TOT Badalona 1381

Page 1

/ÞNFSP %FM BM EF KVMJPM A

3FQPSUBUHF

5PSOB FM UFSSPS EFM 5)& $3:154)08 B 4BOU "ESJË

3FQPSUBUHF

"DUVBMJUBU

.ÏT BHFOUT J OPVT 3ËEJP 1PNBS WFIJDMFT QFS MB (VËSEJB JOBVHVSB OPVT 6SCBOB EF #BEBMPOB FTUVEJT BNC FM SFQUF E PGFSJS NÏT DPOUJOHVUT MPDBMT

1PMÓUJDB

*$7 &6J" JOTJTUFJY FO EJGFSFODJBS TF EF MB iQPMÓUJDB EF YFDTw EFM 11

-B 3BNCMB DBOWJBSË MB TFWB DBSB EFTQSÏT EF BOZT

"NC WFV QSÛQJB +PBO 4PMFS J "NJHØ J %PMPST 4BCBUFS 3FQSFTFOUBDJØ GJOBM EF DVST DPMtMFHJ %P×B 5FSFTJUB BDUVBMNFOU -ØQF[ 5PSSFKØO BOZ

1PSUBEB JOEE

1FSTPOFT

9BWJ 1POT UÒDOJD EF MB $SFV 3PKB i&MT DPNFSDJBOUT EF #BEBMPOB 4VE WPMFO USFODBS BNC FMT QSFKVEJDJTw


VXPDUL % FOUSBEB "DUVBMJUBU 1PMÓUJDB &TQPSUT 3FQPSUBUHF 1FSTPOFT 4FUNBOB FO *NBUHFT &TQBJ $ "HFOEB

$JOFNFT /PWFUBUT -B -MBS .FEJDJOB J 4BMVU /FDSPMÛHJRVFT $POTVMUPSJ -FHBM "OJNËMJB /JOT $BSUFT EFMT -FDUPST

'PUP %FOÞODJB *NNPCJMJËSJB (BTUSPOPNJB (VJB EF 4FSWFJT 5PU .PUPS 1BTTBUFNQT )PSÛTDPQT

$MBTTJm DBUT 5FOEÒODJFT 5FDOPMPHJB

)RWR DQWLJD

3FQSFTFOUBDJØ m OBM EF DVST DPMrMFHJ 4SUB %P×B 5FSFTJUB BDUVBMNFOU -ØQF[ 5PSSFKØO 'PUP DFEJEB *TJESF #PSOBZ 5PUIPN RVF EFTJUHJ WFVSF QVCMJDBEB EF GPSNB HSBUVÕUB BMHVOB GPUPHSBm B TFWB BOUJHB EF #BEBMPOB .POUHBU J 5JBOB QPU GFS MFT BSSJCBS B MB OPTUSB SFEBDDJØ VCJDBEB B $ -MFØ O B #BEBMPOB

r XXX FMUPUEJHJUBM DPN CBEBMPOB!FMUPUEJHJUBM DPN &%*5" 4VCJSBUT 4VCJSBUT &EJUPST 4 - /*' # %*44&/: (3®'*$ * ."26&5"$*» . 4VCJSBUT - $BUBMÈO . -ØQF[ 4 7JMMÏO 3&%"$$*» . 4VCJSBUT $ $BSWBKBM $ 5PSOFSP (JOB EF 5FSB + (BSDÓB / 3JCØ "%.*/*453"$*» 9 4VCJSBUT " 4PSJBOP / 'FSSFS *.13*.&*9 -JUPHSBm B 3PTÏT %*1¾4*5 -&("- # 0'*$*/&4 $ -MFØ O B #BEBMPOB r CBEBMPOB!FMUPUEJHJUBM DPN r XXX FMUPUEJHJUBM DPN %JTUSJCVDJØ HSBUVÕUB B #BEBMPOB .POUHBU J 5JBOB 'B TBCFS RVF FEJUB MB SFWJTUB BNC QBQFS FDPMÛHJD TFHVJOU MFT OPSNBUJWFT FVSPQFFT WJHFOUT

QBH JOEE

-B SFEBDDJØ EF 3FWJTUFT FM 505 OP FT GB OFDFTTËSJBNFOU SFTQPOTBCMF EFM DPOUJOHVU EFMT BSUJDMFT PQJOJPOT J NJTT BUHFT DPNFSDJBMT DPNQSFTPT FO FM TFUNBOBSJ %hBDPSE BNC MB MFHJTMBDJØ WJHFOU FO NBUÒSJB EF QSPUFDDJØ EF MB DPNQFUÒODJB BRVFTUB FEJUPSJBM DPNVOJDB RVF RVFEB UFSNJOBOUNFOU QSPIJCJEB MB SFQSPEVDDJØ UPUBM P QBSDJBM EFMT BOVODJT BSUJDMFT JNBUHFT P DPMrMBCPSBDJPOT RVF BQBSFJYFO FO BRVFTUB QVCMJDBDJØ m OT J UPU DJUBOU MB TFWB QSPDFEÒODJB -hFNQSFTB FEJUPSB OP BDUVB DPN B NJUKBO DFSB FO MFT USBOTBDDJPOT RVF QVHVJO EFSJWBS TF EhBRVFTUB QVCMJDBDJØ OJ FT SFTQPOTBCJMJU[B EF MB WFSJDJUBU EF MB QSP DFEÒODJB EF MFT EBEFT GBDJMJUBEFT QFMT BOVODJBOUT

727 %DGDORQD


4UZMBTFS 1 1 JOEE

å å å å å å å å å å å å å å å å å å å å å å å å å å å å

i EF EFTDPNQUF B MB TFTTJØw

/PV USBDUBNFOU 4$# EF -JGUJOH 'BDJBM 3&46-5"54 &/ 4&44*»

#BEBMPOB "WEB .BSUÓ 1VKPM

XXX TUZMDMJOJDCBSDFMPOB DPN

$FOUSF EhBMUB UFDOPMPHJB BQMJDBEB B MB JNBUHF QFSTPOBM

4UZMDMÓOJDCBSDFMPOB

&TQFDJBMJTUFT FO 'PUPEFQJMBDJØ USBDUBNFOUT DPSQPSBMT J GBDJBMT $PTNÒUJDB BWBOÎBEB -B NJMMPS UFDOPMPHJB BM UFV BCBTU

45:-$-¶/*$#"3$&-0/" -" .*--03 5&$/0-0(*" "- 5&6 "#"45

MJGUJOH GBDJBM r SFBGJSNBDJØ EF QJU r SFEVDDJØ EhBCEPNFO EFTFOWPMVQBNFOU NVTDVMBS r GPUP SFKPWFOJNFOU r DFMrMVMJUJT r GPUPEFQJMBDJØ r FUD

'PUPEFQJMBDJØ 4$# JOEJDBEB QFS B UPUT FMT UJQVT EF QFMM JODMÞT QFMMT SFDFOU CSPO[FKBEFT UPUT FMT UJQVT EF QFMT QJHNFOUBUT J UPU M}BOZ BSB QPUT GPUPEFQJMBS UF UBNCÏ B MhFTUJV 1SJNFSB DPOTVMUB J QSPWB EF SFBDDJØ HSBUVÕUB

"CEPNFO "SÒPMB "JYFMMFT "OVT #BSCB NBTDVMJOB #SBÎPT IPNF #SBÎPT EPOB $BNFT TFODFSFT EPOB $BNFT TFODFSFT IPNF $PMM $MBUFMM /VDB %JUT &OHPOBMT *OHMFT &OUSFDFMMB &TQBUMMB )PNCSPT &TRVFOB DPNQMFUB *OUFHSBM -ÓOJB "MCB -ÓOJB #JRVJOJ -MBWJ TVQFSJPS .FOUØ .JUHFT DBNFT JOG .JUHFT DBNFT TVQ /BUHFT (MÞUFPT 0SFMMFT 1ÛNVMT 1BUJMMFT 1JU

'050%&1*-"$*»


DFWXDOLWDW

G HQWUDGD

t-B 3BNCMB EF #BEBMPOB DBOWJBSË MB TFWB JNBUHF EFTQSÒT EF BOZT / 3JCØ

-B 3BNCMB DBOWJBSË MB TFWB DBSB EFTQSÏT EF BOZT &M USBEJDJPOBM J DPOFHVU QBT TFJH CBEBMPOÓ DBOWJBSË MB TFWB JNBUHF QSPQFSBNFOU EFTQSÏT EF BOZT EF MB EBSSFSB SF NPEFMBDJØ &M QSPKFDUF EF USBOTGPSNBDJØ EF MB 3BNCMB DPNQUBSË BNC MB SFOPWBDJØ EF NPCJMJBSJ VSCË DBOWJ EF QB WJNFOU J MB JOTUBMtMBDJØ E VOB QFUJUB QMBÎB PO FT USPCB BD UVBMNFOU VOB GPOU EBWBOU EF M &TDPMB EFM .BS &M QSPKFDUF FT DPNQMFUBSË BNC MB USBOT GPSNBDJØ EFM QBTTFJH NBSÓUJN FOUSF FM DBSSFS EF .BS J E FO 1SJN %FmOJS VO FOUPSO BNC OPVT DPNQPOFOUT QFSÛ SFTQFD UBOU M FTTÒODJB EF MB 3BN CMB "RVFTU ÏT M PCKFDUJV EF MB SFNPEFMBDJØ E BRVFTU FT QBJ FNCMFNËUJD EF MB DJVUBU

%&OUSBEB JOEE

"MHVOFT EF MFT BDUVBDJPOT TFSBO FM DBOWJ EF CBODT P MB SFOPWBDJØ EF QBWJNFOU 4FHPOT WB FYQMJDBS M BMDBMEF EF #BEBMPOB +PSEJ 4FSSB FO VOB FOUSFWJTUB B MB SËEJP MPDBM iFMT GBOBMT FT NBOUFOFO FMT CBODT FT DBOWJFO J FM NPCJ MJBSJ VSCË FT DBOWJB UPU &T GBSË VOB CPOB OFUFKB EF DBSB -B WPSFSB EF 4BOUB .BESP OB QFS FYFNQMF RVFEBSË B VO OJWFMM J M BMUSF DPTUBU EF MB 3BNCMB UBNCÏ RVFEBSË NPMU BSSFHMBUw &O BRVFTU TFOUJU FM QSPKFDUF JODMPV VOB HSBO USBOTGPSNBDJØ EFM QBTTFJH NBSÓUJN FTQFDJBMNFOU FO FM USBN DPNQSÒT FOUSF FM DBSSFS EF .BS J E FO 1SJN 3FOPWBS FM NPCJMJBSJ VSCË BVHNFOUBS MB JMtMVNJOBDJØ BNQMJBS FM DBSSJM

CJDJ P SFGPSÎBS FM QBWJNFOU GPSNB QBSU EF MFT BDUVBDJPOT RVF FT EVSBO B UFSNF &T Q S FWF V R V F M F T P C S F T D P N F O D J O E V S B O U F M N F T E PDUVCSF J RVF MB USBOTGPS NBDJØ EF MB 3BNCMB FTUJHVJ FOMMFTUJEB QFS B MFT 'FTUFT EF .BJH EFM 4FSSB IB FYQMJDBU RVF MB .BODPNVOJ UBU EF .VOJDJQJT WB BQSPWBS GB EVFT TFUNBOFT VO QSFT TVQPTU EF EPT NJMJPOT J NJH E FVSPT QFS GFS BRVFTUB PCSB EF SFGPSNB RVF FT WPM BDBCBS FO TJT NFTPT 1SPQPTFO EFEJDBS VO FTQBJ B MB NFNÛSJB EFM QPFUB +PTFQ (VBM -B USBOTGPSNBDJØ EF MB 3BN

727 %DGDORQD


DFWXDOLWDW

$BSMFT 5PSOFSP

t %JCVJY EFM QSPKFDUF i1PFNFT BM DBSSFSw B MB 3BNCMB

C M B E F E J D B S Ë V O F T Q B J B M QPFUB CBEBMPOÓ +PTFQ (VBM - "TTPD JBD JØ EF WFÕOT EFM $FOUSF IB QSPQPTBU EFEJDBS VO FTQBJ B MB 3BNCMB SF NPEFMBEB EFEJDBU B BRVFTU QPFUB RVF WB NPSJS B M PDUVCSF EF i1PFNFT BM DBSSFSw ÏT F M UÓUP M E F M B QSP Q P TU B E BDUVBDJØ DVMUVSBM J VSCBOB RVF UJOESË MB OPWB 3BNCMB &MT JNQVMTPST EF MB JOJDJBUJWB TØO M BSRVJUFDUF 4BMWBEPS %SP DI FM EJTTFOZBEPS HSËmD 1FSF 3V[BGB J M FTDSJQUPS 7BMFOUÓ 4PMFS - FTQBJ FTUBSË TJUVBU KVTU EBWBOU EF M &TDPMB EFM .BS BM DPTUBU EFMT KBSEJOFUT J EF MB 'POU 6OB EF MFT QSP QPTUFT E BRVFTU DPMtMFDUJV ÏT DSFBS VOB QBTTBSFMtMB B M &TDPMB EFM .BS RVF GBDJMJUJ M BDDÏT B NÏT EF DSFBS VOB QFUJUB QMBUBGPSNB QFS B SFB MJU[BS IJ BDUFT TFO[JMMT -B JEFB ÏT JODMPVSF VOB QMBDB J VOT WFSTPT EFM QPFUB HSB WBUT BM UFSSB +PTFQ (VBM FSB QPQVMBSNFOU DPOFHVU DPN FM QPFUB EF MB 3BNCMB TPCSFUPU QFMT WJODMFT RVF UFOJB BNC BRVFTU JOESFU FNCMFNËUJD PO IBWJB WJTDVU -B 3BNCMB VO MMPD EF USPCBEB J MMFVSF EFT EF GB EÒDBEFT -B QPQVMBS 3BNCMB CBEBMP OJOB FSB FO FM TFV PSJHFO V O T P S S B M R V F V U J M J U [ BWF O FMT QFTDBEPST EF MB DJVUBU - "KVOUBNFOU WB EFDJEJS VS 727 %DGDORQD

%&OUSBEB JOEE

CBOJU[BS MB [POB EVSBOU MB TFHPOB NFJUBU EFM TFHMF 9*9 &MT UFSSFOZT QSPQJFUBU EFM .BSRVÒT EF #BSCBSË TFOZPS EF #BEBMPOB WBO TFS DFEJUT BM DPOTJTUPSJ BNC MB DPOEJDJØ RVF GPTTJO VUJMJU[BUT QFS MB DPOTUSVDDJØ E VO QBTTFJH &O DBT DPOUSBSJ FM USBDUF RVF EBSJB SFTDJOEJU J MB QPTTFTTJØ EF MFT UFSSFT UPSOBSJFO B MB DBTB EFM .BSRVÒT " DBOWJ EF MB DFTTJØ M "KVOUBNFOU WB DPODFEJS B #BSCBSË MB MMJDÒO DJB QFS DPOTUSVJS MFT DBTFT EF MB 3BNCMB &M QSJNFS QSP KFDUF E VSCBOJU[BDJØ EBUB EF M BOZ - BOZ FT WBO DPMtMPDBS FMT CBODT EF GVTUB

BM MMBSH EFM TFV SFDPSSFHVU &M EJB EF MB 'FTUB .BKPS FM E BHPTU EF T JOBVHVSË FM NÓUJD NPOVNFOU EF 3PDB J 1J % BMUSB CBOEB M BOZ WBO DPOTUSVJS TF BM DPTUBU EFM RVF BWVJ ÏT M &TDPMB EFM .BS FMT QSJNFST KBSEJOT EF MB 3BNCMB &EJmDJT TFOZPSJBMT B MB 3BNCMB "MHVOT EFMT FEJmDJT NÏT SF QSFTFOUBUJVT EF MB 3BNCMB FT DPOTUSVÕSFO B mOBMT EFM TFHMF 9*9 4ØO FEJGJDJT EF UJQVT TFOZPSJBM DPN BSB FM EFM $PS EF .BSJOB JOBVHVSBU FM EJB EF /BEBM EF M BOZ

t &O VO QSJODJQJ B MB 3BNCMB FT WBO QMBOUBS QBMNFSFT J BDËSJFT QFSÛ BRVFTUFT EBSSFSFT OP WBO DSÏJYFS J M BOZ FT WBO TVCTUJUVJS QFS NÏT QBMNFSFT


DFWXDOLWDW

DFWXDOLWDW

$BSMFT $BSWBKBM

.ÏT BHFOUT J OPVT WFIJDMFT QFS MB (VËSEJB 6SCBOB EF #BEBMPOB

t .PNFOU EF MB QSFTFOUBDJØ EFMT OPVT WFIJDMFT EF MB (VËSEJB 6SCBOB -B WJOUFOB EF OPVT BHFOUT KB QBUSVMMFO QFMT DBSSFST EF #BEBMPOB

$BOZFU t -B (VËSEJB 6SCBOB EF #BEBMPOB IB JODPSQPSBU BRVFT UB TFUNBOB OPVT BHFOUT J IB SFOPWBU MB TFWB nPUB BNC OPVT WFIJDMFT %FT E BRVFTUB TFUNBOB USFQJUKBOU QFS MB DJVUBU VOB WJOUFOB E BHFOUT OPVT RVF T IBO JODPSQPSBU BM DPT EFTQSÒT E IBWFS TVQFSBU MB GPSNBDJØ B M &TDPMB EF 1PMJDJB EF $BUBMVO ZB 4 IB EF EFTUBDBS RVF EPT EFMT BHFOUT E BRVFTUB QSPNPDJØ TØO OBTDVUT GPSB EF M &TUBU VO GFU JOÒEJU B MB (VËSEJB 6SCBOB EF #BEBMPOB % BMUSB CBOEB FM QSJNFS UJOFOU E BMDBMEF EF M "KVOUBNFOU EF #BEBMPOB 'F

SSBO 'BMDØ IB BOVODJBU RVF BNC M JODPSQPSBDJØ E BRVFTUB WJOUFOB E BHFOUT FT QPESË DSFBS B QBSUJS EFM NFT EF TFUFNCSF VOB OPWB VOJUBU QPMJDJBM EFEJDB EB FYDMVTJWBNFOU B MFT [POFT DPNFSDJBMT EF MB DJVUBU

MB GMPUB BDUVBM &T USBDUB EF GVSHPOFUFT DPUYFT J NPUPDJDMFUFT RVF QFSNFUSBO SFUJSBS WFIJDMFT RVF IBWJFO RVFEBU PCTPMFUT J BNQMJBS MB nPUB BDUVBM mOT BMT %VSBOU M BDUF EF QSFTFOUBDJØ E BRVFTUT OPVT WFIJDMFT FM QSJNFS UJOFOU E BMDBMEF 'FSSBO 'BMDØ WB NB OJGFTUBS RVF iBNC BRVFTUB BE RVJTJDJØ FT GB VO TBMU JNQPSUBOU FO MB SFOPWBDJØ EF MB nPUB RVF QFSNFUSË RVF FMT BHFOUT EF MB (VËSEJB 6SCBOB USFCBMMJO FO NJMMPST DPOEJDJPOT J RVF FO DPOTFRàÒODJB FMT DJVUBEBOT SFCJO VO NJMMPS TFSWFJw

6OB WJOUFOB EF WFIJDMFT OPVT % BMUSB CBOEB FM QSJNFS UJOFOU E BMDBMEF 'FSSBO 'BMDØ WB QSFTFOUBS EJWFOESFT QBTTBU MB WJOUFOB EF OPVT WFIJDMFT EF MB (VËSEJB 6SCBOB RVF M "KVOUBNFOU EF #BEBMPOB IB BERVJSJU QFS SFOPWBS J BNQMJBS

7DPEÉ ÉV QRWÍFLD "EKVEJDBEFT MFT PCSFT QFS 0CSFT B USFT QPMJFTQPSUJVT DPOEJDJPOBS M FTUBDJØ EF EF #BEBMPOB #BEBMPOB $FOUSF -B (FOFSBMJUBU IB BEKVEJDBU BRVFTU NFT EF KVOZ QFS NJUKË EF M FNQSFTB QÞCMJDB (*4" PCSFT J QSPKFDUFT FO NBUÒSJB EF USBOTQPSUT DBSSFUFSFT J FRVJQB NFOUT 6OB EF MFT BEKVEJDBDJPOT NÏT EFTUBDBEFT TØO MFT PCSFT EF DPOEJDJPOBNFOU JOUFSJPS EFM QFSMMPOHBNFOU EF M - EF 1FQ 7FOUVSB RVF JODMPVFO FMT USFCB MMT E BSRVJUFDUVSB J JOTUBMtMBDJPOT JOUFSJPST QFS .&63 % BMUSB CBOEB T IBO BEKVEJDBU QFS .&63 FMT USFCBMMT QFS BRVFTU OPV USBN

"DUVBMJUBU JOEE

BOZT EF M JOTUJUVU "MCÒOJ[ - JOTUJUVU CBEBMPOÓ *TBBD "MCÒOJ[ IB DFMFCSBU FMT TFVT QSJNFST BOZT &M DFOUSF WB QSFQBSBS FM QBTTBU EJWFOESFT VO BDUF FT QFDJBM PO IJ WBO QBSUJDJQBS BMVN OFT FY BMVNOFT J QSPGFTTPST - "MCÒOJ[ IB SFBMJU[BU VOB NPTUSB BNC MB USBKFDUÛSJB E BRVFTUT BOZT E IJTUÛSJB RVF JODMPV GP UPHSBmFT J UFTUJNPOJT - JOTUJUVU CBEBMPOÓ ÏT VO EFMT QPDT DFOUSFT DBUBMBOT RVF FODBSB EBUFO EF M ÒQPDB EF MB 4FHPOB 3FQÞCMJ DB PO IJ IBO QBTTBU QSPGFTTPST DPN M FTDSJQUPSB .BSJB "VSÒMJB $BQNBOZ

-FT PCSFT EF SFIBCJMJUBDJØ EFMT QPMJFTQPSUJVT EF -MFmË $BTBHF NFT J -B 1MBOB mOBOÎBEFT QFM 'POT &TUBUBM E *OWFSTJØ -PDBM KB FTUBO FO NBSYB "RVFTUFT SFNPEFMBDJPOT TFSWJSBO QFS TVCTUJUVJS MFT DPCFSUFT QFS FWJ UBS QSPCMFNFT EF GJMUSBDJPOT J HPUFSFT 5BNCÏ FT SFGPSNBSBO WFTUJEPST JOTUBMtMBDJPOT FMÒDUSJ RVFT J QBWJNFOUT "RVFTUT USFT QPMJFTQPSUJVT SFTUBSBO UBODBUT mOT BM NFT E PDUVCSF 5BNCÏ IJ IBVSË PCSFT B MFT QJTUFT FTQPS UJWFT EF $PMM J 1VKPM 4BOU $SJTU J #VGBMË

727 %DGDORQD


1MBOUJMMB#BTF JOEE

727 %DGDORQD


DFWXDOLWDW

DFWXDOLWDW

$BSMFT $BSWBKBM

5PU B QVOU QFSRVÒ FM 5PVS QBTTJ QFS MB $POSFSJB J QFMT DBSSFST EF #BEBMPOB -B 4BMVU t - FUBQB DBUBMBOB EFM 5PVS EF 'SBOÎB RVF UJOESË MMPD FM QSPQFS EJKPVT EF KVMJPM UBN CÏ QBTTBSË QFS 5JBOB J #BEB MPOB &MT DJDMJTUFT RVF WJOESBO EFT EF 4BOU 'PTU EF $BNQDFO UFMMFT QVKBSBO MB DBSSFUFSB EF MB $POSFSJB B MFT I " #BEBMPOB FMT DJDMJTUFT QBTTB SBO B QBSUJS EF MFT I QFMT TFHàFOUT DBSSFST "WJOHVEB EF 1PNBS 1SFTJEFOU $PNQBOZT 7JB "VHVTUB "OTFMN $MBWÏ 3BNCMB EF 4BOU +PBO 4BMWB EPS &TQSJV .BSRVÒT EF 4BOU .PSJ +VBO 7BMFSB J "MGPOT 9*** &MT DBSSFST J DBSSFUFSFT BGFDUB EFT QBUJSBO UBMMT EF DJSDVMBDJØ EFT E IPSFT BCBOT < > XXX MFUPVS GS

1BTTFKBEB B MB QMBUKB EFM 1SPKFDUF EF WPMVOUBSJBU EF QFSTPOFT BNC USBTUPSO NFOUBM HSFV QFS MB DVSB E BOJNBMT EF DPNQBOZJB

t -B QBTTFKBEB QFS MB QMBUKB EF #BEBMPOB IB FTUBU NPMU QPTJUJWB QFMT QBSUJDJQBOUT EFM QSPKFDUF

E "UFODJØ E "OJNBMT EF $PN QBOZJB EFM #BSDFMPOÒT /PSE WB UFOJS DPN B PCKFDUJV QPSUBS M FYQFSJÒODJB EFM WPMVOUBSJBU B MB DPNVOJUBU J WB TFSWJS TFHPOT FMT TFVT SFTQPOTBCMFT QFS B RVÒ FMT QBDJFOUT NJMMPSJO MB TFWB BVUPFTUJNB QPEFOU JOUFHSBS TF J SFBMJU[BS BDUJWJUBUT RVF NPMUFT WF HBEFT UFOFO MJNJUBEFT BM EFDVST EF MFT UFSËQJFT IBCJUVBMT

#BEBMPOB t &MT WPMVOUBSJT EFM QSPKFDUF EF QFSTPOFT BNC USBT UPSO NFOUBM HSFV EFMT $FOUSFT "TTJTUFODJBMT %S &NJMJ .JSB J -ØQF[ $BFN IBO QPS UBU BRVFTU EJMMVOT B MB WPSB EF MB QMBUKB CBEBMPOJOB FMT BOJNBMT EF DPNQBOZJB BNC FMT RVF IBO FTUBU GFOU UFSËQJB EVSBOU FMT EB SSFST NFTPT -B DBNJOBEB PS HBOJU[BEB QFM $FOUSF $PNBSDBM

&M QSJNFS JODFOEJ EF M FTUJV DSFNB QBSU EFM DBNÓ EF $BO $PMPNFS .BT 3BN t 1SJNFS JODFOEJ GPSFTUBM E BRVFTU FTUJV B #B EBMPOB -B UBSEB EF 4BOU +PBO FT WB QSPEVJS VO JODFOEJ BM DBNJ EF $BO $PMPNFS NPMU B QSPQ EF MB VSCBOJU[BDJØ EFM .BT 3BN

6OB EFTFOB EF NJUKBOT UFSSFT USFT J VO IFMJDÛQUFS WBO USFCB MMBS EVSBOU EVFT IPSFT QFS FYUJOHJS FM GPD RVF WB DSFNBS EVFT IFDUËSFFT J NJUKB EF NB UPMMT - JODFOEJ OP WB QSPWPDBS JODJEÒODJFT WJËSJFT

t - JODFOEJ UPU J MB QSPYJNJUBU OP WB BGFDUBS FM .BT 3BN

7DPEÉ ÉV QRWÍFLD 5JBOB MJEFSB FM SËORVJOH EF DPOTVN E BJHVB

"MFMMB EFNBOB MB TVQSFTTJØ #BEBMPOB BDVMM VOFT EFM QFBUHF EF M BVUPQJTUB KPSOBEFT EF DPPQFSBDJØ BNC /JDBSBHVB

&MT NVOJDJQJ EF 5JBOB ÏT VO EFMT NVOJDJQJ RVF DPOTVNFJY NÏT BJHVB QFS IBCJUBOU J EJB EF MB QSJNFSB DPSPOB NFUSP QPMJUBOB EF #BSDFMPOB - BOZ 5JBOB FO WB HBTUBS DBEB EJB HBJSFCÏ FM EPCMF RVF FMT WFÕOT EF #BEJB EFM 7BMMÒT FMT NFOZT DPOTVNJEPST "SB CÏ M BOZ EF MB TFRVFSB FY USFNB 5JBOB IB BDPOTFHVJU SFEVDDJPOT OPUBCMFT MFT NÏT JNQPSUBOUT FOUSF MFT QPCMB DJPOT EF MB NBODPNVOJUBU EF NVOJDJQJT EF MB QSJNFSB DPSPOB NFUSPQPMJUBOB

&M EBSSFS 1MF NVOJDJQBM EF M "KVOUBNFOU E "MFMMB IB BQSP WBU VOB NPDJØ QSPQPTBEB QFM HSVQ NVOJDJQBM E &3$ J -B (BSOBUYB TPCSF MB NPCJMJUBU BM #BJY .BSFTNF J MB TVQSFT TJØ EFM QFBUHF EF M BVUPQJTUB $ &O MB NPDJØ FT SFDPS EB RVF FM QSPQFS EF KVMJPM F T D P N Q M J S B O B OZT E F M FOUSBEB FO GVODJPOBNFOU BM #BJY .BSFTNF EF M BVUPQJTUB EF QFBUHF " MB QSJNFSB EF M &TUBU FO SÒHJN EF DPODFTTJØ B M FNQSFTB "DFTB mOT B M BOZ

"DUVBMJUBU JOEE

&M #$*/ IB BDPMMJU BRVFTUB TFUNBOB MFT KPSOBEFT EF i3FGMFYJØ TPCSF MB DPPQFSB DJØ DBUBMBOB BNC /JDBSBHVBw -B KPSOBEB PSHBOJU[BEB QFS MB 3FHJEPSJB EF $JVUBEBOJB J $POWJWÒODJB IB TFSWJU QFS GFS VO SFQËT B MB DPPQFSBDJØ RVF FT GB B /JDBSBHVB EFT EF $BUBMVOZB J QFS FOUSFWFVSF MFT OPWFT UFOEÒODJFT J FYQF SJÒODJFT EFT EFM NØO MPDBM " MFT KPSOBEFT IJ IBO QBSUJDJQBU EJWFSTFT QFSTPOBMJUBUT SFMBDJP OBEFT BNC /JDBSBHVB

727 %DGDORQD


+6/*0 %& -0$63" 7*4$0&-«45*$0 $"/"1² 10-*1*&-

Ã¥

9 å 9 å

9

Ã¥

30%6 4 1

$504 5

04 0% /

"º04 ("3"/5*"

4530 6&

9 å 9 å

$"/"1² ."%&3"

$&3&;0 0 8&/(6&

Ã¥

-«5&9 "35*$6-"%0

7*4$0&-«45*$0 9 å 7*4$0&-«45*$0 9 å

Ã¥

&-²$53*$04 7*4$0&-«45*$04

Ã¥

$ 3PTFMMØO #"%"-0/"

*7" : 53"/41035&4 */$-6*%04 "35¶$6-04 %& %&4$"/40 3PTTFMMP /PV JOEE

1*&;"4 %& &416." $035"%"4 " .&%*%"


DFWXDOLWDW

DFWXDOLWDW

$BSMFT $BSWBKBM

&MT CPUJHVFST CBEBMPOJOT BQBSRVFO FM SFDVST DPOUSB FM .ËHJD B DBOWJ E BKVUT FDPOÛNJDT #BEBMPOB t &MT SFTQPOTBCMFT EFM .ËHJD #BEBMPOB J MB 6OJØ E "TTPDJBDJPOT EF $PNFSDJBOUT EF MB DJVUBU IBO TJHOBU VO DPOWF OJ QFS JNQVMTBS FM DPNFSÎ MPDBM 3FQSFTFOUBUT EFM +PWFOUVU EF #BEBMPOB EF MB DPOTUSVDUPSB 4BDSFTB J M FOUJUBU EF DPNFS DJBOUT IBO BDPSEBU VO DPOWF

OJ B USBWÏT EFM RVBM FM DFOUSF DPNFSDJBM .ËHJD FT DPNQSP NFU B QBHBS BOVBMNFOU FVSPT B MB 6OJØ EF $PNFSDJBOUT TJ BRVFTUT BKPSOFO FM SFDVST DPOUFODJØT BENJOJTUSBUJV RVF IBO JOUFSQPTBU DPOUSB FM DFOUSF DPNFSDJBM &MT DPNFSDJBOUT CB EBMPOJOT QFSÛ IBO EFTDBSUBU

RVF FT SFUJSJ FM SFDVST EF NBOFSB EFmOJUJWB TJOØ RVF EF NPNFOU RVFEB DPOHFMBU &MT CPUJHVFST NBOUFOFO RVF FM QMB DPNFSDJBM EFM HPWFSO EF #BEBMPOB OP FMT BGBWPSFJY J BTTFHVSFO RVF M BSSJCBEB EFM $PSUF *OHMÏT UBN QPD CFOFmDJBSË FM QFUJU DPNFSÎ EF MB DJVUBU

.POUHBU J 5JBOB OP T IBO WJTU BGFDUBUT QFS M BQBHBEB BOBMÛHJDB E BRVFTU EJNBSUT .POUHBU t - BQBHBEB BOBMÛHJDB E BRVFTU EJNBSUT EF KVOZ RVF IBWJB EF TFS HBJSFCÏ UPUBM BM .BSFTNF SFBMNFOU IB BGFDUBU EVFT UFSDFSFT QBSUT EF MB DPNBS DB 5PU J RVF FM QFSDFOUBUHF EF DPCFSUVSB EF 5%5 ÏT E VO J RVF IJ IB NÏT E VO EF MMBST BEBQUBEFT FM GFU EF OP QP EFS HBSBOUJS M BSSJCBEB E BRVFTU TFOZBM B UPU BSSFV PO FODBSB FT QPU TJOUPOJU[BS MB UFMFWJTJØ BOBMÛHJDB IB PCMJHBU M &TUBU B SFQFOTBS TF FM DBMFOEBSJ 4F HPOT IB EFUBMMBU FM EJSFDUPS EFM 1SPHSBNB E *NQVMT EF MB 5SBO TJDJØ B MB 5%5 EF MB (FOFSBMJUBU %BOJFM $POEFNJOFT .POUHBU J 5JBOB QPEFO PSJFOUBS MFT TFWFT BOUFOFT B $PMMTFSPMB QFS OP

t &MT WFÕOT EF .POUHBJ J 5JBOB SFCFO FM TFOZBM BOBMÛHJD EF $PMMTFSPMB J RVF QFS UBOU M &TUBU KB IBWJB FYDMÛT E BRVFTUB QSJNFSB GBTF E BQBHBEB

WFVSF T BGFDUBUT QFS M BQBHBEB BOBMÛHJDB J QFS UBOU DPOUJOVBS WFJFOU MB UFMFWJTJØ DPN mOT BSB $POEFNJOFT FYQMJDB RVF FM QSP CMFNB ÏT HBSBOUJS M BDDÏT EF MB QPCMBDJØ BMT DBOBMT MPDBMT RVF

OPNÏT QPEFO FNFUSF EFT EF DFOUSFT FNJTTPST JOTUBMtMBUT B MB NBUFJYB DPNBSDB -B JOUFODJØ EFM (PWFSO ÏT JOTUBMtMBS VO SF QFUJEPS B .POUHBU RVF FMT EPOJ DPCFSUVSB

-FT FTUBDJPOT EF USFO EF .POUHBU OP BVHNFOUFO FMT QBTTBUHFST

)PSBSJ E FTUJV EFM $BTBM EF .BSFT J 1BSFT EF #BEBMPOB

9FSSBEB TPCSF SPCBUPSJT B EPNJDJMJT B .POUHBU

4FHPOT EBEFT BQPSUBEFT QFS 3FOGF FM OPNCSF E VTVBSJT RVF QVHFO BM USFO B M FTUBDJØ EF .POUHBU P B MB EF .POUHBU /PSE VO EJB MBCPSBCMF OP TVQFSB FMT VOT ÓOEFYT TJNJMBST BMT SFHJTUSBUT BCBOT RVF IJ QBSFTTJO UPUT FMT USFOT B DPNFOÎBNFOUT E BRVFTU BOZ -B SFFTUSVDUVSBDJØ E IPSBSJT IB QFSNÒT RVF EFT EF MMBWPST DBEB EJB MBCPSBCMF T BUVSJO B .POUHBU P B .POUHBU /PSE USFOT FO DBEBTDVO EFMT EPT TFOUJUT EFT EF MFT EF MB NBUJOBEB mOT MFT EF MB OJU

&M $BTBM EF .BSFT J 1BSFT EF #BEBMPOB TJUVBU BM DBSSFS EF +BVNF 4PMË IB BNQMJBU FM TFV IPSBSJ DPJODJEJOU BNC M FTUJV 3F DPSEFN RVF FM $BTBM EF .BSFT J 1BSFT ÏT VO TFSWFJ RVF UÏ MB mOBMJUBU E BKVEBS FO MB EJGÓDJM UBTDB RVF TVQPTB FRVJMJCSBS MB WJEB MBCPSBM J GBNJMJBS - IPSBSJ EFM $B TBM EF I B I J EF I B I BDVMM B OFOT J OFOFT EF B BOZT &MT OFOT J OFOFT QPESBO BOBS BM $BTBM EJFT B MB TFUNBOB EVSBOU IPSFT BM EJB OPNÏT BM NBUÓ P B MB UBSEB

7DPEÉ ÉV QRWÍFLD

"DUVBMJUBU JOEE

"RVFTU EJNBSUT EF KVMJPM FTUË QSFWJTU RVF BHFOUT EF MB 1PMJDJB -PDBM EF .POUHBU PGF SFJYJO VOB YFSSBEB JOGPSNBUJWB TPCSF QSFWFODJØ EF SPCBUPSJT B EPNJDJMJT %VSBOU MB YFSSBEB FT GBDJMJUBSBO DPOTFMMT NÓOJNT EF TFHVSFUBU QFS UBM EF QSFWF OJS BM NËYJN MB QPTTJCJMJUBU EF SPCBUPSJT EBWBOU MFT MMBSHVFT BCTÒODJFT EF MB MMBS RVF FT QSPEVFJYFO EVSBOU FM QFSÓPEF EF MFT WBDBODFT E FTUJV -B YFSSBEB RVF UJOESË MMPD B MB #JCMJPUFDB EF .POUHBU FTUB PCFSUB B UPUT FMT WFÕOT

727 %DGDORQD


$ %SBD 5FOEB #BEBMPOB t 5FM t JOGP!OPNFTQBSLFU DPN t XXX OPNFTQBSLFU DPN

7&/%" * */45"-r-"$*» %& 1"3,&54

&9104*$*» %& 1"3,&54 1BSLFUT 'MPUBOUT .BOUFOJNFOU

N F V R O B U /P QFS FT D O B WBD

*OTUBMrMBDJPOT

5BSJNFT JOU FYU

/PNFT1BSLFU JOEE

3FTUBVSBDJØ


DFWXDOLWDW

3ROÍWLFD *$7 &6J" JOTJTUFJY FO EJGFSFODJBS TF EF MB iQPMÓUJDB EF YFDTw EFM 11 #BEBMPOB t - JOUFSDBOWJ EF DSÓUJRVFT FOUSF FMT EPT QBSUJUT B M PQPTJDJØ B M "KVOUBNFOU EF #BEBMPOB IB DPOUJOVBU BRVFTUB TFUNBOB &M QSFTJEFOU EFM HSVQ NVOJDJQBM E *$7 &6J" $BSMFT 4BHVÏT IB UPSOBU B SFTQPOESF MFT QBSBVMFT EFM MÓEFS QPQVMBS 9BWJFS (BSDÓB "MCJPM RVF BDV TBWB MB GPSNBDJØ FDPTPDJBMJTUB EF DPNQPSUBS TF DPN %S +FLZMM J .S )JEF QFS MB TFWB QPMÓUJDB BM WPMUBOU EFMT JNQPTUPT NV OJDJQBMT &O BRVFTU TFOUJU 4BHVÏT DSFV RVF iFM 11 ÏT VO QBSUJU DMB SBNFOU EF ESFUFTw J IB UJUMMBU M FTUSBUÒHJB QPQVMBS EF iQPMÓ UJDB EF YFDT J EF MFT BDDJPOT DBSJUBUJWFTw &O BRVFTU TFOUJU 4BHVÏT IB BGFHJU RVF iOPTBMUSFT FOT QSFTFOUFN DPN B BMUFSOBUJWB E FTRVFSSFT QFMT ESFUT EF MFT QFSTPOFTw *$7 &6J" IB WPMHVU FYQMJDBS QFS RVÒ WBO WPUBS B GBWPS EF M BVHNFOU EF MFT UBYFT J JNQPTUPT NVOJDJQBMT J EFTQSÏT WBO SFDMBNBS OF MB SFWJTJØ iWBN EFNBOBS MB SFWJTJØ EF MFT UBSJGFT BQSPWBEFT QFS MB OPWB TJUVBDJØ FDPOÛNJDB RVF MB DSJTJ

t &M SFHJEPS QPQVMBS +VBO 'FSOÈOEF[ BM DPTUBU EFM HSVQ NVOJDJQBM E *$7 &6J" FO VO 1MF PSEJOBSJ "SYJV

QPEJB SFQSFTFOUBS /P BQPT UFN QFS MB EFTBQBSJDJØ EFMT JNQPTUPT EF GPSNB JOEJTDSJ NJOBEBw 4BHVÏT JOTJTUFJY FO EJGFSFODJBS TF EFM 11 BDMBSJOU RVF NFOUSF FM QBSUJU EF 9BWJFS

(BSDÓB "MCJPM EFNBOB CPOJm DBDJPOT mTDBMT QFS B UPUFT MFT GBNÓMJFT OPNCSPTFT iOPTBMUSFT DSFJFN RVF OPNÏT IB EF TFS QFS B MFT GBNÓMJFT RVF UJOHVJO EJmDVMUBUT FDPOÛNJRVFTw

" (BSDÓB "MCJPM OP MJ QSFPDVQB 1MBUBGPSNB QFS $BUBMVOZB #BEBMPOB t &M QSFTJEFOU EFM 11 9BWJFS (BSDÓB "MCJPM OP T IB NPTUSBU QSFPDVQBU QFS MB DBNQBOZB RVF FTUË GFOU B #BEBMPOB FM QBSUJU E VMUSBESFUB 1MBUBGPSNB QFS $BUBMVOZB QFS EPOBS TVQPSU BMT WFÕOT DPOUSBSJT B VO PSBUPSJ BM CBSSJ E "SUJHBT &M MÓEFS QPQVMBS WB EJS FO SFMBDJØ B 1Y$ RVF iEF QBSUJUT SFTJEVBMT O IJ IB NPMUT J UPUIPN UÏ ESFU B QSFTFOUBS TF B VOFT FMFDDJPOTw J WB BGFHJS RVF OP MJ QSFPDVQB RVF MB GPSNBDJØ QVHVJ SPCBS MJ WPUT B MFT QSPQFSFT FMFDDJPOT NVOJDJQBMT (BSDÓB "MCJPM FO MB TFWB JOUFSWFODJØ B MB SËEJP MPDBM WB WPMFS EFTNBSDBS TF EF MB GPSNB EF GFS E BRVFTU

1PMÓUJDB JOEE

VO DPNVOJDBU EF MB GPSNBDJØ FM QBSUJU EF +PTFQ "OHMBEB IB JOJDJBU MB DBNQBOZB iB QFV EF DBSSFSw QFS EPOBS B DPOÒJYFS BMT EJGFSFOUT CBSSJT EF MB DJVUBU FM TFV QSPHSBNB FMFDUPSBM EF DBSB BMT DPNJDJT BVUPOÛNJDT EF M BOZ WJOFOU -B DBNQBO ZB JODMPV FM SFQBSUJNFOU EF GVMMFUPOT BNC BMHV OFT EF MFT QSPQPTUFT E BRVFTU QBSUJU DFOUSBEFT TPCSFUPU FO FM DPOUSPM EF MB JNNJHSBDJØ &OUSF MFT JEFFT RVF FMT CBEBMPOJOT MMFHJSBO FO BRVFTUT GVMMFUPOT FT USPCB FM SFCVJH BM WPU JNNJ HSBOUT J MB TVQSFTTJØ EFM ESFU B M FNQBESPOBNFOU B QFSTPOFT JNNJHSBOUT

QBSUJU RVF UÏ SFHJEPST FO QP CMBDJPOT DPN 7JD J .BOMMFV J WB SFDPOÒJYFS RVF FT USBDUB E VO QBSUJU YFOÛGPC &M 11 TFHPOT FM SFHJEPS QPQVMBS iOP FTUË FO DPOUSB EFMT JNNJHSBOUTw TJOØ RVF FT EFEJDB B EFOVODJBS FMT QSPCMFNFT EF DPOWJWÒODJB RVF FT QSPEVFJYFO FO BMHVOT CBSSJT GSVJU EF MB JNNJHSBDJØ J B DBVTB EF MFT EJGFSÒODJFT iFO FMT DPTUVNTw 1Y$ FT QBTTFKBSË QFMT CBSSJT EF #BEBMPOB 1FS MB TFWB CBOEB FM QBSUJU E VMUSBESFUB 1MBUBGPSNB QFS $BUBMVOZB DPOUJOVB QVCMJDJ UBOU TF B #BEBMPOB 4FHPOT

727 %DGDORQD


+PSEJ 4FSSB i/P EFTUJOBSFN EJOFS QÞCMJD QFS BKVEBS MB 1FOZBw #BEBMPOB t - "MDBMEF EF #BEB MPOB +PSEJ 4FSSB T IB QSPOVODJBU TPCSF MB SFRVBMJmDBDJØ EF MB mODB EF $BO .PSB QSPQJFUBU EF MB 1FOZB PO QPESJB VCJDBS TF VOB FTDPMB WJODVMBEB B M 0QVT %FJ 4FHPOT FM CBUMMF FO VOB FOUSFWJT UB B MB SËEJP MPDBM M "KVOUBNFOU iTFNQSFw EPOBSË TVQPSU B MB 1FOZB RVF QBUFJY VOB TJUVBDJØ FDPOÛNJDB QSFDËSJB QFSÛ OP T IJ EFTUJOBSBO NBJ EJOFST EFM QSFTTVQPTU NVOJDJQBM i/P FT QPU SFDPM[BS MB 1FOZB BNC EJOFS QÞCMJD 1PUTFS E BMUSFT FO VO QSPHSBNB FMFDUPSBM QFOTBSJFO FO EFTUJOBS QBSU EFM QSFTTVQPTU B GJUYBUHFT EF MB 1FOZB QFSÛ KP OP IP QFOTP &M QSFTTVQPTU NVOJDJQBM OP QPU EFTUJOBS TF B EPOBS TVQPSU FDPOÛNJD B VO DMVC FTQPSUJV TJHVJ RVJO TJHVJ w 4PCSF M FTDPMB WJODVMBEB B M 0QVT RVF TFQBSB OFOT J OFOFT M BMDBMEF DSFV RVF MB HFOU iFT RVFEB FO M BOÒDEPUBw J RVF FM NÏT JN QPSUBOU ÏT TBCFS TJ BRVFTUB PQFSBDJØ VSCBOÓTUJDB QPU BKVEBS MB 1FOZB J RVF FT GBDJ BNC MB NËYJNB USBOTQBSÒODJB 4FSSB WB SFTQPOESF FM QSFTJEFOU EFM 11 9BWJFS (BSDÓB "MCJPM RVJ JOTUBWB M BMDBMEF B MJEFSBS QÞCMJDBNFOU FM TVQPSU B MB 1FOZB - BMDBMEF

t -B mODB EF $BO .PSB BM CBSSJ EF $BOZFU FT USPCB FO VOB [POB QSPUFHJEB EF MB 4FSSBMBEB EF .BSJOB

WB EJS RVF OP ÏT NPNFOU iEF CVTDBS NFEBMMFUFTw J WB FU[JCBS B (BSDÓB "MCJPM RVF QPTÏT PSESF BM TFV QBSUJU BCBOT EF EFNBOBS SFT BM HPWFSO NVOJDJQBM iFM QSJNFS RVF IBVSJB EF GFS FM 4S (BSDÓB ÏT QPTBS TF E BDPSE BNC FM TFV QBSUJU TFS WBMFOU J RVBESBS FM TFV SFHJEPSw FO SFGFSÒODJB BM .JRVFM +VSBEP RVF TFHPOT 4FSSB FTUË FO DPOUSB EFM QSPKFDUF B MB mODB EF $BO .PSB

FM EJBSJ &M 1VOU SFDPSEB RVF BRVFTUB [POB EF MB 4FSSBMBEB EF .BSJOB ÏT VO FTQBJ QSPUFHJU E JOUFSÒT BNCJFOUBM J OBUVSBM J QFS BJYÛ EFNBOB BMT QSPNPUPST RVF UJOHVJO FO DPNQUF M JNQBDUF QBJ TBUHÓTUJD EFM QSPKFDUF " CBOEB E BQMJDBS DSJUFSJT BNCJFOUBMT FM %FQBSUBNFOU EF .FEJ "NCJFOU SFDMBNB UBNCÏ RVF OP T PCMJEJ MB NPCJMJUBU B MB [POB VOB EF MFT RàFTUJPOT RVF NÏT QSFPDVQB BMT WFÕOT EFM CBSSJ EF $BOZFU - JOGPSNF BEWFSUFJY RVF T IBO EF QSFTFSWBS FMT FTQBJT QSPUF HJUT J FMT UFSSFOZT BNC QFOEFOUT TVQFSJPST BM DPN ÏT FM DBT EF $BO .PSB -B %JQVUBDJØ EF #BSDFMPOB UBNCÏ IB FNÒT VO JOGPSNF UPUBMNFOU EFTGBWPSB CMF BM QSPKFDUF QFM GFU RVF $BO .PSB FT USPCB JODMÛT FO FM QMB EF QSPUFDDJØ EF MB 4FSSBMBEB EF .BSJOB

-B (FOFSBMJUBU BQSPWB FM QSPKFDUF EF $BO .PSB QFSÛ IJ QPTB DPOEJDJPOT &M %FQBSUBNFOU EF .FEJ "N CJFOU J )BCJUBUHF EF MB (FOF SBMJUBU IB EPOBU FM WJTU J QMBV BM QSPKFDUF EF SFRVBMJGJDBDJØ EFM +PWFOUVU B $BO .PSB BM CBSSJ EF $BOZFU UPU J RVF BNC BMHV OFT NPEJGJDBDJPOT &M (PWFSO BVUPOÛNJD TFHPOT IB QVCMJDBU

*$7 &6J" EFNBOB EVFT QMBDFT B -B 4BMVU

&3$ QVCMJDJUB FM TFV GBDFCPPL

#BEBMPOB t &3$ KB UÏ QFSTPOFT BM TFV GBDFCPPL TFHPOT IBO EPOBU B DPOÒJYFS B USBWÏT E VO DPNVOJDBU %F GFU DBEB WFHBEB ÏT NÏT IBCJUVBM RVF FMT QBSUJUT QPMÓ UJDT CVTRVJO FM TFV FTQBJ FO BRVFTUB YBSYB TPDJBM EF HSBO 727 %DGDORQD

1PMÓUJDB JOEE

DFWXDOLWDW

$BSMFT 5PSOFSP

-B 4BMVU t *$7 &6J" WB GFS VOB SPEB EF QSFNTB EFT EFM DB SSFS 3JDIBSE 4USBVTT QFS EF NBOBS BM HPWFSO NVOJDJQBM RVF T BQSPmUJO MFT PCSFT EF SFNPEF MBDJØ E BRVFTU DBSSFS FOUSF -MFmË J -B 4BMVU QFS VCJDBS EVFT QFUJUFT QMBDFT FOUSF FMT OÞNFSPT PO IJ IBVSBO IBCJUBUHFT EF QSPUFDDJØ PmDJBM J VO QËSRVJOH J B MB DBOUPOBEB BNC FM DBSSFS $JSDVNWBMtMBDJØ &M QSFTJEFOU EFM HSVQ NVOJDJQBM FDPTPDJBMJTUB $BSMFT 4BHVÏT DPOTJEFSB RVF MFT FOUJUBUT EFM CBSSJ IBVSJFO EF GFS TFVT BRVFTUT FTQBJT

ÒYJU 4FHPOT MB TFDDJØ MPDBM EF MB GPSNBDJØ JOEFQFOEFO UJTUB FM GBDFCPPL E &3$ ÏT VO iFTQBJ EF DPNVOJDBDJØ EJHJUBM SËQJE J EJSFDUF EF MFT OPUÓDJFT FMT FTEFWFOJNFOUT J MFT DBNQBOZFT E &TRVFSSB B MB DJVUBUw


JXLD VHUYHLV 6'NÇ(105

NC ZCTZC r "+6/5 #"%"-0/" XXX CBEBMPOB DBU r "+6/5 .0/5("5 XXX NPOUHBU DBU r "+6/5 5*"/" XXX UJBOB DBU r 3&7*45" &- 505 XXX FMUPUEJHJUBM DPN r 1035"- *..0#*-*"3* XXX IBCJUBMJT OFU r 7*-"8&# XXX WJMBXFC DBU CBEBMPOB #%/ $0.6/*$"$*» XXX CBEBMPOBDPN DBU '¾36. %&#"5 #²56-0 XXX CFUVMP DBU 1035"- #"%"8&# XXX CBEBXFC DPN */' -0$"- #"%"#*5 XXX CBEBCJU PSH #"%"-0/" 01*/" XXX CBEBMPOBPQJOB DPN (6*" %& #"%"-0/" XXX HVJBECO DPN */'03."$*» .0/5("5 XXX NPOUHBU OFU

$#&#.10# r "+6/5".&/5 $FOUSBMFUB r (6®3%*" 63#"/" 6SHÒODJFT .04404 % &426"%3" 6SHÒODJFT #0.#&34 (&/&3"-*5"5 6SHÒODJFT .04404 % &426"%3" (6®3%*" 63#"/" 10-*$*" /"$*0/"- )041*5"- .6/*$*1"- )041*5"- $"/ 365* 5"9*4 #²56-0 4&37&* % "5&/$*» $*65"%® "5&/$*» 7*0-µ/$*" %0.µ45*$"

TÀFKQU 3ËEJP $JVUBU #BEBMPOB 3$# '. UBNCÏ FNFU QFS 5 % 5

3ËEJP 5JBOB '. 3ËEJP 1PNBS '. 3ËEJP 4BOU "ESJË '. (SBNB 3ËEJP '. 3ËEJP -B .JOB '. 3ËEJP #ÏUVMP '. 0OB .BS '.

