e61"'198(W$vP"ue6d"4(Z1'1:3(9;" 1U(;+1:" 1:" 6:9" 933(E:" 41%1:4(1:4$" 41" e6(d:" 89" '198(31vP" u36S:+$" 2981:" 8$;" ;(81:3($;" 1:" 18" 9689vP" ue6d" '1893($:1;" 41" %$41'" ;1" 1;+978131:" 1:" 89" 1;36189vP" u41" e6d" Z$'F9;" ;1"1Q1'31"96+$'(494v"f"6:9"21W"881)94$;"98"F6;1$/"u3EF$"93+69F$;"1:"1;+1"1;%93($vP" ue6d":6129"39')9";(F7E8(39"'13(71:"89;"933($:1;"e61";$:"'198(W949;"9e6VvP"u3EF$"F1" ;(1:+$"1:"6:"1;%93($"3$F$"d;+1v"@:"89";1;(E:"1:"18"#1:+'$"941FS;";1"+'979Q9"1:"+$':$"9" 2V41$;"41"%1'Z$'F9:31;"41"9'+(;+9;"41"89"3$8133(E:P"3$F$"=9'V9"R6(4$"$"^1;+6d"&"`(21;c" %1'$"1;";$89F1:+1"1:"89"+1'31'9";1;(E:"1:"89"e61"8$;"986F:$;"21:"$7'9"41"9'+(;+9;P"&9" e61"98)$"1;1:3(98"1:"1;+9"%'$%61;+9"1;P"41":612$P"41Q9'"e61"8$"1U%1'(1:3(98"%'13149"98" 3$:$3(F(1:+$"&9"(:;+(+6(4$c"e61"89"F1F$'(9"418"361'%$"&"8$;";971'1;"41"89"39':1"(:;3'(+9" HQ XQ HVSDFLR VLJQL¿FDGR SRU OD KLVWRULD \ OD WUDGLFLyQ VHDQ HVFXFKDGRV DQWHV TXH HO 4(;36';$>
72>23!"#$%&'()# @8" %'$&13+$" 418" #T,=" ;1" 9;(1:+9P" 3$F$" &9" *1F$;" 9%6:+94$" 9:+1'($'F1:+1P" ;$7'1" 89" 3$:2(33(E:"41"e61"89"146393(E:"1;"6:9"%'S3+(39"368+6'98"(:41%1:4(1:+1"&"e61P"%$'"+9:+$P" KD GH VHU UHSHQVDGD HQ EDVH D XQ DSDUDWR FUtWLFR HVSHFt¿FR 'H DFXHUGR D HVWR VH +$':979"1;1:3(98")1:1'9'"6:"1;%93($"41"1:361:+'$"%9'9"%1:;9'"&"4179+('"1:"3$Fm:";$7'1" 89"146393(E:"3$:"$+'$;"9)1:+1;"41"89"368+6'9/"9'+(;+9;P"%'$Z1;$'1;P"146394$'1;";$3(981;" &"+$4$"9e618"(F%8(394$"1:"%'$31;$;"14639+(2$;>"<:$"41"8$;"'1Z1'1:+1;"%9'9"89"3'193(E:" 41" 1;+1" 1;%93($" Z61" 18" %'$)'9F9" 41" 89" '94($" 981F9:9" ;$7'1" 146393(E:" i5'$781F9;" 14639+(2$;"93+6981;jP"1:"18"e61"T4$':$"%9'+(3(%E"%$'"8$"F1:$;"6:9"21W"98"9A$"1:"18"%1'($4$" 3$F%'1:4(4$"1:+'1".HOH"&".HlH"&"e61";('2(E"%9'9"89"3$F%(893(E:"41"+1U+$;"9)'6%94$;"1:" ³(GXFDFLyQ SDUD OD (PDQFLSDFLyQ´ (VWH SURJUDPD QRV VLUYLy SDUD UHÀH[LRQDU DFHUFD GH OR $%$'+6:$"41"%1:;9'";$7'1"146393(E:"41"Z$'F9"%1'(E4(39"&"3$F%9'+(49>"Y9F7(d:"41;%1'+E" 1:":$;$+'$;"3(1'+$"41;1$"41")1:1'9'"6:"9'3*(2$";$7'1"%'S3+(39;"14639+(29;"3'V+(39;P"9;V" 3$F$"41"4$+9'"41"2(;(7(8(494"9"98)6:$;"%'$&13+$;"%149)E)(3$;"+'9:;Z$'F94$'1;"e61"41" $+'$"F$4$":$"+1:4'V9:"1;%93($;"41"'1%'1;1:+93(E:"FS;"988S"418"e61"1:F9'39"18"9689"$"18" 1;%93($"3$:3'1+$"41"+'979Q$>" G#5* 8&(6"5 VH GH¿QH FRPR XQ SUR\HFWR GH LQYHVWLJDFLyQ \ GHEDWH HQ UHODFLyQ D %149)$)V9;" 3'V+(39;" &" %'S3+(39;" 368+6'981;" &" ;6" 1e6(%$" 41" +'979Q$" 31:+'98" 8$" 3$F%$:1:" =9'+9" 41" k$:W98$P" 5678($" 5d'1W" 5'(1+$P" #'(;+(:9" `1)9P" `(')(:(9" `(889%89:9" &" &$" F(;F$>" b1" Z$'F9" %1'(E4(39" &" 1:" %9'9818$" 9" 89;" '16:($:1;" 41" +'979Q$" 418" )'6%$P" ;1" '198(W9:" 1:361:+'$;" 97(1'+$;" 9" 89" %9'+(3(%93(E:" 41" 4$31:+1;P" 9'+(;+9;P" 1;+64(9:+1;" 1" (:+1'1;94$;" 1:"89"146393(E:P"1:"8$;"e61";1"+'979Q9:"+1U+$;"(:4(;%1:;9781;"41"89;"%149)$)V9;"3'V+(39;c" ;1"49:"9"3$:$31'"&";1"9:98(W9:"4(;+(:+9;"%'S3+(39;"e61";1"1;+S:"88129:4$"9"397$"9":(218"
!"#$%&'#()*+,#+&-#.&(#$&/(0+123$%&$#4+")5$#%&'#4+"(+",+6789+"(+%*2(*+#+,#+":;"2&"($&#++<++6)*+'":);4H($E :93($:98"1"(:+1':93($:98c";1"4(Z6:41:"&";1"*931:"9331;(781;"F9+1'(981;"1U%1'(F1:+981;" ;6;31%+(781;" 41" ;1'" 1F%8194$;" 3$F$" '136';$;" 4(4S3+(3$;" 1:" SF7(+$;" 14639+(2$;" +9:+$" Z$'F981;"3$F$":$"Z$'F981;c"&";1"%89:+19:"4179+1;"&"%'$%61;+9;"931'39"41"89;":6129;" 1;+'9+1)(9;" %9'9" 89" '1Z$'F6893(E:" 41" 89;" %'S3+(39;" 41" 89" 1:;1A9:W9" e61" 1F%819" 89" 3$F6:(393(E:"964($2(;698>"59'9"188$P";1"%9'+1"418"1:+1:4(F(1:+$"41"89"146393(E:"3$F$" %'$&13+$"368+6'98P";$3(98"&P"%$'"+9:+$P"3$813+(2$P"%9'9"9+(;79'"6:"Z6+6'$"9m:":$"'1;618+$"e61" %$41F$;"9+'121':$;"9"(F9)(:9'>" 5$3$" FS;" e6(;(1'9" 9%6:+9'" 1:" '1893(E:" 98" e61*931'" 41" G#5* 8&(6"5P" &9" e61" 1;" 6:" %'$&13+$"1:"%'$31;$"&";$7'1"+$4$"%$'e61P"F1Q$'"e61"F(;"%9897'9;P"%6141"*9789'";$7'1" d8"+$4$"18"+'979Q$"41"4$36F1:+93(E:"41"89;";1;($:1;"'198(W94$"%$'"b9:(18"k9'3V9I5978$;P" e6(1:"'1)(;+'9"1:"2V41$"&"14(+9"+$49;"89;";1;($:1;P"e61"%$;+1'($'F1:+1";$:"3$8)949;"1:" 89;"'141;";$3(981;"&"89"%S)(:9"L17"418"#T,=PJ"8$"e61"*9"'1;68+94$"38921"%9'9"3$:Z$'F9'" 6:9"3$F6:(494"14639+(29"1:"89"4(;%1';(E:>" 0("7(1:"1;"3(1'+$"e61"6:$"41"8$;"+1F9;"'136''1:+1;"1:"G#5*8&(6"5"*9";(4$"89"%$;(7(8(494" 41")1:1'9'"6:9"3$F6:(494"14639+(29"&"e61"*1F$;"2(2(4$"98)6:$;"Z'6;+'94$;"(:+1:+$;"41" *931'8$"41"8$;"e61"49:"361:+9"98)6:9;"41"89;";1;($:1;"1:"2V41$P"3'1$"e61"1;"(F%$'+9:+1" DSXQWDU TXH HQ ORV ~OWLPRV PHVHV KHPRV FRPHQ]DGR D UHÀH[LRQDU DFHUFD GH ODV %$;(7(8(4941;"41"3$:;+'6('"6:9"3$F6:(494"1:"89"4(;%1';(E:>"@;+1"3$:31%+$"41"3$F6:(494" ;6')(E"1:"6:"1:361:+'$"3$:"18"3$813+(2$"0(+693($:1;PG"%1'$"94e6('(E"F9&$'"'18129:3(9"98" KLOR GH XQ WH[WR UHFLHQWH GH $XURUD )HUQiQGH] 3RODQFR HQ HO TXH UHÀH[LRQD VREUH 89;"%$;(7(8(4941;"%$8V+(39;"&"1;+d+(39;"418".O="&"4(76Q9"2(:36893($:1;"1:+'1"+$4$"8$"$36''(4$" HQ WRUQR D OD MRUQDGD GH UHÀH[LyQ HOHFWRUDO \ OD H[SHULHQFLD HVWpWLFD GH WUDGLFLyQ LGHDOLVWD < HQIUHQWD DPEDV D XQ QXHYR SDUDGLJPD GH OD H[SHULHQFLD TXH GH¿QH HQ UHODFLyQ D ORV 3$:31%+$;"41"4(;+'933(E:"41"^1:Q9F(:"&";$7'1"+$4$"41"89"i#*9'89"&"36'($;(494j"41"`(':$>" Y'9;"98)6:9;"3$:21';93($:1;"3$:"89"96+$'9";$7'1"18"+1U+$P"'1%9'd"1:"18"F$4$"1:"e61"18" 3$:31%+$"41"3$F6:(494"e61"*97V9F$;"1;+94$"F9:1Q9:4$"1:"G#5*8&(6"5"%1'+1:13V9"9"1;9" WUDGLFLyQ TXH FRPSDUWtDQ OD HVWpWLFD LGHDOLVWD \ OD MRUQDGD GH UHÀH[LyQ \ HQ TXH QR HVWDED +1:(1:4$"1:"361:+9"89;"96+d:+(39;"%$;(7(8(4941;"41"3$:;+'6('"1;1"+(%$"41"3$F6:(494"*$&>" 0(:"S:(F$"41"1F(+('"Q6(3($;"1:"'1893(E:"9"8$"e61":$;"%1'F(+1"6:9"3$F6:(494"79;949"1:"8$;" 89W$;"%'1;1:3(981;P"1:361:+'$;"&";(+693($:1;"3$F%9'+(49;"Z'1:+1"9"$+'9"9;1:+949";$7'1"89" Z'9)F1:+93(E:P"89"4(;%1';(E:"&"89"(:+1'F(+1:3(9P"8$"3(1'+$"1;"e61"*97(+9F$;":6129;"Z$'F9;" GH FRQVWUXLU FRPXQLGDG TXH D~Q VRQ GLItFLOHV GH GH¿QLU (O PRGR HQ TXH GHVGH G#5*8&(6"5" 1;+97813V9F$;"89W$;"41"6:(E:"3$:"9e6188$;"(:+1'1;94$;"1:"89"146393(E:"3$:361'49"F1Q$'" FRQ HVD GLVSHUVLyQ GHSUHVLyQ GHO PXQGR DFWXDO $Vt VH HGL¿FD XQD FRPXQLGDG SHQVDQWH GH D¿QHV D SDUWLU GH OD FRPELQDFLyQ GH PHGLRV \ IRUPDV GH HQFXHQWUR PHMRU TXH GH OD 1U386;(29"'16:(E:"ZV;(39>"T*$'9"e6149"%$'"4189:+1"9+'921;9'"1;+1"+(1F%$"93$F%9A94$;" %$'"1;+9"$+'9"%$;(7(8(494"41"3$F6:(494"&"21'"e6d"%$;(7(8(4941;"41"933(E:"3$813+(29":$;" $Z'131>"Y'979Q9'"41;41"9*V"&":$"1:"79;1"9"%9'94()F9;"41"$+'$"+(1F%$"%6141";1'"18"%6:+$" 41"%9'+(49"e61":$;"97'9":6129;"%$;(7(8(4941;"41"+'9:;Z$'F93(E:>
?(0,)5.+(0$. T:+1;"41"+1'F(:9'"e6(;(1'9"9389'9'"e61"89;"%'$%61;+9;"41;3'(+9;"1:"1;+9;"%S)(:9;":$";$:" FS;"e61"+'979Q$;"e61"(:+1:+9:"'1;%$:41'"9"98)6:9"41":61;+'9;"361;+($:1;"Z6:49F1:+981;" 1:" +$':$" 9" 89" 146393(E:>" n6149:" Z61'9" 98)6:$;" 41" 8$;" %'$31;$;" 41" :1)$3(93(E:" e61" LPSOLFD OD UHDOL]DFLyQ GH HVWDV SUiFWLFDV DVt FRPR PXFKDV GH ODV WHQVLRQHV \ FRQÀLFWRV e61")1:1'9:"1:"8$;"4(;+(:+$;"3$:+1U+$;"1:"8$;"e61";1"41;9''$889:>"51'$"8$"e61"1;"3$Fm:" 9" +$4$" :61;+'$" +'979Q$" 1;" 18" ;1:+('" &" 18" '1(2(:4(39'" 89" :131;(494" 41" " 6:9" 146393(E:" :$" WRWDOL]DGRUD TXH WUDEDMH GHVGH OR PLFUR HQ FRQWH[WRV HVSHFt¿FRV \ TXH VH DFWLYH DO
);4$I2I&'+H40/)%I,$I0,$(40,),"IJK"L
,.
%$:1';1" 1:" 3$:+93+$" 3$:" $+'$;" 9)1:+1;" 41" 89" 146393(E:>" D61;+'9" %'S3+(39" %149)E)(39" ;1" 41;1:261821" 41" Z$'F9" ;(F(89'" 9" 89" (F9)1:" 41" '12$863(E:" F$813689'" " %'$%61;+9" %$'" k1'984" R96:()P" 3$F$" 6:9" %61;+9" 1:" F9'3*9" 41" %'$31;$;" (:3$:+'$89781;>" @;%1'9F$;" e61" :61;+'9;" %'S3+(39;P" 41;41" 8$;" %1e61A$;" 1:361:+'$;P" 3$:46W39:" 9" 6:9" 41'(29" 41" 3$:$3(F(1:+$;" 1:3941:94$;" &" ;(:" 3$:+'$8>" n6(WS;" 89" 146393(E:" %6149" ;1'2('" 1:" 1;+9" $39;(E:P"F1Q$'"e61"%9'9"F$;+'9':$;"89"86W"418";971'"*1'1494$P"%9'9"941:+'9':$;"1:"8$" 41;3$:$3(4$>"59'9"'193+(29'":61;+'9"(F9)(:93(E:>"
@$A$"$0,+-. !/("0(B3C2"?.HHGB>"/67$#$&H(*1#2#*8#*",#($&1#$&H(I*=94'(4/*@4(3($:1;"=$'9+9> D+/+EF5G$":-0B3H2"?,--HB>";7#(6-*8#5*&,J)"("5*%-,#(*1-5&$&H(>"=94'(4/"T>"=93*94$" a(7'$;> I$"080/$JE=()-0,(B3!2"?,-.,B>"y'$F"+*1"0%9:(;*"'12$86+($:/"(481"+98[P";*9'14"(F9)1;>" @:"k(9::1++("?@4>BP"<2%"E*/5%76-5*;78%72#&5*"*>"6&#>"{2$'9P"#*9(9"?1:"(F%'1:+9B H-",K.B3 L2" ?,-.-B>" b9'" e61" %1:;9'>" 0$7'1" 89" :131;(494" %$8V+(39" 41" :612$;" 1;%93($;" 41" 9%'1:4(W9Q1>" R12(;94$" 18" .O" 41" 97'(8P" ,-..P" 41" *++%/MMLLL>W1F$;HG>$')M1461UM;%(%> %*%v9'+(381.NJ H5-##-"+B3I2B3&3@()0+MB3N2"?,--lB>">&$2-1-8K%&$#I*;#2%-)2#FK#5*6"8*6"5"- 0DGULG 7UD¿FDQWHV 41"061A$;> O((M.B3G2"?.HHlB>"L"#$:&()*%-*L2#(5)2"55I*/67$#%&-(*#5*#*12#$%&$"*-F*D2""6-,I*a$:4'1;I D6129"f$'[/""R$6+814)1>" LP".,OB3 ?>" ?,-..P" 0%'(:)B" T88(9:31;" Z$'" <:819':(:)/" z:" +*1" 5$;;(7(8(+&" $Z" y6+6'1" #$8897$'9+($:;"^1+L11:"k9881'&"@4639+($:"9:4"C:;+(+6+($:;"$Z"#'(+(e61>"<F%"2#88P"OI.g @-50+;B3 H2" ?,--JB>" R12$863($:1;" F$813689'1;" &" %'S3+(39;" 9'+V;+(39;" +'9:;21';981;>" @:" M27,#2&#*N*<2%"*A*!"'-87$&H("?%%>"GOIHJB>"=94'(4/"^'6F9'(9> @()0+MB3 N2" ?,--HB>" a&)(9" #89'[" '13$F(1:49/" 12(+1" Z98;$;" %'$781F9;>" @:" OPPPP* F2#($-5* 6"*2"$-,1"(5#*Q"8*,75"-*6"*#2%"*$-(%",1-2J("-*'&'-*-*,7"2%-R>"=94'(4/"@:361:+'$;" T4931> N#5":B3Q2 (PSH]DQGR GHVGH HO DUWH ¢TXp VLJQL¿FD HVWR"*"@:"o>"R$4'()$"?@4>BP* 92J$%&$#5* 6&#8H)&$#5I* +(%"25"$$&-("5* 6"* 8#* 1"6#)-)K#* $2K%&$#* A* 8#* ,75"-8-)K#* $2K%&$#I" 598F9"41"=988$'39/"@;"^9869'4>
!"#$%&'#()*+,#+&-#.&(#$&/(0+123$%&$#4+")5$#%&'#4+"(+",+6789+"(+%*2(*+#+,#+":;"2&"($&#++<++6)*+'":);4H($E 4(#-. ."b9+$"1U+'9V4$"41"89"%S)(:9"L17"418"F6:(3(%($"LLL>F$;+$81;>1; ,"5(1:;$"9e6V"1:"18"R9:3(p'1"41"/8*,#"5%2-*&)(-2#(%""$"1:"18"y'1('1"41"G#*1"6#)-)K#*6"8* -12&,&6-*-*G#*1"6#)-)K#*6"*8#*"51"2#(S#I g"<:"'1Z1'1:+1"(F%$'+9:+1"%9'9"1;+1"%'$&13+$"1;"89"%'$%61;+9"41;9''$88949"%$'"01')($"^1;;9" 1:"18"^'$:U"=6;16F"$Z"Y*1"T'+;"1:"D6129"f$'[P"4$:41"4(;Z'6+d"41"6:9"'1;(41:3(9"41"G" ;1F9:9;"1:",--GP"9;V"3$F$"89"1U%1'(1:3(9"94e6('(49"1:"F("+'979Q$"1:"18"=6;1$"D93($:98" #1:+'$"41"T'+1"R1(:9"0$ZV9>"@:"'1893(E:"98"+'979Q$"41;9''$8894$"1:"18"=D#TR0"2d9;1" *++%/MM146F6;1$;>78$);%$+>3$FM,--G|.-|-.|9'3*(21>*+F8 N"@;+1"3$:31%+$"41'(294$"41"y'1('1P"Q6:+$"3$:"$+'$;P"*9";(4$"(F%$'+9:+1"%9'9"89"3$:31%3(E:" &" 41;9''$88$" 41" $+'9;" 8V:19;" 41" +'979Q$" 3$F$" 89" B(&'"25&6#6* 1-178#2E" 6:" %'$)'9F9" 41" 146393(E:"3'V+(39"41;9''$8894$"%$'"18"#T,="1:"+$':$"98"9'+1"93+698"3$:"9468+$;> O"Y98"1;"18"39;$"418"+9881'"3$:"#'(;+(:9"^6;+$"e61"31817'9F$;"1:"21'9:$"41",-.."&"18"'198(W94$" 3$:"y1'FV:"o(Fd:1W"a9:49"1:":$2(1F7'1"41",-.."&"8$;"Z6+6'$;"3$:"C2S:"T')$+1"&"59+'(3(9" @;e6(2(9;"9"8$"89')$"418"%'(F1'"+'(F1;+'1"41",-.,> l"59'9"18"41;9''$88$"41"1;+1"+9881'"*9";(4$"1;1:3(98"18"+'979Q$"41"8$;"146394$'1;"%1'F9:1:+1;" 418" #T,=" `(3+$'(9" k(8Ib18)94$" &" #9'8$;" k'9:94$;P" 9;V" 3$F$" 8$;" 9%'1:4(W9Q1;" 3$F%9'+(4$;"1:"8$;"+9881'1;"41"Z$'F93(E:"41"%'$Z1;$'94$"e61"*1F$;"'198(W94$"3$:"a$;" Y$''1W:$;P"Y9:(9"^'6)61'9"&"51'1"y96'9> J"*++%/MM39,F>$')M1;M89;I8(:41; G"@;+9"%'1)6:+9":$;"89"Z$'F68S79F$;"&9"1:"18"1:361:+'$"e61"'198(W9F$;"3$:"18"3$813+(2$" 0(+693($:1;" 1:" F9&$" 41" ,-..c" ;1" %6141" 3$:;68+9'" (:Z$'F93(E:" 1:" 18" 4$;;(1'" 41" 89" 93+(2(494"9;V"3$F$"21'"18"2V41$"41"89";1;(E:"1:"*++%/MM39,F>$')M1;M89;I8(:41;M9'3*(2$I41I 2(41$;I,-.-I,-..
Q<2%K$78-*2"$&4&6-.*O=3PT3=POOU*#$"1%#6-.*PV3PV3=POOR
!"#$%&%'()*#+,-.%/$%+/$0#+/-/ ,-..P"2$8>"N"?Q6:($B ,RIR,"%%
!"#$%&'()*+",-../"01'2(3($"41"5678(393($:1;"41"89"<:(21';(494"41"=6'3(9>"=6'3(9"?@;%9A9B" C00D"14(3(E:"(F%'1;9/".GGHIHJHK>"C00D"14(3(E:"L17"?*++%/MM'12(;+9;>6F>1;M9%(B/".HGHIGNO,
S13$:21';(E:"14639+(29P" '1%'$4633(E:"41"389;1>" T$"U61"1;39%9"98"3V8368$" <:9"93+698(W93(E:"418 =(;+1'($"41"@46393(E: =9'+9"41"X$:W98$"&"5678($"5Y'1W"5'(1+$Z
!"#$%&'%('")"*$+,-'+$-'".-"'-/01.($&(2" -34(&56"4($%()*075&+84($%()*075&+21-%""9":-76":::24($%()*075&+21-%
!"#$%&"'()*%+",-#./)&.0+'"1'$,-##)*%+,"+#2.("3+4$+5-"+"(#.1.+.2+#62#-2$+7+;($%(".-"<+1=(5+")">075&+">?$-=">$&-%+
!"#$%&'()%*+,-.(/01+2*%33+,-4/("#$&'()5+67%&+'3+8-9()"+&7-+2%*$#*%&'()
[7;+'93+ $ UHÃ&#x20AC;HFWLRQ RQ WKH IXQGLQJ FXWV DQG JUDGXDO SULYDWL]DWLRQ RI SXEOLF HGXFDWLRQ DV SDUW RI WKH LGHRORJLFDO GHVLJQ RI DQ XQMXVW VRFLHW\ WLHG WR VRFLDO SUHGHVWLQDWLRQ ZLWKLQ WKH EDFNJURXQG RI WKH GLVSXWH RYHU WKH FRQVWUXFWLRQ RI LPDJLQDULHV FULWLFDO WUDLQLQJ H[SHULPHQWDOLW\ FUHDWLYLW\ DQG 9'+>
\1&L$'4; @4639+($:P"9'+P"%'(29+(W9+($:P"36+;P"3'(;(;
S1;6F1: 8QD UHÃ&#x20AC;H[LyQ VREUH FyPR ORV UHFRUWHV HQ OD ¿QDQFLDFLyQ \ SURJUHVLYD SULYDWL]DFLyQ GH 89"146393(E:"%]78(39";$:"%9'+1"418"4(;1A$"(41$8E)(3$"41"6:9";$3(1494"(:Q6;+9"&";6Q1+9"9" SUHGHVWLQDFLyQ VRFLDO FRQ HO WUDVIRQGR GH OD GLVSXWD VREUH OD FRQVWUXFFLyQ GH LPDJLQDULRV OD FDSDFLWDFLyQ FUtWLFD OD H[SHULPHQWDOLGDG OD FUHDWLYLGDG \ DUWH 59897'9;"#8921 @46393(E:P"9'+1P"%'(29+(W93(E:P"'13$'+1;P"3'(;(;
($%-@)@*+5A%&/('@.-@&.-1%&.(."@BC"D
,O
1R VRPRV H[SHUWRV QR VRPRV SHGDJRJRV QL WDPSRFR HFRQRPLVWDV DXQTXH KHPRV +1:(4$" U61" 1;+64(9'" 98)$" 41" +$4$" 1;+$" &" $+'9;" 4(;3(%8(:9;" %9'9" 3$8$39'" 1:" :61;+'9;" (:+18()1:3(9;"&"%'V3+(39;"8$"U61"1;+979"&"1;+V"%9;9:4$>"0$F$;"6:$;"3(64949:$;P"F94'1"&" SDGUH SURIHVRUHV GH VHFXQGDULD \ DUWLVWDV (V GLItFLO SHQVDU VREUH OR TXH WLHQHV SHJDGR DO 361'%$"&"8$;"4^9;P"&9"U61"18"398$'"41"89"93+698(494"*931"3$F%8(394$"21'"89;"3$:;1361:3(9;" \ ORV ¿QHV TXH VH SHUVLJXHQ < VLQ HPEDUJR QRV KD UHVXOWDGR LQHOXGLEOH _'9;"3$F1:W9'"1:".HHH":61;+'9"414(393(E:"9"89"1:;1A9:W9"1:";136:49'(9P"1:"%9'9818$" DO WUDEDMR DUWtVWLFR VHQWLPRV FRPR XQD QHFHVLGDG SHUVRQDO OD UHÀH[LyQ VREUH OD SURSLD HGXFDFLyQ \ VX SDSHO HQ OD GHPRFUDFLD DVt FRPR HO FXHVWLRQDPLHQWR HVSHFt¿FR GH ODV HQVHxDQ]DV DUWtVWLFDV \ VREUH OD LPDJHQ GHQWUR GHO FRQWH[WR HGXFDWLYR (QWUH ORV DxRV \ OOHJDPRV D OD IRUPDOL]DFLyQ GH XQ SUR\HFWR D ODUJR SOD]R TXH FRQVLGHUDPRV :$" *9" +1'F(:94$" &" U61" %$;(781F1:+1" :$" +1'F(:1" :6:39P" ;$7'1" 146393(E:" &" %9'9" 6:9" DOIDEHWL]DFLyQ DXGLRYLVXDO WLWXODGR+:%+')&-)$';)"?X$:W98$"&"5Y'1W"5'(1+$P",--GB> @8" %'$&13+$" 3$:;(;+1" 1:" 6:9" ;1'(1" 41" +'979Q$;" 9'+^;+(3$;" 964($2(;6981;" 1:" 8$;" TXH VH UHÀH[LRQD VREUH HGXFDFLyQ HODERUDGRV IRUPDOPHQWH SDUD VHUYLU DGHPiV D OD DOIDEHWL]DFLyQ DXGLRYLVXDO /D SXEOLFDFLyQ GH :%+')&-)$';)+'13$%(89"F9+1'(981;"+1E'(3$;P" DUWtVWLFRV \ GLGiFWLFRV H LQFOX\H XQD HGLFLyQ HQ '9' GHO WUDEDMR DXGLRYLVXDO 2IUHFH D ORV HGXFDGRUHV XQD JXtD GH DQiOLVLV SURIXQGR GHO PLVPR SDUD DVt VHOHFFLRQDU ORV HMHV +1FV+(3$;"41+-"#$%$';)1+%*.%<-&'=%$';)+%#"'(>'3#%*1+-?4-/'-)$'%+-3&@&'$%1+/-*%&(31+$#*&#/%31+ 4(*A&'$%31+ $#-/4(+ 9+ <'(B/%.A%" 3$:" 8$;" U61" +'979Q9'" 3$:" ;6" 986F:94$>" @;+9" %678(393(E:" 3$F%81+9"%6141"41;39')9';1"41"(:+1':1+" KWWS ZZZ PDUWD\SXEOLR QHW FDVWHOODQR ELEOLR /D LQWHQFL Q OLEUR SGI
1R TXLVLPRV UHDOL]DU XQ SUR\HFWR TXH HMHPSOL¿FDVH ORV ³VtQWRPDV´ GH ORV GLYHUVRV 9+9U61;"U61"&9"1:+$:31;"1'9:"%1'31%+(781;"3$:+'9"89"146393(E:P":61;+'$"41;1$"1'9"FV;" ELHQ LPDJLQDUQRV ORV VXMHWRV HQ OD LQIDQFLD MXYHQWXG HGDG DGXOWD \ YHMH] D ORV TXH GDUtD 86)9'"6:9"146393(E:"4(;+(:+9>+:%+')&-)$';)+;1"%'$%$:^9"FV;"U61"3$F$"6:9"3'^+(39"93+(29" 41"8$"U61"*97^9P"3$F$"6:"F9+1'(98";6;31%+(781"41";1'"+'979Q94$"1:"18"VF7(+$"14639+(2$P" %9'9"97'('"%61'+9;"*93(9"8$"U61"89"146393(E:"&"8$"'198"%$4'^9:";1'> 3RU WRGR HOOR HVFULELPRV HQWRQFHV HO WH[WR ³0LVWHULR GH HGXFDFLyQ´ TXH VH LQFOX\H HQ 18"8(7'$+:%+')&-)$';)1"1:"18"U61"41:6:3(V79F$;"89;"39F%9A9;"41"41;%'1;+()($"3$:+'9"89" 146393(E:"%]78(39"&";6;"+'979Q94$'1;"$'U61;+949;"%$'"8$;"%$41'1;"1"(F%68;949;"%$'";6;" F14($;"41"%'$%9)9:49P"&"361;+($:V79F$;"8$;")('$;"U61"&9"1:+$:31;"89"9313*979:"1:" WRGDV VXV HWDSDV DVt FRPR ODV SURIXQGDV FRQWUDGLFFLRQHV VRFLDOHV HQ ODV TXH VH LQFXUUtD 98"41;8()9'"146393(E:P"%'$&13+$"()698(+9'($"&"41F$3'93(9> @;+97813^9F$;" +9F7(Y:" 89" )1:198$)^9" U61" %1'F(+^9" 21'" 18" $'()1:" 41" 1;+9+ *#$7%+ "-+ $*%3-3+ "-3"-+ %//'<% FRPR OD GHQRPLQDUtD &KRPVN\" ?,--O" `.HHJaBP" 1:" 89;" %'(F1'9;" 4Y3949;" 418" ;()8$" KK" 36&9;" +'V)(39;" 3$:;1361:3(9;" :$;" ;$:" 9" +$4$;" ;$7'949F1:+1" 3$:$3(49;>" S1%'$463(F$;" 9U6^" 89" :$+9" 98" %(1" ;$7'1" 1;+1" 3$:31%+$" U61" '1;68+9" F6&" FODUL¿FDGRUD LQFOXLGD HQ VX GtD HQ ³0LVWHULR GH (GXFDFLyQ´ (Q XQD FRQIHUHQFLD SURQXQFLDGD SRU 1RDP &KRPVN\ HQ +DUYDUG HQ GH WtWXOR C/(4%B%)"%+9+ $()&/(*+"-+*%+0-)&%*'"%"+4D<*'$%+>FLWDGR HQ &KRPVN\ 1RDP E(</-+"-0($/%$'%+9+-"#$%$';)5+F(*5+ G5+b+1'$P"#>5>"?3$F%>B>"?,--OB"c9'318$:9/"@4>"59(4E;a"41;9''$889"89"(419"41"6:9")61''9"41389'949" &"%1'F9:1:+1F1:+1"93+(29"3$:+'9"89"389;1"+'979Q94$'9"%$'"%9'+1"41"89"%9+'$:98"1;+94$6:(41:;1" 41;41"%'(:3(%($;"418";()8$"KKP"%9'94EQ(39"3$:3(1:3(9"41"389;1"41"6:9"41+1'F(:949"$8()$3'93(9"
!"#$%&"'()*%+",-#./)&.0+'"1'$,-##)*%+,"+#2.("3+4$+5-"+"(#.1.+.2+#62#-2$+7+;($%(".-"<+1=(5+")">075&+">?$-=">$&-%+ TXH VDEH SHUIHFWDPHQWH TXH QR GHEH FHMDU QL XQ LQVWDQWH HQ VX OXFKD VL TXLHUH UHWHQHU VXV %'(2(81)($;>"@;+9"863*9"41"389;1;"41;41"9''(79";1"79;9"1:"89";1:3(889"(419"41"U61"18"%6178$":$" 1;"18"U61"F1Q$'";971"8$"U61"81"3$:2(1:1>"@4L9'4"c1:9&;"1;3'(71"1:"8$;"9A$;",-"C/(4%B%)"%P" F9:698" %9'9" 89" (:46;+'(9" 41" 89;" '1893($:1;" %]78(39;P" 1:" 18" U61" ;1" %89:+1979" U61" ;$F1+1'" 9" 6:9" '1)89F1:+93(E:" 389'9" 89" F1:+98(494" %]78(39" 1'9" 6:" '9;)$" 1;1:3(98" 41" 89" 41F$3'93(9>" 01" GHVDUUROODURQ PpWRGRV ³FLHQWt¿FRV´ URPSHKXHOJDV \ DQWLVLQGLFDOLVWDV FRQRFLGRV FRPR ³OD IyUPXOD GHO 9DOOH GH 0RKDZN´ TXH VH UHYHODURQ GH JUDQ H¿FDFLD /DV HVWUDWHJLDV SULQFLSDOHV FRQVLVWtDQ 1:"F$2(8(W9'"9"89"3$F6:(494"3$:+'9"8$;"*618)6(;+9;P"49:4$"6:9"(F9)1:"41"3$F6:(494"1:"9'F$:^9" 1:"$%$;(3(E:"9"8$;"U61"%'$+1;+9:";(:"'9WE:P";1F7'9'"18"F(14$"98"213(:$P"9A94('"F63*9"'18()(E:" FRPR LQJUHGLHQWH LQGLVSHQVDEOH SRU OR TXH GH PDQHMDEOH WLHQH OD IH D WUDYpV GHO GRJPD \ WRGD SUiFWLFD TXH GLYLGLHVH D OD FRPXQLGDG \ IRPHQWDVH HO ³ViOYHVH TXLHQ SXHGD´ &RQ VXPD IDFLOLGDG %$41F$;"'9;+'19'")1:198E)(39F1:+1"1;+9;"%'V3+(39;"1:"89"93+698(494P"U61"*9:"41;1F7$394$" 1:"6:9";(+693(E:"1:"89"3698"3698U6(1'"(:+1:+$"41"1:+'9'"1:"%$8^+(39"%$'"%9'+1"41"8$;"U61"*9:";(4$" H[FOXLGRV GH HOOD VH FRQVLGHUD XQD FULVLV GH OD GHPRFUDFLD 3DUD FHUUDU HO DUJXPHQWR &KRPVN\ D¿UPD TXH GHVGH HQWRQFHV ODV SHUVRQDV WLHQHQ SUREOHPDV SHUVRQDOHV SHUR QR WLHQHQ QDGD TXH 89;"9]:1"%9'9"863*9'"3$:+'9"18":612$"1;%^'(+6"41"89"Y%$39>"@;+$"1;+V"F6&"1:"89"8^:19"418"93+698" 1:+1:4(F(1:+$"41"U61"+$4$"%'$781F9"9394YF(3$"418"986F:94$"+(1:1"6:9"79;1"%;(3$8E)(39"&":$" XQD EDVH VRFLDO &XULRVDPHQWH HV OR TXH OHJLWLPD OD H[LVWHQFLD GH ORV HTXLSRV GH RULHQWDFLyQ GH 8$;"31:+'$;"14639+(2$;"&"+9F7(Y:"1;"18"%'(:3(%98"$7;+V368$"3$:"18"U61"*9:"41"+'979Q9'>
'HVGH OXHJR KD\ RFDVLRQHV HQ ODV TXH GHVHDUtDPRV FRQ WRGDV QXHVWUDV IXHU]DV KDEHUQRV HTXLYRFDGR KDEHU VXIULGR XQD VXHUWH GH KLSHUVHQVLELOLGDG DWUR¿DQWH TXH QRV *67(1'9"881294$"9"F98(:+1'%'1+9'"8$;"(:4(3($;P"%1'$"%$'"41;)'93(9":$"*9";(4$"9;^>"D$"*9&" PiV TXH YHU GyQGH QRV HQFRQWUDPRV KR\ HQ HVWH FUXFLDO DVXQWR \ YROYHU D OD D¿UPDFLyQ TXH VH LQFOXtD HQ HO WH[WR +³¢$ TXLHQHV HGXFDU \ SDUD TXp" VRQ SUHFLVDPHQWH HVWRV SXQWRV ORV TXH DKRUD HVWiQ HQ FXHVWLyQ SRU PXFKRV HXIHPLVPRV TXH VH SRQJDQ HQ MXHJR SDUD RFXOWDUOR´ (Q HOOD TXHGDED LPEULFDGD SRU VXSXHVWR VX YHUVLyQ HQ QHJDWLYR ¢D TXLHQHV QR HGXFDU \ SDUD TXp QR" (V DKRUD FXDQGR VH HPSLH]D D GHVYHODU \ GH¿QLU HVH D TXLpQHV QR < VH KDFH FDVL 97(1'+9F1:+1P" 9" +'92Y;" 41" 6:9;" %'V3+(39;" %$8^+(39;" 3$:" (:+1:3($:1;" F6&" +'9:;%9'1:+1;" TXH YLHQHQ D VROXFLRQDU ODV FRQWUDGLFFLRQHV DSXQWDGDV HQ HO FLWDGR WH[WR HQWUH WDUGRFDSLWDOLVPR \ GHPRFUDFLD UHQXQFLDQGR GH¿QLWLYDPHQWH WDQWR D HVWD ~OWLPD FRPR D 89"%'1+1:;(E:"41"()698494> @:"1;+$;"9A$;P";1"*9"929:W94$"F63*$"1:"89"9864(49+*#$7%+"-+$*%3-3+"-3"-+%//'<%1+ D HOOR KDQ FRQWULEXLGR GLYHUVRV IDFWRUHV (O SULPHUR KD VLGR GHVGH OXHJR OD SHUYHUVLyQ U61" ;6%$:1" 89" 1:+'1)9" 41" :61;+'9;" (:;+(+63($:1;" 9" '1%'1;1:+9:+1;" %$8^+(3$;" 41" 39''1'9" U61" (:36F%81:" 41" 9:+1F9:$" 89;" FV;" 7V;(39;" :131;(4941;" 41" ;6;" 39')$;P" &9" U61" :(" :$;"'1%'1;1:+9:"?:(";(U6(1'9"8$"%'1+1:41:BP":("%1'3(71:"3$F$":131;9'($"2189'"%$'"18"7(1:" 3$F]:>" @;" FV;P" ;1" 9%$41'9:" 41" 89;" 1;+'63+6'9;" 41F$3'V+(39;" &" 78(:49:" ;6" 9331;$" 9" $+'$;P"%9'9"%$:1'89;"1:"F9:$;"41"8$;"(:+1'1;1;"%9'+(3689'1;"41";13+$'1;"F(:$'(+9'($;"&" SULYLOHJLDGRV GH QXHVWUDV VRFLHGDGHV (O VHJXQGR IDFWRU HVWi VLHQGR OD RSRUWXQLGDG TXH 1;+9"3'(;(;"%'$)'9F949"&"18"F(14$"%$'"1889"F68+(%8(394$P"*9:"7'(:494$"%9'9"%'93+(39'"18" GHVSOLHJXH GH XQDV SROtWLFDV GH UHFRUWH SULYDWL]DFLyQ \ IXWXUR GHVPRQWDMH GHO HVWDGR GH 7(1:1;+9'"I:6:39"'198F1:+1"9839:W94$"1:":61;+'$"%9^;"?D929''$P",--dBI"&";6;"(:;+(+63($:1;" LQFOX\HQGR OD HGXFDFLyQ S~EOLFD GHVGH OD HGXFDFLyQ LQIDQWLO D OD HWDSD XQLYHUVLWDULD 5HVSRQGLHQGR D OD LQYLWDFLyQ GH ORV HGLWRUHV GH HVWD UHYLVWD HQ HVWH WH[WR DERUGDPRV XQD DPSOLDFLyQ GH HVWDV UHÀH[LRQHV VREUH HGXFDFLyQ DUWH \ FRQVWUXFFLyQ GH LPDJLQDULRV 9"89"86W"41"1;+1":612$"F$F1:+$"41"89")61''9"9"89"146393(E:"%]78(39"&"89"3$:;1361:+1" SULYDWL]DFLyQ GHO DFFHVR D OD FDSDFLWDFLyQ FUtWLFD OD H[SHULPHQWDOLGDG OD FUHDWLYLGDG \ 9'+1>"
($%-@)@*+5A%&/('@.-@&.-1%&.(."@BC"D
,J
1-2"$,(03$".+4052$0#"$2)-.2'()*#+,-.2/$2)-.2'"6,#+,-.2&2)-.2'()*#+,-.2/$2)-2 "$'"$.$0#-,+40
" "
)LJXUD &DPSDxD SXEOLFLWDULD 5HVSHWHPRV \ DSR\HPRV D QXHVWURV SURIHVRUHV GH OD &RQVHMHUtD GH @46393(E:"41"89"#$F6:(494"41"=94'(4>"
¢&yPR VH FRQYHQFH D XQ SXHEOR SDUD TXH UHQXQFLH YROXQWDULDPHQWH D VXV GHUHFKRV" ¢&yPR FRQVHJXLU TXH ODV SUiFWLFDV GH HOLPLQDFLyQ GH GHUHFKRV VHDQ SHUFLELGDV SRU OD PDVD WUDEDMDGRUD YtFWLPD GH GLFKRV UHFRUWHV FRPR XQ ORJUR" ¢4Xp SDSHO MXHJD HQ ODV HVWUDWHJLDV GLVHx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³HGXFDFLyQ HGXFDFLyQ \ HGXFDFLyQ´ &DEH SUHJXQWDUVH VL OD UHGXQGDQFLD QR HYLGHQFLD \D TXH VH UH¿HUH D WUHV WLSRV GLIHUHQFLDGRV GH HGXFDFLyQ D ;971'/" %'(2949P" 3$:31'+949" &" %]78(39P" %9'9" 89;" U61" +(1:1" 4(21';$;" %89:1;" 41" '19Q6;+1/" %'$F$21'P"F9:+1:1'"&"18(F(:9'"'1;%13+(29F1:+1>"@:"1;+9"8^:19P";1"89:WE"89"39F%9A9"41" SXEOLFLGDG VREUH HO UHVSHWR D ORV SURIHVRUHVd"?3$:"6:"3$;+1"41".PG"F(88$:1;"41"16'$;B";E8$" 6:"9A$"9:+1;"41"9+939'81;"3$:"89;"(:;+'633($:1;"41"Q68($"41",-.."%9'9"18"%'1;1:+1"36';$P" GL¿FXOWDQGR HQRUPHPHQWH VX ODERU FRQ XQD UHGXFFLyQ GHO HQ HO FXSR GH SURIHVRUDGR GH ORV FHQWURV GH HGXFDFLyQ VHFXQGDULD WUDPR GH PD\RUHV GL¿FXOWDGHV HVFRODUHV \ GH F9&$'"979:4$:$>"5$'"]8+(F$P"3971"F1:3($:9'"89"(F%89:+93(E:"41"6:"F$418$"41"1:;1A9:W9" ELOLQJ H R XQ %DFKLOOHUDWR GH ([FHOHQFLD TXH HV SHUFLELGR SRU PXFKRV SDGUHV PDGUHV \ SURIHVRUHV FRPR HVFXGR PHGLiWLFR DO GHVWLQDUVH D HOORV XQRV UHFXUVRV HQ UHDOLGDG SRFR VXVWDQFLRVRV \D TXH EHQH¿FLDQ HQ H[FOXVLYD D XQ Q~PHUR PX\ UHGXFLGR GH HVWXGLDQWHV F(1:+'9;";1"%'93+(39:"9F%8($;"'13$'+1;"U61"'1%1'36+1:";$7'1"18"3$:Q6:+$"41"1;+64(9:+1;" 41"89"1:;1A9:W9"%]78(39"41"89"#$F6:(494"41"=94'(4>" 5$'"$+'$"894$P"3$F$"&9";1"9:+(3(%9"41"89;"%6:+698(W93($:1;"9:+1'($'1;P";1"41;9''$889:" 6:9;" %$8^+(39;" 41" 9F%8(9" '14633(E:" 1:" 89" (:21';(E:" 14639+(29P" F14(9:+1" 18" 41;2^$" 41" F14($;" 1" (:21';(E:" 41" 89" 146393(E:" %]78(39" 9" 89" %'(2949P" &" 18" 389'$" 41;F9:+189F(1:+$"
!"#$%&"'()*%+",-#./)&.0+'"1'$,-##)*%+,"+#2.("3+4$+5-"+"(#.1.+.2+#62#-2$+7+;($%(".-"<+1=(5+")">075&+">?$-=">$&-%+ GH ODV FRQGLFLRQHV GH DFFHVR WDQWR GH DOXPQDGR FRPR GH SURIHVRUDGR D OD HGXFDFLyQ %]78(39P"%9'98189F1:+1"9"6:9"%'$)'1;(29"18(F(:93(E:"41"89"*$'(W$:+98(494"&"41F$3'9+(W93(E:" 1:"89")1;+(E:"41"8$;"31:+'$;"%]78(3$;e"&"U6(WV"8$"FV;")'921"41"+$4$P"979:4$:9:4$"89;" QHFHVLGDGHV GH DTXHOORV DOXPQRV TXH SUHVHQWDQ PD\RUHV GL¿FXOWDGHV DO LPSHGLU SRU IDOWD GH PHGLRV \ UHFXUVRV OD QHFHVDULD H[LVWHQFLD GH DXODV GH HQODFH FRPSHQVDWRULD GHVGREOHV PDWHULDOHV SUR\HFWRV GH LQQRYDFLyQ \ GH HTXLSRV VX¿FLHQWHV GH DWHQFLyQ FRPSXHVWRV SRU RULHQWDGRUHV WUDEDMDGRUHV VRFLDOHV \ SURIHVRUHV GH DSR\R f$;" 8^:19;" 41" +'979Q$" ;$8$" 9%9'1:+1F1:+1" 4(21')1:+1;P" 89" %'$%9)9:4^;+(39" &" 89" SROtWLFD TXH VH FRPSOHPHQWDQ FRQ XQD PLVPD ¿QDOLGDG UHGXFLU ORV VHUYLFLRV S~EOLFRV '1893($:94$;"3$:"89"146393(E:"9"8$"F1'9F1:+1"9;(;+1:3(98"%9'9";13+$'1;"F9')(:981;"41"89" ;$3(1494"&"3$:;1)6('"U61"18"'1;+$"41"89;"39%9;";$3(981;"94F(+9";6F(;9F1:+1"18"'1%9)$" 41"6:$;";1'2(3($;"14639+(2$;"U61"4171'^9:"U6149'")9'9:+(W94$;"3$:"18"36F%8(F(1:+$"418" 3$:+'9+$";$3(98"9"+'92Y;"418"%9)$"41"(F%61;+$;";$7'1"89;"'1:+9;"418"+'979Q$P"98"U61"+$4$;" 1;+9F$;"$78()94$;> /DV ~OWLPDV QRWLFLDV UHFRJLGDV D WUDYpV GH GHFODUDFLRQHV \ H[WUDFWRV GH SURJUDPD 1813+$'98" 41" 29'($;" %9'+(4$;" %$8^+(3$;P" 97'1:" 89" %61'+9" 9" 89" F68+(%8(393(E:" 41" +9;9;" 1:" WUDPRV HGXFDWLYRV QR REOLJDWRULRV ,QIDQWLO %DFKLOOHUDWR )3 \ XQLYHUVLWDULR D OD PD\RU LQWURPLVLyQ GH OD HPSUHVD HQ OD GH¿QLFLyQ GH ORV SODQHV GH HVWXGLR \ D OD REOLJDWRULHGDG GHO DOXPQDGR GH VRPHWHUVH D WUDEDMR QR UHPXQHUDGR SDUD EHQH¿FLR GH HPSUHVDV SULYDGDV \ SDUWLFXODUHV FRPR SDUWH GH OD VXSXHVWD IRUPDFLyQ HQ HWDSDV GH HVWXGLRV VXSHULRUHV (Q GH¿QLWLYD D OD SULYDWL]DFLyQ \ GHVUHJXODFLyQ S~EOLFD SURJUHVLYD GH OD HGXFDFLyQ \ 3$:;1361:+1F1:+1"9"89"%Y'4(49"41"41'13*$;"()698(+9'($;"1:"1;+1"VF7(+$> ¢3HUR D TXLpQ EHQH¿FLDQ HVWDV PHGLGDV" %DVWD FRQ SRQHU OD DWHQFLyQ HQ RWUDV VRFLHGDGHV HQ ODV TXH HVWH SURFHVR \D VH KD FRPSOHWDGR SDUD YHU VXV HIHFWRV D ODUJR SOD]R \ SHUFDWDUQRV GHO FDUiFWHU SURIXQGDPHQWH LGHROyJLFR \ QR VyOR HFRQyPLFR GH HVWDV F14(49;>"@8";(;+1F9"14639+(2$"79;94$"1:"89"(:Q6;+(3(9P"98"U61":61;+'$;"%$8^+(3$;"%9'131:" HVWDU DERFiQGRQRV UHSURGXFH \ PXOWLSOLFD ODV GHVLJXDOGDGHV H[SOLFiQGRODV DGHPiV FRPR XQ IUDFDVR GH ORV LQGLYLGXRV \ QR FRPR HO SURGXFWR GH XQ GLVHxR SROtWLFR (VWR VLJQL¿FD OD DFHSWDFLyQ GH GLVWLQWRV SURJUDPDV H LWLQHUDULRV HGXFDWLYRV SDUD 4(;+(:+9;" 39%9;" ;$3(981;" U61" %1'%1+]1:" 9" 3949" 3698" 1:" 89" ;6&9P" 1;+'63+6'9:4$" 6:9" %'141;+(:93(E:";$3(98"U61"%1'F(+9"9"9U6188$;"U61"%'$3141:"41"89;"39%9;"41"3$:31:+'93(E:" 41"%$41'P"'13(7('"89"146393(E:"94136949"&"'1U61'(49"%9'9"$36%9'"1;+$;"F(;F$;"86)9'1;" 1:"18"F9A9:9"3$:"4(;+(:3(E:"41"389;1"&"4(;+9:3(9"1F$3($:98"?1;"413('"89"3$:3(1:3(9"41" VXSHULRULGDG HO SDWHUQDOLVPR \ OD IDOWD GH HPSDWtD QHFHVDULD SDUD RSULPLU PLHQWUDV TXH DTXHOORV GHVWLQDGRV D UHDOL]DU WUDEDMRV SRFR FXDOL¿FDGRV UHFLELUiQ XQD HGXFDFLyQ TXH DSHQDV VXSHUH OD DOIDEHWL]DFLyQ PtQLPD \ QHFHVDULD SDUD FXPSOLU HVWDV IXQFLRQHV ;(:" 97'('" 89;" %61'+9;" 41" 6:9" 39%93(494" 3'^+(39" U61" %6149" %$:1'" 1:" 361;+(E:" 18" (:Q6;+$" HVWDGR GH FRVDV SURSRUFLRQiQGROHV XQD FRQFLHQFLD GH LQIHULRULGDG LPSRWHQFLD \ VXPLVLyQ VX¿FLHQWHV (VD DOIDEHWL]DFLyQ PtQLPD GH ODV FODVHV WUDEDMDGRUDV VHUtD WDQ 1;39;9"U61":$"%1'F(+('^9"89"39%93(494"41"9:98(W9'"3'^+(39F1:+1"8$;"4(;36';$;"F14(V+(3$;" &"%'$%9)9:4^;+(3$;"U61";1"%$:1:"1:"Q61)$"%9'9"18"3$:+'$8";$3(98>" @8" 93+698" ;(;+1F9" 41" 146393(E:" %]78(39" 1;" 18" ]:(3$" 1:" )9'9:+(W9'" 89" %86'98(494" 41" SURIHVRUDGR \ DOXPQDGR \ OD DXWRQRPtD H LQGHSHQGHQFLD LGHROyJLFD GHO SURIHVRUDGR DO 933141'"9"8$;"%61;+$;"%$'"6:"%'$31;$";1813+(2$"79;94$"1:"FY'(+$;"&"3$:$3(F(1:+$;"3$:" SUXHEDV GH DFFHVR DUELWUDGDV SRU ORV PLVPRV SURIHVLRQDOHV GHO VHFWRU D~Q VLHQGR HO ;(;+1F9"41"$%$;(3($:1;"93+698"F1Q$'9781"1:"F63*$;"9;%13+$;>"@;+9"(:41%1:41:3(9"&"18" FDUiFWHU YRFDFLRQDO GH HVWD SURIHVLyQ VXSRQHQ XQ LPSHGLPHQWR FODUR \ XQD UHVLVWHQFLD
($%-@)@*+5A%&/('@.-@&.-1%&.(."@BC"D
,H
LPSRUWDQWH SDUD OD LPSODQWDFLyQ GH¿QLWLYD GH HVWH QXHYR SODQ SDUD OD HGXFDFLyQ HQ HO U61";1"1Q1'W9":$";E8$"6:9"4(;+'(763(E:":$"1U6(+9+(29"418";971'P";(:$"6:"94$3+'(:9F(1:+$" (41$8E)(3$"U61"F9:+1:)9"&"'1+1:)9"9"8$;";6Q1+$;"1:"89;"39%9;";$3(981;"U61";1"81;"9;():1:>"" $Vt HO FROHFWLYR GH SURIHVRUHV S~EOLFRV GH WRGDV ODV HWDSDV HGXFDWLYDV VH SHU¿OD FRPR XQ HQHPLJR D FRPEDWLU \ GREOHJDU HQ SRV GH GLFKR SODQ /RV DWDTXHV HQ IRUPD 41" 41;1;+97(8(W93(E:P" %'139'(W93(E:" *$'9'(9" &" 13$:EF(39P" 9'7(+'9'(1494" &" '14633(E:" 41" OD OLEHUWDG GH FiWHGUD VRQ DOJXQDV GH ODV FRQVHFXHQFLDV GHO DWDTXH IURQWDO TXH HQ HVWD 4('133(E:" ;1" 1;+V" &9P" 1:" 1;+$;" F$F1:+$;P" 4('()(1:4$" 3$:+'9" 18" 3$813+(2$" 4$31:+1P" &" 9" +'92Y;";6&$P"9";6"986F:94$>J /D IXWXUD \ SURJUHVLYD SULYDWL]DFLyQ TXH VH QRV YHQGH FRPR LQHYLWDEOH QHFHVDULD \ EHQH¿FLRVD SRU UD]RQHV HFRQyPLFDV HV OD HVWUDWHJLD ¿QDO SRU OD U61"1;+1"3$813+(2$"41%1:41'^9"41"89"3$:+'9+93(E:"%$'"%9'+1"41"1F%'1;9;"%'(2949;P"1:"89;" U61"?3$F$"&9"$36''1"*$&B":$"*9&"$78()93(E:"41"'1;%$:41'"41";6;"3'(+1'($;"41"3$:+'9+93(E:" DQWH OD VRFLHGDG \ ODV HVWUXFWXUDV GHPRFUiWLFDV SRU OR TXH HO ¿OWUR LGHROyJLFR \ HO FRQWURO GHO GLVFXUVR VH YXHOYHQ ORV IDFWRUHV GHWHUPLQDQWHV
7+2$)2-"#$289$"-2#-02:-)(;20(2.$2)(2-'"('+-"*-02)(.2'(/$"(.(.< (Q HVWH FRQWH[WR OD DFWXDO VLWXDFLyQ GH OD HQVHxDQ]D GH ODV DUWHV HQ WRGDV ODV HWDSDV 14639+(29;"1;"1;%13(98F1:+1"418(3949P"&9"U61";$:"9":61;+'$"Q6(3($"1;+1"+(%$"41"%'$%61;+9;" FXOWXUDOHV D WUDYpV GH OD JHQHUDFLyQ GH H[SHULHQFLDV HVWpWLFDV ODV TXH D\XGDQ D JHQHUDU DFWLWXGHV FXHVWLRQDGRUDV HQ ORV VXMHWRV IUHQWH D RWURV iPELWRV GH *(+/-%*5 _9F%$3$" %9'131" 1:" :(:)]:" 39;$" 41;19781" %9'9" 1;+9" 3$:31%3(E:" 68+'98(71'98" 41" 89" HGXFDFLyQ SRWHQFLDU HQ WRGDV ODV FODVHV VRFLDOHV DFWLWXGHV FUHDWLYDV \D TXH VH SUH¿HUH U61"1;+9;"39%93(4941;";19:"41;9''$88949;"1:"9U6188$;"U61"%1'+1:131:"9"389;1;";$3(981;" U61"%6149:"%$:1'89;"9"4(;%$;(3(E:"41"89"'1%'$4633(E:"41";6"%'$%(9"'(U61W9"&"%'(2(81)($;P" ;6;"96+$''1%'1;1:+93($:1;"&";6"4(;+(:3(E:> f1"1;+1"F$4$P"89"8(+1'9+6'9P"89"F];(39P"89;"9'+1;"2(;6981;"&"964($2(;6981;P"89"49:W9P" 89;" 9'+1;" 1;3Y:(39;P" 29:" ;(1:4$" %'$)'1;(29F1:+1" '181)949;" 41" 8$;" %89:1;" 41" 1;+64($" $78()9+$'($;" &" 21F$;" 3EF$" ;1" 29" 18(F(:9:4$" ;6" 9331;$" 41;41" 89" 1:;1A9:W9" %]78(39>" T9"'14633(E:"41"89;"1;36189;"41"9'+1"&"8$;"793*(881'9+$;"9'+^;+(3$;P"89"(F%89:+93(E:"41"89" QXHYD OHJLVODFLyQ GH DXWRQRPtD GH ORV FHQWURV SDUD DGDSWDU Ã&#x20AC;H[LEOHPHQWH ORV SODQHV GH 1;+64($P"8$;"'13$'+1;"&"1;39;1W"41"'136';$;"1:"8$;"3$:;1'29+$'($;"&"1;36189;"F6:(3(%981;" GH P~VLFD R HO SUHYLVLEOH HQFDUHFLPLHQWR H[WUD GH DOJXQDV OLFHQFLDWXUDV UHODFLRQDGDV FRQ HVWRV VDEHUHV DO FRQVLGHUDUVH \ FDWDORJDUVH FRPR H[SHULPHQWDOHV VRQ OD SXHVWD HQ SUiFWLFD GH XQD FRQFHSFLyQ XWLOLWDULVWD GHO VDEHU TXH VH UHIXHU]D FRQ OD LPDJHQ VRFLDO GH TXH ODV GLVFLSOLQDV DUWtVWLFDV VRQ H[FOXVLYDV GH ODV FODVHV SULYLOHJLDGDV 6L \D KR\ VRQ VLJQL¿FDWLYDPHQWH PiV FDURV ORV FUpGLWRV XQLYHUVLWDULRV GH OR TXH HUDQ WUDV HO EUXWDO 96F1:+$"U61";1"1;%1'9P"89;"+9;9;"6:(21';(+9'(9;"'1;68+9'V:"(:931;(781;"9"89"F9&$'^9"41" ORV HVWXGLDQWHV (Q HVWH FRQWH[WR ORV EXHQRV HVWXGLDQWHV GH FODVH WUDEDMDGRUD VH YHUiQ IRU]DGRV D HVWXGLRV GH DSDUHQWHPHQWH PD\RU UHQWDELOLGDG ODERUDO TXH ORV DUWtVWLFRV 59'98189F1:+1P";1"F68+(%8(39:"89;"%$;(7(8(4941;"41"933141'"9"89;"9'+1;"3$F$"146393(E:" FRPSOHPHQWDULD VL ELHQ IUDJPHQWDULDPHQWH VLQ ORV WLHPSRV QL HO ULJRU GH OD SODQL¿FDFLyQ HVFRODU R XQLYHUVLWDULD \ YROXQWDULDPHQWH GHVGH RWURV iPELWRV GH OD HGXFDFLyQ QR IRUPDO \ SRU WDQWR QR JDUDQWL]DGD \ QR QHFHVDULDPHQWH JUDWXLWD UHIRU]DQGR DVt HVWH DFFHVR 9" 6:9" 3$:4(3(E:" 41" 389;1" &" 41%1:4(1:4$" 41" (:;+(+63($:1;" )1;+($:949;" %$'" 39')$;" 41" 8(7'1"41;():93(E:"%$'"%9'+1"41"89;"1;+'63+6'9;"%$8^+(39;P";6%14(+9:4$";6;"3$:+1:(4$;"9"8$;" PDUFDGRV SRU OtQHDV LGHROyJLFDV \ R DO PHQRU FRVWH HFRQyPLFR GHO ³VHUYLFLR´
!"#$%&"'()*%+",-#./)&.0+'"1'$,-##)*%+,"+#2.("3+4$+5-"+"(#.1.+.2+#62#-2$+7+;($%(".-"<+1=(5+")">075&+">?$-=">$&-%+ @:"18"F9'3$"41"1;+9"(41$8$)^9":$"41F$3'V+(39P"18";971'"&"89;"9'+1;"4171:";1'"41"6;$" \ JHVWLyQ H[FOXVLYR GH ODV pOLWHV GRPLQDQWHV \ GHEHQ VHU FRQWURODGDV WRGDV ODV IRUPDV GH SURGXFFLyQ \ GH GLVWULEXFLyQ FXOWXUDO SDUD VDOYDJXDUGDU OD H[SDQVLyQ GH DFWLWXGHV FUtWLFDV &"3'19+(29;P"U61"%6149:"361;+($:9'"89"(:Q6;+(3(9"1;+97813(49"&"3'19'":612$;"(F9)(:9'($;" 3$813+(2$;" U61" 89" %$:)9:" 1:" 361;+(E:" &" 41:" 86)9'" 9" 1;+'9+1)(9;" U61" ;6%$:)9:" 6:9" ;6%1'93(E:"41"1;+9"$')9:(W93(E:";$3($%$8^+(39"&"13$:EF(39>" /DV DUWHV SRU VX SRWHQFLDO HPDQFLSDGRU TXHGDQ DVt H[FOXLGDV GH XQD FRQFHSFLyQ GH 89"146393(E:"3$F$"94$3+'(:9F(1:+$"&"4(;3(%8(:9";$3(98>""""
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¿QLFLyQ GH GHPRFUDFLD TXH UHQXQFLD D VX EDVH LJXDOLWDULD \ TXH VH QRV DGPLQLVWUD 41;41" 8$;" VF7(+$;" 41" %$41'>" @:" F63*$;" 86)9'1;" 418" F6:4$P" %1';$:9;" 41" 4(;+(:+9" FRQGLFLyQ H LGHQWLGDG HVWiQ VLQWLpQGRVH XQLGRV HQ VX UHDFFLyQ IUHQWH D OD LPSRVLFLyQ GH XQD PD\RU LQMXVWLFLD VRFLDO TXH SHUFLEHQ VLQ ¿VXUDV HQ HO GHVDUUROOR GH VXV H[LVWHQFLDV GH PRGR UDGLFDO \ HVWiQ DGRSWDQGR PHGLGDV \ DFFLRQHV GH FRQWUDLQIRUPDFLyQ GH DFFLyQ 4('13+9"&"41"%'$4633(E:"368+6'98"98+1':9+(29> @;+9" 93+(293(E:" %$8^+(39P" '1%$8(+(W93(E:" 3(64949:9P" 1;" 18" '121';$" (:12(+9781" 41" 89" %Y'4(49"41"41'13*$;"9"89;"U61";1":$;"1;+V"+'9+9:4$"41";$F1+1'"&"1;+V"%$:(1:4$"3$:+'9" 89;"361'49;"89"2(97(8(494"418"%'$&13+$"+9'4$39%(+98(;+9P"&"1;"89"3$:;1361:3(9"(:12(+9781"41" OD IDOWD GH FRQVLGHUDFLyQ GH OD FDSDFLGDG GH UHVLVWHQFLD GH ODV PD\RUtDV UHDOHV SRU SDUWH 41"89"Y8(+1;"4('()1:+1;>" @;" 41;41" 9U6^" 41;41" 4$:41" *1F$;" 41" (:+1'%'1+9'" 18" '13'6413(F(1:+$" 418" 9331;$" 9" 8$" 897$'98P" 89" %'139'(W93(E:" 41" 89;" 3$:4(3($:1;" 41" 2(49" 41" 89" F9&$'^9P" 18" (:3'1F1:+$" SURSRUFLRQDO GH ORV SDJRV HQ LPSXHVWRV \ VHUYLFLRV D ORV PiV GHVIDYRUHFLGRV ORV GHVHRV H[SUHVDGRV SRU ORV SROtWLFRV GH FRQWDU FRQ PD\RUHV HIHFWLYRV HQ ODV IXHU]DV GHO RUGHQ OD PXOWLSOLFDFLyQ GH ODV FiUFHOHV \ UHIRUPDV SHQDOHV OD GHVDVLVWHQFLD VDQLWDULD OD OHJDOL]DFLyQ GH IRUPDV GH FHQVXUD OD UHGH¿QLFLyQ GH ORV GHUHFKRV GH H[SUHVLyQ UHXQLyQ \ DFFLyQ SROtWLFD HWF 7RGR HOOR HQFDPLQDGR D OD SHQDOL]DFLyQ \ FULPLQDOL]DFLyQ GH IRUPDV 41"'1;(;+1:3(9"&"89"F68+(%8(393(E:"418"3$:+'$8";$3(98> [U6^"6:9"21W"FV;P"18"+'979Q$"41;41"8$;"F14($;"%]78(3$;"&"%'(294$;"41"89"%'$%9)9:49" UHVXOWD LQGLVSHQVDEOH SDUD VX LPSODQWDFLyQ FRPR VH SXHGH REVHUYDU HQ HO DFWXDO FRQÃ&#x20AC;LFWR HGXFDWLYR 6LQ HPEDUJR FDGD YH] VRQ PiV TXLHQHV VH LQIRUPDQ D WUDYpV GH RWURV PHGLRV TXLHQHV FRPSDUWHQ LQIRUPDFLyQ DXWRJHVWLRQDGD TXLHQHV VRQ UHDFLRV D LGHQWL¿FDU ORV UHWUDWRV PHGLiWLFRV GH OD SROtWLFD R¿FLDO FRQ OR UHDO ORV TXH VH UHVLVWHQ D DSOLFDU yUGHQHV LQMXVWDV ORV TXH RIUHFHQ UHVLVWHQFLD GHVGH VXV GLVWLQWRV FDPSRV &RQWUD WRGR SURQyVWLFR
($%-@)@*+5A%&/('@.-@&.-1%&.(."@BC"D
R.
]DIiQGRVH GHO SHVR PHGLiWLFR VREUH VXV VXEMHWLYLGDGHV ODV SHUVRQDV MyYHQHV QXHVWURV 986F:$;" &" 986F:9;" 41;19:" ;971'" FV;P" ;1:+('" FV;P" *931'" FV;" &" 1:3$:+'9'" 6:" F9&$'" ;1:+(4$"9";6;"2(49;"U61"18"41"89"F1'9";6%1'2(21:3(9> &XDOTXLHUD TXH QR HVWp QXEODGR SRU RFXSDU XQD SRVLFLyQ GH SRGHU HV SURIXQGDPHQWH 3$:;3(1:+1P" :$" &9" 41" ;6" (F%1'+(:1:3(9P" ;(:$" 41" 89" %6'9" (F%$;(7(8(494" 41" 36F%8(F(1:+$" 418"%89:"98"U61";1":$;"+'9+9"41";$F1+1'P"3$F$"%'$&13+$";$3(98";$;+1:(781>"b72(9F1:+1"8$" TXH QRV GLVSRQHPRV D VHU REOLJDGRV D YLYLU HQ ORV SUy[LPRV DxRV HV XQD OXFKD GXUD \ SHUPDQHQWH HQWUH ORV LQWHQWRV GH XQD PLQRUtD GH LPSRQHU GLFKR SODQ \ OD SUROLIHUDFLyQ GH IRUPDV GH UHVLVWHQFLD \ JHQHUDFLyQ GH LPDJLQDULRV \ OD]RV VRFLDOHV IXHUWHV GH RWUDV FDSDV VRFLDOHV 3DUD TXH GLFKR SODQ VH GHVHVWLPH GH IRUPD JHQHUDOL]DGD FRPR RFXUULy FRQ ORV +$+98(+9'(;F$;" 418" ;()8$" KK" +'9;" 89" CC" X61''9" =6:4(98P" ;1'V" :131;9'(9" 6:9" '19'+(36893(E:" 41" 8$"3$813+(2$" U61" 18" (:4(2(4698(;F$" 3$:;6F(;+9";1"*97^9"1:39')94$" 41"41;9'F9'>"T9" GLPHQVLyQ WHUULEOH HV HO VXIULPLHQWR HO GRORU ODV SpUGLGDV OD YLROHQFLD \ HO VLQVHQWLGR TXH 98)6:9;"39%9;";$3(981;"1;+V:"4(;%61;+9;"9"1Q1'31'";$7'1"8$;"F63*$;"$+'$;"1:";6"4^9"9" 4^9P"%9'9"U61"1;+$":$"$36''9>"@;"F$F1:+$"41"9%'1:41'"9"'1893($:9':$;"41"$+'$;"F$4$;" 3$:"8$"3$813+(2$"&"41"9'F9':$;"%9'9"%'1;1'29'"&"F68+(%8(39'"89";$8(49'(494"&"89"39%93(494" GH UHVLVWHQFLD HQ OXFKD SRU OR FRP~Q < SDUD HOOR KDUiQ IDOWD PXFKDV LPiJHQHV UHODWRV SRHPDV FDQFLRQHV EDLOHV 1RV JXVWDUtD SRGHU HVFULELU HQ XQD GpFDGD RWUR WH[WR HQ HO TXH VH UHÃ&#x20AC;HMH FyPR VH KD VXSHUDGR HVWH PRPHQWR VLQ TXH VH KD\D WHQLGR TXH UHQXQFLDU D OD SD] QL D ORV GHUHFKRV IXQGDPHQWDOHV
" "
g()6'9",>"=9'+9"41"X$:W98$"&"5678($"5Y'1W"5'(1+$>"c$31+$"%9'9"18"F6'98"U61"93$F%9A9"9"89"21';(E:"(:;+9893(E:"41" T9"(:+1:3(E:P",--G>
!"#$%&"'()*%+",-#./)&.0+'"1'$,-##)*%+,"+#2.("3+4$+5-"+"(#.1.+.2+#62#-2$+7+;($%(".-"<+1=(5+")">075&+">?$-=">$&-%+ 5HIHUHQFLDV %LEOLRJUi¿FDV @A(:.B&;2 C<2 3URSDJDQGD \ FRQWURO GH OD PHQWDOLGDG S~EOLFD &RQIHUHQFLD SURQXQFLDGD HQ +DUYDUG HQ (Q & 3 2WHUR FRPS 27(03H91+ I(%05+ E(</-+ "-0($/%$'%+9+-"#$%$';)5+h$8>".>"c9'318$:9/"@4>"59(4E;> D(0?-)(;2E<2&2FG"$?2F"+$#(;2F<2?,--GB>+:%+')&-)$';)5"=94'(4/"@:+'19;369;"@4(+$'1;> D929''$P" h>" ?,--dB>" !*+ 3#<"-3%//(**(+ 3($'%*+ "-+ !34%J%5+ 2%#3%3+ 9+ 2()3-$#-)$'%35+ c9'318$:9/"[:9)'9F9>
C(#-. ." T9;" (FV)1:1;" 41" 89" 39F%9A9+ ,-34-&-0(3+ 9+ %4(9-0(3+ %+ )#-3&/(3+ 4/(.-3(/-3" ;$:" 3$'+1;^9"41"g1':9:4$"i>"TE%1WP"3$F%9A1'$"%URIHVRU QRYHOLVWD \ GUDPDWXUJR FX\R EORJ" *++%/MM1;$41891;$>78$);%$+>3$FM VH KD FRQYHUWLGR HQ XQR GH ORV UHIHUHQWHV HQ OD OODPDGD =9'19"h1'41> 3DUD PiV LQIRUPDFLyQ YHU *++%/MM;$&%678(39>L$'4%'1;;>3$FM"&"ZZZ IDSDJLQHUGHORVULRV HV
KL/&A$#*(+/-$'<'"(M+NGONPOQNGGR+%$-4&%"(M+QNONPOQNGGS
!"#$%&%'()*#+,-.%/$%+/$0#+/-/ ,-..P"2$8>"N"?Q6:($B RRIO-"%%
!"#$%&'()*+",-../"01'2(3($"41"5678(393($:1;"41"89"<:(21';(494"41"=6'3(9>"=6'3(9"?@;%9A9B" C00D"14(3(E:"(F%'1;9/".GGHIHJHK>"C00D"14(3(E:"L17"?*++%/MM'12(;+9;>6F>1;M9%(B/".HGHIGNO,
S%6:+1;"41"6:9" %1'T$'F9:31'9" 1:"933(E:" U$'1:9"=V:41W"X9''($;"Y
!"#$%&'%()"*+$,-$.(/0+$("1"(0%&2&'%(3"4$-,+'-$("5+"%&+.*-"0-.*6+%-"5+"6("7/&2+$'&5(5"#8%9/-.("5+"6(":&85(5"5+" ;<=&0-"+/"6("#0(5+.&("5+"#$%+"1"4(%$&.-/&-"086%8$(63"""+>.(&6?".-'1%(.=@1(A--3+'
!"#$%&'()&(#$*("&+,-+.*$/&+*(&$(*//01$((2(""B-$+/(";</5+C"D($$&-'
!"#$%&%'(&")%#*%&%+(*,%(-%.,"*#"$&-/,
S7;+'93+ C:"+*(;"+1Z+"C";*9'1"4(TT1'1:+"F$F1:+;"$T"F&"1Z%1'(1:31"9;"9"=1Z(39:"%1'T$'F9:31"9'+(;+"+*9+" GHYHORSV SURMHFWV LQ VSDFHV RI FRQ¿QHPHQW DQG , DOVR WDON DERXW WKH UHODWLRQV EHWZHHQ P\ 9'+(;+(3P"93+(2(;+"9:4"%$8(+(398"%'93+(31;"L(+*"F&"39'11'"9;"<:(21';(+&"+193*1'"9+"+*1"S6+$:$F$6;" <:(21';(+&"$T"=1Z(3$"#(+&>
[1&L$'4; 3HUIRUPDQFH FRQ¿QHPHQW DIHFW FRQVWUXFWLRQ UHFRJQLWLRQ
\1;6F1: @:"1;+1"+1Z+$"2$&"9"3$F%9'+('"4(T1'1:+1;"F$F1:+$;"41"F("1Z%1'(1:3(9"3$F$"%1'T$'F9:31'9" F1Z(39:9"]61"41;9''$889"%'$&13+$;"41:+'$"41"1;%93($;"41"1:3(1''$P"&"6:"%$3$";$7'1"89" '1893(E:"1:+'1"F(;"%'^3+(39;"9'+_;+(39;P"93+(2(;+9;"&"%$8_+(39;"&"F1"39''1'9"3$F$"%'$T1;$'9" 6:(21';(+9'(9"41"89"<:(21';(494"S6+E:$F9"41"89"#(6494"41"=VZ(3$> 59897'9;"#8921 51'T$'F9:31P"1:3(1''$P"9T13+$;P"3$:;+'633(E:P"'13$:$3(F(1:+$>
($%+E1E*-6F%&0('E5+E&5+/%&5(5"EGH"I
RO
10#"(/2,,+30 4-5'-)-6"-5/$5)-.5728$"$.95:-6)-"5$05'"+7$"-5'$".(0-9 U9"1;3'(+6'9"41"3$F%9A1'9;"&"9F()9;"T1F(:(;+9;"3$F$"89"(+98(9:9IF1Z(39:9"`'9:31;39" a9')988$" :$;" 49:" F61;+'9" 9" +'92V;" 418" '189+$" 41" 6:" +'979Q$" 41" (:21;+()93(E:" ;1:;(781P" %$'+94$'"41"F981;+9'1;"&"1:+6;(9;F$;P""+1Z+$;"1;3'(+$;"1:"%'(F1'9"%1';$:9"&"41;41"89" 1:+'9A9>"b+'$"1Q1F%8$"41"1;3'(+6'9"'171841"&"39E+(39"1;"89"T98813(49"T1F(:(;+9"3*(39:9"a8$'(9" S:W984c9"]6(1:"9"+'92V;"41"89"F9&$'_9"41";6;"+1Z+$;":$;"29"3$:+9:4$"6:9"%9'+1"41";6" *(;+$'(9"41:+'$"41"89"de('9:_9"368+6'98f"3$F$"1889":$F7'9"9"9]61889"'198(494"]61":$"(:386&1" 9"89;"F6Q1'1;"3$:":61;+'$;"%1:;9F(1:+$;P"41;1$;P";61A$;P"4(T1'1:3(9;"&"41;9361'4$;>" b"89"F1Z(39:9"=E:(39"=9&1'"]61"1:";6"8(7'$"0#1&%23(44&-5,6%789,",1%)%:,"*#"$&-/,%,-% 7;<(/#"413(41"3$:+9':$;"9"+'92V;"41"6:"'189+$";1:3(88$"%1'$";1:;(781";6"%$;(3(E:"T'1:+1"9" 6:9"146393(E:"9'+_;+(39"F93*(;+9"&"1Z386;(29"41"d9'+(;+9;f"1:"F9;368(:$"%1'$"]61"9"%1;9'" 41"188$P"Q6:+$"3$:"89"%1'T$'F9:31'9"F1Z(39:9"=9'(;"X6;+9F9:+1"%64(1'$:"+1Q1'"$+'$"F$4$" 41"1Z%'1;(E:"1:"3$813+(2$> g9789'"1:"%'(F1'9"%1';$:9"9"+'92V;"41"89":9''93(E:P"*9789'"41":$;$+'9;"&"41":61;+'$" ;971'" 1;" %9'+1" 41" 6:$" 41" 8$;" $7Q1+(2$;" 41" 1;+1" +'979Q$P" 1;" 6:" 93+$" ]61" ;$7'1%9;9" 89" FUtWLFD GHO RUGHQ VLPEyOLFR \ VRFLDO H[LVWHQWH D¿UPDU QXHVWUR SDVR SRU HVWD YLGD IXHUD GH OD SUHRFXSDFLyQ SRU OD FRQ¿UPDFLyQ GH XQD KLSyWHVLV R GH XQ GLVFXUVR YHUL¿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h9'$:(8"41"09:+9"=9'+*9"S39+(+89" 1:"18"9A$",--NP"&"41;41"9]61889"T13*9"*1"3$:+(:694$"+'979Q9:4$"9"+'92V;"418"%1'T$'F9:31" &" $+'9;" T$'F9;" 9'+_;+(39;" &" 41" 3$:$3(F(1:+$" 41:+'$" 41" '1386;$'($;>" g9" ;(4$" 6:9" 1+9%9" 3$F%81Q9"41"F("2(49"]61"181)_"4949;"89;":131;(4941;"418"F6:4$"41"F_"98'1414$'> =1")6;+9'_9"]61";1"9;$F9'9:"96:]61"T61'9"6:"F$F1:+$"9"8$;"4(T1'1:+1;"F$F1:+$;" 41"F("2(49"3$:"89"%1'T$'F9:31P"3$:"8$;"%'1;$;"&"89;"%'1;9;P"3$:"F(;"1;+64(9:+1;P"1;"%$'" 188$"]61"%9;$"98)6:9;"2131;"41"F9:1'9";c7(+9"41"6:"F$F1:+$"9"$+'$>
;+5<("7-,+305-"#*.#+,i6'9:+1" F(;" 9A$;" 41" T$'F93(E:" 9'+_;+(39" 1:" 89" S3941F(9" D93($:98" 41" 09:" #9'8$;" ;1" FUX]DURQ WUHV IRUPDV GH WUDEDMR DUWtVWLFR 8QD GH HOODV HVWXYR PHGLDGD SRU OD LQÃ&#x20AC;XHQFLD 41"F(;"F91;+'$;"41"8$;"+9881'1;"&"%$'"89"T$'F93(E:"]61"188$;"*97_9:"+1:(4$>""@:"8$;"+9881'1;" 41;9''$88^79F$;""6:9";1'(1"41"1Q1'3(3($;"&"%'$%61;+9;"41"+'979Q$>"@:"F("%'(F1'"+9881'P"18" GHO SLQWRU -DYLHU $Q]XUHV SLQWRU GH R¿FLR VH QRV HQVHxDED D WUDEDMDU HQ HMHUFLFLRV FRQ 93'_8(3$";()6(1:4$"98)6:9;"41"89;"3$''(1:+1;"41"89"*(;+$'(9"41"9'+1"$33(41:+98P"1Z%'1;($:(;F$P" 367(;F$P"1+3>"e9F7(V:":$;"%$:_9"41"1Q1'3(3($"18"+'979Q$"3$:"89;"218946'9;>"@'9"6:"*$F7'1" ;1'($" %1'$" ;1:;(781P" F1" 3$F%9'+(E" 89" (419" 418" '1;%1+$" %$'" 18" %'$31;$" 41" 3949" 6:9" 41"
!"#$%&'()&(#$*("&+,-+.*$/&+*(&$(*//01$((2(""B-$+/(";</5+C"D($$&-' 89;" %1';$:9;>" j92(1'" ;1" 931'3979" 9" *9789'" 3$:" 3949" 6:9" 41" 89;" ]61" T$'F^79F$;" 18" +9881'>" D6:39" F1" ;1:+_" $78()949" 9" '198(W9'" :(:)6:$" 41" 8$;" 1Q1'3(3($;" %'^3+(3$;" ]61" :$;" %'$%$:_9>"j92(1'"S:W6'1;"1'9"4(;3'1+$P"+'9:]6(8$P"%1'$";(1F%'1"9+1:+$"9":61;+'9;"%9897'9;" &";1:+('1;>"@:"89"93941F(9"41"09:"#9'8$;"3$F$"1:"3698]6(1'"$+'9"1;36189"41"9'+1;"1:" =VZ(3$"93+698F1:+1":$"1Z(;+1"6:9"36''_3689"41"9'+1"T1F(:(;+9>"@:"9]6188$;"9A$;"41"F(" T$'F93(E:"9'+_;+(39"&$":$"3$:$3_9"89"(:21;+()93(E:"&"89"+1$'_9""T1F(:(;+9P"%1'$";("2(2_9"1:" 39':1"%'$%(9"89"2($81:3(9"41")V:1'$P"1:"8$;"1;%93($;"%c78(3$;"&"1:"8$;"%'(294$;>""i1QV"89" 39;9"41"F("F94'1P"%94'1"&"*1'F9:$"%$']61"9"%1;9'"418"9F$'"41"F("F94'1P":(:)6:$"1'9" 39%9W"41"9+1:41'"F(;":131;(4941;"&"41"F('9'F1"3$F$"6:9"%1';$:9"4(T1'1:+1"9"188$;> =(1:+'9;" 1;+64(979" 1:" 89" S3941F(9" D93($:98" 41" 09:" #9'8$;P" 1:+'1:979" 3$:" 6:" )'6%$"79(81;"41";98E:"&"4979"389;1;"+$49;"89;"F9A9:9;"1:"6:(21';(4941;"%'(2949;"%9'9" ;$7'12(2('>"h(2_9";$89P"'1:+979"6:"369'+$"3$:"4$;"F6Q1'1;"F^;"41:+'$"41"6:9"%1:;(E:>"D$" :93_" 1:" 6:" *$)9'" 41" 3$:4(3($:1;" 13$:EF(39;" 98+9;P" +9F%$3$" F(" T9F(8(9" +(1:1" 2_:368$;" 3$:"89"V8(+1"368+6'98"41"=VZ(3$>"0("41;9''$889';1"1:"18"^F7(+$"9'+_;+(3$"1;"4(T_3(8"%9'9"6:9" F6Q1'"]61"361:+9"3$:"8$;"'136';$;"13$:EF(3$;"&"89;"3$:4(3($:1;";$3(981;"2(9781;""%9'9" 41;+939'"1:"18";(;+1F9"368+6'98"?%$']61":$";1"1;+^:"414(39:4$"9"8$"]61";1"3$:$31"1:"18" %9+'(9'394$"3$F$"89;"dT6:3($:1;"%'$%(9;"41";6"*$)9'fBP"%9'9"6:9"F6Q1'"41"389;1"F14(9" 79Q9"&"79Q9"'1;68+9"79;+9:+1"4(T_3(8>"#$F$"3$F1:+9"U96'9"b;1)61'9"b821'9"1:"18"+1Z+$"41" S'+1"T1F(:(;+9"1:"8$;"$3*1:+9"1:"=VZ(3$"41"S'9318("X9'7$;9"?X9'7$;9P",--GB> d@8"#$:;1Q$"D93($:98"%9'9"89"#68+6'9"&"89;"S'+1;"?!"#$!%&'$Bk:$"$T'131":(:)c:" %'$)'9F9"]61"%'$F6129"89"%9'+(3(%93(E:"41"89"F6Q1'"1:"18"9'+1P":(";1"3$:+1F%89:"933($:1;" 1:"1;+1"+1''1:$>"S;(F(;F$P";1"$7;1'2E"1:"18"#1:+'$"41"i$36F1:+93(E:"418"#$:;1Q$"6:9" 96;1:3(9"+$+98"41"1;+64($;"]61"41:"361:+9"41"89"%'$781F^+(39"41"89;"F6Q1'1;"1:"18"F6:4$" 418"9'+1"&"89"368+6'9"$"]61"(86;+'1:"41"98)6:9"F9:1'9"1;+1"T1:EF1:$"41"79Q9"%9'+(3(%93(E:f" ?X9'7$;9P",--G/.JB>" 51;1"9"8$;"%$3$;"1;%93($;"]61"1Z(;+_9:"1:"89"#(6494"41"=VZ(3$"1:"18"9A$"41".HHJ" %9'9" ]61" :$;" 41;9''$88^'9F$;" 89;" F6Q1'1;" 9'+(;+9;P" 1:" 89" S3941F(9" 41" 09:" #9'8$;" j92(1'"S:W6'1;"3$:";6";1:;(7(8(494"&"*6F9:(494"3$F%9'+(E"3$:F()$";6"1Z%1'(1:3(9"3$:" 89" %(:+6'9>" CF9)(:$" ]61" j92(1'" ;1" *97_9" 494$" 361:+9" 41" ]61" 8$;" T$'F9+$;" 41" 89;" 9'+1;" SOiVWLFDV QR PH HUDQ VX¿FLHQWHV SDUD GHVDUUROODUPH \ GH TXH HUD XQD MRYHQ LQTXLHWD &" '171841" ]61" :$" F1" 414(39'_9" 9" 89" %(:+6'9>" 0(:" 1F79')$" 298$'979" F(" 1:+6;(9;F$" &" ;1:;(7(8(494"&"F1"414(3979"*$'9;"41"3*9'89P"*978^79F$;"41"+$4$P"418"79(81"41";98E:P"41" :61;+'9;"*(;+$'(9;"41:+'$"41"6:9"T9F(8(9"%'$+1;+9:+1P"&"41F^;"+1F9;"]61"9*$'9"F(;F$" QR UHFXHUGR (Q HVH SULPHU DFHUFDPLHQWR TXH WXYH FRQ HO R¿FLR GH OD SLQWXUD SXGH YLYLU 6:$"41"8$;"39F(:$;"%$;(781;"%9'9"89"'1%'$4633(E:"41"89"(F9)1:"418"d9'+(;+9fP"9]618"]61" UHTXLHUH GH WLHPSR VX¿FLHQWH SDUD HVWDU HQ XQ WDOOHU FRQFHQWUDGR HQ VX SURSLR SURFHVR GH d3'193(E:f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yQ HQ VX SURSXHVWD 41"6:9"1;+V+(39"41"8$"3$+(4(9:$/"d@8"9'+1"1;"6:9"93+(2(494"3$:"29'(9;"T931+9;"&"9%8(393($:1;l" SXHGH VHU XQD DFWLYLGDG SHFXQLDULD OLQJ tVWLFD pWLFD SROtWLFD OLELGLQDO GLULJLGD D D¿UPDU 89"(41:+(494"418"96+$'"$"418"%'$%(1+9'($"1:"18"%'$31;$"41"4(;+(:3(E:";$3(98P"&"1:"89"T$'Q9"41" LGHQWLGDGHV QDFLRQDOHV \ pWQLFDV +R\ HQ GtD FLUFXODQ QRPEUHV \ ¿UPDV GH DUWLVWDV HQ HO ;(;+1F9"4(T1'1:3(94$"41"89"F9+'(W"9'+_;+(39"3$F$"+9'Q1+9;"41"3'V4(+$P"F9'39;"41"%'$463+$;P" 8$)$+(%$;"$"7(881+1;"1:"18"F1'394$>"S(;894$"41"89"'198(494";$3(98"18"9'+1":$"1;":949>"@8"9'+1" QR HV XQ FRQFHSWR VLQR XQD FDWHJRUtD GH REMHWRV GH¿QLGRV FRPR WDOHV SRU ORV PLHPEURV
($%+E1E*-6F%&0('E5+E&5+/%&5(5"EGH"I
RJ
4$F(:9:+1;"1:"1;+9"(:;+(+63(E:>"S8"F9')1:"41"1;+9"F9+'(WP"]61"3$]61+19"3$:"$+'9;"3$F$" OD GH (VWDGR OD WXUtVWLFD OD PHUFDQWLO HWF«QR KD\ DUWH´ 0DQGRNL
@:"$+'$"41"8$;"+9881'1;"41"89"S3941F(9"D93($:98"41"09:"#9'8$;"+621"6:"931'39F(1:+$" T$'F98"9"89"%(:+6'9"&"9"6:9"41";6;"%'(:3(%981;"+V3:(39;P"18"E81$>"j$;V"0989+P"%(:+$'"39+98^:" 1Z(8(94$"1:"=VZ(3$P";1"1F%1A979"1:"]61"F("%(:318949"T61'9";618+9"&"1Z%'1;(29P"V8"98"()698" TXH -DYLHU $Q]XUHV VH KDEtD IRUPDGR FRPR SLQWRU HQ HO WUDEDMR GH WDOOHU HV GHFLU HQ HO R¿FLR #$:"j$;V":$"*978979"41"F("2(49"3$F$"79(89'(:9"%$']61"9]618"3$:+1Z+$"81"*67(1'9"%9'13(4$" 268)9'"&"F("%'^3+(39"%$%689'P"T61'9"418"F6:4$"(:+1813+698P"&"%$'"188$"(:+'9;31:41:+1>"S*_"1:" ;6"+9881'"%9;V"89')9;"+9'41;"4(;+'9_49"1;363*9:4$"89"Fc;(39"]61"%$:_9:"1:"8$;"%61;+$;" 41"89;"39881;"41"98'1414$'"41"89"S3941F(9"41"09:"#9'8$;>"m61'_9"41Q9'"8$;"%(:3181;"%9'9" %$:1'F1"9"79(89'"6:$;"49:W$:1;"&"F9F7$;P"1:"1;1"F$F1:+$"1;+979"2(2(1:4$"41"F9:1'9" %'$T6:49"89"1Z%1'(1:3(9"418"79(81P"F(")'6%$"*93(9"%'1;1:+93($:1;"1:"8$;"86)9'1;"41"79(81" 41" ;98E:" F^;" '13$:$3(4$;" 41" 89" #(6494" 41" =VZ(3$P" 18" 098E:" U$;" n:)181;" &" 18" 098E:" =VZ(3$>"@:"1;9"V%$39"$7;1'2V"389'9F1:+1"89;"4(T1'1:+1;";$3(14941;"]61"*97_9"1:"6:9" 3(6494"4$:41"&$"*97(+979>"@8"%'$781F9"3$:"18"]61"F1"1:T'1:+1"3$:"F(")'6%$"41"79(81" 41";98E:"T61"89"'1893(E:"41"%$41'"&"Q1'9']6_9"1:"18"79(81>"U$;"F91;+'$;"?$"3$'1E)'9T$;B" 49:"89;"E'41:1;"9"8$;"79(89'(:1;"*$F7'1;>"0$:"188$;"]6(1:1;"3$:4631:"9"89;"79(89'(:9;" F6Q1'1;"]61";$:";6;"%9'1Q9;"41"79(81P"*93(9"8$;"F$2(F(1:+$;"&"8$;"%9;$;P";("29F$;"9" 89"(W]6(1'49"$"*93(9"9+'^;P"1+3>"o$"'1A_9"3$:"F(;"%9'1Q9;"&"3$F%9A1'$;"41"79(81P"":$"F1" )6;+979";1:+('F1"%'1;($:949"%$'"18"F91;+'$"&"+9F%$3$"%$'"8$;"*$F7'1;"418")'6%$>"U9" ;(+693(E:"%9+'(9'398"T61"6:9"41"89;"3$;9;"]61"F1"*(W$"981Q9'F1"418"F6:4$"41"8$;";98$:1;" 41"79(81>"S41F^;"41"6:9"3$F6:(393(E:"41+1'F(:949"%$'"89;"3$:21:3($:1;"1;+97813(49;" 41" 9:+1F9:$" 1:" 89" %'^3+(39" 418" 79(81P" 3$F$" 89" T$'F9" 1:" 89" ]61" ;1" 4('()1" 18" F91;+'$" 9" 8$;"&"89;"79(89'(:9;"46'9:+1"8$;"1:;9&$;>"U9"'1893(E:"]61"+1:_9"3$:"18"F91;+'$P"1'9"6:9" '1893(E:"Q1'^']6(39"4$:41";E8$"'13(7_9"E'41:1;"46'9:+1"8$;"1:;9&$;"&"%'1;1:+93($:1;>"@:" '198(494":6:39"+621":(:)6:9"3$F6:(393(E:"41"$+'$"+(%$"3$:"8$;"*$F7'1;"41"1;1"F14($>" @:" 39F7($P" 89" '1893(E:" ]61" +621" 3$:" 98)6:9;" 41" F(;" 3$F%9A1'9;" 41" 79(81" 1'9" 3$'4(98>" j68(1+9"?j68(1"3$F$"89"889F^79F$;BP"]6(1:"1'9"F("3$F%9A1'9"41"79(81"&":$2(9"418"F91;+'$" T61"(F%$'+9:+1"1:"F("1Z%1'(1:3(9"3$:"18"79(81"41";98E:P"941F^;"T61"F("2_:368$"9T13+(2$" 3$:" 18" )'6%$>"S6:]61" :$" +1:_9F$;" F63*9;" 3$;9;" 1:" 3$Fc:P" 89;" 4$;" )6;+^79F$;" 41" $':9F1:+9'":61;+'$;"361'%$;"41"F9:1'9"3$+(4(9:9"T61'9"418"79(81>"o$"F1";1:+_9"9+'9_49" %$'"89"F9:1'9"41"79(89'"41"j68(1>"S"F_"F1"(86;($:979"F63*$"79(89'"3$:"1889P"89";1:+_9"3$F$" F("F91;+'9>"51'$"j68(1"c:(39F1:+1"79(8979"3$:F()$"6:9"%(1W9"3$F$"%9'9")6(9'F1"&"]61" %64(1'9"%'93+(39'"98)c:"%9;$>"=("'1893(E:"3$:"18"F91;+'$"?]61"1'9";6":$2($B":6:39"T61" 9]61889"]61"3$Fc:F1:+1"+(1:1:"8$;"F91;+'$;"41"79(81"3$:";6;"986F:9;P"]6(1:1;"76;39:" 881)9'"9";1'";6;"%9'1Q9;"41"79(81"&"+1:1'"89"F9&$'"Q1'9']6_9"41:+'$"418")'6%$>"@:+'1"j68(1""&" &$P":$"1Z(;+_9"6:9"'1893(E:"41"3$F%1+1:3(9P";(:$"41"3$F%8(3(494"&"39'(A$"8$"]61"F1"*93_9" 1;+9'"3EF$49"46'9:+1"18"+'979Q$"41")'6%$"&"8$;"1:;9&$;> =(" 1Z%1'(1:3(9" 3$:" 18" 79(81" T61" 6:9" 1;%13(1" 41" 8(71'93(E:" ;1Z698P" %$']61" 8$;" DFHUFDPLHQWRV FRQ KRPEUHV \ PXMHUHV VH MXVWL¿FDQ SRU ODV FDUDFWHUtVWLFDV \ HO HVWLOR TXH 3949"6:$"41"8$;"'(+F$;"41"79(81"+(1:1>"@'9"6:9"$%$'+6:(494"41"1'$+(W9'F1"9"+'92V;"41"89" 3$F6:(393(E:"3$:"F("361'%$"&"41"+1:1'"3$:+93+$"3$:"18"361'%$"41""F(;"3$F%9A1'$;"&" 3$F%9A1'9;> @:"18"c8+(F$"+9881'"1:"18"]61"1;+621"46'9:+1"F("1;+9:3(9"1:"89"93941F(9"41"09:"#9'8$;P" T61"1:"18"41"F_"]61'(4$"F91;+'$"j68($"#*^21W"a61''1'$P"%(:+$'"&"9']6(+13+$>"06"(:+1'V;" SRU OD LQYHVWLJDFLyQ HQ HO WHUUHQR GH OD FUHDFLyQ PH KL]R UHÃ&#x20AC;H[LRQDU VREUH ODV GLVWLQWDV +1$'_9;"418"9'+1"&"%'$781F9+(W9'89;>"@:"1;+9"1+9%9"41"F("2(49"F1"1;+979"41;9''$889:4$" 1:"18"39F%$"41"89"%1'T$'F9:31P"8$"*93_9"41"F9:1'9"%9'98189"9"89"'12(;(E:"41"+1Z+$;"&" 4(;36;(E:" 1:" )'6%$" ;$7'1" +1$'_9" 418" 9'+1" U1_9F$;" ;$7'1" T1:$F1:$8$)_9P" *1'F1:1c+(39"
!"#$%&'()&(#$*("&+,-+.*$/&+*(&$(*//01$((2(""B-$+/(";</5+C"D($$&-' &" ;1F(E+(39P" '12(;1" +1Z+$;" 41" a949F1'" 41" =96'(3($" X163*$+P" &" 41" bF9'" #9897'1;1" 1:+'1" $+'$;>" @8" %'(F1'" 9A$" ]61" 1;+621" 3$:" j68($" #*^21W" F1" 1:9F$'V" 41" 89;" +V3:(39;" GH GLEXMR 0H DJUDGDEDQ PXFKtVLPR ODV ³DJXDGDV´ +DFtD HVJUD¿DGRV \ XWLOL]DED ODV F^]6(:9;"9:+()69;"%9'9"T$+$3$%(9'"%$']61"%$4_9"F9:(%689'"89"+(:+9"?18"+$:1'B"3$:"98)c:" ;$821:+1>"e9F7(V:"6+(8(W979"$+'9;"+V3:(39;"41"(F%'1;(E:"]61"*97_9"%$4(4$"41;9''$889'"1:" 18" +9881'" 41" 8(+$)'9T_9" 418" F91;+'$" U1$"S3$;+9P" 9" ]6(1:" +9F7(V:" +1:_9" '1;%1+$" &" 9T13+$" %$'";6"3$F%'1:;(E:"9"F(;":131;(4941;"41"9%'1:4(W9Q1>"=1"1;%13(98(3V"1:"89"Z1'$)'9T_9P" &" 4(;T'6+979" 41" 21'" 9%9'131'" 89;" 4(;+(:+9;" 398(4941;" 1:" +$:98(4941;" 789:39;" &" :1)'9;" ;6')(49;"41"3(1:+$;"41"1Q1'3(3($;"'198(W94$;"1:"18"+9881'>" @8"'1;%1+$"]61"j68($"&"U1$"+62(1'$:"%$'"F("+'979Q$"F1"1;+(F68E"9"3$:+(:69'"3$:;+'6&1:4$" PLV SURSLDV SURSXHVWDV DUWtVWLFDV YLQFXODGDV D OD SHUIRUPDQFH \ D OD JUi¿FD 0L SDVR SRU HO WDOOHU GH IRWRJUDItD HQ 6DQ &DUORV WDPELpQ IXH XQD H[SHULHQFLD PX\ JUDWL¿FDQWH SRUTXH SXGH YLQFXODU SDUWH GHO WUDEDMR IRWRJUi¿FR D ODV SURSXHVWDV TXH HQ HVH PRPHQWR KDFtD GH DUWH DFFLyQ /D FRQ¿DQ]D TXH ORV SURIHVRUHV GHSRVLWDEDQ HQ PL SHUVRQD \ HQ PL WUDEDMR T61"F6&"(F%$'+9:+1"%9'9"F("T$'F93(E:"9'+_;+(39"&"%9'9"F("41;9''$88$"%1';$:98>"o$"21:_9" 41"6:9"1Z%1'(1:3(9"41"(:2(;(7(8(W93(E:"41:+'$"41"F(":c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c:"1;%93($"41:+'$"41"89"93941F(9"4$:41"89;"F6Q1'1;"9'+(;+9;"*978^'9F$;"41":61;+'9" ;(+693(E:"1:"89"146393(E:P"1:"18";(;+1F9"9'+_;+(3$"&"1:"18"%9+'(9'394$>"e9F%$3$"*97_9:" SURIHVRUDV PXMHUHV FRQ TXLHQHV SXGLpUDPRV FRQVWUXLU DOLDQ]DV \ XQ YtQFXOR GH FRQ¿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d@:"$+'$;";(;+1F9;"13$:EF(3$;" 89"%'^3+(39"9'+_;+(39"1;+979"1:+'1F1W38949"3$:"18"'1;+$" 41"89"2(49";$3(98P"89"76')61;_9"3'19"LQVWDQFLDV HVSHFt¿FDV GH VHOHFFLyQ \ FRQVDJUDFLyQP" 4$:41"8$;"9'+(;+9;"&9":$"3$F%(+1:"%$'"89"9%'$793(E:"'18()($;9"$"18"1:39')$"3$'+1;9:$";(:$" %$'"89"OHJLWLPLGDG FXOWXUDOf"?X$6'4(16P".HH-/.GB (Q FRQRFt D $UPDQGR 6DULJQDQD \ -RVp *XDGDOXSH /ySH] TXLHQHV HUDQ SDUHMD 41"2(49P"&"+1:_9:"6:"%'$&13+$"889F94$"#9Q9"i$;"S'+1D9+(2$P"89"%'$%61;+9"3$:;(;+_9"1:"89" 3'193(E:"41"6:"1;%93($"%9'9"89"%'1;1:+93(E:"41"%1'T$'F9:31;P"%1'$"+9F7(V:"T6:3($:979" 3$F$"6:9"1;%13(1"41"897$'9+$'($"4$:41":$;"'16:_9F$;"6:")'6%$"41"QE21:1;"9"3*9'89'" ;$7'1"89;"(419;"&"+1F9;"]61"+1:_9F$;"%9'9"%'$31;9'":61;+'9;"933($:1;"$"%1'T$'F9:31;P" ;6"%89:193(E:"&"%'1;1:+93($:1;>" i1" (:F14(9+$" F1" 2(:368V" " 9T13+6$;9F1:+1" 3$:" S'F9:4$" 09'():9:9P" 94F('979" ;6" ;1:;(7(8(494" 3$'%$'98P" F1" 9+'9_9" ;6" ;1:3(881WP" 941F^;" 41" ;6" F9:1'9" 41" +'979Q9'" 41;41" 89" 1;%$:+9:1(494P" &" 89" 3'_+(39" ]61" 3$:" ;6;" %1'T$'F9:31;" *93_9" 9" 89" 3$:;+'633(E:" 41" 89" F9;368(:(494"1:":61;+'9";$3(1494>"S'F9:4$"298$'979"F("3$:$3(F(1:+$"1:"18"49:WE:"&"1:"
($%+E1E*-6F%&0('E5+E&5+/%&5(5"EGH"I
RH
18"F9F7$P"81"9+'9_9"F("T'1;36'9P"+9F7(V:"]61"+62(1'9"6:9"2(49"F1W38949"1:"4$;"F6:4$;" 4(T1'1:+1;P"&"9%$&979"F("(:+1'V;"%$'"*931'"6:"%61:+1"1:+'1"18"79(81"&"89;"41:$F(:949;" 933($:1;" 9'+_;+(39;>" @:" .HHJ" 2$&" 9" %'1;1:+9'" 79Q$" 89" 3$$'4(:93(E:" 41" #9Q9" i$;" 29'($;" %1'T$'F9:31;"1:"89"39881>"=("%'1$36%93(E:";$7'1"8$"]61"1:"1;1"F$F1:+$"1:+1:4_9"3$F$"6:" 389;(;F$"41:+'$"41"89"(:;+(+63(E:"9'+_;+(39"29"9"%1'F19'"F(;"%'$%61;+9;"41"%1'T$'F9:31;>" @8"%'(F1'$"98"]61"2$&"9"889F9'"di1;1F%81949f"*931"'1T1'1:3(9"9"89";(+693(E:"13$:EF(39" 41"6:"%9_;"4$:41"89")1:+1"+(1:1"]61";98('"9"76;39'"+'979Q$"%9'^:4$;1"3$:"6:"9:6:3($" T61'9"41"89"#9+14'98"41"89"#(6494"41"=VZ(3$>"@:+$:31;P"F1"2$&"9"%9'9'"T61'9"418"%9893($" GH ODV %HOODV $UWHV FRQ XQ OHWUHULWR DPDULOOR TXH GHFtD %DLODULQD \ RWUR TXH HVSHFL¿FDED ORV 79(81;"]61"3$:$3_9/"F9F7$P"49:WE:P"3*93*93*^P"1+3>"U812979"6:9")'9794$'9"%9'9"79(89'>" b+'9"41"89;"933($:1;"T61"di9:WE:"U_:19",fP"889F94$"9;_"%$']61"F1";67_9"1:"89"8_:19"," 418"F1+'$"&"81"414(3979"6:"49:WE:"9"89")1:+1"]61"2(9Q979P"41;%6V;"%'1:4_9"6:9"%1]61A9" 7$3(:9P"&"F1"%(:+979"8$;"897($;"%9'9"79(89'";$89"$"3$:"]6(;(1'9"79(89'"3$:F()$>"
4-5+0#$"=$0,+30 U$;"%'$&13+$;"41"(:+1'21:3(E:"9'+_;+(39"]61"*9:"T$'F94$"%9'+1"41"F("*(;+$'(9"%1';$:98P" :$";1"]6149:"1:"18"^F7(+$"41"8$"9'+_;+(3$"98":(218"41"89"'1%'1;1:+93(E:"&"3$:"18"%1;$"41"8$" VLPEyOLFR 6LQR TXH VRQ XQ WUDEDMR GH LQWHUYHQFLyQ ÀH[LEOH \ FRQWH[WXDGD TXH FDPELD FRQ 89;"3$:4(3($:1;"41"89"3$F6:(494"3$:"]6(1:1;"F1"*1"1:3$:+'94$"+'979Q9:4$>"U9"%9897'9" ,QWHUYHQFLyQ"T61"89"T$'F9"1:"89"]61"8$)'V"%1:;9'"Q6:+$"3$:"`1':9:4$"`61:+1;"?9'+(;+9"2(;698" F1Z(39:$"1"(:21;+()94$'"(:41%1:4(1:+1B"89"F9:1'9"1:"89"]61"*1F$;"1;+94$"+'979Q9:4$" LQÀXHQFLDGRV SRU HO PRYLPLHQWR ]DSDWLVWD OD SHGDJRJtD UDGLFDO \ ODV SUiFWLFDV IHPLQLVWDV @:"18"+'979Q$"41"(:+1'21:3(E:"41%$;(+9F$;":61;+'$"3$F%'$F(;$"9'+_;+(3$P"%$8_+(3$"&";$3(98>" i1;9+9F$;"93+$;"&"%'^3+(39;"]61":$;"9&649:"9"931'39':$;"9"]6(1:1;"1;+9:4$"+9:"81Q$;" 41":$;$+'$;P";1:+(F$;"+9:"31'39"%$'";6"3$'9Q1P";6"41;$714(1:3(9"&";6;"41;1$;"41"39F7(9'" 89;"3$;9;"1:"1;+1"F6:4$")8$798(W94$P"%9+'(9'398P"389;(;+9P"9:4'$3V:+'(3$"&"1+:$3V:+'(3$>" @8" +'979Q$" 41" (:+1'21:3(E:" ]61" '198(W9F$;" 41:+'$" 41" 1;%93($;" 41" '1386;(E:" 41" F9:1'9" FROHFWLYD OR QRPEUDPRV MXQWR FRQ ORV SUHVRV ³/D /OHFD´ TXH VLJQL¿FD ³OD FDOOH´ HQ OHQJXDMH 41" 3^'318>" U9" (419" 41" (:+1'21:3(E:" ]61" %$:1" 1:" %'^3+(39P" :$" %6141" 21';1" ;E8$" 3$F$" *1''9F(1:+9"9'+_;+(39>"U9"U8139"1;"6:"%'$&13+$"]61":(1)9";1'"$+'$"1Q1F%8$"41"%'$4633(E:" DUWtVWLFD WDO FXDO /RV ¿QHV GHO SUR\HFWR VRQ SULPHUR WUDQVIRUPDFLyQ VRFLDO \ VHJXQGR 89"+'9:;T$'F93(E:"F(3'$%$8_+(39"41"(:;+(+63($:1;"?1:":61;+'$"39;$P"18";(;+1F9"39'3189'($B>" U$"]61"]61'1F$;"413('P"1;"]61"3$:"89"%'$%61;+9"76;3$"&"76;39F$;"9"+'92V;"41"*931'" 6:9"3'_+(39"98"'$8"]61"Q61)9"18"9'+1"&"89"368+6'9"1:"18"39%(+98(;F$"41"%'$4633(E:";1F(E+(39P" +1:1'"1T13+$;"1:"F6:4$;"]61":$";19:"18"F6:4$"418"9'+1>"@:"86)9'"41"1;$P";1"4('()1"9" %'$781F^+(39;"]61"2(1:1:"41"$+'9;"%9'+1;"41":61;+'9"1Z%1'(1:3(9P"41"$+'9;"4(;3(%8(:9;"&" 39F%$;"41"3$:$3(F(1:+$>"b+'9"F9:1'9"41";1A989'"89;"T6)9;"418"%'$&13+$P"1;"F9'39:4$" 89"4(;+9:3(9"3$:"8$;"(:+1'1;1;"418"F1'394$"9'+_;+(3$>"U9"4(T_3(8"'1893(E:"]61"+(1:1"3$:"1;+1" F6:4$"%$4'_9"1:+1:41';1"41;41"89"7c;]6149"41"i63*9F%/"%$'"3EF$"*931'"6:9"$7'9"41" DUWH TXH QR VHD XQD REUD GH DUWH 3DUD QRVRWURV HVR HV XQD SURSRVLFLyQ ¿ORVy¿FD PiV ]61":949>"U$"]61":$;$+'$;"]61'1F$;P"1;"*931'8$"3$8(;($:9'"3$:"89"1;T1'9";$3(98>"i1Q9'" ODV SURSRVLFLRQHV ¿ORVy¿FDV HQ ODV TXH VH SODQWHD FRPR SUREOHPD RQWROyJLFR OD YDOLGH] 418" +'979Q$" 9'+_;+(3$" 418" 6'(:9'($" 6" $+'$;" $7Q1+$;/" :$" 1;" " 6:9" 361;+(E:" 41" %$']6V" 4171" $" :$" 931%+9';1" 6:" 6'(:9'($" 3$F$" $7'9" 41" 9'+1P" ;1)6('" %1:;9:4$" 41;41" 18" 9'+1" F(;F$P" ;(:$"%1:;9'"8$;"93$:+13(F(1:+$;"9'+_;+(3$;"41;41"6:9"%1';%13+(29";$3($8E)(39"$"%$8_+(39"$" 41;41"$+'$;"86)9'1;/";98('"&"1:+'9'"+$4$"18"+(1F%$"418"F6:4$"418"9'+1"1:";_>"e'979Q9'"*93_9" 86)9'1;"]61"2(1:1:"41"$+'$;"41;1$;P"]61"2(1:1:"418"41;1$"%$'"*931'"$+'$"F6:4$P"F1:$;" 9;]61'$;$>"561;P"%9'131"T^3(8"9"%'(F1'9"2(;+9P"%1'$"2981"89"%1:9"413('8$>"
!"#$%&'()&(#$*("&+,-+.*$/&+*(&$(*//01$((2(""B-$+/(";</5+C"D($$&-'
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t VLJQL¿FDED )XL LQYLWDGD SDUD HO )HVWLYDO ,QWHUQDFLRQDO GH 3HUIRUPDQFH (%(17 HQ 18"9A$",--."1:"18"#$:21:+$"41"09:"S)6;+_:"1:"X9'318$:9>"@:"1;1"F$F1:+$"&$"1;+979" 2(2(1:4$" 3$F$" 1;+64(9:+1" 1Z+'9:Q1'9" 89" 41T1:;9" 418" #9+98^:>" 5$;+1'($'F1:+1" 6+(8(3V" 89" %1'T$'F9:31"%9'9"3$F%9'+('"%'$781F^+(39;"+9:")'921;"3$F$"8$;"9;1;(:9+$;"41"F6Q1'1;" 1:"#(6494"j6^'1WP"=VZ(3$>" =("+'979Q$"41"%1'T$'F9:31"T61"39F7(9:4$"3$:"8$;"9A$;P";1"+'9:;T$'FE"41"9361'4$"9" F(;"(:+1'1;1;"&"9"89;":131;(4941;"41"8$;"3$:+1Z+$;>"g931"6:"%9'"41"F1;1;"F1"*(3(1'$:" 6:9"1:+'12(;+9"1:"89"#(6494"41"=VZ(3$"&"F1"%'1)6:+9'$:/"pm6V"1'9"8$"]61"F1"*97_9"494$" 89"%1'T$'F9:31q"5(1:;$"]61"T61"(F%$'+9:+1"3$:$31'89P";1:+('89"&"+'9:;(+9'89>"0(1F%'1"*1" %1:;94$" ]61" 3$:" 89" %1'T$'F9:31" %614$" 41;9''$889'" 3698]6(1'" +1F9>" U$;" c8+(F$;" 9A$;" GH PL YLGD OD XWLOL]R FRPR XQ PHGLR SDUD UHÀH[LRQDU \ ³GHVDSUHQGHU´ PXFKDV GH ODV 3$;9;"]61":$;"T61'$:"(F%61;+9;"1:":61;+'9;"2(49;>"#'1$"]61"&$"+9F7(V:"81"*1"9%$'+94$" F63*$" 9" 89" %1'T$'F9:31" 3$F$" F14($" 41" (:3(41:3(9" ;$3(98>" e9F7(V:" 89" 3$:21'+_" 1:" 6:" PRGR GH QHJRFLDFLyQ \ GH UHVLVWHQFLD &RQ QHJRFLDFLyQ PH UH¿HUR D FDGD XQR GH ORV +'^F(+1;"]61"+621"]61"'198(W9'"%9'9"1;+9'"&"%1'F9:131'"41:+'$"41"6:9"3^'318>"@8"%'(F1'" +'^F(+1" T61" 3$:;1)6('" (:;+989':$;" 1:" 89" %'(;(E:P" 1:+'9'" %$'" 21W" %'(F1'9P" 861)$" 1:+'9'" 3$:" 8$;" F9+1'(981;P" 41;%6V;" %$41'" 931'39':$;" 9" 8$;" %'1;$;" 41" 6:9" F9:1'9" 9T13+(29>" 5$;+1'($'F1:+1" 89" 931%+93(E:" 418" +'979Q$" %$'" %9'+1" 41" 89;" 96+$'(4941;" &" 41" 89" %$8(3_9P" %$']61"8$;"%'1;$;"96:]61"*97_9:";6;"1Z31%3($:1;"1;+979:"9:(F94$;>"o"%$'";6%61;+$" OD HQWUDGD GH OD FiPDUD IRWRJUi¿FD \ OD FiPDUD GH YLGHR 0L PDQHUD GH KDEODU GH F$21'F1P"41"F('9'P"&"41"%$:1'"18"361'%$"1;"79;+9:+1"%1368(9'>"@8"%1';$:98"41"89"3^'318"&" 89;"96+$'(4941;"41;%6V;"41"6:"+(1F%$"41"3$:$31'F1"&"41"3$:$31'"9"89"3$813+(29"+(1:1:" OD FRQ¿DQ]D GH GHFLUPH TXH QR HQWHQGtDQ PL DFWLWXG GHQWUR GHO FRQWH[WR GH UHFOXVLyQ %1'$"]61"98"%9;$"418"+(1F%$"$7;1'29:"18"+'979Q$"&"1;363*9:"9"8$;"%'1;$;"&"%'1;9;"*9789'" GH PL FRPR DOJXLHQ TXH OHV EULQGD FRQ¿DQ]D DIHFWR iQLPR \ TXH OHV WRPD GH OD PDQR SDUD FRQWLQXDU HQ VXV SURFHVRV GH UHÀH[LyQ 7HQJR XQD IXHUWH GRVLV GH HVSRQWDQHLGDG ;$&"41;1:T94949"$"%9'9"1Z%8(39'8$"41"$+'$"F$4$P":$"21$"9"89"(:;+(+63(E:"3$F$"9]61889" ¿JXUD TXH GHWHUPLQD WXV PRYLPLHQWRV \ SHQVDPLHQWRV 0H PXHYR HQ OD FiUFHO FRPR OR *9)$"1:"+$4$;"8$;"86)9'1;P":6:39"*1";1:+(4$"+1F$'>"#'1$"]61"89;"%1';$:9;";(1:+1:"F_" 931'39F(1:+$"&"F(;"41;1$;"41"3$F%9'+('"&"3$:;+'6('"Q6:+9;"6:"1;%93($"(:1Z(;+1:+1> 59'9" 1:+1:41'" 6:9" %9'+1" 418" +'979Q$" 41" %1'T$'F9:31" 3$:;(41'$" (F%$'+9:+1" *9789'" ;$7'1" 98)6:9" 41" 89;" %1'T$'F9:31" 41:+'$" 41" 8$;" 1;%93($;" 41" 1:3(1''$>" #$F%9'+('V" 6:9" %9'+1"41"89"%1'T$'F9:31"+(+68949"dU9"D$2(9f"]61"'198(3V"1:"18"9A$",--H"1:"89;";()6(1:+1;" 3^'3181;" 41" 89" #(6494" 41" =VZ(3$/" 5'121:+(2$" b'(1:+1P" 5'121:+(2$" D$'+1P" #1:+'$" 41" \1949%+93(E:" 0$3(98" h9'$:(8" 1:" 09:+9" =9'+*9"S39+(+89" &" 51:(+1:3(9'(9" 41" *$F7'1;" 1:" 09:+9"=9'+*9"S39+(+8^>" S"3$:+(:693(E:"3(+$"41"F("4(9'($"%1';$:98/ @:"dU9"D$2(9f"1:+'V"21;+(49"41"789:3$"9"89"%1:(+1:3(9'(9"41"*$F7'1;"1:"89"#(6494"41" =VZ(3$"1:"09:+9"=9'+*9"S39+(+8^B>"
($%+E1E*-6F%&0('E5+E&5+/%&5(5"EGH"I
N.
@:"89"%1:(+1:3(9'_9"89;"F6Q1'1;"]61"(79:"41"2(;(+9"9"21'"9";6;"%'1;$;"1;+979:"F6&" ;$'%'1:4(49;P"98)6:9;"F$81;+9;"F1"%'1)6:+979:l"pm6(V:"+1"4($"18"%1'F(;$"%9'9"39;9'+1" 41" 789:3$q" o$" (:+1:+979" 1Z%8(39'81;" ]61" F1" 39;9'_9" 1:" 6:9" %1'T$'F9:31" %1'$" :$" 8$" 3$F%'1:4_9:>"
" "
`()6'9".>"51'T$'F9:31"dU9"D$2(9f>"\1386;$'($"D$'+1"41"*$F7'1;P"3(6494"41"=VZ(3$ `$+$/"S'3*(2$"U9"U8139>",--H
S8" 881)9'" *9;+9" 4$:41" ;1" 1:3$:+'979:" 8$;" *$F7'1;" 1;%1'9:4$" 89" %1'T$'F9:31P" 81;" ;9864$"3$:"F63*$")6;+$"41"1;+9'"1:+'1"188$;>"C:(3($"*9789:4$"931'39"41"F("1Z%1'(1:3(9" 1:" 89" 3$813+(29" U9" U8139P" 81;" 361:+$" 3$F$" 881)6V" 9" +'979Q9'" 9" 6:$" 41" 8$;" '1386;$'($;" 9" +'92V;"41"89;"*(;+$'(9;"41"2(49>""U1;":9''$"3$F$"3$:;+'6(F$;"6:9"3$F6:(494"1:"4$:41" UHÃ&#x20AC;H[LRQDPRV VREUH OD VLWXDFLyQ HFRQyPLFD VRFLDO \ FXOWXUDO GH XQD VRFLHGDG FRPR 89" F1Z(39:9" 3$:" T61'+1;" %'$781F9;" 13$:EF(3$;P" 3$:+'94(33($:1;" 368+6'981;" &" ;$3(981;P" 3$:"6:9"4$781"F$'98P"6:"T61'+1"'93(;F$P"1+3>"5$:)$"1Q1F%8$;"41"8$;"*$F7'1;"]61"*9:" +'979Q94$"3$:F()$"41:+'$"41"89"%'(;(E:P"&"41":61;+'9;"1Z%1'(1:3(9;>"g9)$"6:"F9%9"3$:" )(;"1:"18"%(;$P"F1"F612$"1:+'1"188$;>"0(1:+$";6;"F('949;"&"1F%(1W$"9"1:3$:+'9'F1";6;" $Q$;" 1:" F(;" $Q$;>" =1" *6181:P" F1" ;(1:+1:" &" F1" F$+(29" ;6" 9+1:3(E:>" U1;" *978$" 41" 8$;" +1F9;"]61"97$'49F$;"1:"18"+'979Q$"3$:+(:6$/"89"3$F6:(393(E:":$"2($81:+9P"89"1Z386;(E:P" 89;"'1893($:1;"41"%$41'"&"89"1Z%8$+93(E:>"C:+1:+$"]61"1:+(1:49:"3$F$"3$:;+'6(F$;"6:9" UHODFLyQ GH FRQ¿DQ]D \ FRPXQLFDFLyQ D WUDYpV GH OD SHUIRUPDQFH 7DPELpQ OHV KDEOR GHO +'979Q$"]61"*931F$;"3$:"ORV FXLGDGRV HO DIHFWR \ HO UHFRQRFLPLHQWR KDFLD HOORV KDFLD OR TXH VRQ FDSDFHV GH SHQVDU UHÃ&#x20AC;H[LRQDU \ GHVDUUROODU HQ XQ DPELHQWH GH KXPDQLGDG \ VROLGDULGDG>"=(1:+'9;"*978$P";93$"6:"'13(%(1:+1"3$:"3'1F9"&"F1"931'3$"9";6;"361'%$;" %9'9"6:+9'89"1:"98)6:9;"%9'+1;l"7'9W$;P"F9:$;P"36188$"&"39'9>"U$;"+$3$"98)6:9;"2131;" ;6921" $+'9;" 2131;" F^;" T61'+1>" U61)$" ;93$" 6:" '13(%(1:+1" 3$:" 8$3(E:" &" *9)$" 8$" F(;F$" ]61" 3$:" 89" 3'1F9" %1'$" ;1" 89;" %$:)$" %'(:3(%98F1:+1" 1:" 18" 36188$" &" 89" :639>" 0(1:+$" 18" :1'2($;(;F$"41"98)6:$;P"89"(:]6(1+64"1:"$+'$;P"&"1:"F63*$;P";$'%'1;9"&"%8931'> 3DUD ¿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
!"#$%&'()&(#$*("&+,-+.*$/&+*(&$(*//01$((2(""B-$+/(";</5+C"D($$&-' %1';$:9;"9"89;"]61"9F9F$;P"&"81;"361:+$"3$F$"1:+1:41F$;"89"3$:;+'633(E:"418")V:1'$" HQ QXHVWUD VRFLHGDG \ ODV UHÃ&#x20AC;H[LRQHV TXH UHVXOWDQ GH WUDEDMDU FRQ HO WHPD 2WURV SUHVRV 4(;1A9:"F1:+98F1:+1";6"T$+$)'9T_9"&"9:(F94$;"%'$3141F$;"9"+$F9'89;>"<:$;"F1"+$F9:" 1:"7'9W$;P"$+'$;"3$8$39:";6":9'(W"%1)949"9"89"F_9>"S8)6:$;"]6(1'1:"]61":$;"+$F1F$;" 41"89;"F9:$;"&"F('9:4$"*93(9"89"3^F9'9>"b+'$;"41;19:"]61":$;"+$F1F$;"89"T$+$"3$:";6;" 9F()$;"98'1414$'> /D SDUWH ¿QDO GH OD SHUIRUPDQFH HV ODUJD SDUHFLHUD TXH QR SRGHPRV GHMDUQRV ]61" *67(V'9F$;" 1;+94$" F63*$" F^;" +(1F%$" 3$:2(2(1:4$" 3$:" 188$;>" h(1:1" 89" %'1)6:+9" '136''1:+1/"p#6^:4$"2$821'^;q"D$"]6(1'$"1:)9A9'81;P"&"81;"1Z%8(3$"]61":$"%614$"2$821'" %$']61" +'979Q$" 1:" $+'$;" 1;%93($;" 41" 1:3(1''$>" @:+'1" 97'9W$;" T61'+1;" &" ;$:'(;9;" :$;" GHVSHGLPRV PH DJUDGHFHQ HO HQFXHQWUR \ \R QR SXHGR PDUFKDUPH (QWUH FKLÃ&#x20AC;LGRV \ 9%896;$;" 39F(:$" *9;+9" 881)9'" 9" 89" ;98(49" 41" 89" %1:(+1:3(9'(9" 41" 89" #(6494" 41" =VZ(3$P" 1;363*$"9"8$"81Q$;"rm6V"2(29"89":$2(9s"@;+$&"F6&"3$:F$2(49k
" "
`()6'9","&"R>"51'T$'F9:31"dU9"D$2(9f>"51:(+1:3(9'(9"41"09:+9"=9'+*9"S39+(+89P"#(6494"41"=VZ(3$ `$+$/"S'3*(2$"U9"U8139>",--H
?0#"$5)-5,@",$)5&5$)5-2)e$4$;" 8$;" +1F9;" ]61" 41;9''$88$" 1:" F(;" %1]61A$;" )'6%$;" 3$:" *$F7'1;P" F6Q1'1;" &" 94$81;31:+1;"41:+'$"41"89;"%'(;($:1;P";$:"9"%9'+('"41"F("%'$%(9"*(;+$'(9"&"41"F("2(21:3(9" 1:"89";$3(1494P"1:"89;"'1893($:1;"T9F(8(9'1;"&"1:"89;"'1893($:1;"41:+'$"41"89"6:(21';(494>" i1" 89" :,"*#"$&-/," 98" 9689" 6:(21';(+9'(9" *1" %$4(4$" +'9;8949'" 18" 9T13+$P" 89" %93(1:3(9P" 18" '13$:$3(F(1:+$"%$'"89;"T$'F9;"41"1Z%'1;(E:"41"8$;"&"89;"1;+64(9:+1;>" i1;41"F(;"(:(3($;"1:"89"%1'T$'F9:31"+'979Q1"3$:"89"1;%$:+9:1(494>"5'1T1'_"933($:1;" ]61":$"41%1:4(1'9:"41"89"+13:$8$)_9":("41"6:"9%6:+1"(:9F$2(781>"U$"F^;"(F%$'+9:+1"%9'9" F_"1;+979"1:"%$:1'"F("361'%$P"F("1:1')_9"&"F(;"41;1$;>"@:+$:31;"3$:"89"%1'T$'F9:31" 1Z%1'(F1:+V" 18" 41;9''$88$" 41" F63*$;" +1F9;" 3$:" 39;(" :(:)c:" '136';$" F^;" ]61/" F(" 1Z%'1;(E:P"F("F('949P"F("93+(+64"(:+1'1;949P"&"18"F$2(F(1:+$"41"F(;"F9:$;>"@;"1:+$:31;" ]61"3$F$"%'$T1;$'9"41;9''$88V"6:9"F9:1'9"41"%$:1'"1Q1F%8$;"1:"4$:41"F1"67(3979"9"F_" 3$:"1Z%1'(1:3(9;";1F1Q9:+1;"9"89;"]61"F(;"1;+64(9:+1;"2(21:>"5$'"6:"894$"F1"41;:64979" 3$F$"1:"89"3^'318"3$:13+9:4$"3$:"8$;";1:+(F(1:+$;"41"98)6:9;"41"89;"%1';$:9;"418")'6%$P"
($%+E1E*-6F%&0('E5+E&5+/%&5(5"EGH"I
NR
%$'"$+'$"894$"97'_9"18"+1F9"41"89;"'1893($:1;"Q1'^']6(39;"1:"89";$3(1494P"&"89;"'1893($:1;" 41"%$41'>"5$']61":$"1;"3$Fc:"]61"]6(1:"*9789"F61;+'1";6"%$;(3(E:"&"%9'+1"41";6"*(;+$'(9" %1';$:98>" S:+1;" 41" 89" F(+94" 418" ;1F1;+'1P" 89;" &" 8$;" 1;+64(9:+1;" ;(1:+1:" 89" :131;(494" WDPELpQ GH GHVQXGDUVH \ GH FRQHFWDU FRQPLJR SDUD WHQHU XQ DSUHQGL]DMH VLJQL¿FDWLYR U9"1Z%1'(1:3(9"41"3$:$31'"$+'$"F6:4$"3$F$"18"F6:4$"418"1:3(1''$"F1"%1'F(+1"*931'" %61:+1;" (F%$'+9:+1;" 41:+'$" 41" 8$;" 4(T1'1:+1;" 36';$;" ]61" (F%9'+$" 1:" 89" <:(21';(494" S6+E:$F9" 41" 89" #(6494" 41" =VZ(3$>" 5$'" 1Q1F%8$P" 1:" 18" 39;$" 41" 89" 9;():9+6'9" 41" ³6LJQL¿FDFLyQ FXOWXUD \ DUWH´ HQ OD TXH KDEODPRV VREUH HO RULJHQ GH ODV SDODEUDV \ GH 89;"(419;"]61":$'F9+(W9:"89";$3(1494P"81;"*978$"418"81:)69Q1"]61";1"6+(8(W9"1:"89"3^'318" 41"89"#(6494"41"=VZ(3$"?89;"&"8$;"%'1;$;"89"889F9:"89"d39:9fB>"o";("1;+$&"1:"18"36';$"41" dS:+'$%$8$)_9"41"89"#68+6'9"&"18"S'+1f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i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iCSB>" @;" (F%$'+9:+1" 3$F1:+9'" 9]6_" ]61" 89" F9&$'_9" 41" %1';$:9;" :$" 3$:$31F$;" :61;+'$;" 41'13*$;" 1:" 39;$" 41" 6:9" DSUHKHQVLyQ \ GHWHQFLyQ &RQ SUHSDUDFLyQ GHO HVSDFLR PH UH¿HUR D OD IRUPDFLyQ GH 89"3$813+(29"&"9"89"(:;+9893(E:"418"F(;F$"41:+'$"418"'1386;$'($P"1;"413('"9"89";1'(1"41" :1)$3(93($:1;"]61";1"+(1:1:"]61"*931'"%9'9"1:+'9'"98"86)9'"&"%9'9"89"%1'F9:1:3(9" 1:"18"F(;F$>"D$;"1;T$'W9F$;"%$'"3$:;+'6('"9"+'92V;"41"89"1Z%'1;(E:"&"18"9T13+$"6:" FRQRFLPLHQWR TXH QRV SRVLELOLWH D OD UHÃ&#x20AC;H[LyQ D DPEDV SDUWHV \ D PRYHUQRV GHO OXJDU HQ GRQGH QRV HQFRQWUDPRV R TXH SXHGD KDEHU XQ FDPELR &RQ FDPELR PH UH¿HUR D 89"+'9:;T$'F93(E:"41":61;+'9;"(419;";$7'1"89;"3$;9;P"89;"%1';$:9;P"&"89"2(49"3$:"89" ¿QDOLGDG GH WHQHU RWUD DFWLWXG TXH QRV SRVLELOLWH VHQWLU SHQVDU GHVHDU \ SRU VXSXHVWR 9F9'> ,>" i1;9''$889'"6:9";1;(E:"41"+'979Q$"4$:41"18";9864$";19"89"3$F6:(393(E:"418"41;1$"41" 1;+9'"3$:"188$;P"18")6;+$"41"21'81;"41":612$"]61";1"+'94631"1:"6:9"F('949"9T13+6$;9P" 6:9";$:'(;9"&"6:"97'9W$>"01:+9':$;"1:+'1"188$;P"31'39"41"188$;P"Q6:+$"9"188$;"1;"6:9" %9'+1"(F%$'+9:+1"418"+'979Q$"41"93$F%9A9F(1:+$>" R>" U9" %'1;1:+93(E:P" :$;" %1'F(+1" 6+(8(W9'" 89" F9:1'9" 41" +'979Q9'" ]61" *1" 41:$F(:94$" -5 #"-=A.5/$5)-5'"('+-5B+.#("+- &RQ OD SURSLD KLVWRULD PH UH¿HUR D DTXHOOD H[SHULHQFLD TXH KDV WHQLGR D WUDYpV GH ORV DxRV SULQFLSDOPHQWH GH ORV D ORV DxRV \
!"#$%&'()&(#$*("&+,-+.*$/&+*(&$(*//01$((2(""B-$+/(";</5+C"D($$&-' SRVWHULRUPHQWH GH ORV D ORV DxRV \ OD DGROHVFHQFLD 7DPELpQ OD MXYHQWXG HV 6:9"1+9%9"(F%$'+9:+1"41"+$F9'"1:"361:+9"%9'9"*931'"%61:+1;"3$:"89;"*(;+$'(9;"41"89;" %1';$:9;"3$:"]6(1:1;"+'979Q9F$;>"i1"*13*$"&$"6+(8(W$"1Q1F%8$;"41"F("2(49"%'1;1:+1P" 1;+$"F1"%1'F(+1"41;:649'F1P"%$:1'"18"361'%$P"%9'9"]61"98)6:9;"%1';$:9;"%6149:" UHÃ&#x20AC;H[LRQDU VREUH VX VLWXDFLyQ FRPSOHMD 0H SDUHFH TXH SDUD WUDEDMDU FRQ OD SURSLD KLVWRULD HV LPSRUWDQWH KDEHU SDVDGR SRU OD UHÃ&#x20AC;H[LyQ GH ORV PDOHVWDUHV TXH WH KLFLHURQ +1:1'" 6:9" 41+1'F(:949" 93+(+64P" 1:+1:41'" " 9" +'92V;" 41" 89;" +1$'_9;" T1F(:(;+9;" ]61" 1'9"8$"]61"+1"4$8_9"&"3$F$"881)$"1;1"4$8$'"9"+6"2(49P"%1'$"+9F7(V:"1:+1:41'"&"3'11'" ]61"*67(1'$:"%1';$:9;"1:"+6"39F(:$"]61"+1"F('9'$:"&"+1"7'(:49'$:"36(494$P"9T13+$P" 9+1:3(E:" &" '13$:$3(F(1:+$>" a'93(9;" 9" 89" (''6%3(E:" 418" T1F(:(;F$" &" 9" 89" '16:(E:" 41" 6:")'6%$"41"F6Q1'1;"]61";1"1:3$:+'9'$:"1:+'1";_"&"]61"'13$:$3(1'$:"18"41'13*$"41" 1;+9'"Q6:+9;P"d;1"9''$)E"89"T98$3'93(9P"$"9:4'$3'93(9P"$"%9+'(9'394$P"3$F$"18";(;+1F9" 41"4$F(:93(E:"41"8$;"*$F7'1;"&"418";(F7$8(;F$"418"T98$";$7'1"89;"F6Q1'1;f"?a9')988$P" ,--N/,GB" N>" i1%1:4(1:4$"418":cF1'$"41"%9'+(3(%9:+1;":$;"4(2(4(F$;"1:")'6%$;>"5$'"1Q1F%8$/"6:" )'6%$" 1;" 18" 41" %1'T$'F9:31P" $+'$" )'6%$" 18" 41" Fc;(39" &" $+'$" 18" 41" 49:W9>" @:" 3949" JUXSR ORV WHPDV VRQ OR PiV LPSRUWDQWH SDUD GHVDUUROODU UHÃ&#x20AC;H[LRQHV $OJXQRV GH ORV +1F9;" ;$:/" #$F6:(393(E:" :$" 2($81:+9P" '1893($:1;" 41" %$41'P" &" 1Z386;(E:>" i6'9:+1" 89;" ;1;($:1;" 81;" (:2(+9F$;" 9" *9789'P" 1;+^" %9'+1" 1;" 89" F^;" 3$F%81Q9" %$']61" 79Q$" 89" ;(+693(E:"41"(:2(;(7(8(494P"41"1Z386;(E:"&"41"9)'1;(E:"]61"*9:"2(2(4$"8$;"94$81;31:+1;" :$" %6141:" *9789'>" @:+$:31;" *9&" ]61" 1:+1:41'" 8$;" 3$:+1Z+$;" 41" 4$:41" %'$2(1:1:" &" +$F9'" 1:" 361:+9" 3698]6(1'" T$'F9" 41" %9'+(3(%93(E:>" #69:4$" F6121:" 89" 3971W9" D¿UPDQGR FXDQGR WH PLUDQ FRQ LQWHUpV FXDQGR VRQUtHQ FXDQGR VH UHODMDQ GH WDO T$'F9"]61"3(1''9:";6;"$Q$;>"@;"413('P";1";(1:+1:"3EF$4$;"&"9")6;+$P"*9:"41Q94$"18" +1F$'"9"6:"894$"&"*9;+9"8$)'9:"4$'F(';1"1;363*9:4$"6:"+$:$"41"2$W"]61"81;"7'(:49" FRQ¿DQ]D \ VHJXULGDG
" "
`()6'9"N"&"O>"#1:+'$"41"i(9):E;+(3$"%9'9"S4$81;31:+1;"1:"89"#(6494"41"=VZ(3$> `$+$/"S'3*(2$"U9"U8139>",-..
