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t *NBUHF EFM DBMFOEBSJ FSÛUJD EF MFT +&3$
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NBSFTNF!KFSD DBU UPU J RVF UBNCÏ FT QPU BDPOTFHVJS B MB TFV EF #BEBMPOB BM DBSSFS +VMJ (BSSFUB
DFWXDOLWDW
SHUVRQHV
$BSMFT 5PSOFSP
i5PUIPN UÏ VO QSFV QFSÛ B MB NFWB WJEB OJOHÞ IB TBCVU USPCBS FM NFVw
+BVNF 0MJWFSBT FYQSFTJEFOU EF M "7 EFM $FOUSF %FTQSÏT EF BOZT +BVNF 0MJWFSBT IB EFJYBU BRVFTU EJMMVOT QBTTBU MB QSFTJEÒODJB EF M "TTPDJBDJØ EF 7FÕOT EFM $FOUSF "RVFTUB JOUSPEVDDJØ QFSÛ RVFEBSJB DVSUB EBWBOU E BRVFTU CBEBMPOÓ RVF IB FTUBU TFNQSF QSFTFOU B MB WJEB QPMÓUJDB J TPDJBM EF MB DJVUBU 5PU J RVF KB OP IJ NJMJUB 0MJWFSBT WB GPSNBS QBSU EVSBOU BOZT EFM 146$ GPSNBDJØ RVF WB EFGFOTBS EFT EF MB DBEJSB EF SFHJEPS B M "KVOUBNFOU EF #BEBMPOB &T EJV RVF B MB SFCPUJHB EFM TFV FTUBCMJNFOU EF RVFWJV SFT BSB KB UBODBU T IJ WBO EFDJEJS BMHVOT EFMT QBDUFT QPMÓUJDT NÏT JNQPSUBOUT EF MB EFNPDSËDJB MPDBM "NC BRVFTU CBHBUHF ÏT FWJEFOU J FMM FOT IP DPOm SNB RVF 0MJWFSBT UBNQPD T FTUBSË RVJFU B QBSUJS E BSB
1FSTPOFT JOEE
- IBO JOUFOUBU DPNQSBS QPMÓUJDBNFOU 5PUIPN UÏ VO QSFV QFSÛ B MB NFWB WJEB OJOHÞ IB TBCVU USPCBS FM NFV 4FNQSF FT EJV RVF FM $FOUSF ÏT VO CBSSJ QSJWJMFHJBU +P QFOTP RVF IJ IB CBSSJT QFSJ GÒSJDT NPMU QSJWJMFHJBUT 1FSÛ ÏT FOUSBS FO VO KPD GBMT UPU J RVF ÏT GËDJM FOUSBS IJ EFT EF MFT QSÛQJFT MJNJUBDJPOT EF MFT BTTPDJBDJP OT EF WFÕOT %FT EFM $FOUSF TFNQSF IFN EJU RVF QFM GFU EF TFS $FOUSF UFOJN VO QFBUHF B DPCSBS RVF OP TF OT IB QBHBU TVm DJFOUNFOU 4 FTUË DSFBOU VO BMUSF DFOUSF B #BEBMPOB BNC FM QPSU J FM .ËHJD ²T QPTTJCMF QFSÛ ÏT DPNQBUJCMF WJVSF BNC EJGFSFOUT FJYPT EF DFOUSBMJUBU /P TFSJB DPOn JDUJV TJ UJOHVÏTTJN VO QSPKFDUF HMPCBM EF DJVUBU 4 IB GFU NPMU QFS DPOTFO TVBS BRVFTU QSPKFDUF EF DJVUBU EFT EFM +P DSFD RVF OP J BRVFTUB ÏT VOB EF MFT HSBOT NBODBODFT RVF UFOJN
1FS RVÒ EFJYB M "7 EFM $FOUSF -FT BTTPDJBDJPOT EF WFÕOT IBV SJFO EF TFS QSPV EJOËNJRVFT QFS SFHFOFSBS TF BOZT ÏT UFNQT TVm DJFOU J EF GFU IBVSJB E IBWFS IP EFJYBU M BOZ QBTTBU )B GFU QPMÓUJDB EFT EF M BTTPDJBDJØ EF WFÕOT +P WBJH FOUSBS B MB KVOUB EF M "7 VO BOZ EFTQSÏT E IBWFS NJMJUBU BM 146$ 1FOTP QFSÛ RVF FM GFU EF UFOJS VO DBSOFU OP ÏT DBQ JNQFEJNFOU QFSRVÒ VOB QFSTP OB FTUJHVJ FO VOB QSFTJEÒODJB TFNQSF J RVBO TËQJHB TFQBSBS FM TFV QBQFS EF NJMJUBOU QPMÓUJD EFM TFV QBQFS EF QSFTJEFOU
&YQMJRVJ N QFS RVÒ DSFV RVF IB GSBDBTTBU MB SFDPMMJEB TFMFDUJWB BM $FOUSF ²T VO UFNB QPMÓUJD 1FOTFN FO MB JODBQBDJUBU EF M "KVOUBNFOU QFS BGSPOUBS FM UFNB EFMT DPOUFOJEPST TPUFSSBUT )FN EF QFOTBS UBNCÏ FO FMT JOUFSFTTPT NVOJDJQBMT RVF IJ IBWJB BM EBSSFSF &M UFNB EF MB OFUFKB EF MB NPCJMJUBU MB NPEJm DBDJØ EF MB HSBO FTUSVDUV SB BSRVJUFDUÛOJDB TØO FMT HSBOT UFNFT RVF IBVSË E BGSPOUBS MB OPWB KVOUB EFM $FOUSF
* OPSNBMNFOU TF TBQ TFQBSBS B MB SFTUB E BTTPDJBDJPOT EF WFÕOT +P TFNQSF IF FTUBU NPMU DSÓUJD BNC FM NPWJNFOU WFÕOBM 4 IB EF GFS VOB SFn FYJØ EF M FYBDUF WBMPS E BRVFTU NPWJNFOU &M QPEFS UÏ MFT NBOT NPMU MMBS HVFT J TFNQSF JOUFOUB DPNQSBS WPMVOUBUT J FO BRVFTUB DJVUBU UF OJN VOB MMBSHB IJTUÛSJB EF WPMVO UBUT DPNQSBEFT * FM NPWJNFOU WFÕOBM BOJSË NBMBNFOU NFOUSF OP FT USFCBMMJ MB TFWB JOEFQFO EÒODJB QPMÓUJDB
" QBSUJS E BSB OP FTUBSË RVJFU PJ /P 'BSÏ FM RVF GBJH J BMHVOB DPTB NÏT &TUJD BM 1VOU J EF DPPSEJOBEPS EFM $MVC EFMT * BMHVOB DPTB NÏT RVF UJOD TPCSF MB UBVMB $PMtMBCPSBSË BNC BMHVO QBSUJU EF M "KVOUBNFOU %JHVFN RVF FTUJD m DBU FO VOB DPTB JOUFSFTTBOU
727 %DGDORQD
025(5$
3LVR KDE GREOHV EDxR \ FRFLQD DUUHJODGRV VXHOR GH JUHV FDUSLQWHULD H[WHULRU GH DOXPLQLR /,672 3$5$ (175$5 $ 9,9,5 ¼ 376
6$172 &5,672
3LVR FRQ KDE 727$/ 0(17( 5()250$'2 VDOyQ FRQ VDOLGD D EDOFyQ DLUH IUtR FDORU ,'($/ 3$5(-$6 ¼ 376
/$ 025(5$
6$172 &5,672
3(3 9(1785$
320$5
&(175( $SDUWDPHQWR HVWXGLR P & 35,0 KDE FRFLQD HTXLSDGD ¿QFD SRFRV YHFLQRV FRQ DVFHQVRU 683(5 =21$ ¼ 376
3LVR P 72'2 (;7(5,25 KDE EDxR \ FRFLQD UHIRUPDGRV SDUNHW \ JUHV FDOHI D D $08(%/$'2 /,672 3$5$ (175$5 $ 9,9,5 ¼ 376
2)(57$ 3LVR $ 5()25 0$5 $ 68 *8672 KDELWDFLRQHV \ P SRFRV YHFLQRV %,(1 &2081,&$'2 ¼ 376
3LVR 727$/0 5()250$'2 KDE VDOyQ P HQ DPELHQWHV \ VDOLGD D EDOFyQ SDUNHW S KD\D WHUUD]D FRPXQ DVF /,672 3$5$ (175$5 ¼ 376
320$5
6$17 $'5,¬
3LVR P \ KDE 72'2 (;7(5,25 EDxR FRPSOHWR FRFLQD UHI FRQ DUP UREOH VDOyQ P D D F ERPED FDORU S UREOH 5()250$'2 ¼ 376
//(),¬ 3LVR FRQ KDE GREOHV /,672 3$5$ 9,9,5 FRFLQD FRQ HOHFWURGRPpVWLFRV SDUNHW DOWXUD UHDO %8(1$ =21$ ¼ 376
3LVR -72 $9'$ '5 %$662/6 P KDE VDOyQ P F VDOLGD D EDOFyQ SXHUWDV GH UREOH SUHFLVD DOJXQD UHIRUPD $6&(1625 %8(1$ =21$ ¼ 376
6$17 $'5,¬
&(1752
3LVR -8172 $<72 GH P KDE DQWHV EDOFyQ D OD FDOOH ¿QFD FRQ $6&(1625 ELHQ FRQVHUYDGR ¼ 376
&$1<$'Ï $7,&2 FRQ 7(55$=$ GH P KDE GREOHV JUHV \ SDUNHW FDOHIDF D DFRQG $6&(1625 ¼ 376
&$1<$'Ï 3LVR 72'2 (;7(5,25 KDE FRFLQD \ EDxR VDOyQ FRQ VDOLGD D EDOFyQ 08< 62/($'2 DOWR \ FRQ DVFHQVRU ¼ 376