/106)#6 "+6/5".&/5 10-*$*" -0$"- $"1 .0/5("5

6+#0# "+6/5".&/5 10-*$*" -0$"- $"1 5*"/" 3®%*0 5*"/"

VGNGXKUKÒ r 5FMFWJTJØ #BEBMPOB 57# $BOBM BOBMÛHJD $BOBM 5%5

+6/50 1&1 7&/563" 1JTP "-50 : $0/ "4$&/403 IBC EPCMFT CBMDËO MJTUP QBSB WJWJS +50 1- #"%"-0/" ý 5&-

10."3 1JTP 50%0 &95&3*03 DPO IBC 461&3 3&'03."%0 BJSF GSÅP DBMPS BMUVSB SFBM +6/50 *(-&4*" ý 5&-

$"/:"%« 1JTP DPO )"# CB×P DPO EVDIB GJODB DPO BTDFOTPS .6$)"4 104*#*-*%"%&4 %JTQPOJCJMJEBE JONFEJBUB ý 5&-

065-&5 */.0#*-*"3*0 "-

#6'"- +50 ."35¥ 16+01JTP DPO IBC HBMFSÅB DBMFGBD TBMËO FYUFSJPS MJTUP QBSB WJWJS .6: #6&/" ;0/" ý 5&-

.0/5("5 1JTP DPO IBC 50%0 &95&3*03 CBMDËO B MB DBMMF BJSF BDPOE Z DBMFGBDJËO -*450 1"3" 7*7*3 ý 5&-

450 $3*450 1JTP DFSDB EF $0-- * 16+0- DPO QBUJP N IBC 50%0 &95& 3*03 HSBO TBMËO N 461&3 3&'03."%0 ý 5&-

-" 4"-6% 1JTP FO (10 7¥3(&/ -" 4"-6% DPO N IBC QSFDJTB SFGPSNBT BMUP Z DPO BTDFOTPS 50%0 &95&3*03 ý 5&-

#6'"- 1JTP FO $ %0$503 30#&35 DPO IBC CBMDËO B MB DBMMF WJTUBT EFTQFKBEBT CJFO EJTUSJCVJEP ý 5&-

-" .03&3" 1JTP EF N IBC DPDJOB Z CB×P SFGPSNBEPT TBMËO EF N FYUFSJPS -*450 1"3" 7*7*3 #6&/" ;0/" ý 5&-

QBH JOEE

+6/50 1&1 7&/563" 1JTP DPO "4$&/403 FO D 3".0/ --6-- IBC FYUFSJPSFT BNVFCMBEP Z 3&'03."%0 ý 5&-

727 %DGDORQD


0217*$7

%8)$/¬

3LVR HQ 0$57Ë 38-2/ FRQ P KDE FRFLQD \ EDxR UHIRUPDGRV VDOyQ P FRQ EDOFyQ FDOHIDF ILQFD FRQ DVFHQVRU $/48,/(5 ¼

0217*$7

'~SOH[ P KDELWDFLRQHV EDxRV FRFLQD HTXLS VDORQ P F VDOLGD D EDOFyQ JUHV \ SDUNHW FDOHIDF D D $08(%/$'2 $/48,/(5 ¼

%8)$/¬

/RFDO -72 'U 52%(57 GH P HQ SO EDMD IDFKDGD PWV YDGR RSF WHFKRV PX\ DOWRV DVHR ,'($/ &202 $/0$&e1 ¼ 376

'$/7 /$ 9,/$

//(),¬

3LVR P \ KDE GREOHV EDxR \ FRFLQD UHI VDOyQ P VXHOR QXHYR JUHV FDOHIDF DLUH IULR FDORU DVFHQVRU -72 %,%/,27(&$ ¼ 376

3LVR 08< /80,1262 FRQ KDE 5()250$'2 FRFLQD VDOyQ GH P VXHOR SDUNHW DLUH IUtR FDORU 08< &(5&$ 3/$<$ < (67$&,Ï1 ¼ 376

&(175(

2&$6,Ï1

/RFDO OD 5$0%/$ P HQ SO EDMD IDFKDGD D FDOOHV YDGR SDUD YHKtFXORV WHFKRV PWV 3RVLEOH KDFHU FDPELR XVR VH SXHGH KDFHU YLYLHQGD 08&+$6 326,%,/,'$'(6 ¼ 376

&(175(

'$/7 9,/$

&$1 0(5&$'(5

%8)$/¬

&$6$*(0(6

6RODU P HGL¿FDEOH -72 ,1'(3(1'(1&,$ IDFKDGD PWV [ PWV IRQGR SRVLEOH FRQVWUXLU SO EDMD SLVRV DFWXDOPHQWH JDUDMH \ JUDQ SDWLR P ¼ 376

&$6$*(0(6

3LVR HQ 6$17 &(%5,$ '( 9$//$/7$ 72'2 (;7(5,25 P KDE VXLWWH EDxRV FRFLQD RI¿FH 7(55$=$ P FDOHIDF DVF =21$ &20 & 3,6&,1$ 3. ,1&/ ¼ 376

727 %DGDORQD

QBHJOB JOEE

3LVR 72'2 (;7(5,25 HQ ¿QFD SRFRV DxRV P KDE VXLWWH VDOyQ P F EDOFyQ FDOHIDF DUP HPS DVF -8172 0217,*$/¬ ¼ 376

/$ 3/$1$

È7,&2 '83/(; P 7(55$=$ P KDE GREOHV EXKDU GLOOD P EDxRV FRFLQD F HOHFWURGRP VDOyQ F VDOLGD D WHUUD]D DVF FDOHI $08(%/$'2 ),1&$ 6(0, 18(9$ ¼ 376

3LVR P KDE EDxR \ FRFLQD UHI VDOyQ P F VDOLGD D EDOFyQ V JUHV \ SDUNHW FDOHI D D DVFHQVRU /,672 3$5$ (175$5 $ 9,9,5 ¼ 376

&$6$*(0(6

'$/7 /$ 9,/$

&DVD P EXKDUGLOOD KDE FRFLQD RI¿FH FRQ SDWLR FDOHIDF 683(5 =21$ GLYLGLGD HQ SO EDMD SLVR \ EXKDUGLOOD ¼ 376

3LVR 72'2 (;7(5,25 P KDE GREOHV EDxR \ FRFLQD UHIRUPDGRV VDOyQ F VDOLGD D EDOFyQ SDUNHW \ JUHV FDOH IDF DOWLOOR WHUUD]D FRPXQLWDULD DVFHQVRU 727$/0(17( 5()250$'2 ¼ 376

&(1752

& 6$17,$*2 586,f2/

3LVR P & 35,0 KDE GREOHV EDxR \ DVHR FRFLQD D UHIRU PDU VDOyQ P F VDOLGD D EDOFyQ FDOHI ¿QFD F DVF %8(1$ =21$ ¼ 376

&DVD GH P HQ SODQWDV KDE GREOHV EDxR \ DVHR FRFLQD GHVSHQVD VDOyQ P SHTXHxR SDWLR FDOHIDFFLyQ ¼ 376

'83/(; P 7(55$=$ P KDE VXLWWH EXKDUGLOOD EDxRV DVHR FRUWHVLD VDOyQ LQGHS P F VDOLGD D EDOFyQ DVFHQVRU /,1($ '( 0$5

¼ 376

&DVD P 3$7,2 P 7(55$=$6 GH P F X KDE EDxR \ DVHR VDOyQ P FDOHI D D WUDVWHUR &$6$ &21 08&+$6 326,%,/,'$'(6 ¼ 376

%8)$/¬

%8)$/¬

0217*$7

3LVR 6(0,18(92 KDE VXLWWH EDxRV EDOFyQ WLSR WHUUD]D 9,67$6 $ 0$5 FDOHI ~OWLPR SLVR F DVFHQVRU ]RQD FRPXQLWDULD F SLVFLQD SDUNLQJ RSFLRQDO ¼ 376

7,$1$

0217*$7

3LVR GH P KDELWD FLRQHV (;7(5,25 EDxR \ DVHR VDOyQ F VDOLGD D EDOFyQ FDOHIDFFLyQ DVFHQVRU %,(1 &216(59$'2 ¼

/$ 025(5$

3LVR P (;7(5,25 KDE EDxRV FRFLQD ODYDGHUR VDOyQ P EDOFyQ FDOHI DOWLOOR HQ SDVLOOR ]RQD FRP F MDUGLQ /,672 3$5$ (175$5 $ 9,9,5 ¼ 376

&(175( $SDUWDPHQWR HVWXGLR P 7(55$=$ P KDE ¿QFD SRFRV ¼ 376

3LVR -8172 5$0%/$ GH P KDE FRFLQD \ EDxR VDOyQ FRQ VDOLGD D EDOFyQ D OD FDOOH SDUNHW SRFRV YHFLQRV ¼ 376

3LVR GH P KDE EDxR \ FRFLQD UHIRUPDGRV VDOyQ P EDOFyQ D OD FDOOH FDOHIDF ¿QFD FRQ DVFHQVRU -8172 $0%8/$725,2 ¼ 376

3,62 &21 3$5.,1* ,1&/8,'2 KDE GREOHV FRFLQD DELHUWD DO VDOyQ P EDOFyQ FDOHIDF D D $6&(1625 7RGR H[WHULRU ,03(&$%/( ¼ 376

YHFLQRV FRQ DVFHQVRU -8172 & 35,0

&DVD ,'($/ 3$5(-$6 KDEL WDFLyQ GH P EDxR GH SLH]DV FRQ SODWR GH GXFKD FRFLQD DELHUWD DO VDOyQ SHTXHxR SDWLR -8172 +263,7$/ ¼ 376 3LVR 72'2 (;7(5,25 FRQ KDE ¿QFD FRQ DVFHQVRU EDxR \ DVHR VDOyQ P FRQ EDOFRQHUD SDUNHW \ JUHV SRFRV YHFLQRV 6(0, 18(92 ¼ 376

/$ 025(5$

&DVD FRQ 08&+$6 326,%,/,'$ '(6 GH P -$5',1 GH P KDE WUDVWHUR SDUNLQJ ¼ 376

7,$1$ &DVD P SDWLR P HQ &(1752 MXQWR $\WR K \ EXKDUGLOOD EDxRV \ DVHR FDOHIDF VDOyQ FRQ FKLP JDUDMH WRGD H[W PX\ VROHDGD ¼ 376


DFWXDOLWDW

UHSRUWDWJH

/ÞSJB 3JCØ

3ËEJP 1PNBS JOBVHVSB OPVT FTUVEJT BNC FM SFQUF E PGFSJS NÏT DPOUJOHVUT MPDBMT

t -B SËEJP IB FTUSFOBU OPVT FTUVEJT VCJDBUT B M "WJOHVEB 1SJNFS EF .BJH

1PNBS t - FNJTTPSB CBEB MPOJOB 3ËEJP 1PNBS BDB CB E JOBVHVSBS OPVT FTUVEJT TJUVBUT B M "WJOHVEB 1SJNFS EF .BJH %FTQSÏT EF EVFT VCJDBDJPOT MB QSJNFSB EJOT M FTHMÏTJB EFM CBSSJ J MB TFHPOB EBNVOU EFM $FOUSF $ÓWJD EF 1PNBS M FNJTTPSB MPDBM IB BNQMJBU FMT TFVT FTUVEJT 3ËEJP 1PNBS RVF WB OÏJYFS BSB GB BOZT IB FTUSFOBU UBNCÏ OPVT FRVJQT FMFDUSÛOJDT J UFDOP MÛHJDT EF EBSSFSB HFOFSBDJØ &M EJSFDUPS EF MB SËEJP "MCFSU "SOBV IB EFTUBDBU M FTGPSÎ RVF IB SFBMJU[BU M FNJTTPSB TFOTF FM TVQPSU EF M BENJOJTUSBDJØ QÞCMJDB QFS FTUSFOBS MFT OP WFT JOTUBMtMBDJPOT 1FS "SOBV iBRVFTUT FTUVEJT SFQSFTFOUFO VOB DPOTPMJEBDJØ EFM NJUKB J EFNPTUSB RVF TPN VO QSPKFDUF TÛMJE J DBEB EJB DSFJYw $PJODJ EJOU BNC MB JOBVHVSBDJØ EFMT OPVT FTUVEJT 3ËEJP 1PNBS

&M3FQPSUBUHF JOEE

EF M BVEJÒODJB &M EJSFDUPS EF M FNJTTPSB UBNCÏ IB FYQMJ DBU RVF T BQPTUBSË NÏT QFS MB JOGPSNBDJØ MPDBM J QSPQFSB % BMUSB CBOEB E BRVÓ B QPDT EJFT 3ËEJP 1PNBS FTUSFOBSË OPWFT GBMRVFT EF QSPNPDJØ EF M FNJTTPSB QFS QPUFODJBS J SFOP WBS MB JNBUHF EF MB SËEJP IPSFT E FNJTTJØ QSÛQJB 3ËEJP 1PNBS FNFU MFT IPSFT EFM EJB B USBWÏT E POFT IFSU[JB OFT J E JOUFSOFU &M QSPHSBNB NBUJOBM "NBOFDF RVF OP FT QPDP QPSUB NÏT E VOB EÒDBEB FO BOUFOB QSFTFOUBU QFS 3BGB 3VCJP -B SËEJP UBNCÏ EJTQP TB EF QSPHSBNFT NVTJDBMT QBSUJDJQBUJVT J NPOPHSËGJDT 4FHPOT FMT EBSSFST FTUVEJT E BVEJÒODJB 3ËEJP 1PNBS ÏT TFHVJEB QFS QFSTPOFT B MB DJVUBU EF #BEBMPOB

UBNCÏ BDBCB E FTUSFOBS VOB OPWB VOJUBU NÛCJM RVF QFSNFUSË UFOJS NÏT QSFTFODJB BM DBSSFS J SFBMJU[BS QSPHSBNFT FO EJSFD UF EFT EF RVBMTFWPM QVOU EF #BEBMPOB 3ËEJP 1PNBS FTUSFOBSË UFSUÞMJFT B QBSUJS EF TFUFNCSF &M DBOWJ EF MPDBM FT USBEVJSË EVSBOU FMT QSPQFST NFTPT FO VO DBOWJ EF QSPHSBNBDJØ 4F HPOT IB FYQMJDBU "MCFSU "SOBV i7PMFN FTUBS NÏT B QSPQ EF MB OPTUSB BVEJÒODJB J QFS BJYÛ FT USFOBSFN OPVT FTQBJT J GBSFN NÏT DPOUJOHVUT RVF QBSMJO EF #BEBMPOBw 6OB EF MFT HSBOT OPWFUBUT TFSË M FTUSFOB EF UFS UÞMJFT NBUJOBMT EFEJDBEFT B QBSMBS EF M BDUVBMJUBU CBEBMP OJOB i7PMFN GFS UFSUÞMJFT QMV SBMT BNC WFVT SFQSFTFOUBUJWFT EF MB DJVUBUw BQVOUB "SOBV -FT UFSUÞMJFT EF 3ËEJP 1PNBS UBNCÏ UJOESBO MB QBSUJDJQBDJØ

< > 3ËEJP 1PNBS ' . XXX SBEJPQPNBS DPN

727 %DGDORQD


SFUJDVMB JOEE


DFWXDOLWDW

SHUVRQHV

$BSMFT 5PSOFSP

i&MT DPNFSDJBOUT EF #BEBMPOB 4VE WPMFO USFODBS BNC FMT QSFKVEJDJTw &M $POTPSDJ #BEBMPOB 4VE J MB $SFV 3PKB IBO EFDJEJU QPTBS m M B M BHVMMB B MB DSJTJ FDPOÛ NJDB * IP IBO GFU EF USFT NBOBSFT EJGFSFOUT RVF UFOFO QFS PCKFDUJV BKVEBS BRVFMMFT QFSTPOFT RVF QBUFJYFO NÏT RVF OJOHÞ FMT FGFDUFT EF M BDUVBM TJUVBDJØ FDPOÛNJDB 1FS VOB CBOEB T IB QPTBU FO NBSYB *OUFSMBCPSB RVF GPSNB J PSJFOUB QFSTPOFT RVF OFDFTTJUFO GFJOB &O TFHPO MMPD UBNCÏ ÏT EPOB TPSUJEB B MFT QFSTPOFT RVF UFOFO VOB JEFB EF OFHPDJ J OP TBCFO DPN QPSUBS MB B UFSNF ²T FM RVF T BOPNFOB BVUPPDVQBDJØ * FO UFSDFS MMPD T IB GFU VO QSPHSBNB EF EJOBNJU[BDJØ FDPOÛNJDB BMT DPNFSÎPT EFM %JTUSJDUF RVF JODMPV 4BOU 3PD "SUJHBT &M 3FNFJ MB .PSB J FM $POHSÏT &O BRVFTUT EPT ÞMUJNT QSPKFDUFT IJ USFCBMMB FM EJOBNJU[BEPS EF MB $SFV 3PKB 9BWJ 1POT

9BWJ 1POT UÒDOJD EF MB $SFV 3PKB

RVF ÏT VOB BMUSB WJB RVF FTUË BHBGBOU GPSÎB

$PN DPNFOÎB BRVFTU QSPKFDUF 7B J O J D J B S T F B Q S J O D J Q J T E BRVFTU BOZ B QSPQPTUB EFM $POTPSDJ #BEBMPOB 4VE RVF ÏT RVJ EFUFDUB MFT OFDFTTJUBUT EFM CBSSJ &O VO NPNFOU EF DSJTJ DBEB WFHBEB ÏT NÏT OF DFTTBSJ USFCBMMBS FO MB JOTFSDJØ MBCPSBM $PN IJ DPMtMBCPSB MB $SFV 3PKB )J IB EVFT MÓOJFT 6OB E FMMFT FT EJV *OUFSMBCPSB RVF BNC SFDVSTPT EFM 'POT 4PDJBM &VSP QFV T BKVEB FMT DPMtMFDUJVT NÏT WVMOFSBCMFT BNC OFDFT TJUBU E JOTFSDJØ MBCPSBM J TF MT GB VO SFDPSSFHVU QFSTPOBMJU[BU 1FS BMUSB CBOEB FM UFNB RVF QPSUP KP ÏT FM E BVUPPDVQBDJØ ÏT B EJS USFCBMMBS QFS VO NBUFJY

1FSTPOFT JOEE

DPNFSDJBM EFMT CBSSJT EF #B EBMPOB 4VE 4F MT GB KPSOBEFT TPCSF UFNFT RVF JOUFSFTTB FMT CPUJHVFST DPN QFS FYFN QMF YFSSBEFT TPCSF MMJDÒODJFT E BDUJWJUBUT TPCSF MFT BTTPDJB DJPOT EF DPNFSDJBOUT NVMUJÒU OJRVFT FUD

2VÒ WPM EJS BVUPPDVQBDJØ 1FSTPOFT RVF UFOFO VOB JEFB EF OFHPDJ J MB WPMFO GFS SFBMJUBU &TUFN QBSMBOU EF DPMtMFDUJVT WVMOFSBCMFT RVF OP UFOFO BD DÏT BM TJTUFNB CBODBSJ PSEJOBSJ J TF MT BKVEB B USBWÏT EFMT NJ DSPDSÒEJUT

2VÒ QSFPDVQB BMT DPNFS DJBOUT EF #BEBMPOB 4VE " CBOEB EF MB QSFPDVQBDJØ MÛHJDB QFS MB TJUVBDJØ EF DSJTJ FDPOÛNJDB FMT DPNFSDJBOUT FT QMBOUFHFO GFS JOEJDBUJWFT QFS USFODBS MB JNBUHF OFHBUJWB RVF TPWJOU FT UÏ EFM DPNFSÎ EF MB [POB TVE 7PMFO USFODBS BNC FMT QSFKVEJDJT RVF FT UÏ BNC FMT CBSSJT EF 4BOU 3PD P "SUJHBT

"NC RVJOFT JEFFT EF OFHPDJ VT IFV USPCBU )J IB EF UPU QFSRVÒ MB HFOU ÏT NPMU DSFBUJWB EFT E BRVFMMT RVF WPMFO GFS EF USBOTQPSUJT UFT BMT RVF WPMFO PCSJS VOB GSVJUFSJB P FYQPSUBS QSPEVDUFT DBUBMBOT B /JHÒSJB 1FS BMUSB CBOEB EFT EF MB $SFV 3PKB UBNCÏ IFV GFU VO QSPHSBNB EF EJOBNJ U[BDJØ DPNFSDJBM &O RVÒ DPOTJTUFJY 4 JOUFOUB QPUFODJBS FM UFJYJU

.ÏT JOGPSNBDJØ B 5FMÒGPO $POTPSDJ #BEBMPOB 4VE $ 4BOU +PBO &WBOHFMJTUB T O B QMBOUB

727 %DGDORQD


2%5$ 18(9$ 5 6$17 -25',

2%5$ 18(9$ & 0$5,1$

2%5$ 18(9$ & *8,)5e

-72 5(1)( 021*$7 3LVRV KDE H[WHULRUHV VRODULXP 3ODQWD G~SOH[ KDE \ EDxRV DVHR \ JUDQ WHUUD]D $FDEDGRV GH H[FHOHQWH FDOLGDG 9LVWDV PX\ DJUDGDEOHV ([FHOHQWH ]RQD MXQWR DO PDU 3DUNLQJ \ WUDVWHUR RSFL (175(*$ ,10( ',$7$ 35(&,26 KDE VRODULXP ½ '~SOH[ KDE \ JUDQ WHUUD]D ½

££$ OOHJDGR HO PRPHQWR GH FRPSUDU (Q OD PHMRU ]RQD GH %DGDORQD MXQWR OD HVWDFLyQ GH 5(1)( $WLFRV GH WUHV GRUPLWRULRV GRV EDxRV \ JUDQ WHUUD]D $FDEDGRV GH FDOLGDG )DFLOLGDGHV GH ¿QDQFLDFLyQ 3UHFLR GHVGH VROR (XURV /ODPH \ OH LQIRUPDUHPRV

-72 6$/(6,$126 %$'$/21$ &(1752 3LVRV GH \ KDE $FDEDGRV FDOLGDG ([W D FDOOH 0X\ VROHDGRV &OLPDOLW $ $ ERPED GH FDORU 3OD]DV SDUNLQJ RSF (175(*$ ,10(',$7$ 35(&,26 /RIW KDE ½ 3LVR KDE ½ 3LVR KDE \ JUDQ WHUUD]D SOD]D SDUNLQJ ½

2%5$ 18(9$ (1 &$1(7 '( 0$5 2%5$ 18(9$ & %$/'20(52 62/­

& 0$57Ì 38-2/ %$'$/21$

%$'$/21$ &(1752 3LVRV GH \ KDE JUDQGHV WHUUD]DV )LQFD REUD YLVWD $FDEDGRV GH FDOLGDG $ $ ERPED GH FDORU 3OD]DV GH SDUNLQJ RSFLRQDO HQ OD PLVPD ILQFD 9,6,7( 3,62 '( 08(675$ 35(&,26 'HVGH ½ KDE ½ KDE ½ KDE \ JUDQ WHUUUD]D

)DQWiVWLFRV SLVRV GH HQWUHJD LQPHGLDWD $PSOLRV VDORQHV GRUPLWRULRV DPSOLRV EDxRV &RFLQDV RI¿FH \ HTXLSDGDV 6XHOR GH PiUPRO &OLPDOLW $LUH DFRQGLFLRQDGR \ FDOHIDFFLyQ LQG D JDV 7RGRV H[WHULRUHV *UDQGHV WHUUD]DV \ VRODULXP 3DUNLQJ RSFLRQDO (175(*$ ,10(',$7$ 35(&,26 ½

&$1(7 '( 0$5 &(1752 )DQWiVWLFRV SLVRV GH QXHYD FRQVWUXFFLyQ 3LVRV GH \ GRUPLWRULRV ÈWLFRV GXSOH[ FRQ WHUUD]D $FDEDGRV GH JUDQ FDOLGDG 7RGRV FRQ SOD]D GH SDUNLQJ \ WUDVWHUR LQFOXLGR HQ SUHFLR 3UHFLRV GHVGH 3LVR KDE ½ 3LVR KDE ½ ÉWLFR G~SOH[ \ WHUUD]D ½ /ODPH \ OH LQIRUPDUHPRV

2%5$ 18(9$ -72 0­*,& %$'$/21$ 3LVRV KDE FRQ VRODULXP 3LVRV KDE FRQ VRODULXP 3ODQWDV G~SOH[ \ KDE FRQ WHUUD]D \ HQWUDGD LQGHS $FDEDGRV GH FDOLGDG 0X\ EXHQDV YLVWDV (175(*$ ,10(',$7$ 35(&,26 KDE \ WHUUD]D ½ KDE VRODULXP ½ 3ODQWD EDMD LQGHSHQGLHQWH JUDQ WHUUD]D ½

6L HV XVWHG 35202725 OOiPHQRV \ KDEODPRV

$YHQLGD %XIDOi 3ODQWD %DGDORQD

ZZZ P LQWHJUDO FRP

727 %DGDORQD

. *OUFHSBM QBH JOEE


DFWXDOLWDW

OD VHWPDQD HQ LPDWJHV

&M HSVQ EF HPTQFM 4FOUJUT PNQMF FM ;PSSJMMB %JOT FM QSPHSBNB EFM #B EBMPOB &TDFOB FM QBTTBU EJVNFOHF WBO BDUVBS BM 5FBUSF ;PSSJMMB FM HSVQ CBEBMPOÓ 4FOUJUT -B GPSNBDJØ BNBUFVS WB QSFTFOUBS FM DPODFSU i&O DMBV EF HPTQFMw &M UFBUSF WB RVFEBS QFUJU QFS WFVSF MB TFWB BDUVBDJØ .JRVFM "SCSBT PNQMF EF NÞTJDB FM 3BGBFM)PUFMFT .ÏT E VOB WVJUBOUFOB EF QFSTPOFT WBO BTTJTUJS FM QBTTBU EJTTBCUF B MB OJU BM DPODFSU EFM DBOUBVUPS DBUBMË .JRVFM "SCSBT BM 3BGBFM)P UFMFT &M DPODFSU PSHBOJU[BU QFS 1SPEVDDJPOT E 0SJHFO WB TFSWJS QFS QSFTFOUBS MB TFWB HJSB i$SJEBw BNC M BKVEB EF MB TFWB HVJUBSSB - BDUVBDJØ EF EJTTBCUF WB TVQPTBS M FTUSFOB EF 3BGBFMIPUFMFT DPN B TBMB EF DPODFSUT 'PUP #FSOBU 1BEJMMB

%JB EF M 0SHVMM (BJ B #BEBMPOB $PJODJEJOU

BNC FM %JB EF M 0SHVMM (BJ DFMFCSBU FM QBTTBU EJVNFOHF M "KVOUBNFOU EF #BEBMPOB WB QFOKBS MB CBOEFSB BNC M "SD EF 4BOU .BSUÓ QFS DPNNFNP SBS BRVFTU EJB -B GBÎBOB EFM DPOTJTUPSJ CBEBMPOÓ WB MMVJS MB CBOEFSB EVSBOU UPU FM EJB 'PUP 3JDBSE &TQBS[B

.BSD 1PODF EFM $ / #BEBMPOB DBNQJØ EF $BUBMVOZB -B QJTDJOB 4BOU +PSEJ WB BDPMMJS FM QBTTBU DBQ EF TFUNBOB MB 'JOBM 5FSSJUPSJBM #FOKBNÓ EFM $BNQJPOBU EF $BUBMVOZB EF OBUBDJØ .BSD 1PODF OFEBEPS EFM $MVC /BUBDJØ #BEBMPOB FT WB QSPDMBNBS DBNQJØ EF $BUBMVOZB FO MB QSPWB EF NFUSFT QBQBMMPOB DBUFHPSJB #FOKBNÓ BOZT J TVCDBNQJØ FO MB EF NFUSFT FTUJMT

%POFT EF #BEBMPOB QBSUJDJQFO B

M &TDPMB E &TUJV "RVFTUB TFUNBOB IB UJOHVU MMPD MB RVBSUB FEJDJØ EF M &TDPMB E &TUJV EF MFT %POFT PSHBOJU[BEB QFS MB 3FHJEPSJB E "DDJØ 4PDJBM EF M "KVOUBNFOU EF #BEBMPOB B M JOTUJUVU #BEBMPOB - FTDPMB E FTUJV T IB DPOTPMJEBU DPN VO SFGFSFOU EF MFT BDDJPOT GPSNBUJWFT EF MB DJVUBU

-B4FUNBOB&O*NBUHFT JOEE

727 %DGDORQD


1MBOJm DBEB MB QSFUFNQPSBEB EFM %,7 +PWFOUVU

#BEBMPOB DPMtMBCPSBSË FO FM $BNQJPOBU E &VSPQB E "UMFUJTNF

#BEBMPOB t +B FT WBO DP OFJYFOU BMHVOT EFUBMMT EF MB QSFUFNQPSBEB EFM %,7 +P WFOUVU QFS B MB QSPQFSB UFN QPSBEB &M %,7 +PWFOUVU DPNFOÎBSË MB QSFUFNQPSBEB FMT EJFT J E BHPTU BNC MFT DPSSFT QPOFOUT QSPWFT NÒEJRVFT B QBSUJS EFM J EFM T BOJSBO JODPSQPSBOU FMT KVHBEPST &M E BHPTU GJOT BM EF TFU

#BEBMPOB t - "KVOUBNFOU EF #BEBMPOB IB TJHOBU VO DPOWFOJ BNC M PSHBOJU[BDJØ EF MB WJOUFOB FEJDJØ EFM $BNQJPOBU E "UMFUJTNF E &VSPQB "RVFTU BDPSE QFSNF USË RVF MB DJVUBU EF #BEBMPOB QBSUJDJQJ EF NBOFSB BDUJWB FO MB SFBMJU[BDJØ EFM DBNQJPOBU &M $BNQJPOBU E &VSPQB E "UMFUJTNF UJOESË MMPD B #BSDFMPOB EFM EF KVMJPM B M E BHPTU EF M BOZ WJOFOU

FNCSF M FRVJQ FT EFTQMBÎBSË DPN KB ÏT IBCJUVBM B MB MPDB MJUBU BOEPSSBOB E 0SEJOP PO SFBMJU[BSË MB DPSSFTQPOFOU FTUBEB -B -MJHB $BUBMBOB FT KVHBSË FM J EF TFUFNCSF TFO TF TBCFS FODBSB FM MMPD PO FT GBSË -B DPNQFUJDJØ "$# EPOBSË JOJDJ FM DBQ EF TFUNBOB EFM J E PDUVCSF

DFWXDOLWDW

HVSRUWV

/PWB DBNQBOZB EF DBQUBDJØ EF TPDJT EF MB 1FOZB #BEBMPOB t "RVFTUB TFUNB OB T IB JOJDJBU MB $BNQBOZB E "CPOBUT EFM %,7 +07&/ 565 QFS B MB UFNQPSBEB J IP GB BNC FM CËTRVFU CBTF DPN B QSJODJQBM QSPUB HPOJTUB 5PUB MB JNBUHF HSËm DB EF MB DBNQBOZB BJYÓ DPN M FTQPU QVCMJDJUBSJ QSPEVÕU QFS B MB PDBTJØ HJSB BM WPMUBOU EF MFT NFSBWFMMFT RVF TØO DBQBÎPT EF GFS FMT KPWFT KVHBEPST EFM DMVC 2VBUSF TØO FMT QSPUBHPOJT UFT E BRVFTUB JODSFÕCMF IJT UÛSJB RVF TØO DBQBÎPT EF

GFS BVUÒOUJDT NBMBCBSJTNFT J DJTUFMMFT JNQPTTJCMFT - FTQPU

QSPNPDJPOBM FT QPU WFVSF B < > XXX QFOZB DPN

$*$-&4 (0/;«-&; $ 1PNBS EF CBJY #BEBMPOB 5FM

#JDJDMFUBT OVFWBT Z EF PDBTJØO 3FQBSBDJPOFT QSFTVQVFTUP TJO DPNQSPNJTP /PT RVFEBNPT UV CJDJDMFUB BM DPNQSBS VOB OVFWB

;,1Ë6 *5836 $ 3$5(6 , ),//6 'LVVDEWHV PDWt

4&37*$*0 3«1*%0 : 4&3*0

$1*/Ë6 -$321Ë6 &$7$/­ &$67(//­

0'&35"

5HFXSHUDFLy D QLYHOO EDW[LOOHUDW ;LQqV /ODWt 0DWHPjWLTXHV $QJOqV L 4XtPLFD $QJOqV &DWDOj ',66$%7(6 0$7Ì &DVWHOOj 7$//(5 ' $&7,9,7$76 -DSRQqV L MDSRQqV SHU D QHQV (1 $1*/Ë6

3FWJTJØO DPNQMFUB Z FOHSBTF

å

5 ( 3 ­ 6 ) , 1 6 $ ( 6 2

7 2 7 ( 6 / ( 6 $ 6 6 , * 1 $7 8 5 ( 6

"º04 "- 4&37*$*0 %&- .6/%0 %& -" #*$*$-&5"

& ) U D Q F H V F / D\ UH W H Q W 7H O 727 %DGDORQD

QBH JOEE


RSLQLÓ

DPE YHX SUÒSLD &M DBSSFS VO FTQBJ EF USPCBEB

i%F 3FUPQw

%PMPST 4BCBUFS CMPDT NFTWJMBXFC DBU NBSJBEPMPST

+PBO 4PMFS J "NJHØ

"M NFV BSUJDMF EF GB VOB RVJO[FOB QBSMBWB EF M BNJD +PBO "SHFOUÏ QPFUB CBEBMPOÓ OP TPMT QSFNJBU TJOØ TPCSFUPU FTUJNBU )F SFCVU OPN CSPTPT DPNFOUBSJT EF MFDUPST RVF DPNQPSUBWFO VOB TPMJEBSJUBU FOUSBOZBCMF FOWFST FMM . IBO QMBHVU QFS FMM ÏT DMBS QFSÛ iEF SFUPQw VOB FYQSFTTJØ NPMU TFWB IBO QSPWPDBU FO NJ VOB SFnFYJØ DSÓUJDB KP IJ FYQPTBWB OP UBOU MB SFBMJ UBU DPN FMT NFVT TFOUJNFOUT TPCSF MB SFBMJUBU 1FSRVÒ UBNCÏ N IBO BSSJCBU JOGPSNBDJPOT TPCSF M FTUBU SFBM EF M "SHFOUÏ RVF N IBO GFU BEPOBS RVF ÏT NÏT DPNQMFYB NÏT EJGÓDJM MB SFBMJUBU RVF OP FMT TFOUJNFOUT TPCSF MB SFBMJUBU % VOB CBOEB DBM QSFDJTBS RVF BWVJ $BO (VTJ OP ÏT VO iBTJMw DPN IBWJB FTUBU TFNQSF UPU J RVF TPWJOU QFS SVUJOB M BOPNFOFN BJYÓ TJOØ VOB SFTJEÒODJB CFO QPSUBEB PO FMT SFTJEFOUT TØO BUFTPT BNC UPUT FMT NJUKBOT NÒEJDT J BT TJTUFODJBMT J BNC UPUFT MFT DPOTJEFSBDJPOT EF USBDUF 3FDPSEP DPN VO EJB RVF WBJH BOBS MP B WFVSF EFNBOBOU QFS FMM VOB BTTJTUFOU FN WB SFTQPOESF i"SHFOUÏ WPM EJS FM QPFUB PJ w &O BRVFTU TFOUJU DBM WBMPSBS MB EFEJDBDJØ RVF FMT TFVT GBNJMJBST J BNJDT QSPQFST FTNFSDFO FO FMM FO UPUT FMT TFOUJUT NÒEJD BTTJTUFODJBM J EF DBMJV IVNË &M QSPCMFNB OP ÏT EPODT E BMMVOZBNFOU TJOØ EF NJOWB EF MFT TFWFT QPUFODJBMJUBUT 'FOU VO BDVEJU GËDJM QPESÓFN EJS RVF UPUT TPN NÏT iWËMJETw RVF BIJS QFSÛ iNJOVT WËMJETw RVF EFNË * FO FMM BRVFTU QSPOÛTUJD ÏT WJTJCMF 1FSRVÒ TJ WJVSF ÏT EJGÓDJM iNJOVT WJVSFw IP ÏT NÏT &O +PBO "SHFOUÏ UBONBUFJY SFDPSEB MB TFWB #BEBMPOB MB TFWB HFOU FM TFV DPNQSPNÓT DÓWJD J MB TFWB BDUJWJUBU MJUFSËSJB J FM NFTUSBUHF RVF WB FYFSDJS FOWFST FMT QPFUFT OPWFMMT CBEBMPOJOT DPN IP FSB KP EF KPWF )P SFDPSEB BMNFOZT RVBO TF MJ SFDPSEB * TFNCMB BHSBJS BNC VO TPNSJVSF BNBCMF BRVFTU SFDPSE 1FS BJYÛ FN TFNCMB E BMMÛ NÏT FODFSUBEB MB QSPQPTUB RVF FO 7BMFOUÓ 4PMFS FTDSJQUPS UBN CÏ CBEBMPOÓ IB GPSNVMBU FO VO EFMT UBMMFST QSFQBSBUPSJT EF i#BEBMPOB DBQJUBM EF MB DVMUVSB DBUBMBOB w E JOTUJUVJS VOFT KPSOBEFT FO IPOPS EF +PBO "SHFOUÏ EFEJDBEFT B SFDPSEBS J SFDPOTUSVJS FM RVF GPV MB SFTJTUÒODJB DVMUVSBM B MB #BEBMPOB EFMT BOZT J .ÏT RVF VO IPNF OBUHF PmDJBM J QSPUPDPMBSJ NÏT RVF VO BDUF GBSDJU EF UPDT TFOTJCMFST VOFT KPSOBEFT MJUFSËSJFT PO QBSUJDJQJO B NÏT EFMT QPFUFT J FTDSJQUPST MPDBMT FMT MJUFSBUT DBUBMBOT NÏT TJHOJmDBUT

0QJOJP JOEE

"RVFTU DBQ EF TFUNBOB T IB DFMFCSBU BMT DBSSFST EF #BJY B .BS MB FOB FEJDJØ EFM EJB TFOTF DPUYFT VO EJB QFS WJVSF FM DBSSFS 4FNQSF ÏT BHSBEBCMF QBTTFKBS QFS DBSSFST BNC QPDB DJSDV MBDJØ J BUVSBS TF B GFS MB YFSSBEFUB QPEFS MPT UFOJS UBMMBUT BM USËOTJU VOFT IPSFT QFS HBVEJS B GPOT EF MB DPOWJWÒODJB WFÕOBM JOUFSHFOFSBDJPOBM ÏT UPU VO MVYF %F WFHBEFT QFOTP FO DPN DBOWJB MB WJEB E VO CBSSJ QFM GFU EF UFOJS FMT DBSSFST FTUSFUT P BNQMFT BNC QFOEFOU P TFOTF BNC NÏT P NFOZT DJSDVMBDJØ BNC BQBSDBNFOU EF TVQFSGÓDJF P MMJVSFT EF DPUYFT - FYQSFTTJØ WJVSF FM DBSSFS RVF OP ÏT FM NBUFJY RVF WJVSF BM DBSSFS BQPSUB VO NBUÓT MÒYJD RVF N BHSBEB DPOWFSUFJY FM DBSSFS FO VOB DPTB WJWJCMF J M JOGPO EF WBMPS TJNCÛMJD DP NVOJUBSJ BUSJCVJOU MJ MFT WJSUVUT EF M FTQBJ DJVUBEË QFS FYDFMtMÒODJB MB QMBÎB QÞCMJDB MMPD EF USPCBEB QMVSBM RVF QFSNFU MB DPOWJWÒODJB J MB QBSUJDJQBDJØ 'FS EFMT DBSSFST P MFT QMBDFT VO FTQBJ WJWJCMF QBTTB QFS DPOWFSUJS MPT FO VO MMPD DPOGPSUBCMF TF HVS RVF QFSNFUJ FM DBNJOBS USBORVJM MB USPCBEB FM WFÕOBUHF MB DPNVOJDBDJØ M JOUFSDBOWJ * BJYÛ TJHOJmDB FO NPMUT DBTPT QSJPSJU[BS MFT QFSTPOFT QFS EBNVOU EFMT DPUYFT HVBOZBS MB TVQFSGÓDJF E BMHVOT DBSSFST J MB EF UPUFT MFT WPSFSFT J QMBDFT B NPMUT CBSSJT T IBO BOBU DPORVFSJOU FTQBJT -MFmË O ÏT VO CPO FYFNQMF 2VBO SFEBDUËWFN FM NBOJ GFTU QFS B MB DPIFTJØ TPDJBM #BEBMPOB TPN UPUFT J UPUT FMT DPNQBOZT EF -B 4BMVU "MUB FOT WBSFO GFS BEPOBS EF MB JOnVÒODJB RVF UÏ M VSCBOJTNF FO MB DPOWJWÒODJB EFM CBSSJ "MMË VOB [POB E PSPHSBmB EJGÓDJM QFMT GPSUT QFOEFOUT EFMT DBSSFST J E VO HSBO EFOTJUBU EF QPCMBDJØ IBCJUBOUT BMMË OP IJ IB QSËDUJDBNFOU DBQ QMBÎB RVF PGFSFJYJ FTQBJT EF USPCBEB 5BO TPMT MB E "OUPOJP .BDIBEP J FODBSB DPNQBSUJEB BNC MB DJSDVMBDJØ EF WFIJDMFT 1BSMBS EF DPOWJWÒODJB B -B 4BMVU "MUB ÏT SFQMBOUFKBS MB QMBOJmDBDJØ VSCBOÓTUJDB J DPOWFSUJS FO QMBÎB FM USBN EF 3JDBSE 4USBVTT FOUSF "VUPOPNJB J $JSDVNWBMBDJØ QFS FYFNQMF P HVBOZBS FTQBJ QÞCMJD BNC M PSEFOBDJØ EF MFT RVBUSF QBSDFMtMFT RVF RVFEFO B 3JDIBSE 4USBVTT 5POVDDJ FM QFEBHPH JUBMJË BVUPS EF i-B DJVUBU EFMT JOGBOUTw RVF WB JOTQJSBS FM EJB TFOTF DPUYFT CBEB MPOÓ EFGFOTB RVF MB NBMB QMBOJmDBDJØ VSCBOÓTUJDB J M IFHFNPOJB EFM DPUYF IB DPOWFSUJU MFT DJVUBUT FO FTQBJT QFSJMMPTPT J IPTUJMT J RVF DBM BNC VSHÒODJB GFS IJ VO HJS IVNBOJU[BEPS * ÏT RVF MB HFOU QFS DPOWJVSF OFDFTTJUB FTQBJ &TQBJ QFS USPCBS TF J CBSSFKBS TF &TQBJ PO TFVSF J GFS QFUBS MB YF SSBEB FTQBJ PO DPNQBSUJS FMT KPDT EFMT JOGBOUT P VOB DPOWFSTB MMBSHB UPU CFSFOBOU FTQBJT PO PSHBOJU[BS DFMFCSBDJPOT DPNVOJUËSJFT &TQBJT WJUBMT QFM CBUFD EF MB DJVUBEBOJB " MB 4BMVU "MUB PO B EJGFSÒODJB EF #BJY B .BS FMT DBSSFST OP TØO QMBOT ÏT GPOBNFOUBM HVBOZBS QMBDFT ²T VOB OFDFTTJUBU QSJNPSEJBM