C(6"$5$)5"$,(0(,+7+$0#( b+'$"%61:+1"]61"*1"%$4(4$"*931'"1:+'1"89"3^'318"&"18"9689"1;"89"(F%$'+9:3(9"41"'13$:$31'" 89"1Z%1'(1:3(9P"89";1:;(7(8(494"&"89"39%93(494"]61"+(1:1:"89;"%1';$:9;"3$:"]6(1:1;"+'979Q$" %9'9"41;9''$889'"%'$%61;+9;"9'+_;+(39;> @:"18"F1;"41"Q68($"418"9A$",-.."81"*(31"6:9"1:+'12(;+9"9"#(%'(9:$"?;164E:(F$B"]6(1:" *931"6:"9A$";98(E"41"%'(;(E:>"#(%'(9:$"1;+62$"+'1;"9A$;"1:"89"3$813+(29"U9"U8139"41:+'$"418" #1:+'$"41"\1949%+93(E:"0$3(98"h9'$:(8"1:"09:+9"=9'+*9"S39+(+8^P"&"3$:+(:c9"+'979Q9:4$" 41;41";6";98(49"3$:"89"3$813+(29"41:+'$"41"86)9'1;"41"1:3(1''$"%9'9"94$81;31:+1;>"
($%+E1E*-6F%&0('E5+E&5+/%&5(5"EGH"I
NO
" "
)LJXUD 3HUIRUPDQFH ³ UHRV GLMHURQ´ #1:+'$"41"\1949%+93(E:"0$3(98"h9'$:(8"1:"09:+9"=9'+*9"S39+(+89P"#(6494"41"=VZ(3$ `$+$/"S'3*(2$"U9"U8139>",--H
DE2@0#-.5=$,$.5&5,2@0#(5#+$7'(5B-.5$.#-/(5'"$.(F +H HVWDGR GRV YHFHV OD SULPHUD SRU URER DJUDYDGR FRQ XQD VHQWHQFLD GH GRV DxRV \ VHLV PHVHV GHO GH PDU]R GHO DxR DO GH VHSWLHPEUH GHO DxR < HO RWUR LQJUHVR IXH GH FXDWUR DxRV \ VHLV PHVHV SRU URER FDOL¿FDGR GHO GH IHEUHUR GHO DO GH DJRVWR GHO DxR D?05/30/$5,"$,+.#$F <R QDFt HQWUH OD FDOOH GH 0DWDPRURV \ OD FDOOH GH -HV~V &DUUDQ]D HQ 0DWDPRURV QR HQ HO FRUD]yQ GHO EDUULR GH 7HSLWR HQ OD &LXGDG GH 0p[LFR DE37(5$"-5#25=+/-5$05)-5,-))$F $O SULQFLSLR WHQtD TXH FXPSOLU FRQ OD LGHD GH PDQWHQHU D PL PDPi \ D PLV GRV KHUPDQRV 7DPELpQ UHSURGXFtD OD LGHD GH FRPSHWHQFLD TXH VH WLHQH HQ ORV EDUULRV \ HQ OD FODVH EDMD 7HQtD TXH YHQGHU GURJD WHQtD TXH HVWDU ELHQ YHVWLGR SDUD VHU UHFRQRFLGR XVDQGR URSD \ FRVDV GH PDUFD %XVFDED OD PDQHUD GH VREUHYLYLU \ GH WHQHU GLQHUR 'HMH ORV HVWXGLRV HO ~OWLPR DxR GH VHFXQGDULD SRUTXH \D KDEtD UREDGR \ KDEtD REWHQLGR GLQHUR HQWRQFHV QR PH LQWHUHVDED HVWXGLDU 0H KDEtD LPSDFWDGR WHQHU FRVDV PDWHULDOHV \ OD LGHD GHO YtQFXOR IDPLOLDU 1R FRQRFHPRV HQ HO EDUULR HO WpUPLQR GH SDWULDUFDGR WDPSRFR KDEODPRV GH FRPXQLFDFLyQ YLROHQWD \ PDFKLVPR 1R QRV GDPRV FXHQWD GH FyPR YLYLPRV GLFKRV WpUPLQRV \ FRPR ORV UHSURGXFLPRV $ OD HGDG GH DxRV DO VHQWLUPH UHVSRQVDEOH GH ODV QHFHVLGDGHV IDPLOLDUHV SHQVDED TXH SRGtD GHFLGLU SRU Pt PLVPR VLQ OOHJDU D FRPXQLFDUPH FRQ PL PDGUH (Q HO EDUULR SHQVDPRV TXH OD JHQWH GH SRVLFLyQ PHGLD \ DOWD VRQ VXSHULRUHV \ SRU WDO UD]yQ FUHFHPRV FRQ HQRMR \ UHVHQWLPLHQWR DO VHU H[FOXLGRV SRU HOORV 3RU HVWD UD]yQ PH SDUHFH TXH HVWDPRV WRGR HO WLHPSR FRPSLWLHQGR HQWUH QRVRWURV &XDQGR VH VHSDUDURQ PL PDGUH \ PL SDGUH \R WHQtD XQ DPLJR PD\RU VX SDGUH \ PL SDGUH HUDQ PX\ EXHQRV DPLJRV HOORV IXPDEDQ PDULKXDQD <R SRU VDOLU GHO EDUULR \ FRQRFHU RWURV OXJDUHV PH MXQWDED FRQ JHQWH PiV JUDQGH PH GDEDQ VHJXULGDG OXHJR HPSHFp
!"#$%&'()&(#$*("&+,-+.*$/&+*(&$(*//01$((2(""B-$+/(";</5+C"D($$&-' D YHQGHU PDULJXDQD \ GHVSXpV FRFDtQD 3RVWHULRUPHQWH YLQR HO FRQVXPR GH DPEDV 9HQGtD ELHQ \ SDUD PDUFDU WHUUHQR WXYH TXH DFWXDU GH PDQHUD YLROHQWD 'RUPtD HQ KRWHOHV \ XQD YH] PH TXHGH HQ OD FDOOH GURJDGR 7RGR HO WLHPSR HVWDED FDPLQDQGR \ UREDQGR D:-,$5,2@0#(5#+$7'(5))$G-.#$5-5)-54)$,-F 'HVGH MXQLR GHO DxR HQ HO &HQWUR GH 5HDGDSWDFLyQ 9DURQLO GH 6DQWD 0DUWKD $FDWLWOD HQ OD &LXGDG GH 0p[LFR DH2A5"$,2$"/-.5/$)5'"+7$"5$0,2$0#"(5,(05)-54)$,-F 5HFXHUGR TXH HVWDED HO JUXSR VHQWDGR HQ FtUFXOR YL D /RUHQD D )HUQDQGR D $GULDQD \ D -XDQLWR 5HFXHUGR TXH KDEODEDQ GHO WHPD GH OD IDPLOLD \ OD VRFLHGDG DE2@)5<2$5#25'"+7$"-5+7'"$.+305/$)5G"2'(F )XH XQD LPSUHVLyQ KXPDQD GLIHUHQWH D FRPR VH KDEOD HQ ORV RWURV JUXSRV GH WpFQLFRV SHQLWHQFLDULRV +DEODEDQ GH PDQHUD VLQFHUD \ QDGD LQVWLWXFLRQDO SRUTXH ORV \ ODV WpFQLFRV WH SLGHQ TXH OHV KDEOHV GH XQD PDQHUD IRUPDO 8VWHGHV GDEDQ FRQ¿DQ]D +DEtD XQ DPELHQWH GH LJXDOGDG QR VH VHQWtDQ ODV GLIHUHQFLDV 1LQJXQD PXMHU HQ OD FiUFHO VH DWUHYtD D KDEODU GH ORV UROHV GH OD PXMHU HQ OD VRFLHGDG \ GH FyPR KD VLGR OD H[FOXVLyQ GH ODV PXMHUHV (QWRQFHV \R LED HQWUDQGR HQ XQ HVWDGR GH FRQVFLHQFLD \ GH FRQ¿DQ]D SRU OR FXDO SXGH URPSHU FRQ EDUUHUDV GH VRPHWLPLHQWR TXH KDEtD HQ PL SHUVRQD \ YLROHQFLD TXH HVWDED YLYLHQGR MXVWR HQ HVH PRPHQWR $OJR PX\ LPSRUWDQWH HQ HVH SULPHU HQFXHQWUR HV HO UHFRQRFLPLHQWR TXH VH PH KL]R SRU OD VHQVLELOLGDG \ HO DIHFWR TXH SRGtD WUDVPLWLU \D TXH HVWDED LQWHQWDQGR UHVFDWDU PL VHU 38$&-#6 DE2@)$.5,(0.+/$"-.5I2$5.(05)-.5'"+0,+'-)$.5,-"-,#$"*.#+,-.5/$)5#"-6-8(5/$5)-54)$,-F (Q PL FDVR HO WUDEDMR GH OD FRPXQLFDFLyQ QR YLROHQWD IXH PX\ LPSRUWDQWH URPSLHQGR MHUDUTXtDV GH SRGHU HQWUH LQWHUQRV \ FXVWRGLRV 2WUD IXH HO URPSHU FRQ OD LGHD GH DSURSLDFLyQ GH ODV SHUVRQDV TXH WH OOHYDQ D HVWDGRV HPRFLRQDOHV PX\ IXHUWHV HQ HO SDWULDUFDGR \ SRU VXSXHVWR SHQVDU VREUH OD LJXDOGDG HQWUH ODV SHUVRQDV HQ HVWH FDVR SUHVRV \ WUDEDMDGRUHV GH OD LQVWLWXFLyQ (O UHFRQRFLPLHQWR KXPDQR HV XQD GH ODV SULQFLSDOHV FDUDFWHUtVWLFDV \ HO WUDEDMR FRQ HO DIHFWR SDUD SRGHU HQFRQWUDU RWUD DOWHUQDWLYD GH YLGD \ QR VHJXLU UHSURGXFLHQGR OD HGXFDFLyQ PDFKLVWD \ YLROHQWD \D TXH FXDQGR VH LED OD /OHFD WRGR YROYtD D OD QRUPDOLGDG \ \R LED PRYLpQGRPH SRU ORV HVSDFLRV GH PDQHUD TXH QR PH HQIUHQWDUD QL PH HQIUHQWDUDQ DO FyGLJR GH ODV UHODFLRQHV GH SRGHU \ GH H[FOXVLyQ KDFLD ORV GHPiV SUHVRV (Q OD /OHFD VH LQWHQWD UHVFDWDU OD LGHD GH OD DXWRQRPtD GH ODV SHUVRQDV 6H EXVFD XQD VHQVLELOL]DFLyQ \ XQD FRQVFLHQFLD VRFLDO GHVGH ODV GLIHUHQWHV SRVLFLRQHV VRFLRFXOWXUDOHV (O DFRPSDxDPLHQWR GHQWUR GH OD FiUFHO \ DIXHUD GH HVWD HV PX\ LPSRUWDQWH SRUTXH OHV LQWHUHVD IRUWDOHFHU HVWD LGHD GH VROLGDULGDG QR VyOR HQ OD YLGD FRWLGLDQD VLQR TXH VH WUDQVPLWD HQ OD IDPLOLD \ FRQ ODV SHUVRQDV GH VX DOUHGHGRU HQ ORV EDUULRV HQ ORV WUDEDMRV ,5/6%
($%+E1E*-6F%&0('E5+E&5+/%&5(5"EGH"I
NJ
'HQWUR GHO UHFRQRFLPLHQWR SDVD DOJR TXH PH LPSUHVLRQD &XDQGR W~ PH GLMLVWH TXH SRGtD HVFULELU ELHQ \ WH GLVWH FXHQWD GH PL PDQHUD GH GLEXMDU \R PH OR FUHt (QWRQFHV SXGH GHVDUUROODU PL FUHDWLYLGDG \ WUDVPLWLU HVWD PDQHUD FRQ PXFKRV GH PLV FRPSDxHURV GH OD ]RQD HVWR IXH PX\ LPSRUWDQWH SDUD PL SURFHVR /R TXH VXFHGLy IXH TXH HQ OXJDU GH TXH ORV FROHJDV HVWXYLHUDQ FRQVLJXLHQGR SDUD OD GURJD H LQYLUWLHQGR FLQFR R VHLV KRUDV HQ GURJDUVH OHV GHFtD TXH SRGtDQ GLEXMDU \ OR ELHQ TXH OR KDFtDQ \ HOORV VH OR FUHtDQ FRPR \R $ Pt PH D\XGy PXFKtVLPR FUHHU TXH SRGtD KDFHU RWUDV FRVDV SRUTXH \R HUD 8-%$#-15"8#6 DH2A5,(0.+/$"-.5I2$5$.5)(57@.5+7'("#-0#$5'-"-5#"-6-8-"5,(05)(.5-/()$.,$0#$.F 6RQ PXFKDV FRVDV /RUHQD W~ OR VDEHV 3ULQFLSDOPHQWH VDEHU TXH HUHV ~WLO \ OHV SXHGHV DFRPSDxDU HQ VXV SURFHVRV (Q PL FDVR FRPSDUWR PL WUDEDMR SHUVRQDO \ PL VHQVLELOL]DFLyQ 7LHQHV TXH OOHJDU GHFLGLGR D WUDEDMDU FRQ HO DIHFWR <R OHV WHQJR FDULxR \ HQWRQFHV VXUJH OD FRQ¿DQ]D \ OD FRPXQLFDFLyQ SXHGH VHU SRUTXH FXDQGR HVWXYH UHFOXLGR PH GL FXHQWD GH OD QHFHVLGDG GH VHU UHFRQRFLGR DO LJXDO TXH FDGD XQR GH PLV FRPSDxHURV TXH HVWDEDQ HQ OD SULVLyQ DKt LQLFLR XQR GH PLV YLDMHV DO LQWHULRU MXQWR FRQ OD /OHFD (O WUDEDMDU FRQ HO WHPD GH OD FRQVWUXFFLyQ GH ODV ³0DVFXOLQLGDGHV´ PH KD SHUPLWLGR LU PiV DOOi GH PL HGXFDFLyQ PDFKLVWD KH DSUHQGLGR D DEUD]DU D RWUR KRPEUH \ TXHUHUOH DH2A5$.5)(5I2$57@.5#$5+0#$"$.-5/$)5#"-6-8(5,(05)(.5-/()$.,$0#$.F (QWHQGHU MXQWR FRQ HOORV TXH OD FRPXQLFDFLyQ QR WLHQH TXH VHU QHFHVDULDPHQWH YLROHQWD SDUD VREUHYLYLU HQ XQ PHGLR FRPSOHMR FRPR ORV PXFKRV GH ORV EDUULRV GH OD &LXGDG GH 7;<(/#6
E(0,)2.+(0$. =1"%9'131"]61"+9:+$"1:"F("+'979Q$"41"%1'T$'F9:31"3$F$"1:"F("+'979Q$"41"(:+1'21:3(E:" &"3$F$"%'$T1;$'9"F1"(:+1'1;9"89"3'193(E:"41"6:"2_:368$"9T13+(2$"&"41"3$F6:(393(E:"3$:" 89;"%1';$:9;>"@:"8$;"1;%93($;"41"1:3(1''$"(:21:+$"933($:1;"%9'9"F$+(29'"9"89;"%'1;9;"&" 9"8$;"%'1;$;"9"1Z%'1;9';1"&"*9789'P"%$'"1Q1F%8$"1:"89"%1'T$'F9:31"41"dU9"D$2(9f>"i1:+'$" 418"9689"41"89"6:(21';(494"*9)$"%61:+1;"41"8$;"+1F9;"9"41;9''$889'"3$:"F("%'$%(9"*(;+$'(9>" +DEOR GH PLV PDOHVWDUHV HV GHFLU PH GHVQXGR SDUD TXH VH VLHQWDQ LGHQWL¿FDGRV FRQ ;6;"*(;+$'(9;"%1';$:981;"&";6;"(:3$:T$'F(4941;"41:+'$"41"8$;"4(T1'1:+1;"^F7(+$;";$3(981;" 3$F$"89"T9F(8(9P"89"6:(21';(494"&";6;"'1893($:1;"%1';$:981;" @:"18"+'979Q$"41:+'$"41"89"%'(;(E:"&"1:"89"6:(21';(494"F1"(:+1'1;9"]61"41;3(T'1F$;"8$;" 4(;36';$;"%$'"F14($"41"8$;"36^81;":$;"3$:+'$89"18"1;+94$"9"+'92V;"41"89;"(:;+(+63($:1;/" T9F(8(9P" 1;36189P" F9+'(F$:($P" ()81;(9" &" 3^'318>"i1"98)6:9" T$'F9"76;3$" ]61" 3'19F$;" 1:" 89"%$;(7(8(494"41"+'9:;T$'F9'":61;+'9"'198(494"%1';$:98"9"%9'+('"418"+'979Q$")'6%98l"1:+'1" F6Q1'1;P")'6%$;"F(Z+$;"$"1:+'1"*$F7'1;P"1;+$"9"%9'+('"41"3$:$31'"$+'9;"F('949;"41"89"2(49" \ WUDEDMDU HQ OD PRGL¿FDFLyQ GH OD QXHVWUD b+'9" %9'+1" ]61" F1" (:+1'1;9" 41;9''$889'" 41:+'$" 41" 89" %'(;(E:" 3$F$" 1:" 89" 1;36189" 1;" 93$F%9A9'" 9" 89;" %1';$:9;" 9" 1:3$:+'9'" ;6;" %$+1:3(98(4941;P" 1:" 18" 39;$" 41" 89" 3^'318" 9" +'92V;" 418" 4(76Q$P" 89" %1'T$'F9:31P" 89" '94($" $" 89" (:21:3(E:" 41" Fc;(39>" @:" 18" 39;$" 41" 89" XQLYHUVLGDG SURSLFLR UHÃ&#x20AC;H[LRQHV D WUDYpV GH ODV OHFWXUDV TXH OHV SURSRQJR GH ODV SHOtFXODV &"8$;"2_41$;"]61"21F$;>"=1"F612$"+$4$"18"+(1F%$"41:+'$"418"9689"41"389;1;"%9'9"1;+9'" 31'39"41"+$49;"&"+$4$;"F(;"1;+64(9:+1;"98"()698"]61"8$"*9)$"1:"8$;"%1'T$'F9:31;"3$:"8$;"
!"#$%&'()&(#$*("&+,-+.*$/&+*(&$(*//01$((2(""B-$+/(";</5+C"D($$&-' %'1;$;"&"89;"%'1;9;>"#$:;(41'$"(F%$'+9:+1"]61";(1:+9:"F("1:1')_9P"]61"1;363*1:"F("2$W" 41;41"4(T1'1:+1;"^:)68$;P"]61";(1:+9:"F("361'%$"31'39"41";6;"361'%$;>" @:"18"%'$&13+$"U9"U8139"3$F$"1:"89"%'^3+(39"3$:"F(;"1;+64(9:+1;"41;9''$88$"89"%'$%61;+9" GH GHVHGXFDFLyQ &RQ ODV SHUVRQDV HQ HQFLHUUR UHÃ&#x20AC;H[LRQDPRV VREUH FyPR KD VLGR OD 3$:;+'633(E:"41"89";6Q1+$"F6Q1'P"418";6Q1+$"*$F7'1"&"418"361'%$"F9;368(:$"&"T1F1:(:$" HQ QXHVWUD VRFLHGDG 1RV SUHJXQWDPRV VREUH OD LGHQWL¿FDFLyQ GH SDWURQHV \ DQDOL]DPRV 3EF$";1")1;+9:>"e9F7(V:"%89:+19F$;"T$'F9;"41"'1;(;+1:3(9"41;41"89"1Z%8$'93(E:"&"96+$I $7;1'293(E:"41"89;"&"8$;"%'1;$;"9"+'92V;"41"4(T1'1:+1;"Q61)$;"&"1Q1'3(3($;"3$'%$'981;>"@:" 18"39;$"41"F(;"1;+64(9:+1;";6;3(+$"6:"4179+1";$7'1"3EF$":931:"89;"3$;9;"&"]6(1:1;"89;" QRPEUDURQ OXHJR UHÃ&#x20AC;H[LRQDPRV VL HVWDPRV GH DFXHUGR FRQ HVDV GHWHUPLQDFLRQHV \ TXH %'$%61;+9;"+1:1F$;"%9'9"93+69'"T'1:+1"9:+1"9]6188$"]61":$;"8(F(+9"%9'9"3$:$31'"$+'9;" $%3($:1;"41"2(49> U9"%1'T$'F9:31"41"dU9"D$2(9f"3$F$"$+'$"%1'T$'F9:31"889F94$"d#6F%819A$;"#$813+(2$f" :93(E"41"89"T61'+1"4(;3(%8(:9P"418"3$:+'$8"&"89"$%'1;(E:"]61"*9&"41:+'$"41"89"%'(;(E:>"@;+9;" 933($:1;" ;6')1:" 1:" 89" 7c;]6149" 41" 1;+'9+1)(9;" 41" 3$F6:(393(E:" &" 931'39F(1:+$" ]61" *(3(1'9:"%$;(781"6:"3$:+93+$":$"%1'F(+(4$"41:+'$"41"89"3^'318>"e9:+$"dU9"D$2(9f"3$F$"18" d#6F%819A$;"#$813+(2$f"T61'$:"18"86)9'"4$:41"%64(F$;"41;1;Q1'9']6(W9'"89;"'1893($:1;"&" %$:1'":61;+'$;"361'%$;"1:"18"31:+'$"418"931'39F(1:+$>"" i1;41" 18" %'(:3(%($" 41" F(" +'979Q$" 1:" 89;" %'(;($:1;" F1" (:+1'1;979" %$:1'" F(" 361'%$" %9'9" ]61" 9" +'92V;" 41" V8" *$F7'1;" &" F6Q1'1;" %64(1'9:" 2(2('" 1Z%1'(1:3(9;" ]61" 8$;" &" 89;" ;1:;(7(8(W9'9>"51:;V"]61"%$4_9";1'"1;9"(;89"4$:41";1"*9789'^"41"1F$3($:1;P";1:+(F(1:+$;" \ UHÃ&#x20AC;H[LRQiUDPRV VREUH OD VLWXDFLyQ GH GHVKXPDQL]DFLy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i1:+'$"41"89;"3^'3181;P"3$F$"1:"8$;"79''($;""41"79Q$;"'136';$;" 13$:EF(3$;"9"89;"%1';$:9;";1"81;"889F9"3$:"6:";$7'1:$F7'1"]61"F63*9;"41"89;"2131;" +(1:1:"]61"21'"3$:"98)c:"41T13+$"T_;(3$>"=63*$;"41"8$;"*$F7'1;"&"F6Q1'1;"1:"%'(;(E:"9" ]6(1:1;"*1"%$4(4$"93$F%9A9'"1:"4(T1'1:+1;"F$F1:+$;"41";6;"%'$31;$;";1"*9:"'1T1'(4$" FRQ HPRFLyQ DO KHFKR GH HVFXFKDU VX QRPEUH HQ PL YR] SDUD DOJXQRV VLJQL¿FDED XQD :6129"F9:1'9"41"'13$:$31';1"T61'9"41"6:"^F7(+$"41"9)'1;(E:"&"2($81:3(9"41:+'$"41"U9" U8139>
($%+E1E*-6F%&0('E5+E&5+/%&5(5"EGH"I
NH
5HIHUHQFLDV ELEOLRJUi多FDV J-"6(.-K5!95 ?,--GB>" ="5,% *,$(-(15&% ,-% 4#1% #/3,-5&% ,-% 7;<(/#>" #61':92939I#(6494" 41" =VZ(3$P"#9;9"j69:"5978$;P"<:(21';(494"S6+E:$F9"418"@;+94$"41"=$'18$;> L-",*-5E-0,)+0+K5M95?.HH-B>",QWURGXFFLyQ /D VRFLRORJtD GH OD &XOWXUD GH 3LHUUH %RXUGLHX @:"X$6'4(16P"5(1''1P"0$3($8$)_9"&"#68+6'9"?%%>"HIORB>"=VZ(3$/"a'(Q987$> L-"G-))(K55N9"?,--NB>",GHDV IHPLQLVWDV ODWLQRDPHULFDQDV>""=VZ(3$P"<:(21';(494"S6+E:$F9" 41"89"#(6494"41"=VZ(3$> 4-5 4)$,-9" ?,--GB>" &yPR KDFHPRV OR TXH KDFHPRV " #(6494" 41" =VZ(3$P" 5'$4633(E:" 14(+$'(98"S:9"h(3+$'(9"j(FV:1W"S>" ;-0/(O+K5 P95 (VWpWLFD FRWLGLDQD \ MXHJRV GH OD FXOWXUD 3URVDLFD XQR " =VZ(3$/" #bDS#<UeSI`bD#SI0()8$"KKC>
$UWtFXOR UHFLELGR DFHSWDGR
!"#$%&'()&(#$*("&+,-+.*$/&+*(&$(*//01$((2(""B-$+/(";</5+C"D($$&-'
!"#$%&%'()*#+,-.%/$%+/$0#+/-/ ,-..P"2$8>"N"?Q6:($B O.IRR"%%
!"#$%&'()*+",-../"01'2(3($"41"5678(393($:1;"41"89"<:(21';(494"41"=6'3(9>"=6'3(9"?@;%9A9B" C00D"14(3(E:"(F%'1;9/".GGHIHJHK>"C00D"14(3(E:"L17"?*++%/MM'12(;+9;>6F>1;M9%(B/".HGHIGNO,
S9'"86)9'"9"4649;" 5'$4633(E:"41"3$:$3(F(1:+$"&" %'T3+(39;"9'+U;+(39; V$'1+$"W8$:;$"W+(1:X9"Y
!"#$%&'()%*+*",-./$01+"*'2"3).+*0"*'"456%708"9#,34: ';1+%2<"+20$)0820('.0=>1+%28701
!"#$%&'"#$"$(&(")*$+#,(&--./0$(1$-,0,-.2.103,$4$5#6-3.-")$"#37)3.-")$$8$""?0('.0",20$)0",.%'$@+
!"#$%&'(%&)*(+*,-).(/0"(12*$,3)%*&(*4(5&*67"$'"(#&$(82)%9)%3(12#3)%3"(
W7;+'93+ Z*(;"1;;9&"'9(;1;"31'+9(:"%'$781F;"+*9+"389(F"9'+(;+(3"%'$463+($:P":$+"9;"$7Q13+;"$["\:$L814)1P" 76+"9;"9"[$'F"$["\:$L814)1"(+;18[>"]9'"['$F"3$:;(41'(:)"+*1";$86+($:"$["+*1;1"%'$781F;"(:"(+^;" ;(F%81"[$'F689+($:P"+*1"L$'\"(:+1:4;"+$"9')61"31'+9(:"9++(+641;"9:4"3$:+1_+698(X1";$F1"`61;+($:;" +*'$6)*" +*'11" ['9F1L$'\;" ;63*" 9;" +*1" %$;(+($:" $[" 9'+(;+(3" %'$463+($:" (:" +*1" 1%(;+1F$8$)(398" 2(1LP" +*1" 4(;+(:3+($:" 71+L11:" F$41;" 9:4" 9:98&;(;" +$$8;P" 9:4" +*1" %'$781F;" $[" +*1" %6'%$;1;" 9:4"1[[13+;>"](:988&P"L1"(:+'$4631"+*'11"3$:+1F%$'9'&"9'+(;+(3"%'$%$;98;P"%$;14"9;"1_9F%81;"$[" ;$F1"$["+*1"$6+8(:14"%'$781F;>
a1&L$'4; b1;19'3*P" \:$L814)1P" %$L1'P" L9&;" $[" 93+(:)P" 1_%1'(1:31P" %'$463+($:" $[" ;67Q13+(2(+&P" %9'+(3(%9+($:P"9'+(;+(3"%'93+(31;>
b1;6F1: @:"1;+1"1:;9&$";1"%89:+19:"3(1'+9;"%'$781FT+(39;"41"89"'1(2(:4(393(E:"41"89"%'$4633(E:"9'+U;+(39P" :$"3$F$"$7Q1+$"41"6:"3$:$3(F(1:+$P";(:$"3$F$"6:9"[$'F9"41"3$:$3(F(1:+$"1:";U"F(;F9>"V1Q$;" 41"3$:;(41'9'"89";$863(E:"41"1;+$;"%'$781F9;"1:";6";(F%81"1:6:3(93(E:P"18"+'979Q$";1"%'$%$:1" 9')6F1:+9'"98)6:9;"93+(+641;"&"3$:+1_+698(X9'"98)6:9;"%'1)6:+9;"%$'"F14($"41"+'1;"F9'3$;" 41"'1[1'1:3(9"3$F$";$:P"89"%$;(3(E:"41"89"%'$4633(E:"9'+U;+(39"1:"18"%9:$'9F9"1%(;+1F$8E)(3$P" OD GLVWLQFLyQ HQWUH ORV PRGRV \ ODV KHUUDPLHQWDV GH DQiOLVLV \ OD SUREOHPiWLFD GH ORV 多QHV \ ORV 1[13+$;>"5$'"c8+(F$";1"(:+'$4631:"+'1;"%'$%61;+9;"9'+U;+(39;"3$:+1F%$'T:19;P"3$F$"1Q1F%8$;" `61"[$'F689:"89;"361;+($:1;"%'1;1:+949;>
59897'9;"#8921 C:21;+()93(E:P" ;971'P" 3$:$3(F(1:+$P" %$41'P" F$4$;" 41" *931'P" 1_%1'(1:3(9P" %'$4633(E:" 41" ;67Q1+(2(494P"%9'+(3(%93(E:P"%'T3+(39;"9'+U;+(39;>
+(.'ABAC02D.%7+)A*'A%*'$.%*+*"AEF"G
Od
1234-#-))-.3,-5'-)$.2 $¿UPDU TXH ORV REMHWRV FXOWXUDOHV WLHQHQ YDORU VHUtD OR F(;F$"`61"413('"`61"8$;"+18e[$:$;"+(1:1:"3$:21';93($:1;>"" ?@:$P".HHR/".H,B
" "
Ĺ )LJXUD 'LEXMR HVTXHPiWLFR GH /RUHWR $ORQVR
/D SULPHUD GH ODV FXHVWLRQHV TXH DERUGD HVWH WH[WR JLUD HQ WRUQR D ODV GL¿FXOWDGHV SDUD FRQ¿JXUDU XQ FDPSR GLVFLSOLQDULR (Q HO SDQRUDPD HSLVWHPROyJLFR DFWXDO ORV VDEHUHV WDQWR QXHYRV FRPR DQWLJXRV UHGH¿QHQ VXV IURQWHUDV DQWH SURFHVRV FRQVWDQWHV GH *(7'(493(E:P"'1[$'F6893(E:"&"93+698(X93(E:>"@;+1"[1:EF1:$"9[13+9"9"+$4$;"8$;"TF7(+$;"418" FRQRFLPLHQWR SHUR SRGUtDPRV UHVDOWDU HVSHFt¿FDPHQWH HO FDVR GH OD SURGXFFLyQ DUWtVWLFD FRPR XQ EXHQ HMHPSOR GH LQGH¿QLFLyQ GHELGR D XQD WHQGHQFLD D WUDEDMDU HQ ORV PiUJHQHV 1:+'1"4(;3(%8(:9;"1"(:4(;3(%8(:9;"&"9"6:9;"%'T3+(39;"41"(:21;+()93(E:"79;949;"1:"Fe+$4$;" 1_%1'(F1:+981;> (VWD LGHD GH OD LQGH¿QLFLyQ VH HQFXHQWUD SUHVHQWH HQ ORV GLVFXUVRV \ ODV SUiFWLFDV 418"9'+1"3$:+1F%$'T:1$"`61";6')1:"41;41"6:9"3$:31%3(E:"41"9'+1"3$F$"29:)69'4(9"&"18" 1:+1:4(F(1:+$"41"89"%'$4633(E:"9'+U;+(39"3$F$"6:9"%'T3+(39"96+E:$F9"&"3'U+(39> @8" 9'+1" %6141" ;1'" 3$:;(41'94$P" 3$F$" 4(31" f(+$"W33$:3(P" 3$F$" 6:" g:$I39F%$h" )'93(9;" D OR FXDO HO DUWLVWD HV FDSD] GH WUDQVLWDU SRU RWURV FDPSRV DXWRGH¿QLGRV .i" 1:" 1;1"F(;F$";1:+(4$";1"1:361:+'9"89"2$X"41"j19:IV63"k$49'4"1:"18"3$'+$":"(;*,9(9#7,"( <#2#=";*"?.HHdB"369:4$"4(31/"gV9"368+6'9"1;"89"'1)89P"18"9'+1"1;"89"1_31%3(E:h. (Q WRGRV ORV FDVRV OD LQGH¿QLFLyQ SDUHFH LPSOLFDU XQ LQWHQWR GH IXJD GH ORV FDPSRV 41"[61'X9;P"39F%$;"4(;3(%8(:9'($;"418";971'"1;+97813(4$;"1:"89"e%$39"41"89"C86;+'93(E:>3 V9"94;3'(%3(E:"9"6:"39F%$"4(;3(%8(:9'($"%'$%$'3($:9"6:9"%$;(3(E:"41"%$41'P"%$'"+9:+$" OD GHV¿JXUDFLyQ GHO PLVPR QR SODQWHD VyOR XQ SUREOHPD HSLVWHPROyJLFR GH GH¿QLFLyQ GH 89":9+6'981X9"41"89;"%'T3+(39;"9'+U;+(39;P";(:$"[6:49F1:+98F1:+1"41";6"1;+9+6;>" V9"9;%('93(E:"418"9'+1P"1;"413('"41";6;"9)1:+1;P"41";1'"'13$:$3(4$;"3$F$"%'$463+$'1;" 41"3$:$3(F(1:+$"(F%8(39"6:9"863*9"%$'"81)(+(F9';1"1:"1;+1"$'41:P"36&$;"3'(+1'($;"41"298$'";1" 9;(1:+9:";$7'1"6:9"3$:31%3(E:"41"1;+1"3$:$3(F(1:+$"&9"93'14(+94$"&"Q1'9'`6(X94$P"36&$;" '136';$;"41"[$'F93(E:"&"3$:;1'293(E:";1"93$+9:"1:"8$;"F9'3$;"+1E'(3$;""1;+97813(4$;"&" 89"3(+9"9"96+$'(4941;>" 8QD IRUPD GH HYLWDU ORV SURFHVRV GH ¿MDFLyQ \ FODVL¿FDFLyQ GLVFLSOLQDULRV HV GHIHQGHU TXH HO DUWH VH IRUPXOD HQ FDGD REUD TXH LQYHQWD VX HVSDFLR LPDJLQiQGROR /D GL¿FXOWDG 1:+$:31;"'94(39"1:"F9:+1:1'"%'$31;$;"41"41;+1''(+$'(98(X93(E:"9"89"21X"`61";1"'1(2(:4(39" 89"%9'+(3(%93(E:"41"9'+(;+9;"1:"89"%'$4633(E:"41"3$:$3(F(1:+$;"&";971'1;>
!"#$%&'"#$"$(&(")*$+#,(&--./0$(1$-,0,-.2.103,$4$5#6-3.-")$"#37)3.-")$$8$""?0('.0",20$)0",.%'$@+ @8"9'+1";$7'1+$4$"(F9)(:9"&";1"(F9)(:9"9";U"F(;F$P"18"1;%93($"1:"18"`61";1"1_%1'(F1:+9P" FT;" 988T" 41" 6:" 39F%$" $" +1''(+$'($" (:;+(+6(4$P" ;1" %6141" 1:+1:41'" 3$F$" 6:" 3$:Q6:+$" 41" [6:3($:1;P"S1"#1'+96"41;3'(71"18"1;%93($"3$F$"6:"(+(:1'9'($"9"'13$''1'P"9"93+69'P"3$F$" g6:9";1'(1"4(;36';(29"41"$%1'93($:1;h"?S1"#1'+96P",---/".d.B>" @;+1"1;%93($"41"$%1'93($:1;":$";1"3$:;+(+6&1"1:"%'(294$";(:$"3$813+(29F1:+1"&";1" HQFXHQWUD VLHPSUH HQ PRYLPLHQWR FRPR ÀXMR QXQFD HVWiWLFR HQ WRWDO VLQWRQtD FRQ HO F6:4$"%$;+1813+'E:(3$"`61"41;3'(71"W%%946'9(P"1:"18"`61"89"(F9)(:93(E:";1"3$:;+(+6&1" 3$F$" *13*$" ;$3(98" &" 3$813+(2$P" 39%9X" 41" 3$:;+'6('" &" 413$:;+'6('" 6:9" F68+(%8(3(494" 41" PXQGRV HQ PRYLPLHQWR SDLVDMHV pWQLFRV ¿QDQFLHURV WHFQROyJLFRV PHGLiWLFRV H (41$8E)(3$;P"`61":$"881)9F$;"9""%1'3(7('"3$F$"$7Q1+$;"1;+T+(3$;>"?W%%946'9(P".HHH/",B @:+1:4(1:4$"89":$3(E:"41"39F%$"3$F$"gT'19"41"4179+1"41"3$:31%+$;h"?l98P",--H/" .-BP"89;"%'T3+(39;"9'+U;+(39;"+(1:41:"9"89"%'$4633(E:"41"1;%93($;"FE2(81;"FT;"`61"9"89" '1%'$4633(E:"41"6:"39F%$"&P"41"1;+9"[$'F9P"%6141:"3$:+'(76('"98"41;4(76Q9F(1:+$"41"8$;" F(;F$;"&"9"89"+'9:;893(E:"41"3$:31%+$;P"`61";1"+$':9:":EF949;"&"36&9"39%93(494"41" %'$%9)93(E:":$"3$:$31'1F$;"*9;+9"18"[6+6'$>" 56141";63141'""`61"8$;"39F%$;";1"1;+9781X39:P"&"8$;"3$:31%+$;"g:EF949;h";1"+$':1:" 1:+1;"41+1'F(:9:+1;"&"'1;+'(3+(2$;P"*93(1:4$"989'41"41";6"39%93(494"[6:493($:98P"%61;" FRPR HVFULEH 0LHNH %DO ³XQ EXHQ FRQFHSWR VLUYH SDUD IXQGDU XQD GLVFLSOLQD FLHQWt¿FD´ 3RU OR TXH KD\ TXH FRQRFHU \ DFWXDOL]DU LQGH¿QLGDPHQWH HO HVWDGR GH OD FXHVWLyQ \ SODQWHDU FULWHULRV GH D¿UPDFLyQ TXH QR SDVHQ SRU OD FRQVWUXFFLyQ GH YDOODV %'(29+(X9:+1;"41"6:"39F%$"97(1'+$>
6237)3,(0(,+5+$0#(3#8"98)$0#(3/$)3.-9$"6 59;9" `61" 18" 9'+(;+9" +9F7(e:" +(1:1" (419;P" %1'$" 1;" '9'$" `61" 89;"+1:)9";(;+1FT+(39F1:+1P"`61";1"*9&9:"3$81$%+1'(X94$"98" SXQWR GH HOLPLQDU FRPR OR KDFHQ ORV FROHySWHURV ¿OyVRIRV $" %$8U+(3$;" 9" " 39F7($" 41" %$41'" ():$'9'" +$4$" 8$" `61" :931" FT;" 988T" 41" ;6;" 989;" `6(:+(A$;9;P" 41" ;6;" %9+(+9;" 'U)(49;" &" 3$:+949;"&"%'13(;9;>" ?#$'+TX9'P".HJ-/".GRB"
V9";1)6:49"361;+(E:""'94(39"1:"8$"1F$3($:98"&"8$"'93($:98P"89"%$;(7(8(494"41"F$;+'9'"&"89" FDSDFLGDG GH GHPRVWUDU OR TXH LGHQWL¿FDPRV FRPR HVSRQWiQHR \ OR TXH SURFXUDPRV ;(;+1FT+(3$>"@;+9"4(;+(:3(E:"`61"*9"39'93+1'(X94$"89";1%9'93(E:"1:+'1"89;"3(1:3(9;"&"89;" 9'+1;";1"3$:+(:c9"1:"89"4(3$+$FU9"1:+'1"6:"+(%$"41"4(;36';$"`61"31817'9"89";67Q1+(2(494"&" 89"(:+1';67Q1+(2(494"&"$+'$"`61"'1389F9"6:(21';98(494"1"(:29'(97(8(494>" ]'1:+1"9"1;+9"4(3$+$FU9"1_386&1:+1P"%$41F$;"(:+1'%'1+9'"`61"1_(;+1:""4(;+(:+9;"F$4$;" 41" 2(:36893(E:" 1:+'1" 89;" %1';$:9;" &" ;6;" F6:4$P" 8$" `61" (F%8(39" '13$:$31'" :$" ;E8$" 89" %$;(7(8(494"41"%1:;9'"8E)(39F1:+1"418";1'"*6F9:$"3$F$"0*>*(9#?%"&9P";(:$";6;"$+'9;" [9368+941;" 7,$"&9@( 39%93(494" 1;+e+(39P" 4#-"2@( 39%93(494" e+(39" &" 32"#&9@" 39%93(494" *16'U;+(39"?=$'9X9"&"#61;+9P",-.-/"HB" V9"9F%8(93(E:"41"8$;"F$418$;"41"3$:$3(F(1:+$":$;"88129:"9"'1[$'F689'"18"%'$781F9" 418" Fe+$4$>" 01" +'9+9" 41" 1:3$:+'9'" Fe+$4$;" 3$:;1361:+1;" 3$:" 89" %'$%(9" (:21;+()93(E:P" PRGRV ~WLOHV SDUD DFHUFDUQRV DO REMHWLYR FRQ OD GL¿FXOWDG GH TXH PXFKDV YHFHV QR SXHGH ;1'"41+1'F(:94$;"9"%'($'(>"V$;"Fe+$4$;";$:"F$4$;"41"*931'"39')94$;"41"3$::$+93($:1;"
+(.'ABAC02D.%7+)A*'A%*'$.%*+*"AEF"G
OO
H LPSOLFDFLRQHV TXH UHTXLHUHQ VX DGHFXDFLyQ HVSHFt¿FD D FDGD FDVR \ SXHGHQ QR OOHJDU D IRUPDU ODV PHWRGRORJtDV H[LJLGDV GHVGH ORV SURFHGLPLHQWRV FLHQWt¿FRV WUDGLFLRQDOHV TXH H[LJHQ UHVXOWDGRV FRPSUREDEOHV 3RU OR FRP~Q LGHQWL¿FDPRV OR FLHQWt¿FR FRPR 8$" `61" 1;" 39%9X" 41" 49'" 1_%8(393($:1;" 9" +'92e;" 41" Fe+$4$;" &" $7Q1+(2$;P" :$" $7;+9:+1P" F63*9;" 1_%8(393($:1;" ;1" 4([1'1:3(9:" 41" (:+1'%'1+93($:1;" :$" +9:+$" %$'" ;6" $7Q1+(2(494" \ FRPSUREDELOLGDG VLQR SRU VX LQVFULSFLyQ FODVL¿FDFLyQ \ OHJLWLPDFLyQ HQ XQ FDPSR 4(;3(%8(:9'($"418"3$:$3(F(1:+$> V9" 4(F1:;(E:" " 3$):(+(29" 41" 89" 1_%1'(1:3(9" 9'+U;+(39" :$" %6141" 1:+1:41';1" 41;41" 6:" %89:+19F(1:+$"4(3$+EF(3$"1:+'1"g89;"3(1:3(9;"&"89;"9'+1;hP":("F63*$"F1:$;"1:";6"21';(E:" 93+698(X949" 41" g9'+1" &" +13:$8$)U9h>" 56141" ;63141'" `61" 18" ;6Q1+$" (:21;+()94$'" $7;1'21" ;6" $7Q1+$" &" 9" %9'+('" 41" 6:" 3$:Q6:+$" 41" Fe+$4$;" &" 6:9" 41+1'F(:949" [$'F9" 41" 9:T8(;(;" ?*1'F1:e6+(3$P" [1:$F1:$8E)(3$P" *16'U;+(3$mB" *9)9" %c78(3$" 6:" 1;+64($" `61" 81" 88121" 9"" )1:1'9'"6:"41+1'F(:94$"3$:$3(F(1:+$>"51'$"+9F7(e:"1;+9"$7;1'293(E:P"3$F$"$7;1'293(E:I %9'+(3(%9:+1"%6141"%'1;1:+9';1"41;41"6:"86)9'"1:"89"`61"18";6Q1+$"1;+T"(F%8(394$"U:+(F9" &" %1';$:98F1:+1" 3$:" ;6" $7Q1+$P" 36&9;" [$'F9;" 41" 9:T8(;(;" ;1" %89:+19:" 1:" 6:" %'$31;$" 4(98E)(3$" &" `61" ;1" 1_%'1;9" %$8(;eF(39F1:+1" 1:" 81:)69Q1;" :$" (:;+(+63($:98(X94$;" &" 41" 4([U3(8"+'94633(E:> <:9" 41" 89;" 9%$'+93($:1;" 41" 1;+9" $7;1'293(E:I%9'+(3(%9:+1" 98" 3$:$3(F(1:+$" 1;" 89" " 41" '1[$'F689'" 18" ;1:+(4$" 41" ;6Q1+$" &" $7Q1+$" 1:" 6:9" (:21;+()93(E:P" (:3$'%$'9:4$" 6:9" F68+(%8(3(494" 41" 298$'1;" 1:" '1893(E:" 3$:" 89" 3$:;+'633(E:" %1';$:98" &" ;$3(98" `61" 41;7$'49" +9:+$" 89" 8E)(39" '93($:98" 3$F$" 89" 8E)(39" 41" %$41'>" @8" ;6Q1+$" (:21;+()94$'" &" 18" $7Q1+$" 41" (:21;+()93(E:P" :$" ;E8$" ;$:" 3$:[6:4(4$;" 1:" 89;" %'T3+(39;" 9'+U;+(39;P" e;+9" 1;" 6:9" %'1$36%93(E:" 3$F%9'+(49" 3$:" $+'$;" 39F%$;" F1+$4$8E)(3$;" 41;41" 89" 4([6;(E:" 418" HVWUXFWXUDOLVPR TXH GH¿HQGH TXH GH¿QH OD HVWUXFWXUD SRU ODV UHODFLRQHV TXH JXDUGDQ VXV 181F1:+$;"1:+'1";U>"5$41F$;"3$:;(41'9'"`61";6Q1+$"&"$7Q1+$P"$7;1'294$'"&"$7;1'294$P" 1;+T:"3$:[$'FT:4$;1"F6+69F1:+1"1:"1;+1";(;+1F9P"41"8$"`61";1"41'(29:"4$;"361;+($:1;" 7T;(39;/"89")1;+(E:"41"1;9"$7Q1+698(X93(E:"41"%1';$:9;P"%'$31;$;"$")'6%$;"&"98"'12e;P" OD LQÀXHQFLD TXH HO VXSXHVWR REMHWR GH LQYHVWLJDFLyQ WLHQH HQ HO VXMHWR FRQIRUPDQGR GH PDQHUD GH¿QLWLYD VX FRQWRUQR
/D ~QLFD ¿QDOLGDG DFHSWDEOH /D ~QLFD ¿QDOLGDG DFHSWDEOH GH ODV DFWLYLGDGHV KXPDQDV 1;"89"%'$4633(E:"41"6:9";67Q1+(2(494"`61"96+$"1:'(`61X39" 41" F9:1'9" 3$:+(:69" ;6" '1893(E:" 3$:" 18" F6:4$>" ?mBno" %9'9" 39%+9'" 8$;" '1;$'+1;" U:+(F$;" 41" 1;+9" %'$4633(E:P" 1;9;" '6%+6'9;" 41" ;1:+(4$" 96+$" [6:494$'9;" 41" 1_(;+1:3(9P" `6(XT" 89"%$1;U9"+(1:1"*$&"FT;"%9'9"1:;1A9':$;"`61"89;"3(1:3(9;" 13$:EF(39;P"89;"3(1:3(9;"*6F9:9;"&"18"%;(3$9:T8(;(;"Q6:+$;p" ?k69++9'(P".HHR/".,B
&RPR WHUFHUD SUREOHPiWLFD PH JXVWDUtD SODQWHDU OD FXHVWLyQ GH OD H¿FLHQFLD \ GH OD 9%8(393(E:" 418" 3$:$3(F(1:+$>" @_(;+1" 6:9" +1:41:3(9" 9" 4(;+(:)6('" '94(398F1:+1" " 1:+'1" 89" (:21;+()93(E:"3$F$"1;%136893(E:P"?g0971'"`6ehB"&"89"$'(1:+93(E:"%'T3+(39"418"3$:$3(F(1:+$" ?g0971'"3EF$h"$"ga:$L"*$LhB>"@;+9"1;"6:9"4(;+(:3(E:"4([U3(8"41"4(;31':('"1:"89"%'$4633(E:" DUWtVWLFD TXH LPSOLFD XQ VDEHU UHÀH[LYR TXH H[LJH OD E~VTXHGD GH UHIHUHQWHV FRQFHSWXDOHV %1'$"+9F7(e:"6:";971'"1_%1'(1:3(98"F6&";(+694$P"(:;1%9'9781"41"1F$3($:1;P";1:;93($:1;" &"$+'9;"29'(9:+1;";67Q1+(29;>
!"#$%&'"#$"$(&(")*$+#,(&--./0$(1$-,0,-.2.103,$4$5#6-3.-")$"#37)3.-")$$8$""?0('.0",20$)0",.%'$@+ &LHUWDPHQWH OD SRVLELOLGDG GH OHQJXDMHV QR H[SOtFLWDPHQWH FRGL¿FDGRV \ GLItFLOPHQWH WUDGXFLEOHV LPSOLFD GL¿FXOWDGHV D OD KRUD GH YDORUDU OD FRPXQLFDFLyQ SHUR D VX YH] (:+'$4631"$+'$;"F$4$;"41"F14(93(E:"&"[$F1:+9"%'$31;$;"41"4(268)93(E:"`61"'179;1:"9"89;" 3$F6:(4941;"93$+949;"1:"89;"4(;+(:+9;"1;%13(98(4941;>"01"+'9+9"41"[92$'131'"89"9%9'(3(E:" 41"6:"(:+1'8$36+$'P"93+$'"&"9)1:+1"41"6:"%'$31;$"41"3$:;+'633(E:"41"3$:$3(F(1:+$"1:"89" '198(494>(@:"1;+1";1:+(4$P"%$41F$;"'1(2(:4(39'"$+'9"21X"89"(F%$'+9:3(9"41"89"(F9)(:93(E:" 3$F$"[$'F9"3$813+(29"&"3$F$"%'$4633(E:"41"6:"3$:$3(F(1:+$P"+1:1'"1:"361:+9"`61"gV9" :9+6'981X9"41"(:21:+9'P":$"1;"4(;+(:+9"41"89"41"93$'49';1h(?b9:3(q'1P",-.-/".GB>" V9"(419"41"(:21;+()93(E:I3'193(E:P"3$:"89"`61"%$41F$;"'1893($:9'"89;"%'$4633($:1;" 9'+U;+(39;: SDUWH GHO FRQYHQFLPLHQWR GH TXH WRGD UHÃ&#x20AC;H[LyQ GHEH FRQGXFLUQRV D XQD SUiFWLFD `61";E8$"1;"%$;(781"8$)'9'"9"+'92e;"41"6:9"(:+1'933(E:"3$:"8$;"41FT;>""V9"(:21;+()93(E:I 3'193(E:"(F%8(39"%$'"+9:+$"6:3%'$31;$"41"'1893(E:"1:+'1"29'($;"9)1:+1;"1:"18"`61";1'U9" GLItFLO DGHODQWDU XQ SXQWR ¿QDO ³LQ SURJUHVV´ (O HVWDGR VLHPSUH HQ SURFHVR GH OR TXH %$4'U9F$;" 889F9'" (:21;+()93(E:" 1:" 89;" %'T3+(39;" 9'+U;+(39;" :$" (:298(49" ;(:" 1F79')$" 89" %$;(7(8(494" 41" )1:1'9'" %'$463+$;" 3$:+(:)1:+1;" `61" %6141:" +$F9'" 89" [$'F9" 41" +1_+$;P" 4(T8$)$;P" 9:T8(;(;" +1E'(3$;P" 1897$'93(E:" 41" 1;`61F9;P" (:386;$" $+'$;" %'$314(F(1:+$;" $'()(:9'($;"41"89;"3(1:3(9;";$3(981;"3$F$";$:"1:+'12(;+9;P"89"3$:;+'633(E:"41"9'3*(2$;P"89" $')9:(X93(E:"41")'6%$;"41"+'979Q$P"1+3>"%1'$"1;+$;"'1;68+94$;"418"%'$31;$"+(1:1:"";$7'1" +$4$" 89" 39'93+1'U;+(39" 41" 1_%'1;9';1" 3$:" 181F1:+$;" 2(;6981;" &" F9+1'(981;" +981;" 3$F$" (FT)1:1;P" (:;+9893($:1;P" $7Q1+$;P" %1'[$'F9:31;P" (:+1'21:3($:1;" 6'79:9;P" F9+1'(981;" 964($2(;6981;P"1+3>"+'9:;F(;$'1;"41"6:9";1'(1"41"298$'1;"(:F9+1'(981;"&";(F7E8(3$;"`61" *9:"3$:;+(+6(4$"41;41";(1F%'1"18"$7Q1+$"41"8$"9'+U;+(3$>" @:" 1;+$;" 4(;%$;(+(2$;P" 89" '1%'1;1:+93(E:" &" 89" 4([6;(E:" ;1" %89:+19:" 3$F$" [93+$'1;" [6:49F1:+981;>"V9"$F:(%'1;1:3(9"41"89;"+13:$8$)U9;"41"89"3$F6:(393(E:"&"89"(:[$'F93(E:" :$;"$78()9"9"'1%1:;9'"89"361;+(E:"41"89"+e3:(39P"FT;"988T"41"6:9"4(F1:;(E:"F1'9F1:+1" [$'F98>"V$"+e3:(3$":$"1;"9Q1:$P"$%61;+$"$"3$F%81F1:+9'($"41"8$"3$:31%+698P"3$F$"&9"4($" 361:+9"r98+1'"l1:Q9F(:"1:"8$;"9A$;"d-"418";()8$"%9;94$P"89"+e3:(39"(F%8(39"3$:;(41'93($:1;" 41"8$;":(2181;"FT;"%'$[6:4$;"41":61;+'9"[$'F9"41"%1'3(7('"&"41"%1:;9'>" /R TXH SRGUtDPRV FRQVLGHUDU OD H¿FLHQFLDd" 418" 3$:$3(F(1:+$" %'$463(4$" %$'" 6:9" %'$%61;+9"9'+U;+(39P"'1;%$:41"9"%9'TF1+'$;""*1+1'$)e:1$;"&"3$F%81Q$;P"6:$"41"8$;"36981;" 1;"89"39%93(494"41"*931'"%c78(39"&"3$F%9'+('"98)6:9"41"89;"%9'+1;"41"89"(:21;+()93(E:>" @;+9" '131%3(E:" 1;" F6&" 4([U3(8" 41" 3$:;(41'9'P" +9:+$" 369:+(+9+(29" 3$F$" 3698(+9+(29F1:+1P" %1'$"%$41F$;"+1:1'"1:"361:+9"29'($;"[93+$'1;"3$F$";$:""9331;(7(8(494P"3$F6:(397(8(494" &"89"39%93(494"41"9[13+9';1> V9"9331;(7(8(494"9"8$;"F9+1'(981;"1;"6:9"361;+(E:"'189+(29"9"89"F14(93(E:"&"%$'"+9:+$" 31:+'98" %9'9" (:;+(+63($:1;" 9'+U;+(39;" &" $+'$;" F14($;" `61" '1)689:" 8$;" 9331;$;>"W8" +(1F%$" `61"*1F$;"2(;+$"F68+(%8(39';1"41%9'+9F1:+$;"%149)E)(3$;"1:"F6;1$;"&"31:+'$;"41"9'+1P" +9F7(e:"8$;"%'$&13+$;"9'+U;+(3$;";1"*9:"(:+'$463(4$"1:"8$;"F14(9P"1:"%89+9[$'F9;"8$3981;P" 1:"1;%93($;"14639+(2$;P"1:"(:+1':1+P"97'(1:4$"3$:"188$":6129;"%'$781FT+(39;"1:"18"4179+1" ;$7'1"89"%'$%(1494"(:+1813+698>" V9"3$F6:(397(8(494"$"3$F%'1:;(E:";1"%6141"'198(X9'"9"F63*$;":(2181;"&"1:"F63*$;" +$:$;P"41;41"8$"FT;"12$39+(2$"9"8$"FT;"1_%8(39+(2$P"41;41"%'$%61;+9;"FT;"3'U%+(39;"1:" ODV TXH ORV VLJQL¿FDGRV QR VRQ HQWHUDPHQWH FRPSDUWLGRV SRQLHQGR HQ GXGD OD LGHD GH (:21;+()93(E:"3$F$"93+(2(494"3$813+(29B"*9;+9"81:)69Q1;"F6&"8(+1'981;"1"(:;1'+$;"(:386;$" 1:"89;"4(;36;($:1;"9394eF(39;>" @8"86)9'"41"89"%'$4633(E:"9'+U;+(39"1:"18"39%(+98(;F$"3$):(+(2$P"(F%8(39"`61"F63*$;"41"
+(.'ABAC02D.%7+)A*'A%*'$.%*+*"AEF"G
OJ
8$;"298$'1;"9864(4$;"1:"1;+1"+1_+$P"3$F$"89"(F9)(:93(E:P"89"(F%'$2(;93(E:"$"89"39%93(494" '1893($:98P";19:"3$:;(41'94$;"%9'94()F9;"31:+'981;"41"1;+9"13$:$FU9"41"8$"(:F9+1'(98P" VRPHWLGRV D FRQVWDQWHV Ã&#x20AC;XMRV SRU SDUWH GH XQRV X RWURV DJHQWHV GH ORV PHUFDGRV 8Q 761:"1Q1F%8$"41"1;+9"+1:;(E:"41"+1''(+$'(98(X93(E:"&"41;+1''(+$'(98(X93(E:"418"F1'394$P"41" 39%+93(E:"$";6;+'933(E:"41"8$;"3$:+1:(4$;"1_%1'(1:3(981;P"1;""18"3$:+'$21'+(4$"%9%18"`61" Q61)9"18"3$:31%+$"41"g(::$293(E:h"?V9"g(h"F(:c;3689"41"8$;"%$%689'1;"%'$)'9F9;"41"CsSs(B" `61"3$F$"18"+e'F(:$"g3'19+(2$hP"12$39"6:9"3$:31%3(E:"%$;(+(29"41":61;+'9"(F9)(:93(E:" DO WLHPSR TXH HV KDELWXDOPHQWH HQWHQGLGD FRPR H¿FLHQFLD GH PHUFDGR (Q HVWH VHQWLGR 89" 7c;`6149" 41" (::$293(E:P" F63*9;" 2131;" [92$'131" 29'($;" [1:EF1:$;" `61" FT;" +(1:1" `61"21'"3$:"(:+1'1;1;";13+$'(981;"`61"3$:"89"(F9)(:93(E:"*6F9:9P"%'$781FT+(39;"+981;" FRPR OD DFHSWDFLyQ DFUtWLFD GH FULWHULRV LGHROyJLFRV OD IDVFLQDFLyQ LUUHÃ&#x20AC;H[LYD SRU ORV 929:31;"+13:$8E)(3$;P"9;U"3$F$"18"3$:;6F$"&"89"$7;$81;31:3(9"+9:+$"41"$7Q1+$;"&"F14($;" (::$294$'1;"3$F$"41""%1';$:9;"1"(419;> V9" 39%93(494" 41" ;1'" 9[13+94$;P" 41" 1F$3($:9':$;" &" 1F$3($:9'P" 41" " )1:1'9'" FT;" %'1)6:+9;"41;41"$+'9;"F('949;"&"41"'1[$'F689'"89;":$3($:1;"94`6('(49;P";1"41;9''$889"1:" XQ HVSDFLR FROHFWLYR FRQÃ&#x20AC;LFWLYR 6L TXHUHPRV WHQHU XQ SDQRUDPD FODUR GH ORV ³HIHFWRV´ \ g9[13+$;h"41"8$;";971'1;"%'$463(4$;"1:"89;"%'T3+(39;"9'+U;+(39;P"4171:"%9;9'"9"%'(F1'"%89:$" 41":61;+'9;"%'1$36%93($:1;P"89")1;+(E:P"89"4(;+'(763(E:"&"89"4([6;(E:"41"1;+$;"298$'1;>
;237)370#$3<"-0.'-"$0#$3
" "
Ĺ )LJXUD 'LDJUDPD GHO FROHFWLYR & $ 6 , 7 $
#$F$"1Q1F%8$N"41"6:9"41"89;"%$;(7(8(4941;"41"%'$4633(E:"41";971'P"18"+'979Q$"418"3$813+(2$" 9'+U;+(3$" #>W>0>C>Z>W>O" `61" 41;41" ,--RP" 9" +'92e;" 41" 89" F1+T[$'9P" A7( A&)"( /2#&9?#2"&)"@" OOHYDQ D FDER XQD LGHQWL¿FDFLyQ \ DUWLFXODFLyQ GH SUREOHPiWLFDV HQ WRUQR DO FRQFHSWR GH g+'979Q$h> V9"7c;`6149";1"%89:+19"1:"18"3$F%81Q$"F9'3$"41"'1[1'1:3(9"41"8$;"4(;+(:+$;"'189+$;" ;$7'1" 18" +'979Q$" `61" 3$:2(21:" 1:" 89" )8$798(X93(E:>" V9;" 4([1'1:+1;" 9%'$_(F93($:1;" 9" 8$;" +1F9;P" 41" 39'T3+1'" %9'3(98" &" ;67Q1+(2$P" %6141:" ;1'" 3$:+'9;+949;" [$'F9:4$" %9'+1" 3$:;+(+6&1:+1"41"6:""%'$31;$"3'19+(2$"9'+U;+(3$P"41"8$"`61"%$4'U9F$;"3$:;(41'9'"6:"%'$31;$" 41"(:21;+()93(E:I3'193(E:>"@;+1"%'$31;$P"*9")1:1'94$"*9;+9"18"F$F1:+$"29'(9;"%18U3689;P" SODQWHDGDV GHVGH OR GRFXPHQWDO \ OD ¿FFLyQ DVt FRPR XQD LQVWDODFLyQ S~EOLFD \ HVSDFLR 41"'16:(E:"`61"9871')E"89;"93+(2(4941;"418"3$813+(2$"1:"18"#1:+'$"#68+6'98"=9+941'$"41" =94'(4P"89"$7'9"4(;+'(76(49"B#=#(C"'2#"$"C*("9(32%9%9@("9(32D&%3*P"%'1;1:+949"1:",-.."1:" 89"0989"41"@_%$;(3($:1;"41"89"]9368+94"41"l1889;"W'+1;"?<#=B>R
!"#$%&'"#$"$(&(")*$+#,(&--./0$(1$-,0,-.2.103,$4$5#6-3.-")$"#37)3.-")$$8$""?0('.0",20$)0",.%'$@+ ]'1:+1" 9" 8$;" F$418$;" 41463+(2$;" $'+$4$_$;P" 89" (:21;+()93(E:I3'193(E:" `61" %'$%$:1" 1;+1"3$813+(2$P"+'9+9"41"(:386('"9":612$;"9)1:+1;"9"%9'+('"41"89"12$393(E:"FT;"`61"41"89" 1_%8(393(E:P"41;41"6:9"8E)(39"97463+(29P"[6:49F1:+98F1:+1"1:'9(X949"1:"89"1_%1'(1:3(9" &"1:"8$;"3$:$3(F(1:+$;"(:+1'4(;3(%8(:9'1;>"" 5$4'U9" 413(';1" `61" 8$;" Fe+$4$;" `61" ;()61" 1;+1" %'$31;$" 41" (:21;+()93(E:I3'193(E:" %9'+1:"41"6:"%9'94()F9"3698(+9+(2$"&"%89:+19F(1:+$;";67Q1+(2$;"3$:+'9;+94$;>""W41FT;" 41"89"3'193(E:"41"(F9)(:9'($;"&"'1%'1;1:+93($:1;P"1:3$:+'9F$;"F$4$;"41""(:21;+()93(E:" %'$%($;" 41" 89;" 889F949;" 3(1:3(9;" ;$3(981;P" 3$F$" ;$:" 8$;" 1;+64($;" 41" 39;$;P" 89;" 1+:$)'9[U9;P" 7($)'9[U9;" &" $+'$;" Fe+$4$;" [1:$F1:$8E)(3$;" &" *1'F1:e6+(3$;i" 9;U" 3$F$" +e3:(39;"3$F$"89"$7;1'293(E:"%9'+(3(%9:+1P"89"1:+'12(;+9P"89")'9793(E:"41"41+1'F(:94$;" (:4(394$'1;P"9:T8(;(;";1F($8E)(3$;"1+3>"`61":$";1"%'1;1:+9:"3$F$"6:9"[$'F9"1;3'(+9";(:$" 3$F$"(F9)1:"[6:49F1:+98F1:+1""964($2(;698P"1_%1'(1:3(98"&"%$e+(39> @;" %$;(781" 9:98(X9'" 98)6:$;" 41" 8$;" 181F1:+$;" 41" 1;+9" %'$4633(E:" 41;41" 29'(9;" %1';%13+(29;"4([1'1:+1;"1:"'1893(E:"3$:"18"3$:$3(F(1:+$> @8" S13T8$)$" ;1" %89:+19" 3$F$" 6:" 181F1:+$" [6:49F1:+98F1:+1" 9:98U+(3$P" )6U9" FRQFHSWXDO GHO WUDEDMR 6H WUDWD GH XQ DQiOLVLV KHFKR JUi¿FR XQ GLDJUDPD TXH UHSUHVHQWD 89;"8U:19;"41"[61'X9"%'(:3(%981;"418"%'$&13+$"?89"$F:(%'1;1:3(9"1:"18"+(1F%$"&"18"1;%93($" 41"89"%'$4633(E:";(F7E8(39P";6"(F%93+$"1:"18"+1Q(4$";$3(98P"&";6"(F%$'+9:3(9"%'(F$'4(98"1:" 89"3$:;+'633(E:"41";67Q1+(2(494B"&"`61";1"*931":131;9'($"9"89"*$'9"41"3$F%9'+('"1:+'1"8$;" PLHPEURV GHO JUXSR HVSDFLRV FRPXQHV GH UHÀH[LyQ @8" 889F94$" t7'94$'P" 1;" 6:" 1;%93($" 41" (:21;+()93(E:" &" 3'193(E:" 4$36F1:+98P3 :$" 4(;+(:)61" 1:+'1" 3$:;68+9'P" (:21:+9'P" '13$%(89'P" [$'F9'" %9'+1" 41" )'6%$;" 41" +'979Q$" $" %9'+(3(%9'"1:"121:+$;"%'$)'9F94$;>"01"+'9+9"41"6:"1;%93($"41"(:21;+()93(E:"&"98"F(;F$" +(1F%$"418"'1;68+94$"41"89"F(;F9>"01"$['131"+9F7(e:""3$F%9'+('"89;"[61:+1;"6+(8(X949;"%$'" 18"3$813+(2$"1:";6"%'$31;$"(:49)9+$'($"&"3$:31%+698P"9;U"`61"941FT;"41"6:9"F1;9"41" WUDEDMR VH SUHVHQWD XQD %LEOLRWHFD \ XQD 0HGLDWHFD TXH SURSRQHQ yUGHQHV FODVL¿FDWRULRV +'979Q94$;(HVSHFt¿FDPHQWH SDUD HO SUR\HFWR V9;" W;9F7819;" &" $+'9;" [$'F9;" '1893($:981;" `61" *9" 41;9''$8894$" 18" 3$813+(2$" SODQWHDQ XQD ¿QDOLGDG HPDQFLSDWRULD TXH SHUPLWD RWUDV IRUPDV GH VXEMHWLYDFLyQ D ORV %9'+(3(%9:+1;>"#698`6(1'"$7'9"41"9'+1"%89:+19"6:"3(1'+$"+(%$"41"3$$%1'93(E:"3$:"18"`61"89" 1;+T"%1'3(7(1:4$P" %1'$" 6:9" [$'F9" F6&" 4('13+9"3$:;(;+1"1:"%'$F$21'"18" (:+1'39F7($" 41" (419;"1:"6:9"4(;36;(E:"%c78(39P"1:"89"3698"+$4$;"%9'+(3(%9F$;"1:"6:9"3$:4(3(E:"%9'13(49" &"+$4$;"%$41F$;"'13$:$31'"8$"`61"988U";1"%'$4631"3$F$"98)$"%'$%($"41"8$"`61";1"[$'FE" %9'+1>"@:"1;+1";1:+(4$"1:"%'$&13+$"41"A7(A&)"(/2#&9?#2"&)""941FT;"41"3$:21';93($:1;" &" 1:+'12(;+9;P" %'$%$:1" F1;9;" 41" +'979Q$" &" 9;9F7819;" 3$:" 18" (:+1'e;" 41" 3$:21'+('" 18" +'979Q$"1:"6:9"%$;(7(8(494"41"9)1:3(9F(1:+$"3$813+(2$"41"3$:$3(F(1:+$P"%'$%$:(1:4$"89" %9'+(3(%93(E:"4('13+9"41"$+'$;"9)1:+1;>" S92(4"l$*F":$;"*931"'13$'49'"`61"89"1+(F$8$)U9"41"89"%9897'9"4(T8$)$":$":$;"'1F(+1" D XQ ³ORJR´ GH GRV VLQR TXH HO SUH¿MR ³GLD´ VLJQL¿FD ³D WUDYpV GH´ (O GLiORJR QR HV SXHV ;E8$"18"'1;68+94$"41"6:"%'$31;$;"41"3$$%1'93(E:";(:$"6:"+'979Q$"3$:Q6:+$"%9'9"3$:;+'6('" XQ VLJQL¿FDGR FRP~Q D ORV LQWHUORFXWRUHV (O GLiORJR KDFH SRVLEOH OD SUHVHQFLD GH XQD FRUULHQWH GH VLJQL¿FDGR HQ HO VHQR GH XQD ³FRPXQLGDG´ D SDUWLU GH OD FXDO SXHGH HPHUJHU 6:9" :6129" 3$F%'1:;(E:P" 98)$" 3'19+(2$" `61" :$" ;1" *988979" 1:" 18" F$F1:+$" 41" %9'+(49" ?l$*FP".HHRB>"V9"[$'F9"4(98E)(39":$"1;"6:9"2U9"'T%(49"9"89"21'494P"18"931'39F(1:+$"9"89" '198(494";1"%'$4631"*97(+698F1:+1"9"+'92e;"41"$%(:($:1;"%9'3(981;P"(419;"&"%1:;9F(1:+$;" %'139'($;"&"['1361:+1F1:+1"9"+'92e;"41"8$;"F98$;"1:+1:4(4$;P"3(+9:4$"$+'9"21X"98"[U;(3$"
+(.'ABAC02D.%7+)A*'A%*'$.%*+*"AEF"G
OH
l$*FP"18"F6:4$"1;"41F9;(94$"3$F%8(394$"%9'9"`61";19"3$:$3(4$"41"6:9"21X"&"41"[$'F9" GH¿QLWLYD!&";E8$"1:"1;+1"4(T8$)$"1:"8(7'1"F$2(F(1:+$P"%$4'U9";6')('"6:9":$21494"3'19+(29P" DOJR DVt FRPR XQ VLJQL¿FDGR FRP~Q R HVODEyQ HQWUH SXQWRV GH YLVWD PX\ GLIHUHQWHV 3RU ~OWLPR PH JXVWDUtD YROYHU D GHVWDFDU HO SDSHO GH OD LQYHQFLyQ \ OD ¿FFLyQ FRPR F14(94$'"1:"1;+9"'1893(E:"3$:"8$;"$+'$;>"W8"()698"`61"8$;"F9+1'(981;"96+E:$F$;"%'$463(4$;" 3$F$" %18U3689;P" $7Q1+$;P" (:;+9893($:1;"&" 4(76Q$;P" 89")1;+(E:"&"18"4(;1A$" 41"93+(2(4941;P" '1;%$:41:"9"6:9"(419"F1+9[E'(39"3$F$";1"41;%'1:41"41"29'(9;"93+(2(4941;"418"3$813+(2$" 3$F$"%$'"1Q1F%8$"89";1)6:49"9;9F7819"1:"89"`61"%9'+(3(%979:"98)6:$;"9:+()6$;"&":612$;" +'979Q94$'1;"41"=9+941'$"41"=94'(4JP"89"B#=#(C"'2#"3$F$"(F9)1:"41"89"3'(;(;"13$:EF(39" `61";1"1F%1X979"9"1:+'121'"1:",--GP"$"/*$*9(7*9(3,"2?*9(#4"3)#$*9P"%'1;1:+94$"1:"18" W689"41"W:9+$FU9"41"89"]9368+94"41"l1889;"W'+1;G>
=23>(3?+)523@+8/-/3-A$,#+B-
" "
Ĺ )LJXUD \ /RJR \ )RWRJUDPD H[WUDtGR GHO YLGHR ³1R )LOP´ SRU VXV DXWRUHV
t+'$"1Q1F%8$"'13(1:+1"41"89;"%$;(7(8(4941;"418"+'979Q$"9'+U;+(3$"&"3$813+(2$"3$F$"[$'F9"41" %'$4633(E:"41";971'"1;"18"%'$&13+$"41;9''$8894$"%$'"18"9'+(;+9""b6;8T:"Z$''1;"Q6:+$"3$:" 18")'6%$"41"(:21;+()93(E:"=14($;"=c8+(%81;H"1:"18"+9881'"41"W'+1"&"1_%1'(1:3(9":u.,"P"36&$" '1;68+94$"[61"89"$7'9"+(+68949"1R ¿OP &LXGDG DIHFWLYD>" #$:"18"9:+13141:+1"418""+9881'"41"9'+1"&"1_%1'(1:3(9"`61";1"41;9''$88E"1:",-.-"g@;%93($" %9'9"89";1)6'(494"9[13+(29hP";1"'198(XE"1:"9)$;+$"41",-.."6:"%'$&13+$"41"(:+1'21:3($:1;" 1:"18"TF7(+$"6'79:$"41"89"3(6494"41"=e_(3$>"S1;41"18",-.-"89"361;+(E:";1"41;9''$88979" 1:"'1893(E:"3$:"89"%'$781FT+(39"418"F(14$"`61";1"1_+1:4U9"1:+'1"6:9"%$7893(E:"`61"1;+T" 2(1:4$" 3$F$" 3949" 4U9" 8$;" F14($;" 9F9'(88(;+9;" %'$%9)9:" (FT)1:1;" 41" +1''$'P" 98" F(;F$" +(1F%$"`61"89"9F1:9X9"'198";1"*931"%98%9781"1:"3698`6(1'"86)9'"&";$7'1+$4$"1:"98)6:9" %9'+1;"418"%9U;"?#*(*69*69P"Z9F968(%9;P"D612$"V1E:mB>" V$;"%'$&13+$;"9'+U;+(3$;"41"b6;8T:"Z$''1;"*9:"1;+94$"31:+'94$;"41;41"V>#tDS<#ZI WIbZ" ?3'194$" 1:" .HHHB" &" 18" S>C>5" ?S1%9'+9F1:+$" 41" C:+1'21:3($:1;" 5c78(39;B" 1:" 6:" +'979Q$")'6%98"&"1_%1'(1:3(98"941FT;"41"1:"6:"+'979Q$"14639+(2$>"01)c:"18"%'$%($"9'+(;+9P" ;6"+'979Q$";1"(:;3'(71"1:"8$;"F$418$;"(:+1'21:3($:(;+9;"41"9%'$%(93(E:"&"1;+'9+1)(9;"41" 9:T8(;(;" 41" 89" '198(494" 41;41" 89" %1';%13+(29" 41" 6:9" (:21;+()93(E:" 418" 3$F%$'+9F(1:+$" ?Z$''1;P",--O/",-B>"S1;9''$889"89"(419"41"1_%1'(1:3(9"9"%9'+('"418"3$:31%+$"41"1;368+6'9"418"
!"#$%&'"#$"$(&(")*$+#,(&--./0$(1$-,0,-.2.103,$4$5#6-3.-")$"#37)3.-")$$8$""?0('.0",20$)0",.%'$@+ 3$F%$'+9F(1:+$P"1:"18"F9'3$"+1E'(3$"418"%;(3$)'9F9"41"j93$7"V12&"=$'1:$"&";$7'1+$4$" %'E_(F$"9"89;"%'$781FT+(39;";$3(981;"`61"97$'49"41;41"89"%;(3$8$)U9"&"18"%;(3$9:T8(;(;" @:'(`61"5(3*E:"b(2(q'1>"06"+'979Q$"93+c9";$7'1"8$"3$+(4(9:$"&"1:""89"1;[1'9"%c78(39P"41;41" 6:"1:+1:4(F(1:+$"41"8$"1;+e+(3$"[61'9"41";6":(3*$"94Q64(394$P"9"%9'+('"41"6:"9`6U"&"9*$'9P" GH XQD LGHD GH VLWXDFLyQ \ GH XQD UHIRUPXODFLyQ VLPEyOLFD HQ IRUPD GH HVFHQL¿FDFLyQ @:" 1;+1" %9:$'9F9P" 89" 1_%1'(1:3(9" 41" C*( E%7>@" +'9+9" 41" %'$F$21'" 6:9" (:+1'933(E:" 9[13+(29P" 2(:3689:4$" 9" 41;3$:$3(4$;P" 1:" 6:" 1;%93($" %c78(3$" &" +$F9'" 6:" '1)(;+'$" 3$:" 89"3TF9'9"2(;(781P"9"%9'+('"41"1;+9;"'1)89;";1"1;+978131"6:"[$:4$"3$Fc:"41"93+693(E:P" 1:" 18" `61" 893 ,C5-"-P" +18e[$:$" FE2(8P" 1+3>" ;1" %'1;1:+9" " 3$F$" 6:" %1';$:9Q1" 93+(2$" 418" 4$36F1:+$")1:1'94$"6:9""4(21';(494"41"93+693($:1;"&"%6:+$;"41"2(;+9>"#949"(:4(2(46$" %89:+1979" 6:9" (:+1'21:3(E:" ;(:)689'" %1$'" 3$F%9'+(49P" 1:" 6:9" 4(:TF(39" 31'39:9" 9" 89" 2";%9)#(3#>%&#$#P"6:9"[$'F9"41"(:+1'21:3(E:"1:"6:"1;%93($"6'79:$"$"'6'98"41+1'F(:94$"&" 3$:31'+94$P";1"+'9+9"41"6:"%9;1$"3$:Q6:+$P"6:"121:+$"8c4(3$"`61";1"$')9:(X9"1:"+$':$"9" 6:9"3$:2$39+$'(9"&"`61"3$:[$'F9"6:"%'$)'9F9"41"933($:1;"g%'12(;(781;h"`61";1"F9:+(1:1" 97(1'+$" 9" 41'(29;" &" 29'(93($:1;" 1:" 18" 4(;36''('" 418" +'9&13+$>" 56141:" 41;9''$889';1" +9:+$" 1:" 3$:+1_+$;" 3$:$3(4$;" %$'" 8$;" %9'+(3(%9:+1;" 3$F$" 1:" 1:+$':$;" :612$;P" %1'$" ;(1F%'1" 89"'1893(E:"3$:"18"+1''(+$'($"`61";1"'13$''1""'1;68+9"1;1:3(98"9;U"3$F$"89"*(;+$'(9"&"89"2(49" 3$+(4(9:9" 418" 86)9'P" 89;" 933($:1;" ;1" (:;1'+9:" 1:" 8$;" 4(;%$;(+(2$;" `61" 29:" 9%9'13(1:4$" FRPR PHGLRV GH WUDQVSRUWH PRQXPHQWRV HGL¿FLRV HWF PXFKDV YHFHV VHxDODQGR VHQWLGRV \ VLJQL¿FDFLRQHV .-" 5$4'U9F$;" 413('" `61" 1;+9" [$'F9" 418" 9'+1" 41" 933(E:P" 1:" 89" `61" 6:" )'6%$" ;1" F6121" VLJQL¿FDWLYDPHQWH SRU GLVWLQWRV SXQWRV HQ ORV TXH VH UHDOL]DQ LQWHUYHQFLRQHV VH GHVSOD]D 1:"18"%'$&13+$"C*(E%7>P"98"2(41$"'1;68+9:+1P"`61"1;"89";6F9"41"8$;"d"F(:6+$;"41"3949" XQR GH ORV YLGHR UHDOL]DGRV FRQ XQ WUDEDMR GH SRVSURGXFFLyQ TXH PRGL¿TXH OR PHQRV %$;(781"89")'9793(E:"$'()(:98>"@;+9;"933($:1;"4$36F1:+949;"&6_+9%61;+9;"%'$%$:1:"6:9" 2(;(E:"4(;%1';9"%1'$"1:[$3949"1:"F(3'$"1:+$':$;";$3(981;>"V9;"(:+1'21:3($:1;";$:"F6&" 29'(949;P"41;41"18"(:+1'39F7($"41"'$81;P"3$:"6:"7$81'$"?8(F%(94$'"41"X9%9+$;B"$"3$:"6:9" 39F9'1'9P"*9;+9"18";(F%81"93+$"41"%'1)6:+9'"%$'"6:9"4('133(E:>"Z$4$"188$"1;"9:98(X94$" 41;41"18"%6:+$"41"2(;+9"418"2U:368$";$3(98"&"%1';$:98"`61";1"1;+T""3$:;+'6&1:4$"$"41I 3$:;+'6&1:4$>"W;U"+9F7(e:"89;"1_%1'(1:3(9;"&"89;"'1933($:1;"`61";1"F61;+'9:"'1;68+9:" *1+1'$)e:19;P" 41;41" 89" 4131%3(E:" 41" 6:" 1:361:+'$" [988(4$" *9;+9" 89" ;$'%'1;9" 41" 6:9" '1933(E:"(:;$;%13*949>"5'1)6:+9'"9"6:"%$8(3U9""$"9"6:"+9_(;+9"vw6e"1;"8$"`61"81"7'(:49" ;1)6'(494"9[13+(29x"(F%8(39"41Q9'"97(1'+9"89"%$;(7(8(494"418"'141;367'(F(1:+$P.."3$:;1)6('" '1%'1;1:+9'"3$:")1:+1"41;3$:$3(49P"6:9"1;31:9"41"318$;P"1;"6:"41;9[U$"1:"%$+1:3(9> $~Q FXDQGR ORV PDWHULDOHV ¿QDOHV VHDQ IUXWR GHO D]DU \ OD HVSRQWDQHLGDG GH DFWLWXGHV 41"8$;"1Q136+9:+1;P"3971"41;+939'"89"96+$3$:;3(1:3(9"41"8$"`61";1"1;+979"41;9''$889:4$P" '1[$'F689:4$" F14(9:+1" 89" %'T3+(39" 18" 3$:31%+$" 41" 9[13+(2(494" &" 2U:368$>" w61" :$" ;E8$" (:2$863'9" 18" 3$:+93+$" 3$:" 41;3$:$3(4$;P" ;(:$" 89" %'$%(9" '1893(E:" 1:+'1" 8$;" %9'+(3(%9:+1;" 1:"18")'6%$"&"89"'1893(E:"3$:"8$;"86)9'1;P"`61";1"+$':9'$:"9)1:+1;"39%931;"41"41+$:9'" VHQVDFLRQHV R HQFDXVDU DFWRV FRPR RFXUULy SRU HMHPSOR HO HVSDFLR GH OD ¿HVWD GH WRFD 18"'$Q$>., (QFXHQWUR OR DUWtVWLFR GH HVWDV SURSXHVWDV QR WDQWR HQ VX REMHWR ¿QDO VLQR [6:49F1:+98F1:+1"1:"8$"`61"$+'$;"4(;+(:)6('U9:"3$F$""g8$"1;+e+(3$h"?W3*9P".HHO/".JI,OB" `61" 9%189" 4('13+9F1:+1" 98" ;6Q1+$" `61" %9'+(3(%9P" 9)1:+1" +9:+$" 41" 89" %'$4633(E:" " &" 418" 3$:;6F$>"(Q SURSXHVWDV FRPR HVWDV HO DUWH VH FRQ¿JXUD FRPR WHUULWRULR SDUD UHODFLRQHV *$'(X$:+981;"&"3'193(E:"41";67Q1+(2(4941;P"1:"89;"`61"18"3'194$'I(:21;+()94$'";1"931%+9" &" ;1" 9;6F1" +9F7(e:" 3$F$" (:21;+()94$P" 3$F%9'+1" ;6;" 3$:$3(F(1:+$;" 41;9''$8894$;" %'(:3(%98F1:+1"1:"F14($;"2(;6981;""&"9%'1:41"1:"89"%'T3+(39>
+(.'ABAC02D.%7+)A*'A%*'$.%*+*"AEF"G
R.
@;+1"%'$&13+$"(F%8(39"6:9"%9'+(3(%93(E:"93+(29"%$'"%9'+1"418"`61"%$4'U9F$;"3$:;(41'9'" 1_I%c78(3$"$"(:+1'8$36+$'>"01"+'9+9"41"6:9"%9'+(3(%93(E:"`61"1:"F63*9;"$39;($:1;P"1_()1" (:+1''$)9';1" ;$7'1" 9;6:+$;" `61" 1:" %'(:3(%($" :$" 1;+979:" 41:+'$" 41" 89;" %'$781FT+(39;" 41" 6:$>" @;+9" '1893(E:" F9&e6+(39" `61" 79;9" 1:" (:+1''$)9:+1;" 1_9F(:94$'1;" ;(:$" 1:" 89" (:+1:3(E:"41"(:386('"%6:+$;"41"2(;+9"&"4(;36;($:1;>"W8641"9"6:9"[$'F9"41"3$:$3(F(1:+$" TXH SRQH HQ FXHVWLyQ ODV 多JXUDV GHO VXMHWR LQYHVWLJDGRU \ REMHWR GH LQYHVWLJDFLyQ \ `61"%89:+19"FT;"`61";$863($:1;":6129;"&"F1Q$'1;"%'1)6:+9;";$7'1"18"%'$781F9"`61" %'1+1:41"1:[$39'>
D23?+9"-3E'#+5-
" "
長 )LJXUD ,PiJHQHV GH OD LQVWDODFLyQ )LEUD ySWLPD HQ OD %LHQDO 0HUFRVXU )RWRJUDItD 41"89"(:;+9893(E:"1:";989P"9879'T:"41"89"9469:9"&"%'$31;$"41"'1881:$"&"41;1F7989Q1"41" 89;"%(1X9;"3$:"89;"F1F$'(9;"<0l"'13$813+949;>"]$+$;"41"V6(;"kT'3()9>
5$'" c8+(F$P" 6:" 1Q1F%8$P" `61" 9" 4([1'1:3(9" 41" 8$;" 4$;" 9:+1'($'1;P" ;1" %89:+19" 41:+'$" 418" FT;"1;+'(3+$"TF7(+$"1_*(7(+(2$P"89"Gy"l(1:98"41"=1'3$;6'"?l'9;(8B>"@8"+'979Q$"E%-2#(F?)%>#" 41"V6(;"kT'3()9P"3$:;(;+1"1:"6:9"$%1'93(E:"3$F%81Q9"`61"%$:1"1:"Q61)$"8$;"181F1:+$;" 3$:+1_+6981;"418"9'+(;+9P"41"89"(:;+(+63(E:P"41"8$;"(:2$863'94$;"&"418"%c78(3$I1;%13+94$'P" 933($:9:4$"F139:(;F$;"%9'9"1:"1;+9"$39;(E:"+'9;8949'"F1F$'(9;"4()(+981;P"4(;%$;(+(2$;" 41"98F931:9F(1:+$;"41"49+$;"+9F7(e:"889F94$;"<0lP"41;41"89"3(6494"41"V9"z979:9" 9"5$'+$981)'1>.d b1;(41:+1;"1:"V9"z979:9";6F(:(;+'9:"4(;%$;(+(2$;"1:"F98"1;+94$"%9'9";1'";6;+(+6(4$;" %$'"8$;"`61";1"1:2(9'9:"41;41"18"$+'$"%9U;>"@;+9"F9:($7'9"3$F(1:X9"9"%9'+('""41"6:"4(T8$)$" 4('13+$"1:"8$;"86)9'1;"%'$%($;"41"3949"6:$P"89"'14";1"1;+978131"41"[$'F9"7($8E)(39"&" %'1;1:3(98"?+$39'"1:"6:9"%61'+9P"*9789'"%$'"+18e[$:$P"41Q9'"6:"'1394$"1;3'(+$>>>B"9"%9'+('" 41"1;+9;"3$:21';93($:1;P"18"9'+(;+9"(:49)9";$7'1"8$"`61"1;9"$"1;9;"%1';$:9;"`61''U9:" %$41'"+1:1'"$"+1:1'"9331;$P"%$'"1Q1F%8$"6:"+1_+$"%'$[1;($:98P"6:"4(;3$"$"3$:3(1'+$"41" Fc;(39P"%18U3689;P":$+(3(9;m"3698`6(1'"3$;9""`61"4(76Q1"6:9"1_%13+9+(29"$"6:9"39'1:3(9" UHDO R 多JXUDGD W8"F(;F$"+(1F%$P"9"8$"89')$"41"29'($;"F1;1;";1"76;39:"8$;"3$:+93+$;"3$:"'1;(41:+1;" 1:" l'9;(8" `61" 41;11:" 1:2(9'" 9%9'9+$;" &M$" (:[$'F93(E:" *93(9" 89" (;89P" 1;+9" '1893(E:" ;1"
!"#$%&'"#$"$(&(")*$+#,(&--./0$(1$-,0,-.2.103,$4$5#6-3.-")$"#37)3.-")$$8$""?0('.0",20$)0",.%'$@+ UHDOL]D D WUDYpV GH PHGLRV HVFULWRV FRPR SHULyGLFRV \ À\HUV GH GLVWULEXFLyQ HQWUH OD %$7893(E:"3679:9"'94(39:+1"1:"l'9;(8"&"+9F7(e:";1"F$2(8(X9:"'141;";$3(981;"1:"C:+1':1+> /D PDQLREUD GHO DUWLVWD HV GH¿QLGD SRU pO PLVPR FRPR XQD ³GHULYD WHPSRUDO GH '1;%$:;97(8(494/" 1:" 21X" 41" ;1'" 4('13+9F1:+1" 18" %'$463+$'I(:21;+()94$'" F1:$;" 39%9X" OHJDOPHQWH GH OOHYDU D FDER HO WUD¿FR TXH PLGH ODV YDULDEOHV GH XQ H[SHULPHQWR HV HO %'$%($"%'$463+$"`6(1:"9;6F1"41;41";6"8('(;F$"1;+9"+9'19/"6:"21';$"`61"1;"6:9";$:49" `61"+'979Q9>h"?V>"kT'3()9P"3$F6:(393(E:"%1';$:98P"O"41";1%+(1F7'1P",-..B @;+9;" F1F$'(9;" [U;(39;P" `61" ;$:" 3$F$" F$3*(89;P" 7$8;9;" $" 7$8;(88$;" 3(71':e+(3$;P" %$'+94$'1;"1:";6"(:+1'($'"41"F9+1'(98"4()(+98";$:"F9:(%68949;P"3$:21'+(49;"1:"%1`61A$;" 9'+1[93+$;"41"9%9'(1:3(9"9:(F981;39"$"'$7E+(39P"18"+'979Q$"41"gF$41894$h";1"'198(X9"3$:" FLQWD DGKHVLYD \ FRQ OD ¿MDFLyQ GH DODPEUHV HQ IRUPD GH H[WUHPLGDGHV TXH SRWHQFLD XQ 9;%13+$"41"9:(F98"(:21'+17'94$P"F9FU[1'$"$"%TQ9'$> (VWH HVWDWXV QR LGHQWL¿FDGR GHO DUWHIDFWR FRPR VHU YLYR \ FRPR PiTXLQD FRLQFLGH FRQ 89" 39:+(494" 41" 9%189+(2$;" `61" ;1" 81;" 49" 9" 1;+$;" 4(;%$;(+(2$;" <0l" ?l6;" <:(21';98" 1:" 01'(1BP" %(:3*$P" )9''9%9+9P" 8T%(X" 41" F1F$'(9P" %1:" 4'(21" 1+3>P" '189+(29F1:+1" :$214$;$;" HQ VX XVR PDVLYR \ SRU OR WDQWR FRQ XQD LGHQWLGDG \ GHQRPLQDFLyQ D~Q HQ GH¿QLFLyQ @;+9" %'$%61;+9P" 98" ()698" `61" 89;" 4$;" 9:+1'($'1;P" %'$%$:1" 6:" 9%'1:4(X9Q1" 41" FRQWHQLGRV FRQFHSWXDOHV GRFXPHQWDOHV \ DIHFWLYRV HVWD HVSHFt¿FDPHQWH SUHVHQWD 41;41"6:9"%1';%13+(29"%$;(3($:949P"18"1;+94$"41"8$;"89X$;"9[13+(2$;"1:+'1"4$;")'6%$;" KXPDQRV XQR GHVSOD]DGR \ HO RWUR ¿MR XQR PyYLO HQ HO FRQWLQHQWH \ HO RWUR ¿MR HQ OD LVOD V$;"2U:368$;"1:+'1"3$:$3(4$;"%9'131:"41;4(76Q9';1P";1"41;29:131:"1:";1%9'93($:1;" 41"89')9"46'93(E:>"S1"89"1_%1'(1:3(9"418"3$:+93+$"3$:"89;"%1';$:9;"(F%8(3949;"1:"6:$" \ RWUR ODGR VH H[WUDH TXH ODV H[SHFWDWLYDV GH ORV ¿MRV VREUHSDVD D ODV UHVSXHVWDV %$;(+(29;"41"8$;"FE2(81;P"'1;%13+$"9"8$;"`61"41;19:"1:2(9'"41;41"89"(;89P";E8$"6:".-{" 41" %9'(1:+1;P" [9F(8(9'1;" &" 9F()$;" 931%+9:" %9'+(3(%9'>" 5$'" $+'$" 894$P" (:;+(+63($:1;" &" DVRFLDFLRQHV VLQ VHU FRQYRFDGDV HVSHFt¿FDPHQWH WRPDQ SDUWH HQ HVWH WUi¿FR GLVFUHWR &" %1';$:98" `61" 89" $7'9" %1'F(+1P" 41" 8$;" ,O" 4(;%$;(+(2$;" 2(1Q$;" `61" ;1" +'9;%$'+9'$:" 9" 5$'+$981)'1" F63*$;" ;1'T:" (:+1'39F7(94$;" %$'" %1';$:9;" Q6'U4(39;>" @;+$" 49" %(1" 9" 89" %'1)6:+9" ;$7'1" 18" 41;%89X9F(1:+$" 41" 1;+9;" 2(:36893($:1;" %1';$:981;" 9" '1893($:1;" (:;+(+63($:981;"FT;"97;+'93+9;"1:"89;"`61"1:+'9:"1:"Q61)$P":$"+9:+$"298$'1;"1F$3($:981;" ;(:$"+9F7(e:"(41$8E)(3$;"&"%$8U+(3$;>"<:9"'198(494"418"39F%$"9[13+(2$"93+698P"1:"18"`61" 1:+(4941;" ;6%'9(:4(2(46981;" ;1" *931:" 39')$" 41" 361;+($:1;" 418" TF7(+$" FT;" U:+(F$" &" %1';$:98> V9" $7'9" ;1" [$'F689" 3$F$" 6:9" (:;+9893(E:" 9'+U;+(39" 41" 9'+1[93+$;" `61" " 94$%+9:" 6:9" 9%9'(1:3(9" 1;368+E'(39P" %'1;1:+94$;" 1:" 6:9" 1;%13(1" 41" 1;31:9'($P" 9:(F94$" %$'" 6:"Q61)$"41"8631;"&"89"%'$&133(E:"41"6:"+1_+$"`61"'189+9"89"$%1'93(E:"41"(:+1'39F7($" &" 4(;+'(763(E:" 1:" %'$31;$>" 51'$" 1;+9" (:;+9893(E:" " :$" %6141" 1:+1:41';1" 41;41" 1;+9;" 3698(4941;" [$'F981;" ;(:" +1:1'" 1:" 361:+9" 89" (F%$'+9:3(9" 41" ;6" %'$%(9" 1:+(494" 3$F$" F1'39:3U9"&";6"%$;(7(8(494"41"4(;+'(763(E:"1:"369:+$"9"$7'9"41"9'+1> 6H WUDWD ¿QDOPHQWH GH DERUGDU XQ SUREOHPD FHQWUDO HQ OD HFRQRPtD FRJQLWLYD 3$:+1F%$'T:19/"18"(:+1'39F7($"41"298$'1;P"41"8$;"7(1:1;"F9+1'(981;"&"8$;"(:F9+1'(981;>"" V$;"4(;+(:+$;"%9'94()F9;"41"4(;+'(763(E:"41"8$"2(;(781"&"8$"(:2(;(781P"41"8$"c:(3$"&"41"8$" '1%'$463+(781P"41"89"%'$%(1494"&"418"9331;$>"@:"1;+1"39;$P"18"(:+1'39F7($P"96:`61"1;" [$'F6894$"41;41"89;"3$:21:3($:1;"*97(+6981;"41"89"$[1'+9"&"89"41F9:49P":$"9%189"98" 298$'"F1'39:+(8";(:$"`61"%'1;1:+9"89;"'1893($:1;"1:+'1"298$'1;";(F7E8(3$;"*1+1'$)e:1$;P" 8$;"9[13+$;P"18"9331;$"9"3$F%9'+('"(:[$'F93(E:"&"89;":1)$3(93($:1;""1:+'1"(:4(2(46$;"&" 1:+'1"1;+$;"&"89;"(:;+(+63($:1;"%$8U+(39;P"e+(39;"&"1;+e+(39;>"
+(.'ABAC02D.%7+)A*'A%*'$.%*+*"AEF"G
Rd
W:+1" 1;+1" +(%$" 41" %'$&13+$;" `61" (F%8(39:" 6:9" 933(E:" 4('13+9P" 1;" ['1361:+1" 6:" FXHVWLRQDPLHQWR VREUH OD H¿FLHQFLD \ OD H¿FDFLD TXH KHPRV WUDWDGR DQWHULRUPHQWH HQ HVWH HVFULWR 3DUD HO DXWRU OD H¿FLHQFLD GHO SUR\HFWR E%-2#( |?)%>#" %'$%$:1" g6:" 79Q$" UDGLR GH DFFLyQ SHUR GH HIHFWR SUHVHQFLDO « \ SDUWLFLSDU GH XQD GH¿QLFLyQ GH DFFLyQ HUJRQRPpWULFD OD FDSDFLGDG GH XQ GLVHxR ¿VLROyJLFR FXOWXUDO TXH TXHGD HVWDEOHFLGR %$'" 89;" 4(F1:;($:1;" *6F9:9;" 1:" 369:+$" 9" %$'+97(8(494" " &" 39%93(4941;" 3$):(+(29;h" ?V>"kT'3()9P"3$F6:(393(E:"%1';$:98P"O"41";1%+(1F7'1P",-..B>.N"@;+9"933(E:"9839:X9"9" %89:+19'"8$"`61"%$4'U9F$;"3$:;(41'9'"6:9"2(;(7(8(X93(E:"41"89"+1:;(E:"1F$+(29"1:+'1"4$;" 3$F6:(4941;"1:"(:;+9:+1;"&"1;%93($;"4([1'1:+1;> 01"%$4'U9"413('P"`61"1:"1;+1"39;$P"3$F$"1:"F63*$;"$+'$;P"89"(:21;+()93(E:";1"4('()1" 9"6:"(:+1:+$"41"F1Q$'9'":61;+'9;"%'1)6:+9;P"18"3$:$3(F(1:+$"$";971'P":$";1"$%$:1"1:" +$4$";6";1:+(4$"98"41"89"4649P";(:$"`61";1"21"1F%6Q94$"&"1;+(F6894$"%$'"1889>" V9"41;31:+'98(X93(E:"418"%$41'P"89"96+$)1;+(E:P"89"7c;`6149"41":6129;"[$'F9;"41" F14(93(E:"&"'1%'1;1:+93(E:P";$:"*1''9F(1:+9;"`61"%6141:"'1[$'F689'"89;"$%3($:1;"41" %9'+(3(%93(E:" `61" :$;" $['131:>" @:" 1;+1" ;1:+(4$P" 89" 39%93(494" 41" '1%'1;1:+93(E:" &" 41" FRQYRFDWRULD QR VRQ VyOR UHFXUVRV GH OD FXOWXUD R PiV HVSHFt¿FDPHQWH KDELOLGDGHV +e3:(39;"41"41+1'F(:94$;"96+$'1;P";(:$";1"3$:2(1'+1:"1:"%$+1:3(9;"(F%$'+9:+1;"1:"89" 3$:;+'633(E:";$3(98>" 5$4'U9F$;"3$:;(41'9'"1;+9;"+'1;"%'T3+(39;"9'+U;+(39;"+'9+949;"1:"1;+1"1;3'(+$"3$F$" 6:$;" 1Q1F%8$;" 1:+'1" F63*$;" 41" [$'F9;" 41" " %'$4633(E:" :$" ;E8$" 41" 6:" 3$:$3(F(1:+$" $7Q1+698(X94$" $" 93$+94$" 1:" 6:" 39F%$P" ;(:$" 3$F$" 6:9" [$'F9" 4([6;9" 41" +'9+9F(1:+$" &" 9F%8(93(E:"41"4649;> Z'979Q$;"3$F$"18"A&)"(/2#&9?#2"&)"P"18"C*(E%7>($"E%-2#(D?)%>#"1;+T:"%89:+19:4$" 4([1'1:+1;" %'$781FT+(39;" 1:" +$':$" 9" 89" %$;(3(E:" 418" 9'+(;+9" 1:" 18" " %9:$'9F9" 1%(;+1F$8E)(3$" 3$:+1F%$'T:1$P" 3$F$" ;6Q1+$" F14(94$'" 41" +1:41:3(9;" 3'U+(39;P" %'$F$+$'" 41" 3$:$3(F(1:+$;" :$" *1)1FE:(3$;P" 4$:41" 89" 3'19+(2(494" 3$813+(29" Q61)9" 6:" '$8"[6:49F1:+98"1:"89"3'193(E:"&"4(;+'(763(E:"41";971'1;";(+694$;> 3URSRQLHQGR KHUUDPLHQWDV JUi¿FDV \ UHODFLRQDOHV FRPR HO GLDJUDPD GHO 'HFiORJR 418"A&)"(/2#&9?#2"&)"P"18"2(41$"41"C*(E%7>"$"89"(:;+9893(E:"&"$%1'9+$'(9"41"E%-2#(D?)%>#P" ;1"9F%8U9"1:$'F1F1:+1"18"979:(3$"41"F$4$;"&"F14($;"%9'9"3$:$31'P"(:3$'%$'9:4$"6:9" ;61'+1" 41" g%1:;9F(1:+$I3'193(E:hP" 9;$3(94$" 9" 89" )1:1'93(E:" 41" $7Q1+$;" &" " 1;+e+(39;P" 1:" 18" 3698" 89" '1893(E:" 418" ;6Q1+$" 3$:" ;6" $7Q1+$" 41" 1;+64($" ;1" 1;+'13*9" &" 89" 9%1'+6'9" F1+$4$8E)(39""41;7$'49"89"(419"41"F68+(4(;3(%8(:9'(1494> ](:98F1:+1P" 1;+$;" 1Q1F%8$;" 9`6U" 1_%61;+$;P" 3$:;+'6(4$;" %$'" 18" 39F(:$" 3$F$" E%-2#( D?)%>#P" 41;9''$8894$;" 41;41" 6:9" F68+(%8(3(494" 41" %'$%61;+9;" :$" *$F$)e:19;" 3$F$" C*( E%7>" $" (:386;$" F9:+1:(4$;" 3$F$" 6:" %'$31;$" 97(1'+$" 3$F$" 1;" 18" 39;$" 418" A&)"( /2#&9?#2"&)" SODQWHDQ SUREOHPiWLFDV D OD KRUD GH FRQVLGHUDU XQD ¿QDOLGDG ³D %'($'(hP"$"6:9"3$:386;(E:P"%1'$";(:"1F79')$P"1;"(:+1'1;9:+1"3$:;(41'9'"89;"%$;(7(8(4941;" \ SRWHQFLDOLGDGHV TXH RIUHFHQ SDUD JHQHUDU HIHFWRV EDVWDQWH HVSHFt¿FRV D XQD HVFDOD 41+1'F(:949"&";6"39%93(494"41"9[13+9'"9"(:4(2(46$;"&"9"3$:$3(F(1:+$;""418"%'1;1:+1"&" 418"[6+6'$> 3
!"#$%&'"#$"$(&(")*$+#,(&--./0$(1$-,0,-.2.103,$4$5#6-3.-")$"#37)3.-")$$8$""?0('.0",20$)0",.%'$@+ >(#-. ."S1389'93(E:"$'98"41"f(+$"W33$:3("46'9:+1"89"%'1;1:+93(E:"418"+'979Q$"418"0+64($"W33$:3("1:" 18"#1:+'1"k1$')1"5$F%(4$6>"59'(;"18".d"$3+67'1"41",--O>" ,"0(1:4$"F6&"%9'13(4$;"1:";6"6;$"$'4(:9'($P"18"+e'F(:$"g3$:$3(F(1:+$h";1"*9"'1893($:94$" +'94(3($:98F1:+1"9"8$;"4(;36';$;"3$:;(41'94$;"3(1:+U[(3$;P"F(1:+'9;"`61"18";971'P"$"8$;" ;971'1;";1"9;$3(979:"9"89;"889F949;"*6F9:(4941;>"@:"'1893(E:"3$:"18";971'"41'(294$" 41" 89;" %'T3+(39;" 9'+U;+(39;P" " =$'9X9" &" #61;+9" (:+'$4631:" " 18" +e'F(:$" g;97}'hP" ;971'" &" ;97$'>"?=T;"(F%8(393($:1;"41"1;+9"4([1'1:3(9"1:"=$'9X9"&"#61;+9P",-.-/"RB" d" 01'U9" (:+1'1;9:+1" 1:" 1;+1" 39;$" 4(;+(:)6('" 1:+'1" 18" +e'F(:$" g1[(3(1:3(9h/" g#9%93(494" %9'9" 8$)'9'" 6:" [(:" 1F%819:4$" 8$;" F1Q$'1;" F14($;" %$;(781;h" &" 18" +e'F(:$" g1[(393(9h/" gf('+64" %9'9"3$:;1)6('"6:"'1;68+94$"41+1'F(:94$h"$"(:386;$"g1[13+(2(494h/"g#9%93(494"41"8$)'9'" 18"1[13+$"`61";1"41;19h>"?S1[(:(3($:1;"1_+'9U49;"418"S(33($:9'($"41"89"bW@B V9" g1[(3(1:3(9h" 414(39" 1;%13(98" (:+1'e;" 9" 8$;" F14($;" 1F%8194$;P" `61" 4171:" ;1'" g8$;" F1Q$'1;"%$;(781;h"F(1:+'9;"`61"89"1[(393(9P";1"31:+'9"1:"89"39%93(494"418";6Q1+$"%9'9" 3$:;1)6('" 18" [(:" &" 89" 1[13+(2(494" (F%8(39" 18" 7989:31" 41" 8$;" 1[13+$;" 41;194$;" &" 8$;" (:41;194$;"1:"89"3$:;1363(E:"41"89"933(E:> N"#$F$"4(31"C;(4$'$"f983T'318"=14(:9P";1"+'9+9"41"6:"g%$'"1Q1F%8$hP"6:"39;$"1:+'1"$+'$;"&" :$"41"6:"298$'"1Q1F%89'> O"@:"1;+1"3$813+(2$"3'194$"1:",--dP"&"3$F%61;+$"93+698F1:+1"%$'"S(1)$"418"5$X$P"@469'4$" k9829):("&"V$'1+$"W8$:;$P"*9:"%9'+(3(%94$"&"3$897$'94$"F63*$;"9)1:+1;"3$F$"=9'U9" ~A()$P"a9F1:"D1412P"59+'(3(9"]1;;1'P"1+3>"@8":$F7'1";1"*9"3$F%61;+$"3$F$"93'E:(F$P" 41"F9:1'9"`61"89"81+'9;"g#h>"gWh>h0>h"gC>h"Z>h"&"gW>hP"39F7(9:";6";1:+(4$"41"6:9"[$'F6893(E:" 418"%'$&13+$"9"$+'9i"%6141:";():([(39'"3698`6(1'"3$;9"&";E8$"*9&"6:"'1`6(;(+$/"`61"6:9" 41"89;"gW>h";1"41;+(:1"9"g9'+1hP"1:+1:4(1:4$"e;+1"3$F$"6:9"*1''9F(1:+9"41"1;+'9+1)(9;" 41"%1:;9F(1:+$P"'1893(E:P"Q61)$"&"933(E:P"41;9''$88949"":$";E8$"1:"6:"TF7(+$"1_*(7(+(2$" 96+E:$F$";(:$"+9F7(e:"(:+1)'949"9"89;"%'T3+(39;"3$+(4(9:9;> R"=9+1'(981;"`61"%6141:"3$:;68+9';1""1:"89"%T)(:9"LLL>)9:9';1892(49>:1+> J"V$;"'1;68+94$;"41"1;+9"W;9F7819P"9%$'+9'$:"49+$;"(:1;%1'94$;"9":61;+'9"(419"41"89"'1893(E:" [$'4(;F$I%$;+[$'4(;F$>""W6:"*97(1:4$";(4$"3$:+93+94$;"&"1:+'12(;+94$;"1:";6;"86)9'1;" 3$+(4(9:$;" ?31:+'$;" 41" F9&$'1;" &" 79'1;BP" 8$;" 9:+()6$;" F9+9'([1;P" :$" " ;1" 413(4(1'$:" 9" %9'+(3(%9'P" 1:" %'(:3(%($" %$'" ;1:+(';1" 9Q1:$;" 9" 89" :6129" 3$:[()6'93(E:" 418" 1;%93($" 1:" `61" %9;9'$:" ;6" 2(49" 897$'98>" V9" 4(;36;(E:" 41'(2E" 1:+$:31;" 1:" 6:9" 3$:['$:+93(E:" 41" %1';%13+(29;"1:+'1"9'+(;+9;"&"9)1:+1;"368+6'981;"'1;%13+$"9"89;"(:46;+'(9;"368+6'981;> G"Z$4$;"8$;"#61'%$;"W[13+94$;P"1;"6:9";1'(1"41"+'1;"F1;9;"'14$:49;"1:"18"9689":u",-."$"W689" 41"W:9+$FU9"1:"j6:($"41",-..>"@:"18"31:+'$"41"1;+1"9689";1"3$8$3979"+'94(3($:98F1:+1" 6:"394T21'"$"F$418$"2(2$"`61";1'2U9"%9'9"929:X9'"1:"18"9:T8(;(;"418"361'%$"*6F9:$" 1:" '1893(E:" 98" 4(76Q$>" @8" 3$813+(2$" #>W>0>C>Z>WP"%'$%$:1" '136%1'9'" 1;+1"1;31:9'($" %9'9" %89:+19'"361;+($:1;";$7'1"18"361'%$";$3(98P"+981;"3$F$P"18"%9%18"41"89;"%'T3+(39;"9'+U;+(39;" &"368+6'981;"3$:+1F%$'T:19;P"18"39F7($"%1'31%+(2$"&"89"3$:;+'633(E:"41"F1F$'(9;"&"89;"" %$;(781;"'1[$'F6893($:1;"418";6Q1+$""V$;"(:2(+94$;"9"1;+9"F1;9"3$:"#>W>0>C>Z>W"[61'$:" o5" 5btS<#ZCtD0P" j$'4(" #89'9F$:+1P" #9'8$;" j(Fe:1XP" W6'$'9" ]1':T:41X" 5$89:3$P" 59+'(3(9"0$81&Il18+'T:"o"51%1"@F9> H"@8"01F(:9'($"41"=14($;"=c8+(%81;"?LLL>F14($;F68+(%81;>F_B"[61"[6:494$"1:"18"9A$",--d" %$'" 18" 9'+(;+9" &" 4$31:+1" 6:(21';(+9'($" j$;e" =()618" k$:XT81X" #9;9:$29P" 1:" 89" @;36189" D93($:98"41"W'+1;"58T;+(39;"41"89"<:(21';(494"D93($:98"W6+E:$F9"41"=e_(3$"?<DW=BP" 1:"e8"%9'+(3(%9:"1;+64(9:+1;"929:X94$;"&"%9;9:+1;"41"89"39''1'9"41"W'+1;"f(;6981;"3$:"18" $7Q1+(2$"41")1:1'9'"(:21;+()93($:1;"+1E'(3$I%'T3+(39;"(:+1'4(;3(%8(:9'(9;"1:"+$':$"98"9'+1" %c78(3$P"89"9F%8(93(E:"418"9'+1"&"89"7c;`6149"41":612$;"39:981;"41"3('36893(E:"&"813+6'9>" @:"1;+1"%'$&13+$P"8$;"%9'+(3(%9:+1;"418"+9881'"[61'$:/"W81Q9:4'$"W'96Q$P"@'(\9"W+*(eP"ZT79+9" l9:4U:P" S92(4" #9F9')$P" V96'9" #9;+1889:$;P" k1'9'4$" #14(88$P" K3*18" k9881)$;P" V(;1+*" k9F7$9P" WF96+9" k9'3U9P" S9:(18" kE4(:1XP" W'Q9:" k61''1'$P" #e;9'" k'9:94$;P" b67e:"
+(.'ABAC02D.%7+)A*'A%*'$.%*+*"AEF"G
RO
=984$:94$P"W84$"=9'+U:1XP"=()618" :)18"=e:41XP"C218(:"=1X9P"=9'(;$8"=$:+(18P"W4'(T:" =$:'$&P"b6;8T:"Z$''1;P"tF9'"f1)9"&"V6(;"=()618"b1X9>" .-"@;+1"+(%$"41"F9:([1;+93($:1;"1;"['1361:+1"1:+'1"3$813+(2$;"3$:"(:+1:3(E:"'1(2(:4(39+(29P" 1:" 1;+$;" 39;$" " 89" 1_%1'(1:3(9" (F%8(39:" 1:" ;6;" %89:+19F(1:+$;" 6:9" [$'F9" 41" %9;1$" g1;+'9+e)(3$h"`61";1"*9"41F$;+'94$"6:"[$'F9+$"F6&"1[(39X"1:"89"2(;(7(8(X93(E:"41"%'$781F9;" 1;%13U[(3$;"&"1;"%'93+(3949"['1361:+1F1:+1"%$'")'6%$;"13$8$)(;+9;"$"6'79:(;+9;P"%9'9" ;1A98(X9'" 1;%93($;" 41)'9494$;P" 9;U" 3$F$" 1:" 18" 3$:+93+$" 41" F$2(8(X93($:1;" %c78(39;" 3$F$""b1389(F"+*1"0+'11+P""=9'3*9"418"$')688$")9&P"V$21"59'941;"$"=9&S9&;> .."W:+1"1;+9"%'1)6:+9"6:"+9_(;+9"'1;%$:4(E"`61"3$:;(41'9"18"3$:$3(F(1:+$P"89"[9F(8(9"&"89" 146393(E:"3$F$"89"F9:1'9"1:"`61"89"2(49"%6141";1'"2(2(49"41"6:9"F9:1'9"+'9:`6(89P"98" +(1F%$"`61"4171"1:['1:+9';1"9"`61"3698`6(1'"%9'949"`61"*931:";19"41"2(49"$"F61'+1>" b189+$"41"6:9"3$:21';93(E:"3$:"S9:(18"kE4(:1X"&"S92(4"#9F9')$> .," 01" +'9+9" 418" A="23%3%*( $"( ;G&3,7*( &HI.( 1#2#( )*3#2( #7( 2*=*" '1893($:949" 3$:" %'$%61;+9;" 9:+1'($'1;"41"b6;8T:"Z$''1;P"1:"89"`61"8$;"9;(;+1:+1;"%6141:"413(4('"('"21;+(4$;"41"'$Q$P" 789:3$"$":1)'$P";1)c:"41;11:P";1'"+$394$;P";E8$"+$39'"$":$"+$39'"&":$";1'"+$394$;> .d"=1")6;+9'U9";1A989'"6:"+'979Q$"9:+1'($'"418"F(;F$"9'+(;+9P"`61"%6141"3$:;(41'9';1"F6&" %'E_(F$"1:";6"[$'F6893(E:"!#9(0,"77#9($"(>%($"9"*"'198(X94$"46'9:+1""8$;"9A$;",--J"&" ,--G"&"`61"3$:;(;+U9"1:"89"933(E:"41"1_%$'+93(E:"1"(F%$'+93(E:"41"6:9"2(41$"(:;+9893(E:" ;$:$'9"`61";1'2U9"%9'9"+'9[(39'"d-"%9'1;"41"X9%9+$;":612$;"41;41"89"3(6494"41"Z9F%9P" @@><<P" *93(9" V9" z979:9P" #679>" 59'9818$" 98" +'9;(1)$" " 1:367(1'+$" 41" $7Q1+$;" %9'9" 8$;" 3$897$'94$'1;" 41" 89" $7'9i" 89" %1;`6(;9" ;$7'1" 89;" %'(:3(%981;" 93+(2(4941;" 4(9'(9;" `61"" '198(X9"89"%$7893(E:""1:"89"39%(+98"3679:9"1'9"F$;+'949"9"+'92e;"418""%'$%($";$:(4$"1:" 18"1;%93($"1_*(7(+(2$>"W88U""8$;"1:361;+94$;"1_%8(3979:"18"6;$"`61"81"49'T:"98"398X94$" 369:4$" 1;+1" 81;" ;19" 1:2(94$" 41;41" 89" 3(6494" :$'+19F1'(39:9" %$'" (:4(2(46$;" %$'" 188$;"3$:$3(4$;"&"3$:"4([1'1:+1"'1893(E:"9[13+(29"$"%9'1:+1;3$>"V9"+'9:;%9'1:3(9"1:"89" %'1;1:+93(E:"41"8$;"49+$;"'13$)(4$;"3$:+'9;+979"3$:"89"(:2(;(7(8(494"41"8$;"X9%9+$;"&9" `61"1;+$;"%1'F9:13U9:"1:"6:9;"39Q9;";188949;"%$'"+('9;"41"(FT)1:1;"`61"F$;+'979:"9" ;6;"%'$%(1+9'($;"F(1:+'9;"4(76Q979:""89";(861+9"41";6;"%(1;"""1:"6:"%9%18"3698`6(1'9>"@;+1" c8+(F$"+9F7(e:"2(9Q979"&"%1'F9:13U9"$368+$P"41:+'$"41"89;"39Q9;"`61"1'9:"1_%61;+9;>" 06"298$'":$";(F7E8(3$"3$:;(;+U9"1:"89"21'([(393(E:"41"89"9413693(E:"41"89;"4(F1:;($:1;" 41"8$;""X9%9+$;""3$:"89"41";6"6;69'($P"*13*$"`61"93$:+13U9"369:4$"8$;"3$:+93+$;"(79:" 9"1[13+69'"89"1:+'1)9" "98"B*&)">?*2#J(82)((=6;16F"41"89"<:(21';(+&"$["0$6+*"]8$'(49" 46'9:+1"89"1_%$;(3(E:"41"9'+1"89+(:$9F1'(39:$"+(+68949(K*>%&'(+";%3"9> .N" V9" 1')$F1+'U9" 41;41" 89" F14(3(:9" 3$:;(;+1" 1:" 6:9" %'6179" " 4(9):E;+(39" 1:" 89" `61" ;1" '1)(;+'9"F14(9:+1"6:"1813+'$39'4($)'9F9P"18"1;[61'X$"881294$"9"397$"%$'"8$;"Fc;368$;P" 9:+1"6:9"933(E:"41+1'F(:949>"S1;41"18"4(;1A$";1"3$:;(41'9"1')$:$Fe+'(39"98"3EF$";1" ;6%14(+9"89;"%'$%$'3($:1;"41"6:"$7Q1+$"98"'94($"41"F$2(8(494"418"361'%$"[U;(3$"3$:"18"`61" (:+1'933($:9>"
5HIHUHQFLDV ELEOLRJUi多FDV !,F-:3G>"?.HHOB>"L&)2*$,33%D&(#(7#()"*2G#($"(7*9($%9"M*9>"=e_(3$/"Z'(889;> !)(0.(3 !#+$0H-:3 I2" ?,-..B>" 1*N)%3#9( $"( 7#( ?2*$,33%D&( #2)G9)%3#( #( ?2%&3%?%*9( $"7( 9%'7*( OOL.( +%9)2#33%D&@( $"9*-"$%"&3%#@( ?2"3#2%"$#$( "( %&;"2)"-2#$*9>" =$:+1''1&/" <:(21';(494" W6+E:$F9"41"D612$"V1E:"?<WDVB> !''-/8"-+:3 !>" ?,--.B>" !#( P*$"2&%$#$( $"9-*2$#$#.( +%>"&9%*&"9( 3,7),2#7"9( $"( 7#( '7*-#7%Q#3%D&.(=e_(3$/"]$:4$"41"368+6'9"13$:EF(39>
!"#$%&'"#$"$(&(")*$+#,(&--./0$(1$-,0,-.2.103,$4$5#6-3.-")$"#37)3.-")$$8$""?0('.0",20$)0",.%'$@+ JIIIIII?.HHHB>"!#('7*-#7%Q#3%D&(J(7#(%>#'%&#3%D&("&(7#(%&;"9)%'#3%D&>"b12(;+9"C:+1':93($:98" 41" #(1:3(9;" 0$3(981;P" Du.R->" b12(;94$" 18" .-" 41" 4(3(1F7'1" 41" ,-..P" 41" *++%/MMLLL> 3*$8$:96+9;>146>%1MF$468$M6%8$94MkVtlWVCÄW#CtD{,-@{,-C=WkCDW#CtD>%4[" 4-)):3K2"?,--HB>"B*&3"?)*9(;%#="2*9("&(7#9(0,>#&%$#$"9>"=6'3(9/"#@DS@W#> 4$0L-5+0:3M2"?,--dB>"A7(#2)"("&(7#(N?*3#($"(9,(2"?2*$,3)%;%$#$()N3&%3#>"=e_(3$>"C+939> 4(F5:3N2"?.HHRB>""<*-2"("7($%R7*'*>"l9'318$:9/"a9('$;> @-9"$"-3 O-)("#:3 P2" ?,-.-B>" L&$#'#3%*&"9( 9*-2"( #2)"( J( "$,3#3%D&>" V9" z979:9/"W49)($M #D@WbZ @("#CH-":3G2"?.HJ-B>"!#(;,"7)#(#7($G#("&(*30"&)#(>,&$*9P"Z$F$"CC>"=e_(3$/"0()8$"KKC> N$3@$"#-8:3K2"?,---B>"!#(%&;"&3%D&($"(7*(3*)%$%#&*(S>"82)"9($"(0#3"2."=1_(3$/"<:(21';(494" C71'$9F1'(39:9"1"C:;+(+6+$"Z13:$8E)(3$"41"@;+64($;"41"t33(41:+1> N$3 O,F8##$":3 !2" ?.HGRB>" L&;"9)%'#3%D&( ?#2)%3%?#)%;#T( ,&#( *?3%D&( >")*$*7D'%3#( ?#2#( 7#( "$,3#3%D&($"(#$,7)*9>"=(3*$93T:/"#b@]WV> 7))+(#:3G2"?,---B>"!#(L&;"9)%'#3%D&(833%D&("&(7#(A$,3#3%D&.(=94'(4/"@4>"=$'(+X> 70(:342"?.HHRB>"8(U"#2(6%)0(<6*77"&(8??"&$%3"9.(V$:4'1;/"]971'> Q(0HC)$H3@-.-0(B-:3G23K2"?,-..B":#2$G&($"(83#$">,9.(!#-*2#)*2%*($"(#2)"(J("$,3#3%D&>" =e_(3$/"<:(21';(494"D93($:98"W6+E:$F9"41"=e_(3$"?<DW=B Q8-##-"+:3?2"?.HHRB>"B#*9>*9%9>"l61:$;"W('1;/"=9:9:+(98> K("-H-:3G23I23&3@8$.#-:3O2"?,-.-B>"12*'2#>#(B#>?,9($"("V3"7"&3%#(%&)"2&#3%*&#7.(A7( #2)"( 3*>*( 32%)"2%*( $"( "V3"7"&3%#." b12(;94$" 18" .," 41" F9&$P" ,-..P" 41" LLL>(;;66>3$FM (:;+(+6+$419'+13$:+1F%$'9:1$M4$3;M31(" K("+0:372""?.HH,B>"A7(>N)*$*(LW.(!#9(%$"#9.(=94'(4/"#T+14'9> P-0,+R"$:3G>"?,--,B>"!#($%;%9%D&($"(7*(9"&9%-7">"A9)N)%3#(J(?*7G)%3#."0989F9:39/"#1:+'$"41" 9'+1"41"0989F9:39> IIIIIII?,-.-B>"A7("9?"3)#$*2(">#&3%?#$*.(5$:+1214'9/"@889)$> P(/"+S8$H3 T+))-.-0#$:3 <2" ?,--RB" +"9-*2$"9( 32"#)%;*9.( A9)%7*9( J( "9)2#)"'%#9( ?#2#( 7#( )2#&94*2>#3%D&(9*3%#7."=94'(4/"#9+9'9+9> <(""$.3I$&B-:3P2"?,--OB"V>#tDS<#ZIWIbZ>"l9''9:`6(889/"#1:+'$"#68+6'98"W&1:9> T+"0(:3U2"?,--dB>(W%2),*9%9>*(J(2";*7,3%D&.(!#(#33%D&(?*7G)%3#("&(7#("2#($"7($"9"&3#&)*.( 0DGULG 7UD¿FDQWHV GH VXHxRV
X82)G3,7*(2"3%-%$*T(SYZ[\Z][SS^(#3"?)#$*T([SZ[_Z][SS`
!"#$%&%'()*#+,-.%/$%+/$0#+/-/ ,-..P"2$8>"N"?Q6:($B RSIG-"%%
!"#$%&'()*+",-../"01'2(3($"41"5678(393($:1;"41"89"<:(21';(494"41"=6'3(9>"=6'3(9"?@;%9A9B" C00D"14(3(E:"(F%'1;9/".GGHIHJHK>"C00D"14(3(E:"L17"?*++%/MM'12(;+9;>6F>1;M9%(B/".HGHIGNO,
!"#$%&'#()'*+,$+#(,+*+(-.+(#"/$'0+0(,+)"&12$/+( !")'.)$+&(34'*+,$'#(5"*(!+)4"&"2$/+&(6"/$')7"
12-34-0#(.3450,6$789:7;50 5'$T1;$'9"41"UUVV"1:"89"<:(21';(494"41"=6'3(9>"1"F9(8/"129;9:+$W6F>1;
X#6Y8"1;"1:+$:31;"89"T61'Z9"418"9'+1"%9'9"1:T$39' :61;+'$;" 9:*18$;" *93(9" $+'9;" T$'F9;" 41" '198(494 FY;" 1;%1'9:Z94$'9;[" 0(:" 4649P" F63*9;P" %1'$" 89 FY;" 12(41:+1" 1;" 89" 41" +'9:;T$'F9'" 89;" T$'F9;" 41 21'"18"F6:4$"%9'9"39F7(9'"9;\"89;"T$'F9;"41"93+69' ;$7'1"18"F(;F$>" ?=14(:9P",-..]"..B
@;+9":131;(494"41"39F7(9'"89;"T$'F9;"41"21'"18"F6:4$"(F%8(39";(+69':$;"1:"$+'$"86)9'" %9'9"9:98(Z9'8$P"+98"21Z"41;41"6:"%6:+$"41"2(;+9"FY;"31'39:$""41;1:T$394$"&"F^8+(%81P" 36&9" ^:(39" 31'+1Z9" ;19" 89" 3$:3(1:3(9" 41" :61;+'9;" %$;(7(8(4941;>" @:" F9&$" 41" ,--H" $')9:(Z9F$;"18"36';$"C:+1'21:3(E:"%;(3$;$3(98"41;41"89;"9'+1;"&"18"9'+1+1'9%(9.P"3$:"1;1" ¿Q SUHFLVR JHQHUDU SRVLEOHV 6H WUDWDURQ WHPDV FRPR ORV SURFHVRV GH FRQVWUXFFLyQ GH OD (41:+(494";$3(98"&";67Q1+(29]"89"3'19+(2(494"&"'198(494";$3(98]"8$;"%'$31;$;"41"(:+1)'93(E:" &"41;(:+1)'93(E:";$3(98]"18"3$F%'$F(;$";$3(98"418"9'+(;+9"3$:+1F%$'Y:1$P"(:+1'21:3($:1;" 9'+\;+(39;" 3$:" 3$813+(2$;" $" 18" 9'+(;+9" 3$F$" F14(94$'" ;$3(98P" 9;\" 3$F$" 89;" 9%8(393($:1;" &"YF7(+$;"418"9'+1+1'9%(9>"@2(41:3(9F$;P"%$'"8$"+9:+$P"18"$7Q1+(2$"41":61;+'9"F('949/"8$" ;$3(98,P"97$'494$"41;41"89"%;(3$8$)\9"&"18"9'+1>"@;+9"%1';%13+(29";(+6979"9"8$;"+'1;"1Q1;" HQ XQ FRQWH[WR UHÃ&#x20AC;H[LYR \ GH LQWHUDFFLyQ HQ HO FXDO VHUtD SUHFLVR LGHQWL¿FDU TXp SURFHVRV SXHGDQ ORJUDU XQD FRODERUDFLyQ VDWLVIDFWRULD HQWUH HOORV TXH IDYRUH]FD XQ PRGHOR GH FRQYLYHQFLD \ TXH SHUPLWD KXLU GHO SHQVDPLHQWR ~QLFR DOLPHQWDGR SRU HO JRELHUQR KHJHPyQLFR GH OD HFRQRPtD QHROLEHUDO (Q DTXpO PRPHQWR FRPHQ]y D IUDJXDUVH HO %'1;1:+1":^F1'$>
<03("=-0+.;(3.+;>?)+,( 1R GHELpUDPRV DFRPRGDUQRV D OD HVWUXFWXUD SUHGLVHxDGD TXH QRV GLFWD ORV PRGRV GH YLYLU \ TXH VLUYH D ORV LQWHUHVHV GH ORV PiV SRGHURVRV QL DPDUUDUQRV D OD PLVHULFRUGLD &"4$:93($:1;"%9'9"398F9'":61;+'9;"3$:3(1:3(9;P":61;+'$"3$F%'$F(;$";1"*9889"1:"97'('" 2\9;"%9'9"18"1:+1:4(F(1:+$"368+6'98P"3$F1:Z9:4$"%$'"%$:1'"1:"4649":61;+'$;";\F7$8$;P" :61;+'9"368+6'9"1"(:386;$":61;+'9;"(419;S>"?#$'41'$"&"59893($;P",-.-B" 59'131" (F%$'+9:+1P" %$'" +9:+$P" %1:;9'" 1:" 89" 3$:;+(+63(E:" 41" :61;+'9" (41:+(494P" +9:+$" (:4(2(4698" 3$F$" ;$3(98>" @:" 1;+1" ;1:+(4$P" _6%(3(:($" `A()61Z" %'1;1:+9" 89;" :6129;" SHUVSHFWLYDV GHO HVWXGLR GH OD LGHQWLGDG SRU SDUWH GH OD 3VLFRORJtD 6RFLDO TXH UHFXSHUDQ 18"(:+1'933($:(;F$";(F7E8(3$"41"=194"&"89"F(3'$;$3($8$)\9"41"a$TTF9:N"?,--.B>"V;\"89;" LGHQWLGDGHV GHSHQGHQ GHO FRQWH[WR LQWHUDFFLRQDO DO TXH SHUWHQHFHQ HV GHFLU OD FXOWXUD \ GHO VLJQL¿FDGR TXH pVWH WHQJD SDUD HO LQGLYLGXR 3DUD JHQHUDU HVWRV VLJQL¿FDGRV HV (F%'1;3(:4(781" %1:;9'8$;" &" :$F7'9'8$;P" &" %9'9" 188$" 6+(8(Z9F$;" 8$;" 81:)69Q1;" ;(F7E8(3$;" TXH QRV SHUPLWHQ SRQHUQRV ³HQ FRQWDFWR FRQ OD H[SHULHQFLD LQGLYLGXDO \ R VRFLDO TXH 889F9F$;"(41:+(494bO>""59'9"CA()61Z"18"%9;$"41"6:9"(41:+(494"(:4(2(4698"9"6:9"(41:+(494" VRFLDO VH GD GHVGH OD FRQH[LyQ ³GH OR PLFUR FRQ OR PDFUR OR ORFDO FRQ OR JOREDO HV GHFLU 89"1+:$F1+$4$8$)\9"&"$+'9;"361;+($:1;"F(3'$;$3($8E)(39;bR>"
!"#$%&'#()'*+,$+#(,+*+(-.+(#"/$'0+0(,+)"&12$/+((3((!"#$%#&'()$%*&+,-./01.2*& _9;" 4(:YF(39;" 41" 4(T1'1:3(9" &" 1c386;(E:" ;$3(98" 4171:" ;1'" 9:98(Z9781;" 41;41" 1;+9;" SHUVSHFWLYDV SRUTXH SXHGHQ H[DPLQDU ODV LPSOLFDFLRQHV GH ODV FDWHJRUtDV VRFLDOHV HQ 18"4(;1A$"41"8$;"1;+1'1$+(%$;"&"418";(;+1F9"41"'$81;"?CA()61ZP",--.BP"1;"413('P"4171F$;" DWHQGHU QR DO TXp HV OD H[FOXVLyQ VLQR DO FyPR VH JHQHUD HQ HO HQWUDPDGR VRFLDO \ FyPR HO VLVWHPD VLPEyOLFR HQ HO TXH VH DVLHQWD FRODERUD HQ VX FRQVWUXFFLyQ 'HVFXEULU H (:+1'%'1+9'"933($:1;P"86)9'1;"&";(+693($:1;"%9'+(3689'1;":$;"88129'Y"9"3$F%'1:41'"3EF$" VH KDQ FUHDGR ORV VLJQL¿FDGRV GH OD UHDOLGDG FROHFWLYD _9" +'979Q94$'9" ;$3(98P" #'(;+(:9" 41" d$71'+(;" &" 18" ;$3(E8$)$" e1:'(" 59;398" %89:+19:" 89" UHDOLGDG FROHFWLYD TXH FRPR HVWDPRV YLHQGR QR HV XQD VLPSOH VXPD GH ORV LQGLYLGXRV TXH OD FRPSRQHQ FRPR XQ VHU YLYLHQWH TXH GHEH DQDOL]DUVH FRPR WDO $Vt PLVPR SURSRQHQ TXH OD ³QDWXUDOH]D GHO PHGLR H[SOLFD FRQGLFLRQDPLHQWRV VRFLDOHV PRGDOLGDGHV GH ODV UHODFLRQHV VRFLDOHV GH ODV SREODFLRQHV TXH YLYHQ HQ HVH PHGLR´
<03("=-0+.;(3/()+/( &LHUWDPHQWH QR Vp VL YDORUDU FRPR VtQWRPD VRFLDO R SHUVRQDO DO KHFKR TXH VXFHGLy HO SDVDGR GRPLQJR GXUDQWH OD FHOHEUDFLyQ GH (O 'tD ,QWHUQDFLRQDO GH ORV 'HUHFKRV 41" 8$;" D(A$;" &" 41" 89;" D(A9;>" @:" F(" 3(6494" ;1" $')9:(Z9'$:P" 3$F$" 3949" 9A$P" 6:9" ;1'(1" 41" 93+(2(4941;" 8^4(39;P" 4(268)9+(29;" &" 41" ;1:;(7(8(Z93(E:>" <:" $7Q1+(2$" 9A94(4$" 1'9" 89" (:+1)'93(E:"1:"18"121:+$"41")'6%$;"(:T9:+(81;"&"94$81;31:+1;"%'$3141:+1;"41"8$;"79''($;" SHULIpULFRV $OJXQRV GH pVWRV LQWHUSUHWDURQ VXV FRUHRJUDItDV 6HLV QLxDV VDOLHURQ DO 1;31:9'($/"T9849;"F6&"3$'+9;P"39F(;1+9;"789:39;"9:64949;"79Q$"18"%13*$"&"$F78()$"98" 9('1>"06;"361'%$;"4(76Q9'$:"6:"3\'368$P";1"4(;%6;(1'$:"1:"3638(889;P"9)93*9'$:"89"3971Z9" &";6;"414$;"\:4(31;"39889'$:";6;"7$39;>"#$F1:ZE"89"39:3(E:/" 4XLHUR XQD PXMHU ERQLWD FDOODGD TXH QR PH GLJD QDDD f61"369:4$"F1"29&9"9"89":$3*1"&"261829"1:"89"F9A9:9":$"4()99":999 4XH DXQTXH QR OH JXVWH TXH WRPH VH TXHGH FDOODGD \ QR GLJD QDDD 4XLHUR XQD PXMHU TXH QR GLJD QDD D999*":999*P":999*P":999*P":999*P":999*>"?g12(:B
,QPHGLDWDPHQWH FRPHQFp D WHPEODU VH HPSDxDURQ PLV RMRV GH UDELD 0LUp D PL 98'1414$'P"F("*(Q9"&";6;"9F()9;"363*(3*1979:"3'(+(39:4$"18"79(81P"%1'$"18"9839:31"41";6;" UHÃ&#x20AC;H[LRQHV VROR WHQtD QXHYH DxRV GH HGDG /D FRQPHPRUDFLyQ GHO GtD HQ Vt OD DWHQFLyQ D OD GLYHUVLGDG OD SUHVHQFLD GH EDUULRV SHULIpULFRV HO EXOOLFLR GH JUXSRV GH QLxDV \ QLxRV %9'+(3(%9:4$" 1:" 8$;" Q61)$;P" 18" 2$86:+9'(94$h" 6:9" F^8+(%81" &" 1;%1'9:Z94$'9" 1;+'63+6'9" FRQVWUXLGD SDUD IRUWDOHFHU OD FRQFLHQFLD GH OD FLXGDGDQtD PH SHQHWUDED SRU XQD SHTXHxD ¿VXUD GROLpQGRPH /D VRFLHGDG IXQFLRQD FRPR XQ RUJDQLVPR YLWDO HQ HO TXH OD UHODFLyQ GH FDGD XQR GH VXV PLHPEURV GHWHUPLQD VX IXQFLRQDPLHQWR ySWLPR R HUUDGR 8QD FpOXOD XQ PLFURRUJDQLVPR XQD DFFLyQ VRQ UHVSRQVDEOHV GH OR TXH DFRQWHFH UHFtSURFDPHQWH DO UHVWR (VWD 3$813+(2(494"*97(+9"&"%1'+1:131"9"6:"13$;(;+1F9P"3'19"1;+'63+6'9;"368+6'981;"&";1")6\9"&" FRPXQLFD PHGLDQWH XQ HQWUDPDGR VLPEyOLFR TXH DVLJQy D OD UD]D KXPDQD HO URO GH DQLPDO '93($:98>" 51'$" +$4$" 188$" 412(1:1" 1:" +'9F%9" (:2(;(781/" 18" F14($" 9F7(1:+1" 1;" 1c%8$+94$" ;(:";1:+(4$P"89"368+6'9";1"9+'(:3*1'9"1:"3$:+'9;+949;"'1893($:1;"41"%$41'"&"8$;";\F7$8$;" 94F(+1:"4698(4941;"1:"36&9"9F7()i1494";1"93$F$49"89";$3(1494"418"7(1:1;+9'>" @:"1;+9"'14";1";1A989P";1"%(1:;9"&";1";6T'1>"#949"(:4(2(46$"&")'6%$";$3(98""+(1:1:"89" ODERU GH DIURQWDU ORV GHVDItRV TXH HVH PHFDQLVPR H[LJH SDUD VX FRRUGLQDFLyQ \ GHIHQVD
#3'-4546(78'9+#)4:-49:-&'9:#:$4;<$=
JS
SURYH\pQGRVH GH KHUUDPLHQWDV GH DFFLyQ \ SHQVDPLHQWR FUtWLFRV TXH OHV SHUPLWDQ LGHQWL¿FDU \ DFWXDU VREUH ODV SDWRORJtDV GH OD FLYLOL]DFLyQ (QIHUPHGDGHV FROHFWLYDV R PDOHVWDUHV FXOWXUDOHV TXH FRQ IUHFXHQFLD VXUJHQ R VH VLW~DQ HQ ORV PiUJHQHV UHFODPDQ DJHQWHV TXH LQYHVWLJXHQ \ SURPXHYDQ WHUDSLDV GH RUGHQ VRFLDO FDSDFHV GH DQDOL]DU ODV UHQGLMDV SRU ODV TXH HVFDSD XQ HTXLOLEULR MDPiV FRQTXLVWDGR R WDO YH] FXHVWLRQDUVH OD 9+'933(E:"41"1;+1"1;%1Q(;F$> 8QD HVFULWXUD FRUUHFWD HV DTXHOOD TXH PDQWLHQH ORV PiUJHQHV DOLQHDGRV /D VDQJUtD %9897'9";97'$;9"&"9F1:9Z9:+1P";1"1;39%9"41"21Z"1:"369:4$"41"1;$;"+'1;"31:+\F1+'$;"41" HVSDFLR EODQFR TXH DVHJXUDQ XQ PDUFR DQWH HO DELVPR GHO PiV DOOi GH OD SiJLQD \ VH DGHQWUD D FXULRVHDU HQ HVWD OHFFLyQ RUGHQDGD ¢4Xp SRGHPRV DSRUWDU GHVGH HO iPELWR DFDGpPLFR SDUD GLOXLU PDOHV R HYLWDU KHULGDV" ¢&yPR DFRJHUHPRV D HVD DWUHYLGD HQWUDGD TXH PDUFD HO FRPLHQ]R GH QXHVWURV SiUUDIRV" ¢1RV DWUHYHPRV D HUUDU SRU HO EODQFR 361;+($:9:4$"89;"%$;(3($:1;"41"%'1;+()($"&";1)6'(494"&"4(;36+(1:4$"89"8E)(39"418";(;+1F9" DO TXH SHUWHQHFHPRV" ¢6RVSHFKDPRV TXp SRGUtD VXFHGHU HQ HVWD LQWHUDFFLyQ"
@(;(3:03("=-0+.;(3#$"-'A:#+,( @8"9'+1";6''198(;+9"%89:+1E"89"(F9)(:93(E:"3$F$"98+1':9+(29"41"8$"'198"&"36&9"2(21:3(9P"9" F1:64$"3$F%9'+(49"1:";1;($:1;"41")'6%$P";1'\9"39%9Z"41";9829'"89"3'(;(;"&"41;(86;(E:" HQ OD TXH OD KXPDQLGDG HQWUy WUDV OD 3ULPHUD *XHUUD 0XQGLDO /D XWRStD GHO REMHWLYR VH FRQFUHWDED HQ OR FHUFDQR HQ OR tQWLPR HQ OR VXEMHWLYR HQ HO LQGLYLGXR HQ OR PiV SHTXHxR GH DTXHOOD ³PXQGLDOLGDG´ SDWROyJLFD (O VXHxR FRPR GHVHR LQFRQVFLHQWH H LQFRQWURODGR VH DOLy FRQ OD LUUDFLRQDOLGDG SDUD SURSRQHU RWURV PRGRV GH SHQVDUQRV HQ ORV TXH OD SURSLD 933(E:"(:;%('9'\9"8$;"39F7($;>"@8"8*)(9*-)""97'(E"89"%61'+9"418"9'+1"*1)1FE:(3$"'93($:98" D DUWLVWDV TXH 'XEXIHWW QRPEUDED FRPR ³SHUVRQDV RVFXUDV \ H[WUDxDV´ SUHVHQWDQGR QXHYRV PRGHORV GH FUHDWLYLGDG /D JUDQ LQÃ&#x20AC;XHQFLD GHO :-)#$0'*( +*) FRQWULEX\y ³DO GHVPDQWHODPLHQWR GH VXSXHVWRV \ SRVWXODGRV HOLWLVWDV GHO DUWH DO WLHPSR TXH VH LQFRUSRUD 41" %81:$" 98" (:+1'39F7($" +1E'(3$" &" 9'+\;+(3$" 93+698b" ?V8F189P" ,--J]" NNB>" _9" %;(3$8$)\9" &" 18" 9'+1" *9889'\9:" 6:" 86)9'" 3$F^:" %9'9" 941:+'9';1" 1:" 89" ;67Q1+(2(494>" @8" 9'+1+1'9%(9" ;1" UHYHODUi FRPR XQD WHUDSLD H[SUHVLYD TXH IDFLOLWDUtD OD H[WHULRUL]DFLyQ GH SURFHVRV LQWHUQRV F14(9:+1"6:"81:)69Q1"1F$3($:98"&";(F7E8(3$>"_9;"3$:4(3($:1;"*6F9:9;P";6"%1'+1:1:3(9" )'6%98P";6;"'$81;"368+6'981;P";6;"*(;+$'(9;"%1';$:981;";1"'13$:$31'Y:"3$F$"3$:;+'63+$'1;" 41"(41:+(494>"01"*9'\9":131;9'($"97$'49'"98";6Q1+$"1:";6"+$+98(494"%9'9"3$F%'1:41'"18" RUGHQ R GHVRUGHQ TXH GLFWDPLQD VXV DFWRV )UHXG H[SRQGUtD HO PDOHVWDU GH OD FXOWXUD 3$F$"6:$"41"8$;")'9:41;"1"(:3$:+'$89781;"F981;"41"89"*6F9:(494>" _9;" 9'+(;+9;" T1F(:(;+9;" T61'$:" 39%931;" 41" F(:9'" 18" %$4(6F" 418" 9'+(;+9" )1:(98" &" %$'" H[WHQVLyQ GHO IDORFHQWULVPR FRQWLQXDQGR DTXHO SURFHVR GH HPDQFLSDFLyQ H LJXDOGDG (:(3(94$"%$'"89;"F6Q1'1;";6T'9)(;+9;>"06;"3'193($:1;"29%6819'$:"89";$3(1494"361;+($:9:4$" 8$;" $'\)1:1;" 41" 1;1" F981;+9'" 368+6'98>" @:" %9'9818$P" 18" 9'+1" 3$F6:(+9'($" ;6')1" 3$F$" 6:" LQWHQWR GH DOFDQ]DU XQD GHPRFUDFLD FXOWXUDO ³DFFHVLEOH SDUWLFLSDWLYD GHVFHQWUDOL]DGD \ TXH UHÃ&#x20AC;HMH ODV QHFHVLGDGHV \ SDUWLFXODULGDGHV GH ODV GLIHUHQWHV FRPXQLGDGHV´ DUURSDGR HQ XQD LGHRORJtD TXH FRQ¿DED HQ OD UHOHYDQFLD VRFLDO GHO DUWH 3DODFLRV @:"8$;":$21:+9P"89";(F7$8(Z93(E:"418"4$8$'":$;"*(Z$"+$F9'"3$:3(1:3(9"41":61;+'$"361'%$" ;$3(98P"&"18" VXSXHVWR VXIULPLHQWR LQWHULRU TXH VXE\DFH D FLHUWDV SUiFWLFDV GHO ERG\ DUW ³GRORULVWD´ UHVXOWDUtD QR VHU WDQ ³LQWHULRU´ \D TXH SRGUtD YHQLU GDGR SRU XQD ³LQWHUQDOL]DFLyQ´ GH ODV SUHVLRQHV UHSUHVLRQHV KXPLOODFLRQHV GLVFULPLQDFLRQHV HWF« H[WHULRUHV TXH OD VRFLHGDG HIHFW~D VREUH 89;"(41:+(4941;":$":$'F9+(29;"?=9'+\P",-.-/".NRB
!"#$%&'#()'*+,$+#(,+*+(-.+(#"/$'0+0(,+)"&12$/+((3((!"#$%#&'()$%*&+,-./01.2*& /D FRQFLHQFLD GH TXH OD LGHQWLGDG VRFLDO YD PiV DOOi GH ODV UHODFLRQHV HQWUH SHUVRQDV *(Z$" %$;(781" 3$:;(41'9'" :61;+'$" 1:+$':$" :$" ;E8$" 3$F$" 6:" 1;31:9'($P" ;(:$" 3$F$" 6:" ´YHUGDGHUR GLiORJR VLPEyOLFR´ HQ HO TXH ORV LQGLYLGXRV LQWHUSUHWDQ ORV VLJQL¿FDGRV GHO HVSDFLR HODERUDGRV VRFLDOPHQWH HQULTXHFLpQGRVH HO XQR DO RWUR 9DOHUD 6 \ 3RO ( P.HHNB +DQ VLGR GLYHUVDV ODV PDQLIHVWDFLRQHV DUWtVWLFDV TXH KDQ GLVFXWLGR OD FRQVWUXFFLyQ 41"89";67Q1+(2(494P"41"89;"'1%'1;1:+93($:1;"&"41"89;"(41:+(4941;P"+9:+$"(:4(2(46981;"3$F$" 3$F6:(+9'(9;P"&"*9:"'13$:$3(4$"8$;"%'$31;$;"3'19+(2$;"3$F$"T61'Z9;"41"+'9:;T$'F93(E:" ;$3(98" 39%931;" 41" 9&649'" 9" 2(2('" 1:" 1;+9" ;$3(1494" 1:T1'F9" 36&$;" 4(9):E;+(3$;" &" ;1:+1:3(9;"4171F$;"3$:+(:69'"4179+(1:4$>" &RPR VHxDOD $OL]D 1 'HOJDGR 7RUQpV 8QD VRFLHGDG HQ WUiQVLWR FUHD FRQGLFLRQHV SDUD TXH VH HPDQFLSH OD VXEMHWLYLGDG HQ HO VHQWLGR TXH HO VXMHWR GHO SURFHVR KLVWyULFR WLHQGH D SRQHU HQ FULVLV WRGR FULWHULR GH DXWRULGDG GRJPiWLFD 21'494"'1218949"1"(:+1'%'1+93($:1;"418"F6:4$"&"41";6;"FY;"4(21';$;"93$:+13(F(1:+$;>"?,--N/"O,B
&DUHQFLDV GHVHQFXHQWURV \ GHVHRV GH OD FLXGDGDQtD VRQ HPHUJHQWHV D ORV TXH KD\ TXH DWHQGHU HQ HVWD VRFLHGDG WUDQVLWRULD SDUD PRGL¿FDU ODV UHODFLRQHV TXH PDQWHQHPRV FRQ OD UHDOLGDG \ OHJLWLPL]DU OD HPRFLyQ \ OD LQFHUWLGXPEUH FRPR DJHQWHV TXH SURPXHYDQ OD VDOXG VRFLDO 3RGUtDPRV GHVDUUROODU SUR\HFWRV FRPSDUWLGRV EDVDGRV HQ OR TXH -XOLR 5RPHUR GHQRPLQD FUHDWLYLGDG GLVWULEXLGD DSURYHFKDQGR ODV SRVLELOLGDGHV GH ³OD UHODFLyQ TXH VH SXHGH HVWDEOHFHU HQWUH ODV SHUVRQDV ORV VDEHUHV ORV PDWHULDOHV ODV KHUUDPLHQWDV 1"(:;+'6F1:+$;"41"89"368+6'9b""?,-.-/"HGB 5'$%$:1F$;" 41;31:+'98(Z9'" 18" 4(;36';$P" 93$F%9AY:4$:$;" 418" %'(:3(%($" 41" 89" GLIHUHQFLD \HQGR GHVGH XQ \R GH OD H[SHULHQFLD D XQD H[SHULHQFLD GH DTXHOODV SHUVRQDV TXH VH KDOODQ HQ ORV PiUJHQHV PHGLDQWH XQ SURFHVR GH LGHQWL¿FDFLyQ &RQVFLHQWHV DVt PLVPR GH TXH KDELWDU OD WLHUUD QR H[LJH VROR XQ FRPSURPLVR VRFLDO VLQR WDPELpQ 13$8E)(3$P"298$'9'1F$;"89;" +'1;"1;T1'9;"4$:41":61;+'9"(41:+(494"&"*931'";1"41;%8(1)9P"?hB"_9"%'(F1'9"1;T1'9";1"3$F%$:1"41" 89"'198(494"(:+1':9"41"3949"%1';$:9P"89";1)6:49"41"89;"'198(4941;"&"3$:+1c+$;"1c+1':$;"&"89"+1'31'9" 41"89;"3'11:3(9;P"2(;($:1;"&"298$'1;"3$F%9'+(4$;"%$'"6:9"3$F6:(494>"?j8913*19"&"@:)18(P",-..B
7UDWDUHPRV GH VHU FRKHUHQWHV HQ QXHVWUDV DFFLRQHV $EULUHPRV QXHYRV VHQWLGRV QR VLQ ULHVJR GH DEULU QXHYDV ¿VXUDV ¢&XiOHV VHUiQ ORV PpWRGRV GH LQYHVWLJDFLyQ TXH QRV SHUPLWDQ PRYHUQRV HQWUH HVDV 1;T1'9;[ 0HGLDQWH XQ HQIRTXH DXWRHWQRJUi¿FR /DQJOH\ %URZQ DQDOL]D ODV UHODFLRQHV HQWUH DUWH \ VDOXG 'H¿HQGH TXH OD FUHDFLyQ \ OD UHÀH[LyQ VH FRPSOHPHQWDQ PXWXDPHQWH IDFLOLWDQGR D ORV \ ODV DUWLVWDV TXH WUDEDMDQ HQ HO iPELWR GH OR VRFLDO XQD SUiFWLFD PiV FRPSURPHWLGD V" %9'+('" 41" 89" %'1;1:+93(E:" 41" 8$;" 4179+1;" +1E'(3$;" &" 89;" 863*9;" 93+(2(;+9;" %$'" 89" GHVSDWRORJL]DFLyQ WUDQV GH ODV ~OWLPDV GpFDGDV $PHWV 6XHVV ³SURSRQH XQ HMHUFLFLR DXWRUUHÀH[LYR VREUH OD LQÀXHQFLD GH YDORUHV LPDJLQDULRV YLVXDOHV \ SRVLFLRQHV VXEMHWLYDV HQ OD SUiFWLFD SURIHVLRQDO´ SDUD FRQVWUXLU HVSDFLRV SVLFRWHUDSpXWLFRV GH FRQ¿DQ]D TXH UHFRQR]FDQ ODV H[SUHVLRQHV H LGHQWLGDGHV GH JpQHUR \ VH[XDOLGDGHV GLYHUVDV
#3'-4546(78'9+#)4:-49:-&'9:#:$4;<$=
JO
(O DUWHWHUDSLD VREUHSDVD HO iPELWR SVLTXLiWULFR \ KRVSLWDODULR KDFLD FRQWH[WRV VRFLDOHV /D LQPHUVLyQ HQ OD LQVWLWXFLyQ D WUDYpV GH ORV SURJUDPDV HGXFDWLYRV GH DOJXQRV PXVHRV HVWi SHUPLWLHQGR D ODV DJHQFLDV FXOWXUDOHV SUHVHQWDU XQD UHDOLGDG PiV GLQiPLFD TXH SXHGD D\XGDU D OD LQWHJUDFLyQ VRFLDO \ FXOWXUDO 0 'RORUHV /ySH] 0DUWtQH] DOLHQWD D OD SURPRFLyQ GH WDOHV HVTXHPDV GH FRODERUDFLyQ $QD 0 %DOOHVWD 2QLO 9L]FDtQR \ (YD &ULVWLQD 0HVDV QRV PXHVWUDQ ORV DxRV GH LQYHVWLJDFLyQ HQ ORV TXH HO WUDEDMR FRQ ODV DUWHV SOiVWLFDV \ OD GDQ]D FRQWHPSRUiQHD HQ HO FHQWUR GH GtD GH $66,'2 KDQ IDFLOLWDGR OD LQWHJUDFLyQ YLVLELOL]DFLyQ H[SUHVLyQ GH 1F$3($:1;" &" 1;+(F6893(E:" 41" %'$31;$;" 41" 96+$1;+(F9" 1:" %1';$:9;" 3$:" ;\:4'$F1" 41" 'RZQ \ FDSDFLGDGHV GLYHUVDV 3HQVDU HO DUWH FRPR XQD LQYHVWLJDFLyQ FLHQWt¿FD FRQ HO ¿Q GH HQWHQGHU PHMRU ORV SURFHVRV TXH RFXUUHQ HQ OD PHQWH GH ODV SHUVRQDV FRQ $O]KHLPHU \ DVt PLVPR D\XGDUOHV 9"76;39'"6:9"(41:+(494"%1'4(49"1;+(F689:4$";6"F1F$'(9"1F$3($:98P";$:"98)6:$;"41"8$;" REMHWLYRV GH OD )XQGDFLyQ $O]KHLP8U D OD TXH QRV DFHUFDQ 3DWULFLD )RUFpQ 6FKHX \ %RUMD =$')94$"V)6(''1> /LOD ,QV~D /LQWULGLV SUHVHQWD XQD UHÀH[LyQ GHO FRQWH[WR GH VX LQYHVWLJDFLyQ ORV PiUJHQHV GH OD FLXGDG GH 0p[LFR SDUD ³KDFHU LQWHOLJLEOHV ODV DFFLRQHV TXH WLHQHQ FRPR ¿Q OD SURPRFLyQ GH ORV GHUHFKRV FXOWXUDOHV GH OD FLXGDGDQtD´ 6X LQWHUYHQFLyQ SOiVWLFD UHDOL]DGD FRQ ,JQDFLR 3OD]D HV OD PHWiIRUD GH VXV UHÀH[LRQHV 'DYLG +DOH\ QRV SURSRQH XQ QXHYR SXQWR GH YLVWD SDUD YHU HO PXQGR VLWXDGR HQ 18"3$:$3(F(1:+$"41";6"3$F%81Q(494>"_9"+'9:;4(;3(%8(:9'1(494"(:2$863'9"98"9'+1"13$8E)(3$" FRPR XQ SRWHQFLDO SDUD WUDQVIRUPDU ³HO GHVDVWUH HQ RSRUWXQLGDG´ \ HVFDSDU GH ³XQD QHXUyWLFD PRQRFXOWXUD TXH KD QHXWUDOL]DGR OD LQWHUDFFLyQ VRFLDO HQ QRPEUH GHO SURJUHVR &"418"41;9''$88$b _9;" 96+$'9;" &" 8$;" 96+$'1;" 418" %'1;1:+1" :^F1'$P" 2(21:" 4('13+9F1:+1" 89" 1c%1'(1:3(9" GH OD FUHDFLyQ OR TXH OHV SHUPLWH FRQ¿DU HQ ORV YDORUHV TXH SRVHH OD FUHDWLYLGDG SDUD DFHUFDUVH HQWHQGHU \ DERUGDU PHWRGRORJtDV TXH IDYRUH]FDQ ODV H[SUHVLRQHV GH ORV GLVWLQWRV FROHFWLYRV GH OD VRFLHGDG 3RUTXH HV REYLR TXH ORV SURFHVRV FUHDWLYRV HO DUWHWHUDSLD R ODV SUiFWLFDV DUWtVWLFDV SDUWLFLSDWLYDV VH VLW~DQ GHO ODGR GH OD UHÀH[LyQ HVWXGLR \ DQiOLVLV GH ORV VtPERORV D\XGDQGR D OD JHQHUDFLyQ GH QXHYRV VLJQL¿FDGRV /RV HVWXGLRV \ H[SHULHQFLDV TXH OHHUHPRV D FRQWLQXDFLyQ FHGHQ VX SDODEUD LQLFLiQGRQRV HQ XQ GLiORJR HQULTXHFHGRU SDUD UHFRQRFHUQRV HQ QXHVWUDV GLIHUHQFLDV \ FDSDFLGDGHV KDFLpQGRQRV FRQVFLHQWHV GH OD YXOQHUDELOLGDG GHO RUJDQLVPR GHO TXH IRUPDPRV SDUWH
!"#$%&'#()'*+,$+#(,+*+(-.+(#"/$'0+0(,+)"&12$/+((3((!"#$%#&'()$%*&+,-./01.2*& 5HIHUHQFLDV ELEOLRJUi¿FDV !);$)-B3CD3?,--JB>"j6+;(41'h"'13$:;+'6&1:4$"18"9'+1"41;41"T61'9>"@:":-)#$0'*;(-.(+*)'( $.)'*.">"=(:(;+1'($"41"V;6:+$;"@c+1'($'1;"&"41"#$$%1'93(E:"41"@;%9A9>"?SJIOGB @("/$"(3C-;(.B3ED3&3F-)-,+(.331.#$>-0B3GD31D /D 6LPLHQWH GHO 7UDEDMR 6RFLDO 1:"<"/-='.)"#(0'(3*+%+>"(6"/$+&P"NJ"?GHI.-SB>"#$:;68+94$",G"41":$2(1F7'1"41",-.."1:" *++%/MM4(98:1+>6:('($Q9>1;M;1'281+M9'+(368$[3$4()$kSRON-NR H$)=-/(3I("0A.B3!)+7-3ED3?,--NB"067Q1+(2(494P"'1%'1;1:+93(E:"1"(41:+(494>"#$:;68+949"S-" :$2(1F7'1",-..""KWWS ZZZ XR HGX FX RMV LQGH[ SKS VWJR DUWLFOH YLHZ)LOH JK+=:$7B3L ,GHQWLGDG 'H OR SHUVRQDO D OD 6RFLDO 8Q UHFRUULGR FRQFHSWXDO (Q &UHVSR @>"?@4B>"?+(/".#)*-//$1.(#"/$+&(0'(&+(#-%>')$@$0+0>"=94'(4/"#9+9'9+9"?,-HI,,OB"#$:;68+94$" 18" ,O" 41" :$2(1F7'1" 1:" *++%/MM697>93941F(9>146M_6%(3(:($Cl#SlU.()61Zd6149M 3DSHUV ,'(17,'$'BGHBORBSHUVRQDOBDBORBVRFLDO B8QBUHFRUULGRBFRQFHSWXDO M$2+0B3CD"?+(=-0+>"#$:;68+949"1:" KWWS ZZZ PLOHWUD QHW UHDG &DOL (O 'DQGHH /D 0XGD )W .HYLQ 5ROGDQ KWPO N-"#*3N-"*B34D3?,-.-B"'HVKDFLHQGR HO YtQFXOR PHODQFyOLFR VXIULPLHQWR LQWHULRU GRORU GH JpQHUR \ QXHYDV VXEMHWLYLGDGHV HQ HO DUWH FRQWHPSRUiQHR ERG\ DUW ³GRORULVWD´ \ ³JLUR %1'T$'F9+(2$bB"1:"8*)'(7(,"&A)$/+#(0'($0'.)$0+0P"."?.SOI.O-B N-"#*0$73N+=:A)$7B3ND3_9"@+:$F1+$4$8$)\9"&"18"(:+1'933($:(;F$";(F7E8(3$>"#$:;68+94$" 18"."41"4(3(1F7'1"41",-.."1:"*++%/MM%'$T>6;7>21MF()618FM891+:$F1+$4$8$)(9>*+F8" N$/+0-B3 FD3 ?,-..B" =$4$;" 9'+\;+(3$;" 41" *931'" F6:4$>" @:"V7'1" 18" $Q$P" .J>" ?GI.JB" *++%/MM 97'118$Q$>3$FM O)-$,6$-B3@D3&310=$)+B39D 0DQHUDV GH YHU OD UHDOLGDG VRFLDO D WUDYpV GHO SULVPD GH 89"3'19+(2(494>"1:"#9':9319P"=>"V>"&"_$Z9:$"#YF79'9P"V>"@>"?#$$'4;B"8*)';($.)'*@'./$1.(7( +//$1.(#"/$+&B(?+(/*'+)$@$0+0()*+.#5"*=+0"*+B"=94'(4/"a'6%$"O"?NJIRGB F-)-,+(.39-""+/(B3!D3?,--HB"@8"9'+1"3$F6:(+9'($/"$'()1:"&"12$863(E:"41"89; %'Y3+(39;" 9'+\;+(39;" 3$897$'9+(29;>" @:" 8*)')'*+,$+( C( !+,'&'#( 0'( +*)')'*+,$+( 7( '0-/+/$1.( +*)A#)$/+(,+*+(&+($./&-#$1.(#"/$+& 9RO
C(>$"#+.B3 @D3 &3 F-.,-)B3 PD3 ?,--JB>" ?+( $.)'*@'./$1.( /"&'/)$@+( '.( )*+%+>"( #"/$+&>" U61:$;" V('1;/"_6F1: C(;$"(B3GD3?,-.-B"#'19+(2(494"4(;+'(76(49"&"$+'$;"9%$&$;"%9'9"89"146393(E:"3'194$'9>"@:" 568;$P"SS"?SJI.-JB" Q-)$"-B3 4D3 &3 F()D1D" ?.HHNB" @8" 3$:31%+$" 41" C41:+(494" 0$3(98" 6'79:9/" <:9" 9%'$c(F93(E:" 1:+'1" 89" 5;(3$8$)\9" 0$3(98" &" 89" 5;(3$8$)\9"VF7(1:+98P" @:" 8.-+*$"( 0'( !#$/"&"2A+;( DE?SBP" ?OI,NB>
#3'-4546(78'9+#)4:-49:-&'9:#:$4;<$=
JJ
E(#-. 2UJDQL]DGR SRU )UDQFLVFR &ROO \ (YD 6DQWRV HQ OD 8QLYHUVLGDG GH 0XUFLD /R VRFLDO SXHGH RWRUJDU XQ VHQWLGR GH SHUWHQHQFLD \D TXH LPSOLFD DOJR TXH VH FRPSDUWH 9":(218"3$F6:(+9'($> 1RV SDUHFHQ GHVWDFDEOHV HQ HVWH DVSHFWR ORV WUHV SXQWRV TXH HVWRV DXWRUHV &RUGHUR \ 3DODFLRV DSOLFDQ HQ UHODFLyQ D OD FRQYHQLHQFLD GH ODV DFFLRQHV TXH GHEH GHVHPSHxDU HO 7UDEDMR 6RFLDO ³ &RQRFHU OD QDWXUDOH]D \ FDXVDV GH QXHVWURV FRQÀLFWRV PRVWUDQGR OD FDQFHODFLyQ GH OD VROLGDULGDG D OD TXH FRQGXFH OD KHJHPRQtD GHO QHROLEHUDOLVPR 'HVWDFDU HO YDORU DFWXDO GH OD FRQMXQFLyQ HQWUH OD ³JREHUQDQ]D´ FRPR SRGHU FRPSDUWLGR \ OD ³SURGXFFLyQ VLPEyOLFD´ FRPR FRQVWUXFFLyQ GH OD FRQYLYHQFLD SRQLHQGR HVSHFLDO GRWDFLyQ GHO 7UDEDMR 6RFLDO SDUD LQWHJUDUVH FRQ SOHQR GHUHFKR HQ GLFKD GLQiPLFD @2$39'" &" '19%'$%(9';1" 41" 89" 39%93(494" 41" 1F9:3(%93(E:" (:4(2(4698" &" 41" 3$:2(21:3(9" XQLYHUVDO TXH RIUHFH HO SUR\HFWR LOXVWUDGR UHFRQRFLHQGR HQ pO OD VLPLHQWH D SDUWLU GH OD FXDO HQ HO WUDQVFXUVR GHO WLHPSR IXH HQJHQGUDGR HO 7UDEDMR 6RFLDO´
N"_9"F(3'$;$3($8$)\9"1;"89"+1$'\9"31:+'949"1:"18"(:4(2(46$P"89;";67Q1+(2(4941;"&"89;"933($:1;" ;$3(981;> $ SDUWLU GH HVWD GH¿QLFLyQ ,xLJXH] D¿UPD TXH HVWDPRV HQ FRQGLFLRQHV GH DWHQGHU DOJXQDV 361;+($:1;"&"49'"'1;%61;+9"9"6:9"79;+9"8(;+9"41"%'$781F9;";6;3(+94$;"1:"&"41;41"89;" 4(;+(:+9;"%1';%13+(29;"?,--.B 3DUD 0DUWtQH] 0LJXpOH] ³'XUDQWH OD GpFDGD GH ORV DxRV FRPHQ]DURQ \ VH 1c+1:4(1'$:"4(T1'1:+1;"3'\+(39;"9"89""F1+$4$8$)\9"1F%81949P";$7'1"+$4$"1:"89";$3($8$)\9" &LFRXUHO *DU¿QNHO (VWDV FUtWLFDV GHVD¿DEDQ YDULRV GH ORV SUHVXSXHVWRV FY;"T9F(8(9'1;"41"1;+9"4(;3(%8(:9P"3$:"'1;97($;"FY;"7(1:"%$;(+(2(;+9;P"&"931:+6979:"89" LGHD GH TXH OD UHDOLGDG VRFLDO HUD DOJR /".#)*-$0"P"%'$463(4$"&"2(2(4$"%$'";6;"F(1F7'$;>" 59'9"%$41'"3$F%'1:41'"9"T$:4$"89":9+6'981Z9"&"%'$31;$"41"1;+1"T1:EF1:$P"1;"413('P" OD SDUWH DFWLYD TXH MXHJDQ ORV PLHPEURV GH XQ JUXSR VRFLDO HQ OD HVWUXFWXUDFLyQ \ 3$:;+'633(E:"41"89;"F$498(4941;"41";6"2(49"4(9'(9P";1"T61"3'19:4$P"%$3$"9"%$3$P"6:9" :6129" F1+$4$8$)\9P" 889F949" ')."=')"0"&"2A+P" %$'" ;1'" 98)$" 1897$'94$" %$'" 18" )'6%$" KXPDQR TXH YLYH XQLGR XQ ')."#>" _9" ')."=')"0"&"2A+" :$" ;1" 31:+'9" +9:+$" 1:" 18" !"#" GH ODV UHDOLGDGHV KXPDQDV FRWLGLDQDV TXp VH KDFH R GHMD GH KDFHUVH VLQR HQ HO $%&'P"1;"413('P"1:"89"="0+&$0+0 GH VX HMHFXFLyQ GHVHQYROYLPLHQWR \ UHDOL]DFLyQ TXH SXHGH VHU HQ JUDQ SDUWH XQ SURFHVR TXH VH GHVDUUROOD EDMR HO XPEUDO GH OD FRQFLHQFLD XQD HVWUXFWXUD VXE\DFHQWH TXH GHWHUPLQD OD UHDOLGDG VRFLDO +ROVWHLQ \ *XEULXP ´ ³(O F.)'*+//$".$#="( #$=%1&$/"( 1;" 6:9" 3(1:3(9" (:+1'%'1+9+(29P" 6:9" +1$'\9" SVLFROyJLFD \ VRFLDO TXH WUDWD GH UHSUHVHQWDU \ FRPSUHQGHU HO SURFHVR GH FUHDFLyQ \ DVLJQDFLyQ GH VLJQL¿FDGRV DO PXQGR GH OD UHDOLGDG YLYLGD HVWR HV D OD FRPSUHQVLyQ GH 93+$'1;"%9'+(3689'1;P"1:"86)9'1;"%9'+(3689'1;P"1:";(+693($:1;"%9'+(3689'1;"&"1:"+(1F%$;" SDUWLFXODUHV 6FKZDQGW 6H GD DTXt XQD JUDQ VLPLOLWXG FRQ HO VLJQL¿FDGR TXH :HEHU \ 'LOWKH\ GDQ DO WpUPLQR G'*#)'4'."?3$F%'1:;(E:Bb>"
!"#$%&'#()'*+,$+#(,+*+(-.+(#"/$'0+0(,+)"&12$/+((3((!"#$%#&'()$%*&+,-./01.2*&
!"#$%&%'()*#+,-.%/$%+/$0#+/-/ ,-..P"2$8>"N"?Q6:($B JHI.-R"%%
!"#$%&'()*+",-../"01'2(3($"41"5678(393($:1;"41"89"<:(21';(494"41"=6'3(9>"=6'3(9"?@;%9A9B" C00D"14(3(E:"(F%'1;9/".GGHIHJHK>"C00D"14(3(E:"L17"?*++%/MM'12(;+9;>6F>1;M9%(B/".HGHIGNO,
5$8(+(3;P"C41:+(+&"9:4"9" #9'11'"(:"S'+;"9:4"T198+*"" U9:)81&"V'$L:"W
!"#$%$&'"&()*"+,("-./0)12"#/341.*).("#.)(,5,06)/3"7368.(*6)9 .:;/60<"0/3=0.9>?(,@3A;;B>/4>BC
!"#$%$&'()*+,-%$%.)/-+)/)0/1,,1)$-)21%')/-+)3,/#%4))5))D/3=0.9"E(,@3
!"#$%&'()*+,-.%&,(,*/*0.(*1(22-2(*-.*32%-4*/*5(#0,
S7;+'93+ 7KH URXWHV E\ ZKLFK DUWLVWV DUULYH DW DQG SXUVXH FDUHHUV LQ DUWV DQG KHDOWK DV LQGHHG LQ DQ\ ¿HOG ZLOO HDFK EH XQLTXH DQG ZLOO HDFK XQLTXHO\ LQÀXHQFH DQ DUWLVW¶V SUDFWLFH DQG WKH LPSDFW RI WKDW %'93+(31"6%$:"964(1:31"9:4"%9'+(3(%9:+;X"9:4"&1+"+*(;"3'(+(398"+$%(3"*9;":$+"711:";67;+9:+(988&" DGGUHVVHG LQ WKH JURZLQJ OLWHUDWXUH RQ WKH DUWV DQG KHDOWK ¿HOG $Q DXWRHWKQRJUDSKLF DSSURDFK HQDEOHV WKH DXWKRU WR WUDFH DQG UHODWH KLV SHUVRQDO LGHQWLW\ DQG DFWLRQV WR VRPH RI WKH VLJQL¿FDQW SROLWLFDO HYHQWV RI WKH WLPHV LPPHGLDWHO\ SUHFHGLQJ DQG IROORZLQJ KLV FRQFHSWLRQ EHIRUH DQDO\VLQJ KRZ WKHVH HYHQWV OHG WR DQ LQWHUSOD\ RI LGHQWLW\ DQG SROLWLFV WKDW KDV PRXOGHG *(;"$L:"%'93+(31"9:4"39'11'"(:"9'+;"9:4"*198+*>"Y$"9'+(;+;"L$'Z(:)"(:"+*1";$3(98"4$F9(:";63*" DQ DXWRELRJUDSKLFDO DSSURDFK RIIHUV D PRGHO IRU D ZLGHU DQG GHHSHU UHÀHFWLYH SUDFWLFH ZKLOVW $%1:(:)"I""+$"964(1:31P"%9'+(3(%9:+;"9:4"3$FF(;;($:1';"98(Z1"I"'$6+1;"+$"411%1'"6:41';+9:4(:)" RI WKH DUWLVWLF H[SHULHQFH DQG SURFHVVHV ZLWK WKHLU XQLTXHO\ VKDSHG DQG VKDSLQJ FRQWH[WV DQG WR WKH FRQVLGHUDWLRQ RI D UDQJH RI WDLORUHG VXSSRUW PHQWRULQJ DQG LQWHUYHQWLRQ PHFKDQLVPV WKDW ZLOO VXVWDLQ DQG HQULFK WKH FRQVHTXHQW YDOXH RI WKHVH DUWLVWLF H[SHULHQFHV DQG SURFHVVHV DV FDWDO\VWV IRU FXOWXUDO HQJDJHPHQW DQG GHYHORSPHQW
[1&L$'4; S'+;"9:4"*198+*P"96+$1+*:$)'9%*&P"4(;8$39+($:P"013$:4"\$'84"\9'
]1;6F1: U$;"39F(:$;"%$'"8$;"^61"8$;"9'+(;+9;"&"89;"9'+(;+9;"881)9:"&";1"414(39:"98"S'+1"&"09864P"98"()698" TXH HQ FXDOTXLHU RWUR FDPSR VHUiQ ~QLFRV H LQÀXLUiQ GH PDQHUD VLQJXODU HQ OD SUiFWLFD GHO 9'+(;+9"&"1:"18"(F%93+$"41"4(3*9"%'_3+(39"1:"89"964(1:3(9"&""1:"8$;"%9'+(3(%9:+1;>"0(:"1F79')$P" HVWH SXQWR QR KD VLGR DERUGDGR GH IRUPD VXVWDQFLDO HQ OD OLWHUDWXUD HPHUJHQWH HQ HO FDPSR GH $UWH \ 6DOXG 8Q HQIRTXH DXWR HWQRJUi¿FR SHUPLWH DO DXWRU GHVFULELU \ UHODFLRQDU VX LGHQWLGDG SHUVRQDO \ DFFLRQHV FRQ DOJXQRV GH ORV DFRQWHFLPLHQWRV SROtWLFRV VLJQL¿FDWLYRV GH WLHPSRV (:F14(9+9F1:+1" 9:+1'($'1;" &" %$;+1'($'1;" 9" ;6" 3$:31%3(E:P" 9:+1;" 41" 9:98(`9'" 3EF$" 1;+$;" HYHQWRV VLJQL¿FDURQ XQD LQWHUDFFLyQ HQWUH LGHQWLGDG \ SROtWLFD TXH KD PROGHDGR VX SURSLD SUiFWLFD \ FDUUHUD HQ $UWH \ 6DOXG 8Q HQIRTXH DXWRELRJUi¿FR RIUHFH D ORV DUWLVWDV TXH WUDEDMDQ HQ HO iPELWR VRFLDO XQD SUiFWLFD UHÀH[LYD PiV DPSOLD \ SURIXQGD $ VX YH] OD DSHUWXUD ±D OD DXGLHQFLD D ORV SDUWLFLSDQWHV \ DO FRPLVDULDGR SRU LJXDO± OOHYD D XQ HQWHQGLPLHQWR PiV SURIXQGR GH OD H[SHULHQFLD DUWtVWLFD \ GH ORV SURFHVRV FRQ VXV SHFXOLDUHV FRQWH[WRV TXH FRQIRUPDQ DO DUWLVWD \ TXH HO DUWLVWD FRQIRUPD \ D XQD YDULHGDG GH PHFDQLVPRV GH DSR\R D PHGLGD GH JXtD \ GH LQWHUYHQFLyQ TXH VRVWHQGUiQ \ HQULTXHFHUiQ HO FRQVHFXHQWH YDORU GH HVWDV H[SHULHQFLDV 9'+a;+(39;"&"%'$31;$;"3$F$"39+98(`94$'9;"41"6:9"(F%8(393(E:"368+6'98"&"418"41;9''$88$>
59897'9;"#8921 $UWH \ 6DOXG DXWR HWQRJUDItD GHVORFDOL]DFLyQ 6HJXQGD *XHUUD 0XQGLDO
/().F9F5,0G)64/*FH.F6H.3)6H/H"FIJ"$
G.
³ LW LV QRW WKH FRQVFLRXVQHVV RI PHQ WKDW GHWHUPLQHV WKHLU H[LVWHQFH EXW WKHLU VRFLDO H[LVWHQFH WKDW GHWHUPLQHV WKHLU FRQVFLRXVQHVV ´ 0DU[
12')-0-#("&34(#$ b$'"389'(+&"C"4(;+(:)6(;*"(:"+*(;"1;;9&"71+L11:"(2%*%6-2(7&4%4"9:4".".8%6-2(7/*(2%&4%4>"Y*1" IRUPHU DUH TXDOLILHG WKHUDSLVWV ZKR PXVW KDYH JDLQHG D ILUVW GHJUHH LQ WKH DUWV WKH ODWWHU 9'1"9'+(;+;"L*$"F9&"(:4114"L$'Z"(:"9"+*1'9%16+(3"F(8(16"I"76+"+*1&"9'1"F$'1"8(Z18&"+$"4$" VR ZLWKRXW DQ H[SOLFLW WKHUDSHXWLF LQWHQW DQG WKHUHIRUH ZLOO QRW KDYH UHTXLUHG DQ\ IRUPDO 38(:(398"+'9(:(:)>"\*(8;+"+*1('"L$'Z"F9&":121'+*181;;"71"41;3'(714"?7&"+*$;1"%1'*9%;"F$'1" TXDOLILHG WR GR VR (4*%6-2(7-0%&'P"+*1('"(:+1:+($:;P"98+*$6)*"%'(F9'(8&"9'+(;+(3P"L(88"'9:)1" IURP WKH H[SUHVVLYH DQG SHUVRQDO WKH DHVWKHWLF DQG HQYLURQPHQWDO WR WKH VRFLDO DQG SROLWLFDO WR QDPH EXW D IHZ RI PDQ\ DUWLVWLF PRWLYDWLRQV 1HYHUWKHOHVV WKHVH GLVWLQFWLRQV DUH QRW ULJLG LQ WKH DUWV DQG KHDOWK ILHOG DQG PDQ\ DUWLVWV ZRUN DFURVV WKHRUHWLFDO SKLORVRSKLFDO DQG SUDFWLFH GHILQHG ERXQGDULHV %XW ZKDW RI DUW" :KLOVW , KDYH PXFK V\PSDWK\ ZLWK *RPEULFK¶V DVVHUWLRQ ³WKHUH LV UHDOO\ QR VXFK WKLQJ DV $UW WKHUH DUH RQO\ DUWLVWV´ DQG %LHUFH¶V ³!"#P".>"Y*(;"L$'4" KDV QR GHILQLWLRQ´ +RSNLQV , KDYH IRXQG 'LVVDQD\DNH¶V FRQFHSW PRUH KHOSIXO RI DUW DV DQ HYROYHG ELRORJLFDO EHKDYLRXU ZKLFK VKH GHILQHV DV WKH ³PDNLQJ VSHFLDO´ RI RXU H[SHULHQFHV 'LVVDQD\DNH¶V QRQ KLHUDUFKLFDO GHILQLWLRQ HQDEOHV D VXLWH RI '13$:3(8(9+($:;" %9'+(3689'8&" 29869781" +$" 9'+;" %'93+(+($:1';" L'1;+8(:)" L(+*" +*1" '189+($:;*(%;" EHWZHHQ ³ILQH DUW´ DQG ³SDUWLFLSDWRU\ DUW IRU DOO´ ³DUWLVWLF SURFHVV´ DQG ³SURGXFW´ (FKRLQJ *RPEULFK DQG %LHUFH 'LVVDQD\DNH ZULWHV , WKLQN RXU XQGHUVWDQGLQJ RI DUW DV D KXPDQ EHKDYLRU ZRXOG LPSURYH LI ZH DOWRJHWKHU EDQQHG WKH ZRUG DUW LQ LWV VLQJXODU FRQFHSWXDO IRUP MXVW DV ZH QR ORQJHU ILQG LW XVHIXO WR LQYRNH D EURDG WHUP YDSRXUV IRU GLYHUVH FRPSODLQWV WKDW JDLQ QRWKLQJ IURP EHLQJ FOXPSHG WRJHWKHU
5#"6,#6"$3(73#8$31..-& 9-"#3 :;3 C:+'$463+($:>" 9-"#3 <;" S6+$1+*:$)'9%*&>" 9-"#3 =;3 YL$" V($)'9%*(1;/" b9+*1'X" #*(84*$$4X" S468+*$$4X" #9'11'>" 9-"#3 >;3 Y*'11" @%(;$41;" L(+*" #$FF1:+9'(1;P" 9:4" 9" 'LVFXVVLRQ (SLVRGH /DEHOOLQJ 6DJDV ³ZH DUH KRZ ZH DUH WUHDWHG´ (SLVRGH +HDG IRU WKH +LOOV (SLVRGH 7KH %DWWOH RI +LJK (OPV 'LVFXVVLRQ 9-"#3?;306FF9'&P" &RQFOXVLRQV DQG /HVVRQV 5HIHUHQFHV
9-"#3:;3@0#"(/6,#+(0 7KLV HVVD\ SRVLWLRQV DQG LQYHVWLJDWHV P\ FDUHHU LQ DUWV DQG KHDOWK ZLWKLQ WKH FRQWH[W RI P\ FRQWLQXLQJ H[SHULHQFH RI D SV\FKRORJLFDO GLVSODFHPHQW WKDW FDQ EH WUDFHG WR GHFLVLRQV WDNHQ ZLWKLQ DQG DULVLQJ IURP WKH SROLWLFDO HYHQWV RI WKH ILUVW KDOI RI WKH ODVW FHQWXU\ *HQHUDOLVLQJ IURP D EULHI DXWRELRJUDSK\ WKDW H[FDYDWHV DQG H[DPLQHV WKH SROLWLFDO
!"#$%$&'()*+,-%$%.)/-+)/)0/1,,1)$-)21%')/-+)3,/#%4))5))D/3=0.9"E(,@3 IRXQGDWLRQV RI WKLV GLVSODFHPHQW DQG IURP WKUHH FDVH VWXGLHV RU ³HSLVRGHV´ , KRSH WR GUDZ OHVVRQV IRU DUWLVWV DV ZHOO DV IRU WKRVH ZKR FRPPLVVLRQ WKHP WR ZRUN LQ WKH GRPDLQ '$6+(:18&"3$21'14"7&"+*1"+1'F"c*198+*d>"C+"(;"*$%14"+*9+"+*1;1"81;;$:;"L(88"8194"+$")'19+1'" XQGHUVWDQGLQJ RI DQG WKXV PRUH HIIHFWLYH VXSSRUW IRU DUWLVWLF SUDFWLFH LQ ZKDW DUH RIWHQ FKDOOHQJLQJ VRFLDO FRQWH[WV " ,Q (QJOLVK WKH ZRUG ³KHDOWK´ FRYHUV D EURDG FDQYDV RI KXPDQ H[SHULHQFH HQFRPSDVVLQJ ZHOO EHLQJ LOOQHVV OLIH GHDWK MR\V VRUURZV GLVWUHVV SDLQ DQG KRUURU Y*1" +1'F" 6-(#%6" 4-29&'- HYRNHV D FOLQLFDO HQYLURQPHQW DQG HWKRV WKDW LV E\ GHILQLWLRQ VWUHVVIXO IRU LWV FOLHQWHOH ZKLOVW EHLQJ IDPLOLDU VRPHWLPHV WR WKH SRLQW RI EODVe:1;;P"+$"(+;" SHUVRQQHO %XW IRU WKRVH QRQ WKHUDS\ DUWLVWV ZKR SUDFWLFH ZLWKLQ D KHDOWK VHUYLFH DQG ZKR PD\ RIWHQ EH GHHPHG DV 4%(:: WKLV HQYLURQPHQW PD\ EH DSSUHFLDEO\ PRUH VWUHVVIXO WKDQ LW LV IRU WKHLU FOLQLFDO FROOHDJXHV " 7KHUH PD\ EH WZR UHDVRQV IRU WKLV ILUVWO\ LW LV XQOLNHO\ WKDW WKHVH DUWLVWV ZLOO KDYH UHFHLYHG WKH WUDLQLQJ RU WKH LQGXFWLRQ QHFHVVDULO\ DIIRUGHG WR KHDOWK SUDFWLWLRQHUV DQG VHFRQGO\ WKH\ PD\ QRW FRPIRUWDEO\ ³ILW LQ´ ZLWK WKH LQVWLWXWLRQDO V\VWHPV WKDW DGPLQLVWHU WKHLU FKRVHQ DUHQD RI SUDFWLFH 7KLV SRWHQWLDOO\ XQHDV\ ³ILW´ PD\ FRPSRXQG WKH ³RXWVLGHU´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³RXWVLGH´ WKH KHDOWK GRPDLQ PD\ LQ LWVHOI EH FRQVLGHUHG D EHQHILW EXW WKLV YHU\ ³RXWVLGHU´ VWDWXV PD\ DOVR JLYH ULVH WR FRQIOLFWV DQG ULVNV ERWK IRU WKHVH DUWLVWV WKHPVHOYHV DQG WKXV SRWHQWLDOO\ E\ H[WHQVLRQ IRU WKRVH ZKR SDUWLFLSDWH LQ WKHLU SURMHFWV )RU WKHLU SDUW WKRVH SURIHVVLRQDO ERGLHV UHSUHVHQWLQJ WKH DUWV WKHUDSLHV LQ WKH 8. KDYH FHUWDLQO\ DUWLFXODWHG FRQFHUQ UHJDUGLQJ VXFK ULVNV ZKHUH WKHVH PD\ DIIHFW ³FOLHQWV´ LQGHHG LQ VRPH FDVHV WKH\ KDYH GRQH VR WR DQ H[WHQW WKDW KDV HLWKHU EHHQ SHUFHLYHG DV D WKUHDW WR WKH SUDFWLFH RI QRQ WKHUDS\ DUWLVWV LQ WKH KHDOWK GRPDLQ RU DW OHDVW WR HPDVFXODWH LW WR VRPH H[WHQW %XW GHVSLWH WKLV FRQFHUQ WKH FRUUHVSRQGLQJ ULVNV IDFHG E\ WKHVH QRQ WKHUDS\ DUWLVWV KDYH :$+"711:"941^69+18&"944'1;;14>" " Y*(;"(;":$+"+$";9&"+*9+"+*1;1"%$+1:+(98"'(;Z;"*921":$+"711:"3$:;(41'14"9+"988>"b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¶V 1DWLRQDO +HDOWK 6HUYLFH 1+6 EHJDQ LQ ZKHQ , ZDV WKLUW\ RQH \HDUV RI DJH 'XULQJ WKH V , IRFXVHG P\ ZRUN LQFUHDVLQJO\ RQ WKH PHQWDO KHDOWK ILHOG ,Q WRRN HDUO\ UHWLUHPHQW IURP IXOO WLPH 1+6 HPSOR\PHQW SULPDULO\ RQ PHQWDO KHDOWK JURXQGV DOWKRXJK , FKRVH QRW WR PDNH WKLV H[SOLFLW DW WKH WLPH 7KDW \HDU , EHJDQ UHVHDUFKLQJ IRU WKH GRFWRUDWH , HYHQWXDOO\ JDLQHG LQ
/().F9F5,0G)64/*FH.F6H.3)6H/H"FIJ"$
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³FRQWLQXLQJ H[SHULHQFH RI SV\FKRORJLFDO GLVSODFHPHQW´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µWDERR¶ &=&, , KDG NQRZQ QRWKLQJ ZKDWVRHYHU RI WKHVH KRUURUV GHVSLWH WKH IDFW WKDW LQ WKH V µWKH ZDU¶ RI RXU VWLOO \RXQJ SDUHQWV IHDWXUHG LQ P\ JHQHUDWLRQ¶V FKLOGKRRG JDPHV IDU PRUH WKDQ KDG WKH &RZER\V DQG ,QGLDQV RI WKHLU JHQHUDWLRQ 7KHVH JDPHV DUH WKURZQ LQWR D VWDUN UHOLHI ZKHQ RQH UHDOLVHV WKDW WKH IDWKHUV RI FKLOGUHQ VXFK DV P\VHOI DQG P\ IULHQGV PD\ OLNH P\ RZQ IDWKHU KDYH ZLWQHVVHG DW ILUVW KDQG VRPH RI WKH KRUURUV RI WRWDOLWDULDQLVP EXW RI WKHVH WKH\ ZRXOG UDUHO\ VSHDN H[FHSW SHUKDSV WR WKHLU ZLYHV DQG ORYHUV XQWLO ODWHU LQ P\ IDWKHU¶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µKHDOWK¶ GRPDLQ
!"#$%$&'()*+,-%$%.)/-+)/)0/1,,1)$-)21%')/-+)3,/#%4))5))D/3=0.9"E(,@3
9-"#3<;3!6#($#80(A"-'8& 7KLV DUWLFOH LV DXWRELRJUDSKLFDO $XWRELRJUDSK\ RU DXWRHWKQRJUDSK\ FDUULHV WKH ULVN RI VHOI LQGXOJHQFH ,QVRIDU DV P\ SXUSRVH KRZHYHU LV -?7#&'&%#/" +$" %8931P" (:21;+()9+1" 9:4" GUDZ FRQFOXVLRQV IURP P\ RZQ H[SHULHQFH DV LW XQIROGHG ZLWKLQ WKH WLPHV DQG WKH UDSLGO\ HYROYLQJ FXOWXUHV LQ ZKLFK , DQG P\ SDUHQWV KDYH OLYHG , KRSH WR IXOILOO WKH H[SHFWDWLRQ RI (OOLV DQG %RFKQHU¶V GHVFULSWLRQ RI DXWRHWKQRJUDSK\ DV ³DQ DXWRELRJUDSKLFDO JHQUH RI ZULWLQJ WKDW GLVSOD\V PXOWLSOH OD\HUV RI FRQVFLRXVQHVV FRQQHFWLQJ WKH SHUVRQDO +$"+*1"368+6'98>d @8;1L*1'1"V$3*:1'"9:4"@88(;"?,--R/"...B";+9+1"+*9+"96+$1+*:$)'9%*&"1:9781;"96+*$';" WR H[SORUH ³ WKH PHDQLQJ RI WKHLU VWUXJJOHV ´ ,W LV E\ H[FDYDWLQJ VXFK SRVVLEOH PHDQLQJV IURP WKH FOHDUO\ GHILQHG DUFKDHRORJLFDO VLWH RI P\ SV\FKH WKDW , PRGHVWO\ KRSH LQ WKLV DUWLFOH WR JHQHUDOLVH IURP P\ ³VWUXJJOHV´ DQG WR GR VR IRU WKH EHQHILW RI WKUHH FRQVWLWXHQFLHV 7KH ILUVW RI WKHVH LV WKDW RI WKH DUWLVW LQ KHU KLV DUWLVWLF SUDFWLFH DQG LWV VRFLDO DSSOLFDWLRQV WKH VHFRQG LV WKDW RI WKH DUWLVW¶V FRPPLVVLRQHUV LQ WKHLU DZDUHQHVV RI DUWLVWLF FRQVFLRXVQHVV DQG DSSURDFK DQG WKH WKLUG LV WKH DUWLVW¶V DXGLHQFH LQ WKH HQKDQFHPHQW RI LWV DSSUHFLDWLRQ DQG XQGHUVWDQGLQJ RI WKH FXOWXUDO DQG SV\FKRORJLFDO KLQWHUODQG WR WKH ZRUN WKDW WKH DUWLVW 93+6988&"%'$4631;>" S6+$7($)'9%*&"F9Z1;":$"389(F"+$"$7Q13+(2(+&/ :KHQ WDONLQJ DERXW WKHLU OLYHV SHRSOH OLH VRPHWLPHV IRUJHW D ORW H[DJJHUDWH EHFRPH FRQIXVHG DQG JHW WKLQJV ZURQJ <HW WKH\ DUH UHYHDOLQJ WUXWKV 7KHVH WUXWKV GRQ¶W UHYHDO WKH SDVW µDV LW DFWXDOO\ ZDV DVSLULQJ WR D VWDQGDUG RI REMHFWLYLW\ 7KH\ JLYH XV LQVWHDG WKH WUXWKV RI RXU H[SHULHQFHV 'HYDXOW
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¶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³DXWRHWKQRJUDSK\´ 7KLV HVVD\ IRUPV SDUW RI D FRQWLQXLQJ SURMHFW WR FUHDWH D QDUUDWLYH RI P\ FDUHHU LQ DUWV DQG KHDOWK 0F1LII DQ DUW WKHUDSLVW FDOOV IRU ELRJUDSKLHV DQG DXWRELRJUDSKLHV
/().F9F5,0G)64/*FH.F6H.3)6H/H"FIJ"$
GO
RI SUDFWLWLRQHUV LQ DQG SLRQHHUV RI KLV SURIHVVLRQ 7KHUH LV OLNHZLVH DUJXDEO\ D QHHG WR GRFXPHQW WKH SLRQHHULQJ UROH RI WKRVH QRQ WKHUDS\ DUWLVWV ZRUNLQJ LQ WKH KHDOWK GRPDLQ ZKR DUH QRZ UHDFKLQJ UHWLUHPHQW DQG ROG DJH DV ZHUH WKH SLRQHHUV RI $UW 7KHUDS\ DW WKH WLPH RI 0F1LII¶V FDOO 7KH QH[W VHFWLRQ EHJLQV ZLWK D ELRJUDSK\ RI P\ IDWKHU ZKR OLNH IDWKHUV HYHU\ZKHUH KDV EHHQ D SLYRWDO ILJXUH LQ WKH QDUUDWLYH DQG LQ WKH FRXUVH DQG WHQRU RI P\ OLIH %DFNJURXQG LQIRUPDWLRQ IRU WKLV VXE ELRJUDSK\ KDV FRPH IURP OLWHUDWXUH DQG LQWHUQHW VHDUFKHV PDGH VLQFH P\ IDWKHU¶V GHDWK LQ IURP WKH PHPRLUV KH ZURWH ZKLOVW D 32: LQ QD]L *HUPDQ\ %URZQ - DQG IURP WDOHV WROG E\ WKH IDPLO\ ILUHVLGH 7KUHH FDVH VWXGLHV WKHQ GHVFULEH HSLVRGHV IURP P\ FDUHHU IRU FRPPHQWDU\ GLVFXVVLRQ DQG DQDO\VLV
9-"#3=;3BC(3D+(A"-'8+$. @(%6-2* 0\ IDWKHU ZDV ERUQ LQ +H ZDV DQ RQO\ FKLOG +LV PRWKHU KDG D GLIILFXOW ELUWK :KHQ *1"L9;"(:"*(;"+11:;";*1"+$84"*(F";*1"*94":121'"L9:+14"9"3*(84> %\ 6HSWHPEHU P\ IDWKHU ZDV DERXW WR VWXG\ ODZ DW 0DQFKHVWHU 8QLYHUVLW\ +LV VWXG\ ERRNV KDG EHHQ SXUFKDVHG DQG WKH\ UHPDLQ XQRSHQHG WRGD\ RQ P\ GDXJKWHU¶V ERRNVKHOYHV +H HQOLVWHG LQ WKH 5R\DO $LU )RUFH 5$) RQ %ULWDLQ¶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µPLVVLQJ EHOLHYHG NLOOHG¶ 7KLV LQIRUPDWLRQ ZDV SXEOLVKHG LQ WKH 0DQFKHVWHU (YHQLQJ 1HZV )LJ ,W ZDV VHYHUDO ZHHNV ODWHU WKDW VKH KHDUG KH ZDV D 32: """""""""
" " Ĺ )LJXUD =9:3*1;+1'"@21:(:)"D1L;P".HN,
!"#$%$&'()*+,-%$%.)/-+)/)0/1,,1)$-)21%')/-+)3,/#%4))5))D/3=0.9"E(,@3 0\ IDWKHU¶V ZDUWLPH MRXUQDO ZKLFK , UHDG RQO\ DIWHU KLV GHDWK LQ LQFOXGHV DQ DGPLULQJ DQG WHFKQLFDOO\ GHWDLOHG DFFRXQW RI KLV SLORW¶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b()>",B>"
" " Ĺ )LJXUD 6WDODJ ,9% 0 KOEHUJ 6D[RQ\ 3KRWRJUDSK \(Z(%14(9"#$FF$:;
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
/().F9F5,0G)64/*FH.F6H.3)6H/H"FIJ"$
GJ
2EVHUYLQJ WKH EDFNJURXQGV DQG UHVRXUFHV RI KLV IHOORZ SULVRQHUV P\ IDWKHU¶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¶V G\H ZRUNV WKH IROORZLQJ =$:49&>"C:"+*1"F19:+(F1P"+*1"'16:(+14"3$6%81"+$$Z"+*1('"%$;+%$:14"*$:1&F$$:"9+"+*1" $QJOHUV +RWHO E\ WKH VKRUH RI (QQHUGDOH :DWHU LQ WKH (QJOLVK /DNH 'LVWULFW +HUH , ZDV F9+1'(988&"3$:31(214P"(:"9"'$$F"$21'8$$Z(:)"+*1"89Z1>"Y*1"*$+18"L9;"41F$8(;*14"(:".HR." WR DOORZ IRU WKH ZDWHU OHYHO WR EH UDLVHG WR SURYLGH ZDWHU IRU WKH ORFDO DUHD /LNH P\ IDWKHU¶V 7$$ZP"+*(;"L9+1'";3*1F1":121'"F9+1'(98(`14> 'HVSLWH WKH IDFW WKDW KH KDG GHFLGHG WR EH D ZULWHU IRU WKH UHVW RI KLV OLIH P\ IDWKHU UDUHO\ ZURWH D OHWWHU DQG KH GLG QRW UHDG DQRWKHU ERRN XQWLO KH UHWLUHG IURP WKH IDPLO\ 76;(:1;;>"" " ,W LV QRZ WLPH WR H[DPLQH WKH RWKHU VLJQLILFDQW GHFLVLRQ KH KDG PDGH DV D 32: D GHFLVLRQ KH GLG VXFFHHG LQ IXOILOOLQJ WKDW KLV VRQ SUH FRQFHLYHG LQ QD]L *HUPDQ\ DV B".(#,*C(.D#-/*N2"O. ZRXOG EH VHQW DW DJH HLJKW WR D SULYDWH ERDUGLQJ VFKRRO IRU ER\V
!"#$%$&'()*+,-%$%.)/-+)/)0/1,,1)$-)21%')/-+)3,/#%4))5))D/3=0.9"E(,@3
F8+)/8((/ 7KHVH HYHQWV RFFXUULQJ GXULQJ DQG LQ WKH DIWHUPDWK RI WKH +LWOHU ZDU DUH LQJUDLQHG XSRQ P\ LGHQWLW\ DQG KDYH VLJQLILFDQWO\ LQIOXHQFHG P\ OLIH WUDMHFWRU\ P\ DFWLRQV DQG P\ FDUHHU " %HIRUH ³JRLQJ DZD\´ WR VFKRRO DW HLJKW , SOD\HG ZDU JDPHV ³RXU GDGV¶ ZDU´ ZLWK P\ SOD\PDWHV LQ WKH VWUHHW :KDW GLG , NQRZ RI WKH %ULWLVK FODVV V\VWHP" , ZDV QRW DZDUH +*9+" F&" %9'1:+;" $:8&" 8(214" (:" L*9+" +*1&" 3$:;(41'14" +$" 71" 9" 8$L1'" F(4481I389;;" ;676'7" RI VHPL GHWDFKHG KRXVHV EHFDXVH WLPHV ZHUH KDUG DIWHU WKH ZDU WKH\ FRXOG QRW DIIRUG D KRPH LQ WKH NLQG RI ³SURIHVVLRQDO´ GLVWULFW LQ ZKLFK WKHLU RZQ SDUHQWV OLYHG 0\ ILUVW H[SHULHQFHV DW ERDUGLQJ VFKRRO LQ RI OLYLQJ DPRQJ WKH VRQV RI IDPLOLHV IURP WKRVH WR PH DOLHQ DQG DIIOXHQW GLVWULFWV ZDV XQH[SHFWHGO\ XQSOHDVDQW ,W ZRXOG EHFRPH DOO WKH PRUH VR EHFDXVH RQH RI P\ VFKRRO FRQWHPSRUDULHV OLYHG QHDU HQRXJK WR RXU KRPH WR NQRZ RI P\ FRPSDUDWLYHO\ ³ORZHU FODVV´ VWDWXV ZKLFK LQ DQ\ FDVH P\ EURDG %ROWRQ DFFHQW FRQILUPHG 6FKRRO KROLGD\V EHFDPH WLPHV RI IHDU WRR RQ DFFRXQW RI WKLV EXOO\¶V KRPH EHLQJ DFURVV WKH FODVV GLYLGH EXW D PHUH WZR VWUHHWV IURP RXU UDPVKDFNOH KRXVH \(+*4'9L98"9:4"4(;8$39+($:"+$$Z"*$84> :KHQ , OHIW KRPH LQ IRU P\ ILUVW WHUP DW +DUHFURIW +DOO 3UHSDUDWRU\ 6FKRRO 71+L11:" +*1" #6F7'(9:" =$6:+9(:;" 9:4" +*1" C'(;*" 019P" F&" %9'1:+;" )921" F1" +L$" )$(:)I DZD\ SUHVHQWV 2QH KHUH EHVLGH PH DV , ZULWH ZDV .HQQHWK *UDKDP¶V ;6-* P&.,* &.* %6-*P&##"O4 D ZHOO ORYHG WDOH RI DQWKURSRPRUSKLF DQLPDOV OLYLQJ EHVLGH DQ LG\OOLF @:)8(;*"'(21'79:ZP"9:4"L'(++1:"(:"L*9+"3$:;1'29+(21"@:)89:4"%1';(;+;"(:"'13988(:)"9;"9:" LG\OOLF JROGHQ DJH EHIRUH WKH )LUVW :RUOG :DU ,QVLGH WKH IURQW FRYHU LQ P\ PRWKHU¶V VORSLQJ 6%%1'I39;1"7861"7988%$(:+P"(;"+*1"(:;3'(%+($:/"BF*C(.D#-/*N2"O. 7KLV IRUPXODWLRQ RI P\ QDPH UHIOHFWV WKH WUDQVLWLRQ EHJXQ VRPH \HDUV EHIRUH WRZDUGV WKH QDPH E\ ZKLFK , DP QRZ NQRZQ IURP P\ ILUVW QDPH B". DIWHU P\ PDWHUQDO XQFOH D GDVKLQJ 6SLWILUH SLORW ZKR IRXJKW LQ ZKDW ZDV WKHQ NQRZQ DV 7KH )DU (DVW WR C(.D#-/" DIWHU WKH %OHQKHLP SLORW EXW IRU ZKRVH VNLOO , ZRXOG QRW KDYH EHHQ FRQFHLYHG 7KH VHFRQG SUHVHQW ZKLFK , GLG QRW SRVVHVV IRU PRUH WKDQ RQH QLJKW ZDV D ER[HG VHW RI 7UL DQJ µ3XVK DQG *R¶ WLQ DQG SODVWLF WR\ WUXFNV $W WKH LQVWLJDWLRQ RI WKH EXOO\ IURP P\ *$F1" :1()*7$6'*$$4P" F&" L188I;%$Z1:" 4$'F(+$'&" 3$F%9:($:;" ;&;+1F9+(3988&" 41;+'$&14" HDFK RQH RI WKHVH VL[ WR\V RQ WKH ILUVW QLJKW RI P\ ILUVW WHUP DW WKLV LQVWLWXWLRQ
" " Ĺ )LJXUD $ ZHHNHQG µH[LW¶ IURP DQ (QJOLVK ERDUGLQJ VFKRRO &XPEHUODQG
/().F9F5,0G)64/*FH.F6H.3)6H/H"FIJ"$
GH
:LWK WKH H[FHSWLRQ RI KDOI WHUP ZHHNHQG ³H[LWV´ )LJ P\ ILUVW VFKRRO \HDU ZDV 71L(841'(:)" 9:4" F(;1'9781>" \*1:" C" '1+6':14" *$F1" C" 7139F1" '1386;(21P" ;$" 9;" +$" 92$(4" WKH ER\ ZKR OLYHG LQ WKH ³SRVKHU´ GLVWULFW WZR EORFNV IURP RXU VWUHHW $V D UHVXOW RI WKLV ZLWKGUDZDO , DFTXLUHG D UHSXWDWLRQ RQ RXU VWUHHW IRU EHLQJ D ³VWXFN XS´ NLG ZKR ZHQW WR D SRVK VFKRRO DQG ZDV QRZ ³WRR JRRG´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³RXU´ OHWWHUV KRPH RQ WKH EODFNERDUG IRU XV WR FRS\ DQG KDQG EDFN WR KHU IRU SRVWLQJ 'HDU 0XPP\ DQG 'DGG\ 2Q 6XQGD\ ZH ZHQW WR &KXUFK 2Q 0RQGD\ ZH SOD\HG IRRWEDOO 2Q 7KXUVGD\ ZH ZHQW IRU D UXQ 2Q )ULGD\
$IWHU WKDW ILUVW WHUP RI SUHVFULEHG FRUUHVSRQGHQFH , UDUHO\ ZURWH KRPH 7KLV IUDFWXUH RI 3$:+93+"L(+*"9"3*(84"L*$F";*1"*94":$+"L9:+14"+$"71"c;1:+"9L9&d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³XQVXLWDEOH IRU FKLOGUHQ ROG SHRSOH DQG WKRVH RI D QHUYRXV GLVSRVLWLRQ ´ , ZDV WROG WR JR WR EHG , UHVSRQGHG ³EXW ,¶P QRW D FKLOGUHQ ´ +DOI VPLOHV DQG QHUYRXV ORRNV ZHUH H[FKDQJHG 7KH 8. &KLHI 5DEEL 'U -RQDWKDQ 6DFNV KDV VWDWHG WKDW WKH QHZVUHHO RI WKH OLEHUDWLRQ RI %HUJHQ %HOVHQ FRQFHQWUDWLRQ FDPS ³EHORQJ>V@ WR WKH GHILQLQJ LPDJHV RI KXPDQ KLVWRU\´ 5HWULHYHG 1RYHPEHU IURP *++%/MM:1L;>773>3$>6ZM.M*(ML$'84M 16'$%1MNNNOO,H>;+F> )RU HYHU\ RQH RI XV ZKR KDV VHHQ WKRVH LPDJHV WKHUH KDV EHHQ WKDW ¿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`14"9:4"(:")*9;+8&"%(+;"9:4"F$6:4;>"" =&"F$+*1'"L9;"L11%(:)>"C"L9;";*9Z(:)>"\1";+9&14"6%"89+1X"+98Z(:)P"8(;+1:(:)>"#'&(:)>" 0\ PRWKHU KDG VHHQ WKH %HOVHQ ¿OP DW D FLQHPD LQ $SULO ZKHQ P\ IDWKHU ZDV VWLOO LQ *HUPDQ\ )DPLOLHV ZLWK PHQIRON LQ 32: FDPSV KDG EHHQ ¿OOHG ZLWK DQ[LHW\ DV WKH\ ZDLWHG IRU ORYHG RQHV WR FRPH KRPH 0DQ\ 32:V ZKR HQGXUHG HYDFXDWLRQ PDUFKHV IURP WKHLU FDPSV ZHUH VLPLODUO\ UHGXFHG WR HPDFLDWLRQ EXW DV , KDYH GHVFULEHG P\
!"#$%$&'()*+,-%$%.)/-+)/)0/1,,1)$-)21%')/-+)3,/#%4))5))D/3=0.9"E(,@3 IDWKHU¶V FDPS ZDV QRW HYDFXDWHG DQG KH UHWXUQHG FRPSDUDWLYHO\ ¿W DQG ZHOO ,Q P\ GRFWRUDO WKHVLV , ZURWH RI P\ SDUHQWV¶ UHXQLRQ VKH IHDUHG KHU KXVEDQG ZRXOG UHWXUQ D OLYLQJ VNHOHWRQ WKLV ZDV ZK\ VKH HPEUDFHG WKH IUDLO HOGHUO\ WD[L GULYHU ZKR GHOLYHUHG P\ IDWKHU KRPH >VKH@ GUDJJHG KLP LQWR WKH KRXVH ZKLOVW P\ IDWKHU VOHHN DQG KHDOWK\ DIWHU D PRQWK¶V IRUDJLQJ DFURVV *HUPDQ\ ZDV XQVWUDSSLQJ KLV NLW EDJ IURP WKH OXJJDJH UDFN DW WKH EDFN RI WKH WD[L * %URZQ
, ZDV ¿OOHG ZLWK HYHQ JUHDWHU DGPLUDWLRQ IRU P\ IDWKHU RQFH , KDG VHHQ WKH HYLGHQFH RI ZKDW KH DQG KLV JHQHUDWLRQ ZHUH ¿JKWLQJ DJDLQVW *\*1:"*1"+$84"F1"*1"*94"711:"9L9'1" E\ WKH VWDUW RI WKH ZDU +062 RI WKH SHUVHFXWLRQ RI WKH -HZV LQ *HUPDQ\ , KDG DVVXPHG WKDW WKLV ZDV WKH UHDVRQ KH KDG HQOLVWHG LQ WKH 5$) RQ WKH GHFODUDWLRQ RI ZDU :KHQ , PHQWLRQHG WKLV WR KLP LQ WKH V KH VDLG ³1R LW ZDVQ¶W , MRLQHG WR VDYH WKH >%ULWLVK@ (PSLUH ´ %XW KH ZLWQHVVHG HYLGHQFH RI QD]L EDUEDULVP 2QH HYHQLQJ E\ WKH KHDW RI WKH JDV ¿UH KH WROG XV KRZ RQ DUULYDO LQ *HUPDQ\ KLV JURXS RI 32:V GLVHPEDUNHG DW D VWDWLRQ FDOOHG f93$7;+*98>"T1'1"+*1&";%1:+";121'98"49&;"(:"9"+'9:;(+"39F%>"T1"41;3'(714"9":1L"%6F%" FOHDUO\ GHVLJQHG WR SURYLGH D WULFNOH RI ZDWHU IRU LQRUGLQDWH HIIRUW ODWULQHV ZLWK D ZDLVW KLJK VORSLQJ SODQN RQ ZKLFK D ZHDNHQHG SULVRQHU ZDV IRUFHG WR KROG XS KLV ERG\ VROHO\ E\ KLV DUPV RU IDOO LQWR WKH IDHFHV +H GHVFULEHG WKH HPEDUUDVVPHQW RI WKH *HUPDQ JXDUGV DQG RI¿FHUV )RU \HDUV , GRXEWHG P\ IDWKHU¶V PHPRU\ , FRXOG ¿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µSXEOLF¶ LQ WKH HFFHQWULFDOO\ %ULWLVK FDVH PHDQLQJ µSULYDWH¶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¿JKW QD]L UDFLVP , VWLOO SHUVLVW LQ VXVSHFWLQJ WKLV PD\ KDYH EHHQ WKH FDVH WR VRPH H[WHQW DQG P\ VXVSLFLRQ PD\ EH ERUQH RXW E\ KLV VXSSRUW RI WKH 8. /DERXU JRYHUQPHQW¶V OHJLVODWLYH DFWV VXFK DV WKH UHSHDO RI WKH ODZV DJDLQVW KRPRVH[XDOLW\G3WKH DEROLWLRQ RI WKH GHDWK SHQDOW\ DQG RSSRVLWLRQ WR WKH 6RXWK $IULFDQ UHJLPH ,Q KLV PLGGOH \HDUV KH HSLWRPLVHG WKH PRUH OLEHUDO EUDQFK RI WKH %ULWLVK 7RU\ &RQVHUYDWLYH SDUW\ DV PDQ\ RI KLV SROLWLFDO RSLQLRQV DWWHVW
/().F9F5,0G)64/*FH.F6H.3)6H/H"FIJ"$
H.
