2010 05 ES

Page 1

(3"5*4

3FWJTUB CJNFTUSBM QBSB BEVMUPT %JTDPWFS 1VCMJTIFS #7 1BÓTFT #BKPT

/ÞNFSP EF

$BSUB FO VO QBQFMJMMP

&O FTUF OÞNFSP

-BT ÞMUJNBT DBMBEBT " MB CÞTRVFEB EFM NFKPS DIBSBT EFM NVOEP 7JBKF B MB *OEJB EFM FNQJOBEP DBNJOP BM NFKPS )BTI FO .BMBOB BM FODVFOUSP DPO MB SFFODBS OBDJØO EF 7JTIOÞ FO 7BSBOBTJ MB DJVEBE EF MPT NVFSUPT %JTGSVUB EF MB *OEJB TJO NPWFSUF EF DBTB HSBDJBT B +VBOJUP .BOPWFSEF VO JOGBUJHB CMF WJBKFSP Z HSBO DBUBEPS EF DBOOBCJT

5BNCJÏO FO FTUF OÞNFSP 2VFSJEPT MFDUPSFT 1SPEVDUPT $BTP HBOKB[[ 40( FO JOUFSJPS -PDBMJ[BDJPOFT EF FOTVF×P .BESFT CPOTBJT "NOFTJB )B[F 4XFFU 4FFET %FJNPT $PDJOB DÈOOBCJDB .PCZ %JDL .FNPSJBT EF NBESF *OOPWBDJØO *OUFSOFU 'FSJBT )B[MP UV NJTNP )JQQJFT 7JTJUBT B JOUFSJPSFT 3PTFOUIBM 4PVMGMZ $FSWBOUFT &BTZ #VE 3PUPUPN "RVBTFMMB -BUJOPBNÏSJDB

-B UFNQPSBEB ZB BDBCB CBKBO MBT UFNQFSBUVSBT MMFHB MB DPTFDIB TF FODJFOEFO MPT JOEP PST QSPOUP WFOESÈO MBT DPQBT EF MB NBSJIVBOB FM NPNFOUP EF EJTGSVUBS MP BMNBDFOBEP QPS FM WFSBOP &TUP TPO DJDMPT OBUV SBMFT DPNP MB WJEB Z MB NVFSUF FM JOWJFSOP Z FM WFSBOP

-VFHP IBZ DJDMPT BSUJGJDJBMFT GPS[BEPT &KFNQMP UPEPT MPT WFSBOPT IBZ VOB DBTDBEB EF DVMUJWBEPSFT EFUFOJEPT MVFHP MFT BCTVFMWFO BM TJHVJFOUF WFSB OP TF WVFMWF B EFUFOFS B PUSPT DJVEB EBOPT DPO TFNFKBOUF BGÈO Z SFTVMUB EPT 0USP FKFNQMP RVF JOUFSWFOHBO B (BOKB[[ MPT BCTVFMWBO Z MPT WVFMWBO B JOUFSWFOJS 0 RVF EFWBTUFO VOB Z PUSB WF[ FM DVMUJWP DPMFDUJWP EF "WF .BSÓB QPS TJ BDBTP TF MFT PDVSSJFSB SFJODJEJS .VFTUSBO VOB TB×B DVBM TJ FOSJRVFDJÏ SBNPT VSBOJP NÈT TPMP TPNPT BHSJDVM

(?XC !SRMK?RGA "CQR !SRMK?RGA %TCP @W $GL?DCK U U U B G L ? DC K M P E

UPSFT HFOUFT EF MB UJFSSB 1FSTPOBT RVF QMBOUBNPT OVFTUSB MJCFSUBE Z RVF MB DPTFDIBSFNPT EB JHVBM MBT WFOUJTDBT RVF OPT NBOEFO ZB BQSFOEJNPT B DPOTUSVJS JOWFSOBEFSPT TØMJEPT &M QSFTJEFOUF EF (BOKB[[ *LFS FT VOB QFSTPOB USBORVJMB IVNJMEF FM OVODB BDVEJØ B OJOHÞO DBTUJOH 4JO NFEJBS JOT DSJQDJØO MF IBO NFUJEP B QFSTPOBKF QSJO DJQBM DPSUFTÓB EF MBT GVFS[BT QPMJDJBMFT RVF WVFMWFO B USPQF[BS JODBOTBCMFT /J 4JHVF FO QÈHJOB



7JFOF EF MB QSJNFSB QÈHJOB FT WJMMBOP OJ IÏSPF 4PMP VO DJVEBEBOP RVF WJWF IPZ DPO TVT DJSDVOTUBODJBT $PO NVDIB EJHOJEBE FTP JOOFHBCMF &O FM BDUJWJTNP UPEPT UFOFNPT VOB GVO DJØO VO NPNFOUP %FTEF FM NÈT QPSSFSP BOUJTJTUFNB BM DPNFSDJBOUF RVF OP GVNB 5BNCJÏO FT DJFSUP RVF VOPT TPMP UJFOFO VO QBQFMJMMP FO FM DPSP Z B PUSPT MFT DBF FM EF TPQSBOPT )BZ RVF TFHVJS VOJEPT IBTUB MB EFTQFOBMJ[BDJØO UPUBM EFM DBOOB CJT /BEJF QVFEF EFDJS iTPCSBTw

4FNJMMB QSPWJOFOUF EF VOB TFMFDDJØO EF 40."/(0 IJCSJEP 4VQFS 4LVOL Y +BDL )FSFS Y #JH 4LVOL ,PSFBO %FNBOEBEB DPO BOTJB QPS MPT RVF MB IBO QSPCBEP FO BMHVOB PDBTJØO UPEPT RVJFSFO WPMWFS B TFOUJS FTF TBCPS B GSVUB USPQJDBM RVF JOVOEB UV CPDB Z FTF BSPNB GMPSBM JOUFOTP Z QFHBKPTP 4V FGFDUP FT NVZ QMBDFOUFSP Z OP FT EFNPMFEPSB QPS MP RVF SFDP NFOEBNPT EJTGSVUBSMB FO BHSBEBCMF DPNQB×ÓB *OEJDB (FOÏUJDB 1FSÓPEP EF GMPSBDJØO JOUFSJPS o EÓBT GJOBMFT 4FQUJFNCSF $PTFDIB FO FYUFSJPS QSJODJQJPT 0DUVCSF "MUB 1SPEVDDJØO 'PUP (FOFIUJL

5YPNBOHP

)BZ NVDIB DPOGVTJØO Z SVJEP FO DJFSUPT EJTDVSTPT FO MPT RVF TF QSFUFOEF FODVB ESBS BM DBOOBCJT EFOUSP EF FKF J[RVJFSEB EFSFDIB &O USBTQPTJDJØO EF FTUP TF QFSDJCF FM DPNFSDJP DPNP BMHP UF×JEP EF DJFSUB JOKVTUJDJB 6OB QSPQPTJDJØO EJT QBSBUBEB &M BIPSSP Z FM DPNFSDJP TPO MB CBTF EF MB DJWJMJ[BDJØO )BDF NJMFT EF B×PT DVBOEP BMHVOPT FNQF[BSPO B HVBS EBS QBSB NB×BOB GVF QPTJCMF EFEJDBS MB BDUJWJEBE EJBSJB B BMHP NÈT RVF MB NFSB TVCTJTUFODJB MP RVF USBF FM DPNFSDJP FM JOUFSDBNCJP Z FM EFTBSSPMMP 1PS PUSB QBSUF DPNP EBUP DVSJPTP TF QVFEF EFDJS RVF FM DPNFSDJP OBDF ZB FO SFMBDJØO BM GFOØNFOP EF MBT ESPHBT QVFT MBT FYDB WBDJPOFT BSRVFPMØHJDBT NVFTUSBO RVF GVFSPO VOPT EF MPT CJFOFT NÈT DPEJDJB EPT EF BRVFMMPT UJFNQPT 1PESÓBNPT IBCFS IFDIP NÈT 5BNCJÏO QPESÓBNPT IBCFS IFDIP NFOPT )VNBOPT TPNPT OP TBOUPT 5FOFNPT NPNFOUPT EF HSBOEF[B Z EF NJTFSJB EF EFTQSFOEJNJFOUP Z EF JOFQUJUVE 1FSP BM GJOBM MMFHBSFNPT QPESFNPT FOUPODFT QFOTBS iIJDJNPT MP RVF UFOÓBNPT RVF IBDFS MP RVF OPT UPDBCB B QFTBS EF OPTPUSPT NJTNPTw &TUF DJDMP EF MPDVSB ZB TF BDBCB 1PDPT B×PT EFTQVÏT EFM DSBDL EFM WJOP MB EFTQFOBMJ[BDJØO EFM BMDPIPM "IPSB UPDB MB EFM DBOOBCJT &TUF NPNFOUP MMFHBSÈ BM KVOUBSTF USFT GBDUPSFT &M NÈT DPOPDJEP Z QSFTFOUBCMF FT FM EF MPT JNQVFTUPT FM FTUBEP OFDFTJUB NÈT GPOEPT -BT UBTBT TPCSF FM BMDPIPM BOUFT Z MB NBSJIVBOB BIPSB SFTVMUBO BQFUJUPTBT TPCSF UPEP QBSB QSFTFOUBSMP B MB PQJOJØO QÞCMJDB DPNP QBOUBMMB )BZ VO TFHVOEP GBDUPS EF TPCSFDBSHB Z DPSSVQDJØO EFM BQBSBUP SFQSFTJWP MB DSJTJT USBF NÈT EFMJUPT Z NFOPT GPOEPT QBSB KVFDFT QPMJDÓBT DÈSDFMFT Z SFTUP EF GVO DJPOBSJPT RVF JOUFSWJFOFO FO MB DPNFEJB "EFNÈT MPT JOUFSQSFUFT TPO NÈT TFOTJ CMFT B MPT DBOUPT EF MB DPSSVQDJØO QVFT MB DBSOF FT EÏCJM Z {RVÏ USBCBKBEPS OP OFDF TJUB NÈT EJOFSP )BZ XFCT RVF DPMFD DJPOBO OPUJDJBT EF QSPIJCJDJØO Z DPSSVQ DJØO JOTUJUVDJPOBM DPNP FM DBOOBCJTDBGF P NVOEPBOUJQSPIJCJDJPOJTUB DFOUFOBT EF OPUJDJBT TPMP MFFS MPT UJUVMBSFT ZB EB NJFEP &O UBM TJUVBDJØO BM FTUBEP MF SFTVM UB NVZ UFOUBEP EF BIPSSBSTF MPT DPTUFT EF QFSTFDVDJØO EF MPT DJVEBEBOPT B MB WF[ RVF TF DPOWJFSUFO FO JNQVFTUPT MP RVF BOUFT FSBO HBOBODJBT EF MB NBGJB &TUPT DÈMDVMPT TFSÓBO FO VO NVOEP JEFBM EF EJSJHFOUFT SFTQPOTBCMFT Z IPNCSFT

EF FTUBEP 1PS EFTHSBDJB OP FT MB SFBMJ EBE 1PS FTP IBDF GBMUB FM UFSDFS GBDUPS MB EFTPCFEJFODJB DJWJM -B QSPIJCJDJØO EFM BMDPIPM MMFHØ QPSRVF IVCP NVDIPT DMVCT DMBOEFTUJOPT RVF MB EFTBGJBSPO &OUPODFT FM HPCJFSOP UVWP RVF FMFHJS FOUSF NFUFS DJFOUPT EF QFSTPOBT B MB DÈSDFM FO QMFOB EFQSFTJØO P BGMPKBS 4J FO OPWJFNCSF TF EFTQFOBMJ[B MB NBSJIVBOB FO $BMJGPSOJB TFSÈ HSBDJBT B MB MBCPS EF DFOUFOBSFT EF DMVCT RVF BDUÞBO DPNP TJ ZB GVFSB MFHBM EFTEF IBDF B×PT &TUB FT OVFTUSB QSJODJQBM GVFS[B $PMPDBS B MBT BVUPSJEBEFT BOUF VOB NBSFB WFSEF Z EFTPCFEJFOUF 2VFSFNPT NBSJIVBOB 1MBOUBNPT Z QPEFNPT /P NBOEBNPT VOB JOTUBODJB B WFS TJ QPEFNPT -B JORVJTJDJØO BÞO GVODJPOB QPS TVQVFT UP "ÞO RVFNBSÈO MBT ÞMUJNBT CSVKBT 1FSP DBEB WF[ TPO NÈT FTUSBGBMBSJPT NÈT EFT IPOFTUPT &T DVSJPTP WFS B FTUF QFSTPOBM DPNP IBCMBO Z IBCMBO TJO EFDJS OBEB 1PS TFSNPOFT RVF OP TFB 4PO MPT GBSJTFPT EF TJFNQSF QSFTUPT B FOHPMBSTF MB WP[ Z QSPDMBNBS MB DPSSVQDJØO EFM NVOEP QBSB EFTQVÏT DPCSBS TVT NPOFEBT BM DPOUBEP &M QSPCMFNB FT RVF DBEB WF[ SFTUB NFOPT PSP $PO MB TJNQBUÓB QPQVMBS UBNQPDP DVFOUBO TVT iUSBUBNJFOUPTw UJFOFO QPDB EFNBOEB -B HVFSSB EF MBT ESPHBT MB WBNPT B HBOBS B CBTF EF IFDIPT DPOTVNBEPT &M GJOBM ZB TF BDFSDB 1FSP `PKP `RVF OBEJF TF FOHB ×F IBCSÈ EPMPS IBTUB FM ÞMUJNP NFUSP &O MBT DPOUJFOEBT TJFNQSF IBZ NVFSUPT Z BTFTJOBEPT "IÓ FTUÈO FO MBT JOTUBOUÈOFBT FO CMBODP Z OFHSP FDIBOEP MBT ÞMUJNBT DBMBEBT BOUFT EF QPOFS FM QFDIP B MPT GVTJMFT "VORVF MFT QJOUFO IFSPJDPT FO MBT GPUPT OP TVFMFO UFOFS DBSB EF QÈOJDP &T MB EJHOJEBE NJMFOBSJB EF MPT TBDSJGJDBEPT EF MPT VTBEPT %F UPEPT FTPT IPNCSFT Z NVKFSFT RVF VO EÓB IJDJFSPO MP RVF MFT UPDBCB Z MVFHP BQFDIVHBSPO .VDIPT EF MPT DVMUJWBEPSFT EFUFOJEPT FTUF WFSBOP TPO HFOUF TFODJMMB -P TVZP OP FT FM BDUJWJTNP P TPMUBS EJTDVSTPT OJ TJRVJFSB TF MFFO MBT SFWJTUBT OJ NVDIP NFOPT MPT FEJUPSJBMFT P MB TFDDJØO MFHBM 4BCFO RVF DVMUJWBS VOB QMBOUB OP FT NBMP Z RVF MFT UPDB IBDFSMP 4BCFO RVF QVFEFO UFOFS RVF SFTQPOEFS QPS FMMP 1BSB HFSNJOBS VOB TFNJMMB QBSB JOJDJBS VOB SFWPMVDJØO OP TF OFDFTJUB OJOHÞO UJUVMP OJ SBOHP #BTUB EFUFSNJOBDJØO Z QPDP NÈT 1MBOUBO SJFHBO MVFHP DVBOEP MFT QJDBO B MB QVFSUB TBMFO Z EBO MB DBSB -FT UPDB JS B MB QVFSUB EF MPT KV[HBEPT " FDIBS MBT VMUJNBT DBMBEBT OFSWJPTBT Z WFS MB WJEB FO VO NJOVUP DVBOEP MFT EJDFO iZB UF UPDBw "M QPDP TBMFO BCTVFMUPT UBO JOPDFOUFT DPNP FOUSBSPO &TUB WF[ OP IBCSÈ GVTJMBNJFOUPT "IPSB UPDB HBOBS 4F PMWJEBSÈO TVT WJEBT TVT BOHVTUJBT MBT OPDIFT TJO EPSNJS MBT BCTPMVDJPOFT Z MBT DPOEFOBT 2VJ[ÈT BMHVOP MF DVFOUF B TV OJFUP CBUBMMJ UBT EF MPT B×PT EF MB QSPIJCJDJØO &O MPT MJCSPT EF IJTUPSJB OP FTUBSÈO TVT OPNCSFT 1FSP EFCFNPT MB DPTFDIB FM GVUVSP B FTBT QFSTPOBT TFODJMMBT RVF TF FDIBO FM ÞMUJNP DJHBSSP : MVFHP UJSBO iQB MBOUFw DPO FM DPSB[ØO MJNQJP



`"UFODJØO VMUJWBEPSFT EF (VFSSJMMB {2VJFSFT HBOBS TFNJMMBT '&.*/*;"%"4 EF %*/"'&. &OWÓBOPT VOB JNBHFO EF UV DVBSUP EF DVMUJWP P EF UV NFKPS QMBOUB EF DBOOBCJT JODMVZFOEP VOB DPQJB WJTJCMF EF 4PGU 4FDSFUT Z %*/"'&. UF IBSÈ MMFHBS TFNJMMBT GFNJOJ[BEBT 4J FO MB GPUP BQBSFDF UV IFSNPTB NVKFS P OPWJB WJTUJFOEP VO NJDSPCJRVJOJ TFYZ P MFODFSÓB BUSBD UJWB SFDJCJSÈT Y TFNJMMBT GFNJOJ[BEBT : MB JNBHFO FMFHJEB DPNP 'PUP EFM .FT SFDJCJSÈ Y TFNJMMBT GFNJOJ[BEBT EF MB NFKPS DBMJEBE $PO MPT NFKPSFT EFTFPT EF 4PGU 4FDSFUT Z %*/"'&.

)BDF UJFNQP RVF MFP MB SFWJTUB Z RVFSÓB BQPSUBS DPO VOB GPUP )F BQSPWFDIBEP MB DPTFDIB EF NJT OJ×BT " WFS RVF PT QBSFDFO 4FMFDDJPOÏ VO GFOPUJQP FOUSF TFNJMMBT EF +BDL )FSFS EF 4FOTJ 4FFET $VMUJWBEBT FO TJTUFNB IJESPQØOJDP DPO BCPOPT (SPUFL &M SFTVMUBEP DPNP WFJT IB TJEP FTQFDUBDVMBS +PUB &NFDÏ .VSDJB 4JO EVEB OP TF QVFEF DMBTJGJDBS FM SFTVMUBEP EF PUSB GPSNB FTQFDUBDVMBS

"RVÓ PT FOWÓP MBT GPUPT EF NJT EPT OFOBT VOB HSBOEJPTB $SJUJDBM Z VOB 1PXFS 4LVOL EFM CBODP %JOBGFN 1MBOUBEBT FO FYUFSJPS DPO UJFSSB EF $BOOB DPDP IVNVT Z BSMJUB "CPOBEB DPO 5FSSB 'MPSFT 5FSSB 7FHB Z 1L &OIPSBCVFOB QPS MB SFWJTUB &EVBSEP 7J[DBZB

&OWÓB UVT GPUPT QPS F NBJM B TQBJO!TPGUTFDSFUT OM P QPS DPSSFP B OVFTUSP BQBSUBEP QPTUBM 1PS GBWPS UFO FO DVFOUB RVF UPEP FM NBUFSJBM SFDJ CJEP TF USBUB DPO MB NÈYJNB EJTDSFDJØO /P QVCMJDBNPT GPUPT EFTFOGPDBEBT Z UBNQPDP OPT HVTUBO EFNBTJBEP MBT GPUPT EF QMBOUBT FO FTUB EP WFHFUBUJWP -P RVF RVFSFNPT WFS TPO DPHPMMPT HPSEPT Z CFMMBT EBNBT `#VFOB TVFSUF

&TUÈO CJFO EFTBSSPMMBEBT TF OPUB RVF OP MFT GBMUB EF OBEB

&NBJM TQBJO!TPGUTFDSFUT OM

+PTF )VFMWB


3BÞM ;BSBHP[B

0T EFKP VOB GPUP EF VOB EF NJT BVUPGMPSFDJFOUFT QSFGFSJEB 'SVJU "VUPNBUJD $VMUJWBEB DPO QSPEVDUPT $BOOB EÓBT EF WJEB QFRVF×B QFSP EFNPMFEPSB $BSMPT #BSDFMPOB 5JFOF QJOUB EF FTUBS CJFO JOUFSFTBOUF EF DBUBS

#VFOP EFDJSUF RVF NF FODBOUB FM QFSJØEJDP FM NFKPS Z HSBUJT .JSBE DPO RVF QPDP FTQBDJP DVBOUP TF TBDB FT VOB $IPRVF EF USFOFT Z VOB )FSFS .BUFP 7BMFODJB 4JO EVEB FM FTQBDJP FTUÈ CJFO BQSPWFDIBEP UFO DVJEBEP OP WBZB B DBFS VOB NBDFUB B MB DBMMF Z QSPWPRVF VO BDDJEFOUF RVF MVFHP EJSÈO RVF MB NBSJIVBOB NBUB B MB HFOUF



&T VOB #JH %FWJM "VUPGMPSFDJFOUF &TQFSP PT HVTUF MB GPUP NBOEBSF NÈT Z NFKP SFT EF NJ PUSBT DIJDBT (VJTFQQF #POJUB GPUP DBTJ QBSFDF TFS MB NJTNB QMBOUB

`)PMB 4PGU 4FDSFUT "RVÓ PT NBOEBNPT MBT GPUJUPT EF OVFTUSB DPTFDIB EFTEF .FOPSDB 4F USBUB EF VOPT FTRVFKFT EF MB DPMFDDJØO 4BUJWB EF 8PSME PG 4FFET ,JMJNBOKBSP 8JME 5IBJMBOE Z $PMPNCJBO (PME -FP Z .BSJB *TMBT #BMFBSFT #POJUB DPMFDDJØO EF 4BUJWBT EF MB DVMUJWBEPSB OP EFDJNPT OBEB RVF OPT IB EFKB EP TJO QBMBCSBT

)PMB B UPEPT MPT BNJHPT EF 4PGU 4FDSFUT FTUF WFSBOP IF UFOJEP MB TVFSUF EF JSNF EÓBT EF WBDBDJPOFT DPO BNJHPT BM OPSUF EF MB *OEJB Z /FQBM :P TPZ HSBO TFHVJEPS EF WVFTUSB QVCMJDBDJØO DBEB B×P UFOHP QSPEVDDJPOFT EF .BSJIVBOB VOB EF FYUFSJPS NÓB QSPQJB Z PUSB *OEPPS &TUF WFSBOP DVBOEP MMFHBNPT BM /FQBM DPODSFUBNFOUF B 1PLIBSB IJDJNPT VOB FYDVSTJØO TVCJNPT VOB NPOUB×JUB Z OP DSFÓB MP RVF WFÓB JONFOTBT QMBOUBT EF .BSJIVBOB /FQBMÓ QPS UPEPT MBEPT HSBO EFT QFRVF×BT EF UPEBT MBT GPSNBT Z DPMPSFT 5VWJNPT TVFSUF EF DPOPDFS B VO DIJDP RVF OPT JOWJUP B GVNBS SFBMNFOUF GVF JNQSFTJPOBOUF FM NPSBEP RVF DPHJ NPT UPEPT UBNCJÏO QSPCBNPT FM IBTIJTI OFHSP Z GVF VOB QBTBEB

$VMUJWP IJESPQØOJDP EF 8IJUF 8JEPX EFM CBODP .FEJDBM 4FFE &TQFSP RVF PT HVTUFO NJT GMPSFT 5JFOFO VOB EVSF[B JODSFÓCMF Z VO BSPNB FYRVJTJUP 6O TBMVEP Z RVF QPEÈJT QVCMJDBS NVDIPT OÞNFSPT NBT EF 4PGU 4FDSFUT RVF WJFOF NVZ CJFO TV JOGPSNBDJØO %JFHP ;BSBHP[B

&O FTUF NJTNP OÞNFSP JODMVJNPT VO FYUFOTP SFQPSUBKF EF MBT BWFOUVSBT EF +VBOJUP .BOPWFSEF FO MB *OEJB EPOEF QPESÈT WFS UPEP UJQP EF DIBSBT FTQFSBNPT RVF UF HVTUF

1PS TVQVFTUP RVF TFHVJSFNPT QVCMJDBOEP UPEPT MPT OÞNFSPT EF 4PGU 4FDSFUT RVF QPEBNPT QVFT OPT FODBOUB OVFTUSP USBCBKP


(?XC !SRMK?RGA "CQR !SRMK?RGA %TCP

" # " ! #$


4)01 3&7*&8

$PGGFF TIPQ ,PTCPS

6O QSFNJP NÈT )JHIMJGF $VQ

)PSBSJP EF BQFSUVSB EVSBOUF FM JOWJFSOP EFM EF PDUVCSF BM EF NBZP

%F EPNJOHP B KVFWFT o 7JFSOFT Z TÈCBEP o

5BNCJÏO FTUF B×P FM FRVJQP ,PTCPS TF IB BEKVEJDBEP VO QSFNJP FO FTQFSB EF MB )JHIMJGF $VQ FTUB WF[ HSBDJBT B " . ( )B[F -PT UJQPT EF )B[F EFM DPGGFF TIPQ ,PTCPS EF .BBTUSJDIU TPO QBSUJDVMBS NFOUF GBWPSJUPT FO MBT QSFNJBDJPOFT EF QSFTUJHJPTPT DPODVSTPT EF DBMJ EBE FM MPDBM DPORVJTUØ WBSJPT QSFNJPT FO Z FO MB )JHIMJGF $VQ FOUSF MPT DVBMFT VO QSJNFS QSFNJP FO MB DBUFHPSÓB )B[F #JP &OUSF MPT DMJFOUFT TF IBCMB UBNCJÏO EFM IBDIÓT RVF TF DPOTJHVF FO MB UJFOEB Z BTÓ QVFT MB PGFSUB FT EPCMF /P FT QPS DBTVBMJEBE RVF ,PTCPS EFTEF IBDF NVDIPT B×PT TF DPOPDF QPS TV HSBO DBMJEBE BM KVTUP QSFDJP BIPSB FTUÈ EJWJEJEP FO USFT [POBT -P QSJ NFSP FT MB OVFWB FOUSBEB Z B MB J[RVJFS EB EFUSÈT EF VOB QBSFE EF DSJTUBM FTUÈ MB OVFWB BNQMJB TBMB EF GVNBEPSFT DPO HSBOEFT QVFSUBT DPSSFEJ[BT EF DSJTUBM -B EFDPSBDJØO JODMVZF HSÈGJDBT ÈSBCFT DPNP VO HSBO NPTBJDP FO MB QBSFE VOJEBT B VOB QBSFE DPO VO NPEFSOÓTJNP EJTF×P

,PTCPS ,MFJOF (SBDIU .BBTUSJDIU )PMBOEB

)PSBSJP EF BQFSUVSB EVSBOUF FM WFSBOP EFM EF KVOJP BM EF TFQUJFNCSF

%F EPNJOHP B KVFWFT o 7JFSOFT Z TÈCBEP o

"EFNÈT EF MB TBMB EF GVNBEPSFT IBZ VOB BNQMJB TBMB DPO FM NPTUSBEPS EF DPNQSB -PT DMJFOUFT QVFEFO MFFS MBT PGFSUBT EFM EÓB FO MBT HSBOEFT QBOUBMMBT QMBOBT -&% Z FYBNJOBS FM TVSUJEP FYQVFTUP FO VO DVCP EF DSJTUBM FO FM NPEFSOÓTJNP NPTUSBEPS QBSB FWBMVBS QPS TÓ NJTNPT MPT EJGFSFOUFT

)PZ NÈT RVF OVODB NFSFDF MB QFOB WJTJUBS FM ,PTCPS SFOPWBEP B QFTBS EFM OVFWP FTQBDJP Z MB OVFWB EFDPSBDJØO VO BTQFDUP EFM WJFKP MPDBM TJHVF JOBMUFSBEP MB DPOTUBO UF GJBCJMÓTJNB DBMJEBE EF ,PTCPS 1PSRVF CJFO TF TBCF RVF QBSB DPOTFHVJS MB NFKPS IJFSCB FT QSFDJTP EJSJHJSTF B MPT FTQFDJBMJT UBT EF ,PTCPS

5SBT VOB SFGPSNB UPUBM ,PTCPS FO .BBTUSJDIU IB WJTUP VOB BVUÏOUJDB NFUB NPSGPTJT &M DPOPDJEP DBGÏ EF ,MFJOF (SBDIU TF IB SFOPWBEP QPS DPNQMFUP Z TVT EJNFOTJPOFT TF IBO EPCMBEP DPO VOB BNQMJB FOUSBEB VO FTQBDJP FTUVQFO EP QBSB OP GVNBEPSFT Z VOB HSBO TBMB QBSB GVNBEPSFT 5BNCJÏO MB EFDPSBDJØO JOUFSJPS IB TVGSJEP BQSFDJBCMFT NFKPSBT DPO VOB DPNCJOBDJØO EF EJTF×P NPEFS OP Z FMFNFOUPT BVUÏOUJDBNFOUF ÈSBCFT &M OVFWP ,PTCPS FT VO MVHBS TJO EVEB FTQFDUBDVMBS 3FDPNFOEBNPT QVFT JS B FDIBS VO WJTUB [P "M FOUSBS RVFEB DMBSP RVF FM FTQBDJP B EJTQPTJDJØO IB DSFDJEP CBTUBOUF ,PTCPS

DPO USFT QBOUBMMBT QMBOBT -&% &O FTUB TBMB MPT DMJFOUFT QVFEFO EFHVTUBS FO QB[ SPEFBEPT EF MVKP MPT QSPEVDUPT RVF IBO BERVJSJEP

UJQPT EF IJFSCB Z IBDIÓT BOUFT EF DPN QSBS /BUVSBMNFOUF FT VO QMBDFS QBSB FM QFSTPOBM EFM MPDBM SFTQPOEFS B DVBM RVJFS JORVJFUVE FM QFSTPOBM IBDF BMBSEF EF B×PT EF FYQFSJFODJB FTQFDJBMJ[BEB Z QVFEF BUFOEFS B MPT DMJFOUFT FO NVDIPT JEJPNBT "EFNÈT EF MB IJFSCB EJTQP OFNPT EF VO BNQMJP TVSUJEP EF CFCJ EBT DBMJFOUFT Z GSÓBT Z WBSJBT HBMHVFSÓBT RVF IBSÈO BÞO NÈT BHSBEBCMF FM UJFNQP USBOTDVSSJEP FO MB TBMB EF GVNBEPSFT -PT OVFWPT CB×PT TFQBSBEPT KVOUP B MB TBMB EF GVNBEPSFT Z FM CB×P VOJTFY EF MB TBMB EF WFOUB TPO CPOJUPT FTQBDJPTPT Z BOUF UPEP TVNBNFOUF MJNQJPT 1PS ÞMUJNP TF QVFEF BENJSBS VO EFTDVCSJ NJFOUP BSRVFPMØHJDP TBMJEP B MB MV[ EVSBO UF MBT PCSBT EF SFGPSNB TF USBUB EF VO QP[P NFEJFWBM DPO QSPGVOEJEBE EF TFJT NFUSPT QPS GPSUVOB JOUBDUP RVF TF QVFEF WFS FO MB TBMB EF WFOUB KVOUP BM NPTUSBEPS Z HSBDJBT BM TVFMP EF DSJTUBM `FT QPTJCMF BEFNÈT DBNJOBSMF QPS FODJNB

&M DPGGFF TIPQ ,PTCPS SFDVFSEB B MPT MFDUPSFT EF 4PGU 4FDSFUT RVF MB FOUSBEB FT SFTFSWBEB B MPT NBZPSFT EF FEBE FYIJCJFOEP VO EPDVNFOUP EF JEFOUJEBE WÈMJEP Z MFHJCMF &O MB DBMMF OP TF QVFEF BQBSDBS


i#JH #VE Z "RVÓ FTUÈO BMHVOBT GPUPT QBSB TV QSFTFOUBDJØO -BT QMBOUBT NÈT QFRVF×BT TPO MBT QMBOUBT NÈT HSBOEFT "NOFTJB )B[F .VDIBT HSBDJBT QPS MB SFWJTUB NF IB TBMWBEP MB WJEB NVDIBT WFDFT (BSZ #BSDFMPOB &M DVMUJWP UJFOF CVFOB QJOUB QFSP RVJ[ÈT MBT QMBOUBT IBZBO QBTBEP BMHP EF DBMPS JOUFOUB CBKBS MB UFNQFSBUVSB EF UV JOUFSJPS DPO NFKPS WFOUJMBDJØO

"RVÓ NBOEP VOB GPUP EF NJ QFSSB -VB KVOUP B VOBT QMBOUBT EF 4VQFS -FNØO )B[F 0T GFMJDJUP QPS WVFTUSP QFSJØEJDP QPS GBDJMJUBS UBOUB JOGPSNBDJØO B HFOUF RVF FNQJF[BO B DVMUJWBS DPNP ZP &TQFSP RVF PT HVTUF MB GPUJMMP TVFSUF B UPEPT DPO WVFTUSB DPTFDIB QBSUJDVMBS 0T TFHVJSÏ MFZFOEP Z BQSFOEJFOEP "CSBIBN /VODB OPT DBOTBSFNPT EF EFDJSMP (SBDJBT B UPEPT WPTPUSPT QPS WVFTUSP JOUFSÏT FO MB SFWJTUB

6OB FT VOB 1BLJTUBO 3ZEFS "VUP Z MB PUSB VOB "GHBO ,VTI BVUP "CFM #POJUBT QMBOUBT QFSP VO UBOUP QFRVF×BT QBSB PDVMUBS UBOUB FYVCFSBODJB

)PMB "RVJ PT NBOEP VOB GPUP EF QSJNFS DVMUJWP &T VOB BVUPGMPSFDJFOUF EFM CBODP 4XFFU 4FFET MB #JH %FWJM &O FTUPT NPNFOUPT FTUÈ B QVOUP EF DPTFDIBS "OUPOJP -B #JH %FWJM GVF VOB EF MBT QSJNFSBT BVUPGMPSFDJFOUFT EF CVFO UBNB×P Z ZB MB FTUÈO NFKPSBOEP QBSB MB TJHVJFOUF UFNQPSBEB TFHVSP RVF TJ SFQJUFT BÞO UF HVTUB NÈT


4BMVEPT B UPEPT -P QSJNFSP GFMJDJUBSPT QPS WVFTUSB SFWJTUB Z MPT DPOTFKPT RVF OPT EBJT B MPT MFDUPSFT "RVÓ PT NBOEP VOB GPUP EF NJ ÞMUJNB QMBOUBDJØO -B EF MB EFSFDIB FT VOB )FS .BKFTUZ EF %FMJDBUFTTFO B MB RVF IF EFKBEP SBNBT QSJODJ QBMFT MB EFM NFEJP FT VOB /ÏCVMB EF 1BSBEJTF RVF FT B MB RVF NÈT DBSJ×P UFOHP Z MB EF MB J[RVJFSEB FT EF VOBT TFNJMMBT RVF NF EJFSPO 5PEBT UJFOFO UJFSSB "UBNJ Z IBO TJEP BCPOBEBT DPO #JP 7FHB Z #JP 'MPSFT EF $BOOB 4FHVJE BTÓ "MFY 6OB DVSJPTB GPUP EBEPT TVT EJGFSFOUFT FTUBEPT EF GMPSBDJØO &TQFSBNPT RVF IBZBT UFOJEP VOB HSBO DPTFDIB

"RVÓ PT FOWÓP NJ QSJNFS DVMUJWP EF EJFDJTÏJT QMBOUBT EF 4XFFU "GHBOJ %FMJDJPVT 4 FO MB TÏQUJNB TFNBOB EF GMPSBDJØO &M DVMUJWP RVF WFJT TF IB IFDIP FO WFSBOP FO MPT NFTFT EF KVOJP KVMJP Z BHPTUP &OIPSBCVFOB QPS MB SFWJTUB DBEB WF[ RVF TBMF WPZ B CVTDBSMB Z NF MB MFP EF BSSJCB B BCBKP `4FHVJE BTÓ 4BMVEPT EFTEF FM DFOUSP EF .BMMPSDB /P FTUÈ OBEB NBM QBSB TFS MPT NFTFT DBMVSPTPT TF OPUB RVF FT MB PCSB EF VOB QFSTPOB CJFO JOGPSNBEB 4JHVF MFZFOEP MB 4PGU 4FDSFUT Z NFKPSBOEP DBEB DPTFDIB

&TUB FT NJ QMBOUBDJØO Z NJ QMBOUBEPSB 4BMVEPT EF VOB HVFSSJMMFSB 'FMJDJEBEFT QPS FTBT HVFSSJMMBT Z B TFHVJS DPO MBT PQFSBDJPOFT VOEFSHSPVOE


2

2

1

9 8(

(9

18


130%6$504

#BMBTUSPT -VYHFBS

#ÈTDVMBT DBNVGMBEBT /P UPEPT MPT CBMBTUSPT Z TVT DPNQP OFOUFT TPO JHVBMFT B QFTBS EF MP RVF OPT QVFEB QBSFDFS B TJNQMF WJTUB -PT CBMBTUSPT -VY(FBS TPO VO QSPEVDUP EF DBMJEBE DPO DPNQPOFOUFT 1IJMJQT JOUF HSBEPT FO VOB DBKB FTUBODB DPO QJFT BOUJ WJCSBDJØO $POUJFOFO DVNQMJFOEP DPO MB OPSNBUJWB EF TFHVSJEBE FVSP QFB

VO DIJQ UÏSNJDP RVF BQBHB MB MÈNQBSB FO DBTP EF RVF TF TPCSFDBMJFOUF P IBZB VO DPSUPDJSDVJUP SFEVDJFOEP FM SJFTHP EF JODFOEJPT 'VODJPOBO DPO CPNCJMMBT EF BMUB QSFTJØO UBOUP EF IBMPHFOVSPT NFUÈMJDPT DPNP EF TPEJP MP RVF QFSNJUF EBS B MBT QMBOUBT FM FTQFDUSP EF MV[ BEFDVBEP FO DBEB GBTF EF TV EFTBSSPMMP DPO VO NJTNP FRVJQP 7JFOFO DPNQMFUBNFOUF DBCMFBEPT Z MJTUPT QBSB FODIVGBS TJO OFDFTJEBE EF IBDFS OJOHÞO NPOUBKF TBMWP BDPQMBSMFT FM SFGMFDUPS Z MB CPNCJMMB EFTFBEPT %JTQPOJCMFT FO Z XBUJPT XXX EJPTBQMBOUB DPN 'BDFCPPL %JPTB 1MBOUB (SPXTIPQ

&YUSBDUPSFT 1, $POUSPMMFS 1SJNB ,MJNB PGSFDF EFOUSP EF TV HBNB EF FYUSBDUPSFT VO QSPEVDUP ÞUJM Z WFSTÈUJM QBSB FM DPOUSPM EF DMJNB FO DVMUJWPT EF JOUFSJPS 4F USBUB EF MPT 1, $POUSPMMFST FYUSBDUPSFT RVF MMFWBO JODPSQPSBEP VO QPUFODJØNFUSP QBSB FM DPOUSPM EF MB WFMP DJEBE Z VO UFSNPTUBUP DPO VOB MBSHB TPOEB &TUP OPT QFSNJUF IBDFS GVODJPOBS FM FYUSBDUPS B VO DVBSUP P B MB NJUBE EF TV QPUFODJB DPO MP RVF TF SFEVDF FM DPOTVNP Z FM SVJEP " MB WF[ QPEFNPT NBSDBS FO FM UFSNPTUBUP VOB UFNQFSBUVSB NÈYJNB EF MB RVF OP RVFSFNPT RVF QBTF OVFTUSP JOEPPS &M $POUSPMMFS GVODJPOBSÈ B MB WFMPDJEBE NBSDBEB IBTUB RVF TF TPCSFQBTF FTB UFNQFSBUVSB NÈYJNB &O FTF NPNFOUP DPNFO[BSÈ B GVODJPOBS BM UPEB QPUFODJB IBTUB RVF TF SFEV[DB MB UFNQFSBUVSB QPS EFCBKP EF MP NBSDBEP FO FM UFSNPTUB UP RVF WPMWFSÈ B MB WFMPDJEBE JOEJDBEB )BZ EPT NPEFMPT EJTQPOJCMFT FM EF NN DPO VOB DBQBDJEBE EF FYUSBDDJØO EF NFUSPT DÞCJDPT QPS IPSB Z FM EF NN DBQB[ EF FYUSBFS NFUSPT DÞCJDPT QPS IPSB XXX EJPTBQMBOUB DPN 'BDFCPPL %JPTB 1MBOUB (SPXTIPQ

3FTJOB 1MVT 3FTJOB 1MVT 5)$ FT VOB DPNCJOBDJØO EF GPSGPSP Z QPUBTB EF BMUB DBMJEBE VOJEPT DPO BNJOPÈDJEPT MJCSFT $JUPRVJOJOBT "VYJOBT Z 7JUBNJOBT /BUVSBMFT DPNP MBT # # # 11 # # $ Z .BOJUPM

FOUSF PUSPT &TUB GPSNVMBDJØO FTUB JEFBEB QBSB TBDBS FM NÈYJNP SFOEJNJFOUP EF MB QMBOUB TJO OJOHÞO UJQP EF BMUF SBDJØO EF PMPS P TBCPS EF TV FTUBEP OBUVSBM DPOTJHVJFOEP NÈT DBOUJEBE EF 5)$ TBCPS PMPS Z B[ÞDBSFT

XXX SFWJFOUBDPHPMMPT DPN

,FOFY TPO DPOPDJEPT QPS TVT BSUÓDVMPT EF FMFDUSØOJDB B QSFDJPT SB[POBCMFT VOBT EF TVT FTQFDJBMJEBEFT TPO MBT CÈTDVMBT &O FTUB PDBTJØO OPT TPSQSFOEFO DPO VO NPEFMP EF CÈTDVMB DBNVGMBEP DPNP KVFHP EF DPOTPMB EF FTUB GPSNB TF QVFEF HVBSEBS TJO MMBNBS MB BUFODJØO B MPT BNJHPT EF MP BKFOP )BZ RVF EFTUBDBS UBNCJÏO TV QFRVF×P UBNB×P "VORVF UFOHBO VO BTQFDUP UBO JOPGFOTJWP TPO CÈTDVMBT QSFDJTBT Z SFTJTUFOUFT GÈDJMFT EF UBSBS Z QSFQBSBEBT QBSB SFTJTUJS FM VTP 1FTBO EF DPO NVDIB QSFDJTJØO EFTEF VOB EÏDJNB EF HSBNP IBTUB NFEJP LJMP QPS MP RVF TPO BEFDVBEBT QBSB NÞMUJQMFT VTPT EFTEF DPNQSPCBS FM QFTP EF BMHP RVF IBZB TJEP BERVJSJEP FO FM NFSDBEP OFHSP B QPS FKFNQMP QFTBS MB NBUFSJBM WFHFUBM BOUFT EF IBDFS VOB FYUSBDDJØO EF SFTJOB EF GPSNB RVF BM QFTBS MB SFTJOB TFQBNPT DVBOUP QSPEVDUP GJOBM PCUVWJNPT EF VOB EFUFSNJOBEB DBOUJEBE EF SFTUPT XXX LFOFY FT


(SFFO 4FOTBUJPO BIPSB UBNCJÏO EJT QPOJCMF FO CPUFMMBT EF NM (SFFO 4FOTBUJPO FT VO FTUJNVMBEPS EF GMPSBDJØO QBSB MBT o ÞMUJNBT TFNBOBT EFM QFSJPEP EF GMPSBDJØO (SFFO 4FOTBUJPO IBDF JOOFDFTBSJP FM VTP EF DVBMRVJFS PUSP TVQMFNFOUP DPNP QPS FKFNQMP 1 , FO[JNBT Z PUSPT FTUJNVMBEPSFT EF GMPSBDJØO 5BNCJÏO FT QPTJCMF BIPSSBS VO EFM OVUSJFOUF CBTF EFQFOEJFOEP EFM TVT USBUP VUJMJ[BEP (SBDJBT B TV FTUVEJBEB DPNQPTJDJØO MB QMBOUB SFDJCF UPEPT MPT OVUSJFOUFT OFDFTBSJPT QBSB VOB WJHPSPTB Z EVSBEFSB GMPSBDJØO "IPSSP FO OVUSJFOUFT EF GMPSBDJØO "×BEB (SFFO 4FOTBUJPO B MB TPMVDJØO OVUSJUJWB FO VOB QSPQPSDJØO EF NJEB FM &$ Z B DPOUJOVBDJØO B×BEB MB OVUSJDJØO CBTF IBTUB PCUFOFS FM &$ EFTFBEP %FQFOEJFOEP EFM TVTUSBUP RVF VUJMJDF OPUBSÈ RVF OFDFTJUB CBTUBOUF NFOPT OVUSJFO UF CBTF (SFFO 4FOTBUJPO QVFEF VTBSTF FO UPEP UJQP EF TVTUSBUPT UJFSSB GJCSB EF DPDP MBOB EF SPDB NBQJUP RVBOUJHP Z DPO UPEPT MPT TJTUFNBT EF SJFHP GMVKP Z SFGMV KP /'5 HPUFP .VDIPT DVMUJWBEPSFT ZB IBO QPEJEP DPNQSPCBS RVF (SFFO 4FOTBUJPO QSPQPSDJPOB WFSEBEFSBNFOUF NBZPSFT SFOEJNJFOUPT 1BSB NÈT JOGPSNBDJØO DPOTVMUF XXX QMBHSPO OM

"MMTUBS (FOFUJDT &M DPNJFO[P EF "--45"3 EBUB EFTEF MPT T DVBOEP MB NBZPSÓB EF MBT DPNQB×ÓBT FNQF[BCBO B BQBSFDFS QPS UPEBT QBSUFT &O FTPT UJFNQPT OP BDUVÈCBNPT DPNP VO CBODP EF TFNJMMBT QFSP OPT BTFHVSBNPT EF NBOUFOFS B BNTUFSEBN FO FM NBQB DPOUSJCVZFOEP QPS OVFTUSB QBSUF BM BZVEBS B PUSBT GBNPTBT DPNQB×ÓBT Z DPGGFFT IPQT B MPHSBS TVT ÏYJUPT "M EÓB EF IPZ "--45"3 (&/&5*$4 FT PGJDJBM Z DPO OVFTUSBT HFOÏUJDBT EF WJFKB Z OVFWB FTDVFMB USBT JOUFOTJWBT QSVFCBT Z DPOGJBOEP MP TVGJDJFOUF OPT BTFHVSBNPT EF MBO[BS MBT IÓCSJEBT G QSFNJBEBT FO BNTUFSEBN &O FTUPT NPNFOUPT FTUBNPT USBCBKBOEP DPO VO HSVQP EF QBDJFOUFT NÏEJDPT Z DBO OBCJDVMUPSFT OP NVZ HSBOEF QFSP FGFDUJWP HSBDJBT B MBT QSVFCBT TPCSF MPT CFOFGJDJPT Z DBMJEBE EF MBT HFOÏUJDBT BTÓ DPNP B MPT EJGFSFOUFT NÏUPEPT EF DVMUJWP QBSB BTFHVSBS MPT SFTVMUBEPT NÈT IPOFTUPT QPTJCMFT -BT TFNJMMBT EF "--45"3 (&/&5*$4 TPO QSPEV DJEBT DPOTUBOUFNFOUF FO QFRVF×BT UBOEBT QBSB BTÓ BTFHVSBS RVF TPO WFOEJEBT TPMP TFNJMMBT GSFTDBT Z FM QPSDFOUBKF EF HFSNJOBDJØO FT BMUP FTUF NJTNP IFDIP FO GPSNB DPSSFDUB FT EFM 5PEBT OVFTUSBT TFNJMMBT UJFOFO HBSBOUÓB EF GSFTDVSB OP DPNP NVDIPT PUSPT CBODPT EF TFNJMMBT RVF DPNQSBO TVT HSBOPT B DVMUJWBEPSFT JOEFQFO EJFOUFT "RVÓ DSFBNPT WBSJFEBEFT Z QSPEVDJNPT MBT TFNJMMBT OPTPUSPT NJTNPT -B MÓOFB EF "--45"3 (&/&5*$4 DPOTJTUF FO FTUF NPNFOUP EF WBSJFEBEFT RVF IFNPT EFTBSSPMMBEP FO MPT ÞMUJNPT B×PT ,BMJHSÓB ,JOH ,POH ,VTIEFF 8FTUTJEF Z ;JMWFSNJTU "TÓ DPNP PUSBT DPNQB×ÓBT OPTPUSPT QPESÓBNPT PGSFDFS NÈT WBSJFEBEFT QFSP FTUBT OP TPO MP TVGJDJFOUFNFOUF FTUBCMFT EF NPNFOUP QPS MP UBOUP OP TFSÈO MBO[BEBT IBTUB RVF OP QBTFO OVFTUSP QSPHSBNB EF DSJBO[B &M PCKFUJWP FSB DSFBS WBSJFEBEFT RVF GVFTFO UPUBMNFOUF EJGFSFOUFT FO HFOFSBM Z FO WF[ EF QSPDSFBS EFMJ CFSBEBNFOUF HFOÏUJDBT CBSBUBT USBCBKBNPT FO NFKPSBS OVFTUSB DPSSJFOUF MÓOFB %F NPNFOUP OP EJTQPOFNPT EF TFNJMMBT GFNJOJ[BEBT FO OVFTUSB DBSUB TJNQMFNFOUF QPSRVF TJFNQSF DVMUJWBNPT OVFTUSBT TFNJMMBT Z EFTEF MPT ÞMUJNPT EPT B×PT FTUBNPT DVMUJWBOEP QSPCBOEP Z NFKPSBOEP OVFTUSB QSPQJB MÓOFB EF GFNJOJ[BEBT %FCJEP B RVF FTUBNPT BVO FO FM QFSJPEP EF QSVFCBT WB B UPNBS VO QPDP EF UJFNQP QFSP BM GJOBM QPESFNPT HBSBOUJ[BS Z EFGFOEFS OVFTUSBT TFNJMMBT DVBOEP TFBO MBO[BEBT *OUFOUBNPT QFSNBOFDFS GJFMFT B OVFTUSB GJMPTPGÓB QFSP FTP OP TJFNQSF FT QPTJCMF DMBSP RVF OPT EFDBOUBNPT QPS MBT TFNJMMBT OPSNBMFT QFSP UBNCJÏO OPT EBNPT DVFOUB RVF MB GFNJOJ[BDJØO FT QBSUF EFM OFHPDJP EF MBT TFNJMMBT FO FTUPT EÓBT $PO MB DBCF[B FO BMUP JOUSPEVDJSFNPT BM SFTUP EFM NVOEP OVFTUSB MÓOFB EF GFNJOJ[BEBT FO VOB EF MBT NFKPSFT GPSNBT QPTJCMFT B MP "--45"3 /VFTUSB DPSSJFOUF MÓOFB JODMVZFOEP ,VTIEFF HBOBEPSB FO MB IJHI UJNFT DBOOBCJT DVQ QVFEF BERVJSJSTF FO OVFTUSB UJFOEB FO BNTUFSEBN Z FO OVFTUSPT EJTUSJ CVJEPSFT -B NBZPSÓB EF MBT WBSJFEBEFT ZB FTUÈO FO MPT DPGGFFTIPQT GBWPSJUPT Z BTÓ OPTPUSPT FOUFOEFNPT RVF FTUF FT FM ÞOJDP MVHBS FO FM NVOEP FO FM RVF TF QVFEF QSPCBS Z WFS MPT DPHPMMPT BOUFT EF DPNQSBS MBT TFNJMMBT TJ DPOPDFT MPT MVHBSFT DPSSFD UPT "M DPOUSBSJP RVF NVDIBT PUSBT DPNQB×ÓBT MBT WBSJFEBEFT EF "--45"3 (&/&5*$4 TF QVFEFO FODPOUSBS GSFDVFOUFNFOUF FO MPT NFKPSFT DPGGFFTIPQT EF "NTUFSEBN XXX BTHTFFET DPN XXX BTHHJGUT DPN


4VTUSBUPT FDPMØHJDPT 1SPGJ (SPX 4PMVUJPOT EJTUSJCVZF B UJFOEBT VO TVTUSBUP EF FYDFMFOUF SFMBDJØO DBMJEBE QSFDJP ZB RVF FM TBDP TBMF NVZ FDPOØNJDP QFSP DPO CVFOPT SFTVMUBEPT :B OP FT OFDFTBSJP FMBCPSBS MBT NF[DMBT QSPQJBT QBSB BIPSSBS EJOFSP "EFNÈT FM GPSNBUP DPNQSJ NJEP EF MJUSPT IBDF RVF TFB QPTJCMF BMNBDFOBS HSBO DBOUJEBE EF TVTUSBUP FO NVZ QPDP FTQBDJP i4VTUSBUP EF BMUB DBMJEBE DPOGFDDJPOBEP B CBTF EF UVSCB OFVUSBMJ[BEB MP RVF FTUB DFSUJGJDBEP QPS MB FNQSFTB FTUBUBM i&LPBHSPTw DFSUJGJDBEP SFHJTUSBEP OP 51 4VTUSBUP DPO BEJUJWPT PSHÈOJDPT DFS UJGJDBEPT MP RVF BTFHVSB FM BQSPQJBEP DSFDJNJFOUP EF MBT QMBOUBT EVSBOUF MBT QSJNFSBT TFNBOBT &TUB NF[DMB EF UVSCB FT FM QSPEVDUP JEFBM QBSB FM EFTB SSPMMP EF DVMUJWPT FDPMØHJDPT w 1SPGJ FT VO TVTUSBUP FDPMØHJDP B CBTF EF UVSCB SVCJB Z UVSCB OFHSB QSPDFEFOUF EF MPT QBÓTFT CÈMUJDPT &TUB FOSJRVFDJEP DPO BNJOPÈDJEPT ÈDJEPT IÞNJDPT GØTGPSP DBMDJP Z NJDSPFMFNFOUPT RVF JOGMVZFO EJSFDUBNFOUF FO FM EFTBSSPMMP EF MBT SBÓDFT 5BNCJÏO JODPSQPSB BSDJMMB NFKPSBOEP MB DBQBDJEBE EF JOUFSDBNCJP DBUJØOJDP EF NBOFSB DPOTJEFSBCMF MP RVF BVNFOUB TJHOJGJDBUJWBNFOUF MB BTJNJMBDJØO EF MPT BDUJWPT NBUF SJBMFT FTUJNVMBOEP FM DSFDJNJFOUP EF MB QMBOUB Z BEFNÈT QFSMJUB RVF FT VO BEJUJWP EF QSPDFEFODJB WPMDÈOJDB EF FYDFMFOUF DBMJEBE RVF PQUJNJ[B FM DPOUFOJEP EF BJSF Z BHVB FO FM TVTUSBUP NFKPSBOEP FM QPEFS EF SFUFODJØO IÓESJDP IBTUB FO VO 1SPGJ FT VO TVTUSBUP DPO VO Q) EF Z DPO BCPOP FDPMØHJDP DFSUJGJDBEP RVF BQPSUB MPT OVUSJFOUFT OFDFTBSJPT QBSB FM DPSSFDUP DSFDJNJFOUP EF TVT QMBOUBT DPO EVSBDJØO EF TFNBOBT %JTQPOJCMF FO USFT GPSNBUPT - - Z CBMBT EF - XXX HSPXTPMVUJPOT FT

"MM NJY "MM .JY FT VOB NF[DMB EF UJFSSB BMUBNFOUF QSF GFSUJMJ[BEB EFTBSSPMMBEB QBSB HFOFSBS VO FDPTJTUFNB NJDSP BDUJWP DPNQMFUP DPO TVGJDJFOUF GVFS[B QBSB MPHSBS VO DSFDJ NJFOUP FYVCFSBOUF EF MBT QMBOUB TJO QSFDJTBS OJOHÞO GFSUJMJ[BOUF BEJDJPOBM EVSBOUF MBT EPT QSJNFSBT TFNBOBT $PO "MM .JY UFOFNPT UJFSSB GÏSUJM B MP MBSHP EFM B×P -P ÞOJDP RVF UFOFNPT RVF IBDFS QSPQPSDJPOBSMF VOBT DPOEJDJPOFT BEFDVBEBT "M VUJMJ[BS "MM .JY QPS QSJNFSB WF[ IVNFEÏDFMP Z EÏKBMP SFQPTBS EVSBOUF IPSBT QBSB RVF FM GFSUJMJ[BOUF BDUJWP 1SF .JY Z MPT NJDSPPSHBOJTNPT RVF DPOUJFOF QVFEBO UFOFS MB PQPSUVOJEBE EF BDUVBS BOUFT EF JOTFSUBS MB QMBOUB .BOUÏO MB UJFSSB MJHFSBNFOUF DBMJFOUF FO UPEP NPNFOUP ZB RVF TJ TF SFEVDF MB UFNQFSBUVSB UBNCJÏO TF EJTNJOVZF MB BDUJWJEBE NJDSPCJBOB MP RVF EJGJDVMUB FM DSF DJNJFOUP EF MB QMBOUB %FKB RVF FM TVCTUSBUP TF TFRVF EFTQVÏT EF DBEB SJFHP ZB RVF ÏTUF UBNCJÏO OFDFTJUB SFTQJSBS XXX CJPCJ[[ DPN


A×A

%SP

A×O

NTA DEL

0LA

A #AT

DO PREM

DIC

S ·N A L E D A h5N

3EGUN

Sv

RTE E U F S É AS M

)TALI

#UP IO 3EED

NDICA EGORIA )

R A T 3 I S 3EN

ITAS v

$ELAHA

ADO LA CLASIl C

RES HAN O D A V I T L U ORES Y C

E Z A H A L $E

AD HOS FUM

h-UC

FAVOR E Z A H US TRES S E R T N E ZE

A I R A M O !UT

E N UN S P D O A C C I

K D E T N C · E U 0A ATIVAS E PEQUE×O PAQ 3 S E T N N NA

%$

%#4 #/,,

)/.

./

/ ,,!3 /. 3%-) #+ # ! 0 . %. 5

OLLAND RDAM ( TE S M ! * ! OX TB S O 0 EDS COM X A 6 S F DISE E EDS " A E R A 3 E P IS W W 0ARAD TEL EEDS COM W S E IS D ARA INFO P

4 3% &).%3

_ ALUCI VARIEDAD EN U ILLAS CADA M E E D S S A L L E TOTAL D SEMI $!

.):! ) % & !3 ,%3 % 3%-,, 2-!

TA S I N O I C AS COLEC REMIAD

Av D I P É R Y MU N Ø I C A R h&LO


"/92/

%-.8* %.)3;

09* .78.(

2)336 .<

98)336 .<

6.8.(&0

E

E

E

E

E

E

E

E

E

E

E

E

E

E

E

E

E

E

E

E

E

E

E

E

3;*6 03;*6

(*

69.8 "4.6.8

368-*62 .,-8

"-.2.2, ".0:*6 &>* 12*7.& &>*

!3=&0 -**7*

E

E

E

E

E

E

E

E

E

E

E

E

E

E

E

E

E

E

E

E

E

E

E

E

E

E

E

E

"4*(.&0 97-

"4*(.&0 9**2 !3=&0 3'=

&7= 9)

9.(/ 2*

!3=&0 9831&8.(

!3=&0 ;&6+

E

E

E

E

E

E

E

E

E

E

E

E

E

E

E

E

E

E

E

E

E

E

E

E

E

E

E

E

"#! $ ! "

#0+

#0+

#0+

!3=&0 9**2 "**)7 .2+3 63=&059**27**)7 (31

;;; 63=&059**27**)7 (31

#0+


$-6#4 %& $6-5*7"%03&4

(BOKB[[ FM BVUPDVMUJWP RVF OP DFTB -B MVDIB QPS VO GVUVSP EJHOP QBSB MPT VTVBSJPT EF DBOOBCJT OP FT DVFT UJØO EF NFTFT P B×PT UBNQPDP DSFP RVF EFQFOEB EF RVF QBTF FO &&66 OJ JODMVTP EF RVJFO HPCJFSOF FO &TQB×B B QBSUJS EFM RVJ[ÈT TFB VOB DVFTUJØO NÈT EF VUJMJ[BS CJFO MBT DPODMVTJPOFT EF VO QSPDFTP EF BVUP SFGMFYJØO EF VO BOÈMJTJT QSPGVOEP EF MB TJUVBDJØO BDUVBM -B MØHJDB Z MB FYQFSJFODJB OPT MMFWBO B VOB FUBQB B VO FTDFOBSJP EF BDDJØO SFBDDJØO .VDIPT EF MPT MPHSPT KVEJDJBMFT Z TPDJBMFT EF OVFTUSB BTPDJBDJØO WJFOFO EFSJWBEPT EF BQSFOEFS EF MBT MFDDJPOFT EFM QBTBEP Z DPOTUSVJS TPCSF MPT FSSPSFT JOWFTUJHBDJØO BDDJØO FTUB FT OVFTUSB QBVUB JOJDJBM 1PS TVQVFTUP IBZ VO DSJUFSJP RVF EFTUBDB QPS FODJNB EF PUSPT FT FM EF MB QBSUJDJQBDJØO DJVEBEBOB TPNPT MB QBSUF EF MB TPDJFEBE DJWJM BGFDUBEB Z UFOFNPT EFSFDIP B BQPSUBS OVFTUSB FYQFSJFODJB QBSB MB SFGPSNB EF MBT QPMÓUJDBT BDUVBMFT EFM DBOOBCJT FO PUSBT NÈT KVTUBT Z FGJDBDFT &O VOBT QPMÓUJDBT RVF OP DSJNJOBMJDFO RVF OP JNQPOHBO EPHNBT NPSBMFT RVF OP QSJPSJDFO MB SFQSFTJØO FO MBT SFTQVFTUBT B MPT QSPCMFNBT RVF HFOFSB MB OP SFHVMBSJ[BDJØO EFM DBOOBCJT FO FM FTUBEP FTQB×PM )PMB NF MMBNP *LFS 7BM Z TPZ VO BDUJ WJTUB WBTDP RVF TF IB FTQFDJBMJ[BEP FO MB NBUFSJB EF DBOOBCJT EFTEF IBDF EJF[ B×PT QSFTJEP Z DPPSEJOP VOB BTPDJBDJØO TJUVBEB FO 4BO 4FCBTUJÈO (BOKB[[ "SU $MVC -B BTPDJBDJØO RVF SFQSFTFOUP FTUÈ GPSNBEB QPS NBT EF NJFNCSPT OVFTUSBT BDUJWJEBEFT FTUÈO FOGPDBEBT B MB QSFWFODJØO Z B MB BTJTUFODJB BM VTVBSJP EF DBOOBCJT RVF OP PQUB QPS MB BCTUJOFODJB QFSP RVF TJ RVJFSF IBDFS VO VTP NBT DPOTDJFO UF SFTQPOTBCMF P EF NBT DBMJEBE &O HFOFSBM DSFFNPT RVF NFKPSB MB DBMJEBE EF WJEB EF OVFTUSPT BTPDJBEPT FTUP EFSJWB EF RVF OVFTUSB JOUFSWFODJØO FT JOUFHSBM UPEBT MBT BDUJWJEBEFT FTUÈO FOGPDBEBT B RVF SFEV[DBO SJFTHPT FO USFT QBSÈNFUSPT -B QSPQJB TVTUBODJB MPT DPOUFYUPT Z FM QSPQJP VTVBSJP %F BIÓ TF EFSJWBO MPT DVMUJWPT TPDJBMFT MBT EFMFHBDJPOFT QBSB VTP EF MPT TPDJPT Z MBT BTFTPSÓBT UBOUP +VSÓEJDB DPNP UFSBQÏVUJDB 5BNCJÏO USBCBKBNPT FO *OWFTUJHBDJØO FO OVFWBT WBSJFEBEFT BEBQUBEBT B MB DMJNBUPMPHÓB EF &VTLBEJ

*LFS 7BM 1UF (BOKB[[ "SU $MVC Z UFTUFBNPT #BODPT EF TFNJMMBT FO CVTDB EF TFMFDDJPOFT SFBMNFOUF FTQF DJBMFT RVF OPT QVFEBO BQPSUBS NBUJDFT OVFWPT "QBSUF EF MB EJOÈNJDB JOUFSOB EF MB BTPDJBDJØO UFOFNPT VOB DPNJ TJØO EF QBSUJDJQBDJØO RVF FTUÈ QSFTFO UF FO MB NBZPSÓB EF MPT GPSPT OBDJPOBMFT F JOUFSOBDJPOBMFT SFMBDJPOBEPT DPO MBT QPMÓUJDBT EF ESPHBT /VFTUSPT PSÓHF OFT FTUÈO FO MB "TPDJBDJØO ,BMBNVEJB "SBCB FSB FM B×P USBT TV EJTPMV DJØO FO FO &VTLBEJ OBDJFSPO DVB USP HSVQPT "NBMVSSB (BTUFJ[ #IBOH Z 1BOOBHI #J[LBJB Z (BOKB[[ BSU $MVC FO (VJQÞ[DPB )PZ FO VOB NJSBEB SFUSPTQFDUJWB IFNPT JEFOUJGJDBEP HSVQPT EF BDDJØO FO &VTLBEJ DPO FM NPEFMP EF MB 'FEFSBDJØO MPT $BOOBCJT 4PDJBM $MVCT $PNP NVDIPT TBCÏJT FM QBTBEP BCSJM (BOKB[[ WPMWJØ B TFS JOUFSWFOJEB Z VOP EF TVT BHSJDVMUPSFT EFUFOJEP 6OB WF[ NBT MB JHOPSBODJB IBDÓB RVF VOB QMBO UBDJØO EFTUJOBEB B OVFTUSP DPOTVNP QFSTPOBM GVFTF EFTUSVJEB QPS PSEFO EFM

:LFS B MB QVFSUB EFM JOWFSOBEFSP EF (BOKB[[ FM DBSUFM JEFOUJGJDB MB QMBOUBDJØO DPNP CJFO KVSÓEJDP QSPUFHJEP KVF[ B QSJNFSPT EF .BZP 6OB WF[ NBT OPT QPOÓBNPT B QSFQBSBS VO OVFWP DBTP Z FOUFOEJEB MB JOPDFODJB EF FTUF DPMFDUJWP RVF UBOUBT WFDFT IBCÓB FYQSF TBEP TVT BDUJWJEBEFT MB TPDJFEBE TBDBOEP QFDIP TBCFNPT RVF QSPCB CMFNFOUF OP TFB MB ÞMUJNB QFSP MB FYQFSJFODJB EF DBEB DBTP FT VO QBTP FO MB OPSNBMJ[BDJØO EFM DBOOBCJT JSFNPT OVFWBNFOUF B MPT KV[HBEPT Z DPO UPEB MB BSUJMMFSÓB /VFWBNFOUF 9BRVJO "DPTUB BZVEB DPO TV JOGPSNF QFSJDJBM &O FTUF OÞNFSP PT NPTUSBNPT VOB TFMFDDJØO EF EJDIP JOGPSNF

&YUSBDUP EFM *OGPSNF QFSJ DJBM QBSB (BOKB[[ "SU $MVC 3FBMJ[BEP QPS 9BRVJO "DPTUB i&M PCKFUJWP DPO FM DVBM SFBMJ[P FM QSFTFOUF JOGPSNF FT FM EF BOBMJ[BS Z FTUVEJBS UPEP SFMBUJWP B MBT QMBOUBT EF $BOOBCJT JOUFSWFOJEBT FO VO DBTFSÓP EF MB MPDBMJEBE EF (FUBSÓB FM EF "CSJM EFM BTÓ DPNP EFUFDUBS QPTJ CMFT FSSPSFT NFUPEPMØHJDPT DPNQSP

CBS RVF TF IBO TFHVJEP MPT QSPUPDPMPT 45 /"3 DPSSFDUBNFOUF Z SFBMJ[BS VOB FTUJNBDJØO PCKFUJWB DPO MPT EBUPT RVF EJTQPOHP DPO FM GJO EF t %FUFSNJOBS MB DBOUJEBE OFUB EF DBO OBCJT BQUP QBSB TV DPOTVNP DPNP FTUV QFGBDJFOUF EF MBT QMBOUBT JODBVUBEBT t &TUVEJBS Z BOBMJ[BS MB WJBCJMJEBE UÏDOJDB Z MB QTJDPBDUJWJEBE EF VO DVMUJWP FYQFSJ NFOUBM EF JOWJFSOP FO EJDIP DBTFSÓP &M EF "CSJM EFM MB &SU[BJOU[B SFBMJ[B FM SFHJTUSP VO DBTFSÓP EF MB MPDB MJEBE EF (FUBSÓB &O EJDIP SFHJTUSP TF JOUFSWJFOFO i QMBOUBT EF NBSJIVB OB RVF TPO BSSBODBEBTw EF VO JOWFSOB EFSP Z QMBOUBT RVF TF FODPOUSBCBO FO GBTF EF TFDBEP DPMHBEBT FO VO BOFKP BM FTUBCMP 4FHÞO FM "DUB EF 3FDFQDJØO EF %FDPNJTP EFM EF BCSJM EJDIBT QMBOUBT BSSPKBCBO VO QFTP EF FYQU " HS FYQU # HS 1FTP


DPOTVNP EF MB BTPDJBDJØO QPS VO DPSUP QFSJPEP EF UJFNQP HS TPDJPT HS TPDJP MPT DVBMFT TFSJBO DPOTVNJ EPT FO TFNBOBT *ODMVTP TJ TVQPOFNPT RVF TF PCUJFOF MB DBOUJEBE NBZPS EF SFTJOB HS TPDJPT HS TPDJP DPO TVNJEPT FO EÓBT &T EFDJS BVORVF FM DVMUJWP GJOBMJ[BTF DPSSFDUBNFOUF TJO JOUFSWFODJØO EF MBT GVFS[BT QPMJDJBMFT MB SFTJOB PCUFOJEB OP TFSÓB TVGJDJFOUF QBSB DVCSJS MBT OFDFTJEB EFT EF DPOTVNP EF MPT TPDJPT Z TPDJBT IBTUB MB QSØYJNB DPTFDIB B GJOBMFT EF WFSBOP EFM &TUP DPOGJSNB RVF MB JOWFTUJHBDJØO FT GVOEBNFOUBM B CBTF EF QSVFCBT Z FSSPSFT TF EFTDVCSFO MPT DBNJ OPT B VOB QSPEVDDJØO SFHVMBS Z BDPSEF DPO MBT OFDFTJEBEFT EF MPT TPDJPT

CSVUP GSFTDP UPUBM HS 4FHÞO FM BEKVOUP BM "DUB EF 3FDFQDJØO EF %FDPNJTP DPO MB NJTNB GFDIB TF IBDF SFGFSFODJB BM NJTNP BMJKP QFSP iDPO MPT TJHVJFOUFT QFTPT FO TFDPw FYQU " HS FYQU # HS 1FTP TFDP UPUBM HS %JGFSFOUFT FTUVEJPT PGJDJBMFT CJCMJPHSBGÓB DPOTVMUBEB Z MB FYQFSJFODJB EF WBSJPT B×PT OPT EBO VOPT WBMPSFT EF QFTP TFDP RVF WBO EFM BM EFM QFTP GSFTDP FT EFDJS RVF FOUSF FM EFM QFTP GSFTDP P WFSEF FT BHVB 6OB WF[ RVF UFOFNPT FM 1FTP 4FDP TF IB EF DBMDVMBS FM 1FTP /FUP &M 1FTP /FUP FT PCUFOJEP VOB WF[ TFDBEP FM NBUFSJBM JODBVUBEP TFQBSBEBT MBT QBSUFT BQUBT QBSB TV DPOTVNP DPNP FTUVQFGBDJFOUF JOGMPSFTDFODJBT P DPHPMMPT EF MBT RVF TPO EFTFDIBEBT SBÓDFT UBMMPT Z IPKBT OP VOJEBT B MBT JOGMPSFTDFODJBT i1PS DBOOBCJT TF FOUJFOEF MBT TVNJEBEFT GMPSJEBT P DPO GSVUP EF MB QMBOUB EF MB DBOOBCJT B FYDFQDJØO EF MB TFNJMMB Z MBT IPKBT OP VOJEBT B MBT TVNJEBEFT EF MBT DVBMFT OP TF IB FYUSBÓEP MB SFTJOB DVBMRVJFSB RVF TFB FM OPNCSF DPO RVF TF MBT EFTJHOF 1PS SFTJOB EF DBOOB CJT TF FOUJFOEF MB SFTJOB TFQBSBEB FO

CSVUP P QVSJGJDBEB PCUFOJEB EF MB QMBO UB EF MB DBOOBCJTw

1PS UPEP MP DVBM TF FYQPOF &M 1FTP 4FDP SFGMFKBEP FO FM BEKVOUP BM "DUB EF 3FDFQDJØO FTUÈ TPCSFWBMP SBEP QPS MP RVF IBCSÓB RVF DBMDVMBSMP OVFWBNFOUF ZB TFB DPO VOB FTUJNBDJØO NÈT QSØYJNB B MB SFBMJEBE P TFDBOEP MBT NVFTUSBT SFGFSJEBT 1BSB PCUFOFS MB DBOUJEBE SFBM EF DBOOB CJT BQUP QBSB TV DPOTVNP DPNP FTUVQF GBDJFOUF IBCSÓB RVF DPOUBCJMJ[BS ÞOJDB NFOUF MBT JOGMPSFTDFODJBT EFDPNJTBEBT FO TV QFTP TFDP %FTDPOUBOEP FM QPSDFO UBKF EF IVNFEBE Z MBT QBSUFT OP BQSP WFDIBCMFT QBSB TV DPOTVNP &O FM DBTP RVF OPT PDVQB OP TF USBUB EF VO DVMUJWP IBCJUVBM TJOP EF VO DVMUJWP FYQFSJNFOUBM EF JOWJFSOP %POEF DPNP IFNPT WJTUP EFCJEP B MBT DPOEJDJPOFT BNCJFOUBMFT MBT QMBOUBT IBO GMPSFDJEP QFSP OP IBO EFTB SSPMMBEP DPHPMMPT MP DVBM FYQMJDB TJ CBKP QPSDFOUBKF EF QSJODJQJP BDUJWP 5)$ &O FM NPNFOUP EF MB JOUFSWFODJØO ("/+";; FTUBCB WBMPSBOEP MB QPTJCJMJEBE EF PCUFOFS SFTJOB EF DBOOBCJT EF MBT QMBOUBT -PT SFOEJ NJFOUPT FO DVBOUP B QSPEVDDJØO EF SFTJOB FTUÈO FOUSF EFM 1FTP 4FDP

1BSUJFOEP EF VO 1FTP 4FDP EF HS QFTP RVF DPNP WJNPT BOUFT FTUÈ TPCSF WBMPSBEP TJ MB QSPEVDDJØO EF SFTJOB IVCJFSB TJEP WJBCMF TJFNQSF IBCMBOEP IJQPUÏUJDBNFOUF TF QPESÓB IBCFS PCUFOJ EP *$ HS EF IBDIÓT "QUP QBSB TV DPOTVNP DPNP FTUVQFGBDJFOUF &O OPWJFNCSF EFM MB +VOUB %JSFDUJWB EF MB "TPD (BOKB[[ "SU $MVC DFSUJGJDB MPT SFTVMUBEPT EF MB BDUJWJEBE EF BVUPDVM UJWP SFBMJ[BEB FOUSF MPT NFTFT EF +VOJP B /PWJFNCSF %BEP RVF MBT DBOUJEBEFT PCUFOJEBT EF DBOOBCJT BQUP QBSB TV DPO TVNP DPNP FTUVQFGBDJFOUF OP GVFSPO TVGJDJFOUFT QBSB DVCSJS MBT OFDFTJEBEFT EF DPOTVNP BOVBMFT EF MPT TPDJPT MB BTP DJBDJØO EFDJEF SFBMJ[BS VO DVMUJWP FYQFSJ NFOUBM EF JOWJFSOP DPO FM GJO EF DVCSJS EJDIBT OFDFTJEBEFT &O FM NPNFOUP RVF TF EJTF×P FTUF DVMUJWP FYQFSJNFOUBM MB BTPDJBDJØO EF DPOTVNJEPSFT EF DBOOBCJT ("//+";; "35 $-6# DPOUBCB DPO TPDJPT QBSUJ DJQBOUFT Z VOBT OFDFTJEBEFT EF DPOTV NP NFEJP EF HS EÓB Y TPDJP 1PS MP UBOUP MB DBOUJEBE EF SFTJOB RVF TF PCUFOESÓB EFM DVMUJWP FYQFSJNFOUBM SFGFSFODJBEP DVCSJSÓB MBT OFDFTJEBEFT EF

%BEP RVF FTUBNPT USBCBKBOEP DPO PSHB OJTNPT WJWPT DVZB QSPEVDDJØO FTUB TVKF UB B NVDIPT GBDUPSFT UBOUP BNCJFOUBMFT DPNP IVNBOPT IBZ RVF EJTF×BS FM DVM UJWP TJFNQSF QPS FODJNB EF MBT OFDF TJEBEFT QBSB DVCSJS JNQSFWJTUPT DPNP QMBHBT FOGFSNFEBEFT Z DPOEJDJPOFT DMJ NÈUJDBT BEWFSTBT &O MB BOBMÓUJDB SFBMJ[BEB TPMP TF EFUFSNJ OB FM 5)$ Z OP TF EFUFSNJOB MB SJRVF[B EF PUSPT BMDBMPJEFT DPNP FM $#% Z $#/ JOEJTQFOTBCMFT QBSB NPTUSBS MB QTJDPBDUJ WJEBE EF MBT NVFTUSBT &O OJOHÞO NPNFOUP TF EFUFSNJOB MB DBOUJEBE SFBM EF DBOOBCJT BQUP QBSB TV DPOTVNP DPNP FTUVQFGBDJFOUF FT EFDJS TVNJEBEFT GMPSJEBT DPHPMMPT /P TF EFTFDIBO MBT QBSUFT OP BQUBT QBSB TV DPOTVNP DPNP IPKBT SBNBT Z SBÓDFT "M USBUBSTF EF VO DVMUJWP FYQFSJNFOUBM EF JOWJFSOP MBT QMBOUBT OP IBCÓBO EFTB SSPMMBEP DPHPMMPT QSPQJBNFOUF EJDIPT QPS MP UBOUP OP FTUBNPT BOUF DBOOBCJT BQUP QBSB TV DPOTVNP DPNP FTUVQFGB DJFOUF $PO MPT EBUPT EJTQPOJCMFT SFBMJ[P VOB FTUJNBDJØO QBSB PCUFOFS MB DBOUJEBE SFBM EF DBOOBCJT BQUP QBSB TV DPOTV NP DPNP FTUVQFGBDJFOUF "TÓ DPNP VOB FTUJNBDJØO IJQPUÏUJDB EF MB DBOUJEBE EF SFTJOB RVF TF QPESÓB PCUFOFS TJ FM DVMUJ WP Z TFDBEP GJOBMJ[BTFO DPSSFDUBNFOUF 5BNCJÏO FTUJNP QBSB DVBOUPT EÓBT EF DPOTVNP BCBTUFDFSÓB MB DBOUJEBE IJQP UÏUJDBNFOUF PCUFOJEB B MPT TPDJPT EF MB "TPDJBDJØO (BOKB[[ "SU $MVC w

-PT $BOOBCJT 4PDJBM $MVCT -PT MMBNBEPT $MVCFT 4PDJBMFT EF $BOOBCJT $4$ TPO BTPDJBDJPOFT TJO ÈOJNP EF MVDSP SFHJTUSBEBT BM BNQBSP EF MB MFHJTMB DJØO TPCSF BTPDJBDJPOFT Z GPSNBEBT QPS QFSTPOBT VTVBSJBT EF DBOOBCJT %FTEF IBDF B×PT FOUSF MBT BDUJWJEBEFT RVF SFB MJ[BO EJDIBT BTPDJBDJPOFT QBSB MMFWBS B DBCP TVT GJOFT TPDJBMFT TF FODVFOUSB FM DVMUJWP DPMFDUJWP EF DB×BCBJT %FTUJOBEP BM DPOTVNP FO QSJWBEP EF TVT NJFNCSPT UPEPT FMMPT NBZPSFT EF FEBE Z QSFWJB NFOUF DPOTVNJEPSFT P CJFO EJBHOPT

UJDBEPT EF BMHVOB FOGFSNFEBE QBSB MB DVBM TF IBZB DPNQSPCBEP DJFOUÓGJDBNFO UF RVF FM DBOOBCJT QVFEF SFTVMUBS FGJDB[ %JDIP DVMUJWP GJHVSB JODMVTP FYQMÓDJUB NFOUF FOUSF MPT GJOFT TPDJBMFT EF NVDIBT EF FTUBT BTPDJBDJPOFT IBCJFOEP TJEP DPOTJEFSBEP IBTUB FM NPNFOUP EJDIP GJO DPNP QFSGFDUBNFOUF MFHBM &O FGFDUP BVORVF DVMUJWBO VOB QMBOUB FO QSJODJ QJP JMÓDJUB BDUVBO TJO FNCBSHP EFOUSP EF MB MFZ BQPZÈOEPTF QBSB FMMP FO MB KVSJTQSVEFODJB EFM 5SJCVOBM 4VQSFNP

TPCSF FM MMBNBEP iDPOTVNP DPNQBS UJEPw 1BSB FMMP EFCFO SFVOJS VOB TFSJF EF DPOEJDJPOFT SFDPHJEBT FO VO JOGPS NF KVSÓEJDP FMBCPSBEP FO QPS FM *OTUJUVUP "OEBMV[ EF $SJNJOPMPHÓB QBSB MB +VOUB EF "OEBMVDÓB %JDIBT DPOEJDJP OFT TPO MBT TJHVJFOUFT t %FCFO TFS FTQBDJPT QSJWBEPT QBSB QFSTPOBT NBZPSFT EF FEBE IBCJUVBEBT BM DPOTVNP EF DBOOBCJT Z TJO EJGVTJØO B UFSDFSBT QFSTPOBT

t 4JO ÈOJNP EF MVDSP DPO VO DVMUJWP QMBOJGJDBEP FO GVODJØO EF MB QSFWJTJØO EF DPOTVNP DPOKVOUB EF MBT QFSTPOBT BTPDJBEBT t &M DBOOBCJT TF EJTQFOTB FO DBOUJEBEFT QFRVF×BT RVF QVFEBO TFS DPOTJEFSBEBT QBSB DPOTVNP JONFEJBUP t &YJTUF VO BDVFSEP DPMFDUJWP EF BVUP DVMUJWP Z VOB QSFWJTJØO EF MB DBOUJEBE EF NBSJIVBOB B DPOTVNJS QPS DBEB VTVBSJP BOVBMNFOUF UFOJFOEP EJDIB DBOUJEBE VO MÓNJUF TVQFSJPS



MB QFSTPOBMJEBE F JODMVTP B MB QSPUFDDJØO EF MB TBMVE DPNP FO FM DBTP EF FOGFSNPT HSBWFT RVF TPO QSJWBEPT EF VOB QMBOUB NFEJDJOBM RVF VUJMJ[BO FO NVDIPT DBTPT QPS SFDPNFOEBDJØO NÏEJDB

4JO FNCBSHP MB BDUJWJEBE TJHVF FTUBOEP FO VOB FTQFDJF EF OFCVMPTB MFHBM EFCJEP B MB JOEFGJOJDJØO EF MB MFHJTMBDJØO FTUBUBM FO MB NBUFSJB Z B MB BVTFODJB EF VO QSPUPDPMP EF BDUVBDJØO QPS QBSUF EF MBT GVFS[BT Z DVFS QPT EF TFHVSJEBE &O FGFDUP B EJGFSFODJB EF MP RVF TVDFEF FO PUSPT FTUBEPT NJFNCSPT EF MB 6OJØO &VSPQFB BÞO OP TF IB FTUB CMFDJEP DPO DMBSJEBE FM OÞNFSP EF QMBOUBT RVF TF QVFEFO DVMUJWBS QPS QFSTPOB OJ TF IB MFHJTMBEP OVODB TPCSF MB GJHVSB QFSGFD UBNFOUF FTUBCMFDJEB FO MB KVSJTQSVEFODJB EFM iDPOTVNP DPNQBSUJEPw &O DVBOUP B MPT $4$ UBNQPDP FYJTUF VOB SFHMBNFOUBDJØO FTQFDÓGJDB B QFTBS EF RVF FYJTUFO CVFO OÞNFSP EF FMMPT FO MB NBZPSÓB EF DPNV OJEBEFT BVUØOPNBT Z EF RVF IBDF B×PT RVF MPT USJCVOBMFT WJFOFO GBMMBOEP TJTUF NÈUJDBNFOUF FO TV GBWPS TJFNQSF RVF TF DVNQMBO MPT SFRVJTJUPT BOUFT FYQVFTUPT " GBMUB EF SFHMBNFOUBDJØO FYUFSOB MPT $MVCFT 4PDJBMFT EF $BOOBCJT B JOJDJBUJWB EF MB '"$ FTUÈO JOUFOUBOEP EFTBSSPMMBS Z QPOFS FO QSÈDUJDB VO NPEFMP EF BVUP SSFHVMBDJØO Z DPOUSPM RVF JNQJEB RVF CBKP FM QBSBHVBT EF VOB BTPDJBDJØO TF QVFEBO MMFWBS B DBCP BDUJWJEBEFT JMÓDJUBT

4JO FNCBSHP FOUJFOEFO RVF MP EFTFBCMF FT RVF MPT DPOUSPMFT QSPWFOHBO EF MBT JOTUJUVDJPOFT QÞCMJDBT B GJO EF BTFHVSBS MB USBOTQBSFODJB Z MB TFHVSJEBE $SFFO RVF FOUSF UBMFT NFDBOJTNPT EF DPOUSPM EFCFSÓB JODMVJSTF VO QSPUPDPMP EF BDUVB DJØO QPMJDJBM QBSB FTUPT DBTPT RVF FWJUF TJUVBDJPOFT DPNP MB RVF TVGSFO QFSJØEJ DBNFOUF MB NBZPSÓB EF BTPDJBDJPOFT $PO FM GJO EF EFTBSSPMMBS FTF NPEFMP EF SFHVMBDJØO Z EF FMBCPSBS MPT QSPUPDPMPT QFSUJOFOUFT MBT BTPDJBDJPOFT EF MB '"$ DPO TFEF FO MB $"17 WJFOFO SFBMJ[BOEP EJWFSTPT DPOUBDUPT QPMÓUJDPT F JOTUJUVDJP OBMFT FOUSF PUSPT DPO MBT %JSFDDJPOFT EF %SPHPEFQFOEFODJBT Z +VTUJDJB EFM (PCJFSOP 7BTDP FM "SBSUFLP oRVF BDUVBM NFOUF FTUÈ FTUVEJBOEP TVT QFUJDJPOFT FM *OTUJUVUP 7BTDP EF $SJNJOPMPHÓB RVF TF IB NPTUSBEP EJTQVFTUP B DPMBCPSBS FO FM QSPDFTP Z DPO UPEPT MPT HSVQPT QBSMB NFOUBSJPT EFM 1BSMBNFOUP 7BTDP FYDFQUP DPO &VTLP "MLBSUBTVOB QPS NPUJWPT RVF TJO EVEB DPOPDF RVF TF IBO NPTUSBEP VOÈOJNFNFOUF JOUFSFTBEPT Z FO NVDIPT DBTPT BCJFSUBNFOUF GBWPSBCMFT B MB JEFB EF SFHVMBS FTUBT DVFTUJPOFT

&TUPT HSVQPT BEWJFSUFO RVF MB TJUVBDJØO BDUVBM FT DMBSBNFOUF JSSFHVMBS Z DSFFO RVF OP TF FTUÈO SFTQFUBOEP MPT QSJODJQJPT EF TFHVSJEBE KVSÓEJDB Z NÓOJNB JOUFSWFO DJØO BEFNÈT EF DVFTUJPOBSTF FM EFSFDIP B MB MJCSF BTPDJBDJØO BM MJCSF EFTBSSPMMP EF

-PT $MVCFT 4PDJBMFT EF $BOOBCJT SFTQFUBO MPT MÓNJUFT EFM EFSFDIP QFOBM Z FODBKBO TJO EJGJDVMUBO FO FM NBSDP EF MBT DPOWFODJPOFT EF MB 0/6 TPCSF ESPHBT Z FO FM EF MBT SFDP NFOEBDJPOFT NBSDP EF MB 6OJØO &VSPQFB FO NBUFSJB EF EFMJUP EF USÈGJDP EF ESPHBT DPNP BTÓ MP NBOJGFTUØ FO MB QSPQJB $PNJTJØO &VSPQFB B USBWÏT EFM DPNJTBSJP 'SBUUJOJ 4F USBUB EF VO NPEFMP RVF QFSNJ UF TBMJS EF MBT SFEFT EFM NFSDBEP OFHSP B MBT QFSTPOBT VTVBSJBT HFOFSB SFDBVEBDJØO EF JNQVFTUPT Z DPUJ[BDJPOFT FO (JQV[LPB ZB IBZ BTPDJBDJPOFT SFDBVEBOEP *7" QPS MB EJTUSJCVDJØO EF EFSJWBEPT DBOOÈCJDPT FOUSF TVT NJFNCSPT SFEVDF FM HBTUP QPMJ DJBM JNQJEF FM BDDFTP EF MPT NFOPSFT B MB TVTUBODJB DBSFDF EF USBTDFOEFODJB QÞCMJDB BM GVODJPOBS FO FM ÈNCJUP QSJWBEP HBSBOUJ[B MB DBMJEBE EFM QSPEVDUP Z GBDJ MJUB MB EFUFDDJØO Z QSFWFODJØO EF DPOTV NPT QSPCMFNÈUJDPT FOUSF TVT NJFNCSPT (FOFSB VO TFDUPS FDPOØNJDP OP MVDSB UJWP HFTUJPOBEP EFNPDSÈUJDBNFOUF QPS MBT QSPQJBT QFSTPOBT VTVBSJBT PGSFDJFOEP VOB BMUFSOBUJWB B MBT QPMÓUJDBT EF ESPHBT WJHFOUFT CBTBEBT FO MB QSPIJCJDJØO Z DVZB JOFGJDBDJB IB TJEP DPOTUBUBEB QPS NVMUJUVE EF JOTUJUVDJPOFT Z FYQFSUPT

1MBOUBT DPO DBSUFM RVF MBT JEFOUJGJDB DPNP QBSUF EFM DVMUJWP DPMFDUJWP EF (BOKB[[




7*"+&4 " MB CÞTRVFEB EFM NFKPS DIBSBT EFM NVOEP

-BT BWFOUVSBT EF +VBOJUP .BOPWFSEF &M EVF×P EF %S $PHPMMP 4BOUBOEFS +VBOJUP .BOPWFSEF FT UBNCJÏO VO HSBO WJBKFSP DBOOÈCJDP TJFNQSF B MB CÞTRVFEB EF MPT MVHBSFT EPOEF DSFDF MJCSF OVFTUSB QMBOUB + 4FBSDIFS #BKBNPT " EFIMJ B DPHFS VO USFO B 7BSBOBTJ #FOBSÏT 5VWJNPT RVF RVF EBSOPT IBTUB FM TÈCBEP RVF TBMJB FM USFO B MBT TFJT EF MB UBSEF 5PEBT MBT DJVEBEFT EF "TJB UJFOFO VO TJUJP QBSB NPDIJMF SPT FO %FIMJ FT 1BIBSHBO "QBSFDFT EF OPDIF FO VOB DJVEBE EF NJMMPOFT EF QFSTPOBT MMFHBT B FTUB DBMMF Z FTUB QFUB EP EF QFOTJPOFT 1BIBSHBO FT DPNP 4BOUBOEFS EF HSBOEF VO QFEB[P EF CBSSJP JODSFÓCMF .JFOUSBT IBDÓBNPT UJFNQP FTUVWJNPT EPOEF FM NBVTPMFP EF (IBOEJ 'VF VOB QFSTPOB NVZ JOUFSFTBOUF &O PUSP WJBKF EFTQVÏT FTUVWF FO TV DBTB FO #PNCBZ TPCSF UPEP GMJQF DVBOEP FOUSÏ FO TV CJCMJPUFDB JNBHÓOBUF FTUBS BMMÓ WJFOEP UPEPT MPT MJCSPT EF VOB QFSTPOB DPNP (IBOEJ IBCÓB UPEP UJQP EF MJCSPT FO UPEPT MPT JEJPNBT :B DVBOEP OPT IBCÓBNPT NBSDIBEP GVFSPO MPT BUFOUBEPT EF %FIMJ BTÓ RVF MMBNBNPT B DBTB QBSB USBORVJMJ[BSOPT Z OPT EJDFO RVF GVF VO CBSSJP EF NPDIJ MFSPT -VFHP DVBOEP WPMWÓ B 1BIBSHÈO MF QSFHVOUP BM UÓP EFM )PUFM {EØOEF GVF FM BUFOUBEP Z NF TF×BMØ VO TJUJP RVF FTUBCB B DJODP NFUSPT EF NJ IBCJUBDJØO &O MPT BUFOUBEPT EF #PNCBZ NF MJCSÏ UBNCJÏO QPS VO EÓB EF FTUBS BMMÓ 5BNCJÏO FTUVWF QPS MBT QMBZBT EF (PB Z GVJ B MBT GJFTUBT QFSP QPDB HFOUF Z DFSSB CBO MBT EJTDPUFDBT EF HPMQF )BZ RVF FTUBS SFMBDJPOBEP QBSB TBCFS QPS EPOEF TBMJS P DPJODJEJS DPO MB ÏQPDB CVFOB .F NPMB NÈT FM OPSUF EF *OEJDB (PB OP UJFOF MB NBHJB EF FTUBT DJVEBEFT -P EF MPT USFOFT FT JODSFÓCMF WBO MMF OPT EF QF×B Z QVFEFT JS TFOUBEP FO MB QVFSUB UF BHBSSBT BTPNBT MB DBCF[B

DVBOEP WB NVZ SÈQJEP QPS MB OPDIF ZB EB NJFEP 5F TJFOUBT FO MBT FTDBMFSBT EFM USFO DPO MB QVFSUB BCJFSUB )F MMFHBEP B FTUBS PDIP IPSBT TFOUBEP BIÓ 7FT MB *OEJB QBTBS GVNBT QFUBT DPNFT IBDFT GPUPT " WFDFT QVFEF QBSFDFS VO QPDP BSSJFTHBEP FTUP EF DPNFS QPS FTUPT QBÓTFT QFSP B NJ EF NPNFOUP OVODB NF IB QBTBEP FTP EF FTUBS DBHÈOEPNF FODJNB VOB TFNBOB &OTFHVJEB TF BDFS DBO JOEJPT RVF RVJFSFO IBCMBS DPOUJHP &O MPT USFOFT FO MPT BVUPCVTFT TJFNQSF UF FODVFOUSBT HFOUF RVF RVJFSF IBCMBS TPO NVZ BNBCMFT {UJFOFT QBESFT {UJF OFT IFSNBOPT {UJFOFT NBTDPUBT "IPSB DPO MP EF MPT BUFOUBEP i{2VÏ QJFOTBT EFM UFSSPSJTNP w i-BNFOUBNPT RVF FTUÏT BRVÓ Z WFBT FTUPw

