/ÞNFSP %FM BM EF TFUFNCSF A
"DUVBMJUBU
&TQBJ$
#BEBMPOB DFMFCSB BOZT EF M 0O[F EF 4FUFNCSF +PBOPU .BSUPSFMM B MB 1MBOB B M &TQBJ #FUÞMJB
3FQPSUBUHF
5JBOB SFDPSEBSË BRVFTU EJTTBC UF MB m HVSB EF M JMtMVTUSBEPSB -PMB "OHMBEB
1PMÓUJDB
3BKPZ UPSOBSË B #BEBMPOB QFS QSFTFOUBS "MÓDJB 4ÈODIF[ $BNBDIP
&M TFDUPS TBOJUBSJ CBEBMPOÓ NJMMPSB BNC MB JOBVHVSBDJØ EF EPT OPVT FTQBJT
"NC WFV QSÛQJB 0SJPM -MBEØ J -PSFO[P .FSDIÈO 7FÕOT EFM DBSSFS EFM 4PM BDUVBM DBSSFS 1MBOFT J $BTBMT E FYDVSTJØ B 4BOU 4BEVSOÓ E "OPJB EVSBOU M BOZ 'PUP 4JMWJË (PO[BMF[
1PSUBEB JOEE
1FSTPOFT
0SJPM -MBEØ QSFTJEFOU E ¾NOJVN $VMUVSBM BM #BSDFMPOÒT /PSE
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
7FÕOT EFM DBSSFS EFM 4PM BDUVBM DBSSFS 1MBOFT J $BTBMT E FYDVSTJØ B 4BOU 4BEVSOÓ E "OPJB EVSBOU M BOZ 'PUP TJMWJË (PO[BMF[ 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
ĂĚĂůŽŶĂ ĞŶƚƌŽ jůƟŵŽƐ ϯ ƉŝƐŽƐ Ă ĐŽƐƚΦ
DĠŶĚĞnj EƷŹĞnj
sŝǀŝĞŶĚĂƐ ĚĞ ĐƵĂƚƌŽ ŚĂďŝƚĂĐŝŽŶĞƐ ĚŽƐ ďĂŹŽƐ ĐŽŵƉůĞƚŽƐ ĞdžĐĞůĞŶƚĞƐ ĂĐĂďĂĚŽƐ
͋/ŶĐƌĞŝďůĞ ĐŽŵƉĂƌĂŶĚŽ ƉƌĞĐŝŽͬĐĂůŝĚĂĚͬƵďŝĐĂĐŝſŶ͊
ZĞĂůŝŵĂƌ͘ĞƐ ϲϳϴ ϳϭ ϰϰ ϰϰ ͻ ϵϯ ϰϱϮ ϳϱ ϭϱ 3FBMJNBS JOEE
DFWXDOLWDW
t -B OPWB TFV EFM (SVQ -B 1BV FT USPCB BM $BNÓ EF MB 1FMMFSJB B #POBWJTUB 1FSF +JNÏOF[
&M TFDUPS TBOJUBSJ CBEBMPOÓ NJMMPSB BNC MB JOBVHVSBDJØ EF EPT OPVT FTQBJT #BEBMPOB WB FTUSFOBS EJWFOESFT QBTTBU EPT OPVT FRVJQBNFOUT TBOJUBSJT EF HSBO JNQPSUËODJB % VOB CBOEB FM OPV )PTQJUBM EF %JB E "EPMFTDFOUT VCJDBU B M JOUFSJPS EF MB 'VOEBDJØ 3PDB J 1J J EF M BMUSB MB OPWB TFV E BNCVMËODJFT -B 1BV BM CBSSJ EF #POBWJTUB #VGBMË #POBWJTUB t -B DPO TFMMFSB EF 4BMVU .BSJOB (FMJ J M BMDBMEF EF #BEBMPOB +PSEJ 4F SSB WBO TFS JOBVHVSBS BRVFTUT EPT TFSWFJT RVF SFQSFTFOUFO VO JNQVMT QFS B MB TBOJUBU MPDBM J UBNCÏ QFS MFT QPCMBDJPOT WFÕ OFT 1FM RVF GB B M )PTQJUBM EF %JB E "EPMFTDFOUT BRVFTU FTUË FTQFDJBMJU[BU FO TBMVU NFO UBM FO SÒHJN E IPTQJUBMJU[BDJØ QBSDJBM &MT QBDJFOUT RVF T IJ USBDUFO TØO KPWFT E FOUSF J
%&OUSBEB JOEE
BOZT RVF SFCFO VO USBDUB NFOU NVMUJEJTDJQMJOBSJ J JOUFOTJV B USBWÏT E BDUJWJUBUT FO HSVQ DPNQMFNFOUBEFT BNC BMHVOFT EF DBSËDUFS JOEJWJEVBM %JTQPTB EF QMBDFT QFS B VO NËYJN EF QFSTPOFT J T IJ BUÏO BMT KPWFT EF #BEBMPOB .POUHBU J 5JBOB
E JOHSÏT BM DFOUSF TØO USBTUPS OT GÛCJDT J PCTFTTJVT HSFVT DSJTJT E BEPMFTDFOUT HSFVT USBTUPSOT SFBDUJVT HSFVT BNC SJTD EF USBOTGPSNBS TF FO DSÛOJDT USBTUPSOT EF MB QFS TPOBMJUBU EFTDPNQFOTBDJPOT QTJDÛUJRVFT J USBTUPSOT EF MB DPOEVDUB &M USBD UBNFOU FT QMBOUFKB EFT EF EJGFSFOUT WFTTBOUT JOUFHSBUT FO VO 1SPHSBNB 5FSBQÒVUJD *OEJWJEVBM RVF FT
&M DFOUSF BKVEBSË B KPWFT BNC QSPCMFNFT NFOUBMT -FT QPTTJCMFT JOEJDBDJPOT
727 %DGDORQD
G HQWUDGD
/PWB TFV E BNCVMËODJFT -B 1BV &M (SVQ -B 1BV EFEJDBU BM USBOTQPSU TBOJUBSJ UBNCÏ IB JO BVHVSBU OPWFT JOTUBMtMBDJPOT &M QBTTBU EJWFOESFT DPJODJ EJOU BNC MB WJTJUB EF MB DPOTF MMFSB EF 4BMVU .BSJOB (FMJ B MB DJVUBU WB JOBVHVSBS MB TFWB OPWB TFV EF NBOFSB PmDJBM -B DPPQFSBUJWB CBEBMPOJOB RVF FOHVBOZ DFMFCSB FM TFV Ò BOJWFSTBSJ BDUVBMNFOU EØOB GFJOB B USFCBMMBEPST J TFSWFJ B QFSTPOFT EF QPCMBDJPOT DBUBMBOFT -B OPWB TFV VCJDBEB BM QPMÓ HPO JOEVTUSJBM EF #POBWJTUB DPOUÏ VOB OBV EF QMBOUFT EF NFUSFT DBEBTDVOB J UBNCÏ E BRVÓ VOFT TFUNBOFT JOBVHVSBSË VO QËSRVJOH QFS B WFIJDMFT TBOJUBSJT "SB QFS BSB BRVFTUFT BN 727 %DGDORQD
%&OUSBEB JOEE
DFWXDOLWDW
EJTTFOZB FTQFDÓmDBNFOU QFS B DBEB QBDJFOU &MT WFTTBOUT RVF FT USBDUFO TØO FM CJPMÛHJD BWBMVBDJØ J USBDUBNFOU QTJ RVJËUSJD FEVDBDJØ FO TBMVU QTJDPMÛHJD USFCBMM QTJDPUFSB QÒVUJD JOEJWJEVBM J FO HSVQ GBNJMJBS FOUSFWJTUFT BNC MB GBNÓMJB PSJFOUBDJØ J TVQPSU GBNJMJBS TPDJBM JOUFSWFODJØ TPDJBM GBNJMJBS J JOEJWJEVBM USFCBMM BNC DPPSEJOBDJØ BNC BMUSFT FRVJQBNFOUT DPNVOJUB SJT J FEVDBUJV UVUPSJFT UB MMFST UFSBQÒVUJDT SFJOUFHSBDJØ B M FTDPMBSJUBU &M QSFTJEFOU EFM 1BUSPOBU EF MB 'VOEBDJØ 7JEBM J #BSSBRVFS 3BNPO .BSJB /PHVÏT WB FYQMJDBS EVSBOU MB JOBVHVSB DJØ RVF BNC BRVFTU UJQVT EF DFOUSF QSFUFOFO BDPTUBS TF BMT TFDUPST TPDJBMT NÏT EFT GBWPSJUT - )PTQJUBM EF %JB E "EPMFT D F O U T E F # B E B M P O B R V F DPNQUB BNC EFV USFCBMMBEPST QFS BRVFTUB WJOUFOB EF KPWFT UÏ VO QSFTTVQPTU QFS BRVFTU BOZ EF å J FTUË HFT UJPOBU QFS MB 'VOEBDJØ 7JEBM J #BSSBRVFS RVF UBNCÏ HFTUJP OB FM $FOUSF EF 4BMVU .FOUBM *OGBOUJM J +VWFOJM J M )PTQJUBM EF %JB EF 4BOUB $PMPNB
$BSMFT $BSWBKBM
t &M OPV )PTQJUBM EF %JB FTUB VCJDBU B M "WJOHVEB .BSUÓ J 1VKPM BM CBSSJ EF #VGBMË
OB (FMJ WB QPTBS E FYFNQMF MB DPPQFSBUJWB CBEBMPOJOB DPN iVOB BQPTUB WBMFOUB EF MB $BUBMVOZB BDUVBMw 1FS MB TFWB CBOEB M BMDBMEF EF #B EBMPOB +PSEJ 4FSSB WB UPSOBS B SFDPSEBS RVF i #BEBMPOB ÏT VO SFGFSFOU FO MB TBOJUBU DBUBMBOBw %VSBOU M BOZ FM (SVQ -B 1BV WB SFBMJU[BS NÏT EF TFSWFJT B MB DJVUBU EF #BEBMPOB
CVMËODJFT T BQBSRVFO FO EJ GFSFOUT FTQBJT EF MB DJVUBU &M QSFTJEFOU EFM (SVQ -B 1BV 'SFEFSJD 5PSSFOU WB SFDPSEBS FMT JOJDJT EF MB DPPQFSBUJ WB BSB GB BOZT EJOT VO HBSBUHF QFUJU EF M "WJOHVEB 1SBU EF MB 3JCB 5PSSFOU WB BTTFHVSBS RVF iMB DPPQFSBUJ WB FTUB QSFQBSBEB QFS EPOBS TFSWFJ B HBJSFCÏ NJM QFS TPOFTw 1FS MB TFWB CBOEB MB DPOTFMMFSB EF 4BMVU .BSJ
t &M (SVQ MB 1BV UÏ BDUVBMNFOU USFCBMMBEPST 1FSF +JNÏOF[
DFWXDOLWDW
DFWXDOLWDW
$BSMFT $BSWBKBM
#BEBMPOB DFMFCSB M 0O[F EF 4FUFNCSF B MB 1MBOB #BEBMPOB t -B DPNBSDB DF MFCSBSË BRVFTU EJWFOESFT MB %JBEB /BDJPOBM EF $BUBMVOZB BNC EJGFSFOUT BDUFT " #BEB MPOB VO BOZ NÏT MB 1MBÎB EF MB 1MBOB DPODFOUSBSË FMT BDUFT PmDJBMT " QBSUJS EF MFT IPSFT IJ IBVSË VO DPODFSU B DËSSFD EF MB $PCMB .BSJOBEB MB %FTm MBEB EF M ®MJHB J M 0GSFOB nPSBM JOTUJUVDJPOBM J EF MFT FOUJUBUT CBEBMPOJOFT " QBSUJS EF MFT IPSFT IJ IBVSË MFT BDUVB DJPOT DBTUFMMFSFT BNC FMT $BTUFMMFST EF #BSDFMPOB FMT EF 7JMBGSBODB J UBNCÏ FMT EF #BEBMPOB "DUFT QPMÓUJDT QFS MB %JBEB -FT EJGFSFOUT BHSVQBDJPOT QPMÓUJRVFT MPDBMT UBNCÏ IBO QSFQBSBU EJWFSTPT BDUFT QFS DFMFCSBS M 0O[F EF 4FUFNCSF -B $BOEJEBUVSB E 6OJUBU 1PQV MBS EF #BEBMPOB J M "TTFNCMFB MPDBM EF .BVMFUT FM KPWFOU JOEFQFOEFOUJTUB SFWPMVDJPOBSJ IBO SFDVQFSBU MB DPNNFNP SBDJØ EF MB %JBEB /BDJPOBM B #BEBMPOB "RVFTU EJKPVT EF TFUFN CSF UJOESË MMPD VOB NBSYB EF UPSYFT -B NBSYB EF UPSYFT DPNFOÎBSË B MFT B MB
UJUVDJØ B QBSUJS EF MFT IPSFT EFM NBUÓ EF M 0O[F EF TFUFNCSF -B %JBEB B .POUHBU J 5JBOB " .POUHBU MB %JBEB DP NFOÎBSË B MFT IPSFT EFM NBUJ BM 1BTTFJH .BSÓUJN EF MFT .BMMPSRVJOFT BNC MB 'J SB E "SUFTBOJB " MFT EFM NJHEJB UJOESË MMPD M BDUF JOTUJ UVDJPOBM J M PGSFOB EF nPST EF MB %JBEB /BDJPOBM EF $BUBMVOZB BM NPOVNFOU 0O[F EF TFUFN CSF " 5JBOB MB DFMFCSBDJØ EF MB %JBEB T BWBOÎBSË B BRVFTU EJKPVT EF TFUFNCSF " QBS UJS EF MFT IPSFT EF MB UBSEB UJOESË MMPD M BDUF JOTUJUVDJPOBM B MB 1MBÎB EF MB 7JMB BNC SF t &MT DBTUFMMFST UPSOBSBO B BMÎBS TF B MB QSFTFOUBDJØ QPMÓUJDB J DVMUVSBM 1MBOB QFS MB %JBEB &M 5PU EF 5JBOB 5PU TFHVJU IJ IBVSË MB USBEJDJPOBM NPOHFUBEB B DPOnVÒODJB FOUSF FM $BSSFS EFM QBSUJS EF MFT EFM WFTQSF B MB .BS J MB 3BNCMB J BDBCBSË B NBUFJYB 1MBÎB EF MB 7JMB -B MB 1MBÎB $POTUJUVDJØ PO UJOESË OJU BDBCBSË BNC )BWBOFSFT MMPD VO BDUF QPMÓUJD % BMUSB BNC MB #BSSFUJOB EF .BMHSBU CBOEB &TRVFSSB 3FQVCMJDB EF .BS J SPN DSFNBU BM EFT OB J MB +&3$ EF #BEBMPOB DBOT J NÞTJDB BM 9JSJOHVJUP EFM DPNNFNPSBSBO MB %JBEB BNC %PDUPS .BTDBSØ 5PUT BRVFTUT VOB PGSFOB nPSBM BM NPOÛMJU EF BDUFT TFSBO FM QSFMVEJ EF MB MB 1MBOB B MFT IPSFT EF 'FTUB .BKPS EF 4BOU $FCSJË M EF TFUFNCSF J BNC VO RVF PmDJBMNFOU BSSFODBSË EJ FTNPS[BS QPQVMBS J VO BDUF NFDSFT WJOFOU BNC FM QSFHØ B QPMÓUJD B MB QMBÎB EF MB $POT DËSSFD E FO .JRVFM (FMBCFSU
7DPEÉ ÉV QRWÍFLD $PNFOÎB VO OPV DVST FTDPMBS "RVFTU EJMMVOT FMT DFOUSFT FT DPMBST SFQSFOFO MB TFWB BDUJWJ UBU EFTQSÒT EF MFT WBDBODFT E FTUJV " #BEBMPOB NÏT EF BMVNOFT E FEVDBDJØ JOGBOUJM QSJNËSJB J TFDVOEËSJB PCMJHBUÛSJB DPNFOÎBSBO FM DVST FTDPMBS 6OT E BRVFTUT BMVNOFT JOJDJBSBO MFT TFWFT DMBTTFT E FOTFOZBNFOU JOGBOUJM J EF QSJNËSJB J NÏT EF MFT E FOTFOZBNFOU TFDVO EBSJ PCMJHBUPSJ 4 IB EF EFTUBDBS RVF EVSBOU BRVFTU FTUJV T IBO SFBMJU[BU PCSFT EF SFGPSNFT FO NPMUT DFOUSFT
"DUVBMJUBU JOEE
- BUVS BSSJCB B MFT QFSTPOFT B M BHPTU B #BEBMPOB
&MT WFÕOT EF MB 1MBÎB 1BÕTPT $BUBMBOT EFOVODJFO RVF T IJ GBO iCPUFMMPOTw
- ÓOEFY E BUVS B MB OPTUSB DJVUBU IB BSSJCBU B MFT QFSTP OFT EVSBOU FM NFT E BHPTU " .POUHBU IJ IB BDUVBMNFOU QFSTPOFT BUVSBEFT J B 5JBOB O IJ IB QFSTPOFT TFO TF GFJOB "RVFTU BHPTU J QFS TFHPO NFT DPOTFDVUJV MFT EBEFT E BUVS IBO BVHNFOUBU BM #BSDFMPOÒT J BM .BSFTNF BNC VO QFSDFOUBUHF EFM FO SFMBDJØ BM NFT EF KVMJPM "DUVBMNFOU B $BUBMVOZB FM OPNCSF UPUBM E BUVSBUT ÏT EF QFSTPOFT
- "TTPDJBDJØ EF WFÕOT EF 1FQ 7FOUVSB *MMB 'SBEFSB IB EFOVO DJBU RVF MB 1MBÎB EFMT 1BÕTPT $BUBMBOT T IB DPOWFSUJU FO VOB [POB EF iCPUFMMPOTw EVSBOU MFT OJUT EFMT DBQT EF TFUNBOB - FOUJUBU WFÕOBM IB FYQMJDBU RVF VO HSVQ EF KPWFT T JOTUBMtMB B MB QMBÎB J RVF EFTQSÒT EF CFVSF USFORVFO FMT WJESFT J NBMNFUFO FM NPCJMJBSJ VSCË &MT WFÕOT IBO EFNBOBU RVF M "KVOUBNFOU BDUVÕ J BVHNFOUJ MB QSFTÒODJB QPMJDJBM B MB [POB EVSBOU MFT OJUT EFM DBQ EF TFUNBOB
727 %DGDORQD
4&15*&.#3& %& -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 $POEFNOBU B NFTPT EF QSFTØ VO FNQSFTBSJ QFS MB NPSU E VO PQFSBSJ #BEBMPOB t - "VEJÒODJB EF #BSDFMPOB IB DPOEFNOBU B VO BOZ J WVJU NFTPT EF QSFTØ VO FNQSFTBSJ EF #BEBMPOB QFS MB NPSU B M BOZ E VO PQFSBSJ RVF FT WB FTUSBOHV MBS FO FOHBOYBS TF BNC VOB NËRVJOB FYUPSTJPOBEPSB EF DBSRVJOZPMJT -B 4FDDJØ %ÒDJNB IB DPO mSNBU MB TFOUÒODJB EFM +VUKBU 1FOBM OÞNFSP EF #BSDFMPOB RVF IB DPOEFNOBU +PTÏ -VJT ( ( QFS IPNJDJEJ JNQSVEFOU
J VO EFMJDUF DPOUSB FMT ESFUT EFMT USFCBMMBEPST -B EPOB EF M FNQSFTBSJ UBNCÏ BENJOJT USBEPSB EFM UBMMFS IB RVFEBU BCTPMUB - FNQSFTBSJ WB EFJYBS M FNQMFBU "VSFMJP $ 1 TPM J SFQBSBOU MB NËRVJOB RVBO DBMJB RVF IJ IBHVÏT DPN B NÓOJN VO BMUSF USFCBMMBEPS BNC FMM " NÏT OP MJ IBWJB EPOBU E BMUB B MB 4FHVSFUBU 4PDJBM J MJ QBHBWB FO NË TFUNBOBMNFOU BNC YFDT CBODBSJT - BDDJEFOU MB
CPSBM WB QBTTBS FM EF NBSÎ EF RVBO -VJT ( ( WB BCBOEPOBS FM UBMMFS %BWZTFS VCJDBU BM OÞNFSP EFM DB SSFS 1SPHSÏT EF #BEBMPOB 1FS DBVTFT EFTDPOFHVEFT M FNQMFBU WB JOUSPEVJS JOWPMVO UËSJBNFOU FM CSBÎ FTRVFSSF B MB DJOUB EFM DPSSØ USBDUPS RVF WB BUSBQBS M FYUSFNJUBU BJYÓ DPN MB KBRVFUB RVF QPSUBWB MB RVBM BSSPTTFHBEB QFM DPSSØ TF MJ WB FOSPUMMBS BM WPMUBOU EFM DPMM J FM WB PGFHBS
*OBVHVSBEB MB CJCMJPUFDB J M BSYJV EFM CJTCF +PBO $BSSFSB $BOZFU t &M CJTCF +PBO $B SSFSB WB DFEJS KB FO WJEB MB TFWB CJCMJPUFDB J FM TFV BSYJV QFSTPOBM BM NPOFTUJS EF 4BOU +FSPOJ EF MB .VSUSB &M CJTCF QVKBWB TPWJOU B USF CBMMBS J B QSFHBS FO BRVFTU SFDJOUF EF TPMJUVE J TJMFODJ "SB EFTQSÏT EF MB TFWB NPSU FMT TFVT NBSNFTTPST .FSDÒ 1B MPNBSFT .O 3BNPO $PSUT J .O 'FMJQ +VMJ 3PESÓHVF[ IBO GFU FGFDUJWB MB WPMVOUBU EFM CJT
CF $BSSFSB EF MMJVSBS FMT MMJCSFT J EPDVNFOUT RVF SFTUBWFO BM TFV EPNJDJMJ J FMT TFVT FGFDUFT QFSTPOBMT B M BOUJD NPOFTUJS CBEBMPOÓ % BMUSB CBOEB .PTTÒO +BV NF "ZNBS EVSBOU MB JOBV HVSBDJØ EF MB CJCMJPUFDB WB EFTUBDBS RVF FM CJTCF IBWJB FTUJNBU NPMU FM NPOFTUJS EF 4BOU +FSPOJ PO QVKBWB TPWJOU J PO MJ IBVSJB BHSBEBU WFOJS NÏT EVSBOU MB TFWB KVCJMBDJØ
t -B CJCMJPUFDB J BSYJV EFM #JTCF $BSSFSB FT USPCB BM .POFTUJS EF 4BOU +FSPOJ EF MB .VSUSB
7DPEÉ ÉV QRWÍFLD &MT TPSPMMT E VO CBS QSPWPRVFO MFT RVFJYFT E VO HSVQ EF WFÕOT
%FOVODJFO RVF MFT BVUPFTDPMFT GBO TFSWJS VO DBSSFS QFS GFS QSBDUJRVFT
"VHNFOUB FM OPNCSF EF SPCBUPSJT BNC FM NÒUPEF EF M FTUSFCBEB
7FÕOT EFM DBSSFS (VJGSÏ T IBO RVFJYBU QÞCMJDBNFOU EFMT TP SPMMT J NPMÒTUJFT E VOB UFSSBTTB JOUFSJPS E VO CBS &MT WFÕOT IBO NBOJGFTUBU MB TFWB JOEJHOBDJØ QFS M PCFSUVSB BM QÞCMJD E VO QBUJ RVF mOT BSB FSB VO KBSEÓ QSJWBU J RVF mOT B BMUFT IPSFT EF MB NBUJOBEB SFTUB PCFSU 1FS MB TFWB CBOEB FMT WFÕOT IBO FYQMJDBU RVF MB (VËSEJB 6SCBOB IB JOGPSNBU RVF FM CBS UÏ MMJDÒODJB QFS PCSJS mOT B MFT EF MB NBUJOBEB J RVF QFS BRVFTU NPUJV OP IJ QPEFO GFS SFT
6O DBSSFS QFS GFS QSËDUJRVFT E F D P U Y F T E B V U P F T D P M B "JYÛ TFHPOT FMT WFÕOT FT VOB QSBDUJDB IBCJUVBM BM DB SSFS /FMTPO .BOEFMB BM CBSSJ EF .POUJHBMË "RVFTU DBSSFS RVF OP UÏ TPSUJEB FT VUJMJU[BU QFS OPNCSPTFT BVUPFTDPMFT QFS GFS EJGFSFOUT QSËDUJRVFT EF DPUYFT mOT J UPU BNC MB DPMtMPDBDJØ E PCTUBDMFT FO NJH EFM DBSSFS &MT WFÕOT IBO EFNBOBU RVF MFT BVUPFTDPMFT VUJMJU[JO FTQBJT IBCJMJUBUT J OP QBT VO DBSSFS PO IJ QBTTFO UBNCÏ WJBOBOUT
%VSBOU MFT EBSSFSFT TFUNBOFT J TFHPOT IB QPHVU TBCFS BRVFTU TFUNBOBSJ IBO BVHNFOUBU FM OPNCSF EF SPCBUPSJT FGFD UVBUT QFM NÒUPEF M FTUSFCBEB TPCSFUPU BMT CBSSJT EF -MFmË J EF MB 4BMVU "RVFTUT EFMJDUFT RVF FTUBO BJYFDBOU VOB HSBO BMBSNB TPDJBM UFOFO DPN B WÓDUJNFT QFSTPOFT HSBOT 'JOT J UPU BMHVOFT QFSTPOFT IBO IBHVU EF TFS BUFTFT BM $"1 EF -MFmË QFS EJWFSTFT DPOUVTJPOT FGFDUVBEFT QFS FMT MMBESFT RVF FTUJSFO B MFT WÓDUJNFT UPU UJQVT E PCKFDUFT
727 %DGDORQD
. P O U H B U t $ J O D C M P D T E I B C J U BUH F T E F M 5VSØ E F M 4BTUSF BmSNFO UFOJS QPS EFT QSÏT EF TBCFS RVF FO EJFT T IBO QSPEVÕU RVBUSF JOUFOUT EF SPCBUPSJ J VO GVSU BM DBSSFS PO WJVFO 6O E BRVFTUT WFÕOT +PTÏ 'FS OÈOEF[ IB FYQMJDBU RVF GB VOT EJFT B MFT USFT EF MB NBUJ OBEB WB WFVSF VO JOEJWJEV TP CSF EF MB TFWB UFSSBTTB QFSÛ RVBO WB JOUFOUBS BSSJCBS PO FSB FM MMBESF BRVFTU WB GVHJS +PTÏ IB DPNFOUBU RVF EFT E BRVFTU NPNFOU FMM J MB TFWB QBSFMMB WBO EFDJEJS QPTBS SFJYFT EF TFHVSFUBU KB RVF EJTQPTBWFO EF i DËNFSFT J TFOTPST EF NPWJNFOU w QFSÛ BRVFTU EJB WBO GBMMBS i&TUFN USBJFOU FMT EJOFST EF NPCMBS FM QJT QFS BVHNFOUBS MB OPTUSB TFHV SFUBUw IB MBNFOUBU "RVFTU WFÓ IB DSJUJDBU RVF RVBO FMT MMBESFT JOUFOUFO SPCBS B DBTB TFWB UFOFO VO iGËDJM BDDÏTw QFS MB iNBMB DPOTUSVDDJØ EF M FEJmDJw & O BRVFTU TFOUJU IB GFU CSPNB EFTQSÏT E BTTFHVSBS RVF iOP NÏT GBMUB RVF FMT IBHVFTTJO QPTBU VOB FTDBMB QFS BDDFEJS IJ BNC NÏT GBDJMJUBUw
t 7JTUFT EFT EF FM 5VSØ EFM 4BTUSF EF .POUHBU
1BUSVMMFT WFÕOBMT QFS EPSNJS USBORVJMT 1FS MB TFWB CBOEB VOB BMUSB EF MFT QSPQJFUËSJFT +FTTJ DB $BTUB×P IB FYQMJDBU RVF VO HSVQ EF WFÕOT IB PSHBOJ U[BU VOB QBUSVMMB WFÕOBM QFS UFOJS DPOUSPMBUT FMT MMBESFT J IB BGFHJU RVF BJYÛ MJ EØ OB i USBORVJMtMJUBU w "RVFTUB
WFÕOB IB FYQMJDBU RVF HSË DJFT B MB QBUSVMMB EPSN iNÏT USBORVJMtMBw UPU J RVF TFHVFJY EFTQFSUBOU TF DBEB WFHBEB RVF TFOU BMHVO TPSPMM QFSRVÒ TFHPOT IB BTTFOZBMBU FMMB J FMT TFVT WFÕOT TFNQSF IBO E FTUBS iB M BHVBJUw QFS FWJUBS RVF FMT MMBESFT FOUSJO B DBTB TFWB
%FUFOFO EFV QFSTPOFT EF #BEBMPOB QFS SPCBS B M JOUFSJPS E VO IPUFM
&TDPMBST EF #BEBMPOB QBSUJDJQFO FO VOB NPTUSB TPCSF MB JNNJHSBDJØ
.POUHBU J 5JBOB EJTQPTBSBO E VO GPOT QFS B FNFSHÒODJFT TPDJBMT
&MT .PTTPT E &TRVBESB WBO EFUFOJS MB TFUNBOB QBTTBEB EFV QFSTPOFT HBJSFCÏ UPUFT EF #BEBMPOB J EF .POUHBU QFS VO SPCBUPSJ BNC GPSÎB FO VO IPUFM EF 4BOU 'FMJV EF (VÓYPMT 6O UFTUJ NPOJ WB OPUBS NPWJNFOUT TPTQJ UPTPT EF WFIJDMFT B M FYUFSJPS EF M IPUFM RVF FTUË UBODBU BM QÞCMJD J WB BMFSUBS MB 1PMJDJB -PDBM %JOT E VOB GVSHPOFUB WBO USPCBS VO PSEJOBEPS RVBUSF UFMFWJTPST J EPT BQBSFMMT EF SËEJP FOUSF BM USFT DPTFT RVF TVQPTBEBNFOU QSPDFEJFO EF M IPUFM
&M .VTFV E IJTUÛSJB EF MB JN NJHSBDJØ EF $BUBMVOZB TJUVBU B 4BOU "ESJË EFM #FTÛT BDVMM mOT BM QSPQFS EF TFUFNCSF M FYQPTJDJØ A5BO JHVBMT UBO EJGF SFOUT EF +PBO (VFSSFSP J +PBRVJ NB 6USFSB 6OB NPTUSB QSPEVÕEB QFS MB %JQVUBDJØ EF #BSDFMPOB RVF QFSNFU BDPTUBS TF B MFT FYQFSJÒODJFT FMT QFOTBNFOUT J MFT JMtMVTJPOT EFMT JOGBOUT RVF IJ TVSUFO GPUPHSBmBUT UPUT FMMT OFOT J OFOFT RVF FTUVEJFO B FTDPMFT EF 4BOUB $PMPNB EF (SBNFOFU #BEBMPOB J - )PTQJUBMFU
&M QSPHSBNB EF TFSWFJT TPDJBMT JODMPVSË VO GPOT QFS B FNFSHÒO DJFT TPDJBMT 6OB EF MFT QSJODJ QBMT OPWFUBUT ÏT MB DSFBDJØ E VOB QBSUJEB FYUSBPSEJOËSJB QFS GFS GSPOU B M JNQBDUF EF MB DSJTJ J BUFO ESF MFT TJUVBDJPOT E VSHÒODJB TP DJBM EFSJWBEFT EF M BDUVBM DPOKVO UVSB FDPOÛNJDB "RVFTU BKVU WB EFTUJOBU B QFSTPOFT JOEJWJEVBMT P GBNÓMJFT RVF FT USPCJO FO VOB TJUVBDJØ EF OFDFTTJUBU QFSTPOBM CËTJDB &MT DJVUBEBOT EF .POU HBU J 5JBOB QPESBO CFOFmDJBS TF E BRVFTU QSPHSBNB
7DPEÉ ÉV QRWÍFLD
727 %DGDORQD
DFWXDOLWDW
7FÕOT EFM 5VSØ EFM 4BTUSF EFOVODJFO JOUFOUT EF SPCBUPSJT B M JOUFSJPS EFMT TFVT IBCJUBUHFT
RSLQLÓ
DPE YHX SUÒSLD &MT WJBUHFT RVPUJEJBOT 0SJPM -MBEØ CMPDT NFTWJMBXFC DBU BMCVNEFSFUBMMT PSJPMMMBEP DBU
4ØD QBSUJEBSJ EF WJBUKBS DPN WJTD . BHSBEB GFS UVSJTNF TFO TF RVF FT OPUJ HBJSF DPOÒJYFS OPWFT DJVUBUT PCMJEBOU NF RVF DBSSFUFKP VOB NBMFUB P VOB NP UYJMMB TFS VO UVSJTUB BDDJEFOUBM DPN FO BRVFMMB HSBO QFMtMÓDVMB EF -BXSFODF ,BTEBO 5JOD> BMHVOFT NBOJFT WBMPSP NPMU QFSESF IPSFT FO MMJCSFSJFT BHB GBS M BVUPCÞT QÞCMJD USFVSF FM OBT QFS CPUJHVFT CPOFT CBEBS FO NFSDBUT QPQVMBST BOBS BM DJOF BMT MMPDT RVF WJTJUP MMFHJS FMT EJBSJT EFM QBÓT J FOUSBS FO PGJDJOFT EF DPSSFVT 5BNCÏ QSPDVSP SFTFSWBS VOFT IPSFT QFS WJTJUBS FMT NVTFVT J RVBO
- F T N F W F T Q S F U F O T J P O T TØO BD POTFHVJS VOB NJD B E IFEPOJTNF BM MMBSH EF M BOZ J BDPNQMJS MB NFWB QFUJUB QBSU FO MB MMVJUB QFS TBMWBS FM NØO VOB NJDB DBEB EJB
OP UJOD UFNQT FN DPOGPSNP BNC MFT TFWFT CPUJHVFT J OP FN GB SFT ATBMUBS NF MFT JOEJDB DJPOT EFM (14 QFS QSFOESF MFT DBSSFUFSFT TFDVOEBSJFT 4ØO DPTFT RVF UBNCÏ GBJH BM NFV QBÓT 1FS RVÒ FM CPO WJBU HFS TFNQSF ÏT FO SVUB EF DBTB B MB GFJOB NFOUSF QBTTFKB FM EJVNFOHF GFOU UFNQT QFS BOBS B EJOBS B DBTB FMT QBSFT P RVBO TVSU E IPSB E VOB SFVOJØ J EFDJEFJY BHBGBS FM NFUSP EVFT QBSBEFT FOMMË &N DPTUB FOUFO ESF MB HFOU RVF USFODB BCTPMV UBNFOU MB SVUJOB QFS WBDBODFT UBO QFS OP GFS SFT M IFEPOJTUB RVF FTUBMWJB QFS EJFT MPCP UPNJU[BUT BNC VOB QVMTFSFUB BM DBOFMM DPN QFS GFS TBMWBS FM NØO FO EJFT FM DPOTDJFODJBU RVF BTTPDJB MFT WBDBODFT FO FMT QBÕTPT NÏT QPCSF BNC VOB QFOJUÒODJB FYQJBUÛSJB
14 4FSWFJYJ BRVFTU CSFV BQVOU FYUSFU EFM NFV CMPH QFS UBODBS BNC VO DFSU HVTU EPMÎ MB UFNQP SBEB FTUJWBM J QPEFS DPNFOÎBS FM DVST BNC MB EJTUËODJB OFDFT TËSJB QFS OP QFSESF FM mM E BMMÛ RVÒ GÒJFN J QSJODJQBMNFOU EFM RVF WPMÓFN BDPOTFHVJS &M DVST DPNFOÎB BNC MB %JBEB QVOU EF USPCBEB B MB DJVUBU CSÞJYPMB OFDFTTËSJB FO FM OPTUSF MMBSH J FOHSFTDBEPS DBNÓ QFS TFS BNC OPSNBMJUBU -B %JBEB BRVFTU BOZ BSSJCB BNC MB OPUÓDJB EFM EFDÏT EF +BVNF 7JWFT SFHJEPS EF $VMUVSB DPNQBOZ FO MB USB WFTTB (SËDJFT QFS MB GFJOB
1PUFODJBS MFT 6OJUBUT EF %JTUSJDUF EF MB (VËSEJB 6SCBOB VOB EFDJTJØ TÛMJEB -PSFO[P .FSDIÈO MPSFO[PNFSDIBOHPO[BMF[ CMPHTQPU DPN
-B SFFTUSVDUVSBDJØ GVODJPOBM EF MB (VËSEJB 6SCBOB EF #BEBMPOB FTUË QSPEVJOU FYDFMtMFOUT SFTVM UBUT QSJODJQBMNFOU QFSRVÒ MFT VOJUBUT DSFBEFT QFS EFTFOWPMV QBS MFT EJGFSFOUT NJDSPFTQFDJB MJUBUT IBO FTUBU DPODFCVEFT QFS NPUJWBS J BDPOTFHVJS FM NËYJN SFOEJNFOU EF MB QMBOUJMMB -B QPTTJCJMJUBU EF USFCBMMBS BNC VO FRVJQ mY EF DPNQBOZT EJTQP TBOU E VOT NJUKBOT ÛQUJNT J E VO IPSBSJ BEBQUBU MB QBSUJDJQBDJØ FO M FTUVEJ EFMT QMBOT EF USFCBMM FO M FMBCPSBDJØ EF M PQFSBUJWJUBU J FO FM EJTTFOZ EF MFT FTUSBUÒHJFT DPTB RVF GB RVF FMT BHFOUT FT QVHVJO QMBOUFKBS VOB TÒSJF E 0#+&$5*64 BNC MB mOBMJUBU EF NJMMPSBS BOZ SFSF BOZ FMT 3&46-5"54 BOUFSJPST MB JN QPSUËODJB RVF DPNQPSUB MB FRVJ QBSBDJØ FOUSF M FTGPSÎ QFSTPOBM J FM SFDPOFJYFNFOU TPDJBM BM USFCBMM FO MB VOJUBU J MB JOUFSEFQFOEÒODJB FOUSF DPNBOEBNFOUT J BHFOUT DPOGPSNBOU VO FRVJQ EF USFCBMM
0QJOJP JOEE
EF USFCBMM FO FRVJQ FO FM TJ EFM RVBM FMT DPNBOEBNFOUT J BHFOUT EF QSPYJNJUBU EF QSFWFODJØ P EF SFBDDJØ DPOGPSNJO VOB WFSJUBCMF VOJUBU JOUFHSBM EF EJTUSJDUF BNC MB mOBMJUBU E JEFOUJmDBS TF QMFOBNFOU BNC FM EJTTFOZ EFMT PCKFDUJVT MFT FTUSBUÒHJFT J FMT SFTVMUBUT mOBMT "RVFTU FTRVFNB EF USFCBMM FT GPDBMJU[BSJB TPCSF MFT EJGFSFOUT QSPCMFNËUJRVFT EFMT EJTUSJDUFT EF MB DJVUBU FO GVODJØ EF M FTUVEJ EF MB JOGPSNBDJØ BQPSUBEB QFMT BHFOUT FO FMT JOGPSNFT QPMJDJBMT BDUFT BENJOJTUSBUJWFT J DPNQB SFJYFODFT QFOBMT TFOTF PCMJEBS M BQPSUBDJØ EFMT SFHJEPST DPPS EJOBEPST USFCBMMBEPST TPDJBMT FEVDBEPST EF DBSSFS EFMT WFÕOT BHFOUT J FOUJUBUT TPDJBMT FUD 'JOBMNFOU MFT EBEFT PCUJOHV EFT T BDUVBMJU[BSJFO NJUKBOÎBOU VOB .FNÛSJB EF MB 6OJUBU EF %JTUSJDUF BNC FMT QBSËNFUSFT J PCKFDUJVT BTTPMJUT MB MFDUVSB J MB JOUFSQSFUBDJØ EF MB RVBM SFTVMUBSJB NPMU ÞUJM OP OPNÏT EFT EFM QVOU EF WJTUB JOGPSNBUJV TJOØ UBNCÏ DPN B CBSFN QFS B NJMMPSBS FMT SFTVMUBUT EF MFT QSÛYJNFT DBN QBOZFT
BMUBNFOU DPIFTJPOBU TØO BMHV OFT EF MFT DJSDVNTUËODJFT RVF IBO QSPWPDBU RVF 6OJUBUT DPN MB E *OGPSNFT M 0"$ M 6$0 M 6$* M 63& MB 6OJUBU $JDMJT UB P MB EF .FSDBUT GPDBMJU[JO M BUFODJØ EFM BHFOUT EF OPWB JODPSQPSBDJØ FO EFUSJNFOU EF TFSWFJT OP UBO FTQFDJBMJU[BUT DP NP MFT QBUSVMMFT P FMT BHFOUT EF EJTUSJDUF ²T BSB BNC M BVHNFOU E FGFDUJVT J EF NFEJT RVF KP QMBOUFKP PCFSUBNFOU MB OFDFT TJUBU EF SFTDBCBMBS MB VUJMJUBU EF M BHFOU EF EJTUSJDUF J EFM QB USVMMFS FO UPUB MB TFWB EJNFOTJØ QFS NJMMPSBS MB TFWB GBDVMUBU EF SFDBQUBS MFT RVFJYFT EFMT DJVUB EBOT J MB DBQBDJUBU EF QSPQPTBS TPMVDJPOT BMT QSPCMFNFT P EJT DVUJS MFT FO FM TÓ EF MB VOJUBU EF EJTUSJDUF BDPOTFHVJOU BJYÓ RVF MB TFWB BQPSUBDJØ TJHVJ VOB QBSU GPOBNFOUBM FO M FTUSBUÒHJB EF M PSHBOJU[BDJØ FTTFOU JOEJTQFO TBCMF M BQSPGJUBNFOU J FM USBD UBNFOU EF MB JOGPSNBDJØ BDPO TFHVJEB FO MFT JOUFSWFODJPOT FMBCPSBOU FTUVEJT FTUBEÓTUJDT J NBQFT EFMJDUJVT J E JOGSBDDJPOT BENJOJTUSBUJWFT FTUBCMJOU EJT USJDUF QFS EJTUSJDUF VO FTRVFNB
727 %DGDORQD
1MBOUJMMB#BTF JOEE
727 %DGDORQD
DFWXDOLWDW
3ROÍWLFD 3BKPZ UPSOBSË B #BEBMPOB QFS QSFTFOUBS "MÓDJB 4ÈODIF[ $BNBDIP #BEBMPOB t -B DJVUBU EF #BEB MPOB UPSOB B TFS VO EFMT DFOUSFT OFVSËMHJDT EF MB DBNQBOZB QPMÓ UJDB EFM 11 &M QSPQFS EF TF UFNCSF FM QSFTJEFOU EFM QBSUJU .BSJBOP 3BKPZ BDPNQBOZBSË M BDUVBM QSFTJEFOUB EFM 1BSUJU 1PQVMBS B $BUBMVOZB "MÓDJB 4ÈODIF[ $BNBDIP QFSRVÒ TJHVJ QSPDMBNBEB B #BEBMPOB DBOEJEBUB B MFT QSPQFSFT FMFD DJPOT BVUPOÛNJRVFT EF /P ÏT DBTVBMJUBU RVF FM QBSUJU IBHJ EFDJEJU PSHBOJU[BS VO BD UF UBO JNQPSUBOU B MB DJVUBU KB RVF B #BEBMPOB FT EØOB VOB TJUVBDJØ QBSUJDVMBS FO DPNQB SBDJØ B MB SFTUB EF NVOJDJQJT EF M ®SFB .FUSPQPMJUBOB ÏT M ÞOJDB DJVUBU PO FMT QPQVMBST MJEFSBUT QFS 9BWJFS (BSDÓB "MCJPM TØO MB TFHPOB GPSÎB NÏT WPUBEB BNC SFHJEPST B M "KVOUBNFOU "RVFTUB TJUVBDJØ WB GFS QVKBS NPMUT FTHMBPOT B (BSDÓB "MCJPM EJOT FM QBSUJU GJOT BM QVOU RVF
t .BSJBOP 3BKPZ J 9BWJFS (BSDÓB "MCJPM EVSBOU M PDUVCSF EF BM CBSSJ EF -B 4BMVU "SYJV
WB FYFSDJS EF WJDFTFDSFUBSJ EFM 11$ J FT WB SVNPSFKBS BNC MB QPTTJCJMJUBU RVF GPT FTDPMMJU DPN B DBOEJEBU QFS TFS EJQVUBU B .BESJE - FMFDDJØ EF 4ÈODIF[ $BNBDIP DPN B QSFTJEFOUB EFM QBSUJU TVCTUJUVJOU VO BMUSF CBEBMPOÓ %BOJFM 4JSFSB WB SF MFHBS (BSDÓB "MCJPM B WPDBM EF M FYFDVUJWB )BVSFN E FTQFSBS B
DPOÒJYFS MFT MMJTUFT EFM 11 B MFT BVUPOÛNJRVFT QFS TBCFS TJ OP FOT FOEVFN VOB BMUSB TPSQSF TB %F NPNFOU 3BKPZ UPSOBSË B #BEBMPOB J TFSË MB TFHPOB WJTJUB RVF GBSË FM NËYJN EJSJHFOU QPQVMBS EF M FTUBU FO EPT BOZT B MB DJVUBU KB RVF KB IJ WB TFS FO MB JOBVHVSBDJØ EF M 0mDJOB EFM 11 BM CBSSJ EF MB 4BMVU
- PQPTJDJØ EVCUB RVF FMT 4.4 QPTJO m BM WBOEBMJTNF #BEBMPOB t 11 J *$7 &6J" IBO DBSSFHBU BRVFTUB TFUNBOB DPO USB MB JOJDJBUJWB EF M "KVOUBNFOU EF #BEBMPOB E BMFSUBS B MB (VËSEJB 6SCBOB NJUKBOÎBOU VO NJTTBUHF EF NÛCJM EFMT BDUFT JODÓWJDT RVF WFJFN BM DBSSFS &M QSFTJEFOU EFM 1BSUJU 1PQVMBS B #BEBMPOB 9BWJFS (BSDÓB "M CJPM DSFV RVF FM HPWFSO MPDBM iIBVSJB EF EFEJDBS FMT TFVT FTGPSÎPT B EPOBS VOB SFTQPT UB TBUJTGBDUÛSJB BMT WFÕOT RVF USVRVFO QFS UFMÒGPO EFOVODJBOU BDUFT JODÓWJDT FTQFDJBMNFOU B MFT OJUT J RVF OP TØO BUFTPT QFS MB NBODB EF QPMJDJFTw &M QSFTJEFOU QPQVMBS SFDPNBOB B M BMDBMEF +PSEJ 4FSSB J BM 1SJNFS 5JOFOU E "MDBMEF 'FSSBO 'BMDØ RVF FT EFJYJO EF iQJKBEF UFTw J EwJOWFOUT BNC FMT TNTw J RVF BUFOHVJO MFT RVFJYFT EFMT WFÕOT RVF EFOVODJFO NPMÒTUJFT QFS TPSPMMT P QFS MB NÞTJDB NBTTB BMUB 1FS MB TFWB CBOEB