,I WKHUH ZDV DQ\ FDUHHUV DGYLFH DYDLODEOH DW 6W %HHV 6FKRRO , KDYH QR PHPRU\ RI LW 2U , PD\ QRW KDYH FRQVLGHUHG LW QHFHVVDU\ DV , KDG D YDJXH DVVXPSWLRQ WKDW , ZRXOG OLNH VR PDQ\ RI P\ FRQWHPSRUDULHV HQWHU WKH SURIHVVLRQ RI P\ IDWKHU %XW E\ WKH /DQFDVKLUH FRWWRQ LQGXVWU\ ZDV LQ WHUPLQDO GHFOLQH )ROORZLQJ LQ WKH IRRWVWHSV RXW RI ZKLFK P\ IDWKHU VWHSSHG WR ¿JKW +LWOHU , DSSOLHG WR ODZ VFKRRO EXW , IDLOHG WKH HQWUDQFH H[DPLQDWLRQ UHTXLUHPHQWV LQ /DWLQ $IWHU D \HDU RI IXUWKHU KDOI KHDUWHG FKRLFHV , DSSOLHG WR 9'+"3$881)1>"C"L9;"9331%+14>
!/6)#8((/ C:" +*1" ;13$:4" ;6FF1'" 71+L11:" 8192(:)" ;3*$$8" 9:4" 71)(::(:)" 9'+" ;3*$$8" C" 4(;3$21'14" H[FHVVLYH DOFRKRO DV ZHOO DV 'DGD DQG 6XUUHDOLVP LQ WKH ERRNVKRSV RI %RXUQHPRXWK 0DUFHO -HDQ¶V >&4%"2/* ":* 5022-(#&4%* !(&.%&.D ZDV D WUDQVIRUPDWLRQDO PRPHQW ?%9'+(3689'8&"&=&, 6XUUHDOLVP¶V PL[ RI UHEHOOLRQ EHDXW\ DQG IUHHGRP UHVRXQGHG GHHS ZLWKLQ D WZHQW\ \HDU ROG DGULIW DPRQJ WKH EDUV E\ WKH VKRUHV RI WKH (QJOLVK &KDQQHO , UHVLVWHG DQG UHEHOOHG DJDLQVW WKH IRUPDO DVSHFWV RI P\ DUWV IRXQGDWLRQ FRXUVH , VODSSHG P\ WXWRU ZKHQ KH WULHG SK\VLFDOO\ WR PDQKDQGOH PH LQWR D VWLOO OLIH FODVV $QG , UHVLVWHG DJDLQ WKH DFDGHPLF HOHPHQWV RI WKH JUDGXDWH ¿QH DUW FRXUVH DW /HHGV 6FKRRO RI $UW ZK\ VKRXOG , EH H[SHFWHG WR O2&%- RQ DQ DUW FRXUVH" , GLG YHU\ OLWWOH DFWXDO (2%>"g1+" , ZDV VXUSULVHG WR ¿QG , ZDV QRW DORQH LQ P\ GLVVDWLVIDFWLRQ ZLWK ZKDW , SHUFHLYHG DW WKDW WLPH WR EH D VWXOWLI\LQJ DUW HGXFDWLRQ LQ D VWXOWL¿HG VRFLHW\ 0DQ\ RI RXU ¿QH DUW VWXGHQW FRKRUW RI ZDONHG RXW HQ PDVVH IURP RXU ¿UVW KLVWRU\ RI DUW H[DP 7KHUH ZHUH QR UHSHUFXVVLRQV 7KH WLPHV WKH\ PXVW KDYH EHHQ D¶FKDQJLQJ ,Q P\ JLUOIULHQG RI WKDW WLPH P\ EHVW IULHQG DQG , DWWHQGHG WKH FRQFHUW E\ %RE '\ODQ DW 0DQFKHVWHU¶V )UHH 7UDGH +DOO ZKHUH VORZ KDQG FODSSLQJ MHHUV ZKLVWOHV DQG D FU\ RI µ-XGDV ¶ PHW WKH VHFRQG VHW LQ ZKLFK '\ODQ UHSODFHG KLV DFRXVWLF JXLWDU IRU HOHFWULF LQWURGXFHG WKH +DZNV DQG VWXQQHG XV ZLWK WKH VHDULQJ UDJH RI C&R-* (* B"##&.D* 5%".-" 9:4"N(##(,*":*(*;6&.*K(. 7KH DFKLQJ EHDXW\ RI S&4&".4*":*T"(..( DQG WKH VXUUHDOLW\ RI U-4"#(%&".*B"O KDG DOUHDG\ EHHQ GHOLYHUHG LQ WKH XQDFFRPSDQLHG ¿UVW VHW GXULQJ ZKLFK \RX FRXOG KDYH KHDUG D SLQ GURS %XW WKH GHQVH HOHFWUL¿HG VHFRQG VHW VRDUHG ZLWK D UDJH P\VWHU\ DQG D SRZHU WKDW IRU PH IXO¿OOHG $QGUp %UHWRQ¶V UHTXLUHPHQW WKDW ³EHDXW\ ZLOO EH &2198/6,9( RU LW ZLOO QRW EH DW DOO ´ 7KLV FRQFHUW GHOLYHUHG WKH H[SUHVVLRQ DQG HQGRUVHPHQW RI ZKDW PDQ\ RI P\ JHQHUDWLRQ ZHUH IHHOLQJ DW WKDW WLPH IUXVWUDWLRQ DQJHU DQG DQ DJRQLVHG ORQJLQJ IRU VRPHWKLQJ RI D SURIRXQG DQG FKDOOHQJLQJ EHDXW\ EH\RQG WKH VRSRUL¿F ¿UHVLGHV IRU ZKLFK RXU SDUHQWV¶ JHQHUDWLRQ ORQJHG ZLWK VR PXFK MXVWL¿FDWLRQ DIWHU WKH KRUUL¿F HYHQWV RI WKH ¿UVW KDOI RI WKDW FHQWXU\ , EHJDQ SDLQWLQJ LQ HDUQHVW LQ WKH HDUO\ V DIWHU OHDYLQJ DUW VFKRRO DQG H[KLELWHG LQ ;121'98")9881'(1;>"C"L9;"*9%*9`9'48&"%6';6(:)"F&"2$39+($:"9;"9";6''198(;+>"C:".HJG"C"Q$(:14" D WHDP RI DUWLVWV LQ WKH 1DWLRQDO +HDOWK 6HUYLFH 1+6 :H ZHUH QRW WKHUDSLVWV
F-"$$"3 33 8QOLNH PDQ\ RI P\ IHOORZ DUW VWXGHQWV , KDG QR LQWHQWLRQ RI EHFRPLQJ D WHDFKHU :KLOVW P\ IULHQGV ZHUH VWDUWLQJ WKHLU VFKRRO FDUHHUV , ZDV H[KLELWLQJ DURXQG 1RUWK :HVW (QJODQG ,Q , ZDV RIIHUHG DQ XQSDLG SRVW DV ZKDW ZDV GHVFULEHG DV '02(%"2 RI DQ DUWV FHQWUH +*9+"L9;"+$"71"1;+978(;*14"(:"9".J+*"31:+6'&";+$:1"79':"(:"#*$'81&>"Y*1"U9:39;*('1"#$6:+&" &RXQFLO¶V $UW $GYLVRU DQG , UHFRPPHQGHG WR WKH SURMHFW¶V WUXVWHHV WKDW ZH VKRXOG GHVFULEH
!"#$%$&'()*+,-%$%.)/-+)/)0/1,,1)$-)21%')/-+)3,/#%4))5))D/3=0.9"E(,@3 +*1"21:61"9;"9"'"QQ0.&%/*(2%4*'-.%2- 7KH H[SHULHQFH ZDV LQLWLDOO\ H[KLODUDWLQJ EXW WKH *LOOLEUDQG &HQWUH ZDV XQGHU IXQGHG DQG H[SHQVLYH WR KHDW DQG DIWHU D EULHI VHDVRQ LW 38$;14"(:".HJO> "" :H WKHQ PRYHG WR %ULJKWRQ RQ (QJODQG¶V VRXWK FRDVW ZKHUH P\ ZLIH $GULHQQH XQGHUWRRN KHU SRVW JUDGXDWH DUW WHDFKHU¶V FHUWL¿FDWH ,Q RXU \RXQJ IDPLO\ PRYHG WR WKH 'HUE\VKLUH 3HDN 'LVWULFW ZKHUH $GULHQQH KDG EHHQ DSSRLQWHG DV D VHFRQGDU\ VFKRRO DUW WHDFKHU , ORRNHG DIWHU RXU VRQ DQG SDLQWHG VSRUDGLFDOO\ 7KH IROORZLQJ \HDU , DSSOLHG XQVXFFHVVIXOO\ IRU WKH SRVLWLRQ RI FDUHWDNHU DW WKH SULPDU\ VFKRRO ZKLFK P\ VRQ KDG UHFHQWO\ EHJXQ WR DWWHQG 2QH RI P\ LQWHUYLHZHUV ZDV D SDUHQW JRYHUQRU 3HWHU 6HQLRU $IWHU P\ LQWHUYLHZ 3HWHU WROG PH KH KDG DFTXLUHG IXQGLQJ IURP D JRYHUQPHQW HPSOR\PHQW VFKHPH WR HVWDEOLVK D WHDP RI IRUPHUO\ XQHPSOR\HG \RXQJ DUWLVWV LQ D =9:3*1;+1'"*$;%(+98>"C"Q$(:14"+*(;"+19F"(:".HJG> 7KH 0DQFKHVWHU +RVSLWDOV $UWV 3URMHFW QRZ /LPH RQH RI WKH IRUHPRVW SURYLGHUV RI DUWV LQ KHDOWK LQ WKH 8. KWWS ZZZ OLPHDUW RUJ PDGH PXUDOV VWDJHG H[KLELWLRQV E\ SURIHVVLRQDO DUWLVWV DQG VWDII DQG DUUDQJHG SHUIRUPDQFHV DFURVV D JURZLQJ UDGLXV RI KRVSLWDOV DQG FRPPXQLW\ FOLQLFV )URP WKH HDUO\ V , IRFXVHG RQ WKH PHQWDO KHDOWK VHUYLFHV ZKRVH XVHUV , HQJDJHG LQ PDNLQJ DUWZRUNV IRU KHDOWKFDUH VHWWLQJV HLWKHU DV JURXS VLWH VSHFL¿F SURMHFWV RU DV LQGLYLGXDO DQG JURXS H[KLELWLRQV 7KRVH ZLWK ZKRP , ZRUNHG JDLQHG VNLOOV EXW ZRXOG WKHQ EH µGLVFKDUJHG¶ IURP WKH KRVSLWDO ZLWKLQ ZKLFK WKH\ KDG KDG UHFRXUVH WR WKH YHU\ DUWV DFWLYLWLHV WKDW ZHUH LQ D JURZLQJ QXPEHU RI FDVHV SHUFHLYHG WR KDYH LPSDFWLQJ EHQH¿FLDOO\ XSRQ WKHLU SURJUHVV WR LPSURYHG ZHOO EHLQJ ?#'114P".HGNB> 7KUHH IULHQGV DOO PHPEHUV RI WKH +D\¿HOG FDU SRRO FRPPXWLQJ WKH GDLO\ PLOHV EHWZHHQ 0DQFKHVWHU DQG KRPH 3HWHU 6HQLRU &RQVXOWDQW 3V\FKLDWULVW 'U )UDQFLV &UHHG DQG P\VHOI FRQFHLYHG RI D YHQXH WR SURYLGH FRQWLQXLQJ RSSRUWXQLWLHV IRU FUHDWLYH GHYHORSPHQW IROORZLQJ SDWLHQWV¶ GLVFKDUJH IURP KRVSLWDO ,Q , EHFDPH 'LUHFWRU RI 67$57 6WXGLRV DV LW ZDV WKHQ D QHZ DUWV FHQWUH IRU XVHUV RI 0DQFKHVWHU¶V PHQWDO KHDOWK ;1'2(31;>" 'XULQJ 67$57¶V LQLWLDO SHULRG RXU WHDP RI DUWLVWV H[SDQGHG DQG LQGLYLGXDO VWXGLRV ZHUH VHW XS LQ GLIIHUHQW PHGLD DQG DUWIRUPV 2QH RI WKH QHZ DUWLVWV VXJJHVWHG PRGLI\LQJ WKH RUJDQLVDWLRQ¶V WLWOH WR UHÃ&#x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¿UVWO\ 61$36 67$57¶V 1HZV DQG 3KRWRJUDSK\ 6HUYLFH DQG VHFRQGO\ 67$57 2XW DQ RXWUHDFK SURJUDPPH IRU WKH JURZLQJ QXPEHU RI PHPEHUV ZKR KDG JDLQHG D OHYHO RI H[SHUWLVH WKDW HQDEOHG WKHP WR ZRUN IRU SD\PHQW ZLWK SURIHVVLRQDO 9'+(;+;"$:"3$FF(;;($:;"9:4"$+*1'"%'$Q13+;"(:"+*1"3$FF6:(+&"$6+;(41"+*1"*198+*"4$F9(:>"" C"L9;";$$:"'1;%$:4(:)"+$"9:4"942(;(:)"+*$;1";11Z(:)"+$"1;+978(;*"0YS]YI+&%1"%'$Q13+;" LQ RWKHU ORFDOLWLHV $W WKH VDPH WLPH , ZDV ¿JKWLQJ WR UHVLVW WKH HURVLRQ RI 67$57¶V IUDJLOH %*(8$;$%*(398"(:41%1:41:31"9;"9:"9'+;"31:+'1"L(+*(:"+*1"F1:+98"*198+*39'1";&;+1F>"Y*(;" L9;"9++1F%+(:)"+$";^69'1"9"3('381P"+(8+(:)"9+"L(:4F(88;>"C"4(4":$+"9331%+"+*(;"9+"+*1"+(F1P"76+" LW ZDV FOHDU WKDW P\ VWUHVV OHYHOV DQG RYHUZRUN ZHUH EHJLQQLQJ WR FDXVH GLI¿FXOWLHV IRU P\
/().F9F5,0G)64/*FH.F6H.3)6H/H"FIJ"$
FROOHDJXHV , ZDV ERUHG ZLWK P\ UROH GLVVDWLV¿HG ZLWK P\ DELOLWLHV DV D PDQDJHU D UROH , KDG QHYHU ZLVKHG IRU DQG KDG KRSHG WR DYHUW E\ WLWOLQJ P\VHOI ³GLUHFWRU´ 0\ H[SHFWDWLRQ DQG P\ DVVXPSWLRQ UHJDUGOHVV RI WKH IHHOLQJV H[SUHVVHG E\ P\ FROOHDJXHV ZDV WKDW WKH FRXUVH RI 67$57 ZDV QRZ VHW DQG WKDW WKH DUWLVWV FRXOG ORRN DIWHU WKHLU RZQ VWXGLRV DV ORQJ DV , IXO¿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Ã&#x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¿FXOWLHV WRR ZKLFK , QR ORQJHU KDG WKH 1:1')&"+$"944'1;;P"9;"C"L9;";%'194"+$$"+*(:8&>"C:"944(+($:"+$"F&"41218$%F1:+"L$'ZP"9:4" DJDLQVW WKH DGYLFH RI IULHQGV DQG FROOHDJXHV , VWDJHG D MRLQW H[KLELWLRQ RI P\ RZQ DUWZRUN DQG WKDW RI D 67$57 PHPEHU $ PRWLYH IRU WKLV ZKLFK , UHDOLVHG RQO\ ODWHU ZDV WR DVVHUW P\ VHOI LPDJH DV ¿UVW DQG IRUHPRVW DQ DUWLVW DV RSSRVHG WR D PDQDJHU , KDG D PHQWDO EUHDNGRZQ DQG ZLWK WKH DJUHHPHQW DQG ZDUP VXSSRUW RI P\ PDQDJHUV ZRUNHG DZD\ IURP 0DQFKHVWHU IRU WKH PRQWKV XQWLO P\ DJUHHG HDUO\ UHWLUHPHQW DW , KHOSHG GHYHORS D QXPEHU RI SURMHFWV WKDW LQFOXGHG 67$57 LQ 6DOIRUG KWWS ZZZ VWDUWLQVDOIRUG RUJ XN DQG WKH QRZ GHIXQFW 8. $UWV LQ 0HQWDO +HDOWK )RUXP 7KLV )RUXP KHOG LWV ¿UVW UHVLGHQWLDO ZHHNHQG LQ IRU ZKLFK , RUJDQLVHG D ODUJH H[KLELWLRQ RI ZRUN E\ SURIHVVLRQDO DQG XVHU DUWLVWV UHSUHVHQWLQJ WKH JURZLQJ DUWLVWLF DFWLYLW\ LQ WKH PHQWDO KHDOWK ¿HOG DURXQG WKH 8. )RU UHSRUWV RQ WKH WZR )RUXP UHVLGHQWLDOV VHH 9HUUHQW .HHHB> :KLOVW 67$57 KDV FRQWLQXHG WR Ã&#x20AC;RXULVK KWWS ZZZ VWDUWPF RUJ XN IURP , ZRUNHG LQWHUPLWWHQWO\ RQ P\ 3K' DW WKH 0DQFKHVWHU 0HWURSROLWDQ 8QLYHUVLW\ JDLQLQJ P\ GRFWRUDWH LQ $IWHU UHSUHVHQWLQJ WKH 8. DQG 32%4* :"2* >-(#%6 DW WKH ([SHUWV¶ *URXS DQG ¿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µFRKRUWV¶ RI DUWLVWV DQG DVSLULQJ DUWLVWV DFURVV D ZLGHQLQJ QHWZRUN RI JHRJUDSKLFDO ORFDOLWLHV DQG FRPPXQLWLHV RI LQWHUHVW 7KH SURJUDPPH RI &R/DEV FROODERUDWLYH ZRUNVKRSV WKDW , GHYLVHG H[SORUHG WKH EDVLFV RI WKH DUWV ± PRYHPHQW DQG JHVWXUH PDUN DQG PDNLQJ WH[W YRLFH DQG VRXQG DV D PHDQV WR IDPLOLDULVH SDUWLFLSDQWV ZLWK HDFK RWKHUV¶ PRGHV RI SUDFWLFH DQG DV D VWHS WRZDUGV WHVWLQJ QHZ PHWKRGV RI FROODERUDWLRQ DFURVV DUWIRUPV
!"#$%$&'()*+,-%$%.)/-+)/)0/1,,1)$-)21%')/-+)3,/#%4))5))D/3=0.9"E(,@3 6HYHUDO RI WKH %ULGJHKHDG DUWLVWV ZHUH RI RU QHDU UHWLUHPHQW DJH VRPH JRLQJ WKURXJK OLIH WKUHDWHQLQJ LOOQHVVHV DQG WKHVH FLUFXPVWDQFHV OHG WR DQ HPHUJHQFH RI DQ DLP WKDW XVXUSHG WKH RULJLQDO SXUSRVH RI WKH FRPSDQ\ ZKLFK KDG EHHQ WR UDGLDWH WKH H[SHULHQFH WR QHZ FRKRUWV 2XU ¿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¿OOLQJ FDUHHU DV DQ DFWRU SOD\LQJ WKH OHDG LQ VHYHUDO SURGXFWLRQV RI :2(D&#-#8$-#"$P" D VHPL SURIHVVLRQDO WKHDWUH FRPSDQ\ C:",--H"C"'1+6':14"+$"2(;698"9'+;"%'93+(31P"F9Z(:)"%9(:+(:);P"4'9L(:);"9:4"3$:;+'63+($:;" DQG H[KLELWLQJ DQQXDOO\ DW WKH %X[WRQ )HVWLYDO )ULQJH &RQFHUQHG WR VHFXUH WKH OHJDF\ RI WKH FDUHHUV LQ ZKLFK ZH DQG RXU FROOHDJXHV KDYH EHHQ VR IRUWXQDWH DV WR HQJDJH LQ 3HWHU 6HQLRU DQG , UHVFXHG ¿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¿QDO \HDU >&4%"2/* ":* 32%* (.,* U-4&D." 6:41')'9469+1;" 9:4" 32%* (4* G.9&2".Q-.%" %$;+)'9469+1;" (:" 36'9+(:)" 9:" H[KLELWLRQ FHQWUHG XSRQ D UHSOLFD RI D GHVWUR\HG PRVDLF PXUDO UHDVVHVVLQJ DQG LQ DQ XQH[SHFWHG DQG JUDWLI\LQJ G\QDPLF UHDFWLYDWLQJ WKH V SURMHFW WKDW , VKDOO GLVFXVV LQ 3DUW DV ³(SLVRGH +HDG IRU WKH +LOOV´
9-"#3>;3B8"$$31'+.(/$.3C+#83F(HH$0#-"+$.G3-0/3-3I+.,6..+(0 =&"(:+1:+($:;"(:"+*(;"1;;9&"*921"711:/ WR H[SORUH WKH H[WHQW WR ZKLFK SROLWLFV KDYH LQÃ&#x20AC;XHQFHG P\ LGHQWLW\ DQG FDUHHU I"+$";6))1;+"81;;$:;"+*9+"F9&"71"819':+"+*1"71++1'"+$";6;+9(:"6:41';+9:4(:)")1:1'988&" 71+L11:"9'+(;+;"9:4"+*$;1"L*$"3$FF(;;($:"9:4"L$'Z"L(+*"+*1F>"" " b$88$L(:)" +*1" 97$21" 7($)'9%*(1;" C" :$L" 9(F" +$" 41F$:;+'9+1" (:" F$'1" 41+9(8" *$L" +*1" ZD\V LQ ZKLFK , FRQGXFWHG P\ FDUHHU KDYH EHHQ LQÃ&#x20AC;XHQFHG E\ P\ IDWKHU¶V H[SHULHQFHV 46'(:)"\\,"9:4"7&"%1';136+$'&"%$8(+(3;";63*"9;"+*$;1"9)9(:;+"L*(3*"*1"?9F$:);+"F9:&B" ;+$$4> 0\ IDWKHU¶V GHFLVLRQ EDVHG RQ KLV ZDUWLPH LPSULVRQPHQW WR VHQG PH WR ERDUGLQJ VFKRRO LV DW WKH URRW RI P\ GLVSODFHPHQW DQG P\ WHQGHQF\ WRZDUGV D ZLWKGUDZDO WKDW KDV RIWHQ XQGHUPLQHG WKH IXO¿OOPHQW RI P\ DPELWLRQV 7KHVH DPELWLRQV KDYH WKHPVHOYHV EHHQ IXHOOHG E\ RQ WKH RQH KDQG P\ UHDFWLRQ WR WKH ORVV DQG DEDQGRQPHQW RI EHLQJ VHQW DZD\ IURP D KDSS\ KRPH DQG FRPPXQLW\ DQG
/().F9F5,0G)64/*FH.F6H.3)6H/H"FIJ"$
HO
RQ WKH RWKHU P\ JXLOW DQG DQJHU DW P\ IUDLOW\ DV D KXPDQ EHLQJ LQ WKH NQRZOHGJH RI KXPDQ 12(8> " 7KLV SXVK SXOO G\QDPLF DOWHUQDWLQJ LFH DQG ¿UH KDV EHHQ D SHUVLVWHQW IRUFH LQ P\ OLIH C"39:"D#&Q74- WKH YLUWXHV RI VXFK D G\QDPLF , FDQQRW :--#"+*1F> b'$F"+(F1"+$"+(F1P"6:%'14(3+978&"9:4"L(+*$6+"F63*"+*$6)*+P"C"*921";():14"F&":9F1P" LQ PHVVDJH ERRNV RU RQ HPDLOV XVLQJ RQH RU DQRWKHU RI WKUHH (#%-2*-D"4"+*9+"C"41;3'(71" 9;";6-*;62--*B"..&-4 DQG ZKR DV , UHDOLVHG ZLWK VRPH VXUSULVH RQ P\ UHÃ&#x20AC;HFWLRQ IRU WKLV HVVD\ PD\ EH WDNHQ WR UHSUHVHQW WKUHH DVSHFWV RI P\ SHUVRQDOLW\ 8*B"..&-*B(4'&=#- LV DQ DYDWDU IRU P\ DQJHU DW LQMXVWLFH DQG SHUVHFXWLRQ DULVLQJ IURP P\ H[SHULHQFH DW ERDUGLQJ VFKRRO DQG P\ VKRFN RQ VHHLQJ WKH %HOVHQ ¿OP 8* B"..&-* KV!"44&=#- LV DQ DYDWDU IRU P\ RYHU DPELWLRQ PHJDORPDQLD IDLOXUHV IUHTXHQWO\ XQSUHGLFWDEOH EHKDYLRXUV P\ YHHULQJ EHWZHHQ DWWDFN DQG UHWUHDW 8* B"..&-* B"44 LV DQ DYDWDU IRU P\ Ã&#x20AC;XFWXDWLQJ VRFLDO UHODWLRQVKLSV DQG IRU WKH HJRFHQWULFLW\ WKDW LV FRPPRQO\ DGGXFHG WR P\ JHQHUDWLRQ VHH IRU H[DPSOH :LOEHU ,W DOVR VLJQL¿HV VXUUHDOLVP DQG HURV 7KH ³7KUHH 5RQQLHV´ QRW RQO\ UHVXUUHFW P\ GLVFDUGHG ¿UVW QDPH EXW DOVR VXJJHVW DQ DVSHFW RI P\ DSSURDFK WR OLIH WKDW LV QRW H[SORUHG LQ WKLV HVVD\ QDPHO\ WKH GHSOR\PHQW RI KXPRXU DV DQ HIIHFWLYH FRXQWHUEDODQFH WR DQ[LHW\ DQG IHHOLQJV RI LQDGHTXDF\ ,Q RUGHU WR H[SORUH WKH H[WHQW WR ZKLFK WKHVH IDFWRUV LPSDFWHG XSRQ P\ ZRUN , VKDOO :$L"3$:;(41'"+*1"'189+($:;*(%;"71+L11:/ WKUHH HSLVRGHV IURP P\ FDUHHU KRZ P\ FKDUDFWHU WUDLWV LQÃ&#x20AC;XHQFHG P\ EHKDYLRXU LQ WKHVH HSLVRGHV KRZ WKHVH WUDLWV DQG EHKDYLRXUV ZHUH LQÃ&#x20AC;XHQFHG E\ SROLWLFDO IDFWRUV ,Q QDUUDWLQJ WKHVH HSLVRGHV WUDLWV DQG IDFWRUV , KRSH WR LOOXVWUDWH DQ H[WHQW WR ZKLFK DQG KRZ WKRVH HOHPHQWV RI P\ RZQ LGHQWLW\ DV IRUPHG E\ WKH SROLWLFDO FLUFXPVWDQFHV VXUURXQGLQJ P\ ELUWK LQ KDYH IXQFWLRQHG DV GULYHUV EDUULHUV DQG LQKLELWRUV WR WKH IXO¿OOPHQW RI P\ DPELWLRQ DQG SRWHQWLDO LQ P\ DGRSWHG ¿HOG RI SUDFWLFH
1'+.(/$3J:;3K-L$))+0A35-A-.;3MC$3-"$38(C3C$3-"$3#"$-#$/N 7KH GD\ ZH KHDUG RI WKH VXFFHVV RI RXU ELG IRU 8UEDQ $LG IXQGLQJ WR HVWDEOLVK 67$57 , ZHQW WR VHH WKH &KLHI ([HFXWLYH RI WKH WKHQ &HQWUDO 0DQFKHVWHU +HDOWK $XWKRULW\ , WROG KLP , GLG QRW ZDQW WR EH FDOOHG ³PDQDJHU´ SUHIHULQJ WKH WLWOH ³GLUHFWRU´ WR VXJJHVW WKDW P\ UROH ZRXOG EH WKDW RI ORQJHU WHUP GLUHFWLRQ UDWKHU WKDQ KDQGV RQ GD\ WR GD\ PDQDJHPHQW WKDW LV PRUH DORQJ WKH OLQHV RI WKH GLUHFWRU RI DQ DUW JDOOHU\ RU D WKHDWUH FRPSDQ\ EXW QRW QHFHVVDULO\ RI HYHU\ H[KLELWLRQ RU SURGXFWLRQ (QFRXUDJLQJO\ KH VDLG ³\RX FDQ FDOO \RXUVHOI ZKDW \RX OLNH ´ , DOVR ZDQWHG WR HQVXUH WKDW WKRVH ZKR DYDLOHG WKHPVHOYHV RI 67$57 ZRXOG QRW EH 89718814"(:"9:&"L9&"+*9+"L$684"4(F(:(;*"$'"6:41'F(:1"+*1('"%$+1:+(98"+$"713$F1"9'+(;+;P" '9+*1'" +*9:" +$" 71" 3$:+(:614" +$" 71" 2(1L14" 9;" cF1:+98" *198+*d" 39;698+(1;X" +*9+" (;P" +$" 713$F1"96+$:$F$6;"3'19+(21"(:4(2(4698;P"L(+*(:"9"'1;%$:;(21"9:4"3$:463(21"3$FF6:(+&>" 0\ DLP ZDV WR IRVWHU D XQLW\ LQ GLYHUVLW\ 7KLV ZDV QRW QHFHVVDULO\ DQ DLP IRU D PHQWDO *198+*";1'2(31P"L*$;1"36''1:3&"L9;"(88:1;;P"*198(:)P"39'(:)P"36'(:)"9:4"4(;3*9')(:)"I"988" SHUIRUPHG LQ DQ HQYLURQPHQW RI ZKDW , SHUFHLYHG DV GHPHDQLQJ SDWKRORJLHV
!"#$%$&'()*+,-%$%.)/-+)/)0/1,,1)$-)21%')/-+)3,/#%4))5))D/3=0.9"E(,@3 7KH QDPH ³67$57´ ZDV LQLWLDOO\ DQ DFURQ\P IRU ³6KHOWHUHG 7UDLQLQJ LQ $UW ´ %XW IURP +*1"$6+;1+"C"L9;"6:*9%%&"L(+*"L*9+"C"3$:;(41'14"+*1"%$+1:+(988&";+()F9+(;(:)"3$::$+9+($:;" RI WKH WHUP ³VKHOWHUHG´ VR WKH ODWWHU ZDV GURSSHG DQG WKH SURMHFW EHFDPH NQRZQ VLPSO\ 9;"0YS]Y"(:"(+;"19'8&"&19';>"\1"41;3'(714"(+"9;"9:"(2%4*'-.%2-P"9:4"+*(;"1+*$;"%'129(814"(:" 67$57¶V IRUPDWLYH SHULRG D UHPDUNDEOH VWDWH RI DIIDLUV ZKLFK FKDUDFWHULVHG WKH EDFNLQJ RI D IHZ UHPDUNDEOH ORFDO 1+6 PDQDJHUV GXULQJ WKDW SHULRG DQG WKHLU ZLOOLQJQHVV WR DFFHSW D FRQVLGHUDEOH GHJUHH RI ULVN LQ VXSSRUWLQJ ZKDW ZDV GHHPHG D ³PDYHULFN´ EXW HIIHFWLYH HOHPHQW ZLWKLQ WKH SV\FKLDWULF LQVWLWXWLRQ 6XFK D PDYHULFN HOHPHQW FRXOG QRW EH H[SHFWHG WR ODVW IRUHYHU ZLWKRXW IXUWKHU D#-&'646(#%0.D> , QHYHU EHOLHYHG LW ZKHQ FDUH VWDII LQ VHUYLFHV IRU ROGHU SHRSOH RU WKRVH ZLWK PHQWDO *198+*" %'$781F;" L$684" +188" F1" +*9+" +*1('" %9+(1:+;" L$684" :$+" 71" 9781" +$" c4$d" 9'+>" \*9+" 9;;6F%+($:;P"L*9+"%'1Q64(31;"L1'1"(:"%89&"*1'1P"9F$:);+";63*"9%%9'1:+8&"L188IF19:(:)" SHRSOH" , VDZ WKH SV\FKLDWULF LQVWLWXWLRQ DQG WKH DVVXPSWLRQV RI LWV FDULQJ SURIHVVLRQDOV LQ WKH OLJKW RI WKH SV\FKRWKHUDSLVW %UXQR %HWWHOKHLP¶V FRQFOXVLRQV FRQFHUQLQJ WKH PDVV ;$3(1+&>." V1++18*1(F" ?.HJ-B" *94" '193*14" +*1" 3$:386;($:;" '18129:+" +$" +*(;" 1;;9&" 46'(:)" DQG IROORZLQJ KLV LQFDUFHUDWLRQ DW 'DFKDX DQG %XFKHQZDOG LQ , KDYH IUHTXHQWO\ XVHG WKH SKUDVH µSHRSOH WHQG WR EHKDYH KRZ WKH\ DUH WUHDWHG¶ ,I D SHUVRQ LV VWDUYHG RI 3'19+(21"$%%$'+6:(+&P"9:"$7;1'21'"F9&"3$:38641"+*9+";*1"$'"*1"(;":$+"9"3'19+(21"%1';$:X" A%6-/ ZRQ¶W EH DEOH WR GR DUW´ " $V , ZDONHG GRZQ WKH FRUULGRU DW 67$57 RQH DIWHUQRRQ LQ WKH ODWH V WKH WKRXJKW 9'$;1"6:7(441:"F&"*194/"c+*(;"(;"+*1"(.%&I3$:31:+'9+($:"39F%>d :KHQ , UHÃ&#x20AC;HFW XSRQ WKDW Ã&#x20AC;HHWLQJ ³DQWL FRQFHQWUDWLRQ FDPS´ WKRXJKW , UHFRJQLVH LWV SRLJQDQFH DQG PHDQLQJ ODWHU , ZLOO XVH DQ HSLVRGH IURP %HWWHOKHLP¶V ERRN WR LOOXVWUDWH WKLV UHFRJQLWLRQ 0HDQZKLOH WKH IROORZLQJ LQVWDQFHV VKRZ FXPXODWLYHO\ KRZ FDVXDOO\ RQH FDQ GLVSOD\ SUHMXGLFH KRZ WKH LQGLYLGXDO FDQ VWDQG RXW IURP WKH PDVV DQG KRZ D SHUVRQDO UHDOLJQPHQW E\ DQ LQGLYLGXDO FDQ JHQHUDWH D UHDVVHVVPHQW RI WKH LQGLYLGXDO DQG E\ H[WHQVLRQ RI WKH JURXS LQ WKH SHUFHSWLRQV RI WKRVH ZKR KRZHYHU XQLQWHQWLRQDOO\ UHSUHVHQW DQG VXVWDLQ D SDWKRORJ\ EDVHG DQG WKHUHIRUH LQKHUHQWO\ QHJDWLYH YLHZ RI WKDW )'$6%/ :KHQ 67$57¶V SKRWRJUDSK\ SURMHFW 61$36 RIIHUHG WR SURYLGH SKRWRJUDSKV IRU DQ LQIRUPDWLRQ OHDÃ&#x20AC;HW IRU WKH 'HSDUWPHQW RI 3V\FKLDWU\ WKH 'HSDUWPHQW¶V VHQLRU F9:9)1'P"KP"+98Z(:)"(:"+*1"3$''(4$'"+$"+*1"0DS50"8194"9'+(;+P"9;Z14"(:"9"2$(31"8$64" HQRXJK WR EH KHDUG LQ HYHU\ URRP RQ WKDW Ã&#x20AC;RRU µDUH WKHVH SHRSOH '"Q7-%-.%"¶ :KHQ , WROG D SV\FKLDWULVW DERXW D GHHSO\ HYRFDWLYH VOLGH VKRZ JLYHQ E\ RQH RI KLV SDWLHQWV DERXW KHU UHFHQW YLVLW DFFRPSDQLHG E\ DQ DUWLVW WR SODFHV WKDW KDG IHDWXUHG LQ KHU FKLOGKRRG H[SHULHQFH RI EHLQJ HYDFXDWHG IURP 0DQFKHVWHU WR HVFDSH WKH ZDUWLPH ERPELQJ KLV ¿UVW UHDFWLRQ ZDV WKDW , PXVW EH UHIHUULQJ WR D GLIIHUHQW SHUVRQ 6&4 SDWLHQW ZRXOG QRW EH FDSDEOH RI JLYLQJ VXFK D SUHVHQWDWLRQ I"S"0YS]Y"F1F71'P"9"%9(:+1'P"L9;"97$6+"+$";11"*(;"%;&3*(9+'(;+>"c\*9+";*$684"C"+98Z" DERXW"´ KH DVNHG ³:HOO ZKDW GR \RX XVXDOO\ WDON DERXW"´ , UHSOLHG ³0\ SUREOHPV , VXSSRVH ´ ³:HOO WKHUH \RX JR ´ ³%XW , KDYHQ¶W JRW DQ\ SUREOHPV QRZ ´ ³%XW WKDW¶V JUHDW LVQ¶W LW"´ ³1R QRW UHDOO\ LI , KDYHQ¶W JRW DQ\ SUREOHPV , ZRQ¶W EH DEOH WR NHHS FRPLQJ KHUH ´ ³$K 'R \RX HYHU WDON DERXW \RXU SDLQWLQJ"´ ³1R , PHDQ WKDW¶V QRW ZKDW LW¶V DERXW ´ ³:HOO \RX FRXOG JLYH LW D WU\ ´ 1H[W GD\ , VDZ KLP VHWWLQJ RII IRU WKH KRVSLWDO WZR SDLQWLQJV XQGHU HDFK DUP +H UHWXUQHG ZLWK MXVW WKUHH ³:KHUH¶V WKH RWKHU RQH"´ ³+H ERXJKW LW ´
/().F9F5,0G)64/*FH.F6H.3)6H/H"FIJ"$
HJ
V&" F9Z(:)" 9'+P" L(+*(:" 9:" 1:2('$:F1:+" +*9+" L9;" %'14$F(:9:+8&" 9'+(;+(3" '9+*1'" +*9:" WKHUDSHXWLF RXU FRPPXQLW\ ZDV DEOH WR FKDOOHQJH WKH SUHFRQFHSWLRQV RI 1+6 VWDII 4$3+$';"9:4"F9:9)1';>"b6'+*1'F$'1P"7&"1:)9)(:)"(:"%'$Q13+;"9:4"3$FF(;;($:;""0%4&,-" WKH PHQWDO KHDOWKFDUH HQYLURQPHQW PHPEHUV JHQHUDWHG UHFRJQLWLRQ DQG DFFODLP IRU 71(:)"(2%&4%4"'9+*1'"+*9:"c%9+(1:+;d>" Y*$;1"L*$"9++1:414P"L*$"L1'1"c4(;3*9')14d"+$P"$'"L*$"9%%8(14"+$"Q$(:"0YS]Y"L1'1" GHVFULEHG DV ³UHFRYHULQJ IURP PHQWDO LOOQHVV´ &UHHG ,Q GLVFXVVLRQ ZLWK WKH JURXS RI ³H[ SDWLHQWV´ RU LQ P\ SUHIHUUHG WHUPLQRORJ\ DW WKH WLPH ³DVSLULQJ DUWLVWV´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c%9+(1:+dP"3$:;(41'(:)"(+" SDUWLFXODUO\ FRXQWHUSURGXFWLYH ZKHQ DSSOLHG WR SHRSOH ZLWK DQ DOUHDG\ ORZHUHG VHOI UHJDUG LQ WKDW LW VLJQL¿HG D SHUVRQ¶V SDVVLYLW\ LQ WKH SUHVHQFH RI WKH H[SHUWLVH RI WKH FOLQLFLDQ ZKR LQ P\ H[SHULHQFH DQG DV LQGLFDWHG LQ WKH VWRU\ RI RXU VOLGH VKRZ SUHVHQWHU UDUHO\ KDG DQ\WKLQJ EXW D OLPLWHG SURIHVVLRQ FLUFXPVFULEHG YLHZ RI WKH SHRSOH WKH\ DVSLUHG WR µWUHDW¶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¶V REVHUYDWLRQV FRQFHUQV KRZ SHRSOH WHQG WR IXO¿OO RWKHUV¶ H[SHFWDWLRQV RI WKHP WR EHKDYH LQ FHUWDLQ ZD\V DQG KRZ DQ LQGLYLGXDO¶V NQRZOHGJH RI WKLV FDQ VXEYHUW HYHQ WKH GHHSHVW SUHMXGLFH +H GHVFULEHV DQG 9:98&;1;"9+"81:)+*"9:"(:3(41:+"?(7(4P"%%>".HGI,--P",-RI,-HB"L*1:"*1"'1%$'+;"+$"+*1"39F%" 38(:(3P"9+"+*1"4$$'"+$"L*(3*"%'(;$:1';"F6;+";*$L"+*1('"L$6:4;"+$"9")69'4"L*$"6;6988&"+6':;" DZD\ WKH -HZLVK SULVRQHUV ZLWK DEXVH :KHQ %HWWHOKHLP H[SRVHV KLV IURVWELWWHQ DUP DQG VKRZV QR VLJQ RI KLV FRQVLGHUDEOH SDLQ ZKHQ WKH JXDUG DWWHPSWV XQVXFFHVVIXOO\ WR SHHO RII WKH URWWLQJ Ã&#x20AC;HVK ZLWK KLV RZQ KDQGV LW LV ZLWK D KLQW RI EHJUXGJLQJ DGPLUDWLRQ WKDW WKH 66 SULYDWH DOORZV %HWWHOKHLP DFFHVV WR WKH KRVSLWDO )RU D Ã&#x20AC;HHWLQJ VHFRQG WKH SULVRQHU LV :$+"%1'31(214"9;"0.%-2Q-.4'6 EXW DV DQ LQGLYLGXDO FDSDEOH RI GLVSOD\LQJ WKH FRXUDJH VR KLJKO\ YDOXHG LQ WKH SHUYHUVH XQLYHUVH RI 1D]LVP "
!"#$%$&'()*+,-%$%.)/-+)/)0/1,,1)$-)21%')/-+)3,/#%4))5))D/3=0.9"E(,@3 51$%81"*921"9"+1:41:3&"+$"71*921"9;"+*1&"9'1"+'19+14P"+*1"F$'1";$"L*1:"+*1&"9'1"(:" D YXOQHUDEOH SRVLWLRQ 3UHMXGLFHV DQG H[SHFWDWLRQV FDQ EHFRPH IXO¿OOHG LQ D UHFLSURFDO SURFHVV $V VRRQ DV D ODEHO EHFRPHV DI¿[HG WR D FRPPXQLW\ LWV PHPEHUV DUH VHHQ DV +*1"89718"'9+*1'"+*9:"+*1"%1';$:>"Y*1"'1)689'"3*9:)1;"(:"+*1":9F1;"9;3'(714"+$"31'+9(:" JURXSV PD\ EH VHHQ DV SROLWLFDO FRUUHFWQHVV EXW LW LV KHOSIXO WR FKDQJH WKHVH QDPHV VR WKDW ODEHOV GR QRW VWLFN WR WKH GHWULPHQW RI WKHLU YLFWLPV
1'+.(/$3J<;3O$-/37("3#8$3O+)).3 ,Q WKH VXPPHU RI , VSHQW D PRQWK GUDZLQJ SKRWRJUDSKLQJ DQG SDLQWLQJ WKH VXUUHDO JULWVWRQH URFN IRUPDWLRQV RQ WKH HGJHV RI WKH .LQGHU 6FRXW SODWHDX LQ WKH (QJOLVK 3HDN 'LVWULFW )LJ , H[KLELWHG WKH UHVXOWLQJ ZRUN KHDYLO\ LQGHEWHG WR 0D[ (UQVW <YHV 7DQJX\ DQG :LOOLDP :RUGVZRUWK LQ WKH 2XWSDWLHQWV¶ +DOO RI WKH 0DQFKHVWHU 5R\DO ,Q¿UPDU\ , L9;";67;1^61:+8&"(:2(+14"7&"21+1'9:"%$8(+(398"93+(2(;+""V1::&"]$+*F9:, WR H[KLELW DW 1HZ 0LOOV WRZQ KDOO DV SDUW RI D IXQG UDLVLQJ HYHQW IRU WKH (QJOLVK 1DWLRQDO 7UXVW¶V SXUFKDVH RI [(:41'"03$6+>" " =&"3$8819)61P"%*$+$)'9%*1'"f93Z"06++$:P"9:4"C"*94"98'194&"896:3*14" >-(,*:"2*%6-* >&##4 D SURMHFW HQDEOLQJ XVHUV DQG VWDII RI &HQWUDO 0DQFKHVWHU¶V PHQWDO KHDOWK VHUYLFH +$"4(;3$21'"9:4"'1;%$:4"3'19+(218&"+$"+*1"L(84"89:4;39%1;"$:"+*1"*$'(`$:P"+$"1:)9)1"(:" WKH PRYHPHQW WR LQFUHDVH DFFHVV WR RSHQ ODQG DQG WR FDPSDLJQ XQVXFFHVVIXOO\ DV LW SUHGLFWDEO\ WUDQVSLUHG DJDLQVW WKH GH QDWLRQDOLVDWLRQ RI WKH ZDWHU DXWKRULWLHV >-(,*:"2*%6-* >&##4"L$'Z14"L(+*"93+(2(;+;";63*"9;"V1::&"?b()>O>B"(:"+*1;1"39F%9():;P"9:4"F941")'$6%" DQG LQGLYLGXDO DUWZRUNV LQVSLUHG E\ WKHVH H[SHULHQFHV DQG LQ SXUVXLW RI FDPSDLJQ JRDOV " >-(,* :"2* %6-* >&##4" 896:3*14" (:" f9:69'&" .HGO* WR LPSHO DQ HPHUJLQJ ³HVFDSH IURP SV\FKLDWU\´ WKHPH DQG WR H[SORUH ³FRPELQLQJ WKH HQMR\PHQW RI WKH FRXQWU\VLGH ZLWK WKH HQMR\PHQW RI DUW´ 6XWWRQ DQG %URZQ -DFN¶V SUHYLRXV H[SHULHQFH DV D WUDGH XQLRQ UHSUHVHQWDWLYH DW WKH 0DQFKHVWHU 5R\DO ,Q¿UPDU\ DQG P\ FRQWDFWV ZLWK DFWLYLVWV VXFK DV %HQQ\ 5RWKPDQ JDYH WKLV SURMHFW D SROLWLFDO GLUHFWLRQ WKDW ZRXOG FDXVH D GLI¿FXOW\ ODWHU 0RUHRYHU DQG VLJQL¿FDQWO\ ZLWKLQ WKH FRQWH[W RI WKLV HVVD\ -DFN SRVVHVVHG D IDFLOLW\ IRU HQJDJLQJ ZLWK SHRSOH ZLWK KLV RXWJRLQJ PDQQHU WKDW EDODQFHG P\ WHQGHQF\ WRZDUGV '1+(31:31X"L1"F941"9")$$4"+19F>
" " Ĺ )LJXUD .LQGHU *XDUGLDQV S3'&8(3"$:"39:29;>" U9:)81&"V'$L:P" .HGN
" " Ĺ )LJXUD 7KH DXWKRU OHIW ZLWK /LO\ DQG %HQQ\ ]$+*F9:P"=9:3*1;+1'P"3.HGH
" " Ĺ )LJXUD 67$57 PHPEHUV RQ D YLVLW WR \9;4981P"#6F7'(9P"@:)89:4>"3.HGG
/().F9F5,0G)64/*FH.F6H.3)6H/H"FIJ"$
HH
,W ZDV RQO\ LQ KLQGVLJKW WKDW ZH IXOO\ DSSUHFLDWHG WKH H[WHQW WR ZKLFK SHRSOH ZKR PLJKW EH GLVHPSRZHUHG E\ PHQWDO SUREOHPV DQG VRFLDO SUHVVXUHV FRXOG JDLQ LQ FRQ¿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b()>JB"(:"+*1"'131%+($:" IR\HU RI WKH 5DZQVOH\ %XLOGLQJ KHDGTXDUWHUV RI WKH ORFDO PHQWDO KHDOWK VHUYLFHV 7KH LQWHQWLRQ KDG EHHQ IRU WKLV PRVDLF WR VWDQG DV D SHUPDQHQW PRQXPHQW WR WKH SRVLWLYH VKDUHG H[SHULHQFH RI D JURXS RI SHRSOH ZKR KDG RQO\ FRPH WRJHWKHU WKURXJK FRPPRQ QHJDWLYH H[SHULHQFH RI SV\FKLF VWUHVV , ZDV SURXG WR KDYH EHHQ SDUW RI WKLV SURMHFW ,Q D SRLJQDQW HFKR RI WKH KRWHO RI P\ FRQFHSWLRQ WKH PXUDO ZDV GHVWUR\HG LQ WKH HDUO\ V GXULQJ D KRVSLWDO UHIXUELVKPHQW
" " Ĺ )LJXUD +HDG IRU WKH +LOOV PRVDLF PXUDO 0DQFKHVWHU 5R\DO ,Q¿UPDU\ 0XUDO GHVWUR\HG F
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
!"#$%$&'()*+,-%$%.)/-+)/)0/1,,1)$-)21%')/-+)3,/#%4))5))D/3=0.9"E(,@3 3$6:+'&;(41P"+*9+"V1::&"L9;"9"3$FF6:(;+P"9:4"+*9+"+*1"=9++1'*$':"41%(3+14"(:"$:1"3$':1'" RI WKH PRVDLF ZDV WRSSHG E\ D FKHHN\ UHG Ã&#x20AC;DJ VKH VHHPHG DOO WKH PRUH GHWHUPLQHG WR SXUVXH KHU FRPSODLQW :LWKRXW ZDLWLQJ IRU WKH VXPPRQV -DFN DQG , SUHVHQWHG RXUVHOYHV WR WKH PDQDJHPHQW RI¿FH ZKHUH ZH IRXQG WKH Ã&#x20AC;RRU VWUHZQ ZLWK FDUSHW VDPSOHV IURP ZKLFK WKH PDQDJHU DQG WKH VHQLRU QXUVH ZHUH FKRRVLQJ FDUSHWV IRU D KRVWHO ZDUG WKDW ZDV WR RFFXS\ SDUW RI WKH EXLOGLQJ WKDW ZRXOG EH WKH EDVH IRU 67$57 ³:H NQHZ ZH ZHUH )$(:)"+$"71"$:"+*1"39'%1+ EXW ZH GLGQ¶W WKLQN ZH¶G KDYH D FKRLFH RI FDUSHW´ , VDLG 7KLV GHIXVHG ZKDW UHPDLQHG D VHULRXV VLWXDWLRQ LW ZDV FOHDU WKH PDQDJHUV ZHUH HPEDUUDVVHG 9+"71(:)"$78()14"+$"(:;+()9+1"4(;3(%8(:9'&"%'$3146'1;"$21'"+*(;"(:3(41:+X"76+P"+*1&"%$(:+14" $6+P"+*1&"*94":$"3*$(31>"Y*1"3'(;(;"L9;"'1;$8214"L*1:"9"3$:;68+9:+"%;&3*(9+'(;+P"9"F1F71'" RI WKH 0HGLFDO &DPSDLJQ DJDLQVW 1XFOHDU :HDSRQV REVHUYHG WKDW QXFOHDU ZDU DQG PDVV GHVWUXFWLRQ ZHUH ¿UVW DQG IRUHPRVW D KHDOWK PDWWHU
1"QQ-.%(2/* 7KLV HSLVRGH LOOXVWUDWHV WKH SRWHQWLDOO\ KXPDQLVLQJ DQG LQWHJUDWLYH LPSDFW RI DUWV SUDFWLFH 9:4"9%%'$93*1;"L(+*(:"9"F$:$8(+*(3"*198+*39'1"(:;+(+6+($:>""""" " $IWHU WKH ¿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¶ RI¿FH IROORZLQJ WKH RSHQLQJ RI >-(,*:"2*%6-* >&##4>
1'+.(/$3J=;3B8$3D-##)$3(73O+A831)H. %\ WKH ODWH V 67$57 RFFXSLHG WZR Ã&#x20AC;RRUV RI VWXGLRV DW +LJK (OPV D FRQYHUWHG V KRXVH WKDW ZDV KHDGTXDUWHUV IRU WKH UHKDELOLWDWLRQ VHUYLFH RI &HQWUDO 0DQFKHVWHU¶V PHQWDO KHDOWK VHUYLFHV $W WKLV WLPH WKH 0DQFKHVWHU 5R\DO ,Q¿UPDU\¶V 6FKRRO RI 1XUVLQJ ZDV VHHNLQJ QHZ SUHPLVHV ; WKH VHQLRU PDQDJHU RI WKH PHQWDO KHDOWK VHUYLFHV ZDV JLYHQ WKH WDVN RI LPSOHPHQWLQJ WKH 'LVWULFW +HDOWK $XWKRULW\¶V GHFLVLRQ WR UHORFDWH WKH PHQWDO KHDOWK WHDPV DQG 67$57 VR DV WR HQDEOH WKH 6FKRRO WR WUDQVIHU WR +LJK (OPV , IRXQG LW GLVFRQFHUWLQJ KRZ SDVVLYHO\ WKH FOLQLFDO VWDII EHKDYHG LQ UHVSRQVH WR WKLV 4('13+(21X"C"$7;1'214"9+"+*1"+(F1"+*9+"+*1"L$'4"c%9+(1:+d"9%%19'14"%9'+(3689'8&"9%%8(39781"+$" VXFK DSSDUHQWO\ LQVWLWXWLRQDOLVHG VWDII 7KHUH ZDV D IDWDOLVP WKDW LI QRWKLQJ HOVH VHHPHG WR PH WR VHW D SRRU H[DPSOH WR SHRSOH ZKRVH VHOI HVWHHP WKH VWDII VRXJKW WR HQKDQFH $W ZRUVH WKLV SDVVLYLW\ VPDFNHG RI D K\SRFULV\ ERUQH RI D IHDU RI FRQVHTXHQFHV $OO P\ IUXVWUDWLRQ DQG DQJHU DW LQVWLWXWLRQV DQG WKHLU LQVLGLRXV HIIHFWV FDPH WR D KHDG DQG ZDV GLUHFWHG LQ D FDOP DQG IRFXVHG PDQQHU WRZDUGV WKH JRDO RI UHWDLQLQJ 67$57¶V XVH RI ZKDW KDG EHFRPH D ZHOO ORYHG KRPH IRU D FRKHVLYH FRPPXQLW\ RI DUWLVWV FOLQLFDO VWDII VHUYLFH XVHUV DQG 67$57 PHPEHUV
/().F9F5,0G)64/*FH.F6H.3)6H/H"FIJ"$
.-.
0\ LQLWLDO UHDFWLRQ DW WKH +LJK (OPV VWDII PHHWLQJ WR SODQ RXU FRPSOLDQFH ZLWK WKH UHVHWWOHPHQW SURJUDPPH ZDV RQH RI D FOHDUO\ DUWLFXODWHG DQJHU ³:HOO IXFN WKH EDVWDUGV ´ =&"$6+76';+";*$3Z14"F&"38(:(398"3$8819)61;P"L*$"'1;%$:414"+*9+"+*1'1"L9;"'1988&":$+*(:)" ZH FRXOG GR 7KH\ FOHDUO\ FRQVLGHUHG PH QDLYH DQG LGHDOLVWLF XQSURIHVVLRQDO D W\SLFDO 9'+(;+> " , VXSSRUWHG D SHWLWLRQ E\ 67$57 PHPEHUV DQG RWKHU VHUYLFH XVHUV DQG IRXQG P\VHOI VSRNHVSHUVRQ IRU D FDPSDLJQ WR UHWDLQ +LJK (OPV 2XU JURXS LQFOXGHG WKUHH SV\FKLDWULVWV WKH +HDG 2FFXSDWLRQDO 7KHUDSLVW DQG WKH 1XUVH 0DQDJHU RI WKH 5HKDELOLWDWLRQ 6HUYLFH DQG D XVHU UHSUHVHQWDWLYH :H PHW ; LQ KLV RI¿FH ZKHUH KH VDW OLNH D FKDUDFWHU LQ D 'LFNHQV QRYHO EHKLQG D ODUJH GHVN XSRQ D UDLVHG GDLV :H VDW LQ D URZ LQ IURQW RI KLV HOHYDWHG VWDWLRQ 2Q WKH ZDOO EHKLQG ; ZDV D Ã&#x20AC;RZ FKDUW PDUNLQJ RXW WKH SKDVHV RI WKH WUDQVIHUV IURP DQG WR +LJK (OPV cY*(;"(;"*$L"+*1"'18$39+($:;"L(88"+9Z1"%8931Pd"K"71)9:>"cD$dP"C";9(4>"Y*1:"193*"F1F71'" RI RXU JURXS H[SUHVVHG WKHLU UHDVRQV WR UHWDLQ +LJK (OPV DV DQ RXWSRVW ZLWKLQ WKH FRPPXQLW\ $IWHU ZH KDG PDGH RXU FDVH ; VLJKHG DQG VDLG ³, WKLQN ,¶G PXFK UDWKHU EH RQ \RXU VLGH RI WKH WDEOH ´ " 7KH SKRWRJUDSK )LJ WDNHQ LQ E\ -DFN 6XWWRQ IROORZLQJ WKH PHHWLQJ WR DQQRXQFH WKH FRQWLQXHG UHVLGHQF\ RI WKH UHKDE VHUYLFH DQG 67$57 DW +LJK (OPV LQFOXGHV PDQDJHPHQW H[FHSW ; WKH +HDG RI WKH 6FKRRO RI 1XUVLQJ DQG WKH VHQLRU H[HFXWLYH RI +*1"8$398"*198+*"96+*$'(+&>"C"9F"(:"+*1"3'19F";6(+P"8$$Z(:)"*9%%&/"L1"L$684":$+"71"7688(14>
" " Ĺ )LJXUD $IWHU WKH %DWWOH IRU +LJK (OPV 3KRWRJUDSK E\ -DFN 6XWWRQ
1"QQ-.%(2/* C" *921" 41;3'(714" *$L" (:" +*(;" 1%(;$41" 988" F&" 9:)1'" 1'6%+14P" 76+" (:" 9" 3$:+'$8814" 9:4" SXUSRVHIXO PDQQHU 7KLV GUHZ XSRQ WKH ROG DQG OLQJHULQJ DQJHU DW WKH LQMXVWLFHV RI P\ VFKRRO RI LQVWLWXWLRQV JHQHUDOO\ DW WKH HURVLRQ RI D PRUDO FRPSDVV WKDW KDG DOORZHG D VRFLHW\ WR WROHUDWH HQGRUVH DQG LPSOHPHQW LPPHQVH OHYHOV RI GLVGDLQ GHJUDGDWLRQ DQG VODXJKWHU DOO WKLV DQJHU WKDW KDG VLPPHUHG IRU \HDUV EHFDPH GLUHFWHG LQ D FDOP DQG IRFXVHG PDQQHU
!"#$%$&'()*+,-%$%.)/-+)/)0/1,,1)$-)21%')/-+)3,/#%4))5))D/3=0.9"E(,@3 , ZDV DOVR IUXVWUDWHG WKDW P\ RZQ ZLWKGUDZLQJ QDWXUH PHDQW WKDW , KDG FRQVWDQWO\ WR 79++81" 9)9(:;+" %9;;(2(+&" 9:4" )6(8+P" 9:4" C" $:8&" ;63311414" (:" $21'3$F(:)" +*1;1" (:*(7(+$';" ZKHQ P\ SDVVLRQ DQG VHQVH RI LQMXVWLFH RYHUURGH P\ LQQDWH SDVVLYLW\
U&4'044&". $OWKRXJK WKH DERYH HSLVRGHV PD\ DSSHDU RQ WKH VXUIDFH WR VKRZ FKDUDFWHU WUDLWV GHSOR\HG WR SRVLWLYH HIIHFW LQ P\ SHUFHSWLRQ WKH\ DULVH IURP FRPSHQVDWH IRU DQG PDVN VHULRXV VKRUWFRPLQJV WKH\ DUH PRGHVW VXQOLW WLSV FRQFHDOLQJ GDUN LFHEHUJV RI DQ[LHW\ , FRXOG DOZD\V KDYH GRQH PRUH 0\ GULYHV KDYH EHHQ KREEOHG E\ P\ IHDUV 0\ SUHPRQLWLRQV RI IDLOXUH DUH SHUVLVWHQW DQG DULVH IURP D SHUFHSWLRQ WKDW P\ SDUHQWV ZHUH GHHSO\ GLVDSSRLQWHG WKDW , IDLOHG WR IXO¿OO WKH H[SHFWDWLRQV WKDW DURVH IURP WKHLU ORQJLQJ IRU D FRPIRUWLQJ QRUPDOLW\ DIWHU D WHUULEOH ZDU 6HYHUDO RI ZKDW PD\ DSSHDU WR EH P\ VXFFHVVHV DUH ERRN HQGHG E\ D VHQVH RI UHDO RU LPDJLQHG IDLOXUH DQG WKH VXFFHVVHV KDYH RIWHQ EHHQ XQGHUPLQHG E\ P\ RZQ QHJDWLYH H[SHFWDWLRQV 0\ IDLOXUHV LQ UHVSHFW RI P\ WKUHH HSLVRGHV DUH DV , VHH LW ¿UVWO\ QRW WR KDYH IROORZHG XS WKH RSSRUWXQLWLHV DULVLQJ IURP WKHVH DQG RWKHU HSLVRGHV ZLWK D FRPPLWPHQW HYHQ DSSUR[LPDWHO\ HTXDO WR WKDW L*(3*"C"41%8$&14"L(+*(:"+*1"1%(;$41;"+*1F;1821;X"9:4P";13$:48&P":$+"+$"*921"9%%8(14"+*1" FRPPLWPHQW DQG SXUSRVH RI ZKLFK , KDYH EHHQ GHPRQVWUDEO\ FDSDEOH WR WKH ORQJ WHUP SXUVXLW RI WKH JRDOV , KDG VHW IRU WKH SURMHFWV LQ ZKLFK , ZDV HQJDJHG WKDW LV IRU H[DPSOH :$+" +$" *921" +9Z1:" +$" 9" L(41'" ;+9)1" +$" %'$F$+1" +*1" 0YS]Y" 9%%'$93*" h" F1:+98" *198+*" (;;61;")1:1'988&"9:4"F$'1"L(418&>"" $V , UHWXUQHG WR P\ VHDW VRPH \HDUV DJR DIWHU JLYLQJ D VSHHFK DW D FRQIHUHQFH D FROOHDJXH ZKLVSHUHG ³<RX¶UH TXLWH LQVSLULQJ ZKHQ \RX JHW RQ \RXU IHHW DUHQ¶W \RX"´ , ¿QG WKLV DQ DSW FRPPHQW RQ WKH UHODWLRQVKLS EHWZHHQ P\ ZLWKGUDZDO DQG DGYDQFH ,W¶V D SXOVH , DGYDQFH LQ DQJHU ERUQ RI GLVPD\ DW KXPDQLW\¶V EHWUD\DO RI ZKDW LV PLVJXLGHGO\ UHIHUUHG +$"9;"(+;"*6F9:(+&>"C";11Z"Q6;+(31X"9:4"+*1:"C"L(+*4'9LP"(:"41;%9('"9+"F&"$L:"(:941^693&"+$" HQJDJH LQ WKH VRFLDO PLOLHX[ WR ¿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¶V YLVXDOLVDWLRQ LQWR UHDOLWLHV 0\ PRWKHU ZRXOG DOVR VD\ ZLWK IRUFHG FKHHULQHVV HYHU\ WLPH ZH SXOOHG XS LQ WKDW JUDYHOOHG GULYH IRU \HW DQRWKHU WHUP ³2K ZHOO EDFN WR %HOVHQ ´ ,W ZDV RQO\ GXULQJ WKH %ULGJHKHDG SHULRG LQ WKH PLG V WKDW , ZDV ¿QDOO\ DEOH WR 9'+(3689+1"L(+*$6+";*9F1"F&":114"+$"L(+*4'9LX"C"L$684"9::$6:31"+$"F&"9'+(;+"3$8819)61;" ³, KDYH WR JR *DUER ´ IROORZLQJ ZKLFK , ZRXOG UHWLUH IRU D VROLWDU\ ZDON WR UHWXUQ SV\FKLFDOO\ UHIUHVKHG
/().F9F5,0G)64/*FH.F6H.3)6H/H"FIJ"$
9-"#3?;356HH-"&G3F(0,)6.+(0.3-0/3K$..(0. C:" +*(;" 1;;9&" C" *921" '9(;14" 396;1;" 9:4" '1;$:9:31;>" C" *921" ;6))1;+14" %$;;(781" 9:4" OLNHO\ FDXVHV IRU P\ PRWLYDWRUV DQG EHKDYLRXUV DQG XQFRYHUHG UHVRQDQFHV EHWZHHQ P\ FKLOGKRRG DQG P\ DGXOW H[SHULHQFHV , KDYH DOVR UHYHDOHG DWWLWXGHV DQG UHVSRQVHV WKDW PLJKW EH FDWHJRULVHG DV H[RUFLVP RU H[SLDWLRQ H[RUFLVP RI SDVW KXUWV DULVLQJ IURP P\ IDWKHU¶V GHFLVLRQ WR VHQG PH DZD\ WR VFKRRO DQG H[SLDWLRQ RI JXLOW JHQHUDWHG E\ P\ DPELJXRXV UHVSRQVH WR WKH WHUULEOH LPDJHV RI %HOVHQ WKDW , VDZ DW DJH , KDYH GHVFULEHG P\ FKLOGKRRG VK\QHVV P\ DQ[LHWLHV P\ VRFLDO SKRELD ZKLFK PDQLIHVWV DQ LQVLGLRXV YDULDQW , KDYH FDOOHG ³WHOHSKRELD´ D IHDU DQG DYRLGDQFH RI WKH WHOHSKRQH WKDW KDV EHHQ D FRQVWDQW FRQVWUDLQW XSRQ P\ SURIHVVLRQDO OLIH P\ UHFXUUHQW UHFOXVLYH WHQGHQF\ WR ³JR *DUER´ P\ IHHOLQJV RI LQDGHTXDF\ P\ GLVSODFHPHQW P\ SROLWLFDO DQJHU DQG WKH RIWHQ GULYHQ QDWXUH RI P\ DFWLYLW\ DQG , KDYH JLYHQ H[DPSOHV RI WKH ZD\V LQ ZKLFK WKHVH KDYH DIIHFWHG P\ FDUHHU DV DQ DUWLVW LQ WKH KHDOWK GRPDLQ , KDYH WUDFHG DOO WKHVH IDFWRUV WR WKH LPSDFW RI WKH SROLWLFDO HYHQWV RI WKH V DQG V QDPHO\ WKH QD]L SHULRG DQG P\ IDWKHU¶V H[SHULHQFHV DV D 32: GXULQJ :: DQG KLV GHFLVLRQV DQG DVSLUDWLRQV DULVLQJ IURP KLV LPSULVRQPHQW LQ QD]L *HUPDQ\ KLV GHFLVLRQ WR VHQG KLV VRQ WR ERDUGLQJ VFKRRO DQG KLV DQG KLV H[KDXVWHG JHQHUDWLRQ¶V DVSLUDWLRQ IRU D ZRUOG RI SHDFH DQG FRPIRUW DQG KDSSLO\ FRQIRUPLQJ RIIVSULQJ C-44".4*%"*=-*#-(2.%*=/*(2%&4%4 Y*(;"1;;9&"(;"31'+9(:8&":$+"9"%'1;3'(%+($:"+$"4L188"9;"F63*"9;"C"*921"4$:1"6%$:"+*1"%9;+X" EXW LW PD\ RIIHU DQ H[DPSOH WKDW ZLOO HQFRXUDJH DUWLVWV ZRUNLQJ LQ WKH HPRWLYH DQG VWUHVVIXO VLWXDWLRQV WKDW DULVH LQ WKH GRPDLQ RI ³KHDOWK´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¿FLDO IRU WKH UHODWLRQVKLS EHWZHHQ DUWLVW SDUWLFLSDQW DQG FOLQLFLDQ WR EH FRQGXFWHG DV RQH RI FROODERUDWLRQ DQG SDUWQHUVKLS DQG IRU WKH ERXQGDULHV EHWZHHQ ZKDW FDQ UHDVRQDEO\ H[SHFWHG RI HDFK LQ GLIIHUHQW FLUFXPVWDQFHV WR EH QHJRWLDWHG LQ DGYDQFH DQG UHYLHZHG LQ WKH OLJKW RI GHYHORSLQJ H[SHULHQFH C-44".4*%"*=-*#-(2.%*=/*%6"4-*O6"*'"QQ&44&".*(2%&4%4 $UWLVWV PD\ EH YLHZHG E\ WKHLU FRPPLVVLRQHUV LQ WKH KHDOWK ¿HOG DV UDWKHU VXSHUKXPDQ EHLQJV ZKR FDQ DGGUHVV LVVXHV WKDW IDOO E\ WKH ZD\VLGH LQ D KHDOWK VHUYLFH LVVXHV VXFK DV TXDOLW\ RI OLIH FUHDWLYH RSSRUWXQLWLHV WKDW EXLOG VNLOOV DQG VHOI HVWHHP DQG DQ DW EHVW HQULFKHG RU DW VHFRQG EHVW GH XJOL¿HG FOLQLFDO HQYLURQPHQW %XW LW LV HVVHQWLDO WKDW VXSSRUW PHFKDQLVPV DUH LQ SODFH IRU DUWLVWV ZRUNLQJ LQ WKLV ¿HOG DQG WKDW WKHVH PHFKDQLVPV EH
!"#$%$&'()*+,-%$%.)/-+)/)0/1,,1)$-)21%')/-+)3,/#%4))5))D/3=0.9"E(,@3 WDLORUHG WR WKH VHOI H[SUHVVHG QHHGV RI WKH DUWLVW 7KH HVWDEOLVKPHQW DQG VXVWDLQLQJ RI WKH 3$8897$'9+(21" 1+*$;" 9;" ;6))1;+14" (:" +*1" %'12($6;" %9'9)'9%*" ;*$684" 71" :$+14" 9:4" +*1('" IXO¿OOPHQW SODQQHG IRU
4(#-. $V P\ WDVN LQ WKLV HVVD\ LV WR IRFXV DQ DXWRELRJUDSKLFDO OHQV XSRQ WKH FLUFXPVWDQFHV RI WKH DUWLVW LQ WKH KHDOWKFDUH HQYLURQPHQW DQG VLQFH LW ZDV %HWWHOKHLP¶V UHÃ&#x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¿UVW RI %ULWDLQ¶V 1DWLRQDO 3DUNV 5RWKPDQ ZDV DFWLYH LQ ZRUNLQJ ZLWK -HZLVK JURXSV LQ WR RSSRVH WKH %ULWLVK 8QLRQ RI )DVFLVWV KWWS ZZZ ZFPO RUJ XN FRQWHQWV DFWLYLVWV EHQQ\ URWKPDQ "NH\ZRUG %HQQ\ 5RWKPDQ NH\ ZRUG 5HWULHYHG
7R EH ³RQ WKH FDUSHW´ LV DQ (QJOLVK LGLRP PHDQLQJ ³WR EH VXPPRQHG IRU D VFROGLQJ RU UHEXNH ´ KWWS GLFWLRQDU\ UHIHUHQFH FRP EURZVH FDOO RQ WKH FDUSHW 5HWULHYHG 'HFHPEHU
/().F9F5,0G)64/*FH.F6H.3)6H/H"FIJ"$
.-O
P$7$"$0,+-.3D+L)+(A"Q7+,-. D$##$)8$+HG3 DE" ?.HJ-" 14(+($:B>" ;6-* +.:"2Q-,* >-(2%X* ;6-* >0Q(.* 1".,&%&".* &.* K(44* 5"'&-%/>"U$:4$:/"59894(:> D+$",$G3!E"?@4>"T$%Z(:;P"@>f>P".HJ.B>";6-*G.#(2D-,*U-9&#V4*U&'%&".(2/>"T9'F$:4;L$'+*/" 51:)6(:>" D(,80$"G3!E3-0/31))+.3FE &RPPXQLFDWLRQ DV $XWRHWKQRJUDSK\ ,Q * 6KHSHUG - 0+>f$*:"9:4"Y>"0+'(%*9;"?@4;>BP"1"QQ0.&'(%&".*(4Y*!-247-'%&9-4*".*;6-"2/>>>"?%%>"..-I 7KRXVDQG 2DNHV &$ 6DJH D"$#(0G3 !E" ?.HHHB>" M(,W(>" @:)8(;*" +'9:;89+($:" 7&" ](3*9'4" T$L9'4>" U$:4$:/" 51:)6(:" V$$Z;> D"(C0G3RE :DUWLPH ZULWLQJV ,Q WKH SRVVHVVLRQ RI WKH DXWKRU RI WKLV HVVD\ D"(C0G3KE"?.HHRB>"0YS]Y/"Y*1"S'+;"9:4"=1:+98"T198+*>"C:"#>"[9&1""9:4"Y>"V811"?@4;>BP" ;6-*32%4*&.*>-(#%6*1(2-X*3*!(#-%%-*":*!"44&=&#&%&-4>"U$:4$:/"f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`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¶V 6WDWLRQDU\ 2IILFH O&-##G3 RE3 -0/3 D"(C0G3 PE" ?,--NB>" N2&,D-6-(,* G9(#0(%&".>" =9:3*1;+1'" =1+'$%$8(+9:" <:(21';(+&> R$-0G3UE"?.HR-B>";6-*>&4%"2/*":*5022-(#&4%*!(&.%&.D /RQGRQ :HLGHQIHOG DQG 1LFKROVRQ
!"#$%$&'()*+,-%$%.)/-+)/)0/1,,1)$-)21%')/-+)3,/#%4))5))D/3=0.9"E(,@3 U,4+77G35E"?.HHGB>"32%*N(4-,*B-4-(2'6>"U$:4$:/"f1;;(39"[(:);81&> U-"2G3XE"?.HJ.B>"3*1".%2&=0%&".*%"*%6-*12&%&`0-*":*!"#&%&'(#*G'"."Q/>"U$:4$:P"U9L'1:31" 9:4"\(;*9'+>" 4$CL&G31E"?.HJ.B>"C"9-*(.,*P(2*&.*%6-*37-..&.-4>"U$:4$:/"T$441'"h"0+$6)*+$:> 4(Z+,VG3PE"?.HHHB>";6-*>"#"'(04%*&.*3Q-2&'(.*C&:->"V$;+$:/"=9'(:1'> P$0#(0G3IE"?,--.B>";6&4*B"0D6*I(Q-X*@(4'&4Q*(.,*3.%&8@(4'&4Q>"0+'$64/"06++$:> P(#8H-0G3 DE .LQGHU 7UHVSDVV 3HUVRQDO 9LHZ RI WKH .LQGHU 6FRXW 0DVV Y'1;%9;;> 5H+#8G3P>"?@4>B>"?,--,B>"a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
b32%$'0#"*2-'&=&,"X*[c8[^8c[ZZd*('-7%(,"X*c[8[^8c[ZZe
!"#$%&%'()*#+,-.%/$%+/$0#+/-/ ,-..P"2$8>"N"?Q6:($B .-JI.,R"%%
!"#$%&'()*+",-../"01'2(3($"41"5678(393($:1;"41"89"<:(21';(494"41"=6'3(9>"=6'3(9"?@;%9A9B" C00D"14(3(E:"(F%'1;9/".GGHIHJHK>"C00D"14(3(E:"L17"?*++%/MM'12(;+9;>6F>1;M9%(B/".HGHIGNO,
S1;%9+$8$)(T93(E:"+'9:;" &"%'U3+(39"9'+1+1'9%V6+(39" WF1+;"061;;"X
!"#$%&'()%*+*"*'",(+$+*+-".)/0'1+"2$*+103+"*'"4+10*"5671%/+ '89+%1:"+9;$'0<%=>9+%1?/;9
!"#$%&'(')*+%,*-./&0%.#/1/$02,&*,%/%0&"&"0%$34&*,%//5//29'@)"40'))
!"#$%&'()#*+,-,./0#*/,$&#$1&2"*&!+("#)3&4"#5*/5(
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ÀH[LYH Z'9F1L$']"'1)9'4(:)"+*1"%$;;(7(8(+(1;"$Z"3$:;+'63+(:)"9:"9'+"+*1'9%&";%931"$%1:"+$"9"4(21';(+&" RI JHQGHU H[SUHVVLRQV WUDMHFWRULHV DQG LGHQWLWLHV WKLV DUWLFOH SURSRVHV D VHOI UHÀH[LYH H[HUFLVH DGGUHVVLQJ WKH LQÀXHQFH RI YDOXHV YLVXDO LPDJLQDULHV DQG VXEMHFWLYH SRVLWLRQV ZLWKLQ WKH %'$Z1;;($:98"%'93+(31>"
_1&L$'4; Y'9:;"S1%9+*$8$)(T9+($:P"`1:41'"C41:+(+(1;P"W'+"Y*1'9%&
a1;6F1: @:"8$;"b8+(F$;"9A$;P";1"%6141"$7;1'29'"89"%'1;1:3(9"3'13(1:+1"41"6:"93+(2(;F$"(:+1':93($:98"%$'" 89"41;%9+$8$)(T93(E:"+'9:;P"36&9;"41F9:49;"%'(:3(%981;";$:"89"'1+('949"41"89;"39+1)$'c9;"41" [4(;Z$'(9"41")V:1'$\"M"[+'9;+$':$;"41"89"(41:+(494"41")V:1'$\"41"8$;"F9:6981;"4(9):E;+(3$;"S0=" &"#C@P"9;c"3$F$"89")9'9:+c9"41"8$;"41'13*$;";9:(+9'($;"+'9:;P"(:386&1:4$"89"3$71'+6'9"%b78(39" GH OD DWHQFLyQ VDQLWDULD WUDQV HVSHFt¿FD $VLPLVPR HO PRYLPLHQWR SRU OD GHVSDWRORJL]DFLyQ +'9:;"'1(2(:4(39"89";6;+(+63(E:"418"F$418$"93+698"41"1298693(E:"&"96+$'(T93(E:"*93(9"6:"1:Z$d61" 79;94$"1:"89"96+$:$Fc9"&"413(;(E:"(:Z$'F949>"W:+1"89"$7;1'293(E:"41"6:"%'$31;$"41"39F7($" GHVGH XQD FRQFHSWXDOL]DFLyQ GH ODV H[SUHVLRQHV WUD\HFWRULDV H LGHQWLGDGHV WUDQV FRPR 1:Z1'F1494" *93(9" ;6" 1:+1:4(F(1:+$" 3$F$" 41'13*$" *6F9:$P" 18" %'1;1:+1" 9'+c368$" %89:+19" 89" %'1)6:+9"931'39"418"86)9'"41"%'$31;$;"41"+'U:;(+$;"41")V:1'$"1:"89"1;31:9"%;(3$+1'9%V6+(39P" LQFOX\HQGR OD SUiFWLFD DUWHWHUDSpXWLFD (Q HO PDUFR GH XQD UHÀH[LyQ VREUH ODV SRVLELOLGDGHV GH FRQVWUXFFLyQ GH XQ HVSDFLR DUWHWHUDSpXWLFR DELHUWR D XQD GLYHUVLGDG GH H[SUHVLRQHV WUD\HFWRULDV H LGHQWLGDGHV GH JpQHUR VH SURSRQH XQ HMHUFLFLR DXWRUUHÀH[LYR VREUH OD LQÀXHQFLD 41"298$'1;P"(F9)(:9'($;"2(;6981;"&"%$;(3($:1;";67Q1+(29;"1:"89"%'U3+(39"%'$Z1;($:98>"
59897'9;"#8921 S1;%9+$8$)(T93(E:"+'9:;P"(41:+(4941;"41")V:1'$P"W'+1+1'9%(9
+(@'ABAC;1D@%/+)A*'A%*'$@%*+*"AEF"G
.-H
1234)3-,#+5+.6(3'("3)-3/$.'-#()(7+8-,+903#"-0. @8",,"41"$3+67'1"41",-..P")'6%$;"93+(2(;+9;"41";1+1:+9"3(64941;"41"4(Z1'1:+1;"3$:+(:1:+1;" '198(T9'$:"F9:(Z1;+93($:1;"&"$+'9;"933($:1;"9"Z92$'"41"89"41;%9+$8$)(T93(E:"+'9:;."41:+'$" 41"89"3$:2$39+$'(9"9:698"41"89"#9F%9A9"C:+1':93($:98"6*,)&!"#$%&4#*+,-,./0#*/,$&0Y5" ,-.,>,"e9"41F9:49;"%'(:3(%981;"41"0Y5",-.,";$:"89"'1+('949"41"89;"39+1)$'c9;"41"[4(;Z$'(9" 41")V:1'$\"M"[+'9;+$':$;"41"89"(41:+(494"41")V:1'$\"41"8$;"F9:6981;"4(9):E;+(3$;"S0=P" %678(394$" %$'" 89" 27("/5#$& 4%35+/#*"/5&2%%,5/#*/,$8& &" #C@P" 14(+949" %$'" 89" ^')9:(T93(E:" =6:4(98"41"89"09864Pf"9;c"3$F$"89"'1(2(:4(393(E:"41"8$;"41'13*$;";9:(+9'($;"41"89;"%1';$:9;" WUDQV HQ HO VHQWLGR GH XQD JDUDQWtD GH DFFHVR D XQD DWHQFLyQ VDQLWDULD WUDQV HVSHFt¿FD 41"398(494"&"%b78(39F1:+1"367(1'+9>"W;(F(;F$P";1"41F9:49"6:"39F7($"418"93+698"F$418$" 41"1298693(E:"%$'"6:"1:Z$d61"79;94$"1:"96+$:$Fc9"&"413(;(E:"(:Z$'F949>"W%9'+1"41"8$;" $7Q1+(2$;":$F7'94$;P"0Y5",-.,"'1(2(:4(39"18"31;1"41"89;"(:+1'21:3($:1;"d6('b')(39;":$" 38c:(39F1:+1":131;9'(9;"9"'13(V:":93(4X;PN QLx V \ DGROHVFHQWHV LQWHUVH[ (Q VXV HVFULWRV 673 SDUWH GH XQD FRQFHSWXDOL]DFLyQ GH ODV H[SUHVLRQHV WUD\HFWRULDV H LGHQWLGDGHV +'9:;"3$F$"6:"41'13*$"*6F9:$P";(+69:4$"18"[F981;+9'\":$"1:"89"%1';$:9"(:4(2(4698P";(:$" 1:"89;"'1933($:1;"41"89";$3(1494"+'9:;ZE7(39>"@:"1;+1";1:+(4$P"%9+$8$)(T93(E:"&"+'9:;Z$7(9" ;1"3$F%'1:41:"3$F$"4$;"F139:(;F$;";$3(981;"1;+'13*9F1:+1"(:+1''1893($:94$;> =(1:+'9;"&9"1:"4V3949;"9:+1'($'1;";1"%6141:"1:3$:+'9'P"41;41"18"UF7(+$"+1E'(3$"&" DFWLYLVWD UHÀH[LRQHV FUtWLFDV FRQ HO PRGHOR DFWXDO GH FDWHJRUL]DFLyQ GH ODV H[SUHVLRQHV +'9&13+$'(9;"1"(41:+(4941;"+'9:;"3$F$"[+'9;+$':$"F1:+98\"&"6:"361;+($:9F(1:+$"418"F$418$" GH DWHQFLyQ VDQLWDULD WUDQV HVSHFt¿FD ,&7/(3 6WRQH > @ 6WU\NHU :LOVRQ > @ IXH HQ ORV ~OWLPRV DxRV FXDQGR OD WHPiWLFD GH GHVSDWRORJL]DFLyQ 41"89;"(41:+(4941;"+'9:;"*9"8$)'94$"6:9"4(Z6;(E:"93+(2(;+9"1:"4(Z1'1:+1;"%9'+1;"418"F6:4$" &"%'1;1:3(9"1:"89;"9)1:49;"%$8c+(39;"41"$')9:(;F$;"(:+1':93($:981;>" $SDUWH GH ORV PDQL¿HVWRV \ FRPXQLFDGRV GH OD &DPSDxD ,QWHUQDFLRQDO 673 d61"361:+9"3$:"89"94*1;(E:"41"FU;"41"f--")'6%$;"93+(2(;+9;"41"4(Z1'1:+1;"3$:+(:1:+1;P"9" 8$"89')$"41"8$;"4$;"b8+(F$;"9A$;"29'(9;"'141;"93+(2(;+9;O"&"9;$3(93($:1;"%'$Z1;($:981;R"*9:" %678(394$"41389'93($:1;"9"Z92$'"41"6:9"41I%;(3$%9+$8$)(T93(E:"41"89;"(41:+(4941;"+'9:;> " e9" F$2(8(T93(E:" 93+(2(;+9" 1;+U" 93$F%9A949" %$'" 6:9" %'$4633(E:" 4(;36';(29" 41;41" %1';%13+(29;" +1E'(3$I93+(2(;+9;" ;$7'1" 8$;" %6:+$;" 38921" 418" 4179+1" '1893($:94$;" 3$:" 89" GHVSDWRORJL]DFLyQ WUDQV %DO]HU &DEUDO *RQ]iOH] 3ROOHGR 0LVVp 1DPDVWH 6SDGH > @ 6XHVV :LQWHUV " @:" 18" UF7(+$" %$8c+(3$P" 9" 8$" 89')$" 41" 8$;" b8+(F$;" 9A$;" ;1" *9:" %678(394$" 4(Z1'1:+1;" 41389'93($:1;"(:+1':93($:981;"d61"%9'+1:"41"6:"F9'3$"41"41'13*$;"*6F9:$;"1"(:386&1:" UHIHUHQFLDV H[SOtFLWDV D GHUHFKRV VDQLWDULRV WUDQV (Q HVWH VHQWLGR ORV 3ULQFLSLRV GH g$)&9]9'+9"?,--J/",fB"*931:"'1Z1'1:3(9"98"[41'13*$"98"4(;Z'6+1"418"FU;"98+$":(218"%$;(781" 41" ;9864\& &" 89" %'$+133(E:" 3$:+'9" 976;$;" FV4(3$;>" S$36F1:+$;" 1;+'9+V)(3$;" '13(1:+1;" SXEOLFDGRV HQ HO PDUFR GH OD 8QLyQ (XURSHD D¿UPDQ HO GHUHFKR D OD FREHUWXUD VDQLWDULD S~EOLFD GH OD DWHQFLyQ VDQLWDULD WUDQV HVSHFt¿FD &RXQFLO RI (XURSH \ OD DXVHQFLD 41" :131;(494" 41" 6:" 4(9):E;+(3$" 41" +'9;+$':$" F1:+98" %9'9" 18" 9331;$" 9" +'9+9F(1:+$;" KRUPRQDOHV \ TXLU~UJLFRV &RXQFLO RI (XURSH +DPPDUEHUJ $VLPLVPR '13$F(1:49:"6:9"'12(;(E:"41"89;"39+1)$'c9;"4(9):E;+(39;"93+6981;"'1893($:949;"3$:"8$;" WUiQVLWRV GH JpQHUR HQ OD &,( &RXQFLO RI (XURSH +DPPDUEHUJ
!"#$%&'(')*+%,*-./&0%.#/1/$02,&*,%/%0&"&"0%$34&*,%//5//29'@)"40')) @8"%'$31;$"41"6:9"3'13(1:+1"(:386;(E:"41"89"+1FU+(39"1:"89"9)1:49"%$8c+(39"93+698"*931" %89:+19'"89"%'1)6:+9"1:"d6V"F14(49";1"%6141"*9789'"41"6:"39F7($"41"%9'94()F9"1:"89" 3$:31%+698(T93(E:"41"8$;"+'U:;(+$;"41")V:1'$"1:"6:"F$F1:+$"1:"18"d61"89";(+693(E:"81)98" &";9:(+9'(9"41"89;"%1';$:9;"+'9:;"1:"4(Z1'1:+1;"%9'+1;"418"F6:4$";()61"39'93+1'(T949"%$'" XQD H[FOXVLyQ GH GHUHFKRV VDQLWDULRV \ OHJDOHV EiVLFRV 2¶)ODKHUW\ )LVKHU
:23;(0#$<#=-)+8-,+903/$3)-3#$6>#+,-3/$3/$.'-#()(7+8-,+903#"-0. e9"1F1')1:3(9"93+698"41"89"+1FU+(39"41"41;%9+$8$)(T93(E:"+'9:;"%6141"9:98(T9';1"41;41" HO FRQWH[WR GH GLIHUHQWHV GHEDWHV WHyULFRV \ OXFKDV DFWLYLVWDV " @:" 1;+1" ;1:+(4$P" 89" 41F9:49" 41" '1+('949" 41" 89;" 39+1)$'c9;" '1893($:949;" 3$:" H[SUHVLRQHV WUD\HFWRULDV H LGHQWLGDGHV WUDQV GH ORV PDQXDOHV GLDJQyVWLFRV VH SXHGH ;(+69'"1:"18"F9'3$"FU;"9F%8($"41"6:"361;+($:9F(1:+$"418"%'$31;$"93+698"41"'12(;(E:"418" '60 'HVGH XQD SHUVSHFWLYD LQWHUQD DO SURFHVR GH UHYLVLyQ )UDQFHV GLUHFWRU GHO )'6%$"41"+'979Q$"41"1897$'93(E:"418"S0=IChP"3'(+(39"89"(:386;(E:"41":6129;"39+1)$'c9;"&"89" 4(;F(:63(E:"41"8$;"6F7'981;"4(9):E;+(3$;"1:"18"7$''94$'"418"S0=IOPJ"942('+(1:4$"18"'(1;)$" 41"6:9"3'193(E:"41"Z98;$;"%$;(+(2$;"&"96F1:+$"41"6:9"%'U3+(39"41";$7'1F14(393(E:>" $XWRU V GH GLIHUHQWHV SHUVSHFWLYDV WHyULFDV FXHVWLRQDQ ORV SURFHVRV GH H[SDQVLyQ GH XQ VLVWHPD GH FODVL¿FDFLyQ RFFLGHQWDO D RWURV FRQWH[WRV VRFLRSROtWLFRV \ FXOWXUDOHV (Q 1;+1";1:+(4$P";1"41:6:3(9"18"%$+1:3(98"1Z13+$"(9+'$)V:(3$"41"6:"%'$31;$"41"[)8$798(T93(E:\" 418" ;(;+1F9" :$;$8E)(3$" $33(41:+98" ?i9++1';P" ,-.-BP" 9;c" 3$F$P" 1:" 18" UF7(+$" 41" 89;" LGHQWLGDGHV GH JpQHUR HO ULHVJR GH GHVSOD]DU H[SUHVLRQHV WUD\HFWRULDV H LGHQWLGDGHV GH JpQHUR FXOWXUDOPHQWH HVSHFt¿FDV %DO]HU $ PRGR GH XQD UHÀH[LyQ LQWHUQD DO UF7(+$"93+(2(;+9P"#97'98"?,-.-/";>%>B";1A989"89"(F%$'+9:3(9"41"(:+1''1893($:9'"89"41F9:49" %$'" 89"41;%9+$8$)(T93(E:" +'9:;" 3$:" 6:9" 863*9"FU;"9F%8(9"3$:+'9"89"1;+()F9+(T93(E:" 41" 89"1:Z1'F1494"F1:+98P"41;+939:4$"d61"[1;"*$'9"41"3$F%'$F1+1':$;";1'(9F1:+1"1:"89" 863*9"3$:+'9"89"1;+()F9+(T93(E:"41"1:Z1'F1494"F1:+98P"&":$";E8$"1:"89"863*9"%$'"8(7'9':$;" 41";6"F9'39\>" 5$'"$+'$"894$P"18"93+(2(;F$"%$'"89"41;%9+$8$)(T93(E:"+'9:;";1"1:361:+'9"1;+'13*9F1:+1" 2(:36894$"3$:"6:9"863*9"%$'"8$;"41'13*$;";9:(+9'($;>"W"4(Z1'1:3(9"41";6"3$:31%+698(T93(E:" FRPR GRV GHPDQGDV PXWXDPHQWH H[FOX\HQWHV OD &DPSDxD 673 SDUWH GHO GHUHFKR 9"89"41;%9+$8$)(T93(E:"&"418"41'13*$"9"6:9"9+1:3(E:";9:(+9'(9"%b78(39F1:+1"367(1'+9"&"41" 398(494"3$F$"4$;"41'13*$;"*6F9:$;"Z6:49F1:+981;"?0Y5",-.,P",-..B>" @:" 18" 4179+1" 93+698P" ;1" $7;1'29" 89" %'1;1:3(9" 41" 4(Z1'1:+1;" %$;(3($:1;" &" 8c:19;" 41" 9')6F1:+93(E:P" 1:+'1" 89;" d61" ;1" %6141:" :$F7'9'" 89" %'$%61;+9" 41" 6:9" '1Z$'F9" 41" ODV FDWHJRUtDV GLDJQyVWLFDV VX VXVWLWXFLyQ SRU XQD FODVL¿FDFLyQ FRPR HQIHUPHGDG :16'$8E)(39"$"1:4$3'(:$8E)(39P"89"'1(2(:4(393(E:"41"6:"1;+9+6;"41"F(:6;298c9P"6:"F$418$" GH SUHYHQFLyQ \ UHGXFFLyQ GH GDxRV XQD DUJXPHQWDFLyQ EDVDGD HQ OD GH¿QLFLyQ GH VDOXG GH OD 206 DVt FRPR XQ HQIRTXH GH 'HUHFKRV +XPDQRV 673 9DULDV UHGHV 93+(2(;+9;G"%'$%$:1:"89"(:386;(E:"41"6:9"F1:3(E:":$"%9+$8$)(T9:+1"41"89"9+1:3(E:";9:(+9'(9" WUDQV HVSHFt¿FD HQ OD &,( FRPR XQ SURFHVR GH VDOXG QR EDVDGR HQ XQD HQIHUPHGDG S1;41"18"93+(2(;F$"%$'"89"41;%9+$8$)(T93(E:"+'9:;P";1"41;+939"89"(F%$'+9:3(9"41"+1:1'" 1:" 361:+9" 89" 9F%8(9" 4(21';(494" 41" ;(+693($:1;" '1;%13+$" 9" 89" 9+1:3(E:" ;9:(+9'(9" +'9:;I HVSHFt¿FD H[LVWHQWHV HQ GLIHUHQWHV SDUWHV GHO PXQGR (Q HVWH VHQWLGR VH GHQXQFLD XQ FRQWLQXDGR HVWDWXV GH LOHJDOLGDG GH OD FLUXJtD GH PRGL¿FDFLyQ JHQLWDO HQ GLIHUHQWHV SDtVHV 9;c" 3$F$" 6:9" Z98+9" 41" 3$71'+6'9" %b78(39" 41" 8$;" +'9+9F(1:+$;" *$'F$:981;" &" d6('b')(3$;"
+(@'ABAC;1D@%/+)A*'A%*'$@%*+*"AEF"G
...
WUDQV HVSHFt¿FRV HQ PXFKDV UHJLRQHV GHO PXQGR 673 $QWH OD REVHUYDFLyQ 41" 6:9" 1;+'13*9" (:+1''1893(E:" 1:+'1" %9+$8$)(T93(E:P" Z98+9" 41" '13$:$3(F(1:+$" 81)98" &" H[FOXVLyQ VRFLDO VH VHxDOD OD LPSRUWDQFLD GH VLWXDU OD GHPDQGD GH GHVSDWRORJL]DFLyQ 1:"18"F9'3$"FU;"9F%8($"41"6:9"863*9"3$:+'9"89"3'(F(:98(T93(E:"&"1;+()F9+(T93(E:"41"89;" (41:+(4941;"+'9:;"?#97'98P",-.-B>" (Q DTXHOORV SDtVHV TXH GLVSRQHQ GH XQD DWHQFLyQ VDQLWDULD WUDQV HVSHFt¿FD %b78(39F1:+1" 367(1'+9P" ;1" %6141" $7;1'29'" 89" %'1;1:3(9" 41" 6:" %'$31;$" 41" 1298693(E:" %;(3$8E)(39"$"%;(d6(U+'(39"d61"*9";(4$"3'(+(394$"%$'";6"'$8"3$F$"79''1'9"1:"18"9331;$"9" WUDWDPLHQWRV KRUPRQDOHV \ TXLU~UJLFRV 1DPDVWH 0LVVp 673 (VWH PRGHOR GH DXWRUL]DFLyQ H[WHUQD HQ HO DFFHVR D OD DWHQFLyQ VDQLWDULD WUDQV HVSHFt¿FD 9"89"21T"'1(+1'9"6:9";(+693(E:"41"41;()698494";$3(98P"%$'"3$:;+(+6('"18"39F(:$"$78()9+$'($" 9:+1" +$4$" %9'9" 9d61889;" %1';$:9;" +'9:;" d61" 39'131:" 41" '136';$;" %9'9" 933141'" 9" WUDWDPLHQWRV GH PRGL¿FDFLyQ FRUSRUDO HQ HO iPELWR GH OD VDOXG SULYDGD 1DPDVWH e9"41F9:49"418"F$2(F(1:+$"%$'"89"41;%9+$8$)(T93(E:"+'9:;"41"6:"39F7($"418"F$418$" 93+698" 41" 1298693(E:" *93(9" 6:" 1:Z$d61" 79;94$" 1:" 89" 413(;(E:" (:Z$'F949" 9" ;6" 21T" ;1" %6141"2(:3689'"3$:"4(;36';$;"%'1;1:+1;"1:"18"UF7(+$"41"89"09864"5b78(39"'1893($:94$;" 3$:" 8$;" 41'13*$;" ;9:(+9'($;P" 89" %9'+(3(%93(E:P" 89" +$F9" 41" 413(;(E:" 3$F%9'+(49" &" 8$;" SURFHVRV GH &RQVHQWLPLHQWR ,QIRUPDGR &RXOWHU 0HQHX DVt FRPR FRQ HO 86)9'" 418" %'(:3(%($" 7($V+(3$" 41" 96+$:$Fc9" 1:" 89" %'U3+(39" 38c:(39" 93+698" ?0(FE:P" j64VTP" 9HQWXUD 6FKUDPP /DV UHÀH[LRQHV DFHUFD GH XQ FDPELR GHO PRGHOR GH DWHQFLyQ VDQLWDULD D SHUVRQDV +'9:;"(:386&1:"+9F7(V:"6:9"'12(;(E:"418"'$8"41"89"%;(3$+1'9%(9"1:"18"%'$31;$"?`9'9(T9798P" 5HG SRU OD 'HVSDWRORJL]DFLyQ GH ODV ,GHQWLGDGHV 7UDQV GHO (VWDGR (VSDxRO
?23@"-&$,#("+-.3#"-0.3$03)-3$.,$0-3'.+,(#$"-'A=#+,@:" 89" 9+1:3(E:" %;(3$+1'9%V6+(39" *93(9" %1';$:9;" +'9:;" ;1" %6141:" 1:3$:+'9'" 4(Z1'1:+1;" HQIRTXHV TXH OOHJDQ GHVGH OD FRQWLQXDGD H[LVWHQFLD GH ³WHUDSLDV UHSDUDWLYDV´ OD 3$:31%+698(T93(E:"41"8$;"+'U:;(+$;"1:"18")V:1'$"3$F$";():$"41"%;(3$;(;"1:"98)6:X;"96+$'X;" %;(3$9:98c+(3X;P"89"6+(8(T93(E:"418"1;%93($"%;(3$+1'9%V6+(3$"3$F$"%'$31;$"41"1298693(E:P" UHJXODGRU GHO DFFHVR D WUDWDPLHQWRV KRUPRQDOHV \ TXLU~UJLFRV KDVWD UHÀH[LRQHV DFHUFD GH XQD SUiFWLFD SVLFRWHUDSpXWLFD D¿UPDWLYD $ FRQWLQXDFLyQ VH HVER]DUiQ HVWRV GLIHUHQWHV 1:Z$d61;P" %9'9" 31:+'9'" 41;%6V;" 89" 9+1:3(E:" 1:" 89;" 39'93+1'c;+(39;P" $%$'+6:(4941;" &" 41;9Zc$;"41"6:9"%'U3+(39"9'+1+1'9%V6+(39"79;949"1:"6:"'13$:$3(F(1:+$"41"89;"(41:+(4941;" +'9:;> (Q HO iPELWR SVLTXLiWULFR \ SVLFRWHUDSpXWLFR VH REVHUYD XQD FRQWLQXDGD H[LVWHQFLD 41" (:;+(+63($:1;" &" %'$Z1;($:981;" d61" '198(T9:" [+1'9%(9;" '1%9'9+(29;\" $" [+1'9%(9;" 41" UHFRQYHUVLyQ´ GLULJLGDV D SHUVRQDV FRQ H[SUHVLRQHV WUD\HFWRULDV H LGHQWLGDGHV GH JpQHUR R VH[XDOLGDGHV GLYHUVDV UHDOL]DGDV FRQ HO REMHWLYR GH FDPELDU OD RULHQWDFLyQ VH[XDO R HO GHVHR GH WUiQVLWR HQ HO JpQHUR H" 06"39'U3+1'"3$1'3(+(2$"*9";(4$"41:6:3(94$" +9:+$"41;41"%1';%13+(29;"93+(2(;+9;P.-" GH 'HUHFKRV +XPDQRV .." 3$F$"(:+1':9;"98"39F%$" %'$Z1;($:98>.,"(Q ORV 3ULQFLSLRV GH <RJ\DNDUWD VH HVSHFL¿FD HO GHUHFKR GH XQD ³>S@URWHFFLyQ FRQWUD DEXVRV PpGLFRV´ LQFOX\HQGR HO FRPSURPLVR SRU SDUWH GH ORV HVWDGRV ³TXH QLQJ~Q WUDWDPLHQWR R FRQVHMHUtD GH tQGROH PpGLFD R SVLFROyJLFD FRQVLGHUH H[SOtFLWD R LPSOtFLWDPHQWH OD RULHQWDFLyQ VH[XDO \ OD LGHQWLGDG GH JpQHUR FRPR WUDVWRUQRV GH OD ;9864"d61"*9:"41";1'"+'9+94$;P"36'94$;"$";6%'(F(4$;>\
!"#$%&'(')*+%,*-./&0%.#/1/$02,&*,%/%0&"&"0%$34&*,%//5//29'@)"40')) 'HVGH HO SVLFRDQiOLVLV VH REVHUYDQ GLIHUHQWHV OHFWXUDV GH ODV H[SUHVLRQHV WUD\HFWRULDV H LGHQWLGDGHV WUDQV $OJXQ V DXWRU V SVLFRDQDOtWLF V DWULEX\HQ D OD WUDQVH[XDOLGDG UDVJRV SVLFyWLFRV HQ HO VHQWLGR GH XQD ´IRUFOXVLyQ´ GHO RUGHQ VLPEyOLFR 0HOHU 0LOORW 6KHSHUGVRQ > @ (Q ORV WH[WRV UHYLVDGRV VH SXHGHQ REVHUYDU GLIHUHQWHV 9;$3(93($:1;" 1:+'1" 18" 3$:31%+$" 41" [Z$'386;(E:\" &" 89;" +'9&13+$'(9;" 1" (41:+(4941;" +'9:;>" 5$'" 6:" 894$P" ;1" 3$:;(41'9" 18" 41;1$" 41" +'U:;(+$" 1:" 18" )V:1'$" F14(9:+1" 89" (:+1'21:3(E:" d6('b')(39" 3$F$" 6:9" Z$'386;(E:" 418" %'$31;$" 41" 3$:;+'633(E:" 41" 89" %'$%(9" ;67Q1+(2(494>" (Q HVWH SURFHVR OD DGRSFLyQ GH XQD LGHQWLGDG GH JpQHUR ELQDULD \ ¿MD GHVSXpV GHO WUiQVLWR VH LGHQWL¿FD FRPR XQD SRVLELOLGDG GH VDOLGD D OD DPHQD]D GH SVLFRVLV 0LOORW 6KHSHUGVRQ > @ $O PLVPR WLHPSR ODV DXWRUDV DWULEX\HQ HO ULHVJR GH 6:9" Z$'386;(E:" 418" $'41:" ;(F7E8(3$" 9" 9d61889;" %1';$:9;" +'9:;" d61" ;1" ;(+b9:" Z61'9" 418" 7(:9'($"*$F7'1IF6Q1'P"41;41"6:9"1298693(E:"41";6"7b;d6149"3$F$"6:9":1)93(E:"41"89" GLIHUHQFLD VH[XDO 0LOORW 6KHSHUGVRQ > @ 3RU HO RWUR ODGR HO FRQFHSWR GH Z$'386;(E:";1"'1893($:9"3$:"89"93+693(E:"41"89"F14(3(:9P"41;41"6:9"3$:;(41'93(E:"41";6" DSXHVWD SRU ODV SRVLELOLGDGHV GH PRGL¿FDFLyQ FRUSRUDO FRPR XQD DFWLWXG GH RPQLSRWHQFLD 0LOORW 6KHSHUGVRQ > @ $VLPLVPR VH SXHGH HQFRQWUDU XQD DWULEXFLyQ GH 89"+'9&13+$'(9"41"+'U:;(+$"1:"18")V:1'$"9"6:9"'1933(E:"%;(3E+(39"41"89"%1';$:9"36(494$'9" 9:+1"6:9";(+693(E:"41"4618$P"3$F$"89"F61'+1"41"$+'X":(AX"1:"89"Z9F(8(9"?=181'P",--NB> W" 89" 21TP" 41;41" 4(Z1'1:+1;" %1';%13+(29;" +1E'(39;P" (:386&1:4$" %$;+6'9;" (:+1':9;" 9" 89" +1$'c9"%;(3$9:98c+(39P";1"361;+($:9"89"+1$'c9"41"6:9"9+'(763(E:"%;(3E+(39"9"89;"+'9&13+$'(9;" H LGHQWLGDGHV GH JpQHUR WUDQV (Q HVWH VHQWLGR %DOGL] XQR GH O V ¿UPDQWHV GHO ³0DQL¿HVWR GH ORV ´ GRFXPHQWR FRQ HO TXH SURIHVLRQDOHV GH OD SVLTXLDWUtD \ GH OD 09864" =1:+98" %'$3141:+1;" 418" UF7(+$" 39+98U:" '1(2(:4(39'$:" 89" 41;%9+$8$)(T93(E:" 41" 89" KRPRVH[XDOLGDG HQ ORV DxRV FXHVWLRQD OD DVRFLDFLyQ DXWRPiWLFD HQWUH WUiQVLWRV HQ HO )V:1'$"&"%;(3$;(;>"@8"96+$'";1";(+b9"9"Z92$'"41"89"41I%;(d6(9+'(T93(E:"+'9:;P"97$)9:4$"%$'" 6:9"%$;(3(E:"41"9%1'+6'9"%$'"%9'+1"418"%;(3$9:U8(;(;P"1:"18";1:+(4$"41"6:"[41Q9';1"(:+1''$)9'\" SRU ODV ³QXHYDV PDQLIHVWDFLRQHV GHO µJpQHUR GHVRUGHQDGR¶´ %DOGL] 6iH] UHÀH[LRQD VREUH HO JUDGR GH UHFXSHUDELOLGDG GHO SVLFRDQiOLVLV /DFDQLDQR GHVGH %1';%13+(29;"d611'P"41:6:3(9:4$"89"%'1;1:3(9"41"%$;+6'9;"&"%'U3+(39;"*$F$ZE7(39;"1:"89" +1$'c9"&"%'U3+(39"%;(3$9:98c+(39>"S1;41"6:9"'1813+6'9"3'c+(39"41"1:Z$d61;"%;(3$9:98c+(3$;P" %XWOHU > @ FXHVWLRQD ORV SURFHVRV GH QDWXUDOL]DFLyQ GH OD QRFLyQ GH VH[R &")V:1'$P.f"(:2(+9:4$"98"%;(3$9:U8(;(;"9"'1%1:;9'"[;6;"%'$%(9;":$3($:1;"41"368+6'9\"?k6+81'P" > @ \ D DSRVWDU SRU XQD pWLFD GHO ³EXHQ WUDWDPLHQWR´ %XWOHU HQ OD 9+1:3(E:";9:(+9'(9"9"%1';$:9;"+'9:;>"@:"1;+1";1:+(4$P"%'$%$:1"6:9"%'U3+(39"%'$Z1;($:98" d61";19"39%9T"41"'1;%$:41'"9"89"41F9:49"41"9+1:3(E:"FV4(39"3$:"6:9"+'9:;Z$'F93(E:" 41"89"1;31:9"38c:(39P"79Q$"%'(:3(%($;"41"6:"'13$:$3(F(1:+$":$"%9+$8$)(T9:+1"41"(41:+(4941;" 41")V:1'$"4(21';9;"?k6+81'",-.-B>"#97'98"?,-../";>%>B"41:6:3(9"89"[2($81:3(9"%;(\"(:*1'1:+1" 9"6:9"%'U3+(39"&"+1$'(T93(E:"%;(3$9:98c+(39"d61"%9+$8$)(T9"9"89;"(41:+(4941;"+'9:;"41;41"18" 86)9'"41"6:";6%61;+$"[%$41'"%86'98\P&LGHQWL¿FDQGR HO FHVH GH OD SDWRORJL]DFLyQ WUDQV FRPR 6:"[(F%1'9+(2$"V+(3$I%$8c+(3$\> W%9'+1" 41" 8$;" 1:Z$d61;" F1:3($:94$;P" ;1" %6141" '12(;9'" 18" 86)9'" 41" 89" %;(3$+1'9%(9" GHQWUR GHO SURWRFROR FOtQLFR DFWXDO GH DWHQFLyQ VDQLWDULD WUDQV HVSHFt¿FD HVWDEOHFLGR 1:"8$;"9%*:$1#"(%&1(&;</1#1, SXEOLFDGRV SRU :3$7+ =,"-1&4",>(%%/,$#-&2%%,5/#*/,$& >,"& !"#$%.($1("& ?(#-*+@AB" S1;41" %$;+6'9;" 93+(2(;+9;" &" %'$Z1;($:981;P" ;1" *9:" 3'(+(394$" 8$;" @;+U:49'1;" 41" #6(494$P" +9:+$" %$'" 18" 39'U3+1'" %'14$F(:9:+1F1:+1" $33(41:+98" &" 1;+94$6:(41:;1"41";6"%'$31;$"41"1897$'93(E:"&"'12(;(E:"?=9++1P"S12$'P"h894(3]9",--HBP" 3$F$"%$'"18"'$8"1298694$'"41"8X;"%'$Z1;($:981;"41"5;(3$8$)c9"$"5;(d6(9+'c9"1:"18"%'$31;$" GH DFFHVR D ORV WUDWDPLHQWRV KRUPRQDOHV \ TXLU~UJLFRV )HUQiQGH] *DUDL]DEDO 0LVVp 5HG SRU OD 'HVSDWRORJL]DFLyQ GH ODV ,GHQWLGDGHV 7UDQV GHO (VWDGR @;%9A$8" ,-.-B>.O" h9'(X;" 96+$'X;" ;1A989:" 89" (F%$;(7(8(494" 41" 6:" 1;+97813(F(1:+$" 41" 6:9"
+(@'ABAC;1D@%/+)A*'A%*'$@%*+*"AEF"G
..f
UHODFLyQ SVLFRWHUDSpXWLFD GH FRQ¿DQ]D HQ XQ HVFHQDULR GH HYDOXDFLyQ H[WHUQD HQ OD TXH ;1"%'$4631"6:9"3$:Z6;(E:"41"'$81;"1:+'1"Z6:3($:1;"41"96+$'(T93(E:"&"41"9;1;$'9F(1:+$"M" SVLFRWHUDSLD *DUDL]DEDO *RQ]iOH] 3ROOHGR 0LVVp 1DPDVWH $VLPLVPR VH FXHVWLRQD OD H[LJHQFLD GH OD ³H[SHULHQFLD GH OD YLGD UHDO´.R"1:"18"9331;$"9"8$;" WUDWDPLHQWRV KRUPRQDOHV \ TXLU~UJLFRV WUDQV HVSHFt¿FRV GHVGH XQD FUtWLFD GH VX FDUiFWHU REOLJDWRULR OD GL¿FXOWDG GH VX SXHVWD HQ SUiFWLFD \ HO FDUiFWHU ELQDULR GH ORV FULWHULRV 6+(8(T94$;"?`$:TU81TI5$8814$P",--fB>"`9'9(T9798"?,-.-B"3'(+(39"8$;"1;+1'1$+(%$;"41")V:1'$" d61")6c9:"18"%'$31;$"41"1298693(E:P"9;c"3$F$"89";6%$;(3(E:"418"39'U3+1'"8(:19'P"*$F$)V:1$" &" 1;+9781" 418" %'$31;$" 41" +'U:;(+$" 1:" 18" )V:1'$" d61" :$" ;1" 3$''1;%$:41" 9" 89" 4(21';(494" GH WUD\HFWRULDV WUDQV SUHVHQWHV HQ OD SUiFWLFD FOtQLFD )HUQiQGH] VH SUHJXQWD HQ d6V" F14(49" 1:" 89" 1;31:9" 41" 1298693(E:" 93+698" 8X;" %'$Z1;($:981;" :$" ;E8$" 1298b9:P" 41" Z$'F9" %9+$8$)(T9:+1P" 89" (41:+(494" 41" )V:1'$" 41" 89" %1';$:9" +'9:;P" ;(:$" +9F7(V:" ;(1:+1:" (:+1'%18949"M"361;+($:949"M"9F1:9T949";6"%'$%(9"(41:+(494"41")V:1'$>"@:"3$:;1361:3(9P" %'$%$:1" 3$F$" Z6:49F1:+$;" 41" 6:9" %'U3+(39" %;(3$+1'9%V6+(39" :$" %9+$8$)(T9:+1" 3$:" %1';$:9;"+'9:;"89"'12(;(E:"41"8$;"%'$%($;"%'1;6%61;+$;"+1E'(3$;"&"298$'1;"%1';$:981;P"9;c" 3$F$"6:9"93+(+64"41"93$F%9A9F(1:+$"1:"8$;"%'$31;$;"41";67Q1+(2(T93(E:>" e9;" %$;+6'9;" 93+(2(;+9;" :$" ;1" 8(F(+9:" 9" 6:9" 3'c+(39" 418" F$418$" 93+698P" ;(:$" (:386&1:" UHÀH[LRQHV \ SURSXHVWDV DFHUFD GH PRGHORV QXHYRV GH DWHQFLyQ VDQLWDULD D SHUVRQDV WUDQV DSRUWDGDV GHVGH GLIHUHQWHV FRQWH[WRV FXOWXUDOHV %XUQV *HQGHU'\QDPL[ a14"%$'"89"S1;%9+$8$)(T93(E:"41"89;"C41:+(4941;"Y'9:;"418"@;+94$"@;%9A$8P",-.-B>"e9;" 4(Z1'1:+1;"%'$%61;+9;"*931:"*(:39%(V"1:"89"(F%$'+9:3(9"41"8$;"%'(:3(%($;"41"96+$:$Fc9P" (:Z$'F93(E:"&"%9'+(3(%93(E:"1:"8$;"%'$31;$;"41"413(;(E:"?k6':;P",--OBP"89"2(:36893(E:"3$:" '141;"3$F6:(+9'(9;"&"18"39'U3+1'"2$86:+9'($"418"93$F%9A9F(1:+$"%;(3$+1'9%V6+(3$"?a14" %$'"89"S1;%9+$8$)(T93(E:"41"89;"C41:+(4941;"Y'9:;"418"@;+94$"@;%9A$8P",-.-BP"9;c"3$F$" 89" (:386;(E:" 41" 89" %1';%13+(29" 41" 368+6'9;" (:4c)1:9;" '1;%13+$" 9" F$418$;" 41" 36(494$" &" FRQFHSWRV GH JpQHUR *HQGHU'\QDPL[ 59'+(1:4$"41"89"$7;1'293(E:"41"d61"[89"F14(398(T93(E:"41":61;+'9;"2(49;P"V;9"3$:+'9" 89"3698"863*9F$;P"%9'131"*97V';1:$;"*13*$"39':1\P&&DEUDO V S DEUH XQD UHÀH[LyQ DFHUFD GH OD GL¿FXOWDG ±\ D OD YH] QHFHVLGDG GH FRQVWUXLU ³RWUR PRGR GH H[LVWLU \ GH :$F7'9':$;\&Z61'9"41"6:"2$397689'($"41"89"%9+$8$)c9>"=(;;V"?,-.-/",JOB"41;+939"18"41;1$" (:*1'1:+1"9"89"863*9"%$'"89"41;%9+$8$)(T93(E:"41"[41Q9'"9+'U;"89;"3(39+'(31;P"89;"1+1':9;" ;989;"41"1;%1'9\"&"41"[*9789'"41"$+'$;"86)9'1;"&"9%'1:41'"$+'9;"Z$'F9;"41"811'"18"361'%$\>"
B23 C6-7+0-"+(.D3 $<'$"+$0,+-.3 $3 +/$0#+/-/$.3 #"-0.3 $03 )-3 '">,#+,-3 -"#$#$"-'A=#+,(Q HO iPELWR GHO $UWHWHUDSLD VH SXHGH FRQVWDWDU XQD FUHFLHQWH UHÀH[LyQ VREUH H[SUHVLRQHV WUD\HFWRULDV H LGHQWLGDGHV GH JpQHUR \ VH[XDOLGDGHV GLYHUVDV <:9" '12(;(E:" 41" 8$;" 3E4()$;" V+(3$;" 41"W;$3(93($:1;" 5'$Z1;($:981;" 41"W'+1+1'9%(9.J" F61;+'9" 4(Z1'1:+1;" )'94$;" 41" (:386;(E:" 41" 89" 4(F1:;(E:" 41" [(41:+(494" 41" )V:1'$\" \ ³RULHQWDFLyQ VH[XDO´ .G" @:" 89" F9&$'c9" 41" 8$;" 3E4()$;" V+(3$;" '12(;94$;" ;1" (:386&1" 6:" DSDUWDGR TXH KDFH UHIHUHQFLD DO SULQFLSLR GH UHVSHWR \ QR GLVFULPLQDFLyQ $$7$ $&$7 $),$ $7H %$$7 &$7$ V D 'RV GH ORV FyGLJRV pWLFRV UHYLVDGRV QRPEUDQ GH IRUPD H[SOtFLWD OD µLGHQWLGDG GH JpQHUR¶ FRPR UD]yQ GH GLVFULPLQDFLyQ $&$7 $7H PLHQWUDV RWURV LQFOX\HQ HO WpUPLQR GH ³JHQHUR´ X ³RULHQWDFLyQ VH[XDO´ DSDUWH GH GLPHQVLRQHV FRPR OD HWQLD OD SURFHGHQFLD FXOWXUDO R HO HVWDWXV VRFLRHFRQyPLFR $$7$ $),$ %$$7 &$7$ V D
!"#$%&'(')*+%,*-./&0%.#/1/$02,&*,%/%0&"&"0%$34&*,%//5//29'@)"40')) W8)6:$;"41"8$;"3E4()$;"V+(3$;"'12(;94$;"%9'+1:"41"6:9"3$:31%+698(T93(E:"9F%8(9"41" 8$;"+V'F(:$;"[F68+(368+6'98(494\"&"[4(21';(494";$3(98\P"(:386&1:4$"4(Z1'1:+1;"4(F1:;($:1;P" HQWUH HOODV OD LGHQWLGDG GH JpQHUR \ RULHQWDFLyQ VH[XDO (Q FRQFUHWR KDFHQ UHIHUHQFLD 9" 89" (F%$'+9:3(9" 41" d61" 8X;" %'$Z1;($:981;" ;19:" 3$:;3(1:+1;" 41" 8$;" %'$%($;" 298$'1;" &" %'1;6%61;+$;P"'1;%1+1:"18";(;+1F9"41"298$'1;"41"89"%1';$:9"d61"93641"9"89"3$:;68+9"&" EXVTXHQ LQIRUPDFLyQ VREUH ODV FDUDFWHUtVWLFDV HVSHFt¿FDV GH OD GLPHQVLyQ GH GLYHUVLGDG %'1;1:+1"1:"18")'6%$"3$:"18"d61"+'979Q9:"?WWYWP",-..P"W#WYP",--JP"WY1P",--RB>"h9'($;"41" ORV FyGLJRV QRPEUDQ HVWRV PLVPRV SULQFLSLRV HQ UHODFLyQ D SHUVRQDV FRQ H[SHULHQFLDV PLJUDWRULDV VLQ PHQFLRQDU RWUDV GLPHQVLRQHV GH GLYHUVLGDG $),$ %$$7 (Q HO WUDEDMR DUWHWHUDSpXWLFR FRQ SHUVRQDV SURFHGHQWHV GH GLIHUHQWHV FRQWH[WRV FXOWXUDOHV VH H[SOLFLWD OD LPSRUWDQFLD GH XQ FRQRFLPLHQWR GH ORV LPDJLQDULRV YLVXDOHV FXOWXUDOPHQWH HVSHFt¿FRV %$$7 DVt FRPR OD VXSHUYLVLyQ FRQ SURIHVLRQDOHV ³FXOWXUDOPHQWH VHQVLEOHV´ $$7$ $&$7 $WH VLQ QRPEUDU H[SOtFLWDPHQWH OD 9%8(397(8(494"41"1;+$;"%'(:3(%($;"9"89"4(F1:;(E:"41"89"(41:+(494"41")V:1'$"6"$'(1:+93(E:" VH[XDO W%9'+1" 41" ;6" F1:3(E:" 1:" 8$;" 3E4()$;" V+(3$;" 41" W;$3(93($:1;" 5'$Z1;($:981;" 41" $UWHWHUDSLD VH HQFXHQWUDQ GLIHUHQWHV UHÀH[LRQHV VREUH OD LQFOXVLyQ GH OD WHPiWLFD GH LGHQWLGDGHV GH JpQHUR \ VH[XDOLGDGHV GLYHUVDV HQ OD SUiFWLFD DUWHWHUDSpXWLFD HQ SXEOLFDFLRQHV UHFLHQWHV SURFHGHQWHV GHO iPELWR SURIHVLRQDO $GGLVRQ %LFKRYVN\ )UDVHU :DOGPDQ +RFR\ +RJDQ -RQHV 3HOWRQ 6ZHHW 0*1''&P",--GB> 9DUL V DXWRU V FRQVWDWDQ XQ VHVJR KHWHURVH[XDO \ XQD ³FHJXHUD´ UHVSHFWR DO )V:1'$" 1:" 6:9" %'U3+(39" 9'+1+1'9%V6+(39" d61" ;()61" %9'+(1:4$" 41" 6:9" %'1;6%$;(3(E:" 41" KHWHURVH[XDOLGDG \ DGKHUHQFLD DO JpQHUR DVLJQDGR DO QDFHU )UDVHU :DOGPDQ +RJDQ )UDVHU \ :DOGPDQ REVHUYDQ XQD IDOWD GH UHÀH[LyQ DFHUFD GH OD RULHQWDFLyQ VH[XDO H LGHQWLGDG GH JpQHUR GH O V DUWHWHUDSHXWDV DVt FRPR OD SHUVLVWHQFLD GH XQ VHVJR KRPRIyELFR \ WUDQVIyELFR HQ OD WHRUtD SVLFRDQDOtWLFD TXH GL¿FXOWD OD DSHUWXUD *93(9"+1FU+(39;"e`Yk.H"1:"89"Z$'F93(E:"9'+1+1'9%1b+(39"&"18"5,7/$.&,<*"41"986F:X;"3$:" VH[XDOLGDGHV H LGHQWLGDGHV GH JpQHUR GLYHUVDV 3DUDOHODPHQWH D OD LGHQWL¿FDFLyQ GH OD WHPiWLFD FRPR DVSHFWR HPHUJHQWH HQ OD UHÀH[LyQ WHyULFD \ OD REVHUYDFLyQ GH XQD HVFDVH] GH WUDEDMRV HVSHFt¿FRV O V DXWRU V UHYLVDG V DSRUWDQ UHÀH[LRQHV VREUH ODV SRWHQFLDOLGDGHV \ GHVDItRV GH OD SUiFWLFD DUWHWHUDSpXWLFD SDUD OD HODERUDFLyQ GH UHÀH[LRQHV VREUH H[SUHVLRQHV WUD\HFWRULDV H LGHQWLGDGHV GH JpQHUR \ VH[XDOLGDGHV DVt FRPR OD GHVFULSFLyQ GH H[SHULHQFLDV SUiFWLFDV W" F$4$" )1:1'98P" %641" 3$:;+9+9'" 6:9" F1:$'" +1F9+(T93(E:" 41" 89;" +'9&13+$'(9;" 1" LGHQWLGDGHV GH JpQHUR HQ ORV WH[WRV UHYLVDGRV IUHQWH D XQD PD\RU PHQFLyQ GH OD GLPHQVLyQ GH ³RULHQWDFLyQ VH[XDO´ WDQWR UHVSHFWR D O V SDUWLFLSDQWHV GH XQ SURFHVR 9'+1+1'9%V6+(3$P"3$F$"1:"'1Z1'1:3(9"9"89;"%$;(3($:1;";67Q1+(29;"41"8X;"9'+1+1'9%16+9;> 3DUWLHQGR GHO HMHPSOR GH OD KRPRIRELD +RFR\ LOXVWUD OD SUHVHQFLD GH YDORUHV 368+6'981;" 1:" 89" %'U3+(39" %;(3$+1'9%V6+(39P" &" FU;" 3$:3'1+9F1:+1P" 1:" 18" W'+1+1'9%(9P" :$F7'9:4$" 3$F$" 6:" 1Q1F%8$" 41" 6:" %'$31;$" 41" *$F$Z$7(9" (:;+(+63($:98(T949" 89" FODVL¿FDFLyQ GH OD ³KRPRVH[XDOLGDG´ FRPR WUDVWRUQR PHQWDO \ HO FDUiFWHU KLVWyULFDPHQWH '13(1:+1"41"89"'1+('949"3$F%81+9"41"89"39+1)$'c9"418"S0=>"@8"96+$'";1A989"89"(F%$'+9:3(9" 41" d61" 8X;" +1'9%16+9;" +$F1:" 3$:3(1:3(9" 41" ;6;" [;$F7'9;\P" 1:" 18" ;1:+(4$" 41" 298$'1;" &" %'13$:31%+$;" ;$3(981;>" S1;41" 6:9" (:3$'%$'93(E:" 41" 1:Z$d61;" %$;+1;+'63+6'98(;+9;" &" d611'P";1"%'$%$:1"6:9"%'U3+(39"9'+1+1'9%V6+(39"79;949"1:"89"3$:31%+698(T93(E:"+9:+$"418" VH[R JpQHUR FRPR FXOWXUDOPHQWH FRQVWUXLGR \ HQ HO UHFRQRFLPLHQWR GH XQD GLYHUVLGDG
+(@'ABAC;1D@%/+)A*'A%*'$@%*+*"AEF"G
..O
GH LGHQWLGDGHV GH JpQHUR \ VH[XDOLGDGHV HQ OD SUiFWLFD FOtQLFD DFWXDO )UDVHU \ :DOGPDQ +RJDQ " 6HJ~Q GLIHUHQWHV DXWRU V OD SRVLELOLGDG GH XQD H[SORUDFLyQ GH OD SURSLD VXEMHWLYLGDG PHGLDQWH HO SURFHVR FUHDWLYR +RJDQ HO URO GHO DUWH FRPR HVSHMR GH OD VRFLHGDG )UDVHU :DOGPDQ \ VX SRWHQFLDO SDUD OD DPELJ HGDG -RQHV FRQYLHUWH HO $UWHWHUDSLD HQ XQD KHUUDPLHQWD SUHGLOHFWD SDUD UHÀH[LRQDU VREUH OD LGHQWLGDG GH JpQHUR +RJDQ \ FXHVWLRQDU OD KHWHURQRUPDWLYLGDG -RQHV #$F$" 6:" 181F1:+$" (F%$'+9:+1" 1:" 6:" +'979Q$" 9'+1+1'9%V6+(3$" 3$:" %1';$:9;" e`Yk" QR VyOR VH LGHQWL¿FD OD DSHUWXUD \ HVFXFKD KDFLD OD WHPiWLFD GH LGHQWLGDGHV GH JpQHUR \ VH[XDOLGDGHV GLYHUVDV HQ ODV QDUUDWLYDV GH ODV SHUVRQDV TXH DFXGHQ D OD FRQVXOWD ;(:$" +9F7(V:" 89" 39%93(494" 41" 6:" '13$:$3(F(1:+$" 41" ;cF7$8$;" 1" (F9)(:9'($;" 2(;6981;" %'$%($;"41"89"368+6'9"e`Yk"1:"8$;"+'979Q$;"%8U;+(3$;"?W44(;$:P",--fB>"e9"96+$'9"41;3'(71" 4(Z1'1:+1;" 1;+'9+1)(9;" %9'9" +'9:;F(+('" 6:9" 9+FE;Z1'9" 41" 9%1'+6'9" 1:" 89" 3$:;68+9P" 1:+'1" 1889;"89"%'1;1:3(9"41"'12(;+9;"&"8(7'$;"'1893($:94$;"3$:"89"+1FU+(39"1:"89";989"41"1;%1'9"$" OD LQFOXVLyQ GH LPiJHQHV SURYHQLHQWHV GH OD FXOWXUD /*7% HQ HO PDWHULDO DUWtVWLFR +RJDQ ?,--fB"*931"'1Z1'1:3(9"9"89"3$:+'(763(E:"41"89;"%'$4633($:1;"41"9'+(;+9;"+'9:;"d61"+'979Q9:" ;$7'1"(F9)(:9'($;"3$'%$'981;"1"(41:+(+9'($;"4(21';$;"1:"18"%'$31;$"41"361;+($:9F(1:+$"418" F$418$"7(:9'($"41")V:1'$;"&"89")1:1'93(E:"41"(F9)(:9'($;"2(;6981;":$"%9+$8$)(T9:+1;> /DV UHÀH[LRQHV DFHUFD GHO XVR FRQVFLHQWH GHO OHQJXDMH FRQVWLWX\HQ RWUR DVSHFWR 9" F1:3($:9'>" @:" '1Z1'1:3(9" 9" 1;%93($;" %;(3$+1'9%V6+(3$;" 3$:" %1';$:9;" +'9:;P" 09:)1'" ?,--GB" ;1A989" 89" (F%$'+9:3(9" 41" 6:" '1;%1+$" 9" 89" 96+$41:$F(:93(E:" 41" 89" %1';$:9" d61" 93641"9"89"3$:;68+9>"@:"18"UF7(+$"418"W'+1+1'9%(9P"W44(;$:"?,--fB"*931"'1Z1'1:3(9"9"89" :131;(494"41"6:"3$:$3(F(1:+$"41"+V'F(:$;"%'$%($;"41"89"368+6'9"e`Yk>"@:"89"813+6'9"41" ORV WH[WRV UHYLVDGRV SXGH FRQVWDWDU D PRGR JHQHUDO OD HOHFFLyQ GH XQD WHUPLQRORJtD '1;%1+6$;9P"9%9'+1"41"98)6:$;"1Q1F%8$;"41"6:"6;$"+1'F(:$8E)(3$"d61"%1'%1+b9"89"+'94(3(E:" ELRPpGLFD GH XQD KHWHURGHQRPLQDFLyQ GH OD SHUVRQD VHJ~Q HO VH[R DVLJQDGR DO QDFHU %'1;1:+1"+9F7(V:"1:"18"81:)69Q1"418"S0="&"41"89"#C@P"9;c"3$F$"89"(:386;(E:"418"3$:31%+$" 41"[+'9:;)V:1'$\"79Q$"18"+V'F(:$"41"[)9&"&"81;7(9:9;\P"3$:+'(76&1:4$"41"1;+9"Z$'F9"9";6" (:2(;(7(8(T93(E:> $SDUWH GH ODV UHÀH[LRQHV DFHUFD GH OD WHPDWL]DFLyQ GH VH[XDOLGDGHV H LGHQWLGDGHV GH )V:1'$"4(21';9;"1:"89";1;(E:"41"W'+1+1'9%(9"&";6"86)9'"1:"89"3$:;+'633(E:";67Q1+(29"41"89;" SHUVRQDV TXH DFXGHQ D OD FRQVXOWD DOJXQ V DXWRU V UHDOL]DQ XQ HMHUFLFLR DXWRUUHÀH[LYR VREUH VX SURSLD SRVLFLyQ VXEMHWLYD \ OD LQÀXHQFLD GH OD PLVPD HQ HO WUDEDMR SURIHVLRQDO 41;+939:4$"89"(F%$'+9:3(9"41"6:9"'12(;(E:"41"89"%'$%(9"(41:+(494"41")V:1'$"6"$'(1:+93(E:" VH[XDO $GGLVRQ %LFKRYVN\ )UDVHU :DOGPDQ -RQHV (Q HVWRV '189+$;P"%'(F9:"89;"'1Z1'1:3(9;"9"(41:+(4941;")9&M8V;7(39;P";(1:4$"F1:$;"41;9''$88949"89" GLPHQVLyQ GH H[SUHVLRQHV H LGHQWLGDGHV GH JpQHUR &RPR XQ HMHPSOR GH WHPDWL]DFLyQ GH OD SURSLD LGHQWLGDG GH JpQHUR VH SXHGH QRPEUDU XQ WH[WR GH %LFKRYVN\ TXH GHVGH XQD H[SHULHQFLD GH GLYHUJHQFLD FRUSRUDO UHVSHFWR D QRUPDV GH JpQHUR VRFLDOPHQWH 1;+97813(49;P"41;3'(71"89"$7;1'293(E:"41"9;%13+$;":$'F9+(2(T9:+1;"&"%9+$8$)(T9:+1;"1:" 6:"1:+$':$"%;(d6(U+'(3$"46'9:+1"6:"%'$31;$"41"%'U3+(39;"1:"6:9"<:(494"41"09864"=1:+98" 3$F$"6:9"2(21:3(9"d61"F$+(2E";6"413(;(E:"41"41Q9'"89"Z$'F93(E:"9'+1+1'9%V6+(39>" $SDUWH GH ODV UHÀH[LRQHV QRPEUDGDV HQ ORV DUWtFXORV UHYLVDGRV VH UHWUDWDQ H[SHULHQFLDV SUiFWLFDV GH XQD SUiFWLFD DUWHWHUDSpXWLFD FRQ SHUVRQDV /*7% )UDVHU \ i984F9:"?,--fB":$F7'9"89"3'193(E:"41"89"'14"41"%'$Z1;($:981;"C(%D/#$8&E#38&F/%(G<#-& #$1&!"#$%.($1("&2"*&!+("#)/%*&H(*I,"J&HQ HO FRQWH[WR EULWiQLFR HQ SRVWHULRUPHQWH 3$:21'+(49" 1:" 6:" )'6%$" 41" +'979Q$" 41" 89" F"/*/%+&2%%,5/#*/,$& ,>&2"*& !+("#)/%*%@"W44(;$:"
!"#$%&'(')*+%,*-./&0%.#/1/$02,&*,%/%0&"&"0%$34&*,%//5//29'@)"40')) VHxDOD OD HPHUJHQFLD GH WHPiWLFDV UHODFLRQDGDV FRQ VH[XDOLGDGHV H LGHQWLGDGHV 41")V:1'$"4(21';9;"9"+'92V;"41"89"%'1;1:3(9"41";cF7$8$;"e`Yk"1:"8$;"+'979Q$;"%8U;+(3$;" \ HO XVR GH WpUPLQRV HVSHFt¿FRV HQ HO GLiORJR YHUEDO (QWUH ODV WHPiWLFDV TXH VXUJtDQ HQ 89;";1;($:1;"41"W'+1+1'9%(9"3$:"%1';$:9;"e`YkP"518+$:I0L11+"&"0*1''&"?,--GB":$F7'9:" OD KRPRIRELD LQWHUQDOL]DGD LGHQWLGDGHV \ FXOWXUD /*7% VH[XDOLGDGHV LGHQWLGDGHV GH JpQHUR HVWHUHRWLSRV VRFLDOHV \ H[SHULHQFLDV GH DEXVR DVt FRPR SURFHVRV GH 5,7/$.& ,<* $GGLVRQ GHVWDFD OD KRPRIRELD WDQWR H[WHULRU FRPR LQWHUQDOL]DGD FRPR WHPD HPHUJHQWH (Q HVWDV GHVFULSFLRQHV GH ORV SULQFLSDOHV WHPDV LGHQWL¿FDGRV HQ H[SHULHQFLDV 9'+1+1'9%V6+(39;" 3$:" %1';$:9;" e`YkP" F1" 889FE" 89" 9+1:3(E:" 89" F9&$'" %'1;1:3(9" 41" YLYHQFLDV GH HVWLJPD \ PDOHVWDU IUHQWH D XQD PHQRU WHPDWL]DFLyQ GH XQD H[SUHVLyQ GH RUJXOOR ULTXH]D SHUVRQDO R DXWRD¿UPDFLyQ WF%8(9:4$" 89" F('949" *93(9" Z$'F9+$;" 93+(2(;+9;" d61" 6+(8(T9:" FV+$4$;" 3'19+(2$;" %9'9" (F%68;9'P"1:"%(**/$.% QR WHUDSpXWLFRV XQD UHÀH[LyQ FROHFWLYD VREUH GLYHUVLGDG FRUSRUDO VH[XDO \ GH JpQHUR VH SXHGHQ QRPEUDU SUR\HFWRV ³DUWLYLVWDV´ UHDOL]DGDV GHVGH XQD 3$897$'93(E:"1:+'1"9'+(;+9;"&")'6%$;"93+(2(;+9;>,-" 8Q HMHPSOR GH XQ SURFHVR GH UHÀH[LyQ 3'19+(29" 1:" )'6%$" 2(:36894$" 98" UF7(+$" 93+(2(;+9" 3$:;+(+6&1:" 8$;" [Y9881'1;" 41" W'+1" &" S(21';(494\P"'198(T94$;""1:"#E'4$79P"W')1:+(:9"?k6')$;",-..B>"@8"%'$)'9F9"41"8$;"+9881'1;" (:2(+9P"F14(9:+1"4(Z1'1:+1;"%'$%61;+9;"3'19+(29;P"9"[Y'9:;P"e1;7(9:9;P"Y'921;+(;P"`9&;P" %LVH[XDOHV \ VLPSDWL]DQWHV´ D OD ³UHÀH[LyQ SOiVWLFD´ VREUH GLIHUHQWHV WHPDV HQWUH ORV TXH VH QRPEUDQ H[SHFWDWLYDV VRFLDOHV HVWHUHRWLSRV H[SUHVLRQHV GH JpQHUR GLVLGHQWHV FXHUSR HURWLVPR \ GHVHR SUHMXLFLRV UHODFLRQDGRV FRQ HO 9,+ GLYHUVLGDG FRUSRUDO LQWHUVH[XDOLGDG FRPXQLGDGHV DIHFWLYDV IDPLOLDV GLVLGHQWHV GLVFULPLQDFLyQ GLYHUVLGDG LGHQWLGDG HVSDFLR S~EOLFR \ H[LVWHQFLD SROtWLFD $ GLIHUHQFLD GH XQD IRFDOL]DFLyQ HQ HO 97$'49Q1" 41" 2(21:3(9;" 41" F981;+9'P" 18" %'$&13+$" 41" 8$;" [Y9881'1;" 41"W'+1" &" S(21';(494\" %9'+1" 418" $7Q1+(2$" 41" 3'19'" 6:" 1;%93($" %9'9" 18" 1F%$41'9F(1:+$P" 89" 3$813+(2(T93(E:" 41" H[SHULHQFLDV OD YLVLELOL]DFLyQ \ FHOHEUDFLyQ GH LGHQWLGDGHV DVt FRPR OD WRPD GH FRQFLHQFLD VREUH ORV GHUHFKRV SROtWLFRV GH ODV SHUVRQDV WUDQV WUDYHVWL OHVELDQDV JD\V \ ELVH[XDOHV
5HÀH[LRQHV S1;41"89"%'$%(9"%1';%13+(29"3$F$"3$$'4(:94$'"&"%9'+(3(%9:+1"41"+9881'1;"41"W'+1+1'9%(9" 3$:"Z$'F93(E:"9394VF(39";$3($8E)(39"&"9'+1+1'9%V6+(39P"93+(2(;+9"+'9:;"&"F(1F7'$"93+(2$" GHO PRYLPLHQWR SRU OD GHVSDWRORJL]DFLyQ WUDQV PH JXVWDUtD FRPSDUWLU DOJXQDV UHÀH[LRQHV ;$7'1"89"(:+1''1893(E:"1:+'1"41;%9+$8$)(T93(E:"+'9:;"&"%'U3+(39"9'+1+1'9%V6+(39>"" 59'+(1:4$"41"89"268:1'93(E:"41"41'13*$;"*6F9:$;"Z6:49F1:+981;"1:"89"%'U3+(39"41" [+1'9%(9;"'1%9'9+(29;\P"18"39'U3+1'"%9+$8$)(T9:+1"41"6:9"3$:31%+698(T93(E:"41"8$;"+'U:;(+$;" 1:" 18" )V:1'$" 3$F$" '9;)$" %;(3E+(3$P" 9;c" 3$F$" 89" (:3$F%9+(7(8(494" 1;+'63+6'98" 1:+'1" 6:9" IXQFLyQ HYDOXDGRUD \ OD FRQVWUXFFLyQ GH XQ HVSDFLR SVLFRWHUDSpXWLFR GH FRQ¿DQ]D HQ HO PRGHOR GH DXWRUL]DFLyQ H[WHUQD HVWDEOHFLGR HQ ORV (VWiQGDUHV GH &XLGDGR :3$7+ YR\ D FHQWUDU OD UHÀH[LyQ HQ DTXHOORV HVSDFLRV SVLFRWHUDSpXWLFRV LQFOX\HQGR IRUPDWRV DUWHWHUDSpXWLFRV TXH SDUWHQ GH XQ UHFRQRFLPLHQWR GH ODV H[SUHVLRQHV H LGHQWLGDGHV GH JpQHUR \ VH[XDOLGDGHV GLYHUVDV VLQ LQWHUIHUHQFLD GH XQ SURFHVR GH 1298693(E:"4(9):E;+(39>"S1;41"1;+9"93+(+64"41"'13$:$3(F(1:+$"&";1%9'93(E:"41"'$81;P"d61" VH SXHGH LGHQWL¿FDU FRPR FRQGLFLyQ LPSUHVFLQGLEOH SDUD OD FRQVWUXFFLyQ GH XQ HVSDFLR +1'9%V6+(3$"79;94$"1:"8$;"%'(:3(%($;"41"1;363*9"&"[:$";971'\P";()61"%'1;1:+1"89"%'1)6:+9" SRU OD LQÀXHQFLD GH YDORUHV FXOWXUDOHV \ SUHVXSXHVWRV WHyULFRV *D\OLQ HO OXJDU GH OD LGHQWLGDG GH JpQHUR X RULHQWDFLyQ VH[XDO GH O V WHUDSHXWDV $GGLVRQ )UDVHU :DOGPDQ -RQHV DVt FRPR HQ FDVR GHO $UWHWHUDSLD HO URO GH LPDJLQDULRV
+(@'ABAC;1D@%/+)A*'A%*'$@%*+*"AEF"G
..J
2(;6981;" &" 3$:31%+6981;" 1:" 18" %'$31;$" 41" F14(93(E:" %8U;+(39" &" 93$F%9A9F(1:+$" 9'+1+1'9%V6+(3$"?W44(;$:P",--fB>" ¢4Xp LQÀXHQFLD SXHGH WHQHU OD SUHVXSRVLFLyQ GH XQ PRGHOR GH JpQHUR ELQDULR \ KHWHURVH[XDO HQ HO WUDEDMR WHUDSpXWLFR VREUH YLYHQFLDV H LGHQWLGDGHV TXH GL¿HUHQ GH 89" :$'F9" ;$3(98l" m@:" d6V" F14(49" 89" Z98+9" 41" 3$:$3(F(1:+$;" 931'39" 41" (41:+(4941;" 41" JpQHUR R VH[XDOLGDGHV GLYHUVDV SXHGH FRQYHUWLUVH HQ XQD EDUUHUD HQ HO SURFHVR GH HVFXFKD WHUDSpXWLFD" ¢6H SXHGH LGHQWL¿FDU HO RULJHQ GH DVSHFWRV SDWRORJL]DQWHV HQ HO +'979Q$" %;(3$+1'9%V6+(3$" 3$:" %1';$:9;" +'9:;" 1:" 6:" %'$31;$" 3$:+'9+'9:;Z1'1:3(98P" 1:" 18" ;1:+(4$"41"6:9";1:;93(E:"41"9F1:9T9"41"89"%'$%(9"(41:+(494"41")V:1'$"2(2(49"%$'"18M89" SVLFRWHUDSHXWD )HUQiQGH] " (Q ODV UHÀH[LRQHV WHyULFDV DSRUWDGDV GHVGH SHUVSHFWLYDV DUWHWHUDSpXWLFDV VH UHVDOWD HO SRWHQFLDO GH OD DFWLYLGDG FUHDWLYD SDUD OD H[SUHVLyQ GH OD DPELJ HGDG \ HO FXHVWLRQDPLHQWR GH QRUPDV VRFLDOHV +RJDQ )UDVHU :DOGPDQ -RQHV (O URO GH OD PHGLDFLyQ SOiVWLFD HQ HO SURFHVR GH H[SUHVLyQ GH FRQWHQLGRV SHUVRQDOHV \ VRFLDOHV FRPR 39'93+1'c;+(39"3$:;+(+6&1:+1"418"Z$'F9+$"9'+1+1'9%V6+(3$"%89:+19"89"%'1)6:+9"%$'";6"86)9'" HQ OD WHPDWL]DFLyQ GH LGHQWLGDGHV GH JpQHUR \ VH[XDOLGDGHV QR QRUPDWLYDV ¢(Q TXp PHGLGD OD UHSUHVHQWDFLyQ GH H[SHULHQFLDV UHODFLRQDGDV FRQ VH[XDOLGDGHV 4(21';9;" $" +'U:;(+$;" 1:" 18" )V:1'$" F14(9:+1" 18" 81:)69Q1" %8U;+(3$" 1;" \81)(781\" 1:" 6:9" 368+6'9" 2(;698" 39'93+1'(T949" %$'" 6:" F$418$" 41" )V:1'$" 7(:9'($" &" *1+1'$31:+'94$l" m01" SXHGH REVHUYDU XQD HVFXFKD GLIHUHQWH HQ FDVR GH WHUDSHXWDV FRQ XQD H[SHULHQFLD SURSLD GH WUiQVLWR HQ HO JpQHUR R SUiFWLFD VH[XDO GLYHUJHQWH GHO PRGHOR KHWHURVH[XDO" ¢4Xp OXJDU RFXSDQ ODV SURGXFFLRQHV YLVXDOHV GH DUWLVWDV WUDQV H LQWHUVH[ HQ HO SURFHVR GH FRQVWUXFFLyQ GH LPDJLQDULRV YLVXDOHV TXH UHÀHMHQ OD GLYHUVLGDG GH FXHUSRV H[SUHVLRQHV 1"(41:+(4941;"41")V:1'$"%'1;1:+1;"1:"89";$3(1494"93+698l" $O OHHU OD H[SHULHQFLD GH %LFKRYVN\ TXH GHFLGLy QR WHUPLQDU OD IRUPDFLyQ DUWHWHUDSpXWLFD DQWH OD H[SHULHQFLD GH HOHPHQWRV QRUPDWLYRV \ SDWRORJL]DQWHV HQ XQ %(**/$." (:;+(+63($:98" 41" 09864" =1:+98" 1:" 18" d61" '198(T979" 6:" %'$31;$" 41" %'U3+(39;P" F1" VXUJH OD SUHJXQWD ¢&yPR UHVROYHU ORV FRQÀLFWRV HQWUH OD SURSLD pWLFD SURIHVLRQDO \ OD %1'31%3(E:"41"9;%13+$;":$'F9+(2$;"1:"1:+$':$;"(:;+(+63($:981;l"m#EF$"'1933($:9'"9:+1" ;(+693($:1;"41"%9+$8$)(T93(E:"&"+'9:;Z$7(9"(:;+(+63($:98l"m#EF$"F9:1Q9'"89"%'1;1:3(9"41" :$'F9;";$3(981;"&"'$81;"41"%$41'"1:"18"1;%93($"%;(3$+1'9%V6+(3$l )LQDOPHQWH IUHQWH D OD REVHUYDFLyQ GH XQD FRQWLQXDGD SDWRORJL]DFLyQ GH H[SUHVLRQHV +'9&13+$'(9;"1"(41:+(4941;"41")V:1'$"4(21';9;"+9:+$"1:"89"%'U3+(39"FV4(39P"%;(d6(U+'(39P" SVLFRWHUDSpXWLFD \ SVLFRDQDOtWLFD FRPR HQ XQ FRQWH[WR VRFLDO PiV DPSOLR VH SODQWHD 89" %'1)6:+9/" m@:" d6V" F14(49" 89" 3$:31%+698(T93(E:" 41" 8$;" +'U:;(+$;" 1:" 18" )V:1'$" 3$F$" UDVJR SVLFyWLFR UHÀHMD XQD WHQGHQFLD D OD SDWRORJL]DFLyQ GH OD GLIHUHQFLD \ GH OD RWUHGDG SURSLD GH OD VRFLHGDG DFWXDO" ¢4Xp LQÀXHQFLD SXHGH REWHQHU XQD FRQFHSWXDOL]DFLyQ GH OD ³GLIHUHQFLD VH[XDO´ FRPR FXOWXUDO H KLVWyULFDPHQWH FRQWLQJHQWH %XWOHU > @ HQ 89" 1;31:9" %;(3$+1'9%V6+(39l" m#EF$" %$;(7(8(+9'" 1;%93($;" 9'+1+1'9%V6+(3$;" 97(1'+$;" 9" 89" UHÀH[LyQ \ OD HODERUDFLyQ GH ODV SURSLDV LGHQWLGDGHV GH JpQHUR \ VH[XDOLGDGHV GLYHUVDV" mn6V"2c:368$;"F9:+(1:1:"1;+$;"1;%93($;"3$:"%'$31;$;"41"+'9:;Z$'F93(E:";$3(98l"m#EF$" FRQVWUXLU XQD SUiFWLFD SURIHVLRQDO EDVDGD HQ HO UHFRQRFLPLHQWR GH OD UHÀH[LYLGDG VREUH 18"%'$%($"'$8"3$F$":131;(494"&"1:"18"31;1"41"89"%9+$8$)(T93(E:"+'9:;"3$F$"[(F%1'9+(2$" V+(3$I%$8c+(3$\"?#97'98P",-../";>%>Bl
!"#$%&'(')*+%,*-./&0%.#/1/$02,&*,%/%0&"&"0%$34&*,%//5//29'@)"40')) E$F$"$0,+-. ,QWHUVH[ AKLKA&M$*("%(G H[SRVLFLyQ %HUOtQ 5HYLVDGR HQ GLFLHPEUH 41"KWWS ZZZ LQWHUVH[ GH WWYWP" WF1'(39:" W'+" Y*1'9%&" W;;$3(9+($:" ?,-..B>" 9*+/5#-& 4"/$5/)-(%& >,"& 2"*& !+("#)/%*%@& a12(;94$"1:"4(3(1F7'1P",-..P"41"&*++%/MMLLL>9'++*1'9%&>$')M6%8$94M3$41$Z1+*(3;>%4Z& W#WYP"W;$3(93(E:"#*(81:9"41"W'+1+1'9%(9"?,--JB>";N1/.,&O*/5,@"a12(;94$"1:"4(3(1F7'1P" ,-..P"41"*++%/MMLLL>9'+1+1'9%(93*(81>38M3$4()$o1+(3$o9'+1+1'9%(9>%4Z" !//+.(0D3G2 $UW 7KHUDS\ ZLWK *D\ /HVELDQ %LVH[XDO DQG 7UDQVJHQGHUHG &OLHQWV (Q 6 +RJDQ (G E($1("& M%%<(%& /$& 2"*& !+("#)3& ?%%>" OfIRGB>" e$:4$:P" 5*(89418%*(9/" j1;;(39"_(:;81&"5678(;*1'> $),$ $VRFLDFLyQ )RUR ,EHURDPHULFDQR GH $UWHWHUDSLD ;N1/.,&O*/5,@&a12(;94$"1:" 4(3(1F7'1P",-..P"41"*++%/MM9'+1+1'9%(9Z$'$>$')M9'3*(2$;M,>I#$4()$,--J>%4Z W8" k$'41" ?,-..B>" 2"*/P/%7,%Q& C#& /7#./$#5/N$& 1(-& 1(%(,& R& !"#$%/*#$1,Q& ?/%*,"/#%& 1(& 5<("),%&*"#$%(G<#-(%& H[SRVLFLyQ IRWRJUi¿FD \ PRQWDMH DXGLRYLVXDO 6DQWLDJR GH &KLOH a12(;94$"1:"4(3(1F7'1P",-..P"41"*++%/MMLLL>&$6+671>3$FML9+3*l2p%&DZR$.h]H<qZ19+6 '1p%89&1'o1F714414" W5WP" WF1'(39:" 5;&3*(9+'(3" W;;$3(9+($:" ?,--,B>" '6SKMTK!U@" a12(;94$" 1:" 4(3(1F7'1P" ,-..P"41""KWWS GVP SV\FKLDWU\RQOLQH RUJ ERRN DVS["ERRNLG "" W5WP" WF1'(39:" 5;&3*(9+'(3" W;;$3(9+($:" ?,-..B>" '6SKV& '"#>*>" a12(;94$" 1:" 4(3(1F7'1P" ,-..P"41"LLL>4;FO>$')" W5WP"WF1'(39:"5;&3*$8$)(398"W;;$3(9+($:"?,--HB>"5HVROXWLRQ RQ $SSURSLDWH $I¿UPDWLYH U(%),$%(%&*,&6(G<#-&W"/($*#*/,$&'/%*"(%%@"a12(;94$"1:"4(3(1F7'1P",-..P"41"*++%/MMLLL> DSD RUJ DERXW JRYHUQDQFH FRXQFLO SROLF\ VH[XDO RULHQWDWLRQ DVS[" $VLD 3DFL¿F 7UDQVJHQGHU 1HWZRUN $VLD 3DFL¿F 7UDQVJHQGHU 1HWZRUN &DOOV IRU '()#*+,-,./%#*/,$&,>&E($1("&M1($*/*3&T#"/#$5(&X!"#$%.($1("/%7Y@&a12(;94$"1:"4(3(1F7'1P" ,-..P"41"*++%/MML17>*]6>*]Mr;QL(:+1'MY'9:;)1:41'W0CWM9%+:81++1'+$9%9>%4Z& WY1P"W;$3(93(E:"@;%9A$89"41"W'+1+1'9%(9"?,--RB>";N1/.,&O*/5,>"a12(;94$"1:"4(3(1F7'1P" ,-..P"41"*++%/MMLLL>9'+1+1'9%(9>$')>1;M3$4()$1+(3$>%4Z" kWWYP" k'(+(;*" W;;$3(9+($:" $Z" W'+" Y*1'9%(;+;" ?,--OB>" ;,1(& ,>& 9*+/5%& #$1& 4"/$5/)-(%& ,>& 4",>(%%/,$#-& 4"#5*/5(& >,"& 2"*& !+("#)/%*%@" a12(;94$" 1:" 4(3(1F7'1P" ,-..P" 41" *++%/MMLLL> 799+>$')M3$41$Z1+*(3;>%4Z" H-)/+8D3I2 (O SVLFRDQiOLVLV FRQWHPSRUiQHR IUHQWH D ODV WUDQVH[XDOLGDGHV (Q 0 =(;;VP" q" `>" #$88I589:9;P" `1'9'4" ?@4;B>" 9-& .O$(",& 1(%,"1($#1,@& ;"Z*/5#%& ($& *,"$,& #& -#& )#*,-,./0#5/N$&1(&-#&*"#$%(G<#-/1#1&?%%>".N.I.ORB>"k9'318$:9P"=94'(4/"@)981;>" H-)8$"D3 ;2 (X DFKR WUDQVVH[XDO p DTXHOH TXH GLVVH ³HX VRX WUDQVVH[XDO ´ 5HÀH[LRQHV HWQROyJLFDV VREUH OD PHGLFDOL]DFLyQ JOREDOL]DGD GH ODV LGHQWLGDGHV WUDQV D +'92V;"418"1Q1F%8$"41"k'9;(8>"@:"=>"=(;;VP"q"`>"#$88I589:9;"?@4;B>"9-&.O$(",&1(%,"1($#1,@&
+(@'ABAC;1D@%/+)A*'A%*'$@%*+*"AEF"G
..H
;"Z*/5#%&($&*,"$,&#&-#&)#*,-,./0#5/N$&1(&-#&*"#$%(G<#-/1#1&?%%>"G.IHRB>"k9'318$:9P"=94'(4/" @)981;>" H+,J(5K.&D3L2"?,--fB>"j6;+"9"0+9)1"C¶P JRLQJ 7KURXJK 5HÃ&#x20AC;HFWLRQV RQ D 3ODFHPHQW LQ DQ $GROHVFHQW 3V\FKLDWULF 8QLW (Q 6 +RJDQ (G E($1("&M%%<(%&/$&2"*&!+("#)3&?%%>"NRIO,B>" e$:4$:P"5*(89418%*(9/"j1;;(39"_(:;81&"5678(;*1'> H"+7J#D3;2 'HFRQVWUXFWLQJ 5HSDUDWLYH 7KHUDS\ $Q ([DPLQDWLRQ RI WKH 3URFHVVHV ,QYROYHG :KHQ $WWHPSWLQJ WR &KDQJH 6H[XDO 2ULHQWDWLRQ ;-/$/5#-& 6,5/#-& =,"J& [,<"$#-" f,?NB/NJ.ING.>" H="7(.D3M23I2"?,-..B>"!#--("(%&1(&2"*(&3&'/P("%/1#1@"=6897(P"@;%93($"e9+(:$9F1'(39:$"41" 6H[XDOLGDGHV \ 'HUHFKRV &yUGRED $UJHQWLQD 5HYLVDGR HQ GLFLHPEUH GH *++%/MM LLL>+9881'1;41%89;+(39&4(21';(494>78$);%$+>3$FM" H="0.D3;2"?,--OB>"2&F#%/%&>,"&9P#-<#*/$.&;#"(&2))",#5+(%&#$1&6("P/5(%&>,"&!"#$%&4(,)-(& /$&*+(&\]@"a12(;94$"1:"4(3(1F7'1P",-..P"41&*++%/MMLLL>%Z3>$')>6]MF14(398M37I1298.>*+F" H="0.D3;2"?,--RB>"H,*&6,&S<5+&#&;#"(&4#*+^"a12(;94$"1:"4(3(1F7'1P",-..P"41"*++%/MM ZZZ FKDQJHOLQJDVSHFWV FRP 3') 1RW 6R 0XFK $ &DUH 3DWK SGI" H=#)$"D3M2 > @ 9-&.O$(",&($&1/%)<*#@&9-&>(7/$/%7,&3&-#&%<DP("%/N$&1(&M1($*/1#1@& %DUFHORQD %XHQRV $LUHV 0p[LFR 3DLGyV NNNNNNNNNN > @ '(%+#5("&(-&.O$(",@&k9'318$:9/"59(4E;> NNNNNNNNNN""?,-.-B>"5'E8$)$>&@:"=>"=(;;VP"q"`>"#$88I589:9;"?@4;B>"9-&.O$(",&1(%,"1($#1,@& ;"Z*/5#%&($&*,"$,&#&-#&)#*,-,./0#5/N$&1(&-#&*"#$%(G<#-/1#1&?%%>"HI.NB>"k9'318$:9P"=94'(4/" @)981;>" ;-O"-)D3 I2" ?,--HB>" W;+1'(;3$>" @:/" =>" #97'98" ?@4B>" M$*("1/55/,$(%@& 9%5"/*<"#%& 1(& -#& /$*("%(G<#-/1#1& ($& 5#%*(--#$,8& ?%>" .NB@" #E'4$79P"W')1:+(:9/"W:9''V;" @4(+$'(98>" a12(;94$" 1:"4(3(1F7'1P",-..P"41"LLL>F6897(>$')MC:+1'4(33($:1;,>%4Z" NNNNNNNNNN" ?,-.-B" W6+$41+1'F(:93(E:" &" 8(71'+94>" 4:./$#& A_8& ,,M.-M,-.->" a12(;94$" 1:" 4(3(1F7'1P" ,-..P" 41" *++%/MMLLL>%9)(:9.,>3$F>9'M4(9'($M;6%81F1:+$;M;$&M.I.RJOI,-.-I .-I,,>*+F8" NNNNNNNNNN3 ?,-..B>" H/& `<O& $/a,& 7<("*,>" a12(;94$" 1:" 4(3(1F7'1P" ,-..P" 41" *++%/MM 397'98;$8494$*1'$(3$>78$);%$+>3$FM,-..M-NM:(Id61I:(:$IF61'+$>*+F8" #WYWP" #9:94(9:" W'+" Y*1'9%&" W;;$3(9+($:" ?;>9>B>" 6*#$1#"1%& ,>& 4"#5*/5(@" a12(;94$" 1:" 4(3(1F7'1P",-..P"41"*++%/MMLLL>39+9(:Z$>39M;+9:49'4;>%4Z" ;(=)#$"D3!2"?.HHHB"59+1':98(;F"$'"%9'+:1';*(%>"FS[8&f.H8&J.HIJ,-> #$6:3(8"$Z"@6'$%1"?,-.-B>"U(%,-<*/,$&Ab_c@&a12(;94$"1:"4(3(1F7'1P",-..P"41 KWWS DVVHPEO\ FRH LQW 0DLQI DVS"OLQN 'RFXPHQWV $GRSWHG7H[W WD (5(6 KWP" #$6:3(8"$Z"@6'$%1"?,-..B>"'/%5"/7/$#*/,$&,$&.",<$1%&,>&6(G<#-&W"/($*#*/,$&#$1&E($1("& M1($*/*3@" a12(;94$" 1:" 4(3(1F7'1P" ,-..P" 41" *++%/MMLLL>3$1>(:+M+M#$FF(;;($:1'M0$6'31M e`kYMe`kY0+64&,-..o1:>%4Z
!"#$%&'(')*+%,*-./&0%.#/1/$02,&*,%/%0&"&"0%$34&*,%//5//29'@)"40')) P$"0>0/$8D3 Q2" ?,-.-B>" S1'13*$;" ;9:(+9'($;" 41;41" 18" '13$:$3(F(1:+$" 41" 89" 4(21';(494>" W8+1':9+(29;"9"89"2($81:3(9"41"89"%;(d6(9+'(T93(E:"41"89;"(41:+(4941;"+'9:;>"@:"=>"=(;;VP"q" `>"#$88I589:9;"?@4;B>"9-&.O$(",&1(%,"1($#1,@&;"Z*/5#%&($&*,"$,&#&-#&)#*,-,./0#5/N$&1(&-#& *"#$%(G<#-/1#1&?%%>".JJI.HGB>"k9'318$:9P"=94'(4/"@)981;>" P"-0,$.D3 !2 2SHQLQJ 3DQGRUD¶V %R[ 7KH :RUVW 6XJJHVWLRQV IRU '60 O>" 4%35+/#*"/5& !/7(%P" ..M-,M,-.->" a12(;94$" 1:" 4(3(1F7'1P" ,-..P" 41" *++%/MMLLL> %;&3*(9+'(3+(F1;>3$FM4;FM3$:+1:+M9'+(381M.-.RGM.O,,fN." P"-.$"D3 M2D3 R3 S-)/6-0D3 M2" ?,--fB>" 0(:)(:)" L(+*" 5819;6'1" 9:4" 0*$6+(:)" L(+*" W:)1'/" :RUNLQJ ZLWK *D\ DQG /HVELDQ &OLHQWV LQ $UW 7KHUDS\ (Q 6 +RJDQ (G E($1("&M%%<(%& /$&2"*&!+("#)38&?%%>"RHIH.B>"e$:4$:P"5*(89418%*(9/"j1;;(39"_(:;81&"5678(;*1'> T-"-+8-O-)D3;2 7UDQVH[XDOLGDGHV LGHQWLGDGHV \ IHPLQLVPRV (Q 0 0LVVp * #$88I589:9;" ?@4;B>" 9-& .O$(",& 1(%,"1($#1,@& ;"Z*/5#%& ($& *,"$,& #& -#& )#*,-,./0#5/N$& 1(& -#& *"#$%(G<#-/1#18&?%%>".,OI.N-B>"k9'318$:9P"=94'(4/"@)981;>" T-&)+0D3S2"?,---B>"D$:4('13+(21"#$6:;18(:)"$'"W42(31l"5;&3*$+*1'9%&"9;"h9861"e941:>" !+(&?#%*/$.%&;($*("&U(),"*8&f-"?fBP&f.Iff> `1:41'" S&:9F(K" ?,-..B>" E($1("& '3$#7/d& >#5/-/*#*(%& M$1/.($,<%& ]$,I-(1.(& S((*/$.@" a12(;94$"1:"4(3(1F7'1P",-..P"41"KWWS ZZZ JHQGHUG\QDPL[ FR ]D FRQWHQW YLHZ " T(08>)$8NU())$/(D3 423 M2" ?,-.-B>" D$" ;V" d6V" $+'9" 3$;9" %$4'c9" ;1'/" F14(3(:9" 1:+'1" 89" HOHFFLyQ \ HO FXLGDGR HQ OD WUDQVLFLyQ )70 (Q 0 0LVVp * &ROO 3ODQDV (GV 9-& .O$(",&1(%,"1($#1,@&;"Z*/5#%&($&*,"$,&#&-#&)#*,-,./0#5/N$&1(&-#&*"#$%(G<#-/1#18&?%%>"RJI G-B@"k9'318$:9P"=94'(4P"@)981;> L-66-"O$"7D3 @2D &RPLVDULR GH 'HUHFKRV +XPDQRV GHO &RQVHMR GH (XURSD M$>,"7(&!(7:*/5,&'("(5+,%&?<7#$,%&(&M1($*/1#1&1(&EO$(",@""a12(;94$"1:"4(3(1F7'1P" ,-..P"41"*++%;/MML34>3$1>(:+Mh(1LS$3>Q;%l(4p.NJRfROs5.R-ofG.,G NNNNNNNNNN3&RPLVDULR GH 'HUHFKRV +XPDQRV GHO &RQVHMR GH (XURSD ?<7#$&U/.+*%& ;,77($*Q&;-(#"&-#I%& $((1(1& *,&)",*(5*&*"#$%&)("%,$%&>",7&1/%5"/7/$#*/,$&#$1&+#*"(1@& a12(;94$" 1:" 4(3(1F7'1P" ,-..P" 41" *++%/MM3$FF(;;($:1'>3L;>3$1>(:+M+(](I2(1Lo78$)o%$;+> %*%l%$;+C4p.R-" L(,(&D3 G2 $UW 7KHUDS\ DQG 6RFLDO $FWLRQ $ 7UDQVSHUVRQDO )UDPHZRUN 2"*& !+("#)3Q&[,<"$#-&,>&*+(&27("/5#$&2"*&!+("#)3&2%%,5/#*/,$8&,,P".P&JI.R>" L(7-0D3Q2 &RQWHVWLQJ ,GHQWLWLHV (Q 6 +RJDQ (G E($1("&M%%<(%&/$&2"*&!+("#)38& ?%%>"..If-B>"e$:4$:P"5*(89418%*(9/"j1;;(39"_(:;81&"5678(;*1'> C#Ye@5P"C:+1':9+($:98"#$:Z1'1:31"$:"Y'9:;)1:41'"e9L"9:4"@F%8$&F1:+"5$8(3&"?.HHOB>" M$*("$#*/,$#-&F/--&,>&E($1("&U/.+*%@"a12(;94$"1:"4(3(1F7'1P",-..P"41"*++%/MM(:d6('1'>):>9%3> $')M`Sa()*+;>*+F8" Ce`WI@6'$%1" ?,-.-B>" 6*#*(7($*& ,$& *+(& ,55#%/,$& ,>& *+(& M$*("$#*/,$#-& '#3& >,"& '()#*+,-,./%#*/,$& ,>& !"#$%& M1($*/*/(%& _e& W5*,D(">" a12(;94$" 1:" 4(3(1F7'1P" ,-..P" 41"" *++%/MMLLL>(8)9I16'$%1>$')M*$F1M:1L;M89+1;+o:1L;M(8)9o16'$%1o;o;+9+1F1:+o$:o+*1o $339;($:o$Zo+*1o(:+1':9+($:98o49&oZ$'o41%9+*$8$)(;9+($:o$Zo+'9:;o(41:+(+(1;o,fo $3+$71'"
+(@'ABAC;1D@%/+)A*'A%*'$@%*+*"AEF"G
.,.