" MB CÞTRVFEB EFM NFKPS IBDIÓT -B [POB CVFOB QBSB QJMMBS FT FM )JNBMBZB FO 3BKBTUÈO MP RVF DPNQSBT FT NVDIP QFPS 1PS FM 4VS EF *OEJB Z QPS FTB [POB UPEP MP RVF QJMMÈCBNPT FSB VOB NJFSEB &O %FIMJ UF PGSFDFO DPTUP QPS MB DBMMF Z ZB WBT QJMMBOEP MBT QSJNFSBT DIJOBT $PO DVJEBEP Z DPO SFTQFUP GVNBT FO UPEPT MPT MBEPT BVORVF BMHVOB WF[ VO QPMJDÓB UF QVFEF JOUFOUBS QFEJS EJOFSP :B FO %FIMJ TF OPUB RVF IBZ NVDIB QF×B GVNFUB WFT VO QVFTUP EF UBCBDP FO MB DBMMF Z UJFOFO UPEP UJQP EF QBQF MFT EF MJBS 4NPLJOH 3J[[MB 0$# IBTUB 4NPLJOH EF -VY P FM 1VSF )FNQ &TQ /P FO (PB P FO VO TJUJP DPPM TJOP FO MBT NJTNBT DBMMF EF %FIMJ &M WJBKF B .BMBOB FO BVUPCÞT FT VOP EF MPT WJBKFT NÈT EVSPT RVF IF IFDIP FO NJ WJEB &TUÈ EFUSÈT EFM )JNBMBZB FT DPNP TVCJS FM QVFSUP EFM &TDVEP WFDFT &T EF OPDIF TVCFT CBKBT QBSBT

&O MB [POB DPNP FO UPEPT MPT TJUJPT IBZ WBSJPT MVHBSFT EPOEF QJMMBS -BT NFKPSFT DBMJEBEFT IBZ RVF DBNJOBS QBSB MMFHBS B MBT BMUVSBT " NFEJBEPT EF "HPTUP QSJO DJQJPT EF 4FQUJFNCSF FT FM NPNFOUP EF TVCJS MP RVF TF DPOTJEFSB MB UFNQPSBEB BMUB EF UVSJTNP ZB RVF FM DMJNB FT UFN QMBEP Z MB DPTFDIB FTUÈ SFDJÏO SFDPHJEB 7FT MPT UFKBEPT DPO MB NBSJIVBOB TFDBO EP BM TPM -B QMBOUB MB VTBO FOUFSB VOB QBSUF QBSB IBDFS DIBSBT QFSP UBNCJÏO QBSB BMJNFOUBS BOJNBMFT 5PEB MB QBKB RVF UJFOF BDVNVMBEB QBSB MPT BOJNBMFT FT EF NBSJIVBOB BTÓ RVF JNBHÓOBUF .BOBMJ FT DPNP VO QVFCMP HSBOEF EF NPOUB×B DPO NBSJIVBOB TBMWBKF QFSP MB DBMJEBE FT FO QMBO NÈT DPNFS DJBM 'VODJPOB DPNP SFGVHJP EF IJQQJFT EVSBOUF FM WFSBOP TF QJSBO EF (PB QPS RVF FO FTB ÏQPDB IBDF VO DBMPS USF NFOEP )BZ DBMMFT DPO QF×B WFOEJFOEP DPTUP IVFWPT QMBDBT IBTUB CPMTBT EF ZFSCB TBMWBKF &T JODSFÓCMF BMHP RVF OP WFT FO «NTUFSEBN 5BNCJÏO WFOEÓBO PQJP CBTUBOUF GSFTDP OVODB MP WJ TFDP

EFCF TFS RVF MP VTBO TPMP QBSB DPNÏS TFMP &M DIBSBT EFQFOEF EF NVDIPT GBD UPSFT DPNP MB RVF QMBOUB FMJKBT P DPNP MBT BQSJFUFT &O MPT DIPDPMBUFT QFPSFT WFT NVDIPT SFTUPT EF QBMPT EF BMHVOB TFNJMMVDB IBTUB EF QJFM -B BVUFOUJDB DSFNB IBZ RVF JS B QPS FMMB B .BMBOB EF EPOEF EFCFSÓB TBMJS FM GBNPTP .BMBOB $SFBN RVF WFOEFO FO «NTUFSEBN "CBKP UBNCJÏO IBZ VO DPTUP HVBQP FO QVFCMPT RVF FTUÈO B VOBT TFJT IPSBT EF DBNJOP &T MP RVF MMBNBO MBT UPMBT HSBNPT EF DIBSBT QPS EØMBSFT UF MP QFTBO FOWVFMUP FO QMÈTUJDPT Z FO CÈTDVMBT BSUFTBOBMFT &O MB [POB JOGFSJPS QJMMBNPT USFT NVFT USBT EJGFSFOUFT UPEBT EF NVZ CVFOB DBMJEBE &O &TQB×B OVODB MMFHB FTP MP WF BMHVJFO RVF OVODB IBZB GVNBEP FTP Z FT RVF BMVDJOB FO DPMPSFT 1FSP GBMUBCB MB FYDFMFOUF RVF IBZ RVF MMF HBS BSSJCB EFM UPEP 5JFOFT RVF QBSBS B EFTDBOTBS FO FM QVF CMP BOUFSJPS B .BMBOB QVFT TPO IPSBT Z IPSBT EF DBNJOP DVFTUB BSSJCB 4BMJNPT BOEBOEP FO QMBO HBMMPT DVFTUB BSSJCB 4F PGSFDÓBO B MMFWBSOPT MPT UBYJTUBT Z OPTPUSPT FO QMBO iOP RVF TPNPT EFM /PSUF ZB WBNPT OPTPUSPTw -PT UBYJTUBT TF SFÓBO ¶CBNPT BOEBOEP NPOUF BSSJ CB DVBOEP ZB OP IBCÓB DBSSFUFSB EF DPDIFT EF QSPOUP OPT FODPOUSBNPT B VO QVOLZ FTQB×PM BEFNÈT TF MF WFÓB FO MB DBSB 4FHÞO CBKB OPT QPOFNPT B IBCMBS Z OPT EFDÓB iWBJT B GMJQBS FM NFKPS DPTUP RVF IF GVNBEP FO NJ WJEB BEFNÈT FT TVQFSCBSBUP TVCJS TVCJSw "TÓ RVF MF QSFHVOUP {$VÈOUP RVFEB MB SFTQVFTUB OP TF NF PMWJEBSÈ FO MB WJEB i2VFEB RVF DVBOEP UV QJFOTFT RVF ZB OP QVFEFT NÈT Z RVF OP IBZ NÈT DVFT UB UPEBWÓB UF RVFEBSÈ FM EPCMFw &T VO QBUFP EF VOB DVFTUB USFNFOEB UBO JODMJOBEP RVF QBSFDF DBTJ FO WFSUJ DBM )BZ WFDFT RVF UJFOFT RVF TVCJS QPS


FM NÓOJNP RVF MFT QPOESÈO TFSÈ TFJT B×PTw "TÓ RVF BM GJOBM MF TVFMUP {FTUP DPNP TF BSSFHMB Z NF EJDF iTPO EØMBSFT DBEB VOPw FOUPODFT MF SFHBUFP {Z OP QPESÓB TFS EØMBSFT DBEB VOP : NF EJDFO iWFOHB WBMFw "TÓ RVF MFT EJHP B NJT BNJHPT iDIBWBMFT TJ RVFSÏJT TBMJS EF BRVÓ TPO DJFO QBWPT DBEB VOPw QBHBSPO SÈQJEP " NJ NF QBTØ UBNCJÏO FO (PB FO PUSP WJBKF &TB WF[ TJ RVF GVF EVSP &NQF×BEP FO MMFWBSNF B MB DPNJTBSÓB Z QJEJÏOEPNF FM QBTBQPSUF .F DPTUØ DPOWFODFSMP IPSB Z NFEJB EF OFHPDJBDJØO Z EØMBSFT $VBOEP WPMWJNPT B 1BIBSHBO OPT FODPOUSBNPT BM QVOLZ NBESJMF×P 5BNCJÏO MF IBCÓB QJMMBEP MB QPMJDÓB Z MF IBCÓBO RVJUBEP DPNP HSBNPT

FTDBMFSJUBT "TÓ RVF QJMMBNPT VOB QFO TJØO QBSB EPSNJS QPSRVF FSB JNQPTJCMF IBDFS JEB Z WVFMUB FO FM EÓB .BMBOB FT VO QVFCMP QSFDJPTP EF DBTBT EF NBEFSB DPO MB NBSJIVBOB TFDBOEP BM TPM -B HFOUF EF BMMÓ QJFOTB RVF TPO EFTDFOEJFOUFT EF "MFKBOESP .BHOP Z OP MFT HVTUB NF[DMBSTF DPO FYUSBOKFSPT OJ TJRVJFSB RVF UPRVFT TVT DBTBT P RVF MFT TBRVFT GPUPT NJFOUSBT FTUÈO DPO MB NBSJIVBOB 7FT NVDIPT DBSUFMFT RVF EJDFO iUPDBS FTUF MVHBS TBHSBEP UF DPT UBSÈ VOB NVMUBw 7JNPT NVDIBT NVKFSFT USBCBKBOEP DPO GBSEPT B MB FTQBMEB MMFOPT EF DBOOBCJT &T DPOTUBOUF MMFHBO B DBTB DPO VOPT IBUJMMPT JODSFÓCMFT Z TF QPOFO B IBDFS DIBSBT B MB QVFSUB EF DBTB /PSNBMNFOUF DVBOEP WJBKBT TPO QMBOUBT EÏCJMFT IBZ NBDIPT IFSNBGSPEJUBT EF UPEP &TUF FT FM ÞOJDP TJUJP RVF IF WJTUP QMBOUBDJP OFT BVUØDUPOBT DPO NBSJIVBOB CVFOB Z DPHPMMPT EFDFOUFT "MMÓ DPNQSBNPT VOBT DIBSBT JODSFÓCMFT $BEB DPTB RVF TBDBCB FM WFOEFEPS FSB NFKPS Z TF MP RVFSÓBT DPNQSBS UPEP &M EÓB RVF OPT ÓCBNPT BÞO OPT TBDP VOB CPMTB DPO EJF[ UPMBT JODSFÓCMFT BTÓ RVF MF EJHP NF MP MMFWP UPEP &M UÓP EFT QVÏT EF WFOEFSOPT FM DPTUP NF EJDF iDPOUSBUBS B VOP QBSB RVF PT MMFWF FM DIPDPMBUF BM QVFCMP EF NÈT BCBKP QPSRVF IBZ VO DPOUSPM EF QPMJDÓB BM

PUSP MBEP EFM SÓP Z TPJT MPT ÞMUJNPT UVSJTUBT PT WBO B QBSBS GJKPw "TÓ RVF QBHBNPT B VOP QBSB RVF OPT MP MMFWBSÈ MF EJNPT EØMBSFT QVFT IBCÓB NPT QJMMBEP VOPT HSBNPT QBSB UPEP FM WJBKF MPT DVBUSP BNJHPT 7BNPT NPOUB×B BCBKP DSV[BNPT FM QVFOUF Z OPT QBSB MB QPMJDÓB /PT MMFWBO B VO DVBSUP Z OPT IBDFO VO DBDIFP B GPOEP TBCÓBO MP RVF JCBO 7FP NJFO USBT OPT FTUÈO DBDIFBOEP DPNP QBTB USBORVJMBNFOUF FM RVF OPT MMFWBCB FM DIPDPMBUF %F QSPOUP WB VOP EF NJT

BNJHPT Z TF TBDB VOB DIJOB EFM [BQBUP `EFTQVÏT EF IBCFS QBHBEP B VO UÓP QBSB RVF OPT MP MMFWBSB Z WB PUSP Z EJDF iUBNCJÏO UFOHP ZP FTUP BRVÓw Z TBDB VO USPDJUP QFRVF×P &MMPT FTUBCBO USBORVJMPT QFOTBOEP RVF OP MFT JCB B QBTBS OBEB $PNP FSB FM ÞOJDP RVF IBCMBCB JOHMÏT MPT UÓPT NF TBDBO VO MJCSP EF MFZFT TVCSBZBEP Z NF FNQJF [BO B NFUFS QSFTJØO FO QMBO iFT VOB QFOB QPSRVF UVT BNJHPT TPO KØWFOFT Z EF MB DÈSDFM WBO B TBMJS NVZ FTUSP QFBEPTw Z ZP EFDÓB {QFSP DPNP WBO B JS B MB DÈSDFM QPS FTUF QPDP : FMMPT NF SFTQPOEÓBO iBRVÓ FTUP FT HSBWF

7BSBOBTJ MB DJVEBE EF MPT NVFSUPT 7BSBOBTJ FT MB DJVEBE NÈT BOUJHVB EF MB *OEJB Z VOB EF MBT DJVEBEFT WJWBT NÈT BOUJHVBT EFM NVOEP "MMÓ MB HFOUF WB B NPSJSTF FMMP DSFFO FO MB SVFEB EF MB SFFODBSOBDJØO QFSP TJ WBT B NPSJS B #FOBSÏT MB SVFEB EF MB SFFODBSOBDJØO TF QBSB "IÓ NVDIÓTJNB HFOUF RVF WB B QBTBS BMMÓ TVT ÞMUJNPT B×PT -MFWBO WJWJFOEP BMMÓ NÈT EF B×PT 6OB EF MBT IPHVFSBT EF MPT DSFNBUPSJPT EJDFO RVF OP TF IB BQBHBEP FO MPT B×PT OP TF IB BQBHBEP OVODB &TP FT TBHSBEÓTJNP QPS FTP MPT 4BEIVT TF QJOUBO EF DFOJ[B "MHVOPT 4BEIVT TPO


NVZ SBEJDBMFT DPNP MPT "HIPSJ MPT SFDPOPDFT QPSRVF TV ÞOJDB QPTFTJØO FT VO DBDJMMP IFDIP DPO VOB DBMBWFSB -P VTBO QBSB UPEP DPNFS CFCFS QSFQBSBS MBT DFOJ[BT DPO MBT RVF TF QJOUBO 7JWFO FO MPT DSFNBUPSJPT Z TPO MP NÈT QJFTOF HSP RVF UF QVFEBT JNBHJOBS .FEJUBO FODJNB EF DVFSQPT NVFSUPT TF CFCFO BHVB EF EPOEF QBTB MB NJFSEB EF MB DJVEBE FO TVT SJUVBMFT IBTUB DPNFO IBTUB DBSOF IVNBOB QPESJEB RVF TPCSB EF MBT IPHVFSBT 7FT NVFSUPT UPEPT MPT EÓBT &T VO EVFMP EJGFSFOUF NÈT QSJWBEP /P FT MB NPWJ EB NFEJUFSSÈOFB EF HFOUF HSJUBOEP MMPSBOEP FT BMHP DPNP VOB EFTQFEJ EB EF BMHVJFO RVFSJEP &TUÈ QSPIJCJEP IBDFS GPUPT QFSP RVFNBO B MB HFOUF FO QÞCMJDP B MB WJTUB EF UPEP FM NVOEP &M

DPODFQUP EF MB WJEB Z MB NVFSUF UF DBN CJB SÈQJEP &TUBT FO MB DBMMF UF QBTBO USBORVJMBNFOUF DPO VO UÓP Z MP RVFNBO EFMBOUF "IÓ UPEP WB QPS QBTUB UBN CJÏO $VBOUP NÈT QBHBT NÈT NBEFSB UF QPOFO QBSB RVFNBSUF TJ FSFT QPCSF Z UV GBNJMJB OP UJFOF EJOFSP UF RVFNBO DPO MPT SFTUPT EF MBT NBEFSBT EF PUSPT B MPT SFTUPT MFT EBO VOB QBUBEB Z DPHFO Z MP UJSBO BM SÓP 4F MBWBO FO FM (BOHFT FO TVT SJUVBMFT UF BTFHVSP RVF FMMPT TF CB×BO QFSP UÞ OP NFUFT OJ FM EFEP HPSEP EFM QJF QPS MB DPOUBNJOBDJØO RVF IBZ )BZ DBTPT DPNP MPT TBEIVT RVF TVT DVFSQPT OP MPT RVFNBO FOUPO DFT MFT BUBO VOB QJFESB Z MPT UJSBO BM SÓP QFSP BOUFT P EFTQVÏT FM DVFSQP TF MJCFSB Z BQBSFDF BNPSBUBEP GMPUBOEP FO FM (BOHFT BM MBEP MPT OJ×PT TF KVFHBO Z TF UJSBO EF DBCF[B BM SÓP


! !"#! # $$$ ! %" ! ! %" !

3LQHDSSOH &KXQN

/6'

9DQLOOD .XVK


"MMÓ WJNPT NVDIBT DFSFNPOJBT BQBSUF EF MBT GVOFSBSJBT 1PS MBT OPDIFT IBCÓB PGSFOEBT BM (BOHFT DFSDB EFM IPUFM &SB JNQSFTJPOBOUF DPO SF[PT Z EBO[BT DPO GVFHP KVOUP BM SÓP &TUBT DFSFNP OJBT MBT EJSJHÓB VO IPNCSF FOPSNF %FDÓBO RVF FSB MB SFFODBSOBDJØO EF 7JTIOÞ &SB HSBOEF EF WFSEBE UFOÓB VOB QSFTFODJB RVF MF WFÓBT Z UF JNQBD UBCB &TUBCB UPEP QJOUBEP DPO DFOJ[B Z MMFWBCB FODJNB LJMPT Z LJMPT EF DPMMBSFT &SB FM RVF MMFWBCB MB WP[ DBOUBOUF $VBOEP EBCB MB PSEFO MB HFOUF TF QPOÓB B FDIBS GMPSFT BM SÓP P B SF[BS &O FTUBT DFSFNPOJBT UBNCJÏO UF JNQPOÓB MBT DFOJ[BT 4PMÓBNPT QBTBS QPS BMMÓ EF DBNJOP BM IPUFM Z OPT QBSÈCBNPT 6O EÓB FO NFEJP EF MB DFSFNPOJB FM RVF TF TVQPOÓB RVF FSB MB SFFODBSOBDJØO EF 7JTIOÞ WB Z NF EJDF RVF NF BDFSRVF "M QSJODJQJP QFOTBCB RVF OP NF MMB NBCB B NJ MVFHP GVJ DSV[BOEP FOUSF MB HFOUF B WFS RVF RVFSÓB BTÓ RVF DVBOEP FTUPZ BM MBEP TBDP VO DJHBSSP Z NF EJDF i{UJFOFT GVFHP w "TÓ RVF MF EJ GVFHP Z FTUVWJNPT IBCMBOEP VO SBUP

&TUVWJNPT WJFOEP BM EF .PEFSO 4UPOF RVF OPT USBUØ NVZ CJFO UFOÓB VOB DBO UJEBE EF HSJOEFST JODSFÓCMF "QBSUF UF IBDFO EJTF×PT QFSTPOBMJ[BEPT &TUBCB IBCMBOEP DPO FM EVF×P Z MF EJ B MB UBSKFUB EF MB UJFOEB UPDØ VO UJNCSF FO TV NFTB FOTFHVJEB WJFOF VOP EF TVT DVSSFMBT MF EB MB UBSKFUB B MB NFEJB IPSB ZB MMFHØ DPO VO HSBOEFS RVF UFOÓB HSB CBEB MB GJHVSB EFM %PDUPS $PHPMMP "TÓ RVF BQSPWFDIÏ QBSB FODBSHBSMF VOPT HSJOEFST RVF MVFHP SFHBMÏ FO FM BOJWFS TBSJP EF MB UJFOEB

-BT GÈCSJDBT EF CPOHT Z HSJOEFST

&M EVF×P FSB VO DPQJBEPS QSPGFTJP OBM FO UPEP TV DBUBMPHP OP IBCÓB VO PSJHJOBM MB DBMJEBE NVZ GMPKB 5F QPOF EFMBOUF VOB NPOUB×B EF CPOHT Z OP UF WBT B QPOFS B DPNQSPCBS VOP QPS VOP ZP FTUVWF FYBNJOBOEP VOPT DVBOUPT EF MB FYQPTJDJØO Z NF QBSF

%FOUSP EF MBT BWFOUVSBT DBOOBCJDBT PUSBT NVZ JOUFSFTBOUF WJTJUBS MBT GÈCSJDBT EF (SJOEFST Z #POHT 'BCSJDBT QPS MMBNBS MBT EF BMHVOB NBOFSB QVFT TVFMFO TFS DVBSUVDIPT EPOEF MB HFOUF USBCBKB FO DVDMJMMBT DPO VO NBUFSJBM NVZ QSFDBSJP

5BNCJÏO FTUVWF VOB GBCSJDB EF CPOHT &T UPEP NVZ TFODJMMP 5JFOFO FTUPT UVCJ UPT DJMÓOESJDPT EF QMÈTUJDP EF DPMPSFT $BMJFOUBO FM UVCJUP FO VOB SFBDUBODJB -VFHP MP NFUFO FO FM NPMEF DJFSSBO FM NPMEF NFUFO BJSF B QSFTJØO Z `QVN ZB UJFOFT FM CPOH NÈT P NFOPT TPMP IBDF GBMUB DPSUBS MPT EFTIFDIPT "M GJOBM VTBO VO EJTDP DPO VOB MJKB FO QMBO QVMJEPSB QBSB EFKBSMP NÈT DSJTUBMJOP Z DPO FM BDB CBEP GJOBM 5PEP USBCBKBOEP FO FM TVFMP FO VO TJUJP DBOJKP

DJFSPO QBTBCMFT -F FODBSHVF NBUFSJBM Z NF FTUVWP FOTF×BOEP MBT QJQBT RVF NF JCB B NBOEBS NF QBSFDJFSPO DPSSFDUBT IJDF VO QFEJEP UPUBM EF VOPT FVSPT :B IBCÓBNPT DFSSBEP FM USBUP Z NF EB QPS MMBNBS B NJ QBESF RVF NF EJDF iOP MF QBHVFT QÈHBMF MB NJUBEw Z MF SFTQPOEP i{QFSP DØNP OP MF WPZ B QBHBS w : NJ QBESF iMF EJDFT RVF MF QBHBT MB NJUBE Z MB PUSB NJUBE DVBOEP FTUÏ FO &TQB×B DPO UPEP FM NBUFSJBMw 4F MP EJKF BM UÓP Z NF EJDF iTJ TJ TJ TJO QSPCMFNBw -VFHP NF MMFHB FM NBUFSJBM Z OP FSBO MBT QJQBT RVF JCBO FO NJ QFEJEP TJOP RVF NF IBCÓB NFUJEP NVDIBT RVF UFOÓBO EFGFDUPT "TÓ RVF BM GJOBM MF MMBNÏ Z FTB TFHVOEB QBSUF OP TF MB QBHVÏ ZB RVF UVWF RVF UJSBS NVDIBT .F NBOEF LJMPT EF CPOHT UPEBWÓB NF RVFEBO BMHVOPT RVF UFOHP EF SFCBKB FO MB UJFOEB /P FT RVF UF QBHVFT FM WJBKF QFSP QPS MP NFOPT FT VOB BZVEJUB

-B 3PZBM &OGJFM -B 3PZBM &OGJFME FT VOB NBSDB EF NPUPT RVF ZB DPOPDÓBNPT EF VO WJBKF BOUFSJPS B /FQBM &T EF MPT UJFNQPT FO RVF MPT JOHMFTFT WJWÓBO FO *OEJB QFSP DVBOEP BCBOEPOBSPO FM QBÓT EFKBSPO MB GÈCSJDB EF GPSNB RVF TPMP TF NBOVGBDUVSB FO *OEJB )BZ NVDIPT IJQQJFT RVF TF DPN QSBO VOB 3PZBM &OGJFME Z TF EBO MB WVFMUB B *OEJB FO NPUP

'VJNPT B DPNQSÈSOPTMBT NVZ JMVTJPOB EPT OPT TBMJFSPO NVZ CJFO EF QSFDJP .F DPNQSÏ VOB 3PZBM &OGJFME #VMMFU DD PSJHJOBM SFTUBVSBEB NBOUF OÓB FM DIBTJT Z FM DBSFOBEP PSJHJOBM EFM QFSP FM SFTUP MP UFOÓB OVFWP "TÓ RVF MBT NFUÓ FO VO CBSDP Z MBT NBOEÏ B #BSDFMPOB FOUSF DPNQSBSMB Z NBOEBSMB NF TBMJØ QPS FVSPT -VFHP ZB FNQF[BSPO MPT QSPCMFNBT BM IBDFS BRVÓ MPT QBQFMFT .F GVJ HBT UBOEP QBTUB FO EJGFSFOUFT USÈNJUFT UF FNQJF[BO B QFEJS EF UPEP QBHBS MBT BEVBOBT GBDUVSB EF DPNQSB JOTQFD DJØO UÏDOJDB SFEVDJEB VO JOGPSNF EF MB 6OJWFSTJEBE EF $BOUBCSJB EF WFIÓDVMPT DMÈTJDPT Z PUSP JOGPSNF EF VO NPUP DMVC EF NPUPT DMÈTJDBT 5PUBM RVF MMFHP B MB *57 EF 4BOUBOEFS Z NF EJDF FM UÏDOJDP i{DØNP NF EFNVFT USBT RVF FTUB NPUP OP MB IBT SPCBEP FO *OEJB w Z MF SFTQPOEP i1VFT DPO MB GBD UVSB EF DPNQSB DVBOEP IF QBTBEP MBT BEVBOBT FO *OEJB OP IF UFOJEP OJOHÞO QSPCMFNB NF IBO TFMMBEP MPT EF BEVB OBT TJO QSFHVOUBS TJ MB IBCÓB SPCBEP P OP MB IBCÓB SPCBEPw : NF TVFMUB iQVFT IBTUB RVF OP NF USBJHBT MPT QBQFMFT PSJHJOBMFT EF MB *OEJB EF FTUB NPUP OP UF MB WPZ B QBTBSw %F GPSNB RVF BIPSB OP MB QVFEP VTBS BTÓ RVF BM GJOBM FTUPZ JOUFOUBOEP WFOEFSMB QVFT ZB NF FTUPZ FNQF[BOEP B DBOTBS



$6-5*70 */5&3*03 "7"/;"%0 1FSGFDDJPOB UVT UÏDOJDBT EF JOUFSJPS

&M 40( QFSGFDUP 4BMVEPT FO QSJNFS MVHBS BHSBEFDFS MB DPOGJBO[B EF FTUB QVCMJDBDJØO FO FTUF IVNJMEF DVMUJWBEPS BMHVOPT ZB NF DPOPDFSÏJT EF MB SFE EPOEF TVFMP FTDSJCJS EFTEF IBDF B×PT Z UBOUP IF BQSFOEJEP Z DPNQBSUJEP &TQFSP RVF FTUPT BSUÓDVMPT TFBO EF WVFTUSP BHSBEP Z PT BZVEFO B MMFHBS VO QBTP NÈT MFKPT FO WVFTUSBT DPTFDIBT .S 9 &O FTUB QSJNFSB FOUSFHB IBCMBSFNPT EF NJ TJTUFNB EF DVMUJWP GBWPSJUP FM RVF NÈT WFDFT IF SFBMJ[BEP Z EFTEF VO QVOUP EF WJTUB NBUFNÈUJDP FM NÈT FGJDJFOUF FO DVBOUP B QSPEVDDJØO TF SFGJFSF )BCMBNPT EFM 4 0 ( RVF TPO MBT TJHMBT EF i4FB PG (SFFOw USBEVDJ EP WJFOF B EFDJS iNBS WFSEFw 4JHVJFOEP FTUB NFUÈGPSB EFCFNPT JOUFOUBS DSFBS VO NBOUP VOJGPSNF Z WFSEF QBSB OVFTUSB

ÈSFB EF DVMUJWP PDVQBS UPEB MB [POB JMV NJOBEB TJO GJTVSBT -VFHP NFEJBOUF VOB QPEB DFOUSBSFNPT UPEBT MBT FOFSHÓBT EF MBT QMBOUBT FO TV QBSUF NFEJB TVQFSJPS EPOEF MB MV[ MMFHB EF GPSNB FGFDUJWB 1BSB DPOTFHVJS FTUP IFNPT EF TFHVJS BMHVOBT QBVUBT RVF OPT MMFWBSÈO BM ÏYJUP %FCFNPT QBSUJS EF VOB TPMB HFOÏUJDB JODMVTP B QPEFS TFS QBSUJS EF VOB TPMB

-BT IPKBT JODMJOBEBT IBDJB BSSJCB NVFTUSBO TV CVFOB TBMVE

NBESF {1PS RVÏ &M NPUJWP FT RVF BVO RVF QPEBNPT UFOFS EPT NBESFT DMØOJ DBT MP RVF FT JNQSPCBCMF FT RVF BNCBT UFOHBO FYBDUBNFOUF MB NJTNB TBMVE 4J OP FT BTÓ FTUP EFTFODBEFOB MJHFSBT EJGF SFODJBT EF UBNB×P Z EFTBSSPMMP FOUSF MPT JOEJWJEVPT EF DBEB NBESF 1VFEF QBSFDFS QPDP JNQPSUBOUF P EJGÓDJM EF PCTFSWBS B TJNQMF WJTUB QFSP FTUBT EJGFSFODJBT TF SFGMFKBO FO FM SBUJP GJOBM EF HSBNPT WBUJP -B IPNPHFOFJEBE RVF DPOTJHBNPT JSÈ QBSFKB BM SFTVMUBEP FO GMPSFT 7BNPT B JS EFTHMPTBOEP MPT QBTPT EFTEF MB TFMFDDJØO EF MB NBESF MPT FTRVFKFT FM DSFDJNJFOUP JOJDJP EF GMPSBDJØO GMPSBDJØO BWBO[BEB DPTFDIB TFDBEP Z DVSBEP &O QSJNFS MVHBS RVJFSP IBDFS IJODBQJÏ FO VO UFNB RVF TFSÈ OVFTUSB QJFESB BOHV MBS FO FTUF Z PUSPT BSUÓDVMPT MB NFEJDJØO FYIBVTUJWB EF MPT QBSÈNFUSPT EFM DMJNB Z EFM SJFHP DPOPDFS FM DPOUSPM EF Q) QPUFODJBM EF IJESØHFOP Z MB &$ FMFD USP DPOEVDUJWJEBE OP FT VOB PQDJØO FT VO JNQFSBUJWP DVBOEP RVFSFNPT JS

VO QBTP NÈT BMMÈ FO OVFTUSBT DPTFDIBT 5BNCJÏO UFOESFNPT DPOUSPMBEB MB UFN QFSBUVSB Z TJO EVEB MB DBMJEBE EFM BHVB DPO MB RVF QBSUJNPT %FM NJTNP NPEP QSFTUBSFNPT NVDIB BUFODJØO B MPT QBSÈNFUSPT EFM DMJNB &O JOUFSJPS TPNPT SFTQPOTBCMFT EF UPEPT MPT GBDUPSFT Z FTUP OP FT TFODJMMP 3FEVDJS MBT PTDJMBDJPOFT EF UFNQFSB UVSB NBOUFOJFOEP QPS OPSNB WFJOUF USFT HSBEPT FO MB TBMB EF DVMUJWP FT DPO MP RVF NFKPS SFTVMUBEP TF PCUJFOF -B QMBOUB TF BDPNPEB Z VUJMJ[B TVT SFDVS TPT FO QSPEVDJS FO MVHBS EF DPNQFOTBS DBNCJPT FO FM DMJNB %FCFNPT UFOFS VOB SFOPWBDJØO EF BJSF DPSSFDUB RVF WBDÓF FM FTQBDJP FOUSF WFJOUF Z USFJOUB WFDFT QPS IPSB &M DP RVF SPEFB OVFT USBT IPKBT BQFOBT EVSB VOPT NJOVUPT BTÓ RVF TVNBEB B VOB CVFOB FYUSBDDJØO F JOUSBDDJØO UBO JNQPSUBOUF FT IBDFS SFDJSDVMBS FM BJSF $PO VO WFOUJMBEPS EFCFNPT FWJUBS RVF TF GPSNFO CPMTBT EF BJSF Z QVOUPT DBMJFOUFT OP FT CVFOP

1MBOUB NBESF TBOB Z QSFQBSBEB QBSB EBS MPT DMPOFT OFDFTBSJPT QBSB FM NBS WFSEF


MB TVQFSGJDJF EF FOSBJ[BEP Z SBTQBSFNPT TVBWFNFOUF FM FOUPSOP 4J FM DMPO FT HSBO EF TF QVFEF TFQBSBS FM UBMMP FO EPT QBSB QPUFODJBS FTUF FGFDUP $PSUBNPT MBT QVO UBT EF MBT IPKBT QBSB FWJUBS MB EFTIJESBUB DJØO BQMJDBNPT IPSNPOBT FO FM DPSUF Z MB [POB EFM SBTQBEP MVFHP QJODIBNPT FO FM TPQPSUF Z B FTQFSBS "RVÓ BDPOTFKP VUJMJ[BS VO 1I Z UFOFS DPOUSPMBEB MB UFNQFSBUV SB FO P QBSB VO EFTBSSPMMP SÈQJEP -B IVNFEBE EFCF TFS NÈYJNB Z FO VOPT EJF[ EÓBT UFOFNPT MJTUP FTUF QBTP

5SBT EJF[ EÓBT MBT SBÓDFT CSPUBO EF GPSNB HFOFSPTB MPT DMPOFT FTUÈO MJTUPT QBSB FM USBTQMBOUF

6OB WF[ UFOFNPT MB TFMFDDJØO IFDIB Z IFNPT EFTDBSUBEP MPT NÈT SF[BHBEPT QBTBNPT B SFBMJ[BS VOB EFTJOGFDDJØO QSF WFOUJWB Z B TV USBTQMBOUF 1BSB BTFHVSBS MB EFTJOGFDDJØO BOUFT EF QBTBS BM DPOUFOFEPS EFGJOJUJWP MFT EBSFNPT VO CB×P QPS JONFS TJØO VOP B VOP FO VOB NF[DMB EF OFFN Z QSPQØMFP EFKÈOEPMPT VOPT TFHVOEPT CBKP FM BHVB Z NPWJÏOEPMPT EF GPSNB TVBWF NJFOUSBT WBNPT QBTBOEP MPT EFEPT QPS BNCBT QBSUFT EF MBT IPKBT &TUF FT VOP EF MPT NPEPT NÈT FGFDUJWPT EF BTFHVSBSOPT RVF OP RVFEBO IVÏTQFEFT JOEFTFBEPT

1BTP $SFDJNJFOUP WFHFUBUJWP

40( EF WFJOUJDJODP DMPOFT FO VO NFUSP DVBESBEP RVF MB DPSSJFOUF MF EÏ EF GPSNB JOUFOTB DPOUJOVBEBNFOUF MP DPSSFDUP FT RVF NVFWB TVBWFNFOUF MBT IPKBT Z TJ QVFEF TFS EF GPSNB JOEJSFDUB NFKPS 7BNPT B VUJMJ[BS VO i1) QSPHSFTJWPw QBSB QPUFODJBS MB NÈYJNB BCTPSDJØO EF OVUSJFOUFT FO DBEB GBTF QBSUJSFNPT EF BHVB PTNØUJDB B MB RVF TVCJSFNPT MB &$ B B QBSUJS EF NBHOFTJP Z DBMDJP B QBSUFT JHVBMFT &TUF TFSÈ OVFTUSP QVOUP ØQUJNP EF QBSUJEB &O FM DBTP EFM 1) JOJDJBM OP FT UBO JNQPSUBOUF QPSRVF QPEFNPT TVCJSMP P CBKBSMP DPO VOBT HPUBT EF DPSSFDUPS

1BTP 4FMFDDJØO EF MB NBESF

&TUF FT VO QBTP EFDJTJWP FT OFDFTBSJP RVF BDPNQB×F VOB TBMVE QFSGFDUB B OVFTUSB TFMFDDJØO VOB WBSJFEBE RVF EFCFNPT IBCFS DVMUJWBEP BOUFT QBSB DPOPDFS TVT OFDFTJEBEFT Z TPCSF UPEP TV QBUSØO EF DSFDJNJFOUP 4J FT VOB QMBOUB iDPMVNOBSw P TJ QPS DPOUSBSJP SBNJGJDB NVDIP DVÈOUP FTUJSB VOB WF[ DBNCJBNPT FM GPUP QFSJPEP UJFNQPT EF NBEVSBDJØO DPTFDIB DPO UPEP FTUP TBCSFNPT DPTBT UBO JNQPSUBOUFT DPNP DVÈOEP DBNCJBS EF BCPOP P FM NPNFO UP JEFBM QBSB FM MBWBEP EF SBÓDFT 1PS NJ FYQFSJFODJB MBT HFOÏUJDBT RVF NFKPS GVODJPOBO TPO MBT IÓCSJEBT TBDBO EP MP QPTJUJWP EF TV QBSUF ¶OEJDB MB FTUSVDUVSB NFEJB DPSUB VO UJFNQP EF GMPSBDJØO OP FYDFTJWBNFOUF MBSHP Z FM SFTUP EF WFOUBKBT RVF ZB DPOPDFNPT 1FSP MB QBSUF 4BUJWB OPT USBF CFOFGJDJPT

NVZ JNQPSUBOUFT DPNP VO TJTUFNB SBEJ DVMBS RVF TF EFTBSSPMMB EF GPSNB NÈT FGJDJFOUF EVSBOUF MB GMPSBDJØO IPKBT NÈT GJOBT RVF QFSNJUFO QFOFUSBS MB MV[ Z MMF HBS EF GPSNB DPSSFDUB B UPEB MB QMBOUB Z DBTJ TJFNQSF VOB SFTJOB NÈT BCVOEBOUF Z EF NBZPS DBMJEBE %JDIP FTUP DVBMRVJFS QMBOUB FT TVTDFQUJCMF EF TFS DVMUJWBEB FO 40( EFTEF VOB "GHBOB B VOB )B[F &TP TÓ SFRVFSJSÈO EJGFSFOUFT DVJEBEPT TPCSF UPEP FO MB QBSUF WFHFUBUJWB Z FO MBT EPTJGJDBDJPOFT EF OVUSJFOUFT FO FM DBNCJP EF DJDMP

1BTP -PT DMPOFT

&TUB GBTF WB B TFS VOB EF MBT NÈT TFODJ MMBT B NÓ QFSTPOBMNFOUF NF HVTUB VUJMJ[BS UJFSSB ZB QSF BCPOBEB $PO FTUP MB QMBO UB EJTQPOF EF MPT SFDVSTPT TFHÞO MPT WB OFDFTJUBOEP Z OP FNQF[BNPT B DBSHBS FM TVTUSBUP EF TBMFT UBO QSPOUP EF FTUF NPEP TPMP VUJMJ[BNPT BHVB DPO FM QI DPSSFHJEP Z VO FTUJNVMBOUF EF SBÓDFT -JNQJBNPT MPT CSPUFT NÈT QFRVF×PT RVF OP SFDJCJSÓBO TVGJDJFOUF MV[ Z TÓ VUJMJ[BSÓBO SFDVSTPT RVF OPT DPOWJFOF EJSJHJS Z DPODFOUSBS FO MB QBSUF NFEJB BMUB 1BSB FTUF QBTP VUJMJ[B SFNPT VO QI EF Z VOB &$ EF -FT EBSFNPT FOUSF TJFUF Z RVJODF EÓBT EFQFO EJFOEP EF MB WBSJFEBE QBSB RVF MB QMBOUB TF BTJFOUF EF GPSNB DPSSFDUB &O FM DBOOBCJT FM TJTUFNB SBEJDVMBS FT VO QVOUP EÏCJM OP CSJMMB QPS TV WJHPS OJ BEBQUBDJØO BTÓ RVF UFOFNPT RVF QPOÏSTFMP GÈDJM VUJMJ[BOEP VOB UJFSSB EF DBMJEBE RVF OP TF DPNQSJNB FYDFTJWB NFOUF RVF MMFWF DPDP Z P QFSMJUB QPOFS VOB CBTF EF SPDB WPMDÈOJDB P TJNJMBS FO FM GPOEP EFM DPOUFOFEPS QBSB NFKPSBS FM ESFOBKF 4PO EFUBMMFT RVF SFQFSDVUJSÈO EF GPSNB EJSFDUB FO MB QSPEVDDJØO

6OB WF[ TFMFDDJPOBEB VOB HFOÏUJDB BQSP QJBEB Z TBOB WBNPT B SFBMJ[BS VOB FTRVF KBEB QBSB FTUF QBTP QPEFNPT VUJMJ[BS NVM UJUVE EF TPQPSUFT MBOB EF SPDB UJFSSB DMPOBEPSFT EF BHVB HFMBUJOBT KJGGZT " NÓ QFSTPOBMNFOUF DPNP FO FTUF DBTP WBNPT B USBCBKBS FO UJFSSB QSFGJFSP MPT KJGGZT QBSB MPT RVF OP MPT DPOP[DBO TPO VOB QBTUJMMB EF UVSCB QSFOTBEB RVF BM JOUSPEVDJSMB FO GMVJEP TF FYQBOEF Z GPSNB VO DJMJOESP DPNP TF BQSFDJB FO MB GPUP EF NÈT BCBKP &T VO TJTUFNB NVZ TFODJMMP Z QSÈDUJDP QPEFNPT PCTFSWBS MBT SBÓDFT CSP UBS Z PDVQBO NVZ QPDP MVHBS DPO MP RVF FO VOB JODVCBEPSB QFRVF×B QPEFNPT BCBTUFDFSOPT TJO QSPCMFNB 1BSB FTUF QBTP DPSUBSFNPT DMPOFT MVFHP EFTFDIBSFNPT MPT DJODP NÈT EÏCJ MFT *OUFOUBSFNPT RVF OPT RVFEF QPS MP NFOPT VO OVEP FOUFSSBEP Z TJFNQSF IBSFNPT MPT DPSUFT B P QBSB BVNFOUBS

*OJDJP EF GMPSBDJØO

1BTP *OJDJP EF GMPSBDJØO )BO QBTBEP EJF[ EÓBT Z DBNCJBNPT FM GPUPQFSJPEP QBTBNPT EF EJFDJPDIP B EPDF IPSBT EF MV[ QPS DJDMP &O FTUF QVOUP OP BCPOBNPT QBSB GMPSBDJØO UPEBWÓB FT VO FSSPS DPNÞO FNQF[BS DPO FM DBNCJP QFSP DPO FTUP MP ÞOJDP RVF DPOTFHVJNPT FT CMPRVFBS FMFNFOUPT QVFT MB QMBOUB OP FTUÈ SFRVJSJÏOEPMPT UPEBWÓB Z FTUP MMFWB B VOB TBUVSBDJØO 7ÏBTF FO MBT GPUPT EFM BSUÓDVMP MB CVFOB QSFTFODJB USBT MB MJNQJF[B EF MB QBSUF JOGF SJPS Z IBCFS FOSBJ[BEP EF GPSNB DPSSFDUB .VFTUSB VOB QFSGFDUB TBMVE Z EJTQPTJDJØO 6OP EF MPT DPOTFKPT NÈT JNQPSUBOUFT QBSB DPOTFHVJS RVF FM 40( TFB IPNP HÏOFP FT JS SPUBOEP MBT QMBOUBT IBDJB FM JOUFSJPS NBOUFOJFOEP MBT SF[BHBEBT FO FM DFOUSP Z MBT NFKPS EFTBSSPMMBEBT FO MB QBSUF FYUFSOB %F FTUF NPEP FWJUBNPT RVF TF FNQJFDFO B TPNCSFBS VOBT B PUSBT Z OPT RVFEFO WBSJPT FTQFDÓNFOFT QSÈDUJDBNFOUF JOVUJMJ[BEPT 0USP GBDUPS DMBWF FT MB GSFDVFODJB EF SJFHP EFCFNPT EFKBS RVF FM TVTUSBUP TFRVF QBSB RVF MBT SBÓDFT TF FYUJFOEB Z DPMPOJDFO FM NFEJP TJ OP SFTQFUBNPT FTUP BDBCBSFNPT DPO VO DFQFMMØO EÏCJM Z QSPDMJWF B MBT JOGFDDJPOFT )BZ WBSJPT NPEPT EF TBCFS RVF MP IBDFNPT CJFO 6OP FT JOUSPEVDJS FM EFEP Z PCTFSWBS RVF MB UJFSSB OP TF BEIJFSF FO MPT QSJ NFSPT DFOUÓNFUSPT UBNCJÏO QPEFNPT MFWBOUBS VO QPDP MB NBDFUB Z DPNQSP CBS TV QFTP " WFDFT BMHÞO FKFNQMBS OP CFCFSÈ BM NJTNP SJUNP FO FTUF DBTP OPT TBMUBSFNPT VO SJFHP FO EJDIP DMPO QBSB RVF TF JHVBMF 4JFNQSF FT NFKPS VO QPDP TFDP RVF FYDFTJWBNFOUF IÞNF EP "QSPWFDIBNPT RVF UPEBWÓB OP IBZ GMPSFT QBSB TFHVJS QVMWFSJ[BOEP QSFWFO UJWPT &SSBEJDBS VOB QMBHB FO VO NBS WFSEF FT DBTJ JNQPTJCMF VOB WF[ FTUB NPT FO QMFOP DVMUJWP QPS FTP IFNPT EF TFS TJFNQSF QVMDSPT FO OVFTUSB MBCPS " MBT EPT TFNBOBT EF DBNCJBS FM IPSB SJP FTUB HFOÏUJDB FNQJF[B B GMPSFDFS BIPSB TÓ DBNCJBNPT FM DIJQ B GMPSBDJØO Z FNQJF[B VOB OVFWB FUBQB QFSP FTUP ZB MP EFKBNPT QBSB FM TJHVJFOUF BSUÓDV MP 'FMJDFT GVNBEBT 9


BBBB $

0 6 7 ( 5 ' $ 0

BBBB

%OXH 0\VWLF 6KRUW 5LGHU %XEEOHOLFLRXV -RFN +RUURU 1RUWKHUQ /LJKWV

ZZZ QLUYDQD QO


-6("3&4 %& &/46&º0

4JMPT Z UBORVFT EF BMNBDFOBNJFOUP &TUB FOUSFHB USBUB TPCSF FM DVMUJWP FO TJMPT Z PUSPT UBORVFT EF BMNBDF OBNJFOUP $POPDFSFNPT B .BSD RVF OPT FYQMJDBSÈ MBT EJWFSTBT QPTJCJMJEBEFT EFM DVMUJWP FO TJMPT .BSD FT HSBOKFSP 0GJDJBMNFOUF TF EFEJDB B MB HBOBEF SÓB QFSP UBNCJÏO FTUÈ PDVQBEP FO MB iBHSJDVMUVSB EF JOUFSJPSw NÈT MVDSBUJWB FO UÏSNJOPT HFOFSBMFT QBSB PCUFOFS VO JOHSFTP FYUSB -BT WBSJFEBEFT EF QMBOUBT RVF DVMUJWB TPO CJFO DPOPDJEBT " CBTF EF QFOTBS EF NBOFSB DSFBUJWB Z FYQFSJNFOUBS IB BDVNVMBEP VOB HSBO FYQFSJFODJB SFMBUJWB BM DVMUJWP FO TJMPT Z UBORVFT EF BMNBDFOBNJFOUP

-B JEFB 1BSB DVMUJWBS FO TJMPT SFTVMUB ÞUJM FNQF[BS QPS BQSFOEFS NÈT BDFSDB EF TV GVODJPOB NJFOUP RVF FT NVZ TJNQMF -PT TJMPT TPO UPSSFT FO GPSNB DJMÓOESJDB P SFDUBOHVMBS RVF TF VTBO QBSB BMNBDFOBS QSPEVDUPT FO CSVUP -PT TJMPT TJFNQSF TF MMFOBO EFTEF BSSJCB Z TF WBDÓBO QPS BCBKP MP DVBM UJFOF MB WFOUBKB EF RVF FM DPOUFOJEP TF SFOVFWB DPOTUBOUFNFOUF "EFNÈT MB GVFS[B EF MB HSBWFEBE BTFHVSB RVF MB NFSDBODÓB TF BHMVUJOF IBDJÏOEPTF NÈT DPNQBDUB Z PDVQBOEP NFOPT FTQBDJP )BZ VOB WFOUBKB BEJDJPOBM FO TV VUJMJ[B DJØO Z FT RVF BQFOBT TF OFDFTJUB FOFSHÓB QBSB TBDBS MBT NFSDBODÓBT EFM TJMP 5BNCJÏO FYJTUFO BMHVOBT WFOUBKBT BM VTBS TJMPT DPNP MVHBSFT QBSB DVMUJWBS DBOOBCJT MPT TJMPT TPO HSBOEFT UJFOFO VO HSBO WPMVNFO Z MPT FYUSB×PT OP QVF EFO WFS RVÏ IBZ EFOUSP 5PEP FM NVOEP BTVNF RVF FM TJMP FTUÈ MMFOP EF BRVFMMP B MP DVBM FTUÈ EFTUJOBEP FTQFDJBMNFOUF TJ FM TJMP TJHVF FO VTP 4JO FNCBSHP VO TJMP QVFEF VUJMJ[BSTF QBSDJBMNFOUF QBSB DSFBS EFOUSP EF ÏM VO FTUVQFOEP FTQBDJP EF DVMUJWP 6O TJMP P VO UBORVF EF BMNBDFOBNJFOUP FT VO FNQMB[BNJFOUP JEFBM QPSRVF OBEJF FTQFSB RVF TF VTF QBSB BMHP NÈT RVF BMNBDFOBS DPTBT &M JODPOWFOJFOUF FT

RVF MB FOUSBEB BM JOUFSJPS EFM TJMP FT SFBMNFOUF EJGÓDJM Z QVFEF EFUFDUBSTF DPO GBDJMJEBE .BSD OPT MMFWØ EF HJSB QPS DVBUSP MVHB SFT EJTUJOUPT FYQMJDÈOEPOPT DØNP BQSP WFDIB DBEB TJMP P UBORVF EF BMNBDFOB NJFOUP QBSB DVMUJWBS

4JMP QBSB BMJNFOUPT " .BSD TF MF PDVSSJØ MB JEFB EF DVMUJWBS FO VO TJMP DVBOEP TF FNCBSDØ FO MB FYQBOTJØO EF TV HSBOKB MFDIFSB %FCJEP B RVF FTUBCB BVNFOUBOEP TV NBOBEB DPOTUBOUFNFOUF EFDJEJØ DPOTUSVJS VO OVFWP DPNQBSUJNFOUP QBSB FM HBOBEP "M NJTNP UJFNQP RVF TF DPOTUSVÓB FM OVFWP DPNQBSUJNFOUP B×BEJØ WBSJPT TJMPT OVFWPT QBSB BMJNFOUPT (SBDJBT B FMMP VOP EF MPT WJFKPT TJMPT FSB JOOFDF TBSJP 1PESÓB IBCFS FMFHJEP EFNPMFSMP TJNQMFNFOUF 1FSP DPNP MMFWBCB B×PT CVTDBOEP VO OVFWP FTQBDJP EF DVMUJWP TF MF PDVSSJØ RVF QPESÓB USBUBSTF EF VO MVHBS FTUVQFOEP QBSB QSPCBS .BSD FNQF[Ø QPS DPOTUSVJS VOB FOUSB EB ZB RVF FM TJMP QBSB BMJNFOUPT TØMP UFOÓB EPT QFRVF×BT BCFSUVSBT VOB FO MB QBSUF EF BSSJCB QPS EPOEF FOUSBCB FM HSBOP Z PUSB FO FM GPOEP QPS MB DVBM TF TBDBCB $PNP FO MB NBZPSÓB EF HSBOKBT FM TJMP FTUBCB TJUVBEP KVTUP BM MBEP EFM FTUBCMP BTÓ RVF .BSD EFDJEJØ IBDFS VOB OVFWB FOUSBEB EFTEF FM JOUF SJPS EFM FTUBCMP 1BSB FMMP QSJNFSP UVWP RVF SPNQFS VOB QBSUF EF MB QBSFE Z B DPOUJOVBDJØO BCSJS VO BHVKFSP FO FM TJMP $PNP IBCÓB VO IVFDP EF VO QBS EF DFOUÓNFUSPT FOUSF MB QBSFE Z FM TJMP .BSD MPT DPOFDUØ DPO VOB UVCFSÓB EF QMÈTUJDP &TUF DPOEVDUP UFOÓB VO EJÈNF USP SFBMNFOUF FOPSNF FSB UBO HSBOEF RVF EF IFDIP .BSD QPEÓB BUSBWFTBSMP B SBTUSBT 1BSB BTFHVSBSTF EF RVF FM HBOB EP OP TF DPNÓB TV OVFWP DVMUJWP DFSSØ FM DPOEVDUP DPO VOB USBNQJMMB EF NFUBM %F FTUB GPSNB QPEÓB QBTBS EFM FTUBCMP BM BOUJHVP TJMP QBSB BMJNFOUPT GÈDJMNFO UF Z EF NBOFSB JOBEWFSUJEB &M TJMP EF .BSD FT DJSDVMBS Z UJFOF VO EJÈNFUSP EF NFUSPT &TUP FT CBTUBOUF QPDP DPNP FTQBDJP EF DVMUJWP BEFNÈT EF RVF OP SFTVMUBCB TFODJMMP IBDFS VOB FOUSB EB EFDFOUF &M TJMP UJFOF VO HSBO WPMVNFO QFSP VO ÈSFB QFRVF×B EF QMBOUB &O TJUVB DJPOFT DPNP ÏTUB DVMUJWBS FO WFSUJDBM FT VO NÏUPEP JEFBM EF DVMUJWP &O FM DVMUJWP WFSUJDBM MBT QMBOUBT OP TF TJUÞBO VOBT KVOUP B PUSBT TJOP VOBT FODJNB EF PUSBT Z MB MV[ OP MMFHB EFTEF BSSJCB TJOP EFTEF VO MBEP &TUF NÏUPEP FT DPOPDJEP QPS NVDIPT HSB DJBT B TV BQMJDBDJØO FO UBORVFT EF DVMUJWP &O QSJODJQJP FM TJMP EF .BSD FT CÈTJDBNFO UF VO FOPSNF UBORVF EF DVMUJWP

6O TJMP QBSB BMJNFOUPT RVF TF VUJMJ[B QBSB BMNBDFOBS GPSSBKF QBSB FM HBOBEP

.BSD NPOUØ FTUBOUFT FO MBT QBSFEFT EFM TJMP QBSB DPMHBS MBT NBDFUBT -PT DPO UFOFEPSFT TF NBOUJFOFO JODMJOBEPT EF NBOFSB RVF MBT QMBOUBT QVFEBO DSFDFS IBDJB EFOUSP +VTUP FO FM DFOUSP EFM TJMP DVFMHB VO DPPM UVCF DPO EPT MÈNQBSBT

&M TJMP QBSB BMJNFOUPT SFNPEFMBEP QPS .BSD B MB J[RVJFSEB VOB UPNB MBUFSBM B MB EFSFDIB WJTUP EFTEF BSSJCB "14 6O DPPM UVCF FT VO UVCP EF DSJTUBM QPS FM RVF TF IBDF QBTBS VOB DPSSJFOUF EF BJSF &TUP QSPWPDB RVF TF BDVNVMF NFOPT DBMPS BMSFEFEPS EF MBT MÈNQBSBT (SBDJBT B FMMP MBT QMBOUBT QVFEFO DSF DFS NÈT DFSDB EF MB MV[ &M DBMPS RVF TF FYQVMTB MFKPT EF MBT MÈNQBSBT TF VUJMJ[B QBSB DBMEFBS UPEP FM FTQBDJP .BSD UBNCJÏO JODPSQPSØ FM TJTUFNB EF SJFHP B MPT FTUBOUFT F IJ[P BHVKFSPT QFRVF×PT QBSB MB JSSJHBDJØO 1PS NFEJP EF FTUF NÏUPEP IPSJ[POUBM EF DVMUJWP .BSD QVFEF QPOFS NVDIBT NÈT QMBOUBT FO FM NJTNP ÈSFB 1BSB GBDJMJUBS FM BCBTUF DJNJFOUP EFM FTQBDJP EF DVMUJWP UBNCJÏO IJ[P MMFHBS IBTUB FM MVHBS UVCFSÓBT Z UPNBT EF FMFDUSJDJEBE "EFNÈT FM BJSF RVF FOUSB FO TV FTQBDJP EF DVMUJWP MMFHB EFTEF FM FTUBCMP QBSB FM HBOBEP DPO MB WFOUBKB B×BEJEB EF RVF FTUF BJSF TJFNQSF FT CBT UBOUF DÈMJEP ZB RVF IBZ NVDIBT WBDBT EFOUSP EVSBOUF FM GSÓP JOWJFSOP DSFÈOEP TF VOB DBMJEF[ RVF QVFEF BQSPWFDIBSTF QBSB FM FTQBDJP EF DVMUJWP $PO FM GJO EF FWJUBS MB FOUSBEB EF JOTFD UPT Z FOGFSNFEBEFT .BSD JOTUBMØ VO GJMUSP )&1" FO MB FOUSBEB EF BJSF HSBDJBT BM DVBM MBT QMBOUBT OP FTUÈO FYQVFTUBT B UPEPT MPT CJDIPT CBDUFSJBT Z FOGFS NFEBEFT EFM MPEB[BM EF MBT WBDBT &TUB FOUSBEB EF BJSF QBTB EJSFDUBNFOUF QPS FM DPPM UVCF EFTEF FM TJTUFNB EF GJMUSB EP -B FYQVMTJØO EFM BJSF BM FYUFSJPS TF QSPEVDF B USBWÏT EF VOB DIJNFOFB RVF IBZ FO FM DPNQBSUJNFOUP QBSB FM HBOB EP EFTQVÏT EF RVF FM BJSF IBZB TJEP DPOEVDJEP EF WVFMUB BM FTUBCMP &O QSJO DJQJP FTUP OP FSB SFBMNFOUF OFDFTBSJP QPSRVF FM BJSF QSFGJMUSBEP OP QPESÓB EJT UJOHVJSTF EFM IFEPS EFM DPNQBSUJNFO UP QBSB FM HBOBEP 4JO FNCBSHP .BSD EFDJEJØ IBDFSMP BTÓ QBSB BTFHVSBSTF EF RVF FM BJSF RVF MMFHB B TVT QMBOUBT TFB TJFNQSF BJSF GSFTDP

.BSD UJFOF WBDBT OP DBCBMMPT EF DBSSF SBT UBNCJÏO RVJFSF BMNBDFOBS BMJNFO UPT NÈT CBSBUPT 1PS FKFNQMP GPSSBKF EF NBÓ[ VO NBÓ[ RVF OP FT EVMDF QFSP RVF QPS MP EFNÈT FT FYBDUBNFOUF JHVBM BM NBÓ[ RVF QVFEF DPNQSBSTF FO FM TVQFSNFSDBEP Z IFOP &TUP TF MMFWB B DBCP DPO VO NÏUPEP NVZ EJTUJOUP EF BMNBDFOBNJFOUP MMBNBEP FOTJMBKF P QBSB IBDFS GPSSBKF 1BSB IBDFS GPSSBKF FM NBÓ[ USJUVSBEP P MB ZFSCB TFDB TF BQJMB IBTUB GPSNBS VOB NJOJNPOUB×B &TUP TF IBDF TPCSF VO TVFMP EF DFNFO UP Z IBZ WFDFT RVF UBNCJÏO TF IBDF KVOUP B VOB QBSFE EF DFNFOUP QBSB GPSNBS VOB FTQFDJF EF DFSSBNJFOUP " DPOUJOVBDJØO FM NBUFSJBM TF DPNQSJNF DPO GJSNF[B QBSB RVF TF GPSNF VOB QJMB TØMJEB Z MVFHP TF FOWVFMWF IFS NÏUJDBNFOUF DPO QMÈTUJDP " NFOVEP FTUF CVMUP TF FOUJFSSB FO QBSUF P TF DVCSF DPO OFVNÈUJDPT WJFKPT "M IBDFS FTUP MPT CVMUPT EF GPSSBKF BMNBDFOBEP QVFEFO QBSFDFSTF VO QPDP B VOB FTQF DJF EF DFNFOUFSJP EF DPDIFT &M IFOP BMNBDFOBEP FO FTUPT IPZPT QVFEF VUJ MJ[BSTF FO JOWJFSOP DVBOEP FM HBOBEP OP QVFEF QBTUBS FO MPT DBNQPT $PNP MBT WBDBT EF .BSD UBNCJÏO DPNFO EVSBOUF UPEP FM JOWJFSOP IBDF TVT QSP QJBT GPTBT EF GPSSBKF UPEPT MPT B×PT &O DJFSUB PDBTJØO NJFOUSBT QBTBCB FM PUP×P PDVQBEP IBDJFOEP MBT GPTBT QBSB FM GPSSBKF .BSD QFOTØ TJ QVFEP DVMUJWBS FO VO TJMP QBSB FM HSBOP UBNCJÏO QPESÓB DVMUJWBS FO VOB GPTB QBSB FM GPSSBKF 1BSB QPEFS DVMUJWBS EFOUSP EF VOB EF FMMBT .BSD IJ[P VO IPZP NVZ FTQFDJBM .BSD UBNCJÏO TVFMF VUJMJ[BS VOB CBSSFSB EF DFNFOUP QBSB DSFBS VOB FTQFDJF EF IVFDP DFSSBEP 1FSP MP RVF OP QVFEF WFSTF FT RVF FO TV GPTB QBSB FM GPSSBKF NPEJGJDBEB IBZ VOB QBSUF EFM DFSSB NJFOUP RVF OP FTUÈ MMFOP EF GPSSBKF EF NBÓ[ TJOP VO FTQBDJP PDVMUP EF DFNFOUP FO FM DVBM TF QVFEF DVMUJWBS 1PS TVQVFTUP FM SFTUP EFM FTQBDJP FTUÈ MMFOP EF GPSSBKF EF NBÓ[ Z FM IVFDP EF DFNFOUP Z FM GPSSBKF FTUÈO DVCJFSUPT DPO QMÈTUJDP QBSB VTPT BHSÓDPMBT (SBDJBT B FMMP QBSFDF RVF UPEP FM FTQBDJP FTUÏ MMFOP EF GPSSBKF EF NBÓ[ 1PS MB QBSUF EF BUSÈT EF MB CBSSFSB EF DFNFOUP IBZ VOB FOUSBEB BM FTQBDJP EF DVMUJWP

1BSB FWJUBS MB DVFTUJØO MBUFOUF EF TJ FM TJMP TJHVF FO VTP P OP .BSD JOTUBMØ VOB NBMMB EFTEF BSSJCB EFM TJMP IBTUB MB CBTF (SBDJBT B FTUP FT QPTJCMF TFHVJS VUJMJ[BOEP MB CBTF EFM TJMP QBSB BMNB DFOBS BMJNFOUP QBSB FM HBOBEP &TUP EB MB JNQSFTJØO EF RVF FM TJMP DPOUJOÞB VTÈOEPTF

&OUSF FM FOTJMBKF .BSD VUJMJ[BCB MPT TJMPT NFODJPOBEPT BOUFSJPSNFOUF QBSB BMNBDFOBS DPNJ EB DPODFOUSBEB QBSB FM HBOBEP $PNP

&M UBORVF EF DVMUJWP FT VO FKFNQMP EF DVMUJWP WFSUJDBM


6OB GPTB QBSB BMNBDFOBS BMJNFOUPT QBSB FM HBOBEP FM DVBM SFDVFSEB B MPT DFNFOUFSJPT EF DPDIFT

"OUFT EF WFSUFS FM DFNFOUP .BSD JOT UBMØ VOB UVCFSÓB VOB TBMJEB EF BHVB Z DBCMFBEP FMÏDUSJDP " DPOUJOVBDJØO IJ[P MBT QBSFEFT EF DFNFOUP $POTUSVZØ MBT QBSFEFT EFM FTQBDJP EF DVMUJWP VO QPDP NÈT QSPGVOEBT QBSB RVF FTUVWJFSBO NÈT CBKBT RVF MB CBSSFSB EFM DFSSBNJFOUP "M IBDFS FTUP FM FTQBDJP EF DVMUJWP EB MB JNQSFTJØO EF GPSNBS QBSUF EF MB QJMB EF GPSSBKF EF NBÓ[ &M UFDIP EFM FTQBDJP EF DVMUJWP FTUÈ IFDIP EF UBCMPOFT EF NBEFSB SFTJTUFOUFT %FM GJMP EFM UFDIP TPCSFTBMF FM QFRVF×P UVCP RVF TF VUJ MJ[B QBSB MB WFOUJMBDJØO -B FOUSBEB EF BJSF TF QSPEVDF B USBWÏT EF VOB SFKJMMB EF WFOUJMBDJØO MB DVBM FTUÈ NPOUBEB FO MB QVFSUB EF NFUBM $PNP MBT CBSSFSBT EFM FOTJMBEP QVFEFO NFEJS IBTUB NFUSPT EF BMUVSB FM FTQBDJP EF DVMUJWP DVFOUB DPO UPEP FM IVFDP OFDFTBSJP QBSB MMFWBS B DBCP VO CVFO DVMUJWP 1PS FODJNB EF UPEP .BSD FTUÈ NVZ TBUJTGFDIP EF RVF OBEJF QVFEB WFS MP RVF PDVSSF FO TV DPNQBSUJNFOUP TFDSFUP NJFOUSBT OBEJF NJSF EFCBKP EF MB MPOB TØMP IBZ VOB QJMB EF GPSSBKF QBSB FM HBOBEP

4JMP QBSB FM HSBOP &M B×P BOUFSJPS .BSD IBCÓB DPNQSBEP VO QFRVF×P UFSSFOP QBSB DPNQMFNFO UBS FM BVNFOUP EF UBNB×P EF TV NBOB EB Z FO FTUF UFSSFOP TF FODPOUSBCB VO WJFKP TJMP QBSB FM HSBOP &O MB SFHJØO EPOEF WJWF .BSD TPMÓB IBCFS NVDIPT HSBOKFSPT EFEJDBEPT BM USJHP Z EFCJEP B MB DBÓEB EF MPT QSFDJPT EF FTUF UJQP EF BDUJWJEBE BIPSB IBZ NPOUPOFT EF TJMPT QBSB FM HSBOP RVF FTUÈO WBDÓPT "MHVOPT TJMPT TPO UBO WJFKPT RVF IBO TJEP SFDPOPDJEPT DPNP IFSFODJB JOEVT USJBM QPS MP DVBM OP QVFEF QSPDFEFSTF B TV EFNPMJDJØO 1FSP MB NBZPSÓB EF TJMPT TJNQMFNFOUF IBO TJEP BCBOEPOBEPT ZB RVF EFNPMFSMPT DPTUBSÓB EJOFSP Z OP FTUPSCBO B OBEJF SFBMNFOUF -PT HSBO KFSPT VUJMJ[BCBO FTUPT TJMPT QBSB NPMFS FM NBÓ[ BMNBDFOBSMP Z DBSHBSMP QBSB TV QPTUFSJPS USBOTQPSUF FO DBNJPOFT P USFOFT $VBOEP FM HSBOP ZB IBCÓB TJEP MBWBEP Z NPMJEP TF QBTBCB B MB QBSUF TVQFSJPS EFM TJMP NFEJBOUF VO FMFWBEPS QBSB FM HSBOP %FTEF BRVÓ TF FDIBCB FO VOP EF MPT EJWFSTPT DPNQBSUJNFOUPT EF BMNBDFOBKF $VBOEP IBCÓB RVF DBSHBS VO DBNJØO FM HSBOP TF TBDBCB EFM DPN QBSUJNFOUP EF BMNBDFOBKF TVCÓB EF OVFWP QPS FM FMFWBEPS Z TF EFQPTJUBCB FO VO DPOEVDUP RVF MP MMFWBCB IBTUB MB QMBUBGPSNB EF DBSHB EFM DBNJØO %BEP RVF MPT TJMPT DPOUFOÓBO UPEP UJQP EF NÈRVJOBT F JOTUBMBDJPOFT EF GPOUB OFSÓB MBT DPOTUSVDDJPOFT TF IBDÓBO NVZ FTQBDJPTBT : HSBDJBT B FMMP IBZ HSBO DBOUJEBE EF FTQBDJPT QBSB DVMUJWBS FO

RVF SFTVMUB NVDIP NÈT GÈDJM DVMUJWBS EF GPSNB IPSJ[POUBM

FM JOUFSJPS EF MB FEJGJDBDJØO &M QSJNFS FTQBDJP EF DVMUJWP TF JOTUBMØ FO MB QBSUF TVQFSJPS EFM TJMP 4F USBUB EF VO FTQBDJP EF DVMUJWP EF Y NFUSPT 1BSB BDDFEFS B FTUF FTQBDJP .BSD UJFOF RVF TVCJS QPS VOB FTDBMFSB EF NFUSPT $PNP TVCJS UPEP FM NBUFSJBM EF DVMUJWP EF FTUB GPSNB TFSÓB DPNQMJDBEP VUJMJ[Ø FM FMFWB EPS EF HSBOP DPO FTUF GJO &O MB QMBOUB CBKB .BSD IB DPOTUSVJEP PUSP FTQBDJP EF DVMUJWP FO MB TBMB EF NÈRVJOBT &O FM FTQBDJP EF MB FOUSB EB DFOUSBM IB QVFTUP TV NÈRVJOB EF NBOJDVSB Z EJWFSTP NBUFSJBM QBSB IBDFS IBDIÓT BM BHVB "M FMBCPSBS IBDIÓT BM BHVB DPO TVT EFTFDIPT EF NBOJDVSB .BSD NBUB EPT QÈKBSPT EF VO UJSP USBT FM QSPDFTP EF TFQBSBDJØO OP RVFEBO SFTUPT TPTQFDIPTPT EF NBOJDVSB TØMP VOB NBTB WFHFUBM RVF QVFEF FDIBS DPO USBORVJMJEBE FO DVBMRVJFS QJMB EF DPNQPTU : BM NJTNP UJFNQP DPOTJHVF VOPT CMPRVFT FTUVQFOEPT EF IBDIÓT DPNP SFTVMUBEP -PT DPNQBSUJNFOUPT EF BMNBDFOBKF UBNCJÏO UJFOFO VOB GVODJØO B QFTBS EF TVT FTDBTBT EJNFOTJPOFT 6O DPN QBSUJNFOUP TF VTB QBSB BMPKBS MB QMBO UB NBESF PUSP TF FNQMFB QBSB IBDFS DSFDFS DMPOFT EVSBOUF TV GBTF EF QSF DSFDJNJFOUP Z PUSP NÈT TJSWF EF DVBS UP EF TFDBEP &TUF TFDBEFSP DVBESBEP EF NFUSPT EF BMUVSB FTUÈ FRVJQBEP DPO QPMFBT RVF FTUÈO NPOUBEBT FO FM UFKBEP 1VFEFO QBTBSTF DBCMFT QPS FTUBT QPMFBT Z MBT SBNBT EF MBT QMBOUBT DPTFDIBEBT TF FOHBODIBO B FMMPT QBSB DPMHBSMBT 6O WFOUJMBEPS BTFHVSB RVF FM BJSF TFDP DJSDVMF QPS UPEP FM FTQB DJP "SSJCB EFM UPEP FTUÈ MB USBNQJMMB B USBWÏT EF MB DVBM TF FDIBCB FM HSBOP EFOUSP PSJHJOBMNFOUF BIPSB BM BCSJSMB QFSNJUF MB TBMJEB EFM BJSF IÞNFEP %F FTUB UBSFB TF PDVQB MB WFOUJMBDJØO DFO USBM B MB RVF FTUÈ DPOFDUBEB FM SFTUP EFM DPNQMFKP &TUP QFSNJUF RVF FM BJSF EF TBMJEB TFB GJMUSBEP VOB WF[ " QFTBS EF RVF FM TJMP QBSB FM HSBOP FTUÈ SPEFBEP EF QSBEPT .BSD OP RVJFSF MMB NBS MB BUFODJØO FO BCTPMVUP 1BSB FWJUBS RVF TVFOF MB BMFSUB FO MB FNQSFTB TVNJ OJTUSBEPSB EF FMFDUSJDJEBE QPS VO HBTUP EF FOFSHÓB FYDFQDJPOBMNFOUF BMUP MFT IB JOGPSNBEP EF RVF IB WVFMUP B QPOFS FO GVODJPOBNJFOUP FM TJMP Z RVF FTUÈ VTÈOEPMP EF OVFWP &M TJMP GVF DPOFD UBEP B MB SFE FMÏDUSJDB FOUPODFT QFSP OP FTUBCB DPOFDUBEP B MB SFE EF BCBT UFDJNJFOUP EF BHVB $PNP .BSD OFDF TJUB EBS BHVB B TVT QMBOUBT EF GPSNB SFHVMBS QVTP VO QFRVF×P UBORVF EF BHVB EF DPMPS B[VM KVOUP BM TJMP $PO TV USBDUPS Z FM UBORVF EFM FTUBCMP QVFEF

&M FTQBDJP EF DVMUJWP EF .BSD FO MB GPTB FM FTQBDJP FTUÈ PDVMUP FOUSF MB CBSSFSB EF DFNFOUP FM NBÓ[ Z MB MPOB JNQFSNFBCMF

&M TJMP QBSB FM HSBOP B MB WJTUB FM FMF WBEPS QBSB FM HSBOP MPT EPT FTQBDJPT EF DVMUJWP Z FM DPNQBSUJNFOUP RVF TJSWF EF TFDBEFSP SFMMFOBSMP DVBOEP IBDF GBMUB (SBDJBT B FMMP TJFNQSF IBZ TVGJDJFOUF BHVB MJNQJB EJTQPOJCMF 6OB CPNCB QFRVF×B EF BHVB BTFHVSB RVF FM BHVB MMFHVF B MPT FTQBDJPT EF DVMUJWP "M EJTQPOFS EF DVBUSP FTQBDJPT EF DVMUJ WP FO UPUBM .BSD QVFEF DPTFDIBS DPO UJOVBNFOUF BVORVF TF BTFHVSB EF RVF QBTFO VOBT EPT TFNBOBT FOUSF DBEB DPTFDIB 1PS MP UBOUP TJFNQSF IBZ USB CBKP RVF IBDFS FO FM TJMP QBSB FM HSBOP .BSD IBDF TVT QSPQJPT DMPOFT Z UBN CJÏO UJFOF FM FTQBDJP OFDFTBSJP QBSB DPTFDIBS Z TFDBS FO FM NJTNP TJUJP BTÓ RVF FT CBTUBOUF BVUPTVGJDJFOUF 5PEPT MPT EÓBT IBZ BMHVJFO USBCBKBOEP FO FM TJMP : DBEB NFT .BSD WFOEF TV QSPEVD DJØO ZB TFDB B VO DMJFOUF IBCJUVBM &M TJMP QBSB FM HSBOP GVODJPOB FGFDUJWBNFOUF DPNP VOB GÈCSJDB EF DBOOBCJT Z DBTJ MF QSPEVDF NÈT CFOFGJDJPT B .BSD RVF TV FNQSFTB MFHBM

5BORVF JOEVTUSJBM EF BMNBDF OBNJFOUP -B IFSNBOB EF .BSD UBNCJÏO FT HSBO KFSB QFSP B EJGFSFODJB EF .BSD OP DSÓB HBOBEP TJOP RVF QSPEVDF QJNFOUØO &M QSPDFTP MP MMFWB B DBCP FO VO FOPSNF JOWFSOBEFSP EF DSJTUBM 5SBT FTDVDIBS EVSBOUF B×PT MBT IJTUPSJBT EF .BSD TPCSF TVT PQFSBDJPOFT EF DVMUJWP FMMB BDBCØ EFDJEJÏOEPTF QPS BWFOUVSBSTF UBNCJÏO FO FTUF OFHPDJP JNBHJOÈOEPTF RVF TVT BQUJUVEFT QBSB FM DVMUJWP EF QMBO UBT EFCFSÓBO IBDFS RVF OP MF SFTVMUBSB EFNBTJBEP EJGÓDJM 4JO FNCBSHP UFOÓB FM QSPCMFNB EF RVF IBCÓB QFSTPOBM USBCBKBOEP Z NPWJÏO EPTF QPS MB HSBOKB IBTUB FM QVOUP EF RVF OP FSB QPTJCMF RVF QVEJFSB DVMUJWBS DBOOBCJT FO TVT JOWFSOBEFSPT TJO RVF TF TVQJFSB SÈQJEBNFOUF -P DVBM FT VOB QFOB ZB RVF MBT DPOEJDJPOFT TPO JEFB MFT FO FTUPT JOWFSOBEFSPT EF DSJTUBM 1PS FTUF NPUJWP -JTB IJ[P RVF DPOTUSVZFSBO VO UBORVF FYUSB QBSB BMNBDFOBS BHVB KVOUP B TV JOWFSOBEFSP /PSNBMNFOUF TF VUJMJ[BSÓB QBSB BMNBDFOBS FM BHVB EF MMVWJB RVF QVEJFSB DBFS EFTEF FM UFKBEP EFM JOWFSOBEFSP Z FTUF BHVB TFSWJSÓB MVFHP QBSB SPDJBS MPT QJNJFOUPT &TUF UJQP EF UBORVF JOEVTUSJBM EF BMNB DFOBNJFOUP FT EJTUJOUP B MPT TJMPT QBSB BMJNFOUPT Z QBSB FM HSBOP -PT UBORVFT EF BMNBDFOBNJFOUP TØMP TF VTBO QBSB MÓRVJEPT TF MMFOBO Z WBDÓBO QPS NFEJP EF VOB CPNCB "EFNÈT MBT EJNFO TJPOFT EFM UBORVF TPO NVZ EJGFSFOUFT UFOJFOEP NVDIB NÈT BODIVSB Z NFOPT BMUVSB RVF VO TJMP QBSB BMJNFOUPT QPS MP

*OTQJSBEB QPS TV IFSNBOP -JTB EFDJ EJØ EJWJEJS FM UBORVF EF BHVB FO EPT DPNQBSUJNFOUPT QBSB QPEFS UFOFS DPTFDIBT EFTJODSPOJ[BEBT &M UBORVF EF BHVB JODPSQPSB VOB HSBO MPOB B NPEP EF UFDIP MP DVBM TFSWJSÓB OPSNBMNFO UF QBSB RVF OP QBTBSB MB MV[ Z OP TF EFTBSSPMMBSBO BMHBT FO FM UBORVF -JTB DPOTUSVZØ VO UFDIP CBKP FTUB MPOB QBSB RVF MB MV[ Z DVBMRVJFS PMPS TF RVFEBSBO EFOUSP 5PEP FM UBORVF FTUBCB CJFO BJT MBEP QBSB FWJUBS RVF MBT UFNQFSBUVSBT JOWFSOBMFT CBKBSBO EFNBTJBEP -BT MÈNQBSBT RVF FNQMFBCB -JTB FSBO MBT NJTNBT RVF VUJMJ[BCB FO FM JOWFSOB EFSP "M UFOFS FM JOWFSOBEFSP OP IBCÓB MVHBS B QSFPDVQBDJPOFT QPS MB GBDUVSB EF MB MV[ -P NJTNP PDVSSÓB DPO FM DPN QPTU Z MPT OVUSJFOUFT RVF ZB FTUBCBO EJTQPOJCMFT FO FM JOWFSOBEFSP (SBDJBT B FMMP -JTB QVFEF PDVMUBS GÈDJMNFOUF TVT BDUJWJEBEFT EF DVMUJWP FO FM UBORVF EF BHVB -B FOUSBEB BM UBORVF TF IJ[P FO MB QBSUF USBTFSB RVF EB BM JOWFSOB EFSP Z RVF MF QFSNJUF FOUSBS Z TBMJS TJO RVF TF OPUF $PNP -JTB EJTQPOF EF EPT FTQBDJPT QVFEF DVJEBS EF MBT QMBOUBT QPS TÓ NJTNB ZB RVF UPEP FM USBCBKP FTUÈ EJWJEJEP 5BO QSPOUP DPNP TF DPTFDIBO MBT QMBOUBT MBT MMFWB EJSFDUBNFOUF BM TJMP QBSB FM HSBOP EPOEF TV IFSNBOP TF FODBSHB EFM SFTUP : DPNP -JTB UJFOF TV QSPQJP JOWFSOBEFSP OBEJF WB B TPTQFDIBS EFM HBTUP EF DPNQPTU Z OVUSJFOUFT .BSD BÞO UJFOF MB JOUFODJØO EF FNQF[BS B DVMUJWBS FO MB GPTB EPOEF TF BMNBDFOB FM FTUJÏSDPM EF TVT WBDBT 1FSP FTUP FT NVZ BSSJFTHBEP QPSRVF FO FTUBT GPTBT QVFEF QSPEVDJSTF VOB HSBO DBOUJEBE EF HBT FM DVBM TF BDVNVMB Z FT GÈDJMNFOUF JOGMBNBCMF JODMVTP FYQMPTJWP 1BSB SFTVNJS MBT QPTJCJMJEBEFT EF DVMUJWP FO JOUFSJPS RVF FTUÈO BM BMDBODF EF MPT BHSJDVMUPSFT MMFHBNPT B MB DPODMVTJØO EF RVF DVMUJWBS DBOOBCJT FO VOB HSBOKB OP FT UBO NBMB JEFB FO SFBMJEBE )BZ QPDB HFOUF RVF QVFEB GJKBSTF FO MP RVF TVDFEF Z FM PMPS EB NVZ QPDPT QSPCMF NBT : UPEBWÓB OP IFNPT FYQMPSBEP TJRVJFSB MBT QPTJCJMJEBEFT EF DVMUJWBS BM BJSF MJCSF FO FM DBNQP $POUJOVBSÈ &OWÓB UVT DPOTFKPT F JEFBT B HVFSSJMMBEBBO!HNBJM DPN

-JTB PDVMUØ TV QSPQJB PQFSBDJØO EF DVMUJ WP FO FM UBORVF EF BHVB RVF IBZ KVOUP B TV JOWFSOBEFSP BM EJWJEJS FM FTQBDJP QPS MB NJUBE QVFEF FTQBDJBS MBT DPTFDIBT


"4¶ 4& -0 .0/5"/

%PT TBMBT EF DVMUJWP GFSUJMJ[BEBT DPO #"$

'MPSBDJPOFT EF WFSBOP DPO $IPDPMPQF Z #MVF 5PPUI &YDFMFOUF NPNFOUP FM JOJDJP EF MB UFNQPSBEB EF JOUFSJPS QBSB WPMWFS DPO VOB EF OVFTUSBT TFDDJPOFT NÈT BOUJHVBT i"TÓ TF MP NPOUBOw EFTUJOBEB B WJTJUBS EJTUJOUBT JOTUBMBDJPOFT EPNÏTUJDBT EF DVMUJWBEPSFT + 4FBSDIFS &O FTUB PDBTJØO WJTJUBNPT MPT EPT DVBSUPT EF GMPSBDJØO EFM $PMFDUJWP (SFFOCPNCFST &TUF HSVQP FTUÈ DPNQVFTUP QPS WBSJPT DBOOBCJDVMUPSFT WFUFSBOPT PSHBOJ[BEPT QBSB DPNQBSUJS FM USBCBKP EF MB DPTFDIB Z SFQBSUJSTF FM QSPEVDUP GJOBM 5BNCJÏO DPO UBNPT FM FYQFSUP BTFTPSBNJFOUP UÏDOJDP EF %JPTBQMBOUB FNQSFTB EJTUSJCVJEPSB EF #"$ (SBDJBT B TV EFUBMMBEB JOGPSNBDJØO QVEJNPT FOUFOEFS MB GJMPTPGÓB EF #"$ Z RVF GVODJØO DVNQMF DBEB QSPEVDUP EFO USP EFM DPODFQUP UPUBM /P FT MP NJTNP BQJ MBS CPUFMMBT TFHÞO VOB UBCMB B FOUFOEFS FM NPUJWP EF DBEB JOHSFEJFOUF

4BMB EF DSFDJNJFOUP &M DVBSUP EF DSFDJNJFOUP FTUÈ FRVJQBEP DPO VO IBMPHFOVSP EF WBUJPT "RVÓ TF NBOUJFOFO MBT HFOÏUJDBT Z TF IBDFO MPT FTRVFKFT 5BNCJÏO TF EB B MBT QMBOUBT VO QSJNFS QFSJPEP EF DSFDJNJFOUP &TUB [POB FT GVOEBNFOUBM ZB RVF DVMUJWBO EFTEF HFOÏUJDBT TFMFDDJPOBEBT QPS UBOUP IBZ RVF NBOUFOFSMBT TBOBT Z MJTUBT QBSB QSP EVDJS IPSOBEBT HFOFSPTBT EF FTRVFKFT "EFNÈT UBNCJÏO DPOTJHVFO HBOBS UJFN QP ZB RVF FM QSFDSFDJNJFOUP IBDF RVF OP TFB OFDFTBSJP MMFWBS VO GPUPQFSJPEP EF DSFDJNJFOUP MBT EPT QSJNFSBT TFNBOBT USBT TV MMFHBEB BM DVBSUP EF GMPSBDJØO

4BMB EF GMPSBDJØO QFRVF×B &O MB TBMB EF DVMUJWP QFRVF×B IBZ FTQBDJP QBSB QMBOUBT NPOUBEBT FO VOB HSBO

CBOEFKB TPCSF VO TVFMP UJQP 3PMM (P &TUF TJTUFNB FT VO TVFMP EF HPNB RVF TF DPSUB B NFEJEB Z DJFSSB DPO CSJEBT FO TVT CPSEFT %F FTUB GPSNB TF DSFB VO SFDJQJFOUF FTUBODP DPO WBSJBT GVODJPOFT BIPSSB UJFNQP BM QFSNJUJS FM SJFHP QPS JOVOEBDJØO SFDPHF FM MJRVJEP TPCSBOUF Z QSPUFHF FM TVFMP SFBM EF MB DBTB "M NPO UBSMP FO TJTUFNBT BNQMJPT IBZ RVF IBDFSMP DPO NVDIB QFSTQJDBDJB EF GPSNB RVF OP TF FTUBORVF FM BHVB FO OJOHÞO QVOUP 5BOUP FM DJDMP MVNÓOJDP DPNP MB UFN QFSBUVSB Z IVNFEBE UJFOFO DPOUSPM BVUPNÈUJDP -B MVNJOBSJB QSJODJQBM FT VO TPEJP NPOUBEP FO VO SFGMFDUPS "EKVTU B 8JOH QBSB VOB NFKPS SFGMFYJØO EF MB MV[ "MJNFOUBEB QPS VO CBMBTUSP FMÏD USJDP -VNBUFL DPO VOB HSBO DBQBDJEBE EF BEBQUBDJØO B MBT DPOEJDJPOFT EFM NPNFOUP QBSB FYQSJNJS BM NÈYJNP MBT QPTJCJMJEBEFT EF DBEB CPNCJMMB *ODMVZFO FM CPUØO TVQFSMVNFO QBSB MMFWBS FM FRVJ QP BM NÈYJNP DPO SFTVMUBEPT FWJEFOUFT B TJNQMF WJTUB 4JO EVEB FT VOB PQDJØO JOUF SFTBOUF ZB RVF FT SÈQJEP OP TF DBMJFOUB OP IBDF SVJEP BIPSSB EJOFSP Z BQSPWFDIB MB FOFSHÓB BM NÈYJNP 5PEP TPO WFOUBKBT $PNP BQPZP B MB MVNJOBSJB QSJODJQBM IBZ EPT GMVPSFTDFOUFT EF CBKP DPOTVNP UJQP "HSPMJUF DPO TVT SFTQFDUJWPT SFGMFDUP SFT $BEB MVNJOBSJB EF BQPZP PGSFDF VOB QPUFODJB EF WBUJPT

7JTUB HFOFSBM EF MB TBMB QFRVF×B EF GMPSBDJØO SFDJÏO USBOTQMBOUBEB

-B WFOUJMBDJØO DPSSF B DBSHP EF EPT WFOUJ MBEPSFT EF NFUSPT DÞCJDPT B MB IPSB VOP NFUF BJSF Z PUSP TBDB &M FYUSBDUPS FTUÈ FRVJQBEP DPO VO GJMUSP BOUJPMPS QBSB FWJUBS BSPNBT EFMBUPSFT $PNP BQPZP UJFOF EPT WFOUJMBEPSFT QBSB NPWFS FM BJSF EFOUSP EF MB IBCJUBDJØO 0USP EFUBMMF JNQPSUBOUF FT RVF UJFOFO NPOUBEP FM "JS 4PDL VOB QJF[B EF UFMB UVCVMBS GBCSJDBEB QPS #"$ TV GVO DJØO FT VOB NFKPS EJTUSJCVDJØO EFM BJSF FO UPEP FM FTQBDJP EF DVMUJWP MP RVF NFKPSB MB TBMVE Z WJHPS EF MBT QMBOUBT

TF B JOWFOUBS BOUFT EF EPNJOBS MBT CBTFT DPO MP RVF TF IBDFO FYUSB×BT F JOKVTUJGJDB EBT iQSVFCBTw EF MBT RVF OVODB TF DPOPDF FM ÏYJUP SFBM BM DBSFDFSTF EF QVOUP EF SFGFSFODJB QBSB DPNQBSBS 3FTVMUB NVDIP NÈT JOUFMJHFOUF MB PQDJØO EF MPT DVMUJWB EPSFT EF FTUF DBTP "M VTBS VOB TPMB NBSDB TFHÞO MBT JOTUSVDDJPOFT EFM GBCSJDBOUF FWJ UBO JOUFSBDDJPOFT OP EFTFBEBT B MB WF[ RVF TF BTFHVSBO EF TFHVJS VO NÏUPEP EF ÏYJUP DPNQSPCBEP QPS OVNFSPTPT DVMUJWB EPSFT QSPGFTJPOBMFT IPMBOEFTFT

4BMB EF GMPSBDJØO HSBOEF

" MB IPSB EF IBCMBS EF MB GFSUJMJ[BDJØO IBZ RVF USBUBS PUSP EFUBMMF EF FTUBT JOTUBMB DJPOFT 4F USBUB EF DVCPT EPOEF TF HVBS EB FM BHVB SFQPTBEB DVFOUBO DPO EPT CPNCBT -B QSJNFSB NBOEB VO QPUFOUF DIPSSP RVF SPNQF MB TVQFSGJDJF EFM DPO UFOFEPS UJFOF VOB EPCMF GVODJØO ZB RVF NF[DMB FM GFSUJMJ[BOUF Z PYJHFOB MB TPMV DJØO $PO VO DBMFOUBEPS Z VO UFSNØNFUSP TF NBOUJFOF FO BHVB UJCJB FO UPSOP B MPT HSBEPT TJO QBTBSTF UBNQPDP EF UFNQFSBUVSB QVFT FOUPODFT QFSEFSÓB PYÓHFOP &M TJTUFNB EF SJFHP FT QBTJWP 1SFQBSBO MB NF[DMB TFHÞO FM NPNFOUP EF EFTBSSPMMP EF MB QMBOUB MB EFKBO SFQPTBS DJODP IPSBT QBSB RVF TF FTUBCJMJDF Z MVFHP JOVOEBO MBT CBOEFKBT 4PMP FMBCPSBO MB TPMVDJØO OVUSJFOUF RVF TF WB B VTBS FO DBEB NPNFOUP ZB RVF DPNP FT VO QSP EVDUP PSHÈOJDP OP TF QVFEF BMNBDFOBS VOB WF[ QSFQBSBEP QVFT TF DPSSPNQFSÓB /P NJEFO FM Q) OJ MB &$ TJOP RVF EPTJGJ DBO TFHÞO MPT NJMJMJUSPT RVF USBF MB UBCMB &TUP TF EFCF B RVF TF USBUB EF VO DVMUJWP FTUJMP #JP TPCSF UJFSSB QPS MP RVF FM Q) PTDJMB NVDIP Z SFTVMUB EJGÓDJM EF FTUBCJ

-B TBMB EF DVMUJWP HSBOEF FT NVZ TJNJMBS B MB QFRVF×B -BT NBZPS EJGFSFODJB FT RVF DVFOUB DPO DBQBDJEBE QBSB QMBO UBT EJTUSJCVJEBT FO TFOEPT HSVQPT EF TPCSF EPT CBOEFKBT UJQP 3PMM (P &O FTUB PDBTJØO MBT MVNJOBSJBT TPO EPT CPNCJMMBT EF TPEJP EF WBUJPT 7BO NPOUBEBT TPCSF EPT SFGMFDUPSFT "EKVTU B 8JOH FOGSFOUBEPT VOP BM PUSP EF GPSNB RVF DVCSFO FM NÈYJNP FTQBDJP QPTJCMF "NCBT CPNCJMMBT DVFOUBO DPO CBMBTUSP FMFDUSJDP -VNBUFL &M TJTUFNB EF WFOUJMBDJØO Z BVUPNBUJ[BEP FT UBNCJÏO TFNFKBOUF BM EF MB TBMB QFRVF ×B BVORVF DPO FM MØHJDP BVNFOUP EF QPUFODJB "NCBT TPO TBMBT NVZ BQSPWF DIBEBT Z CJFO EJTQVFTUBT

&OGPRVF EF MB BMJNFOUBDJØO 5BOUP FM TVTUSBUP DPNP UPEPT MPT GFSUJMJ [BOUFT TPO EF #"$ %FTEF FM QSJODJQJP EFM DVMUJWP BM GJOBM EF MB GMPSBDJØO 6O EFGFDUP NVZ DPNÞO EFM DVMUJWBEPS MPDBM FT QPOFS

-VNJOBSJB QSJODJQBM DPO EPT SFGVFS[PT EF GMVPSFTDFOUF DPNQBDUP




GMPSBDJØO UBNCJÏO TF B×BEFO NM M EF 3PPU 4UJNVMBUPS &M FTUJNVMBEPS EF GMPSB DJØO OP FT PUSB NBDSPEPTJT EF 1, QVFT FTUBT DPNCJOBDJPOFT EF FMFNFOUPT TJNJ MBSFT TVFMFO TPCSFEPTJGJDBS B MB QMBOUB "M DPOUSBSJP FM FTUJNVMBEPS EF #"$ FT VO QSPEVDUP DFOUSBEP FO MBT CBDUFSJBT RVF EJHJFSFO FM QPUBTJP QPS MP RVF MB QMBOUB QVFEF BTJNJMBS NÈT OVUSJFOUFT