1PMÓUJDB JOEE
FM QSFTJEFOU EFM HSVQ NVOJDJQBM E *$7 &6J" $BSMFT 4BHVÏT DSFV RVF $J6 GPSNBDJØ B RVÒ QFSUBOZ 'BMDØ iFTUË DPOTUSVJOU MB DJVUBU QPMJDJBMw J BTTFHVSB RVF FMT 4.4 iOP EFUVSFO FM WBO EBMJTNFw 4BHVÏT QPTB DPN FYFNQMF MFT RVFJYFT E BMHVOT WFÕOT EF MB QMBÎB EFM 4PM B $BTBHFNFT RVF MB TFUNBOB QBTTBEB WBO USPCBS FMT TFVT DPUYFT BQBSDBUT BNC MFT SPEFT SFCFOUBEFT &M HSVQ NVOJDJQBM FDPTPDJBMJTUB BQPTUB QFSRVÒ EFT EF M "KVOUBNFOU iFT QP UFODJÕ M FEVDBDJØ J MB DVMUVSB EFM DJWJTNF B USBWÏT EF DBOBMT EF QSPYJNJUBU B MB DJVUBEBOJB DPN QPEFO TFS MFT FOUJUBUT TPDJBMT J FMT DFOUSFT DÓWJDTw
1SJNFS 5JOFOU E "MDBMEF EF M "KVOUBNFOU 'FSSBO 'BMDØ FYQMJDB RVF FMT 4.4 QPESJFO BKVEBS B GFS GVODJPOBS NJMMPS MB (VËSEJB 6SCBOB UPU J RVF SFDP OFJY RVF FYJTUFJYFO QSPCMFNFT FO MB SFTQPTUB RVF FT EØOB BM DJVUBEË i&T QPU QFOTBS oKP NBUFJY FM QSJNFS RVF BRVFTUB NFTVSB OP TPMVDJPOBSË FMT QSP CMFNFT RVF MB (VËSEJB 6SCBOB UÏ QFS BUFOESF BNC DFMFSJUBU UP UFT J DBEBTDVOB EF MFT USVDBEFT RVF SFQ ²T MÛHJD QFOTBS BJYÛ 1FSÛ DSFD RVF BRVFTU JOTUSV NFOU BKVEBSË oOJ RVF TJHVJ VOB NJDB B BWBOÎBS DBQ BMT OJWFMMT EF RVBMJUBU RVF FMT DJVUBEBOT EFNBOFOw &O BRVFTU TFOUJU $BSMFT 4BHVÏT BQVOUB RVF iÏT SJEÓDVM J WFSHPOZØT RVF FM NB UFJY UJOFOU E BMDBMEF EJHVJ RVF MFT JODJEÒODJFT TFSBO BUFTFT FO GVODJØ EF MB EJTQPOJCJMJUBU EFMT BHFOUT RVF FT USPCJO BM DBSSFSw
'BMDØ DSFV RVF FMT 4.4 BKVEBSBO B TPMVDJPOBS FMT iQSPCMFNFTw EF SFTQPTUB EF MB (VËSEJB 6SCBOB &O FM TFV CMPD B JOUFSOFU FM
727 %DGDORQD
*$7 &6J" SFDMBNB MB SFGPSNB EF M FTUBDJØ QFS FWJUBS USBHÒEJFT DPN MFT EF 4BOU 'FMJV #BEBMPOB t &O FM QSPQFS QMF NVOJDJQBM *$7 &6J" SFDMB NBSË EF OPV B M BMDBMEF +PSEJ 4FSSB RVF FYJHFJYJ B "EJG MB SFGPSNB EF M FTUBDJØ EF 3FOGF EF #BEBMPOB QFS FWJUBS RVF FT SFQFUFJYJ B MB DJVUBU FM RVF WB QBTTBS B 4BOU 'FMJV EF -MPCSF HBU PO VOB EPOB BNC DBEJSB EF SPEFT WB NPSJS BUSPQFMMBEB QFS VO USFO &MT FDPTPDJBMJTUFT IP QPSUFO EFNBOBOU EFT EF RVF M BOZ FT WB BQSPWBS FOT FMT 1SFTTVQPTUPT EF M &TUBU VOB QBS UJEB EF FVSPT QFS B MB SFGPSNB EF M FTUBDJØ
DFWXDOLWDW
$BSMFT 5PSOFSP
% BJYÛ FO GB BOZT J EF NP NFOU OP IJ IBHVU DBQ NPWJ NFOU 4FHPOT FM QSFTJEFOU EFM HSVQ NVOJDJQBM FDPTPDJBMJTUB $BSMFT 4BHVÏT iÏT MBNFO UBCMF FTDBOEBMØT J JNNPSBM RVF BMHÞ NPSJ BUSPQFMMBU QFS RVÒ M FTUBDJØ EF USFO OP UÏ MB JOGSBFTUSVDUVSB BEFRVBEB B MFT OFDFTTJUBUT EF NPCJMJUBU EF MFT QFSTPOFTw -FT PCSFT QSFTTVQPTUBEFT QSFWFVFO M IBCJMJUBDJØ E BTDFOTPST QFS BDDFEJS B MFT BOEBOFT J VO QBT QFS DPOOFDUBS FM QËSRVJOH EF DPUYFT EF MB QMBUKB BNC M FTUBDJØ
t "JYÓ ÏT DPN IBO EF DSFVBS M BOEBOB MFT QFSTPOFT BNC NPCJMJUBU SFEVÕEB B M FTUBDJØ EF #BEBMPOB
.PS M BSUÓGFY EFM #$*/ +BVNF "SHFSJDI #BEBMPOB t %JKPVT QBTTBU WB NPSJS B 'PJYË PO SFTJEJB +BVNF "SHFSJDI "SHFSJDI RVF UFOJB BOZT WB TFS M BSUÓGFY EFM #BEBMPOB $FO USF *OUFSOBDJPOBM EF /FHPDJT #$*/ J FM DSFBEPS J HFSFOU EF MB TPDJFUBU 3FBDUJWBDJØ #BEBMPOB 7B TFS M IPNF EF DPOGJBOÎB FO
M PQPTJDJØ WB GPSÎBS MB TFWB EFTUJUVDJØ RVBO GBMUBWFO NFTPT QFS BDBCBS FM TFV DPOUSBDUF -B EFDJTJØ WB DPTUBS NJMJPOT EF MFT BOUJHVFT QFTTFUFT B MFT BSRVFT NVOJDJQBMT +BV NF "SHFSJDI WB TFS FOUFSSBU FM QBTTBU DBQ EF TFUNBOB B (JSPOB
QPMÓUJDB FDPOÛNJDB EF +PBO #MBODI 4FHPOT M FYBMDBMEF FO EFDMBSBDJPOT B BRVFTUB SFWJTUB i"SHFSJDI FSB VO HSBO QSPGFTTJPOBM RVF IBWJB GFU NPMU QFS MB DJVUBU IF MBNFOUBU NPMUÓTTJN MB TFWB NPSUw &M TFV QBT QFS MB QPMÓUJDB NVOJDJQBM QFSÛ WB FTUBS FO WPMUBU EF QPMÒNJDB J M BOZ
"SUVS .BT EPOBSË FM USFU EF TPSUJEB BM DVST QPMÓUJD EF $J6 B #BEBMPOB #BEBMPOB t &M QSFTJEFOU EF $J6 "SUVS .BT TFSË FOHVBOZ FM DPOWJEBU BM USBEJDJPOBM TP QBS QPQVMBS RVF PSHBOJU[B BRVFTU EJKPVT EF TFUFNCSF FMT DPOWFSHFOUT CBEBMPOJOT QFS DFMFCSBS M JOJDJ EFM DVST
EF DBTB CFVSBO SPN DSFNBU J FTDPMUBSBO IBWBOFSFT - BDUF PCFSU B UPUIPN T FN NBSDB FO MB DFMFCSBDJØ EF MB %JBEB /BDJPOBM EF $BUBMVOZB J DPNFOÎBSË B MFT OPV EF MB OJU
QPMÓUJD EFTQSÏT EFM QBSÒOUFTJ EF M FTUJV . J M J U B O U T T J N Q BU J U [ B O U T J WFÕOT T BQMFHBSBO B MB QMBÎB EFM 4PM EF $BTBHFNFT QFS TJTÒ BOZ DPOTFDVUJV PO B QBSU EFM TPQBS RVF IBO EF QPSUBS
&3$ SFDMBNB FM QFSMMPOHBNFOU EF MB -ÓOJB mOT B .PSFSB J 1PNBS #BEBMPOB t &3$ IB JOGPSNBU B MFT BTTPDJBDJPOT EF WFÕOT EF MFT BMtMFHBDJPOT RVF IBO QSFTFOUBU BM 1MB 5FSSJUPSJBM EF M ®NCJU .FUSP QJMJUË RVF IB EF EJTTFOZBS FM GVUVS EF MFT JOGSBTUSVDUVSFT BM UFSSJUPSJ &OUSF BRVFTUFT BMtMFHBDJPOT FMT JOEFQFOEFOUJTUFT CBEBMP 727 %DGDORQD
1PMÓUJDB JOEE
EFKP DSFV RVF iFT USBDUB E VOB JOGSBTUSVDUVSB FTTFODJBM QFS NJ MMPSBS MB NPCJMJUBU EF MFT QFSTPOFT RVF WJVFO BMT CBSSJT EF .PSFSB J 1PNBS J QFS B UPUT FMT RVF USFCBMMFO BMT QPMÓHPOT JOEVTUSJBMT EF -FT (VJYFSFT 1PNBS EF %BMU J #POBWJTUBw
OJOT SFDMBNFO RVF FT UJOHVJ FO DPNQUF FM QFSMMPOHBNFOU EF MB -ÓOJB EFM NFUSP mOT B M FTUBDJØ EF .PSFSB 1PNBS J VO NFUSP MMFVHFS mOT B M )PTQJUBM EF $BO 3VUJ UBM J DPN FT SFDPMMJB FO FM QMB EF &M QSFTJEFOU E &3$ #BEBMPOB +PSEJ "MCBMB
DFWXDOLWDW
UHSRUWDWJH
$BSMFT 5PSOFSP
5JBOB SFDPSEBSË BRVFTU EJTTBCUF MB m HVSB EF M JMtMVTUSBEPSB -PMB "OHMBEB 5JBOB t MB WJMB SFDPSEBSË BRVFTU EJTTBCUF MB GJHVSB E "OHMBEB DPJODJEJOU BNC FM WJOU J DJOD BOJWFSTBSJ EF MB TFWB NPSU -B %PMPST "OHMBEB J 4BSSJFSB NÏT DPOFHVEB DPN B -PMB "OHMBEB ÏT DPOTJEFSBEB MB EBSSFSB EFMT DMËTTJDT JMtMVTUSBEPST EF M FTDPMB DBUBMBOB EF QSJODJQJT EFM TFHMF 99 J VOB EF MFT FTDSJQUPSFT NÏT JNQPSUBOUT EF M FUBQB EF MB QPTUHVFSSB -B WJEB J M PCSB EF -PMB "OHMBEB FTUBO NPMU MMJHBEFT B 5JBOB PO USPCBWB MB JOTQJSBDJØ OFDFTTËSJB QFS DSFBS MFT TFWFT JMtMVTUSBDJPOT " 5JBOB WB DSFBS i&M NÏT QFUJU EF UPUTw FM QFSTPOBUHF RVF M IB GFU NÏT DPOFHVEB J RVF WB FTEFWFOJS VO TÓNCPM E JEFOUJUBU OBDJPOBM EF M ÒQPDB "CBOT EF NPSJS M BOZ "OHMBEB WB DFEJS FM QBUSJNPOJ EF MMJCSFT PCSB J JNNPCMFT B MB %JQVUBDJØ EF #BSDFMPOB J MB
&M3FQPSUBUHF JOEE
-B CJPHSBm B EF -PMB "OHMBEB 7B OÏJYFS FM B MB DJVUBU EF #BSDFMPOB FO VOB GBNÓMJB BNC GPSUFT BSSFMT B MB QPCMB DJØ EF 5JBOB 7B FTUVEJBS B MB &TDPMB EF MB -MPUKB EF #BSDF MPOB BM DPTUBU E "OUPOJ 6USJMMP J +PBO -MBWFSJBT "RVFTU ÞM UJN BDPOTFHVÓ RVF "OHMBEB SFBMJU[ÏT MB TFWB QSJNFSB FYQPTJDJØ B MB 4BMB 1BSÏT EF #BSDFMPOB J RVF FM TFUNBOBSJ `$V $VU QVCMJRVÏT VO EJCVJY EF M BVUPSB "M GJOBMJU[BS MB 1SJNFSB (VFSSB .VOEJBM WB WJBUKBS B 1BSÓT HSËDJFT B VOB CFDB EFM (PWFSO GSBODÒT DPMtMBCPSBOU BNC EJWFSTFT FEJUPSJBMT EF MB DBQJUBM GSBO DFTB PO FT SFMBDJPOË BNC 'SBODFTD .BDJË P +PTFQ $MBSË $PNQSPNFTB BNC FMT WBMPST EFNPDSËUJDT J MB DBVTB DBUBMBOJTUB PSHBOJU[Ë VOB TPMtMJDJUVE E BNOJTUJB QFMT BDVTBUT EF QBSUJDJQBS FO FM $PNQMPU EF (BSSBG DPOUSB FM SFJ "MGPOT 9*** E &TQBOZB %VSBOU MB (VFSSB $JWJM T Bm MJË B MB 6(5 J DPMtMBCPSË FO FM $PNJTTBSJBU EF QSPQBHBOEB VO DPQ BD BCBE B MB H VFSSB T JOTUBMtMË EFGJOJUJWBNFOU B 5JBOB QPCMBDJØ TJUVBEB B MB DPNBSDB EFM .BSFTNF B MB GJODB FTUJVFODB EF MB GBNÓMJB TJUVBEB BM QFV EF MB 1MBÎB EF MB 7JMB .PSÓ B 5JBOB FM EF TFUFNCSF EF
DBTB QBJSBM EF 5JBOB B MB GBNÓMJB $BSEÞT 1FS SFDPSEBS MB GJHV SB EF M JMtMVTUSBEPSB MB WJMB EF 5JBOB IB QSFQBSBU QFS BRVFTU EJTTBCUF VO TFHVJU E BDUJWJUBUT %JTTBCUF EF TFUFNCSF I 3FDFQDJØ B M "KVOUBNFOU EF 5JBOB I " MB 4BMB "MCÏOJ[ EFM $BTBM 5BVMB 3PEPOB -PMB "OHMBEB MB EPOB M BSUJTUB J FM TFV UFNQT -MJVSBNFOU EFM QSFNJ EFM 7J DPODVST E JMtMVTUSBEPSB -PMB "OHMBEB I 0GSFOB n PSBM BM KBSEÓ EF -PMB "OHMBEB " DPOUJOVBDJØ BDUVBDJØ EF M &TDPMB .VOJDJQBM EF .ÞTJDB J %BOTB F 5JBOB J EF M &TDPMB E "EVMUT 5JNØ
727 %DGDORQD
0217*$7
320$5
%8)$/¬
3LVR HQ &$1 &,85$1$ GH P KDE \ WUDVWHUR P 5()250$'2 EDOFyQ \ JDOHUtD EXHQDV YLVWDV /,672 3$5$ 9,9,5 $/48,/(5 ¼
3LVR HQ 0$57Ë 38-2/ FRQ P KDE FRFLQD \ EDxR UHIRU PDGRV VDOyQ P FRQ EDOFyQ FDOHIDF ILQFD FRQ DVFHQVRU $/48,/(5 ¼
&$1 0(5&$'(5
&$1<$'Ï
3LVR P KDE \ VWXGLR EDxRV FRQ GXFKD VDOyQ D QLYHOHV FRQ WHUUDFLWD 72'2 (;7(5,25 ]RQD DMDUGLQDGD GHSRUWLYD FRPXQLWDULD $/48,/(5 ¼
6$17 $'5,¬
3LVR 72'2 (;7(5,25 FRQ KDE 683(5 5()250$'2 DLUH IUtR FDORU DOWXUD UHDO -8172 ,*/(6,$ ¼ 376
3LVR FRQ KDE EDxR FRQ GXFKD ¿QFD FRQ DVFHQVRU 'LVSRQLELOLGDG LQPHGLDWD 08&+$6 326,%,/,'$'(6 ¼ 376
%8)$/¬
672 &5,672
-8172 0$57Ë 38-2/ 3LVR FRQ KDELWDFLRQHV FDOHIDF FLyQ VDOyQ H[WHULRU OLVWR SDUD YLYLU %8(1$ =21$ ¼ 376 3LVR P KDE FRQ VDOLGD D EDOFyQ FRFLQD \ EDxR VDOyQ P 683(5 =21$ PX\ FHUFD GHO FHQWUR ¼ 376
&(175(
%8)$/¬
3,62 $3$57$0(172 P 7(55$=$ P KDE ¿QFD SRFRV YHFLQRV FRQ DVFHQVRU -8172 & 35,0 ¼ 376
%8)$/¬
3LVR P KDE EDxR \ FRFLQD UHIRUPDGRV VDOyQ P F VDOLGD D EDOFyQ VXHOR JUHV FDOHIDF D D DVF 3$5$ (175$5 $ 9,9,5 ¼ 376
&$1<$'Ï È7,&2 FRQ 7(55$=$ P KDE WRWDOPHQWH UHIRUPDGR FDOHI SDUNHW \ JUHV $6&(1625 /LVWR SDUD YLYLU ¼ 376
2&$6,Ï1
&$6$*(0(6
3LVR 6$17 &(%5,$ '( 9$//$/7$ 72'2 (;7(5,25 P KDE VXLWWH EDxRV FRFLQD RI¿FH 7(55$=$ P FDOHIDF DVF =21$ &2081,7$5,$ & 3,6&,1$ 3. ,1&/8,'2 ¼ 376
%8)$/¬
ÒOWLPR SLVR GH P KDE GREOHV EDxR F GXFKD SUHFLVD UHIRUPDV VDOyQ GH P WHUUD]D FRPXQLWDULD FRQ WUDVWHUR -72 &$121*( %$5$1(5$ ¼ 376
'$/7 9,/$
7,$1$
3LVR /,672 3$5$ 9,9,5 GH P K GREOHV EDxR \ FRFLQD UHIRUPDGRV VDOyQ P F VDOLGD D EDOFyQ SDUTXHW \ JUHV FDOHIDF D DFRQG DVFHQVRU ¼ 376
&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
&(175(
%8)$/¬ &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
7,$1$
QBHJOB JOEE
3LVR -8172 &$1 62/(, GH KDE 5()250$'2 EDOFyQ FRQ WROGRV SDUNHW FDOHI \ D DFRQG DVFHQVRU ¼ 376
&(175( *UDQ SLVR P MXQWR 0(5&$'2 7251(5 WRGR H[WHULRU $ 5()250$5 727$/0(17( ¿QFD SRFRV YHFLQRV FRQ $6&(1625 ¼ 376
3LVR 72'2 (;7(5,25 FRQ *5$1'(6 9,67$6 $ 0$5 KDE DQWHV VDOyQ HVWDU P EDOFyQ W]D DOWR \ FRQ DVFHQVRU 376
&(175(
3LVR P KDE EDxR \ FRFLQD UHIRUPDGRV ODYDGHUR VDOyQ VDOLGD D EDOFyQ DLUH IULR FDORU DVFHQVRU 72'2 (;7(5,25 $08(%/$'2 < &21 (/(&752'20 ¼ 376
&(175(
3LVR 6(0, 18(92 MXQWR &$1 62/(, KDE 7(55$=$ P SDUNHW SDUNLQJ RSF WRGR H[WHULRU DVFHQVRU ¼ 376
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
//(),¬ 3,62 FRQ KDE GREOHV 5()250$'2 VDOyQ P FDOHI DLUH DFRQG ¿QFD FRQ DVFHQVRU -8172 %,%/,27(&$ ¼ 376
3LVR P FRQ KDE 5()250$'2 VDOyQ P FDOHIDF DLUH DFRQG DPXHEODGR ¿QFD F DVFHQVRU ,03(&$%/( ¼ 376
& 35,0
3LVR HQ HO &(1752 GH %DGD ORQD P KDE $ 5()250$5 EDxR \ DVHR EDOFyQ D OD FDOOH FDOHIDF ¿QFD FRQ DVFHQVRU $ 076 '( /$ 3/$<$ ¼ 376
3LVR FRQ $6&(1625 HQ F 5$021 //8// KDE H[WHULRUHV DPXHEODGR \ 5()250$'2 ¼ 376
//25('$
/$ 025(5$
3LVR -8172 ,*/(6,$ FRQ KDE EDxR FRQ GXFKD KLGURP VDOyQ P HQ DPELHQWHV SDUNHW FDOHIDF 72'2 (;7(5,25 SRFRV YHFLQRV ¼ 376
727 %DGDORQD
-72 3(3 9(1785$
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
&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
SHUVRQHV
$BSMFT 5PSOFSP
"RVFTU EJKPVT EF TFUFNCSF FT DPNQMFJY FM Ò BOJWFSTBSJ EF MB DSFBDJØ E ¾NOJVN $VMUVSBM BM #BSDFMPOÒT /PSE "RVFTUB ÏT VOB FOUJUBU EF DBJSF DVMUVSBM RVF USFCBMMB QFS B MB QSPNP DJØ J MB OPSNBMJU[BDJØ EF MB MMFOHVB DBUBMBOB J MB JEFOUJUBU OBDJPOBM EF $BUBMVOZB %FT UBDB FTQFDJBMNFOU MB GFJOB QFS B MB DPIFTJØ TPDJBM RVF IB GFU B MB DJVUBU BNC JOJDJBUJWFT DPN FM i2VFEFN w 5PU J FM RVBSU EF TFHMF B MB DPNBSDB ¾NOJVN $VMUVSBM WB TFS DSFBEB M BOZ DPNQUB BNC NÏT EF TPDJT J UÏ SFQBSUJEFT NÏT E VOB WJOUFOB EF EFMFHBDJPOT B UPU FM QBÓT 2VJOB WBMPSBDJØ GBT E BRVFTUT BOZT E ¾NOJVN $VMUVSBM BM #BSDFMPOÒT /PSE ¾NOJVN IB FTUBU VOB FOUJUBU RVF IB USFCBMMBU FO VO FTQBJ EF DPOTFOT J RVF EFT EFM DP NFOÎBNFOU IB TBCVU USFCBMMBS BNC HFOU J TFOTJCJMJUBUT EJWFSTFT ¾NOJVN USFCBMMB QFM QBÓT EFT EF #BEBMPOB $PN IB FWPMVDJPOBU M FOUJUBU FO BRVFTU RVBSU EF TFHMF )FN BOBU SFTTJUVBOU OPT E VOB TJUVBDJØ E BOPSNBMJUBU JOTUJUV DJPOBM B VOB EF NFT CFO EF m OJEB *OJDJBMNFOU ¾$ IBWJB EF TVCTUJUVJS B M BENJOJTUSBDJØ FO M FOTFOZBNFOU EFM DBUBMË "JYÛ IB BOBU DBOWJBOU "SB USFCBMMFN GFOU EF NPUPS FO RàFTUJPOT NÏT FTUSBUÒHJRVFT IFN GFU VOB BQPTUB QFS MFT OPWFT UFDOPMPHJFT FTUFN JO UFOUBOU USFCBMMBS FO FTQBJT EF USPCBEB BNC BMUSFT FOUJUBUT BMUSFT QFSTPOFT $PN DFMFCSBSFV BRVFTUT BOZT &TUFN QSFQBSBOU VO DJDMF EF YF SSBEFT QFS BMT NFTPT E PDUVCSF J OPWFNCSF 7PMFN GFS VO TPQBS EF SFDPOFJYFNFOU B MB HFOU RVF FO FMT BOZT IB USFCBMMBU BNC OPTBMUSFT
1FSTPOFT JOEE
i" #BEBMPOB GBMUB VOB BQPTUB EFDJEJEB QFM DBUBMËw 0SJPM -MBEØ QSFTJEFOU E ¾NOJVN $VMUVSBM BM #BSDFMPOÒT /PSE
2VJOT TØO FMT SFQUFT EF GVUVS &OT BHSBEBSJB DPOUSJCVJS B EFm OJS VOB NBOFSB EF USFCBMMBS EFM QBÓT RVF ATFSWFJYJ J TFEVFJYJ FO FM OPTUSF ËNCJU EF USFCBMM RVF ÏT M ËSFB NFUSPQPMJUBOB &OT BHSBEBSJB TBCFS J QPEFS JODPSQPSBS MFT NJSBEFT J FMT BDDFOUT EF MFT QFSTPOFT RVF UFOFO VO QBTTBU JNNJHSBUPSJ SF DFOU 4PN VO QBÓT FO NBSYB ÏT OPSNBM RVF BOFN DSFBOU OPVT SFGFSFOUT OPWFT JEFFT
EFDJEJEB QFM DBUBMË )J IB MMJTUB E FTQFSB QFS QPEFS BQSFOESF MB MMFOHVB J DBMESJB BEFRVBS IPSB SJT J EJFT EF TFSWFJ "JYÛ ÏT JN QSFTDJOEJCMF &M $/- OFDFTTJUB NÏT SFDVSTPT J FOUFOESF RVF FOT USPCFN FO VOB TJUVBDJØ FO MB RVBM IFN EF TFS NPMU SËQJET J QSPBDUJVT &WJEFOUNFOU MB %JBEB EF $BUBMVOZB ÏT QPTTJCMFNFOU FM EJB NÏT JNQPSUBOU QFS B ¾NOJVN $PN DSFVT RVF FT WJV MB GFTUB B #BEBMPOB -B %JBEB ÏT JNQPSUBOU QFSÛ OP ÏT FM EJB NÏT JNQPSUBOU QFS B ¾NOJVN &M EJB NÏT JNQPSUBOU ÏT VO EJB RVBMTFWPM -B GFJOB E VOB FOUJUBU FT WBMPSB BJYÓ FO MB DPOUJOVÕUBU FO FM EJB B EJB "SB CÏ BRVFTU BOZ BNC MFT BCTVSEFT QSPIJCJDJPOT B "SFOZT J M PNCSB EF MB TFOUÒODJB EFM 5$ ÏT FTQFDJBMNFOU JNQPSUBOU QFS B UPUT
&M QSPKFDUF i2VFEFN w ÏT VOB NBOFSB EF DPIFTJPOBS TPDJBMNFOU FMT OPVWJOHVUT RVF IJ QBSUJDJQFO 2VJO IB FTUBU FM SFTVMUBU &TUFN NPMU DPOUFOUT BNC FM 2VFEFN ²T VO QSPKFDUF RVF QPTB M BDDFOU FO MB DPOWFSTB 4PN OPTBMUSFT RVF FYQMJRVFN DPN J RVÒ TPN QFSÛ TØO UBN CÏ FMT OPVT DBUBMBOT RVF FOT EJVFO E PO WÏOFO DPN WFVFO MFT DPTFT ²T VO EJËMFH RVF FOT FOGPSUFJY DPN B QBÓT
2VÒ O PQJOFT EF M BDUF RVF PSHBOJU[B M "KVOUBNFOU $BM RVF FOUSF UPUT USPCFN MB NBOFSB EF GFS MP NÏT BUSBD UJV EF EPOBS MJ NÏT DPOUJOHVU &OT BHSBEBSJB USFCBMMBS BNC M "KVOUBNFOU QFS USPCBS MB NB OFSB EF DBSB BM
&M GPNFOU EFM DBUBMË ÏT VO EFMT WPTUSFT PCKFDUJVT 2VJOB ÏT MB TBMVU EFM DBUBMË B #BEBMPOB " #BEBMPOB GBMUB VOB BQPTUB
727 %DGDORQD
HO WHX FDUUHU
1MBÎB EF 1FQ 7FOUVSB 1SPHSÏT J 3BWBM t +PTFQ .BSJB 7FOUVSB J $BTBT "MDBMÈ MB 3FBM 'JHVFSFT .ÞTJD J DPNQPTJUPS 'JMM EhVO NJMJUBS WJTRVÏ EFT EF QFUJU B 3PTFT PO USFCBMMË QFS B VO TBTUSF RVF FSB DBQ EF DPCMB MPDBM J RVF FM GBNJMJBSJU[Ë BNC FMT JOTUSVNFOUT J BNC MB OPUBDJØ NVTJDBM .FNCSF J EFTQSÏT EJSFDUPS FOUPSO EFM EF MB DPCMB EF 'JHVFSFT IJ JOUSP
EVÓ JNQPSUBOUT DBOWJT JOTUSV NFOUBMT RVF GPSFO BEPQUBUT QFS BMUSFT DPCMFT J RVF FODBSB QFSEVSFO 'PV UBNCÏ VO HSBO
SFOPWBEPS DPN B DPNQPTJUPS EF TBSEBOFT B MFT RVBMT JODPS QPSBWB EF WFHBEFT NFMPEJFT QPQVMBST
"#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,*/( ;0/" .*26&- 4&37&5 QM[ BNQMJB DPDIF Z NPUP å NFT 1"3,*/( ;0/" 53*0/' QMB[B BNQMJB å NFT ;0/" "7 . 16+0- "UJDP N IBC DPDJOB PGJDDF DPNQMFUB FMFD USJDP B B UFSSB[B 3&'03."%0 )"$& "º04 å NFT ;0/" 4*453&--4 "UJDP N IBCT DPD Z CB×P TFODJMMPT SFBM TJO BTD å NFT ;0/" 4"/5 "%3*® N IBCT U[B N DPDJOB Z CB×P QFR B B FYU å NFT ;0/" &45 .0/5("5 N IBCT DPN N DPD Z CB×P NPEFS OPT 50%0 &95 å NFT ;0/" 1&1 7&/563" N IBC NVZ BNQMJB DPN DPD CB×P DPO Q EVDIB CBMDØO T BTD .6: -6.*/040 å NFT
;0/" $ $0/26*45" QJTP EF N IBCT DPNFEPS UJQP PGGJDF B B &95&3*03 å NFT ;0/" 1&1 7&/563" N IBCT Z FTUVEJP DPN BNQMJP DPD Z CB×P NPEFSOPT B B DBMFG SFBM T BTD å NFT ;0/" $ (6*'3² N IBCT NBUSJ Z JOEJW DPN N D TBMJEB B CBMDØO DPD OVFWB B FTUSFOBS TJO BTD å NFT
727 %DGDORQD
QBH JOEE
;0/" $ 4"/5 --03&/± QJTP EF IBCT DPD N C× Q EVDIB UFSSBEP N FMFUSJDP FYU 50%0 3&'03."%0 TJO BTD å NFT ;0/" $ (3"- 8&:-&3 QJTP N IBCT NBUSJNPOJP D WFTUJEPS Z QM BMUJMMP CBMDØO UFDIPT EF NBEFSB DPN BNQMJP DPD Z C× NPEFSOPT B B SFBM T BTD å NFT ;0/" 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 ;0/" $ 130(3²4 EVQMFY EF N IBCT FTUVEJP DPN NVZ BNQMJP DPD NPEFSOB BMUP TUBOEJOH BTFP C× B B DBMFG U[B '*/$" "º0 å NFT ;0/" "7 .03&3" QJTP IBCT NBUSJ Z JOEJW DPD BNQMJB C×T NPEFSOPT Z DPNQM DPN N CBMDØO N 50%0 &95 å NFT ;0/" -" 4"-6% QJTP N IBCT NBUSJ Z JOEJW DPN Z DPD BNQMJPT C× DPNQM B B DBMFG 50%0 &95 å NFT ;0/" $ (6*'3& QJTP N IBCT DPN N DPD Z C×T CJFO DPOTFSWBEPT CBMDPOFT BTD å NFT ;0/" 1 $0.1"/:4 N IBCT DPN N DPD Z C×T .6: #*&/ $0/4 å NFT
1. .')+#6
$PM MFHJBU OVN
$PM MFHJBU O
;0/" $ $".&-*" N IBCT C× DPNQM BTFP TBMØO EF N Z DPN U[B N TFNJ BNVFC 50%0 &95 å NFT
;POB (3"/ -"/% OBWF EF N UPUBM TFNJ OVFWB NVZ MVNJOPTB å
;0/" $ 503504" DBTB QMBOUBT N TFNJOVFWB IBCT C×T Z BTFP BTD QSJWBEP QL JODM 4&.* ".6&#-"%0 å NFT
;POB $ /"7"5" MPDBM EF N QVFSUBT B DBMMF BDDFTP WFIÓDVMPT å NFT
F&L<L 7 ] 7P ;POB $ 10/&/5 QJTP IBCT DPN N DPD Z C× NPEFSOPT CBMDØO TJO BTD å NJMM
;POB $ 1307*%&/$*" TVQ N EJÈGBOP FOUS WFIÓDVMPT å NFT ;POB 1"3"%" .&530 (03( MPDBM EF N TBMJEB EF IVNPT å NFT
;POB $&/530 QJTP IBCT CB×P NPEFSOP DPD BSSFHM TJO BTD 3FGPS IBDF B×PT NJMM
;POB $ $&37"/5&4 MPDBM EJÈGBOP N N EF BMUVSB BTFP å NFT
;POB ."5"3» QJTP IBCT DPN N DPD Z C× EF PSJHFO BTD $0.1- &95 " 13*.&3" -*/&" %& ."3 å NJMM
;POB --03&%" MPDBM N BTFP QBUJP N TBMJEB EF IVNPT " &453&/"3 å NFT
1< 1 L 7 ] 7P ` 1GT&1 H
;POB $ "-'0/40 9*** MPDBM EF N FO OJWFMFT DPD B B C× TVFMP QBSRVFU 0'*$*/" "-50 45"/%*/( å NFT
1"3,*/( "7 ."35* 16+0- DPDIF HSBOEF å
;POB $ 13*. N FN QMBOUB NBT N EF TPUÈOP ;0/" $0.&3$*"- å NFT
DFWXDOLWDW
OD VHWPDQD HQ LPDWJHV
"VHNFOUB FM OPNCSF EF HPTTPT BCBOEPOBUT B #BEBMPOB - "TTPDJBDJØ 4FHPOB 0QPSUVOJUBU "OJNBM "40" IB EFOVODJBU VO BVHNFOU JNQPSUBOU EVSBOU BRVFTU FTUJV EFM OPNCSF E BCBOEPOBNFOUT EF HPTTPT %FT E "40" T IB EFOVODJBU RVF FM $FOUSF E "DPMMJEB E "OJNBMT EF $PNQBOZJB EFM #BSDFMPOÒT /PSE FTUB TBUVSBU E BOJNBMT BCBOEPOBUT
- FNQSFTB CBEBMPOJOB "E 5FMFDPN QSFNJ /BDJPOBM EF $PNVOJDBDJØ J *OUFSOFU - FNQSFTB CBEBMPOJOB EF UFMF DPNVOJDBDJPOT "% 5FMFDPN IB FTUBU HVBSEPOBU BNC FM 1SFNJ /BDJPOBM EF $PNVOJDBDJØ EPUBUT BNC FVSPT &M KVSBU IB WBMPSBU RVF BRVFTUB FNQSFTB ÏT AVO FYFNQMF E JOJDJBUJWB FNQSFTBSJBM RVF EFNPTUSB RVF FM DPOFJYFNFOU ÏT MB DMBV QFS B SFFJYJS FO VO NFSDBU HMPCBM
-FT WJOZFT EF 5JBOB J EF #BEBMPOB QSFQBSFO VO WJ EF iCPO OJWFMMw UPU J RVF MB GPSUB DBMPS IB PCMJHBU B BWBOÎBS MB DPMMJUB -B DPMMJUB EF SBÕN B 5JBOB J B MFT QPRVFT WJOZFT RVF RVFEFO B #BEBMPOB IB DPNFOÎBU BCBOT EFM RVF ÏT IBCJUVBM -B GPSUB DBMPS EFMT EBSSFST NFTPT IB PCMJHBU B RVF TJHVJ BJYÓ J BSB FM TFDUPS WJOÓDPMB OPNÏT FTQFSB RVF MFT QMVHFT RVF OP T IBO EPOBU mOT BSB OP FT DPODFOUSJO FO GPSNB EF GPSUFT UFNQFTUFT 5PU J M BWBOÎBNFOU EF MB DPMMJUB MB QSPEVDDJØ E BRVFTUB BOZ UJOESË VO ACPO OJWFMM DPNQBSBCMF B MB EF M BOZ
-B 'JSB E "SUFTBOJB T JOTUBMtMB B MB 1MBÎB EF MB 7JMB %FT EFM QBTTBU DBQ EF TFUNBOB IB RVFEBU JOTUBMtMBEB MB 'JSB E "SUFTBOJB B MB 1MBÎB EF MB 7JMB 'JOT BRVFTU EJVNFOHF EF TFUFNCSF T IJ QPESË USPCBS UPU UJQVT E PCKFDUFT BSUFTBOBMT EFT EF GVTUB J mOT B QFOKPMMT -B mSB BSUFTBOBM UBNCÏ T JOTUBMtMBSË EVSBOU M ÒQPDB EF /BEBM
&MT KVHBEPST EF MB 1FOZB SFCFO MB
WJTJUB EFMT QBSUJDJQBOUT EFM $BNQVT EF QSFUFNQPSBEB EFM .ËHJD &M QSJNFS FRVJQ EFM %,7 +PWFOUVU WBO SFCSF MB TFUNBOB QBTTBEB MB WJTJUB EFMT BMVNOFT JOTDSJUT FO FM $BNQVT EF QSFUFNQPSBEB EFM .ËHJD #BEBMP OB &MT OFOT J OFOFT FT WBO QPEFS GPUPHSBmBS BNC UPU M FRVJQ J WBO QPEFS EFNBOBS BVUÛHSBGT BMT TFVT ÓEPMT
-B4FUNBOB&O*NBUHFT JOEE
727 %DGDORQD
9
"
DBSB DBSBT
DBSB DBSBT
å å
å å
å å
Ã¥
å å å å å å
å å å å å å
å å å å å å
å å å å å å
'PSNBUP
" DBSB
DBSBT
DBSBT
Ã¥
'PSNBUP
Y
"
Y
"
Ã¥
Ã¥
Ã¥
Ã¥
å å å
å å å
å å å
å å å
'PSNBUP
Y
"
Y
"
Ã¥
Ã¥
Ã¥
Ã¥
å å å
å å å
å å å
å å å
9
Y
DBSBT
DBSB DBSBT
DBSB DBSBT
DBSB
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 å å å å
'PSNBUP
" DBSB
'PSNBUP
"
"
'PSNBUP
å å å
å å å
Y DBSB
'PMMFUPT JOEE
" DBSB
DBSBT
"
"
"
"
DBSBT
Y
Ã¥
Ã¥
Ã¥
Ã¥
å å å
å å å
å å å
å å å
Y
Y
DBSB DBSBT
DBSB DBSBT
å å
å å
å å
å å å å å å
å å å å å å
å å å å å å
DFWXDOLWDW
HVSRUWV &M #BEBMPOB TVSU HPMFKBU EFM DBNQ EFM #FOJEPSN
-B 1FOZB DPOUJOVB USFCBMMBOU QFS M JOJDJ EF MB MMJHB &M %,7 +PWFOUVU BRVFTU EJKP VT KVHBSË VO BNJTUØT DPOUSB FM .BOSFTB J QPESË SFDVQFSBS BM QJWPU "OUPOJP #VFOP RVF FTUBWB BNC NPMÒTUJFT GÓTJRVFT KVOUB NFOU BNC .BSJP 'FSOÈOEF[ +PBO 5PNËT J $SJTUIJBO &ZFOHB % BMUSB CBOEB BRVFTUB TFUNBOB T IB DFMFCSBU M FVSPQFV EF 1PMÛ OJB BNC 5SJQLPWJD ,PGm J 7BMUFST EF MB 1FOZB
#BEBMPOB t &MT FTDBQVMBUT WBO UPSOBS B DBVSF BM 1BÓT 7BMFO DJB QFM NBUFJY SFTVMUBU RVF MB UFNQPSBEB QBTTBEB &M #BEBMPOB WB TPSUJS BM UFSSFOZ EF KPD BNC FM NBUFJY PO[F RVF MB TFUNBOB QBTTBEB B FYDFQDJØ EF 3VCÏO $BTBEP J FM TFV MMPD FM WB PDVQBS JHVBM RVF EBWBOU FM #BSÎB "UMÒUJD -VÓT #MBODP &ODBSB RVF UËDUJDBNFOU FSB EJ GFSFOU *WÈO .BUFP FOEBSSFSJB MB TFWB QPTJDJØ J M BWBOÎBWB *TBÕFT
QBH JOEE
$POUJOVB MB $PQB #BEBMPOB EF #ËTRVFU
&M QBSUJU EBWBOU FM #FOJEPSN WB UFOJS EVFT QBSUT EJGFSFODJBEFT 'JOT FM NJOVU RVBO "MGPOTP WB GFS FM QFOBM B %PNÒOFDI RVF -VJTNJ -PSP WB QPTBS MFT UBVMFT BM NBSDBEPS J RVF WB TJHOJmDBS RVF FM #BEBMPOB NBSYFT EFM QBSUJU J FM TFV QPCSF KPD OP GPT DBQ PCTUBDMF &M #BEBMPOB RVF IBWJB HPMFKBU FM #BSÎB "UMÒUJD FO MB QSJNFSB KPSOBEB WB SFCSF EJVNFOHF QBTTBU MB TFWB QSÛQJB NFEFDJOB B #FOJEPSN
"RVFTU DBQ EF TFUNBOB DPOUJOVB MB $PQB #BEBMPOB EF CËTRVFU %VSBOU BRVFTU DBQ EF TFUNBOB FT KVHBSBO MFT TFNJGJOBMT J MB mOBM FO FM QBWFMMØ EF MB 1MBOB RVF T}JOBVHVSBSË EFTQSÏT EF MFT PCSFT EF SFIBCJMJUBDJØ FGFD UVBEFT " MB $PQB IJ QSFOFO QBSU UPUT FMT FRVJQT CBEBMPOJOT FO DBUFHPSJB TÒOJPS J M}FOUSBEB FT UPUBMNFOU HSBUVÕUB
727 %DGDORQD
2%5$ 18(9$ & *8,)5e
2%5$ 18(9$ 5 6$17 -25',
2%5$ 18(9$ (1 &$1(7 '( 0$5
-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
-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
&$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$ & 0$5,1$ %$'$/21$ &(1752
££$ 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 )DFLOLGD GHV GH ILQDQFLDFLyQ 3UHFLR GHVGH VROR (XURV /ODPH \ OH LQIRUPDUHPRV 2%5$ 18(9$ & %$/'20(52 62/
& 0$57Ì 38-2/ %$'$/21$
2%5$ 18(9$ -72 0*,& %'1
%$'$/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
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
HVSDL F
GURCK E
FXOWXUD DJHQGD OOLEUHV PÙVLFD FLQHPHV QRWÍFLHV
2VFEFN EFTDPCSFJY FMT SBDPOT J USBEJDJPOT EF #BEBMPOB
t 6TVBSJT EF MhBDUJWJUBU EFM 1SPHSBNB 2VFEFN EF MhBOZ
#BEBMPOB t ¾NOJVN $VMUVSBM #BEBMPOB FODFUB BRVFTUB TFU NBOB MFT BDUJWJUBUT QSPHSBNB EFT QFS BRVFTUB UFNQPSBEB J IP GB BNC VOB WJTJUB BM CBSSJ EF %BMU MB 7JMB EJOT EFM QSP HSBNB 2VFEFN - BOZ QBTTBU M FOUJUBU WB QPTBS FO NBSYB BRVFTUB JOJDJBUJWB EF DPIFTJØ TPDJBM RVF UÏ DPN B PCKFDUJV EFTDPCSJS #BEBMPOB BNC VOT BMUSFT VMMT KB TJHVJ WJTJUBOU JO ESFUT FNCMFNËUJDT EF MB DJVUBU DPN BSB 4BOU +FSPOJ EF MB .VSUSB FM CBSSJ EF -B 1BV FM 1BSD EF $B M "SOÞT P CÏ USBEJ DJPOT CBEBMPOJOFT DPN BSB FM
$*$-&4 (0/;«-&;
QBH JOEE
(JOB EF 5FSB
#JDJDMFUBT OVFWBT Z EF PDBTJØO 3FQBSBDJPOFT QSFTVQVFTUP TJO DPNQSPNJTP /PT RVFEBNPT UV CJDJDMFUB BM DPNQSBS VOB OVFWB 4&37*$*0 3«1*%0 : 4&3*0
$ 1PNBS EF CBJY #BEBMPOB 5FM
FM QBTTBU IJTUÛSJD E BRVFTU GBOUËTUJD SBDØ &M EF TFUFNCSF 2VFEFN 0GFSJSË MB QPTTJCJMJUBU EF DF MFCSBS MB 'FTUB EF MB 7FSFNB 6OB BDUJWJUBU RVF QSPNPV MB 'VOEBDJØ 4PDJFUBU DVMUVSBM M 0MJWB RVF IB QSPHSBNBU VO TFHVJU E BDUJWJUBUT SFMBDJP OBEFT BNC FM WJ J MFT WJOZFT EF $BOZFU "DUJWJUBU RVF FT GBSË B MB 5PSSF $PEJOB BNC MB QSFTÒODJB EFMT CBTUPOFST EFM CBSSJ < > RVFEFN PNOJVN DBU