M(0$.D3I2 )URP WKH 3HQLQVXOD 7KH *HRJUDSK\ RI *HQGHU ,VVXHV LQ $UW 7KHUDS\ (Q 6 +RJDQ (G E($1("& M%%<(%& /$&2"*& !+("#)3& ?%%>" H,I.-JB>" e$:4$:P" 5*(89418%*(9/" j1;;(39"_(:;81&"5678(;*1'> 0DUDxR ) 3 9-&*(%*&1(&-#&P/1#&"(#-@"a12(;94$"1:"4(3(1F7'1P",-..P"41&*++%/MMLLL> [WYO WY ZHE SURJUDPHV GR SURJUDPHV WHVWGHODYLGDUHDO KWPO" I-##$D3 V2D3 G$5("D3!23 L2D3 W)-/+,K-D3 @2" ?,--HB>" D$F1:389+6'1" (:" +*1" i$'84" 5'$Z1;;($:98" $VVRFLDWLRQ IRU 7UDQVJHQGHU +HDOWK¶V 6WDQGDUGV RI &DUH %DFNJURXQG DQG a13$FF1:49+($:;>"M$*("$#*/,$#-&[,<"$#-&,>&!"#$%.($1("/%7"..?.B/"N,IO,> I$)$"D3 C2 +XER XQ QLxR YDUyQ TXH PXULy HQ HO SDUWR 4:./$#& A_8" -GM-RM,--N>" a12(;94$" 1:" 4(3(1F7'1P" ,-..P" 41" *++%/MMLLL>%9)(:9.,>3$F>9'M4(9'($M %;(3$8$)(9MHIfR.RNI,--NI-RI-G>*+F8" I$0$=D3E2"?,--OB>"59'+(3(%93(E:"41"8$;"%93(1:+1;"1:"89;"413(;($:1;";$7'1";6"9;(;+1:3(9" ;9:(+9'(9>"U(P&;#-/1#1&2%/%*($5/#-",-?RB/ffJIfN,> I+))(#D3;2 +RUVH[H HVVD\ RQ WUDQVVH[XDOLW\ $XWRQRPHGLD I+..AD3I2"?,-.-B>"@%c8$)$>"@:"=>"=(;;VP"q"`>"#$88I589:9;"?@4;>B"9-&.O$(",&1(%,"1($#1,@& ;"Z*/5#%& ($& *,"$,& #& -#& )#*,-,./0#5/N$& 1(& -#& *"#$%(G<#-/1#18& ?%%>" ,ROI,JRB@" k9'318$:9P" =94'(4P"@)981;>" 060 *) EM'& 6*#*(7($*@" a12(;94$" 1:" 4(3(1F7'1P" ,-..P" 41" *++%/MMF;F)Z>$')M 4$36F1:+;M`CSo0+9+1F1:+>%4Z" V-6-.#$D3W23X2"?,---B>&M$P/%/D-(&C/P(%@&!+(&9"#%<"(&,>&!"#$%%(G<#-&#$1&!"#$%.($1("(1& 4(,)-(@&#*(39)$P"e$:4$:P"<:(21';(+&"$Z"#*(39)$"5'1;;>" YZP)-J$"#&3I2D3R3P+.J$"D3M2 6H[XDO 2ULHQWDWLRQ *HQGHU ,GHQWLW\ DQG ,QWHUQDWLRQDO +XPDQ 5LJKWV /DZ &RQWH[WXDOLVLQJ WKH <RJ\DNDUWD 3ULQFLSOHV ?<7#$& U/.+*%& C#I& U(P/(I"c?,BP",-JI,NG>"S$(/.->.-HfM*'8'M:):--H> 206 2UJDQL]DFLyQ 0XQGLDO GH OD 6DOXG > @ ;M9KAL@"a12(;94$"1:"4(3(1F7'1P" ,-..P"41"KWWS DSSV ZKR LQW FODVVL¿FDWLRQV DSSV LFG LFG RQOLQH " ^=0P"^')9:(T93(E:"=6:4(98"41"89"09864"?,-..B>";M9KAAK#-)+#@&a12(;94$"1:"4(3(1F7'1P" ,-..P"41"KWWS DSSV ZKR LQW FODVVL¿FDWLRQV LFG " U$)#(0NQ[$$#3 \23 I2D3 R3 QJ$""&D3 !2" ?,--GB>" #$F(:)" ^6+" Y*'$6)*" W'+/" W" a12(1L" $Z" W'+" Y*1'9%&"i(+*"e`kY"#8(1:+;>"2"*&!+("#)3Q&[,<"$#-&,>&*+(&27("/5#$&2"*&!+("#)3&2%%,5/#*/,$P" ,O?NBP.J-I.JR> 5'(:3(%($;" 41" g$)&9]9'+9" ?,--JB>" a12(;94$" 1:" 4(3(1F7'1P" ,-..P" 41" *++%/MMLLL> &$)&9]9'+9%'(:3(%81;>$')M" a14" %$'" 89" S1;%9+$8$)(T93(E:" 41" 89;" C41:+(4941;" Y'9:;" 418" @;+94$" @;%9A$8" ?,-.-B>" E<Z#&1(&D<($#%&)":5*/5#%&)#"#&-#&#*($5/N$&%#$/*#"/#&#&)("%,$#%&*"#$%&($&(-&7#"5,&1(-& 6/%*(7#& H#5/,$#-& 1(& 6#-<1@" a12(;94$" 1:" 4(3(1F7'1P" ,-..P" 41& *++%/MM;+%,-.,>(:Z$M)6(9M 0Y5I%'$%61;+9I;9:(494>%4Z""
!"#$%&'(')*+%,*-./&0%.#/1/$02,&*,%/%0&"&"0%$34&*,%//5//29'@)"40')) Q>$8D3M2"?,--NB>"!(,"Z#&f<(("&3&)%/5,#$:-/%/%>"=94'(4/"@4(+$'(98"0c:+1;(;> Q-07$"D3 @2 4XHHU \ LQJ JHQGHU DQG VH[XDOLW\ 7UDQVSHRSOH¶V OLYHG H[SHULHQFHV 9:4"(:+cF9+1"%9'+:1';*(%;>"@:"e>"=$$:"?@4B>"g((-/$.&f<(("&,"&f<(("&g((-/$.%h&U#1/5#-& 2))",#5+(%&*,&;,<$%(--/$.&6(G8&6(G<#-/*/(%&#$1&E($1("%&?%%>"J,IGGB>"e$:4$:P"D1L"g$']/" a$6+814)1>" QJ$'$"/.(0D3;2 > @ 6HOHFWLRQ IURP 7KH 5ROH RI *HQGHU DQG WKH ,PSHUDWLYH RI 6H[ (Q 6 6WU\NHU :KLWWOH 6 (GV !+(&!"#$%.($1("&6*<1/(%&U(#1("8&?%%>"HNI.-,B@" D1L"g$']P"e$:4$:/"a$6+814)1> Q+690D3U2D3R3M]/$8D3M2"?,--.B>"#$:;1:+(F(1:+$"C:Z$'F94$>"S(1&;-/$"AAb8"HHI.-R> 0^#<=@0"?,-.-B>"'(5-#"#5/N$&6W;\S96&%,D"(&-#&1(%)#*,-,./0#5/N$&*"#$%@"a12(;94$" 1:" 4(3(1F7'1P" ,-..P" 41" KWWS ZZZ FHQHVH[XDOLGDG VOG FX GHFODUDFLRQ VRFXPHV VREUH 41;%9+$8$)(T93($:I+'9:;" Q'-/$D3 G2 > @ 0XWLODWLQJ *HQGHU (Q 6 6WU\NHU :KLWWOH 6 (GV !+(& !"#$%.($1("&6*<1/(%&U(#1("8&?%%>"f.OIff,B@"D1L"g$']P"e$:4$:/"a$6+814)1> Q#(0$D3Q2 > @ 7KH (PSLUH&6WULNHV %DFN $ 3RVWWUDQVVH[XDO 0DQLIHVWR (Q 6 0+'&]1'P"q"0>"i*(++81"?@4;B>"!+(&!"#$%.($1("&6*<1/(%&U(#1("8&?%%>",,.I,fOB@"D1L"g$']P" e$:4$:/"a$6+814)1> 0Y5",-.,>"#9F%9A9"C:+1':93($:98"0+$%"Y'9:;"59+*$8$)(T9+($:"?,--HB>";,7<$/5#1,&Ab& 1(& ,5*<D"(& 1(& _LLi@" a12(;94$" 1:" 4(3(1F7'1P" ,-..P" 41" *++%/MMLLL>;+%,-.,>(:Z$M$84M1;M :$+(3(9;s3$F6:(394$o.Jo$3+67'1o,--H" 0Y5" ,-.,P" #9F%9A9" C:+1':93($:98" 0+$%" Y'9:;" 59+*$8$)(T9+($:" ?,-..B>" ;,7<$/5#1,Q& 5HÀH[LRQHV VREUH OD GHVSDWRORJL]DFLyQ WUDQV \ GHUHFKRV VDQLWDULRV " a12(;94$" 1:" 4(3(1F7'1P",-..P"41"*++%/MMLLL>;+%,-.,>(:Z$M#$F6:(394$o0Y5,-.,oQ68($,-..>%4Z" 675$3 6RFLHW\ RI 7UDQVVH[XDO :RPHQ RI WKH 3KLOLSSLQHV '(5-#"#*/,$&/$&%<)),"*& ,>&*+(&6!4&_LA_&;#7)#/.$@"a12(;94$"1:"4(3(1F7'1P",-..P"41"*++%/MM;+'9%F9:(89>78$);%$+> 3$FM,-.-M..M;+'9%;I41389'9+($:I(:I;6%%$'+I$ZI;+%>*+F8" Q#"&K$"D3 Q2 0\ ZRUGV WR 9LFWRU )UDQNHQVWHLQ DERYH WKH 9LOODJH RI &KDPRXQL[ 51'Z$'F(:)"Y'9:;)1:41'"a9)1>"ECf@&2&[,<"$#-&,>&C(%D/#$&#$1&E#3&6*<1/(%".?fB/",fJI ,ON> Q=$..D3!2" ?,-.-B>"W:U8(;(;" 418" %9:$'9F9" 4(;36';(2$" 98'1414$'" 41" 89" 41;%9+$8$)(T93(E:" +'9:;/" %'$31;$;" 41" +'9:;Z$'F93(E:" 41" 8$;" F9'3$;" (:+1'%'1+9+(2$;" 1:" 4(Z1'1:+1;" 39F%$;" ;$3(981;>"@:"=>"=(;;VP"q"`>"#$88I589:9;"?@4;>B"9-&.O$(",&1(%,"1($#1,@&;"Z*/5#%&($&*,"$,& #&-#&)#*,-,./0#5/N$&1(&-#&*"#$%(G<#-/1#1&?%%>",HIONB>"k9'318$:9P"=94'(4P"@)981;>" Y`@<P" Y'9:;)1:41'" @6'$%1" ?,--HB>" ;#7)#/.$Q& & U(7,P#-& ,>& EM'& >",7& *+(& 1/#.$,%*/5& 7#$<#-%@"a12(;94$"1:"4(3(1F7'1P",-..P"41"*++%/MMLLL>+)16>$')M:$41MJf" Y`@<P"Y'9:;)1:41'" @6'$%1" ?,--HB>" 6("/,<%& E#7(% LQVWDODFLyQ IRWRJUi¿FD \ VRQRUD W:(9" i171'" ?Z$+$)'9Zc9BP" 097(:1" @'3]81:+T" ?;$:(4$BP" %'$&13+$" `a<DSYhC`" [t9:4" ^+*1';\>"a12(;94$"1:"4(3(1F7'1P",-..P"41"*++%/MMLLL>+)16>$')M9:4$+*1';s=98+9"
+(@'ABAC;1D@%/+)A*'A%*'$@%*+*"AEF"G
.,f
Y`@<P"Y'9:;)1:41'" @6'$%1" ?,-.-B>" '6SKU(P/%/,$Q& H,& 9$1& *,& !"#$%jK4#*+,-,./0#*/,$@" a12(;94$"1:"4(3(1F7'1P",-..P"41"*++%/MMLLL>+)16>$')M:$41M.-G" Y`@<P" Y'9:;)1:41'" @6'$%1" M" Ce`WI@6'$%1" ?,--HB>" S#-*#& '(5-#"#*/,$@& a12(;94$" 1:" 4(3(1F7'1P",-..P"41"*++%/MMLLL>+)16>$')M=98+9S1389'9+($:" <_" #$6:3(8" Z$'" 5;&3*$+*1'9%&" ?,-.-B>" \];4& 6*#*(7($*& ,$& k"()#"#*/P(l& *+("#)3& ,>& 7(7D("%&,>&%(G<#-&7/$,"/*/(%>"a12(;94$"1:"4(3(1F7'1P",-..P"41"*++%/MMLLL>%;&3*$+*1'9%&> $')>6]M'1%9'9+(21o+*1'9%&o;+9+1F1:+>*+F8" W$0#="-D3I2D3R3Q,J"-663P23E2 /LPLWHV H SRVVLELOLGDGHV GR H[HUFtFLR GD DXWRQRPLD QDV SUiWLFDV WHUDSrXWLFDV GH PRGL¿FDomR FRUSRUDO H DOWHUDomR GD LGHQWLGDGH VH[XDO & 4+3%/%" .H" ?.B/" ROIHf>" a12(;94$" 1:" 4(3(1F7'1P" ,-..P" 41" *++%/MMLLL>;3(18$>7'M%4ZM%*&;(;M 2.H:.M2.H:.9-O>%4Z" S-##$".D342"?,-.-B>";"#03&-/J(&\%Q&!+(&E-,D#-/0#*/,$&,>&*+(&27("/5#$&4%35+(@"D1L"g$']/" )UHH 3UHVV S+).(0D3X23X2 > @ *HQGHU DV ,OOQHVV ,VVXHV RI 3V\FKLDWULF &ODVVL¿FDWLRQ (Q @>"5968"?@4B>"!#J/$.&6/1(%&R&;-#%+/$.&T/(I%&,$&;,$*",P("%/#-&M%%<(%&/$&6(G&#$1&E($1("" SS *XLOIRUG 0F*UDZ +LOO S+0#$".D3X2"?,--GB>"E($1("&S#1$(%%&/$&27("/5#$&4%35+/#*"3@&9%%#3%&>",7&*+(&6*"<..-(& >,"&'/.$/*3@"#$8$'94$/"`CS"a1Z$'F"W42$39+1;> :3$7+ :RUOG 3URIHVVLRQDO $VVRFLDWLRQ IRU 7UDQVJHQGHU +HDOWK /DV 1RUPDV GH #6(494$"%9'9"Y'9;+$':$;"41"C41:+(494"41"`V:1'$"0^#IR>"a12(;94$"1:"4(3(1F7'1P",-..P" 41"KWWS ZZZ ZSDWK RUJ GRFXPHQWV 6SDQLVK 7UDQVODWLRQ 62& SGI" :3$7+ :RUOG 3URIHVVLRQDO $VVRFLDWLRQ IRU 7UDQVJHQGHU +HDOWK 'H 5;&3*$%9+*$8$)(;9+($:" 0+9+1F1:+>" a12(;94$" 1:" 4(3(1F7'1P" ,-..P" 41" *++%/MMLLL>L%9+*> $')M9::$6:31F1:+;o41+9(8>3ZFl%]o9::$6:31F1:+p.J" :3$7+ :RUOG 3URIHVVLRQDO $VVRFLDWLRQ IRU 7UDQVJHQGHU +HDOWK 6WDQGDUGV $Z" #9'1P" 0^#IJ>" a12(;94$" 1:" 4(3(1F7'1P" ,-..P" 41& *++%/MMLLL>L%9+*>$')M4$36F1:+;M 6WDQGDUGV RI &DUH 9 :3$7+ SGI"
!"#$%&'(')*+%,*-./&0%.#/1/$02,&*,%/%0&"&"0%$34&*,%//5//29'@)"40')) V(#-. (Q HO SUHVHQWH WH[WR HO WpUPLQR ³WUDQV´ KDFH UHIHUHQFLD D WRGDV DTXHOODV SHUVRQDV TXH KDQ HOHJLGR XQD H[SUHVLyQ R LGHQWLGDG GH JpQHUR GLIHUHQWH D OD DWULEXLGD DO QDFHU LQFOX\HQGR D SHUVRQDV WUDQVH[XDOHV WUDQVJpQHUR WUDYHVWLV &5",%%&1"(%%("%P":$")V:1'$;P" PXOWLJpQHURV GH JpQHUR ÀXLGR .($1("&`<(("&&"$+'9;"96+$41:$F(:93($:1;"'1893($:949;>" 01"$%+9"%$'"1;+1"+V'F(:$"41;41"89"3$:3(1:3(9"41"d61":$"+$49;"89;"%1';$:9;"d61"413(41:" YLYLU HQ XQ JpQHUR GLIHUHQWH DO DVLJQDGR DO QDFHU VH LGHQWL¿FDQ FRQ OD H[SUHVLyQ ³WUDQV´ 9;c" 3$F$" 41;41" 18" '13$:$3(F(1:+$" 418" 39'U3+1'" $33(41:+98" 418" +V'F(:$" &" 41" 89" 9F%8(9" GLYHUVLGDG GH FRQFHSWRV H[LVWHQWHV HQ GLIHUHQWHV FRQWH[WRV FXOWXUDOHV SDUD GHVFULELU %'$31;$;"41"+'U:;(+$"'1;%13+$"98")V:1'$"9;():94$"98":931'>" 3DUD FRQVXOWDU ORV REMHWLYRV PDQL¿HVWRV \ DFWLYLGDGHV GH OD &DPSDxD ,QWHUQDFLRQDO 673 ,-.,"2V9;1"LLL>;+%,-.,>(:Z$"?'12(;94$"1:"4(3(1F7'1"41",-..B> f"WF7$;"F9:6981;";1"1:361:+'9:"93+698F1:+1"1:"6:"%'$31;$"41"'12(;(E:"%1'(E4(39P"3$:"89" %678(393(E:"41"89":6129"21';(E:"%'12(;+9"%9'9",-.f"&",-.OP"'1;%13+(29F1:+1>"h1';($:1;" 2()1:+1;"&"7$''94$'1;/"S0=IChIYaP"=9:698"S(9):E;+(3$"&"@;+94c;+(3$"41"8$;"Y'9;+$':$;" 0HQWDOHV $3$ &,( &ODVL¿FDFLyQ ,QWHUQDFLRQDO GH (QIHUPHGDGHV \ 2WURV 3UREOHPDV GH 6DOXG 206 > @ ERUUDGRU GHO '60 $3$ \ ERUUDGRU GH 89"#C@I..P"21';(E:"98%*9"?^=0",-..B> $ FRQWLQXDFLyQ XWLOL]DUp HO FRPR SURSXHVWD OLQJ tVWLFD QR ELQDULD SDUD GHQRPLQDU D %1';$:9;"41"4(Z1'1:+1;")V:1'$;"1:"%86'98>"a1;%13+$"9";6"6;$P"2V9;1"#97'98"?,--HB>"@:" 39;$"41"'1Z1'('F1"9"6:9"%1';$:9"1:"3$:3'1+$P"6+(8(T9'V"89"96+$41:$F(:93(E:"181)(49"%$'" 89"%1';$:9> O" @:+'1" 89;" '141;" 93+(2(;+9;" d61" *9:" %678(394$" 41389'93($:1;" 9" Z92$'" 41" 6:9" 41I SVLFRSDWRORJL]DFLyQ WUDQV VH SXHGH QRPEUDU $VLD 3DFL¿F 7UDQVJHQGHU 1HWZRUN ,/*$ (XURSH ,/*$ (XURSH 7*(8 060 *) 675$3 Y`@<P"Y'9:;)1:41'"@6'$%1"?,--HP",-.-B> R" W;$3(93($:1;" %'$Z1;($:981;" d61" *9:" %678(394$" 41389'93($:1;" ;$7'1" 89" 41I SVLFRSDWRORJL]DFLyQ WUDQV 62&80(6 \ :3$7+ J" W" 8$" 89')$" 41" 89" *(;+$'(9" 418" S0=" &" 41" 89" ;133(E:" 41" [Y'9;+$':$;" =1:+981;" &" 418" #$F%$'+9F(1:+$\" 41" 89" #C@P" ;1" %6141" $7;1'29'" 6:9" 9F%8(93(E:" 41" 89;" 39+1)$'c9;" GLDJQyVWLFDV WDQWR HQ Q~PHUR HVSHFL¿FLGDG \ YROXPHQ GH ODV GHVFULSFLRQHV FOtQLFDV ;(1:4$" FU;" Z'1361:+1" 89" (:386;(E:" $" 18" 39F7($" 41" :$F7'1" 41" 6:9" 39+1)$'c9" d61" ;6" GHVFODVL¿FDFLyQ /D FDWHJRUtD GH ³KRPRVH[XDOLGDG´ TXH VH VXVWLWX\y HQ OD YHUVLyQ GHO '60 ,, SXEOLFDGD HQ SRU ³RULHQWDFLyQ VH[XDO HJRGLVWyQLFD KRPRVH[XDOLGDG ´ \ HQ HO '60 ,,, SRU ³KRPRVH[XDOLGDG HJRGLVWyQLFD´ QR ORJUy VX FRPSOHWD UHWLUDGD GHO '60 KDVWD HO DxR (Q OD &,( 206 > @ HO FyGLJR GH ³RULHQWDFLyQ VH[XDO 1)$4(;+E:(39\";()61"(:386(4$"*9;+9"89"93+698(494> G"@:+'1"89;"'141;"93+(2(;+9;"d61"*9:"%678(394$"41389'93($:1;"d61"%'$%$:1:"89"(:386;(E:"41" XQD PHQFLyQ QR SDWRORJL]DQWH GHO SURFHVR GH DWHQFLyQ VDQLWDULD WUDQV HVSHFt¿FD HQ OD #C@I..P";1"%6141:":$F7'9'/"Ce`WI@6'$%1"?,-.-BP"0Y5",-.,"?,--HB"&"0Y5",-.,"?,-..BP" Y`@<"?,--HB"&"Y`@<"M"Ce`W"?,--HB> H"01"%6141:"1:3$:+'9'"'12(;($:1;"3'c+(39;"41"89"%'U3+(39"41"\+1'9%(9;"41"'13$:21';(E:\"1:" k'()*+"?,--NB"&"i(:+1';"?,--GB> .-" S1;41" 6:9" %1';%13+(29" +1E'(3$I93+(2(;+9P" i(:+1';" ?,--GB" '198(T9" 6:9" 41:6:3(9" 41" 89;" SUiFWLFDV GH ´WHUDSLDV UHSDUDWLYDV´ DSOLFDGDV D SHUVRQDV FRQ H[SUHVLRQHV H LGHQWLGDGHV 41")V:1'$"+'9:;"1:"18"UF7(+$"%;(d6(U+'(3$":$'+19F1'(39:$>
+(@'ABAC;1D@%/+)A*'A%*'$@%*+*"AEF"G
.,O
.."hV9;1"5'(:3(%($;"41"g$)&9]9'+9"?,--JB> .,"hV9;1"a1;$863(E:"418"#$:;1Q$"41"89&27("/5#$&4%35+,-,./5#-&2%%,5/#*/,$"[a1;$86+($:"$:" $SSURSLDWH $I¿UPDWLYH 5HVSRQVHV WR 6H[XDO 2ULHQWDWLRQ 'LVWUHVV´ \ 'HFODUDFLyQ 418"\]&;,<$5/-&>,"&4%35+,*+("#)3&[<_#5"0+9+1F1:+"$:"['1%9'9+(21\"+*1'9%&"$Z"F1F71';" RI VH[XDO PLQRULWLHV´ $PEDV GHFODUDFLRQHV OLPLWDQ VXV UHIHUHQFLDV D WHUDSLDV GH UHFRQYHUVLyQ UHDOL]DGDV D SHUVRQDV FRQ SUiFWLFDV KRPRVH[XDOHV VLQ QRPEUDU VX 9%8(393(E:"9"%1';$:9;"+'9:;> $ GLIHUHQFLD GH XQD DVRFLDFLyQ GLFRWyPLFD HQWUH VH[R QDWXUDOH]D \ JpQHUR FXOWXUD %XWOHU > @ SDUWH GHO FDUiFWHU FXOWXUDOPHQWH FRQVWUXLGR GHO VH[R DO LJXDO TXH GHO JpQHUR FXHVWLRQDQGR OD SUHVXSRVLFLyQ GH XQD FRLQFLGHQFLD HQWUH VH[R JpQHUR \ SUiFWLFD VH[XDO HQ FRQFRUGDQFLD FRQ XQ PRGHOR KHWHURVH[XDO \ ELQDULR .N"@:";1%+(1F7'1"41",-..P&=42!?8&&=,"-1&&4",>(%%/,$#-&2%%,5/#*/,$&,>&!"#$%.($1("&?(#-*+8& %678(3E"89";V%+(F9"21';(E:"41"8$;"@;+U:49'1;"41"#6(494$"0^#IJ>"e9;"3'c+(39;"3(+949;" 41;41" %1';%13+(29;" %'$Z1;($:981;" &" 93+(2(;+9;" *931:" '1Z1'1:3(9" 9" 89" 21';(E:" 9:+1'($'" 62& :3$7+ (Q ORV UHFLpQ SXEOLFDGRV 62& :3$7+ VH KDFH UHIHUHQFLD H[SOtFLWD DO '13$:$3(F(1:+$" 41" 6:9" 9F%8(9" 4(21';(494" 41" (41:+(4941;" 41" )V:1'$>" W" 89" 21TP" ;1" PDQWLHQH HO PRGHOR GH DXWRUL]DFLyQ H[WHUQD HQ HO SURFHVR GH DFFHVR D OD DWHQFLyQ VDQLWDULD WUDQV HVSHFt¿FD FRQ XQD DWULEXFLyQ FRQWLQXDGD GH WDUHDV WDQWR GH HYDOXDFLyQ 3$F$"41"9;1;$'9F(1:+$"M"%;(3$+1'9%(9"9"8X;"%'$Z1;($:981;"41"09864"=1:+98P";(:"d61";1" LQFOX\HVH XQD UHIHUHQFLD D SRWHQFLDOHV GL¿FXOWDGHV HQ OD FRPELQDFLyQ GH DPERV UROHV (Q ORV (VWiQGDUHV GH &XLGDGR 62& :3$7+ OD ´H[SHULHQFLD GH YLGD UHDO´ 3$:;+(+6&1"6:$"41"8$;"'1d6(;(+$;"41"9331;$"9"8$;"+'9+9F(1:+$;"*$'F$:981;"&"d6('b')(3$;P" 1:+1:4(49"3$F$"89"'198(T93(E:"41"6:"%1'($4$"41"2(49"1:"18")V:1'$"41;194$P"(:386&1:4$" 18"UF7(+$"897$'98P";$3(98"&"9394VF(3$P"9;c"3$F$";6"3$F%'$793(E:"F14(9:+1"%'6179;"&" +1;+(F$:($;"9:+1"8X;"%'$Z1;($:981;"'1;%$:;9781;"418"%'$31;$"41"1298693(E:"&"4(9):E;+(3$>" (Q ORV 62& VH VXSULPH HO WpUPLQR ´H[SHULHQFLD GH YLGD UHDO´ D OD YH] GH PDQWHQHUVH 18"'1d6(;(+$"41"'1d6(;(+$"41".,"F1;1;"41"2(49"1:"[6:"'$8"41")V:1'$"3$:)'61:+1"3$:";6" LGHQWLGDG GH JpQHUR´ ³D JHQGHU UROH WKDW LV FRQJUXHQW ZLWK WKHLU JHQGHU LGHQWLW\´ :3$7+ ,-../"R-B> .J"01"*9:"'12(;94$"8$;"3E4()$;"V+(3$;"41"89;";()6(1:+1;"W;$3(93($:1;/"WWYWP"27("/5#$&2"*& !+("#)3& 2%%,5/#*/,$ $&$7 $VRFLDFLyQ &KLOHQD GH $UWHWHUDSLD $),$ $VRFLDFLyQ )RUR ,EHURDPHULFDQR GH $UWHWHUDSLD $7H $VRFLDFLyQ (VSDxROD GH $UWHWHUDSLD %$$7 F"/*/%+&2%%,5/#*/,$&,>&2"*&!+("#)/%*%& &$7$ ;#$#1/#$& 2"*&!+("#)3&2%%,5/#*/,$"?;>9>B> $ FRQWLQXDFLyQ VH XWLOL]DUiQ ORV WpUPLQRV ³LGHQWLGDG GH JpQHUR´ \ ³RULHQWDFLyQ VH[XDO´ SDUD KDFHU UHIHUHQFLD D OD WHUPLQRORJtD XVDGD HQ ORV WH[WRV UHYLVDGRV HQWHQGLHQGR ORV PLVPRV QR GHVGH VX GH¿QLFLyQ FOtQLFD VLQR GHVGH OD LQFOXVLyQ GH XQD DPSOLD JDPD GH H[SUHVLRQHV WUD\HFWRULDV H LGHQWLGDGHV GH JpQHUR DVt FRPR DXWRGH¿QLFLRQHV UHVSHFWR D SUiFWLFDV VH[XDOHV /DV VLJODV /*7% VH XVDQ FRPR DFUyQLPR GH ³OHVELDQDV JD\V WUDQVH[XDOHV \ ELVH[XDOHV´ DOJXQDV YHFHV DXPHQWDGDV D /*777%,4 OHVELDQDV JD\V WUDQVH[XDOHV WUDQVJpQHUR WUDYHVWL ELVH[XDOHV LQWHUVH[XDO \ TXHHU $ OD YH] HVWD PHQFLyQ FRQMXQWD QR HV H[HQWD 41" 361;+($:9F(1:+$;P" %$'" (:2(;(7(8(T9'" 89;" 4(Z1'1:3(9;" (:+1':9;" 1:+'1" 8$;" 3$813+(2$;" :$F7'94$;P"9;c"3$F$"%'1;6%$:1'"6:")'94$"41"+1F9+(T93(E:"*$F$)V:19> &RPR HMHPSOR GH WUDEDMRV DUWtVWLFRV DXGLRYLVXDOHV \ IRWRJUi¿FRV UHDOL]DGRV SRU LQLFLDWLYD \ R FRQ SDUWLFLSDFLyQ GH DFWLYLVWDV WUDQV H LQWHUVH[ TXH SODQWHDQ XQD UHÀH[LyQ FROHFWLYD
!"#$%&'(')*+%,*-./&0%.#/1/$02,&*,%/%0&"&"0%$34&*,%//5//29'@)"40')) VREUH FXHUSRV H[SUHVLRQHV WUD\HFWRULDV H LGHQWLGDGHV GH JpQHUR WUDQV H LQWHUVH[ VH SXHGH QRPEUDU HO GRFXPHQWDO ³(O WHVW GH OD YLGD UHDO´ 'LUHFFLyQ )ORUHQFLD 3 0DUDQR SURGXFFLyQ '2 'HQRPLQDFLy G¶RULJHQ OD H[SRVLFLyQ ³ ,QWHUVH[´ *UXSR GH WUDEDMR ,QWHUVH[ %HUOtQ OD H[SRVLFLyQ IRWRJUi¿FD \ PRQWDMH DXGLRYLVXDO ³$UWLYLVPRV /D LPDJLQDFLyQ GHO GHVHR ± 7UDQVLWDQGR +LVWRULDV GH FXHUSRV WUDQVH[XDOHV´ 3URGXFFLyQ $O %RUGH 5HDOL]DFLyQ $QD /XFtD 5DPtUH] 6DQWLDJR GH &KLOH DVt 3$F$" 89" (:;+9893(E:" 9'+c;+(39" 964($I2(;698" [01'($6;"`9F1;\"?Y`@<P" %9'+1"418"%'$&13+$" *581'79,* ³«DQG 2WKHUV´ )RWRJUDItD $QMD :HEHU 6RQLGR 6DELQH (UFNOHQW] (:96)6'93(E:/"=98+9P",--HB>
X2"*Z5<-,&"(5/D/1,Q&LeKLBK_LAAm&#5()*#1,Q&_LKLBK_LAAY
!"#$%&%'()*#+,-.%/$%+/$0#+/-/ ,-..P"2$8>"N"?Q6:($B .,JI.RS"%%
!"#$%&'()*+",-../"01'2(3($"41"5678(393($:1;"41"89"<:(21';(494"41"=6'3(9>"=6'3(9"?@;%9A9B" C00D"14(3(E:"(F%'1;9/".GGHIHJHK>"C00D"14(3(E:"L17"?*++%/MM'12(;+9;>6F>1;M9%(B/".HGHIGNO,
T'+1+1'9%(9"&"=6;1$;" "
56:+$;"41"1:361:+'$" =U"V$8$'1;"WE%1X"=9'+Y:1X"Z
!"#$%&'(&)$*(+",$"-.%'$/01*"234/(05&6"78/05&3"9"#0*4)05&:";&583(&,",$"-,85&501*:"<*0=$'/0,&,",$"78'50&: $>)&03?"@$*,0A8):$/
!"#$#$"%&'%()(*+,$-,.(/+0#-,(1$($02+$0#"-((3(((7B"#+3+'$/"C1%$D"7&'(E*$D
!"#$%&'"()*$(+,$-./'.0/1$234+#/$35$63+7'"8'+9'
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多HOGV 7KH H[FKDQJH RI LQIRUPDWLRQ DQG H[SHULHQFH EHWZHHQ WKH SURIHVVLRQDOV RI ERWK 多HOGV FDQ 71" 3'63(98" +$" (::$29+1" 9:4" 1]%9:4" +*1" '1;19'3*" $\" :1L" +13*:$8$)(1;" 9:4" F1+*$4$8$)(398" 9%%'$93*1;"L*(3*"3$684"(:2$821"+*1"3$8897$'9+($:"$\"9"7'$941'"%678(3"9:4";$3(98"(F%'$21F1:+" +*'$6)*"9'+>
`1&L$'4; T'+"#$FF6:(+&P"T'+"[*1'9%&P"=6;1$8$)&P"=6;16FP"0$3(98"@4639+($:>
a1;6F1: W9" 8(+1'9+6'9" F61;+'9" :6F1'$;$;" 1;+64($;" 41" 39;$;" b61" 12(41:3(9:" 18" 9'+1+1'9%(9" 3$F$" 6:" F14($" 3$:" )'9:41;" %$;(7(8(4941;" +1'9%c6+(39;>" 06" 39'd3+1'" F68+(4(;3(%8(:9'" &" ;6" 1\13+$" (:+1)'94$'" %1'F(+1" 1]+1:41'" ;6" 6;$" 9" +$4$" +(%$" 41" %$7893(E:/" :(A$;P" 94$81;31:+1;P" 9468+$;P" 9:3(9:$;P"3$:"3698b6(1'"+(%$"41"%'$781Fd+(39"$"%9+$8$)Y9P"9;Y"3$F$"9"3698b6(1'"(:4(2(46$"3$:" 41;1$;"41"3'13(F(1:+$"%1';$:98>" 5$'"$+'9"%9'+1P"6:$"41"8$;")'9:41;"'1+$;"41"89"=6;1$8$)Y9"418"0>KKC"1;"89"9+1:3(E:"1"(:+1)'93(E:" 41"8$;";13+$'1;";$3(981;"Fd;"41;\92$'13(4$;"&"41;2(:36894$;"3$:"8$;"F6;1$;> 5$'"8$"+9:+$P"8$;"(:+1'39F7($;"1:+'1"8$;"%'$\1;($:981;"41"9F79;"4(;3(%8(:9;"%6141:"1:'(b6131'" 1:$'F1F1:+1";6"%'d3+(39>"W9"'13(%'$3(494"1:+'1"T'+1+1'9%(9"&"=6;1$8$)Y9""%$;(7(8(+9"9F%8(9'" 18" 39F%$" 41" 89" (:21;+()93(E:" 1" (::$293(E:" 3$:" 89" 3'193(E:" 41" :6129;" +c3:(39;" &" 1:\$b61;" F1+$4$8E)(3$;"b61"(F%8(b61:"89"3$897$'93(E:"41"6:"%e78(3$"Fd;"9F%8($"&""6:9"F1Q$'9";$3(98" 9"+'92c;"418"9'+1>
59897'9;"#8921 T'+1"3$F6:(+9'($P"T'+1+1'9%(9P"=6;1$8$)Y9P"=6;1$;P"@46393(E:"0$3(98>
&'($F9F%+3E(05&/F,$F0,$*(0,&,"FGH"I
.,H
!'"(1+2-,+304-)4,(0,$'#(4/$4!"#$#$"-'+@8"T'+1+1'9%(9";1";(+e9"41:+'$"41"89;"889F949;"[1'9%(9;"#'19+(29;>"@;"6:9"F$498(494"41" (:+1'21:3(E:"+1'9%c6+(39"3$:"F14($";()8$"41"'13$''(4$"*(;+E'(3$"1:"%9Y;1;"%($:1'$;"3$F$" @@<<P"C:)89+1''9P"#9:94d"$"C;'918"4$:41"1](;+1"3$F$"%'$\1;(E:"$\(3(98>"0(:"1F79')$P"1:" $+'$;"%9Y;1;"3$F$"@;%9A9P"8$;"%'(F1'$;"1;+64($;"6:(21';(+9'($;"9%9'131:"9"\(:981;"41"8$;" 9A$;"H-"&";6"(:;+(+63($:98(X93(E:"%'$\1;($:98"9e:":$";1"*9"9839:X94$> 06"9%8(393(E:"1;+d"1:\$3949"9"89"%'$4633(E:"41"(Fd)1:1;"&"$7Q1+$;"9"+'92c;"41"8$;" F14($;" 9'+Y;+(3$;P" ?%(:+6'9P" 4(76Q$P" 1;368+6'9P" \$+$)'9\Y9P" 2(41$P" (:;+9893(E:P" 1+3>BP" 3$:" 89" \(:98(494" 41" b61" 8$;" %9'+(3(%9:+1;" %6149:" +$F9'" 3$:3(1:3(9P" 93+698(X9'" $" '1;$821'" ;6;" %'$%($;"%'$781F9;"%;(3$8E)(3$;>"V6'9:+1"89;";1;($:1;"9'+1+1'9%c6+(39;P"89"%1';$:9"+'9+9" 41"'198(X9'"$7'9;"%8d;+(3$I2(;6981;"3$:"89"(419"41"1]%'1;9'P"3$F6:(39'"&"49'";():(\(394$" 9" ;6;" 1]%1'(1:3(9;" ;67Q1+(29;P" 9;%13+$;" 2(21:3(94$;P" 97;+'9Y4$;" %$'" \$'F9;P" +1]+6'9;P" 3$8$'1;P" '(+F$;P" +1:;($:1;P" 3$:+'9+1;P" 1+3>P" 1:" 3$F%9AY9" 41" 6:" 9'+1+1'9%16+9" 39%9X" 41" \93(8(+9'" &" ;$;+1:1'" 8$" b61" ;63149" 46'9:+1" +$4$" 18" %'$31;$" 41" +1'9%(9>" @8" 9'+1+1'9%16+9" 3$:$31"1:"%'$\6:4(494"8$;"F14($;"&"F9+1'(981;"9'+Y;+(3$;"b61"$\'131"9";6;"6;69'($;"3$:" 89"\(:98(494"41"1;+(F689'"89"3'19+(2(494P"18"4(d8$)$"&"89"'1\81](E:P"'136';$;"b61"9&649:"9"49'" '(1:49";618+9"98"%$+1:3(98"1]%'1;(2$"418"(:4(2(46$"1:\$394$"98"39F7($>" 59'+(3(%9'" 1:" 6:" +9881'" 41"T'+1+1'9%(9" :$" (F%8(39" %$;11'" 9%+(+641;" :(" 3$:$3(F(1:+$;" 9'+Y;+(3$;P" %61;" 89" %'$4633(E:" 41" ;6;" (Fd)1:1;" &" $7Q1+$;" ;1" 6+(8(X9:P" ;$7'1" +$4$P" %9'9" 9&649'"9"'1;+978131'"89"39%93(494":9+6'98"418"(:4(2(46$"%9'9"'1893($:9';1"3$:;()$"F(;F$" &"3$:";6"1:+$':$"41"\$'F9";9+(;\93+$'(9>" W$;"F9+1'(981;")'9\(3$I%8d;+(3$;"93+e9:"3$F$"(:+1'F14(9'($;"1:+'1"18"9'+1+1'9%16+9"&" 89;"%1';$:9;"+'9+949;"%9'9")1:1'9'"6:9"3$F6:(393(E:":$"21'798"98+1':9+(29"9"89"%9897'9> W9"1;1:3(9"418"T'+1+1'9%(9"'1;(41"1:"89"%$;(7(8(494"41"%'$&13+9'P"46'9:+1"18"%'$31;$" 3'19+(2$"&"89"$7'9"'198(X949P"9b61889;";1:;93($:1;P"%1:;9F(1:+$;P"1F$3($:1;P"'1361'4$;P" 1+3>P"b61"3$:"18"81:)69Q1"21'798P"'1;68+9"Fd;"3$F%8(394$"1]%'1;9'>"@:"41\(:(+(29P"%1'F(+1" 97'('" 6:" 39:98" 41" 3$F6:(393(E:" 4$:41" 89" %1';$:9" %6149" 1]%'1;9'" 3$:" 8(71'+94" ;6;" %'$31;$;"(:+1':$;"3$:"89"(:+1:3(E:"41"(:+1)'9'8$;"1:";6"2(49P"Fd;"b61"3$:"6:"\(:"1;+c+(3$> T'+1+1'9%(9P"1:+'1"$+'9;"'9X$:1;P"%$'"'136''('"%'(:3(%98F1:+1"9"%'$31;$;"41"3$F6:(393(E:":$"21'798" ?9'+1;"%8d;+(39;P"Fe;(39"&"1]%'1;(E:"3$'%$'98BP"41Q9"97(1'+9"89"%61'+9"9"%'$31;$;";(F7E8(3$;"Fd;" 1;%$:+d:1$;"b61"89;"%9897'9;P"\92$'1314$'1;"+9:+$"41"89"1]%'1;(E:"41";1:+(F(1:+$;"%1';$:981;P" 3$:"8$"b61"3$:88129"6:9"%'(F1'9"79;1"41"96+$1;+(F9P"3$F$"41"89"813+6'9"&"'13$:$3(F(1:+$"1:"8$;" %'$31;$;"1]%'1;(2$;"41"8$;"$+'$;P"8$"b61"\92$'131'd"(:+1'39F7($;";$3(981;"%$;(+(2$;>"?a$4'Y)61XP" ,--J/",JSI,JJB
5$'"8$"+9:+$P"93+(29'"8$;"39631;"1]%'1;(2$;"&"3$F6:(39+(2$;"9"+'92c;"41"89;"93+(2(4941;" 9'+Y;+(39;P" %6141" )1:1'9'" *97(8(4941;" 1:'(b61314$'9;" %9'9" 3698b6(1'" %1';$:9P" 1;%13(98F1:+1"1:";(+693($:1;"4$:41"18"(4($F9P"89"1494P"89"368+6'9"$"18"1;+94$"%;(3$\Y;(3$" ;6%$:)9:"6:"(F%14(F1:+$>" 5$'"$+'9"%9'+1P"89;"(Fd)1:1;"2(;6981;")1:1'949;"1:"89;"%'d3+(39;"9'+1+1'9%c6+(39;":$" ;1" 3$:3(71:" 1]386;(29F1:+1" 3$F$" *1''9F(1:+9;" $" F14($;" +1'9%c6+(3$;P" Fd;" 7(1:" :$;" *931" 1:+1:41'" 89;" %1';%13+(29;" 41" 8$;" $+'$;" &" 949%+9'89;" 9" 89;" '198(4941;" 39F7(9:+1;"
!"#$#$"%&'%()(*+,$-,.(/+0#-,(1$($02+$0#"-((3(((7B"#+3+'$/"C1%$D"7&'(E*$D 418"F6:4$>"f?gB"1;+9'"93+(29F1:+1"1:2618+$"1:"6:9"1]%'1;(E:"9'+Y;+(39"3$813+(29"%6141" 39F7(9'"18"3$:$3(F(1:+$"418"1:+$':$"9;Y"3$F$"89"%1'31%3(E:"b61";1"+1:)9"41"6:$"F(;F$h" ?=9F%9;$P",--S/".RRB>" W9;" %1';$:9;" (F%8(3949;" 1:" 6:" +9881'" 41" T'+1+1'9%(9" +'91:" 3$:;()$" :131;(4941;" 4(\1'1:+1;P" )1:1'949;" %$'" 8$;" 39F7($;" %'$463(4$;" 1:" 89;" e8+(F9;" 4c3949;P" 9" :(218" 41" (:4(2(46$" &" 3$813+(2(494>" W$;" 3$:31%+$;" 41" \9F(8(9P" %9'1Q9P" $%3($:1;" ;1]6981;P" '18()(E:P" (:+1'368+6'98(494P" )8$798(X93(E:P" 1+3>P" %89:+19:" :6129;" %1';%13+(29;" 41" +'979Q$" 9" +1:1'" 1:"361:+9"1:"8$;"%'$31;$;"9'+1+1'9%c6+(3$;>"W9;"93+(2(4941;"9'+Y;+(39;"31:+'949;"1:"89" (41:+(494")'6%98"&";6"3$:+'(763(E:"1:"18"39F7($"%1';$:98P";$3(98"&"9F7(1:+98";1"3$:2(1'+1:" 1:"$7Q1+(2$;"38921"%9'9"8$;"9'+1+1'9%16+9;"?WE%1X"=9'+Y:1XP",-.-B> @8"3$F%'$F(;$"418"T'+1+1'9%(9"%9'9"89"933(E:";$3(98"&"18"41;9''$88$"3$F6:(+9'($"%9;9" 9";1'"6:9"361;+(E:"7d;(39"9:+1";(+693($:1;"4$:41"89;"'1893($:1;"*6F9:9;";1"41;9''$889:" 1:"6:"F6:4$"21';d+(8>"
5(0$1+(0$.4$0#"$4!"#$#$"-'+-4&467.$(. @8"T'+1+1'9%(9"&"89"F6;1$8$)Y9"%'1;1:+9:"%6:+$;"41"1:361:+'$"1:";6;"(:b6(1+641;"+9:+$" 1:";6"4121:('"*(;+E'(3$"3$F$">1:";6"(:+1'c;"%$'"931'39';1"9"+$4$;"8$;";1)F1:+$;";$3(981;>" i9"1:"89")1;+93(E:"418"T'+1+1'9%(9P"18"889F94$"f9'+1"41"8$;"8$3$;h"1:361:+'9"6:"1;%93($" %'$%($"1:"8$;"F6;1$;>"W9;"93+(2(4941;"9'+Y;+(39;"3$F$"\$'F9"41"+1'9%(9";1"(:(3(9'$:"1:" 18"dF7(+$"%;(b6(d+'(3$>"T8)6:$;"%;(b6(9+'9;"$7;1'29'$:"1:";6;"%93(1:+1;"18"71:1\(3($"b61" 396;979"18"%'$31;$"3'19+(2$"(F%8Y3(+$"1:"18"+'979Q$"%8d;+(3$"&"3$F1:X9'$:"9"(:+1'1;9';1" %$'"18"298$'"1]%'1;(2$"&"3$F6:(39+(2$"41";6;"%'$4633($:1;"%8d;+(39;>"@;+1"*13*$"(F%68;E" 18" 3$8133($:(;F$" 41" ;6;" $7'9;" %'$%(3(9:4$" 89" 9%1'+6'9" 41" F6;1$;" 3$F$" 18" =6;c1" 41" 89" \$8(1" ?.H-OBP" 1:" j(881Q6(\P" %$'" (:(3(9+(29" 41"T6)6;+1" =9'(1k" 18" 41" #*9'81;" W949F1P" 1:" 89" #8Y:(39" 41" l18"T('P" 31'39" 41" m(:17'9P" 1:" .H.O" $" 18" 41"T'+1" 59+$8E)(3$" 41" n9:;" 5'(:X*$':P"1:"89"38Y:(39"%;(b6(d+'(39"41"n1(41871')"1:".H,->"W9"3$8133(E:"41"5'(:X*$':P" 1;"3$:;(41'949"3$F$"18"\$:4$"*(;+E'(3$"Fd;"(F%$'+9:+1"41"$7'9;"41"9'+1"'198(X949;"%$'" (:+1':$;" 1:" 38Y:(39;" %;(b6(d+'(39;>." W9" F61;+'9" +62$" )'9:" '1%1'36;(E:" 1:+'1" :6F1'$;$;" 9'+(;+9;" 41" 89;" %'(F1'9;" 29:)69'4(9;" 3$F$" `('3*:1'P" D$841P" @':;+P" `67(:P" `811" &" 8$;" ;6''198(;+9;"\'9:31;1;"b61"1:3$:+'9'$:"6:9":6129"\61:+1"41"(:;%('93(E:>"l'1+$:"(:386&E" $7'9;"41"1:\1'F$;"%;Yb6(3$;"1:"89"@]%$;(3(E:"C:+1':93($:98"41"06''198(;F$P"31817'949" 1:"59'Y;"1:".HRG>" ['9;" 89" 01)6:49" m61''9" =6:4(98P" 18" '1361'4$" 418" 1]+1'F(:($" :9X(P" 4$:41" +9:+$;" 1:\1'F$;"F1:+981;"&"41\(3(1:+1;"F6'(1'$:";E8$"%$'"1;9"3$:4(3(E:P"F6121"89"3$:3(1:3(9" ;$3(98>"01"'1(2(:4(39"89"*6F9:(X93(E:"418"*$;%(+98"%;(b6(d+'(3$"&"89"4():(494"418"1:\1'F$" F1:+98>"06"'1*97(8(+93(E:";6%6;$"(41:+(\(39'"8$36'9"3$:"8(71'+94"3'19+(29>"@:"1;+1"3$:+1]+$" ;6')1" 89" \()6'9" 41" V676\\1+P" b61" '1+$F9" 18" 81)94$" 41" 5'(:X*$':P" 1:3971X9:4$" 9;Y" 18" F$2(F(1:+$"T'+"l'6+>"C:+1'1;94$"%$'"18"9'+1"F9')(:98P"41;41".HNO"3$F1:XE"9"'16:('"$7'9;" 41"1;+1"+(%$P"\$'F9:4$"89"#$8133(E:"41"T'+"l'6+"3$:"4(76Q$;P"%(:+6'9;P")'9\\(+(;P"3$889)1;P" 7$'494$;P" \()6'9;" F$418949;P" 1+3>P" '198(X949;" %$'" %1';$:9;" 9(;8949;" 41" 89" '198(494P" 9Q1:9;" 9" 8$;" F14($;" 9'+Y;+(3$;" %'$\1;($:981;>" " 06" +'979Q$" 4($" 86)9'" 9" 89" \6:493(E:" 418" =6;1$"41"T'+"l'6+P"1:"W96;9::1P"?06(X9B> _+'9" \()6'9" (:+1'1;9:+1" 1;" 89" 41" D92'9+(8>" 5;(b6(9+'9P" 1;+64($;$" 418" 9'+1" &" ;1)6(4$'" 41" 5'(:X*$':" 3$F$" V676\\1+P" 3$F%9'+(E" 3$:" 1;+1" 18" (:+1'c;" %$'" 21'" '13$:$3(4$;" 8$;" Fc'(+$;"9'+Y;+(3$;"41"8$;"F9')(:94$;"F1:+981;>"o$'FE"6:")'6%$"41"1:\1'F$;"418"*$;%(+98"
&'($F9F%+3E(05&/F,$F0,$*(0,&,"FGH"I
.R.
%;(b6(d+'(3$" 41" m6))(:)P" %'E](F$" 9" j(1:9>" j98$'E" 89" 398(494" 41" ;6;" +'979Q$;" &" b6(;$" 4():(\(39'8$;" " 9%9'+d:4$8$;" 9" 8$;" 3$:)'1;$;" 41" %;(b6(9+'Y9" 1" (:+'$463(c:4$8$;" 1:" 8$;" 9F7(1:+1;"%'$%(9F1:+1"9'+Y;+(3$;/")981'Y9;"41"9'+1"&"1]%$;(3($:1;"+1F%$'981;> W9" +1:41:3(9" 97(1'+9" %$'" 18" T'+" l'6+P" 41" 76;39'" :612$;" F$418$;" 41" 3'19+(2(494" &" 41"'198(4941;"98+1':9+(29;P"(F%68;9"9"%9'+('"41"89"4c3949"41"8$;";1+1:+9P"18"F$2(F(1:+$" _6+;(41'"T'+"1:"@@<<>"W$;"F6;1$;"3$F(1:X9:"9"'198(X9'":6F1'$;9;"1]%$;(3($:1;P":$" ;E8$" 8(F(+949;" 9" 4(;39%93(+94$;" %;Yb6(3$;" $" (:+1':$;" 1:" *$;%(+981;" %;(b6(d+'(3$;" ;(:$" 1:)8$79:4$" 9" +$4$" 1]3c:+'(3$" 1" (:949%+94$" ;$3(98P" 96+$4(493+9;" &" 9'+(;+9;" 418" dF7(+$" o$8^>"T8)6:$;"1Q1F%8$;"41;+9394$;";$:"1]%$;(3($:1;"3$F$"j(;($:1;"%9'98189;>"T'+(;+9;" F$41':$;"&"9'+1"F9')(:98P"1:"18"#1:+'$"41"T'+1"a1(:9"0$\Y9P"?=94'(4P".HHRBP"(:96)6'949" 6:"9A$"9:+1;"%$'"[*1"T:)181;"#$6:+&"=6;16F"?WT#=TB>"@:"1889P";1"%'1;1:+979:"89;" 3$''1893($:1;" 1](;+1:+1;" 1:+'1" 89" %(:+6'9" 41" 9'+(;+9;" '1386(4$;" 1:" 6:" F9:(3$F($" &" 89" 41" 9'+(;+9;" 41" 89;" %'(F1'9;" 29:)69'4(9;>" W9;" $7'9;" %'$314Y9:" 41" F6;1$;P" )981'Y9;" &" 3$8133($:1;"%9'+(3689'1;"41"@6'$%9"&"@@<<>" @:".HHJP"18"=6;1$"41"D929''9"+9F7(c:"1]%$:1"D161"C:21:+($:"%'$3141:+1"418"=6;1$" 41" T'+" 7'6+" 41" W96;9::1k" 1:" 18" ,--.P" 18" =T#lT" 41" l9'318$:9" F61;+'9" 89" #$8133(E:" 5'(:X*$':" &" 1:" 18" 9A$" ,--OP" 89" o6:493(E:" W9" #9(]9" %'1;1:+9" =6:4$;" (:+1'($'1;" 98" 41;367(1'+$P"1:"89"o6:493(E:"W9"#9(]9P"3$:"89"3$897$'93(E:"41"89"p*(+13*9%18"m9881'&" 41"W$:4'1;"&"18"C'(;*"=6;16F"$\"=$41':"T'+"41"V678Y:>"5$'"e8+(F$P"(:386('"89"1]%$;(3(E:/" 5(:93$+139"%;(b6(d+'(39"1:"@;%9A9".H.JI.HH-P"31817'949"1:"@4(\(3("41"89"D96P"<:(21';(494" 41"j981:3(9"?,--HB"b61P")'93(9;"98"3$F(;9'(94$"41"T:9"n1':d:41X"=1'(:$P"F$;+'9'$:"89;" %'(:3(%981;"%'$4633($:1;"41"%(:+6'9"%;(b6(d+'(39"418";()8$"KK"1:"@;%9A9> _+'9" '1893(E:" 1:+'1" 18" T'+1+1'9%(9" &" 89" 3(1:3(9" F6;1Y;+(39" 1;" b61" 9F79;" *9:" (4$" 1:;9:3*9:4$" ;6" '1463(4$" 39F%$" 41" 933(E:>" @8" T'+1+1'9%(9P" 1:" ;6" 3$:\$'F93(E:" &" 41;9''$88$P"1F%(1X9"9"+'9;31:41'";6"9%8(393(E:"98"39F%$"%;(b6(d+'(3$"&"*$;%(+989'($P"*9;+9" 881)9'" 9" 3$:+1]+$;" 14639+(2$;" &" ;$3(981;>@8" (:\86Q$" 41" 89;" 29:)69'4(9;" *(;+E'(39;" &" 89;" :6129;"3$''(1:+1;"41"89"@46393(E:"T'+Y;+(39"b61P"Q6:+$"98"9'+1"%;(3$%9+$8E)(3$"3$:\$'F9:" 89;"'9Y31;"1%(;+1F$8E)(39;"418"T'+1+1'9%(9P"%$;(7(8(+9:"1;+1"\1:EF1:$>"@8"1:'(b613(F(1:+$" 418"T'+1+1'9%(9P"1:";6"4121:('P"3$:"89;"4(;+(:+9;"3$''(1:+1;"%;(3$8E)(39;P"89;"+1$'Y9;";$7'1" 89"3'19+(2(494P"8$;"4(;36';$;"41"89"F$41':(494"&"%$;+F$41':(494P"89")8$798(X93(E:P"1+3>P" %1'F(+1:"89"%'1;+93(E:"41";1'2(3($;"9"6:"%e78(3$"3949"21X"Fd;"9F%8($"&"89"949%+93(E:" 9" :6F1'$;9;" ;(+693($:1;" 38Y:(39;P" 14639+(29;" &" ;$3(981;" &" 9" F9'3$;" 41" +'979Q$" F6&" 29'(94$;>"06"1\13+$";98649781";$7'1"89;"%1';$:9;"89"%$:1"98";1'2(3($"41"+$4$;"8$;"%e78(3$;" 9"%9'+('"41"89;"41F9:49;"(:4(2(46981;"1"(:;+(+63($:981;"?W9'39:3*cP",--RB> T8)$" ;(F(89'" *9" ;6314(4$" 1:" 89" 12$863(E:" 418" 3$:31%+$" 41" F6;1$>" @8" ;1:+(4$" '121'1:3(98"&"18(+(;+9"41"89"(:;+(+63(E:P"9331;(781"9"1;+64($;$;"1"(:21;+()94$'1;P"+9F7(c:";1" *9"2(;+$"(F%93+94$"%$'"8$;"\1:EF1:$;"3(+94$;>"W9"=6;1$8$)Y9"F$41':9P";(:"979:4$:9'" ;6;" \6:49F1:+$;" 41" 36;+$4(9P" 1;+64($P" (:21;+()93(E:P" 1]*(7(3(E:" &" 3$:+1F%893(E:" 41" 3$8133($:1;"41"298$'"9'+Y;+(3$P"*(;+E'(3$P"3(1:+Y\(3$P"+c3:(3$"$"41"3698b6(1'"$+'9":9+6'981X9P" ;1"*9"3$:21'+(4$"1:"6:9"'198(494"4(:dF(39"98";1'2(3($"41"6:"%e78(3$"3949"21X"F9&$'"&" Fd;"29'(94$>"W9;"(:;+(+63($:1;"F6;1Y;+(39;";$:"1;%93($;"2(2$;"36&$;")1;+$'1;"(:+1:+9:" 9%$'+9'"6:9"%9'+(3(%93(E:";$3(98"Fd;"4(:dF(39"&"97(1'+9>" @8" (:+1'c;" %$'" 14639'" &" ;$3(98(X9'" 89" 368+6'9" *9" 4$+94$" 9" 8$;" F6;1$;" 41" 6:" F9&$'" 1b6(%9F(1:+$" +c3:(3$P" F14($;" 964($2(;6981;P" 897$'9+$'($;P" +9881'1;P" '136';$;" *6F9:$;P" 1+3>P"&"4(21';9;"1;+'9+1)(9;"41"39%+93(E:"418"%e78(3$P"F14(9:+1"94b6(;(3($:1;"41"$7'9;P" 1]%$;(3($:1;"(+(:1'9:+1;P"F$:$)'d\(39;P"3$:F1F$'9+(29;"41"121:+$;"$"%1';$:98(4941;P" 4Y9;"41"2(;(+9")'9+6(+9P"Q$':949;"41"%61'+9;"97(1'+9;P"+6'(;F$"41"F6;1$P"%'$)'9F9;"41"
!"#$#$"%&'%()(*+,$-,.(/+0#-,(1$($02+$0#"-((3(((7B"#+3+'$/"C1%$D"7&'(E*$D T3+698(X93(E:"1"C::$293(E:"@4639+(29"%9'9"89"39%93(+93(E:"&"\$'F93(E:"+9:+$"418"986F:94$" 3$F$"418"%'$\1;$'94$P"%'$)'9F9;"41"1:+'1+1:(F(1:+$P"1+3> 51;1"9"+$4$;"1;+$;"1;\61'X$;P"8$;"39F7($;"(:+'$463(4$;"1:"89";$3(1494"%$'"\1:EF1:$;" 3$F$"89"F68+(368+6'98(494P"89"(:F()'93(E:P"89"3'(;(;"13$:EF(39P"89"%c'4(49"41"F$+(293(E:"1:" 6:9"%9'+1"(F%$'+9:+1"41"89"Q621:+64P"%6141:")1:1'9'"1]386;(E:";$3(98"1:";1)F1:+$;"41"89" %$7893(E:"b61"b6149'Y9:"98"F9')1:"418"3$:+1]+$"F6;1Y;+(3$"&"41";6;"21:+9Q9;>" T:+1" 1;+9" ;(+693(E:P" 89" '1893(E:" '13Y%'$39" 1:+'1" T'+1+1'9%(9" &" =6;1$8$)Y9" $\'131" 21:+9Q9;" (:4(;36+(781;>" n1':d:41X" n1':d:41X" ?.HH,B" 1:6F1'9" 6:9" ;1'(1" 41" '1b6(;(+$;" 3$:"'1;%13+$"98"F6;1$P"1:";6"F9&$'Y9"3$(:3(41:+1;"3$:"8$;"418"T'+1+1'9%(9/"[(1:1"b61" 14639'"&"3$F6:(39'P"+1:1'"1:"361:+9"89;"1F$3($:1;P"%$:1'"41"F9:(\(1;+$"89"3$F%81Q(494P" $'(1:+9';1" *93(9" 18" %'$31;$P" (:+1:+9'" 2(;698(X9'" 8$;" $7Q1+$;P" (:;1'+9;1" 1:" 18" %'1;1:+1P" %$;11'" 6:" 1:\$b61" (:\$'F98P" 3$F6:(39+(2$P" 3'19+(2$P" %$%689'P" (:3$:\$'F(;+9" &" $'(1:+94$" 9"89"(::$293(E:> q69:$89"&"#$8$F1'"?,--OB"$%(:9:"b61"18"F6;1$"4171";1'"6:"181F1:+$"41"(:+1)'93(E:" 14639+(29" &" ;$3(98" &9" b61P" 941Fd;" 41" 9'+(3689'" 89" 146393(E:" \$'F98" 3$:" 89" :$" \$'F98P" '1893($:9"89;"%1';$:9;"3$:";6"79''($P"3$:"8$;"F14($;"41"3$F6:(393(E:"&"3$:"89;":6129;" +13:$8$)Y9;>"TA941:"b61"98"F6;1$"81"\98+9"*931'"6:")'9:"%9%18";$3(98"9"+'92c;"418"3698" %6149"9&649'"9"89"(:+1)'93(E:";$3(98"$"F68+(368+6'98"&"3$F79+('"98)6:$;"41"8$;"41\13+$;" b61";6\'1"18"F6:4$"3$F$"18"3$:;6F(;F$P"89"(:+$81'9:3(9"$"89"\98+9"41"'1\1'1:+1;"368+6'981;" 1:"89"2(49"3$+(4(9:9> T3+698F1:+1"&9"1](;+1:"F6;1$;"b61"$\1'+9:"+9881'1;"41"T'+1+1'9%(9"%$'"89;")'9:41;" 21:+9Q9;"b61";6%$:1:";6;";1'2(3($;"9"89";$3(1494>"T":(218"(:+1':93($:98P"[*1"#*(84'1:r;" =6;16F"$\"+*1"T'+;"1:"D6129"i$'^"'198(X9"+9881'1;"41"9'+1+1'9%(9"4('()(4$;"9"89;"2Y3+(F9;" &"\9F(8(9'1;"418"9+1:+94$"418".."41";1%+(1F7'1>"_+'$;"F6;1$;"3$F$/"=6;16F"$\"T'+"9:4" T'3*91$8$)&"1:"=(;6'(P"=1F%*(;P"l'$$^;"=6;16F"$\"T'+"41"=1:\(;"$"=6;16F"$\"=$41':" T'+"?=_=TB"41"D6129"i$'^"$\'131"%'$)'9F9;"41"+1'9%(9"9'+Y;+(39"9"%1';$:9;"3$:"T8X*c(F1'" &"1:"o8$'(49"0+9+1"<:(21';(+&r;"=6;16F"$\"o(:1"T'+;P"89"'13$:$3(49"9'+1+1'9%16+9"=9'3(9" a$;98" 1:;1A9" ;6;" Fc+$4$;" 9" %'$\1;($:981;" 418" 39F%$" 41" 89" ;9864" F1:+98>" =3=(3*918" #9:94(9:"T'+"#$8813+($:P"?_:+9'($P"#9:94dBP"+9F7(c:""7'(49";1'2(3($;"9'+1+1'9%c6+(3$;"9" %1';$:9;"b61"%94131:"3d:31'>" @:"@;%9A9"+9F7(c:";1"*9:"'198(X94$"1]%1'(1:3(9;"%($:1'9;>"@8"=6;1$"41"l1889;"T'+1;" 41"=6'3(9"?=6lT=B"&"89"o6:493(E:"T8X*1(F<'"88129'$:"9"397$P"46'9:+1"18"9A$",--H"&" ,-.-P"W$;"[9881'1;"41"T'+1"&"#68+6'9"3$F$"[1'9%(9P"3$:")'6%$;"41"%1';$:9;"3$:"T8X*c(F1'>" _+'9;"1]%1'(1:3(9;"41;+939781;";$:"89;"418"%'$)'9F9"418"=6;1$"418"5'94$"?=94'(4BP" @8"5'94$"%9'9"+$4$;P"b61"+'9+9"41"(:+1)'9'"&"\92$'131'"18"9331;$"9"89"368+6'9"9"%e78(3$;" b61" +(1:1:" 98)e:" +(%$" 41" 4(;39%93(494" \Y;(39P" ;1:;$'(98P" (:+1813+698" &M$" 1:\1'F14941;" :16'$41)1:1'9+(29;>"589:+19:"93+(2(4941;"41;41"6:"1:\$b61"4(4d3+(3$P"9'+Y;+(3$"&"3'19+(2$>" @:"18"=6;1$"D93($:98"41"T'+1"41"#9+986A9P"18"V1%9'+9F1:+$"41"@46393(E:"4(;%$:1" 418"%'$)'9F9/"@8"=6;1$"@;%93($"#$Fe:"41"C:+1)'93(E:P"4('()(4$"9"89;"%1';$:9;"$"9"8$;" 3$813+(2$;"b61";6\'1:"98)e:"+(%$"41"1]386;(E:"%$'"'9X$:1;";$3(981;P"\Y;(39;"$"%;(3$8E)(39;" &"b61"4(\Y3(8F1:+1"3$:;(41'9:"18"F6;1$"3$F$"6:"'1\1'1:+1"%1';$:98>" @8"'13(c:"1;+'1:94$"%'$)'9F9"['9:;\$'F93(E:"418"=6;1$"q$9b6Y:"51(:94$"?a$:49P" =d89)9B" +(1:1" 1:+'1" ;6;" %'(:3(%981;" $7Q1+(2$;" 41;9''$889'" 89;" 41;+'1X9;P" *97(8(4941;" &" 39%93(4941;";$3(981;"1:"%1';$:9;"3$:"4(;39%93(494"(:+1813+698"9"+'92c;"41"89"1]%'1;(E:" %8d;+(39>"
&'($F9F%+3E(05&/F,$F0,$*(0,&,"FGH"I
.RR
5(0,)7.+(0$." W9":9+6'981X9"(:+'Y:;139"418"T'+1+1'9%(9P";6"12$863(E:"*(;+E'(39"&";6;"$7Q1+(2$;"%'1;1:+9:" +981;"%6:+$;"41"3$:1](E:"3$:"89"=6;1$8$)Y9"b61"%1'F(+1:"%'(2(81)(9'";6"98(9:X9"3$:"18" F6;1$>"@;+1"*13*$"%6141"'1;68+9'"F6&"\'63+Y\1'$"&"1;+978131'"6:"931'39F(1:+$"1:+'1";6;" %'$\1;($:981;>" 5$'"6:9"%9'+1P"18"T'+1+1'9%(9"%6141"$\'131'"98"F6;1$/ I"@8"41;9''$88$"41"%'$)'9F9;"b61";('29:"%9'9"2(:3689'P"9+'91'"1"(:+1)'9'"9")'9:"4(21';(494" 41" 3$813+(2$;P" 1;%13(98F1:+1" 9" 9b6188$;" b61" 1;+c:" 1]386(4$;" 41" 8$;" 3('36(+$;" F6;1Y;+(3$;"%$'";6"3$:4(3(E:";$3($13$:EF(39P"368+6'98P";(+693(E:"%;(3$\Y;(39P"1+3> I" <:" 1;%93($" 41" 4(d8$)$" (4E:1$" 4$:41" %$41'" (:+1)'9'" %1:;9F(1:+$;P" ;1:+(F(1:+$;P" %1'31%3($:1;P" (:+1'1;1;" &" 2(21:3(9;P" 9" +'92c;" 418" '$8" F14(94$'" 41" 89;" +c3:(39;" &" F14($;"%8d;+(3$I964($2(;6981;"9:+1"89"F('949"418"9'+1+1'9%16+9> I" W9" 3$:+'(763(E:" 41" 9F%8(9'" ;6;" \6:3($:1;" 3$:" 4(;36';$;" b61" )1:1'1:" (:+1'c;P" 36'($;(494P" %'14(;%$;(3(E:" 98" Q61)$P" 89" '1;$863(E:" 41" %'$781F9;P" 89" 3'19+(2(494P" 18" 41;1$"41"1]%'1;(E:"&"3$F6:(393(E:"3$:"8$;"41Fd;>" I"W9"(:+1'933(E:"3$:+(:69"41"9'+(;+9;"&"9'+1+1'9%16+9;"b61")1:1'1:":6129;"%'$%61;+9;" 41"933(E:";$3(98"&"41;9''$88$"3$F6:(+9'($>" i"9";6"21XP"18"F6;1$"3$:";6"1b6(%9F(1:+$"&"F14($;"3$:;+(+6&1"6:";1++(:)"%'$%(3($" %9'9"89"%'d3+(39"418"T'+1+1'9%(9/" I"06;"\$:4$;"9'+Y;+(3$;";1"%6141:"6+(8(X9'"%9'9"(:49)9'";$7'1"89"1]%1'(1:3(9"*6F9:9P" 89;" 4(21';9;" \$'F9;" 41" ;1:+('" &" 41" %1:;9'" 41" 89;" %1';$:9;>" T'+1+1'9%16+9;" 3$F$" T8+1'I=6'("?.HHSBP"=9'+Y:1X"VY1X"&"o1':d:41X"#9$"?,--NB"$"=(881'"?.HHRBP"$%(:9:"b61" 89"(:+1)'93(E:"418"F6;1$"1:"8$;"+'9+9F(1:+$;"41"T'+1+1'9%(9"9&649"9"8$;"6;69'($;"9" (41:+(\(39';1"3$:";6;"$7'9;"&";6"%'$%(9"7($)'9\Y9> I" _\'131" 6:" 86)9'" ;1)6'$" &" \93(8(+94$'" %9'9" 89" '198(X93(E:" 41" +9881'1;" 9'+Y;+(3$;" b61" 979'b61:"6:9"9F%8(9"29'(1494"41"%1';$:9;> I"56141"3$:+'(76('"93+(29F1:+1"9"89"4(\6;(E:"&"41;9''$88$"418"T'+1+1'9%(9"1:";6"21'+(1:+1" 4(;3(%8(:9'P"3$F$"F9'3$"41"1]%$;(3($:1;P"3$:)'1;$;P"3$:\1'1:3(9;P"\$'$;P"36';$;"41" \$'F93(E:P"%'1;1:+93($:1;"41"8(7'$;P"'12(;+9;P"1+3>P""'1\1'1:+1;"98"T'+1+1'9%(9>" I"W9"3$$%1'93(E:"93+(29"1:+'1"8$;"F6;1$;"&"89"o141'93(E:"@;%9A$89"41"T;$3(93($:1;" 5'$\1;($:981;" 41" T'+1+1'9%(9" ?o@T5TBP" 9" +'92c;" 41" 3$:21:($;P" %$4'Y9" ;1'" 6:9" 1;+'9+1)(9"%9'9"3$:;1)6('"89"(:;+(+63($:98(X93(E:"%'$\1;($:98"418"T'+1+1'9%(9"1:"@;%9A9" 4$:41"9e:";()61";(:"6:9":$'F98(X93(E:"$\(3(98> 5$'"+9:+$P"1:"18"3$:+1]+$"93+698"41"41;9''$88$"1"(::$293(E:P"18"+'979Q$"1:"1b6(%$"&"89" 3$$%1'93(E:"(:+1'4(;3(%8(:9'"1;"6:9"%'1F(;9"\6:49F1:+98>"W9"98(9:X9"1:+'1"18"=6;1$"&"18" T'+1+1'9%(9";1'Y9"F6&"\'63+Y\1'9";(":$"'1;68+9'9"6:"1%(;$4($"1;%$'d4(3$"&";1"3$:2('+(1'9"1:" 6:9"'198(494"%1'F9:1:+1"3$F$"&9"$36''1"1:"$+'$;"%9Y;1;"41;41"*931"4c3949;>
!"#$#$"%&'%()(*+,$-,.(/+0#-,(1$($02+$0#"-((3(((7B"#+3+'$/"C1%$D"7&'(E*$D 8(#-. ."W9"3$8133(E:"41"5'(:X*$':"8$)'E"'16:('"Fd;"41"3(:3$"F(8"$7'9;P"'198(X949;"9%'$](F949F1:+1" %$'"369+'$3(1:+$;"3(:361:+9"(:+1':94$;P"89"F9&$'Y9"1;b6(X$\'c:(3$;"41"9;(8$;"41"T6;+'(9" &"T81F9:(9>
9$:$"$0,+-.4;+<)+(=">:+,-. !)#$"?67"+@4AB"?.HHSB>"V98Y"+$"l16&;/"C:3$'%$'9+(:)"T'+"n(;+$'&"(:"T'+"[*1'9%&"['19+F1:+" 589:;>"!"#$%&'"()*:$;3."+(<$35$#&'$!0'"49(+$!"#$%&'"()*$!//394(#43+P".R"?,BP".-,I.-J> #*(84'1:r;"=6;16F"$\"+*1"T'+;>"5d)(:9"L17"418"F6;1$"'12(;949"18".-"41"4(3(1F7'1P",-.-P" 41"*++%/MMLLL>3F9:&>$')> o8$'(49"0+9+1"<:(21';(+&r;"=6;16F"$\"o(:1"T'+;>"5d)(:9"L17"418"F6;1$"'12(;949"18".."41" 4(3(1F7'1P",-.-P"41"*++%/MMLLL>F$\9>\;6>146> C$"0>0/$D4C$"0>0/$D@4EB"?.HH,B>"@2$863(E:"418"3$:31%+$"41"F6;1$>"='74/#($8'+'"(<$,'$ 4+53"0(94>+$*$,39.0'+#(94>+P"."?,BP"GOIHG> F7-0()-@49B4&45()(2$"@4!B"?,--OB>"=6;1$;"@46394$'1;/"51';%13+(29;"&"a1+$;"41"\6+6'$>" @:"a>"n61'+9P"a>"V1"89"#9881"?@4;>BP"?($-4"(,($@+A.4'#(1$B,.9(94>+$!"#C/#49($*$-./'3/$ ?%%>",.I,HB>"j981:3(9/"<:(21';(+9+"41"j98s:3(9> G-",-0,HI@46BJB"?,--RB>"<:"1;%931"1:"4121:('"%$6'"8r9'+I+*c'9%(1"/"1:+'1"8(7c'98"1+"Fc4(398>" @:"5>"=$'$:P"q>"W>P"064'1;"t"m>"a$6]"?@4;>BP"6"D(#474#D$'#$("#E#&D"()4'$'+$)/*9&4(#"4'"?%%>" ,,RI,RGB>"59'(;/"=9;;$:> G3'$D4 6-"#*0$D@4 6B4 KB" ?,-.-B>" !"#'#'"()4(:$ 63+9')#3$ *$ B73<.94>+$ F4/#>"49(>" =6'3(9/" V(1)$"=9'Y:> 6-2'-.(46-"#*0$D@4!B"?,--SB>"@8"2(41$"3$F$";$%$'+1"3$F6:(+9'($"&"3'19+(2$"18"89"933(E:" ;$3(98P"89"863*9"%$8Y+(39"&"18"T'+1+1'9%(9>"@:"=>"WE%1X"o1':d:41X"#9$"?#$$'4>BP"6"'(94>+$ *$ )3/4G4<4,(,:$ !)<49(943+'/$ ,'<$ ("#'$ '+$ <($ 4+#'8"(94>+$ /394(<" ?%%>.R.I.OGB>" =94'(4/" o6:49F1:+$;> 6-"#*0$D4 K*$D@4 8B4 &4 G3'$D4 5-(@4 6B" ?@4;>B>" ?,--NB>" !"#'#'"()4($ *$ ',.9(94>+>" " =94'(4/" #$:;1Q1'Y9"41"@46393(E:> =3=(3*918"#9:94(9:"T'+"#$8813+($:>"5d)(:9"L17"418"F6;1$"'12(;949"18".-"41"4(3(1F7'1P" ,-.-P"41"*++%/MMLLL>F3F(3*918>3$F> =1F%*(;" l'$$^;" =6;16F" $\"T'+>" 5d)(:9" L17" 418" F6;1$" '12(;949" 18" .-" 41" 4(3(1F7'1P" ,-.-P"41"*++%/MMLLL>7'$$^;F6;16F>$')>" 6+))$"@45B"?.HHRB>"[*1"1\\13+;"$\"9'+"*(;+$'&"1:'(3*14"9'+"+*1'9%&"$:"9:](18&P"+(F1"$:"+9;^P" 9:4" 9'+" %'$463+" b698(+&>" !"#$ #&'"()*:$ ;3."+(<$ 35$!0'"49(+$!"#$ %&'"()*$!//394(#43+P" .-P" .HNI,-->
&'($F9F%+3E(05&/F,$F0,$*(0,&,"FGH"I
.RO
=6;1$"41"l1889;"T'+1;"41"=6'3(9>"5d)(:9"L17"418"F6;1$"'12(;949"18".-"41"4(3(1F7'1P" ,-.-P"41"*++%/MMLLL>F6;1$;41F6'3(9>3$FMF679F> =6;1$" @8" 5'94$>" 5d)(:9" L17" 418" F6;1$" '12(;949" 18" .." 41" 4(3(1F7'1P" ,-.-P" 41" *++%/MM LLL>F6;1$418%'94$>1;> =6;1$"q$9b6Y:"51(:94$>"5d)(:9"L17"418"F6;1$"'12(;949"18".."41"4(3(1F7'1P",-.-P"41" *++%/MMLLL>F6;1$Q$9b6(:%1(:94$>3$F> =6;1$"D93($:98"41"T'+1"41"#9+986A9"?=DT#B>"5d)(:9"L17"418"F6;1$"'12(;949"18".-"41" 4(3(1F7'1P",-.-P"41"*++%/MMLLL>F:93>39+> =6;16F" $\" =$41':"T'+" ?=_=TB>" 5d)(:9" L17" 418" F6;1$" '12(;949" 18" .-" 41" 4(3(1F7'1P" ,-.-P"41"*++%/MMLLL>F$F9>$')>" 9(/"*=7$D4 E$"0>0/$D@4 LB" ?,--JB>" =1" ;(1:+$" 2(2$" &" 3$:2(2$>$ !"#'#'"()4(1$ 2()'<'/$ ,'$ ("#'#'"()4($*$',.9(94>+$("#C/#49($)("($<($4+9<./4>+$/394(<H",P",JOI,H.> [*1"=6;16F"$\"T'+"9:4"T'3*91$8$)&>"5d)(:9"L17"418"F6;1$"'12(;949"18".."41"4(3(1F7'1P" ,-.-P"41"*++%/MMLLL>F99>F(;;$6'(>146>
I!"#C9.<3$"'94G4,3:$JKEJKELJMMN$(9')#(,3:$LOEJKELJMMP
!"#$#$"%&'%()(*+,$-,.(/+0#-,(1$($02+$0#"-((3(((7B"#+3+'$/"C1%$D"7&'(E*$D
!"#$%&%'()*#+,-.%/$%+/$0#+/-/ ,-..P"2$8>"N"?Q6:($B .RJI.O,"%%
!"#$%&'()*+",-../"01'2(3($"41"5678(393($:1;"41"89"<:(21';(494"41"=6'3(9>"=6'3(9"?@;%9A9B" C00D"14(3(E:"(F%'1;9/".GGHIHJHK>"C00D"14(3(E:"L17"?*++%/MM'12(;+9;>6F>1;M9%(B/".HGHIGNO,
@8"S'+1"3$F$"6:"81:)69Q1" %$;(781"1:"89;"%1';$:9;" 3$:"39%93(4941;" 4(21';9; S:9"=>"T9881;+9P"U:(8"V(W39X:$P"@29"#'(;+(:9"=1;9;"Y
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
!"#$%&'#()*)#+,#"',-+$.'#/)012"'#',#"$0#/'%0),$0#(),333##4##"#$%&'%($))*+,$-%>#2)%I2J3$K#1-%DE$%@52+,2#$%&*+$+
!"#$%&$%$'(&&)*+,$-%./0%/,$1("$',(2+,$3)#4$5)&%*)+)#),&6
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
`1&L$'4; S'+P"(:+1)'9+($:P"4(21';"39%93(+(1;P"3'19+(2(+&P"9'+"7'6+P"3$:+1F%$'9'&"49:31P"9'+"+*1'9%(1;>
a1;6F1: @8" %'1;1:+1" 9'+X368$" %'1+1:41" [6:49F1:+9'P" '198(W9:4$" 6:" '13$''(4$" *(;+E'(3$" %$'" 89;" :6129;" ;1:;(7(8(4941;"418"9'+1"9"%9'+('"418";()8$"KK"&"18"(:(3($"418"S'+1"3$F$"+1'9%(9P"6:"1;%93($"3$Fb:" %9'9"18"9'+1"&"89"4(;39%93(494>"S;(F(;F$";1"%'1+1:41"4$36F1:+9'"18"'1;68+94$"41",-"9A$;"41" (:21;+()93(E:"&"+'979Q$"3$:"89;"9'+1;P"%'(:3(%98F1:+1"9'+1;"%8c;+(39;"&"49:W9"3$:+1F%$'c:19P" 41:+'$"41"6:"3$813+(2$"41"%1';$:9;"3$:";X:4'$F1"41"^$L:"&"$+'9;"4(;39%93(4941;"(:+1813+6981;" %1'+1:13(1:+1;" 98" 31:+'$" 41" 4X9" $36%93($:98" 41" S00C^U" ?S;$3(93(E:" %9'9" %1';$:9;" 3$:" ;X:4'$F1"41"^$L:"&"$+'9;"4(;39%93(4941;"(:+1813+6981;B
59897'9;"#8921 S'+1P""(:+1)'93(E:P"39%93(4941;"4(21';9;P"3'19+(2(494P"9'+"7'6+P"49:W9"3$:+1F%$'c:19P"+1'9%(9;" 9'+X;+(39;>
$5,*R8R71)K,23$+R/*R2/*#,2/$/%RST%<
.RH
12340#"(/5,,+60 0971F$;" d61" +$4$;" +(1:1:" 89" 39%93(494" 41" 3'19'" &" d61" 18" 41;1$" 41" 3'19'1;" 6:(21';98e" +$49;" 89;" 3'(9+6'9;" ;$:" $'()(:981;"1:";6;"[$'F9;"41"%1'31%3(E:P"1:";6;"1f%1'(1:3(9;" 41" 2(49" &" 1:" ;6;" [9:+9;X9;>" \9" 29'(93(E:" 41" 89" 39%93(494" 3'194$'9"41%1:41'c"41"89;"$%$'+6:(4941;"d61"+1:)9:"%9'9" 1f%'1;9'8$g> ?D$291;"P.HJR/"NOB
01)b:"89"3(+9"41"D$291;"18"S'+1"1;"6:"7(1:"3$Fb:"9"+$4$;P"6:"d61*931'"1;1:3(98"d61" 93$F%9A9"98";1'"*6F9:$"41;41";6"$'()1:P"89;"93+(2(4941;"9'+X;+(39;"7'(:49:"%$;(7(8(4941;" ;(F(89'1;"98"Q61)$"%9'9"41;367'('"&"1:+1:41'"18"F6:4$"41;41":61;+'9"(:[9:3(9P":$;"%1'F(+1" 1f%'1;9'" &" 3$F6:(39'" :61;+'$;" ;1:+(F(1:+$;P" 1F$3($:1;P" %1:;9F(1:+$;" &" 2(21:3(9;" ;67Q1+(29;P"9;X"3$F$"1;+978131'"89W$;"1:+'1":61;+'$"F6:4$"(:+1':$"&"18"F6:4$"1f+1'($'> S"%9'+('"418";()8$"KKP"18"S'+1"41"29:)69'4(9"[61"1:39F(:94$"*93X9"89";67Q1+(2(494"418" 3'194$'P"981Qc:4$;1"41"18(+(;F$;"&"2('+6$;(;F$;"9394hF(3$;"&"2$82(1:4$"98"3$:31%+$"418" 9'+1" %'(F(+(2$" 3$F$" 6:" 7(1:" 3$Fb:>" @:" 1;+1" ;1:+(4$" 3$F1:WE" 18" (:+1'h;" %$'" 89;" $7'9;" '198(W9;" %$'" %1';$:9;" 9Q1:9;" 9" 8$;" 3$:+1f+$;" 9'+X;+(3$;P" %'(:3(%98F1:+1" %1';$:9;" 3$:" 4(;39%93(494" (:+1813+698" $" 1:[1'F1494" F1:+98P" d61" 3'1979:" [61'9" 41" 89" 368+6'9P" ;(:" :(:)6:9" F$+(293(E:" 13$:EF(39" &" 1:" 39'1:3(9" 41" 3$:$3(F(1:+$;" 9'+X;+(3$" $" (:386;$" 41" '9WE:P" 1;+9;" $7'9;" [61'$:" 3$:;(41'949;" %$'" i19:" ^676[1++" 89;" 21'4941'9;" F61;+'9;" 41"6:"9'+1"%6'$"&"89"1f%'1;(E:"Fcf(F9"41")1;+$"9'+X;+(3$P"1"(:;%('9'$:"9"9'+(;+9;"3$F$" 5(39;;$P"`811"$"T'1+$:>"@;1")('$"*93(9"89""8(7'1"6+(8(W93(E:"41"8$;"F14($;"9'+X;+(3$;"%9'9" 6:9"F9&$'"1f%'1;(E:"1F$3($:98""4($"86)9'"1:"89";1)6:49"F(+94"418"KK"98"3$F(1:W$"41"89;" %'(F1'9;"+1'9%(9;"9'+X;+(39;P"+9:+$"1:"89"49:W9"3$F$"1:"89;"9'+1;"%8c;+(39;P"d61"%9'+1:"418" 3$:21:3(F(1:+$"41"d61"89"1f%'1;(E:"9'+X;+(39")1:1'9"(F%$'+9:+1;"71:1[(3($;"d61"9&649:" 98" 7(1:1;+9'" 41" 89;" %1';$:9;" &" 1;+c:" 79;949;" 1:" 89" 1f%'1;(E:" 41" 89;" 1F$3($:1;" 418" ;6Q1+$> @:"S00C^U"?S;$3(93(E:"%9'9"%1';$:9;"3$:";X:4'$F1"41"^$L:"&"$+'9;"4(;39%93(4941;" (:+1813+6981;B"88129F$;",-"9A$;"$['13(1:4$"89"%$;(7(8(494"1:"18"S'+1P"%9'9"18"S'+1"&"3$:" 18"S'+1"9"89;"%1';$:9;"3$:"39%93(4941;"4(21';9;"3$:"89;"d61"+'979Q9F$;P"81;"4(F$;"89" $%$'+6:(494"41"%$41'"1f%8$'9'P"4(;['6+9'"&"1f%'1;9';1"3$:"8$;"F14($;"9'+X;+(3$;P"1:"89;" 9'+1;"%8c;+(39;P"89"49:W9P"89"Fb;(39"&"18"4(c8$)$"1:+'1"9F79;P"1:+1:4(1:4$"18"S'+1"3$F$" 6:" 7(1:" 3$Fb:P" 1:" ;6" 3$:31%+$" %'(F(+(2$P" 3$F$" 6:" 81:)69Q1" %$;(781" %9'9" 1f%'1;(E:P" 89" 3$F6:(393(E:P" P" %9'9" 89" 2(;698(W93(E:" &" %9'9" 89" :$'F98(W93(E:P" %9'9" ;1'" 9d6188$" d61" %6141:";1'"&"41;19:";1'>
72338-,+-3503-"#$3/$3#(/(.3&3'-"-3#(/(.2339-3$:'"$.+603-"#*.#+,-3,(;(3503 <5$=-,$"3$.$0,+-)3=-,+-3)-3>+.+?+)+/-/@3)-3+A5-)/-/3&3$)3/$"$,=(3-3.$"350(3 ;+.;(2 @8"S'+1"*9"1;+94$"%'1;1:+1"1:"18";1'"*6F9:$"41;41"8$;"(:(3($;P":$;"*9"(4$"93$F%9A9:4$" &""*9"(4$"39F7(9:4$"1:";6"3$:31%+$P";1)b:"89;":131;(4941;"12$86+(29;"418"*$F7'1"&"89" ;$3(1494" 3$813+(29" 41" 3949" F$F1:+$P" &" *9" 367(1'+$" 4([1'1:+1;" 1+9%9;" 9" 8$" 89')$" 41" 89"
!"#$%&'#()*)#+,#"',-+$.'#/)012"'#',#"$0#/'%0),$0#(),333##4##"#$%&'%($))*+,$-%>#2)%I2J3$K#1-%DE$%@52+,2#$%&*+$+ *(;+$'(9>"@:"89;"368+6'9;"%'(F(+(29;P"18"S'+1P"9"+'92h;"41";6;"4([1'1:+1;"F9:([1;+93($:1;P" %'1+1:4X9"3$:+'$89'"8$;"*13*$;"d61P"1:"%'(:3(%($P"1;39%979:"98"3$:+'$8"d61"%$4X9:"1Q1'31'" 8$;"4([1'1:+1;""F(1F7'$;"418"389:P"+'(76"$")'6%$>"^1"98)6:9"[$'F9"%'1;1:+X9:"d61"*97X9" 3$;9;"1:";6"2(49"d61";1"1;39%979:"9";6"'9W$:9F(1:+$"&"6+(8(W979:"89;"F9:([1;+93($:1;" d61"%$:X9:"1:"Q61)$"81:)69Q1;"9'+X;+(3$;"3$F$"89"49:W9P"89"%(:+6'9P"18"3c:+(3$"&"89"Fb;(39P" %9'9"3$:13+9'"3$:"8$"F(;+1'($;$P"921'()69'"$"49'"6:9"1f%8(393(E:"9"98)b:"*13*$"d61":$" 9839:W979"9"89"'9WE:"$"(:[86('";$7'1"188$>> @8"S'+1"1;"6:"81:)69Q1"1;1:3(98"&"6:"7(1:"3$Fb:"d61"93$F%9A9"98";1'"*6F9:$"41;41" ;6":93(F(1:+$P"9"+'92h;"41";6;")9'979+$;"18":(A$"(:21;+()9"&"1f%1'(F1:+9"18"F6:4$"d61" 81"'$419"3$:"1;%$:+9:1(494"&"96+1:+(3(494"\9;"93+(2(4941;"9'+X;+(39;"81"7'(:49:"F63*9;" %$;(7(8(4941;" ;(F(89'1;" 9" 89;" 418" Q61)$" %9'9" 1:'(d6131'" ;6" F6:4$P" +9:+$" (:+1':$" 3$F$" 1f+1':$P" %1'F(+(h:4$81" 1f%'1;9'" ;6;" [9:+9;X9;" (:3$:;3(1:+1;" 9" +'92h;" 41" 6:" 4(76Q$P" 1;3'(7(1:4$" $" :9''9:4$" 6:" 361:+$P" *93(1:4$" 6:9" 39:3(E:" $" 3$:" 18" F$2(F(1:+$" 41" ;6" 361'%$>"@:"18"8(7'$"41"@881:"i>"\9:)1'""+(+6894$/"\9"#'19+(2(494"#$:;3(1:+1"*9&"6:9"3(+9" 41"5978$"5(39;;$"d61"41[(:1"1;361+9F1:+1"d61"18"9'+1"1;"6:"d61*931'"1;1:3(98""&"4(31" 9;X/"jZ$4$;"8$;":(A$;";$:"9'+(;+9;>"@8"%'$781F9"1;"3EF$";1)6('";(h:4$8$"369:4$"3'131;>g" ?\9:)1'P" ,--k/" RJB" 5$4'X9F$;" 9A94('" ;1)b:" ;$;+(1:1" 89" 96+$'9P" &" :$;$+'$;" F(;F$;P" d61" 369:4$" 3'131;" +1" 1:['1:+9;" 4(9'(9F1:+1" 9" 8$;" 96+$F9+(;F$;" d61" )1:1'9" :61;+'9" ;$3(1494P"9"8$;"1;+94$;"41":$"981'+9"d61":$;"(:2941:P"9"89;"(:31'+(46F7'1;"d61"(:+1:+9F$;" '1463('"$"18(F(:9'"41":61;+'9"2(49P"98":$"4$F(:($"41"+h3:(39;"9'+X;+(39;"['1:+1"9"89;"d61" :$"*1F$;"+1:(4$"$%$'+6:(4941;"&"9;X"6:"89')$"1+3h+1'9P"d61"78$d619:":61;+'9"1f%'1;(E:" 9'+X;+(39>"@;+9"F(;F9"(419"41[(1:41:"8$;"96+$'1;"418"8(7'$"CF%8(393($:1;"14639+(29;"41"89" #'19+(2(494P"#6'+(;"i>P"^1F$;"l>P"&"Z$''9:31"@>"?.HJGB \9"93+(+64"3'19+(29"%9'131"[$'F9'"%9'+1"41"89"1;+'63+6'9"3$:;+(+6+(29"41"89"1;%13(1>"56141"811';1" '1%1+(49F1:+1" d61" :$;" 1:3$:+'9F$;" 9:+1" 6:9" 39'93+1'X;+(39" [6:49F1:+98" 418" *$F7'1P" 6:9" %$;(7(8(494"4949"9"+$4$;"8$;";1'1;"*6F9:$;"98":931'e"%1'$"d61P"3$:"['1361:3(9P";1"%(1'41P";1" 1:+(1''9"$";1"(:*(71"%$'"8$;"1[13+$;"418"%'$31;$"368+6'98>
S" 8$" 89')$" 41" 89" *(;+$'(9" *9:" ;(4$" F63*$;" 8$;" 96+$'1;" &" 9'+(;+9;" d61" *9:" %61;+$"" %9897'9;"9"8$;"%'$31;$;"1:"8$;"d61"6:9"%1';$:9";1";6F1')1"369:4$"6+(8(W9"18"9'+1"3$F$" 181F1:+$"93+(2$"9"+'92h;"41"8$;"4([1'1:+1;"81:)69Q1;"9'+X;+(3$;P"1f%8(39:4$"89"3$:1f(E:" 1:+'1"18"F6:4$"(:+1':$"&"18"F6:4$"1f+1':$"d61"81"'$419P"4$:41"18"S'+1":$;"%1'F(+1"3$:+9'P" 1f%'1;9'"&"3$F6:(39'"9F7$;"F6:4$;> #$:" 1;+$;" %89:+19F(1:+$;" &" 76;39:4$" %$:1'" %9897'9;" 9" :61;+'9;" 1f%1'(1:3(9;P" 881)9F$;"9"6:"*1'F$;$"&"3$:3(1:W64$"+1f+$"41"mh3+$'"i69:"n($'(:("@8"%;(d6(;F$"3'194$'" 1:"18"d61"1:3$:+'9F$;"%9897'9;"9"8$;"4([1'1:+1;"F$F1:+$;"1:"8$;"d61"1:+'9F$;"1:"6:" %'$31;$"3'19+(2$>"@:"6:9"41";6;"3(+9;"9"@6)1:($"Z'X9;.P"1:3$:+'9F$;"6:9"41[(:(3(E:"418" 0@a"d61"8812949"98"F6:4$"41"89"4(;39%93(494P":$;"*931"41[(:('"89"F(;F9"41;41"18"%6:+$" 41"2(;+9"41"89";$3(1494"1:")1:1'98"&"41;41"18"%6:+$"41"2(;+9"41"89"9F%8(93(E:"41"F('9;"&" F1+9;"41:+'$"418"3$813+(2$>"m9789F$;"418"3$:31%+$"41";1'P"+1:(1:4$"1:"361:+9"941Fc;" 41"8$"d61"89;"%1';$:9;";$:"1:";X"&"8$"d61"4171:";1'P"8$"d61"%6141:"&"41;19:";1'>"\9;" %1';$:9;"3$:"4(;39%93(494"9"8$"89')$"41"89"*(;+$'(9"*9:";(4$"3$:;(41'949;"41;41"+9:";E8$" 4$;"41"1;+9;"931%3($:1;/"8$"d61";$:"&"8$"d61"4171:";1'P";(:"49'81;"6:"%1'F(;$"$"1:"18" 39;$"d61":$;"$36%9P"6:9"$%$'+6:(494"%9'9"8$"d61"%6141:"$"41;19:";1'P"&"1:3$:+'9F$;" 1:"1;+9;"4(F1:;($:1;"d61"18"S'+1"1;"6:"F14($"(4198"%9'9"[92$'131'"1;+$;"39F%$;"+9:" $82(494$;"1:"18"3$813+(2$>" S;X" F(;F$P" 18" S'+1" ;1" *9" 3$:21'+(4$P" 1:" :61;+'$;" 4X9;P" 1:" 6:" F14($" 9" +'92h;" 418" 3698" ;1" %6141" %'$%$'3($:9'" ;9864" 9" 6:" (:4(2(46$" 41+1'F(:94$P" 1:+1:4(49" h;+9" 3$F$"
$5,*R8R71)K,23$+R/*R2/*#,2/$/%RST%<
.N.
89" (:+1'21:3(E:" 3$:" 8$;" 81:)69Q1;" 9'+X;+(3$;" 41;41" " 89" ;9864" 1F$3($:98P" 6:9" [$'F9" 41" +1'9%(9"d61"9";6"21WP"(:+1'2(1:1";$7'1"89";9864"[X;(39"&"F1:+98>"@;+1"3$:31%+$";1"'1893($:9" [6:49F1:+98F1:+1"3$:"9d61889;"933($:1;"d61"'136%1'9:"89"2(;(E:"418";1'"*6F9:$"3$F$" *9314$'"268:1'9781P"3$F$"b:(3$"1:";6"*931'";1)b:"89;"2(21:3(9;"&"1f%1'(1:3(9;"9"89;"d61" ;1"1:['1:+1"&"9"89;""8(F(+93($:1;"3$:"89;"d61"361:+1> ^1;41"1;+9"[6:49F1:+93(E:"&"9"+'92h;"41":61;+'9"1f%1'(1:3(9":$;"9+'121F$;"9"9[('F9'" d61"18"9'+1"1;"6:"7(1:"3$Fb:"418"d61"+$4$;"%$41F$;"71:1[(3(9':$;"(:41%1:4(1:+1F1:+1" 41":61;+'9;"39%93(4941;"$"3$:$3(F(1:+$;"9'+X;+(3$;P"89"1f%'1;(E:"9'+X;+(39"%1'F(+1"98";1'" *6F9:$"941:+'9';1"1:"8$";1:;(781P"9'+(3689'"6:"4(;36';$"8()94$"9"8$"'1+E'(3$P"1:3$:+'9';1" 41;3'(7(1:4$" 6:" 39F(:$" 41" '13(%'$3(494P" 41" 41;367'(F(1:+$" $" 41;2189F(1:+$" 41" 89;" '1893($:1;"1:+'1"8$"1f+1':$"&"8$"(:+1':$"d61"941Fc;"%$:1:"1:"F9'3*9"1;d61F9;"(:+1':$;" 41"[18(3(494"&"'198(W93(E:>"
B23 C5$>-.3 .$0.+?+)+/-/$.3 '-"-3 $)3 -"#$3 -3 '-"#+"3 /$)3 .+A)(3 DD23 9-.3 !"#$.3 E)F.#+,-.3&3)-3G-0H-3,(;(3;$/+(3'-"-33)-3$:'"$.+60@3)-3.5?I$#+>+/-/3&3)-3 "$=-?+)+#-,+603/$)3+0/+>+/5(2 @8"(:(3($"418";()8$"KK"&"18"1;+988(4$"41"89"C"l61''9"=6:4(98"4(1'$:"%9;$"9"8$;"F$2(F(1:+$;" 41"29:)69'4(9"1:"@6'$%9"d61"+'9Q1'$:"3$:;()$"6:9"F('949"Fc;"97(1'+9"&")8$798"418"9'+1" 418"F$F1:+$P"+9:+$"1:"89;"9'+1;"%8c;+(39;"3$F$"1:"89;"9'+1;"1;3h:(39;>"\9"%$+1;+94"418" S'+1" 1F%1W979" 9" 981Q9';1" 41" 89" )1:(98(494" &" 18" 2('+6$;(;F$" +h3:(3$" &" 9394hF(3$" %9'9" 41Q9'"%9;$"9"6:"S'+1"9"[92$'"41"89"1f%'1;(E:"&"41"89";67Q1+(2(494> @:"1;+1"F(;F$";()8$";6')(E"6:"9'+1P"+9:+$"1:"89"%8c;+(39"3$F$"1:"89"49:W9P"(:41%1:4(W94$" 41"89"(419"41"71881W9P";("1:"89"%8c;+(39"&9":$"1'9"%1'+(:1:+1"18"4$F(:($"41"89;"+h3:(39;"41" 89"'1%'1;1:+93(E:"%9'9"'1%'$463('"F(Fh+(39F1:+1"89"'198(494"1:"89"49:W9";1"'$F%X9"3$:" 18"18(+(;F$"418"361'%$"41"4(F1:;($:1;"%1'[13+9;"&"89;"[$'F9;";(1F%'1")'c3(81;"&"71889;>" \9"'1%'1;1:+93(E:"41"89"'198(494"$7Q1+(29"9"+'92h;"41"89;"71889;"9'+1;";1"1:3$:+'979"1:" 413'1F1:+$"['1:+1"9"89"%'(F93X9"41"89"1f%'1;(E:";67Q1+(29"&"b:(39"418"9'+(;+9"9"+'92h;"41" 89"$7'9P"8$"F(;F$"$36''X9"1:"89"49:W9"4$:41"89;"1;31:$)'9[X9;"3$F(1:W9:"9"31:+'9';1"1:" '1%'1;1:+9'"(419;"&"%1:;9F(1:+$;";67Q1+(2$;>" n61"1:"1;+1"F$F1:+$"369:4$"89"['1;36'9"&"1;%$:+9:1(494"41"$7'9;"'198(W949;"%$'" 1:[1'F$;" F1:+981;" &" %1';$:9;" 3$:" 4(;39%93(494" ;1" 2$82(1'$:" %9+'$:1;" 41" '1[1'1:3(9" 1" (:[861:3(9" %9'9" 9'+(;+9;" 41" 29:)69'4(9" 3$F$" 5(39;;$P" 5968" `811P" =9f" @':;+" &" i19:" ^676[[1+>" Z'9;" 89" CC" l61''9" =6:4(98P" &" )'93(9;" 9" 89" 3$F%9AX9" 418" S'+" T'6+" 41" i19:" ^676[[1+P"8$;"9'+(;+9;"3$:"39%93(4941;"4(21';9;"418"F$F1:+$"41Q9'$:"41";1'"6:9"F1'9" '1[1'1:3(9"%9'9"8$;"9'+(;+9;"41"29:)69'4(9"&";1"3$:2('+(1'$:"1:"[()6'9;"(:386(49;"41:+'$"418" 1;+978(;*F1:+""9'+X;+(3$P"+9:+$"[61"9;XP"d61"98)6:$;"41"188$;"%9;9'$:"9"[$'F9'"%9'+1"41"89" m(;+$'(9"418"S'+1"F$41':$"&"3$:+1F%$'c:1$>" S"8$"89')$"418";()8$"KK";1"88129'$:"9"397$":6129;"3$:d6(;+9;"1:"89"3'193(E:"9'+X;+(39P" 41;41"89"(:41%1:41:3(9"41"89"(419"41"71881W9P"%9;9:4$"%$'"89"%'(F93X9"41"89"1f%'1;(E:"&" 89";67Q1+(2(494"418"3'194$'"['1:+1"9"89"$7Q1+(2(494P"89"(F%$'+9:3(9"41"89"(419"&"418"%'$31;$" 3'19+(2$"['1:+1"98"$7Q1+$"939794$P"*93(9"89""8(7'1"6+(8(W93(E:"41"8$;"F14($;"9'+X;+(3$;"3$:" (:41%1:41:3(9" 418"3$:$3(F(1:+$"41"8$;"Fh+$4$;"$"+h3:(39;"9'+X;+(39;P"%9'9"6:9"F9&$'" 1f%'1;(E:"1F$3($:98P"d61"4(1'$:"86)9'"1:"89";1)6:49"F(+94"41"1;+1";()8$"98"3$F(1:W$"41" 89;"%'(F1'9;"+1'9%(9;"9'+X;+(39;P"+9:+$"1:"89"49:W9"3$F$"1:"89;"9'+1;"%8c;+(39;P"79;949;" 1:"89"1f%'1;(E:"41"89;"1F$3($:1;"418";6Q1+$>"
!"#$%&'#()*)#+,#"',-+$.'#/)012"'#',#"$0#/'%0),$0#(),333##4##"#$%&'%($))*+,$-%>#2)%I2J3$K#1-%DE$%@52+,2#$%&*+$+
B273E"+;$"(.3-"#+.#-.3,(03,-'-,+/-/$.3/+>$".-.23G$)3!"#$3'.+,('-#()6A+,(3 -)3!"#3J"5#2 @8" $'()1:" 418" (:+1'h;" 41" 89;" $7'9;" '198(W949;" %$'" 1:[1'F$;" F1:+981;," &" %1';$:9;" 3$:" 4(;39%93(494";6')(E"1:"18";()8$"KCK"1:"8$;"*$;%(+981;"1"(:;+(+63($:1;"%;(d6(c+'(39;>""n61" 1:"1;+$;"cF7(+$;"4$:41";1"1F%1WE"9"6+(8(W9'"89"3'193(E:"9'+X;+(39P"1:"6:"%'(:3(%($"3$F$" F139:(;F$"41"4(9):$;+(3$P"&"Fc;"+9'41"3$F$""6:9"[$'F9"41"+1'9%(9"&"$36%93(E:"418"+(1F%$" 41"89;"%1';$:9;"'1386(49;>"^1;41"1:+$:31;"&"*9;+9"89"93+698(494P"18"7(:$F($"9'+1I8$36'9" *9";(4$"%'$+9)$:(;+9"41":6F1'$;$;"1:;9&$;"&"8(+1'9+6'9>"\9;"%'(F1'9;"$7'9;"414(3949;" 9"89"8$36'9"1:"'1893(E:"9"89"3'19+(2(494"[61'$:"1;3'(+9;"%$'"%;(d6(9+'9;"&"%'$[1;($:981;"41" 89";9864"F1:+98"d6(1:1;"9+'(76X9:"9"89;"$7'9;"'198(W949;"%$'"8$;"1:[1'F$;"F1:+981;"6:" (:4649781"298$'"%;(3$%9+$8E)(3$"1"(:386;$"41"4(9):$;+(3$R>" D$" $7;+9:+1P" 3$:" 89" 1:+'949" 418" ;()8$" KK" 98)6:$;" %;(d6(9+'9;P" 1:+1:4(4$;" 1:"S'+1P" 1F%1W9'$:"9"41+13+9'"+9F7(h:"1:"1;+9;"$7'9;"6:"298$'"413$'9+(2$"&"9'+X;+(3$>"5;(d6(9+'9;" 3$F$" 18" ^$3+$'" m9:;" 5'(:W*$'FN" 1:" S81F9:(9" &" 18" ^$3+$'" S6)6;+1" =9'(1O" 1:" 59'X;" 1F%1W9'$:"9"3$8133($:9'"$7'9;"41"8$;"(:+1':$;"1:"89;"38X:(39;"4$:41"+'979Q979:"&"3'19'$:" 89;"%'(F1'9;"F61;+'9;P"1f%$;(3($:1;"1"(:386;$"=6;1$;"414(394$;"1f386;(29F1:+1"9"1;+1" +(%$"41"S'+1>"#971"41;+939'"18"70&,($8,$!"#,$'%#(+9/):("418"%;(d6(9+'9"m9:;"5'(:W*$'F" 1:"S81F9:(9"&"18"70&,($8,$+%$;(+),"?=6;1$"41"89"8$36'9B"1:"59'X;>" #$F$"*1F$;"2(;+$P"98)6:$;"%;(d6(9+'9;"3$:")6;+$"9'+X;+(3$"1F%1W9'$:"9""21'"1:"1;+9;" $7'9;P"%$'"%'(F1'9"21WP"6:"298$'"9'+X;+(3$P"%1'$";1'X9:"8$;"9'+(;+9;"41"29:)69'4(9"8$;"d61" 89;"3$:21'+('X9:"1:"18"$7Q1+(2$"41"'1[1'1:3(9"9"%9'+('"418"3698"(:+1:+979:")1:1'9'"6:"9'+1" :612$P"8(7'1"41"8$;"3$:21:3($:98(;F$;"&"8$;"3c:$:1;"368+6'981;"&";$3(981;>"=63*$;"9'+(;+9;" 41"29:)69'4(9"3$:$3(1'$:"&"2(;(+9'$:"89;"3$8133($:1;"&"=6;1$;"414(394$;"9"89"8$36'9"41" 5'(:W*$'F"&"=9'(1P"&9"d61""8$;"3$:;(41'979:"6:""761:"1;+XF68$"%9'9";6"3'19+(2(494>"" \$;"%'(F1'$;"(:+1'1;94$;"1:"89;"%'$4633($:1;"%;(3$%9+$8E)(39;""[61'$:"8$;""9'+(;+9;" $:'"$.+(0+.#-."d61"94F('979:"41"h;+9;"89"(:41%1:41:3(9"41";6;"[$'F9;P"89";67Q1+(2(494" 41";6;"3$8$'1;"&"89"1;%$:+9:1(494"&"['1;36'9"41";6;"+'9W$;P"d61"41Q979:"3$:;+9:3(9"41" 89"[$'F9"b:(39"&";67Q1+(29"41;41"89"d61"3949";1'"*6F9:$"21X9";6"F6:4$>"@:"89"49:W9" 41;+939'X9F$;" 18" +'979Q$" 41" ^$'(;" m6F%*1&P" #*9'81;" o1(4F9:" &" =9'+*9" l'9*9FP" d6(1:1;"3$(:3(41:"1:"d61"18"F$2(F(1:+$"417X9";1'"6:9"1f%'1;(E:"41"8$"(:+1':$"Fc;"d61" 41"8$"1f+1':$>"\$;"/-/-*.#-."+9F7(h:";1";(:+(1'$:"1;%13(98F1:+1"(:;%('94$;"%$'"18"9'+1" 41"8$;" 1:[1'F$;"F1:+981;P" 2(1'$:"1:"1;9;" $7'9;""18"1;897E:"%'(F1'$"9"%9'+('""418"3698" 3$F1:W9'" 9" 3$:;+'6('" 6:" 9'+1" )1:6(:$" &" :612$" 79;94$" 1:" 8$" (''93($:98P" 89" 9:9'd6X9P" 18" 9W9'" &" 8$" 97;6'4$>" \$;" .5""$-)+.#-.P" (:[861:3(94$;" %$'" 89" 4(:cF(39" 418" %;(d6(;F$" &" 18" %;(3$9:c8(;(;"41"n'164"&"i6:)P"2(1'$:"1:"89;"$7'9;"&"1:"8$;"%'$31;$;"3'19+(2$;"41"1;+$;" 9'+(;+9;" 6:" F139:(;F$" b:(3$" %9'9" 933141'" 98" (:3$:;3(1:+1P" &9" d61" 1'9:" $7'9;" d61" ;1" 79;979:"1:"89"6')1:3(9"41"89"1f%'1;(E:"418";1'"*6F9:$P"[61'9"41"8$;"8XF(+1;"41"89"368+6'9P" 41"89"93941F(9"1"(:386;$"41"89"'9WE:>" 0(:"1F79')$P"*9;+9"18"F$F1:+$"1;+$;"9'+(;+9;"3$:"1:[1'F1494"F1:+98"&M$"4(;39%93(494" ;E8$" *97X9:" ;(4$" 6:9" F1'9" '1[1'1:3(9" %9'9" 8$;" 9'+(;+9;" 41" 29:)69'4(9P" ;6" 9331;$" '198" 41:+'$"41"8$;"Fc')1:1;"418"S'+1":$";1'X9"6:9"'198(494"*9;+9".HNOP"F$F1:+$"1:"d61"18" S'+(;+9"&"3'X+(3$"41"S'+1"K$-03G5?5LL$#341[1:4(1'9"3$:";6;"1;3'(+$;"&"F9:([(1;+$;"9'+X;+(3$;" 18"S'+1P"'198(W94$"[61'9"41"8$;"Fc')1:1;";$3(981;"&"9'+X;+(3$;P"&"[6:49'9$+%$:(<2%=>%$8,+$ !"#$?"0#6$ \9":(<2%=>%$8,+$!"#$?"0#"'13$)1"%'$4633($:1;"9'+X;+(39;"'198(W949;"%$'")1:+1;"d61" %$3$"$":949"+(1:1:"d61"21'"3$:"18";(;+1F9"41")981'X9;"$"F6;1$;P")1:1'98F1:+1"1:[1'F$;"
$5,*R8R71)K,23$+R/*R2/*#,2/$/%RST%<
.NR
F1:+981;P"%1';$:9;"3$:"4(;39%93(494P"%'1;$;P"9F9;"41"39;9"&":(A$;P"d61"39'131:"41" [$'F93(E:"368+6'98"&"9%'1:4(W9Q1"9'+X;+(3$"&"d61"1:":(:)b:"39;$"29:"76;39:4$"6:"(:+1'h;" 13$:EF(3$"3$:";6"+'979Q$>"0$:"$7'9;"'198(W949;"%$'d61";6;"96+$'1;";(1:+1:"89":131;(494" 41" 1f%'1;9';1" 41" 1;9" F9:1'9>" 5$'" 188$P" 9" 89" *$'9" 41" '198(W9'" ;6" $7'9P" ;1" ;(1:+1:" 3$F%81+9F1:+1" 8(7'1;P" [61'9" 41" +$4$" +(%$" 41" 3$:21:3($:98(;F$P" 9Q1:$;" 9" 8$;" )6;+$;" ;$3(981;"418"F$F1:+$>"\$;"1;3'(+$;"+1E'(3$;"41"i19:"^676[[1+"'13$)1:"%$'"%'(F1'9"21W"89" (419"41"d61"18"S'+1":$"1'9"1f386;(2$"41"8$;"9'+(;+9;P";(:$"d61"+$4$";1'"*6F9:$"%$'"1:3(F9" 41" ;6;" 39%93(4941;" $" 98" F9')1:" 41" ;6" '9WE:" %6141" ;1'" +9:" %$41'$;$" 9'+X;+(39F1:+1" 3$F$"3698d6(1'"$+'$"9'+(;+9"'13$:$3(4$> ^676[1++"1:".HNJ"(:+1:+E"41[(:('"&"49'"[$'F9"+1E'(39"98"3$:Q6:+$""41"$7'9;"d61"*97X9" 3$8133($:94$"1:"8$;"b8+(F$;"9A$;P"&"d61"")1:1'98F1:+1"1;+979:"'198(W949;"%$'"1:[1'F$;" F1:+981;P"4(;39%93(+94$;"%;Xd6(3$;P"9F9;"41"39;9"$":(A$;P"&"d61"3$:;(41'979"3$F$"89" 1f%'1;(E:"Fcf(F9"418")1;+$"9'+X;+(3$/" S'+" T'6+" ;$:" 89;" %'$4633($:1;" 41" +$4$" +(%$>>>" d61" %'1;1:+9:" 6:" 39'c3+1'" 1;%$:+c:1$" &" F6&" (:21:+(2$P"9;X"3$F$"%$3$"1:416494$"3$:"18"9'+1"98"6;$"&"3$:"89;"['(2$8(4941;"368+6'981;P"&"d61" +1:)9:"3$F$""96+$'1;"9"%1';$:9;"$;36'9;"&"1f+'9A9;"9"8$;"F14($;"%'$[1;($:981;>>>"1:+1:41F$;" 3$F$"+981;"9"89;"$7'9;"'198(W949;"%$'"%1';$:9;":$"9[13+949;"%$'"89"368+6'9"9'+X;+(39"1:"89;"d61" 18" F(F1+(;F$P" 98" " 3$:+'9'($" 41" 8$" d61" $36''1" 3$:" 8$;" (:+1813+6981;P" 39;(" :$" %9'+(3(%9:" $" :$" 89" +(1:1:"1:"97;$86+$P"41"F9:1'9"d61";6;"96+$'1;"$7+(1:1:"+$4$"41";6;"%'$%($;"'136';$;"&":$"41" 8$;"+E%(3$;"&"41"89;"['(2$8(4941;"418"9'+1"38c;(3$"$"418"d61"1;+c"1:"F$49>>>"89"$%1'93(E:"9'+X;+(39" +$+98F1:+1"%6'9P"1:"7'6+$P"'1(:21:+949>>>"%$'"18"96+$'"98";1:+('";6;"(F%68;$;>>>"18"9'+1"4$:41";1" F9:([(1;+9"89";$89""[6:3(E:"41"89"(:21:+(29P"&":$"9d61889;"$+'9;P"3$:;+9:+1;"1:"18"9'+1"368+6'98>" ?^676[1++P"@;3'(+$;";$7'1"9'+1>"#9'+9"9"l9;+$:"#*9(;;93P"F9'+1;",N"41"Q6:($"41".HNJB""
@8"S'+"7'6+P"d61"Fc;"+9'41";1"41:$F(:9'X9"+9F7(h:"S'+1"U6+;(41'"?#9'4(:98P".HJ,B"97'(E" 18"%9;$"98"1;+9F78(;*F1:+"418"S'+1"9"89;"%1';$:9;"3$:"4(;39%93(494P";1"1:3$:+'979:"%$'" [(:"41:+'$"41";6"3$:+1f+$P"%1'$"[61'9"41";6;"8XF(+1;P"41;41"1;+1"F$F1:+$"[61'$:"29'($;" 8$;"9'+(;+9;"3$:"4(;39%93(494"d61"1:3$:+'9'$:"3(1'+9"[9F9"&"d61"[61'$:"'13$:$3(4$;"3$F$" 9'+(;+9;>" #971" 41;+939'" 9" 89" 9F1'(39:9" i64(+*" 03$$++P" 98" 9;(c+(3$"p$;*(:*('$" p939F$+$" 9F7$;"3$:"4(;39%93(494"(:+1813+698>
B273M)3-"#$3,(;(3#$"-'+-239-3$:'$"+$0,+-3-"#*.#+,-3,(;(3503;$/+(3=-,+-3)-3 "$=-?+)+#-,+603/$3)-.3'$".(0-.3,(03/+.,-'-,+/-/23 \9;" S'+1;" 3$F$" 6:" F14($" +1'9%h6+(3$" %9'9" 89" '1*97(8(+93(E:" 9%8(394$" 98" +'979Q$" 3$:" %1';$:9;"3$:"39%93(4941;"4(21';9;P"+9:+$"1:"89"%8c;+(39""3$F$"1:"89"49:W9P";6')1:"1:" @6'$%9" ?1;%13(98F1:+1" 1:" C:)89+1''9B" &" 1:" 8$;" @@<<" 9" [(:981;" 418" ;()8$" KCK" %1'$" ;1" 1F%(1W9:"9"41;9''$889'"1:"89";1)6:49"F(+94"418";()8$"KKP"9"%9'+('"41"89"01)6:49"l61''9" =6:4(98>"" \9")61''9"F6:4(98"$%1'E"3$F$"6:"[93+$'"41+1'F(:9:+1"1:"89"1f%9:;(E:"41"89;"+1'9%(9;" 9'+X;+(39;>"@8"38(F9"d61";1"3'1E"%'12($"9"89")61''9"$78()E"9"1F()'9'"9"F63*$;"9'+(;+9;"&" 9"%;(3$+1'9%16+9;P"1:";6"F9&$'X9"41"$'()1:"Q64X$"3$F$"18"F(;F$"n'164P"d61"*6&1'$:"9" C:)89+1''9"$"9"@@<<"%9'9";9829';1"41"89"F9;93'1"D9W(>"<:9"41"1889;"[61"@4(+*"`'9F1'P" %($:1'9"418"9'+1"+1'9%(9"1:"@@<<P"d6(1:"*6&E"41"5'9)9"9:+1;"41"d61"1;+9889'9"89")61''9P"&" d61"1:".HO."3$F1:WE"9"+'979Q9'"3$F$"9'+1+1'9%16+9"1:"6:9"1;36189"'1;(41:3(98"41":(A$;" 3$:"1:[1'F1494"F1:+98"1:"D1L"p$']k>"@8"F(;F$"41;+(:$"3$''(1'$:"6:")'6%$"41"79(89'(:1;" [$'F94$;" 1:" 18" 1f%'1;($:(;F$" 981Fc:" d61" (:(3(9:" 89" 49:W9" 3$F$" +1'9%(9" 1:" @@<<P" 41;367'(1:4$"&"41;9''$889:4$"%'$31;$;"9'+X;+(3$;"9"+'92h;"41"89"49:W9"&"18"F$2(F(1:+$"
!"#$%&'#()*)#+,#"',-+$.'#/)012"'#',#"$0#/'%0),$0#(),333##4##"#$%&'%($))*+,$-%>#2)%I2J3$K#1-%DE$%@52+,2#$%&*+$+ d61"'1;68+9:"+1'9%h6+(3$;P"&";(1:4$"8$;"%($:1'$;"41"8$"d61"*$&"1:"4X9";1"3$:$31"3$F$" ^9:W9P"=$2(F(1:+$P"Z1'9%(9"?^=ZBJ #971"'1;98+9'"+9F7(h:"9"89"49:W9+1'9%16+9"=9'X9"n6fP"d61"1:"8$;"9A$;"O-g"3$F(1:W9" 9" 6+(8(W9'" 89" 49:W9" 3$F$" 6:9" 2X9" *93(9" 89" %81:(+64" 41" 89;" %$+1:3(98(4941;" 1f%'1;(29;P" &"8$)'9"d61";6;"986F:$;"3$:";X:4'$F1"41"^$L:"&"$+'9;"4(;39%93(4941;P"931%+1:";6;" %'$%(9;" 8(F(+93($:1;" %9'9" 3'19'" 6:" %6:+$" 41" %9'+(49" *93X9" 18" ;X" %614$>"S;X" F(;F$P" 89;" 9'+1+1'9%16+9;" =9')9'1+" D96F71')" 1:" @@<<" &" =9'($:" =(8:1'" 1:" C:)89+1''9P" d6(1:1;" 3$:2('+(h:4$;1" 1:" 89;" %($:1'9;" 41" 89"S'+1+1'9%(9P"1F%1W9'$:" 9"(:21;+()9'" ;$7'1"18"9'+1" 3$F$" F14($" +1'9%h6+(3$" %9'9" 89" '1*97(8(+93(E:" 41" 4(21';$;" 3$813+(2$;P" 1:+'1" 188$;" 89;" %1';$:9;"3$:"4(;39%93(4941;"(:+1813+6981;>" S" [(:981;" 418" ;()8$" KK" 89;" +1'9%(9;" 9'+X;+(39;" ;1" *97X9:" 1f+1:4(4$" %$'" +$49" @6'$%9P" 881)9:4$"+9F7(h:"9"@;%9A9>"@:"89"93+698(494"F63*$;"31:+'$;"41"9+1:3(E:"9"89;"%1';$:9;" 3$:" 4(;39%93(494" 361:+9:" 1:+'1" ;6;" %'$[1;($:981;" 3$:" 1f%1'+$;" 41" 89;" 9'+1;" %8c;+(39;" &"1;3h:(39;P"9;X"3$F$"+'979Q94$'1;"[$'F94$;"1:"89;"4([1'1:+1;"+1'9%(9;"9'+X;+(39;P"&";1" 1;+c:" 3$:[$'F9:4$" 89;" 4(21';9;" 9;$3(93($:1;" &" [141'93($:1;" 41" %'$[1;($:981;" 41" 89" 9'+1+1'9%(9P"49:W9+1'9%(9"&"^=Z"d61"863*9:"%$'"89"(:;+(+63($:98(W93(E:"&"%'$[1;($:98(W93(E:" 41"89;"4(21';9;"+1'9%(9;"9'+X;+(39;"1:":61;+'$"%9X;>"
N23M)3-"#$3$0305$.#"-.3>+/-.23O0-3$:'$"+$0,+-3/$3-"#$3&3,"$-#+>+/-/3'-"-3)-3 >+.+?+)+H-,+6033&3$)3?+$0$.#-"3.(,+-)3/$3'$".(0-.3,(03,-'-,+/-/$.3/+>$".-.3 $03$)3,$0#"(3/$3/*-P(,5'-,+(0-)3/$3!QQ4GR S00C^U"?S;$3(93(E:"%9'9"%1';$:9;"3$:";X:4'$F1"41"^$L:B":931"1:"F9&$"41".HG.P"1;" 6:9"9;$3(93(E:"%'(2949P";(:"c:(F$"41"863'$"&"41389'949"41"6+(8(494"%b78(39P"d61";6')1"41" 89"(:(3(9+(29"41"%94'1;"&"F94'1;"41"%1';$:9;"3$:";X:4'$F1"41"^$L:P"%9'9"49'"9+1:3(E:" &" $['131'" ;1'2(3($;" d61" :$" 1f(;+X9:" %9'9" 1;+1" 3$813+(2$" 1:" 89" 3(6494" 41" =6'3(9P" ;(1:4$" 89";1)6:49"9;$3(93(E:"Fc;"9:+()69"41"@;%9A9"1:"89"9+1:3(E:"9"1;+1"3$813+(2$>"D61;+'$" [(:"%'(:3(%98"1;"F1Q$'9'"89"398(494"41"2(49"41"89;"%1';$:9;"3$:";X:4'$F1"41"^$L:"&"%$'" ;$8(49'(494"3$:"$+'9;"4(;39%93(4941;"(:+1813+6981;"&"89"41";6;"[9F(8(9;P"%$+1:3(9:4$"18" Fcf(F$" 41;9''$88$" 41" ;6;" 39%93(4941;" (:4(2(46981;P" [92$'13(1:4$" 89" %81:9" (:+1)'93(E:" [9F(8(9'P";$3(98P"1;3$89'P"368+6'98"&"897$'98"&"6:9"2(49"8$"Fc;":$'F98(W949"%$;(781>"C:(3(9F$;" :61;+'$"93$F%9A9F(1:+$"41;41"18":93(F(1:+$"&"9"8$"89')$"41"89"2(49"41":61;+'$;"6;69'($;" &" ;6;" [9F(8(9;P" " 3$:+9:4$" %9'9" 188$" 3$:" 29'($;" 31:+'$;" 1:" =6'3(9" &" 6:" 9F%8($" 1d6(%$" +h3:(3$"d61"41;9''$889"8$;"4([1'1:+1;";1'2(3($;"&"%'$)'9F9;"d61"$['131F$;"%9'9"9+1:41'" 3949"6:$"41"8$;"9;%13+$;"418"41;9''$88$"d61";6')1:"1:"89;"4([1'1:+1;"1+9%9;"41"89"2(49>" #$:+1F%89F$;" 9" 89" %1';$:9" 3$:" ;X:4'$F1" 41" ^$L:" &" $+'9;" 4(;39%93(4941;" (:+1813+6981;"1:";6"+$+98(494P"3$F$"6:";1'")8$798"&":$"%9'3(98(W94$P"3$F$"%1';$:9;"d61" +(1:41:"3$F$"3698d6(1'"$+'9P"9$@)@)"$&0$@)8%P"3$:"+$4$;"8$;"41'13*$;"&"4171'1;"d61"%89:+19" :61;+'9";$3(1494P"41"6:9"[$'F9"8$"Fc;":$'F98(W949"1"(:+1)'949"%$;(781> m931" Fc;" 41" ,-" 9A$;P" 988c" %$'" 18" 9A$" H-P" 1:" S00C^UP" 3$:" (86;(E:" &" %93(1:3(9P" 413(4(F$;"49'"89"$%$'+6:(494"1:"18"S'+1P"%9'9"18"S'+1"&"3$:"18"S'+1"9"89;"%1';$:9;"3$:" 4(21';9;"39%93(4941;"%9'9"89;"36981;"+'979Q9F$;P"+1:(1:4$"1:"361:+9"18"%6:+$"41"2(;+9" 41/" jZ$4$" %$'" 1889;" %1'$" :$" ;(:" 1889;gP" $78()c:4$:$;" 9" 6:9" 93+693(E:" d61" 1;+62(1;1" F9'3949"%$'";6;":131;(4941;"&":$"%$'"8$;"%'$%($;"(:+1'1;1;"41":61;+'9"$')9:(W93(E:>" p" 1;" 9;XP" F('c:4$:$;" 9" :$;$+'$;" F(;F$;P" ;(:" %1'41'" 41" 2(;+9" 8$" d61" (79" 93$:+13(1:4$" 1:"18"%9:$'9F9";$3(98P"3$F$"*9"(4$";6')(1:4$"6:9"[$'F9"41"*931'"%$;(781"18"S'+1"1:"89"
$5,*R8R71)K,23$+R/*R2/*#,2/$/%RST%<
.NO
4(21';(494P"(:+1)'c:4$8$"41:+'$"41"89;"c'19;"418"41;9''$88$"41"89"%1';$:9P"41";6"9+1:3(E:" &"9%$&$> C5$.#"(.3 +0+,+(.P" ;1" 31:+'9'$:" 1:" 18" S'+1" 3$F$" F14($" %9'9" 89" '1*97(8(+93(E:" 1:" 8$;" 4([1'1:+1;" %89:$;" 418" 41;9''$88$" 41" 89" %1';$:9/" F$+'(WP" 3$):(+(2$I%1'31%+(2$" &" 41" 3$F6:(393(E:"&"'1893(E:"3$:"8$;"41Fc;"&"8$;""$7Q1+(2$;"%1';1)6(4$;":$"1'9:"%'$%($;"418" S'+1"1:";X>"@:"1;$;"F$F1:+$;P"89"9+1:3(E:"9"8$;":(A$;"3$:";X:4'$F1"41"^$L:";1"31:+'979" 1:"*931'81;"8$"Fc;"$%1'9+(2$;"%$;(781"9:+1"+$4$"1:"89;"361;+($:1;"F$+'(31;P"418"81:)69Q1" $"41"3$:+1:(4$;"9394hF(3$;"1"(:;+'6F1:+981;>"^1"9*XP";6')1"89":131;(494"41"d61"1;+9" $%1'9+(2(494"(:386&1'9"98(F1:+9'";6"1f%1'(1:3(9";67Q1+(29"F14(9:+1"18"Q61)$P"89;"'1893($:1;" 3$:"$+'$;P"&";6"8(7'1"18133(E:"1:"933($:1;"9'+X;+(39;"1:"89;"d61":$"3$''X9:"%18()'$>"5$'"$+'$" 894$P"8$"9+'93+(2$"41"8$;"181F1:+$;"d61";1"%$:X9:"1:"Q61)$"1:"89;"93+(2(4941;"9'+X;+(39;"&" 18":(218"41"F$+(293(E:"d61";6%$:X9:"%9'9"18":(A$P"*93X9"d61"+$F9'9:"3$:"Fc;"(:+1'h;";6" '1*97(8(+93(E:"&"146393(E:"1:"89;"$+'9;"c'19;"418"41;9''$88$>" \1;"4(F$;"89"$%$'+6:(494""41"1:3$:+'9';1"3$:"18""SaZ@"&";6;"181F1:+$;P"3$F$";("41" 6:"81:)69Q1";1"+'9+9'9P"&"%$41'"1f%8$'9'P"4(;['6+9'""&"1f%'1;9'"3$:"h8>"@F%1W9:4$"%$'"89;" S'+1;"58c;+(39;"&"3$:+(:69:4$"%$'"89"^9:W9P"3$:;(41'9:4$"89"Fb;(39"1:"18"4(c8$)$"3$:" 9F79;"&"%'$2$39:4$"1:"$39;($:1;"89"(:+1'4(;3(%8(:9'(1494"1:+'1"89;"+'1;"9'+1;>"^1;41"18" 3$:31%+$"%'(F(+(2$"1"(:(3(98"418"F(;F$P"3$F$"6:"F14($"41"1f%'1;(E:"&"3$F6:(393(E:P"3$F$" 6:"F14($"%9'9"3$F6:(39'":61;+'$"F6:4$"(:+1':$"3$:"18"F6:4$"d61":$;"'$419>"59'+(F$;" 41" 89" F9:3*9P" 18" %6:+$P" 89" 8X:19P" 89" [$'F9P" 18" 4(76Q$P" 18" 3$8$'P" 89" +1f+6'9P" 18" 2$86F1:P" 89" (F9)1:P" 18" F$2(F(1:+$" (F%68;(2$P" 18" Q61)$" %$;+6'98P" 89" 4(:cF(39" 41" F$2(F(1:+$P" 18" )1;+$P"89"'1893(E:"3$:"18"$+'$P"18"'(+F$P"89;";1:;93($:1;P"89;"1F$3($:1;P"89"3$F%$;(3(E:P"89" 4(21';(494"41"F9+1'(981;"&"Fb;(39;P"1+3>" m1F$;" '1;%1+94$" 89" '198(494" 41" 3949" %1';$:9P" :$" 3$:+9:4$" 3$:$ :%2%:)8%8,&$ 2",8,#,"<).%8%&$ d61" :$;" F9'39'9:" '1;+'(33($:1;" 41;41" 18" %'(:3(%($>" @8" 39F(:$" *9" ;(4$"89')$"&"F63*9;"*9:";(4$"89;"(:(3(9+(29;"%9'9"*931'"%$;(781"18"F6:4$"418"S'+1"1:"18" F6:4$" 41" 89" ^(21';(494P" *1F$;" (4$" 1897$'9:4$" %'$&13+$;" 9" 2131;" +1F%$'981;" &" $+'9;" %1'F9:1:+1;" d61" *9:" (4$" F9:+1:(1:4$" 93+(2(4941;" &" %'$[1;($:981;P" d61" *9:" *13*$" %$;(781"('";(+6c:4$:$;"1:":61;+'9"%'c3+(39P"129869'89"&"39:98(W9'89P"1;+978131'"%'($'(4941;P" 9%'1:41'"41"89"1f%1'(1:3(9>" @:"89"93+698(494P"+'979Q9F$;"41;41"89"^9:W9"#$:+1F%$'c:19"&"89;"S'+1;"58c;+(39;" &"1:"$39;($:1;"3$:"(:36';($:1;"41"9F79;"3$:"89"=b;(39>"@:"89;"93+(2(4941;"9'+1;9:9;" +'979Q9F$;"41;41"8$;"4(;1A$;"41"89;"%1';$:9;"3$:"39%93(4941;"4(21';9;"&":$"41;41"8$;" F$418$;"41"F$:(+$'1;"$"(F(+93($:1;> @;"1:"1;+1"1:361:+'$"&"9"8$"89')$"41"8$;"9A$;P"4$:41"*9:"(4$";6')(1:4$"4([1'1:+1;" %'$)'9F9;" &" 933($:1;" d61" *9:" 41;9''$8894$" 18" S'+1" 1:" ;6;" 4(;+(:+$;" :(2181;" 41" (:+1'21:3(E:/"+1'9%h6+(3$P"'1*97(8(+9+(2$P"[$'F9+(2$P"41"1f%'1;(E:"&"41"6;$"%$'";X"F(;F$" ;(:"$+'9"%'1+1:;(E:P"&"897$'98"q"$36%93($:98P"1:"89;"%1';$:9;"3$:";X:4'$F1"41"^$L:"&"3$:" $+'9;"4(;39%93(4941;"(:+1813+6981;"41"4([1'1:+1;"14941;>"@:+'1"+$4$;"1;+$;"%'$)'9F9;" &"933($:1;"41;+939F$;"9d6188$;"d61"1:"89"93+698(494";1"88129:"9"397$"1:"89"2(49"9468+9/ S3 T-))$"3 R,5'-,+(0-)3 !"#$Q-0(U" 41;9''$8894$" 9" 4(9'($" 1:" 18" #1:+'$" U36%93($:98>" 5'$F6121" 18" 9;%13+$" 3'19+(2$P" [$'F9+(2$" &" $36%93($:98" 897$'98" 41" 89;" S'+1;" 58c;+(39;"&"418"4(;1A$"%'$%($"%9'9"$+'$;"+9881'1;"418"31:+'$> S3 M:'(.+,+(0$.3 /$3 (?"-.3 /$3 !"#$.3 E)F.#+,-.3 -05-)$.U3 VW+>+"3 $)3 !"#$X3 $03 .53 1NY3 $/+,+603 3 &3 V!"#$Q-0(X3 $03 .53 ZY3 $/+,+603 '-"-3 $.#$3 -[(3 7\112" @:" ;989;"
!"#$%&'#()*)#+,#"',-+$.'#/)012"'#',#"$0#/'%0),$0#(),333##4##"#$%&'%($))*+,$-%>#2)%I2J3$K#1-%DE$%@52+,2#$%&*+$+ '13$:$3(49;"41"=6'3(9P"97(1'+9;"9"+$4$"18"%b78(3$"&"3$:"%$;(7(8(494"41"94d6(;(3(E:" 41" 89;" $7'9;" 1f%61;+9;>" 01" %678(3(+9>" \9;" $7'9;" ;1" F61;+'9:" 1:F9'3949;" &" F$:+949;"%$'"1f%1'+$;>" I"U+'9;"M:'(.+,+(0$.3/$3!"#$3$.'("F/+,-.P";1)b:"%$;(7(8(4941;"41";989;"&"1;%93($;" %b78(3$;> S3 ]5".(.3 /$3 ^(";-,+603 E"(L$.+(0-)3 R,5'-,+(0-)3 $03 "$)-,+603 -)3 !"#$3 &3 -3 )-3 ]"$-#+>+/-/23 S8)6:$;" 41" 188$;" (F%9'+(4$;" 1:" 933($:1;" 3$:Q6:+9;" 41" 9'+(;+9;" 41" :61;+'9" '1)(E:" &" %'$[1;($:981;" 41" :61;+'$" #1:+'$" U36%93($:98>" @:" 98)6:9;" $39;($:1;"1:"4(c8$)$"3$:"4(;+(:+9;"9'+1;> S3 _$,(""+/(.3 '("3 $)3 !"#$U" 3$:$3(F(1:+$" 41" 89" $7'9" 41" $+'$;P" +9:+$" 2(;(+9:4$" 1f%$;(3($:1;"&"F61;+'9;"%b78(39;P"3$F$"41:+'$"418"#1:+'$"U36%93($:98> S3T-))$"3/$3!"#$#$"-'+-P"%9'9"%1';$:9;"9468+9;"3$:")'921;"4([(368+941;"41"3$F6:(393(E:>" ^(c8$)$"41"89;"S'+1;>"U7Q1+(2$;"+1'9%h6+(3$;P"9+1:3(E:"9"8$;"%'$31;$;"&":$";E8$"9" 8$;"%'$463+$;"'1;68+9:+1;"d61"%6141"*971'8$;"$":$> S3 T-))$"$.3 /$3 G-0H-/" +9:+$" 9" :(218" '1*97(8(+9+(2$I+1'9%h6+(3$P" 3$F$" [$'F9+(2$>" #$:" *$'9'($";1F9:98"&"%$;(7(8(494"41"F61;+'9"98"[(:98"418"36';$"1:"18"S64(+$'($"VX3+$'" V(881)9;"41"=6'3(9>"01"%678(3(+9> S3](;'-[*-3W(,-,+(0-)3/$3G-0H-3](0#$;'("F0$-U"jS;X"0$F$;g>"#'1949"1:",--R" &"3$:"6:"79)9Q1"(:+1'1;9:+1"41"93+693($:1;"1:";6"+'9&13+$'(9>"#$:"1;%13+c368$"1:" 36';$"j@8"V(9Q1"41"T6768g>"01"%'$F6121:"93+693($:1;"41"89"3$F%9AX9>"a198(W9:" 1:;9&$;";1F9:981;"R"4X9;"9"89";1F9:9P"3$:"6:9"46'93(E:"+$+98"41"k"*$'9;>"\9;" 3'193($:1;";6')1:"41"8$;"F$2(F(1:+$;P"%'$%61;+9;P"1"(F%'$2(;93($:1;"418"181:3$" 41"89"3$F%9AX9>"@;+c"[$'F949"%$'".."79(89'(:1;"3$:";X:4'$F1"41"^$L:P"R"3*(3$;" &"G"3*(39;"3$:"14941;"3$F%'1:4(49;"1:+'1"8$;",R"&"8$;"R,"9A$;>" S3 M0,5$0#"(.3 ,"$-#+>(.3 ,(03 -"#+.#-.3 ,(03 /+>$".-.3 ,-'-,+/-/$.U3 ,(03 &3 .+03 /+.,-'-,+/-/@31:"4(c8$)$"3$:"89;"S'+1;/"58c;+(39P"^9:W9"&"=b;(39>"\9"%'1+1:;(E:" 1;"89"3'193(E:"3$:Q6:+9"&"18"4(;['6+1";(:"Fc;"41:+'$"41"6:"1;%93($"&"6:"+(1F%$"%9'9" 188$>"01"'198(W9:"+9:+$"41:+'$"3$F$"[61'9"41"S00C^U"3$:"9468+$;"&"QE21:1;"41" 4([1'1:+1;"14941;"&"1:"6:"F9'3$"41"(:386;(E:"&"41"39%93(4941;"4(21';9;>
N213M)3!"#$3-)"$/$/("3/$3)-3'$".(0-233 <:9"41"89;"%'(:3(%981;"%'1F(;9;"41;41"89;"d61"+'979Q9F$;"1:"18"31:+'$"$36%93($:98"1;" $['131'"89"%$;(7(8(494"41"d61"18"6;69'($"9%'1:49"89;"+h3:(39;"9'+X;+(39;"9"+'92h;"41";6"%'$%(9" 1f%1'(F1:+93(E:>" " ^1;41" 8$;" 4([1'1:+1;" +9881'1;" 3'19+(2$;" d61" %'$%$:1F$;" ?31'cF(39P" ;1'()'9[X9P"9'+1;"%8c;+(39;P"49:W9P""1+3>rB"8$;"3'194$'1;"+(1:1:"9331;$"98"3$:+93+$"3$:"8$;" 4([1'1:+1;"F9+1'(981;"&"9"+$49";6")9F9"41"%$;(7(8(4941;"3'19+(29;"&";$:"188$;"F(;F$;"8$;" d61"1f%1'(F1:+9:"&"Q61)9:"1:"89"6+(8(W93(E:"41"1;$;"F9+1'(981;>"S;(F(;F$P"361:+9:"3$:" 18"9;1;$'9F(1:+$"41"4(21';$;"F$:(+$'1;"3$:"[$'F93(E:"9'+X;+(39> \$;"F$:(+$'1;";$:"8$;"[93(8(+94$'1;"d61"97'1:"%9;$"98"%'$31;$"3'19+(2$P"%'$%$'3($:9:4$" 18"9331;$"9"8$;"4([1'1:+1;"F9+1'(981;"&";9+(;[93(1:4$"89;"":131;(4941;"3'19+(29;"41"3949" 9'+(;+9";(:"(F%$:1'"8$;"Fh+$4$;"41"3'193(E:"&";6"%9%18"1;/ S3 RL"$,$"" 98" 3'194$'" 89" $%$'+6:(494" 41" 41;367'('" +$49" 89" )9F9" 41" %$;(7(8(4941;" 3'19+(29;> S3^-,+)+#-"3 18" 9331;$" 9" 6:" %'$31;$"3'19+(2$P"4$:41" %6149:" 3$:13+9';1"3$:"9d6188$" d61"81;"1;"%'$%($>"06";67Q1+(2(494> S3!,(;'-[-"39"8$;"3'194$'1;"1:"6:9"7b;d6149"1;+h+(39"%'$%(9P"4$:41"188$;";19:"8$;" %'$+9)$:(;+9;P"39%931;"41")6(9'";6"%'$31;$"&"+$F9'";6;"413(;($:1;"%'$%(9;"['1:+1" 9"89"$7'9>"
$5,*R8R71)K,23$+R/*R2/*#,2/$/%RST%<
.NJ
S3R"+$0#-"33&"'1$'(1:+9'"*93X9"%$;(7(8(4941;"3'19+(29;"4([1'1:+1;> S3M.#+;5)-"39"89"3'193(E:"41"6:"1;%93($"&"6:"+(1F%$"4$:41P"9"+'92h;"41"4([1'1:+1;" F9+1'(981;P"18"(:4(2(46$"%6149"3$F6:(39';1"3$:";6"1:+$':$"&"49'"[$'F9"9"9d61889;" 41F9:49;"(:+1':9;"4([X3(81;"41"1f%'1;9'"%$'"$+'9;"2X9;>" S3W-)("-"3&3,5+/-"389;"3'193($:1;"3$F$"98)$"d61"1;+c"3$:13+94$"X:+(F9F1:+1"9";6" 3'194$'"&"d61"%$;11"89"[9368+94"41"3$F6:(39'"9d6188$"d61"81"1;"%'$%($>" D$;" 31:+'9F$;" 1:" 89" %'$%(9" %1';$:9" 3$:" 4(;39%93(494P" 3949" 6:9" 3$:" ;6" :$F7'1" &" 9%188(4$;P" 1:" ;6" '198(494P" :131;(4941;P" &" %$;(7(8(4941;P" 1:" ;6" 39'c3+1'" (:4(2(4698P" 981Qc:4$:$;" 41" Fh+$4$;" b:(3$;" &" +h3:(39;" 1f386;(29;" &" %9'3(981;P" &" 9:98(W9:4$" 8$;" 4([1'1:+1;" 81:)69Q1;" 41" 89;" S'+1;P" 3$:" ;6;" %$;(7(8(4941;" 1f%'1;(29;P" 3$F6:(39+(29;" &" 3'19+(29;>"S8" 31:+'9':$;" 1:" 89" %'$%(9" %1';$:9" &" 1:" ;6;" :131;(4941;" &" %$;(7(8(4941;P" 97$'49F$;"18"S'+1"3$F$"%$;(781"1:"89"4(21';(494P"&"8$"+1:1F$;"1:"361:+9"41;41"4(;+(:+$;" cF7(+$;"$"4(F1:;($:1;>"#$:;(41'9F$;"d61"6:9"%1';$:9"%6141"1;+9'"1:"6:$"$"1:"29'($;" cF7(+$;"9"89"21WP"$"*931'"6:"'13$''(4$"%$'"188$;/ I"^1:+'$"4183F;?+#(3"$=-?+)+#-#+>(3&3#$"-'`5#+,(P"18"S'+1"1;"6:9"*1''9F(1:+9"%9'9"89" F1Q$'9"&"3$F%1:;93(E:"41"4h[(3(+;P"9%$&c:4$;1"1:"89;"%$;(7(8(4941;"%1';$:981;"&"1:" '1893(E:"9"4(21';9;"29'(9781;"?S'+1+1'9%(9P"49:W9"'1*97(8(+9+(29P"49:W9+1'9%(9B/ I"F$+'(3(494"&"8$3$F$3(E:"8(F(+949;"1:"'1893(E:"9";X"F(;F$"&"3$:"18"1;%93($ I":(2181;"3$):(+(2$;"4(21';$; I"%1'31%3(E:"&";(;+1F9;";1:;$'(981;"4(;+$';($:94$; I"+'9;+$':$;"3$:463+6981;"&"949%+9+(2$; I"4([(368+941;"41"3$F6:(393(E:"&"1f%'1;(E:"1:"'1893(E:"9"8$;"F14($;"3$F6:(39+(2$;" *97(+6981; I":(2181;"41"96+$1;+(F9"%$3$"181294$; I"4([(368+941;"41"(:+1)'93(E:";$3(98> I" @8" S'+1" 1:" 18" F;?+#(3 $/5,-#+>(3 &3 L(";-#+>(U" %'1+1:41F$;" 1:;1A9'" &" 9%'1:41'" +h3:(39;"1;+97813(49;"%9'9"881)9'"9"6:"4$F(:($"41"8$;"4([1'1:+1;"81:)69Q1;"41"89;"9'+1;P" 3$:$3(1:4$" ;6;" 181F1:+$;P" &" 1:" '1893(E:" 9" :(2181;" 41" (:+1)'93(E:" &" :$'F98(W93(E:" 1:" +$49;" 89;" F9+1'(9;" [$'F9+(29;" &" 98" 6;$" 41" 8$;" 81:)69Q1;" 41" 8$;" F14($;" 9'+X;+(3$;>" @8" 41'13*$"98"9331;$"9"3698d6(1'"cF7(+$"41"89"2(49> I"@:"183F;?+#(3-"#*.#+,(P"3$F$"$7Q1+$"1:";X"F(;F$P"18"S'+1"%$'"18"S'+1P";(:":(:)6:9" %'1+1:;(E:"b8+(F9"'1*97(8(+9+(29"$"[$'F9+(29P";(F%81F1:+1"3$F$"4(;['6+1"%1';$:98P"%$'d61" F1")6;+9P"%$'d61"F1"9+'91P"1:"F("+(1F%$"41"$3($"&"1:"F("+(1F%$"8(7'1>"@;+c"1:"'1893(E:" 3$:" 89" 8(71'+94" &" 41'13*$;" 41" 89;" %1';$:9;" 41" ;6" %'$%(9" 3$:4(3(E:P" &" 3$:" 8$;" :(2181;" 41" (:+1)'93(E:" 1:" 369:+$" 9" 39%93(494" 41" 18133(E:" &" 413(;(E:P" 3$F$" %1';$:9;" d61" d6(1'1:"6+(8(W9'"18"9'+1"&"8$;"81:)69Q1;"d61"8$"[$'F9:"&"3$F$"%1';$:9;"3$:":131;(494"41" ;6%1'93(E:> I"@:"18"F;?+#(3'"(L$.+(0-)2"@8"9'+1"&"18"9'+(;+9"3$F$"%'$[1;(E:P"3$F$"$%3(E:"%1';$:98" &"%'$&13+$"41"2(49P"1:"'1893(E:"9"%1';$:9;"3$:"4(21';9;"39%93(4941;"d61"d6(1'1:";1'" 9'+(;+9;> #'11F$;"d61"31:+'9':$;"1:"6:$";E8$"41"1;+$;"cF7(+$;"41%1:41"41"89":131;(494"41" 89"%1';$:9"&"41";6;"%$;(7(8(4941;P"&":$"41"89;":131;(4941;"41"89"$')9:(W93(E:>"S6:d61";X" 1;"3(1'+$"d61";1"*9"41"1F%1W9'"%9689+(:9F1:+1>
!"#$%&'#()*)#+,#"',-+$.'#/)012"'#',#"$0#/'%0),$0#(),333##4##"#$%&'%($))*+,$-%>#2)%I2J3$K#1-%DE$%@52+,2#$%&*+$+
N273]"$-#+>+/-/3'(.+?)$23 @8"7(:$F($"3'19+(2(494"&"4(;39%93(494"3$:+(:b9";(1:4$"41"4([X3(8"3$:1f(E:P"417(4$"9"d61";1"" *9"3$:;(41'94$"9"89"3'19+(2(494"3$F$"6:9"3698(494"9;$3(949"9"181F1:+$;"d61"'1;68+9:P" 98"%9'131'P"(:3$F%9+(781;"3$:"89"4(;39%93(494P"%'(:3(%98F1:+1"8$;"181F1:+$;"3$):(+(2$;>" 0(:"1F79')$P"41;41":61;+'9"1f%1'(1:3(9"41"+'979Q$"*1F$;"9421'+(4$"d61"89"3'19+(2(494" 1;"%$;(781"1:"89;"%1';$:9;"3$:"4(;39%93(494P"&"d61";6;"%'$31;$;"&"1;+'9+1)(9;"3'19+(29;" ;$:"'(3$;"&"1;%$:+9:19;>"" @:" :61;+'$" 1;%93($" 41" +9881'" 76;39F$;" %9'9" :61;+'$;" 6;69'($;" 18" 3$:+93+$" &" 18" 4(c8$)$"3$:"4(21';$;"9'+(;+9;"3$:"8$;"36981;"3$F%9'+('"1f%1'(1:3(9"&""%'$31;$;"9'+X;+(3$;P" &9"d61"'1;68+9"41")'9:"1;+XF68$"%9'9"49'"'(1:49";618+9"9";6"3'19+(2(494>"#971"41;+939'" d61" ;6;" 93$F%9A9:+1;" ?F$:(+$'1;B" 1:" 8$;" +9881'1;" 9'+X;+(3$;" ;$F$;" +9F7(h:" 9'+(;+9;" %8c;+(3$;"&":$;"F9:+1:1F$;"93+(2$;"1:":61;+'9"(:21;+()93(E:"%1';$:98"3$:"89"%8c;+(39P" &9" d61" 1:+1:41F$;" d61" :61;+'$" +'979Q$" 3$:" 188$;" :$" 3$:;(;+1" 1:" 1:;1A9'" +h3:(39;" :(" %'$314(F(1:+$;"9'+X;+(3$;";(:$"1:"+'9:;F(+('"&"3$:+9)(9'"89"%'$%(9"2(21:3(9"9'+X;+(39P"%9'9" %1'F(+('"d61"3949"6:$"41":61;+'$;"6;69'($;"(:(3(1"18"'13$''(4$"1:";6"1f%1'(1:3(9"9'+X;+(39" %1';$:98> S41Fc;"41"+'9:;F(+('81;":61;+'9"%9;(E:"%$'"8$;"4(21';$;"81:)69Q1;"9'+X;+(3$;P"%9'9"d61" :61;+'$;"6;69'($;"1:+'1:"1:";6;"%'$31;$;"3'19+(2$;"%1';$:981;";1"81;"4171"%'$%$'3($:9'" F9+1'(981;P" +(1F%$P" 1;%93($P" Fh+$4$;" 9'+X;+(3$;" &" 1;+XF68$;" :131;9'($;>" D$" +$4$;" 8$;" d61"9F9:"89"%(:+6'9";971:"d61"+(%$"41"F9+1'(981;"&"+h3:(39;"1f(;+1:>"D$"+$4$"18"F6:4$" ;1";(1:+1"(:;%('94$"%9'9"3'19'":6129;"$7'9;>"@8"1;+XF68$"&"89"F$+(293(E:"d61"%'$2$39P" 8$;"F9+1'(981;"&";6;"%$;(7(8(4941;P"18"1;+94$"9:XF(3$P"1F$3($:98"&";1:;$'(98"%1';$:98P"89" '1893(E:"3$:"18"1:+$':$"&"8$;"$+'$;";$:"1;1:3(981;"%9'9"1:+'9'"1:"%'$31;$;"&"4(:cF(39;" 3'19+(29;>" D61;+'9"[(:98(494":$"1;"%'$463('"98)$"931%+94$"1:"+$4$"F$F1:+$"$";1)b:"F$418$;" 494$;P"1;"98)$"Fc;"8(71'94$'P"d61";6')1"$"[86&1"1:"6:"F$F1:+$"3$:3'1+$P";(:"%'1;($:1;>" @8" '1;68+94$" 41" 6:" %'$31;$" 3'19+(2$" %'$%($P" 1f+1'($'(W94$" &" %89;F94$" ;6181" 881:9'" 41" 981)'X9"&"'1[61'W9"89;"39%93(4941;"41"9+1:3(E:"&"'1;(;+1:3(9>
N2B3]$0#"-/(.3$03$)3'"(,$.( ^6'9:+1" 9A$;P" &" 96:" *$&" 1:" 4X9P" :$;" 1:3$:+'9F$;" 1:" 18"S'+1" 3$:" (:(3(9+(29;" d61" +9:" ;E8$" 3$:;(41'9:" 18" %'$463+$" '1;68+9:+1>" @:" :61;+'9" %'$[1;(E:" *1F$;" %$4(4$" 9421'+('" d61"18"%'$31;$"3'19+(2$"%9'9"881)9'"$":$"9"1;1"%'$463+$P"1;"()698"$"Fc;"(F%$'+9:+1>"p" 3$:;(41'9F$;"18"%'$31;$"3'19+(2$"3$F$"9;%13+$"[6:49F1:+98"41"89"6+(8(W93(E:"418"S'+1P" 96:" 369:4$" +9F7(h:" +1:1F$;" 1:" 361:+9" 18" %'$463+$" 6" $7'9" 9'+X;+(39" '1;68+9:+1" 3$F$" %9'+1"b8+(F9"418"%'$31;$"3$F6:(39+(2$"d61"+$4$"9'+(;+9"%'1+1:41> 59'9"%$41'"881)9'"9"6:"%'$31;$"3'19+(2$"1;":131;9'($"d61"89"%1';$:9"1:+'1"%'(F1'$"1:" 6:9"1f%1'(1:3(9"41"2(21:3(9"9"+'92h;"41"4(21';$;"1;+XF68$;"1f+1':$;>"^(3*$;"1;+XF68$;" ;1" 81" %'$%(3(9:" 1:" +9881'1;" &" 93+(2(4941;" 3$:" 89;" 4(;+(:+9;" 4(;3(%8(:9;" 9'+X;+(39;" 3$F$" ;$:/" S'+1;" 58c;+(39;P" =b;(39P" ^9:W9" &" 1:" 6:" F9'3$" 8b4(3$" d61" 81" *9)9" 1f%8$'9'" ;6;" %$;(7(8(4941;"(:4(2(46981;"&"41"'1893(E:"3$:"8$;"41Fc;> @:"89"[9;1"41"2(21:3(9P"*6(F$;"41"89"(F%$;(3(E:"41"+h3:(39;"&"41"F$418$;"41"(F(+93(E:P" %'$2$39:4$"&"%$+1:3(9:4$"1:"89"%1';$:9";6;":(2181;"41"1f%'1;(E:"&"3$F6:(393(E:>"@:"
$5,*R8R71)K,23$+R/*R2/*#,2/$/%RST%<
.NH
1;+1"%6:+$"&"1:"18"41;9''$88$"1:"18"+(1F%$P":$;"1:3$:+'9F$;"3$:":(2181;"41"(41:+(494P" 8(F(+93($:1;P" 39%93(4941;P" )6;+$;P" %'1[1'1:3(9;" &" 1f%1'(1:3(9;" d61" :$;" ;(+b9:" 1:" 6:" F9'3$"41"%1'31%3(E:$2"(2)(:,2#)@%A$,B#,"(:,2#)@%$,$).#,"(:,2#)@%>"^(3*9"%1'31%3(E:":$;" *931"41;367'(':$;"&"%$;(3($:9':$;"3$:"18"S'+1"&";6;"181F1:+$;"9"89"*$'9"41"6+(8(W9'8$;" %$'"6:$"F(;F$>"@;"9;X"3$F$"29";6')(1:4$"1:"89"%1';$:9"89"(:+1:3($:98(494"418"6;$"41" 41+1'F(:94$;"181F1:+$;"9'+X;+(3$;"['1:+1"9"$+'$;>"p"29"9%9'13(1:4$"18"%'$31;$"3'19+(2$" %'$%($"&"18"41;9''$88$"41";6"%1';$:9>"#69:4$"89"%1';$:9"F61;+'9"&"3$F6:(39"9"8$;"41Fc;" ;6"3'193(E:P"89"'1;%61;+9"41"8$;"$+'$;"%'$2$39"6:9"'1+'$98(F1:+93(E:"d61"81"*931"2$821'" 9"F('9';1"9";X"F(;F9"&"9";6"$7'9P"'1(:(3(c:4$;1"$+'9"21W"18"%'$31;$> S%$&9F$;" 18" 41;9''$88$" 41" %'$31;$;" 3'19+(2$;" 1:" 89;" %1';$:9;" 3$:" 4(21';9;" 39%93(4941;" 41;41" 1;+9" %1';%13+(29P" +1:(1:4$" 1:" 361:+9" d61" 1;+1" %'$31;$" 1;" 89')$" 1:" 18" +(1F%$" 1" (:4(2(4698" &" 96:" 369:4$" ;1" 881)61" 9" h8" 1:" 6:" F9'3$" )'6%98>" 59'+(F$;" 41"6:"1;+XF68$"1f+1':$"29'(9781"?%9897'9P"(F9)1:P";$:(4$P"Fb;(39P"+1f+$PrB"%'$2$394$" 3$:" (:+1:3($:98(494" d61" 88129" 9" 6:9" 1f%1'(F1:+93(E:" &" 2(21:3(9" ['1:+1" 98" 1;+XF68$P" %$;+1'($'F1:+1" 41" 1;9" 1f%1'(F1:+93(E:P" 2(21:3(9P" 89" %1';$:9" *931" 6:9" 18133(E:" &" 1;+'63+6'9I$'41:9" 9d6188$" d61" d6(1'1P" F61;+'9" ;6" 18133(E:" 9" 8$;" 41Fc;P" 9:98(W9:4$" $" 1f%8(39:4$"%$'"d6h"8$"*9"181)(4$>"a13(71"6:9"412$863(E:"41"8$;"41Fc;"&"3$:"1;1"F9+1'(98" 181)(4$"?F$2(F(1:+$P"+'9W$PrB"'11897$'9";6"%'$4633(E:>
a23](0,)5.+(0$. @8"9'+(;+9"i$*:"T9841;;9'("3$:+1;+9"1:"6:9"39'+9"9"6:"Q$21:"9'+(;+9/"rgD$"+1"F1+9;"1:" 9'+1"1:"76;39"41"[9F9"$"[$'+6:9>"m9W8$"%$'d61":$"%6141;":$"*931'8$g"?D1;71++P"T9:3'$[+P" S:4'1;;P",-.-/"RJB"S;X"[61"3$F$":$;"*9"$36''(4$"41;41"S00C^UP"+9:+$"41;41"89;"%'$%(9;" %1';$:9;" 3$:" 4(;39%93(494" 3$F$" 41;41" 8$;" %'$[1;($:981;" d61" 81;" 93$F%9A9F$;P" j:$" *1F$;"%$4(4$":$"*931'8$g>"Z1:(1:4$"1:"361:+9""8$;"'1;68+94$;"$7+1:(4$;"1:"8$;"9A$;"41" +'979Q$"&""1:"89"[$'F9"41"931'39'"18"S'+1"9"89"4(21';(494":$;"79;9F$;"1:"89;";()6(1:+1;" (:+1:3($:1;"418"S'+1"1:")1:1'98P"&"41;41"1889;"'1;39+9F$;":61;+'9;""%'$%(9;"3$:386;($:1;/" I"@8"S'+1"3$F$"F14($"41"1f%'1;(E:"*6F9:$"41"39'c3+1'"3'19+(2$> I"@8"S'+1"3$F$"F14($"%$;(7(8(+94$'"41"3$:+9'"&"3$F6:(39'P"&":$"3$F$"1:361:+'$"97;$86+$P" %1'F(+(1:4$"89"29'(93(E:"41;41":61;+'$";1'"&":61;+'$"1;+9'>" I"@8"S'+1"3$F$"89"%$;(7(8(494"41"97'('"6:9"21:+9:9"98"(:[(:(+$"9"98)$"d61":$"+(1:1"8XF(+1;> I"@8"S'+1"3$F$"9d6188$"jd61"*931:"8$;";1'1;"*6F9:$;"%9'9"3'19'"9'+1"&"41"8$"d61"*931" 18"9'+1"%9'9"3'19'";1'1;"*6F9:$;g"?S':*1(FP".HHH/".RB I" @8"S'+1" %9'9" 1f%8$'9'" 18" F6:4$>"j#'1$" d61" 18" 9'+1" ;1" *931" %9'9" 1f%8$'9'" 18" F6:4$" &"89"368+6'9P"%9'9"1f%8$'9'"18"F14($"181)(4$P"%9'9"1f%8$'9';1"9"6:$"F(;F$>"01"*931" %9'9" 3$F6:(39'P" 1:" 18" 81:)69Q1" 418" F14($P" 6:9" %1'31%3(E:P" 6:9" $7;1'293(E:P" 6:9" 3$F%'1:;(E:P" 6:" 1;+94$" F1:+98" $" 1F$3($:98>" 01" *931" %9'9" '1;%$:41'" $" +'9+9'" 41" '1;%$:41'"%'1)6:+9;>"01"*931"%$'"4(21';(E:rP";1"*931"1:"'1;%61;+9"9":131;(4941;" $"(:d6(1+641;"%1';$:981;>g"?n($'(:(P",--J/".GOB" I" @8" S'+1" 3$F$" 6:9" %'c3+(39" 1F$3($:9:+1P" 2(:3689:+1P" %1:;9:+1P" 1:1')(W9:+1>" @;+$;" +h'F(:$;"8$;"*1F$;"94$%+94$"1:"6:9"3$F%9'9+(29"41"8$"d61"mh3+$'"i69:"n($'(:("41[(:1" 1:";6"+1f+$"18"j5;(d6(;F$"#'194$'gP"3$F$"8$"d61"4171";1'"6:9"%'c3+(39"+1'9%h6+(39P"1:" 6:"(:+1:+$"41")1:1'9'"1;%93($;"&"+(1F%$;"1:"8$;"d61";1"%$:)9:"1:"F9'3*9"%'$31;$;>" 59'9":$;$+'$;"18";XF(8";1"1:361:+'9"1:"89"%61;+9"1:"F9'3*9"41"%'$31;$;"3'19+(2$;"d61" 9"+'92h;"41"1;+$;"%$8$;":$;"*931:"1f%'1;9'P"(:+1'%'1+9'"&"49'";1:+(4$P"1f%1'(F1:+9'P" 3$:+93+9'> 01)b:"89;"(:+1:3($:1;"9:+1'($'1;"41;41"89;"d61"%9'+(F$;"%$41F$;"881)9'"9"6:9"b:(39" 3$:386;(E:"&"1;"d61"3698d6(1'"F14($"9'+X;+(3$"1;"6:9"$%$'+6:(494"%9'9"%$41'"'1(2(:4(39'"
!"#$%&'#()*)#+,#"',-+$.'#/)012"'#',#"$0#/'%0),$0#(),333##4##"#$%&'%($))*+,$-%>#2)%I2J3$K#1-%DE$%@52+,2#$%&*+$+ 18"41'13*$"9";1'"6:$"F(;F$>"5$'"188$"&"41;41":61;+'9"89')9"1f%1'(1:3(9"1:"18"S'+1"3$:" %1';$:9;"3$:"4(;39%93(494"89:W9F$;"89;";()6(1:+1;"'1(2(:4(393($:1;/ S3M)3-"#$3,(;(3503'"(,$.(3=5;-0(@3503<5$=-,$"3$.$0,+-)3/$3#(/(.3&3'-"-3#(/(.23 Z9F7(h:" %9'9" 89;" %1';$:9;" 3$:" $+'9;" 39%93(4941;P" :$" 4(;36+(1:4$" d61" 18" 9'+1" 1;" 98)$" %'$%($" 418" ;1'" *6F9:$P" d61" 18" 9'+1" 1;" 6:9" 2X9"%9'9" F1Q$'9'" $+'$;" 9;%13+$;" 41" 89" %1';$:9P" ;$7'1" +$4$" 1:" 9d61889;" d61" %'1;1:+9:" 3(1'+$;" j4h[(3(+;gP" 3$:;(41'c:4$8$" 9;X" 3$F$"6:"F14($"'1*97(8(+94$'"$"+1'9%h6+(3$"%9'9"3$:;1)6('"$+'$;"9;%13+$;"41"41;9''$88$P" ;(:" %'1+1:41'" $7Q1+(2$;" 9'+X;+(3$;P" 3$F$" 98)$" ;136:49'($P" %1'$" +9F%$3$" 4(;36+(1:4$" &" 49:4$"%1'F(;$P"%9'9"d61"89;"%1';$:9;"3$:"39%93(4941;"4(21';9;P"%6149:"6+(8(W9'8$"41;41" 18"%6:+$"41"2(;+9"41"9'+1"1:";X"F(;F$"9"6:":(218"3'19+(2$"$"(:+1'%'1+9+(2$P"41"89"6+(8(W93(E:" 41"6:"81:)69Q1"4(;+(:+$"98"21'798P"+1:(1:4$"1:"361:+9"89;"39%93(4941;"&":$"+9:";E8$"89;" 8(F(+93($:1;"41"89"%1';$:9>"\9;"%1';$:9;"3$:"4(;39%93(494P"417(4$"9";6;"8(F(+93($:1;"&" 4h[(3(+;P"*9:"+1:(4$"d61"('"'136%1'9:4$"9"8$"89')$"41"8$;"9A$;"&"41";6"2(49"+$49;"9d61889;" $%$'+6:(4941;"d61"1:"%'(:3(%($";X"*9:"+1:(4$"$+'9;"%1';$:9;/"1;3$89'(W93(E:P"9%'1:4(W9Q1" &"[$'F93(E:P"1F%81$P"%9'+(3(%93(E:"1:"89"2(49";$3(98"%'$%(9P"4(;['6+1"418"+(1F%$"41"$3($"&" 8(7'1P"+$F9"41"413(;($:1;"&"96+$41+1'F(:93(E:"&"+9F7(h:";6"%9'+(3(%93(E:"41:+'$"418"S'+1" &"9331;$"9"89"#68+6'9>" @;" %$'" 188$P" d61" '136%1'9F$;" 18" S'+1" 3$F$" 6:" 81:)69Q1" %'$%($" d61" :$;" *931" 3$:$31':$;"&"49':$;"9"3$:$31'"9"8$;"41Fc;"41;41"89"298$'93(E:"41"89;"%$+1:3(98(4941;"$" '136';$;"%9'+(3689'1;"&":$"41;41"89;"8(F(+93($:1;"&"89;"+h3:(39;"'14633($:(;+9;> S3M)3-"#$3&3.5.3;$/+(.3,(;(3'(.+?+)+#-/("$.3'-"-3'"(>(,-"3&3A$0$"-"3V$)3/$.$(3.$"X3 &3V$)3'5$/(3.$"X 01)b:"8$"&9"4(3*$"41"89"41[(:(3(E:"41";1'"1:"89"$7'9"41"m13+$'"n($'(:(P"1:+1:41F$;" 18"3$:31%+$";1'P"+1:(1:4$"1:"361:+9P"941Fc;"41"8$"d61"89;"%1';$:9;";$:"1:";XP"8$"d61" 4171:" ;1'" &" 8$" " d61" %6141:" $" 41;19:" ;1'>" \9;" %1';$:9;" 3$:" 4(;39%93(494" *9:" ;(4$" 3$:;(41'949;"b:(39F1:+1"41;41"89;"4$;"%'(F1'9;"931%3($:1;/"\$"d61";$:"1:";X"&"8$"d61" 4171:";1'P";(:"49'81;"%1'F(;$"9"6:9"$%$'+6:(494"%9'9"8$"d61"%6141:"$"41;19:";1'P"&"%$'" +9:+$"1:+1:41F$;"d61"18"9'+1";6%$:1"6:"F14($"(4198"%9'9";1'"1:"18"3$:31%+$"9F%8($"&" 3$:"+$4$;";6;"931%3($:1;"?;1'"1:";XP"4171'";1'P"%$41'";1'"&"41;19'";1'B>"" =14(9:+1" 89" F9:([1;+93(E:" 9'+X;+(39P" 18" 9'+(;+9" 3$:" 4(;39%93(494" %'$&13+9" ;6" :(218" 41"(41:+(494"&"%'$2$39"1:"18"1;%13+94$'"'1933($:1;P"&9";19:"%$;(+(29;"$":1)9+(29;>"\9" 412$863(E:"41"1;9;"'1933($:1;"'1+'$98(F1:+9:"98"9'+(;+9"*93(1:4$"d61"h;+1"1;+(F681";6" :(218"41"96+$1;+(F9P"[92$'13(1:4$"89"6+(8(W93(E:"41";6;"'136';$;"(:+1':$;P"41;367'(h:4$;1" 9";X"F(;F$"41:+'$"41"+$49;";6;""%$;(7(8(4941;P"%$+1:3(9:4$";6"298$'"3$F$"%1';$:9"1:"18" 1:+$':$";$3(98> Z'9;" 9A$;" 41" 3$F%'$79'" 89;" 93+(+641;" 41" 89;" %1';$:9;" 3$:" 39%93(4941;" 4(21';9;P" %$41F$;" 9[('F9'" d61" 18" 3$:31%+$" 41" ;X" F(;F$" &" 89" " 96+$;6[(3(1:3(9" F1Q$'9:" F6&" 3$:;(41'9781F1:+1P")'93(9;"9";6"41;9''$88$"%1'(E4(3$"9"+'92h;"41"89"3'193(E:"9'+X;+(39> S3M)3-"#$3,(;(3#$""+#("+(3/$3+A5-)/-/@3503$.'-,+(3'-"-3)-3>+.+?+)+/-/3&3)-30(";-)+/-/2 " \9" 9%61;+9" %$'" :$'F98(W9'" 8$" d61" +'94(3($:98F1:+1" *9" 1;+94$" F9'394$" %$'" 89" 4([1'1:3(9P" 41;41" :61;+'$" +'979Q$" 1:" 18" S'+1" 76;39F$;" 6:9" F('949" *93(9" [61'9" 41" 89" 4(;39%93(494" 1:" 89" d61" ;1" $['131" 89" $%$'+6:(494" 41" d61" 9d6188$;" %6149:" F$;+'9':$;" 6:9"(F9)1:"41";X"F(;F$;>"@:+1:4(1:4$"41;41"1;+1"%6:+$"41"2(;+9"89"4(21';(494P":$";E8$"
$5,*R8R71)K,23$+R/*R2/*#,2/$/%RST%<
.O.
3$F$"89";6%1'93(E:"41"8(F(+93($:1;"d61"1Q1'31"89"%'$%(9"%1';$:9"3$:"4(;39%93(494"3$F$" 98)$"(:+1':$";6&$P";(:$"+9F7(h:"41"3EF$"89"21:P"89"2(21:"&"89"1:+(1:41:""9d6188$;"d61"1:" %'(:3(%($" :$" %'1;1:+9:" 1;9;" 8(F(+93($:1;" &" 3$:;(41'9:4$" 89;" 39%93(4941;" 4(21';9;" :$" 3$F$"6:9"96;1:3(9"41"39%93(494> S3M)3-"#$3,(;(3$:'"$.+603/$3$;(,+(0$.@3503;$/+(3'-"-3)-3,(;50+,-,+603&3$)3/+F)(A(2 @8"S'+1";6%$:1"9:+1"+$4$"6:9"[$'F9"41"1f%'1;9'P"6:":612$"81:)69Q1"41"3$F6:(393(E:>" #$:+9F$;"3$:"6;69'($;"d61":$"+(1:1:"81:)69Q1"21'798P"&"%$'"41[(:(3(E:"18";1'"*6F9:$"1;" ;1'";$3(98P"d61":131;(+9"3$F6:(39';1"&"'1893($:9';1"3$:"8$;"41Fc;>"@;"41"41;+939'""1:" 49:W9P";(1:4$"18"81:)69Q1"21'798"18""F1:$;"6+(8(W94$P"18"6;$"418"361'%$"3$F$"*1''9F(1:+9" 3$F6:(39+(29"3$:"89"d61"1f%'1;9:"F6&"7(1:P";1";(1:+1:"3EF$4$;P"&"Fc;"31'39:$;"9"188$;" F(;F$;P"1f%'1;9:4$":6F1'$;$;"F9+(31;"41";6"%1';$:98(494"+98"3$F$/";6";1:;698(494P" ;6"9[13+(2(494P";6"(:+1''1893(E:"3$:"8$;"$+'$;P";6;"1F$3($:1;P"1+3>>"U7;1'29F$;"d61"18" 9'+1"1;"6:9"F9:1'9"41"1f%'1;(E:"9"+1:1'"1:"361:+9"941Fc;"418"81:)69Q1"21'798P"&"1:" $39;($:1;"Fc;"9[X:"9"3(1'+9;"%1';$:9;>
C(#-. ."n($'(:("1:"@8"%;(d6(;F$"3'194$'"(:49)9"89"'1893(E:"418"%;(d6(;F$"3$:"8$"%$+1:3(98P"3$:"8$" 5$;(781rW$:9"d61";X"*9"(F%$'+94$"9"89"[(8$;$[X9P"9;X"3$F$"9"8$;"%$1+9;"&"9"8$;"9'+(;+9;" d61"*931:"41"1;9"'1893(E:"18"1Q1"41";6;"+9'19;"[6:49F1:+981;>"01"+'9+9"41"6:9"'1893(E:" 3$:"8$"97(1'+$P"3$:"8$"d61":$"'13$:$31P"9"%'($'(P"8XF(+1;>"n($'(:("?,--Je"GB ,"S6:d61"*9789F$;"%$'")1:1'98(W9'"41"S'+1"'198(W94$"%$'"1:[1'F$;"F1:+981;"3971";1A989'" d61"41:+'$"41"1;+9;"F(;F9;"(:;+(+63($:1;"%;(d6(c+'(39;"?9"[(:981;"418";()8$"KCK"&"%'(:3(%($" 418";()8$"KKB"*97X9:"'1386(49;"+9F7(h:"6:")'9:":bF1'$"41"%1';$:9;"3$:"4(;39%93(494> R"S8)6:9;"41"89;"9%$'+93($:1;"8(+1'9'(9;"Fc;"(F%$'+9:+1;";$7'1"89"'1893(E:"418"9'+1"&"89"8$36'9" ;$:"8$;""@;+64($;"Fh4(3$;I81)981;";$7'1"89"8$36'9"?.GJkB"418"%;(d6(9+'9;"Z9'4(16"P""89;" $7'9;"418""%;(d6(9+'9""#1;9'1"\$F7'$;$/"l1:($"&"8$36'9"?.GkNB"&"18"*$F7'1"418(:361:+1" ?.GGJBP" 89;" 9%$'+93($:1;" %;(3$9:98X+(39;" 41" 0()F6:4" n'164" ?a1361'4$" (:[9:+(8" 41" \1$:9'4$" 49" V(:3(P" .H.-" B" &" #9'8" i6:)" ?@8" *$F7'1" &" ;6;" ;XF7$8$;P" .HkNB" \$F7'$;$/" l1:($"&"8$36'9"?.GkNB"&"18"*$F7'1"418(:361:+1"?.GGJBP"89;"9%$'+93($:1;"%;(3$9:98X+(39;" 41" 0()F6:4" n'164" ?a1361'4$" (:[9:+(8" 41" \1$:9'4$" 49" V(:3(P" .H.-" B" &" #9'8" i6:)" ?@8" *$F7'1"&";6;";XF7$8$;P".HkNB N"m9:;"5'(:W*$'F"[61"6:"%;(d6(9+'9"S81Fc:"d61"1;+64(E"m(;+$'(9"418"S'+1"9:+1;"418"1:+'9'" 1:"89"[9368+94"41"=14(3(:9>""S:(FE"9"8$;"1:[1'F$;"41"89"38X:(39"m1(41871')"1:"89"d61" +'979Q979"9"d61";1"1f%'1;9'9:"9"+'92h;"41"89"%(:+6'9"&"41;41".H.H"881)E"9"3$8133($:9'" Fc;"41"O---"$7'9;"41"1:[1'F$;"F1:+981;"d61"[$'F9:"%9'+1"41";6"3$8133(E:"%'(2949> O"S)6;+1"=9'(1"[61"6:"%;(d6(9+'9"['9:3h;"d61"1F%1WE"9"3$8133($:9'"89;"$7'9;"41"8$;"1:[1'F$;" F1:+981;"41";6"38X:(39>"@:+'1".H,G"&".H,H"3$:;()61";939'89;"418"*$;%(+98"&"1f%$:1'89;" 1:"4([1'1:+1;")981'X9;"41"59'X;P"Fc;"+9'41";6"[6:49'X9";6"%'$%($"=6;1$"1:"59'X;> k"a1[81Q$"41"1;+9"1f%1'(1:3(9"3$:":(A$;"3$:"1:[1'F1494"F1:+98"1:""o(8+L(3]P"1;";6"%'(F1'" 8(7'$/"S'+"Z*1'9%&" (:" 9" #*(84'1:_;" " #$FF6:(+&" ?.HOGBP" 18" 3698" *9" ;(4$" &" 1;" 6:9" 41" 89;" )'9:4"1;"%'(:3(%981;"38921;"7(78($)'c[(39;"1:"18"1;+64($"41"89"S'+1+1'9%(9> J"\9"^=Z";1"41[(:1"3$F$"18"6;$"%;(3$+1'9%h6+(3$"418"F$2(F(1:+$"41:+'$"41"6:"%'$31;$"d61" %1';()61"89"(:+1)'93(E:"%;(3$[X;(39"?361'%$IF1:+1B"418"(:4(2(46$>"06;"(41981;"%9'+1:"41" 89"%'1F(;9"41"d61"+$4$"F$2(F(1:+$"3$'%$'98"%6141"88129'"+9F7(h:"39F7($;"1:"89"%;(d61P" %'$F$2(1:4$"89";9864"&"18"3'13(F(1:+$"%1';$:98"?^1[(:(3(E:""41"89"S^=Z@>"S;$3(93(E:" @;%9A$89"41"^9:W9P"=$2(F(1:+$P"Z1'9%(9B
!"#$%&'#()*)#+,#"',-+$.'#/)012"'#',#"$0#/'%0),$0#(),333##4##"#$%&'%($))*+,$-%>#2)%I2J3$K#1-%DE$%@52+,2#$%&*+$+ _$L$"$0,+-.3?+?)+(A"FL+,-.23 !"0=$+;@3 _5/()L3 ?.HHHB>" C(.&)8,"%:)(.,&$ &(*",$ +%$ ,80:%:)9.$ %"#>&#):%6$ T9'318$:9/" 59(4E;"@;+h+(39",,> ]-"/+0-)@3_(A$"@"?.HJ,B>""D0#&)8,"$!"#A$E,3$F("G6$'"%,/,"$'0*+):%:)(.,&6 ]5"#+.3 K2@3 G$;(.3 b2@3 T(""-0,$3 M23 ?.HJGB>$ H<2+):%:)(.,&$ ,80:%#)@%&$ 8,$ +%$ :",%#)@)8%86" 0989F9:39/"S:9&9> G5?5LL$#@3K$-0"?.HJOB>"@;3'(+$;";$7'1"9'+1>"#9'+9"9"l9;+$:"#*9(;;93P"F9'+1;",N"41"Q6:($" 41".HNJ>"T9'318$:9"T9''98"@4(+$'1;> ^+("+0+@38$,#("3K23?,--JB>$I+$2&)J0)&<($:",%8("6$V(+$'(9/"#$8133(E:"Fb;(39P"9'+1"&"%'$31;$P" 5'$4633($:1;"Sla<5SaZ@> K50A@3]-")3b2"?.HkNB>"@8"*$F7'1"&";6;";XF7$8$;>"i>l"n1')6';$:"5678(393($:1;> 9-0A$"@3M))$03K23?,--kB>"-%$C",%#)@)8%8$:(.&:),.#,6"T9'318$:9/"59(4E;> 9(;?"(.(@3 ]$.-"3 ?.GkNB>" K,.)($ L$ +(:0"%" ?l1:($" n$88(9B" #$8133(E:" l8(" S'3*(>" @4(3(E:" T$889+("T$'(:)*(1'(> 9(;?"(.(@3 ]$.-"3 ?.GGJB>$ I+$ 4(<*",$ 8,+):0,.#,$ ?#'(F(:98" =9:B>" @4(+$'(98" 5$'&13+$" l6+1F71')> C-5;?-"" ?.HOGB>" !"#$ M4,"%2L$ ).$ %$ C4)+8",.N&$ C(<<0.)#L6$ S" ;+64&" $[" +*1" n6:3+($:" $[" S'+" Z*1'9%&" (:" +*1" Z'19+F1:+" 5'$)'9F" $[" o(+8+L&3]" ;3*$88" [$'" T$&;>" 03*$3]1:" T$$];" 5678(;*1'>" C$.?$##@3J-0,"(L#@3!0/"$..3?@4;B"?,-.-B>"C%"#%&$%$0.$O(@,.$%"#)&#%6"\1E:/"@4(3($:1;"@8" #(%'h;> C(>-$.@3cY3823?.HJRB>"'&):(+(/>%$8,$+%$%2#)#08$:",%8("%6$T61:$;"S('1;/"`9%186;W> Q+A;50/@3L"$5/"?.H.-B$D*"%&$:(<2+,#%&$?V$8>"KCB/"#(:3$"3$:[1'1:3(9;";$7'1"%;(3$9:c8(;(;e" '1361'4$"(:[9:+(8"41"\1$:9'4$"49"V(:3("&"U+'9;"U7'9;>""T61:$;"S('1;P"SF$''$'+6"@4(3($:1;> T-"/$5@3!;?"(.+(3?.GJkB>"I&#08)(&$7P8):(&Q+,/%+,&$&(*",$+%$-(:0"%6$Z'94P"%$'"5'641:3($" 01'1A9"&"59'+9)9;>"T9'318$:9>"T(78($+139"Z9'416> WW2!!23 ?,--,B>$ !"#,$ L$ C",%#)@)8%8$ 8,$ +%&$ ',"&(.%&$ :(.$ 5)&:%2%:)8%8$ H.#,+,:#0%+>" 5678(393(E:"41"C:386;(E:"@6'$%9"[(:9:3(949"%$'"89"#$F(;(E:"@6'$%19>"C:386;(E:"@6'$%1" 14(3($:1;>
R!"#>:0+($",:)*)8(S$TUQTUQUTVVW$%:,2#%8(S$TXQTYQUTVVZ
!"#$%&%'()*#+,-.%/$%+/$0#+/-/ ,-..P"2$8>"N"?Q6:($B .ORI.S,"%%
!"#$%&'()*+",-../"01'2(3($"41"5678(393($:1;"41"89"<:(21';(494"41"=6'3(9>"=6'3(9"?@;%9A9B" C00D"14(3(E:"(F%'1;9/".GGHIHJHK>"C00D"14(3(E:"L17"?*++%/MM'12(;+9;>6F>1;M9%(B/".HGHIGNO,
@8"6;$"41"89;"+1'9%(9;" 9'+T;+(39;"3$:"%93(1:+1;" 41"U8V*1(F1'" "
W9"1X%1'(1:3(9"41"89"Y6:493(E:" U8V*1(F<'" 59+'(3(9"Z$'3[:"03*16"&"\'>"]$'Q9"=$')94$"U)6(''1^
!"#$%&'(%$'(")'"*+",+-.*/+)")'"0'**+("1$/'(2"3456'$(5)+)")'"7.$-5+2"8+9:.(")'";(:54+$)%2 '<9+5*="0%$>+"7%$?+)%"1?.5$$'"9%$?+)%@.92'(A""#+/$5-5+",%$-B4"C-D'.":&%$-'4@D%/9+5*2-%9
!"#$%&#'(#")%#*(+),-)%#)+*.%*-/)%#/&0#,)/-(0*(%#'(#1"23(-4(+##5####+/$5-5+",%$-B4"C-D'."E"0%$>+"7%$?+)%"1?.5$$'
!"#$%&#$'($)*+$!"#*,-.$/0+"$)12"#03#*4&$5,+0#6+&7$!"#$89-#*0#6:#$'($)12"#03%*$;'<6=,+0'6
U7;+'93+ 7KH FXUUHQW DUWLFOH LQWHQGV WR GR DQ DQDO\VLV RQ WKH EHQH多WV RI DUWLVWLF WKHUDSLHV IRU SDWLHQWV ;6YY1'(:)" Y'$F"U8V*1(F1'>"_*(;" (88:1;;P" ;(:31" (+" %'$4631;" ;1'($6;" 49F9)1;" (:" ;$F1" 9'19;" $Y" +*1('"7'9(:P"%'$2$`1;"+*9+"+*1"%9+(1:+;"Y$')1+"(F%$'+9:+"F$F1:+;"(:"+*1('"8(21;P"8$;(:)"121:"+*1('" $L:"(41:+(+&>"_*'$6)*"4(YY1'1:+"9'+(;+(3"L9&;"$Y"93+(:)P"(+"*9;"711:"%'$214"+*9+"9;"+*1"F1F$'&" (;";+(F689+14P":1L":16'$:98"3$::13+($:;"39:"71"3'19+14"Y92$'(:)"(:"+*(;"L9&"+*1"Y6:3+($:(:)"$Y" +*1('"F1F$'&>
a1&L$'4; _*1'9%&P"9'+P"F1F$'&P"$78(2($:P";+(F686;P"(41:+(+&>
b1;6F1: (O SUHVHQWH DUWtFXOR SUHWHQGH KDFHU XQ DQiOLVLV VREUH ORV EHQH多FLRV GH ODV WHUDSLDV DUWtVWLFDV %9'9"8$;"%93(1:+1;"c61"%94131:"89"1:Y1'F1494"41"U8V*1(F1'>"@;+9"1:Y1'F1494P"98"c6149'"%9'+1;" 418"31'17'$";1'(9F1:+1"49A949;P"%'$2$39"c61"8$;"%93(1:+1;"$82(41:"F$F1:+$;"(F%$'+9:+1;"41" ;6"2(49P"881)9:4$"(:386;$"9"%1'41'";6"(41:+(494>"U"+'92[;"41"4(Y1'1:+1;"93+693($:1;"9'+T;+(39;P";1" *9"3$F%'$794$"3EF$"98"1;+(F689'"89"F1F$'(9";1"%6141:"3'19'":6129;"3$:1X($:1;":16'$:981;" Y92$'13(1:4$"9;T"18"Y6:3($:9F(1:+$"41"89"F1F$'(9>
59897'9;"#8921 _1'9%(9P"9'+1P"F1F$'(9P"$82(4$P"1;+TF68$P"(41:+(494>
+$/'FEF:%*G/5-+(F)'F5)'4/5)+)"FHI"J
.OO
10#"(/2,,+3045607$"8$/-/$.592$5-7$,#-05-5)-58$8("+@X(;+1:"F63*9;"1:Y1'F14941;"c61"9Y13+9:"9"89"F1F$'(9"3$F$"18"59'`(:;$:P"89"41F1:3(9" %$'" 361'%$;" 41" W1L&" $" 89" Fd;" 3$:$3(49P" 89" 41F1:3(9" +(%$"U8V*1(F1'P" c61" $39;($:9:" 49A$;"31'17'981;"(F%$'+9:+1;>"51'$"+9F7([:"1X(;+1:"$+'9;"396;9;"c61"%6141:"%'$2$39:" 9F:1;(9"$"%['4(49;"41"F1F$'(9"?b6(VIe9')9;P".HHN/"N-,B>. @8" ;T:4'$F1" 9F:[;(3$" 1;" 3$:;1361:3(9" 41" 6:9" 41" 89;" 81;($:1;" 31'17'981;" Fd;" 1;+64(949;"1:"18"dF7(+$"41"89":16'$%;(3$8$)T9>"093*3+1'"\>"?.HHH/"R.-B":$;":9''9"6:$" 41" 8$;" 39;$;" Fd;" Y9F$;$;" 1:" 89" *(;+$'(9" 41" 89" %;(3$8$)T9" F$41':9" ;$7'1" %['4(49;" 41" F1F$'(9"$39;($:949;"%$'"81;($:1;"31'17'981;"1;"18"39;$"3$:$3(4$"3$:"89;"(:(3(981;"f=>" @:" .HORP" 18" :16'$3('6Q9:$" g(88(9F" ]113*1'" 03$2(881" $%1'E" 9" f=" %9'9" F(+()9'" )'921;" 9+9c61;"41"1%(81%;(9>"03$2(881"81"1X+('%E")'9:"%9'+1"418"*(%$39F%$P"89"9FT)4989"&"98)6:9;" d'19;"94&931:+1;"41"3$'+1V9"+1F%$'98>" W$;"9+9c61;"&"18"1;+94$"41";9864"41"f="F1Q$'E":$+$'(9F1:+1P"%1'$"%'$:+$";1"*(V$" F9:(Y(1;+9" 89" 9F:1;(9" c61" ;6Y'T9" 18" %93(1:+1>" _'9;" 89" $%1'93(E:P" f=" %9'13T9" :$'F98" 1:" 89" F9&$'T9" 41" ;6;" Y9368+941;P" %1'3(7T9" 18" F6:4$" c61" 8$" '$41979P" %$4T9" F9:+1:1'" 6:9"3$:21';93(E:":$'F98P"(:386;$"'198(V979"8$;"+1;+"41"#C"?3$3(1:+1"(:+1813+698B"()698"41" 7(1:"c61"9:+1;"41"89"(:+1'21:3(E:>"0(:"1F79')$P"18"%93(1:+1"$82(4979";6;"1X%1'(1:3(9;" 3$+(4(9:9;" +9:" %'$:+$" ;1" %'$463T9:>" D$" '13$:$3T9" 9" 8$;" F[4(3$;" c61" 81" 9+1:4T9:" 4(9'(9F1:+1P"$82(4979"8$"c61"*97T9"3$F(4$":949"Fd;"'1+('9'81"18"%89+$>"f="%'$%$'3($:E" 89"%'(F1'9"%'6179"4('13+9"41"c61"89;"1;+'63+6'9;"418"8E768$"+1F%$'98"F14($"41;1F%1A9:" 6:9"(F%$'+9:+1"Y6:3(E:"1:"18"'1361'4$>" U6:c61"1;+d"3(1:+TY(39F1:+1"41F$;+'94$"c61"89;"81;($:1;"418"8E768$"+1F%$'98"F14($" %6141:"%'$2$39'"9F:1;(9P"[;+9"+9F7([:";1"%6141"%'$463('"%$'"81;($:1;"Y61'9"41"89"'1)(E:" +1F%$'98"F14(9>"@8";T:4'$F1"41"a$';9`$YY";1"%'$4631"1:"%1';$:9;"c61"+(1:1:"6:"*(;+$'(98" %'$8$:)94$"41"976;$"41"983$*$8P"8$"c61"81;"%'$2$39"6:9"%'$Y6:49"%['4(49"41"F1F$'(9"41" 89;"1X%1'(1:3(9;"'13(1:+1;"&"1;+$"1;"417(4$"9"6:9"39'1:3(9"41"_(9F(:9"?2(+9F(:9"].B>"W$;" %93(1:+1;"3$:"18";T:4'$F1"41"a$;9`$YY"941Fd;"41";6Y'('"%['4(49;"41"F1F$'(9P"%94131:" +'9;+$':$;"3$):(+(2$;"&"%['4(49"41"F$+(293(E:P"+(1:41:"9"89"9%9+T9"&"41F61;+'9:"1;39;$" 9Y13+$"%$'";6;";1F1Q9:+1;> @:"98)6:$;"39;$;"8$;"%93(1:+1;"3$:"9F:1;(9"+(1:1:"89";61'+1"41":$";1'"3$:;3(1:+1;" 41"89")'921494"41";6"%'$781F9>"@88$;"%6141:"881)9'"9"3'11'"c61"89"F1F$'(9"81;"Y6:3($:9" 7(1:"&"F9:(Y(1;+9:"%$39"$":(:)6:9"%'1$36%93(E:"931'39"41";6;"4(Y(368+941;"%9'9"'13$'49'>" 0(:"1F79')$P":$"+$4$;"8$;"%93(1:+1;"9F:[;(3$;";$:"+9:"268:1'9781;"3$:";6"1;+94$>"@8" %'$%($"f=P"1X%8(39"093*3+1'P"1;"%9'3(98F1:+1"3$:;3(1:+1"41";6;"%['4(49;"41"F1F$'(9"&" *9"41389'94$"c61";1";(1:+1"3$F$";("1:"+$4$"F$F1:+$"93979'9"41"41;%1'+9'"41"6:";61A$>" @:"18"39;$"418"F98"41"U8V*1(F1'P"46'9:+1"89;"%'(F1'9;"Y9;1;"41"89"1:Y1'F1494P"F63*$;" %93(1:+1;";$:"3$:;3(1:+1;"41";6"%'$781F9P"F(1:+'9;"c61"$+'$;":(1)9:"$"F(:(F(V9:";6;" ;T:+$F9;>"
!"#$%&#'(#")%#*(+),-)%#)+*.%*-/)%#/&0#,)/-(0*(%#'(#1"23(-4(+##5####+/$5-5+",%$-B4"C-D'."E"0%$>+"7%$?+)%"1?.5$$'
:$.-""())(;5<-5$07$"8$/-/5/$5!)=>$+8$" W9"1:Y1'F1494"41"U8V*1(F1'"1;"89"396;9"Fd;"3$Fh:"41"41F1:3(9"41)1:1'9+(29"1:"89;" %1';$:9;" F9&$'1;P" 6:" +'9;+$':$" :16'$8E)(3$" c61" %'$2$39" 89" F61'+1" %'$)'1;(29" 41" 89;" 3[8689;":1'2($;9;"418"31'17'$>"\1"F9:1'9")'94698P"8$;"%93(1:+1;"%(1'41:";6"39%93(494"41" %1:;9'P"1:+1:41'"&"3$F6:(39';1P"881)9:4$"(:386;$"9"%1'41'";6"(41:+(494>"5$'"8$")1:1'98P"18" U8V*1(F1'"3$F(1:V9"%9689+(:9F1:+1"&";6;"%'(F1'$;";T:+$F9;";$:"89"%['4(49"41"F1F$'(9P" %1'$"9"F14(49"c61"929:V9"89"1:Y1'F1494P";1"29:"41+1'($'9:4$"$+'9;"39%93(4941;"3$F$" 89"3$):(+(29P"(F%(4(1:4$"98"%93(1:+1"89"'198(V93(E:"41"93+(2(4941;"41"89"2(49"3$+(4(9:9>" @:" 18" 9'+T368$" i_$4$" ;$7'1" 18" U8V*1(F1'j" ?,--NBP" ;1" 1X%8(39" c61" 1;+9" 1:Y1'F1494" 49A9"89;"%9'+1;"418"31'17'$"c61"3$:+'$89:"18"%1:;9F(1:+$P"89"F1F$'(9"&"18"81:)69Q1>"@8" U8V*1(F1'"%'$2$39"6:9"41Y(3(1:3(9"1:"89"F1F$'(9"9"3$'+$"&"9"89')$"%89V$P"396;9:4$"6:9" (:39%93(494"%9'9"9%'1:41'":6129"(:Y$'F93(E:"&"%9'9"'13$'49'"3$;9;"c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d;" 9:3(9:9;>" 0(:" 1F79')$P" 8$" c61" *931" c61" 1;+9" 41F1:3(9" +1:)9" 6:" (F%93+$" +9:" Y61'+1" 1:" 18" ;(;+1F9" ;9:(+9'($" &" 1:" 18" 3$:Q6:+$" 41" 89" ;$3(1494P" 1;" ;6" 39'd3+1'" (''121';(781P" 89" Y98+9" 41" 6:" +'9+9F(1:+$"36'9+(2$"&"89"39')9"c61"'1%'1;1:+9"%9'9"89;"Y9F(8(9;"41"8$;"9Y13+94$;>" D$" $7;+9:+1P" 96:c61" *9;+9" 9*$'9" :$" ;1" *9&9" 1:3$:+'94$" 6:9" 36'9" %9'9" 1;+9" 1:Y1'F1494P";T";1"*9"41;367(1'+$"c61"F14(9:+1"6:"+'9+9F(1:+$"Y9'F93$8E)(3$"Q6:+$"3$:" 6:9"9%'$%(949"1;+(F6893(E:"3$):(+(29";1"%6141"'1+'9;9'"89"%'$)'1;(E:"41"8$;";T:+$F9;>" \1"1;+1"F$4$P"6:"F9&$'"41;9''$88$"(:+1813+698"%6141"'1+'9;9'"18"U8V*1(F1'P"%1'$"1;+$":$" ;():(Y(39"c61"%1';$:9;"3$:"98+$":(218"14639+(2$":$"%6149:";6Y'('"89"1:Y1'F1494P";(:$"c61" %6141:"41;9''$889'89"1:"14941;"Fd;"929:V949;> @:"89"b1)(E:"41"=6'3(9P";1"3'19"1:"18"9A$",--S"89"Z6:493(E:"U8V*1(F<'"3$:"18"$7Q1+(2$" 41"F1Q$'9'"89"398(494"1:"9;(;+1:3(9"9"8$;"1:Y1'F$;"41"U8V*1(F1'"?Z6:493(E:"U8V*1(F<'P" ,--GB>"@8"%'$%E;(+$"41"89"Y6:493(E:"1;"18"41"+'9+9'"41"Y$'F9"(:+1)'98"89"1:Y1'F1494"3$:"+'1;" 93+693($:1;"%'(:3(%981;/"(:21;+()93(E:P"Y$'F93(E:"&"9+1:3(E:"9"8$;"%93(1:+1;>"U;T"F(;F$" 89"Y6:493(E:"+(1:1"1:"%'$&13+$"89"3$:;+'633(E:"41"6:"31:+'$"41"4T9"%9'9"8$;"%93(1:+1;>"@8" 14(Y(3($"U8V*1(F<'P";1"1;+d"3$:;+'6&1:4$"%1:;9:4$"1:"c61";19"6:"86)9'"+1'9%[6+(3$"%$'" ;T"F(;F$P"4$:41"89"86V"&"18"3$:+93+$"3$:"89":9+6'981V9";$:"8$;"%'$+9)$:(;+9;P"9871')9'd"6:" 31:+'$"41"Y$'F93(E:P"6:"31:+'$"41"4T9"41"3(1:"%89V9;"&"6:"31:+'$"41"(:21;+()93(E:>"" @;+9"Y6:493(E:"*9"3'194$"6:9";1'(1"41"+9881'1;"41"9'+1I+1'9%(9"1:"8$;"c61"%9'+(3(%9:"8$;" %93(1:+1;"&";6;"Y9F(8(9'1;P"3$:"89"(:+1:3(E:"41"F1Q$'9'"89"398(494"41"2(49"41"8$;"F(;F$;" &"3$:3(1:3(9'"9"89";$3(1494"F6'3(9:9";$7'1"1;+9"1:Y1'F1494>"W9"4$3+$'9"1:"*(;+$'(9"418" 9'+1"&"3$$'4(:94$'9"41"8$;"+9881'1;P"f9884E'9"U':9'4E++('":$;"*9"3$:314(4$"6:9"1:+'12(;+9" %9'9" 1X%8(39':$;" 1:" c6[" 3$:;(;+1:" 1X93+9F1:+1" 1;+$;" +9881'1;" &" 3$:" c6[" %'$%E;(+$" ;1" *9:"'198(V94$/ @:+'12(;+9" 3$:" 89" \'9>" f9884E'9" U':9'4E++('P" 3$$'4(:94$'9" 41" 8$;" +9881'1;" 41" )*+#$ .$ ><1+<*,$:'3'$!#*,-0,"3$:"%93(1:+1;"41"U8V*1(F1'P"f$;%(+98"41"89"e(')1:"41"89"U''(X939P" =6'3(9>
+$/'FEF:%*G/5-+(F)'F5)'4/5)+)"FHI"J
.OJ
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
+$/'FEF:%*G/5-+(F)'F5)'4/5)+)"FHI"J
.OH
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
" " 長 Z()6'9".>"_9881'"41"89;"_1'9%(9;"41"89"Z6:493(E:"U8V1(F6'>"Z$+$)'9YT9"41"5978$"k'93(9"=9+1$>
!"#$%&#'(#")%#*(+),-)%#)+*.%*-/)%#/&0#,)/-(0*(%#'(#1"23(-4(+##5####+/$5-5+",%$-B4"C-D'."E"0%$>+"7%$?+)%"1?.5$$'
" " 長 Z()6'9",>"_9881'"41"89;"_1'9%(9;"41"89"Z6:493(E:"U8V1(F6'>"Z$+$)'9YT9"41"l69:"41"89"#'6V"=1QT9;>
" " 長 Z()6'9"R>"_9881'"41"89;"_1'9%(9;"41"89"Z6:493(E:"U8V1(F6'>"Z$+$)'9YT9"41"]$'Q9"=$')94$"U)6(''1>
+$/'FEF:%*G/5-+(F)'F5)'4/5)+)"FHI"J
.S.