%8)$/¬
3LVR KDE HQ ¿QFD FRQ
&$1<$'Ï
]RQD UHFUHDWLYD FRPXQLWDULD EDOFyQ D OD FDOOH EDxR \ FRFLQD UHIRUPDGRV FDOHIDF D DFRQG DVFHQVRU
¼ 376
$SDUWDPHQWRV 18(926 $ (675( 1$5 GH KDE EDxR F SODWR GXFKD FRFLQD HTXLS F HOHFWURGRP JUDQ VDOyQ P DLUH IULR FDORU ,03(&$%/(6 ¼ 376
2&$6,Ï1
%8)$/¬
3LVR ,03(&$%/( FRQ KDE H[WHULRUHV ¿QFD 6(0, 18(9$ SDUNHW EDOFyQ RULHQWDGR D PDU FDOHIDF \ DLUH DFRQG DVFHQVRU SDUNLQJ RSF
&(175(
%8)$/¬ 3LVR P KDE EDxR \ DVHR VDOyQ P FRQ FKLPHQHD EDOFyQ D OD FDOOH ¿QFD FRQ DVFHQ VRU HQ '2&725 52%(57 SN RSF ¼ 376
0217,*$/¬ 3LVR P KDE 72'2 (;7(5,25 DPSOLR EDOFyQ FDOHIDF ¿QFD FRQ DVFHQVRU -8172 //25('$ ¼ 376
¼ 376
727 %DGDORQD
'03."5 /06 JOEE
&DVD D YLHQWRV FRQ SDUFHOD P YLYLHQGD FRQ KDE GREOHV 5()250$'$ SRVLEOH KDFHU SLVFLQD \ DPSOLDU HGL¿FDFLyQ 2&$6,Ï1 ¼ 376
0217*$7
3LVR P 3$7,2 P KDE GREOHV FRFLQD RI¿FH F HOHFWURGRP VDOyQ P SDUNHW \ JUHV FDOHI D D ),1&$ 6(0, 18(9$ DVF 3. 23& ¼ 376
3(3 9(1785$
&$6$ GH P -$5',1 GH P 7(55$=$ P KDE EDxR DVHRV 72'$ (;7(5,25 08< &216(59$'$ ¼ 376
0217,*$/¬
'Ò3/(; P WHUUD]D P KDE GREOHV 5()25 0$'2 DLUH DFRQGLF IUtR FDORU ,'($/ 3$5$ )$0,/,$6 ¼ 376
%8)$/¬
/$ 025(5$ 3LVR P KDE 727$/0 5()250$'2 VDOyQ P F VDOLGD D EDOFyQ SDUNHW FDOHIDF D D DVF ,03(&$%/( /,672 3$5$ (175$5 ¼ 376
È7,&2 P 7(55$=$ P KDE FRFLQD RI¿FH DLUH IULR FDORU 08< 62/($'2 DVFHQVRU 'LVSRQLEOH -XOLR ¼ 376
/$ &215(5Ë$
3LVR GH P \ KDE 72'2 (;7(5,25 EDxR \ FRFLQD UHIRUPDGRV FDOHIDF VDOyQ P HQ DPELHQWHV EDOFyQ DVFHQVRU ¼ 376 $SDUWDPHQWR HQ 672 &5,672 FRQ KDE \ EDOFyQ DLUH IUtR FDORU OLVWR SDUD YLYLU 3$*8( &202 81 $/48,/(5 ¼ 0(6 ¼ 376
3(3 9(1785$
3LVR KDE GREOHV H[W FRFLQD \ EDxR UHIRUP VDOyQ FRQ EDOFyQ %,(1 &2081,&$'2 FDOHI \ D D ,'($/ 3$5(-$6 ¼ 376
%DMRV P -$5'Ë1 P KDE VXLWWH FDOHIDF EDUEDFRD ¿QFD 32&26 $f26 WRGR H[WHULRU ¼ 376
3LVR 72'2 (;7 P \ KDE EDxR \ DVHR JUDQ FRFLQD RI¿FH GH P VDOyQ GH P FDOHI DVF /,672 3$5$ (175$5 $ 9,9,5 ¼ 376
DFWXDOLWDW
UHSRUWDWJH
$BSMFT 5PSOFSP
- "OÓT EFM .POP P M "OÓT EF %BSXJO
t 'PUPHSBmB EF %BSXJO BM mOBM EF MB TFWB WJEB
FT EJV RVF FMT #PTDI WBO WFVSF DMBS RVF DBMJB BQSPmUBS MB NP EB EF %BSXJO QFS DPMtMPDBS MJ MB TFWB DBSB BM QSJNBU 5FOJOU FO DPNQUF MB QPMÒNJDB BJYFDBEB QFM DJFOUÓmD FM NÏT GËDJM ÏT DSFVSF RVF FMT CBEBMPOJOT WBO USPCBS VOB NBOFSB EF SJEJDVMJU[BS MP J BMIPSB WFOESF NÏT BNQPMMFT RVF NBJ BNC FM MFNB EFM MJDPS iNÏT FWPMVDJPOBUw 6OB BMUSB UFPSJB TPCSF FM iNPOPw EF M FUJRVFUB EJV RVF B MB GËCSJDB IJ IBWJB VO NJDP EF NBTDPUB RVF IBWJB WJOHVU B #BEBMPOB B USBWÏT E VO EFMT WBJYFMMT QSPWJ OFOUT E "NÒSJDB PO FMT #PTDI IJ UFOJFO OFHPDJT - BOJNBM FT WB GFS NPMU QPQVMBS J MFT QFSTPOFT RVF M BOBWFO B WFVSF WBO SFCBUFKBS MB GËCSJDB DPN iM BOÓT EFM NPOPw &M RVF ÏT JOOFHBCMF ÏT RVF FM iNPOPw EF M BOÓT CBEBMPOÓ IB FTUBU NÏT RVF SFOUBCMF %F GFU M ÒYJU ÏT UBM RVF IBO TPSUJU JNJ UBEPST BSSFV EF M FTUBU 4FOTF BOBS NÏT MMVOZ B .ËMBHB WB BQBSÒJYFS VO BOÓT RVF VUJMJU[BWB EJSFDUBNFOU EPT YJNQBO[ÏT DPN B SFDMBN * FODBSB NÏT B MB QFMtMÓDVMB &M 1BESJOP EF 'SBODJT 'PSE $PQQPMB IJ IB VOB FTDFOB EFTQSÏT E VO EJOBS EF QBTUB JUBMJBOB FO RVÒ CFVFO DBGÒ J "OÓT EFM .POP %F GFU OP TBCFN RVÒ QFOTBSJB %BSXJO BOZT NÏT UBSE RVF VOB EF MFT TFWFT JNBUHFT NÏT QPQVMBST TJHVJ VOB FUJRVFUB E VOB BNQPMMB E BOÓT RVF T VUJMJU[B TPWJOU DPN B JOTUSV NFOU QFS DBOUBS OBEBMFT
t -B DÒMFCSF FUJRVFUB EF M BOÓT NÏT GBNØT EFM NØO
#BEBMPOB t "WVJ EJKPVT EF GFCSFS FT DPNQMFJYFO BOZT EFM OBJYFNFOU EF $IBSMFT %B SXJO FM QBSF EF MB 5FPSJB EF M &WPMVDJØ "NC M PCSB i- PSJHFO EF MFT FTQÒDJFTw BRVFTU DJFOUÓmD BOHMÒT WPMJB EFNPTUSBS RVF UPUT FMT ÏTTFST WJVT IBO FWPMVDJP OBU BNC FM UFNQT B QBSUJS E VO BWBOUQBTTBU DPNÞ NJUKBOÎBOU FM QSPDÏT EF MB TFMFDDJØ OBUVSBM &M NÏT DVSJØT EFM DBT ÏT RVF RVBO T FYQMJDB BRVFTUB IJTUÛSJB B MFT GBDVMUBUT EF $JÒODJFT FMT QSPGFT TPST OP QPEFO FWJUBS NFODJPOBS MB DVSJPTB BOÒDEPUB EF M FUJRVFUB EF M "OÓT EFM .POP MB GBNPTB GËCSJDB EF MJDPST BTTFOUBEB B #BEBMPOB " IPSFT E BSB OP EFTDPCSJN DBQ TFDSFU TJ FYQMJRVFN RVF FMT USFUT GBDJBMT EFM TJNJ RVF BQBSFJY B M FUJRVFUB SFDPSEFO DMBSBNFOU BMT EF %BSXJO DPTB RVF FODBSB RVFEB NÏT FWJEFOU RVBO FT MMFHFJY FM QFSHBNÓ RVF TPTUÏ FM
&M3FQPSUBUHF JOEE
NJDP i&T FM NFKPS -B DJFODJB MP EJKP Z ZP OP NJFOUPw " QSJPSJ J MMFHJOU BRVFTUFT QBSBVMFT UPU TFNCMB JOEJDBS RVF FMT HFSNBOT +PTFQ J 7JDFOU #PTDI GVOEBEPST EF MB GËCSJDB IBWJFO EPOBU FO FM DMBV QFM RVF GB B M FTUSBUÒHJB DPNFSDJBM TPCSFUPU UFOJOU FO DPNQUF RVF BMFTIPSFT MB UFPSJB EF %BSXJO FT EJTDVUJB BSSFV EFM NØO "SB CÏ BWVJ EJB FODBSB OP TF TBQ EFM DFSU TJ BRVFTUT CBEBMPOJOT QSFUFOJFO GFS NPGB P CÏ SFUSF FM TFV QBSUJDVMBS IPNF OBUHF BM DJFOUÓmD BOHMÒT &MT (FSNBOT #PTDI WBO DPO WPDBS VO DPODVST QFS EFDJEJS M FUJRVFUB EF M BNQPMMB EF MJDPS 'JOBMNFOU FM HVBOZBEPS OP WB TFS VO BMUSF RVF FM DÒMFCSF DBS UFMMJTUB 3BNPO $BTBT RVF B QBSUJS EFM WB WFVSF MB TFWB FUJRVFUB B M BNQPMMB EF M BOÓT NÏT GBNØT EFM QBÓT &M DFSU ÏT RVF FM NJDP OP UFOJB JOJDJBMNFOU VO BTQFDUF SFDPOFJYJCMF QFSÛ