DJOFNB B CBJY B NBS FM QBUÓ EF WFMB P MB GFTUB EF MFT .JHVFT 6OFT WJTJUFT PCFSUFT B UPUT FMT DJVUBEBOT RVF BKVEFO B DSFBS VOB JEFOUJUBU DJVUBEBOB J BMIPSB EFTDPCSJS PQJOJPOT EF QFSTPOFT BNC RVJ EJGÓDJMNFOU FT DPJODJEJSJB 1FS FODFUBS MB UFNQPSBEB J DPNNFNPSBOU MB %JBEB /B DJPOBM EF $BUBMVOZB EJKPVT B EPT RVBSUT EF WVJU 2VF EFN &OT QSPQPTB VOB WJTJUB BM DBTD BOUJD EF #BEBMPOB PO TF TBCSË DPN MB OPTUSB DJVUBU WB WJVSF MB EFSSPUB EF B NÏT EF EFTDPCSJS UPU
"º04 "- 4&37*$*0 %&- .6/%0 %& -" #*$*$-&5"
0'&35" 3FWJTJØO DPNQMFUB Z FOHSBTF
å
727 %DGDORQD
#BEBMPOB t &M GPUÛHSBG +PBO (VFSSFSP J MB QFSJPEJTUB 2VJ NB 6USFSB IBO VOJUT MFT TFWFT EPUT BSUÓTUJRVFT QFS EVS B UFS NF M FYQPTJDJØ i5BO JHVBMT UBO EJGFSFOUTw $JORVBOUB GPUPHSBm FT BDPN QBOZBEFT EF UFYUPT FOT BQSP QB FYQFSJÒODJFT QFOTBNFOUT J JMtMVTJPOT EFMT OFOT J OFOFT RVF (VFSSFSP IB SFUSBUBU B FTDPMFT EF 4BOUB $PMPNB #BEBMPOB J M )PTQJUBMFU 5PUT FMMT UFOFO FO DPNÞ RVF TØO MB QSJNFSB HFOFSBDJØ EF DBUBMBOT EF MB TFWB GBNÓMJB BM
HVOT IBO OBTDVU BRVÓ J E BMUSFT IBO IBHVU EF SFDPSSF VO MMBSH DBNÓ m OT BSSJCBS IJ 6OB FYQPTJDJØ QMFOB EF NBUJ TPT RVF FMJNJOB FTUFSFPUJQT J UÛQJDT SFMBDJPOBUT EJSFDUBNFOU BNC MB JNNJHSBDJØ
HVSDL F
-B DPOWJWÒODJB B MFT FTDPMFT BM .VTFV EF MB )JTUÛSJB EF MB *NNJHSBDJØ
'JOT BM EF TFUFNCSF BM .VTFV EF MB )JTUÛSJB EF MB *NNJHSBDJØ .BTJB EF $BO 4FSSB $USB EF .BUBSØ (JOB EF 5FSB
BOZT EF +PBOPU .BSUPSFMM B M &TQBJ #FUÞMJB #BEBMPOB t &- BVUPS EF 5JSBOU MP #MBOD ÏT FM QSPUBHPOJTUB EF M &TQBJ #FUÞMJB GJOT BM E PDUVCSF BNC M FYQPTJDJØ i BOZT EFM OBJYFNFOU EF +PB OPU .BSUPSFMM 5JSBOU MP #MBOD JOJDJB MB HFTUBw QSPEVÕEB QFS $BM 5BMBWFSØ VO $FOUSF E "SU EF 7FSEÞ RVF EJOBNJU[B M BSU DPOUFNQPSBOJ &O BRVFTU DBT EJWFSTPT BS UJTUFT SFGMFYJPOFO EFT EF MB TFWB PCSB QJDUÛSJDB TPCSF M FTDSJQUPS J MB MJUFSBUVSB FO FM
UBU FO FM 5JSBOU MP #MBOD J BMUSFT UFYUPT NFEJFWBMTw B DËSSFD EFM QSPGFTTPS EF -JUFSBUVSB DBUBMBOB .FEJFWBM EF MB 6"# +PTFQ 1VKPM (ØNF[ J VO FT QFDUBDMF NVTJDBM EF .BVSJDJP 7FMMBWFDDIJB RVF IPNFOBUHF B (VJMMFN EF #FSHVFEË FM E PDUVCSF
DPOUFYU DBUBMË J JOUFSOBDJPOBM &OUSF FMT QJOUPST IJ USPCFN (F SBSE 4BMB +PBO $PTUB +PTFQ (VJOPWBSU 3PTB 7JMB "CBEBM "OUPOJ .JSØ +PSEJ 4BOBIVKB FOUSF E BMUSFT 6OB NPTUSB BSSJTDBEB DPOUFNQPSËOJB RVF FOT BQSPQB FM NØO NFEJFWBM TPWJOU PCMJEBU J QPD WBMPSBU B USBWÏT EFM QFOTBNFOU BDUVBM -B NPTUSB FT DPNQMFNFOUB BNC VOB YFSSBEB FM EF TFU FNCSF TPCSF i%FMJUT TFOTJCMFT SFQSFTFOUBDJPOT EF MB TFYVBMJ
&TQBJ #FUÞMJB &OSJD #PSSËT (JOB EF 5FSB
BOVODJBhU FO BRVFTUB TFDDJØ CBEBMPOB!FMUPUEJHJUBM DPN
$63404 (3"56¸54
QFS B "563"54 J USFCBMMBEPST FO BDUJV B #"%"-0/" */5&3/&5 * $3&"$*» 1"(*/&4 8&# */530%6$$*» " -" $0.15"#*-*5"5 ."3,&5*/( &453"5&(*$ */530%6$$*» " -" */'03.®5*$" ÁMUJNFT 1MBDFT .ÏT JOGPSNBDJØ J JOTDSJQDJPOT B 'FEFSBDJØ &NQSFTBSJBM EF #BEBMPOB
616 'P %7.674# 727 %DGDORQD
QBH JOEE
5FMÒGPO
HVSDL F
DJHQGD %DGDORQD
P DFCBEBMPOB!DFCBEBMPOB PSH
"05&"30" 40.*"/5 ".# &- --"3( /Á70- #-"/$ '050(3" '*&4 %JMMVOT B EJWFOESFT B I J B I $$ %BMU MB 7JMB (FSNË #FSOBCÏ
%JKPVT 4BSEBOFT %*"%" /"$*0/"- $PCMB -MVÕTPT EF 5BSBEFMM " EF EFM WFTQSF B -B 1MBOB
%JTTBCUF #BMM #"-- * .Á4*$" &/ 7*6 "M $BTBM 1FQ 7FOUVSB B MFT IPSFT "MGPOT 9** J .BSJB "VYJ MJBEPSB
%JVNFOHF $BNQJPOBU Eh&YDVSTJPOJTNF 45 $&#3*® %& 7"--"-5" ,. TPSUJEB IPSFT " .BT OPV .BUBSØ $S .BUB $PMM 1PMMBTUSF 4U *TDMF 5 4U 1PM .BUBSØ .BTOPV 4QPSU $JDMJTUB #ÏUVMP +PWFMMBS FTDBMB MPDBM
%VSBOU MB TFUNBOB &YQPTJDJPOT &9104*$*» %& #*$*$-&5&4 "/5* (6&4 "M .ËHJD #BEBMPOB B MB QMBOUB CBJYB EFM DFOUSF 'JOT EJTTBCUF E PDUVCSF #"%"-0/" o /*$"3"(6" "/:4 %& $001&3"$*» * "(&3." /".&/5 1SPKFDUFT RVF T IBO GFU B /JDBSBHVB JNQVMTBUT QFS "TTPD %F #BEBMPOB %JMMVOT B EJWFOESFT B I %FM EJNBSUT BM EJNFDSFT EF TFUFNCSF
$PODVST -JUFSBSJ 7*** $0/$634 -*5&3"3* %& $"/:&5 $0/$634 %& 10&4*" /"33"5*7" * "626&4 $PNNF NPSBDJØ Ò "OJW +PTÏ " (P ZUJTPMP "RVFTUB DPOWPDBUPSJB FT SFBMJU[BSË EFT EF MB 7PDBMJB EF $VMUVSB 1PU QBSUJDJQBS 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 EF $BOZFU 3JFSB $BOZFU CJT .ÏT JOGPSNB DJØ P 4SB /ÞSJB "SHFSJDI
.0453" % "35 5SFCBMMT EFMT BMVNOFT EFM UBMMFS EF EJCVJY J QJOUVSB EFM $$ %BMU MB 7JMB %JMMVOT B EJWFOESFT B J B I EFM EJNBSUT BM EJNBSUT EF TFUFNCSF 9 $0/$634 "440$ .0%&-*45&4 #²56-0 ."26&5&4 %F B I J EF B I %JTTBCUF J EJVNFOHF EF TFUFNCSF $$ %BMU MB 7JMB (FSNË #FS OBCÏ
&4$0-&4 % "-53&4 .»/4 '0 50(3"'*&4 %FM EJMMVOT BM EJVNFOHF EF TFUFNCSF EF EJMMVOT B EJWFOESFT EF B I $$ -B 4BMVU "W .BSRVÒT 4 .PSJ
"TTPDJBDJPOT +6("%034 "/¾/*.4 *OUFSHSVQ EF #BEBMPOB J 4BOU "ESJË EF #FTÛT 4J FM KPD T IB DPOWFSUJU FO VO QSPCMFNB OPTBMUSFT QPEFN BKVEBS UF 5&- IPSFT
&- .*44"5(& %& - "*(6" GPUPHSBGJFT EF QBSUÓDVMFT EF M BJHVB DSJTUBMtMJU[BEFT EPOBOU CFMMFT GPSNFT %FM EJKPVT EF TFUFNCSF BM EJKPVT E PDUVCSF %JMMVOT B EJWFOESFT EF B I $$ -B 4BMVU "W .BSRVÒT 4 .PSJ
&YDVSTJPOT $"/5"#3*" %*--6/4 " %* 7&/%3&4 % 0$56#3& 7JTJ UFT 4BOUJMMBOB EFM .BS 4BO UBOEFS $VFWBT EF "MUBNJSB 1JDPT EF &VSPQB FUD 1FOTJØ DPNQMFUB J QSFV QFS QFSTPOB å 3FTFSWFT J QBHB J TFOZBM GJOT EJKPVT EF TFUFNCSF $BTBM 1FQ 7FOUVSB "MGPOT 9** 5FM
"/:4 %&- /"*9&.&/5 %& +0"/05 ."3503&-- 5JSBOU MP #MBOD JOJDJB MB HFTUB %JWFSTPT BSUJTUFT SFGMFYJPOFO EFT EF MB TFWB PCSB QJDUÛSJDB TPCSF M FTDSJQUPS J MB MJUFSBUVSB 'JOT EJTTBCUF E PDUVCSF &TQBJ #FUÞMJB &OSJD #PSSËT
$03#&3" % &#3& 4035*. %* +064 %& 4&5&.#3& *OTDSJQ DJPOT EJMMVOT J EJNFDSFT B I 0SGFØ #BEBMPOÓ .BSJOB
$VST &TDBMBEB $634 &4$"-"%" &/ 30$" %FM EJNBSUT EF TFUFNCSF BM EJ KPVT E PDUVCSF 1MBDFT MJNJ UBEFT .ÏT JOGPSNBDJØ EJNBSUT J EJKPVT EF B I $FOUSF &YDVSTJPOJTUB #BEBMPOB D EF MB $PTUB 5FM
$VSTPT */*$* $63404 5"* $)* FM QSPQFS NFT E PDUVCSF BM $$ %BMU -B 7JMB *OGPSNBDJØ 5FM P
2VF OP TF UhFTDBQJ %JKPVT 1BTTFKBEB IJTUÛSJDB %BMU MB 7JMB BNC FM 2VFEFN ¾OJVN $VMUVSBM
QBH JOEE
%JWFOESFT %JBEB /BDJPOBM EF $BUBMVOZB 1M -B 1MBOB
727 %DGDORQD
40-*%"3*5"5 %FT EF M "TTPDJBDJØ 4PDJBM "NJDT EFM (PSH .BS #BEBMPOB OF DFTTJUFN BNC VSHÒO DJB
%*44"#5&
4"3%"/&4 %& 4&5 5*3" %&4 B MB 1MBÎB EF MB 7JMB B MFT IPSFT $PCMFT .BSJOBEB +PWFOÓWPMB EF 4BCBEFMM .&/Á %& (&3."/03 1FS SFTFS WBS USVDBS BM 5&-
$ P U YF U T E F S P E F T NBOUFT NFOKBS SPCB EF OFO J RVBMTFWPM BM USF UJQVT E BKVEB
$ 1POFOU CBJYPT #BEBMPOB 5&-
HVSDL F
Ò "1-&$ %& -" 4"3%"/" %& #"%"-0/"
&TDVMUVSB EF TPSSB BM .ËHJD #BEBMPOB &T QPESË WFVSF EVSBOU TFUFNCSF EF B I
%*6.&/(&
4"3%"/&4 1BSD $BO 4PMFJ B MFT I J B MFT I $PCMFT .BSJOBEB $JVUBU (JSPOB 1SJODJQBM EF -MPCSFHBU
2VJFSFT DPMBCPSBS 7PMT DPMrMBCPSBS *OGØSNBUF BRVÓ P FO *OGPSNBhU BRVÓ P B DPMrMBCPSB
XXX BGSJDBOPTNJSB DPN
%JVNFOHF &YQPTJDJØ i&M .JTTBUHF EF M "JHVBw $FOUSF $ÓWJD -B 4BMVU 'VOEBDJØ 4PQIJB
%JTTBCUF 'PUPHSBmB EF QBJTBUHFT i"PUFBSPB 4PNJBOU BNC FM MMBSH OÞWPM CMBODw $FOUSF $ÓWJD %BMU MB 7JMB 727 %DGDORQD
QBH JOEE
HVSDL F
FLQHPHV
%JTUSJDU
(PSEPT
)BDF B×PT MPT BMJFOÓHFOBT DPOUBDUBSPO QPS QSJNFSB WF[ DPO MB 5JFSSB -B SB[B IVNBOB FTQFSØ VO BUBRVF IPTUJM P VO HSBO BWBODF FO MB UFDOPMPHÓB /P PDVSSJØ OBEB -PT BMJFOÓHF OBT FSBO SFGVHJBEPT "M UJFNQP RVF MBT OBDJPOFT EFM NVOEP JOUFOUBCBO QPOFSTF EF BDVFS EP FO MP RVF UFOÓBO RVF IBDFS DPO FMMBT GVFSPO JOTUBMBEPT EF GPSNB UFNQPSBM FO FM %JTUSJUP EF 4VEÈGSJDB %JS /FJMM #MPNLBNQ 64" $JFODJB m DDJØO *OUFS 4IBSMUP $PQMFZ %BWJE +BNFT +BTPO $PQF
$PNFEJB TPCSF MPT FYDFTPT Z MBT DBSFODJBT EF MB WJEB -PT DPNQMFKPT MBT GPCJBT MBT PCTFTJPOFT MPT USBVNBT MPT FSSPSFT MPT NJFEPT MB DVM QB MPT EFTFPT MBT JMVTJPOFT MPT SFUPT MPT DPNQSPNJTPTy -B TVQFSWJWFODJB FO FM NÈT BNQMJP Z PSPOEP TFOUJEP EF MB QBMBCSB &T VOB IJTUPSJB RVF HJSB FO UPSOP B VOB UFSBQJB EF HSVQP EF HFOUF DPO QSPCMFNBT SFMBDJPOBEPT DPO MB PCFTJEBE %JS %BOJFM 4ÈODIF[ "SÏWBMP &TQB×B $PNFEJB *OUFS "OUPOJP EF MB 5PSSF 3P CFSUP &OSÓRVF[
4BO 7BMFOUÓO TBOHSJFOUP % 6OB USBHFEJB DBNCJØ MB DJVEBE EF )BSNPOZ 5PN )BOOJHFS VO JOFYQFSUP NJOFSP EF DBS CØO DBVTØ VO BDDJEFOUF FO MPT UÞOFMFT EF MB NJOB EPOEF NVSJFSPO DJODP IPNCSFT &M ÞOJDP TVQFSWJWJFOUF RVFEØ FO VO FTUBEP EF DPNB QFSNBOFO UF 6O B×P NÈT UBSEF FM EÓB EF 4BO 7BMFOUÓO )BSSZ 8BSEFO EFTQFSUØ Z BTFTJOØ CSVUBMNFO UF B WFJOUJEØT QFSTPOBT %JS 1BUSJDL -VTTJFS 64" 5FSSPS *OUFS +FOTFO "DLMFT +BJNF ,JOH ,FSS 4NJUI
7FOEB EhFOUSBEFT %FT EFM EF TFUFNCSF m OT BM EF TFUFNCSF
4BMB 'JMN
1BTF 1BTF 1BTF 1BTF 1BTF 1BTF .BUJOBM (PMGB
(BNFS "HBMMBT (PSEPT )B[NF SFJS 1FRVF×PT JOWBTPSFT &OFNJHP QÞCMJDP %JTUSJUP 2VÏ MF QBTB B MPT IPNCSFT 4BO 7BMFOUÓO TBOHSJFOUP %
6Q %
"×P VOP 4IPSUT .BQB EF MPT TPOJEPT 3FTBDØO FO MBT WFHBT 6Q &YQFEJFOUF
1301&3&4 &453&/&4 .BMEJUPT CBTUBSEPT "WJOHVEB 4BMWBEPS &TQSJV *OGPSNBDJØ #VT # # # # # / .FUSP -ÓOJB (PSH 53".CFTÛT 5 5
QBH JOEE
727 %DGDORQD
{2VJÏO EJDF RVF MBT QFMÓDVMBT EFM WFSBOP TPMP TPO QBTBUJFNQPT 1PSRVF i&OFNJHPT 1ÞCMJDPTw OP FT TPMP FTP OJ NVDIP NFOPTy &TUB FT MB UÓQJDB QFMÓDVMB RVF TVFMF FTUSFOBSTF B GJOBMFT EF B×P QBSB FOUSBS FO MB DBSSFSB EF MPT 0TDBS QFSP QBSFDF RVF B .JDIBFM .BOO FM EJSFDUPS FTP MF JNQPSUB VO CMFEP
1PSRVF FT VOB EF FTBT QFMÓDV MBT DPNP MBT EF BOUFT BDDJØO ESBNB BNPS IVNPSy FO EPTJT BEFDVBEBT -B DJOUB IBCMB EF VOP EF MPT QFS TPOBKFT QÞCMJDPT NÈT QFSTFHVJEPT EVSBOUF MB ÏQPDB EF MB NBGJB FO MPT B×PT &TUF FSB +PIO %JMMJOHFS +PIOOZ %FQQ Z TV QFSTFHVJEPS $ISJTUJBO #BMF 'JMNBEB ÓOUFHSBNFOUF FO GPSNBUP EJHJUBM JNQBDUB BM FTQFDUBEPS FM IFDIP EF RVF FTUFNPT WJFOEP VOB QFMÓDVMB BNCJFOUBEB FO MPT B×PT Z TJO FNCBSHP MB JNBHFO QBSFDF EFM QSPHSBNB i$PQTw $ÈNBSB FO NBOP Z DPO VOB JNBHFO NVZ SFBM B QFTBS EF QBSFDFS MP DPOUSBSJP OPT NFUF EFOUSP EF MB QFMÓDVMB Z SFMB DJPOBEP DPO FM HVJØO FM QFSTPOBKF EF %JMMJOHFS OPT DSFB FNQBUÓB "TÓ RVF ZB MP IBO DPOTFHVJEP FTUBNPT NFUJEPT EFOUSP EF MB QFMJ &O FTUF DBTP MPT CVFOPT OP TPO MPT EFM '#* TJOP MPT MBESPOFT &T DPNP FM DVFOUP EF 3PCJO )PPE QFSP DPO QJTUPMBT Z BNFUSBMMBEPSBT &O FM BQBSUBEP BSUÓTUJDP IBZ RVF
&RQFXUVR
&, 1([/ $ .
NFODJPOBS RVF DVFOUB DPO EPT EF MPT NFKPSFT BDUPSFT EFM DJOF EF )PMMZXPPE BDUVBMNFOUF %PT UJQPT RVF TBCFO FMFHJS TVT USBCBKPT QFSGFDUBNFOUF +PIOOZ %FQQ Z $ISJTUJBO #BMF &TUP EJDF NVDIP TPCSF MB QFMÓDVMB DPO FTUPT EPT OPNCSFT TBCFNPT RVF WBNPT B WFS VO QSPEVDUP EF VOB DBMJEBE Z UBNCJÏO TBCFNPT EF RVF QJF DBM[BO DBEB VOP EF MPT EPT #VFO SFQBSUP QSPUBHPOJTUB Z CVFOPT TFDVOEB SJPT FOUSF FMMPT .BSJPO $PUJMMBSE HBOBEPSB EFM 0TDBS "TÓ RVF FT VOB QFMÓDVMB NVZ SFDP NFOEBCMF QBSB UPEP FM QÞCMJDP FO HFOFSBM Z QBSB MPT TJCBSJUBT EFM DJOF VOB QFMÓDVMB BM HVTUP EFM QÞCMJDP Z EF MB DSÓUJDB $PTB RVF NVZ QPDBT WFDFT TF DPOTJHVF )BZ RVJFO ZB MB DBMJGJDB EF PCSB NBFTUSB ZP OP EJSÓB UBOUP QFSP FTP TF WFSÈ DPO MPT B×PT %F NPNFOUP FTP TÓ IB TJEP TJO EVEB MB QFMÓDVMB EFM WFSBOP Z RVJ[ÈT RVJFO TBCF MB QFMÓDVMB EFM
HVSDL F
-B $SÓUJDB &OFNJHPT QÞCMJDPT
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 3BNPO #MBZB #VSSJFM 4ÓMWJB (BSDÓB 4UBDIT +PTÏ .ÏOEF[ 7JEBM
727 %DGDORQD
QBH JOEE
HVSDL F
QRYHWDWV PÙVLFD
1FS (JOB EF 5FSB
07/ 'N $CKNG $ P R V F :U VS S J BH B QSFTFOUB FM TFHPO EJTD EF MB CBO EB /6. VO QSPKFDUF EF QPQ SPDL FMFDUSÛOJD UJQVT /FX 0SEFS 1FU 4IPQ #PZT P 5BML 5BML QFS FOUFOESF OT RVF FTUË GPSÎB CÏ FOT QBSMB EF MB WJEB J TPCSFUPU EF M BNPS UPS OBEFT E BRVFMMFT RVF DBOUFT EF TFHVJEB CBMMBCMFT QMFOFT EF TJOUFUJU[BEPST TBNQMFST EF QFMtMÓDVMFT BSSBOKBNFOUT IJQOÛ UJDT J SJUNFT FOHBOYJGPTPT
&1.14'5 1 4+14&#0 0Q $CIICIG - FYDBOUBOU EF $SBOCF SSJFT QSFTFO UB FM TFV TF HPO EJTD FO TPMJUBSJ RVF OP SFQSFTFO UB DBQ TPSQSFTB OJ QFM RVF GB FM TFV DBNÓ UPUB TPMFUB OJ QFM RVF GB MB GPS NBDJØ JSMBOEFTB )J GBMUB VOB NJRVFUB EF QBTTJØ J GPSÎB QFSÛ UBNCÏ T IB EF EJS RVF 0 3JPSEBO DPNQUB BNC VOB NPMU CPOB WFV J NVTJDBMNFOU QBTTB M BQSPWBU 4J U BHSBEB BRVFTUB EPOB DPNQSB UF M QFSÛ OP FTQFSJT DBQ TPS QSFTB QFSRVÒ RVFEBSËT EFDFCVU
$'%1PG (QQV KP VJG )TCXG #FDL ÏT VOB HBSBOUJB BM NFOZT QFS B NJ J BRVFTU FTUJV IB USFU BM NFSDBU VOB SFFEJDJØ EF 0OF 'PPU JO UIF (SBWF EF 6O EJTD BNC BJSFT GPML MP m J DBOUBU BNC WFV USJTUB J BQBHBEB 6O EJTD QSFWJ B .FMMPX (PME J RVF ÏT VOB NFSBWFMMB 3FFEJDJØ EFMVYF RVF FT DPNQMFNFOUB BNC VO TFHPO EJTD RVF QPESJB TFS VO BMUSF BNC UFNFT DPN BSB 1JTT PO UIF %PPS PO KB FT QSFWFV FMT GVUVST FYQFSJNFOUT
QBH JOEE
OOLEUHV
PÙVLFD -MJTUB EhËMCVNT
1FS 4BMUBNBSUÓ -MJCSFT
"WJPOFT 1FSF[B -JOFT WJOFT BOE USZJOH UJNFT +POBT #SPUIFST : #FCF ,JOH PG 1PQ .JDIBFM +BDLTPO )VNCVH "SUJD .POLFZT
- & 4 5 3 " / : " % & 4" 1" 3 * $ * » % &4.& -&//09 .BHHJF 0 'BSSFMM -" $".1"/" & E J N C V S H B M T BOZT EFM TF HMF QBTTBU -B GBNÓMJB -FOOPY UÏ QSPCMFNFT BNC MB TFWB m MMB QFUJUB M &TNF RVF OP FODBJYB FO VOB GBNÓMJB UBO DFOZJEB B MFT SFHMFT OJ FO VOB TPDJFUBU UBO DPOWFODJPOBM - &TNF ÏT VOB OPTB DBEB EJB NÏT NPMFTUB m OT J UPU QFS B MB TFWB FTUJNBEB HFSNBOB ,JUUZ "M DBQ EF NPMUT BOZT M *SJT VOB KPWF EFM OPTUSF UFNQT SFQ VOB USVDBEB RVF MB EFJYB TFOTF QBSBVMB
-MJTUB EF DBOÎPOT * LOPX ZPV XBOU NF 1JUCVMM -PCB 4IBLJSB 4VNNFSDBU #JMMJF UIF WJTJPO UIF EBODFST $PMHBOEP EF UVT NBOPT $ #BVUF . 4ÈODIF[ .PWJOH .BDBDP
-" *4-" #"+0 &- ."3 *TBCFM "MMFOEF 1-";" +"/&4 -B JTMB CBKP FM NBS EF *TBCFM "MMFOEF OBSSB MB B[BSPTB IJTUPSJB EF VOB FTDMBWB FO FM 4BOUP %PNJOHP EFM TJHMP 97*** RVF MPHSBSÈ MJCSBSTF EF MPT FTUJHNBT RVF MB TPDJFEBE MF IB JNQVFTUP QBSB DPOTFHVJS MB MJCFSUBE Z DPO FMMB MB GFMJDJEBE &T MB IJTUPSJB EF ;BSJUÏ VOB NVDIBDIB NVMBUB RVF B MPT OVFWF B×PT FT WFOEJEB DPNP FTDMBWB BM GSBODÏT 7BMNPSBJO EVF×P EF VOB EF MBT NÈT JNQPS UBOUFT QMBOUBDJPOFT EF B[ÞDBS EF MB JTMB EF 4BOUP %PNJOHP
-MJTUFT GBDJMJUBEFT QFS 1SPNVTJDBF
OOLEUHV &MT NÏT WFOVUT -B NBOP EF 'ÈUJNB *MEFGPOTP 'BMDPOFT -B SFJOB FO FM QBMBDJP EF MBT DPSSJFOUFT EF BJSF 4UJFH -BSTTPO -B SFJOB BM QBMBV EF MFT DPSSFOUT EhBJSF 4UJFH -BSTTPO
&%&4$0#3*.&/5 %h".µ3*$" (FSPOJNP 4UJMUPO $0-6./" &M QSPGFTTPS 7PMU ÏT VO DJFOUÓm D GB NPTÓTTJN RVF IB QSPKFDUBU QFS B MB GBNÓMJB 4UJMUPO VOB NËRVJOB EFM UFNQT MB NJTTJØ EFMT 4UJMUPO ÏT QMBOUBS DBSB BMT HBUT QJSBUFT J TBMWBS MB IJTUÛSJB &MT HBUT QJSBUFT WJBUHFO BM QBTTBU B CPSE EFM (BUKFU QFS DBO WJBS FM DVST EF MB IJTUÛSJB J FTEFWFOJS SJDT J GBNPTPT 1FSÛ (FSPOJNP J MB GBNÓMJB 4UJMUPO TFNQSF BDPOTF HVFJYFO EFTFNNBTDBSBS MPT
-MJTUB GBDJMJUBEB QFS 4BMUBNBSUÓ -MJCSFT
$BOPOHF #BSBOFSB #BEBMPOB XXX TBMUBNBSUJ DPN TBMUBNBSUJ!TBMUBNBSUÓ DPN
727 %DGDORQD
727 %DGDORQD
SFKJMMB QMBOB JOEE
727 %DGDORQD
OD OODU
NC NNCT
GHFRUDFLÓ FRQVHOOV PRELOLDUL 5HIRUPHV MDUGLQHULD
5PSOB &YQPIPHBS 5BSEPS FM NJMMPS BQBSBEPS EF QSPEVDUFT J OPWFUBUT QFS B UPUFT MFT CVUYBRVFT 7JTJUJ &YQPIPHBS 5BSEPS 5SPCBSË MFT OPWFUBUT J UFOEÒODJFT EF MB UFNQPSBEB UBSEPS IJWFSO FO CJKVUFSJB SFHBM DPNQMF NFOUT EF NPEB J BSUJDMFT QFS B MB MMBS .ÏT EF FEJDJPOT SBUJmRVFO FM TBMØ -B UFNQPSBEB RVF WF BSSJCB B &YQPIPHBS BNC FMT BSUJDMFT DPMPST BSPNFT J UFYUVSFT RVF EFDPSBSBO MFT MMBST J NBSDBSBO FM OPTUSF FTUJM 1SFOHVJ OPUB EFM RVF WJOESË -MBS t &YQPIPHBS 5BSEPS RVF UPSOB B MFT TFWFT EBUFT IBCJ UVBMT EF TFUFNCSF UPSOBSË B NPTUSBS FO MB TFWB B FEJDJØ MFT ÞMUJNFT OPWFUBUT FO BSUJDMFT QFS B MB MMBS EFDPSBDJØ SFHBM J DPNQMFNFOUT EF NPEB QFS B MB UFNQPSBEB EF /BEBM
&M TBMØ PDVQBSË VOT NFUSFT RVBESBUT OFUT EFM QB WFMMØ EFM SFDJOUF EF (SBO 7JB EF 'JSB EF #BSDFMPOB PO NÏT E VO DFOUFOBS E FYQPTJUPST FYIJCJSBO MFT TFWFT OPWFUBUT J QSPEVDUFT BNC M PGFSUB EF UPUT FMT ËNCJUT SFMBDJPOBUT BNC MB
3$/(7$ /$03,67$
3,1725(6 352)(6,21$/(6
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
7HO 6(55$//(5
MPF VHUUDOOHU#JPDLO FRP
7(/ L
3(56,$1$6 - $
QBH JOEE
"/6/$*"h5
5HSDUDFLyQ LQVWDODFLyQ \ PRWRUL]DFLyQ QR FREUDPRV GHVSOD]DPLHQWRV
&/ "26&45 %*3&$503* 1&3 1"3"6-&4
å
1&3 ".# .*( 3&$6"%3&
å
7HO
1&3
('%#4' $55(*/26 (1 35(1'$6 'H YHVWLU QDSD \ SLHO
T J O P I J F U T O P F Y J T U FJ Y F T
1*/503 130'&4*0/"- &$0/».*$0 )BDF UPEP UJQP EF QJOUVSBT FTUVDBEPT WFOFDJBOPT 1SFTVQVFTUPT TJO DPNQSPNJTP 5&-
2)(57$ 3LQWDPRV VX SLVR SRU ½
B SB R V F N B J
',5(&725, OODU
(&21Ð0,&26 \ GH &21),$1=$ $/7$ '(&25$&,Ð1 < 3,1785$ (1 *(1(5$/ 3LVRV HVFDOHUDV ORFDOHV
7(/
/] PKX \OZK\KMSYX] K NYWSMSVS NO \OSbO] NO PO\\Y ZY\^O] PY\TK ZKXc] O^M
WJEB B DBTB 5PUT FMT BSUJDMFT EF UBVMB J DVJOB JMtMVNJOBDJØ SFHBM JOUFSJPSJTNF J EFDPSBDJØ EFDPSBDJØ nPSBM UFSSBTTB J KBSEÓ BSUFTBOJB QBQFSFSJB EJTTFOZ J UFOEÒODJFT DPNQMFNFOUT J CJKVUFSJB FTUBSBO QSFTFOUT FO MB B FEJDJØ EFM DFSUBNFO
% /GTEÂ P Ŗ6GNH $ # & # . 1 0 #
727 %DGDORQD
OD OODU % BRVFTUB NBOFSB FMT QSP GFTTJPOBMT EFM QFUJU DPNFSÎ J CPUJHVFT NVMUJQSPEVDUF B RVJ WB EJSJHJU FM TBMØ DPOFJYF SBO EF QSJNFSB NË NJMFST E BSUJDMFT RVF PNQMJSBO MFT OPTUSFT MMBST EF MMVN J EF DP MPS FO FMT NFTPT NÏT HSJTPT EF M BOZ 1FS QSJNFSB WFHBEB &YQPIP HBS 5BSEPS IB DSFBU VOB CPSTB
UJWBS MB WJTJUB J EJOBNJU[BS FM OFHPDJ EVSBOU MB DFMFCSBDJØ EFM TBMØ FO VOT NPNFOUT UBO DPNQMFYPT QFS BM TFDUPS DPN FMT BDUVBMT - PSHBOJU[BDJØ E &YQPIPHBS 5BSEPS FTUJNB RVF FM TBMØ SF &M EJSFDUPS EFM TBMØ +PTFQ CSË MB WJTJUB EF QSPGFT "OUPOJ -MPQBSU IB NBOJGFTUBU TJPOBMT QSPDFEFOUT FO FTQF RVF BRVFTUB JOJDJBUJWB UÏ DPN DJBM EF $BUBMVOZB 7BMÒODJB B QSJODJQBM PCKFDUJV iJODFO #BMFBST J TVE EF 'SBOÎB EF å QFS TPSUFKBS WBMT EF FVSPT FOUSF UPUT FMT WJTJUBOUT QSF BDSFEJUBUT QFSRVÒ MFT TFWFT DPNBOEFT EVSBOU FM TBMØ FMT IJ QVHVJO SF TVMUBS HSBUJT P B NJMMPS QSFV
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
*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 727 %DGDORQD
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
OD OODU
-MBS t " NÏT EFM USBEJDJPOBM JOUFSSVQUPS TFO[JMM RVF FO DÏO VOB CPNCFUB FYJTUFJYFO NFDBOJTNFT BNC FMT RVBMT M FTUBMWJ E FOFSHJB TFSË FGFDUJV J B NÏT TFSË QPTTJCMF DSFBS FMT BNCJFOUT EFTJUKBUT BNC UPOT J JOUFOTJUBU QFSGFDUFT FO DBEB NPNFOU 6O BMUSF EFMT BWBOUBUHFT ÏT RVF BMMBSHVFN MB WJEB EF MB CPNCFUB & O [P O F T D P N V O F T D P N CBOZT P FTDBMFT ÏT IBCJUVBM EFJYBS TF MB MMVN FODFTB DP TB RVF QSPWPDB VO HSBO EFT BQSPm UBNFOU E FOFSHJB 1FS FWJUBS IP FYJTUFJY VOB ËNQMJB PGFSUB EF SFHVMBEPST CBTBUT FO MB UFNQPSJU[BDJØ FMT NÏT IBCJUVBMT TØO BRVFMMT FO RVÒ FO QSÏNFS VO ÞOJD CPUØ P JOUFSSVQUPS FM TJTUFNB QSPWFFJY MMVN EVSBOU VOT TF HPOT QFS EFTQSÏT BQBHBS TF "MUSFT NÏT TPGJTUJDBUT TØO BRVFMMT RVF QFSNFUFO VOB QSPHSBNBDJØ IPSËSJB " NÏT FO MFT ËSFFT EF QBT DPN FMT CBOZT QFS FYFN QMF PO OP QBTTFN NPMU EF UFNQT TØO ÞUJMT FMT TJTUFNFT RVF GVOD JPOFO NJUKBO Î BOU MB EFUFD DJØ EF QSFTÒODJB BNC FMMT U BTTFHVSFT EF OP EFJYBS MB MMVN FODFTB KB RVF T BQBHBSBO RVBO BCBOEPOJT
4JTUFNFT QFS SFHVMBS MB MMVN M FTUBEB 6O EFMT TJTUFNFT NÏT TFO[JMMT ÏT JOTUBMrMBS FM SFHVMBEPS EF MMVNT RVF TFSWJSË QFS DPOUSP
MBS MB JOUFOTJUBU &M SFHVMBEPS UÏ VO QFUJU DBCMF RVF T VOFJY B VO CPUØ RVF TFSWJSË QFS DPO USPMBS FM OJWFMM EF MMVN
$0#&35&4 * '"±"/&4 4 - | | | | #NHQPUQ :++ | $#&#.10# 6GN | YGD YYY EQ[HG EQO | G OCKN EQ[HG"EQ[HG EQO |
6GTTC\CU [ EWDKGTVCU 4GJCDKNKVCEKÎP FG HCEJCFCU 4GJCDKNKVCEKÎP FG GFKſ EKQU CNWOKPQUQU 6CDKSWGU RNWXKCNCGU 2CVKQU FG NWEGU $CLCPVGU &GUCI×GU
4&37*$*0 5²$/*$0
3&1"3"$*»/ $" -%&3 "4 .BOUFOJNJFOUP $BMFOUBEPSFT BJSF BDPOEJDJPOBEP HBT QMBDBT TPMBSFT
5FM 5FM
QSPZTFSDMJNB!QSPZTFSDMJNB DPN
EUP BM QSFTFOUBS FTUF BOVODJP
QBH JOEE
50%"4 ."3$"4 :4 63(&/$*"
_%N TIEMPO DE CRISIS LA REPARACIØN ES SU MEJOR INVERSIØN
727 %DGDORQD
B MB GVTUB
'"±"/&4
-MBS t 5BQB FMT GPSBEFUT FO VO NPCMF EF GVTUB DMBSB BNC VOB CBSSFKB EF GBSJOB EF CMBU EF NPSP J VOFT HPUFT E BJHVB 4J MB GVTUB ÏT GPTDB QSPWB IP BNC DBGÒ JOTUBOUBOJ t 4J FMT DBSHPMT E VO NPCMF EF GVTUB T IBO BGMVJYBU SFUJSB MT QPTB VO FTDVSBEFOUT FO DBEB GPSBEFU J UPSOB B DPMrMPDBS MPT 6OB BMUSB PQDJØ ÏT EPOBS MJ EJ WFSTFT DBQFT E FTNBMU JODPMPS QFS B VOHMFT t 1FS NBOUFOJS FO DPOEJDJPOT FMT UFVT NPCMFT EF UFDB VOB P EVFT WFHBEFT B M BOZ GSFHB MT BNC VOB QFUJUB RVBOUJUBU E PMJ P DSFNB EF UFDB BQMJDBEB BNC MMBOB E BDFS m OB 1PMFJY IP CÏ BNC VO ESBQ TVBV &O DBO WJ MMVTUSB FM SPVSF BNC NJMrMJMJUSFT EF DFSWFTB VOB NJDB EF DFSB E BCFMMB GPTB J EVFT DVMMFSBEFUFT EF TVDSF %FJYB IP BTTFDBS J QBTTB IJ VO ESBQ t &M QJ FM GBJH M PN J MB OPHVFSB IBO EF EFTFNQPMTBS TF SFHV MBSNFOU " NÏT MMVTUSB MT EF UBOU FO UBOU BNC VOB DFSB EFM UP BEFRVBU t 5BOU QFS FMJNJOBS MFT NBSRVFT DPN QFS QSPUFHJS MB GVTUB OFUF KB FMT NPCMFT FOWFSOJTTBUT BNC VOB FTQPOKB NPMMB EF YBNQÞ J GSFHB MT BNC VOB GSBOFMrMB t 2VBO FT UBRVJ VO NPCMF EF GVTUB QJOUBEB B M PMJ EJMVFJY EVFT DVMMFSBEFUFT EF BNPOÓBD 1BT TB IP QFS UPUB MB TVQFSGÓDJF BNC VO ESBQ OFU J EFJYB IP BTTFDBS
$0#&35&4 "326*5&$563" $0/4536$$*»
5FM
SFIBCJMJUBDJPOTUJBOB!HNBJM 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
&GUCVCUEQU 8CEKCFQU RQ\QU
OD OODU
3&)"#*-*5"$*0/4 5*"/" 3FNFJT QFS
#PWNCEKÎP HQUCU [ OCNQU QNQTGU 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
4GRCTCEKÎP [ OGLQTC FG CNECPVCTKNNCFQU
63(&/$*"4 'VFSB EF IPSBSJP -BCPSBM Z 'FTUJWPT
352<(&726 < ',5(&&,Ð1 '( 2%5$
$BMJG FNQSFTBSJBM OÞN
"W .BSRVÏT EF .POUSPJH #"%"-0/"
$ 1SPHSFT /BWF *OEVTUSJBM #"%"-0/" 727 %DGDORQD
QBH JOEE
7HO )D[ 0yYLO VHUYLGHFR#DXQD FRP VHUYLGHFREDGDORQD#KRWPDLO FRP
OD OODU
$POTFMMT QFS B MB UFSSBTTB (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
-MBS t (FMPTJFT MFT RVF GPSNFO RVBESÓDVMB P SPNCFT FOT QPEFO TFSWJS QFS EFDPSBS MB QBSFU PO FT USPCJ MB QPSUB EF TPSUJEB B MB UF SSBTTB 5BMMFV QFDFT EF Y DN "NC FMMFT QPESFV SFBMJU[BS VO TÛDPM 5BNCÏ RVFEFO NPMU CÏ FO QBTTBEJTTPT P B MB [POB E FTUBS QJOUBUT B KPD BNC FM UP EFMT NPCMFT
QBH JOEE
5FM
QSFHVOUBS QFS /ÞSJB 1MBDFT MJNJUBEFT
JOGP!OPNFTQBSLFU DPN t XXX OPNFTQBSLFU DPN
t 1BSRVFU 7&/%" * 'MPUBOU */45"-r-"$*» %& 1"326&54 t .BOUFOJNFOU &TQFDJBMJTUFT &O 5BSJNFT * 3FTUBVSBDJPOT
t *OTUBMrMBDJPOT t 3FTUBVSBDJØ t 5BSJNFT JOU FYU PZ T SF I Q QMB[P T N P E `$P DPNP FMP FO
Z QÈHV
3&'03."4 &/ (&/&3"#-*/%"%"4 r */5&3*03&4 "-5*--04 r .63"-&4
t $POUSB MFT QMBHVFT 4J QPTFV BMHVOT HSBOT EF OBGUB MJOB BM WPTUSF KBSEÓ P B MB WPTUSB UFSSBTTB FMT JOTFDUFT J SBUPMJOT RVF IJ TPMFO QBTTBS NBSYBSBO
t 3FHBS MFT QMBOUFT 0NQMJV BNQPMMFT EF QMËTUJD BNC BJHVB J DMBWFV MFT B MB UFSSB EFMT UFTUPT BNC FM DPMM EF DBQ QFS BWBMM -B QMBOUB BCTPSCJSË M BJHVB RVF OFDFTTJUJ 6O BM USF TJTUFNB ÏT QPTBS VO DVCFMM BJYFDBU BNC NFUYFT MMBSHVFT EF DPUØ RVF BSSJCJO GJOT B MFT QMBOUFT
XXX DPNBDBTBUJBOB DPN
$ %SBD 5FOEB #BEBMPOB 5FM t
5FSSBTTFT UBODBEFT 4J IFV BNQMJBU MB WPTUSB TBMB UBODBOU MB UFSSBTTB UJOESFV VO EFTOJWFMM J VO DBOWJ EF QBWJ NFOU 1FS TPMVDJPOBS IP QPU TFS NJMMPS NBSDBS NÏT MB EJGFSÒODJB E BMÎBEB BNC VO QFUJU HSBØ 6OB JEFB ÏT GPMSBS MB UBSJNB BNC TJTBM RVF WB CÏ BNC MB GVTUB EF MB TBMB
t "EPC &TNJDPMFV MFT CPTTFUFT EF UF VTBEFT J CBSSFHFV OF MFT SFT UFT BNC MB UFSSB EFM KBSEÓ -B CPTTFUB DPMrMPDBEB BM GPSBU EF ESFOBUHF EFM UFTU TFSWFJY QFS HSBEVBS MB TPSUJEB E BJHVB
SFTTBUT 4J FTUBO JOUFJBOB 5 B TPN
$0$*/"4 r #"º04 1"326&5 r "-6.*/*0 .6&#-&4 " .&%*%" #BMEPNFS 4PMË #BEBMPOB 5FM 'BY
-*.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
Z 'BY /0 5*3& 46 %*/&30 $0/4Á-5&/04
727 %DGDORQD
JXLD VHUYHLV 6'NÇ(105
NC ZCTZC
$#&#.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*$"
/106)#6 "+6/5".&/5 10-*$*" -0$"- $"1 .0/5("5
6+#0# "+6/5".&/5 10-*$*" -0$"- $"1 5*"/" 3®%*0 5*"/"
NPDBEPST
QFOKB NÛCJMT
h å
727 %DGDORQD
QBH JOEE
h å
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
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 '.