A(0,)2.+(0$. W9" F1F$'(9" ;1" 41;3'(71" 3$F$" 89" 39%93(494" $" %$41'" F1:+98" c61" %1'F(+1" '1+1:1'" &" '13$'49'P" F14(9:+1" %'$31;$;" 9;$3(9+(2$;" (:3$:;3(1:+1;P" ;1:;93($:1;P" (F%'1;($:1;P" (419;" &" 3$:31%+$;" %'12(9F1:+1" 1X%1'(F1:+94$;P" 9;T" 3$F$" +$49" 89" (:Y$'F93(E:" c61" ;1" *9"9%'1:4(4$"3$:;3(1:+1F1:+1m";("7(1:"3$(:3(4('d:"3$:":$;$+'$;"1:"c61"1;"F63*$"Fd;>" @8"(:4(2(46$P"89"%1';$:9"1;+d"41Y(:(49"%$'";6"F1F$'(9P"$"Fd;"3$:3'1+9F1:+1P"8$"c61"1:" 1889"98F931:9"&"8$"c61"413(41":$"98F931:9'>"#$F$"413T9"e(8[F"Z86;;1'"in82(49'"1;"6:9" Y6:3(E:"+9:"(F%$'+9:+1"41"89"F1F$'(9"3$F$"'13$'49'j"?.HH-/"RHJB> 0$F$;" %6'9" F1F$'(9P" 8$" c61" '13$'49F$;" &" $82(49F$;>" D61;+'9;" 1X%1'(1:3(9;" :$;" 29:" *93(1:4$" +9:+$" 3$F$" :61;+'$;" '1361'4$;P" &9" c61" 41" 188$;" 41%1:41:" :61;+'9;" '1893($:1;" 3$:" $+'9;" %1';$:9;>" D61;+'9" 2(49" 1;+d" 3$:;+'6(49" 41" '1361'4$;P" 41" '1Y81Q$;" 41"98)$"%9;94$>"0(:"'1361'4$;":$"*9&"(41:+(494P":$"*9&"on>"b136%1'9'"8$;"'1361'4$;" %1'4(4$;"1;"'136%1'9':$;"9":$;$+'$;"F(;F$;>" W9"3'618494"41"1;+9"1:Y1'F1494"'94(39"%'(:3(%98F1:+1"1:"1;9"%['4(49"41"(41:+(494>" @;" 3$F$" ('" 41;*93(1:4$" 6:" d876F" 41" Y$+$;" Y9F(8(9'P" '$F%(1:4$" 6:9" +'9;" $+'9" 89;" Y$+$)'9YT9;P"*9;+9"41Q9'8$"1:"789:3$>"U8"Y(:98":$"+(1:1;":949P";E8$"%d)(:9;"293T9;>"D$"+(1:1;" 36F%819A$;P":(1+$;P"*(Q$;"$"2(9Q1"41":$2($;>"D$"+(1:1;"+6"%'(F1'9"F$+$P"89"'1;(41:3(9"41" 1;+64(9:+1;P":("18";1'2(3($"F(8(+9'P":$"c6149":949> W9"6:(494"41"\1F1:3(9"418"f$;%(+98"e(')1:"41"89"U''(X939"&"89"Y6:493(E:"U8V*1(F<'P" 9" +'92[;" 41" ;6" +'979Q$" 4(9'($" &" 89" 9%8(393(E:" 41" +1'9%(9;" 9'+T;+(39;" %9'9" 18" +'9+9F(1:+$" $" 1;+64($" 41" 89" 1:Y1'F1494" 41" U8V*1(F1'P" F9+1'(98(V949" 1:" 1;+$;" +9881'1;P" 9&649:" 9" '13$F%$:1'"1;9;"Y$+$;"'$+9;P"%1'4(49;>"5$3$"9"%$3$"(:+1:+9:"'136%1'9'"8$;"36F%819A$;P" 18";1'2(3($"F(8(+9'P"8$;":(1+$;"&"+$49;"89;"Y$+$;P"+$4$;"8$;"'1361'4$;P"%9'9"'1;39+9'"418"$82(4$" 9"89"%1';$:9"c61";$F$;> f1F$;")$V94$"41"89"$%$'+6:(494"41"3$:$31'"9"8$;"%93(1:+1;"41"1;+1"1;+64($"9:+1;"&" 41;%6[;"41"8$;"+9881'1;"&P";("7(1:"9h:":$";1"4(;%$:1:"41"8$;";6Y(3(1:+1;"49+$;"369:+(Y(39781;" c61"9%$&1:"1;+9"9Y('F93(E:P"*1F$;"%$4(4$"%1'3(7('"6:9"(:F1:;9"F1Q$'T9"1:";6;"'$;+'$;>" 06"F9:1'9"41"F('9'P";6"F9:1'9"41";$:'1T'P"89"'(c61V9"41";6;"'1361'4$;"&"89"981)'T9"3$:" 89"c61"+1"361:+9:";6"2(49"9"8$"89')$"41"89;";1;($:1;P"*9"(4$";(1:4$"3949"21V"Fd;"&"Fd;" 2(29P"Fd;""3'(;+98(:9>" #$F$" :$;" 3$:+979" 89" \'9>"U':9'4E++('P" +'1;" *9:" ;(4$" 8$;" +9881'1;" '198(V94$" *9;+9" 89" Y13*9>" _$4$;" 188$;" *9:" +'9+94$" 41" 3$:;1)6('" 8$;" F(;F$;" $7Q1+(2$;P" 3$:" 89" 4(Y1'1:3(9" c61" *9" F9'394$" 89" F1+$4$8$)T9" 6+(8(V949" %9'9" 1;+(F689'" 1;+9;" F1F$'(9;m" 9" +'92[;" 41" (Fd)1:1;P" +1X+$;P" $7Q1+$;" 1" (:386;$" ;97$'1;P" 8$)'9:4$" c61" 1:" 3949" +9881'" ;1" *9&9:" 1;+(F6894$"4(Y1'1:+1;"%9'+1;"418"31'17'$> @;+9" F9):TY(39" 1X%1'(1:3(9" &" 8$;" +9881'1;" c61" ;1" 1;+d:" '198(V9:4$" 41;41" 89" 6:(494" 41" \1F1:3(9" ;$:" 6:9" 41F$;+'93(E:" %98%9781" 418" +'1F1:4$" %$41'" 1F$+(2$" 418" 9'+1" 1:" +$49;";6;"F9:(Y1;+93($:1;"&"18"2T:368$"c61";6%$:1:"1;9;"1F$3($:1;"3$:"89"12$393(E:" 418"'1361'4$> W$;"+9881'1;"41"89"Z6:493(E:"U8V*1(F<'"4('()(4$;"&"3$$'4(:94$;"%$'"#9'F1:"U:+h:1V" U8F9)'$P"4('13+$'9"F[4(39"41"89"Y6:493(E:P"&"f9884E'9"U':9'4E++('P";1"'198(V9'$:"3$:"29'($;" %'$%E;(+$;m"18"$7Q1+(2$"%'(:3(%98"1'9"3$:;1)6('"6:9"F9&$'"398(494"41"2(49"41"8$;"%93(1:+1;" c61P" )'93(9;" 9" 8$;" +9881'1;P" F1Q$'979:" ;6" 96+$1;+(F9" &" F$+(293(E:>" @;+9;" %1';$:9;" 98"
!"#$%&#'(#")%#*(+),-)%#)+*.%*-/)%#/&0#,)/-(0*(%#'(#1"23(-4(+##5####+/$5-5+",%$-B4"C-D'."E"0%$>+"7%$?+)%"1?.5$$' 3$897$'9'"1:"6:"%'$&13+$"9'+T;+(3$";1";1:+T9:"h+(81;P"8$"3698"1'9"+9F7([:"F6&"71:1Y(3($;$" %9'9";6"1;+94$"41"d:(F$>"5$'"$+'$"894$P";1"%'1+1:4T9"Y6;($:9'"18"9'+1"3$:"89"3(1:3(9"3$F$" (:;+'6F1:+$"%9'9"89"(:21;+()93(E:"41"1;+9"1:Y1'F1494>"k'93(9;"9"1;+$;"+9881'1;P"8$"c61" ;1" 76;3979" 1'9" *931'" '13$'49'" 9" 8$;" %93(1:+1;" ;(+693($:1;" 418" %9;94$P" c61" %64(1'9:" 3$:+9'" 1X%1'(1:3(9;" c61" *97T9:" 2(2(4$P" &" 9;TP" F14(9:+1" 1;+$;" '1361'4$;P" 9Y(9:V9'" ;6" (41:+(494>"59'9"188$"Y61"F6&"(F%$'+9:+1"'136''('"9"89"F1F$'(9"1F$3($:98P"%61;"[;+9"1;"89" c61"+1:1F$;"Fd;"9''9()949>
\(#-. ."W9"41F1:3(9"%$'"361'%$;"41"W1L&"1;"6:9"41F1:3(9"396;949"%$'"89"F61'+1"&"41)1:1'93(E:" 41"89;"3[8689;":1'2($;9;"1:"18"31'17'$>"@;"1:"29'($;"9;%13+$;";(F(89'"98"41"U8V*1(F1'"%1'$" ;6;";T:+$F9;";$:"4(Y1'1:+1;P"&9"c61"8$;"%93(1:+1;"(:386;$"%6141:";6Y'('"9863(:93($:1;" 2(;6981;>
5HIHUHQFLDV ELEOLRJUi多FDV ])2..$"I5^+)G8;5?.HH-B>"n:"=1F$'&"?@813+'$:(3"$'"n+*1'L(;1B>"@#'6,*='P"e$8>",RP"D$>"NP" RHJIRHH> Z6:493(E:" U8V*1(F<'>" 5d)(:9" L17" '12(;949" 18" .-" 41" 4(3(1F7'1P" ,-.-P" 41" *++%/MMLLL> Y6:493($:98V*1(F6'>$')MY6:493($: _2+=`^-"B-.I5 a;N;5 ?,--,B>" J#3'*0,$ .$ G1C0='K$ -#*&-#:+0C,$ #C'1<:0'60&+,K$ :'A60+0C,$ .$ 6#<*':'A60+0C,7$=94'(4/"@4(+$'(98"_'$++9P Z-,>,#$"I5:;5?,--HB>$@'&$&0#+#$-#:,='&$=#$1,$3#3'*0,7$>B3'$'1C0=,$.$*#:<#*=,$1,$3#6+#7" ]9'318$:9/"@4(+$'(98"U'(18> _$4$" ;$7'1" 18"U8V*1(F1'>" ?,--NB>" <:(494" 14(+$'(98" (:Y$'F93(E:" )1:1'98>" b12(;949" 18" .-" 41" 4(3(1F7'1P" ,-.-P" 41" *++%/MMLLL>18F6:4$>1;M18F6:4$;9864M1;%13(981;M,--NM-NM 98V*1(F1'Mc611;>*+F"
\)*+R:<1'$*#:0P0='Z$]^[_^[`_]]a$,:#-+,='Z$]b[_c[`_]]d
!"#$%&%'()*#+,-.%/$%+/$0#+/-/ ,-..P"2$8>"N"?Q6:($B .RSI.GR"%%
!"#$%&'()*+",-../"01'2(3($"41"5678(393($:1;"41"89"<:(21';(494"41"=6'3(9>"=6'3(9"?@;%9A9B" C00D"14(3(E:"(F%'1;9/".GGHIHJHK>"C00D"14(3(E:"L17"?*++%/MM'12(;+9;>6F>1;M9%(B/".HGHIGNO,
#(64949:T9"&"41'13*$;" 368+6'981; <:9"9%'$U(F93(E:"9"89"3$:;+'633(E:" 41"+1Q(4$";$3(98"41;41"18"9'+1" 3$:+1F%$'V:1$"1:"89"#(6494"41" =WU(3$" X(89"C:;Y9"X(:+'(4(;"Z
!"#$%&'(%$)"'*"+)",)-.+/)0"0'"1'++)("2$/'(3"4*56'$(50)0"7%89+./'*('"0'":)0$50; '<8)5+="+5+)5*(.)>)$/;.-8;'(3"?'@="A//9=BB+5+)5*(.);?%$09$'((;-%8
!"#$%$%&'%()($*+*,-./(,#01#+%0*/2(#&%(%3+.4"5%,"6&(%(0%(,.&/1+#,,"6&($*(1*7"$.(/.,"%0888((9(((C5+)"D*(E)"C5*/$505("
!"#"$%&'(")*+&,*!-.#-/+.*0"1(#'2*3&*3))/4+5(*#4*#(%*!4&'#/-5#"4&*46*745"+.*8+9/"5*:(/4-1(* !4&#%;)4/+/<*3/#*"&*=%>"54*!"#<
[7;+'93+ )URP WKH (XURSHDQ DQG 1RUWK $PHULFDQ DFDGHPLF FRQWH[W ZH RIWHQ WHQG WR IRUJHW VFLHQWL¿F DQG *6F9:(;+(3"\:$L814)1"%'$463+($:"+*9+"+9\1"%8931"(:"X9+(:"[F1'(39>"C+"(;"(F%$'+9:+"+$"3$''13+"+*(;" +1:41:3&"9:4"9:98&;1"+*1"1U%1'(1:31;"+*9+"9'1"41218$%(:)"(:"+*1"9'+(3689+($:"9:4"3$:;+'63+($:" RI FLWL]HQVKLS LQ ZKLFK WKH FRQWHPSRUDU\ DUW SOD\V D QRWDEOH UROH WKH ¿UVW SDUW RI WKLV ZRUN ZLOO EH ]$36;14"$:"+*1"9:98&;(;"9:4"3$:+1U+"$]"+*(;"%*1:$F1:$:>"[";*$'+"%1'($4"$]"'1;19'3*"]$'"&$6:)" +193*1';"(:"X9+(:"[F1'(39"+*9+"L9;";%$:;$'14"7&"+*1"09:+9:41'"^9:\P"L9;"+*1"$%%$'+6:(+&"+$" VWXG\ VSHFL¿FDOO\ LQ WKH &LW\ RI 0H[LFR D VHULHV RI VSDFHV ZKRVH SURSRVDOV DUH WDNLQJ SODFH 93+6988&"L$684"71"1U9F(:1"+*$'$6)*8&"(:"+*1";13$:4";13+($:"$]"+*(;"L$'\> _(:988&"L1"L(88"+93\81"+*1"`61;+($:"a$L"9'+(3689+1":1+L$'\;"+$"1:4$L"9:4"3*9:)1" +*1";$3(98" ;+'63+6'1"(:"L*(3*"L1"9'1"98'194&"(FF1';14b"c*1"%$;;(7(8(+(1;"+$"3$:;+'63+"F19:(:)"]'$F"4$L:" +$"6%"9:4"+$"%'$F$+1"+*1"368+6'98"'()*+;"$]"+*1"3(+(d1:;*(%"39:"3$:;+(+6+1"9"L9&"+$"%$;(+($:"(:" IURQW RI WKH SURFHVVHV RI JHQWUL¿FDWLRQ WKDW DUH SUHVHQW LQ PDQ\ FLWLHV DURXQG WKH ZRUOG 7KLV `61;+($:;"L(88"71"4'9L:"9;"9"L9&"+$"3$:38641>
e1&L$'4; &LWL]HQVKLS JHQWUL¿FDWLRQ FXOWXUDO ULJKWV FRQWHPSRUDU\ DUW VRFLHW\ WRZQ SODQQLQJ FLWLHV ;$3(98"%'$463+($:>
f1;6F1: g1;41"18"3$:+1U+$"9394WF(3$"16'$%1$"&":$'+19F1'(39:$"9"F1:64$";1"+(1:41"9"$82(49'"89" SURGXFFLyQ GH FRQRFLPLHQWR FLHQWt¿FR \ KXPDQtVWLFR TXH VH GHVDUUROOD HQ /DWLQRDPpULFD @;"(F%$'+9:+1"3$''1)('"1;9"+1:41:3(9"&"9:98(d9'"89;"1U%1'(1:3(9;"`61"1;+V:"+1:(1:4$"86)9'" 1:"89"9'+(36893(E:"&"3$:;+'633(E:"41"3(64949:T9"1:"89;"`61"18"9'+1"3$:+1F%$'V:1$"Q61)9" 6:"%9%18"'18129:+1P"89"%'(F1'9"%9'+1"41"1;+1"+'979Q$"1;+9'V"1:]$394$"98"9:V8(;(;"&"3$:+1U+$" 41"1;+1"]1:EF1:$>" ["%9'+('"41"6:9"1;+9:3(9"41"(:21;+()93(E:"%9'9"QE21:1;"%'$]1;$'1;"1"(:21;+()94$'1;"1:" C71'$9FW'(39" `61" %9+'$3(:E" 18" ^9:3$" 09:+9:41'P" +62(F$;" 89" $%$'+6:(494" 41" 1;+64(9'P" HVSHFt¿FDPHQWH HQ OD &LXGDG GH 0p[LFR XQD VHULH GH HVSDFLRV FX\DV SURSXHVWDV HVWiQ +1:(1:4$"86)9'"93+698F1:+1"&"`61"%9;9'1F$;"9"1U9F(:9'"41+1:(49F1:+1"1:"18";1)6:4$" 9%9'+94$"41"1;+1"+'979Q$> _(:98F1:+1"97$'49'1F$;"89"361;+(E:"h#EF$"9'+(3689'"'141;"&"1:+'9F94$;"%9'9"4$+9'"&" 39F7(9'"89"1;+'63+6'9";$3(98"1:"89"`61"1;+9F$;"(:;1'+$;b"X9;"%$;(7(8(4941;"41"3$:;+'6('" 4(;36';$;" 41" 979Q$" 9" 9''(79" &" 41" %'$F$21'" 8$;" 41'13*$;" 368+6'981;" 41" 89" 3(64949:T9" %6141:" 3$:;+(+6('" 6:9" F9:1'9" 41" %$;(3($:9';1" ]'1:+1" 9" 8$;" %'$31;$;" 41" 18(+(d93(E:" JHQWUL¿FDFLyQ TXH VH SUHVHQWDQ HQ GLYHUVDV XUEHV GHO SODQHWD \ TXH FRQWUDSRQGUHPRV 9"F$4$"41"3$:386;(E:> 59897'9;"#8921 #(64949:T9P" 18(+(d93(E:P" 41'13*$;" 368+6'981;P" 9'+1" 3$:+1F%$'V:1$P" +1Q(4$" ;$3(98P" 6'79:(;F$P" F1)98E%$8(;>
)$/'FGF9%+H/5-)(F0'F50'*/50)0"FIJ"D
.RO
10#"(/2,,+30 #$F$" %'1VF768$" 98" %'1;1:+1" 9'+T368$P" 1:" 18" 3698" *1" 1;+94$" +'979Q9:4$" 8$;" Y8+(F$;" F1;1;P"F1"%9'131":131;9'($"%89:+19'"6:9"'1]81U(E:";$7'1"89"(:21;+()93(E:"9'+T;+(39P"6:" 3$:+1U+$" `61" ;(+Y9" F(" %$;(3(E:" 3$F$" (:21;+()94$'9" &" 4$31:+1" 6:(21';(+9'(9>" a931" :$" 41F9;(94$"+(1F%$"1;+621"'12(;9:4$"6:9";1'(1"41"F9+1'(981;"]'6+$"418";1F(:9'($"i@:"+$':$" 9" 89" (:21;+()93(E:" 9'+T;+(39>" 51:;9'" &" 1:;1A9'" 9'+1/" 1:+'1" 89" %'V3+(39" &" 89" 1;%136893(E:" +1E'(39j"$')9:(d94$"1:"[7'(8"41",-.-"%$'"18"=6;1$"41"['+1"#$:+1F%$'V:1$"41"^9'318$:9P" =[#^[.>"#$:3'1+9F1:+1"6:9"41"89;"%$:1:3(9;"]61"'198(d949"%$'"89"9'+(;+9"g$'9"k9'3T9" ?,-.-B" &" 1:" 1889" *93T9" 6:9" 9:98$)T9" 1:+'1" 89" (:21;+()93(E:" 9'+T;+(39" &" 89" 8(+1'9+6'9" 41" l68($" #$'+Vd9'P" 369:4$" 1:" ;6;"361:+$;"+'9+9";$7'1"+'1;"+(%$8$)T9;" 41"%1';$:9;/"]9F9;P" 3'$:$%($;" &" 1;%1'9:d9;>" X$;" '189+$;" 41" #$'+Vd9'" :$;" %'$%$'3($:9:" 89;" 38921;" 41" 89" %1';$:98(494P"8$;"*V7(+$;"&"89;"(:38(:93($:1;"9'+T;+(39;"41"3949"6:$"41"188$;>"X$;"3'$:$%($;" ;$:" %'1;1:+94$;" 3$F$" 3'(9+6'9;" (:)1:69;P" (4198(;+9;P" 41;$'41:949;P" ;1:;(781;" &" %$3$" 3$:21:3($:981;P" 1:" 389'$" 3$:+'9;+1" 3$:" 8$;" ]9F9;P" `61" ;$:" 'T)(4$;P" $')9:(d94$;" &" ;1:+1:3($;$;m"&"8$;"1;%1'9:d9;/";(F%81;P"(:4$81:+1;P"():$'9:+1;"&"976''(4$;,>"59'9"g$'9" k9'3T9"1:"89"(:21;+()93(E:"9'+T;+(39"*97'T9"6:"3$F%$:1:+1"`61"1;+V"'1893($:94$"3$:"89" 39%93(494"41")1:1'9'"4(;36';$;"3'$:$%($;"`61":$"+(1:1:"`61"21'"3$:"8$;"3$:31%+$;"41" %'$463+(2(494"$"%61;+9"1:"298$'1;":1$8(71'981;"41"89"368+6'9>"@;+9F$;"41"9361'4$"3$:" DW;+$'"k9'3T9"#9:38(:("369:4$"F9:(](1;+9"`61" 18"%1:;9F(1:+$"Y:(3$"41"8$;"13$:$F(;+9;":1$8(71'981;";1"*9"(F%61;+$"%$'"+$4$"18"%89:1+9":$" +9:+$"%$'";6;"WU(+$;"%9'3(981;"?3$:+1:1'"89"*(%1'(:]893(E:"$"96F1:+9'"89"3$F%1+(+(2(494B"3$F$"%$'" *971'"8$)'94$"`6(+9'81"(F%$'+9:3(9"9";6;"]'939;$;"?96F1:+$"418"41;1F%81$P"41"89"4(;+9:3(9"1:+'1" '(3$;" &" %$7'1;P" 41" 89" 2($81:3(9" 1" (:;1)6'(494" 6'79:9;B>" X61)$" 1U+(1:41:" ;6;" %'139'($;" WU(+$;" 1U%8(39+(2$;"1:"6:9"d$:9"41"89"13$:$FT9"n89;"](:9:d9;n"98"3$:Q6:+$"41"89";$3(1494"&"89"368+6'9>" c$4$";1"1U%8(39"'1463(W:4$8$"9"]1:EF1:$;"41"F1'394$"&"]86Q$;"41"(:21';(E:"1;%13689+(29>"@;+9" %'1+1:;(E:"41"49'"361:+9"41"8$"`61"$36''1"1:"8$;"39F%$;"41"89":9+6'981d9P"41"89"146393(E:"&"89" 3'193(E:"9'+T;+(39P"418"%$41'"&"418";6]'(F(1:+$P";6Q1+V:4$8$;"9"$+'$"+1''(+$'($P"]61"39'93+1'T;+(39"41" 89;"W%$39;"%'1F$41':9;""?k9'3T9"#9:38(:(P",--O/"RHIG.B"
g1"1;+9"F9:1'9P"89;":9''9+(29;"418";()8$"KK"%1'F(+T9:"1:+1:41'"3EF$";1"'1893($:979:" 8$;";971'1;"1;%13T](3$;"41"3949"39F%$P"89"13$:$FT9"3$:"89"146393(E:P"&"9F79;"3$:"18" 9'+1"&"18"%$41'P"`6149:"41;79:3949;"%$'"6:9";1'(1"41"%'(:3(%($;"F63*$"FV;";(F%81;P" 1:+'1" 8$;" 36981;" 18" %'(:3(%98" 1;" 3$:21'+('" +$4$;" 8$;" 1;31:9'($;" 1:" 86)9'1;" 41" 3$F%'9" &" 21:+9>"["%1;9'"41"`61"1:"89"146393(E:P"1:"18"9'+1P"1:"89"3(1:3(9"$"1:"89"%$8T+(39"$36''9:" %'$31;$;"4(]1'1:+1;"98"(:+1'39F7($"41"F1'39:3T9;P";(1F%'1"%6141"9:98(d9';1"89"%9'+1"`61" W;+$;" +(1:1:" 1:" '1893(E:" 98" F1'394$>" o$821F$;" 9;T" ;$7'1" 8$;" 3$:31%+$;" `61" 93$F1+(E" g$'9" k9'3T9" 3$:+'9" 89;" %$;+6'9;" `61" `6(1'1:" (F%89:+9'" 18" 298$'" 41" 89" 6+(8(494" 41" +$49" 3'193(E:" 9'+T;+(39>" #$:" 18" 94Q1+(2$" iY+(8j" :$" ;1" '1](1'1:" 98" 9%$'+1" (:+1813+698" $" W+(3$" ;(:$" 9"6:9"2$86:+94"1U%8T3(+9"41";9+(;]931'"89":131;(494"41"6:9"41+1'F(:949"933(E:"9":(218" %'$463+(2$P"13$:EF(3$P"%$8T+(3$P"1+3>"@:";6"%$:1:3(9"=V;"FT;+(39"`61"'93($:98(;+9P"9839:d9" 21'4941;"`61"89"8E)(39":$"%6141"9839:d9'"g$'9"k9'3T9"?,-.-B";1A989"3EF$"89"13$:$FT9" *9"9+'921;94$"3$:";6;"3$:31%+$;"18"F6:4$"418"9'+1"&";1"%'1+1:41"`61"8$;"9'+(;+9;"+'979Q1:" 3$:"3$813+(2$;"41%'(F(4$;"$"F9')(:94$;"1:"9'9;"41"89"%'$463+(2(494"&"F9&$'"6+(8(494"418" 9'+1>" f1)'1;9F$;" +9F7(W:" ;$7'1" 89" 361;+(E:" `61" k9'3T9" #9:38(:(" ?,--OB" (:+1:+9" ;(+69'" 1:" %'(F1'" %89:$" h5$'" `6W" ;1" ]'6;+'E" 18" %'$%E;(+$" 41" %1:;9'" 89;" (:+1''1893($:1;" 1:+'1" 8$;"39F%$;"41"89"146393(E:P"89"368+6'9P"89"%$8T+(39P"18"%$41'P"'1;%1+9:4$";6"96+$:$FT9b"
!"#$%$%&'%()($*+*,-./(,#01#+%0*/2(#&%(%3+.4"5%,"6&(%(0%(,.&/1+#,,"6&($*(1*7"$.(/.,"%0888((9(((C5+)"D*(E)"C5*/$505(" f1%1:;9'"1;+9;"361;+($:1;"%9'131"413(;(2$>"D61;+'9"(:21;+()93(E:"(:49)9"1:"89"'1893(E:" `61" ;1"1;+978131" 1:+'1" 89" 3$:;+'633(E:" 93+(29"41"3(64949:T9"&"18"9'+1"3$:+1F%$'V:1$P" ;(:"1F79')$":$"8$"*931"41;41"6:9"%1';%13+(29"`61"(:;+'6F1:+98(31"18"298$'"41"89"368+6'9" $" `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d93(E:" 41" 89;" 1F%'1;9;P" 1:" 8$;" 41;367'(F(1:+$;" 3(1:+T](3$;" &" ;6"9413693(E:"%9'9"'1;$821'":131;(4941;"8$3981;>"D$;"%9'131"%'(F$'4(98P";(:"1F79')$P" 1;+9'"981'+9"]'1:+1"9"89"(:;+'6F1:+98(d93(E:"41"89"368+6'9"&"89":$3(E:"41"3'19+(2(494"`61" F9:1Q9:" 96+$'1;" 3$F$" f(3*9'4" _8$'(49P" `61" +9:+9" '1%1'36;(E:" 1;+V" +1:(1:4$" 1:+'1" 8$;" %$8T+(3$;"&"%$:1'"1:"298$'"41+1'F(:949;"%'$%61;+9;"3$F$"89;"`61"%'1;1:+9F$;"1:"1;+1" +'979Q$>
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
X9" :9+6'981d9" 41" 1;+1" 9'+T368$" 1;" 41" 39'V3+1'" 1F%T'(3$" &" 1U%1'(F1:+98>" 5$:1F$;" 1:" '1893(E:" 6:" 3$:Q6:+$" 41" 3$F%$'+9F(1:+$;P" 6:" '1%1'+$'($" 41" ;TF7$8$;" &" ;1)6(F$;" 6:9" '6+9" %9'9" 76;39'" 8$;" 49+$;P" $'41:9'8$;" &" Q6;+(](39'8$;>"['7(+'9F$;" 1:+'1" 89;" +1:41:3(9;" 1%(;+1F$8E)(39;"369:4$"181)(F$;"+9:+$":61;+'$"$7Q1+$"41"1;+64($"3$F$"8$;"3$:31%+$;" 1;+'9+W)(3$;"3$:"8$;"`61"+'979Q9'";$7'1"9;6:+$;"368+6'981;>" @8"]'6+$"41"1;+1"+'979Q$"'1;%$:41"9"6:9"(:21;+()93(E:P"`61"+62$"86)9'"46'9:+1"8$;"+'1;" F1;1;"41"1;+9:3(9"1:"89"#(6494"41"=WU(3$P"3$:;(;+1:+1"1:"18"1;+64($"(:";(+6"41"4(21';9;" (:(3(9+(29;" '198(d949;" %$'" 98)6:9;" (:;+(+63($:1;P" 9'+(;+9;" &" 9)1:+1;" 368+6'981;" ;1" 1;+V:" 41;9''$889:4$"1:"89"3(6494>"["%9'+('"41"1;+1")'6%$"$7Q1+(2$"418"1;+64($"1]13+69F$;"6:9" ;1'(1" 41" 1:+'12(;+9;P" 98'1414$'" 41" R-S" `61" ]$'F9'V:" %9'+1" 41" 6:9" %V)(:9" L17" ?*++%/MM %'$31;$;%9'+(3(%9+(2$;>+6F78'>3$FMB";$7'1"89"'1893(E:"41"8$;"%'$31;$;"%9'+(3(%9+(2$;"3$:" 18" 9'+1" 3$:+1F%$'V:1$" 1:" 18" g(;+'(+$" _141'98>" #$F$" &9" ;1A989F$;" 1:" 89" (:+'$4633(E:P" :$" 76;39F$;" '1$'41:9'" 18" i39$;j" '1463(1:4$" 89" 3$F%81Q(494" 41" 89" )8$798(d93(E:" 9" %1:;9F(1:+$" Y:(3$>" D$" 94$%+9F$;" 6:9" %$;(3(E:" ;67$'4(:949" 3$F$" %$4'T9" ;1'" 89" ;6798+1':(494" $" 89" 3$:4(3(E:" %$;3$8$:(98" ?6:" 4(;36';$" F63*9;" 2131;" F9:1Q94$" 1:" 18" 1;%93($"3'T+(3$"89+(:$9F1'(39:$B>" D61;+'$" 2(9Q1" 3$F(1:d9" 3$F$" 6:" 931'39F(1:+$" 9" 6:9" '198(494" `61" :$" 41Q9" 41" 9;$F7'9':$;"%'13(;9F1:+1"%$'`61"'1;68+9"4(]T3(8"41"1:+1:41'>"@;"3$F%81Q9"89";(+693(E:"41" '1;(;+1:3(9P"41;()698494P"368+6'9P"3(64949:T9P"%$41'P"146393(E:P"*(;+$'(9P"389;1;";$3(981;P" 1U386;(E:P" 6'79:(;F$>" 5$'" 18" F(;F$" F$+(2$" *9789'" 3$:" 3949" 6:9" 41" 89;" %1';$:9;" `61" 3$:$3(F$;":$;"$]'13T9"6:9"%1`61A9"%(1d9"41"6:"%6dd81"`61";()61"(:3$F%81+$P"%1'$"$]'131" 98)6:$;"(:+1''$)9:+1;";():(](39+(2$;>"#8921;"%9'9"6:"4179+1P"%9'9"6:"4(V8$)$>"c'91'"9"1;+1"
)$/'FGF9%+H/5-)(F0'F50'*/50)0"FIJ"D
.RJ
+'979Q$"6:"1U+'93+$"41"8$"`61"988T"+62$"86)9'";6%$:1"%$'"+9:+$"931'39'";6;"2$31;P"98)6:$;" ]'9)F1:+$;" `61" 49'V:" 361:+9" 41" 89" 3$F%81Q(494" 41" 89;" 1U%1'(1:3(9;P" 41" 89" '(`61d9" 41" 89;"$%(:($:1;"`61";1"21'+(1'$:"46'9:+1"1;+$;"1:361:+'$;>"=14(9:+1"89"1;+'63+6'9"4(98$)98" %'$%$:1F$;" 6:9" ;1'(1" 41" 181F1:+$;" 9)86+(:9:+1;" 3$:" 8$;" `61" 1:+'1+1Q1'" 6:" 6:(21';$" ;(F7E8(3$" %$'" F14($" 41" 89;" %9897'9;P" (:386;$" 41+'V;" 41" 8$;" +1F9;" `61" %9'131:" FV;" 79:981;"*9&"6:9"*(;+$'(9"`61"3$:+9'>"X9":9''93(E:"&"18"1;+64($"41"39;$;"1;"6:9"F9:1'9" 3$:3'1+9"&"41+988949"41"9:98(d9'"3EF$";1"%$:1:"1:"%'V3+(39"FY8+(%81;"1U%1'(1:3(9;"%9'9" 931'39':$;"9"89"3$:;+'633(E:"41"3(64949:T9"F14(9:+1"%'$&13+$;"`61"1:"4(21';9"F14(49" *9:"8$)'94$"3$:]$'F9'":612$;"1;31:9'($;"41"41;9''$88$"418"+1Q(4$";$3(98>
;+2/-/7 /$7 4<9+,(=7 )-7 :$5-)3'()+.7 $07 ,(0#$9#(67 >(:$0-?$7 ,-.2-)7 -)7 /$.:-/"$@ =1"*97T9"%89:+194$"(:(3(9'"1;+1"+'979Q$"49:4$"361:+9"418"86)9'"41;41"4$:41"*978$m"1;" 413('P"18"86)9'";(F7E8(3$"&"%$'"8$"F(;F$")1$)'V](3$"&"368+6'98"41;41"18"3698"3$F1:3W"9" %1:;9'" 18" +1F9" `61" :$;" 3$:2$39>" a9&" `61" ;1A989'" 1:+$:31;" `61" 97$'4$" 1;+9;" 8T:19;" 41;41"8$;"iFV')1:1;j"41"89"#(6494"41"=WU(3$>"@:"1;+9"3(6494"2(21:"&"+'979Q9:"9'+(;+9;" 41"'1:$F7'1"F6:4(98"3$F$"18"718)9"_'9:3(;"[8p;"$"18"1;%9A$8"09:+(9)$"0(1''9"`61"4(31" '13(7('"(:;%('93(E:"41"1;+9"i3(6494"`61";1"9;1F1Q9"9"6:"+6F$'P"6:"86)9'"9863(:9:+1P"%6141;" 1;+9'"2(2(1:4$"3$F$"1:"@6'$%9"&"1:"=$)94(;3($>"q"+$4$"1;$")1:1'9"6:9"2($81:3(9"`61"89" 21;"1:"89;"39881;"&"`61"1;"6:9"]61:+1"`61")1:1'9"+1:;(E:"1:"F("+'979Q$j"?l(FW:1dP",--OB>" @:"$%(:(E:"41"[8p;P"i=WU(3$"g_":$"+1"41Q9"+'9:`6(8$>"c1"$78()9"9"94$%+9'"6:9"(41:+(494" %9'9";$7'12(2('"9";6"39$;>"=("1;+'9+1)(9"]61"3$:21'+('F1"1:"9'+(;+9>"[`6T"%614$"1:3$:+'9'" 18"%'1+1U+$P"9"89"21d"3'618"&"%$W+(3$P"%9'9"F(;"+'979Q$;j"?l(FW:1dP",--OB>"5'$%$:1F$;"6:9" '1]81U(E:";$7'1"18"3$:+1U+$"1;%13T](3$"1:"18"`61"+(1:1"86)9'"1;+9"(:21;+()93(E:P";(:"W;+1" 3698`6(1'"(:+1:+$"41"9:V8(;(;"`6149'V"*6W']9:$"41"8$;"%9'VF1+'$;"3$:3'1+$;";$7'1"8$;"`61" *931'"(:+18()(781"89;"933($:1;"`61"+(1:1:"3$F$"](:"89"%'$F$3(E:"41"8$;"41'13*$;"368+6'981;" 41"8$;"3(64949:$;> @:"+W'F(:$;"41"k9'3T9"#9:38(:(P"89"3(6494":$";E8$"1;+V"*13*9"41"%'$31;$;";$3(981;" ;(:$" 41" 8$;" (F9)(:9'($;" `61" 3949" )'6%$" 41%$;(+9" 1:" 1889" ?.HHG/" .HB>" 5$'" 1;+9" '9dE:" 1;" 3$FY:" `61" 1:+'1" 8$;" 9'+(;+9;" 41" 89" #(6494" 41" =WU(3$" ;1" 1:361:+'1:" +'979Q$;" 36&9" (:+1:3(E:";19"'1;39+9'"8$"`61"1;"i96+W:+(3$j"1:";6";$3(1494"&"9;T"%$41'"1U%$'+9'P"369:4$" 89;" 3('36:;+9:3(9;" ;19:" ]92$'9781;P" 8$" FV;" '1%'1;1:+9+(2$" 41" 89" 368+6'9" %$%689'>" iX9;" :6129;"1;+'9+1)(9;"41"96+1:+(](393(E:";1"79;9:"1:"6:9";1361:3(9"41"369+'$"3$:31%+$;" 38921/"6'79:$P"]$8\P"'1+'$"&"3$$8>"C:386('"1:";6"3$'%6;"3949"6:$"41"188$;P"1;"6:"%'1''1`6(;(+$" %9'9" `61" 8$;" 3T'368$;" 368+6'981;" 41" 89" )8$798(d93(E:" 94F(+9:" 89" 4(]1'1:3(9" 368+6'98" 1:" 3$:;$:9:3(9"9";6;"1U()1:3(9;"3$F1'3(981;j"?09:+9:9P",--H/"GB>"@;":131;9'($"F1:3($:9'" `61"1U(;+1:"4$;"1;%93($;"389'9F1:+1"4(]1'1:3(94$;"1:"18"F6:4$"41"89"368+6'9"F1U(39:9P" %$'" 6:" 894$" 89;" 1;+'9+1)(9;" `61" ;1" 41;9''$889:" 1:" 18" F9(:;+'19F" `61" '1;%$:41:" 9" 89;" %96+9;" '13(W:" F1:3($:949;>" 5$'" $+'$P" 89;" 1U%1'(1:3(9;" 3$:" 6:" F9'394$" (:+1'W;" ;$3(98" `61"41;%6W;"9:98(d9'1F$;>"c$4$"'1;%$:41"9"89"41:$F(:93(E:"i9'+1j";(:"1F79')$"1;+$;" F6:4$;"9%1:9;";1"+$39:P";$:"VF7(+$;";1%9'94$;"%$'"i]'$:+1'9;"(:2(;(781;j>""" @8" 1;3'(+$'" #9'8$;" =$:;(2V(;" 1:" ;6" 8(7'$" [%$398(%;+(3\" +'9d979" 6:" ;1F789:+1" `61" 3$:+(1:1"F63*9;"41"89;"3$:+'94(33($:1;"41"89"3(6494/ I"89"%'1;1:3(9"97'6F94$'9"418"3$F1'3($"&"89"(:46;+'(9P"`61":$"94F(+1"1;%93($;"8(7'1;m I" 8$;" 3$:+'9;+1;" 1:+'1" '(`61d9" &" %$7'1d9P" +9:" (F%'1;($:9:+1;" `61" 9;](U(9:" 89;" '1]81U($:1;m I"18"368+$"9"89"F$41':(494P"`61"1;"18")'9:"9:+T4$+$"3$:+'9"89":$;+98)(9m
!"#$%$%&'%()($*+*,-./(,#01#+%0*/2(#&%(%3+.4"5%,"6&(%(0%(,.&/1+#,,"6&($*(1*7"$.(/.,"%0888((9(((C5+)"D*(E)"C5*/$505(" I"89"3$:2$39+$'(9"9"89"%$;F$41':(494P"4(;+'(76(49"1:"8$;"14(](3($;"`61"'1361'49:"]$+$;" 7$''$;9;"41"g9889;"$"X$;"r:)181;m I"18"4(862($"41"]'9:`6(3(9;"?41"=3g$:984s;"1:"94189:+1BP"89;"d$:9;"41"%'$;%1'(494"`61" F9'39:"89"(:4(;+(:3(E:"1:+'1"6:9"3(6494"&"$+'9m I"89"9F1'(39:(d93(E:P"4(3+946'9"(:+1':93($:98"9"89"`61";E8$";1"$%$:1:"18"9;%13+$"41"89;" F9;9;P"18";1:+(4$"418"*6F$'"&"89;"F68+(+641;"`61"98"3$:;+(+6(';1"3$F$"+981;"'1(:21:+9:" 89"+'94(3(E:m I"89"'121'1:3(9"1;31:$)'V](39"%$'"18"%9;94$"?&"89"3$:]6;(E:"$78()949"1:+'1"(41:+(494" 9'`6(+13+E:(39"&"71:4(3(E:"%'1;6%61;+98"41"89"<D@0#tBm I"89"13$:$FT9"(:]$'F98"3$F$"89";$3(1494"F1'39:+(8"41"89;"79:`61+9;m I" 89" F14(9:$3*1" 3$8F949" 41" +'921;+(;P" 8$;" Y8+(F$;" 41]1:;$'1;" 41" 89" ]1F(:(494" 9" 68+'9:d9m I"89"1;%136893(E:"]'1:W+(39P"`61"3$F%'(F1"89;"3(64941;m I" 8$;" 1;%13+93689'1;" 41" 89" %678(3(494" `61" *931:" 89;" 2131;" 418" F6;1$" $" 89" 21:+9:9" (F%Y4(39"`61"1:;1A9"9"8$;";1'1;"%1']13+$;P"%9'9":61;+'9"]$'+6:9"(:9331;(781;m""""""""" I" 8$;" *$+181;" '13(W:" 3$:;+'6(4$;" `61" 98" %9'131'" 8812979:" ;()8$;" 9)69'49:4$" 9" `61" 98)6(1:"8$;"(:96)6'9;1>j"?,-.-/"S.B #698`6(1'"'189+$"`61"+1:)9"3$F$";6Q1+$"89"#(6494"41"=WU(3$"4171"$7;1'29'";6"*(;+$'(9>" g1;%6W;"41"6:$;"F1;1;"1:"89"3(6494"%6141;"9421'+('"`61"F63*$;"41";6;"*97(+9:+1;P" %9'9"41;3'(7('"3EF$"1;";6"3$8$:(9"?$"79''($B";1"'1F$:+9:"6:$;";()8$;"9+'V;>"@8"%9T;"361:+9" 3$:"6:9"4(21';(494"368+6'98"'(39"1:"+'94(3($:1;"9:31;+'981;P"6:9"368+6'9"%$%689'"&"]$838$'" '13$:$3(4$;O>" @U(;+1:" 1:" 18" %9T;" .R--" 39;9;" 41" 368+6'9m" GS." 6:(21';(4941;" %Y78(39;" &" %'(2949;m"GR."%'$)'9F9;"41"1;+64($;"1:"3(1:3(9;";$3(981;P"*(;+$'(9"&"146393(E:"9'+T;+(39m" HO" 31:+'$;" 41" (:21;+()93(E:" 9'+T;+(39" &" 368+6'98m" .S," 31:+'$;" 41" 41;9''$88$" 3$F6:(+9'($" (:4T)1:9" &" OH" 39;9;" 41" 9'+1;9:T9;R>" 01)Y:" 1;+9" (:]$'F93(E:" %$4'T9F$;" 3'11'" `61" 18" 41;9''$88$"&"%'1;1:3(9"41"89"368+6'9"1;+V"4(;1F(:949"%$'"+$4$"18"%9T;>"51'$":$"4171F$;" %1'41'"41"2(;+9"89;"4(F1:;($:1;"41"6:9"3(6494"`61";1"1;+(F9"'$:49"8$;",S"F(88$:1;"41" *97(+9:+1;"&"36&9"3$:31:+'93(E:"41"'136';$;";1"%'$4631"1:"V'19;"41+1'F(:949;"F(1:+'9;" $+'9;" ;$:" ;$F1+(49;" 9" 6:" 3$F%81+$" $82(4$>" @;+1" 9%$&$" 41;()698" 9" 89" 368+6'9" 1;" 6:9" 3$:;+9:+1>"#$:"89"881)949"9"89"%'1;(41:3(9"41"o(31:+1"_$U"u61;949"18")$7(1':$"1F%'1:4(E" 6:9" '11;+'63+6'93(E:" 41" 89;" (:46;+'(9;" 368+6'981;P" %9'+(3689'F1:+1" 3$:" 18" LG/41/+;+* M+5"4&+.*,%*!-.#-/+*NOOPQNOORC*S+*5-.#-/+*%&*#-'*;+&4'T* J>"@:"W8";1"1;%13(](3E"`61"89" 368+6'9" 1'9" 6:" 41'13*$" ]6:49F1:+98" 41" 8$;" F1U(39:$;" &" 6:9" %'($'(494" 1:" 18" %'$)'9F9" 41" 41;9''$88$" :93($:98>" 01" 1;+978131:" 3(:3$" %'(:3(%($;" ]6:49F1:+981;" 1:" 89" %$8T+(39" 368+6'98" F1U(39:9/" .B" '1;%1+$" 9" 89" 8(71'+94" 41" 1U%'1;(E:" &" 41" 3'193(E:m" ,B" 9]('F93(E:" 41" 89" 4(21';(494" 368+6'98m" SB" ()698494" 41" 9331;$" 9" 8$;" 7(1:1;" &" ;1'2(3($;" 368+6'981;m" NB" %9'+(3(%93(E:" 41" 89" ;$3(1494" 3(2(8" 1:" 89" %$8T+(39" &" 8$;" 9;6:+$;" 368+6'981;" OB" ]141'98(;F$" &"41;9''$88$"368+6'98"1`6(8(7'94$"1:+'1"8$;"+'1;":(2181;"41")$7(1':$"?:93($:98P"'1)($:98"&" F6:(3(%98B>"@:"3$:3$'49:3(9"3$:"4(3*$;"%'(:3(%($;P"89"F(;(E:")1:1'98"41"89"%$8T+(39"368+6'98" 1'9"18"(:3'1F1:+$"41"89"1`6(494"1"()698494"41"$%$'+6:(4941;"1:"F9+1'(9"41"41;9''$88$" 368+6'98" 9" %9'+('" 41" 89" %'1;1'293(E:" &" 89" 4(]6;(E:" 418" %9+'(F$:($" 368+6'98P" 9;T" 3$F$" 18" ]$F1:+$"41"89"146393(E:P"41"89"3'193(E:"&"41"89"4(]6;(E:"9'+T;+(39"&"368+6'98>"X9;"%9897'9;" 38921"418"%'$)'9F9"]61'$:"41F$3'9+(d93(E:P"41;31:+'98(d93(E:"&"3(64949:T9>"@;+1"Y8+(F$" +W'F(:$" ;1" '1](1'1" 9" 89" '1;%$:;97(8(494" `61" 4171" 9;6F('" 89" ;$3(1494" 3(2(8" 1:" F9+1'(9" 368+6'98Gm"1;"413('"89"368+6'9"417T9"%'$F$21';1"9":(218"F6:(3(%98"F14(9:+1"8$;"3$:;1Q$;" F6:(3(%981;" 41" 368+6'9" 3$:317(4$;" %$'" 18" )$7(1':$P" `61" (:386T9:" 9" 9'+(;+9;P" 3'194$'1;P" 9394WF(3$;"&"$+'$;"F(1F7'$;"418";13+$'"368+6'98>"01";1A989"`61"89"368+6'9"1;"89"]61:+1" 41" (41:+(494" `61" '1]61'd9" 89" 3$*1;(E:" ;$3(98>" @:+1:41F$;" `61" 8$" (:+1'1;9:+1" 41" 1;+9" %'$%61;+9"1;"`61"3$:3(71"89"368+6'9"3$F$"6:9"]$'F9"41"9839:d9'"18"41;9''$88$"&":$"3$F$" 6:"F14($"41"%'$4633(E:P"4(]6;(E:P"'1%'$4633(E:"&"3$:;1'293(E:"41"3'(+1'($;"3$F1'3(981;"
)$/'FGF9%+H/5-)(F0'F50'*/50)0"FIJ"D
.RH
1"(:46;+'(981;>"D$"1;"6:9"1;+'9+1)(9"41"+(%$"13$:EF(3$H>"c'9+9:4$"%$'"+9:+$"89";(+693(E:" 1;%13T](39"418"g(;+'(+$"_141'98"&"89;"d$:9;";676'79:9;"41+13+9F$;";6;"%1368(9'(4941;"&" 98"F(;F$"+(1F%$"6:9";1'(1"41"%96+9;"3$F6:1;"3$:"$+'9;"3(64941;"89+(:$9F1'(39:9;>"X9;" ;(F(8(+641;"1:"18"9:V8(;(;"3$:"89"3(6494"41"^$)$+V";$:"'121894$'9;/" g1;+1''(+$'(98(d93(E:"*9789"1:"%'(F1'"86)9'"41"89;"F()'93($:1;P"41"8$;"9(;894$;P"41"8$;"41;9''9()$;P" 41"89;"41;9)'1)93($:1;"9"+'92W;"41"89;"36981;"6:"%9T;"3$F$"#$8$F7(9"9"89"2618+9"41"+'1(:+9" 9A$;" ;1" 1:3$:+'E" 3$:" `61" 18" J-v" 41" ;6" %$7893(E:" '1;(4T9" 1:" 89;" 3(64941;m" 1F()'93($:1;" 1" (:F()'93($:1;"41"8$;"%6178$;"9"89;"3(64941;P"41"89;"3(64941;"%1`61A9;"9"89;"3(64941;")'9:41;P" 41"89;"3(64941;")'9:41;"9"89"39%(+98"&"41;%6W;"I;()6(1:4$"89"8E)(39"41"8$;"6'79:(d94$'1;"`61" 29:"F$2(1:4$"9"89;"%$7893($:1;";1)Y:"18"863'$"418";618$I"41"6:$;"86)9'1;"41"89"3(6494"9"$+'$;>" g1"F9:1'9"`61"89"41;+1''(+$'(98(d93(E:"1;"6:9"1U%1'(1:3(9"3$+(4(9:9"41"F(88$:1;"41"3$8$F7(9:$;" &"41"89+(:$9F1'(39:$;>"?wB"#9;+188;";1"%'1)6:+9"3EF$"89;")1:+1;"81"41261821:";1:+(4$"9"89"2(49" &" 3$:386&1" `61" 8$" *931:" i'1;(;+(1:4$j" 41;41" 18" VF7(+$" 41" 89;" 368+6'9;" '1)($:981;" &" 18" VF7(+$" 418"79''($P"9F7$;"()698F1:+1"%'139'($;P";$F1+(4$;"98"%'$31;$"41"]'9)F1:+93(E:"&"4(;%1';(E:P" %1'$"41;41"188$;"8$;"F$2(F(1:+$;";$3(981;"8()9:"%'$]6:49F1:+1"89"863*9"%$'"6:9"2(49"4():9"9" 89"863*9"%$'"89"(41:+(494P"%$'"89"41;31:+'98(d93(E:"&"%$'"89"96+$)1;+(E:>"@;"413('"`61"(F%8(394$" 1:"18"%'$31;$"41"41;+1''(+$'(98(d93(E:"*9&"6:"%'$31;$"41"'1+1''(+$'(98(d93(E:P"41"'136%1'93(E:"&" '1;():(](393(E:"418"+1''(+$'($"3$F$"1;%93($"2(+98"41;41"18"%6:+$"41"2(;+9"%$8T+(3$"&"368+6'98"?XE%1d" ^$'7E:P",--./"RB>"
@;+$;"%'$31;$;";(:"1F79')$":$";$:"1U386;(2$;"41"[FW'(39"X9+(:9>"=9:618"g18)94$" 1:" 6:" 389'(](394$'" 9'+T368$" +(+6894$" @8" F(14$" 98" )61+$" ?$" %$'`6W" ;1" %'$36'9" 12(+9'" 89" 3$:31:+'93(E:" 1U31;(29" 41" %$7'1;" 1:" 89" 3(6494B" 9:98(d9" 3EF$" 8$;" )'9:41;" %$8T)$:$;" 41" 2(2(1:49" ;$3(98" 14(](394$;" 1:" 3(64941;" 16'$%19;" 1:" 89" 4W3949" 41" 8$;" O-" &" R-" ;$:" %1'(E4(39F1:+1"1;31:9'($"41"1;+988(4$;"41"9`6188$"`61"8$;"F14($;"41"3$F6:(393(E:"+(849:" 41"i2($81:3(9;"6'79:9;jP"1:"`61"18"398(](39+(2$"i6'79:$j":$"1;";(:$"i6:9"16]1F(d93(E:"41" 6:9"2($81:3(9";$3(98"2(:368949"9"89;"'1893($:1;";$3(981;"41"1U386;(E:j"?=93WP".HHH/"OHI RNB>"@:"$%(:(E:"41"=9:618"g18)94$" @:" 1;+$;" 39;$;" 89" 8(`6(493(E:" 418" ;(:4(398(;F$" 41" 389;1" +'94(3($:98" &" ;6" 41;%89d9F(1:+$" 41" 89" ]V7'(39" 98" 79''($" ;1" *9" 2(;+$" ;6;+(+6(49" %$'" 6:9" 3'13(1:+1" F(;1'97(8(d93(E:" 41" 41+1'F(:94$;" %$8T)$:$;"41"2(2(1:49;P"36&9"%$7893(E:";1"*9"2(;+$"2(3+(F(d949"%$'"18"%9'$"&"89"%'139'(d93(E:" 897$'98" $" %$'" 18" 41;)6931" )1:1'98(d94$" 41" 89;" %$8T+(39;" ;$3(981;" 41" 8$" `61" 6:" 4T9" ]61'9" $" `6(;(1'9" *971'" ;(4$" 18" @;+94$" 418" 7(1:1;+9'm" &" 188$" 1:" +$49;" ;6;" 29'(9:+1;/" 1;3$89'(d93(E:P" 9+1:3(E:";9:(+9'(9P";1'2(3($;";$3(981;"&P";$7'1"+$4$P"3'(;(;"97;$86+9"418"98$Q9F(1:+$";$3(98>"@8"+$:$" 41;%(9494$"`61"*9"+$F94$"89"41;(:46;+'(98(d93(E:"&"89"'12(;(E:"8(71'98"418"@;+94$I%'$2(41:3(9";1" *9"+'9463(4$"1:"6:"]61'+1"96F1:+$"418"F981;+9'P";$7'1"+$4$"1:+'1"6:9"F9;9"41"QE21:1;"9"8$;" `61";1"81;"*9"1;39F$+194$"8(+1'98F1:+1"18"]6+6'$"&"`61"*9:"9%'$213*94$"89"FT:(F9"$%$'+6:(494" %9'9"1U%'1;9'"'94(398F1:+1";6"]'6;+'93(E:>"?wB"X$;"F14($;"41"3$F6:(393(E:"%6141:"1:+$:31;" F$;+'9'"9"6:9":1768$;9"+6'79"41"QE21:1;"9('94$;P"%'12(9F1:+1"F$;+'94$;"6:9"&"$+'9"21d"3$F$" 9;$3(94$;" 9" 89" 418(:361:3(9P" 89" 4'$)94(33(E:" $" 98" ]6:49F1:+98(;F$" '18()($;$P" 979:4$:9';1" 98" %(889Q1"41"1;+97813(F(1:+$;P"18"(:31:4($"F9;(2$"41"96+$FE2(81;"&"9"8$;"1:]'1:+9F(1:+$;"3$:"89" %$8(3T9"?g18)94$P",--G/"GB>"
#$F$"21F$;"1;+9"]$'F9"41"9:V8(;(;"41"8$;"79''($;"%1'(]W'(3$;P";676'7($;"$"9+&."%-%'" ;$:"89;"F(;F9;"1:"59'T;P"=94'(4"$"=WU(3$"g_P";9829:4$"89;"4(]1'1:3(9;"&"2$82(W:4$89;" 9"6:('"417(4$"9"]1:EF1:$;"41"1U386;(E:"`61";1"'1%(+1:"+'9:;:93($:98F1:+1>"5$'"+9:+$" 1;+9F$;" 9:+1" 6:" 3$:+1U+$" 3$FY:" 1:" 369:+$" 9" 89" ]98+9" 41" $%$'+6:(4941;" $" 41'13*$;" 368+6'981;>"
!"#$%$%&'%()($*+*,-./(,#01#+%0*/2(#&%(%3+.4"5%,"6&(%(0%(,.&/1+#,,"6&($*(1*7"$.(/.,"%0888((9(((C5+)"D*(E)"C5*/$505("
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k$%1)6(P",--HB""
""""""""""""""""""""""""""""" X9" :131;(494" 41" 1;%93($;" 2(1:1" 41+1'F(:949" %$'" 8$;" (:4(2(46$;" &" 18" 3$:Q6:+$" 41" '1893($:1;"`61"41](:('V:"89;";(+693($:1;"41"$36%93(E:"&"41"'1893(E:"`61";1"41:"1:"8$;" F(;F$;>" X9;" 1U%1'(1:3(9;" 41" 89;" `61" ]6(F$;" +1;+()$P" 8$;" (:+1'8$36+$'1;" 3$:" 8$;" 36981;" 3*9'89F$;P" %9'+1:" 41" 6:9" 9%'$U(F93(E:" F6&" 31'39:9" 9" 89;" *1+1'$+$%T9;" 41" 89;" `61" *9789'9"=(3*18"_$63968+/" 8$;" `61" F1" (:+1'1;9:" ;$:P" 1:+'1" +$4$;" 8$;" 1F%89d9F(1:+$;P" 98)6:$;" `61" +(1:1:" 89" 36'($;9" %'$%(1494" 41" 1;+9'" 1:" '1893(E:" 3$:" +$4$;" 8$;" $+'$;" 1F%89d9F(1:+$;P" %1'$" 41" 6:" F$4$" +98" `61" ;6;%1:41:P" :16+'98(d9:" $" (:2(1'+1:" 18" 3$:Q6:+$" 41" '1893($:1;" `61" ;1" 1:361:+'9:P" %$'" ;T" F(;F$;P"41;():94$;P"'1]81Q94$;"$"'1]81U($:94$;>"g1"98)6:9"F9:1'9P"1;+$;"1;%93($;P"`61"1;+V:" 1:89d94$;"3$:"+$4$;"8$;"$+'$;P"`61"3$:+'94(31:";(:"1F79')$"+$4$;"8$;"$+'$;"1F%89d9F(1:+$;P" ;$:"41"4$;")'9:41;"+(%$;>"@;+V:"1:"%'(F1'"86)9'"89;"6+$%T9;>"X9;"6+$%T9;";$:"8$;"1F%89d9F(1:+$;" ;(:"86)9'"'198>"=9:+(1:1:"3$:"18"1;%93($"'198"41"89";$3(1494"6:9"'1893(E:")1:1'98"41"9:98$)T9" 4('13+9"$"(:21';9>"c9F7(W:"1U(;+1:P"&"1;+$"%'$79781F1:+1"1:"+$49"368+6'9P"1:"+$49"3(2(8(d93(E:P" 86)9'1;" '1981;P" 86)9'1;" 1]13+(2$;P" 86)9'1;" `61" 1;+V:" 4(;1A94$;" 1:" 89" (:;+(+63(E:" F(;F9" 41" 89" ;$3(1494P" `61" ;$:" 1;%13(1;" 41" 3$:+'9I1F%89d9F(1:+$;P" 1;%13(1;" 41" 6+$%T9;" 1]13+(29F1:+1" '198(d949;"1:"89;"36981;"8$;"1F%89d9F(1:+$;"'1981;P"+$4$;"8$;"$+'$;"1F%89d9F(1:+$;"'1981;"`61" ;1"%6141:"1:3$:+'9'"1:"18"(:+1'($'"41"89"368+6'9"1;+V:"9"89"21d"'1%'1;1:+94$;P"361;+($:94$;"1" (:21'+(4$;P"1;%13(1;"41"86)9'1;"`61"1;+V:"]61'9"41"+$4$;"8$;"86)9'1;P"96:`61";19:";(:"1F79')$" 1]13+(29F1:+1" 8$398(d9781;>" @;+$;" 86)9'1;P" %$'`61" ;$:" 97;$86+9F1:+1" $+'$;" `61" +$4$;" 8$;" 1F%89d9F(1:+$;"`61"'1]81Q9:"&"41"8$;"`61"*9789:P"8$;"889F9'WP"%$'"$%$;(3(E:"9"89;"6+$%T9;P"89;" *1+1'$+$%T9;m"&"3'1$"`61"1:+'1"89;"6+$%T9;"&"1;+$;"1F%89d9F(1:+$;"97;$86+9F1:+1"$+'$;P"1;+9;" *1+1'$+$%T9;P"*97'T9";(:"4649"6:9";61'+1"41"1U%1'(1:3(9"F(U+9P"F14(9:1'9P"`61";1'T9"18"1;%1Q$>" ?_$63968+P".HRJB>
0$:"1;%93($;"`61"%1'F(+1:"9"8$;";6Q1+$;"`61"8$;"$36%9:"'13$:;+(+6(';1" 1:"18"86)9'" 1:"18"`61"1;+V:P"3$:2('+(W:4$8$"1:"6:"86)9'"1:89d94$"98"1;%93($"`61"8$"'$419"&"98"F(;F$" +(1F%$"(''198>"@;+9F$;"%$'"+9:+$"9:+1"18"'$8"41"6:9";1'(1"41"1;%93($;"&"%'$%61;+9;P"1:" 6:9"39'+$)'9]T9"F9'3949"%$'"89"3'(;(;P"1:"`61"89"3'193(E:"41"1;+$;"1;%93($;"41"(86;(E:" 21:4'T9"9"41:6:3(9'"3$F$"FV;"(86;$'($"+$492T9"18"1;%93($"'198P"8$;"1F%89d9F(1:+$;"1:" 18" (:+1'($'" 41" 8$;" 36981;" 89" 2(49" *6F9:9" 1;+V" 3$F%9'+(F1:+949>" @8" 931'39F(1:+$" 9" 8$;" 1;%93($;" `61" 1;+9F$;" 9:98(d9:4$" ;1" 39'93+1'(d9" %$'" ;(+69'" 89" 368+6'9" 1:" 18" 31:+'$" 41" ;6;" %'$%61;+9;>" X(8(9:9" XE%1d" ^$'7E:" 8$" 41](:1" 41" ]$'F9" %'13(;9" 1:" 89" 1:+'12(;+9" `61" F9:+62(F$;/""
)$/'FGF9%+H/5-)(F0'F50'*/50)0"FIJ"D
.J.
X9" 368+6'9" %1'F(+1" 12(41:3(9'" 18" 3$:]8(3+$" &" 8$" `61" %1'F(+1" 18" 1Q1'3(3($" 41" 89" 3(64949:T9" 1;" +'9:;]$'F9'"1;1"3$:]8(3+$"FV;"988V"41"89"$72(9"*$;+(8(494"`61";6')1"418"1:361:+'$"1:+'1"4(]1'1:+1;>" #(64949:T9"&"368+6'9"29:";(1F%'1"6:(49;P":$";1"%6141"3$:;+'6('"89"6:9";(:"89"$+'9>"@8"%'$781F9" 1;"%1:;9'"`61"+'9+9F$;"3$:"3$:31%+$;"`61"&9"1;+V:"31''94$;/"`61"89;"368+6'9;P"89;"(41:+(4941;P" 18"&$"1;+V:"31''94$;/";$&"9;T"&":$"2$&"9"39F7(9'>"@:+$:31;"&9":$"*97'T9"`61"3$:;+'6('"3(6494P" :(";$3(1494>"@:"89"F14(49"1:"`61"1;+9F$;"1:"3$:;+'633(E:"41"(41:+(4941;"%$8T+(39;"%$41F$;" 1;+9'" 97(1'+$;" 98" 39F7($" &" 9" 89" +'9:;]$'F93(E:>" q$" 4('T9" `61" 1;" %9%18" 418" 9'+1" ;(:+1+(d9'" 89;" 3$:+'94(33($:1;"1:"18"*13*$"1;+W+(3$j"?,-..B>"
X$;"3(64949:$;"1;+V:"(F%8(394$;"&";6;"361'%$;";1"21:"(:F1';$;"41"]$'F9"4('13+9>" h#EF$")1:1'9'"%'$%61;+9;"368+6'981;"`61"]$F1:+1:"89"1U%1'(1:3(9"41"1;+$;"1;%93($;P" `6W"%6141:P"3EF$";1"9'+(3689:b"
E!FG7HE8D"+,-.7/$7!"#$.7&7GC+,+(.I7/$7G"+$0#$671B#-'-)-'@8"1;+64($"41"8$;"_9'$;";1"1:F9'39"1:"18"9:V8(;(;"41"31:+'$;";$3(981;"`61";6%$:1:"6:9" 1;%13(1"41"%89d9"%Y78(39"41";67Q1+(2(4941;"1F1')1:+1;P"1:"+9:+$"`61"%$'+94$'1;"41"6:9" :6129"(:;+(+63($:98(494P")1:1'94$'1;"41"897$'1;"(:+1:;9;"41"]$'F93(E:"1"(:21;+()93(E:" &"3'194$'1;"41"6:":612$"+1Q(4$"368+6'98"&"%$8T+(3$>"@8"_9'$"41"t'(1:+1"?18"%'(F1'$"41"8$;" 369+'$"`61"93+698F1:+1"%6141:"2(;(+9';1"1:"18"g(;+'(+$"_141'98B";1"]6:49"1:"18"9A$",---" &" '1%'1;1:+9" 6:9" %'$%61;+9" 98+1':9+(29" 41" (:+1'21:3(E:" 368+6'98>" 06" $7Q1+(2$" 1;" 7'(:49'" 6:9"$]1'+9";1'(9"41"%'$F$3(E:"368+6'98"&"]$'F93(E:"1:"4(;3(%8(:9;"9'+T;+(39;"&"9'+1;9:981;" 9"6:9"%$7893(E:"F9')(:949"]T;(39P"13$:EF(39"&";(F7E8(39F1:+1"41"8$;"3('36(+$;"368+6'981;" 3$:21:3($:981;>" @;" 89" 3$F7(:93(E:" 41" 6:9" 1;36189" 41" 9'+1;" &" $](3($;" 3$:" 6:" 1;%93($" 368+6'98"41"$]1'+9"9'+T;+(39"(F%$'+9:+1> @469'4$"oVd`61d.-":$;":9''E"18"3$:+1U+$"%$8T+(3$"1;%13T](3$"1:"18"`61";6')1"1;+9"(:(3(9+(29" 1:"89"1:+'12(;+9"`61"81"'198(d9F$;"1:"18"=6;1$"41"a(;+$'(9"D9+6'98"41"89"#(6494"41"=WU(3$" 1:"[)$;+$"41",-../ 01"1F%(1d9"9"*9789'";$7'1"89"%$;(7(8(494"418"_9'$"1:"6:"F$F1:+$"F6&"1;+(F689:+1>"X9"3(6494" 1'9" )$71':949P" *9;+9" *93T9" 98)6:$;" 9A$;" ?.HHJB" %$'" 6:" 4181)94$" `61" %$:T9" 18" %'1;(41:+1P" :$"%$'";6;"3(64949:$;>"#69:4$";1"*931:"89;"%'(F1'9;"18133($:1;"41F$3'V+(39;")9:9"18"`61" *97T9" ;(4$" 18" 39:4(49+$" )9:94$'" 41"89""(d`6(1'49" 1:"89;"18133($:1;" 41"89"f1%Y78(39" 1:".HGGP" #69*6+1F$3"#V'41:9;>"@:"1;1"F$F1:+$"89"3(6494"2(21"6:9"1;%13(1"41"](1;+9>"@'9"6:9"3(6494" %'$]6:49F1:+1"3$''$F%(49"&"2($81:+9"3$:"6:";(;+1F9"F6&"96+$'(+9'($P"6:"]61'+1"41+1'($'$"41"89" ;1)6'(494"%Y78(39P"6:"9+9`61"]6:49F1:+98"9"8$;"QE21:1;"9"8$;"`61":$";1"81;"'13$:$3T9"18"41'13*$" 9"'16:(';1P"9"%9'+(3(%9'P"9"$')9:(d9';1"$"*931'"6;$"418"1;%93($"%Y78(3$>"<:9"%1`61A9"9:W34$+9" `61"49"361:+9"41"89";(+693(E:/"1;+979"%'$*(7(4$"*931'"3$:3(1'+$;"41"'$3\"1:"18"1;%93($"%Y78(3$P" :$"1:"8$;"%'(294$;"?+19+'$;"&";98$:1;B>"@U(;+T9"6:9"368+6'9P"`61"+98"21d"21:T9"418"RGP"41"`61"89" '16:(E:"F9;(29"41"QE21:1;"1'9"6:"%18()'$"%9'9"89"1;+97(8(494"41"89;"(:;+(+63($:1;>"@:".HHJ"$36''1" 1;+9"](1;+9"41F$3'V+(39"`61"+(1:1"3$F$"9:+13141:+1"18"8129:+9F(1:+$"(:4T)1:9"41"#*(9%9;P"`61" 3$:+E"3$:"6:"9%$&$"F6&"]61'+1"41"8$;"QE21:1;"&"418"F$2(F(1:+$"F6;(398"41"89"39%(+98>"X9"3(6494" 1;")9:949"%$'"18"%'(F1'"39:4(49+$"1813+$"41"89"(d`6(1'49"&";1"9%'$U(F9"9"1;+9;"F9:(]1;+93($:1;/" 9"8$;"3$813+(2$;"`61"%14T9:"`61"8$;"1;%93($;"%Y78(3$;";1"97'(1'9:"9"89"368+6'9"1:";6;"4(21';9;" F9:(]1;+93($:1;>"@F%(1d9"9"*971'"3$:3(1'+$;"1:"89;"%89d9;"%Y78(39;P";$7'1"+$4$"1:"18"xE398$>" 01"3$F%'1:4(E"`61"89"6+(8(d93(E:"418"1;%93($"%Y78(3$":$"+1:T9"`61"+1'F(:9'":131;9'(9F1:+1"1:" 2($81:3(9"&"'1%'1;(E:>"" 5$'"$+'$"894$"1;+979"18"%'$781F9"41"89"3$:31:+'93(E:"7'6+98"41"8$;"31:+'$;"368+6'981;"1:"89" 3(6494P"`61"'1;%$:41"9"6:9")'9:"(:1`6(494>"0("1:"6:"F9%9";1"%$:T9:"3*(:3*1+9;"41"8$;"86)9'1;" 4$:41"1;+979:"89;"(:]'91;+'63+6'9;"W;+9;";1"3$:31:+'979:"1:"18"31:+'$"&"6:"%9;(88$"`61"3$:463T9"
!"#$%$%&'%()($*+*,-./(,#01#+%0*/2(#&%(%3+.4"5%,"6&(%(0%(,.&/1+#,,"6&($*(1*7"$.(/.,"%0888((9(((C5+)"D*(E)"C5*/$505(" *9;+9"89"#(6494"<:(21';(+9'(9>"X9"41;():93(E:"3$F$"'1;%$:;9781"41"368+6'9"41"[81Q9:4'$"[6'9P" 6:" %$1+9" &" 9F9:+1" 41" 89" 3(6494" 41" =WU(3$" `61" :$" 1;+979" 94;3'(+$" 9" :(:)Y:" %9'+(4$P" ;6%$:1" 6:9"413(;(E:"F6&"931'+949>"y8"'1Y:1"9"6:")'6%$"41"%1';$:9;"%9'9"+'979Q9'"1:"89"3(6494"&":$;" 3$:2$39>"y'9F$;"F63*9;"89;"%1';$:9;"`61"]6(F$;"(:2(+949;"9"%1:;9'"89"3(6494P"9"+'91'":61;+'9;" (419;>" @8"79''($"41"Cd+9%989%9"1;"6:"1Q1F%8$"418"41+1'($'$";$3(98>"59'9"`61":$;"*9)9F$;"6:9"(419P" +(1:1"89;"F(;F9;"4(F1:;($:1;"`61"<'6)69&P"+'1;"F(88$:1;"41"*97(+9:+1;>"D$"*97T9":("6:"3(:1P" :(" 6:" +19+'$P" :(" 6:9" 1;36189" 41" 9'+1P" :(:)6:9" (:]'91;+'63+6'9" 368+6'98" &" %'V3+(39F1:+1" :(:)Y:" ;1'2(3($m"1;"6:9"d$:9"1:"89"`61";1"*931"%9+1:+1"18"41;)9''9F(1:+$"41"+1Q(4$";$3(98"&"4$:41";1" *9:" '1)(;+'94$" 8$;" F9&$'1;" T:4(31;" 41" 2($81:3(9>" @:" 1;+9" d$:9" ;1" (:;+989'$:" 3$:;+'633($:1;" %1:(+1:3(9'(9;"&"46'9:+1"8$;"Y8+(F$;"O-"9A$;"*9"'13(7(4$"'1F1;9;"41"(:F()'9:+1;"41"t9U939P" 41"#*(9%9;P"41"k61''1'$>"@8"](:98"418")$7(1':$"418"5fC"(F%$:1"6:9"8E)(39"%'V3+(39F1:+1"F(8(+9'" 1:"89"d$:9>"y;1"1;"18"79''($"1:"18"`61";1"413(41"(:;+989'"6:")'9:"1;%93($"368+6'98>"X9"413(;(29" (:+1'21:3(E:"418"9'`6(+13+$"[871'+$"#9893*P"`61"9:6:3(9"89"1U(;+1:3(9"41"6:"14(](3($"979:4$:94$" `61"+1:T9"3$F$"](:";1'"18"3$:+1:14$'"41"6:9"4181)93(E:"F6:(3(%98P"1;"18"41+$:9:+1"418"%'$&13+$>" #69:4$"2(;(+9F$;"18"14(](3($P"`61"8812979"979:4$:94$".-"9A$;P"1:"6:";$89'"F6&"9F%8($P"31'39:$" 9"6:"F1'394$"41"79;6'9P"3$F%'1:4(F$;"`61"18"86)9'"4$:41";1"%'93+(3979"6:9"(419"41"'13(389Q1" i41"21'494jP"18"86)9'"1:"18"`61";1"1:3$:+'979:"8$;"F()'9:+1;P"8$;"%$7'1;P"89;"3V'3181;P"89"79;6'9" 417T9";1'"18"86)9'"418"_9'$>"X9"+1$'T9"`61";1"81"$36''1"9"8$;"%$1+9;"1;/"i29F$;"9"41F$;+'9'"8$"`61" 89"368+6'9"%6141"3'19'P"FV;"`61"89;"3V'3181;P"`61"89;"%9+'6889;j>"u6W"%$41F$;"3$:;+'6('"9"%9'+('" 41"8$";(F7E8(3$P"41"89"3'193(E:"41"$7Q1+$;"41"9'+1P"41"$7Q1+$;"9'+1;9:981;>"X9"3'193(E:"%6141";1'" 6:9"]$'F9"41"3$:;+'6('"4(V8$)$;P"3$:2(21:3(9P"%9d>"[*T"1]13+(29F1:+1";1"%'$4631"89"3$:;+'633(E:" 41"6:"%'$&13+$"3$:"F63*$;"%'$)1:(+$'1;/")1:+1"418"+19+'$P"41"89"FY;(39P"41"89;"9'+1;"%8V;+(39;>" [6:`61" 1U(;+T9" 6:" %'$&13+$" 41" 39;9;" 41" 89" 368+6'9" ;6" ](8$;$]T9" 1'9" i%9'9" 8$;" %$7'1;" 368+6'9" %$7'1j>"=91;+'$;"+'(;+1;"3$:"6:9"7($)'9]T9"41"]'939;$"1:";6;"4(;3(%8(:9;P"3$;9;"`61"4(]T3(8F1:+1" ;('21:"%9'9"41+$:9'"41;9''$88$>"@'9:":131;9'(9;":6129;"1U%1'(1:3(9;"*6F9:9;"`61";():(](39'9:" ]$'+98131'"89"96+$1;+(F9P"]$'+98131'"89"%9897'9P"]$'+98131'"89"3$:](9:d9"&"89"39%93(494"&"%$'"8$"+9:+$" 1U()('"89"+'9:;]$'F93(E:"41"89"'198(494>"D$"`61'T9F$;"1F689'"18"F$418$"41"89"39;9;"41"368+6'9>" X$;"]9'$;"1'9:"18"1;%93($"41"1:361:+'$>" X9;"3(64941;"3'19:"]'$:+1'9;"(:2(;(781;>"@;"%'$79781"`61"6:"*97(+9:+1"41"Cd+9%989%9"Q9FV;" %9;11" %$'" #(6494" <:(21';(+9'(9P" +9F7(W:" `61" 6:" 9'+(;+9" 3$:31%+698" F1U(39:$" Q9FV;" %(;1" Cd+9%989%9/"1;"6:9"]'$:+1'9"'198P"`61"1U(;+1>"X9"]'$:+1'9"+9F7(W:"1;+V"1:"18"(F9)(:9'($"369:4$" 18"1;+94$"&";6;"%$8(3T9;";$:"1:2(94$;"9"3$:+1:1'"89"(:;1)6'(494P"18"3$:+'979:4$"41"4'$)9;"`61" :931"1:"1;1"79''($>"@8"F1:;9Q1":$"1;"`61"89;"]61'd9;"41";1)6'(494"1;+V:"%9'9"36(49'"9"1;$;" F1U(39:$;"`61"+(1:1:"8$;"F(;F$;"41'13*$;"`61"&$";(:$"%9'9"3$:+1:1'8$;"&"`61":$"%9;1:"9"F(" 79''($"9"'$79'F1"18"1;+W'1$":("9"F$81;+9'"9"F(;"213(:$;> @8"_9'$"%$'"+9:+$"1;"6:"%61'+$"%9'9"1:3$:+'9';1P"%9'9"(:2(+9'"9"89")1:+1"41"89"368+6'9P"%9'9" (:2(+9'"9"8$;"213(:$;>"k1:+1"3$F%'$F1+(49"3$:"18"298$'"*6F9:$"418"9'+1>"['+(;+9;"`61"%(1:;9:"`61" 18"9'+1"1;"6:9"]$'F9"1;%('(+698"3$F%9'+(49"%$'"3698`6(1'9>"#$F(1:d9:"6:9";1'(1"41"4(V8$)$;"9" 8$;"`61"1;+V:"(:2(+94$;"9'+(;+9;P"Q621:+641;"41"F(8(+9:+1;"1;+64(9:+(81;P"1+3>"X9"%'(F1'9";(+693(E:" `61" :$" 41Q9" 41" ;1'" ;$'%'1:41:+1" 1;" `61" 89" 146393(E:" %6141" 1;+9'" 3$:31:+'949" 1:" 6:" )'6%$" 41+1'F(:94$"41"%1';$:9;P"%1'$"89";1:;(7(8(494":$>"@;+9"%'(F1'9"9:389P"18"_9'$"41"t'(1:+1P"%$:1" 1:"361;+(E:"+9F7(W:"9"3(1'+9;"(:;+(+63($:1;"3$F$"89"@;36189"41"09:"#9'8$;.."$"X9"@;F1'9849"`61" ;1";(1:+1:"(:+1'%18949;"%$'"6:"%'$&13+$"3$F$"18"418"_9'$>"
@8"+'979Q$"`61";1"'198(d9"41;41"8$;"_9'$;"%$;(7(8(+9"6:"931'39F(1:+$"&"6:9"9%1'+6'9" 41;41" 18" 9'+1" 3$:+1F%$'V:1$" `61" ]93(8(+9" 89" 3'193(E:" 41" 3(64949:T9>" X9" 1+(F$8$)T9" 41" 1;+W+(39";1"'1](1'1"9"i89"]9368+94"3$FY:"41";1:+('"$"1U%1'(F1:+9'jP"9"6:"%'1;1:+1"2(2(4$" 3$813+(29F1:+1"&"9"6:"F14($"%9'9"'13$:$31';1>"X$"%'$%($"418"1;%13+V368$"1;"931:+69'"&"
)$/'FGF9%+H/5-)(F0'F50'*/50)0"FIJ"D
.JS
9;1)6'9'"89"3$F6:(E:P"3$:]$'+9'"18";1:+(F(1:+$"`61"6:9";$3(1494"+(1:1"41";T"F(;F9"i89" (F9)1:"`61"6:")'6%$";$3(98"+(1:1"41";6"9F7(1:+1P"1;"]6:49F1:+98"%9'9"89"(419"`61"18" )'6%$";1"]$'F9"41";T"F(;F$>"X$;"1;%93($;";1"+$':9:"86)9'1;"%$'"89"%61;+9"1:"*$'(d$:+1" 41"89"F1F$'(9"3$813+(29"&"1;"9"+'92W;"41"1889"`61"8$;"86)9'1;";1"*931:"*97(+9781;j"?XE%1dP" .NB>"@:"89"1:+'12(;+9"`61"81"*(3(F$;"9"X(8(9:9"XE%1d"^$'7E:.,"1;+62(F$;"%'$]6:4(d9:4$" 1:"1;+$;"+1F9;/" @8" *13*$" 41" `61" ;19" 6:" %'$&13+$" ](:9:3(94$" 39;(" 1:" ;6" +$+98(494" 3$:" 4(:1'$" %Y78(3$" &" `61" 98" F(;F$" +(1F%$" 89" 3$F6:(494" +1:)9" 2$d" &" 413(;(E:" ;$7'1" 89" 96+$:$FT9" 418" %'$&13+$" 1;" F6&" 9+'9&1:+1>"["F14(49"`61";981;"]61'9"%6141;"21'"89"(F%$'+9:3(9"&"89"F14(49"41"6:"%'$&13+$"`61" :$"1;"]V3(8"41"'1%'$463('>"@8"(:+1'39F7($"41"%1';$:9;"1;"6:"%'$314(F(1:+$"94F(:(;+'9+(2$"`61":$" *931"6:9"'14>"01"49:"3(1'+$;"298$'1;"`61"3$F$"89"'13(%'$3(494P"89"96+$:$FT9"$"18"'1;%1+$";$:" 89" 79;1" 418" F$418$>" X$;" _9'$;"%$'";6;"4(F1:;($:1;" &"18" 2$86F1:"`61"9+(1:41:"+1'F(:9:"%$'" %'$463('"%'$31;$;"9F%8(94$;"41"+1Q(4$";$3(98>"#61;+9"'13$:$31'"`61"F63*$;"41"1;+$;"%'$31;$;" %9;9:" %$'" 6:9" '13$:;+'633(E:" 41" 9]13+$;" F6&" ]61'+1>" =63*$;" )1;+$'1;" 368+6'981;" %'1](1'1:" %1:;9'"`61"1;+V:"'198(d9:4$"6:9"897$'"%$8T+(39P"3$F79+(29"$"+1E'(3$I9'+T;+(39>"51'$"1;"31:+'98P"1:" 18"%'$31;$P"18"*13*$"41"`61"6:$"+'979Q9"3$:"89"9]13+(2(494"3$813+(29"1:"'1893(E:"3$:"6:"+1''(+$'($P" 3$:";6Q1+$;"&"3$F6:(4941;>"?,-..B
a1F$;"*97894$"3$:"F63*9;"%1';$:9;";$7'1"18"+'979Q$"`61";1"'198(d9"1:"8$;"_9'$;>" g6'9:+1" 89" 1;+9:3(9" 2(;(+9F$;" " 89;" ;141;" 41" Cd+9%989%9P" =(8%9" [8+9P" c89*693" 1" C:4($;" o1'41;>"c9:(18"=$'981;.SP"6:"9'+(;+9"&"+9881'(;+9"41;41"*931"G"9A$;"1:"18"_9'$"41"t'(1:+1"&" 1:"X9"#1:+'98"418"56178$":$;"3$F1:+E"41"]$'F9"8Y3(49"3EF$"41;9''$889";6"+'979Q$/" 59'9"F("89"4$31:3(9";1"*9"3$:21'+(4$"1:"18"86)9'"FV;";():(](39+(2$"`61"+1:)$"%9'9"$')9:(d9'"F(" 897$'"3$F$"9'+(;+9>"D$"8$"3$:;(41'$"3$F$"98)$";1%9'94$"$"4(]1'1:+1>"@:"6:"86)9'"3$F$"=WU(3$" 2(2('"41"89"%'$4633(E:"9'+T;+(39"9+1:+979"4('13+9F1:+1"3$:+'9"F("4(;36';$"3$F$"9'+(;+9>"a9)$"6:9" 897$'"3$F$"9'+(;+9"2(;698"?%$'"413('8$"41"98)6:9"F9:1'9"%$'`61"9Y:9"F63*$;"%'$31;$;B"41"89" 3698":$"2(2$>" X$"(F%$'+9:+1"1:"F63*$;"41"8$;"%'$&13+$;"1:"8$;"`61"1;+$&"(:2$863'94$":$"1;"8$"`61"%'$463(F$;" ;(:$"3EF$":$;"$')9:(d9F$;P"89"%9'+(3(%93(E:>"@;+V"41"F$49"(:+1:+9'"(:2$863'9'"9"8$;"%Y78(3$;"1:" 18"9'+1"3$:+1F%$'V:1$>"51'$"1:"'198(494"8$"`61";1"*931"1;"+'9+9'"98"%Y78(3$P"9"89"F9;9P"3$F$" 93+(294$'1;"41";1:;$'1;>"h#EF$"*931'"%9'9"`61"89"%9'+(3(%93(E:"418"%Y78(3$";19"FV;"(:+1'1;9:+1" `61"8$"`61"*97T9"*13*$"18"96+$'"41"89"%(1d9b"0("89"%9'+(3(%93(E:")1:1'9"89"%(1d9"1:+$:31;"%$4'T9" 49';1"1;+9";(+693(E:>"a9&"`61"+1:1'"36(494$"%$'`61"+$4$;"1;+$;"+W'F(:$;"&"1;+9;"4(:VF(39;"41" +'979Q$"*9:";(4$"&9"F6&"6+(8(d949;"&":$";(1F%'1"'1F(+(W:4$:$;"9"6:9"%9'+(3(%93(E:"3$F$"89"`61" 1;+9F$;"+'9+9:4$"41"41](:('>" @:"=WU(3$"18"+1F9"41"89"3(64949:T9";()61"(:2$863'9:4$"6:"+1F9"41"39;+9;>"g1%1:4(1:4$"418" 1;+'9+$" ;$3(98" 4E:41" *9&9;" :93(4$" 1;" 8$" `61" %6141;" 9;%('9'" 9" ;1'>"c'979Q9:4$" 1:" 18" _9'$" 41" t'(1:+1"1;"F6&"%9+1:+1"`61"89"%1'+1:1:3(9"9"89";$3(1494"1;"F6&"'1463(49>"X$;"986F:$;":$";1" %(1:;9:"9";T"F(;F$;"3$F$"%9'+1"41"89"%'$4633(E:"368+6'98"418"%9T;>"06')1:"1:+$:31;"98)6:$;" %'$&13+$;"%9'9"3$F6:(4941;"1;%13T](39;>"X9"%'$4633(E:"41"368+6'9":$"1;+V"98"9839:31"41"+$49;" 89;"389;1;";$3(981;P":("+$4$;"%6141:"413('"3EF$"1;"89"368+6'9>"g9'81;"89"$%$'+6:(494"41"`61"188$;" %6149:"933141'"9"89"%'$4633(E:"368+6'98";1"3$:2(1'+1"1:+$:31;"1:"6:"%'$31;$"F6&"%$8T+(3$"1:" :61;+'$"%9T;>" @:"18"_9'$"41"t'(1:+1"(F%9'+$"18"Y:(3$"+9881'"41"9'+1"3$:+1F%$'V:1$>"@;+1"+9881'"+(1:1"`61"21'" 3$:"89"+1'9%(9"%1';$:98>"@8"J-v"41"8$;"`61"9;(;+1:":$"1;+V:"(:;3'(+$;P"93641:"8$;"`61"`6(1'1:" 931'39';1>"X9"F9&$'T9":$"*9"+1'F(:94$"89"146393(E:";136:49'(9":("89"%'1%9'9+$'(9>"X9"1;36189P" 1:"1;9"d$:9"41"89"3(6494P"1;+V"$'(1:+949"9")1:1'9'"1F%8194$;"%$3$"3698(](394$;"&";6;31%+(781;"
!"#$%$%&'%()($*+*,-./(,#01#+%0*/2(#&%(%3+.4"5%,"6&(%(0%(,.&/1+#,,"6&($*(1*7"$.(/.,"%0888((9(((C5+)"D*(E)"C5*/$505(" 41";1'"1U%8$+94$;>"t72(9F1:+1":94(1"FT:(F9F1:+1"]$'F94$"931%+9'T9"6:"+'979Q$"9;T>"g1"8$;" .O--"986F:$;"9%'$U(F949F1:+1"`61"*1"+1:(4$"1:"18"_9'$"41"t'(1:+1"46'9:+1"1;+$;"9A$;"+9:" ;E8$"O"$"R"1;+64(9:+1;"*97'V:"1:+'94$"1:"89"6:(21';(494>"X$;"41FV;";()61:"*93(1:4$"18"1U9F1:" %1'$" :6:39" (:)'1;9:>" D$" 368%$" 9" 89" <D[=" `61" 1;" 6:9" )'9:" <:(21';(494" &" 41" 89;" F1Q$'1;" (:;+(+63($:1;"`61"*9&"1:"=WU(3$P"%1'$":$"1;+V"*13*9"%9'9"3(1'+$;";13+$'1;"41"89"%$7893(E:"3$F$" 89"`61"2(21"1:"Cd+9%989%9>"@;$"*931"`61"1U(;+9"6:9")'9:"(F%$;(7(8(494"41"9]'$:+9'"18"%'1;1:+1"&" 18"]6+6'$P"3$:88129"%'$781F9;"41"4'$)94(33(E:>" [:+1;P" 18" _9'$" ;1" 3$:;+(+6T9" 3$F$" 6:" 86)9'" `61" :$" 1'9" :(" 89" 1;36189P" :(" 6:" 31:+'$" 3$F1'3(98P" :(" :949" (41:+(](394$>" @;1" 39'V3+1'" (:41](:(4$" ]92$'13(E" `61" 98)6:9;" %1';$:9;" ;1" 931'39'9:" 9" 4'$)9';1"988T>"51'$"$36''(E"98)$"(:+1'1;9:+1"%$3$"9"%$3$"98)6:9;"41"1;+9;"%1';$:9;"3$F1:d9'$:" 9" 41;367'('" 8$;" +9881'1;>" <:$;" 986F:$;" *978979:" 3$:" 8$;" $+'$;" &" 98" 397$" 41" 6:$;" F1;1;" 18" 3$:;6F$"41"4'$)9"]61'+1"%9;979"9";1'"41"F9'(*69:9"&"3*189;"&"41;%6W;"41"4$;"$"+'1;";1F1;+'1;" &9":$"+$F979:":949>"01"+'979Q979"9;T"98)$"41"8$"`61":(:)6:9"(:;+(+63(E:";1"*97T9"*13*$"39')$P" :(";(`6(1'9"18"CDl<o@>"q"18"FW'(+$":$"8$"+1:1F$;":(";(`6(1'9"8$;"+9881'(;+9;P"]61'$:"8$;"F(;F$;" 986F:$;"418"_9'$"8$;"`61";1"9&649'$:"1:+'1";(>"["F("+9881'"93641"F63*9")1:+1"3$:"1;+1"%'$781F9" 41" 4'$)94(33(E:>" =(" +9881'" :$" 1;+V" 1:]$394$" 1:" 89" 146393(E:" ]$'F98" 41" 6:9" +W3:(39>" X$;" 4$;" %'(F1'$;" F1;1;" 8$;" 414(39F$;" 9" 89" +1'9%(9" 41" )'6%$>" #*9'89F$;" ;$7'1" 8$" `61" :$;" )6;+9P" 8$" `61" :$P" *9;+9" `61" 3949" 6:$" 41" 188$;" 8$398(d9" ;6" i6')1:3(9j" &" 9" %9'+('" 41" 188$" 89" +'979Q9F$;" F14(9:+1" 4(21';9;" 1;+'9+1)(9;" 418" 9'+1" 3$:+1F%$'V:1$>" _$'F9;" 3$:" 89;" `61" 8$;" 9'+(;+9;" *9:" 1U%1'(F1:+94$"1:"8$;"Y8+(F$;"O-"9A$;"`61"81;";$:"Y+(81;>"5$'"1Q1F%8$"6:"3*(3$"`61"*9"41+13+94$" `61";6"6')1:3(9"1;"18"F(14$"9"89"F61'+1"&"89"29"+'9:;]$'F9:4$"9"8$"89')$"418"+(1F%$>" <:9"41"89;"+1;(;"%'(:3(%981;"418"+9881'"1;"`61":$"*9&"6:9"4(]1'1:3(9"1:+'1"18"%Y78(3$"&"18"3'194$'/" `61" 18" 9'+(;+9" +(1:1" `61" 1;+9'" 98" F(;F$" :(218" `61" 18" %Y78(3$" 1;" 8$" `61" %$:1F$;" 1:" %'V3+(39>" [" %9'+('" 41" 1;+9" %'1F(;9" :$;" *1F$;" $82(494$" 418" 1;%93($" 41" 1U*(7(3(E:" &" 1;+$" *9" ;(4$" 98)$" F6&"%$;(+(2$"%$'`61":$;"%1'F(+1"31:+'9':$;"1:"18"%'$31;$>"@8"$7Q1+$"1;";E8$"18"39+98(d94$'"418" %'$31;$>"@:"18"_9'$";981:"FV;"]V3(8F1:+1"89;"%(1d9;"3$813+(29;P"1:"%9'+1"%$'`61"188$;"&9";$:" 6:")'6%$"`61"*9:"181)(4$"18"+9881'"%$'"8$"+9:+$"1;":9+6'98"`61"89;"%(1d9;"$";19:"3$813+(29;"$"`61" 9"%9'+('"41"89"6')1:3(9"41"6:$";6'Q9"89"1F1')1:3(9"41"$+'$>"D$"1;"+9:"(F%$'+9:+1"41"`6(W:";19:" 89;"(419;";(:$"`61"*9&"6:9"'1893(E:"FV;":9+6'98"3$:"89"96+$'T9"1:")'9:"%9'+1"41+1'F(:949"%$'" 89"31'+1d9"41"`61":$"29:"9"%$41'"1U%$:1'"&"+9F%$3$"29:"9"%$41'"2(2('"418"9'+1"`61"%'$46d39:>" X9;"4$;"'1)89;"`61"*9&"1:"F("+9881'"1;"`61":$";1"+$F1:":949"9":(218"%1';$:98"?96:`61"+$4$"8$" `61"+'979Q1F$;";19"%6'9F1:+1"%1';$:98B"&"%$'"$+'$"894$"`61":94(1"4()9"`6W"1;"8$"`61"*9'T9"W8";(" 1;+62(1'9"1:"18"86)9'"418"$+'$"?369:4$"1;"Y:(39F1:+1"%9'9"41F$;+'9'";6"3'19+(2(494B"96:`61";(" ;1"%64(1'9"8$)'9'"6:"38(F9"41"3$:](9:d9"&"6:$"%64(1'9"94$%+9'"89"(419"41"$+'$";1'T9"F9'92(88$;$> c9:+$"1:"X9"#1:+'98"3$F$"1:"18"_9'$"7V;(39F1:+1"%89:+1$"8$"F(;F$/"41+13+9'"89;"6')1:3(9;"&" ;1:+9'"89;"79;1;"41"`6W"29F$;"9"1:+1:41'"%$'"9'+1"3$:+1F%$'V:1$>"a9&"6:"]98;$"%'$781F9"9`6T" %$'`61"18"9'+1";1"%$4'T9"1:+1:41'"41"+'1;"F9:1'9;/"@8"+'979Q$"]$'F98"418"9'+1P"18"41;9''$88$"418" 9'+1"3$F$"i3867";$3(98j"&"'1+$F9:4$"9"^16&;"18"9'+1"i3$F$"3(1:3(9"41"89"8(71'+94j>"<:9"%9897'9" 1U+'9A9"3$:"89"`61"%$41F$;"1U%1'(F1:+9'":61;+'9;"%'$%(9;"(F%$;(7(8(4941;"41"+1:1'"8(71'+94>" t"6:9"1;%13(1"41"(:21;+()93(E:"*$8T;+(39"`61"%6141"+1:1'"86)9'"%$'`61"8$;"FW+$4$;"3(1:+T](3$;" 1;+V:"+9:"31''94$;"9"89"3$:+'94(33(E:"&"8$"(:939794$"`61":131;(+9F$;"41"6:"1;%93($"%9'9"+'9+9'" 3$:"1;+$;"9;%13+$;"&"9*T"1;+V"18"9'+1>"?,-..B
J-7;$0#"-)7/$)7K2$D)(67;$0#"(7L+.#3"+,( ^1:Q9FT:"k$:dV81d"5W'1d.N"4(31"`61"FV;"`61"*9789'"9"+T+68$"(:4(2(4698";1"81"%6141" 3$:;(41'9'" 18" '1%'1;1:+9:+1" 41" 6:" 1`6(%$" 41" %1';$:9;" `61" 46'9:+1" 8$;" Y8+(F$;" .," 9A$;" *9:" 1;+94$" 1:" 6:9" 3$:21';93(E:" ;$7'1" 4$;" +1F9;" `61" 9]13+9:" 9" 89" 3(6494/" X9"
)$/'FGF9%+H/5-)(F0'F50'*/50)0"FIJ"D
.JO
'13$:21';(E:"418"1;%93($"%Y78(3$"&"%'(294$"1:"F9+1'(9"368+6'98"&"89"(:+1)'93(E:"41":612$;" F$418$;"41"9+1:3(E:"&"%'$F$3(E:"368+6'98>" 5'$21:)$"41"6:9"]$'F93(E:"6:(21';(+9'(9P";1"1F%(1d9"9"%1:;9'"&"4(;36+('";$7'1"89"3(6494>" 0$F$;" 6:" )'6%$" 41" %1';$:9;" `61" ;1" ]$'F9'$:" 1:" 89" <D[=" 1:" .HGRI.HGJ" &" 18" +$:$" 368+6'98" 41"1;+1")'6%$P"`61"863*979"%$'"89")'9+6(494"&"%$'"89"368+6'9"3$F$"6:9"*1''9F(1:+9";$3(98"%9'9" %1:;9';1" &" %1:;9'" 9" 8$;" 41FV;>" <:" +1U+$" 41" ^1'+$8+" ^'13*+" 1'9" F63*$" FV;" (F%$'+9:+1" `61" 3698`6(1'"F9:(](1;+$"%$8T+(3$>" @8"_9'$"'1;%$:4T9"9"6:"1;`61F9"41"1;36189"8(7'1P";(:"%'6179;"41"94F(;(E:P";(:"'1)6893(E:" ]$'F98" $" 31'+(](393(E:" 41" 1;+64($;>" #$:" 6:9" 8E)(39" 41" (:+1'39F7($" FV;" 3$F6:(+9'(9>" D$" ;1" %'1+1:41"]$'F9'"i9'+(;+9;j";(:$"$+$')9'"9"8$;"3(64949:$;"6:"41'13*$"9"89"1F$3(E:P"9"89"981)'T9P" 9"89"71881d9P"98"1;+'1F13(F(1:+$P"9"88$'9'P"9"'1T'>"<:"41'13*$"`61"4171"1U(;+('>"0("41;%6W;"98)6:$" `6(1'1" 9;6F('" 1;+9;" %$;(7(8(4941;" 3$F$" 6:9" ]$'F9" 41" 2(49P" %6141" *931'8$>" @:" 89" 8E)(39" 41" ('" 97'(1:4$"$+'$;"1;%93($;"]61"3$F$"(:96)6'9F$;"X9"#1:+'98"418"56178$>.O"
X9"#1:+'98"418"56178$"(:(3(E";6;"93+(2(4941;"1:",--G>"@:"89"%'(F1'9"1+9%9";1"41;9''$88E" 6:"%'$&13+$"41"'136%1'93(E:"418"c19+'$"418"56178$P"18"3698"%1'F(+(E"'193+(29'"6:"*(;+E'(3$" (:F61781"67(394$"1:"18"=1'394$"[7189'4$"X>"f$4'T)61dP"3$:"6:9"(:+1:;9"%'$)'9F93(E:" 41"+19+'$P"FY;(39P"49:d9"&"3979'1+>"#1:+'$"41"['+1;"X(7'1;"[#>"1;"6:9"$')9:(d93(E:";(:" ](:1;"41"863'$"(:+1)'949"%$'"9'+(;+9;"&"%'$F$+$'1;"368+6'981;"3$:"6:9"9F%8(9"1U%1'(1:3(9"1:" 18"]$F1:+$"368+6'98P"89"146393(E:"9'+T;+(39P"89"(:+1'21:3(E:P"'136%1'93(E:"&"'1;():(](393(E:" 41" 1;%93($;" 6'79:$;" &" 89" 3$:;+'633(E:" 41" (:(3(9+(29;" %9'+(3(%9+(29;" `61" +(1:1:" 3$F$" $7Q1+(2$"3'19'"3$F6:(494"98'1414$'"418"9'+1"&"89"368+6'9>"[3+698F1:+1"1;+1"31:+'$"368+6'98" 1;+V" ;(+694$" 1:" 18" #1:+'$" a(;+E'(3$" &" 9+(1:41" 9" FV;" 41" S--" %1';$:9;" ;1F9:98F1:+1m" ;6" ;141" $36%9" 6:" 9:+()6$" 3$81)($" 3$8$:(98P" 6;94$" '13(1:+1F1:+1" 3$F$" 213(:49'($P" &" 39+98$)94$"%$'"18"C:;+(+6+$"D93($:98"41"[:+'$%$8$)T9"1"a(;+$'(9"?CD[aB"3$F$"%9+'(F$:($" 9'`6(+13+E:(3$>" @:" 18" 31:+'$" 368+6'98" ;1" 88129:" 9" 397$" 3(:3$" %'$)'9F9;" ]6:49F1:+981;/" .>" @46393(E:" 9'+T;+(39>" ,>" 01'2(3($;" 368+6'981;>" S>" 5'$)'9F93(E:" 368+6'98>" N>" o(:36893(E:" 368+6'98" &" '1;(41:3(9;" 9'+T;+(39;" &" O>" f1;+96'93(E:" &" '1;():(](393(E:" 418" (:F61781" &" ;6" (F%93+$"79''(98>"[;TP"6:9"(:(3(9+(29"3(64949:9"3'19"6:"1;%93($"368+6'98"41"39'V3+1'"%Y78(3$P" )'9+6(+$"&"41"398(494m"6:"86)9'"%9'9"18"4(V8$)$"&"18"1Q1'3(3($"41"89"+$81'9:3(9m"6:9"+1'F(:98" %9'9"213(:$;P"9'+(;+9;"&"3$813+(2$;"`61"'1`6(1'1:"6:"1;%93($"%9'9"3$F%9'+('";6"1U%'1;(E:m" 6:9" :6129" 1;+93(E:" `61" %9'+(3(%9" 1:" 18" %'$31;$" 41" '12(+98(d93(E:" ;$3(98" &" 368+6'98" 418" #1:+'$" a(;+E'(3$>" g17'9&" ;1A989" `61" +$4$" 9`6188$" `61" %6141" '16:('" 9" 8$;" *$F7'1;" 9" +'92W;"418"1;%93($P"+(1:1"6:"9839:31";(F7E8(3$P"&"`61"'16:(';1";():(](39"3'19'"+1''(+$'($"&" 3$:;+'6('"]6+6'$>"
M-)$"*-7/$7;(:$",+(67;()(0+-7N.,-0/30 X9")981'T9"41"3$F1'3($"1;"6:9"(:(3(9+(29"41"6:")'6%$"41"9'+(;+9;"`61"%'1;1:+9"%'$&13+$;" 41"9'+1"%Y78(3$"&")'9+6(+$"1:"89"1;`6(:9"41"89;"39881;"#$F1'3($"&"l$;W"=9'+T>"@:+'1"8$;" $7Q1+(2$;"%678(394$;"41"89"k981'T9"]()6'9:"8$;";()6(1:+1;/ .>" X9" k981'T9" 41" #$F1'3($" %'1;1:+9"%'$&13+$;"?%$'"(:2(+93(E:B" `61";1"3$:3(71:" 41" 9361'4$"98"1;%93($"41"89")981'T9P"9";6"3$:+1U+$"]T;(3$P";$3(98P"6'79:$P"13$:EF(3$"&" %$8T+(3$> ,>" X9" k981'T9" 41" #$F1'3($" 1U(;+1" F$F1:+V:19F1:+1" &" :$" %'$4631" '1;(46$;I 1U3141:+1;"1:"18";(+($> S>" @8" 86)9'" 41" 89" k981'T9" 41" #$F1'3($" 1;" 18" 1;%93($" 1:" 89" 39881" &" $39;($:98F1:+1" (:386&1" 89;" %9'141;P" F61781;P" %1';$:9;P" 9:(F981;P" 21)1+981;" 6" $7Q1+$;" `61" 8$"
!"#$%$%&'%()($*+*,-./(,#01#+%0*/2(#&%(%3+.4"5%,"6&(%(0%(,.&/1+#,,"6&($*(1*7"$.(/.,"%0888((9(((C5+)"D*(E)"C5*/$505(" *97(+1:>"06"+(1F%$"1;"%1'F9:1:+1F1:+1"F$F1:+V:1$"&M$";(F68+V:1$> N>" X9" k981'T9" 41" #$F1'3($" %'1;1:+9" %'$&13+$;" 96+E:$F$;" `61" :$" '1`6(1'1:" F9:+1:(F(1:+$>" c9F7(W:" %'1;1:+9" %'$&13+$;" 36&$" 6;$" &" 3$:4(3($:1;" 418" 1:+$':$" %1'F(+1:" ;6" %1'F9:1:3(9m" $" `61" 2$86:+9'(9F1:+1" 3$:;(41'9:" ;6" ]'939;$P" +'9:;]$'F93(E:"$"41;+'633(E:"3$F$"%9'+1"41";6":9+6'981d9> O>"X9"k981'T9"41"#$F1'3($";1"3$F%'$F1+1"9":$"49A9'"$"%$:1'"1:"'(1;)$"18"1:+$':$P"9" ;6;"*97(+9:+1;"&"14(](3($;>"X$"1U()1"+9F7(W:"41"8$;"%'$&13+$;"`61"%'1;1:+9> R>"X9"k981'T9"41"#$F1'3($"%'1;1:+9"%'$&13+$;"41"79Q$"$":68$"%'1;6%61;+$>"X$;")9;+$;" F9+1'(981;" &M$" 41" F9:$" 41" $7'9" ;$:" 367(1'+$;" %$'" 18M8$;" '1;%$:;9781?;B" 41" 3949" %'$&13+$> J>"X9"k981'T9"41"#$F1'3($"%'1;1:+9"6:"%'$&13+$"98"F1;P"46'9:+1"6:"121:+$"%Y78(3$P" 3$:"*$'9'($"](Q$> G>"X9"k981'T9"41"#$F1'3($";1"1:39')9"41"4(]6:4('P"'1)(;+'9'"&"*931'";1)6(F(1:+$"41" 3949"%'$&13+$> H>"X9"k981'T9"41"#$F1'3($":$"3$:;1'29P"98F931:9P":("3$F1'3(98(d9P":("4(;%6+9"$7'9;" $" 31'+(](394$;P" :(" 89" %'$%(1494P" :(" 8$;" 41'13*$;" 41" 96+$'" $" %$'31:+9Q1" 98)6:$" 41" 3698`6(1'9" `61" %6149" ;1'" 18" 71:1](3($" %136:(9'($" $" F$'98" 41" 8$;" %'$&13+$;" `61" %'1;1:+1>" X9" k981'T9" 41" #$F1'3($" 1;" 6:9" 1:+(494" 8(7'1" `61" :$" ;1" '()1" 41F$3'V+(39F1:+1" :(" 1;" 41%1:41:3(9" 418" )$7(1':$>" X9" k981'T9" 41" #$F1'3($" ;1" '1;1'29"18"41'13*$"41"39F7(9'"41"4$F(3(8($"9"2$86:+94"&"9"4(;3'13(E:>"06"%$+1:3(98" 67(36(494"1;"%'$%$'3($:98"9"89;":131;(4941;"41"8$;"%'$&13+$;"%'1;1:+94$;> @:"89"1:+'12(;+9"`61"F9:+62(F$;"3$:"D6'(9"=$:+(18"&"[81Q9:4'9"@;%9A9.RP"F(1F7'$;" 418"1`6(%$P";$7'1"18"1;%93($P"%64(F$;"3*9'89'";$7'1"8$;"$7Q1+(2$;"418"%'$&13+$/" @:"6:"(:(3($"(:21;+()9F$;";$7'1"3EF$"+'979Q9'P";("%14T9F$;"$":$"%1'F(;$"%9'9"89"6+(8(d93(E:" 41"89"39881>"#$F$"93+(+64"%$8T+(39":$;"%89:+19F$;"`61"89"6+(8(d93(E:"41"89"39881"4171'T9";1'"6:" 41'13*$P"1:"89"39881"4171'T9:"%9;9'"1;+1"+(%$"41"3$;9;"+$4$"18"+(1F%$>"D$"+1:1F$;"6:"%1'F(;$" 41"89"4181)93(E:"96:`61"*(3(F$;"6:9"(:21;+()93(E:";$7'1"`6W"76'$3'93(9"*97T9"`61";$863($:9'" %1'$":$;"4(F$;"%$'"21:3(4$;>"X9"3$F6:(494"*9"(4$"942('+(1:4$"`61":$"*931F$;":(:)Y:"49A$P":$" )'9]](+19F$;P":("F9'+(889F$;P":("3698`6(1'"$+'$"%1'Q6(3($>"X9"3$F6:(494":$;"3$:$31"&"1;$"9&649>" c98"21d"89"93+(2(494"FV;"%'$781FV+(39"]61"3$:"8$;";\9+1';"%$'`61"1:";("1;"6:9"3$F6:(494"9"89" `61";1"F('9"3$:";6;%(393(9"%1'$"%$'"1Q1F%8$"1:"6:"121:+$"3$F$"18"41"hu6(1'1;"79(89'"3$:F()$b" u61"3$:;(;+T9"1:"3$'+9'"89"39881"%9'9"6:"79(81"%$%689'"%9;979"89"%$8(3T9"&"%'1)6:+979"h*9;+9"`6W" *$'9"29:"9"1;+9'b"a9;+9"89;".,w"&"369:4$"&9"1'9:"89;".,"2$82T9:"&"81;"413T9F$;"*9;+9"89"6:9w" #9;("%6141"413(';1"`61";1"4979"6:9"39F9'941'T9"&";(:"4(:1'$"41"%$'"F14($>"y;9"1;"6:9"41"89;" '1)89;"41"89"k981'T9"41"#$F1'3($P"`61":$"*9&9"4(:1'$"41"%$'"F14($P"`61":$";19"3$F1'3(98"&"`61" :$";1"41Q1:"'1;(46$;"1:"89"2T9"%Y78(39>"0$:";(+693($:1;"&"121:+$;"`61"(:2(+9:"9"89")1:+1"9"+1:1'" 6:9"1U%1'(1:3(9"1;+W+(39"1:";6;"2(49;>" #EF$"%$;(3($:9F$;":61;+'9"'1893(E:"3$:"89"3$F6:(494"*9";(4$"6:"+1F9"%$8WF(3$"41:+'$"418" )'6%$>"[8)6:$;"F9:(]1;+979:"`61":$";1"1;+979"*93(1:4$"6:"i;1'2(3($j"9"89"3$F6:(494>"q$";1:+T9" `61"1:"18"F$F1:+$"`61"*9&"6:9;"%1';$:9;"`61"+(1:1:"89"39%93(494"41"'16:(';1P"41"*931'P"41" 8$)'9'P"41"3$:;+'6('P";1"1;+V:"%$:(1:4$"89;"39'+9;"%9'9"`61";("89";$3(1494"`6(1'1"Q6)9'"8$"*9)9>" a9";(4$"F6&")'9+(](39:+1"`61"89")1:+1";1"(:2$863'1"3$F$"8$"*9"*13*$>"k1:+1"418"79''($"`61":$;" *9"4(3*$"`61";$:"i;1)6(4$'1;j"41"8$"`61"*931F$;P"89"'1933(E:"41"98)6:$;"213(:$;"*9";(4$"F6&" %$;(+(29"1:"1;+1";1:+(4$>"@:"6:9"3*9'89"`61"4(F$;"1:"18"_9'$"41"c89*693"9;(;+(E"6:9";1A$'9"9"89" `61"%9'13T9"`61"89"1U(;+1:3(9"41"89"k981'T9"41"#$F1'3($"81"*97T9"39F7(94$";6"%1';%13+(29";$7'1" 18"1;%93($"%Y78(3$>"@8"`61"$36%V'9F$;"89"39881";(:"*931'":949"F98$>"_61"F6&"1F$+(2$"%$'`61" ;(:+(E"1:+6;(9;F$"98"%1:;9'"h%$'"`6W":$b"@8"1;%93($"+9F7(W:"1;"FT$P"%$4'T9";939'"6:9"F1;(+9w X9" (:96)6'93(E:" ;1" *(d$" 3$:" FY;(39" %$'`61" +1:T9" `61" ;1'" 98)$" ]1;+(2$>"c9F7(W:" 1;+$" :$;"
)$/'FGF9%+H/5-)(F0'F50'*/50)0"FIJ"D
.JJ
(:+1'1;9>" g1;%6W;" *9" *97(4$" F63*$;" 121:+$;" '1893($:94$;" 3$:" 18" 9'+1" ;$:$'$>" 5$'" 1Q1F%8$" 3$:1U($:1;"1:"2(2$"1:+'1"X$:4'1;"&"=WU(3$>"X9"FY;(39"1;"1]TF1'9P"1;"(:;+9:+V:19>"c1"88129"9" 6:"1;+94$":$"'1;(4698>"c1"41Q9"6:9";1:;93(E:"(F%'1;9P"6:9"3$:;+9:+1>"D$":$;"(:+1'1;979"`61" +$49;"89;"%'$%61;+9;"]61'9:"2(;6981;"$"9'+T;+(39;>"D$;"9%1+131"(:2(+9'"9"7(E8$)$;P"3(1:+T](3$;P"9" )1:+1"`61"21:)9"9"%89+(39'";$7'1"]T;(39"36V:+(39P"`61";1"%'$46d39:"1:361:+'$;"&"1U%1'(1:3(9;P" (:+1'39F7($;"41"3$:$3(F(1:+$>"@;+62(F$;"*93(1:4$"6:9"1;%13(1"41"i;$:41$jP"1:+'12(;+9;"9"89" )1:+1" 418" 79''($>" X9;" '1;%61;+9;" *9:" ;(4$" F6&" (:+1'1;9:+1;>" a97T9" )1:+1" `61" :$;" (41:+(](39P" $+'$;":$>"5$'"1Q1F%8$"6:":(A$"%'$%$:T9"*931'"41F$;+'93($:1;"41";9F6'V(;>"t"6:9";1A$'9"`61" `61'T9"Q6)9'"9")988(:(+9"3(1)9>"=63*9")1:+1";1"`61Q979"41"89";63(1494"41"89"39881>"<:9"41"89;" %'1)6:+9;"1'9"h`6W"*9'T9";("+62(1'9"O--"%1;$;"%9'9"'198(d9'"98)6:9"933(E:b"@:+$:31;"F63*9" )1:+1"413T9"`61"3$F%'9'T9"6:9"1;3$79"&"79''1'T9>"@;+$":$;"8812E"9"1:+'12(;+9'"98"79''1:41'$"`61" 8$"`61"`61'T9"*931'"1'9"49'"6:"36';$"41"13$8$)T9";$7'1"3EF$"'13(389'"8$;"'1;(46$;"213(:981;"&"1;" 6:"%'$&13+$"`61"`61'1F$;"'198(d9'>"
@:+'1" 89;" %'$%61;+9;" `61" *9" 9871')94$" 1;+1" 3$813+(2$" +(1:1" 86)9'" 89" %$;(7(8(494" 41" i96+$3$F%'1:;(E:j" &" 41" 2(2('" 18" F6:4$" 41" $+'9" F9:1'9/" iX9;" $7'9;" %9'+(3(%9+(29;" 3$:" +1:41:3(9"(F%8(39+(29";1")1:1'9:"9"%9'+('"41"89;"1;+'63+6'9;";$3(981;"&";1"4('()1:"9"1889;P" 1:" 6:" (:+1:+$" %$'" F$4(](39'" 98)6:9;" ]$'F9;" ;$3(981;" %$'" F14($" 41" 89" 9F%8(93(E:" 41" 89;" 1;+'63+6'9;" 41" %9'+(3(%93(E:" 3$F6:(+9'(9j>" ?[)6(89'P" ,-.-/" .,B" #$F$" 7(1:" 41;3'(71" k694986%1"[)6(89'" 6:9"%'$%61;+9"%9'+(3(%9+(29"(F%8(39+(29";6%$:1"18"3$:$3(F(1:+$"418"9'+(;+9";$7'1"18"1:+$':$"1:" 18"3698"89"$7'9"]6:3($:9'V>"#$F$"'1;68+94$"41"89"$')9:(d93(E:"41"89"1U%1'(1:3(9";$3(98G"(:";(+6P" %$'"%9'+1"418"9'+(;+9";6')1"6:9"%'$%61;+9"1;+W+(39"4('()(49"9"89")1:1'93(E:"41"1]13+$;";$3(981;" ?wB" t+'$" 41" 8$;" FE2(81;" 418" 9'+1" %9'+(3(%9+(2$" (F%8(39+(2$" *9" ;(4$" 89" (:+1:3(E:" 41" '1;+96'93(E:" 41"89"(419"41"3$F6:(494"9"+'92W;"41"6:9"'1I1897$'93(E:"3$813+(29"41";1:+(4$>"X9"%9'+(3(%93(E:" (F%8(39+(29" ;1" 41;9''$889" 1:" +'1;" F$F1:+$;" 4(;+(:+$;/" 18" %'(F1'$" 1;" 89" %9'+(3(%93(E:" 418" 9'+(;+9" 1:"8$"%Y78(3$P"18";1)6:4$"89"%9'+(3(%93(E:"41"89"$7'9"1:"89"]$'F93(E:"418"%Y78(3$P"&"%$'"Y8+(F$P"89" %9'+(3(%93(E:"418"%Y78(3$"1:"89"$7'9>"?,-.-/".SB
X$"8Y4(3$"*9"1;+94$"%'1;1:+1"1:"F63*9;"41"89;"%'$%61;+9;"41"k981'T9"41"#$F1'3($>" #6V:4$"81;"%'1)6:+9F$;";$7'1"3EF$"8$"1:+1:4T9:"&"6+(8(d979:"'1;%$:4(1'$:/" X$" 8Y4(3$" 1;" 9)9''9'" 18" ;1:+(4$" 418" *6F$'" 1:" 89" 2(49>" @;" 89" 8()1'1d9>" c1:1'" 89" %$;(7(8(494" 41" *931'" 98)$" %$'`61" ;(" +(1:1" 98)$" 41" 1;%('(+698(494P" 1:" F14($" 41" +$49;" 89;" $78()93($:1;" &" %'1$36%93($:1;>"X$;"Q61)$;"%$'"8$")1:1'98"+(1:1:"'1)89;"&"9"89"21d"(:3(+9:"9"89"%1'+1:1:3(9"9" 89" 3$F6:(494>" 01" *(d$" 18" l61)$" 41" k($++$" `61" ]61" 18" %'(F1'" 121:+$" %$'" 3$''1;%$:41:3(9P" 41" [81;;9:4'$"#1'1;$8("&"18")'6%$"[.,"`61";$:"9'`6(+13+$;"&"9'+(;+9;"(+98(9:$;>"[:+1;"89"39881"1'9"6:" 86)9'"41"Q61)$>"q$"%(1:;$"1:"F("976189"`61"F9:+(1:1";6;"9F()$;"418"79''($"41"9`61889"W%$39" 41;41"`61"Q6)979:"1:"89"39881>"@;"6:9"F9:1'9"41"9%'$%(93(E:"418"1;%93($"%Y78(3$>"01"(:3(+9"98" 3(64949:$"9"3'6d9'"89;"]'$:+1'9;P"9"2$821';1"8$3$P"Q6)9'"98"8$3$P"*931'"18"8$3$>"<:9"%W'4(49"41" 3$:+'$8P"41Q9';1"('>"a9&"6:9";9+(;]933(E:"1:"89"`61";1"41;1:3941:9:"6:9";1'(1"41"933($:1;"&"41" '1893($:1;>"?@:+'12(;+9"9"=$:+(18"&"@;%9A9.JB
0(" 7(1:" 18" Q61)$" 1;" 6:$" 41" 8$;" F$4$;" FV;" 1](3931;" 1:" 18" %'$31;$" 41" 9%'1:4(d9Q1" 41"8$;":(A$;"&"9"89"21d"6:$"41"8$;"F$+(2$;"FV;"1:+'9A9781;"%9'9"%'$36'9'"9F(;+941;"&" 98(9:d9;"FY8+(%81;P"89"39881";(1F%'1"*9";(4$"18"1;31:9'($"%1']13+$"%9'9"W;+$;m"%9'9"18"8(7'1" (:+1'39F7($P" %9'9" `61" $36''9:" 8$;" Q61)$;" 98'1414$'" 418" Q61)$.G>" @;+9;" 4(:VF(39;" ;$:" F$4$;" 41" $')9:(d93(E:" )'6%98" 1:+'1" %9'+(3(%9:+1;" 41" 3698`6(1'" )W:1'$P" 1;+'9+$" ;$3(98P" %'$3141:3(9")1$)'V](39P":(218"14639+(2$P"1+3>"q"*9;+9"9A$;"'13(1:+1;P"%9'+1"41"89"*1'1:3(9" ;$3(98"`61"9871')9"89"4(:VF(39"6'79:9"41"1;+1"86)9'>"@8"%9;94$".J"41"Q68($"41",-.."1:" X9"k981'T9"41"#$F1'3($"+62$"86)9'"18"121:+$"l61)$;"#9881Q1'$;"3$:"79;1"9"6:9"F1F$'(9"
!"#$%$%&'%()($*+*,-./(,#01#+%0*/2(#&%(%3+.4"5%,"6&(%(0%(,.&/1+#,,"6&($*(1*7"$.(/.,"%0888((9(((C5+)"D*(E)"C5*/$505(" 3$F%(8949"9"2$31;"&"F1:;9Q1;"1813+'E:(3$;P"6+(8(d9:4$"18"1;%93($"%Y78(3$"3$F$"+9781'$" %9'9"89"%9'+(3(%93(E:"2$86:+9'(9"41"9;(;+1:+1;P"1;%13+94$'1;P"+'9:;1Y:+1;"&"36'($;$;>"c$49;" 89;"%'V3+(39;"&"F9:(]1;+93($:1;"8Y4(39;";$:"1U%'1;($:1;";(F7E8(39;"418";1'"*6F9:$P"1:" 89;"36981;"8$;";6Q1+$;";9+(;]931:"41+1'F(:94$;"41;1$;"&"1F$3($:98(4941;"1:"76;39"41" '13$:$3(F(1:+$>"@;+1"*13*$"(F%8(39"'1F(+(';1"9"89"(F9)(:93(E:";(F7E8(39"%9'9"3$F%'1:41'" 89"1;1:3(9"F(;F9"41"8$"8Y4(3$"&"18";6;+1:+$"41"6:9"%149)$)T9"'1893($:949"3$:"1889>"@8" Q61)$"1;"8Y4(3$"%$'`61"1:"W8";1"1U%'1;9"8$"1;1:3(98"41"89"(F9)(:93(E:";(F7E8(39"&"%$'"8$" +9:+$"8$"8Y4(3$":$";1"'14631"9"W8>"
M"2'(7HANI67/$7)-7$.,2$)-7/$7-"#$7-7)-7,+2/-/ k'6%$"?g@B";1"3$:]$'F9"3$F$"6:9"3$813+(2(494"39F7(9:+1>"01"+'9+9"41"6:9";98(49"9'+T;+(39" `61";1"2(:3689"3$:"8$";$3(98P"8$"`61"*9"*13*$"`61"1:"$39;($:1;";1"(:2$863'1:"3$:"+1'31'$;" `61" :$" ;$:" :131;9'(9F1:+1" 9'+(;+9;P" %$'" 1Q1F%8$" t+'$;" %$'" 89" c(1''9>" @8" k'6%$" ?g@B.H" )1:1'9" ;(+693($:1;" 4$:41" 18" 1;%13+94$'" 1;+9" (F%8(394$" 3$F$" %9'+(3(%9:+1P" 3EF%8(31" &" 3$897$'94$'" ]6:49F1:+98P" (:21;+()9:4$" :$3($:1;" 3$F$" i9'+1" &" ;1'2(3($j" &" i9'+1" 3$F$" (:+1'39F7($j>"@:+'1"89;"1;+'9+1)(9;"`61"%$:1"1:"F9'3*9"i9%'1:41"+V3+(39;"3$F%81+9F1:+1" :6129;P"%$'"1Q1F%8$/"3EF$"3$897$'9'P"3EF$"41;9''$889'"%Y78(3$;"1;%13T](3$;"&"41"FY8+(%81;" 1;+'9+$;P"3EF$"3'6d9'"*93(9"$+'9;"4(;3(%8(:9;P"3EF$"181)('"1F%89d9F(1:+$;"`61"'1;61:1:" 3$:"6:";():(](394$"%Y78(3$P"&"3EF$"389'(](39'"18";(F7$8(;F$"2(;698"418"%'$31;$"9'+T;+(3$"9" )1:+1":$"1463949"1:"9'+1>"@8"9'+(;+9"%Y78(3$"1;+V"3$:21:3(4$"41"89")W:1;(;";$3(98"41";6" %$W+(39" &" 3$:" 18" $7Q1+$" 41" 1Q1'31'" 89" 3'T+(39" ;$7'1" 89;" 3$:4(3($:1;" ;$3(981;" 1U(;+1:+1;P" ;1"(:2$863'9"1:"6:"VF7(+$";$3(98"3$:3'1+$"%9'9")1:1'9'";6"%'$%61;+9P"9;6F(1:4$"9;T"18" 39'V3+1'"41"6:"9:+'$%E8$)$";67Q1+(2(;+9j"?[)6(89'P",-.-/".NB"@;+1"%'$31;$"3'19+(2$"%'$4631" 89"'19%'$%(93(E:"418"1;%93($"%Y78(3$"&"]92$'131"89"3$:;+'633(E:"41"3$F6:(494>"@8"%'$&13+$" [cf" ?['3*(2$"c1F%$'98" f1%'$463(781B" 1;" 6:9" 7(78($+139" %Y78(39" 9F7689:+1" 1" (+(:1'9:+1" 3$F%61;+9"41"8(7'$;"4$:94$;"%$'"9F()$;"&"%Y78(3$"1:")1:1'98>"@;+1"9'3*(2$"1;"+1F%$'98"&" 1;+V"1:"3$:;+9:+1"39F7($>"g17(4$"9";6"(:+1'W;"1:"18"8(7'1"(:+1'39F7($P"18"%'$&13+$"361:+9" 3$:"6:9"]$+$3$%(94$'9"4$:41"+$4$;"8$;"8(7'$;P"+1U+$;"1"(FV)1:1;";$:"'1%'$463(4$;";(:" 3$;+$"98)6:$>"t+'$"41";6;"%'$&13+$;P"`61"&9"*1F$;"F1:3($:94$"9`6T"417(4$"9"`61"]61" '198(d94$"1:"3$897$'93(E:"3$:"89"k981'T9"41"#$F1'3($P"]61"18"41:$F(:94$"gT9"41"=61'+$;>" #$:" F$+(2$" 41" 89" 31817'93(E:" %$'" 8$;" ,--" 9A$;" 418" 7(31:+1:9'($" 41" 89" (:41%1:41:3(9P" 3$:317(49" %9'9" 9%$&9'" &" 3$:;$8(49'" 6:" %'$&13+$" 41" :93(E:" i`61" ;1" 1:361:+'9" *1'(4$" 41"F61'+1j"&"89"3$:F1F$'93(E:"%$'"8$;".--"9A$;"418"(:(3($"41"89"'12$863(E:"F1U(39:9P" 97;$'7(49"%$'"8$;"F14($;"F9;(2$;"41"3$F6:(393(E:> @8" )'6%$" ?g@B" %'$%6;$" 6:9" 933(E:" `61" 3$:;(;+T9" 1:" 89" 4(;8$393(E:" 418" 3981:49'($" %9'9" 12(41:3(9'"&"4(;%9'9'"'1]81U($:1;";$7'1"89";(+693(E:"41"1U+'1F9"2($81:3(9"&"F(8(+9'(d93(E:" `61"9+'92(1;9"18"%9T;> @:"=WU(3$";1"31817'9"9"8$;"F61'+$;"3$:"6:"86+$"79;+9:+1"3$8$'(4$"4$:41";$:"(:2(+94$;"9" 31817'9'"3$:"8$;"2(2$;"6:"'11:361:+'$"7'121> X9" 31'1F$:(9" 46'E" .," *$'9;" &" 3$:;(;+(E" 1:" 6:" 39':9298P" 6:" 3$F14$'" 3$F6:(+9'($" 6:9" ;1;(E:"41"F(3'E]$:$"97(1'+$P"6:9"](1;+9"39881Q1'9"&"89"'198(d93(E:"41"6:9"$]'1:49>"@:"$+'9" $39;(E:" <:" +$':1$" 41" 79(81P" ]61" 89" 1U36;9" %9'9" 2(:3689'" 89;" 4(;+(:+9;" ]9368+941;" 41" 89" <:(21';(494"41"89;"9'+1;"1:"K989%9P"o1'93'6d"&"18"#D["?#1:+'$"D93($:98"41"89;"['+1;B>"X9" )1:+1"79(8E"&"9;T"'193+(29'$:"6:"1;%93($"?89"39:+(:9B"%$3$"]'1361:+94$"%$'"89"3$F6:(494>"
!7:(/(7/$7,(0,)2.+307-)520-.7,2$.#+(0$. hu6W"%6141"89"3$897$'93(E:b [" %9'+('" 41" 89;" 1U%1'(1:3(9;" `61" *1F$;" 1;+64(94$" %$41F$;" 3$:Q1+6'9'" ;$7'1" 89;"
)$/'FGF9%+H/5-)(F0'F50'*/50)0"FIJ"D
.JH
%$;(7(8(4941;" 41" 3$:;+'6('" 4(;36';$;" 41" 979Q$" 9" 9''(79P" 89" 31'+1d9" 41" `61" ]$F1:+9:4$" 8$;" 41'13*$;" 368+6'981;" 41" 89" 3(64949:T9" ;1" %6141" 3$:;+'6('" 1:+'9F94$;" 3$:" 8$;" `61" 4$+9'"&"39F7(9'"3(1'+9;"1;+'63+6'9;";$3(981;"`61";1"3$:]$'F979:"3$F$"97;$86+9F1:+1" +1'F(:949;P"1U386&1:4$"41"89"%$;(7(8(494"41"3'193(E:"9"9`6188$;";(:"'136';$;"13$:EF(3$;>" g1"1;+9"F9:1'9";1"(:+1:+9:"](;6'9'"89;"]'$:+1'9;"(:2(;(781;"%1'$":$"%$'"188$"F1:$;"'1981;" `61"1U(;+1:"1:"89"#(6494"41"=WU(3$>" @;+9;" %'V3+(39;" +(1:1:" 1:" 3$FY:" 98)6:$;" 3$:31%+$;" 38921" 3$F$" ;$:" 89" 3$$%1'93(E:P" `61" 1:" 18" 1;%93($" 41" %'$4633(E:" ;$3(98" Q61)9" 6:" %9%18" '18129:+1P" 3$F$" 4(31" =96'(3($" X9dd9'9+$";1"+'9+9"41"6:9"3$$%1'93(E:"96+E:$F9P"(:41%1:4(1:+1"&"3'19+(29m"41;+939"`61" %9'9"k97'(18"c9'41P"41"*13*$P"89"]61:+1"41"89"'(`61d9":$"41;39:;9"i:("1:"89"+(1''9P":("1:"18" +'979Q$P"18"39%(+98"$"89"6+(8(494P";(:$"1:"89"(:21:3(E:"&"89"9;$3(93(E:j"?X9dd9'9+$P",--,/"GB" 01'T9"41;19781"%'$]6:4(d9'"1:"3EF$"89;"'1893($:1;"41"3$$%1'93(E:"%6141:";1'"39%931;" 41"41;%89d9'"8$;"F139:(;F$;"3$F%1+(+(2$;"3$F$"79;1";$7'1"89"`61"$')9:(d9'"6:9":6129" %$8T+(39" '93($:98P" 6:9" F9:1'9" 41" %$;(3($:9';1" ]'1:+1" 9" 8$;" %'$31;$;" 41" )1:+'(](393(E:>" X9"368+6'9";1"%6141"%1'3(7('"3$F$"6:";(;+1F9"'1)6894$'"418"3$F%$'+9F(1:+$P"89"]$'F9" 3$F$" ;1" 3$:]()6'9" 18" 1;%93($" %Y78(3$P" 3EF$" ;1" 1;+'63+6'9:" 89;" 8E)(39;" 41" (:+1'39F7($" ;(F7E8(3$" 1:" 89" 3$+(4(9:(494" 41" 8$;" 3(64949:$;P" 3$:;+(+6&1:" 6:" 39F%$" %'($'(+9'($" 41" 79+9889" %$8T+(39P" 3$F$" 9]('F9" =9'+T:" ^9'71'$/" i18" 1;+'9+W)(3$" 1;31:9'($" `61" 81" 1U()1" 9" 89" %$8T+(39" '136%1'9'" ;6" 4(F1:;(E:" ;(F7E8(39" n;6" 39%93(494" 41" '1%'1;1:+9'" 18" 2T:368$" 1:+'1"8$;"3(64949:$;P"18";1:+(F(1:+$"41"%1'+1:1:3(9"9"6:9"3$F6:(494I"%9'9"1:]'1:+9'"89" 1'$;(E:"418"$'41:"3$813+(2$j"?^9'71'$P".HHG/".OB"5$'"8$"+9:+$"1;"]6:49F1:+98"89"3$:4(3(E:" 1:"`61";1"%$;(3($:9"89"368+6'9"3$F$"6:"F$4$"41"'1;(;+1:3(9>"X9"F9:1'9"41"9'+(3689'"1;+$;" $7Q1+(2$;";6%$:1"+'979Q9'"3$:"89"368+6'9"3$F$"6:"41'13*$>"l9:6;d"0&F$:(41;P"'13$)(1:4$" 6:"%1:;9F(1:+$"9F%8(9F1:+1"3$F%9'+(4$P";1A98E"`61"iX$;"41'13*$;"368+6'981;";6181:" 398(](39';1"41"z39+1)$'T9";6741;9''$88949s"41"8$;"41'13*$;"*6F9:$;>j"a98(:9"D(13"*97T9" (:4(394$" `61/" ig1](:('" 8$;" 41'13*$;" 368+6'981;" *9" %'$794$" ;1'" 6:9" +9'19" F$:6F1:+98>" 0("7(1:"1;"$72($"`61"8$;"41'13*$;"368+6'981;";$:"41'13*$;"9"89"368+6'9P":$"1;"$72($"`6W" 1;"8$"`61"(:386&1"1U93+9F1:+1"18"+W'F(:$"368+6'9P"&"1;+$"$36''1"9"%1;9'"41"89"1U(;+1:3(9" 41" :6F1'$;9;" 41](:(3($:1;" 3$:+1:(49;" 1:" 29'($;" 4$36F1:+$;" (:+1':93($:981;>" t+'$" 181F1:+$"`61"3$:+'(76&1"98"&9"F1:3($:94$"41;36(4$"1;"18"3$:]8(3+$"1:+'1"89"6:(21';98(494" 41" 8$;" 41'13*$;" *6F9:$;" &" 18" 3$:31%+$" 41" '189+(2(;F$" 368+6'98j" ?[3*6)9'P" ,--SB>" X$;" 41'13*$;"368+6'981;"(F%8(39:"6:9"3$:31%3(E:"41"89"368+6'9"3(64949:9"`61"41;1:3941:1"&" 3$$'4(:1"933($:1;"%Y78(39;"&"%'(2949;"%9'9")1:1'9'";1:+(4$"41"%1'+1:1:3(9"&"9%'$%(93(E:" 41"89"3(6494>"X9"9%'$%(93(E:"1;"89"]$'F9"3$F$"8$;"3(64949:$;"6;9:"89"3(6494P"'1;%1+9:" ;6" 39'V3+1'" 41" %9+'(F$:($" 3$FY:>" X9;" 933($:1;" 4171'T9:" (:3(4('" 1:" 89" ]$'F9" 3$F$" 8$;" 3(64949:$;" %1'3(71:P" '13$:$31:" &" 6;9:" 8$;" 1:+$':$;" ;$3(981;" &" 6'79:$;m" &" 1:" 89;" '1893($:1;" `61" 188$;" 1;+978131:" 1:+'1" ;T" 1:" 3949" 6:$" 41" 1;+$;" 3$:+1U+$;>" X9" 368+6'9" 3(64949:9"%$;(7(8(+9"89"3$:;+'633(E:"41"6:"%'$&13+$"3$813+(2$"41"3(6494"9"%9'+('"41"'1)89;" 41"Q61)$"&"8TF(+1;"'1;%1+94$;"1:+'1"41;3$:$3(4$;P"%$'"1;$"89"79;1"41"1;+9"(:21;+()93(E:" 1;"89"3$:;+(+63(E:"41"6:9"3(64949:T9"93+(29> hu6W"9:+T4$+$;"3$:+'9"89";1)'1)93(E:"6'79:9b 0(" 3$F$" %89:+19" =9:618" g18)94$" 89" 1](393(9" ]6:3($:98" 418" )61+$" 3$:;(;+T9" 1:" ;6" (4$:1(494"%9'9"89";$8(49'(494"&"89;"(:(3(9+(29;"3$813+(29;" 89"%'1F(;9"+1E'(39"1;"`61"i18"9:+T4$+$"3$:+'9"89";1)'1)93(E:"6'79:9"&"89"1U386;(E:";$3(98"1;" ]92$'131'P"F14(9:+1"89"(:+1'21:3(E:"%Y78(39P"89"F1d389";$3(98";$7'1"18"+1''(+$'($P"89"3$:2(21:3(9" &"89"(:+1'933(E:"1:"8$;"1;%93($;"6'79:$;"41"4(21';$;")'6%$;";$3(981;"?;$7'1"+$4$"%$'"'136';$;" 13$:EF(3$;P" %1'$" +9F7(W:" %$'" '18()(E:P" %$'" 39'93+1'T;+(39;" W+:(39;Bj>" #$F$" ;1" 21P" ;1" ;6%$:1" `61"(:+1'3989'"389;1;"&")'6%$;"W+:(3$;"+(1:1"1]13+$;"71:1](3($;$;"`61P"%$'"$+'9"%9'+1P":6:39"*9:" 2(;+$"3$F%'$7949";6"%'1;6:+9"7$:494"1:"$'41:"9"$+'9"3$;9"`61":$";19";$;1)9'P"%$'"89"2T9"41" 89"4(;$863(E:P"89"+1:41:3(9"`61"8$;";13+$'1;"FV;"41;]92$'13(4$;"41"89";$3(1494"+(1:1:"9"4121:('"
!"#$%$%&'%()($*+*,-./(,#01#+%0*/2(#&%(%3+.4"5%,"6&(%(0%(,.&/1+#,,"6&($*(1*7"$.(/.,"%0888((9(((C5+)"D*(E)"C5*/$505(" ]61:+1" 41" (:+'9:`6(8(494" %9'9" 89;" 389;1;" %$8T+(39" &" 13$:EF(39F1:+1" *1)1FE:(39;>" ?g18)94$P" ,--G/".NB
5$'"8$"+9:+$"&"3$F$"1;7$d979"1:"89"1:+'12(;+9"@469'4$"oVd`61d";1"+'9+9"41"%'$+1)1'" 9"89"389;1"F14(9P":$"4$+9'"41"F1Q$'1;"3$:4(3($:1;"9"8$;"FV;"41;]92$'13(4$;>"01"i%'$36'9" 6:9"3(1'+9"1;+9F%9"41"F68+(368+6'98(;F$"&"3$;F$%$8(+(;F$P"'1]1'1:+1"%6'9F1:+1"1;+W+(3$" 41;+(:94$"9"9+1:41'"89;"41F9:49;"1:"F9+1'(9"41"3$:2(21:3(9"1:+'1"368+6'9;"`61"'1389F9:" 1;$;" ;13+$'1;" ;$3(981;" (:+1'1;94$;" 1:" 89;" 4(:VF(39;" 41" )1:+'(](393(E:P" 1;" 413('" 1:" 89" '1$36%93(E:"%$'"389;1;"F14(9;"&"98+9;"41"31:+'$;"6'79:$;"'1*97(8(+94$;P"1:"8$;"`61";1" 1;%1'9"`61"%68681"6:9"39:+(494"931%+9781"41"(:F()'9:+1;"`61")9'9:+(31:"18":612$"3$8$'(4$" 8$398P"18":612$"+(%(;F$"%86'(W+:(3$"?g18)94$P",--G/".JB"X$"`61"1;+V"3'(+(39:4$"g18)94$" 1;" 89" (F%$;(7(8(494" 41" `61" 1;$;" ;1'1;" *6F9:$;" 9)'92(94$;" ;1" 9)'6%1:P" '13$:$d39:" ;6;"(:+1'1;1;"&"$7Q1+(2$;"F6+6$;"&"+$F1:"3$:3(1:3(9"41";6"]61'd9"&"41";6"39%93(494"41" 41;%81)9'89>"5$'":$"*9789'"41"`61""1;9;"%$8T+(39;":6:39"9]13+9:"9"79''($;"`61"&9"1'9:"41" 389;1"F14(9"$"98+9P"1:"8$;"`61"9":(:)Y:"6'79:(;+9"$](3(98";1"81"$36''1"9:(F9'"9"(:;+989';1"9" ]9F(8(9;"%$7'1;"$"F9')(:981;"%9'9"9;1)6'9'"89";6%61;+9F1:+1"41;1949"i*1+1'$)1:1(494" ;$3(98j>"c9F%$3$"89"i8E)(39"418"F1'394$j";1'V"39%9d"41")1:1'9'"8$;"4(V8$)$;"`61"1U()1" 89" 41:;9" *1+1'$)1:1(494" 368+6'98" 1:" 18" (:+1'($'" 41" 3949" :93(E:" &" 1:+'1" 1889;>" @:" 8$;" 1;+64($;" +9:+$" 41" k9'3T9" #9:38(:(" ?,---B" 3$F$" 41" =9'+T:" ^9'71'$" ?.HHGBP" ;1" ;1A989" 89"(:39%93(494"418"F1'394$"3$F$"(:;+9:3(9"$')9:(d9+(29"41"89"368+6'9P"1:"369+'$"V'19;" ]6:49F1:+981;" 41" 89" 2(49" ;$3(98/" 18" F1'394$" :$" %6141" ;14(F1:+9'" +'94(3($:1;m" 3'19'" 2T:368$;" ;$3(1+981;" 1:+'1" ;6Q1+$;m" 1:)1:4'9'" 89" (::$293(E:" ;$3(98P" :(" %1'F(+1" $')9:(d9'" 89"(:+1'368+6'98(494>"@:";6;"'1]81U($:1;"9%9'131"89"3$:;+9:+1"%'1$36%93(E:"%$'"'12(+98(d9'" 89"1;]1'9"%Y78(39"&"89"4(F1:;(E:";(F7E8(39"41"89"%$8T+(39>"0$7'1"18"+1F9"6'79:$P"k9'3T9" #9:38(:("1;7$d9"98)6:9;"3$$'41:949;"`61"$'(1:+9:"89;"933($:1;"9"1F%'1:41'/"89"9)1:49" %Y78(39" 6'79:9" 4171'T9" 367'('" 1;%93($;" 41" ;$3(97(8(494" &" 3$:;6F$" 368+6'98m" 9;T" 3$F$" F1Q$'9'"&"4(21';(](39'"89"$]1'+9"368+6'98"1:"18"3$:+1U+$"41"6:9"1;]1'9"%Y78(39"+'9:;:93($:98" )9'9:+(d9"18"9331;$"41"89;"368+6'9;"%$%689'1;"8$3981;> hu6W"%6141:"89;"%$8T+(39;"368+6'981;b" X$;"1;+64($;"'13(1:+1;";$7'1"%$8T+(39;"368+6'981;"+(1:41:"9"(:386('"79Q$"1;+1"3$:31%+$" 98" 3$:Q6:+$" 41" (:+1'21:3($:1;" '198(d949;" %$'" 18" 1;+94$P" 89;" (:;+(+63($:1;" 3(2(81;" &" 8$;" )'6%$;"3$F6:(+9'($;"$')9:(d94$;"9"](:"41"$'(1:+9'"18"41;9''$88$";(F7E8(3$P";9+(;]931'"89;" :131;(4941;" 368+6'981;" 41" 89" %$7893(E:" &" $7+1:1'" 3$:;1:;$" %9'9" 6:" +(%$" 41" $'41:" $" 41" +'9:;]$'F93(E:" ;$3(98>" 51'$" 1;+9" F9:1'9" 41" 39'93+1'(d9'" 18" VF7(+$" 41" 89;" %$8T+(39;" 368+6'981;" :131;(+9" ;1'" 9F%8(949" +1:(1:4$" 1:" 361:+9" 18" 39'V3+1'" +'9:;:93($:98" 41" 8$;" %'$31;$;";(F7E8(3$;"&"F9+1'(981;"1:"89"93+698(494>"D$"%6141"*971'"%$8T+(39;";E8$":93($:981;" 1:" 6:" +(1F%$" 4$:41" 89;" F9&$'1;" (:21';($:1;" 1:" 368+6'9" &" 8$;" ]86Q$;" 3$F6:(393($:981;" FV;" (:]86&1:+1;P" $" ;19" 89;" (:46;+'(9;" 368+6'981;P" 9+'92(1;9:" ]'$:+1'9;P" :$;" 9)'6%9:" &" 3$:13+9:" 1:" ]$'F9" )8$798(d949P" $" 98" F1:$;" %$'" '1)($:1;" )1$368+6'981;" $" 8(:){T;+(39;>" @;+9" +'9:;:93($:98(d93(E:" 3'131" +9F7(W:P" 3$:" 89;" F()'93($:1;" (:+1':93($:981;" `61" %89:+19:"41;9]T$;"(:W4(+$;"9"89")1;+(E:"41"89"(:+1'368+6'98(494"FV;"988V"41"89;"]'$:+1'9;"41" 3949"%9T;>"X9"'13$:;+'633(E:"41"89"1;]1'9"%Y78(39"%9;9"%$'"'12(+98(d9'"8$"%Y78(3$"41:+'$" 41"3949"%9T;"%9'9"49'";1:+(4$";$3(98"9"VF7(+$;"&"3('36(+$;"368+6'981;"9]13+94$;"%$'"8$;" %'$31;$;"41"%'(29+(d93(E:P"%1'$"+9F7(W:"1;"%'13(;$"'1]$'F689'"18"%9%18"41"8$;"$')9:(;F$;" (:+1':93($:981;" &"$+'$;"93+$'1;"%Y78(3$;"%9'9"(:+1)'9'"89;"13$:$FT9;"89+(:$9F1'(39:9;" 1:+'1";T"&"3$:"89;"41"D$'+19FW'(39"&"@6'$%9> k'9:"%9'+1"41"8$;"F$2(F(1:+$;";$3(981;P"3$F$"8$;"0(:"c(1''9"1:"^'9;(8P"8$;"41"g1'13*$;" a6F9:$;" 1:" [')1:+(:9P" <'6)69&" &" #*(81P" 8$;" F$2(F(1:+$;" (:4T)1:9;" 41" @3694$'P" =WU(3$" &" k69+1F989P" 1F1')1:" 41" ]'6;+'93($:1;" )'921;" 1" (:;(;+1:" 1:" '1(2(:4(393($:1;" 1;+'63+6'981;" F6&" %$;+1')949;>" #$:;+9+9F$;" `61" 1;" 1;39;9" 89" 39%93(494" 41" 8$;"
)$/'FGF9%+H/5-)(F0'F50'*/50)0"FIJ"D
.G.