727 %DGDORQD
HVSRUWV "JUP SFUPSOB B M 0MÓNQJD EFSSPUBOU B MB 1FOZB
t *NBUHF EFM QBSUJU FOUSF MB 1FOZB J Mh6OJDBKB QFOZB DBU
#BEBMPOB t -B 1FOZB OP WB QPEFS BDPOTFHVJS EJTTBCUF BM WFTQSF MB WJDUÛSJB BM QFSESF EB WBOU M 6OJDBKB EF .ËMBHB QFS B -AFRVJQ EA"JUP WB FTUBS FO DFSUBU FO FM USBN m OBM EFM QBSUJU MB
&M #BEBMPOB FNQBUB FM EFSCJ DPNBSDBM EBWBOU MB (SBNFOFU
GPSUVOB FO FM MMBOÎBNFOU FYUFSJPS OP WB BKVEBS FM %,7 NFOUSF RVF M 6OJDBKB WB BOPUBS USJQMFT FO FM ÞMUJN NJOVU J NJH &M %,7 WB TBCFS DPNQFUJS FO UPU NPNFOU EBWBOU VO EFMT NJMMPST FRVJQ EF MB MMJHB "NC BRVFTUB EFSSPUB FMT NBMBHVFOZT BUSBQFO MB 1FOZB B MB DMBTTJm DBDJØ .PJTP J 3V CJP WBO TFS FMT NÏT EFTUBDBUT BNC VO CPO EFCVU B #BEBMPOB EF $PCJF ,BSM $BM SFNBSDBS FM EFTFODFSU EF M FRVJQ CBEBMPOÓ BNC FO USJQMFT J WB GBMMBS UJST MMJVSFT -B OPUB OFHBUJWB WB TFS MB MFTJØ EA)FOL /PSFM FO FM UVSNFMM RVF FM WB EFJYBS GPSB EFM QBSUJU &M %,7 KVHBSË BRVFTU EJVNFOHF B MFT I B MB QJTUB EFM (SBOBEB
#BEBMPOB t 6O OPV FNQBU EFMT FTDBQVMBUT &M #B EBMPOB WB UFOJS VO CPO OPNCSF E PQPSUVOJUBUT QFS FNQPSUBS TF MB WJDUÛSJB QFSÛ VO MMBOÎBNFOU EF GBMUB EF .FDB B TFU NJOVUT EF MB m OBMJU[BDJØ EFM QBSUJU WBO FOTPSSBS MFT BTQJSBDJPOT EFMT CBEBMPOJOT &M QBSUJU WB DPNFOÎBS BNC NPMU SJUNF QFS QBSU EFMT EPT FRVJQT "M NJOVU %BWJE 1SBUT WB BQSPm UBS VOB BTTJT UÒODJB EF 'FSSØO NFT VO SF CPU QFS BDPOTFHVJS FM QSJNFS HPM EFM QBSUJU 2VBO TFNCMBWB RVF FM #BEBMPOB QPESJB DPO USPMBS FM SJUNF EFM QBSUJU .POUZ EF MB (SBNFOFU BDPOTFHVJB M FNQBU " MB SFQSFTB BM NJOVU %BWJE 1SBUT WB TFS PCKFDUF EF QFOBM FM RVBM WB USBOTGPS NBS $ÈNBSB 2VBO UPU GFJB QSFWFSF RVF FM #BEBMPOB QP ESJB BDPOTFHVJS FMT USFT QVOUT .FDB EF GBMUB BM NJOVU WB BDPOTFHVJS M FNQBU "SB FMT FTDBQVMBUT TØO TJTFOT BNC QVOUT "RVFTU EJTTBCUF FM #BEBMPOB KVHBSË DPOUSB FM 4BOU "OESFV B E EFM NJHEJB
&MT #BEBMPOB %SBHT QFSEFO MB m OBM EF MB $PQB E &TQBOZB QFS #BEBMPOB t /P WB QPEFS TFS &MT »TTPT 3JWBT EF .BESJE WBO HVBO ZBS FM QBTTBU EJTTBCUF MB $PQB E &TQBOZB EF 'VUCPM "NÒSJDB &M QBSUJU FT WB DBSBDUFSJU[BS QFM HSBO OJWFMM EF MFT EVFT EFGFOTFT RVF WBO GFS RVF BWBOÎBS VOB TPMB JBSEB GPT HBJSFCÏ VOB NJTTJØ JNQPTTJCMF &M QBSUJU WB FOUSBS FO
727 %DGDORQD
QBH JOEE
FM EBSSFS RVBSU BNC FM NBSDBEPS FNQBUBU B [FSP J UPU QMFHBU FT WB SFTPMESF BNC VOB KVHBEB EFGFO TJWB &M MJOFCBDLFS %BOJFM 3VJ[ WB JOUFSDFQUBS VOB QJMPUB SFUPSOBOU JBSEFT QFS B UPVDIEPXO RVF NFT FM QVOU FYUSB T BSSJCBSJB BM %BOJFM 3VJ[ WB TFS OPNFOBU .71 EFM QBSUJU
DFWXDOLWDW
OD VHWPDQD HQ LPDWJHV -B 1BTTBEB EF 4BOU "OUPOJ UPSOB VO BOZ
NÏT QFMT DBSSFST EF #BEBMPOB &M CPO UFNQT WB BDPNQBOZBS FM QBTTBU EJVNFOHF MB 1BTTB EB EF 4BOU "OUPOJ QFMT DBSSFST NÏT DÒOUSJDT EF #BEBMPOB -B CFOFEJDDJØ EFMT BOJNBMT WB UFOJS MMPD B MB 3BNCMB EBWBOU EFM .POVNFOU B 3PDB J 1J
#BEBMPOB BDVMM BNC NPMU E ÒYJU FM 'FTUJWBM EF DVMUVSB VSCBOB 4QBJO #CPZ (BNFT 1FS TFHPO BOZ DPOTFDVUJV FM $FOUSF $ÓWJD EF MB $PMJOB J FM 1PMJFTQPSUJV EF .POUJHBMË WBO BDPMMJS BRVFTU GFTUJ WBM EF DVMUVSB VSCBOB .ÏT EF QFSTPOFT FT WBO BQMFHBS QFS WFVSF BRVFTUB USPCBEB PO IJ WBO BTTJTUJS 0NBS J :VSFOB DPODVSTBOUT EFM DPODVST UFMFWJTJV 'BNB
&YQPTJDJØ E "SU BM 1BTTBEÓT EFM $BSNF &M QBTTBEÓT E "SU EFM $FOUSF 4PDJPTBOJUBSJ &M $BSNF TJUVBU B .POUJHBMË BDVMM M FYQPTJDJØ i-JOÛMFVNTw -B NPTUSB ÏT VO SFDVMM EF HSBWBUT SFBMJU[BUT QFS BMVNOFT E *MtMVTUSBDJØ EF M &TDPMB E "SU J 4VQFSJPS EF %JTTFOZ 1BV (BSHBMMP "VUPSFUSBUT EFMT QSPQJT BMVNOFT J JMtMVTUSBDJPOT CBTBEFT FO FM DPOUF i)JTUÛSJB OBUVSBMw EF 1FSF $BMEFST GPSNFO M FYQPTJDJØ RVF FT QPESË WJTJUBS mOT FM QSÛYJN NFT EF NBJH
6O CBEBMPOÓ HVBOZB FM 'PUPDPODVST $BSOFU +PWF EF WJBUHFT 6OB GPUPHSBmB SFBMJU[BEB B .BSSËRVFJY BM .BSSPD QFM KPWF CBEBMPOÓ #FSOBU 1BEJMMB M IB QFSNÒT HVBOZBS FM 'PUPDPODVST $BSOFU +PWF QSFNJBU BNC VOB WPMUB BM NØO 1BEJMMB WB SFBMJU[BS MB JNBUHF EV SBOU VO DBNQ EF USFCBMM M FTUJV QBTTBU
-B 1FOZB KB UÏ GPUP PmDJBM E BRVFTUB
UFNQPSBEB )B DPTUBU QFSÛ FM %,7 +PWFOUVU KB EJTQPTB EF MB GPUP PmDJBM E BRVFTUB UFNQPSBEB %FTQSÏT EF MFT CBJYFT EF 1PQT .FOTBI #POTV J #SBDFZ 8SJHIU UPU BQVOUB RVF MB QMBOUJMMB KB IB BSSJCBU B M FTUBCJMJUBU TVmDJFOU QFS GFS MB GPUP USB EJDJPOBM &M GPUÛHSBG CBEBMPOÓ -MVÓT ( 4VSSBMMÏT VO BOZ NÏT IB FTUBU M FODBSSFHBU EF SFBMJU[BS MB GPUPHSBmB
-B4FUNBOB&O*NBUHFT JOEE
727 %DGDORQD
&,87$7 5SPCBEB E JOUFSDBOWJ EF QMBRVFT EF DBWB #"%"-0/" EF 'FCSFS
)PSBSJ EF B I -MPD $BSSFS (àFMM J 'FSSFS o i$PQFSBUJWB -B .PSBMw 'JOBM .FUSP - 1SFTFOUBDJØ OPWB QMBDB DB WFT 1FSF .BUB TFSJF i(SFTJUFw UBSPOKB 5BVMFT (SBUVÕUFT DBM GFS SFTFSWB 1FS SFTFSWFT P JOGPSNBDJØ -MVJT J 9BWJFS NJMMPS BMT WFTQSFT
YBQFT OFU
L 1 <L H< < 6 &c P 7 H " TL 1GT&1 H L ¯ĖûØ Øé ¼ØÐgÆ û āÐ
'JORVFT #MBODI 3PJH 4 -
6gû¼g P û āg Hؼ¯ » .Øā é ÆgÐ ¹ Hؼ¯