VGNGXKUKÒ r 5FMFWJTJØ #BEBMPOB 57# $BOBM BOBMÛHJD $BOBM 5%5
TBNBSSFUFT
QVMTFSFT
UPUFT h å
EFT EF h å
JDVWURQRPLD
ICUVTQPQOKC
UHFHSWHV UHVWDXUDQWV SL]]HULHV PHQMDUV SUHSDUDWV
$BSMFT (BJH i-B DVJOB DBUBMBOB IB TJUVBU $BUBMVOZB BM NØOw (BTUSPOPNJB t (BJH ÏT QBTTBU QSFTFOU J GVUVS EF MB DVJOB DBUB MBOB 1BTTBU QFS MB TFWB USBKFD UÛSJB EF NÏT EF USFT EÒDBEFT EFEJDBOU TF BMT GPHPOT QSFTFOU QFSRVÒ TFHVFJY BM QFV EFM DBOØ DBEB EJB EJSJHJOU FM 3FTUBVSBOU (BJH VOB FTUSFMMB .JDIFMJO J MB 'POEB (BJH J GVUVS QFSRVÒ DBQ B M PDUVCSF UÏ QSFWJTU PCSJS VO SFTUBVSBOU B MB OPWB UFSNJOBM EF M BFSPQPSU EF #BSDFMPOB 6O EFMT TFDSFUT EF MB TFWB DVJOB ÏT M FMFDDJØ BDVSBEB EF MFT NJMMPST NBUÒSJFT QSJNFSFT $PN WBMPSB FM QBOPSBNB HBTUSPOÛNJD BDUVBM -B DVJOB DBUBMBOB UBOU MB USB EJDJPOBM DPN MB E BWBOUHVBSEB IB DPOUSJCVÕU B TJUVBS $BUBMVOZB EJOT FM NBQB HBTUSPOÛNJD NVO EJBM QFS MB TFWB HSBO SJRVFTB 1FSÛ FODBSB IJ IB NPMU DBNÓ QFS SFDØSSFS QFSRVÒ IFN EF EPOBS MJ FM WBMPS RVF FT NFSFJY
²T CËTJD RVF BNCEVFT UJOHVJO VOB JEFOUJUBU QSÛQJB J USPCBS IJ M FRVJMJCSJ QFSRVÒ FT DPOTPMJEJO %F GFU NPMUT UVSJTUFT BSSJCFO BRVÓ BUSFUT QFS MB OPTUSB QSP QPTUB HBTUSPOÛNJDB J BJYÛ ÏT NPMU QPTJUJV 'JOT B RVJO QVOU ÏT JNQPSUBOU FM QSPEVDUF B M IPSB E FMBCPSBS VO QMBU -B OPTUSB GJMPTPGJB ÏT CVTDBS TFNQSF MB NJMMPS NBUÒSJB QSJ NFSB J FO M ÛQUJN NPNFOU J BJYÛ RVFEB SFn FDUJU B MB DBSUB EFMT SFTUBVSBOUT RVF SFHFOUFN 1FS B OPTBMUSFT BRVFTU GFU ÏT GP OBNFOUBM KB RVF FTUFN CVTDBOU TFNQSF QSPEVDUFT EF RVBMJUBU QFS QPEFS FMBCPSBS FM SFDFQUBSJ USBEJDJPOBM EF MB NBOFSB NÏT m EFEJHOB J UBNCÏ QMBUT EF DVJOB NÏT NPEFSOB )J IB EJm DVMUBUT B M IPSB EF USPCBS QSPEVDUFT EF QSPYJNJUBU
&O PDBTJPOT QPU SFTVMUBS NÏT EJGÓDJM QFSRVÒ OP IJ IB VOB DBOBM EF EJTUSJCVDJØ DMBS E BRVFTU UJQVT EF HÒOFSF QFSÛ T IB NJMMPSBU GPSÎB FMT ÞMUJNT BOZT /PTBMUSFT DPNQSFN WFSEVSFT J IPSUBMJTTFT BMT QBHFTPT EFM .BSFTNF J EFM 1SBU EF -MPCSFHBU QFJY B MB MMPUKB J BM .FSDBU $FOUSBM J UBNCÏ BOFN B MB #PRVFSJB 4 IB E BOJNBS BMT QSPEVDUPST B USFCBMMBS FO RVB MJUBU J QFSRVÒ DSFÕO QSPEVDUFT BNC VO WBMPS BGFHJU 2VÒ PQJOB EF MB UFOEÒODJB BDUVBM EFM SFUPSO B MB DVJOB USBEJDJPOBM -B NFWB EPOB J KP TFNQSF IB WÓFN QFOTBU FO DSFBS VO SFT UBVSBOU PGFSJOU DVJOB USBEJDJPOBM J FM SFDFQUBSJ EF MB GBNÓMJB KB RVF WBN EFUFDUBS RVF DBEB DPQ NÏT IJ IBWJB VO DMJFOU RVF IP EFNBOBWB VO DPOTVNJEPS DPOFJYFEPS EFM QSPEVDUF 1FS BMUSB CBOEB NPMUT UVSJTUFT FOT
>Q_`Ma^MZ` VV HG GN>OH AHK:KBH # ,,EØ "ADALONA
4EL
CALAMERCE
TELEFONICA NET
GF T Q V CM JD JUBU B S B R V F N B J T J O P FU WF V F O O P F Y JTU F J Y F T
> F:KM>L : FB´K<HE>L => A : A > CN>O>L : =HFBG@H R ?>LMBOHL => A => E: F:¼:G: : A => E: F:=KN@:=: .;:=HL =HFBG@HL R ?>LMBOHL <HG EHL F>CHK>L IE:MHL M¸IB<HL ><N:MHKB:GHL <HFH >G<>;H
EE:=H <:E=H => @:EEBG: <>OB<A> => I>L<:=H R @:F;: :KKHS F:KBG>KH R <A:NE:?G >M<
$6*/" $"40-"/"
+KBF :=:EHG:
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
1
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
QBH JOEE
$-*&/54
$ $PORVJTUB #"%"-0/" 5FM
727 %DGDORQD
WJTJUFO CVTDBOU SFTUBVSBOUT PO QPEFS NFOKBS QMBUT EF DVJOB BVUÛDUPOB ²T QFS BJYÛ QFSRVÒ FOT WBN EFDJEJS B PCSJS MB OPWB 'POEB (BJH &O RVJOB NFTVSB FM UVSJTNF RVF WF B $BUBMVOZB UÏ JOUFSÒT QFS DPOÒJYFS MB DVJOB "DUVBMNFOU BMT SFTUBVSBOUT EF NÏT EF FVSPT FM DPCFSU FTUBO OPUBOU MB DSJTJ FDPOÛNJDB TPCSFUPU QFS MB EJTNJOVDJØ EFMT DMJFOUT E FNQSFTFT RVF IBO SFEVÕU EFTQFTFT EF SFQSFTFO UBDJØ 1FS BRVFTU NPUJV FMT
)FSFV E VOB GBNÓMJB EF SFTUBVSBEPST $BSMFT (BJH ÏT FM EFHË EF MB DVJOB DBUBMBOB J VO HSBO EFGFOTPS EF MB TFWB USBEJDJØ EF MB RVBM O ÏT VO EFMT NJMMPST BNCBJYBEPST -B TFWB ÏT VOB BQPTUB RVF FT NPV FOUSF MFT SFDFQUFT EF TFNQSF J MB NPEFSOJUBU J RVF FT GPOBNFOUB FO FTDPMMJS QSPEVDUFT EF QSPYJNJUBU J RVBMJUBU DPN B HBSBOUJB E ÒYJU
2VÒ GBMUBSJB QFS JNQVMTBS FMT DVJOFST J MB HBTUSPOPNJB DBUBMBOT -FT DBNQBOZFT FOUSF QSP EVDUPST J DVJOFST QFS EPOBS B DPOÒJYFS FMT QSPEVDUFT EF MB UFSSB TØO NPMU JNQPSUBOUT QFSÛ UBNCÏ IP ÏT WFOESF MB DVJOB DPN B QBUSJNPOJ EFM UFSSJUPSJ -B OPTUSB HBTUSPOPNJB T IB EF QP UFODJBS B OJWFMM JOUFSOBDJPOBM QFS FYFNQMF B USBWÏT EFMT NJUKBOT EF DPNVOJDBDJØ %F GFU EFT EF 5VSJTNF EF #BSDFMPOB T FTUË GFOU VOB GFJOB NPMU JOUFSFTTBOU FO BRVFTU BTQFDUF QFS CÏ RVF EF WFHBEFT QPUTFS GBMUBSJFO NÏT SFDVSTPT QFS PGFSJS MB JNBUHF RVF FOT DPSSFTQPO
JDVWURQRPLD
UVSJTUFT RVF WJTJUFO MB DJVUBU T IBO DPOWFSUJU FO VO DMJFOU PC KFDUJV NPMU JNQPSUBOU E BRVFTUT FTUBCMJNFOUT J UBNCÏ QFSRVÒ DBEB DPQ NÏT WBMPSFO MB HBTUSP OPNJB &O FM OPTUSF DBT FOUSF VO J VO EF DMJFOUT TØO FTUSBOHFST RVF FOT IBO DPOF HVU B USBWÏT E BMHVO NJUKË EF DPNVOJDBDJØ J WÏOFO B QSPWBS MB OPTUSB DVJOB
2VJO GVUVS MJ WFV B MB DVJOB B $BUBMVOZB .PMU TBMVEBCMF QFSRVÒ NBMHSBU MB DVJOB E BWBOUHVBSEB UÏ FM TFV MMPD UBNCÏ FM OPTUSF QBUSJNPOJ HBTUSPOÛNJD TFHVFJY FTUBO NPMU QSFTFOU &O BRVFTU TFOUJU IJ IB VOB HFOFSBDJØ EF KPWFT DVJOFST RVF EFTQVOUFO J RVF USFCBMMFO QFS JEFOUJm DBS UPUT FMT HVTUPT RVF UFOJN FO FMT TFVT QMBUT J SFDFQUBSJT (BTUSPUFDB DBU
(OV GHVLWMHP XQD GROoD 'LDGD
&DUUHU GHO 0DU %DGDORQD 7HO ZZZ IRUQEHUWUDQ FDW
&DPEDODFKH 3&45"63"/5& 1*;;&3¶" t 1"33*--" "3(&/5*/"
0'&35" 4&15*&.#3&
.FOÞ $SJTJT å .FOÞ &KFDVUJWP å EF MVOFT B WJFSOFT OP GFTUJWPT
.FOÞ %PNJOHPT Z 'FTUJWPT
1FEJEPT QBSB MMFWBS
å JWB JODMVJEP
EF EFTDVFOUP : MMFWBOEP FTUF BOVODJP #&#*%"4 (3"5*4
$ $PORVJTUB t #"%"-0/" t 5FM 727 %DGDORQD
QBH JOEE
JDVWURQRPLD
"HFOEB (BTUSPOØNJDB BNC VO BNQMJ WFOUBMM E BDUJWJUBUT SFMBDJPOBEFT BNC FM NØO EF MFT BCFMMFT %VSBOU FMT EPT EJFT IJ IBVSË DPOGFSÒODJFT TPCSF FM NØO EF MFT BCFMMFT BNC VOB EFHVTUBDJØ HVJBEB EF NFM UB MMFST EJWFSTPT EF DPTNÒUJDB E FTQFMNFT J EF TBCPOT DPODVST EF QMBUT DVJOBUT BNC NFM J BDUJ WJUBUT JOGBOUJMT " MB DBSQB EF MFT BCFMMFT EPT BQJDVMUPST FYQMJDB SBO FO WJV J FO EJSFDUF M IËCJUBU EF MFT BCFMMFT UBNCÏ IJ IBVSË VOB EFNPTUSBDJØ EFM QSPDÏT EF CSFT DBS VOB FYQPTJDJØ E BQBSFMMT FO EFTÞT QBTTJT E BVEJPWJTVBMT J MB SFBMJU[BDJØ EF EJGFSFOUT NFOÞT UFNËUJDT BMT SFTUBVSBOUT EF MB 7BMM EF 3JCFT 6O WBMPS BGFHJU FO MB GFTUB EF MB .FM E BRVFTU BOZ UPSOB B TFS MB +PSOBEB 5ÒDOJDB TPCSF BQJDVMUVSB BM $BTBM EF $VMUVSB VOT EJFT EFTQSÏT EF MB SFBMJU[BDJØ EF MB mSB
DBWFT J WJOT EPMÎPT &T QPTBSBO B MB WFOEB KPDT EF UJRVFUT BM QSFV EF FVSPT QFS B EPU[F EFHVT UBDJPOT J VOB DPQB iDBUBWÓw &M EJKPVT EF TFUFNCSF B MFT EF MB UBSEB FM QFSJPEJTUB .BSDFM (PSHPSJ GBSË MB MFDUVSB EFM QSFHØ RVF JOBVHVSBSË MB .PTUSB EFM 7J EF M &NQPSEË < > mHVFSFT DBU .PTUSB EFM 7J EF M &NQPSEË %FM BM EF TFUFNCSF 'JHVFSFT DFMFCSB EFM BM EF TFUFNCSF MB B FEJDJØ EF MB .PTUSB EFM 7J EF M &NQPSEË B MB 3BNCMB VO EFMT FTQBJT NÏT FNCMFNËUJDT EF MB DJVUBU "NC M PCKFDUJV EF EPOBS B DPOÒJYFS FMT TFVT WJOT J DBWFT IJ IBVSË NÏT EF USFOUB FYQPTJUPST E FNQSFTFT J DPPQFSBUJWFT EF M &NQPSEË BJYÓ DPN FTUBOET PO FT QPESBO GFS EFHVTUBDJPOT EF QSPEVDUFT BMJ NFOUBSJT EFM UFSSJUPSJ RVF BDPN QBOZBSBO FMT NÏT EF DFOU WJOT
QBH JOEE
9*7 'FTUB EF MB .FM B 3JCFT EF 'SFTFS J EF TFUFNCSF &MT EJFT J EF TFUFNCSF 3JCFT EF 'SFTFS DFMFCSB MB FEJDJØ EF MB 'FTUB EF MB .FM
99** 'FTUB EF MB 7FSFNB B $VCFMMFT J EF TFUFNCSF -B QMBÎB EFM .FSDBU EF $VCFMMFT UPSOBSË B BDPMMJS MB 'FTUB EF MB 7FSFNB RVF SFDVQFSB M FTQFSJU EF MB USBEJDJØ QBHFTB EFM NV OJDJQJ NPMU BSSFMBEB B MB WJOZB 6OB EPU[FOB E FTUBOET EF WJ DBWB J HBTUSPOPNJB EPOBSBO B DPOÒJYFS FMT TFVT QSPEVDUFT EVSBOU FMT EJFT RVF EVSB MB mSB &T MMJVSBSBO FMT QSFNJT 1ËNQPMT EF 1MBUB B FOUJUBUT J QFSTPOBMJUBUT RVF T IBO EFTUBDBU FO FM NØO EF MB QBHFTJB FM WJ P FM DBWB J FT GBSË MB USFQJUKBEB EFM SBÕN J FM UBTU EFM QSJNFS NPTU -B KPSOBEB FT DPNQMFUBSË BNC DPODVSTPT E FTNJDPMBS DFQT VOB DVSTB EF UPOFMMT EF WJ M FODFTB EF MB GPHVFSB EFMT EFTJUKPT J FM USBEJDJP OBM CBMM &M EJTTBCUF BM NBUÓ UJOESË MMPD MB USPCBEB EF QMBRVFT EF DBWB J VO TFHVJU E BDUJWJUBUT JOGBO UJMT FODBSBEFT B DPOÒJYFS DPN FT USFCBMMBWB FM DBNQ GB SFMBUJ WBNFOU QPDT BOZT 6OB OPWFUBU E FOHVBOZ ÏT MB QBSUJDJQBDJØ EF MB %0 5YBDPMJ "RVFTUB USPCBEB BOJSË BDPNQBOZBEB E VOB FY IJCJDJØ E FTQPSUT CBTDPT BNC MB QSFTÒODJB E VO BJYFDBEPS EF QFESFT J VO UBMMBEPS EF USPODT
727 %DGDORQD
1MBOUJMMB#BTF JOEE
727 %DGDORQD
WHQGÈQFLHV
VGPFÇPEKGU &RPHUÇ SURSHU HO FRPHUÇ GH FDVD
&M TBMØ EPCMB FYQPTJUPST J JOBVHVSBSË MB NPTUSB A.PEB #FBUMFT 5FOEÒODJFT t -B RVBSUB FEJ DJØ EFM TBMØ EFT E BRVFTU QBTTBU EJNFDSFT m OT BRVFTU EJWFOESFT QPUFODJB MB TFWB WFTTBOU DPNFSDJBM BNC MB QSFTÒODJB EF FYQPTJUPST HBJSFCÏ FM EPCMF RVF FO MB
QBTTBEB DPOWPDBUÛSJB J WB JOBVHVSBS M FYQPTJDJØ i.PEB #FBUMFTw VOB NPTUSB TPCSF MB JOn VÒODJB EF MB CBOEB CSJ UËOJDB FO FM NØO EF MB NPEB B USBWÏT E BSUJDMFT EFM HSVQ &M EFQBSUBNFOU E *OOPWBDJØ
6OJWFSTJUBUT J &NQSFTB IB FYQSFTTBU FO VO DPNVOJDBU MB TFWB WPMVOUBU iE JODJEJS FTQFDJBMNFOU FO MB CBOEB DPNFSDJBMw EF MB m SB J IB BOVO DJBU FO BRVFTU TFOUJU RVF VOT DJORVBOUB DPNQSBEPST
)PSFT DPOWJOHVEFT
'PUPEFQJMBDJØO MÈTFS %FQJMBDJPOFT )0.#3& .6+&3 3CMB 4BOU +PBO CYT 5 #"%"-0/" -MPSFEB
QBH JOEE
727 %DGDORQD
WHQGÈQFLHV JOUFSOBDJPOBMT EFMT &TUBUT 6OJUT "VTUSËMJB FMT &NJSBUT ®SBCT FM +BQØ P 5VSRVJB FO USF E BMUSFT FT WBO TVNBS B MFT WJTJUFT B M FTQBJ E BHFOUT J DPNQSBEPST OBDJPOBMT J FT UBUBMT &M ATIPXSPPN EF MB OPWB #BSDFMPOB 'BTIJPO WB NPTUSBS MFT QSPQPTUFT EF EJTTFOZB EPST HBJSFCÏ FM EPCMF RVF FMT EF MB UFSDFSB FEJDJØ FO VOB BQPTUB QFS MB SFEJNFOTJØ EFM TBMØ EF NPEB &M QBWFMMØ EF MB 'JSB EF #BS DFMPOB WB BDPMMJS B NÏT MB JOBVHVSBDJØ EF M FYQPTJDJØ i.PEB #FBUMFTw VOB JOJDJBUJWB JNQVMTBEB QFM EFQBSUBNFOU J FM .VTFV EFM 3PDL EF #BS DFMPOB RVF DPNQUB BNC MB QSFTÒODJB EFM QSJNFS CBUFSJB EFM HSVQ EF -JWFSQPPM 1FUF #FTU -B NPTUSB JMtMVTUSB FM GFOPNFO GBO J MB JOnVÒODJB TP
CSF MB NPEB RVF WBO UFOJS FMT #FBUMFT B USBWÏT EF QFDFT PSJHJOBMT EFMT BOZT FOUSF JOTUSVNFOUT SPCB DBSUFMMT J NPCJMJBSJ &OUSF FMT PCKFDUFT RVF FT QPEFO WFVSF EFTUBRVFO HVJ UBSSFT J VOB CBUFSJB NBSDB 4FMDPM GJSNBEFT QFMT DPN QPOFOUT EFM HSVQ EJWFSTFT KBRVFUFT NPEB #FBUMFT EFMT T TBNBSSFUFT J VO WFTUJU EF EPOB GBCSJDBU B )PMBOEB BNC MFT mSNFT EFMT NÞTJDT JNQSFTFT UBVMFT EF EJTTFOZ QFOKBEPST :FMMPX 4VCNBSJOF J DBEJSFT JOnBCMFT KPDT EF UBVMB J QV[[MFT mOT B QPNBEB QFM DBCFMM P VOB QFSSVDB #FBUMF GBCSJDBEB QFS -PXFM 5PZ .GH JODMPV VOB QFÎB ÞOJDB FO FM NØO VO TVCNBSÓ JOnBCMF EF NFUSFT GBCSJDBU B QFUJDJØ EFMT #FBUMFT QFS BM NVTFV EF -JWFSQPPM -B QBTTBSFMtMB EF MB OPWB FEJ
DJØ EFM TBMØ IB DPNQUBU BNC MFT EFTmMBEFT EF DSFBEPST RVF IBO FYIJCJU MFT TFWFT QSPQPTUFT QFS B MB UFNQPSBEB QSJNBWFSB FTUJV J RVF IBO PQUBU B MB TFHPOB FEJ DJØ EFM QSFNJ i #BSDFMPOB 'BTIJPOw &MT DSFBEPST TFMFDDJPOBUT QFM KVSBU IBO FTUBU QFS PSESF BMGB CÒUJD "MFYJT 3FZOB "OESFB "ZBMB $BSEPOB #POBDIF &TUSFMMB "SDIT (VJMMFO %P[ +BO *Þ .ÏT +PBO 'ËCSFHBT +PTFQ "CSJM +VBO "OUPOJP «WBMPT .BOVFM #PMB×P .B UUIFX "NFT .POUTF -JBSUF .JLJP 4BLBCF .JSJBN 1POTB 3PNBJO ,SFNFS 5FSFTB )FM CJH :JPSHPT &MFGUIFSJBEFT J ;B[P #SVMM &M DVSSÓDVMVN J EFUBMMT TPCSF FMT EJTTFOZB EPST FT QPEFO DPOTVMUBS BM XFC
< > CBSDFMPOBGBTIJPO DPN
t ÁOJD (JNOËT B #BEBMPOB FYDMVTJWBNFOU GFNFOÓ t 4JTUFNB TFOTF IPSBSJT EF B h I t 5BMMFS EF DJSD QFS B OFOT J OFOFT BDSPCËDJB NBMBCBST DMPXO FRVJMJCSJ
t 1MBDFT MJNJUBEFT t 1JMBUFT $ 1SJN O QJT 5FMÒGPO CBEBMPOB! NJOVUPT OFU XXX NJOVUPT OFU 727 %DGDORQD
QBH JOEE
PHGLFLQD
OGFKEKPC
IDUPÁFLHV GH WRUQ FRQVHOOV PHWJHV VDOXW
&MT BMJNFOUT GVODJPOBMT MB OPWB OVUSJDJØ 4BMVU t - ÏTTFS IVNË EFNBOB DBEB EJB NÏT B M BMJNFOUBDJØ 4J BM DPNFOÎBNFOU CVTDB WB VOB BMJNFOUBDJØ TVmDJFOU QFS OP QSFTFOUBS NBMBMUJFT QFS EÒmDJU BSB WPM RVF M BKVEJ B NJMMPSBS MB TFWB TBMVU J B QSFWFOJS MFT NBMBMUJFT 'JOT J UPU MJ EFNBOB NÏT RVF MJ QSPQPSDJPOJ VO FTUBU EF TBMVU ÛQUJN &O SFTVN CVTRVFN RVF M BMJNFOUBDJØ FOT QFSNFUJ VOB NJMMPS RVBMJUBU EF WJEB 1FS B UPU BJYÛ WBO OÏJYFS FMT
BMJNFOUT GVODJPOBMT RVF WBO BQBSÒJYFS QFS QSJNFSB WFHBEB BM +BQØ BMT BOZT WVJUBOUB &T USBDUB E BMJNFOUT RVF B NÏT EF UFOJS FGFDUFT OVUSJUJVT TØO CFOFGJDJPTPT QFS B MB TBMVU .ÏT FOMMË EF MB QSÛQJB BMJ NFOUBDJØ BRVFTUT BMJNFOUT BGBWPSFJYFO FM CFOFTUBS GÓTJD J NFOUBM EF MFT QFSTPOFT .BM HSBU RVF B &VSPQB OP IJ IB VOB MFHJTMBDJØ QSÛQJB FT DPO TJEFSB RVF BRVFTUT QSPEVDUFT IBO EF UFOJS GPSNB E BMJNFOUT "JYÓ QPEFO TFS BMJNFOUT OB
UVSBMT P QSPDFTTBUT JOEVT USJBMNFOU OP T IJ JODMPVFO FMT DPNQMFNFOUT BMJNFOUPTPT RVF FT QSFTFOUFO TPUB GPSNB GBSNBDÒVUJDB J IBO E FTUBS JODMPTPT B MB EJFUB DPN B QBSU E VO NFOÞ IBCJUVBM &O UFPSJB IBO EF UFOJS VOB CBTF DJFOUÓmDB RVF EPDVNFOUJ FMT CFOFmDJT EF M BMJNFOU QFS QFSNFUSF BUSJCVJS MJ EFUFSNJ OBEFT QSPQJFUBUT TBMVEBCMFT $PN RVF FT USBDUB E BMJNFOUT OP IBO E JOEVJS B FSSPS BM DPO
505" &%"5
4&37&*4 %h"5&/$*» " %0.*$*-* 4"%
"M TFV TFSWFJ EFT EF 1&340/&4 (3"/4 &/'&3.&5"54 $3¾/*26&4 1045 01&3"503*4 )041*5"- )03&4
WFJ
$POUSBDUBOU FM 4FS
MMFJ MB EPDVNFOUBDJØ EF MB MhBKVEFN B USBNJUBS OU NF VÕUB SBU EF MB %FQFOEÒODJB (
*OGPSNJhT
1&340/"- 26"-*'*$"5 * ".# &91&3*µ/$*" 7*4*5&4 $0/$&35"%&4
&NQSFTB SFHJTUSBEB B #FOFTUBS 4PDJBM OÞN 4
"WEB .BSFTNF PmDJOB QMBOUB #BEBMPOB r XXX UPUBFEBU DPN r JOGP!UPUBFEBU DPN
QBH JOEE
727 %DGDORQD
)J IB NÞMUJQMFT FYFNQMFT E BMJNFOUT GVODJPOBMT " &V SPQB IJ IB NÏT E VO DFOUFOBS E BRVFTU UJQVT EF QSPEVDUFT JOWFOUBSJBUT &OUSF BMHVOT FYFNQMFT EFTUBRVFO FMT BMJ NFOUT RVF DPOUFOFO EFUFS NJOBUT NJOFSBMT J WJUBNJOFT DPN FMT DFSFBMT )J IB BMUSFT BMJNFOUT FO RVÒ T IB SFEVÕU P NPEJm DBU BMHVO DPNQPOFOU DPN FMT ËDJET HSBTTPT FO FM DBT EF MB MMFU P FM TVQMFNFOU EF m CSB BEEJDJPOBU B VO SF GSFTD $PN B BMJNFOUT GVODJPOBMT NÏT FTUVEJBUT J BNC HSBO QSFTÒODJB BM OPTUSF NFSDBU USPCFN FMT QSPCJÛUJDT J QSF CJÛUJDT &MT QSPCJÛUJDT TØO BMJNFOUT GFSNFOUBUT QFS NJDSPPSHBOJT NFT WJVT DPN FMT MBDUPCBDJMT J FMT CJm EPCBDUFSJT RVF QPEFN USPCBS QFS FYFNQMF BM JPHVSU 1FSRVÒ VO BMJNFOU TJHVJ DPOTJ EFSBU QSPCJÛUJD IB EF DPOUFOJS NJDSPPSHBOJTNFT WJVT BNC FGFDUFT CFOFm DJPTPT QFS B RVJ FM DPOTVNFJY J RVF QSPQPSDJP OJO VOB NJMMPSB EF M FRVJMJCSJ EF MB n PSB JOUFTUJOBM &MT BMJNFOUT BNC JOHSFEJFOUT QSFCJÛUJDT OP DPOUFOFO NJDSP PSHBOJTNFT WJVT QFSÛ TÓ RVF UFOFO MB QSPQJFUBU E FTUJNVMBS
IDUPÁFLHV
FM DSFJYFNFOU EF EFUFSNJOBUT CBDUFSJT EFM DPMPO 6O EFMT QSJODJQBMT JOHSFEJFOUT TØO FMT GSVDUPPMJHPTBDËSJET '04 RVF T JODPSQPSFO TPCSFUPU FO BMJNFOUT JOGBOUJMT
JXÁUGLD GLÛUQD
J C J
PHGLFLQD
TVNJEPS OJ GFS MJ DSFVSF RVF TJNQMFNFOU JOHFSJOU MPT FT QVHVJO FWJUBS NBMBMUJFT 4ØO QFS UBOU BMJNFOUT J DPN B UBMT T IBO E JODMPVSF FO VOB EJFUB TBMVEBCMF WBSJBEB J FRVJMJCSBEB
&KUUCDVG FG UGVGODTG
5PUT EPT JOHSFEJFOUT QSFCJÛ UJDT J QSPCJÛUJDT T BTTFNCMFO QFSRVÒ QSPEVFJYFO VOB FTUJ NVMBDJØ EF MB JNNVOJUBU HBT USPJOUFTUJOBM "DUVFO B OJWFMM EFM DPMPO J NJMMPSFO M FRVJMJCSJ EF MB n PSB JOUFTUJOBM % BRVFTUB NBOFSB FYFSDFJYFO EF GPSNB EJSFDUB FGFDUFT CFOFm DJPTPT QFS BM DPOTVNJEPS
"(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
"DUVBMNFOU IB BQBSFHVU VOB OPWB NPEBMJUBU E BMJNFOUT GVODJPOBMT 4ØO FMT BOPNF OBUT TJNCJÛUJDT RVF JODMPVFO JOHSFEJFOUT QSPCJÛUJDT J QSF CJÛUJDT EF NBOFSB RVF FT QPUFODJFO MFT BDDJPOT EF UPUT EPT
"(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
&KWOGPIG FG UGVGODTG
&GN &KNNWPU FG UGVGODTG CN FKXGPFTGU FG UGVGODTG
&MT BMJNFOUT GVODJPOBMT UFOFO VO HSBO GVUVS FO M BMJNFOUBDJØ IVNBOB KB RVF QSFTFOUFO VO WBMPS BGFHJU RVF FM DPOTV NJEPS CVTDB RVF ÏT MB TB MVU QFSÛ DBMFO FODBSB NPMUT FTUVEJT RVF EFNPTUSJO FMT CFOFm DJT RVF TVQPTFO QFS B M PSHBOJTNF
"(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
$POTFMMT t &T OFDFTTJUB VOB ËNQMJB JOGPSNBDJØ TPCSF BRVFTUT QSP EVDUFT QFS QPEFS USJBS NJMMPS FMT BMJNFOUT RVF FT DPOTV NFJYFO
JXÁUGLD QRFWXUQD
J C J FGN FKC UGI×GPV
&KUUCDVG FG UGVGODTG '69" $PMM J 1VKPM 7*":/" "W 1SFTJEFOU $PNQBOZT
t &M GBSNBDÒVUJD FM QPU JOGPS NBS EF MFT QSPQJFUBUT EF DB EBTDVO E BRVFTUT BMJNFOUT
&KWOGPIG FG UGVGODTG 30%"4 1M 1PNBS T O 7*":/" "W 1SFTJEFOU $PNQBOZT
&KNNWPU FG UGVGODTG
DFOUSF NÒEJD
.0/503*0- 1ÏSF[ (BMEØT 7*":/" "W 1SFTJEFOU $PNQBOZT
&KOCTVU FG UGVGODTG #-"4$0 'JHVFSFT 7*":/" "W 1SFTJEFOU $PNQBOZT
53"5".*&/50 %&- %0-03 $3»/*$0 : '*#30.*"-(*" &/'&3.&%"%&4 %&(&/&3"5*7"4 3&6.«5*$"4 : "-&3(*"4
&KOGETGU FG UGVGODTG ."3503* 'SBODFTD .BDJË 7*":/" "W 1SFTJEFOU $PNQBOZT
&KLQWU FG UGVGODTG 4"--" 4BMWBEPS 4FHVÓ 7*":/" "W 1SFTJEFOU $PNQBOZT
7JTJUBT DPODFSUBEBT
&KXGPFTGU FG UGVGODTG
5FM 727 %DGDORQD
QBH JOEE
4"/4 4BMWBEPS 4FHVÓ 7*":/" "W 1SFTJEFOU $PNQBOZT
PHGLFLQD
-FT MMFJT BOUJUBCBD SFEVFJYFO FO VO FMT JOGBSUT EF NJPDBSEJ B MB 6& 4BMVU t -B QSPIJCJDJØ EF GVNBS FO MMPDT QÞCMJDT IB QSPWPDBU MB SFEVDDJØ FO VO EFMT JOHSFTTPT QFS JOGBSU BHVU EF NJPDBSEJ FO FM DPOKVOU EF MB 6OJØ &VSPQFB TFHPOT VO FTUVEJ EF MB &VSPQFBO 4PDJF UZ PG $BSEJPMPHZ &4$ RVF EFTUBDB FMT CFOFGJDJT QFS B MB TBMVU EF MFT MMFJT BOUJUBCBD "RVFTU ÏT VOB EF MFT EBEFT NÏT TJHOJm DBUJWFT EF MB QSJ NFSB BWBMVBDJØ RVF T IB GFU B OJWFMM FVSPQFV TPCSF FMT FGFDUFT EF MFT QPMÓUJRVFT EF MMVJUB DPOUSB FM UBCBRVJTNF RVF T IBO QPTBU FO NBS YB FO NPMUT QBÕTPT FOUSF FMMT &TQBOZB J RVF T IB QSFTFOUBU BRVFTU EJMMVOT B #BSDFMPOB FO
FM NBSD EF MB DFMFCSBDJØ EFM DPOHSÏT EF MB &4$ & M D P P S E J O B E P S E F M H S V Q E *OWFTUJHBDJØ FO &QJEFNJP MPHJB J (FOÒUJDB $BSEJPWBT DVMBS EF M *OTUJUVU .VOJDJQBM E *OWFTUJHBDJØ EF #BSDFMPOB 3PFCSUP &MPTVB IB EFTUBDBU RVF MB SFEVDDJØ EFMT JOGBSUT FT EØOB UBOU FO GVNBEPST DPN FO OP GVNBEPST J FO IPNFT J FO EPOFT FO FMT QBÕTPT FO RVÒ IBO QSPIJCJU FM DPOTVN EF UBCBD FO MMPDT QÞCMJDT
BQVOUBU RVF TÓ RVF TF TBQ RVF M FOUSBEB FO WJHPS EF MB MMFJ RVF SFTUSJOHFJY FM DPOTVN EF UBCBD FO MMPDT QÞCMJDT IB UJO HVU DPN B DPOTFRàÒODJB RVF QFSTPOFT EFJYFTTJO BRVFTU IËCJU 5PU J BRVFTUB EB EB QPTJUJWB BRVFTU DBSEJÛMFH IB TVCSBUMMBU RVF &TQBOZB FT USPCB i B NJH DBNÓw QFM RVF GB BMT CFOFm DJT QFS B MB TBMVU RVF IBO BDPOTFHVJU BMUSFT QBÕTPT EPOBU RVF MB MMFJ BO UJUBCBD FTQBOZPMB ÏT NFOZT SFTUSJDUJWB
4J CÏ &MPTVB IB EJU RVF OP IJ IB EBEFT DPODSFUFT TP CSF MB SFEVDDJØ EFMT JOGBSUT EF NJPDBSEJ B &TQBOZB IB
" #BSDFMPOB VO FTUVEJ RVF DPNQBSBWB FMT JOHSFTTPT IPT QJUBMBSJT QFS JOGBSU EF NJPDBSEJ EF FO SFMBDJØ BNC FMT
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
PHGLFLQD
EF IB SFWFMBU UBNCÏ VO EFTDFOT E BRVFTUT E VO J T IBO QSFWJOHVU VOT JOGBSUT .ÏT SFTUSJDDJØ NÏT CFOFGJDJT i- FTUVEJ FVSPQFV QPTB FO FWJEÒODJB RVF MFT NFTVSFT QPMÓUJRVFT J MFHJTMBUJWFT UFOFO VO JNQBDUF EJSFDUF TPCSF MB TBMVU DBSEJPWBTDVMBS EF MB QPCMBDJØ HFOFSBMw IB FNGBUJ U[BU &MPTVB QFS B RVJ SFTVMUB PCWJ EFEVJS RVF VOB QPMÓUJDB NÏT SFTUSJDUJWB UJOESJB FGFDUFT FODBSB NÏT CFOFmDJPTPT FO MB TBMVU HFOFSBM -B SFEVDDJØ PCTFSWBEB EFMT JOGBS UT ÏT DPNQBSBCMF TF HPOT M &4$ BNC M FGFDUF EFMT USBDUBNFOUT GBSNBDPMÛHJDT NÏT QPUFOUT RVF T VUJMJU[FO FO NFEJDJOB DBSEJPWBTDVMBS GFU RVF EØOB B FOUFOESF UBNCÏ M FTUBMWJ FO MB EFTQFTB GBS NBDÒVUJDB J IPTQJUBMËSJB RVF FT QPESJB PCUFOJS EF MFT MMFJT BOUJUBCBD EF MFT NPSUT QFS NBMBMUJB DPSPOËSJB FO SFMBDJØ BNC FM UBCBD 3PCFSUP &MPTVB IB SFDPSEBU RVF FM EF MFT NPSUT QFS NBMBMUJB DPSPOËSJB FT EFVFO B M IËCJU EF GVNBS J RVF FM UBCB RVJTNF QBTTJV JODSFNFOUB FM SJTD DBSEJPWBTDVMBS FO VO FO FMT IPNFT J FO VO B MFT EPOFT &MT GVNBEPST UFOFO VO NÏT EF QSPCBCJMJUBUT EF QBUJS VOB DBSEJPQBUJB JTRVÒNJDB NPSUBM J VO NÏT EF EFT FOWPMVQBS VOB DBSEJPQBUJB
JTRVÒNJDB OP NPSUBM P NPSU TPCUBEB &MT OFOT JO WJUSP UFOFO NÏT SJTD &MT OFOT DPODFCVUT NJUKBOÎBOU UÒDOJRVFT EF SFQSPEVDDJØ BT TJTUJEB QPESJFO UFOJS VO NBKPS SJTD EF QBUJS BMHVOB NBMBM UJB DBSEJPWBTDVMBS TFHPOT VO FTUVEJ SFBMJU[BU B 4VÕTTB RVF DPNQBSB MFT BSUÒSJFT EF NFOPST OBTDVUT EF NBOFSB OBUVSBM J EFMT RVF IP WBO GFS HSËDJFT B MB GFDVOEBDJØ JO WJ USP - FTUVEJ QSFTFOUBU UBNCÏ BRVFTU EJMMVOT BM DPOHSÏT EF M &VSPQFBO 4PDJFUZ PG $BSEJP MPHZ BSSJCB B BRVFTUB DPO DMVTJØ EFTQSÏT E BOBMJU[BS MB DBQBDJUBU EF WBTPEJMBUBDJØ EF MFT BSUÒSJFT MB TFWB SJHJEFTB J VO NBSDBEPS E FTUSÒT PYJEBUJV EF OFOT BNC VOB NJUKBOB
14*$»-0(" 5SBOTUPSOPT EFM BQSFOEJ[BKF Z P DPOEVDUB 5%") 5SBOTUPSOPT BGFDUJWPT EF QFSTPOBMJEBE Z BMJNFOUBSJPT
"W 1SFTJEFOU $PNQBOZT #"%"-0/"
"EVMUPT
t "$0.1" /:".&/54