727 %DGDORQD


1MBOUJMMB#BTF JOEE

727 %DGDORQD


HVSDL F

GURCK E

FXOWXUD DJHQGD OOLEUHV PÙVLFD FLQHPHV QRWÍFLHV

5PSOB FM UFSSPS EFM 5)& $3:154)08 B 4BOU "ESJË #BEBMPOB t +B GB USFT BOZT RVF 5IF $SZQUT 1SPEVDDJPOT WBO FODFUBS B 4BOU "ESJË EF #FTPT VO GFTUJWBM EF 5FSSPS J 'BOUËTUJD BNC M PCKFDUJV EF QSPNPVSF J EPOBS B DPOÒJYFS BRVFTU HÒOFSF ²T BENJSBCMF DPN FO OPNÏT VO BOZ FM 5IF $SZQUTIPX FT WB DPOTPMJEBS EFNPTUSBOU RVF FSB OFDFTTBSJ J RVF FT UÏ VOB CPOB JEFB DBM UJSBS MB FOEBWBOU DPN TJHVJ &O M FEJDJØ E BRVFTU DVSUNFUSBUHFT IBO QBSUJDJQBU FO FM *** 1SFNJ 4FSSB $JSDVMBS VOB QBSUJDJQBDJØ RVF IB GFU BNQMJBS B RVBUSF MFT TFTTJPOT EF DVSUT BNC VOB RVBSBOUF OB EF QFMtMÓDVMFT QSFNJBEFT BSSFV EFM NØO TPCSFUPU EF M FTUBU FTQBOZPM 'SBOÎB $B OBEË 4VÕTTB P "VTUSBMJB 6O QSPKFDDJPOT RVF T BNQMJBSBO BNC TJT MMBSHNFUSBUHFT NÏT QFS TFHVJS QSPNPDJPOBOU FM HÒOFSF EF UFSSPS J MFT QSPEVD DJPOT JOEFQFOEFOUT " C B O E B E F D J O F N B 5 I F $SZQUTIPX DPNQUB BNC EJ GFSFOUT ËNCJUT RVF BNQMJFO MB DVMUVSB EF UFSSPS J GBOUËT UJD EFT EF TFTTJPOT EF EK B GFTUFT EF [PNCJFT QBTTBOU QFS VO RVJPTD BNC GBO[JOFT J UBNCÏ FM $S ZQUPOPNJLPO VOB BOUPMPHJB BNC FMT SF MBUT RVF IBO QBSUJDJQBU BM ** 1SFNJ $S ZQUTIPX 'FTUJWBM EF 3FMBU EF 5FSSPS 'BOUB TJB J $JÒODJB RVF FOHVBOZ DPNQUB BNC WJOU J EPT SFMBUT

5PU QMFHBU FMT EJFT J EF KVMJPM OPTBMUSFT TFHVJ SFN JOGPSNBOU

FMT USFT HVBOZBEPST i/PDIFT EF EJGVOUPTw EF +PTÏ .BOVFM #MBODP i'BDUPSÓB 0OÓSJDBw EF .JHVFM (PO[ËMF[ J i'SÓBT NËRVJOBT BMNBT EF NFUBMw EF 'SBODJTDP "SPVFUF B NÏT EFM mOBMJTUFT

< > XXX DSZQUTIPX DPN (JOB EF 5FSB

2VJFSFT DPMBCPSBS 7PMT DPMrMBCPSBS DPMrMBCPSB

*OGØSNBUF BRVÓ P FO *OGPSNBhU BRVÓ P B

XXX BGSJDBOPTNJSB DPN

QBH JOEE

727 %DGDORQD


#BEBMPOB t /JOHÞ QPU OFHBS RVF #BEBMPOB ÏT VOB DJVUBU DBSSFHB EB EF NÞTJDB J EF CPOT NÞTJDT VO GFU TPSQSFOFOU TJ UFOJN FO DPNQUF MB NBODB E FTQBJT QFS FTDPMUBS NÞTJDB FO EJSFDUF 6O EFMT QVOUBMT EJOT EFM DJSDVÕU ÏT FM $PODVST EF .ÞTJDB EF #BEBMPOB VO SFGFSFOU B UPU $BUB MVOZB RVF FOT EFDPCSFJY CBOEFT E FTUJMT EJWFSTPT "RVFTU BOZ FM HSVQ EF SPDL $PT NJD (SBTT IBO FTUBU EFDMBSBUT HVBOZBEPST EFM DPODVST BNC VOB EPUBDJØ FDPOÛNJDB EF FVSPT J MB QBSUJDJQBDJØ BM %FOPNJ OBDJØ E 0SJHFO $BUBMVOZB EJOT EF MFT 'FTUFT EF 4BOUB 5FDMB EF 5BSSBHPOB 6O DFSUBNFO PO IJ QBSUJDJQFO FMT HVBOZBEPST EFMT DPODVSTPT NVTJDBMT NÏT JNQPSUBOUT EF $BUBMVOZB &M HVBSEØ DPN B NJMMPS CBOEB EF #BEBMPOB IB BOBU B QBSBS B NBOT EF /PSUIMBOE RVF T IBO FOEVU FVSPT B NÏT E VO DPOUSBDUF E BDUVBDJØ B M FTDFOBSJ QSJODJQBM EF MFT 'FTUFT EF .BJH EF M BOZ J VO DPODFSU SF NVOFSBU BM DFSUBNFO 3PDL B M "TDFODJØ EF (SBOPMMFST DPN B HSVQ DPOWJEBU "RVFTUT QSFNJT ÏT DPNQMFNFOUFO BNC M FEJDJØ E VO $% SFDPQJMBUPSJ BNC UPUT FMT

727 %DGDORQD

QBH JOEE

HSVQT mOBMJTUFT EFM DPODVST RVF EJTUSJCVJSË QFS UPU $BUBMVOZB MB SFWJTUB NVTJDBM &OEFSSPDL FOUSF UPUT FMT TFVT TVCTDSJQUPST &M $PODVST EF .ÞTJDB EF #BEB MPOB PSHBOJU[BU QFS M "TTPDJBDJØ -B 3PUMMBOB J FM EFQBSUBNFOU EF +PWFOUVU EF M "KVOUBNFOU EF #B EBMPOB ÏT VOB EF MFT NPTUSFT EF SPDL FNFSHFOU NÏT JNQPSUBOUT J BNC NÏT QPEFS EF DPOWPDB UÛSJB RVF IJ IB BDUVBMNFOU B $BUBMVOZB &O BRVFTUB FEJDJØ T IBO QSFTFO UBU NBRVFUFT FM EFMT HSVQT QSPWFOÓFO EF #BEBMPOB NFOUSF RVF FM SFTUBOU IBO

HVSDL F

$ÛTNJD (SBTT J /PSUIMBOE HVBOZBEPST EF M Ò $PODVST EF .ÞTJDB EF #BEBMPOB

BSSJCBU EF UPU $BUBMVOZB -B SF QFSDVTTJØ J M JNQBDUF RVF UÏ BD UVBMNFOU FM $PODVST EF .ÞTJDB EF #BEBMPOB B $BUBMVOZB IB GFU PCSJS OPVT GSPOUT J OPWFT BD DJPOT NVTJDBMT QFS GFS MP DSÒJYFS FODBSB NÏT &O BRVFTU TFOUJU DBM EFTUBDBS FMT DPOWFOJT EF DPMtMBCPSBDJØ J E JOUFSDBOWJ RVF EFT EF GB BOZT MB 3PUMMBOB NBOUÏ BNC BMUSFT DPODVSTPT EF SPDL DBUBMBOT DPN FM %FOP NJOBDJØ E 0SJHFO EF 5BSSBHPOB J FM 3PDL B M "TDFODJØ EF (SB OPMMFST (JOB EF 5FSB


HVSDL F

DJHQGD %DGDORQD

EF $BOZFU 3JFSB $BOZFU CJT .ÏT JOGPSNBDJØ P 4SB /ÞSJB "SHFSJDI

J .BSUB (PO[ÈMF[ P QMBUBGPSNB!DBOCBSSJHB OFU

%JKPVT

%JVNFOHF

&YQPTJDJØ .VTFV #BEBMPOB

'&. .64&6 0CKFDUFT J EPDVNFOUT EPOBUT BM .VTFV EFM BM QFDFT EF EJWFSTFT ÒQPRVFT VTPT J UJQPMPHJFT NBRVJOËSJB JOEVTUSJBM FTUSJT RVPUJEJBOT

%JWFOESFT .ÞTJDB (0*"#" 26"35&5 BOZT EF #PTTB /PWB B EF EFM WFTQSF "OÓT EFM .POP &EVBSE .BSJTUBOZ 7FOEB E FOUSBEFT BM .VTFV EF #BEBMPOB

"DUFT J "DUJWJUBUT /*54 % &45*6 " - "/¶4 %&- .0/0 7JTJUFN MB GËCSJDB *OTDSJQDJØ QSÒWJB BM .VTFV #BEBMPOB

&YQPTJDJØ &41"*4 2605*%*"/4 1JOUVSFT J EJ CVJYPT EF 'FSOBOEP &MJ[BSBO 'JOT EJMMVOT EF KVMJPM $$ %BMU MB 7JMB D (FSNË #FSOBCÏ

%JTTBCUF )PNFOBUHF )0.&/"5(& " 1"26*5" 46/:0- BOUJHB QSPGFTTPSB EF M &TDPMB .JOHVFMMB $ÓSDPM $BUÛMJD 4BOU "OBTUBTJ " NÏT EF QBSUJDJQBS FO EJGFSFOUT DPODVSTPT .ÏT JOGPSNBDJØ XXX DFSUBNFOQBRVJUBTVO ZPM CMPHTQPU DPN

.0/54&33"5 LN TPSUJEB I " .POUDBEB 3VCÓ 5FSSBTTB $S #BVNB .POJTUSPM 5 .POJTUSPM 0MFTB $USB $BSQBT .BSUPSFMM 1PMÓHPO 3VCÓ 4U $VHBU .POUDBEB 4UB $PMPNB 4QPSU $JDMJTUB #ÏUVMP +PWFMMBS FTDBMB MPDBM

µ "/*7&34"3* " MFT I D 4BOU "OBTUBTJ

%VSBOU MB TFUNBOB

4PSUJEFT 7"-- % "3"/ BNC Y FMT (àFMMT %FUI +PFV TPSUJN EJTTBCUF EF KVMJPM B MFT I FO 1FQ 7FOUVSB o B MFT I EÓFT .VTFV #BEBMPOB *OGPSNBDJØ "" 77 7FÕOT EFM 1SPHSÒT 5FM

&YQPTJDJPOT 5&33" 1&%3" ."3 6OT FTQBJT DPN QBSUJUT "NC QJOUVSFT E "OUPOJ #FOBHFT J UFYU EF 7BMFOUÓ 4PMFS 'JOT EJKPVT EF KVMJPM &TQBJ #FUÞMJB &OSJD #PSSËT

$VSTPT J $MBTTFT $634 %& $04563" 5PUT FMT EJMMVOT J EJNFDSFT EF B I BM $$ -B .P SFSB "W #BD EF 3PEB 5FM 0SHBOJU[B $$ (FOU HSBO

&9104*$*» %& -¶%*" "/50/*0 USPCBU BM 'POT *OUFSOBDJPOBM EF 1JOUVSB (VBO ZBEPSB EFM QSFNJ EF 1JOUVSB QFS B KPWFT QJOUPST 'JOT EJTTBCUF KVMJPM BM .VTFV #BEBMPOB

$-"44&4 % "-'"#&5*5;"$*» QFS B JNNJHSBOUT $$ $BO $BCBOZFT 3CMB 4BOU +PBO

#"%"-0/" o /*$"3"(6" BOZT EF DPPQFSBDJØ J BHFSNBOBNFOU 'JOT EJKPVT EF KVMJPM $$ %BMU -B 7JMB D (FSNË #FSOBCÏ

$PODVSTPT

6/ 7&413& ".# &- $¶3$0- &OT USPCB SFN UPUT FMT TPDJT BNJDT J TJNQBUJU[BOUT EFM DÓSDPM BM QBUJ EF MB 3FDUPSJB EF 4UB .BSJB $BM GFS SFTFSWB QSÒWJB BM P FMDJSDPM!HNBJM DPN

7*** $0/$634 -*5&3"3* %& $"/:&5 $PODVST EF 1PFTJB /BSSBUJWB J "VRVFT $PNNFNPSBDJØ Ò "OJW +PTÏ " (PZ UJTPMP "RVFTUB DPOWPDBUPSJB FT SFBMJU[BSË EFT EF MB 7PDBMJB EF $VMUVSB 1PU QBSUJ DJQBS IJ RVBMTFWPM QFSTPOB E BSSFV EF $BUBMVOZB )J IB USFT QSFNJT J VO BDDÒTTJU QFS B MFT USFT NPEBMJUBUT &OWJBS MFT PCSFT BCBOT EFM EF TFUFNCSF B "TTPD 7FÕOT

" -&4 ) " $"/ #"33*(" .ÏT JOGPSNBDJØ 3BNPO (SBCVMPTB

µ 13&.* %& 1*/563" .&/"3*/* QFS B KPWFT QJOUPST -FT PCSFT FT QPESBO QSFTFOUBS BM .VTFV GJOT EJWFOESFT EF KVMJPM #BTFT EFM DPODVST FT QPEFO SFDPMMJS BM .VTFV #BEBMPOB J P DPOTVMUBS BM XFC EFM NBUFJY .VTFV J EF -BCPSBUPSJT .FOBSJOJ

4PDJFUBU $PSBM -B #BEBMPOFOTF

$ÓSDPM $BUÛMJD

#PUJGBSSBEB 1PQVMBS

$0/$634 '050(3®'*$ QFS SFGMFDUJS RVF ÏT QFS B UV J P QFS MB UFWB FOUJUBU FM WP MVOUBSJBU 'FV OPT BSSJCBS MFT GPUPHSBGJFT GJOT EJNFDSFT EF KVMJPM 1SFNJ QFS BM HVBOZBEPS .ÏT JOGPSNBDJØ CBTTFT GPS NVMBSJ DPODVST KPWFTNJDBRVFS!HNBJM DPN P

$BNQJPOBU &YDSVTJPOJTNF

$"5"-® 1&3 " "%6-54 %JGFSFOUT OJWFMMT NÏT JOGPSNBDJØ $$ $BO $BCBOZFT 3CMB 4BOU +PBO

&4$0-" %& .Á4*$" %& #"%"-0/" "DUJWJUBUT QFS B BEVMUT $MBTTFT EF HVJ UBSSB IBSNÛOJDB USPNQFUB TPMGFJH FUD $$ %BMU MB 7JMB (FSNË #FSOBCÏ

$63404 %& .Á4*$" 53"%*$*0/"- MMFOHVBUHF NVTJDBM BDPSEJØ EJBUÛOJD TBD EF HFNFDT FUD $$ $BO $BOZBEØ 1PNQFV GBCSB T O

2VF OP TF UhFTDBQJ %JWFOESFT $PODFSU " DËSSFD EF h0SRVFTUSB EF 5BOHP EF #BSDF MPOBh $$ %BMU MB 7JMB $ (FSNË #FSOBCÏ I

%JKPVT $JOFNB B CBJY B .BS A7JDLZ $SJTUJOB #BSDFMPOB $MVC /BUBDJØ #BEBMPOB $ &EBVSE .BSJTUBOZ I

(6*" $6-563"- /07" JOEE

727 %DGDORQD


$0/4&-- %& -" +07&/565 %& #"%"-0/" 3FVOJØ UPUT FMT EJMMVOT B MFT IPSFT $$ %BMU MB 7JMB (FSNË #FSOBCÏ

(SVQ 'JMBUÒMJD #BEBMPOB

530#"%" %& 3"%*0"'&$$*0/"54 %JNBSUT EF B IPSFT $$ %BMU MB 7JMB (FSNË #FSOBCÏ

&/4 3&6/*. DBEB EJMMVOT BM MPDBM EF M "TTPD 7FÕOT EFM DFOUSF D .BHBU[FN EF MFT B MFT I "MUSFT DPMtMFDDJPOT /VNJOËUJDB -PUPGJMJB 9BQFT EF DBWB $SPNPT

$BTBM $"4"- $"/ .&3$"%&3 QFS B KVCJMBUT " MB TBMB -B #BEBMPOFOTF DBEB EJNBSUT EF MFT B MFT IPSFT FT GB #BMM BNC NÞTJDB FO WJV B DËSSFD EFM DBOUBVUPS J NÞTJD «OHFMP

"DUJWJUBUT QFS B JOGBOUT J KPWFT 5"--&34 1FUJUT BSUJTUFT CSFBL EBODF EBOTB FTQBOZPMB JOGBOUJM FUD $$ -B $PMJOB 1M 3BGBFM $BNQBMBOT T O

5"--&34 1&3 " +07&4 "TTPD %F +PWFT EF."4*"UT HSVQ EF 3PM %SBHPO )JMM DPNQBOZJB UFBUSF i-B GÞSJB EFM QMBUBOBSw $$ $BO $BOZBEØ 1PNQFV GBCSB T O &TQMBJ %JQMPEPDVT %JTTBCUFT EF B IP SFT $$ $BO $BOZBEØ 1PNQFV GBCSB T O

"$5*7*5"54 1&3 */'"/54 B BOZT 3BDØ EFM KPD EBOTB DMËTTJDB CBMMFU GMBNFOD J TFWJMMBOFT $$ 5PSSF .FOB 1M 5SBGBMHBS T O

"$5*7*5"54 1&3 */'"/54 * +07&4 &TQMBJ .BTTBHSBO 3BDØ EF KPDT ,BTBM E BDUJWJUBUT EF KPWFT BMUFSOBUJVT ,"+" $$ .PSFSB "W #BD EF 3PEB

"MUSFT BDUJWJUBUT $"'µ4 5&35Á-*" 5PUT FMT EJKPVT B MFT IPSFT $$ $BO $BCBOZFT 3CMB 4BOU +PBO

&41-"*4 $"5"-"/4 &41-"$ "DUJWJUBUT EF MMFVSF QFS B JOGBOUT DBTBMT E FTUJV FTQMBJ DBQT EF TFUNBOB $$ %BMU MB 7JMB (FSNË #FSOBCÏ

"TTPDJBDJPOT +6("%034 "/¾/*.4 *OUFSHSVQ EF #BEBMPOB J 4BOU "ESJË EF #FTÛT 4J FM KPD T IB DPOWFSUJU FO VO QSPCMFNB OPTBMUSFT QPEFN BKVEBS UF 5&- IPSFT

6$17$ &2/20$

"$5*7*5"54 DMBTTFT DBUBMË OJWFMM JOJDJBM QPFTJB J EFDMBNBDJØ IJQ IPQ CSFBL EBODF FUD $$ 5PSSF .FOB 1M 5SBGBMHBS T O

%JKPVT &TQFDUBDMF 3PEBNPOT 40.3*63&4 %&- /&1"- &TQFDUBDMF QFS QBSU EF M "TTPDJBDJØ "NJDT EFM /FQBM J M BDUVBDJØ E VO QBMMBTTP " MFT I #JCM $FOUSBM 4UB $PMPNB (SOFU +BSEÓ EF $BO 4JTUFSÏ

5BMMFST #"-- %& 4"-» DIBDIBDIÈ TBMTB CB DIBUB 5PUT FMT EJNFDSFT GJOT FM NFT EF KVMJPM EF B IPSFT -MPD 3FHJEPSJB EF 1PNBS TPUB MB CJCMJPUF DB *OTDSJQDJPOT J JOGPSNBDJØ $BTBM $ÓWJD EF 1PNBS

%JKPVT &TQFDUBDMF 3PEBNPOT

5"--&34 5FBUSF *PHB #BMMT EF 4BMØ 4FWJMMBOFT (BOYFU 1VOUFT EF DPJYÓ FUD $$ $BO $BCBOZFT 3CMB 4BOU +PBO

&-4 7*"5(&4 %& -*-*"/ $POUF USBEJ DJPOBM EF M ¶OEJB J VOB SPOEBMMB EF MB $PTUB E *WPSJ &TQFDUBDMF EF UFBUSF UJUFMMFT NËTDBSFT EBOTFT EFM NØO BOJNBDJØ J DPOUFT " DËSSFD EF 5BOBLF 5FBUSF B MFT I #JCM $FOUSBM 4UB $PMPNB (SOFU +BSEÓ EF $BO 4JTUFSÏ

5"--&34 4BSEBOFT EJCVJY J QVOUVSB QVOUFT EF DPJYÓ EBOTB EFM WFOUSF FUD $$ %BMU MB 7JMB (FSNË #FSOBCÏ

4PMJEBSJUBU

5"--&34 *PHB TFWJMMBOFT QJOUVSB BM PMJ CBMMT EF TBMØ CPJYFUT UFBUSF EBOTB EFM WFOUSF BSUFTBOJB FUD $$ -B $PMJOB 1M 3BGBFM $BNQBMBOT T O

%FT EF M "TTPDJBDJØ 4PDJBM "NJDT EFM (PSH . B S # B E B M P O B O F D F T T J U F N B N C VSHÒODJB $PUYFUT EF SPEFT NBOUFT NFOKBS SPCB EF OFO J RVBMTFWPM BMUSF UJQVT E BKVEB

5"--&34 QJOUVSB B M PMJ HSVQ EF SFDPM[BNFOU B MB DSJBOÎB iDSFJYFN QMF HBUTw HVJUBSSB QFSDVTJØ CVGPOT $$ $BO $BOZBEØ 1PNQFV GBCSB T O

5"--&34 QJOUVSB B M PMJ CBMM UFBUSF NVTJDBM SFMBYBDJØ DPOTDJÒODJB DPS QPSBM BNC FYFSDJDJT E FTUJSBNFOUT FUD $$ 5PSSF .FOB 1M 5SBGBMHBS T O

$ 1POFOU CBJYPT #BEBMPOB 5&-

5"--&34 DBOU DPSBM EBOTB EFM WFO USF HVJUBSSB JPHB NBOUFOJNFOU EFM DPT NBOVBMJUBUT FUD $$ .PSFSB "W #BD EF 3PEB

%JTTBCUF 'FN .VTFV 0CKFDUFT J EPDVNFOUT EPOBUT BM .VTFV EF B .VTFV #BEBMPOB 5BSEB 727 %DGDORQD

(6*" $6-563"- /07" JOEE

HVSDL F

$-"44&4 % &4$"$4 "%6-54 $MVC 4BOU +PTFQ EF #BEBMPOB )PSBSJT GMFYJ CMFT 4S .BOFM 4S 1BCMP QGFSOBOEF[!TPMJETBGF FT

%JVNFOHF %FTDPCSJS MB TFSSBMBEB EF .BSJOB 7PMVOUBSJBU BNCJFOUBM I


HVSDL F

FLQHPHV

*DF "HF

1BHBGBOUBT

4DSBU FTUÈ JOUFOUBOEP BQPEF SBSTF EF TV FTDVSSJEJ[B CFMMPUB NJFOUSBT RVF QPTJCMFNFOUF FODVFOUSF FM BNPS .BOOZ Z &MMJF FTQFSBO FM OBDJNJFOUP EF TV NJOJ NBNVU %JFHP FM UJHSF %JFOUFT EF 4BCMF TF DVFTUJPOB TJ TF FTUÈ WPMWJFOEP VO CMBOEP Z 4JE FM QFSF[PTP TF NFUF FO QSPCMFNBT DVBOEP DSFB TV QSPQJB GBNJMJB GJDUJDJB SBQUBO EP USFT IVFWPT EF EJOPTBVSJP $PO FM PCKFUJWP EF SFTDBUBS BM JODPSSFHJCMF 4JE MB QBOEJMMB TF BEFOUSBSÈ FO VO NJTUFSJPTP NVOEP TVCUFSSÈOFP %JS $BSMPT 4BMEBOIB 64" "OJNBDJØO DPNFEJB *OUFS 3BZ 3PNBOP +PIO -F HVJ[BNP 2VFFO -BUJGBI

&MMB FT QFMVRVFSB DPO OFDF TJEBE EF QSBDUJDBS ²M UJFOF QFMP Z HBOBT EF BHSBEBSMB &M SFTVMUBEP FT VO NPOUØO EF QFJOBEPT BCTVSEPT RVF FM DIJDP TPQPSUB QPSRVF FTUÈ QJMMBEP DPO MB DIJDB 1FSP FMMB UJFOF TFOUJNJFOUPT EJGFSFOUFT 1JFOTB RVF IBZ EPT UJQPT EF DIJDPT B MPT RVF EFTFBT Z MPT RVF UF QBHBO MBT GBOUBT 1BHB GBOUBT FT VOB DPNFEJB TPCSF VO DIJDP RVF IB FTDVDIBEP NVDIBT WFDFT iUF RVJFSPw QF SP TJFNQSF BDPNQB×BEP EF iDPNP BNJHPw %JS #PSKB $PCFBHB &TQB×B $PNFEJB *OUFS (PSLB 0UYPB 4BCSJOB (BSDJBSFOB »TDBS -BEPJSF

-B ÞMUJNB DBTB B MB J[RVJFSEB -B OPDIF FO RVF .BSZ Z TV BNJHB 1BJHF MMFHBO B MB TPMJUB SJB DBTB RVF MPT $PMMJOHXPPE UJFOFO B MB PSJMMB EFM MBHP TPO TFDVFTUSBEBT QPS ,SVH VO QTJ DØQBUB RVF TF IB FTDBQBEP EF MB DÈSDFM Z TVT DPNQB×FSPT TV QFSUVSCBEB OPWJB 4BEJF TV TÈEJDP IFSNBOP 'SBODJT Z TV BOVMBEP IJKP +VTUJO -PT TFDVFT USBEPSFT BCBOEPOBO B .BSZ DPOWFODJEPT EF RVF IB NVFSUP "UFSSPSJ[BEB TBCF RVF TV ÞOJDB QPTJCJMJEBE EF TVQFSWJWFODJB FT FODPOUSBS B TVT QBESFT %JS %FOOJT *MJBEJT 64" 5ISJMMFS UFSSPS *OUFS 4BSB 1BYUPO 5POZ (PME XZO .POJDB 1PUUFS

7FOEB EhFOUSBEFT %FT EFM EF KVMJPM m OT BM EF KVMJPM

4BMB 'JMN

1BTF 1BTF 1BTF 1BTF 1BTF 1BTF .BUJOBM (PMGB

0CTFTJPOBEB -PT IPNCSFT RVF OP BNBCBO B MBT NVKFSFT /0 %0 EJWFOESFT J EJTTBCUF

$PSB[ØO EF UJOUB &KFDVUJWB FO BQVSPT "OHFMFT Z EFNPOJPT -0 1BHBGBOUBT *DF "HF 5SBOTGPSNFST *DF "HF % 5SBOTGPSNFST /PDIF FO FM NVTFP ,JLB TVQFS CSVKB $MFBOFS 5FSNJOBUPS 4BMWBUJPO

1301&3&4 &453&/&4 -B 1SPQPTJDJØO "WJOHVEB 4BMWBEPS &TQSJV *OGPSNBDJØ #VT # # # # # / .FUSP -ÓOJB (PSH 53".CFTÛT 5 5

QBH JOEE

727 %DGDORQD


.VDIB HFOUF OP TBCSÈ RVF FYJTUF VOB QFMÓDVMB EF .JDIBFM +BDLTPO FOUSF MPT DVBMFT NF JODMVZP #VFOP NF JODMVÓB QPSRVF B SBÓ[ EF MB SFDJÏO NVFSUF EFM i,JOH PG 1PQw NF FOUFSÏ EF UBM QFMÓDVMB Z MB WJ $PNP OP QPEÓB TFS EF PUSB NBOFSB TF USBUB EF VOB PCSB TVSSFBMJTUB F JOGBOUJM -B DPTB BSSBODB DPO VOB FTQFDJF EF SFDPSSJEP NVTJDBM QPS

MB WJEB Z PCSB EF .JDIBFM +BDLTPO EFTEF RVF QFSUFOFDÓB B MPT i+BDL TPO 'JWFw IBTUB FM NPNFOUP BDUVBM EF MB QFMÓDVMB FT EFDJS FM B×P EF QVCMJDBDJØO EFM ÈMCVN #BE 6O SFDPSSJEP DPO MB CBOEB TPOPSB MØ HJDBNFOUF EF +BDLTPO RVF GJOBMJ[B DPO VO WJEFPDMJQ EF #BE FO NJOJB UVSB QSPUBHPOJ[BEP QPS VO HSVQP EF OJ×PT CBJMBSJOFT RVF FT EJHOP EF WFS -VFHP OPT FODPOUSBNPT DPO VOB IJTUPSJB FO MB .JDIBFM FT QFSTFHVJ EP QPS VO NPOUØO EF GBOT TVZPT QFSP EF QMBTUJMJOB Z GJOBMNFOUF B MPT NJOVUPT EF QFMÓDVMB OPT FODPO USBNPT DPO VO WJEFPDMJQ EF PUSPT NJOVUPT EF 4NPPUI $SJNJOBM FO FM RVF .JDIBFM FO DPNQB×ÓB EF USFT OJ×PT TPO UFTUJHPT EF MPT QMBOFT NBRVJBWÏMJDPT EF VO NBMWBEP +PF 1FTDJ RVF QSFUFOEF WFOEFS ESPHBT B UPEPT MPT OJ×PT EFM NVOEP Z BM FOUFSBSTF RVF .JDIBFM Z MPT OJ×PT MF IBO WJTUP MPT QFSTJHVF F JOUFOUBSÈ NBUBSMPT &O EFGJOJUJWB VOB QFMÓDVMB NVZ FYUSB×B RVF IBZ RVF WFS QPS FM

&RQFXUVR

&, 1([/ $ .

TJNQMF IFDIP EF RVF BIPSB NÈT RVF OVODB TF DPOWFSUJSÈ FO VOB KPZB EF DVMUP Z QPSRVF TJFNQSF BQFUFDF WFS VO QPDP EFM HSBO +BDLTPO "VORVF UFOJFOEP FO DVFOUB MP NVDIP RVF TF USBCBKBCB TVT WJEFPDMJQT Z MP FTQFDUBDVMBS RVF IB TJEP TJFNQSF FO FM NÈT FTUSJDUP TFOUJEP EF MB QBMBCSB NF FYUSB×Ø RVF OP GVFTF EF NÈT DBMJEBE 1FSP BM GJO Z BM DBCP FTUBNPT BOUF EF VOB QFMÓDVMB EFTUJOBEB B QÞCMJDP JOGBOUJM BVORVF SFQJUP RVF WBMF MB QFOB WFSMB QPS TFS EF RVJFO FT 4PMP B×BEJS RVF OBEJF TF UPDBCB TVT QBSUFT DPO UBOUB DMBTF DØNP ÏM

HVSDL F

-B $SÓUJDB .PPOXBMLFS

3VCÏO 5BNBZP UBNBZP@CEO!IPUNBJM DPN

5$

#BEBMPOB BDJOF .ËHJD H F . T MP O F P MUJNP FTUSFO ","3" FM Þ Y S F W TPSUFP EF FOUSBE F D UF {5F BQF BT *OGPSNBDJØO TPCSF FM DPODVSTP $BEB KVFWFT TPSUFBNPT FOUSBEBT QBSB BDVEJS B WFS DVBMRVJFS QFMÓDVMB FO MPT DJOFT .FHBDJOF .ËHJD #BEBMPOB 4J SFTVMUBT TFS VOP EF MPT HBOBEPSFT QPESÈT WFS DVBMRVJFS QFMÓDVMB FO DVBMRVJFS TFTJØO EF MVOFT B KVFWFT NFT EFTEF MB GFDIB EFM TPSUFP {$ØNP TBCFS TJ IBT SFTVMUBEP HBOBEPS $BEB TFNBOB TBMESÈO MPT HBOBEPSFT EF MBT FOUSBEBT FO FM BQBSUBEP EF DJOFT EF MB TFDDJØO &TQBJ$ EPOEF QVCMJDBSFNPT MPT OPNCSFT EF MPT QSFNJBEPT

CBEBMPOB!FMUPUEJHJUBM

{$ØNP QBSUJDJQBS

DPN

MMB EF NFHBDJOF &ODVFOUSB MB FTUSF T FO VODJPT BQBSFDJEP FO VOP EF MPT BO M OPNCSF EF MB T F OP WÓB &O B JTU FTUB SFW F FM OUF EPOEF BQBSFD FNQSFTB BOVODJB EBUPT EF T Z BUP T E UV UB OÞNFSP EF SFWJT P DPSSFP FMFDUSØOJD DPOUBDUP B OVFTUSP N JHJUBM DP CBEBMPOB!FMUPUE

(BOBEPSFT EFM TPSUFP EF FOUSBEB EF MB SFWJTUB &NJMJP .BSUÓO #FMMÏT 9BWJ )FSSBJO[ #SPUPT .JSJBN $PSEFSP 1F×B

727 %DGDORQD

QBH JOEE


HVSDL F

QRYHWDWV PÙVLFD

1FS (JOB EF 5FSB

OOLEUHV

QBH JOEE

-MJTUB EF DBOÎPOT $PMHBOEP EF UVT NBOPT $ #BVUF . 4ÈODIF[ 1PLFS GBDF -BEZ (BHB .PWJOH .BDBDP 7FSBOP B[VM .BHBO QSFTFOUT 5IF CPZ EPFT OPUIJOH "MFTIB %JYPO

0+0)­ 01 *1 *# 8+56 /CTK ,WPIUVGFV %1.7/0# $JOD QBSFMMFT B N J H V F T F T USPCFO EFT DBOTBOU B M JMMB TVFDB EF (P UMBOE BM NBS #ËMUJD - BQBSFOU USBORVJMrMJUBU FT USFODB FO QSP EVJS TF M BTTBTTJOBU E VOB EF MFT EPOFT EFM HSVQ J B QPD B QPD WBO BQBSFJYFOU NÏT DBEËWFST * TVSU FO FTDFOB FM QFDVMJBS JOWFTUJHBEPS "OEFST ,OVUBT &T USBDUB QPUTFS E VOB NBDBCSB QMBTNBDJØ EF M PCSB E "HBUIB $ISJTUJF %FV OFHSFUT

+410 #0& 9+0' #TQWPF VJG 9GNN 6 O E J T D E *SPO BOE 8 J O F Ï T E B R V F M M T RVF FT QPU D P N Q S B S TFOTF QPS J BRVFTU UPU J TFS FM DMËTTJD EP CMF DE EF SBSFTFT PO FM HSVQ IJ QPTB UPU BMMÛ RVF OP T IB BUSF WJU B QPTBS FO FMT BMUSFT OP ÏT VOB FYDFQDJØ %FNPT BDÞTUJDT DBOÎPOT JOÒEJUFT J TÓ 7FSTJPOT DPN BSB M BSYJDPOFHVEB 4VDI (SFBU )FJHIUT EF 5IF 1PTUBM 4FSWJDF P 8BJUJO GPS B 4VQFSNBO EF 5IF 'MBNJOH -JQT

-JOFT WJOFT BOE USZJOH UJNFT +POBT #SPUIFST )BOOBI .POUBOB # 4 0 5IF .PWJF $PQMBT EFM RVFSFS .JHVFM 1PWFEB "MBT Z SBÓDFT &SPT 3BNB[[PUJ #BJSFT 1FSF[B

2VÒ ÏT MB JEFOUJ UBU - FTDSJQUPS JO EJ 45 DPOEFNOBU QFS VOB GËUVB JTMB NJTUB GB UFNQT RVF T IP QSFHVOUB MMJHBU DPN FT USPCB B VOB FYJTUÒODJB QFSNBOFOUNFOU WJHJMBEB 1FSÛ M EF TFUFNCSF EFM MB USBHÒEJB BM 8PSME 5SBEF $FOUFS MJ PCSF MB m OFTUSB EFM GVUVS MB QPTTJCJMJUBU EF SFUSPCBS MB MMJCFSUBU QFSEVEB NJUKBOÎBOU VO DBOWJ E JEFOUJUBU RVF MJ QFSNFUSË EFJYBS FOSFSF M BNBSHPS EFMT EBSSFST EJTTFU BOZT E VOB WJEB BNFOBÎBEB

510+% ;176* 6JG 'VGTPCN .BSF NFWB RVF HSBOT R V F T Ø O 1 P R V F T C B O E F T BDPOTF H V F J Y F O NBOUFOJS FM OJWFMM EFMT OPWBJPSRVFTPT EVSBOU BOZT J SFJOWFOUBOU TF EJTD SFSF EJTD 5IF &UFSOBM ÏT VO EFMT TFVT USFCBMMT NÏT EJSFDUFT TPOT RVF T BQSPQFO BM IBSEDPSF J BM SPDL QTJDPEÒMJD QBTTBOU QFM OPJTF QPQ J BM TP 7FMWFU 6OEFSHSPVOE 6O EJTD HFOJBM

-MJTUB EhËMCVNT

6'56+/10+ 2416')+6 $NCPEC FG NC 6QTTG '& 241#

'.8+# %156'..1 5GETGV 2TQHCPG CPF 5WICTECPG $ P T U F M M P UPSOB B 4PS QSFO ESF OT B N C V O EJTD DPVO USZ BDÞTUJD BNC NBO EPMJOFT WJPMJOT J CBOKPT 6O EJTD QFS FTDPMUBS BNC MFT PSFMMFT CFO OFUFT PO IJ USPCFN CBMBEFT RVF HJSFO BM WPMUBOU EF )BOT $ISJTUJBO "OEFSTFO VOB WFSTJØ EF $IBO HJOH QBSUOFS EF #JOH $SPTCZ B NÏT EF UFNFT BNC MB TFWB FUJRVFUB QFSTPOBM 'BOUËTUJDB .Z BMM UJNF EPMM

PÙVLFD

1FS 4BMUBNBSUÓ -MJCSFT

-MJTUFT GBDJMJUBEFT QFS 1SPNVTJDBF

OOLEUHV &MT NÏT WFOVUT -B SFJOB BM QBMBV EF MFT DPSSFOUT EhBJSF 4UJFH -BSTTPO -B SFJOB FOF FM QBMBDJP EF MBT DPSSJFOUFT EF BJSF 4UJFH -BSTTPO -B NBOP EF GBUJNB *MEFGPOTP 'BMPOFT

8#%#0%'5 2'4 # 616*1/ )GTQPKOQ 5VKNVQP '564'..# 21.#4

-MJTUB GBDJMJUBEB QFS 4BMUBNBSUÓ -MJCSFT

(FSPOJNP 4UJM UPO J FMT TFVT BNJDT FOT QSP QPTFO FYFSDJDJT J BDUJWJUBUT EJWFSUJEFT QFS SFQBTTBS Õ QSF QBSBS FM OPV DVST FTDPMBS 5SFT RVBEFSOT EJWFSUJUT J JOT USVDUJVT QFS KVHBS BNC UPUFT MFT BTTJHOBUVSFT -FT BDUJWJUBUT EF DBEB MMJCSF T BEFRàFO BMT DPOUJOHVUT EJEËDUJDT EF DBEB VO EFMT USFT QSJNFST DVSTPT EF QSJNËSJB

$BOPOHF #BSBOFSB #BEBMPOB XXX TBMUBNBSUJ DPN TBMUBNBSUJ!TBMUBNBSUÓ DPN

727 %DGDORQD


HO WHX FDUUHU

$BSSFS EF 4BOUJBHP 3VTJ×PM $BTBHFNFT J $FOUSF t 4BO UJBHP 3VTJ×PM #BSDFMPOB "SBOKVF[ &TDSJQUPS QJOUPS J DPMrMFDDJPOJTUB -B TFWB PCSB UBO QJDUÛSJDB DPN MJUFSËSJB ThJOTDSJV GPOBNFOUBMNFOU EJOT FM DPSSFOU NPEFSOJTUB DBUBMË EFM RVBM GPV JNQVMTPS 5JOHVÏ VOB HSBO SFMBDJØ BNC 3BNPO $BTBT BNC RVJ DPMrMBCPSË FTUSFUBNFOU 7JTRVÏ B 1BSÓT J DSFË B 4JUHFT FM NVTFV $BV

'FSSBU &O MB TFWB QSPEVDDJØ UFBUSBM FO RVF TPWJOU GB DSÓUJDB TPDJBM EFTUBDB -h"VDB EFM 4FO ZPS &TUFWF 1FM RVF GB B MB DSFBDJØ QJDUÛSJDB FT GPSNË

B 1BSÓT TPUB MB JOn VÒODJB EF %FHBT J MhFTUBNQBDJØ KBQP OFTB J FYQPTË SFHVMBSNFOU B #BSDFMPOB 4BMB 1BSÏT EFT EF

"#3"4 . $"33&3"4 . /*&50 % &MT DBSSFST EF #BEBMPOB .VTFV EF #BEBMPOB J $POTPSDJ QFS B MB /PSNBMJU[BDJØ -JOHàÓTUJDB

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¯

uL āċûØā gÆðĖ¼Æ ÐĖ

P Æí Ôď ď ďĬ « » Ôď ď Ô Ĭć ­ď ĉí ØÐðĖ āċg áĬ« xg¼ģØā » Ĭ ÔáĔ 1<7

F&L<L 7 1GT&1 H 1"3,*/( 1&1 7&/563" GÈDJM BDDFTP QMB[B BNQMJB å NFT 1"3,*/( ;POB .*26&- 4&37&5 QMB[B BNQMJB DPDIF Z NPUP å NFT 1"3,*/( ;POB 53*0/' QMB[B BNQMJB å NFT ;POB "7 ."35¶ 16+0- &456%*0 N ÈUJDP IBC DPDJOB UJQP PGGJDF DPNQMFUB UFSSB[B FMÏUSJDP 50%0 /6&70 å NFT ;POB 4*453&--4 "UJDP N IBCT DPDJOB Z CB×P TFODJMMPT SFBM TJO BTD å NFT ;POB &45"$*»/ .0/5("5 QJTP EF N IBCT DPNFEPS N DPDJOB Z CB×P NPEFSOPT 50%0 &95&3*03 å NFT ;POB 1&1 7&/563" QJTP N IBC NVZ BNQMJB DPNFEPS DPDJOB CB×P DPO QMBUP EF EVDIB CBMDØO TJO BTD .6: -6.*/040 å NFT

727 %DGDORQD

QBH JOEE

;POB 1&1 7&/563" QJTP EF N IBCT DPDJOB Z CB×P CJFO DPOTFSWBEPT BTD å NFT ;POB $ (6*'3² QJTP N IBCT NBUSJ Z JOE DPN N D TBMJEB B CBMDØO DPDJOB OVFWB B FTUSFOBS TJO BTD å NFT ;POB $ ."3 QJTP EF N IBCT DPDJOB UJQP PGGJDF SFGPS NBEB CB×P BNQMJP TJO BTD å NFT

;POB "7 .03&3" QJTP IBC NBUSJ Z EPT JOEJW DPDJOB BNQMJB CB×PT NPEFSOPT Z DPNQMFUPT DPNFEPS N CBMDØO N 50%0 &95&3*03 å NFT

;POB 13&4 $0.1"/:4 QJTP EF N IBCT DPNFEPS N DPDJOB Z CB×PT .6: #*&/ $0/4&37"%0 å NFT

;POB $&/530 QJTP EF N DPOTUSVJEPT SFGPSNBEP IBDF B×PT TJO BTD IBCT CB×P NPEFSOP DPDJOB BSSFHMBEB &95& 3*03 å NJM

F&L<L 7 ] 7P

;POB $"/:"%» QJTP N IBCT CB×PT CBMDØO DBMFG /6&70 " &453&/"3 å NFT

;POB $&/530 QJTP EF N DPNFEPS BNQMJP DPDJOB Z CB×P FO QFSGFDUP FTUBEP IBCT UFSSB[B N S QJTP TJO WFDJOPT ;0/" */.&+03"#-& å NJMM

;POB $ 503504" DBTB EF QMBOUBT N TFNJ OVFWB IBCT CB×PT Z BTFP BTD QSJWBEP QL JODM 4&.* ".6&#-"%0 å NFT

;POB 1&1 7&/563" QJTP N IBCT DPD Z DPN UJQP PGGJDF C×T B B DBMFG CBMDØO FYU 1"3" &453&/"3 å NFT

;POB $ 10/&/5 QJTP IBC DPN N DPD Z C× NPEFSOPT CBMDØO TJO BTD å NJMM

;POB ."5"3» QJTP IBC DPNFEPS N DPDJOB Z CB×P PSJHFO BTD $0.1- &95&3 " -*/&" %& ."3 å NJMM

$PM MFHJBU O

;POB $ (6*'3² QJTP N IBC DPNFEPS N DPDJOB Z CB×PT CJFO DPOTFSWBEPT CBMDP OFT DPO BTDFOTPS å NFT

;POB $ $".&-*" QJTP EF N IBC CB×P DPNQMFUP BTFP TBMØO EF N Z DPNFEPS U[B N TFNJ BNVFCMBEP 50%0 &95 å NFT

;POB $0/26&45" QJTP IBC BNQMJBT FTUVEJP DPD Z CB×P NPEFSOPT U[B DVCJFSUB N å NFT

1. .')+#6

$PM MFHJBU OVN

1< 1 L 7 ] 7P ` 1GT&1 H ;POB (3"/ -"/% OBWF EF N UPUBM TFNJ OVFWB NVZ MVNJOPTB å ;POB $ /"7"5" MPDBM N QVFSUBT B DBMMF BDD WFIÓDVMPT å NFT ;POB $ "-'0/4 9** MPDBM N UPUBM N Q C Z TØUBOP QBSRVFU å NFT ;POB $ 1307*%&/$*" TVQ N EJÈGBOP FOUSBEB WFIÓDVMPT å NFT ;POB 1"3"%" .&530 (03( MPDBM EF N TBMJEB EF IVNPT å NFT ;POB $ 13*. N FN QMBOUB NBT N EF TPUÈOP ;0/" $0.&3$*"- å NFT


OD OODU

NC NNCT

GHFRUDFLÓ FRQVHOOV PRELOLDUL 5HIRUPHV MDUGLQHULD

0NCSFMrMFT i&OTPNCSBw EF (BOEJB #MBTDP

-MBS t 1FS OP BDBCBS FM EJB WFSNFMM DPN VO UPNËRVFU VOB CPOB TPMVDJØ ÏT VUJMJU[BS VOB PNCSFMrMB J QPTBUT B USJBS OF VOB KP FTDPMMFJYP FM NPEFM i&OTPNCSBw EF (BOEJB #MBT DP