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&/ 7&/5" -0$"- &/ 4 "%3*"/ . &/53"%" %& $0$)&4 รฅ &/ 7&/5" #"%"-0/" 3*&3" ."5".0304 -0$"- 0 7*7*&/%" 16&35" .54 "-."$ยฒ/ .54 : -"7"#0 .&4 &/ "-26*-&3 /"7& */%6453*"- -&4 '3"/26&4&4 %&- 7"--ยต4 . &/ 1-"/ 5" #"+" . &/ 1-"/5" 461&3*03 (3"/ 1"5*0 %& . & .&4 &/ "-26*-&3 -0$"- &/ #"%"-0/" $ 4"/ 4"-7"%03 %&45*/"%0 " 0'*$*/"4 $0/46-503*0 .ยฒ%*$0 %&41"$)04 %& &--04 . รฅ .&4 &/ "-26*-&3 -0$"- &/ #"%"-0/" $ 4"/ 4"-7"%03 %&45*/"%0 " 0'*$*/"4 $0/46-503*0 .ยฒ%*$0 %&41"$)04 . รฅ .&4 &/ "-26*-&3 -0$"- &/ #"%"-0/" $ +)0/ -&/0/ . #"ยบ0 &95&3*03 รฅ .&4 &/ "-26*-&3 -0$"- ."3("3*5" 9*3(6 '3&/5& 4 4 . .ยซ4 . %& 1"5*0 16&35"4 รฅ .&4
1*404 &/ 7&/5" : "-26*-&3 &/ "-26*-&3 -" 4"-65 )"#*5"$*0/&4 #"ยบ0 1"3" &/53"3 " 7*7*3 "- 26*-&3 &6304 "- .&4 &/ "-26*-&3 45" $0-0." )"#*5"$*0/&4 6/ #"ยบ0 $0$*/" &6304 "- .&4 &/ "-26*-&3 1*40 1&1 7&/563" )"# #"ยบ0 $0$*/" &6304 "- .&4
$CFCNQPC 5VQ %TKUVQ
&/ "-26*-&3 1*40 45" $0-0." )"# #"ยบ0 $0$*/" &6304 "- .&4
8GPFC $CFCNQPC ;POB 4BOUP $SJTUP 1JTP UPEP SFGPSNBEP BTDFOTPS WJTUBT BM NBS QVFSUBT FNCFSP HSFT BMVN CMBODP FYU DBMFGBDD B B &VSPT QUT
3FG 1JT W D
&/ 7&/5" 1*40 &/ $ 4"/ #36 #"%"-0/" )"# #"ยบ04 50%0 3&' $"-&' 1"3,&5 5&33";" %& .54 7&/5"/"4 %& "-6.*/*0 -"7"%&30 ;0/" $0 .6/ "+"3%*/"%" 53"45&304 1-";" %& 1"3,*/( 01$ &6304
4J FSFT VO RCTVKEWNCT RWDNKEC UV BOVODJP GP YYY JCDKVCNKU PGV
&/ 7&/5" 1&1 7&/563" )"#*5"$*0/&4 #"ยบ0 $"-&'"$$*ยป/ . &6304
/PSNBM ล OGU
1*40 &/ 7&/5" -" 4"-65 $ .*(6&- 13"54 . )"#*5"$*0/&4 : 6/ #"ยบ0 $0$*/" $0/ ("-&3*" #0.#" %& "*3& '3ยถ0 : $"-03 /0 5*&/& "4$&/403 13&$*0 &6304
+POQDKNCTKC %TGFKVJQOG
/ยถU +PHQ
%FTUBDBEP JNร HFOFT
&/ 7&/5" 1*40 &/ #"%"-0/" $ 4"/5" ."3*" )"#*5"$*0/&4 . /0 5*& /& "4$&/403 ย 1*40 &6304 &/ 7&/5" 1*40 #6'"-" )"#*5"$*0/&4 #"ยบ0 $0$*/" /6&7" . &6304 &/ 7&/5" $"4" 4"/50 $3*450 )"# #"ยบ0 . &6304 &/ 7&/5" 4"-6% )"#*5"$*0/&4 #"ยบ0 . &6304
&/ 7&/5" 1*40 &/ #"3$&-0/" $ #"-.&4 )"#*5"$*0/&4 #"ยบ0 $0$*/" ("-&3*" $6#*&35" . &6304
ล OGU
&/ 7&/5" $"4" $ .63*--0 #"%"-0/" 1-"/5"4 #"ยบ0 $0.1-&504 4" -ยป/ $0.&%03 $0$*/" )"# 4ยป5"/0 $0/ 1"5*0 +"10/ยฒ4 : %*ยซ'"/0 5&33";" 1&/%*&/5& 5&3.*/"3 &6304
YYY JCDKVCNKU PGV
$0/46-5"3 13&$*04
QBH JOEE
727 %DGDORQD
LPPRELOLÁULD
"ENJOJTUSBEPST "TTPDJBUT "HFOU EF MB 1SPQJFUBU *NNPCJMJËSJB "1* 6OL LLOGAR EL SEU PIS FACI HO SENSE POR ,I GARANTIM EL COBRAMENT DEL LLOGUER CADA MES -ÌXIMA El CACIA I SERIETAT 4ENIM UNA AMPLIA BORSA DE LLOGATERS 0ROFESSIONALS DES DE
.NQTGV FG /CT
7&/%"
#"%"-0/" ."4/06 $&/53& 1JT B SFGPSNBS N¤ å -" .03&3" $"4" *EFBM EPT GBNJMJBT 4PMBS EF N¤ 1PTTJCJMJUBU E FEJGJDBS VO QJT ;0/" .0-5 53"/26*-" å -" .03&3" 1*4 N¤ NFOKBEPS N¤ IBC FYUFS CBOZT DVJOB HBMFSJB J SFCFEPS 1PT QBSR BM NBUFJY FEJGJDJ å 13*. %VQMFY NFKBEPS N¤ BTFP IBC CBOZ DPNQMFU UFSSBTTB å %61-&9 ;POB 1SJN N QM NFOKBEPS N DVJOB N USBTUFS CBOZ UFSSBTTB N BDDFT B QBUJ EF N QM TVJUF N IBC %PCMF IBC *OE 5PUFT FYUFSJPST (PMGFT EF N TPSUJEB TPMBSJVN N 1PTJCJMJUBU EF QBSLJOH å 1-"/5" #"*9" N D 5PSUPTB QPTJCJMJUBE E BJYFDBS VO QJT å %61-&9 %"-5 7*-" N UFSSBTTB N IBC 4VJUF CBOZT QBSRVFU " " $BMFGBDDJØ NFOKBEPS TBMB DVJOB FRVJQBEB 1BSRVJOH 1FS FOUSBS B WJVSF å $"4" $&/53& 1# 1*4 . SFCFEPS NFOKBEPS TBMB DVJOB SFGPSNBEB QBUJ QFUJU MBWBCP IBC #BOZ DPNQMFSU OPV UFSSBTTB CBMDP J BMUFMM å 5&33&/: 1&3 &%*'*$"3 7"3*4 o 63# ."4 3". N å 1*4 $&/53& N IBC CBOZT DVJOB J NFOKBEPS HSBOT UFSSBTTB N å ."4 3". o ."(/*'*$" 5033& 7*45&4 &9$&-t-&/54 1 # NFOKBEPS B EPT OJWFMMT BNC TBMB E FTUBS DVJOB N EFTQBUY MBWBCP HSBO UFSSBTTB 1JT IBC CBOZT DPNQMFUT UFSSBTTB (BSBUHF J CPEFHB å
+POQDKNCTKC &QP 2KUQ
/¶U +PHQ
--0(6&3
1*404 -" .03&3" N¤ IBC EPCMFT CBOZT DBMFGBDDJØ UFSSBTTB N¤ J CBMDPOT 1JTDJOB DPNVOJUËSJB 1PTTJCJMJUBU QËSRVJOH BM FEJGJDJ EFTQ *ODM å $&/53& D 3JFSB .BUBNPSPT N IBCJUBDJPOT UPU DPNQMFSU DVJOB "NFSJDBOB OPV B FTUSFOBS å EFTQFTFT E FTDBMB å %"-5 %& -" 7*-" %61-&9 1*4 N CBOZT IBCJUBDJPOT N EF UFSSBTTB B B DBMFGBDDJØ UPU FRVJQBU EFTQ JODM å 1*4 $&/53& D "TTBNCMFB $BUBMVOZB N IBCJUBDJPOT CBOZ OPVT B FTUSFOBS .FOKBEPS BNC YFNFOFJB å $&/53& D 4 #SV %VQMFY N¤ IBC .FOKBEPS N¤ 1BUJ å &%*'*$* 0'*$*/&4 #BEBMPOB DFOUSF QMBOUFT $POTVMUBS 1*4 -B #BMTB N IBC CBOZ DPNQMFU å
-0$"-
$&/53& %&41"59 N $&/53& MPDBM USBTQËT 1MBOUB N¤ 4PUBOP N¤ *EFBM PGJDJOB -0$"-4 EF N D V $FOUSJDT *EFBM PGJDJOFT DFOUSF NÏEJD -0$"- ;POB (PSH N¤ 'BÎBOB B EPT DBSSFST -0$"- "SUJHVFT D #BMNFT N¤ 3&'03."%0 QVFSUBT -0$"- .BSHBSJEB 9JSHV BM DPTUBU 4FHVSFUBU 4PDJBM
1"326*/(
1-"±" ("3"5(& $ 3JFSB .BUBNPSPT 1-"±" ("3"5(& $ 3JFSB .BUBNPSPT 1-"±" ("3"5(& $ 4UB #ÈSCBSB .BSBHBMM $PUYF HSBO 1-"±" ("3"5(& -" .03&3" $ 7BMFODJB QMBÎB BNC USBTUFS 1-"±" ("3"5(& 'SBODFTD -BZSFU PO4PUBOP QMBDFT HSBOT 1-"±" ("3"5(& D $BSJUBU
5VC %QNQOC )TCOGPGV
å å å D V å å " DPOWFOJS
+POQDKNCTKC &QP 2KUQ
/¶U +PHQ
å å å å å å
#(
"!$!'%34)%- 3#0 '%34) . ).-/"),)!2)!