5SBOTUPSOPT EF BOTJFEBE FTUSÏT EFQSFTJØO GPCJBT -VEPQBUÓBT Z BEJDDJPOFT TPDJBMFT 1TJDPTJT
t )*(*&/&4 %*®3*&4
& 0DULQD %DGDORQD
/FVSPQTJDPMPHÓB
%FNFODJBT USBOTUPSOPT EFM TVF×P &WBMVBDJØO OFVSPQTJDPMØHJDB SFIBCJMJUBDJØO DPHOJUJWB
t "1"54 * $0.13&4
QBH JOEE
&MPTVB IB FYQMJDBU UBNCÏ BMT NJUKBOT EF DPNVOJDBDJØ RVF VO BMUSF FTUVEJ QSFTFOUBU BM DPOHSÏT NPTUSB RVF MFT QFS TPOFT EF CBJYB FTUBUVSB QSF TFOUFO VO NBKPS SJTD EF QBUJS VOB QBUPMPHJB DBSEJPWBTDVMBS QFS VOB SBØ RVF FODBSB ÏT EFTDPOFHVEB
/J×PT Z BEPMFTDFOUFT
630-0(¶"
&M DBSEJÛMFH RVF DPPSEJOB FM HSVQ E *OWFTUJHBDJØ FO &QJ EFNJPMPHJB J (FOÒUJDB $BSEJP WBTDVMBS EF M *OTUJUVU .VOJDJQBM E *OWFTUJHBDJØ EF #BSDFMPOB 3PCFSUP &MPTVB IB EFNBOBU DBVUFMB B M IPSB E JOUFSQSFUBS BRVFTUFT EBEFT KB RVF DBM FTQFSBS B MB DPOmSNBDJØ EFM NBKPS SJTD FO BMUSFT FTUVEJT
. %0-034 ."4 %&-#-"/$)
%S 4BOUJBHP #VDBS 5FSSBEFT
727 %DGDORQD
E BOZT DPODFCVUT BNC UÒD OJRVFT JO WJUSP J GFDVOEBUT EF NBOFSB OBUVSBM
1TJDPUFSBQJB
'BNJMJBS Z QBSFKB )PSBT DPOWFOJEBT
t (&3*"53*" * 1&%*"53*"
F EPMPST NBT!HNBJM DPN $ $PMM J 1VKPM S B r #BEBMPOB
5FM
PHGLFLQD
&M NBM E FTRVFOB BGFDUB QSPQ EFM EFMT FTUVEJBOUT KPWFT 4BMVU t "NC FM MFNB i/P EPOJT M FTRVFOB B MB UFWB FTRVF OBw M 0SHBOJU[BDJØ .ÒEJDB $PMtMFHJBM J MB 'VOEBDJØ ,P WBDT JNQVMTFO VOB DBNQBOZB EFTUJOBEB B DPOTDJFODJBS MB QPCMBDJØ RVF FM NBM E FTRVFOB B MB JOGËODJB BVHNFOUB FM SJTD EF UFOJS OF EF NBOFSB DSÛOJDB EVSBOU M FEBU BEVMUB -B DBNQBOZB JODMPV MB FMBCP SBDJØ J EJTUSJCVDJØ EF DBSUFMMT JOGPSNBUJVT RVF SFVOFJYFO MFT QBVUFT RVF IBO EF TFHVJS FMT OFOT J OFOFT FO FEBU FTDPMBS QFS NBOUFOJS VOB FTQBUMMB TBOB &OUSF MFT NFTVSFT RVF SF DMBNB MB DBNQBOZB EFTUB RVFO M ÞT EF NPUYJMMFT BNC SPEFT TFNQSF BNC FM NÓOJN QFT QPTTJCMF MB EJWJTJØ EFMT MMJCSFT EF UFYU FO GBTDJDMFT USJNFTUSBMT J MB JOTUBMtMBDJØ E BSNBSJFUT BMT DFOUSFT FT
DPMBST QFS HVBSEBS MPT 4FU EF DBEB EFV OPJFT J TJT EF DBEB EFV OPJT EF BOZT IBO UJOHVU BMHVOB WFHBEB NBM E FTRVFOB TFHPOT EBEFT GBDJMJUBEFT QFS M 0SHBOJU[BDJØ
.ÒEJDB $PMtMFHJBM RVF QPDT EJFT BCBOT EF M JOJDJ EFM OPV DVST FTDPMBS SFDPNBOB FYFS DJDJ GÓTJD J SFEVJS ESËTUJDBNFOU FM QFT EF MFT NPUYJMMFT EFMT FTUVEJBOUT
" QBSUJS EFM NFT EF TFQUJFNCSF MPT EPDUPSFT $ÏTBS 0SÞT Z +VBO 3BNØO (SBT FTQFDJBMJTUBT FO HBSHBOUB OBSJ[ Z PÓEP EFM )PTQJUBM EF 4BOU 1BV BTJT UJEPT FO VO JOJDJP QPS MB 4SB #BUVM FTQPTB EFM %S 'BCSB FTUBSÈO B WVFTUSB EJTQPTJDJØO MPT MVOFT NBSUFT Z KVFWFT QPS MB UBSEF FO FM DPOTVMUPSJP EFM %S 'BCSB
Y M B U F WB F NQSFTB
QBH JOEE
&O MB $ .FTUSF -MVÓT .JMMFU FOUM /ÞNFSP UFMÏGPOP
727 %DGDORQD
4BMVU t -B EFSNBUJUJT BUÛQJDB ÏT VOB NBMBMUJB DSÛOJDB EF MB QFMM NPMU DPNVOB RVF BGFDUB TPCSFUPU FMT OFOT QFSÛ RVF OP ÏT QBT FYDMVTJWB EF MB JO GËODJB -B TFWB GSFRàÒODJB E BQBSJDJØ FT USPCB FO BVHNFOU BMT QBÕ TPT EFTFOWPMVQBUT JHVBM RVF NPMUFT BMUSFT NBOJGFTUBDJPOT BMrMÒSHJRVFT /PSNBMNFOU M ÒD[FNB BQB SFJY BM OPESJTTØ BMT EPT P USFT NFTPT E FEBU J DPOUJOVB QSF TFOU FO EFUFSNJOBUT DBTPT EVSBOU M BEPMFTDÒODJB J m OT J UPU M FEBU BEVMUB -B NBMBMUJB MB DBVTB M BDDJØ EF TVCTUËODJFT JSSJUBOUT J BMrMFSHÛHFOFT RVF BGFDUFO FM TJTUFNB JNNVOJUBSJ QFSÛ FM TFV EFTFOWPMVQBNFOU UÏ VO DMBS DPNQPOFOU HFOÒUJD -FT DBSBDUFSÓTUJRVFT RVF JEFO UJm RVFO MB EFSNBUJUJT BUÛQJDB TØO QJDPS JOUFOTB TFRVFEBU J FOWFSNFMMJNFOU EF MB QFMM BNC QSFTÒODJB E ÒD[FNFT RVF BQBSFJYFO J EFTBQBSFJYFO P CÏ FT UPSOFO DSÛOJDT -FT ËSFFT BGFDUBEFT WBSJFO BNC M FEBU J FT MPDBMJU[FO FO FMT JOGBOUT B DPM[FT J HFOPMMT J UBNCÏ B HBMUFT J GSPOU &O GBTFT NÏT BWBOÎBEFT FT HFOFSBMJU[FO MFT [POFT EF QFMM BGFDUBEFT J BQB SFJYFO UBNCÏ BMUSFT TÓNQUPNFT
727 %DGDORQD
QBH JOEE
DBSBDUFSÓTUJDT DPN MFT UÓQJRVFT VMMFSFT &M USBDUBNFOU WB EJSJHJU B UBMMBS FMT CSPUT BHVUT J B NBOUFOJS MB NJMMPS TJUVBDJØ QPTTJCMF EVSBOU FMT JOUFSWBMT &O QSJNFS MMPD DBM NBOUFOJS MB IJESBUBDJØ EF MB QFMM 5BNCÏ ÏT JNQPSUBOU SFEVJS FMT EFTFODBEFOBOUT EF MB QJDPS DPN MB DBMPS P FM GSFE FYBHFSBUT MB SPCB JSSJUBOU P RVBMTFWPM FTUÓNVM RVF GBDJ BVHNFOUBS FM NBMFTUBS "JYÓ NBUFJY DBM EFTUBDBS MB EJm DVMUBU QFS EPSNJS RVF MB QJ DPS FMT QSPWPDB BMT OFOT J FO DPOTFRàÒODJB BMT QBSFT -FT SFDBJHVEFT TØO JNQSFWJTJ CMFT J MB EFTm HVSBDJØ RVF QSP EVFJY FM GFU EF HSBUBS TF B DBV TB EF MB QJDPS JOUFOTB ÏT NPUJV EF SFQFSDVTTJØ QTJDPMÛHJDB TPCSFUPU EVSBOU M BEPMFTDÒODJB J M FEBU BEVMUB "JYÓ NBUFJY FM NBMBMU RVBO FT HSBUB QPU EP OBS MMPD GËDJMNFOU B JOGFDDJPOT EFSNBUPMÛHJRVFT &MT NUHFT QSFTDSJVFO TPWJOU NFEJDBNFOUT BOUJIJTUBNÓOJDT RVF BKVEFO B DPOUSPMBS MB QJDPS VOB EF MFT QSJODJQBMT NPMÒT UJFT RVF FYQMJDB FM NBMBMU /P PCTUBOU BJYÛ FO VO OPNCSF TJHOJGJDBUJV EF QBDJFOUT OP T BDPOTFHVFJY HSBO DPTB 5BNCÏ TF TPMFO QSFTDSJVSF DPS
UJDPJEFT UÛQJDT QFS BDPOTFHVJS MB SFNJTTJØ EF MFT MFTJPOT P m OT J UPU BOUJCJÛUJDT QFS FWJUBS TPCSFJOGFDDJPOT &MT DPSUJDPJ EFT QFS WJB PSBM FT SFTFSWFO QFS B DBTPT HSFVT RVF OP SFT QPOHVJO B M BQMJDBDJØ UÛQJDB B M JHVBM E BMUSFT GËSNBDT JNNV OPTVQSFTTPST RVF SFHVMFO MB SFTQPTUB BMrMÒSHJDB "WVJ EJB FT EJTQPTB E VOB OP WB DMBTTF EF NFEJDBNFOUT J N N V O P N P E V M B E P S T R V F T BENJOJTUSFO QFS WJB UÛQJ DB "RVFTUT IBO EFTQFSUBU HSBOT FYQFDUBUJWFT QFS DPO USPMBS MB NBMBMUJB B DBVTB EF M JODSFNFOU EF RVBMJUBU EF WJEB RVF SFQSFTFOUFO QFS B BRVFTUT NBMBMUT
PHGLFLQD
2VÒ ÏT MB EFSNBUJUJT BUÛQJDB
$POTFMMT t -B QFMM EF MFT QFSTPOFT BUÛ QJRVFT ÏT TFNQSF NPMU TFDB J GSËHJM ²T GPOBNFOUBM NBOUFOJS VOB CPOB IJESBUBDJØ t &M GSFE JOUFOT BJYÓ DPN MB DB MPS FMFWBEB FM WFOU P FMT DBOWJT GSFRàFOUT EF UFNQFSBUVSB TØO NBM UPMFSBUT t 2VBO MFT NFTVSFT EF NBO UFOJNFOU FT GBO JOTVm DJFOUT DPOWÏ DPOUBDUBS BNC FM NFUHF QFS DPNFOÎBS FM USBDUBNFOU DPN NÏT BWJBU NJMMPS J UBMMBS M BQBSJDJØ E VO OPV CSPU
DQLPÁOLD
CPKOÀNKC
FRQVHOOV DQLPDOV GH FRPSDQ\LD YHWHULQDULV RSLQLÓ
5PU WB CÏ TJ BDBCB CÏ )J IBWJB VOB WFHBEB VO HPT BOPNFOBU 3645: -B WJEB MJ EPOË VOB CFOWJOHVEB BM NØO NPMU DSVFM 4FQBSBU EF MB TFWB NBSF BMT QPDT NFTPT EF TFS BUSPQFMMBEB J EFMT TFVT HFSNBOT RVF WBO NPSJS VO EBSSFSF M BMUSF RVFEË DPN QMFUBNFOU TPM HBJSFCÏ B M BOZ EF OÏJYFS 7B TFS VO HPT NPMU MMFTU J FTQBWJMBU WJWJB DPN QPEJB TFNQSF BNC M FTQFSBOÎB EF USPCBS BMHÞ RVF DVJEÏT E FMM BMHÞ RVF QPHVÏT TVCTUJUVJS M BGFDUF EPOBU QFS MB TFWB NBSF J FMT TFVT HFSNBOT RVBO FODBSB FSFO WJVT 6O EJB BSSJCË B VO CBSSJ QFUJU BNC NPMUT WFMMFUT J OFOT J BNC VOB QJMB EF QBSDT QFS KVHBS &O QPDT UFNQT FT HVBOZË FM DPS EF MB HFOU EFM CBSSJ QFSÛ UBNCÏ VOT RVBOUT WFÕOT RVF OP QPEJFO TVQPSUBS MP UFOJS VO BOJNBMPU DPN BRVFMM SPO
TJHVJ JNQPTTJCMF
EBOU DPN TJ SFT FMT FSB NPMU JODÛNPEF
.PMUT BOJNBMT IBO HBV EJU E VOB CPOB WJEB HSËDJFT B QFSTPOFT JNQMJDBEFT FO M BEPQDJØ 5BOU FM RVF BEPQUB DPN FM RVF PGFSFJY TFSWFJT E BEPQDJØ UPUT BQPS UFO FM TFV HSBOFU EF TPSSB J GBO RVF BRVFTU NØO TJHVJ NJMMPS
6O NJHEJB E BHPTU BSSJCË BM QBSD PO OPSNBMNFOU FMT WFÕOT M IJ EPOBWFO EF NFOKBS J FMT OFOT KVHBWFO BNC FMM QFSÛ OP IJ IBWJB OJOHÞ KB RVF MB NB KPSJB FSFO EF WBDBODFT P B MB QMBUKB &O EPOBS VO QFUJU UPNC T BEPOË RVF BMMË IJ IBWJB VO EFMT WFMMFUT BTTFHVU B VO CBOD JODPOTDJFOU &M HPT FO WFVSF MB TJUVBDJØ DPNFOÎË B CPSEBS J RVBOU WB TPSUJS VO WFÓ QFS GFS GPSB FM HPT WB WFVSF BM WFMMFU J UPU TFHVJU USVDË B M BNCVMËODJB J WB TFS BUÒT BMT QPDT NJOVUT
% BMUSF CBOEB NPMUT BMUSFT OP UFOFO MB NBUFJYB TPS U J UFOFO VO EFTUÓ GBUBM J USËHJD 1FS BRVFTUT BOJNBMT RVF TPO BM DBSSFS J QFMT RVF KB OP T IJ QPU GFS SFT GFN VO FTGPSÎ QFS B RVF UJOHVJO VOB PQPSUVOJUBU QFS WJVSF KB RVF UBO TPMT FT WJV VO DPQ
&M WFMMFU FO BHSBÕNFOU M IJ WB USPCBS VOB MMBS BM HPTTFU &O 3645: WJTRVÏ VOB WJEB NPMU MMBSHB BOZT
4J VT QMBV GPNFOUB M BEPQDJØ DPN B QSJNFSB PQDJØ (SËDJFT
"RVFTUB IJTUPSJB FT GJDDJØ GSVJU EF MB NFWB JNBHJOBDJØ 1FSÛ BJYÛ OP WPM EJS RVF OP
4BNVFM 3FJOØO #POFU 7PMVOUBSJ "40"
DGRSWD P "%3*" )FNCSB +PWFO .VZ DBSJ×PTB Z USBORVJMB SFDPHJEB EF MB DBMMF FO CVTDB EF VO IPHBS EPO EF MF EFO MB DPOmBO[B Z DBSJ ×P RVF OFDFTJUB
-0-" )FNCSB .BZPS .VZ NVZ DBSJ×PTB NVZ KVHVFUPOB Z TPDJBCMF DPO PUSPT BOJNBMFT OFDFTJUB DPO 63(&/$*" VOB DBTB SFDPHJEB FO MB 1MBZB FO #BEBMPOB
"TPDJBDJØO 4FHVOEB 0QPSUVOJEBE "OJNBM "QBSUBEP QPTUBM
%h&/ #04$ (0'&3 t "%*&453".*&/50 " %0.*$*-*0 t $3*" &9$-64*7" %& 30558&*-&3 "'*+0 %& (0'&3 ' $ * #"%"-0/" 5&-
1"( "/*."-*" JOEE
BTPB!BTPB OFU
$SFV #KT #BEBMPOB
/; # XXX BTPB OFU "QU #BEBMPOB
5FM 'BY
727 %DGDORQD
YHK,FOHV FLUFXODFLÓ QRYHWDWV FRQFHVVLRQDULV
727 PRWRU
616 OQVQT 1FVHFPU
.PUPS t &M 1FVHFPU ÏT VO WFIJDMF VUJMJUBSJ RVF QSFTFOUB BSB DFSUFT NPEJm DBDJPOT SFTQFDUF EF MB QSJNFSB WFSTJØ EF M BOZ $BM SFTTBMUBS FM QBSB YPDT GSPOUBM RVF DBOWJB EF EJTTFOZ JHVBM RVF FMT GBST BSB BNC NÏT TVQFSGÓDJF " OJWFMM FYUFSJPS QPU TFS USJBU FO EFV DPMPST EJGFSFOUT NFOUSF RVF B M JOUFSJPS EFTUBDB MB OPWB JNBUHF EF MB DPOTPMB DFOUSBM J EFMT DPNBOEBNFOUT EFM TJTUFNB EF DMJNBUJU[BDJØ % FOUSF FMT FMFNFOUT EF DPO GPSU DBM QBSMBS EFM TFJFOU EFM
DPOEVDUPS BNC BKVTUBNFOU FO BMUVSB EFM UBODBNFOU DFOUSBMJ U[BU EFMT BMÎBWJESFT FMÒDUSJDT EBWBOUFST EFM TJTUFNB E JM MVNJ OBDJØ E BDPNQBOZBNFOU FOUSF E BMUSFT 6OB EF MFT OPWFUBUT QSJODJQBMT ÏT MB QSFTÒODJB E VO OPV QSPQVM TPS QFS B VOB OPWB WFSTJØ EM MB ( &T USBDUB E VO NPUPS )EJ EF DBWBMMT BNC m MUSF EF QBSUJDVMFT &M NPUPS BDSFEJUB VO DPOTVN NJUKË RVF OP BSSJCB BMT MJUSFT BMT RVJMÛNFUSFT &M FTUË EJTQPOJCMF BNC
$&/530 %& 3&$&1$*»/ 7 ' 6
%(78/2 3,17256 , &$55266(56
3&5*3".04 50%" $-"4& %& 7&)¶$6-04 53".*5".04 #"+" 53«'*$0 5FMÏGPOPT 727 %DGDORQD
QBH JOEE
TJT NPUPST B CFO[JOB J RVBUSF EJÒTFM &MT FMFNFOUT CËTJDT EF MB TFHVSFUBU E BRVFTUB SFFEJDJØ EFM 1FVHFPU TØO BRVFTUT RVBUSF DPJYJOT EF TFHVSUBU EF TÒSJF BOUJCMPRVBKFNBOU EF GFOT "#4 BTTJTUFOU B MB GSF OBEB E FNFSHÒODJB DJOUVSPOT BNC QSFUFOTPS QJSPUÒDOJD J QVOUT E BODPSBUHF BNC MJNJUBEPS E FTGPSÎ DPMVNOB EF EJSFDDJØ BKVTUBCMF FO BMUVSB J FO QSPGVOEJ UBU J m YBEPST *TPm Y FO MFT QMBDFT MBUFSBMT QPTUFSJPST J SFDPM[BDBQT EBWBOUFST J QPTUFSJPST
5BMMFS EF SFQBSBDJØ 1MBOYB J QJOUVSB
5BMMFST 3FDBOWJT 7FOEFT J &YQPTJDJØ
$ &OFSHJB OBWF 1PM *OE -FT (VJYFSFT #BEBMPOB
1SFTJEFOU $PNQBOZT #"%"-0/"
7HO )D[ WDOOHU#EHWXORSLQWRUV FRP ZZZ EHWXORSLQWRUV FRP
5FM 'BY NPUPTCBEBMPOB!UFSSB FT
KRU¶VFRSV ®3*&4 BM
$3"/$ BM
#"-"/±" BM $"13*$03/ BM
6T QBTTBSBO NPMUFT JEFFT QFM DBQ BRVFTUT EJFT KB RVF B QBSU E FTUBS DSFBUJVT UJOESFV VO BGBOZ EF TFS FMT QSPUBHPOJTUFT EF UPU &O DFSUB GPSNB OFDFT TJUFV DSJEBS M BUFODJØ QFSRVÒ ÞMUJNBNFOU ÏT DPN TJ VT IBHVFTTJO EFJYBU VOB NJDB EF CBOEB J TJ DBM GFS BMHVOB BOJ NBMBEB QFS EFTUBDBS E FOUSF FM QJMØ OP QBTTB SFT
#VTDBSFV MB NBOFSB EF DBOWJBS E JNBUHF QFSÛ UJOHVFV FO DPNQUF RVF TFSË GËDJM RVF VT BHSBEJO DPTFT VOB NJDB QBTTBEFT EF NPEB RVF GBSBO RVF VT WFHJO BNC VOT RVBOUT BOZT NÏT &M NJMMPS RVF QPEFV GFS ÏT RVF BMHÞ VT WJOHVJ B BDPNQBOZBS QFS BKVEBS WPT B USJBS MB SPCB P FM QFOUJOBU OPV RVF VT WVMHVFV GFS
&ODBSB RVF VT TFN CMJ RVF MFT WPTUSFT JEFFT IBO NBSYBU OP FT BJYÓ IBVSFV EF UFOJS VOB NJDB NÏT EF QBDJÒODJB RVF UPSOBSBO .FOUSF FTQFSFV TFSJB CP RVF GÏTTJV FOESFÎB B DBTB J T IBVSJFO EF MMFOÎBS DPTFT RVF OP GBO DBQ TFSWFJ E BRVFTUB NBOFSB UBNCÏ SFOPWBSFV MFT JEFFT QFSEVEFT QFM DBNÓ
²T E FOWFKBS FMT EJFT RVF QBTTBSFV FO FM DBNQ TFOUJNFOUBM TPCSFUPU TJ FTUFV BNC QBSFMMB EF KB GB UFNQT &TUBSFV NPMU TFOTJCMFT J SPNËOUJDT DSFBOU VO BNCJFOU NPMU BEFRVBU QFS EFNPTUSBS WPT FM RVF VT BSSJCFV B FTUJNBS "MT RVF OP UFOJV QBSFMMB VT EJSÏ RVF IFV E BQSPmUBS FM SPNBOUJDJTNF QFS BOBS B MMJHBS DPSSFOUT
5"63& BM
--&» BM
&4$031¶ BM "26"3* BM
/P FO GFV NBTTB DBT /P VT BDPOTFMMBSJB (FOU BNC MB RVF KB 4FNCMB RVF ÞMUJNB OP DPNQUËWFV QFS SFT VT GBSË DPTUBU FO NPNFOUT EPOBUT EF CBJYBEB EF NPSBM %FTDPCSJSFV RVF MB WPTUSB QBSFMMB GPSNB QBSU EFM RVF TØO FMT BNJDT J RVF IJ QPEFV DPOmBS E VOB NBOFSB PCFSUB J TJODFSB )J IB NPMUT CPOT BTQFDUFT QFS WPTBMUSFT J VT QBTTBSBO DPTFT NBRVFT J BMFHSFT
NFOU OPNÏT GBO RVF TPSUJS IJTUÛSJFT RVF VT UBMMFO MFT BMFT B MFT WPTUSFT JMtMVTJPOT OP VT DBQmRVFV RVF OPNÏT TØO NBMFT QBTTB EFT RVF KVHB MB WJEB QFS NJSBS TJ BOFV DSFJYFOU QFSTPOBM NFOU FO DBQ NPNFOU ÏT VO BKVTU EF DPNQUFT QFS BMHVOB DPTB RVF IBHVFV GFU #Ï FO FM DBNQ EFMT EJOFST
RVF VT HBTUÏTTJV NBTTB EJOFST BNC MPUFSJB QFSRVÒ MB TPSU FO M BU[BS OP TFNCMB QBT RVF VT BDPNQBOZJ &M RVF TÓ RVF OP IFV EF EFJYBS EF GFS ÏT QPTBS WPT QSPUFDDJØ TJ UFOJV VOB OJU CPKB KB RVF FTUBSFV NPMU TFOTJCMFT B MFT JOGFDDJPOT J QPU TFS VO QSPCMFNB OP NBTTB BHSBEBCMF
TJ BM MMBSH E BRVFTUT EJFT VT QBTTFO DPTFT FTUSBOZFT MFT FOFSHJFT RVF VT FOWPMUFO TØO NPMU GPSUFT J BJYÛ QPU QSPWPDBS BMHVOB SFBDDJØ VO UBOU EJGFSFOU EF UPUFT NBOFSFT OP VT IFV E FTQBOUBS RVF OP QBTTB SFT &TUBSJB CÏ RVF VT BOÏTTJV B CBOZBS BM NBS OFDFTTJUBSFV NPMUB BJHVB QFS SFMBYBS WPT
#&440/4 BM 7&3(& BM
4"(*5"3* BM 1&*904 BM
5PU SVUMMB CÏ QFSÛ FM 5PU J RVF FT QSPCBCMF 4F VT QSFQBSB BMHVOB &O FM DBNQ EF MB DP TPSQSFTB B MB GFJOB J QFMT BTQFDUFT RVF IJ IB TFSË CPOB KB BSSJCBSË OP DBM RVF VT QSFDJQJUFV J TPCSFUPU BOFV NÏT FO DPNQUF BNC FM RVF EJFV RVF EF WFHBEFT TF VT FTDBQFO DPTFT RVF NÏT WBMESJB RVF VT DBMMÏTTJV TFS EJTDSFUT OP ÏT FM WPTUSF GPSU J EF WFHBEFT IJ QPTFV MB QPUB mOT BM DBQ EF NVOU
UFNB EF MB TBMVU TFSË VOB NJDB DPNQMJDBU QSPDVSFV FTUBS QFOEFOUT EF WPTBMUSFT J TJ VT USPCFV NBMBNFOU BOFV BM NFUHF /P QBUJV RVF OP IJ IB SFT HSFV 6T BOJSË CÏ FTUBS VOB NJDB CBJYPT QFSRVÒ BJYÓ VT BKVEBSBO VOB NJDB NÏT EFM RVF TPMFO GFS $PNQSFV VO OÞNFSP EF MPUFSJB
NVOJDBDJØ FTUFV NÏT QBTTJVT J NÏT DPN QSFOTJCMFT J BJYÛ ÏT VO HSBO RVÒ BMNFOZT OP VT FOGBEFV &M DBNQ RVF UJOESFV NJMMPS TFSË FM EFMT FTUVEJT J TPCSFUPU FM EFMT EFTQMBÎBNFOUT P TJHVJ RVF QFS WPTBMUSFT FM NJMMPS TFSË BOBS E FYDVSTJØ B BMHVO MMPD J HBVEJS EF QBJTBUHFT OBUVSBMT J TBMWBUHFT
FM USFODBNFOU E BMHVO QSPKFDUF RVF UFOÓFV OP IFV EF QBUJS VT TPSUJSBO OPWFT FYQFDUBUJWFT GBWPSBCMFT J BNC NÏT GVUVS EFM RVF VT QFOTËWFV UJOHVFV QBDJÒODJB J EFJYFV RVF UPU WBHJ WFOJOU QFM TFV QSPQJ QFV 6T DPOWÏ GFS BMHVO WJBUHF OP NBTTB MMBSH QFSÛ TJ DPN QFS EFTDPOOFDUBS VOB NJDB
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 %&
1"26*5" ."35¶/&; 5BSPU FWPMVUJWP 5JFOFT EVEBT "NPS USBCBKP EFQSFTJØO #VTDBT SFTQVFTUBT
"UJFOEP QFSTPOBMNFOUF
5FSBQFVUB FTQJSJUVBM .ÈYJNB TFSJFEBE
)PSBSJP I B I
4PMVDJPOT B MB TFDD FDPOÛNJDT
1SFDJP GJKP &VS .ØWJM &VS .BZPSFT EF B×PT 1PS BMUB 4 - $ 0SFOTF .BESJE
&.#36+"%" 5*&/%" &405²3*$"
1SPEVDUPT &TPUÏSJDPT Z "SUÓDVMPT EF 3FHMP
5F BUJFOEP QFSTPOBMNFOUF
1FS 1BV 7JEBM )03*5;0/5"-4 /P OFDFTTJUB FODJBN QFS TFS VOB EF MFT SFJOFT EF MFT CBSSFT .BSFKË FO 3JHBV QFSÛ FT DVSË &OHSFJYBEB OP HSFJYBEB J QSPV .PS B QBMBV -MJCSF E PSBDJPOT FO FEJDJØ OP WFOEJCMF $BQ FTDBQÎBU 6OB DBTB QMFOB EF HFOU 7FOUFU TVBV RVF DPSSF QFM SFTUBVSBOU #PTTB EF NBMMB QFS QFTDBS DBCFMMT 7JTJUBU QFS UPU EF KPWFT UVSJTUFT TBYPOT 1SPV UPJY QFS DBMÎBS VO CFO CÏ 'BT EF RVBMTFWPM NBOFSB 1SPNFTB NJMJUBS QSÛQJB EFMT PSÓHFOT EFM KVSËTTJD 5BO JOHÒOVB RVF OP WFV RVF T IJ BNBHB MB -MVÕTB ²T B M BOÓT DPN BM UJQ FM UÓQJD &O #BTUÏ BNBHBU FOUSF UPU EF CBUFT SFCSFHBEFT 1SPOPN YJOFTD 2VBO UJB RVBO FN EJSËT FM OPNCSF "TUB J CBOEFSB +P EVS QFSÛ TJ ÏT VOB TBM EF JPEF 0CSF IPSJU[POT DBQ B QPOFOU %ÛMBS FYDBSDFSBU #VTDP FO 1SPVTU &SB QSPQJ E FO $BQPOF 1FS NVOUBS DPNQFUJDJPOT DPOWÏ UFOJS OF "RVFTUT EJFT ÏT GËDJM EF WFVSF MB QFMT DBNQT *OEJDJT E PCMJU FOUSF FMT NPCMFT 2VF TJHVJ n FHNËUJD OP WPM EJS RVF TJHVJ CSJUËOJD
$63404 %&
7&35*$"-4 6O SBNBEFS BNBHBU BM DMBWFHVF SBN 5PUB VOB DJVUBU RVF FT QPU SBKBS 2VBESF EF CBJY QSFTTVQPTU 1PDB DPIFTJØ QFS QSFUFOESF DPOWFSHJS &TQJOB EF UVSCPU 1SPGFTTJPOBM E IPTQJUBM RVF USFCBMMB BMT MBWBCPT /P ÏT QFMM EF DPDPESJM QFSÛ DVB TÓ $POUVOEFOU FYQVMTJØ QFM TPTUSF $PN B FTQPSU TPWJOU GB NBOJB #MBODB E VOB CVGFUBEB "HSFVHJ FM EPMPS EF M BTDFOTJØ " MB QVOUB EF MB MMFOHVB -B CSBODB NÏT ÒUJDB EF MB HFPHSBm B "M DPS E FO 1FSFU 'BMEJMMFS QFSÛ NPMU MÓSJD 4J OP GPT QFM GPSBU EFM OBT QPESJB TFS VOB SVÕOB * BSB BM DPS EF MB 1JMBS 1SPV FTQPSUJV QFS DPNQF UJS B #JMCBP &OUSBOU FO NBUÒSJB )BO n PSJU n BJSPTPT B MB QPFTJB E FO 1BQBTTFJU &T NFSFJY RVF MB VUJMJU[JO &O -PRVJMMP IJ WPMJB BOBS $PQ n VJYFU EPOBOU UPU QBTTBOU BNVOU &M DJDMJTUB EF MFT HBMËYJFT )P EJV VO QFSTPOBUHF EF DÛNJD RVBO WB BNVOU &M NÏT BTTFOZBU EF MB JNBHJOBDJØ &OT PCMJHVFO B TFVSF BMNFOZT USFT DPQT BM EJB 3BTQBMMBEB WFSCBM
5BSPU /VNFSPMPHÓB Z WFMBT 4FNJOBSJP EF 3FJLJ
5FM $ (àFMM J 'FSSFS +UP .FUSP 1FQ 7FOUVSB
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
&-&/" 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 "3"/%" {5JFOFT EVEBT FO FM BNPS /FHPDJP Z TBMVE {&SFT TFOTJCMF
``-MÈNBNF .BZPSFT EF B×PT $PTUF MMBNBEB SFE m KB å .ØWJM å "1 $PSSFPT 4BCBEFMM #$/ /$4
727 %DGDORQD
QBH JOEE
4E0 3D0AC4 ;P Þ]XRP eXST]cT `dT ]^ ]TRTbXcP RPacPb ST cPa^c b×[^ cd UTRWP ST ]PRX\XT]c^ 5TRWPb R^]RaTcPb BX] VPQX]TcT % aTS UXYP $ aTS \^eX[
' % #' # '% h ( ! $" # '
1MBOUJMMB#BTF JOEE
727 %DGDORQD
=ÁSLQJ %JKPVT EF TFUFNCSF
%JWFOESFT EF TFUFNCSF
I &OUSFUFOJNFOU
%JTTBCUF EF TFUFNCSF I 1FMrMÓDVMB
I 1FMrMÓDVMB
'BNB
%JVNFOHF EF TFUFNCSF I "VUPNPCJMJTNF
5SPJB
"NÏMJF
( 1 *UËMJB
-B QFMrMÓDVMB ÏT VOB OPWB BEBQ UBDJØ EF i-B *MÓBEBw E )PNFS FM QPFNB ÒQJD FTDSJU NÏT EF WVJU DFOUT BOZT BCBOT EF $SJTU
"NÏMJF 1PVMBJO ÏT VOB OPJB EF BOZT RVF IB DSFTDVU FO VOB GBNÓMJB GPSÎB QFDVMJBS
3FUSBOTNJTTJØ FO EJSFDUF EFM (SBO 1SFNJ E *UËMJB 5BNCÏ T PGFSJSBO FMT FOUSFOBNFOUT FM EJTTBCUF
%JMMVOT EF TFUFNCSF I 4ÒSJF 4hIB FTDSJU VO DSJN
&NJTTJØ EFMT DËT UJOHT EF MB OPWB FEJDJØ EFM DPODVST 'BNB I &TQFDJBM /JU 1SPHSBNB FO EJ SFDUF RVF TFSWJSË QFS QSFTFOUBS MB OPWB QSPHSBNBDJØ J TFHVJS MB OJU DVM UVSBM FO EJSFDUF
727 %DGDORQD
QBH JOEE
&NJTTJØ DBEB UBSEB E VO DB QÓUPM E BRVFTUB IJTUÛSJDB TÒSJF
1(&52/¶*,48(6
*OGPSNBDJË QSPQPSDJPOBEB QFS 10.1"4 'Á/&#3&4 %& #"%"-0/" 4 "
."(%" ("-$&3«/ * 13"54 -FT FYÒRVJFT WBO TFS FM EhBHPTU B Mh0SBUPSJ 1'#
+6"/" $)*$"/0 7&3("3" -FT FYÒRVJFT WBO TFS FM EF TFUFNCSF B Mh0SBUPSJ 1'#
.*(6&- .&%*/" 035&(" -FT FYÒRVJFT WBO TFS FM EF TFUFNCSF B Mh0SBUPSJ 1'#
."3"7*--"4 "#3*- ("3$¶" -FT FYÒRVJFT WBO TFS FM EhBHPTU B Mh0SBUPSJ 1'#
-&0/"3%0 '&-*1& $36; 1"/$03#0 -FT FYÒRVJFT WBO TFS FM EF TFUFNCSF B Mh0SBUPSJ 1'#
+0"/ 0%&/" * $3*45"/: -FT FYÒRVJFT WBO TFS FM EF TFUFNCSF B Mh0SBUPSJ 1'#
"/" .0:" $"."3&/" -FT FYÒRVJFT WBO TFS FM EhBHPTU B Mh0SBUPSJ 1'#
$"3.&/ 30%3¶(6&; $6#&304 -FT FYÒRVJFT WBO TFS FM EF TFUFNCSF B Mh0SBUPSJ 1'#
."3¶" '&3/«/%&; $)*.&/0 -FT FYÒRVJFT WBO TFS FM EF TFUFNCSF B Mh0SBUPSJ 1'#
"/50/*0 36*; )&3/«/%&; -FT FYÒRVJFT WBO TFS FM EhBHPTU B Mh0SBUPSJ 1'#
3".»/ 3063" 1"3%0 -FT FYÒRVJFT WBO TFS FM EF TFUFNCSF B Mh0SBUPSJ 1'#
+04² ."/$)&º0 .*--"3&4 -FT FYÒRVJFT WBO TFS FM EF TFUFNCSF B Mh0SBUPSJ 1'#
.&3$&%&4 7*-" #"3#"3® -FT FYÒRVJFT WBO TFS FM EhBHPTU B Mh0SBUPSJ 1'# ."3*" 307*3*" 7"4$0 )&/"0 -FT FYÒRVJFT WBO TFS Mh EF TFUFNCSF B Mh0SBUPSJ 1'# +6"/ $"1%&7*-" '&33&3 -FT FYÒRVJFT WBO TFS FM EF TFUFNCSF B Mh0SBUPSJ 1'# 5&3&4" (6"- * '3&*9"4 -FT FYÒRVJFT WBO TFS FM EF TFUFNCSF B Mh0SBUPSJ 1'# $"3.&/ -»1&; $"/*--"4 -FT FYÒRVJFT WBO TFS FM EF TFUFNCSF B Mh0SBUPSJ 1'# +6"/ %*&(0 -»1&; * ("3$¶" -FT FYÒRVJFT WBO TFS FM EF TFUFNCSF B Mh0SBUPSJ 1'# &/3*26& 4"#"5&3 '«#3&(" -FT FYÒRVJFT WBO TFS FM EF TFUFNCSF B Mh0SBUPSJ 1'#
. 5&3&4" #30/$)"-0 %&- .03"-FT FYÒRVJFT WBO TFS FM EF TFUFNCSF B Mh0SBUPSJ 1'#
4&7&3*/" 4"-".&30 #*&-4" -FT FYÒRVJFT WBO TFS FM EF TFUFNCSF B Mh0SBUPSJ 1'#
"/50/*0 -6$&/" -03&/5& -FT FYÒRVJFT WBO TFS FM EF TFUFNCSF B Mh0SBUPSJ 1'#
$&-&45*/0 $0--"%0 $0--"%0 -FT FYÒRVJFT WBO TFS FM EF TFUFNCSF B Mh0SBUPSJ 1'#
13*.*5*7" 5&+"%" &91»4*50 -FT FYÒRVJFT WBO TFS FM EF TFUFNCSF B Mh0SBUPSJ 1'#
."3*" &4$6%² * ("#"33» -FT FYÒRVJFT WBO TFS FM EF TFUFNCSF B Mh0SBUPSJ 1'#
"/" 5033&4 7"3$«3$&-FT FYÒRVJFT WBO TFS FM EF TFUFNCSF B Mh0SBUPSJ 1'#
"/50/*0 3".¶3&; ."35¶/&; -FT FYÒRVJFT WBO TFS FM EF TFUFNCSF B Mh0SBUPSJ 1'#
+6"/ ."35¶/&; -»1&; -FT FYÒRVJFT WBO TFS FM EF TFUFNCSF B Mh0SBUPSJ 1'#
."35" 3&$6&/$0 04" -FT FYÒRVJFT WBO TFS FM EF TFUFNCSF B Mh0SBUPSJ 1'#
.*(6&- 30.&3" (*.²/&; -FT FYÒRVJFT WBO TFS FM EF TFUFNCSF B Mh0SBUPSJ 1'#
."3¶" %&- $"3.&/ ."35¶/&; +*.²/&; -FT FYÒRVJFT WBO TFS FM EF TFUFNCSF B Mh0SBUPSJ 1'#