6(55$//(5

/] PKX \OZK\KMSYX] K NYWSMSVS NO \OSbO] NO PO\\Y ZY\^O] PY\TK ZKXc] O^M MPF VHUUDOOHU#JPDLO FRP

7(/ L

5HDOL]R WRGR WLSR GH UHIRUPDV &RFLQDV %DxRV 6XHORV 7HFKRV GH SODGXU 3LQWXUD 0XHEOHV GH FRFLQD 3XHUWDV GH LQWHULRU $UPDULRV HPSRWUDGRV (WF 3UHVXSXHVWRV VLQ FRPSURPLVR

$PDJOBT CB×PT UFSSB[BT GBDIBEBT QPSUFSÓBT CBKBOUFT UFDIPT IVNFEBEFT FUD 1SFTVQVFTUPT TJO DPNQSPNJTP

7HO

5FM

',5(&725, OODU 1*/503 130'&4*0/"- &$0/».*$0 )BDF UPEP UJQP EF QJOUVSBT FTUVDBEPT WFOFDJBOPT 1SFTVQVFTUPT TJO DPNQSPNJTP 5&-

7(/

T J O P U h B O V O D J F T D P N WP M T R V F

FU U SP C JO

QBH JOEE

1"-&5"

3$/(7$ /$03,67$

2)(57$ 3LQWDPRV VX SLVR SRU ½

7(/ 0Ó%,/

< > XXX HBOEJBCMBTDP DPN

(&21Ð0,&26 \ GH &21),$1=$ $/7$ '(&25$&,Ð1 < 3,1785$ (1 *(1(5$/ 3LVRV HVFDOHUDV ORFDOHV

,QVWDODGRU $XWRUL]DGR

CMFHVFO DPN VO WFOUJMBEPS " NÏT OPTBMUSFT NBUFJYPT QP EFN BKVTUBS BRVFTUT MMJTUPOT DPOWFSUJOU DBEB PNCSFMrMB FO ÞOJDB J QFSTPOBM

3,1725(6 352)(6,21$/(6

/$03,67$ (/(&75,&,67$

²T PSJHJOBM J E VO EJTTFOZ FY USBPSEJOBSJ (BOEJB #MBTDP IBO DBOWJBU MFT IBCJUVBMT UFMFT VUJMJU[BEFT QFS MFT TFVT DPN QBOZT EF MMVJUB DPOUSB FM TPM QFS VOB JOUFMrMJHFOU TÒSJF EF MMJTUPOT EF NFUBMM RVF FT EP

1"-&5" &$6"503*"/0 $0/ &913*&/$*"

3(56,$1$6 - $

4F PGSFDF QBSB UPEP UJQP EF 3&'03."4 'JOFT EF TFNBOB 5&-

5HSDUDFLyQ LQVWDODFLyQ \ PRWRUL]DFLyQ QR FREUDPRV GHVSOD]DPLHQWRV

"/6/$*"h5 &/ "26&45 %*3&$503* 1&3 1"3"6-&4 1&3 å ".# .*( 3&$6"%3& 1&3 å

7HO

727 %DGDORQD


OD OODU

&M MMJU BNBHBU

HE E FBEEHK =>E . ´ L E[*F;K: 7&/%" * */45"-r-"$*» %& 505 5*164 %& 5&/%"-4 r 5FOEBMT 4UPS r 5FOEBMT &YUFOTJCMFT r $BQPUFT %FDPSBUJWFT r 5FSSBTTFT 1MBOFT r 5PUB NFOB Eh"VUPNBUJTNFT

13&446104504 (3"56¸54 -MBS t 2VJ OP SFDPSEB FMT GB NPTPT iQMFHBUJOFTw 0 FMT MMJUT RVF T BCBUJFO TPCSF MB QBSFU TJNVMBOU MFT QPSUFT E VO BSNBSJ %PODT BSB /PNÏT QPMTBOU VO CPUØ QPEFN HBVEJS EFM DPOGPSU E VO MMJU USBEJDJPOBM QFSÛ TFOTF PDVQBS FTQBJ J EF GPSNB UPUBMNFOU JOUFHSBEB FO FM EJTTFOZ J EFDPSBDJØ EF MB OPTUSB MMBS EFHVU B RVF M FNQSFTB RVF FM DPNFSDJBMJU [B FMT EJTTFOZB B NFTVSB

5FM r .PC $ #BMEPNFS 4PMË r #BEBMPOB XXX UPMEPT[BCBMMPT DPN JOGP ! UPMEPT[BCBMMPT DPN

"OESÏT 'FSOÈOEF[ (JNÏOF[

.VFCMFT B NFEJEB "SNBSJPT EJTF×PT QSPQJPT 1VFSUBT $PDJOBT 1BSRVFUT FUD

1"35*$6-"3&4 */%6453*"-&4 3&'03."4 */5&(3"-&4 %& 46 7*7*&/%" $0.&3$*0

5FMT

(361 %"-%"6 4&OSJRVF (SBOBEPT 1SFNJB EF NBS #BSDFMPOB

5SBCBKPT QBSB DPNVOJEBEFT EF WFDJOPT Z QBSUJDVMBSFT t 3FIBCJMJUBDJØO EF WJWJFOEBT Z MPDBMFT t 3FIBCJMJUBDJØO Z SFQBSBDJPOFT EF GBDIBEBT Z QBUJPT EF MVDFT t 3FIBCJMJUBDJØO Z SFQBSBDJPOFT EF UFSSB[BT Z DVCJFSUBT t $BNCJP Z SFQBSBDJPOFT EF CBKBOUFT DPNVOJUBSJPT t $BSQJOUFSÓB FO BMVNJOJP Z NBEFSB t 5SBCBKPT EF MBNQJTUFSÓB BHVB HBT Z FMFDUSJDJEBE Z " $

t 1JOUVSB FO DPNVOJEBEFT Z EPNJDJMJPT QBSUJDVMBSFT t .POUBKFT EF DPMFDUPSFT UÏSNJDPT t .POUBKFT EF QMBDBT TPMBSFT t $PMPDBDJØO EF UPMEPT FO UFSSB[BT Z CBMDPOFT t "OUFOBT 5%5 t .POUBKFT F JOTUBMBDJØO EF BTDFOTPSFT t $POTUSVDDJØO Z NBOUFOJNJFOUP EF QJTDJOBT t $POTUSVDDJØO Z NBOUFOJNJFOUP EF KBSEJOFT

&M TJTUFNB BOPNFOBU i3P MMJOHw FTUË GBCSJDBU BNC UFD OPMPHJB BMFNBOZB QBUFOUBEB ÏT ÞOJD FO FM NFSDBU EFHVU B RVF B EJGFSFODJB EFMT MMJUT QMF HBCMFT P BCBUJCMFT FM NBUBMËT VO DPQ SFDPMMJU RVFEB UPUBM NFOU WFS UJDBM QFSNFUFOU MB TFWB QFSGFDUB WFOUJMBDJØ $P NFSDJBMJU[BU QFM (SVQ $POGPS UBMJB ÏT QFSGFDUF QFS UFOJS MP B VOB IBCJUBDJØ VO EFTQBUY VO NFOKBEPS FUD &M SFBMJU[FO BNC FM EJTTFOZ RVF QSFGF SFJYJT BNC MMJUT E BNQMËSJB EFT EF DN GJOT B NFUSFT &M NBUBMËT ÏT E FTDVNB GSF EB BDPOTFHVJOU FM DPOGPS U E VO MMJU OPSNBM

1SFTVQVFTUPT TJO DPNQSPNJTP t $POUBNPT DPO PGJDJOB UÏDOJDB /VFTUSPT USBCBKPT FTUÈO HBSBOUJ[BEPT TFHÞO MB OPSNBUJWBT WJHFOUFT 5FM t 'BY t .WM t XXX EBMEBV DPN

727 %DGDORQD

QBH JOEE


OD OODU

-MBS t /P ÏT VO OPV DPODFQUF QFSÛ TJ RVF BRVFTUB UBVMB QFS DVJOB J QFS B M FTUVEJ EF EJTTFOZ JUBMJË B NJMMPSBU FM DPO DFQUF J FMT NBUFSJBMT E BRVFTU UJQVT EF NPCJMJBSJ QFS B UPUT BRVFMMT RVF CVTRVFO VOB TP MVDJØ QFS FTUBMWJBS FTQBJ -B UBVMB QMFHBEB QFSNFU UBO DBS FM RVBESF FO VO NÓOJN FTQBJ EF OPNÏT USFT DFOUÓNF USFT &M RVBESF EF MB UBVMB QMF HBCMF ÏT QFOKB EJSFDUBNFOU B MB QBSFU TFNQSF EJTQPOJCMF J FTUË SFBMJU[BEB BNC EJGFSFOUT BDBCBUT -B UBVMB QPU TFS MBNJOBEB EF GVTUB MBDBEB P FT QPU JOUFHSBS EJSFDUBNFOU BMT NPCMFT -FT KVOUFT EFTBQBSFJYFO B MB QBSU JOUFSJPS EF MB UBVMB BDPOTF HVJOU GFS MFT JOWJTJCMFT EFT EF MB QBSU FYUFSJPS % BRVFTUB NBOFSB MB UBVMB QPU DPOWFSUJS TF FO VO FMFNFOU EFDPSBUJV NÏT "RVFTU EJTTFOZ FT QSFTFOUB FO EPT NPEFMT MB DVJOB J M FTUVEJ &M NPEFM QFS B MB DVJOB MFT QBSUT QMFHBCMFT DPMrMPDBEFT B DFOUÓNFUSFT EF MFT QVOUFT EF MB UBVMB E BRVFTUB GPSNB QFSNFU TFS DÛNPEBNFOU BT TFHVUT B MFT QVOUFT EF MB UBVMB TFOTF RVF FU NPMFTUJ DBQ QBSU EFM TVQPSU &M NPEFM QFS B M FTUVEJ UÏ MFT QBSUT QMFHBCMFT TJUVBEFT B DFOUÓNFUSFT EF MFT QVOUFT

4PMVDJPOT QFS FTUBMWJBS FTQBJ EF MB UBVMB QFSNFUFO BJYÓ MB NËYJNB DPNPEJUBU QFS B MFT QFSTPOFT RVF VUJMJU[FO QSJODJQBMNFOU MB UBVMB NFOUSF FTUBO BTTFHVEFT B MB QBS U GSPOUBM EF MB NBUFJYB &M OPV DPODFQUF EF UBVMB QMFHBCMF FT CBTB FO FM TFV NFDBOJTNF QBUFOUBU E BDFS JOPYJEBCMF FYUSFNBEBNFOU DPNQBDUF

4&37*$*04 5²$/*$04

4&37*$*0 0#3" 3FIBCJMJUBDJØO JOUFHSBM EF FEJm DJPT 3FIBCJMJUBDJØO EF GBDIBEBT t 3FWFTUJNJFOUP NPOPDBQB t .PSUFSP BDSÓMJDP 1SPZFDUBEP t &TUVDPT B MB DBM t "JTMBNJFOUP JOUFHSBM

3&)"#*-*5"$*»/ : $0/4536$$*»/ #0/"7*45" 4 - " TV TFSWJDJP EFTEF FM B×P

RVF BDPOTFHVFJY RVF FM RVB ESF EFTBQBSFHVJ B MB QBS U JOUFSJPS J UBONBUFJY UÏ VOB GPSUB FTUSVDUVSB RVF MJ QFSNFU BHVBOUBS NPMU QFT &M NFDB OJTNF EF MB UBVMB FT CMPRVFKB BVUPNËUJDBNFOU RVBO BSSJCJ BM MMPD EF USFCBMM J QFSNFU FM UBODBNFOU TJNQMFNFOU UJSBOU E VO CPUØ

*NQFSNFBCJMJ[BDJØO EF DVCJFSUBT t 1SPUFDDJØO QFTBEB t 1SPUFDDJØO MJHFSB t 1SPUFDDJØO FMÈTUJDB $POTUSVDDJØO FO HFOFSBM

%FTQBDIP EF BSRVJUFDUVSB UÏDOJDB t 1SPZFDUPT Z EJSFDDJØO EF PCSB t 5SBNJUBDJØO EF QFSNJTPT Z TVCWFODJPOFT t %JBHOØTUJDP EF 1BUPMPHÓBT FTUSVDUVSBMFT

.JHVFM 4FSWFU #"%"-0/" 'BY & NBJM JOGP!SDCPOBWJTUB DPN r XXX SDCPOBWJTUB DPN

"MVNJOJPT ("-*-&0 4 -

*/ 50 4 6& 4 * 40 1 6 4 13 & .130. $0

$BSQJOUFSÓB .FUÈMJDP $BSQJOUFSÓB .FUÈMJDB

$ 3PHFS EF 'MPS O #"%"-0/" 1ÈHJOB 8FC XXX CBEBXFC DPN HBMJMFP & NBJM HBMJMFP!CBEEBXFC DPN r 4JTUFNBT &VSPQFPT FO WFOUBOB DPSSFEFSB QSBDUJDBCMF Z QFSJNFUSBM r .BNQBSBT EF CB×P FO UPEPT MPT DPMPSFT

QBH JOEE

5FM 'BY

r 1FSTJBOBT FO "MVNJOJP UÏSNJDP Z QMÈTUJDP r 7JESJP EF DÈNBSB $MJNBMJU B×PT HSBOUÓB

r 5PEP UJQP EF -BDBEPT DPMPSFT NBEFSBT

`/0 .& 5*3& QVFEP TFSMF ÞUJM 727 %DGDORQD


/RFDOV )DoDQHV &HOREHUWV 9HQHFLDQR L RVDNDV 3LQWXUD JHQHUDO L GHFRUDWLYD 3UHVVXSRVWRV VHQVH FRPSURPtV

505 &- 26& /&$&44*5&4 1&- 5&6 +"3%* * 5&33"44"

OD OODU

+"3%*/&3*" .0/²4

'$9,'(&25 3,1725(6 3LVRV FRPXQLWDWV

'DYLG 7HO $QQD 7HO &UWD DQWLJD GH 9DOqQFLD Q~P %DGDORQD

$0#&35&4 * '"±"/&4 4 - | | | | #NHQPUQ :++ | $#&#.10# 6GN | XFC YYY EQ[HG EQO | F NBJM EQ[HG"EQ[HG EQO |

6GTTC\CU [ EWDKGTVCU 4GJCDKNKVCEKÎP FG HCEJCFCU 4GJCDKNKVCEKÎP FG GFKſ EKQU CNWOKPQUQU 6CDKSWGU RNWXKCNCGU 2CVKQU FG NWEGU $CLCPVGU &GUCI×GU

NNC4

4&37*$*0 5²$/*$0

3&1"3"$*»/

5SPCB FMT NJMMPST FTQFDJBMJTUFT EF MB MMBS

$" -%&3 "4 .BOUFOJNJFOUP $BMFOUBEPSFT BJSF BDPOEJDJPOBEP HBT QMBDBT TPMBSFT

EUP BM QSFTFOUBS FTUF BOVODJP

5FM 5FM

50%"4 ."3$"4 :4 63(&/$*"

QSPZTFSDMJNB!QSPZTFSDMJNB DPN

`&O UJFNQP EF DSJTJT MB SFQBSBDJØO FT TV NFKPS JOWFSTJØO

&GUCVCUEQU 8CEKCFQU RQ\QU #PWNCEKÎP HQUCU [ OCNQU QNQTGU 4GRCTCEKÎP [ OGLQTC FG CNECPVCTKNNCFQU

63(&/$*"4 'VFSB EF IPSBSJP -BCPSBM Z 'FTUJWPT

$BMJG FNQSFTBSJBM OÞN

$ 1SPHSFT /BWF *OEVTUSJBM #"%"-0/" 727 %DGDORQD

QBH JOEE


OD OODU

-*.1*&;"4 */% #"%"-0/" +0&7564+#.'5 ; 2#46+%7.#4'5 &'5#6#5%15 &' 67$'4 #5 21<15 (15#5 5 26+%#5 ' +070&#%+10'5

$FSWBOUFT #"%"-0/"

6SHFODJBT MBT IPSBT JODMVTP 'FTUJWPT 5FM

('%#4'

Z 'BY /0 5*3& 46 %*/&30 $0/4Á-5&/04

$55(*/26 (1 35(1'$6

'H YHVWLU QDSD \ SLHO % /GTEÂ P

6GN $#&#.10#

3&1"3"$*» t */45"-r-"$*» .0503*5;"$*»

&- ."3&4.&

#"%"-0/"

7HO )D[ 0yYLO VHUYLGHFR#DXQD FRP VHUYLGHFREDGDORQD#KRWPDLO FRP

Z QÈHV

3&'03."4 &/ (&/&3"#-*/%"%"4 r */5&3*03&4

B S B R V F N B J T J O P

"-5*--04 r .63"-&4 $0$*/"4 r #"º04 1"326&5 r "-6.*/*0

FU WF V F O O P F Y JTU F J Y F T

QBH JOEE

"W .BSRVÏT EF .POUSPJH #"%"-0/"

IPZ QSFP EPT QMB[PT N P N P $ ` D FMP FO

Q V C M JD JU B U

352<(&726 < ',5(&&,Ð1 '( 2%5$

"/:4 %& ("3"/5*" /0 $0#3&. %&41-"±".&/5

GF T

0DQWHQLPLHQWR GH (GL¿ FLRV &RPXQLGDGHV GH 3URSLHWDULRV ,PSHUPHDELOL]DFLRQHV GH &XELHUWDV 5HIRUPDV GH 9HVWtEXORV 3LQWXUDV GH (VFDOHUDV )DFKDGDV 3DWLRV GH /XFHV %DMDQWHV GHVDJ HV &ROHFWRUHV

.6&#-&4 " .&%*%" #BMEPNFS 4PMË #BEBMPOB 5FM 'BY

727 %DGDORQD



GURGEKCN XCECPEGU GN RTÑZKO FG LWNKQN

GFKVCTÀ EQO ÈU EQUVWO N GURGEKCN FG XCECPEGU 6GPU QDGTV GN VGW EQOGTÆ Q NC VGXC DQVKIC CSWGUV OGU F~CIQUV!

{'52'%+#. 1$'46 616 .~'56+7|

'. 616 $#&#.10# FG HQTOC KPPQXCFQTC K FGURTÈU FG NC FGOCPFC

FG PQ GZKUVKT WP UWRNGOGPV FKPU FGN 'URGEKCN FG XCECPEGU| QHGTKO EQOGTÆQU SWG FQPGP UGTXGK VQV GN OGU F CIQUV C QP RQFGO VTQDCT 2K\\GTKGU TQUVKUUGTKGU OGPLCTU RTGRCTCVU TGUVCWTCPVU OCP[CEU NCORKUVGTKGU EWDGU GORTGUGU FG PGVGLC KPHQTOÀVKEU RGVKVGU TGHQTOGU EQPUWNVQTKGU HCTOÀEKGU UGTXGKU GUVÇVKEU

'65 70# '/24'5# 37' &10# 5'48'+ '. /¬5 &~#)156 + 01 6#037'5! 215# '. 6'7 '52#+ 27$.+%+6#4+ FGU FG K V CPGZCTGO WP RGVKV GUETKV Ã¥ COD NGU GURGEKCNKVCVU FGN VGW EQOGTÆ UGPUG ECR EQUV

5+ 01 '6 8'7'0 01 ':+56'+:'5

UK GUVGW KPVGTGUUCVU C RWDNKECT CNIWP CPWPEK GP CSWGUVC GFKEKÃ’ VTWSWGW RGT TGUGTXCT N GURCK RWDNKEKVCTK CDCPU FGN FG LWNKQN VGN 1307" &45*6 JOEE


MRJXLQHV ‡ FRPSUHV ‡ FRQVHOOV ‡ MRFV ‡ QDGRQV

727 QLQV

+BGM: +BGM: /HV 1LQHV

1FS DPNQSFT N KY!UFMFGPOJDB OFU r 1BHBNFOU B MhFOUSFHB EF MB TBNBSSFUB å BGFHJUT QFS FOWJBNFOUT GPSB EF #BEBMPOB .POUHBU J 5JBOB

3HUVRQDOLW]D W &UHDFLy GH VDPDUUHWHV SLQWD

GHV D Pj GLVVHQ\V H[FOXVLXV L ~QLFV (GDWV GH D DQ\V PRGHOV SHU D QHQHV &DGD PRGHO pV GLIHUHQW DPE FRORU L WDOOD 1RPpV KDV GH PLUDU HO PRGHO TXH W DJUDGD PpV L GHPDQDU OD

7DOOD 3UHX ½

7DOOD 3UHX ½

7DOOD 3UHX ½

PVUMFU

5FOJN EJGFSFOUT NPEFMT J EJGFSFOUT UBMMFT $POTVMUBhOT 4J FUT VOB CPUJHB J WPMT UFOJS MFT OPTUSFT TBNBSSFUFT JOGPSNBhU TFOTF DPNQSPNÓT

.0%" */'"/5*$ +PTFQ .‹ $VZËT J 5PMPTB .POUJHBMË #BEBMPOB

DPDDPMJOP

3

5FM " N EFM $BSSFGPVS EF .POUJHBMË XXX DPDDPMJOP FT

40.04 '"#3*$"/5&4

727 %DGDORQD

QBH JOEE


WHQGÈQFLHV

VGPFÇPEKGU &RPHUÇ SURSHU HO FRPHUÇ GH FDVD

'*.* WVFMWF FM 'MPXFS 1PXFS 5FOEÒODJFT t &M EF KVOJP MB FEJDJØO EF MB 'FSJB *OUFS OBDJPOBM EF .PEB *OGBOUJM Z +V WFOJM '*.* DFSSØ TVT QVFSUBT FO 7BMFODJB EBOEP NVFTUSB EFM FYDFMFOUF OJWFM DSFBUJWP EF MBT GJSNBT FTQB×PMBT EFM TFDUPS 6O UPUBM EF NBSDBT EF QBÓTFT FTUVWJFSPO QSFTFOUFT FO FM DFSUBNFO RVF DPOUØ DPO EFT UBDBEB Bn VFODJB EF WJTJUBOUFT JOUFSOBDJPOBMFT 2VJFOFT BTJTUJFSPO BM TBMØO QV EJFSPO EJTGSVUBS EF VO SFOPWBEP GPSNBUP EF GFSJB RVF JODMVÓB EFT EF VOB UFSSB[B EF WFSBOP IBTUB VO QSPCBEPS WJSUVBM JOUFSBDUJWP P FM WBOHVBSEJTUB FTQBDJP 4FF .FF JO '*.* EFEJDBEP B MBT QSPQVFTUBT NÈT BMUFSOBUJWBT FO NPEB DBM[BEP Z BDDFTPSJPT QBSB MPT NÈT QFRVF×PT

QJPT EFM WFSBOP DPNP EFM BSNB SJP JOGBOUJM EPNJOBSPO DBTJ UPEBT MBT QSPQVFTUBT Z EF GPSNB FTQF DJBM MB EF MB EJTF×BEPSB FTQB×PMB «HBUIB 3VJ[ EF MB 1SBEB 1BSB MB QSJNBWFSB WFSBOP KVOUP B WFTUJEPT Z CMVTBT EF UPQPT NVMUJDPMPSFT Z EJTF×PT FO UPOPT QMBOPT DPO MPT JDPOPT EF MB DBTB FO SFMJFWF JODPSQPSB QJF[BT FO EFOJN EF BJSF IJQQZ EFTEF QF UPT IBTUB WBRVFSPT Z TIPSUT

DBNVn BKF P DBMMFKFSPT 4PCSF QFEFTUBMFT QMBHBEPT EF TJNQÈUJDBT IPSNJHBT Z NBSJRVJ UBT MPT NBOJRVÓFT EF #ØCPMJ MVDÓBO DVJEBEPT EJTF×PT QBSB MB QSJNBWFSB WFSBOP &M iQSÓODJQF EF (BMFTw TF WVFMWF WFSBOJFHP FO QFUPT RVF QSFTFO UBO EFUBMMFT QBUDIXPSL P FO DB NJTBT EF NBOHB DPSUB QBSB OJ×P 6OB MÓOFB TVSGFSB FO OBSBOKBT NBMWBT Z SPTBEPT DPOUSBTUB DPO PUSB NÈT CVDØMJDB QSFTJEJEB QPS MBT n PSFT Z MPT DVBESPT DPVOUSZ -B BQVFTUB NÈT HMBNPVSPTB JODPSQPSB EFUBMMFT EF 4XBSPWTLJ Z MFOUFKVFMBT

"SDPJSJT EF UFOEFODJBT -PT DPMPSFT NÈT WJWPT UBO QSP 4V DPMFDDJØO DPNQFUÓB FO DP MPSJEP DPO MB EF 5VD 5VD RVF NPTUSØ WBSJBT MÓOFBT EF SPQB Z DPNQMFNFOUPT FO VOP EF MPT TUBOET NÈT FTQFDUBDVMBSFT EFM TBMØO #BCZ BQVFTUB QPS EJWFS UJEBT NBTDPUBT Z SPNÈOUJDPT FTUBNQBEPT FO DBNJTFUBT QBO UBMPOFT Z WFTUJEPT Z ,JET FO UPOPT ÈDJEPT Z m FM B MBT UFOEFO DJBT FT UPEB VOB FYQMPTJØO EF QSJOUT EF DVBESPT n PSFT OBWZ

&M SPKP NÈT JOUFOTP MPT WFSEFT Z MPT B[VMFT QSFTJEÓBO FM TUBOE EF 5VUUP 1JDDPMP JOTQJSBEP FO FM NVOEP EF MPT KVFHPT JOGBOUJMFT &M DVJEBEP BSUFTBOBM EFM EFUBMMF Z MPT FTNFSBEPT CPSEBEPT OP SFTUBCBO GSFTDVSB B EJTF×PT

'FT UF USFOFT BGSJDBOFT

3CMB 4BOU +PBO % -MPSFEB

5FM

.&405&3"1*" 7*356"-

1SPNPDJPOFT FTQFDJBMFT FO 1BDLT QBSB OPWJBT

r .*$301*(.&/5"$*»/ r 53"5 $03103"-&4 r $IPDPMBUFSBQJB '050%&1*-"$*»/ r 'BOHPUFSBQJB EF -6; 16-4"%" */5&/4" HFOFSBDJØO

r 53"5 '"$*"-&4 r "OUJ BDOÏ */'»3."5& 1&&-*/( %& -" "-&(3*" r %&1*-"$*0/&4 %FTDVFOUPT FO DPTNÏUJDPT

QBH JOEE

_Z_ _T[`^ OP NZWZ]^

Pc_PY^TZY^

%"% ``/07P& TFSWJDJP /VFW HÓB FO QPEPMP

LW _P` R`^_

)PSFT DPOWJOHVEFT 'PUPEFQJMBDJØO MÈTFS %FQJMBDJPOFT )0.#3& .6+&3 3CMB 4BOU +PBO CYT 5 #"%"-0/" -MPSFEB

5SVDB IJ BSB 5FM

727 %DGDORQD


DBSHBEPT EF JOPDFODJB EFTEF GBMEBT EF WVFMP BEPSOBEBT DPO HSBOEFT DPSB[POFT IBTUB SBOJ UBT EF SBZBT P UPQPT Z QPMPT FO UPOPT NÈT TPCSJPT QBSB OJ×PT 5BNCJÏO MPT FTUBNQBEPT EJTUJO HVFO B 1BO DPO DIPDPMBUF RVF VOB WF[ NÈT QSPQVTP QSFOEBT NVZ FTQFDJBMFT QBSB MBT QSJO DFTBT EF MB DBTB

WHQGÈQFLHV

.PEB UFFOBHFS "LS ,JET KVFHB DPO MPT HSBm T NPT GVUVSJTUBT Z HFPNÏUSJDPT QBSB FMMPT SFTFSWBOEP FM DPMPS QBSB MPT QBOUBMPOFT CFSNVEBT Z DPNQMFNFOUPT 1BSB MBT DIJDBT MB NBSDB BQVFTUB QPS VO MPPL EFQPSUJWP DPO IPMHBEBT DBNJ TFUBT Z UPQT EF QSJOUT VSCBOPT Z WFTUJEPT FO UPOPT TPCSJPT TUBOE EF -BSSBOB -B m SNB SF DPSSF MPT WFTUJEPT EF MÓOFB " EF SPNÈOUJDPT CPSEBEPT Z QVOUJMMBT SFDVQFSB Z SFOVFWB FM DBOFTÞ Z MBT QFDIFSBT Z MMFWB MB FMFHBODJB BM FTUJMP DBNJTFSP QBSB OJ×PT Z OJ×BT FO VOB QSPQVFTUB EF BDBCBEP JNQFDBCMF

$IBSP 3VJ[ USBTMBEB MB NPEB JCJDFODB B MPT MPPLT JOGBOUJMFT DPO MBSHPT WFTUJEPT FO MPT RVF FM CMBODP FT FM DPMPS EPNJOBOUF DPNCJOBEP DPO PUSPT UPOPT FY USBÓEPT EF MB OBUVSBMF[B DPNP FM WFSEF CPTRVF 4VT OJ×BT MVDFO EJTF×PT EF WPMBOUFT RVF DPNCJOBO MVOBSFT Z QSJOUT WFHFUBMFT NPOPT TJO NBOHBT EF FTUBNQBEP QBJTMFZ Z NPEFMPT FO DVBESPT WJDIZ DPO TPCSFWFTUJEPT EF UPQPT FO UPOPT NBSJOFSPT 1BSB MBT PDBTJPOFT NÈT FTQFDJBMFT SFTFSWB MBT KB SFUBT MPT SVGn FT MPT CPSEBEPT MPT MB[PT EF PSHBO[B Z MBT BQMJ DBDJPOFT GMPSBMFT *HVBMNFOUF QFSTPOBMFT TPO MPT QSJOUT EF -PVSEFT DPO USB[PT OBÕG RVF EJ CVKBO EJWFSUJEBT NBTDPUBT TPCSF QSFOEBT FO UPOPT MBWBEPT

#B×P B MB ÞMUJNB %$ ,JET MB NBSDB JOGBOUJM EF %PMPSFT $PSUÏT QSFTFOUØ USFT MÓOFBT FO FM TBMØO 4BJOU 5SPQF[ DPO USBKFT EF CB×P EF FTUJMP OBWZ EFDPSBEPT DPO BODMBT Z UJNPOFT &M FTQÓSJUV EFM NBS DPO MPPLT TVSGFSPT FO DPMPSFT JOUFO TPT Z " QMFJO BJS DPO EJTF×PT QSPUBHPOJ[BEPT QPS QFSTPOBKFT GBOUÈTUJDPT .BS EF $MFP DPO HSBOEFT FTUBNQBEPT TFWFOUJFT Z 0I 4PMFJM DPO QSJOUT USPQJDB MFT FO UPOPT WJWPT RVF TF DPN QMFUBO DPO CMVTBT Z CBOEBOBT B KVFHP UBNCJÏO PDVQBSPO VO MVHBS EFTUBDBEP

$FSFNPOJB JOGBOUJM "VORVF GVFSPO WBSJBT MBT m SNBT RVF QSFTFOUBSPO EJTF×PT QBSB PDBTJPOFT FTQFDJBMFT 5VUUP 1JDDPMP 1BO DPO $IPDPMBUF -PVSEFT OP GBMUBSPO MPT FTQF DJBMJTUBT EFM TFDUPS &T FM DBTP EF #BSDBSPMB RVF KVOUP B JO OPWBEPSFT EJTF×PT EF QSJNFSB DPNVOJØO NPTUSP FO MB GFSJB VOB DPRVFUB DPMFDDJØO EF WFTUJEPT DPO SPNÈOUJDPT SVGn FT EFTn F DBEPT FO UPOPT HSJTFT 6O JOUFOTP B[VM DJFMP FO WB SJBT EFDMJOBDJPOFT SFJOBCB FO FM

4BMVE #FMMF[B Z #JFOFTUBS &/53"

XXX NVKFSOBUVSBM FT

727 %DGDORQD

QBH JOEE


JDVWURQRPLD

ICUVTQPQOKC

UHFHSWHV UHVWDXUDQWV SL]]HULHV PHQMDUV SUHSDUDWV

-B 2VBMMBEB VO BMJNFOU CFO OVUSJUJV SJD FO DBMDJ

TÒSVN J FO OBUB J UBNCÏ ÏT SJDB FO DBMDJ 1FM RVF GB BM WBMPS OVUSJUJV EF MB RVBMMBEB BRVFTU ÏT NPMU TFNCMBOU BM EF MB MMFU $POUÏ MBDUPTB RVF ÏT FM TVDSF QSPQJ

HVMBDJØ -B RVBMMBEB OBUVSBM ÏT NPMU SJDB FO QSPUFÕOFT MËDUJRVFT J FO NJOFSBMT FTQFDJBMNFOU FO DBMDJ NFOUSF RVF MB RVBMMBEB DPBHVMBEB RVF ÏT MB EF NBKPS DPOTVN UÏ VO BMU DPOUJOHVU FO

(BTUSPOPNJB t &M RVBMM ÏT VO EFMT DPNQPOFOUT EF MB MMFU KVO UBNFOU BNC MB OBUB J FM TÒSVN )J IB EVFT WBSJFUBUT EF RVB MMBEB MB RVF T PCUÏ EF GPSNB OBUVSBM J MB RVF T PCUÏ QFS DPB

# ,,EØ "ADALONA

4EL

CALAMERCE

TELEFONICA NET

>Q_`Ma^MZ`

&DPEDODFKH 3&45"63"/5& 1*;;&3¶" t 1"33*--" "3(&/5*/"

$6*/" $"40-"/"

0'&35"

t /PWJMMP "SHFOUJOP %*--6/4 t 9BUØ EF 4JUHFT 5 " $ / 5" t 4FDSFUP *CÏSJDP t 'JMFU Eh&TUSVÎ B MB CSBTB t $BSOT B MB CSBTB BNC MMFOZB EhBM[JOB t $BSHPMT B MB MMBVOB B MhFTUJM EF -MFJEB

`7FOHB B CVTDBS MB DPNJEB B OVFTUSP SFTUBVSBOUF QBSB MMFWBSTFMB B DBTB `-F IBDFNPT VO EF EFTDVFOUP Z TJ BEFNÈT SFDPSUB FTUF BOVODJP Z OPT MP USBF MF SFHBMBNPT MB CFCJEB BHVB SFGSFTDP P DFSWF[B

1

7ÈMJEP UPEPT MPT EÓBT $BEVDB FM

$ $PORVJTUB t #"%"-0/" t 5FM

QBH JOEE

$-*&/54

$ $PORVJTUB #"%"-0/" 5FM

727 %DGDORQD


% BMUSB CBOEB MB RVBMMBEB ÏT VO BMJNFOU BNC VOFT FYDFM MFOUT RVBMJUBUT OVUSJUJWFT J UBNCÏ EF GËDJM EJHFTUJØ "JYÛ ÏT QFSRVÒ IB FTUBU QSÒWJBNFOU DPBHVMBEB GFU QFM RVBM ÏT NÏT GËDJMNFOU

."%36("%"4

EJHFSJCMF RVF MB MMFU MÓRVJEB 1FS BRVFTU NBUFJY NPUJV MB RVBMMBEB ÏT SFDPNBOBCMF QFS B MFT QFS TPOFT RVF QBUFJYFO E FTUØNBD P RVF FM UFOFO EFMJDBU 6O BMUSF GFU QFS UFOJS FO DPOTJEF SBDJØ ÏT RVF MFT QFSTPOFT RVF UFOFO JOUPMFSËODJB B MB MBDUPTB IBO E FWJUBS UBNCÏ MB RVBMMBEB 5BNQPD FO QPEFO DPOTVNJS MFT QFSTPOFT BNC BM MÒSHJB B MB QSPUFÕOB EF MMFU EF WBDB

"/5*(60 7"*9&--

+04&

JDVWURQRPLD

EF MB MMFU B NÏT EF QSPUFÕOFT E BMU WBMPS CJPMÛHJD &M DBMDJ J MFT WJUBNJOFT FTQFDJBMNFOU MFT EFM HSVQ # UBNCÏ IJ TØO QSFTFOUT 2VBOU BM DPOUJOHVU HSFJYØT TJ MB RVBMMBEB QSPDFEFJY EF MB MMFU E PWFMMB BRVFTU ÏT QSËDUJDB NFOU FM EPCMF RVF TJ MB RVBMMBEB ÏT EF MMFU EF WBDB -B NBKPS QBSU EFM HSFJY EF MB RVBMMBEB ÏT EFM UJQVT TBUVSBU QFS MB RVBM DPTB OP SFTVMUB NPMU JOEJDBU QFS B MFT QFSTPOFT RVF QBUFJYFO E FYDÏT EF QFT J P BNC VOT DPOUJOHVUT FO DPMFTUFSPM QFS TPCSF EFM OPSNBM

%FTBZVOPT Z DPQBT 4JHVF MB m FTUB 4«#"%0 : %0.*/(0 WÓTQFSBT EF m FTUB

-B UBVMB EF DPNQPTJDJØ OVUSJUWB QFS HSBNT EF RVBMMBEB RVF TPM DPSSFTQPOESF BNC VO FOWËT ÏT BRVFTUB &OFSHJB DBMPSJFT 1SPUFÕOFT HSBNT (SFJYPT HSBNT )JESBUT EF DBSCPOJ HSBNT $BMDJ NH

)03"3*0 I B I #3&",'"45 %3*/,4 '65#0-*/ "W 1SFTJEFOU $PNQBOZT #"%"-0/" .&/+"34 $6*/"54 1*;;&3*&4 76-- "/"3 " 6/ 3&45"63"/5 " 26*/ 4J OP FU DPOFJYFO OP FU QPEFO USVDBS "3" &4 &- .0.&/5 3&4&37" &- 5&6 &41"* 16#-*$*5"3* "- 505 #"%" -0/" 1&3 - &953" % &45*6 EFTEF å

BNBOJEFT r CPUJGBSSFT r QB EF DPDB r WJOT r YBUPOBEB r QBUÏT GPSNBUHFT r DBSOT B MB CSBTB r UBQFT r YBNQBOZFU r FNCPUJUT JCÒSJDT

1MBÎB EF MB GPOU r #BEBMPOB 5FM r

727 %DGDORQD

QBH JOEE

5FM


PHGLFLQD

OGFKEKPC

IDUPÁFLHV GH WRUQ FRQVHOOV PHWJHV VDOXW

$POUSPM EFM QFT J PCFTJUBU 4 B MV U t - P C F T J U BU Ï T V O B N B M B M U J B D S Û O J D B D BV T BE B QFS GBDUPST NPMU EJWFSTPT UBOU HFOÒUJDT DPN BNCJFO UBMT J RVF QSPWPDB VO FYDÏT E BDVNVMBDJØ EF HSFJY BM DPT /P FT USBDUB E VO TJNQMF QSP CMFNB FTUÒUJD TJOØ RVF DPOT UJUVFJY VOB WFSJUBCMF BNFOBÎB QFS B MB OPTUSB TBMVU KB RVF JODSFNFOUB MFT QPTTJCJMJUBUT EF QBUJS BMUSFT NBMBMUJFT DPN EJBCFUJT DPMFTUFSPM IJQFSUFO TJØ NBMBMUJFT BSUJDVMBST EF MB WFTÓDVMB CJMJBS DPSPOËSJFT J SFTQJSBUÛSJFT FOUSF E BMUSFT "RVFTU QSPCMFNB EF TBMVU R V B M J G J D BU Q FS M 0 . 4 D P N M FQJEÒNJB EFM TFHMF 99* UÏ M PSJHFO FO DBVTFT RVF WBO EFT EF M IFSÒODJB HFOÒUJDB FMT USBTUPSOT FOEPDSJOT MB JOnVÒODJB EFM NFEJ BNCJFOU QSPCMFNFT EFM TJTUFNB OFS WJØT FM UJQVT E BMJNFOUBDJØ P M BDUJWJUBU GÓTJDB "RVFTUT EPT ÞMUJNT GBDUPST BMJNFOUBDJØ J BDUJWJUBU GÓTJDB FTUBO SFMBDJP OBUT BNC MB NBKPSJB EFMT DB TPT EF TPCSFQÒT J PCFTJUBU &MT FYQFSUT BEWFSUFJYFO RVF M PCFTJUBU FTUË BVHNFOUBOU EF NBOFSB BMBSNBOU BMT QBÕ TPT PDDJEFOUBMT DPN B DPO TFRàÒODJB EFM TFEFOUBSJTNF EF MB WJEB NPEFSOB J FMT NBMT

IËCJUT BMJNFOUBSJT &T DSFV RVF FO FMT QSÛYJNT WJOU BOZT FM OPNCSF E PCFTPT FT EVQMJ DBSË &O M BDUVBMJUBU BRVFTUB NBMBMUJB KB BGFDUB NÏT EF EPT NJMJPOT E FTQBOZPMT J ÏT VOB NJDB NÏT GSFRàFOU FO MFT EP OFT RVF FO FMT IPNFT 6O EF MB QPCMBDJØ FT QBOZPMB FOUSF J BOZT QBUFJY TPCSFQÒT P PCFTJUBU &M TPCSFQÒT B EJGFSÒODJB EF M PCFTJUBU OP ÏT VOB NBMBMUJB UPU J RVF IFN EF UFOJS QSFTFOU RVF TJ OP FT DPOUSPMB QPU BDB CBS EFSJWBOU FO PCFTJUBU

$PSQPSBM *.$ FM QFT FO RVJMPT QBSUJU QFS M BMÎBEB FO NFUSFT BM RVBESBU 1FS FYFN QMF VOB QFSTPOB RVF QFTJ RVJMPT J GBDJ NFUSFT UJOESË VO *.$ EF Y 4J FM SFTVMUBU FT USPCB FOUSF J FM QFT FT DPOTJEFSB OPSNBM &OUSF J FT DPOTJEFSB TPCSFQÒT J B QBS UJS EF PCFTJUBU " NÏT B QBSUJS EF T JODSFNFOUFO MFT QPTTJ CJMJUBUT EF QBUJS EFUFSNJOBEFT NBMBMUJFT 1FSÛ OP OPNÏT FM HSBV E PCFTJUBU ÏT VO GBDUPS EF SJTD QFS QBUJS QBUPMPHJFT EJWFSTFT TJOØ RVF UBNCÏ IJ JOnVFJY MB EJTUSJCVDJØ EF HSFJY BM DPT $POUJOÞB

2VJO ÏT FM QFT BEFRVBU &M QFT BEFRVBU FT QPU TBCFS DBMDVMBOU M ¶OEFY EF .BTTB

/"/ Ê /

- ,6 "-Ê Ê / $ Ê Ê " "Ê­- ®

ÊÃÕÊÃiÀÛ V Ê`iÃ`iÊ£ Ç Ê * ,-" -Ê 9", Ê , -Ê ,$ Ê *"-/ "* , /", "ÊÊ "-* / ÊÓ{Ê ", -

iÀÛ V

ÌÀ>Ì> ` Êi Ê-

`iÊ >Ê Ì>ÀÊ >Ê` VÕ i Ì>V Ê iÊ>ÞÕ`> ÃÊ>ÊÌÀ> Ê Ìi i Õ Ì> À>Ì >Ê iÞÊ`iÊ >Ê i«i `i V

uu v À iÃitt

Ê* ,-" Ê 1 "Ê9Ê " Ê 8* , °Ê6 - / -Ê " ,/ -°

«ÀiÃ>ÊÀi} ÃÌÀ>`>Êi Ê i iÃÌ>ÀÊ- V > Ê Ö °Ê-äxÈ£Î

"WEB .BSFTNF PmDJOB QMBOUB #BEBMPOB r XXX UPUBFEBU DPN r JOGP!UPUBFEBU DPN

QBH JOEE

727 %DGDORQD


JXÁUGLD GLÛUQD

J C J 5SBUBNJFOUP SFHFOFSBUJWP BOUJFOWFKFDJNJFOUP GBDJBM Z SFNPEFMBDJØO DPSQPSBM TJO DJSVHJB

&KUUCDVG FG LWNKQN "(6*-"3 'SBODFTD -BZSFU #0*9 "W $BUBMVOZB $0/%0/ 1UHF 3JV 5FS '&33& $-"1&4 "W .BSUÓ 1VKPM (": "W .BSUJ 1VKPM (0/;"-&; +*. $BOPOHF #BSBOFSB 16$)0- $USB "OUJHB EF 7BMÒODJB 4&3&/5*-- .BS 7*":/" "W 1SFTJEFOU $PNQBOZT 7*7&4 +PBO 7BMFSB $BOU ®GSJDB

5FSBQJB OFVSBM Z NFEJDJOB CJPMØHJDB 7JTJUBT DPODFSUBEBT

5FM . %0-034 ."4 %&-#-"/$)

14*$»-0("

&KWOGPIG FG LWNKQN

/J×PT Z BEPMFTDFOUFT

5SBOTUPSOPT EFM BQSFOEJ[BKF Z P DPOEVDUB 5%") 5SBOTUPSOPT BGFDUJWPT EF QFSTPOBMJEBE Z BMJNFOUBSJPT

"(6*-"3 'SBODFTD -BZSFU #0*9 "W $BUBMVOZB $0/%0/ 1UHF 3JV 5FS '&33& $-"1&4 "W .BSUÓ 1VKPM 16$)0- $USB "OUJHB EF 7BMÒODJB 7*":/" "W 1SFTJEFOU $PNQBOZT

"EVMUPT

5SBOTUPSOPT EF BOTJFEBE FTUSÏT EFQSFTJØO GPCJBT -VEPQBUÓBT Z BEJDDJPOFT TPDJBMFT 1TJDPTJT

/FVSPQTJDPMPHÓB

%FNFODJBT USBOTUPSOPT EFM TVF×P &WBMVBDJØO OFVSPQTJDPMØHJDB SFIBCJMJUBDJØO DPHOJUJWB

1TJDPUFSBQJB

'BNJMJBS Z QBSFKB )PSBT DPOWFOJEBT

F EPMPST NBT!HNBJM DPN $ $PMM J 1VKPM S B r #BEBMPOB

5FM

B SB R V F N B J

&GN &KNNWPU FG LWNKQN CN &KXGPFTGU FG LWNKQN

T J O P I J F U T O P F Y J T U FJ Y F T

"(6*-"3 'SBODFTD -BZSFU #0*9 "W $BUBMVOZB $0/%0/ 1UHF 3JV 5FS '&33& $-"1&4 "W .BSUÓ 1VKPM (": "W .BSUJ 1VKPM (0/;"-&; +*. $BOPOHF #BSBOFSB 16$)0- $USB "OUJHB EF 7BMÒODJB 4&3&/5*-- .BS 7*":/" "W 1SFTJEFOU $PNQBOZT 7*7&4 +PBO 7BMFSB $BOU ®GSJDB

$BSUB BCJFSUB EFM %S 'BCSB B TVT BNJHPT Z QBDJFOUFT 2VFSJEPT BNJHPT Z QBDJFOUFT 4JFNQSF IF UFOJEP NVZ DMBSB MB JEFB EF KVCJMBSNF FO CVFOB GPSNB GÓTJDB Z NFOUBM Z EFCP DPOGFTBS RVF DVBOEP MMFHB FM NPNFOUP FT VO QBTP EJGÓDJM EF EBS $SFP RVF IF TBCJEP DVNQMJS DPO FTUF TFOUJ NJFOUP QPS MP RVF FM QSØYJNP EÓB EF KVMJP DFTP UPUBMNFOUF NJ BDUJWJEBE QSPGFTJPOBM 1BSB NJ IB TJEP VO IPOPS Z NPUJWP EF ÓOUJNB TBUJTGBDDJØO FM DPOUBS DPO MB DPOGJBO[B FO NJ RVFIBDFS QSPGFTJPOBM DPO MB RVF TJFNQSF NF IBCÏJT EJTUJOHVJEP %F IFDIP DPO MB HSBO NBZPSÓB EF NJT QB DJFOUFT B MP MBSHP EF MPT B×PT TF IB DSFBEP VOB SFMBDJØO IVNBOB EF BNJTUBE Z DBSJ×P %VSBOUF MPT ÞMUJNPT B×PT B NFEJEB RVF NJ JOUFODJØO EF KVCJMBSNF TF BDFSDBCB NF QSFPDVQBCB FM TFOUJNJFOUP EF BCBOEPOBS B NJT BNJHPT Z QBDJFOUFT QFSP BGPSUVOBEBNFOUF FTUPZ DPOWFODJEP EF RVF EFT EF FTUF QVOUP EF WJTUB QVFEP SFUJSBSNF BCTPMVUBNFOUF USBORVJMP ZB RVF TFHVJSÈO NJ MBCPS DPNP PUPSSJOPMBSJOHØMPHP EPT DPNQB×FSPT EFM )PTQJUBM EF 4BOU 1BV EPT EF NJT EJTDÓQVMPT NÈT FTUJNBEPT Z RVF NFKPS IBO BTJNJMBEP NJ GJMPTPGÓB QSPGFTJPOBM " QBSUJS EFM NFT EF TFQUJFNCSF MPT EPDUPSFT $ÏTBS 0SÞT Z +VBO 3B NØO (SBT BTJTUJEPT FO VO JOJDJP QPS NJ FTQPTB FTUBSÈO B WVFTUSB EJTQPTJDJØO FO NJ NJTNP DPOTVMUPSJP Z DPO FM NJTNP OÞNFSP EF UFMÏGPOP 2VJTJFSB UFTUJNPOJBS FO FTUBT CSFWFT MÓOFBT NJ BHSBEFDJNJFOUP DPOTJEFSBDJØO Z FTUJNB B UPEPT NJT BNJHPT Z QBDJFOUFT $PO UPEP FM DBSJ×P