%FUBMMF EFM "JS 4PDL

7JTUB HFOFSBM EF MB TBMB HSBOEF EF GMPSB DJØO SFDJÏO USBOTQMBOUBEB

MJ[BS -PT BCPOPT ZB FTUÈO QSFQBSBEPT QBSB GVODJPOBS DPO VO BHVB RVF UFOHB CVFOB DBMJEBE EF QBSUJEBT "EFNÈT MB UJF SSB UJFOF VO FGFDUP BNPSUJHVBEPS TPCSF MBT QPTJCMFT PTDJMBDJPOFT 0USP NPUJWP FT RVF FM NÏUPEP CJP EF #"$ TF CBTB FO JOTVGMBS WJEB BM TVTUSBUP DPO FM VTP EF 'VOLZ 'VOHJ BM IBDFS FM USBOTQMBOUF OP DPOWJFOF QPS UBOUP FTUBCJMJ[BS FM Q) DPO ÈDJEPT QVFT TF EB×BSÓB MB WJEB EFM TVFMP &M 'VOLZ 'VOHJ FT VOB NF[DMB EF DVBUSP UJQPT EF NJDPSSJ[B TF BQMJDB KVOUP B MB SBÓ[ FO DBEB USBOTQMBOUF &O MB HBNB CJP EF #"$ FT VO FMFNFOUP JNQSFTDJOEJCMF QVFT MB JEFB OP FT BMJNFOUBS B MB QMBOUB TJOP DSFBS WJEB FO FM TVFMP Z NBOUFOFSMB BDUJWB Z BMJNFOUBEB EF GPSNB RVF FM TVFMP FO FCVMMJDJØO TFB FM RVF TF FODBSHVF EF BMJNFOUBS B MB QMBOUB -PT FTRVFKFT SFDJCFO VO QSFDSFDJNJFOUP FO NBDFUBT EF EPT MJUSPT QBSB QBTBS BM UBNB×P GJOBM EF DJODP MJUSPT BOUFT EF MB GMP SBDJØO &M TVTUSBUP FT -BWB 4PJM VO TVTUSBUP EF #"$ QFOTBEP QBSB VTBSTF FO DPOKVOUP DPO FTUB HBNB EF OVUSJFOUFT

%PTJGJDBDJØO EF GFSUJMJ[BOUFT Z DPNQMFNFOUPT %VSBOUF FM DSFDJNJFOUP MB GFSUJMJ[BDJØO TF CBTB FO NM M EF (SPX Z NM M EF 3PPU 4UJNVMBUPS &O FTUF QFSJPEP UBNCJÏO TF QVMWFSJ[B VOB WF[ DPO 'PMJBS 4QSBZ B NM M Z PUSB WF[ DPO #"$ 1SPBDUJWF B NM M

3FNBUF EF MBT CBOEFKBT 3PMM (P

7JTUB HFOFSBM EF MBT CBOEFKBT 3PMM (P

&O MB GMPSBDJØO MB CBTF EF MB BMJNFOUBDJØO QBTB B TFS NM M EF #MPPN Z NM M EF #MPPN 4UJNVMBUPS -B QSJNFSB TFNBOB EF

4BMB QFRVF×B ÞMUJNP EÓB EF GMPSBDJØO

4PCSF FTUB CBTF TF TVNBO QSPQPSDJPOFT DSFDJFOUF EF 1L #PPTUFS "TÓ MB TFHVOEB TFNBOB EF GMPSBDJØO TF B×BEF NM M EF 1, #PPTUFS MB UFSDFSB TFNBOB NM M Z MB DVBSUB TFNBOB NM M " QBSUJS EF MB RVJOUB TFNBOB EF GMPSBDJØO TF B×BEFO BM SJFHP NM M &M 0SHBOJD 1, #PPTUFS EF #"$ DPOTJHVF SFTVMUBEPT TFNFKBOUFT B MPT 1, RVÓNJDPT QFSP QBSUJFOEP EF GVFOUFT PSHÈOJDBT $POUJFOF VO BMUP QPSDFOUBKF EF B[VDBSFT RVF USBCBKBSÈO FO TJNCJPTJT DPO MBT NJDPSSJ[BT EF MBT SBÓ DFT JOUSPEVDJEBT HSBDJBT FM 'VOLZ 'VOHJ 5BNCJÏO JODMVZF VO FYUSBDUP EF ZVDB RVF SPNQF MB UFOTJØO TVQFSGJDJBM EFM BHVB MP RVF QFSNJUF VOB NBZPS QFOFUSBDJØO EF MB TPMVDJØO OVUSJFOUF FO FM TVFMP 4F BQMJDB FM 'PMJBS 4QSBZ EPT WFDFT EVSBOUF MBT USFT QSJNFSBT TFNBOBT EF GMPSBDJØO B NM M &M #"$ QSPBDUJWF TF EFKB EF QVM WFSJ[BS FO GMPSBDJØO QFSP TF BQMJDB FO SJFHP VOB WF[ B MB TFNBOB B NM M &TUF QSPEVDUP TF CBTB FO ÈDJEPT IÞNJDPT Z GÞMWJDPT TV GVODJØO FT QSPNPWFS QMBOUBT TBOBT Z WJHPSPTBT UBOUP FO DSFDJNJFOUP DPNP FO GMPSBDJØO 4F IBDFO EPT BQMJDBDJPOFT EF #"$ 'JOBM 4PMVUJPO B NM M MB QSJNFSB DPO FM USBOT QMBOUF B GMPSBDJØO MB TFHVOEB FO MB ÞMUJNB TFNBOB BOUFT EF MB DPTFDIB &TUF QSPEVD UP TF CBTB FO CBDUFSJBT RVF SPNQFO TBMFT Z GBDJMJUBO MB EJHFTUJØO EF SBÓDFT NVFSUBT Z SFTUPT PSHÈOJDPT 4V FNQMFP NFKPSB FM TBCPS BTÓ DPNP FM FOUPSOP EF MBT SBÓDFT MP RVF JOGMVZF FO FM WJHPS EF MB QMBOUB 4PMP VTBO #"$ 'JOBM 4PMVUJPO EPT WFDFT QPSRVF FM TVTUSBUP -BWB 4PJM ZB MP JODMVZF &O DBTP EF FTUBS VTBOEP PUSP TVTUSBUP DPOWJFOF B×BEJSMP FO DBEB USBOTQMBOUF BEFNÈT EF PUSBT EPTJT EF SFGVFS[P BEJDJPOBMFT

(FOÏUJDBT -B WJTJUB GJOBM TF IJ[P FO QMFOP BHPTUP QVFT OP BQBHBO MPT GPDPT ZB RVF BVORVF CBKF BMHP MB DBMJEBE TPO HFOÏUJDBT SFTJT UFOUFT Z BHVBOUBO VO DVMUJWP EF WFSBOP TJ TF MFT QSPQPSDJPOBO CVFOBT DPOEJDJP OFT "VORVF FO MP FTUÏUJDP BMHVOBT IPKBT QSJODJQBMFT RVFEBSBO VO QPDP BGFDUBEBT

#MVF 5PPUI


FT NVZ SÈQJEP QPS MP RVF OP IBZ UJFNQP B RVF MB QMBOUB TF WFB SFBMNFOUF BGFDUBEB -BT CBOEFKBT 3PMM (P TF JOTUBMBO DPO TFO DJMMF[ Z BIPSSBO NVDIP USBCBKP &O DVMUJWPT NVZ HSBOEFT QSFTFOUBO FM QSPCMFNB EF RVF FM SJFHP QVFEF MMFHBS B MBT QMBOUBT EF GPSNB EFTJHVBM QPS MP RVF FO MPT NFTFT WFSBOJFHPT IBZ RVF FTUBS BUFOUPT QBSB RVF OJOHVOB QMBOUB TVGSB EFTIJESBUBDJØO

4BMB HSBOEF FO ÞMUJNP EÓB EF GMPSBDJØO DPOWFODF FM SFTVMUBEP GJOBM VOB WF[ QBTB EB MB NBOJDVSB ZB RVF TPO DPHPMMPT EFO TPT SFTJOBEPT Z TBCSPTPT SFTVMUB EJGÓDJM BQSFDJBS FO FM QSPEVDUP GJOBM RVF WJFOF EF VO DVMUJWP EF WFSBOP &O MB TBMB QFRVF×B TF DVMUJWBSPO FTRVFKFT EF MB #MVF 5PPUI &TUF OPNCSF IBDF SFGFSFODJB B VO DMPO ÏMJUF TBMJEP EF VOB TFMFDDJØO EF #MVF )B[F Y 4XFFU 5PPUI RVF SFBMJ[Ø VO DMJFOUF EF %JPTBQMBOUB %JDIB FNQSFTB GFNJOJ[Ø EJDIP DMPO ÏMJUF QBSB PGSFDFS MB #MVF 5PPUI QMBOUB ZB USBUBEB FO BOUFSJPSFT OÞNFSPT EF 4PGU 4FDSFUT DPOPDJEB DPNP MB QSJNFSB TFNJMMB EF DBOOBCJT HBMMFHB -B #MVF 5PPUI FT VO IÓCSJEP DPO DMBSB UFOEFODJB *OEJDB ZB RVF IBDF QMBOUBT DPS UBT Z EF DPHPMMPT NVZ EFOTPT BEFNÈT EF VOB QTJDPBDUJWJEBE SPUVOEB "M QPDP EF QBTBS B EPDF IPSBT BQBSFDFO MPT TÓOUPNBT EF GMPSBDJØO -BT QSJNFSBT GPSNBDJPOFT EBO QBTP B DPHPMMPT RVF TF EFOTJGJDBO Z DVCSFO EF SFTJOB 4J TF RVJFSFO PCUFOFS MBT UPOBMJEBEFT WJPMFUBT IBZ RVF CBKBS MB UFNQFSBUVSB BM GJOBM EF MB GMPSBDJØO ZB RVF FO DPOEJDJPOFT OPSNBMFT MB QMBOUB OP MBT QSFTFOUB &TUB WBSJFEBE TPCSF UPEP MB DVMUJWBO QPS TFS NVZ EJTDSFUB QBSB FM USBOTQPSUF ZB RVF TVT DPHPMMPT TPO NVZ EFOTPT Z DPO QPDP PMPS QPS MP RVF TF QVFEF USBOTQPSUBS VOB CVFOB DBOUJEBE FO VO QFRVF×P FTQBDJP TJO MMBNBS MB BUFODJØO QPS GSBHBODJBT JOPQPSUVOBT

-B QPUFOUF WFOUJMBDJØO QFSNJUF GMPSFDFS FO "HPTUP

-B TBMB EF GMPSBDJØO HSBOEF TF MMFOØ EF DMPOFT EF VOB TFMFDDJØO EF $IPDPMPQF SFBMJ[BEB B QBSUJS EF TFNJMMBT SFHVMBSFT EF %/" (FOFUJDT &TUB WBSJFEBE FT VOB 4BUJWB EF GMPSBDJØO NVZ SÈQJEB QVFT FTUÈ MJTUB FO EÓBT 0USBT DBSBDUFSÓTUJDBT NVZ JOUFSFTBOUFT TPO MB TFODJMMF[ EF DVMUJ WP Z MB CVFOB QSPEVDDJØO 4FHÞO %/" (FOFUJDT TF USBUB EF VO DSVDF EF 0SJHJOBM $IPDPMBUF 5IBJ Z $BOOBMPQF )B[F QPS MP RVF FM SFTVMUBEP TFSÓB VOB QSFEPNJ OBODJB EF 4BUJWB FO VO P NÈT &O UPEP DBTP FM DMPO TFMFDDJPOBEP UJFOF VOB QBSUF *OEJDB NVZ DMBSB MP RVF SFTVMUB QBUFOUF QPS TV DPSUP QFSJPEP EF GMPSB DJØO NBOFKBCMF UBNB×P Z QSPEVDDJØO HFOFSPTB EF DPHPMMPT DFOUSBMFT NVZ SFTJ OBEPT 5BNCJÏO FM FGFDUP Z FM QBMBEBS SFDVFSEBO B VO IÓCSJEP DPO QPDP NÈT EF MB QBSUF 4BUJWB RVF EF MB *OEJDB 4FHÞO TV BTDFOEFODJB TF FTQFSB RVF QSFTFOUF VO TBCPS EF DIPDPMBUF BNBSHP Z FGFD UPT NVZ DFSFCSBMFT &O DBNCJP FM DMPO FMFHJEP PGSFDF VO QBMBEBS NVDIP NÈT EVMDF BTQFDUP RVF FTUÈO QSFTFOUF FO TV BHSBEBCMF PMPS NVDIP NÈT JOUFOTP RVF FM EF MB #MVF 5PPUI 3FTQFDUP BM FGFDUP FT BMFHSF QFSP TJO MMFHBS B MP QTJDPBDUJWP QVFEF EFDJSTF RVF FT VOB ZFSCB RVF UF QPOF B GVODJPOBS QFSP B VO SJUNP SFMBKBEP 4V HSBO DBOUJEBE EF SFTJ OB FO DPHPMMPT Z IPKJUBT TFDVOEBSJBT MB IBDFO JEFBM QBSB FYUSBFS IBDIÓT )BTUB MPT DPHPMMPT JOGFSJPSFT TBMFO NVZ SFTJOBEPT &TUB HSBO DBOUJEBE EF USJDPNBT QSPEVDF

VO IVNP TBCSPTP Z DPO NVDIP DVFSQP 5PEBT FTUBT DBSBDUFSÓTUJDBT TVHJFSFO RVF IBZ VOB QBSUF NVZ DMBSB EF *OEJDB FO MB $IPDPMPQF BVORVF RVFEB EJTJNVMBEB QPS MB QFSTPOBMJEBE EFM MBEP 4BUJWP 4F QVFEF EFDJS RVF MB #MVF 5PPUI Z MB $IPDPMPQF TPO QMBOUBT RVF SFTQPO EFO B PCKFUJWPT TJNJMBSFT GMPSBDJØO SÈQJEB CVFOB QSPEVDDJØO GMPSFT DPNQBDUBT Z FGFDUP SPUVOEP $VBOEP TF CVTDB FTUBT DBSBDUFSÓTUJDBT SFTVMUBO MB QBSFKB *OEJDB 4BUJWB QFSGFDUB ZB RVF NBOUJFOFO BTQFD UPT FO DPNÞO RVF MBT IBDFO CVFOBT DPN QB×FSBT EF DVMUJWP DPNP MBT OFDFTJEBEFT BMJNFOUJDJBT Z DMJNÈUJDBT TJNJMBSFT BEFNÈT EFM DPSUP QFSJPEP EF GMPSBDJØO 0USP BTQFD UP EF JNQPSUBODJB FT RVF BNCBT EFTBSSP MMBO VOB FTUSVDUVSB EF DPHPMMP DFOUSBM MP RVF MBT IBDF BEFDVBEBT QBSB VO DVMUJWP UJQP 40( DPNP FTUF FO RVF TF QPOFO B GMPSFDFS NVDIPT FTRVFKFT DPO QPDP QFSJP EP EF DSFDJNJFOUP EF GPSNB RVF TF DSFB VO NBS EF QPSSBT QSJODJQBMFT

$PODMVTJPOFT -BT JOTUBMBDJPOFT DVNQMFO FM PCKFUJWP EBS VOB CVFOB DPTFDIB EF DPHPMMPT EVSPT Z QPUFOUFT DPO QPDP NBOUFOJNJFOUP Z IBTUB FO MBT DPOEJDJPOFT DMJNÈUJDBT NÈT EJGÓDJMFT $PO FTUB NFUB FO MB NFOUB TF QVFEF EFDJS RVF FM DVMUJWP QBTB MB QSVFCB JODMVTP FO MP NÈT UØSSJEP EFM WFSBOP EB VO CVFO SFTVMUBEP GJOBM "VORVF BMHVOB QMBOUB TVGSB BMHÞO EB×P FTUÏUJDP FM DJDMP

"VORVF FM $PMFDUJWP (SFFOCPNCFS TJFN QSF UVWP MB DBMJEBE FO TV IPSJ[POUF IBO NFKPSBEP EJWFSTPT BTQFDUPT EF TV DVMUJWP DPO FM UJFNQP 4FHÞO DVFOUBO MBT NFKPSBT NÈT SFMFWBOUFT IBO TJEP USFT NPOUBS FM "JS 4PDL QBSB MB EJTUSJCVDJØO EFM BJSF FNQMFBS FM TVTUSBUP Z MPT BCPOPT EF #"$ Z PQUBS QPS VO TJTUFNB EF SJFHP QBTJWP BMJNFOUB EP EFTEF VO UBORVF EPOEF TF QSFQBSB MB TPMVDJØO OVUSJFOUF &O TVT QSJODJQJPT FMBCPSBCBO FMMPT NJT NPT VO TVTUSBUP DPNQMFUP EPOEF MBT QMBOUBT QPEÓBO DPHFS UPEPT TVT OVUSJFO UFT TJO OFDFTJEBE EF NÈT BCPOP &M DBN CJP MFT IB DPOWFODJEP i"VORVF IBHBT MB[ NF[DMBT DPO MB NFKPS JOUFODJØO NVDIBT WFDFT IBZ JODPNQBUJCJMJEBEFT FOUSF MPT FMFNFOUPT RVF OP IBT QSFWJTUP BQBSUF EF RVF FM ESFOBKF P MB FTUSVDUVSB OP TFBO QFSGFDUPT %FTQVÏT EF FTUBS B×PT QFHÈOEPOPT FM USBCBKP EF NF[DMBS FM TVTUSBUP RVFEBNPT DPOWFODJEPT TJ VTBT VOB HBNB DPNQMFUB Z QSPGFTJPOBM QVF EFT DPOTFHVJS NFKPSFT SFTVMUBEPT DPO NVDIPT NFOPT FTGVFS[P "IPSB NJTNP TBDBNPT QMBOUBT NÈT TBOBT Z QSPEVDUJ WBT EF DPHPMMPT NVDIP NÈT EFOTPTw &TUB FT VOB EF MBT DPODMVTJPOFT NÈT JNQPS UBOUFT EFTQVÏT EF WJTJUBS B FTUF $PMFDUJWP QPS NVZ CJFO RVF MP IBHBT QPS NVDIP RVF MP QJFOTFT UPEP TJFNQSF FT QPTJCMF NFKPSBS UBOUP QPS MB FYQFSJFODJB RVF EBO MPT B×PT DPNP QPS OVFWPT QSPEVDUPT RVF OPT GBDJMJUBO MB WJEB P NFKPSBO QSPDFTPT )BZ RVF TFS IVNJMEF Z FTUBS BCJFSUP OBEB FT QFSGFDUP Z UPEP QVFEF NFKPSBS -BT GPUPT EBO UFTUJNPOJP EF RVF IBTUB FO QMFOP "HPTUP TBDBO CVFOPT SFTVMUBEPT EF TVT DÈNBSBT EF GMPSBDJØO &O UPEP DBTP RVFEBO NVDIBT DPTBT FO FM UJOUFSP EF GPSNB RVF WPMWFSFNPT B WJTJUBS MPT KBSEJOFT EF FTUF DPMFDUJWP FO NFTFT NÈT QSPQJDJPT DVBOEP NVFTUSBO UPEP TV FTQMFOEPS



$6-5*70 %& */5&3*03

4BOFBEP EF NBESFT CPOTBJ :B IBCMBNPT FO PUSPT OÞNFSPT EF VO QFRVF×P BSNBSJP EFTUJOBEP B NBOUFOJNJFOUP EF QMBOUBT NBESFT CPOTBJ QBSB BTFHVSBS MBT HFOÏUJ DBT FO FM FTQBDJP NÓOJNP 4F USBUB EF VO BSNBSJP DPO KVTUP FM FTQBDJP RVF PDVQB FM SFGMFDUPS EF VO GMVPSFTDFOUF DPNQBDUP "HSPMJUF EF GPSNB RVF MB JOTUBMBDJØO RVFEF SFEVDJEB BM NÓOJNP "OUF UPEP BDMBSBS RVF FTUBT QMBOUBT NBESFT OP TPO CPOTBJT BSUÓTUJDPT TF USBUB TPMP EF NBOUFOFS QMBOUBT TBMBT Z FO QFRVF×P UBNB×P 1BSB MB FMB CPSBDJØO EF CFMMPT CPOTBJT DPOTVMUB FM SFQPSUBKF FTDSJUP QPS &OSJRVF EF 1MBOUBOJB 4PGU 4FDSFUT TJ UF MB QFSEJTUF QVFEFT EFTDBSHBSMB FO OVFTUSB XFC XXX TPGUTFDSFUT OM -B UÏDOJDB CÈTJDB EF FMBCPSBDJØO EF NBESFT CPOTBJ DPOTJTUF FO DPSUBS MBT SBNBT JOUFSJPSFT EF GPSNB RVF MB QMBO UB TPMP DSF[DB IBDJB GVFSB )BTUB RVF TF EPNJOB IBZ RVF FYQFSJNFOUBS VO QPDP QPS MP RVF EFCF QPEBSTF TJO NJFEP

QBSB DPHFS FYQFSJFODJB 4FHÞO QBTB FM UJFNQP MPT UBMMPT TF MJHOJGJDBO Z DPHFO BTQFDUP EF NBEFSB -P JEFBM FT IBDFS QPEBT TFNBOBMFT EF MPT CPOTBJT )BZ QBSUFT EF MB UFNQPSBEB DPO NBZPS EFNBOEB EF FTRVFKFT TJO EVEB CVFOB PDBTJØO QBSB VTBS MB "HSPMJUF EF WBUJPT &T FO FTUPT NPNFOUPT DVBO EP TF EFKBO BMHVOPT CSPUFT JOUFSJPSFT V PUSPT EVEPTPT EF GPSNB RVF BM QPEBS MPT TF QVFEB PCUFOFS UBNB×P TVGJDJFOUF QBSB VO FTRVFKF -VFHP RVJ[ÈT ZB OP TF OFDFTJUFO UBOUPT Z FM BSNBSJP EF NBNJT CPOTBJT QBSF[DB VOB TFMWB FTUÈO QJEJFO EP B HSJUPT VO TBOFBEP JOUFHSBM

"TQFDUP HFOFSBM EFM BSNBSJP FO NPEP TFMWB )BZ RVF QPEBS B GPOEP SFEVDJFOEP MPT CSPUFT WFSEFT B MB NÓOJNB FYQSFTJØO &T CVFOB PDBTJØO QBSB JODMVTP FMJNJOBS SBNBT HPSEBT B MBT RVF TF IVCJFSB

EFKBEP QSPTQFSBS FO UFNQPSBEB QFSP BIPSB SFTVMUFO JOOFDFTBSJBT $VBOEP MBT QMBOUBT CPOTBJT UJFOFO VOPT NFTFT TV TJTUFNB SBEJDVMBS FT GVFSUF QPS MP RVF SFTJTUFO TJO QSPCMFNBT BVORVF MB QPEB TFB JOUFOTJWB "M FMJNJOBS SBNBT Z CSPUFT IBZ RVF NBOUFOFS FO MB DBCF[B FM BTQFDUP RVF UPNBSÈ MB NBESF DVBO EP WVFMWB B DSFDFS 5SBT MB QPEBT TF QVMWFSJ[B MBT QMBOUBT B DPODJFODJB DPO KBCØO EF QPUBTB EF GPSNB RVF TF MBWFO MBT QMBHBT Z TVT IVF WPT " DPOUJOVBDJØO EF BQMJDB VO SJFHP DPO BCPOP EF DSFDJNJFOUP 4J TF EFTFB VOB QSPOUB SFDVQFSBDJØO EF MBT QMBOUBT TF BQMJDBSÈ MB EPTJT FOUFSB EF GFSUJMJ[BOUF Z TF DPOUJOVBSÈ DPO MB "HSPMJUF EF WBUJPT CBKÈOEPMB IBTUB EFKBSMB DFSDB EF MB NBESF 4J TF EFTFB VO DSFDJNJFOUP NÈT MFOUP TF BQMJDBSÈ MB NJUBE EF EPTJT Z TF PQUBSÈ QPS MB "HSPMJUF EF WBUJPT Z EFKBSMB DPMHBEB BMUB -BT CPNCJMMBT VTBO FM NJTNP SFGMFDUPS Z OP FNQMFBO BSSBO DBEPS QPS MP RVF TF QVFEFO DBNCJBSTF TJO QSPCMFNB FT NVZ DPOWFOJFOUF EJT QPOFS EF BNCBT PQDJPOFT 5SBT FTUF USBUBNJFOUP MBT QMBOUBT ZB RVF EBO TBOFBEBT Z MJTUBT QBSB WPMWFS B QSPEV DJS FTRVFKFT FO NFOPT EF VO NFT

#POTBJ EF "NOFTJB )B[F BOUFT EFM TBOFBEP

#POTBJ $SJUJDBM .BTT BOUFT EFM TBOFBEP

#POTBJ EF "NOFTJB )B[F EFTQVÏT EFM TBOFBEP

#POTBJ EF $SJUJDBM .BTT EFTQVÏT EFM TBOFBEP

"TQFDUP HFOFSBM EFM BSNBSJP USBT MB QPEB


&- '050 */%003 %& ,*,&-&

"NOFTJB )B[F EF 3PZBM 2VFFO 4FFET VOB 4BUJWB DPO QFHBEB &O FTUB TFSJF ,JLF-F WB BOBMJ[BOEP EJWFSTBT TFNJMMBT EF 3PZBM 2VFFO 4FFET B MB WF[ RVF QSVFCB EJTUJOUBT UBCMBT Z QSPEVDUPT EF GFSUJMJ[BDJØO EF MB DBTB "UBNJ "EFNÈT EF TFS VOP EF MPT NFKPSFT GPUP HSBGPT EF &TQB×B ,JLF - FT DVMUJWBEPS WFUFSBOP EF GPSNB RVF FT VO IPOPS UBOUP QBSB 4PGU 4FDSFUT DPNP QBSB 3PZBM 2VFFO 4FFET Z "UBNJ RVF IBZB NPOUBEP VOB DPNCJOBDJØO EF *OEPPS Z FTUVEJP GPUPHSÈGJDP EFTUJOBEB B QSPCBS EJTUJOUPT QSPEVDUPT Z EFKBS UFTUJNPOJP FO 4PGU 4FDSFUT DPO TVT SFUSBUPT

$SFDJNJFOUP Z GMPSBDJØO EF MB "NOFTJB )B[F -BT DJODP TFNJMMBT HFSNJOBO DPO GBDJMJ EBE B QFTBS EF TFS VOP EF MPT QSJNFSPT QBRVFUFT RVF MB NBSDB FOWJØ B &TQB×B DPO VOB FEBE NÓOJNB EF EPT B×PT Z NFEJP &TUP ZB FT VO ÏYJUP SPUVOEP &M NÏUPEP GVF EFKBSMBT FO VO SFDJQJFOUF PQBDP FOUSF TFSWJMMFUBT QVMWFSJ[BEBT DPO BHVB &O DVBOUP BTPNBO MB SBÓ[ TF USBOTQMBOUBO B VO QFRVF×P UJFTUP RVF TF EFKB KVOUP B VOB WFOUBOB -VFHP TF QBTBO BM *OEPPS FO TVT FYUSFNPT MBUF SBMFT QBSB OP RVFNBSMBT USBT BEBQUBSTF MMFHB VO USBOTQMBOUF B NBDFUBT SFEPO EBT Z TF TJUÞBO CBKP FM GPDP 1SPOUP FNQJF[BO B GPSNBS VOB FYDFMFO UF FTUSVDUVSB &O FTUB PDBTJØO TF PQUB QPS QPOFS NFOPT QMBOUBT EBS VO DSF DJNJFOUP MJHFSP Z QPDB QPEB EF GPSNB RVF B QFTBS MB JOGMVFODJB 4BUJWB TF GBWP SFDFO JOEJWJEVPT CJFO QSPQPSDJPOBEPT NBOFKBCMFT Z NVZ BEFDVBEPT QBSB MB

GPUPHSBGÓB DBOOÈCJDB "VORVF NVFTUSB TV UFOEFODJB 4BUJWB EFTEF FM QSJNFS NPNFOUP MB QMBOUB SFWFMB RVF UBNCJÏO IBZ VOB QBSUF EF *OEJDB WJTJCMF FO TÓO UPNBT JODPOGVOEJCMFT DPNP FM JOUFOTP DPMPS WFSEF EF MBT DBSOPTBT IPKBT BEF NÈT EF UBMMPT HSVFTPT Z SPCVTUPT &M DVMUJWP TVGSF BMHÞO TUSFTT QPS GSÓP QPS MP RVF TF SBMFOUJ[B VOPT EÓBT BEF NÈT EF BQBSFDFS BMHVOPT UPOPT MJMB BM GJOBM NVZ UÓQJDP FO NVDIBT WBSJFEBEFT DVBOEP TVGSFO UFNQFSBUVSBT EF NFOPT EF HSBEPT -BT QMBOUBT SFTJTUFO CJFO Z TBMFO BEFMBOUF BVORVF TJO EVEB IVCJFSB NFKPSBEP FM SFTVMUBEP EF OP TVGSJS FTUPT QSPCMFNBT DMJNÈUJDPT -B GMPSBDJØO FT CBTUBOUF DPSUB NFOPT EF EJF[ TFNBOBT FO UPUBM BVORVF BM QSJODJQJP UBSEB VO QPDP QSPOUP TF MBO[B B GMPSFDFS 1SJNFSP EF VOB GPSNB NÈT QBVTBEB Z USBORVJMB %FTQVÏT FNQJF[B B VOJS MPT DPHPMMPT QBSB GPSNBS GJOPT SBDJ NPT EVSBOUF FM FTUJSØO GJOBM MBT GMPSFT OP BVNFOUBO NVDIP EF WPMVNFO QFSP TJ DPNQBDUBO Z SFTJOBO 4JO EVEB WBMF MB QFOB FTQFSBS B MB WF[ RVF TF BQSPWFDIB QBSB MJNQJBS FM QBMBEBS EF MB QMBOUB

4VTUSBUPT MJHFSPT +BOFDPNJY

6O EFGFDUP FO NVDIPT DVMUJWPT EF JOUFSJPS FT RVF MBT NF[DMBT EF UJFSSB OP TPO MBT BEF DVBEBT B MB TJUVBDJØO QPS UFOFS EFNBTJB

EPT OVUSJFOUFT EF MJCFSBDJØO MFOUB SFUFOFS EFNBTJBEP FM BHVB P BNCBT DPTBT &TUP QSPEVDF RVF MB QMBOUB OP QVFEB SFTQJSBS QPS MBT SBÓDFT BM UFOFSMBT JOVOEBEBT 1PS PUSB QBSUF MPT BCPOPT EF MJCFSBDJØO MFOUB TF KVOUBO DPO MPT QSPQPSDJPOBEPT FO FM SJFHP MP RVF QVFEF PDBTJPOBS TPCSFGFSUJMJ [BDJØO P TBCPSFT JOBEFDVBEPT $BEB TVTUSBUP UJFOF VO VTP Z VO NPNFO UP B MPT DVMUJWBEPSFT OPWBUPT P QPDP DPOTUBOUFT MFT WJFOF CJFO VO TVTUSB UP DPNQMFUP EF GPSNB RVF MBT QMBOUBT TPCSFWJWBO BVORVF GBMUF BMHÞO SJFHP

P BCPOBEP HSBDJBT B RVF FM TVTUSBUP SFUJFOF FM BHVB NÈT Z MFT QSPQPSDJPOB DPNJEB &O DBNCJP MPT DVMUJWBEPSFT DPO NÈT FYQFSJFODJB Z EFEJDBDJØO IBO EF DBNCJBS FM DIJQ QBSB FM DVMUJWP FO UJF SSB -PT TVTUSBUPT MJHFSPT QFSNJUFO VO NBZPS DPOUSPM EF MB QMBOUB EF GPSNB RVF TF EPTJGJRVFO MPT OVUSJFOUFT FO DBEB NPNFOUP BM HVTUP EFM DVMUJWBEPS " DBNCJP SFRVJFSF FM TBDSJGJDJP EF VO SJFHP NÈT DPOTUBOUF Z NBZPS EFQFOEFODJB BM BCPOP RVF MFT QSPQPSDJPOFNPT &M DVMUJWP TF SFBMJ[B DPO MB NF[DMB +BOFDPNJY EF "UBNJ VO TVTUSBUP MJHF SBNFOUF GFSUJMJ[BEP DPO VO BQPSUF EF QFSMJUB QBSB NFKPSBS FM ESFOBKF 5SBT WBSJBT QSVFCBT QPEFNPT DPODMVJS RVF FM TVTUSBUP +BOFDPNJY FT VO TVTUSBUP NVZ BEFDVBEP QBSB MPT QSPGFTJPOBMFT 4V GFSUJMJ[BDJØO FT MJHFSB Z TF BDBCB QSPOUP QPS MP RVF OP JOUFSGJFSF DPO MB BMJNFOUBDJØO MÓRVJEB &O UPEP PGSFDF B MBT QMBOUBT BMJNFOUP QBSB MPT EJF[ QSJNFSPT EÓBT -B BMJNFOUBDJØO FT EF MJCFSBDJØO SÈQJEB QPS MP RVF MBT QMBO UBT QFHBO VO FTUJSØO OBEB NÈT TFS USBOTQMBOUBEBT HSBDJBT BM DIVUF FYUSB BEFNÈT EF BDPTUVNCSBSTF B CBTUBOUF DPNJEB QPS MP RVF MVFHP EFNBOEBSÈO NÈT GFSUJMJ[BDJØO MJRVJEB 1PESÓB EFDJSTF RVF FTUF TVTUSBUP EB FM BMJNFOUP KVTUP FO FM NPNFOUP BEFDVBEP TJO JOUFSGFSJS MVFHP DPO MB BDDJØO EFM DVMUJWBEPS )BZ RVF QFSEFS MPT QSFKVJDJPT Z FNQF[BS B QSPCBS TVTUSBUPT DPNP FTUF ZB RVF EBO SFTVMUBEPT FYDFMFOUFT BEFNÈT EF UFOFS VO QSFDJP NVZ FDPOØNJDP

'FSUJMJ[BDJØO &O DPOEJDJPOFT EF QPDB UFNQFSBUVSB SFTVM UB NFKPS EBS VO BCPOBEP NÈT FTQBDJBEP ZB RVF MB QMBOUB EFNBOEB NFOPT DPNJEB Z BHVB QPS MP RVF IBZ RVF UFOFS DVJEBEP


(,%- .-10(01$+ ) "-+ (, (, #+, & $ -/12$15$

#+,*# -# (* (3 # %

1 +(

* &/-,

,,

$,$/ * 6#/-.-,("0

#3 ,"$# 6#/-.-,("0

$0(

(-!(77

6 /-

! ,"-0 #$ 0$+(** 0 $, 01-") (, %$+

.("$ -% (%$

-+ $$#0

/$$, -20$

$,0( $$#0

'(1$ !$*

-/*# -% $$#0

*6(,& 21"'+ 6(,& 2 ,

/ #(0$ $$#0

/,$6 0 /+

(/3 ,

$,$1("0

$/(-20 $$#0

21"' 00(-,

(& 2##'

-(,1 -"1-/0 -(,1

-6 * 2$$,

4$$1 $$#0

3 $$#0

"$ $$#0

21-%$+

/ 00-+ 1("

'(1$ 4 /%

6/ +(# $$#0

#3 ,"$# $$#0

,, !( 0$$#0

-4*(%$

$,0( $$#0

$#(" $$#0

-0(1/-,("0

( ( % & , *# % -%,#.( 1 ) * ! *' %# ) * ,- "*(/ ', 0 %-+#. ,# ' +

2

$1/-.


QBSB OP QSPEVDJS TPCSFGFSUJMJ[BDJPOFT P BDVNVMBDJPOFT EF TBMFT %F FTUB GPSNB DPO FM TVTUSBUP +BOFDPNJY FO DPOEJDJPOFT EF UFNQFSBUVSB DÈMJEBT MP NÈT DPOWFOJFO UF TPO MPT SJFHPT NVZ DPOUJOVPT DBTJ VO EÓB TJ Z VOP OP &O DBNCJP FO FTQBDJPT P NPNFOUPT DPO MB UFNQFSBUVSB CBKB CBT UBO EPT SJFHPT B MB TFNBOB &T DVFTUJØO EF WFS RVF OFDFTJUBO MBT QMBOUBT &O FTUB PDBTJØO OP TF FNQMFP #MPPNCBTUJD TJOP FM FTRVFNB DMÈTJDP EF BCPOBEP QBSB UJFSSB -BT JOTUSVDDJPOFT TF TJHVFO DBTJ BM QJF EF MB MFUSB BVORVF DPO NFOPT BCPOP FO FM DSFDJNJFOUP Z GMPSBDJØO UBOUP FO MB DPODFOUSBDJØO DPNP FO FM OÞNFSP EF BQMJDBDJPOFT "M USBOTQMBOUBS TF IBDF VO SJFHP HFOF SPTP RVF FNQBQB CJFO MB UJFSSB Z MB QPOF FO DPOUBDUP DPO MBT SBÓDFT -P NFKPS FT IBDFSMP EFTQBDJP Z DPO EJGV TPS %F FTUB GPSNB PCUFOFNPT GBWPSF DFNPT MB PYJHFOBDJØO FO QSJNFS MVHBS TF NBOUJFOF MB FTUSVDUVSB EFM TVTUSBUP TJO TBDBS BSSJCB MB QFSMJUB QPS PUSB QBSUF FM NJTNP SJFHP MMFHB NÈT PYJHFOBEP &O FTUF SJFHP EF USBOTQMBOUF TF QSPDFEF B MB ÞOJDB BQMJDBDJØO EF 3PPUT FO QSPQPS DJØO EF NM M -BT TFNBOBT TFHVOEB Z UFSDFSB QBSB EBS VO FNQVKØO B MB QMBO UB Z QSPNPWFS VOB CVFOB FTUSVDUVSB EF GMPSBDJØO TF FNQJF[B B BCPOBS DPO 5FSSB -FBWFT NM M MB QSJNFSB TFNBOB Z NM M MB UFSDFSB &O MB DVBSUB TFNBOB CBKP FM GPDP TF QBTB B EPDF IPSBT FT MP NFKPS QBSB FTUF UJQP EF 4BUJWBT RVF EPCMBO TV UBNB×P EVSBOUF MB GMPSBDJØO )BZ RVF UFOFS FO DVFOUB RVF MB QPUFODJB EF MBT MVNJOBSJBT TF QJFSEF NVDIP DPO MB EJTUBODJB QPS MP RVF FO QMBOUBT NVZ BMUBT MBT QBSUFT

CBKBT EBO NBMPT SFOEJNJFOUPT 1PS FTP MP NFKPS FO MBT 4BUJWBT EFTEF TFNJMMB FT VO DSFDJNJFOUP DPSUP QBSB NBOUFOFSMBT CBKP DPOUSPM " DBNCJP TF IBDF VOB QPEB NVZ MJHFSB ZB RVF BM TFS MB QMBOUB EF EJNFOTJPOFT DPOUFOJEBT FT QPTJCMF BQSPWFDIBS MBT QBSUFT CBKBT %VSBOUF MB TFHVOEB Z UFSDFSB TFNBOB EF GMPSBDJØO TF BCPOB DPO 5FSSB .BY B NM M Z "UB 9- B NM M DPNCJOBEP DPO "UB[ZNF B NM M Z "UBDMFBO B NM M " QBSUJS EF MB DVBSUB TFNBOB EF GMP SBDJØO TF BCPOB DPO 5FSSB .BY B NM M Z "UB 9- B NM DPNCJOBEP DPO "UB[ZNF NM M Z "UBDMFBO NM M 6OB WF[ B MB TFNBOB FM SJFHP UBNCJÏO JODPSQPSB 1, VO DMÈTJDP "M TFS VO DVMUJWP EFT UJOBEP B GPUPHSBGÓB Z QSVFCB TF PQUB QPS TFS QSVEFOUF DPO FM 1, QVFT MPT FYDFTPT QVFEFO DPOEVDJS B FOWFOFOBS B MB QMBOUB -P NFKPS FT FNQF[BS DPO EPTJT CBKBT F JS BVNFOUÈOEPMBT TFHÞO TF DPNQSVFCF RVF MB QMBOUB MP UPMFSB QVFT OP UPEBT OFDFTJUBO MP NJTNP &O FM DBTP EF FTUB "NOFTJB )B[F BHVBOUB CVFOBT SBDJPOFT QPS MP RVF MB DVBSUB TFNBOB TF EPTJGJDØ FM 1, B NM M B QBSUJS EF MB RVJOUB TFNBOB QBTB B EPTJGJDBSTF B NM M -PT ÞMUJNPT EJF[ EÓBT TPMP TF SJFHB DPO "UB[ZNF Z "UBDMFBO BM PCKFUP EF FMJNJOBS TBMFT Z EFKBS B MB QMBOUB FMJNJ OBS FYDFTPT )BZ RVF TBCFS EJTUJOHVJS FOUSF MPT FGFDUPT EF MPT EPT QSPEVDUPT "UB[ZNF FTUÈ EFTUJOBEP B MJNQJBS FM TVTUSBUP EF SBÓDFT NVFSUBT NJFOUSBT RVF "UBDMFBO TF PSJFOUB B SPNQFS MBT BDVNVMBDJPOFT EF TBMFT EF GPSNB RVF MB QMBOUB MBT BTJNJMF P TF ESFOFO DPO FM SJFHP 3FTQFDUP B MB DPNCJOBDJØO EFM "UB 9- Z FM 1, TJO EVEB GVODJP


TJØO EFTUJOBEP B DBUBEPSFT TJCBSJUBT RVF RVJFSBO BQSFDJBS MB GMPS EFTOVEB "M QBMBEBS TF SFWFMB VOB QMBOUB EF BTDFO EFODJB )B[F NVZ DMBSB BVORVF DPO QFS TPOBMJEBE +VOUP B MPT UPOPT JODJFOTBEPT DMÈTJDPT EF FTUB GBNJMJB TF QSFTFOUBO PUSBT OPWFEBEFT QSPQJBT EF MB "NOFTJB )B[F QPS VO MBEP VOB DMBSB QSFTFODJB TBCSPTB MB IFSFODJB EF MB *OEJDB 5SBT FTUB QSJNFSB JNQSFTJØO EF JODJFOTP EVMDF UBNCJÏO IBZ PUSBT TPSQSFTBT EF BTDFO EFODJBT 4BUJWB 6O SFUSPQBMBEBS DPNQMF KP DPO VO MJHFSP UPOP FTQFDJBEP Z VOB QFDVMJBS QSFTFODJB EF UPOPT IFSSVNCSP TPT BMHP NVZ QFDVMJBS RVF OP TF EFCFO DPOGVOEJS FO OJOHÞO DBTP DPO FM TBCPS NFUÈMJDP EF MB TPCSFGFSUJMJ[BDJØO .ÈT BEFMBOUF DVBOEP TF IBZBO QSPCBEP PUSBT WBSJFEBEFT RVFEBO NPUJWPT QBSB SFQFUJS FTUB QSVFCB 1PS VO MBEP FM GSÓP OPT IBDF EVEBS TJ MMFHBNPT BM NÈYJNP EF MBT QPTJCJMJEBEFT RVF PGSFDF FTUB HFOÏUJDB 1PS PUSP MBEP OPT DPOTUB RVF FM CBODP IB USBCBKBEP EPT B×PT NÈT FO FTUB WBSJFEBE QPS MP RVF FM QSPEVDUP GJOBM RVF PGSFDF FO FTUF NPNFOUP IB NFKPSBEP NVDIP

OB &O DPNQBSBDJØO BM #MPPNCBTUJD EF MB NJTNB NBSDB TF FDIB B GBMUBS BMHP QFSP SFTVMUB VOB DPNCJOBDJØO NVZ CBSBUB Z FGFDUJWB "EFNÈT TF SBDJPOBSPO MPT GFSUJMJ[BOUFT TJO MMFHBS BM NÈYJNP EF MB UBCMB RVF JOEJDB FM GBCSJDBOUF TF QPEÓB IBCFS BCPOBEP NÈT B NFOVEP Z FO NBZPSFT DBOUJEB EFT QFSP FTUF TJTUFNB FTUÈ FOGPDBEP B DPOTFHVJS VOB CVFOB QSPEVDDJØO TJO RVF FM SFTVMUBEP FDIFT DIJTQBT BM GVNBSMP QPS IBCFS BCPOBEP B MP MPDP $BEB DVBM UJFOF RVF TBCFS FM QBMBEBS Z MB QSPEVDDJØO RVF CVTDB BTÓ DPNP MBT OFDFTJEBEFT EF MB HFOÏUJDB Z FM FOUPS OP EF TV DVMUJWP

$PODMVTJPOFT Z DBUB &M SFTVMUBEP GJOBM FT DPNQBDUP Z TBCSP TPT OP MMBNBO MB BUFODJØO FO WPMVNFO QFSP FO UPUBM MBT QMBOUBT BSSPKBO VOB CVFOB QSPEVDDJØO EF VOB HSBO DBO UJEBE EF FTQJHBT GJSNFT &M NÏUPEP EF GFSUJMJ[BDJØO IB QFSTFHVJEP WBSJPT GJOFT

&O QSJNFS MVHBS IBZ RVF TF×BMBS RVF FO DVBOUP FM GPDP QBTB B EPDF IPSBT TF DPSUB FM BCPOP EF DSFDJNJFOUP Z TF FNQJF[B DPO FM EF GMPSBDJØO "VORVF QBSF[DB RVF MB QMBOUB TF SFTJTUF FT VOB GPSNB EF BOJNBSMB B MMFHBS B MB GMPSB DJØO 5BNCJÏO IBZ RVF EFTUBDBS TF IB MMFHBEP B CVFOPT SFTVMUBEPT DPO VOB GØSNVMB CBSBUB "EFNÈT TF DPOTJHVFO PUSPT PCKFUJWPT DPNP QMBOUBT NBOFKB CMFT GPNFOUBS MB EFOTJEBE EFM SBDJNP GMPSBM Z VOB CVFOB QSPEVDDJØO QFSP NBOUFOJFOEP VO QBMBEBS DPSSFDUP Z TJO FYDFTPT FO MPT BCPOBEPT QVFT MB QSVF CB GJOBM BDBCB FO MB EFHVTUBDJØO " MB DBUB MMFHB VO QSPEVDUP BMBSHBEP Z DPNQBDUP BVORVF DPO VO UPRVF WBQP SPTP FO TV FTUSVDUVSB &TUB BQBSJFODJB MJHFSB MB DPNQFOTB DPO VO SFTJOBEP NVZ JOUFOTP FO UPEP FM SBDJNP GMPSBM JODMV ZFOEP MBT IPKBT TFDVOEBSJBT -PT RVF QSJNFO TPCSF UPEP MB QSPEVDDJØO QVF EFO JODMVTP EFKBS MBT IPKJMMBT FO FM NBOJ

DVSBEP QVFT FTUÈO DVCJFSUBT EF SFTJOB &M PCKFUJWP FSB DPODMVJS MB QSVFCB DPO VOB EFHVTUBDJØO B GPOEP EFM QSPEVDUP GJOBM 1PS MP RVF TF FMJHF VO USBCBKP EF QSFDJ

1TJDPBDUJWJEBE EF BMFHSF DPOUVOEFODJB DPO TBCPS FTQFDJBM Z DPNQMFKP TJO QFSEFS QSPEVDDJØO P UBSEBS NVDIP -B "NOFTJB )B[F EF 3PZBM 2VFFO 4FFET FT VO 4BUJWB EF QSJNFSB DMBTF EF FTBT RVF WBMF MB QFOB FM QFRVF×P UJFNQP FYUSB EF DVMUJWP DPO UBM EF QPEFS DBUBS TVT GSVUPT



3&4&º" -*5&3"3*"

i"7*40 "VORVF QVFEF RVF DPOTVNJS NBSJIVBOB OP SFTVMUF BEJDUJWP DVMUJWBSMB TÓ QVFEF TFSMP w

&M SFOBDJNJFOUP EF VO DMÈTJDP %FTEF MB BQBSJDJØO EF .BSJKVBOB (SPXFS T (VJEF FTDSJUB FO MB EÏDBEB EF DPO .FM 'SBOL &E 3PTFOUIBM TF DVFOUB FOUSF MBT NBZPSFT BVUPSJEBEFT FO MP RVF SFTQFDUB B MB DVMUVSB EFM DBOOBCJT .ÈT EF EJF[ MJCSPT TJHVJFSPO B FTUF DMÈTJDP EF MB MJUFSBUVSB DBOOÈCJDB KVOUP B JODPO UBCMFT BSUÓDVMPT QBSB MB SFWJTUB )JHI 5JNFT FO QBSUJDVMBS MB GBNPTB DPMVNOB EF QSFHVOUBT Z SFTQVFTUBT "TL &E RVF IB MPHSBEP UFOFS FOUJEBE QSPQJB FO GPSNBUP EF MJCSP Z RVF UBNCJÏO TF QVCMJDB FO 4PGU 4FDSFUT $PNP BDUJWJTUB Z DVMUJWBEPS EF NBSJIVBOB NÏEJDB 3PTFOUIBM TF IB WJTUP FOWVFMUP FO QSPCMFNBT DPO MB MFZ EF GPSNB SFHVMBS Z FO FTUVWP NVZ JOWPMVDSBEP FO MB QVFTUB FO NBSDIB EF MB BDBEFNJB EFM DBOOBCJT 0BLTUFSEBN 6OJWFSTJUZ FO 0BLMBOE $BMJGPSOJB %FTEF FOUPODFT NJMFT EF FTUVEJBOUFT IBO QBTBEP QPS TVT QVFSUBT DPO MB FTQF SBO[B EF FODPOUSBS VO USBCBKP MVDSBUJWP FO MB GMPSFDJFOUF JOEVTUSJB EFM DBOOBCJT NFEJDJOBM "M GSFOUF EF MB DMBTF FM QSPGFTPS EF )PSUJDVMUVSB EFM $BOOBCJT &E 3PTFOUIBM DPO DVZP UÓUVMP IBDF PGJDJBM FM MVHBS IPOPSB SJP RVF PDVQB DPNP HVSÞ EF MB HBOKB 1PS +BO 4FOOFNB %FTQVÏT EF MPT USFT WPMÞNFOFT EF MB TFSJF #JH #PPL PG #VET MB PCSB .BSJKVBOB (SPXFS T )BOECPPL QVCMJDBEB FO NBZP EF FT PUSP CVFO NBOVBM RVF MMFHB B MBT FTUBOUFSÓBT "VORVF MPT BNBOUFT EFM QPSOP DBOOÈCJDP {RVJÏO OP MP FT UBNCJÏO FODPOUSBSÈO BCVOEBOUF NBUF SJBM QBSB EJTGSVUBS FO FTUB QVCMJDBDJØO 1PS FKFNQMP MBT WFJOUF QÈHJOBT P NÈT EF CFMMBT JOTUBOUÈOFBT FO MBT DVBMFT NVFT USBO TVT EBNBT NÈT FODBOUBEPSBT MPT QBUSPDJOBEPSFT EF 3PTFOUIBM EFEJDBEPT BM DVMUJWP EF TFNJMMBT &M MJCSP BSSBODB DPO VOB WJTJØO HFOFSBM TPCSF MB IJTUPSJB EF MB CBUBMMB QPS MB MFHB MJ[BDJØO FO &TUBEPT 6OJEPT B DBSHP EFM BVUPS JOWJUBEP %S .JDIBFM "MESJDI "OUFT EF DPHFS TVT IFSSBNJFOUBT EF KBSEJOFSÓB 3PTFOUIBM QPOF BM EÓB BM MFDUPS FO MP RVF DPODJFSOF B VO DPOPDJNJFOUP CÈTJDP EF MB RVÓNJDB Z MB CPUÈOJDB EF MB NBSJIVBOB 4F QPOF FTQFDJBM ÏOGBTJT FO MPT UFSQFOPT MPT DPNQPOFOUFT BSPNÈUJDPT RVF TFHÞO 3PTFOUIBM TPO MPT SFTQPOTBCMFT KVOUP BM 5)$ EFM UJQP EF FGFDUP RVF QSPEVDF VOB WBSJFEBE QBSUJDVMBS EF DBOOBCJT 6O QVOUP EF WJTUB OBEB DPOUSPWFSUJEP ZB RVF TJFN QSF TF IB BTVNJEP RVF MB HSBO DBOUJEBE EF DBOOBCJOPJEFT QSFTFOUFT FO FM DBOOBCJT KVHBCBO FTF QBQFM -PT QFSGJMFT EF UFSQF OPT BQPSUBEPT QPS FM QBUSPDJOBEPS (SFFO )PVTF PGSFDF VOB JOUFSFTBOUF JNQSFTJØO

WJTVBM EF FTUBT iIVFMMBTw EF MB QMBOUB EFM DBOOBCJT MBT DVBMFT IBO EFKBEP EF FTUBS PDVMUBT IBDF QPDP UJFNQP 1BSB MPT HPVS NFUT P QBSB MPT DVMUJWBEPSFT NÏEJDPT TVQPOF VOB SFGFSFODJB FYDFMFOUF B MB IPSB EF TFMFDDJPOBS MBT WBSJFEBEFT RVF DVCSFO TVT OFDFTJEBEFT FTQFDÓGJDBT " QBSUJS EF FTUF NPNFOUP MB PCSB DPNJFO [B B BCSJSTF 1BTP B QBTP WBO USBUÈOEPTF UPEPT MPT FMFNFOUPT EF MB iBEJDUJWBw BGJDJØO EF 3PTFOUIBM EFTEF MB TFNJMMB P FM FTRVF KF IBTUB MB FMBCPSBDJØO EF NBOUFRVJMMB EF IBDIÓT -B NFUB EF FTUF NBOVBM OP FT SFBMJ[BS VO FTGVFS[P QBSB DVCSJS QPS DPNQMFUP DVBMRVJFS BTQFDUP QPTJCMF TJOP BTFOUBS VOBT CBTFT TØMJEBT Z QSÈDUJDBT FO MBT DVBMFT TF USBUBO NVDIPT FMFNFOUPT FO QPDP FTQBDJP *ODMVTP BRVFMMPT RVF OVODB IBO DVMUJWBEP VOB QMBOUB QVFEFO QPOFSTF NBOPT B MB PCSB EJSFDUBNFOUF

.PEP UVSCP &O MB QPSUBEB EF .BSJKVBOB (SPXFS T )BOECPPL FM MJCSP TF SFDPNJFOEB UBOUP B DVMUJWBEPSFT QSJNFSJ[PT DPNP FYQFSJNFO UBEPT &TUB FTUSVDUVSB QBSFDF GVODJPOBS CJFO ZB RVF B QFTBS EF RVF MPT FOUVTJBTUBT NÈT DVSUJEPT TF WFSÈO GPS[BEPT B BCSJSTF DBNJOP FOUSF FM NBUFSJBM NÈT SFDPOPDJCMF QPESÈO FODPOUSBS BVUÏOUJDBT QFSMBT DPO MBT DVBMFT NFKPSBS TJTUFNBT EF DVMUJWP RVF ZB NBSDIBO CJFO QBSB RVF GVODJPOFO FO

NPEP UVSCP -B MV[ 67 FT VO CVFO FKFN QMP EF FMMP 4ØMP USBT VOB GVOEBNFOUBDJØO UFØSJDB BDFSDB EF MB JNQPSUBODJB EF MB MV[ 67 FO MB GPSNBDJØO EF 5)$ 3PTFOUIBM OPT QFSNJUF FDIBS VO WJTUB[P B BMHVOPT NÏUPEPT TFODJMMPT QBSB QPOFS FO QSÈDUJDB MB UFPSÓB -BT MÈNQBSBT EF CSPODFBEP Z MB JMVNJOBDJØO FTQFDJBM EF UFSSBSJPT QBSB SFQUJMFT QVFEFO DPOWFSUJSTF FO TPMVDJPOFT EF CBKP DPTUF QBSB MPHSBS VO BVNFOUP TJH OJGJDBUJWP EFM OJWFM EF 5)$ MP DVBM QVFEF DPOTFHVJSTF DPO TØMP VO EF WBUBKF FYUSB FO MÈNQBSBT 67 6OB DJSDVOTUBO DJB B UFOFS FO DVFOUB SFTQFDUP B MB MV[ 67 FTQFDJBMNFOUF QBSB MPT BNBOUFT EF MBT WBSJFEBEFT BVUPGMPSFDJFOUFT FT RVF FM NÈYJNP EF SBZPT 67 EFM TPM FO &VSPQB PDDJEFOUBM TF QSPEVDF EVSBOUF KVOJP Z KVMJP Z RVF B GJOBMFT EF BHPTUP MPT OJWFMFT ZB TF IBO SFEVDJEP B MB NJUBE BQSPYJNB EBNFOUF &O MPT EJTQFOTBSJPT DBOOÈCJDPT EF $BMJGPSOJB FM GBDUPS 67 FTUÈ BDFQUBEP DPNP VO FMFNFOUP B UFOFS FO DVFOUB KVOUP B PUSPT DSJUFSJPT EF DPNQSB MB ZFSCB EF FYUFSJPS RVF TF DPTFDIB EFTQVÏT EFM EF BHPTUP OP TF DPNQSB : IBZ NÈT MV[ QFSP UBNCJÏO $0 UFNBT EF FTQFDJBM JOUFSÏT QBSB 3PTFOUIBM &M BVUPS EFTDSJCF EJWFSTPT USVDPT EF JMVNJOBDJØO DPO FM GJO EF BDFMFSBS FM DBNCJP EF FTUBEP WFHFUBUJWP B MB GBTF EF GMPSBDJØO Z SFEVDJS B OVFWF FM OÞNFSP EF IPSBT EF PTDVSJEBE EJBSJBT HSBDJBT B MP DVBM oMB MV[ FT QFTP QVFEF PCUFOFSTF VOB QSPEVDDJØO NBZPS

4FDSFUPT EF DPDJOB "VORVF FM MJCSP QPESÓB QBSFDFS FTUBS EFTUJ OBEP B DVMUJWBEPSFT EF DVBMRVJFS QBSUF EFM NVOEP 3PTFOUIBM TF FYUJFOEF EF NBOFSB SFHVMBS FO BTVOUPT RVF KVOUP B MPT UFNBT EF TFHVSJEBE UÓQJDBNFOUF BNFSJDBOPT OP SFTVMUBO UBO DFSDBOPT GVFSB EF &TUBEPT 6OJEPT 1PS FKFNQMP TV USBUBNJFOUP QPTJ UJWP EF MB JMVNJOBDJØO -&% QPESÓB TFS SFDJ CJEP DPO NÈT FTDFQUJDJTNP ZB RVF MB HSBO NBZPSÓB EF DVMUJWBEPSFT IPMBOEFTFT BÞO UJFOF RVF DPOWFODFSTF EF RVF FTUB UFDOP MPHÓB IB EBEP BMHP NÈT RVF TVT QSJNFSPT QBTPT %F NBOFSB TJNJMBS MBT CPNCJMMBT EF CBKP DPOTVNP -'$ MÈNQBSBT GMVP SFTDFOUFT DPNQBDUBT OP HP[BO EF UBOUB QPQVMBSJEBE BRVÓ NJFOUSBT RVF FO && 66 TPO WJTUBT DPNP VOB BMUFSOBUJWB TFSJB QBSB MPT FTQBDJPT QFRVF×PT EF DVMUJWP 5BNCJÏO SFTVMUB EFTUBDBCMF MB HSBO BUFO DJØO EFEJDBEB B MPT TJTUFNBT EF DVMUJWP WFSUJDBMFT MPT DPOPDJEPT oP NFKPS EJDIP JOGBNFT UBORVFT EF DVMUJWP &O MPT 1BÓTFT #BKPT UPEBT FTUBT VOJEBEFT IBO BDBCBEP SÈQJEBNFOUF FO FM DVCP EF MB CBTVSB EF MB IJTUPSJB EFM DVMUJWP 1FSP RVJÏO TBCF QVFEF RVF FTUP EJHB NÈT EF MPT DVMUJWB EPSFT IPMBOEFTFT RVF EF MPT TJTUFNBT FO TÓ Z MB EJBMÏDUJDB EF MFZ EF MB JOOPWBDJØO IPMBOEFTB GVODJPOB "EFNÈT BMHVOPT BTVOUPT GVOEBNFOUB MFT TJHVFO TJO USBUBSTF EF GPSNB SFNBS DBEB "M NJTNP UJFNQP RVF TF OPT BHBTBKB DPO NVDIPT EF MPT TFDSFUPT EF

DPDJOB EF MPT QSPEVDUPSFT EF TFNJMMBT GFNJOJ[BEBT IBZ VOB BVTFODJB UPUBM EF JOGPSNBDJØO TPCSF FM DSV[BNJFOUP Z QSPEVDDJØO EF TFNJMMBT iOPSNBMFTw 4ØMP QPEFNPT BTVNJS RVF MB EFDJTJØO EF EFKBS GVFSB FTUB NBUFSJB UJFOF NÈT RVF WFS DPO MBT TVQVFTUBT QSJPSJEBEFT EF MB NBZPSÓB EF DVMUJWBEPSFT RVF DPO MPT NÞMUJQMFT QBUSPDJOBEPSFT EF MB JOEVT USJB EF MBT TFNJMMBT

$PNFSDJP

&M DPNFSDJP QBSFDF VO UFNB JOFWJUBCMF FO MPT MJCSPT TPCSF NBSJIVBOB 1BSB TFS KVTUPT FTUF FOUSBNBEP EF JOGPSNBDJØO OFVUSBM F JOUFSFTFT DPNFSDJBMFT QSPQPS DJPOB VO NPOUØO EF NBUFSJBM HSÈGJDP EF HSBO WBMPS QFSP BM NJTNP UJFNQP QVFEF MMFWBS BM MFDUPS B DPOGVTJPOFT $VBOEP MFFT MB BGJSNBDJØO EFM GBCSJDBOUF B NPEP EF QJF EF GPUP EFCBKP EF MB JMVT USBDJØO EF VO FTUJNVMBEPS EF GMPSBDJØO MB QSJNFSB JNQSFTJØO FT RVF FM BVUPS FT FM SFTQPOTBCMF EF FTF UFYUP MP DVBM FT QPTJCMF RVF OP TFB MB JOUFODJØO 1PS FM DPOUSBSJP B MP MBSHP EFM MJCSP 3PTFOUIBM DSJUJDB DPO NPSEBDJEBE FM BVHF EFM VTP EF TVQFSFTUJNVMBEPSFT Z PUSPT FMJYJSFT NÈHJDPT i&TUPT QSPEVDUPT TVFMFO FTUBS EJTF×BEPT QBSB BVNFOUBS MPT CFOFGJDJPT EF MB FNQSFTB FO WF[ EF MB DBMJEBE EF UV DVMUJWP -PT DVMUJWBEPSFT IBO FTUBEP DVMUJ WBOEP DPHPMMPT NBHOÓGJDPT EVSBOUF EÏDB EBT VUJMJ[BOEP BHVB QVSB IJESPQPOÓB Z OVUSJFOUFT CÈTJDPT EF GBCSJDBOUFT SFDP OPDJEPT "MHVOPT EF MPT TVQMFNFOUPT TPO CVFOPT QFSP B NFOVEP JOOFDFTBSJPT w

$POTFKPT Z USVDPT $BCF QSFHVOUBSTF RVÏ BQPSUB VO OVFWP MJCSP BDFSDB EFM DBOOBCJT B MPT MJCSPT RVF ZB FYJTUFO TPCSF FTUB NBUFSJB "M GJO Z BM DBCP VOB QMBOUB EF DBOOBCJT TJHVF TJFO EP VOB QMBOUB EF DBOOBCJT TPMBNFOUF OBEB IB DBNCJBEP BM SFTQFDUP EFTEF MB EÏDBEB EF -P RVF TÓ IB DBNCJBEP FT MB BQSPYJNBDJØO DJFOUÓGJDB MBT BZVEBT UÏDOJDBT MPT QSPEVDUPT Z WBSJFEBEFT EF BQPZP MP DVBM IB BVNFOUBEP JODFTBO UFNFOUF MBT QPTJCJMJEBEFT EF RVF TVS KBO BÞO NÈT DPOTFKPT Z USVDPT OVFWPT 3PTFOUIBM TF TBDB EFM TPNCSFSP UBOUPT EF FTUPT DPOTFKPT Z USVDPT DPNP QBSB TBUJTGBDFS IBTUB B MPT DVMUJWBEPSFT NÈT FYQFSJNFOUBEPT EFTEF BQMJDBDJPOFT EF UFDOPMPHÓB DPOTJEFSBCMFNFOUF BWBO[BEB IBTUB VOB UÏDOJDB EF SJFHP QSJNJUJWB B MB QBS RVF FGFDUJWB DPNP FT FM TJTUFNB EF NFDIB $PO UPEP QVFEF RVF .BSJKVBOB (SPXFS T )BOECPPL OP TFB MB HVÓB EF DVMUJWP NÈT DPNQMFUB QFSP TÓ MB NÈT BDUVBMJ[BEB FO FTUPT NPNFOUPT "EFNÈT FM MFDUPS SFDJCF DPO FM MJCSP VOB DPOUSBTF×B DPO MB DVBM QVFEF BDDFEFS BM TJUJP XXX NKHSPXFST DPN FYUFOTJØO EJHJUBM EFM NBOVBM Z PCUFOFS BÞO NÈT JOGPSNBDJØO EFUBMMBEB ZB RVF MB FTDBTF[ EF FTQBDJP OP QVEP EBS DBCJEB FO FM MJCSP B UPEP FM NBUFSJBM &O PUSBT QBMBCSBT VOB DMÈTJDP SFWJUBMJ[BEP Z EF GJOBM BCJFSUP


#"/$04 %& 4&.*--"4 'FNJOJ[BEBT EF DBMJEBE B CVFO QSFDJP

&OUSFWJTUB B 4XFFU 4FFET 4XFFU 4FFET FT VO CBODP EF TFNJMMBT GFNJOJ[BEBT RVF USJVOGB FO &TQB×B Z FO UPEB &VSPQB 4V TFDSFUP FT BEBQUBSTF B MB EFNBOEB EFM QÞCMJDP BTÓ FNQF[BSPO B PGSFDFS QBRVFUFT EF TFNJMMBT GFNJOJ[BEBT EF DBMJEBE B VO FYDFMFOUF QSFDJP Z PQDJPOFT DPNP MPT QBRVFUFT EF USFT P MPT FOWBTBEPT EF DPMFDDJPOJTUB EPOEF PGSFDFO EJGFSFOUFT WBSJFEBEFT QBSB MPT RVF HVTUBO WBSJBS MPT QBMBEBSFT 5BNCJÏO GVFSPO VOP EF MPT QSJ NFSPT CBODPT FO JOUFSFTBSTF QPS MBT BVUPGMPSFDJFOUFT VOB SBNB EF TV DBUÈMPHP RVF FTUÈO USBCBKBOEP DPO NVDIP JOUFSÏT &O VOB PDBTJØO NF DPOGFTBSPO TV TFDSFUP DVBOEP FNQF[BSPO FSBO DVMUJWBEPSFT JOTBUJTGF DIPT DPO MP RVF FM NFSDBEP MFT PGSFDÓB RVFSÓBO NFKPSBS NVDIBT DPTBT 4JO EVEB FM DMJFOUF MP IB BHSBEFDJEP QSVFCB EF FMMP FM SÈQJEP BTDFOTP EF FTUF CBODP BTÓ DPNP MB HSBO DBOUJEBE EF DPQBT RVF IBO HBOBEP MBT WBSJFEBEFT EF 4XFFU TFFET FO EJTUJOUPT DFSUÈNFOFT &TF FTQÓSJUV EF DFSDBOÓB BM DVMUJWBEPS FT MP RVF MFT IF MB MMFWBEP IBTUB BRVÓ NJFOUSBT DPOUJOÞF DPO FMMPT FM CBODP TFHVJSÈ B UPEB WFMB + 4FBSDIFS -B UFNQPSBEB QBTBEB UVWJTUFJT VO QBMNBSÏT JNQSFTJPOBOUF FM CBODP DPO NÈT DPQBT HBOBEBT QPS EJGFSFOUFT DVM UJWBEPSFT EF &TQB×B FTUF B×P IBCÏJT HBOBEP UBNCJÏO WBSJBT {$VÈMFT TPO WVFTUSBT QMBOUBT NÈT QSFNJBEBT {" RVÏ QFOTÈJT RVF TF EFCF TV ÏYJUP &O 4XFFU 4FFET FTUBNPT NVZ DPOUFOUPT DPO FM SFDPOPDJNJFOUP Z FM ÏYJUP RVF FTUÈO UFOJFOEP OVFTUSBT WBSJFEBEFT UBOUP EFO USP DPNP GVFSB EF &TQB×B TPNPT VO KPWFO CBODP EF TFNJMMBT Z QPS FM NPNFOUP OVFT USBT QMBOUBT NÈT QSFNJBEBT TPO MBT RVF NÈT B×PT MMFWBO FO FM NFSDBEP $SFBN $BSBNFM #MBDL +BDL 4 " % 4XFFU 5BJ Z *DF $PPM &TUÈ DMBSP RVF TV ÏYJUP FO DPODVSTPT DBOOÈCJDPT TF EFCF BM SFDPOPDJNJFOUP EF MB DBMJEBE EF FTUBT QMBOUBT QPS FYQFSUPT DBUBEPSFT RVF SFDPOPDFO FO TVT GMPSFT MBT DBSBDUFSÓTUJDBT RVF IBDFO EFTFBCMF Z BENJSBEB B VOB QMBOUB EF DBOOBCJT JOUFO

$SFBN $BSBNFM

TP Z BHSBEBCMF BSPNB QPUFOUF FGFDUP CVFO QBTP QPS FM QBMBEBS DBOUJEBE Z DBMJ EBE EF MPT USJDPNBT UJQP EF FGFDUP FUD 2VFSÓBNPT BQSPWFDIBS FTUB PQPSUVOJ EBE QBSB EBS OVFTUSPT BHSBEFDJNJFOUPT B UPEPT MPT DBOOBCJDVMUPSFT NVDIPT EF FMMPT BOØOJNPT QBSB OPTPUSPT RVF TF BOJ NBO B QSFTFOUBS NVFTUSBT EF 4XFFU 4FFET FO MPT DPODVSTPT DBOOÈCJDPT EF TVT MPDB MJEBEFT &T VO IPOPS QBSB OPTPUSPT DBEB WF[ RVF VOB EF OVFTUSBT WBSJFEBEFT FT QSFNJBEB FO VO DPODVSTP NVDIBT HSBDJBT B MPT DBNQFPOFT &O HFOFSBM WVFTUSP CBODP IB TVSHJ EP DPO VOB GVFS[B JODSFÓCMF B OJWFM JOUFSOBDJPOBM BVORVF WPTPUSPT ZB GVFSBJT DVMUJWBEPSFT WFUFSBOPT {DVBM IB TJEP MB DMBWF QBSB FTUB SÈQJEB FYQBOTJØO JOUFSOBDJPOBM

$PTFDIB $SFBN $BSBNFM

/VFTUSP ÏYJUP FO &TQB×B DSFFNPT RVF IB TJEP OVFTUSB DBSUB EF QSFTFOUBDJØO QBSB USBCBKBS DPO EJTUSJCVJEPSFT FO PUSPT NFS DBEPT EVSBOUF MBT EPT ÞMUJNBT UFNQPSBEBT IFNPT SFBMJ[BEP VO HSBO FTGVFS[P QVCMJ DJUBSJP B OJWFM JOUFSOBDJPOBM QBSB EBSOPT B DPOPDFS Z QSFTFOUBS OVFTUSBT TFNJMMBT FO JNQPSUBOUFT QVCMJDBDJPOFT DBO OÈCJDBT EF PUSPT QBÓTFT /P QPEF NPT PMWJEBSOPT EF RVF MB DBMJEBE EF MB TFNJMMB FT FM GBDUPS NÈT JNQPSUBOUF UBOUP EFOUSP DPNP GVFSB EF &TQB×B QBSB DPOTFHVJS VO ÏYJUP EVSBEFSP FO DVBMRVJFS NFSDBEP DBOOÈCJDP &T NVZ JNQPSUBOUF RVF MPT DMJFOUFT RVFEFO DPOUFOUPT &M CBKP QSFDJP EF OVFTUSBT TFNJMMBT OPT QFSNJUF PGSFDFS VOB FYDFMFOUF SFMBDJØO DBMJEBE QSF DJP RVF FO MPT UJFNQPT EF DSJTJT RVF DPSSFO FT VO GBDUPS B UFOFS FO DVFOUB 5BNCJÏO FT JNQPSUBOUF QBSB OPTPUSPT PGSFDFS VO SÈQJ EP Z CVFO TFSWJDJP B UJFOEBT Z EJTUSJCVJEP SFT : DPNP OP FT JNQPSUBOUF FTUBS BUFOUP EFTQJFSUP Z DPO MB NFOUF BCJFSUB QBSB QPEFS JOOPWBS Z NFKPSBS FO VO NFSDBEP EJOÈNJDP Z HMPCBM FO QMFOB FYQMPTJØO )BCMBEOPT EF WVFTUSB GJMPTPGÓB EF DSJBO[B /VFTUSB GJMPTPGÓB EF DSJBO[B FT TFODJMMB FO QSJNFS MVHBS OPTPUSPT TPNPT DPOTVNJEP SFT Z DPMFDDJPOJTUBT EF HFOÏUJDBT FT EFDJS CVTDBNPT Z TFMFDDJPOBNPT MBT NFKPSFT HFOÏUJDBT RVF TF DSV[BO FO OVFTUSP DBNJ OP QBSB DPOTFSWBSMBT JOEFGJOJEBNFOUF Z BTÓ QPEFS EJTGSVUBS EF FMMBT IPZ NB×BOB P

EFOUSP EF B×PT -PT DSJUFSJPT RVF VUJMJ [BNPT QBSB TFMFDDJPOBS OVFTUSBT NFKPSFT NBESFT BUJFOEFO QSJODJQBMNFOUF B MBT DVB MJEBEFT EFTFBCMFT EF FTUBT QMBOUBT Z OP B TV PSJHFO QSPDFEFODJB P QFEJHSÓ $PO FTUBT QMBOUBT FYDFQDJPOBMFT VUJMJ[BNPT NÏUPEPT EF DSJBO[B USBEJDJPOBM Z UBNCJÏO NPEFSOPT NÏUPEPT QBSB PCUFOFS QPCMBDJPOFT GFNFOJOBT "IPSB UBNCJÏO FTUBNPT NVZ PDVQBEPT FO FM EFTBSSPMMP EF OVFWBT WBSJF EBEFT GFNJOJ[BEBT BVUPGMPSFDJFOUFT /PTPUSPT QFOTBNPT RVF FM DBOOBCJT FT VO SFHBMP EF MB OBUVSBMF[B Z RVF OJOHV OB WBSJFEBE EF DBOOBCJT EFCFSÓB UFOFS VO EVF×P QVFT TF USBUB EF VO CJFO EF MB IVNBOJEBE *OUFOUBNPT DPN QBSUJS DPO RVJFOFT MP EFTFFO HFOÏUJ DBT RVF DPOTJEFSB NPT EF MB NÈT BMUB DBMJEBE Z RVF SFDP HFO OVFTUSB BGJDJØO Z BNPS QPS MB QMBO UB EF DBOOBCJT : MB NFKPS GPSNB EF QSPUFHFS VOB WBSJF EBE EF DBOOBCJT FT SFQBSUJSMB

i/PTPUSPT QSJNB NPT F JOUFOUBNPT RVF MBT QMBOUBT TFBO MP NÈT IPNP HÏOFBT QPTJCMF JOUFOUBOEP CVTDBS FM EJGÓDJM FRVJMJCSJP FOUSF FTUBCJMJEBE Z WJHPS IÓCSJEP w

&O BRVFMMPT NPNFOUPT RVF FNQF[B CBJT EJTUFJT NVDIPT EBUPT EF DØNP IBDFS TFNJMMBT GFNJOJ[BEBT {BIPSB WPM WFSÓBT B IBDFSMP $VBOEP OPTPUSPT DPNFO[BNPT B IBDFS TFNJMMBT GFNJOJ[BEBT IJDJNPT QÞCMJDPT OVFTUSPT FYQFSJNFOUPT FO EJSFDUP FO FM GPSP DBOOÈCJDP EF IBCMB IJTQBOB NÈT WJTJ UBEP EF JOUFSOFU FO BRVFM NPNFOUP MB UÏDOJDB RVF OP VTBCB "DJEP (JCFSÏMJDP QBSB DPOTFHVJS MB GFNJOJ[BDJØO FSB FM TFDSFUP NFKPS HVBSEBEP EF BMHVOPT NVZ QPDPT CBODPT EF TFNJMMBT EFM NVOEP Z FTUBCB DPNFO[BOEP B TBMUBS B JOUFSOFU /PTPUSPT FOUPODFT BÞO OP IBCÓBNPT GVO EBEP 4XFFU 4FFET OPT QBSFDJØ VO GBWPS QBSB UPEPT MPT DVMUJWBEPSFT Z BNBOUFT EFM DBOOBCJT EFM NVOEP RVF FTUB JOGPSNBDJØO TF EJGVOEJFTF Z DPNQSPCBTF TV WFSBDJEBE


"OUJHVB NBESF EF #MVFCFSSZ QPS *OUFSOFU FO VO GPSP DPNP FM DBOOB CJTDBGF OFU )PZ FO EÓB FYJTUFO NVMUJUVE EF CBODPT EF TFNJMMBT FM TFDUPS DBOOÈCJ DP TF IB EFTBSSPMMBEP NVDIP FO &TQB×B MB DPNQFUFODJB FT GVFSUF /PTPUSPT OP IFNPT QBSBEP EF JOWFTUJHBS Z QFSGFDDJP OBS OVFTUSBT UÏDOJDBT TJ CJFO FYJTUF VOB CVFOB DPNVOJDBDJØO F JOUFSDBNCJP EF JOGPSNBDJØO FOUSF MB NBZPSÓB EF CBODPT FTQB×PMFT UBNCJÏO FT WFSEBE RVF FYJTUF NVDIB JOGPSNBDJØO RVF OP TF DPNQBSUF DPO PUSBT FNQSFTBT EF MB DPNQFUFODJB {2VÏ FOUFOEÏJT WPTPUSPT QPS FTUBCJ MJEBE {1SJNÈJT RVF MBT QMBOUBT TFBO IPNPHÏOFBT P MB QPTJCJMJEBE EF FMFHJS EJTUJOUBT QPTJCJMJEBEFT /PTPUSPT DPOTJEFSBNPT RVF VOB WBSJF EBE FT FTUBCMF DVBOEP MPT JOEJWJEVPT RVF GPSNBO VOB QPCMBDJØO NBOUJFOFO FO TVDFTJWBT HFOFSBDJPOFT MPT SBTHPT RVF MB EFGJOFO DPNP UBM P DVBM WBSJFEBE : DPO TJEFSBNPT RVF VOB HFOFSBDJØO P QPCMB DJØO EF TFNJMMBT FT FTUBCMF DVBOEP OP TF PCTFSWB WBSJBDJØO FO MPT DBSBDUFSFT EF MPT JOEJWJEVPT RVF MB GPSNBO 1PS FKFNQMP MBT GBNPTBT TFNJMMBT ' TPO VOB QPCMBDJØO P HFOFSBDJØO EF TFNJMMBT FTUBCMFT QFSP OP GPSNBO VOB WBSJFEBE FTUBCMF QPSRVF MBT TVDFTJWBT HFOFSBDJPOFT RVF TF PCUJFOFO B QBSUJS EF FMMBT OP MP TPO 6O FKFNQMP FYUSFNP NÈYJNP EF QPCMBDJØO P HFOFSBDJØO FTUBCMF FT EFDJS EFM EF FTUBCJMJEBE FO BCTPMVUBNFOUF UPEPT MPT SBTHPT MB FODPOUSBSÓBNPT FO VOB QPCMB DJØO FO MB RVF UPEPT MPT JOEJWJEVPT TPO

"OUJHVB NBESF EF #MVFCFSSZ DMPOFT QSPDFEFOUFT EF MB NJTNB NBESF &O FTUF DVMUJWP EF DMPOFT UPEPT TPO DPQJBT JEÏOUJDBT EF TÓ NJTNPT Z OP EFCFSÓBNPT FODPOUSBS WBSJBDJPOFT FOUSF MPT JOEJWJEVPT -PT RVF DPOTFSWBNPT NBESFT Z IFNPT SFBMJ[BEP DVMUJWPT EF DMPOFT IBCSFNPT PCTFSWBEP DPNP BÞO TJFOEP DMPOFT VOBT QMBOUBT TBMFO NÈT BMUBT RVF PUSBT BMHV OB QVFEF TFS RVF FOGFSNF NJFOUSBT FM SFTUP OP FOGFSNB BMHVOBT QVFEF TFS RVF FOSBÓDFO VOPT EÓBT BOUFT RVF PUSBT P RVF VOBT QSPEV[DBO NÈT RVF PUSBT Z UPEP FMMP TJFOEP DMPOFT JEÏOUJDPT &TUBT EJGFSFODJBT P WBSJBDJPOFT RVF PCTFSWBNPT TF EFCFO B DBVTBT BNCJFOUBMFT P EFM NFEJP OP B EJGFSFODJBT HFOÏUJDBT ZB RVF FT VO DVMUJWP EF DMPOFT /P IBZ RVF DPOGVOEJS FTUBT EJGFSFODJBT DBVTBEBT QPS FM NFEJP DPO MB WBSJBCJMJEBE HFOÏUJDB QSPQJB EF QPCMBDJP OFT OP FTUBCMFT P IFUFSPDJHØUJDBT /PTPUSPT QSJNBNPT F JOUFOUBNPT RVF MBT QMBOUBT TFBO MP NÈT IPNPHÏOFBT QPTJCMF JOUFOUBOEP CVTDBS FM EJGÓDJM FRVJMJCSJP FOUSF FTUBCJMJEBE Z WJHPS IÓCSJEP "VORVF FO PDBTJPOFT MB WBSJBCJMJEBE UBNQPDP UJFOF RVF SFTVMUBS VO QSPCMFNB DVBOEP MPT EJTUJOUPT GFOPUJQPT RVF QVFEBO BQBSFDFS QPTFFO DBSBDUFSÓTUJDBT EFTFBCMFT DPNP QPESÓBO TFS EPT BSPNBT JOUFSFTBOUFT FO VOB NJTNB WBSJFEBE {%BJT BMHÞO DPOTFKP QBSB FM DVMUJWP EF TFNJMMB GFNJOJ[BEB P DSFÏJT RVF TF EFCFO USBUBS JHVBM RVF VOB TFNJMMB SFHVMBS &M DVMUJWP EF MB TFNJMMB GFNJOJ[BEB TF EFCF SFBMJ[BS EF MB NJTNB GPSNB RVF TF DVMUJ

WBO MBT IFNCSBT EF TFNJMMBT SFHVMBSFT EF IFDIP MB ÞOJDB EJGFSFODJB HFOÏUJDB FOUSF MBT QPCMBDJPOFT EF TFNJMMBT SFHVMBSFT Z MBT GFNJOJ[BEBT FT RVF FO MBT GFNJOJ[BEBT OP UFOFNPT NBDIPT -P RVF PDVSSF FT RVF EFCJEP BM NÏUPEP EF DSJBO[B BM USBCBKBS TPMP DPO DMPOFT ÏMJUF IFNCSB OPSNBMNFO UF MBT GFNJOJ[BEBT TPO NÈT QSPEVDUJWBT NÈT BSPNÈUJDBT Z NÈT FTUBCMFT RVF TVT NJTNBT WFSTJPOFT SFHVMBSFT {$ØNP TFMFDDJPOÈJT WVFTUSBT NBESFT $VÈOEP FNQF[ÈJT EFTEF TFNJMMBT {TPO GFNJOJ[BEBT P SFHVMBSFT 1BSB TFMFDDJPOBS MBT QMBOUBT NBESFT RVF IBO EF FOUSBS FO MPT QSPHSBNBT EF DSJBO[B BEFNÈT EF TFMFDDJPOBSMBT QPS TVT FYDFQ DJPOBMFT DVBMJEBEFT FTUSVDUVSBMFT BHSP OØNJDBT PSHBOPMÏQUJDBT TBCPSFT Z BSP NBT Z RVJNJPUÓQJDBT DBOUJEBE Z UJQP EF DBOOBCJOPJEFT FT JNQPSUBOUF BTFHVSBSTF RVF FTUBT QMBOUBT OP UJFOFO UFOEFODJBT IFSNBGSPEJUBT Z EF TVT CVFOBT BQUJUVEFT QBSB MB IJCSJEBDJØO FTUP FT GÈDJMNFOUF DPNQSPCBCMF SFBMJ[BOEP MBT PQPSUVOBT QSVFCBT EF EFTDFOEFODJB "EFNÈT FTUBT QMBOUBT IFNCSBT IBO EF UFOFS VOB CVFOB SFTQVFTUB B MB UÏDOJDB EF JOWFSTJØO EFM TFYP QSPEV DJFOEP BCVOEBOUF QPMFO GÏSUJM Z RVF B TFS QPTJCMF GFSUJMJDF TJO OFDFTJEBE EF BTJTUFODJB NBOVBM $VBOEP DPNFO[BNPT EFTEF QPCMBDJPOFT EF TFNJMMBT DPNP FT FM DBTP EF MBT WBSJF EBEFT BVUPGMPSFDJFOUFT IFNPT USBCBKBEP QBSUJFOEP UBOUP EF GFNJOJ[BEBT DPNP EF

4XFFU "GHBOJ %FMJDJPVT SFHVMBSFT FM USBCBKP EF DSJBO[B UBNCJÏO MP IFNPT QSPCBEP EF BNCBT GPSNBT DPO SFHVMBSFT Z GFNJOJ[BOEP FO FM ÞMUJNP QBTP P USBCBKBOEP EFTEF FM QSJODJQJP TJO NBDIPT SFBMJ[BOEP UPEP FM QSPHSBNB EF DSJBO[B TPMP DPO IFNCSBT /PTPUSPT QFOTBNPT RVF FT NFKPS USBCBKBS UPEP FM QSPHSBNB GFNJ OJ[BOEP TJO VTBS NBDIPT QBSB FWJUBSTF TPSQSFTBT FO MB SFTQVFTUB B MB UÏDOJDB EF MB JOWFSTJØO EFM TFYP BM GJOBM EFM QSPHSBNB DVBOEP ZB FTUÈ UPEP FM USBCBKP IFDIP "IPSB FTUÈ DBEB WF[ NÈT FYUFOEJEP FM UFNB EF MBT QMBOUBT CPOTBJ $VBOEP OPT DPOPDJNPT IBSÈ NÈT EF EJF[ B×PT ZB UFOÓBT QMBOUBT CPOTBJT EF USFT P DVBUSP B×PT 3FTVNJE BRVFMMPT FYQFSJNFOUPT FM TJTUFNB RVF UFOÓBT QBSB GPSNBS MPT CPO TBJT Z MPT QSJODJQBMFT QSPCMFNBT RVF TF QSFTFOUBCBO -BT QMBOUBT CPOTÈJT GVFSPO VO FYQFSJNFO UP EJWFSUJEP RVF BQBSFDJØ DBTJ EF GPSNB FTQPOUBOFB BM JOUFOUBS NBOUFOFS OVFTUSBT QMBOUBT NBESFT DPO VOB NVZ QFRVF×B FTUBUVSB TPCSF UPEP QBSB BIPSSBS FTQB DJP Z QPEFS NBOUFOFS FO OVFTUSP FTQBDJP QBSB NBESFT VO NBZPS OÞNFSP EF FTUBT CJFO JMVNJOBEBT " GVFS[B EF JS DPSUBOEP FTRVFKFT Z SBNBT EF MBT QMBOUBT JOUFOUBOEP NBOUFOFSMBT QFRVF×BT MPT UBMMPT WBO FOWF KFDJFOEP Z FOHPSEBOEP DPO MPT NFTFT TF WB QSPEVDJFOEP VOB MJHOJGJDBDJØO EFM UFKJEP IFSCÈDFP RVF DPNJFO[B B DPOWFSUJSTF FO NBEFSB EÈOEPMF FM BTQFDUP EF VO CPOTBJ BVORVF OP TF USBUB EF BVUÏOUJDPT CPOTÈJT QSPQJBNFOUF EJDIPT ZB RVF OP TF MMFHB B


NJOJBUVSJ[BS FM UBNB×P EF MBT IPKBT TF DPO TJHVFO NÈT QFRVF×BT QFSP OP NJOJBUVSBT %F MB NJTNB GPSNB RVF IBDFO MPT KBSEJOF SPT EF MPT CPOTÈJT QPEFNPT JS NPEFMBOEP QPDP B QPDP MB GPSNB EF OVFTUSB QMBOUB DPSUBOEP P EFKBOEP DSFDFS P EPCMBOEP MBT SBNBT EPOEF DSFBNPT DPOWFOJFOUF &TUBT QMBOUBT TF NBOUFOÓBO FO NBDFUBT EF MJUSPT DPO FM UJFNQP MB UJFSSB TF DBSHB EF TBMFT Z QJFSEF TVT QSPQJFEBEFT DPO FM DPOTJHVJFOUF EFUFSJPSP EFM TJTUFNB EF SBÓDFT "OUFT EF RVF MBT QMBOUBT NPTUSBSBO TÓOUPNBT EF DBSFODJBT RVF OP TF SFTPMWÓBO DPO FM MBWBEP EF UJFSSB VOB WF[ DBEB TFJT NFTFT NÈT P NFOPT FSB FM NPNFOUP EF QSPDFEFS DPO VOB QPEB EF SBÓDFT Z DBNCJP EF TVTUSBUP FO FTUB NBOJQVMBDJØO BQSP WFDIÈCBNPT QBSB JOGFDUBS MBT SBÓDFT EF MBT QMBOUBT DPO EJWFSTPT NJDSPPSHBOJTNPT CFOFGJDJPTPT QBSB MB SBÓ[ -PT UBMMPT EF MBT QMBOUBT EF DBOOBCJT OP FTUÈO QSFQBSBEPT QBSB WJWJS UBOUPT B×PT Z FO QMBOUBT DPO P DVBUSP B×PT FSB GÈDJM RVF MPT UBMMPT DPNFO [BTFO B EFTDPNQPOFSTF Z UFOFS JOGFDDJP OFT GÞOHJDBT QPS MB CBTF .BOUFOFS VOB QMBOUB CPOTÈJ EF DBOOBCJT EVSBOUF NÈT EF DVBUSP B×PT FT WFSEBEFSBNFOUF EJGÓDJM )PZ FO EÓB OP USBCBKBNPT DPO QMBOUBT CPOTÈJT QSFGFSJNPT UFOFS OVFTUSBT NBESFT TJFNQSF NVZ GVFSUFT Z TBOBT Z SFOPWBNPT OVFTUSBT NBESFT DPO OVFWPT Z KØWFOFT FTRVFKFT DPNP NÈYJNP DBEB TFJT NFTFT %F UPEBT WVFTUSBT QMBOUBT {$VÈM PT EJP VOB JNQSFTJØO EF IBCFS MMFHBEP B VO QVOUP EF TBUJTGBDDJØO UPUBM -B WFSEBE FT RVF FTUB QSFHVOUB OPT SFTVM UB NVZ EJGÓDJM EF SFTQPOEFS FT DPNP QSF HVOUBSMF B VO QBESF EF RVF IJKP FTUÈ NÈT PSHVMMPTP P DVBM FT TV QSFGFSJEP 1FSP CVFOP OVFTUSBT QSJNFSBT WBSJFEBEFT QFO TBNPT RVF IBO MMFHBEP B VO QVOUP FO RVF TPO VO USBCBKP EF DSJBO[B UFSNJOBEP WBSJF EBEFT DPNP MBT NFODJPOBEBT BM JOJDJP EF MB FOUSFWJTUB DVZB DBMJEBE OP TPMP IB TJEP SFDPOPDJEB QPS OPTPUSPT TJOP UBNCJÏO QPS MB FTDFOB DBOOÈCJDB "VORVF RVJ[ÈT BÞO TF QPESÓB SFBMJ[BS BMHVOB NFKPSB FO BMHVOB EF FTUBT WBSJFEBEFT FT EJGÓDJM EFDJS DVBOEP BMHP FTUÈ UFSNJOBEP /VFTUSBT NÈT SFDJFOUFT WBSJFEBEFT TPO MBT RVF UPEBWÓB UJFOFO NÈT QPTJCJMJEB EFT EF SFBMJ[BSTF NFKPSBT QPS FKFNQMP

4XFFU "GHBOJ %FMJDJPVT

5JFOEB EF 4XFFU 4FFET

WBSJFEBEFT DPNP 4XFFU $IFFTF 4OPX 'SVJU 4QFFE %FWJM 'BTU #VE Z #JH %FWJM TF IBO NBOUFOJEP FO DPOTUBOUF EFTBSSPMMP EVSBOUF FTUB UFNQPSBEB Z QBSB QSJODJ QJPT EF ZB FTUBSFNPT FOWBTBOEP MB NJTNB WBSJFEBE NFKPSBEB 3FDPNFOEBEOPT VOB 4BUJWB Z VOB *OEJDB $PNP 4BUJWB PT SFDPNFOEBSÓB MB +BDL QBSB UPEPT BRVFMMPT RVF MFT HVTUBO MBT TFOTBDJPOFT GVFSUFT BHSBEBCMF BSPNB B JODJFOTP Z FGFDUP NVZ QPUFOUF Z FVGØSJDP $PNP *OEJDB PT SFDPNFOEBSÓB MB $SFBN $BSBNFM JODSFÓCMF BSPNB EVMDF DPO NBUJ DFT UFSSPTPT Z FGFDUP NVZ SFMBKBOUF &O WVFTUSP DBUBMPHP {$VÈMFT WFJT DPO VTPT NÈT NFEJDJOBMFT /PSNBMNFOUF MPT DPOTVNJEPSFT EF DBOOBCJT DPO GJOFT NFEJDJOBMFT TVFMFO QSFGFSJS MBT WBSJFEBEFT NÈT JOEJDBT RVF QPTFBO BMUPT DPOUFOJEPT EF 5)$ FM QSJO DJQBM QSJODJQJP BDUJWP NFEJDJOBM Z $#% TVGJDJFOUF QBSB DPNQFOTBS MPT FGFDUPT FVGØSJDPT Z QTJDPEÏMJDPT EFM 5)$ 1BSB FTUF UJQP EF VTVBSJPT MBT WBSJFEBEFT NÈT BQSPQJBEBT TFSÓBO $SFBN $BSBNFM 4"% P .PIBO 3BN 1FSP UBNCJÏO IBZ VO QPS DFOUBKF EF VTVBSJPT NÏEJDPT RVF QSF GJFSFO MBT WBSJFEBEFT NÈT TBUJWBT QBSB FTUPT VTVBSJPT GVODJPOBO CJFO MB *DF $PPM MB 4XFFU 5BJ P 1TJDPEFMJDJB "IPSB IBCÏJT JOUSPEVDJEP BVUPGMPSF DJFOUFT FO WVFTUSP DBUBMPHP {DØNP