"-#&35" 4«/$)&; 1*/&%" -FT FYÒRVJFT WBO TFS FM EF TFUFNCSF 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
OFDSPT QBH JOEE
727 %DGDORQD
FDUWHV IRWR GHQÙQFLD SURWDJRQLVWD FRO ODERUDFLRQV
/HFWRUV
NGEVQTU /BJYFNFOU DVMUVSBM -B QFOÞMUJNB TFUNBOB EF KVMJPM WBJH DFMFCSBS FM NFV BOJWFSTBSJ 7BJH OÏJYFS KB GB VOT RVBOUT BOZT B M BOUJHB $MÓOJDB EFM $BSNF DPN NPM UT CBEBMPOJOT J CBEBMPOJOFT EF MB NFWB DJVUBU -B NBSF N FYQMJDB RVF EVSBOU FM QBSU WB TFS BTTJTUJEB QFM %PDUPS #MBTJ J VOB MMFWBEPSB RVF FT EFJB "HVTUJOB J RVF KVTUB NFOU B MFT EPU[F EF MB OJU WBJH EFJYBS FTDPMUBS FMT NFVT QSJNFST TPSPMMT EF WJEB &M QBTTBU FT GB QSFTFOU J FMT SFDPSET E BRVFMM NPNFOU UBO FTQFDJBM BQBSFJYFO BM DBQ EF MB NBSF M IBCJUBDJØ OPNÏT BNC VO MMJU EF GFSSP J QJOUBEB EF DPMPS CMBOD FM QBSF ESFU BM TFV DPTUBU FNPDJPOBU &N EJV RVF VO DPQ QBTTBU FM EPMPSØT NPNFOU EFM QBS U M JOTUBOU NÏT CPOJD J UFOESF WB TFS RVBO FN WB FTUSÒOZFS FOUSF FMT TFVT CSBÎPT FM QFUJU OBEØ
1BV (BSHBMMP J E BMUSFT FOUJ UBUT [POB MÞEJDB QFS B MB HFOU HSBO VOB MVEPUFDB JOGBOUJM PO FMT DPOUFT J FMT KPDT TFSBO FM MMPD QSFGFSJU EF MB DBOBMMB VO FTQBJ QFS B KPWFT BNC VOB TBMB UFDOPMÛHJDB PO QPESBO EPOBS WJEB B MFT JEFFT TB MFT E FTUVEJ QFS HBVEJS BNC FM TJMFODJ J MB SFnFYJØ BVMFT HSBOT J QFUJUFT J VOB [POB QFS B UBMMFS &O EFmOJUJWB VO MMPD BUSBDUJV QFS BQSFOESF QFS GPSNBS TF J EFT E PO BQSPGJUBS MFT QPTTJCJMJUBUT RVF M FEVDBDJØ J MB DVMUVSB PGFSFJYFO QFS B MB GPSNBDJØ EF WBMPST J MB TFWB JOnVÒODJB QFS B MB GPSNBDJØ ÓOUFHSB EF MFT QSPQFSFT HFOF SBDJPOT 4FOTF DBQ NFOB EF EVCUF B #BEBMPOB M FEVDBDJØ MB DVMUVSB J MB GPSNBDJØ DBNJ OFO EF MB NË
QSFOJB FMT TFVT QSJNFST BMÏT EF WJEB )B QBTTBU UFNQT EFT EF MMB WPST MB DJVUBU IB BOBU DSFJYFOU J BNC FM TFV QSPQJ NPWJNFOU IB EPOBU MMVN B OPVT OBJYF NFOUT VSCBOÓTUJDT J B OPWFT USBOTGPSNBDJPOT BMHVOFT UBO TJHOJmDBUJWFT DPN MB DPOWFS TJØ RVF SFCSË BWJBU BRVFMMB DMÓ OJDB EFM $BSNF % BRVFMM MMPD OBJYFSË VO OPV OBEØ DVMUVSBM FM $FOUSF $ÓWJD J $VMUVSBM &M $BSNF 6O FEJmDJ E FTUSVDUVSB TJOHVMBS B QSPQ EFM $BSSFS EFM .BS RVF FTUBSË BESFÎBU B OFOT KPWFT BEVMUT J HFOU HSBO 6O MMPD BUSBDUJV VO OPV FRVJQBNFOU EF RVBMJUBU BNC EJGFSFOUT TFSWFJT VOB HSBO TBMB E BDUFT RVF QPESË BDPMMJS JOUFSFTTBOUT DPOGFSÒODJFT VOB HSBO TBMB E FYQPTJDJPOT PO FT QPESBO WFVSF FMT USF CBMMT EFMT KPWFT BSUJTUFT EF MB
.BSJ $BSNFO -P[BOP
IRWR GHQÙQFLD
CBEBMPOB!FMUPUEJHJUBM DPN
#SVUÓDJB J NÏT CSVUÓDJB "RVFTUB ÏT MB JNBUHF RVF QSF TFOUB FM QBSD TJUVBU BM 5PSSFOU EF MB 'POU BM CBSSJ EF MB .PSFSB /P DBM NÏT DPNFOUBSJT #BEB MPOB DBEB EJB GB NÏT QFOB J FTUB NÏT CSVUB J BJYÛ UPUIPN IP TBQ J UPUIPN IP WFV &OSJD 4ÈODIF[ -B .PSFSB
5SPCB UPUFT MFT DBSUFT EFMT MFDUPST BM OPTUSF XFC XXX FMUPUEJHJUBM DPN DBSUFT EFMT MFDUPST 727 %DGDORQD
-FDUPST 1BH 1BH 1BH JOEE
/HFWRUV
-B (VËSEJB 6SCBOB EF #BEBMPOB ÏT JOWJTJCMF 4ØO MFT EF MB NBUJOBEB J B DBTB OP QPEFN EPSNJS " QPDT NFUSFT T FTUË EFT FOWPMVQBOU VOB GFTUB J MB NÞTJDB BMUB J FM YJWBSSJ FOT GB JNQPTTJCMF UPU J UFOJS MFT GJOFTUSFT UBODBEFT BHBGBS FM TPO 1FS QSJNFSB WFHBEB BHBGP FM UFMÒGPO NBSDP FM EF MB (VËSEJB 6SCBOB J VOB WFV GFNFOJOB QFS DFSU BNC WFV EF QPDT BNJDT FO EFTQFOKB FM UFMÒGPO -J FYQMJDP FM QSPCMFNB J EF TFHVJEB FO UBMMB MB DPOWFSTB J FO EJV EF NBMFT NBOFSFT RVF OPNÏT
UKPS 4FOZPS BMDBMEF UÏ UPUT FMT OÞNFSPT QFS QFSESF J BJYÓ IP FTQFSP J OP OPNÏT KP TJOØ RVF NJMFST EF CBEBMPOJOT $JVUBEBOT EF #BEBMPOB WP UFN B M "MCJPM KP OP TØD EFM 11 QFSÛ IP UJOD DMBS #BEB MPOB GB QFOB #BEBMPOB FTUB CSVUB #BEBMPOB ÏT JOTFHVSB #BEBMPOB T IB DPOWFSUJU FO MB QJUKPS DJVUBU EF $BUBMVOZB HSËDJFT BMT QPMÓUJDT BDUVBMT RVF UFOJN B M "KVOUBNFOU +P DSFD RVF IFN EF EJS QSPV
IJ IB QBUSVMMFT J RVF UFOFO NPMUB GFJOB 1FOKP FM UFMÒGPO J QFOTP SËQJEBNFOU RVF DPN QPUTFS RVF BNC NJM IBCJ UBOUT OPNÏT IJ IBHJ DPUYFT QPMJDJBMT QBUSVMMBOU - FOEFNË BM GPSO EF QB EFM DPTUBU EF DBTB FOUSFO B BUSBDBS J UPU J RVF MB EFQFOEFOUB WB USV DBS B MB (VËSEJB 6SCBOB MB EFQFOEFOUB FODBSB FTQFSB MB QSFTÒODJB E BMHVO BHFOU -B WFSJUBU ÏT RVF KB OP FO TPSQSÒO 4FOZPST #BEBMPOB WB NPMU NBMBNFOU DBEB WFHBEB QJ
*HOBTJ (BSDÓB
1SPNFTFT BNC EFNPSB "NC NPUJV EF MFT PCSFT BM DBSSFS #BMEPNFS 4PMË EF #B EBMPOB RVF DPNFOÎBSFO FM EF KVMJPM FMT BVUPCVTPT RVF OPSNBMNFOU DJSDVMBWFO QFM DBSSFS FTNFOUBU WBO IBWFS EF DBOWJBS FM TFV JUJOFSBSJ QFS VO EF NÏT MMBSH &M OPV SFDPSSFHVU DPNFOÎBWB B MB 3BNCMB 4BOU +PBO QFM DBSSFS $PODÛSEJB J FM DBSSFS 1BV $MBSJT "RVFTUFT PCSFT WBO DPNFOÎBS BNC MB DPOEJDJØ EF mOBMJU[BS P TJ NÏT OP BNC MB QPTTJCJMJUBU EF M BDDÏT EFM USËOTJU FM QSJNFS EJB EFM NFT EF 4FUFNCSF -B NFWB TPSQSFTB IB FTUBU RVBO BWVJ EJB EF TFUFN CSF FM DBSSFS #BMEPNFS 4P MË TFHVFJY UBMMBU J MFT MÓOJFT E BVUPCVTPT TFHVFJYFO EFT WJBEFT * OP OPNÏT BJYÛ TJOØ RVF BWVJ EJB EF TFUFN CSF MB NBKPSJB EF SFTJEFOUT
EFM $BSSFS #BMEPNFS 4PMË BMT OFHPDJT EFMT RVBMT FMT DMJFOUT OP QPEFO BDDFEJS IJ QFSRVÒ FTUB UPUBMNFOU QMF EF GBOH J FOWPMUBU EF UBORVFT J EF NBUFSJBM VSCË FTDBNQBU * EF MFT FTRVFSEFT RVF FT UBO BQBSFJYFOU BMT QJTPT EFMT WFÕOT EFM DBSSFS UBMMBU ²T JOEJHOBOU RVF OPNÏT TF O SFDPSEJO EFMT DJVUBEBOT RVBO OFDFTTJUFO VO WPU QFS QPEFS PNQMJS VOT BOZT NÏT MFT TF WFT CVU YBRVFT 1FSRVÒ FM RVF FMT DJVUBEBOT EFNBOFN ÏT VOB #BEBMPOB EJHOB J BNC NFOZT DPOUBNJOBDJØ QFSÛ QFS BJYÛ ÏT OFDFTTBSJ RVF GBDJMJUJO M BDDÏT BMT USBOTQPSUT QÞCMJDT RVF QSPV DBST TØO DPN QFS FOOFHSJS IJ NÏT FM DBNÓ QFS B QPEFS VUJMJU[BS MPT 1SPV EF NFOUJEFT DPOTFMMFS E VSCBOJTNF
B #BEBMPOB DPNFOÎBWB MB TFWB KPSOBEB MBCPSBM EFT QSÏT EF MFT WBDBODFT J NPMUT FTUVEJBOUT FT EJSJHJFO B MFT VOJWFSTJUBUT DPSSFTQPOFOUT MBNFOUBCMFNFOU FMT FTUV EJBOUT J USFCBMMBEPST T IBO BTTJTUJU B MB TFWB DJUB QFSÛ BNC VO SFUBSEBNFOU E IPSBSJ FMFWBU "SSJCBUT B BRVFTU QVOU ÏT RVBO KP J TVQPTP RVF DPN KP BMUSFT QFSTPOFT UBNCÏ FOT QSFHVOUFN 2VJO TFOUJU UÏ GPNFOUBS M ÞT EFM USBOTQPSU QÞCMJD RVBO QFS QPEFS BHBGBS FM NFUSP B M FTUBDJØ EF 1FQ 7FOUVSB U IBT EF MMFWBS VOB IPSB BCBOT B DBVTB EFM SF DPSSFHVU QSPWJTJPOBM EF MFT PCSFT RVF OP IBO GJOBMJU[BU RVBO FSB EFHVU * QFS BDB CBS E BVHNFOUBS MB DSJTQBDJØ EFMT CBEBMPOJOT "MHÞ T IB QSFPDVQBU QFMT DPNFSDJBOUT
6OB WFÕOB JOEJHOBEB
&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
-FDUPST 1BH 1BH 1BH JOEE
727 %DGDORQD
FRQVXOWRUL FRPXQLWDWV ODERUDO ILVFDO DVVHVVRULD
FRQVXOWRUL
EQPUWVQTK NGICN -PT FTUBUVUPT (BCJOFUF +VSÓEJDP )FSOÈOEF[ 7JDFOUF IW!HBCJOFUF OFU
&TUB TFNBOB BOBMJ[BSFNPT MBT DBSBDUFSÓTUJDBT Z DPOUFOJEP EF MPT &TUBUVUPT -PT &TUBUVUPT SFHVMBO MPT BT QFDUPT SFMBUJWPT BM SÏHJNFO KVSÓEJDP SFBM EF MB DPNVOJEBE Z QVFEFO DPOUFOFS SFHMBT TP CSF FM EFTUJOP VTP Z BQSP WFDIBNJFOUP EF MPT CJFOFT QSJWBUJWPT Z EF MPT CJFOFT DP NVOFT MBT MJNJUBDJPOFT EF VTP Z FM SFTUP EF DBSHBT EF MPT FMFNFOUPT QSJWBUJWPT FM FKFSDJDJP EF MPT EFSFDIPT Z FM DVNQMJNJFOUP EF MBT PCMJHB DJPOFT MB GPSNB EF HFTUJØO Z BENJOJTUSBDJØO ØSHBOPT EF HPCJFSOP DPNQMFNFOUBSJP MB BQMJDBDJØO EF HBTUPT F JOHSF TPT Z MB EJTUSJCVDJØO EF MBT DBSHBT Z MPT CFOFm DJPTy 1PS MP UBOUP MB MFZ OP IBDF VOB FOVNFSBDJØO DFSSBEB EF MBT SFHMBT RVF QVFEFO DPOUFOFS MPT &TUBUVUPT TJNQMFNFOUF FOVNFSB BMHVOPT EF MPT BT QFDUPT RVF IBCJUVBMNFOUF SFHVMBO MPT &TUBUVUPT &M MFHJTMBEPS DBUBMÈO IB JO DMVJEP UBNCJÏO BMHVOBT DMÈV TVMBT FTUBUVUBSJBT RVF BO
UFS JPS NFOUF TF DPOTJEFSBCBO EV EPTBT Z RVF BIPSB TF QVFEFO JODMVJS FO MB SFEBDDJØO EF MPT &TUBUVUPT FT FM DBTP QPS FKFNQMP EF MBT DMÈV TVMBT RVF FYPOFSBO EF MB PCMJHBDJØO EF QBHBS HBTUPT EF NBOUFOJNJFOUP Z DPOTFS WBDJØO EFM QPSUBM FTDBMFSB BTDFOTPSFTy B EFUFSNJOB EPT FMFNFOUPT QSJWBUJWPT MPDBMFT
-PT &TUBUVUPT QVFEFO PUPSHBSTF P OP FO FM DBTP EF RVF TF PUPSHVFO IBO EF JOUFHSBSTF OFDF TBSJBNFOUF FO FM UÓUVMP DPOTUJUVUJWP
&TUBUVUPT TJFNQSF Z DVBOEP FO TV SFEBDDJØO TF UFOHB FO DVFOUB MBT DBSBDUFSÓTUJDBT EFM FEJm DJP FO DPODSFUP
DPOTVMUPSJ
&M UÓUVMP DPOTUJUVUJWP TF QVF EF NPEJGJDBS TJO UFOFS RVF NPEJm DBS MPT &TUBUVUPT QFSP TJ MP RVF RVFSFNPT FT NPEJ m DBS MPT &TUBUVUPT QBSB FMMP FT OFDFTBSJP RVF UBNCJÏO NPEJm RVFNPT FM UÓUVMP DPOT UJUVUJWP
{6OB +VOUB EF QSPQJFUB SJPT QVFEF SFVOJSTF TJO DPOWPDBUPSJB 4Ó QFSP IBO EF DVNQMJS TF VOB TFSJF EF SFRVJTJUPT )BO EF BDVEJS B MB +VOUB UPEPT MPT QSPQJFUBSJPT IBO EF BDPSEBS QPS VOBOJNJEBE MB DFMFCSBDJØO EF MB SFVOJØO Z FM PSEFO EFM EÓB EF ÏTUB BOUFT EF JOJDJBS MB KVOUB
-B DPSSFDUB SFEBDDJØO EF MPT &TUBUVUPT Z TV JOTDSJQDJØO FO FM SFHJTUSP EF MB QSPQJFEBE GBDJMJUB FO HSBO NFEJEB FM GVO DJPOBNJFOUP EF MB DPNVOJEBE Z FWJUB RVF TVSKBO QPTUFSJPSFT DPOGMJDUPT 1PS MP UBOUP FT NVZ SFDPNFOEBCMF PUPSHBS
&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
LPPRELOLÁULD
KOOQDKNKÀTKC
/D PLOORU VHOHFFLÓ LPPRELOLÁULD GHO %DUFHORQÈV 1RUG
"WBMMPHVFS 2VÒ ÏT M BWBMMPHVFS ²T VO TJTUFNB EF DPCFSUVSB QFS B BRVFMMT QSPQJFUBSJT RVF WVMHVJO MMPHBS VO IBCJUBUHF EBWBOU EF QPTTJCMFT JNQBHBNFOUT EFMT MMP HBUFST TFNQSF RVF OP EFNBOJO QFS GFS FM DPOUSBDUF EF MMPHVFS NÏT EF EPT NFTPT EF mBOÎB &O RVÒ DPOTJTUFJY BRVFTUB DPCFSUVSB - BWBMMPHVFS EØOB DPCFSUVSB BMT BSSFOEBEPST E IBCJUBUHFT TP CSF FM DPCSBNFOU EF mOT B DJOD NFTPT EFM MMPHVFS FO DBT E IBWFS JOTUBU VO QSPDÏT KVEJDJBM EF EFT OPOBNFOU QFS JNQBHBNFOU EF SFOEFT J IBWFS PCUJOHVU TFOUÒO
DJB P IBWFS BSSJCBU B VO BDPSE FYUSBKVEJDJBM BCBOT E PCUFOJS MB TFOUÒODJB
NFOTVBM OP QPU TVQFSBS MFT RVBOUJFT TFHàFOUT t FVSPT NFT B #BSDFMPOB DJVUBU t FVSPT NFT B MB SFTUB EF NVOJDJQJT EF MB [POB " t FVSPT NFT BMT NVOJDJQJT EF MB [POB # t FVSPT NFT BMT NVOJDJQJT EF MB [POB $ t FVSPT NFT BMT NVOJDJQJT EF MB [POB %
$PN FT QPU BDDFEJS B M BWBMMPHVFS $BM RVF M BSSFOEBEPS J M BSSFOEBUBSJ TVCTDSJHVJO VO EPDVNFOU EF DPNQSPNÓT RVBO GPSNBMJU[FO FM DPOUSBDUF EF MMPHVFS 2VJOT SFRVJTJUT IBO EF SFVOJS FMT DPOUSBDUFT EF MMPHVFS QFS QPEFS PCUFOJS BRVFTUB DPCFSUVSB
/P T IB E IBWFS EFNBOBU NÏT EF EPT NFTPT EF SFOEB DPN B mBOÎB OJ DBQ BMUSB HBSBO -B EBUB EFM DPOUSBDUF EF MMP UJB BEEJDJPOBM FO FM DPOUSBD HVFS IB EF TFS QPTUFSJPS BM UF T IB E IBWFS EJQPTJUBU MB E BHPTU EF FM MMPHVFS mBOÎB B M *OTUJUVU $BUBMË EFM +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 FOUSFTPM N WBSJT EFTQBUYPT " " BTDFO TPS 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 4*453&--4 N F $ (*30/" #6'"-® N NBHBU[FN UBMMFS F $ (*30/" N PGJDJOB NBHBU[FN [POB DBSSFHB EFTDBSSFHB F $ 4"/5 .*26&- $&/53& N 4PSUJEB GVNT F %&41"59 ;0/" --03&%" N " " QFSGFDUF FTUBUBU F
5*"/" UPSSF BÕMMBEB FO MMPHVFS IBC EPCMFT CBOZT YFNFOFJB UFSSBTTFT KBSEÓ HBSBUHF FO QFSGFDUF FTUBU B EPT NJOVUT EhBVUPQJTUB F $ 1037&/*3 IBC CBMDØ HBMFSÓB NPMUB DMBSFUBU TFOTF BTDFOTPS F 1- -" 1-"/" IBC CBMDØ UPU FYUFSJPS SU TFOTF BTD F $ 13*. IBC TFOTF BTDFOTPS F 1*40 "-26*-&3 $ 4FMWB IBC CBMDØ BTDFOTPS F 1*40 "-26*-&3 $ "OUPOJ #PUFZ IBC CBMDØ FS TFOTF BTDFOTPS F 1*40 &456%*0 $ 5PSUPTB IBC NPCMBU 1SFDJØT OPV F 1*4 &/ --0(6&3 1MBÎB MB 1MBOB IBC CBOZ UTTB T BTD SFGPSNBU F
1"3,*/(4 * 53"45&34 &/ --0(6&3 1"3,*/(4 * 53"45&34 &/ --0(6&3 1-"±" -" 1-"/" 1®326*/( 53"45&3 01$*0/"- F
/"64 &/ --0(6&3 /"64 */%6453*"-4 $0.&3$*"-4 10-¶(»/ #0/"7*45" B QBSUJS EF N FO EVFT QMBOUFT F /"6 #BSDFMPOB [POB ! $ #BEBKP[ N F /"6 1PM -FT (VJYFSFT N FRVJQBEB BNC JOTUBMBDJPOT F
7&/%" -0$"- 7*7&/%" $ */%Á453*" O N TPSUJEB GVNT 3FG F
*14#4+1 C *14#5 C *14#5 2NCÁC $CTÎ FG /CNF´ P 6GNU #RCTVCV $#&#.10# $CTEGNQPC (#: | YYY IGUVQTKCOQPVUGTTCV EQO
QBH JOEE
727 %DGDORQD
2VBO FT QPU TPMrMJDJUBS M BWBMMPHVFS &M ESFU B M BWBMMPHVFS ÏT DPO DFEJU EF NBOFSB BVUPNËUJDB QFS M *OTUJUVU $BUBMË EFM 4ÛM TJ FT DPNQMFJYFO FMT SFRVJTJUT FTNFOUBUT 1FS TPMrMJDJUBS B M *OTUJUVU $B UBMË EFM 4ÛM FM QBHBNFOU EF M BWBMMPHVFS DBM IBWFS PCUJO HVU VOB TFOUÒODJB EF EFTOP OBNFOU QFS JNQBHBNFOUT P T IB E IBWFS BSSJCBU B VO BDPSE FOUSF FM QSPQJFUBSJ J FM MMPHBUFS EF SFUPSO EF M IBCJUBUHF BCBOT E IBWFS TF GPSNBMJU[BU FM EFT OPOBNFOU &O RVJOT DBTPT OP FT QPESË DPCSBS M BWBMMPHVFS t &O DBT RVF FMT JNQBHBNFOUT EFM MMPHBUFS T IBHJO QSPEVÕU QFS
MB OFHBUJWB EF M BSSFOEBEPS B DPCSBS P QFSRVÒ M BSSFOEBEPS IBHJ QPTBU EJm DVMUBUT BMT QB HBNFOUT t &O DBT RVF FO VO UFSNJOJ EF USFT BOZT T IBHJO EJDUBU USFT TFOUÒODJFT EF EFTOPOBNFOU EFM NBUFJY IBCJUBUHF t &O DBT RVF FO FM UFSNJOJ EF EPT BOZT T IBHJ EJDUBU NÏT E VOB TFOUÒODJB EF EFTOP OBNFOU QFS JNQBHBNFOU BM NBUFJY MMPHBUFS
4J FM SFHJTUSF EFM DPOUSBDUF J EF MB GJBOÎB ÏT EVU B UFSNF QFS VO BHFOU FO OPN EFM QSP QJFUBSJ MB OPUJm DBDJØ EFM ESFU B M BWBMMPHVFS UBNCÏ FT QSPEVJSË EF NBOFSB BVUPNËUJDB
0O T IB EF QSFTFOUBS MB TPMrMJDJUVE EF M BWBMMPHVFS
t O Þ N F S P E F S F H J T U S F B M */$"4¾- EFM DPOUSBDUF EF MMPHVFS t TFOUÒODJB EF EFTOPOBNFOU P BDPSE FYUSBKVEJDJBM t B D S F E J U B D J Ø E F M B E B U B E JOUFSQPTJDJØ EF MB EFNBO EB EF MB EBUB EF MB TFOUÒO DJB TJ ÏT FM DBT J EF MB SFDV QFSBDJØ EF MB QPTTFTTJØ EF M IBCJUBUHF t E F D M BS BD J Ø S F T Q P O T B C M F DPOGPSNF OP T IB DPCSBU DBQ NFOTVBMJUBU PCKFDUF EF MB EF NBOEB P TJ ÏT FM DBT EF MFT QFSDFCVEFT KVEJDJBMNFOU P FYUSBKVEJDJBMNFOU
2VJOB EPDVNFOUBDJØ DBM QSFTFOUBS $ P O K V O U B N F O U B N C M B TPMrMJDJUVE DBM QSFTFOUBS MB EPDVNFOUBDJØ TFHàFOU
-B TPMrMJDJUVE EF M BWBMMPHVFS T IB EF QSFTFOUBS B M ®SFB EF 'JBODFT EF M *OTUJUVU $BUBMË EFM 4ÛM /P PCTUBOU BJYÛ QFM TJNQMF GFU EF SFHJTUSBS FM DPOUSBD UF J MB GJBOÎB EFM MMPHVFS B M *OTUJUVU $BUBMË EFM 4ÛM J TJ FT DPNQMFJYFO FMT SFRVJTJUT M */$"4¾- OPUJm DBSË EF NB OFSB BVUPNËUJDB BRVFTU ESFU BM QSPQJFUBSJ J BM MMPHBUFS
LPPRELOLÁULD
4ÛM */$"4¾- J SFHJTUSBU FM DPOUSBDUF ÓOUFHSF J T IB E IBWFS QSFTFOUBU B M *OTUJUVU $BUBMË EFM 4ÛM FM EPDVNFOU EF DPNQSPNÓT TJHOBU QFS M BSSFOEBEPS J M BSSFOEBUBSJ
$ 'SBODFTD -BZSFU O #"%"-0/"
5
*..0#*-*®3*" 1*404 &/ 7&/%"
$ 7JMBOPWB J MB (FMUSÞ N IBCJUBDJPOT CBOZ 1FS SFGPSNBS å -B 1MBOB N IBCJUBDJPOT CBOZ /FDFTTJUB SFGPSNFT å $ 4BOUB .BSJB QJTPT EF N IBCJUBDJPOT CBOZ /FDFTTJUFO QFUJUFT SFGPSNFT %FT EF å $ *HOBTJ *HMÒTJFT N IBCJUBDJPOT CBOZ 1FS SFGPSNBS å $ $PORVFTUB N IBCJUBDJPOT CBOZ 5PUBMNFOU SFGPSNBU å $ 4BOU 7JDFOÎ N IBCJUBDJPOT CBOZ 0DBTJØ #BOZ J DVJOB SFGPSNBUT å $ (VJGSÏ N IBCJUBDJPOT CBOZT .JMMPS RVF OPV å $ (VJGSÏ N IBCJUBDJPOT CBOZT %F MVYF 5PU EF EJTTFOZ å $ (BMJMFP N IBCJUBDJPOT CBOZT 1FS FTUSFOBS %F -VYF å 1JTPT $BO .FSDBEFS N N UFSSBTTB IBCJUBDJPOT CBOZT 5PUBMNFOU SFGPSNBU (SBOT WJTUFT å $ .BS N IBCJUBDJPOT CBOZ å $ 4BOU 3BGBFM N N EF UFSSBTTB IBCJUBDJPOT CBOZ å $ 4BOU 3BGBFM N IBCJUBDJPOT CBOZ 1FS FOUSBS B WJVSF /PV QSFV å 1SPNPDJØ 0CSB /PWB -B .PSFSB 1JTPT EF IBCJUBDJPOT CBOZT $POEJDJPOT IJQPUÏDB 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
å å å
1*404 * $"4&4 &/ --0(6&3 $ #BOZPMFT N IBCJUBDJPOT CBOZT $ %PT EF .BJH N EF UFSSBTTB IBCJUBDJPOT CBOZT $ *HOBTJ JHMÒTJFT N IBCJUBDJPOT CBOZ $ #BMEPNFSP 4PMË N IBCJUBDJPOT CBOZ $ .BS N IBCJUBDJPOT CBOZ $ -BJFUBOB N N EF UFSSBTTB IBCJUBDJPOT CBOZT $ 1VJHNBM N $BTB EF Q CBJYB QJT IBCJUBDJPOT CBOZT $ #BMEPNFSP 4PMË N #BOZ J DVJOB SFGPSNBUT IBCJUBDJPOT CBOZ $ 4BSBHPTTB N N CBMDØ IBCJUBDJPOT CBOZT
å NFT å NFT å NFT å NFT å NFT å NFT å NFT å NFT å NFT
-0$"-4 %FTQBUYPT $ 'SBODFTD -BZSFU %FT EF N 0GJDJOB $ *HOBTJ *HMÒTJFT N *EFBM PGJDJOB $ *OEÞTUJB $PORVJTUB N " D DBMFGBDDJØ *NQFDBCMF
å NFT å NFT å
505 &- 26& #6426&4 )0 530#"3®4 " 888 1"3&--"%" $"5
727 %DGDORQD
QBH JOEE
$ -B 1BV 5JBOB
LPPRELOLÁULD
5FM
#BEBMPOB t %S 3PCFSU t 0CSB /PWB
t 1JTPT J IBCJUBDJPOT t CBOZT UJQVT TVJUUF
t " " #PNCB EF DBMPS QFS DPOEVDUFT
t $BMFGBDDJØ B HBT t $VJOFT UPUBMNFOU FRVJQBEFT NPCMFT EF DJSFSFS J FMFDUSPEPNÒTUJDT 4*&.&/4
t $BSQJOUFSJB FYUFSJPS 17$ QFSTJBOFT BVUPNËUJRVFT t .FOKBEPS 4VQFS (3"%)&3.µ5*$ t 5PUBMNFOU FYUFSJPS J BTTPMFMMBU t "DBCBUT EF RVBMJUBU t (SJGFSJB (SPIF 5FSNPFTUËUJDB t 0QDJØ QBSLJOH J USBTUFS
%FTEF å
5SVDBS QFS DPODFSUBS WJTJUB 5FM
%626& "#0("%04 "4&403*" $0/5"#-& -"#03"- : '*4$"1*404 &/ "-26*-&3
$ 5&.1-& N IBC EPT CB×PT DPDJOB UPEP FYUFSJPS FVSPT #6'"-« $BTB VOJGBNJMJBS BNVFCMBEB HBSBKF USFT QMBOUBT QBUJP FVSPT "7%" ".&3*$" IBC FYUFSJPS BTDFOTPS FVSPT +6"/ 7"-&3" IBC DPNFEPS DPDJOB HBMFSÓB CB×P FVSPT +6"/ 7"-&3" IBC DPNFEPS DPDJOB HBMFSÓB CBMDØO BTDFOTPS DPO NVFCMFT FVSPT $ $0-- *16+0- IBC DPN CBMDØO DPD HBMFSÓB CB×P DPNQM BTD B QBSUF USBTFSB DPO NVDIB DMBSJEBE FVSPT $ &%6"3% '-0 IBC DPNFEPS DPO DIJNFOFB IPHBS CBMDØO CB×P DPDJOB HBMFSÓB BTDFOTPS FYUFSJPS FVSPT #"3$&-0/" $ /"10-&4 IBC DPNFEPS CBMDØO DPDJOB CB×P BTDFOTPS FVSPT $ 1&%30 ."35&-- )BC DPNFEPS DPDJOB HBMFSÓB CBMDØO FYUFSJPS FVSPT $ 1&%30 ."35&-- IBC DPNFEPS DPDJOB CB×P FYUFSJPS T BTDFOTPS FVSPT $ 1"--"3&4" IBC DPNFEPS DPDJOB HBMFSÓB FYUFSJPS FVSPT
1*404 : $"4"4 &/ 7&/5"
5*"/" $ ."5"4 N IBC DPNFEPS CBMDØO DPDJOB DBMFGBDDJØO BJSF BDPOEJDJPOBEP [POB DPNVOJUBSJB DPO QJTDJOB FTQMFOEJEBT WJTUBT UPEP FYUFSJPS CJFO DPNVOJDBEP QMB[B EF QBSLJOH FVSPT $ 6/*0 $BTB EF N FO USFT QMBOUBT QBUJP /VFWB EF EJTF×P FVSPT "7%" ."326&4 %& .0/530*( IBC DPNFEPS CBMDØO DPDJOB HBMFSÓB CB×P BTFP BTDFOTPS FYUFSJPS OFDFTJUB SFGPSNBS FVSPT $ /06 $"4"4 DBTB EF QMBOUBT DPO HKF TØUBOP UFSSBEP EF N DBMFG UPEB FYU BSSFHMBEB FVSPT "7% 4 4"-7"%03 QJTP EF IBC BSSFHMBEP FVSPT --&'*" 1JTP BTDFOTPS FYUFSJPS FVSPT 5&.1-0 . TPMP EPT WFDJOPT OFDFTJUB BSSFHMPT FVSPT "7% ".&3*$" IC NVDIB DMBSJEBE BTDFOTPS FVSPT $ (&/&3"- 8&:-&3 N IB DPNFEPS DPDJOB DBMFGBDDJØO BJSF BDPOEJDJPOBEP BSSFHMBEP CBMDØO FYUFSJPS NVDIB DMBSJEBE QMB[B EF QBSLJOH FVSPT %&-"/5& %&- 16&350 %& #"%"-0/" QJTP EF N DPNFEPS CBMDØO IBC DPO CB×P JODPSQPSBEP BSNBSJP FNQPUSBEP FO QBTJMMP CB×P DPO NFEJB CB×FSB DBMFGBDDJØO BJSF BDPOEJDJPOBEP UPEP FYUFSJPS BTDFOTPS QBSLJOH [POB DPNVOJUBSJB DPO QJTDJOB FEJGJDJP EF USFT B×PT FVSPT $ .0-* %& -" 5033& IBC DPNFEPS CB×P BTFP UPEP FYUFSJPS DPDJOB CBMDØO BTDFOTPS DBMFGBDDJØO BJSF BDPOEJDJPOBEP FVSPT $ 1"3$&3*4"4 #$/ IBC DPNFEPS DPDJOB HBMFSÓB CBMDØO BTD OFDFTJUB SFGPSNB FVSPT
-0$"-&4 &/ 7&/5" : "-26*-&3
$ '3"/$&4$ -":3&5 MPDBMFT FO QJTP EFTEF N B N Z EFTEF FVSPT B FVSPT $ #"-%0.&30 40-« TØUBOP EF N BTFP FVSPT $ ;"3"(0;" N MPDBM EJÈGBOP BTFP FYUFSJPS FVSPT $ .0/54&33"5 N 7&/5" FVSPT $ .0/54&33"5 N FVSPT "7%" "-'0/40 9*** N EJÈGBOP FYUFSJPS FVSPT "3*04 0$"-&4 : "3,*/( &/ &/5" : -26*-&3
7
-
1
7
"
i53".*5".04 )&3&/$*" $0/5"#*-*%"% /0.*/"4 %&$-"3"$*0/&4 %& 3&/5"w '3"/$*4$" %626& )&3/«/%&; "#0("%"
5&- '3"/$&4$ -":3&5 &3 1*4 #"%"-0/"
QBH JOEE
727 %DGDORQD
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 $ /$ 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 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 ),1&$ (1 9(1'$ & 085,//2 0$15(6 HV FRPSRQ GH VRWHUUDQL GH P SDWL GH P SODQWD EDL[D DPE KDE PHQMDGRU FXLQD EDQ\ L JDUDWJH 3ULPHU SLV DPE KDE EDQ\ PHQMDGRU FXLQD L WHUUDVVD JROIHV L WHUUDW 7RW HQ ERQ HVWDW 9HQGD WRWD OD ILQFD 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 3$5.,1* )5$1&(6& /$<5(7 (1 9(1'$ 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( 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&$/ 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 /2&$/ & 3529,'Ë1&,$ FRPHUFLDO P ½ 0(6 3,6 & /$,(71,$ &(175( KDELWDFLRQV GREOHV VDOD PHQMDGRU EDQ\V FXLQD EDOFy 7RW H[WHULRU ½ 0(6 3,6 & (15,& %2556 67 -26(3 KDE PHQMDGRU JUDQ FXLQD EDQ\ FRPSOHW DVHR UHERVW L JDOHULD ½ 0(6 3,6 & /(6 &2576 KDE VDOD PHQMDGRU JUDQ EDQ\ FRPSOHW FXLQD HTXLSDGD FDOHI SHUIHFWH HVWDW ½ 0(6 3,6 & 67$ 0$5,$ 5$0%/$ KDE EDQ\V FRPSOHWV VDOD PHQMDGRU JUDQ FXLQD JUDQ PREODW SHUIHFWH HVWDW ½ 0(6 3,6 & 6$1 &$5/(6 &(175( DSDUWDPHQW QRX KDE GREOH EDQ\ FRPSOHW VDOD PHQMDGRU JUDQ DPE FXLQD DPHULFDQD WUDVWHU ½ 0(6 3,6 & 085,//2 0$15(6 KDE JUDQV EDQ\ FXLQD PHQMDGRU WHUUDVVD WRW H[WHULRU 0REODW ½ 0(6
7HOqIRQ CBEBMPOB /PV EFGJOJUJV JOEE
& /DLHWDQLD %$'$/21$
LPPRELOLÁULD
' */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 Qſ EKPC CUGQ OW[ DWGP GUVCFQ ŝ )#5615 /14'4# #8 24#6 &' .# 4+$# O CUGQ +FGCN Qſ EKPC RCRGNGTKC LVQ IWCTFGTKC GVE 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 Qſ EKPCU 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 Qſ E CNOCEÃP ŝ 2#4-+0) /161 % .CKGVCPC CNSWKNGT ŝ