JXÁUGLD QRFWXUQD

J C J FGN FKC UGI×GPV

&KUUCDVG FG LWNKQN 7*7&4 +PBO 7BMFSB 7*":/" "W 1SFTJEFOU $PNQBOZT

&KWOGPIG FG LWNKQN 9*3"6 *OEFQFOEÒODJB 7*":/" "W 1SFTJEFOU $PNQBOZT

&KNNWPU FG LWNKQN #-"4$0 "W 3PT J (àFMM 7*":/" "W 1SFTJEFOU $PNQBOZT

&KOCTVU FG LWNKQN (05;&/4 "W .BSUÓ 1VKPM 7*":/" "W 1SFTJEFOU $PNQBOZT

&KOGETGU FG LWNKQN '69" $PMM J 1VKPM 7*":/" "W 1SFTJEFOU $PNQBOZT

&KLQWU FG LWNKQN 30%"4 1M 1PNBS T O 7*":/" "W 1SFTJEFOU $PNQBOZT

&KXGPFTGU FG LWNKQN .0/503*0- 1ÏSF[ (BMEØT 7*":/" "W 1SFTJEFOU $PNQBOZT

%S +PTFQ . 'BCSB 727 %DGDORQD

QBH JOEE

PHGLFLQD

IDUPÁFLHV

DFOUSF NÒEJD


PHGLFLQD

GF T Q V C M JD JUBU B SB R VF N BJ T J O P FU WF V F O O P F Y JTU F J Y F T "W 1SFTJEFOU $PNQBOZT #"%"-0/"

t 4&37&* %0.µ45*$ t 4&37&*4 104"%" " 16/5 t /&5&(&4 %& 90$ t 4&-&$$*» %& 1&340/"-

(V XQ VHUYHL GLULJLW D SHUVRQHV JUDQV DXWzQRPHV DPE XQ WUDFWH DFROOLGRU L IDPLOLDU 64 0'&3*. (VWDGHV SHUPDQHQWV (VWDGHV WHPSRUDOV &DSV GH VHWPDQD 'LHV L KRUHV FRQYLQJXGHV

SFTTBUT 4J FTUBO JOUFJBOB TPN B 5

XXX DPNBDBTBUJBOB DPN

5FM

QSFHVOUBS QFS /ÞSJB 1MBDFT MJNJUBEFT

5(6,'Ë1&,$ *(5,­75,&$

*$8', $FOUSF DPM MBCPSBEPS EF MB (FOFSBMJUBU

& $QWRQL *DXGt SREOH

6$17 )267 '( &$036(17(//(6

7HO

&.* 304"

5HVLGHQFLD 7HUFHUD (GDG $ +VBO 99*** 5FM 4BOU 'PTU EF $BNQTFOUFMMFT #BSDFMPOB

QBH JOEE

$PELHQW IDPLOLDU L WUDQTXLO HQ PLJ GH OD QDWXUD &DVD DPE MDUGt L WHUUDVVHV &XLQD SURSLD

t 1&/4*»/ $0.1-&5" .&%*" 1&/4*»/ : )03"4 $0/7&/*%"4 t 4&37*$*0 .²%*$0 : ."4"+*45" t 5&33";" : (3"/ +"3%¶/ t 1-";"4 -*.*5"%"4

727 %DGDORQD


&ODBSB RVF FMT GBDUPST HFOÒ UJDT OP FT QPEFO NPEJm DBS TÓ RVF QPEFN JODJEJS FO FM DBT EFMT GBDUPST BNCJFOUBMT 4FN QSF QPEFN JOUFOUBS QPSUBS VOB EJFUB FRVJMJCSBEB J NBOUFOJS VOB BDUJWJUBU GÓTJDB BEFRVBEB B MFT DBSBDUFSÓTUJRVFT EF DBEB QFSTPOB ²T NPMU JNQPSUBOU UFOJS FO DPNQUF RVF VO DPQ FTUBCMFSUB M PCFTJUBU ÏT NPMU EJGÓDJM SFWFSUJS MB J FT SFRVFSFJY VO HSBO FTGPSÎ J DPOTUËODJB 1FS BJYÛ FT EJV RVF MB NJMMPS NBOFSB EF USBDUBS M PCFTJUBU ÏT QSFWFOJS MB -B QSFWFODJØ IB EF DPNFOÎBS KB EFT EF MB

727 %DGDORQD

QBH JOEE

JOGËODJB FEVDBOU FMT OFOT QFSRVÒ BQSFOHVJO VOT IËCJUT BMJNFOUBSJT DPSSFDUFT J QSP NPWFOU MB QSËDUJDB E FYFSDJDJ GÓTJD EFT EF QFUJUT "RVFTU BQSFOFOUBUHF JOGBOUJM ÏT GPOB NFOUBM KB RVF DPOEJDJPOBSË FMT IËCJUT EF M BEVMU "MUSFT QFSÓPEFT FO RVÒ IJ IB VOB UFOEÒODJB B HVBOZBS QFT TØO M BEPMFTDÒODJB M FNCBSËT MB NJUKBOB FEBU FO MFT EPOFT J EFTQSÏT EF DBTBS TF FO FMT IPNFT

NPEFSBDJØ J FO GVODJØ EF MFT OFDFTTJUBUT FOFSHÒUJRVFT EF DBEB VO &MT ËQBUT IBVSBO EF SFQBSUJS TF FO P BM EJB FWJ UBOU QJDBS FOUSF IPSFT )FN EF NPEFSBS FM DPOTVN EF HSFJYPT BOJNBMT TBUVSBUT BVHNFOUBS FM DPOTVN EF GSVJUFT WFSEVSFT J QFJY QSPDVSBS NFOKBS B QPD B QPD J NBTUFHBS CÏ t &MT CFOFm DJT E VOB QÒSEVB EF QFT FODBSB RVF TJHVJ QFUJUB FO VOB QFSTPOB PCFTB DPN QFOTFO BNC FTDSFJY M FTGPSÎ KB RVF FT SFEVFJY FM SJTD EF QBUJS NPMUFT NBMBMUJFT

3FDPNBOBDJPOT FO FM USBDUBNFOU EF M PCFTJUBU t -B QSJNFSB SFHMB FO NBUÒSJB E PCFTJUBU ÏT OP QFSNFUSF T FOHSFJYBS TF 1FS QSFWFOJS MB IBVSFN EF QPSUBS VOB EJFUB FRVJMJCSBEB J GFS FYFSDJDJ EF NBOFSB SFHVMBS FO GVODJØ EF M FEBU J EF MFT DBSBDUFSÓTUJ RVFT JOEJWJEVBMT QFS FYFNQMF QSBDUJDBS HJNOËTUJDB OBUBDJØ P TJNQMFNFOU DBNJOBS

t &M USBDUBNFOU EF M PCFTJUBU ÏT VO USBDUBNFOU QFS B UPUB MB WJEB 3FRVFSFJY FTGPSÎ DPOTUËODJB J FTUBS EJTQPTBU B NPEJm DBS FMT IËCJUT BMJNFO UBSJT /P IFN EF DPOm BS FO QSPEVDUFT iNJSBDMFw OJ FO MFT EJFUFT iNËHJRVFTw RVF BDPO TFMMFO QFSTPOFT OP FYQFSUFT &M DPOTFMM BMJNFOUBSJ IB EF TFS TFNQSF JOEJWJEVBMJU[BU

t 1FS BQSJNBS TF ÏT GPOBNFO UBM QPSUBS VOB EJFUB FRVJMJCSB EB NFOKBOU EF UPU QFSÛ BNC

PHGLFLQD

$ P O U J O V B D J Ø " J YÓ R V B O T BDVNVMB NÏT B OJWFMM BCEP NJOBM IJ IB VO SJTD NÏT HSBO EF EFTFOWPMVQBS EJBCFUJT J NBMBMUJFT DBSEJPWBTDVMBST J RVBO FM HSFJY T BDVNVMB B OJWFMM EF HMVUJT J DVJYFT FMT QSPCMFNFT BTTPDJBUT OP TØO EF UJQVT NFUBCÛMJD TJOØ NÏT BWJBU FTUÒUJD J MPDBMJU[BUT B OJWFMM EFMT NFNCSFT JOGFSJPST DJSDVMBDJØ BSUSPTJ EF HFOPMMT FUD

%SB .BSUB $BTUFMMT 'BSNBDÒVUJDB


/HFWRUV

NGEVQTU

FDUWHV IRWR GHQÙQFLD SURWDJRQLVWD FRO ODERUDFLRQV

3FTQPTUB B MB 4SB . $BSNFO EFM DBSSFS 1SPWJEÒODJB # F OWP M H V E B $ B S N F O F O SFTQPTUB BM TFV FTDSJU TPCSF M BDUVBDJØ EF M "KVOUBNFOU BM TFV CBSSJ WVMM GFS MJ BMHVOFT QSF DJTJPOT 4PCSF FM UBODBNFOU EF TPMBST WPTUÏ TBQ RVF BRVFTUB ÏT VOB SFTQPOTBCJMJUBU EFMT QSPQJFUBSJT J RVF M "KVOUBNFOU OPNÏT QPU SFRVFSJS MPT B RVÒ FMT UJOHVJO FO DPOEJDJPOT J FMT UBORVJO FO CFOFm DJ EF MB TFHV SFUBU EFMT WJBOBOUT /P QPEFN FOUSBS B DBQ QSPQJFUBU QSJWBEB TJOØ ÏT BNC QFSNÓT KVEJDJBM &O SFMBDJØ B MFT PCSFT RVF T FTUBO FYFDVUBOU BDUVBMNFOU BM CBSSJ IFN EF EJS FO QSJNFS UFS NF RVF TØO QSPKFDUBEFT QFS NJ MMPSBS MB DJVUBU J RVF NFOUSF EVSB M PCSB ÏT HBVSFCÏ JOFWJUBCMF RVF FT HFOFSJO BMHVOFT NPMÒTUJFT BMT DJVUBEBOT &T QSPDVSB NJOJ NJU[BS MFT BM NËYJN QFSÛ TJ QFS FWJUBS MFT OP GÏTTJN PCSFT BJYÛ TÓ RVF TFSJB DSJUJDBCMF &O BRVFTU NPNFOU QFS FYFN QMF &OHFTUVS FTUË DPOTUSVÕOU VO QËSRVJOH EF NÏT EF QMBDFT B MB QMBÎB EFMT 1BÕTPT $BUBMBOT J MB SFNPEFMBDJØ EF M BDUVBM FEJ GJDJ EFM .FSDBU 5PSOFS QPESË DPNFOÎBS QSFDJTTBNFOU RVBO BRVFTUB PCSB BDBCJ J B MB QMBÎB FT QVHVJ TJUVBS VOB JOTUBMtMBDJØ QSPWJTJPOBM EFM NFSDBU QFSRVÒ MFT PCSFT OP BUVSJO MB TFWB BD UJWJUBU "JYÓ NBUFJY HSËDJFT BM 'POT &TUBUBM E *OWFSTJØ -PDBM '&*- QSPNPHVU QFS (PWFSO EF M &TUBU FTUFN NJMMPSBOU FM DMB WFHVFSBN EFM DBSSFS (FOFSBM 8FZMFS FOUSF *OEÞTUSJB J (VJGSÏ

DPOFJYFNFOU EFMT NBUFJYPT J BNC UBOUB DFMFSJUBU DPN IB FTUBU QPTTJCMF 1BSMB WPTUÒ FO FM TFV FTDSJU EF MB QMBÎB EFMT DPMPNT J TPCSF BJYÛ MJ WVMM JOGPSNBS RVF MB 3F HJEPSJB EF 4BMVU GB DBEB BOZ VO NÓOJN EF EVFT BDUVBDJPOT EF DPOUSPM EF MB QPCMBDJØ EF DPMPNT FO MB QMBÎB EF MB 5FOPSB M ÞMUJNB FT WB EVS B UFSNF FM QBTTBU NFT EF GFCSFS J MB QSPQFSB FTUË QSFWJTUB QFS B QSJODJQJT EF +VMJPM E BRVFTU BOZ & N T B Q H S F V I B W F S N F E FYUFOESF UBOU QFSÛ ÏT RVF TØO NPMUFT MFT BDUVBDJPOT RVF FTUFN GFOU FO FM CBSSJ J DSFD RVF FSB OFDFTTBSJ SFDPSEBS MFT "DUVBDJPOT OP OPNÏT VSCBOÓT UJRVFT UBNCÏ BMUSFT FO M ËNCJU EFMT TFSWFJT DPN BSB FM OPV $"1 EFM 1SPHSÏT RVF T FTUË DPOTUSVJOU B MB QMBÎB E 0WJEJ .POUMMPS J RVF EPOBSË TFSWFJ BMT WFÕOT EFMT CBSSJT EFM 3B WBM J 1SPHSÏT BNC QPTUFSJPS VSCBOJU[BDJØ E BRVFTUB QMBÎB EFM EBWBOU E BRVFTU OPV BNCV MBUPSJ +VOUBNFOU BNC BRVFTU FRVJQBNFOU BNC MB QPTUB FO GVODJPOBNFOU EFM $&*1 1SPHSÏT VCJDBU BM $BSSFS *OEÞTUSJB J MB NJMMPSB EFM OPV $BTBM E BWJT EF 1FQ 7FOUVSB FM CBSSJ EFM 1SPHSÏT FTUË JOJDJBOU VO QSPDÏT EF USBOTGPSNBDJØ VSCBOB J TPDJBM RVF NJMMPSBSË NPMU FM EJB B EJB EFM WFÕOT J WFÕOFT EF MB [POB

BNC MB QPTUFSJPS SFVSCBOJU[BDJØ E BRVFTU USBN EF DBSSFS " QSJO DJQJT EFM NFT EF NBJH J BNC SFDVSTPT '&*- FT WBO JOJDJBS UBNCÏ MFT PCSFT EF NJMMPSB EFM DMBWFHVFSBN EFM DBSSFS 1SPHSÏT J MB QPTUFSJPS SFVSCBOJU[BDJØ FO FM USBN DPNQSÏT EFT EF 4BOU *HOBTJ EF -PJPMB m OT B 3FQÞ CMJDB "SHFOUJOB 1SPQFSBNFOU UBNCÏ T JOJDJBSË MB SFVSCBOJU [BDJØ JOUFHSBM EF UPU FM DBSSFS $FSWBOUFT EFT E *OEÞTUSJB m OT B 3BNPO -MVMM RVF DPNQPSUBSË M PCFSUVSB E BRVFTU WJBM QFS MB QMBÎB #BEBMPOB J RVF QPTTJCJ MJUBSË M BDDÏT EJSFDUF BM MBUFSBM EF M BVUPQJTUB $ 'JOBMNFOU FTUFN SFVSCBOJU[BOU FM $BSSFS #BMEPNFS 4PMË FOUSF FM DB SSFST EF -BUSJMMB J 1POFOU FO FM RVF T FTUË NJMMPSBOU MB YBSYB EF DMBWFHVFSBN J MB NJMMPSB EF MFT WPSFSFT &O EFm OJUJWB RVF TØO NPMUFT MFT PCSFT EF NJMMPSB RVF FTUFN GFOU CFO B QSPQ EF DBTB TFWB FO BRVFTUT EJFT 4Ó RVF ÏT DFSU RVF IJ IB WPSF SFT FO NBM FTUBU BM CBSSJ 1FSÛ TPCSF BJYÛ MJ WPMFN EJS RVF OP ÏT NFOZT DFSU RVF FO FM RVF QPSUFN E BOZ T IBO GFU NÏT E VO DFOUFOBS E BDUVBDJPOT QVOUVBMT E BSSBOKBNFOU EF EFTQFSGFDUFT QFS QBSU EF MB SFHJEPSJB EF 7JB 1ÞCMJDB FO FM 1SPHSÏT 4PCSF FM QBSD JOGBOUJM EF MB QMBÎB EFMT 1BÕTPT $BUBMBOT UBNCÏ UÏ WPTUÏ SBØ RVBO EJV RVF IB QBUJU BDUFT WBOEËMJDT RVF IBO PDBTJPOBU EFTQFSGFDUFT 6OT GFUT MBNFOUBCMFT RVF IFN BOBU BSSBOKBOU UBO QVOU IFN UJOHVU

3PTFS $BTUJMMP 3FHJEPSB EF 4BMVU J EFM %JTUSJDUF "KVOUBNFOU EF #BEBMPOB

/06 4&37&* % "650"13&/&/5"5(& * 3&$63404 %& $"5"-® " */5&3/&5

"VMB E JOGPSNËUJDB EF MB #JCMJPUFDB $BO $BTBDVCFSUB 5PUT FMT EJNBSUT EF B I 4FSWFJ HSBUVÕU J TFOTF DJUB QSÒWJB

QBH JOEE

727 %DGDORQD


5FOHP MB TFOTBDJØO RVF FM SFHJEPS 'FSSBO 'BMDP IBDF QPDP RVF FTDVDIB MB UFSUVMJB EF MB 3$# 4V EFGFOTB BGF SSBEB B TVQSJNJS MBT MMBNBEBT UFMFGØOJDBT EF MPT PZFOUFT BSHVNFOUBOEP RVF OP TF IB DF FO OJOHVOB UFSUVMJB Z RVF FYJTUFO QSPHSBNBT EFEJDBEPT B FMMP 5FOHP RVF SFDPSEBSMF RVF DVBOEP VTUFE FTUBCB FO MB PQPTJDJØO EÓB TJ Z EÓB UBN CJÏO MMBNBCB VOB QFSTPOB DPO DMBSB QPTJDJØO DPOWFSHFO UF RVF JODMVTP MMFHVÏ B QFOTBS RVF GPSNBCB QBSB EFM QSPHSB

RVF BMBCBCBO MBT JOUFSWFO DJPOFT EF FTUB PZFOUF NFKPS EJDIP UFSUVMJBOB FSB QBSUF EF QSPHSBNB MØHJDBNFOUF TJ IBCMBO EFM MB DPNVOJEBEFT EF 4BOU 3PD Z OP QVEF JOUFSWFOJS BMHVJFO WJODVMBEP P MBT WB RVJMMBT EF 4BOU +PBO EF -MFmË P DVBMRVJFS UFNB FTUBNPT TVKFUPT B MBT PQJOJPOFT EF MPT UFSUVMJBOPT RVF QVFEFO EFT DPOPDFS B GPOEP MB DVFTUJØO &T VOB QFOB RVF TF JOUFOUF EFTDBGFJOBS MB UFSUVMJB

NB &O BRVÏMMPT NPNFOUPT OBEJF TF RVFKBCB EFM VTP EFM UFMÏGPOP OBWFHBCB FO TV CBS DP Z MF FSB GBWPSBCMF )BDF VOPT EÓBT TF MP SFDPSEØ +PBO #MBODI Z UFOJB UPEB MB SB[ØO EFM NVOEP 0USB DVFTUJØO FT RVF TF QFSNJUB MMBNBEBT EF BMVEJEPT Z UFNBT EF #BEBMP OB QFSP OP QVFEF TFS RVF MF NPMFTUF MBT MMBNBEBT EF MBT QFSTPOBT RVF OP FTUÈO FO TV FOUPSOP QPMÓUJDP )BZ UFSUVMJB OPT RVF MF QVFEFO SFDPSEBS FTUBT MMBNBEB EJBSJBT DPNP FM 4S #BMMFTUFSPT P 'BSSFT

/HFWRUV

/PSNBT FO MB UFSUVMJB EF MB 3$#

%FTEF MBT MMFmBT

$BSUB EFOÞODJB B 3FOGF &N EJD +PBO UJOD NFTPT J UJOD MB TPSU EF WJVSF B VOB DJVUBU NPMU HVBJ RVF FT EJV #BEBMPOB 5Ï EF UPU CPUJHVFT EF UPUB NFOB NFS DBUT BVUPCVTPT VOFT GFTUFT EF NBJH NPMU EJWFSUJEFT FTQBJT QFS KVHBS FMT OFOT VOB SBNCMB NPMU CPOJDB J TPCSFUPU &M NBS * mOT J UPU UÏ SËEJP J UFMFWJTJØ 1FSÛ IJ IB VOB DPTB RVF OP UÏ BTDFOTPS P SBNQFT B M FTUBDJØ EF USFO

USP GJOT B QBSBM MFM QFSÛ DPN RVF UBNQPD IJ IB BTDFOTPS OJ FTDBMFT NFDËOJRVFT B MB OPT USB TPSUJEB IFN EF CBJYBS VOB QBSBEB BCBOT i4BOU "OUPOJw J BOBS DBNJOBOU mOT B DBTB FMT BWJT )J IB BMHÞ RVF QPTJ SFNFJ B BRVFTU QSPCMFNB RVF UFOJN OPTBMUSFT J BMUSFT NBSFT J QFS TPOFT BNC NPCJMJUBU SFEVÕEB .PMUFT HSËDJFT

-B NBNB J KP OP QPEFN BOBS FO USFO B WFVSF FMT BWJT B #BS DFMPOB QFSRVÒ OP QPEFN QVKBS B NPMUT USFOT iOP BEBQUBUTw OJ UBNQPD CBJYBS OF B M BSSJCBS B 1M $BUBMVOZB * QFS UPSOBS NFOZT FODBSB QFSRVÒ OP IJ IB NBOFSB EF CBJYBS FM DPUYFU QFS MFT FTDBMFT EF M BOEBOB QFS BOBS B MB TPSUJEB &M RVF IFN EF GFS ÏT FM TFHàFOU BHBGFN VO BVUPCÞT mOT B 1FQ 7FOUVSB "MMË BHBGFN FM NF

+PBO #BEBMPOB

-B QMBUKB EF #BEBMPOB &N USFD FMT UFYBOT MB DB NJTFUB J MFT TBCBUJMMFT TPUB FMT QFVT TFOUP FM DBMPS EF MB TPSSB EBVSBEB &TUFOD MB UPWBMMPMB B QSPQ EF MB WPSB EFM NBS UBO B QSPQ RVF PMPSP MB TFWB TBMJOJUBU -B QMBUKB FTUË USBORVJMrMB J TFNCMB FM NJSBMM PO FT SFnFDUFJYFO FMT USFTPST TFDSFUT EFM NBS 'JDP FMT QFVT EJOT M BJHVB J TFOUP MB TFWB GSFEPS B MB QFMM EF NJDB FO NJDB WBJH TVC NFSHJOU FM DPT TFODFS ²T FM QSJNFS CBOZ E FTUJV 4VSUP EFM NBS J N BTTFDP M BJHVB EF MB DBSB EFMT CSBÎPT J MFT DBNFT QFS QPTBS NF QSPUFDDJØ TPMBS EFTQSÏT OP WVMM UFOJS QSPCMF NFT BNC MB QFMM - BSPNB EPMÎ EF MB OJWFB FT DPMB QFMT TFOUJUT BDPNQBOZBOU BRVFTUT 727 %DGDORQD

QBH JOEE

#BSDB .BSJOB MB QMBUKB EF $SJTUBMM MB EFM 1POU E FO #P UJGBSSFUB MB EFMT 1FTDBEPST MB EFMT 1BUJOT B 7FMB MB EF M &TUBDJØ MB EFM 1POU EFM 1FUSPMJ MB EFM $PDP J MB QMBUKB EF MB .PSB VO BNQMF SFDP SSFHVU QFS B SFMBYBS TF BNC MB MFDUVSB QFS B FTDPMUBS MB NÞTJDB EFM NBS QFS B KVHBS J EJWFSUJS TF QFS B JNBHJOBS QFS B GFS FTQPSUT 0CSP MB NFWB CPTTB EF DPUØ J mDP MB UPWBMMPMB NFOUSF FN WFTUFJYP SVNJP RVF BRVFTU NFSBWFMMØT NBUÓ EF NBS J EF TPM B #BEBMPOB N IB QFS NÒT HBVEJS EF MB GFMJDJUBU M IBSNPOJB M FRVJMJCSJ MB QBV J MB MMJCFSUBU RVF FOT QPSUB M FTUJV

QSJNFST SBJHT EF TPM %POP VO UPN BNC MB NJSBEB J WFJH RVF BSSJCB NÏT HFOU KPWFT BMMVOZBUT EFM NØO FTDPMBS FMT QSJNFST FTUJVFKBOUT B MB DJVUBU NBSFT J QBSFT BNC MB DBOBMMB HFOU HSBO QBTTFKBOU "M DBQ E VOB FTUPOB DPNFOÎB B RVFEBS IJ QPD FTQBJ FOUSF MFT UPWBMMPMFT -MFOÎP MB WJTUB mOT M IPSJU[Ø J FM DPMPS CMBV EF M BJHVB JMrMVNJOBU QFS MB MMVN EFM TPM FN TFNCMB VOB JNBUHF E FYUSFNB CFMMFTB #BEBMPOB ÏT VOB DJVUBU DPT UBOFSB BNC NPMUFT KPJFT QFSÛ B M FTUJV MB TFWB KPJB NÏT QSF DJPTB ÏT FM TFV EJBNBOU CMBV MB 1MBUKB RVBTJ DJOD RVJMÛNF USFT EF QMBUKB QMFOB EF WJEB J E BMFHSJB 5PU VO MJUPSBM E PS RVF BCBTUB MB QMBUKB EF MB

.BSJ $BSNFO -P[BOP


IRWR GHQÙQFLD /HFWRUV

CBEBMPOB!FMUPUEJHJUBM DPN

0T FOWÓP FTUBT GPUPT QBSB RVF WFÈJT RVF OP TPMP FT FO FM (PSH EPOEF TVDFEFO FTUBT DPTBT FO 4BOU 3PD MP QBEFDFNPT IBDF B×PT Z FNQFPSBOEP QPS EÓBT FTQFSP RVF MBT NFEJEBT RVF BEPQUF FM "ZVOUBNJFOUP UBNCJÏO TFBO QBSB 4BOU 3PD Z OP OPT EFKFO DPNP TJFNQSF BM NBSHFO EF DVBMRVJFS CFOFmDJP 4PNPT #BEBMPOFTFT DPO OVFT USBT PCMJHBDJPOFT Z EFSFDIPT iTPMP MP QSJNFSP MP TFHVOEP TF QFSEJØ QPS FM DBNJOPw /ÞSJB 1VJHOFSP

'F E FSSBEB " MB SFWJTUB WB TPSUJS QFS FSSPS FM OPN EF MB QFSTPOB RVF WB FOWJBS MB QPFTJB 3F DPSE B MB TFDDJØ EF 1PFTJB "NBUFVS 7B BQBSFJYFS mSNB EB QFS "OB $ÏTQFEFT TFOU FM DPSSFDUF "OOB . 1PSUFMM 1FSEPOJO MFT NPMÒTUJFT RVF BJYÛ IB PDBTJPOBU &M 505 #BEBMPOB

-B DJVEBEBOJB EF #BEBMPOB BQPZB DBEB WF[ NÈT B MB $PPSEJOBEPSB Eh&OUJUBUT - B $ P P S E J O B E P S B E h" T T P D J B D J Ø O &O U J U B U T J $PMrMFDUJVT EF #BEBMPOB FO VO BDUP NÈT EF SFTQPOTBCJMJEBE Z DPNQSPNJTP DPO MB TPDJFEBE DJWJM EF #BEBMPOB FO FTUPT NPNFOUPT EVSPT EF DSJTJT RVF HPMQFB B MPT NÈT EFTGBWPSFDJ EPT TPDJBMNFOUF Z EFTQVÏT

EF FOUSFHBS FO FM SFHJTUSP EFM "ZVOUBNJFOUP mSNBT QPEFNPT EFDJS DPO PSHVMMP RVF TFHVJNPT SFDJCJFOEP MB DPOmBO[B EF MPT DJVEBEBOPT EF #BEBMPOB Z WBNPT B QPS MBT mSNBT "TTPDJBDJØO Eh&OUJUBUT J $PMrMFDUJVT EF #BEBMPOB

&OWJBOhT MFT UFWFT DBSUFT &OWJBOhT MFT DBSUFT P GPUPT EFOÞODJB t ²T PCMJHBUPSJ FM OPN EBEFT %/* P QBTTBQPSU EF M BVUPS t $BQ EPDVNFOU RVF FOT TJHVJ FOWJBU TFSË SFUPSOBU t &M 505 FT SFTFSWB FM ESFU B SFEVJS J FEJUBS MFT DBSUFT RVF IP SFRVFSFJYJO J QVCMJDBS BRVFMMFT RVF DPOTJEFSJ PQPSUÞ t /P FT NBOUJOESË DPSSFTQPOEÒODJB OJ T BUFOESBO WJTJUFT P USVDBEFT SFTQFDUF FMT PSJHJOBMT FOWJBUT P QVCMJDBUT $ -MFØ O B #BEBMPOB CBEBMPOB!FMUPUEJHJUBM DPN

5SPCB UPUFT MFT DBSUFT EFMT MFDUPST BM OPTUSF XFC XXX FMUPUEJHJUBM DPN DBSUFT EFMT MFDUPST

3DUOHV KDELWXDOPHQW HQ FDWDOj L YROGULHV DMXGDU DOJ~ DOWUH TXH QHFHVVLWD SUDFWLFDU OR"

7X S RW V VHU YR OXQW DU L # 3DUOHV XQD PLTXHWD GH FDWDOj SHUz HW FRVWD SUDFWLFDU OR HQ HO WHX HQWRUQ"

7X S RW V VHU DSU H QHQW #

QBH JOEE

6L HWV PDMRU G¶HGDW L WHQV XQD KRUD D OD VHWPDQD SHU SDUODU HQ FDWDOj DPE DOJ~ DOWUH D O¶KRUD DO OORF L VREUH HOV WHPHV TXH YXOJXHX

&20 86 +, 32'(8 $3817$5"

Ɣ $O ZHE ZZZ Y[O FDW Ɣ $O &1/ GH %DGDORQD L 6DQW $GULj DY G¶$OIRQV ;,,, HQWO D Ɣ 7UXFDQW DO WHOqIRQ Ɣ (QYLDQW XQ FRUUHX HOHFWUzQLF D %ODQFD 6DOD EVDOD#FSQO FDW

$0/403$* 1&3 " -" /03."-*5;"$*ª -*/(³¤45*$"

727 %DGDORQD


1(&52/¶*,48(6

*OGPSNBDJË QSPQPSDJPOBEB QFS 10.1"4 'Á/&#3&4 %& #"%"-0/" 4 "

304" '"33² 035"-FT FYÒRVJFT WBO TFS FM EF KVOZ B Mh0SBUPSJ 1'#

304"3*0 1²3&; Á#&%" -FT FYÒRVJFT WBO TFS FM EF KVOZ B Mh0SBUPSJ 1'#

."/6&- #"33"(«/ .07*--" -FT FYÒRVJFT WBO TFS FM EF KVOZ B Mh0SBUPSJ 1'#

-6$*"/0 ("3$¶" -*;"/" -FT FYÒRVJFT WBO TFS FM EF KVOZ B Mh0SBUPSJ 1'#

1&%30 30%3¶(6&; 16&350 -FT FYÒRVJFT WBO TFS FM EF KVOZ B Mh0SBUPSJ 1'#

'3"/$*4$" $"45*--0 1*.&/5&-FT FYÒRVJFT WBO TFS FM EF KVOZ B Mh0SBUPSJ 1'#

$"3-&4 )0.4 * 7&/563" -FT FYÒRVJFT WBO TFS FM EF KVOZ B Mh0SBUPSJ 1'#

+0"/ 7*$&/5& 1²3&; -FT FYÒRVJFT WBO TFS FM EF KVOZ B Mh0SBUPSJ 1'#

+6"/ (0-' 3&7&/5&3 -FT FYÒRVJFT WBO TFS FM EF KVOZ B Mh0SBUPSJ 1'#

"/50/*0 -626& 1"3&+0 -FT FYÒRVJFT WBO TFS FM EF KVOZ B Mh0SBUPSJ 1'#

."/6&- 4«/$)&; '&3/«/%&; -FT FYÒRVJFT WBO TFS FM EF KVOZ B Mh0SBUPSJ 1'#

'3"/$*4$0 .*3"--&4 3".»/ -FT FYÒRVJFT WBO TFS FM EF KVOZ B Mh0SBUPSJ 1'#

«/(&-" "35*&%" -»1&; -FT FYÒRVJFT WBO TFS FM EF KVOZ B Mh0SBUPSJ 1'#

."3¶" 403*" $"#"--&30 -FT FYÒRVJFT WBO TFS FM EF KVOZ B Mh0SBUPSJ 1'#

3*$"3%0 "4&/4*0 ("3$¶" -FT FYÒRVJFT WBO TFS FM EF KVOZ B Mh0SBUPSJ 1'#

*4"#&- *#«º&; 1&3"-5" -FT FYÒRVJFT WBO TFS FM EF KVOZ B Mh0SBUPSJ 1'# #"4*-*" *;26*&3%0 #";«/ -FT FYÒRVJFT WBO TFS FM EF KVOZ B Mh0SBUPSJ 1'# "/50/*" 404" "-5"#&--" -FT FYÒRVJFT WBO TFS FM EF KVOZ B Mh0SBUPSJ 1'# 3".*30 46#*3« * 563.0 -FT FYÒRVJFT WBO TFS FM EF KVOZ B Mh0SBUPSJ 1'# '3"/$*4$0 '6&/5&4 %¶"; -FT FYÒRVJFT WBO TFS FM EF KVOZ B Mh0SBUPSJ 1'# . ".1"30 03%6/" $&-*(6&5" -FT FYÒRVJFT WBO TFS FM EF KVOZ B Mh0SBUPSJ 1'# #&3/"3%0 -»1&; 3&%0/%0 -FT FYÒRVJFT WBO TFS FM EF KVOZ B Mh0SBUPSJ 1'#

."3*" 1"33&6 * 1"--&+® -FT FYÒRVJFT WBO TFS FM EF KVOZ B Mh0SBUPSJ 1'# .*(6&- 1"4503 4"/$)0 -FT FYÒRVJFT WBO TFS FM EF KVOZ B Mh0SBUPSJ 1'# '3"/$&4$" 3*("-»4 ."4 -FT FYÒRVJFT WBO TFS FM EF KVOZ B Mh0SBUPSJ 1'#

+6"/ "/50/*0 *#«º&; "-$«/5"3" -FT FYÒRVJFT WBO TFS FM EF KVOZ B Mh0SBUPSJ 1'#

1"426"-" 4"--" 1"--«4 -FT FYÒRVJFT WBO TFS FM EF KVOZ B Mh0SBUPSJ 1'# $*3*"$" $"º"%*--"4 "(6*-"3 -FT FYÒRVJFT WBO TFS FM EF KVOZ B Mh0SBUPSJ 1'#

"/" 30%3¶(6&; $"/0 -FT FYÒRVJFT WBO TFS FM EF KVOZ B Mh0SBUPSJ 1'#

$"3.&/ 30%3¶(6&; -"(0 -FT FYÒRVJFT WBO TFS FM EF KVOZ B Mh0SBUPSJ 1'#

."3*"/0 %¶&; 3*#"4 -FT FYÒRVJFT WBO TFS FM EF KVOZ B Mh0SBUPSJ 1'#

"-0/40 30.«/ 7"--& -FT FYÒRVJFT WBO TFS FM EF KVOZ B Mh0SBUPSJ 1'#

+04&'" 4&("33" -»1&; -FT FYÒRVJFT WBO TFS FM EF KVOZ B Mh0SBUPSJ 1'#

.0/54&33"5 (3"$*" 1"-0.&3" -FT FYÒRVJFT WBO TFS FM EF KVOZ B Mh0SBUPSJ 1'#

5&3&4" "/5»/ ("3$¶" -FT FYÒRVJFT WBO TFS FM EF KVOZ B Mh0SBUPSJ 1'#

+0"26*. ."44*1 #"/26² -FT FYÒRVJFT WBO TFS FM EF KVOZ B Mh0SBUPSJ 1'#

'3"/$*4$0 '²-*9 "3"(»/ ("3$¶" -FT FYÒRVJFT WBO TFS FM EF KVOZ B Mh0SBUPSJ 1'#

OFDSPT QBH JOEE

+6"/ .03&/0 (0/;«-&; -FT FYÒRVJFT WBO TFS FM EF KVOZ B Mh0SBUPSJ 1'#

'3"/$*4$0 &45&#" * +6453*#0 -FT FYÒRVJFT WBO TFS FM EF KVOZ B Mh0SBUPSJ 1'#

"/" (0/;«-&; #&--*%0 -FT FYÒRVJFT WBO TFS FM EF KVOZ B Mh0SBUPSJ 1'#

+&4Á4 4®&/; $)"4$0 -FT FYÒRVJFT WBO TFS FM EF KVOZ B Mh0SBUPSJ 1'#

+04² )&33"%03 ."35¶/&; -FT FYÒRVJFT WBO TFS FM EF KVOZ B Mh0SBUPSJ 1'#

.&-$)03 #&/¶5&; 1"26*$0 -FT FYÒRVJFT WBO TFS FM EF KVOZ B Mh0SBUPSJ 1'#

%0-03&4 ("3$¶" 3&1*40 -FT FYÒRVJFT WBO TFS FM EF KVOZ B Mh0SBUPSJ 1'#

.0/54&33"5 3&/5² "3564" -FT FYÒRVJFT WBO TFS FM EF KVOZ B Mh0SBUPSJ 1'#

727 %DGDORQD

5&3&4" (3"$*" --03$" -FT FYÒRVJFT WBO TFS FM EF KVOZ B Mh0SBUPSJ 1'#

("#3*&- 503504" #"--&45" -FT FYÒRVJFT WBO TFS FM EF KVOZ B Mh0SBUPSJ 1'#

"HSBÕNFOUT J BOJWFSTBSJT &TRVFMFT B MB SFWJTUB FM 505 4J WPM QVCMJDBS VOB FTRVFMB B MB SFWJTUB FM 505 USVRVJhOT P QBTTJ QFS MB OPTUSB PmDJOB $ -MFØ PO FS #BEBMPOB r 5FM r


KRU¶VFRSV , -Ê­Ó£ÉÎÊ> ÊÓäÉ{®

, Ê­ÓÓÉÈÊ> ÊÓ£ÉÇ®

Ê­Ó{É Ê> ÊÓÎÉ£ä® *, ", Ê­ÓÓÉ£ÓÊ> ÊÓäÉ£®

*PESÓFN EJS RVF TØO CPOT EJFT QFS BOBS B MMJHBS TFNQSF J RVBO OP UJOHVFV DBQ DPNQSPNÓT mY ÏT DMBS %F UPUFT NBOFSFT UJO ESFV M JOTUJOU EF TFEVDDJØ NPMU FOmMBU J BJYÛ QPU QSPWPDBS VO QMB EJGFSFOU BM EF TFNQSF 1FS BMUSB CBOEB FT QSPCBCMF RVF BM MMBSH E BRVFTUT EJFT UJOHVFV BMHVOB FOHBOYBEB BNC BMHÞ RVF VT NPMFTUB

/JOESFV FM TPM BM WPT USF GBWPS J MB WFSJUBU ÏT RVF T IB E BQSPmUBS TPCSFUPU FO FM DBNQ EF MB DPNVOJDBDJØ FTUBSFV NPMU PCFSUT J VT TFSË GËDJM FOUFOESF MB NBOFSB EF QFOTBS EFMT BMUSFT 5BNCÏ FTUBSFV DPN NPMU BNCJFOUBUT FO M BTQFDUF RVF WPMESFV BHSBEBS B MB HFOU J NJSBSFV EF RVFEBS NÏT CÏ RVF EF DPTUVN

-ØO CPOT EJFT QFS BDPOTFHVJS RVF FMT BMUSFT VT EPOJO EJOFST TFOTF IBWFS MPT EF EFNBOBS NJSFV EF OP BCVTBS QFSRVÒ TJ OP FM USFU VT QPU TPSUJS QFS MB DVMBUB J EFTQSÒT NBMBNFOU BOJSFN %F UPUFT NBOFSFT FT UBSFV DPN VOB NJDB WBSJBCMFT E ËOJNT J UBOU FTUBSFV BMFHSFT DPN USJTUPT ÏT RàFTUJØ EF GFS DPTFT RVF VT EJWFSUFJYJO

WPTBMUSFT OP IJ IBV SË RVJ VT GBDJ DBMMBS OFDFTTJUBSFV RVF VT FTDPMUJO J FO DFSUB GPSNB TFS FM DFOUSF E BUFODJØ DPN RVF ÏT VOB DPTB RVF OP TPMFV GFS NBTTB TPWJOU KB VT BOJSË CF %F UPUFT NBOFSFT IFV EF QSPDVSBS BOBS NÏT FO DPNQUF BNC FM UFNB FDPOÛNJD RVF FT QSFWFV VOB DBJHVEB GPSÎB DPOTJEFSBCMF

/ 1, Ê­Ó£É{Ê> ÊÓäÉx® $Ê­ÓÎÉÇÊ> ÊÓÎÉn® - ",* Ê­Ó{É£äÊ> ÊÓÓÉ££® +1 , ʭӣɣÊ> Ê£ ÉÓ® *PEFV UFOJS CPO DPO /PU VT GBSË QBUJS J /JOESFV VOT EJFT NPMU FV E FTUBS NPMU QFO BSUÓTUJDT BQSPmUFV QFS EFDPSBS FM RVF NÏT VT DPOWJOHVJ KB RVF TFHVS RVF VT RVFEBSË CÏ " QBSU E BJYÛ FT QMBOUFKB BMHVO FNCPMJD FO UFNB EF EJOFST TFSJB CP RVF NJSÏTTJV EF UFOJS FMT JNQSF WJTUPT VOB NJDB DPCFSUT J BOFV FO DPNQUF BNC FM KPD QFSRVÒ UJOESFV UFOEÒODJFT B TFOUJS WPT BUSFUT QFS FMM

EFOUT FO FM DBNQ EF MB GFJOB KB RVF UFOJV FM NBSU VOB NJDB NBM DPOm HVSBU UPDBOU EF QMF FM WPTUSF FTUBU E ËOJN FO BRVFTU UFNB J MB WFSJUBU ÏT RVF FTUBSFV NBTTB JSSJUBCMFT FO BMHVOT NPNFOUT J BJYÛ QPU DSFBS VO QFSJMM JNNJOFOU BNC VOFT DPOTFRàÒODJFT OP NBTTB CPOFT QFS UV

ÏT RVF UFOJV MB TFO TJCJMJUBU NPMU J NPMU FYBMUBEB BHBGFV TF MFT DPTFT BNC NÏT USBORVJMtMJUBU J IP QBTTBSFV NÏT CÏ 1FS BMUSB CBOEB VT TFSJB GPSÎB CP RVF DPODFOUSÏTTJV MFT WPTUSFT FOFSHJFT FO FM DBNQ EFM WPTUSFT BNJDT J GBNJMJBST VT OFDFTTJUFO QFSÛ BNC ËOJNT J WJUBMJUBU

UBDUF BNC FMT HFS NBOT TJ FO UFOJV ÏT DMBS 1FSÛ QPUTFS FM NÏT JNQPSUBOU ÏT RVF OFDFTTJUFV GFS BMHVOB TPSUJEB OJ RVF TJHVJ DVSUB BNC MB WPTUSB QBSFMMB TFSJB CP QPEFS HBVEJS EF MB WPTUSB JOUJNJUBU J QPEFS QBSMBS E VOB NBOFSB NÏT EPMÎB J JOUFOTB FOUSF UPUT EPT MFM VO BNC M BMUSF

--" -Ê­ÓÓÉxÊ> ÊÓ£ÉÈ® 6 , Ê­Ó{ÉnÊ> ÊÓÎÉ ® - / , Ê­ÓÎÉ££Ê> ÊӣɣӮ * 8"-Ê­ÓäÉÓÊ> ÊÓäÉή *PESÓFN EJS RVF FM RVFTUT EJFT MFT WPT B WFSJUBU ÏT RVF WP /FOJV BMHVO NPNFOU TBMUSFT IP UFOJV VOB NJDB GVNVU TJ BDUVBM NFOU FTUFV BNC QBSFMMB KB RVF FMT BTQFDUFT BTUSPMÛHJDT RVF VT BGFDUFO BM MMBSH E BRVFTUT EJFT VT FODBSFO DBQ B NP NFOUT NÏT BWJBU DSJTQBUT J BNC GPSÎB UJCBOUPS 1PTFV NPMUB DBMNB B M BTTVNQUF J OP VT EFJYFV JOnVJS EFM UPU QFMT BTUSFT

WPTUSF FTQFSJU HFOFSØT FTUË EF CPO IVNPS VT TFSË GËDJM EPOBS mOT J UPU B RVJ OP DPOFJYFV QFSÛ BJYÛ OP ÏT NBTTB CPO QMB QFSRVÒ EFT QSÏT VT TFOUJSFV NBMBNFOU J DPN TJ TFNQSF DPOmÏTTJV NBTTB BNC UPUIPN RVF FO DFSUB GPSNB KB FT BJYÓ QFSÛ B DBQ FOT BHSBEB BEPOBS OPT EF MFT OPTUSFT EFCJMJUBUT

EJGÓDJM RVF IFV EF QBTTBS DPN QVHVFV QPUTFS OP TFSË GËDJM QFSÛ QPD B QPD BOJSFV GFO mOT B UFOJS MFT DPTFT DPOUSPMBEFT TPCSFUPU MFT FNPDJPOT &O FM DBNQ EF MB GFJOB IFV EF QPTBS IJ VOB NJDB EF HBOFT RVF ÞM UJNBNFOU QBTTFV NBTTB EF UPU J BJYÛ OP WB CÏ TJ WPMFV DPOTFSWBS MB GFJOB

USFT DPTFT QPEFO TFS VOB NJDB EVSFT EF QBJS QFM GFU RVF OP FTUBSFV NBTTB QSFQBSBUT QFS MB TPSQSFTB RVF VT WF B TPCSF TBCFOU BJYÛ VT EFNBOBSJB RVF NJSÏTTJV E FTUBS BMFSUB J OP BHBGBS WPT MFT DPTFT BNC NBTTB JMtMVTJØ TFNQSF WBM NÏT FTUBS DPOUFOU RVBO KB FTUJHVJ UPU MMJHBU

SDVVDWHPSV

/JWFMM EJGÓDJM

/JWFMM GËDJM

0NQMJV MFT DBTFMMFT CVJEFT EFM SFRVBESF EF Y RVBESBUT BNC YJGSFT EF Mh BM /P ThIB EF SFQFUJS DBQ OÞNFSP FO VOB NBUFJYB mMB IPSJU[POUBM P WFSUJDBM OJ TVCRVBESJDVMB EF Y 1FS 4VEPLVT8FC DPN

QBH JOEE

727 %DGDORQD


SDVVDWHPSV

&-&/" 5"305 7*4" "UFOD QFSTPOBMNFOU 5PSOBSË 5SVDBSË 2VBO &MT TFVT TFOUJNFOUT $0.130#" )0 505 EF I BN B I QN UG UN "QU DPE B

,"*."