BGSPOUÈJT FTUF SFUP /PTPUSPT IFNPT DSFÓEP EFTEF FM QSJODJQJP FO FTUBT OVFWBT HFOÏUJDBT BVUPGMPSFDJFO UFT Z QFOTBNPT RVF UJFOFO VO HSBO GVUVSP QPS EFMBOUF -BT QMBOUBT BVUPGMPSFDJFOUFT OPT UJFOFO NVZ PDVQBEPT ÞMUJNBNFOUF FTUF UJQP EF HFOÏUJDBT DBEB WF[ TPO NÈT EFNBOEBEBT QPS MPT DVMUJWBEPSFT Z UJFOFO VOB TFSJF EF WFOUBKBT DPO SFTQFDUP B MBT WBSJFEBEFT OPSNBMFT QSJODJQBMNFOUF TV SBQJEF[ EJTDSFDJØO Z QPTJCJMJEBE EF SFB MJ[BS WBSJBT DPTFDIBT BM B×P FO FYUFSJPS JODMVTP FO QSJNBWFSB ÁMUJNBNFOUF MBT WBSJFEBEFT BVUPGMPSFDJFOUFT FTUÈO BMDBO [BOEP VOB DBMJEBE TVGJDJFOUF DPNP QBSB RVF NVDIPT DVMUJWBEPSFT PQUFO QPS DVMUJ WBSMBT FO TVT BSNBSJPT EF JOUFSJPS EFCJEP QSJODJQBMNFOUF B TV DPSUP DJDMP EF WJEB Z BDFQUBCMF DBMJEBE {$POTJEFSÈJT RVF MBT BVUPGMPSFDJFOUFT NFKPSBO FTUB UFNQPSBEB {)BTUB RVF QVOUP DSFÏJT RVF QVFEF MMFHBS FTUB NFKPSB Z DVBOUBT UFNQPSBEBT UBSEB SFNPT FO WFSMPT &O 4XFFU 4FFET MMFWBNPT BMSFEFEPS EF EPT B×PT USBCBKBOEP FO WBSJPT QSPZFD UPT EF DSJBO[B QBSB PCUFOFS BMHVOBT EF OVFTUSBT DMÈTJDBT WBSJFEBEFT GFNJOJ[BEBT FO WFSTJØO BVUPGMPSFDJFOUF MPT QSJNFSPT FKFNQMPT EF FTUPT OVFWPT QSPZFDUPT FTUB SÈO EJTQPOJCMFT B QSJODJQJPT EF MB QSØYJNB UFNQPSBEB -BT QSJNFSBT FO WFS MB MV[ TFSÈO MB 4"% BVUP $SFBN $BSBNFM "VUP Z +BDL BVUP /VFTUSB JOUFODJØO

FT QPEFS PGSFDFS DPO FM UJFNQP UPEBT MBT WBSJFEBEFT EF OVFTUSP DBUÈMPHP FO WFSTJØO BVUPGMPSFDJFOUF &TUBT OVFWBT WBSJFEBEFT BVUPGMPSFDJFOUFT RVF IBO TJEP IJCSJEBEBT Z NFKPSBEBT DPO MBT HFOÏUJDBT EF 4XFFU 4FFET TVQPOFO VO TBMUP DVBMJUBUJWP DPO SFTQFDUP B MBT BVUPGMPSFDJFOUFT BDUVBMFT 6OB OVFWB HFOFSBDJØO EF BVUPGMPSFDJFO UFT DPO NFKPSFT BSPNBT NÈT SFTJOB DPO FTUSVDUVSB NÈT SBNJGJDBEB Z NBZPS BMUVSB &O EFGJOJUJWB NÈT QBSFDJEBT B MBT GFNJOJ[B EBT OP BVUPGMPSFDJFOUFT B MBT RVF FTUBNPT BDPTUVNCSBEPT .VDIPT DSJBEPSFT USBCBKBO FO FTUPT NPNFOUPT IJCSJEBOEP WBSJFEBEFT BVUP GMPSFDJFOUFT DPO TVT NFKPSFT NBESFT QPS FTP FO FM GVUVSP MBT BVUPGMPSFDJFOUFT TPMP QVFEFO NFKPSBS )FNPT USBCBKBEP QBSB NFKPSBS MBT USFT WBSJFEBEFT BVUPGMPSFDJFO UFT RVF UFOFNPT FO DBUÈMPHP TFSÈO MB 4QFFE %FWJM 'BTU #VE Z #JH %FWJM UBNCJÏO EJTQPOJCMFT QBSB QSJODJQJPT EFM 6O DPOTFKP RVF PT IBZB EBEP MB WFUFSB OÓB EF NVDIPT B×PT DVMUJWBOEP 1VFT SFDPSEBSPT RVF FM DBOOBCJT FT VOB QMBOUB NÈHJDB RVF IB FWPMVDJPOBEP EF MB NBOP EFM TFS IVNBOP EFTEF MPT QSJODJ QJPT EF MPT UJFNQPT EJTQVFTUB B EFWPMWFS HFOFSPTBNFOUF UPEPT MPT DVJEBEPT Z GBWP SFT RVF MPT IVNBOPT QPEBNPT IBDFSMF XXX TXFFUTFFET FT


'LVIUXWD HO SODFHU GH OLDU FRQ SDSHOHV GH DOWD FDOLGDG TXH LQFOX\HQ SDSHOHV GH OLDU VXSHU H[WUDÀQR \ GH FRPEXVWLyQ OHQWD

ÀQH _ WKLQ _ XOWUDWKLQ

ZZZ SDUW\LQKRXVH FRP 3DUD OD GLVWULEXFLyQ RSRUWXQLGDGHV GH YHQWDV R OD FUHDFLyQ GH SURSLDV PDUFDV GH SDSHOHV GH OLDU VtUYDVH HQ FRQWDFWDU &RPSDxtD GH 7DEDFRV GHO 0HGLWHUUiQHR 6 $ &20(7

F 1XxH] GH %DOERD 0DGULG 63$,1

3K 0RY VPHGLQD#FRPHWFLJDUV FRP


(6¶" %& 7"3*&%"%&4

%FJNPT VOB BVUPGMPSFDJFOUF EF UBNB×P NPTOUSVPTP $VBOEP IBCMBNPT EF WBSJFEBEFT BVUPGMPSFDJFOUFT EF DÈOOBCJT FT JOFWJ UBCMF IBCMBS EF %FJNPT ZB RVF FTUF IÓCSJEP EF /PSUIFSO -JHIUT PGSFDF OVNFSPTBT WFOUBKBT OP TØMP QPS TV UBNB×P TJOP QPS TV QSPEVDUJWJEBE &TUB DMBTF EF BVUPGMPSFDJFOUF TF NBO UJFOF OPSNBMNFOUF QPS EFCBKP EF MPT DN QPS MP RVF FT QPTJCMF DVMUJWBSMB FO DVBMRVJFS MVHBS MP RVF GBDJMJUB BM DVM UJWBEPS TV DVJEBEP TJO RVF UFOHB RVF FOGSFOUBSTF B QSPCMFNBT EF FTQBDJP P EF DBSÈDUFS MFHBM /PSNBMNFOUF TV BMUVSB TVFMF SPOEBS FOUSF MP DFOUÓNFUSPT QPS MP RVF FT NVZ EJTDSFUB %FJNPT TF EJGFSFODJB EF MBT PUSBT BVUP GMPSFDJFOUFT EFM NFSDBEP QPSRVF QPTFF BSPNB Z TBCPSFT EVMDFT DPO NBUJDFT BGSVUBEPT DPO VO NBSDBEP DBSÈDUFS QSPQJP 4VQFSB BNQMJBNFOUF B MBT UÓQJ DBT BVUPGMPSFDJFOUFT FO DVBOUP B QSP EVDDJØO BTÓ DPNP FO QPUFODJB "MHVOPT FKFNQMBSFT JODMVTP IBO MMFHBEP B TVQF SBS MPT HSBNPT 3FTQFDUP B MB NFEJB FO TVFMP DPO DVJEBEPT ØQUJNPT TF TJUÞB QPS FODJNB EF MPT HSBNPT "EFNÈT %FJNPT OP OFDFTJUB DVJEBEPT FTQFDJBMFT DPNP PUSBT WBSJFEBEFT MP RVF MB DPOWJFSUF FO VOB NVZ CVFOB PQDJØO QBSB DVMUJWBEPSFT OPWFMFT BTÓ DPNP QBSB

$PHPMMPT HSVFTPT Z DPNQBDUPT

MPT FYQFSUPT QPS TV BMUB DBMJEBE Z QSPEVD DJØO 4J TF MF QSPQPSDJPOBO MBT DPOEJDJP OFT BEFDVBEBT GMPSFDF EF NBOFSB FYQMP TJWB &M IFDIP EF TFS BVUPGMPSFDJFOUF QSP QJDJB RVF OP UFOHBO RVF EFQFOEFS EFM GPUPQFSJPEP QPS MP RVF TV DSFDJNJFOUP Z GMPSBDJØO TF EB BOUFT TJOP RVF BEFNÈT TF QVFEF DVMUJWBS B MP MBSHP EF UPEP FM B×P 4JFOEP MBT NBT QSPEVDUJWBT MBT QMBOUBEBT FO QSJNBWFSB Z WFSBOP /P FT FO BCTPMVUP VOB WBSJFEBE JNQSPWJ TBEB TBDBEB DPO QSJTBT BOUF MBT FYJHFODJBT EFM NFSDBEP -PT MPHSPT EF FTUB WBSJFEBE MMFWBO BQBSFKBEP VO HSBO USBCBKP QPS QBSUF EFM FRVJQP EF #VEEIB 4FFE )BO DSV[BEP NÈT EF PDIP WFDFT B MP MBSHP EF VO QFSJP EP EF UJFNQP TVQFSJPS B MPT EPT B×PT VOB QMBOUB DMÈTJDB DPNP FT MB EF /PSUIFSO -JHIUT IBTUB PCUFOFS VOB BVUPGMPSFDJFOUF EPOEF MPT DPHPMMPT DPNQBDUBO CJFO Z QSP EVDFO BCVOEBOUF SFTJOB %FJNPT QPTFF VOB HSBO QPUFODJB FO DVBOUP B TV TBCPS OBEJF EJSÓB RVF FT VOB BVUPGMPSFDJFOUF ZB RVF JODMVTP TVQFSB B NVDIBT EF MBT WBSJF EBEFT DPOWFODJPOBMFT