%9'+(4$;"*(;+E'(3$;"%9'9"'1%'1;1:+9'"89;"41F9:49;"41"89"3(64949:T9"F(1:+'9;"96F1:+9"89" i1U%8$;(2(494j";$3(98P"89;"%'$+1;+9;"%$'"2($893($:1;"9"8$;"41'13*$;"*6F9:$;P"8$;"9;98+$;"9" ;6%1'F1'394$;P"89;"$36%93($:1;"41"+(1''9;P"8$;"1:]'1:+9F(1:+$;"41"89;"]61'd9;"'1%'1;(29;" 3$:"8$;"F$2(F(1:+$;"(:4T)1:9;"&"6'79:$;P"41"41;1F%8194$;"&"41"1F%8194$;"9"8$;"`61" 81;" 4171:" ;1(;" F1;1;" 41" ;6184$;" %96%W''(F$;>" @:" 1;+1" 1;%93($" 41" (:;9+(;]933($:1;" 4(]T3(8F1:+1" )$71':9781P" 89;" %$8T+(39;" 368+6'981;" +(1:1:" 6:9" 29;+9" +9'19" 3$F$" %$8T+(39;" $')9:(d94$'9;" 41" 89;" (:31'+(46F7'1;" &" 8$;" 3$:]8(3+$;" ;(F7E8(3$;P" 3$F$" F$2(8(d94$'9;" 41" :612$;" ;1:+(4$;" ;$3(981;>" #$F$" 86)9'" 1:" 18" `61" ;1" '1]$'F689:" 8$;" 2T:368$;" 1:+'1" 368+6'9P" ;$3(1494" &" %$8T+(39>" X$;" 1Q1F%8$;" &" +1;+(F$:($;" `61" *1F$;" '13$)(4$" 1:" 1;+1" +'979Q$"41F61;+'9:"`61"1;+9;"%'$%61;+9;":$";$:"%9897'9;"293T9;P":$"`6149:"1:"i+1$'T9;" `61" ;1" 81" $36''1:" 9" 8$;" %$1+9;j" ;(:$" `61" +'9;3(1:41:" 18" 1;%93($" 41" 89;" F1+V]$'9;>" X9" 368+6'9"3(64949:9"'1)689"8$;"3$F%$'+9F(1:+$;"1:"89"F14(49"`61"1;+978131"89;":$'F9;" FT:(F9;"3$F6:1;"`61"*931:"%$;(781;"89;"'1893($:1;"41"8$;"3(64949:$;"1:+'1";T"&"3$:" ;6"1:+$':$>"@;":131;9'($"'1]81U($:9'";$7'1"89;"F14(93($:1;"3$:;+(+6+(29;"1:+'1"89"368+6'9" &"89"%$8T+(39/";6%1'9'"89"2(;(E:"(:;+'6F1:+98"418"%$41'>"#$F$":$;"*9:"4(3*$"F63*$;"41" 8$;" 1:+'12(;+94$;" =WU(3$" :131;(+9" 6:9" %$8T+(39" 41" @;+94$" (:386&1:+1P" %9'+(3(%9+(29" &" 41F$3'V+(39" &" :$" ;(F%81F1:+1" 6:9" %$8T+(39" ;1U1:98>" X$;" %'$31;$;" 3'19+(2$;" ;6%$:1:" 6:9"]61'd9"41"+'9:;]$'F93(E:";$3(98P"1;":131;9'($";1F7'9'"89"()698494"1:"18"9331;$"&" 18"4(;]'6+1"41"89"368+6'9"3$:"1U%1'(1:3(9;"`61"*9:"41F$;+'94$"]6:3($:9'"3$F$";$:"8$;" _9'$;m"$]'131'"1;%93($;P"7(1:1;"&";1'2(3($;"368+6'981;"41"398(494"?:$"368+6'9"%$7'1"%9'9" 8$;"%$7'1;Bm"]92$'131'"89;"1U%'1;($:1;"41"89"4(21';(494"3$F$"79;1"41"6:(E:"&"3$:2(21:3(9" ;$3(98m"9F%8(9'"89"3$:+'(763(E:"41"89"368+6'9"98"41;9''$88$"&"18"7(1:1;+9'";$3(98>"CF%68;9'" 6:9" 933(E:" 368+6'98" 41" %9'+(3(%93(E:" &" 3$''1;%$:;97(8(494" %6141" ;1'" 89" 79;1" ;$7'1" 89" `61"2(2(';1"1:"6:9";$3(1494"1:]1'F9"4$:41"8$;"%'$31;$;"3'19+(2$;"%6141:"93+69'"3$F$" 6:9"+1'9%(9";$3(98"&"FV;"988V"41"1889>"=63*9;"41"89;"%'$%61;+9;"`61"*1F$;"1U9F(:94$" 41%1:41:"41"%$8T+(39;")671':9F1:+981;P"%1'$"+9:+$"1:"@;%9A9"3$F$"1:"[FW'(39"X9+(:9" &"3$:"41F9;(949"]'1361:3(9P"89;"%$8T+(39;"368+6'981;,-"1;+V:"9F9''949;"9"1;+'63+6'9;"F6&" 4W7(81;"`61"3T38(39F1:+1"%(1'41:";6"96+$:$FT9>"01'T9":131;9'($"+'979Q9'"%9'9"'1]$'d9'"89" (:41%1:41:3(9"41"1;+1";13+$'>"#'19'"6:9"1;+'63+6'9";(:"9F:1;(9"1;"6:9"897$'":131;9'(9" %9'9"%$41'"929:d9'"1:"6:9"%$8T+(39"`61";$8(4(](`61"&"9'+(3681"89"3$:;+'633(E:"41"3(64949:T9" 9"%9'+('"41"89"368+6'9>"
O(#-. ."01"%6141"1:3$:+'9'"FV;"(:]$'F93(E:";$7'1"1;+1"%'$&13+$"1:"89";()6(1:+1"4('133(E:/"*++%/MM LLL>F9379>39+M3$:+'$881'>%*%b%|93+($:};*$L|%9)1~%9)(:9|(4}SS~(:;+|(4},GGSN~89 :)}@05~5a50@00Cg}'-\*'(GJ(]2Q-8F+4;(,*]9H7O (Q HO FXHQWR 9LDMHV SRGHPRV DSUHFLDU OD 多ORVRItD WLSROyJLFD TXH SURSRQH &RUWi]DU 続&XDQGR 8$;"]9F9;";981:"41"2(9Q1P";6;"3$;+6F7'1;"98"%1':$3+9'"1:"6:9"3(6494";$:"89;";()6(1:+1;/" <:"]9F9"29"98"*$+18"&"921'()69"396+18$;9F1:+1"8$;"%'13($;P"89"398(494"41"89;";V79:9;" &" 18" 3$8$'" 41" 89;" 98]$F7'9;>" @8" ;1)6:4$" ;1" +'9;8949" 9" 89" 3$F(;9'T9" &" 897'9" 6:" 93+9" 41389'9:4$"8$;"F61781;"1"(:F61781;"41"8$;"+'1;P"9;T"3$F$"18"(:21:+9'($"418"3$:+1:(4$"41" ;6;"298(Q9;>"@8"+1'31'"]9F9"29"98"*$;%(+98"&"3$%(9"89;"8(;+9;"41"8$;"FW4(3$;"41")69'4(9"&";6;" 1;%13(98(4941;>"c1'F(:949;"1;+9;"4(8()1:3(9;P"8$;"2(9Q1'$;";1"'1Y:1:"1:"89"%89d9"F9&$'" 41"89"3(6494P";1"3$F6:(39:";6;"$7;1'293($:1;P"&"1:+'9:"1:"18"39]W"9"7171'"6:"9%1'(+(2$>" 51'$"9:+1;";1"+$F9:"41"89;"F9:$;"&"49:d9:"1:"'$:49>"@;+9"49:d9"'13(71"18":$F7'1" 41"i[81)'T9"41"8$;"]9F9;j>"#69:4$"8$;"3'$:$%($;"29:"41"2(9Q1P"1:361:+'9:"8$;"*$+181;" 881:$;P"8$;"+'1:1;"&9";1"*9:"F9'3*94$P"886121"9")'(+$;P"&"8$;"+9U(;":$"`6(1'1:"88129'8$;"$"
!"#$%$%&'%()($*+*,-./(,#01#+%0*/2(#&%(%3+.4"5%,"6&(%(0%(,.&/1+#,,"6&($*(1*7"$.(/.,"%0888((9(((C5+)"D*(E)"C5*/$505(" OHV FREUDQ SUHFLRV DOWtVLPRV /RV FURQRSLRV QR VH GHVDQLPDQ SRUTXH FUHHQ ¿UPHPHQWH `61"1;+9;"3$;9;"81;"$36''1:"9"+$4$;P"&"9"89"*$'9"41"4$'F('";1"4(31:"6:$;"9"$+'$;/"iX9" *1'F$;9"3(6494P"89"*1'F$;T;(F9"3(6494j>"q";61A9:"+$49"89":$3*1"`61"1:"89"3(6494"*9&" JUDQGHV ¿HVWDV \ TXH HOORV HVWiQ LQYLWDGRV $O RWUR GtD VH OHYDQWDQ FRQWHQWtVLPRV \ 9;T"1;"3$F$"2(9Q9:"8$;"3'$:$%($;>"X9;"1;%1'9:d9;P";141:+9'(9;P";1"41Q9:"2(9Q9'"%$'"89;" 3$;9;"&"8$;"*$F7'1;P"&";$:"3$F$"89;"1;+9+69;"`61"*9&"`61"('"9"21'89;"%$'`61"1889;":(";1" F$81;+9:>j"?.HHRB S"o1'"1:"18"[%W:4(31"."18"8(;+94$"3$F%81+$"41"1;%93($;"&"9)1:+1;"1:+'12(;+94$;> N"i"@8"41;F94'1"?6:"39$;"(:3$:317(781"1:"18"6:(21';$"9)'9'($B"1;"18"7$:$"`61"89;"(:;+(+63($:1;" $+$')9:" 9" 8$;" '13(W:" 9213(:494$;" 1:" 89" 39%(+98P" &" 41" 89" :$3*1" 9" 89" F9A9:9P" &" 41" 89" PDxDQD D OD QRFKH VH SURGXFHQ ORV FDQMHV DTXt HVWDED HO SHyQ GH KDFLHQGD SRU¿ULVWD 9`6T" ;98649" 18" 79:`61'$m" 9`6T" 4$'F(+979" 89" '1+E'(39" 41" 89;" *9d9A9;" %9+'(9;P" 9`6T" ;1" H[WLHQGHQ HO KDEOD FDQWLQÀHVFD \ HO KXPRU VHPLVHFUHWR GHO FLQLVPR DTXt GHFtD ³KDLJD´ HO '12$863($:9'($P"9`6T"1:;9&9";6"418(3($;$"1U+'9:Q1'(;F$"18"9'(;+E3'9+9""'13(W:"]97'(394$>j" ?=$:;(29(;P",-.-m"S.B> O"#$F$"*9";1A9894$"l92(1'"41"X639;P"i89;":$3($:1;"41"368+6'9"1"(41:+(494"368+6'98":$";$:" HQ DEVROXWR SDFt¿FDV WDPSRFR HQ VX IRUPXODFLyQ MXUtGLFR SROtWLFD´ \ PiV DXQ DJUHJD i> OD FXOWXUD VH GD SRU VXSXHVWD FRPR XQ FRQFHSWR SDFt¿FR XQLWDULR D~Q Pi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`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tD[#<Xc[ (O 3ODQ 1DFLRQDO GH 'HVDUUROOR HV HO GRFXPHQWR R¿FLDO TXH VH GD D FRQRFHU DO LQLFLR 41" 3949" )$7(1':$P" 1:" 4$:41" 18" @Q136+(2$" ]141'98" 1U%$:1" 8$;" $7Q1+(2$;P" 1;+'9+1)(9;" &" %'($'(4941;"%9'9"18"41;9''$88$"(:+1)'98"418"%9T;> G"@;+1"W:]9;(;"41"3(64949:T9"1:"89"368+6'9"]61"2(;+$"%$'"9F%8($;";13+$'1;"368+6'981;"3$F$" 18" 41;1$" 418" )$7(1':$" 41" 41;8(:49';1" 41" ;6;" '1;%$:;97(8(4941;P" &9" `61" 98" *931'" 3$''1;%$:;9781" 9" 89" ;$3(1494" 3(2(8" 41" 89" 93+(2(494" 368+6'98" 41Q979" 98" F1'394$" ;6" 41;9''$88$>"oW9;1P"%$'"1Q1F%8$"#9'F1:"k98(:4$"iX9"368+6'9"1:"18"%'(F1'"9A$"418"5[DP":$" *9&":949":612$"79Q$"_$Uj"1:"*++%/MMMLLL>1;+64($;41841;9''$88$>:+M3$8133($:|9F1'(39| 89+(:9|1:|18|.M.,%4] H"c*1"F$;+"(::$29+(21"181F1:+"$]"^1:\81's;"9:98&;(;P"L(+*(:"+*1"]'9F1L$'\"$]"8(71'98"+*1$'&P"(;" +*1":$+($:"+*9+"+*1"4(;+9:31"71+L11:"+*1":9+6'1"$]"%$8(+(398"13$:$F&"9:4"+*1":9+6'1"$]"3(2(8" ;$3(1+&"39:"71"7'(4)14"7&";$3(98"%'$463+($:/"i9")$$4"4198"F$'1"+*9+"*6F9:"71(:);"29861" 39:":$L"71"4$:1"7&"(:4(2(4698;"L*$"(:+1'93+"L(+*"193*"$+*1'";$3(988&P"9;"*6F9:"71(:);" 9:4";$3(98"71(:);P"'9+*1'"+*9:"9;"F9'\1+"93+$';"+*'$6)*"+*1"%'(31";&;+1Fj"?^1:\81'P/"JB .-"@469'4$"oVd`61d"=9'+T:"1;"1;3'(+$'P"%$1+9P"%'$F$+$'"368+6'98"&"1:"89"93+698(494"g('13+$'" 418" =6;1$" 41" a(;+$'(9" D9+6'98" 41" 89" #(6494" 41" =WU(3$>" @:+'12(;+9" '198(d949" %$'" X(89" C:;Y9"1:"18"F1;"41"l68($"41",-..> (Q OD &LXGDG GH 0p[LFR H[LVWHQ GRV HVFXHODV R¿FLDOHV GH $UWH /D (VFXHOD 1DFLRQDO GH 5(:+6'9P"@;368+6'9"&"k'9794$"iX9"@;F1'9849j"1;+V"94;3'(+9"98"C:;+(+6+$"D93($:98"41"^1889;" ['+1;P"41%1:4(1:+1"41"89"013'1+9'T9"41"@46393(E:"5Y78(39>"X9"[3941F(9"41"09:"#9'8$;" 41%1:41"41"89"<:(21';(494"[6+E:$F9"D93($:98"41"=WU(3$"?<D[=B"@:";6;"(:;+9893($:1;"
)$/'FGF9%+H/5-)(F0'F50'*/50)0"FIJ"D
.GS
(F%9'+(1'$:"389;1;"&"1;+64(9'$:"8$;"FV;"%'1;+()($;$;"9'`6(+13+$;P"%(:+$'1;"&"1;368+$'1;" 418"%9T;"146394$;"79Q$"8$;"F$418$;"`61"%'14$F(:9'$:"1:";6"F$F1:+$> .," X(8(9:9" XE%1d" ^$'7E:" 1;" 1;%13(98(;+9" 1:" %$8T+(39;" 368+6'981;>" g('()(E" 89" f14" 41" _9'$;" 46'9:+1"S"9A$;P"41;41"18"9A$",--J"98",-.-> .S" c9:(18" =$'981;" 1;" FY;(3$I" 9'+(;+9" 2(;698I" %'$]1;$'" 41;41" *931" G" 9A$;" 1:" 18" _9'$" 41" t'(1:+1>"5'$]1;$'"1:"X9"#1:+'98"418"56178$>"5'$]1;$'"1:"#C#t"?31:+'$"41"(:21;+()93(E:" FRUHRJUi¿FD (QWUHYLVWD UHDOL]DGD SRU /LOD ,QV~D HQ OD &LXGDG GH 0p[LFR HQ HO PHV GH l68($"41",-..> .N" _61" 4('13+$'P" 46'9:+1" J" 9A$;" &" ]6:494$'" 418" _9'$" 41" t'(1:+1>" [3+698F1:+1" 4('()1" X9" #1:+'98"418"56178$ .O"@;+9"1:+'12(;+9"9"^1:Q9FT:"k$:dV81d"]61"'198(d949"%$'"X(89"C:;Y9"1:"9)$;+$"41",-.."1:" 89"#(6494"41"=WU(3$> .R"@:+'12(;+9"'198(d949"%$'"X(89"C:;Y9"1:"89"#(6494"41"=WU(3$"1:"18"F1;"41"l68($"41",-..> .J"@:+'12(;+9"'198(d949"%$'"X(89"C:;Y9"1:"89"#(6494"41"=WU(3$"1:"18"F1;"41"l68($"41",-.. µ%RJRWi HVWi HQ MXHJR¶ VH UH¿ULy D OD LPSRUWDQFLD TXH WLHQHQ ODV DFFLRQHV GH ORV FLXGDGDQRV 3$:"'1;%13+$"9"89"3(6494"&"9"89"(419"41"%'$%(3(9'"89"96+$''1)6893(E:"%$'"F14($"41"Q61)$;" 3(64949:$;>"@8"2('9Q1"41:+'$"41"89"1;+'9+1)(9")1:1'98"418"5'$)'9F9"39F7(E"1;+1"6:(21';$" ;(F7E8(3$"9"%9'+('"418"3$F%'$F(;$"`61"18","41"1:1'$"41".HHR"=$3\6;"94`6('(E"3$:"8$;" 3(64949:$;"&"`61"3$:;(;+(E"1:"+'9:;]$'F9'"9"89"3(6494"1:"z^$)$+V"#$`61+9s>"5'$%61;+9" `61")1:1'E"6:9")'9:"3$:+'$21';(9"%$'"89;"41+1'($'949;"3$:4(3($:1;"]T;(39;"1:"89;"`61" ;1" 1:3$:+'979" 89" 3(6494>" _61" Q6;+9F1:+1" 89" 4(;36;(E:P" 89" `61" +1'F(:E" (:+'$463(1:4$" 89" (F9)1:" 41" 89" 3(6494" 1:" 89" 9)1:49" 41" 8$;" F14($;>" @:" 89" '12(;(E:" 41" 8$;" '1)(;+'$;" 41" %'1:;9" 1;3'(+9" &" 41" 89;" 1F(;($:1;" 1:" '94($" &" +1812(;(E:" `61" ;1" 3$:;1'29:" 1:" 8$;" 9'3*(2$;"418"Cg#cP";1"3$F%'$7E"`61"89"3$`61+1'T9"1;+62$"1:"%'(F1'"%89:$"46'9:+1"39;(" +$4$"18"9A$"HRP"3$:"6:"+(+689'"$"F1:3(E:";1F9:98"&"4(9'(9"46'9:+1"18"36F%819A$;"41"89" 3(6494"1:"9)$;+$P"`61"]61"18"F$F1:+$"1:"`61";1"89:dE"]$'F98F1:+1"89"39F%9A9"F9;(29" 3$''1;%$:4(1:+1>" @:" 1;+1" 3$:+1U+$P" 89;" (:+1'21:3($:1;" 8Y4(39;" 1:" 18" 1;%93($" %Y78(3$" 6'79:$"]61'$:"6:9"]$'F9"41"3$:;+'6('"93$:+13(F(1:+$;"%9'9"8$;"F14($;"&"*13*$;"%9'9" 8$;"3(64949:$;>"a931'"2(;(781"6:"3$F%$'+9F(1:+$"%$'"1;+9"2T9"%1'F(+(E"(:+'$463('"1:"89;" '6+(:9;"3$+(4(9:9;"41"8$;")'6%$;"41"%$7893(E:"`61"2(2T9:"4('13+9F1:+1"89"1U%1'(1:3(9P"89" %$;(7(8(494"41"3'6d9'"6:9"]'$:+1'9"$"6:"6F7'98P"1:"4$:41"89"(:+1:;9"3$:4(3(E:"$'4(:9'(9" 41"8$"3$+(4(9:$";1"'11F%89d9"%$'"6:"+(%$"4(]1'1:+1"41"(:+1:;(494"?0(821';+$:1P".HHN/"%>" ,JGB>" <:9" (:+1:;(494" `61" '12(+98(dE" 89" 3$FF6:(+9;" &" 7'(:4E" 181F1:+$;" %9'9" ;6F1')('" 1:"89"F1F$'(9"3$813+(29"6:9"%1'31%3(E:"'1:$2949"41"89";$3(98(494>"#$F$"89"41;3'(71" =9'+T:"^9'71'$"i1;9"]$398(d93(E:"41"89"368+6'9"3(64949:9"8812E"9"8$;"9'+(;+9;"&"9"$+'$;" 3'194$'1;"368+6'981;"9"'1%1:;9'";6"%'$%($"+'979Q$"9"89"86d"41";1'"3(64949:$;"3$F$"98)$" `61"(:]$'F979";6"2(49"3$+(4(9:9P"&"41;41"9*T"18";1:+(4$"41";6"3'193(E:j>"@:"1;+9"8E)(39P" 89;"%'V3+(39;"1;+W+(3$n1U%'1;(29;"]61'$:"F$4$;"41"'13$7'9'"F1F$'(9;"$"+1Q1'"89d$;"41" %1'+1:1:3(9"3$:"18"+1''(+$'($"&"%$'"1;+9"2T9"'1*931'"89;"(41:+(4941;"?=9'+T:"^9'71'$P".HHG/" %V)(:9",-GB>""X(8(9:9"XE%1d"^$'7E:/"t%>"#(+>"5V)(:9".S> .H"@:+'12(;+9"'198(d949"%$'"X(89"C:;Y9"1:"89"#(6494"41"=WU(3$"1:"18"F1;"41"l68($"41",-..> ,-" @8" 1Q1" 93+698" 41" 89;" %$8T+(39;" 368+6'981;" 41" 89" <D@0#t" 1;+V" 2(:36894$" 3$:" 89" :$3(E:" 41" 41;9''$88$" &" 89" (419" 41" `61" 18" %'$)'1;$" 13$:EF(3$" &" ;$3(98" 1;+V" 368+6'98F1:+1" 3$:4(3($:94$>" @:" 1;+9" %1';%13+(29" 89;" %$8T+(39;" 368+6'981;" 4171:" )9'9:+(d9'" i89" $%$'+6:(494"41"181)('"6:"F$4$"41"2(49"3$813+(2$"`61";19"%81:$P";9+(;]93+$'($P"298($;$"&" YDORUDGR HQ HO TXH ÀRUH]FD OD H[LVWHQFLD KXPDQD HQ WRGDV VXV IRUPDV GH LQWHJULGDG´ ?#$F(;(E:"=6:4(98"41"#68+6'9"&"g1;9''$88$P".HHR/"%>".HB>
!"#$%$%&'%()($*+*,-./(,#01#+%0*/2(#&%(%3+.4"5%,"6&(%(0%(,.&/1+#,,"6&($*(1*7"$.(/.,"%0888((9(((C5+)"D*(E)"C5*/$505(" F$C$"$0,+-.7D+D)+(5"8C+,-. !,L2"-"=7>25(7?,--SB>"g1'13*$;"368+6'981;/"h6:9":6129"]'$:+1'9"41"89;"%$8T+(39;"%678(39;" %9'9"89"368+6'9b>"@:"G%&'+/"C71'$9FW'(39P"f12(;+9"41"#68+6'9>"DYF1'$"N !52+)-"=7 MP" ?,-.-B>" X9" (:+1'933(E:P" 89" (:+1'%'1+93(E:" &" 89" (F%8(393(E:" 3$F$" 1;+'9+1)(9;" %9'+(3(%9+(29;>" c(F1" g(2(;9" 41" [:+$:($" o1)9" =93$+189>" @:" 89" f12(;+9* 3/#%* <* G4.A#"5+'* ,%* a,%&#",+,2* M+//+#"B+'* )4'54.4&"+.%'C* b.49+."$+5"I&* %* ",%&#",+,%'C* o$8>" SP" ?%%>" HI,GB" =6'3(9/"<:(21';(494"41"=6'3(9> Q$0R)$"=7SP7?,--RB>*:(%*c%+.#(*46*M%#d4/Y'2*^4d*745"+.*G/4,-5#"4&*:/+&'64/;'*=+/Y%#'* +&,* 8/%%,4;C* D1L" a921:P" #$::13+(36+/" q981" <:(21';(+&" 5'1;;P" %6141" 3$:;68+9';1" 18" 9'+T368$" 3$F%81+$" ?1:8931" 3$:;68+94$" 18" .GI..I,-..B/" *++%/MMLLL>&981>146M&9818QM..,M ^1:\81' @^>%4] ;("#8B-"=7SP7?.HR,BC*^"'#4/"+'*,%*5/4&4)"4'*<*,%*6+;+'C"=94'(4/"[8]9)69'9P".HHR> A$)5-/(=74P"?,--JB>"745"%,+,%'*;4B%,"$+'C*G+'4'*(+5"+*-&+*+&#/4)4.41A+*,%*.+'*5+..%'C" ^9'318$:9/"[:9)'9F9> A$)5-/(=7 4P7 ?,--GB>" @8" F(14$" 98" )61+$" ?$" %$'`6W" ;1" %'$36'9" 12(+9'" 89" 3$:31:+'93(E:" 1U31;(29"41"%$7'1;"1:"89"3(6494B>"@:"18"aa*7%;"&+/"4*3#.K&#"54*,%*G%&'+;"%&#4C"56141" 3$:;68+9';1"18"9'+T368$"3$F%81+$"?1:8931"3$:;68+94$"18".GI..I,-..B/"*++%/MMLLL>;+64($.G> +2M;1F(:9'($M8(7'$,MF9:618418)94$>%4]" E(2,-2)#=74P7?.HJGB>"0136'(+&P"+1''(+$'&"9:4"%$%689+($:P"3$:]1'1:3(9"%'$:6:3(949"18".."41" 1:1'$" 41" .HJG>" f1]1'1:3(9" 3$F%81+9/" *++%/MMLLL>)1:1'9+($:I$:8(:1>$')M%M]%|]$63968+.N> *+F"%>S E(2,-2)#=7 4P7 ?.HRJP" .N" 41" F9'd$B>" g1" 8$;" 1;%93($;" $+'$;" ig1;" 1;%931;" 96+'1;jP" #$:]1'1:3(9" 4(3+949" 1:" 18" #1'381" 41;" W+641;" 9'3*(+13+6'98;P" %678(3949" 1:" 3/5("#%5#-/%@* =4-B%;%&#@*!4&#"&-"#J@":"OP"$3+67'1"41".HGN>"c'9463(49"%$'"5978$"^8(+;+1(:"&"c941$"X(F9> M-)+0/(=7;-":$0P7"X9"368+6'9"1:"18"%'(F1'"9A$"418"5[DP":$"*9&":949":612$"79Q$"_$U>" #$:;68+949" 1:" *++%/MMMLLL>1;+64($;41841;9''$88$>:+M3$8133($:|9F1'(39|89+(:9|1:| 18|.M.,%4] M-",*-7;-0,)+0+=7O=7?#$$'4>B"?.HHGB>*!-.#-/+*<*54;-&"5+5"I&*%&*.+*!"-,+,*,%*=J>"54C* =4,%/&",+,* <* =-.#"5-.#-/+.",+,2* .+* !"-,+,* ,%* =J>"54* +* 6"&* ,%* '"1.4" .Ä" %9'+1>" =WU(3$/" <:(21';(494"[6+E:$F9"=1+'$%$8(+9:9"Cd+9%989%9P"k'(Q987$>" M-",+-7;-0,)+0+=7OP7?,--OB>"g1](:(3($:1;"1:"+'9:;(3(E:>"@:"g9:(18"=9+$P*!-.#-/+@*)4.A#"5+* <* '45"%,+,* G%/')%5#"B+'* .+#"&4+;%/"5+&+'" ?%%>" RHIG.B" #(6494" [6+E:$F9" 41" ^61:$;" [('1;P"[')1:+(:9/" #X[#0tP" #$:;1Q$" X9+(:$9F1'(39:$" 41" #(1:3(9;" 0$3(981;P"[331;$" 98" +1U+$"3$F%81+$"?1:8931"3$:;68+94$"18".GI..I,-..B/"*++%/MM7(78($+1392('+698>3893;$>$')>9'M9'M 8(7'$;M)'6%$;MF9+$Mk9'3(9#9:38(:(>'+] M-",*-=7A("-7?,-.-P".-"41"97'(8B>"i=V;"FT;+(39"`61"'93($:98(;+9P"9839:d9"21'4941;"`61" 89"8E)(39":$"%6141"9839:d9'j>"[64(+$'($"418"=[#^[>@:"*++%/MMLLL>F9379>39+M3$:+'$881'> %*%b%|93+($:};*$L|%9)1~%9)(:9|(4}SS~(:;+|(4},GGSN~89:)}@05~5a50@00Cg}'-\ *'(GJ(]2Q-8F+4;(,*]9H7O
)$/'FGF9%+H/5-)(F0'F50'*/50)0"FIJ"D
.GO
M('$52+=7QP7?,--HB>*U%'%4*,%*'%/*)-&YC"^9'318$:9/"[:9)'9F9> S+:<0$B=7;P"?,--OP"O"41"]17'1'$B>"09:+(9)$"0(1''9/"=WU(3$"1;"3$F$"6:9"3(6494"+6F$'"&" [8p;P"6:"1U(8(94$"36'($;$>""=94'(4/"^9718(9" J-BB-"-#(=74P"?,--,B>"G-"''+&5%'*,%*.e"&B%&#"4&2*.+*)'<5(4.41"%*J54&4;"?-%*,%*b+9/"%.* :+/,%*54&#/%*.eJ54&4;"%*)4."#"?-%C"59'T;/"X1;"@F%Å3*16';"41"51:;1'"1:"f$:4> J-BB-"-#(=74P"?,--HB>"D1$8(71'98(;F"(:"[3+($:/"C:1`698"(+&P"C:;136'(+&P"9:4"+*1"f13$:;+(+6+($:" $]"+*1"0$3(98>"@:":(%4/<@*!-.#-/%*f*745"%#<@"o$8>",RP":Ç"R> J3'$B7 Q("D30=7 J+)+-0-7 ?,--.B>" G4.A#"5+'* 5-.#-/+.%'* 4/"%&#+,+'* +.* ).+&4* ,%* .+* B",+* 54#","+&+2* %B+.-+5"I&* ,%* .+'* %'#/+#%1"+'* ,%* 54;-&"5+5"I&* ,%.* G/41/+;+* ,%* !-.#-/+* !"-,+,+&+*_g414#K@*PhhiQPhhj`C*a&64/;%*6"&+.*,%.*54&5-/'42*!-.#-/+'*%*",%&#",+,%'*%&* 3;J/"5+*S+#"&+*<*%.*!+/"9%C*G/41/+;+*0%1"4&+.*,%*g%5+'*!S3!7XC*#$:;68+94$"1:"*++%/MM 7(78($+1392('+698>3893;$>$')>9'M9'M8(7'$;M7139;M,---M8$%1d>%4]"" J2,-.7 4-"#*0=7 SP7 ?,--OB>" X9" #(64949:T9" %9'9" 8$;" C:F()'9:+1;/" <:9" #$:4(3(E:" 41" 89" @6'$%9" g1F$3'V+(39" &" =68+(368+6'98>" #$:]1'1:3(9" %'$:6:3(949" 1:" 89;" k4/&+,+'* l&+* W-/4)+*'4.",+/"+2*5"-,+,+&A+*<*544)%/+5"I&*"&#%/&+5"4&+.@*t2(14$/"C:;+(+6+$"41"1;+64($;" %9'9"89"59d"&"89"#$$%1'93(E:IC@5#>"?LLL>6:(21';(49497(1'+9>$')B>"?@:8931"3$:;68+94$"18" .GI..I,-..B 4-,<=7NP"?.HHHB>"X1;"2($81:31;"4(+1;"i6'79(:1;j"1+"89"2(881>"@:"S%'*3&&+.%'*,%*.+*0%5(%/5(%* l/9+"&%@*GSMGN"?;1%+(1F7'1BP"?%%"OHIRNB> 4-"#*07 Q-"D$"(=7 SP7 ?.HHGB>" <:" :612$" F9%9" 368+6'98>" @:" #9F%$;P" q1d(4" ?#$F%>B" S+* 5"-,+,*49'%/B+,+C*m"4.%&5"+@*5-.#-/+*<*)4.A#"5+C*^$)$+V/"c1'31'"=6:4$> 4-"#*07Q-"D$"(=7SP"?.HHGB>"lE21:1;/"41;$'41:"368+6'98"&"%98(F%;1;+$;"41"(41:+(494"@:" m"B"%&,4*+*#4,+C*kIB%&%'@*#%//"#4/"4'*5-.#-/+.%'*<*&-%B+'*'%&'"9".",+,%'C"^$)$+V/"0()8$"418" a$F7'1"@4(+$'1;P"<:(21';(494"#1:+'98P"gC<#> 4(0.+T-+.=7;P"?,-.-B>"3)45+.")'#"5Y>"=WU(3$/"@4(+$'(98"g179+1> U-0#-0-=7!P7?,--HB>"X9"863*9"8(7'1"&"89"(41:+(494"368+6'98"F1U(39:9>"@:""G/4,-5#+iO2*l&+* "&#/4,-55"I&*+*+.1-&+'*,%*.+'*/%.+5"4&%'*?-%*'%*,+&*%&#/%*%54&4;A+*<*5-.#-/+C"^9'318$:9/" q5"5'$463+($:;>"""*++%/MMLLL>&%;(+1>:1+M%'$&13+$>%*%b(4}S>"?1:8931"3$:;68+94$"18".GI..I ,-..B V$""-0(T-=7 VP7 ?,--HB>" [:$+*1'" X(]1/" ;$3(98" 3$$%1'9+($:" 9:4" 9I$')9:(3" 8(]1>" @:" k4-/*&+.* :(%4/<@*!-.#-/%*f*745"%#<C"o$8>",RP":Ç"RP"?%%>".I,HB"X$;"r:)181;MX$:4'1;M"D6129"g18*(M 0(:)9%6'/"0[k@>""56141"3$:;68+9';1"18"9'+T368$"3$F%81+$"1:"1;%9A$8/ *++%/MMLLL>6$3>146M$Q;M(:41U>%*%M4()(+*6FM9'+(381M2(1L_(81M:.,I+1''9:$29M:.,I+1''9:$29I 1;%"?1:8931"3$:;68+94$"18".GI..I,-..B WX/+,$=7M$("5$7?,--SB>"59'94$Q9;"418"9'+1"5Y78(3$>"#$:]1'1:3(9"41:+'$"418";1F(:9'($*S+* 54&'#/-55"I&*,%*.4*)[9."54*=3!g3"^9'318$:9",GI,H"41":$2(1F7'1",--S>"56141"3$:;68+9';1" 89"3$:]1'1:3(9"3$F%81+9"1:"1;%9A$8/"*++%/MMLLL>7$U>:1+M;*9'14MU3(*FH:6\7O`21d9S73-" ?1:8931"3$:;68+94$"18".GI..I,-..B
!"#$%$%&'%()($*+*,-./(,#01#+%0*/2(#&%(%3+.4"5%,"6&(%(0%(,.&/1+#,,"6&($*(1*7"$.(/.,"%0888((9(((C5+)"D*(E)"C5*/$505(" !'<0/+,$7Y @8")'6%$"3$:"18"`61";1"*9:"+'979Q94$"1;+$;"F9+1'(981;"(:386&1/"#1:+'$"#68+6'98"<:(21';(+9'($"c89+18$83$" ?01')($"f9Y8"[''$&$B"É"<:(494"41"o(:36893(E:"['+T;+(39"<o["?C):93($"589B"É"[)6;+T:"@;+'949"?g('13+$'" 41"89"f14"41"_[ft0B"É"=6;1$"418"#*$%$"?[8F9"f$;9"l(FW:1d"#*V21dB"É"=6;1$"<:(21';(+9'($"41" ['+1"#$:+1F%$'V:1$"?=<[#P"0$8"a1:9'$B"É"l$;W"=()618"#9;9:$29"?@;36189"<:(21';(+9'(9"41"['+1" 41"89"<D[=P"@D[5B"É"_9'$"41"c896*693"?+9881'(;+9;P"3(64949:$;P")1;+$'1;B"É"_9'$"41"C:4($;"o1'41;" ?+9881'(;+9;P"3(64949:$;P")1;+$'1;B"É"#1:+'$"#68+6'98"41"@;%9A9"1:"=WU(3$"?f$4'()$"k9'3T9B"É"#9;9" o13(:9"É"=<#["f$F9"?k$:d98$"t'+1)9B"É"k981'T9"41"#$F1'3($"?D6'(9"=$:+(18"&"[81Q9:4'9"@;%9A9BÉ" DW;+$'"k9'3T9"#9:38(:("?9:+'$%E8$)$P"1;%13(98(;+9"1:"@;+64($;"#68+6'981;B"É"#W;9'"=9'+T:1d"?9'+(;+9B" É"o1'E:(39"k1'71'"?9'+(;+9B"É"^1:Q9FT:"k$:dV81d"?X9"31:+'98"418"56178$B"É"X(8(9:9"XE%1dI^$'7E:"É" @FF9"=1;;1)61'"?4('13+$'9"41"#9;9"c98921'9B"É"#9'89"a1''1'9I5'9+;"?9'+(;+9"&"36'94$'9B"""É"=$:(39" =9&1'"?9'+(;+9"&"36'94$'9B""É"X$'1:9" $8]]1'"?9'+(;+9B""É""[413$I4(3(93"?59:+(+8V:B"É"=9'+1;"41"9'+1" 1:"c1%(+$"?=9'($"56)9B"É"q6+;(8"#'6d"?9'+(;+9"&"36'94$'9"418"%'$&13+$"t7;+(:94$"c1%(+$B"É"_9'$"41" t'(1:+1"?+9881'(;+9;P"3(64949:$;P")1;+$'1;B"É"_9'$"41"=(8%9"[8+9"?+9881'(;+9;P"3(64949:$;P")1;+$'1;B"É" ['+6'$"t'+(d"?['`6(+13+$"&"9'+(;+9B"É"k'6%$"?g@B"?3$813+(2$"41"9'+(;+9;B
_3/#A5-.4*/%5"9",42*PjQOnQNOPPo*+5%)#+,42*PpQOiQNOPP`
!"#$%&%'()*#+,-.%/$%+/$0#+/-/ ,-..P"2$8>"N"?Q6:($B .GJI.HH"%%
!"#$%&'()*+",-../"01'2(3($"41"5678(393($:1;"41"89"<:(21';(494"41"=6'3(9>"=6'3(9"?@;%9A9B" C00D"14(3(E:"(F%'1;9/".GGHIHJHK>"C00D"14(3(E:"L17"?*++%/MM'12(;+9;>6F>1;M9%(B/".HGHIGNO,
011(:)"+*1"L*$81" "
R'+P"13$8$)&"9:4"+'9:;4(;3(%8(:9'(+&"
!"#$%$&'("#)*+,-./-0"#-/012134/)*"5*46-0.4/78 -9:)43;"<8,)3-7=::>8)+8>?
S'"S92(4"T981&"U
!""#$%&'("&)(*+",&-.'/&"0*+*%1&-$2&'.-$32#30#4+#$-.#'1&&&5&&&'0"')64<"@)3-7
!"#$%&$'('&%)*&*+$&#'",$"-(%(./&$0$'#&12*)2-)3%)1&#)"*&*
R7;+'93+ #8(F9+1"#*9:)1"9:4";%13(1;"1V+(:3+($:"9'1"%1'*9%;"+L$";&F%+$F;"$W"9"%;&3*$+(3";$3(1+&"+*9+" *9;"8$;+"3$:+93+"L(+*"'198(+&>"X*1"%9:41F(3"%9+*$8$)&"$W"13$:$F(3"9:4"(:46;+'(98"29861;"*921" %$;;(78&"98+1'14"+*1"21'&"3$6';1"$W"%89:1+9'&"12$86+($:>"R;"*6F9:Y(:4";+9'+;"+$"'13$):(Z1"+*9+" 9%$398&%+(3"3*9:)1"(;"(FF(:1:+P"+*1"%'93+(31"$W"9'+?;B"F9&"71"9:"1;;1:+(98"4(;3(%8(:1"+$"1F1')1" 71&$:4"3$889%;1>" X*(;"%9%1'"3$:;(41';"9'+"(:"9:"13$8$)(398"3$:+1V+"+$"*18%"6;"[;11"9:1L\"+*1"%$+1:+(98"W$'"94$%+(:)" 3$F%81V"L9&;"$W"+*(:Y(:)P"9:4"[+'9:;4(;3(%8(:9'&\"L9&;"$W"L$'Y(:)>""#*9881:)(:)"1V(;+(:)"718(1W" ;&;+1F;"9:4":$'F9+(21"L9&;"$W"+*(:Y(:)"+*'$6)*"[]61;+($:I79;14"819':(:)\P"L1"F9&"3$:;(41'" 4'9L(:)"9;"9"F19:;"$W")9(:(:)"(:;()*+;"9:4"%'93+(398"9%%'$93*1;"+$"4(21';1"W6+6'1;>"[X6':(:)" +*1"W931"$W"4(;9;+1'"+$"+*1"W931"$W"$%%$'+6:(+&\P"+*(;"%9'94()F";*(W+"9++1F%+;"[+$"7'(:)"+*1"L*$81" +$"8(W1\"+*'$6)*"[)'$L+*"13$8$)&\>
^1&L$'4; R'+P"@3$8$)&P"#$F%81V(+&P"X'9:;4(;3(%8(:9'(+&P"#8(F9+1"#*9:)1
_1;6F1: @8" 39F7($" 38(F`+(3$" &" 89" 1V+(:3(E:" 41" 89;" 1;%13(1;" ;$:" ]6(Z`" 4$;" ;a:+$F9;" 41" 6:9" ;$3(1494"%;(3E+(39"]61"*9"%1'4(4$"18"3$:+93+$"3$:"89"'198(494>"b9"%9+$8$)a9"%9:4cF(39" 41" 8$;" 298$'1;" 13$:EF(3$;" 1" (:46;+'(981;" %$;(781F1:+1" *9" 98+1'94$" 18" %'$%($" 36';$" 41" 89" 12$863(E:" %89:1+9'(9>" X9:" %'$:+$" 3$F$" 89" *6F9:(494" 1F%(131" 9" '13$:$31'" ]61" 18" 9%$398a%+(3$"39F7($"1;"(:F(:1:+1P"89"%'`3+(39"418"9'+1M;"%6141";1'"6:9"4(;3(%8(:9"1;1:3(98" %9'9"1F1')1'"F`;"988`"418"3$89%;$> @;+1"9'+a368$"3$:;(41'9"18"9'+1"1:"6:"3$:+1V+$"13$8E)(3$"%9'9"9&649':$;"9"d21'"3$:"6:9" :6129" F('949e" ?+$" ;11" 9:1LB" 18" %$+1:3(98" %9'9" 89" 949%+93(E:" 9" 3$F%81Q9;" F9:1'9;" 41" %1:;9F(1:+$"&"+'9:;4(;3(%8(:9'1;"W$'F9;"41"+'979Q9'>"_1+9:4$"8$;";(;+1F9;"93+6981;"41" 3'11:3(9;"&"89;"F9:1'9;":$'F9+(29;"41"%1:;9F(1:+$"9"+'92c;"418"d9%'1:4(Z9Q1"79;94$"1:" 89;"%'1)6:+9;eP"%$41F$;"3$:;(41'9'"18"4(76Q$"3$F$"6:"F14($"41"$7+1:1'"3$:$3(F(1:+$;"&" 1:W$]61;"%'`3+(3$;"%9'9"W6+6'$;"4(21';$;>"dX'9:;W$'F9'"89"39'9"418"41;9;+'1"1:"89"39'9"41" 89"$%$'+6:(494ef"1;+1"39F7($"41"%9'94()F9"+'9+9"41"d+'91'"89"+$+98(494"9"89"2(49e"9"+'92c;" 418"d3'13(F(1:+$"41"89"13$8$)a9e"?)'$L+*"13$8$)&B> 59897'9;"#8921 R'+1P"@3$8$)a9P"#$F%81Q(494P"X'9:;4(;3(%8(:9'(1494P"#9F7($"#8(F`+(3$
)0/-A7A213B/4+).A<-A4<-*/4<)<"ACD"$
.GH
X*1"9'3*(+13+"#*'(;+$%*1'"R81V9:41'"L'(+1;/"dg*9+"(;"'4"";(:)81"71;+"+*(:)"+*9+"C"39:"4$" :$LP"9+"+*(;"F$F1:+P"+$"7'(:)"+*1"L*$81"+$"8(W1e"?R81V9:41'P".HGJ/"h,B>"" =9&71"(+\;"+$"$WW1'"9"%$1Fi j$':"$W"4(;$'41' R:"6:;%19Y9781"F$F1:+ R"F9++1'"$W"3*9:31 C:"+*1"F19:+(F1 C:"+*1";%931"$W"*6F9:"3*$(31 C3$:;"$W"$6'"4'19F; X*1"=(:$+96'"'$9F; XL(V"+'92181';"9:4"F1'3*9:+; b97&'(:+*"$W"F(:4 X13*:$I;9%(1:; _(3*"*$+*$6;1"79;+9'4; j1+L11:"4():(+& C:12(+9781i j('+*"$W":1L"'198(+& 59'94$V"3$:31(214 X$"*198"+*1"L*$81 T198(:)"(;"718(12(:) 011(:)"+*1"L*$81 D$+"121'&$:1";11;"+*1"L$'84"9;"C";11"+*1"L$'84>""X*9+\;")$$4P"76+"C";6))1;+"+*9+"+*1'1" (;"9"L*$81"9'19"$W"Y:$L814)1P"9:4"F$'1"(F%$'+9:+P"9"L*$81"L9&"$W";11(:)P"Y:$L(:)"9:4" 4$(:)"+*9+"W$'"+*1"F$;+"%9'+"(;"41:(14"6;>""R;"+*1"k'1:3*"%*(8$;$%*1'"@4)9'"=$'(:"%6+;"(+/" dX*1"F$41':"%9+*$8$)&"$W"F(:4"(;"(:"+*1"*&%1'I;(F%8(W(39+($:"+*9+"F9Y1;"6;"78(:4"+$"+*1" 3$F%81V(+&"$W"'198(+&e"?=$'(:P",--G/"hB>" X*1"%$+1:+(98"W$'"3$F%81V(+&"9:4"+'9:;4(;3(%8(:9'(+&"9'1P"C"9')61P":$+"Q6;+"]61;+($:;"$W" 93941F(3"4(;3$6';1"$'"6+$%(9:":1L"9)1(;FP"76+"1;;1:+(98"+$"$6'";6'2(298"9;"9";%13(1;>" X$"%(3Y"6%"$:"+*1"L$'4"d%9+*$8$)&eP"6;14"7&"@4)9'"=$'(:P"+*(;"3$:4(+($:"$W"+*1"F$41':" F(:4" (;" %1'*9%;" +*1" ;&F%+$F" $W" 9" 417(8(+9+(:)" (88:1;;P" 396;14" 7&" 9" ;$3(98" 41:(98" $W" 4(21';(+&"l"368+6'98"4(21';(+&"9:4"7($4(21';(+&>""j6+"*$L"*9;"+*(;";(+69+($:"9'(;1:i"g*9+"9'1" +*1"3$:4(+($:;"W$'"+*(;"F9894&P"9:4"(;"(+"36'9781i""g1"Y:$L"+*1"L$'84P"L1"1V%1'(1:31"+*1" L$'84P"9:4"71396;1"$W"$6'"1F7$4(14"$')9:;P";&;+1F;"9:4"3$):(+($:"L1"9'1"9"%9'+"$W"9:4" 9%9'+"W'$F"+*1"L$'84> T$L121'P" (:" F63*" 3$:+1F%$'9'&" g1;+1':" +*(:Y(:)P" +*1" L$'84" (;" ;11:" 9;" ;$F1*$L" ;1%9'9+1"W'$F"6;P"9:4"121:"$6'"7$4(8&"%9'+;"9'1";11:"9;";1%9'9+1"1:+(+(1;>"mW"3$6';1P"+*(;" #9'+1;(9:" 3$F%9'+F1:+98(Z9+($:" $W" +*1" L$'84" (;" +$" ;$F1" 1V+1:+" +'61>"X*1'1" 9'1" ;%13(W(3" 4(WW1'1:31;"71+L11:"+*(:);P"9:4"+*1'1"9'1"*(1'9'3*(1;"$W"+*(:);"8(Y1"12$86+($:"9:4"W$$4I
!""#$%&'("&)(*+",&-.'/&"0*+*%1&-$2&'.-$32#30#4+#$-.#'1&&&5&&&'0"')64<"@)3-7 3*9(:;P"76+"9+"+*1";9F1"+(F1P"C";6))1;+"+*9+"121'&+*(:)"(;"%9'+"$W"9:"(:+1)'9+14"L*$81> C:" (+;18WP" +*(;" (;" :$+" 9" :1L" 3$:31%+>" X*'$6)*$6+" +*1" ,-+*" #1:+6'&" F9:&" ;&;+1F;" +*(:Y1';"1F9:9+(:)"W'$F"%*&;(3;P"%;&3*$8$)&P"3&71':1+(3;P"13$8$)&"9:4"$+*1'"4(;3(%8(:1;" *921" 3$F1" +$" ;11" +*1" dL*$81" %(3+6'1e>" T$L121'P" W1L" *921" '13$):(Z14" $'" '1;$8214" +*1" (:*1'1:+"%9'94$V"71+L11:"9"L$'84"$W";1%9'9+1"1:+(+(1;"'6814"7&"(FF6+9781"89L;P"9:4"9" L$'84"$W"9:"(:+1)'9+14"L*$81";&;+1F"$W";&;+1F;>"0$P"*$L"39:"+*1;1"$%%$;(+1;"1V(;+"(:"+*1" ;9F1"L$'84i"51'*9%;P"4(WW1'1:+"d_198(+(1;e"1V(;+"(:"+*1";9F1"L$'84i
1,()(2&343!"# X$"7'(1W8&"3$:+1V+698(;1"F&"%1';%13+(21P"C"'1W1'"+$"F&"%'93+(31"9;"13$8$)(398"9'+>"C"41W(:1" 13$8$)&"9;"+*1";+64&"$W"$')9:(;F;P"+*1('"'189+($:;*(%"+$"193*"$+*1'P"9:4"+*1('"'189+($:;*(%"+$" +*1('"1:2('$:F1:+>""=&"%'93+(31"(;"3$:31':14"L(+*"+*$;1"'189+($:;*(%;P"9:4"F9&P"+*1'1W$'1P" 71"6:41';+$$4"9;"9:"1V%9:414P"%'$31;;"W$'F"$W"9'+>"R:"9'+"+*9+"(;":$+"41%1:41:+"$:"9:&" $:1"4(;3(%8(:1P";Y(88;I79;1P"$'"F9+1'(98>"C+"(;P"(+;18W"d13$8$)(398e"9:4"(+"(;P"9;"09F"j$L1'P" +*1"S('13+$'"$W")'11:F6;16F>$')P"3988;"(+P"dn9'+"9;"9"21'7P"'9+*1'"+*9:"R'+"9;"9":$6:e>" 0$P"+*1"'189+($:;*(%;"9'1":$+"9";+9+(3";1+"$W"3$::13+($:;P"76+"9"4(21';1"W86V"$W":9+6'98"9:4" 368+6'98"(:+1'41%1:41:3(1;"l"9"3$F%81V";&;+1F"$W"8(W1"+*9+"49:31;"71+L11:"3'19+($:"9:4" 41;+'63+($:>" C"+*1:"F9Y1"+*1"9')6F1:+"W$'"9";*(W+"(:"+*(:Y(:)"$W"9'+"9;"9"+*(:)"?$7Q13+P"%'$463+P"$'" 29861"94414"3$FF$4(+&BP"+$"9"d3'19+(21"%'$31;;eP"9:4"3$:31%+6988&"(+"W$36;1;"$:"13$8$)&P" +*1"%'$31;;"$W"8(2(:)>"o'1)$'&"j9+1;$:"L'(+1;/ X*1" ]61;+($:" (;" :$+" $:8&" 1+*(398" (:" +*1" 3$:21:+($:98" ;1:;1f" (+" (;" 98;$" 9:" 13$8$)(398" ]61;+($:>"" X*1" F19:;" 7&" L*(3*" $:1" F9:" (:W861:31;" 9:$+*1'" 9'1" 9" %9'+" $W" +*1" 13$8$)&" $W" (419;" (:" +*1('" '189+($:;*(%P" 9:4" %9'+" $W" +*1" 89')1'" 13$8$)(398" ;&;+1F" L(+*(:" L*(3*" +*9+" '189+($:;*(%" 1V(;+;>" ?j9+1;$:P",---/"O.,B
X*1"L$'4"d9'+e"(;"41'(214"W'$F"+*1"9:3(1:+"09:;Y'(+"L$'4P"d#'&e>"5'&"'1+9(:;"(+;"F19:(:)" (:"3$:+1F%$'9'&"T(:4("9;"9":$6:I94Q13+(21"W$'"+*1"4&:9F(3"%'$31;;"7&"L*(3*"+*1"L*$81" 3$;F$;"3$:+(:61;"+$"71"3'19+14P"2('+6$6;8&>"C+"'1W1';"+$"+*1"'()*+"L9&"$W"12$86+($:"9:4"L1" ;+(88"+98Y"97$6+"1V31881:31P"$'"+*1"3$''13+"L9&"$W"4$(:)";$F1+*(:)"9;"9:"d9'+e"l"+*1"9'+"$W" 3$$Y(:)P"+*1"9'+"$W"W$$+7988P"+*1"9'+"$W")9'41:(:)P"[X*1"R'+"$W"R'3*1'&\P"[X*1"R'+"$W"=9Y(:)" #(+(1;\P"9:4"121:"dX*1"R'+"$W"g9'e>"0$P"'9+*1'"+*9:"71(:)"+'9%%14"(:"[X*1"_1I1:3*9:+F1:+" $W"R'+\"?o978(YP".HH,BP"5'&"$WW1';"9:"1%(;+1F$8$)(398";*(W+"(:"$6'"6:41';+9:4(:)"$W"L*9+"9'+" F9&"713$F1P"*$L"(+"F9&"L$'YP"L*9+"(+"F9&"4$"9:4"$6'"%9'+"(:"(+;"W6+6'1>"k6'+*1'F$'1/" 5'&" 3$:Q6)9+1;" (:+$" +*1" 21'7" d#)'6e" ?'(+698BP" +*9+" '1W1';" +$" +*1" 3$''13+" $'41'" $'" ;1]61:31" $W" #'&" ?(>1>"+*1"3&38(398"%9++1':"$W"+*1";19;$:;P"$'"+*1"%'$)'1;;($:"W'$F";114"+$"819W"9:4"'$$+"+$"+'11"+$" 78$;;$F"+$";114B>"dR'+e"F9&"*921"8$;+"F63*"$W"(+;"1+&F$8$)(398"F19:(:)P"76+"F9&71"(+"'1+9(:;" +*1"%$+1:+(98"+$"'1I1F1')1"9;"9"F1+9%*$'"W$'";6;+9(:97(8(+&P"8(Y1"9"W8$L1'"L9(+(:)"W$'"'9(:"(:";$F1" W6+6'1"41;1'+i"?T981&P",-..B
T$L121'P" (+" (;" +*1" %$+1:+(98" 3$:21')1:31" $W" 9'+" 9:4" ;3(1:31" +*9+" 4'(21;" +*(;" W$'F" $W" 13$8$)&f" W'$F" +*1" 4&:9F(3" +1:;($:" 71+L11:" +*1;1" ;11F(:)8&" 4(;3$'49:+" 181F1:+;" ?9'+" 9:4";3(1:31P"368+6'1"9:4":9+6'1B"+*1"%'93+(31"1F1')1;"+*'$6)*"4(21';(+&"9:4"+*1";&:+*1;(;" $W"Y:$L814)1>""=$'(:"'1W1''14"+$"+*1"3$:4(+($:"$W";3(1:31"L*1:"*1"L'$+1/"dn"Y:$L(:)"(;"9+" +*1";9F1"+(F1";1%9'9+(:)"9:4"3$::13+(:)P"(+"(;"+$"F9Y1"9:98&;(;"9:4";&:+*1;(;>"j$+*"9'1" (:;1%9'9781ne""?=$'(:P",--O/",OB
)0/-A7A213B/4+).A<-A4<-*/4<)<"ACD"$
.H.
X9Y(:)"9"W6'+*1'";+1%P"L1"F9&"F$21"W'$F"d9:"9'+"$W"13$8$)&eP"(F%8&(:)"+*1"6;1"$W"9'+" +$"3'19+(218&"944'1;;"1:2('$:F1:+98"(;;61;P"+$"d9:"13$8$)&"$W"9'+eP"L*1'17&"+*1"%$+1:+(98" $W"13$8$)&"713$F1;"9"d39+98&+(3"W114793Y"8$$%e"+*9+"%$+1:+(988&"+9Y1;"9'+"+$"9":1L"81218"$W" 6:41';+9:4(:)"(:"#68+6'1"!"#"D9+6'1P"9:4"W'$F"+*(;"6:41';+9:4(:)":1L"%9++1':;"?W$'F;B" $W"%'93+(31"F9&"1F1')1>"R:4";$P"L1"F$21"$:"W'$F"=$'(:\;":$+($:"$W"1F1')1:31P"d$'41'P" 4(;$'41'P"$')9:(;9+($:eP"+$"6:41';+9:4"9"3$F%81V";&;+1F"$W"9'+"C"*921"+1'F14P""-(3()"2)2" ?T981&P" ,--./" .-hB>" 7-(3()"2)2" 71(:)" +*1" d8(2(:)" $')9:(;9+($:e" W'$F" L*(3*" 9'+" ?$'" #'&B" F9&"1F1')1>"mW"3$6';1"+*1"3$:31%+P""-(3()"2)2P"(;":$+"%9;;(21P"76+"9:"93+(21"%'$31;;" $W"713$F(:)"$'"3$:+1V+698"12$86+($:f"+*1"F1+*$4$8$)&P""-(3#&8)2"?T981&P",--G/",-OBP"(;" (:+'(:;(3988&"9"W$'F"$W"3'(+(398"819':(:)f"9:4"+*1"3'(+(398"819':(:)P""-(3"*&.(.0"?T981&P",--G/" ,-OBP"%'$F$+1;"9"W688&"3$:+1V+698(;14P"4&:9F(3"W$'F"$W"Y:$L814)1>" T$L121'P" L1" F6;+" 71" 9L9'1" +*9+" +*1" 9%%8(39+($:" $W" +*1" %'1W(VP" d13$e" (;" :$+" 9" F1'1" 9WW13+9+($:"$W"d)'11:"+*(:Y(:)eP"76+"+*1"41%8$&F1:+"$W"13$8$)(398"%'(:3(%81;P"]698(+(1;P"9:4" 29861;" l" (:+1'41%1:41:31P" ;&;+1F9+(3" %'$31;;1;P" 3$F%81V(+&" 9:4" 1F1')1:31>" C:" +*(;" ;1:;1" 9'+" (;" (:+1)'98" +$" $6'" 12$86+($:9'&" W6:3+($:(:)P" 9:4" +*(;" 1F7$4(14" dW6:49F1:+98" 368+6'1e"?=$'(:P",--O/",pB"(;"1;;1:+(98"+$"F9(:+9(:(:)"$6'"*198+*>
5(6')$7+#&3438$-)+#& C:" +*1" F$41':" L$'84P" :$+($:;" $W" 3$F%81V(+&" 9:4" 13$8$)&" 12$8214" 9+" 9%%'$V(F9+18&" +*1" ;9F1" +(F1" 9:4" 7$6:314" $WW" $:1" 9:$+*1'" +$" 3'19+1" F19:(:);" W$'" 193*" $+*1'P" W(:4(:)" '1;$:9:31" L(+*" ]69:+6F" %*&;(3;P" )1;+98+" %;&3*$8$)&P" 3&71':1+(3;P" 9:4" $+*1'" W$'F;" $W" ;&;+1F;"+*(:Y(:)>"j6+";$F1*$LP"41;%(+1"+*1('";6331;;W68"(:+1'%'1+9+($:;"9:4"9%%8(39+($:;P" +*1&"*921"711:"9331%+14"7&":1(+*1'"F9(:;+'19F";3(1:31P":$'"F9(:;+'19F"368+6'1>"j$+*" $W"+*1;1"%$L1'W68"(:;+(+6+($:;"*921"%6;*14"3$F%81V"F$41;"$W"+*(:Y(:)"9:4"71(:)"+$"+*1" F9')(:;"$W":$'F9+(21"Y:$L814)1"9:4"71*92($6'P"L(+*$6+"9;3'(7(:)"9:&"'198"29861"$'"L$'+*" +$"+*1F> 0$P"F9&71"$6'"9(8(:)"d368+6'1"$W"6:;6;+9(:97(8(+&e"(;"L*9+"(:"+*19+'1"(;"'1W1''14"+$"9;" +*1"d;6;%1:;($:"$W"4(;718(1We"l"+*1"97(8(+&"+$"+6':"$WW"(6#"3'(+(398"W9368+&P";$"+*9+"L1"F9&"71" 1:+1'+9(:14"7&"39+*9'+(3";+$'(1;"$W"W(3+($:i""k$'"*1'1P"C"718(121"(;"+*1"'198"(;;61P"+*1"'198(+&" $W"6:;6;+9(:97(8(+&f"9:4"(+"(;"1F714414"(:"*$L"$6'";$3(1+&"(;"14639+14"+$"+*(:Y>"q6;+"9;" 9+*81+1;"+'9(:"+*1('"F6;381;"+$"%1'W$'F"31'+9(:"93+(2(+(1;"(:"%9'+(3689'"L9&;P";$"+$$P"L1"9'1" 3$93*14"+$"+*(:Y"97$6+"%9'+(3689'"+*(:);"(:"31'+9(:"L9&;"l"(+"(;"9"]61;+($:"$W"1%(;+1F$8$)&>" g*1:"L1";11"+*(;"%'$31;;"+9Y(:)"%8931"(:"$+*1'"368+6'1;P"L1"3988"(+"d(:4$3+'(:9+($:e"9:4" d7'9(:L9;*(:)eP"76+"$W"3$6';1"(:"$6'"$L:"368+6'1P"(+"(;"3$:;(41'14"+$"71"dF9(:+9(:(:)"$6'" 29861;eP"d*1'(+9)1eP"9:4"dW'114$Fe> j6+"+*(;";6%%'1;;($:"$W"3$F%81V"F$41;"$W"+*(:Y(:)"9:4"3'19+(21"71(:)"*921"*9'FW68" 3$:;1]61:31;"W$'"$6'"(:4(2(4698"9:4"3$8813+(21"*198+*>"X*(;"41:(98"$W"'(3*:1;;"9:4"4(21';(+&" )(21;"'(;1"+$"9":16'$+(3"F$:$368+6'1"+*9+"*9;":16+1'14";$3(98"(:+1'93+($:"(:"+*1":9F1"$W" %'$)'1;;"9:4"41218$%F1:+>"=9:(3"3$:;6F1'(;FP"+*1"W9:9+(3(;F"$W"+*1"F9'Y1+"13$:$F&" 9:4"+*1"368+"$W"+*1"(:4(2(4698"[+13*:$I;9%(1:\"*921"93+6988&"(:3'19;14"$6'"41%1:41:3&"9:4" '146314"$6'"1;;1:+(98"39%93(+&"W$'";6'2(298>"m6'"39+9+$:(3"'193+($:"+$"38(F9+1"3*9:)1P"+*1" ;(V+*" 1V+(:3+($:" 9:4" $+*1'" ;18WI(:46314" 9%$398&%+(3" %$+1:+(98(+(1;" $:8&" ;6;+9(:" 9" ;6(3(498" ;+9+6;" ]6$>" b$;;" $W" +*(;" F9):(+641" $W" [_198(+&\" L$684" 71" 4(9):$;14" 9;" 31'+(W(9781" (:" 9:" (:4(2(4698P"&1+"(;"%'$F$+14"9;":$'F98"9+"+*1")8$798";$3(98";3981>"C";6))1;+"+*9+"(+"(;"+*'$6)*" 9:"(:+1)'9+14"Y:$L814)1"$W"3$F%81V(+&"+*9+"L1"39:"W(:4"$6'"+'61"3$:+1V+"W$'"71(:)>
!""#$%&'("&)(*+",&-.'/&"0*+*%1&-$2&'.-$32#30#4+#$-.#'1&&&5&&&'0"')64<"@)3-7
9"-0./+.,+')+0-"&3:(#$0#+-) T92(:)"1F7'9314"3$F%81V(+&P"L1"9'1"$WW1'14"+*1"%$+1:+(98"W$'"d+'9:;4(;3(%8(:9'(+&eP"9:4"(+" F9&"71"6;1W68"+$"%'$2(41";$F1"3$:+1V+698(;(:)"41W(:(+($:;>"C"6;1"+*1"+1'F;"W'$F"j9;9'97" D(3$81;36\;" 7$$Y" 9#&12*)2-)3%)1&#)'0+$ 94"(#0$ &1*$ :#&-')-"P" :$+" +*$;1" 9%%'$%'(9+14" 9:4" 949%+14"W$'"+*1"F9'Y1+"$W"F&+*"9:4"F9:9)1F1:+"+'9(:(:)> =68+(4(;3(%8(:9'(+&"3$:31':;";+64&(:)"9"'1;19'3*"+$%(3":$+"(:"Q6;+"$:1"4(;3(%8(:1"76+"(:";121'98"9+" +*1";9F1"+(F1>"?D(3$81;36P",--G/",B C:+1'4(;3(%8(:9'(+&"*9;"9"4(WW1'1:+")$98"W'$F"F68+(4(;3(%8(:9'(+&>"C+"3$:31':;"+*1"+'9:;W1'"$W"F1+*$4;" W'$F"$:1"4(;3(%8(:1"+$"9:$+*1'>"?D(3$81;36P",--G/",B R;" +*1" %'1W(V" d+'9:;e" (:4(39+1;P" +'9:;4(;3(%8(:9'(+&" 3$:31':;" +*9+" L*(3*" (;" 9+" $:31" 71+L11:" +*1" 4(;3(%8(:1;P"93'$;;"+*1"4(WW1'1:+"4(;3(%8(:1;P"9:4"71&$:4"988"4(;3(%8(:1;>"?D(3$81;36P",--G/",B
g*(81"+*1"1F1')1:31"$W"+'9:;4(;3(%8(:9'(+&"F9&"71"+*1"F19:;"7&"L*(3*"9'+"'198(;1;" (+;"%$+1:+(98"9;"9"4(21';1P"3$F%81V";&;+1F"$W"713$F(:)P"+*1"%$;;(7(8(+&"$W"3'19+(:)";63*" 3$:4(+($:;"'1]6('1;"9:"1;;1:+(98";*(W+"(:"+*(:Y(:)P"(:4114"(+"F9&"'1]6('1"9";*(W+"(:"%9'94()F>"R" ;+'9+1)&"%'$%$;14"7&"+*1"%'11F(:1:+"13$8$)(398"9'+(;+;"T181:"=9&1'"T9''(;$:"9:4"D1L+$:" T9''(;$:";6))1;+;"+*9+"+*1"1WW13+(21"41%8$&F1:+"$W"13$8$)(398"9'+"F9&"7$+*"'1]6('1"9:4" )1:1'9+1"d%$;+I4(;3(%8(:9'(+&e>"T1'1P"988"4(;3(%8(:1;"F11+"9+"9"3$:31%+698"'$6:4"+9781"l"988" 9'1" %'1;1:+P" 988" 9'1" 1]698>"R'+P" 8(Y1" 988" $+*1'" 4(;3(%8(:1;P" F6;+" 71" 298614" 1]6988&>"R+" +*1" 31:+'1"$W"+*1"+9781"L1"%8931"+*1"3*9881:)1;"$W"+*1",.;+"#1:+6'&>"X*1;1P"X*1"T9''(;$:;" 3988" +*1" d1::$78(:)" %'$781F;e" I" +*$6)*" C" %'1W1'" +*1" +1'FP" d1::$78(:)" ]61;+($:;e>" " g*&" d1::$78(:)ei" j1396;1" 9%%'$93*14" (:" +*(;" L9&P" +*1;1" 3*9881:)1;" *921" +*1" %$+1:+(98" +$" 8(71'9+1"+*$6)*+"9:4"93+($:P"9:4"+*1'17&"%$+1:+(988&"3*9:)1"+*1"+*$6)*+;"9:4"93+($:;"+*9+" 3'19+14"+*1F"(:"+*1"W(';+"%8931P"7&"d+6':(:)"+*1"W931"$W"4(;9;+1'"+$"+*1"W931"$W"$%%$'+6:(+&eP" 9;"X*1"T9''(;$:;"%6+"(+"?=9&1'"T9''(;$:"r"T9''(;$:P",--G/"pB> C"9')61"+*9+"+*(;";*(W+"(:"+*(:Y(:)"I"W'$F"9'+"9;"9"+*(:)P"+$"9"d3'19+(21"%'$31;;e"3$:31%+6988&" W$36;1;" $:" 13$8$)&P" +*1" %'$31;;" $W" 8(2(:)>" " 0$" L*9+" 4$1;" 9'+" 7'(:)" +$" +*1" +9781i" " g188P" Y11%(:)"+*1":$+($:"$W"#'&"(:"F(:4P"(W"L1"3$:;(41'"9'+"+$"71"9"21'7P"'9+*1'"+*9:"9":$6:P"+*1:" L1"F9&"1:8(;+"+*1"*6F9:"1:93+F1:+"$W"9'+P"$'"+*1"(:*1'1:+"%'$31;;1;"$W"9'+W68:1;;>"0$3(98" ;3(1:+(;+P"T9:;"S(181F9:P"'1W1';"+$"d9'+W68"Y:$L(:)M4$(:)e/ 0$F1"$W"+*1"3$F%1+1:3(1;"%'1;1:+14"8$$Y"8(Y1"+*1"d;Y(88;e"L1"6;6988&"'1W1'"+$P"9;"+*1&"9'1"93+($:" $'(1:+14>" j6+" +*1;1" 3$F%1+1:3(1;" 9'1" :$+" +$" !$$%&" Y:$L814)1P" 76+" +$" !'()*+," Y:$L(:)" 9:4" 6:41';+9:4(:)>" =$'1$21'P" +*1" Y:$L(:)" (;" :$+" (:" +1'F;" $W" 9:98&+(398" $'" +*1$'1+(398" Y:$L814)1" $'" %'93+(398" (:W$'F9+($:P" 76+" (:" +1'F;" $W" ;&F7$8(3" F19:(:)P" F1+9%*$';P" 2(;($:;" $'" (F9)1;" 9:4" 1V%1'(1:31;P"(:+1)'9+(:)"3$):(+(21"Y:$L(:)P"1F$+($:;"9:4"29861;>"m:1"F$'1"F9Q$'"4(WW1'1:31"8(1;" (:"+*1"93+(2(+&"$W"(:]6('&/"+*1";*9%(:)P"W$'F(:)P"3$:;+'63+(:)P"F(F(3Y(:)"$'"F9:(%689+(:)"$W"'198(+&" +*'$6)*"1:)9)(:)"(:"93+(2(+(1;";63*"9;"%9(:+(:)P";368%+6'1P"%1'W$'F9:31;P"(:;+9889+($:;P"8(+1'9+6'1P" F6;(3P"+*19+'1"9:4"+*1"8(Y1>"?S(181F9:P",-.-/"hB>
j9;9'97" D(3$81;36" %'$2(41;" +*1" +*'11" %$;+689+1;" W$'" +*1" W$6:4(:)" $W" +'9:;4(;3(%8(:9'&" F1+*$4$8$)&/ I" X*1'1" 9'1" (:" D9+6'1" 9:4" (:" $6'" Y:$L814)1" $W" D9+6'1P" 4(WW1'1:+" 81218;" $W" _198(+&" 9:4P" 3$''1;%$:4(:)8&P"4(WW1'1:+"81218;"$W"%1'31%+($:> I"X*1"%9;;9)1"W'$F"$:1"81218"$W"_198(+&"+$"9:$+*1'"(;"(:;6'14"7&"+*1"8$)(3"$W"+*1"(:386414" F(4481>
)0/-A7A213B/4+).A<-A4<-*/4<)<"ACD"$
.Hp
I"X*1";+'63+6'1"$W"+*1"+$+98(+&"$W"81218;"$W"_198(+&"$'"%1'31%+($:"(;"9"3$F%81V";+'63+6'1/"121'&" 81218"(;"L*9+"(+"(;"71396;1"988"+*1"81218;"1V(;+"9+"+*1";9F1"+(F1>"?D(3$81;36P",--G/".-B X*(;" :$+($:" $W" F68+(%81" _198(+(1;" (;" :$+" ;$F1" F&;+(398" W9:+9;&P" 76+" W('F8&" 79;14" $:" ]69:+6F"%*&;(3;"9:4"389;;(398"%*&;(3;"l"+$)1+*1's""X*1"(;;61P"*$L121'P"(;"*$L"+*(;"_198(+&" *9;"711:";6%%'1;;14"9:4"+*1"3$:;1]61:31;"$W"+*(;"41:(98"$:"$6'"%*&;(398P"F1:+98P";$3(98" 9:4"13$8$)(398"*198+*>"51'*9%;P"$:1"L9&"$W"$%1:(:)I6%P"7'(:)(:)"+$"8()*+"9:4"1V%8$'(:)" +*(;"%$+1:+(988&"'(3*"9:4"1V3(+(:)"W$'F"$W"71(:)"(:"+*1"L$'84"(;"$6'"97(8(+&"+$"]61;+($:>"X*9+" (;"+$";9&"+*1"39%97(8(+&"+$"3'19+(218&"W$'F";19'3*(:)P"F19:(:)W68"]61;+($:;>"R':1"D91;P"+*1" W$6:41'"$W"+*1"S11%"@3$8$)&"=$21F1:+"944;/" dX*1"1;;1:31"$W"411%"13$8$)&Pe"*1";9&;P"d(;"+$"9;Y"411%1'"]61;+($:;>e"X*(;"(;"+*1"1;;1:31"$W" 9"%9'94()F";*(W+>"g1":114"+$"71"%'1%9'14"+$"]61;+($:"121'&";(:)81"9;%13+"$W"+*1"$84"%9'94()F>" ?#9%'9P".HHh/"JB
T1"3$:+(:61;/ C+" ]61;+($:;" +*(;" 1:+('1" %9'94()F" W'$F" 9:" 13$8$)(398" %1';%13+(21/" W'$F" +*1" %1';%13+(21" $W" $6'" '189+($:;*(%;"+$"$:1"9:$+*1'P"+$"W6+6'1")1:1'9+($:;P"9:4"+$"+*1"L17"$W"8(W1"$W"L*(3*"L1"9'1"9"%9'+>" ?#9%'9P".HHh/"GB
;<$.#+(0=>-.$/3?$-"0+023 D$L"81+"6;"3$:;(41'"9"3$:31%+"C"*921"711:"41218$%(:)P"d]61;+($:"79;14"819':(:)e"?tjbB>" g*1:" (+\;" %'93+(314" (:+6(+(218&" 7&" F9:&" 9'+(;+;" 9:4" 3'19+(21" %1$%81P" +*(;" 9%%'$93*" F9&" $%1:" 6%" ;(+69+($:;" W$'" 1V%8$'9+($:" (:" :$:I8(:19'" L9&;>" 5'$781F;" F9&" 71" W$6:4" 9:4" '1;$8214" 9:4" :1L" ]61;+($:;" F9&" 71" W$'F14" (:" +*1" %'$31;;>" tjb" (;" 79;14" $:" dL*$81" ;&;+1F;e";11(:)" 9:4"+*(:Y(:)" +$"%'$F$+1"L(41'P"411%1'"819':(:)P"'9+*1'"+*9:";$86+($:;>" X*(;"(;"%$+1:+(988&"9:"13$8$)(398"9%%'$93*"+$"819':(:)"l"13$I%149)$)&P"$'"d@3$"b(+1'93&e" ?#9%'9" .HHHB" I" )1:1'9+14" 7&" 3$:+1V+P" '189+($:;*(%;" 9:4" 3$F%81V" ;&;+1F;P" +*9+" (:38641" 9:98&+(398"F1+*$4;"$W"6:41';+9:4(:)"+*1"L$'84>" R7$21"988P"tjb"%'$F$+1;"]61;+($:;"+*9+"9'1"W114793Y"8$$%;"$W"3'19+(2(+&"9:4"1V%9:;(21" Y:$L814)1"I"'1;$:9+(:)"L(+*"+*1"(F9)1"$W"#'&P"$'"9'+"F1:+($:14"19'8(1'>"^:$L814)1P"+*1:" 713$F1;"9:"[$%1:";&;+1F\"+*9+"F9&"71"3'19+14"W'$F"+*1"'189+($:;*(%"$W"F9:&"%9'+;P"9:4" +*1"%9'+;"F9&"71";*9'14"7&"F68+(%81"4(;3(%8(:1;f"+*6;"Y:$L814)1"(+;18W"39:"71"3$:;(41'14" %89;+(3"9:4"4&:9F(3P"$'"13$8$)(398>"D(3$81;36"L'(+1;/ C+"(;"$:8&"(W"L1"]61;+($:"+*1";%931"71+L11:P"93'$;;P"9:4"71&$:4"4(;3(%8(:1;"+*9+"L1"*921"9"3*9:31" +$"1;+978(;*"8(:Y;"71+L11:"'4""+L$"%$;+IF$41':"368+6'1;P"(:+1)'9+(:)"7$+*";3(1:31"9:4"L(;4$F>" X'9:;4(;3(%8(:9'&"^:$L814)1"(;"9781"+$"7'(:)"9":1L"2(;($:P":$+"$:8&"$W"93941F(3"4(;3(%8(:1;"76+" 98;$"$W"368+6'1;P"'18()($:;P"9:4";%('(+698"+'94(+($:;>"?D(3$81;36P",--G/".NB
R:4P" C" L$684" 9')61" +*9+" X'9:;4(;3(%8(:9'&" ^:$L814)1P" 8(71'9+14" +*'$6)*" 9" 39%93(+&" W$'" ]61;+($:(:)P"(;"(:"(+;18W"9"3'19+(21"9:4"*198+*&"L9&"$W"8(2(:)"+*9+"3$::13+;"+*1"L*$81"$W"$6'" 8(214"1V%1'(1:31>""X*(;P"(:"+6':P"9;"D(3$81;36"W6'+*1'"3$FF1:+;P"*9;"%'$W$6:4"1+*(398"9:4" F$'98"3$:;1]61:31;>" X'9:;4(;3(%8(:9'(+&"^:$L814)1P"X^P"3$''1;%$:4;"+$"9":1L"+&%1"$W"Y:$L814)1"l$)1$;);("Y:$L814)1>" X*(;":1L"Y:$L814)1"(;"3$:31':14"L(+*"+*1"3$''1;%$:41:31"71+L11:"+*1"1V+1':98"L$'84"$W"+*1" m7Q13+"9:4"+*1"(:+1':98"L$'84"$W"+*1"067Q13+>"j&"41W(:(+($:P"+*1"X^"Y:$L814)1"(:38641;"9";&;+1F" $W"29861;>"?D(3$81;36P",--Gf"pB>
!""#$%&'("&)(*+",&-.'/&"0*+*%1&-$2&'.-$32#30#4+#$-.#'1&&&5&&&'0"')64<"@)3-7
@$$+023+.3A$)+$B+02 k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d;%13(1;e" F19:;" d+$" 8$$Ye" 9:4" (+" F19:;" d9" 389;;" $W" +*(:);P" 8(2(:)" $')9:(;F;" 39%9781" $W" 1V3*9:)(:)")1:1;P"389;;(W(14"9;"9"+9V$:$F(3"'9:Y"718$L"9")1:6;"9:4"41:$+14"7&"9"b9+(:" 7(:$F(98>e""C+P"98;$P"'1W1';"+$"d+*1"2(;(781"W$'F"$W"193*"$W"+*1"181F1:+;"$W"3$:;13'9+14"7'194" 9:4"L(:1"(:"+*1"@63*9'(;+>e""R:4"d:$29e"F19:;"+*1"F(;+9Y1:";()*+(:)"$W"9":1L";+9'P"9"W89;*" $W"7'()*+:1;;"+*9+"]6(3Y8&"4(F;"I"W1F(:(:1"$W":$29;"I":$218"9":1L"Y(:4"$W":9+6'1f";+'9:)1f" %'12($6;8&"6:Y:$L:f":$218+&"I"(:21:+($:>"XL$"L$'4;"+*9+";1%9'9+18&"9:4"+$)1+*1'"12$Y1" 718(1W";&;+1F;"+*9+"41%1:4"$:"2(;698"1V%1'(1:31>"" R;"9"%$1+(3"F1+9%*$'P"C"6;1"+*1"+1'F"+$"41:$+1"+*1"%$+1:+(98"W$'"6:41';+9:4(:)"9":1L" $'41'"9:4"12$86+($:9'&"3*9:)1"l"d+$";11"9:1Le>"T$L121'P"C"9F"9L9'1"+*9+"23"-)"2"1(;&" 3$684"F19:"9"F(;+9Y1:"'18()($6;"1V%1'(1:31P"$'"9"389;;"$W"8(2(:)"+*(:);"+*9+"W89;*14"7'()*+8&" 9:4"]6(3Y8&"4(FF14>"<:31'+9(:+&"(;"1F714414"(:"+*1"'(3*:1;;"$W"F19:(:);P"W9'"W'$F"+*1" 41+1'F(:(;F"$W";3(1:+(W(3"+'6+*>""R:4";$P"+*1"9'+(;+(3"]61;+($:(:)"$W"9";3(1:+(W(3"9;;1'+($:"$W" +9V$:$F(3"'()$'"%'$2$Y14"+*1"3'19+($:"$W"9"%1'W$'F14"(:;+9889+($:"9:4"%$1+(3"+1V+;"W$'"+*1" ;1F(:98"(:+1':9+($:98"3$:W1'1:31P"dj1+L11:"D9+6'1e"?,---B"9+"b9:39;+1'"<:(21';(+&P"L*1:" ;3(1:+(;+;P" %*(8$;$%*1';P" 93+(2(;+;P" 2(;698" 9:4" %1'W$'F9:31" 9'+(;+;" F1+" +$" '13$:;(41'" +*1" L$'84"9:4"+*1"4(;3(%8(:1;"+*1&"(:*97(+> X*1" +1'F" ?1(;&$ 23"-)"2@," *$L121'P" (;" 41'(214" W'$F" _$F9:" b9L" 9:4" '1W1';" +$" +*1" d;%13(W(39+($:e"9:4":9F(:)"$W"+*(:);"(:"+*1"'()*+"+$"$L:1';*(%>"C:"%9'+(3689'"(+"'1W1';"+$"+*1" 3*9:)1"$'"+'9:;W$'F9+($:"$W";$F1+*(:)"(:+$"9:$+*1'"+*(:)"l";$F1+*(:)":1L>""k$'"(:;+9:31P" +*(;"3$684"F19:"+*1"3*9:)1"$W"38$+*"(:+$"9"3$9+P"F1+98"(:+$"9";+9+61P"$'"1));"(:+$"3*(3Y1:;>" X$";11"9:4":9F1"+*1"3*9:)1"41:$+14"+*1"4(WW1'1:31f"*$L121'"%*(8$;$%*(1;"3*9:)14"W'$F" +*1"0+$(3;"L*$")921"%'1W1'1:31"+$"+*1"F9+1'(98P"+$"+*1"W$88$L1';"$W"R'(;+$+81"L*$"W92$6'14" W$'F>"" C:" F&" 6;1" $W" +*1" L$'4" ;%13(1;P" C" 3*19+14" 9:4" 3*9:)14" +*1" F19:(:)" W'$F" d8$$Ye" +$" d;11eP"9;"+*(;";6(+14"F&"%6'%$;1"9+"+*1"+(F1>"D$LP"$:"'1W813+($:P"C"'198(Z1"+*9+"+*(;";*(W+"(;" F$'1"(:+1'1;+(:)"+*9:"C"W(';+"+*$6)*+>"C:4114"L1"W(:4"$6';1821;"L(+*"+*1"R:)8(3(Z14"#*(:1;1" 1V%'1;;($:" +$" d8$$YI;11e>"R;" C" 6:41';+9:4" (+P" +*1" #*(:1;1" L$'4" 1]6(2981:+" F19:;" 7$+*" +$"8$$Y"9:4"+$";11"l"+L$";1%9'9+1"%'$31;;1;"3$:+9(:14"(:"$:1"L$'4"I"+*1"93+"$W"8$$Y(:)" W'$F" +*1" $7;1'21'" +$" +*1" $7Q13+P" 9:4" +*1" %'$31;;" $W" '131(2(:)" 2(;($:" 7&" +*1" $7;1'21'>"" 0$"%1'*9%;P"d+9Y(:)"9"8$$YI;11e"%'$2(41;"9"'(3*1'P"F$'1"3$F%81+1P"6:41';+9:4(:)"$W"+*1" %'$31;;P"9:4"41:(1;";1%9'9+1"$7Q13+(W(39+($:i X*1"4(WW1'1:31"71+L11:"8$$Y(:)"9:4";11(:)"F9&P"*$L121'P"71"d;11:e"9:4"6:41';+$$4" (:" +1'F;" $W" (:+1:;($:>" b$$Y(:)" (;" +*1" 93+" $W" 4('13+(:)" +*1" )9Z1P" 2(1L(:)P" $W+1:" :114(:)" +$"71"]698(W(14P"d8$$Y"W$'";$F1+*(:)eP"8$$Y(:)"(:+$P"6%P"4$L:P"9'$6:4>"g*1'19;"d;11(:)e" 41:$+1;"1V+'9"9++1:+($:P"+*1"'1;68+"$W"*92(:)"8$$Y14"(;"+$"d;11eP"+$"*921")9(:14"Y:$L814)1P" +$"6:41';+9:4P"+$"71"3$):9+1>
)0/-A7A213B/4+).A<-A4<-*/4<)<"ACD"$
.HO
C:" ;3(1:31P" C" 718(121" +*(;" 4(WW1'1:31" (;" 6:41';+$$4" (:" %1'31%+($:" 9:4" 3$):(+($:>" " C:" $+*1'"L$'4;P"$6'"1&1;"4$"+*1"F13*9:(3;"$W"8$$Y(:)P"9;"$6'"7'9(:;"+6':"L*9+"L1";11"(:+$" 6:41';+9:49781"(:W$'F9+($:>"011(:)P";11F;"+$"71"97$6+"%9&(:)"9++1:+($:"+$"+*1"2(1L"9+" L*(3*"L1"9'1"8$$Y(:)P"W$36;(:)"$:";$F1"9;%13+"$W"(:+1'1;+f"9:"$7Q13+P"9";31:1P"9:$+*1'" *6F9:>""011(:)"(;"'13$):(Z(:)"l"'1I3$):(;(:)P"F9+3*(:)"L*9+"L1";11"+$"$6'"F1F$'&"$W" +*1"L$'84"9:4"21'(W&(:)"(+"3$:;+9:+8&"9;"$:1"%'$31;;> R%%9'1:+8&"W$'"+*1"W(';+"+*'11"L11Y;"$W"8(W1P"797(1;";11"+*(:);"6%";(41"4$L:P"9;"+*9+"(;" *$L"+*1"1&1"81:;"L$'Y;>"X*1:P"+$"94Q6;+"+$")'92(+9+($:98"$'(1:+9+($:P"L1"819':"+$"'121';1" +*1"(F9)1"'131(214"7&"$6'"7'9(:"l"9:"19'8&"949%+9+($:"+$"1:2('$:F1:+98"1F7$4(F1:+P"9:4" 9"L9&"$W"%6++(:)"+*(:);"(:+$"%1';%13+(21>
C"+$0#-#+(03+03:$".'$,#+B$ RF$:)" +*1" F19:(:);" $W" d%1';%13+(21e" 9'1" +*1" 9'+" $W" 4'9L(:)" ;$8(4" $7Q13+;" $:" 9" +L$I 4(F1:;($:98";6'W931";$"9;"+$")(21"+*1"'()*+"(F%'1;;($:"$W"'189+(21"%$;(+($:;"9:4";(Z1P"+*1" 9%%9'1:+"'189+($:"71+L11:"2(;(781"$7Q13+;"9;"+$"%$;(+($:"9:4"4(;+9:31P"9:4"9"F1:+98"2(1L" $W"+*1"'189+(21"(F%$'+9:31"$W"+*(:);>""X*1"L$'4"d%1';%13+(21e"(;"41'(214"W'$F"F14(1298"b9+(:" %1';%13+(29P"W'$F"3"#23)-"#"$3"#23"-'I"d8$$Y"9+"38$;18&P"8$$Y"+*'$6)*e"?9;"%1'IP"23"-"#"$ 23"-'A"d+$"8$$YeBu"n"9:4"L1"W(:4"$6';1821;"793Y"9+".'$,+$.> dX*1" L9&" L1" 41%(3+" ;%931P" 41+1'F(:1;" L*9+" L1" 4$" L(+*" (+e" ?T$3Y:1&P" .HGNB/" X*1" j'(+(;*"9'+(;+P"S92(4"T$3Y:1&\;"%*'9;1"W'$F"9".HGNP$B(6'4C&1D$B4(="Xv"%'$)'9FF1"+*9+" 41;3'(714"+*1"(:W861:31"$W"'13+(8(:19'"%1';%13+(21"$:"#*(:1;1"9'+"%'$2(414"9"3819'"(:;()*+" (:+$"#9'+1;(9:"+*(:Y(:)"9:4"(+;"3$:;1]61:31;>" X*1" %'$)'9FF1" 6;14" +L$" ;1+" ;*$+;>" X*1" W(';+" L9;" T$3Y:1&" 9;" d+98Y(:)" *194e" L(+*" #9:981++$\;"%9(:+(:)"$W"E$5".&''&$(1$'4"$F#&1*$G&1&%$)1$!"1)-""?.JN-BP"+$"+*1"'()*+"$W"*(;" *194>""X*1"$+*1'";*$+"L9;"W'$F"97$21P"4('13+8&"$:+$"9"89')1"+'1;+81"+9781"(:"W'$:+"$W"*(F>"" T1"6;14"+*1"+9781"+$"6:'$88"+L$"#*(:1;1";3'$88;"$W"+*1"o'9:4"#9:98"W'$F"j1(Q(:)>"@93*" ;3'$88"41%(3+14"+*1"Q$6':1&"$W"9:"@F%1'$'P"$:1"W'$F"+*1"89+1".J+*"#1:+6'&"7&"g9:)"T6P" 9:4"9"89+1'";3'$88>" T$3Y:1&\;";+9+1F1:+P"dX*1"L9&"L1"41%(3+";%931P"41+1'F(:1;"L*9+"L1"4$"L(+*"(+eP"L9;" '1%19+14"F9:&"+(F1;"46'(:)"+*1"*$6'I8$:)"%'$)'9FF1>"X*1"W(';+"*98W"$W"L*(3*"L9;";%1:+" 8$$Y(:)"9+"+*1"19'8(1'";3'$88"+*9+"6;14"9"+'94(+($:98"W$'F"$W"#*(:1;1"%1';%13+(21>"g*(81"F$'1" 9Y(:"+$"9"W89++1:14"(3$:(3";%931P"+*(;"W$'F"4(;%89&14";(F(89'(+(1;"L(+*"#67(;+"L9&;"$W";11(:)" F9:&" W931+;" $W" 9:" $7Q13+" $'" 2(1L" ;(F68+9:1$6;8&>" " X*1" 3$':1';" $W" *$6;1;" 9:4" ;+'11+;" ;*(W+14"2(1L%$(:+;"+$"%1'F(+"+*1"2(1L1'"+$";11"9'$6:4"3$':1';P"+*1"(:;(41"9:4"$6+;(41"$W" 76(84(:);>"X*1"2(1L1'"L9;P"+*1'1W$'1P")(21:"9"%'(2(81)14"41+9(814"2(1L"$W"49(8&"8(W1"(:"93+($:" l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
j&" 3$:+'9;+" +*1" 89+1'" ;3'$88" 4(;%89&14" 9" ;1'(1;" $W" 3$:+9(:14" 2(;+9;P" 8(:Y14" 7&" 9" 3$:+(:6$6;"*$'(Z$:"9:4"+*1"39:98>""X*1"(:+(F9+1"41+9(8;"$W"8(W1"*94")(21:"L9&"+$"89:4;39%1;"
!""#$%&'("&)(*+",&-.'/&"0*+*%1&-$2&'.-$32#30#4+#$-.#'1&&&5&&&'0"')64<"@)3-7 $W"9)'(368+6'98"%'$4631"9:4"9:$:&F$6;"L$'Y1';>"T$3Y:1&\;";+9+1F1:+")9(:14"%$():9:3&P" 1F%*9;(;(:)" +*1" (:W861:31" $W" g1;+1':" %*(8$;$%*&" 418(21'14" +*'$6)*" +*1" @6'$%19:" 9'+" 39:$:" $:" #*(:1;1" 9'+" 9:4" %$8(+(3;>" " g*(81" (F%8(3(+8&" '1W1'1:3(:)" S1;39'+1;\" 81)93&" $:" Q6;+(W&(:)"@6'$%19:"(F%1'(98"%$8(3&P"L*9+"L1"L(+:1;;14"L9;"9"W89++1:(:)"$'";(F%8(W(39+($:"$W" 3$F%81V(+&>"dX*1"L9&"L1"41%(3+";%931P"41+1'F(:1;"L*9+"L1"4$"L(+*"(+>e
D"-E+023(03?+F$ C"L$684":$L"8(Y1"+$"%9&"%9'+(3689'"9++1:+($:"+$"4'9L(:)P"$'"+$"71"%'13(;1P"4'9L(:)"W'$F"8(W1P" $'" $7;1'29+($:98" 4'9L(:)>" =$'1" +*9:" 9" ;Y(88" (:2$82(:)" d1&1M*9:4" 3$$'4(:9+($:eP" 4'9L(:)" F9&"71"3$:;(41'14"9"3$):(+(21"%'$31;;"$W"3'(+(398"$7;1'29+($:"9:4"'1W813+($:P"9:"(+1'9+($:" %'$31;;"9:4"9:"1F7$4(14"1V%1'(1:+(98"Y:$L(:)> =19:(:)"*9;"+$"4$"L(+*"+*1"L9&"L1"W6:3+($:"F19:(:)W688&"(:"+*1"L$'84"9:4"F9Y1";1:;1"$W"(+"2(9" 7$4(8&"9:4"(F9)(:9+(21";+'63+6'1;>"?b9Y$WW"r"q$*:;$:P".HHH/"JGB
b9Y$WW" r" q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l"+$"4'9L"6%$:P"4'9L"+$)1+*1'"9:4"+$"4'9W+"9"%'$%$;98i""=9%;P" 4(9)'9F;"9:4"+*1"4'9L(:);"$W"9'3*(+13+;"9:4"1:)(:11';"%'$2(41"6+(8(+9'(9:"89:)69)1;"$W" ;3(1:31"9:4"+13*:$8$)&P":$L"9%%'$%'(9+14"7&"1813+'$:(3"9:4"2('+698"49+9";&;+1F;>""R:4P"$W" 3$6';1P"L1"F6;+":$+"W$')1+"+*1"41218$%F1:+"$W"L'(++1:"W$'F;"+*1F;1821;P"41'(214"W'$F"+*1" *(1'$)8&%*;"?%(3+6'(:)B"$W"9:3(1:+"3(2(8(Z9+($:;> X*1"93+(2(+(1;"$W"$7;1'29+($:P"1:]6('&"9:4"1V%8$'9+($:"*921"81:+"*192(8&"$:"+*1"%'93+(31" $W"4'9L(:)"9:4"(:"F9:&"4(;3(%8(:1;P"8(Y1"7$+9:&P";+(88"4$"l"+*1"(+1'9+(21"%'$31;;"41F9:4;" +*9+"L1":$+(31"F$'1P";11"F$'1P"%9&"F$'1"9++1:+($:"+*9:"+*1"(:;+9:+"(F9)1"$W"9"%*$+$)'9%*>" X*1";+64(1;"$W"b1$:9'4$"49"v(:3(";+(88"%'$2(41"(:;()*+;"W'$F"9:"1:]6('(:)"F(:4>"S'9L(:)" 9;"%*&;(398"93+;"$W"1:)9)1F1:+"'12198"21'7;"8(Y1"%688(:)P"%$6'(:)"9:4"4'(:Y(:)>""5968"^811" +$$Y"*(;"8(:1"W$'"9"L98Y"?^811P".HGH/".B>"_64$8W"0+1(:1'P"R871'+"@(:;+1(:P"X$:&"j1Z9:"9:4" q$;1%*"j16&;"41F$:;+'9+14P"%'1;1:+14"9:4"%1'W$'F14"+*'$6)*"+*1"93+"$W"4'9L(:)>""g*1:" 6;14"7&":$:I8(+1'9+1";$3(1+(1;P"4'9L(:)"+188;"+*1";+$'&"$W"+*1"L9&"L1";11"+*(:);P"9;"F63*" 9;"L*9+"L1";11"l"2(;698"1%(;+1F$8$)&>"" " " " S'9L(:)" +9Y1;" +(F1>" S'9L(:)" F9Y1;" +(F1" 9:4" 7'(:);" 97$6+" '1W813+($:>" X(F1" +$" 6:41';+9:4"4(WW1'1:31;"9:4"'189+($:;*(%;>"X(F1"+$"]61;+($:>"51'*9%;P"(+"(;"(:"=(3*18"S1" #1'+196\;"9;;1'+($:P"d59&"9++1:+($:"+$"+*1"W8$L"n"9'+"(;"L*9+"9++1:+($:"F9Y1;"L(+*":9+6'1e" ?S1"#1'+196P".HGO/".JBP"+*9+"L1"W(:4"+*1"+'9:;W$'F9+($:"W'$F"$7;1'29+($:"+$"%'$%$;98"+$" %$1;(1;>"S'9L(:)"713$F1;";18WI'1W81V(2(+&P"9:4"+*1:"2(;6988&"1:)9)1;"+*1"2(1L1'";$"+*1&" +$$"*921"+$"3$:;(41'"+*1('"$L:"%$;(+($:>""S'9L(:)"%'1;1:+;"+*1"%$;;(7(8(+&"$W":1L"9'+"W$'F;" l"+'93(:)"+*1"+'9:;(+($:"W'$F"$:1";+9+1"+$"9:$+*1'>"X$"3'19+1":1L"2(;698"F1+9%*$';P"9:4" F9Y1":1L"Y:$L814)1>""R:4"L*1:"12$86+($:"[4'9L;\"6;"(:+$"+*1"W6+6'1P"L1"F9&"6:41';+9:4" 38(F9+1"3*9:)1P"+*1"F19:(:)"9:4"+*1"%$+1:+(98"$W"$6'"1F7$4(14"13$8$)&"I"7'(:)(:)"13$8$)&" (:+$";()*+>
)0/-A7A213B/4+).A<-A4<-*/4<)<"ACD"$
.HJ
5(0,)<.+(0 R;")$21':F1:+;")'946988&"94F(+"+$"+*1";3981"$W"1:2('$:F1:+98"9:4"*6F9:"41)'949+($:P" 9:4"+$"+*1"21'&"'198"%$+1:+(98"W$'"+*1"9%$398&%+(3"3$:;1]61:31;"$W"+*1")8$798"13$:$F&P"*$L" F9&"+*(;"9%%8&"+*(;"13$8$)(398"9'+i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pB g1"3$:;(41'"+*9+"+*1"8$)(398"3$:386;($:"$W"'1;19'3*"+$"29861"13$;&;+1F";1'2(31;"9:4"+$"(41:+(W&" +*$;1"W93+$';"+*9+"93+6988&"(F%'$21"*6F9:"L188I71(:)P"L(88"71"+*1"41218$%F1:+"$W"9:"13$:$F1+'(3" +*9+" F19;6'1;" )'$L+*" (:" 9" L9&" +*9+" '13$):(Z1;" 1:2('$:F1:+98" 8(F(+;" 9:4" F$'1" 9336'9+18&" 41;3'(71;" *6F9:" L188I71(:)>" o'$L+*" (;P" 9W+1'" 988P" :$+" 9:" 1:4" (:" (+;18W>" X*1" o$21':F1:+" F6;+" (:+'$4631"9:"(:4(39+$'"$W"13$:$F(3")'$L+*"L*(3*"(:3$'%$'9+1;"+*1"%'(:3(%81;"$W";6;+9(:97(8(+&"9:4" L188I71(:)"9;"19'8&"9;"%$;;(781>"?T$6;1"$W"#$FF$:;"R64(+"#$FF(++11P",--J/"OB
b1+"6;P"+*1'1W$'1"3$:;(41'"+*1"(419"$W"d)'$L+*"13$8$)&e"9;"9"F19:;"+$"*198"+*1"L*$81>" =63*"$W"$6'"368+6'1"*9;"711:"9%%'$%'(9+14"7&"+*1"89:)69)1"$W"13$:$F(3;"?1>)>"d13$;&;+1F" ;1'2(31;" 9:4" %'$463+;eBP" 9:4" ;6;+9(:97(8(+&" *9;" 713$F1" ;&:$:&F$6;" L(+*" 2(97(8(+&>" C+" (;" %1'*9%;" +(F1" +$" '1(:21:+" $6'" F19:(:)" 9:4" 29861;" $W" ;6;+9(:97(8(+&>"R" %$%689'" 41;('1" (:" F9'Y1+"13$:$F(3;"(;"d)'$L+*"13$:$F&eP";$"9"%$+1:+(98";*(W+"(:"+*(:Y(:)"+$"9"W6:49F1:+988&" ;6;+9(:9781"368+6'1"3$684"71"d)'$L+*"13$8$)&e>"C"W(';+"3$(:14"+*1"%*'9;1"(:",-.-"9+"9:"R;(9I @6'$%1"k$6:49+($:"3$:W1'1:31"(:"j'6;;18;P"L*1:"L'(+(:)"%$8(3&"L(+*"9")'$6%"$W"d3'19+(21e" (:4(2(4698;P"W$'"9"06FF(+"$W"R0@="?R;(9I@6'$%1"=11+(:)B"$:"+*1";67Q13+"$W"d06;+9(:9781" #'19+(21"#(+(1;e"l"d+$"1F7'931"13$8$)(398")'$L+*"9;";$3(98P"1:2('$:F1:+98P"368+6'98"9:4" 13$:$F(3"4(21';(+&e> do'$L+*"13$8$)&e"F9&"121:";6))1;+"9"%'$8(W1'9+($:"$W"13$:$F(3";&;+1F;P"9;"$%%$;14" +$" d)'$L+*" 13$:$F&e" +*9+" $:8&" '1W1';" +$" #9%(+98(;+P" F$:1+9'(;+P" F9'Y1+" 13$:$F(3;" I" 9" F$:$368+6'1"(:"41:(98"$W"13$8$)&>"T$L121'P"d)'$L+*"13$8$)&e"12$Y1;"12$86+($:9'&"4(21';(+&P" 9" %'(:3(%81" $W" L*$81" ;&;+1F;" 13$8$)&" +*9+" C" L$684" 9')61" ;6%1';141;" ;6;+9(:97(8(+&P" $'" 4(;%89&;"%'$%1'+(1;"+*9+"1F1')1"W'$F";6;+9(:97(8(+&"+$"9:$+*1'"81218"l"9"F1+9%*$'> k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b9Y$WW"r"q$*:;$:P".HG-/",pOB
0$P"+$"3$:38641"(:"9"89:)69)1"$W"9'+"9:4"+'9:;4(;3(%8(:9'(+&P"9"%$1F/ k$'"+*1"+(F1"71(:) X'9:;W$'F9+(21"F1F$'& R88"(:"9"8(W1+(F1 k$'F;"$W";1++81F1:+ R:$+*1'"'198(+& S(21';1"W$'1;+ R"W8$L1'"L9(+(:) _9(:"(:"9"W6+6'1"41;1'+ ^:$L(:)"L*1:"+$"78$$F
!""#$%&'("&)(*+",&-.'/&"0*+*%1&-$2&'.-$32#30#4+#$-.#'1&&&5&&&'0"')64<"@)3-7 8$F$"$0,$. !)$7-0/$"G35HG3I$+.G3JHG3!00+0(<G3!HG3K+02G3LH"?.HGJB>"R"I"=$94"(#0$(J$K#C&1$L"2).1>" D1L"w$'Y/"mVW$'4"<:(21';(+&"5'1;;> A-#$.(0G3MH"?,---B>"B'"32$'($&1$7-(%(.0$(J$M)1*>"#*(39)$/"<:(21';(+&"$W"#*(39)$"5'1;;> 5-'"-G3 NH" ?.HHhB>" 94"$ N"C$ (J$ O)J"+$ E$ I"=$ B01'4"2)2$ (J$ M)1*$ &1*$ M&''"#>" b$:4$:/" T9'%1'#$88(:;> =========?.HHHB>"7-($O)'"#&-0+$94"$G4&%%"1."$J(#$7*6-&')(1$)1$'4"$I"8'$G"1'6#0>"b(21'%$$8" 03*6F93*1'"813+6'1;",-"=9'3*".HHH>"#98(W$':(9/"#1:+'1"W$'"@3$8(+1'93&P"j1'Y81&> D$35$"#$-<G3OH"?.HGOB>"59&"R++1:+($:/"X$"=9Y1"R'+P$C:"=>"T>"T9''(;$:P"r"D>"T9''(;$:P"94"$ O&.((1$G0-%",$1V*(7(+($:"39+98$)61>"D1L"w$'Y/"C+*939> D+$)$6-0G3JH"?,-.-B>"R'(+;(+3"_9+($:98(+&"(:"06;+9(:97(8(+&"5'$Q13+;/"+*1$'&"9:4"%'93+(31>" 06FF1'"03*$$8"$W"R'+;"9:4"03(1:31;"W$'"06;+9(:97(8(+&"(:"0$3(98"X'9:;W$'F9+($:>"_1+'(1214" (:",-.."W'$F"KWWS DVVLVW QLQJ FRP SUR¿OHV EORJV KDQV GLHOHPDQ DUWLVWLF M->)+PG3@H"?.HH,B>"94"$5""1-4&1'H"1'$(J$E#'>"D1L"w$'Y/"X*9F1;"9:4"T64;$:> J-)$&H3 DH" ?,---B>" 6HHNLQJ DQ 8QDFFHSWDEOH 3UR¿OH VSHFLHV QRYD >WR ORRN DQHZ@ >" 51'W$'F14" 9'+;M'1;19'3*" (:;+9889+($:P" 3$FF(;;($:14" W$'" j1+L11:" D9+6'1" (:+1':9+($:98" ;&F%$;(6F"9+"b9:39;+1'"<:(21';(+&> ========= 5HÀHFWLRQV RQ WKH )XWXUH ± ³2 EUDYH QHZ ZRUOG´ D FKDQJH LQ WKH ZHDWKHU C:"R>$_1F1;9'"?14>BP"N&'"#J#(1'2$(J$E#'$Q,$E#'$J(#$B(-)&%$G4&1."$?%%>"HJI..,B>"j9'318$:9/$ <:(21';(+&"$W"j9'318$:9P"#@_"5mbC0P"0%9(:>"_1+'(1214"(:"=9'3*P",-..P"W'$F"LLL>67>1;M 1;368+M.>*+F J-)$&G3 DH3 QRSSTUH" X*1" b(F(+;" $W" 06;+9(:97(8(+&/" X*1"R'+" $W" @3$8$)&>" C:" 0>$ ^9)9:" 9:4" v>" ^('3*71')P" ?@4;>BP" B62'&)1&C)%)'0+$ &$ 1"=$ J#(1')"#$ J(#$ '4"$ &#'2$ &1*$ -6%'6#"2P$ k'9:YW6'+P" o1'F9:&/"vR0Iv1'89)> =========?,-..B>"C:"0>"^9)9:P"9:4"^>"v1';+'91+1"?@4;>BP"B62'&)1&C%"$G#"&');"$G)')"2+$'4"$#(%"$ (J$'4"$&#'2$)1$.%(C&%)2"*$6#C&1$-(1'"8'2P"R0@k"?R;(9I@6'$%1"k$6:49+($:B"?%%>""pNIpGP"NNB>" _1+'(1214"(:",-.."W'$F *++%/MMLLL>816%*9:9>41MW(8194F(:M6;1'x6%8$94Mk$';3*6:);1(:'(3*+6:)1:M(YYYM NXOWXUVR]LRORJLH ¿OHV $6()BZRUNVKRSBVXVWDLQDEOHBFUHDWLYHBFLWLHVBORQJBUHSRUW SGI =========?,-..B>"R'+"r"o'931>"C:"g>"T1(F"?@4>BP"I"=$H"'&34(#2$J(#$262'&)1&C)%)'0+$H"'&34(#2$ J(#$'4"$-(1')16&')(1$(J$%)J">"X*1"R;*41:"S('13+$'&>"_1+'(1214"(:",-.."W'$F" KWWS ZZZ DVKGHQGLUHFWRU\ RUJ XN IHDWXUHV9LHZ DVS"SDJH,GHQWL¿HU B " *++%/MM9;*41:(Z1:>78$);%$+>3$FM,-..M-JM:1LIF1+9%*$';IW$'I;6;+9(:97(8(+&I9'+>*+F8" J-""+.(0G3 JH3 OH3 43 J-""+.(0G3 IH" ?,--GB>" 5678(3" #68+6'1" 9:4" 06;+9(:9781" 5'93+(31;/" 51:(:;689" @6'$%1" W'$F" 9:" 13$4(21';(+&" %1';%13+(21P" %$;(:)" ]61;+($:;" +$" #$F%81V(+&" 03(1:+(;+;>"B'#6-'6#"$&1*$L01&H)-2+"1q$6':98"$W"R:+*'$%$8$)(398"9:4"_189+14"03(1:31;P" v$86F1" ,P" C;;61" pP" ,--GP$ R'+(381" p>" _1+'(1214" W'$F" *++%/MM'1%$;(+$'(1;>348(7>$')M(F7;M ;$34&:M;419;M2$8,M(;;pM9'+p
)0/-A7A213B/4+).A<-A4<-*/4<)<"ACD"$
.HH
J(,P0$&G3 D>" ?.HGNB>" 94"$ B(6'4$ R&1D$ B4(=P" b$:4$:" g11Y1:4" X1812(;($:" T$6;1" $W" #$FF$:;"R64(+"#$FF(++11>"?,--JB"94"$KI$M)%%"11)6H$7-(202'"H2$E22"22H"1'+$S)#2'$ 5"3(#'$(J$B"22)(1$TUUVAUW /RQGRQ 7KH 6WDWLRQHU\ 2I多FH /LPLWHG K)$$G3:H"?.HGHB>"94"$:"*&.(.)-&%$BD"'-4C((D>"b$:4$:/"k971'"9:4"k971'> ?-P(FFG3M343V(W0.(0G3OH"?.HG-B>"M"'&34(#2$N"$O);"P"#*(39)$/"<:(21';(+&"$W"#*(39)$" 5'1;;> =========?.HHHB>":4)%(2(340$)1$'4"$S%"24+$94"$7HC(*)"*$M)1*$&1*$Q'2$G4&%%"1."$'($N"2'"#1$ 94(6.4'P"D1L"w$'Y/"j9;(3"j$$Y;> O("+0G31H"?,--OB>"_1;+'(3+14"#$F%81V(+&P"o1:1'98"#$F%81V(+&>"C:"5*(8%9%1';"$')>"_1+'(1214" W'$F"*++%/MM%*(8%9%1';>$')M'13M=m__#o =========?,--GB>"X1$G(H3%"8)'0>"D1L"q1';1&/"T9F%+$:"5'1;;"C:3> I+,()$.,<G3 AH" ?,--GB>" 9#&12*)2-)3%)1&#)'0+$ 94"(#0$ &1*$ :#&-')-">" D1L" q1';1&/" T9F%+$:" 5'1;;"C:3>
$UWtFXOR UHFLELGR DFHSWDGR
!"#$%&%'()*#+,-.%/$%+/$0#+/-/ ,-..P"2$8>"N"?Q6:($B ,-RI,,N"%%
!"#$%&'()*+",-../"01'2(3($"41"5678(393($:1;"41"89"<:(21';(494"41"=6'3(9>"=6'3(9"?@;%9A9B" C00D"14(3(E:"(F%'1;9/".GGHIHJHK>"C00D"14(3(E:"L17"?*++%/MM'12(;+9;>6F>1;M9%(B/".HGHIGNO,
!"#$%&'(#)*)
#9'F1:"=S';3* +,$
T(1)$"418"5$U$"&"V(')(:(9"V(889%89:9W K$)6544'L"*6%0*'"/0:(***c(88(9F"Y9F1;"59'd1'"
.%$('L"*%6'#)6)*6%0*,$'/'")0***T(1)$"418"5$U$"e9''(6;$"&"=$:+;1"`$F9:_"
X9;";()6(1:+1;"1:+'12(;+9;"'198(U949;"9"Y9::9"Z'9*9F"?93+(2(;+9P"146394$'9"&" F14(94$'9"368+6'98P"2(21"93+698F1:+1"1:"X$:4'1;B"&"9"#9'F1:"=S';3*"?4('13+$'9" 418" C[@IC:;+(+6+$" %9'9" 18" ['+1" &" 89" @46393(E:P" \6'(3*BP" ]$'F9:" %9'+1" 41" 6:" '1%1'+$'($" F^;" 9F%8($" 41;9''$8894$" 1:" 18" F9'3$" 41" 89" (:21;+()93(E:" 9'+_;+(39" !"#$%&'&()*+,&$&-.%'&*/0*1230($14&5162*7*/0*5.8&9%02/1:&;0*(.#%0*,&(*9%<5$15&(* /0* 9%./"55162* &"/1.31("&,* 5.,&#.%&$13&(P" 4('()(49" %$'" T(1)$" 418" 5$U$P" =$:+;1" `$F9:_" &" V(')(:(9" V(889%89:9>" @8" 1Q1" %'(:3(%98" 41" 89;" 1:+'12(;+9;" %9'+1" 41" 6:" FXHVWLRQDULR EDVH SODQWHDGR D PRGR GH SUD[LV FRPXQLFDWLYD SDUD LGHQWL¿FDU ORV HVSDFLRV UHFXUVRV \ FRQÃ&#x20AC;LFWRV FRPXQHV TXH VH UHYHODQ HQ OD DFFLyQ GH ODV %'^3+(39;"3$897$'9+(29;>"" !"#$%&'&()*+,&$&-.%'&*/0*1230($14&5162*7*/0*5.8&9%02/1:&;0*(.#%0*,&(*9%<5$15&(* /0* 9%./"55162* &"/1.31("&,* 5.,&#.%&$13&(" ;1" (:;3'(71" 41:+'$" 41" 89;" 889F949;" %149)$)_9;"'94(3981;"41"89"368+6'9"2(;698P"%'1;1:+^:4$;1"3$F$"6:9"*1''9F(1:+9" GH DXWRDSUHQGL]DMH UHÃ&#x20AC;H[LyQ \ GHEDWH TXH VH HVWUXFWXUD D SDUWLU GH XQ UHFRUULGR %$'"4(]1'1:+1;":9''9+(29;"41"79;1"3$897$'9+(29>"X9"(:21;+()93(E:"%$:1"18"a:]9;(;" HQ XQD VHULH GH H[SHULHQFLDV TXH EDVDQ VX SUD[LV HQ OD GLPHQVLyQ HVWpWLFD \ %$8_+(39"41"89;"(F^)1:1;P"89"9%8(393(E:"41"F1+$4$8$)_9;"41"933(E:"%9'+(3(%9+(29P"89" 1b%1'(F1:+93(E:"41"89;"%'^3+(39;"9'+_;+(39;"3$897$'9+(29;P"&"89"+'9:;]$'F93(E:"41" ODV IRUPDV GH SURGXFFLyQ GH FRQRFLPLHQWR KHJHPyQLFDV TXH LQWHUDFW~DQ HQ ODV UHODFLRQHV HQWUH VRFLHGDG DUWH \ FXOWXUD &RQVWLWX\H DVt XQD LQYHVWLJDFLyQ TXH ;1"(:+1''$)9"931'39"41"3EF$"'$F%1'"3$:"89;"1;+'63+6'9;"41"Q6(3($"&"%'$463+(2(494" GHO DSUHQGL]DMH KHUHGDGR FyPR SURGXFLU FRQRFLPLHQWR TXH EHED GH ODV 1b%1'(1:3(9;" 41" 2(49" &" 3$$%1'93(E:P" 3EF$" %$+1:3(9'" &" 9'+(3689'" 1;+$;" ;971'1;" %9'9" )1:1'9'" $+'9;" ]$'F9;" 41" 3$1b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`1(:9"0$]_9",-..I,-.,> -.'$/'"')*.'00)10)")2*3)450#)6*7788*9"'&%$('6)6*+,0'#:4"'4)*6%*.)0%"4')2**%*;*<)'0=*&'$/'"')&'00)10)")>/<)'0?4,< *@'%/,*6%0*+,A,2*8$#'(#)*B*+$,C%(,$*6%*7788*6%*0)*9"'&%$('6)6*6%*D)0)<)"4)2**%*;*<)'0=*1,A,E)$$'5(,>B)F,,?%( *G,"#(%*H,<)"I2*J"&%(#'/)6,$)*B*1$,654#,$)*450#5$)0*'"6%1%"6'%"#%2**%*;*<)'0=*","10)4%(>/<)'0?4,<
!"#$%&'(#)*J*M)$<%"*GN$(4F #9'F1:"=S';3*/"=1"889F$"#9'F1:"=S';3*P";$&" 89"Q1]9"418"C:;+(+6+$"41"C:21;+()93(E:"%9'9"89"@46I 393(E:"418"['+1"1:"89"<:(21';(494"41"89;"['+1;" 41"\6'(3*P"&"F1"]$'Fa"3$F$"9'+(;+9>"=^;"+9'41" 3$F%81+a" 8$;" 1;+64($;" 41" %$;+)'94$" 41" +'979I Q$" 368+6'98" &" %$;+1'($'F1:+1" 41" +1$'_9" 368+6'98>" T6'9:+1" .." 9A$;" 3$897$'a" 3$F$" +'979Q94$'9" (:41%1:4(1:+1" %9'9" 4(;+(:+9;" $')9:(U93($:1;" 1" (:;+(+63($:1;"1:"9'+1"&"146393(E:>"5$3$"9"%$3$" 1F%13a"9"+1$'(U9'"1;+1"+(%$"41"+'979Q$"&"9397a" 1:"89"<:(21';(494>"=1"3$:;(41'$";$7'1+$4$"6:9" (:21;+()94$'9P"%1'$"3$:"1;+9"*(;+$'(9"41"%'^3+(I 39;" 9'+_;+(39;" &" 146393($:981;>" @8" C:;+(+6+$" 41" C:21;+()93(E:"+'979Q9"1:"18"39F%$"41"89"14639I FLyQ DUWtVWLFD TXH LQFOX\H OD HGXFDFLyQ DUWtVWLFD 1:"8$;"(:;+(+6+$;P"89;"%'^3+(39;"3$897$'9+(29;"1:" 89"1;]1'9";$3(98"&"1:"$')9:(U93($:1;"1"(:;+(+63($I :1;":$"]$'F981;>"5$'"1Q1F%8$P"F6;1$;"$";989;" 41"9'+1P"31:+'$;"14639+(2$;P"31:+'$;"%9'9"9468I +$;P"1;"413('P"1;"6:"39F%$"79;+9:+1"9F%8($> =1%4121&*=1,,&9,&2&>* ¢4Xp VLJQL¿FD SDUD WL HO WUDEDMR 12$0%/1(519,12&%?
#>"=>/"@8"+'979Q$"(:+1'4(;3(%8(:9'"1;"%9'9"F_"6:" WpUPLQR HQ GLVSXWD SRUTXH HQ HVWH PRPHQWR VH 9%8(39" F63*$" 1:" +$':$" 98" %'$31;$" 41" e$8$:(9>" C:+1'4(;3(%8(:9'(494"1;"8$":612$P"&"+$492_9":$"*1" 881)94$"9"9;(F(89'";6"'1893(E:"3$:"18":1$8(71'9I OLVPR DVt TXH VR\ FDGD YH] PiV FRQVHUYDGRUD &"'1933($:9'(9"1:"18"F$F1:+$"41"(:;(;+('"1:"89" LQWHUGLVFLSOLQDULGDG« DXQTXH Vt SXHGR GHVFULI ELU ORV GLVWLQWRV FDPSRV TXH WRFD R TXH VH LQWHI ''1893($:9:"1:":61;+'$"+'979Q$>" (Q SULPHU OXJDU VLHPSUH WHQHPRV TXH WUDEDMDU 3$:"89"'1893(E:"1:+'1"89"+1$'_9"&"89"%'^3+(39>"@;" 6:9"41"89;"F9&$'1;"+1:;($:1;P"%1'$":$"89"889F9I
)$#%OBO1,0I#'4)(O6%O'6%"#'6)6*OPQ*J
,-O
PRV FRQ HVWH QRPEUH SRUTXH SHQVDPRV TXH VRQ GRV SUiFWLFDV GLVFXUVLYDV GLVWLQWDV TXH VRQ 4(]1'1:+1;"&"+(1:1:"8E)(39;"4(]1'1:+1;>"f'979Q9I F$;"1:"%'$b(F(494"3$:"4(;+(:+9;"3$F6:(4941;" %'$]1;($:981;>"f'979Q9F$;"3$:"%'$]1;$'1;P"3$:" )'6%$;" 96+E:$F$;P" 3$:" 1;+64(9:+1;P" 1;" 413('P" 3$:" 3$F6:(4941;" 3$:" %'^3+(39;" F6&" 4(;+(:+9;" 1"(:+1:+9F$;";(1F%'1"+1$'(U9'"18"F(;F$"+'979Q$" HGXFDWLYR $Vt TXH VLHPSUH H[LVWH XQD WHQVLyQ DFHUFD GH OR TXH OD WHRUtD SXHGH VLJQLILFDU HQ UHODFLyQ FRQ HVWDV SUiFWLFDV OR TXH OD WHRUtD %6141";():(](39'"1:"'1893(E:"3$:"89"F1+$4$8$)_9P" HWF (V XQ SRVLEOH DFHUFDPLHQWR D OR TXH SXHGH ;():(](39'"89"(:+1'4(;3(%8(:9'(494>"g+'9"3$;9"1;"18" %'$%($"+'979Q$"41"89"+1$'(U93(E:P"1b(;+1:"4(;+(:I WDV WUD\HFWRULDV WHyULFDV TXH WLHQHV TXH XQLU GH ]$'F9":6129h"%9'9"F_"*931'"1;+$"1;"F6&"1F$I 3($:9:+1P"%1'$"9"F1:64$"3$:88129"89"3'_+(39"41;I GH ORV FDPSRV GLVFLSOLQDULRV Pi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yULFRV GLVWLQWRV TXH VH MXQWDQ SDUD HQWUDU HQ XQD UHODFLyQ FRQ OR TXH 1;"89"%'$%(9"%'^3+(39"41"79;1>"X9"(:+1'4(;3(%8(:9I '(494"3$:"'1;%13+$"9"36^81;";$:"89;"'1]1'1:3(9;" +1E'(39;P"1;"$+'$":(218>
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
#>=/" @;+9;" ;$:" '1]1'1:3(9;" %9'9" F_" +9F7(a:>" $ YHFHV HV XQD VROXFLyQ IiFLO GHFLU TXH PL WUDI EDMR WHyULFR \D HV XQD SUiFWLFD SRUTXH \R PH 1:]'1:+$" 3$:;+9:+1F1:+1" 3$:" 18" %'$781F9" 41" WUDQVPLWLU D %RUGLHX D ORV TXH WUDEDMDQ HQ OD %'^3+(39"&P"6:9"21U"39%+9:"18"3$:31%+$P";1"1:I 361:+'9:"1F%$41'94$;P"41"'1%1:+1"+(1:1:"6:9" 1b%8(393(E:";$7'1";6;"%'$%(9;"1b%1'(1:3(9;"4(9I '(9;>"["2131;"%(1:;$/"ie$'4(16P"4171'_9;"*971'" 1;3'(+$"41"F9:1'9"F^;"]81b(781P"4171'_9;"*971'" 1;3'(+$"%1:;9:4$"1:"813+$'1;"4(;+(:+$;>"j[;_"+1:I 4'_9"F1:$;"+'979Q$k>l
!"#$%&'(#)*J*M)$<%"*GN$(4F =)=>* M2* %0,&5162* &* ,&(* /1($12$&(* GH¿QLFLRQHV TXH KDV GHVDUUR8 ,,&2/.* &50%5&* /0* ,.(* /1(5"%(.(* /.'12&2$0(* (.#%0* ,&* 0/"5&5162* DUWtVWLFD ODV SUiFWLFDV D¿UPDWLYDV 7* %09%./"5$13&(89&%&* 2.(.$%.(* 0(* '"7* 1'9.%$&2$0* 0,* H05H.* /0* C"0* 0%0(* "2&* 90%(.2&* C"0* $1020* "2&* 90%(905$13&* 9%.9.(1$13&)* M2* 0($0* (02$1/.* H&(* &2&,1:&/.* /.(* 9,&28 $0&'102$.(* 5.2$%&H040'6215.(>* 0,*/05.2($%"5$13.*7*0,*$%&2(-.%'&$18 3.)*P+"0/0(*0G9,15&%,.(?
& 0 &UHR TXH HVWH WUDEDMR HVWi DXQ HQ XQD IDVH LQLFLDO +DVWD DKRUD HO ~QLFR WUDEDMR TXH *1"*13*$"1;"(:21;+()9'"89"]6:3(E:"41"89"14639I 3(E:" 1:" 89;" ;989;" 41" 9'+1" &" %9'9" 89" (:;+(+63(E:>" &UHR TXH H[LVWH PXFKR SRWHQFLDO SDUD DPSOLDU 1;+1"3$:31%+$P"%9'9"4(]1'1:3(9'8$>"5$'"1Q1F%8$P" %9'9"%1:;9'"1:"$+'9;";(+693($:1;"14639+(29;"&" +9F7(a:"93+(2(;+9;"F^;"988^"418"F9'3$"418"F6I ;1$"$"89";989"41"9'+1>"5$'"9*$'9";$8$"%614$"*9I EODU GH ODV IXQFLRQHV GLVWLQWDV TXH OD HGXFDFLyQ %6141"+1:1'"%9'9"89"(:;+(+63(E:"41"9'+1>"X9;"4$;" 4$F(:9:+1;";$:"89"9]('F9+(29"&"89"'1%'$463+(29/" 89"]6:3(E:"9]('F9+(29"1;"369:4$"18"+'979Q$"146I 39+(2$"41:+'$"418"F6;1$"1;P"1:"'198(494P"18"41" 3$F6:(39'" 18" F6;1$" +98" 3$F$" 1;" 41](:(4$" %$'" 8$;" 6;69'($;" 4$F(:9:+1;P" 3$:" 18" ](:" 41" 39%+9'" D XQ FROHFWLYR HVSHFtILFR TXH HV HO GH ORV HVI %13+94$'1;"418"9'+1>"@;"6:9"]$'F9"41"F9:+1:1'" D ORV TXH \D VRQ XVXDULRV GHO PXVHR DTXHOORV TXH QHFHVLWDQ HO PXVHR R OD VDOD GH DUWH SDUD ;6"%'$%(9"96+$I(41:+(](393(E:>"@:;1A9"3EF$"6+(I 8(U9'"18"F6;1$"41"F9:1'9"3$''13+9>"@;"89"]$'F9" GRPLQDQWH TXH WLHQH OXJDU FRQVWDQWHPHQWH GH KHFKR HV OD ~QLFD IRUPD FRQ OD TXH HO FRPLVDI '($" 3$:21:3($:98" ;1" ;(1:+1" 3EF$4$h" 3$:;(;+1" 1:" 3$:]1'1:3(9;P" ;1F(:9'($;P" %9;1;" 41" 3(:1" $" OR TXH VHD«8QD DQpFGRWD DSDUWH KDEODQGR FRQ XQD FRPLVDULD HQ XQ GHEDWH S~EOLFR KDFH GRV VHPDQDV HOOD GLMR TXH QRVRWURV UHDOL]DPRV F63*$"+'979Q$"14639+(2$P"%$'"1Q1F%8$"F14(9:+1" 8$;" ;(F%$;($;" &" 89;" 3$:]1'1:3(9;P" &" 861)$" *9I 31F$;"%'$&13+$;"41":(218"F^;"79Q$P"3$F$"%$'" 1Q1F%8$" 8$;" +9881'1;" %9'9" :(A$;>" X1" '1;%$:4_" TXH SDUD ORV HVSHFWDGRUHV GHO DUWH HO WDOOHU GH QLxRV QR WLHQH XQ QLYHO PiV EDMR (OOD VH TXHI 4E" F6&" 3$:]6:4(49>" @8" *9789'" 41" +9881'1;" %9'9" :(A$;"F1"88129"9"89"$+'9"]6:3(E:"4$F(:9:+1"418" WUDEDMR HGXFDWLYR HQ OD LQVWLWXFLyQ GHO DUWH TXH 1;" ;6" ]6:3(E:" '1%'$463+(29>" @;+1" 1;" 18" 4(;36'I ;$" 4$F(:9:+1" 41:+'$" 418" 39F%$" 41" 89" 14639I 3(E:>"#69:4$"1:+'9;"1:"89;"%^)(:9;"L17"41"8$;" 146394$'1;" 41" 6:" F6;1$" $" 41" 8$;" %'$)'9F9;" HGXFDWLYRV VLHPSUH VH OHH TXH HVWiQ HGXFDQGR DO S~EOLFR GHO IXWXUR 6X GLVFXUVR YD GLULJLGR D 8$;":(A$;P"9"8$;"QE21:1;P"9"8$;"%'$)'9F9;"%9'9" 89;"]9F(8(9;P"&";6181";1'"F^;"1:+'1+1:(4$P"%1'$" :$"361;+($:9":("9"89"(:;+(+63(E:P":("9"89";(+693(E:" 14639+(29>"@:"'198(494"1;+^"%1:;94$"%9'9"146I 39'" 9" 89" %'Eb(F9" )1:1'93(E:" 41" 6;69'($;P" 41" 6;69'($;"9]('F9+(2$;>"X61)$P"*9&"4$;"4(;36';$;" $"]6:3($:1;"F1:$;"3$F6:1;/"89"'13$:;+'63+(29" DOJR TXH VHJXUR TXH VH HQFXHQWUD WDPELpQ HQ
)$#%OBO1,0I#'4)(O6%O'6%"#'6)6*OPQ*J
,-J
(VSDxD TXH UHFRQRFH OD H[LVWHQFLD GH XQD +'94(3(E:"F6;1$8E)(39"3'_+(39"41;41"8$;"9A$;"m-" &" 9%8(39" 89" 3'_+(39" (:;+(+63($:98" 3$F$" %9'+1" 418" F9'3$"14639+(2$>"5$'"1Q1F%8$P"18"+'979Q$"1:+'1" DUWLVWDV \ S~EOLFRV SXHGH VHUYLU PHGLDQWH VLWXDI 3($:1;"14639+(29;P"%9'9"361;+($:9'"89"(:;+(+63(E:" &"2(;(7(8(U9'"89;"1;+'63+6'9;"&"89;"'1893($:1;"41" %$41'"(:;+(+63($:981;>"f98"&"3$F$"*1F$;"9%'1:I 4(4$"41"T1''(49P"89"413$:;+'633(E:";(1F%'1"]6:I 3($:9"41:+'$"418"+1b+$"4$F(:9:+1"&"2(;(7(8(U9";6;" 3$:+'94(33($:1;P"%1'$":$"76;39":131;9'(9F1:I +1" 89" 97$8(3(E:" 418" +1b+$" &" '1F%89U9'8$" 3$:" 6:" +1b+$" F^;" 1F9:3(%9+$'($>" X9" $+'9" ]6:3(E:" F^;" FRPSOHMD \ PHQRV FRP~Q HV OD WUDQVIRUPDWLYD TXH FRQFLEH OD LQVWLWXFLyQ FRPR XQ MXJDGRU SRI 8_+(3$"1:"18"39F%$";$3(98"&"89"146393(E:"9;%('9"9" FDPELDU OD LQVWLWXFLyQ SDUD TXH VH FRQYLHUWD HQ 6:"(:;+'6F1:+$"41"863*9"%$'"89"Q6;+(3(9>"g72(9I PHQWH VLPSDWL]R FRQ HVWD ~OWLPD IXQFLyQ SHUR KDEODQGR GH FRQWUDGLFFLRQHV QR H[LVWH QLQJ~Q %'$)'9F9"14639+(2$"(:+1)'94$"1:"89"(:;+(+63(E:" TXH QR PXHVWUH SDUWHV GH WRGDV HVWDV IXQFLRI QHV (V SRVLEOH TXH H[LVWD XQD IXQFLyQ WRWDOI F1:+1" 9]('F9+(29P" %1'$" :$" 21$" %$;(781" +1:1'" 6:" %'$)'9F9" 413$:;+'63+(2$" $" +'9:;]$'F9+(2$" ;(:"89;"$+'9;"4$;>"=(1:+'9;";1"$%1'9"41:+'$"418" F9'3$" (:;+(+63($:98" 1;" (F%$;(781" :$" '1%'$463('" R DILUPDU OD LQVWLWXFLyQ +D\ TXH HQIUHQWDUVH D 1;+9;"3$:+'94(33($:1;>
=)=>*Q..9$&51.20()
#>=/" 0(P" 3$$%+93($:1;>" 5$'" 1Q1F%8$P" %(1:;$" PXFKR HQ XQ SUR\HFWR SRUTXH FRQR]FR ELHQ OD SHUVRQD TXH OR UHDOL]D -DQQD *UDKDP WUDEDMD 3$:" 89" 01'%1:+(:1" Z9881'&P" '198(U9" 18" %'$&13+$" 14639+(2$P" 1;" 6:" %'$&13+$" F9'92(88$;$P" %1'$" DO PLVPR WLHPSR VH GHFODUD \ FRPXQLFD TXH 89" 01'%1:+(:1" Z9881'&" 1;" 89" (:;+(+63(E:" 41" 9'+1" 14639+(29"F^;"(::$294$'9"1:"$33(41:+1P"&"9*_" +(1:1;" 89" ]6:3(E:" 9]('F9+(29" $+'9" 21U>" f9F7(a:" SURPXHYH OD LGHD TXH OD VDOD GH DUWH PLUD DGHI ODQWH PiV TXH FXDOTXLHU RWUD DVt TXH YROYHPRV DO GLVFXUVR GH YDQJXDUGLD OR TXH UHVXOWD XQD ;(+693(E:"9F7()69>
=)=>* PQ.'.* (0* 1'9,0'02$&2* ,.(* 9%.4%&'&(* 0/"5&$13.(* /0* ,&(* &%$0(* 31("&,0(* 02* ,.(* '"(0.(* .* 502$%.(* /0*&%$0*02* ,&* &5$"&,1/&/?* PMG1($02* $02/0251&(* .* './&(* .* 9.(151.20(?
#>=/"X9"%'1)6:+9"i3EF$l"1;"F6&"4(]_3(8"41"3$:I WHVWDU SRUTXH YDUtD WDQWR HQWUH XQD LQVWLWXFLyQ \ RWUD ([LVWH WRGR XQ DEDQLFR &UHR TXH XQR GH ORV SODQWHDPLHQWRV PiV HPDQFLSDWRULRV TXH KH 2(;+$P"8$"(:(3(E"Y9:9"Z'9*9F"1:"f$'$:+$"&"9*$'9" OR OOHYD XQD SHUVRQD TXH SDUWLFLSDED HQ HO SURI
!"#$%&'(#)*J*M)$<%"*GN$(4F \HFWR FXDQGR D~Q HVWDED -DQD 6H OODPD <RXWK #$6:3(8" $]" +*1" D9+($:98" Z9881'&" $]" g:+9'($>" X9" SHUVRQD TXH DKRUD PRGHUD HVWH <RXWK &RXQFLO HV XQ DFWLYLVWD WUDQVJpQHUR HUD XQ MRYHQ TXH 9;(;+_9" 98" %'$)'9F9" &" 9*$'9" 8$" 4('()1P" 8$" 3698" &9"1;"6:9";1A98"%$;(+(29>"@:"1;+1"%'$&13+$"6:" JUXSR GH MyYHQHV TXH YLYHQ HQ ORV DOUHGHGRUHV GHO PXVHR VH UH~QHQ FRQ UHJXODULGDG WUHV R 369+'$"*$'9;"6:9"21U"%$'";1F9:9P"&"%89:(](39:" ;6;" %'$%($;" %'$)'9F9;P" (:41%1:4(1:+1F1:+1" 418"31:+'$"41"9'+1P"%1'$"1:"6:9"'1893(E:"3'_+(39" FRQ OR TXH UHSUHVHQWD FRPR LQVWLWXFLyQ \ OR TXH H[SRQH (V XQ JUXSR SHUPDQHQWH TXH QR GHI %1:41"418"%'$&13+$"$"41"89"](:9:3(93(E:"418"%'$I &13+$>" @8" 9A$" %9;94$P" 8$" 414(39'$:" 9" +'979Q9'" 89"361;+(E:"41"3EF$"6:"31:+'$":93($:98"41"9'+1" %9'+(3(%9" 1:" 89" ]$'F93(E:" 41" 6:9" 3(64949:_9" :93($:98"&"6:9"(41:+(494":93($:98>"=$:+9'$:";6" %'$%(9"1b%$;(3(E:"&"'13'19'$:"6:"'(+698"41"3(6I 4949:_9"%9'9":612$;"3(64949:$;"39:94(1:;1;" F14(9:+1"6:9"%1']$'F9:31>"[41F^;"+(1:1:"6:9" %^)(:9"L17"F6&"3'_+(39>"59'9"F_"1;"6:$"41"8$;" 1Q1F%8$;"F^;"(:+1'1;9:+1;"4$:41"21;"3$F$"18" 31:+'$"41"9'+1"%6141"9F%8(9'";6"]6:3(E:>"51'$" SRU RWUR ODGR WLHQHV OD WtSLFD YLVLWD JXLDGD TXH '1%'$4631" 6:" 3$:$3(F(1:+$" 39:$:(U94$P" 4('()(I GR D ORV JUXSRV GH YLVLWDQWHV TXH VH PDQWLHQHQ VLHPSUH VLOHQFLRVRV $Vt TXH UHVXOWD GLItFLO UHVI SRQGHU D OD SUHJXQWD ³FyPR´ &UHR TXH HV PiV LQWHUHVDQWH SUHJXQWDU ³SRU TXp´ OD HGXFDFLyQ VH *9"%61;+$"+9:"41"F$49"93+698F1:+1>"f1:)$"6:9" *(%E+1;(;" 931'39" 41" 1;+9" 361;+(E:P" ;E8$" 1;" 6:" *(%E+1;(;P"F1"]98+9:"8$;"49+$;"%9'9"3$F%'$79'I OR HV XQD REVHUYDFLyQ &UHR TXH DFWXDOPHQWH 1b(;+1"6:9"3$(:3(41:3(9"41"213+$'1;P"41"]61'U9;" GLVWLQWDV TXH UHVXOWD PX\ LQWHUHVDQWH 8QR HV 18" 1;+94$" :1$8(71'98" 3$:" ;6" a:]9;(;" 1:" 89" '1;I %$:;97(8(494" 418" (:4(2(46$P" 4$:41" 18" 9'+(;+9" ;1" 3$:2(1'+1"1:"6:"iF$418$"9";1)6('l"?'$81"F$418BP" 1;"413('P"'1%'1;1:+9"9"6:";6Q1+$"96+$I(:21:+94$" &" ]81b(781" 41:+'$" 41" 6:9" ;$3(1494" 41;'1)689'(I U949>" @;+$" 3$:88129" 3(1'+9;" 9;%('93($:1;P" 1bI %13+9+(29;" &" 1;%1'9:U9;" '1893($:949;" 3$:" 89" 146393(E:" 9'+_;+(39>" @;+1" 1;" 18" F$+$'" 368+6'98" &" %$8_+(3$" 41" 89" 146393(E:" 9'+_;+(39>" 01" 1;%1'9" TXH ORV QLxRV \ ORV MyYHQHV H LQFOXVR ORV DGXOI +$;" ]'939;94$;P" (:39%931;" 41" 949%+9';1" 9" 89" 13$:$F_9P"9"89;"81&1;"41"89"13$:$F_9"$"9"89;" 81&1;";$3(981;P"%6149:";1'""i3(2(8(U94$;l""&"146I 394$;"1:"89;":$'F9;"41"1;+9";$3(1494"9"+'92a;" 41" 89" 1b%1'(1:3(9" 3'19+(29" &" 18" 1:361:+'$" 3$:" 89;"9'+1;>"@:"+$49;"89;"41389'93($:1;"368+6'981;"
)$#%OBO1,0I#'4)(O6%O'6%"#'6)6*OPQ*J
,-H
&"%$8_+(39;":6:39"29;"9"1:3$:+'9'"6:9"41389'9I 3(E:"3$F$/"i1b%$:1';1"98"9'+1"%6141"%'$2$39'" 18"'13*9U$"98"+'979Q$lP"%$'"1Q1F%8$>"D$P"18"$7Q1I WLYR HV TXH WH KDJDV PiV VRFLDEOH PDV IOH[LEOH PiV FDSD] GH WUDEDMDU HQ HTXLSR /XHJR H[LVWH RWUR DVSHFWR TXL]iV PDV LQWHUHI VDQWH TXH FRLQFLGH FRQ ODV GHPDQGDV GHO HVWDI GR QHR OLEHUDO \ TXH WLHQH TXH YHU FRQ OD H[LVI +1:3(9"41"6:9"96+$I1b9F(:93(E:"&"6:9"2936(494" HQ ODV LQVWLWXFLRQHV GH DUWH 7LHQH TXH YHU FRQ HO KHFKR TXH GHVGH HO HVSDFLR GHO DUWH KD 4121:(4$"6:";_F7$8$"3949"21U"F1:$;"3'1_781"&" 3$:2(:31:+1"%9'9"89"'1;(;+1:3(9"368+6'98"1"(:+1I 813+698>"T1;41"18"](:98"41"89"889F949")61''9"]'_9P" &"41;41"89"4(;$863(E:"41"89;"$%$;(3($:1;P"%9'1I FH TXH VHU HOLWLVWD IRUPDU SDUWH GH XQ pOLWH FXOWXI '98P"&9":$"+(1:1"6:"(F%93+$";(F7E8(3$>"[41F^;P" 89"F68+(+64";1"*9"4(86(4$"9"+'92a;"41"89;":6129;" ]$'F9;"41"96+$'_9"&"%'$4633(E:"3$:"89"881)949" 418"F14($"4()(+98>"@8"3$:31%+$"418"F91;+'$P"41"89" 1b3181:3(9P"+(1:1"3949"21U"F1:$;";1:+(4$"%9'9" 8$;"%'$463+$'1;"368+6'981;P"&"&$"+1:)$"89"(F%'1I VLyQ TXH ORV HVSDFLRV DXWRJHVWLRQDGRV \ ORV MyI YHQHV FRPLVDULRV VH SUHJXQWDQ ³SDUD TXp VLUYH 1;+1"1;]61'U$P"+'979Q$"3$F$"6:"1;3892$P"1;+$&" 1:" 6:9" ;(+693(E:" %'139'(9P" +1:)$" 1;+9" (:96)6I UDFLyQ \ OD VDOD HVWi OOHQD GH SHUVRQDV TXH \D 3$:$U3$"&"9"8$"89')$"41"89;";1(;";1F9:9;"41"89" H[SRVLFLyQ HO HVSDFLR VH TXHGDUi VLQ YLVLWDQWHV (VWR QR WLHQH VHQWLGR SDUD PL ´ $Vt TXH EXVFDQ ;():(](394$;":612$;>"@;"F6&"(:+1'1;9:+1"3EF$" F$2(F(1:+$;" F6&" 4(;+(:+$;" 3$(:3(41:" 1:" 1;$P" TXL]iV HVWpQ UHODFLRQDGRV SHUR WRGDYtD QR OR YHR 7HQJR OD VHQVDFLyQ TXH HVWiQ VHSDUDGRV %1'$" +$4$;" 94F(+1:" 6:" (:+1'a;" 3'13(1:+1" 1:" 89" 93+(2(494" 14639+(29" 41:+'$" 418" 31:+'$" 41" 9'+1>" 56141" *971'" 96:" F^;" 213+$'1;>" D$" $7;+9:+1" 1;+$;";$:"8$;"4$;"4$F(:9:+1;P"%$'"6:"894$P"89" 96+$I'141](:(3(E:"418"39F%$"418"9'+1"&";6;"(:;I +(+63($:1;"&"%$'"$+'$"18"41;1$":1$8(71'98"%$'"89" 3'19+(2(494>
=)=>*R&(*'0251.2&/.*02*$"*5.2-08 %0251&* 0($&* '&D&2&A* 0,* 9%.#,0'&* /0,*$10'9.*02*,&(*%0,&51.20(*02$%0* 0,* &%$0* 7* ,&* 0/"5&5162* 7* 0,* 9%.8 #,0'&* /0* ,&* 31(1#1,1/&/)* P+"0/0(* 0G9,15&%*0($.(*/.(*&(905$.(*9.,B8 '15.(*02*%0,&5162*&*$"*0G90%10251&* /0*$%&#&;.*02*0C"19.*02*,&*S.5"8 '02$&*TUA*7*02*$"*9%.91.*$%&#&;.?
#>=/" X9" T$36F1:+9" .," 1;" 6:" 761:" 1Q1F%8$>" #69:4$" F1" %(4(1'$:" 3$:317('" 18" %'$)'9F9" 41" HGXFDFLyQ SDUD OD 'RFXPHQWD OHV GLMH TXH QR TXHUtD KDFHUOR < XQD GH ODV UD]RQHV HUD TXH HQ HVH PRPHQWR VyOR TXHGDED XQ DxR \ PHGLR DQWHV GH OD LQDXJXUDFLyQ DXQTXH ORV FRPLVDI '($;"&9"8812979:"+'979Q9:4$"N"9A$;>"=1"%9'13(E" 6:"+(1F%$"(:;6](3(1:+1"&"%'$%6;1"9"$+'9"%1';$I QD TXH VDEtD TXH OR SRGUtD KDFHU SRUTXH WLHQH
!"#$%&'(#)*J*M)$<%"*GN$(4F 6:9"%1';$:98(494"4(;+(:+9"9"89"F_9P"98)6(1:"3$:" 8$;" i3$4$;" 41" *(1''$l>" T1" +$49;" F9:1'9;P" F1" LQYLWDURQ D LQFRUSRUDUPH DO HTXLSR \ SURSXVH XQ SUR\HFWR GH LQYHVWLJDFLyQ TXH IXH PL VDOLGD GH FLHUWD DQJXVWLD PH VDOYy SRUTXH OD VLWXDFLyQ *67(1'9";(4$"41F9;(94$"3$:+'94(3+$'(9"%9'9"F(>" (VWR\ VHJXUD TXH QR KXELHUD VREUHYLYLGR KXI 7(1'9"+('94$"89"+$9889>"X9"(:21;+()93(E:"F1"97'(E" ³XQ HVSDFLR GH OLEHUWDG´ GH QR DOLDQ]D TXH %$;(7(8(+E"89"2(21:3(9>"@8"%'$31;$"1:+1'$"41"%'1I SDUDFLyQ QR SHUPLWLy QLQJ~Q WLHPSR SDUD FRQI 317('"%'$&13+$;"41"F9:1'9"3$897$'9+(29"3$:"89;" 3$F6:(4941;>" n61'_9F$;" '198(U9'" 6:" 3$:Q6:+$" 41" %'$&13+$;" 3$:" 89;" 3$F6:(4941;" 1" (:+1:+9'" 1:3$:+'9'" 6:9" ]$'F9" 41" 1:+'9'" 1:" 4(^8$)$" 3$:" 1889;P"41"F9:1'9":$"%9+1':98(;+9P"1b%8(39:4$"9" ORV HGXFDGRUHV TXH QR TXHUtDPRV TXH WUDEDMDI '9:"3$:"89;"3$F6:(4941;":131;(+949;P"1;"413('P" FRQ ODV SHUVRQDV TXH HOORV SLHQVDQ TXH QHFHI ;(+9:"1b%$:1';1"98"9'+1"%$'"'9U$:1;"14639+(29;P" ;(:$"8$398(U9'")'6%$;"3$:"(:+1'1;1;"1;%13_](3$;" 3$:" 3(1'+9" $36%93(E:" $" (:+1'a;" %$'" 8$;" 36981;" ;19"(:+1'1;9:+1"%9'9"188$;"]$'F9'"2_:368$;"3$:" 89" 1b%$;(3(E:>" @;+1" ;1'_9" 18" %6:+$" 41" %9'+(49>" C:(3(9'" 6:" (:+1'39F7($" F6+6$" 418" 3$:$3(F(1:+$" &"6+(8(U9'"89"1b%$;(3(E:"3$F$"6:9"3$''1;%$:41:I 3(9P"1:"86)9'"41"%1:;9'"i1;+9;"%$7'1;"%1';$:9;" 1;+^:" 1b386(49;" &" %'(2949;" 41" ;6;" 41'13*$;" &" WHQHPRV TXH VDOYDUOHV LQWURGXFLpQGRODV HQ OD H[SRVLFLyQ ´ &UHR TXH IXQFLRQy PX\ ELHQ SHUR QR UHFLELPRV QLQJ~Q ILQDQFLDFLyQ GH 'RFXPHQI +9"%9'9"1;+1"%'$&13+$P"+9F%$3$"1;+979"389'$"98" %'(:3(%($P" &" 89" 413(;(E:" ;1" '1+'9;979" 3949" 21U" PiV &XDQGR TXHGy FODUR TXH QR tEDPRV D UHI 3(7('":(:)6:9"](:9:3(93(E:"41"T$36F1:+9"?+1:)$" TXH PHQFLRQDU TXH 'RFXPHQWD FRQWDED FRQ XQ %'1;6%61;+$"41",-"F(88$:1;"41"16'$;BP"1F%1U9I F$;"9"76;39'"](:9:3(93(E:"+'1;";1F9:9;"9:+1;" 41"89"(:96)6'93(E:"41"89"1b%$;(3(E:>" @;+9" ;(+693(E:" :$" 4($" 18" 1;%93($" $" +(1F%$" ;6I ](3(1:+1" %9'9" 6:9" :1)$3(93(E:" :131;9'(9" %9'9" UHDOL]DU XQ SUR\HFWR QR SDWHUQDOLVWD OR TXH VLJI QLILFD TXH SURSRQHV XQD LGHD D XQ FLHUWR JUXSR $"3$813+(2$"$"(:4(2(46$;P"1;"413('P"6:9"%'$%61;+9" F6&"(:(3(98P"6:"+(%$"41"(:2(+93(E:"7^;(39P"&"861I )$" ;1" 41;9''$889" 18" %'$&13+$" 3$813+(29F1:+1>" #69:4$" :$" ;1" 361:+9" 3$:" 1;+9" %$;(7(8(494" 89;" FRVDV VH YXHOYHQ SUREOHPiWLFDV SRUTXH SXHGH '1;68+9'"F6&"%'Eb(F9;"9"89"(:;+'6F1:+98(U93(E:P" VLHPSUH FDHQ HQ OD FXHVWLyQ GH TXLpQ VH EHQHI ](3(9"F^;"41"1;+1"+(%$"41"]$'F9+$>" (V TXH OD HGXFDFLyQ WLHQH XQ PDUFR WHPSRUDO
)$#%OBO1,0I#'4)(O6%O'6%"#'6)6*OPQ*J
,..
F6&" 4(;+(:+$" &" :131;(+9" F63*$" +(1F%$" %9'9" 89" '1]81b(E:P"%9'9"89"%'1%9'93(E:P"%9'9"89":1)$3(9I 3(E:" 1:+'1" 8$;" 4(;+(:+$;" %'$+9)$:(;+9;>" #69:4$" :$";1"41Q9"6:"+(1F%$";6](3(1:+1"%9'9"1;+$;"%'$I 31;$;";1"1;+'$%19"18"%'$&13+$>"@8"+(1F%$"1;"89" 79;1"]6:49F1:+98P"1;"6:9"3$:4(3(E:>"@8"+(1F%$" 4(;%$:(781" F9'39" 89" 4(]1'1:3(9" 3$:" '1;%13+$" 9" 89"398(494"418"%'$&13+$>"D$";E8$"%9'9"9839:U9'" 89"933(E:"14639+(29"1:";_";(:$"+9F7(a:"%9'9"89" 3$:31%3(E:P"89":1)$3(93(E:"&"89"'1]81b(E:"41"89" F(;F9>" (Q HO SULPHU OLEUR TXH HGLWp SDUD OD 'RFXPHQI +9".,P"1;3'(7_"6:9"39'+9"9"8$;"'1;%$:;9781;"418" SUR\HFWR HQ OD FXDO LQWHQWR QDUUDU OR TXH SDVy 9"](:"41"361:+9;P"1:"18"39;$"1;%13_](3$"41"T$I FXPHQWD HVWDED FRQPRYLGD DO YHU WRGR OR TXH ;6')(E"3$F$"'1;68+94$"41"1;$;"1:361:+'$;P"&"8$" ELHQ TXH VH ORJUy HQFRQWUDU FLHUWDV IRUPDV GH 93+69'"]'1:+1"9"1;+9";(+693(E:"9%'1;6'949"&"1;I +'63+6'949>"51:;a"1:+$:31;P"1;+9")1:+1"1;"'198I F1:+1";1'(9P"+'979Q9:"79Q$"6:9;"3$:4(3($:1;"41" PLHUGD \ D~Q DVt KDQ FRQVHJXLGR UHDOL]DU SURI &13+$;" ;():(](39+(2$;>" D$" +$4$;P" %$'" ;6%61;+$P" %1'$"98)6:$;";_>" &UHR TXH H[LVWH XQ SRWHQFLDO D YHFHV HQ XQD VLWXDFLyQ HGXFDWLYD ~QLFD D FRUWR SOD]R SHUR QHI 31;(+9";1'"+'9+949"41;41"6:"%6:+$"41"2(;+9"F^;" %1']$'F9+(2$P"%$'"1Q1F%8$P"1;+$;"1:361:+'$;"41" SRFD GXUDFLyQ GXUDQWH XQD YLVLWD JXLDGD TXH SXHGHQ RFXUULU FXDQGR HVWp ELHQ FRQFHELGD < QLQJ~Q SDUWLFLSDQWH YD D YROYHU D HQFRQWUDUVH MDPiV SHUR VLJQLILFD PXFKR SRUTXH DOJR SXHGH 39F7(9'" 3$F$" '1;68+94$" 41" 1;+9" 1b%1'(1:3(9P" DXQTXH VHD D FRUWR SOD]R 6LHPSUH GHSHQGH GH OR TXH TXLHUDV FRQVHJXLU \ GH OD SRVLFLyQ GH ODV SHUVRQDV FRQ TXLHQ WUDEDMDV ¢(V XQ FOLHQWH HO TXH SDJD" ¢2 HV XQ JUXSR TXH TXLHUHV LQI FOXLU SRU DOJXQD UD]yQ" 6RQ VLWXDFLRQHV PX\ 4(;+(:+9;h" *931" ]98+9" 3$:;(41'9'" 8$" 1;%13_](3$>" 01" :131;(+9" 6:" +(1F%$" %9'9" 9389'9'" 89" 1;%13(I ](3(494" 41" 3949" ;(+693(E:" &" %1:;9'" 89" F9:1'9" F^;"94136949"41"$%1'9'"1:"4(3*9";(+693(E:>"@;" 6:9"361;+(E:"41"+(1F%$> #$:"89"361;+(E:"41"89"2(;(7(8(494P";1"+'9+9";(1FI %'1"41"89"F(;F9"+1:;(E:"1:+'1"89;"%$8_+(39;"41" (41:+(494"&"18"3$:+'$8P":$";$89F1:+1"1:"89"146I 393(E:" $" 1:" 89" 146393(E:" 1:" 8$;" 1;%93($;" 418" 9'+1P"1;+^"1:"+$4$>"n61'1F$;"863*9'"%$'"8$;"41I '13*$;"&"%$'"18"'13$:$3(F(1:+$P"%$'"+9:+$"*931" ]98+9"6:9"(41:+(494"%9'9"*931'89"2(;(781>"@:"1;+1"
!"#$%&'(#)*J*M)$<%"*GN$(4F 39;$"89"418"146394$'"41"89";989"41"9'+1>"01"+'9+9" 41";6;"41'13*$;P"41";6"()698494P"418"+'9+$"(:Q6;I WR TXH KD UHFLELGR D OR ODUJR GH OD KLVWRULD GH VX VLWXDFLyQ FRQ UHVSHWR D OD LQVWLWXFLyQ TXH GHEH WUDQVIRUPDUVH < OD YDOLGH] GH VX WUDEDMR LPSOLI 39"89":131;(494"41"2(;(7(8(U9';1P"41"1b%$:1';1" S~EOLFDPHQWH SRUTXH OR TXH QR VH H[SRQH QR %6141";1'"'13$:$3(4$>"@;"18"%'$781F9"418"'13$I :$3(F(1:+$>" +H REVHUYDGR GXUDQWH HO ~OWLPR DxR SRU OR F1:$;" 369+'$" 39;$;" 4$:41" ;1" *9:" 3$:;+'6(4$" :612$;" F6;1$;" $" ;1" *9" (:+'$463(4$" 6:" :612$" HVSDFLR SDUD OD HGXFDFLyQ HQ XQ PXVHR TXH FRQVLVWtDQ HQ QDGD PiV TXH YLWULQDV « VH KDQ 3$:;+'6(4$"8$;"1;%93($;"41"89"146393(E:"3$:"2(I WULQDV (QWRQFHV OR TXH VH H[SRQH HQ OD YLWULQD VH SUHVHQWD FRPR XQD REUD GH DUWH R DOJR TXH HO F6;1$"6+(8(U9"3$F$"94$':$"1:"%89:"iF('9P"+'979I Q9F$;"3$:"1;+9")1:+1";(F%^+(39l>"@8"3$F(;9'($"$" HO S~EOLFR GHO DUWH QR UHFRQRFHQ GH PDQHUD MXVI WD TXH HO WUDEDMR HGXFDWLYR OHV UHVXOWD LQFyPRI GR QR TXLHUHQ YHUOR QR EULOOD &RPR FRPLVDULR WH IDOWD PXFKD FDSDFLGDG SDUD DJXDQWDU OR TXH SDVD HQ HVWH FDPSR \ HV PHMRU TXH QR OR YHDV [41F^;";1"79;9"1:"6:9"3$:](9:U9"F6+69"&"1:" 89" (:+(F(494>" =63*$;" %'$31;$;" ;$:" _:+(F$;" &" :$" 4171'_9:" 1b%$:1';1" 9" :94(1P" 79Q$" :(:)6:9" 3('36:;+9:3(9>"@:+$:31;P"1;+9"2(;(7(8(494")1:1'9" '13$:$3(F(1:+$P" %1'$" 9" 89" 21U" )1:1'9" 6:" 98+$" QLYHO GH FRQWURO +D\ PXFKRV SURFHVRV TXH QR SRGUiQ UHDOL]DUVH HQ HVWDV YLWULQDV SHUR TXH %$4'^:" $36''('" 1:" 18" ;E+9:$" 1;3$:4(4$" 4$:41" *9;+9"9*$'9";1";6181"67(39'"18"1;%93($"14639+(I YR 7RGRV VH TXHMDQ GH TXH WLHQHQ TXH WUDEDMDU HQ HO VyWDQR EDMR OD OX] DUWLILFLDO VXSRQJR TXH 1;" 3'618P" %1'$" %$'" 8$" F1:$;" :$" +1" $7;1'29:" &" SXHGHV KDFHU OR TXH WH GH OD JDQD $KRUD VLQ HPEDUJR HVWDPRV HQ XQ HVFHQDULR OR TXH HVI +'63+6'9"89;"(:+1'933($:1;>"01"4171'_9:"(:;+989'" 3$'+(:9;o
=)=>* V.(* H&(* H&#,&/.* (.#%0* ,&* ("$1,0:&*C"0*9"0/0*$020%*0,*5.'18 (&%1.*02*/0$0%'12&/.(*'.'02$.(A* (.#%0*$./.*02*0($&*5"0($162*/0*,&* 31(1#1,1:&5162)* R&7* '"5H.(* &%$1(8 $&(*C"0*$%&#&;&'.(*(12*5.'1(&%1.A* 9.%C"0* (.'.(* 1230($14&/.%0(A* (.'.(*/.5$.%0(A*(&#0'.(*&%$15"8 ,&%* 4%"9.(A* -.%'&(* /0* $%&#&;.A* 7* 025.2$%&'.(* '"5H&(* 3050(* C"0*
& 0 1R TXLHUR FRPHQWDU HVH WUDEDMR PH UHI ;68+9"41F9;(94$"3$F%8(394$>"@;"6:"39;$"F6&" 3$F%8(394$>" p9" *97(4$" 4$;" :(2181;" 1:" T$36I PHQWD HO TXH FRUUHVSRQGH D ODV SHUVRQDV TXH &9" +'979Q979:" 41" F9:1'9" %9'+(3(%9+(29" &" 18" 41" ODV TXH HPSH]DURQ D FRPSURPHWHUVH FRQ ORV HGXFDGRUHV SUHVHQWHV DOJR TXH PH KD JXVI WDGR PXFKR +XER YDULRV DUWLVWDV TXH TXHUtDQ SDUWLFLSDU HQ HO SURJUDPD GH HGXFDFLyQ TXH VH '16:_9:"'1)689'F1:+1"3$:"8$;"146394$'1;"%9'9"
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
,.R
*9789'"41";6;"1b%1'(1:3(9;"1"(:+1'39F7(9'"3$:$I FLPLHQWR 'H PDQHUD TXH HVWRV DUWLVWDV VH FRPI %'$F1+_9:" 3$:" $+'9;" %$;(7(8(4941;>" @:" 18" 39;$" 1;%13_](3$" 41" T$36F1:+9" .,P" F1" *9:" )6;+94$" PiV pVWRV ~OWLPRV DUWLVWDV TXH DTXHOORV TXH VXHOHQ UHDOL]DU WUDEDMRV SDUWLFLSDWLYRV 3RUTXH ;(" '198(U9;" 6:" +'979Q$" %9'+(3(%9+(2$" 1:" 18" F9'3$" 41"89"T$36F1:+9"'1;68+9"(:3'1_781F1:+1"3$F%8(I 394$>"5$'"1Q1F%8$P"+'979Q9F$;"1:"18"F6;1$"418" %9%18"%(:+94$"&"+$492_9":$"*1"%$4(4$"'1;%$:41'" FXiO HV OD IXQFLyQ TXH WHQtDQ HVWRV MyYHQHV SDUD 89"9'+(;+9"&"%9'9"89"$7'9>"[8)6:$;"QE21:1;P"98"939I 79'"18"%'$&13+$P"]61'$:"1b%68;94$;"418"%9_;"%$'I TXH QR WHQtDQ SDSHOHV DXQTXH ELHQ SRGUtDQ KDI EHUVH TXHGDGR HQ $OHPDQLD KDVWD ORV DxRV TXH HV FXDQGR VH OHV H[SXOVD (O SUR\HFWR HUD F6&";$](;+(394$"&"7(1:"'198(U94$"1;+a+(39F1:+1P" %1'$"96:"F1"%'1)6:+$";("8$;"QE21:1;"93979'$:" VLHQGR VROR XQ PDWHULDO « QR TXLHUR GHFLU TXH :$" ]61'9" 6:9" 1b%1'(1:3(9" 41" 1F%$41'9F(1:I WR SDUD HOORV SHUR HVR HV RWUD KLVWRULD TXH OR *931"+$4$"+$492_9"F^;"3$F%8(394$>"01":131;(+9" 1b9F(:9'" 3949" %'$&13+$" 36(494$;9F1:+1o" X$" TXH Vt PH JXVWy IXH HO KHFKR TXH KDEtD DUWLVI WDV TXH QR VXHOHQ WUDEDMDU HQ OD HGXFDFLyQ SHUR TXH WHQtDQ LQWHUpV HQ D\XGDU FRPSURPHWHUVH $" ]$'F9'" %9'+1" 41" 1;+$;" %'$31;$;>" =1" %9'13(E" TXH HVR WHQtD XQ FLHUWR FDUiFWHU GH FRWLGLDQLGDG GHO WLSR ³YHQ D MXJDU FRQ QRVRWURV´ TXH D PL PH JXVWDED $GHPiV QR VDFDURQ QLQJ~Q EHQHILFLR $O SULQFLSLR KDV GLFKR 9LUJLQLD TXH W~ FRPR DUI WLVWD WLHQHV FDSDFLGDGHV \ FRQRFLPLHQWRV TXH WH SHUPLWHQ GLIHUHQFLDUWH GHO FRPLVDULR ¢3XHGHV DFODUDU HVWR"
=)=>*+102(.*C"0*&*,.*'0;.%*,&*%0(8 9.2(&#1,1/&/* 0($<* 02* ,.(* 9%.91.(* &%$1($&(A* &/0'<(* /0* 02* 0,* 5.'18 (&%1.)*F0&,'02$0*025"02$%&(*C"0* ,.(* &%$1($&(* 0($<2* 12$0%0(&/.(* 02* ,&*0/"5&5162A*9"0/02*30%(0*&9.%8 $&2/.A* O2.(.$%.(* 5%00'.(* 02* 0,,.A* 3&,0)* +0%.* /0* &,4"2&* '&208 %&A*,.*C"0*&C"E*(0*5"0($1.2&*0(*,&* 9%.91&* %0(9.2(&#1,1/&/* /0,* &%$1($&* 02*("*9%<5$15&)
& 0 &UHR TXH QR VH SXHGH JHQHUDOL]DU (QWLHQI GR OR TXH TXLHUHV GHFLU SHUR GHSHQGH PXFKR 418"3$:$3(F(1:+$"&"41"89"93+(+64"418"9'+(;+9P"%61;" KD\ DOJXQRV DUWLVWDV SDUD TXLHQHV HV PHMRU QR UHVSRQVDELOL]DUVH SRUTXH QXQFD REWHQGUiQ XQ 761:" '1;68+94$>" 01" +'9+9" 41" 6:" 3$:$3(F(1:+$" 1;%13_](3$P" (:;(;+$" 1:" 188$>"f'979Q9'" 41" F9:1'9" HGXFDWLYD UHTXLHUH XQ FRQMXQWR GH FRQRFLPLHQI WRV TXH QR GLVSRQH WRGR HO PXQGR 1R KDEOR GH 1b%1'(1:3(9;P";(:$"41"3$:$3(F(1:+$;P"3$F$"%$'" 1Q1F%8$" 18" 3$:$3(F(1:+$" F1+$4$8E)(3$o%1'$" +9F7(a:"41"6:9"3(1'+9"F9:1'9"41"%1:;9'"89"'1;I SRQVDELOLGDG \ GH OR TXH VLJQLILFD WUDEDMDU FRQ RWUDV SHUVRQDV +D\ XQD FRVD TXH HQFXHQWUR UHI
!"#$%&'(#)*J*M)$<%"*GN$(4F SHWLGDPHQWH FRPR DUWLVWD TXH WRGDYtD QR VH KD 1;+97813(4$"1:"18"39F%$"418"9'+1/":$"+1";(1:+1;" :131;9'(9F1:+1"%'(2(81)(94$P"%1'$"8$"1'1;P"41;I 41"18"%6:+$"41"2(;+9"41"e$6'4(16"+(1:1;"F63*$" 39%(+98"368+6'98>"51'$"8$;"9'+(;+9;":$";(1:+1:";6" %'$%($"%$41'"&"369:4$"+'979Q9:"3$:"89;"%1';$I :9;" :$" '13$:$31:" ;6" %$;(3(E:" 41" %$41'P" 6:9" VLWXDFLyQ TXH DFDED HQ GHVDVWUH 3UHIHULUtD TXH QR OR KLFLHVHQ \ TXH VH FRQFHQWUDVHQ HQ RWUD FRVD 7RGR GHSHQGH GHO LQGLYLGXR < GLUtD TXH %9'9"8$;"3$F(;9'($;"1;"8$"F(;F$>"g+'$"9;%13+$" GH HVWDV FXHVWLRQHV HV ¢TXp VH DSUHQGH HQ ODV HVFXHODV GH %HOODV $UWHV" ¢TXp DSUHQGHQ ORV FRPLVDULRV HQ ORV FXUVRV GH VX IRUPDFLyQ" 0("1;+9;"%'^3+(39;"]61;1:"(F%81F1:+949;"1:"18" ;(;+1F9"41"146393(E:";1'_9"F6&"4(]1'1:+1>"5$'" HMHPSOR WHQHPRV XQ PDVWHU HQ =XULFK TXH VH OODPD ([SRQHU \ (GXFDU HQ HO TXH ORV HVWXGLDQI WHV QR HVWiQ REOLJDGRV D GHFLGLU VL TXLHUHQ VHU 3$F(;9'($;"$"4$31:+1;P";(F%81F1:+1"9%'1:41:" 8$;"4$;"'$81;>"f9F7(a:"%6141:"9%8(39'"(:+1'1;1;" 1;%13_](3$;" 1:" ;6" +1;(;" 41" F9;+1'>" @;" 6:" %'$I JUDPD PX\ QXHYR TXH HPSH]y KDFH GRV DxRV f(1:1"6:9"3$:31%3(E:"41"89"146393(E:"3$F%81I WDPHQWH GLVWLQWD TXH PH GD PXFKD HVSHUDQ]D 0_"3$:;1)6(F$;"]$'F9'"9"89;"%1';$:9;"41"F9I :1'9"3$''13+9"o"$72(9F1:+1":$"+$49;"+1:4'^:" 18"F(;F$":(218"41"%$8(+(U93(E:P"%1'$"%$'"8$"F1I QRV KDEUiQ DSUHQGLGR TXH OD HGXFDFLyQ QR HV 98)$"'(4_368$P";(:$"(F%$'+9:+1"&";():(](39+(2$>
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
#>=/"#89'$P"1;";(1F%'1"9;_P"1;"931'39"41"89"96I +$I'1]81b(2(494"1:"+$49;"89;"%$;(3($:1;>"@;%1'$" TXH KD\D PiV FDVRV FRPR HVWH HQ HO IXWXUR &UHR TXH XQR GH ORV DVSHFWRV SRVLWLYRV HV TXH FRQ HO WLHPSR PiV FRPLVDULRV DGTXLULUiQ XQD 3(1'+9" 3$:3(1:3(9" 3'_+(39" ;$7'1" ;6" %'$%(9" %$;(I 3(E:>" [3+698F1:+1" 8$;" 3$F(;9'($;" F1:3($:9:" OD SHGDJRJtD DO PLVPR WLHPSR TXH LJQRUDQ HO KHFKR GH TXH GLVSRQHQ GH XQ GHSDUWDPHQWR GH 146393(E:>"=1"*9:"4(3*$"*$&"46'9:+1"89"3$F(49" TXH HO SHUVRQDO GRFHQWH GH OD &DVD (QFHQGLGD YLQR DTXt VLQ VDEHU TXH HVWD FRQIHUHQFLD LED D WHQHU OXJDU $Vt TXH« HV XQ VtQWRPD
)$#%OBO1,0I#'4)(O6%O'6%"#'6)6*OPQ*J S)+>* Q.2* %0(905$.* &* ,&(* 5.'"218 /&/0(* 7* ,&* %0,&5162* 9&$0%2&,1($&* C"0* ("0,0* 0;0%50%* 0,* &%$1($&A* '0* 4"($&%E&* C"0* H&#,&(0(* "2* 9.5.* '<(*(.#%0*0,*5&91$&,*(1'#6,15.*C"0* B($0*40($1.2&*5"&2/.*$%&#&;&*5.2* ,&(* 5.'"21/&/0()* `($0* 5&91$&,* (0* &5&#&* 5.231%$102/.* 02* "2* 5&91$&,* '&$0%1&,*9&%&*0,*&%$1($&A*(12*0'#&%8 4.A*,&(*5.'"21/&/0(*&*3050(*%0518 #02*0(0*5&91$&,*(1'#6,15.A*&"2C"0* 02*,&*'&7.%E&*/0*,.(*5&(.(*2"25&* (0* 5.2310%$0* 02* "2* 5&91$&,* '&$08 %1&,* 9&%&* 0,,&()* W0* 4"($&%E&* C"0* 2.(* 0G9,15&(0(* $a* .912162* (.#%0* 0($&*%0,&5162)*+.%C"0*(10'9%0*0(* '"7*5.'9,0;&A*90%.*5%0.*C"0*H&7* 0;0'9,.(*.*9.(1#1,1/&/0()
,.O
#>=/"@;+$&"F6&"2(:368949"9"6:9"$')9:(U93(E:" HQ /LQ] TXH VH OODPD 0DL] TXH SXEOLFD WH[WRV ;$7'1" 89" 3$897$'93(E:" 3$:" 9'+(;+9;>" #69:4$" 18" 9'+(;+9"3$897$'9"3$:"=9(UP"a;+9"41](:1"89;"3$:I 4(3($:1;P" :$" 18" 9'+(;+9>" 0E8$" 3$897$'9:" 369:I GR TXHGD PX\ FODUR OR TXH YDQ D VDFDU GH OD FRODERUDFLyQ TXH SXHGHQ VHU EHQHILFLRV PX\ 4(;+(:+$;>"56141";1'"6:9"3$897$'93(E:"1;+'9+a)(I 39"$"98)$"1:"3$:3'1+$"3$F$"6:"36''_368$"$"6:9" PiTXLQD R XQD FLHUWD YLVLELOLGDG R XQD GHFODUDI FLyQ S~EOLFD SRU SDUWH GH XQD LQVWLWXFLyQ LPSRUI +9:+1"%9'9"97'('"18"9331;$"41"8$;"(:F()'9:+1;"9" 89"13$:$F_9>"56141:";1'"3$;9;"F6&"4(;+(:+9;P" SHUR HO EHQHILFLR TXH YDQ D VDFDU GHEH HVWDU ELHQ GHILQLGR <R SURYHQJR GHO RWUR ODGR GH OD (:;+(+63(E:P"&"369:4$":$;"931'39F$;"9"6:")'6I %$"1;%13_](3$";(1F%'1"+1:1F$;"1:"361:+9"1;+1" HMHPSOR SDUD GHMDU FODUR TXH QR TXHUHPRV LPI SRQHUQRV \ WDPSRFR GHVHDPRV VHU ORV ~QLFRV TXH VH EHQHILFLDQ FXDOTXLHUD TXH VHD HO FDSLWDO +DVWD DKRUD SRUTXH HVWD LQVWLWXFLyQ HV EDVWDQI +1":6129IP"*1F$;"3$897$'94$"3$:"6:";$8$")'6I %$" 41" 93+(2(;+9;" 1:" \6'(3*>" @88$;" )1;+($:9:" 6:" 3$81)($"96+E:$F$"4$:41"$]'131:"36';$;";$7'1" +$4$"41"981F^:P"%1'$"+9F7(a:"$+'$;"4('()(4$;"9" LQPLJUDQWHV VLQ SDSHOHV /D FRODERUDFLyQ TXH F9:+62(F$;"%9;E"%$'"6:9"89')9"]9;1"41":1)$I FLDFLyQ SRUTXH OHV LQYLWDPRV D SDUWLFLSDU HQ XQ SUR\HFWR GH LQYHVWLJDFLyQ OR FXDO HV D~Q PiV FRPSOLFDGR SRUTXH ¢TXLpQ LQYHVWLJD" \ ¢TXLpQ HV HO LQYHVWLJDGR" /D ~QLFD VROXFLyQ SRVLEOH 1;" (:+1:+9'" ;1'" %'13(;$" 1" (:+1:+9'" 3$:+9'" ;(1FI %'1" 3$:" 18" 1;%93($" ;6](3(1:+1" %9'9" 89" '1]81b(E:" &P" 41" 6:9" F9:1'9" 6" $+'9" 41;9%'1:41'" 18" %'(2(I 81)($>" 5'$%$'3($:9'" 6:" 1;%93($" %9'9" 89;" 1F$I 3($:1;" (:3EF$49;>" 0(" +6" %$;(3(E:" 41" %$41'" ;1" HQIUHQWD D XQD DPHQD]D VL DOJXLHQ WH GLFH ³W~ QR SXHGHV HQWHQGHUPH SRUTXH HUHV EODQFD \ WLHQHV LQJUHVRV UHJXODUHV´ KD\ TXH DGPLWLU TXH pVWD HV OD YHUGDG \ SUHJXQWDUVH ¢KDFLD GyQGH YDPRV GHVGH DTXt" ¢TXp SRGHPRV KDFHU FRQI MXQWDPHQWH" < VL QR HV SRVLEOH TXL]iV QR VHD :131;9'($"3$897$'9'>"#$:+9'"3$:"1;+1"1;+94$"41" 361;+($:9F(1:+$"%1'F9:1:+1"41F9:49"F63*$" HVIXHU]R \ PXFKDV YHFHV HV XQ DVSHFWR TXH VH ROYLGD GXUDQWH HO SURFHVR DXQTXH HV PX\ LPSRUWDQWH LQVLVWLU HQ HOOR < WDPELpQ HV LPSRUI WDQWH DVXPLU OD UHVSRQVDELOLGDG \ QR GHMDU TXH 18"$+'$"+1"89"'1361'41";(1F%'1>"p978$"41"F9:1'9" PX\ FRQFUHWD SHUR HV OD ~QLFD PDQHUD SRVLEOH %61;" 89" *(;+$'(9" 1;" '^%(49" 41" 3$:+9'>" @;+9F$;" 1:" ;(+693($:1;" 41" %$41'" F6&" 4(;+(:+9;/" 89" 96I
!"#$%&'(#)*J*M)$<%"*GN$(4F +$)1;+(E:"41")1:+1"(81)98(U949"%$'"6:"894$P"&"89" (:;+(+63(E:" 418" 9'+1" F^;" )'9:41" 41" +$49" 06(U9" SRU HO RWUR HV IiFLO GH FRQWDU 3HUR OR TXH HOOR ;():(](39"%9'9"89;"F(3'$%'^3+(39;"1;"8$"F^;"(FI %$'+9:+1>" [3979F$;" 41" '198(U9'" 6:9" 3$897$'93(E:" 3$:" 0DL] TXH KD WHQLGR PXFKR p[LWR 8QD FRPSDI xHUD PtD TXH KD WUDEDMDGR FRQ XQ JUXSR GH YLVLWDQWHV HQ HO 0XVHR GHO 'LVHxR TXH IRUPD %9'+1" 41" 6:9" 1;36189" 41" 9'+1P" *9" %'1;1:+94$" 6:9" 1b%$;(3(E:" ;$7'1" )8$798(U93(E:" &" 4(;1A$>" X9"1b%$;(3(E:"1;+979"7(1:"%1'$":$"1'9"F6&"%$I OtWLFD (UD XQD H[SRVLFLyQ TXH WUDWDED WHPDV UHI 893($:94$;"3$:"89")8$798(U93(E:"&"18"4(;1A$"%1'$" +1:_9"6:"1;%93($"F9'92(88$;$"%9'9"*931'"6:"+'9I 79Q$"146393($:98"%$'";6"1;+'63+6'9"1:3(38$%a4(I 39>"@;+1")'6%$P"81Q$;"41"3'19'"6:9")6_9"+6'_;+(39P" KL]R XQD JXtD SDUD ORV TXH GHVHDQ TXHGDUVH HQ =XULFK SHUR TXH FDUHFHQ GH HVWDWXV OHJDO 6H SXEOLFy XQ OLEUR TXH DKRUD SXHGH UHSDUWLUVH HQ 8$;"39F%9F1:+$;>"f$4$"18"F6:4$"1;+979"F6&" 3$:+1:+$" 3$:" 1;+9" 3$897$'93(E:" &" 18" 71:1](3($" TXH ORV SDUWLFLSDQWHV LEDQ VDFDU GH HOOD IXH PX\ FODUD $KRUD HPSLH]D OD IDVH VLJXLHQWH SRUTXH 1;+1" %'$&13+$" ]$'F9" %9'+1" 41" 6:" %'$&13+$" 41" (:21;+()93(E:P" &" 89" %'Eb(F9" %'1)6:+9" 29" 9" ;1'/" ¢TXLpQ HVFULEH" ¢TXp HVFULELUiQ" \ ¢TXp WLSR GH UHSUHVHQWDFLyQ HOHJLUiQ GH HVWH SURFHVR"
=)=>* V.* 0(* (.,&'02$0* "2* 9%.#,08 '&* /0* %09%0(02$&5162A* C"1:<(* ,.* -"0*H&50*/10:*&D.(A*90%.*&H.%&*(0* $%&$&*/0*"2*9%.#,0'&*/0*2&%%&$13&A* /0*56'.*(0*5"02$&2*,&(*5.(&()
& 0 ([DFWDPHQWH < GH FyPR FRQWDUOR FRQ HO OHQJXDMH TXH WHQHPRV D PDQR (V PX\ FRPSOLI FDGR SHUR HV OD IDVH TXH HPSLH]D DKRUD \ FRQI +(:69'^"46'9:+1"8$;"%'Eb(F$;";1(;"9":6121"F1I VHV (VWR\ FRQWHQWD FRQ HVWH SUR\HFWR SRUTXH *1F$;" +1:(4$" 18" +(1F%$" ;6](3(1:+1" &" +1:)$" 89" VHQVDFLyQ TXH KDVWD DKRUD KHPRV KHFKR ELHQ F63*9;"3$;9;>"@;+979"%'1%9'949")'93(9;"9"89;" H[SHULHQFLDV HQ 'RFXPHQWD \ FUHR TXH SXHGR 6+(8(U9'"1;+9;"1b%1'(1:3(9;"%9'9"89"%'Eb(F9"]9;1>" 8QD VLWXDFLyQ GH SULYLOHJLR OR SHUPLWH SRUTXH QR 1;+^;"$36%94$"1:";$7'12(2('"13$:EF(39F1:+1>" 0(":131;(+$"+(1F%$"%9'9"%1:;9'"&"F("+'979Q$":$" OR SHUPLWH SXHGR LU DO PpGLFR \ GHFLUOH TXH QHI 31;(+$"1;+9'"1:]1'F9P"41"1;+1"F$4$"%614$";1I )6('" %9)9:4$" 8$;" '13(7$;>" q6(" 6:9" +'979Q94$'9" ]'1189:31" 46'9:+1" F63*$" +(1F%$" &" 89;" 3$;9;" :$"1'9:"9;_P"%$'";6%61;+$"1;"F63*$"F^;"4(]_3(8" 369:4$":$"4(;%$:1;"41"(:)'1;$;"'1)689'1;>
)$#%OBO1,0I#'4)(O6%O'6%"#'6)6*OPQ*J
,.J
?oB"p1"4(3*$"i:$;$+'$;lP"%1'$"4171'_9"1b%8(39'" 89"1;+'63+6'9"41"1;+1"%'$&13+$>"@8"+'979Q$"1:";_P" 89"(:+1'933(E:"&"89"3$897$'93(E:P"]61"$')9:(U94$" SRU XQD FROHJD HV LPSRUWDQWH VDEHUOR SRUTXH &$"1;+979"41+'^;"41"89"'198(U93(E:"%9'9"9%$&9'I 89P"&$"%'$%$'3($:a"6:"1;%93($"41"'1]81b(E:"%9'9" HOOD (VWR\ VHJXUD GH TXH HVWD RUJDQL]DFLyQ *93_9"8$"F(;F$"1:";6"1;%93($>"p67$":1)$3(9I 3(E:"1"(:+1'933(E:"1:+'1"8$;"4$;"894$;"&"1:3(F9" 4(;%$:_9F$;"41"$+'$":(218"41"'1]81b(E:"1:"18"1;I SDFLR GH UHIHUHQFLD GH FDGD XQR 3HQVDED TXH 1'9"98)$"F6&"%$;(+(2$"%9'9"89;"4$;"%9'+1;>"[;_" TXH PL SDSHO HUD XQD SDUWH HItPHUD GHO SUR\HFWR &"98"$7;1'29'"89";(+693(E:"F1"4("361:+9"41"36^:I +9;"39%93(4941;"&"3$:$3(F(1:+$;";1":131;(+9:" %9'9"'198(U9'"1;+1"+'979Q$>"@;"F6&"3$F%81Q$P"1;" XQ DVSHFWR TXH VH LJQRUD HQWUH ORV TXH SURFHI 41:" 418" 39F%$" 418" 9'+1P" :$" +(1:1:" :(" (419" 41" 89;"39%93(4941;"41"'1]81b(E:"&"41"3$F6:(393(E:" TXH VH QHFHVLWDQ 0L FROHJD VH IRUPy FRPR DUI WLVWD DVt TXH WHQtD HO FRQRFLPLHQWR SDUD SRGHU +'979Q9'"3$:"6:")'6%$"1:"89"1b%$;(3(E:>"f'979Q9'" XQD H[SRVLFLyQ FRQ XQ JUXSR TXH SURFHGH GH %$;(3($:1;"+$+98F1:+1"4(;+(:+9;"1;"98)$"3$F%81I Q$P" %61;" %9'9" 98)6:$;" 41" 188$;" 1'9" 89" %'(F1'9" YH] TXH VH HQIUHQWDEDQ D XQ PXVHR ¢4Xp HV XQ PXVHR" 3DUD Pt KD VLGR XQD IRUPD GH DILUI F93(E:"&"9*$'9"%'1](1'$":$"*931'"98)$"1:"86)9'" 41"'198(U9'"$+'$"%'$&13+$"F98$>
S)+>* b&* 9%04"2$&* C"0* C"0%E&* H&8 50%$0*&2$0(*02*%0,&5162*5.2*,.*C"0* /05E&(*5%0.*C"0*0(*'"7*#<(15&O 90%.* 2.(.$%.(* $020'.(* '"5H.(* /0#&$0(* (.#%0* 56'.* /1($124"1%* C"B* 02$02/0'.(* 9.%* 9%<5$15&(* 5.,&#.%&$13&(A* 9.%* 9&%$1519&5162A* 7* C"B* %0,&51.20(* H&7* 02$%0* 0,,&()* Z*C"B*/1-0%0251&(*H&7*02$%0*5.,&8 #.%&%A* 9&%$1519&%A))* Pc"B* .912162* $1020(* &* 0($0* %0(905$.?* * PQ6'.* SXHGHV GH¿QLU HVWRV FRQFHSWRV" Pc"B* 9%.#,0'&(* $0* 4020%&2* &'8 #.(*9.%*("(*%0,&51.20(?* =)=>* M2* %0,&5162* 9%051(&'02$0* &* 0($&* 5"0($162* /0* 9%<5$15&(* 5.,&8 #.%&$13&(* 7* 9&%$1519&$13&(A* $&,* 30:* 9./%E&(*H&#,&%2.(*/0*,&(*'0$./.8 ,.4E&(* C"0* $a* /0(&%%.,,&(O* +.%8
#>=/"5(1:;$"1:"1;+$;"+a'F(:$;"3$:;+9:+1F1:I +1>" @:" 1;+1" F$F1:+$" +1:)$" 6:$;" ]$8($;" 39;(" WHFQRFUiWLFRV SDUD ORV DOXPQRV TXH HVWXGLDQ 1:" 1;+1" F9;+1'" 41" @b%$;(3(E:" &" @46393(E:>" 6LHPSUH OHV GLJR TXH VRQ XQ PRGHOR SDUD OD '1]81b(E:" ;(:" 6:9" 39')9" 41" 21'494>" T(]1'1:3($" 1:+'1" 8$;" 4(;+(:+$;" :(2181;" 41" 89" (:+1''1893(E:>" #$:"'1;%13+$"98"F6;1$"$"18"1;%93($"1b%$;(+(2$" +1:1F$;"89"'131%3(E:P"89"(:+1'933(E:P"89"%9'+(3(I SDFLyQ \ OD FRODERUDFLyQ &UHR TXH OD SDUWLFLSDI FLyQ HQ HVWH PDUFR TXH \R KH SURGXFLGR HV FRPR XQD WDEOD TXH VLUYH SDUD TXH ODV SHUVRI QDV SXHGDQ FRPSUREDU OR TXH HVWiQ KDFLHQGR %9'9" %$41'" %$;(3($:9';1>" X9" '131%3(E:" '1;68+9" ]^3(8"41"41](:('/"6:$"*9789"&"18"$+'$"'13(71>"C:+1I UDFFLyQ VH UHILHUH D WRGR OR TXH VH HQFXHQWUD HQ HO PXVHR TXH VH SXHGH WRFDU H LQWHUDFFLRQDU HV GHFLU TXH VH SXHGD DSUHWDU XQ ERWyQ XWLOL]DU XQD PiTXLQD \ SUREDU DOJR /D 3DUWLFLSDFLyQ VH GHILQH SRU FRPR W~ GHFLGHV HO PDUFR OD HVI
!"#$%&'(#)*J*M)$<%"*GN$(4F C"0*5%0.*C"0*0($.(*(.2*,.(*9"2$.(* GRQGH DO ¿QDO W~ FRORFDV ORV SLHV 9&%&* 9./0%* &2/&%* .* 9&%&* 9./0%* 5.2$12"&%)*d*56'.*9%./"51%*&4028 51&)*R&7*9%.705$.(*C"0*(.2*9&%$18 519&$13.(*.*5.,&#.%&$13.(A*90%.*2.* 9%./"502* &40251&A* 2.* 9%./"502* $%&2(-.%'&5162)
+'63+6'9P" 89" 93+(2(494B" &" 861)$" $+'$;" %9'+(3(%9:>" X9"3$897$'93(E:";1"41](:1"369:4$"18"F9'3$";1" 41;9''$889" 3$:Q6:+9F1:+1>" @b(;+1" $+'$" +a'F(I QR TXH OODPDPRV UHFODPDWLRQ UHLYLQGLFDFLyQ TXH WLHQH OXJDU FXDQGR XQ JUXSR H[WHUQR OOHJD &" '1(2(:4(39" 6:" 1;%93($" $" F14($;" $" '136';$;>" X$"3698"1;"79;+9:+1"(:6;698"3$:"'1;%13+$"9"8$;" PXVHRV 3HUR PH GR\ FXHQWD TXH HQ OD WHRUtD 41F$3'^+(39"1:"[81F9:(9P"89"%9'+(3(%93(E:"+(1:1" 6:";():(](394$"+$+98F1:+1"4(;+(:+$>"@;"F6&"4(]_I 3(8" 41](:('89h" ;(1F%'1" 41%1:41" 418" 1;%93($" 4(;I FXUVLYR $OOt OD SDUWLFLSDFLyQ HV OR TXH QRVRWURV 889F9F$;" 3$897$'93(E:>" 0(1F%'1" 1;" :131;9'($" H[SOLFDU H[DFWDPHQWH OR TXH TXLHUHV GHFLU &UHR TXH HO FRQFHSWR GH DJHQFLD DJHQF\ HV IXQI 49F1:+98" 1:" 1;+9" 361;+(E:P" %1'$" :$" *1" 881)9I GR D XQD FRQFOXVLyQ FUHR TXH DJHQFLD VXHOH 9%8(39';1" 9" 8$;" %'$&13+$;" 3$897$'9+(2$;" ]61'9" GH OD LQVWLWXFLyQ 3RU HMHPSOR HO <RXWK &RXQI FLO RI WKH 1DWLRQDO *DOOHU\ RI 2QWDULR FUHR TXH JHQHUD PXFKD DJHQFLD IXHUD GHO FHQWUR TXH HO SURSLR FHQWUR QR FRQWUROD $Vt HO <RXWK &RXQFLO ;1"3$:2(1'+1"1:"6:"1;%93($"%9'9"89"%9'+(3(%93(E:" 41"89"9)1:3(9P"%1'$"89"9)1:3(9":$";1"4('()1"9"89" LQVWLWXFLyQ VLQR TXH VH GHVDUUROOD HQ HOOD \ VH WUDVODGD D RWURV iPELWRV $XQTXH GLUtD TXH HVWR $36''1"F6&"'9'9F1:+1>
=)=>*+102(.*02*0,*9%.705$.*C"0*H0* %0&,1:&/.* 5.2* 12$0%2.(* /0* ,&* 5<%8 50,* /0* b062* 02* 5.,&#.%&5162* 5.2* 0,* /09&%$&'02$.* /0* 0/"5&5162* /0,* W]!@Q)* Q.2* .$%&(* '0$./.8 ,.4E&(A* (0* $%&$&* /0* &5$"&%* H&51&* "2.*/0*,.(*9&%<'0$%.(*C"0*5.2(8 $1$"70*0(&*12($1$"5162>*0,*$10'9.AO* Q.'.* H&50* 0,* 5120* 0($%"5$"%&,A* 0G90%1'02$&,A* 9./0'.(* $%&#&;&%* /0(/0* &HE* 7* %.'90%* 0(.(* $10'8 9.()*d*$&'#1B2*,&*5"0($162*/0*,.(* 0(9&51.(A* /0* $.'&%* ,.(* 0(9&51.(>* '"5H&(* $&%/0(* H0'.(* $%&#&;&/.* 02*0,*'"(0.*7*0,*4%"9.*302E&*5.2* 90%'1(.(*7*9./E&'.(*0(5%1#1%*$0G8 $.(* "$1,1:&2/.* ,.(* .%/02&/.%0(O .* #102* 2.(* %0"2E&'.(* -"0%&O b&* 0G90%10251&* $&'#1B2* 0(* '"7* 1'9.%$&2$0A* 2.* (0* $%&$&* (.,&'028 $0*/0*^0($&%_A*^/0*.5"9&%_A*(12.*/0* (02$1%$0* /0* &,4"2&* '&20%&* C"0* 0(0*0(9&51.*e0,*'"(0.f*0(*"2*0(8
& 0 6t HV DOJR TXH SXHGHV DSURYHFKDU WHPI %$'98F1:+1>"51'$":$"8$"+1:)$"389'$Po":$"1;+$&" ;1)6'9";("8$"%614$"889F9'"9)1:3(9>
)$#%OBO1,0I#'4)(O6%O'6%"#'6)6*OPQ*J
,.H
9&51.* 9a#,15.A* 0(* "2* 0(9&51.* /0* $./.(A* 21* /0* "2&* B,1$0A* 21* /0* ,.(* C"0* (&#02O* "2* 0(9&51.* /0* 'a,8 $19,0(*"(.()*+&%&*'EA*,.(*0(9&51.(* 9a#,15.(* 5.'.* (.2* ,.(* '"(0.(A* ,.(* 502$%.(* /0* &%$0A* 9"0/02* (0%* $&2*("(509$1#,0(*/0*.5"9&%*5.'.* ,&* "2130%(1/&/* 02* /0$0%'12&/.* '.'02$.* 5"&2/.* /&'.(* 5,&(0(A* .*,.(*5.,041.(O)
=>=>* !EA* '0* (102$.* 02* ,&* '1('&* /"/&*5.2*,&(*9&,&#%&()*d*$&'#1B2* 5.2* %0(905$.* &,* $19.* /0* 9%<5$15&* C"0* 9./0'.(* 0($&%* H&5102/.A* 2.* $024.*50%$0:&()*Q%0.*C"0*H&7*C"0* $020%*'"5H&*H"'1,/&/*5"&2/.*(0* $%&#&;&*5.2*,&*402$0) \&,* 30:* 7.* '0* (102$&* '<(* 50%5&8 2&* 9.%C"0* 0(* ,.* C"0* 5.2.:5.A* 7* '<(*02*b&$12.&'B%15&*OM2*0($.(* a,$1'.(* /10:* .* C"1250* &D.(* $./&* 0(&*,E20&*/0*$%&#&;.*0G90%1'02$&,* eC"0*2"25&*(0*90%/16fA*50%5&2&*&,* 5120A* 50%5&2&* &,* $0&$%.A* 5.2* "2&* %01312/15&5162* /0,* $0&$%.* 9.#%0A* /0,*,&#.%&$.%1.*/0*g%.$.Y(N1A*0($<* '"7*313&)*+0%.*("*(02$1/.*313.A*&* /1-0%0251&*9.%*0;0'9,.*/0*M"%.9&A* 2.*0($<*'0/1&/.*21*9.%*0,*'"(0.* 21* 9.%* ,&* 12($1$"5162* &%$E($15&A* (12.* C"0* (0* 9%./"50* /.2/0* 2&516A* 0(* /051%A*02*,.(*'.31'102$.(*(.51&,0(* 7*02*("(*3125",&51.20()*V.*(B*C"0* 9&(6*&C"E*02*M"%.9&A*(EA*(E*C"0*,.* (&#0'.()* R"#.* "2* '.'02$.* 02* C"0* 0(.* (0* (09&%6A* (0* H&* (09&8 %&/.* /0* "2&* '&20%&* $&2O2.* (BA* 5.'.* (1* ;&'<(* H"#10(02* 0($&/.* ;"2$.()* !12* 0'#&%4.A* 5"&2/.* $a* '1%&(* .* %031(&(* 0(&* ("#$%&'&* &%$0h9.,E$15&* &HE* 0($&#&* $&'#1B2)* !.#%0*$./.A*'<(*02*,&*,1$0%&$"%&*.* 02*0,*5120*9.,E$15.*02*("*'.'02$.A* 7*,.*C"0*9&%050*5"%1.(.*02*M"%.9&* 0(*5.'.*(0*H&*#.%%&/.*0(&*,E20&*
#>=/" @:" 18" ,--OP" 6:" )'6%$" 41" 3(:3$" %1';$:9;" $')9:(U9F$;" 6:9" 1b%$;(3(E:" '1+'$;%13+(29" ;$I 7'1" 18" +'979Q$" 41" X$''9(:1" c(8;$:" %9'9" DZerP" 6:9"9;$3(93(E:"41"9'+1"41F$3'^+(3$"]6:4949"1:" e1'8_:"1:"8$;"9A$;"J-P"3$:"6:9"89')9"+'9&13+$I '(9"41"1b%$;(3($:1;"%$8_+(39;>"T1:+'$"418"F9'3$" 41"89"1b%$;(3(E:"F$:+9F$;"6:9"'16:(E:"3$:"18" +_+68$"i`1(:21:+9:4$"89"'6149l"4$:41"(:2(+9F$;" 9"89;"%1';$:9;"93+(29;P"3$F$"8$;"9'+(;+9;"1:"89" 146393(E:" 1:" 8$;" J-P" %9'9" 3$:13+9'8$;" 3$:" 89" )1:1'93(E:"F^;"Q$21:>"@:+$:31;P"1;+9"*(;+$'(9" VH UHFXSHUy ¢FUHR TXH YXHVWUR SUR\HFWR WUDWD GH HVWR WDPELpQ YHUGDG" &UHR TXH HV PX\ LPI SRUWDQWH &UHR TXH FDGD SDtV HXURSHR WLHQH VX KLVWRULD«<R Vp FRPR $OHPDQLD VH GHVPRURQy 369:4$" 1:" .HG," 9;6F(E" 18" %$41'" 6:" )$7(1':$" OLEHUDO FRQVHUYDGRU TXH SDUy PXFKDV DFWLYLI GDGHV ILQDQFLDGDV S~EOLFDPHQWH \ HPSH]y D 3$:;+'6('"8$;")'9:41;"F6;1$;>"@;3'(7_"6:"9'+_36I OR TXH VH OODPD /D KLVWRULD FRUWD GH ORV DUWLVWDV HQ ORV FROHJLRV TXH VH FHQWUD HQ HVWRV DVXQWRV T6'9:+1"8$;"m-"&"8$;"J-"1b(;+_9"6:"F$2(F(1:+$" F6&"]61'+1"41"9'+(;+9;"3$:"3$F%'$F(;$"%$8_+(3$" \ VRFLDO TXH TXHUtDQ WUDEDMDU FRPR DUWLVWDV QR TXHUtDQ FRQYHUWLUVH HQ SURIHVRUHV QHFHVDULDI PHQWH SHUR TXHUtDQ WUDEDMDU HQ ORV FROHJLRV \ ;1"3'19'$:"F63*$;"%'$)'9F9;"41"](:9:3(93(E:" S~EOLFD 7DPELpQ KDEtD SUR\HFWRV GH LQYHVWLJDI 3(E:>" X9" (:21;+()93(E:" ;1" 79;979" 1:" 89" 933(E:" 3'19+(29"&"96+$I'1]81b(29o1;"6:9"981)'_9"'141;I 367'('"1;+9;"1b%1'(1:3(9;"41"8$;"J->"@:"'198(494" 1;+1"%'$)'9F9";1"3$:;(41'979"4(]_3(8P"%1'$"+62$" ab(+$" &" 1;+979" %'12(;+9" ;6" 3$:+(:6(494P" %1'$" 1:+$:31;" *67$" 6:" 39F7($" 41" )$7(1':$" &" 41QE" 41" '13(7('" ](:9:3(93(E:>" @:" ;6" 86)9'" ;1" 2(2(E" 18"
!"#$%&'(#)*J*M)$<%"*GN$(4F /0* "2&* -.%'&* '"7* 12$0251.2&,* 9&%&* C"0* ,&* 402$0* '<(* ;.302* .* C"0* 3024&* 5.2* .$%.(* %0-0%02$0(* 2.* 9"0/&* 3.,30%* &* 0(0* ,"4&%)* d* $&'#1B2A* '"7* 02* %0,&5162* 5.2* ,.* C"0* $a* 5.'02$&#&(* &2$0(* (.#%0* C"B*0(*,.*C"0*(0*0($<*02(0D&2/.* &H.%&*02*,&(*-&5",$&/0(*/0*I0,,&(* @%$0(O)d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
7$$F"41"8$;"F6;1$;"&"3949"3(6494"4(;%6;$"41" 6:"14(](3($"1F781F^+(3$P";6"(:;+(+63(E:"368+6'98>" j01"21"389'9F1:+1k>
S)+>* V"0($%.* 9%.705$.* !"#$%&8 '&(*9.20*'"5H.*12$0%B(A*&2$0(*,.* 2.'#%&#&*=1%4121&A*02*,&(*2&%%&$18 3&(*7*$&'#1B2*02*,&*5.2($%"55162* /0* 1'&412&%1.()* M2* 0($0* (02$1/.A* PC"B*$0*("410%0*,&*1/0&*/0*5.2(8 $%"1%* 2"03.(* 1'&412&%1.(?* .* P02* C"B* (02$1/.* 5%00(* C"0* 0(* 1'9.%8 $&2$0* ,&* 2050(1/&/* /0* 12$02$&%* 5.2($%"1%* 'B$./.(* C"0* 9%.915102* 2"03.(*1'&412&%1.(?