5"305 03*&/5"$*»/

)VNBOB BZVEB &TQJSJUVBM MJNQJF[BT FOFSHÏUJDBT

4PMVDJPOT B MB TFDD FDPOÛNJDT

7*4" 5&-

1FS 1BV 7JEBM

)03*5;0/5"-4

7&35*$"-4

&OWJBNFOU EF NFSDBEF SJFT FO BMHVO MMPD DPNQMJDBU -B NÏT NBMGBNBEB EF MFT RVF GBCSJRVFO JOGPSNËUJDB "GBJUJ CFOT 4J WB MMFVHFS ÏT QFSRVÒ UÏ BMFT "M NJH EFM SFWÏT "M[JOBS FO WFSTJØ BQSPm UBEB " m OBM EF GSBTF 4VBWJU[BS MFT QFDFT EF SPCB QFS MB CBOEB DPOUSËSJB $BNQ E FSFT FO QMF m HVFSBM /BO GBCVMØT NÏT QFUJU RVF VO DPHOPN "TTBHJO DPN QVHVJO UFOJS VO MMJOBUHF 'B RVF FMT MMJSJT IJ QVHVJO WFVSF %FTWPDBMJU[FO J JOWFSUFJYFO FM USFO 1FS BCVTBEPS FODBSB MJ GBMUB 3PTFHBEPST QSFTFOUT FO FM DPOUSBUFTUJNPOJBUHF $FOUSF EFM $BSNFM &OUSFWJTUB RVF OP DBM MMFHJS 7B B QFV OP FYBDUBNFOU FTUBSSVGBEB * BRVFTUB UBNCÏ P QPUTFS FO BWJØ 1VOUB EF MMBOÎB *NJUBS FM RVBST RVF KB ÏT QJ OU BS 1VOUB EF MMBOÎBS 5SFT RVBSUT EF EVFT * BSB USFT J EVFT J EVFT NÏT 4PCSF FM DBQ EFM TBOU DSJTUP HSPT $BOWJBSËT EF NFUSP QFS BOBS B VOB BMUSB XFC /P T IB NPHVU EFM m OBM EF MB GSBTF "HSBEØT DPN RVBO FMT NBMMPSRVJOT MB CBMMBV ²T B M BSCSF DPN B MB QF MB QFMM

1BSU EF MB NPOFEB PO WB MB MMFHFOEB "WJTPT QFS QBSU EF M ØT 3FJWJOEJDBDJØ RVF MB OPTUSB BOYPWB ÏT MB NJMMPS "OJNB E FVOVD 5PU EF HFOU RVF WPM GFS VO KVEJDJ B MB GSBODJTDBOB .PD MFT BMFT QFS WPMBS CFO FOMBJSF "SUJDMF EF GSBOFMtMB 4VCTUËODJB RVÓNJDB B NJEB EF MB .JOB 4ÓNCPM EFM QSÓODFQ EF MFT HBMFUFT $PNQBDUF RVF TPOB B GSF 6OB EPOB DPN VOB DBTB NÏT DPN VOB CBTTB *OUFSJPS EF QJT 7B QFSGFDUF QFS MMJTDBS ESJOHBOU OFV BNVOU "M UFMFS OP IJ TPM BSSJCBS CPOB 4VRVJO NFMJOESP BNC FO 1JFSSF *NQFEJS RVF FM MFWJUBS FOT GBDJ QFSESF FM DBQ $POUJOHVU EF MFT QJMFT 5ÓQJDB NBMFUB EF MB [POB BMUB EF #BSDFMPOB &TQJOB EF UVSCPU 4ØO DPN PSFMMFT QFSÛ FOGFJOBEFT &TQBUMMBS QFS GFS VOB DPTB EJGFSFOU $VJSBTTBU QFS VOB QSPNFTB E VO P EPT BOZT 4ØO B MB DPOTFMMFSJB J FO DPOTFSWB "VYJMJBS EF QSJNFSB FM EF MB SJBMMFUB &NQJUKPSBS 1FSEFV MFT DJOD 5BMQFST SFDPO WFSUJUT FO FDMFTJËTUJDT %F UPUT FMT ËOHFMT FM RVF BOBWB NÏT OFU

727 %DGDORQD

QBH JOEE

7$527 0$5,1$ /$6 + 5(638(67$6 48( %86&$6 /$6 (1&2175$5É6

££//É0$0(

9,6(6 (&21Ó0,48(6 606 HQYLD PDU \ WX SUHJXQWD DO

0$(675$ '( 5(,., 5HLNL KRUDV FRQYHQLGDV

7(/

3UHFLR )LMR ½ 3UHFLR PyELO ½ 0D\RUHV DxRV

&.#36+"%" 5*&/%" &405²3*$"

1SPEVDUPT &TPUÏSJDPT Z "SUÓDVMPT EF 3FHMP

5F BUJFOEP QFSTPOBMNFOUF

$63404 %&

5BSPU /VNFSPMPHÓB Z WFMBT 4FNJOBSJP EF 3FJLJ

5FM $ (àFMM J 'FSSFS +UP .FUSP 1FQ 7FOUVSB


1MBOUJMMB#BTF JOEE

727 %DGDORQD


=ÁSLQJ %JKPVT EF KVMJPM

%JWFOESFT EF KVMJPM

I %PDVNFOUBM

%JTTBCUF EF KVMJPM I .ÞTJDB

I .BHB[JOF

&M NËTUFS EF 57

%JVNFOHF EF KVMJPM

%&$

%JMMVOT EF KVMJPM

I 1FMrMÓDVMB

)BWBOFSFT FO EJSFDUF

2VBUSF CPEFT J VO GVOFSBM

I 4ÒSJF 'SJFOET 3FQPTJDJØ EF MB NÓUJDB TÒSJF EV SBOU FMT NJHEJFT E FTUJV

I .BHB[JOF &TQBJ SFBMJU[BU QFS FTUVEJBOUT EF QFSJPEJTNF RVF IBO SFBMJ U[BU EJGFSFOUT EPDVNFOUBMT

727 %DGDORQD

QBH JOEE

&NJTTJØ FO EJSFDUF EF MB DBOUBEB E IBWBOFSFT EFT EF $BMFMMB EF 1BMBGSVHVFMM

+BJNF $BOUJ [BOP QSFTFOUB DBEB EJWFOESFT M FTQBJ EFM QSP HSBNB SPTB

*OUFSNFEJP ²T VOB IJTUÛSJB TPCSF BNJDT DBQFMMBOT WFTUJUT EF OP DFT TPHSFT

3FQËT EF M BDUVBMJUBU EFM EJB FO GPSNBU E IVNPS


727 PRWRU

616 OQVQT

YHK,FOHV FLUFXODFLÓ QRYHWDWV FRQFHVVLRQDULV

.FSDFEFT #FO[ $MBTTF 4 .PUPS t -B DBTB .FSDFEFT #FO[ QSFTFOUB VOB BDUVBMJU[BDJØ EFM TFV DMBTTF 4 VOB CFSMJOB FMFHBOU TFOZPSJBM J EF HSBOT EJNFOTJPOT EJTQPOJCMF FO EVFT DBSSPTTFSJFT EF RVBUSF QPSUFT " OJWFMM FYUFSJPS DBM NFODJPOBS FM OPV QBSB YPDT J FM OPV EJTTFOZ EF MB HSBFMMB " M JOUFSJPS DPN B GFU QPD VTVBM FO WFIJDMFT QPEFN GFS FTNFOU BM TJTUFNB E JM MVNJOB DJØ RVF QSFTFOUB USFT NPEBMJUBUT QFS BDPOTFHVJS EJWFSTPT UJQVT E BNCJFOU B M IBCJUBDMF &O UPUBM IJ IB WVJU NPUPST EJTQPOJCMFT B MB OPWB $MBTTF 4 EF .FSDFEFT #FO[ B CFO[JOB J EJÒTFM 5BNCÏ FT QPU PQUBS QFM OPWFEØT )JCSJE VO QSPQVMTPS BNC VO NPUPS B CFO[JOB EF DBWBMMT J

T BDUJWFO TFHPOT MB DMJNBUPMPHJB J MB TJUVBDJØ EFM WFIJDMF UBNCÏ FM TJTUFNB EF WJTJØ OPDUVSOB 5BN CÏ DPNQUB BNC VO QSPHSBNBEPS EF WFMPDJUBU BDUJV BNC GVODJØ EF GSFOBEB EAFNFSHÒODJB

VO BMUSF E FMÒDUSJD EF DBWBMMT $PNQUB BNC VO DPNQMFUÓT TJN FRVJQBNFOU EF TFHVSFUBU KB TJHVJ B OJWFMM E JM MVNJOBDJØ BNC MB JM MVNJOBDJØ BDUJWB BNC DJOD GVODJPOT E FOMMVNFOBU RVF

$&/530 %& 3&$&1$*»/ 7 ' 6

%(78/2 3,17256 , &$55266(56 5BMMFS EF SFQBSBDJØ 1MBOYB J QJOUVSB

5BMMFST 3FDBOWJT 7FOEFT J &YQPTJDJØ

$ &OFSHJB OBWF 1PM *OE -FT (VJYFSFT #BEBMPOB

2%4)2!-/3 4/$! #,!3% $% 6%(Ù#5,/3 42!-)4!-/3 "!*! 42¬&)#/

1SFTJEFOU $PNQBOZT #"%"-0/"

7HO )D[ WDOOHU#EHWXORSLQWRUV FRP ZZZ EHWXORSLQWRUV FRP

5FM 'BY

5FMÏGPOPT

NPUPTCBEBMPOB!UFSSB FT

3&1"3"$*»/ (&/&3"- %&- "650.»7*-

1MBODIB t 1JOUVSB t 4FDBEP BM IPSOP t .FDÈOJDB t &MFDUSJDJEBE -F PGSFDFNPT QPS VO DBNCJP EF BDFJUF Z G JMUSPT 130.0$*»/ VOB SFWJTJØO (3 "56*5" EF OJWFMFT BNPSUJHVBEPSFT Z 13*."7&3" 7&3"/0 VOB SFWJTJØO EF QSF *57

*OEÞTUSJB #"%"-0/"

QBH JOEE

727 %DGDORQD


FRQVXOWRUL FRPXQLWDWV ODERUDO ILVFDO DVVHVVRULD

FRQVXOWRUL

EQPUWVQTK NGICN

&MFNFOUPT QSJWBUJWPT Z FMFNFOUPT DPNVOFT OJOHÞO DBTP FTUF VTP QVFEF DBVTBS VO QFSKVJDJP B MB $PNV OJEBE EF QSPQJFUBSJPT -B $PNVOJEBE UJFOF MB PCMJHB DJØO EF DPOTFSWBS MPT FMFNFO UPT DPNVOFT FO CVFO FTUBEP Z NBOUFOFS UBNCJÏO FM DPSSFDUP GVODJPOBNJFOUP EF MPT TFSWJDJPT F JOTUBMBDJPOFT -PT QSPQJFUBSJPT EFCFO BTVNJS MPT DPTUFT EF DPOTFSWBDJØO Z EF SFQBSBDJØO RVF TFBO OFDFTBSJPT Z EFCFO DPOUSJCVJS BM QBHP EF MPT HBTUPT DPNVOFT FO GVODJØO EF TV DVPUB EF QBSUJDJQBDJØO

DPOTFSWBDJØO P NFKPSB QFSP BOUFT EFCFSÈO DPNVOJDBSMP BM QSFTJEFOUF B P TJ QSPDFEF BM "ENJOJTUSBEPS EF MB $PNVOJEBE &TUBT PCSBT OP QVFEFO QFSKVEJ DBS B MPT EFNÈT QSPQJFUBSJPT OJ B MB $PNVOJEBE Z OP QVFEFO EJTNJOVJS MB TPMJEF[ BMUFSBS MB DPNQPTJDJØO P FM BTQFDUP FYUF SJPS EFM FEJm DJP "TJNJTNP MPT QSPQJFUBSJPT EF MPT FMFNFOUPT QSJWBUJWPT MPT QVFEFO FOBKFOBS NPEJGJDBS HSBWBSy Z UJFOFO FM EFCFS EF DPOTFSWBSMPT Z NBOUFOFSMPT FO CVFO FTUBEP

(BCJOFUF +VSÓEJDP )FSOÈOEF[ 7JDFOUF IW!HBCJOFUF OFU

&TUB TFNBOB EFGJOJSFNPT MPT FMFNFOUPT QSJWBUJWPT Z DPNVOFT RVF QVFEFO FYJTUJS FO VOB $P NVOJEBE EF QSPQJFUBSJPT &-&.&/504 13*7"5*704 -PT FMFNFOUPT QSJWBUJWPT EF VO FEJGJDJP TPO MBT WJWJFOEBT MPDBMFT Z FTQBDJPT GÓTJDPT RVF QVFEFO TFS PCKFUP EF QSPQJFEBE TFQBSBEB Z RVF UJFOFO JOEFQFO EFODJB GVODJPOBM UJFOFO BDDFTP QSPQJP B MB WÓB QÞCMJDB -PT QSPQJFUBSJPT EF VO FMFNFOUP QSJWBUJWP QVFEFO IBDFS PCSBT EF

DPOTVMUPSJ

&-&.&/504 $0.6/&4 -PT FMFNFOUPT DPNVOFT TPO BRVFMMBT JOTUBMBDJPOFT Z TFSWJ DJPT RVF FTUÈO TJUVBEPT GVFSB EF MPT FMFNFOUPT QSJWBUJWPT QPS FKFNQMP TPMBSFT KBSEJOFT QJTDJOBT FTUSVDUVSBT GBDIBEBT BTDFOTPSFT FTDBMFSBT BOUFOBT WFTUÓCVMPT DVCJFSUBTy &TUPT FMFNFOUPT UJFOFO VO VTP DPNVOJUBSJP MBT QJTDJOBT KBSEJ OFTy P CJFO GBDJMJUBO FM VTP Z HPDF EF MPT FMFNFOUPT QSJWBUJWPT BTDFOTPSFT FTDBMFSBT WFTUÓ CVMPTy 5PEPT MPT QSPQJFUBSJPT EF MPT FMFNFOUPT QSJWBUJWPT QVFEFO VTBS Z HP[BS EF MPT FMFNFO UPT DPNVOFT &M VTP Z HPDF EF FTUPT FMFNFOUPT EFCF TFS FM BEFDVBEP TFHÞO MB m OBMJEBE RVF FTUBCMF[DBO MPT FTUBUVUPT P CJFO FM EFTUJOP RVF TFB OPSNBM Z BEFDVBEP B TV OBUVSBMF[B &O

4J FM 1SFTJEFOUF EF MB DP NVOJEBE EF QSPQJFUBSJPT OP QVFEF BTJTUJS B MB SF VOJØO EF MB KVOUB EF QSP QJFUBSJPT {ÏTUB TF QVFEF DFMFCSBS 4J RVF TF QVFEF DFMFCSBS MB SFVOJØO EF MB KVOUB EF QSPQJF UBSJPT BVORVF FM 1SFTJEFOUF OP BTJTUB -B GVODJØO EF QSF TJEJS MB SFVOJØO MB EFTFNQF ×BSÈ FM 7JDFQSFTJEFOUF TJ TF IVCJFTF OPNCSBEP EF OP TF BTÓ QPESÈ QSFTJEJS MB SFVOJØO DVBMRVJFS PUSP QSPQJFUBSJP RVF EFTJHOF MB QSPQJB +VOUB &OWÓFOPT TVT QSFHVOUBT TPCSF %FSFDIP "ENJOJTUSBDJØO EF $PNVOJEBEFT P "TFTPSÓB IW!HBCJOFUF OFU

$ERJDGRV $FFLGHQWHV 7Ui¿ FR /DERUDOHV $GPLQLVWUDFLyQ &RPXQLGDGHV $XWyQRPRV /DERUDO )LVFDO $VHVRUHV

%FMFHBDJØO #BEBMPOB r D $PMM J 1VKPM #BEBMPOB

%FMFHBDJØO 1SFNJË r (SBO 7JB 1SFNJË

727 %DGDORQD

QBH JOEE


HPSUHVD

GORTGUC

VHUYHLV HPSUHVD HFRQRPLD LQGXVWULD JHVWLÓ

&MT BVUÛOPNT EFOVODJFO RVF MFT NFTVSFT BOUJDSJTJ OP FMT FTUBO BSSJCBOU $BNJMP "CJÏUBS QSFTJEFOU EF M 0SHBOJU[BDJØ 1SPGFTTJPOBM EF 5SFCBMMBEPST "VUÛOPNT IB BTTFHVSBU BRVFTU NBUÓ BM QSP HSBNB &M %JB EF $0.3ËEJP RVF MFT NFTVSFT BOUJDSJTJ FO HFHBEFT QFM (PWFSO DFOUSBM OP FTUBO BSSJCBOU B MFT QFUJ UFT J NJUKBOFT FNQSFTFT J IB SFDMBNBU iTPMVDJPOT VSHFOUTw )B EJU RVF MB TJUVBDJØ ÏT JOTPT UFOJCMF J RVF DBEB EJB NÏT EF FNQSFTFT IBO E BCBJYBS MB QFSTJBOB B &TQBOZB TPCSF UPU QFS GBMUB EF MJRVJEJUBU "CJÏUBS IB EFUBMMBU RVF FMT DSÒEJU EF M *$0 OP FTUBO BSSJ CBOU B MFT QFUJUFT FNQSFTFT J FMT BVUÛOPNT RVF FTUBO

QBH JOEE

)B EFOVODJBU FM QBQFS EFMT CBODT RVF UPU J SFCSF VOB JNQPSUBOU JOKFDDJØ EF MJRVJEJ UBU OP FTUBO EPOBOU DSÒEJUT B MFT FNQSFTFT )B FYQMJDBU RVF FMT EJOFST OP FT QPEFO RVFEBS BMT CBODT QFSRVÒ OP TØO EFMT CBODT

QBUJOU TFSJPTPT QSPCMFNFT EF MJRVJEJUBU J NPSPTJUBU OP QPEFO GFS GSPOU BMT QBHBNFOUT J FT WFVFO PCMJHBEFT B UBO DBS )B EFUBMMBU RVF EFT EFM NBJH EF M BOZ QBTTBU NÏT EF BVUÛOPNT T IBO EPOBU EF CBJYB

727 %DGDORQD


HPSUHVD Ɛ ĐĂůĐƵůĂ ƋƵĞ ĞŶƚƌĞ Ğů ϯϬ ŝ Ğů ϰϬй ĚĞ ůĞƐ ƉĞƟ ƚĞƐ ŝ ŵŝƚũĂŶĞƐ ĞŵƉƌĞƐĞƐ ĐĂƚĂůĂŶĞƐ Ɛ͛ŚĂŶ ŚĂŐƵƚ Ě͛ĂĐŽůůŝƌ Ă ĂůŐƵŶ ZK ; džƉĞĚŝĞŶƚ ĚĞ ZĞŐƵůĂͲ Đŝſ ĚĞ ů͛KĐƵƉĂĐŝſͿ͘ ƋƵĞƐƚ ĠƐ ƵŶ ĚĞůƐ ĞĨĞĐƚĞƐ ĐŽůͻůĂƚĞƌĂůƐ ĚĞ ůĂ ĐƌŝƐŝ ĞĐŽŶžŵŝĐĂ͕ ů͛ĂĐŽŵŝĂĚĂŵĞŶƚ ĚĞ ƚƌĞͲ ďĂůůĂĚŽƌƐ͘ WĞƌ :ŽƐĞƉ DĂƌŝĂ WƵĞŶƚĞ ;ϭϵϲϯͿ Ăŝdžž ĠƐ ŝŶĞďŝƚĂďůĞ͘ WƵĞŶƚĞ ĠƐ ĂƐƐĞƐƐŽƌ ĚĞ ůĂ ĐŽŶƐƵůƚŽƌŝĂ ^ĞƌƌĂ WƵĞŶƚĞ ŝ ĂũƵĚĂ Ă ĚŝĂƌŝ ĞŵƉƌĞƐĞƐ ĚĞ ƚŽƚĂ ŵĞŶĂ͘ ƐƐĞŐƵƌĂ ƋƵĞ Ă ǀĞŐĂĚĞƐ ĐŽŶǀĠ ƌĞƚĂůůĂƌ ƉůĂŶƟ ůůĂ ƉĞƌ ƐĂůǀĂƌ ƚŽƚĂ ƵŶĂ ĞŵƉƌĞƐĂ͘ ƋƵĞƐƚ ĞdžƉĞƌƚ ůĂďŽƌĂů ďĂĚĂůŽŶş ƌĞĐŽƌĚĂ ƋƵĞ Ğů ƉƌŝŵĞƌ ƋƵĞ ŚĂ ĚĞ ĨĞƌ ƵŶĂ ĞŵƉƌĞƐĂ ĞŶ ĂƋƵĞƐƚƐ ŵŽŵĞŶƚƐ ĠƐ ĚĞŝdžĂƌͲƐĞ Ă ĐŽŶƐĞůůĂƌ ŝ ŶŽ ĨĞƌͲŚŽ ƋƵĂŶ ĠƐ ŵĂƐƐĂ ƚĂƌĚ͘ WĞƌ Ăŝdžž͕ ĞůŽŐŝĂ ůĞƐ ƉĂƚƌŽŶĂůƐ ƉĞƌ ů͛ĂƉŽƐƚĂ ĐůĂƌĂ ƋƵĞ ŚĂŶ ĨĞƚ ƉĞƌ ůĂ ĨŽƌŵĂĐŝſ ŝ ů͛ĂƐƐĞƐƐŽƌĂŵĞŶƚ͘ WƌĞĐŝͲ ƐĂŵĞŶƚ͕ :ŽƐĞƉ DĂƌŝĂ WƵĞŶƚĞ ĚſŶĂ ĐůĂƐƐĞƐ Ă ůĂ hŶŝǀĞƌƐŝƚĂƚ ŝ͕ Ă ŵĠƐ͕ ĠƐ ĚŝƌĞĐƚŽƌ ĚĞ ů͛ ƌĞĂ >ĂďŽƌĂů ĚĞ DŽƌŝͲ ƐŽŶ WD͘ WĞƌ Ɛŝ Ăŝdžž ŶŽ ĨſƐ ƉŽĐ͕ ĠƐ ƚĂŵďĠ Ğů ǀŝĐĞƉƌĞƐŝĚĞŶƚ ĚĞ ůĂ & ͘ ŝdžş͕ ŶŽ ĠƐ Ě͛ĞƐƚƌĂŶLJĂƌ ƋƵĞ ĚĂǀĂŶƚ ůĂ ĐƌŝƐŝ Ğů ƐĞƵ ƐĞĐƌĞƚ ƐŝŐƵŝ Ğů ĚĞ ƚƌĞďĂůůĂƌ͕ ƚƌĞďĂůůĂƌ ŝ ƚƌĞďĂůůĂƌ͘

͘​͘​͘EŽ ƚĠ ƐĞŶƟ ƚ͘ >Ă ƌĞŐƵůĂĐŝſ ůĂďŽͲ ƌĂů ĞƐƉĂŶLJŽůĂ ĠƐ ůĂ ŵĂƚĞŝdžĂ ƋƵĞ ĨĂ ϮϬ ĂŶLJƐ ŝ Ăŝdžž ŚĂ ĚĞ ĐĂŶǀŝĂƌ͘ ,Ğŵ ĚĞ ƉƌĞŶĚƌĞ ŶŽƚĂ ĚĞ ƉĂŢƐŽƐ ĐŽŵ &ƌĂŶĕĂ ŝ ůĞŵĂŶLJĂ ŝ Ň ĞdžŝďŝͲ ůŝƚnjĂƌ Ğů ŵĞƌĐĂƚ ůĂďŽƌĂů͕ ďĂŝdžĂƌ Ğů ŶŝǀĞůů ŝŵƉŽƐŝƚŝƵ ŝ ƉĞƌŵĞƚƌĞ ƋƵĞ ůĞƐ ĞŵƉƌĞƐĞƐ ĨĂĐŝŶ ŽƉĞƌĂĐŝŽŶƐ ĂĐŽƌĚŝſ͕ ĞŝdžĂŵƉůĂŶƚ Ž ƌĞĚƵŝŶƚ ůĂ ƐĞǀĂ ƉůĂŶƟ ůůĂ ĚĞƉĞŶĞŶƚ ĚĞ ůĂ ƐĞǀĂ ĨĂĐƚƵƌĂĐŝſ͘ Ś͘​͘​͘ ƚŽƚ ƐŝŐƵŝ ƉĞƌƋƵğ ů͛ĞŵƉƌĞƐĂƌŝ ĞŶĐĂƌĂ Śŝ ŐƵĂŶLJŝ ŵĠƐ͘​͘​͘ / Ğů ƚƌĞďĂůůĂĚŽƌ͍ ƋƵĞƐƚ ĠƐ Ğů ƉƌŽďůĞŵĂ͊ ĞŶĐĂƌĂ ƚĞͲ Ŷŝŵ ůĂ ŵĞŶƚĂůŝƚĂƚ ƋƵĞ ů͛ĞŵƉƌĞƐĂƌŝ ĠƐ ƵŶ ĞdžƉůŽƚĂĚŽƌ ƉĞƌž ŶŝŶŐƷ ƚĠ ĞŶ ĐŽŵƉƚĞ ƋƵĞ Ɛŝ ŶŽ Śŝ ŚĂ ĞŵƉƌĞƐĞƐ ŶŽ Śŝ ŚĂ ůůŽĐƐ ĚĞ ƚƌĞďĂůů͘ ,Ğŵ Ě͛ĞŶƚĞŶĚƌĞ ƋƵĞ ĞŶ ƵŶ ŵŽŵĞŶƚ ĚŽŶĂƚ ĚĞ ĐƌŝƐŝ ƵŶĂ ĞŵƉƌĞƐĂ ŚĂ ĚĞ ƚĞŶŝƌ ůĞƐ ŵĂŶƐ ůůŝƵƌĞƐ ĚĞ ƉŽĚĞƌ ĂĐŽŵŝĂĚĂƌ ƚƌĞďĂůůĂĚŽƌƐ͕ ŶŽŵĠƐ ƵŶƐ ƋƵĂŶƚƐ͘ ^ŝŶſ ĠƐ Ăŝdžş͕ Ă ůĂ ůůĂƌͲ ŐĂ ƵŶĂ ĞŵƉƌĞƐĂ ŶŽ ƉŽƚ ĂƐƐƵŵŝƌ ƚĂŶƚĞƐ ŶžŵŝŶĞƐ ŝ ŚĂ ĚĞ ƚĂŶĐĂƌ ŝ͕ Ɛŝ ƚĂŶĐĂ͕ dKd^ ĞůƐ ƚƌĞďĂůůĂĚŽƌƐ ǀĂŶ Ăů ĐĂƌƌĞƌ͘ YƵğ ĠƐ ŵŝůůŽƌ͕ ƵŶƐ ƋƵĂŶƚƐ Ž

͞>Ă ĨŽƌŵĂĐŝſ ŝ ůĂ ŵŝůůŽƌĂ ĚĞ ůĂ ƉƌŽĚƵĐƟ ǀŝƚĂƚ ĠƐ Ğů ĨƵƚƵƌΗ +PTFQ .BSJB 1VFOUF 'MVWJË BTTFTTPS MBCPSBM J WJDFQSFTJEFOU EF MB 'FC

ƚŽƚƐ͍ ů ŶŽƐƚƌĞ ƐŝƐƚĞŵĂ ĚĞ ƚƌĞďĂůů ĠƐ ŵĂƐƐĂ ƉƌŽƚĞĐĐŝŽŶŝƐƚĂ ŝ Ăŝdžž ĞƐƚă ƉĞƌũƵĚŝĐĂŶƚ ůĂ ŶŽƐƚƌĂ ĞĐŽŶŽŵŝĂ͘ WŽƐŝ͛ŵ ƵŶ ĞdžĞŵƉůĞ͘ DŝƌĂ͕ ů͛ ƐƚĂƚ ŽďůŝŐĂ Į džĂƌ ĐƌŝƚĞƌŝƐ Ě͛ĂŶƟ ŐƵŝƚĂƚ͕ ŶŽ ĚĞ ƉƌŽĚƵĐƟ ǀŝƚĂƚ͘ Ğ ŵĂŶĞƌĂ ƋƵĞ͕ ƉĂƌĂĚŽdžĂůŵĞŶƚ͕ Ğů ƉƌŝŵĞƌ ƋƵĞ ŚĂŶ Ě͛ĂĐŽŵŝĂĚĂƌ ůĞƐ ĞŵƉƌĞƐĞƐ ƐſŶ ĞůƐ ƚƌĞďĂůůĂĚŽƌƐ ŵĠƐ ũŽǀĞƐ͕ ĞůƐ ƋƵĞ ŽĨĞƌĞŝdžĞŶ ŵĠƐ ĐŽŵƉĞƟ Ɵ ǀŝƚĂƚ͘ ůƐ ƋƵĞ ĞƐƚĂŶ ŵĠƐ ďĞŶ ĨŽƌŵĂƚƐ͘​͘​͘ džĂĐƚĞ͊ hŶ ĂůƚƌĞ ƉƌŽďůĞŵĂ ĚĞů ŶŽƐƚƌĞ ƐŝƐƚĞŵĂ ůĂďŽƌĂů ĠƐ ƋƵĞ ŶŽ Śŝ ŚĂ ĐĂƉ ŽďůŝŐĂĐŝſ ƋƵĞ Ğů ƚƌĞďĂͲ ůůĂĚŽƌ ĞƐ ƌĞĐŝĐůŝ ƉƌŽĨĞƐƐŝŽŶĂůŵĞŶƚ͘ sŽƐƚğ Ɛ͛ŝŵĂŐŝŶĂ ƵŶ ŵĞƚŐĞ Ăŵď ĞůƐ ĐŽŶĞŝdžĞŵĞŶƚƐ ĚĞ ĨĂ ϮϬ ĂŶLJƐ͕ ƋƵĂŶ ǀĂ ĞƐƚƵĚŝĂƌ͍ ƋƵş ĞůƐ ƚƌĞďĂůůĂĚŽƌƐ ƋƵĂŶ ƉůĞŐƵĞŶ͕ ĐĂƉ Ă ĐĂƐĂ͘ / ĞůƐ ƉŽĐƐ ƋƵĞ ĞƐ ƌĞĐŝĐůĞŶ ŚŽ ĨĂŶ ƉĞƌͲ ƋƵğ ĞƐƚĂŶ Ă ů͛ĂƚƵƌ͘ ůŐƵŶ ĂǀĂŶƚĂƚŐĞ ŚĂ ĚĞ ƚĞŶŝƌ ǀŝƵƌĞ Ă ůĂ ƐŽĐŝĞƚĂƚ ĚĞů ďĞŶĞƐƚĂƌ͘ 'ƌĂŶ ĞƌƌŽƌ͊ ,Ğŵ ĚĞ ƚĞŶŝƌ ůĂ ƉĞƌͲ ĐĞƉĐŝſ ƋƵĞ ǀŝǀŝŵ ĞŶ ůĂ ƐŽĐŝĞƚĂƚ ĚĞů

ƚƌĞďĂůů͘ EŽ ƉŽƚƐĞƌ ƋƵĞ ƌĞďĂŝdžĞŵ ůĞƐ ŚŽƌĞƐ ĚĞ ƚƌĞďĂůů ĐŽŶƐƚĂŶƚŵĞŶƚ͕ ŶŽ ƚĠ ĐĂƉ ƐĞŶƟ ƚ͘ ^ĞŶƐĞ ƚƌĞďĂůůĂƌ ŶŽ ƉŽĚĞŵ ǀŝƵƌĞ͘ / ů͛ĂůƚƌĂ ƉƌŽďůĞŵĂ͘​͘​͘ ůĂ ĨŽƌŵĂĐŝſ ƉƌŽĨĞƐƐŝŽŶĂů͘ ^͛ŚĂ ффĐŽŶĚĞŵŶĂƚхх Ăů ũŽǀĞ ƋƵĞ ŶŽ ǀĂů ƉĞƌ ĞƐƚƵĚŝĂƌ Ă ĨĞƌ ƵŶ ŵžĚƵů͘​͘​͘ EŽ ƚŽƚŚŽŵ ŚĂ Ě͛ĂŶĂƌ Ă ůĂ ƵŶŝǀĞƌƐŝƚĂƚ͊ ^ŝŶſ ĚĞƐƉƌĠƐ ďƵƐƋƵĞŵ ůĂŵƉŝƐƚĞƐ Ž ĨƵƐƚĞƌƐ ƋƵĂůŝĨŝĐĂƚƐ͕ ƋƵĞ ĨĂĐŝŶ ďĠ ůĂ ƐĞǀĂ ĨĞŝŶĂ ŝ ŶŽ ĞŶ ƚƌŽďĞŵ͘ ^Žƌƚ ƋƵĞ Ă ĂĚĂůŽŶĂ ĞƐƚĞŵ ĨĞŶƚ ĐŽƐĞƐ ďĠ ŐƌăĐŝĞƐ Ă ů͛ŝŵƉƵůƐ ƋƵĞ Ɛ͛Śŝ ŚĂ ĚŽŶĂƚ Ăů ŶŽƵ ĞĚŝĨŝĐŝ ĚĞ ů͛/ŶƐƟ ƚƵƚ 'ĂƵĚş ĚĞ ůĂ ŽŶƐƚƌƵĐĐŝſ͕ ŐƌăĐŝĞƐ Ă ƉĞƌƐŽŶĞƐ ĐŽŵ ů͛ ŵďƌſƐ DĂƌơ ŶĞnj͕ Ğů ƉƌĞƐŝĚĞŶƚ ĚĞů 'ƌĞŵŝ Ě͛ŝŶƐƚĂůͻůĂĚŽƌƐ͘ :Ž͕ ĂůƐ ŵĞƵƐ ĂůƵŵͲ ŶĞƐ͕ ƐĞŵƉƌĞ ĞůƐ ĚĞŵĂŶŽ ƋƵŝŶ ĠƐ ů͛ŽďũĞĐƟ Ƶ Ě͛ƵŶĂ ĞŵƉƌĞƐĂ͘​͍͘ 'ƵĂŶLJĂƌ ĚŝŶĞƌƐ͍ WĞƌƉĞƚƵĂƌͲƐĞ͘ ^ŝ ĞƐ ƉĞƌƉĞƚƵĂ ƐĞ ůŝ ƐƵƉŽƐĂ ƵŶĂ ĐƌĞŝdžĞŵĞŶƚ͕ ƵŶĂ ĞƐƚĂďŝůŝƚĂƚ͘​͘​͘ Ɛŝ ů͛ĞŵƉƌĞƐĂ Śŝ ŐƵĂŶͲ LJĂ͕ Śŝ ŐƵĂŶLJĂ Ğů ƚƌĞďĂůůĂĚŽƌ͕ Śŝ ŐƵĂŶLJĞŵ ƚŽƚƐ ŝ͕ Ăŝdžž͕ Ă ǀĞŐĂĚĞƐ ƐĞ͛ŶƐ ŽďůŝĚĂ͘ :ŽƌĚŝ ůĐŽǀĞƌ

WăŐŝŶĂ ĚΖŝŶĨŽƌŵĂĐŝſ ĞŵƉƌĞƐĂƌŝĂů ĚĞ ůĂ &ĞĚĞƌĂĐŝſ ŵƉƌĞƐĂƌŝĂů ĚĞ ĂĚĂůŽŶĂ ."26&5" JOEE


DQLPÁOLD

CPKOÀNKC

FRQVHOOV DQLPDOV GH FRPSDQ\LD YHWHULQDULV RSLQLÓ DGRSWD P

;&64

/0350/ .BDIP KPWFO .VZ DBSJ×PTP DPOWJWF IBDF NFTFT DPO NBT HBUJUPT FTQFSBOEP VO IPHBS QBSB ÏM TPMP "TPDJBDJØO 4FHVOEB 0QPSUVOJEBE "OJNBM "QBSUBEP QPTUBM &O ;FVT FT VO HPT DSFVBU EF MMBVSBEPS J UF VO BOZ J NJH RVBO WB BSSJCBS BM $$""$ EF #BEBMPOB M IBWJFO BUSPQFMMBU J BSB WB VOB NJDB DPJY UFOJB VOB NJDB EF QPS B MB HFOU J OP WPMJB NFOKBS 1FS BJYÛ FMT WPMVOUBSJT MJ EP OËWFN VOB BUFODJØ FTQFDJBM J FTUËWFN GFOU MJ DBSÓDJFT J EP OBOU MJ FM NFOKBS QPD B QPD QFS RVF DPOm FT FO MFT QFSTPOFT J B M IPSB EF QBTTFKBS EF CBOZBS MP P GFS BMUSFT BDUJWJUBUT TF MJ EFEJDBWB NFT BUFODJØ .PMUFT WFHBEFT QFSRVÒ NFO HÏT FM GJDËWFN FO VOB IBCJ UBDJØ J MJ EPOËWFN MMBVOFT EF QPMMBTUSF P DBSO CBSSFKBEB BNC QJOTP EFTQSÒT FU NJSBWB BNC DBSB EF QFOB DPN BHSBJOU FM RVF IBWJFT GFU

$PN RVF DBEB EJB GÒJFN BJYÛ FMM IP WB BQSFOESF J RVBO FM QPSUËWFN DBQ B M IBCJUBDJØ KB BOBWB SFNFOBOU MB DVB QFSRVÒ TBCJB RVF FSB MB TFWB IPSB EF NFOKBS VO QMBU DPN FM RVF FMT TFVT DPNQBOZT EF CPY OP NFOKBWFO FMM TF TFOUJB FTQF DJBM QFSRVÒ IP QPEJB NFOKBS

%h&/ #04$ (0'&3% t "%*&453".*&/50 " %0.*$*-*0 t $3*" &9$-64*7" %& 30558&*-&3 "'*+0 %& (0'&3 ' $ * #"%"-0/" 5&- 1®(*/" 8&# %h&/ (0'&3% /; # XXX BTPB OFU "QU #BEBMPOB

&MM FTUBSJB BHSBÕU EF USPCBS VOB GBNÓMJB RVF MJ EPOJ MB PQPSUV OJUBU QFS QPEFS NPTUSBS TF UBM DPN FT OP UFOJS QPS J RVF MJ EFNPTUSFTTJO RVF OP UPUFT MFT GBNÓMJFT TPO DPN MB RVF FM WB BCBOEPOBS 1FSRVÒ BNC VOB NJDB E BNPS J QBDJÒODJB FT QPU EFTDPCSJS VO HPT RVF OP FT FTRVFSQ TJOØ UPU CFO FM DPOUSBSJ VO HPT BNJ HBCMF J NPMU DBSJOZØT

BTPB!BTPB OFU

)041*5"7&5&3*/"3* - "3$"

$SFV #KT #BEBMPOB

5FM 'BY

$MBSB .POUF 7PMVOUBSJB "40"

$QLPÁOLD BOVODJB U FO BRVFTUB TFDDJØ r CBEBMPOB!FMUPUEJHJUBM DPN

QBH JOEE

727 %DGDORQD


/D PLOORU VHOHFFLÓ LPPRELOLÁULD GHO %DUFHORQÈV 1RUG

LPPRELOLÁULD

KOOQDKNKÀTKC

-B DPOUSBDUBDJØ E IJQPUFRVFT DBV VO B M BCSJM *NNPCJMJBSJB t " M BCSJM FT WBO TJHOBS IJQPUFRVFT FO FM DPOKVOU E &TQBOZB VO NFOZT RVF EVSBOU FM NBUFJY NFT EF GB VO BOZ J VO NFOZT RVF BM NBSÎ 4ØO EBEFT EF M FTUBEÓTUJDB E IJQPUFRVFT QVCMJDBEB BWVJ QFS M *OTUJUVU /B DJPOBM E &TUBEÓTUJDB */& &M EFTDFOT EF M BCSJM IB FTUBU NPMU TVQFSJPS BM EFM NBSÎ RVBO MB DBJHVEB WB EF EF QPD NÏT EFM -MBWPST FT WB QBSMBS EF M JOJDJ E VO QPTTJCMF DBOWJ EF UFOEÒODJB HSËDJFT B MB CBJYBEB EFMT UJQVT E JOUFSÒT QFSÛ BSB T IB WJTU RVF WB TFS OPNÏT VO NJSBUHF &O MB UBYB JOUFSNFOTVBM UBNCÏ T IB EFUFDUBU VO FNQJUKPSB

NFOU EF MB TJUVBDJØ "JYÓ B M BCSJM T IBO IJQPUFDBU VO NFOZT E IBCJUBUHFT RVF BM NBSÎ NFOUSF RVF BM NBSÎ IJ WB IBWFS VO BVHNFOU EF M SFTQFDUF BM NFT BOUFSJPS - JNQPS U NJUKË EF MFT IJQP

UFRVFT TPCSF IBCJUBUHFT IB CBJYBU VO SFTQFDUF B M BOZ QBTTBU mOT BMT FVSPT EF NJUKBOB FO FO DPOKVOU E &TQBOZB ²T VO NFOZT RVF OPNÏT VO NFT BCBOT

+BVNF .POUTFSSBU J 7JWFT (FTUPS "ENJOJTUSBUJV $PM MFHJBU "TTFTTPS 'JTDBM "HFOU EF MB 1SPQJFUBU *NNPCJMJËSJB "ENJOJTUSBEPS EF 'JORVFT

"44&4403&. -&4 01&3"$*0/4 *..0#*-*®3*&4 &/ 5054 &-4 "41&$5&4 '*4$"- -&(" '*/"/$&3 "%.*/*453"5*6

) $0.13" ) 7&/%" ) --0(6&3 ) 53"41"4404

) "%.*/*453"$*0/4 ) "44&4403".&/5 ) J (&45*« *..0#*-*®3*"

-0$"-4 &/ --0(6&3

1*404 * $"4&4 &/ --0(6&3

;0/" .&3$"5 503/&3 N QMBOUB CBJYB N EF TØUBO 1SFV B $POTVMUBS $ 4"-7"%03 &413*6 -MPSFEB N F ;0/" -" 1-"/" N TFNJTÛUBO WFOU B MhFYUFSJPS "DDÏT GVSHPOFUFT F $ '3"/$&4$ %& 1"6-" KUP $ .BS QMBOUB N N N .PMUB MMVNJOPTJUBU $ "3/Á4 40-&%"% FOUSFTPM DPNFSDJBM N NPMUB MMVNJOPTJUBU FO QFSG FTUBU F $ 1307*%µ/$*" N QMBOUB CBJYB N TÛUBO F 1"3,*/( --0(6&3 "WEB .PSFSB $PUYF .JUKË F -0$"- --0(6&3 ;0/" .&3$"5 503/&3 N FO QMBOUB CBJYB N EF TÛUBO F 0'*$*/" --0(6&3 N QMBOUB BTDFOTPS BM DPTUBU BVUPQJTUB " NJO EFM DFOUSF FO QFSGFDUF FTUBU 1SFDJP UPUBM F 0'*$*/&4 --0(6&3 "WEB #VGBMË FOUSFTVFMP N WBSJPT EFTQBDIPT " " BTDFOTPS F $ ®/(&- (6*.&3® N FOUSFTPM F 3".#-" 4"/5 +0"/ CBJYPT N EF QBUJ QJT N *EFBM BCBJY NBHBU[FN P UBMMFS J B EBMU PGJDJOFT 'JODB TFOTF WFÕOT F 3#-" 45 +0"/ (6*9&3&4 N [POB EF QBT F Y Y N $ $BTUJMMFKPT 4FOTF WFÕOT .BHBU[FN UBMMFS 'ËDJM $BSHB %FTDBSHB F $ 4&-7" 4BOU $SJTU UJFOEB N F $ 0-*7&3"4 4JTUSFMMT N F $ (*30/" #6'"-® N NBHBU[FN UBMMFS F $ (*30/" N PGJDJOB BMNBDÏO [POB DBSHB EFTDBSHB F $ 45 .*26&- DFOUSP N F $ 4"/5 .*26&- $&/53& N 4BMJEB IVNPT F

5*"/" UPSSF BÕMMBEB FO MMPHVFS IBC EPCMFT CBOZT YFNFOFJB UFSSBTTFT KBSEÓ HBSBUHF FO QFSGFDUF FTUBU B EPT NJOVUT EhBVUPQJTUB F $ */%&1&/%µ/$*" #6'"-® ®UJD UFSSBTTB N IBC TBMØ N TBGBSFJH DVJOB CBOZ QBSRVFU BDBCBU EF SFGPSNBU BTDFOTPS F ;0/" #6'"-® N DPO P TJO NVFCMFT IBC VOB TVJUUF N UFSSB[B PSJFOU BM TVS DBMFG " " BTDFOTPS UPEP JNQFDBCMF QL PQD F $ 1037&/*3 IBC CBMDØO HBMFSÓB NVDIB DMBSJEBE TJO BTDFOTPS F 1- -" 1-"/" IBC CBMDØ UPU FYUFSJPS SU TFOTF BTD F $ 13*. IBC TJO BTDFOTPS F 1- -" 1-"/" IBC TJO BTDFOTPS F

1"3,*/(4 * 53"45&34 &/ --0(6&3 1"3,*/(4 * 53"45&34 &/ --0(6&3 1-"±" -" 1-"/"

/"64 &/ --0(6&3 /"64 */%6453*"-4 $0.&3$*"-4 10-¶(»/ #0/"7*45" B QBSUJS EF N FO EVFT QMBOUFT F /"7& N QMBOUB CBKB $ (VJGSÏ QVFOUFT HSVB ,8 EF GVFS[B F /"6 #BSDFMPOB [POB ! $ #BEBKP[ N F /"6 1PM -FT (VJYFSFT N FRVJQBEB DPO JOTUBMBDJPOFT F