4V SBNJGJDBDJØO MBT IBDF NVZ QSPEVDUJWBT

4VQFSBO FM NFUSP DPO GBDJMJEBE


,*5$)&/#03%&--0

`&TDSJUP QPS MB TJFNQSF WJSHFO CPOCPO EFHVTUBOEP VO DBSBKJMMP FTQÓSJUV TBOUP

```'FMJ[ "×P DPOFKJMMPT 2VFSJEBT MFDUPSBT Z RVFSJEPT MFDUPSFT `#JFOWFOJEPT B VOB OVFWB DJUB DPO FM TPSQSFOEFOUF FTQFDUÈDVMP DVMJOBSJP EF ,JUDIFO #PSEFMMP 5BNCJÏO FTUF B×P FTUBNPT DPO WPTPUSPT QBSB EFTDVCSJS MBT OVFWBT FYRVJTJUBT SFDF UBT Z MPT DBMJFOUFT TFDSFUPT EF MPT DIFGT EF MB DPDJOB NÈT MPDB EFM IFNJTGFSJP CPSFBM {-B WJEB NPEFSOB PT FTUSFTB {&M KFGF PT NBMUSBUB {.BNÈ Z QBQÈ PT NJSBO DPO EFTBQSPCBDJØO 1SFQBSBPT QBSB FOGSFOUBS MPT EÓBT DPO VOB TPOSJTB Z MB USJQB MMFOB QPSRVF FM NVOEP FTUÈ MMFOP EF KFGFT Z QBESFT TJFNQSF MJT UPT B BSSVJOBS FM EÓB TPJT WPTPUSPT RVJF OFT EFCÏJT BQSFOEFS B JS NÈT BMMÈ RVJ[È BQSFOEJFOEP B WFS FM MBEP EJWFSUJEP EF MB TJUVBDJØO $VBOEP VO EÓB QBSFDF NBSDBEP QPS FM NBM IVNPS OP IBZ OBEB NFKPS RVF MVDIBS DPOUSB MB NFMBODPMÓB DPO VOB CVFOB DFOB DPO MPT BNJHPT TBCPSFBOEP FYRVJTJUPT NBOKBSFT Z `SFMBKÈOEPTF DPO VO UBVNBUÞSHJDP QPSSP `&OUSFNPT QVFT FO FM DPMPSJEP NVOEP EF ,JUDIFO #PSEFMMP EPOEF FM TBCPS MPT BSPNBT Z MB EJWFSTJØO TF GVOEFO FO QMBUPT TVDVMFOUPT Z HVTUPTBT CFCJEBT )BO MMFHBEP ZB MPT EÓBT GSFTDPT EF FOFSP MPT QBTFPT FTUÈO MMFOPT EF OJFWF Z FO MBT DPDJOBT EF WVFTUSPT DIJGMBEPT DIFGT IJFSWF FO MB PMMB MB FTUSBUFHJB QBSB OP EFKBS TF TPSQSFOEFS QPS MB USJTUF[B Z FOGSFOUBS FM B×P OVFWP DPO VOB FYQSFTJØO GFMJ[

:P Z NJ BNJHP &TQÓSJUV 4BOUP RVF NF TVTV SSB BM PÓEP QBTBNPT EÓBT FOUFSPT FO MB DPDJ OB DIBSMBOEP FOUSF NPOUB×BT EF QMBUPT QPS MBWBS CBUJEPSBT NBOVBMFT Z FTQVNBEPSBT IBDJFOEP EJBCMVSBT Z QPOJFOEP FM IPSOP FO SJFTHP EF FYQMPTJØO &TQÓSJUV B NFOVEP CSPNFB FTDPOEJÏOEPNF MB DVDIBSB DPO MB RVF FTUPZ NF[DMBOEP VOB FYRVJTJUB TPQB EF DFSFBMFT P DBNCJÈOEPNF EF MVHBS MB TBM Z FM B[ÞDBS ZP MP BNFOB[P DPO BCBOEPOBS FM DPSP EF MB QBSSPRVJB Z DPO BDPSUBS QPS MP NFOPT DFOUÓNFUSPT FM EPCMBEJMMP EF NJT NJOJGBMEJUBT Z BTÓ WVFMWF B QPOFS UPEP FO TV MVHBS `Z B UPEB QSJTB &TQÓSJUV FT TJO EVEB VO FYDFMFOUF DPNQB ×FSP EF QFSJQFDJBT DVMJOBSJBT MPT DPODVS TPT EFEJDBEPT B MB DPNJEB TPO VOB GPSNB EJWFSUJEB Z PSJHJOBM EF QBTBS MBT WFMBEBT FO DBTB FOUSF VO BSPNÈUJDP QPSSP Z VOB QFMJ EF 3VTT .FZFST /P IBZ OBEB NFKPS RVF VOB CVFOB DFOB OVUSJFOUF Z HVTUPTB VOB CVFOB DPQB EF WJOP P VOB DBSCVSBOUF DFSWF[B `Z VOB TPCSFNFTB EJHOB EF UPEP SFTQFUP 4BCÏJT ZB RVF BEPSP EFTFODBQSJ DIBSNF DPO SFDFUBT BVEBDFT QBSB TPSQSFO EFS Z EFMFJUBS B NJT DPNFOTBMFT DPO TBCP SFT Z BSPNBT OVFWPT Z FYØUJDPT BVORVF B NFOVEP UFSNJOP IBDJFOEP JOFYQMJDBCMFT EFTBTUSFT NBODIBOEP JSSFNFEJBCMFNFOUF MB FTUVGB DPO TBMQJDBEVSBT EF TBMTB B MB #POCPO Z DFOJ[BT EF QPSSP {2VJÏO EF WPTPUSPT FNQFEFSOJEPT GVNBEPSFT OP IB BTQJSBEP FM UBCBDP BMHVOB WF[ BDDJEFOUBMNFOUF TPCSF FM FTUPGBEP EF QBUBUBT

{2VJÏO EF WPTPUSPT BNBOUFT EF MB 4BUJWB OP IB BSSPKBEP MB DPMJMMB BMHVOB WF[ FO FM QMBUP EF QSFTFOUBDJØO FO MVHBS EFM DFOJDFSP &O WF[ EF IFSNPTPT Z NBMEJ UPT OPTPUSPT MPT BMFHSFT DIFGT EFM QPSSP GÈDJM TPNPT IFSNPTPT Z EJTUSBÓEPT QFSP OP DBCF EVEB EF RVF FTF BJSF BUVSEJEP OP IBDF NÈT RVF BVNFOUBS OVFTUSP EF QPS TÓ JSSFTJTUJCMF FODBOUP /P PCTUBOUF MPT JOFWJUBCMFT BDDJEFOUFT EF USBCBKP MPT JOUSÏQJEPT DPNQB×FSPT Z DPNQB×FSBT EF NFSJFOEB EF ,JUDIFO #PSEFMMP HSBDJBT B TV OPUBCMF UBMFOUP F JOOFHBCMF PSJHJOB MJEBE UJFOFO MB QPTJCJMJEBE EF FYQMPSBS OVFWPT Z HVTUPTPT NVOEPT KVHBOEP BM QFRVF×P RVÓNJDP FO MB DPDJOB 6OB SFDFUB B NJ QBSFDFS QFSNBOFDF FO FM BOPOJNBUP TJ FM DPDJOFSP P DPDJ OFSB FO DVFTUJØO OP B×BEF BMHP EF TÓ NFUBGØSJDBNFOUF IBCMBOEP DMBSP FTUÈ BM QSFQBSBEP VOB QJ[DB EF TBM SPTBEB EFM )JNBMBZB VOPT HSBOJUPT EF NPTUB[B EF %JHJPOF VO QPDP EF RVFTP EF MFDIF EF PWFKB UJQP 1FDPSJOP 3PNBOP DVBMRVJFS JOHSFEJFOUF P FTQFDJB RVF TF DPNCJOF CJFO DPO MPT EFNÈT DPNQPOFOUFT Z EÏ VO UPRVF QFSTPOBM Z OVFWP BM QMBUP 3FDPSEBE TJFNQSF RVFSJEPT DPOFKJMMPT RVF RVJFO IBDF DIJTQB FOUSF PMMBT CBO EFKBT Z UBNJDFT `TVFMF IBDFS MP NJTNP FOUSF TÈCBOBT DPKJOFT Z FESFEPOFT -B PSJHJOBMJEBE FT FM QVOUP DBSEJOBM EF MPT BDPOUFDJNJFOUPT IJTUØSJDPT NÈT JNQPSUBOUFT MB DPTUVNCSF Z MB SVUJOB OP MMFWBO OVODB BM NFKPSBNJFOUP TPCSF UPEP TJ FM QVOUP EF QBSUJEB OP FT iFTQF DJBMw &TUÈ DMBSP FO MB DPDJOB DPNP FO NVDIPT PUSPT ÈNCJUPT RVF MB JOOPWBDJØO OP FT OBEB TJO VOB BUFOUB PCTFSWBDJØO B MP RVF FT FM QBTBEP Z OP FTUPZ IBCMBOEP EF WFSEVSB DBCF[POFT Z FO OVFTUSP DBTP MB USBEJDJØO "TÓ QVFT RVFSJEPT BNJHPT Z RVFSJEBT BNJHBT OP QVFEP IBDFS NÈT RVF FYIPSUBSPT B FNQSFO EFS WVFTUSB PCSB FO MB DPDJOB Z FO MB DPUJEJBOJEBE TJO JNQPSUBS MPT EFTBTUSFT RVF QVFEBO SFTVMUBS TJOP DPNP CJFO FOTF×B MB BCVFMB &MEB %F MPT FSSPSFT TF BQSFOEF Z MVFHP NF UPDB B NÓ MJNQJBS MB FTUVGB RVF QBSFDF IBCFS FTUBEP FO MB CBUBMMB EF $BQPSFUUP `1FSP SFUPNFNPT MP EF MPT EFTBTUSFT RVF TF QVFEFO IBDFS FO MB DPDJOB USBT VO QPSSP EF NÈT 4J MB DPDJOB TF FTUÈ JODFOEJBOEP QPSRVF EVSBOUF MB DPNQMFKB QSFQBSBDJØO EF SPMMJ UPT EF DBSQBDDJP EF DBCSB Z BDIJDPSJB PT IBCÏJT EJTUSBÓEP WJFOEP FM ÞMUJNP FQJTPEJP EF -PTU 26& /0 $6/%" &- 1«/*$0 `MP EJDF UBNCJÏO MB (VÓB EFM BVUPFTUPQJTUB HBMÈDUJDP UPEPT MPT QSPCMFNBT UJFOFO TPMVDJØO : NJFOUSBT #PC .D'FSSJO FOUP OB MBT OPUBT JOJDJBMFT EF %PO U 8PSSZ #F )BQQZ BDPNPEBEP FO FM BMGÏJ[BS EF MB TBMB SFDPSEBE TJFNQSF RVF JODMVTP MBT QFPSFT

TJUVBDJPOFT QVFEFO UFOFS TV MBEP QPTJUJWP Z QPS RVÏ OP EJWFSUJEP {&M SJTPUUP B MBT IJFSCBT RVF FTUBCBJT QSFQBSBOEP DPO UBOUP BNPS TF IB QFHBEP &T TVGJDJFOUF BQBHBS FM GVFHP Z DPO DVJEBEP FDIBS FM QSFQBSBEP FO PUSB DB[VFMB {&M HBSBN NBTBMB DPO FM RVF RVFSÓBJT DPORVJTUBS B MB TFEVDUPSB WFDJOB QBOZBCÓ IB RVFEBEP EFNBTJBEP QJDBOUF "×BEJE DPO DVJEBEP VO QPDP EF B[ÞDBS Z QSPCBE EF WF[ FO DVBOEP {&M HVJTP EF CSØDPMJ GJPMBSP FTUÈ EFNB TJBEP FTQFTP "×BEJE HSBEVBMNFOUF DBMEP WFHFUBM NF[DMBOEP DPO FOFSHÓB {-B NBZPOFTB TF IB DPSUBEP "SSPKBEMB FO FM KBSEÓO NBMEJDJFOEP B MPT BOUFQBTB EPT EFM TF×PS ,SBGU QPS EFTHSBDJB QBSB MB SFTBDB EFM TÈCBEP Z QBSB MB NBZPOFTB DPSUBEB OP FYJTUF SFNFEJP BMHVOP MP ÞOJDP RVF QPEFNPT IBDFS FT UPNBSMP DPO GJMPTPGÓB 1FSP BIPSB QBTFNPT B MB QSJNFSB Z FYRVJTJUB SFDFUB EF FTUF NFT

4PQB EF KVEÓBT OFHSBT NVTJDBMFT &O MBT GSÓBT OPDIFT EF JOWJFSOP DVBOEP FM WJFOUP OP EFKB TBMJS B IBDFS USBWFTV SBT OBEB NFKPS RVF RVFEBSTF FO DBTB QSFQBSBS BMHP CVFOP Z QFSEFSTF FO VO NBSBUØO EF 4UBS 8BST {2VF IBZ NFKPS RVF VOB TPQB EF KVEÓBT OFHSBT QBSB SFGPS[BS FM ÈOJNP "EFNÈT EF HVTUPTB OVUSJFOUF Z TBCSPTB FT QSFDVSTPSB EF KJOHMFT JOUFTUJOBMFT JOFTQFSBEPT RVF PGSFDFO DBMPS Z BMFHSÓB B WVFTUSP DPNF EPS Z IBDF FTDBQBS IPSSPSJ[BEPT B MPT BNJHPT EFNBTJBEP EF CJFO

-PT JOHSFEJFOUFT OFDF TBSJPT QBSB BDBCBS DPO FM IBNCSF RVÓNJDB EF EJWFSUJEPT DPNFOTBMFT H EF KVEÓBT OFHSBT TFDBT DM EF BDFJUF EF PMJWB EJFOUFT EF BKP GJOBNFOUF QJDBEP DFCPMMBT QFMBEBT Z QJDBEBT QJNJFOUP SPKP MBWBEP MJNQJP Z DPSUBEP FO USP[PT EF 9 DN TBM QJNJFOUB OFHSB DVDIBSBEJUB EF PSÏHBOP TFDP DVDIBSBEJUB EF DPNJOP FO QPMWP IPKBT EF MBVSFM DM EF WJOP CMBODP TFDP DVDIBSBEBT EF WJOBHSF EF WJOP UJOUP CBHVFUUFT NBOUFRVJMMB NÈT MP TVGJDJFOUF

1SFQBSBDJØO &TUB TPQB EF KVEÓBT OFHSBT FT VO DMÈTJDP EF MB DPDJOB DVCBOB QFSP TF TVFMF DPO TVNJS FO UPEB "NÏSJDB $FOUSBM EPOEF FM VTP EF KVEÓBT FT CBTUBOUF UÓQJDP &O DVBOUP B MB QSFQBSBDJØO MP JEFBM TFSÓB VTBS

MBT KVEÓBT OFHSBT RVF UJFOFO VOB GPSNB QBSFDJEB B MBT KVEÓBT UJQP iDBOOFMMJOJw QFSP RVF QSFTFOUBO VOB QJFM NÈT DPOTJTUFOUF Z VO HVTUP NÈT NBSDBEP (FOFSBMNFOUF TF DPOTJHVFO FO MPT TVQFSNFSDBEPT NFKPS BCBTUFDJEPT P FO UJFOEBT ÏUOJDBT " GBMUB EF KVEÓBT OFHSBT QVFEFO VTBSTF UBNCJÏO MBT CPSMPUUJ BVORVF TF QJFSEF BTÓ VO QPDP EF FM HVTUP FYØUJDP EF MB TPQB -B SFDF UB PSJHJOBM SFDPNJFOEB FM VTP EF KVEÓBT OFHSBT TFDBT RVF EFCFO EFKBSTF FO SFNP KP MB OPDIF BOUFT EF MB DPDDJØO &TUF QMBUP FT FYDFMFOUF DPNP FOUSBEB QBSB VOB DFOB UÓQJDBNFOUF DFOUSPBNFSJDBOB QFSP FTUÈ NVZ CJFO UBNCJÏO DPNP QMBUP ÞOJDP 2VFSJEPT DPOFKJMMPT SFWPMVDJPOBSJPT MP QSJNFSP RVF EFCÏJT IBDFS FT FTDVSSJS FM BHVB EF SFNPKP EF MBT KVEÓBT FO MB RVF IBO QBTBEP QPS MP NFOPT VOB OPDIF Z FDIBSMBT FO VOB PMMB DPO MJUSPT EF BHVB GSÓB QPOFS B IFSWJS B GVFHP BMUP Z DPDFS FOUPODFT NBO UFOJFOEP FM EPOEJFHP DVMJOBSJP DVCJFSUP B GVFHP NFEJP MFOUP EVSBOUF VOB IPSB BQSPYJNBEBNFOUF .JFOUSBT UBOUP DBMFO UBE FO VOB DB[VFMB FM BDFJUF FM BKP Z MBT DFCPMMBT Z EFKBE TPGSFÓS EVSBOUF BMHVOPT NJOVUPT IBTUB RVF TF EPSFO B×BEJE FOUPO DFT FM QJNJFOUP DPSUBEP FO USPDJUPT Z EFKBE TPGSFÓS VOPT NJOVUPT NÈT 4BDBE VOB DJFSUB DBOUJEBE EF KVEÓBT NÈT P NFOPT VOB UB[B EF UÏ EF MB PMMB FO FCVMMJDJØO FTDVSSJEMBT Z NF[DMBEMBT KVOUP BM TPGSJUP SFWPMWJFOEP B NFOVEP Z B×BEJFOEP FM WJOP CMBODP Z FM WJOBHSF %FTQVÏT EF VOPT NJOVUPT B×BEJE FM DPOUFOJEP EF MB DB[VFMB FO MB PMMB EF MBT KVEÓBT TBMQJNFOUBE BM HVTUP Z B×BEJE FOUPODFT FM MBVSFM Z FM DPNJOP $VCSJE Z EFKBE DPDFS EVSBOUF IPSBT B GVFHP MFOUP IBTUB RVF MBT KVEÓBT RVFEFO CJFO DPDJEBT Z CMBOEBT QFSP TJO RVF TF EFTIB HBO DPNP OVFTUSPT DBOTBEPT NJFNCSPT FM EPNJOHP QPS MB NB×BOB "M GJOBM EF MB DPDDJØO QPOFE FO FM IPSOP MBT CBHVFUUFT DPSUBEBT FO SPEBKJUBT QBSB RVF RVFEFO DSPDBOUFT Z EPSBEBT "M TBDBSMBT EFM IPSOP VOUBE MBT SPEBKBT DPO MB NJMBHSPTB NBO UFRVJMMB NÈT FODPOUSBSFJT MB SFDFUB FO MPT OÞNFSPT BOUFSJPSFT TJ OP UFOÏJT MB FEJDJØO EF QBQFM DPOTVMUBE FM BSDIJWP EF MB XFC EF 4PGU 4FDSFUT 1BSB MB QSFQBSBDJØO EF MB NBOUFRVJMMB NÈT FO FTUF DBTP SFDPNJFOEP VTBS GMPS NJUBE ÓOEJDB Z NJUBE TBUJWB `MB *DF 1FSP BUFOUPT B MBT DBOUJEBEFT VOB DPDJOFSB RVF DPOP[DP QBTØ IPSBT FYUFOEJEB FO FM UBQFUF SJFOEP QPS IBCFS TPCSFQBTBEP MBT EPTJT EF *DF CMJOL CMJOL 4FSWJE FO CPMFT EF TPQB P FO QMBUPT IPOEPT Z FTQBSDJE VO QPDP EF DFCPMMB QJDBEB %FHVTUBE DBMJFOUF Z BDPNQB×BEB DPO VOB CVFOB DFSWF[B DMBSB Z EF TBCPS MJNQJP `)BTUB MB KVEÓB TJFNQSF 5PSUBOP OBQPMJUBOP HVTUPT EFUFSNJOB EPT QBSB EFCJMJEBEFT SFQFOUJOBT )BZ NPNFOUPT FO MB WJEB RVF OPT IBDFO DPNQSFOEFS RVF IB MMFHBEP MB IPSB EF DSFDFS -B DBTB EF NBNÈ Z QBQÈ OP PCT UBOUF TFB DØNPEB Z BDPHFEPSB FNQJF[B B RVFEBSOPT BQSFUBEB FM IFDIP EF RVF IFS NBOBT Z IFSNBOPT TF QBTFFO QPS OVFTUSB IBCJUBDJØO OPT DBVTB VO QSJODJQJP EF JOUP MFSBODJB UFOFS RVF EBS DVFOUBT EF OVFTUSPT IPSBSJPT Z OVFTUSB DPNQB×ÓB OPT NPMFTUB QSPGVOEBNFOUF -MFHB BTÓ FM NPNFOUP FO FM


RVF FM KPWFO GBOUBTJPTP TF SFNBOHB MB DBNJ TB MÓB TVT CÈSUVMPT Z TF WB QPS MB $BMMF EF MB *OEFQFOEFODJB Z OP IBCMP EF MB EF #PMPOJB UPOUVFMPT &T VO DBNJOP MMFOP EF BTFDIBO [BT Z DBOTBODJP FM TVFMP FTUÈ SFDVCJFSUP EF TBDSJGJDJPT F JNÈHFOFT EF GSJHPSÓGJDPT WBDÓPT {P TPZ ZP MB ÞOJDB RVF NF FODVFOUSP DPO MB DFMEB DPNQMFUBNFOUF WBDÓB B FYDFQDJØO EF LSFO DVCJUPT EF DBMEP DPMJSJP Z MJNPOFT TFDPT 5FOESÏ RVF FODPOUSBS VOB SFDFUB RVF JODMVZB FTUPT JOHSFEJFOUFT QBSB WBDJBS QPS DPNQMFUP FM GSJHPSÓGJDP &O FM IPSJ[POUF BMSFEFEPS EF MB $BMMF EF MB *OEFQFOEFODJB TF QSFTFOUBO DPNP FTQFKJTNPT MPT NBOKB SFT EF NBNÈ MBT DBNJTBT QMBODIBEBT Z MB DBNB BDBCBEB EF UFOEFS &O GJO IBZ NPNFOUPT FO MPT RVF TF EFTFB SÓB EFKBSMP UPEP QBSB SFHSFTBS BM DØNPEP BVORVF TPGPDBOUF MBS EPNÏTUJDP 1FSP FM KPWFO GBOUBTJPTP Z BMFHSF OP TF EFKB BCBUJS QPS MPT PCTUÈDVMPT RVF MB BTFDIBEPSB WJEB NPEFSOB MF SFTFSWB `BQSJFUB MPT EJFOUFT JOTQJSB QSPGVOEBNFOUF Z TF QSFQBSB VO QPSSP NJFOUSBT TF QBTFB QPS FM QBSRVF 1BSB OP FOVNFSBS BTQFDUPT PCWJPT RVF UPEPT DPOPDFNPT CJFO MB WJEB EFM JOUSÏ QJEP GVNBEPS ZB FT EJGÓDJM EF QPS TÓ FOUSF GBDUVSBT BMRVJMFSFT Z UBSFBT EPNÏTUJDBT TJO RVF TF NFUB UBNCJÏO MB JODØHOJUB iDPNJ EBw QBSB DPNQMJDBS FM DBPT 4J OP UFOÏJT MB TVFSUF EF UFOFS VOB DBSJ×PTB OPWJB P VO GJFM BNJHP EJTQVFTUPT B DPDJOBS EFMJDJP TPT NBOKBSFT QBSB TBDJBS WVFTUSB IBNCSF EF NFEJBOPDIF PT DPOWJFOF BQSFOEFS B EFGFOEFSPT FO MB DPDJOB B OP DPSUBSPT DPO MPT DVDIJMMPT Z B OP RVFEBS BUSBQBEPT DPO MPT EFEPT FO FM QFMBQBUBUBT " NJ QBSFDFS FM QFPS MBEP EF WJWJS TPMPT FT RVF MBT QSFPDVQBDJPOFT Z MPT HBTUPT UJFO EFO B TPGPDBS BM DIJRVJMMP RVF WJWF FO DBEB VOP EF OPTPUSPT {2VJÏO USBT VO MBSHP EÓB EF USBCBKP Z VOB BSEVB TFTJØO EF UBSFBT EPNÏTUJDBT UJFOF BÞO HBOBT EF KVHBS DPO FM NFDDBOP P EJCVKBS KJSBGBT 4J BMHVOP EF WPTPUSPT MP DPOTJHVF TJO BZVEB EF TVTUBODJBT FTUVQFGBDJFOUFT Z BGJOFT FT EJHOP EF UPEP NJ SFTQFUP Z NJ FTUJNB Z EFCFSÓB FOUSF PUSBT DPTBT BQSFTV SBSTF B FTDSJCJSNF VO F NBJM Z SFWFMBSNF TVT TFDSFUPT CPO CPO ! MJWF JU 1FSTPOBMNFOUF QBSB NBOUFOFS WJWB B MB DIJRVJMMB RVF IBZ FO NÓ JOUFOUP EFEJDBS MB NBZPS DBOUJEBE EF NPNFOUPT QPTJCMFT EVSBOUF FM EÓB B MB NÈT QMFOB JNCFDJMJEBE 4Ó IBCÏJT MFÓEP CJFO FO DVBOUP UFOHP DJODP NJOVUPT TBDP EF MB GVOEB FM TLJGJEPM Z KVFHP B MB OPDIF EFM IPNCSF NPDP P FO BMUFSOBUJWB NF JOWFOUP BQPEPT FTUÞQJEPT QBSB NJT DPMFHBT P FTDSJCP IJTUPSJFUBT UPO UBT RVF IBDFO SFÓS TØMP B NÓ TPC &O GJO FM TFDSFUP EF MB FUFSOB KVWFOUVE EF FTQÓSJUV FT MB JEJPUF[ OP IBZ KPWFODJUP P EPODFMMB RVF OP BEPSF FOUSFHBSTF B QFOTBNJFOUPT UPOUPT RVF SÈQJEBNFOUF DPOTJHVFO EBS DPMPS B MP HSJT EF MB SVUJOB -B TFSJFEBE FTUÈ QBTBEB EF NPEB MBT NBMBT DBSBT FOUSJT UFDFO Z MBT RVFKBT OP MBT RVJFSF PÓS OBEJF BTÓ RVF FO WF[ EF BOHVTUJBSPT B WPTPUSPT NJTNPT Z BM QSØKJNP DPO QFTBEVNCSF Z BNBSHVSB JOUFOUBE QFOTBS FO BMHP UPOUP RVF PT IBHB SFÓS :P QPS FKFNQMP BNP MPT EJOPTBVSJPT DPO

BSNBT MÈTFS Z B "MG {MP SFDPSEÈJT &M FYUSB UFSSFTUSF RVF DPNÓB HBUPT Z BTÓ DVBOEP MB USJTUF[B Z FM BCBUJNJFOUP NF JOWBEFO NF QPOHP B QFOTBS FO DPTBT EJWFSUJEBT RVF B WFDFT NF IBDFO TPMUBS DBSDBKBEBT FO MPT NPNFOUPT NFOPT PQPSUVOPT 0USP SFNFEJP QBSB FM FOWFKFDJNJFOUP QSFDP[ FT NFUFSTF FO MÓPT &NCBEVSOBSTF DPO MB NBTB QBSB VOB UBSUB P QPOFS FO NBSDIB MB MJDVBEPSB TJO UBQB Z DIPSSFBS UPEB MB DBTB QVFEF SFTVMUBS EJWFSUJEP TJ TF UPNB DPO GJMPTPGÓB : FT RVF FM QMBDFS EF KVHVF UFBS DPO MPT JOHSFEJFOUFT OP UJFOF JHVBM IVOEJS MPT EFEPT FO MB IBSJOB Z BSSPKBSMB IBDJB BSSJCB IBDFS TFOEFSPT DPO TFNJMMBT EF DBMBCB[B NPEFMBS PCKFUPT EF GPSNB NBMJDJPTB DPO MB QBTUB CSJTÏ EJCVKBS DBSJUBT TPOSJFOUFT FO MB NBOUFRVJMMB &O GJO IBZ RVF FTUBS BUFOUPT B OP QSFO EFSTF GVFHP DPO MPT QMÈUBOPT GMBNCFBEPT P B OP EFKBS MB DBTB BQFTUBOEP B NVFSUF IBDJFOEP FYQMPUBS MB DBGFUFSB QBSB IBDFS FM UJSBNJTÞ QFSP EJWFSUJSTF FO MB DPDJOB FT GVOEBNFOUBM BEFNÈT EF TFS VO QMBDFS 1BTFNPT BIPSB B MB SFDFUB EF FTUF NFT FM UPSUBOP OBQPMJUBOP FT VOB UPSUB TBMBEB RVF TF DPOTVNF QSJODJQBMNFOUF EVSBO UF MB QBTDVB QFSP FT VO QMBUP ÞOJDP Z FYUSBPSEJOBSJP UBNCJÏO QBSB FM PUP×P P FM JOWJFSOP ZB RVF OP MMFWB GSVUB P WFSEVSB EF UFNQPSBEB "EFNÈT EFM DBGÏ EF 5POJ 4FSWJMMP DPOGJFTP QÞCMJDBNFOUF NJ BNPS QPS ÏM Z EF MPT TUSVGGPMJ QBTUB GSJUB DPO NJFM MPT OBQPMJUBOPT OPT IBO FOTF×BEP FM USJTUFNFOUF DÏMFCSF BSUF EF BQB×BS TF FO MB WJEB BTÓ DPNP FO MB DPDJOB : BTÓ QVFT OPTPUSPT KØWFOFT WBMJFOUFT USBT SFDPHFS MBT ÞMUJNBT GVFS[BT RVF RVFEBO EFTQVÏT EF VO FYUFOVBOUF HJSBOU OPT BQB×BNPT DPNP NFKPS QPEFNPT FOUSF DVDIBSPOFT Z DÈTDBSBT EF IVFWP `FTQFSBO EP RVF RVJFO FTUÈ FO FM SFJOP EF MPT DJFMPT -JOECFSHI OPT BZVEF

*OHSFEJFOUFT 1BSB MB QBTUB LH EF IBSJOB H EF NBOUFDB UPDJOP `P VO CVFO BDFJUF EF PMJWB QBSB RVF SFTVMUF NÈT MJHFSP

DVCJUPT EF MFWBEVSB EF DFSWF[B VOB QJ[DB EF TBM QJNJFOUB MP TVGJDJFOUF

1BSB FM SFMMFOP H EF RVFTPT NJYUPT EF QBTUB CMBOEB 1SPWPMPOF 'POUJOB &NNFOUIBM TVJ[P RVFTP EF MFDIF EF PWFKB FUD

H EF TBMBNJ EF /ÈQPMFT IVFWPT EVSPT TBM MP TVGJDJFOUF

QJNJFOUB MP TVGJDJFOUF

1SFQBSBDJØO -B TJHVJFOUF FT MB SFDFUB PSJHJOBM EFM UPSUB OP OBQPMJUBOP TFHÞO MB NÈT BVUÏOUJDB USB EJDJØO EF MB DPDJOB OBQPMJUBOB %FTMFÓE MB MFWBEVSB FO BHVB MJHFSBNFOUF UFNQMBEB 1POFE MB IBSJOB FO VOB NFTB Z GPSNBE MB UÓQJDB GVFOUF QPOFE FO FM DFOUSP MB NBOUFDB MB TBM MB QJNJFOUB Z MB MFWBEVSB

EFTMFÓEB FO FM BHVB .F[DMBE UPEPT MPT JOHSFEJFOUFT B×BEJFOEP TJ FT OFDFTBSJP VO QPDP NÈT EF BHVB IBTUB PCUFOFS VOB QBTUB TVBWF RVF USBCBKBSÏJT FOÏSHJDBNFO UF EVSBOUF VOPT NJOVUPT HPMQFÈOEPMB DPOUSB MB NFTB %FKBE MFVEBS MB NBTB FO VOB DB[VFMB DVCJFSUB DPO VO QB×P MJNQJP FO VO MVHBS UFNQMBEP EVSBOUF VO QBS EF IPSBT IBTUB RVF MB QBTUB EPCMF TV WPMVNFO .JFOUSBT UBOUP DPSUBE FM TBMBNJ Z MPT EJGFSFOUFT RVFTPT FO DVCJUPT B×BEJFOEP MBT DBO UJEBEFT EFTFBEBT EF IJFSCB 1BSB FTUF QMBUP SFDPNJFOEP MB i)PMMBOE T )PQFw VOB WBSJFEBE NJME Z EVMDF EF MB NÈT DPOPDJ EB 4LVOL $PNP ZB IBCSÏJT BQSFOEJEP MBT GMPSFT TF VOFO TJFNQSF B VOB NBTB iHSBTBw QBSB DPOTFSWBS FM 5)$ FO FTUF DBTP MB JODPSQPSBSFNPT BM RVFTP RVF BDUVBSÈ DPNP FTDVEP DPOUSB FM DBMPS JOGFSOBM EFM IPSOP 1SFQBSBE MPT IVFWPT EVSPT Z DPSUB EMPT UBNCJÏO FO DVCJUPT $VBOEP MB NBTB IBZB DSFDJEP DPNQMFUB NFOUF HPMQFBE MB NF[DMB DPO MBT NBOPT JNJUBOEP MPT NPWJNJFOUPT EF #SVDF -FF Z FYUFOEFEMB IBTUB PCUFOFS VO HSPTPS EF VO DFOUÓNFUSP BM JHVBM RVF ÏM MP IBCSÓB IFDIP DPO TVT NÈT BDÏSSJNPT FOFNJHPT %JTQPOFE FM SFMMFOP EF NBOFSB VOJGPSNF QPS UPEB MB TVQFSGJDJF Z FOSPMMBE FOUPODFT TVBWFNFOUF MB QBTUB MP NÈT FTUSFDIB QPTJ CMF DPNP QBSB GPSNBS VOB SPEBKB TJO RVF MPT DVCJUPT TF EFTPSEFOFO 6OUBE DPO MB NBOUFDB VO NPMEF BODIP DPO BHVKFSP DFOUSBM Z EJTQPOFE FM SPMMP EF

QBTUB DPNP GPSNBOEP VOB SPTDB VOJFOEP CJFO MBT FYUSFNJEBEFT %FKBE FOUPODFT MFVEBS VOB WF[ NÈT FO VO MVHBS UFNQMBEP Z DVCSJÏOEPMP EF OVFWP DPO FM QB×P $VBOEP FM UPSUBOP VOBT IPSBT EFTQVÏT IBZB MFVEBEP QPOFEMP FO FM IPSOP QSF DBMFOUBEP B ¡ EVSBOUF MPT QSJNFSPT NJOVUPT Z B ¡ ¡ EVSBOUF MPT NJOVUPT TJHVJFOUFT EFCF FTUBS FO UPUBM FO FM IPSOP BQSPYJNBEBNFOUF VOB IPSB 6OB WF[ USBOTDVSSJEP FM UJFNQP KVTUP TBDBEMP EFM IPSOP Z EFKBEMP FOGSJBS VO QPDP 4BDBEMP EFM NPMEF DVBOEP FTUÏ UJCJP Z QPOFEMP FO VO QMBUP EF QSFTFO UBDJØO -PT WFHFUBSJBOPT QVFEFO TVTUJ UVJS FM TBMBNJ OBQPMJUBOP DPO TFJUÈO P UPGV QJDBOUF P BIVNBEP `&M UPSUBOP QVFEF DPNFSTF UBOUP DBMJFOUF DPNP GSÓP Z FTUÈ NVZ CJFO QBSB MB DPNJEB QBSB MB DFOB P QBSB MB DMÈTJDB FYDVSTJØO BM BJSF MJCSF EF FOIPSBCVFOB QBSB FM KPWFODJ UP CBSPOFU EFM GPHØO 4J TF UJFOF MB QPTJ CJMJEBE FT QSFGFSJCMF QSFQBSBS MB QBTUB FM EÓB BOUFSJPS BM RVF TF WB B TFSWJS QBSB RVF QVFEB MFVEBS QPS DPNQMFUP 2VFSJEPT BNJHPT Z RVFSJEBT BNJHBT UBNCJÏO FTUF NFT MB DJUB DPO MB DPDJOB NÈT EFTRVJDJBEB EF *UBMJB IB MMFHBEP BM GJOBM 2VF PT EJWJSUÈJT USBHVÏJT Z IBHÈJT FM BNPS MP RVF NÈT QPEÈJT Z QPS RVÏ OP BM NJTNP UJFNQP 6O DBMVSPTP BCSB[P Z VOB OBMHBEB DPO MB FTQVNBEPSB EF WVFTUSB BGFDUVPTB #POCPO


$"//"4563 (*+»/ $BMMF 'FMJQF ** OP $1 (*+»/ 41"*/ 5MG DBOOBTUVS!IPUNBJM DPN 50%0 40#3& -" 1-"/5" .«4 7&3%& %&- 1"3"¶40 /"563"-

"4563 (308 (*+»/

*/%*," 56%&-"

$ (BTQBS (BSDJB -BWJBOB GBTF QPSUBM $1 (*+»/ 41"*/ 5MG BTUVSHSPX!IPUNBJM DPN

0$ .VSDIBOUF OP CBKPT $1 56%&-" 41"*/ 5MG JOGP!JOEJLBHSPXTIPQ PSH

26*&/ 4*&.#3" 3&$0(&

$)".«/ (308 1"-&/$*"

%*453*#6¸%03 0'*$*"- %& 3%( 3PZBM %VUDI (FOFUJDT

$ "MGPOTP 7*** OP $1 1"-&/$*" 41"*/ 5MG DIBNBOHSPX!ZBIPP FT &/ 1"-&/$*" i$0/ i1w $)"."/ 56 (308 5PEP MP RVF OFDFTJUBT QBSB UVT DVMUJWPT N EF FYQPTJDJØO `.VDIBT TFNJMMBT %F WBSJFEBEFT

t

)6.0";6.»450-&4 .»450-&4 $ $JE $BNQFBEPS OP $FOUSP $PNFSDJBM "SDF MPDBM FYUFSJPS

$1 .»450-&4 ."%3*% 41"*/ 5MG JOGP!IVNPB[VM FT XXX IVNPB[VM FT

t

$ 4BO $MBVEJP OP -PDBM $1 ."%3*% 7"--&$"4 41"*/ 5MG HSFFO HSBTTT!MJWF DPN

."3*" %& -" +6"/" 4&7*--"

(3&&/ (3"444 ."%3*%

50%0 &/ $"//"#*$6-563"

t

56 (308 &/ ."%3*% $0/ "º04 %& &91&3*&/$*"

"WFOJEB $PSUJKP EF MBT $BTJMMBT -PDBM " $1 1*/0 .0/5"/0 4&7*--" 41"*/ 5MG JOGP!NBSJBEFMBKVBOB DPN XXX NBSJBEFMBKVBOB DPN

4*/4&.*--" 4&7*--"

$ +FTÞT EFM (SBO 1PEFS OP $1 4&7*--" 41"*/ 5MG KPSHFHSPX!IPUNBJM DPN XXX TJOTFNJMMBTFWJMMB DPN

$"//"$"35)"(0 $"35"(&/"

$"//"463 4&7*--" $ 3JDP $FKVEP OP $1 4FWJMMB 5FM DBOOBTVS!IPUNBJM DPN

(308 73 4)01 #6&/" 3"." "-.&3¶" "WFOJEB $BSMPT *** OP $1 "(6"%6-$& "-.&3¶" 41"*/ 5MG CVFOBSBNB!IPUNBJM FT XXX CVFOBSBNB FT -0 .&+03 1"3" 564 1-"/5"4 &/ */5&3*03 : &95&3*03

$ «OHFM #SVOB OP $1 $"35"(&/" 41"*/ 5MG 'BY DBOOBDBSUIBHP!ZBIPP FT XXX DBOOBDBSUIBHP!ZBIPP FT "º04 %& &91&3*&/$*"


/"563"-*" (3084)01 #"%"-0/"

4"/5" ."3*" (3084)01 #"3$&-0/"

$ 4BOU #SV OP #"%"-0/" #"3$&-0/" 41"*/

5FM 5FM OBUVSBMJBHSPX!ZBIPP FT XXX OBUVSBMJBHSPX DPN

$ $JSFSB OP $1 #"3$&-0/" 41"*/ 5MG JOGP!TBOUBNBSJBHSPXTIPQ DPN XXX TBOUBNBSJBHSPXTIPQ DPN %&53«4 %&- .64&0 1*$"440 &- 13*.&3 : Á/*$0 (308 %&- #03/

."8* 1-"/5

."8* 1-"/5 ."/3&4" $ #BMNFT OP $1 ."/3&4" #$/ 41"*/ 5MG NBXJQMBOU!IPUNBJM DPN XXX NBXJQMBOU FT

-" .05" #"3$&-0/"

56 (308 &/ ."/3&4" 4*45&."4 %& *-6.*/"$*»/ 7&/5*-"$*»/ : $6-5*70 (&/&3040

i1"4*»/ 103 -0 /"563"-w

$ (VËSEJB OP #BJYPT $1 #"3$&-0/" 41"*/ 5MG BHVTBMM!IPUNBJM FT

- )035 %&-4 40./*4 5033&%&.#"33"

$ -MFJEB OP CBJYPT $1 5033&%&.#"33" 5"33"(0/" 41"*/ 5MG IPSUTPNOJT !IPUNBJM DPN

(3084)01 #"450/&5 -" 7"-- % 6*9»

(3&&/ %0( - "-$Á%*" %& $3&41*/4

$ .BUJMEF #FM OP CBJYPT $1 -" 7"-- % 6*9» $"45&--» 41"*/ 5MG

$ 7FOUB EFM $PNUF OP - "-$Á%*" %& $3&41*/4 7"-&/$*"

5FM GFSNJOQBTUPSTPMFS!IPUNBJM DPN

&- 5&6 (308 4)01 %& -" 1-"/" #"*9" HSPXTIPQCBTUPOFU!IPUNBJM DPN XXX FMCBTUPOFUHSPXTIPQ DPN

5)& (308 )064& .63$*" "WFOJEB 3FZFT $BUØMJDPT T O KVOUP BM DFOUSP EF TBMVE

$1 5033&4 %& $05*--"4 .63$*" 41"*/ 5MG BHSPEPN!IPUNBJM DPN 4&.*--"4 46453"504 '&35*-*;"/5&4 03(«/*$04 : 1"3"'&3/«-*"

4*#"3*5"4 $"-1& 1MB[B *'"$) &EJm DJP (BSWJNBS GBTF CBKPT $1 $"-1& 41"*/ 5MG JOGP!TJCBSJUBTHSPX DPN XXX TJCBSJUBTHSPX DPN


(6¶" %& 7"3*&%"%&4

.PCZ %JDL DBNJOP EF MB -FZFOEB 1PS QSJNFSB WF[ FO MB IJTUPSJB MB FEJDJØO FTQB×PMB EF 4PGU 4FDSFUT IB FMFHJEP DPNP i$IJDB EFM "×P w VOB WBSJFEBE MPDBM MB .PCZ %JDL EF %JOBGFN 4FFET -B PDBTJØO SFBMNFOUF NFSFDF VO TFHVJNJFOUP GPUPHSÈGJDP B FTUB WBSJFEBE MB NFOUF Z TBMFO EF MB CPDB EF NVDIPT DVMUJWBEPSFT DVBOEP TF MFT QSFHVOUB QPS VOB WBSJFEBE B FMFHJS 1SFDJTBNFOUF FTUF QSFNJP DFOUSBEP FO MB USBZFDUPSJB EF VOB QMBOUB BTÓ MP NVFTUSB IB TJEP VO B×P EF DBNCJPT FO %JOBGFN 4FFET RVF IB JODPSQPSBEP IBTUB OVFWBT WBSJFEBEFT B TV DBUB MPHP "M NJTNP UJFNQP VO NPNFOUP EF DPOTPMJEBDJØO DPO FM SFHSFTP B QSJ NFSB MÓOFB EF MB i#FTUJBw IÓCSJEB EF %JOBGFN .PCZ %JDL HSBDJBT BM QSFNJP EF $IJDB EFM "×P

'PUP TFHVJNJFOUP EF .PCZ %JDL &M SFTQPOTBCMF EF FTUF TFHVJNJFOUP FT VOB QFSTPOB NVZ QFDVMJBS &M 4S 7 FT GVNBEPS EF $BOOBCJT EFTEF IBDF B×PT UPEP VO WFUFSBOP RVF IB DPOPDJEP MPT UJFNQPT FO RVF MB .BSÓB FSB DBTJ EFT %JOBGFN 4FFET BSSBODB FO .PCZ %JDL GVF VOP EF MPT QSJNFSPT OPNCSFT RVF BDPNQB×BSPO BM CBODP FO FTUB BOEBEVSB "M DPNJFO[P TPMP TF DPO UBCB DPO BMHP EF CPDB B CPDB DPO FM UFTUJNPOJP Z DPMBCPSBDJØO EF BRVFMMPT QSJNFSPT VTVBSJPT RVF QSPCBCBO VOB OVFWB WBSJFEBE DPO OPNCSF EF CFT UJB MFHFOEBSJB EFTDVCSJFOEP RVF VO OVFWP CBODP EF TFNJMMBT GFNJOJ[BEBT RVF OP FSB IPMBOEÏT QPEÓB IBDFS DPTBT JHVBMFT P NFKPSFT BVO EF MBT RVF WFOÓBO EF MB i.FDBw EFM $BOOBCJT &O FM USBOTDVSTP EF FTUPT B×PT FM OPNCSF EF .PCZ %JDL TF IB DPOWFSUJEP ZB FO VOB SFGFSFODJB TFHVSB Z EF DBMJEBE HSBDJBT QSJO DJQBMNFOUF B MB GVFS[B EF DPNVOJDBDJØO EF MB QSPQJB HFOUF RVF MB JCB QSPCBOEP Z EFTDVCSÓB FM WJHPS Z QPUFODJB EF MB CFTUJB EF %JOBGFN FTUP MB IB IFDIP FWPMVDJPOBS EFTEF TV DPNJFO[P DPNP VOB WBSJFEBE EFTDPOPDJEB IBTUB DPOWFSUJSTF FO VOP EF FTPT OPNCSFT RVF WJFOFO DPO GBDJMJEBE B

DPOPDJEB FO FM NFSDBEP MPDBM "VORVF FM 4S 7 ZB DPOPDÓB MB QPTJCJMJEBE EF DVMUJWBS QPS TV DVFOUB Z IBCÓB UFOJEP BMHVOBT FYQFSJFODJBT FO FYUFSJPS RVF MF QFSNJUÓBO BVUP BCBTUFDFSTF EVSBOUF BMHVOPT NFTFT FM B×P QBTBEP EFDJEJØ EFKBS EF TFHVJS FM SFTUP EFM B×P FO MB CBTF EF MB QJSÈNJEF EFM NFSDBEP OFHSP EFQFOEJFOEP EF MPT DBQSJDIPT

EF MB QSPIJCJDJØO Z MPT iEFBMFSTw $PO MB BZVEB EF VO (SPX DFSDBOP FM 4S 7 QVTP FO NBSDIB TV QSJNFS DVMUJWP EF JOUF SJPS %FDJEJØ BQPTUBS QPS BMHP TFHVSP SFHVMBS Z B MB WF[ RVF QVEJFTF EBS VOB CVFOB QSPEVDDJØO Z GVFTF QPUFOUF MB SFTQVFTUB MMFHØ SÈQJEBNFOUF B USBWÏT EF VOB UÓQJDB QSFHVOUB {IBT QSPCBEP MB .PCZ %JDL &M TFHVJNJFOUP EFM SFTVMUB


EP EFM QSJNFS DVMUJWP EF JOUFSJPS EFM 4S 7 FTUB EJWJEJEP FO VOB TFSJF EF TFTJPOFT GPUPHSÈGJDBT TVDFTJWBT

JOUFSJPS EPOEF MB UBNCJÏO FM BVUPDVMUJ WBEPS RVF MP IBCÓB TFMFDDJPOBEP

GBTF EF DSFDJNJFOUP RVF TF FTUJSBSÈ BM NFOPT VOB TFNBOB NÈT

4FTJØO

4FTJØO

4FTJØO

EÓBT EFTEF FM USBTQMBOUF EF MPT DMPOFT &M 4S 7 )B FMFHJEP QSPCBS QBSB TV QSJ NFSB FYQFSJFODJB VO CBMBTUSP -VNBUFL EF QPUFODJB SFHVMBCMF DPO MP RVF TF QVEP JS WBSJBOEP Z BEBQUBOEP MB MV[ OFDFTBSJB QBSB FM FTQBDJP EF DVMUJWP FO EJGFSFOUFT GBTFT TJO OFDFTJEBE EF DBNCJBS EF FRVJQP Z VTBOEP FM NJTNP SFGMFDUPS FNQF[BOEP EFTEF FM NÓOJ NP RVF PGSFDF FM CBMBTUSP SFHVMBCMF X EVSBOUF MPT QSJNFSPT EÓBT QBSB QFSNJUJS MB BEBQUBDJØO EF MPT DMP OFT USBTQMBOUBEPT BM OVFWP NFEJP B CBTF EF TVTUSBUP $BOOB $PDP 1MVT FO NBDFUBT EF M )BTUB QBTBS B SFHVMBS MB QPUFODJB PUPSHBEB ZB EVSBOUF FTUB TFTJØO RVF TVCF B X B MP MBSHP EF MB

EÓBT EFTEF FM USBTQMBOUF Z FO JNÈHF OFT MBT QMBOUBT ZB FTUÈO CBKP X EF MV[ .FOPT EF EÓBT EFTQVÏT EF IBCFS DBNCJBEP B GPUPQFSJPEP EF DPO MP RVF BQFOBT IBZ TJHOPT WJTJCMFT EF GMPSBDJØO 4J TF BQSFDJB DPNP FM DSFDJ NJFOUP IB TJEP WJHPSPTP Z DPNJFO[BO B MMFOBS FM FTQBDJP EJTQPOJCMF FO FM BSNBSJP UFOJFOEP FO DVFOUB TJFNQSF RVF EVSBOUF MBT QSJNFSBT GBTFT EF GMP SBDJØO MB QMBOUB TFHVJSÈ DSFDJFOEP 1PS UBOUP OP DPOWJFOF EFKBSMBT B VO UBNB×P FYDFTJWP BOUFT EF DPNFO[BS MB GMPSB DJØO "TÓ FWJUBSFNPT FODPOUSBSOPT VO BSNBSJP EFTCPSEBEP QPS VOBT .PCZ %JDL FOPSNFT Z EFTQSPQPSDJPOBEBT MP JEFBM FT RVF MBT QMBOUBT MMFOFO TVGJDJFO

1SFQBSBDJØO Z BEBQUBDJØO -B QSJNFSB TFTJØO EF GPUPT SFGMFKB FM FTUBEP EFM BVUP DVMUJWP EFM 4S 7 &O MB JNBHFO TF BQSFDJBO VOPT DMPOFT USBOTQMBOUBEPT SFDJFOUFNFOUF &TUPT FTRVFKFT EF .PCZ %JDL GVFSPO EPOBEPT QPS VO DVMUJWB EPS MPDBM DPOPDJEP EFM 4S 7 RVF IBCÓB IFDIP TV QSPQJB TFMFDDJØO B QBSUJS EF QBRVFUFT EF TFNJMMBT EF .PCZ %JDL DPOTFSWBOEP VO GFOPUJQP CBTUBO UF SFHVMBS Z QSPEVDUJWP NVZ SFTJOPTP F JODFOTBEP &TUF DMPO EFTUBDBCB QPS TFS EF IPKBT BODIBT Z HSVFTBT DPMPS WFSEF BMHP PTDVSP Z CBTUBOUF SÈQJEP OPSNBMNFOUF FOUPSOP B MPT EÓBT B 4F IBCÓB BEBQUBEP NVZ CJFO BM

UFNFOUF FM FTQBDJP EFM BSNBSJP Y Y N QFSP EF NBOFSB SB[POB CMF EFKBOEP TVGJDJFOUF IVFDP FOUSF MBT QMBOUBT QBSB USBCBKBS DPO USBORVJMJEBE DPO FMMBT QVEJÏOEPMBT PCTFSWBS Z USBUBS EF NBOFSB QFSTPOBMJ[BEB

4FTJØO 7PMWFNPT B WJTJUBS MB JOTUBMBDJØO EÓBT EFTEF FM DPNJFO[P TF BQSFDJB FM TBMUP FOPSNF RVF IBO QFHBEP MBT QMBOUBT B NFEJEB RVF TF IBO BEBQUBEP BM OVFWP NFEJP 4F IB JEP TVCJFOEP MB QPUFODJB EF MV[ RVF TF MFT PGSFDÓB FO MB QSJNFSB GBTF P JSSVQDJØO EF MB GMPSBDJØO FM DSF DJNJFOUP EF MB .PCZ %JDL IB TFHVJEP TJFOEP NVZ GVFSUF DPNP SFTVMUBEP EF VOB SBNJGJDBDJØO BCVOEBOUF Z SFHVMBS TF IBO JEP GPSNBOEP MBT QSJNFSBT GMPSFT Z VOB ZB EFGJOJEB QVOUB DFOUSBM EPNJ OBOUF 4F IB PQUBEP GJOBMNFOUF QPS


4FTJØO EÓBT -B QSFTFODJB BCVOEBOUF EF SFTJ OB Z GMPSFT RVF IBO JEP FOHPSEBOEP OPT QVFEF IBDFS JNBHJOBS FM GVFSUF BSPNB RVF TBMÓB EFM BSNBSJP DPO MP RVF OP EJT QPOFS EF GJMUSP QBSB FM PMPS QVFEF TFS VO QSPCMFNB -B SFTJOB CSJMMBOUF ZB SFMVDF B TJNQMF WJTUB MB GPSNB EF MPT DPHPMMPT WB BOVODJBOEP MB NBEVSBDJØO %VSBOUF MB GMPSBDJØO FM 4S 7 IB VTBEP QBSB TV DVMUJWP MPT QSPEVDUPT EF MB HBNB )Z 1SP Z FTUJ NVMBEPS EF GMPSBDJØO 'MPSB .BY EF (SFFO )PQF BVNFOUBOEP QSPHSFTJWBNFOUF MB &$ FO FM TJTUFNB EF SJFHP EFTEF MPT EFM DPNJFO[P IBTUB VOB &$ EF DBTJ FO FTUB GBTF EF GMPSBDJØO

VO TJTUFNB EF SJFHP BVUPNBUJ[BEP QPS JOVOEBDJØO FO CBOEFKB FM BHVB JOVOEB DPNP QPEÏJT WFS FO JNÈHFOFT MB CBO EFKB TVQFSJPS HSBDJBT B VOB CPNCB RVF IBDF DJSDVMBS FM BHVB NF[DMBEB DPO MPT OVUSJFOUFT FO VO EFQPTJUP CBKP MB CBO EFKB 4F USBUB EF VO TJTUFNB BVUPNBUJ [BEP RVF IBDF DJSDVMBS FM BHVB EVSBOUF VOPT QPDPT NJOVUPT BM EÓB MP TVGJDJFOUF QBSB IJESBUBS Z MMFWBS BMJNFOUP QFSP OP QBSB BIPHBS MBT QMBOUBT P NBOUFOFSMBT FYDFTJWBNFOUF IÞNFEBT 3FTVMUB NÈT DØNPEP QBSB FM 4S 7 EBEB TV QSPCMF NÈUJDB EF TBMVE RVF MF JNQJEF NPWFS QFTPT Z IBDFS HSBOEFT FTGVFS[PT

4FTJØO &M TBMUP BM QFSJPEP EF GMPSBDJØO FT ZB NVZ FWJEFOUF EÓBT EFTEF MB QSJNFSB TFTJØO 0T NPTUSBNPT BMHVOPT EFUBMMFT DVBOEP TF DVNQMF BQSPYJNBEBNFOUF MB NJUBE EFM QFSJPEP EF GMPSBDJØO FO FTUB FYQFSJFODJB 1PEFNPT PCTFSWBS MB GPSNB EFGJOJUJWB RVF WBO BERVJSJFOEP TF BQSFDJB RVF FTUPT FKFNQMBSFT TFMFD DJPOBEPT UJFOFO DBSBDUFSÓTUJDBT NPSGP MØHJDBT QSPQJBT EF VO IÓCSJEP 4BUJWB *OEJDB $POTJEFSBOEP RVF TF USBUB EF VOB WBSJFEBE DPO DJFSUBT DBSBDUFSÓTUJDBT RVF TPO QSPQJBT EF MBT 4BUJWBT DPNP MB QSFTFODJB EF 5)$7 DVBOEP TF DVMUJWB FO FYUFSJPS P MB GMPSBDJØO NÈT MBSHBT RVF FO WBSJFEBEFT EF EPNJOBODJB *OEJDB FM BTQFDUP HFOFSBM FT NÈT QSPQJP EF VO IÓCSJEP DPO BQPSUF JNQPSUBOUF EF *OEJDB MP RVF FYQMJDB RVF FM QFSJPEP

EF GMPSBDJØO FT NÈT DPSUP Z GÈDJM EF DPOUSPMBS :B TF BQSFDJBO MBT QSJNFSBT NVFTUSBT EF SFTJOB KVOUP B VOBT IPKBT HSVFTBT EVSBT Z EF VO WFSEF PTDVSP

4JO TÓOUPNBT BQBSFOUFT EF TPCSFGFSUJ MJ[BDJØO MB .PCZ %JDL QBSFDF RVF WB EFNBOEBOEP Z BTJNJMBOEP UPEP FM BMJ NFOUP TJO QSPCMFNBT -B JOTUBMBDJØO EFM 4S 7 BGSPOUB MB SFDUB GJOBM QBSFDF RVF IB MPHSBEP VO FTQBDJP EF DVMUJWP DPO WBMP SFT ØQUJNPT UFNQFSBUVSB DPOUSPMBEB Z

IVNFEBE SFMBUJWB CBKB HSBDJBT B MB CVFOB DJSDVMBDJØO EF BJSF Z FM QPUFOUF TJTUFNBT EF FYUSBDDJØO DPO GJMUSP BOUJ PMPS DPO MP RVF FM BSNBSJP RVF PDVQBCB VOB IBCJUB DJØO TJO VTBS FO DBTB EFM 4S 7 MF QFSNJUÓB JSTF BDFSDBOEP B MPHSBS TV PCKFUJWP EF VOB DPTFDIB QSPQJB Z DPOUVOEFOUF

$PTFDIB 0T EFKBNPT QBSB DPNQMFNFOUBS MBT JNÈHFOFT GJOBMFT EF MB DPTFDIB UBO TPMP MB PQJOJØO EFM 4S 7 VOB WF[ BDBCP FM QSPDFTP DPSUBOEP MBT .PCZ %JDL EFTQVÏT EF EÓBT B Z TFDP DPO QBDJFODJB TVT DPHPMMPT i-B .PCZ %JDL NF IB HVTUBEP DPNP QSJNFSJ[P FO FTUP EFM JOUFSJPS IF TBDBEP VOB IJFSCB DPO CVFO BTQFDUP FGFDUJWB Z QPUFOUF -B DPTFDIB IB TJEP CVFOB Z BIPSB QVFEP EJTGSVUBS FO WFSBOP EF VOPT SJDPT DPHPMMPT EF BVUP DVMUJWP 4Ï MP RVF TPO TÏ MP RVF MMFWBO Z RVF TF MFT IB B×BEJEP ZB RVF IF IFDIP ZP NJTNP UPEP FM QSPDFTPw



01*/*»/

.FNPSJBT EF VOB NBESF DPOTV NJEPSB EF DÈ×BNP .JFOUSBT USBKJOP QPS MB DPDJOB QSFQBSBOEP MB DFOB EF NJ GBNJMJB NJ NØWJM BOVODJB MB MMFHBEB EF VO 4.4 "M QSJODJQJP FM NFOTBKF OP UJFOF TFOUJEP QBSB NÓ iMMFHBEP OVFWP Z FYDFMFOUF `%BUF QSJTB FO QSPCBSMP +VBOw 1VFT OP DBJHP {2VJÏO FT +VBO {&M DPNFSDJBM EF VOB UJFOEB FO MB RVF DPNQSP B NFOVEP :B NF BDVFSEP +VBO FT FM BMJBT FTQB×PMJ[B EP EFM DBNFMMP RVF FO MPT ÞMUJNPT UJFNQPT NF QSPQPSDJPOB FM DBOOBCJT Z PDBTJPOBM NFOUF PUSBT TVTUBODJBT 4FSJP Z GPSNBM DPNP QPDPT JOGPSNB SFHVMBSNFOUF B TVT DMJFOUFT IBCJUVBMFT EF MB MMFHBEB EF OVF WBT QBSUJEBT DVBOEP ÏTUBT TVQFSBO MB DBMJ EBE NFEJB .F QSFHVOUP TJ FOUSF FMMPT IBCSÈ NVDIBT NBESFT EF GBNJMJB DPNP ZP DPOTVNJEPSBT EFTEF IBDF WFJOUF B×PT &M NFOTBKF SFDJCJEP FT VO CVFO FKFNQMP EF DVÈOUP IBO DBNCJBEP MBT DPTBT EFTEF FOUPODFT DVBOEP FNQF[ÈCBNPT B GVNBS F ÓCBNPT B CVTDBS FM IBDIÓT QPS MBT FTRVJ OBT EF .BMBTB×B P -BWBQJÏT -B MFZ EF MB PGFSUB Z MB EFNBOEB IB USBOTGPSNBEP BRVFMMPT PTDVSPT Z NF[RVJOPT USBQJDIFPT IFDIPT B UPEB QSJTB Z TJO OJOHVOB HBSBOUÓB B DBNFMMPT EF BTQFDUP QBUJCVMBSJP RVF QPEÓBO EFDJEJS EBSUF VO OBWBKB[P P TBMJS DPSSJFOEP DPO UV EJOFSP TJO EBSUF OBEB FO TFHVSBT Z MJNQJBT USBOTBDDJPOFT DPO UPEBT MBT HBSBOUÓBT DPO EFBMFST BNBCMFT Z BUFOUPT RVF DVJEBO B TVT DMJFOUFT Z OP USBUBO EF FOHB×BSMPT )BZ DBNFMMPT RVF FOUSFHBO B EPNJDJMJP iUFMF IBTIw MPT MMBNBNPT Z PUSPT RVF UF DJUBO FO DØNPEPT QVOUPT JOUFSNFEJPT SBSB WF[ B NÈT EF RVJODF NJOVUPT EF EJTUBODJB -B DBMJEBE EF TV NBUFSJBM WBSÓB QFSP TJFN QSF FT BDFQUBCMF -BT BOUJHVBT GJDIBT FSBO BSFOPTBT Z TFDBT EFTQFEÓBO QPS MP HFOFSBM VO TPTQFDIPTP BSPNB B QFUSØMFP "IPSB VOPT PGFSUBO FTF IBTI MJHFSP Z TFDP NÈT EF CBUBMMB RVF TF QBSFDF BMHP B BRVFM BOUJHVP QPMFO RVF ÞMUJNBNFOUF TF WF QPDP FO FM NFSDBEP OFHSP &T BHSBEBCMF Z CBTUBOUF TVBWF NVZ BQSPQJBEP QBSB MPT DBOOBEJDUPT RVF GVNBO EFTEF QPS MB NB×BOB QFSP RVF UJFOFO RVF USBCBKBS Z SFTPMWFS DPTBT B MP MBSHP EFM EÓB Z OP QVFEFO QFSNJUJSTF TVGSJS FTUVQFGBDDJØO P BMVDJOBDJPOFT 0USPT PQUBO QPS MPT DPOPDJEPT iIVFWPTw NVDIP NÈT HPNPTPT QFHBKPTPT Z QPUFOUFT UBNCJÏO TVFMFO TFS NÈT DBSPT B DBNCJP DVOEFO CBTUBOUF NÈT %FTEF FM CPPN EFM BVUPDVM UJWP UBNCJÏO IBZ BCVOEBODJB EF NBSJIVB OB UPEB CVFOB Z DPSSFDUBNFOUF DVMUJWBEB OP DPNP IBDF WFJOUF B×PT DPO BRVFMMBT CPMTJUBT EF DPHPMMPT SBRVÓUJDPT Z QMBHBEPT EF TFNJMMBT "EFNÈT FT NVDIÓTJNP NÈT WBSJBEB Z NÈT QPUFOUF EFTEF MVFHP 1PS FTP DPOTVNJEPSFT BOUJHVPT DPNP ZP MB DPNQSBNPT QFSP OP QBSB GVNBSMB B EJBSJP -B TPMFNPT HVBSEBS QBSB PDBTJPOFT FTQF DJBMFT P FO UPEP DBTP QBSB MB OPDIF " QFTBS EFM JNQPSUBOUF JODSFNFOUP FO MB DBMJEBE EFM TFSWJDJP MP DJFSUP FT RVF FM QSFDJP EFM DBOOBCJT FO FM NFSDBEP OFHSP

BQFOBT TVGSJØ WBSJBDJPOFT EVSBOUF B×PT Z DPO FMMP DBEB WF[ GVF NÈT OPUBCMF MB NFSNB EF DBMJEBE &O MPT ÞMUJNPT EJF[ MPT QSFDJPT IBO JEP TVCJFOEP TVBWFNFOUF Z B TV WF[ FM NBUFSJBM IB JEP NFKPSBOEP TPCSF UPEP MPT ÞMUJNPT DJODP B×PT IBTUB MMFHBS B MB TJUVBDJØO BDUVBM 4JO FNCBSHP FO NJ PQJOJØO FM IFDIP EF RVF MPT QSFDJPT OP IBZBO TVCJEP OJ EF MFKPT FO MB NJTNB QSPQPSDJØO RVF FM *1$ OP UJFOF OBEB EF CVFOP -P JEFBM TFSÓB RVF FM NFSDBEP OFHSP TF SJHJFSB QPS MPT NJTNPT QSJODJQJPT RVF FM CMBODP QPSRVF FM JODSFNFOUP P CBKBEB EF QSFDJPT HBSBOUJ[BSÓB MB DBMJEBE EFTFBEB Z MPT DPOTVNJEPSFT UFOESÓBNPT NÈT DPOUSPM TPCSF MP RVF BERVJSJNPT 1FSP RVJ[È MP NÈT MMBNBUJWP IBZB TJEP FTUF DBNCJP EF QFSTQFDUJWB FO MB SFMB DJØO DBNFMMP DMJFOUF "OUFT B MPT DBNFMMPT MFT HVTUBCB NPTUSBS TV QPEFS IBDJFOEP FTQFSBS B MPT BOTJPTPT DPNQSBEPSFT &SB GSFDVFOUF RVF UF DJUBSBO B VOB IPSB FO VO MVHBS MFKBOP Z EFTDPOPDJEP BQBSFDJFSBO UBSEF Z BÞO BTÓ UF EFKBSBO DPO MBT HBOBT EJDJFOEP RVF MP TFOUÓBO QFSP RVF UFOÓBO RVF JSTF B DFOBS BOUFT EF BUFOEFSUF &M QFTP EFM NBUFSJBM TF BVNFOUBCB FOSPMMÈO EPMP FO NFUSPT Z NFUSPT EF QBQFM GJMN P QBQFM EF QMBUB BVORVF EBEB MB QFMJHSPTJ EBE Z SBQJEF[ EFM USBQJDIFP KBNÈT TF QFTB CB )PZ FO EÓB RVJFO NÈT RVJFO NFOPT UJFOF VOB CBMBO[B EJHJUBM TJ UF FOHB×BO DPO FM QFTP TPMP QVFEFO IBDFSMP VOB WF[ 5F DBNCJBT EF DBNFMMP Z TBOUBT QBTDVBT OP GBMUBO QSFDJTBNFOUF QPS MP RVF OP MFT

JOUFSFTB IBDFS NVDIBT USBNQBT &M BTQFDUP Z FM PMPS BEFNÈT BZVEBO CBTUBOUF B EJTUJO HVJS FM CVFO NBUFSJBM EFM NBMP $PO PUSBT TVTUBODJBT ZB OP SFTVMUB UBO GÈDJM FYDFQUP FO FM UFNB EFM QFTP -B DBMJEBE EF DPDBÓOB QBTUJMMBT EF ÏYUBTJT P DSJTUBM EF .%" TØMP TF DPNQSVFCB QSPCÈOEPMPT TJ CJFO FT QPTJCMF BQBSUBS VOB QFRVF×B DBO UJEBE QBSB NBOEBSMB BOBMJ[BS IBZ PSHBOJ[B DJPOFT DPNP &OFSHZ $POUSPM RVF MP IBDFO "ÞO BTÓ MPT CVFOPT DBNFMMPT UJFOEFO B TFS DBEB WF[ NÈT IPOFTUPT F JODMVTP MPT RVF WFOEFO DPDBÓOB BWJTBO B TVT DMJFOUFT DVBO EP FM NBUFSJBM FT FTQFDJBMNFOUF CVFOP &O MPT B×PT OPWFOUB ÏQPDB EF BQPHFP EFM ÏYUBTJT MBT GPSNBT Z EJCVKPT EF MBT QBTUJMMBT QPEÓBO TFS QJTUBT EF TVT EJTUJOUBT DPNQP TJDJPOFT Z DPODFOUSBDJPOFT BVORVF DBN CJBCB FO NVDIBT PDBTJPOFT :P GVJ NVZ BGJDJPOBEB B MPT i.JUTVCJTIJw DVZP FGFDUP IF CVTDBEP EFTQVÏT TJO DPOTFHVJSMP EFM UPEP IBTUB FTUF ÞMUJNP B×P FO RVF RVJ[ÈT MB DSJTJT IBZB IFDIP FTQBCJMBSTF B MPT QSP EVDUPSFT )VCP PUSBT QBSUJEBT EF HSBOEFT EJNFOTJPOFT MPT CBSU TJNQTPO UBNCJÏO DJFSUBT QBTUJMMBT B[VMFT RVF EFCÓBO EF DPO UFOFS CBTUBOUF QSPQPSDJØO EF BOGFUBNJOB QPSRVF QSPWPDBCBO VOB SJHJEF[ RVF B BMHVOPT MFT JNQFEÓB NPWFS MBT NBOPT Z VOBT DPOUSBDDJPOFT GBDJBMFT RVF EBCBO WFSEBEFSP NJFEP BVORVF FMMPT EFDÓBO TFOUJSTF GFOPNFOBM &O BRVFMMB ÏQPDB TF QJMMBCBO EF DJFO FO DJFO QBSB MBT GJFTUBT FM DBNFMMP RVF MBT QSPQPSDJPOBCB FSB VO KPWFO EF SBTHPT BTJÈUJDPT BMUP Z BQVFT UP RVF DPOEVDÓB VO EFQPSUJWP SPKP ZB OP NVZ EJTDSFUP QFSP JOEVEBCMFNFOUF QSØTQFSP )PZ FO EÓB UPEP TF IBDF DPO NÈT QSVEFODJB Z SBSB WF[ UF WFT FYQVFTUP B TJUVBDJPOFT QFMJHSPTBT DPO MPT DBNFMMPT Z P MB QPMJDÓB /BEB RVF WFS DPO MB TJUVBDJØO FO PUSPT QBÓTFT /VODB PMWJEBSÏ VO WJBKF B

5BJMBOEJB EVSBOUF FM DVBM NVZ WBMJFOUFT EFDJEJNPT QJMMBS MBT FTQFDJBMJEBEFT MPDBMFT %FKBOEP BQBSUF FM QFRVF×P EFUBMMF EF RVF MB NFSB QPTFTJØO TF DBTUJHBCB Z TF TJHVF DBTUJHBOEP DSFP DPO MB QFOB EF NVFSUF UPEP FM USBQJDIFP SFTVMUØ BUFSSBEPS %FCP EFDJS RVF GVFSPO MPT IPNCSFT EFM HSVQP RVJFOFT FOUSBSPO FO FM TØSEJEP MPDBM Z IBCMBSPO DPO FM TJOJFTUSP EFBMFS RVF MP NJTNP QPEÓB TFS QPMJDÓB P BNCBT DPTBT -BT NVKFSFT OPT RVFEBNPT GVFSB 'JOBMNFOUF OPT UJNBSPO DPO FM QSPEVDUP QFSP FTP GVF MP EF NFOPT QPSRVF EÓBT EFTQVÏT BRVFM CBS IBCÓB EFTBQBSFDJEP QPS DPNQMFUP FM FEJGJDJP FOUFSP EFKBOEP VO TPMBS WBDÓP *HOPSP RVÏ GVF EF TVT PDVQBOUFT QFSP QSFGJFSP OP TBCFSMP "M NFOPT WPMWJNPT B &TQB×B TBOPT Z TBMWPT %F WFSEBE DSFP RVF OP NFSFDF MB QFOB BSSJFTHBSTF UBOUP &O UPEP DBTP TJ MP IBDÏJT RVF TFB QBSB DPOTV NJSMP TJO TBMJS EFM QBÓT 5SBUBS EF TBDBSMB QPS FM BFSPQVFSUP TFB DVBM TFB MB DBOUJEBE Z MB TVTUBODJB FT VO TVJDJEJP )F UFOJEP PUSBT FYQFSJFODJBT DPO DBNF MMPT FO PUSPT QBÓTFT DPO EJWFSTBT TVTUBO DJBT Z MB WFSEBE FT RVF QPS VOB DPTB P QPS PUSB QSFGJFSP TFS DPOTVNJEPSB BRVÓ &TQFDJBMNFOUF VOB DPOTVNJEPSB DPO GBNJMJB NBEVSF[ Z GBMUB EF HBOBT EF BWFO UVSBT DBSDFMBSJBT 4PTQFDIP OP PCTUBOUF RVF FO UPEBT QBSUFT DVFDFO IBCBT Z RVF FO FM SFTUP EFM NVOEP FTUBSÈ PDVSSJFOEP BMHP QBSFDJEP B MP RVF QBTB BRVÓ RVF MB DPTUVNCSF Z FM VTP WBO B MPHSBS FO QPDP UJFNQP RVF FM NFSDBEP EFM USBQJDIFP TF DPOWJFSUB FO VO NFSDBEP MFHBM UBO TFSJP Z IPOFTUP P OP DPNP UPEPT MPT EFNÈT : BIPSB QFSEPOBE RVF PT EFKF NJ IJKB SFDMBNB TV DFOB Z NJ DBNFMMP IB RVFEBEP FO QBTBSTF EFOUSP EF VO SBUP `4BMVE


% / '- %0.1-'50 -#$03#503+0 &' +0 07# &'4#330--#.04 -04 .',03'4 ('35+-+:#/5'4 9 '45+.6-#&03'4 &'- %3'%+.+'/50 1#3# 1-#/5#4 $#4@/&0/04 '/ %0.1-',04 '456&+04 9 '/ /6'453#4 +/7'45+)#%+0/'4 9 '81'3+'/%+# 13@%5+%# '/ -04 E-5+.04 #C04 !0&0 '45' 130%'40 5+'/' 6/ 0$,'5+70 .69 4+.1-' .@4 7'3&' .',03'4 3'/&+.+'/504 .',03'4 3'46-5#&04 .'/04 130$-'.#4 $! ! " " ) ; > 3'.+0 %6-5+70 +0 01# +)* +(' #3%'-0/# ('35+-+:#/5'4 9 5+'33# +0 07# ; > 3'.+0 01# +)* +(' '/'3#- # 356' %0.0 '.13'4# &' %6-5+70 ; > 3'.+0 %6-5+70 +0 01# +)* +(' #3%'-0/# ('35+-+:#/5'4 9 5+'33# +0 07# ; > 3'.+0 /5'3+03 +&30 #//#$+4 *#.1+0/4 61 # #&3' #563#-':# 63)04

% 5+'/' '- %0/0%+.+'/50 -# '81'3+'/%+# 9 '- '26+10 &' #-5# 5'%/0-0)B# 1#3# .',03#3 9 #.1-+#3 %0/45#/5'.'/5' 46 %#5@-0)0 !0&04 /6'45304 130&6%504 '45@/ # -# #-563# &' -04 .@4 #-504 45#/&#3&4 #3# 6/# '(+%+'/%+# D15+.# 4+/ 130 $-'.#4 &' %6-5+70 64' %

! & !'- #8 ! " !' !'- ; #8 !'- #8 & !'-

(

! " !'- #8

&.'5'3%6-5+704- *05.#+- %0.



* % %FTBSSPMMPT FO MB JOEVTUSJB DBOOÈCJDB

6OB EÏDBEB EF JOOPWBDJØO &O FM B×P BQFOBT VO QV×BEP EF UJFOEBT EF DVMUJWP TF BOVODJBCBO FO MB ÞOJDB SFWJTUB EFEJDBEB BM DBOOBCJT RVF IBCÓB FO &TQB×B Z BÞO FTUBCBO NVZ QSFTFOUFT MPT UJFNQPT FO RVF MPT QPDPT BGJDJPOBEPT MPDBMFT TF BWFOUVSBCBO B IBDFS QFEJEPT EF TFNJMMBT B )PMBOEB BHBSSBEPT B VO QFRVF×P DBUÈMPHP FYUSBOKFSP 4ØMP IBO QBTBEP EJF[ B×PT QFSP )PMBOEB QBSFDÓB FTUBS NVDIP NÈT MFKPT QPS BRVFM FOUPODFT %BWJE (BSDÓB -BT QSJNFSBT DPNQSBT QPS DPSSFP SFBMJ [BEBT B UJFOEBT OBDJPOBMFT FNQF[BSPO B FYUFOEFS FM DVMUJWP QPS UPEBT QBSUFT UBOUP FO JOUFSJPS DPNP BM BJSF MJCSF -B MÈNQBSB EF WBUJPT EF BMUB QSFTJØO EF TPEJP FSB FM OP WB NÈT VO BSUÓDVMP EF DPNQSB PCMJHBEB RVF EBCB VOB FTQFDJF EF HBSBOUÓB B MB JEFB EF BVUPBCBTUFDJNJFOUP $PNP TJFNQSF MB TFNJMMB EBCB QJF B UPEP QFSP MBT DPTBT TF IBO EFTBSSPMMBEP CBTUBOUF IBTUB MMFHBS B IPZ TVSHJFOEP UPEB VOB JOEVTUSJB FTQF DJBMJ[BEB FO DPOTUBOUF NPWJNJFOUP 6OB FYQBOTJØO RVF EJTDVSSF FO QBSBMFMP B MPT BWBODFT EF MB UFDOPMPHÓB EJHJUBM Z RVF OP QPESÓB FOUFOEFSTF TJO FM VTP EF JOUFSOFU

%F MB TFNJMMB

BDUVBM -PT DSVDFT DPO 3VEFMBSJT RVF ZB PGSFDÓB 4FOTJ 4FFET FO MB EÏDBEB EF UBO QPDP QPQVMBSFT FO OVFTUSBT MBUJUVEFT IBO RVFEBEP NVZ BUSÈT

" MB UJFSSB &M DBNQP EF MPT TVTUSBUPT Z NFEJPT EF DVM UJWP OP TF IB DBSBDUFSJ[BEP QSFDJTBNFOUF QPS TVT JOOPWBDJPOFT EVSBOUF FTUPT B×PT &T EF TVQPOFS RVF FTUB NBUFSJB ZB FTUBCB CBTUBOUF QFSGFDDJPOBEB DVBOEP FM TJHMP 99 UPDØ B TV GJO %FTEF FOUPODFT TF IB HFOFSBMJ[BEP FM VTP EF UBDPT EF UVSCB QSFOTBEPT MPT GBNPTPT +JGGZ QFSP FM QSPEVDUP FO TÓ FTUÈ FO FM NFSDBEP EFTEF IBDF NÈT EF DVBSFOUB B×PT

"M QSJODJQJP TØMP IBCÓB VOB TFNJMMB 4Ó Z FSB OPSNBM MB NBZPSÓB EF MBT WFDFT %JF[ B×PT BUSÈT FM QSPEVDUP EF MBT UÏDOJDBT EF GFNJOJ[BDJØO ZB FTUBCB EJTQPOJCMF EF GPSNB DPNFSDJBM 4JO FNCBSHP FTUF UJQP EF TFNJMMB TF JEFOUJGJDBCB DPO VOB FTQF DJBMJEBE EF MB FNQSFTB IPMBOEFTB %VUDI 1BTTJPO Z TV QSFDJP FSB FM EPCMF EF MB WFSTJØO OPSNBM &O EFGJOJUJWB TF USBUBCB EF VOB SBSF[B RVF UFOÓB QPDP P OBEB EF JOUF SFTBOUF QBSB FM BGJDJPOBEP EFM NPNFOUP

&O UJFSSBT VOBT OPWFEBE MB QSPQPSDJPOB MB DBTB IPMBOEFTB # " $ *ODMVZF VOB QSPQPS DJØO NFOPS EF QFSMJUB ZB RVF FTUÈ FOSJ RVFDJEP DPO MBWB MB DVBM BQPSUB BJSFBDJØO Z OVUSJFOUFT EF GPSNB OBUVSBM BEFNÈT JODPSQPSB 5IF 'JOBM 4PMVUJPO VO PSJHJOBM Z FGFDUJWP FTUJNVMBEPS PSHÈOJDP 5PEP FMMP IBDF RVF TF USBUF EF VO TVTUSBUP NVZ QFSGFDDJPOBEP Z BMUBNFOUF SFDPNFOEB CMF DVBOEP TF FNQMFBO BHVBT EVSBT P EF NBMB DBMJEBE QBSB DVMUJWBS

&M QBOPSBNB DBNCJØ EF GPSNB SBEJDBM EFTEF FM NPNFOUP FO RVF OVFWBT FNQSF TBT FTQB×PMBT EF TFNJMMBT DPNP %JOBGFN 4XFFU 4FFET P &WB 4FFET JOJDJBSPO TV BDUJWJEBE BM DPOPDFS Z BQMJDBS FM QSPDFTP EF GFNJOJ[BDJØO &M NBOFKP EF FTUBT UÏD OJDBT DPNCJOBEP DPO MB EFEJDBDJØO FO FYDMVTJWB B MB QSPEVDDJØO EF TFNJMMB GFNJ OJ[BEB JOBVHVSØ VOB OVFWB UFOEFODJB FO MB DVBM QSJNB MB JOOPWBDJØO DPNFSDJBM "TÓ MMFHBSÓBO MBT TFNJMMBT BVUPGMPSFDJFOUFT GFNJOJ[BEBT P OPSNBMFT Z TV EFTBSSPMMP

*MVNJOBDJØO "VORVF MB UÓQJDB MÈNQBSB "14 EF Ø WBUJPT EF EJTF×P QSFWJP B TJHVF TJFOEP MB MV[ EF DVMUJWP NÈT QPQVMBS DPO TV USBOTGPSNBEPS DPOWFODJPOBM Z TV TFO DJMMP SFGMFDUPS IPSJ[POUBM TF IBO QSPEVDJEP NVDIBT OPWFEBEFT -B NÈT MMBNBUJWB FT MB RVF UJFOF RVF WFS DPO MB UFDOPMPHÓB -&% EF MB DVBM TF FTQFSB RVF MMFHVF B SFFNQMB[BS MBT MÈNQBSBT EF EFTDBSHB EF BMUB JOUFOTJ EBE &M GBDUPS RVF MJNJUB FO NBZPS NFEJEB MB HFOFSBMJ[BDJØO EFM VTP EF FTUBT Z PUSBT

(BNB EF HSJOEFST Z DPOUFOFEPSFT GBCSJDBEPT DPO BMVNJOJP TØMJEP EF DBMJEBE BFSPFTQBDJBM

JOOPWBDJPOFT FT FM DPTUF " NFEJEB RVF BQBSFDFO OVFWPT TJTUFNBT EF JMVNJOBDJØO MB EJGFSFODJB EF QSFDJP DPO MPT FRVJQPT NÈT DPOWFODJPOBMFT SFTVMUB NBZPS )BTUB MB SFDJFOUF MMFHBEB EF MPT CBMBTUPT EJHJUBMFT Z BMHVOB RVF PUSB CPNCJMMB DPO NFKPS SFOEJNJFOUP MVNÓOJDP EF MP IBCJ UVBM MBT NFKPSBT TF IBO DFOUSBEP FO MPT SFGMFDUPSFT %FTEF MB JOUSPEVDDJØO EF MPT DPPM UVCF FM DVMUJWP EF JOUFSJPS TF QVTP BM BMDBODF EF BRVFMMPT BGJDJPOBEPT RVF DVMUJWBO FO [POBT DBMVSPTBT &O NVDIPT MVHBSFT EF OVFTUSB HFPHSBGÓB MPT SFGMFDUP SFT BCJFSUPT BQFOBT TJ QFSNJUÓBO DVMUJWBS CJFO DPO MV[ BSUJGJDJBM EVSBOUF VOPT QPDPT NFTFT BM B×P BTÓ RVF MB SFGSJHFSBDJØO QPS BJSF EF MBT MÈNQBSBT BVNFOUØ DPO TJEFSBCMFNFOUF MBT QPTJCJMJEBEFT " MP MBSHP EF FTUB EÏDBEB IBO JEP BQBSFDJFO EP NPEFMPT NVZ NFKPSBEPT SFTQFDUP BM EJTF×P PSJHJOBM DJMÓOESJDP DPNP FM SFGMFD UPS %BZTUBS FM DVBM PGSFDF VOB SFGMFYJØO NVDIP NÈT FGJDJFOUF "M IBCMBS EF SFGMFDUPSFT FGJDJFOUFT OP QPEFNPT EFKBS EF NFODJPOBS MPT "EKVTU " 8JOHT VO QSPEVDUP EJTF×BEP B QSJODJ QJPT EF MPT QFSP RVF OP MMFHØ B OVFTUSP QBÓT IBTUB CJFO FOUSBEB MB QSFTFOUF EÏDB EB +VOUP BM 4VQFS 4QSFBEFS FTUF SFGMFDUPS QBSBCØMJDP BKVTUBCMF GPSNB VO DPOKVOUP RVF PQUJNJ[B BM NÈYJNP FM BQSPWFDIB NJFOUP EF MB MV[ EJTQPOJCMF 5BNCJÏO FT EFTUBDBCMF MB BQBSJDJØO EF MPT GMVPSFTDFOUFT DPNQBDUPT RVF IBO TJNQMJ GJDBEP FO HSBO NFEJEB FM VTP EF FTUF UJQP EF JMVNJOBDJØO

"CPOPT 0USP DBNQP FO FM RVF TF IBO QSPEVDJEP NÞMUJQMFT OPWFEBEFT Z NFKPSBT FT FM EF MPT QSPEVDUPT QBSB FM DVJEBEP EF MBT QMBOUBT &TQFDJBMNFOUF FO MP RVF B OVUSJDJØO TF SFGJFSF "TÓ KVOUP B MPT FTRVFNBT TJNQMFT EF GFSUJMJ[BDJØO CBTBEPT FO VO BCPOP EF DSFDJNJFOUP Z PUSP EF GMPSBDJØO EJWFSTBT NBSDBT EF BCPOPT IBO JEP EFTBSSPMMBOEP TVT MÓOFBT EF QSPEVDUPT IBDJÏOEPMBT DBEB WF[ NÈT BNQMJBT Z FTQFDJBMJ[BEBT

-PT BSNBSJPT MJHFSPT EF DVMUJWP IBO GBDJMJUBEP MB JOUSPEVDDJØO EFM DVMUJWP EF DBOOBCJT FO NVM UJUVE EF IPHBSFT EFTEF

-BT MÈNQBSBT SFGSJHFSBEBT QPS BJSF BNQMJBSPO TVTUBODJBMNFOUF MBT QPTJCJMJEBEFT EF DVMUJWP FO MBT [POBT NÈT DBMVSPTBT

.BSDBT DPNP (SPUFL "EWBODFE /VUSJFOUT P 5FDIOBGMPSB BNCBT QSPDF EFOUFT EF $BOBEÈ Z PUSBT EF BQBSJDJØO BÞO NÈT SFDJFOUF DPNP MB FTQB×PMB CJPQSPUFD Z TV #MBDL (PME FTUÈO B MB ÞMUJNB FO FM EFTBSSPMMP EF QSPEVDUPT EF BMUB DBMJEBE -B DBOUJEBE EF GFSUJMJ [BOUFT FTUJNVMBEPSFT Z BEJUJWPT PSHÈ OJDPT TF IB NVMUJQMJDBEP ZB TFBO EF QSPDFEFODJB OPSUFBNFSJDBOB FVSPQFB P FTQB×PMB DPOUSJCVZFOEP B RVF MB QFSDFQDJØO EFM DVMUJWBEPS EF DBOOBCJT TF BDFSRVF DBEB WF[ NÈT B MB EF VO IPSUJDVMUPS FO UPEB SFHMB

&TQBDJPT EF DVMUJWP 'SFOUF BM NBUFSJBM EF WFOUJMBDJØO RVF TF NBOUJFOF QSÈDUJDBNFOUF DPNP FTUB CB IBDF EJF[ B×PT UPEP MP SFGFSFOUF B FTQBDJPT EF DVMUJWP DPO MV[ BSUJGJDJBM FTUÈ FO DPOTUBOUF QFSGFDDJPOBNJFOUP -B MMFHBEB EF MPT QSJNFSPT BSNBSJPT EF DVMUJWP )PNF#PY IJ[P RVF FM DVMUJWP EF JOUFSJPS TF WPMWJFTF NÈT BDDFTJCMF Z EFTEF FOUPODFT OP IB QBSBEP EF HBOBS GMFYJCJMJEBE -B JOUSPEVDDJØO EF NFKPSBT IB TJEP DPOTUBOUF Z FM IFDIP EF RVF FYJTUB DJFSUB DPNQFUFODJB IB QSPQJDJB EP RVF FYJTUB VOB HBNB EF BSUÓDVMPT DBEB WF[ NÈT BTFRVJCMFT -PT QSJNFSPT BSNBSJPT EF DVMUJWP UFOÓBO VO ÈSFB EF VO NFUSP DVBESBEP "IPSB QVFEFO FODPOUSBSTF EF UPEPT MPT UBNB ×PT EFTEF HSBOEFT DBTFUBT QBSB WBSJBT MÈNQBSBT EF WBUJPT IBTUB VOJEBEFT QFRVF×BT QBSB DMPOBDJØO Z DSFDJNJFOUP WFHFUBUJWP QBTBOEP QPS MPT OPWFEPTPT TJTUFNBT NPEVMBSFT UPUBMNFOUF QFSTPOB MJ[BCMFT Z TJO MJNJUBDJPOFT EF UBNB×P

1BSBGFSOBMJB Z BDDFTPSJPT 0USP DBNQP RVF OP IB EFKBEP EF BQPS UBS OPWFEBEFT FT FM RVF FOHMPCB UPEP MP SFMBDJPOBEP DPO FM DPOTVNP EFM QSP EVDUP GJOBM 4J CJFO TF IBO EBEP QPDBT WBSJBDJPOFT FO MPT ÞUJMFT QBSB QSPDFTBS MB NBUFSJB WFHFUBM RVF UBNCJÏO UJFOFO TV NPNFOUP VOB WF[ GJOBMJ[BEP FM DVMUJ WP QPESÓB NFODJPOBSTF MB JOUSPEVDDJØO EFM VTP EF MBWBEPSBT EPNÏTUJDBT QPSUÈ UJMFT QBSB TFQBSBS MB SFTJOB FO BHVB GSÓB MB JOOPWBDJØO IB QSPEVDJEP DBNCJPT OPUBCMFT FO EJWFSTPT UJQPT EF QSPEVD UPT 6O FKFNQMP DMBSP EF FMMP TPO MPT QFTPT EJHJUBMFT DPO QSFDJPT BCTPMVUB NFOUF QPQVMBSFT Z GPSNBUPT TPSQSFO EFOUFT 1PDP B QPDP MBT CBMBO[BT EF QSFDJTJØO WBO PDVQBOEP FM MVHBS RVF MFT DPSSFTQPOEF KVOUP BM SFTUP EF NBUFSJBM EF NFEJDJØO RVF QSFDJTB FM IPSUJDVMUPS QBSB TV QSÈDUJDB DPUJEJBOB 1BQFMFT EF GVNBS QJDBEPSFT QJQBT EF WJESJP EF CPSPTJMJDBUP NFDIBT EF DÈ×BNP Z DFSB EF BCFKB WBQPSJ[BEPSFT SFKJMMBT Z QMBDBT EF UJUBOJP CPMTBT Z DPOUFOFEPSFT IFSNÏ UJDPT -B MJTUB QPESÓB IBDFSTF NVZ MBSHB TJ JOUFOUÈTFNPT FOVNFSBS MB HSBO DBOUJ EBE EF QSPEVDUPT OPWFEPTPT RVF IBO JEP BQBSFDJFOEP B MP MBSHP EF MPT ÞMUJNPT EJF[ B×PT FO FTUB DBUFHPSÓB *ODMVTP QSPEVDF VOB TFOTBDJØO FYUSB×B EF MFKBOÓB SFDPSEBS BIPSB MB QSFTFOUBDJØO EF MPT QSJNFSPT HSJO EFST 4XFFU -FBG EVSBOUF MB $BOOBCJT $VQ RVF TF DFMFCSØ FO «NTUFSEBN B GJOBMFT EF OPWJFNCSF EF FO MB DVBM PCUVWJFSPO FM QSFNJP BM NFKPS QSPEVDUP EFM B×P


4&.*/"3*04 %& $6-5*70

)JHI 5JNFT .FEJDBM $BOOBCJT $VQ

5FYUP Z GPUPT (SVCCZDVQ

-B QSJNFSB FEJDJØO EF MB )JHI 5JNFT .FEJDBM $BOOBCJT $VQ UVWP MVHBS FO MB DPTUB PFTUF OPSUFBNFSJDBOB FO 4BO 'SBODJTDP $BMJGPSOJB EVSBOUF FM Z FM EF KVOJP EF &TUVWF QSFTFOUF BNCPT EÓBT Z MP QBTÏ FTUVQFOEBNFOUF -MFHBSPO B GPSNBSTF MBSHBT DPMBT EF WJTJUBO UFT MP DVBM QSPWPDØ DJFSUB GSVTUSBDJØO UBM GVF NJ DBTP *ODMVTP IBCJFOEP QBHBEP MBT FOUSBEBT QPS BOUJDJQBEP UVWF RVF FTQFSBS FO GJMB VOB IPSB Z NFEJB "M NFOPT QPEÓB WFS B PUSBT QFSTPOBT FO MB DPMB "VORVF FM BTQFDUP EF MB NBZPSÓB EF WJTJUBOUFT OP IBCSÓB FTUBEP GVFSB EF MVHBS FO DVBMRVJFS UJQP EF GFSJB DPNFSDJBM IBCÓB HFOUF WFTUJ EB FTQFDJBMNFOUF QBSB MB PDBTJØO P QPS MP NFOPT FT MP RVF QBSFDÓB &M DPOTVNP EF NBSJIVBOB QFSP OP FM EF UBCBDP FTUBCB QFSNJUJEP FO VOB [POB BM BJSF MJCSF MB MMBNBEB i1SPQ 4FDUJPOw QBSB MPT RVF UVWJFSBO JEFOUJGJDBDJØO DPNP QBDJFOUFT 1PEÓB GVNBSTF UBCBDP FO DVBM RVJFS PUSB QBSUF EFM FWFOUP TJFNQSF RVF TVQJFSBT EPOEF FTDPOEFSUF QBSB FODFO EFSUF VOP TJO RVF UF DPHJFSBO &O MB TFDDJØO IBCÓB VOBT EBNBT EF BTQFDUP NVZ BHSBEBCMF B BNCPT MBEPT EF MPT NPTUSBEPSFT Z FM TPOJEP EF MBT UPTFT Z MBT SJTBT TF QSPQBHBCB QPS FM BJSF &M PMPS FSB EJWJOP Z QPS RVÏ OP EFDJSMP JOUPYJDBOUF -BT DPOEJDJPOFT FYBDUBT SFTQFDUP BM DPO TVNP EF BNCBT TVTUBODJBT FO GVUVSPT

FWFOUPT QVFEF FTUBS FO GVODJØO EF MBT DFSDBOBT WPUBDJPOFT FTUBUBMFT

Z QPS TVQVFTUP EBNBT BUSBDUJWBT DPO CPOJUBT QMBOUBT IFNCSB

-BT EPT QMBOUBT EBCBO DBCJEB B WFO EFEPSFT EFEJDBEPT B EJWFSTPT QSPEVD UPT SFMBDJPOBEPT DPO MB NBSJIVBOB ZB FTUVWJFSBO EFTUJOBEPT BM DVMUJWP BM DPOTVNP P BM QSPQJP DPOTVNJEPS -B QMBOUB CBKB UBNCJÏO EJTQPOÓB EF VOB [POB QBSB MPT WBSJBEPT TFNJOBSJPT RVF TF PGSFDJFSPO MPT DVBMFT USBUBSPO EFTEF FM DVMUJWP IBTUB DØNP MMFWBS VO OFHPDJP SFMBDJPOBEP DPO FM DBOOBCJT

+PSHF $FSWBOUFT IJ[P VOB BQBSJDJØO QÞCMJ DB QBSB EBS VOB DIBSMB NVZ JOGPSNBUJ WB TPCSF UÏDOJDBT EF DVMUJWP NPTUSBOEP FKFNQMPT UPNBEPT EFM NVOEP SFBM EFTEF 4VJ[B Z BMSFEFEPS EFM QMBOFUB FO VOB QBOUBMMB QBSB JMVTUSBS TVT UFNBT &T NVZ SFDPNFOEBCMF PÓSMF IBCMBS FO QFSTPOB

.JT EPT TFNJOBSJPT GBWPSJUPT GVFSPO MPT RVF EJFSPO FM FEJUPS FKFDVUJWP EF )JHI 5JNFT %BO 4LZF Z +PSHF $FSWBOUFT &M TF×PS 4LZF DPOUØ BMHVOBT EF MBT FYQFSJFODJBT RVF IB UFOJEP B MP MBSHP EF MPT B×PT USBCBKBOEP DPO MB SFWJTUB Z MBT DPNQMFUØ DPO EJBQPTJUJWBT EF CPOJ UBT QMBOUBT IFNCSB EBNBT BUSBDUJWBT

&O MB DFSFNPOJB EF FOUSFHB EF QSFNJPT SFQSFTFOUBOUFT EF )JHI 5JNFT BTFHVSBSPO RVF FM QSØYJNP B×P OP TF SFQFUJSÈO MPT QSPCMFNBT TVDFEJEPT EVSBOUF FM QSPDFTP EF QSFTFOUBDJØO $PNP UFOHP QMBOFBEP FTUBS BMMÓ FM B×P RVF WJFOF PT DPOUBSÏ DØNP WB MB DPTB

" QFTBS EF RVF QBSFDÓBO TFSJPT FTUPT DBCBMMFSPT FSBO NVZ BNJHBCMFT Z QBSFDÓBO FTUBS QBTÈOEPTFMP CJFO

-PT NVFTUSBT HBOBEPSBT GVFSPO FMFHJEBT QPS VO KVSBEP DPNQVFTUP EF QFSTPOBM EF )JHI 5JNFT Z NJFNCSPT SFDPOPDJEPT EF MB DPNVOJEBE DBOOÈCJDB MPDBM

1SFNJPT 4BUJWB 7PSUFY B L B (PE T 1VTTZ $BOEZ +BDL %VSCBO 1PJTPO *OEJDB $BMJ (PME 5SVF 0( #VCCB ,VTI

{7FTUJEP QBSB MB PDBTJØO P TJNQMFNFOUF DPO TV SPQB IBCJUVBM

(SFBO#JDZDMFT 5IF (SFFO %PPS 4BO 'SBODJTDP 1VSQMF -PUVT 1BUJFOU $FOUFS .S /BUVSBM *OD &MFNFOUBM 8FMMOFTT 5FIBNB )FSCBM $PMMFDUJWF

.F EJP MB JNQSFTJØO EF RVF TVT PKPT FTUBCBO CBTUBOUF SPKPT CBKP MBT HBGBT EF TPM

)FOSZ )FNQ Z (FOFSPVT (FPSHF VOB FODBOUBEPSB QBSFKB EF DPMFHBT RVF FTUVWJFSPO QSFTFOUFT

/P QPEÓB QBTBS QPS EFMBOUF EF FTUB FODBOUBEPSB TPOSJ TB TJO IBDFSMF VOB GPUP


QPS GJO FO ."%3*% &O $IV.BKFL MBT SFTQVFTUB OVODB UF MBT EB VOB NgRVJOB

BRVr TJFNQSF USBUBT DPO QFSTPOBT

DBOBSJBT

!#' # & # &"#' )" ) # !$#&( "( " * "( ' ! ' "" ' ( "(# "(&# #!# ) & '$ 0 #"* &( " #"#' " )+"' ") % + + '- % / '- , &"%% , ,. %- , " !#' (. # # !.' !$ # !.' & - ' , ( ! /" !.' &#( 1"

MB QBMNB

% 2 % (',-"-. "7' '4 ( ( 3 )% '- % '4 - '( (, % '(, +" '

."%3*%

% %5 ' + , % % %( % - '(

'.' ! 1 , &"%% , /" # , 1 '/" &(, % &",&( 6 *. , . + % ) " ( ) ' )" ( " )! %) ' '(. & " " # " ' (& (# & "# , $ &'#" - # #& , +" )( + &(, '/" + -( ( -")( & - +" % #.'-( (' % , , &"%% , % ) '6',.% ( " & !#' & " * & " . " & ' '(. !), " #!)" # ' . ! "( #" # $#& ' , ' $) $ & & & () ( ! "( "(&# $&#$ # , ' & * " ' !/& ' ' .-( 8, %) $ ' )'( ! "( $#& "(

$ & * #$ ) &# '% ) "-

")(& "( ' $ & (#' (&1" #' , !.' (' %) $) ' " ' ( & ( "(# $ & ) ( *# #!# $ & ' &)( , $# &.' "* & # $#& #&& # # $# &.' #!$& & & ( ! "( " &#+ & #& !#' %) 000 !.& # $ (& ' )" && ! "( %) $# &.' )' & ) " # %) & ' $& )"( & # %) ( ( # ( " &.' )" & '$) '( & , . "( " & " !), $# # ( !$# !#' ,) # ! ' $ &'#" ' " ')' ) ( *#' '" ' ( "'- +' - ,"

.%-"/ , ,(%( , )(+*. *." + ,



*/5&3/&5

1BTFP $BOOÈCJDP QPS *OUFSOFU CMPH BDUJWJTNP QVCMJDBDJPOFT Z HSPX TIPQT POMJOF {2VJFSFT DPNQSBS DVMUJWBS Z OP TBCFT DØNP Z QPS EPOEF FNQF[BS {OP UJFOFT VO HSPX TIPQ DFSDB EF UV DJVEBE (SBDJBT B *OUFSOFU QVFEFT Z FODPOUSBSÈT UPEP MP OFDFTBSJP QBSB BSSBODBS DPO FM BVUP DVMUJWP " DPOUJOVBDJØO VOB TFMFDDJØO EF MPT NÈT QPQVMBSFT TJUJPT EF DPOGJBO[B FO *OUFSOFU 3VUI 7 )PVTFQMBOU OFU

$BDUVTNBSUPSFMM DPN

&T QSPCBCMFNFOUF MB XFC NFKPS DPOT USVJEB DPO WJEFPT CPUPOFT TPDJBM NFEJB TVTDSJQDJPOFT BEFNÈT EF MBT PGFSUBT Z QSPNPDJPOFT IBTUB USBEVDUPS &T QPS BMHP RVF MMFWBO FO MB JOEVTUSJB EFTEF {OP )BTUB BHSFHBEPSFT EF OPUJDJBT WÓB (PPHMF UJFOFO 1VFEFT EFTDBSHBS VO DBUBMPHP EF TFNJMMBT NVZ DVJEBEP Z TFMFDUP QPS TVQVFTUP PGSFDFO TFNJMMBT EF MB FYDMVTJWB $BMJGPSOJB $IBNQBHOF

$PO CMPH Z QSFTFODJB FO SFEFT TPDJBMFT JODMVTP VOB DBDUVT UW FM HSPX TIPQ EF .BSUPSFMM UJFOF QSPEVDUPT FO PGFSUB Z BDFQUB 7JTB .BTUFS$BSE Z IBTUB 8FTUFSO 6OJPO 4J OP WJWFT FO $BUBMV×B OP FT QSPCMFNB QPSRVF UJFOFO UJFOEB POMJOF 4J QVFEFT QBTBSUF QPS TV OVFWB UJFOEB RVF EBSÈT JNQSFTJPOBEP QPS MB BNQMJUVE EF FTQBDJP Z HSBO DBOUJEBE EF QSPEVDUPT

:FSWBHVFOB OFU 0GSFDF UJFOEB POMJOF DPO OPWFEBEFT Z PGFSUBT EFM NFT RVF OP QVFEFT EFKBS EF WJTJUBS -B QÈHJOB XFC FTUÈ NVZ CJFO QPS RVF QVFEFT CVTDBS QPS NBSDBT Z GBCSJDBO UFT TJ UJFOFT EVEBT P OFDFTJUBT BTFTPSB NJFOUPT UJFOFO WBSJBT GPSNBT EF DPOUBDUP BEFNÈT EF JOTUSVDDJPOFT UBCMBT Z VO DBOBM EF WÓEFPT FO :PVUVCF

5JFOEB POMJOF RVF BEFNÈT EF 7JTB UBN CJÏO UJFOF DPOUSBSFFNCPMTP Z USBOTGFSFO DJB CBODBSJB Z QSPNFUF FOUSFHB B EPNJDJ MJP FO IPSBT TJ FODVFOUSBT MP RVF OFDF TJUBT RVF TFHVSP RVF TÓ FO TV CVTDBEPS QPS NBSDBT Z DBUFHPSÓBT /P UJFOF CMPH QFSP TJ HBMFSÓB EF GPUPT Z OPUJDJBT 4PO MPT EJTUSJCVJEPSFT EFM GBNPTP 2VJDL (SJOEFS DPO NFDBOJTNP EF BVUPWBDJBEP

%JPTB QMBOUB DPN

1MBOUBOJB DPN

4V FTQFDJBMJEBE FT FM DVMUJWP TPO EJTUSJCVJ EPSFT NBZPSJTUBT EF NBSDBT DPNP $BOOB %VUDI 1BTTJPO %JOBGFN .FEJDBM 4FFET #"$ 1SJNB ,MJNB &O FM BCSJFSPO TV QSJNFS HSPXTIPQ FO $PSV×B Z FO FM BNQMJBSPO TVT BDUJWJEBEFT IBDJB FM NFSDB EP NBZPSJTUB DPOWJSUJÏOEPTF FO MB QSJNF SB EJTUSJCVJEPSB EF TFNJMMBT Z QSPEVDUPT HSPX EF (BMJDJB 6O B×P EFTQVÏT FNQF[B SPO B DPMBCPSBS DPO &/$0% MB QMBUBGPSNB FVSPQFB QPS VOB QPMÓUJDB EF ESPHBT NÈT KVTUB &M B×P QBTBEP MBO[BSPO MBT QSJNFSBT TFNJMMBT EF $BOOBCJT EF PSJHFO HBMMFHP #MVF 5PPUI Z TF USBTMBEBSPO B VO QPMÓ HPOP FO -B $PSV×B

1SJNFSBT NBSDBT B QSFDJP EF GÈCSJDB Z SFTUPT EF FYQPTJDJØO BEFNÈT EF PGFSUBT QPS MPUF EF TFNJMMBT P DPO UPEP MP OFDFTB SJP QBSB QMBOUBS UBNCJÏO MPT TVQFSLJU EF FTRVFKFT DPO BSNBSJP HSBUJT 7BNPT RVF TF MB NPOUBO NVZ CJFO 5JFOFO UJFOEB FO -FHBOÏT $BSBCBODIFM Z 5FSVFM QFSP TF QVFEFO IBDFS QFEJEPT POMJOF

4BOUZFSCBTJ DPN

$IVNBKFL FT $BUÈMPHP QEG Z UJFOEBO POMJOF FO MP RVF TF SFGJFSF B HSPX TIPQT POMJOF $IV .BKFL FT VOB QFRVF×B HSPXTIPQ DPO VOP EF MPT DBUÈMPHPT NÈT BNQMJPT EF *OUFSOFU EPOEF QPESÈT DPNQSBS UPEBT

MBT WBSJFEBEFT QPS VOJEBEFT P QPS QBRVFUFT DPNQMFUPT TJFOEP TV GVFS UF MB WFOUB EF TFNJMMBT TVFMUBT EFTEF $BOBSJBT " QBSUJS EF BIPSB UBNCJÏO NBUFSJBM EFTEF .BESJE 1PS ÞMUJNP Z OP NFOPT JNQPSUBOUF HSBDJBT B %FBDÈ SFTQPOEFO B QFEJEPT EFTEF "NÏSJDB TJO ÏM UBNQPDP $IV .BKFL QPESÓB TFS MP RVF FT ZB RVF TV BZVEB FT GVOEBNFOUBM TFHÞO DVFOUBO

%SHSPX FT %S (SPX T 1SPEVDUJPOT FT BDUVBMNFOUF MB FNQSFTB FTQB×PMB DPO NBZPS FYQF SJFODJB FO CJP DPOUSPM BQMJDBEP BM DBO OBCJT HSBDJBT BM BQPZP JODPOEJDJPOBM EF ,PQQFSU #JPMPHJDBM 4ZTUFN BEFNÈT EF FTQFDJBMJTUBT FO DPOUSPM EF QMBHBT B USBWÏT EF MB MVDIB CJPMØHJDB 5JFOFO OVFWP QPSUBM Z QVFEFT TFHVJS UPEBT TVT

OPUJDJBT NÈT JOUFSFTBOUFT Z OPWFEBEFT B USBWÏT EF MBT 344 NÈT JNQPSUBOUFT .ZTQBDF 'BDFCPPL 'MJDLS Z 5XJUUFS

-BHSPXDFOUSBM DPN *OBVHVSØ FO BHPTUP OVFWB EJSFDDJØO FO 4BCBEFMM 5JFOF JOUFSFTFT PGFSUBT Z MP ÞMUJNP FO QSPEVDUPT BDDFTPSJPT BEJUJWPT BSNBSJPT DPOUFOFEPSFT DPO USPM EF DMJNB Z QMBHBT JMVNJOBDJØO NFEJEPSFT QBSBGFSOBMJB FYUSBDDJØO EF SFTJOBT SJFHP TFNJMMBT TJTUFNBT TVT USBUPT USVGBT Z TFUBT Z WBQPSJ[BEP SFT 5JFOFO TVTDSJQDJØO EF OPUJDJBT Z TF QVFEF QBHBS DPO 7JTB P .BTUFS$BSE FO MB UJFOEB POMJOF

&MQVOUPFSFTUV DPN &T VOB UJFOEB POMJOF Z UBNCJÏO EJTUSJ CVJEPSB -BT FTQFDJBMJEBEFT EF MB DBTB


$PNQSBOEP FO .BSJB.BSLU (SPX4IPQ JSÈT BDVNVMBOEP QVOUPT EF DPNQSB QPS FM EJOFSP RVF WBZBT HBTUBOEP 6OB WF[ BDVNVMBEPT QPESÈT VTBSMPT QBSB QBHBS GVUVSBT DPNQSBT

5JKVBOBHSPXTIPQ DPN )BDJFOEP VO QFEJEP TVQFSJPS B TFTFOUB FVSPT UF SFHBMBO MPT +JGGZT EF HFSNJOBDJØO EF TFNJMMBT (SPX TIPQ DPO NÈT EF PDIP B×PT EF FYQFSJFODJB FO DVMUJWP FYUFSJPS DVMUJWP JOUFSJPS BSNBSJPT EF DVMUJWP FUD "NQMJP IPSBSJP Z BUFODJØO

1PTJUJWFQVCMJTIFST DPN

TPO MBT TFNJMMBT Z MBT CÈTDVMBT 0GSFDFO VOB HSBO WBSJFEBE EF HFOÏUJDBT DPO FTQFDJBM BUFODJØO BM CBODP 1PTJUSPOJDT BTÓ DPNP PUSBT QSPQVFTUBT EF CVFOB SFMBDJØO DBMJEBE QSFDJP 3FTQFDUP B MBT CÈTDVMBT UBNCJÏO UJFOFO NVDIPT NPEFMPT B CVFOPT QSFDJPT

)BQQZHBSEFOHSPX DPN %FTEF 7JUPSJB )BQQZ (BSEFO (SPX TF GVOEØ FO TFQUJFNCSF EFM 4F EFEJDBO BM DVMUJWP EFM DBOOBCJT UBOUP FO JOUFSJPS DPNP FO FYUFSJPS QMBO UBT NFEJDJOBMFT Z FYØUJDBT .POUBO BSNBSJPT JOWFSOBEFSPT B EPNJDJMJP EJTF×BEPT Z GBCSJDBEPT FO NBEFSB QPS FMMPT NJTNPT 4PO FTQFDJBMJTUBT FO DVMUJWPT EF *OEPPS UBNCJÏO FO IJESPQPOÓB Z BFSPQPOÓB

'MPXFSQPXFSHSBOBEB DPN (SPX TIPQ HSBOBEJOP DPO UJFOEB POMJ OF F JOUFSFTBOUFT LJUT EF DVMUJWP NÈT UPEP MP OFDFTBSJP QBSB FM DVMUJWBEPS Z VO BNQMJP DBUÈMPHP EF TFNJMMBT Z BCP OPT "EFNÈT EF MP RVF OFDFTJUFT QBSB BSNBS UV TJTUFNB EF DVMUJWP 7BSJFEBE EF TFNJMMBT DPO FTQFDJBMJEBE FO FM CBODP 1SPGFTTJPOBM 4FFET

0OFMPWFHSPXT DPN &O TV QÈHJOB BDFQUBO UPEP UJQP EF UBSKFUBT Z 1BZ1BM NJFOUSBT PUSPT TØMP WFOEFO QPS USBOTGFSFODJB CBODBSJB P DPOUSB SFFNCPM TP "DUVBMNFOUF UJFOFO MB UJFOEB POMJOF Z MB QÈHJOB FO DPOTUSVDDJØO QFSP OP PMWJEFT FDIBS VO PKP B TV UPQ WFOUBT

&M OJSWBOB DPN $PO UJFOEBT FO %BOUYBSJOFB *SVO Z #FIPCJB TV FOWÓP FT SÈQJEP Z EJTDSF UP SFTQFUBOEP MB DPOGJEFODJBMJEBE &O TV QÈHJOB FODVFOUSBT VOB TFMFDDJØO EF TFNJMMBT EF DPMFDDJØO DPOTJEFSB CMF Z VO TVSUJEP FOPSNF EF QSPEVDUPT QBSB MB IPSUJDVMUVSB *ODMVTP IBTUB SPQB [BQBUPT KPZBT BDDFTPSJPT EFDPSBDJØO P QSPEVDUPT BSUFTBOBMFT RVF QSPWJF OFO EF MPT DVBUSP SJODPOFT EFM NVOEP FO USFT UJFOEBT BHSBEBCMFT PSJHJOBMFT Z FYØUJDBT DPO QJOUB EF DVFWB EF MPT UFTPSPT FO MB GSPOUFSB GSBODP FTQB×PMB BEFNÈT EF MB POMJOF