XXX CBEBHFTUJFN DPN JOGP!CBEBHFTUJFN DPN
+POQDKNCTKC )TWRCUUC
&%*'*$*0 %& 0'*$*/"4 0#3" /6&7" &/ &- $&/530 #"%"-0/" " .*/ %&- ":6/5".*&/50 %&41"$)04 " 1"35*3 %& å
/¶U +PHQ
#"%"-0/"
1* 404 : $"4"4 &/ "-26*-&3 --03&%" .VZ DFSDB EFM $ $ .ËHJD #BEBMPOB N IBC CB×PT #BMDØO FYU å $&/530 $ 1SJN NJO QMBZB N IBC CB×PT (BTUPT DPNVOJEBE JODMVJEPT å $&/530 0CSB OVFWB N IBC CBMDØO #B×P D IJESPNBTBKF #JFO DPNVOJDBEP USBOT QVCMJDP å å $0/ 1"3,*/(
$&/530 N IBC CB×P $PNFEPS N $FSDB D EFM .BS å $&/530 $ EFM .BS «UJDP N IBC UFSSB[B N å 1&1 7&/563" "NVFCMBEP N IBC CBMDØO $PO BTDFOTPS å 1&1 7&/563" N IBC UFSSB[B 3FGPSNBEP B FTUSFOBS 4PMFBEP " NJO NFUSP å #0/"7*45" $"/:&5 0CSB OVFWB N IBC 4VFMP QBSRVFU " FTUSFOBS å 5*"/" 0CSB OVFWB EJTF×P %ÞQMFY IBC CB×PT CVIBSEJMMB UFSSB[B 1MB[B QBSLJOH PQDJPOBM å
8GPVC .NCXCPGTGU
+POQDKNCTKC &QP 2KUQ
/¶U +PHQ
1* 404 : 1"3,*/ (4 &/ 7&/ 5" --03&%" N IBC CB×PT CBMDØO 4FNJOVFWP 4VJUUF &YUFSJPS å 5*"/" $FSDB BZVOUBNJFOUP %ÞQMFY PCSB OVFWB N IBC CB×PT 5FSSB[B CVIBSEJMMB Z QMB[B QBSLJOH Z USBTUFSP PQDJPOBM å 1"3,*/( ;POB DFOUSP (SBO PQPSUVOJEBE *OWFSTJØO å 1"3,*/( 1FQ 7FOUVSB å 1"3,*/( ;POB 1SFNJË EF .BS DFOUSP QVFCMP " QBSUJS EF å
/PSNBM ŝ OGU %FTUBDBEP JNÈHFOFT
ŝ OGU
1"3,*/ (4 &/ "-26*-&3 1"3,*/( 1FQ 7FOUVSB å
YYY JCDKVCNKU PGV
$ $PMM J 1VKPM #EO DFOUSP 5FM
QBH JOEE
1035 #"-*4 IBCJUBDJPOT CB×PT DPNFEPS DPO TBMJEB KBSEÓO UPEP FYUFSJPS QPDPT WFDJOPT [POB DPNVOJUBSJB QJTDJOB QBSLJOH JNQFDBCMF F QUT
3FG QJT
4J FSFT VO RCTVKEWNCT RWDNKEC UV BOVODJP GP YYY JCDKVCNKU PGV
/"7&4 o" -26*-&3 (3"/ % &4 0103 56/ *%"%&4 1&1 7&/563" QPMÓHPOP .POUJHBMË /BWF FTRVJOFSB N FO QMBOUB DPNFSDJBM å $&/530 #"%"-0/" -PDBM FTRVJOFSP &OUSF $ .BS Z .BSUÓ 1VKPM (SBOEFT DSJTUBMFSBT å $&/530 #"%"-0/" " NJO FTUBDJPO .VDIP QBTP EF HFOUF N &OUSF $ .BS Z .BSUÓ 1VKPM å
8GPVC $CFCNQPC #VGBMB %S 3PCFSU QJTP FTRVJOFSP GBDIBEB P WJTUB IBC CB×PT DPNQMFUPT QBSLFU DMJNBMJU 0QDJØO QL FO GJODB $FSDB EF .BSUÓ 1VKPM å QUT
3FG 1JT CE
.NCXCPGTGU
"-26 * -& 3 0 '* $ * /"4 -0$"-&4 53"41"404 : 1"3,*/(4 $&/530 $PMM J 1VKPM 0GJDJOB FO FEJGJDJP EF EFTQBDIPT N å 1&1 7&/563" N QBUJP N *EFBM UPEP UJQP JOEVTUSJB #JFO DPNVOJDBEP DFSDB EFM NFUSP å $&/530 0GJDJOB N B NJO "ZVOU EFTQBDIPT TBMBT EF FTQFSB 1FSGFDUP FTUBEP å $&/530 #"%"-0/" -PDBM FTRVJOFSP &OUSF $ EFM .BS Z .BSUÓ 1VKPM (SBOEFT DSJTUBMFSBT *EFBM EFTQBDIPT .VZ DPNFSDJBM å 450 $3*450 .0/5*("-® N DPO TBMJEB EF IVNPT å 1"3,*/( " NJOVUPT EFM NFUSP 1FQ 7FOUVSB $PDIF HSBOEF å 1"3,*/( $FOUSP #BEBMPOB "M MBEP BNCVMBUPSJP å
727 %DGDORQD
8GPVC 5VC %QNQOC *EFBM $FOUSP 4UB $PMP NB 'SBODFTD .BDJË 1JTP IBC UPEP FYU DPDJOB Z CB×P SFG BTD QBSRVFU CBMDØO FYU B DBMMF ;POB JONFKPSBCMF å QUT
3FG 1JT
$CFCNQPC &T 4QDGTV
7JB "VHVTUB -MFUSB # S (BMFSJFT 7JDUÛSJB 5FM 'BY t #BEBMPOB
8GPVC .NQTGV FG /CT '"/"-4 "QBSUBNFOUP EF IBCJUBDJPOFT CPNCB EF DBMPS UPEP FRVJQBEP QBLJOH USBTUFSP QJTDJOB GJODB B×P `0QPSUVOJEBE FVSPT QUT
3FG QJT
LPPRELOLÁULD
.NQTGV FG /CT
+POQDKNCTKC &QP 2KUQ
/¶U +PHQ
8GPVC .NQTGV 4&.*$&/530 (SBO QJTP EF IBC NVZ TPMFBEP CB×P U[B DBMFG SFGPSNBEP [POB USBORVJMB JEFBM SFTJEFODJB FVSPT QUT
3FG QJT
$CFCNQPC 2GR 8GPVWTC #NSWKNGT $CFCNQPC 1MBOUB CBKB PCSB OVFWB 1MBOUB CBKB EF PCSB OVFWB DPO TPUBOP DPO MV[ Z QBUJP XXX NFUSPTDVBESBEPT OFU +POQDKNCTKC $FSDB EF NFUSP NFS /GVTQU %WCFTCFQU DBEP [POB DPNFSDJBM /¶U +PHQ &VSPT QUT
3FG 1JT
$0.6/*5"54 %& 1301*&5"3*4 BENJOJTUSFN MB TFWB FTDBMB
EFT Eh å 1FS QJT DBEB NFT
1SFV TFOTF * 7 " QFS B VOB FTDBMB EF NÏT EF WFÕOT J TFOTF DPODFQUFT EhBENJOJTUSBDJØ GBDUVSBCMFT $POTVMUJ TFOTF DPNQSPNÓT FM QSFTTVQPTU QFS B MB TFWB FTDBMB
$FOUFMMBT /PU "TTPDJBUT
$CFCNQPC 5VQ %TKUVQ
+POQDKNCTKC )TWRCUUC
/¶U +PHQ
8GPVC $CFCNQPC 4UP $SJTUP $ 'FMJQ ** BUJDP DPO BTDFOTPS IBC CB×P DPNQMFUP 5FSSB[B N 5PUBMN &YU $FSDB EF «OHFM (VJNFSË &VSPT QUT
3FG 1JT CE
8GPVC $CFCNQPC 1SPHSÏT *OEÞTUSJB 1JTP QFSGFDUBT DPOEJDJP OFT BNVFCMBEP 1SFDJPTP QBSB FOUSBS B WJWJS DPNF EPS EF NFUSPT BOUFT IBCJUBDJPOFT [POB DPNVOJUBSJB DPO DFTQFE Z +POQDKNCTKC /GVTQU %WCFTCFQU QJTDJOB $FSDB EF QMBZB NFUSP NFSDBEP /¶U +PHQ & QUT
3FG 1JT
4J FSFT VO RCTVKEWNCT RWDNKEC UV BOVODJP GP YYY JCDKVCNKU PGV /PSNBM ŝ OGU %FTUBDBEP JNÈHFOFT
ŝ OGU
YYY JCDKVCNKU PGV
QBH JOEE
(VJGSÏ #"%"-0/"
XXX QSPNPDBU FT
5F M Ø
$CFCNQPC
'SBODFTD -BZSFU #BEBMPOB
$PMrMFHJBU #$/
1*4 "- $&/53& 50$"/5 "-$"-%& 9*'3² 3FG # 1JT BNC IBC BCBOT USBTUFS CBOZ DPOTFSWBU DVJOB PGm DF DPOTFSWBEB NFOKBEPS FYU B CBMDØ B D DBMFGBDDJØ BTDFOTPS QUFT å
®5*$ " 1&1 7&/563" 130(3²4 3FG # ®UJD EF IBC DVJOB PGm DF HSBO DPOTFWBU DBMFGBDDJØ NFOKBEPS FYU B UFSSBT TB EF N¤ USBTUFS BTD JEFBM QBSFMMFT QUFT å
$"4" 1&1 7&/563" " 1301 .&530 3FG # $BTB EF N FO 1# 1BUJ N HBSBUHF 1PTTJCJMJUBU GFS EVFT WJWFOEFT JOEFQFOEFOUT QUT å
i0'&35"i 1&1 7&/563" 3FG # 1JT BNC IBCJUBDJPOT DVJOB SFGPSNBEB DBMFGBDDJØ J B D JEFBM QFS QBSFMMFT QUFT å
1&1 7&/563" 010356/*5"5 $"4" " 1&1 7&/563" 3FG # 1"7&--¾ 0-*.1*$ 3FG $BTB BNC UFSSFOZ EF # 1JT EF N¤ N¤ J GBÎBOB EF N EF UFSSBTTB IBC NFO QBUJ N¤ J UTTB N¤ KBEPS FYU BNC TPSUJEB B PSJFOUBDJØ NBS J NVOUBOZB UFSSBTTB DVJOB J CBOZ QFS UÏ TPM UPU FM EJB &T QPU SFGPSNBS *EFBM QBSFMMFT FEJm DBS 1# (0-'&4 QUFT .1UFT å å
®5*$ % 0#3" 4&.*/07" " 1&1 7&/563" 3FG # ®UJD BNC UFSSBTTB EF N¤ IBC NFOKBEPS FYU B HSBO CBMDØ CBOZ DPNQMFU DVJOB PGm DF UPU SFGPSNBU J FYUFSJPS DBMFGBDDJØ J B D BTDFOTPS 5PU OPV QUFT å
#6'"-® %$ 30#&35 3FG # 1JT BNQMJ EF IBC NFO KBEPS FYU CBOZ J DVJOB SFGPSNBUT QJT FYUFSJPS J BNC NPMUB MMVN .QUFT å
727 %DGDORQD
5FM
7&/%&4
1M EFM 4PM #EO 5FM 'BY /PWB 0GJDJOB $ *OEÞTUSJB #EO 5FM 'BY
LPPRELOLÁULD
4&37&*4 *..0#*-*®3*4 '*/"/$*"$*»