& 0 &UHR TXH WRGR HVWH WUDEDMR WUDWD GH HVWD 361;+(E:>" 59'9" F_" 1;" 4(]_3(8" '1;%$:41'" 9" 1;+9" SUHJXQWD SRUTXH HV FRPR OD VXEWUDPD R OD FRQVWLWXFLyQ TXH VXE\DFH HQ WRGR OR TXH KHPRV *97894$>"5$'"+9:+$P";("F1"%'1)6:+^(;"931'39"41" VX LPSRUWDQFLD VyOR SXHGR GHFLU TXH Vt \ QDGD F^;>
)$#%OBO1,0I#'4)(O6%O'6%"#'6)6*OPQ*J
,,.
S)+>* \&'#1B2A* 5.'.* 02* 9%04"28 $&(* &2$0%1.%0(A* P2.(* 9"0/0(* H&8 #,&%* /0* ,&(* '0$./.,.4E&(* (.#%0* ,&* 5.2($%"55162* /0* .$%.(* 9.(1#,0(* 1'&412&%1.(?*d*(1*(0*$0*.5"%%0*&,8 4"2&*5.(&*02*,&*C"0*H&7<1(*$%&#&8 ;&/.*02*%0,&5162*&*0($&*5"0($162)
& 0 0H UHVXOWD PX\ GLItFLO FRQWHVWDU SRUTXH PH JXVWDUtD TXH WRGR OR TXH KDJD VH GHGLTXH 9"1;+1"%'$%E;(+$>
=)=>*i'&412&%1.(*/0*%0(1($0251&)
#>=/" f621" 6:9" 1b%1'(1:3(9" %1';$:98" '13(1:+1I PHQWH )XH XQ PpWRGR PX\ VHQFLOOR HQ HO TXH &$" %9'+(3(%979>" @'9" 1:" 6:" 121:+$" 98+1':9+(2$P" XQD UHXQLyQ TXH VH OODPDED 'HVFKRROLQJ 6RI FLHW\ TXH WXYR OXJDU KDFH XQDV VHPDQDV HQ /RQGUHV 3XHGR HQWHQGHU SRU TXp HVWD UHXQLyQ WHQtD TXH VHU WDO FRPR IXH SHUR QR TXHGp VDI +(;]13*9"3$:"1889>"[8"4_9";()6(1:+1";1"'16:(E"6:" )'6%$" 41" 6:9;" +'1(:+9" %1';$:9;P" +$49;" 3$:" 89" F(;F9" (:;9+(;]933(E:>" X1;" (:+1'1;979" $+'$" +(%$" GH LQWHUFDPELR TXH QR KDEtD VLGR SRVLEOH HQ HO F9'3$"41"89"'16:(E:>"@;+9";1;(E:"]61"F$41'9I 49"%$'"6:$"41"8$;"$')9:(U94$'1;"418")'6%$".m" %HDYHU GH 1XHYD <RUN eO SURSXVR TXH XWLOL]iI '9F$;" 18" +(1F%$" 4(;%$:(781" %9'9" *931'" 6:" 7$I ''94$'"41"6:9"*(;+$'(9"41"89"%149)$)_9"'94(398>" <:9"+9'19")'9:41>"p97_9F$;"1;+94$";1:+94$;" Q6:+$;"46'9:+1",-"*$'9;"41"%'1;1:+93($:1;"&"41" '1%1:+1"98)6(1:"+1"(:2(+9"9"1;3'(7('"6:9"*(;+$'(9" 41"89"%149)$)_9"'94(398>"p97_9"6:9"F1;9"89')9" &" 3$8$39'$:" 6:" %9%18" 9" 8$" 89')$" 41" 89" F1;9P" &" SLGLHURQ TXH WRGR HO PXQGR HVFULELHUD HVSRQI +^:19F1:+1" ;6;" '1361'4$;" ;$7'1" 6:" ;631;$" TXH KDEtD VLGR LPSRUWDQWH SDUD HO GHVDUUROOR 41";6"3$:3(1:3(9P"41";6"%'^3+(39>"D$"(F%$'+979" ;("1'9"98)6:9"1b%1'(1:3(9"%1';$:98"$"6:";631I ;$"*(;+E'(3$>"01"4($"79;+9:+1"+(1F%$"%9'9"1;+9" 93+(2(494P" 89" )1:+1" 1;3'(7(E" &" 3*9'8E" 46'9:+1" XQD KRUD 'HVSXpV VH SLGLy TXH FDGD SHUVRQD H[SOLFDUD SRU TXp KDEtD FRQWDGR WDO VXFHVR R PRPHQWR < VH FUHy OD KLVWRULD GH OD SHGDJRJtD '94(398P"9;_"41";1:3(88$>"=1"1:39:+E>"098_"41"1;9" UHXQLyQ PX\ HPSRGHUDGD < DSUHQGt PXFKR SRUTXH VH LQFOXtDQ PXFKRV VXFHVRV KLVWyULFRV GH RWURV SDtVHV GH RWURV OXJDUHV TXH QR FRQRI 3_9P" F^;" 988^" 41" F(" %'$%($" 3$:+1b+$>" q61" %9'9" F_"6:"Fa+$4$"3$F%81+$"%9'9"39F7(9'"18"(F9)(I :9'($>" X$" 2$&" 9" 3$%(9'P" ]61" +9:" ;1:3(88$o#89'$" TXH VyOR SXHGH IXQFLRQDU VL WLHQHV D XQ FLHUWR )'6%$" 41" )1:+1>" X$;" Fa+$4$;" ;(1F%'1" +(1:1:" TXH DMXVWDUVH D OD VLWXDFLyQ (VH KRPEUH SHQVy TXH VL HVDV SHUVRQDV KDEtDQ DFXGLGR D HVD '16:(E:"417_9:"+1:1'"6:"3$:$3(F(1:+$"418"+1F9" \ ¢FyPR SRGHPRV FRPSDUWLU HVWH FRQRFLPLHQI WR" 7XYLPRV KRUDV \ HVR IXH WRGR
!"#$%&'(#)*J*M)$<%"*GN$(4F S)+>*!EA*0(*'"7*#"02*0;0'9,.) =)=>* PQ"<,0(* (.2* $"(* %0-0%0251&(* $06%15&(?*Od*$&'#1B2*2.(*4"($&8 %E&*(&#0%*(1*5%00(*9.(1#,0*%09.,1$18 :&%*,&(*1'<4020(*5.2*,&(*C"0*5.28 3131'.(* '0/1&2$0* ,&(* 9%<5$15&(* 5",$"%&,0()
& 0 6REUH OD SULPHUD SUHJXQWD FUHR TXH QR $;"%'$463('^";$'%'1;9;>"@;"6:";1'(1"F6&"3$:$I FLGD \ PX\ ~WLO GH SHQVDGRUHV PDVFXOLQRV TXH %1:;979:" ;$7'1" 18" %$41'" &" 89" '1%'1;1:+93(E:P" +981;"3$F$"5(1''1"e$6'4(16P"0+69'+"p988P"=(3*18" )RXFDXOW SHUVRQDV FRPR $QWRQLR *UDPVFL TXH ;1"931'39:"98"9;%13+$"146393($:98o"<:9"F1UI 389"41"%149)$)$;"'94(3981;"3$F$"5968$"q'1('1P" \ HGXFDGRUHV FRQWHPSRUiQHRV FRQ XQ HQIRTXH %$;+I1;+'63+6'98(;+9>"p9&"6:9"%1';$:9"41"@@<<" TXH HQFXHQWUR PX\ LPSRUWDQWH HQ PL WUDEDMR 3DWWL /DWKHU TXH GHFRQVWUX\H OD QRFLyQ GH OD 2$UP"1;"(:3'1_781>"f'979Q9"3$:"6:")'6%$"41"F6I MHUHV FRQ 9,+ \ HVFULELy XQ OLEUR TXH VH OODPD f'$678(:)" +*1" [:)18;P" 1;" 6:$" 41" 8$;" F1Q$'1;" 1Q1F%8$;" 41" (:21;+()93(E:" 3$:+1F%$'^:19" ;$I 7'1"3EF$"3'19'"$+'9;":9''9+(29;P"1;"3$F$"6:"39I 8(4$;3$%($"41":9''9+(29;"4(;+(:+9;>"@889"1;"]1F(I :(;+9"&"]$'F9"%9'+1"41"6:")'6%$"41"%1:;94$'9;" IHPLQLVWDV FRPR EHOO KRRNV R $OLFLD <RXQJEORRG -DFNVRQ TXH KD SODQWHDGR XQD LGHD TXH OODPD UKL]RYRFDOLW\ TXH PH JXVWD PXFKR 6H WUDWD GH 3EF$" ;1" %6141" 863*9'" %$'" 89" Q6;+(3(9" &" 6+(8(U9'" %'^3+(39;" (:21;+()94$'9;" &" 14639+(29;" %9'9" 18" 1F%$41'9F(1:+$P"%1'$"(:+1:+9:4$":$";1'"%9+1'I QDOLVWD (V XQ FRQMXQWR GH FXHVWLRQHV TXH VRQ LPSRUWDQWHV SDUD Pt (Q OD WHRUtD TXHHU (YH .RVRIVN\ 6HGJZLFN TXH SRU GHVJUDFLD PXULy UHFLHQWHPHQWH R WHyULFDV TXHHU DOHPDQDV TXH ;981:" 418" 39F%$" 41" 89" 146393(E:" &" 89" (:21;+(I )93(E:"3698(+9+(29"*93_9"89"368+6'9"2(;698P"3$F$" [:d1"@:)18P"%$'"1Q1F%8$>"5$4'_9":$F7'9'"9"F6I 3*9;"$+'9;og+'9"3$;9"(F%$'+9:+1"1;"89"1b(;+1:I FLD GH WRGR XQ FDPSR GH HVFULWXUD TXH KD VLGR GHVDUUROODGR GXUDQWH ORV ~OWLPRV DxRV VREUH 89"146393(E:"9'+_;+(39"1:"8$;"F6;1$;"&"31:+'$;" 41" 9'+1>" p9" ;6')(4$" 6:" %1:;9F(1:+$" '198F1:I +1" (:+1'1;9:+1" 1:+'1" 6:" )'6%$" 41" 98'1414$'" 41" 3(1:" %1';$:9;" 36&$" +'979Q$" ;1" 31:+'9" 1:" 1;+1" ^F7(+$>" X9" $+'9" %'1)6:+9" 1;" '198F1:+1" 3$F%8(3949P" 89" '1%$8(+(U93(E:"41"89;"(F^)1:1;>"D$"1;+$&"1;%1I FLDOL]DGD HQ HVWR ¢3XHGHV GDUPH XQ HMHPSOR GH WX SURSLD SUiFWLFD"
=)=>*+.%*0;0'9,.A*P56'.*"$1,1:&%*,&* -.$.4%&-E&*(12*C"0*,&*-.$.4%&-E&*(0&* HVH PHFDQLVPR GH LGHQWL¿FDFLyQ 5&9$&5162A*0$5)*&*,&*H.%&*/0*$%&#&8 ;&%* 5.2* "2* 4%"9.?* Q.2* 0,* 4%"9.*
#>=/" gd>"[*$'9" 1:+(1:4$>" @:" 18" 9A$" ,--R" +'9I 79Qa"1:"18"9'3*(2$"41"89"c*(+13*9%18"Z9881'&"1:" /RQGUHV SRUTXH HVWDED LQYHVWLJDQGR OD KLVWRI '(9" 41" 89" 146393(E:" 1:" 8$;" 31:+'$;" 41" 9'+1" 1:" HO 5HLQR 8QLGR < WUDEDMp FRQ OD :KLWHFKDSHO
)$#%OBO1,0I#'4)(O6%O'6%"#'6)6*OPQ*J 5.2*0,*C"0*H0*0($&/.*5.,&#.%&2/.* 02* ,&* 5<%50,* 5.2($%"1'.(* "2* 9,&2* 02$%0*$./.()*!E*2.(*/0;&#&2A* E#&8 '.(*&*90/1%*"2&*0G5095162*/02$%.* /0* ,&* 5<%50,* 9&%&* C"0* 0,,.(* '1(8 '.(A*$./.(*;"2$.(A*(0*9"/10%&2*-.8 WRJUD¿DU \ SXGLHUDQ IRWRJUD¿DU ODV 50,/&(*9.%*/02$%.)*Q6'.*0($&#,08 50%* "2* '05&21('.* /0* /1($&251&8 PLHQWR HQWUH IRWRJUD¿DU \ HQ OXJDU /0* /.5"'02$&%A* /0(/.5"'02$&%A* 9&%&*C"0*0G1($&*"2*9%.50(.*/0*0G8 $%&D&'102$.*02*C"102*4020%&*0($&* 9%<5$15&* 0($B$15&A* /0* './.* C"0* 9"/1B%&'.(* 0($&%* $&'#1B2* 5%0&28 /.*&,*'1('.*$10'9.)
,,R
SRUTXH GLVSRQH GH XQ DUFKLYR PX\ RUGHQDGR 3$:" 89" 1b31%3(E:" 41" 89" ;133(E:" 41" 146393(E:" s"98)$"+_%(3$I>"#$:;(;+_9"1:"6:";$8$"1;+9:+1"3$:" 6:9"936F6893(E:"41"F9+1'(98";(:"$'41:9'":("39I +98$)9'" 41;41" 18" 9A$" .H-R" *9;+9" *$&" 4_9>" X1;" %'$%6;1P"9"39F7($"418"9331;$"8(7'1"98"9'3*(2$P" $'41:9'"18"9'3*(2$>"T6'9:+1"1;+1"+'979Q$"2("F(81;" GH LPiJHQHV TXH GRFXPHQWDEDQ ODV VLWXDFLRI :1;"14639+(29;"1:"89"c*(+13*9%18"&"1'9:"3$F$" 94$':$;"'1%1+(+(2$;>"q61"F6&"(:+1'1;9:+1>"@'9:" %'^3+(39F1:+1" 89;" F(;F9;" (F^)1:1;" 41;41" .HO-"*9;+9"*$&>"@'9"+$4$"41"89"F(;F9")'9F^+(39" YLVXDO (VFULEt XQ DUWtFXOR VREUH HVWR HQ HO TXH 41;3'(7_9"1:"%'(F1'"86)9'"89"(:;+'6F1:+98(U93(E:" 41"8$;"%9'+(3(%9:+1;"9"+'92a;"41"89;"(F^)1:1;>" 3RUTXH FXDQGR DOJXLHQ HVFULEH XQ LQIRUPH GHVI +(:94$"9"6:"%9+'$3(:94$'"%9'9"3$:;1)6('"4(:1'$P" %$'" 1Q1F%8$" *93(1:4$" 6;$" 41" 6:9" (F9)1:" 41" FLQFR FKLFDV GLEXMDQGR IUHQWH D XQDV PDTXHWDV 41"8$;"14(](3($;"41"=(1;"29:"41'"`$*1P"1;+$"%61I 41"2981'"6:$;"F(81;"41"8(7'9;"418"%9+'$3(:94$'>" @;" 6:9" ;(+693(E:" 98+9F1:+1" 39')949>" D$" *9&" QDGD LQRFHQWH (VFULEt VREUH HVWR \ VXJHUt TXH ;1"%$4'_9"(:(3(9'"6:9";1'(1"41"%'$&13+$;"41"146I FDFLyQ WUDEDMDQGR FRQ DUWLVWDV TXH WUDWDUDQ HO 9:^8(;(;"3'_+(3$"41"89;"(F^)1:1;"3$:")1:+1"Q$21:" %9'9"41;9''$889'"$+'9;"F9:1'9;"41"4$36F1:+9'>" 51'$" 18" +1b+$" ]61" ;$89F1:+1" 6:9" ;6)1'1:3(9P" XQD SURSXHVWD VH TXHGy HQ XQD LGHD [*$'9"1;+9F$;"%'1%9'9:4$"6:"%'$&13+$"41"(:I YHVWLJDFLyQ HQ HO TXH TXHUHPRV SULPHUR DQDOLI ]DU PDWHULDO LPSUHVR SRU HMHPSOR HO OLEUR TXH ;1"*9"'1%9'+(4$"*$&"1:"89;"Q$':949;B"41"14639I 3(E:"1:"F6;1$;"&"31:+'$;"41"9'+1"%9'9"9:98(U9'" 89;" :9''9+(29;" 4$F(:9:+1;" (:+1)'949;" 1:" 89;" LPiJHQHV $ SDUWLU GH HVWH DQiOLVLV TXHUHPRV 1b%8$'9'" 4(;+(:+9;" %$;(7(8(4941;" %9'9" )1:1'9'" ODV LPiJHQHV GH RWUD PDQHUD (VWD HV OD ~QLFD H[SHULHQFLD TXH SURFHGH GH PL SURSLD SUiFWLFD TXH VH UHODFLRQD FRQ OD YXHVWUD 1R REVWDQWH WHQJR TXH GHFLU TXH DXQTXH PH IRUPp FRPR DUWLVWD YLVXDO HQ ORV ~OWLPRV DxRV \D QR PH 3$:;(41'$" 6:9" 1b%1'+9" 1:" 1;+1" 39F%$>" [*$'9" WUDEDMR HQ HTXLSR \ FUHR TXH GHQWUR GH WUHV DxRV WHQGUHPRV LGHDV \ UHVXOWDGRV«¢(VWR HV OR TXH TXHUtDV GHFLU FRQ OD UHSROLWL]DFLyQ GH ODV LPiJHQHV" 1R HVWR\ VHJXUD GH VL OR OODPDUtD DVt &UHR TXH QXHVWUD PDQHUD GH SODQWHDUOR 1'9"F^;"*6F(841>"@:"T$36F1:+9"(:+1:+^79F$;" FUHDU LPiJHQHV TXH VXEYLUWLHUDQ ODV QDUUDWLYDV 4$F(:9:+1;h";1"%$4'_9"*9789'"418"%'$31;$"3$F$"
!"#$%&'(#)*J*M)$<%"*GN$(4F 6:9" 933(E:" %$8_+(39>" 51'$" :$" 8$" 2(F$;" 41" 1;9" PDQHUD SXHVWR TXH TXHUtDPRV KDFHUOR GH PDI :1'9"4(]1'1:+1>"D$"*97_9"F63*$"41"8$"%$8_+(3$":(" 41"8$"'94(398o"]61"6:"931'39F(1:+$"F^;";6921P" ;1"+'9+979"41":$"1:;1A9'"%$'"F(88$:a;(F9"21U"9" :(A$;"]18(31;"*93(1:4$"98)$>
1$2$"$0,+-.34$0,+(0-/-.3$03)-3$0#"$5+.#CD0fCf<fg" T@" CDV@0fCZ[#CtD" 5[`[" X[" @T<#[#CtD" T@X" [`f@" ?C[@B" @D" X[" 81,9(56,7< 2) 7+( $576 '( =85,&+ *++%/MM(91>U*4d>3*M(91M1:)8(;*M%'$Q13+;M)9881'&I14639+($:I(:I+'9:;]$'F9+($:M , -251$'$6 '( 352'8&&,Ï1 &8/785$/ &5Ë7,&$ (1 /$ 35È&7,&$ $57Ë67,&$ < @T<#[fCV["[#f<[XP"=<0[#"T@"X@tD/ KWWS PXVDF HV LQGH[ SKS"UHI Tg#<=@Df[".,/ *++%/MMLLL>4$36F1:+9.,>41M <287+ &281&,/ $57 *$//(5< 2) 217$5,2 *++%/MMLLL>9)$>:1+M&$6+*3$6:3(8 '(3$57$0(172 '( ('8&$&,Ï1 '( /$ 6(53(17,1( *$//(5< *++%/MMLLL>;1'%1:+(:1)9881'&>$')M14639+($:>*+F8 TC[`Cg"T@"0<@ug0"CDf@`=Cf@Df@0 KWWS ZZZ PXVDF HV LQGH[ SKS"UHI *++%/MMLLL>2(')(:(92(889%89:9>3$FM Z`<5g".m"e@[V@` *++%/MMLLL>.m71921')'$6%>$')M 5[ffC"X[fp@` *++%/MM%1$%81>1*1>$*($I;+9+1>146M%89+*1'M
!"#$%&%'()*#+,-.%/$%+/$0#+/-/ ,-..P"2$8>"N"?Q6:($B ,,OI,NH"%%
!"#$%&'()*+",-../"01'2(3($"41"5678(393($:1;"41"89"<:(21';(494"41"=6'3(9>"=6'3(9"?@;%9A9B" C00D"14(3(E:"(F%'1;9/".GGHIHJHK>"C00D"14(3(E:"L17"?*++%/MM'12(;+9;>6F>1;M9%(B/".HGHIGNO,
!"#$%&'(#)*)
R9::9"S'9*9F +,$
T(1)$"418"5$U$"&"=$:+;1"V$F9:WX K$)6544'L"*6%0*'"/0:(***b(88(9F"R9F1;"59'c1'"
.%$('L"*%6'#)6)*6%0*,$'/'")0***T(1)$"418"5$U$"d9''(6;$"&"=$:+;1"V$F9:W"
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¿FDU ORV HVSDFLRV UHFXUVRV \ FRQÃ&#x20AC;LFWRV FRPXQHV TXH VH UHYHODQ HQ OD DFFLyQ GH ODV %'^3+(39;"3$897$'9+(29;>"" !"#$%&'&()*+,&$&-.%'&*/0*1230($14&5162*7*/0*5.8&9%02/1:&;0*(.#%0*,&(*9%<5$15&(* /0* 9%./"55162* &"/1.31("&,* 5.,&#.%&$13&(" ;1" (:;3'(71" 41:+'$" 41" 89;" 889F949;" %149)$)W9;"'94(3981;"41"89"368+6'9"2(;698P"%'1;1:+^:4$;1"3$F$"6:9"*1''9F(1:+9" GH DXWRDSUHQGL]DMH UHÃ&#x20AC;H[LyQ \ GHEDWH TXH VH HVWUXFWXUD D SDUWLU GH XQ UHFRUULGR %$'"4(]1'1:+1;":9''9+(29;"41"79;1"3$897$'9+(29>"Y9"(:21;+()93(E:"%$:1"18"`:]9;(;" HQ XQD VHULH GH H[SHULHQFLDV TXH EDVDQ VX SUD[LV HQ OD GLPHQVLyQ HVWpWLFD \ %$8W+(39"41"89;"(F^)1:1;P"89"9%8(393(E:"41"F1+$4$8$)W9;"41"933(E:"%9'+(3(%9+(29P"89" 1a%1'(F1:+93(E:"41"89;"%'^3+(39;"9'+W;+(39;"3$897$'9+(29;P"&"89"+'9:;]$'F93(E:"41" ODV IRUPDV GH SURGXFFLyQ GH FRQRFLPLHQWR KHJHPyQLFDV TXH LQWHUDFW~DQ HQ ODV UHODFLRQHV HQWUH VRFLHGDG DUWH \ FXOWXUD &RQVWLWX\H DVt XQD LQYHVWLJDFLyQ TXH ;1"(:+1''$)9"931'39"41"3EF$"'$F%1'"3$:"89;"1;+'63+6'9;"41"Q6(3($"&"%'$463+(2(494" GHO DSUHQGL]DMH KHUHGDGR FyPR SURGXFLU FRQRFLPLHQWR TXH EHED GH ODV 1a%1'(1:3(9;" 41" 2(49" &" 3$$%1'93(E:P" 3EF$" %$+1:3(9'" &" 9'+(3689'" 1;+$;" ;971'1;" %9'9" )1:1'9'" $+'9;" ]$'F9;" 41" 3$1a(;+1:3(9" ;$3(98P" 3EF$" ;6;+'91'" :61;+'9;" 39%93(4941;"3$):(+(29;"41"89;"3$:4(3($:1;"41")$71':9:U9"&"9)1:3(9'89;"3$:"89" 933(E:"3$813+(29> !"#$%&'&()*+,&$&-.%'&*/0*1230($14&5162*7*/0*5.8&9%02/1:&;0*(.#%0*,&(*9%<5$15&(* /0*9%./"55162*&"/1.31("&,*5.,&#.%&$13&(*$7+62$"6:9"[&649"9"89"C:21;+()93(E:"&" #'193(E:"418"#$D#["I"#$:;188"D93($:98"41"89"#68+6'9"("41"81;"['+;"?S1:1'98(+9+" 41"#9+986:&9P",--HB>"[3+698F1:+1"361:+9"3$:"18";$%$'+1"41"89"7139"@;+9:3(9;"41" C:21;+()93(E:"=6;1$"D93($:98"#1:+'$"41"['+1"V1(:9"0$]W9",-..I,-.,> -.'$/'"')*.'00)10)")2*3)450#)6*7788*9"'&%$('6)6*+,0'#:4"'4)*6%*.)0%"4')2**%*;*<)'0=*&'$/'"')&'00)10)")>/<)'0?4,< *@'%/,*6%0*+,A,2*8$#'(#)*B*+$,C%(,$*6%*7788*6%*0)*9"'&%$('6)6*6%*D)0)<)"4)2**%*;*<)'0=*1,A,E)$$'5(,>B)F,,?%( *G,"#(%*H,<)"I2*J"&%(#'/)6,$)*B*1$,654#,$)*450#5$)0*'"6%1%"6'%"#%2**%*;*<)'0=*","10)4%(>/<)'0?4,<
!"#$%&'(#)*J*M)"")*N$)F)< R9::9"S'9*9F/"=1"889F$"R9::9"S'9*9F"&"+'9I 79Q$"3$:"4(21';$;"3$813+(2$;>"T1;41"*931"3(:3$" 9A$;"+'979Q$"3$:"<8+'9IV14>"@;"6:"3$813+(2$"41" DUWH VRQRUR IRUPDGR SRU DFWLYLVWDV SROtWLFRV TXH +'979Q9:"1:"4(;+(:+$;"F$2(F(1:+$;"3$F$"18"_CeP" 8$;"F$2(F(1:+$;"9:+(I'93(;+9;P"8$;"41'13*$;"41" 89"2(2(1:49P"$"8$;"41'13*$;"41"8$;"(:F()'9:+1;P" DVt FRPR FRQ SHUVRQDV TXH WLHQHQ LQWHUpV HQ XWLOL]DU HO VRQLGR HV GHFLU DUWLVWDV P~VLFRV R (:21;+()94$'1;>" <8+'9IV14" 1;+^" ]$'F94$" %$'" XQDV QXHYH SHUVRQDV TXH WUDEDMDQ HQ ORV (VI +94$;" <:(4$;" &" 1:" d1'8W:>" V13(1:+1F1:+1" *1I F$;" 2(9Q94$" %9'9" '198(U9'" %'$&13+$;" +1F%$'9I OHV SHUR KLVWyULFDPHQWH HO FROHFWLYR TXH OOHYD XQRV TXLQFH DxRV IXQFLRQDQGR KD FHQWUDGR VXV 93+(2(4941;"1:"86)9'1;"4$:41"%$'"8$"F1:$;"6:9" %9'+1" 41" 8$;" F(1F7'$;" 1;+^:" (:2$863'94$;" 1:" 6:9"863*9"%$8W+(39"9"89')$"%89U$>"=1"(:3$'%$'`"9" <8+'9I'14"369:4$"2(2W9"1:"f$'$:+$P"4$:41"'198(I U979"+9'19;"9"F14($"39F(:$"1:+'1"18"3$F(;9'(9I 4$"&"89"$')9:(U93(E:"3$F6:(+9'(9"41"6:"F6;1$>" =1" 3$:+'9+E" 6:9" 146394$'9" 9'+W;+(39" 79;+9:+1" YLVLRQDULD TXH KDEtD VLGR DFWLYLVWD SROtWLFD \ WUDI 79QE"18"+19+'$"7'13*+(9:$"1:"#9:94^P"&"+9F7(`:" 1:"18"V1(:$"<:(4$P"46'9:+1"F63*$;"9A$;>"@889" TXHUtD XWLOL]DU ORV UHFXUVRV \ ORV HVSDFLRV GHO F6;1$" %9'9" 39+98(U9'" 89;" 863*9;" %$8W+(39;>" @:" DTXHO PRPHQWR OOHJXp D WUDEDMDU FRQ PXFKRV F$2(F(1:+$;"2(:36894$;"9"89;"F(:$'W9;"`+:(39;" &"9:+(I'93(;+9;P"&"%$'"1;$"F1"3$:+'9+Eg"%9'9"93I +69'"3$F$"6:9"93+(2(;+9"41:+'$"418"F6;1$>
)$#%OBO1,0I#'4)(O6%O'6%"#'6)6*OPQ*J =.2$(0*>.'&2?@* AB"<,*C&*(1/.*$"*-.%'&5162D
,,J
R>S/" @;+64(`" )1$)'9]W9" &" F^;" +9'41" F1" (:3$'I %$'`" 9" 6:9" 863*9" (:4W)1:9" %$'" 89" '1389F93(E:" GH WLHUUDV DSUHQGt GHQWUR GH DTXHOOD OXFKD $O F(;F$" +(1F%$" %9'+(3(%979" 1:" $+'$;" 93+(2(;F$;" %1'$"1;9"863*9"]61"F6&"]$'F9+(29"%9'9"FW>"" @F%1U9F$;" 9" 6+(8(U9'" 18" 2W41$" 3$F$" %'^3+(39" %9'9"89"863*9"&":$;"'1386+9'$:"3$F$"(:21;+()9I 4$'1;"(:41%1:4(1:+1;"%'$3141:+1;"41"89"6:(21'I ;(494P"%9'9"49'"81)(+(F(494"9"89"'1389F93(E:"41" 89;"+(1''9;>"51'$"1:"18"%'$31;$"41"(:21;+()93(E:" QRV HQIUHQWDPRV D OD SUREOHPiWLFD TXH VXSRI QtD HO SDSHO GHO LQYHVWLJDGRU TXH WXYLPRV TXH :1)$3(9'" 3$:" 89" )1:+1" 41" 89" 3$F6:(494>" @88$;" TXHUtDQ TXH KLFLpUDPRV XQ GRFXPHQWDO SHUR :(:)6:$"41":$;$+'$;"+1:W9"1a%1'(1:3(9"1:"%'$I 463('"%18W3689;"4$36F1:+981;>"h'9F$;")1E)'9I ]$;"1"(:21;+()94$'1;P"%1'$"1F%1U9F$;"9"Q6)9'" 3$:"89;"3^F9'9;"&"9"'1386+9'"9"3(:19;+9;"4$36I F1:+98(;+9;"3$:"1a%1'(1:3(9"1:"18"%'$31;$>"D$;" GLPRV FXHQWD TXH tEDPRV D KDFHU XQD SHOtFXOD SDUD HO (VWDGR SRUTXH HO (VWDGR QHFHVLWDED DOI )6:9"4$36F1:+93(E:"41"1;9"3$F6:(494P";("7(1:" GLFKD FRPXQLGDG QR HQFDMDED HQ QLQJ~Q PDUFR MXUtGLFR QL HQ QLQJXQD QRFLyQ GH OR TXH FRQVI +(+6&1" 6:9" 3$F6:(494>" @:+$:31;P" ;1" 3$:2('+(E" 1:" 6:9" ;(+693(E:" 41" 9%'1:4(U9Q1" %9'9" +$4$;" 8$;" %9'+(3(%9:+1;" Q6:+$" 9" 8$;" F(1F7'$;" 41" 6:9" FRPXQLGDG TXH LQWHQWDED FRQVWLWXLUVH FRPR FRI PXQLGDG GH XQD PDQHUD TXH QR HQFDMDED HQ OD (419"41"2(2('"1:"6:";$8$"86)9'P"41"%9)9'"(F%61;I +$;P"41"4('()(';1"98"@;+94$>"@:"#9:94^P"3$:;+(I +6('"6:9"3$F6:(494";():(](3979"3141'"89;"+(1''9;" \ HVD FRPXQLGDG QR TXHUtD FHGHU VXV WLHUUDV 1+3>"i61"F6&"3$F%8(394$P"j%$4'W9"*9789'"46'9:I +1"*$'9;"418"+1F9k f1'F(:`" *93(1:4$" 6:" F9;+1'" 1:" 6:" 41%9'+9I PHQWR GH HVWXGLRV FXOWXUDOHV SRUTXH QR H[LVWtD RWUR VLWLR TXH SXGLHUD DEDUFDU OR TXH FRQVWLWXtD HVWD SUiFWLFD \ TXHUtD FRQRFHU OD KLVWRULD GHO 2W41$"3$F6:(+9'($"&"18"6;$"418"2W41$"1:"89;"86I 3*9;" 3$F6:(+9'(9;>" @:+$:31;" 2(:1" 9" C:)89+1''9" %9'9" 1;+64(9'" 1:" Y114;P" 4$:41" 3$:$3W" 9" 6:9" PXMHU TXH WUDEDMDED SDUD XQ PXVHR GH 7RURQI +$>"f9F7(`:"3$:$3W"9"6:"F(1F7'$"41"8$;"#9''$+" :RUNHUV RWUR SUR\HFWR HQ HO TXH SDUWLFLSR (PI %13`"9"+'979Q9'"1:"1;1"F6;1$"3$F$"l3$$'4(:9I 4$'9"41"%'$&13+$;"1;%13(981;mP"6:"'$8"6:"%$3$" (:6;698> T6'9:+1" 8$;" %'(F1'$;" 9A$;" I369:4$" 18" F6;1$" %9;979"%$'"6:9"1+9%9"1:+'1";1'"6:9"(:;+(+63(E:" S~EOLFD \ XQD LQVWLWXFLyQ QHROLEHUDO IXH PX\
!"#$%&'(#)*J*M)"")*N$)F)< (:+1'1;9:+1"+'979Q9'"3$F$"3$$'4(:94$'9"41"%'$I \HFWRV HVSHFLDOHV SRUTXH VLJQLILFDED TXH QDI 4(1" +1:W9" 1a%13+9+(29;" &" 89" (:;+'6F1:+98(U93(E:" 41"89;"3$F6:(4941;"+$492W9":$"*97W9"$36''(4$>" 564(F$;"(:(3(9'"6:"%'$)'9F9"%9'9"QE21:1;"&"9" %9'+('" 41" 9*W" 1F%1U9F$;" 9" $')9:(U9':$;" %$I 8W+(39F1:+1" 1:" '1893(E:" 9" 89" 933(E:" %$8(3(98" 1:" 89" 3(6494>" <+(8(U9F$;" 18" F6;1$" %9'9" $')9:(U9'" '16:($:1;"(F%$'+9:+1;"4$:41"9364W9:"6:9;"+'1;" F(8"%1';$:9;"%9'9"4179+('"89"933(E:"%$8(3(98"3$:I +'9" 18" *(%I*$%P" 18" )'9]](+(P" 1+3>" n" +9F7(`:" ;$7'1" HO UDFLVPR TXH DIHFWDED HVWRV WHPDV 'XUDQWH 6:$;" 9A$;" F$:+9F$;" 6:9" 39F%9A9" ;$7'1" 89" %$8(3W9P" +'979Q9:4$" 3$:" 29'(9;" $')9:(U93($:1;" 41" 79;1" 1:" 89" 3(6494>"[;W" 3$:$3W" 9" <8+'9I'14>" (O JUXSR KDFtD XQ WUDEDMR SROtWLFR TXH WHQtD TXH 21'"3$:"18"9:+(''93(;F$"&"18"86)9'P"&"6+(8(U979"18" ;$:(4$P" 1;" 413('P" (:+1:+^79F$;" *931'" 98)6:9;" 41" 89;" F(;F9;" 3$;9;>" @;+621" 3$:" 188$;" 1:+'1" \ \ PH TXHGp KDVWD /RV MyYHI QHV FRQ TXLHQHV PH PRYLOL]DED SDUWLFLSDURQ HQ 8$"41"019++81"&";1"(:3$'%$'9'$:"9"8$;"F$2(F(1:I +$;" 9:+(I)61''9>" 5'(F1'$" +62$" 86)9'" 019++81" &" 861)$"1;+988E"89")61''9"?41"C'9cB>"=^;"+9'41":$;" F1+(F$;"1:"8$;"F$2(F(1:+$;"9:+()8$798(U93(E:"&" 89"3'W+(39"41"89;"3$'%$'93($:1;>" 9LQH DTXt /RQGUHV \ GH SURQWR VHQWt PiV OLI 71'+94" 1:" F(" 2(49>" #$F$" $7+621" 6:9" ;6721:I 3(E:" %9'9" '198(U9'" 6:" 4$3+$'94$P" %641" +'979Q9'" F^;" (:+1:;9F1:+1" 3$:" <8+'9I'14>" V198(U9F$;" 6:"%'$&13+$"1:"18"F6;1$"f*1"['+"S9881'&"1:"o:I +9'($"?#9:94^BP"1:"18"3698"'16:(F$;"9"93+(2(;+9;" 3$(:3(4(1:4$" 3$:" 18" #$:)'1;$" =6:4(98" ;$7'1" 18" 0CT[>" i61" 1:" 18" ,--J>" <8+'9I'14" &9" 8812979" 4$;"9A$;"(:21;+()9:4$"18"0CT[P"(:+1:+9:4$"'1;I +978131'"6:9":6129"6:(494"41"[#fI<5"1:"Y$;" p:)181;>"f'979Q979:"%$'"+$4$"18"%9W;"%9'9"3'19'" LQWHUFDPELRV FRQ ODV SHUVRQDV TXH KDEtDQ VLGR DFWLYLVWDV HQ OD pSRFD GH $&7 83 FRQ ODV TXH 3$:2(2W9:" 3$:" 18" 0CT[" &" 3$:" 8$;" +'979Q94$'1;" F()'9:+1;>" 01" '16:W9:" %$'" +$4$" 18" %9W;" %9'9" '1;%$:41'" 9" 89" %'1)6:+9/" qr61" %9;E" 3$:" 18" 93+(2(;F$"1:+$':$"98"0CT["1:"[F`'(39"418"D$'I +1sP"qr6`"%9;E"3$:";6"F1F$'(9"&";$7'1"+$4$" FRQ ORV LPSXOVRV TXH GLHURQ OXJDU DO RULJHQ GH [#fI<5s>"t6:(+14"(:"9:)1'"9)9(:;+"+*1"[CT0"3'(I ;(;u" 1'9" ;6" 1;8$)9:" ?t6:(4$;" %$'" 89" ('9" ]'1:+1" 9" 89"3'(;(;"418"0CT[uB>"D$;$+'$;":$;"%'1)6:+9F$;" ;$7'1"18"1]13+$"41"89"('9"1:"8$;"+'979Q94$'1;"418" 0CT["&"8$;"93+(2(;+9;"*$&"1:"4W9>"n9"1'9"6:"+(1FI %$"41""F189:3$8W9"&"+'(;+1U9>"
)$#%OBO1,0I#'4)(O6%O'6%"#'6)6*OPQ*J
,,H
?v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tDQ GDUVH HQ RWUR VLWLR 0iV +9'41"1;+$;"4179+1;";1"1a386&1'$:"41"8$;"1;%9I 3($;"1a%$;(+(2$;P"*97W9:"'1;68+94$"79:981;>"Y9" DQWHULRU HVWUXFWXUD GH SURGXFFLyQ TXH GDED SLH D DTXHOODV FRQYHUJHQFLDV VH KDEtD SDUDOL]DGR @;+1"]61"6:$"41"8$;"9:^8(;(;>" 3XHVWR TXH FRQYRFDPRV HVWD UHXQLyQ SDUD 3$(:3(4('" 3$:" 18" 3$:)'1;$" F6:4(98" ;$7'1" 18" 0CT[P"$')9:(U9F$;"6:9"%1']$'F9:31"1:"18"F6I VHR FRQ DFWLYLVWDV GHO 6,'$ HQ OD TXH KDEODI 79:"+$4$;" 9"89"21U>"i61"1F$3($:98F1:+1" F6&" 39')949"&"18"F$:+9Q1"1'9"F6&"]$'F98P"3$:";(1+1" F1;9;"9"89"21U"*9789:4$"418"0CT[>"@'9"3$F$" 6:9" 393$]$:W9P" %1'$" 98" F(;F$" +(1F%$" 3949" F1;9"1'9"F6&"(:+1:;9"%$'"89;"3$:21';93($:1;" \ GHEDWHV TXH VH GHVDUUROODURQ < OR LQWHUHVDQI WH IXH TXH OD JHQWH GHFtD TXH KDEOiEDPRV GHO 0CT["41"6:9"F9:1'9"3$F%81+9F1:+1"4(;+(:+9"98" FRQJUHVR 8QD GH ODV FRVDV TXH KD FDPELDGR %$'" 3$F%81+$" 1;" 89" 3$:4(3(E:" 418" *9789>" @:" 18" FRQJUHVR R HQ FXDOTXLHU VLWXDFLyQ UHODFLRQDGD 3$:" 89" 76'$3'93(9" 418" 0CT[P" ;(1F%'1" ;1" *9789" 98"%9+'$3(:94$'P";1"'1%'$4631"6:"81:)69Q1"41"89" 76'$3'93(9P" 3$'%$'9+(2$>" ?@:" 18" 3$:)'1;$B" +$4$" 18"F6:4$"$%1'979"41"]$'F9"39F981E:(39P"6+(8(I U9:4$"6:"+(%$"41"F9;39'949"1:";6;":9''9+(29;" 41"39'9"9"8$;"%9+'$3(:94$'1;v1;+1"81:)69Q1"&9" 1'9" 18" 4(;36';$>" n" 18" 1:]'1:+9F(1:+$" 3$:" 1;+1" 4(;36';$"1'9"1:+$'%1314$'"&"+$4$;"1a%1'(F1:I +9F$;"6:";1:+(4$"41"]'939;$"$"41"41%'1;(E:>" 59'9"FW"]61"18"%'(F1'"%'$&13+$"41"<8+'9I'14"1:" HO TXH SDUWLFLSp \ IXH PX\ SURIXQGR HQ WpUPLQRV 41" '198(494" ]1:$F1:$8E)(39P" 41" %'$463('" $+'$" PRGR GH KDEODU \ GH HVFXFKDU \ OR TXH HVWH F$4$")1:1'979"1:+'1"8$;"%9'+(3(%9:+1;>"r61'W9I F$;"3$:+(:69'"18"9:^8(;(;"9"%9'+('"41"1;1"%'$&13I WR \ QRV LPSUHVLRQy PXFKR HO KHFKR TXH HQ ORV @;+94$;" <:(4$;" ]61'9" (F%$;(781" ](:9:3(9'" 1;+1" +(%$"41"+'979Q$>
!"#$%&'(#)*J*M)"")*N$)F)< =)>* @* AE&(* /15C.* F"0* G,$%&8%0/* 5.2$&#&* 5.2* 2"030* '10'#%.(* 02* H($&/.(*G21/.(D
R>S"/"D$P";$:"(:+1':93($:981;>"e9&"3(:3$"1:"8$;" (VWDGRV 8QLGRV DXQTXH GRV SDVDQ PiV WLHPI %$" 1:" @6'$%9/" T$:+" V*(:1" &" V$71'+" 01F7'`>" =9:6189" 2(21" 1:" d1'8W:P" %1'$" Y1$:9'4$P" 5978$" &"@8(U971+*"1;+^:"1:"#98(]$':(9>"Y1$:9'4$"&"@8(I U971+*"1;+^:"(:2$863'94$;"1:"6:9"863*9"%$'"89;" 2(2(1:49;"3$F6:(+9'(9;"41;41"*931"21(:+1"9A$;>
=)>* @* B"&2/.* 5.,&#.%&(* 5.2* G,8 $%&8%0/*02*0,*>012.*G21/.I*AF"1J8 20(*0($<1(*$%&#&;&2/.D
R>S"/"@8($+"51'c(:;"1;"18"$')9:(U94$'"9:+(''93(;+9" HQ 7RUED\ XQ SXHEOR SHTXHxR HQ HO VXGRHVWH \ \R YR\ \ YHQJR OOHYR FXDWUR DxRV YLYLHQGR DTXt T$:+"+9F7(`:"*9"%9;94$"79;+9:+1"+(1F%$"1:"C:I )89+1''9>"e1F$;";(4$"8$;"F(1F7'$;"31:+'981;"&" DKRUD 5REHUW SDVD FDGD YH] PiV WLHPSR DTXt TXH HQ 86 2ULJLQDOPHQWH 8OWUD UHG WHQtD VX ;141"1:"Y$;"p:)181;P"%1'$"417(4$"9"89"4(](368+94" %9'9" ;$7'12(2('" F14(9:+1" 6:9" %'^3+(39" 9'+W;+(39" 3'W+(39"1:"8$;"@;+94$;"<:(4$;P";1)6('"+'979Q9:I GR DOOt QR HUD VRVWHQLEOH /RV TXH WLHQHQ WUDEDMR '1F6:1'94$"1:"89;"863*9;"3$F6:(+9'(9;"%6141:" VHJXLU \ SDUWLFLSDU HQ 8OWUD UHG 3HUR ORV TXH QR +(1:1:"+'979Q$"'1F6:1'94$":$"%6141:";$7'12(2('" $"'198(U9'"%'$&13+$;"9'+W;+(3$;"93+(2(;+9;>"Y$"3698" '1;68+9"%9'94EQ(3$/"8$;"93+(2(;+9;"%6141:"3$7'9'" %$'" ;1'" 93+(2(;+9;" %1'$" 8$;" 9'+(;+9;" :$" %6141:" 3$7'9'"%$'";6"%9'+(3(%93(E:"1:"18"93+(2(;F$>
=)>*@*AK*,"04.*0'90:&($0*&*$%&8 #&;&%*5.2*=15%.9.,1$15(D
R>S"/"0WP"18")'6%$";6')(E"1:"18"S$84;F(+*;"#$I OOHJH GH /RQGUHV /D UD]yQ SRU OD TXH YLQH D C:)89+1''9"]61"%9'9"*931'"6:"4$3+$'94$>"f'979I Q979"3$:"<8+'9I'14"&"*93W9"18"4$3+$'94$"9"89"21U>" ?r6(1:1;" ]$'F9F$;" 18" )'6%$B" :$;" 3$:$3(F$;" 1:"S$84;F(+*;"&":$;"(:+1'1;979"+'979Q9'"1:"98)$" TXH QR IXHUD VLPSOHPHQWH OD DSOLFDFLyQ GH OD WHRUtD FUtWLFD D ODV SUiFWLFDV DUWtVWLFDV TXHUtDI F$;" %1:;9'" 1:" 89;" 3$:4(3($:1;" 41" 89" %'$463I 3(E:" 368+6'98>" 5$'" ;6%61;+$P" +$4$;" 3$:$3W9F$;" 18" F$2(F(1:+$" 41" 89" %'139'(1494" 1:" C+98(9P" 18" 4(;36';$"41"89"%'139'(1494P"%1'$"941F^;"8$"1aI %1'(F1:+^79F$;" 1:" :61;+'9;" %'$%(9;" '1893($I :1;" 3$:" 18" ;13+$'" 368+6'98>" C:(3(9F$;" 6:" )'6%$" 41"813+6'9P"1F%1U9F$;"9"+'979Q9'"+1a+$;"Q6:+$;>" Y61)$"(:2(+9F$;"9"98)6:9;"%1';$:9;"1a+1':9;"9" S$84;F(+*;"%9'9"l]$'F9':$;mP"3$F$"d(]$"&"0618&" 5ROQLN 1RV GLPRV FXHQWD TXH SURGXFtDPRV FRQWHQLGRV SDUD OD XQLYHUVLGDG \ QR TXHUtDPRV KDFHUOR 3HQVDPRV TXH DO LQYLWDU D ORV SRQHQWHV %$4'W9F$;" (:(3(9'" 6:" 9%$&$" 9" 89;" 863*9;" 931'I 39"418"+'979Q$"368+6'98P"1:"86)9'"41";(F%81F1:I +1"*9789'"418"+'979Q$"368+6'98"1:"89"6:(21';(494>"
)$#%OBO1,0I#'4)(O6%O'6%"#'6)6*OPQ*J
,w.
$XQTXH LQWHQWiEDPRV KDFHU PiV HO SUR\HFWR VLHPSUH TXHGy HQ OR PLVPR eUDPRV VLHPSUH HO F(;F$")'6%$/"8$;"41"=(3'$%$8(+(3;"&"[F7689+$'P" 9DOHULD 6XVDQ \ \R /DV PLVPDV TXH KHPRV LQLI 3(94$"18"3$813+(2$"#9''$+"b$'c1';"Q6:+$"9"$+'9;" %1';$:9;"F^;"QE21:1;"F6&"93+(29;"1:"18"+1F9" 41"89;"(:+1':;*(%;"?3$:+'9+$"1:"%'^3+(39;B>"f$49;" :$;$+'9;"*97W9F$;"1a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`;"41"89;"36981;"89"%'139'(1494";1"9'+(3689>" i$'F9F$;" 18" )'6%$" &" 1F%1U9F$;" 9" 1:+'12(;I +9':$;P"9"%'1)6:+9':$;"&"861)$"9"3$:+93+9'"3$:" RWUDV SHUVRQDV TXH TXHUtDQ WUDEDMDU HO WHPD @:" #9:94^" +1:1F$;" 6:9" ]61'+1" *(;+$'(9" 41" $'I )9:(U93(E:" 1:" 18" +'979Q$" 368+6'98g" 988W" ;1" ]6:4E" XQ VLQGLFDWR GH DUWLVWDV HQ ORV DxRV VHWHQWD TXH D~Q IXQFLRQD <R IRUPDED SDUWH GH XQ VLQGLFDI +$P"*97W9"6:9"%'1;1:3(9";(:4(398"F6&"]61'+1"1:" HO PXVHR GRQGH WUDEDMDED £DTXt HV FRPR HO 09829Q1" o1;+1k" @8" ;13+$'" 368+6'98" 1:" C:)89+1''9" :$"+(1:1":(:)6:9"+'94(3(E:"9"89"*$'9"41"$')9:(I U9'" 89" F9:$" 41" $7'9Pv1;" (:3'1W781" 41+13+9'" 8$" TXH HVWH VHFWRU HV FDSD] GH KDFHU HO JUDGR GH 1a%8$+93(E:P" 1;+9;" *(;+$'(9;" 41" +1''$'P" 89" 39:+(I GDG GH EHQHILFLRV TXH JHQHUD OD FDQWLGDG GH UHWyULFD DFHUFD GH OR TXH OD FUHDWLYLGDG SURGXI FH HFRQyPLFDPHQWH \ OR TXH VLJQLILFD SDUD ORV %'$463+$'1;"368+6'981;>"@:"'198(494"*9";(4$"6:9" 3$:+'94(33(E:"%9+1:+1"%9'9"+$4$;>" =(3'$%$8(+(3;"1'9"6:9"(:(3(9+(29"F^;"$'(1:+949"98" 96+$9%'1:4(U9Q1P"6:"F$4$"41"811'"3$813+(29F1:I +1" 89;" %'1)6:+9;>" @:+$:31;" 3$F1:U9F$;" 3$:" &DUURW :RUNHUV SRUTXH OHHU QR QRV SDUHFtD VXI ILFLHQWH QR HVWiEDPRV VDWLVIHFKDV TXHUtDPRV WUDEDMDU GHVGH HO WHUUHQR RUJDQL]DQGR /R TXH HVWDV SUiFWLFDV WLHQHQ HQ FRP~Q HV HO HOHPHQWR 41"(:21;+()93(E:"F(8(+9:+1"$"'94(398P"1;"413('P"89" 6+(8(U93(E:" 41" 89;" F1+$4$8$)W9;" 9'+W;+(39;" 1:" 18" 3$:+1a+$"41"89"(:21;+()93(E:"%9'9"4('()('89;"*93W9" 89"933(E:>
!"#$%&'(#)*J*M)"")*N$)F)< =)>* @* L&* 1230($14&5162* '1,1$&28 $0* 5.89&%$1519&$13&* C&* (1/.* "2&* 5"0($162* 502$%&,* 02* =15%.9.,1$15()* AB6'.* /0-120(* ,&* 1230($14&5162* '1,1$&2$0*02*0,*5.2$0M$.*/0*3"0($%.* $%&#&;.D)*+&%&*2.(.$%&(*,.(*$J%'18 2.(* 5.,&#.%&$13.I* 5.,05$13.* 7* 9&%8 $1519&$13.*$10202*(02$1/.(*/1($12$.(* 90%.*&F"?*C0'.(*/0$05$&/.*F"0*,&* 402$0*,.(*'0:5,&*5.2*-&51,1/&/N))
- * (V LQWHUHVDQWH OD GLIHUHQFLD HQWUH OR TXH QRVRWURV TXHUHPRV GHFLU \ OR TXH SRU HMHPSOR ;():(](39"%9'9"18")$7(1':$>"@a(;+1"3(1'+9"(:3$F$I GLGDG FRQ FXDOTXLHUD GH HVWRV WpUPLQRV SDUD PXFKD JHQWH SRUTXH ORV RtPRV PiV D PHQXGR HQ ORV HVSDFLRV JXEHUQDPHQWDOHV TXH HQ ORV 1;%93($;"41"933(E:v
=)>*@*O%1$*>.4.--*&-1%'&*,&*2050(18 /&/*/0*"2*2"03.*3.5&#",&%1.I*("8 9.24.* F"0* 0(* 2050(&%1.* %0/0-121%* 0($&(* $%0(* 9&,&#%&()* P70%* C&#,&8 '.(* 5.2* P2$C.27* Q&310(* /0* 5.8 '"2&,1/&/I*9.%*0;0'9,.N
R>S" /" Y$;" +`'F(:$;" &" 8$;" :612$;" 2$397689'($;" ;$:" (F%$'+9:+1;P" %1'$" ;(1F%'1" ;1" (:+1)'9'^:P" QR SRGHPRV LQWURGXFLU XQD SDODEUD TXH VHD LQI ]98(781>"@a(;+1"6:"+1a+$"F9'92(88$;$"41"5968"S(8I '$&";$7'1"1;+1"+1F9/"lf*1"1:4"$]"9:+(I'93(;FmP" HQ HO FXDO H[DPLQD HO PRPHQWR SUHFLVR HQ TXH +$4$;"8$;"+`'F(:$;"&"+$49;"89;"41F9:49;"&"+$4$" HO WUDEDMR FUHDWLYR TXH SURGXMR OD WHUPLQRORJtD ;$7'1"18"'93(;F$"1:"S'9:"d'1+9A9";1"3$:2('+(E" 1:" 6:9" *1''9F(1:+9" 41" 8$;" %'$31;$;" )671':9I PHQWDOHV (V XQ WH[WR GH ORV RFKHQWD TXH OR GLFH FODUDPHQWH \ WHQHPRV TXH WHQHU HQ FXHQWD TXH VLHPSUH SDVDUi LJXDO OR SRGHPRV DQWLFLSDU &" '1W':$;" 369:4$" $36''9vY$" (F%$'+9:+1" %9'9" :$;$+'$;"*9";(4$"76;39'"F$4$;"41"2(:3689'"1;I +$;"+`'F(:$;"9"89;"933($:1;"1;%13W](39;P"$"F$I 4$;"41"2(2('"3$:3'1+$;P"$"F$4$;"41"%'$463(':$;" :$;$+'$;"F(;F$;>" 59'+(3(%9+(2$/" :$" F1" )6;+9" 1;+1" +`'F(:$" %$'I TXH TXLHUH GHFLU SDUWLFLSDU HQ DOJR XQD FRVD TXH SUHH[LVWH \ OOHJDV D SDUWLFLSDU HQ HOOD (V 3$F$"1:"6:"+9881'"1:"6:"F6;1$P"881)9;"&"*931;" OR TXH VH WH RIUHFH &ROHFWLYR WLHQH HO DVSHFWR 41"%'$%(1494"9"3$F%9'+('P"6:"%'$31;$"3$813+(2$" ;1" 41](:1" 1:+'1" 89;" %1';$:9;" &" ;6;" '1;68+94$;" ;1" 3$F%9'+1:>" #$897$'9+(2$/" +'9+9" 41" +'979Q9'" Q6:+$;>"#$:+(1:1"89"(419"41"8$"3$$%1'9+(2$P"3$I 897$'93(E:P" 3$F%9'+('" '136';$;P" (:+1:+9'" *931'" 8$" F1Q$'" %$;(781" %9'9" 18" )'6%$>" D$" $7;+9:+1P" FUHR TXH QR VRPRV PX\ FRQVFLHQWHV GH XWLOL]DU 1;+$;"+`'F(:$;"41"F9:1'9;"F6&"4(;+(:+9;P"96:I TXH VHxDODQ XQDV WHQVLRQHV IXHUWHV HQ QXHVWUR +'979Q$>"0$7'1"+$4$"+1:1F$;"6:"3$:]8(3+$"%$'"18" KHFKR GH TXH SURGXFLPRV DOJR 3RU HMHPSOR TXHUHPRV HVWUXFWXUDU ORV WDOOHUHV DELHUWRV GRQI GH OD JHQWH SXHGD DVLVWLU SHUR D OD YH] QR TXHI UHPRV FRQYHUWLUORV HQ XQ OXJDU GRQGH W~ OOHJDV &"3$:;6F1;P"1;"413('P"%9'+(3(%9;"1:"18"%9%18"41" FRQVXPLGRU eVWH ~OWLPR URO HV HO TXH SUHGRPLI
)$#%OBO1,0I#'4)(O6%O'6%"#'6)6*OPQ*J
,ww
:9"1:"18"]6:3($:9F(1:+$"368+6'98"1:"Y$:4'1;> 6LHPSUH WXYLPRV TXH KDFHU XQ JUDQ HVIXHU]R SDUD PRQWDU ODV VHVLRQHV DELHUWDV SDUD TXH HO PXQGR GHO DUWH QR YLQLHVH D FULWLFDU WRGR TXH GHI FtDPRV $TXt OD ~QLFD PDQHUD GH UHODFLRQDUVH FRQ FXDOTXLHU GLVFXUVR KD VLGR ³\R SODQWHR DOJR &"861)$"+$4$"18"F6:4$"8$"3'(+(39m>"[:+1;"41"%89:I +19'"18"9:^8(;(;"&9"1a(;+1"89"3'W+(39"418"9:^8(;(;"1:" EDVH D WX SHUIRUPDQFH GHO DQiOLVLV TXH VLHPSUH WLHQH TXH VHU FRPSOHWD SRUTXH RIUHFHV XQ HVI %13+^368$>" 5$'" 1;9" '9UE:" (:+1:+9F$;" 3$813+(2(I ]DU OD FRQYHUVDFLyQ SURSRQLHQGR TXH WRGRV FRI F1:+9;1:";6;"%'$%(9;"3$:4(3($:1;"%9'+(3689'1;>" /R TXH GHFtDPRV UHSUHVHQWDED QXHVWUR SURSLR 9:^8(;(;P"*978^79F$;"41":61;+'9;"3$:4(3($:1;P" SHUR WDPELpQ TXHUtDPRV KDEODU GH ODV FRQGLI 3($:1;"41"+$4$;>"[8)6:$;"89;":1)9'$:"&";1"%6I VLHURQ D DWDFDU D ORV MyYHQHV TXH KDEODEDQ HQ S~EOLFR SRU SULPHUD YH] TXH LQWHQWDEDQ DUWLFXI 89'";6;"1a%1'(1:3(9;>"Y1;"9+93979:"%$'"89"79Q9" 398(494"41";6"%1']$'F9:31>"@'9"'(4W368$>" &UHR TXH HO PRGR GH SDUWLFLSDFLy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
Q104.* /0,* +.:.* @* H(* '"7* 12$0%08 (&2$0* ,.* F"0* /150(* (.#%0* 56'.* 9%./"5?(*,.(*0(9&51.(*9&%&*5.,058 $131:&%* ,.(* /0#&$0(I* ,.(* 'J$./.(I* 0$5) =)>* @* A+"0/0(* &'9,1&%* 0($0* &(8 905$.* (.#%0* ,&* .%4&21:&5162* /0,* 0(9&51.* F"0* 90%'1$&* 5.,05$131:&%* ,&*5.230%(&5162D
R>S"/"Y9"(419"41"3$813+(2(U9'"89"3$:21';93(E:"$" %'$463('" 8$;" 1;%93($;" 4$:41" 89" )1:+1" *9789" &" 1;363*9" 41" F9:1'9" 4(;+(:+9v@:" <8+'9I'14" (:I WHQWDPRV SURGXFLU HVSDFLRV HQ ORV TXH OD JHQWH KDEOH \ HVFXFKH GH IRUPD GLVWLQWD SXHVWR TXH ODV HVWUXFWXUDV VyQLFDV ORV YRFDEXODULRV TXH 89;" %1';$:9;" 1;+^:" 93$;+6F7'949;" 9" 6+(8(U9'" 1:"8$;"1;%93($;"41"89"%$8W+(39"1;+^:"9"F1:64$" ;$7'1I3$4(](394$;" %$'" 89;" ]E'F689;" 41" 89" F9I FURSROtWLFD $ PHQXGR SDUHFH TXH OD LQWHUYHQI FLyQ QR WLHQH WDQWR TXH YHU FRQ OD SURGXFFLyQ 418":612$")'9:"9:^8(;(;"%9'9"1]13+69'"18"39F7($"
!"#$%&'(#)*J*M)"")*N$)F)< SROtWLFR FRPR FRQ OD PDQHUD HQ TXH XQR KDEOD FRQ HO RWUR R HVFXFKD DO RWUR \ OD PDQHUD HQ TXH %'$463(F$;" 6:" 9:^8(;(;" 9" %9'+('" 41" 89;" 3$:+'9I GLFFLRQHV \ ORV SUREOHPDV TXH VXUJHQ &XDQGR KDEODPRV R HVFXFKDPRV VLHPSUH WLHQH TXH YHU 3$:"18"361'%$P"89"%1';$:(](393(E:"&"+$49;"1;+9;" 361;+($:1;>" @:" =(3'$%$8(+(3;" 1;+9;" 361;+($:1;" KDQ VLGR PX\ LPSRUWDQWHV SRUTXH HO WUDEDMR VH VLW~D HQ OD SURGXFFLyQ FXOWXUDO TXL]iV D~Q PiV TXH HQ OD EDVH SROtWLFD $ SHVDU GH WRGRV ORV H[I %1'(F1:+$;"931'39"41"8$;"]$'F9+$;"&"89"'1893($I :98(494P"<8+'9I'14"+'9+9"89"79;1"41"89"863*9"%$8WI +(39P"41"3EF$";1"%6141:"%'$463('"$+'$;"F$4$;" 41"$')9:(U9'P"1:"+`'F(:$;"41"1;%93($;P"&"$+'$;" F$4$;"41"*9789'"41"89;"%$8W+(39;>"@:"=(3'$%$8(I +(3;P"369:4$"+'979Q9F$;"1;%13W](39F1:+1"931'I 39" 41" 8$;" 86)9'1;" 41" 89" %'$4633(E:" 368+6'98P" 89" FXHVWLyQ HV FyPR SURGXFLU«SRUTXH FUHR TXH HO ]$'F9+$"%'14$F(:9:+1P"9"%1;9'"41"+$49"89"1a%1I '(F1:+93(E:"&"89;"1;+`+(39;"'1893($:981;"$"3$F$" TXLHUDV OODPDUOR DXQTXH VHDQ PX\ LQWHOLJHQWHV $"1a%1'(F1:+981;P"+$49;"3$F%9'+1:"6:9"39'93I WHUtVWLFD TXH OD LPSOLFDFLyQ GH FDGD SHUVRQD HQ 1;+9"'1893($:98(494"%6149"1a+1:41';1"F^;"988^" GH ODV GRV KRUDV TXH LQYLHUWHV HQ XQ HVSDFLR FXOWXUDO GH PRGR TXH SXHGD IRUPDU SDUWH GH 6:9"863*9"3$:+(:69"1:";6"%'$%(9"3$:4(3(E:"F9I +1'(98"$"3$:4(3(E:"41"%'$4633(E:>" =63*9;"2131;"(:+1:+9F$;"'1$'41:9'"8$;"1;%9I 3($;P" 8$;" F$4$;" 41" %'$463('" 18" 81:)69Q1" 3$813I WLYR SDUD TXH SRGDPRV VDOLU GH ORV IRUPDWRV GHO HVSHFWiFXOR \D TXH WRGDV ODV HVWpWLFDV GH '1893(E:"'1%'$4631:"1;+$;"]$'F9+$;"41"1;%13+^I 368$"41"6:9"F9:1'9"6"$+'9g";19"%$'"89"46'93(E:" GHO WLHPSR TXH SDVDV HQ HO HVSDFLR R SRU HO KHI FKR GH FRPSUDU OD HQWUDGD R SRUTXH DOJXLHQ WH KDEOD PLHQWUDV HVWiV VHQWDGR HQWUH HO S~EOLFR f$4$"188$"'1;68+9"41"6:"F$4$"%'14$F(:9:+1"1:" 89"%'$4633(E:"368+6'98P"6:"F$418$"41"%'$4633(E:" &" 3$:;6F$>"D$;$+'$;"(:+1:+9F$;"%'$463('" $+'$" +(%$"41"1;%93($;"4$:41"89")1:+1"%6149"'1893($I :9';1" 3$:" 6:9" 1;+'63+6'9P" %1'$" 9" 89" 21U" 1a(;I +9" 89" %$;(7(8(494" 41" 3$F%9'+('" 89" %'$%(1494" ?18" HVSDFLR GHO GHEDWH (V GLItFLO 1R FUHR TXH OR 3$:;()9F$;"41"]$'F9"F9'92(88$;9g":$"$7;+9:+1" 1;":61;+'$"$7Q1+(2$>
)$#%OBO1,0I#'4)(O6%O'6%"#'6)6*OPQ*J
,wO
=)>* @* AL.* F"0* 9%0$02/J1(* 0(* ,.* F"0* R%1&2* E.,'0(* /02.'12&* 0M8 $%&/1(519,12&%10/&/D* S"* 31020(* /0* 0($&*0M90%10251&*&5$131($&*7*&C.%&* $%&#&;&(*02*0,*5&'9.*5",$"%&,*7*9&8 %050* F"0* ,&* 0M$%&/1(519,12&%10/&/* 0(*"2*0,0'02$.*2&$"%&,*02*$"*$%&8 #&;.)* AB"&,* 0(* $"* 90%5095162* /0* 0($0*5.2509$.D
R>S"/"C:2(+9F$;"9"d'(9:"%9'9"'198(U9'"6:"+9881'";$I 7'1"1;+9"(419>"59'9"FW":$"1'9"6:"3$:31%+$":612$" %1'$" ;6" 9'+(36893(E:" ]61" 1F$3($:9:+1>" #69:4$" 1F%13`" 3$:" 1;+9;" 93+(2(4941;" 1:" #9:94^" :$" 1a(;+W9" 6:" F$418$>" @a(;+W9" 6:" F$418$" 41" 3EF$" '1893($:9'"18"93+(2(;F$"&"89"%'^3+(39"9'+W;+(39"%1'$" :$"1a(;+W9"6:"F$418$"41"'1893($:1;"1:+'1"18"93+(I 2(;F$"&"89"(:;+(+63(E:>"@:"'198(494";W"1a(;+W9:v> #69:4$"F('9F$;"9+'^;P"1a(;+W9:"89;"*(;+$'(9;"41P" SRU HMHPSOR $&7 83 TXH HV XQD KLVWRULD PX\ LQWHUHVDQWH SRU ODV FDGHQDV TXH VH SURGXFtDQ 1:+'1" 89;" 3$F6:(4941;" 41" 79;1" &" 8$;" +'979Q9I 4$'1;" 368+6'981;" (:;+(+63($:981;>" @;" (:+1'1;9:+1" H[DPLQDU HVDV UHODFLRQHV \ SHQVDU TXH HQ FLHUWR F$F1:+$"1a(;+W9:"8$;"F$418$;"41"93+693(E:>"D$" $7;+9:+1P"369:4$"&$"1:+'`"1:"8$;"1;%93($;"368+6I '981;"&9":$"+1:W9:"9%1:9;"86)9'>"Y9"9'+(36893(E:" 41"1;+1"3$:31%+$"1'9"6:9"3$;9"79;+9:+1":6129>" (Q 8OWUD UHG REVHUYDPRV PXFKDV KLVWRULDV TXH *9:"1F1')(4$"41"89"(:21;+()93(E:I933(E:"%9'+(3(I %9+(29P"89"146393(E:"'94(398P"89"%149)$)W9"'94(I 398"1:"[F`'(39"Y9+(:9"&";$7'1"+$4$"1:"d'9;(8>"Y9;" %1';$:9;" +'979Q979:" 1:" 89;" (:;+(+63($:1;" 368+6I '981;" 1:" 3$897$'93(E:" 3$:" 89" (:;+(+63(E:" 41" 89" ()81;(9P"8$;";(:4(39+$;Pvf$4$;"1;+$;"F$F1:+$;" 1'9:"%'^3+(39;"+'9:;21';981;P"%'^3+(39;"1a+'94(;I FLSOLQDUHV TXH IRUPDEDQ SDUWH GHO PRYLPLHQWR \ OD JHQWH TXH RFXSDED GLVWLQWDV SRVLFLRQHV DFWLI 29F1:+1"+'979Q979"3$:Q6:+9F1:+1>" @:"3(1'+$"F$4$"1;+$;"*13*$;"41;F$:+9:"89"(419" GH TXH OD H[WUDGLVFLSOLQDULHGDG HV DOJR QXHYR r6(U^;"1;":612$"1:"18"39F%$"368+6'98P"18"39F%$" GRQGH SDUHFH TXH VH SURGXFH µOR QXHYR¶ Y9" 1a+'94(;3(%8(:9'(1494" 1;" :6129" 1:" 18" 39F%$" 368+6'98"%1'$";1"%6141"1a9F(:9'"1:"$+'$;"39FI %$;" &" 1:3$:+'9'" 89;" F(;F9;" %'^3+(39;" 41;41" %6:+$;" 41" 2(;+9" 4(]1'1:+1;>" 59'9" FW" 89;" *(;+$I ULDV GH OD LQYHVWLJDFLyQ PLOLWDQWH R OR TXH YLHQH 9" 889F9';1" 89" (:21;+()93(E:" F(8(+9:+1P" +(1:1:" ;6" %'$%(9"*(;+$'(9P";6"%'$%(9"+'9&13+$'(9P"&";6"%'$%(9" 1;%13(](3(494"41"86)9'"?;(+1";%13(](3(+&B>"V1;68+9:" *(;+$'(9;" F6&" (:+1'1;9:+1;" 9" :(218" +`3:(3$P" F1" )6;+9" 1a9F(:9'89;" %9'9" 1:+1:41'" 3EF$" ]6:3($I QDURQ \ TXLHQHV VH UHXQLHURQ \ SRUTXp OR TXH %9;979" 9" :(218" 41" 79;1" F^;" 988^" 41" 8$;" F9:(I ](1;+$;>
=)>* @* >05102$0'02$0* C0'.(* 028 $%031($&/.* &* +0$%&* R&"0%* 9.%* ,&* 1230($14&5162* F"0* %0&,1:&* (.#%0* ,&(* 9%<5$15&(* &"/1.31("&,0(* 9&%8
R>S" /" v>&" +9F7(`:" *(3(1'$:" 6:" )'9:" 1;]61'U$" %9'9" )1:1'9'" +'9:;21';98(494>" r6149" F6&" 389I UR HQ FXDOTXLHU QDUUDWLYD TXH HVFXFKDV (VWi FODUR TXH QR HUD VXILFLHQWH HO TXH XQ JUXSR GH
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
%1';$:9;" 41" 389;1" F14(9" ;1" 414(39'9:" 9" )1I QHUDU XQ DQiOLVLV 7DPSRFR HUD VXILFLHQWH TXH 6:")'6%$"41"F(:1'$;"1:"*618)9"+'979Q9;1:";(:" 8$;"9'+(;+9;>"@a(;+W9"6:";1:+(4$"418"l6;$m"(:+1'41I %1:4(1:+1"1:"3949"%'^3+(39>"[41F^;P"1;"(F%$'I WDQWH FRQRFHU OD PDQHUD HQ TXH HVWDV SUiFWLFDV ]61'$:"41;F9:+18949;"1;+'63+6'98F1:+1P"3EF$" VH SDUDOL]y VX ILQDQFLDFLyQ \ OD PDQHUD HQ TXH 18"['+;" #$6:3(8" ;1" '1$')9:(UEg" %61;" 1F%1UE" 9" FRPSUHQGHU TXH KDEtD ILQDQFLDGR XQDV SUiFWLI 39;"F6&"%$8W+(39;"&";1"2($"$78()94$"9"'1+('9'";6" 9%$&$"&"+9F7(`:"9"'1I3$:;+(+6(';1>"Y$;"9'+(;+9;" ;1"4(2(4(1'$:"1:"4(;3(%8(:9;"&"]61'$:"39;+()94$;" %$'" +'979Q9'" 3$:" F$2(F(1:+$;" %$8W+(3$;>" #$:$I 31'"&"1:+1:41'"1;+9"*(;+$'(9"1;"F6&"(F%$'+9:+1P" SRUTXH QR HV FDVXDO TXH KR\ QRV VRUSUHQGD 369:4$"+(1:1"86)9'"89"+'9:;21';98(494>" [*$'9"1;"6:"F$F1:+$"F6&"%$;(+(2$"1:"Y$:4'1;" SRUTXH DOJR VH HVWi DEULHQGR HQ UHODFLyQ D HVI WDV KLVWRULDV ([LVWHQ PXFKDV SHUVRQDV TXH ODV 3$:$3W9:"41;41";(1F%'1P"[:+*$:&"T92(1;P"%$'" HMHPSOR KD HVWDGR DTXt D OR ODUJR GH HVWD KLVI +$'(9P" %1'$" *9&" F63*9;" %1';$:9;" F^;" '13(1:I WHV TXH DGHPiV GH TXHUHU FRQRFHU OD KLVWRULD (:+1:+9:"%$:1';1"1:"3$:+93+$"3$:"89;"%1';$:9;" TXH HVWXYLHURQ WUDEDMDQGR DO PDUJHQ GH PDQHI UD QR PX\ YLVLEOH R TXH VDOLHURQ GH OD HVFHQD %$8W+(39" %$'" 3$F%81+$>" e1" 3$:$3(4$" 9" F63*9;" PXMHUHV TXH WUDEDMDURQ HQ ORV FROHFWLYRV DXGLRI 2(;6981;"1:"8$;";1+1:+9P"$"3$813+(2$;"41"+19+'$"$" GH HGXFDFLyQ TXH KR\ HQ GtD VH GHGLFDQ SRU HMHPSOR DO WUDEDMR HGXFDWLYR HQ OD VDOXG S~EOLI 39"&":$"9%9'131:"1:"89"1;31:9"%$8W+(39>"@;+^:" PX\ FDOODGDV SRUTXH QR KDQ VDELGR SDUWLFLSDU 1:"1;+1"%9(;9Q1":1$I8(71'98"41"8$36'9"&";6;"%'^3I +(39;";1"*9:"*13*$"F6&"F(3'$>"#$:$31;"9"6:9" TXH WH SUHVHQWD D RWUD \ HPSLH]DV D GDUWH FXHQI WD GH TXH H[LVWH XQ KLOR FRQGXFWRU HQWUH HVWDV SUiFWLFDV SHUR TXH KDQ WHUPLQDGR FRPSOHWDI F1:+1" (:2(;(781;" 1:" +`'F(:$;" 41" 4(;36';$" F^;" DPSOLR LQFOXVR HQWUH ORV iPELWRV GH L]TXLHUGDV SRUTXH HVWi GRPLQDGR SRU XQ JUXSR SDUWLFXODU 6:"%9'+(4$"%9'+(3689'>"5$'"1Q1F%8$P"1a(;+1:"6:$;" 3'(+1'($;" 41" %9'+(4$" %$8W+(3$" 1:" S'9:" d'1+9A9" TXH KDQ GRPLQDGR ORV JUXSRV GH HVWXGLDQWHV TXH VRQ XQ FROHFWLYR FDSD] GH PRYLOL]DU D PXI FKD JHQWH DXQTXH D PHQXGR VX SROtWLFD SDUHFH (:;$;+1:(781"9"89"*$'9"41"+'9U9'"6:9"+'9&13+$'(9" %$8W+(39"41"89')$"9839:31>
)$#%OBO1,0I#'4)(O6%O'6%"#'6)6*OPQ*J =)>* @* ="5C.(* /0* ,.(* 5.,05$13.(* /0* ,.(* (0$02$&* 7* ,.(* .5C02$&* F"0* C0'.(* '0251.2&/.* -"0%.2* /0(8 '&2$0,&/.(* 9.%* 9&%$0* /0* BC&28 20,* \)* +%031&'02$0* %051#10%.2* "2* 4%&2* &9.7.* 9&%&* ,"04.* (0%* 5..98 $&/.(N)
,wJ
R>S"/"#$:$3W"9"6:9"F6Q1'"F6&"(:+1'1;9:+1"*931" SRFR TXH PH FRQWy H[DFWDPHQWH HVWD KLVWRULD f'979Q979" 1:" 18" )'6%$" D1L;V118g" 188$;" *(3(1I '$:"6:$;"+'979Q$;"]1:$F1:981;"](:9:3(94$;"%$'" #*9::18"N>"@:"#*9::18"N"81;"]93(8(+9'$:"F63*9;" %$;(7(8(4941;"9")'9:"1;3989"9"%'(:3(%($;"41"8$;" QRYHQWD KDVWD SHUR ,79 TXHUtD PLI :(F(U9'"18"%9%18"41"#*9::18"N"&"1F%1U9'$:"9" UHWLUDU OD ILQDQFLDFLyQ GH DTXHOORV SUR\HFWRV \ F63*9;"%1';$:9;"%1'4(1'$:";6;"+'979Q$;"1:"89" dd#P"1+3>"@;9")1:1'93(E:":$";1"%1'4(E"x"F6I 3*$;";()6(1'$:"x"%1'$"89":9+6'981U9"41"89"%'$I 4633(E:"3$813+(29"&9":$"%$4W9";$;+1:1';1"1:"89" :6129" 368+6'9" F14(^+(39>" D131;(+979:" 6:" y1:" Y$93*P"1;"413('P"6:9"]()6'9P"6:9"1:+(494"369:I WLILFDEOH \ PDUTXHWL]DEOH IUHQWH DO WUDEDMR FRI 813+(2$P"36&$"F$4$"41"+'979Q9'":$"41Q979"389'$" TXLHQ HUD HO FiPDUD R HO FLQHDVWD R HO HGLWRU R HO JHVWRU $Vt TXH HVWRV PRGRV GH SURGXFFLyQ \D :$"%$4W9:"1:3$:+'9'"6:";(+($> V1;%13+$" 9" 89" %'$&133(E:" 418" F9+1'(98" ]W8F(3$P" 6:" 9;%13+$" '198F1:+1" (F%$'+9:+1" %9'9" FW" 1;" %1:;9'" 36(494$;9F1:+1" ;$7'1" 89" 4(;+'(763(E:" HQ JHQHUDO « VREUH OD PDQHUD HQ TXH VROHPRV JHQHUDU ODV QDUUDWLYDV DFHUFD GH DTXHOODV SUiFI +(39;P";6;"F$4$;"41"%'$4633(E:P"89"1a%1'(F1:I +93(E:"&"18")1;+$"'94(398"3$F$"(:+1'21:3(E:"1:" ORV PRGRV GH SURGXFLU TXH SXHGH VHU XQ PRGR MHUiUTXLFR R OR TXH VHD «3XHV HQ UHDOLGDG PXFKDV GH DTXHOODV SUiFWLFDV UHVXOWDURQ H[WUHI F949F1:+1" (:21:+(29;" 1" (F%$'+9:+1;" %$'" ;6;" F$4$;"41"4(;+'(763(E:>"0(:"4649":$"41"89"F9I QHUD HQ TXH DFWXDOPHQWH KDEODPRV GH ,QWHUQHW TXH SXHGH VHU YLVWR SRU FXDOTXLHU SHUVRQD VLQR %$'"89"F9:1'9"41"%1:;9'"41+988949F1:+1";$7'1" 18"%'$%E;(+$"41"6:9"%18W3689>"#69:4$"*978$"3$:" 1RQL GH 1HZV5HHO HOOD H[SOLFD TXH pVWD IXH 6:9" 361;+(E:" F6&" (F%$'+9:+1/" 3EF$" ;1" 4(;+'(I 76W9"9"+'92`;"41"8$;"F$2(F(1:+$;";$3(981;"&";1" %'$&13+979"%9'9")1:1'9'"4179+1;P"1+3>"@a(;+W9:" 8$;" ^F7(+$;P" ;1" 1a%$:W9" 1:" 18" 3$:+1a+$" 41" 6:" 4179+1P"1:"3$:1a(E:"3$:"6:9"%'^3+(39"%$8W+(39P"&" 1;9"]61"89"1;1:3(9"418"%'$&13+$>"o36''(E"8$"F(;I F$"3$:"18"+19+'$g";(";1"'198(U979"6:9"$7'9"931'I 39"41"89"863*9P";1"%'1;1:+979"41:+'$"41"89"863*9" %9'9"%$:1'89"1:"F9'3*9>"@;+$;"9;%13+$;":$";1" 1:+(1:41:"9*$'9"369:4$"6:$"21"6:9"%18W3689"41" ORV $ PHQXGR VRQ KLVWRULDV TXH QR VH KDQ FRQWDGR SXHVWR TXH OD JHQWH VH FHQWUD HQ TXLpQ WUDEDMDED HQ HO FROHFWLYR TXLpQ UHDOL]y OD SHOtI 3689>"["2131;";1"4(;36+1"41"3EF$";1"$')9:(UE"
!"#$%&'(#)*J*M)"")*N$)F)< 89"%'$4633(E:"%1'$";1"*9789"%$3$"41"3EF$";1" F$:+E"89"4(;+'(763(E:>"e9";(4$"F6&"(:+1'1;9:+1" 9%'1:41'";$7'1"1;+1"9;%13+$>" 2UJDQL]DPRV UHFLHQWHPHQWH XQ HYHQWR TXH SUHI +1:4W9"2(:3689'"18"3(:1"7'9;(81A$"3$:"89"*(;+$'(9" 41"89;"F6Q1'1;"1:"8$;"9A$;";1;1:+9>"C:+1:+9F$;" (:2(+9'" 9" 8$;" 93+(2(;+9;" 8$3981;P" %$'" 1Q1F%8$P" 9" 3$F1:+9'"89;"%18W3689;P"?vB>"[364(1'$:"98"%9;1" %1';$:9;"41"89;"'141;"41"8$;"$7'1'$;"1F()'9:I +1;"&";6')(E"89"3$:21';93(E:"3$:"D$:("41"D1L;I 5HHO VREUH FyPR UHYLWDOL]DU DTXHOODV KLVWRULDV 1:"18"3$:+1a+$"41"89;"863*9;"93+6981;>"#EF$"%$I 41F$;"9%$'+9'"1;+9;"%18W3689;"&";(+69'89;P"%'1I VHQWDUODV SDUD TXH SXHGDQ VHU UHDOPHQWH LPI %$'+9:+1;"I:$";$89F1:+1"1:"18"3$:+1a+$"418"9'+1P" 9"F1:64$"4('()(49;"9"6:")'6%$"&9"(:+1'1;94$"1:" HO DUWH SROtWLFR SHUR TXH QR KD OOHYDGR VX OXFKD SROtWLFD D QLQJ~Q VLWLR 3RU WDQWR HV LPSRUWDQWH %1:;9'"1:"8$;"86)9'1;"41"4(;+'(763(E:"&"41"3$:I ;6F$"&"41"3EF$"%6141:"3$:21'+(';1"1:"%6:+$;" GH RUJDQL]DFLyQ WUDQVYHUVDO 3RUTXH QR SDUHFH TXH KD\D DTXt XQ PRYLPLHQWR PX\ IXHUWH HQ 1;+1"F$F1:+$P"1;"F6&"4(]1'1:+1"9"89";(+693(E:" HQ (VSDxD FUHR $TXt YLYLPRV XQ PRPHQWR 41" F63*9" ]'9)F1:+93(E:>" 5$'" +9:+$P" 3$:;+'6('" 89" %$;(7(8(494" %$'" 89" 3698" 6:9" %18W3689" 41" $+'9" `%$39" ;1" 1:]'1:+1" 3$:" 6:" )'6%$" 41" %1';$:9;" TXH VH RUJDQL]DQ GH PDQHUD SROtWLFD DXQTXH ;19" 41" F$4$" '1463(4$" $" ;1" 4('(Q9" 9" 6:" )'6%$" GH DUWLVWDV TXH VH LQWHUHVD HQ HO FLQH SROtWLFR « HVWRV PRPHQWRV GH SRVLELOLGDG WLHQHQ TXH VHU %1:;94$;"1"(F%68;94$;P":$";63141:"41"F9:1I '9":9+6'98>"["2131;"+(1:1:"86)9'"1:"8$;"31:+'$;" ;$3(981;"%1'$"1:")1:1'98":$";6181:"$36''('>
=)>* @* +&%&* 2"0($%&* 1230($14&5162* $&'#1J2* C0'.(* 5.230%(&/.* 5.2* P2$C.27* O,0(* 02$.%2.* &,* 9%.705$.* U",,*G20'9,.7'02$*B120'&N)
- * 6t OR TXH RUJDQL]D &KULV (VWi ELHQ HQ HO $ FHQWUR VRFLDO RFXSDGR OOHYD EDVWDQI +1"+(1F%$>"f'979Q9F$;"79;+9:+1"9"F1:64$"3$:" &KULV SRUTXH HV XQR GH HVRV DJHQWHV WUDQVI YHUVDOHV TXH RSHUD GHQWUR GH XQD FRPXQLGDG DQDUTXLVWD PX\ GHWHUPLQDGD TXH KD RFXSDGR HO PLVPR HVSDFLR GXUDQWH DxRV \ TXH KD KHI 3*$" 6:" +'979Q$" 9863(:9:+1" F9:+1:(1:4$" 18" 1;I %93($>"51'$";(:"#*'(;"&"98)6:$;"$+'$;":$"*97'W9" 1;+1" (:+1'39F7($" 1:+'1" 18" ^F7(+$" 9'+W;+(3$" &" 18" iPELWR XQLYHUVLWDULR SRUTXH &KULV VDOH D EXVI FDU FXDOTXLHU PRYLGD SROtWLFD H LQWHUDFW~D FRQ HOOD 1R HV XQ SURFHVR TXH RFXUUD SRUTXH WRI GRV VH FRQRFHQ SRUTXH VRQ DPLJRV VLQR TXH 1;"18"'1;68+94$"41";6"1;]61'U$"%$'"F1+1';1"1:" +$4$"&"3$:$31'"9"+$4$"18"F6:4$P"&")1:1'9'"9;W" 3$:1a($:1;>
)$#%OBO1,0I#'4)(O6%O'6%"#'6)6*OPQ*J =)>*@*PC.%&*$%&#&;&(*9&%&*,&*!0%8 902$120* Y&,,0%7* 7* 5.,&#.%&(* 5.2* 0,* OBP* ]O2($1$"$.* /0*P%$0* B.2$0'8 9.%<20.^)*AB6'.*1'9,0'02$&(*0,* 5.2509$.*/0*,&*90/&4.4?&*%&/15&,I* ,&* 0M$%&/1(519,12&%10/&/I* 0,* &4028 51&'120$.I* 0$5)I* /02$%.* /0,* '&%8 5.* 12($1$"51.2&,D* +%.#&#,0'02$0* (0* $%&$0* /0* "2&* 0M90%10251&* #102* /1($12$&*&*,&*F"0*$"31($0*5.2*,&*Y&8 ,,0%7*>..'*02*B&2&/<*/"%&2$0*,.(* &_.(*2.302$&N)
,wH
R>S"/"0WP"1;"F6&"4(]1'1:+1>"#(1'+9F1:+1"3$:"<8I +'9IV14" 88129F$;" F63*$" +(1F%$" (:+1'93+69:4$" 3$:" 89;" (:;+(+63($:1;" 368+6'981;" 41" 6:9" F9:1I UD PX\ SDUWLFXODU TXH VXSRQH XWLOL]DUODV FRPR %9'+1" 41" 6:9" +'9&13+$'(9" F^;" 89')9>" n" *9" ;(4$" :61;+'9"1;+'9+1)(9"%9'9"12(+9'"89"F6;1(](393(E:" 418"93+(2(;F$"$"'1(](393(E:P"$"89"%'$4633(E:"418" 93+(2(;F$" 3$F$" $7Q1+$>" D1)9F$;" 89" +1F%$'9I 8(494" 418" 93$:+13(F(1:+$>" @8" 93$:+13(F(1:+$" ;(1F%'1"]$'F9"%9'+1"41":61;+'$"9:^8(;(;"9"89')$" %89U$P" 1;" 6:9" 863*9" 9" 89')$" %89U$>" <+(8(U9F$;" ODV LQVWLWXFLRQHV FRPR HVSDFLRV TXH VXPLQLVI WUDQ ORV UHFXUVRV SDUD DWUDHU OD DWHQFLyQ S~EOLI FD R OR TXH VHD \ OXHJR VDOLPRV /R FXDO UHVXOWD 6:" %'$31;$" :$" 1a1:+$" 41" %'$781F9;>" D$'F98I F1:+1P" 3$:;1)6(F$;" F9:+1:1'" :61;+'9;" %'^3I WLFDV DO VDEHU TXH H[LVWH XQD WUD\HFWRULD PiV DOOi GHO DFRQWHFLPLHQWR HV GHFLU TXH DSR\D XQ %'$&13+$" 1:" 36';$>" f'979Q9'" 1:M3$:" 89" (:;+(+6I 3(E:" 1;" +$+98F1:+1" 4(;+(:+$" 3$F$" %6141;" (F9I )(:9'>"T1"6:"F$4$"6"$+'$"]93(8(+9"3(1'+9;"3$;9;P" %$'" 1Q1F%8$P" %9'9" 9%$&9'" 9" 3(1'+$;" %'$&13+$;" 9"89')$"%89U$"&"%'$%$'3($:9'"8$;"1;%93($;"4$:I GH DOJXQRV JUXSRV SHTXHxRV SXHGDQ UHXQLUVH %9'9"$')9:(U9';1>" #$:" '1;%13+$" 9" 89" F1+$4$8$)W9P" 1;" 8$" F(;F$>" 3HUR HQ WpUPLQRV GH FRQIOLFWR \ GH OR TXH LQI WHUDFW~D FRQ GLFKD PHWRGRORJtD « HO KHFKR GH TXH PXFKDV YHFHV QR HVWp SHUPLWLGR TXH HO FRQIOLFWR VH PDQLILHVWH SRUTXH ODV LQVWLWXI 3($:1;" $%1'9:" 9" +'92`;" 41" 6:$;" '1)(;+'$;" +9:" 4(;+(:+$;Pv5$'" 1Q1F%8$P" 8$;" '1%'1;1:+9:+1;" 41" ODV LQVWLWXFLRQHV SXHGHQ KDEODU GHO WUDEDMR TXH *931F$;" :$;$+'$;" 3$F$" 6:" 1:39')$" 9'+W;+(3$P" F(1:+'9;" :61;+'9" F9:1'9" 41" *9789'" ;1" 49" 1:" +`'F(:$;" 41" %'^3+(39;" %149)E)(39;" 41" 79;1>" 0XFKDV SHUVRQDV LQFOXLGD \R TXH LQWHUDFW~DQ 3$:" 89" 01'%1:+(:1" S9881'&P" 8$" *931F$;" %9'9" DFFHGHU D DOJXQRV HVSDFLRV TXH FRPR JUXSR 93+(2(;+9":6:39"%$4'W9F$;"9839:U9'>"5$'"1Q1FI %8$P"+'979Q9F$;"3$:"6:"(:;+(+6+$"41"1:;1A9:U9>" &UHR TXH VL QRV KXELpUDPRV SUHVHQWDGR HQ HO LQVWLWXWR GLFLHQGR TXH TXHUtDPRV UH HVFULELU GH F9:1'9" '94(398" 18" %'$)'9F9" 41" (:F()'93(E:P" &" +'979Q9'" 3$:" .O-" 986F:$;" 1:" 89" 96+$I3'W+(39" 41" 89" %$8W+(39" 41" 89" (:F()'93(E:" 1:" V1(:$" <:(I 4$P" :$" :$;" 8$" *97'W9:" %1'F(+(4$>" 51'$" 369:4$" :$;"%'1;1:+9F$;"1:":$F7'1"41"89"01'%1:+(:1P" 1:+$:31;" ;1" 931%+9>" 5$'" +9:+$" 1a(;+1:" 29'(9;" UD]RQHV SRU ODV TXH UHVXOWD ~WLO DSURYHFKDU HO F9'3$"(:;+(+63($:98>"D$"$7;+9:+1P"%9'9"FW"'1;68I +9"4(]W3(8P"%61;"F1"1:361:+'$";(1F%'1"1:+'1"4$;"
!"#$%&'(#)*J*M)"")*N$)F)< 1;+'63+6'9;"4(;+(:+9;>" T1;41" *931" F63*$" +(1F%$" 3$:$U3$" 9" 6:9" SHUVRQD TXH WUDEDMD HQ OD 6HUSHQWLQH TXH HV ]1F(:(;+9" &" 146394$'9" '94(398" &P" )'93(9;" 9" ;6" SRVLFLyQ HQ HO FHQWUR \ OR TXH HOOD SUHWHQGH KDI 31'" 1:" '1893(E:" 3$:" 89;" %$8W+(39;" 41" 79;1" &" 18" +(%$"41"%'$&13+$;"9'+W;+(3$;P"*9";(4$"]^3(8"(:+'$I 463('F1"1:"1;1"86)9'>"@889"+1:W9"6:9"(419P"6:9" YLVLyQ GH XQ SRVLEOH SUR\HFWR GH EDUULR TXH SDI '13W9"79;+9:+1"3$:;(;+1:+1"3$:"98)6:$;"41"8$;" WUDEDMRV TXH \D UHDOL]DPRV HQ 8OWUD 5HG \ FRQ DOJXQRV RWURV FROHFWLYRV FRQ ORV TXH FRODERUDI 79>"[8"(:+1:+9'"%1:;9'"1:"89;"*(;+$'(9;"41"1;+$;" SUR\HFWRV GH EDUULR TXH IXHURQ WDQ LPSRUWDQWHV 1:"8$;"9A$;";1+1:+9IP"%9'9"%$41'"3'19'"6:9"(:I WHUID] HQWUH ODV PDQHUDV GH SURGXFLU GH DTXHOOD pSRFD \ OD OyJLFD GHO PHUFDGR QHR OLEHUDO TXH +9F7(`:"*9"+1:(4$";6"(F%93+$"1:"89"01'%1:+(:1BP" ;1")1:1'9"6:"3$:Q6:+$"41"3$:]8(3+$;P"41"F(3'$I DQWDJRQLVPRV TXH QXQFD VH FRQYLHUWHQ HQ XQD OXFKD FODUD VLQR TXH WLHQHQ TXH YHU FRQ OD GLI ](368+94"41"%$;(3($:9'+1"?1:"89"(:;+(+63(E:B>"d9Q$" 6:"9F7(1:+1":1$I8(71'98"89;"%1';$:9;"F(1:+1:P" SXHGHQ GHFLU FXDOTXLHU FRVD SRUTXH ORV WpUPLI :$;"1;+^:";(1F%'1"1:"Q61)$P"%6141:"9%'$%(9'I VH GH FXDOTXLHU SHUVRQD HQ FXDOTXLHU PRPHQWR (V PX\ IiFLO FDHU HQ ODV QDUUDWLYDV TXH GLFHQ ³HVWR HV OR TXH KD\´ FXDQGR QR HV YHUGDG (Q 1;+9";(+693(E:P";E8$"1;"%$;(781"(:+1:+9'"3'19'"98I J~Q PHFDQLVPR GH DXWR DQiOLVLV \ HQ PL FDVR OR KH OOHYDGR D FDER JUDFLDV D ODV SHUVRQDV TXH KH SRGLGR LQWURGXFLU HQ HO SUR\HFWR \ FRQ TXLHI :1;";618$"+'979Q9'P")1:+1"3$F$"<8+'9IV14>" #69:4$" *(3(F$;" 6:" %'$&13+$" 1:" 6:" (:;+(+6+$" FRQ DOXPQRV LQWURGXMLPRV D &KULV GHO $ &" 18" %'$&13+$" i688" <:1F%8$&F1:+" 9" S97'(1889P" TXH WUDEDMD HQ OD FDPSDxD FRQWUD ORV FRQWUROHV GH LQPLJUDFLyQ D $OEHUWR (LQVWHLQ TXH OOHYD OD 39F%9A9"41"8$;"8(F%(94$'1;>"@;"413('P"+'979Q9I F$;" 3$:" :61;+'9" %'$%(9" )1:+1" %9'9" %$41':$;" 3$:+'$89'"6:"%$3$>"n"188$;"%64(1'$:"3$:+'$89'F1" 6:"%$3$>"#$:"'1;%13+$"9"89;"'1893($:1;"41"%$I GHU FUHR TXH PH KDQ VHxDODGR ODV GLILFXOWDGHV &"8$;"'1+$;"41"89"+'9:;21';98(494P"41"8$;"36981;" &9"1'9"3$:;3(1:+1"+'9;"*971'"+'979Q94$"1:"f*1" o+*1'" =6;16F>" @;+9;" '1893($:1;" 1a+'94(;3(%8(I :9'(9;":$"1;+^:"8(7'1;"41"9:+9)$:(;F$;"%1';$I :981;"369:4$"+'9+9:"41"$36%9'"4(;+(:+$;"+(%$;"41" 1;%93($;>"n"1:"F$F1:+$;"1;%13W](3$;P"1:3$:I WUDU XQD PDQHUD GH DUWLFXODUORV VHUtD PX\ ~WLO ["2131;P"3$:"=(3'$%$8(+(3;"(:+1:+9F$;"1:+1:41'"
)$#%OBO1,0I#'4)(O6%O'6%"#'6)6*OPQ*J
,N.
36^:4$"$36''1:"8$;"F$F1:+$;P"36^:4$"+6"93+(I 2(;F$" ;1" 3$:2(1'+1" 1:" 98)$" 1F$3($:9:+1" %9'9" OD LQVWLWXFLyQ GRQGH WUDEDMDV HQ TXp PRPHQWR HV WX\R \ HQ TXp PRPHQWR VH UHFXSHUD \ FyPR +'9+9;" 3$:" 4(3*$;" F$F1:+$;>" #EF$" 3$:;+'6('" 18"F139:(;F$"41";98(49P"89"F9:1'9"41"'1+('9'+1" SDUD TXH QR VH FRQYLHUWD HQ XQD OXFKD LQGLYLI 4698"*1'$(39>
=)>* @* S%&(* ,&* 0M90%10251&* 5.2* 0,* =PBRP* &* 9%125191.(* /0,* `aaaI* 02$102/.*F"0*4%"9.(*5.'.*,&*G218 30%(1/&/* Z6'&/&* $024&2* 12$0%J(* 02* $%&#&;&%* 5.2* ,&(* 12($1$"51.20(* 5",$"%&,0(I* 90%.* &,* '1('.* $10'9.* 0M1($0* 0,* '10/.* &* (0%* 5..9$&/.(* 9.%*,&(*,,&'&/&(*12($1$"51.20(*9%.8 4%0(1($&()* ASb* 5%00(* F"0* 0($&(* 12($1$"51.20(* 9%.4%0(1($&(* 5%0&2* 0(9&51.(* /0* %0(1($0251&* .* 9.%* 0,* 5.2$%&%1.* $0%'12&2* %0&-1%'&2/.* ,&(*9.,?$15&(*20.8,1#0%&,0(D
- * +DFHQ ODV GRV FRVDV SHUR QR FUHR TXH 3'11:"1;%93($;"41"'1;(;+1:3(9>"@;+$;"1;%93($;"&" SUiFWLFDV GH UHVLVWHQFLD WLHQHQ TXH H[LVWLU DQWHI ULRUPHQWH SDUD TXH SXHGDQ IRUPDU XQD LQWHUID] 3$:"188$;>"Y9;"(:;+(+63($:1;":$"%6141:"%'$463('I 8$;>"C:386;$"1:"f$'$:+$P"1:"8$;":$21:+9P"369:4$" *(3(F$;"98)$"%9'13(4$P"&9"1a(;+W9:"89;"'141;"1:" 89" 3(6494P" :61;+'$" %9%18" 1'9" ]93(8(+9'" &" %'$%$'I FLRQDU UHFXUVRV D JUXSRV GH UHVLVWHQFLD TXH \D 1a(;+W9:>"@;"6:"9;%13+$"3'W+(3$" 3$F$"%6:+$"41" %9'+(49P" %61;" 9" 89" 21U" ;(1F%'1" ;1'^:" 9%'$%(9I 4$;"%9'9";1'2('"98"%'$&13+$"418":1$I8(71'98(;F$P" HVWR VLHPSUH VXFHGHUi $ PHQRV TXH WH ODQFHV 9"89"+'9:;]$'F93(E:"41"89"(:;+(+63(E:"3$F$"%9'+1" GH WX SUR\HFWR DOJR TXH QR VXHOR KDFHU Y$"(4198";1'W9"%$41'"+1:1'"6:"(F%93+$";$7'1"89" (:;+(+63(E:"&";$7'1"3EF$"89"01'%1:+(:1"S9881'&" 413(41"3$F%$'+9';1"3$:"'1;%1+$"98"F6:4$"1aI +1'($'>"51'$":$"%614$"(:21'+('"F("1:1')W9"1:"98)$" DVt 1RVRWURV VRPRV XQ JUXSR GH JHQWH TXH VH 3$:$31" &" +'979Q9F$;" F6&" 7(1:" Q6:+$;P" 1:+'9I F$;"Q6:+$;"1:"1;+1"1;31:9'($"&":61;+'9"'1893(E:" 3$:"89"01'%1:+(:1"1;"79;+9:+1"8(F(+949>"D$"*9I 31F$;":949"1:"89"01'%1:+(:1>"D$":$;"'16:(F$;" 988WP"+$4$"%9;9"1:"18"(:;+(+6+$"$"1:"18"79''($P"+9FI %$3$"F$:+9F$;"6:9"1a%$;(3(E:"988W>"01"49"6:9" '1893(E:"6:"%$3$"4(;+(:+9>"51'$"1:"+`'F(:$;"41" 3EF$"89"01'%1:+(:1"%6141"6+(8(U9'"18"%'$&13+$P" ;(:" 4649" 41;9''$889'^" 98)6:9" :1)$3(93(E:" 3$:" 98)6:9" 1F%'1;9P" :$" 8$" ;`" +$492W9P" :$" %614$" (F9)(:9'" 3$F$" %9;9'^>"f$492W9" :$" *9" %9;94$" %1'$"%9;9'^>"D$"1a(;+1"6:9"F9:1'9"389'9"41"(:I +1'93+69'"3$:"188$;>"@8"$7Q1+(2$"%9'9":$;$+'$;"1;" HQFRQWUDU XQ PRGR TXH IDFLOLWH WUDEDMDU MXQWRV \ TXH QRV SDJXHQ 1R SXHGH UHDOL]DUVH XQ SURI &13+$" ;(" :94(1" ;1" %6141" )9:9'" 89" 2(49>" 0$7'1I WRGR SRUTXH OD PD\RUtD GH ORV LQGLYLGXRV HQ HO )'6%$"2(21:"1:"89"%'139'(1494" 41"6:9"F9:1'9" 6" $+'9P" $" :$" ;$:" 418" V1(:$" <:(4$P" $" 1;+^:" 1:" %'$)'9F9;" 41" (:;1'3(E:" 897$'98P" 1+3>" D61;+'9;" %$;(7(8(4941;" 41" %9;9'" +(1F%$" Q6:+$;" ;$:" F6&"
!"#$%&'(#)*J*M)"")*N$)F)< OLPLWDGDV SRU OD FDQWLGDG GH WUDEDMR TXH WHQHI PRV TXH KDFHU 6L QR HQFRQWUDPRV RWUD PDQHUD GH YLYLU DTXt DFDEDUHPRV WUDEDMDQGR FRQ HVWDV LQVWLWXFLRQHV VLPSOHPHQWH SRUTXH QRV SDJDQ @;363*9'"9"R$')1"V(798+9"1:"YQ678Q9:9P"*9789:I 4$" 41" F9:1'9" F6&" )8$'($;9P" +'(6:]98(;+9P" 418" =[#d["3$F$"%'$&13+$P"F1"(F%'1;($:E"F63*$" SRUTXH \R QR SRGUtD WUDEDMDU HQ XQD LQVWLWXFLyQ 368+6'98" &" ;1:+('F1" +9:" ;1)6'9" 41" F(" %'$&13+$" %$8W+(3$>" r6(U^;" 1'9" %$'" 89" :9+6'981U9" 418" %'$I \HFWR TXH UHDOL]y HQ HO 0$&%$ \ SRUTXH WXYLHI '$:"18"%1'F(;$"&"89"8(71'+94"46'9:+1"6:"+(1F%$P" %1'$"%9'9"FW"1;"6:"%6'$"1:'14$>"D6:39"%$4'W9" ;$;+1:1'"6:9":9''9+(29"*1'$(39"%$'"18"*13*$"41" +'979Q9'"41:+'$"418"F9'3$"(:;+(+63($:98>"59'131" TXH FRQVLJXLHURQ UHDOL]DU FRVDV TXH DTXt QR VHUtDQ SRVLEOHV FXDQGR OR PLUDV SLHQVDV TXH 1;+$":6:39"%$4'W9"%9;9'"1:"1;+1"%9W;>"0$7'1+$I GR SRUTXH ORV PRYLPLHQWRV VRFLDOHV QR H[LVWHQ HQ ,QJODWHUUD GH OD PLVPD PDQHUD TXH SDUHFHQ +1:1'"86)9'"988WP":$"1;+9F$;"1:"89"F(;F9"%$;(I 3(E:>"51'$"+9F%$3$"1:361:+'$"1;1"+(%$"41"+'9I 79Q$"*1'$(3$>
=)>* @* B.2* %0(905$.* &* &2$0%1.%0(* 9%.705$.(* &%$?($15.(* 3125",&/.(* 5.2* ,&* 5.'"21/&/I* 0,* 5&91$&,* (1'8 #6,15.*%0(",$&2$0*/0*0(.(*9%.7058 $.(* &* '02"/.* (0* 5.2310%$0* 02* 5&91$&,* '&$0%1&,I* 02* "2&* 9,"(3&,?&* F"0*%0310%$0*$&'#1J2*02*#020-151.* /0,* &%$1($&)* Ac"J* 9&(&* 5.2* 0($0* 5&91$&,*02*%0,&5162*5.2*,&(*5.'"8 21/&/0(D* !12* /"/&* 0($0* $19.* /0* $%&#&;.(* &5$131($&(* 0M140* "2&* %08 -,0M162*5"&2/.*(0*%0&,1:&2*/02$%.* /0,*'&%5.*12($1$"51.2&,)
R>S"/"@a(;+1"18"71:1](3($"F9+1'(98"%9'9"18"9'+(;+9P" \ H[LVWH RWUR DVSHFWR PXFKR PiV FtQLFR DTXt HQ /RQGUHV \ VXSRQJR TXH HQ (VSDxD WDPELp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n$"(:+1:+$":$F7'9'"9"+$4$;"8$;"%9'+(3(%9:+1;"1:" HO SUR\HFWR DGHPiV GHO DUWLVWD SDUD TXH QR VHD HO SUR\HFWR GH WDO DUWLVWD VLQR GH WRGRV ORV TXH KDQ WUDEDMDGR DXQTXH HOOR VXSRQJD XQD IXHQWH GH PLFUR OXFKDV SRU HO KHFKR GH GHFLU TXH HVWH +'979Q$":$"1;";$89F1:+1"41"+98"9'+(;+9>"C:386;$"9" 1;+1":(218"+9:"7^;(3$P"89;"(:;+(+63($:1;"368+6'9I 81;":$";971:"+'9+9'8$PvY9"'9UE:"%$'"89"3698"18" 9'+1"3$F6:(+9'($";1"*9"81)(+(F94$"1:"S'9:"d'1I
)$#%OBO1,0I#'4)(O6%O'6%"#'6)6*OPQ*J
,Nw
WDxD HV SRUTXH VH KD UHDOL]DGR EDMR HO QRPEUH GH XQ DUWLVWD 6L GLFHV TXH HV XQ SUR\HFWR GH -HUHP\ 'HOOHU DXQTXH KD\DQ SDUWLFLSDGR F(1F7'$;" 41" 6:" 3$'$" 41" 3$F6:(494P" %61;" 1;" XQ SUR\HFWR SHUR VL DILUPDV TXH HV XQ SUR\HFWR 4$:41"R1'1F&"T1881'"1;"6:":$F7'1"1:+'1"$+'$;" ,-P" ;1'W9" (''13$:$3(781" 1:" 18" F6:4$" 418" 9'+1P" 1;+9'W9"F98"2(;+$>"@;"F6&"(:+1'1;9:+1"21'"18"41I VDUUROOR SRUTXH FRQR]FR FyPR KD RFXUULGR HQ HO SDVDGR /DV SHUVRQDV TXH SDUWLFLSDURQ HQ OD F$2(49"418"9'+1"3$F6:(+9'($"76;3979:"41;41"18" %'(:3(%($"89"81)(+(F(494"%$'"18"*13*$"41"1:3$:I +'9';1"1a+'1F949F1:+1"F9')(:949;>"5$'"1Q1FI SOR PXFKDV SHUVRQDV TXH DKRUD WUDEDMDQ HQ OD HGXFDFLyQ HQ ORV FHQWURV GH DUWH XQ URO TXH *9" 12$863($:94$" )'93(9;" 98" 9'+1" 3$F6:(+9'($B" 21:W9:"41"8$;"3$813+(2$;"41"F6Q1'1;>"D$"+1:W9:" 1;%93($;"%9'9"+'979Q9'>"C:21:+9'$:"1;+9"%'^3+(39" 3$F$"]$'F9"41";$7'12(2('P"3$F$"F9:1'9"41"81I )(+(F9';1P"41"%'$463('"89"863*9"9:+(I3$8$:(98(;+9" 1:"8$;"86)9'1;"4$:41";1"%$4W9"3'(+(39'"18"3$8$I :(98(;F$"41"]$'F9"F6&"93+(29P"%$'"1Q1F%8$"1:"18" F6;1$>"51'$"1:"3(1'+$"F$F1:+$P"89;"(:;+(+63($I QHV VH FRQYLUWLHURQ HQ HO ~QLFR OXJDU GH OD OXFKD %$8W+(39>"o36''1"8$"F(;F$"3$:"89"%$;(3(E:"(41:+(I +9'(9>"["%9'+('"41"1;1"F$F1:+$"1;"F6&"]^3(8"1:I +'9'"1:"89"8E)(39"(:;+(+63($:98g":$;"*9:"931%+94$P" 1;+$;";$:"8$;"+`'F(:$;"41"89"931%+93(E:P"1+3>"n" 861)$"1889;"1F%(1U9:"9"1:39':9'P"9"%1']$'F9'P" 1;+$;"F139:(;F$;"41"'1)6893(E:>"@;"6:9";(+69I FLyQ TXH SURFHGH GH XQDV PXMHUHV SDUWLFXODUHV TXH IRUPDURQ SDUWH GH ODV OXFKDV IHPLQLVWDV UDI GLFDOHV GH ORV VHWHQWD \ TXH DKRUD WUDEDMDQ HQ 89;"(:;+(+63($:1;"368+6'981;>"f(1:1:"6:9"*(;+$'(9" TXH UHVXOWD PX\ VXVFHSWLEOH SRUTXH ODV IRUPDV 41"2(;(7(8(494"&"81)(+(F(494"1'9:"6:9"%9'+1"F6&" (F%$'+9:+1" 41" ;6;" 863*9;>" n" %$'" ;6%61;+$P" 98" :1$8(71'98(;F$"81"1:39:+9"89"2(;(7(8(494"&"89"81)(I +(F(494"3$F$"'13$F%1:;9"%$'"+6"%9'+(3(%93(E:" HQ HO PHUFDGR R HQ VXV DJHQGDV R OR TXH VHD @;" ]^3(8" 49'81;" 2(;(7(8(494" &" 861)$" 39%(+98(U9'89>" 01"*9"3$:21'+(4$"1:"6:9"4(]1'1:3(9")1:1'93($I QDO TXH WDPSRFR VH DUWLFXOD PX\ D PHQXGR $ 2131;" ;1" %6141" *9789'" 41" 1889" %1'$" 1;" 4(]W3(8" SRUTXH HV OD PLVPD JHQWH TXH WH DEUH ODV SXHUI WDV TXLHQHV H[SUHVDQ HVWD OyJLFD GH PHUFDGR \ D OD YH] TXLHUHQ H[SRQHU HQ HO PXVHR HO WUDI EDMR GH TXLHQHV WUDEDMDQ FRQ OD FRPXQLGDG 2 TXLHUHQ TXH KD\D PiV SUR\HFWRV FRPXQLWDULRV DXQTXH VH UHDOLFHQ EDMR FLUFXQVWDQFLDV QHROLEHI '98(U949;" $" ;1" 3$$%+1:" %$'" 3$F%81+$>" 01" 3'11" TXH SDVH OR TXH SDVH GLFKRV SUR\HFWRV VRQ
!"#$%&'(#)*J*M)"")*N$)F)< 3$''13+$;>"@a(;+1:"89;"]61'U9;"81)(+(F94$'9;"%$'" 9F7$;" 894$;>" @;+^" 18" 894$" 41" 8$;" lF98$;mP" 8$;" TXH XWLOL]DQ GH PDQHUD H[SOtFLWD HVWDV SUiFWLFDV 3$:" 18" %'$%E;(+$" 41" 1:)9A9'" $" 3$:21:31'" 9" 89" JHQWH TXH HO QHROLEHUDOLVPR HV XQD EXHQD LGHD 3RU RWUR ODGR HVWiQ ORV SUHGHFHVRUHV TXH SURI GXFtDQ OD FUtWLFD HQ ORV VHWHQWD \ TXH WDPELpQ *9:"+1'F(:94$"%9'+(3(%9:4$"1:"1;$;"%'$31;$;>
=)>* @* E&(* '0251.2&/.* &,* 4%"9.* B&%%.$*W.%T0%(*7*,.(*3&%1.(*/1(9.8 (1$13.(* F"0* C&#J1(* /0(&%%.,,&/.* &* $%&3J(*/0*,&(*-.$.82.30,&(I*,&(*028 $%031($&(I* ,.(* /1&4%&'&(* 31("&,0()* A+"0/0(* C&#,&%2.(* /0,* $%&#&;.* /0* B&%%.$* W.%T0%(* 02* $J%'12.(* /0* %09%0(02$&5162* 31("&,* 7* ,&* 9.8 (1#1,1/&/*/0*4020%&%*"2*1'&412&%1.* 02$.%2.*&,*,,&'&/.*5.421$&%1&/.D
- * &UHR TXH XQD SDUWH GH QXHVWUD DFWLYLGDG WLHQH TXH YHU FRQ OD SURGXFFLyQ GH XQ LPDJLQDI '($>" 5614$" *9789'" 41" 8$;" $+'$;" 4(;%$;(+(2$;" 1:" WpUPLQRV PiV HVSHFtILFRV 7RGRV WLHQHQ TXH YHU 3$:"8$;"181F1:+$;"38^;(3$;"41"89"%149)$)W9"3'WI WLFD TXH WLHQH TXH YHU FRQ OD SURGXFFLyQ GH XQ REMHWR H[WHUQDOL]DGR FRQ OD FRQGLFLyQ GH TXH OD )1:+1"%6149"21'"$"1;363*9'"&"861)$"3$F1:+9'" HO REMHWR TXH HVWLPXOD
=)>* @* AP* F"J* $0* %0-10%0(* 5"&2/.* C&#,&(*/0*90/&4.4?&*5%?$15&D
R>S"/"@;+$&"*9789:4$"41"89;"%'^3+(39;"41"?596I 8$B" i'1('1" $" 41" 89" (:21;+()93(E:I933(E:" %9'+(3(I %9+(29>" @;" (:+1'1;9:+1" 1;363*9'" 9" %1';$:9;" 41" 4(]1'1:+1;" %9'+1;" 418" F6:4$" *9789'" 41" ;6;" SUiFWLFDV SHGDJyJLFDV FUtWLFDV TXH VLHPSUH SDI '131:" (:386('" 1;+1" 3$F%$:1:+1" 41" ;W:+1;(;P" 41" 6:"F$F1:+$"369:4$";1"%'$4631"6:9"(F9)1:"$" 6:";$:(4$P"6:9"1:+(494"3$:3'1+9"&"1a+1':98(U9I GD TXH OD JHQWH XWLOL]D SDUD DJUXSDUVH \ SDUD 41;F9:+189'" $" 9:98(U9'" 89" 3$:4(3(E:>" #(1'+9I F1:+1"89"*1''9F(1:+9"418"%*$+$I'$F9:31"?]$+$I QRYHOD SUHWHQGH SURGXFLU DOJR GLYHUWLGR TXH SXHGD FLUFXODU \ TXH SXHGD DFWXDU FRPR YHKtI 368$"%9'9"6:"(F9)(:9'($P"&"1;+(F689'"9"89")1:+1" 9" *9789'" 41" 89;" 3$:4(3($:1;" 418" +'979Q$>" 51'$" ;$7'1+$4$";6"]6:3(E:"*9";(4$"89"41"6:('"18")'6I %$" %9'9" *9789'" 41" 4(3*9;" 3$:4(3($:1;" &" 861)$" '1%'1;1:+9'89;"&"1a9F(:9'"1;+9"'1%'1;1:+93(E:>" @;+1" F$F1:+$" 41" '6%+6'9P" F('^:4$+1" 9" +(" F(;I F9P"'1%'1;1:+^:4$+1"9"+("F(;F9P"$"2(1:4$"9"+6" DPLJR UHSUHVHQWDUVH SRVHH XQ HOHPHQWR TXH '1;68+9"(:3'1W781F1:+1")1:1'9+(2$"3$:"'1;%13+$" 9":61;+'$"%'$%($"9:^8(;(;>"T1"1;+1"F$4$P"89"]$+$I QRYHOD VH SURGXFH D SDUWLU GH XQ SURFHVR TXH D 2131;" 6+(8(U9F$;" 1:" 8$;" +9881'1;" 1:" 8$;" 36981;" SHGLPRV TXH OD JHQWH FXHQWH DQpFGRWDV GH PRI F1:+$;" 3$:3'1+$;" 1:" ;6" +'979Q$" 41" %'^3+(39;P" SRU HMHPSOR VREUH DTXHOOR TXH HQFRQWUDURQ SUREOHPiWLFR R DTXHOOR TXH IXQFLRQy ELHQ ,QI +1:+9F$;"(41:+(](39'"1;+$;"F$F1:+$;"9(;894$;"&"
)$#%OBO1,0I#'4)(O6%O'6%"#'6)6*OPQ*J
,NO
3$:;+'6(F$;"6:9"1;31:9"9"%9'+('"41"89"1a%1'(1:I FLD TXH IRUPD OD IRWR QRYHOD /RV GUDPDWL]DPRV 41" F9:1'9" 1a9)1'949>" @81)(F$;" 1;+1" ]$'F9+$" SRUTXH QRV HQFDQWy FRPR DPSOLILFD HVWRV PRI F1:+$;" F(3'$%$8W+(3$;P" 1;" 413('P" 1;" 6:9" ]$'F9" 41" 1a9)1'9'8$>" 01" %6141" 4(;]'6+9'" F63*$" &" 9" 89" 21U" 3$:31:+'9';1" 1:" 1;+$;" F$F1:+$;>" 5$'" HMHPSOR ¢TXp SDVD FXDQGR SLGHV GLQHUR HQ HO FRQWH[WR GH XQ WUDEDMR HQ SUiFWLFDV" SXHV TXH HO MHIH PLUD SRU OD YHQWDQD R KDFH DOJ~Q FRPHQI +9'($" 7'6;3$>" qr6`" )'94$" 41" *6F(8893(E:" ;(1:I WHV HQ DTXHO PRPHQWR" 3RU WDQWR WLHQH XQD 4(F1:;(E:"+1'9%`6+(39P"6:9"4(F1:;(E:"'1]81a(29" $"(:386;$"%6141"$]'131'"6:"F$F1:+$"41"'13$I :$3(F(1:+$"&"1;"4(21'+(4$"21'"1;+$;"%1';$:9Q1;" TXH VH GLEXMDQ D WUDYpV GHO SURFHVR 7RGDYtD QRV TXHGD EDVWDQWH WUDEDMR EiVLFR DQI +1;" 41" %$41'" 4(;+'(76('" 1;+1" F9+1'(98P" 9:+1;" 41" UHFLELU D PXFKDV SHUVRQDV TXH TXLHUDQ SDUWLFLI %9'>"T1"F$F1:+$";$F$;"6:9;"w-"%1';$:9;"&"1;" HO Q~PHUR Pi[LPR TXH SRGHPRV DFRJHU 7HQHI PRV TXH FRQVWUXLU XQ SRFR PiV GH LQIUDHVWUXFI +6'9"&"F1Q$'9'"18"%'$31;$"$')9:(U9+(2$"%9'9"%$I GHU VHJXLU \ KDFHU TXH OD IRWR QRYHOD IXQFLRQH Y$;"F9%9;"]6:3($:9:"41"F9:1'9"%9'13(49P";$:" PDSDV SHUVRQDOHV TXH WUDWDQ GH FyPR WH YHV 1:"18"]6+6'$P"41"+6;"1a%13+9+(29;P"41"+6";(+693(E:" 1:" '1893(E:" 3$:" 4(3*9;" 1a%13+9+(29;>" @;" F6&" %9'13(4$"98"8(]1"3$93*(:)"?9;1;$'9F(1:+$"%1';$I :98BP" %1'$" 369:4$" ;1" 3$:+1F%89:" 1:" )'6%$" ;1" %6141"1F%1U9'"9"*931'"6:"9:^8(;(;"418"41;1$>" @:" 8$;" +9881'1;" 8$;" %9'+(3(%9:+1;" ;1" 4(2(41:" 1:" %9'1Q9;"&"6:$"41"8$;"#9''$+"b$'c1';"3$:4631"9" $+'9"%1';$:9"1:"18"%'$31;$>"=9:+(1:1:"3$:21'I ;93($:1;"F6&"(:+1'1;9:+1;"&"861)$";1"1a%$:1:" 8$;"F9%9;"1:"89"%9'14"&"1F%(1U9:"9"4179+('";$I EUH OR TXH GHFLPRV OR TXH GHVHDPRV \ OR TXH *931F$;"1:"89"'198(494P"*9;+9"3$:;1)6('"*931'" 6:"9:^8(;(;"3$813+(2$>"@;+$;"F9%9;"+9F%$3$";1" SXEOLFDQ HQ QLQJ~Q VLWLR 1R FLUFXODQ IRUPDQ %9'+1"418"%'$31;$"41"$')9:(U93(E:"3$:"89")1:+1>" Y$"F(;F$";63141"3$:"89;"1:+'12(;+9;>"01";67(1I URQ D <RX7XEH SDUD TXH SXGLpVHPRV XWLOL]DUODV SDUD XQD ~QLFD SUHVHQWDFLyQ TXH RUJDQL]DPRV %1'$"1:")1:1'98":$"89;"1a%$:1F$;>"i61"89"%'(I PHUD YH] TXH VH KLFLHURQ S~EOLFDV
!"#$%&'(#)*J*M)"")*N$)F)< =)>* @* PC.%&* '1('.* AF"J* 0($<(* C&5102/.D
R>S"/q#$:"89;"#9''$+"b$'c1';s
=)>*@*!?I*7*5.2*=15%.9.,1$15()
R>S" /" @:" =(3'$%$8(+(3;" +$F9F$;" 6:" 41;39:;$" SDUD KDEODU GH OR TXH QHFHVLWDPRV KDFHU SUy[LI F9F1:+1"&"21'"36^81;";$:"89;"4(]1'1:3(9;"1:+'1" =(3'$%$8(+(3;"&"#9''$+"b$'c1';>"@:"#9''$+"b$'I c1';" +1:1F$;" '16:($:1;" 1:" 1:1'$P" '16:($:1;" S~EOLFDV SRUTXH KD\ PXFKDV SHUVRQDV WUDEDI Q9:4$" 3$:" 3$:+'9+$;" 1:" %'^3+(39;" 1:" Y$:4'1;" TXH TXLHUHQ SDUWLFLSDU SRU WDQWR EXVFDPRV XQD F9:1'9"41"97'('"18"%'$&13+$"%9'9"%$41'"(:386('I 81;>"@8")'6%$"1;+^"97(1'+$"1:"+1$'W9"%1'$"369:+9" PiV JHQWH DFXGD WHQGUHPRV TXH HQFRQWUDU XQ F$4$" 8$)W;+(3$" 41" $%1'9'" 3$:" 188$;>" [41F^;" %'$463(F$;" 6:9" )6W9" ;$7'1" 8$;" (:+1':;*(%;" FRQWUDWRV HQ SUiFWLFDV TXH HVSHUDPRV SXEOLI FDU HQ SULPDYHUD \ TXH LQFOX\H ODV IRWR QRYHODV @;" 3$F$" 6:9" )6W9" 41" ;6%1'2(21:3(9" %9'9" 8$;" (:+1':;*(%;" 1:" 18" ;13+$'" 368+6'98P" %1'$" +9F7(`:" SODQWHD XQD QDUUDWLYD HQ WDQWR TXH HVWRV FRQI +'9+$;" 1:" 18" ;13+$'" 368+6'98" :$" ;$:" 6:9" 761:9" (419>" Y9" 6+(8(U9'1F$;" 3$F$" 6:9" *1''9F(1:+9" %9'9"$')9:(U9'>" f1:1F$;"369+'$")'6%$;"41"+'979Q$/"6:$"+'979Q9" ;$7'1" 8$;" 41'13*$;" ?&9" 3$:$31F$;" 89;" 8(F(+9I 3($:1;" 41" 8$;" 41'13*$;Bg" $+'$" ;$7'1" 89" 13$:$I FW9" 98+1':9+(29" &" 8$;" 1;%93($;" 98+1':9+(2$;" 41" SURGXFFLyQ VREUHWRGR DTXt HQ /RQGUHV RWUR 1;+^"+'979Q9:4$"1:"6:9"%^)(:9"L17"%9'9":$FI 7'9'"&"936;9'"9"8$;"1a%8$+94$'1;P"&"9"+'92`;"41" 89"3698"8$;"7139'($;"%6141:"*9789'"41";6;"3$:I 4(3($:1;"41"+'979Q$"&"129869'"9"8$;"4(;+(:+$;"1FI %'1;9'($;" 1:" 89" 3(6494P" (:386;$" 9" 8$;" 1;%93($;" 98+1':9+(2$;>" [;W" %$4'1F$;" 3'19'" 6:" F9%9" 41" 89"%'$4633(E:"368+6'98"1:"89"3(6494"31:+'94$"1:" OD H[SORWDFLyQ HQ TXLpQ SURGXFH \ TXp SURGXI 31P"&"1:"89;"%'^3+(39;"%'$781F^+(39;>"@8"369'+$" HV XQ JUXSR GH LQYHVWLJDFLyQ SRUTXH VDEHPRV TXH ORV TXH VXHOHQ UHDOL]DU LQYHVWLJDFLRQHV VRI 7'1" 18" ;13+$'" 41" 89;" (:46;+'(9;" 3'19+(29;" 1;+^:" '1F6:1'94$;"%$'"18"1;+94$P"%$'"+9:+$"F(1:+1:" 89"F9&$'"%9'+1"418"+(1F%$"$"%89:+19:"89;"361;I +($:1;" 41" 6:9" F9:1'9" +1:41:3($;9>" 5$'" 188$P" TXHUHPRV SURGXFLU FRQ OD PDQR GH REUD JUDWLV GH ORV HVWXGLDQWHV GH ODV XQLYHUVLGDGHV TXH D PHQXGR SURGXFHQ ORV SUR\HFWRV VLQ QLQJ~Q SURI %E;(+$I"%9'9"97$'49'"6:"+'979Q$"3$813+(2$"931'39" 41";6;"%'$%(9;"3$:4(3($:1;"&";6;";98(49;"98";13I +$'>"j59'131"+'979Q$";6](3(1:+1"%9'9"8$;"%'Ea(F$;" 9A$;k
)$#%OBO1,0I#'4)(O6%O'6%"#'6)6*OPQ*J
,NJ
=)>* @* B.2* 0($0* '&9&* '15%.9.,?8 $15.I* ,.(* 9%.705$.(* 7* ,.(* 4%"9.(I* A$02J1(* 9,&20(* 9&%&* 12$0%3021%* 02* ,&*'&5%.9.,?$15&*5.2*0,*.#;0$13.*/0* 5&'#1&%*,&*,07D
- * (O JUXSR TXH WUDWD FRQ ORV GHUHFKRV QRV *1F$;" '16:(4$" 3$:" 98)6:$;" ;(:4(39+$;>" D$" H[LVWH QLQJ~Q PDUFR OHJDO WLHQHQ XQ FRQMXQWR 41"%$8W+(39;>"D$"$7;+9:+1P"89";1F9:9"%9;949";1" )9:E"6:"39;$"41"1a%8$+93(E:"41"6:"(:+1':;*(%P" XQ FDVR TXH WHQGUi HIHFWR VREUH HO GLVFXUVR @;3'(7(F$;"39'+9;";$7'1"89;"4(;+(:+9;"%$8W+(39;"&" ;1"*9:"%678(394$"1:"89"%'1:;9"&"*9:"3('36894$>" /DV FDUWDV WUDWDQ ODV OH\HV TXH HV HO ODGR PiV PRGHUDGR DXQTXH HQ HO IRQGR QR HV HO WUDEDI MR PiV LPSRUWDQWH OR PiV LPSRUWDQWH HV TXH QR TXHUHPRV GH QLQJXQD PDQHUD TXH OD JHQI +1"+'979Q1"1:"1;+1";13+$'";(:"'1F6:1'93(E:>"@;" 6:9"361;+(E:"]6:49F1:+98"%9'9"8$;"QE21:1;"3$:" TXLHQHV KDEODPRV VREUH HO LQWHUQVKLS (OORV GLI FHQ TXH VH HQFXHQWUDQ REOLJDGRV D UHDOL]DU RFKR LQWHUQVKLSV \ VDEHQ TXH YDQ D VHU H[SORWDGRV HV GHFLU HVWi FODUR TXH QR KDFH IDOWD IRPHQWDU OD FRQFLHQFLD FUtWLFD HQ HVWH FDPSR TXHUHPRV 6:9" ;98(49" 98+1':9+(29>" qr6`" ;1" %6141" *931's" 4XLHUHQ TXH QRVRWURV GHPRV UHSXHVWDV (V 18" F$F1:+$" %9'9" 1F%1U9'" 9" $')9:(U9':$;" 41" $+'9"F9:1'9>"5$'"9*$'9";1"*9"97(1'+$"6:"]'1:I WH TXH WUDEDMD VREUH ORV GHUHFKRV \ RWUR IUHQWH TXH TXLHUH XWLOL]DU OD VLWXDFLyQ FRPR EDVH SDUD $')9:(U9'vn":$"1;":949"]^3(8>
=)>*@*AB6'.*(0*,.4%&*125,"1%*.$%&(* 9&%$0(* /0,* (05$.%* 9&%&* 5.2(04"1%* "2&*510%$&*9%0(162D
- * < WDPELpQ ¢FyPR OR SODQWHDV SDUD TXH :$" ;19" ;E8$" 6:9" '1(2(:4(393(E:" 41" 8$;" 41'1I FKRV SDUD OD FODVH ³FUHDWLYD´" 3RU TXH D ILQ GH FXHQWDV VDEHPRV HQ TXp DFDEDUi WRGR HVWR FREUDUHPRV PiV \ TXL]iV PHMRUDUiQ QXHVWUDV 3$:4(3($:1;" 41" +'979Q$P" F(1:+'9;" 8$;" 1]13+$;" ;136:49'($;" %'$463(4$;" %$'" 89;" (:46;+'(9;" 368I +6'981;"I3$F$"89")1:+'(](393(E:P"89"146393(E:"1:" 89;"U$:9;"6'79:9;"%$7'1;P"1+3>I";1)6('^:"()698>" Y$"(F%$'+9:+1"1;"%1:;9'"1:"3EF$"%$41F$;"*9I FHUOR SDUD TXH OD FUtWLFD GH QXHVWUD FRQGLFLyQ +'9:;3(1:49" :61;+'9" 3$:4(3(E:" &" 881)61" 9" 8$;" $+'$;"39F%$;>"
=)>*@*AB"&,*0(*,&*%0-0%0251&*$06%18 5&*9%12519&,*F"0*"$1,1:<1(*02*3"0(8 $%.*$%&#&;.D
R>S" /"[" :(218" %'^3+(3$P" 6+(8(U9F$;" 8$;" +1a+$;" 41" [:)189"=3V$77(1>"@:"18"9;%13+$"F(3'$%$8W+(3$" &" 89" :131;(494" 41" 89" +'9:;21';98(494" F('9F$;" 9" S69++9'(" &" 81WF$;" F63*$" ;$7'1" 89" 38W:(39" Y9" d$'41"?1:"i'9:3(9B"&"18"41;9''$88$"41";6;"%'^3+(I 39;>"#69:4$"%1:;9F$;"931'39"41"89"1a386;(E:" 418"9'+(;+9P")'93(9;"9"1;+9;"'1]1'1:3(9;"+1E'(39;" VDEHPRV TXH HO DUWLVWD QR GHEHUtD YLYLU HQ XQD EXUEXMD KHUPpWLFD \ TXH OD SURGXFFLyQ GHO DUI
!"#$%&'(#)*J*M)"")*N$)F)< +(;+9"3$F$"1:+(494"4(;$3(9+(29"&"4(;$3(949"'1;68I +9"%'$781F^+(39>"f9F7(`:"811F$;"9"0618&"V$8:(c" &" 9" i'9:3$" d1'9'4(" ?d(]$BP" 9" d'(9:" e$8F1;Pv> 7RGDV ODV SHUVRQDV TXH KHPRV LQYLWDGR VRQ :61;+'9;" '1]1'1:3(9;" +1E'(39;>" 51';$:98F1:+1P" 81$"F63*$";$7'1"89"*(;+$'(9"41"89"146393(E:"2$I 393($:98P" ;$7'1" 18" 9%'1:41'" *93(1:4$P" &" 3EF$" 1;+9;"*(;+$'(9;"*9:";(4$"(:;+'6F1:+98(U949;"%$'" 4(;+(:+9;"]61'U9;"1:"4(;+(:+$;"F$F1:+$;>"@8"%9'I +(4$" 3$F6:(;+9" +1:W9" 6:9" ]$'F9" 41" 146393(E:" '94(398" 41+1'F(:949P" 41" 9%'1:41'" *93(1:4$Pv" 8$;" 8(71'+9'($;" +1:W9:" $+'9;" (419;Pv" 8$;" ;(:4(I 398(;+9;Pv" #EF$" i`8(a" S69++9'(" &" 89" %1';$:9" TXH OH IRUPy &pOHVWLQ )UHLQHW R )HUQDQG 2XU\ FRQFHSWXDOL]DURQ 3RUTXH OD IRUPDFLyQ SROtWLFD 41"S69++9'("12$863($:E"1:+'1"89"1;36189"&"18"+'9I 79Q$P" ;6" ]$'F93(E:" 2(21:3(98" &" +$49;" ;6;" (419;" ;1" 79;979:" 1:" 89" (419" 41" 9%'1:41'" *93(1:4$>" 59'9"FW"1;"F6&"(F%$'+9:+1";1)6('"89"*(;+$'(9"41" 89" 146393(E:" 2$393($:98P" ;6" F9'3$" +1F%$'98" &" +$49;"89;"+1$'W9;"146393($:981;"&"%$8W+(39;"41"89" HGXFDFLyQ TXH VH KDQ XWLOL]DGR SDUD HQPDUFDU HVWD LGHD GH« 3RUTXH ORV QHROLEHUDOHV VLHPSUH DILUPDQ TXH HO LQWHUQVKLS RIUHFH XQD H[SHULHQI FLD TXH QR VH SXHGH FRQVHJXLU HQ RWUR VLWLR R GH RWUD PDQHUD TXH QR VHD PHGLDQWH HO DSUHQI 41'"*93(1:4$P"89"]$'F93(E:"%'^3+(39>"[8"(:+1:+9'" (:+'$463('" 1:" 18" 4179+1" 89;" 4(21';9;" *(;+$'(9;P" ;$7'1+$4$"89;"21';($:1;"'94(3981;"418"9%'1:41'" *93(1:4$P" 1:+$:31;" ;1" %6141" '1;%$:41'" l7(1:" 1;"(F%$'+9:+1"9%'1:41'"*93(1:4$P"j%1'$":$"9;Wkm>" D$;"*9"(:+1'1;94$"F63*$"18"F$418$";$7'1"8$;" LQWHUQVKLSV TXH VH LQLFLDURQ HQ ORV (VWDGRV 8QLI 4$;"9"%9'+('"41"6:"F$418$"889F94$"f*1"51$%81" 5(%18(:1" ?Y9" +671'W9" 41" 89" )1:+1BP" 41;9''$8894$" %$'"6:"(:)1:(1'$"1:"18";()8$"KCK>"06"+1$'W9"418" (:+1':;*(%";(+6979"98"1;+64(9:+1"%$'"6:"894$P"%$'" $+'$" 18" 86)9'" 41" +'979Q$" &" 18" (:+1':;*(%" 1;+979" HQ PHGLR &RPR VL IXHVH XQD WXEHUtD TXH FRQI 4631"9"89;"%1';$:9;"*93W9"89"%'$4633(E:"&"89;" 3$:2(1'+1"1:"6:9"]61'U9"%'$463+(29>"@;+1"1;"6:" F$F1:+$" F6&" (F%$'+9:+1" &" 8$" 41;F9:+189F$;" 3$:;+9:+1F1:+1" 3$F$" F9'3$" +1E'(3$" 7^;(3$" 418"(:+1':;*(%P"79;94$"1:"6:"F9'3$"F(+$8E)(3$P" &" 41;*931F$;" 3949" 181F1:+$>" 5$'" 1Q1F%8$P" q36^8"1;"89"3$F%$;(3(E:"418"1;+64(9:+1"9*$'9s" q36^8" 1;" 89" 3$F%$;(3(E:" 418" (:+1':;*(%s" q36^8" 1;" 89" 3$F%$;(3(E:" 418" +'979Q$s" T1" 1;+1" F$4$P" 89" t+671'W9u" 1F%(1U9" 9" ]'9)F1:+9';1P" :(:)6:9" 41" 1;+9;" 6:(4941;" (:+1)'949;" 1a(;+1" 1:" '19I 8(494>" @;+9;" *(;+$'(9;" &" +1$'W9;" *9:" ;(4$" F6&" LQWHUHVDQWHV SDUD Pt SRUTXH UHSUHVHQWDQ SUHI
)$#%OBO1,0I#'4)(O6%O'6%"#'6)6*OPQ*J
,NH
FLVDPHQWH OR TXH HVWDPRV WUDWDQGR 0LHQWUDV S69++9'(P"0618&P"d(]$P"1;+^:"9*WP"%1'$"'198F1:+1" OR TXH H[DPLQDPRV HV OD KLVWRULD GHO LQWHUQVKLS &"418"+'979Q$")'9+(;"&"3EF$";1"*9:"9'+(36894$>
1$2$"$0,+-.34$0,+(0-/-.3$03)-3$0#"$5+.#CD0fCf<fo" T@" CD_@0fCS[#CzD" 5[V[" Y[" @T<#[#CzD" T@Y" [Vf@" ?C[@B" @D" Y[" <DC_@V0Cfn"oi"fe@"[Vf0"T@"\<VC#e/" *++%/MM(91>U*4c>3*M(91M1:)8(;*M%'$Q13+;M)9881'&I14639+($:I(:I+'9:;]$'F9+($:M C"RoVD[T[0"T@"5VoT<##CzD"#<Yf<V[Y"#V{fC#["@D"Y["5Vp#fC#["[Vf{0fC#["n" @T<#[fC_["[#f<[YP"=<0[#"T@"Y@zD/ *++%/MMF6;93>1;M(:41a>%*%s'1]|.-,G-To#<=@Df[".,/ *++%/MMLLL>4$36F1:+9.,>41M no<fe"#o<D#CY"[Vf"S[YY@Vn"oi"oDf[VCo *++%/MMLLL>9)$>:1+M&$6+*3$6:3(8 T@5[Vf[=@Dfo"T@"@T<#[#CzD"T@"Y["0@V5@DfCD@"S[YY@Vn/ *++%/MMLLL>;1'%1:+(:1)9881'&>$')M14639+($:>*+F8 TC[VCo"T@"0<@}o0"CDf@V=Cf@Df@0 *++%/MMLLL>F6;93>1;M(:41a>%*%s'1]|..NO-*++%/MMLLL>2(')(:(92(889%89:9>3$FM *5832 %($9(5 KWWS ZZZ EHDYHUJURXS RUJ 5[ffC"Y[fe@V *++%/MM%1$%81>1*1>$*($I;+9+1>146M%89+*1'M
!"#$%&%'()*#+,-.%/$%+/$0#+/-/ ,-..P"2$8>"N"?Q6:($B ,ORI,SS"%%
!"#$%&'()*+",-../"01'2(3($"41"5678(393($:1;"41"89"<:(21';(494"41"=6'3(9>"=6'3(9"?@;%9A9B" C00D"14(3(E:"(F%'1;9/".GGHIHJHK>"C00D"14(3(E:"L17"?*++%/MM'12(;+9;>6F>1;M9%(B/".HGHIGNO,
@8"T('$" C'(+"U$)$VV"W I$;.?>>%E5".3-"#5)-3/"""A/&BC;-%D"A5>;$5;>%E5"J%53.(""
!"#$%&"'()(**+",(-./0%&1"2(--3)3+"45%63$/%&7"(*"8(5.(59""3:0;%-<"%9$()(**=)(-.9;>9?@ ""A/&BC;-%D"A5>;$5;>%E5+"3/&?.%;5&3".3".(>&($;.(+"45%63$/%.;.".3"F?$>%;9""3:0;%-<"3/G>$(H.3.1(?/3=1(&0;%-9>(0
!"#$%&'###(#""#$%&"'()(**
10#"(/2,,+30 X8+(F9F1:+1" *1F$;" $Y4$" F63*$" ;$7'1" Z18" )('$" 146393($:98" 1:" 18" 9'+1[" 3$F$" $+'$" 41" 8$;"F63*$;"Z)('$;"146393($:981;["\61"9V13+9:"89;"%']3+(39;"368+6'981;"\61":$;"'$419:(>" ^'9;" *971'" %9'+(3(%94$" 1:" 29'($;" 41" 8$;" %'$&13+$;" \61" *9:" ;6')(4$" 41" 1;+1" 9%9'1:+1" Z)('$[P"%9'131"$%$'+6:$"%'1)6:+9'";("1;+1"+_'F(:$")8$798"1;"'198F1:+1"41;3'(%+(2$"41"8$;" (F%68;$;"\61"*9:"%'$%68;94$"1;+9"41;1949"+'9:;(3(E:((> `9;" %'1)6:+9;" \61" 9\6Y" %89:+1$" ;$:P" 1:" %'(F1'" 86)9'P" a\6_" 3$:;+(+6&1" 6:" Z)('$[bP" a1;+9F$;"*9789:4$"41"6:9"Z1;+'9+1)(9"41"813+6'9[P"$"41"6:"F$418$"(:+1'%'1+9+(2$P"3$F$";1" 1:+1:4Y9"18"Z)('$"8(:)cY;+(3$["1:"8$;"9A$;"J-P"3$:";6;"(:4(3($;"41"6:9"1;+'63+6'9";67&931:+1" \61"%6141";1'"81Y49"9"+'92_;"41":6F1'$;9;"%']3+(39;"&"1d%'1;($:1;"368+6'981;b"a@;+9F$;" *9789:4$" 41" 811'" 6:" ;(;+1F9" e" 6:$" %149)E)(3$" e" 9" " +'92_;" 41" $+'$" ;(;+1F9" e" 6:$" 41" 1d%$;(3(E:P" 41" 1d*(7(3(E:" &" 41" F9:(V1;+93(E:" e" %9'9" " \61" ;1" 9%'$d(F1:" 18" 6:$" 98" $+'$" 41"F9:1'9"\61"%6149:"97'(';1"9":6129;"V$'F9;"41";1'b"fP"%$'"18"3$:+'9'($P"a1;+9F$;" *9789:4$""41"6:"F$2(F(1:+$"93+(2$"e"6:"F$2(F(1:+$")1:1'9+(2$"41"36&$"%'$31;$";6')1"6:" :612$"*$'(g$:+1"e"41Q9:4$"9+'];"89"%']3+(39"\61"V61";6"%6:+$"41"%9'+(49b @:" ;1)6:4$" 86)9'P" %9'131" 9%'$%(94$" %'1)6:+9'" a*9;+9" \6_" %6:+$" %6141" 21';1" 89" 3$:;$8(493(E:"41"6:"Z)('$["1:"6:9";1'(1"41"+'$%$;"")1:_'(3$;"$"1;+(8Y;+(3$;P"3$F$"39%9g" 41"'1;$821'"89;"6')1:3(9;"\61"8$"92989'$:"1:"6:"%'(F1'"F$F1:+$b"@:"$+'9;"%9897'9;P"a6:" Z)('$"146393($:98"1:"18"9'+1["+'9+9";$7'1"89"146393(E:P"$";$7'1"18"9'+1P"369:4$";1"4(;36+1:" 8$;"%6:+$;"1:"8$;"\61"18"9'+1":131;(+9";1'"'1$')9:(g949"&"93$F$4949"3$:"6')1:3(9b
" " Ĺ )LJXUD -RKQ 3DOPHVLQR \ $QVHOP )UDQNH !"#$%&!'$%P",--S>"CF9)1:/"=6;1$"i9:"h771
h*$:49'" 1:" 1;+9;" %'1)6:+9;" ;1" *931" F];" 4(VY3(8" 417(4$" 98" )'94$" 41" 9F7()c1494" \61" 93+698F1:+1" 1d(;+1" 1:" +$':$" 9" 8$;" 3$:31%+$;" 41" Z%'$4633(E:" 41" 3$:$3(F(1:+$[P" Z(:21;+()93(E:[P" Z146393(E:[P" Z%'$4633(E:" 97(1'+9[" &" Z%149)$)Y9;" 96+$" )1;+($:949;[P" 369:4$"+$4$;"1;+$;"1:V$\61;"%9'131:"*971'"3$:21')(4$"1:"6:"3$:Q6:+$"41"%9']F1+'$;" \61" $V'131:" 6:9" '1:$2949" V931+9" 41" 89" %'$4633(E:(((>" h6:\61" 4(;%9'1;" 417(4$" 9" ;6" )_:1;(;P"F1+$4$8$)Y9"&"%'$+$3$8$;P";1"%6141"9%'13(9'"3EF$"6:9"3(1'+9"%'$d(F(494"9"89;" Z13$:$FY9;"418"3$:$3(F(1:+$["*9"*13*$"\61"+$4$;"1;+$;"+_'F(:$;"V$'F1:"%9'+1"41"6:" 39F7($"8(71'94$'"41:+'$"418"F6:4$"41"89;"%']3+(39;"9'+Y;+(39;"3$:+1F%$']:19;>
;$&3K7KL(-B&%>;/K.3K%.35&%.;."KMN"#
,OO
5'1$36%949" %$'\61" 1;+9;" (:(3(9+(29;" 1:+'1:" 1:" %18()'$" 41" ;1'" 41;%$Q949;" 41" ;6" YF%1+6"$'()(:98"&"9F1:931:"3$:"3$:;$8(49';1"3$F$"6:"Z1;+(8$["'13$:$3(781P"F1")6;+9'Y9" PHQFLRQDU DO ILQDO GH HVWH GHEDWH OD QRFLyQ GH ³SDUUHVtD´ GH )RXFDXOW ± XQ GLVFXUVR %j78(3$"8(7'1"&"41;39'94$"e"3$F$"6:"F1Q$'"F$418$"9"+'92_;"418"3698"%$4'Y9F$;"1:+1:41'" 6:9"1;%13(1"41"Z)('$"146393($:98["1:"18"9'+1>"
4/2,-,+30 56141"\61";19"F];";1:3(88$"1:+'9'"1:"18"4179+1"931'39"41"89"146393(E:"9"+'92_;"41"4$;" %'$&13+$;"\61P"9"F("%9'131'P"V61'$:"8$;"\61"F1Q$'"'1V81Q9'$:"F("%'$%($"3$F%'$F(;$"3$:"89" Z146393(E:["41:+'$"418"]'19"41"89"1d*(7(3(E:"&"8$;"1:361:+'$;> @8" %'(F1'$" 41" 188$;" V61" 18" %'$&13+$" ()'*+,-" ?,--SB" 1:" 18" F6;1$" i9:" h771" 1:" @(:4*$21:Ci>"59'+1"41"6:9";1'(1"41"1d%$;(3($:1;P"%'$&13+$;"&"121:+$;"\61";1"41;9''$889'$:" 1:"4(;+(:+9;"(:;+(+63($:1;P"1;+9"(:;+9893(E:P"\61"+62$"86)9'"1:"8$;"59Y;1;"k9Q$;P"V61"6:9" 3$897$'93(E:" 1:+'1" ,," %9'+(3(%9:+1;" &" 18" %1';$:98" 418" F6;1$>" @8" %'$&13+$" 1:" +_'F(:$;" )1:1'981;"%89:+1979"89"%'1)6:+9"Za\6_"%$41F$;"9%'1:41'"418"F6;1$b[P"&"9%6:+979"9" 6:9"V$'F9"41"9%'1:4(g9Q1"\61"%6141";63141'"F];"988]"41"8$;"8YF(+1;"41"8$"\61"18"F6;1$" %'1+1:41"F$;+'9'"$"1:;1A9'> D61;+'9"%'1)6:+9"(:(3(98"+'9+979";$7'1";("89"(419"41"6:9"Z93941F(9["?3$F$"18"F$F1:+$" 41" 9%'1:4(g9Q1" 41:+'$" 418" 1;%93($" %'$+1)(4$" 41" 6:9" (:;+(+63(E:" 9394_F(39B" 1'9" 6:9" F1+]V$'9"41"6:"F$F1:+$"41"1;%136893(E:P"41"1d%9:;(E:"&"41"'1V81d(E:";(:"89"41F9:49" 3$:;+9:+1"41"'1;68+94$;"3$F%'$79781;>"0("_;+1"1'9"6:"1;%93($"%9'9"89"1d%1'(F1:+93(E:" &"18"9:]8(;(;P"1:+$:31;"a3EF$"%$4'Y9F$;"1d+'91'"1;+$;"%'(:3(%($;"2(+981;"&"9%8(39'8$;"98" '1;+$"41":61;+'9;"2(49;b"h41F];P"a3EF$"%$4'Y9F$;"9%8(39'8$;"9":61;+'9;"(:;+(+63($:1;b" D93(49;"41"89"3'11:3(9"41"\61"89;"(:;+(+63($:1;"\61"*97(+9F$;"+(1:1:"%$+1:3(98"%9'9";1'" F63*$"F];"41"8$"\61";$:P"1;+9;"%'1)6:+9;";1"361;+($:9:"3EF$"18"F6;1$P"89"6:(21';(494P" 89"1;36189"41"9'+1P"%6141:";6%1'9'";6;"V6:3($:1;"93+6981;>" 5$'";6%61;+$P"881)9F$;"9"1;+9"%'$781F]+(39"1:"18"%'13(;$"F$F1:+$"1:"18"\61"1F%1gE" 9";6')('"6:"4179+1"9398$'94$"'1V1'1:+1"98"h361'4$"41"k$8$:(9"e"89"41:$F(:949"'1V$'F9" 41"89"146393(E:"16'$%19>"@:"21g"41"9:49'"397(g79Q$;"&"89F1:+9':$;"41"89"9+'$3(494"41" 1;+9;"'1V$'F9;P"3$:";6"_:V9;(;"1:"8$;"'1;68+94$;"369:+(V(39781;"&"3$F%9'9781;P"%1:;9F$;" \61"\6(g];";1'Y9"%'$463+(2$"21'";("1;+9"(:1;%1'949"%$8(+(g93(E:"418"4179+1"1:"+$':$"9"89" 146393(E:P"%6141";1'"6:9"$%$'+6:(494"%9'9"21'"3EF$"8$;"%'(:3(%($;"\61"298$'9F$;"1:"18" %'$31;$"14639+(2$";1"%6141:"9%8(39'"9"8$"89')$"41"6:"]F7(+$"F];"9F%8($"41"93+(2(4941;" (:;+(+63($:981;>
" " Ĺ )LJXUD 6XVDQ .HOO\ -DQQD *UDKDP 9DOHULD *UD]LDQR !"+&(,./0'123P",--S>"CF9)1:/"=6;1$"i9:"h771
!"#$%&'###(#""#$%&"'()(** l;+1" %$4'Y9" ;1'" 6:" F$4$" 41" 413('" 9" 8$;" %$8Y+(3$;/" Za<;+141;" %'1+1:41:" %$8(+(g9'" 89" 146393(E:b"m9)]F$;8$"41"21'494>"m9)9F$;"41"188$"6:"%'(:3(%($"41"93+698(g93(E:"\61" '198F1:+1" 881)61" 9" 89;" (:;+(+63($:1;" 368+6'981;" e" :$" %'$463(1:4$" +'979Q94$'1;" %9'9" 18" ;13+$'"368+6'98"%1'V13+9F1:+1"1:+'1:94$;P"1V(3(1:+1;"&"7(1:"(:V$'F94$;P";(:$"%1:;9:4$" 1:"18";13+$'"368+6'98"3$F$"13$:$FY9"41"F1'394$P"1d+'9%$89:4$"8$;"%'(:3(%($;"14639+(2$;" %9'9"\61"$%1'1:"3$F$"V$'F9;"41"93+698(g93(E:[> #69:4$"413(F$;"\61":61;+'9;"(:;+(+63($:1;"%6141:";1'"F63*$"F];"41"8$"\61";$:P" :$" (:;(:69F$;" \61" 4179:" ;1'" F];" )'9:41;P" $" F];" 1V(3(1:+1;P" $" F];" %'$)'1;(29;P" $" F];" 4(21'+(49;" ?96:\61" 3(1'+9F1:+1" 4171'Y9:" ;1'" F];" 4(21'+(49;B>" @:" 39F7($P" 8$" \61" \61'1F$;"1;"\61";6"9839:31";19"F9&$'P"\61"%'$%$'3($:1:"86)9'1;"%9'9"*931'"F63*$" F];"41"8$"\61"Q9F];";1"3'1&1'$:"39%931;"41"*931'>
" " Ĺ )LJXUD (GJDU 6FKPLW] \ /LDP *LOOLFN &7$8+31+*&9+:+'3)"&!220;",--S>"CF9)1:/"=6;1$"i9:"h771
h8" %'1)6:+9'" 8$" \61" %$41F$;" 9%'1:41'" 41" 6:" F6;1$" F];" 988]" 41" 8$;" 8YF(+1;" 41" 8$" \61" _;+1" %'1+1:41" 1:;1A9'P" :$" :$;" 31:+']79F$;" 1:" 89" 3$F%1+1:3(9" 418" F6;1$P" 1:" 8$" \61"%$;11"&"1:"3EF$"8$"1d*(71P"3$:;1'29"1"*(;+$'(9>"D61;+'$"(:+1'_;";1"31:+'979"1:"89;" %$;(7(8(4941;"418"F6;1$"%9'9"97'('"6:"1;%93($"1:"18"\61"89")1:+1"39%+1"(419;"41"F9:1'9" 4(V1'1:+1"e"(419;"41;41"V61'9"41";6;"%'$%(9;"%9'141;>"n1"1;+9"F9:1'9P":61;+'9"(419"41" F6;1$"1'9"89"41"6:"86)9'"%9'9"89"%$;(7(8(494P"%9'9"89"%$+1:3(98(494>" @8"%'$&13+$"()'*+,-"%'1+1:4Y9"1;+(F689'"89;"'1V81d($:1;";$7'1"1;+9"%$+1:3(98(494"1:" 89";$3(1494>"01";(+6979"1:"89"+1:;(E:"1;%13689+(29"1:+'1"8$"\61"6:$":131;(+9";971'"&"9"8$" \61"6:$"9;%('9>"h"F1:64$"89;"93941F(9;";1"31:+'9:"1:"8$"\61"89")1:+1":131;(+9";971'" %9'9" 1F%1g9'" 9" %1:;9'" &" 93+69'P" %1'$" :$;$+'$;" 413(4(F$;" 931'39':$;" 9" 89" 93941F(9" 3$F$"6:"1;%93($"\61")1:1'9"%'(:3(%($;"2(+981;"&"93+(2(4941;"e"93+(2(4941;"&"%'(:3(%($;"\61" +1"%6141;"88129'"3$:+()$"&"\61"%6141:";1'"9%8(394$;"F];"988]"41"89;"%9'141;"418"F6;1$" %9'9"3$:21'+(';1"1:"6:"F$4$"41"9%'1:4(g9Q1"%9'9"+$49"89"2(49>"#$F$"+98P"()'*+,-";1" %'$%6;$"3'19'"6:"3$:+'9%6:+$"9"89"%'$V1;($:98(g93(E:P"+13:$3'9+(g93(E:"&"9"89"%'(29+(g93(E:" 41"89;"93941F(9;"\61";$:"18"'1;68+94$"41"89;"'1V$'F9;"41"k$8$:(9P"9;Y"3$F$"9"89"368+6'9" 41"F$:(+$'(g93(E:P"79;949"1:"8$;"'1;68+94$;P"\61"39'93+1'(g9"89"146393(E:";6%1'($'"1:"89" @6'$%9"41"*$&>""" h8"3$:;(41'9'"8$"\61"%$4'Y9F$;"+1:1'"9":61;+'9"4(;%$;(3(E:"%9'9"3$:+'9''1;+9'"+981;" 9V('F93($:1;" $V(3(981;" ;$7'1" 3EF$" 18" 9%'1:4(g9Q1" %6141" ;1'" 1298694$" &" 298$'94$P" :$;" 31:+'9F$;"1:"4$;"+_'F(:$;/"421+$)#'0#*'*&&&')1/'0#5')#6$>
;$&3K7KL(-B&%>;/K.3K%.35&%.;."KMN"#
,OJ
#$:"Z%$+1:3(98(494[":$;"'1V1'(F$;"9"6:9"%$;(7(8(494"41"93+69'"\61":$"1;+]"8(F(+949"9" 6:9"*97(8(494>"o9"\61"89"93+693(E:":6:39"%6141";1'"1:+1:4(49"3$F$"'198(g949"9"+'92_;" 41" 6:9" ;1'(1" 41" *97(8(4941;" 6" $%$'+6:(4941;P" 4171" 41%1:41'" 41" 6:9" 2$86:+94" &" 6:" (F%68;$>"`$"\61"1;"F];"(F%$'+9:+1P";(1F%'1"4171"(:386('"6:"181F1:+$"41"V98(7(8(494"e"89" %$;(7(8(494"41"\61"89"93+693(E:"+1'F(:1"1:"V'939;$>"@8"$+'$"+_'F(:$"\61"\61'Y9F$;"%$:1'" 1:"F$2(F(1:+$"Q6:+$"3$:"18"41"Z93941F(9["1'9"18"41"Z93+698(g93(E:[P"18"3698"(F%8(39"\61" 3(1'+$;";():(V(394$;"&"%$;(7(8(4941;"(:+1)'94$;"1:"$7Q1+$;P";(+693($:1;P"93+$'1;"&"1;%93($;" 3$:88121:"6:"%$+1:3(98"%9'9";1'"Z8(71'94$;[P"%$'"9;Y"413('8$>"@;+$"9%6:+9"9"6:9"3$:4(3(E:" 1:" 89" \61" +$4$;" V6:3($:9F$;" 1:" 6:" ;(;+1F9" 3$F%81Q$" 41" (:+1)'93(E:" e" 6:$" 1:" 18" \61" 8$;"%'$31;$;";$3(981;P"8$;"%'$31;$;"41"9%'1:4(g9Q1"&"89;";67Q1+(2(4941;"(:4(2(46981;":$" %6141:";1'"4(;$3(949;"&"4(;+(:)6(49;"89;"6:9;"41"89;"$+'9;>" hF7$;" +_'F(:$;" '1;68+9:" '18129:+1;" 9" 89" *$'9" 41" 1F%1g9'" 6:9" '1I1298693(E:" 41" 89" 146393(E:P" &9" \61" :$;" %1'F(+1:" 1d%9:4('" 8$;" 1;%93($;" &" 89;" 93+(2(4941;" \61" 9871')9:" +981;"%'$31;$;>"C)698F1:+1P":$;"%1'F(+1:"%1:;9'"1:"6:"Z9%'1:4(g9Q1["\61"+(1:1"86)9'"1:" ;(+693($:1;"$"86)9'1;"8$;"36981;":$":131;9'(9F1:+1"%'1+1:41:"$"1;+(%689:"4(3*9"93+(2(494>"" @:"18"F6;1$"i9:"h771P"%89:+19F$;"6:"%'$&13+$"1d%$;(+(2$"\61"'16:(E"3(:3$"1\6(%$;" 41"4(V1'1:+1;"%'$V1;($:981;"41"89"368+6'9"\61"+1:Y9:"9331;$"9"3949"'(:3E:"41"89"3$8133(E:" 418"F6;1$P"41";6"%1';$:98"&"41";6;"93+(2(4941;>"#949"6:$"41"1;+$;"1\6(%$;";1"414(3E"9" 6:9"8Y:19"41"(:21;+()93(E:"3$:31':(1:+1"9"8$"\61"%$41F$;"9%'1:41'"418"F6;1$P"F];"988]" 41"8$;"$7Q1+$;"1d*(7(4$;"&";6;"%']3+(39;"14639+(29;>" @8" %89:+19F(1:+$" $V'13(4$" :$" %'1+1:4Y9" %'$463('" 6:9" 3'Y+(39" (:;+(+63($:98" $" %$:1'" 98" 41;367(1'+$"89;"21'4941'9;"'198(4941;"41"89"(:;+(+63(E:>"5$'"18"3$:+'9'($P"8$"\61"%'$36'979" 1'9" 41;2189'" 89;" %$;(7(8(4941;" $368+9;" &" 41;9%1'3(7(49;" &9" 1d(;+1:+1;" 41:+'$" 41" 1;+$;" 1;%93($;"e"89")1:+1"\61"&9"+'979Q9"9*Y"&"\61"9%$'+9"2(21:3(9;"(:1;%1'949;"&"3$:1d($:1;P" 8$;" 2(;(+9:+1;" 36&9;" (:+1'933($:1;" 3$:" 18" 86)9'" :$" 1;+]:" 398368949;P" 89" 3$8133(E:" \61" %6141";1'"81Y49"41"4(;+(:+9;"F9:1'9;";$7'1%9;9:4$"1Q1F%8$;"1;%8_:4(4$;"41"F$F1:+$;" *(;+$'(3$I9'+Y;+(3$;"38921P"8$;"39F(:$;"41"(49"\61";1"1d+(1:41:"F];"988]"418"F6;1$P"8$;" 1;%93($;"&"36';$;"41":921)93(E:"\61"41"F9:1'9"(:1;%1'949";$:"+'9g94$;"41:+'$"41"_8>" m97Y9"F63*9;"%'1)6:+9;"3('3689:4$"1:":61;+'$;"1;%93($;"41"1d%$;(3(E:P"3$:"3949" ;989"&"3949")'6%$"%'$463(1:4$";6;"%'$%(9;"%'1)6:+9;"1:"'1893(E:"9"6:9"31:+'98/"Zap6_" %$41F$;"9%'1:41'"418"F6;1$b[ m97Y9"%'1)6:+9;"'1;%13+$"9"\6(_:"%'$4631"89;"%'1)6:+9;/"a#6]81;";$:"89;"%'1)6:+9;" 81)Y+(F9;" &" 79Q$" \6_" 3$:4(3($:1;" ;1" %'$4631:b" `9" 389;1" ;1F(:9'($P" 18" 897$'9+$'($" 41" (419;P" 18" 41%9'+9F1:+$" 41" )$7(1':$" $" 18" 41%9'+9F1:+$" 41" 1;+94Y;+(39" ;$:" 86)9'1;" %9'9" 89" %'$4633(E:" 41" (419;P" %1'$" 8$" \61" ;6)1'Y9F$;" 1'9:" $+'$;" 86)9'1;" :93(4$;" 41" 3$:21';93($:1;"V6)931;"&"9'7(+'9'(9;"1:+'1"41;3$:$3(4$;P";6')(4$;"418"F1'$41$"3$'4(98""&" 41"8Y:19;"41"V6)9"(:1;%1'949;P"41:+'$"&"V61'9"418"F6;1$P"3$F$"1:"18"%'$&13+$"(,./0'123" 6XVDQ .HOO\ -DQQD *UDKDP 9DOHULD *UD]LDQR m97Y9" %'1)6:+9;" '1V1'1:+1;" 9" 89" '1893(E:" 1:+'1" 89" 3$F%1+1:3(9" &" 89" 1;%1'9:g9P" &" 89" 3$F%1+1:3(9" &" 18" )$7(1':$P" 18" 3$:$3(F(1:+$" 6;94$" %9'9" '19V('F9'" 89;" V9:+9;Y9;" 1;%1'9:g94$'9;"&"18"3$:$3(F(1:+$"6;94$"%9'9"(F%$:1'"89;"%'1$36%93($:1;"4$F(:9:+1;P" 3$F$"18"\61"1:3$:+'9F$;"1:"18"%'$&13+$"!"#$%&!'$%& -RKQ 3DOPHVLQR \ $QVHOP )UDQNH m97Y9"%'1)6:+9;"3$:31':(1:+1;"98"+(%$"41"F$4$;"41"9+1:3(E:"\61";1"%'1;+9:"1:"18" 3$:+1d+$"418"F6;1$"$"41"89"7(78($+139>"a59'9"\6_";1"8(71'9:"1;+$;"F$4$;"41"9+1:3(E:b" a01"%6141:"6;9'"41"$+'9"F9:1'9b"a56141:"3$:21'+(';1"1:"6:"(:;+'6F1:+$"41"8(71'93(E:P"
!"#$%&'###(#""#$%&"'()(** 3$F$"1:"18&7$8+31+*&9+:+'3)"&!220 (GJDU 6FKPLW] \ /LDP *LOOLFN " m97Y9"%'1)6:+9;"'189+(29;"9"89"%'$%(9":9+6'981g9"41"89"%$;1;(E:"41"6:9"(F9)1:"$"6:9" (419>"a#EF$"881)9"6:";(F%81"$7Q1+$"9";6;+(+6('"9"6:";(;+1F9"3$F%81Q$"41"3$:$3(F(1:+$P" 81)(+(F9:4$P" 3$:;1'29:4$" &" Z6:)(1:4$" 3$:" 6:" 1;+9+6;" 368+6'98[" ?%'$31;$;" \61" $%1'9:" 79Q$"8$;"96;%(3($;"41"89"%'$%(1494Bb"7,'<#$'3-&=324+31- )ORULDQ 6FKQHLGHU \ 0XOWLWXGH 1>i>B"%'1)6:+979:P"Zap6_";():(V(39"%$;11'"6:9"(F9)1:b[ m97Y9" %'1)6:+9;" ;$7'1" 89" 4(V1'1:3(9" 368+6'98" \61" ;1" 361;+($:979:" ;(" 6:" F6;1$" 1;" 1:"'198(494"6:9"(:;+(+63(E:"41"'1%'1;1:+93(E:P"36&9"(:+1:3(E:"1;"'1%'1;1:+9'"9"9\6188$;" V61'9"418";(;+1F9"&"41"89;"964(1:3(9;"%'(2(81)(949;>"0(":$"1;"9;YP"1:+$:31;"\6(g];"9\6188$;" ZV$'9;+1'$;[":$"1;+]:"V61'9"1:"97;$86+$P";(:$"\61"%6141:";1'"'13$:$3(4$;"3$F$"%'1;1:+1;" &"%9'+1"41":$;$+'$;P"%1'$";E8$";("1;363*9F$;"e";("'198F1:+1":$;"1;363*9F$;"9":$;$+'$;" F(;F$;P"3$F$"%9;9"1:&>2/$*#$<&?#@@+3+$)+& ,ULW 5RJRII 'HHSD 1DLN m97Y9" +9F7(_:" $+'9;" %'1)6:+9;" ;$7'1" 18" 3$:$3(F(1:+$" 418" F6;1$" V'1:+1" 9" :61;+'$" %'$%($" 3$:$3(F(1:+$P" &" ;$7'1" V$'$;" 97(1'+$;" %9'9" 9%'1:41'" 1:" 8$;" 8YF(+1;" 41" 8$" \61" 1;" '13$:$3(4$P"3$F$"1:"7&A#%+&!"'1& 5RE 6WRQH \ -HDQ 3DXO 0DUWLQRQ
5266+# @8"%'$&13+$"(:(3(98"41:+'$"41"8$;"1;%93($;"&"%9']F1+'$;"V(Q94$;"%$'"18"F6;1$P":$;"8812E" 9" F63*$;" 41" :$;$+'$;" 9" %1:;9'" ;$7'1" 9\61889;" %'1)6:+9;" 41;41" 6:" 1;%93($" F1:$;" '1)6894$" &" %'1;3'(+$P" 6:$" 1:" 18" \61" 89;" %']3+(39;" (:;+(+63($:981;" %64(1'9:" 1:3$:+'9';1" 3$:"(:(3(9+(29;"96+$I)1;+($:949;"&"93+(2(;+9;>""@;+$":$;"3$:46Q$"9">BCC7!&D2$E(0#<$+*&& 7$#1#'1#8+:&#$&F*/)'1#2$&G/01/3+ ZZZ VXPPLW NHLQ RUJ XQ IRUR TXH WXYR OXJDU HQ %HUOtQ 1:"F9&$"41",--Ji> @:" 3(1'+$" F$4$P" :$;" '16:(F$;" 1:" 18" :$F7'1" 41" 89" Z146393(E:" 4_7(8[P" 6:" 4(;36';$" ;$7'1"89"146393(E:"\61":$"1;"'193+(2$P"&"\61":$"76;39"3$F%'$F1+1';1"3$:"+$4$"8$"\61" &9";971F$;"41";$7'9"\61"1;+]"F98"1:"89"146393(E:"e";6"3'13(1:+1"3$F1'3(98(g93(E:P";6" 76'$3'9+(g93(E:" 1d9)1'949P" ;6" 3949" 21g" F9&$'" _:V9;(;" 1:" 8$;" '1;68+94$;" %'1413(781;P" 1+3_+1'9>"0("89"146393(E:"1;+]"3$:+(:69F1:+1"'1933($:9:4$"9:+1"8$;"F981;"418"F6:4$P" \6(;(F$;"%$;+689'"\61"89"146393(E:"1;+]"1:"&"1;"418"F6:4$"e":$"1;"6:9"'1;%61;+9"9"89" 3'(;(;P";(:$"6:9"%9'+1"41";6"93+698"3$F%81Q(494P":$"'1933($:9"9:+1"89;"'198(4941;P";(:$"\61" 89;"%'$4631>"h"F1:64$"1;+9;"%']3+(39;"%9;9:"3$F$"41;9%1'3(7(49;P"(:389;(V(39781;P":$I *1'$(39;P"&"41;41"861)$":949"1;%1'9:g94$'9;P"%1'$"1:"3698\6(1'"39;$P";$:"(:F1:;9F1:+1" 3'19+(29;>
" " Ĺ )LJXUD )ORULDQ 6FKQHLGHU \ 0XOWLWXGH H 9 7,'<#$'3-&=324+31-;",--S>"CF9)1:/"=6;1$"i9:"h771
;$&3K7KL(-B&%>;/K.3K%.35&%.;."KMN"#
,OH
a5$'"\6_"89"146393(E:"&"%$'"\6_"1:"1;+1"%'13(;$"F$F1:+$b @;+9"9+1:3(E:"31:+'949"1:"89"146393(E:"%'$%$'3($:E"6:9"F9:1'9"41"3$:+'9''1;+9'"18" 1+1':$"89F1:+$";$7'1"8$"F98"\61"1;+]:"89;"3$;9;"e"8$"76'$3'9+(g949;P"*$F$)_:19;P"V98+9;" 41"%1';$:98"&"41"V$:4$;P"8$"9+'$31;"\61";$:"89;"1d()1:3(9;"418"h361'4$"41"k$8$:(9"3$:" ;6;"V61'g9;"*$F$)1:1(g94$'9;P"8$"+'(;+1"\61"1;"89"%_'4(49"41"89"+'94(3(E:"8$398P"1+3_+1'9>" h6:\61" 1;+$;" 9')6F1:+$;" %6149:" 1;+9'" Q6;+(V(394$;P" 1;+9" 2$g" 41" 1+1':9" \61Q9" ;('21" %9'9" 8(F(+9'" 89" 146393(E:" 9" 8$;" 3$:V(:1;" 41" 6:9" 3$F6:(494" %1\61A9" 41" 1;+64(9:+1;" &" %'$V1;($:981;"41"89"146393(E:>""a#EF$"1:+$:31;P"%9'9V'9;19:4$"9"U$)1'"k61')18P"%6141" 89"146393(E:"3$:21'+(';1"1:"F63*$"F];b"a#EF$"%6141"881)9'"9";1'"F];"\61"6:"86)9'"41" 1F%1\61A13(F(1:+$"&"4131%3(E:b ao"%$'"\6_"1:"1;+1"%'13(;$"F$F1:+$b"5$'\61P"3$:"k$8$:(9"&"+$49;";6;"\61Q9;P"1;+1" F$F1:+$"1;+]";(1:4$"9";6"21g"+1;+()$"41"89"9%9'(3(E:"41"6:":jF1'$";(:"%'13141:+1;"41" V$'$;"96+$I)1;+($:94$;"\61":931:"V61'9"41"89;"(:;+(+63($:1;P"9;Y"3$F$"41"41%9'+9F1:+$;" 96+$I%$+1:3(94$;"41:+'$"41"89;"(:;+(+63($:1;>"`9"146393(E:P"(F%68;949"41;41"41:+'$"F];" \61" '1;+'(:)(49" 41;41" V61'9P" ;1" 3$:2(1'+1" 9\6Y" 1:" 6:" 86)9'" 41" '16:(E:" 41" 8$" 1d+'9A$" &" 8$"(:1;%1'94$"e"36'($;(4941;P";67Q1+(2(4941;P";6V'(F(1:+$;"&"%9;($:1;"3$F%9'+(49;"\61" ;1"3$:)'1)9:"98'1414$'"41"89"%'$F1;9"41"6:"+1F9P"6:9"(419P"6:9"%$;(7(8(494"3'19+(29>" `9"146393(E:"1;"%$'"41V(:(3(E:"%'$31;98"e"3$:88129"6:"%'$31;$"+'9:;V$'F9+(2$"4(;3'1+$P" 1:39':9"89"46'93(E:"&"18"41;9''$88$"41"6:"4(;%6+94$"(:+1'_;"3$Fj:>" p6(g];"1:"1;+1"F$F1:+$":$;"1:3$:+']79F$;"9:+1"6:$"41"8$;"%9;$;"F];"(F%$'+9:+1;" 41;41"()'*+,-"9">/,,#1"e""6:9"(:+1'%'1+93(E:"41"89"Z146393(E:["3$F$"6:9"%89+9V$'F9" 39%9g"41";1A989'"6:9"%$8Y+(39P"6:9"%89+9V$'F9"39%9g"41"'16:('"3$F7(:93($:1;"(:1;%1'949;" &"F$F1:+]:19;"41"93941F(9;P"3(64949:$;"418"F6:4$"418"9'+1P"$')9:(g94$'1;";(:4(3981;P" 93+(2(;+9;"&"F63*$;"$+'$;P"41"F9:1'9"\61"%64(1'9:"21';1"9";Y"F(;F$;"&"9";6;"93+(2(4941;" '1V81Q94$;"41:+'$"418"9F%8(9F1:+1"41V(:(4$"39F%$"41"89"Z146393(E:[> #$F$" F63*$P" 89" 146393(E:" V$'F9" 3$813+(2$;" e" F63*$;" 3$813+(2$;" V6)931;" \61" 2(1:1:"&"29:P"3$:21')1:"&";1";1%9'9:>"01"+'9+9"41"%1\61A9;"3$F6:(4941;"$:+$8E)(39;" %'$%68;949;" %$'" 18" 41;1$" &" 89" 36'($;(494P" V$'+9813(49;" %$'" 6:" +(%$" 41" 1F%$41'9F(1:+$" \61" :931" 418" 41;9VY$" (:+1813+698>" @8" ;1:+(4$" 41" '16:(';1" 1:" +$':$" 9" 6:9" 36'($;(494" 1;" %'13(;9F1:+1"18"41":$"+1:1'"\61"'16:(';1"1:"+$':$"9"6:9"(41:+(494/"$2:2132:"8$;"813+$'1;" GH - / 1DQF\ QRV HQFRQWUDPRV FRQ $2:2132:"8$;"1d+'9:Q1'$;"$"$2:2132:"8$;"F9')(:94$;" 368+6'981;" $" $2:2132:" 8$;" 4(;(41:+1;" ;1d6981;" e" +$4$;" 1;+$;" ;(1:4$" 6:$" &" 18" F(;F$" $2:2132:>"n1"9*Y"\61"1:"1;+1"F$F1:+$"1:"18"\61"1;+9F$;"+9:"%'1$36%94$;"%$'"3EF$" %9'+(3(%9'" &" 3EF$" 6:(':$;" 98" 1;%93($" 8(F(+94$" \61" \6149" 97(1'+$P" 89" 146393(E:" $V'1g39" )'9:41;" %$;(7(8(4941;" 41" '16:(E:" &" %9'+(3(%93(E:" 1:" 6:" 1;%93($" \61" 9j:" :$" *9" ;(4$" F9'394$>
" " Ĺ )LJXUD 5RE 6WRQH \ -HDQ 3DXO 0DUWLQRQ &7&A#%+&!"'1;&,--S>"CF9)1:/"=6;1$"i9:"h771>
!"#$%&'###(#""#$%&"'()(** m97(_:4$F1"8(71'94$"418"39F%$"41"6:9"146393(E:"V61'+1P"'141:+$'9"&"F(;($:1'9P"F1" )6;+9'Y9"3$F%81F1:+9'"18"4(;36';$"\61":$;"9+9A1"3$:"8$;";()6(1:+1;"+_'F(:$;> `9;":$3($:1;"41"'(#$0,+-)+/-/"&""-,#2-)+7-,+30"$V'131:"89"%$;(7(8(494"41"'11F%89g9'" 89"'1$')9:(g93(E:"41"89"146393(E:"3$:"(419;"'189+(29;"9"89"4(;+'(763(E:"&"89"4(V6;(E:>"01" %9'+1"41"89"(419"41"\61"%6141"\61"*9&9"%$;(7(8(4941;"(:V(:(+9;"41:+'$"41":$;$+'$;"\61" \6(g];":6:39";19F$;"39%931;"41"3'(;+98(g9'>"`9"Z93941F(9[";1"3$:2(1'+1"1:"18"86)9'"\61" 9871')9"1;+9"4698(494P"418"1:+1:4(F(1:+$"41"6:"Z&$"%614$["\61P"3$F$";(1F%'1P"29"8()94$" 9"6:"1+1':$"Z&$":$"%614$[>"0("1;+9"4698(494":$"1;"%9'98(g94$'9P"&":$"3'1$"\61"8$";19P" 1:+$:31;"+(1:1"%$;(7(8(4941;"41"3'19'"6:"1:+1:4(F(1:+$"931'39"89;"%$;(7(8(4941;"41"6:9" Z93941F(9["%9'9"3$:21'+(';1"'198F1:+1"1:"6:"F$418$"%9'9"Z;1'"1:"18"F6:4$[> p6(g];" *9&9" 3(1'+$" 1:+6;(9;F$" %$'" 39F7(9'" :61;+'9" %1'31%3(E:" 41" 6:" 86)9'" 41" 146393(E:"$"1:+'1:9F(1:+$"9"6:$"\61":$";19"%6'9"%'1%9'93(E:P"%6'$"%'$%E;(+$>"@:"86)9'" 41"1;$P"89"Z93941F(9["%$4'Y9"(:386('"89"V98(7(8(494P"\61"%6141"1:+1:41';1"3$F$"6:9"V$'F9" 41"%'$4633(E:"41"3$:$3(F(1:+$"F];"\61"41"4131%3(E:> C)698F1:+1P"F1")6;+9'Y9"%'$%$:1'"\61"89"146393(E:";19"18"86)9'"41"39F7($"41"6:9" 368+6'9" 41" $6$"8$0,+-" 9" 6:9" 41" 2"8$0,+->" `9" 1F1')1:3(9" ;(1F%'1" '1;%$:41" 9" 6:" 3$:Q6:+$"41"(F%1'9+(2$;"1;+9+981;"\61"%'$4631:"6:9"3941:9"(:V(:(+9"41"3'(;(;P"89"F9&$'Y9" 3'1949;" %$'" :$;$+'$;" F(;F$;>" 5$'" 188$P" F63*$;" 41" :$;$+'$;" *1F$;" V$'F94$" %9'+1" 41" %9:181;"41%'(F1:+1;";$7'1"Z89"3'(;(;"41"89"146393(E:[>"<:9":$3(E:"41"6')1:3(9"%'1;1:+9" 89" %$;(7(8(494" 41" 1:+1:41'" 36]81;" ;$:" 8$;" %'$781F9;" 3'63(981;P" %9'9" \61" ;1" %6149:" 3$:21'+('"1:"89;"V61'g9;"%'$%68;$'9;>"`9"F9A9:9"41;%6_;"41"\61"T1$')1"q>"k6;*"V61'9" '1I181)(4$" %'1;(41:+1P" F(" 389;1" %9;E" ']%(49F1:+1" 418" 9;$F7'$" 9" 6:" 4179+1" ;$7'1" %$'" \6_"8$;"V$'$;"1813+$'981;":$"1'9:"6:"1;%93($"%9'9"89"%9'+(3(%93(E:"%$8Y+(39P"&";$7'1"8$"\61" _;+$;"1:"'198(494"%6141:"'1%'1;1:+9'"e"6:"39F7($"41"6:9"1F1')1:3(9"9"6:9"6')1:3(9> `$"\61"1;"\6(g];"F];"(F%$'+9:+1P"\6(1'$"%1:;9'"1:"89"146393(E:":$"9"+'92_;"41"89;" (:+1'F(:9781;" 1d()1:3(9;" \61" ;$:" (F%61;+9;" +9:+$" 1:"89"368+6'9"3$F$"1:"89"146393(E:" %9'9"\61";19:"-,,$.+9)$.P"%9'9"$V'131'"6:"%6:+$"41"9331;$";1:3(88$"9"(419;"3$F%81Q9;>
" " Ĺ )LJXUD 5RE 6WRQH \ -HDQ 3DXO 0DUWLQRQ &7&A#%+&!"'1;&,--S>"CF9)1:/"=6;1$"i9:"h771>
@8"=6;1$"^9+1";1"%6141"3(+9'"3$F$"6:"1Q1F%8$"41"3EF$"6:"F6;1$"%6141"V6:3($:9'" 3$F$"6:9"F]\6(:9"41"1:+'1+1:(F(1:+$"\61"31817'9"89"Z3'Y+(39"8()1'9[>"@:"39F7($P"\6(1'$" %1:;9'" 1:" 6:9" 146393(E:" 41;41" 18" %6:+$" 41" 2(;+9" 41" 8$;" 86)9'1;" 9" 8$;" \61" +1:1F$;"
;$&3K7KL(-B&%>;/K.3K%.35&%.;."KMN"#
,S.