%PDUPSDPHPMMP JOGP 6OP EF MPT HSPX TIPQT NÈT WFUFSBOPT EF 7BMFODJB FTUÈ BDUVBMJ[BOEP MB MJTUB EF TFNJMMBT Z QPS MB DPNQSB EF NÈT EF WFJOUJDJODP FVSPT UF SFHBMB VOB TFNJMMB GFNJOJ[BEB 4FHVSP RVF IBCSÈ

NÈT TPSQSFTBT QBSB FM RVF CVTRVF PGFSUBT TJO EVEB FT CVFOB JEFB QBTBS TF QPS FTUB UJFOEB

DPO DBUÈMPHP POMJOF EFTDBSHBCMF TJO EVEB NFSFDF MB QFOB DPOTVMUBSMP

%SDPHPMMPTBOUBOEFS PSH

4V UJFOEB POMJOF PGSFDF FVSPT EF EFT DVFOUP FO 7VMDBOP VO RVJODF QPS DJFO UP EF EFTDVFOUP FO TFNJMMBT 4PVS EJFTFM EF EJF[ VOJEBEFT Z PUSPT QSFDJPT MPDPT &TQFDJBMJTUBT FO TJTUFNBT EF BMUP SFOEJ NJFOUP 5JFOFO UJFOEBT FO FM SBTUSP EF .BESJE (FUBGF #BSCBTUSP )VFTDB Z 4BO $BSMFT EF MB 3BQJUB 5BSSBHPOB

0USP %PDUPS $PHPMMP WFUFSBOP QFSP NVZ EJGFSFOUF ZB RVF FO FTUF DBTP TF USBUB EF VOB FNQSFTB VCJDBEB FO 4BOUBOEFS 4F USBUB EF MB UJFOEB EF MB QSJNFSB BCJFS UB FO $BOUBCSJB SFHFOUBEB QPS +VBOJUP .BOPWFSEF EF DVZBT BWFOUVSBT IBCMBNPT FO FTUF Z PUSPT OÞNFSPT EF 4PGU 4FDSFUT (SBO WBSJFEBE EF BSUÓDVMPT QBSB FM DVMUJ WP Z EJTGSVUF HBMFSÓBT EF GPUPT Z OPUJDJBT BDUVBMJ[BEBT

-BDIVTUB DPN (SPX EF .BESJE WFUFSBOB DPO WBSJFEBE EF BSUÓDVMPT QBSB FM DVMUJWP BTÓ DPNP VOB CVFOB TFMFDDJØO EF QJQBT Z PUSPT UJQPT EF QBSBGFSOBMJB "TFTPSBNJFOUP TFSJP Z QFSTPOBM TFHÞO MBT OFDFTJEBEFT EF DBEB DVMUJWBEPS

1MBOUBIZESP DPN 0USP HSPX TIPQ EF 7BMFODJB QÈHJOB TFO DJMMB QFSP RVF TPSQSFOEF QPS TV HSBO DBOUJEBE EF WJTJUBT EFTEF RVF BCSJFSPO FO &TQFDJBMJTUB FO BSNBSJPT HSBO DBOUJEBE EF HFOÏUJDBT 0GSFDFO MB NBSDB i$PTNPTw EF TFNJMMBT Z MVNJOBSJBT BEF NÈT EF TFS FTQFDJBMJTUBT FO BSNBSJPT Z NPOUBKFT EF JOUFSJPS

5VDVMUJWBEPS FT &T VOB FNQSFTB FTQFDJBMJ[BEB FO MB WFOUB BM QPS NBZPS EF #ÈTDVMBT EF 1SFDJTJØO Z QSPEVDUPT QBSB FM $VMUJWP *OUFSJPS DPO UJFOEB POMJOF 4F TBCFO QSP NPDJPOBS BIPSB QSFTFOUBO VOB JOOPWB DJØO EFM GBCSJDBOUF GSBODÏT $*4 1SPEVDUT -PT "SNBSJPT i%VBM 4VQFSCPYw {'BMUB EF 4JUJP {(BOBT EF UFOFS DSFDJNJFOUP Z GMPSBDJØO {(BOBT EF IBDFS NÈT %VBM 4VQFSCPY PGSFDF QJTPT UPUBMNFOUF JOEFQFOEJFOUFT Z DFSSBEPT B MB MV[ 1JTP EF BCBKP DN EF BMUVSB Z FM EF BSSJCB N EF BMUVSB )BZ VOB BQFSUVSB EF BJSF QBSB MB FYUSBDDJØO Z MB JOUSBDDJØO -BT CBSSBT EF TVTQFOTJØO Z MB FTUSVD UVSB TPO UPUBMNFOUF EF NFUBM BMVNJOJP OP EF 17$ 4JTUFNB EF EPCMF QVFSUBT JOEFQFOEJFOUFT Z WFMDSP QBSB UFOFS MBT QVFSUBT BCJFSUBT

$BOFNCDO FT &T VO OVFWP HSPX TIPQ SFHFOUBEP QPS QFSTPOBT RVF ZB MMFWBO NVDIPT B×PT FO OVFTUSP OFHPDJP 'VODJPOBSÈ UBNCJÏO DPNP EJTUSJCVJEPSB %F NPNFOUP DVFOUB

.VOEPUSJDPNB FT

.BSJBNBSLU DPN 5JFOF VO TJTUFNB EF QVOUPT FT UBO TJNQMF DPNP TV QSPQJP OPNCSF JOEJDB

0GSFDF MJCSPT FTQFDÓGJDPT EF DVMUJWP Z HVÓBT FO JOHMÏT BMFNÈO GSBODÏT IPMBOEÏT JUB MJBOP Z FTQB×PM 1PS FKFNQMP DØNP DVMUJWBS FO MBOB EF SPDB P TVCTUSBUP EF DPDP

.BSJKVBOBHSPXJOH DPN &T MB QÈHJOB EF OVFTUSP DPMBCPSBEPS +PSHF $FSWBOUFT BVUPS EF NÈT EF WFJO UJDJODP MJCSPT TPCSF NBSJIVBOB FO NÈT EF TJFUF JEJPNBT

&BTZ HSPX DP VL &TQFDJBMJTUBT FO MÈNJOBT P SFWFTUJNJFO UPT IFSNÏUJDPT B MB MV[ P SFGMFDUBOUFT -PT QSPEVDUPT -JHIUJUF SJOEFO QSPQPS DJPOBO SFGMFYJØO JOGSBSSPKB Z UÏSNJDB SFEVDJFOEP DPTUPT EF FOFSHÓB Z FTUJNV MBOEP FM DSFDJNJFOUP WJHPSPTP DPO QMBUB FO CMBODP Z MÈNJOBT SFGMFDUBOUFT



*OEPPS (BSEFOJOH &YQP &M EF KVMJP TØMP QBSB QSPGFTJPOBMFT Z FM BCJFSUB BM QÞCMJDP EF DPO VOB QJ[DB EF IVNPS UVWP MVHBS VOB NVZ IJESPQØOJ DB TÏQUJNB NVFTUSB BOVBM EFEJDBEB BM DVMUJWP EF JOUFSJPS *OEPPS (BSEFOJOH &YQP FO FM FNCBSDBEFSP EFTNBOUFMBEP EFM FKÏSDJUP 'PSU .BTPO FO 4BO 'SBODJTDP DPO VOB WJTUB NBSBWJMMPTB EF MB BOUJHVB QSJTJØO EF MB JTMB EF "MDBUSB[ 5FYUP Z GPUPT (SVCCZDVQ 4F EJFSPO DJUB FYQPTJUPSFT EF QSPEVDUPT IFSNPTBT EBNBT BSUÓDVMPT QSPNPDJPOB MFT &E 3PTFOUIBM Z IBTUB VO FOPSNF DBO HSFKP EF SÓP IFDIP EF NFUBM .FSFDÓB MB QFOB QBHBS FM QSFDJP EF BENJ TJØO BVORVF TØMP GVFSB QPS WFS MB BCSV NBEPSB WBSJFEBE EF QSPEVDUPT IJESPQØ OJDPT %FTEF FM KBSEJOFSP QSJWBEP BM HSBO KFSP DPNFSDJBM IBCÓB BSUÓDVMPT EF TPCSB QBSB MMFOBS MJTUBT EF EFTFPT Z EBS SFTQVFT UB B DVBMRVJFS QMBO QBSB FM GVUVSP )BCÓB BSNBSJPT EF DVMUJWP MP CBTUBOUF HSBOEFT DPNP QBSB PSHBOJ[BS VOB QFRVF×B GJFTUB EFOUSP MVDFT RVF HJSBO F JODMVTP VO WJEFPNJDSPTDPQJP EF HSBO QPUFODJB DPO FM DVBM TF NPTUSBCBO IPOHPT NJDPSSJ[B WJWPT FO FM FTUBOE EF 9USFNF (BSEFOJOH -PT SBZPT MÈTFS DFOUFMMFBCBO Z MBT NÈRVJ OBT EF OJFCMB GVODJPOBCBO TJO EFTDBOTP B NFEJEB RVF MPT FYQPTJUPSFT DPNQFUÓBO QBSB BUSBFS MB BUFODJØO 'PY 'BSN MMFWØ VOB FTDVMUVSB EF VO DBCBMMJUP EF NBS Z VO FOPSNF DBOHSFKP EF SÓP IFDIP DPO CBOEFKBT Z NPMEFT QBSB IPSOFBS Z EJWFS TBT QJF[BT EF DPDJOB IFDIBT EF NFUBM )BCÓB VO CBS DPO CPDBEJMMPT NVZ CVF OPT EF QBTUSBNJ Z MBT EBNBT EF MPT FYQPTJUPSFT QPS TVQVFTUP #POJUBT TPO SJFOUFT Z BNJHBCMFT FTUBT TJSFOBT SFQBS

UÓBO NVFTUSBT Z DBOUBCBO DVFOUPT TPCSF DPTFDIBT BCVOEBOUFT -BT FODBOUBEP SBT NVDIBDIBT BUSBÓBO B MPT WJBKFSPT IBTUB TVT FTUBOET EPOEF FYQFSUPT Z WFOEFEPSFT MFT FYQMJDBCBO FM QPSRVÏ EF RVF TVT QSPEVDUPT GVFSBO NFKPSFT Z MFT MMFOBCBO MBT NBOPT DPO EPDVNFOUB DJØO Z NVFTUSBT 1VFEF RVF MPT CBMBTUPT -VNBUFL TFBO NVZ BUSBDUJWPT QFSP FSBO MBT QJFSOBT EF MBT B[BGBUBT MBT RVF TF MMF WBCBO MB NBZPS QBSUF EF MBT NJSBEBT &O FM FTUBOE EF 2VBOUVN VOBT DIJDBT TFEVDUPSBT QPOÓBO NÞTJDB B UPEP WPMV NFO Z SFVOJFSPO B VO CVFO HSVQP EF QFS TPOBT BVORVF MPT QSFNJPT EF MB SJGB DPNP VOB MVNJOBSJB 5 #BE #PZ EF MÈNQB SBT QVEJFSPO IBCFS BZVEBEP $BNJTFUBT Z HPSSBT BEPSOBEBT DPO MPHPUJQPT FO BMHV OPT FTUBOET NVFTUSBT HFOFSPTBT Z DPOTF KPT ÞUJMFT FO PUSPT /JDLFM $JUZ 8IPMFTBMF (BSEFO 4VQQMZ SFQBSUJØ HBGBT EF TPM Z CPMTBT EF TVTUSBUP +VTU 3JHIU 9USB 4PJM Z (FOFSBM 0SHBOJDT IBDÓB MP NJTNP DPO DBKBT EF QSVFCB RVF DPOUFOÓBO OVFWF QSPEVDUPT EJTUJOUPT 5PEPT MPT FYQPTJUPSFT UFOÓBO BMHP JOUFSFTBOUF QBSB WFS BQSFOEFS P SFDJCJS MPT NFKPSFT FTUBOET UFOÓBO MBT USFT DPTBT &M TF×PS &E 3PTFOUIBM FTUBCB EJTQP OJCMF QBSB SFTQPOEFS B QSFHVOUBT Z

EBS DPOTFKPT &O VO NPNFOUP EBEP UVWF MB PQPSUVOJEBE EF QBTBS VO SBUP DPO FM TF×PS 3PTFOUIBM Z VO QBS EF BNJHPT 1PS MP RVF SFDVFSEP MP QBTÏ SFBMNFOUF CJFO "VORVF MBT OPUBT RVF UPNBCB QBSB FTUF BSUÓDVMP TVGSJFSPO DJFSUB QÏSEJEB EF VUJMJEBE QBTBEP FTF QVOUP EFM FWFOUP UFOHP RVF EFDJS RVF NJ FTUBEP HFOFSBM EF ÈOJNP FTUBCB CBTUBOUF FMFWBEP 'VF FOUSFUFOJEP F JOGPSNBUJWP Z MP QBTÏ FO HSBOEF :B FTUPZ EFTFBOEP RVF MMFHVF MB GFSJB EFM B×P RVF WJFOF $0/4&+0 "M BTJTUJS B FTUF UJQP EF FWFOUPT DPNQSVFCB MBT SFHMBT Z QMBOJGJDB UVT OFDF TJEBEFT DPNP GVNBEPS &O FTUF FWFOUP OP TF QFSNJUÓB GVNBS FO FM JOUFSJPS EFM SFDJOUP Z OP IBCÓB QSJWJMFHJPT EF FOUSBEB Z TBMJEB QBSB FM QÞCMJDP FO HFOFSBM


6SDLQ /D 0RWD 3RUWXHW[H 6DQ 6HEDVWLDQ *LSX]NRD 7 ) ( ODPRWDJURZVKRS#KRWPDLO FRP : ZZZ ODPRWD RUJ

/HDI /LIH &DUUHW 0 NP 3DUDFXHOORV GHO -DUDPD 0DGULG 7 ) ( LQIR#OHDÁLIHPD\RULVWD FRP : ZZZ OHDÁLIHPD\RULVWD FRP

+RUWLWHF & &HUYDQWHV F $OJHPHVL 9DOHQFLD 7 ) ( LQIR#KRUWLFXOWXUDWHFQLFD FRP : ZZZ KRUWLFXOWXUDWHFQLFD FRP

+RUWLFXOWXUD 7pFQLFD &DWDOXxD & &LPD 6DQW -XOLi GH 5DPLV *HURQD 7

3RUWXJDO 6ROXo}HV 9HUGHV &RJQRVFLWLYD

5XD 'LDULR GH 1RWLFLDV %DUULR $OWR /LVERD 7 ) ( FRJQRVFLWLYD#JPDLO FRP : ZZZ FRJQRVFLWLYD FRP

&KLOH 326 VWRUHV 6DQWLDJR $Y 3URYLGHQFLD 3RUWDO /\RQ ORFDO ) 9LxD GHO 0DU $Y 9DOSDUDLVR *DOHULD &DUUXVHO ORFDO 5DQFDJXD $Y ,QGHSHQGHQFLD *DOHULD &REUHFRO ORFDO : ZZZ SRV FRP

0DQXIDFWXUHG E\ %LR%L]] :RUOGZLGH %9 7 ) ( LQIR#ELREL]] FRP : ZZZ ELREL]] FRP


)";-0 5Á .*4.0

"DFJUF "MDPoQPU

1PS -B[ZTUSBJO

UBO TFHVSPT DPNP TJ GVNBTFO NJFOUSBT CFCFO VO WBTP EF VO MJDPS EF HSBEPT DPTB RVF TPMÓB WFSTF DPO GSFDVFODJB FO FM 3FJOP 6OJEP BOUFT EF RVF FTUVWJFSB QSPIJCJEP GVNBS FO MPT QVCT 4PCSF UPEP FTUF NÏUPEP UBM WF[ TFB FM NÈT BEFDVBEP QBSB TBUJTGBDFS MBT OFDFTJEB EFT EF MPT DPOTVNJEPSFT EF NBSJIVBOB NFEJDJOBM RVF EFTFFO QSFQBSBS TV QSP QJP BDFJUF EF DBOOBCJT FO DBTB

.BUFSJBMFT 4F OFDFTJUBO MPT TJHVJFOUFT NBUFSJBMFT QBSB FMBCPSBS FM "DFJUF "MDP QPU

&O FTUB FEJDJØO BQSFOEFSFNPT B FMBCP SBS BDFJUF EF DBOOBCJT DPO BMDPIPM EF VTP BMJNFOUBSJP .VDIPT EF MPT NÏUP EPT QBSB QSFQBSBS FM BDFJUF EF DBOOBCJT DPNP MB FYUSBDDJØO DPO CVUBOP P DPO BMDPIPM JTPQSPQÓMJDP QVFEFO SFQSFTFO UBS VO SJFTHP Z FO FM QFPS EF MPT DBTPT TPO NVZ QFMJHSPTPT 4JO FNCBSHP FTUF NÏUPEP EF FYUSBDDJØO FT FO HFOFSBM VOB GPSNB NÈT TFHVSB Z GÈDJM EF IBDFS BDFJUF EF DBOOBCJT FO DBTB DPO MB WFO UBKB BEJDJPOBM EF RVF FM QSPEVDUP SFTVM UBOUF FT iBQUP QBSB VTP BMJNFOUBSJPw MP RVF TJHOJGJDB RVF TF QVFEF DPNFS BTÓ DPNP UBNCJÏO TF QVFEF JOIBMBS TJ TF VTB QBSB GVNBS &M NÏUPEP B DPOUJOVBDJØO FT VOB OVFWB WFSTJØO EF VOB UÏDOJDB BOUJHVB EF FYUSBDDJØO EFM BDFJUF 1BSB FTUF SFQPS UBKF MPT DVMUJWBEPSFT RVF QSPDFTBSPO FM BDFJUF MF EJFSPO FM OPNCSF EF i"DFJUF "MDP QPUw 4PGU 4FDSFUT SFDPNJFOEB B TVT MFDUPSFT RVF /6/$" GVNFO DFSDB EF TVTUBODJBT RVF DPOUFOHBO BMDPIPM BVORVF FO FTUF DBTP QPESÓBO TFOUJSTF

CPUFMMB EF MJUSP EF MJDPS HSBEVBDJØO EF B

H EF SFTUPT EF DBOOBCJT 3FDJQJFOUF EF WJESJP DPO UBQB DVDIBSB 7BSJPT DPMBEPSFT EF DPDJOB DPMBEPSFT EF NFUBM EF EJTUJOUBT NFEJEBT

UB[ØO EF WJESJP TFSWJMMFUB EF QBQFM &M DPOHFMBEPS EF DBTB -B CPUFMMB EF MJDPS QVFEF TFS EF DVBM RVJFS UJQP WPELB XIJTLZ BRVBWJU DP×BD BHVBSEJFOUF P MP RVF TFB BVORVF TF BEWJFSUF RVF DVBMRVJFS TBCPS B×BEJEP QPESÓB BGFDUBS FM TBCPS EFM "DFJUF "MDP QPU -P JNQPSUBOUF EF FTUF NÏUPEP FT BTFHVSBSTF EF RVF FM DPOUFOJEP EF BMDP IPM OP TFB EFNBTJBEP BMUP -P JEFBM FT RVF MB HSBEVBDJØO TFB EF FOUSF Z EF MP DPOUSBSJP FM MJDPS OP TF DPO HFMBSÈ B OP TFS RVF TF UFOHB VO DPOHF MBEPS RVF BMDBODF MPT P$ P' 1PS MP UBOUP FTUF NÏUPEP OP FT BEFDVBEP QBSB VTBS BMDPIPM JTPQSPQÓMJDP -PT SFTUPT EF DBOOBCJT QVFEFO TFS GMP SFT EF MB QMBOUB SFDPSUFT DPNP IPKBT EF TPNCSB P IBTUB UBMMPT DVCJFSUPT EF HMÈOEVMBT /P TF EFCFO VTBS IPKBT FO BCBOJDP ZB RVF DPOUJFOFO DFSB WFHFUBM

RVF DPOUBNJOBSÓB FM "DFJUF "MDP QPU -B DBOUJEBE EF NBUFSJBM TVHFSJEB H OP FT NÈT RVF VOB NFEJEB EF SFGFSFODJB BTÓ RVF TF QVFEF B×BEJS P RVJUBS EFQFO EJFOEP EF MBT OFDFTJEBEFT EF DBEB VOP -PT SFTUPT EF MB QMBOUB EFCFSÈO DPSUBSTF P SPNQFSTF QBSB EFKBS FYQVFTUP UBOUP EF MB TVQFSGJDJF DPNP TF QVFEB TJO QFS UVSCBS EFNBTJBEBT HMÈOEVMBT SFTJOPTBT FO FM QSPDFTP &M NBUFSJBM QVFEF TFS IVNFEFDJEP BVORVF FTUF NÏUPEP EB NFKPSFT SFTVMUBEPT DVBOEP FTUÈ TFDP

DVDIBSB EVSBOUF WBSJPT NJOVUPT IBTUB BTFHVSBSTF EF RVF MPT SFTUPT RVFEFO UPUBMNFOUF TBUVSBEPT &OUPODFT TF UBQB FM SFDJQJFOUF Z TF WVFMWF B EFKBS FO FM DPOHFMBEPS UPEB MB OPDIF

&M NÏUPEP

&M TFHVOEP QBTP FT TBDBS FM SFDJQJFOUF EF WJESJP EFM DPOHFMBEPS DBEB IPSBT Z BHJUBSMP DPO GVFS[B QBSB WPMWFSMP B EFKBS FO FM DPOHFMBEPS &TUF QSPDFTP TF SFQJUF DBEB IPSBT EVSBOUF MPT TJHVJFOUFT P EÓBT IBTUB RVF UPEBT MBT HMÈOEVMBT SFTJOPTBT TF IBZBO EJTVFMUP QPS DPNQMFUP FO FM BMDPIPM

-P QSJNFSP FT EFKBS MPT SFTUPT EF MB QMBOUB Z MB CPUFMMB EF MJDPS FO FM DPOHF MBEPS UPEB VOB OPDIF 6OB WF[ DPOHF MBEP FM NBUFSJBM TF QBTB B VO SFDJQJFOUF EF WJESJP Z TF MF B×BEF FM MJDPS QBSDJBM NFOUF DPOHFMBEP 3FDVFSEB RVF TØMP FM BHVB Z FM B[ÞDBS EFM MJDPS TF DPOHF MBSÈO QFSP OP FM BMDPIPM -PT QFEB[PT EF QMBOUB EFCFSÈO RVFEBS UPUBMNFOUF TBUVSBEPT Z MPT EFCF DVCSJS BQSPYJ NBEBNFOUF DN EFM MJDPS DPOHFMBEP -VFHP FM DPOUFOJEP EFM SFDJQJFOUF EF WJESJP TF NF[DMB DPO FM NBOHP EF VOB

&M UFSDFS QBTP FT TFQBSBS MPT SFTJEVPT DPOHFMBEPT EFM MÓRVJEP 4F EJTQPOFO WBSJPT DPMBEPSFT EF NFUBM FO PSEFO EF NFEJEB TPCSF VO UB[ØO EF WJESJP &M UB[ØO EFCF UFOFS NBZPS DBQBDJEBE RVF FM SFDJQJFOUF EF WJESJP `%F MP DPOUSBSJP FM MÓRVJEP QFHBKPTP RVF DPOUJFOF FM BDFJUF EF IBDIÓT TF EFSSBNBSÈ QPS UPEBT QBSUFT " DPOUJOVBDJØO FM DPOUFOJEP EFM SFDJQJFOUF EF WJESJP TF WJFSUF FO FM DPMBEPS TVQFSJPS QFSNJUJFOEP RVF FM MÓRVJEP QBTF BM UB[ØO EF WJESJP


MPT NJTNPT VUFOTJMJPT TJO EBSTF DVFOUB 1PS FKFNQMP VO QSPEVDUPS EF BDFJUF EFKØ FO MB DPDJOB MB DBDFSPMB EF QZSFY RVF VTØ QBSB SFDPHFS MB FYUSBDDJØO VOB WF[ RVF IVCP UFSNJOBEP EF KVOUBS Z FWBQPSBS FM BDFJUF .ÈT UBSEF VO DPNQB×FSP EF QJTP RVF OP GVNBCB OJ DPOTVNÓB DBOOBCJT VTØ FM NJTNP SFDJQJFOUF QBSB DPDJOBS QPMMP QBSB MB DFOB Z EVSØ WBSJPT EÓBT GVNBEP

/PUB FO FTUB FUBQB MB[ZTUSBJO FODFOEJØ VO QPSSP Z MB IBCJUBDJØO OP TF JODFO EJØ " EJGFSFODJB EF PUSPT NÏUPEPT EF FYUSBDDJØO EF BDFJUF RVF IBDFO RVF MPT IVNPT JOGMBNBCMFT TF FWBQPSFO EVSBO UF FM QSPDFTP FTUF NÏUPEP FT TFHVSÓTJ NP TJFNQSF Z DVBOEP TF VUJMJDF BMDPIPM EF NFOPT EF HSBEPT &M DVBSUP QBTP FT DVCSJSTF MBT NBOPT DPO HVBOUFT P CPMTBT EF QMÈTUJDP FYQSJNJS UPEP FM [VNP EF MPT TPCSBOUFT MB QMBO UB %FTQVÏT IBZ RVF EFTIBDFS FM UFSSØO QFHBKPTP EF SFTUPT EF QMBOUB Z WPMWFSMP B FYQSJNJS FODJNB EF MPT DPMBEPSFT QBSB TBDBSMF FM MÓRVJEP NÈT PTDVSP Z SPKP 4F DPOUJOÞB FO FTUF QSPDFTP IBTUB IBCFS FYUSBÓEP QPS DPNQMFUP UPEP MP NFKPS EFM KVHP EF MPT SFTUPT EF MB QMBOUB &O FTUB FUBQB FM UB[ØO EF WJESJP TF DPNJFO[B B DPOHFMBS QPS GVFSB 1PS ÞMUJNP TF DVCSF FM UB[ØO EF WJESJP DPO MB TFSWJMMFUB EF QBQFM P DPO VO QB×VFMP &M QSPQØTJUP FT FWJUBS RVF FM QPMWP P MB TVDJFEBE DPOUBNJOFO FM "DFJUF "MDP QPU NJFOUSBT TF FTQFSB B RVF FM BMDPIPM Z FM

BHVB TF WBZBO FWBQPSBOEP QPDP B QPDP 6OB WF[ RVF FTP PDVSSB TF QVFEF USBOT GFSJS FM DPOUFOJEP B VO QMBUP BODIP Z QPDP QSPGVOEP EF WJESJP ZB RVF FTUP BDFMFSB FM QSPDFTP EF FWBQPSBDJØO Z IBDF RVF TFB NÈT GÈDJM SFDPHFS FM "DFJUF "MDP QPU NÈT BEFMBOUF %F OP TFHVJS FTUF QBTP TF EFKB SFQPTBS FM MÓRVJEP FO FM UB[ØO P QMBUP EF WJESJP B UFNQFSBUVSB BNCJFOUF EVSBOUF WBSJPT EÓBT IBTUB RVF UPEP FM BMDPIPM Z BHVB TF IBZBO FWBQPSBEP QPS DPNQMFUP EFKBOEP TØMP FM "DFJUF "MDP QPU

6TP %FTQVÏT FM "DFJUF "MDP QPU TF QVFEF SBT QBS DPO VO DVDIJMMP P DVDIJMMB EF BGFJUBS MJNQJPT -PT BNBOUFT EFM IBDIÓT DPO GSF DVFODJB TPSCFO FM "DFJUF "MDP QPU DPO VOB KFSJOHVJMMB TJO BHVKB %F FTUB NBOFSB B×B EJS FM "DFJUF "MDP QPU B VO QBQFM EF MJBS FT NVDIP NÈT GÈDJM RVF QPS NFEJP VOB OBWB KB P VO EFTUPSOJMMBEPS -PT FGFDUPT WBSÓBO NVDIP EFQFOEJFOEP EF MB DBMJEBE EF MPT SFTUPT EF MB QMBOUB Z FM UJQP EF MJDPS RVF TF VUJMJDF " EJGFSFODJB EF PUSPT NÏUPEPT EF FYUSBDDJØO EF BDFJUF EF DBOOBCJT FM "DFJUF "MDP QPU UBNCJÏO FT NVDIP NFKPS QBSB MB

TBMVE DVBOEP TF GVNB MP RVF OP FT EFDJS RVF GVNBS TFB TBMVEBCMF 1PS MP NFOPT FT NÈT TBMVEBCMF RVF FM SFTJEVP QSPEVDJEP QPS MB FYUSBDDJØO DPO CVUBOP -P NÈT HVBZ EF FTUF NÏUPEP EF FYUSBD DJØO EFM BDFJUF EF DBOOBCJT BEFNÈT EF TFS UBO TFHVSP DPNP CFCFS VOB CPUFMMB EF MJDPS TJO BMDPIPM `JNBHÓOBUF FT RVF FM SFTVMUBEP GJOBM FT UBO BQUP QBSB FM DPO TVNP DPNP VOB CPUFMMB EF MJDPS `QFSP TJO MPT FGFDUPT FTUVQFGBDJFOUFT Z TPDJBM NFOUF QFSKVEJDJBMFT 1FSP MPT FGFDUPT EFM DBOOBCJT QVFEFO TFS NVZ GVFSUFT QBSB FM DPOTVNJEPS BTÓ RVF TJFNQSF VTB FM BDFJUF DPNFTUJCMF FO EPTJT QFRVF×BT -B DPNV OJEBE NÏEJDB BÞO TJHVF JOWFTUJHBOEP FM WBMPS NFEJDJOBM EF MBT iUJOUVSBT EF DBO OBCJTw DPNP VOB BZVEB FGJDB[ QBSB BMJWJBS F JODMVTP QSFWFOJS VOB HSBO WBSJFEBE EF QSPCMFNBT NÏEJDPT

"TJNJTNP B 4PGU 4FDSFUT MF HVTUBSÓB SFJUF SBS RVF FM BMDPIPM FT VOB TVTUBODJB JOGMB NBCMF 1PS GBWPS VTB VO QPDP EF TFOUJEP DPNÞO VO MJDPS EF BMUB HSBEVBDJØO Z MPT NFKPSFT SFDPSUFT EF QMBOUBT EJTQPOJCMFT FO UVT FYQFSJNFOUPT .VDIBT HSBDJBT B DBOOBCPZ QPS DPNQBSUJS TV NÏUPEP QBSB IBDFS "MDP QPU QFSGFDDJPOBEP FO *SMBOEB FO DPMBCPSBDJØO DPO 4PGU 4FDSFUT 6, -PT MFDUPSFT JOUFSFTBEPT FO MPT NÏUPEPT EF FYUSBDDJØO EF UJOUVSB EF DBOOBCJT OP DPO BMDPIPM TJOP DPO HMJDFSPM BQUP QBSB DPOTVNP EF 1JOLZ 4UBSS EF .FEJ "DUJWJTUT QPESÈO FODPOUSBS NÈT JOGPSNBDJØO FO .FEJ 4FDDJØO EFM GPSP EF 4PGU 4FDSFUT FO XXX TPGUTFDSFUT OM GPSVN JOEFY QIQ

`"EWFSUFODJB `-PT SFDJQJFOUFT Z DVDIBSBT RVF TF NFODJPOBO FO FTUF SFQPSUBKF TJFN QSF EFCFO TFS VUJMJ[BEPT QPS TFQBSBEP EF PUSPT VUFOTJMJPT EF DPDJOB &TUP TF IBDF QBSB FWJUBS RVF MBT EFNÈT QFSTPOBT VTFO

&MFNFOUBM o (VSÞ Z BDUJWJTUB JUBMJBOP 1PS -B[ZTUSBJO

" QSJODJQJPT EF BHPTUP 4PGU 4FDSFUT RVFEØ EFTPMBEB BM DPOPDFS FM GBMMFDJNJFOUP EFM HVSÞ JUBMJBOP EFM DBOOBCJT &MFNFOUBM &MFNFOUBM UPEBWÓB FSB VO IPNCSF KPWFO VO SBTUBGBSJ QBDÓGJDP RVF UFOÓB SFTQFUP QPS MB OBUVSBMF[B Z QPS UPEB QFSTPOB P QMBOUB RVF TF DSV[BSB &MFNFOUBM FSB VO NJFNCSP NVZ WBMPSBEP Z QSPGVOEBNFOUF SFTQFUB EP EF MB DPNVOJEBE DBOOÈCJDB POMJOF VO NBFTUSP BUFNQPSBM QBSB UPEPT OPTPUSPT 1PS EFTHSBDJB TV WJEB UFSNJOØ EF GPSNB JOFTQFSBEB MP DVBM TVQVTP VO HSBO DIP RVF QBSB UPEP BRVÏM RVF UVWP FM QMBDFS EF EJTGSVUBS EF TV UJFNQP Z TV TBCJEVSÓB -B QBTJØO UPUBM EF &MFNFOUBM QPS UPEP BRVFMMP RVF UVWJFSB SFMBDJØO DPO FM

DBOOBCJT GVF DMBSB EFTEF FM QSJODJQJP 4JFNQSF PDVQBEP FO FM DVBSUP EF DIBS MBT EF 4PGU 4FDSFUT Z EFNÈT DVBSUPT EF DIBSMB USBEVDJFOEP EF JOHMÏT B JUBMJBOP Z WJDFWFSTB 4JFNQSF USBCBKBOEP EFT JOUFSFTBEBNFOUF QBSB CFOFGJDJP EF MPT EFNÈT NJFNCSPT FO MÓOFB TJO QFOTBS FO TÓ NJTNP 4JFNQSF DPNQBSUJFOEP TV DPOPDJNJFOUP DPO PUSPT Z FYQSFTBOEP TVT WBMPSFT EF QB[ Z VOJEBE GPNFO UBOEP MBT BTQJSBDJPOFT EF MPT EFNÈT BTÓ DPNP FM BNPS DPNQBSUJEP QPS FM DVMUJWP EFM DBOOBCJT &MFNFOUBM FT NVZ SFDPOPDJEP QPS TV ABWBUBS POMJOF MPHPUJQP FMFDUSØOJDP VO QFSTPOBKF DBSJDBUVSJ[BEP EF TÓ NJTNP %F JHVBM NBOFSB TVT DPMPSJTUBT GPUPHSBGÓBT F JNÈHFOFT Z TV HVÓB QBTP B QBTP TPCSF DØNP USBUBS DPO UPEP UJQP EF BTQFDUPT EFM DVMUJWP EFM DBOOBCJT EF EFOUSP IBDJB GVFSB TFSÈO NVZ FDIBEBT EF NFOPT QPS UPEP FM NVOEP &M BDFSDBNJFOUP EF &MFNFOUBM TJFNQSF JOGPSNBUJWP B DØNP IBDFS MBT DPTBT EF GPSNB PSHÈOJDB DPNP FTUVEJBOUF POMJOF EF 4PNB DPOWJSUJØ NPEFTUBNFOUF B &MFNFOUBM FO FM HVSÞ EF MPT HVSÞT JUBMJBOPT 4V WP[ TJ OP EFGJ OJUJWB FSB FTDVDIBEB QPS UPEPT

-PT IJMPT EF &MFNFOUBM NFOTBKFT FMFD USØOJDPT TPCSF NBUFSJBT UBO EJWFSTBT DPNP MBT UÏDOJDBT NÈT SFDJFOUFT EF FYUSBDDJØO EF SFTJOB P TVT QSPQJPT NÏUPEPT DBMDVMBEPT QBSB IBDFS GFSUJ MJ[BOUF PSHÈOJDP Z UÏ EF HVBOP FO FM GPHØO EF DBTB TPO BIPSB MFZFOEB DPNP FM NBUFSJBM EFM RVF FTUÈ IFDIB SFBMNFO UF MB BVUÏOUJDB DVMUVSB EFM DBOOBCJT 1PS

UPEP FMMP 4PGU 4FDSFUT IPOSB UPEBT MBT DPOUSJCVDJPOFT EF &MFNFOUBM FO OPN CSF EF UPEP FM NVOEP &MFNFOUBM GVF VOP EF MPT QSJODJQBMFT BDUJWJTUBT DBOOÈCJDPT EF *UBMJB Z &VSPQB /VFTUSPT QFOTBNJFOUPT FTUÈO DPO TVT BNJHPT Z TV GBNJMJB FO FTUPT NPNFO UPT %FTDBOTF FO QB[



03*(&/

-PT IJQQJFT WJBKFSPT Z FM BDFSWP HFOÏUJDP EFM DBOOBCJT EF IPZ FO EÓB 4J FO MB BDUVBMJEBE FOUSBT B DVBMRVJFS )FBETIPQ P (SPXTIPQ FT QSPCBCMF RVF FODVFOUSFT VOB BCVOEBODJB Z EJWFSTJ EBE BQBCVMMBOUF EF TFNJMMBT &NQSFTBT EF TFNJMMBT UBOUP FTUBCMFDJEBT EFTEF IBDF UJFNQP DPNP OVFWBT JOUSPEVDFO DPOTUBOUFNFOUF OVFWBT WBSJFEBEFT &YJTUF VOB QMÏUPSB EF QMBOUBT B FMFHJS QBSB FM FOUVTJBTUB EFM DBOOBCJT ZB TFB QBSB DVMUJWP P DPHPMMPT QBSB GVNBS &O FTUPT UJFNQPT QPS MP EFNÈT PTDVSPT QBSB OVFTUSB BNBEB QMBOUB OP EFCFNPT PMWJEBS RVF BM NFOPT FO BMHVOPT BTQFD UPT FTUBNPT NFKPS RVF OVODB "DUVBMNFOUF QVFEFT BEBQUBS MB HBNB EF TFNJMMBT EF DBOOBCJT EJTQPOJCMFT B UVT OFDFTJEBEFT B VO OJWFM OVODB BOUFT QPTJCMF :B TFBT VO QBDJFOUF RVF OFDFTJUB VO BMJWJP QBSB FM EPMPS MP NÈT FGJDB[ QPTJCMF P TJ TØMP RVJFSFT SFMBKBSUF Z WFS DVBUSP QFMÓDVMBT TFHVJ EBT IBZ VOB WBSJFEBE QFSGFDUB QBSB UJ %FCFSÓBNPT FTUBS BHSBEFDJEPT QPS UPEBT MBT PQDJPOFT EF MBT RVF BIPSB QPEFNPT EJTGSVUBS Z SFDPSEBS B BRVF MMPT RVF DSFBSPO FTUF NPEFSOP BDFS WP HFOÏUJDP EFM DBOOBCJT QPSRVF BM IBDFSMP OPT MFHBSPO VOB NVMUJUVE EF TBCPSFT Z TVCJEPOFT QBSB EJTGSVUBS "TÓ DPNP 4JS 8BMUFS 3BMFJHI QBSUJØ BM /VFWP .VOEP FO TVT WJBKFT EF FYQMP SBDJØO UBNCJÏO MP IJDJFSPO MPT IJQQJFT IBDJB GJOBMFT EF MB EÏDBEB EFM Z QSJODJQJPT EF MB EFM `QFSP FTUB WF[ WPMWJFSPO DPO NÈT RVF QBUBUBT &TUPT IJQQJFT JOTQJSBEPT QPS FM EFTFP EF SFDPSSFS NVOEP DPOPDFS OVFWBT DVM UVSBT Z WJWJS NÈT BMMÈ EF MBT MJNJUBDJP OFT EF MB TPDJFEBE iDPOTFSWBEPSBw EF 0DDJEFOUF TF NBSDIBSPO B "TJB FO MP RVF TF MMFHØ B DPOPDFS NVOEJBMNFO UF DPNP FM i)JQQJF 5SBJMw FM DBNJOP IJQQJF " NFEJEB RVF MB MPDVSB EF MPT

B×PT TF GVF BQBHBOEP FO *OHMBUFSSB Z &TUBEPT 6OJEPT Z MB HFOUF FNQF[Ø B iEFTJOUPOJ[BSTF EFTDPMPDBSTFw Z WPMWFS B MB TPDJFEBE FTUBCMFDJEB MPT WFSEBEFSPT GJFMFT TF GVFSPO B WJBKBS QPS FM NVOEP FO CÞTRVFEB EF MVHBSFT FO MPT RVF MB WJEB OP PCFEFDJFSB B MB NJTNB NPOPUPOÓB DPOTFSWBEPSB RVF FO 0DDJEFOUF %JDIPT WJBKFT TPMÓBO DPNFO[BS FO -POESFT P FO «NTUFSEBN Z NVDIPT WJBKFSPT EF &TUBEPT 6OJEPT WPMBSPO B -VYFNCVSHP FO MPT USJTUFNFOUF DÏMFCSFT WVFMPT EF MB BFSPMÓOFB *DFMBOEJD "JSMJOFT QBSB FNQSFOEFS BIÓ TVT SFDPSSJEPT 1BSUJFOEP EF BIÓ MPT IJQQJFT EBCBO MB WVFMUB BM NVOEP QPS WBSJPT DBNJOPT RVF JODMVÓBO FTDBMBT DMBWF DPNP &TUBNCVM 5VSRVÓB 5FIFSÈO *SÈO 1FTIBXBS "GHBOJTUÈO Z -BIPSB 1BRVJTUÈO BOUFT EF UFSNJOBS FO (PB *OEJB P ,BUNBOEÞ /FQBM %F IFDIP ,BUNBOEÞ UPEBWÓB UJFOF VOB DBMMF BQPEBEB MB DBMMF i'SFBLw QPS MB DBOUJEBE EF IJQQJFT RVF MMFHBSPO BIÓ EVSBOUF FTB ÏQPDB "M EFTDVCSJS FTPT EFTUJOPT SFNPUPT Z FTPT QVFCMPT MPT IJQQJFT JOFWJUBCMF NFOUF TF EBCBO FM HVTUP EF QSPCBS FM DBOOBCJT RVF FTUVWJFSB EJTQPOJCMF EPOEFRVJFSB RVF GVFSBO FM DBNJOP FO TÓ FTUBCB EJTF×BEP EF NPEP RVF JODMV ZFSB MBT NFKPSFT [POBT EF QSPEVDDJØO EF IBDIÓT 1SFWJBNFOUF FM DBOOBCJT RVF MMFHBCB B &VSPQB P B &TUBEPT 6OJEPT MP IBDÓB FO HSBO QBSUF B NPEP EF DPOUSB CBOEP EF IBDIÓT P NBSJIVBOB ÈTQFSB Z

MMFOB EF TFNJMMBT USBOTQPSUBEB EF «GSJDB P EF $FOUSP Z 4VEBNÏSJDB -PT MVHBSFT DPNP .BSSVFDPT Z "GHBOJTUÈO FYQPSUB CBO MB SFTJOB NJFOUSBT RVF PUSPT DPNP .ÏYJDP $PMPNCJB 5BJMBOEJB Z «GSJDB FYQPSUBCBO FM DBOOBCJT IBDJB FM OPSUF B $BMJGPSOJB Z BM SFTUP EFM NVOEP 1PS NFEJP EF TVT WJTJUBT B EJDIBT ÈSFBT EF QSPEVDDJØO EF DBOOBCJT MPT WJBKF SPT PDDJEFOUBMFT FNQF[BSPO B BQSFO EFS TPCSF DØNP DVMUJWBS MBT QMBOUBT Z DØNP IBDFS FM IBDIÓT " MPT WJBKFSPT Z FO FTQFDJBM B MPT EF $BMJGPSOJB BDPT UVNCSBEPT B MB NBSJIVBOB EF .ÏYJDP Z FM $BSJCF MFT RVFEØ DMBSP RVF FTUBT QMBOUBT FSBO EJGFSFOUFT B UPEP MP RVF IBCÓBO WJTUP IBTUB FOUPODFT FSBO VO UJQP EJGFSFOUF EF DBOOBCJT &O [POBT DPNP $IJUSBM 1BRVJTUÈO Z FM WBMMF EF ,VMV FO FM OPSUF EF MB *OEJB TF FTUBCB DVMUJWBOEP VOB DMBTF UPUBMNFOUF EJGF SFOUF EF DBOOBCJT BM RVF MB HFOUF EF 0DDJEFOUF IBTUB FOUPODFT IBCÓB FTUB EP NVZ QPDP FYQVFTUB QFSP FTUBCB B QVOUP EF BCSJSTF VO NVOEP UPUBMNFOUF OVFWP FM EFM DBOOBCJT ÓOEJDB &O FTUBT [POBT TF IBCÓBO DVMUJWBEP QMBOUBT EFTEF IBDÓB TJHMPT P RVJ[ÈT NJMFOJPT DPO FM QSPQØTJUP EF QSPEVDJS IBDIÓT &O FTF QSPDFTP MPT BHSJDVMUPSFT MPDBMFT EF DBOOBCJT GVFSPO TFMFDDJP OBOEP QMBOUBT QBSB MB QSPEVDDJØO EF SFTJOB &TUP DPNCJOBEP DPO MBT DPO EJDJPOFT NFEJPBNCJFOUBMFT DPNP MB BMUJUVE MB UFNQFSBUVSB Z MB DBOUJEBE EF

MV[ TPMBS IBCÓB EBEP DPNP SFTVMUBEP VOB WBSJBOUF EJTUJOUB EF MB GBNJMJB EF MB QMBOUB EFM DBOOBCJT DPOPDJEB DPNP DBOOBCJT ÓOEJDB " EJGFSFODJB EF MB QMBO UB RVF EFTEF VO QSJODJQJP TF DVMUJWB DFSDB EFM FDVBEPS EFTDVCSJFSPO RVF MB JOEJDB FSB NVDIP NÈT FOBOB PTDVSB Z DPNQBDUB RVF TV QSJNB MB TBUJWB FDVB UPSJBM "EFNÈT FM TVCJEØO RVF QSP EVDÓB UBNCJÏO FSB NVZ EJGFSFOUF -PT WJBKFSPT IJQQJFT FTUBCBO BDPTUVNCSB EPT B GVNBS IJFSCB TBUJWB UBJMBOEFTB NFYJDBOB P DPMPNCJBOB RVF QSPEVDF VO TVCJEØO WJHPSPTP FEJGJDBOUF Z B DPNQBSBDJØO EF TV QSJNB JOEJDB TVUJM -B IJFSCB ÓOEJDB QSPEVDÓB VO DPMPDØO NVDIP NÈT GVFSUF Z GÓTJDP RVF EFKBCB FM DVFSQP UPUBMNFOUF SFMBKBEP QFSP MB NFOUF BDUJWB Z NFEJUBUJWB &O MB *OEJB TPO MPT TBEIV V IPNCSFT TBOUPT RVJF OFT QPS USBEJDJØO VTBO NVDIP FM DBOOB CJT ZB TFB FO GPSNB EF IJFSCB P DPNP IBDIÓT FO TV CÞTRVFEB EF DPOPDJNJFO UP FTQJSJUVBM Z NFEJUBDJØO 1BSB NVDIPT IJQQJFT FTF OVFWP Z QPUFOUF DBOOBCJT GVF VOB SFWFMBDJØO .VDIPT EF MPT WJB KFSPT PDDJEFOUBMFT TF TFOUBCBO B GVNBS DPO MPT IBCJUBOUFT EF MPT QVFCMPT Z MPT IPNCSFT TBOUPT DIJMVN USBT DIJMVN EF /FQBMFTF 3PZBM P QJQBT EF "GHIBO #MBDL NJFOUSBT NJSBCBO DØNP TF IBDÓB FM IBDIÓT Z TF QSFQBSBCB QBSB GVNBS $BSHBEPT DPO FTBT OVFWBT FOTF×BO [BT TPCSF FM DSFDJNJFOUP EF MB QMBO UB EFM DBOOBCJT Z FM IBMMB[HP EF FTB OVFWB DMBTF EF DBOOBCJT TÞQFS QPUFOUF


DJFOUFNFOUF QFRVF×BT QBSB TFS DVMUJWB EBT FO JOUFSJPSFT Z PUSBT DPO QFSJPEPT EF GMPSBDJØO MP CBTUBOUF SÈQJEPT QBSB TFS DVMUJWBEBT FO FYUFSJPSFT FO DMJNBT UBO QPCSFT DPNP FM EF *OHMBUFSSB QPS FKFNQMP TJHOJGJDB RVF MPT IÓCSJEPT IBO EPNJOBEP QPS DPNQMFUP FM NFSDBEP BDUVBM EFM DBOOBCJT Z RVF MB QPQVMBSJ EBE EFM DBOOBCJT IB JEP BVNFOUBOEP DPO DBEB OVFWB HFOFSBDJØO

BMHVOPT EF MPT WJBKFSPT FNQF[BSPO B SFVOJS TFNJMMBT QBSB MMFWBSMBT DPOTJHP B TV QBÓT -B NBZPSÓB SFHSFTBCBO B TV OBUBM $BMJGPSOJB EPOEF ZB DVMUJWBCBO TFNJMMBT QSPWFOJFOUFT EF DPHPMMPT EF .ÏYJDP Z $PMPNCJB &TUBT QMBOUBT EF TBUJWB TF EBCBO CJFO FO FM DMJNB DBMJ GPSOJBOP &M IB[F QPS FKFNQMP RVF FT QSPCBCMFNFOUF MB WBSJFEBE EF TBUJ WB NÈT DÏMFCSF Z QPQVMBS QSPWJFOF EFM DSVDF EF WBSJPT UJQPT EJGFSFOUFT EF TBUJWBT SFBMJ[BEB QPS EPT IFSNBOPT FO $BMJGPSOJB FO FTB ÏQPDB 4JO FNCBSHP MBT OVFWBT TFNJMMBT EF ÓOEJDB USBÓEBT EF "GHBOJTUÈO *OEJB Z 1BLJTUÈO OP TF EJFSPO NVZ CJFO FO FTF DMJNB BVO RVF QSPEVKFSPO DPHPMMPT NÈT HSBOEFT Z DPNQBDUPT FO QFSJPEPT EF GMPSBDJØO NVDIP NÈT DPSUPT -BT WBSJFEBEFT EF ÓOEJDB UBNCJÏO MMFWB SPO DPOTJHP VOB OVFWB TFSJF EF EFMJDJP TPT TBCPSFT Z PMPSFT -PT DVMUJWBEPSFT QSPOUP TF EJFSPO DVFOUB EF RVF QPS VO MBEP TF FODPOUSBCBO GSFOUF B QMBOUBT EFMHBEBT Z BMUBT RVF SFRVFSÓBO NVDIP FTQBDJP QBSB DSFDFS Z UBSEBCBO NVDIP FO QSPEVDJS MP RVF DPO GSFDVFODJB OP FSBO NÈT RVF DPHPMMPT NFOVEPT RVF QSPEVDÓBO VO GVFSUF TVCJEØO WJHPSPTP 1FSP QPS PUSP MBEP UFOÓBO QMBOUBT FOB OBT GPSOJEBT Z DPNQBDUBT RVF GMPSFDÓBO FO MB NJUBE EFM UJFNQP -PT DVMUJWBEP SFT OP UBSEBSPO FO DPNFO[BS B FYQFSJ NFOUBS DPO FM DSVDF EF FTUPT EPT UJQPT EF DBOOBCJT Z GVF BTÓ DPNP OBDJØ MB )ZCSJE RVF IPZ TF DPOTVNF 4F IB EJDIP NVDIP FO MPT NFEJPT EF DPNVOJDBDJØO TPCSF FM UFNB EFM DBOOB CJT Z MPT FGFDUPT QPTJCMFNFOUF EB×JOPT RVF QPESÓB DBVTBS B DVFSQP Z NFOUF MP RVF JOEJDB RVF FM DBOOBCJT RVF MB QPMJ DÓB FTUÈ JODBVUBOEP IPZ FO EÓB FO MBT DBMMFT FT P WFDFT NÈT GVFSUF RVF FM DBOOBCJT EF iBMMÈ QPS MPT B×PT w $VBOEP TF NFODJPOB B FTUF OVFWP DBOOBCJT QFMJHSPTP Z FYUSFNBEBNFO UF QPUFOUF TVFMF SFGFSJSTF B ÏM DPNP i4LVOLw &TUP DMBSBNFOUF FT VO FSSPS ZB RVF FM TLVOL FT TØMP VOB WBSJFEBE BVORVF JNQPSUBOUF EF MBT NJMFT RVF IBZ EF DBOOBCJT -PT NFEJPT IBO BEPQ UBEP MB QBMBCSB EF MB NJTNB GPSNB RVF VUJMJ[BNPT MB QBMBCSB i,MFFOFYw QBSB SFGFSJSOPT B MPT QB×VFMPT EFTFDIBCMFT DPNP VO UÏSNJOP HMPCBM QBSB UPEPT MPT IÓCSJEPT BDUVBMFT

-BT IÓCSJEBT TPO QMBOUBT DVZB DPNQP TJDJØO HFOÏUJDB DPOTJTUF FO QBSUF EF TBUJWB Z QBSUF EF ÓOEJDB .FEJBOUF FM QSPDFTP EF SFQSPEVDDJØO TFMFDUJWB TF IBO SFBM[BEP MPT NFKPSFT SBTHPT EF DBEB MBEP EF MB GBNJMJB QPS BTÓ EFDJSMP 4LVOL GVF VOB EF MBT QSJNFSBT IÓCSJEBT FO DVNQMJS DPO UPEPT MPT SFRVJTJUPT Z FT QPS FTP RVF FT UBO GBNPTB "M DSV[BS MBT QMBOUBT EF TBUJWB F ÓOEJDB MPT DVMUJWB EPSFT EF 4LVOL QSPEVKFSPO VOB QMBOUB RVF QPEÓB DVMUJWBSTF FO NVDIPT DMJNBT QSPEVDÓB NVDIPT DPHPMMPT Z UFOÓB VO QFSJPEP EF GMPSBDJØO DPSUP Z RVJ[ÈT FM BTQFDUP NÈT JNQPSUBOUF QSPEVDÓB VO TVCJEØO RVF FSB FM DPNQMFNFOUP QFSGFDUP EF MPT FGFDUPT EF MB TBUJWB Z MB ÓOEJDB -B QPQVMBSJEBE EF FTUB OVFWB FTQFDJF EF NBSJIVBOB FT FO QBSUF MB SB[ØO QPS MB RVF «NTUFSEBN TF WPMWJØ MB DBQJUBM EF DBOOBCJT EFM NVOEP Z FM NPUJWP QPS FM RVF OPTPUSPT TBMJNPT EF MB JOBDUJWJEBE EFM 4PBQ #BS 4LVOL Z MPT PUSPT IÓCSJEPT RVF TVSHJFSPO B GJOBMFT EF MPT B×PT TPO MPT BODFTUSPT EF UPEPT MPT IÓCSJEPT EF IPZ FO EÓB $BTJ UPEP MP RVF IBZBT GVNBEP FO MPT ÞMUJ NPT B×PT UJFOF TVT PSÓHFOFT FO FM NJTNP QV×BEP EF QMBOUBT $BCF TF×BMBS RVF EF MP RVF FTUBNPT IBCMBOEP BRVÓ DMBSBNFOUF FT EF MB SFQSPEVDDJØO TFMFDUJWB FT EFDJS EFM DSVDF EF QMBOUBT Z MB TFMFDDJØO EF MPT SFTVMUBEPT RVF DPOUFOHBO DBSBDUFSÓTUJ DBT EFTFBCMFT 4LVOL OP FT EF OJOHV OB NBOFSB FM QSPEVDUP EF QMBOUBT EF DBOOBCJT .PEJGJDBEBT (FOÏUJDBNFOUF DPNP RVJFSFO IBDFSPT DSFFS BMHVOBT QFSTPOBT EF MPT NFEJPT -B DPNQPTJDJØO HFOÏUJDB EF MPT DVMUJWPT .PEJGJDBEPT (FOÏUJDBNFOUF IB TJEP BMUFSBEB FO VO MBCPSBUPSJP Z TF USBUB EF DJFODJB HFOÏ UJDB EF QVOUB 4FHÞO TÏ MBT HSBOEFT DPSQPSBDJPOFT EF CJPDJFODJB BÞO OP IBO QVFTUP TV BUFODJØO FO FM DBOOBCJT `UPEBWÓB GBMUB FTF DBQÓUVMP QPS FTDSJCJS 4F QVFEF EFDJS RVF FM DBNJOP IJQQJF SFWPMVDJPOØ FM ÈNCJUP EF MB IJFSCB EFM DBOOBCJT QFSP UBNCJÏO RVF NBSDØ FM DPNJFO[P EF MB ²QPDB EF 0SP EFM )BDIÓT RVF PDVSSJØ FO MBT EÏDBEBT EFM Z -B HFOFSBDJØO EF GVNB EPSFT NBZPSFT TJFNQSF FTUÈ DPOUBO EP IJTUPSJBT TPCSF MPT JODSFÓCMFT UJQPT EF IBDIÓT RVF TPMÓBO FTUBS EJTQPOJCMFT BOUFT EF RVF 4PBQ #BS BSSVJOBSB FM

NFSDBEP EFM IBDIÓT "TÓ DPNP VOPT USBKFSPO TFNJMMBT Z OVFWBT WBSJFEBEFT EF QMBOUBT EF DBOOBCJT EF TVT WJBKFT PUSBT BMNBT FNQSFTBSJBMFT Z WBMJFOUFT USBKFSPO EF WBSJPT QBÓTFT FM QSPEVD UP ZB UFSNJOBEP 1BTUFMJUPT EF "GHIBO #MBDL CBTUPOFT EF 3FE -FC CBSSBT EF (PME 4FBM %PVCMF ;FSP /FQBMFTF 5FNQMF #BMM *OEJBO $IBSBT 3PZBM $SFBN Z MB MJTUB TJHVF Z TJHVF -PT GVNBEPSFT JOHMFTFT Z FVSPQFPT OVODB BOUFT UVWJFSPO UBOUBT PQDJPOFT Z TF WPMWJFSPO BGPSUVOBEPT FOUFOEJEPT EFM IBDIÓT EF UPEP FM NVOEP 1FSTPOBKFT DPNP -BXSFODF $IFSOJBL EFEJDBSPO TV WJEB B FODPOUSBS QSPCBS GPUPHSBGJBS Z EPDVNFOUBS UBOUPT UJQPT EF IBDIÓT Z DBOOBCJT DPNP MFT GVFSB QPTJCMF Z EF MJUFSBMNFOUF DBEB SJODØO EFM NVOEP FO TV TFNJOBM MJCSP -PT HSBOEFT MJCSPT EFM IBDIÓT "OUFT EFM TVSHJNJFOUP EFM DBOOBCJT QSPEVDJEP FO DBTB FM ÈNCJUP EF MPT DBGÏT EF «NTUFSEBN TF CBTBCB FO FTUPT UJQPT EF IBDIÓT FYØUJDPT VO MFHBEP RVF UPEBWÓB TF QVFEF BQSFDJBS IPZ FO EÓB BVORVF MB WBSJFEBE Z DBMJ EBE IBO JEP EJTNJOVZFOEP B SJUNP DPOTUBOUF B NFEJEB RVF MB TFHVSJEBE EF MBT GSPOUFSBT TF WVFMWF NÈT FTUSJDUB Z MPT MVHBSFT DPNP "GHBOJTUÈO RVF BMHVOB WF[ GVFSPO BDDFTJCMFT QBSB FM WJBKFSP PDDJEFOUBM BIPSB TPO [POBT EF HVFSSB PDVQBEBT QPS MPT NJMJUBSFT %FDJS RVF IPZ FM DBOOBCJT FT NVDIP NÈT GVFSUF RVF IBDF USFJOUB B×PT QPESÓB TFS DJFSUP TJ TF DPNQBSBO BMHV OBT EF MBT NBSJIVBOBT ÈTQFSBT EF BSCVTUP EF MPT B×PT Z DPO VO DPHPMMP EF IÓCSJEB IJESPQØOJDB DVM UJWBEB FO DBTB BDUVBMNFOUF QFSP OP DVBOEP TF UPNB FO DVFOUB RVF FM IBDIÓT VMUSB QPUFOUF EF UPEP FM NVOEP ZB FTUBCB GÈDJMNFOUF EJTQPOJCMF FO BRVÏM FOUPODFT -P ÞOJDP RVF QVFEF TFS DPNQBSBCMF FO UÏSNJOPT EF QPUFO DJB DPO BRVFMMPT UJQPT EF IBDIÓT FT FM IBTI CVCCMF IFDIP FO DBTB RVF IBTUB FM NPNFOUP TØMP FT EJTGSVUBEP QPS VO QFRVF×P HSVQP EF DVMUJWBEPSFT FYQFS UPT Z DMJFOUFT SJDPT EF MPT DBGÏT -B IÓCSJEB EF ÓOEJDB TBUJWB IB SFWPMVDJP OBEP FM NVOEP EFM DBOOBCJT RVF IPZ DPOPDFNPT -B SFQSPEVDDJØO TFMFDUJWB OPT IB QFSNJUJEP DSFBS WBSJFEBEFT RVF QVFEFO DVMUJWBSTF FO UPEP FM NVOEP &M IFDIP EF QPEFS UFOFS QMBOUBT MP TVGJ

&O BMHVOPT DBTPT MPT IÓCSJEPT IBO UFOJEP VO JNQBDUP EFTBHSBEBCMF FO MBT WBSJFEBEFT MBOESBDF PSJHJOBMFT 6O FKFNQMP EF FTUP TF FODVFOUSB FO +BNBJDB EPOEF MB MFHFOEBSJB i-BNCT #SFBEw DPOTJEFSBEB QPS MPT SBTUBGBSJT DPNP MB NFKPS NBSJIVBOB SFTFSWBEB QBSB PDBTJPOFT SFMJHJPTBT FTQFDJBMFT TF IB QFSEJEP DPNQMFUBNFOUF HSBDJBT B MB DPOUBNJOBDJØO EF QMBOUBT IÓCSJ EBT SFQSPEVDJEBT FO &VSPQB Z EFTQVÏT DVMUJWBEBT FO FYUFSJPSFT FO +BNBJDB &TUP IB TJEP BUSJCVJEP B VO HSBO DVMUJWP EF QMBOUBT EF #MVFCFSSZ MB WBSJFEBE EF DBOOBCJT OP MB GSVUB RVF GVFSPO DVMUJWBEBT FO FYUFSJPSFT &M QPMFO EF MBT GMPSFT NBDIP EF MB #MVFCFSSZ IB WJBKBEP DPO FM WJFOUP Z QPMJOJ[BEP DBTJ UPEBT MBT PUSBT QMBOUBT EF DBOOBCJT EF MB JTMB $PNP SFTVMUBEP FM -BNCT #SFBE PSJHJOBM FO GPSNB QVSB ZB OP TF FODVFOUSB &O FTUF DBTP FM #MVFCFSSZ FT MB BSEJMMB EF MBT $BSPMJOBT Z -BNCT #SFBE FT MB BSEJMMB SPKB PSJHJOBM &YJTUFO BRVFMMPT RVF FTUÈO USBUBOEP EF QSFTFS WBS MBT WBSJFEBEFT MBOESBDF QPS MP RVF FO NVDIPT TJUJPT UPEBWÓB TF QVFEFO FODPOUSBS -PT IÓCSJEPT QVFEFO TFS VO SFTVMUBEP TVQFSJPS EF BMHVOB WBSJFEBE EF MBOESBDF QFSP TFSÓB USÈHJDP TJ ÏTUBT TF QFSEJFSBO EFM UPEP " MP MBSHP EF MB IJTUPSJB FM DBOOBCJT IB IFDIP VO SFDPSSJEP JODSFÓCMF 1BSUJFOEP EF MB FSB OFPMÓUJDB FO MP RVF BIPSB FT $IJOB FM DBOOBCJT FO TVT EJWFSTBT GPS NBT IB SFDPSSJEP FM NVOEP Z IB MPHSBEP IBDFSMP DPO BZVEB EF MPT IVNBOPT /VFTUSB SFMBDJØO DPO FM DBOOBCJT FT MP RVF MP IB MMFWBEP B TFS MP RVF FT FO MB BDUVBMJEBE -PT CPUÈOJDPT DPJODJEFO FO RVF FM DBOOBCJT ÓOEJDB TVSHJØ FO DJWJMJ [BDJPOFT BOUJHVBT RVF GVFSPO EFKBOEP BUSÈT VO DBNJOP EF TFNJMMBT $PNP MBT TFNJMMBT EF DBOOBCJT FSBO QBSUF EF MB EJFUB FTUBCMF EF BRVFMMBT DJWJMJ[BDJP OFT TF EFEVDF RVF MB IBCSÓBO DVMUJWB EP EVSBOUF TVT WJBKFT -BT EJGFSFODJBT NFEJPBNCJFOUBMFT EF MVHBSFT DPNP MBT FTUSJCBDJPOFT EFM )JNBMBZB IJDJFSPO RVF MBT QMBOUBT B USBWÏT EF NJMFT EF HFOF SBDJPOFT TF USBOTGPSNBSBO FO QMBOUBT NÈT QFRVF×BT Z DPNQBDUBT QBSFDJEBT B VO BSCVTUP EF HSBOEFT IPKBT QBSB BCTPSCFS NFOPSFT OJWFMFT EF MV[ -PT WJBKFSPT EFM DBNJOP IJQQJF MMFWBSPO FM DBOOBCJT BM DBQÓUVMP NÈT SFDJFOUF EF TV IJTUPSJB IBDJFOEP MP NJTNP RVF OVFT USPT BOUJHVPT BOUFQBTBEPT -B MMFWBSPO DPOTJHP B &VSPQB EPOEF BIPSB DSFDF FO BCVOEBODJB FO KBSEJOFT WJWFSPT IBCJUB DJPOFT EFTPDVQBEBT Z EFTWBOFT EF DBEB SJODØO EFM UFSSJUPSJP 2VÏ MÈTUJNB RVF B MPT RVF NBOEBO OP MFT HVTUB 1FSP TJ UPEB MB IJTUPSJB EF MB QMBOUB EFM DBOOB CJT TF SFEVKFSB B VO EÓB MB QSPIJCJDJØO EVSBSÓB NFOPT EF VO TFHVOEP



$6-5*70 %& */5&3*03

$SJUJDBM MB SFGFSFODJB JEFBM QBSB VOB QSVFCB %FEJDBNPT FTUF OÞNFSP B EBS MB CJFOWFOJEB B MPT *OEPPST DPO FM SFFODFOEJEP USBT FM WFSBOP 7JTJUBNPT WBSJPT *OEPPST QBSB QSFTFOUBS MPT SFTVMUBEPT EF EJGFSFOUFT JOTUBMBDJPOFT BCPOPT Z HFOÏUJDBT &O MB MBCPS EF QSVFCB EF EJTUJOUPT QSPEVDUPT FT VOB HSBO BZVEB VTBS VOB WBSJFEBE NVZ DPOPDJEB TJO EVEB MB $SJUJDBM FT VOB QMBOUB FYDFMFOUF QBSB UBM VTP QPS MP RVF OP QPEÓB GBMUBS VO DVMUJWP EF FTUB WBSJFEBE FO FTUF FTQFDJBM JOUFSJPSFT "SUÓDVMP FMBCPSBEP HSBDJBT B MB JOGPSNBDJØO Z MBT GPUPT QSPQPSDJPOBEBT QPS .S 7FSUJDBM BHSBEFDJNJFOUPT UBNCJÏO BM BTFTPSBNJFOUP UÏDOJDP EF 5SJDPNB #MBOFT 4F USBUB EF VO NPOPDVMUJWP DPO DMPOFT EF $ 1SPDFEFO EF VOB NBESF TFMFDDJP OBEB B QBSUJS EF TFNJMMBT EF %JOBGFN &M DSJUFSJP QBSB PQUBS QPS FTUB QMBOUB FT RVF EFTUBDB QPS TV FYDFMFOUF PMPS B MB WF[ RVF FGFDUP GVFSUF 0USP QVOUP GVFSUF FT MB SBQJEF[ FTUF DVMUJWP TPMP EVSØ EÓBT EF DSFDJNJFOUP Z EF GMPSBDJØO

&M FTQBDJP EF DVMUJWP -B JOTUBMBDJØO UJFOF VOB TVQFSGJDJF UPUBM EF NFUSPT EJTUSJCVJEB FO USFT CBOEFKBT EF VO NFUSP Z PUSB EF DFOUÓNFUSPT -BT MVNJOBSJBT TPO GPDPT %JBNPOE 1SP EF WBUJPT DPO CPNCJMMB 4VONBTUFS Z CBMBTUSP FMFDUSØOJDP &TUBT MVNJOBSJBT TF IBO EJTF×B EP FO DPMBCPSBDJØO DPO VO BWBO[BEP MBCP SBUPSJP GPUPNÏUSJDP EF *OHMBUFSSB JODPSQP SBO MBT ÞMUJNBT OPWFEBEFT DJFOUÓGJDBT FO FM BQSPWFDIBNJFOUP EF MB MV[ -B WFOUJMBDJØO DPSSF B DBSHP EF VO FYUSBD UPS RVF TBDB NJM NFUSPT DÞCJDPT B MB IPSB EPUBEP EF TV DPSSFTQPOEJFOUF GJMUSP $BO 6O 37, GVODJPOB EF JOUSBDUPS WB DPOFDUB EP B MB NBMMB "JS 4PDL EF #"$ FTUB NBMMB FT VO FMFNFOUP TFODJMMP QFSP RVF NFKPSB NVDIP MB EJTUSJCVDJØO EFM BJSF %PT WFOUJ MBEPSFT EF QJF NF[DMBO MBT NBTBT EF BJSF 5PEB MB JOTUBMBDJØO FTUÈ BVUPNBUJ[BEB NFEJBOUF VOB DBKB EF Y QBSB MBT MVNJOBSJBT BTÓ DPNP VO GBO DPOUSPMFS &O FM DSFDJNJFOUP IBZ EPT IVNJEJGJDBEPSFT EF MJUSPT TF DPMPDBO DFOUSBEPT TPCSF

VOPT UBCVSFUFT QBSB RVF MB IVNFEBE DBJHB FODJNB EF MBT QMBOUBT &O GMPSBDJØO TF TVTUJUVZFO QPS EPT EFTIVNJGJDBEPSFT $PO FTUP TF DPOTJHVF VO DPOUSPM UPUBM EF MB UFNQFSBUVSB Z MB IVNFEBE EPT QBSÈNFUSPT DMBWF FO FM DVMUJWP EF JOUFSJPS &O DSFDJNJFOUP MBT UFNQFSBUVSBT TF NBO UVWJFSPO FOUSF P Z P MB IVNFEBE MPT USFT QSJNFSPT EÓBT BM CBKÈOEPMB QSPHSFTJWBNFOUF IBTUB $PO FM DBNCJP B EPDF IPSBT EF MV[ TF TVCFO USFT HSBEPT NÈT BM GBO QBSB FTUJ NVMBS MB GMPSBDJØO -B IVNFEBE TF CBKB QSPHSFTJWBNFOUF IBTUB MMFHBS BM FM UPQF EF MPT EFTIVNJEJGJDBEPSFT

4VTUSBUP Z GFSUJMJ[BDJØO 4F FNQMFBO NBDFUBT EF M DPO UJFSSB -JHIU .JY EF #JPCJ[[ 6O TVTUSBUP DPO VOB FTUSVDUVSB FYDFMFOUF RVF ESFOB CJFO Z QFSNJUF VO DPOUSPM UPUBM EF MB BMJNFO UBDJØO 4F B×BEFO FO DBEB NBDFUB QFSMBT #BDUPGJM Z TF EB VO SJFHP B Q) DPO 5SJDIPEFSNB )BS[JBOVN "NCBT PQFSB DJPOFT WBO EFTUJOBEBT B QSPUFHFS MBT SBÓDFT Z DSFBS B TV BMSFEFEPS VO FOUPSOP EF WJEB &O MB GFSUJMJ[BDJØO TF FNQMFB (SPUFL VOB HBNB EF QSPEVDUPT EF MB OVFWB PMB DBOBEJFOTF -B GJMPTPGÓB FT DPNCJOBS VOB CBTF PSHÈOJDB DPO BEJUJWPT RVÓNJ DPT &O FTUF DBTP MB CBTF PSHÈOJDB WJFOF EBEB QPS FM (SPX Z FM #MPPN

%FTEF MPT QSJNFSPT SJFTHPT JOUSPEVDFO #MPPN 'VFM EFTUJOBEP B EFTBSSPMMBS VOB NBZPS DBOUJEBE EF ZFNBT DPO VO JODSF NFOUP FO FM EFTBSSPMMP EF SBNBT IBDJB MPT MBEPT &M 7JUB .BY 1MVT FT DPNQVFTUP EF NBDSP Z NJDSPOVUSJFOUFT GPSNVMBEP QBSB QSPNPWFS FM EFTBSSPMMP EF MBT QMBOUBT SBÓ DFT GMPSFT BEFNÈT EF SFEVDJS FM FTUSFT DBV

TBEP QPS FM USBOTQMBOUF P DPOEJDJPOFT EF DMJNB .POTUFS HSPX FT VOB GPSNVMB QBSB FM DSFDJNJFOUP EJTF×BEB QBSB QSPWFFS UPEB MB OVUSJDJØO Z VO DSFDJNJFOUP WJHPSP TP Z WFSEF %PUB B MBT QMBOUBT EF NÈT $BMDJP Z .BHOFTJP QBSB QSPUFHFSMBT FO DBTP EF EFGJDJFODJB &T VO QSPEVDUP NVZ DPODFO USBEP RVF TF DPNCJOB DPO FM 4PMP 5FL


(SPX DPNP CBTF PSHÈOJDB &O MB TFHVOEB TFNBOB EF DSFDJNJFOUP TF EFKB EF VTBS .POTUFS (SPX TF TVTUJUVZF QPS FM 7FH (SPXUI #PPTUFS VO TVQMFNFOUP EF VOB TPMB BQMJDBDJØO QBSB QSPNPWFS VO QSPOUP Z WJHPSPTP DSFDJNJFOUP EF MBT QMBOUBT "OUFT EF QBTBS B GMPSBDJØO EÓBT EFTEF FM USBOTQMBOUF EFGJOJUJWP EBO VOB BQMJDB DJØO GPMJBS EF KBCØO QPUÈTJDP QBSB MJNQJBS MBT QMBOUBT EF DVBMRVJFS QPTJCMF QMBHB P IVFWPT "M TJHVJFOUF EÓB QPOFO FM DVMUJWP B EPDF IPSBT EF PTDVSJEBE Z EPDF EF MV[ " MPT EÓBT EF FOUSBS FO GMPSBDJØO TF IJ[P VOB QFRVF×B QPEB EF QBSUFT CBKB Z TF QVM WFSJ[Ø GVOHJDJEB EFM 0JEJP 4PMP 5FL #MPPN

FT FM OVUSJFOUF CBTF EF GMPSBDJØO %FTEF MB QSJNFSB TFNBOB IBTUB FM GJOBM EF MB UFSDFSB TFNBOB EF GMPSBDJØO BQMJDBO EPT WFDFT QPS TFNBOB 7JUB .BY #MPPN 'VFM Z #MPPTTPN #MBTUFS USBUBNJFOUP EFTUJOBEP B BVNFOUBS FM OÞNFSP Z UBNB×P EF MPT CSPUFT GMPSBMFT &O MB TFNBOB DBNCJBO FM #MPTPN #MBTUFS QPS FM .POTUFS #MPPN VO 1, NVZ GVFSUF EF EF GØTGPSP Z EF QPUBTJP &TUF QSPEVD UP FTUJNVMB FM DSFDJNJFOUP EF MBT SBÓDFT Z GMPSFT EF VOB NBOFSB FTQFDUBDVMBS EBEB TV GVFSUF DPODFOUSBDJØO EFCF EFKBS EF VTBS TF TFNBOBT BOUFT EFM DPSUF &M )FBWZ #MPPN DPOUJFOF BNJOPÈDJEPT WJUBNJOBT DBSCPIJESBUPT GØTGPSP QPUBTJP Z FO[JNBT &TUB EJTF×BEP QBSB JODSFNFOUBS FM QFTP Z

UBNB×P EF MBT GMPSFT %F MB DVBSUB B MB TFYUB TFNBOB UBNCJÏO TF B×BEF FM FTUJNVMBEPS #MPPNCBTUJD EF "UBNJ &O MB TFYUB TFNBOB EF GMPSBDJØO EFKBO EF VTBS #MPPN 'VFM &O MB TÏQUJNB TFNBOB EF GMPSBDJØO EFKBO EF VTBS .POTUFS #MPPN Z 7JUB .BY FT EFDJS TPMP SJFHBO DPO 4PMP5FL #MPPN Z )FBWZ #MPPN VOB WF[ " QBSUJS EF FTF NPNFOUP TPMP SJFHBO DPO 'JOBM 'MVTI Z BHVB IBTUB RVF NBEVSBSPO MPT DPHPMMPT &M 'JOBM 'MVTI TF VTP DVBOEP FOUSBSPO FO GMPSBDJØO Z VOB WF[ DBEB EPT TFNBOBT "UFODJØO MB EPTJT RVF QPOF FO MB UBCMB FT QBSB VOB BQMJDBDJØO B MB TFNBOB 4J BCPOBT EPT WFDFT UJFOFT RVF NVMUJQMJDBS

MB DBOUJEBE EF NM EF GFSUJMJ[BOUF QPS MPT MJUSPT EF BHVB B VUJMJ[BS QBSB EJWJEJSMP QPS MBT WFDFT RVF WBT B BCPOBS DPO GFSUJMJ[BO UF FTB TFNBOB 1PS FKFNQMP TJ TF VTBO NM M QBSB VOB BQMJDBDJØO B MB TFNBOB EF MJUSPT TFSÓBO NM Y QBSB EPT BQMJDBDJPOFT TFSÓBO NM Y QBSB USFT BQMJDBDJPOFT TFSÓBO NM Y -B DPTFDIB PCUFOJEB GVF EF HSB NPT EF NBUFSJBM GJOBM USBT FM NBOJDV SBEP 0GSFDF DPHPMMPT NVZ DPNQBDUPT TBCSPTPT Z BSPNÈUJDPT "TFHVSBO RVF iNFUF VOBT UPSUBT RVF EFKB BUPOUBEP EVSBOUF NVVVDIP SBUPw

'PUP "SDIJWP EF 4PGU 4FDSFUT



3&(3&40 " -" %²$"%" %&- 4&4&/5"

)B QBTBEP DBTJ NFEJP TJHMP EFTEF RVF BRVFMMPT DIJDPT TF TJOUPOJ[BSPO TF DPMPDBSPO Z TF EFTDPOFDUBSPO 1FSP {EØOEF RVFEBSPO MPT IJQQJFT

{%ØOEF RVFEBSPO MPT IJQQJFT -B EÏDBEB EFM MPT UJFNQPT FTUBCBO DBNCJBOEP MB SFWPMVDJØO TF TFOUÓB FO FM BJSF Z MB KPWFO HFOFSBDJØO EF MB QPTUHVFSSB FM #BCZ #PPN QBSFDÓB QMFOBNFOUF QSFQBSBEB QBSB IBDFS DBSB BM FTUBCMJTINFOU Z SFNQMB[BSMP QPS VO NÈT CPOEBEPTP OVFWP PSEFO NVOEJBM .JMMPOFT EF MPT FOUPODFT DIJDPT UPNBSPO MB QÓMEPSB B[VM BCSJFSPO -BT QVFSUBT EF MB QFSDFQDJØO TJHVJFSPO BM i8IJUF SBCCJUw IBTUB MB NBESJHVFSB Z TVQFSBSPO FM "DJE 5FTU Z BM IBDFS UPEP FTUP DSFBSPO VOB VUPQÓB WJWJFOUF {P OP 4J NJSBNPT BUSÈT B MPT ÞMUJNPT DJODVFOUB B×PT Z B OVFTUSB TJUVBDJØO BDUVBM QBSF DFSÓB RVF UPEP FTF PQUJNJTNP GVF VO QPDP JOHFOVP F JOGVOEBEP /P PCTUBO UF FO MB EÏDBEB EFM TF WJWJFSPO FO UPEP FM NVOEP BMHVOPT DBNCJPT FOPS NFT Z NVDIPT EF FMMPT QBSB NFKPS &M .PWJNJFOUP QPS MPT %FSFDIPT $JWJMFT Z FM .PWJNJFOUP 'FNJOJTUB GVFSPO BMHVOPT EF MPT DBNCJPT JNQPSUBOUFT RVF TÓ UVWJFSPO MVHBS BVORVF UVWJFSPO RVF QBTBS DJODVFO UB B×PT QBSB RVF &TUBEPT 6OJEPT TJRVJFSB TF QMBOUFBSB MB QPTJCJMJEBE EF UFOFS VOB QSFTJEFOUB P VO QSFTJEFOUF OFHSP BM GSFOUF EFM QBÓT -B JHVBMEBE FTUÈ UPNÈOEPTF TV UJFNQP .JMMPOFT EF QFSTPOBT BMSFEFEPS EFM NVOEP DPOUJOÞBO TJFOEP FODBSDFMBEBT FO MB ESBDPOJBOB i(VFSSB DPOUSB MBT ESPHBTw NJFOUSBT FM DBQJUBMJTNP WPSB[ TJHVF JNQF SBOEP FM NVOEP EFTBSSPMMBEP JNQPOJFOEP DBEB WF[ NÈT TV DPEJDJB FO MB BMEFB HMPCBM FO OPNCSF EF MB MJCFSUBE Z MB EFNPDSBDJB OPT HVTUF P OP {&OUPODFT EØOEF RVFEØ MB SFWPMVDJØO EF QB[ BNPS Z BSNPOÓB &T JNQPTJCMF SFDPSEBS MB SFWPMVDJØO DVMUV SBM RVF UVWP MVHBS FO MB EÏDBEB EFM FO *OHMBUFSSB Z &TUBEPT 6OJEPT TJO UPNBS FO DVFOUB MB IJTUPSJB EFM -4% ZB RVF TF DPO WJSUJØ FO MB DBSBDUFSÓTUJDB RVF EFGJOJØ FTB ÏQPDB QBSB CJFO P QBSB NBM 3FQSFTFOUØ B MB WF[ FM DBUBMJ[BEPS Z FM WFSEVHP EFM NPWJ NJFOUP iIJQQJFw Z IB TFHVJEP TJFOEP MB TVTUBODJB NÈT QPMÏNJDB EJTDVUJCMF Z FOJH NÈUJDB RVF IBZB EFTDVCJFSUP FM IPNCSF NPEFSOP "EFNÈT TV DPOTVNP HFOFSBMJ [BEP FOUSF MPT KØWFOFT Z MB OBUVSBMF[B EF MB FYQFSJFODJB DPO FM -4% MMFWØ B NVDIPT B DSFFS RVF PSJHJOBSÓB VOB SFWPMVDJØO FTQJ SJUVBM RVF DPOEVDJSÓB B MB IVNBOJEBE BM TJHVJFOUF OJWFM EF DPODJFODJB %FM NJTNP NPEP RVF BMHVOPT BOUSPQØMP HPT DSFFO RVF MB SFMJHJØO TVSHJØ FO MBT QSJ NFSBT DJWJMJ[BDJPOFT DPNP SFTVMUBEP EJSFD UP EF MB JOHFTUJØO EF BMVDJOØHFOPT DPNP FM IPOHP QTJMPDJCJP P FM QFZPUF PUSPT DSFÓBO RVF FM -4% NPTUSBSÓB B MB IVNBOJ EBE FM DBNJOP B VO GVUVSP BSNPOJPTP Z BMHVOPT MMFHBSPO JODMVTP B QSPQPOFS RVF TV VTP TF IJDJFSB PCMJHBUPSJP QBSB UPEB MB QPCMBDJØO &O TV MJCSP &M NBOKBS EF MPT EJP TFT 5FSSBODF .D,FOOB MMFHB B TVHFSJS RVF FM NJTNP GFOØNFOP EF MB BVUPDPOTDJFODJB MB DBQBDJEBE EF QFOTBS FT VOB GVODJØO EF VOB SFMBDJØO TJNCJØUJDB FOUSF FM IPNP TBQJFOT Z MBT QMBOUBT RVF DPOUJFOFO BMDB MPJEFT QTJDPBDUJWPT &M -4% FSB TJNQMFNFO

UF MP RVF MB DJFODJB Z MB UFDOPMPHÓB IBCÓBO MPHSBEP DPNP SFTVMUBEP EFM QFSGFDDJPOB NJFOUP EF MPT QTJDPEÏMJDPT &O VOB FSB EF DBSSFSBT FTQBDJBMFT Z FOFSHÓB OVDMFBS FM -4% FT UBO TPMP VO FKFNQMP NÈT EF MP RVF QVFEF IBDFS MB DJFODJB NPEFSOB {: DØNP UFSNJOØ FM -4% JNQVMTBOEP FM NPWJNJFOUP IJQQJF IBTUB IBDFSMP DPOPDJ EP FO UPEP FM NVOEP -B SFTQVFTUB B FTUB QSFHVOUB SFTJEF FO VOBT DVBOUBT GJHVSBT DMBWF RVF KVHBSPO VO QBQFM JNQPSUBOUF FO USBTMBEBS FM -4% BM ÈNCJUP EF MB DPOT DJFODJB TPDJBM &O MP RVF TF SFGJFSF B MPT IJQQJFT MPT QFSTPOBKFT NÈT EFTUBDBEPT GVFSPO 5JNPUIZ -FBSZ Z ,FO ,FTFZ

¶DPOP EF MB EÏDBEB EFM 8PPETUPDL "NCPT BCPHBCBO QPS MB ESPHB Z DBEB VOP B TV NBOFSB UVWP VOB HSBO JOGMVFO DJB FO MPT KØWFOFT EF MB ÏQPDB " QFTBS EF UFOFS VO QSPQØTJUP FO DPNÞO FSB CJFO TBCJEP RVF DBEB VOP UFOÓB VO FOGPRVF SBEJDBMNFOUF PQVFTUP BM PUSP DPO SFTQFDUP B MB FYQFSJFODJB DPO FM -4% -FBSZ FSB QSPGFTPS EF QTJDPMPHÓB FO MB VOJWFSTJEBE EF )BSWBSE Z VO BDB EÏNJDP SFTQFUBEP Z TFSJP ,FTFZ FSB VO FTDSJUPS KPWFO Z QSFTVOUVPTP Z BM NFOPT FO UÏSNJOPT DVMUVSBMFT VO IFSFEFSP EJSFDUP EF MB (FOFSBDJØO #FBU EF MB RVF TVSHJFSPO FTDSJUPSFT DPNP +BDL ,FSPVBD "MBO (JOTCFSH Z 8JMMJBN 4 #VSSPVHIT 5SBT DPOTVNJS IPOHPT NÈHJDPT EVSBOUF VOBT WBDBDJPOFT FO .ÏYJDP 5JNPUIZ -FBSZ EFEJDØ TV WJEB B MB FYQMPSBDJØO EF TVT UBODJBT BMVDJOØHFOBT Z NÈT UBSEF EJSJHJØ MPT &YQFSJNFOUPT 1TJMPDJCJOB EF )BSWBSE JODMVZFOEP FM BIPSB USJTUFNFOUF DÏMFCSF &YQFSJNFOUP EF MB $BQJMMB EF .BSTI FO FM RVF JOUFOUØ JOEVDJS FYQFSJFODJBT EJWJOBT FO TVT TVKFUPT EF FTUVEJP TVT FTUVEJBOUFT EF )BSWBSE NFEJBOUF FM VTP EF QTJMPDJCJ OB " -FBSZ TF MF BUSJCVZF P TF MF SFQSPDIB EFQFOEF EFM QVOUP EF WJTUB EF DBEB VOP FM TFS FM QSJNFS "QØTUPM EFM -4% 4V CÞT

RVFEB QSFNFEJUBEB EF BUFODJØO EF MPT NFEJPT Z TVT DPNFOUBSJPT EF RVF FM -4% FSB iFM BGSPEJTJBDP NÈT QPEFSPTP DPOPDJEP QPS FM IPNCSFw FO MB SFWJTUB 1MBZCPZ TF DPOTJEFSBO QPS NVDIPT DPNP MB SB[ØO QPS MB RVF FM -4% TF IJ[P UBO QPQVMBS FOUSF MPT KØWFOFT UBO SÈQJEBNFOUF 4V DSFFODJB FSB RVF FM -4% EFCÓB TFS BDFSDBEP B MBT NBTBT Z GVF ÏM RVJFO EJKP i4J UPNBT FO TFSJP FM KVFHP EF MB WJEB TJ UPNBT FO TFSJP UV TJTUFNB OFSWJPTP TJ UPNBT FO TFSJP UVT ØSHBOPT TFOTPSJBMFT TJ UPNBT FO TFSJP FM QSPDFTP EF FOFSHÓB EFCFT DPMP DBSUF TJOUPOJ[BSUF Z EFTDPOFDUBSUFw &TUF GVF VO MMBNBEP EJSFDUP B MB KVWFOUVE EFM NVOEP B WPMWFSTF FO DPOUSB EFM PSEFO FTUBCMFDJEP /P FT EF TPSQSFOEFS QPS MP UBOUP RVF FM '#* MP MMBNBSB iFM IPNCSF NÈT QFMJHSPTP EF &TUBEPT 6OJEPTw " QFTBS EF BMFOUBS FM VTP EF -4% -FBSZ Z TV DPMFHB 3JDIBSE "MQFSU EFTBSSPMMBSPO MB JEFB EF RVF EFCÓB EBSTF B MB FYQFSJFODJB VOB FTQFDJF EF SFWFSFODJB Z SFTQFUP " SBÓ[ EF FTUP TVSHJØ MB OPDJØO EF RVF iFTDF OBSJP Z DPMPDBDJØOw FSBO DSVDJBMFT QBSB BTFHVSBS MB FYQFSJFODJB DPSSFDUB DPO FM -4% 4F MF QSFTUØ HSBO BUFODJØO B MB QSF QBSBDJØO DVJEBEPTB EF VOB FYQFSJFODJB BMUBNFOUF DFSFNPOJBM TJHVJFOEP MB USBEJ DJØO EF MPT SJUVBMFT DPO IPOHPT FO .ÏYJDP &O MBT MMBNBEBT DVMUVSBT iQSJNJUJWBTw DBTJ TJFNQSF TF JODPSQPSB MB JOUPYJDBDJØO FO MBT DFSFNPOJBT ZB TFB FO SJUPT EF QBTP QSPF[BT DIBNÈOJDBT EF BVTQJDJP BUSBFS MB CVFOB TVFSUF QPS WPMVOUBE P MB FYQSF TJØO WJTJCMF EF WÓODVMPT TPDJBMFT 1FTF B TV QPTUFSJPS FTUBUVT EF "QØTUPM EFM -4% Z EFTUBDBEP QPSUBWP[ EF MPT IJQQJFT -FBSZ FSB QSPGFTPS EF QTJDPMPHÓB Z OBEB NFOPT RVF FO )BSWBSE &SB VO BDBEÏNJDP Z FTB JOGMVFODJB FSB FWJEFOUF FO TV FOGPRVF FO MB FYQFSJFODJB QTJDPEÏMJDB "M NJTNP UJFNQP FO MB PUSB DPTUB EF &TUBEPT 6OJEPT FM OPWFMJTUB ,FO ,FTFZ TF FODPOUSBCB BSNBOEP TV QBOEJMMB EF .FSSZ 1SBOLTUFST Z BCPSEBOEP MB FYQFSJFO DJB QTJDPEÏMJDB EF VOB GPSNB UPUBMNFOUF EJGFSFOUF ,FO ,FTFZ FT BVUPS EF MB OPWFMB "MHVJFO WPMØ TPCSF FM OJEP EFM DVDP RVF NÈT UBSEF GVF DPOWFSUJEB FO PCSB EF UFBUSP Z EFTQVÏT FO VOB QFMÓDVMB QSPUBHPOJ[BEB QPS +BDL /JDIPMTPO Z MB GJHVSB DFOUSBM EF MB DSØOJDB EFGJOJUJWB EF 5PN 8PMGF TPCSF FM NPWJNJFOUP QTJDPEÏMJDP P IJQQJF 1PODIF EF ÈDJEP MJTÏSHJDP "M JHVBM RVF -FBSZ ,FTFZ TF DPOWJSUJØ FO VOB GJHVSB EF DVMUP QBSB MBT NBTBT Z FM i+FGFw EF MPT .FSSZ 1SBOLTUFST VO DPMFDUJWP EF FOUVTJBTUBT EFM ÈDJEP EF JEFBT BGJOFT NÞTJDPT BSUJTUBT F JOHFOJFSPT EF TPOJEP RVF PSHBOJ[BSPO MBT USJTUFNFO UF DÏMFCSFT GJFTUBT "DJE 5FTUT QSVFCBT EF GVFHP &M 1PODIF EF ÈDJEP MJTÏSHJDP FT VOB DSØOJDB EF MB NJTJØO FWBOHÏMJDB EF VO QFRVF×P HSVQP EF EFWPUPT BQØTUPMFT &TUÈ MB DBSJTNÈUJDB GJHVSB QSJODJQBM ,FTFZ Z TVT

EJTDÓQVMPT MPT .FSSZ 1SBOLTUFST Z WBO QPS BIÓ EJGVOEJFOEP MB iCVFOB OPUJDJBw RVF FO FTUF DBTP FT MB JMVNJOBDJØO HSBDJBT BM -4% -PT DBSUFMFT EF MBT GJFTUBT MMFWBCBO FM FTMP HBO i{1VFEFT TVQFSBS FM "DJE 5FTU w EFTB GJBOEP B MB KVWFOUVE B WJWJS MB FYQFSJFODJB QBSB CJFO P QBSB NBM &TUB FYQFSJFODJB DBNCJØ MB WJEB EF MB NBZPSÓB EF MPT RVF MB UVWJFSPO Z OP QBTØ NVDIP UJFNQP BOUFT EF RVF DPSSJFSB MB WP[ $PNP DPO UPEPT MPT NPWJNJFOUPT EF FTF UJQP FNQF[Ø DPNP BMHP QFRVF×P QFSP SÈQJEBNFOUF DPSSJØ DPNP VO SFHVFSP EF QØMWPSB Z FO DVFTUJØO EF NFTFT TF IBCÓB DSFBEP MB iFTDFOB IJQQJFw FO $BMJGPSOJB RVF EJP FOUSBEB B UPEPT MPT IJQQJFT .JMFT EF KØWFOFT GVFSPO B 4BO 'SBODJTDP B WJWJS FM TVF×P QTJDPEÏMJDP %FDJS RVF ,FTFZ Z MPT .FSSZ 1SBOLTUFST MP GPNFOUBSPO TFSÓB RVFEBSTF DPSUP TF QVFEF EFDJS RVF GVF SPO FMMPT RVJFOFT MP IJDJFSPO QPTJCMF &O MB IJTUPSJB EFM -4% IBZ VO DVSJPTP FMF NFOUP EF DBTVBMJEBE Z DPJODJEFODJB RVF DPO FM UJFNQP DPOEVKP B TV DPOTVNP NVOEJBM B FTDBMB NBTJWB &M EFTDVCSJNJFO UP iBDDJEFOUBMw EF )PGGNBO Z MB JNQMJDBDJØO EF ,FO ,FTFZ DPO FM -4% TPO FKFNQMPT EF FTUP &M NJTNP )PGGNBO TF SFGJFSF B FTUF GFOØNFOP TJNQMFNFOUF DPNP iTFSFOEJQJBw VOB DPJODJEFODJB BGPSUVOBEB Z OP DPNP iTVFSUFw P iEFTUJOPw B QFTBS EF MB NFSB DIJSJQB QPS MB RVF ÏM NJTNP EFTDVCSJØ FM -4% -B QBSUJDJQBDJØO EF ,FTFZ FT PUSP FKFNQMP EF FTUB TFSFOEJQJB .JFOUSBT FTUV EJBCB DSFBDJØO MJUFSBSJB FO MB 6OJWFSTJEBE EF $BMJGPSOJB TF BQVOUØ QBSB IBDFS FOTB ZPT DMÓOJDPT FO VO IPTQJUBM QTJRVJÈUSJDP DPO FM GJO EF HBOBS EJOFSP SÈQJEP 3FTVMUØ RVF FTUPT FOTBZPT TF SFBMJ[BCBO DPO ESP HBT iQTJDPNJNÏUJDBTw FT EFDJS ESPHBT RVF FO UFPSÓB EFCFO JNJUBS MB QTJDPTJT FOUSF MBT DVBMFT QPS DBTVBMJEBE TF FODPOUSBCB MB FOUPODFT BÞO EFTDPOPDJEB -4% EF )PGGNBO 8PMGF EFTDSJCF FTF EFTDVCSJ NJFOUP FO 1PODIF EF ÈDJEP MJTÏSHJDP i-P QPOÓBO FO VOB DBNB FO VOB IBCJUBDJØO CMBODB Z MF EBCBO VOB TFSJF EF DÈQTVMBT TJO SFWFMBS RVÏ FSBO 6OB OP FSB OBEB VO QMBDFCP 1FSP PUSB EF FMMBT MP QSJNFSP RVF TVQP GVF RVF BGVFSB VOB BSEJMMB EFKØ DBFS VOB CFMMPUB EF VO ÈSCPM QFSP TF QSP EVKP VO SVJEP USFNFOEBNFOUF GVFSUF Z TPOØ DPNP TJ OP FTUVWJFSB BGVFSB TJOP BIÓ NJTNP FO MB IBCJUBDJØO DPO ÏM Z UBNQPDP FSB SFBMNFOUF VO TPOJEP TJOP VOB HSBO QSFTFODJB RVF MP MMFOBCB WJTVBM DBTJ UÈDUJM VO HSBO JNQBDUP EF B[VM B TV BMSFEFEPS Z EF QSPOUP FTUBCB FO VOB FTGFSB EF DPOP DJNJFOUP RVF OVODB IBCÓB TP×BEP BOUFT Z OP FSB VO TVF×P OJ VO EFMJSJP TJOP QBSUF EF TV DPOTDJFODJB `FM -4% 4F IBCÓB USPQF[B EP DPO VO USFNFOEP TFDSFUJMMP VO QFTBEP TÞQFS TFDSFUP RVF EF IFDIP o`IF BRVÓ FM USJVOGP EF MPT DPOFKJMMPT EF JOEJBT o WBZB JSPOÓB MPT EF MB CBUB CMBODB MFT IBCÓBO FOUSFHBEP MB NJTNÓTJNB MMBWFw


5BOUP ,FTFZ DPNP -FBSZ DPNFO[BSPO B MMFWBS TV TBDSBNFOUP -4% B VO QÞCMJDP NÈT BNQMJP -FBSZ IBCÓB FTUBEP SFBMJ[BO EP FYQFSJNFOUPT DPO TVT FTUVEJBOUFT EF QPTHSBEP EF )BSWBSE NJFOUSBT ,FTFZ Z MPT .FSSZ 1SBOLTUFST PSHBOJ[BCBO TVT "DJE 5FTUT "NCPT UFOÓBO MB NJTJØO EF EJGVOEJS FM -4% EF DPTUB B DPTUB 'VF FO FTPT "DJE 5FTUT SFBMJ[BEPT FO DFOUSPT DPNVOJUBSJPT Z TBMBT EF UPEB $BMJGPSOJB RVF FDIBSPO -4% FO FM ,PPM "JE VOB CFCJEB FTUBEPVOJEFO TF QBSFDJEB BM -VDP[BEF Z EF BIÓ FM UÓUVMP EFM MJCSP .VDIBT EF MBT QFSTPOBT RVF BTJT UJFSPO OP UFOÓBO JEFB EF MP RVF FTUBCBO UPNBOEP P EF RVF IBCÓBO UPNBEP BMHP " EJGFSFODJB EFM FOGPRVF -FBSZ EF iFTDF OBSJP Z DPMPDBDJØOw Z UPNBOEP FO DVFOUB MB BEWFSUFODJB EF )PGGNBO FTUB QBSFDF VOB GPSNB UPUBMNFOUF JSSFTQPOTBCMF EF EJGVOEJS FM -4% QFSP GVF QPS NBOUFOFS TVT DSFFODJBT BCJFSUBT MJCSFT Z SBEJDBMFT RVF MPT DIJDPT EF MPT "DJE 5FTUT TF EFMFJUBCBO DPO MB FYQFSJFODJB -BT QVFSUBT EF MB QFS DFQDJØO TF FTUBCBO BCSJFOEP FO NFOUFT EF UPEBT QBSUFT NJFOUSBT MPT 1SBOLTUFST FYQFSJNFOUBEPT QJPOFSPT BUBDBCBO MPT TFOUJEPT JOUFOTJGJDBEPT QBSB BVNFOUBS MB GVFS[B EF MB FYQFSJFODJB &M SPDL QTJDPEÏMJ DP OBDJØ HSBDJBT B MPT FOPSNFT TJTUFNBT EF TPOJEP RVF BNQMJGJDBCBO MB NÞTJDB NÈT EF MP RVF TF IVCJFSB PÓEP BOUFT FO HSBO NFEJEB HSBDJBT B +FSSZ (BSDJB Z (SBUFGVM %FBE 0CSBT EF BSUF IFDIBT DPO QJOUVSB MVNJOPTB FTQFDUÈDVMPT EF MVDFT Z QSPZFD UPSFT DPOUSJCVÓBO BM FGFDUP EFM -4% 0USB DPTB RVF IJDJFSPO QPS OPTPUSPT MPT IJQQJFT GVF IBDFS RVF MPT GFTUJWBMFT SBWFT Z GJFTUBT TFBO MP RVF DPOPDFNPT IPZ FO EÓB &M -4% QSPOUP TF DPOWJSUJØ FO TJOØOJNP EFM .PWJNJFOUP )JQQJF &M UÏSNJOP iIJQQJFw TF EFSJWB EF MB QBMBCSB iIJQTUFSw RVF TF SFGJFSF BM HSVQP EF KØWFOFT RVF BNBCBO FM KB[[ DPOTVNÓBO ESPHBT WJWÓBO MJCSFNFOUF `Z DPNP QBSÈTJUPT EF MBT EÏDBEBT EFM Z UBNCJÏO DPOPDJEPT DPMFDUJWBNFOUF DPNP MB (FOFSBDJØO #FBU &M IPHBS FTQJSJ UVBM EF MPT #FBU FSB 4BO 'SBODJTDP Z OP FT DPJODJEFODJB RVF MPT IJQQJFT BQBSFDJFSBO QSJNFSP FO MPT EJTUSJUPT EF NPEB EF MB NJTNB DJVEBE %F IFDIP VO IPNCSF /FBM $BTTBEZ BQBSFDF DPNP %FBO .PSJBSUZ FM QFSTPOBKF QSJODJQBM EF MB OPWFMB TFNJOBM EFM #FBU EF +BDL ,FSPVBD &O FM DBNJ OP Z EFTQVÏT SFBQBSFDF FTUB WF[ DPNP ÏM NJTNP FO 1PODIF EF ÈDJEP MJTÏSHJDP

DPNP VO NBOJBDP DPOEVDUPS EF BVUPCÞT Z BNBOUF EF MB WFMPDJEBE NJFNCSP EF MPT .FSSZ 1SBOLTUFST EF ,FTFZ Z UBNCJÏO BDUVØ DPNP FM QPSUBEPS EF MB BOUPSDIB EF VO NPWJNJFOUP BM TJHVJFOUF 1BSB MB NJUBE EF MB EÏDBEB EFM FM -4% ZB JOWBEÓB MBT VOJWFSTJEBEFT EF $BMJGPSOJB Z QPDP UJFNQP EFTQVÏT EFM SFTUP EF &TUBEPT 6OJEPT -POESFT &M -4% IBCÓB MMFHBEP B MB DVMUVSB EF MBT NBTBT Z MB QTJDPEFMJB FTUBCB JOGMVFODJBOEP UPEP UJQP EF FYQSF TJPOFT DVMUVSBMFT UBOUP FO &TUBEPT 6OJEPT DPNP FO (SBO #SFUB×B )BTUB MPT #FBUUMFT FYQFSJNFOUBSPO DPO ÏM Z TJO EVEB TPO SFTQPOTBCMFT EF RVF NJMMPOFT MP UPNBSBO EFCJEP B TV FOPSNF QPQVMBSJEBE FO FTF NPNFOUP 1SPOUP MPT IJQQJFT FSBO VOB QBSUF EF MB TPDJFEBE FTUBCMFDJEB Z SFDPOP DJCMF Z SÈQJEBNFOUF TF FTUBCBO WPMWJFOEP VO DMJDIÏ -PT NFEJPT TF QFSDBUBSPO EF MB DSFDJFOUF NPEB KVWFOJM RVF HJSBCB BMSFEF EPS EFM -4% Z B MB NBOFSB NÈT QSPQJB EF MPT NFEJPT DPNFO[BSPO USBOTGPSNBS FO TFOTBDJØO UPEPT MPT BTQFDUPT EF MB IJTUP SJB FTQFDJBMNFOUF MPT SFMBUPT EF IPSSPS RVF SPEFBCBO MPT MMBNBEPT iNBMPT WJBKFTw -P RVF TJHVJØ GVF VOB IJTUFSJB NFEJÈUJDB Z GVF BIÓ RVF TF TFNCSBSPO MBT TFNJMMBT EFM JOFWJUBCMF DPOUSBBUBRVF

)JQQJFT "M QPDP UJFNQP TF DPOGFSÓB BM -4% FM FTUB UVT NÈT BMUP EF JMFHBMJEBE QPTJCMF QBSB DVBMRVJFS UJQP EF ESPHB DPO MP RVF TF MF PUPSHBCB B MB QPMJDÓB Z B MBT BVUPSJEBEFT FM QPEFS QBSB UPNBS NFEJEBT ESÈTUJDBT FO DPOUSB EF TV DPOTVNP EJTUSJCVDJØO Z QSPEVDDJØO "TÓ DPNP -FBSZ GVF OPNCSB EP FM IPNCSF NÈT QFMJHSPTP EF "NÏSJDB UBNCJÏO VO DBSHP QPS GBCSJDBS Z EJTUSJCVJS -4% TF WPMWJØ FRVJWBMFOUF B USBJDJØO FO MPT &TUBEPT 6OJEPT UBM FSB FM UFNPS EFM HPCJFS OP EF RVF FTUB iSFWPMVDJØOw QVEJFSB NJOBS

TV BVUPSJEBE 4JO FNCBSHP TFSÓB VO FSSPS BUSJCVJS BM -4% UPEP MP RVF PDVSSJØ FO MB EÏDBEB EFM &O SFBMJEBE PUSPT GBDUPSFT FDPOØNJDPT Z TPDJBMFT NVDIP NÈT TJHOJGJ DBUJWPT ZB IBCÓBO DSFBEP FM BNCJFOUF QSP QJDJP QBSB RVF MPT IJQQJFT QSPTQFSBSBO -PT IJQQJFT PSJHJOBMFT UPEPT FSBO NJFN CSPT EF MB HFOFSBDJØO EFM i#BCZ #PPNw FTB HFOFSBDJØO EF QFSTPOBT OBDJEBT IBDJB FM GJOBM P QPDP UJFNQP EFTQVÏT EF MB 4FHVOEB (VFSSB .VOEJBM -PT TPMEBEPT SFHSFTBSPO EF MB HVFSSB Z TF SFVOJFSPO DPO TVT FOB NPSBEBT EF BIÓ TVSHJØ VOB FYQMPTJØO EF QPCMBDJØO $PNP WFODFEPSFT EF MB HVFSSB &TUBEPT 6OJEPT Z (SBO #SFUB×B QVEJFSPO SFDVQFSBSTF Z SFDPOTUSVJS TVT FDPOPNÓBT DPO VOB HSBO WFOUBKB " FTUB OVFWB HFOF SBDJØO FO DSFDJNJFOUP TF MF IBCMØ EF MPT TBDSJGJDJPT RVF TVT QBESFT Z BCVFMPT IBCÓBO IFDIP QPS FMMPT QFSP OVODB TF MFT QJEJØ RVF IJDJFSBO MP NJTNP %F IFDIP OBDJF SPO FO VO NPNFOUP CBTUBOUF GPSUVJUP FO MB IJTUPSJB BM BMCB EF VOB OVFWB FSB FO UJFNQPT EF HSBO PQUJNJTNP Z EF VO CPPN FDPOØNJDP 5FOÓBO FM NVOEP B TVT QJFT Z UFOÓBO VOB PQPSUVOJEBE SFBM EF EBS GPSNB BM GVUVSP DPNP NFKPS MFT QBSFDJFSB )BCÓB BCVOEBOUF FNQMFP TF QPEÓB HBOBS EJOFSP Z MBT VOJWFSTJEBEFT EF *OHMBUFSSB Z &TUBEPT 6OJEPT TF MMFOBCBO DPO VOB OVFWB HFOF SBDJØO EF iFTQÓSJUVT MJCSFTw RVF QPEÓBO QFS NJUJSTF VOB FEVDBDJØO Z UFOÓBO CBTUBOUF UJFNQP MJCSF QBSB FYQBOEJS TVT NFOUFT B QMBDFS -B JOUSPEVDDJØO EF MB QÓMEPSB BOUJDPODFQUJWB EJP B MBT NVKFSFT MB PQPS UVOJEBE EF UFOFS VOB WJEB BOUFT EF UFOFS VOB GBNJMJB FTUB OVFWB MJCFSUBE EJP QJF B RVF SFJOBSB FM BNPS MJCSF 5PEP FTUP FTUBCB PDVSSJFOEP TJO MB JOGMVFODJB EF ESPHBT OVF WBT QFSP DSFØ VO BNCJFOUF EF NFOUBMJEBE BCJFSUB RVF FSB QFSGFDUP QBSB FM DBNCJP &M -4% FOUSØ B FTUF SFNPMJOP -B HFOFSBDJØO EFM #BCZ #PPN ZB FT BEVM UB .VDIPT FTUÈO FO FEBE EF KVCJMBSTF P ZB MB IBO QBTBEP Z FT BIÓ DVBOEP TVSHF MB EFDFQDJØO %FTQVÏT EF UPEP FTF FOUV TJBTNP JMVNJOBDJØO Z QPUFODJBM FT USJTUF QFOTBS RVF FO SFBMJEBE OP NVDIP IB DBN CJBEP -BT NJTNBT QFSTPOBT RVF WJWJFSPO FM TVF×P QTJDPEÏMJDP QBTBSPO B EBS GPSNB BM NVOEP DPNP FT IPZ 'VF FTB MB HFOF SBDJØO RVF BMJNFOUØ BM DBQJUBMJTNP Z DSFØ MB iFDPOPNÓB EF MJCSF NFSDBEPw RVF IB QFSNJUJEP RVF FM 0DDJEFOUF TF BQPEFSF

EF MB JONFOTB NBZPSÓB EF MBT SJRVF[BT EFM NVOEP 5PEBWÓB TF TJHVFO QFMFBO EP HVFSSBT JOKVTUBT Z IFNPT JHOPSBEP FM NFEJP BNCJFOUF B DPTUB EF MB OBUVSBMF[B "RVFMMPT RVF IBO QFSNBOFDJEP GJFMFT B TVT DSFFODJBT TØMP TF IBO HBOBEP MB NBS HJOBMJ[BDJØO Z IBO TJEP SJEJDVMJ[BEPT QPS MB TPDJFEBE QPS TVT TJOHVMBSJEBEFT Z DMJDIÏT 1BSB MB NBZPSÓB FM QSPCMFNB FNQF[Ø EFT QVÏT EF IBCFSTF TJOUPOJ[BEP Z EFTDPOFDUB EP /BEJF MFT EJKP RVÏ IBDFS EFTQVÏT ,FTFZ IBCMØ EF VOB iHSBEVBDJØO ÈDJEBw FO MB RVF MPT IJQQJFT EBSÓBO PUSP QBTP IBDJB MB JMVNJ OBDJØO TJO FM VTP EF RVÓNJDPT &M -4% MFT IBCÓB NPTUSBEP MB QVFSUB QFSP UFOÓBO RVF BUSBWFTBSMB TJO ÏM &TUP OVODB MMFHØ B TVDF EFS QVFT ,FTFZ GVF FODBSDFMBEP BOUFT EF MB SFVOJØO "MHVOPT DSFZFOEP GFSWJFOUFNFO UF RVF FM -4% DPOUFOÓB MB DMBWF MJUFSBMNFO UF EFTUSVZFSPO TVT NFOUFT DPOTVNJFOEP EFNBTJBEB EF FTUB QPEFSPTB TVTUBODJB BMVDJOØHFOB 0USPT TF EFTJOUPYJDBSPO Z WPM WJFSPO B MB OPSNBMJEBE SFJOTFSUÈOEPTF FO MB TPDJFEBE DPOWFODJPOBM QBSB CJFO QBSB SFDPSEBS JOPDFOUFT Z OPTUÈMHJDPT B VOB WFS TJØO DMJDIÏ Z EFDPOTUSVJEB EF MPT iMJCFSUJOPT TFTFOUBw "IPSB TF VTBO BOVODJPT iQTJDPEÏ MJDPTw QBSB WFOEFSOPT BVUPNØWJMFT V PSEF OBEPSFT Z BIPSB FTUBNPT NÈT MFKPT EFM JEJMJP IJQQJF RVF OVODB P RVJ[È BÞO NÈT 5BM WF[ FM -4% OP GVFSB MB DMBWF EFTQVÏT EF UPEP {5BM WF[ TØMP QBSF[DB BTÓ DVBOEP VOP FTUÈ DPMPDBEP 1FSP QPS PUSB QBSUF 3FDJÏO TBMJØ B MB MV[ USBT TV NVFSUF FO RVF FM DJFOUÓGJDP HBOBEPS EFM 1SFNJP /PCFM 'SBODJT $SJDL VUJMJ[BCB -4% DVBOEP ÏM Z TV DPMFHB +BNFT 8BUTPO EFTDVCSJFSPO FM "%/ iFM TFDSFUP EF MB WJEBw FO $BNCSJEHF FO $SJDL GVF EFWPUP EF "MEPVT )VYMFZ Z EFDMBSØ RVF NVDIPT BDBEÏNJDPT IBCÓBO VUJMJ[BEP QFRVF×BT DBOUJEBEFT EF -4% QBSB MJCFSBS TVT HFOJBMFT NFOUFT EF MBT MJNJUBDJPOFT EFM QFOTBNJFOUP MJOFBM 8BUTPO Z $SJDL ZB IBCÓBO EFTDVCJFSUP FM "%/ QFSP MPT UFOÓB QFSQMFKPT TBCFS DØNP FODBKBO UPEPT MPT HFOFT 5PEP FTUP IBTUB RVF VO EÓB DVBO EP DPMPDBEP DPO -4% $SJDL WJTVBMJ[Ø MB BIPSB GBNPTB FTUSVDUVSB EF MB EPCMF IÏMJ DF DPNQMFUBOEP BTÓ MB JNBHFO Z EBOEP BM NVOEP MP RVF TFSÓB QSPCBCMFNFOUF FM EFTDVCSJNJFOUP NÈT JNQPSUBOUF EF MB FSB NPEFSOB 5BM WF[ FM -4% OP UFOHB MB SFTQVFTUB QFSP TÓ FM QPUFODJBM


3FWJUBMJ[BS BHVKFSPT EF QMBOUBDJØO

-ÈNQBSBT EF JOEVDDJØO NBHOÏUJDB

)F DVMUJWBEP FO BHVKFSPT EF Y N EF QSPGVOEJEBE QSFQBSBEPT DPO VOB NF[DMB EF DPNQPTU FTUJÏSDPM EF HBMMJOB SFTUPT EF VWB IVNVT EF MPNCSJ[ UJFSSB WPMDÈ OJDB EF HSBOP HSBOEF Z BSFOB EF SÓP KVOUP B MB UJFSSB PSJHJOBM QBSB IBDFS VOB NF[DMB PSHÈOJDB SJDB 5SBT QBSUJS EF DMPOFT F JOJDJBS MB GMPSBDJØO FO JOUFSJPS QVTF QMBOUBT EF CVFO UBNB×P FO MPT BHVKFSPT EVSBOUF FM TPMTUJDJP EF QSJNBWFSB 4JHVJFSPO GMPSFDJFOEP QFSP UBNCJÏO TF FYUFOEJFSPO VO QPDP -PT DPHPMMPT FTUBCBO MJTUPT FM EF NBZP -VFHP EFKÏ RVF SFWFHFUBSBO 4F QVTJFSPO B DSF DFS Z GMPSFDJFSPO EF GPSNB NVZ BCVOEBOUF