0#3" /07" 3&'03.&4 */5&(3"-4 13&446104504 4&/4& $0.130.¶4
1JTPT FO -MPHVFS BNC PQDJØ EF DPNQSB
1*404 % 0#3" /07"
#BEBMPOB $FOUSF $BTBHFNFT 1JT EÞQMFY Y QMBOPMT N ÞUJMT EPSN EPCMFT CBOZT DVJOB PCFSUB TBMØ NFOKBEPS N 0QD UFSSBTTB å #BEBMPOB $FOUSF *OEÞTU ' .BSÓUJN ®UJD TPUBDPCFSUB J UFSSBTTB N CBOZT IBCJU & TPMBS QBSRVFU QPSUFT FO GBJY DMJNBUJ BTD å #BEBMPOB $FOUSF *OEÞTU ' .BSÓUJN #BJYB EVQMFY N EPSN CBOZT UFSSBTTFT & TPMBS QBSRVFU QPSUFT GBJY DMJNBU N FYUFS å #BEBMPOB $FOUSF *OEÞTU ' .BSÓUJN 1JT B 1MUB UFSSBTTB N CBOZT )BCJU & 4PMBS 1BSRVFU QPSUFT FO GBJY $MJNBUJU[BDJØ å #BEBMPOB $FOUSF *OEÞTU ' .BSÓUJN ®UJD TPUBDPCFSUB J UFSSBTTB N CBOZT IBCJU & TPMBS QBSRVFU QPSUFT FO GBJY DMJNBU BTD å #BEBMPOB $FOUSF *OEÞTU ' .BSÓUJN 1JT O N UFSSBTTB J CBMDØ CBOZ IBCJU & TPMBS 1BSRVFU QPSUFT FO GBJY $MJNB "TD å #BEBMPOB %S 3PCFSU #VGBMË 1JTPT N QBUJ UFSSBU IBCJU TVJUF CBOZT BTD 1BSRVFU 1PSUFT SPVSF & 4PMBS $VJOB FRVJQ $MJNB EFT EF å #BEBMPOB $FOUSF *OEÞTU ' .BSÓUJN 1JTPT BDBCBUT B RVBMJUBU J IBCJU TVJUFT HSBOT UFSSBTTFT QBSRVFU +BUPCB DVJOB 4BOUPT FRVJQBEB UPUBMNFOU CBOZT BNC NPCMFT J NBNQBSFT DMJNBUJU[BDJØ TBGBSFJH SFOUBEPSB BTTFDBEPSB "MBSNB "M MVNJOJ "VUP "TD ;POB $PNVO 1JTDJOB PQD QMBDFT E BQBSDBNFOU J USBTUFST EFT EF å
1*404 4&.* /064 #BEBMPOB $FOUSF 4U +BVNF 3BNCMB 1JT N QFS FOUSBS B WJVSF UPUBMNFOU SFGPSNBU IBCJU TBGBSFJH $VJOB FRVJQ CBOZ QPSUFT SPVSF DBMFG (BT " " å #BEBMPOB 4BHVOU 1JT UPUBMNFOU SFGPSNBU N IBCJU TVJUF CBOZT CBMDPOT UFSSBTTB DBMFG BTD GJOT M JOUFSJPS QJT QPSUFT GVTUB å #BEBMPOB &MT 7FOUT #VGBMË 1JT BOZT QFSGFDUBNFOU EFDPSBU N IBCJU 4VJUF CBOZT ;POB $PNVO 1JTDJOB 0QD USBTUFS J HBSBUHF å 5JBOB .BUBT 1JT USJQMFY UFSSBTTFT N IBCJU CBOZT TBMB TPUBDPCFSUB QPSUFT DJSFSÏ " "D $BMFG %F (BT 1BSRVFU å 5JBOB 7 .FSDÒ 1JT B 1MUB N BNC UFSSBTTB HBSBUHF )BCJU CBOZT $BMFG "TDFOTPS ;POB DPNVOJUËSJB BNC QJTDJOB å -0$"- $0.&3$*"- #6'"-® -PDBM $PNFSDJBM $ *OEFQFOEÒODJB #VGBMË 4VQFSG N 1PTTJCJMJUBU EF DPOWFSTJØ FO -0'5 å
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å å å å å
%JOP V 0 C S F T J $ P O T U S VD DJP O T 4 - r X X X EJOP VD TM D PN r F NBJM EJOP V @ D P O T U S VD ! U FS S B F T
+//1$+.À4+# BOVODJB U FO BRVFTUB TFDDJØ r CBEBMPOB!FMUPUEJHJUBM DPN
$)"-&54 %& $"5"-6/:" 4 - 5MG ZZZ FKDOHWVGHFDWDOXQ\D FRP
££&$6$6 2%5$ 18(9$ D .P &DPSR *ROI 6DQW (VWHYH GH 6HVURYLUHV
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727 %DGDORQD
QBH JOEE
3,6$=2 (1 %$'$/21$
2%5$ 18(9$ $ PLQ 3(3 9(1785$
),1&$ (648,1(5$ 2%5$ 9,67$ &21 $6&(1625 72'2 (;7(5,25 0 %$/&Ï1 +$% '2%/(6 3$5.,1* ,1&/8,'2
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``*%&"- 103 13&$*0 35(*817( 6,1 &203520,62
Ò1,&2 (1 /$ =21$
7 * 7 * & / %" 4 % & 0 # 3 " / 6 & 7" % & $ " - * %" % " 1 3 & $ * 0 % & $ 0 4 5 & $ 0 / 4 Á -5 & / 0 4 &O #BEBMPOB Z PUSBT QPCMBDJPOFT
FODVVLILFDWV
&ODVVLILFDWV
$PN JOTFSUBS VO BOVODJ DMBTTJmDBU r " MFT OPTUSFT PmDJOFT $ -MFØ FS B #BEBMPOB r 5FM r
+OOQDKNKCTKU %QORTC 8GPFC 010356/*5"5 $"4" " 1&1 7&/563" 3&' # $BTB BNC UFSSFOZ EF N¤ J GBÎBOB EF N QBUJ EF N¤ J UFSSBTTTB EF N¤ PSJFOUBDJØ NBS J NVOUBOZB UÏ TPM UPU FM EJB &T QPU FEJGJDBS 1# (0-'&4 . 1UFT å 5&- 1 - " ± " 1 & 1 7 & / 5 6 3 " '3"/$&4$ ."$*® 3&' # 1JT JEFBM QBSFMMFT EF N¤ IBC NFOKBEPS FYU B D BTDFOTPS .QUFT å 5&- - - & ' * " + 6 / 50 1 & 3 & ; ( " - % 0 4 1 J T P E F IBCJUBDJPOFT N CBMDØO UPEP SFGPSNBEP OVFWP T HSÏT Q IBZB B B DPO DBMPS 13&$*0 å $605" %& å .&4 3&' -' 5&- 4"/50 $3*450 1JTP IBCJUBDJPOFT UPUBMNFOUF OVFWP B FTUSFOBS DPNFEPS EF N FYUFSJPS B DBMMF PSJFOUBEP B NBS 13&$*0 å $605" %& .&4 3&' 4$ 5&- $ $0-- * 16+0- "NQMJP QJTP N CBMDØO FYUFSJPS B DBMMF UPEP SFGPSNBEP DPNFEPS EF N GJODB DPO BTDFOTPS ` ` 0 $ " 4 * 0 / 1 3 & $ * 0 å $605" %& å .&4 3&' 4$ 5&- #6'"-" 1JTP UJQP FTUVEJP JEFBM QBSB JOEFQFOEJ[BSTF UPEP OVFWP T QBSRVFU Q IBZB ``13&$*040 13&$*0 å $605" %& å .&4 3&' #6 5&-
&$0/0.*$4 /PVT JOEE
--&'*" #"+" 1JTP FO CVFOB [POB EF IBCJUBDJPOFT N
CBMDØO FYUFSJPS B DBMMF QBSRVFU BMVNJOJP GJODB DPO BTDFOTPS 13&$*0 å $605" %& å .&4 3&' -' 5&-
4& 7&/%& $"4" EF N FO HJSPOFMMB *EFBM JOWFSTPSFT å */'0 &4 7&/&/ %6&4 1-"±&4 %& 1"3,*/( "-*/&"%&4 1SFTJEFOU $PNQBOZT 5&-
1"3,*/( &/ 7&/5" $ TBHVOUP 1BSB DPDIF HSBOEF å 5&-
5 3 "45 & 30 & / 7 & / 5" QSJWBEP Z EF GÈDJM BDDFTP QSFDJP å JOGPSNBDJØO TJO DPNQSPNJTP 5&-
0#3" /07" $ */%6453*" BM DPTUBU EF M JOTUJUVU iMB -MBVOBw CBJYPT EF N UFSSBTTB EF N IBC USBTUFS B D DBMPS QBSRVFU BMVNJOJ 1SFV å 5&-
7&/%0 1*40 &/ #"%"-0/" "NVFCMBEP FRVJQBEP QBSB WJWJS 5SFT IBCJUBDJPOFT TBMØO UFSSB[BT DBMFGBDDJØO BTDFOTPS +VOUP NFUSP 1FQ 7FOUVSB 5&-
7&/5" 1*40 %& 1"35*$6-"3 &/ ;0/" 4"/50 $3*450 JOUFS I DPD C× : HBMFSÓB "QSPY N å 5&-
0#3" /6&7" CBKP QMBOPT [POB 4JTUSFMMT FTUVEJP å %ÞQMFY VOP CBKP Z FM PUSP ÈUJDP B QBSUJS EF å 4PMP WFDJOPT QMBDBT TPMBSFT UFSSB[BT Á/*$04 5&-4
;0/" $&/530 1"3,*/( &/ 7&/5" 1SFDJP å 5&- 4& 7&/%& 1-";" %& $0$)& FO FM QBSLJOH -B 1MBOB 5&-
4& 7&/%&/ %04 1-";"4 %& 1"3,*/( FO D 4BO +VBO EF MB $SV[ FTRVJOB D «OHFM (VJNFSÈ EF 4BOUP $SJTUP 5&-
Á -5 * . " 4 50 3 3 & 4 & / 7&/5" &/ 10/50/4 %FTEF å */'0 XXX DBVSGJMGFSSP DPN 5&-
4& 7&/%& 1*40 &/ --03&%" / 6 & 7" 1 B S U J D V M B S B QBSUJDVMBS N QMBOUB EPSNJUPSJPT CB×P OVFWP DPNQMFUP "TDFOTPS OVFWP CVFOB WJTUB 5PEP FYUFSJPS #BMDØO å QUBT 1MB[B QBSLJOH PQDJPOBM BQBSUF 5&- .»7*-
."4/06 $&/53& $"4" 0CSB OPWB TPSUJEB BM $ 4UB 3PTB J $ &TQFSBOÎB EBSSFSB $BTJOP +BSEÓ N BNC QËSLJOH J KBSEÓ N 4ÛUBO N 1MBOUB CBJYB BNC TBMØ NFOKBEPS N CBOZ J DVJOB QMBOUB IBCJUBDJPOT CBOZ CBOZ TVJUUF QMBOUB TBMB NËRVJOFT J TPMËSJVN N %FDPSBDJØ J EJTTFOZT FYFDVUBUT BNC NBUFSJBM CPOT J BDBCBUT EF QSJNFSB RVBMJUBU )JQPUFDB TVCSPHBCMF 1SFV å 5&-