7&/%" -0$"- 7*7&/%" $ */%Á453*" O N TBMJEB IVNPT 3FG F

*14#4+1 C *14#5 C *14#5 2NCÁC $CTÎ FG /CNF´ P 6GNU #RCTVCV $#&#.10# $CTEGNQPC (#: | YYY IGUVQTKCOQPVUGTTCV EQO

727 %DGDORQD

QBH JOEE


1. .')+#6

$*(17( '( /$ 3523,('$' ,102%,/,$5,$

&2/(* 1

) , 1 4 8 ( 6

%$ '$ /2 1$

9(1'(6 3,6 & '26 '( 0$,* P GRUP GREOHV EDQ\V FRPSOHWV L DVHR VDOD PHQMDGRU FXLQD PROW H[WHULRU DPE SDUNLQJ ½ 3,6 & -$80( 62/$ FHQWUH P KDE JUDQV PHQMDGRU FXLQD L EDQ\ SHUIHFWH HVWDW SRFV YHwQV ½ $9' %8)$/­ P KDELWDFLRQV PHQMDGRU JUDQ FXLQD QRYD EDQ\ FRPSOHW FDOHIDFFLy ½ 3,6 & 02/Ì '( /$ 7255( SLV P KDELWDFLRQV EDQ\V PHQMDGRU JUDQ FXLQD HTXLSDGD FDOHIDFFLy 7RW H[WHULRU ½ 3,6 5 58%,$/ &(175( REUD QRYD P KDE VDOD PHQMDGRU FXLQD EDQ\ DLUH FRQGLFLRQDW FDOHI WHUUDVVD P ½ 3,6 & 352*5e6 HVSHFWDFXODU SLV GH P KDE EDQ\V PHQMDGRU GH P FXLQD GH P 7RW H[WHULRU WHUUHV GH SDUTXHW SHUIHFWH HVWDW 3N SHU D FRW[HV =RQD FRPXQLWjULD DPE SLVFLQD ½ 3,6 $ /$ 3/$1$ P pV EDOFy JUDQ VDOD PHQMDGRU FXLQD JUDQ UHIRUPDGD KDE WRWHV GREOHV EDQ\V FRPSOHWV L DVHR WRW H[WHULRU SODoD GH JDUDWJH L WUDVWHU ½ & &$0(/,(6 P KDE VXLWH DPE YHVWLGRU EDQ\ FRPSOHW FXLQD HTXLSDGD QRX DQ\ WRW H[WHULRU VRODULXP GH P FDOHI $ $ ½ 3,6 7,$1$ &(175( 9 GH OD 0HUFH QRX DQ\V P KDE EDQ\V VDOR PHQMDGRU L FXLQD JUDQV JDUDWJHV ]RQD FRP DPE SLVFLQD ½ 3,6 $9'$ 025(5$ P KDE EDQ\ F VDOD PHQMDGRU FXLQD EDOFRQV WRW H[WHULRU PROW GH VRO YLVWD DO PDU ½ 3,6 & ,1'(3(1'(1&,$ P KDE PHQMDGRU JUDQ FXLQD EDQ\ ERQ HVWDW ½ 3,6 3 &203$1<6 &(175( P KDE E FRPSOHW FXLQD RIILFH VDIDUHLJ UHIRUPDW H[WHULRU ½ 'Ó3/(; 0$15(6­ & 085,//2 P KDE JUDQV VDOD PHMDGRU FXLQD EDQ\ FRPSOHW L WHUUDVVD SODQWD JROIHV P GLDIDQV L VRODULXP GH P ILQFD GH YHwQV ½ 'Ó3/(; 0 38-2/ &(175( P P WHUUDVVD KDE VXLWH DPE YHVWLGRU L EDQ\V DPE MDFX]]L FXLQD RIILFH VDOy GH P JROIHV DPE [HPHQHLD EDQ\V FRPSOHWV ]RQD FRP DPE SLVFLQD SDUTXLQJ ½ 7255( 0$6 5$0 PWV FRQVWUXwWV SDUFHO OD PWV QRYD GRUPLWRULV VXLWWHV VDOy PHQMDGRU FXLQD JUDQ VDOD JDUDWJH MRFV ERGHJD IDQWjVWLTXHV YLVWHV ½ 7255( 0$6 5$0 P YLYHQGD P SODQWHV VDOy PHQM DPE [HPHQHLD EDQ\ KDE KDE DPE VXLWWH JROIHV GH P ½ 7255( 0$6 5$0 VXS SDUFHO OD P P HGLILFDWV WH YLYHQGHV LQGHS DPSOLHV JDUDWJH ERGHJD HQ SHUI HVWDW FDOHI ERQHV YLVWHV ½ &$6$ $ 7,$1$ PROW QRYD GH GLVVHQ\ JDUDWJH SODFHV VDIDUHLJ VDOD PHQMDGRU FXLQD JUDQ KDELWDFLRQV VXLWWH EDQ\V FRPSOHWV DVHR HVWXGL VRODULXP MDUGt FDOHIDFFLy L DLUH FRQGLFLRQDW ½ &$6$ 5 &$0Ì ' $/(//$ P SDWL GRUPLWRULV VDORQV EDQ\V D D FDOHIDFFLy JROIHV YLVWHV DO PDU HVSHFWDFXODU RSRUWXQLWDW ½ &$6$ & -+21 /(121 %8)$/$ P SDWL P VXLWH DPE EDQ\ KDE EDQ\ F DVHR HVWXGLR ERGHJD L JDUDWJH ½ 3$5.,1* & &2// , 38-2/ SODoD DPSOLD ½ 3$5.,1* 0 1,&2/$8 SDUNLQJ HQ YHQGD ½ 3$5.,1* 0 38-2/ &$1 0217$/ DPE WUDVWHU SODoD JUDQ ½

/ /2 * 8 ( 5 6 3,6 ,*/(6,$6 &(175( KDE VDOy PHQMDGRU JUDQ EDQ\ FRPSOHW FXLQD HTXLSDGD WRWV HOHFWU DPREODW ½ 0(6 3,6 5 0$7$02526 &(175( 2EUD QRYD KDE EDQ\ FRPSOHW FXLQD HTXLSDGD PHQMDGRU H[WHULRU $ $ FDOHIDFFLy ½ 0(6 3,6 0217*$7 & (6*/(6,$ KDE PHQMDGRU JUDQ WHUUDVVD EDQ\ FRPSO UHIRUPDW WRFDQW D OD SODWMD ½ 0(6 3,6 '5 52%(57 %8)$/­ KDE PHQMDGRU FXLQD EDQ\ FRPSOHW EDOFy VHPLDPREODW ½ 0(6 3,6 7(50(6 520$1(6 &(175( KDE JUDQ PHQMDGRU FXLQD L EDQ\ UHIRUPDWV VDIDUHLJ PROW GH VRO ½ 0(6 3,6 3 &203$1<6 P KDE VDOD PHQMDGRU EDQ\V FXLQD FDOHIDFFLy SDUTXHW SHUIHFWH HVWDW ERQHV YLVWHV WUDVWHU ½ 0(6 3,6 & 0$5 P UHIRUPDW VHQVH YHwQV KDE JUDQV PHQMDGRU FXLQD H[WHULRU WUDVWHU ½ 0(6 3,6 0 '( 021752,* 0$5(60( P WRGR H[WHULRU PXHEOHV \ HOHFWURGRPpVWLFRV KDE EDQ\ FRPSOHW FRFLQD FRPHGRU ½ 0(6 3,6 & 129$ &$1d2 %8)$/­ 3$57 %$,;$ P KDE EDQ\V FXLQD JDOHUtD PHQMDGRU H[WHULRU PROW GH VRO ½ 0(6 (678',6 , 3,626 L KDE HQ REUD QRYD SHU D HVWUHQDU FRVWDW SDYHOOy 3HQ\D '(6 '( ½ 0(6 $ ½ 0(6 7255( $ &$1<(7 %HQ VLWXDW FDVD DPE KDE EDQ\ PHQMDGRU FXLQD L EDQ\ MDUGL GH P JDUDWJH ½ 0(6 7255( 0$6 5$0 PROW Ep VLWXDGD KDE GREOHV VXLWWHV HVWXGL ERGHJD VDOD PHQMDGRU QLYHOOV P FXLQD RIILFH JDUDWJH FRW[HV HQ XQD SDUFHO OD GH P SLVFLQD ½ 0(6 2),&,1(6 7255( *8,;(5(6 P SHU HVWUHQDU IDQWiVWLTXHV YLVWHV GHPDQHX LQIRUP 326,%,/,7$7 '( ',9,6,216 2),&,1(6 $/)21;2 ;,,, 3 9(1785$ P DPE GLYLVLRQV ½ 0(6 2),&,1$ $9'$ 3 &203$1<6 &(175( P GHVSDW[RV JUDQV UHFHSFLy L VHUYHLV 7RW H[WHULRU ½ 0(6 /2&$/ & 6$1 0$5&26 P FRPHUFLDO ½ 0(6 /2&$/ & /$75,//$ FRPHUFLDO P TXDOVHYRO DFWLYLWDW ½ 0(6 /2&$/ ) 0$&,$ 72&$17 ,//$ )5$'(5$ 6XS SODQWD P P DOWHOO L P SDWL DFFHV YHKLFOHV ]RQD PROW FRPHUFLDO ½ 0(6 /2&$/ 0(675( 1,&2/$8 P SHU RILFLQHV R FRPHUo ½ 0(6 /2&$/ &20(5&,$/ & %$5$1(5$ P ½ 0(6 75$63­6 /2&$/ 3 , &$6$/6 P DPE SODQWHV PROW OOXPLQRVHV SHU TXDOVHYRO DFWLYLWDW FRPHUFLDO R UHVWDXUDFLy VHQVH YHwQV ½ 0(6 /2&$/ & *,521$ P GLjIDQ VHQVH FROXPQHV HQWUDGD IXUJRQHWD OOXP L DLJXD ½ 0(6 /2&$/ & &267$ &267$7 9,$ $8*867$ FRPHUFLDO P SHUIHFWH HVWDW SHU D RILFLQHV SODQWD EDL[D DFFpV GLUHFWH D FDUUHU ½ 0(6 3,6 3 &203$1<6 &(175( P REUD QRYD KDELWDFLRQV GREOHV HV VXLWWH DPE EDQ\ LQGLYLGXDO RQ EDQ\ FRPSOHW 6DOD PHQMDGRU FXLQD HTXLS SDUTXHW FDOHIDFFLy DLUH FRQGLFLRQDW EDOFRQV 7RW H[WHULRU 3DUTXLQJ RSFLRQDO ½ 0(6 3,6 & /$,(7­1,$ &(175( KDELWDFLRQV GREOHV VDOD PHQMDGRU EDQ\V FXLQD EDOFy 7RW H[WHULRU ½ 0(6

7HOqIRQ CBEBMPOB /PV EFGJOJUJV JOEE

& /DLHWDQLD %$'$/21$


LPPRELOLÁULD

1*404 EF --0(6&3 *(/"4* *(-&4*"4 N IBC BTFPT UFSSBTTB BOUJD CPO FTUBU å NFT "7 ."35¶ 16+0- N IBC CBOZT CBMDØ å NFT 1- &3/&45 --6$) N IBCJUBDJPOT CBOZT UFSSBTTB 0CSB OPWB å NFT 13&4*%&/5 $0.1"/:4 N IBC CBOZT UFSSBTTB N 0CSB OPWB å NFT

'*/26&4 &/ 7&/%" &%*'*$* $0.&3$*"- &/ 7&/%" $&/53& 1M CBJYB BMUFMM QMBOUFT N UPUBM " $0/46-5"3 '*/$" &/ 7&/%" DPTUBU .BSUÓ 1VKPM QM CBJYB QMBOUFT N N KBSEÓ " 3&'03."3 40-"3 FO 7&/%" [POB 130(3&4 N TPTUSF "NC QSPKFDUF J MMJDÒODJFT $0/46-5*/ 4 $ ."3*/" -0$"- &/ 7&/%" N "QUF HSBOT EFTQBUYPT DPOTVMUPSJT NÒEJDT FUD 1*4 FO 7&/%" 0#3" /07" BM $&/53& N IBC CBOZT UFSSBTTB N

8QD ILUPD GH SUHVWLJL XXX mORVFTCFMMBWJTUB DPN

5FM

"WJOHVEB .BSUÓ 1VKPM OÞN S B

"ENJOJTUSBEPST "TTPDJBUT "HFOU EF MB 1SPQJFUBU *NNPCJMJËSJB "1* 6OL LLOGAR EL SEU PIS &ACI HO SENSE POR ,I GARANTIM EL COBRAMENT DEL LLOGUER CADA MES -ÌXIMA ElCACIA I SERIETAT 4ENIM UNA AMPLIA BORSA DE LLOGATERS 0ROFESSIONALS DES DE

7&/%" $"4" $&/53& 1# 1*4 . SFCFEPS NFOKBEPS TBMB DVJOB SFGPSNBEB QBUJ QFUJU MBWBCP IBC #BOZ DPNQMFU OPV UFSSBTTB CBMDØ J BMUFMM å 5&33&/: 1&3 &%*'*$"3 7"3*4 o 63# ."4 3". 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 -0$"- 0'*$*/&4 N +PBO 1FJSØ JEFBM QFS RVBMTFWPM OFHPDJ å /&(0$*"#-&4

--0(6&3 1*404 $"4" $"/:&5 FO QMFOB OBUVSB NPMU CPOFT DPNVOJDBDJPOFT BNC USBOTQPSU QÞCMJD BQBSDBNFOU QFS B DPUYF N BQSPY DPOTUB EF IBC CBOZ BNC EVUYB DVJOB QFUJUB MMBS EF GPD QBUJ EF N 1PTTJCJMJUBU EF MMPHVFS BNC NPCMFT P TFOTF " 1"35*3 %& å $"4" "- $ &-7*4 13&4-&: QMBOUFT IBCJUBDJPOT CBOZT DVJOFT QBUJ EF N HBSBUHF J DFMMFS å 1*4 $ $0/26&45" N IBC UPU SFGPSNBU QFS FOUSBS B WJVSF å 1*4 "- $&/53& N CBOZ DPNQMFSU IBC NFOKBEPS N UFSSBTTB NPCMBU å %&41"59 1SFTJEFOU $PNQBOZ UPU SFGPSNBU N BQSPY $0/46-5"3 1*4 $"33&3 ."3*/" QJT IBC NPCMBU CFO DPOTFSWBU QMBÎB QËSLJOH JODMPTB å %&41"59 DÒOUSJD BM DPTUBU EF M "KVOUBNFOU FTUBU FYDFMrMFOU JEFBM QFS RVBMTFWPM UJQVT EF OFHPDJ N BQSPY $0/46-5"3

-0$"-0$"- $ 4"/5 (0/±"- N JEFBM NBHBU[FN å -0$"- ;0/" (03( N¤ GBÎBOB B EPT DBSSFST å -0$"- "35*(6&4 $ #BMNFT N¤ SFGPSNBU QPSUFT å -0$"- * 0'*$*/&4 +0"/ 1&*3» EJTQPTB EF HVBM " $0/7&/*3

1"3,*/( 1-"±" ("3"5(& $ 3JFSB .BUBNPSPT å

7JB "VHVTUB -MFUSB # S (BMFSJFT 7JDUÛSJB 5FM 'BY t #BEBMPOB

727 %DGDORQD

QBH JOEE


#(

LPPRELOLÁULD

#"%"(&45*&. 4$1 (&45*»/ */.0#*-*"3*"

XXX CBEBHFTUJFN DPN JOGP!CBEBHFTUJFN DPN

#"%"-0/" &%*'*$*0 &/ #6'"-® "7 ."35¶ 16+0- $&3$" %&- $&/530 1*404 : %Á1-&9 &/ "-26*-&3 : 01$*»/ $0.13" " 1"35*3 %& å &41&$5"$6-"3 '*/$" %& %*4&º0 "5&/$*»/ 1301*&5"3*04 5&/&.04 (3"/ $"35&3" %& $-*&/5&4 1"3" "-26*-"3 464 1*404 : -0$"-&4 130'&4*0/"-*%"% "#40-65"

0 1 0 3 5 6 / * %" % & 4 % & 1 * 4 0 4 : $" 4 " 4 & / " - 2 6 * - & 3 $&/530 0QDJØO B DPNQSB %FUSÈT EF MB 3BNCMB N IBC 3FGPSNBEP "MRVJMFS DPO PQDJØO DPNQSB å $&/530 " NJO 3FOGF SFGPSNBEP N IBC BTDFOTPS MJOFB NBS 1BSLJOH PQDJPOBM å $&/530 0CSB OVFWB $FSDB EF MB 3BNCMB MJOFB EF NBS IBC CBMDPOFT 'JODB EF WFDJOPT %F EJTF×P å $&/530 "NVFCMBEP N CBMDØO IBC CB×PT $BMFGBDDJØO .VZ CVFO FTUBEP å $&/530 $ 1SJN NJO QMBZB N IBC CB×PT (BTUPT DPNVOJEBE JODMVJEPT å $&/530 N IBC CB×PT 5FSSB[B CBMDØO 4FNJOVFWPT ;POBT BKBSEJOBEBT 1BSLJOH PQDJPOBM å $&/530 %ÞQMFY OVFWP B FTUSFOBS N IBC WFTUJEPS (SBO TBMØO N QBUJP (BSBKF å $&/530 «UJDP FO MB D .BS N DPO UFSSB[B å $&/530 1JTP BNVFCMBEP N UFSSB[B EF N ;POB QSJWBEB DPO QJTDJOB DMJNBUJ[BEB HJNOBTJP $FSDB EF MPT KV[HBEPT 1BSLJOH PQDJPOBM å $&/530 N IBC CB×PT 1MB[B EF QBSLJOH USBTUFSP "QUP QBSB WJWJFOEB Z PGJDJOB å ;0/" 16&350 MJOFB NBS N IBC HSBO UFSSB[B [POB QSJWBEB DPO QJTDJOB Z QBSLJOH å 1&1 7&/563" N IBC (SBO TBMØO QBUJP " NJOVUP EFM NFUSP 3FGPSNBEP 'JODB EF WFDJOPT å 1&1 7&/563" N CBMDØO UFSSB[B IBC CB×PT " NJO NFUSP [POBT BKBSEJOBEBT å #6'"-® 0CSB OVFWB "W .BSUÓ 1VKPM DFSDB EFM DFOUSP N IBC EF EJTF×P å #6'"-® 1MBOUB CBKB EÞQMFY EF N UFSSB[B EF N KBSEJO å 450 $3*450 .0/5*("-® "M MBEP 3 4BO +VBO N IBC UFSSBEP DPNVOJUBSJP 5SBTUFSP å .0/5*("-® %ÞQMFY BNVFCMBEP N FO QMBOUBT UFSSB[BT EF N Z N IBC FTUVEJP å 45" $0-0." .0/5*("-® N IBC HBMFSJB $FSDB USBOTQ QVC %FUSÈT IPTQJUBM &TQJSJUV 4BOUP å "35*("4 " NJO NFUSP "QBSUBNFOUP IBC 4JO BTDFOTPS å -" 4"-6% #"+" "M MBEP BNCVMBUPSJP DFSDB NFUSP N IBCJUBDJPOFT #B×P Z DPDJOB SFGPSNBEP SFDJFO QJOUBEP BJSF BDPOEJDJPOBEP Z BTDFOTPSFT å .0/5("5 "NVFCMBEP MJOFB EF NBS N IBC CB×PT 5FSSB[B 7JTUBT QBOPSÈNJDBT B NBS Z #$/ å #"3$&-0/" $&/530 .FUSP 6SHFMM N IBCJUBDJPOT 3FGPSNBEP B FTUSFOBS å

1 * 4 0 4 : 1" 3 , * / ( 4 & / 7 & / 5" 1"3,*/( -" 1-"/" / 7&/5" (SBO PQPSUVOJEBE 1MB[BT KVOUBT å 5*"/" 0#3" /6&7" &/ &- $&/530 EFUSÈT EFM BZVOU %VQMFY N IBC FTUVEJP U[B (SBO PQPSUVOJEBE å

$ $PMM J 1VKPM #EO DFOUSP 5FM

> D :KZ WZ /K н > D :KZ ,/WKd

>KE

ŶƟ ŐƵĂ sĂůĞŶĐŝĂ ͬ ŶĚƌĞƐ ^ĞŐŽǀŝĂ WŝƐŽ ĚĞ ŽĐĂƐŝſŶ͖ ϰ ,ĂďŝƚĂĐŝŽŶĞƐ͕ džƚ͕͘ ĂůĐſŶ Ă ůĂ ĐĂůůĞ͕ ƐĐĞŶƐŽƌ͕ ZĞĨŽƌŵĂĚŽ͕ DƵLJ ďŝĞŶ ĐŽŵƵŶŝĐĂĚŽ͘ &ƌĞŶƚĞ ĨƵƚƵƌŽ ƉĂƌƋƵĞ͘ ͞ y > Ed KWKZdhE/ KDWZ ͟

KDWZ >K͊​͊​͊ ^ŽůŽ ϲϰϱ ƵƌŽƐ͘

ϵϯ ϱϭϳ ϵϵ ϳϳ

QBH JOEE

727 %DGDORQD


%*3&$5& $0/4536$503

LPPRELOLÁULD

5*"/"

$ .BS OÞN

&91&3504 */.0#*-*"3*04

)UDQFHVF /D\UHW %$'$/21$ 3,626 (1 $/48,/(5 5HI $ //25('$ 3LVR P KDE DLUH DFRQG VHPLDPXHEODGR DVFHQVRU H[WHULRU ½ 5HI $ /$ 6$/87 3LVR P DPXHEODGR ¿ QFD REUD QXHYD DVFHQVRU FDOHIDFFLyQ ½ 5HI $ 0217,*$/­ 3LVR P KDE DPXHEODGR DLUH DFRQG ½ 5HI $ %8)$/­ 7RWDOPHQWH UHIRUPDGR D HVWUHQDU KDE SDUNHW FDOHI *DVWRV LQFO ½ 5HI $ 025(5$ P KDE DVFHQVRU SDUNHW 7RGR LQFOXLGR ½ 5HI $ 3(3 9(1785$ KDE WHUUD]D DPXHEODGR 7RGR LQFOXLGR ½ 5HI $ 3(3 9(1785$ KDE PX\ VROHDGR $OWR \ DVFHQVRU 3UHFLRVR 7RGR LQFOXLGR ½ 5HI $ 672 &5,672 KDE WRGR UHIRUP EDxR SUHFLRVR *UDQ VDOyQ 7RGR LQFOXLGR ½ 5HI $ 3(3 9(1785$ 7RGR UHIRUPDGR KDE ]RQD PX\ FRPHUFLDO ½ 5HI $ &(1752 P KDE EDxRV H[WHULRU EDOFyQ \ DVFHQVRU 3iUTXLQJ RSFLRQDO ½ JDVWRV 5HI $ &(1752 & 35,0 5HIRUPDGR DPXHEODGR KDE H[WHULRU FRQ EDOFyQ ½ 5HI $ &(1752 )5$1&(6& /$<5(7 KDE UHIRUPDGR DPXHEODGR ¿ QFD GRV YHFLQRV H[WHULRU ½ JDVWRV LQFOXLGRV

1JTPT IBCJUBDJPOT CBOZT CBMDØ QMBDFT EF QËSRVJOH J USBTUFS ®UJD IBCJUBDJPOT CBOZT UFSSBTTB N QMBDFT EF QËSRVJOH J USBTUFS #BJYPT IBCJUBDJPOT CBOZT BTFP KBSEÓ N QMBDFT EF QËSRVJOH J USBTUFS $BMFGBDDJØ J BJSF DPOEJDJPOBU

5FM

"-26*-&3 1JTP FO FM DFOUSP EF #PO 1BTUPS #BSDFMPOB

7HOV (VJGSÏ #"%"-0/"

$ 4BOU "ESJË GSFOUF NFSDB EP Z GVUVSB - NFUSP N IBC CB×P DPDJOB DPNF EPS FS QJTP DPO HBMFSJB JOUFSJPS å NFT

XXX QSPNPDBU FT

5F M Ø

1&1 7&/563"

"7 '3"/$&4$ ."$*® 3FG # (SBO QJT EF IBC NFOKBEPS FYU B CBMDØ HSBO BTFP

CBOZ DPNQMFSU B D BNC CPNCB EF DBMPS BTDFOTPS QUFT å

010356/*5"5 " 1&1 7&/563" 1-± #"%"-0/" 3FG # 1JT IBC NFOKBEPS FYU DVJOB SFG CBOZ FO CPO FTUBU DBMFG J B D QJT BNC NPMUB MMVN JEFBM QBSFMMFT QUFT å

$&/53& ;0/" -" 1-"/" 3FG # 1JT N¤ BNC IBC CBOZ DPOTFSWBU DVJOB HSBO FO CPO FTUBU BNC HBMFSJB NFOKBEPS FYU B CBMDØ B D QBSRVFU BMVNJOJ BTDFOTPS *EFBM QFS [POB J QSFV QUFT å

0#3" 4&.*/07" '30/5 ."3*5*. 3FG # 1JT IBC NFOKBEPS BNQMJ N¤ CBOZ DPNQMFU DVJOB BNFSJDBOB QBSRVFU BMVNJOJ DBMFGBDDJØ UPU OPV 1, J USBTUFS PQD 1UFT å

(03( " 1301 %&- #0.#&34 3FG # 1JT N¤ BNC IBC NFOKBEPS FYU B CBMDØ DVJOB J CBOZ FO CPO FTUBU UFSSB[P FNCFSP BMVNJOJ J BMUFMMT 'JODB BNC BTDFOTPS QUFT å

1&1 7&/563" 130(3²4 3FG # #BJYPT BNC FOUSBEB JOEFQFOEFOU EF IBC EPCMFT NFOKBEPS FYU DVJOB J CBOZ DPOTFSWBUT QJT E FTUJM BOUJD BNC TPTUSFT BMUT *EFBM QBSFMMFT 1UFT å

$&/53& .&3 $"5 503/&3 3FG # 'JODB E FTUJM BOUJD BNC IBC DVJOB SFGPSNBEB CBOZ DPOTFSWBU NFOKBEPS FYU B CBMDØ B D QBSRVFU BMVNJOJ CBMDPOT *EFBM QFS [POB QUFT å

727 %DGDORQD

QBH JOEE

$"4" " $"4" (&.&4 $&/53& ;0/" $ 13*. 3FG # $BTB N¤ FO 1# 1*4 (0-'&4

1"5* N¤ IBC BTFP CBOZ E PSJHFO DVJOB E PSJHFO NPMUB MMVN *EFBM QFS [POB J QSFV QUFT å

.03&3" " 1301 "7 13"5 %& -" 3*#" 3FG # 1JT EF IBC NFOKBEPS FYU B CBMDØ DVJOB SFGPSNBEB CBOZ SFGPSNBU B D J DBMFGBDDJØ BMUFMMT UPU SFGPSNBU *EFBM QBSFMMFT QUFT å

5&-µ'0/


LPPRELOLร ULD

$0/46-5*/( Z (&45*ยป/ */5&(3"- 4 - 1SFTJEFOU $PNQBOZT ย ย #BEBMPOB 'BY +PSHF 'JMFMMB .BT

"5&/$*ยป/ 1301*&5"3*04 $0.13".04 46 1*40 %& )"45" &6304 1"(0 "- $0/5"%0

-0$"-&4 : /"7&4 &/ 7&/5" : "-26*-&3 /"7& &/ 7&/5" -"4 '3"/26&4"4 %&- 7"--ยต4 . &/ %04 1-"/5"4 %& . $"%" 6/0 1"5*0 %& . &6304 /"7& &/ 7&/5" #"%"-0/" $ $03%&34 . . 1-"/5" #"+" "-5*--0 50%04 -04 46.*/*45304 &6304 &/ 7&/5" -0$"- &/ 4 "%3*ยซ/ . &/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$"- $ *#&3*" . #"ยบ0 รฅ .&4 &/ "-26*-&3 -0$"- &/ #"%"-0/" $ +0)/ -&//0/ . #"ยบ0 &95&3*03 รฅ .&4 #"3 3&45"63"/5 &/ 53"41"40 .0/5("5 /"$*0/"- ** . %*453*#6*%04 $0.&%03 #"3" $0$*/" "-."$ยฒ/ : -"7"#0 %0#-& 50%04 -04 46.*/*4 5304 &/ 1&3'&$50 &45"%0 $0/53"50 %& "ยบ04 0 .ยซ4 "-26*-&3 รฅ .&4 53"41"40 &6304 /&(0$*"#-&4 1-&/0 3&/%*.*&/50

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 1*40 1&1 7&/563" )"# #"ยบ0 $0$*/" &6304 "- .&4 &/ "-26*-&3 1*40 45" $0-0." )"# #"ยบ0 $0$*/" &6304 "- .&4 &/ 7&/5" 1*40 $ +07&--"3 #"%"-0/" )"#*5"$*0/&4 $0.&%03 %& . $0/ 1"326&5 $0$*/" #"ยบ0 : 5&33";" 1"3" &/53"3 " 7*7*3 &/ 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 &/ 7&/5" 1*40 &/ #"%"-0/" $ 4"/5" ."3*" )"#*5"$*0/&4 . /0 5*& /& "4$&/403 ย 1*40 &6304 7&/5" 1*40 #6'"-" )"# #"ยบ0 $0$*/" /6&7" . &6304 &/ 7&/5" 1*40 4"/50 $3*450 )"# #"ยบ0 . &6304 &/ 7&/5" 1*40 &/ #"3$&-0/" $ #"-.&4 )"#*5"$*0/&4 #"ยบ0 $0$*/" ("-&3*" $6#*&35" . &6304 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 &/ 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 $"4" &/ 7&/5" $".ยถ %h"-&--" 1-"/5"4 . )"#*5"#-&4 : . 4*/ )"#*5"3 ย 1-"/5" #"ยบ04 $0.1- 4"-ยป/ $0.&%03 $0$*/"4 )"# (0-'"4 ("3"+& 1"3" $0$)&4 &426*/&3" +"3%ยถ/ . : 0530 %& . 5&33";"4 %& . &6304

$0/46-5"3 13&$*04

QBH JOEE

727 %DGDORQD


d/ K ^W d h> Z

ϰ ƚϭ Ͳ ϴϱŵϸ͕ Ϯ ŚĂď͕ ϭ ďĂŹŽ͕ ƉĞƌĨ͘ ĞƐƚĂĚŽ͕ ƚĞƌƌĂnjĂ ƐŽůĞĂĚĂ ϯϬŵϸ͕ ŽƌŝĞŶƚ͘ ŵĂƌ͕͘ ĂͲŐͲů ϳϯϬ ΦͬŵĞƐ

W/^K^ ϯ , /d /KE ^ ϱϲϰ Ͳ ϴϱ ŵϸ͕ ϯ ŚĂď͕ ƐĂůſŶ ϮϬ ŵϸ͕ ďĂŹŽ LJ ĂƐĞŽ͕ ĐŽĐŝŶĂ ϭϬŵϸ͕ ƐŽůĞĂĚŽ͕ ĂͲŐͲů ϰϯϮ Ͳ ϴϱ ŵϸ͕ ϯ ŚĂď͕ ƐĂůſŶ ϮϬ ŵϸ͕ ďŹ͕ ĂƐĞŽ͕ ĞdžƚĞƌŝŽƌ͕ ĐŽĐŝŶĂ ϭϬ ŵϸ͕ ĂͲů ϮϰϯͲKWKZdhE/ ϵϰ ŵϸ͕ ŝŶƚ͕͘ ƐĂů͘ ϮϬ ŵϸ͕ ƚƌƌnj͘ ϭϰ ŵϸ͕ ĂͲŐͲů

LPPRELOLÁULD

W/^K^ E >Yh/> Z ͼ 'KZ' ʹ D '/ E ϲϵϬ ΦͬŵĞƐ ϳϬϬ ΦͬŵĞƐ ϲϲϬ ΦͬŵĞƐ

W/^K ϰ , /d /KE ^ ϭϭϱŵϮ

ϰϭϯ Ͳ ϭϭϱ ŵϸ͕ ϰ ŚĂď͕ ƐĂůſŶ ϮϮ ŵϸ͕ Ϯ ďĂŹŽƐ͕ ƚĞƌƌĂnjĂ ŝŶƚĞƌŝŽƌ ϭϲ ŵϸ͕ ĂͲŐͲů ϳϳϬ ΦͬŵĞƐ Ͳ DƵĐŚĂ ůƵnj͘ 'ƌĂŶĚĞƐ ƚĞƌƌĂnjĂƐ LJ ďĂůĐŽŶĞƐ͘ Ͳ ĂůĚĞƌĂ Ͳ ĐĂůĞĨĂĐĐŝſŶ Ă ŐĂƐ͘ Ͳ ĂŹŽƐ ĐŽŵƉůĞƚĂŵĞŶƚĞ ĞƋƵŝƉĂĚŽƐ͘ Ͳ WƵĞƌƚĂ ĞŶƚƌĂĚĂ ďůŝŶĚĂĚĂ͘ Ͳ ƌŵĂƌŝŽƐ ĞŵƉŽƚƌĂĚŽƐ͘ Ͳ /ŶƐƚĂůĂĐŝſŶ ĐŽůĞĐƟ ǀĂ ĚĞ ĂŶƚĞŶĂ ƌĂĚŝŽ LJ d͘s͘ Ͳ WŽƌƚĞƌŽ ĂƵƚŽŵĄƟ ĐŽ͘ ƐĐĞŶƐŽƌ͘ Ͳ WĂƌƋƵŝŶŐ ŽƉĐŝŽŶĂů ĂĐĐĞƐŝďůĞ ĚŝƌĞĐƚĂŵĞŶƚĞ Ăů ƉŝƐŽ ƉŽƌ ĂƐĐĞŶƐŽƌ͘ Ͳ ŵƉůŝĂƐ ĐŽĐŝŶĂƐ ĐŽŶ ĞŶĐŝŵĞƌĂ͕ ŚŽƌŶŽ͕ ĐĂŵƉĂŶĂ ĞdžƚƌĂĐƚŽƌĂ͕ ĂƌŵĂƌŝŽƐ͘​͘​͘​͘ ;'ĂƌĂŶơ ĂƐ͗ ƐĞ ǀĂůŽƌĂƌĄŶ ŝŶĨŽƌŵĞƐ LJ ƌĞĨĞƌĞŶĐŝĂƐͿ

ϲϰϱ ϴϰ ϰϱ ϮϬ ͮ ǁǁǁ͘ŐƉǀ͘ĞƐ

6U 3URSLHWDULR 3UHFLVDPRV SLVRV GH DOTXLOHU SDUD GDU VDOLGD D OD JUDQ GHPDQGD GH FOLHQWHV TXH WHQHPRV HQ FDUWHUD VHOHFFLRQDGRV \ VROYHQWHV

7HO ££ ,1)Ð50(6(

$)"-&54 %& $"5"-6/:" 4 - 5MG ZZZ FKDOHWVGHFDWDOXQ\D FRP

££&$6$6 2%5$ 18(9$ D .P &DPSR *ROI 6DQW (VWHYH GH 6HVURYLUHV

&$6$6 $ 9,(1726 2%5$ 9,67$ P 3$5&(/$ +$% VXLWWH %$f26 3$5.,1* 35,9$'2 )5(17( ) ) & & $ 0,1 %&1 ,QIyUPHVH VLQ FRPSURPLVR

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

'Ò3/(; (;7(5,25(6 2%5$ 9,67$ +$% %$f26 3$5.,1* 35,9$'2 3$7,2 0ð 7=$6 25,(17 0$5 62/2 9(&,126

``*%&"- 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

$"4" &/ 7&/5" 5*"/" $&/530 16&#-0 3&' 3FGPSNBEB DPO BTDFOTPS IBCJUBDJPOFT EPT CB×PT BTFP CVIBSEJMMB MBWBEFSP HBSBKF QBSB EPT DPDIFT [POB DPNVOJUBSJB DPO QJTDJOB 13&$*0 å 1UBT XXX NFUSPTDVBESBEPT OFU 5&-4

+OOQDKNKCTKU %QORTC 8GPFC

3&' 1&1 7&/563" o QJTP IBCJUBDJPOFT BOUFT SFGPSNBEP BTDFOTPS " " BM MBEP NFUSP BNVFCMBEP å 5&- 1-"/5" #"+" &/ 7&/5"

+6/50 " -" 1-"/" 3&' 1JTP EF N IBCJUBDJPOFT CB×P DPDJOB DPNFEPS QBUJP EF N QMB[B EF QL JODMVJEB QSFDJP 1 5"4 å X X X NFUSPTDVBESBEPT OFU 5&-4

3&' $&/530 QJTP IBCJUBDJPOFT N UPEP FYUFSJPS SFGPSNBEP BTDFOTPS CBMDPO BBDD CB×P Z BTFP å 5&- PQPSUVOJEBE 3&' --03&%" QJTP IBCJUBDJPOFT N BTDFOTPS CBMDPO UPEP FYUFSJPS å 5&-

$"4" $ 30(&3 %& '-03 3&' $BTB EF EPT QMBOUBT N DPO TØUBOP EF N Z QBUJP EF N BDUVBMNFOUF EPT WJWJFOEBT OFDFTJUB SFGPSNBT 13&$*0 å 1UBT XXX NFUSPTDVBESBEPT OFU 5&-4

7&/5" $"4" &/ $&/530 3& $"--& %& -" .&3±& DBTB QFRVF×B EF QMBOUBT Q B S B S F G P S N B S Q S F D J P 1UBT Ã¥ XXX NFUSPTDVBESBEPT OFU 5&-4

7&/5" 1*40 1&1 7&/563" 3&' «UJDP SFGPSNBEP VOB IBCJUBDJØO BOUFT CB×P DPDJOB DPNFEPS MBWBEFSP EPT UFSSB[BT EF Z N TVFMPT EF 1BSLFU DBMFGBDDJØO "" 4JO BTDFOTPS 13&$*0 Ã¥ 1UBT XXX NFUSPTDVBESBEPT OFU 5&-4

010356/*%"% 6/*$" 7FOUB PCSB OVFWB FO -B .PSFSB $ (BMJDJB DPO QPTJCJMJEBE EF $".#*0 QPS TV WJWJFOEB BDUVBM 1JTPT EF IBC Z CB×PT DPNQMFUPT 1SFDJPT BMSFEFEPS EF å 1BSLJOH PQDJPOBM -MÈNBOPT 5&-4

7&/5" 1*40 4&.*/6&70 3&' %"-5 %& -" 7*-" IBCJUBDJPOFT DBMFGBDDJØO "" 1BSRVFU BTDFOTPS CB×PT 13&$*0 å 15"4 XXX NFUSPTDVBESBEPT OFU 5&-4

%61-&9 &/ 1-"/5" #"+" 3&' [POB QSPHSFT N IBCJUBDJPOFT CB×PT BTFP DPNFEPS DPDJOB QBUJP EF N PCSB TFNJOVFWB QSFDJP å 15"4 XXX NFUSPTDVBESBEPT OFU 5&-4

&$0/0.*$4 /PVT JOEE

/6&7" 130.0$*0/ $&3$" %& 1&1 7&/563" : 1-";" "-$"-%& 9*'3& 1JTPT EF Z IBCJUBDJPOFT DPO UFSSB[BT Z QBUJPT DPO QMB[BT EF QL Z USBTUFSPT FO MB NJTNB GJODB QSFDJPT EFTEF åXXX NFUSPTDVBESBEPT OFU 5&-4

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

. 0 3 & 3 " 1 3 & 4 * % & / 5 $0.1"/:4 FYDFMFOUF [POB NUST B NJO EFM DFOUSP DPDJOB DPO [POB EF MBWBEFSP SFGPSNBEP BTDFOTPS å NJMM 5&- -" $0/3&3*" DBTB FO TPMBS EF NUST NUST EF WJWJFOEB QJTDJOB Z HBSBKF EF NUST å 5&- -" $0/33&3*" UFSSFOP FEJGJDBCMF EF NUST QC å 5&- .03&3" $ 7"-&/$*" QJTP NUST IBC CJFO DPOTFSWBEP CBMDØO FYUFSJPS å NJMM 5&- . 0 3 & 3 " Q J T P E F P C S B TFNJOVFWB IBC GJODB DPO BTDFOTPS Z QBSRVJOH FO MB NJTNB GJODB JODMVJEP FO FM QSFDJP NJMM 5&- 10."3 ` PDBTJØO NUST IBC FYUFSJPS å NJMM 5&- 0 1 0 35 6 / * 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&-4 $"4" " 1&1 7&/563" 4"-&4*"/4 3&' # $BTB EF N FO 1# 1BUJ N HBSBUHF 1PTTJCJMJUBU EF GFS EVFT WJWFOEFT JOEFQFOEFOUT 1SFV .QUT å

0 1 0 3 5 6 / * 5"5 6 / * $ " 4 "$$&15" &- 4&6 1*4 % &/53"%" 5&-4 #"-%0.&30 40-® 3".#- 4"/5 +0"/ 3&' # 1JT EF IBC NFOKBEPS FYU B CBMDØ DVJOB Z CBOZ SFGPSNBUT QPSUFT EF SPVSF B D BNC CPNCB DBMPS JOTUBMtMBDJPOT OPWFT BTDFOTPS .QUFT å 5&-4 727 %DGDORQD

&$0/0.*$4 /PVT JOEE

$"4" $"4"(&.&4 ;0/" $ 13*. 3&' # 1# 1*4 (0-'&4 1"5* %& N¤ UFSSBTTB EF N¤ IBC CBOZ BTFP J DVJOB E PSJHFO UÏ N¤ DPOTUSVÕUT $BTB BNC NPMUB MMVN .QUFT å 5&-4

;0/" $&/530 1BSLJOH FO WFOUB 1SFDJP å 5&- 4& 7&/%& $"4" %& . &/ (*30/&--" #&3(" " QJF TBMJEB EF BVUPQJTUB 0$"4*»/ å */'0 5&- 4& 7&/%& 5&33&/0 --"/0 %& . &/ .0/5.&-- 7JMBGSBODB DPO QSPZFDUP EF WJWJFOEB WJTBEP )JQPUFDB EF å NFT */'0 5&-

0 1 0 3 5 6 / * 5"5 " 1 - ± #"%"-0/" " 1301 $ $"/*(¾ 3&' # 1JT EF IBC NFOKBEPS FYU DVJOB BSSFHMBEB CBOZ FO CPO FTUBU DBMFGBDDJØ J B D QJT BNC NPMUB MMVN PSJFOUBDJØ #BSDFMPOB *EFBM QFS QBSFMMFT .QUFT å 5&-4

4& 7&/%& 1*40 . &/ .03&3" IBC CB×PT CBMDPOFT " " DBMFGBDDJØO ;POB DPN DPO KBSEÓO QJTDJOB Z QJTUB EF CÈTRVFU 1ËSRVJOH Z USBTUFSP JODMVJEPT å */'0 5&-

1*4 *%&"- 1&3 1"3&--&4 " #6'"-® %$ 30#&35 3&' # 1JT BNQMJ EF IBC NFOKBEPS FYU CBOZ J DVJOB SFGPSNBUT QJT FYUFSJPS J BNC NPMUB MMVN .QUFT å 7JOB B WFVSF M 5&-4

-0$"- &/ 7&/5" FO $ 2VFWFEP CBSSJP -B 4BMVE EF N EJÈGBOP DPO WBEP 5&- 4*453&--4 &O DBMF QSJODJQBM 1 J T P E F I B C D P D J O B SFGPSNBEB FYUFSJPS B DBMMF ` . V Z F D P O P N J D P 1 0 3 å $605" %& å .&4 3&' 45 5&-

&4 7&/ -0$"- #"%"-0/" D .BSJB "VYJMJBEPSB N FO QMBOUB 5&- 10."3 7&/%0 1*40 N NÈT CBMDPO IBC FSP TJO BTDFOTPS WJTUBT BM QBSRVF U P U B M N F O U F T P M F B E P QSFDJP . 5&- 1&3.65" 40-"3 63#® #"%"-0/" N *MMB 'SBEFSB DBOUØ "OTFMN $MBWÏ $POEJDJPOT B OFHPDJBS 5&- 4 6 1 & 3 ( " / ( " W F O E P QJTP FO QPNBS IBC UPEP SFGPSNBEP QBSB FOUSBS B WJWJS .*--0/&4 FVSPT 5&- +50 ."3*45"4 *(/"$*0 *(-&4*"4 QMB[BT EF QBSLJOH KVOUBT QPS å (BOHB 5&-


FODVVLILFDWV

"-'0/40 9*** -" 4"-6% 1JTP EF IBCJUBDJPOFT FO QFSGFDUP FTUBEP CVFOB GJODB DPO BTDFOTPS DPNFEPS DPO TBMJEB B CBMDØO &YDFMFOUF DPNVOJDBDJØO 13&$*0 å å .&4 3&' 4- 5&- -" .03&3" 1JTP EF N DPO IBCJUBDJPOFT .VZ C J F O D P O T F S W B E P . V Z CVFOB VCJDBDJØO Z DFSDB EFM DFOUSP 0DBTJØO QPS [POB Z QSFDJP 13&$*0 å $605" %& å .&4 3&' .3 5&- #6'"-" ``("/(" $ *OEFQFOEFODJB 1JTP EF IBCJUBDJPOFT N DPDJOB Z CB×P SFGPSNBEPT DPDJOB FRVJQBEB Z BNVFCMBEB *EFBM WJWJFOEB 13&$*0 å $605" %& å .&4 3&' #6 5&- --&'*" $&3$" .&3$"%0 1JTP EF IBCJUBDJPOFT FO GJODB DPO BTDFOTPS $PDJOB Z CB×P SFGPSNBEPT T HSÏT WFOU BMVNJOJP DBMFGBDDJØO F Y U F S J P S B D B M M F 1 , */$-6*%0 13&$*0 å $605" %& å .&4 3&' -' 5BNCJÏO EJTQPOJCMF TJO QL JOGPSNFTF TJO DPNQSPNJTP 5&- 1-";" %& 1"3,*/( &/ 7&/5" 5033&/5 %& #"5--03*" 5JFOF BTDFOTPS 1MB[BT P .FEJEBT Y 13&$*0 å 5&- 1"53* 1-";" %& 1"3,*/( &/ 7 & / 5" 0 " - 2 6 * - & 3 5033&/5 %& #"5--03*" 5JFOF BTDFOTPS 1MB[BT 1MBOUB 1SJNFSB .FEJEBT Y 13&$*0 7&/5" å 13&$*0 "-26*-&3 å 5&- 1"53*

0 $ " 4 * » / 1 * 4 0 5 0 % 0 3&'03."%0 1*40 &/ 7&/5" &/ $ -*4;5 1JTP EF N BMUVSB SFBM IBCJUBDJPOFT DPDJOB Z CB×P SFGPSNBEPT DBSQJOUFSÓB EF BMVNJOJP DPO NPTRVJUFSBT SFKBT UFSSB[B Z HBMFSÓB 1VFSUBT Z TVFMP DPOTFSWBEPT 13&$*0 å 5&- 1"53*

&$0/0.*$4 /PVT JOEE

$"4" &/ 7&/5" 0 "-26*-&3 $BTB FO 4BOU $FCSJË EF 7BMMBMUB EF B×PT EF BOUJHàFEBE EF NUST DPOTUSVJEPT NÈT NUST EF KBSEÓO Z NUST EF UFSSFOP IBCJUBDJPOFT CB×PT UFSSB[B QBMB[B HBSBKF USBTUFSP DBMFGBDDJØO CVFO FTUBEP 13&$*0 "-26*-&3 å .&4 13&$*0 7&/5" å 5&- 1"53*

%61-&9 &/ 7&/5" ;0/" "-$".10 45 "%3*" N¤ GJODB OVFWB EF UBO TPMP WFDJOPT IBCJUBDJPOFT CB×P DPNQMFUP Z BTFP EPT CBMDPOFT Z HSBO UFSSB[B DBMFGBDDJPO 13&$*0 FVSPT 5&- 1"53* 1*40 &/ 7&/5" o +0$4 '-03"-4 #"%"-0/" .¤ 'JODB DPO BTDFOTPS IBCJUBDJPOFT TBMØO TPMFBEP DPO CBMDØO DPDJOB Z CB×P EF DVBUSP QJF[BT SFGPSNBEPT TVFMP EF QBSLFU DBMFGBDDJØO Z BJSF BDPOEJDJPOBEP 13&$*0 7&/5" å 5&- 1"53*

1*40 &/ 7&/5" 1JTP FO WFOUB FO -MPSFEB EF NUST IBCJUBDJPOFT VOB EF FMMBT TVJUF $PDJOB BNQMJB C B × P T U P E P O V F WP 1BSRVFU DBMFGBDDJØO Z BJSF BDPOEJDJPOBEP "TDFOTPS 13&$*0 7&/5" å 5&- 1"53*

0$"4*»/ ` 1-"/5" #"+" &/ 7&/5" ;0/" 450 $ 3 * 450 N IBCJUBDJPOFT EPCMFT DPDJOB Z CB×P SFGPSNBEPT 8$ Z EVDIB JOEFQFOEJFOUF BEFNÈT EF HBMFSÓB $BSQJOUFSÓB EF BMVNJOJP QVFSUBT TBQFMZ TVFMP EF HSFT 4PMFBEP -JTUB QBSB FOUSBS B WJWJS 13&$*0 å 5&- 1"53* /&(0$*"#-&4

$"4" &/ 7&/5" 0 "-26*-&3 $BTB FO DBMMF .JHKPSO #BEBMPOB EF NUST USFT IBCJUBDJPOFT Z VOB CVIBSEJMMB TBMØO DPNFEPS EPT CB×PT NÈT VO BTFP DPDJOB KBSEÓO HBSBKF QBSB EPT DPDIFT USBTUFSP EPT UFSSB[BT QBSB FOUSBS B WJWJS 13&$*0 7&/5" å 13&$*0 "-26*-&3 å 5&- 1"53*

/Á.&304 13&.*"%04

1*40 &/ 7&/5"o ;0/" $0-- * 16+0- .¤ GJODB DPO BTDFOTPS IBCJUBDJPOFT EPCMF CB×P EF PSJHFO DPDJOB SFGPSNBEB CBMDØO FYUFSJPS DFSSBEP DPO DBSQJOUFSÓB EF BMVNJOJP 1VFSUBT EF PSJHFO " " DPO CPNCB EF DBMPS DBSQJOUFSÓB EF BMVNJOJP Z TVFMP HSFT (BT DJVEBE 13&$*0 7&/5" å 5&- 1"53*