&TUPZ QFOTBOEP FO DPNQSBS VOB MÈNQBSB EF JOEVDDJØO NBHOÏUJDB EF WBUJPT QBSB VTBSMB DPNP MÈNQBSB EF DVMUJWP .F IBO EJDIP RVF QSPEVDF MB MV[ FRVJWBMFOUF B VOPT WBUJPT EF "14 {4FSÈ EFNBTJBEB MV[ QBSB NJ KBSEÓO EF Y N %BWJE

.F HVTUBSÓB VUJMJ[BS MPT NJTNPT BHVKFSPT FTUB UFNQPSBEB {$ØNP EFCFSÓB QSFQBSBSMPT EFTQVÏT EF MB DPTFDIB -VJHJ (

&E 3PTFOUIBM FTUÈ SFDPOPDJEP B OJWFM NVOEJBM DPNP VOB HSBO BVUPSJEBE FO FM DBNQP EF MB NBSJIVBOB &O TVT NÈT EF B×PT DPNP HVSÞ BNFSJDBOP EF MB HBOKB IB FTDSJUP P FEJUBEP NÈT EF VOB EPDFOB EF MJCSPT TPCSF DVMUJWP EF NBSJIVBOB Z QPMÓUJDB TPDJBM EF MPT DVBMFT TF IBO WFOEJEP NÈT EF VO NJMMØO EF FKFNQMBSFT 4V QSJNFS MJCSP .BSJKVBOB (SPXFS T (VJEF FT MB ÞOJDB PCSB TPCSF DVMUJWP EF NBSJIVBOB RVF IB TJEP SFTF×BEB QPS 5IF /FX :PSL 5JNFT #PPL 3FWJFX 5SBT DBTJ EPT EÏDBEBT TV DPMVN OB EF DPOTFKPT "TL &E DPOUJOÞB SFTQPOEJFOEP MBT QSFHVOUBT EF MFDUPSFT EF UPEP FM NVOEP BDFSDB EF DVBMRVJFS BTQFDUP EF MB NBSJIVBOB

-B NFKPS NBOFSB EF JNBHJOBSTF RVÏ OFDFTJUB UV NF[DMB FTUF B×P DPOTJTUF FO BERVJSJS VO LJU QBSB IBDFS BOÈMJTJT EF UJFSSB Z BOBMJ[BS MPT BHVKFSPT P FOWJBS NVFTUSBT QBSB VO BOÈMJTJT QSPGFTJPOBM 6OB WF[ DPOPDJEPT MPT SFTVMUBEPT TØMP UFOESÈT RVF B×BEJS BRVFMMP RVF GBMUF /P PCTUBOUF FM DVMUJWP IBCSÈ HBTUBEP HSBOEFT DBOUJEBEFT EF OJUSØHFOP / QPUBTJP , Z DBMDJP $B BTÓ RVF EFCFSÓBO SFQPOFSTF )BZ NVDIBT GVFOUFT EF / JODMVZFOEP EJTUJOUPT UJQPT EF FTUJÏSDPM IBSJOBT EF TFNJMMB Z HVBOPT &M QPUBTJP TF SFQPOF GÈDJMNFOUF B×BEJFOEP RVFMQP P DFOJ[B EF NBEFSB 3FDVFSEB RVF TJ MB NF[DMB EF TVTUSBUP OP FT MP CBTUBOUF SJDB TJFNQSF QVFEFT B×BEJS UÏ EF DPNQPTU Z PUSPT BCPOPT PSHÈOJDPT TPMVCMFT 4J MB NF[DMB FT EFNBTJBEP SJDB MBT QMBOUBT TF RVFNBSÈO Z NPSJSÈO 1BSB PCUFOFS MPT NFKPSFT SFTVMUBEPT FNQJF[B QPS BOBMJ[BS MB UJFSSB

-B JMVNJOBDJØO EF JOEVDDJØO NBHOÏUJDB GVF JOWFOUBEB Z EFNPTUSBEB QPS /JLPMB 5FTMB FO MB EÏDBEB EF 'VODJPOB EF NBOFSB DBTJ JEÏOUJDB B MPT GMVPSFTDFOUFT -PT GMVPSFTDFOUFT FNQMFBO DÈUPEPT Z ÈOPEPT QBSB MBO[BS FMFDUSJDJEBE B USBWÏT EFM UVCP VOB DPNCJOBDJØO EF HBTFT JODMVZFOEP FM WBQPS EF NFSDVSJP TPO FYDJUBEPT Z MJCFSBO MV[ 67 MB DVBM FT DPOWFSUJEB B MV[ WJTJCMF QPS FM SFDVCSJ NJFOUP EF GØTGPSP EFM UVCP -BT MÈNQBSBT EF JOEVDDJØO NBHOÏUJDB VTBO NJDSPPOEBT QBSB FYDJUBS MPT HBTFT 6O NBHOFUSØO TJNJMBS B MPT RVF JODPSQPSBO MPT IPSOPT NJDSPPOEBT FNJUF VO GMVKP EF BMUB GSFDVFODJB $PNP OP IBZ FMFDUSPEPT RVF QVFEBO RVFNBSTF MBT MÈNQBSBT EVSBO NVDIP NÈT RVF PUSBT MÈNQBSBT Z TJO EJTNJOVDJØO EF MB JOUFOTJEBE B NFEJEB RVF MB MÈNQBSB FOWFKFDF &T EF FTQF SBS VOB WJEB ÞUJM EF IPSBT P NÈT -BT MÈNQBSBT FTUÈO EJTQPOJCMFT FO EJWFSTPT UBNB×PT IBTUB WBUJPT )BZ WBSJBT UFNQFSBUVSBT EF DPMPS EFTEF CMBO DP DÈMJEP IBTUB CMBODP NVZ GSÓP &TUBT MÈNQBSBT TPO UBO FGJDJFOUFT DPNP MPT NFKPSFT UVCPT GMVPSFTDFOUFT 5 DPO VOB FGJDJFODJB MVNÓOJDB EF MN 8 FO MBT MÈNQBSBT EF NBZPS WBUBKF &TUP OP MBT BDFSDB TJRVJFSB B MB FGJDJFODJB EF MBT MÈNQBSBT "14 RVF QSPEVDFO MN VTBOEP 8 MN 8 P EF MBT MÈNQBSBT ). RVF QSPEVDFO MN VTBOEP 8 MN 8

1SPCMFNBT EF ÈDBSPT

:FSCB RVF DBSFDF EF TBCPS Z BSPNB

-MFWBNPT WBSJPT NFTFT DPO QSPCMFNBT EF ÈDBSPT )FNPT VUJMJ[BEP VO JOTFDUJDJEB DBTFSP B CBTF EF MBWBWBKJMMBT UBCBDP Z BMDPIPM FM DVBM BDBCØ DPO FMMPT QPS DPNQMFUP Z OP BQBSFDJFSPO FO VO NFT Z NFEJP "IPSB IBO WVFMUP Z MBT QMBOUBT FTUÈO FO MBT ÞMUJNBT FUBQBT EF MB GMPSBDJØO {1PEFNPT VTBS UPEBWÓB OVFTUSP JOTFDUJDJEB DBTFSP {2VÏ PUSB TPMVDJØO QPEFNPT FNQMFBS {$ØNP QVEJFSPO FOUSBS FO OVFTUSP DVBSUP EF DVMUJWP RVF FTUÈ QFSGFDUBNFOUF MJNQJP Z FTUFSJMJ[BEP 1 0

$VMUJWP FO JOUFSJPS DPO NÏUPEPT IJESPQØOJDPT Z IF UFOJEP ÏYJUP FO UÏSNJOPT EF SFOEJNJFOUP Z QPUFODJB 4JO FNCBSHP FM TBCPS Z FM BSPNB EF NJT DPHPMMPT OJ TJRVJFSB TF BDFSDB B PUSPT RVF IF DPNQSBEP $VFMHP MPT DPHPMMPT QBSB RVF TF TFRVFO Z EFTQVÏT MPT HVBSEP FO CPUFT IFS NÏUJDPT EF DSJTUBM MPT DVBMFT NBOUFOHP B PTDVSBT QBSB MMFWBS B DBCP FM DVSBEP "CSP MPT CPUFT WBSJBT WFDFT BM EÓB {2VÏ FTUPZ IBDJFOEP NBM {$ØNP QVFEP NFKPSBS FM TBCPS Z FM BSPNB EF NJ DPTFDIB .FMPEJF

.PEJGJDBE WVFTUSP QFTUJDJEB DBTFSP FMJNJOBOEP FM UBCBDP 1SPCBE B VTBS VO iUÏw IFDIP DPO VOB DVDIBSBEB TPQFSB EF DBOFMB FO QPMWP FNQBQBEB FO BMDPIPM Z BHVB &O WF[ EF VUJMJ[BS KBCØO DPNP BHFOUF IVNFDUBOUF MP DVBM BZVEB B RVF FM QFTUJDJEB TF FYUJFOEB EF NBOFSB VOJGPSNF QPS FM GPMMBKF FO WF[ EF HPUFBS QPESÓBJT VTBS VO BHFOUF IVNFDUBOUF DPNFSDJBM RVF TFB PSHÈOJDP 0USBT TPMVDJPOFT QBSB FMJNJOBS MPT ÈDBSPT DPOTJTUFO FO VTBS VOB MÈNQBSB EF B[VGSF VOB P EPT WFDFT QPS TFNBOB P BQMJDBS VO QFTUJDJEB DPNFSDJBM QBSB QMBOUBT &M QSPCMFNB RVF FTUÈJT UFOJFOEP TF EFCF B EPT QPTJCMFT DBVTBT RVF MB JOGFTUBDJØO OP GVFSB FSSBEJDBEB QPS DPNQMFUP Z RVF MPT QPDPT TVQFSWJ WJFOUFT IBZBO DSFBEP VOB DPMPOJB EF OVFWP P RVF FM FTQBDJP TF IBZB JOGFTUBEP PUSB WF[ 6OB GPSNB EF FWJUBS MB SFDVSSFODJB USBT VOB JOGFTUBDJØO FT SFBMJ[BS VOB TFHVOEB SPOEB EF QVMWFSJ [BDJPOFT EFTQVÏT EF EFKBS QBTBS VOB TFNBOB "TÓ FT QSPCBCMF RVF TF BDBCF DPO MPT QPTJCMFT TVQFS WJWJFOUFT Z TVT EFTDFOEJFOUFT -BT QMBHBT QPESÓBO IBCFS FOUSBEP FO FM KBSEÓO EF DVBUSP NBOFSBT EJTUJOUBT 1PESÓBO IBCFS MMFHBEP IBTUB BMMÓ BMPKBEPT FO QFSTPOBT QMBOUBT P UJFSSB Z FRVJQBNJFOUP 0 QPESÓBO IBCFS FOUSBEP DPO MB DPSSJFOUF EF BJSF EFM TJTUFNB EF WFOUJMBDJØO 1FSTPOBT QBSB MPHSBS MPT SFTVMUBEPT NÈT TFHVSPT IBZ RVF DBNCJBSTF EF SPQB FTQFDJBMNFOUF EF [BQBUPT Z DBMDFUJOFT QPOFSTF HPSSB Z OP QFSNJUJS MB FOUSBEB B MBT NBTDPUBT /P FOUSBS OVODB BM KBS EÓO EFTQVÏT EF USBCBKBS BM BJSF MJCSF 1MBOUBT QPOFS MBT QMBOUBT FO DVBSFOUFOB EVSBOUF EÓBT " DPOUJOVBDJØO FYBNJOBSMBT B DPODJFODJB VTBOEP VOB MFOUF EF BVNFOUP QBSB DPNQSPCBS FM FOWÏT EF MBT IPKBT FO CVTDB EF JOGFTUBDJPOFT .FEJP EF DVMUJWP Z FRVJQBNJFOUP MPT NFEJPT EF DVMUJWP OVFWPT RVF FTUÈO QBTUFVSJ[BEPT P IFDIPT EF UVSCB DPSUF[B P DPDP OP TVFMFO QSPWPDBS JOGFTUBDJPOFT &M FRVJQBNJFOUP VUJMJ[BEP FO PUSP KBSEÓO EFCFSÓB MBWBSTF Z EFTJOGFDUBSTF QPS DPNQMFUP DPO VOB CVFOB SPDJBEB EF QFTUJDJEB P DPO QFSØYJEP EF IJESØHFOP BM DPNP NÓOJNP 4JTUFNB EF WFOUJMBDJØO MPT ÈDBSPT Z PUSBT QMBHBT TVFMFO TFS USBOTQPSUBEBT QPS MBT DPSSJFOUFT EF BJSF 4J FM FTQBDJP TF SFGSFTDB NFEJBOUF WFOUJMBDJØO MBT UFSNJOBMFT UBOUP EF FOUSBEB DPNP EF TBMJEB EFCF SÓBO QSPUFHFSTF DPO GJMUSPT -PT GJMUSPT )&1" TPO VOB FMFDDJØO NVZ CVFOB

)BZ EPT DBVTBT QPTJCMFT QBSB MB GBMUB EF BSPNB Z TBCPS RVF FTUÈT OPUBOEP -B QSJNFSB FT RVF MPT DPHPMMPT IBZBO TJEP DPTFDIBEPT EFNBTJBEP QSPOUP 4J MPT DPHPMMPT TF DPTFDIBO JODMVTP VOPT QPDPT EÓBT BOUFT EF RVF FTUÏO MJTUPT OP DPOUFOESÈO MPT PMPSFT JOUFOTPT RVF TØMP QSPEVDFO BM NBEVSBS -B FTQFSB NFSFDF MB QFOB ZB RVF MB QPUFODJB UBNCJÏO BVNFOUB 1SJNFSP MPT FTUJHNBT VOB FTQFDJF EF QJODFMFT TVB WFT EF DPMPS CMBODP TF TFDBO Z QBTBO B TFS EF DPMPS NBSSØO )BZ RVJFO QJFOTB RVF FTUPT DPHPMMPT FTUÈO NBEVSPT %JTUBO NVDIP EF FTUBSMP " DPOUJOVBDJØO MBT HMÈOEVMBT TF WVFMWFO NÈT QSPNJOFOUFT QFSP TVT DBCF[BT OP FTUÈO MMFOBT IBTUB RVF QBSFDFO HMPCPT B QVOUP EF FYQMP UBS -PT DPHPMMPT BÞO OP FTUÈO NBEVSPT EFM UPEP /P SFDPKBT OJOHÞO DPHPMMP IBTUB RVF FTUÏ NBEVSP 1PS ÞMUJNP MBT DBCF[BT HMBOEVMBSFT QBSFDFO UPUBMNFOUF MMFOBT "MHVOBT EF FMMBT FTUÈO DBNCJBO EP EF DPMPS QBTBOEP EF TFS USBOTQBSFOUFT B NPTUSBSTF USBOTMÞDJEBT P EF DPMPS ÈNCBS -PT PWBSJPT USBT MPT FTUJHNBT FTUÈO IJODIÈOEPTF DPNP TJ DPOUVWJFSBO TFNJMMBT Z FM PMPS FT NVZ JOUFOTP )PSB EF DPTFDIBS &M TFHVOEP QSPCMFNB QVFEF TFS MB GPSNB EF DVSBS MB NBSJIVBOB &O SFBMJEBE FM NÏUPEP EFM CPUF EF DSJTUBM GBWPSFDF MB EFHSBEBDJØO EF MPT CVFOPT PMPSFT BM NBOUFOFS MPT DPHPMMPT FO VO FOUPSOP IÞNFEP Z BOBFSØCJDP TJO PYÓHFOP %FKB RVF MPT DPHPMMPT TF TFRVFO OBUVSBMNFOUF FO VO MVHBS GSFTDP EPOEF DPSSB FM BJSF -PT UFSQFOPT MBT NPMÏDVMBT EF PMPS TF FWBQPSBO B OJWFMFT CBKPT EF UFNQFSBUVSB "MHVOPT TPO WPMÈUJMFT B Ø P$ QPS MP RVF VO BNCJFOUF GSFTDP Z TFDP MPT QSFTFSWB 6OB WF[ RVF MPT DPHPMMPT FTUÈO MP CBTUBOUF TFDPT QBSB QPEFS GVNBSTF HVÈSEBMPT FO FM GSJHPSÓGJDP


.BOUFOFS MBT QMBOUBT FO GMPSBDJØO

1MBOUBDJØO TVQFSUBSEÓB

4VQPOHBNPT RVF UFOHP QMBOUBT FO GBTF EF GMPSBDJØO Z RVF IBO FTUBEP DPOUSPMBEBT FO JOUFSJPS DPO IPSBT EF PTDVSJEBE Z IPSBT EF MV[ P EÓB {7PMWFSÈO B FTUBEP WFHFUBUJWP TJ TF QBTBO B UJFSSB FO FYUFSJPS DPO IPSBT EF MV[ Z IPSBT EF PTDVSJ EBE {0 TFHVJSÈO DPHPMMBOEP BVORVF OP TF MBT DVCSB DPO QMÈTUJDP PQBDP 4LZXBMLFS

{2VÏ QBTBSÓB TJ TF QMBOUBSBO TFNJMMBT EF NBSJIVBOB BMSFEFEPS EFM EF BHPTUP "RVÓ OP UFOFNPT IFMBEBT IBTUB OPWJFNCSF Z DVMUJWP FO VOB [POB NVZ TPMFBEB +PF &

&TUPZ DVMUJWBOEP VOB QMBOUB FO GBTF WFHFUBUJWB DPO GMVPSFTDFOUFT DPNQBDUPT Z NF QSFHVOUP TJ QVFEP TBDBSMB GVFSB QBSB RVF GMPSF[DB 4J FT BTÓ {FO RVÏ NFT MB TBDP BM FYUFSJPS %BOJFM ' -BT WBSJFEBEFT *OEJDB Z MB NBZPSÓB EF MBT WBSJFEBEFT *OEJDB 4BUJWB FNQJF[BO B GMPSFDFS DPO VO SÏHJNFO EF IPSBT EF PTDVSJEBE Z IPSBT EF MV[ FTQFDJBMNFOUF TJ IBO FTUBEP FO VO KBSEÓO EF JOUFSJPS DPO VO SÏHJNFO EF IPSBT EF MV[ &M DBNCJP SFQFOUJOP B VO QFSJPEP EF PTDVSJEBE NÈT MBSHP UBNCJÏO BZVEB B MB USBOTJDJØO EF MB QMBOUB 6OB QMBOUB *OEJDB RVF FTUÈ GMPSFDJFOEP DPO IPSBT EF PTDVSJEBE 4&(6*3« '-03&$*&/%0 $0/ )03"4 %& 04$63*%"% : )03"4 %& -6; -BT WBSJFEBEFT *OEJDB Z MPT IÓCSJEPT *OEJDB RVF FTUÈO GMPSF DJFOEP DPO IPSBT EF PTDVSJEBE JOJOUFSSVNQJEB TFHVJSÈO GMPSFDJFOEP DPO IPSBT EF PTDV SJEBE QFSP QVFEFO SFWFSUJSTF B FTUBEP WFHFUBUJWP TJ FM QFSJPEP EF PTDVSJEBE TF BDPSUB NÈT -BT QMBOUBT 4BUJWB UJFOEFO B TFS WBSJFEBEFT EF UFNQPSBEB MBSHB Z TPO JOEVDJEBT B GMPSFDFS DVBOEP FM QFSJPEP B PTDVSBT FT DPOTJEFSBCMFNFOUF NÈT MBSHP 1VFEFO SFRVFSJS VO QFSJPEP NÓOJNP EF PTDVSJEBE EF IPSBT BOUFT EF QBTBS EF DSFDJNJFOUP WFHFUBUJWP B GMPSBDJØO &T NÈT QSPCBCMF RVF FTUBT QMBOUBT WVFMWBO B FTUBEP WFHFUBUJWP DPO IPSBT EF PTDVSJEBE -B EVSBDJØO EFM EÓB FT EJTUJOUB TFHÞO MB MBUJUVE QPS MP RVF SFTVMUB JNQPTJCMF EFDJS FM iCVFO NPNFOUPw FYBDUP FO UV [POB 1BSB TBCFSMP DPNQSVFCB B RVÏ IPSBT BNBOFDF Z BOPDIFDF /P EFCFSÓBO QBTBS NÈT EF IPSBT FOUSF BNCPT NPNFOUPT &M BNBOFDFS Z FM BOPDIFDFS WBSÓBO SFTQFDUP B MB TBMJEB Z MB QVFTUB EFM TPM &M BNBOFDFS QSFDFEF B MB QVFTUB EF TPM &M BOPDIFDFS FT FM QFSJPEP DPO MV[ RVF UJFOF MVHBS EFTQVÏT EF RVF TF QPOHB FM TPM Z UBNCJÏO WBSÓB TFHÞO MB MBUJUVE $VBOUP NÈT BMUB TFB MB MBUJUVE NBZPS EVSBDJØO UJFOF -BT QMBOUBT NJEFO FM QFSJPEP JOJOUFSSVNQJEP EF PTDVSJEBE QBSB EFUFSNJOBS FO RVÏ NPNFOUP GMPSFDFS &M UÏSNJOP PQFSBUJWP RVF SFTVMUB DMBWF BRVÓ FT iJOJOUFSSVNQJEPw 4J MB PTDVSJEBE TF JOUFSSVNQF NFEJBOUF DJFSUP QFSJPEP EF MV[ BVORVF TFB DPSUP MBT QMBOUBT SFJ OJDJBO TV DPOUBEPS EF UJFNQP .JEFO MB EVSBDJØO EFM UJFNQP QSPEVDJFOEP VOB IPSNPOB RVF TF BDVNVMB EF NBOFSB RVÓNJDB NJFOUSBT IBZB PTDVSJEBE $VBOEP BMDBO[B VO OJWFM DSÓUJDP MB QMBOUB FNQJF[B B GMPSFDFS -B QSFTFODJB EF MV[ SPKB EFTUSVZF FTUB IPSNPOB

:FSCB BEVMUFSBEB "TJTUÓ B VO SFUJSP EF GJO EF TFNBOB IBDF QPDP Z GVNÏ ZFSCB &O NFOPT EF NFEJB IPSB UVWF VOB SFBDDJØO UPEP NJ DVFSQP TF NPWÓB OFSWJPTBNFOUF Z TVGSÓB TBDVEJEBT &SB DPOTDJFOUF EF MP RVF TVDFEÓB QFSP OP QPEÓB DPOUSPMBSMP .ÈT BEFMBOUF UVWF VOB SFBDDJØO TJNJMBS B VO NFEJDBNFOUP DPOUSB FM EPMPS RVF TF MMBNB 5BMXJO &TUB SFBD DJØO B MB ZFSCB EVSØ DBTJ IPSBT Z GVF SFBMNFOUF BUFSSBEPSB {)BT PÓEP BMHVOB WF[ BMHP QBSFDJEP B FTUP P QJFOTBT RVF MB ZFSCB QPEÓB FTUBS BEVMUFSBEB #SJBO 1JFOTP RVF MB NBSJIVBOB FTUBCB NF[DMBEB DPO PUSB ESPHB .BOUFOHP VO BSDIJWP DPO MBT SFBDDJPOFT BMÏSHJDBT EF EJTUJOUBT QFSTPOBT B MB NBSJIVBOB QFSP OVODB IF TBCJEP EF VOB SFBDDJØO TFNFKBOUF "EFNÈT QBSFDF RVF TJHVFT DPOTVNJFOEP NBSJIVBOB QPS MP RVF FT QSPCBCMF RVF TF USBUBSB EF VOB SFBDDJØO BJTMBEB .J DPODMVTJØO ZFSCB BEVMUFSBEB

%FQFOEF EF MB WBSJFEBE -BT QMÈOUVMBT *OEJDB FNQF[BSÈO B GMPSFDFS EF JONFEJBUP Z TF RVFEBSÈO NVZ QFRVF×BT -PT IÓCSJEPT 4BUJWB *OEJDB DSFDFSÈO VO QPDP Z FNQF [BSÈO B GMPSFDFS FO TFSJP B NFEJBEPT EF TFQUJFNCSF FTUBOEP DPTFDIBEBT B GJOBMFT EF PDUVCSF -BT 4BUJWB UFNQSBOBT TF IBSÓBO NÈT HSBOEFT ZB RVF TF SFTJTUJSÓBO B GMPSFDFS IBTUB GJOBMFT EF TFQUJFNCSF UFSNJOBOEP B QSJODJQJPT EF OPWJFNCSF -BT DPTFDIBT UBSEÓBT TPO NVZ JODJFSUBT &M UJFNQP QBTB EF DÈMJEP B GSFTDP MB JOUFO TJEBE EFM TPM EFDSFDF Z IBZ NÈT QSPCBCJMJEBEFT EF RVF MB MMVWJB PDBTJPOF QÏSEJEB EF DPHPMMPT 1PS FMMP FT NVDIP NÈT TFODJMMP DPOUSPMBS FM FOUPSOP NFEJBOUF VO JOWFSOBEFSP P JODMVTP UÞOFMFT QPSUÈUJMFT -B UFNQFSBUVSB MB IVNFEBE Z IBTUB MB MV[ QVFEFO DPOUSPMBSTF EBOEP DPNP SFTVMUBEP VOB QMBOUB NÈT TBOB MB DVBM QSP EVDF VO NBZPS SFOEJNJFOUP EF DPHPMMPT NÈT QPUFOUFT

%FNBTJBEP BJSF DBMJFOUF &TUPZ UFOJFOEP QSPCMFNBT QBSB NBOUFOFS GSFTDP NJ DVBSUP EF Y N 5FOHP GVODJP OBOEP MÈNQBSBT "14 EF 8 SFGSJHFSBEBT QPS BJSF Z VO BQBSBUP QPSUÈUJM EF BJSF BDPOEJDJPOBEP EF CUV GSJHPSÓBT -BT MÈNQBSBT FTUÈO SFGSJHFSBEBT QPS VO FYUSBDUPS EF DN FO MÓOFB $PO FM FYUSBDUPS Z FM BJSF BDPOEJDJPOBEP FO NBSDIB MB UFNQFSBUVSB TJHVF BMDBO[BOEP P$ {&T TVGJDJFOUF DPO FTUP P EFCFSÓB B×BEJS VO FYUSBDUPS TFDVOEBSJP {4FSÓB OFDFTBSJP DBNCJBS B VO BQBSBUP EF BJSF BDPOEJDJPOB EP EF QBSFE %SFX $BEB WBUJPT EF FMFDUSJDJEBE QSPEVDFO VOBT CUV EF DBMPS 6OB MÈNQBSB EF WBUJPT DPO VO CBMBTUP EJHJUBM HBTUB VOPT WBUJPT DPO VO CBMBTUP NBHOÏUJDP HBTUB BMSFEFEPS EF WBUJPT 4JO OJOHÞO UJQP EF SFGSJHFSBDJØO QPS BJSF QSPEVDFO VO NÈYJNP EF VOBT CUV /P PCTUBOUF TJ MBT MÈNQBSBT FTUÈO SFGSJHFSBEBT QPS BJSF DPO MB FOUSBEB DPOFDUBEB B VOB GVFOUF EF BJSF RVF QSPDFEB EFM FYUFSJPS EF MB IBCJUBDJØO Z B VOB TBMJEB RVF FNJUB FM DBVEBM EF BJSF GVFSB EF MB IBCJUBDJØO TF FMJNJOB MB NBZPS QBSUF EFM DBMPS RVF FNJUFO MBT MÈNQBSBT RVFEBOEP ÞOJDBNFOUF CUV QPS MÈNQBSB CUV DPNP NÈYJNP &M DVBSUP EFCFSÓB NBOUFOFSTF SFGSJHFSBEP EF GPSNB BEFDVBEB DPO MBT CUV EFM BQBSBUP EF BJSF BDPOEJDJPOBEP 4J OP FT BTÓ BMHVOP EF MPT EJTQPTJ UJWPT OP FTUÈ GVODJPOBOEP DPSSFDUBNFOUF 4J FM DVBSUP FTUÈ EFNBTJBEP DBMJFOUF EFCJEP B MB UFNQFSBUVSB FYUFSJPS IBZ WBSJBT TPMVDJP OFT $POTJEFSB FODFOEFS MBT MÈNQBSBT EF GMPSBDJØO EVSBOUF MB OPDIF DVBOEP MB UFNQF SBUVSB FYUFSJPS FT NÈT CBKB &TUP FT FTQFDJBMNFOUF ÞUJM FO [POBT DPO DMJNB .FEJUFSSÈOFP QPS MB GVFSUF CBKBEB EF UFNQFSBUVSB EF P$ P NÈT RVF TF QSPEVDF DBEB OPDIF "ÓTMB FM FTQBDJP QBSB RVF FM DBMPS EFM FYUFSJPS OP QFOFUSF UBOUP $VCSF MBT QBSFEFT DPO QBOFMFT EF 4UZSPGPBN EF Y DN Z QPDP FTQFTPS DN &TUP NBOUFOESÈ HSBO QBSUF EFM DBMPS GVFSB EFM DVBSUP FO WFSBOP Z EFM GSÓP FO JOWJFSOP &M QSPCMFNB EFCFSÓB SFTPMWFSTF DPO FTUBT EPT NFEJEBT 4JO FNCBSHP FO DBTP EF RVF OP SFTVMUFO DPOWFOJFOUFT QVFEFT PQUBS QPS B×BEJS NÈT BJSF BDPOEJDJPOBEP EVSBOUF MPT QFSJPEPT EF NÈYJNBT


0( !9

7 ! ,0"+1% ) &0 1%" $2/2 ,# $ +' 8 &$% &*"0

!

" ! %

! $ " # # # # ! # # ! $ $

! # $ ! " ! $ $ ! $ # " ! ! $ ! $ " ! " # " ! ! " " # " ! !

!

# s " # ! s ! ! % $ s " #

! 0-"+1 5" /0 -"/#" 1&+$ %&0 $/,4 1" %+&.2" )) 5,2 +""! &0

/!(. ! 0.! ! $ %* ! !(%/. '%#$/ %) ) 0)0.0 ''4 ) -*2 .+! /-0( $! (%)!- '. 0.! /* ( &! %/ !/!-(%)! /$! +)%&# $ .+! /-0( # # /$! %* ! !(%/. )! $ ' ' (+. ! % %$ (%/ (*./ *" &% % * $ ' /$!%- '%#$/ %) * .+! /-0(. /$ % #&

/ -! )*/ 1!-4 0.!"0' /* /$! +' )/ %/$ . 53/0-!. UÊ !$ ) ! !.%#)! &$ $$ % /* +-*1% ! /$! +' )/. % %# %* 2%/$ !3 /'4 /$ $ ! # ! .+! /-0( /$ & % / /$!4 % !# )!! "*- ( 3%(0( & % #-*2/$ ( %% $ ( 4 / %'*-%)# $ ' ! /$! %* !. # '%#$/ .+! * # ( /-0( /* +' )/ ! # % % !,0%-!(!)/. $% . ) ! #& ( (*-! !"5 %!)/ +-* 0 !-. %( ' ' (+. &#$ * !'%1!- (*-! /*/ ' '%#$/ +!- 2 UÊ $ $% // *" %)+0/ 0/ . -! # %

/2% ! . !"5 %!) & $ UÊ $ / %) '%#$/ +!- 2 // %% % . ' (+ . $ / "& ! (! ). 2 ' % %# $% (+ ) ! .0 % $ ./%/0/! "*- % % # "& #

2 ' ( # # ( % # + ) /$! 2 ' (+. ' % % $*$% ) ! .0 ./%/ $ # # 0/! "*- 2 ' (+. % #$ $! 5-./ #!)!- /%*). *" ' (+. % )*/ !(%/ ) %) /!).! !)*0#$ '%#$/ /* .0+ . -! +*2!-! +*-/ !%/$!- 4 !%/$!- /%1! 1!#!/ / /- ). "*-(!%1! #-*2/$ *- *- %#%/ ' 6*2!-%)# 0/ -%1!- - )."* (* !-) 53/0-!. -(!-. -! .%(%' - /* 2$% $ 0.! $%#$!- + %/ *' ./4'! ( #)!/% 4 %* !. $ 1! '' ./. "*- 0)%/. .*'1! /$*.! ! -'4 +-* /$!4 0.! (*-! '!(. !)!-#4 /$ ) %#%/ ' *)/-*'' %#$!- ,0 '%/4 !-. ) +-* 0 ! $! / /$ / .4./!(. 0.! ( ( 4 )!! /* ! *./'4 -! '%#$/ '*)# 2%/$ %..%+ /! $%. %

.*(! '0! 0./ . .( '' *).% !- /%*) . 2%/$

)4 */$!- +-* *(+ -! /* /$! 0 / ( )0" /0-!-. " "" $ # $! / ' (+. +-* 0 ! " + ./ ) - . %""!- $ 2$% $ $ . /* "!2 ( )0" /0 $ & " & % #") " "' ! 1!)/! ' ' $ " -!-. '# (& (& ' , (+. !(%/ 1%-/0 $ $# %$ #-!!) '%#$/ /$! % '* ' ''4 )* $! / . , - "' ' $%# ( $ . .$*2) "# $ $ " * /$!4 ) ! +' ! $ # $ # /* ! !""! /%1! 2%/$ +' )/. ) 1!-4 ' !$& , % &! %& " ! ' % && ' ' " % " *.! /* / $ , ( !- %. '.* $! # - !) ) &# ' , % &, '# -! )*/ !) 0( " %# .*(!/%(!. ' ' . %#* ! *./ !-! 2%/$ /0 " & " # # ' & #(% "&' ( )0" /0-!-. !. "*- %- *- " ) " 2 /!- **'%)# % ( & " % , #"&( %) '0 ! "!2 #% $ # " 2$%/! '%#$/ !(%//!!$' #" & #!$ % ' ! " $! 14 1!)/%' ' $ " * ' #% &,&' !& , . %) /$!%- 0)%/. & " $ $ " $ * /%*) *- )4 *" /$! */$!- + $ $!.! %* !. /0 ''4 !( * '!(. ) $ " *- %) *)1!)%! ' $ " #)#$ %/ *( %) /%* ) !. " *" ) *" -! #-!!) ) '0! "" $ ' (+. # $ " +$ .+! /-0(. 2$% $ # $ $ %#$/ "-*( . *" 2 *( %)! /* ++! $ %# % $ .4./!( ) ! *( %) 2$%/! $%/! # #) $ #$ #) $ & ! ' ) %, '' 2%/$ ) ! '%#$/. $!'+ ' " " $ # ) 1 )/ # ' (+. # '# ' $ "'& ' &$% ) %, #& /* */$ .0++'4 0.!"0' 2 1!'! ( # & ! *" 0.%)# .* /$!-! %. )* -! .*) /* . - + )#/$. "*- /$! *( %) & ' / " &

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

$$ " $ //. *" . /$! 4!''*2 .+! /-0 $ " 2 //. *" %)# %)# -! ( ! % "#! $# $ # . -! /!. / ) '0! . $ $ $" $" & # $! !,0%1 '!)/ # $ " $ $ %)./! %) -! . & # ! # ! $ #" ! $" # ! " ! " & ' "( '%#$/ 0/ ' ' $ " !. ! , '# )*/ %) /$! 4!' '*2 .+! /-0( # ' $ $ " % #)#$ #$ " # $ " " # $ " " #

## " # $ " ) $ ' $ $ "" " # $ $ $ $# $ " $ ) % %# $ # %#$ #% $ $ " ) $# " " $ $%" # %" # $ # # " " " # ' " # $ " $ $ " # #% & # " $ " % $ #% " " # # "$# # %$ " $ # * " %" & ") $ "$ $# ' $ ' $ " # " ' #$ $# "" $ "$ * # " !% " " $ $# ' %# "$ * " # %$ " $# $ ' $ " " # "" $ %# "" $ #)#$ # $ $ + # # & ") $" $" % $ " " # "& " %# %# ) ( $) " " & $) ' " #% $ " $ $ ) $ $ & "# ' $ # # " # $ " $ " % $ # $# " #$ + $ $ " % $ $# ) %# " " #% $ " #)#$ #$ & " ' $ ) " " # " # & ")

& # " # $ + $ %# ## " "" $ & " $ $ $ $ ' $ # $ % " # + ' $ " ' $ " " & " ' $ " # ' ) " # " # ' " $ $ $ # " " $ " " " " % # " $# # " " $ $# " " $ $ , ' " & " " # "& " $ ' $ " # ' ) & "# ' $ " # " %# $ $ % # $ $ $ # ' " #%# $ $ $$ # $ $ $$ #$ ) ' #$%" # " # $

/&+%# -07'2+/) .'-- #34' (2'3* 700&39 .

&#93 +)* #/)0 %+4253 4#34' *'#69 $0&9 340/' 3-''19 -0/) -#34+/)

"

/&+%# ()*#/ 8 ,5/, *' ()*#/+ #:#2 + 7'',3 '#2-9 06 054 *#2+(( 1#24 +3 # 6'29 3 &0023 *040 54%* *024 *2+34.#342'' -+,' #33+0/ ''&3 1-#/4 +)* 6'29 51

-07'2+/)

HD9FL <AK=9K=K

H=KL AFN9KAGFK

! % # $ # ! !

E=9DQ :M?K 9F< EAL=K

<ak]Yk]k

3" 5,2/ $ /!"+

HGO<=JQ EAD<=O

D=9> K=HLGJA9

O@AL=>DA=K

9H@A<K

EGD<Q :M<

JGGL JGL

L@JAHK >MK9JAME OADL

KHA<=J EAL=K

FMLJA=FL :MJF

s

9FLK

=fnajgfe]flYd Klj]kk]k

=FNAJGFE=FL9D KLJ=KK=K KHA<=J EAL=K

DA?@L :MJF

;9L=JHADD9JK 9F< KDM?K

s

GN=JO9L=JAF?

D=9> EAF=JK

9F< EM;@ EGJ=

9DKG AF;DM<=K AF>GJE9LAGF GF <==J$ >MF?MK ?F9LK$ ?GH@=JK$ EGD=K 9F< J9LK @=9L :MJF

;GJF :GJ=JK

0UJS\KLZ KPHNUVZ[PJ N\PKL [V [OL TVZ[ JVTTVU NHYKLU WYVISLTZ

"01 #/,* 1%" ""! /""!"/0

3 &) )" 1%/,2$% 444 0"+0&0""!0 ,*

")

444 $/,4 &+ "/)&+ ,*

)) ,,(0 3 &) )" 1 444 * 6,+ ,* ,,(0


1MBOUB FTUJSBEB 5FOHP VOB QMBOUB FO NJ BSNBSJP Z FM UBMMP TF IB FTUJSBEP EFCJEP B MB GBMUB EF JMVNJOBDJØO )F B×BEJEP NÈT MV[ Z BIPSB MB QMBOUB UJFOF MB QBSUF TVQFSJPS NVZ QFTBEB {4FSÈ DBQB[ EF DPSSFHJSTF QPS TÓ TØMB Z DSFDFS TBOB P IBZ BMHP RVF QVFEB IBDFS QBSB BZVEBSMB 5FE -B DBOPQJB ZB IB SFBMJ[BEP MB USBOTJDJØO EF MV[ EF CBKB JOUFOTJEBE B MV[ EF BMUB JOUFOTJEBE &TUP QVFEF DPOMMFWBS VO QFSJPEP EJGÓDJM QPSRVF MBT IPKBT FTUBCBO EFTBS SPMMBEBT QBSB GVODJPOBS FO DPOEJDJPOFT EF JMVNJOBDJØO CBKB Z IBO EF BEBQUBSTF B MBT OVFWBT DPOEJDJPOFT &M SFTVMUBEP FT VO UBMMP EFMHBEP Z BMBSHBEP RVF JOUFOUB TPQPSUBS VOB DBOPQJB NÈT QFTBEB EF MP QSFWJTUP &M UBMMP EFCFSÓB TPTUFOFSTF NFEJBO UF UVUPSFT P DPO VO BSP EF TPQPSUF %F FTUB GPSNB FM QFTP EF MPT DPHPMMPT OP SPNQF SÈ FM UBMMP DPSUBOEP FM GMVKP EF BHVB Z OVUSJFOUFT

.BSJIVBOB BEBQUBEB )BZ VOB CVFOB DBOUJEBE EF NBSJIVBOB DSFDJFOEP FO NJ QSPQJFEBE $PHÓ BMHVOBT QMBOUBT IBDF VOB TFNBOB Z EFTDVCSÓ RVF MPT DPHPMMPT FSBO CBTUBOUF QPUFOUFT BVO RVF DPOUJFOFO NVDIBT TFNJMMBT QSFNBUVSBT .F QSFHVOUP TJ IBZ BMHVOB GPSNB EF BSSFHMBS FTUF QSPCMFNB -FF 4FQBSB MBT TFNJMMBT EF MPT DPHPMMPT 1VFEFT VTBS FM NBUFSJBM DPNP FTUÈ P DPODFOUSBS MPT VTBOEP VOB NBMMB EF TFSJHSBGÓB P EF BDFSP P IBDJFOEP IBDIÓT BM BHVB 6OB EF MBT WFOUBKBT EF FMJNJOBS FM GPMMBKF CBKP RVF FTUÈ TJO JMVNJOBS FT RVF FM BJSF DPSSF MJCSFNFOUF 4F QSPEVDF NFOPT IVNFEBE Z MBT IPKBT JNQSPEVDUJWBT EFKBO EF DPOTVNJS MPT WBMJPTPT QSPEVDUPT WFHFUBMFT

1PMJOJ[BDJØO JNQSFWJTUB 6OB QMBOUB NBDIP RVF QBTØ JOBEWFSUJEB QPMJOJ[Ø BMHVOBT QMBOUBT EF NJ KBSEÓO BDDJ EFOUBMNFOUF 1BSUF EF MPT FTUJHNBT FTUÈO FNQF[BOEP B QBTBS EF DPMPS CMBODP B SPKJ [P NBSSØO {-PT DPHPMMPT UFOESÈO VOB GVNBEB NFKPS TJ MPT DPTFDIP BIPSB P TJ FTQF SP VO QPDP Z DPTFDIP BOUFT EF RVF MBT TFNJMMBT NBEVSFO QFSP DVBOEP MPT DPHPMMPT FTUÏO CJFO GPSNBEPT {4FHVJSÈ FTUBOEP CJFO MB ZFSCB (SPX #PMF -PT DPHPMMPT KØWFOFT DPO MPT FTUJHNBT BQFOBT FNQF[BOEP B QPOFSTF NBSSPOFT OP TPO BEFDVBEPT QBSB TFS DPOTVNJEPT QPSRVF OP DPOUJFOFO NVDIP 5)$ &M 5)$ TF QSPEVDF Z BMNBDFOB FO MPT USJDPNBT HMBOEVMBSFT MPT DVBMFT WBO TJFOEP DBEB WF[ NÈT BCVOEBOUFT B NFEJEB RVF NBEVSB FM DPHPMMP -PT DPHPMMPT KØWFOFT UJFOFO NVDIPT NFOPT USJDPNBT Z TVT QVOUBT BÞO OP TF IBO MMFOBEP EF 5)$ Z BDFJUFT FTFODJBMFT 4J EFKBT RVF MPT DPHPMMPT TJHBO EFTBSSPMMÈOEPTF Z FTUPT TØMP GVFSPO QPMJOJ[BEPT MJHF SBNFOUF MBT TFNJMMBT NBEVSBSÈO QFSP TFHVJSÈO TVSHJFOEP GMPSFT OVFWBT 4J GVFSPO QPMJOJ[BEPT QSPGVTBNFOUF FT QSPCBCMF RVF EFKFO EF QSPEVDJS GMPSFT OVFWBT QBSB NBEVSBS MBT TFNJMMBT EF MBT GMPSFT QPMJOJ[BEBT &O BNCPT DBTPT MBT TFNJMMBT DSFDF SÈO B NFEJEB RVF NBEVSBO MBT GMPSFT Z UFOESÈO RVF TFS SFUJSBEBT EF MPT DPHPMMPT BOUFT EF GVNBS BVORVF FTUÏO JONBEVSBT

.,76 '( &8/7,92 '( +21*26 < 758)$6 0É*,&$6 18(9$ $ )2508/ ,(172 5(1',0 /72 $ 6 $ 0

4J RVJFSFT RVF FM QMBOUFM TJHB TV DVSTP BTFHÞSBUF EF EFWPMWFS QSPOUP MB TFNJMMB B MB [POB EPOEF DSFDÓB MB NBSJIVBOB 4J UJFOFT VOB SFTFSWB EF TFNJMMBT EF BMUB DBMJEBE QVFEFT B×BEJSMB B MB NF[DMB &TUP EBSÈ DPNP SFTVMUBEP VOB QPMJOJ[BDJØO DSV[BEB EVSBOUF MB UFNQPSBEB TJHVJFOUF EBOEP MVHBS B IÓCSJEPT NÈT GVFSUFT 1BSB SFEVDJS FM WPMVNFO EF QPMJOJ[BDJØO MB QSØYJNB UFNQPSBEB WF BM DBNQP EVSBOUF KVOJP Z KVMJP Z TFYB MBT QMBOUBT &MJNJOB BMSFEFEPS EF MBT USFT DVBSUBT QBS UFT EF QMBOUBT NBDIP 5JFOFT RVF EFKBS BMHVOBT P OP IBCSÈ QPMJOJ[BDJØO OJ TFNJM MBT QSPWPDBOEP MB FYUJODJØO EFM QMBOUFM

"HVB DBMJFOUF FO IJESPQPOÓB 5FOHP RVF SFEVDJS MB UFNQFSBUVSB EFM BHVB EF NJ EFQØTJUP EF MJUSPT )BZ WFDFT RVF MB UFNQFSBUVSB EFM BHVB TVQFSB MPT P$ {2VÏ EFCFSÓB IBDFS 'SPDLZ +BDL -B TPMVDJØO B UV QSPCMFNB FT VO SFGSJHFSBEPS QBSB BDVBSJPT RVF FOGSÓB FM BHVB B NFEJEB RVF ÏTUB QBTB QPS ÏM -PT SFGSJHFSBEPSFT TPO FNQMFBEPT QPS MPT FOUVTJBTUBT EF MB BDVBSJP GJMJB QBSB NBOUFOFS VOB UFNQFSBUVSB DPSSFDUB FO FM UBORVF &TUÈO EJTQPOJCMFT FO UJFOEBT EF NBTDPUBT Z FO JOUFSOFU $VBOEP FM UJFNQP FTUÈ GSFTDP FM BHVB QVFEF FOGSJBSTF BJSFÈOEPMB DPO FM BJSF EFM FYUFSJPS NFEJBOUF VOB CVSCVKFBEPSB EF BJSF BDDJPOBEB QPS VOB CPNCB EF BJSF EF BDVBSJP Z SFHVMBEB QPS VO UFSNPTUBUP EJHJUBM QBSB SFGSJHFSBEPSFT EF BHVB RVF UBNCJÏO QVFEFO FODPOUSBSTF FO MB UJFOEB MPDBM EF TVNJOJTUSPT QBSB NBTDPUBT P B USBWÏT EF JOUFSOFU


1MBOUB NBESF NVMUJWBSJFUBM

"CPOBOEP MB FBSUI CPY

7JWP FO VOB [POB EPOEF FM OÞNFSP EF QMBOUBT FTUÈ MJNJUBEP &TUP IBDF RVF TFB CBTUBOUF EJGÓDJM NBOUFOFS NÞMUJQMFT WBSJFEBEFT .F QSFHVOUP TJ QPESÓB JOKFSUBS FTRVFKFT EF WBSJBT QMBOUBT EJTUJOUBT FO VOB TØMB QMBOUB NBESF EF GPSNB TJNJMBS BM NBO[BOP NVMUJWBSJFUBM RVF UFOHP "TÓ QPESÓB NBOUFOFS VO KBSEÓO DPO EJWFSTBT WBSJF EBEFT Z RVF DVFOUFO DPNP VOB TØMB QMBOUB )FSC %BJMZ

&TUPZ VTBOEP VOB &BSUI #PY RVF FT VO BSNBSJP EF DVMUJWP DPO TJTUFNB EF NFDIB &M BHVB TF QPOF EJSFDUBNFOUF FO FM GPOEP EFM BSNBSJP Z MBT SBÓDFT Z MB UJFSSB BCTPSCFO MB IVNFEBE B NFEJEB RVF MB OFDFTJUBO -B &BSUI #PY WFOÓB DPO OVUSJFOUFT FO TFDP MPT DVBMFT TF B×BEFO B MB UJFSSB GPSNBOEP VOB IJMFSB MBSHB DFSDBOB B MB TVQFSGJDJF Z WBO JODPSQPSÈOEPTF B MB UJFSSB DPO FM QBTP EFM UJFNQP -BT JOTUSVDDJPOFT IBDFO IJODBQJÏ FO OP B×BEJS OVUSJFOUFT MÓRVJEPT Z FO OP SFHBS EFTEF BSSJCB 6TBS ÞOJDBNFOUF MPT OVUSJFO UFT FO TFDP EVSBOUF UPEP FM DJDMP EF DVMUJWP {&YJTUF VOB GPSNB NFKPS EF EBS OVUSJFOUFT B FTUBT QMBOUBT P BM NFOPT VO OVUSJFOUF FO TFDP RVF TFB NFKPS RVF MPT OVUSJFOUFT CÈTJDPT RVF TF TVNJOJTUSBO {$ØNP TF SFBMJ[B MB GBTF EF FOKVBHVF DVBOEP TF BDFSDB FM NPNFOUP EF MB DPTFDIB FO FTUF UJQP EF TJTUFNB {&T QPTJCMF P OFDFTBSJP

-B NBSJIVBOB IB TJEP JOKFSUBEB EFTEF MB EÏDBEB EF 1PS MP HFOFSBM TF VTBO JOKFSUPT QMBOPT P FO 7 "NCPT UJQPT TPO NÏUPEPT DPNVOFT EF JOKFSUP )BZ NVMUJUVE EF WJEFPT FO :PV5VCF FO MPT RVF TF NVFTUSB DØNP TF JOKFSUBO MBT QMBOUBT Z TVT SFTVMUBEPT "M JHVBM RVF PDVSSF DPO DVBMRVJFS JOKFSUP FM NBUFSJBM PSJHJOBM NBOUJFOF TVT DBSBDUFSÓTUJ DBT Z OP TF WF BGFDUBEP QPS MBT DBSBDUFSÓTUJDBT EF MB QMBOUB QPSUBJOKFSUP &T JNQPSUBOUF FTDPHFS MB QMBOUB BEFDVBEB QBSB RVF TJSWB EF QBUSØO P QPSUBJOKFSUP 6OB PQDJØO FT FMF HJS VOB QMBOUB KPWFO EF VO IÓCSJEP WJHPSPTP RVF UFOHB VOB BMUVSB DPOUSPMBEB

0QDJPOFT QBSB FM PMPS 5FOHP VO QSPCMFNB DPO FM PMPS EF MB NBSJIVBOB RVF DVMUJWP FO DBTB {$VÈMFT TPO MBT PQDJPOFT QBSB FMJNJOBS MPT PMPSFT #ZSPO

{$ØNP TF SFBMJ[B MB GBTF EF FOKVBHVF DVBOEP TF BDFSDB FM NPNFOUP EF MB DPTFDIB FO FTUF UJQP EF TJTUFNB {&T QPTJCMF P OFDFTBSJP 'FSSJT 4 :B IBT QBHBEP VOB DBOUJEBE FYUSB BM BERVJSJS FM BSNBSJP QPS MP RVF EFCFSÓBT BQMJDBS FM DPOPDJNJFOUP Z MB FYQFSJFODJB EFM GBCSJDBOUF &M GBCSJDBOUF FTUÈ JOUFSFTBEP FO RVF UPEP UF TBMHB CJFO Z FTUÏT TBUJTGFDIP DPO FM QSPEVDUP TJ UF HVTUB QVFEF RVF DPNQSFT PUSP P RVF MP SFDPNJFOEFT B VO BNJHP 4J FM GBCSJDBOUF UVWJFSB VOB TVQFSGØSNVMB UF MB QSPQPSDJPOBSÓB HVTUPTBNFOUF QBSB RVF UVWJFSBT BÞO NÈT ÏYJUP

)BZ WBSJBT GPSNBT EF FMJNJOBS MPT PMPSFT -B NFKPS TPMVDJØO QBSB UV TJUVBDJØO QSP CBCMFNFOUF TFB JOTUBMBS VO GJMUSP EF DBSCØO FO FM DVBSUP EF DVMUJWP &M GJMUSP EFTPEP SJ[BSÈ FM BJSF EF FTF FTQBDJP 6O FYUSBDUPS IBDF RVF FM BJSF QBTF QPS FM DBSCØO BDUJ WBEP FM DVBM FT NVZ FGJDJFOUF B MB IPSB EF BCTPSCFS PMPSFT 0USP NÏUPEP DPOTJTUF FO VTBS VO HFM RVF BCTPSCF FM PMPS BM BUSBFS Z DBQUVSBS MBT NPMÏDVMBT EF PMPS RVF GMPUBO FO FM BJSF &T TFODJMMP EF VUJMJ[BS 4JNQMFNFOUF BCSF FM DPOUFOFEPS Z EFKB RVF FM HFM FOUSF FO DPOUBDUP DPO FM BJSF Z FNQF[BSÈ B GVODJPOBS

{/P QJFOTBT RVF EFCFSÓBT QSPCBS FM QSPEVDUP TJHVJFOEP MBT JOTUSVDDJPOFT QBSB WFS QSJNFSP DØNP GVODJPOB %FKB RVF MB &BSUI #PY IBHB TV QBSUF /P BMUFSFT MB GØSNVMB B NFOPT RVF PCTFSWFT BMHÞO QSPCMFNB

-PT HFOFSBEPSFT EF JPOFT OFHBUJWPT QSPEVDFO BJSF DBSHBEP OFHBUJWBNFOUF MP DVBM FT NVZ TBMVEBCMF -B DBSHB FYUSB EF MBT NPMÏDVMBT TBMUB B MBT NPMÏDVMBT GMPUBOUFT EF PMPS OFVUSBMJ[ÈOEPMBT Z IBDJFOEP RVF QSFDJQJUFO &M QSPCMFNB EF VTBS HFOFSBEPSFT EF JPOFT OFHBUJWPT FO FM DVBSUP EF DVMUJWP FT RVF QVFEFO OFVUSBMJ[BS QBSUF EF MBT NPMÏDVMBT EF PMPS EF MBT QMBOUBT 1PS FTUF NPUJWP MPT HFOFSBEPSFT EF JPOFT OFHBUJWPT EFCFSÓBO FNQMFBSTF FO FTQBDJPT BEZBDFOUFT BM KBSEÓO QBSB FMJNJOBS DVBMRVJFS PMPS RVF FTDBQF

.F HVTUBSÓB SFVUJMJ[BS NJ IJESPDPSBM QFSP UVWF NPTRVJUBT EF MPT IPOHPT Z ÈDBSPT QPS MP DVBM MPT HVJKBSSPT QPESÓBO FTUBS DPOUBNJOBEPT -FÓ UV TVHFSFODJB EF IBDFS DJSDVMBS QFSØYJEP EF IJESØHFOP DPODFOUSBEP B USBWÏT EFM TJTUFNB QBSB BDBCBS DPO UPEP QFSP NF QSFHVOUP TJ FYJTUF VOB NBOFSB OP RVÓNJDB EF FTUFSJMJ[BS MPT HVJKBSSPT 4FWFOUI 4FBM

&MJNJOBS FM DSFDJNJFOUP CBKP {%FCFSÓB FMJNJOBS FM DSFDJNJFOUP CBKP EF VOB QMBOUB EF JOUFSJPS FO DVBMRVJFS NPNFOUP {$VÈM FT FM NFKPS NÏUPEP QBSB QSPWPDBS FM NÓOJNP FTUSÏT +BNFT -B QBSUF CBKB EF MBT QMBOUBT MB [POB EF MB QMBOUB RVF OP SFDJCF MV[ DPOTUJUVZF VOB DBSHB QBSB MB QMBOUB QPSRVF OP QSPEVDF B[ÞDBSFT Z UJFOF RVF TFS NBOUFOJEB QPS MBT IPKBT QSP EVDUJWBT RVF TPO MBT RVF SFDJCFO MV[ &TUBT IPKBT TJO JMVNJOBS QVFEFO FMJNJOBSTF TJO EB×BS MB QMBOUB &TUP MJCFSBSÈ B MB QMBOUB EF VO MBTUSF FOFSHÏUJDP SFEVDJSÈ MB IVNFEBE QSPWPDB EB QPS MB USBOTQJSBDJØO EF MBT IPKBT Z EFTQFKBSÈ FM FTQBDJP QBSB VO NFKPS GMVKP EF BJSF 1VFEFT SFUPSDFS MBT IPKBT QBSB RVJUBSMBT P DPSUBSMBT DPO VOBT UJKFSBT P DPO VOB DVDIJMMB BGJ MBEB *NQSFHOB EF BMDPIPM GSFDVFOUFNFOUF MPT VUFOTJMJPT EF DPSUF QBSB FWJUBS JOGFDDJPOFT

-JNQJF[B EFM IJESPDPSBM

6UJMJ[BS QFSØYJEP EF IJESØHFOP ) 0 BM DPNP BHFOUF EF FTUFSJMJ[BDJØO FT DJFSUBNFOUF FM NÏUPEP NÈT TFODJMMP QPSRVF QVFEF MMFWBSTF B DBCP JO TJUV /P EFKB SFTJEVPT Z TF EFTDPNQPOF FO PYÓHFOP Z BHVB /P PCTUBOUF TJ OP UF TJFOUFT DØNPEP VTBOEP ) 0 IBZ PUSPT EPT NÏUPEPT RVF QVF EFT BQMJDBS MPT DVBMFT TPO UFSNBMFT FO WF[ EF RVÓNJDPT IPSOFBS P IFSWJS &M QSPDFTP EF IFSWJEP UBNCJÏO FMJNJOB UPEB MB NBUFSJB WFHFUBM NVFSUB Z MBT JNQVSF[BT RVF QVEJFSBO FODPOUSBSTF FO FM NFEJP $BMJFOUB FM DPOUFOFEPS DPO MBT QJFESBT IBTUB RVF TF BMDBODF FM QVOUP EF FCVMMJDJØO Z EÏKBMP IFSWJS B NFOPS UFNQFSBUVSB EVSBOUF NJOVUPT $VBOEP FM BHVB TF FOGSÓF SFUÓSBMB "OUFT EF SFBMJ[BS FM QSPDFTP EF IPSOFBEP MBT QJFESBT EFCFO FOKVBHBSTF IBTUB RVF OP RVFEFO SFTUPT &TUP QVFEF IBDFSTF QPOJFOEP MBT QJFESBT FO BHVB Z SFUJSBOEP MB NBUFSJB WFHFUBM DPO FM BHVB " DPOUJOVBDJØO NFUF MBT QJFESBT FO VO IPSOP Z EÏKBMBT IBTUB RVF FM DFOUSP EF MBT QJFESBT BMDBODF P$ 6UJMJ[B VO UFSNØNFUSP QBSB DBSOF DPO FM GJO EF EFUFSNJOBS MB UFNQFSBUVSB


.Á4*$"

.BY $BWBMFSB 4PVMGMZ

-B IJFSCB FT NVDIP NFKPS " GJOBMFT EF MPT PDIFOUB FM NFUBM EF MPT CSBTJMF×PT 4FQVMUVSB FTUBMMØ DPNP VOB CPNCB UBNCJÏO FO &VSPQB -PT 4PVMGMZ TPO VO QSPZFDUP VO QPDP NÈT NBEVSP Z FO FM TÏQUJNP ÈMCVN A0NFO .BY $BWBMFSB Z TVT DPNQB×FSPT TF NVFTUSBO BÞO NÈT IBSE WJHPSPTPT Z MVDJGFSJOPT 4PGU 4FDSFUT TF IB SFVOJEP DPO FM GSPOUNBO .BY $BWBMFSB -PT NJFNCSPT EF MPT 4PVMGMZ UJFOFO VOPT B×PT NÈT QFSP FTUÈ DMBSP RVF OP TF MFT IB BHPUBEP MB FOFSHÓB $BWBMFSB iBNP FTUB NÞTJDB Z TV QPUFODJB FT EF WFSBT FYBMUBOUF &M DBPT FOUSF FM QÞCMJDP FT FTUVQFOEP WFS DØNP SFBDDJPOBO MBT QFSTPOBT B DBODJPOFT BHSFTJWBT Z TF MBO[BO BM NPTIQJU QBSFDF RVF TF FTUÈO IBDJFOEP EB×P QFSP FO SFBMJ EBE TPMP TF FTUÈO EJWJSUJFOEP 5PEP FTUP NF BUSBF NVDIÓTJNP :B UFOHP DVBSFOUB B×PT QFSP OP JNQPSUB QVFEP TFHVJS UPDBOEP B MB WFMPDJEBE EF BOUFT Z FTUPZ BRVÓ QBSB EFNPTUSBSMP -B WFMPDJEBE Z MB BHSFTJWJEBE OP UJFOFO MÓNJUFT EF FEBE %FTEF MVFHP MB NBZPS QBSUF EF MB HFOUF EF NJ FEBE FT NÈT USBORVJMB QFSP B NÓ NF HVTUB FM FTUJMP EF WJEB EF MBT HJSBT ZB FTUPZ BDPTUVNCSBEP &T JODSFÓCMF EFTQFSUBSTF DBEB EÓB FO VOB DJV EBE EJGFSFOUF FO PUSP QBÓT DPO VO QÞCMJDP OVFWP `&T JNQPTJCMF BCVSSJSTF w i7JWJNPT FO FTUF BVUPCÞT EFTEF IBDF EPT NFTFT Z NFEJP TF IB DPOWFSUJEP QSÈDUJDBNFOUF FO OVFTUSB DBTB *S EF HJSB FT VO NPEP GBOUÈTUJDP QBSB QFSGFDDJPOBS OVFTUSP BSUF FT FM NFKPS UPDBT UV NÞTJDB FO WJWP RVF FT FM NPEP JEFBM FT NFKPS FO WJWP RVF FO $% 6OB CBOEB DPNP MPT 4PVMGMZ TJHVF OFDFTJUBOEP JS EF HJSB QVFT UP RVF OP HBOBNPT OBEB DPO MBT WFOUBT EF MPT $% ZB TBCFT *OUFSOFU MB NÞTJDB HSBUJT 8F SFMZ PO UIF SPBE : HBOBNPT EJOFSP UBNCJÏO WFOEJFOEP MBT DBNJTFUBTw

/P TPNPT SPCPUT $PO MPT B×PT .BY IB EFTBSSPMMBEP DPTUVN CSFT RVF MF TJNQMJGJDBO MB WJEB i/VODB NF FODPOUSBSÏJT FO FM CBDLTUBHF NF RVFEP FO FM BVUPCÞT NJFOUSBT MPT EFNÈT MB QBTBO CJFO FO FM CBDLTUBHF 7PZ EJSFDUBNFOUF EFM BVUPCÞT BM FTDFOBSJP TJO JOUFSBDUVBS DPO MBT QFSTPOBT EFM CBDLTUBHF MP IBHP QBSB QPEFSNF DPODFOUSBS UPUBMNFOUF FO

QPS "SKBO WBO 4PSHF FM FTDFOBSJP Z FO FM TIPX 4J GVFSB BM CBDLTUBHF IBCMBSÓB DPO EFNBTJBEB HFOUF NJ FTQÓSJUV TF EFCJMJUBSÓB Z OP QPESÓB FTUBS DPODFOUSBEP QBSB MB QSFTFOUBDJØO `5BNCJÏO +BNFT #SPXO MP IBDÓB Z DSFP RVF NF MF QBSF[DP `+B KB w 5JFOF MB DPTUVNCSF UBNCJÏO EF IBDFS EF DBEB TIPX VO BDPOUFDJNJFOUP ÞOJDP i$BEB QSFTFOUBDJØO FT EJGFSFOUF QPSRVF DBEB OPDIF DBNCJP FM PSEFO EF MBT DBO DJPOFT FO FM NPNFOUP TJO DPNVOJDBSMP BM HSVQP %JHP VO OÞNFSP Z FMMPT FTUÈO MJTUPT QBSB UPDBSMP $POPDFNPT B MB QFSGFDDJØO DBODJPOFT BTÓ RVF QPEFNPT EBS VO FTQFDUÈDVMP EF USFT IPSBT 6TBNPT FTUF NÏUPEP QPSRVF OP RVJFSP DPOWFSUJSNF FO VO SPCPUw 0USB DPTB JOVTVBM Z OVFWB UBNCJÏO FT RVF FM IJKP EF DBUPSDF B×PT QBSUJDJQB FO MB HJSB UPDBOEP MB CBUFSÓB FO VOB WJFKB DBODJØO EF MPT 4FQVMUVSB

UBO DPOUSBTUFT &M BMDPIPM FT NVDIP QFPS IVCP VOB ÏQPDB FO MB RVF CFCÓB Z NVDIP TPCSF UPEP WJOP QPEÓB GÈDJMNFOUF BDBCBS NF EPT CPUFMMBT FO VOB OPDIF UBNCJÏO DVBOEP ÓCBNPT EF HJSB FSB VOB MPDVSB NF EFTQFSUBCB DPO FM TVGSJNJFOUP EF MB SFTB DB FSB IPSSFOEP -P IJDF IBTUB MPT USFJOUB B×PT BQSPYJNBEBNFOUF Z EFKF EF IBDFSMP IBDF EJF[ B×PT OP IBCSÓB QPEJEP DPOUJ OVBS &M NÏEJDP NF EJKP RVF JCB B UFSNJOBS NBUÈOEPNF TJ TFHVÓB BTÓ :PV BJO U HPOOB MBTU TF UF WB B FTUBMMBS FM IÓHBEP "TÓ VO EÓB EFDJEÓ RVF FSB IPSB EF EFKBSMP Z EFTEF FOUPODFT ZB OP MP OFDFTJUPw

&M EFTJFSUP .BY $BWBMFSB WJWF FO MB [POB EF 1IPFOJY i5FOHP VOB DBTB FO MB DJVEBE RVF FT MB DBTB EF WFSEBE Z VOB FO FM EFTJFSUP TJO OBEJF BMSFEFEPS SPEFBEB TØMP EF NPOUB ×BT QSFDJPTB $BDUVT BSFOB QJFESBT Z OBEB NÈT FO VO ÈSFB EF NFUSPT DVBESB EPT /P UFOHP VO FTUVEJP EF HSBCBDJPOFT QFSP UFOHP TVGJDJFOUFT JOTUSVNFOUPT QBSB FTDSJCJS BMMÓ NJT ÈMCVNFT VOB HSBCBEPSB EF DVBUSP QJTUBT MB CBUFSÓB FMFDUSØOJDB MBT DBKBT Z FM FTUÏSFP 4VDFTJWBNFOUF MMFWBNPT FM SFTVMUBEP BM FTUVEJPw " .BY MF HVTUB TBMJS FO CJDJ FODVFOUSB WJFKBT QVOUBT EF GMFDIBT EF MPT JOEJPT FO FM EFTJFSUP &M OVFWP ÈMCVN TF MMBNB 0NFO AQSFTBHJP i6O QSFTBHJP QVFEF TFS QPTJUJWP P OFHBUJ WP QFSP FT TVQFSQPUFOUF SFBMNFOUF NJT UFSJPTP FTUF FT FM TÏQUJNP ÈMCVN Z DPNP UBNCJÏO FM TJFUF FT VO OÞNFSP NÓTUJDP

0NFO SFTVMUBCB VO OPNCSF QFSGFDUP 7J MB QBMBCSB FTDSJUB FO VO NVSP FO GPSNB EF HSBGJUJ FO -POESFT VO QSFTBHJP FO VO NVSP &T VO CVFO OPNCSF QBSB VO ÈMCVN QFOTÏ -P BQVOUÏ FO NJ EJBSJP QFOTBOEP RVF TJ OP FODPOUSBCB VO OPNCSF NFKPS QBSB FM OVFWP ÈMCVN MP IBCSÓB VTBEP : DPNP OP FODPOUSÏ VO OPNCSF NFKPS w

6OB ESPHB CVFOB -B QSFHVOUB TPCSF MPT UJFNQPT EJGÓDJMFT B MPT RVF QPESÓB SFGFSJSTF UBNCJÏO FM UJUVMP FT OBUVSBM BM FYBNJOBS MB HSÈGJDB B MB RVF FTUÈ WJODVMBEB FM UÓUVMP FO MB DVCJFSUB IBZ TJFUF QSPGFUBT DPO NÈTDBSBT BOUJHÈT DSFBEPT QPS %BWJE )P .BY FYQMJDB RVF (FPSHF -VDBT VTØ VO EJTF×P QBSFDJEP IBDF B×PT QBSB -B HVFSSB EF MBT HBMBYJBT i%BWJE )P UVWP MB JEFB EF WJODVMBS MPT TJFUF QSPGFUBT B MPT TJFUF QFDBEPT "M BCSJS FM ÈMCVN TF WFO MPT TJFUF NJFOUSBT RVF FO FM SFWÏT EF MB DVCJFSUB IBZ TØMP USFT -B JEFB TF BSNPOJ[B CJFO DPO FM UÓUVMP EFM ÈMCVN Z UVWJNPT VOB NVZ CVFOB JNQSFTJØO FT CBTUBOUF TJOJFTUSP Z DSFFQZ `/P RVFSSÓBJT UPQBSPT EF OPDIF DPO FTUPT GFPT UJQPT w .BY OVODB IB GVNBEP iQFSP UPEB MB WJEB IF FTUBEP SPEFBEP EF QFSTPOBT RVF GVNBO BTÓ RVF DPOP[DP CJFO MB DVFTUJØO FT TØMP RVF OP NF BUSBF /J TJRVJFSB NF HVTUBO MPT DJHBSSJMMPT Z FTUP UBNCJÏO FT VO QSPCMFNB QPSRVF OPSNBMNFOUF MB HFOUF RVF GVNB IJFSCB VTB UBNCJÏO FM UBCBDP &M IVNP NF QBSFDF EF WFSBT NPMFTUP 1FSP FTUPZ DPOWFODJEP EF RVF FM DBOOBCJT FT VOB ESPHB CVFOB RVF EFCF TFS MFHBMJ[BEB 7FP B NJ BMSFEFEPS QFSTPOBT RVF MP VTBO Z RVF OP TPO WJPMFOUBT OVODB QSFTFO

-B IJFSCB FT NVDIP NFKPS i1FSP TJ NJSBNPT RVÏ IBDF FM BMDPIPM B MBT QFSTPOBT Z RVÏ IBDF MB IJFSCB MB IJFSCB FT NVDIP NFKPS `.VDIÓTJNP 1JFOTP RVF UPEP EFCFSÓB MFHBMJ[BSTF Z RVF EFCFSÓB EBSTF B MB HFOUF MB MJCFSUBE EF EFDJEJS 4JFNQSF IF DSFÓEP RVF MB HFOUF FT MP TVGJ DJFOUFNFOUF SFTQPOTBCMF TJ RVJFSFO BMHP EFCFO QPEFS EFDJEJS RVÏ RVJFSFO IBDFS 4J FM BMDPIPM RVF FT MP QFPS RVF IBZ FT MFHBM QVFT UBNCJÏO FM SFTUP UFOESÓB RVF TFS MFHBM 1PEÏJT EFDJEJS TPMPT RVÏ VTBS Z RVÏ OP VTBS 1FSP OP DSFP RVF PDVSSB OVODB TJO EVEB OP FO MPT &TUBEPT 6OJEPT EPOEF TPNPT VOPT SFEOFDLT EF NJFEPw i4JO FNCBSHP FYJTUF VO QSPCMFNB FOPSNF EF BCVTP EF TVTUBODJBT JMFHBMFT Z NVDIB HFOUF TF IBDF BEJDUB B MPT BOBMHÏTJDPT P B MPT NFEJDBNFOUPT QSFTDSJUPT 4F IBDFO WFS EF WBSJPT EPDUPSFT GBMTJGJDBO MBT QSFTDSJQ DJPOFT TJ UPEP GVFSB MFHBM EFKBSÓB EF TFS VO QSPCMFNB $BEB DVBM EFCFSÓB TBCFS MP RVF EFTFB IBDFS 4F MP EJHP JODMVTP B NJT IJKPT TJ RVFSÏJT GVNBS QPS NJ OP IBZ QSPCMFNB QFSP OP MP IBHÈJT FO MB DBMMF Z IBDFEMP DPO VO FTQÓSJUV QPTJUJWP : TJ MP IBDÏJT EFKBE RVF FTUJNVMF WVFTUSB DSFBUJWJEBE RVF TFB DPOTUSVDUJWP EFKBE RVF PT BZVEF Z OP RVF TFB VO FOFNJHP &MMPT BÞO OP GVNBO UJF OFO Z B×PT QFSP FO FM GVUVSP QPESÓBO RVFSFS IBDFSMP IF IBCMBEP ZB EF FTUP DPO NJ NVKFS MPT BQPZBSFNPT OP WBNPT B PQPOFSOPT -P JNQPSUBOUF FT RVF MP IBHBO FO NPEP SFTQPOTBCMF Z RVF QPS FKFNQMP OP GVNFO QPS MB DBMMF EPOEF QVFEFO TFS BSSFTUBEPT FO MPT &TUBEPT 6OJEPT TJFNQSF IBZ RVF FTUBS BUFOUPT B UPEPw


13&(6/5"4 " +03(& +PSHF $FSWBOUFT FT FM BVUPS EF .BSJIVBOB IPS UJDVMUVSB EFM DBOOBCJT o -B CJCMJB EFM DVMUJWB EPS NÏEJDP EF JOUFSJPS Z FYUFSJPS .BSJIVBOB o $VMUJWP FO JOUFSJPS .BSJIVBOB FO FYUFSJPS o $VMUJWP EF HVFSSJMMB EJTQPOJCMFT FO DBTUFMMBOP Z FO JOHMÏT +PSHF $FSWBOUFT 6MUJNBUF (SPX %7% .BSJKVBOB *OEPPST 'JWF &BTZ (BSEFOT Z +PSHF T 3Y &TDSJCF QBSB SFWJTUBT FO JEJP NBT -PT MJCSPT EF +PSHF FTUÈO QVCMJDBEPT FO IPMBOEÏT JOHMÏT GSBODÏT BMFNÈO Z DBTUFMMBOP 7JTJUB XXX NBSJKVBOBHSPXJOH DPN QBSB PCUFOFS NÈT JOGPSNBDJØO

)PKBT Z TFNJMMBT

{'MVPSFTDFOUFT

)F PÓEP RVF MBT QMBOUBT RVF UJFOFO TJFUF IPKBT OP QSPEV DFO DPHPMMPT {&T DPSSFDUP &M DMJNB FT GSÓP EPOEF WJWP Z VO BNJHP NF EJKP RVF TJ QJEP TFNJMMBT TF FTUSPQFBSÈO EFCJEP B MB DPOHFMBDJØO EVSBOUF FM DBNJOP {4F EFTUSVZFO MBT TFNJMMBT TJ TF NBOUJFOFO B UFNQFSBUVSBT GSÓBT EVSBOUF EFNBTJBEP UJFNQP BOUFT EF JOUFOUBS HFSNJOBSMBT "ZVEB QPS GBWPS 1SJODFTT PG UIF 105

{)BZ RVF VTBS TJFNQSF UPEP FM NBUFSJBM 5FOHP VOB MVNJOB SJB GMVPSFTDFOUF EF N DPO EPT UVCPT EF 8 FODJNB EF MBT QMBOUBT -B SFTQVFTUB RVF PCTFSWP FT CVFOB -BT QMBOUBT NJEFO VOPT DN EF BMUVSB USBT TFNBOBT EF DSFDJNJFOUP

/P /P TØMP MPT [BSFT EF MB ESPHB EJGVOEFO EFTJOGPSNBDJØO TPCSF FM DBOOBCJT MPT DVMUJWBEPSFT EFTJOGPSNBEPT IBDFO MP NJTNP -BT QMBOUBT QBTBO QPS MB GBTF QMBOUVMBS Z MB GBTF WFHFUBUJWB BOUFT EF BMDBO[BS MB GMPSBDJØO /PSNBMNFOUF MBT IPKBT EFTBSSPMMBO USFT QVOUBT Z QSPHSFTBO IBDJB DJODP QVOUBT DVBOEP FOUSBO FO MB GBTF WFHFUBUJWB 4FHÞO MBT DPOEJDJPOFT EF DVMUJWP EFTBSSPMMBO IPKBT DPO TJFUF OVFWF Z IBTUB PODF QVOUBT EVSBOUF FM DSFDJNJFOUP WFHFUBUJWP $VBOEP FNQJF[B MB GMPSBDJØO MPT QBUSPOFT EF DSFDJNJFOUP DBNCJBO EF GPSNB TVT UBODJBM -PT UBMMPT TF BMBSHBO Z MBT IPKBT EFTBSSPMMBO NFOPT QVOUBT QSPHSFTJWBNFOUF B NFEJEB RVF MBT SBNBT RVF DPOUJF OFO MPT DPHPMMPT GMPSBMFT TF EFTBSSPMMBO -BT TFNJMMBT TVFMFO FTUBS TPNFUJEBT B EVSBT IFMBEBT FO NVDIPT DMJNBT "EFNÈT MBT TFNJMMBT TVFMFO FOWJBSTF OPSNBM NFOUF QPS DPSSFP BÏSFP Z TF NBOUJFOFO TJO DBMFGBDDJØO FO MB DBCJOB EF MB BFSPOBWF &TUPT BWJPOFT WVFMBO B HSBO BMUVSB EPOEF MB UFNQFSBUVSB TF TJUÞB CBTUBOUF QPS EFCBKP EFM OJWFM EF DPOHFMBDJØO EF NBOFSB IBCJUVBM -B IVNFEBE FT FM NBZPS JNQFEJNFOUP QBSB VOB HFSNJOBDJØO BEFDVBEB (VBSEB MBT TFNJMMBT B PTDVSBT FO VO MVHBS GSFTDP Z TFDP Z ÏTUBT UFOESÈO VO BMUP QPSDFOUBKF EF HFSNJOBDJØO

-BT IPKBT UJFOFO MPT UBMMPT NPSBEPT Z FTUÈO TBMJFOEP QFRVF ×PT CSPUFT EF MPT FOUSFOVEPT QFSP MBT IPKBT TPO QFRVF×BT "ZVEB QPS GBWPS "OUIPOZ %PT MÈNQBSBT GMVPSFTDFOUFT EF 8 CBTUBO QBSB RVF MBT QMBOUBT BSSBORVFO Z MBT QMBOUBT QVFEFO MMFHBS B GMPSFDFS DPO FMMBT SFBMNFOUF 1FSP FM DBOOBCJT FT VOB QMBOUB RVF SFRVJFSF NVDIB MV[ QBSB DSFDFS Z GMPSFDFS EF NBOFSB BQSPQJBEB -BT QMBOUBT RVF TF DVMUJWBO FO DPOEJDJPOFT EF QPDB MVNJOPTJEBE UBSEBO FO GMPSFDFS Z EFTBSSPMMBO DPHPMMPT RVF SFTVMUBO FTDBTPT Z QFRVF×PT 5VT UVCPT GMVPSFTDFOUFT QSPEVDFO VOPT MÞNFOFT QPS WBUJP MN 8 EF FMFDUSJDJEBE DPOTVNJEB Z FTUPT MÞNFOFT MMFHBO B MBT QMBOUBT EFTEF VO MBSHP EF N -B MV[ TF SFEVDF FO QSPQPSDJØO BM DVBESBEP EF MB EJTUBODJB MP DVBM TJHOJGJDB RVF TF EFTWBOFDF NVZ EFQSJTB 5JFOFT RVF NBOUFOFS MBT QMBOUBT B QPDPT DFOUÓNFUSPT EF MPT UVCPT QBSB RVF SFDJCBO MB MV[ TVGJDJFOUF QBSB FM DSFDJNJFOUP Z MB GMPSBDJØO $POTJEFSB QBTBS B VOB MÈNQBSB GMVPSFTDFOUF DPNQBDUB -'$ EF 8 MB DVBM QSPEVDF BMSFEFEPS EF MN 8 P VOB MÈNQBSB GMVPSFTDFOUF 5 RVF QSPEVDF VOPT MN 8 1VFEFT FODPOUSBS MBT -'$ EF 8 FO UJFOEBT MPDBMFT QPS VOPT Ɂ &TUBT MÈNQBSBT TPO MP NÓOJNP RVF OFDFTJUBSÈT QBSB DVMUJWBS VO QBS EF QMBOUBT EFTEF MB TFNJMMB IBTUB MB GMPS

-B WFOUJMBDJØO Z DJSDVMBDJØO EFM BJSF TPO FTFODJBMFT DVBOEP TF EFTBSSPMMBO DPHP MMPT GMPSBMFT HSVFTPT .BOUÏO FM BJSF FO NPWJNJFOUP QBSB EJGJDVMUBS MB BQBSJDJØO EF NPIP P MPT BUBRVFT EF JOTFDUPT

1MBOUB MBT WBSJFEBEFT BQSPQJBEBT QBSB UV KBSEÓO Z TF NF[DMBSÈO DPO FM SFTUP EF QMBOUBT

6OB EF MBT NBOFSBT NÈT SÈQJEBT EF FOUSBS FO MB FTDFOB EF DVMUJWP EF VO FTUBEP BNJHBCMF DPO FM DBOOBCJT NÏEJDP DPOTJTUF FO DVMUJWBS Z WFOEFS DMPOFT 4F USBUB EF VO NVOEP EVSP Z TJ RVJFSFT UFOFS VO TJUJP FNQJF[B QPS UJ NJTNP Z DVMUJWB FTRVFKFT


!

& "# !! $ * "! "$ ) "# #' !% $ +

!

EEE /;/H=< 1=; EEE /;/H=< 1/ EEE /;/H=< 1= C9 EEE /;/H=< 23 EEE /;/H=< 4@ EEE /;/H=< 8>

"=@53 A A7;>:3 3/AG 5C723 A6=EA ;3@71/< /</27/< /<2 C@=>3/< B316<7?C3A B= 5@=E B63 ;/F7;C; G73:2 =4 B63 ;=AB >=B3<B 1/<</07A >=AA70:3L7<1:C27<5 E339 0G E339 >6=B= 0/A32 7<AB@C1B7=<A B= 5@=E / E339 1@=> 4@=; A332 /<2 / E339 1@=> =4 1:=<3A D3< N@AB B7;3@A /@3 5C/@/<B332 / 63/DG 6/@D3AB

#(% B3: <5:7A6

31=;3 /< 3F>3@B =< 5@=E @==; /<2 7<B3@<3B A31C@7BG 43;7<7H32 A332A A332:7<5A 1:=<7<5 ;=B63@ >:/<BA A>=BB7<5 ;/:3 /<2 43;/:3 >:/<BA 3/@:G >3/9 IA7<A3;7::/J 6/@D3AB /<2 ;/<71C@7<5 2@G7<5 /<2 1C@7<5 G=C@ 1@=> 4=@ 67563AB >=B3<1G

, % #! ## #!$ "* %! "*, %#) " % "

CG =<:G B63 5@=E 53/@ G=C <332L6G2@=>=<71A /<2 A=7: $ ! $ :756BA &M ;3B3@A 4/<A /<2 N:B3@ALB= ;/F7;7H3 G=C@ 6/@D3AB 3A75< /<2 A3B C> G=C@ 5@=E @==; E7B6 AC>>:73A 4@=; G=C@ :=1/: 6/@2E/@3 AB=@3 /<2 5/@23< 13<B3@ ':CA B@=C0:3A6==B >@=0:3;A /<2 1=<B@=: 1=;;=< >3ABA /<2 27A3/A3A

=C@ ( !* ( &( () +) &%$. =C@ % ! % &( () B3:

" ' " #! D/:=< -6=:3A/:3 E6=:3A/:3 /D/:=<63/2A6=> 1= C9

F 7<163A F 1; />>3<27F 7<23F !) %

(&'% %! "* ) '+ % " @=E 7< 3@:7< 6BB>

EEE 5@=E 7< 03@:7< 23

! ""# &% ""# #"( # $ ) "# #' !% $

%/16BA16/BB3< ,3@:/5 EEE </16BA16/BB3< 16

%

F 7<163A F 1; 1=C<B:3AA 16/@BA 5@/>6A >:CA 23B/7:32 5:=AA/@G /<2 7<23F !) % *63 74B6 27B7=< 7A B63 ;/@78C/</ 5@=E 070:3 E7B6 /:: B63 03AB 1/<</07A 5@=E 7<4=@;/B7=<L5@33<6=CA3A /<2 =CB2==@ 5@=E7<5 A332A A332:7<5A D353B/B7D3 5@=EB6 1:=<7<5 O=E3@7<5 0@3327<5 /<2 6/A6 5@=E @==; 23A75< /<2 1=<AB@C1B7=< B==:A 43@B7:7H3@AK 3D3@GB67<5

$ " ' * #%'( ,/< '/BB3< 27B=@/: ) $ EEE ;/@78C/</5@=E7<5 1=; I =<B/1B +AJ

# " " $

' % " & (! #%' %" (%#$ #C:C *@/27<5 6BB>

EEE 9C:CB@/27<5 1=;

#!$ ' # & &' ' EEE ;/@78C/</5@=E7<5 1=; I =<B/1B +AJ


3FWFHFUBDJØO )F WJTUP UV %7% EF DVMUJWP Z NF IB TFSWJEP EF NVDIB BZVEB QFSP BMHP EF MP RVF OP TF IBCMB FO ÏM FT EF MB SFHFOFSBDJØO 1PS MP RVF IF MFÓEP EF EJWFSTBT GVFOUFT TF DPSUB MB UFSDFSB QBSUF TVQFSJPS EF MB QMBOUB Z TF SFUJSBO UPEPT MPT DPHPMMPT HSBOEFT EF MBT SBNBT CBKBT " DPOUJOVBDJØO TF BCPOB DPO VOB TPMV DJØO SJDB FO OJUSØHFOP Z TF WVFMWF B QPOFS MB QMBOUB DPO VO DJDMP WFHFUBUJWP EF MV[ "QBSFOUFNFOUF FTUP QVFEF QSPEVDJS VOB TFHVOEB DPTFDIB Z IBTUB VOB UFSDFSB {&T DJFSUP 3PO , &M %7% TØMP EVSB NJOVUPT Z FT EJGÓDJM NFUFS FO FTF UJFNQP UPEP FM NBUFSJBM BDVNVMBEP USBT FOUSFWJTUBS B NJMFT EF DVMUJWBEPSFT Z WJTJUBS KBSEJOFT TFDSFUPT EVSBOUF B×PT 5F SFGJFSFT B MB SFWFHFUBDJØO IBDFS RVF MB QMBOUB WVFMWB B WFHFUBS MJUFSBMNFOUF 1BSB SFWFHFUBS VOB QMBOUB IFNCSB DPTFDIBEB EFKB WBSJBT SBNBT CBKBT DPO GPMMBKF RVF IBZBO RVFEBEP TVCEFTBSSPMMBEBT 1PS TVQVFTUP SFUJSB UPEPT MPT DPHPMMPT CVFOPT 6OB QMBOUB SFWFHFUB BVORVF SFDPSUFT IBTUB FM EF TV UBNB×P 1SFGJFSP EFKBS BMSFEFEPS EFM FO MB CBTF EF MB QMBOUB 1SPQPSDJØOBMF VO GPUPQFSJPEP EF EÓB Z OPDIF -B QMBOUB IFNCSB DPTFDIBEB EFKBSÈ EF GMPSFDFS Z SFWFHFUBSÈ SFUPNBOEP MB GBTF EF DSFDJNJFOUP WFHFUBUJWP )B[ RVF FM SFTUP EF GPMMBKF DPHPMMBEP DPO IPKBT SFDJCB VOB EPTJT BVNFOUBEB EF GFSUJMJ[BOUF OJUSPHFOBEP QBSB FTUJNVMBS VO DSFDJNJFOUP WFSEF Z GSPOEPTP &O DPO EJDJPOFT JEFBMFT FTUP BZVEBSÈ B RVF MB QMBOUB DPTFDIBEB QSPEV[DB NÈT GPMMBKF B NFEJEB RVF SFUPNB FM DSFDJNJFOUP WFHFUBUJWP MP DVBM TVDFEF FOUSF DVBUSP Z TFJT TFNBOBT &M DSFDJNJFOUP OVFWP WFSEF Z GSPOEPTP CSPUBSÈ EF MBT SBNBT Z EF MBT QVOUBT GMPSBMFT -BT IPKBT TFHVJSÈO EFTBSSPMMBOEP NÈT Z NÈT iQVOUBTw NJFOUSBT BWBO[B MB SFWFHFUBDJØO %FKB RVF MBT QMBOUBT SFWFHFUBEBT DSF[DBO IBTUB BMDBO [BS FM UBNB×P EFTFBEP BOUFT EF QSPWPDBS MB GMPSBDJØO DPO VO GPUPQFSJPEP EF IPSBT 4J TF EFKB RVF FM TFHVOEP DVMUJWP TF IBHB EFNBTJBEP BMUP MBT QMBOUBT QSP EVDJSÈO DPHPMMPT FTDBTPT 3FDVFSEB FTUBT QMBOUBT ZB UJFOFO MBT SBÓDFT BUFTUBEBT Z TJ SFDJCFO QPDB MV[ QSPEVDFO DPHPMMPT QPCSFT "EFNÈT BM DVMUJWBS FTUBT QMBO UBT FO JOUFSJPS TPO NÈT TVTDFQUJCMFT EF UFOFS QMBHBT Z FOGFSNFEBEFT

6O EJTUJOUJWP DPHPMMP EFM QSPHSBNB NFKJDBOP EF DSJBO[B EFTBSSPMMB SBDJNPT EF IPKBT EFOTBT

&TUF DPHPMMP TJO OPNCSF FT VOP EF MPT RVF TF DVMUJWBSPO EVSBOUF VO QSPHSBNB EF DSJBO[B FO .ÏYJDP

&TUPT DMPOFT FTUBCBO BQJ×BEPT FO MPT FTUBOUFT EF MB J[RVJFSEB "IPSB UJFOFO BMSF EFEPS EF VO NFT Z TVT HSBOEFT IPKBT BODIBT BCTPSCFO MV[ %"* 1BSUF EF FMMPT ZB FTUÈO MJTUPT QBSB QBTBS B GMPSBDJØO


#JDIPT Z BCPOPT QBSB MB UJFSSB )F DPNQSBEP UV %7% Z OPT FTUÈ SFTVMUBOEP NVZ JOGPSNBUJWP B NJ DPMFHB Z B NÓ 4PZ QSJNFSJ[P FO FM DVMUJWP Z RVJFSP MMFWBSMP B DBCP EF NBOFSB UPUBMNFOUF PSHÈOJDB )F MFÓEP NVDIPT BSUÓDVMPT Z UFOHP QFOTBEP VUJMJ[BS VOB NF[DMB TJO UJFSSB B MB DVBM B×BEJSMF VO EF QFSMJUB PUSP EF WFSNJDVMJUB Z VO EF IVNVT EF MPNCSJ[ {2VÏ NÈT SFDPNJFOEBT 1SFUFOEP B×BEJS VOB GØSNVMB B CBTF EF NJDSPPSHBOJTNPT {2VÏ NF BDPOTFKBT /P FTUPZ TFHVSP EF RVÏ GFSUJMJ [BOUFT Z NJDSPOVUSJFOUFT VTBS OJ EF DVÈOEP BQMJDBSMPT {%FCFSÓB EFKBS MBT NBSJ RVJUBT Z MBT NBOUJT SFMJHJPTBT FO FM DVBSUP EF QSJODJQJP B GJO JODMVTP EVSBOUF FM TFDBEP .VDIBT HSBDJBT QPS UV TBCFS 1B[ +BLF 5FO DVJEBEP DVBOEP VUJMJDFT WFSNJDVMJUB ZB RVF SFUJFOF NVDIB IVNFEBE Z QVFEF EFTDPNQPOFSTF SÈQJEBNFOUF VOB NBTB CMBOEB &O NJ OVFWP %7% +PSHF $FSWBOUFT 6MUJNBUF (SPX %7% ** BQBSFDF VOB FTUVQFOEB NF[DMB PSHÈOJDB EF TVTUSBUP MB DVBM DVCSJSÈ UVT OFDFTJEBEFT B MB QFSGFDDJØO &T MB RVF VTBO NJT CVFOPT BNJHPT EF 0TPOB $BOFN FO &TQB×B -BT DBOUJEBEFT FTUÈO NFEJEBT FO QBMBEBT B NFOPT RVF TF JOEJRVF PUSB DPTB $POTJTUF FO EF CPMBT EF BSDJMMB )ZESPUPO EF QFSMJUB EF IVNVT EF MPNCSJ[ EF GJCSB EF DPDP DVDIBSBEBT EF .JOFSBM .BHJD (FOFSBM )ZESPQPOJDT Z DM EF 5SJDIPEFSNB )BZ NVDIPT GFSUJMJ[BOUFT PSHÈOJDPT EF HSBO DBMJEBE RVF FTUÈO EJTQPOJCMFT &M IVNVT EF MPNCSJ[ EFCFSÓB QSPQPSDJPOBS TVGJDJFOUF OJUSØHFOP QBSB FM DVMUJWP "MHVOBT EF NJT NBSDBT GBWPSJUBT EF GFSUJMJ[BOUFT PSHÈOJDPT TPO $BOOB #JP 'MPSB &BSUI +VJDF Z #JP#J[[ 1SFHVOUB UBNCJÏO FO UV UJFOEB MPDBM EF DVMUJWP P UV DFOUSP EF KBSEJOFSÓB QBSB DPOPDFS TVT SFDPNFOEBDJPOFT -BT NBSJRVJUBT Z TVT DSÓBT TFSWJSÈO EF QPDP P OBEB FO VO DVBSUP EF DVMUJWP -FT HVTUB DPNFS QVMHPOFT RVF OP TVFMFO NPMFTUBS BM DBOOBCJT "EFNÈT MBT NBSJ RVJUBT UJFOFO DJFSUB BGJOJEBE QPS MBT CSJMMBOUFT MÈNQBSBT %"* Z MB NBZPSÓB EF FMMBT WPMBSÈO EJSFDUBNFOUF IBDJB MB MV[ Z NPSJSÈO EVSBOUF MPT QSJNFSPT EÓBT -BT NBOUJT SFMJHJPTBT TF DPNFO UPEPT MPT JOTFDUPT RVF IBZB JODMVZFOEP MBT NBSJ RVJUBT $VBOEP TF BDBCBO MBT NBSJRVJUBT TF WVFMWFO MBT VOBT DPOUSB MBT PUSBT 1VFEF RVF TFB EJWFSUJEP PCTFSWBS TVT DPNCBUFT NPSUBMFT QFSP UJFOFO QPDP JOUF SÏT FO MB NBZPS QMBHB EF MPT DVBSUPT EF DVMUJWP MPT ÈDBSPT 5V NFKPS PQDJØO FT NBOUFOFS MJNQJP FM DVBSUP Z TJ BQBSFDFO MPT ÈDBSPT QVMWFSJ[BS MB [POB DPO BDFJUF EF OFFN P QFMJUSF "NCPT TPO OBUVSBMFT

.F TFOUÓ NVZ BUSBÓEP QPS FTUF DSVDF BÞO TJO OPNCSF &M DVMUJWBEPS NF[DMØ WBSJBT TFMFDDJPOFT EF 5 ) 4FFET

4FNJMMB WJBCMFT 4PZ VO DVMUJWBEPS QSJODJQJBOUF {$VÈOUP UBSEB VOB TFNJMMB FO CSPUBS &TUPZ DVMUJWBO EP FO JOUFSJPS DPO VO TVTUSBUP NVZ CVFOP 6UJMJ[P VOB MÈNQBSB EF 8 1MBOUÏ EPT TFNJMMBT VOB WFSEF Z VOB CMBODB KVOUBT {)JDF CJFO (SBDJBT $PMF -BT CVFOBT TFNJMMBT RVF TPO WJBCMFT EFCFSÓBO NPTUSBS TF×BMFT EF HFSNJOBDJØO FO IPSBT IPSBT DPNP NÈYJNP EFTEF RVF TF QPOFO B SFNPKP FO BHVB %FCFSÓBT QPEFS WFS VOB QFRVF×B SBÓ[ QSJODJQBM CMBODB SBEÓDVMB TBMJFOEP EF MB TFNJMMB DPNP QSJNFSB TF×BM EF MB HFSNJOBDJØO 6OB WF[ RVF MB TFNJMMB NVFTUSF TJHOPT EF CSPUBS DPMØDBMB FO VO QMBUP FOUSF QBQFM UPBMMB IVNFEFDJEP .BOUÏO VOJGPSNFNFOUF IÞNFEP FM QBQFM UPBMMB IBTUB RVF MB SBÓ[ QSJODJQBM NJEB DN EF MBSHP NÈT P NFOPT 6OB WF[ RVF MB SBÓ[ QSJODJQBM IBZB TPCSFTBMJEP MPT TVGJ DJFOUF FT IPSB EF QMBOUBS

-B DSJBO[B SFTVMUB EJGJDVMUPTB &TUF DPHPMMP QFTB NVDIP QFSP MB FMFWBEB DPODFO USBDJØO EF IPKBT MP IBDF QPDP BUSBDUJWP -P NÈT GSFDVFOUF FT RVF TFB NFKPS FNQF [BS DPO CVFOBT TFNJMMBT EF VO DSJBEPS SFDPOPDJEP

-BT TFNJMMBT WFSEFT P CMBODBT OP TPO WJBCMFT QSPCBCMFNFOUF Z FO DBTP EF RVF CSPUFO TFSÈO EÏCJMFT 6OB QSVFCB TJNQMF QBSB EJTUJOHVJS TJ VOB TFNJMMB FT WJBCMF DPOTJTUF FO IBDFSMB SPEBS FOUSF MPT EFEPT QVMHBS F ÓOEJDF FKFSDJFOEP VO QPDP EF QSFTJØO 4J TF BQMBTUB DPO GBDJMJEBE FTUÈ JONBEVSB Z OP FT WJBCMF 0USB QSVFCB DPOTJTUF FO QPOFSMB FO VO WBTP EF BHVB &O HFOFSBM MBT TFNJMMBT WJBCMFT TF IVO EFO IBTUB FM GPOEP FO VO QMB[P RVF WB EF BMHVOPT NJOVUPT B VO QBS EF IPSBT -BT TFNJMMBT JOWJBCMFT UJFOEFO B GMPUBS


%F MPT :JQQJFT B MPT :VQQJFT -B IJTUPSJB EF MPT B×PT 4FHÞO MBT QFSTPOBT DPOTFSWBEPSBT MPT B×PT DPNFO[BSPO FO TFSJP B QBSUJS EF DVBOEP +', TF JOTUBMØ FO MB $BTB #MBODB &TUF GVF FM QSJODJQJP EF MPT IJTUØSJDPT B×PT MB EÏDBEB RVF FOHFOESØ B 7JFUOBN Z B /JYPO Z FO MB RVF GVFSPO BTFTJOBEPT MPT ,FOOFEZ .BSUJO -VUIFS ,JOH +VOJPS .BMDPN 9 Z PUSPT MÓEFSFT QPS DIJWPT FYQJBUPSJPT QPDP WFSPTÓNJMFT EF MB $*" -B NÓTUJDB EÏDBEB EFM FM SPNÈOUJDP GMPSFDFS DSFBUJWP JOJDJØ NVDIP NÈT UBSEF 1PS #SFOEBO )PHBO i&M QFSJPEP BM RVF MMBNBNPT MPT B×PT BSSBODØ FO FM WFSBOP EFM BNPS FO Z TF QSPMPOHØ IBTUB -VFHP DVBO EP FM CBVUJTUB DPOTFSWBEPS Z GBOÈUJDP SFMJHJPTP +JNNZ $BSUFS UPNØ MB QSFTJ EFODJB EJP GJO B UPEP &M USFO DVMUVSBM EF IVJEB RVF IBCÓB UFOJEP B MPT DPOTFSWB EPSFT DPO MPT OFSWJPT EF QVOUB QPS GJO IBCÓB TJEP EFTDBSSJMBEPw BTFHVSB #SVDF $PMFNBO BDUJWJTUB QPMÓUJDP ZJQQJF PSHB OJ[BEPS EFNØDSBUB NBOJGFTUBOUF EF MPT EFSFDIPT DJWJMFT BDUPS CBJMBSÓO QSPEVD UPS Z UFTUJHP EF MB IJTUPSJB FO UPEPT MPT BTQFDUPT 4J BMHVJFO FT DBQB[ EF FYQMJDBS MP RVF PDVSSJØ FO MB EÏDBEB EFM FTF FT #SVDF )B FTUBEP BIÓ IB IFDIP EF UPEP UJ×Ø TV DBNJTFUB Z BDUVBMNFOUF TF FODVFOUSB FTDSJCJFOEP MP RVF TFHVSB NFOUF TFSÈ VOB BVUPCJPHSBGÓB GBTDJOBO UF )B WJWJEP UJFNQPT JOUFSFTBOUFT i%FCFT SFDPSEBS RVF MB NBZPS QBSUF EF MB EÏDBEB EFM GVF BCVSSJEB &JTFOIPXFS GVF BCVSSJEP +PIOTPO GVF BCVSSJEP MB HFOUF JCB B MBT DBGFUFSÓBT EF MPT CBSSJPT SFTJEFODJBMFT Z OP IBCÓB DVMUVSB EF MBT ESPHBT -P ÞOJDP RVF TF IBDÓB FSB CFCFS EFNBTJBEP Z GPMMBS DPO MB FTQPTB EFM WFDJ OP -B WFSEBEFSB EÏDBEB EFM GVF NÈT QBSFDJEB B MBT EFM Z OP GVF FO SFBMJ EBE VOB OVFWB FSBw i/P PCTUBOUF MB WFSEBEFSB EÏDBEB EFM BQFOBT DPNFO[BCB B FODBSSJMBSTF )VCP VO UJFNQP HMPSJPTP JOPDFOUF Z SPNÈOUJDP DVBOEP TF QPEÓB TBCFS DPO UBO TØMP NJSBS B VO UÓP TJ FSB QSPQFOTP B TFS GVNBEPS EF NBSJIVBOB P OP /P IBCÓB SJFTHP FO MFFS MBT TF×BMFT )PZ MBT QFSTPOBT FTUÈO QSPHSBNBEBT UBO BM B[BS RVF FT QFMJHSPTP IBDFS TVQP TJDJPOFT QFSP FO BRVFM FOUPODFT FM QFMP MBSHP Z MBT HPSSBT UFKJEBT B NBOP TJHOJGJDBCBO GVOEBNFOUBMNFOUF RVF BRVFM UÓP FTUBSÓB FO DPOUSB EF MB HVFSSB Z TFSÓB GBOÈUJDP EF MB NÞTJDB Z GVNBEPS EF NBSJIVBOB /PTPUSPT ÏSBNPT DPNP MPT BNJTI ²SBNPT BVUÏOUJDPT DMJDIÏT WJWJFOUFTw SFDVFSEB #SVDF 4J MPT TÓNCPMPT RVF EFGJOÓBO B BMHVJFO DPNP VO IJQQJF FSBO GÈDJMNFOUF JEFOUJ GJDBCMFT QPS MPT PUSPT IJQQJFT UBNCJÏO FSBO JHVBMNFOUF GÈDJMFT EF JNJUBS QPS MBT BVUPSJEBEFT /P QBTØ NVDIP UJFN QP QBSB RVF TF SFRVJSJFSB RVF NVDIPT BHFOUFT EF MB MFZ VTBSBO QBOUBMPOFT EF UF×JEP BOVEBEP Z TF EFKBSBO DSFDFS MB CBSCB QBSB RVF QVEJFSBO JOGJMUSBSTF

FOUSF MPT IJQQJFT Z TVT PSHBOJ[BDJPOFT i²SBNPT UBO JOHFOVPT RVF OVODB WJNPT WFOJS OJ B MB $*" OJ BM '#* OJ B MPT NJMJ UBSFT .ÈT UBSEF OPT EJNPT DVFOUB EF RVF MB JOGJMUSBDJØO JOJDJØ NVZ QSPOUP QPSRVF OBUVSBMNFOUF FM FKÏSDJUP OPT WFÓB DPNP QBSUF EFM FTGVFS[P CÏMJDP Z TF FTUBCB MJCSBOEP VOB HVFSSB QTJDPMØ HJDB DPOUSB FM QVFCMP FTUBEPVOJEFOTF UBM Z DPNP IPZ FO EÓBw i5PEP MP RVF FSB CVFOP GVF JOGJMUSBEP QPS MB QPMJDÓB :B OP TF QPEÓB QBTBS VO QPSSP FOUSF VO HSVQP OP TF QPEÓB TVQPOFS RVF FM UÓP EF QFMP MBSHP Z HVJUBSSB OP GVFSB VO BHFOUF $VBMRVJFS PSHBOJ[BDJØO RVF BCPHBSB QPS BMHVOB DBVTB QPDP DPSSJFOUF oMB QB[ P FM JOUFS DBNCJP EF KFSJOHVJMMBT P MPT EFSFDIPT EF MBT NVKFSFT DVBMRVJFS DPTBo FSB JOGJMUSBEB 5FOÓBO NVDIPT SFDVSTPT BTÓ RVF EFEJDBSPO NVDIPT FTGVFS[PT FO TBCPUFBS PSHBOJ[BDJPOFT EFTCBSBUBSMBT Z MVDIBS FMMPT NJTNPTw i.VDIBT QFSTPOBT TF NFUJFSPO FO TFSJPT QSPCMFNBT Z EVSBOUF FM UJFNQP RVF USB CBKÏ FO MB DBNQB×B EF .D(PWFSO FO FM JODMVTP MMFHVÏ B PÓS TPCSF BDUJWJTUBT EFTBQBSFDJEPT /VODB TVQJNPT RVÏ QBTØ DPO FMMPT 5BNCJÏO TF NFUÓBO DPO QFS TPOBT RVF UFOÓBO OFHPDJPT QSPQJPT MFT BSSVJOBCBO MB SFQVUBDJØO FUDÏUFSBw EJDF DPO VO TVTQJSP i%VSBOUF FTB DBNQB×B FTUVWF FO VOB GÈCSJDB EF BSNBNFOUP FOUSFHBOEP OVFT USPT GPMMFUPT EF .D(PWFSO DPO MB HFOUF EFM HPCFSOBEPS 8BMMBDF FOGSFOUF DVBOEP TF DPSSJØ MB WP[ EF RVF IBCÓBO EJTQBSBEP B 8BMMBDF %FKBNPT EF FOUSFHBS MPT WPMBO UFT EJNPT MBT DPOEPMFODJBT B TVT TFHVJEP SFT Z OPT MBSHBNPTw #SVDF IBCMB DPO FM UPOP EF SFTJHOBDJØO EF VO HVFSSFSP NBMUSFDIP -BT EÏDBEBT EFM Z GVFSPO VOB HVFSSB UBOUP FO MPT &TUBEPT 6OJEPT DPNP FO FM FYUSBOKFSP -B MVDIB DPOUJOVØ IBTUB MPT B×PT QFSP GVF FOUPODFT RVF 3FBHBO TF DPOWJSUJØ FO QSFTJEFOUF Z TF QFSEJØ UPEP &M DBNJOP EF MB SFTJT UFODJB IB TJEP MBSHP Z FO CVFOB QBSUF JOGSVDUVPTP Z MB IJTUPSJB ZJQQJF FTUÈ UBO TBMQJDBEB EF USBVNBT RVF FT VO NJMBHSP RVF OP TFB VOB CBMCVDFBOUF WÓDUJNB EFM USBTUPSOP QPS FTUSÏT QPT USBVNÈUJDP %FTQVÏT EF UPEP NVDIPT FTUBEPVOJEFOTFT UPEBWÓB CBMCVDFBO

IBO RVFEBEP SPUPT Z WFODJEPT QPS FM GBOUBTNB EFM UFSSPS MB HVFSSB Z MB JODF TBOUF DPSSVQDJØO &M TVF×P BNFSJDBOP IB TJEP WFOEJEP BM $BSMZMF (SPVQ 1FSP IBTUB MPT B×PT #SVDF GVF MB QFSTPOJGJDBDJØO SVCJB Z EF PKPT B[VMFT EF FTF NÓUJDP TVF×P %JDF IBCFS TJEP VO QFSGFDUP 8"41 BDSØOJNP JOHMÏT EF CMBODP BOHMPTBKØO Z QSPUFTUBOUF 1PDP MF GBMUBCB QBSB MMFWBS B TV QSPGFTP SB VOB NBO[BOB DBEB NB×BOB i'VJ &BHMF TDPVU VO USJVOGBEPS UPEBT FTBT DPTBT $BOUÏ FO FM DPSP 'VJ QSFTJEFOUF EF #BQUJTU :PVUI 'FMMPXTIJQ )FSNBOEBE EF +ØWFOFT #BVUJTUBT RVFSÓB TFS NJOJTUSP CBVUJTUB .F FTUBCBO FEVDBOEP DPNP VO DBCBMMFSP DPSSFDUP Z SFTQPOTBCMF i-VFHP NF EJ DVFOUB EF RVF FSB HBZ &TUBCB FO VOB EF MBT EFOPNJOBDJP OFT SFMJHJPTBT NFOPT IPNPGØCJDBT EF BRVFM FOUPODFT QFSP FSB QSFWJP B MPT EJTUVSCJPT EF 4UPOFXBMM Z TFS HBZ FSB DPOTJEFSBEP VOB FOGFSNFEBE QPS MB QSPGFTJØO NÏEJDB VO QFDBEP QPS MB JHMFTJB Z VO DSJNFO QPS MB TPDJFEBE )BTUB BRVFM RVF TF QFSDBUBCB EF TFS HBZ TF WPMWÓB VO DSJNJOBM :P FTUBCB IBDJFOEP BMHP JMFHBM Z MP TBCÓB 'VJ VO TFOBEPS NPEFMP FO FM JOTUJUVUP NF QPTUVMÏ DPNP HPCFSOBEPS Z HBOÏ MB QSFTJEFODJB EFM 4FOBEP EFM HPCJFSOP EF VO FTUBEP EF FTUVEJBOUFT NPEFMP 5FOÓB MB OPWJB SVCJB -P UFOÓB UPEPw EJDF DPO VOB TPOSJTB JSØOJDB &O FM *OGPSNF ,JOTFZ FTDBOEBMJ[Ø B &TUBEPT 6OJEPT MMBNBOEP TV BUFODJØO BM IFDIP EF RVF BQSPYJNBEBNFOUF EF MB QPCMBDJØO FSB IPNPTFYVBM "OUFT EF TJO FNCBSHP UPEPT MPT IPNPTFYVB MFT EFCÓBO WJWJS VOB NFOUJSB i-B OPSNB FSB DBTBSTF DPO VOB MFTCJBOB Z BTÓ MB NVKFS UBNCJÏO QPEÓB GJOHJS SFT QFUBCJMJEBE 6OP EF NJT BNJHPT RVJFO FTUPZ DBTJ TFHVSP RVF FT HBZ FT VO BCVFMP DBTBEPw EJDF

HSF Z FNPDJPOBEP BM WFS TV JOWFTUJEVSB Z RVFEBSÏ BTPMBEP DVBOEP EFDJEBO NBUBSMP Z MP IBSÈOw BTFHVSB SFDPS EBOEP RVF MÓEFSFT DPNP +', #PCCZ ,FOOFEZ Z .BSUJO -VUIFS ,JOH +VOJPS FOUSF NVDIPT PUSPT GVFSPO BCBUJEPT B UJSPT MB ÞMUJNB WF[ RVF OBDJØ MB FTQF SBO[B Z FM DBNCJP QBSFDÓB JONJOFOUF " MPT B×PT #SVDF WJP BM DIJWP FYQJB UPSJP EFM BTFTJOBUP EF +', -FF )BSWFZ 0TXBME TFS BTFTJOBEP FO WJWP QPS UFMF WJTJØO Z B MPT GVF B USBCBKBS FO MB DBNQB×B EF #PCCZ ,FOOFEZ 4V TFHVO EP ÓDPOP QPMÓUJDP GVF BTFTJOBEP USBT TV EJTDVSTP EF JOWFTUJEVSB EF MBT QSJNB SJBT EF $BMJGPSOJB DVBOEP DBTJ UFOÓB BTFHVSBEB MB OPNJOBDJØO EFM QBSUJEP EFNØDSBUB -B CPEB EF TV IFSNBOB GVF JOUFSSVNQJEB QPS VO WJBKF B MB FTUBDJØO EF USFOFT QBSB WFS FM DVFSQP EF #PCCZ QBTBS EF DBNJOP B 8BTIJOHUPO % $ 4PCSB EFDJS RVF MB GJFTUB RVF QSPTJHVJØ GVF VO UBOUP EFQSJNFOUF -B NBZPSÓB EF MPT JOWJUBEPT MMFHØ MMPSBOEP &OUSF FM BTFTJOBUP EF VO IFSNBOP ,FOOFEZ Z PUSP #SVDF EFTDVCSJØ FM DBO OBCJT &O FO VO CPTRVF BQBSUBEP MF PGSFDJFSPO TV QSJNFSB FYQFSJFODJB DPO FM IBDIÓT &O MB VOJWFSTJEBE FSB FM iUÓQJDP DIJDP EF GSBUFSOJEBEw FO UÏSNJ OPT EFM BDDFTP RVF UFOÓB BM DBOOBCJT BVORVF FM NÏUPEP EF USBOTQPSUF FSB MJHFSBNFOUF QPDP DPSSJFOUF i%F WF[ FO DVBOEP BMHÞO UÓP WJBKBCB EF 0IJP B 4BO 'SBODJTDP Z MMFOBCB MB NBMFUB DPO TVGJDJFOUF NBSJIVBOB QBSB BCBTUFDFS BM DBNQVT EVSBOUF NFTFT &SB MB ÏQPDB QSFWJB BM DPOUSPM FO MPT BFSPQVFSUPTw i$MBSP FSB WJTUB DPNP TJ GVFSB FM DPDP Z UPEPT TF IBCSÓBO FTDBOEBMJ[BEP EF IBCFS TJEP TPSQSFOEJEPT "MHVOPT EF FTUPT UÓPT FSBO IJKPT EF QPMÓUJDPT Z KVFDFT Z MB TPDJFEBE MP DPOTJEFSBCB BMHP UBO NBMP DPNP MB IFSPÓOBw EJDF SFDPSEBOEP RVF TV UJQP EF IJFSCB QSFGFSJEP EF BRVFM

4VT QSPQJPT BCVFMPT FTUBCBO FO FYUSF NPT PQVFTUPT EFM FTQFDUSP QPMÓUJDP VOP FSB SFQVCMJDBOP Z FM PUSP EFNØDSBUB #SVDF GVF VO OJ×P QPMÓUJDBNFOUF QSF DP[ Z B MPT B×PT TF TFOUÓB EJWJEJEP FOUSF /JYPO Z +', .ÈT UBSEF FTUVEJBSÓB DJFODJBT QPMÓUJDBT Z IB NBOUFOJEP FM JOUFSÏT QPS MBT SFMBDJPOFT JOUFSOBDJPOB MFT 3FDVFSEB IBCFS DPOPDJEP B +', EPT NFTFT BOUFT EF TV NVFSUF Z EJKP RVF MB QÏSEJEB EF +', MF EPMJØ UBOUP DPNP MB QÏSEJEB EF TV BCVFMP SFQVCMJDBOP FO FM B×P FO RVF ,FOOFEZ BTVNJØ FM QPEFS &M BNCJFOUF EF FTQFSBO[B RVF BSSBTBCB DPO FM QBÓT QBSFDF FTUBS WPM WJFOEP B TVTDJUBSTF IPZ i-PT QBSBMFMJTNPT DPO 0CBNB TPO JODSFÓCMFT FT QPS FTP RVF OP FTUBSÏ BMF