1*4 . $"4"(&.&4 &OUSF QSJNFSB J TFHPOB GJMB EF NBS &OUSBEB JOEFQFOEFOU CBJYPT QFS DBSSFS QFBUPOBM IBCJUBDJPOT 0CSB EF BOZT å 5&- 7&/%0 1*40 &/ 10."3 N IBCJUBDJPOFT EPCMFT WJTUBT B QBSRVF JOGBOUJM CPNCB EF DBMPS QSFDJP /FHPDJBCMF 5&-
4& 7&/%& 0 "-26*-" -0$"- DPNFSDJBM N N EF BMNBDFO *EFBM QBSB PGJDJOBT P UJFOEB BSUJDVMPT SFHBMP */'0
727 %DGDORQD
5SFCBMM
.PUPS
7BSJT
"NJTUBUT
$MBTTFT
FODVVLILFDWV
*NNPCJMJBSJT
$PN JOTFSUBS VO BOVODJ DMBTTJmDBU r " USBWÏT E *OUFSOFU *OTFSFJYJ FM TFVT BOVODJT B USBWÏT EF MB OPTUSB XFC XXX FMUPUEJHJUBM DPN
& 4 7 & / 0 # 3 " / 07" & / $ 0 / 45 3 6 $ $ * » $ 4"/5*"(0 364*º0- N FO QMBOUB CBJYB QMBOUB QMBOUB J HPMGFT HBSBUHF NFOKBEPS DVJOB BTFP CBOZ IBCJUBDJPOT QBSLFU BJSF BDPOEJDJPOBU UFSSBTTB å 15"4 5&- &4 7&/ -0'5 %& %*44&/: "- $&/53& %& #"%"-0/" N CBOZ J DVJOB QBSLFU BJSF BDPOEJDJPOBU å 15"4 5&- -0$"- . $0/ 7"%0 3 " . # - " 4 " / + 6 " / 3FGPSNBEP OVFWP QUBT 0QDJØO BMRVJMFS 5&- 4& 7&/%& 1-";" %& 1"3,*/( (3"/%& ;POB $BO .FSDBEFS #"%"-0/" FVSPT 5&- %Á1-&9 0#3" /6&7" 3FG 1FQ WFOUVSB IBCJUBDJPOFT EPT CB×PT DPNFEPS DPDJOB U[BT Z N DBMFGBDDJØO B B 1SFDJP DPO QBSLJOH 1UBT 4JO QL 1UBT XXX NFUSPTDVBESBEPT OFU 5&- 7&/5" -0$"- $0.&3$*"- 4 " / 5 " % 3 * " / + 6 / 50 i"-$".10w 3FG . QMBOUBT N EJÈGBOP EPT EFTQBDIPT FO QSJNFSB QMBOUB FO QFSGFDUBT DPOEJDJPOFT DVBMRVJFS OFHPDJP 0QDJØO BMRVJMFS 1SFDJP 1 U B T å X X X NFUSPTDVBESBEPT OFU 5&- 7&/5" 7*7*&/%" 5*"/" 3FG $BO HBJFUB N ÞUJMFT CB×P Z BTFP EPT EPSNJUPSJPT MBWBEFSP BNQMJP KBSEJO EF N QBSLJOH o USBTUFSP [POB DPNVOJUBSJB DPO QJTDJOBT 1SFDJP 1 U B T å X X X NFUSPTDVBESBEPT OFU 5&- 727 %DGDORQD
&$0/0.*$4 /PVT JOEE
&4 7&/ 7*7&/%" "- $&/53& %& #"%"-0/" N QMBOUB CBJYB NÏT QMBOUFT J UFSSBTTB BNC WJTUFT BM NBS BTDFOTPS QSJWBU *OUFSFTTBUT USVDBS BM 1-";" %& 1"3,*/( &/ 7&/5" 5033&/5 %& #"5--03*" 5JFOF BTDFOTPS 1MB[BT P .FEJEBT Y 1SFDJP å 5&- 1BUSJ 1-";" %& 1"3,*/( &/ 7 & / 5" 0 " - 2 6 * - & 3 5033&/5 %& #"5--03*" 5JFOF BTDFOTPS 1MB[BT QMBOUB QSJNFSB .FEJEBT Y 1SFDJP WFOUB å 1SFDJP BMRVJMFS å 5&- 1BUSJ 4& 7&/%&/ 1-";"4 %& 1"3,*/( */%&1&/%*&/5&4 5033&/5 %& #"5--03*" " QJF EF DBMMF 'ÈDJM BDDFTP 5JFOF BTDFOTPS .FEJEBT Y 1SFDJP å 5&- 1BUSJ 0 $ " 4 * » / 1 * 4 0 50 % 0 3&'03."%0 1*40 &/ 7&/5" &/ $ -*4;5 1JTP EF N BMUVSB SFBM )BCJUBDJPOFT DPDJOB Z CB×P SFGPSNBEPT DBSQJOUFSÓB EF BMVNJOJP DPO NPTRVJUFSBT SFKBT UFSSB[B Z HBMFSÓB 1VFSUBT Z TVFMP DPOTFSWBEPT 1SFDJP å 5&- 1BUSJ
$ " 4 " & / 7 & / 5" 0 "-26*-&3 $BTB FO TBOU DFCSJË EF WBMMBMUB EF B×PT EF BOUJHàFEBE EF NUST $POTUSVJEPT NÈT NUST %F KBSEÓO Z NUST %F UFSSFOP )BCJUBDJPOFT CB×PT UFSSB[B QBMB[B HBSBKF USBTUFSP DBMFGBDDJØO CVFO FTUBEP 1SFDJP BMRVJMFS å .FT 1SFDJP WFOUB å 5&- 1BUSJ
FODVVLILFDWV
0 $ " 4 * » / 1 - " / 5" #"+" &/ 7&/5" ;0/" 450 $3*450 . IBCJUBDJPOFT EPCMFT DPDJOB Z CB×P SFGPSNBEPT XD Z EVDIB JOEFQFOEJFOUF BEFNÈT EF HBMFSÓB $BSQJOUFSÓB EF BMVNJOJP QVFSUBT TBQFMZ TVFMP EF HSFT 4PMFBEP -JTUB QBSB FOUSBS B WJWJS 1SFDJP å /FHPDJBCMFT 5&- 1BUSJ 1*40 &/ 7&/5" #"3$&-0/" 3*&3" "-5" 1JTP JEØOFP Q B S B F T U V E J P . CBMDPOFT B MB DBMMF IBCJUBDJPOFT EPCMFT DPDJOB DPO MBWBEFSP USBTUFSP Z VO QBUJP " SFGPSNBS 1SFDJP å 5&- 1BUSJ
1*40 &/ 7&/5" 1*40 &/ 7&/5" &/ --03&%" EF NUST )BCJUBDJPOFT VOB EF FMMBT TVJUF $PDJOB BNQMJB CB×PT UPEP OVFWP 1BSRVFU DBMFGBDDJØO Z BJSF BDPOEJDJPOBEP "TDFOTPS 1SFDJP WFOUB å 5&- 1BUSJ
0 $ " 4 * » / 1 * 4 0 50 % 0 3 & ' 0 3 . " % 0 1 * 4 0 & / 7 & / 5" 4 5 0 $ 3 * 4 5 0 1JTP EF N¤ BTDFOTPS TPMFBEP Z UPEP SFGPSNBEP IBCJUBDJPOFT QBSLFU Z QVFSUBT EF IBZB DBSQJOUFSJB EF BMVNJOJP CMBODB HBT OBUVSBM Z CBMDPO "MUJMMP FO QBTJMMP 'BDIBEB SFGPSNBEB "5*$0 &/ 7&/5" &/ $ 1SFDJP å 5FM .*-" * '0/5"/"-4 45" 1BUSJ $0-0." (3"."/&5 1 * 4 0 & / 7 & / 5" o ; 0 / " . IBCJUBDJPOFT TBMØO 1"#&--0/ %& +07&/565 DPNFEPS EF N¤ DPDJOB Z .¤ 'JODB DPO BTDFOTPS Z CB×P DPNQMFUP SFGPSNBEPT NVZ MVNJOPTP UPEP FYUFSJPS BEFNÈT EF UFSSB[B EF IBCJUBDJPOFT EPCMF N¤ $BSQJOUFSÓB EF BMVNJOJP BTFP Z CB×P DPO DVBUSP QVFSUBT SPCMF TVFMP EF HSFT QJF[BT DPDJOB SFGPSNBEB "JSF BDPOEJDJPOBEP GSÓP DPO HBMFSÓB CBMDØO FYUFSJPS Z DBMPS 4PMFBEP 1SFDJP B S N B S J P T F N Q P U S B E P T å 5&- FO QBTJMMP DBMFGBDDJØO 1BUSJ DBSQJOUFSÓB EF BMVNJOJP DPO %Á1-&9 &/ 7&/5" ;0/" DSJTUBM EPCMF Z TVFMP UFSSB[P "-$".10 45 "%3*" ;POB DPNVOJUBSJB Z GJODB .¤ 'JODB OVFWB EF UBO TPMP UPUBMNFOUF SFIBCJMJUBEB WFDJOPT IBCJUBDJPOFT 1S F D J P W F O U B å CB×P DPNQMFUP Z BTFP EPT /FHPDJBCMFT 5&- CBMDPOFT Z HSBO UFSSB[B 1BUSJ DBMFGBDDJØO 1SFDJP å 1*40 &/ 7&/5"o ;0/" $0-- 5&- 1BUSJ * 16+0- .¤ 'JODB DPO 1 * 4 0 & / 7 & / 5" o + 0 $ 4 '-03"-4 #"%"-0/" .¤ 'JODB DPO BTDFOTPS IBCJUBDJPOFT TBMØO TPMFBEP DPO CBMDØO DPDJOB Z CB×P EF DVBUSP QJF[BT SFGPSNBEPT TVFMP EF QBSLFU DBMFGBDDJØO Z BJSF BDPOEJDJPOBEP 1SFDJP WFOUB å 5&- 1BUSJ
&$0/0.*$4 /PVT JOEE
+OOQDKNKCTKU .NQIWGT #6'"-" 3FG &TUVEJP N IBCJUBDJØO DPDJOB BNFSJDBOB SFGPSNBEP å 5&- 4*453&--4 3FG PG 1JTP EF IBUJCBDJPOFT SFGPSNBEP CBMDØO FYUFSJPS BNVFCMBEP DPO FMFDUSPEPNÏTUJDPT å 5&- - -0 3 & %" o 3F G 1JTP IBCJUBDJPOFT N PCSB CB×PT BTDFOTPS DBMFGBDDJØO HBT OBUVSBM BNVFCMBEP DPO FMFDUSPEPNÏTUJDPT QBSLJOH PQDJPOBM å BMRVJMFS DPO PQDJØO EF DPNQSB NFT 5&- .03&3" 3FG 0G 1JTP EF IBCJUBDJPOFT N SFGPSNBEP DBMFGBDDJØO Z B B CBMDØO (BTUPT JODMVJEPT .FT 5&- ."4/06 o 3FG 1JTP IBCJUBDJPOFT SFGPSNBEP CB×P Z BTFP QBUJP UFSSB[B QMBOUB CBKB å NFT 5&-
BTDFOTPS IBCJUBDJPOFT EPCMF CB×P EF PSJHFO DPDJOB SFGPSNBEB CBMDØO FYUFSJPS DFSSBEP DPO DBSQJOUFSÓB EF BMVNJOJP QVFSUBT EF PSJHFO " B DPO CPNCB EF DBMPS DBSQJOUFSÓB EF BMVNJOJP Z TVFMP HSFT (BT DJVEBE 1SFDJP WFOUB å 5&- 1BUSJ