8'06# &' 2+515 ; %#5#5 %'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 C C ECNGH 2'4('%61 '56#&1 0')1%+#$.' /106)#6 &2.': HTGPVG CN OCT O JCD VGTTC\C ſ PEC 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 #46+)#5 % 4#(#'. %#5#018#5 (KPEC O Z HQPFQ 5ÎVCPQ NQECN XKXKGPFC VGTTC\C $WGP GUVCFQ %1057.6#4 24'%+1
#.37+.'4 /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 ,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 %'0641 % ..'¦ VKEQ VGTTC\C O JCD FQDNGU DCÌQU EQOGFQT EQEKPC COGTKECPC E GNGEVTQF #UEGPUQT ŝ %'0641 '.8+4# 2#4- O JCD EQOGFQT DCNEÎP EQEKPC DCÌQ ECNGH CUE 6QFQ GZVGTKQT /W[ DWGP GUVCFQ ŝ %'0641 % %1037+56# O JCD EQOGFQT DCNEÎP EQEKPC DCÌQ ECNGH VQFQ PWGXQ ŝ /14'4# O JCD EQOGFQT DCNEÎP EQEKPC DCÌQ CUEGPUQT OW[ DWGP GUVCFQ ŝ %#¤#&¦ O JCD EQOGFQT DCNEÎP EQEKPC DCÌQ CUGQ CUEGPUQT RGTHGEVQ GUVCFQ ŝ %'0641 #8 /#46 27,1. 'NXKTC 2CTM O JCD EQOGFQT DCNEÎP GUV EQEKPC DCÌQ ECNGHCEEKÎP ŝ $#.&1/'41 51. #OWGDNCFQ O JCD FQDNGU EQOGFQT DCNEÎP EQEKPC DCÌQU CUEGPUQT 2'4('%61 ŝ %'0641 ,61 #;706#/+'061 JCD EQOGFQT EQEKPC COGTKECPC GNGEVTQFQOÃUVKEQU $CÌQ EQORNGVQ 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
hZ' s E Z >KE ͬ ƚƌĂ͘ ŶƟ ŐƵĂ sĂůĞŶĐŝĂ Ͳ ŶĚƌĞƐ ^ĞŐŽǀŝĂ &ĂŶƚĄƐƟ ĐŽ ƉŝƐŽ ĚĞ ϰ ŚĂďŝƚĂĐŝŽŶĞƐ͕ ĐŽĐŝŶĂ ĞƋƵŝƉĂĚĂ͕ ďĂŹŽ ĐŽŵƉůĞͲ ƚŽ͕ ďĂůĐſŶ Ă ůĂ ĐĂůůĞ͕ ƚŽĚŽ ƌĞĨŽƌŵĂĚŽ͘ WĂƌĂ ĞŶƚƌĂƌ Ă ǀŝǀŝƌ͘ &ƌĞŶƚĞ ĨƵƚƵƌĂ ƉůĂnjĂ͘ DƵLJ ďŝĞŶ ĐŽŵƵŶŝĐĂĚŽ͘ KĐĂƐŝſŶ͊͊ ŶƚĞƐ Ϯϳϱ͘ϬϬϬ Φ ,KZ ϮϬϵ͘ϬϬϬ Φ Ͳ hKd ϴϰϬ Φ ^ƌ͘ ŶƚŽŶŝŽ ϲϲϬ͘ϴϭϵ͘ϰϭϯ
QBH JOEE
727 %DGDORQD
307*304" (&4503
)5$1&(6& /$<5(7 EDL[RV 7HOV )D[ %$'$/21$ ZZZ URYLURVDJHVWRU FRP +25$5, '·(67,8 GH O GH MXOLRO DO GH VHWHPEUH GH K D K GLPHFUHV L GLVVDEWHV WDQFDW 3,626 (1 //2*8(5 $57,*$6 5,86 , 7$8/(7 KDE PHQM FXLQD EDQ\ WHUUDVVD GH P ½ %$5&(/21$ $/0$16$ P KDE PHQM FXLQD EDQ\ %RQ HVWDW 'LVSRVD GH FRPSWDGRUV HQVHQ\D SURS ½ %8)$/$ ,1'(3(1'(1&,$ +DE PHQM FXLQD EDQ\ DPE GXW[D QR DVFHQVRU ½ %8)$/$ ,1'(3(1'(1&,$ +DE PHQM FXLQD EDQ\ DPE GXW[D QR DVFHQVRU %RQ HVWDW ½ %8)$/$ ,1'(3(1'(1&,$ KDE PHQM FXLQD EDQ\ DVHR 3$5.,1* &DOHIDFF $LUH FRQG %21 (67$7 P ½ %8)$/$ $9*'$ 0$57Ì 38-2/ +DE PHQM FXLQD EDQ\ KL KD PREOHV P ½ &(175( $9*'$ 0$57, 38-2/ +DE PHQM FXLQD EDQ\ DVHR D SURS 5HQIH EDOFy %21 (67$7 DVFHQVRU ½ &(175( $9*'$ 0$57, 38-2/ +DE VXLWWH SDWL GH P EDQ\ DVHR %21 (67$7 ½ &(175( $16(/0 &/$9( %;6 L 3,6 KDE PHQM FXLQD EDQ\ FDOHIDFF &DVD P SDWL ½ &(175( )5$1&(6& 3/$1$6 , &$6$/6 KDE PHQM FXLQD EDQ\ EDOFy L WHUUDVVD D OD SDUW GHO GDUUHUD SLQWDW L DFRQGLFLRQDU ½ &(175( /$,(7$1,$ KDE PHQM FXLQD EDQ\ DVHR %21 (67$7 P DVFHQVRU LQWHULRU ½ &(175( //(2 KDE PHQM FXLQD EDQ\ 727$/0(17 5()250$7 6HQFH DVFHQVRU P P WHUUDVVD ½ &(175( 6$17 $1$67$6, KDE PHQM FXLQD EDQ\ SRFV YHwQV %RQ HVWDW ½ &(175( 6$17 $1$67$6, KDE PHQM FXLQD WRW MXQW EDQ\ WRWDOPHQW UHIRUPDW À QFD SRFV YHwQV ½ &(175( 6$17$ 0$'521$ +DE PHQM FXLQD EDQ\ EDOFy ERQHV YLVWHV DO PDU ½ &(175( /(6 &2576 0 +DE PHQM FXLQD EDQ\ FDOHIDFF DLUH FRQGLFLRQDW ½ &(175( 62/(7$7 0 +DE PHQM FXLQD EDQ\ DVHR ½ *25* ' 3(/$<2 KDE PHQM FXLQD EDQ\V FDOHI DLUH FRQG 0REOHV P DVFHQVRU ½ *25* 321(17 +DE PHQM FXLQD EDQ\ SLV GH P WHUUDVVD GH P ½ *25* 321(17 KDE PHQM FXLQD EDQ\ DVHR P +L KD PREOHV FRVWDW SDYHOOy EDVTXHW ½ *25* 725726$ /RIW DPE GXHV VDODV GH P FXLQD QRYD SDUTXHW SRFV YHwQV %21 (67$7 ½ *25* 725726$ +DE PHQM FXLQD EDQ\ WRWDOPHQW UHIRUPDW 3DUTXHW V DVFHQVRU P EDOFy ½ //(),$ 0$5( '( '(8 '( /25'$ +DE PHQM FXLQD EDQ\ 727$/0(17 5()250$7 ½ //25('$ -2&6 )/25$/6 +DE PHQM FXLQD EDQ\ 727 (;7(5,25 P $YLVDU DO SURSLHWDUL " ½ 3(3 9(1785$ % 62/$ +DE PHQM FXLQD EDQ\ EDOFy P ½ 3(3 9(1785$ *5$/ :(</(5 0 KL KD PREOHV KDE PHQM FXLQD EDQ\ DVHR 3(5)(&7( (67$7 ½ 3(3 9(1785$ *5$/ :(</(5 +DE PHQM FXLQD EDQ\ DPE GXW[D SLQWDW FXLQD QRYD %RQ HVWDW ½ 3(3 9(1785$ *5$/ :(</(5 +DE PHQMDGRU FXLQD QRYD EDQ\ QRX SLV ERQ HVWDW H[WHULRU L DPE EDOFy ½ 3(3 9(1785$ *8,;(5$6 KDE PHQM FXLQD EDQ\ DPE GXW[D EDOFy ½ 3(3 9(1785$ *8,;(5$6 +DE PHQM FXLQD EDQ\ DPE GXW[D QR DVFHQVRU ½
727 %DGDORQD
SPWJSPTB SFEJTTFOZ JOEE
3(3 9(1785$ *8,;(5$6 %$,;26 KDELW PHQM FXLQD EDQ\ 727$/0(17 5()250$7 3$7, ,17(5,25 ½ 3(3 9(1785$ 0,48(/ 6(59(7 KDE PHQM FXLQD EDQ\ 5HIRUPDW WHUUDW FRPXQLWDUL 3RFV YHwQV ½ 3(3 9(1785$ 0,48(/ 6(59(7 KDE PHQM FXLQD EDQ\ WHUUDW FRPXQLWDUL 3RFV YHwQV ½ 3(3 9(1785$ 7255$6 , %$*(6 KDE PHQM FXLQD EDQ\ DVHR DPE GXW[D L WHUUDVVD GH P H[WHU +L KD FRPSWDGRUV ½ 3(3 9(1785$ 7255$6 , %$*(6 jWLF KDEW PHQM FXLQD EDQ\ WHUUDVVD P DVFHQVRU ½ 3,626 '( 129$ &21758&&,2 3(5 //2*$5 %8)$/$ *,521$ ~OWLP SLV DWLF KDELWDFLRQV 0HQMDGRU FXLQD EDQ\ DOWHOO WHUUDVVD P ½ &(175( 0$57, , -8/,$ À QFD UHIRUPDGD ORIW P ~OWLP SLV ½ /2&$/6 3(5 //2*$5 $57,*$6 *8$6&+ YDULV ORFDOV Q P ½ FO 1 E[V P ½ FO 1 E[V P ½ FO ½ $57,*$6 9,&725 %$/$*8(5 P FRPHUFLDO R PDJDW]HP ½ %$5&(/21$ /(*$/,7$7 P ERQ HVWDW FRPHUFLDO ½ &(175( &/ 6$1 -26(3 ORFDO P VLWXDW HU SLV FRPHUFLDO ½ &(175( &$121*( %$5$1(5$ P [ · ½ &(175( )5$1&(6& /$<5(7 P ½ &(175( )5$1&(6& 3/$1$6 , &$6$/6 P SODQWHV GH P [ ½ &(175( *$/(5,(6 9,&725,$ DQWLF WRW P P P DOWHOO KL KD FRPSWDGRUV ½ &(175( 35,0 P SHU RILFLQD R VLPLODU ERQ HVWDW KL KD FRPSWDGRUV ½ &(175( 5,(5$ 0$7$02526 P ½ &(175( 6$1 %58 0$57, -8/,$ ORFDO P FRPHUFLDO ½ &(175( 6$17 -26(3 25,2/ P PDJDW]HP JDUDWJH ½ &(175( 6$17,$*2 586,f2/ P SHU RÀ FLQHV PDJDW]HP ½ '$/7 /$ 9,/$ %$5&(/21$ P RÀ FLQD R VLPLODU ½ '$/7 /$ 9,/$ %$5&(/21$ P PDJDW]HP ½ *25* $/)216 ;,,, P DQWLF JLPQDV ORFDO FRPHUFLDO ½ //25('$ 3-( 5,8 12*8(5$ P PDJDW]HP R VLPLOLDU ½ //25('$ 6(55$ '·$52 QHJRFL GH PHQMDUV SUHS YLYHQGD D SURS FRQWLQHQWH ERQD VLWXDFLR ½ 5% 6$1 -2$1 &$0(/,$ P ½ 6$/87 *5$/ 025$*$6 EMV SLV P LGHDO RÀ FLQH V ERWLJD FRPHUFLDO HWF ½ 6$/87 (&+(*$5$< P ERQ HVWDW DEDQV SHUUXTXHULD ½ 6$17 &5,67 $9*'$ &$5,7* P RÀ FLQD PDJDW]HP HWF ½ 6$17 &5,67 $9 &$5,7* P PDJDW]HP WDOOHU HWF ½ 6$17 &5,67 &8%$ P ½ 3/$&(6 '·$3$5&$0(17 3(5 //2*$5 &(175( 5 0$7$02526 SODQWD SODoD JUDQ ½ &(175( 5 0$7$02526 SODoD GREOH [ JDUDWJH SULYDW ½ &(175( 62/(7$7 SODoD JUDQ ½ ,1)250$&,2 '( 9(1'(6 '$/7 /$ 9,/$ TXLQWDQD DOWD SLV GXSOH[ ORFDO P SHU UHIRUPDU KL KD SDWL LQWHULRU ½ 3(3 9(1785$ P 6HUYHW FDVD GH P WUHV SODQWHV PHV SDWL SHUIHFWH HVWDW ½ 3(3 9(1785$ 5 $UJHQWLQD SHU UHIRUPDU P KDE ½
LPPRELOLÁULD
$"4" " 1&1 7&/563" 3FG # $BTB BNC UFSSFOZ N¤ J GBÎBOB N QBUJ N¤ J UTTB EF N¤ PSJFO UBDJØ NBS UÏ TPM UPU FM EJB &T QPU FEJGJDBS 1# (0-'&4 1UFT å 5&- 010356/*5"5 $"4" " 1&1 7&/563" " 1301 $ (6* '3² 3FG # (SBO DBTB FO 1# QBUJ N J HBSBUHF 1PTTJCJMJUBU EF GFS WJWFOEFT JOEFQFOEFOUT QUT å 4 "$$&15" &- 4&6 1*4 % &/53"%" 5&- 010356/*5"5 " 1-± #" %"-0/" " 1301 $ $"/*(» 3FG # 1JT IBC NFOK FYU DVJOB BSSFHMBEB CBOZ FO CPO FTUBU DBMFG J B D QJT BNC NPMUB MMVN PSJFOUBDJØ #BSDFMPOB *EFBM QFS QBSFMMFT QUFT å 5&- 010356/*5"5 1*4 *%&"- 1"3&--&4 " #6'"-® %3 30#&35 3FG # 1JT BNQMJ IBC NFOKBEPS FYU CBOZ J DVJOB SFGPSNBUT QJT FYUFSJPS J BNC NPMUB MMVN QUFT å 7JOB B WFVSF M 5&- «5*$0 &/ 7&/5" #0/"7*4 5" #"%"-0/" 3FGPSNBEP TVQ N DPNFEPS DPD PGGJ DF IBC FTUVEJP UFSSB[B N DBMFG (BT BJSF BDPOE 5SBTUFSP å 5&- 7&/%" 1-"/5" #"*9" $" 4"(&.&4 IBC CBOZT N N UFSSBTTB å 5&- 7 & / $ 1 - " ± " 1® 3 , * / ( $BO .FSDBEFS #BEBMPOB å 'MPSFODJ 5&- 1"3,*/( &/ 7&/5" #"%" -0/" $ 4BHVOUP DPDIF QFRVF×P å 5&- -0$"- &/ 7&/5" 0 "-26* -&3 #6'"-® $ *OEFQFOEFO DJB N PCSB B FTUSFOBS TBMJEB EF IVNPT QVFSUBT BO DIBT MBWBCP UFDIP BMUP TJO DPMVNOBT å "MRVJMFS å NFT 5&-
QBH JOEE
&91&3504 */.0#*-*"3*04
)UDQFHVF /D\UHW %$'$/21$ 3,626 (1 $/48,/(5
5HI $ &(1752 P KDE EDxRV H[W EDOFyQ \ DVF 3N RSF ½ JDVWRV 5HI $ &(1752 & 35,0 P KDE EDxRV DVFHQVRU H[WHULRU EDOFyQ ½ 5HI $ 025(5$ KDE DPXHEODGR WRGR UHIRUPDGR ½ 5HI $ &(1752 -72 +263,7$/ 3LVR WLSR DSDUWDPHQWR P KDE ½ 5HI $ 672 &5,672 3LVR GH KDELWDFLRQHV -XQWR &ROO L 3XMRO £2FDVLyQ ½ 5HI $ $57,*$6 ÈWLFR FRQ WHUUD]D 7RGR DPXHEODGR \ UHIRUPDGR KDELWDFLyQ ½ 5HI $ &(1752 -XQWR MX]JDGRV KDE UHIRUPDGR 6LQ PXHEOHV &DOHI \ $ $ ½ 5HI $ 0217,*$/ ÈWLFR WHUUD]D KDE DPXHEODGR \ UHIRUPDGR ½ 5HI $ &(1752 -WR SOD\D \ 5DPEOD KDE FRFLQD \ EDxR UHIRUPDGRV ([W EDOFyQ \ DVFHQVRU 7RGR LQFOXLGR ½ 5HI $ //(), -WR 5GD 6W $QWRQL 3LVR WRGR UHI SUHFLRVR KDE GREOHV 0X\ VROHDGR DPXHEODGR MXQWR IXWXUR PHWUR ½ 5HI $ 025(5$ *UDQ SLVR KDE DOWR H[W FRQ EDO \ DVF $PXHEO FRF \ EDxR UHIRU ½ 5HI $ /$ 6$/8' & (VWDGLR 0RUHJDV 3LVR REUD QXHYD DxRV KDE DPXHEODGR H[WHU SRVLELOLGDG GH SiUT HQ PLVPD ¿ QFD $VFHQVRU ½ 5HI $ 3(3 9(1785$ %RQLWR SLVR KDE DPXHEODGR $OWR H[WHU FRQ EDOFyQ \ DVFHQVRU $ $ *UDQGHV YLVWDV DO IXWXUR FDQDO ½ 5HI $ 0217*$7 3LVR GH KDE FRFLQD \ EDxR 5HIRUP *UDQGHV YLVWDV ½
3,626 (1 9(17$
2&$6,Ð1 /$ 6$/8' & 9LFWRU %DODJXHU KDE GREOHV ([W PX\ ELHQ FXLGDGR 3DUD HQWUDU D YLYLU 6LQ HQWUDGD \ UHVWR VROR D ¼ JDVWRV GH HVFULWXUDV LQFO ½ PLOORQHV SWDV
7HOV (VJGSÏ #"%"-0/"
XXX QSPNPDBU FT
5F M Ø
0#3" 4&.*/07"
3.# 45 +0"/ 0#3" 4&.*/07" 1&1 7&/563" 1&1 7&/563" ".# #"-%03 %& "/:4 " 1&1 130(3²4 3FG ;0/" "64*"4 .&3 40-® 3FG 7&/563" 3FG # #BJYPT ."3$) 3FG # 1JT N¤ # 1JT EF N¤ # -PGU EF BNC FOUSBEB IBC NFOKBEPS FYU B N¤ N¤ EF JOEFQFOEFOU EF IBC DVJOB J CBOZ CBMDØ DVJOB J CBOZ UFSSBTTB IBC IBC EPCMFT SFGPSNBUT NFOKBEPS BSSFHMBUT UFSSFT NFOKBEPS FYU DVJOB HSFT QPSUFT SPVSF FYU B D BNC CPNCB NFOKBEPS BNC DVJOB BNFSJDBOB CBOZ J CBOZ DPOTFSWBUT EF DBMPS QBSRVFU B D BNC CPNCB EF DPNQMFSU J BTFP UPU QJT E FTUJM BOUJD QPSUFT EF GBJH UPU DBMPS m ODB BNC OPV BTDFOTPS 1FS BNC TPTUSFT BMUT SFGPSNBU 1FS FOUSBS B FOUSBS B WJVSF *EFBM BTDFOTPS *EFBM QBSFMMFT WJVSF BTDFOTPS *EFBM *EFBM QBSFMMFT QBSFMMFT 1UFT QBSFMMFT QUFT QUFT å
QUFT å
å
å
%& "/:4 '30/5 ."3*5*. 3FG # 1JT EF IBC NFOKBEPS BNQMJ EF N¤ CBOZ DPNQMFU DVJOB BNFSJDBOB QBSRVFU BMVNJOJ DBMFGBDDJØ UPU FYUFSJPS "TDFOTPS 1, J USBTUFS PQD 1UFT 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
.&3$"5 503/&3 $&/53& 3FG # 1JT EF N¤ IBC CBOZ SFGPSNBU DVJOB PGm DF FYU B UFSSBTTB N¤ NFOKBEPS FYU B UFSSBTTB QBSRVFU BMVNJOJ QPSUFT EF GBJH UPU SFGPSNBU QFS FOUSBS B WJVSF *EFBM QBSFMMFT 1UFT å
1&1 7&/563" " 1301 % "64*"4 ."3$) 3FG # 1JT EF IBC NFOKB EPS FYU B CBMDØ DVJOB SFGPSNBEB CBOZ DPNQMFSU J SFGPSNBU BMUFMMT DBMFGBDDJØ J B D QJT QFS FOUSBS B WJVSF QUFT å
4*453&--4 " 1301 %& 4"- 7"%03 &413*6 3FG # 1JT EF N¤ BNC IBC CBOZ J DVJOB SFGPSNBUT NFOKBEPS FYU BNC TPSUJEB B HSBO CBMDØ EF N¤ DBMFGBDDJØ J B D QJT QFS FOUSBS B WJVSF *EFBM QBSFMMFT .QUFT å
727 %DGDORQD
%*3&$5& $0/4536$503
/"6 */% 10- 10."3 N QM CBJYB N PmDJOB QBUJ EBWBOUFS å NFT /"6 */% $ ."/3&4® N QMBOUB CBJYB N QMBOUB FSB /"6 */% $ ."/3&4® N QMBOUB CBJYB N TØUBO N QMBOUB PmDJOFT -0$"- $0.&3$*"- $ 4"/5 #36 N GBÎBOB DUSB NUT "QUF IPTUFMFSJB P TJNJMBST
4 Á -5 * .
/"6 */%6453*"- &/ 7&/%" 10-¶(0/ (6*9&3&4 . 1-"/5" #"*9" å
1*40
4
LPPRELOLÁULD
5*"/"
$ .BS OÞN
/"64 */%6453*"-4 * -0$"-4 %& --0(6&3
1*404 %& --0(6&3 0#3" /07" 3*&3" ."5".0304 N IBCJUBDJPOT CBOZ BTFP CBMDØ /PV B FTUSFOBS 1- &3/&45 --6$) EÞQMFY N IBC CBOZT UFSSBTTB N CBMDØ å NFT 13&4*%&/5 $0.1"/:4 N IBC CBOZT UFSSBTTB N CBMDØ å NFT
8QD ILUPD GH SUHVWLJL XXX mORVFTCFMMBWJTUB DPN
1JTP IBCJUBDJPOT CBOZ CBMDØ QMBDFT EF QËSRVJOH J USBTUFS
5FM
"WJOHVEB .BSUÓ 1VKPM OÞN S B
®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 3&' 1&1 7&/563" 1JTP IBCJUBDJPOFT BOUFT SFGPS NBEP BTDFOTPS B D BM MBEP NFUSP BNVFCMBEP å 5&- 3&' '30/5 ."3¶5*. 1JTP IBC EPCMFT CB ×PT CBMDØO BTDFOTPS MJ OFB EF NBS [POB DPNVOJUBSJB DPO QJTDJOB PCSB DBMF GBDD (BT OBUVSBM å 1UT 5&-
"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&/5" $"4" &/ $&/530 3&' $ EF MB .FSÎÒ DBTB QFRVF×B EF QMBOUBT QBSB SFGPSNBS 1UBT å XXX NFUSPTDVB ESBEPT OFU 5&-
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$"- PGJDJOFT N $ +PBO 1FJSØ JEFBM QFS B RVBMTFWPM OFHPDJ å OFHPDJBCMFT
$"4" $ 30(&3 %& '-03 3&' $BTB EF EPT QMBOUBT N DPO TØUBOP EF N Z QBUJP EF N BDUVBMNFOUF EPT WJWJFOEBT OFDFTJUB SFGPS NBT å 1UBT XXX NFUSPTDVBESB EPT OFU 5&-
--0(6&3
1*404
1*4 "- $&/53& N CBOZ DPNQMFU IBC NFOKBEPS N 5FSSBTTB NPCMBU 1*4 "- $&/53& D 4BOU +PTFQ 1JT EhVOT N BQSPY IBCJUBDJPOT EF NBUSJNPOJ DVJOB SFGPSNBEB UFSSBTTB å %&41"59 1SFTJEFOU $PNQBOZT UPU SFGPSNBU N BQSPY $0/46-5"3 %&41"59 $µ/53*$ "- $045"5 %& - "+6/5".&/5 &45"5 &9$&-t-&/5 *%&"- 1&3 26"-4&70- 5*164 %& /&(0$* . "1309 $0/46-5"3
7&/5" 1*40 1&1 7&/563" 3&' «UJDP SFGPSNBEP VOB IBCJUBDJØO BOUFT CB×P DPDJOB DPNFEPS MBWBEFSP EPT U[BT EF Z N TVF MPT EF QBSLFU DBMFG B B 4JO BTD å 1UBT XXX NFUSPTDVBESB EPT OFU 5&-
-0$"-0$"- $ 4"/5 (0/±"- N JEFBM NBHBU[FN å -0$"- "35*(6&4 $ #"-.&4 N¤ SFGPSNBU QPSUFT å -0$"- * 0'*$*/&4 +PBO 1FJSØ EJTQPTB EF HVBM " $0/7&/*3 -0$"- $ "-'0/4 9*** N SFGPSNBU CBOZT JEFB CBOD P DPOTVMUPSJT å 1"3,*/( 1-"±" ("3"5(& $ 3JFSB .BUBNPSPT å 7JB "VHVTUB -MFUSB # S (BMFSJFT 7JDUÛSJB 5FM 'BY t #BEBMPOB
727 %DGDORQD
QBH JOEE
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$"- &/ #"%"-0/" $ ("-*-&6 -0$"- %*ยซ'"/0 %& . "150 1"3" $6"- 26*&3 /&(0$*0 01$*ยป/ " $0/4536*3 7*7*&/%" 0 %ร 1-&9 &/$*." %& . 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 %& . รฅ .&4 &/ "-26*-&3 -0$"- &/ #"%"-0/" $ 4"/ 4"-7"%03 %&45*/"%0 " 0'*$*/"4 $0/46-50 3*0 .ยฒ%*$0 %&41"$)04 %& &--04 . รฅ .&4 &/ "-26*-&3 -0$"- &/ #"%"-0/" $ 4"/ 4"-7"%03 %&45*/"%0 " 0'*$*/"4 $0/46-50 3*0 .ยฒ%*$0 %&41"$)04 . รฅ .&4 &/ "-26*-&3 #"%"-0/" #6'"-ยฎ -0$"- $ *#&3*" . #"ยบ0 รฅ .&4 &/ "-26*-&3 -0$"- #"%"-0/" #6'"-ยฎ $ +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 #"33" $0$*/" "-."$ยฒ/ : -"7"#0 %0#-& 50%04 -04 46.*/*45304 &/ 1&3'&$50 &4 5"%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 )"# #"ยบ0 1"3" &/53"3 " 7*7*3 "-26*-&3 รฅ .&4 1*40 "-26*-&3 4"/50 $3*450 #"%"-0/" )"#*5"$*0/&4 #"ยบ0 $0$*/" "4$&/403 ".6&#-"%0 1"3" &/53"3 " 7*7*3 &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"3 26&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 : #"ยบ0 $0$*/" $0/ ("-&3*" #0.#" %& "*3& '3ยถ0 : $"-03 /0 5*&/& "4$&/403 13&$*0 รฅ &/ 7&/5" 1*40 &/ $ ยซ/(&- (6*.&3ยซ #"%"-0/" 4"/50 $3*450 )"# #"ยบ0 $0$*/" "4$&/403 ".6&#-"%0 1"3" &/53"3 " 7*7*3 &6304 "- .&4 &/ 7&/5" 7*7*&/%" &/ #"%"-0/" $ .63*--0 1-"/5" #"+" . %*ยซ'"/0 $0/ 4"-ยป/ $0.&%03 -"7"#0 "4&0 $0$*/" )"# $-"3"#0:"4 53"45&30 5&33";" 4ยป5"/0 . 1"5*0 +"10/ยฒ4 %*ยซ'"/0 0#3" 1&/%*&/5& 5&3.*/"3 รฅ 5&3.*/"%" รฅ $"4" &/ 7&/5" $".ยถ %h"-&--" 1-"/5"4 . )"#*5"#-&4 : . 4*/ )"#*5"3 ย 1-"/5" $6"3504 %& #"ยบ0 $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
W/^K^ ϯ , /d /KE ^ ϰϲϭ
LPPRELOLÁULD
W/^K^ E >Yh/> Z ͼ 'KZ' ʹ D '/ E ϴϱ ŵϸ͕ ϯ ŚĂď͕ ƐĂůſŶ ϮϬ ŵϸ͕ ďŹ LJ ĂƐĞŽ͕ ďƵĞŶ ĞƐƚĂĚŽ͕ ĞdžƚĞƌŝŽƌ͕ ďĂůĐſŶ ϲŵϸ ϲϴϬ 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 ĂƌŵĂƌŝŽƐ͘͘͘͘
K
;'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
K
FODVVLILFDWV
&ODVVLILFDWV
$PN JOTFSUBS VO BOVODJ DMBTTJmDBU r " MFT OPTUSFT PmDJOFT $ -MFØ FS B #BEBMPOB r 5FM r
«5*$0 &/ 7&/5" #0/"7*45" #"%"-0/" 3FGPSNBEP TVQ N DPNFEPS DPD PGGJ DF IBC FTUVEJP UFSSB[B N DBMFG (BT BJSF BDPOE 5SBTUFSP å 5&-
+OOQDKNKCTKU %QORTC 8GPFC $"4" " 1&1 7&/563" 3FG # $BTB BNC UFSSFOZ N¤ J GBÎBOB N QBUJ N¤ J UTTB EF N¤ PSJFOUBDJØ NBS UÏ TPM UPU FM EJB &T QPU FEJGJDBS 1# (0-'&4 1UFT å 5&- 010356/*5"5 $"4" " 1&1 7&/563 " " 1301 $ (6* '3² 3FG # (SBO DBTB FO 1# QBUJ N J HBSBUHF 1PTTJCJMJUBU EF GFS WJWFOEFT JOEFQFOEFOUT QUT å 4 "$$&15" &- 4&6 1*4 % &/53"%" 5&-
7&/%" 1-"/5" #"*9" $" 4"(&.&4 IBC CBOZT N N UFSSBTTB å 5&- 7&/$ 1-"±" 1®3,*/( $BO .FSDBEFS #BEBMPOB å 'MPSFODJ 5&- 1"3,*/( &/ 7&/5" #"%" -0/" $ 4BHVOUP DPDIF QF RVF×P å 5&- -0$"- &/ 7&/5" 0 "-26* -&3 #6'"-® $ *OEFQFOEFO DJB N PCSB B FTUSFOBS TBMJEB EF IVNPT QVFSUBT BO DIBT MBWBCP UFDIP BMUP TJO DPMVNOBT å "MRVJMFS å NFT 5&-
010356/*5"5 " 1-± #"%" -0/" " 1301 $ $"/*(» 3FG # 1JT IBC NFOK FYU DVJOB BSSFHMBEB CBOZ FO CPO FTUBU DBMFG J B D QJT BNC NPM UB MMVN PSJFOUBDJØ #BSDFMPOB *EFBM QFS QBSFMMFT QUFT å 5&-
3&' 1&1 7&/563" 1JTP IBCJUBDJPOFT BOUFT SFGPS NBEP BTDFOTPS B D BM MBEP NFUSP BNVFCMBEP å 5&-
010356/*5"5 1*4 *%&"- 1" 3&--&4 " #6'"-® %3 30 #&35 3FG # 1JT BNQMJ IBC NFOKBEPS FYU CBOZ J DVJOB SFGPSNBUT QJT FYUFSJPS J BNC NPMUB MMVN QUFT å 7JOB B WFVSF M 5&-
FDPOPNJDT OPVT JOEE
3&' '30/5 ."3¶5*. 1JTP IBC EPCMFT CB×PT CBMDØO BTDFOTPS MJOFB EF NBS [POB DPNVOJUBSJB DPO QJT DJOB PCSB DBMFGBDD (BT OBUVSBM å 1UT 5&-
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
7&/5" $"4" &/ $&/530 3&' $ EF MB .FSÎÒ DBTB QFRVF×B EF QMBOUBT QBSB SFGPSNBS 1 UBT å XXX NFUSPTDVB ESBEPT OFU 5&- $"4" $ 30(&3 %& '-03 3&' $BTB EF EPT QMBOUBT N DPO TØUBOP EF N Z QB UJP EF N BDUVBMNFOUF EPT WJWJFOEBT OFDFTJUB SFGPSNBT å 1UBT XXX NFUSPTDVBESBEPT OFU 5&- 7&/5" 1*40 1&1 7&/563" 3&' «UJDP SFGPSNBEP VOB IBCJUBDJØO BOUFT CB×P DPDJOB DPNFEPS MBWBEFSP EPT U[BT EF Z N TVFMPT EF QBSLFU DBMFG B B 4JO BTD å 1UBT XXX NFUSPTDVBESBEPT OFU 5&- 7&/5" 1*40 4&.*/6&70 3&' %BMU EF MB WJMB IB CJUBDJPOFT DBMFG B B 1BSRVFU BTDFOTPS CB×PT å 1UBT XXX NF USPTDVBESBEPT OFU 5&- /6&7" 130.0$*0/ $&3 $" %& 1&1 7&/563" : 1;" "-$"-%& 9*'3² QJTPT EF Z IBCJUBDJPOFT DPO 5[BT Z QBUJPT DPO QMB[BT EF QL : USBTUFSPT FO MB NJTNB GJODB EFTEF å X X X NF USPTDVBESBEPT OFU 5&-
727 %DGDORQD
FDPOPNJDT OPVT JOEE
«5*$0 &/ 7&/5" $0-- : 16 +0- 3&' 1JTP EF USFT IBC DPDJOB CB×P Z UFSSB[B EF NFUSPT DPO BTDFOTPS QSFDJP å 1UBT XXX NFUSPTDVBESBEPT OFU 5&-
10."3 1JTP EF IBCJUB DJPOFT UPUBMNFOUF FY UFSJPS B DBMMF 1BSB SFGPSNBS B TV HVTUP ;POB NVZ USBORVJMB Z CJFO DPNVOJDBEB 1SFDJP å $VPUB EF å NFT 3FG 1P 5&-
1*40 &/ 7&/5" &/ #6'" -" 3&' 1JTP FYUFSJPS TF NJOVFWP DPO UFSSB[B EF NFUSPT IBC CB×PT BJSF BDPOEJDJPOBEP DBMFGBDDJØO BTDFOTPS 1SFDJP å 1UBT XXX NF USPTDVBESBEPT OFU 5&-
#6'"-" ``("/(" $ *OEF QFOEFODJB 1JTP EF IBCJUB DJPOFT . DPDJOB Z CB×P SFGPSNBEPT DPDJOB FRVJQBEB Z BNVFCMBEB *EFBM WJWJFOEB 1SFDJP å
$VPUB EF å NFT 3FG #V 5&-
1"3,*/( &/ 7&/5" 3&' ;POB QSPHSFT NFUSPT QSFDJP å X X X NFUSPTDVBESBEPT OFU 5&-
-" 4"-6% &O MB NJTNB "W "MGPOTP 9*** ``(BOHB 1JTP EF IBCJUBDJPOFT DPO DPDJOB Z CB×P SFGPSNBEPT DPNFEPS DPO TBMJEB B CBMDØO GJODB DPO BTDFOTPS T (SÏT Q 4BQFMMZ WFOU "MVNJOJP .VZ CJFO DP NVOJDBEP 1SFDJP å $VPUB EF å NFT 3FG 4M 5&-
1*40 &/ 7&/5" $0-- * 16+0- 3&' &EJGJDJP DPO BTD QJTP JNQFDBCMF DPO USFT IB CJUBDJPOFT CB×P DPDJOB MBWB EFSP CBMDØO BB $BMFGBDDJØO FYUFSJPS å 1UBT XXX NFUSPTDVBESB EPT OFU 5&-
-" .03&3" 1JTP EF N DPO IBCJUBDJPOFT ``*NQFDB CMF MJTUP QBSB FOUSBS B WJWJS .VZ CVFOB VCJDBDJØO Z DFSDB EFM DFOUSP 0DBTJØO QPS [P OB Z QSFDJP 1SFDJP å $VPUB EF å NFT 3FG .S 5&-
"7 . " 3 2 6 & 4 % & . 0 / 530*( 1JTP EF N )BC DPNQM FYU B DBMMF TVFMP EF QBSRVFU DPDJOB Z CB×P FO QFS GFDUP FTUBEP HSBO DPNFEPS DPO TBMJEB B CBMDØO FYUFSJPS B DBMMF 'JODB DPO BTDFOTPS 1PS å $VPUB EF å NFT 3FG 4S 5&-
;0/" $&/530 1BSLJOH FO WFOUB 1SFDJP å 5&-
FODVVLILFDWV
4& 7&/%& $"4" EF N FO (JSPOFMMB #FSHB " QJF TBMJEB EF BVUPQJTUB 0$"4*»/ å */'0 4& 7&/%& 1*40 N FO .PSFSB IBC CB×PT CBMDPOFT " " DBMFG ;POB DPNVOJU DPO KBSEÓO QJTDJOB Z QJTUB EF CÈTRVFU 1ËSRVJOH Z USBTUFSP JODMVJEPT å */'0 5&- -0$"- &/ 7&/5" FO $ 2VF WFEP CBSSJP -B 4BMVE EF N EJÈGBOP DPO WBEP 5&- 4& 7&/ %& 1* 40 FO BWEB . PO U T F S S B U E F # B E BM PO B N BQSPY *OUFSJPS TJO BTD IBC Z TF FOUSFHB SFGPS NBEP B TV HVTUP å */'0 5&- 4& 7&/%& 0 "-26*-" QJTP FO 1POUPOT OVFWP BNVFCMBEP "MRVJMFS å 7FOUB å */'0 5&- 4& 7&/%& &41&$5"$6- "3 $"4" FO MB .PSFSB B WJFOUPT EF N QBUJPT U [BT Z TPMBSJVN IBC CB×PT BTFP HBSBKF QJTD CPEFHB $BMFG " " FUD å *7" "CUÏOHBOTF DVSJPTPT */'0 5&-
"5*$0 &/ 7&/5" &/ $ .*-" * '0/5"/"-4 TUB DPMPNB HSBNBOFU . IBCJUB DJPOFT TBMØO DPNFEPS EF N¤ DPDJOB Z CB×P DPNQMFUP SFGPSNBEPT BEFNÈT EF UF SSB[B EF N¤ $BSQJOUFSÓB EF BMVNJOJP QVFSUBT SPCMF TVFMP EF HSFT "JSF BDPOEJDJPOBEP GSÓP Z DBMPS 4PMFBEP 1SFDJP å 5&- 1"53*
5" 5033&/5 %& #"5--0 3*" 5JFOF BTDFOTPS 1MB[BT P .FEJEBT Y 1SFDJP å 5&- 1"53* 1-";" %& 1"3,*/( &/ 7&/ 5" 0 "-26*-&3 UPSSFOU EF CBUMMPSJB 5JFOF BTDFOTPS 1MB [BT QMBOUB QSJNFSB .FEJ EBT Y 1SFDJP WFOUB å 1SFDJP BMRVJMFS å 5&- 1"53*
%61-&9 &/ 7&/5" ;0/" "-$".10 45 "%3*" .¤ 'JODB OVFWB EF UBO TPMP WF DJOPT IBCJUBDJPOFT CB×P DPNQMFUP Z BTFP EPT CBMDP OFT Z HSBO UFSSB[B DBMFGBD DJPO 1SFDJP å 5&- 1"53*
4& 7&/%&/ 1- ";"4 %& 1"3,*/( */%&1&/%*&/5&4 UPSSFOU EF CBUMMPSJB " QJF EF DBMMF 'ÈDJM BDDFTP 5JFOF BTDFOTPS .FEJEBT Y 1SFDJP å 5&- 1"53*
1*40 &/ 7&/5" +0$4 '-0 3"-4 #"%"-0/" .¤ 'JODB DPO BTDFOTPS IBCJUBDJPOFT TBMØO TPMFBEP DPO CBMDØO DPDJOB Z CB×P EF DVBUSP QJF[BT SFGPSNBEPT TVFMP EF QBSLFU DBMFGBDDJØO Z BJSF BDPOEJDJP OBEP 1SFDJP WFOUB å 5&- 1"53*