+',



UJFNQP FSB FM 5FNQMF #BMMT EF /FQBM i/P TÏ DØNP FT RVF UPEB MB HFOUF RVF DPOP DÓB UFOÓB FTUB DPTB UBO QSFDJBEB DSFBEB DPO BNPS QPS NPOKFT CVEJTUBT FO /FQBM QFSP TÓ RVF FSB FTUVQFOEBw "USJCVZF TV TBMWBDJØO EF VOB WJEB EF DPO GPSNJEBE FO MB RVF UFOESÓB RVF JS WFTUJEP EF USBKF B TVT FYQMPSBDJPOFT EF MB NFOUF

TV GFSWPS SFMJHJPTP QVEP TBMWBSMP EF MB DØMFSB EF MPT GVOEBNFOUBMJTUBT VOB WF[ RVF MPT SFQVCMJDBOPT BEPQUBSPO FM BCPSUP DPNP TV UFNB EF EFCBUF 1BSB FOUPODFT MB DPOUSBDVMUVSB IBCÓB MMF HBEP B TV BQPHFP Z FM GJOBM EF MB HVFSSB EF 7JFUOBN FMJNJOØ VOP EF MPT FMFNFOUPT NÈT SBEJDBMFT EF MB CSFWF JOTVSSFDDJØO ZJQQJF FM MMBNBEP B MBT GJMBT

i%F OP TFS QPS MB JOGMVFODJB EF MPT IJQ QJFT IBCSÓB FTUBEP EFTUJOBEP B USBCBKBS EF USBKF DPNP NJ BCVFMP ²M USBCBKØ DPNP JOHFOJFSP FO VO FEJGJDJP EF PGJDJOBT EFM HPCJFSOP Z TJFNQSF WFTUÓB VO USBKF EF MBOB EF USFT QJF[BT QBSB FM USBCBKP BTÓ IJDJFSBO HSBEPT &TP FSB MP RVF TJHOJGJDBCB TFS SFTQFUBCMF Z FEVDBEPw #SVDF OP GVF FM ÞOJDP DVZBT JEFBT QPMÓ UJDBT FTUBCBO TJFOEP SBEJDBMJ[BEBT QPS TV DPOUBDUP DPO FM DBOOBCJT Z PUSBT ESPHBT QBSB FYQBOEJS MB NFOUF &OUSF Z MPT ZJQQJFT FM 1BSUJEP *OUFSOBDJPOBM EF MB +VWFOUVE DPOTJ HVJFSPO NÈT BUFODJØO EF MPT NFEJPT EF DPNVOJDBDJØO RVF DVBMRVJFSB EF MPT QBSUJEPT NBZPSJUBSJPT i-P RVF QSPCBCMFNFOUF NÈT TF SFDVFSEB EF MPT ZJQQJFT GVF DVBOEP MBO[BSPO CJMMF UFT EF VO EØMBS BM TVFMP EF MB #PMTB EF /VFWB :PSL EFTEF MB USJCVOB Z GPUPHSB GJBSPO B MPT HSBOEFT DPSSFEPSFT EF CPMTB BSSBTUSÈOEPTF QBSB SFDPHFSMPT 1SPOUP TF DFSSØ MB FOUSBEB B MPT WJTJUBOUFT B FTB Z PUSBT USJCVOBTw &M GBNPTP JOUFOUP EF EF IBDFS MFWJUBS FM 1FOUÈHPOP Z FYPSDJ[BS MPT EFNPOJPT EF MB HVFSSB GVF MB JEFB DFOUSBM EF -PT FKÏSDJUPT EF MB OPDIF EF /PSNBO .BJMFS $VBOEP MPT ZJQQJFT TF SFVOJFSPO FO FM DPOHSFTP EFNØDSBUB EF QBSB EBS B DPOPDFS B TV DBOEJEBUP B QSFTJEFOUF VO DFSEP MMBNBEP 1JHBTVT QBSFDÓB RVF MB SFCFMJØO KVWFOJM JCB FO BTDFOTP i&TPT FSBO UJFNQPT FYDJUBOUFT -B NÞTJDB FSB GFOPNFOBM FM SPDL BOE SPMM FNQF[Ø B DPCSBS JNQPSUBODJB TPDJBM Z TF TFO UÓB DPNP TJ FTUVWJÏSBNPT UPNBOEP FM NBOEP -PT QTJDPEÏMJDPT OPT NPTUSBSPO MBT QPTJCJMJEBEFT EFM GVUVSP Z 5JNPUIZ -FBSZ TVHJSJØ RVF QPESÓBO UFOFS VTPT BSUÓTUJDPT Z UFSBQÏVUJDPT QPS MP RVF QBSFDÓB RVF FTUÈCBNPT QBTBOEP QPS VO HSBO BWBODF FO MB NFOUBMJEBE 1FSP MB SFQSFTJØO QPMJDJBM MP EFTUSP[Ø UPEP Z UFSNJOBNPT DPO /JYPO RVF FSB VO HJMJQPMMBT UBO ×P×P RVF TPMÓB DBNJOBS QPS MB QMBZB DPO [BQBUPT EF QJFM Z USBKF EF USFT QJF[BT DPO DPSCBUB Z MB DBNJTB UPUBMNFOUF BCPUPOBEBw EJDF %FTQVÏT EF DVBUSP B×PT DPO /JYPO MB ÞMUJNB UJSBEB EF MPT EBEPT QPMÓUJDPT QBSB MPT IJQQJFT Z MPT ZJQQJFT GVF FO DPO FM EFTBTUSPTP JOUFOUP EF .D(PWFSO EF BMDBO[BS MB QSFTJEFODJB DVBOEP MP RVF BM QBSFDFS TFSÓB VOB PMFBEB EF KØWFOFT QBSUJ EBSJPT TFODJMMBNFOUF OVODB TF NBUFSJBMJ[Ø Z &TUBEPT 6OJEPT SFFMJHJØ B /JYPO DPO VOB WJDUPSJB BQMBTUBOUF 1BSB DVBOEP /JYPO EJNJUJØ FM QBSUJEP EFNØDSBUB FTUBCB UBO EFTBMFOUBEP Z EFSSPUBEP RVF QPTUVMØ BM VMUSB DPOTFSWBEPS +JNNZ $BSUFS QBSB HBOBS MB QSFTJEFODJB FO /J TJRVJFSB

$IFFDI $IPOH i2VFEÏ FYFOUP EFM TFSWJDJP NJMJUBS QPS VOB FOGFSNFEBE FO MPT SJ×POFT BTÓ RVF TVTQFOEÓ FM FYBNFO NÏEJDP QFSP QFOTÏ RVF EF UPEBT GPSNBT UFOESÓB RVF JS Z SFVOÓ B QBTUPSFT Z DPOHSFTJTUBT QBSB RVF UFTUJGJ DBSBO RVF ZP FSB QBDJGJTUB .VDIPT EF NJT BNJHPT NVSJFSPO FO 7JFUOBN Z NVDIPT PUSPT UVWJFSPO RVF IVJS B $BOBEÈ 4VFDJB F *TSBFM .F DPOWFSUÓ FO DPOTFKFSP QBSB BZVEBS B PUSPT B FMVEJS FM TFSWJDJP NJMJUBS 4J FYJTUÓB BMHVOB SB[ØO NÏEJDB P GBNJMJBS UF BZVEÈCBNPT B TBMJS EFM TFSWJDJP 4J OP UF QPOÓBNPT FO DPOUBDUP DPO QFSTPOBT RVF QPEÓBO DPOTFHVJSUF EPDVNFOUPT GBM TPT QBSB TBMJS EFM QBÓTw .JFOUSBT UBOUP MB HVFSSB FO DBTB DPOUJOVB CB B UPEB NBSDIB -B CSVUBMJEBE QPMJDJBM FSB FM QBO EF DBEB EÓB Z NVDIBT SFVOJP OFT ZJQQJFT UFSNJOBCBO FO EJTUVSCJPT *OWBSJBCMFNFOUF MPT PSHBOJ[BEPSFT TBO HSBOEP Z HPMQFBEPT FSBO MMFWBEPT BOUF MPT USJCVOBMFT Z BDVTBEPT EF JOTUJHBS MB WJPMFODJB )BCSÓB TJEP NÈT KVTUP BDVTBSMPT EF JOTUJHBS MB QB[ BVORVF TVT QJOUPSFTDBT USBWFTVSBT BUFSSBCBO B MPT DPOTFSWBEPSFT FTUBEPVOJEFOTFT %F IFDIP FM ÏYJUP EF MPT ZJQQJFT TF CBTØ FO RVF MPT NFEJPT EF DPNVOJDBDJØO CVTDBCBO QFSTQJDB[NFOUF MB QPMÏNJDB &TUBEPT 6OJEPT QPS GJO FTUBCB GSFOUF B GSFOUF DPO MB DPOTDJFODJB Z B BMHV OPT OP MFT HVTUØ MP RVF WFÓBOw

ESPHBT QFSP MBT DPTBT QPDBT WFDFT TPO UBO CMBODP Z OFHSP -B EPMPSPTB SFMBDJØO EF 3FBHBO DPO MB NBSJIVBOB SFGMFKBCB FM EJTGVODJPOBM FOGPRVF EF &TUBEPT 6OJEPT IBDJB MB QMBOUB 4V IJKP FSB VO CBJMBSÓO EF CBMMFU RVF GVNBCB NBSJIVBOB Z RVF TPMÓB GVNBS QPSSPT FO MB QBSUF USBTFSB EF MB DBNJPOFUB IJQQZ EF #SVDF i'VNÏ IBDIÓT DPO 3POBME 3FBHBO +VOJPS FO EPT PDBTJPOFT FO -PT «OHFMFT &O FTB ÏQPDB TV QBESF ZB IBCÓB TJEP HPCFSOB EPS QFSP BÞO OP FSB QSFTJEFOUF &TUBCB TJODFSBNFOUF EFTDPODFSUBEP DPO MB NF[ RVJOEBE EF TV QBESF DPO SFTQFDUP B MBT ESPHBT Z MPT UFNBT EF DPNQBTJØO DPNP MB QPCSF[B Z MPT EFSFDIPT EF MPT USBCBKBEP SFT *OUFOUØ IBCMBS FO TFSJP DPO TV QBESF RVF FO TVT JOJDJPT FSB MJCFSBM Z EFNØDSBUB BOUFT EF DBTBSTF DPO /BODZ Z DBFS CBKP MB JOGMVFODJB EFM QBESF EF ÏTUB EF FYUSFNB EFSFDIB Z DPO CVFOBT DPOFYJPOFTw i4BCÓB RVF TV QSPQJP IJKP FSB VO MJCF SBM RVF GVNBCB NBSJIVBOB Z FM NJTNP 3FBHBO IBCÓB FTUBEP FO FM NVOEP EFM FTQFDUÈDVMP Z FSB BNJHP EF 4JOBUSB Z FM 3BU 1BDL Z PUSPT RVF TF NFUÓBO UPEP UJQP EF DPTBT $JFSUBNFOUF TJ OP GVF QBSUÓDJQF BM NFOPT UPMFSØ BRVFMMBT DPTBT EF MBT RVF TF WPMWJØ UBO JOUPMFSBOUF BM BTVNJS MB QSFTJ EFODJB 3PO TJFNQSF TF TJOUJØ EFTDPODFS UBEP QPS FTPw SFDVFSEB #SVDF *OEFQFOEJFOUFNFOUF EF RVF TVT JEFBT QPMÓUJDBT GVFSBO QSPQJBT P OP 3POBME 3FBHBO GVF VO HPCFSOBEPS USFNFOEB NFOUF WJPMFOUP Z SFQSFTJWP %VSBOUF VO DPOPDJEP FQJTPEJP MMBNØ USBORVJMB NFOUF B MB (VBSEJB /BDJPOBM QBSB BUB DBS MJTJBS Z IBTUB NBUBS FTUVEJBOUFT EF GPSNB CSVUBM FO FM FGÓNFSP i1FPQMF T 1BSLw 5SBT FM FWFOUP 3FBHBO EFGFOEJØ TVT GBUÓEJDPT BDUPT EJDJFOEP RVF iTJ FT OFDFTBSJP VO CB×P EF TBOHSF IBHÈNPT MP ZB /P NÈT DPOUFNQPSJ[BDJØOw .ÈT UBSEF TF TVQP RVF BHFOUFT EFM '#* DPNP 3FBHBO IBCÓBO USBCBKBEP NVZ EF DFSDB DPO FM KFGF EFM '#* + &EHBS )PPWFS QBSB BIPHBS FM NPWJNJFOUP B GBWPS EF MPT EFSFDIPT DJWJMFT NFEJBOUF MB WJPMFODJB Z MB JOUJNJEBDJØO -B HFOUF FTUBCB EFNB TJBEP BUFNPSJ[BEB QBSB QSPUFTUBS

3JDIBSE /JYPO PEJBCB B MPT IJQQJFT Z B MPT ZJQQJFT DPO QBTJØO F JOUFOUØ QPOFS B MB TPDJFEBE FO DPOUSB EF MB NBSJIVBOB Z MB QSPNJTDVJEBE " QFTBS EF TVT FTGVFS [PT TFHVÓB TJFOEP BDFQUBCMF SFGFSJSTF EF GPSNB GBWPSBCMF B MBT ESPHBT QPS UFMFWJ TJØO Z MB DPOUSBDVMUVSB TFHVÓB USBORVJMB 3POBME 3FBHBO DBNCJØ UPEP FTP i&O MB EÏDBEB EFM FTUBCBO MBT QFMÓDVMBT EF $IFFDI BOE $IPOH Z FM BQPHFP EF MB DVMUVSB EFM DBOOBCJT QFSP EFTQVÏT EF 3FBHBO FO TF QSPIJCJØ IBCMBS EF FTBT DPTBT QPS UFMFWJTJØO WPMWJØ B TFS VO UBCÞ DVMUVSBMw SFDVFSEB #SVDF i3FBHBO FSB VO QSFTJEFOUF NJMJUBS F JOEVT USJBM UVWP ÏYJUP FO FTUSPQFBS UPEP FM BTVO UP EF MBT ESPHBTw 3POBME 3FBHBO FT SFDPSEBEP DPNP VO QSFTJEFOUF GFSP[NFOUF FO DPOUSB EF MBT

#BSBDL 0CBNB {MB OVFWB FTQFSBO[B -PT HPCFSOBOUFT ZB IBCÓBO UFOJEP TVGJ DJFOUF -B HFOUF EFCÓB TFS EFWVFMUB B TVT DBKBT 4F IJ[P VOB MMBNBEP BM UFNPS Z MB UFMFWJTJØO QBSB IJQOPUJ[BS B MB QPCMBDJØO Z MB HVFSSB DPOUSB MBT ESPHBT FSSBEJDØ MB ÏUJDB EF MPT B×PT i&M FGFDUP EF MB HVFSSB DPOUSB MBT ESPHBT IB TJEP FO HSBO QBSUF RVF TF IB IFDIP MP NÈT QBSFDJEB B VOB HVFSSB :B OP IBZ JOPDFODJB "MMÈ FO MPT B×PT Z MB JEFB

EF RVF BMHVJFO TF NFUJFSB DPO UV NBSÓB QBSB HBOBS NÈT QBTUB FSB BMHP JOTØMJUP -B ANBSÓB NBMB FSB NÈT RVF OBEB VO NJUP VSCBOPw EJDF "IPSB MBT ESPHBT DPOUBNJ OBEBT TPO VO IFDIP FO MBT DBMMFT -B HVFSSB DPOUSB MBT ESPHBT IB DBNCJBEP NÈT RVF MB DBMJEBE EFM QSPEVDUP UBN CJÏO IB MJNJUBEP FYJUPTBNFOUF FM FOUFOEJ NJFOUP EFM QÞCMJDP EF MPT QTJDPEÏMJDPT &M QPUFODJBM UFSBQÏVUJDP EF MPT QTJDPEÏMJDPT SFDJÏO BIPSB FTUÈ MFOUB Z EPMPSPTBNFO UF WPMWJFOEP B OPUBSTF i-PT QSJOHBEPT FOUVTJBTUBT EF RVÓNJDB TPMÓBO DPOTVNJS ESPHBT MPT DJFOUÓGJDPT RVFSÓBO DPMPDBSTFw EJDF #SVDF )PZ FO EÓB QBSFDF RVF MB NBZPSÓB EF MBT QFSTPOBT OP RVJFSFO FYQMPSBS MB NFOUF TØMP RVJFSFO DPMPDBSTF $PNP EJKP 5FSFODF .D,FOOB FO TV DMÈTJDB OPWFMB &M NBOKBS EF MPT EJPTFT -PT IJKPT EF ,FO Z #BSCJF FTDBQB SPO CSFWFNFOUF EF MB JOUPYJDBDJØO EF MB UFMFWJTJØO B NJUBE EF MPT B×PT NFEJBOUF FM VTP EF BMVDJOØHFOPT i`6Z w SFTQPOEJØ FM IPNCSF EPNJOBOUF Z SÈQJEBNFOUF JMFHBMJ[Ø MPT QTJDPEÏMJ DPT F JOUFSSVNQJØ MBT JOWFTUJHBDJPOFT 4F PSEFOØ VOB EPCMF EPTJT EF UFSBQJB UFMFWJTJWB NÈT DPDBÓOB QBSB MPT IJQQJFT FSSBOUFT Z SÈQJEBNFOUF GVFSPO USBOT GPSNBEPT FO ZVQQJFT PSJFOUBEPT IBDJB FM DPOTVNP 4ØMP VOPT DVBOUPT SFDBM DJUSBOUFT FTDBQBSPO FTUB JHVBMBDJØO EF WBMPSFT $BTJ UPEPT BQSFOEJFSPO B BNBS BM (SBO )FSNBOP : BRVFMMPT QPDPT RVF OP TJHVFO TJFOEP BQMBTUBEPT QPS MB DVMUVSB EPNJOBOUF DBEB WF[ RVF DPNQVMTJWBNFOUF SFCVTDB FOUSF FM QPMWP RVF RVFEB EF TV QFSQMFKJEBE TPCSF iMP RVF QBTØ FO MPT B×PT w 1FSP RVJ[ÈT UPEBWÓB IBZB FTQFSBO[BT -PT &TUBEPT 6OJEPT TF QBSFDFO NÈT RVF OVODB B #BSCJF Z ,FO QFSP #BSBDL 0CBNB IB DBVTBEP SFWVFMP FO FM QBÓT -BT FODVFTUBT JOEJDBO RVF FTUÈ BSSBTBO EP DPO FM DØNJDBNFOUF BODJBOP EFDSÏ QJUP Z BMHP BTRVFSPTP +PIO .D$BJO Z VOB WF[ NÈT TF IBO WVFMUP QBOEFNJB MPT TFOUJNJFOUPT BOUJCÏMJDPT "M NJTNP UJFNQP JOUFSOFU oMB NBSBWJMMB UFDOPMØ HJDB BDDJEFOUBMNFOUF EFNPDSÈUJDB EF FTUB FSBo FTUÈ TVQFSBOEP B MB UFMFWJTJØO DPNP FM SFDVSTP DVMUVSBM QSFGFSJEP EF FTUB HFOFSBDJØO i4J MPT VTVBSJPT EF JOUFSOFU BDVEFO B WPUBS QPS 0CBNB HBOBSÈw BTFHVSB #SVDF i$PO 0CBNB FO MB QSFTJEFODJB UBM WF[ WVFMWB B DBNCJBS MB NFOUBMJEBE BCBOEPOBOEP MB BDUJUVE EF RVF ATJFNQSF Z DVBOEP ZP UFOHB MP NÓP OP JNQPSUB OBEB NÈT 1FSP NF BTVTUB RVF UBM WF[ OP IBZB FMFDDJPOFT %F BMHVOB GPSNB NF TJFOUP SFTJHOBEP BM IFDIP EF RVF MPT #VTI UPNFO FM QPEFSw 1PS FTP #SVDF TF SFIÞTB B DPNQBSUJS FM SFTVSHJNJFOUP EF MB FTQFSBO[B RVF IB BZVEBEP BM BTDFOTP NFUFØSJDP EF 0CBNB IBTUB MB DJNB EFM QPEFS )B WJTUP FM BTF TJOBUP EF MB FTQFSBO[B NÈT WFDFT EF MBT RVF UJFOF UJFNQP EF SFDPSEBS JODMVTP B MP MBSHP EF VOB FOUSFWJTUB EF DJODP IPSBT i&T FTQFSBS EFNBTJBEP .F FOUSJTUFDFSÈ NVDIP DVBOEP TF MP DBSHVFOw


$6-5*7" $0/ 45&7& : %"8/

"VUPGMPSBDJØO QBSB FM QVFCMP

&BTZ #VE EF 3PZBM 2VFFO 4FFET )BCÓB VOB WF[ VO IPNCSF WJFKP Z TBCJP RVF B CBTF EF QSVFCBT Z FSSPSFT EFTDVCSJØ RVF TF OFDFTJUBCBO WBSJBT DPTBT QBSB QPEFS DVMUJWBS CVFOPT DPHPMMPT HPSEPT QFHBKPTPT Z BSPNÈUJDPT Z RVF EF UPEBT FTBT DPTBT QSPCBCMFNFOUF MB NÈT JNQPSUBOUF FSB MB QBDJFODJB &M WJFKP TBCJP UF EJSÓB RVF EF NFEJB QBSB MPHSBS VOB DPTFDIB SB[POBCMF EF DPHPMMPT RVF FTUÏO SB[POBCMFNFOUF CVFOPT Z UFOHBO VOB QPUFODJB SB[POB CMF IBCSÓB RVF FTQFSBS VOB DBOUJEBE SB[POBCMF EF UJFNQP : TJ RVJTJFSBT VOB DPTFDIB NBZPS DPO NÈT GVFS[B Z NÈT TBCPS UFOESÓBT RVF FTQFSBS VOB DBOUJ EBE NBZPS EF UJFNQP $PO FM QBTP EFM UJFNQP MPT UJFNQPT EF DPTFDIB TF IBO IFDIP DBEB WF[ NÈT DPS UPT Z FTUP TF EFCF B NVDIPT GBDUPSFT BCPOPT NPEFSOPT BWBODFT FO MB UFDOP MPHÓB EF MBT MÈNQBSBT Z oNVZ JNQPSUBOUF VO DBVEBM DSFDJFOUF EF JOGPSNBDJØO TPCSF DØNP DVMUJWBS QPS VOP NJTNP /BEJF UJFOF RVF DVMUJWBS FO MB JHOPSBODJB Z B EJGFSFODJB EFM WJFKP BSSVHBEP UÞ OP UJFOFT QPS RVÏ BQSFOEFS B CBTF EF QSVFCBT Z FSSPSFT EVSBOUF EÏDBEBT

" QFTBS EF FMMP TVDFEF DPO GSFDVFODJB RVF QBSB UFOFS EFQSJTB VO DVMUJWP UF WFT GPS[BEP B QPOFS FO GMPSBDJØO QMBO UBT UBO QFRVF×BT RVF B NFOPT RVF EJTQPOHBT EF EPDFOBT EF FMMBT OP WBO B EBSUF VOB DPTFDIB RVF UF IBHB TPO SFÓS EF PSFKB B PSFKB )BTUB VOB QMBOUB SÈQJEB EF EÓBT EF TFNJMMB P EF FTRVFKF OFDFTJUB EÓBT EF WFHFUBUJWP QBSB RVF FM SFTVMUBEP NFSF[DB MB QFOB BTÓ RVF TJHVFT DBMDVMBOEP EÓBT QBSB MB DPTFDIB : B NFOPT RVF UF IBZBT UPNBEP UJFNQP QBSB TFMFDDJPOBS DPO DVJEBEP MPT DMPOFT Z P MBT TFNJMMBT QPESÓBT BDBCBS DPO NVDIP NFOPT EF MP RVF FTQFSBCBT EF UV ADPTFDIB BDF MFSBEB &O QBSUF FT DPNP FM TFYP SÈQJEP TBUJTGBDF FO FM NPNFOUP QFSP OP EB VO QMBDFS EVSBEFSP

%F UPEBT MBT DPTBT RVF FM WJFKP BQSFOEJØ B MP MBSHP EF UPEB VOB WJEB DVMUJWBOEP CVFOB ZFSCB IBZ VO IFDIP RVF TF NBO UJFOF JOWBSJBCMF MB HFOÏUJDB 4J RVJFSFT DPHPMMPT EFWBTUBEPSFT OFDFTJUBT VOB HFOÏUJDB EFWBTUBEPSB TJ RVJFSFT SFOEJ NJFOUPT EF QFTP OFDFTJUBT HFOÏUJDBT EF QFTP Z TJ RVJFSFT DVMUJWPT TVQFSQPUFOUFT TVQFSQFHBKPTPT Z TVQFSSÈQJEPT OFDFTJUBT 3PZBM 2VFFO 4FFET &BTZ #VE GFNJOJ[BEB EF 3PZBM 2VFFO 4FFET FT QPS EFDJSMP BTÓ SFBMNFOUF BTPN CSPTB )BCJFOEP QSPCBEP USFT BVUPGMPSF DJFOUFT EJTUJOUBT &BTZ #VE 2VJDL 0OF Z 3PZBM "VUPNBUJD UPEBT EF 324 QVFEP EFDJS RVF UPEBT IBDFO CJFO FM USBCBKP QFSP &BTZ #VE PDVQB TV QSPQJB DBUFHPSÓB &O GFDIBT BOUFSJPSFT EF FTUF NJTNP B×P QMBOUÏ PDIP TFNJMMBT EF &BTZ #VE Z DPO TFSWÏ EPT QBSB IBDFS FTUF SFQPSUBKF -BT PDIP QMBOUBT TPQPSUBSPO UFNQFSBUVSBT WFSBOJFHBT BTGJYJBOUFT Z VO BUBRVF EF NJT WJFKPT BNJHPT MPT ÈDBSPT 1PS MP EFNÈT USFT EF FMMBT OP GVFSPO BCPOBEBT FO BCTP MVUP USFT TF BCPOBSPO FO FYDFTP Z EPT TF BCPOBSPO DPO OPSNBMJEBE

%F UPEP FMMP BQSFOEÓ BMHVOBT DPTBT -P QSJNFSP RVF TPO TVTDFQUJCMFT B BUBRVFT EF ÈDBSPT %F UPEBT MBT QMBOUBT EJGFSFOUFT RVF IBCÓB FO FM DVBSUP EF DSFDJNJFOUP WFHFUBUJWP MBT EF &BTZ #VE FSBO MBT RVF QBSFDÓBO QSFGFSJS MPT ÈDBSPT QBSB DPOHSF HBSTF $PNP MBT &BTZ #VE QBTBO MB NBZPS QBSUF EF TV WJEB GMPSFDJFOEP SÈQJEBNFO UF OP FT GÈDJM QVMWFSJ[BS MBT QMBOUBT QPS MPT ÈDBSPT BTÓ RVF SFDJCJFSPO EVDIBT EF BHVB UFNQMBEB QVFTUBT CPDB BCBKP DBEB USFT EÓBT EVSBOUF OVFWF EÓBT &TP BDBCØ DPO MPT QFRVF×PT JOEFTFBCMFT 4FHVOEP DPO UBM EF RVF FTUÏO CJFO SFHB EBT Z BCPOBEBT OP QBSFDF JNQPSUBSMFT FTUBS FO NBDFUBT QFRVF×BT 5FOÓB EPT FO NBDFUBT EF DN Z VOB FO PUSB NBDFUB CBKB EF DN Z BQBSUF EF UFOFS RVF FTUBS BUFOUP BM SJFHP ÏTUB ÞMUJNB TF DPNQPSUØ DBTJ UBO CJFO DPNP MBT RVF FTUBCBO FO NBDFUBT QSPGVOEBT EF DN 5BNCJÏO UVWF VOB QMBOUB FO VOB NBDFUB EF DN QFSP BM JOTQFDDJPOBS FM TVTUSBUP USBT MB DPTFDIB NF EJP MB JNQSFTJØO EF RVF IBCÓB TJEP VO EFTQFSEJDJP &O TV DPSUP DJDMP WJUBM OP UVWP UJFNQP EF MMFOBS CJFO MB NBDFUB QPS MP RVF TVQVTP VO RVFCSBEFSP EF DBCF[B B MB IPSB EF SFHBS $PO MP WJHPSPTBT RVF TPO MBT QMBOUBT EF &BTZ #VE OP QBSFDFO FYUFOEFS FTB NBTB TVQFSEFOTB EF SBÓDFT RVF TVFMF BTPDJBS TF B BMHVOBT QMBOUBT WJHPSPTBT 8IJUF 8JEPX QPS FKFNQMP QVFEF TFS NVZ WJHPSPTB FO TV EFTBSSPMMP SBEJDVMBS Z TJ OP MB USBTQMBOUBT UF SFTQPOEFSÈ BUSBWF TBOEP MB CBTF EF UVT NBDFUBT EF QMÈTUJDP QBSB GMPSFT FO TV JOUFOUP EF FODPOUSBS NÈT TJUJP &O SFTVNFO MBT NBDFUBT EF DN WBO CJFO QBSB FM QPDP UJFNQP RVF EVSB TV DJDMP WJUBM 5FSDFSP OP QBSFDJØ BGFDUBSMFT FO BCTP MVUP FM AIPSOP FO RVF TF DPOWFSUÓB EF WF[ FO DVBOEP FM DVBSUP EF DSFDJNJFOUP WFHFUBUJWP FTUF WFSBOP &O DVBSUP MVHBS OFDFTJUBO UBOUB MV[ DPNP TFB IVNB OBNFOUF QPTJCMF 1VTF MBT QMBOUBT RVF


&O DVBOUP B MBT EPT QMBOUBT RVF TF DVMUJWBSPO QBSB FMBCPSBS FTUF JOGPSNF TF QVTJFSPO EPT TFNJMMBT EF &BTZ #VE FO UBDPT 3PPU 3JPU MPT DVBMFT IBCÓBO TJEP SFNPKBEPT DPO VO AFTUJNVMBEPS IPSNPOBM Z TF DPMPDBSPO FO VO QSP QBHBEPS DPO DBMFGBDDJØO FO MB CBTF &M DPOKVOUP TF TJUVØ B VOPT DN EF VOB MÈNQBSB EF IBMPHFOVSP NFUÈMJDP EF WBUJPT BKVTUBEP QBSB GVODJPOBS FO DJDMPT FO VOB [POB WFHFUBUJWB DPO CVFOB SFGMFYJØO "M UFSDFS EÓB BNCBT IBCÓBO FODPOUSBEP FM DBNJOP IBDJB BSSJCB EFTEF MPT UBDPT $PNP TØMP TF EJTQPOF EF VO UJFNQP AWFHFUBUJWP MJNJUBEP IBZ RVF TBDBSMF FM NÈYJNP QBSUJ EP QPOJFOEP MBT QMBOUBT DFSDB EF MB MV[ UBO QSPOUP DPNP TFB QPTJCMF Z BCPOÈOEPMBT EF NBOFSB TVBWF Z GSFDVFOUF UBO QSPOUP DPNP TF QVFEB FO DBTP EF RVF FM TVTUSBUP OP FTUÏ NVZ DBSHBEP EF OVUSJFOUFT "M DVBSUP EÓB QMBOUÏ MPT CSPUFT FO NBDF UBT EF DN DPO VO TVTUSBUP # DV[[ ,JMPNJY Z QFSMJUB FYUSB EF QFS MJUB # DV[[ BQSPYJNBEBNFOUF &M TÏQ UJNP EÓB MFT EJ NFEJB EPTJT EF $BOOB 5FSSB 7FHB Z B QBSUJS EF BIÓ VOB EPTJT DPNQMFUB DBEB EPT SJFHPT "QBSUF EF USBTQMBOUBSMBT FO NBDFUBT EF DN UPEP JCB CJFO &TUVWF NBOUFOJFOEP MBT QMBOUBT UBO DFSDB EF MB MÈNQBSB DPNP FSB DBQB[ EF BUSFWFSNF QFSP JODMVTP BTÓ FTUBCBO VO QPDP FTUJSBEBT RVJ[È EFNB TJBEP OJUSØHFOP FO GBTFT UFNQSBOBT FTUBCBO FO NBDFUBT EF DN B EJGFSFO UFT EJTUBODJBT EF MB MÈNQBSB OP QBSFDJØ BGFDUBS BM SFOEJNJFOUP UPUBM &O MP RVF TÓ JOGMVZØ GVF FO MP SÈQJEP RVF QBTBSPO MBT DPTBT "MFKB MBT QMBOUBT B DN EF TVT SFRVFSJNJFOUPT ØQUJNPT EF MV[ Z UBSEBSÈO EÓBT NÈT FO FTUBS MJTUBT -BT EPT RVF FTUVWJFSPO FO MB NFKPS QPTJDJØO QPTJCMF SFTQFDUP B MB MV[ FTUVWJFSPO MJTUBT OVFWF EÓBT BOUFT RVF MB TJHVJFOUF Z EÓBT BOUFT RVF MBT QMBOUBT RVF FTUBCBO FO FM QFSÓNFUSP EFM DVBSUP -BT RVF IF JODMVJEP FO FTUF SFQPSUBKF FTUVWJFSPO MJT UBT B MPT Z EÓBT MB EF EÓBT FTUBCB NÈT DFSDB EF MBT MÈNQBSBT 1FSP MBT RVF BDBCBSPO FO QSJNFSB QPTJDJØO EFM DVBSUP EF DVMUJWP EF WFSBOP UFSNJOBSPO FO TØMP EÓBT EFTEF RVF TF BCSJØ FM QBRVFUF EF TFNJMMBT IBTUB RVF TF DPTFDIBSPO

: QPS TJ GVFSB QPDP EJFSPO DBTJ HS TFDPT DBEB VOB : MP SBSP FT RVF BVORVF MBT IBHBT QBTBS DBSFODJBT MBT BCPOFT NVDIP MBT EFKFT FO NBDFUJUBT SJEÓDVMBT MBT TPNFUBT B UFNQFSBUVSBT BMUÓTJNBT P JODMVTP EFKFT RVF MPT ÈDBSPT TF BNPOUPOFO FO FMMBT IBTUB RVF MPT FDIFT DPO VOB CVFOB EVDIB OBEB EF FMMP QBSFDF NBSDBS VOB EJGFSFODJB OPUBCMF UFOESÈT BMSFEFEPS EF HS TFDPT EF DBEB QMBOUB TJNQMFNFOUF QVFEF RVF BMHVOBT UBSEFO BMHP NÈT FO MPHSBSMP X$PNP MBT QMBOUBT OP TF MMFOBO EFNBTJBEP EF GPMMBKF Z QVFEFT BQB×BSUF DPO NBDFUBT NÈT QFRVF×BT FM QPUFODJBM TJFNQSF RVF EJTQPOHBT EF MV[ FO BCVOEBODJB QPS NFUSP DVBESB EP Y NBDFUBT QSPGVOEBT EF DN FT EF VOPT HS $BEB EÓBT `(VBV

" MPT EÓBT DBNCJÏ FM BCPOP EF DSFDJ NJFOUP QPS FM EF GMPSBDJØO $BOOB 5FSSB 'MPSFT Z B QBSUJS EF FTF NPNFOUP MBT BCPOÏ DPO MB EPTJT DPNQMFUB SFDPNFO EBEB FO DBEB SJFHP &M EÓB FNQF[BSPO B BTPNBS MBT QSJNFSBT GMPSFT FO VOB EF MBT QMBOUBT Z FOUPODFT WPMWÓ B USBTQMBOUBS DVJ EBEPTBNFOUF B NBDFUBT EF DN .VDIB HFOUF EJSÓB RVF FTUÈ NBM USBT QMBOUBS VOB Z PUSB WF[ ZB RVF QSPWPDB VO DIPRVF FO MB QMBOUB Z DBEB TFHVOEP DVFOUB DPOTJEFSBOEP FM DPSUP DJDMP WJUBM EF FTUBT QMBOUBT 1FSP TJ FSFT DVJEBEPTP Z UJFOFT DPOTJEFSBDJØO QVFEFT IBDFSMP DPO QPDP P OJOHÞO DIPRVF Z DVBOEP UV DVBSUP EF DSFDJNJFOUP WFHFUBUJWP FTUÈ UBO PDVQBEP DPNP QVFEF FTUBS FM NÓP FM FTQBDJP FT WBMJPTP &M EÓB DPNP FM FTQBDJP WFHFUBUJWP TF IBCÓB DPOWFSUJEP FO FM MVHBS EF GMPSBDJØO EF MBT &BTZ #VE QVTF VOB MÈNQBSB FYUSB EF TPEJP EF WBUJPT QBSB DPNQMFNFO UBS FM IBMPHFOVSP EF WBUJPT QPS TVFS UF MBT UFNQFSBUVSBT JOWFSOBMFT QFSNJUFO VTBS NÈT WBUJPT TJO DSFBS QSPCMFNBT EF DBMPS "M EJTQPOFS BIPSB EF WBUJPT QPS NFUSP DVBESBEP MBT &BTZ #VE TF WPMWJFSPO MPDBT Z BVNFOUBSPO EF UBNB×P SÈQJEB NFOUF DSFDJFOEP VOB NVDIP NÈT SÈQJEP RVF MB PUSB -B QMBOUB NÈT HSBOEF UBNCJÏO FTUBCB GMPSFDJFOEP NVDIP NÈT EFQSJTB RVF TV IFSNBOB &M EÓB VOB QMBOUB MB NÈT HSBOEF FTUBCB GMPSFDJFOEP B VO SJUNP FOEJBCMBEP


!

""" # $


NPNFOUP QVFEP EFDJS IPOFTUBNFOUF RVF FTUB FNQSFTB EF TFNJMMBT IB TJEP VOB EF MBT NÈT CSJMMBOUFT EF NBOFSB DPOTJTUFO UF FOUSF UPEBT MBT RVF IF UFOJEP FM QMBDFS EF QSPCBS `0T GFMJDJUP DPMFHBT "TÓ RVF &BTZ #VE FT SFBMNFOUF VO DPHPMMP AGÈDJM &T VOB WBSJFEBE FYDFMFOUF QBSB DVBM RVJFSB DPO QPDB P OJOHVOB FYQFSJFODJB EF DVMUJWP 1BSUF EF MB HFOUF RVF IF DPOPDJEP DPO FM UJFNQP IBO BDBCBEP EFKBOEP EF MBEP MB FYQFSJFODJB EF DVMUJWBS QPSRVF FOUSF PUSBT DPTBT FT BMHP RVF OP TF MFT EB NVZ CJFO 1FSP &BTZ #VE MP DBNCJB UPEP QPSRVF BHVBOUB MPT AFSSPSFT DPNP FM FYDFTP P MB GBMUB EF GFSUJMJ[BDJØO FM DBMPS FYDFTJWP MPT CJDIPT Z oIBTUB DJFSUP QVOUP FM FYDFTP Z MB GBMUB EF SJFHP "EFNÈT FTUB WBSJFEBE QSPEVDF UBOUP DVBOEP TF EFKB DSFDFS B TV BJSF DPNP DVBOEP MB QPEBT QSPOUP QPS MP RVF oVOB WF[ NÈT SFTVMUB JEFBM QBSB BRVFMMPT RVF UJFOFO QPDB FYQFSJFODJB P AGPCJB B QPEBS Z DPTBT BTÓ Z FM EÓB EFDJEÓ EBSMF 1, DPO FM BCPOBEP OPSNBM EVSBOUF DVBUSP SJFHPT IBTUB FM EÓB &M EÓB BNCBT QMBOUBT JCBO B UPEB NBS DIB -B QMBOUB NÈT QFRVF×B Z MFOUB FTUVWP GMPSFDJFOEP UBO EFQSJTB RVF DBTJ IBCÓB BMDBO[BEP B TV IFSNBOB HSBOEF 1BSFDF RVF MBT QMBOUBT NVFTUSBO EPT QBUSPOFT EF GMPSBDJØO NBSDBEBNFOUF EJTUJOUPT GFOPUJQPT 6OP FT NVZ SFTJ OPTP DPO DPHPMMPT BQSFUBEPT Z SFEPO EPT EF PMPS EJTUJOUJWP UJQP "GHIBO P )PMMBOET )PQF &M PUSP QBUSØO NÈT MFOUP TF NPTUSØ NVDIP NFOPT SFTJ OPTP Z DPO DPHPMMPT BJSFBEPT Z NVDIP NÈT AFTUJSBEPT 5BNCJÏO UJFOF VO PMPS BGHBOP QFSP DPO VO NBUJ[ NVDIP NÈT EVMDF BMHP QBSFDJEP B NFMØO EVMDF SFDJÏO DPSUBEP -MFHBEP FM EÓB MB NÈT HSBOEF EF MBT EPT TF IBCÓB MMFOBEP FTUBCB DVCJFSUB EF SFTJOB Z QBSFDÓB DPNP TJ TPSQSFO EFOUFNFOUF FTUVWJFSB FNQF[BOEP B UFSNJOBS " QBSUJS EF FOUPODFT ZB TØMP UFOESÓB BHVB QVSB QBSB DFOBS 4V IFS NBOB QPS PUSP MBEP UPEBWÓB FTUBCB FO QMFOP EFTBSSPMMP BVNFOUBOEP CJFO EF QFTP &M EÓB MB NÈT HSBOEF FTUBCB MJTUB MBT c QBSUFT EF MBT GMPSFT FTUBCBO NBSSPOFT Z VOB PKFBEB SÈQJEB DPO VOB MVQB 9 TJSWJØ QBSB DPNQSPCBS RVF MBT HMÈOEVMBT EF SFTJOB FTUBCBO MFDIPTBT Z FODPSWBEBT "TÓ RVF MB DPSUBNPT $JODP EÓBT EFTQVÏT B MPT EÓBT UFSNJ OØ MB TFHVOEB &BTZ #VE "M NJTNP UJFN QP RVF QMBOUÏ MBT &BTZ #VE UBNCJÏO QMBOUÏ BMHVOBT A2VJDL 0OF PUSB BVUP NÈUJDB GFNJOJ[BEB EF 324 EF MB DVBM IF JODMVJEP BMHVOBT GPUPT FO FTUF JOGPSNF &TQFSP QPEFS DVCSJSMB FO NJ TJHVJFOUF SFQPSUBKF 2VJDL 0OF %FTQVÏT EF RVF DBEB &BTZ #VE TF EFKB SB TFDBS EVSBOUF EÓBT MMFHØ FM NPNFOUP EF QSPCBSMBT $PNP ZB IBCÓB DVMUJWBEP Z GVNBEP &BTZ #VE FO FM NJTNP B×P FTUBCB EFTFBOEP WPMWFS B DBUBSMB ZB RVF MPT EPT GFOPUJQPT EJGF SFOUFT UFOÓBO FGFDUPT DMBSBNFOUF EJT

UJOUPT -PT DPHPMMPT SFEPOEPT Z BQSFUB EPT FNQBQBEPT EF SFTJOB EF MB QMBOUB NÈT SÈQJEB IVFMFO TPSQSFOEFOUFNFOUF EVMDFT BM EFTNFOV[BSMPT DPO VO MJHFSP NBUJ[ EF DBSOF FO FTUBEP EF QVUSFGBD DJØO 5JFOF VO HSVFTB DBQB FTDBSDIBEB EF DSJTUBMFT Z FT VO QMBDFS EF AMJBS "M EBSMF DBOEFMB UPEB MB IBCJUBDJØO TF MMFOB EF VO EFOTP Z QVOHFOUF IVNP B[VM RVF TF SFTJTUF B EFTBQBSFDFS -B EJT DSFDJØO FTUÈ GVFSB EF MVHBS VOB WF[ RVF FNQJF[B MB DPNCVTUJØO UPEP FM NVOEP MP TBCF &M FGFDUP FT DPNP QPESÓB FTQF SBSTF QPS FM PMPS VOB FNCSJBHVF[ DPS QPSBM UPUBM RVF UF QFSNJUF WFS EVSBOUF IPSBT DVBMRVJFS DPTB RVF FTUÏO FDIBOEP QPS MB UFMF &T VOB FNCSJBHVF[ RVF EVSB NVDIP Z EFTQVÏT EF GVNBSMB VOPT EÓBT FNQJF[BT B EFTQFSUBSUF QPS MB NB×B OB EÈOEPUF DVFOUB EF EPT DPTBT 5PEBWÓB FTUÈT DPMPDBEP &O SFBMJEBE FT NÈT EF NFEJPEÓB -PT DPHPMMPT EFM PUSP GFOPUJQP TPO NFOPT EFOTPT QFSP QFTBO IBZ SFTJOB FO BCVOEBODJB QFSP FTUÈ NÈT FO FM DPHPMMP RVF QPS FODJNB TJ TBCFT MP RVF RVJFSP EFDJS .ÈT RVF VO DPHP MMP TFDP FTDBSDIBEP SFTVMUB CBTUBOUF QFHBKPTP QPS EFOUSP JODMVTP VOB WF[ DVSBEP Z FT CBTUBOUF DBQB[ EF QPOFS UF MBT DPTBT EJGÓDJMFT DVBOEP JOUFOUBT MJBSUF VO DBOVUP FTUBOEP DPMPDBEP $BTJ UPEP TF UF RVFEB QFHBEP FO MBT NBOPT FM QBQFM MB CPRVJMMB Z MP RVF OP TF UF RVFEB QFHBEP FO MPT EFEPT BDBCB FO FM TVFMP "M EBSMF DBOEFMB FO VOB QJQB IVFMF B "GHIBO #MBDL VO BSPNB SFBMNFOUF SFTJ OPTP QFSP DPO BMHP NÈT &T EJGÓDJM EF FYQMJDBS QVFEF RVF BMHVOPT NF FOUJFO EBO TJ EJHP RVF IVFMF B MPT &M FGFDUP FT FYDFMFOUF VOB FNCSJBHVF[ NVZ GVFS UF QFSP UBNCJÏO JOTQJSBEPSB )BDF RVF FTUÏT UPUBMNFOUF DPOUFOUP UBO GFMJ[ EF TFS TPDJBCMF DPNP EF QPOFS PUSP USPODP FO MB DIJNFOFB Z RVFEBSUF FO DBTB &O DVBOUP BM SFOEJNJFOUP DPNP NFO DJPOÏ BOUFSJPSNFOUF QBSFDF TFS RVF EB VOPT HS QPS QMBOUB TJO JNQPSUBS

MP RVF IBHBT &M QFPS SFOEJNJFOUP RVF PCUVWF GVFSPO HS Z FM NFKPS GVFSPO BMHP NFOPT EF HS QFSP EF MBT EJF[ QMBOUBT TF BDFSDBSPO NVDIP B HS &O DPOKVOUP MBT QMBOUBT SJOEJFSPO BMSF EFEPS EF HS &O EÓBT $VBOEP MBT WBSJFEBEFT BVUPGMPSFDJFOUFT FNQF [BSPO B IBDFSTF QPQVMBSFT FO MP ÞOJDP RVF QPEÓB QFOTBS FSB FO MPT EPMPSFT EF DBCF[B RVF TPMÓBO EBSOPT B×PT BUSÈT DVBOEP GVNÈCBNPT EFNBTJBEP EF DVBM RVJFS DPTB RVF FTUVWJFSB DSV[BEB DPO 3VEFMBSJT Z IBCJFOEP DVMUJWBEP IBDF B×PT 3VEFMBSJT *OEJDB UBOUP FO JOUFSJPS DPNP BM BJSF MJCSF OP QPEÓB EFKBS EF SFDPSEBS FM EFDFQDJPOBOUF SFTVMUBEP GJOBM BVORVF QPS BRVFM FOUPODFT QSPCBCMF NFOUF GVFSB GBMUB NÓB FO HSBO NFEJEB

5FOHP VO BNJHP RVF JMVTUSB FTUF QVOUP 6O BSUJTUB EF MB WJEB Z VO GVNFUB FNQF EFSOJEP IB BDBCBEP DPO UBOUPT DVMUJWPT Z TF IB BSSJFTHBEP UBOUBT WFDFT B SPNQFSTF FM DVFMMP TVCJÏOEPTF B FTDBMFSBT QMFHBCMFT UBNCBMFBOUFT RVF UFSNJOØ QPS EFKBS EF DVMUJWBS )BDF VO UJFNQP MF EJ VO DBUÈMPHP EF 324 Z BIPSB OP TØMP IB WVFMUP B DVMUJ WBS DPO ÏYJUP TJOP RVF TF IB WVFMUP VO DPNQMFUP BQØTUPM EF MBT BVUPGMPSFDJFOUFT

4JO FNCBSHP FO FM ÞMUJNP B×P NF IF DPOWFSUJEP "EFNÈT EF RVF DVMUJWBS BVUP GMPSFDJFOUFT OP DVFTUB OJOHÞO FTGVFS[P MP DVBM UF EFKB NÈT UJFNQP QBSB UVT ADIJDBT FTQFDJBMFT MPT SFTVMUBEPT EFM DVMUJWP TPO CVFOPT MPT SFTVMUBEPT FO DVFTUJØO EF SFOEJNJFOUP TPO CSJMMBOUFT USBUÈOEPTF EF QMBOUBT UBO QFRVF×BT Z MPT SFTVMUBEPT B MB IPSB EF GVNBS TPO FTUVQFOEPT

.J JEFB FT RVF TJ VO WJFKP GVNFUB MPDP UPUBMNFOUF JEP Z QFSNBOFOUFNFOUF CPSSBDIP MP RVJFSP B SBCJBS SFBMNFOUF RVF DVMUJWB FO VO MVHBS UBO QPDP TFHV SP Z BDDFTJCMF DPNP $IFSOPCZM Z RVF BDBCB DPO DBTJ UPEP MP RVF UPDB QPS TV JOVUJMJEBE UPUBM Z DPNQMFUB TJ BMHVJFO BTÓ FT DBQB[ EF DVMUJWBS DPO ÏYJUP WBSJFEB EFT BVUPGMPSFDJFOUFT FOUPODFT FO UFPSÓB DVBMRVJFSB QVFEF IBDFSMP "VORVF OP IBZBT DVMUJWBEP OVODB Z UFOHBT QPDP P OJOHÞO DPOPDJNJFOUP P TJ IBT DVMUJWBEP QFSP TJO MPHSBS FM AGBDUPS TPOSJTB EFUFS NJOBOUF B MB IPSB EF MB DPTFDIB UFOESÈT ÏYJUP DBTJ DPO UPEB DFSUF[B DVBOEP QMBO UFT &BTZ #VE GFNJOJ[BEB P DVBMRVJFSB EF MBT BVUPGMPSFDJFOUFT EF 324

)BCJFOEP DVMUJWBEP PDIP WBSJFEBEFT GFNJOJ[BEBT EJGFSFOUFT EF 324 IBTUB FM

)BTUB MB QSØYJNB RVF PT WBZB CJFO 4UFWF 4FYZ %BXO


-*'& 45:-&

&M NBZPS GFTUJWBM EF 3FHHBF EF &VSPQB USJVOGB FO &TQB×B

1SJNFS 3PUPUPN 4VOTQMBTI FO MB QFOÓOTVMB &M 3PUPUPN 4VOTQMBTI MMFWB EJFDJTJFUF B×PT DFMFCSÈOEPTF FO *UBMJB 5SBT MB SFQSFTJØO QPMJDJBM TVGSJEB EVSBOUF MPT ÞMUJNPT B×PT BDBCBO NVEBSTF Z &TQB×B FT FM MVHBS FMFHJEP QPS TVT QMBZBT TVT HFOUFT TV HBTUSPOPNÓB QFSP TPCSF UPEP QPS OVFTUSP FOGPRVF IBDJB MB QMBOUB TBOUB ZB RVF MBT QSFTJPOFT EF #FSMVTDPOJ FSBO QPS FTUF NPUJWP %F IFDIP FM GFTUJWBM FO TÓ NJTNP UJFOF VOB GJMPTPGÓB UPUBM NFOUF BOUJ QSPIJCJDJPOJTUB DPNP NVFTUSB MPT TUBOET EF BTPDJBDJPOFT 5FYUP 1FESP ; QPS DPSUFTÓB EF 3FHHBF4QBJO DPN DBOOÈCJDBT QSFTFOUFT

3PNBJO 7JSHP DPO TV FTUJMP -PWFST OP IB QBSBEP EF TBDBS IJUT EVSBOUF FM Z -B ÞOJDB BDUVBDJØO EF VO BSUJTUB BDUVBM EF EBODFIBMM FO FM .BJO 4UBHF GVF MB EF #VTZ 4JHOBM RVJTP EBS EFNBTJBEP EF TÓ NJTNP QPS MP RVF BM DVBSUP UFNB ZB OP MMF HBCB B MPT UPOPT 8BZOF 8POEFS FNPDJP OP BM QÞCMJDP BM IBDFS VO QFRVF×P IPNF OBKF QFSTPOBM BM ZB GBMMFDJEP 4VHBS .JOOPU 1SFMVEJP EF ÞMUJNB WFMBEB TJO EVEB MB NÈT

'PUP DFEJEBT QPS MB PSHBOJ[BDJØO QPS DPSUFTÓB EF TVT BVUPSFT

&M FWFOUP FT NVDIP NÈT RVF VO GFTUJWBM EF NÞTJDB B MB VTBO[B IBCJUVBM EFM UJQP FTUB NPT BDPTUVNCSBEPT FO &TQB×B &OHMPCB NVDIBT NÈT BDUJWJEBEFT QBSBMFMBT B MB NÞTJDB FTCP[BSFNPT VO SFTVNFO .BHJDP (JPDP VOB HVBSEFSÓB QBSB EFKBS B MPT IJKPT KVHBOEP DPO NVMUJUVE EF KVF HPT OBEB IBCJUVBMFT FO TVT FTDVFMBT 'PNFOUBOEP BTÓ VOB BUNØTGFSB FEVDBUJWB QBSB M!T NÈT QFRVF×!T 3FHHBF 6OJWFSTJUZ DBSQB EF DIBSMBT Z EFCBUFT EPOEF TF QPEÓB BQSFOEFS UPEP MP SFMBDJPOBEP DPO MB NÞTJDB SFHHBF EF MB NBOP EF FYQFSUPT FO MB NBUFSJB DPNP ,JOH 5VCCZT 4PVOETZUFN Z NÈT -B $BTB EFM 3BTUBSJ PGSFDÓB DPOPDJNJFO UPT QSPGVOEPT TPCSF FTUB SFMJHJØO UBO MJHBEB BM SFHHBF "EFNÈT QPEÓBT UPNBS [VNPT EF VOB HSBO WBSJFEBE DPMBCPSBO EP BTÓ DPO MB BTPDJBDJØO "CJTJOJPT QBSB MB $PPQFSBDJØO 1MBZB 4VOTQMBTI VOP EF TVT DBNCJPT NÈT OPUBCMFT SFTQFDUP B MBT FEJDJPOFT BOUFSJPSFT 6O 4PVOE 4ZTUFN JOTUBMBEP FO MB NJTNB QMBZB BNFOJ[BCB MPT DVBSFOUB Z UBOUPT HSBEPT EF UFNQFSBUVSB RVF IBDÓB EVSBOUF FM EÓB &TUBCB JOTUBMBEP KVTUP FO GSFOUF EF VOP EF MPT QPDPT DIJSJOHVJUPT EF MVHBS MB DPNCJOBDJØO SFTVMUBCB QFSGFD UB 1MBZB NÞTJDB Z NPKJUPT

1MBZB GPUP DPSUFTÓB EF )FMFOB (SBOEF 1FSF[

$PDJOB JOUFSOBDJPOBM QPEÓBNPT EJTGSVUBS EF DPNJEB EF EJWFSTBT QBSUFT EFM NVOEP "NQMJB TFMFDDJØO EF FTDFOBSJPT QBSBMF MPT BVORVF OP DPNQBSUP UPUBMNFOUF FM NPEP EF HFTUJØO RVF VUJMJ[BSPO BOJNBCB MBT OPDIFT Z MPT EÓBT EF MBT PDIP KPSOB EBT RVF EVSØ &O FTUBT DBSQBT QVEJNPT EJTGSVUBS EF NVMUJUVE EF BSUJTUBT EF FTUJ MPT WBSJBEÓTJNPT EFTEF FM %VC 4UBUJPO DPO TV NFHB 4PVOE 4ZTUFN RVF UF IBDÓB WJCSBS IBTUB MBT FOUSB×BT IBTUB FM 4LB $MVC DPO TVT CBOEBT EF DPSUF DMÈTJDP 1BTBOEP QPS FM .BJO 4UBHF P FM %BODFIBMM 4UBHF EPOEF FDIBNPT FO GBMUB B BMHVOPT TPVOET OBDJPOBMFT DPNP ,BDIBGBZBI P #BSCBTT 4PVOE FTUBNPT TFHVSPT EF RVF IBCSÓBO BOJNBEP MB GJFTUB NÈT RVF BMHVOPT EF MPT RVF BMMÓ QJODIBSPO 0USBT DBSQBT GVFSPO FM 'SFF :BSE MB EFM NÓUJDP DMVC +VBOJUB EF 7BMFODJB MB EF MB BTPDJBDJØO ;JPO 5PXO P MB EFM 9QSFTTJOH 6OEFSHSPVOE EF #BSDFMPOB .BJO 4UBHF MPT DPODJFSUPT FO TV NBZPSÓB CVFOPT QFSP DPSUPT "VORVF UPEPT MPT BSUJTUBT FSBO EF QSJNFSB MÓOFB TF EFKBCB OPUBS RVF FTUF B×P OP IBCÓBO DVJEBEP UBOUP FM DBSUFM DPNP FO FEJDJPOFT BOUFSJP SFT 3FTQFDUP B MBT BDUVBDJPOFT EFTUBDBS FM DPODJFSUP EF $IVDL 'FOEFS FODFOEJØ B MB NBTTJWF DPNP OJOHÞO PUSP DBOUBOEP UFNBT UBOUP TVZPT DPNP EF TV BNJHP 3JDIJF 4QJDF .BSJIVBOB 1PO %J $BOB 5BNCJÏO VO KPWFO UBMFOUP KBNBJRVJOP

1MBZB GPUP DPSUFTÓB EF )FMFOB (SBOEF 1FSF[

FNPUJWB 1SÈDUJDBNFOUF UPEPT MPT BSUJTUBT RVF QBSUJDJQBSPO FO FM 3PUPUPN TF TVCJF SPO B MB WF[ BM FTDFOBSJP B DBOUBS DBODJP OFT EF 4VHBS .JOOPU 1VEJNPT WFS B MB WF[ B 8BZOF 8POEFS .BSDJB (SJGGJUT $IVDL 'FOEFS #PC "OEZ Z NVDIPT NÈT 5FOHP VOB EVEB QFSTPOBM SFTQFDUP B USFT EF MPT HSVQPT RVF BDUVBCBO FM .BJO 4UBHF OP FOUFOEÓ NVZ CJFO MB QSFTFO



1ÞCMJDP EVSBOUF FM DPODJFSUP EF 'JEFM /BEBM GPUP DPSUFTÓB EF .JDIFMF -BQJOJ

1MBZB GPUP DPSUFTÓB EF )FMFOB (SBOEF 1FSF[

DJB EF ,IBMFE .PSDIFFCB Z 3BQTVT,MFJ (SBOEFT BSUJTUBT EF SFOPNCSF JOUFSOBDJP OBM QFSP EF FTUJMP QBSB OBEB SFHHBF QPS MP RVF SFTVMUBSPO VO QPDP GVFSB EF MVHBS FO FM GFTUJWBM EF SFHHBF NÈT JNQPSUBOUF EF &VSPQB %JDIP FTUP DPOTUF RVF TFSWJ EPS IB WJTUP B 3BQTVT FO DPODJFSUP NÈT EF EJF[ WFDFT MP WPMWFSÓB B WFS PUSBT EJF[ QFSP FTF OP FT FM BTVOUP

BMJNFOUBEP UPUBMNFOUF QPS FOFSHÓB TPMBS P MPT EJTUJOUPT QVOUPT EF SFDJDMBKF EFM SFDJOUP 5BNCJÏO EJTQPOFO EF VOB QPMÓUJDB SFTQFDUP B MBT FNJTJPOFT EF $P QPS MB RVF MPT Ƚ EÓB RVF DPCSBCBO FO FM QBSLJOH WBO EFTUJOBEPT B QMBOUBS ÈSCPMFT QBSB BTÓ SFQPCMBS MB [POB

1VOUPT EJGFSFODJBEPSFT VOB EF MBT EJGF SFODJBT NÈT HSBOEFT SFTQFDUP B PUSPT HSBOEFT GFTUJWBMFT EF MB QFOÓOTVMB GVF RVF FM DBSUFM NVTJDBM OP FSB MP RVF NÈT BUSBÓB BM QÞCMJDP DPNP QVEJNPT PCTFSWBS DVBO EP TF DBODFMØ FM DPODJFSUP EF 2VFFO *GSJDB Z 5POZ 3FCFM BQBSUF EF PUSPT DBNCJPT FO FM DBSUFM ZB DPNFO[BEP FM GFTUJWBM

$PODMVTJØO IBZ BTQFDUPT B NFKPSBS QFSP NPWJMJ[BS VO GFTUJWBM EF VO QBÓT B PUSP FT DPNQMJDBEP UPEPT FTPT EFUBMMFT TF QVF EFO BSSFHMBS QBSB GVUVSBT FEJDJPOFT (SBO OPUJDJB RVF WVFMWBO FM B×P RVF WJFOF UBM Z DPNP DPOGJSNØ FM EJSFDUPS EFM GFTUJWBM FO FM EJTDVSTP EF DMBVTVSB 0KBMB FO MB QSØYJNB FEJDJØO TF UPNFO NÈT FO TFSJP B MB FTDFOB FTQB×PMB MB DVBM DBEB EÓB FT NÈT BCVOEBOUF Z DPO VOB DBMJEBE NBZPS

0USP EF MPT BTQFDUPT B EFTUBDBS FT MB GJMPTPGÓB WFSEF 1PS FKFNQMP VO FTDFOBSJP

%FTEF XXX SFHHBFTQBJO DPN QBSB 4PGU 4FDSFUT 1FESP ;

/VFWF B×PT EF HBOKB Z NÞTJDB 5SBT FM GFTUJWBM EF SFHHBF NÈT JNQPS UBOUF EF &VSPQB MMFHB FM NPNFOUP EF QSFQBSBSTF QBSB MB GJFTUB NÈT JNQPS UBOUF EF &TQB×B (BOKB 5JNF DFMFCSB TV GJFTUB OÞNFSP UBNCJÏO MPT OVFWF B×PT RVF MMFWBO PGSFDJFOEP 3FHHBF 4FSÈ FM EF PDUVCSF FO MPT TBMPOFT 1SFTJEFOU EF .ØTUPMFT EFTEF MBT OVFWF EF MB OPDIF B MBT TFJT EF MB NBESVHBEB *ODSFÓCMF MB MBCPS EF EJGVTJØO DVMUVSBM

RVF IBO SFBMJ[BEP -PLJ Z 1PMMP FTUF UJFNQP UBOUP EF MB NÞTJDB KBNBJDBOB DPNP B MB IPSB EF MMFWBS FM BNPS B MB HBOKB B UPEBT TVT GJFTUBT "VORVF DFMFCSBO GJFTUBT FO EJTUJOUPT NPNFO UPT EFM B×P MBT NÈT TPOBEBT TVFMFO DPJODJEJS DPO MBT EF MPT BOJWFSTBSJPT BOVBMFT ZB RVF FM EF PDUVCSF IBZ HBOBT EF DBUBS FO DPNQB×ÓB MB DPTFDIB EF FYUFSJPS QPS MP RVF TF TVFMF KVOUBS

NVDIP QÞCMJDP Z WBSJFEBE EF NVFT USBT &M DBSUFM BÞO OP FTUÈ DFSSBEP Z RVFEBO TPSQSFTBT QFSP ZB SFTVMUB NVZ BQFUJUPTP &TUBSÈO MPT TPVOET NÈT SPUVOEPT EF MB FTDFOB FT EFDJS ,BDIBGBZBI #BSCBTT Z ,BMPODIB 5BNCJÏO BDUVBSÈO HSBOEFT BSUJTUBT RVF TF QSPEJHBO QPDP DPNP %BEEZ $PCSB ,PSMFPOZ /FXUPO P -JPO 4JUUF 0USP BSHVNFOUP EF QFTP FT RVF BDV

EJSÈ 4POJEP $BNQFØO FM WFUFSBOP EÞP RVF GPSNBO 4VQFSOBGBNBDIP Z +PUBNBZÞTDVMB &T QSPCBCMF RVF FOUSF MBT OPWFEBEFT RVF BOVODJFO IBZB BDUVBDJPOFT EF %BODFIBMM 2VFFOT QVFT MBT DIJDBT DBEB WF[ TPO NÈT BCVOEBOUFT FO FTUBT GJFTUB Z DBEB MP NVFWFO NFKPS $JUB JNQSFT DJOEJCMF 5PNFO OPUB UBNCJÏO MPT PKFBEPSFT EF BSUJTUBT EFM 3PUPUPN


-*'& 45:-&

%BWF $MBSLF i"RVBTFMMB MPPLJOH BOE TPVOEJOH GBCVMPVT BOE UIF TPVOE PG UIF DSPXE JT 5FDIOPw

"RVBTFMMB B EPT BTBMUPT 1SJNFS BTBMUP %BWF $MBSLF &TUSVDUVSBT UFOTBT FO FM WBDÓP EFSSJCBEBT B NBOPUB[PT )FSSVNCSF DBSCØO IVNPT 3FWPMVDJØO JOEVTUSJBM 3VJEP CMBODP 1FSGFDUP QSF MVEJP B VO .VMFSP EFMJDBEP QFSP GJSNF $PO MB EFM CVFO HVÓB RVF DPOPDF MB SVUB B WBMMFT TFDSFUPT EF UJFSSBT WFSEFT Z GSFTDPT SÓPT "MMÈ OPT EJSJHJNPT DPO MB BMFHSÓB EFM BOEBS BVORVF TF IBHB EVSB MB BTDFOTJØO BM QVFSUP -MFHBEPT BM &EÏO GFMJ[ 3FFLP EJKP IÈHB TF MB UPSNFOUB Z EFTBUØ MPT FMFNFOUPT &M BSSFCBUP EF MP JODPSSFDUP EFM FSSPS BQBSFOUF SFJUFSBEP IBTUB SFWFMBSTF DPNP DJNJFOUP DVBOEP FM BSRVJUFDUP EFTQMJFHB TV QSPZFDUP &DPT EF UPEP SFGFSFODJBT EF OBEB "NBOFDFS NBHOÏ UJDP FO QBSBKFT EFTDPOPDJEPT &T NBUF NÈUJDB JSSBDJPOBM WPSÈHJOF TJOGPOJ[BEB &M DJVEBEBOP TJMFODJPTP FO TV EÓB EF GVSJB -B QBTJØO TFHÞO +VBO 3JDP 5SBT FTUF UPVS EF GPSDF EF USFT HSBO EFT EFM UFDIOP UPDB EJWFSUJSTF BM GJO Z BM DBCP EF USBUB EF VO GFTUJWBM 4JOP 5FDIOBTJB %PTFN IBDF VO MJWF QPS FMFWBDJØO NVOJDJØO MB RVF IBHB GBMUB Z GVFHP HSBOFBEP "M GJOBM BVORVF TBM WBKF FM TJTUFNB FT FGFDUJWP &SJD 4OFP MBSHB TJO WBDJMBS PUSB BOEBOBEB EF TBMWBT FO FM SFMFWP 4POJEPT EFTWFSHPO[BEPT DPO VO BMJ×P B SBWF JNQSPWJTBEB FO FTUB PDBTJØO FM NPNFOUP HBEHFU WJFOF B DBSHP EF VO EJHFSJEPP 6OB NF[DMB EF EJGJDVMUBEFT UÏDOJDBT Z NBMB TVFSUF HPM

*BO 4DIOFJEFS

QFB B 1FQP EVSBOUF FM DJFSSF *NQPTJCMF FKFDVUBS FM TFU QMBOFBEP UBNQPDP TF SJOEF Z FYQSJNF DBEB SFDVSTP TFDP FOÏSHJDP QSFDJTP 4JO NPOTFSHBT "M GJOBM BMBSHB FM DJFSSF QPS TV DVFOUB USBT UBOUP OBEBS JNQPTJCMF NPSJS FO MB PSJMMB ÁMUJNBT CSB[BEBT UFNB B UFNB IBTUB RVF FM QÞCMJDP WPDFB FM WJFKP HSJUP EF HVFSSB 1FQP 1FQPPPPPPPPPP -P NFSFDF NÈT RVF OVODB i&O NJ WJEB NF DPTUØ UBOUP SFNPOUBS VOB TFTJØOw BTFHVSBSÓB EFTQVÏT

4FHVOEP BTBMUP +PSOBEB EF JOGBSUP FO MB RVF FM QSP HSBNB PCMJHB B TBMUBS EF VO FTQBDJP B PUSP (SBO OPWFEBE EF FTUF B×P FM KVTUP IPNFOBKF B MB 3FBM RVF DPOUØ DPO DBSQB QSPQJB 4FNFKBOUF DJUB FYJHF QVFTUP EF IPOPS B .VMFSP Z 4VSHFPO 6OP GVF TVNP TBDFSEPUF EFM UFNQMP FM TFHVOEP DPNQVTP FM IJNOP QSJODJQBM %S 4NPLF IVCJFSB QSFGFSJEP OVCFT EF IVNP B MB EF NPTRVJUPT RVF BSSFDJB TJO QJFEBE 5BNQPDP 4VSHFPO EJTGSVUB EF NVDIBT GBDJMJEBEFT "NCPT TPSUFBO MPT CBDIFT TJO BTQBWJFOUPT -B FMFHBO DJB EF MB WFUFSBOÓB 3PCFSU )PPE BQVSB DBEB SFDVSTP TPOP SP EFM FRVJQP %FTEF TVT UFNBT OVFWPT B VO SFNBUF EF TBCPS B×FKP DVMNJOB EP FO FM #MVF .POEBZ $VBOEP TPCSB UBOUB DMBTF UPEP WBMF 3PC )BMM TVFOB NÈT BEBQUBEP BM NFEJP RVF OVODB TJO QFSEFS MB FTFODJB )POFTUP QFSP BNB CMF /PSNBM TV JODMVTJØO FO MB DBSQB

%BWF $MBSLF FYQSJNJFOEP FM iGBCVMPTPw TPOJEP

:B FT VOP NÈT 5IF "EWFOU SFNBUB VOB KPSOBEB IJTUØSJDB DPO VO MJWF QBSB NJOPSÓBT FYRVJTJUBT -PT HSBOEFT TPO BTÓ 4JFNQSF FTUÈO EF HVBSEJB $VJEBEP DPO MB UJSBOÓB EF MPT OÞNF SPT 5BNQPDP GVF NVMUJUVE FM QSJNFS "RVBTFMMB Z IBTUB BRVÓ IFNPT MMFHBEP 5SBT B×PT EF SFQPTP MB 3FBM TVFOB PUSB

WF[ &TUP ZB FT VO ÏYJUP Z TPMP GVF EFT QFSF[BSTF VOB JEFB EF ÞMUJNB IPSB B TVHFSFODJB EFM QÞCMJDP $PO UJFNQP QPS EFMBOUF TFHVSP RVF IBCSÈ NÈT Z NFKPS FO UPEPT MPT BTQFDUPT EFTEF FM FRVJQP EF TPOJEP B MPT WJTVBMFT %F MB DBSQB $BTMCFSH TPMP IVCP UJFNQP B WFS QBSUF EF MB QSPDMBNB EF "HPSJB

$IVTTP B UPEP UFDIOP

-B OPDIF PTDVSB EF 0TDBS .VMFSP

3FFLP BOUFT EFM BNBOFDFS

3FFLP

1FQP OP TF SJOEF

"RVBTFMMJTNP EF 7JFSOFT NB×BOB


NFOTBKF TPCSJP QFSP MMFOP EF WJEB Z QBTJØO 7BSJPT NFMØNBOPT QSFTFOUFT UJMEBO FM NPNFOUP DPNP MB TÓOUFTJT QFS GFDUB B VOB HSBO OPDIF QVFT BTFHVSBO RVF FM OVUSJEP HSVQP EF DPOHSFHBEPT TF SFVOJØ HSBDJBT B MPT ÈOJNPT JOGVOEJ EPT QPS QSFEJDBEPSFT BOUFSJPSFT DPNP -PWFCJSET +JNQTUFS P .JMUPO &O FM 0QFO "JS )VHP 3PMBO SFQJUF TV ÏYJUP EFM B×P QBTBEP DPO SFDFUB EJTUJO UB FTUB WF[ PQUB QPS VO TFU EF NFOPT FUJRVFUB FO FM RVF FOHBS[B OVFWBT HFNBT FO BMHVOP EF TVT EJTF×PT GBWP SJUPT &M TIPX EF 7JUBMJD JODMVZØ QBOFMFT EF FTQFKPT FO GPSNB EF 7 EPOEF TF NVMUJQMJDBO MPT FGFDUPT WJTVBMFT #VFOB NFUÈGPSB EF TV SJUNP EPOEF DBEB OPUB TF SFGMFKB IBTUB EJTUPSTJPOBSTF FO MB TJHVJFOUF .ÞTJDB QBSB BDUJWBS MPT QJFT BM QSJODJQJP EF MB NBSDIB %VCGJSF DPO UJOVB FM SJUNP EF CPHB DPOTVNBEP QPS VO EFWPSBEPS EF HÏOFSPT JOGBUJHBCMF

7JUBMJD

5FDIOBTJB %PTFN

.ÈHJDP )PPE

4IPX EF 4WFO

4DBO

&SJD 4OFP

-VFHP WJOP MP EF 4WFO 7BUI &SB FM TVQVFTUP SFMFWP $BSM $PY "MCFSHBNPT MB JMVTJØO EF RVF WJOJFSB B DFSSBS CPDBT Z B TBDBS MP NÈT TFMFDUP BOUF VO QÞCMJDP FYJHFOUF "VORVF DPO BMHÞO EFTUFMMP EF MB BOUJHVB ÏQJDB OJ TF BDFSDØ EF MFKPT &ODJNB IJ[P FM SJEÓDVMP $IBNQBHOF FYJHFODJBT EF GBOT EFDPSBOEP FM FTDF OBSJP Z BVUPJOEVMHFODJB 0GFOEJEP EF UBOUB CBHBUFMB 4DBO TBMJØ B GVFHP DVBM FONBTDBSBEP WFOHBEPS EFM UFDIOP 1SPQVMTØ FM QÏOEVMP KVTUP BM FYUSFNP DPOUSBSJP 6O TPOJEP EF SVEF[B CVTDBEB 5SBOTHSFTJØO GBVWJTUB EFM SFUPS OP B MP QSJNJUJWP BVORVF TFB B DPTUB EF JOWFOUBSMP i&M TFU GVF TJNJMBS QFSP TPOBTUF NVDIP NFKPS RVF IBDF EPT TFNBOBT FO MB 4QBDFw MF DPNFOUP 6O i4Jw FT MB FTDVFUB SFQMJDB i{.F QVFEFT EFDJS QPS RVÏ w 5SBT VOBT FWBTJWBT BM GJOBM DPOGJFTB &O .BESJE MF QVTJFSPO FO VO FRVJQP TFDVOEBSJP DPO NBMBT QSFT UBDJPOFT EFDJEJØ JS EF QFSEJEPT BM SÓP Z BQPTUØ QPS VO EJTDVSTP TBUVSBEP Z SPUP -P EF "TUVSJBT GVF PUSP DBOUBS VOB QSP DMBNB FTUSJDUB Z SJHVSPTB QFSP MJNQJB "M QSJODJQJP EFM GFTUJWBM DPNFOUØ %BWF $MBSLF FO TV 5XJUFS i"RVBTFMMB MPP LJOH BOE TPVOEJOH GBCVMPVT BOE UIF TPVOE PG UIF DSPXE JT 5FDIOPw $VBOEP MB GJFTUB ZB BDBCB UBNCJÏO DPOWFODF FM FRVJQP B 4DBO 4FHVOEB Z EFGJOJUJWB DPOGJSNBDJØO EF MP RVF UPEP FM NVOEP ZB PÓB &M 0QFO "JS PGSFDJØ VO TPOJEP GBCVMPTP EF QSJODJQJP B GJO -B HVJOEB BM QBTUFM MB QVTP 4JNT RVF DBEB B×P BGJOB NÈT Z NFKPS FO FM DJFSSF &O QMFOB TJOUPOÓB DPO FM QÞCMJDP TF QFSNJUF BNQMJBT JNQSPWJTBDJPOFT FO TV QFDVMJBS DPMMBHF EF FTUSVFOEP JOEVT USJBM DPODFQUPT Z GPMLMPSF $BEB WF[ NÈT QFHBEP BM NPNFOUP Z NÈT TVFMUP EF JOIJCJDJPOFT 4JOGPOÓBT BMFHSFT FO DMBWF EF EBO[B BM TPM .PNFOUP (PPE MJGF (SBDJBT #FO

3FTVMUBEP 4POJEP NFKPS RVF OVODB ²YJUP FO MB WVFMUB EF -B 3FBM &M TÈCBEP HBOB 3PCFSU )PPE B MPT QVOUPT Z 7BUI TF UJSB TPMP B MB MPOB &M 7JFSOFT USJVOGB QPS , 0 MB BHFODJB

#BTT 3FBDUJPO BM PGSFDFSOPT MB DVNCSF EFM GFTUJWBM MB OPDIF PTDVSB EF 0TDBS .VMFSP TFHVJEB EFM BNBOFDFS +VBO 3FFLP 1SPF[B EF 1FQP RVF OBEB B DPOUSBDPSSJFOUF DBEB DFOUÓNFUSP &M DJFSSF EF 4JNT DBEB B×P NFKPS "RVBTFMMB NBOEB &T MP RVF IBZ

&QÓMPHP "M GJOBM DPO FM QÞCMJDP EFTBMPKBEP Z MPT PQFSBSJPT EFTNPOUBOEP SFTJTUF VO QFRVF×P HSVQP EF JSSFEVDUJCMFT FM EJSFD UPS EFM 0QFO "JS &VMPHJP FOUSF FMMPT QPS TVQVFTUP 4F DSV[BO MBT BOÏDEPUBT FOUSF MBT ÞMUJNBT DFSWF[BT GSÓBT -B QSVFCB ZB FTUÈ QBTBEB NPNFOUP EF SFMBKBSTF DPO MB TBUJTGBDDJØO EFM EFCFS DVNQMJEP i&TUF B×P WFOEJNPT PUSB WF[ VO NPOUØO EF DBNJTFUBT EF -B 3FBMw BTFHVSB VOB EF MBT DIJDBT EFM NFSDIBOEJTJOH 6OB OVFWB HFOFSBDJØO BEPQUB Z SFDPOTUSVZF FM NJUP -B 3FBM NÈT RVF NPSJS USBOTDFO EJØ MP GÓTJDP i-P SFBMw MP RVF DPOPDJNPT "IPSB ZB FT DPTNPHPOÓB

$JFSSF EF 4JNT



-"5*/0".²3*$"

-B *9 $PQB EFM 1MBUB MFHBMJ[BDJØO EFM BVUPDVMUJWP FO 6SVHVBZ Z PUSBT FYDFOUSJDJEBEFT DBOOÈCJDBT -B OPWFOB FEJDJØO EF MB $PQB EFM 1MBUB MB DPQB TVEBNFSJDBOB EF DVM UJWBEPSFT DBOOÈCJDPT TF EFTBSSPMMØ FO VO HBMQØO EFM DFOUSP QPSUF×P EF #VFOPT "JSFT $PO NÈT EF NVFTUSBT QPS QSPCBS B MP MBSHP EFM EÓB BNBOFDJØ FM MVHBS DPO FM NPOUBKF EF MPT TUBOET 4PGU 4FDSFUT GVF JOWJUBEB QPS FM "SHFOUJOP B MB DPQB TVSF×B DPOUJOFOUBM RVF TF EFTB SSPMMØ FO BCTPMVUP FODJFSSP TJO DÈNBSBT OJ UFMFGPOÓB NØWJM /VFWF P EJF[ IPSBT OP BQUBT QBSB UPEP DVFSQP EFCJEP B MB QBSBOPJB RVF TF DSFF BMSFEFEPS QPS MB TFHVSJEBE EF MPT QBSUJDJQBOUFT 3VUI 7 4PSQSFOEÓBO DVMUJWBEPSFT KØWFOFT EF [POB OPSUF EF #VFOPT "JSFT DPO NVFT USBT ZB HBOBEPSBT DPNP #FSBTBUFHVJ EF BQFOBT WFJOUF B×PT "EFNÈT EF MB QFRVF×B JOEVTUSJB MPDBM RVF EÓB B EÓB WB DSFDJFOEP Z EFTBSSPMMÈOEPTF FO UPSOP B MB QMBOUB DPNP ZB WJNPT TVDF EJØ BOUFT FO &TQB×B P &VSPQB $PNP FM HSPX TIPQ #BTUB EF -PCCZ RVF FTUBCB BMMÓ TFHÞO OPT DPNFOUBSPO MMFHØ B NPOUBS B SB[ØO EF DBTJ RVJODF JOEP PST EJBSJPT QPS [POB OPSUF EF #VFOPT "JSFT VO MVHBS EF DMBTF BDPNPEB EB QPS MP HFOFSBM EPOEF FT IBCJUVBM WJWJS FO DBTBT JOEJWJEVBMFT DPO KBSEÓO Z BNQMJBT FYUFOTJPOFT EF UFSSFOP &M TUBOE NÈT MMBNBUJWP TJO EVEB FSB VOP DPO QBKB DJSDP Z CBOEFSJOFT EF DPMP SFT QBSB QBQFMJMMPT ,JOH -JPO &TUBCB BMMÓ /B[BSFOP EBOEP B DPOPDFS UJFSSBT UVSCB DPO CPTUB IVNVT MPNCSJ[ QFS MJUB Z IBSJOB EF IVFTP FM JOHSFEJFOUF FTUSFMMB 5BNCJÏO MB UJFOEB NPUB WJOP TJO TVT DBDUVT %F #SBTJM OVFTUSP ZB EFTWJSUVBMJ[BEP BNJHVFUF 8JMMJBN EF (SPX3PPN FSB FM TFHVOEP B×P RVF QBSUJDJQBCB EFM FWFOUP BEFNÈT EF TFS NJFNCSP EFM KVSBEP FO FTUB PDBTJØO %FTEF $IJMF #JPFDPMPHJDBM VOB MÓOFB EF QSPEVDUPT PSHÈOJDPT QPUFODJBEP SFT Z GFSUJMJ[BOUFT EF GMPSBDJØO EF BMHBT F JODMVTP DPNQMFKPT FO[JNÈUJDPT QBSB

FM DSFDJNJFOUP SBEJDVMBS BEFNÈT EFM DPNQVFTUP #BDUP3IJ[B EF CBDUFSJBT Z IPOHPT QBSB MB BTJNJMBDJØO EF OVUSJFO UFT RVF GJKB FM OJUSØHFOP BNCJFOUBM Z TPMVCJMJ[B FM GØTGPSP Z QPUBTJP QSPUF HJFOEP B MB QMBOUB EF IPOHPT QBUØHF OPT %F &TQB×B WJOP 1PMMJOBUPS DPO TVT NÈRVJOBT QBSB GBCSJDBS IBDIÓT P FYUSBDUPSFT FO TFDP Z DPO BHVB Z IJFMP TFHÞO OPT FYQMJDBSPO BDBCBO EF BCSJS PGJDJOBT QBSB MB EJTUSJCVDJØO Z WFOUB EF TVT QSPEVDUPT FO #VFOPT "JSFT &TUBCB BM MBEP EFM NJDSPTDPQJP EF +PSHF FM NBSQMBUFOTF RVF QPS BDUJWJTNP Z BNPS B MB DJFODJB BOBMJ[BCB NVFTUSBT Z DBMJ EBEFT DBOOÈCJDBT

*NBHFO EFM JORVJFUBOUF CMPH EFM /BSDP "VORVF MP NÈT TPSQSFTJWP GVF MB FNQSF TB -V[WJEB DPO TV XIFBUHSBTT OBEB NÈT Z OBEB NFOPT RVF [VNP EF BQB SFOUFNFOUF EF DÏTQFE FO SFBMJEBE

USJHP PSHÈOJDP 4FHÞO QSPNFUFO FT DBQB[ EFTJOUPYJDBS FOFSHJ[BS Z SFFT UBCMFDFS FM TJTUFNB JONVOF EF OVFT USP DVFSQP *EFBM QBSB BRVFMMPT DPO FOGFSNFEBEFT PODPMØHJDBT EJBCÏUJDPT BOÏNJDPT F JODMVTP QBSB EFQPSUJTUBT RVF TJFOEP TJODFSPT TFSÓB SBSP FODPO USBS FOUSF UBOUP GVNBEPS FNQFEFSOJEP 1FSP FT VO QSFKVJDJP DPNÞO JEFOUJGJDBS FM BNPS B MB QBDIBNBNB OBUVSBMF[B FO FM DBTP EF MB NBSJIVBOB DPO BMHP WJDJP TP P QFPS WJDJBEP -B HFOUF EF -V[WJEB WFOEF VO IVFSUP EJOÈNJDP QBSB DBTB QBSB TFNCSBSMP FO DBTB UJQP MBT CBO EFKBT EF IJFSCB EF MPT HBUPT 5BNCJÏO VO QSPEVDUP RVF MMBNBO MB LSZQUPOJUB EF MPT EJPTFT P FM [VNP DPOHFMBEP FO UBCMFUBT EF VOJEBEFT -B FOUSBEB B MB *9 $PQB EFM 1MBUB FSB VO EJOFSBM QBSB CPMTJMMP BSHFOUJOP DPNP DJODVFOUB FVSPT P EPTDJFOUPT DJODVFOUB QFTPT B DPNQBSUJS DPO VO BDPNQB×BOUF MP RVF EFTQFSUØ OP QPDB QPMÏNJDB FOUSF MB B WFDFT DPOGMJDUJWB HVFSSB EF FHPT ZB FWJEFOUF TJ TF TJHVFO TVT IJMPT EFM DBOOB CJTDBGF 4JO FNCBSHP FO PQJOJØO EF FTUB IVNJMEF TFSWJEPSB MP WBMÓB TØMP QPS VO DBUFSJOH RVF GVF DPOUJOVP Z HFOFSPTP FYDFQUP QPS MB BVTFODJB QPS NPNFOUPT EF DBGÏ Z CFCJEBT DBMJFOUFT 1PS UBOUP B QFTBS EF BMHVOBT RVFKBT FM QSFDJP OP FSB BCVTJWP EFTQVÏT EF UPEP Z QBSB MB QSFO TB HSBUJT HFTUP RVF BQSPWFDIP EFTEF BRVÓ QBSB BHSBEFDFS 5BNCJÏO QPESÓB EFDJSTF RVF DBTJ MPT QSF NJPT EFM TPSUFP DVCSÓBO MB JOTDSJQDJØO TFNJMMBT EF $BOOB#JPHFO 4XFFU 4FFET Z PUSPT CBODPT QSPNFEJP FVSPT QPS QBRVFUF ,JU EF CPMTBT )BTIJTIFSB OVFWP LJU BMSFEFEPS EF CPOHT EF WJESJP DIJMFOPT QJQBT HSJOEFST P DBNJ TFUBT EFM 1VMQPU

&M TJTUFNB EF MB DPQB TVEBNFSJDBOB FT RVF B DBEB KVSBEP MF MMFHB HS EF DBEB NVFTUSB &M SFTUP TF SFHBMB WBQPSJ[B P TF VTB QBSB UFOFS VOB SFGFSFODJB NBT UBSEF B MB IPSB EF UPNBS EFDJTJPOFT 4F FNQJF[B KV[HBOEP MB BQBSJFODJB MVFHP FM PMPS Z FM TBCPS Z GJOBMNFOUF FM FGFDUP 4FMFDDJPOBS QPS MB BQBSJFODJB TJSWF QBSB QSJPSJ[BS Z IBDFS VOB QSFTFMFDDJØO EF MBT NFKPS QSF TFOUBEBT QFSP FTUP OP RVJFSF EFDJS RVF MBT PUSBT OP TF WBZBO B DBUBS 4F DBUB UPEP QPS TVQVFTUP 4ØMP RVF EFTDVJEBS MB QSFTFOUBDJØO P FM NBOJDVSBEP FT VO FSSPS QPSRVF FO FTUF UJQP EF KVJDJPT EF WBMPS JNQPSUB FM DPOUFOJEP QFSP UBNCJÏO MP FTUÏUJDP &TF B×P TF FOUSFHBCB VOB DBKJUB USBOTQBSFOUF DPO QJDBEPS QBQFMJ MMPT Z EFNÈT BDDFTPSJPT JNQSFTDJOEJCMFT QBSB FM GVNBEPS JODMVTP VO CPMÓHSBGP FEJUPSJBM QVCMJDJUBSJP EF QMÈTUJDP EF FTUPT RVF TF DVFMHBO EFM DVFMMP &M KVSBEP DBUB Z TJHVF DBUBOEP IBTUB FM EÓB EFM FWFOUP JODMVTJWF BVORVF FTF EÓB TF TVQPOF ZB DBEB VOP UJFOF EFGJOJEBT TVT DJODP P TFJT GBWPSJUBT &O VO NPNFOUP TF DBUBO MBT GJOBMJTUBT Z ZB IBZ RVF QPOFSTF TØMP EF BDVFSEP FO FM PSEFO GJOBM -PT NJFNCSPT RVF JOUFHSBO FM KVSBEP EF MB $PQB EFM 1MBUB TVFMFO TFS FY DBNQFPOFT EF BOUFSJPSFT FEJDJPOFT &TUF B×P /BNFL $BNQFØO Z (ØNF[ $BNQFØO MB DPNJTJØO PSHBOJ[BEPSB $ $ % 1 3PCFS QFSJPEJTUB Z 8JMMJBN FM CSB TJMF×P EFM NJDSP FNQSFOEJNJFOUP (SPX 3PPN )VCP UFMFDPOGFSFODJBT EF TLZQF DPO GBNPTPUFT QFSP TJO USBEVDDJØO )BCMØ .JLF #JGBSJ Z FM BCPHBEP EF MB DPNVOJ EBE DBOOÈCJDB QPS FYDFMFODJB -VJT 0TTMFS JNQBSUJØ VOB DIBSMB TPCSF EFSFDIPT MFHB MFT EFM DVMUJWBEPS 'JOBMNFOUF USBT VO WÓEFP EPOEF TF QVEJF SPO WFS MBT NÈT EF PDIFOUB NVFTUSBT


QSPEVDFO Z EPOBO TFNJMMBT EF WBSJFEBEFT QSPQJBT P ' RVF TF SFQBSUFO FOUSF MPT DVMUJWBEPSFT 5BNCJÏO Z NÈT JOUFSFTBOUF UJFOFO VO QSPZFDUP EF DPOTFSWBDJØO EF WBSJFEBEFT BVUØDUPOBT EF "NÏSJDB -BUJOB

$PMPNCJB CVTDBSÈ SFBDDJØO DPNÞO DPO 1FSÞ Z .ÏYJDP TJ &&66 MFHBMJ[B NBSJIVBOB

&M OVFWP QSFTJEFOUF EF $PMPNCJB +VBO .BOVFM 4BOUPT QMBOUFØ B MPT QSFTJEFO UFT EF .ÏYJDP Z 1FSÞ VOJS GVFS[BT FO QSØYJNP OPWJFNCSF DVBOEP FM FTUBEP EF $BMJGPSOJB FO &TUBEPT 6OJEPT EFDJ EB FO VO SFGFSFOEP TJ MFHBMJ[BS FM DPO TVNP EF NBSJIVBOB

&WP .PSBMFT QSFTJEFOUF EF #PMJWJB FO SJUVBM DPO TV DIBNÈO BDVTBEP EF OBSDPUSÈGJDP

TF BOVODJBSPO MPT HBOBEPSFT DPO QPDB TPSQSFTB QPS QBSUF EFM QÞCMJDP ZB RVF USBUØ OVFWBNFOUF EF MB .PCZ %JDL EF $IJSSZ DBNQFPOB EF MB $PQB $BCB MB %FFQ $IVOL Y $ EF #FTUJB FO .FODJØO &YUFSJPS MB .PCZ %JDL EF $SBJH DPNP .FODJØO *OUFSJPS Z MB GSVUBM Z EF QFHVF OBEB GÓTJDP %FTUSPZFS Y 1BOBNB 3FE EF "MCFSUP )VFSHP DPNP .FKPS JOUFSJPS &O FM DPODVSTP EF IBDIÓT HBOØ 3PCFSUP Z FM BNJHP Z NÈT TJNQÈUJDP Z DPODJMJBEPS FO UPEP FWFOUP RVF TF QSFTUF $VDB

6SVHVBZ QMBOUFB MFHBMJ[BS FM BVUPDVMUJWP "TPDJBDJPOFT EF HSVQPT QSP MFHBMJ[BDJØO EF MB NBSJIVBOB Z KØWFOFT EF MB J[RVJFSEB VSVHVBZB BQVFTUBO B RVF TF EFTQFOBMJDF FM DVMUJWP QBSB FM DPOTVNP QFSTPOBM i&O EJF[ B×PT EF NJMJUBODJB Z USFT DPNP TFDSF UBSJP HFOFSBM KBNÈT WJ VO BOUFQSPZFDUP EF MFZ TPCSF FM QVOUPw EFDMBSØ B MB HFOJBM SFWJTUB JOUFMFDUVBM #SFDIB /JDPMÈT /Þ×F[ EJSJHFOUF EF MB +VWFOUVE 4PDJBMJTUB PSHB OJ[BDJØO QPMÓUJDB RVF UJFOF FM UFNB FO MB BHFOEB iEFTEF IBDF VO DVBSUP EF TJHMP DVBOEP MB #SJHBEB -VDB 1SPEBO BHSVQB DJØO EF CBTF EF FTUVEJBOUFT EFM MJDFP OÞNFSP FTDBOEBMJ[BCB B QSPQJPT Z BKFOPT SFDMBNBOEP iMFHBMJ[BSw EFTEF MPT NVSPT EF MB DJVEBEw :B IBZ VO BOUFQSPZFDUP EF MFZ FMBCPSB EP QPS FM .PWJNJFOUP QPS MB -JCFSBDJØO EFM $BOOBCJT 1FSP OP TF USBUB EF VOB

EFTQFOBMJ[BDJØO EF MB WFOUB -P RVF TF QSPQPOF FT MB MFHBMJ[BDJØO EFM DVMUJWP QBSB FM DPOTVNP QSPQJP 6O FTUVEJP SFB MJ[BEP FM B×P QBTBEP FO TFJT QBÓTFT MBUJ OPBNFSJDBOPT QPS FM *OTUJUVUP #SBTJMFJSP EF "OÈMJTFT 4PDJBJT F &DPOÙNJDBT SFWFMØ BMHP RVF ZB TBCÓBNPT 6SVHVBZ FT FM QBÓT EPOEF MB QBMBCSB MFHBMJ[BDJØO DBF NÈT TJNQÈUJDB (SBDJBT B MB TJOHVMBS Z FGJ DB[ BDUJWB NJMJUBODJB EF MB iBDDJØO EF MPT NPWJNJFOUPT KVWFOJMFTw DPNP 1MBOUB UV 1MBOUB 1SPMFHBM EFSSPDBOEP MB IJQPDSF TÓB OBDJPOBM -B 1MB;JUB B RVJÏO UVWJNPT FM HVTUP EF DPOPDFS FO DJFSUP WJBKF QMBZF SP Z ,FFQ 4NPLJOH -FHBMJ[BS FM DVMUJWP QBSB BVUPBCBTUFDFSTF TFSÓB VOB NFEJEB FGJDJFOUF QBSB QSPUFHFS MB TBMVE EF MPT DPOTVNJEPSFT Z BM QBÓT EFM OBSDPUSÈGJDP /BEJF TBCF SFBMNFOUF RVF MF QPOFO B MB NBSJIVBOB QÏTJNB RVF TF DPOTVNF IBCJUVBMNFOUF QPS 4VEBNÏSJDB DPOPDJEB DPNP QBSBHVBZP /P IBZ DØNP TBCFS TJ FO TV DVMUJWP VTBSPO BHSPUØYJDPT 1VFEF WFOJS NBM DVSBEP DPO IPOHPT Z UFSNJOB JSSJUBOEP MBT WÓBT SFTQJSBUPSJBT &M MFNB EFM .PWJNJFOUP QPS MB -JCFSBDJØO EFM $BOOBCJT FT A$POUSB FM OBSDPUSÈGJDP DVMUJWB UV EFSFDIP &M NPWJNJFOUP TF IB DPOTUJUVJEP DPNP VO JOUFSMPDVUPS WBMJEP FO MP RVF BM BVUPDVMUJWP TF SFGJFSF Z IBO TJEP MMBNBEPT QBSB BTFTPSBS B BMHVOPT MFHJTMBEPSFT )BZ VO CBODP EF TFNJMMBT DPPQFSBUJWP FO FM RVF WBSJPT DVMUJWBEPSFT

+VOUP BM QSFTJEFOUF EF .ÏYJDP 'FMJQF $BMEFSØO Z EF 1FSÞ "MBO (BSDÓB iRVJF OFT OPT WFNPT BGFDUBEPT QPS FTUF GMBHF MP EFM OBSDPUSÈGJDP EFCFNPT TFOUBSOPT B WFS DØNP WBNPT B SFBDDJPOBS Z RVÏ WB B QBTBS EFTQVÏT EF FTF SFGFSFOEPw BGJS NØ FM NBOEBUBSJP DPMPNCJBOP &M QMBOUFBNJFOUP FT RVF TJ $BMJGPSOJB FM FTUBEP NÈT SJDP EF && 66 MFHBMJ[B FM DPOTVNP EF NBSJIVBOB i{DØNP TF MF FYQMJDB B VO JOEÓHFOB FO VOB NPOUB×B DPMPNCJBOB RVF QSPEVDJS NBSJIVBOB FT JMFHBM {DØNP MP MMFWB VOP B MB DÈSDFM P MF FSSBEJDB EFTUSVZF MB NBSJIVBOB DVBO EP BMMÈ FO &TUBEPT 6OJEPT DPOTVNJSMB FT MFHBM w /P EFGSBVEBOEP FO TV DBSÈDUFS DPOTFSWBEPS TF EFTQBDIØ i2VF OP OPT WFOHBO BIPSB B EFDJS MPT FTUBEPVOJEFO TFT RVF FTB FT VOB ESPHB TVBWF RVF MB ESPHB TVBWF TÓ TF QVFEF Z MB ESPHB EVSB RVF MMBNBO FMMPT OP QPSRVF {EØOEF USB[B VOP MB MÓOFB w 4JO FNCBSHP FO MB MÓOFB EF MP RVF TF WJFOF EFCBUJFOEP FO GPSPT NVOEJBMFT NÈT GMFYJCMF SFGMFYJP OØ i6OJMBUFSBMNFOUF OPTPUSPT OP QPEF NPT MFHBMJ[BSMBT OJ NVDIP NFOPT &T VO QSPCMFNB OP TPMBNFOUF EF TFHV SJEBE OBDJPOBM JOUFSOB TJOP UBNCJÏO DPO JNQMJDBDJPOFT JOUFSOBDJPOBMFTw 4JO FNCBSHP iFTUBNPT FOUSBOEP FO VOB FSB EFM OFHPDJP EFM OBSDPUSÈGJDP EPOEF FTF UJQP EF SFGMFYJPOFT EFCBUJS MB MFHBMJ[B DJØO IBZ RVF IBDFSMBTw

EF MB HVFSSB DPOUSB FM OBSDPUSÈGJDP RVF TF MJCSB FO .ÏYJDP "TFHVSBO RVF GVF DSFBEP QPS VO KPWFO QPS iQBTB UJFNQPw QFSP MB WFSEBE RVF IBZ BDDF TP B NVDIB JOGPSNBDJØO QSJWJMFHJBEB 5BNCJÏO TF SVNPSFB RVF FM TJUJP TFSÓB VTBEP QPS MPT MÓEFSFT EF MPT DBSUFMFT QPSRVF BMHVOBT EF MBT OPUBT DPMP DBEBT JODMVZFO BEWFSUFODJBT Z VOB EFDBQJUBDJØO 0USBT NVFTUSBT FTDFOBT EFM DSJNFO B MBT RVF TØMP UJFOFO BDDFTP NJMJUBSFT P QPMJDÓBT &O NFOPT EF TFJT NFTFT FM #MPH EFM /BSDP TF DPOWJSUJØ FO VO TJUJP EF SFGF SFODJB ZB RVF MPT QSJODJQBMFT NFEJPT EF DPNVOJDBDJØO NFEJBOUF QSFTJØO Z BNFOB[BT TF TVQPOF RVF EFCFO HVBS EBS TJMFODJP TPCSF MBT ÞMUJNBT NVFSUFT Z BDPOUFDJNJFOUPT FO SFMBDJØO MB HVFSSB DPOUSB MPT OBSDPT NFYJDBOB &M DPOUFOJEP SFGMFKB B UPEBT MBT QBSUFT FO FTUB BCTVSEB CBUBMMB DÈSUFMFT EF OBSDPUSBGJDBOUFT RVF CVTDBO QSPZFDUBS TV QPEFS Z DPSQPSB DJPOFT QPMJDJBMFT RVF QSFUFOEFO NPTUSBS TV BVUPSJEBE &M QÞCMJDP JOUFSFTBEP NPS CPTBNFOUF FO UPEPT MPT EJBSJPT JODJEFO UFT RVF MB QSFOTB USBEJDJPOBM NFYJDBOB QBSFDFSÓB EJTQVFTUB B JHOPSBS -B JEFOUJEBE EFM EVF×P EFM CMPH FTUÈ QSPUFHJEB DPO VO DPNQMFKP TJTUFNB JOGPSNÈUJDP -B BHFODJB 5IF "TTPDJBUFE

.ÏYJDP FM OBSDPUSÈGJDP UJFOF IBTUB CMPH .ÏYJDP TPSQSFOEJØ DPO VO CMPH RVF NVFTUSB MBT NÈT TBOHSJFOUBT FTDFOBT

$BSUFM EF MB *9 $PQB EFM 1MBUB EF DVMUJ WBEPSFT 4VEBNFSJDBOPT


$0-0'»/ */%*$& %& "/6/$*"/5&4 1PS TJ GVFSB QPDB MB WBMFOUÓB NVFTUSB FOMB DFT B QÈHJOBT EF 'BDFCPPL EF TVQVFTUPT OBSDPUSBGJDBOUFT Z TVT IJKPT BSNBT DPDIFT Z GJFTUBT TVOUVPTBT

#PMJWJB EFUVWJFSPO BM DIBNÈO EF &WP .PSBMFT QPS OBSDPUSÈGJDP

"DUJWJEBEFT VSVHVBZBT EFM .PWJNJFOUP EF -JCFSBDJØO DBOOÈCJDP 1SPMFHBM

$POTVNP EF NBSJIVBOB B OJWFM MBUJOP BNFSJDBOP TFHÞO FM i&TUVEJP KVWFOUVEFT TVEBNFSJDBOBTw *#"4& Z 1»-*4 1SFTT JOUFOUØ DPOUBDUBS BM EVF×P EFM CMPH QPS NFEJP EF VO DPSSFP FMFDUSØ OJDP QFSP PCWJBNFOUF FM UJUVMBS SFT QPOEJØ DPO VOB MMBNBEB DPO OÞNFSP UFMFGØOJDP PDVMUP /P FT EF FYUSB×BS TV CMPH NVFTUSB FTDFOBT GVFSUFT DPNP VO WÓEFP RVF NVFTUSB B VO IPNCSF RVF NJFOUSBT MF DPSUBO MB DBCF[B DPOGJF TB RVF USBCBKB QBSB FM DBQP &EHBS i-B #BSCJFw 7BMEF[ 7JMMBSFBM RVJFO MJCSB VOB HVFSSB DPO FM DÈSUFM EF MPT )FSNBOPT #FMUSÈO -FZWB Z FM EF 4JOBMPB

-B QPMJDÓB FODPOUSØ LJMPT EF DPDBÓ OB FO MB DBTB EF 7BMFOUÓO .FKJMMPOFT VO DPOPDJEP DIBNÈO P BNBVUB TBCJP FO BJNBSB &TUF DIBNÈO MÓEFS FO TV DPNV OJEBE GVF FM FODBSHBEP EF FOUSFHBS FM CBTUØO EF NBOEP BM QSFTJEFOUF .PSBMFT FO TVT NBOEBUPT FO DFSFNPOJBT DPO SJUPT EF PGSFOEB B MB 1BDIBNBNB NBESF OBUVSBMF[B Z B MPT BDIBDIJMBT FTQÓSJ UVT QSPUFDUPSFT BEFNÈT EF TFDSFUBSJP EF DVMUVSB EF MB 'FEFSBDJØO EF +VOUBT 7FDJOBMFT EF &M "MUP RVF JNQVMTØ MB DBSSFSB QPMÓUJDB EF .PSBMFT TF TVQPOF RVF TFHÞO VOB DPOWFODJØO EF QVFCMPT JOEÓHFOBT FT DPPSEJOBEPS EF MPT HVÓBT FTQJSJUVBMFT JOEÓHFOBT EF "NÏSJDB +VOUP B MB DPDBÓOB IBCÓB VO QFRVF×P MBCPSBUPSJP -PT LJMPT GVFSPO WBMP SBEPT FO VOPT EØMBSFT UBN CJÏO GVF EFUFOJEP FM IJKP EFM BNBVUB Z EPT DPMPNCJBOPT B MPT RVF BDVTØ FM DIBNÈO i)F TJEP FOHB×BEP &T VOB TPSQSFTB /P UFOHP OBEB RVF WFS MFT JCB B IBDFS VO GBWPS IVNBOBNFOUF FMMPT NF EJKFSPO RVF JCBO B IBDFS QBTUJ MMBT EF IJFSCB Z QPNBEBTw &GFDUJWBNFOUF MB 'VFS[B &TQFDJBM EF -VDIB DPOUSB FM /BSDPUSÈGJDP '&-$/ FODPOUSØ FO MB PQFSBDJØO DPNP TJ OBEB B VO NBUSJNPOJP DPMPNCJBOP QSPEV DJFOEP DPDBÓOB 1PS BIPSB FM HPCJFSOP EF &WP OP EJDF OBEB BM SFTQFDUP

-B BCVFMB Z FM HVJTP EF MFOUFKBT /PTPUSPT ZB UFOÓBNPT OVFTUSB BCVF MB NBSJIVBOB BOEBMV[B FO &TQB×B Z BIPSB UBNCJÏO MB UJFOFO OVFTUSPT IFS NBOPT MBUJOPT VOB BCVFMB EF B×PT GVF TPSQSFOEJEB QPS MB QPMJDÓB SJPKBOB 3JPKB "SHFOUJOB DPDJOBOEP VO HVJTP EF MFOUFKBT RVF EFOUSP EF MB PMMB UFOÓB EPT QMBOUBT EF NBSJIVBOB ZB DSFDJEBT {MB QSPUBHPOJTUB EF MB QFMÓDVMB i&M +BSEÓO EF MB "MFHSÓB 4VQPOHP RVF MB QPMJDÓB SJPKBOB OP UJFOF OBEB NFKPS RVF IBDFS RVF JSSVNQJS FO DBTBT EF BODJBOBT OJ MPT WFDJOPT RVF MB EFOVODJBSPO QPS iBDUJ WJEBEFT TPTQFDIPTBT FO FM MVHBSw WJEB QSPQJB 1PCSF Z DBDIPOEB NVKFS `TJOP IBDÓB EB×P B OBEJF #VTDBCBO B VO KPWFO BDVTBEP EF USB GJDBS ESPHB Z TF FODPOUSBSPO DPO FTUB BODJBOB RVJFO EJKP TFS MB UÓB EFM KPWFO Z FTUBS BMMÓ TØMP QBSB DVJEBS MB DBTB .ÈT UBSEF MB QPMJDÓB EFTDVCSJØ QMBOUBT EF NBSJIVBOB FO VO JOWFSOBEFSP DBTF SP BSNBEP DPO UVCPT EF MVDFT Z NBEF SBT UBNCJÏO TFNJMMBT EF DBOOBCJT .JFOUSBT MB QPMJDÓB IBDÓB MP TVZP MB BODJBOB TFHVÓB DPDJOBOEP TV HVJTP EF MFOUFKBT SFWPMWJÏOEPMP EF WF[ FO DVBO EP 1FSP TV OFSWJPTJTNP DVBOEP JOUFOUØ DPO MB PMMB FO MBT NBOPT JS EF MB DPDJOB B VO DVBSUP MMBNØ MB BUFODJØO "M BCSJS MB PMMB MPT QPMJDÓBT FODPOUSBSPO EPT QMBO UBT EF NBSJIVBOB RVF FTUBCBO TJFOEP DPDJOBEBT FO FM HVJTP EF MFOUFKBT &M DPNJTBSJP 1ÏSF[ EF MB QPMJDÓB EJKP RVF iMB NVKFS UJFOF B×PT Z TF EFTDPNQV TP DVBOEP TF MF FODPOUSBSPO MBT QMBOUBT EF DBOOBCJTw 1PS FM NPNFOUP TF FODPO USBSÓB CBKP BSSFTUP EPNJDJMJBSJP

4PGU 4FDSFUT 4PGU 4FDSFUT *CJTMBOE *OWFTU 4 - *CJTMBOE *OWFTU $ #MBTDP EF (BSBZ B #"3$&-0/" 41"*/ 5FM 'BY o & NBJM FT!TPGUTFDSFUT OM $PPSEJOBEPS JOUFSOBDJPOBM $MJGG $SFNFS 3FEBDUPS KFGF ) .BEFSB 1VCMJDJEBE $BOEJE DBOEJE!TPGUTFDSFUTCDO DPN +FGF TFDDJØO DVMUJWP .POTF×PS +PTÏ .BSÓB 3FEBDDJØO +PSHF $FSWBOUFT &E 3PTFOUIBM -B[ZTUSBJO %BWJE (BSDÓB .BSZUB + 4FBSDIFS .POTF×PS +PTÏ .BSÓB 3BOEPN )FDUPS &M %SVJEB *BO 4DIOFJEFS 5SBEVDDJØO %BWJE (BSDÓB & NBJM TQBJO!TPGUTFDSFUT OM 8FC XXX TPGTFDSFUT OM 1VCMJDJEBE *CJTMBOE *OWFTU 4 - 5MGOP 'BY 4PGU 4FDSFUT DVFOUB DPO FEJDJPOFT FO &TQB×B 'SBODJB *UBMJB (SBO #SFUB×B 1PMPOJB 3VTJB 3FQÞCMJDB $IFDB )PMBOEB Z "MFNBOJB 4PGU 4FDSFUT OP TF JEFOUJGJDB OFDFTBSJBNFOUF OJ TF IBDF SFTQPOTBCMF EF MBT PQJOJPOFT EF TVT DPMB CPSBEPSFT 4F SFRVJFSF BVUPSJ[BDJØO QSFWJB EF MB FEJUPSJBM QBSB SFQSPEVDJS UPUBM P QBSDJBMNFOUF Z QPS DVBMRVJFS NFEJP FTUB QVCMJDBDJØO /P TF EFWPMWFSÈO PSJHJOBMFT OP TPMJDJUBEPT

1SØYJNP OÞNFSP EF4PGU 4FDSFUT

EF OPWJFNCSF *OEJDF EF BOVODJBOUFT /PNCSF

"EWBODFE 4FFET "HSPDBOOB "4( (JGUT "TUVS (SPX "UBNJ "UBNJ "5$ #JPMPHJD #BSOFZ T #FMMBEPOOB #JH #VEIB #JP #J[[ #JP #J[[ #JP #J[[ #JP /PWB #JP 5PQT #MBDL (PME #PPN (BSEFO #VEEIB 4FFET #BOL #VFOB 3BNB $BDUVT .BSUPSFMM $B×JNP $BOOB $BOOBDBSUIBHP $BOOBQPMZT $BOOBTUVS $BOOBTVS $BOZBNPO $IBNBO (SPX $IV .BKFL %BUVSB (SPX

1ÈHJOB

%BWJO %FMJDJPVT 4FFET %JOBGFN 4FFET %JOBGFN 4FFET %JPTB 1MBOUB %S (SPX T 1SPEVDUJPOT %S $PHPMMP 1MB[B 5PSPT %S $PHPMMP 4BOUBOEFS %S (SFFO %S 6OEFSHSPVOE &BTZ (SPX &DP #JP &DP 1SPUFD &DP5FDIOJDT &E 3PTFOUIBM &M $VMUJWBEPS EFM "SNBSJP &M 1VOUP &SFT 5V &VTLBM (FOFUJL (SPXTIPQ &WB 'FNBMF 4FFET &WB 'FNBMF 4FFET 'BSNB (SPX 'BSNFS UIF 'MPXFS 1PXFS (FOFIUJL 4FFET (SFFO %PH (SFFO (SBTT (SPXTIPQ (SFFO -JGF 4FFET (SPX )PVTF UIF (SPX 4PMVUJPOT (SPXMBOE (SPXTIPQ &MCBTUPOFU (VBOP ,BMPOH )FNQ 1BTTJPO )FTJ

)PSUJ 5FD )PVTFQMBOU )VNP "[VM )ZESP 1MBOFU *OEJLB (SPXTIPQ +PSHF $FSWBOUFT ,BOOBCJB 4FFE $PNQBOZ ,BOOB 3B ,BUTV -B $BKJUB -B $IVTUB -B (SPX -B .PUB -B .PUB -B 1FUJUF "NTUFSEBN -FBG -JGF - )PSU EFMT 4PNOJT - PNB×BD .BSBDBT (SPXTIPQ .BSJB EF MB +VBOB .BSJB .BSLU .BSJLJMMB -B 'BOUÈTUJDB .BUFS 5FSSB .BXJ 1MBOU .FEJDBM 4FFET .FEJDJOBM 1MBOUT .JNBSJB .VOEP 5SJDPNB .VOEP 7FSEF .ZDPMPHJDT /BDIJUÞ (SPX 4IPQ /BUVSBMJB /JSWBOB

0OF -PWF (SPXT 01 1BQJSOB 1BSBEJTF 4FFET 1BSBEJTF 4FFET 1MBHSPO 1MBOFUB $BOOBCJDP 1MBOFUB 0SHBOJDP 1MBOFUB 0SHBOJDP 1MBOUB /PTUSB 1MBOUBDUJWB 1MBOUBOJB 1PTJUSPOJDT 4FFET 1SPDBSF 1SPKFDU (SFFO 3FDPHF : 4JFNCSB (SPX 4IPQ 3FTJOB (SPX 3PZBM 2VFFO 4FFET 4BN4BSB 4FFET 4BOU :FSCBTJ 4BOUB .BSJB (SPXTIPQ 4FFET PG -JGF 4JCBSJUBT (SPXTIPQ 4JOTFNJMMB "MNFSJB 4JOTFNJMMB $BTUFMMPO 4JOTFNJMMB *ODB 4JOTFNJMMB 4FWJMMB 4KBNBBO EF 4XFFU 4FFET 5FTU * -MBWPS 5JKVBOB (SPX 4IPQ 5PQ ;FFG 8PSME PG 4FFET :FSWBHàFOB


%LREL]] :RUOGZLGH %9 _ .ROGLQJZHJ _ +/ *URQLQJHQ _ 7KH 1HWKHUODQGV 7 _ ) _ ( LQIR#ELREL]] FRP _ : ZZZ ELREL]] FRP



Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.