450 $3*450 3FG $BTB N IBCJUBDJPOFT DBMFGBDDJØO SFGPSNBEP UFSSB[B N FYUFSJPS DPO FMFDUSPEPNÏTUJDPT å NFT 5&-
727 %DGDORQD
1&1 7&/563" 3FG 1JTP EF IBCJUBDJPOFT N PCSB OVFWB CB×PT QBUJP UPEP FYUFSJPS KUP NFUSP å NFT 5&- --&'*" 3FG 1JTP EF IBCJUBDJPOFT N SFGPSNBEP CBMDØO BTDFOTPS UPEP FYUFSJPS BNQMJP TBMØO QBSLJOH PQDJPOBM å NFT 5&- 1&1 7&/563" 1JT EF N¤ IBC DVJOB J CBOZ SFGPSNBUT B D BNC CPNCB EF DBMPS NFKBEPS FYU J BNPCMBU å NFT UPU JODMÛT 5&-4 1&1 7&/563" (&/&3"- 8&:-&3 1JT EF N¤ BNC IBC CBOZT DPNQMFSUT NFOKBEPS EF N¤ FYU B CBMDØ DVJOB SFGPSNBEB BTDFOTPS å NFT UPU JODMÛT 5&-4 #6'"-® 1JT EF IBC CBOZ DVJOB NFOKBEPS FYU B CBMDØ B D BNC CPNCB DBMPS å NFT UPU JODMÛT 5&-4 4*453&--4 -PGU SFGPSNBU UPU FO VO BNCJFOU FOUSBEB JOEFQFOEFOU *EFBM QBSFMMFT P QFS VOB QFSTPOB å NFT UPU JODMÛT 5&-4 1 & 1 7 & / 5 6 3 " 1 J T E F N¤ N¤ IBC CBOZ DPNQMFSU NFOKBEPS EF N¤ BNC DVJOB BNFSJDBOB DBMFGBDDJØ J B D å NFT UPU JODMÛT 5&-4 1 & 1 7 & / 5 6 3 " 0 # 3 " 4&.*/07" IBC CBOZT DVJOB PGGJDF NFOKBEPS FYU B UFSSBTTB EF N¤ DBMFGBDDJØ [P O B D P N V O J U Ë S J B B N C QJTDJOB å NFT QJT J QL UPU JODMÛT 5&-4 1&1 7&/563" 1JT EF IBC UPU SFGPSNBU HSFT BMVNJOJ TBQFMJ å NFT UPU JODMÛT 5&-4 727 %DGDORQD
&$0/0.*$4 /PVT JOEE
9,9,(1'$6 (1 $/48,/(5 0RQWJDW HVWDFLyQ KDE Ex FRP FRF $ $ WUDVW $OT ¼ PHV 7LDQD &DVD DGRVDGD P KDE SN \ WHUUD]D $OT ¼ PHV W LQFO
FODVVLILFDWV
--03&%" 3FG 1JTP IBCJUBDJPOFT SFGPSNB BDUVBM CBMDØO BTDFOTPS DBMFGBDDJØO HBT OBVSBM B B BNVFCMBEP DPO FMFDUSPEPNÏTUJDPT å NFT 5&-
%$'$/21$ 1$9(6 ,1'8675,$/(6 %RQDYLVWD & )RJDUV GH 7RUGHUD 6XS P $OTXLOHU ¼ PHV %GQ 6XG & 3URJUpV 6XS P PRQWDF $OT ¼ 352*583 'LDJRQDO SUDO
7(/ $/48,/(5 +$%,7$&,21(6 &(1752 3(3 9(1785$
+DELWDFLRQHV [ P FRQ GHUHFKR D EDxR FRFLQD FRPHGRU $PXHEODGDV 79 :L ¿ FDOHIDFFLyQ 0X\ WUDQTXLOR VyOR SLVR DOWXUD $ PLQ 0HWUR 3HS 9HQWXUD \ 7UDPEHVyV MXQWR 3DEHOOyQ 1XHYR -RYHQWXW ¼ JDVWRV LQFOXLGRV
7HO +6/50 "- $ $ .®(*$ 1JTP EF IBCJUBDJPOFT UPUBMNFOUF FYUFSJPS B DBMMF DPDJOB Z CB×P JNQFDBCMFT CBMDØO FYUFSJPS DBMMF BTDFOTPS "-26*-&3 å NFT 3&' 4- 5&-
/2&$/ (1 $/48,/(5
6$17 %58
=RQD LGHDO P GLiIDQR YHVWLGRU \ DVHR VXHOR SDUTXHW D D HQ EXHQ HVWDGR PXFKDV SRVLELOLGDGHV ¼ PHV WUDVSDVR ¼ SRVLELOLGDGHV GH ¿QDQFLDFLyQ
7HO
$ $0-- * 16+0- 1JTP EF IBCJUBDJPOFT UPUBMNFOUF BNVFCMBEP Z FRVJQBEP F Y U F S J P S B D B M M F D B M M F QSJODJQBM Z CJFO DPNVOJDBEB "-26*-&3 å NFT 3&' 4$ 5&-
$/48,/2 3,62 -8172 &$//( 35,0 KDELWDFLRQHV GREOHV \ LQGLYLGXDO JUDQ VDOyQ FRPHGRU H[WHULRU FRQ EDOFyQ FRFLQD JDOHUtD EDxR FRPSOHWR \ DVHR ¿QFD FRQ DVFHQVRU VH HQWUHJDUi UHFLpQ SLQWDGR ¼ PHV
7HO
$&3$" %&- $&/530 «UJDP EF IBCJUBDJPOFT DPO UFSSB[B EF N FO NVZ CVFO FTUBEP FYUFSJPS Z DFSDB EF UPEPT MPT TFSWJDJPT "-26*-&3 å .&4 3&' $& 5&-
3,6$=26 '( 2%5$ 18(9$ '2027,=$'26 (1 $/48,/(5 D KDELWDFLRQHV EDxRV FRPSOHWRV FRQ WHUUD]D PX\ OXPLQRVRV DFDEDGRV GH FDOLGDG SRVLELOLGDG SNLQJ PLVPD IFD FRQ WUDWR KDELWXDO WHPSRUDGD y RSFLyQ FRPSUD SRVLELOLGDG PXHEOHV GHVGH ¼ PHV
7HO
450 $ 3 * 450 1 J T P E F N DPO IBCJUBDJPOFT 'JODB DPO BTDFOTPS TFNJ BNVFCMBEP $BMFGBDDJØO Z B B $PNVOJEBE JODMVJEB FO FM QSFDJP "-26*-&3 å NFT 3&' 4$ 5&-
/2& $/ (1 $/48 , /(5 P VDOLGD GH KXPR 3DUD FXDOTXLHU WLSR GH QHJRFLR DQWHV HUD 6DOyQ 3HOXTXHUtD \ (VWpWLFD 3UHFLR ¼ (Q $YGD GH OD 5LED %DGDORQD
7HO
5 * " / " % Á 1 - & 9 F O JONFKPSBCMF [POB EF IBC
WFTUJEPSFT BTFPT Z CB×P "NVFCMBEP UFSSB[B EF N QBSLJOH PQDJPOBM "-26*-&3 å .&4 3&' 5* 5&-
6( $/48,/$ 3(/848(5,$ 0217$'$ 6LQ WUDVSDVR HQ %DGDORQD HXURV 7HO
FODVVLILFDWV
#"33*0 4*453&--4 "-26*-&3 N BTDFOTPS IBCJUBDJPOFT MBWBCPT DBMFGBDDJØO CBMDPOFT UFSSB[B FYUFSJPS TVFMP HSFT BNVFCMBEP å NFT 5&-
//2*8(5 3ODFHV GH SjUTXLQJ $YGD 0DUWt 3XMRO ,QWHUHVVDWV WUXFDU DO
7HO /2&$/ (1 $/48,/(5 & 3ULP ,GHDO SDUD R¿FLQD R GHVSDFKR P
7HO
6( $/48,/$ 3É548,1* &RFKH SHTXHxR & $JXHGD 0RPSHO 6WR &ULVWR
7HO 32/Ì*21 /(6 *8,;(5(6 2),&,1$6 (1 $/48,/(5 QXHYDV D HVWUHQDU P D ¼ PHV HQ SODQWD ¼ PHV HQ SODQWD 3RVLELOLGDG SDUNLQJ ,QPHMRUDEOH VLWXD FLyQ ORJtVWLFD \ FRPHUFLDO GH %DGDORQD
7HO " 1" 35" . & / 50 3 0 4 & 4 "-26*-&3 N CBMDØO N BDDFTP FNCBSDBEFSP [POB USBORVJMB TPMFBEP TVFMP HSFT DPDJOB NVFCMFT SPCMF CB×P DPNQMFUP DBSQJOU "MVN BTDFOTPS å NFT 5&- 13&.*® %& ."3 "-26*-&3 N QJTDJOB DPO DFTQFE Q J T U B U F O J T C B M D P O F T DPNFEPS BNCJFOUFT IBCJUBDJPOFT MBWBCPT DPNQMFUPT TFNJBNVFCMBEP DBMFGBDDJØO WJTUBT BM NBS B N NBS å NFT 5&- $ 26&7&%0 "-26*-&3 N IBCJUBDJPOFT T V F M P H S F T D B S Q J O U " M V N B N V F C M B E P FMFDUSPEPNÏTUJDPT BTDFOTPS å NFT 5&- "7 % " " - ' 0 / 4 0 9 * * * "-26*-&3 N QBUJP N IBCJUBDJPOFT MBWBCPT TPMFBEP B B Z DBMFGBDDJØO TVFMP UFSSB[P BNVFCMBEP BTDFOTPS å NFT 5&-
&$0/0.*$4 /PVT JOEE
&4 --0(" -0$"- $"/50/&3 " -" ;0/" %& 1&1 7&/563" N QMBOUB CBJYB TØUBO
BMUFMM *OUFSFTTBUT USVDBS BM
&4 --0(" 6/" 1-"±" %& 1"3,*/( %& .050 BM DFOUSF EF #BEBMPOB 5SVDB BM
&4 --0(" $"4" #"%"-0/" $&/53& $BSSFS TBOUB NBSJB )BC #BOZT DVJOB J NFOKBEPS &VSPT NFT 5&-
"-26*-0 1-"/5" #"+" %F PCSB OVFWB B FTUSFOBS FO DBTP BOUJHVP EF 4U #PJ IBCJUBDJPOFT QBUJP EF N CB×P Z DPDJOB FRVJQBEPT å NFT Z å EF GJBO[B 5&-
& 4 - -0 ( " 1 * 4 / 0 6 #"%"-0/" $&/53& )BC #BOZT DVJOB NFOKBEPS J UFSSBTTB 5PU OPV $MJNBUJU[BU &VSPT NFT 5&-
& / " - 2 6 * - & 3 ; 0 / " .0/5("5 «UJDP BNVFCMBEP N UFSSB[B N DVBSUP USBTUFSP DBMFG SFGPSNBEP (SBO PQPSUVOJEBE å NFT 5&-
-0$"- &/ --0(6&3 "- 10-¶(0/ */%6453*"- -&4 (6*9&3&4 TPSUJEB BVUPQJTUB CBEBMPOB OPSE . /PV 4VNJOJTUSFT EPOBUT E BMUB 7JTUFT FTQFDUBDVMBST &VSPT NFT 5&-
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