"5*$0 &/ 7&/5" &/ $ .*-" * '0/5"/"-4 45" $0-0." (3".&/&5 N IBCJUBDJPOFT TBMØO DPNFEPS EF N¤ DPDJOB Z CB×P DPNQMFUP SFGPSNBEPT BEFNÈT EF UFSSB[B EF N¤ $BSQJOUFSÓB EF BMVNJOJP QVFSUBT SPCMF TVFMP EF HSFT "JSF "DPOEJDJPOBEP 'SÓP Z $BMPS 4PMFBEP 13&$*0 å 5&- 1"53*

.FT +VOJPh

0 $ " 4 * » / 1 * 4 0 50 % 0 3&'03."%01*40 &/ 7&/5" 450 $3*450 1JTP EF N¤ BTDFOTPS TPMFBEP Z UPEP SFGPSNBEP IBCJUBDJPOFT QBSLFU Z QVFSUBT EF IBZB DBSQJOUFSJB EF BMVNJOJP CMBODB HBT OBUVSBM Z CBMDPO BMUJMMP FO QBTJMMP GBDIBEB SFGPSNBEB 13&$*0 å 5&- 1"53*

4& 7&/%&/ 1-";"4 %& 1"3,*/( */%&1&/%*&/5&4 5033&/5 %& #"5--03*" " QJF EF DBMMF 'ÈDJM BDDFTP 5JFOF BTDFOTPS .FEJEBT Y 13&$*0 å 5&- 1"53*

.WPGU /CTVGU /KÈTEQNGU GZVTC VÈULH

,WGXGU 8KGTPGU VHULH

5ÁDCFQ &QOKPIQ VHULH

727 %DGDORQD


+OOQDKNKCTKU

1 * 4 0 . 0 / 5 * ( " - ® " - 2 6 * - & 3 N IBCJUBDJPOFT MBWBCPT DPDJOB BNQMJB Z FRVJQBEB D B M F G B D D J Ø O F Y U F S J P S TPMFBEP BTDFOTPS UFSSB[B EF N QJTDJOB DPO DÏTQFE DPNVOJUBSJB å NFT 5&-

FODVVLILFDWV

1-";" 1"3,*/( &/ 7&/5" 1MB[B EF QBSLJOH FO MB DBMMF 4BO +VBO EF -B $SV[ EF #BEBMPOB .FEJEBT 9 NUST 13&$*0 7&/5" å5&- 1"53*

1*40 13&.*® "-26*-&3 N S F G P S N B E P IBCJUBDJPOFT B B Z CPNCB EF DBMPS TPMFBEP TVFMP EF QBSLFU DBSQ JOU BMVN BTDFOTPS BNVFCMBEP NVZ DÏOUSJDP å NFT 5&-

.NQIWGT

3&' o --03&%" o QJTP IBCJUBDJPOFT N PCSB CB×PT BTDFOTPS DBMFGBDDJPO HBT OBUVSBM BNVFCMBEP DPO FMFDUSPEPNFTUJDPT QBSLJOH PQDJPOBM å BMRVJMFS DPO " - 2 6 * - & 3 - 0 $ " - PQDJPO EF DPNQSB NFT 5&- $0.&3$*"- 3&' DFOUSP KVOUP B MB CJCMJPUFDB Z DPMFHJP BQUP UJFOEB EFTQBDIP QSPGFTJPOBM DPOTVMUBT 3&' 4"-65 #"*9" N BOUFT QPEPMPHP QSFDJP o BUJDP IBCJUBDJPO å .&/46"-&4 XXX N U F SS B [ B S F G P S N B E P NFUSPTDVBESBEPT OFU 5&-4 BTDFOTPS BNVFCMBEP DPO FMFDUSPEPNFTUJDPT å "-26*-&3 1*40 &/ " NFT 5&- 16*('3&% 3&' 5SFT 3&' o 4*453&--4 o QJTP IBCJUBDJPOFT CB×P DPDJOB IBCJUBDJPOFT DPOTFSWBEP DPNFEPS MBWBEFSP CBMDØO QBUJP N BNQMJP TBMPO BNVFCMBEP FYUFSJPS MVNJOPTP [POB USBORVJMB T J O B T D F O T P S 1 3 & $ * 0 å NFOTVBMFT XXX å 5&- NFUSPTDVBESBEPT OFU 5&-4 3&' 4"/50 $3*450 QJTP IBCJUBDJPOFT BTDFOTPS "-26*-&3 1*40 +6/50 SFGPSNBEP N DBMFGBDDJPO " $0-- * 16+0- 3&' HBT OBUVSBM Z BBDD å 5&- 5SFT IBCJUBDJPOFT CB×P DPDJOB DPNFEPS BTDFOTPS 13&$*0 å NFOTVBMFT 3&' 45" $0-0." XXX NFUSPTDVBESBEPT OFU 3*&3" "-5" o QJTP 5&-4 IBCJUBDJPOFT N CBMDPO NVZ MVNJOPTP BNVFCMBEP D P O F M F D U S P E P N F T U J D P T -" 4"-6% "7% +6"/ SFGPSNBEP WJTUBT BM NBS 7"-&3" QJTP NUST IBC MPDBM PQDJPOBM N å FYUFSJPS GJODB DPO BTDFOTPS BMRVJMFS DPO PQDJØO EF 5&- DPNQSB å 5&- 3&' o 4"/50 $3*450 QJTP IBCJUBDJPOFT N QMBOUB CBKB QBUJP N Z 1&1 7&/563" 1JT EF N¤ KBSEJO N SFGPSNBEP IBC DVJOB J CBOZ B D BNC UPEP FYUFSJPS å 5&- CPNCB EF DBMPS NFKBEPS FYU B CBMDØ å NFT UPU JODMÛT 5&-4 3&' #0/"7*45" QJTP IBCJUBDJPOFT SFGPSNBEP FYUFSJPS [POB BKBSEJOBEB UFSSB[B BBDD DPO CPNCB EF DBMPS BNVFCMBEP DPO FMFDUSPEPNFTUJDPT å 5&- 727 %DGDORQD

&$0/0.*$4 /PVT JOEE

4"/5 $3*45 1JT EF N¤ IBC NFOKBEPS HSBO FYU B UFSSBTTB EF N¤ UPU SFGPSNBU å NFT UPU JODMÛT 5&-4


FODVVLILFDWV

!525- 15!42/

$0.130 030 s -ÉXIMA 6ALORACIØN s 0AGO %FECTIVO s 0ASAMOS A DOMICILIO PAGAMOS AL MOMENTO s 4ALLER PROPIO s /UTLET DE JOYERIA

4EL # !RNÞS __3I VIENE CON "ADALONA EL ANUNCIO LE DAMOS ¬ MÉS POR GRAMO

$&/53& 1-"±" #"30 %& ."-%" 1JTPT E PCSB OPWB EF IBC NFOKBEPST BNQMJT UFSSBTTFT EF N¤ DVJOFT PGGJDF CBOZT "TDFOTPS å 1L PQDJPOBM å *7" 5&-4

50 3 / & 3 1 J T E F I B C NFOKBEPS FYU B CBMDØ UPU SFGPSNBU DBMFGBDDJØ B D TFNJ BNPCMBU QFS FOUSBS B WJVSF 1JT BNC NPMUB MMVN å NFT UPU JODMÛT 5&-4

0#3" /07" "- $&/53& 1JT EF IBC HSBO NFOKBEPS EF N¤ DVJOB J CBOZ HSBO CBMDØ B D BNC CPNCB EF DBMPS 1JT OPV å NFT UPU JODMÛT 5&-4

'30/5 ."3¶5*. %ÞQMFY E P C S B T F N J O P W B B N C IBC CBOZ BTFP DVJOB NFOKBEPS FYU B D J DBMFGBDDJØ [P O B D P N V O J U Ë S J B B N C QJTDJOB å UPU JODMÛT 5&-4 1-"±" %& 1"326*/( &/ 7&/5" " #6'"-® " QSPQ EF USBWFTTFSB EF 4U +FSPOJ 1SFV å 5&-4

1&1 7&/563" 0#3" /07" 1JT BNC IBC CBOZ DPNQMFU DVJOB JOEFQFOEFOU NFOKBEPS FYU B CBMDØ DBMFGBDDJØ J B D BTDFOTPS å NFT UPU JODMÛT 1JT QL USBTUFS 5&-4

%"-5 %& -" 7*-" FT MMPHB MPDBM DPNFSDJBM BM DBSSFS EF #BSDFMPOB DBOUPOBEB BNC 2VJOUBOB "MUB EF N NÏT BMUFMM *OUFSFTTBUT USVDBS BM 5&-

1&1 7&/563" $BTB EF N¤ BNC IBC NFOKBEPS EF N¤ FYU B UFSSBTTB EF N¤ CBOZ SFGPSNBU DVJOB BNFSJDBOB B D BNC CPNCB DBMPS MPDBM EF N¤ 1SFV å NFT UPU JODMÛT 5&-4

-0$"- $0.&3$*"- D "MGPOT 9** FO MMPHVFS P WFOEB N FO QMBOUB 5&- & 4 # 6 4 $ " / 0 * " 3&410/4"#-& QFS DPNQBSUJS QJT ;POB DÒOUSJDB 5&-

# 0 / "7 * 4 5" / " 6 */%6453*"- &- --0(6&3 /BV EF N¤ GBÎBOB EF N BMÎBEB EF N JEFBM QFS OFHPDJT JOEVTUSJBMT FOUSBEB QFS USBJMFST å NFT *7" 5&-4

0 1 0 3 5 6 / * %" % -0 $ " - $0.&3$*"- &/ 4"/5" $0-0." N Z N EF BMNBDÏO $PO TBMJEB B EPT DBMMFT #VFOB TJUVBDJØO å

*7" 5&-

1&1 7&/563" .&3$"5

-" 1-"/" -0$"- $0.&3$*"- &/ --0(6&3 0 7&/%" N TÛUBO N QMBOUB N FOUSFTPM 5&- 1"3,*/( 7&/5" "-26*-&3 å #BSSJP .PSFSB 5&-

51.7%+105 2#55#6'/25

FKHÌEKN

HÀEKN

4& "-26*-" )"#*5"$*»/ (3"/%& NVZ DFSDB EF NFUSP 1FQ 7FOUVSB QPS å UPEPT HBTUPT JODMVJEPT *OUFSFTBEPT MMBNBS BM 5&-

/165 '0%4'7#65

57&1-75

&$0/0.*$4 /PVT JOEE

727 %DGDORQD


--03&%" 3".#-" 4"/ +6"/ 1JTP MVNJOPTP N IBCJUBDJPOFT EPCMFT DPNFEPS BNQMJP DPDJOB Z CB×P SFGPSNBEPT FYUFSJPS SFDJFO QJOUBEP DPO BHVB Z MV[ CJFO DPNVOJDBEP å

DPNVOJEBE 5&- 4& "-26*-" )"#*5"$*0/ NVZ CJFO DPNVOJDBEB B B DBMFGBDJPO Z 57 5&- &4 --0(" 6/" 1-"±" %& 1"3,*/( %& .050 BM DFOUSF EF #BEBMPOB 5SVDB BM --03&%" .BHOÓGJDP QJTP FO MB NFKPS [POB ;POBT BKBSEJOBEBT N IBC CB×PT #BMDØO FYUFSJPS å NFT 5&- % 6 1 - & 9 & / " - 2 6 * - & 3 "-'0/40 9** +50 16&350 0#3" /6&7" " FTUSFOBS IBC CB×PT DPNFEPS DPO DPDJOB BNFSJDBOB Z TBMJEB B UFSSB[B N (BSBKF #POJUPT "DBCBEPT 'JODB TØMP WFDJOPT å %JSFDUP QSPNPUPS 5&- %61-&9 &/ "-26*-&3 +50 .&530 : 1;" 1&1 7&/563" 0CSB OVFWB B FTUSFOBS UPUBMNFOUF FYUFSJPS Z NVZ TPMFBEP IBC CB×PT BNQMJP DPNFEPS TBMØO DPO DPDJOB BNFSJDBOB 5&33";"4 40-"3*6. ` 7F B M P å % J S F D U P QSPNPUPS 5&- "-26*-0 1-"/5" #"+" %F PCSB OVFWB B FTUSFOBS FO DBTDP BOUJHVP EF 4U #PJ IBCJUBDJPOFT QBUJP EF N CB×P Z DPDJOB FRVJQBEPT å NFT Z å EF GJBO[B 5&-

4"/50 $3*450 #VFOB DBMMF 1JTP EF IBCJUBDJPOFT FO GJODB DPO BTDFOTPS .VZ CJFO DPOTFSWBEP FYUFSJPS B DBMMF "-26*-&3 å .&4 3&' 4$ 5&-

#6'"-" $ .0-* %& -" 5033& 1JTP EF IBCJUBDJPOFT FO GJODB EF QPDPT B×PT &YDFMFOUF VCJDBDJØO 5PEP OVFWP BNVFCMBEP #BMDØO F Y U F S J P S " T D F O T P S 1 , */$-6*%0 &/ &- 13&$*0 å .&4 3&' #6 5&-

$ $0-- * 16+0- +6/50 " -" "7 16*('3&% "NQMJP QJTP EF IBCJUBDJPOFT FO GJODB DPO BTDFOTPS NVZ MVNJOPTP Z DPO CVFOBT WJTUBT `*NQFDBCMF "-26*-&3 å .&4 5&-

FODVVLILFDWV

" - 2 6 * - 0 % 0 4 )"#*5"$*0/&4 1"3" $)*$0 " SFTQPOTBCMF VOB å PUSB å DPO EFSFDIP B UPEP ;POB #VGBMÈ 5&-

4& "-26*-" -0$"- D 1SPHSFTP FTRVJOB (FOFSBM 8FZMFS FOUSF N -V[ BHVB CB×P QVFSUB IJFSSP DPO NPUPS QVFSUB DSJTUBM EF UPEB MB GBDIBEB 5&- .FSDÏ

$ 0 / ( 3 & 4 0 1 J T P N V Z CJFO VCJDBEP FYDFMFOUF DPNVOJDBDJØO Z TJO DVFTUBT U P U B M N F O U F S F G P S N B E P BNVFCMBEP Z FRVJQBEP IBCJUBDJPOFT FYUFSJPS "-26*-&3 å .&4 3&' $0 5&-

1"35*$6-"3 "-26*-" 1-";" %& 1"3,*/( &/ 5033&/5 %& #"5--03*" 5JFOF BTDFOTPS .FEJEBT Y 13&$*0 å 5&- 1"53* 1"35*$6-"3 "-26*-" 1-";" %& 1"3,*/( &/ 5033&/5 %& #"5--03*" .FEJEBT Y N FO 1MBOUB 13&$*0 å 5&- 1"53*

"-'0/40 9*** "NQMJP QJTP EF N IBCJUBDJPOFT EPCMFT DFSDB EFM . Z BVUPCVTFT &YUFSJPS B DBMMF BNVFCMBEP 4PMP WFDJOP "-26*-&3 å .&4 3&' 4- 5&-

1"35*$6-"3 "-26*-" 1-";" %& 1"3,*/( &/ 5033&/5 %& #"5--03*" &O QSJNFSB QMBOUB .FEJEBT Y 13&$*0 å 5&- 1"53*

' */26&4 3 0+"4 "44&4403".&/5 J (&45*» *..0#*-*®3*"

% #NHQPUQ :++ DCLQU $#&#.10#

(CZ .1%#.'5 '0 #.37+.'4 ; 8'06# % %#.&'4¦0 &' .# $#4%# O CUGQ KFGCN VCNNNGT EQPHGEEKÎP IKOPCUKQ EQPUWNVC ŝ %'0641 % .NGÎ O QſEKPC CUGQ OW[ DWGP GUVCFQ ŝ )#5615 /14'4# #8 24#6 &' .# 4+$# O CUGQ +FGCN QſEKPC RCRGNGTKC LVQ IWCTFGTKC GVE ŝ 561 %45+61 5'.8# .QECN FG RNCPVGU FG O E W 2TGEKUC TGHQTOCU ŝ 561 %4+561 6TCURCUQ GEQPÎOKEQ VKGPFC WNVTCOCTKPQU O ŝ 5+564'..5 O UÎVCPQ RCVKQ KFGCN RGSWGÌQ VCNNGT UGTXKEKQU GVE ŝ %#.&'410 &' .# $#4%# NQECN O KFGCN RCTC OQPVCT WP NQHV ŝ %'0641 E %QNÎP O CUGQ CRVQ RCTC EWCNSWKGT EQOGTEKQ QſEKPCU GVE 0')1%+#$.' ŝ 2#4-+0) ,61 /#4+56#5 +IPCEKQ +INGUKC RNC\CU LWPVCU ICPIC 6QVCN ŝ 2'2 8'0674# ,61 5#.'5+#015 O UCNKFC FG JWOQU KFGCN TGUVCWTCEKÎ QſE CNOCEÃP ŝ 2#4-+0) /161 % .CKGVCPC CNSWKNGT ŝ

8'06# &' 2+515 ; %#5#5 5+564'..5 2GTG /CTVGNN JCD EQOGFQT DCNEÎP EQE DCÌQ VQFQ TGEKÃP TGH ITGU TQDNG CNWO ŝ %'0641 #X 2TGUKFGPV %QORCP[U O JCD EQOGFQT DCNEÎP EQEKPC DCÌQ ECNGHCEEKÎP CUEGPUQT DWGP GUVCFQ 0')1%+#$.' 2'2 8'0674# O JCD EQOGFQT EQEKPC DCÌQ ECNGH RCTMGV 4GEKÃP TGHQTOCFQ &+)01 &' 8'4 561 %4+561 O JCD EQOGFQT EQEKPC DCÌQ TGHQTOCFQ 1('46¦0 % %1037+56# O JCD EQOGFQT EQEKPC DCÌQ DCÌGTC TGFQPFC RCTMGV CNWO P C C ECNGHCEEKÎP 2'4('%61 '56#&1 ŝ /106)#6 &­2.': HTGPVG CN OCT O JCD VGTTC\C ſPEC CÌQU RGTHGEVQ GUVCFQ FKIPQ FG XGT %1057.6#4 %10)4'51 (TGPVG OGTECFQ O JCD EQO DCNEÎP EQE DCÌQ QTKIGP ŝ %'0641 O JCD EQO DCNEÎP EQE DCÌQU CUEGPUQT 2'4('%61 '56#&1 0')1%+#$.' ŝ 6+#0# %#5# 2#4'#&# O EQORWGUVC FG ICTCLG LCTFÈP DQFGIC EQO DCÌ CUGQ ſPEC FG CÌ CECD CNVQ UVCPFKPI ŝ

#.37+.'4

1*404 "-26*-&3 $ "OUPOJP #PSJ 1JTPT EF B N IBC TVJUUF DPO CB×P Z BSNBSJP EPCMFT CB×P HFOFSBM DPO CB×FSB DPDJOB N DPNFEPS Z CBMDØO "MRVJMFS å NFT *OGØSNFTF 5&- 727 %DGDORQD

&$0/0.*$4 /PVT JOEE

)'0'4#. 9';.'4 &­2.': ­0+%1 EQO O EQEPC CUGQ VGTTC\C JCD UWKVVG ECNGH ſPEC FG CÌQU RGTHGEVQ ŝ /106)#6 O JCD EQO EQEKPC DCÌQ COWGDNCFQ VQFQ GZVGTKQT ŝ 2'2 8'0674# O JCD EQO EQEKPC DCÌQ ECNGHCEEKÎP VQFQ PWGXQ ŝ %'0641 .QHV O GNGEVTQFQOÃUVKEQU 2GTHGEVQ GUVCFQ .KDTG GN FG LWNKQ ŝ %'0641 % .NGÎ GUVWFKQ JCD EQO EQE COGTKECPC GNGEVTQFQOÃUVKEQU RGTH GUVCFQ ŝ 56# %1.1/# &' )4#/'0'6 NQHV O O FG VGTTC\C UGOK COWGDNCFQ DCÌQ EQEKPC COGTKECPC RGTH GUVCFQ ŝ %'0641 ,61 /#4+56#5 UGOK COWGDNCFQ JCD EQO DCNEÎP EQEKPC DCÌQ CUGQ CUE ŝ %'0641 #8 /#46 27,1. O JCD EQOGFQT DCNEÎP EQEKPC DCÌQ DWGP GUVCFQ ŝ

53".*5"$*»/ )*105&$"4 5&33&/04 "#0("%0 5"4"$*0/&4 1-";"4 %& 1"3,*/( "%.*/*453"$*0/&4 $0/4Á-5&/04


FODVVLILFDWV

" - 2 6 * - & 3 1 - " ; " % & 1"3,*/( .0504 &/ $"--& 5033&/5 %& #"5--03*" 13&$*0 å .0504 5&- 1"53* 1*40 &/ "-26*-&3 $ 4"/ +6"/ %& -" $36; NUST TJO BTDFOTPS IBCJUBDJPOFT DPNFEPS DPO CBMDØO B MB DBMMF $PDJOB MBWBCP HBT OBUVSB MV[ BHVB 13&$*0 å 5&- 1"53* 1" 3 5 * $ 6 - " 3 " - 2 6 * - " 1-";" %& 1"3,*/( $ --&'*" .FEJEBT Y N JEFBM DPDIF QFRVF×P 13&$*0 å "- .&4 5&- 1"53* 1-";" %& 1"3,*/( &/ "-26*-&3 ;0/" $&/530 1MB[B EF QBSLJOH FO BMRVJMFS FO "W 1SFTJEFOU $PNQBOZT 13&$*0 "-26*-&3 å .&4 5&- 1"53* 1*40 &/ "-26*-&3 1JTP FO MB DBMMF +PDT 'MPSBMT EF #BEBMPOB EF NUST IBC NÈT VO WFTUJEPS CB×P DPDJOB SFGPSNBEB QBSRVFU DBMFGBDDJØO BJSF BDPOEJDJPOBEP WFOUBOBT EF BMVNJOJP "TDFOTPS 13&$*0 "-26*-&3 å .&4 5&- 1"53* 1*40 &/ "-26*-&3 1JTP FO BMRVJMFS FO MB DBMMF (VJGSÏ PQDJPOBM PGJDJOBT Z UBNCJÏO WJWJFOEB NUST IBCJUBDJPOFT CB×P DPDJOB UFSSB[B EF NUST WFOUBOBT BMVNJOJP #VFO FTUBEP EF DPOTFSWBDJØO $0/46-5"3 13&$*0 5&- 1"53*

1*40 "-26*-&3 1JTP FO BMRVJMFS FO MB DBMMF $FSWBOUFT EF #BEBMPOB DFSDB NFUSP 1FQ 7FOUVSB NUST B Q S P Y J N B E B N F O U F IBCJUBDJPOFT DPDJOB Z CB×P FO QFSGFDUBT DPOEJDJPOFT 4BMPO DPNFEPS CBMDØO B MB DBMMF $FSWBOUFT 13&$*0 "-26*-&3 å 5&- 1"53*

1*40 &/ "-26*-&3 1JTP FO DBMMF $FSWBOUFT EF IBCJUBDJPOFT DPNFEPS DPDJOB FRVJQBEB 3FGPSNBEP QFSGFDUP FTUBEP "NVFCMBEP 13&$*0 "-26*-&3 å 5&- 1"53* -0$"- "-26*-&3 4F BMRVJMB MPDBM FO #BEBMPOB DBMMF $FSWBOUFT EF NUST EF TVQFSGJDJF Z BEFNÈT JODMVZF VO QFRVF×P BMNBDÏO BQUP QBSB DVBMRVJFS OFHPDJP 13&$*0 "-26*-&3 å 5&- 1"53*

1*40 &/ "-26*-&3 1JTP FO BMRVJMFS DBMMF -MFGJË EF #BEBMPOB NUST IBCJUBDJPOFT DPNFEPS DPDJOB MBWBEFSP CBMDØO S F G P S N B E P " T D F O T P S 13&$*0 "-26*-&3 å 5&- 1"53*

-0$"- &/ "-26*-&3 -PDBM FO #BEBMPOB DBMMF 4BOUB #ÈSCBSB EF NUST NUST EF OBWF UPUBMNFOUF EJÈGBOB DPO BMUJMMP Z SFTUP PGJDJOBT &OUSBEB QBSB WFIÓDVMPT BMUVSB IBTUB NUST 1VFSUB JOEFQFOEJFOUF FOUSBEB B PGJDJOBT $POTUB EF VO MBWBCP Z VO QBUJP "QUP BMNBDÏO 13&$*0 "-26*-&3 å 5&- 1"53*

1*40 &/ "-26*-&3 1JTP FO BMRVJMFS FO $BNJ 4BOU +FSPOJ EF MB .VSUSB FO #BEBMPOB EF NUST IBCJUBDJPOFT CB×P DPDJOB MBWBEFSP B J S F B D P O E J D J P O B E P DBMFGBDDJØO NVZ MVNJOPTP 1*40 &/ "-26*-&3 1JTP #JFO DPOTFSWBEP "TDFOTPS BMRVJMFS FO MB DBMMF +PTD 'MPSBMT 13&$*0 "-26*-&3 å &OUMP EF NUST UJFOF 5&- 1"53* IBCJUBDJPOFT HSBO TBMØO DPNFEPS DPDJOB MBWBCP 13&$*0 "-26*-&3 å 5&- 1"53*

+OOQDKNKCTKU 6TCURCUUQU

1*40 "-26*-&3 1JTP FO BMRVJMFS FO "W "MGPOTP 9*** DFSDB NFUSP +VBO 99*** 1JTP EF NUS T B Q S PY J N B E B N F O U F E P T IBCJUBDJPOFT Z VOB QFRVF×B $PDJOB Z CB×P SFGPSNBEPT BJSF BDPOEJDJPOBEP BTDFOTPS 5JFOF UPEPT MPT TFSWJDJPT 13&$*0 "-26*-&3 å 5&- 1"53*

5 3 " 4 1 " 4 0 - 0 $ " - # " % " - 0 / " K V O U P QBCFMMØO EF .POUJHBMË DPNP UJFOEB EF BMJNFOUPT P TVQFSNFSDBEP N QVFSUBT BODIBT BDUVBMNFOUF F O G V O D J P O B N J F O U P DPNQMFUBNFOUF FRVJQBEP MBWBCP å "MRVJMFS å NFT 5&-

(GXDUGR 0DGULG \ )pOL[ 3pUH] /HV FRPXQLFDQ HO WUDVODGR GH 3pUH] 6XELUDWV \ &LD 6UF D OD FDOOH 'RQ 3HOD\R Q 7HO GRQGH VHJXLUHPRV DWHQGLpQGROHV EDMR OD GHQRPLQDFLyQ GH

,*04$ 13&.4" OP EFJYFV FTDBQBS BRVFTUB PQPSUVOJUBU 5&-

3e5(= 0$'5,' $6(625(6

53"41"40 1&-626&3*" . FO MB .PSFSB FRVJQBEB DPO DMJFOUFMB GJKB QPS DBNCJP EF EPNJDJMJP BMRVJMFS å USBTQBTP OFHPDJBCMF 5&- Ø

%FQBSUBNFOUP 'JTDBM %FDMBSBDJPOFT EF 3FOUB Z 4PDJFEBEFT t "TFTPSBNJFOUP Z 1MBOJGJDBDJØO 'JTDBM (FTUJØO 'JTDBM Z $POUBCMF t $SFBDJØO EF &NQSFTBT %FQBSUBNFOUP +VSÓEJDP $JWJM %JWPSDJPT IFSFODJBT DPOUSBUPT SFDMBNBDJPOFT -BCPSBM %FTQJEPT SFDMBNBDJPOFT EF DBOUJEBE JOWBMJEF[ .FSDBOUJM $POTUJUVDJØO EF TPDJFEBE $PODVSTPT $POUSBUPT *ONPCJMJBSJP "SSFOEBNJFOUPT %FTBIVDJPT "ENJOJTUSBDJØO EF GJODBT

&$0/0.*$4 /PVT JOEE

727 %DGDORQD


4&ยบ03" #64$" 53"#"+0 #"%"-0/" #6426&. QPS IPSBT 5&- 1&340/" 1&3 5"426&4 4&ยบ03" #64$" 53"#"+0 ."("5;&. JNQSFTDJOEJCMF DPNP JOUFSOB 5&- DPOFJYFNFOUT E JOGPSNร UJDB B OJWFMM VTVBSJ *OUFSFTTBUT F O W J B S D V SS ร D V M V N B $ ) * $ 0 % & " ยบ 0 4 WFSPOJDB!WJBU OFU $0/ &91&3*&/$*" &/ )045&-&3*" CVTDB USBCBKP $)*$" %& #"%"-0/" DPNP "VYJMJBS EF DPDJOB #64$" 53"#"+0 DVJEBOEP P DVBMRVJFS PUSP UJQP EF QFSTPOBT NBZPSFT $PO USBCBKP 5&- FYQFSJFODJB Z WFIร DVMP 4&ยบ03" +07&/ NVZ TFSJB QSPQJP 5&-

FODVVLILFDWV

$)*$" #64$" 53"#"+0 103 )03"4 NFEJB KPSOBEB 5&-

6TGDCNN

Z SFTQPOTBCMF CVDB USBCBKP EF NBOVBMJEBEFT QBSB DBTB DPTFS UPEP UJQP EF SPQB P MJNQJF[B QPS IPSBT 5&-

5 3 " # " + " & / & - "&3016&350 *OHMร T NFEJP Z CVFOB QSFTFODJB /P TF SFRVJFSF FYQFSJFODJB *OHSFTPT EFTEF รฅ IBTUB 4&ยบ03" "ยบ04 $0/ รฅ NFT 1SFQร SBUF 3 & ' & 3 & / $ * " 4 N V Z USBCBKBEPSB TF PGSFDF QBSB MBCPSFT EPNร TUJDBT QPS 4&ยบ03" 4& 0'3&$& $0.0 IPSBT -VOFT Z WJFSOFT */5&3*/" OPDIFT DVJEBS I NBSUFT UPEP FM Eร B QFSTPOBT NBZPSFT QPS 1BQFMFT FO SFHMB 5&- IPSBT NFEJB KPSOBEB MJNQJF[B 5&-

%QPPGEVC~V C N~GFKEKร FKIKVCN FGN 6Q6

YYY GNVQVFKIKVCN EQO

GN RQTVCN FG NC VGXC TGXKUVC

$ 'SBODFTD -BZSFU Oย #"%"-0/"

5

*..0#*-*ยฎ3*" 1*404 &/ 7&/%"

$ 7JMBOPWB J MB (FMUSร N IBCJUBDJPOT CBOZ 1FS SFGPSNBS รฅ -B 1MBOB N IBCJUBDJPOT CBOZ /FDFTTJUB SFGPSNFT รฅ $ 4BOUB .BSJB QJTPT EF N IBCJUBDJPOT CBOZ /FDFTTJUFO QFUJUFT SFGPSNFT %FT EF รฅ $ *HOBTJ *HMร TJFT N IBCJUBDJPOT CBOZ 1FS SFGPSNBS รฅ $ $PORVFTUB N IBCJUBDJPOT CBOZ 5PUBMNFOU SFGPSNBU รฅ $ 4BOU 7JDFOร N IBCJUBDJPOT CBOZ 0DBTJร #BOZ J DVJOB SFGPSNBUT รฅ $ (VJGSร N IBCJUBDJPOT CBOZT .JMMPS RVF OPV รฅ $ (VJGSร N IBCJUBDJPOT CBOZT %F MVYF 5PU EF EJTTFOZ รฅ $ (BMJMFP N IBCJUBDJPOT CBOZT 1FS FTUSFOBS %F -VYF รฅ 1JTPT $BO .FSDBEFS N N UFSSBTTB IBCJUBDJPOT CBOZT 5PUBMNFOU SFGPSNBU (SBOT WJTUFT รฅ $ .BS N IBCJUBDJPOT CBOZ รฅ $ 4BOU 3BGBFM N N EF UFSSBTTB IBCJUBDJPOT CBOZ รฅ $ 4BOU 3BGBFM N IBCJUBDJPOT CBOZ 1FS FOUSBS B WJVSF /PV QSFV รฅ 1SPNPDJร 0CSB /PWB -B .PSFSB 1JTPT EF IBCJUBDJPOT CBOZT $POEJDJPOT IJQPUร DB JNNJMMPSBCMFT

$"4&4 &/ 7&/%"

$ .BHBU[FN N N EF QBUJ EF UFSSBTTB IBCJUBDJPOT CBOZT $BTB EF EJTTFOZ QSFNJBEB $ .JRVFM 4FSWFU N N EF QBUJ IBCJUBDJPOT CBOZT $BTB EF MVYF BNC DFMMFS $ $PORVFTUB N N EF CBEJV IBCJUBDJPOT CBOZT $BTB EF MVYF OPWB

รฅ รฅ รฅ

1*404 * $"4&4 &/ --0(6&3 $ #BOZPMFT N IBCJUBDJPOT CBOZT "WEB 1SFTJEFOU $PNQBOZT N IBCJUBDJPOT CBOZ $ %PT EF .BJH N EF UFSSBTTB IBCJUBDJPOT CBOZT $ *HOBTJ JHMร TJFT N IBCJUBDJPOT CBOZ $ 4BOU 3BNPO N IBCJUBDJPOT CBOZ $ .BS N IBCJUBDJPOT CBOZ $ -BJFUBOB N N EF UFSSBTTB IBCJUBDJPOT CBOZT $ 1VJHNBM N $BTB EF Q CBJYB QJT IBCJUBDJPOT CBOZT $ #BMEPNFSP 4PMร N #BOZ J DVJOB SFGPSNBUT IBCJUBDJPOT CBOZ $ 4BSBHPTTB N N CBMDร IBCJUBDJPOT CBOZT

รฅ NFT รฅ NFT รฅ NFT รฅ NFT รฅ NFT รฅ NFT รฅ NFT รฅ NFT รฅ NFT รฅ NFT

-0$"-4 %FTQBUYPT $ 'SBODFTD -BZSFU %FT EF N 0GJDJOB $ *HOBTJ *HMร TJFT N *EFBM PGJDJOB $ *OEร TUJB $PORVJTUB N " D DBMFGBDDJร *NQFDBCMF

รฅ NFT รฅ NFT รฅ

505 &- 26& #6426&4 )0 530#"3ยฎ4 " 888 1"3&--"%" $"5

727 %DGDORQD

&$0/0.*$4 /PVT JOEE


FODVVLILFDWV

5 & - & ' 0 / * 4 5 " 4 3 & $ & 1 $ * 0 / * 4 5 " 4 7*(*-"/5&4 : $0/4&3+&4 1BSB DPSQPSBDJPOFT MPDBMFT /P TF SFRVJFSF FYQFSJFODJB 1SFQร SBUF

4& /&$&4*5" 0'*$*"-" %& 1&-626&3*" FO #BEBMPOB 5&- o

{5& (645"/ -04 /*ยบ04 5SBCBKB FO HVBSEFSร BT DPNP "VYJMJBS /P TF SFRVJFSF FYQFSJFODJB 1SFQร SBUF QBSB BDDFEFS

4 & ยบ 0 3 " . 6 : 3&410/4"#-& #64$" 53"#"+0 %& -*.1*&;" KPSOBEB DPNQMFUB P NFEJB KPSOBEB DPO SFGFSFODJBT Z FYQFSJFODJB 5&-

1 & - 6 2 6 & 3 * " ( 3 6 1 4&ยบ03" &$6"503*"/" TF &45*-*45" 13&$*4" PGJDJBM PGSFDF QBSB DVJEBS QFSTPOBT B EF ย Z BZVEBOUF B 5&- NBZPSFT DBOHVSP GJOFT EF TFNBOB -JNQJF[B DBTBT QPS IPSBT 5&- "( 505" &%"5 /&$&44*5" GJYFT JOUFSJOFT QFS IPSFT QFSTPOFT EF DPNQBOZJB 4&ยบ03" &$6"503*"/" QFS OFOT J BWJT 5&- 4& 0'3&$& 1"3" $6*%"3 1 & 34 0 / "4 . ":0 3 & 4 BZVEBOUF EF DPDJOB DPO "( 505" &%"5 /&$&44*5" F Y Q F S J F O D J B ' J O F T E F JOGFSNFSFT QVFSJDVMUPSFT TFNBOB 5&- GJTJPUFSBQFVUFT BVY EF DMร OJDB B EPNJDJMJ J IPTQJUBM I FUD 5&- $)*$" $0/ 1"1&-&4 #64$" 53"#"+0 EF MJNQJF[B .&/4"+&304 '63(0/&5" DVJEBEP EF OJร PT QPS IPSBT 1" 3 " 3 & 1" 3 5 0 4 : JOUFSJOB 5&- 1&26&ยบ" 1"26&5&3ยถ" &/ #"3$&-0/" Z DJOUVSร O 4&ยบ03" 4& 0'3&$& 1"3" 53"#"+"3 GJOFT EF TFNBOB 1SFTFOUBSTF MVOFT Z NBSUFT DVJEBS QFSTPOBT NBZPSFT UBSEFT EF B MJNQJF[B QPS IPSBT 5&- FO $ 1POJFOUF CKT #BEBMPOB $"/(634 &456%*"/5 . & / 4 " + & 3 0 4 . 050 1 4 * $ 0 -0 ( * " & T U V E J T &-&7"%04 */(3&404 J FYQFSJร ODJB OFOT BNC 1SFTFOUBSTF MVOFT Z NBSUFT EJTDBQBDJUBU 5&- UBSEFT EF B FO $ 1POJFOUF CKT #BEBMPOB 4&ยบ03" 4& 0'3&$& 1"3" 53"#"+"3 DPO QFSTPOBT '"-5" %&1&/%&/5" 1&3 NBZPSFT QPS IPSBT $PO '03/ %& 1" OP FT OFDFTTร SJB CVFOBT SFGFSFODJBT 5&- FYQFSJร ODJB GPSNBDJร B Dร SSFD EF M FNQSFTB 1PSUBS DVSSร DVMVN B $ $PORVFTUB #64$0 53"#"+0 1"3" -*.1*&;" DVJEBEP EF QFSTPOBT NBZPSFT IPSBSJP B 4 & 3 7 * $ * 0 5 ยฒ $ / * $ 0 & / # " % " - 0 / " DPOWFOJS 5&- 1 3 & $ * 4 " 5 ยฒ $ / * $ 0 % & /0*" '" %& $"/(63 )"3%8"3& 1"3" 5"--&3 &YQFSJร ODJB Uร UPM BDBEร NJD */'03.ยซ5*$0 4F PGSFDF J JNQMJDBDJร &MFOB 5&- D P O U S B U P I P S B T TFNBOBMFT BMUB FO 4 4 &4 /&$&44*5" '03/&3 ".# JODPSQPSBDJร O JONFEJBUB &91&3*ยต/$*" *OUFSFTTBUT &OWJBS $7 B JOGP!MFLLFSOFU FT USVDBS BM 5&- 4& 0'3&$& 43" 1"3" 4& /&$&4*5" ":6%"/5" 1 & - 6 2 6 & 3 ยถ " -*.1*&;" DBOHVSP DVJEBS % & QFSTPOBT NBZPSFT DPO : 0 ' * $ * " - " $ 0 / FYQFSJFODJB EJQPOJCMJEBE &91&3*&/$*" JOUFSFTBEBT JONFEJBUB 5&- FOWJBS DVSSJDVMVN P EFKBS E B U P T Q F S T P O B M F T F O ร YUVQFMP!IPUNBJM DPN 53"#"+" &/ &- 4&$503 4"/*5"3*0 DPNP "VYJMJBS 4& 13&$*4" $)*$" %& EF &OGFSNFSร B P (FSJBUSร B " $ " % & . * " 1 " 3 " & / /P TF SFRVJFSF FYQFSJFODJB 1 3 ยซ $ 5 * $ " 4 1SFQร SBUF QBSB BDDFEFS 1&-626&3*" 3BNCMB 4BO +VBO % -MPSFEB

&$0/0.*$4 /PVT JOEE

4 & ยบ 0 3 " . 6 : 3&410/4"#-& #64$" 53"#"+0 %& -*.1*&;" KPSOBEB DPNQMFUB P NFEJB KPSOBEB DPO SFGFSFODJBT Z FYQFSJFODJB 5&- 4&ยบ03" &41"ยบ0-" 4& 0'3&$& QBSB IBDFS UBSFBT EPNร TUJDBT 5&- 4&ยบ03 4& 0'3&$& $0.0 5"9*45" DPO FYQFSJFODJB 5 & - "OUPOJP

4 & 0 ' 3 & $ & 4 & ยบ 0 3 " 1"3" -*.1*&;" DVJEBEP EF QFSTPOBT NBZPSFT DPO SFGFSFODJBT 5&- 2WDNKSWG UWU CPWPEKQU FKTGEVCOGPVG FGUFG NC YGD YYY GNVQVFKIKVCN EQO

727 %DGDORQD


%NCUUGU

1&4$"3 ".# #"3$0 7PMT QBTTBS VO EJB QFTDBOU BNC CBSDP N 1PSU 0MÓNQJD .PMU FDPOÛNJD 5&-

3&'03± &4$0-"3 '¶4*$" 26¶.*$" ."5&4 &40 J #BUYJMMFSBU $POUSPM EFVSFT QPUFODJBDJØ NBUFNËUJRVFT "M DPTUBU 3FOGF 5&-

4& 7&/%& 4*--" %& 36&%"4 &-²$53*$" #BUFSJB NVZ QPUFOUF NFTFT EF VTP 0QPSUVOJEBE 5&- &4 --0(" )"#*5"$*0 B #BEBMPOB B QSPQ EF MB QMBUKB J SBNCMB QFS TFOZPST P OPJT TFSJPTPT 5&-

"/(-µ4 DMBTTFT QBSUJDVMBST JOEJWJEVBMT QFUJUT HSVQT IPSBSJ GMFYJCMF DPOWFSTB # V T J O F T T . Ò U P E F T QFSTPOBMJU[BUT 5&-

4& 7&/%& 4*--" %& 36&%"4 &-²$53*$" FO CVFO FTUBEP å -MBNBS OPDIFT 5&-

&4 $-"44&4 1"35*$6-"34 EF 1SJNËSJB J E &40 5&-

FODVVLILFDWV

8CTKU

/QVQT

0 $ " 4 * » / 7 & / % 0 $&/53"-*5" %*(*5"- /&3*4 OVFWB TPMP NFTFT EF VTP å 5&-

4 & 7 & / % & . 0 5 0 */'"/5*- EF B B×PT EF U Z DD TFNJBVUPNÈUJDB FO QFSGFDUP FTUBEP å ,BXBTBLJ DD EF DPNQFUJDJØO DBSCPOP FO CVFO FTUBEP å */'0 5&-

130'&403" 5*56-"%" %" $-"4&4 QBSUJDVMBSFT Z H S V Q P 1 S J N B S J B 4& "-26*-" )"#*5"$*»/ 4FDVOEBSJB #BDIJMMFSBUP &/ #"%"-0/" " $)*$" DPO . Ø E V M P T ' S B O D Ï T EFSFDIP B UPEP FM QJTP (BTUPT JODMVJEPT $FSDB .FUSP - 4FMFDUJWJEBE 'PSNBDJØO å NFT -MBNBS B QBSUJS EF )ÈCJUPT EF &TUVEJP 5&- MBT I "OB 5&-

727 %DGDORQD

&$0/0.*$4 /PVT JOEE

- - * $ & / $ * " 5 % » / " $ - " 4 4 & 4 % & 4 0 # " 5 9 * - - & 3 " 5 4&-&$5*7*5"5 .¾%6-4 FUD .BUFT 'ÓTJDB 2VÓNJDB 3BNPO $ *OEVTUSJB 5&-4

4 & 7 & / % & # . 8 4 & 3 * & E 5FDIP TPMBS SVFEBT EF BMVNJOJP WPMBOUF NVMUJGVODJØO CMVFUPPUI FUD 1FSGFDUP FTUBEP å */'0 5&-


WHFQRORJLD

VGEPQNQIKC

QRYHWDWV JDGJHWV WHOHIRQLD VRIWZDUH LQWHUQHW

0QFSB QFSNFUSË DPNQBSUJS BSYJVT 0QFSB 6OJUF RVF FTUË FO GBTF EF QSPWFT TFSË UBNCÏ VO TFSWJEPS XFC

5FDOPMPHJB t -B WFSTJØ EFM OBWFHBEPS 0QFSB QFSNFUSË BMT TFVT VTVBSJT DPNQBSUJS BSYJVT FO MÓOJB EF NBOFSB GËDJM J DÛNPEF &T USBDUB E 0QFSB 6OJUF VO TFSWJEPS XFC FODBSB FO QF SÓPEF EF QSPWFT PO FMT JOUFSO BVUFT QPESBO FNNBHBU[FNBS UPUB NFOB EF EPDVNFOUT BS YJVT WÓEFPT JNBUHFT P NÞTJDB 5P U V O S F Q UF Q F S B M T R V F T P Q P T F O B M J O U F S D B O W J E BSYJVT B MB YBSYB

0QFSB 6OJUF TFSË VO TFSWJ EPS XFC RVF EPOBSË B DBEB VTVBSJ VO (JHB E FTQBJ QFS B RVF BRVFTU FNNBHBU[FNJ BS YJVT J FMT DPNQBSUFJYJ BNC RVJ WVMHVJ " CBOEB EF DPNQBSUJS BSYJVT 0QFSB 6OJUF GB VO QBT NÏT FO FM EFTFOWPMVQBNFOU EF MFT BQMJDBDJPOT FO MÓOJB RVF QFSNFUFO EFTWJODVMBS FMT EPDVNFOUT J MFT BQMJDBDJPOT EF M PSEJOBEPS QFSTPOBM J GFS RVF FTUJHVJO TFNQSF BDDFT TJCMFT EFT EF RVBMTFWPM FRVJQ BNC DPOOFYJØ B MB YBSYB B MB 8FCT B NJEB

8F C *OUFSOFU

NBOFSB RVF KB IB GFU (PPHMF BNC (PPHMF EPDT QFS FYFN QMF &OUSF BRVFTUFT BQMJDB DJPOT EFTUBDB .FEJB 1MBZFS RVF QFSNFU RVF M JOUFSOBVUB BDDFEFJYJ B MB TFWB CJCMJPUFDB NVTJDBM P 1IPUP 4IBSJOH QFS DPNQBSUJS GPUPHSBm FT $PN RVF UBNCÏ TFSË VO TFS WJEPS XFC 0QFSB 6OJUF QFS NFUSË M IPTQFEBUHF EFMT MMPDT XFC EF M VTVBSJ J NBOUFOJS VO YBU FO MÓOJB QFS QBSMBS BNC FMT BNJDT *" 13*. ®3 &40 "5 40$*"#"59*--&3 $&/53& %& 3&1®4 &456%*"/5*-

(FTUJØ EF $PSSFVT EPNJOJT FMFDUSÛOJDT

XXX DMJDEJTTFOZ DPN JOGP!DMJDEJTTFOZ DPN

5µ$/ *26& 4 * . µ50% &4 % h&456 %* Eh"1307"54 FO 1307" %h"$$²4 " $ ' (3"6 .*5+"

%FNBOJhOT VOB EFNPTUSBDJØ HSBUVÕUB TFOTF DBQ DPNQSPNÓT

$ *OEFQFOEÒODJB " #"%"-0/" 5FMT XXX UPUSFQBT DPN

7e&1,&2 ,1)250É7,&2 /$6 +25$6 6 , $ '

5FM

5HSDUDFLRQHV SXQWXDOHV \ WRWDOHV D GRPLFLOLR 7DPELpQ SURJUDPDGRU :HE HOHFWUyQLFR DQDOLVWD 'HVSOD]DPLHQWRV \ SUHVXSXHVWRV JUDWLV SDUD VLHPSUH 5DIDHO 0DUWtQH]

7HO

QBH JOEE

727 %DGDORQD


1MBOUJMMB#BTF JOEE

727 %DGDORQD


1MBOUJMMB#BTF JOEE

727 %DGDORQD


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.