-,,$.(>"@:+(1:4$"1;+1"9331;$"3$F$"89"*97(8(494"%9'9"V$'F689'"89;"%'1)6:+9;"%1';$:981;" 41"3949"6:$P"1:"21g"41"8(F(+9';1"9"'1;%$:41'"9\61889;"\61";1"%89:+19:"1:":$F7'1"41" 6:"%'$31;$"41F$3']+(3$"97(1'+$"&"%9'+(3(%9+(2$>"n1;%6_;"41"+$4$P"\6149"F6&"389'$"\61" 9\6188$;"\61"V$'F689:"89;"%'1)6:+9;"%'$4631:"9";6"21g"89;"'1)89;"418"Q61)$> 5$'"j8+(F$P"F1")6;+9'Y9"%1:;9'"1:"89"146393(E:"3$F$"18"86)9'"1:"18"\61"18"/$.-:*(";1" (F%89:+9"1:":61;+'9"2(49"4(9'(9P"4E:41"9%'1:41F$;"&"'198(g9F$;"41;9VY$;"7(1:"V6:494$;P" 36&9"(:+1:3(E:":$"1;":("417(8(+9'":(";6%1'9'>"#69:4$"8$;"%9'+(4$;"%$8Y+(3$;P"89;"3$'+1;"41" Q6;+(3(9" $"3698\6(1'" $+'9" 96+$'(494" 41;9VY9:" 6:9" %$;(3(E:P" 8$"*931:"3$:"18"%'$%E;(+$" 41" 41;81)(+(F(g9'"%$'"6:$"F1Q$'P"41"1;+978131'"8$"3$''13+$"&"8$"(:3$''13+$>"@:"89"146393(E:P" 369:4$" 361;+($:9F$;" 6:9" (419P" ;6)1'(F$;" \61" 1;" %$;(781" (F9)(:9'" $+'9" F9:1'9" 41" %1:;9'>"h8"*931'8$"41"6:"F$4$"\61":$";1"9%$41'1"41"89"(419"$'()(:98P":$"3$:;6F(F$;" 1:1')Y9"V$'F9:4$"6:9"$%$;(3(E:P";(:$"\61"89"(:21'+(F$;"%9'9"(F9)(:9'"98+1':9+(29;>"@:" XQD FRQIHUHQFLD D OD TXH DVLVWt -DDG ,VDDF XQ JHyJUDIR SDOHVWLQR FUHy PDSDV GH ODV '6+9;"41"+'9:;%$'+1"41"89"$36%93(E:"(;'918Y"41"89"U(71'9"f33(41:+98"\61"4(;V'6+979:"41"6:9" 389'(494"39;("97'6F94$'9>"=1"*(g$"%1:;9'"1:"89"1:1')Y9"41;F1;6'949"\61";1":131;(+E" %9'9"3$:21'+('"18"39$;"V6:1;+$"41"9\61889"$36%93(E:"1:"89"389'(494"3'(;+98(:9"41"9\6188$;" F9%9;"e"1:1')Y9"\61"*(g$"V98+9"%9'9"(:21:+9'"5981;+(:9>"@:";6"(:F9368949"389'(494P"8$;" F9%9;"%89:+1979:"6:"41;9VY$"98")9;+$"41"1:1')Y9"3$F$"'1;%61;+9"9"6:9";(+693(E:"9+'$g>" 0("89"146393(E:"%6141"8(71'9'":61;+'9"1:1')Y9"41;41"8$"\61";1"4171"3$F79+('"9"8$"\61" ;1"%6141"(F9)(:9'P"$"98"F1:$;"'198(g9'"98)j:"+(%$"41":1)$3(93(E:"98"'1;%13+$P"1:+$:31;" \6(g];"+1:)9F$;"6:9"146393(E:"\61";19"F];"41"8$"\61"1;>" "
4);<+"( m931"&9"79;+9:+1"+(1F%$P"369:4$"9397979"41"+1'F(:9'"F("4$3+$'94$"&"3$F1:g979"6:" %'$&13+$"%$;+4$3+$'98"\61"F9'3979"6:"39F7($"'94(398"41"8Y:19"41"(:21;+()93(E:"*93(9"89" WHRUtD FUtWLFD PH HQFRQWUp FRQ PL SULPHU SURIHVRU GH KLVWRULD GHO DUWH HQ OD FDOOH )XH DOJR (:1;%1'94$"e"&"\61"V61'9"89"%'(F1'9"21g"\61"1;+979"1:"6:"%9Y;"&"1:"6:9"3(6494":6129P" 3$:"89"%'$F1;9"41"6:9"2(49"4(;+(:+9"1:"18"*$'(g$:+1P":$"F1"9&64E"1:"1;1"F$F1:+$"9" ;971'"3EF$"'1933($:9'"3$:"181)9:3(9"9:+1"8$"\61"*97Y9"41Q94$"9+'];>"h8"%'1)6:+9'F1"9" 8$"\61"F1"414(3979P"F("%'$V1;$'"+62$"\61"1;363*9'"3$:"%93(1:3(9"F(1:+'9;"&$"3$+$''1979" ;(:"%9'9'P"'1%81+9"41"+$49;"89;":6129;"(419;"&"%$;(7(8(4941;"\61";1"9397979:"41"97'('" 9:+1"FY>"=("%'$V1;$'"1'9"6:"9394_F(3$"41"89"2(1Q9"1;36189"9F9781P"*6F9:$"&")1:1'$;$>" 56141" \61" *67(1'9" ;(4$" 6:" +9:+$" %9+'(3($P" %1'$" +1:Y9" 6:9" 3$F%'1:;(E:" (:+6(+(29" 41" 8$;" 39F7($;"\61"V$'Q979:"18"F6:4$"9";6"98'1414$'>"h8"V(:98"41"F("1:+6;(9;F94$"'13(+98"F1" F('E"&"F1"4(Q$P"Z:$"1;+$&"41"9361'4$"3$:"8$"\61"1;+];"*93(1:4$"&"41;41"861)$":$"1;+$&" 41"9361'4$"3$:"89"F9:1'9"1:"89"\61"8$"1;+];"*93(1:4$P"%1'$"1;+$&"F6&"$')688$;$"41"+(" %$'" 1;+9'" *93(_:4$8$[>"h*$'9" '1;68+9" 4(VY3(8" (F9)(:9'" F(" 3$:V6;(E:" 98" 1;363*9'" 1;+$P" ;(:" 1F79')$P"13*9:4$"89"2(;+9"9+'];P"F1"4$&"361:+9"41"\61"8$"\61"_8"1;+979"'13$:$3(1:4$" 1:" 1;1" F$F1:+$" 1'9" 6:" Z)('$[" 1:" 89" F9:1'9" 41" *931'" 89;" 3$;9;P" 9:+1;" \61" 1d%'1;9'" %'1$36%93(E:"6"*$;+(8(494"9:+1"8$"\61"18")('$"'13*9g949"$"%'$%6):979>"f72(9F1:+1"1;+1" *$F7'1P"\61"*97Y9";(4$"6:"%'$V1;$'"'198F1:+1"761:$"41"3$;9;"\61"&$"&9":$"1:3$:+'979" 1F$3($:9:+1;P"1:+1:4(E"18"9%'1:4(g9Q1"3$F$"6:9";1'(1"41")('$;>" @:"6:"Z)('$[":$;"'0+H',2:"41"98)$"$":$;"F$21F$;""')#'"$"'03+*+*23"41"98)$P"&";$F$;" $2:2132:"8$;"\61"1;+9F$;"1:"F$2(F(1:+$P"F];"\61"18"2.H+12"1:";Y>"#69:4$":$;"F$21F$;P" 98)$";1"93+(29"41:+'$"41":$;$+'$;P"\6(g];"(:386;$";1"93+698(g9>"o"+98"21g"%$'"1;9"'9gE:" F1"21$"+1:+949"9"981Q9'F1"41"89;"29'(949;"1F6893($:1;"41"89"1;+_+(39"41"89"%149)$)Y9" \61";1"*9:"494$"1:"8$;"j8+(F$;"9A$;"1:"+9:+$;"V$'$;"&"%89+9V$'F9;"9":61;+'$"98'1414$'P" 931'3]:4$F1"9;Y"98"F(;FY;(F$"(F%68;$"%9'9"<#3'3>
!"#$%&'###(#""#$%&"'()(** `9"%'1)6:+9"\61"%'$%$:)$"1;"4$781>"@:"%'(F1'"86)9'P"'189+(29"9"89"39%93(494"41"89;" %']3+(39;"9'+Y;+(39;"&"41"3$F(;9'(94$"%9'9"39%+6'9'"89"4(:]F(39"41"6:")('$"&P"1:";1)6:4$" 86)9'P"%9'9"39%+6'9'"18"+(%$"41"(F%68;$"\61";1"8(71'9"1:"18"%'$31;$> @:" 18" %'(F1'" 39;$" %6141" \61" ;19" :131;9'($" \61" '$F%9F$;" 3$:" 6:9" 1;%13(1" 41" 8E)(39"()69894$'9"\61"981)9"\61"18"+'979Q$"79;94$"1:"18"%'$31;$"&"89"1d%1'(F1:+93(E:" 97(1'+9"3'19:"89"1;%136893(E:P"89"(F%'12(;(7(8(494P"89"96+$I)1;+(E:"&"18"39']3+1'"3'Y+(3$"\61" 39'93+1'(g9"89"F9:1'9"41"1:+1:41'"89"146393(E:"41:+'$"418"F6:4$"418"9'+1>"=63*$;"41" :$;$+'$;"*1F$;"+'979Q94$"3$:"1;+9"F1:+98(494"41"F9:1'9";(;+1F]+(39"&"96:\61"98)6:9;" 41";6;"%'1F(;9;"*9:";(4$"F6&"%'$463+(29;"%9'9"F63*$"41":61;+'$"+'979Q$P":$"$7;+9:+1" ;1"%'1;+9"3$:"41F9;(949"V93(8(494"9"1F689'"89;"(:;+(+63($:1;"41"89"1:;1A9:g9"418"9'+1P" 3$:";6;"9'3*(2$;P"7(78($+139;"&"%']3+(39;"79;949;"1:"89"(:21;+()93(E:"3$F$"1;+'9+1)(9;" 41"'1%'1;1:+93(E:"%'(F$'4(981;>"5$'"6:9"%9'+1P"+'9;8949'"1;+$;"%'(:3(%($;"9"8$;"86)9'1;"41" 1d*(7(3(E:"418"9'+1"3$:+1F%$']:1$"F9'3E"6:"'13*9g$"98";(;+1F9"41"$7Q1+$;"&"F1'394$;P"9;Y" 3$F$"9"89"1;+_+(39"4$F(:9:+1P"9"V92$'"41"6:9"(:;(;+1:3(9"1:"89":9+6'981g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iC>" o$" \61" *1")1:1'94$"98)6:$;"41"1;+$;"F$4$;P":$"1;+$&"+9:";1)6'9"41"\61'1'"41;*931'F1"%$'" 3$F%81+$"41"188$;P"&9"\61"18"(F%68;$"\61"%$:1:"41"F9:(V(1;+$"e"%9'9"\61"1;+$;"1;%93($;" ;19:" F];" 93+(2$;P" F];" 3'Y+(3$;P" F1:$;" (:;689'1;" &" F];" 41;9V(9:+1;" e" 1;" 6:$" 98" \61" F1")6;+9'Y9";1)6('";(1:4$"V(18>"@:"3$:3'1+$P":$"F1")6;+9'Y9"979:4$:9'"18"3$:31%+$"41" Z3$:21';93(E:[P"\61"9"F("%9'131'"*9";(4$"18"39F7($"F];"(F%$'+9:+1"41"8$;"j8+(F$;"4(1g" 9A$;"41:+'$"418"F6:4$"418"9'+1>" ^'9;"n$36F1:+9"K"&"n$36F1:+9"KCP"\614E"389'$"\61"6:9"41"89;"F9&$'1;"3$:+'(763($:1;" \61"18"F6:4$"418"9'+1"*97Y9"*13*$"9"89"368+6'9"1:")1:1'98P"1'9"89"1F1')1:3(9"41"6:"F$4$" 3$:21';93($:98" *$;%1494$" %$'" 18" 9'+1iCC>" @:" %9'+1P" 1;+$" +(1:1" \61" 21'" 3$:" 18" *13*$" 41" \61"&9"1d(;+1"6:9"3(1'+9"(:V'91;+'63+6'9"41:+'$"418"F6:4$"418"9'+1P"4$:41"*9&"1;%93($;" 4(;%$:(781;P" %1\61A$;" %'1;6%61;+$;P" F9\6(:9;" 41" %678(3(494P" V$'F9+$;" '13$:$3(781;" 3$F$";$:"89;"1d%$;(3($:1;P"89;"'16:($:1;P";1'(1;"41"3$:V1'1:3(9;P"1:+'12(;+9;P"9;Y"3$F$" 6:9"964(1:3(9"3$:;+9:+1"V$'F949"%$'"1;+64(9:+1;P"93+(2(;+9;"368+6'981;P"1+3_+1'9iCCC>"5$'" 3$:;()6(1:+1P" :93(E" 6:" 3$:Q6:+$" :612$" 41" 3$:21';93($:1;" 1:+'1" 9'+(;+9;P" 3(1:+YV(3$;P" V(8E;$V$;P"3'Y+(3$;P"13$:$F(;+9;P"9'\6(+13+$;"&"%89:(V(394$'1;"1:+'1"$+'$;P"\61";1"414(3979:" 9" 8$;" 9;6:+$;" 418" 4Y9" 9" +'92_;" 41" 6:9" %1';%13+(29" 9+1:6949>" h8" :$" 1;+9'" ;$F1+(49;" %$'" 89;" 96+$'(4941;" )1F189;" \61" ;$:" 89;" (:;+(+63($:1;" )$71':9:+1;" &" 18" 3$:$3(F(1:+$" 9394_F(3$"96+$'(+9+(2$P"1;+9;"3$:21';93($:1;"%64(1'$:"'198F1:+1"97'(';1"*93(9"6:"F$4$" 1;%13689+(2$P"&"*93(9"89"(:21:3(E:"41";6Q1+$;"369:4$"1;+$;";6')Y9:"&"1'9:"'13$:$3(4$;> n1" 1;+9" F9:1'9" 18" F6:4$" 418" 9'+1" ;1" 3$:2('+(E" 1:" 18" 86)9'" 41" 89" 3*9'89" 1d*96;+(29" e" 3*9'89" \61" ;6')(E" 3$F$" %']3+(39P" 3$F$" 6:" F$4$" 41" '16:(E:P" 3$F$" 6:9" F9:1'9" 41" 933141'" 9" 6:" 3$:$3(F(1:+$" &" 9" 98)6:9;" %'1)6:+9;P" 3'19:4$" 3$:1d($:1;P" $')9:(g9:4$" &"9'+(3689:4$"98)6:9;"%'1)6:+9;":131;9'(9;>"a51'$"81"*1F$;"494$"98)j:"298$'"9"8$"\61" '198F1:+1";1"1;+]"4(3(1:4$b"fP"a*1F$;"%'(2(81)(94$"89"6:(E:"41")1:+1"1:"6:"1;%93($"&" *1F$;"1;%1'94$"\61"41"_;+9";6')(1'9:"V$'F9+$;"&";6;+9:3(9;b"""" " #949"21g"F];P"F1"%9'131"\61"18"Z<#32["418"\61"1;+9F$;"*9789:4$"4171"+'9463(';1":$" ;E8$"1:":612$;"V$'F9+$;";(:$"+9F7(_:"1:"$+'9"V$'F9"41"'13$:$31'"36]:4$"&"%$'"\6_";1" 1;+]"4(3(1:4$"98)$"(F%$'+9:+1>
;$&3K7KL(-B&%>;/K.3K%.35&%.;."KMN"#
,SR
)RXFDXOW HQ XQD FRQIHUHQFLD TXH GLR XQD YH] HQ %HUNHOH\ VH HPEDUFy HQ XQ GHEDWH ;$7'1" 89" %9897'9" Z%9''1;Y9[P" 6:" +_'F(:$" *97(+698" 1:" 89" 368+6'9" )'13$I'$F9:9CK>" hV('FE" \61" 1;+9" %9897'9" ;1" 1:+(1:41" :$'F98F1:+1" 3$F$" 81:)69Q1" 8(7'1" &" \61" 9\6188$;" \61" 89" %'93+(39:" ;$:" 2(;+$;" 3$F$" 9\6188$;" \61" 4(31:" 89" 21'494>" `$;" 3$F%$:1:+1;" 93+(2$;" GH OD SDUUHVtD VHJ~Q )RXFDXOW VRQ OD IUDQTXH]D ³GHFLUOR WRGR´ OD YHUGDG ³GHFLU OD 21'494"%$'\61";1";971"\61"1;"21'494[BP"18"%18()'$"?Z;E8$";("*9&"98)$"41"%18()'$"1:"413('" 89"21'494[BP"89"3'Y+(39"?Z:$"41F$;+'9'81"89"21'494"9"$+'$P";(:$"3$F$"V6:3(E:"41"89"3'Y+(39[B" \ HO GHEHU ³GHFLU OD YHUGDG VH FRQVLGHUD XQ GHEHU´ (Q OD SDUUHVtD QRV GLFH )RXFDXOW +1:1F$;"Z6:9"93+(2(494"21'798"1:"89"\61"18"$'94$'"1d%'1;9";6"'1893(E:"%1';$:98"3$:"89" 21'494"&"9''(1;)9";6"2(49"%$'\61"1:+(1:41"18"413('"89"21'494"3$F$"6:"4171'"%9'9"F1Q$'9'" $"9&649'"9"$+'$;"?&"9";("F(;F$B>"@:"89"%9''1;Y9P"18"$'94$'"%$:1"1:"%']3+(39";6"8(71'+94"&" 18()1"89"V'9:\61g9"%$'"1:3(F9"41"89"%1';69;(E:P"89"21'494"%$'"1:3(F9"41"89"V98;1494"$"18" ;(81:3($P"18"%18()'$"41"F61'+1"%$'"1:3(F9"41"89"2(49"&"89";1)6'(494P"89"3'Y+(39"%$'"1:3(F9"41" 89"946893(E:"&"18"4171'"F$'98"%$'"1:3(F9"418"(:+1'_;"%1';$:98"&"89"9%9+Y9"F$'98[>K @;"4(VY3(8"(F9)(:9'"6:"+1F9"F];"'$F]:+(3$"$"(4198(;+9"%9'9"1d%8(39'"8$;"Z)('$;["1:"18" 39F%$"14639+(2$>"hj:"9;YP"F1"21$"9+'9Y49"%$'"_;+$;";(:+(1:4$"F1:$;"21')c1:g9"41"89" \61";1"%$4'Y9"1;%1'9'"41"6:9"+1E'(39"3'Y+(39"96+$I'1V81d(29"+'979Q9:4$"1:"18"39F%$"418" 9'+1" 3$:+1F%$']:1$>" p6(g];" %$'\61" 1:" 1;+1" 9:]8(;(;" :$" ;1" *9789" 1:" :(:)j:" F$F1:+$" 41"I/J&8+3*'*"$"%9'9&I/J&@#$&&;1"6+(8(g9>"`9"21'494P"%9'131P":$"1;"6:9"%$;(3(E:";(:$"6:" (F%68;$>" 3DUD DxDGLU XQD GLPHQVLyQ LQFOXVR PiV DFWLYD DO GHEDWH GH )RXFDXOW GH OD SDUUHVtD +9F7(_:" %$41F$;" 413('" \61" 1:" 9'9F1$" 18" +_'F(:$" ;1" 6;9" 1:" '1893(E:" 9" 6:" 4(;36';$" 369:4$"_;+1";1"*931"Z97(1'+9F1:+1P"41;39'949F1:+1P"1:"%j78(3$[>"5$'"1;$"1;+9"21'494P" \61":$"29"1:"18"(:+1'_;"41":94(1"1:"%9'+(3689'"$"41"6:"V(:"%9'+(3689'P"4171";1'"*978949"1:" %j78(3$P"4171"+1:1'"6:9"964(1:3(9"&"89"V$'F9"41"6:"4(;36';$>""""" )RXFDXOW OR OODPy ³GLVFXUVR LQWUpSLGR´ \ DO FRQFOXLU OD VHULH GH FRQIHUHQFLDV GLMR ZF1")6;+9'Y9"413('"\61"89"%'$781F9+(g93(E:"41"89"21'494"+(1:1"4$;"39'9;P"4$;"9;%13+$;" (F%$'+9:+1;">">">"<:9"39'9"+(1:1"\61"21'"3$:"9;1)6'9'"\61"18"%'$31;$"41"'9g$:9F(1:+$"1;" 3$''13+$"98"9;1)6'9'";("6:9"9V('F93(E:"1;"21'4941'9>"o"89"$+'9"39'9"+(1:1"\61"21'"3$:"89" ;()6(1:+1"%'1)6:+9/"a\6_"(F%$'+9:3(9"+(1:1"%9'9"18"(:4(2(46$"&"%9'9"89";$3(1494"413('"89" 21'494P";971'"89"21'494P"+1:1'")1:+1"\61"4(31"89"21'494"&";971'"3EF$"'13$:$31'8$;b[KC #949"21g"F];P"%(1:;$"\61"89"Z146393(E:["&"18"Z)('$"146393($:98["%6141"\61";19:";E8$" 1;$/"18"F$F1:+$"1:"18"\61"9;(;+(F$;"9"89"%'$4633(E:"&"89"9'+(36893(E:"41"21'4941;"e"89" 21'494":$"3$F$"3$''13+9P"%'$79781P"3$F$"6:"*13*$P";(:$"89"21'494"3$F$"9\61889"\61" '13$)1" 41" ;6" 98'1414$'" ;67Q1+(2(4941;" \61" :$" ;$:" :(" '13$)(49;" :(" '1V81Q949;" %$'" $+'9;" 9V('F93($:1;>" n13('" 21'4941;" '189+(29;" 9" 8$;" 4179+1;" (F%$'+9:+1;P" 9" 8$;" +1F9;" &" 9" 89;" )'9:41;"(:;+(+63($:1;"41":61;+'$"+(1F%$"1;"'189+(29F1:+1";1:3(88$P"&9"\61"_;+9;"4(3+9:"8$;" +_'F(:$;"79Q$"8$;"36981;";1"881)9"9"1;9;"21'4941;"&";1"9'+(3689:>"n13('"21'4941;"1:"8$;" 1;%93($;"F9')(:981;"&"9%1:9;"V$'F94$;"1:"8$;"\61";1"Q6:+9:"8$;"36'($;$;"e"1;+$"1;"$+'$" %'$&13+$"+$+98F1:+1"4(;+(:+$/"89"'1893(E:"%1';$:98"41"3949"6:$"3$:"89"21'494>
!"#$%&'###(#""#$%&"'()(** 1"+#;=(8"(::;"1;"6:9"+1E'(39P"3$F(;9'(9"&"$')9:(g94$'9"\61"1;3'(71"1:"89;"(:+1';133($:1;" 41"89;"%']3+(39;"3'Y+(39;P"%$8Y+(39;"&"9'+Y;+(39;>"U$)'$VV"1;"%'$V1;$'9"418"n1%9'+9F1:+$"41" #68+6'9;"i(;6981;P"\61"1889"F(;F9"V6:4E"1:",--,P"41"T$84;F(+*;"#$881)1"?<:(21';(494"41" `$:4'1;B>"06"+'979Q$";$7'1"6:9";1'(1"41":612$;"%'$)'9F9;"41"4$3+$'94$"41"Z897$'9+$'($;" 41"(419;["1:"T$84;F(+*;"?h'\6(+13+6'9"#(1:+YV(39P"#$F(;9'(94$M#$:$3(F(1:+$B";1"31:+'9" 1:" 89;" %$;(7(8(4941;" 41" 8$398(g9'P" F$21'" &" (:+1'39F7(9'" 3$:$3(F(1:+$" 1:+'1" 4(;+(:+9;" %']3+(39;" %'$V1;($:981;P" V$'$;" 96+E:$F$;P" (:;+(+63($:1;" 9394_F(39;" &" 18" 1:+6;(9;F$" 41" 89;" %1';$:9;>" @:+'1" ;6;" %678(393($:1;" 1:3$:+'9F$;" C/:+/,& G/01/3+& ?.HHJBP" !+33'& 7$@#3,'&K&L+2<3'4"-M:&N#:/'0&G/01/3+&?,--.BP"(OGO(O?OFOCOP"?,--SBP"B$.2/$*+*&K&A#,#1:& =2::#.#0#1#+:&?,--GBP"&"8$;"%'Ed(F$;"A22%#$<&(Q'-&K&='31#)#4'1#$<&>#$</0'3#1#+:;&R$1202<#)'0& G2,,/$#1#+:& ?,--HB>" 06" +'979Q$" 41" 3$F(;9'(94$" (:386&1" ?+E9+</0'1#2$" 3$:" 89" $7'9" 41" .XWOXJ $WDPDQ &(OGO(O?OFOCOP" ?,--SBP" &" >/,,#1& K& D2$&(0#<$+*& 7$#1#'1#8+:& #$& F*/)'1#2$&G/01/3+&?,--JB>"
;$&3K7KL(-B&%>;/K.3K%.35&%.;."KMN"#
,SO
>(#-. , ³6DORQ 'LVFXVVLRQ µ<RX 7DONLQ¶ WR PH" :K\ DUW LV WXUQLQJ WR HGXFDWLRQ ´ ,QVWLWXWR GH $UWH #$:+1F%$']:1$P""`$:4'1;>" KWWS ZZZ LFD RUJ XN 6DORQ 'LVFXVVLRQ ¶<RX 7DONLQ¶ WR PH ) :K\ DUW LV WXUQLQJ WR HGXFDWLRQ¶ WZO CC" @:+'1" $+'$;r" h>#>h>n>@>=>oP" m9F76')$P" h:+L1'%P" @(:4*$21:P" ,--SIJP" Z06FF(+" e" D$:" $OLJQHG ,QLWLDWLYHV LQ (GXFDWLRQ &XOWXUH ´ ³)DFXOWLHV RI $UFKLWHFWXUH 'XWFK 3DYLOOLRQ i1:(31" h'3*(+13+6'1" k(1::981[P" ,--G>" " @8" %'$)'9F9" 41" 4$3+$'94$" Z#$:$3(F(1:+$M &XUDWLRULDO´ HQ *ROGVPLWKV &ROOHJH 8QLYHUVLGDG GH /RQGUHV FR GLULJLGR SRU -HDQ 3DXO =9'+(:$:> CCC" =s'+1:" 0%s:)71')P" ZU1;19'3*(:)" U1;19'3*P" 0$F1" '1V813+($:;" $:" +*1" 36''1:+" ;+9+6;" $V" UHVHDUFK LQ SHUIRUPLQJ DUWV ´ )HVWLYDO ,QWHUQDFLRQDO *++%/MMLLL>(:+1':9+($:98IV1;+(298>$')M:$41M,GO,H ,9 ,QLFLDGR SRU $QJHOLND 1ROOHUW HQ HVWH WLHPSR EDMR HO 6LHPHQV $UW )XQG $ & $ ' ( 0 < IXH XQ SUR\HFWR FROHFWLYR HQWUH HO .XQVWYHUHLQ GH +DPEXUJR 0X.+$ $QWZHUS HO PXVHR 9DQ h771"41"@(:4*$21:"&"18"n1%9'+9F1:+$"41"#68+6'9"i(;698"41"T$84;F(+*;P"<:(21';(494"41" `$:4'1;>"^62$"86)9'"1:"+'1;"3(64941;"46'9:+1"18"9A$",--S"&"V61"93$F%9A94$"%$'"6:"8(7'$" SXEOLFDGR SRU 5HYROYHU ± $UFKLY I U DNWXHOOH .XQVW \ HGLWDGR SRU $ 1ROOHUW H , 5RJRII 1+" 98>" KWWS YDQDEEHPXVHXP QO HQ EURZVH "W[BYDEGLVSOD\BSL %SW\SH ' W[B YDEGLVSOD\BSL %SURMHFW ' F+DVK G 9 (O SUR\HFWR IXH RUJDQL]DGR SRU XQ FROHFWLYR ± ,ULW 5RJRII /RQGUHV )ORULDQ 6FKQHLGHU ?=j:(3*BP" D$'9" 0+1':V184" ?i(1:9BP" 06;9::1" `9:)" ?k1'8Y:BP" D(3$89;" 0(1%1:" ?k1'8Y:BP" .RGZR (VKXQ /RQGUHV ± \ HQ FRODERUDFLyQ FRQ ORV WHDWURV +$8 8QLWHGQDWLRQVSOD]D %RRW/DE \ HO %XQGHV.XOWXUVWLIWXQJ WRGRV HOORV HQ %HUOtQ iC" n()$" 1;+$" 3$:" 3(1'+9" +$'%1g9P" 9" 89" 86g" 41" F(" %'$%($" 3$F%'$F(;$" 3$:" F63*9;" 41" 1;+9;" (:(3(9+(29;>" `9;" 1d*(7(3($:1;P" 8$;" V$'$;" 96+$I'1)6894$;" 41:+'$" 418" F6:4$" 418" 9'+1P" 89;" :6F1'$;9;" %89+9V$'F9;" 41" 3$:21';93(E:/" +$49;" 3$F%9'+1:" 89" 3'11:3(9" 41" \61" )('9'" *93(9"89"Z146393(E:["3$F$"6:"F$418$"$%1'9+(2$":$;"%1'F(+('Y9"'1I+$:(V(39'"8$;"1;%93($;" 41"1d%$;(3(E:"3$F$"86)9'1;"41")1:6(:9"+'9:;V$'F93(E:> iCC" =1" '1V(1'$" 98" V$'$" 41" 4179+1" Z.--" 49&;" e" .--" )61;+;[" 1:" n$36F1:+9" K" ?.HHJP" 3$F(;9'(94$"%$'"#9+*1'(:1"n92(4BP"\61"*$;%14E".--"3*9'89;"46'9:+1"89"1d*(7(3(E:"&"9" 89;"369+'$"%89+9V$'F9;"41"4179+1"n$36F1:+9"1:"+$4$"18"%89:1+9"9:+1'($'1;"9"89"9%1'+6'9" GH 'RFXPHQWD ;, FRPLVDULDGR SRU 2NZXL (QZH]RU HW DO 9HU 'RFXPHQWD ;, FDWiORJR GH H[KLELFLyQ 2VWILOGHUQ 5XLW $OHPDQLD +DWMH .DQW] iCCC" f+'$" 1Q1F%8$" 38921" 1;" Z6:(+14:9+($:;%89g9[P" 6:" %'$&13+$" \61" +62$" 86)9'" 1:" k1'8Y:" 1:" OD H[KLELFLyQ FRPR HVFXHOD GH DUWH TXH DKRUD FRQWLQ~D HQ 1XHYD <RUN FRPR 6:9" 1;36189" :$3+6':9" &" 1:" 1;+9" '11:39':93(E:" ;1" *9" 3$:13+94$" 3$:" 18" %'$&13+$" 41"" =s'+1:"0%s:)71')P"Z@21:(:)"#89;;1;["1:"89";133(E:"Zo$6'0%931>3$F["41"89"1d*(7(3(E:" h>#>h>n>@>=>o> ,; 0LFKHO )RXFDXOW S+'30+::&>4++)" HG -RVHSK 3HDUVRQ 1XHYD <RUN 6HPLRWH[W H K"S+'30+::&>4++)"P".HI,-> KC"S+'30+::&>4++)"P".J->
!"#$%&'###(#""#$%&"'()(**
!"#$%&%'()*#+,-.%/$%+/$0#+/-/ ,-..P"2$8>"N"?Q6:($B ,RJI,JR"%%
!"#$%&'()*+",-../"01'2(3($"41"5678(393($:1;"41"89"<:(21';(494"41"=6'3(9>"=6'3(9"?@;%9A9B" C00D"14(3(E:"(F%'1;9/".GGHIHJHK>"C00D"14(3(E:"L17"?*++%/MM'12(;+9;>6F>1;M9%(B/".HGHIGNO,
=(;+1'($"41"146393(E:
=9'+9"41"S$:T98$"&"5678($"5U'1T"5'(1+$V !"#$%&'()*+%(&,"%'*$,*,$-./.%012*3%45%'&,./*672*67"'$-.&%'1(2*3/".,5'1/8*9::;2
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`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a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b36]8" 1;"89" :131;(494" 41" '141\(:('" 18"39']3+1'"41F$3']+(3$" 41" :61;+'$;";(;+1F9;"14639+(2$;c Va'+(;+9;"&"%'$\1;$'1;"41";136:49'(9""M""LLL>F9'+9&%678($>:1+
!"#$%&"'()%(%)*+,+"-.((/((!"#$"%&'%()*+",)%-%./0,1)%.2#'+%.#1'$)% W$49;"89;"3'^+(39;"9"89;"X61"9;(;+(F$;"9;121'9:"X61"8$;";(;+1F9;"14639+(2$;"93+6981;" :$" 36F%81:" 3$:" ;6" \6:3(E:" 41" F9:1'9" 94136949" &" 81;" 9+'(76&1:" +$4$" +(%$" 41" 1\13+$;" %1'21';$;" X61" ;1" 1:6F1'9:" 3$F$" 9:134$+9'($;P" ;(:" ;(X6(1'9" *931'" 18" (:+1:+$" 41" *(89'" 89" 8(;+9" 41" ;^:+$F9;" 3$:" 89;" 396;9;" 41" \$:4$" X61" %6149:" 1Z%8(39'8$;>" `" X6(T]" 8$" X61" *931"4(;+(:+9;"6:9;"'1\81Z($:1;"931'39"418";(;+1F9"14639+(2$"41"$+'9;":$";$:"+9:+$"8$;" ;^:+$F9;" X61" %$41F$;" $7;1'29'" &" 298$'9'" 6:$;" &" $+'$;P" ;(:$" 89" 79;1" (41$8E)(39" 41" 89" X61";1"%9'+1"%9'9"9:98(T9'8$;P"$"8$"X61"1;"8$"F(;F$P"89;"1Z%13+9+(29;"X61"6:$;"&"$+'$;" 1;%1'9F$;"X61";1"36F%89:"9"+'92U;"41"89"146393(E:> ba"X6(1:1;"14639'"&"%9'9"X6Uc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d$63968+":$;"1:;1AE"+9F7(U:"X61"1;"%'13(;9F1:+1"1:"1;+9"+'9:;F(;(E:"418" 3$:$3(F(1:+$P"1:"89"146393(E:"98"397$P"4$:41";1":$;"F$4189"3$F$"9)1:+1;"41"3$:+'$8"41" :$;$+'$;"F(;F$;P"&"X61"89"146393(E:"1;"18"%'$31;$"41"+'9:;F(;(E:"&"94X6(;(3(E:"418"$'41:" 1;+97813(4$"&"41"8$;"%'$314(F(1:+$;"41"7($%$41'"X61"*1F$;"41"%$:1'"1:"%']3+(39"%9'9" ;$F1+1':$;"&"12(+9'"%1:98(T93($:1;";$3(981;>e"5$'"+9:+$":$"4171F$;":1)9'"X61";(1F%'1" 18";(;+1F9"14639+(2$"+1:41']"1:"%9'+1"9"'13$'+9'"89"8(71'+94"41"%1:;9F(1:+$P"418(F(+9:4$" 8$" %1:;9781" 1" (F%1:;9781>" 51'$" +9F%$3$" $82(49'1F$;" X61" 1:" 18" *971'" '13(7(4$" 4(3*$" 81)94$"1;+]"+9F7(U:"%9'94EQ(39F1:+1"89"%$;(7(8(494"41";6721'+('"18"$'41:"(F%61;+$>" a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`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
"#$'3-34),5$16"73&'31&'*$1&"&%389%:
,RH
0$:" ;(:" 4649" 1;+9;" 3$:+'94(33($:1;" 89;" X61P" 8812949;" *$&" 98" 1Z+'1F$" %$'" 18" +9'4$39%(+98(;F$P" %$:1:" 1:" 1:+'14(3*$" 89;" 79;1;" (41$8E)(39;" &" 3$:;1361:+1F1:+1" 89;" %']3+(39;"14639+(29;"41F$3']+(39;"X61P"F(89)'$;9F1:+1P"*97^9:";67;(;+(4$"*9;+9"9*$'9>"" " a;^"89;"3$;9;P"%$41F$;"9\('F9'"X61"8$"X61"*9"39F7(94$"1;"18"39']3+1'"41"89";$3(1494" 41;1949P"9X61889"X61"89"146393(E:"+(1:1"%$'"+9'19"%'$&13+9'"&"*931'"%$;(781>"a"89"%'1)6:+9" 7];(39"41";("89"146393(E:"4171";1'"()698(+9'(9"?8$"X61"(F%8(39"%$'"1Q1F%8$"18"*13*$"41"X61" +1:)9"2$393(E:"41"3$F%1:;9'"89;"41;()6984941;"41"$'()1:BP"F63*$;"'1;%$:41:"*$&"X61" :$P" &" 188$" +(1:1" 6:" ;(:\^:" 41" 1\13+$;" 3$89+1'981;>" 0(" :$" *9" 41" ;1'" ()698(+9'(9" b59'9" X6U" 6:9"146393(E:"$78()9+$'(9c"b59'9"X6U"6:$;"%'$)'9F9;"36''(3689'1;"$\(3(981;"&"3$F6:1;c" b59'9"X6U"6:9"146393(E:"%[78(39c"b5$'"X6U":1)9':$;"9"X61":(A$;"&":(A9;"41"89;"39%9;" ;$3(981;"(:\1'($'1;"3$F(1:31:"4('13+9F1:+1"9"+'979Q9'"1:"+9'19;"X61":$"'1X6(1'1:"9%1:9;" \$'F93(E:c"b59'9"X6U"F9:+1:1'"89;"9%9'(1:3(9;c `"41;41"861)$"4171F$;"%'1)6:+9':$;"+9F7(U:"931'39"41"89;"396;9;"&"89;"'9T$:1;" X61"*9:"881294$"98"361;+($:9F(1:+$"418"F$418$"()698(+9'($>"0("+'9;"F63*9;"4U3949;"41" 1:;1A9:T9" 79;949" 1:" 2$86:+941;" 41F$3']+(39;" :$" ;1" *9" 3$:;1)6(4$" X61" 89" '198(494" X61"4(;\'6+9F$;";19"4():9"41"4(3*$"94Q1+(2$"b36]81;"*9:";(4$"89;"'9T$:1;c"&"b1:"X6U";1" 4(\1'1:3(9'^9"'198F1:+1"'1\$'F9'"18";(;+1F9"14639+(2$"79Q$"89"931%+93(E:";(:"3$F%81Q$;" 41"89":6129"%1';%13+(29"41"X61":$"*9"41";1'"()698(+9'($c" f72(9F1:+1"1;+1"+(%$"41")('$;":$";63141:"41"6:"4^9"%9'9"$+'$"&"3$F$"9%6:+979"g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¿QLWLYD KDQ KHFKR YLGD @8" [8+(F$" ;()8$" 2($" 1F1')1'" +1$'^9;" 14639+(29;" X61" 7(1:(:+1:3($:949F1:+1" 361;+($:979:" 4(;+(:+$;" 9;%13+$;" 418" F$418$" 2()1:+1" %9'9" F1Q$'9'8$" &" X61P" 1:" F63*$;" O FDVRV IXHURQ DSURYHFKDGRV SRU LQWHUHVHV UHDFFLRQDULRV SDUD ¿QHV ELHQ GLVWLQWRV "a;^"%$'" 1Q1F%8$P"89"%'1$36%93(E:"%$'"89"\98+9"41"9+1:3(E:"9"89"4(21';(494"&"89"7[;X6149"41":6129;" %']3+(39;"F];"Q6;+9;"1:"1;+1";1:+(4$P"*9";1'2(4$"1:"F63*$;"39;$;"%9'9"X61"98"97'()$"41" 4(3*9"9+1:3(E:"9"89"4(21';(494";1"41;9''$881:"U8(+1;"&")61+$;"41:+'$"41"89"1;36189"%[78(39" &"3$:31'+949P"97'(1:4$"39F(:$;"9"89"41;()698494>R"f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d(8$;$\^9P"89"=[;(39P" 89" h(;+$'(9" 418" a'+1" $" 89" @46393(E:" 58];+(39" &" i(;698PG" F(1:+'9;" ;1" %'$F6121:" $+'$" +(%$" 41" 9;():9+6'9;P" 3$F$" 98)6:9;" '1893($:949;" 3$:" 89" (:\$'F]+(39P" 36&$;" 3$:+1:(4$;" %'$)'9F]+(3$;"%9'131:"'1;%$:41'"F1Q$'"9"8$;"(:+1'1;1;"41"41+1'F(:94$;"\97'(39:+1;"41" H ;$\+L9'1"X61"9"8$;"418"986F:94$"(:386;$"1:"+U'F(:$;"41"6+(8(494"897$'98>
!"#$%&"'()%(%)*+,+"-.((/((!"#$"%&'%()*+",)%-%./0,1)%.2#'+%.#1'$)% `" 1;" X61" +98" &" 3$F$" 9)649F1:+1" ;1A989" #*'(;+(9:" Y9298" 1:" ;6" 8(7'$* </* ,(.-,5/* 1'* ,(* -1/* ,=>",(/8.-" 89" 2$86:+94" 41" %$41'" 41" 8$;" ]F7(+$;" 13$:EF(3$;" 79;94$;" 1:" %'(:3(%($;"+9'4$39%(+98(;+9;P"&"41;41"861)$":949"()698(+9'($;P"88129"&9"4U3949;"+'979Q9:4$" 9" 89')$" %89T$" 1:" 89" 41;+'633(E:" 418" F$418$" 14639+(2$" 41" *1'1:3(9" (86;+'949" &" 2$86:+94" 41F$3']+(39>" j1;41" %'(:3(%($;" 418" ;()8$" KKP" 89;" %9+'$:981;" 1;+94$6:(41:;1;" 3'(+(3979:" 46'9F1:+1"89;"1:;1A9:T9;"41"81:)69;"38];(39;"1:"89;"1;36189;"%$'";6"\98+9"41"6+(8(494" ?$"(:386;$";6"(:3$:21:(1:3(9B"%9'9"18"+'979Q$"1:"89;"\]7'(39;P"F(1:+'9;"'1389F979:"6:9" PD\RU SDUWLFLSDFLyQ GH ORV VHFWRUHV HPSUHVDULDOHV HQ OD GH¿QLFLyQ GH ORV FRQWHQLGRV 9394UF(3$;>.."@:"@;%9A9";1"2(2(E"46'9:+1"89"4U3949"41"8$;"+'1(:+9"6:9"%6):9"1:+'1"9X6188$;" X61" 76;3979:" 1:" 89" 146393(E:" 6:" F$+$'" 41" 39F7($" *93(9" 6:9" F9&$'" ()698494" ;$3(98" ?C:;+(+63(E:"Y(7'1"41"@:;1A9:T9P"F91;+'$;"'6'981;P"1+3>B"&"9X6188$;"X61"%$'"3$:2(33($:1;"1" (:+1'1;1;":$"41;1979:"+981;"39F7($;>"56):9"X61"3$F$"+$4$;";971F$;"41;1F7$3E"1:"18" 9Q6;+(3(9F(1:+$"'198"$"F$'98"41":6F1'$;$;"146394$'1;"+'9;"89"2(3+$'(9"418"79:4$")$8%(;+9P" OR TXH KD TXHGDGR UHÀHMDGR HQ WUDEDMRV KLVWRULRJUi¿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k;+9";1"1:F9'39:"41:+'$"41"6:9"+1:41:3(9"F93'$13$:EF(39"X61"76;39"%$'" 6:9"%9'+1"41;F9:+189'"89"146393(E:"%[78(39"?1;+$"1;P"'1463('"18")9;+$"%[78(3$"1:"146393(E:" .e &" ;$3(98(T9'8$P" 4181)]:4$8$" ;$7'1" 89;" \9F(8(9;BP " %$'" $+'9P" 1Z%8$+9'" 13$:EF(39F1:+1" 18" 39F%$" 41" 89" 146393(E:" ?6:$" 41" 8$;" %$3$;" ]F7(+$;" X61" %64(1:4$" ;1'" 3$:317(4$" 3$F$" SURGXFWRU GH JUDQGHV EHQH¿FLRV HFRQyPLFRV D~Q QR KD VLGR VX¿FLHQWHPHQWH H[SORWDGR HQ (XURSD \ ¿QDOPHQWH PRGHODU D IXWXUDV JHQHUDFLRQHV GH PDQHUD PiV H¿FLHQWH SDUD X61"3$F$"'136';$;"*6F9:$;";1"93$%81:"&"949%+1:"F1Q$'"9"89;"41F9:49;"1F%'1;9'(981;" '1981;" ?;971F$;" 7(1:" X61" 18" +'979Q$" 1;" 1:" 89;" ;$3(14941;" 41;9''$88949;" &9" 6:" 7(1:" 1;39;$"&"+9F7(U:"X61"8$";1']"9[:"F];B"F(1:+'9;"3$F$"3(64949:$;"9;6F9:"4E3(8F1:+1"&" 79Q$"18"F(14$"89"93+(+64"%9;(29"&"%6;(8]:(F1"X61";1"1;%1'9"41"188$;> 5$41F$;" 1:3$:+'9'" F[8+(%81;" 1Q1F%8$;" X61" 41F61;+'9:" 1;+1" %'$31;$" 1:" :61;+'$" %9;94$" '13(1:+1>" j1;41" 18" )('$" 418" 81:)69Q1" 14639+(2$" *93(9" 18" 81:)69Q1" 1F%'1;9'(98" VH KDEOD GH SUR\HFWR JHVWLyQ H¿FDFLD FDOLGDG REMHWLYRV HWF OD FRQFHSFLyQ GH OD 146393(E:" 3$F$" 6:" 7(1:" %'(294$" 3$:" 298$'" 13$:EF(3$" ?'1:+97(8(494B" &" %89T$;" 41" 9F$'+(T93(E:"?8$;"1;%13(98(;+9;"1:"'136';$;"*6F9:$;"9;1)6'9:"X61"89;"+(+6893($:1;"*$&" WLHQHQ XQ WLHPSR GH FDGXFLGDG FRPR YDORUHV VLPEyOLFRV \ HFRQyPLFRV OD SURJUHVLYD (F%89:+93(E:" 41" %']3+(39;" 41" )1;+(E:" 1F%'1;9'(98" ;$7'1" 8$;" 31:+'$;" 14639+(2$;" ?;E8$" *9&"X61"811'"89;":6129;"%$8^+(39;"%9'9"89";18133(E:"41"4('13+$'1;"41"31:+'$;"14639+(2$;" %[78(3$;" $" 3$F%'$79'" 3EF$" ;1" 29" 9" '1)689'" %$'" 89" <:(E:" @6'$%19" 89" %$;(7(8(494" 41" VXEFRQWUDWDU D HPSUHVDV SULYDGDV SDUD GDU VHUYLFLRV HGXFDWLYRV HQ FHQWURV S~EOLFRV .N OD SURJUHVLYD SULYDWL]DFLyQ GH OD HQVHxDQ]D S~EOLFD " 89" 41298693(E:" 41" 8$;" $7Q1+(2$;" 41" 1F9:3(%93(E:" &" '198(T93(E:" %1';$:98" 9;$3(94$;" 9" 89" 146393(E:" &" 18" U:\9;(;" 3949" YH] PD\RU HQ OD IXQFLyQ GH XWLOLGDG ODERUDO GH OD PLVPD OD SURJUHVLYD SpUGLGD GH 96+$:$F^9" 41" 8$;" ;(;+1F9;" 14639+(2$;" 3949" 21T" F];" ;6%14(+94$;" 9" 89;" (:+'$F(;($:1;" 41"8$;")$7(1':$;"41"6:$"6"$+'$";():$"&"41"89"1F%'1;9"?%9'9"$7+1:1'"18"+^+68$"41"F63*$;" 1;+64($;";1"*9"41"%9;9'"%$'"6:"%1'($4$"41"%']3+(39;":$"'1F6:1'949;"1:"1F%'1;9;P"89" SXEOLFLGDG HQWUD GH PXFKDV IRUPDV LQGLUHFWDV HQ ODV DXODV HWF OD UHFODPDFLyQ GH XQD PD\RU LQGHSHQGHQFLD \ ÀH[LELOLGDG GH ODV HPSUHVDV GHGLFDGDV D OD HGXFDFLyQ IUHQWH DO SDSHO GH XQ (VWDGR UHJXODGRU HO FUHFLHQWH DFHQWR R YDORUDFLyQ SRVLWLYD GH OD HGXFDFLyQ
"#$'3-34),5$16"73&'31&'*$1&"&%389%:
,J.
1:" +9:+$" 1:" 369:+$" 1;" 39%9T" 41" 4$+9'" 9" 8$;" ;6Q1+$;" 3$:+1F%$']:1$;" 41" ;(;+1F9;" 41" 96+$3$:+'$8P" 96+$9%'1:4(T9Q1" &" 96+$1Z%8$+93(E:" X61" 81;" %1'F(+9:" ;1'" F];" 3$F%1+(+(2$;" FRPR WUDEDMDGRUHV Ã&#x20AC;H[LEOHV GHO IXWXUR OD E~VTXHGD GHO REMHWLYR GH ³HQVHxDU D DSUHQGHU´ OHMRV GH ¿QDOLGDGHV GHVLQWHUHVDGDV R DVRFLDGDV D JHQHUDU FLXGDGDQRV TXH VH VLHQWDQ %9'+1" &" 3$:+(:6(494" 41" 89" *6F9:(494P" ;(:$" F];" 7(1:" 3$F$" *1''9F(1:+9" 41" 3$:;+9:+1" '13(389Q1"1:"6:9";$3(1494"41"3$F%81Q9"&"$78()949";67;(;+1:3(9P"4$:41"18"+'979Q$"1;"1;39;$" \ OD PDUJLQDOLGDG XQD SRVLELOLGDG FHUFDQD \ VLHPSUH DPHQD]DQWH HO GHVFUpGLWR VRFLDO GH 89" 897$'" 4$31:+1" 368%9781" 41" +$4$" ?1;9" %9:49" 41" 29)$;" (:+1813+698$(41;" X61" 4(;\'6+9:" GH XQ PRQWyQ GH YDFDFLRQHV \ XQ WUDEDMR ¿MR LQFDSDFHV GH VRPHWHUVH D ODV PLVPDV '1)89;" 418" Q61)$" 39%(+98(;+9" X61" 8$;" 41F];" *9:" 41" 931%+9'" 1:" ;6;" 86)9'1;" 41" +'979Q$P" \ TXH SRU H[WUDxDV \ VRVSHFKRVDV UD]RQHV VH PDQL¿HVWDQ HQ FRQWUD GH ODV UHIRUPDV X61" 1;%13(98(;+9;" %$8^+(3$;" &" )1;+$'1;" :$" 4$31:+1;" %'1;1:+9:" 3$F$" 89" ;$863(E:" 9" 8$;" SUREOHPDV DFWXDOHV GH OD HGXFDFLyQ TXH HOORV QR VyOR SURYRFDQ VLQR TXH GHVFRQRFHQ OD FRPHUFLDOL]DFLyQ \ SULYDWL]DFLyQ GH ORV EHQH¿FLRV \ UHVXOWDGRV GH ODV LQYHVWLJDFLRQHV OOHYDGDV D FDER SRU LQVWLWXFLRQHV HGXFDWLYDV ¿QDQFLDGDV FRQ GLQHUR S~EOLFR D WUDYpV SRU 1Q1F%8$"41"89;"%9+1:+1;"&"89;"\$'F9;"41"81)98(T93(E:"3$:+1F%$']:19;"41"8$;"41'13*$;" GH DXWRU ODV FDPSDxDV \ PHGLGDV GH GLVXDVLyQ GLULJLGDV D TXH ORV MyYHQHV UHFKDFHQ %'$;1)6('";6"1+9%9"41"1;+64($;"&"76;X61:"6:9"']%(49"(:3$'%$'93(E:"98"F1'394$"897$'98" D WUDYpV GH WLWXODFLRQHV SURIHVLRQDOHV OD SURJUHVLYD EXURFUDWL]DFLyQ GH OD HQVHx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h9;+9" 9*$'9" 1;+$;" $7Q1+(2$;" (:36F%8(4$;" 9[:" ;1" 3$:;(41'979:" 41;19781;" &" %$;(781;P" F(1:+'9;" X61" +'9;" 6:9;" '1\$'F9;" 97(1'+9F1:+1" :$" ()698(+9'(9;P" 3$F$" 9X61889;" X61" ;1" 1;+]:" 9%'$79:4$" 9:+1" :61;+'$;" $Q$;P" ;$:" %1'3(7(4$;" 4('13+9F1:+1" 3$F$" $7Q1+(2$;" .O (:9%'$%(94$;> " @;+1" 1;" &9" 18" 4(;36';$" 2(;(781" 1:" F63*$;" 41" 8$;" %89:+19F(1:+$;" 41" 89" 41'13*9"%$8^+(39"16'$%19"F];"1Z+'1F9.R";()6(1:4$"89"1;+189"418"F$418$"41"8$;"@;+94$;" <:(4$;" X61" :$;" 88129" 9A$;" %$'" 4189:+1" 1:" 1;+1" ;1:+(4$P" 9A$;" X61" %$'" 3(1'+$" %$4'^9:" ;1'2(':$;"%9'9"21'"*9;+9"X6U"%6:+$"1;+1";(;+1F9"\$F1:+9"89";1)'1)93(E:P":$"F1Q$'9"1:" +U'F(:$;" )1:1'981;" 89" 398(494" 41" 89" 1:;1A9:T9P" :(" 89" +'9:;F(;(E:" 41" 298$'1;" ;$7'1" 8$;" X61" 9%9'1:+1F1:+1" *9" 41" 79;9';1" 18" 3$:+'9+$" ;$3(98" 2()1:+1P" F(1:+'9;" ;^" \92$'131" 89" F68+(%8(393(E:" 41" 6:9" 2($81:3(9" 1;+'63+6'98" X61" ;(:" 4649" +(1:1" %'$\6:49;" '9^31;" 1:" 89;" 41;()6984941;"41"389;1P"'9T9P")U:1'$P"1+3>P"&"X61"+(1:1"3$F$"3$:;1361:3(9"89"9%9'(3(E:" 41"6:";(:\^:"41"%9+$8$)^9;"X61"&9":$"%$41F$;";(:$"3$:;(41'9'"1:\1'F14941;";$3(981;" 1:39':949;"%$'";6Q1+$;"X61";1"21:"\$'T94$;"9"2(2('"98$Q94$;"1:"6:9";$3(1494"1:\1'F9>" f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
!"#$%&"'()%(%)*+,+"-.((/((!"#$"%&'%()*+",)%-%./0,1)%.2#'+%.#1'$)% (O SUREOHPD HV TXH OD VRFLHGDG TXH HVWDV UHIRUPDV QRV DQXQFLDQ HV WHUURUt¿FD 1:" 18" ;1:+(4$" '198" 418" +U'F(:$P" 1;" 89" ;$3(1494" 418" +1''$'" &" 89" 2($81:3(9" 79Q$" 18" X61" 89;" %1';$:9;" *97']:" 41" 2(2('>" `" 1;" %'13(;9F1:+1" 9X6^" 4$:41" 8$;" 3]8368$;" 13$:EF(3$;" :$" '1;68+9:" 3$:2(:31:+1;" &9" X61" ;(F%81F1:+1" :$" 3$:+1F%89:" 89;" 3$:;1361:3(9;" :(" 1:" .J +U'F(:$;"13$:EF(3$;":("41":(:)6:9"$+'9"F9:1'9> "@4639'"1:"89"():$'9:3(9P"89";6F(;(E:P" 89" (F%$+1:3(9P" 18" F(14$P" 18" 94$3+'(:9F(1:+$P" 18" 41+1'F(:(;F$" ;$3(98" &" 89" ;67;(;+1:3(9" WLHQH XQDV FRQVHFXHQFLDV TXH SXHGHQ VHU FDWDVWUy¿FDV SDUD OD KXPDQLGDG FRPR \D *1F$;" %$4(4$" 9%'1:41'" 41" 4(;+(:+$;" F$F1:+$;" 41" :61;+'9" *(;+$'(9" 3$F$" 1;%13(1>" Y9" 4(\1'1:3(9" 1;" X61" :61;+'9" 39%93(494" 41" 41;+'633(E:" 1;" 3949" 21T" F9&$'>" D$" 3'11F$;" 3$F$" 9X6188$;" X61" 76;39:" :$" ;E8$" F9:+1:1'" ;6;" %'(2(81)($;" ;(:$" 9F%8(9'8$;P" X61" 1;+9" VLWXDFLyQ SXHGD PDQWHQHUVH LQGH¿QLGDPHQWH .G"@;":131;9'(9"6:9"21'4941'9"'1\$'F9"41" 89"146393(E:P"%1'$"6:9"X61"%9'+9"41"6:9"'12(;(E:"3'^+(39"41":61;+'9";$3(14941;"93+6981;" &"41";6"%$;(7(8(494"41"F1Q$'9"3$:"1\13+$;"3$813+(2$;> a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j1;41" 861)$"89";$863(E:":6:39"21:4']"418"96+$'(+9'(;F$>"5$4'^9F$;"*9789'"%6:+$"%$'"%6:+$"41" 8$;";^:+$F9;"418"F981;+9'P"%1'$"9;^"'1%'$463('^9F$;"18"1;%93($"$36%94$"%$'"89;"+1'+68(9;" '94($\E:(39;>"0("*67(U;1F$;"%89:+194$"1;+1"+1Z+$"*9789:4$"[:(39F1:+1"41"8$"X61"*9789" 18"%1'($4(;+9"1;+9'^9F$;"6:9"21T"F];"89F(U:4$:$;"89;"*1'(49;P"$\'13(1:4$"89"\$+$"X61";1" 1;%1'9>" 3HUR OD SURSDJDQGD JOREDO WLHQH ¿VXUDV QDGD GLItFLOHV GH SHUFLELU DVt FRPR HIHFWRV TXH QL ODV SURSLDV OyJLFDV HFRQyPLFDV WLHQHQ SUHYLVWRV (O GLVFXUVR R¿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a6:X61" ;$F$;" 3$:;3(1:+1;" 41" X61" ;1" %6141" %'1;1:+9'" 3$F$" %9'+1" 418" ;(;+1F9" 41" %'$%9)9:49P" 8$" X61" :$;$+'$;" 1:+1:41F$;" %$'" 9'+1" " %$;11" 18" 39']3+1'" 418" 4(;36';$" 361;+($:94$'P" $" 3$:+'9''189+$P" (:386;$"41";^"F(;F$>"51;1"9"X61"89"F9&$'^9"41"89;"%']3+(39;"%$;F$41':9;"3$:;(41'949;" \ SURPRFLRQDGDV FRPR DUWtVWLFDV VRQ D¿UPDWLYDV GHO HVWDGR GH FRVDV WDPELpQ KD\ RWUDV %']3+(39;>"k;+9;"$+'9;"%']3+(39;"9'+^;+(39;"1Z()1:"6:9"'131%3(E:"93+(29P"9''(1;)949"9:+1" ;6;" $7Q1+$;" $" ;(+693($:1;P" 3$:" 89" X61" 97$'49'" &" %'$31;9'" ;6;" \$'F9;" :$" F139:(T949;"
"#$'3-34),5$16"73&'31&'*$1&"&%389%:
,Je
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tDQ GH多QLU FRPR XQD FRQVHFXFLyQ GHO LGHDO GH HGXFDFLyQ GHPRFUiWLFD HQ XQD FODYH 3$:+1F%$']:19P" 1;+9F$;" *9789:4$" 41" 6:" 21'4941'$" '1%89:+19F(1:+$" 41" 8$;" ;(;+1F9;" (41$8E)(3$;" 418" 39%(+98(;F$>" a31'39';1" 98" UZ(+$" 1:" 1;+9" +9'19" 41%1:41']" 1:" %'(F1'9" (:;+9:3(9""41"X61";1"%1'3(79"3$F$":131;9'(9"&"%$;(781P"1:";1)6:49"41"89"2$86:+94P"41" 6:"X61'1'"3$F[:P"1:"79;1"9"93+(+641;"3'^+(39;"1:"F$2(F(1:+$P"&"1:"+1'31'9"41"+1:1'"9" SHUVRQDV VX多FLHQWHPHQWH FUHDWLYDV \ FXHVWLRQDGRUDV (VWDPRV KDEODQGR GH XQ FDPELR ;$3(98P":949"F1:$;>""
!"#$%&"'()%(%)*+,+"-.((/((!"#$"%&'%()*+",)%-%./0,1)%.2#'+%.#1'$)% 1(#-. ."0(:"4649"*9"*97(4$"6:"'13$:$3(F(1:+$"389'$"41"1;+1"39F7($"41;41"F68+(+64"41"%'$4633($:1;" FXOWXUDOHV ¿ORVRItD VRFLRORJtD DUWHV HWF TXH GHVGH KDFH \D WLHPSR KDQ DOHUWDGR GHO 2('9Q1"+$+98(+9'(;+9"41":61;+'$;";(;+1F9;"%$8^+(3$;"&";$3(981;> ," g(1:" 1;" 3(1'+$" X61" +9F7(U:" 89;" 389;1;" F];" 41;\92$'13(49;" ?1;9" 389;1" $7'1'9" X61" ;(:" '13$:$31';1"79Q$"1;+1":$F7'1";()61"1Z(;+(1:4$B"3$897$'9:"3$:";6"%9;(2(494"&";6"\98+9" 41"(:+1'U;"1:"1;+9"+1:41:3(9"X61"81;"*9']"%1'41'"F];"X61"9":94(1P"&9"X61"3$:"18"'13$'+1" 41"()6984941;"18"%'(2(81)($";(1F%'1";984']"'1\$'T94$> e"df<#a<YWP"=(3*18>"?5*'"$,1*$,5*$%(.-"('2"@4>"W6;X61+;>"g9'318$:9P".HHH> N"YaWf<_P"g'6:$>"@-1./*A,='(*(%$'*='$,"1'(>"@4>"j179+1>"=94'(4P".HHe> O"=63*9;"41"1;+9;"+1$'^9;";$:"3$:;1361:3(9"41"89;"81)(+(F9;"3'^+(39;"%$'"%9'+1"41"89"1;36189" 41"d'9:l\6'+P"18"%;(3$9:]8(;(;P"18"%$;+1;+'63+6'98(;F$P"18"\1F(:(;F$P"8$;"1;+64($;"368+6'981;" &"89"\(8$;$\^9"9"89;"8(F(+93($:1;"1"(F%$;(3($:1;"418"F$418$"F$41':$P"F9;368(:$P"789:3$P" $33(41:+98"41"21'494"6:(21';98"&"1Z386&1:+1> R" h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aiaYP"#*'(;+(9:>*</*,(.-,5/*1'*,(*-1/*,=>",(/2"@4>"59(4E;>"g9'318$:9P",--N> .." @:" 6:9" 3$:\1'1:3(9" %'$:6:3(949" %$'" D$9F" #*$F;l&" 1:" h9'29'4" 1:" .HHJ" 41" +^+68$" 7"'>/B/1$/* C* .'1&"'5* $,* 5/* =,1&/5%$/$* >D45%./* m3(+94$" 1:" #hf=0n`P" D$9F>" E'4",* $,='."/.%/* C* ,$-./.%012* F'52* G2* fW@_fP"#>5>"?3$F%>B>"@4>"59(4E;>" g9'318$:9P" ,--Oo" 41;9''$889"89"(419"41"6:9")61''9"41389'949"&"%1'F9:1:+1F1:+1"93+(29"3$:+'9"89"389;1" +'979Q94$'9" %$'" %9'+1" 41" 89" %9+'$:98" 1;+94$6:(41:;1" 41;41" %'(:3(%($;" 418" ;()8$" KKP" %9'94EQ(39"3$:3(1:3(9"41"389;1"41"6:9"41+1'F(:949"$8()$3'93(9"X61";971"%1'\13+9F1:+1" X61":$"4171"31Q9'":("6:"(:;+9:+1"1:";6"863*9";("X6(1'1"'1+1:1'";6;"%'(2(81)($;>"@;+9"863*9" 41"389;1;"41;41"9''(79";1"79;9"1:"89";1:3(889"(419"41"X61"18"%6178$":$"1;"18"X61"F1Q$'" ;971"8$"X61"81"3$:2(1:1>"@4L9'4"g1:9&;"1;3'(71"1:"8$;"9A$;",-"7"'>/B/1$/P"F9:698"
"#$'3-34),5$16"73&'31&'*$1&"&%389%:
,JO
%9'9"89"(:46;+'(9"41"89;"'1893($:1;"%[78(39;P"1:"18"X61";1"%89:+1979"X61";$F1+1'"9"6:9" '1)89F1:+93(E:"389'9"89"F1:+98(494"%[78(39"1'9"6:"'9;)$"1;1:3(98"41"89"41F$3'93(9>"01" GHVDUUROODURQ PpWRGRV ³FLHQWtILFRV´ URPSHKXHOJDV \ DQWLVLQGLFDOLVWDV FRQRFLGRV FRPR ³OD IyUPXOD GHO 9DOOH GH 0RKDZN´ TXH VH UHYHODURQ GH JUDQ HILFDFLD /DV HVWUDWHJLDV %'(:3(%981;" 3$:;(;+^9:" 1:" F$2(8(T9'" 9" 89" 3$F6:(494" 3$:+'9" 8$;" *618)6(;+9;P" 49:4$" 6:9" (F9)1:"41"3$F6:(494"1:"9'F$:^9"1:"$%$;(3(E:"9"8$;"X61"%'$+1;+9:";(:"'9TE:P";1F7'9'" 18" F(14$" 98" 213(:$P" 9A94('" F63*9" '18()(E:" 3$F$" (:)'14(1:+1" (:4(;%1:;9781P" %$'" 8$" X61" 41" F9:1Q9781" +(1:1" 89" \1" 9" +'92U;" 418" 4$)F9P" &" +$49" %']3+(39" X61" 4(2(4(1;1" 9" 89" FRPXQLGDG \ IRPHQWDVH HO ³ViOYHVH TXLHQ SXHGD´ &RQ VXPD IDFLOLGDG SRGHPRV UDVWUHDU )1:198E)(39F1:+1" 1;+9;" %']3+(39;" 1:" 89" 93+698(494P" X61" *9:" 41;1F7$394$" 1:" 6:9" ;(+693(E:"1:"89"3698"3698X6(1'"(:+1:+$"41"1:+'9'"1:"%$8^+(39"%$'"%9'+1"41"8$;"X61"*9:";(4$" 1Z386(4$;"41"1889";1"3$:;(41'9"6:9"3'(;(;"41"89"41F$3'93(9>"59'9"31''9'"18"9')6F1:+$P" #*$F;l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a" 6:" :(218" 41" 2(49" 3$+(4(9:9P" 8$;" ;6Q1+$;" 4(\^3(8F1:+1" ;$%$'+9'^9:";6"%'139'(1494P";6"\98+9"41"$%$'+6:(4941;P"41"2(2(1:49"4():9P";6"F1'9"\98+9" 41" 81:)69Q1" 1" (:;+'6F1:+$;" 3$F6:(39+(2$;" ;(" :$" 1Z(;+(1'9:" 8$;" F$418$;" 41" 41;1$" &" HQWUHWHQLPLHQWR TXH FDOPDQ ODV WHQVLRQHV GHO GtD D GtD &RPR GLMHUD :ROI 9RVWHOO ³(V 97;6'4$"X61"89")1:+1"+('1"9"89"79;6'9";6;"+1812(;$'1;"2(1Q$;>"@;$;"+1812(;$'1;"*9:"1;+94$" HGXFiQGROHV GXUDQWH PiV GH GLH] DxRV´ FLWDGR HQ %$,*255, /DXUD FH$,')*7"%=,"/* ,&/>/2*?5*IH$,'*,1*,5*.'1&,J&'*('.%/5*C*/"&H(&%.'*$,*5'(*/K'(*;:LM:2*g'6F9'(9>"=94'(4P" ,--,B>"Y9"%'$%9)9:49"&"18"1:+'1+1:(F(1:+$"881:9:":61;+'$;"*613$;"3$:"\'9)F1:+93(E:> 2S FLW /$9$/ &KULVWLDQ SDJ >(Q HGXFDFLyQ@ ³«DQWH XQD RIHUWD GHVLJXDO VH HPSXMD 9" 3$F%$'+9F(1:+$;" 1;+'9+U)(3$;" 79;94$;" 1:" 18" (:+1'U;" %9'+(3689'" 1:" 21T" 41" 863*9;" FROHFWLYDV GH YROXQWDG GH PHMRUD´ (V GHFLU VH IRPHQWD OD SUHGHWHUPLQDFLyQ GH OD FODVH 41"$'()1:>" .N"i(;(781"1:"89"(F%89:+93(E:"41"%$8^+(39;"41"1298693(E:"41"4$31:+1;"&";1'2(3($;"14639+(2$;P" 89"8(7'1"18133(E:"41"31:+'$;P"89";1)'1)93(E:"&"%$89'(T93(E:";$3(98P"89"+1:41:3(9"9"X61"3949" 1;36189";1"1:+(1:49"9";^"F(;F9"3$F$";6"%'$%($"'136';$P"89"F68+(%8(393(E:"41"1;+'9+1)(9;" %$'" %9'+1" 41" 8$;" 31:+'$;" %9'9" 9+'91'" 9" 8$;" 761:$;" 986F:$;" $" 89" +1:41:3(9" 9" X61" 18" F1'394$"(:F$7(8(9'($";1"3$:2(1'+9"1:"6:"F1'394$"1;3$89'"(:4('13+$> .O" D$;" '1\1'(F$;" 9" 89" Yf@" 9%'$7949" 18" %9;94$" R" 41" 97'(8" 41" ,--R" 1:" 18" #$:)'1;$" 41" 8$;" j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aF7$;"1Q1F%8$;"41F61;+'9:"6:9"389'9"%U'4(49"41"89"$'(1:+93(E:"()698(+9'(9"1:" 89"146393(E:"%[78(39> .R"#$F$"1Q1F%8$"41"188$"1:":61;+'$"%9^;P"79;+1"'13$'49'"3$F$"*931"9%1:9;"+'1;"9A$;"89" i(313$:;1Q1'9"41"@46393(E:"41"89"#$F6:(494"41"=94'(4P"41\1:4(E"1:"6:9"1:+'12(;+9"18"
!"#$%&"'()%(%)*+,+"-.((/((!"#$"%&'%()*+",)%-%./0,1)%.2#'+%.#1'$)% $,",.A'*/*5/*%B1'"/1.%/8"98)$"X61":$"2(E"3$F$"(:3$F%9+(781"3$:"18"41;1F%1A$"41";6"" 39')$P"%1;1"9"X61"89"146393(E:"%[78(39";("1Z(;+1"1;"%'(:3(%98F1:+1"3$F$")9'9:+1"41"X61" 4(3*$"$,",.A'":$"1Z(;+9> .J"59'9"6:9"%'$\6:4(T93(E:"1:"1;+9"31)61'9"41"8$;"9:]8(;(;"13$:EF(3$;"21'/"gf<_jC@<P" 5(1''1>"!'1&"/N-,B'(>"@4>"a:9)'9F9>"#$8>"a')6F1:+$;>"g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j@" SfDpaYfP" =9'+9" &" 5k_@p" 5_C@WfP"5678($"?14;>B*<O%1.",=,1&2*d6:493(q"@;%9(;"4ra'+"#$:+1F%$'9:(>"S('$:9P",--OP" $"1:"*++%/MM6;69'($;>9';&;+18>3$FMF9%6F9%6M39;+1889:$M7(78($s39;+>*+F8
!"#$%&$'(#)%&*% +,-.%/)"&%/$0$%1-.%/)"&%/$ 2%#$,"3),)%&*"$456,$ 2%/2%$#($('(,-(2(
7!","/$8&(/$-%./"&)*(/$98%$&"/$,"3),"/:$3)3),"/$0$/%&*),"/$ !;<$%&$!;<=$>"/$.%8&),"/$%&$#($?#(@($2%$#(/$A%/'(#@(/$-(.($ UHÀH[LRQDU HQWRUQR DO RV (VSDFLR V \ 0RYLPLHQWR V \ DTXt "/$-#(/,(,"/$#"$%1-%.),%&*(2"$%1-.%/(2"$ 6B",-(.*%#"C?(/(#"6D
!"#$%&'()$*+,--.%$"%$-%*$"'-#().%$+%'+%#(--$*/%0!"1(&,.%2% 3.4,3,$+#.5/% 6'$% *$(-,7(3."% $+% $-% 3(*&.% )$-% 8(9,"#$*% 8$#.).-.9,("% :(*#,&,1(#,4("% 1(*(% $-% ;$"(**.--.% <.&(-% =>?8@%(%1(*#,*%)$%-("%$A1$*,$+&,("%4,4,)("%$+%2%$+%#.*+.% (%-(%(&(31()(%)$-%3.4,3,$+#.%BCD8%$+%E.-F% !+%$-%#(--$*%1(*#,&,1(*.+%3G"%1$*".+("/%1$*.%-."%*$-(#."% H(+% ",).% $"&*,#."% 1.*% 8.,"I"% :.*&$-% 8'J.7/% 8.'+(% .HELU 7LR $GHOD &DVWDxR &XEHOOV /RXLV 0DQ¿HOG 6DUD K,--(+'$4(%8(9G+%2%?*,"#,+(%K$9(%E.-L"F MMMF)$"N.*)(*$-('-(FM.*)1*$""F&.3
(VSDFLR 6RO 0RYLPLHQWR FRQ FRQWUD \ GHVGH HO DVHQWDPLHQWR ?OPEQPRS%
%%%%8()*,)/%T%)$%U'+,.%)$%VWBB
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`%E(N,$+)./%&.3.%"(N$3."/%6'$% $-%$"1(&,.%$"%#(+#.%[L",&.%&.3.%",3NZ-,&./% #(+#.%3(#$*,(-3$+#$%&.+"#*',).%&.3.%"'ND U$#,4(3$+#$%*$-(#().%2%#*(+",#().F% ?.+%$"#(%1*$9'+#(%9$+$*(-%2%.#*("%#*$"% 3G"/% _&Z3.% "$% H(% ,).% &.+[.*3(+).% $"#$% $"1(&,.`/% _&Z3.% #$% ",$+#$"% $+% I-`% 2% _)$% 6',I+%$"%E.-`%/%+."%H$3."%)().%'+%#,$31.% (--L%3,"3.%1(*(%3,*(*/%&H(*-(*%2%1$+"(*%$+% &(-,$+#$F 8,% 1*,3$*(% 3$3.*,(% )$% -(% (&(31(D )(% &.3.% #(-% ['$% $-% 3,I*&.-$"% Ba% )$% 3(2.%
&'(+).%"$%1'".%(%--.4$*F%X("#(%$+#.+&$"% +.%3$%H(NL(%)().%&'$+#(%1.*6'$%3,%3$+D #$%".-.%4$L(%3,-$"%)$%1$*".+("%9*,#(+).%2% &.-9(+).% &(*#$-$"/% $"#.% #(+% ",+9'-(*% 6'$% H(%.&'**,).%$+%E.-/%2%6'$%4$+L(%2(%(1*$+D ),).%)$")$%-(%9'$**(/%1$*.%6'$%H(%$4.-'D &,.+().% $+% '+% "$+#,).% ,+$"1$*()(3$+#$% &*$(#,4.F%?()(%&'(-%3(*&(+).%$-%-'9(*%&.+% "'%&(*#$-%H("#(%&'N*,*-.%#.).F ?.3.%$+%$"$%3.3$+#.%+.%H(NL(%(b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c6'I%N'$+.d@/%N,N-,.#$&(/%&(*#$-$"%".N*$% &(*#$-$"/% M&"/% &'$*)("% &*'7(+).% $-% &,$-.% )$%-(%1-(7(%N(U.%-."%6'$%"$%#*$+7(N(+%+'$D 4."%1'$"#."%$+%'+(%[.*3(&,Z+%&H(N.-,"#(% H.*,7.+#(-F
!+% K(-$+&,(/% ).+)$% 3$% [',% (-% )L(% ",D 9',$+#$/% -(% (&(31()(% +.% &*$&,Z% )$% -(% 3,"3(% 3(+$*(F% ?'(+).% --$9'I% #(3N,I+% 3$%1(*$&,Z%'+%&(."/%1$*.%-'$9.%4,%6'$%$-%
)$-%1.&.%1(+/%1I",3.%&,*&.F%:$*.%#(3N,I+% "(-#(*% (% -(% &(--$/%&.3.% &'(+).% 1.*% [,+% "$% &.*#Z%$-%#*G[,&.%.&'1(+).%-(%),"#(+&,(%$+D #*$% -(% (&(31()(% 2% $-% N(-&Z+% )$-% (2'+#(D
&$+#*.%"$%)$"1$U(N(%1(*(%-("%("(3N-$("% 2%6'$%-."%#$+)$*$#$"%"$%,N(+%1.&.%(%1.&.% ",#'(+).%(-*$)$).*/%&'*,."(3$+#$%)$-%-().% )$-% N(-&Z+% )$% O,#(/% 1$*.% 3,*(+).% H(&,(% -(%1-(7(/%$"%)$&,*/%)G+).-$%-(%$"1(-)(F%e/% _6'I%1'",$*.+%-."%4(-$+&,(+."%$+%$-%&$+D #*.%)$%-(%1-(7(`%:'$"%'+(%[(--(/%$+%#.*+.%(% -(%6'$%"$%1'",$*.+%(%)(*%4'$-#("F% <(% $"1(&,(-,)()% 4(-$+&,(+(% 1.+L(% )$% 3(+,[,$"#.%$"#.%#(+%",+9'-(*\%$"#(*%)$%$"D 1(-)("% .% 3G"% N,$+% (1(*#$% )$-% 1.)$*% 1.D -L#,&.% =$+% $"."% )L("% 3$% 1*$9'+#I% 1.*6'$% -(% 9$+#$% +.% ['$% (% fI+.4(% $-% )L(% )$% -("% $-$&&,.+$"%2%$4,#Z%3,*(*%(%-(%&(*(%(%$"#."% 1.-L#,&."%&.**'1#."%6'$%H(N,#(+%'+%3'+).% 1(*(-$-.@%$%,+"#(-(*"$%1(*(%H(&$*%'+(%1-(D 7(%)$%4'$-#(F%!+%*$-(&,Z+% (%$"#.%(-9'+("% 1$+"(3."%6'$%$"(%,3(9$+%)$%O(U.2%2%-."% "'2."% $+% $-% N(-&Z+% )$% fI+.4(% $*(/% '+(% 4$7%3G"/%$-%3$U.*%*$#*(#.%)$%-(%1.-L#,&(%6'$% *$&H(7(3."\%I-%&.3.%b+,&.%1.-.%)$%*$[$D *$+&,(/%)$")$%-("%(-#'*("/%".N*$%'+%9*'1.% )$% "$9',).*$"% 1$+),$+#$"% )$% -."% 9$"#."% )$-%-L)$*F !+% E.-/% 1.*% $-% &.+#*(*,./% #.)."% 1$+D ),$+#$"% )$% #.)."/% $3,".*$"% 2% *$&$1#.*$"% (-% 3,"3.% #,$31.F% R()(% )$-% $"1$&#G&'-.%
3,$+#./%$-%[(3.".%N(-&Z+%)$%-(%3("&-$#G/% 6'$%'+(%4$7%1("().%$-%"'N,)Z+%"$%(N(+D ).+Z%1(*(%4.-4$*%(%-(%1-(7(F 8,*(3."%#.)."%1.*%'+%3.3$+#.%(%$"$% -'9(*%6'$%4,"'(-,7(%$-%1.)$*%=3.+'3$+#."% 2%$),[,&,."%6'$%.*)$+(+%'+(%&$+#*(-,)()@%2% -'$9.%+."%4.-4,3."%(%(**$3.-,+(*%$+%#.*+.% (% -(% 1-(7(/% #*(+",#(+)./% "$+#G+).+."% $+% 9*'1./% ,31*.4,"(+).% #.).% $-% *(#.% ("(3D N-$("F Q(3N,I+% -(% $"1(&,(-,)()% 4(-$+&,(+(% 1.+L(%)$%3(+,[,$"#.%$-%)$"1.#,"3.\%+()(% )$%-.+("/%$"#$*,--("/%#,$+)("/%"(&."%)$%).*D 3,*/%(-%3$+."%$+%-."%)L("%6'$%$"#'4$%(--L%2% 1.*%3(+)(#.%1.-,&,(-F !+%E.-/%1.*%$-%&.+#*(*,./%$-%&$+#*.%3,"D 3.%)$%-(%1-(7(% "$%['$%"(#'*(+).%(%1(*#,*% )$% -(% $"#*'&#'*(% 6'$% 3.+#(*.+% (-9'+."% $-$3$+#."% ),"1$*"."% &.3.% $-% &(N(--./% $-% ],."&.%2%$-%3$#*./%6'$%U'+#.%(%-("%[(*.-("% ),$*.+%[.*3(%(%-.%6'$%3G"%#(*)$%"$*L(%'+% #$+),).%&.+%&(--$"%2%H(N,#G&'-."/%$+%#.*+.% (-% &'(-% 1.&.% (% 1.&.% &*$&,$*.+% -."% "'N'*D N,."F% Q,$+$% H("#(% +.3N*$^% 0&.+"#*'&&,Z+%
H.*3,9(5F%8$%1*$9'+#.%&Z3.%H(N*L(%",).% #.).% ",% +.% H'N,$*(% --.4,).% #(+#.% $+% $"#("% "$3(+("F% ?Z3.% ",% +.% H'N,I*(3."% &.D 1,().%$-%9$"#.%)$%Q(H*,*%2%.#*."%6'$%&()(% &'(-%H(%,).%(1*$+),$+).%$+%$"#."%(J."%)$% $A1-.",.+$"%,+#$*3,#$+#$"%)$%1*.#$"#(%&(D --$U$*(F
<("% ("(3N-$("% "$% )$"1-(7(*.+% (% '+% -().%2%$-%#*G+",#.%"$%H,7.%1.*%)$+#*.%2%$+% #.*+.F%R()(%(%-.%6'$%3,*(*%.%)(*%-(%$"1(-D )(%3G"%6'$%$-%1*.1,.%&$+#*./%+,%",6',$*(%(-% *$-.U/%('+6'$%,+$4,#(N-$3$+#$%$-%#'+$.%)$% 0-.%*$(-/%1(*L"5%2%-(%&b1'-(%)$-%3$#*.%),$*.+% 4.-'3$+%H(&,(%(**,N(%(%$"#(%"'1$*[,&,$F f*(&,("% (% 3(+#$+,3,$+#./% -(% #I&+,&(% &.+"#*'&#,4(%"$%['$%)$1'*(+).^%3G"#,-$"%2% &.-'3+("%)$%4,9("%3.+#()("%".N*$%1(-I"% &.+%N.#$--("%--$+("%)$%(9'(%1(*(%)(*%".-,D )$7F%:.&.%(%1.&.%-."%#$+)$*$#$"%9(+(*.+% $+%3."#*().*$"%--$+."%)$%1(1$-$"%)$")$% -."%6'$%(#$+)$*%(%-."%6'$%1("(N(+%2%&,$D **$"%H$&H."%&.+%&(*#$-$"/%1(+&(*#("/%1-G"D #,&."%1(*(%1*.#$9$*"$%2%-,3,#(*%$"1(&,."F
?(--$"%&.+%1(1$-$*("/%3(+#$+,3,$+#./% "$*4,&,.% )$% -,31,$7(/% 1'+#."% -,31,."/% (*D 3(*,."%2%N'7.+$"F E,#,."% ,31*.4,"()."% &.+% &.*#,+(U$"% 2% 3.D N,-,(*,.% 3Z4,-% 1(*(% -(% ,+#,3,)()% 1bN-,&(F%
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g#*("%1-(7("%#(3N,I+%6'$%H$3."%1.D ),).% 4$*% $+% -(% 1(+#(--(F%S% 3,% 3$% [-,1(% -(% ,)$(% )$% 9'$**,--(% '*N(+(% 3.)$*+(% ).+)$% +'$"#*("% (*3("% ".+% -("% ("(3N-$("/% -("% 1(-(N*("% 2% -."% 9$"#."% 6'$% -("% &(*9(+% )$% &.+#$+,).FFF%1.&.%(%1.&.%4(3."%9(+(+).% $"1(&,.%(%'+%$+$3,9.%H."#,-/%*$&'1$*(+).% &()(%N(-)."(%)$-%"'$-.F%f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e% 3G"% 9$+,(-% (b+% $+4,(*% 2% *$&,N,*% &(*#("% $+% $-% h3F% W/% 1.*D 6'$%#.)."%-."%)L("%$"#G+%--$9(+).%&(*#("% (%-(%(&(31()(%)$")$%3'&H."%-'9(*$"%)$-% 1-(+$#(F ?.3.%-(%,+#$-,9$+&,(%&.-$&#,4(%$"%&.3.% $"/% 1*.+#.% "$% 1*.)'U$*.+% H$**(3,$+#("% 1(*(%'N,&(*+."^%'+%1-(+.%)$%-(%(&(31()(/% '+%.*9(+,9*(3(%&.+%&.3,",.+$"%2%9*'1."/%
'+% 3(1(% &.+&$1#'(-% 2% .#*."% ,+"#*'3$+D #."% ,)$.9*G[,&."% 1(*(% $A1-,&(*+."% $"#$% $+#$%4,4,$+#$%2%3'#(+#$F%S%#.).%$--./%&.3.% N,$+%1.+$%)$%3(+,[,$"#.%#.3(-(1-(7(F+$#/% ",$31*$% -$% [(-#(% (-9./% ",$31*$% +$&$",#(% 3.),[,&(&,Z+F
.#*.%-().%)$%-(%&,')()%)$"1'I"%)$%H(N$*D "$%4,"#.%(HL/%$+%$-%1'*.%&$+#*.%$+#*$%#(+#(% 9$+#$F%>+%"$J.*%3(2.*%+."%&.+#Z%6'$%E.-% $*(%)$%-."%UZ4$+$"%1$*.%6'$%I-%,N(%#.)."% -."%)L("%(%H(&$*%1*$"$+&,(%)$(3N'-(+).% 1.*%(--LF%<(%9$+#$%,+","#$%2%*$","#$%-(%$A1'-D
X(2%6',$+$"%-.%4$+%&.3.%N'*.&*(&,(/% '+%&.+U'+#.%)$%3,+,"#$*,."%&.+%4$+#(+,--("% 6'$%H(&$+%'+%)$+#*.%2%['$*(/%1$*.%-.%&,$*D #.%$"%6'$%"'%),+(3,"3.%$"%$+.*3$%2%+.% *$&'$*)(% 1(*(% +()(% (% -."% (1(*(#."/% 3$D +."%(%-."%)$-%!"#().F !-% )$+#*.i['$*(% $"% 3G"% [-',)./% &.+% 9$+#$% 6'$% --$9(% )$% &'**(*% 1(*(% *$'+,*"$/% $"#(*% .% ,*% (% -(% ("(3N-$(F% <."% )$% &("(% $+4L(+/% $"&*,N$+/% ),['+)$+F% R.% "(NI,"% -(% $3.&,Z+%6'$%"$%",$+#$%&'(+).%'+(%#,$+$% (%"'%H,U(%$+%-(%&(3(%2%1'$)$%(","#,*%(%-(% ("(3N-$(%U'+#.%(%.#*."%jWWW%&,N$*("(3D N-$()."/%('+6'$%)$")$%E.-%+.%"$%1'$)(% 4$*%&Z3.%(9,#(3."%-("%3(+."F !-% 3.4,3,$+#.% (-% ,+#$*,.*% )$-% ("$+D #(3,$+#.% H(&$% 1$+"(*% $+% $"#(% 3b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e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
)./% -.% 6'$% 4,3."% ['$% U'"#(3$+#$% #.).% -.% &.+#*(*,.^%-,31,$7(%,+#$9*(-/%*$1(*(&,Z+%)$% -("%-.+("/%.*)$+(&,Z+%)$%-("%#,$+)("/%&-(D ",[,&(&,Z+%)$%.NU$#."/%&.+"#*'&&,Z+%)$%$"D #*'&#'*("% 1(*(% -("% &(*1("/% )$&.*(&,Z+% )$% ,+#$*,.*$"/% H(N,-,#(&,Z+% )$% &(3,+."% 2% )$D 3(*&(&,Z+% )$-% "'$-./% (-3(&$+(U$F% 0ck'$% +.%+."%4(3."d5/%&(+#'**$(N(+%(-9'+."F <."% 1*,3$*."% )L("% 3'&H."% "$% (&$*D &(*.+%(%"$+#,*%E.-/%'+(%['$*7(%$3.&,.+(-% ,+3$+"(% 6'$% ".-.% )(% $"#(*% &.+% 3'&H(% 9$+#$% $+% -(% &(--$/% $"("% 9(+("% )$% *$L*% 2% --.*(*%(-%3,"3.%#,$31.%6'$%$"%#(+%*(*.%$AD 1$*,3$+#(*% $+% $"#."% #,$31."% 2% 6'$% +(&$% )$%*$&'1$*(*%'+%$"1(&,.%$A1*.1,().%1(*(% --$+(*-.%)$%(-9.%+'$4.F <(%b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c3'2% N,$+/% $"% 3'2% ,31.*D #(+#$% -.% 6'$% $"#G,"% H(&,$+).d@% 2% (% '+."% +.4,."%H(&,$+).%"'%G-N'3%)$%N.)("F
e% $"% 6'$% 1$"$% (% #.).% )$"3.+#(*% &'$"#(F%S-9'+."%-.%(&H(&(+%(-%",3N.-,"3.% =c'[[[/% &Z3.% 1$"(d@/% .#*."% (-% H(N$*% $"#(D N-$&,).%4L+&'-."%2(%1(*(%",$31*$/%.#*."%(% 6'$%$-%3.4,3,$+#.%&*$&$%2%-."%.U."%$"#G+% 1'$"#."% $+% E.-/% (-% (1$9.% 2% [(3,-,(*,)()% &.+%$-%-'9(*/%(%+.%#$+$*%&("(%.%1$*#$+$+D &,(F%k'I%"$%2./%(%3,-%&."("%6'$%H(&$+%)$% $"#(%(&(31()(%3.4,3,$+#.F
6HGLPHQWDFLyQ \ (VFRUUHQWtD ¢4Xp D VHQWDPRV \ TXp TXHGD HQ HO PRYLPLHQWR" <8%
%
%
%%%%%%%%%%%%%%%%%%%%%%%CiaiBB
?'(+).% --$9(3."% (% -(% :'$*#(% )$-% E.-/% _6'I% $"% -.% 6'$% $+&.+#*(3."`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b1'-(%)$%$+#*()(%(-%,+#$*&(3N,().*/%3'D &H(% 1.-,&L(% 4,9,-(+).FFF% '+(% &("N(H% $+% $-% ],-Z3$#*.%W\%$-%1'+#.%)$")$%$-%&'(-%"(-$+% #.)."%-."%&(3,+."F
#,&.% )$-% 6'$% N$N,Z% $-% 3.4,3,$+#.% (+#$"% )$% 6'$% &.3$+7("$% #.)./% $+% -(% 3(+,[$"D #(&,Z+^% 0c6'$% +./% 6'$% +./% 6'$% +.% +."% *$D 1*$"$+#(+d5F _X("#(%6'I%1'+#.%1.)$3."%)$&,*%6'$% E.-%*$1*$"$+#(%(-%*$"#.`%>+(%1*,3$*(%&.+D #*(),&&,Z+%6'$%$+&.+#*(3."%$"%-(%",9',$+D #$^%_?'G+#.%)$%-L)$*$"%".3."%2%)$&,3."% +.% "$*% ",% -(% 9$+#$% $"1$*(% 6'$% H(9(3."% (-9.% 2% +.".#*."% 6'$*$3."% H(&$*% (-9.%
E,% N(U("% 1.*% &'(-6',$*(% )$% -("% &(--$"% 6'$% )(+% (% -(% =*$)$[,+,)(% &.3.@% 1-(7(/% -.% 6'$% 4$"i",$+#$"% $"% '+(% $+#*()(% 9*()'(-% (% '+% $"1(&,.% (U$+.% (% -.% 6'$% "$% "'&$)$% &.#,),(+(3$+#$%$+%$"$%-'9(*%)$%#*G+",#.F !"% -(% $+#*()(% (% '+% 3'+).% 1(*(-$-./% (% '+% $"1(&,.% ).+)$% $-% #,$31.% 1(*$&$% H(N$*"$% )$#$+,).% =2% (&$-$*().% )$% [.*3(% $A1.+$+&,(-@% 2/% ('+6'$% &()(% )L(% "$(% ),D [$*$+#$/%1(*$&$%6'$%-.%4,4,3."%)$+#*.%)$% '+(%$"1$&,$%N'&-$i&,&-.%6'$%"$%)$[,+$%1.*% -(%-'&H(%&.-$&#,4(%1.*%-("%+$&$",)()$"%,+D ),4,)'(-$"F !"#.%-.%*$[-$U(%(%-(%1$*[$&&,Z+%'+%&G+D
1(*(%)$3."#*(*-$"%6'$%-(%3(6',+(*,(%+. "$%H(%1(*().`F >+(%)$%-("%&-(4$"%1("(%1.*%$-%)$"N.*D )$^% -(% +$&$",)()% )$% "$*% 3G"% ,+&-'2$+#$% 1(*(%6'$/%("L/%+(),$%1'$)(%(1*.1,(*"$%)$-% 3.4,3,$+#.\%-(%&(1(&,)()%)$%-(%9$+#$%)$% 6'$*$*%(1*.1,(*"$%)$%$--.%-.%1.",N,-,#(F e% $"% 1.*% $--.% 6'$% H.2% +.% "Z-.% H(N-(D 3."% )$% -(% :'$*#(% )$-% E.-/% ",+.% 6'$% -."% 9',J."% =2i.% (N'"."% "'[*,)."@% &.+% .#*."%
1'+#."% )$% -(% 9$.9*([L(% =+(&,.+(-i,+#$*+(D &,.+(-@%".+%&.+"#(+#$"F X(2%'+%('3$+#.%"$+",N-$%)$%-(%1.N-(D &,Z+%6'$%H(&$%'".%)$%$"$%$"1(&,.%2%('+D 6'$% 1'$)$% 6'$% H(2(% $-% 3,"3.% +b3$*.% )$% 1$*".+("% =$+% -("% H.*("% 4(--$@/% -.% 6'$% H(&$+% $"% &.31-$#(3$+#$% ),[$*$+#$% (% -.% 6'$%"$%"'$-$%H(&$*%(HL%=('+6'$%&()(%)L(% &$-$N*(3."% "'% +.&H$4,$U(% 2% +'$"#*.% (J.% +'$4.@F% % !4,)$+#$3$+#$% ",9'$+% 1("(+).% -."%H(N,#'(-$"%)$%-(%:'$*#(%)$-%E.-%=3(2.D *$"/% #'*,"#("/% $A#*(4(9(+#$"/% ,+[(3$"/% &'D **,#."/% $U$&'#("/FFF@% 1$*.% "'% [.*3(% )$% 4,4,*% $"#$% $"1(&,.% $"% *(),&(-3$+#$% ),[$*$+#$% (% -.%6'$%$"#(N(+%(&."#'3N*()("F _?'G-%$"%-(%&('"(`%;$")$%H(&$%3G"% )$%BC%)L("%"$%H(%1*.)'&,).%'+(%$A1-.",Z+% )$% *$,4,+),&(&,.+$"% 2% ('#..*9(+,7(&,Z+% 6'$%$"#G+%3."#*(+).%(%8()*,)%=$+%$-%&(".% $"1$&L[,&.@%'+(%[.*3(%)$%"(N$*%2%H(&$*%),D [$*$+#$%(%-.%6'$%$"#(3."%(&."#'3N*()("^% )$")$% $-% :Og?!Eg% ("(3N-$(*,.% H.*,D "$+",N-$% )$% -(7.+#(-% H("#(% -(% &(1(&,)()% .1$*(#,4(%)$%)(*%)$%&.3$*%(%'+%$UI*&,#.\%2% ".N*$%#.)./%(%1,$%)$%&(--$/%$+%$-%]3%W/%$+% $-%$1,&$+#*.%)$%-(%&,')()F :$*.% ,+#$+#$3."% )$"9(U(*% #.).% $"#.% $+% 1(*#$"% 1(*(% 1.)$*% &.3$+7(*% (% H(&$*% '+(% -$&#'*(% $+#*$-L+$("% )$% #.).% (6'$--.% 6'$% "$% $"#G% &.&,$+).% $+% -(% 0&(-)$*(% )$-% ,+[,$*+.5% F:(*(% $--.% ,+#$+#(*$3."% H,-(*% +'$"#*(%*$[-$A,Z+%(%#*(4I"%)$%(-9'+."%&.+D &$1#."i$U$"i#$3("%&-(4$%6'$/%$"1$*$3."/% +."%",*4(+%1(*(%$A#*($*%(-9'+("%,)$("%$+% #.*+.%(%(6'$--."%("1$&#."%6'$%1'$)$+%"$*% ,+#$*$"(+#$"%#$+$*%$+%&'$+#(%(%-(%H.*(%)$% *$-(&,.+(*% $"#$% "'&$".% &.+% -.% 6'$% "$+#,D 3."%2%+'$"#*(%,+#$*(&&,Z+%&.+%$"#$%.*9(D +,"3.%4,4.F E,+% )')(*-./% $-% H,#.% 6'$% 3G"% 3$% H(% 9'"#().%$"%-(%)$3."#*(&,Z+%)$%-(%+$&$",D )()%)$%-(N.*(#.*,."%".&,(-$"%).+)$%1.+$*% $+% 1*G&#,&(% 2% (% 1*'$N(% -."% (1*$+),7(U$"%
6'$%H$3."%,).%)$"(**.--(+).% 2%3$U.*(+D ).%$+%+'$"#*."%(J."%&.3.%3,$3N*."%)$% '+(% ),"&,1-,+(% )$-% G3N,#.% )$% -("% &,$+&,("% ".&,(-$"F !-%1.*6'I%)$%"$J(-(*%$"#.%4,$+$%1.*%-(% +$&$",)()%)$%*$&'1$*(*%$"(/%2(/%#*(),&,Z+% )$-%0"(N$*%H(&$*5%)$%-."%1",&Z-.9."%".&,(D -$"%#(-$"%&.3.%8,-9*(3%.%l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i['$*(F% _O$(-3$+#$% 1.)$3."%
)$&,*%6'$%E.-%$"#G%['$*(%)$%-(%*$(-,)()/%)$-% 3'+)./% )$% -(% 4,)(`/% _H(2% (-9.% 3G"% (--G% )$%E.-` E$9b+%).+)$%6'$*(3."%1.+$*%$-%3(D #,7/% .N#$+)*$3."% '+(% *$"1'$"#(% '% .#*(F% :(*(% +.".#*("% $"#$% H$&H.% $"#G% =*$@1*$D "$+#().%(%-(%1$*[$&&,Z+%)$+#*.%)$%-(%4,)(% )$-%","#$3(%".&,(-F% R."% $+&.+#*(3."% [*$+#$% (% -(% +$&$",D )()% )$% '+% 9*'1.% )$% 1$*".+("% 3.4,)("% 1.*%'+(%&'$"#,Z+%&.3b+^%.*9(+,7(*"$%1(*(% 1.)$*%&.+#,+'(*%"'%.NU$#,4.\%$+%$"#$%&("./% -("%*$,4,+),&(&,.+$"%&.+#*(%$-%","#$3(%6'$% +."%('"1,&,(F% S% 1(*#,*% )$% (6'L% 1.)$3."% $31$7(*% (% "$J(-(*% -("% [*.+#$*("% 6'$% +."% 4(2(+% "'*D
4,)(`F !"#$% 3.4,3,$+#.% H(% "$*4,).% 1(*(% 4,D ",N,-,7(*/% 1(*(% 3$#$*% 0)$+#*.5% #.)("% $"("% &.+4$*"(&,.+$"%6'$%-(%9$+#$%#,$+$%$+%'+% N(*%.%$+%'+(%*$'+,Z+%6'$/%+.*3(-3$+#$/% "$%6'$)(+%['$*(%)$%-(%$"&$+(%1.-L#,&(F _!"#(3."% 2$+).% 3G"% (--G% )$% -(% *$D [-$A,Z+%9("$."(%6'$%"$%1,$*)$%&.+%$-%#,$3D 1.`%EL/%E.-%$"%'+%&*'&$%)$%&(3,+."%).+)$% "$%H(+%U'+#().%N(U.%-(%3,"3(%U(,3(%),[$D *$+#$"%9$+#$"%&.+%),[$*$+#$"%&*$)."%1$*.% &.+% '+(% 3,"3(% [$^% 0R.% ".3."% (+#,","#$D 3(F%!-%","#$3(%$"%(+#,+.".#*."5F _k'I%&-(4$"%".+%-("%6'$%3(*&(+%6'$% -(%9$+#$%"$%6'$)$%)$+#*.%.%"$%6'$)$%['$D *(`%E,+%)')(%",%H(2%(-9.%1.*%-.%6'$%1.)(D
9,$+).%(-%1(".^%-."%6'$%$"#G+i-."%6'$%+.% $"#G+/% -."% 6'$% 4,4$+% N(U.% -("% &(*1("i-."% 6'$%"$%4(+%(%&("(%(%).*3,*/%-."%6'$%4(+% '+(% H.*(i-."% 6'$% 4(+% mV% H.*("/% -."% 6'$% 4,4$+% -(% 1-(7(i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
3."%)$[,+,*%(%$"#(%$A1-.",Z+%*$,4,+),&(#,4(% $"%$-%H$&H.%)$%1.+$*%$+%-(%3$"(%-(%-'&H(% )$% -(i1.*% i".N*$% -(% ,+[.*3(&,Z+% 2% -(% )$[,D +,&,Z+% )$% -(% *$(-,)()% 6'$% +."% )(% [.*3(% =".3."% 3G6',+("% )$% 9$+$*(*% ),"&'*".% 2% )(3."%3G"%&*$),N,-,)()%(%'+."%(*9'3$+D #."%6'$%(%.#*."@F X$3."% )$% $+#$+)$*% 6'$% $"#$% 3.4,D 3,$+#.%6',$*$%,31(&#(*%=_2%$+%6'I%3$),D )(%-.%H(%H$&H.%2(`%D$-%#,$31.%),*G%&.3.% "$% 4(+% &'(U(+).% $"#("% $"#*(#$9,("D@% $+% #.)("%-("%$"[$*("%)$%-(%4,)(%=1bN-,&(/%1*,D 4()(/%L+#,3(@%1(*(%*.31$*%-(%*$-(&,Z+%'+,D ),*$&&,.+(-%6'$%$+&.+#*(3."%$+%#.)."%-."% G3N,#."% )$% -(% 4,)(^% $-% #*(N(U./% -(% .1,+,Z+% 1bN-,&(/%-("%*$-(&,.+$"%".&,(-$"/%-(%=[.*3(% )$% H(&$*@% 1.-L#,&(FFF% Q.).% $-% 3'+).% $"#G% #.3(+).% +.#(% 2% (1*$+),$+).% )$% -.% 6'$% (HL% )$+#*.% "'&$)$F% P+&-'".% -."% "(N$*$"% 1$*4$*"."%$"#G+%(#$+#."%&.+%1(1$-%2%N.-,% 1(*(% 1.+$*% $+% 3(*&H(% "'"% (1*$+),7(U$"% (--L%).+)$%2%&'(+).%"$(%+$&$"(*,.%H(&$*D -.F ;$%H$&H.%2(%-.%H(&$+/%1$*.%+.%1'$)$+% (N.*)(*-.% 1.*6'$% -(% 1*.1,(% 9$+#$% "'1$*(% -("%$A1$&#(#,4("%)$%-."%N-.6'$().*$"%=,+D
#$+&,.+()."@% )$-% 1*.&$".F% E,% $--."% $"#G+% (#$+#."/%+.".#*."%-.%$"#(3."%3G"F E,%1$+"(3."%$+%#.*+.%(-%&.+&$1#.%)$% ".-,)(*,)()%1.)$3."%)$&,*%6'$%+.%H(2%+,% )$+#*.%+,%['$*(/%",%+."%&$J,3."%(%-("%-,3,D #(&,.+$"% $"1(&,(-$"% 6'$% ,31.+$% $-% -'9(*% ).+)$%$-%[$+Z3$+.%$"#G%"'&$),$+).F S-% ,9'(-% 6'$% "'&$)L(% &.+% -."% 3(6',"/% $"#(% -'&H(% "$% 3(+#,$+$% 1.*% -("% ).+(&,.D +$"i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
-."% 1.*6'$% -(% 9$+#$% 6'$% #*(N(U(% $+% '+(% &.1,"#$*L(% (&&$),Z% (% H(&$*-.% 1.*% +()(% (% &(3N,.F%E,%-.%",$+#$"%&.3.%#'2.^%#Z3(-./% b"(-./%(J()$%-.%6'$%6',$*("%2%1("(%-(%1$D -.#(%(%.#*.%1(*(%6'$%",9(%&.+%$--.F O$(-3$+#$% $-% ['$*(i)$+#*.% )$1$+)$% )$% -(% &(1(&,)()% )$% &()(% "'U$#.% )$% H(D &$*% $"#$% 9*,#.% (-9.% 1*.1,.% 2% (-7(*% -(% 4.7% (-%'+L".+.%&.+%$-%*$"#.F%<(%1(*#,&,1(&,Z+/% -(% *$N$-,Z+/% -(% *$4.-'&,Z+% $"% '+% $"#().% 3$+#(-%)$-%&'(-%#,$+$"%6'$%"$+#,*#$%1(*#$F% ?.3.%),&$%-(%&.+",9+(%)$-%*$&,I+%[(--$&,D ).%f,-%E&.##DX$*.+^%0O$4.-'#,.+%M,--%+.#%N$% #$-$4,"$)5F%?'(+).%"$%#*(#(%)$%,31-,&(*"$% (%#.)."%-."%+,4$-$"%+.%1.)$3."%)$U(*%)$% 1$+"(*%6'$%&.3.%1,$+"./%&.3.%(&#b.%2%-.% 6'$%),9.%)$N$%"$*%'+%$U$31-.i$"#(+)(*#$% )$%(6'$--.%6'$%1$*"$9',3."%=H(&$*i)$&,*i 1$+"(*@F ;(%,9'(-%",%$*$"%1(*#,&,1(+#$%.%,+[*($"D #*'&#'*(/%",%)'$*3$"%#.)."%-."%)L("%$+%-(% 1-(7(%.%",%4("%(%#*(N(U(*%$+%E.-%)$"1'I"% )$% #'% &'**./% 1.*6'$% -.% ,31.*#(+#$% $"% -(% &(1(&,)()% )$% H(&$*-.% 1.*% -(% ".-,)(*,)()% $"#(N-$&,)(%(--L^%#(+#.%1(*(%-."%6'$%$"#G+%
&.3.%-."%6'$%+.%1'$)$+F%E,%$"%'+(%&'$"D #,Z+%1$*".+(-/%+.%H(2%$"&(1$F ;$% #,% )$1$+)$% &.9$*% -(% .-(/% ".N*$1.D +$*#$%(-%4I*#,9.%)$%4$*#$%$+%-(%&*$"#(%2%3(D +$U(*%-(%#(N-(%1(*(%)$"&*,N,*%-(%[,9'*(%6'$% $-% 3$),.% 2% #'"i+."i"'"% &.+.&,3,$+#."% #$% 1$*3,#(+F%cX$n$%+(-'%d :$*.% (6'L% +.% H(2% +(),$% 6'$% $"#I% $+% '+(% 3$U.*% ",#'(&,Z+% 6'$% .#*(% =./% $+% $"#$% &("./%3G"%&$+#*(-,7().@F ;$+#*.i['$*(/%$"%'+%1(*%6'$%"$%'#,-,7(% 1(*(%$A1-,&(*%-(%()(1#(N,-,)()%".&,(-%2%-("% ),[$*$+#$"%*$"1'$"#("%6'$%'+%"'U$#.%1'$D )$%)(*%(%-."%3$),."%2%-."%[,+$"%6'$%1*.1.D +$%-(%".&,$)()F E,+% $3N(*9./% +.% 1.)$3."% (&$1#(*% $"#(% &(#$9.*,7(&,Z+% )'(-% 1.*6'$% $+% *$(D -,)()%-.%6'$%$A,"#$+%".+%[*.+#$*("%2%&.3.%
3(&,Z+% #(3N,I+% #,$+$% '+(% &.+",)$*(&,Z+% &.+#*(),&#.*,(^% _6'I% $"% '+(% 2% 6'I% $"% .#*(`/% _)$% 6',I+% )$1$+)$% 6'$% "$% H(N-$% )$")$%)$+#*.%.%)$")$%['$*(`F R.%H(2%'+%&$+#*.%+,%'+(%1$*,[$*,(/%",3D 1-$3$+#$%H(2%#,$**(%)$%+(),$F%>+%$"1(&,.% 6'$% #$+L(% -'9(*% )'*(+#$% -(% O$&.+6',"#(% 1(*(%)$[,+,*%$"$%$"1(&,.%,+)$[,+,).%1.*6'$% +.% 1$*#$+$&L(% (% +(),$% =2% 1.*% $".% $+% $-% 1'+#.%)$%3,*(%)$%#.)."@F%!".%$"%-(%".&,$D )()/%'+%$"1(&,.%6'$%$"%)$%#.)."%1.*6'$% +.%1$*#$+$&$%(%+(),$%1$*.%6'$%#.)."%*$D &-(3(3."%(-9.%)$%$--(%1(*(%+.".#*."F e%(HL%$"%).+)$%"$%H(%,31(&#()./%$+%$-% [(-".%3,#.%)$%-(%.NU$#,4,)()%)$%-(%,+[.*3(D &,Z+F%S-%,9'(-%6'$%"'&$),Z%$+%-(%&(*9(%#*("%
#(-%"$%#*()'&$+%$+%'+%[$+Z3$+.%)$%&*$(D &,Z+% H'3(+(% 6'$% 1*.4.&(% -(% $+&(1"'-(D &,Z+/%1(*&$-(&,Z+%2%$#,6'$#(3,$+#.%)$%-."% &.31.*#(3,$+#."% ".&,(-$"F% _k'I% $"% -(% &.+#*(&'-#'*(`/% _&Z3.% H(% ",).% (",3,-()(% 1.*%$-%","#$3(`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i1.",&,.+(3,$+#.%)$%-.%6'$%)$&,3."% 2% )$% +.".#*."% (% #*(4I"% )$% -.% 6'$% 1$+"(D 3."i)$&,3."iH(&$3."F !"#.%+."%.N-,9(%(%)$[,+,*%6',I+%),&$%-.% 6'$%$"#G%1("(+).%$+%E.-F S6'L% $-% 1(*% ,+[.*3(&,Z+i&.+#*(,+[.*D
-(% 3(+,[$"#(&,Z+% )$-% BC% )$% 8(2./% ).+)$% #.)("% -("% 1*$"$+#$"% 1'),3."% 4$*i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i1.+$*% -(% 4$*)()% ".N*$% -.% 6'$%
"'&$)$%&()(%)L(F%Q.).%-.%6'$%"$%),&$%".+% N'-."/%".-.%6'$%(%(-9'+("%&."("%-$%)(3."% 3G"% &*$),N,-,)()% 6'$% (% .#*."F% ?.+[,(3."% 1.*6'$% )$"&.+[,(3."% 2% )')(3."% H("#(% )$%-(%)')(F%X(73$%&("./%#$%-.%),9.%2.F _:*.)'&&,Z+% .% *$1*.)'&&,Z+`/% _1*.D )'&&,Z+% 2% *$1*.)'&&,Z+`/% _1*.)'&&,Z+% 1$*.% *$1*.)'&&,Z+`/% _*$1*.)'&&,Z+% 1$*.% 1*.)'&&,Z+`/%_+,%1*.)'&&,Z+%+,%*$1*.)'&D &,Z+`%!"#("%1*$9'+#("%+."%H(&$+%1$+"(*% ".N*$% -.% 6'$% (--L% $"#(3."% ("$+#(+).% $+% N("$% (% -("% *$(&&,.+$"% 6'$% )$")$% 3b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
(N'"."FFF@%$"%1.*6'$%+.%#$+$3."%-("%H$D **(3,$+#("%()$&'()("%1(*(%,+#$*(&&,.+(*% &.+%$--("F ?.+%$--.%3$%*$[,$*.%(%1$*".+("%"(-,)("% )$%-."%3G*9$+$"%1$*.%6'$%.&'1(N(+%$"$% $"1(&,.%(+#$"%6'$%--$9G"$3."F :$*./% _$"% &'-1(% +'$"#*(`% EL% 2% +.F% f$+#$% 6'$% "$% )$),&(% 1*.[$",.+(-3$+#$% (% $"#$% '+,4$*".% 1(*#,&'-(*% H(% H$&H.% '+% ,+[.*3$% ".N*$% -(% "."#$+,N,-,)()% )$-% &(3D 1(3$+#.%2/%-."%*$"'-#()."/%".+%+$9(#,4."F% E$% ),&$% 6'$% (HL% )$+#*.% "$% $"#G% #$+,$+).% '+(% *$"1'$"#(% (","#$+&,-,"#(% 1.*6'$% -("% *$"1'$"#("%6'$%"$%)(+%(%$"#."%1*.N-$3("% ".+%&.*#.1-(&,"#("F%e%$"%4$*)()F :$*.% +.% 1.*% '+(% &'$"#,Z+% )$% ,+&(1(D &,)()% ",+.% 6'$% $"% )$N,).% (% '+(% [(-#(% )$% 3$),."F% e% $".% $"% 1*$&,"(3$+#$% -.% 6'$% )$+'+&,(3."^%-(%[(-#(%)$%3$),."%2%)$%"(D N$*$"%$+%-.%&*,"#(-,7().i,+"#,#'&,.+(-,7().% 6'$%1*.4.&(+%'+%(&$*&(3,$+#.%$**Z+$.%(% $".% 6'$% #$+$3."% $+% [*$+#$% 2% +'$"#*.% (-D *$)$).*% =6'I% 4(% (% "(N$*% (-9',$+% 6'$% +.% N(U(% )$% "'% )$"1(&H.% (% 4$*% -.% 6'$% 1("(% $+%-(%&(--$@F e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i['+&,.+(3,$+#.% )$% '+% N(**,./% '+(% &,')()/%'+%1(L"%.%'+%1-(+$#(F R'$"#*(% 1*.1'$"#(i*$"1'$"#(% $"% "$+D &,--(%2%&.31-$U(%(-%3,"3.%#,$31.^%$"#(3."% &.+"#*'2$+).F%K$+/%#*($%#'"%,)$("%2%H(9(D 3."%(-9.%3G"%9*(+)$F
6RO OD DFDPSDGD \ HO PRYLPLHQWR XQD UHIOH[LyQ VREUH HO HVSDFLR ESOS
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bN-,&(F%
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
$"#(N-$&L(%)$%[.*3(%&()(%4$7%3G"%+L#,)(% '+%0)$+#*.5%)$%'+%0['$*(5F <(%9$+#$%)$&,)$%0$+#*(*5%(%-(%(&(31(D )(5% .% *.)$(*-(/% 1("(*% )$% -(*9.% ",9',$+).% &.+%"'%*$&.**,).%&.#,),(+.F E.-%"$%&.+4,*#,Z%$+%'+%$"&$+(*,.%1(*(% 3'&H("%)$%-("%1$*".+("%6'$%1.*%(--L%1(D "(N(+F
_k'I% $"% $"#(*% 0)$+#*.5`% _S&(31(*% 2% H(N,#(*`/% _"$+#,*-.% 2% "$9',*-.`/% _(1.2(*D -./% #*(N(U(*% $+% "'"% &.3,",.+$"`FFFF% !"#$% 0)$+#*.5% 2% 0['$*(5% 1'$)$% #$+$*% ),[$*$+#$"% ),3$+",.+$"/% #(+% $"#*$&H("% .% #(+% (3D 1-,("% &.3.% 6'$*(3."FFF% 1$*.% $+% )$#$*3,D +()("%.&(",.+$"%"L%3$%),.%3,$).%6'$%-(% ),3$+",Z+% $"1(&,(-% 2% #$**,#.*,(-% 6'$% )(N(% -(%(&(31()(%"$%,31'",$*(%2%(-$U(*(%)$%'+% "$+#,*%6'$%,N(%3G"%(--GF k'$*$*%6'$%$+%$-%8.4,3,$+#.%6'$1(+% #.)."%+.%",9+,[,&(%)$[$+)$*%6'$%#.)("%#$+D 9(3."%*(7Z+%$+%$-%3,"3./%",+.%6'$%#.)("% +'$"#*("%4.&$"%&'$+#(+F !"%(HL%).+)$%)$N$%$+#$+)$*"$%-(%H.D *,7.+#(-,)()%$+%-(%#.3(%)$%)$&,",.+$"F%!-% 0)$+#*.5% 2% 0['$*(5% #(+#.% (% +,4$-% #$**,#.*,(-% &.3.% &.+&$1#'(-% 6'$% "$% $"#(N-$&$% $+% -(% (&(31()(/% 1'$)$% 1.+$*% $+% 1$-,9*.% $"#(%
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
3."% 6'$)(*+."/% 1$*.% -.% ['+)(3$+#(-% ['$% 6'$% )$&,),I*(3."% .*9(+,7(*+."F% !+% N'$D +(%3$),)(%$"#(%1-(7(%"$%H(%&.+4$*#,).%$+% $-% "L3N.-.% )$% +'$4("% 1*G&#,&("% 1.-L#,&("% 2%".&,(-$"F% ;.#(3."% )$% &.+#$+,).% 1.-L#,&.% 2% $"D #*(#I9,&.% (% $"$% -'9(*% --(3().% E.-/% &()(% '+(% )$% +.".#*("% &.+"#*',3."% '+(% +'$4(% *$(-,)()/% '+% +'$4.% $"1(&,.% )$% &.+[,)$+D &,(-,)()%$%,+#,3,)()%1bN-,&(F e%$"%6'$%$"#(3."%$A1$*,3$+#().%6'$% $-%$"1(&,.%1bN-,&.%+.%"$%1."$$/%+,%"$%&.+D "'3$%",+.%6'$%"$%&.+"#*'2$%2%-.%&.+"#*',D 3."%#.)."F S'+6'$% +."% (&$*&(3."% &.+% ,+#$*$D
"$"% 1*,4()."% 2% ).-.*$"% L+#,3."% [',3."% &(1(&$"%)$%H(&$*-."%&.3'+$"%2%"$+#,*-."% &.3'+$"F%?.+"#*',3."%'+(%,+#,3,)()%&.D 3b+/%+'$"#*.%9*(+%$"1(&,.F <(% ,+#,3,)()% $+% E.-% $"% 1bN-,&(/% -("% [*.+#$*("%$+#*$%-.%1*,4().%2%-.%1bN-,&.%"$% ),['3,+(+%&'(+).%#.3(3."%-(%1-(7(%.%-(% &(--$F e% $"#.% +.% .&'**$% ".-(3$+#$% $+% -(% (&(31()(/%$+%-(%6'$%-(%,+#,3,)()%$"%$4,D )$+#$3$+#$%1bN-,&(/%",+.%$+%#.)("%-("%1-(D 7("%2%&.+&$+#*(&,.+$"F%E,#'(3."%-(%1.-L#,D &(%$+%'+%+'$4.%$"1(&,.%1bN-,&.%*$,+4$+#(D ).%1(*(%4.-4$*%(%,+","#,*%$+%6'$%-(%1.-L#,&(% -(%H(&$3."%#.)("%-("%1$*".+("F
A)3(E(&2"$-".$!"#=$A%$,(2.8E(2($2%/2%$'(/( 8gP Q'% H(N,#(&,Z+\% #'% &("(\% ,+)$1$+)L7(#$\%-(% *$1bN-,&(%,+)$1$+),$+#$%)$%#'%&("(F%Q.).% 1.*%)$[,+,*+."%"$9b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
[.*3("% &.+&*$#("\% -.% 6'$% $"#G% &-(*.% $"% 6'$% &'(+).% $+% '+% ","#$3(% H(2% )$"$6',D -,N*,."%9*(+)$"/%-(%&."(%1$#(%",$31*$%1.*% (-9b+%-().F !+% E.-/% )$")$% $-% 1*,3$*% 3.3$+#.% "$% *$"1,*(N(%'+%(3N,$+#$%)$%*$4.-'&,Z+%*$-(D &,.+(-%$-%,+#$*,.*/%)$%,+#$+#(*%)$"&.+"#*',*% #.).%$"#$%N(9(U$%&.+%#(+%1.&(%(+#,9o$)()% $+%-(%H,"#.*,(%)$%-(%H'3(+,)()/%1$*.%6'$%(% -(%4$7%$"#G%("'3,).%H.2%)L(%&.3.%-.%b+,D &.%1.",N-$%1'$"%"'N2(&$%(%-."%$"6'$3("% [,-."Z[,&."% 2% &'-#'*(-$"% 6'$% ['+)(3$+#(+% 2% (&.3.)(+% -.% 6'$% "$% )$+.3,+(% &.3.% 1*.9*$"./%-(%*(7Z+%)$%"$*%)$%+'$"#*(%0&,D 4,-,7(&,Z+5F
#$% ),G-.9.\% $-% 2,+9% 2% $-% 2(+9\% $-% 2.% 2% -."% .#*."\%-.%6'$%&*$.%6'$%$"/%-.%6'$%&*$.%6'$% )$N$*L(%"$*/%-.%6'$%&*$.%6'$%1.)*L(%"$*/%-.% 6'$%&*$.%6'$%4(%(%"$*FFF%2%$4,)$+#$3$+#$% (6'L%$+%-(%(&(31()(%#(3N,I+F e%"$%H(%)$%"$*%1-$+(3$+#$%&.+"&,$+#$% )$% 6'$/% &.3.% #.).% 1*.&$"./% +,+9'+(% )$% -("% [.*3("% 6'$% "$% 4(2(+% )(+).% "$*G% -(% )$[,+,#,4(/%1.*6'$%$-%1.#$+&,(-%IA,#.%*$",)$% $+% -(% &.+"#(+#$% 3'#(&,Z+% )$-% $"1(&,./% -(% [.*3(/% -("% *$-(&,.+$"/% -."% "$+#,3,$+#."/% -("%$3.&,.+$"F R.%H(2%+()(%$#$*+(3$+#$%,+(-#$*(N-$/% )$%3.).%6'$%+.%#,$+$%"$+#,).%,+#$+#(*%6'$% (-9.%)$%-.%6'$%+."%*.)$(%-.%"$(F
8'&H."% "(NL(3."% 6'$% $-% &(3N,./% +'$"#*(%*$4.-'&,Z+/%+.%1("(%1.*%-(%&-G",&(% #.3(%)$%1.)$*%)$%-("%#$.*L("%)$-%",9-.%pPp% =",+%$A&-',*%$"(%1.",N,-,)()/%&-(*.%$"#G@/%",% +.% 1.*% '+(% *$4.-'&,Z+% 3G"% #*(+"4$*"(-/% 3G"%1$*3(+$+#$/%3G"%,+#$*,.*%2%(%-(%4$7% $A#$*,.*\%'+(%*$4.-'&,Z+%,+#$9*(-/%,+#$*,.*,D 7()(%)$")$%$-%&.*(7Z+%2%-(%&.9+,&,Z+F !-% &(3N,.% )$")$% -(% $"#*'&#'*(% 6'$% &.31.*#(%$-%#.)./%$+%$-%6'$%-(%1$*".+(%2% $-%&.-$&#,4.%".+%-.%3,"3.%1$*.%".+%b+,&."/% $+% $-% 6'$% &()(% ,+),4,)'.% +.% $"% +()(% ",+% $-%&.-$&#,4./%2%$-%&.-$&#,4.%+.%$"%+()(%",+% &()(%'+.%)$%"'"%3,$3N*."F !+% $"$% 1*.&$".% *$4.-'&,.+(*,./% -(% &.+&$1&,Z+% )$-% $"1(&,.% &*,"#(-,7(% #(+#.% -."%$**.*$"%6'$%"$%("'3$+%&.3.%#(-%2%"$% 6',$*$+%&(3N,(*/%&.3.%-."%(+H$-."%2%)$D "$."%)$-%$"1(&,.%,)$(-F ;,9(3."%6'$/%&.3.%$+%&(",%#.).%1*.D )'&#.%H'3(+.%&.31-$U./%"$%1*.2$&#(+%-("% ['$*7("%,+#$*+("%)$%-(%1",6'$%$+%&.+"#(+D
?'(+).% '+(% 1$*".+(% H(% 4,4,).% ",$3D 1*$%N(U.%'+%#,1.%)$%.1*$",Z+/%&*$(%'+(%*$D -(&,Z+%)$%)$1$+)$+&,(%['$*#$%&.+%-(%[,9'*(% 2%-(%[.*3(%6'$%-$%H(%.1*,3,).\%H(%(1*$+),D ).%(%"$*%(%1(*#,*%)$%-(%[*'"#*(&,Z+%H(&,(%2% )$%-(%+$9(&,Z+%)$%$"(%[,9'*(/%1$*.%(%-(%4$7% )$%-(%,)$+#,[,&(&,Z+%&.+%-(%3,"3(F ;,&$+%6'$/%&'(+).%$"(%1$*".+(%#,$+$% -(%.1.*#'+,)()%)$%-,N$*(*"$/%-.%+.*3(-%$"% 6'$%*$1*.)'7&(%)$%'+(%'%.#*(%[.*3(%),&H.% ","#$3(%6'$%-$%H(%.1*,3,).%D"Z-.%$+%(-9'D +."%&("."%1(*(%.1*,3,*%(%.#*."/%1$*.%",$3D 1*$%$+%b-#,3.%#I*3,+.%1(*(%.1*,3,*"$%(%"L%
3,"3.D/%1'$"%-.%&.+#*(*,.%-$%1*.4.&(%'+(% ,+"$9'*,)()%(1-("#(+#$%(-%4(&L./%(%-.%,+)$D #$*3,+()./% (% -.% )$"&.+.&,).\% -(% 1$*".+(% "$%H(%&.+"#*',).%)$%'+(%[.*3(/%2%*.31$*% )$%9.-1$%,+3$),(#.%&.+%#.).%"$*L(%*.31$*% &.+%-(%1*.1,(%1$*".+(-,)()%)$%'+.%3,"3.F :.*%#(+#./%-(%-,N$*(&,Z+%1("(%$+%1*,3$*% #I*3,+.% 1.*% (&$1#(*% -(% .1*$",Z+% $+#$+),D )(% )$% [.*3(% (31-,(/% ".N*$% #.).% (% +,4$-% 1",&.-Z9,&./%"$*%",$31*$%&.+"&,$+#$%)$%-(% 3,"3(/%2%#*(N(U(*%",$31*$%1.*%,+#$*,.*,7(*% -(%&(1(&,)()%)$%&()(%'+.%)$%.1*,3,*%2%"$*% .1*,3,)./%-(%&(1(&,)()%)$%&()(%'+.%2%)$% #.)."F% !+%$-%&(".%)$%E.-/%&*$.%6'$%H$3."%*$D 1*.)'&,).% [.*3("% )$% &.+&$N,*% $-%$"1(&,.% 2%-("%(&#,4,)()$"%(%)$"(**.--(*%$+%$"."%$"D 1(&,."%",3,-(*$"%(%-("%)$-%1*.1,.%","#$3(% 6'$% +."% .1*,3$/% $+% &.+"#(+#$% -'&H(% &.+% $-%3.)$-.%6'$%$+#$+)$3."%&.3.%,)$(-%)$% $"1(&,.% 2% (&&,Z+\% H$3."% 1*.)'&,).% '+(% &.+"#(+#$% ),(-I&#,&(% ,+#$*+(% $+#*$% -.% 6'$% +."% H(% ,).% .1*,3,$+).% 2% $-% ","#$3(% 6'$% 1*$#$+)$3."%6'$%"$(%-,N*$F R.% 1.)$3."% -,N$*(*+."% )$% 9.-1$% )$% -.%6'$%+."%H(%.1*,3,).%2%U.),)./%+,%1.)$D 3."% $+#*(*% )$% 9.-1$% $+% -.% 6'$% &*$$3."% 6'$% +."% H(&$% -,N*$"/% $+#*$% .#*("% &."("% 1.*6'$%#$+$3."%6'$%$31$7(*%(%&.+"#*',*% $+%&.3b+%6'I%+."%H(%.1*,3,)./%2%6'I%+."% H(&$iH(*G% -,N*$"/% 2% (% N'$+% "$9'*.% +'+&(% (&(N(*$3."%)$%H(&$*-.F
1$*.% (% 3'&H(% 9$+#$% -$% N-.6'$(% $+#*(*% (% '+%$"1(&,.%(%1(*#,&,1(*F e% &*$(3."% $"#(+&,("/% 2% -'9(*$"% &.+% 1(*$)$"/% #$&H."% $% ,+&-'".% (-9'+."% &.+% 1'$*#("%6'$%$+%.&(",.+$"%"$%&,$**(+%=('+D 6'$%"Z-.%"$(%1.*6'$%H(2%6'$%("(3N-$(*D "$% 2% 3.-$"#(% $-% *',).% )$% -(% 9$+#$@/% &.+% "Z-.% '+(% 1(*#$% (N,$*#(% 1(*(% 1.)$*% &.3D 1(*#,*%&.+%-(%9$+#$%6'$%+.%$+#*(\%-'9(*$"% &.+% #$3G#,&("% )$% #(*$("% 1*$[,U()("% 1(*(%
;$&,3."% 6'$% -."% $"1(&,."% ".+% (N,$*D #."/%1$*.%+.%+."%(#*$4$3."%(%(N*,*-."%)$-% #.).%'+(%4$7%6'$%$"#(3."%)$+#*.%)$%$--."\% &'(+).%$"#(3."%['$*(%)$%'+%$"1(&,./%)$D &,3."% 6'$% 4(3."% (% 1(*#,&,1(*% $+% #.)./%
"'"% .&'1(+#$"F% e% #.).% &.+% $-% [,+% )$% "$*% 3G"%$[,&(&$"%2i.%$[,&,$+#$"%$+%#*(N(U(*%-(% *$4.-'&,Z+F ?*$(3."% $"1(&,."% &.+#*(),&#.*,."% $+% "L% 3,"3."/% 1$*.% -(% *$4.-'&,Z+% *$(-3$+#$% "$% )(% &'(+).% ("'3,3."% $"(% &.+#*(),&D
&,Z+% 2% -'&H(3."% (&#,4(3$+#$% 1.*% &.+"D #*',*-(%&.+"#(+#$3$+#$%$+%&()(%1(".F >+.%)$%-."%)$#.+(+#$"%)$%-(%-'&H(%$"% 6'$%$"#(3."%H("#(%-("%9Z+()("%)$%-(%N'D *.&*(#,7(&,Z+% )$% +'$"#*("% 4,)("% ,31'$"#(% 1.*%$-%","#$3(%6'$%+."%9.N,$*+(/%1$*.%$+% $-%[.+).%+.%"(N$3."%$31$7(*%(%(+)(*%",+% $"$%","#$3(%$A&-'2$+#$%$+%['+&,Z+%)$%&(D #$9.*L("% (*#,[,&,(-$"% 2% $"#G#,&("% 2% ".N*$% $-% 6'$%9,*(%#.).F e% ",+% $3N(*9./% 1(*(% 3L% 9'"#./% $+% -(% (&(31()(% H$3."% $"#().% U'9(+).% )$3(D
",()("%4$&$"%$+%-(%-L+$(%$+#*$%-(%.*9(+,D 7(&,Z+% $[,&(7% =H(N-(+).% 1*(93G#,&(3$+D #$@%2%-(%N'*.&*(#,7(&,Z+/%#(+#.%)$%(&&,.+$"% &.3.%)$%$"1(&,."F% :$*./% 1*$&,"(3$+#$% $-% 4$*% 6'$% #(3D N,I+% 1.)$3."% &($*% $+% $--./% 2% $-% H(N$*% $A1$*,3$+#().%-.%6'$%+.%6'$*$3."%1$*.% 1*.)'&,).% 1.*% +.".#*."% 3,"3."% $"% -(% 1*,+&,1(-%9(*(+#L(%)$%6'$%#$+$3."%-(%1.D ",N,-,)()%)$%6'$%1.)*$3."%--$9(*%(%"(N$*/% ",$31*$%)$%1*,3$*(%3(+./%6'I%2%&Z3.%$"% -.%6'$%+.%6'$*$3."/%2%+."%(N*$%-(%1'$*#(%
:F;F^%g#*.%)L(%H(N-.%)$-%$"1(&,.%H(&,(%-.%6'$%+.%$"%(&(31()(/%1$*.%6'$%#(3N,I+%$"% 6RO %XHQR \ D OR PHMRU WDPELpQ RWUR GtD HVFULER DOJR PiV UHÃ&#x20AC;H[LRQDGR TXH HVWR KD ",).%'+%4Z3,#.%,31*.4,"().%)$%&."("F%Q(+#("%&.",--("%2%$"#L3'-."%$+%#.).%$"#.%6'$% HVWDPRVYLYLHQGR KDFHQ TXH VH PH ROYLGHQ PXFKDV UHÃ&#x20AC;H[LRQHV \ EXHQDV LGHDV HQWUH HOODV DOJXQDV TXH WHQtD SDUD HVWD UHÃ&#x20AC;H[LyQ
(% 1.)$*% ,+#$*,.*,7(*% $-% (1*$+),7(U$% )$% -."% $**.*$"/%6'$%",+%)')(%$"%-(%3$U.*%[.*3(%)$% (1*$+)$*%(%&(3N,(*F :$*.% H$3."% )$% "$*% &.+"&,$+#$"% )$% 6'$%+()(%$"%,+(3.4,N-$/%1'$"%"$%&.**$%$-% *,$"9.% )$% &($*% $+% -.% $"#G#,&.% 2% )$[$+)$*% &.+"$*4().*(3$+#$% -.% 1.&.% 6'$% 4(3."% #$+,$+).%2%&$**(*+."%(-%&(3N,.%&.+"#(+#$F% R.%$A,"#$%'+%3.)$-.%,)$(-%)$%$"1(&,.% 2%[.*3("%)$%,+#$*(&#'(*%$+%['+&,Z+%)$%$"$% $"1(&,./%1$*.%-.%b+,&.%"$9'*.%$"%6'$%H(% )$%,*%&.+"#*'2I+)."$%$+#*$%#.)(%-(%9$+#$% ",% 6'$*$3."% 6'$% $"$% "$(% $-% $"1(&,.% )$% #.)."%2%+.%$-%)$%'+."%1.&."F%e%6'$%-."%$"D 1(&,."% "$(+% -.% 3G"% 1.-,4(-$+#$% 1.",N-$"/% -.%3G"%(N,$*#."%(-%&(3N,.%2%(%-("%(1.*#(D &,.+$"D"'9$*$+&,("%,+,&,(#,4("F R.%)$N$3."%)$%#$+$*%1*,"(%1.*%-(%*$D 4.-'&,Z+/%1.*6'$%-(%*$4.-'&,Z+%"$*G%$-%1*.D &$".%$+%"L^%'+(%&.+"#*'&&,Z+%&.+"#(+#$%$% ,+[,+,#(F%e%$4,#(+).%$-%3,$).%(%'+.%3,"3.F S-% ,9'(-% 6'$% $+% $-% (+,3(-% 6'$% (1*$+D )$% (% (+)(*^% ",% #,$+$% $-% ","#$3(% +$*4,.".% N,$+% )$"(**.--()./% 1$*.% +.% $-% 3'"&'-(*/%
"$% &($*G% (-% "'$-.% 1.*% +.% #$+$*% ['$*7(\% ",% 1.*%$-%&.+#*(*,.%#,$+$%N,$+%)$"(**.--().%$-% 3b"&'-.%1$*.%+.%$-%","#$3(%)$%Z*)$+$"%2% [$$)N(&]/%#(3N,I+%#$*3,+(*G%1.*%-."%"'$D -."%1.*%+.%1.)$*%3(+$U(*%-(%['$*7(F :$*.% $-% ,+#$+#(*% &(3,+(*% #$*3,+(*G% 1*.4.&(+).%,+$A.*(N-$3$+#$%6'$%$-%","#$D 3(%6'$%4(%3$+."%)$"(**.--().%"$%$U$*&,#$% 1(*(% 1.+$*"$% (-% +,4$-% ()$&'()./% 2% [,+(-D 3$+#$% $-% (+,3(-,#.% "$(% '+% N'$+% &(3,D +(+#$F%e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
5HIOH[LRQHV GHVGH 62/ XQ GtD GH OOXYLD 8>RSF !-%$"1(&,./%-(%:'$*#(%)$-%E.-/%"$%$+&'$+#*(% $+%&.+"#(+#$%3.4,3,$+#./%+."%*$&*$(3."% $+%$-%$"1(&,.%U'9(+).%$+#*$%-("%*$1*$",.D +$"% 2% &.+),&,.+(+#$"% 6'$% "$% 1*.)'&$+% ".N*$%$-%$"1(&,.%2%$-%3.4,3,$+#./%*$",9+,D [,&(+).%&.+%&()(%1(".%$-%$"1(&,.%)$%+'$D 4./%'+%$"1(&,.%"'NU$#,4().%(%#*(4I"%)$%"'% 3.4,3,$+#.F <(% 1'$*#(% )$-% E.-/% )$"1'I"% )$-% 3.4,D 3,$+#.% )$-% BC8/% ",3N.-,7(% -(% *$(1*.1,(D &,Z+%1.-L#,&(%)$-%$"1(&,.%1bN-,&.%1.*%-("%2% -."% &,')()(+."F% !-% $+&-(4$% )$% -(% :'$*#(% )$-%E.-%*$1*$"$+#(N(%$-%)$#$*,.*.%2%*$"#*,&D &,Z+%)$-%'".%)$-%$"1(&,.%1bN-,&.%$+%-(%&,'D )()%3.)$*+(/%H("#(%$-%3.3$+#.%-(%:'$*#(% )$-% ".-% $"#(N(% ",$+).% 4,4$+&,()(% &.3.% '+%+.%-'9(*/%'+%-'9(*%)$%#*G+",#.%3$),().% 1.*% ,+#$*(&&,.+$"% ['*#,4("% $+#*$% 1$*".+("% 6'$% +'+&(% 3G"% "$% $+&.+#*(*(+/% $"1(&,.% )$-%(+.+,3(#.%).+)$%-(%&.+),&,Z+%H'3(+(% 6'$)(N(% *$)'&,)(% (% '"'(*,(% $+% *$-(&,Z+% &.+#*(&#'(-% &.+% $-% $"1(&,.% =-'9(*% &.1().% 1.*% $"#(N-$&,3,$+#."% &.3$*&,(-$"/% $"1(D &,."% )$% #*(+"1.*#$/% &.+% '+(% ('"$+&,(% (*D 6',#$&#Z+,&(%6'$%1.",N,-,#(*(%$-%$+&'$+#*./% $#&F@F
!-% 1(".% )$% '+% 3.4,3,$+#.5% &.+4,$*D #$% $-% $+&-(4$% $+% '+% -'9(*% )$% $+&'$+#*./% ).+)$% -."% 3.4,3,$+#."% $+% $-% $"1(&,.% -$% *$&.+[,9'*(+/%1*.)'&,I+)."$%),4$*"("%(&D #,4,)()$"% &.-$&#,4("/% *$[-$A,Z+/% )$N(#$% 2% (&&,Z+F E$%H(%)().%-'9(*%(%'+(%*$",9+,[,&(&,Z+% )$-%$"1(&,.%1bN-,&./%",3N.-,7(+).%'+%3.D 4,3,$+#.%)$%['$*7(%&,')()(+(%$+%-(%-'&H(% $+%'+,)()%1.*%-.%&.3b+F <."%2%-("%&,')()(+("%,+),9+()("%H(+% 1("().% (% "$*% (&#.*$"% 1.-L#,&."% $+% $-% $"D 1(&,./% .&'1(+).% -(% 1-(7(% 1*$"$+#(3."% *$,4,+),&(&,.+$"% 2% ([,*3(3."% $+% $--(% +'$"#*."%)$*$&H."%(%-(%&,')()/%(-%$"1(&,.% 1bN-,&./%'+(%(&&,Z+%)$3.&*G#,&(F !"#$% '".% )$-% $"1(&,./% "'% (1*.1,(&,Z+% (+Z+,3(%2%H$#$*.9I+$(%9$+$*(%3(-$"#(*/% "$% $+&'$+#*(% $+% .1.",&,Z+% (-% ),"$J.% )$-% $"1(&,.% )$% -(% &,')()% 3.)$*+(/% ).+)$% $-% $"1(&,.%1bN-,&.%2(%+.%9'(*)(%&.+".+(+D &,(%&.+%$-%,)$(-%)$%(1$*#'*(/%,+)$#$*3,+(D &,Z+/% ,9'(-)()% 2% H$#$*.9$+$,)()/% 2% 1.*% $--.% 3$),(+% -."% ","#$3("% )$% &.+#*.-D"$D 9'*,)()%=1*$"$+&,(%)$%&'$*1."%1.-,&,(-$"/%
),"1.",#,4."% )$% *$9,"#*.% )$% 3.4,3,$+#."/% ),"&'*"."%)$"1*$&,(#,4."%(-%("$+#(3,$+#.% $+%-(%1-(7(%$-%&(31(3$+#.%2%"'%-,31,$7(D/% $#&F@/%)G+)."$%'+(%*$,4,+),&(&,Z+%",3NZ-,D &(%)$-%3.4,3,$+#.%$+%"'%("$+#(3,$+#.%$+% $-%$"1(&,./%),+G3,&(%)$%#,*(%2%([-.U(%$+%-("% ",9+,[,&(&,.+$"%)$-%'".%)$-%$"1(&,./%$+#*$% -(% $A&-'",4,)()% )$% -(% &(--$% 2% $-% )$*$&H.% (% $--(F% E'NU$#,4(&,.+$"% ),4$*"("% ".N*$% $-% '".% )$-% $"1(&,.% 6'$% +."% --$4(% (% 1*$9'+D #(*+."/%_)$%6',I+%$"`F !+% $"#$% $"1(&,.% &.+"#*',).% "$% H(% 4,D 4$+&,().% '+% $+&'$+#*.% 1bN-,&.% H$#$*.D 9I+$./% (+Z+,3.% $+% "'% ,+,&,./% 6'$% H(% ,).%
&.+[,9'*(+).%,)$+#,)()%$+%-(%3$),)(%6'$% $-%$"1(&,.%1("(N(%)$%'+%+.%-'9(*%(%'+%-'D 9(*/%&.3.%(-9.%$A#*(.*),+(*,.%$+%-(%$A1$D *,$+&,(%'*N(+(/%1'$"%-(%4,)(%1bN-,&(%$+%-(% &,')()% "$% 3(+#$+L(% *$"#*,+9,)(% 1*,+&,1(-D 3$+#$%(%$"1(&,."%"$9*$9()."/%-.&(-$"%$+% "'%3(2.*L(%$+&-(4$"%1*,4(#,7()."/%*$4(-.D *,7G+)."$%+'$4(3$+#$%-(%4,)(%1bN-,&(%$+% $-%$"1(&,.%1bN-,&.F ;$"1'I"%)$%4,4,*%$-%1*.&$".%)$%*$#,*(D )(%&.3.%&,')()(+("%)$-%$"1(&,.%1bN-,&./% $-% $"1(&,.% 1bN-,&./% -(% &(--$/% -(% 1-(7(% $"% #.3()(D*$(1*.1,()(F !-%$"1(&,.%1bN-,&.%"$%$+&'$+#*(%$+%,+D #$**$-(&,Z+% &.+% -(% 4,)(% 1bN-,&(/% ("L% &.3.% $+% $-% $"1(&,.% "$% *$1*.)'&$% -(% -Z9,&(% ".D &,(-/% -(% *$&*$(&,Z+% 6'$% "$% 1*.)'&$% $+% $-% $"1(&,.%,+[-'2$%$+%$"#(%-Z9,&(F
!+%-(%:'$*#(%)$-%E.-%"$%H(%*$1*$"$+#(D ).%-(%".&,$)()%['",.+G+)."$%-Z9,&("%),"D 1(*$"%$+%'+%3,"3.%$"1(&,./%*$[-$UG+)."$% ),"#,+#."%1*.N-$3("%2%*$(-,)()$"%".&,(-$"/% &.3N,+G+)."$% -(% 4,4$+&,(% )$-% $"1(&,.% )$")$%$-%)$*$&H.%,+),4,)'(-%(-%N,$+%&.3b+% ='+(% 3,&*.".&,$)()% $+% -(% :'$*#(% )$-% E.-% ).+)$%"$%)(+%-'9(*%-."%3G"%),4$*"."%[$D +Z3$+."%".&,(-$"%1*.)'&#."%)$%-(%3(&*.D ".&,$)()@F e%()$3G"%"$%H(%)().%-'9(*%(%'+%$"D 1(&,.%1.-L#,&.%2%&.-$&#,4.%$+%-(%&,')()/%6'$% "$%)(%)$")$%$-%$"1(&,.%'*N(+.%1(*(%--$9(*%
(%-(%-Z9,&(%".&,(-F%E$%$A#,$+)$%$-%'".%)$-% $"1(&,.%1bN-,&.%",3N.-,7().%$+%-(%:'$*#(% )$-% E.-% (% -("% 1-(7("% )$% (-*$)$).*/% (% -("% 1-(7("% )$% -."% N(**,."/% (% -("% 1-(7("% )$% .#*("%&,')()$"%)$-%!"#().%2%)$-%3'+).F ;,"#,+#("% ".+% -("% $A1$*,$+&,("% $+% $-% '".% )$% -(% &,')()/% -(% 1-(7(/% -(% &(--$/% 6'$% "$% H(+% 1*.)'&,)./% 3$),()("% $+% &.+#$AD #."%#$31.*(-$"%6'$%H(&$+%)$-%$"1(&,.%'+% "$*% 4,4./% '+(% ()(1#(&,Z+% &.+#,+'(% (-% $"D 1(&,.%1bN-,&.%(N,$*#.%="'"%&.+),&,.+(+#$"% 2% 1$-,9*."/% $-% *$"9'(*)(*"$% )$% -(% --'4,(% 2% $-% ("$9'*(*% 3(#$*,(-% "$+",N-$/% $#&F@% $+% $-% 6'$% "$% H(% ,).% U'9(+).% &.+% &,$**$"% 1(*D &,(-$"/% $+% -(% 9$+$*(&,Z+% )$% &.+[-,&#."% 2% "'% ".-'&,Z+/% *$)$"&'N*,I+)."$% &(1(&,)(D )$"% 2% H(N,-,)()$"% )$% ('#.D.*9(+,7(&,Z+/% ('#.D&.+"#*'&&,Z+/% ('#.D)$#$*3,+(&,Z+% 6'$%H(+%",3N.-,7().%-(%4,)(%1b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bN-,&.F !-%3.4,3,$+#.%),+G3,&.%&.+"#*'2Z%'+% ("$+#(3,$+#.%$"#G#,&.%2%(%"'%4$7%),+G3,D &.%$+%$-%#,$31./%$-%$"#(#,"3.%1$*3,#,Z%4,",D N,-,7(*%-."%[$+Z3$+."%$+%-."%6'$%$"#(3."% ,+3$*"."%$+%".&,$)()/%("L%&.3.%$+"(2(*% '+(%-Z9,&(%".&,(-%$+%'+%$"1(&,./%1(*(%(H.D *(% -$4(+#(*"$/% +.% $"#(*% "'U$#.% (-% $"1(&,.% 6'$% -$% *$&*$(% ",+.% 1("(*% (%"$*%*$[-$U.% $+% #.).%$"1(&,.F
>F,(2($%&$%#$,"3),)%&*"=$ S;!<SF%
%%%%<'+$"/%a%)$%U'+,.%)$%VWBB
E.-/% $-% 08.4,3,$+#.5/% -(% #.3(% )$% -("% 1-(D 7("/% )$% -(% &(--$"/% )$% -(% KP;S/% ("L% $+% 9$D +$*(-%2%$+%3(2b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`% R."% 1*$9'+#(3."F% _?Z3.% "$% )$[,+$`% _?Z3.% "$% ",$+#$+% -("% 1$*".+("% $+% I-`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bN-,&.F ?.+"#*'2$+).% $"1(&,."% 4,4."/% $+% -.% 6'$%H("#(%H(&$%1.&.%$*(+%7.+("%)$%1("./% +.% -'9(*$"/% &.3.% -."% H(+% N('#,7().% -."% &,$+#L[,&."%".&,(-$"F%:$6'$J("%1-(7("%6'$% 1("(N(+%)$"(1$*&,N,)("%4,N*(+%(H.*(%&.+% -(%$+$*9L(%)$%-(%9$+#$F e% (-9'+("% "$J.*("% "$% 1(*(+/% U'+#.% (% +.".#*("/% 2% +."% 1*$9'+#(+% .% )(+% G+,3."% ./%,+&-'"./%*$+,$9(+%$+#*$%),$+#$"/%",+%6'$% --$9'$3."%(%$+#$+)$*%6'I%),&$+F O$"&(#.% (-9'+("% ,)$("% 6'$% (1'+#.% #*(+6',-(3$+#$% ".N*$% '+% 1(1$-/% 3,$+#*("% 3,% &(N$7(% 4,(U(% (% K(-$+&,(/% ,+#$+#(+).% ,3(9,+(*% &Z3.% $"#(*G% (H.*(% $"(% 1-(7(%
6'$%)$UI%H(&$%"Z-.%H(&$%'+%1(*%)$%)L("F% :,$+".%$+%-."%&.+#*("#$"%2%",3,-,#')$"%$+D #*$%-("%)."%&,')()$"/%$+%-("%$3.&,.+$"%2% $A1$*,$+&,("%6'$%#'4$%$+%(3N."%-'9(*$"/% ",+#,I+).3$% ([.*#'+()(% )$% H(N$*% 1.),).% $"#(*% $+% E.-% 2/% $+% -(% (H.*(% *$N('#,7()(/% :-(q(%BC%)$%8(,9/%(+#$"%)$-%S2'+#(3,$+D #.%2/%3'&H.%(+#$"%)$%6'$%2.%+(&,$*(/%)$-% ?('),--.F
;$&,*% 6'$% K(-$+&,(% +.% $"% 8()*,)% $"/% 1.*% $4,)$+#$/% &(",% $"#b1,).F% :$*.% &*$.% 6'$% ",% H(N-(3."% )$% -."% $"1(&,."/% )$% &Z3.%+."%$"#(3."%*$(1*.1,(+).%)$%$--."/% $"%N'$+./%('+6'$%"$(%N*$4$3$+#$/%"(&(*% $-%#$3(F ;$UI%8()*,)%*'3N.%(%K(-$+&,(%&'(+).% E.-% $"#(N(% $+% "'% 3GA,3.% (1.9$./% $-% [,+% )$%"$3(+(%(+#$"%)$%-("%$-$&&,.+$"/%1(*(% "$*%3G"%$A(&#("F%<(%1-(7(%)$%-("%E.-'&,.D +$"%$*(%3G"%6'$%'+%-'9(*%)$%$+&'$+#*.F%
!+%$--(%"$%(-7(N(+%&.+%['$*7(%3,-$"%)$%4.D &$"%2%*$,4,+),&(&,.+$"F%<(%9$+#$%"$%*$'+L(% $+%&'(-6',$*%-'9(*F%E$%H(N-(N(%2%),"&'#L(% )$%#.)./%-(%9$+#$%&.3$+7(N(%(%.*9(+,7(*D "$%$+%&.3,",.+$"%2%9*'1."%)$%#*(N(U.F%!-% -'9(*% #$% (#*(1(N(% &.+% '+(% ['$*7(% 2% '+(% $+$*9L(%,+'",#()("F%<("%H.*("%1("(N(+%2% +(),$%"$%,N(F%_k',I+%6',$*$%1$*)$*"$%[.*D 3(*%1(*#$%)$%-(%H,"#.*,(`F E,+% $3N(*9./% $-% )$"$.% )$% 4,4,*% -(% *$D 4.-'&,Z+%$+%3,%&,')()%$*(%(b+%3G"%['$*#$F% ?.31(*#,*-.%&.+%3,"%(3,9."/%&.+%3,"%4$D &,+."/%$+%3,%N(**,./%$+%3,%&,')()F%SN(+).D +I%E.-%*'3N.%(%K(-$+&,(%2/%-.%1*,3$*.%6'$% H,&$% (-% --$9(*% ['$% 1("(*3$% 1.*% -(% ("(3D N-$(%9$+$*(-%)$%-("%.&H./%,-'",.+()(%2%&'D *,."(F%!"%(6'L%).+)$%"'*9$+%-("%1*,3$*("% &.+#*(),&&,.+$"F
8()*,)%+.%$"%K(-$+&,(/%2%E.-/%",+%6'$D *$*-./%"$%H(NL(%&.+4$*#,).%$+%*$[$*$+#$F%!-% 1*.N-$3(% $"% 6'$% -(% ,3(9$+% 6'$% &.1,(N(% K(-$+&,(/% $+% 3,% .1,+,Z+/% +.% #$+L(% +()(% 6'$% 4$*% &.+% -(% *$(-,)()% 6'$% "$% 4,4L(% $+% -(%1-(7(%3()*,-$J(F%k',7G/%1.*6'$%$"%,3D 1.",N-$% #*(+"3,#,*% #.)(% $"(% $+$*9L(/% 4,#(D -,)()/% ('#.&*L#,&(% 2% 1.-L#,&(% 6'$% "$% "$+#L(% $+%E.-F 8,$+#*("%6'$%$+%E.-%-(="@%("(3N-$(="@% -("%&.+"#*'L(%$-%3.4,3,$+#./%$+%K(-$+&,(/% -."% 1.*#(4.&$"% "$% ('#.1*.&-(3(N(+% )$% -(% :-(#([.*3(% ;$3.&*(&,(% O$(-% e(/% 9$D +$*(+)./% 6',7G% )$% 3(+$*(% ,+&.+"&,$+#$/% '+(% ),"#,+&,Z+% $+#*$% +.".#*."% =-."% 6'$% H$3."% .*9(+,7().% #.).% $"#.% 2% --$4(3."% (6'L% )$")$% $-% 1*,3$*% )L(@/% 2% 4.".#*."% =(% -."%6'$%"$%."%)(%-(%.1.*#'+,)()%)$%H(N-(*/% 1$*.%",$31*$%6'$%",9G,"%+'$"#*("%+.*3("% r6'$/%$+%$"$%3.3$+#./%$*(+%3'&H("D@F E$9'*(3$+#$/% )$"N.*)()."% 1.*% -."% (&.+#$&,3,$+#."/% &.+['+)L(+% 1(&,[,"3.% &.+% "'3,",Z+/% $+% $-% "$+#,).% +.% "Z-.% )$% (&(#(*%-("%Z*)$+$"%6'$%-$"%)(N(%-(%1.-,&L(/% ",+.%$+%(9*()$&$*-$"/%3,&*Z[.+.%3$),(+D #$/%-(%&.-(N.*(&,Z+%6'$%$"#(N(+%#$+,$+).F% :(*$&L(% 6'$% H'N,$"$+% .-4,)().% )$% 6'I% #*(#(N(%#.).%$"#.F ?-(*.% 6'$% +.% $"#GN(3."% (HL% 1(*(% $+[*$+#(*+."% r4,.-$+#(3$+#$D% (% +(),$F% R'$"#*(% ".-(% 1*$"$+&,(% 2(% 3.-$"#(N(F% :$*.%1(*$&L(%6'$%H'N,$"$+%.-4,)().%6'$% $"#(N(+% )(+).% -("% 9*(&,("% (% '+(% ['$*7(% )$% *$1*$",Z+% )$-% $"#()./% &.3.% 3G"% #(*D )$% "$%4$*L(%$+% Y(*&$-.+(/% .%&.3.%2(%"$% H(NL(%4,4L).%$"$%3,"3.%3,I*&.-$"%$+%8(D
)*,)/% &.+% '+% ,+#$+#.% )$% )$"(-.U./% 1(*()./% 3(+."%$+%(-#./%1.*%3,-$"%)$%1$*".+("F :$*.% +.% "Z-.% $"% $"#.% -.% 6'$% --(3(N(% -(%(#$+&,Z+F%<(%1*,3$*(%"$+"(&,Z+%$*(%6'$% $"(%1.*#(4.&L(D.*9(+,7(&,Z+%+.%$"#(N(%#$D +,$+).% $+% &'$+#(% (-9'+("% "$+",N,-,)()$"% 1*.1,("/%&.3.%$-%'".%)$%-(%-$+9'(%3,+.*,D 7()(%./%,+&-'"./%'#,-,7(*%'+%-$+9'(U$%,+&-'D ",4.F S-9.% 3G"% (-(*3(+#$% ",% &(N$/% &'(+).% -(% 9$+#$% $31$7Z% (% *$1$#,*% $"6'$3("% H$D *$)()."/%&.3.%'"(*%$-%&("#$--(+.%1(*(%H(D N-(*%$+%1bN-,&.%2%$-%4(-$+&,(+.%=&(#(-G+@%$+% "'"%&L*&'-."%3G"%&$*&(+."F% k',7G%$"#(%.N"$*4(&,Z+%1'$)(%*$"'-#(*% N(-()L%./%,+&-'"./%+.%"$%$+#,$+)(F%:$*.%2.% +.% )$U(N(% )$% 1*$9'+#(*3$% &'G+#(% 9$+#$/% 6'$% --$4(% (J."% -'&H(+).% 1.*% -(% +.*3(-,D 7(&,Z+% )$-% ,),.3(/% "$% "$+#,*L(% ,+4,#()(% (% 1(*#,&,1(*%$+%'+%-'9(*%6'$/%1.*%)$[$&#./%-$"% $"#(N(%)$U(+).%['$*(F
g#*.%#(+#.%.&'**L(%$+%-(%&.+['",Z+%6'$% "$%1*.)'&L(%$"."%)L("%$+#*$%(1(*#,),"#("D% (1.-L#,&."F%Q.)(% &*L#,&(% $A1-L&,#(% H(&,(% '+% 1(*#,).% $*(% 4$#()(F% ?.3.% ",% -(% )$+'+&,(% )$%-(%&.**'1&,Z+/%-(%)$"#*'&&,Z+%)$%N(**,."% $+#$*."% .% )$% -(% H'$*#(% +.% #'4,$*(% +()(% 6'$%4$*%&.+%#.).%$"#.F ;'*(+#$% $"$% 1*,3$*% [,+% )$% "$3(+(% =(H.*(%H(&$%#,$31.%6'$%+.%3$%1(".%1.*% K(-$+&,(@%1(*$&L(%6'$%-."%3.4,3,$+#."%".D &,(-$"%)$%-(%&,')()/%&'*#,)."%$+%3,-%2%'+(% N(#(--("/% (b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s(&,+#.% Y$+(4$+#$/% -(% )$-% ?(*3$+/% -(% 6'$% #,$+$% $-%+.3N*$%)$%'+%&$+#*.%&.3$*&,(-%6'$%+.% 4.2%(%+.3N*(*F%_K$+)*L(%3,%4$&,+(%(%-("% ("(3N-$("`%X.2%&*$.%6'$%"LF :.*6'$% $-% #$-Z+% )$% [.+).% )$% $"#(% *$D 4.-'&,Z+% #*(#(% )$% &.+"#*',*% (-9.% $+#*$% #.D )("/%1$*.%",+%.-4,)(*%6'$%+.%#.)("%".3."%
,9'(-$"F% <.% 3G9,&.% )$-% 3.4,3,$+#.% $"% 6'$/%1.*%1*,3$*(%4$7/%1(*$&$%6'$%H$3."% )$U().%+'$"#*("%),[$*$+&,("%N-.6'$().*("% $+% &("(F% ;$% (HL% -("% &.+#*(),&&,.+$"% 6'$% "'*9$+/%$+#*$%-(%#$+",Z+%)$%&Z3.%"$+#,*"$% '+(% 3,"3(/% 1$*.% "(N,$+).% 6'$% $"#.% $"% (-9.%6'$%#$+$3."%6'$%&.+"#*',*%$+#*$%#.D )("F%!+%$-%6'$%#.)."%-."%1*.N-$3("%&'$+D
#(+/%1.*6'$/%#.)."/%)$")$%$-%3G"%1$6'$J.% (-%3G"%9*(+)$/%$"#(+%,+#$**$-(&,.+()."F ?.3.%(1'+#(%'+%(3,9./%"(N,(3$+#$/% -(% *$4.-'&,Z+% $31,$7(% 1.*% '+(% 3,"3(F% EZ-.% $+#$+),$+).% (-% .1*$".*% 6'$% --$4(D 3."%)$+#*./%"$*$3."%&(1(&$"%)$%1$+"(*% '+(% [.*3(% &*$(#,4(/% N$--(% 2% &.-$&#,4(% )$% #*(+"[.*3(*-.F
!"#$%&'()'*(+*&',&#')-'.(#.-,/0#'1('23(',-1-'4-)-56-'(.,6/*-7',-1-'(8&,/0#7' 9-'./1&':-'.34(6-1-'4&6'#3($&.'-,&#*(,/8/(#*&.;'<-,('.0)&'3#-.'9&6-.7'8=.' 1(',/#,&'4(6.&#-.'(6-#'1(*(#/1-.'(#')-.'43(6*-.'1(')-.'>&6*.'?-)(#,/-#-.;'".*-' *-61(7'@3($(.'A'1('@3#/&7'9-:',&#$&,-1-'3#-'8-#/B(.*-,/0#'(#'1(B(#.-'1()'3.&' 1()'?-)(#,/-#&;'C9%'(.*-6=#'*&1-.;'CD#'-.%7')&'1('-66/5-'(.'3#'4(23(E&'1&)&6' 23('))($-5-'1(#*6&':'23('#(,(./*-5-',&84-6*/6;
!"#$%&#&'!(")*$*!()*+#&',!"#$%!&'()%!"#'*+#,#(!-!&.'%/#0!1$%2%
!!!"#$#%&'(&)$*+"!+,-.,&//"*+(
345
346
377