0$"4*»/ 1*40 50%0 3&'03 ."%0 1JTP FO WFOUB FO D -JT[U 1JTP EF N BMUVSB SFBM IBCJUBDJPOFT DPDJOB Z CB×P SFGPSNBEPT DBSQJOUFSÓB EF BMVNJOJP DPO NPTRVJUF SBT SFKBT UFSSB[B Z HBMFSÓB QVFSUBT Z TVFMP DPOTFSWBEPT 1SFDJP å 5&- 1"53*
`0$"4*»/ 1-"/5" #"+" &/ 7&/5" ;0/" 450 $3*450 . IBCJUBDJPOFT EPCMFT DPDJOB Z CB×P SFGPSNBEPT XD Z EVDIB JOEFQFOEJFOUF BEF NÈT EF HBMFSÓB $BSQJOUFSÓB EF BMVNJOJP QVFSUBT TBQFMZ TVFMP EF HSFT 4PMFBEP -JT UB QBSB FOUSBS B WJWJS 1SFDJP å 5&- 1"53* /FHPDJBCMFT
1-";" %& 1"3,*/( &/ 7&/
0$"4*»/ 1*40 50%0 3& '03."%0 1JTP FO WFOUB 4UP $SJTUP 1JTP EF N¤ BTDFOTPS TPMFBEP Z UPEP SFGPSNBEP IBCJUBDJPOFT QBSLFU Z QVFSUBT EF IBZB DBSQJOUFSJB EF BMVNJ OJP CMBODB HBT OBUVSBM Z CBM DPO "MUJMMP FO QBTJMMP 'BDIBEB SFGPSNBEB 1SFDJP å 5&- 1"53* 1*40 &/ 7&/5" ;0/" 1"#& --0/ %& +07&/565 .¤ 'JODB DPO BTDFOTPS Z NVZ MVNJOPTP UPEP FYUFSJPS IBCJUBDJPOFT EPCMF BTFP Z CB×P DPO DVBUSP QJF[BT DPDJOB SFGPSNBEB DPO HBMFSÓB CBMDØO FYUFSJPS BSNBSJPT FNQPUSB EPT FO QBTJMMP DBMFGBDDJØO DBSQJOUFSÓB EF BMVNJOJP DPO DSJTUBM EPCMF Z TVFMP UFSSB[P ;POB DPNVOJUBSJB Z GJODB UP UBMNFOUF SFIBCJMJUBEB 1SFDJP WFOUB å 5&- 1"53* /FHPDJBCMFT
FDPOPNJDT OPVT JOEE
727 %DGDORQD
$"4" &/ 7&/5" 0 "-26*-&3 $BTB FO TBOU DFCSJÃ&#x2039; EF WBMMBMUB EF BÃ&#x2014;PT EF BOUJHà FEBE EF NUST $POTUSVJEPT NÃ&#x2C6;T NUST %F KBSEÃ&#x201C;O Z NUST %F UFSSFOP )BCJUBDJPOFT CBÃ&#x2014;PT UFSSB[B QBMB[B HBSBKF USBTUFSP DBMFGBDDJÃ&#x2DC;O CVFO FTUBEP 1SFDJP BMRVJMFS Ã¥ .FT 1SFDJP WFOUB Ã¥ 5&- 1"53* 1*40 &/ 7&/5" &/ --03& %" EF NUST )BCJUB DJPOFT VOB EF FMMBT TVJUF $PDJOB BNQMJB CBÃ&#x2014;PT UPEP OVFWP 1BSRVFU DBMFGBDDJÃ&#x2DC;O Z BJSF BDPOEJDJPOBEP "TDFOTPS 1SFDJP WFOUB Ã¥ 5&- 1"53* $"4" &/ 7&/5" 0 "-26*-&3 $"4" &/ $"--& .*(+03/ #"%"-0/" EF NUST 5SFT IBCJUBDJPOFT Z VOB CVIBSEJMMB TBMÃ&#x2DC;O DPNFEPS EPT CBÃ&#x2014;PT NÃ&#x2C6;T VO BTFP DPDJOB KBSEÃ&#x201C;O HBSBKF QBSB EPT DPDIFT USBT UFSP EPT UFSSB[BT QBSB FOUSBS B WJWJS 1SFDJP WFOUB Ã¥ 1SFDJP BMRVJMFS Ã¥ 5&- 1"53* 1-";" %& 1"3,*/( &/ -" $ " - - & 4" / + 6" / % & - " $36; EF #BEBMPOB .FEJ EBT Y NUST 1SFDJP WFOUB Ã¥ 5&- 1"53* $ & / 5 3 0 % & # " % " - 0 / " 7&/5" %& $"4" ."4 -0 $"- */$-6*%0 BDUVBMNFOUF QFMVRFSJB N UPUBM QSFDJP Ã¥ 5&-
+OOQDKNKCTKU .NQIWGT 4"/5 $3*45 1JT EF N¤ IBC NFOKBEPS HSBO FYU B UFSSBTTB EF N¤ UPU SFGPS NBU Ã¥ .FT UPU JODMÃ&#x203A;T 5&- 727 %DGDORQD
FDPOPNJDT OPVT JOEE
$&/53& 1-"±" #"30 %& ."-%® 1JTPT E PCSB OPWB EF IBC NFOKBEPST BNQMJT UFSSBTTFT EF N¤ DVJOBT PGGJ DF CBOZT "TDFOTPS å 1L PQDJPOBM å JWB 5&-
FODVVLILFDWV
1*40 &/ 7&/5" ;0/" $0-- * 16+0- .¤ 'JODB DPO BTDFOTPS IBCJUBDJPOFT EPCMF CBÃ&#x2014;P EF PSJHFO DPDJ OB SFGPSNBEB CBMDÃ&#x2DC;O FYUFSJPS DFSSBEP DPO DBSQJOUFSÃ&#x201C;B EF BMVNJOJP QVFSUBT EF PSJHFO " B DPO CPNCB EF DBMPS DBS QJOUFSÃ&#x201C;B EF BMVNJOJP Z TVFMP HSFT (BT DJVEBE 1SFDJP WFOUB Ã¥ 5&- 1"53*
1&1 7&/563" 0#3" /07" 1JT BNC IBC CBOZ DPNQMFU DVJOB JOEFQFOEFOU NFOKB EPS FYU B CBMDÃ&#x2DC; DBMFGBDDJÃ&#x2DC; J B D BTDFOTPS Ã¥ .FT UPU JODMÃ&#x203A;T QJT QL USBTUFS 5&- 1&1 7&/563" $BTB MPDBM EF N¤ BNC IBC NFOKB EPS EF N¤ FYU B UFSSBTTB EF N¤ CBOZ SFGPSNBU DVJOB BNFSJDBOB B D BNC CPNCB DBMPS 1SFV Ã¥ .FT UPU JODMÃ&#x203A;T 5&- 10."3 1JT EF IBC NFOKB EPS FYU B CBMDÃ&#x2DC; CBOZ J DVJOB FO CPO FTUBU Ã¥ .FT UPU JODMÃ&#x203A;T 5&- 1-± 1&1 7&/563" 1JT EF N¤ BNC IBC NFOKBEPS FYU B CBMDÃ&#x2DC; CBOZ J DVJOB BSSF HMBUT BTDFOTPS 1FS FOUSBS B WJVSF Ã¥ .FT UPU JODMÃ&#x203A;T 5&- 1035 %& #"%"-0/" 0#3" /07" ®UJD EF N¤ BNC IBC CBOZT BTFP NFOKBEPS EF N¤ UFSSBTTFT EF J N¤ [POB DPNVOJUÃ&#x2039;SJB /PV B FTUSFOBS Ã¥ .FT JODMPV QJT QL USBTUFS 5&-
7HO
$"4"(&.&4 1JT EF N¤ IBC NFOKBEPS EF N¤ FYU " CBMDÃ&#x2DC; HSBO DBMFGBDDJÃ&#x2DC; J B D QFS FOUSBS B WJVSF Ã¥ .FT UPU JODMÃ&#x203A;T 5&- 1&1 7&/563" 0#3" 4& . * / 0 7" 1 J T E F N ¤ BNC IBC CBOZ DPNQMFS U DVJOB PG GJDF NFOKBEPS EF N¤ UFSSBTTB EF N¤ DBMF GBDDJÃ&#x2DC; J B D BNPCMBU 1JT NPMU NBDP Ã¥ .FT QJT QL UPU JODMÃ&#x203A;T 5&- "7 ®'3*$" 1JT EF N¤ IBC SFGPSNBU BTDFOTPS Ã¥ NFT UPU JODMÃ&#x203A;T 5&-
FODVVLILFDWV
--0(0 1*4 "- $&/53& %& #"%"-0/" N IBC UFSSBTTB J CBMDØ .FOKBEPS MMBS EF GPD 1BSRVFU #FO DPNVOJ DBU å 5&- 4& "-26*- " )"#*5"$*»/ QBSB QBSFKB P QFSTPOB TPMB B NJO FTUBDJØO EF NFUSP 1FQ 7FOUVSB 5&- 4& "-26*-" -0$"- 0'*$* /" $0.&3$*"- ;POB QFB UPOBMDPNFSDJBM $ 3PTFMMØ #BEBMPOB 1SFDJP å N BDPOEJDJPOBEP 5&- &4 --0(" )"#*5"$*0 B #B EBMPOB B QSPQ EF MB QMBUKB QFS TFOZPST P OPJT TFSJPTPT 5&- "-26*-0 )"#*5"$*»/ B QFS TPOB DPO EFSFDIP B DPDJOB Z CB×P QSJWBEP $FOUSP #BEB MPOB 1SFDJP å NFT BHVB Z MV[ JODMVJEP 5&- %"-5 %& -" 7*-" &T MMPHB MPDBM DPNFSDJBM BM DBSSFS EF #BSDFMPOB DBOUPOBEB BNC 2VJOUBOB "MUB EF N BM UFMM JOUFSFTTBUT USVDBS BM 5&-
4& "-26*-" )"#*5"$*»/ DIJDB 5&-
3&' --03&%" 1JTP IBC N SFGPSNB BDUVBM TVFMPT QBSLFU BTDFOTPS DBMFG (BT OBUVSBM BNVFCMBEP DPO FMFDUSPEPNFTUJDPT å NFT 5&-
#64$0 -0$"- 0 4"-" QB SB BMRVJMBS P DPNQBSUJS FO .POUJHBMÈ .ÓOJNP N QBSB SFVOJPOFT EPT EÓBT B MB TFNBOB &TUFS 5&-
3&' o (03( QJTP IBC "TDFOTPS SFGPSNBEP DBMFGBD DJØO HBT OBUVSBM BNVFCMBEP DPO FMFDUSPEPNÏTUJDPT å .FT 5&-
#64$0 $)*$" &456%*"/5& 0 4*.*-"3 QBSB DPNQBSUJS QJTP 4FSJFEBE Z CVFOBT DPO EJDJPOFT 5&-
3&' 4"/50 $3*450 QJTP IBCJUBDJPOFT BTDFOTPS SFGPSNBEP N DBMFGBDDJPO HBT OBUVSBM Z BBDD å 5&-
"-26*-0 )"#*5"$*»/ .6: $».0%" 1JTP HSBOEF DFO USP #BEBMPOB å HBTUPT JODMVJEPT 4FSJFEBE 5&-
3&' o .0/5*("-" o QJTP IBCJUBDJPOFT UFSSB[B N FY UFSJPS BM MBEP NFUSP SFGPSNBEP DBMFGBDDJØO HBT OBUVSBM BNVF CMBEP DPO FMFDUSPEPNFTUJDPT å 5&-
1*40 .0/5*("-® "-26* -&3 N IBCJUBDJPOFT MBWBCPT DPDJOB BNQMJB Z FRVJQBEB DBMFGBDDJØO FY UFSJPS TPMFBEP BTDFOTPS UF SSB[B EF N QJTDJOB DPO DFTQFE DPNVOJUBSJB å NFT 5&-
3&' o 4*453&--4 1JTP IBCJUBDJPOFT N SFGPSNBEP QMBOUB CBKB å 5&- 3&' o #"$ %& 30%" 1JTP N IBCJUBDJPOFT BTDFO TPS CBMDØO BNVFCMBEP DPO FMFDUSPEPNFTUJDPT BM MBEP NF USP å 5&-
1*40 13&.*® "-26*-&3 N SFGPSNBEP IBC B B Z CPNCB EF DBMPS TPMFBEP TVFMP EF QBSLFU DBSQ JOU BMVN BTDFOTPS BNVFCMB EP NVZ DÏOUSJDP å NFT 5&-
"-26*-&3 -0$"- $0.&3$*"- 3&' $FOUSP KVOUP B MB CJ CMJPUFDB Z DPMFHJP BQUP UJFOEB EFTQBDIP QSPGFTJPOBM DPOTVM UBT N BOUFT QPEPMPHP 1SFDJP å NFOTVBMFT XXX NFUSPTDVBESBEPT OFU 5&-
-0$"- &/ "-26*-&3 MB 4B MVE D $BSEFOBM $JTOFSPT N TJO DPMVNOBT DVB ESBEP MBWBCP KVOUP MBUFSBM BVUPQJTUB å NFT 5&-
$0/(3&40 1JTP UPUBMNFOUF FYUFSJPS B D )BCJUBDJPOFT BNQMJP DPNFEPS FYDFMFOUF VCJDBDJØO +VOUP B USBOWÓB N Z BVUPCVTFT "MRVJMFS å NFT (BTUPT EF DPNV OJEBE JODMVJEPT 3FG $P 5&-
3&' --03&%" 1JTP IBC EPCMFT SFGPSNBEP BTDFOTPS CBMDØO BNQMJP TB MPO CB×PT BNVFCMBEP DPO FMFDUSPEPNÏTUJDPT å 5&-
2WDNKSWG UWU CPWPEKQU FKTGEVCOGPVG FGUFG NC YGD YYY GNVQVFKIKVCN EQO &KNNWPU &KOCTVU &KOGETGU &KLQWU &KXGPFTGU VÈULH
&KUUCDVG &KWOGPIG VÈULH
.FT TFUFNCSF h
/Á.&304 13&.*"54
FDPOPNJDT OPVT JOEE
727 %DGDORQD
4"/50 $3*450 1JTP FO DBMMF NVZ USBORVJMB Z DFSDB EF MB BW 1VJHGSFE )BCJUBDJPOFT BNQMJP DPNFEPS DPO DPDJOB BNFSJDBOB $BMFGBDDJØO Z B B 'JODB DPO BTDFOTPS (BTUPT EF DPNVOJEBE JODMVJEPT "MRVJ MFS å NFT 3FG 4D 5&- +6/50 " $0-- * 16+0- 1JTP EF IBCJUBDJPOFT UPUBMNFOUF BNVFCMBEP OVFWP $PNFEPS DPO TBMJEB B CBMDØO FYUFSJPS B DBMMF $PDJOB FRVJQBEB "MRVJ MFS å NFT (BTUPT DPNV OJEBE JODMVJEPT 3FG 4D 5&- $0/(3&40 1JTP IBCJUBDJP OFT [POB NVZ CJFO DPNVOJDB EB "NVFCMBEP 5PUBMNFOUF FYUFSJPS B DBMMF "MRVJMFS å NFT (BTUPT EF DPNVOJEBE JODMVJEPT 3FG $P 5&- &4 --0(" 6/" 1-"±" %& 1"3,*/( EF NPUP BM DFOUSF EF #BEBMPOB 5SVDB BM --03&%" .BHOÓGJDP QJTP FO MB NFKPS [POB ;POBT BKBSEJOB EBT N IBC CB×PT #BMDØO FYUFSJPS å NFT 5&- %61-&9 &/ "-26*-&3 "- '0/40 9** +UP 1VFSUP 0#3" /6&7" " FTUSFOBS IBC CB×PT DPNFEPS DPO DPDJOB BNFSJDBOB Z TBMJEB B UFSSB[B N (BSBKF #POJUPT "DBCB EPT 'JODB TØMP WFDJOPT å 5&- %JSFDUP QSPNPUPS
%61-&9 &/ "-26*-&3 +50 .&530 : 1;" 1&1 7&/56 3" 0CSB OVFWB B FTUSFOBS UP UBMNFOUF FYU Z NVZ TPMFBEP IBC CB×PT BNQMJP DPNF EPS TBMØO DPO DPDJOB BNFSJDB OB 5&33";"4 40-"3*6. `7FBMP å 5&- %JSFDUP QSPNPUPS
1"35*$6-"3 "-26*-" 1-" ;" %& 1"3,*/( $ --&'*" .FEJEBT Y N JEFBM DPDIF QFRVF×P 1SFDJP å BM NFT 5&- 1"53* 1*40 &/ -" $"--& +0$4 '-0 3"-4 %& #"%"-0/" EF NUST )BC .ÈT VO WFTUJ EPS #B×P DPDJOB SFGPSNB "-26*-0 1-"/5" #"+" %F EB QBSRVFU DBMFGBDDJØO BJSF PCSB OVFWB B FTUSFOBS FO DBT BDPOEJDJPOBEP WFOUBOBT EF DP BOUJHVP EF 4U #PJ IBCJ BMVNJOJP "TDFOTPS 1SFDJP BM UBDJPOFT QBUJP EF N CB×P RVJMFS å NFT 5&-&'0/0 Z DPDJOB FRVJQ å NFT 1"53* Z å EF GJBO[B 5&- 1*40 &/ "-26*-&3 &/ -" $"--& (6*'3² PQDJPOBM PGJ 1*404 "-26*-&3 $ "OUP DJOBT Z UBNCJÏO WJWJFOEB OJP #PSJ 1JTPT EF B .UST IBCJUBDJPOFT CB×P N IBC TVJUUF DPO CB DPDJOB UFSSB[B EF NUST ×P Z BSNBSJP EPCMFT CB×P 7FOUBOBT BMVNJOJP #VFO FT HFOFSBM DPO CB×FSB DPDJOB UBEP EF DPOTFSWBDJØO $PO N DPNFEPS Z CBMDØO TVMUBS QSFDJP 5&- "MRVJMFS å NFT *OGØSNFTF 1"53* &4 --0(" 1*4 "- $"33&3 1*40 &/ $"--& $&37"/5&4 13*. N IBC CBOZT EF IBCJUBDJPOFT DPNFEPS *NQFDBCMF FTUBU å NFT DPDJOB FRVJQBEB 3FGPSNBEP QFSGFDUP FTUBEP "NVFCMBEP 5&- 1SFDJP BMRVJMFS å 5&- 1"35*$6-"3 "-26*-" 1-" 1"53* ;" %& 1"3,*/( &/ 5033&/5 %& #"5--03*" 5JFOF BTDFO 4& "-26*-" -0$"- &/ #"%" TPS .FEJEBT Y 1SFDJP -0/" $"--& $&37"/5&4 å 5&- 1"53* EF NUST EF TVQFSGJDJF Z BEFNÈT JODMVZF VO QFRVF×P 1"35*$6-"3 "-26*-" 1-";" BMNBDÏO BQUP QBSB DVBMRVJFS %& 1"3,*/( &/ 5033&/5 %& OFHPDJP 1SFDJP BMRVJMFS #"5--03*" .FEJEBT 9 å 5&- 1"53* N FO QMBOUB 1SFDJP å 5&- 1"53* -0 $ " - & / " -2 6 * - & 3 & /
FODVVLILFDWV
$&3$" %& .0/5*("- " : . 1JTP EF IBC BOUFT BNQMJP DPNFEPS DPDJOB Z CB ×P SFGPSNBEPT TVFMP QBSRVFU "MRVJMFS å NFT (BTUPT DPNVOJEBE JODMVJEPT 3FG #B 5&-
#"%"-0/" $"--& 4"/5" #«3#"3" EF NUST .UST EF OBWF UPUBMNFOUF EJÈ GBOB DPO BMUJMMP Z SFTUP PGJDJ OBT &OUSBEB QBSB WFIÓDVMPT BMUVSB IBTUB NUST 1VFSUB JOEFQFOEJFOUF FOUSBEB B PGJDJ "-26*-&3 1-";" %& 1"3 OBT $POTUB EF VO MBWBCP Z VO ,*/( .0504 FO D 5PSSFOU QBUJP "QUP BMNBDÏO 1SFDJP EF CBUMMPSJB 1SFDJP å NPUP BMRVJMFS å 5&- 5&- 1"53* 1"53* 1"35*$6-"3 "-26*-" 1-" ;" %& 1"3,*/( &/ 5033&/5 %& #"5--03*" &O QSJNFSB QMBOUB .FEJEBT Y 1SFDJP å 5&- 1"53*
1*40 "-26*-&3 &/ -" $"--&
727 %DGDORQD
FDPOPNJDT OPVT JOEE
#64$0 1&340/"- QFS QSP QFSB BQFSUVSB SFTUBVSBOU BM DFOUSF EF #BEBMPOB 5&-
FODVVLILFDWV
--0(6&3 -0$"- $ $"/0/ (& #"3"/&3" N ;P OB $FOUSF .PMU DPNFSDJBM รฅ .FT 5&- 1PTTJCJMJUBU WFOEB
$)*$" 3&410/4"#-& #3" 4*-&ยบ" #64$" USBCBKP EF MJNQJF[B JOUFSJOB DBOHVSP DVJEBS QFSTPOBT NBZPSFT $PO SFGFSFODJBT 5&-
1*40 $&/530 +50 1-"/" DFSDB SFOGF I 3FGPSNB EP " FTUSFOBS BTDFOTPS DPO BHVB MV[ Z HBT รฅ $PNV OJEBE 5&-
4& /&$&4*5" 01&3"3*0 %& 1*/503 *OUFSFTBEPT MMBNBS 5&-
+OOQDKNKCTKU +0$4 '-03"-4 FOUMP EF NUST 5JFOF IBCJUBDJPOFT HSBO TBMร O DPNFEPS DPDJOB MBWBCP 1SFDJP BMRVJMFS รฅ 5&- 1"53* 1*40 &/ "-26*-&3 &/ "7 "-'0/40 9*** DFSDB NFUSP +VBO 99*** 1JTP EF NUST "QSPYJNBEBNFOUF EPT IB CJUBDJPOFT Z VOB QFRVFร B $PDJOB Z CBร P SFGPSNBEPT BJSF BDPOEJDJPOBEP BTDFOTPS 5JFOF UPEPT MPT TFS WJDJPT 1SFDJP BMRVJMFS รฅ 5&- 1"53* 1*40 &/ "-26*-&3 &/ -" $" --& $&37"/5&4 %& #"%"-0 /" DFSDB NFUSP QFQ WFOUVSB .UST "QSPYJNBEBNFOUF IBCJUBDJPOFT DPDJOB Z CBร P FO QFSGFDUBT DPOEJDJPOFT 4B MPO DPNFEPS CBMDร O B MB DBMMF DFSWBOUFT 1SFDJP BMRVJMFS รฅ 5&- 1"53* 1*40 &/ "-26*-&3 $"--& --&'*ยฎ %& #"%"-0/" NUST )BCJUBDJPOFT DPNF EPS DPDJOB MBWBEFSP CBMDร O SFGPSNBEP "TDFOTPS 1SFDJP BMRVJMFS รฅ 5&- 1"53* 1*40 &/ "-26*-&3 &/ $".* 4"/5 +&30/* %& -" .63 53" FO #BEBMPOB EF NUST )BCJUBDJPOFT CBร P DPDJOB MBWBEFSP BJSF BDPOEJDJPOBEP DBMFGBDDJร O NVZ MVNJOPTP #JFO DPOTFSWBEP "TDFOTPS 1SFDJP BMRVJMFS รฅ 5&- 1"53*
$ ) * $ " ) 0 / % 6 3 & ยบ " 4 & 0'3&$& QBSB USBCBKBS FO MJN QJF[B JOUFSJOB QPS IPSBT GJ OFT EF TFNBOB 5&-
6TCURCUUQU 53"41ยฎ4 26*04$ 13&.4" QFS KVCJMBDJร 5&-
$ ) * $ " ) 0 / % 6 3 & ยบ " 4 & 0'3&$& QBSB USBCBKBS QPS IP SBT JOUFSJOB GJOFT EF TFNBOB 5&-
53"41"40 1"/"%&3*" 1"4 5&-&3*" DFOUSP #BEBMPOB 'SFOUF DPMFHJP 5PUBMNFOUF FRVJQBEB 0DBTJร O QPS OP QPEFS BUFOEFS *OUFSFTBEPT MMBNBS 5&-
4&ยบ03 " 4& 0'3&$& QBSB DVJEBS QFSTPOBT NBZPSFT MJNQJF[B $PO QBQFMFT BM Eร B $PO FYQFSJFODJB 5&-
53"41"40 -0$"- #"%"-0 /" KVOUP QBWFMMร O EF .POUJ HBMร DPNP UJFOEB EF BMJNFO UPT P TVQFSNFSDBEP N QVFSUBT BODIBT BDUVBMNFOUF FO GVODJPOBNJFOUP DPNQMF UBNFOUF FRVJQBEP MBWBCP รฅ "MRVJMFS รฅ NFT 5&-
#64$0 53"#"+0 %& -*.1*& ;" DVJEBEP EF QFSTPOBT NB ZPSFT OJร PT QPS IPSBT GJOFT EF TFNBOB FO MBT UBSEFT 5&- $)*$" 4& 0'3&$& DPNP DBO HVSP MJNQJF[B DBTBT DVJEBS 1FSTPOBT NBZPSFT 5&-
6TGDCNN
4& 0'3&$& $)*$0 QBSB DVJEBS QFSTPOBT NBZPSFT KBSEJOF Sร B MJNQJF[B FUD 5&-
&.13&4" %& 4&37*$*0 %& -*.1*&;" /&$&4*5" JODPSQPSBS MJNQJBEPSFT BT QBSB MB [POB EFM #BSDFMPOร T 4F SFRVJFSF FYQFSJFODJB Nร OJNB EF Bร PT *OUFSFTB EPT FOWJBS DVSSร DVMVN B UTFSWFJT!ZBIPP FT
4& 0'3&$& $)*$" QBSB DVJEBS QFSTPOBT NBZPSFT DBOHVSP 5&- 4&ยบ03" 1"3" &/53&7*45"4 103 5&-ยฒ'0/0 4ร MP NBร B OBT $POUSBUP Z TFHVSJEBE TPDJBM 'JKP DPNJTJร O 5&- 4S -MVร T
4& /&$&4*5" 0'*$*"- " %& 1&-626&3*" DPO FYQF SJFODJB &O NFDIBT EF QMBUB 5&- QSFHVOUBS #64$0 53"#"+0 EF MJNQJF [B DVJEBEP EF QFSTPOBT NB QPS .BSUB
ZPSFT OJร PT QPS IPSBT GJOFT EF TFNBOB FO MBT UBSEFT 5&-
"-26*-0 -0$"- &/ "7 16* ('3&% D EF N Y N EF QBUJP UPEP SFGPSNBEP 5&-
4& 0'3&$& 4&ยบ03" DPNP DBOHVSP DVJEBS QFSTPOBT NB ZPSFTP MJNQJF[B FO HFOFSBM DPO FYQFSJFODJB 5&-
1*40 &/ "-26*-&3 53*1-&9 $ 4&-7" Oย #BEBMPOB IBC 5&-
FDPOPNJDT OPVT JOEE
727 %DGDORQD
4& 0'3&$& 4&ยบ03" QBSB DVJEBEP EF QFSTPOBT NBZPSFT DPO FYQFSJFODJB MJNQJF[B QPS IPSBT 5&- 4& 0'3&$& $)*$" +07&/ TFSJB Z SFTQPOTBCMF EF OBDJP OBMJEBE FTQBร PMB QBSB UBSFBT EFM IPHBS &YQFSJFODJB EF Nร T EF Bร PT DPO SFGFSFODJBT ;POB EFM .BSFTNF *OUFSFTB EPT MMBNBS BM '"-5" %&1&/*&/5& QBSB GF SSFUFSJB FO #BEBMPOB JOUF SFTBEPT FOWJBS DVSSร DVMVN DPO GPUP B GFSSFUFSJB # $) $ '3"/$&4$ -":3&5 #"%"-0/" '"-5" %&1&/*&/5" QBSB NF OBKF FO GFSSFUFSJB EF #BEBMP OB JOUFSFTBEBT FOWJBS DVSSร DVMVN DPO GPUP B GFSSFUFSJB # $) $ '3"/$&4$ -":3&5 #"%"-0/" 4&ยบ03*5" .6: 3&410/ 4"#-& #64$" 53"#"+0 EF MJNQJF[B KPSOBEB DPNQMFUB P NFEJB KPSOBEB P DBOHVSP DPO SFGFSFODJBT Z FYQFSJFODJB 5&- $)*$" 4& 0'3&$& QBSB DVJ EBS QFSTPOBT NBZPSFT GJKB $PO FYQFSJFODJB Z SFGFSFO DJBT 5&- 4& 0'3&$& 4&ยบ03" &41" ยบ0-" QBSB DVJEBS QFSTPOBT NBZPSFT OPDIF P Eร B $PO SFGFSFODJBT 5&-
4&ยบ03 " 4& 0'3&$& QBSB DVJEBS QFSTPOBT NBZPSFT MJN QJF[B EJTQPOJCJMJEBE JONFEJB UB 5BSEFT OPDIFT P GJOFT EF TFNBOB 5&- 4&ยบ03" .6: 3&410/4" # -& #64$" 5 3 "#"+0 EF MJNQJF[B KPSOBEB DPNQMFUB P NFEJB KPSOBEB DPO SFGFSFO DJBT Z FYQFSJFODJB 5&- $)*$" 4& 0'3&$& EF MVOFT B WJFSOFT MJNQJF[B DVBMRVJFS PUSP UJQP EF USBCBKP QPS IPSBT 5&- 4&ยบ03" $0/ &91&3*&/$*" #64$" 53"#"+0 EF MJNQJF[B DVJEBOEP QFSTPOBT NBZPSFT QPS IPSBT GJOFT EF TFNBOB $PO SFGFSFODJBT 5&- 4& /&$&4*5" 0'*$*"-" %& ย %& 1&-626& 3 * " [POB .POUJHBMB NFEJB KPSOBEB QSF HVOUBS QPS (MPSJB 5&- $)*$" #64$" 53"#"+0 EF MJNQJF[B DVJEBS QFSTPOBT NB ZPSFT $PO FYQFSJFODJB 1PS IPSBT 5&- 4&ยบ03" #64$" 53"#"+0 QBSB DVJEBS B QFSTPOBT NBZP SFT DPO UJUVMBDJร O EF HFSJBUSร B %JTQPOJCMF UBSEF P OPDIF $PO SFGFSFODJBT -JNQJF[B QPS IPSBT 5&- 4&ยบ03*5" &456%*"/5& %& "69*-*"3 &/'&3.&3ยถ" 4& 0'3&$& QBSB DVJEBS QFSTP OBT FOGFSNBT P ย FEBE $PO FYQFSJFODJB Z SFGFSFODJBT %JT QPOJCJMJEBE JONFEJBUB 5&- 4& 0'3&$& $)*$" #0-*7*" /" DPO QBQFMFT FO SFHMB QBSB USBCBKPT EF MJNQJF[B DVJEBS QFSTPOBT NBZPSFT DPO SFGF SFODJBT Z FYQFSJFODJB 5&-
51.7%+105 2#55#6'/25
FKHร EKN
Hร EKN
& . 1 3 & 4 " % } & 4 . 0 - " 5 %}0 # + & $ 5 & 4 5" - - " / 5 4 PSJFOUBEB B TFDUPST QSPGFT TJPOBMT OFDFTTJUB QFS MB [POB EF #BEBMPOB VO QFSTPOB QFS B MB DBQUBDJP EF DMJFOUT *OUF SFTTBUT USVDBS BM 5&- "UFO 4S +PTFQ P 4SB +PBOB
4& 0'3&$& 4&ยบ03 " QBSB DVJEBS B QFSTPOBT NBZPSFT MJNQJF[B DBOHVSP DPO SFGF SFODJBT 5&-
/165 '0%4'7#65
57&1-75 727 %DGDORQD
FDPOPNJDT OPVT JOEE
FODVVLILFDWV
4& 0'3&$& $)*$" QBSB USB CBKBS QPS IPSBT NFEJB KPS OBEB FO MJNQJF[B DVJEBOEP QFSTPOBT NBZPSFT 5&-
'"-5" %&1&/%&/5" 1&3 '03/ %& 1" OP FT OFDFT Tร SJB FYQFSJร ODJB GPSNB DJร B Dร SSFD EF M FNQSFTB 1PSUBS DVSSร DVMVN B $ $PO RVFTUB
FODVVLILFDWV
4&ยบ03" 4& 0'3&$& QBSB DVJEBS QFSTPOBT NBZPSFT MJNQJF[B QPS IPSBT EJTQPOJ CMF UPEP FM Eร B NFEJB KPSOB EB OPDIFT GJOFT EF TFNBOB $PO SFGFSFODJBT 5&-
4&37*$*0 5ยฒ$/*$0 &/ #" %"-0/" 13&$*4" 5ร DOJDP EF )BSEXBSF QBSB UBMMFS JO GPSNร UJDP 4F PGSFDF DPOUSB UP IPSBT TFNBOBMFT BMUB FO 4 4 JODPSQPSBDJร O 4&ยบ03" 4& 0'3&$& 103 JONF EJB U B &OW JBS $ 7 B -"4 ."ยบ"/"4 FO MJNQJF[B JOGP!MFLLFSOFU FT DVJEBS QFSTPOBT NBZPSFT $PO SFGFSFODJBT 5&- 4& 13&$*4" $)*$" EF BDB EFNJB QBSB QSร DUJDBT FO 4& 03&$& 4&ยบ03" &41" QFMVRVFSJB 3BNCMB 4BO ยบ0-" QBSB UBMMFS EF QMBODIB +VBO % -MPSFEB DPO Nร T EF Bร PT EF FYQF SJFODJB *OUFSFTBEPT MMBNBS BM 4& /&$&4*5" 0'*$*"-" EF "OUPOJB
QFMVRVFSJB FO #BEBMPOB 5&- "( 505" &%"5 /&$&44*5" GJYFT JOUFSJOFT QFS IPSFT QFSTPOFT EF DPNQBOZJB QFS OFOT J BWJT 5&- 4& 0'3&$& 43" QBSB DVJ EBS B QFSTPOBT NBZPSFT %PNJOHPT MVOFT Z OPDIFT "( 505" &%"5 /&$&44*5" UBNCJFO MJNQJF[B FO HFOF JOGFSNFSFT QVFSJDVMUPSFT SBM 5&- GJTJPUFSBQFVUFT BVY EF DMร OJDB B EPNJDJMJ J IPTQJUBM I $"5"-"/" 4& 0'3&$& QB SB DVJEBS OJร PT Z BODJBOPT FUD 5&- $PO FYQFSJFODJB 5&- .&/4"+&304 '63(0/&5" QBSB SFQBS UPT Z QFRVFร B QBRVFUFSร B FO #BSDFMPOB Z 4& 0'3&$& 43" QBSB DVJEBS DJOUVSร O 1SFTFOUBSTF MVOFT QFSTPOBT NBZPSFT MJNQJF[B Z NBSUFT UBSEFT EF B QPS MB 5BSEF 5&- FO $ 1POJFOUF CKT #BEBMPOB 4& 0'3&$& 43" &41"ยบ0 .&/4"+&304 .050 FMF -" EF Bร PT DPNP FN WBEPT JOHSFTPT 1SFTFOUBSTF QMFBEB EFM IPHBS 5&- MVOFT Z NBS UFT UBSEFT EF B FO $ 1POJFOUF CKT #BEBMPOB 4&ยบ03 " &41"ยบ0- " TF PGSFDF QBSB MJNQJF[B QPS IPSBT FO #BEBMPOB 5&- 4& 13&$*4"/ $)*$"4 QBSB DPOGFDDJPO EF SPQB EF QVOUP NBRVJOB PXFSMPDL Z SFDVCSJ EPSB DPO FYQFSJFODJB [POB MB TBMVE 5&-
4&ยบ03" 4& 0'3&$& DP NP GJKB JOUFSJOB EF MVOFT B 7JFSOFT QPS IPSBT 5&-
FDPOPNJDT OPVT JOEE
727 %DGDORQD
/QVQT
8CTKU
7 & / % 0 - " 7 " % 0 3 " ;"/644* i'" &w DMBTF FOFSHร UJDB " รฅ OFWFSB DPNCJ %"&800 OPGSPTU NVMUJGMPX i&3' ."w 4&ยบ03" +07&/ 4& 0'3&$& DMBTF FOFSHร UJDB " รฅ TF QBSB MJNQJF[B DVJEBS QFS TPOBT NBZPSFT NFEJB KPS NJOVFWPT NFTB DPNFEPS OBEB JOUFSJOB FYUFSOB QPS TJMMBT BSNBSJPT .POUHBU IPSBT GJOFT EF TFNBOB 5&- 5&- 4&ยบ03" #64$" 53"#"+0 QBSB DVJEBS QFSTPOBT NB ZPSFT OJร PT GJKB 5&- 4&ยบ03" #64$" 53"#"+0 QBSB DVJEBS QFSTPOBT NB ZPSFT P OJร PT JOUFSJOB 5&-
4& 7&/%& .050 */'"/5*- EF B Bร PT EF U Z DD TFNJBVUPNร UJDB FO QFSGFDUP FTUBEP รฅ ,BXBTBLJ DD EF DPNQFUJDJร O DBSCPOP FO CVFO FTUBEP รฅ */'0
FODVVLILFDWV
4&ยบ03 " 4& 0'3&$& %& ":6%"/5" %& $0$*/" FO 3FTUBVSBOUFT SFTJEFODJBT -JNQJF[B DVJEBS P BDPN QBร BS 1FSTPOBT NBZPSFT QPS IPSBT NFEJB KPSOBEB OPDIFT $PO CVFOBT SFGFSFO DJBT QBQFMFT FO SFHMB 5&-
4& 7&/%& $0$)& DD SPKP DPO FRVJQP )*'* *EFBM HFOUF TJO DBSOFU รฅ */'0 5&-
&456%*"/5& )0.&01" 5*" IBHP WJTJUBT B EPNJDJMJP 5&- $IBSP
#OKUVCVU
7&/%0 4*--" %& 36&%"4 FO CVFO FTUBEP รฅ 5&- "53ยฒ7&5& "NJTUBE QBSF KB 5&-
0$"4*ยป/ 7&/%0 $&/ +04& %& "ยบ04 CVTDB 53"-*5" %*(*5"- /&3*4 NVKFS DPO GJOFT TFSJPT EF OVFWB TPMP NFTFT EF VTP %NCUUGU B Bร PT EF #BEBMPOB รฅ 5&- QSFGFOUBNFOUF CBSSJP 4UP $SJTUP P DFSDBOJBT 5&- 4& "-26*-" )"#*5"$*ยป/ .&453" Eร OB DMBTTFT EF FO #BEBMPOB B DIJDB DPO EF SFGPSร 5&- SFDIP B UPEP FM QJTP (BTUPT --*$&/$*"5 Eร OB SFGPSร JODMVJEPT $FSDB .FUSP - FTDPMBS EF NBUFT Gร TJDB J รฅ NFT -MBNBS B QBSUJS RVร NJDB B #BEBMPOB -B 1MB EF MBT I "OB 5&- OB 5&- --*$&/$*"5 %ยป/" $-"4 4&4 E &TP CBUYJMMFSBU TFMFD UJWJUBU Nร EVMT FUD NBUFT Gร TJDB RVร NJDB $ *OEร TUSJB 5&- 3BNPO
103 6/" (3"$*" $0/$& %*%" QPS 4BO "OUPOJP EF 1BEVB 4UB (FNNB (BMHBOJ Z 4BO .BS Uร O EF 1PCSFT ' .
130'&40 3 " 5*56- "%" ( 3 "$ * "4 " - & 4 1 ยถ 3 * 5 6 %" $-"4&4 QBSUJDVMBSFT Z 4"/50 QPS MPT GBWPSFT SF HSVQP 1SJNBSJB 4FDVOEB DJCJEPT ' . SJB #BDIJMMFSBUP .ร EVMPT 'SBODร T 4FMFDUJWJEBE 'PS NBDJร O )ร CJUPT EF &TUVEJP 5&- "/ (-ยต4 D MBT T F T QBS UJ DVMBST JOEJWJEVBMT QFUJUT HSVQT IPSBSJ GMFYJCMF DPO WFSTB #VTJOFTT .ร UPEFT QFSTPOBMJU[BUT 5&- /0*" 6/*7&34*5ยฎ3*" Eร OB DMBTTFT QBSUJDVMBST B OFOT E &40 EJTTBCUFT 5&- 727 %DGDORQD
FDPOPNJDT OPVT JOEE
WHFQRORJLD
VGEPQNQIKC
QRYHWDWV JDGJHWV WHOHIRQLD VRIWZDUH LQWHUQHW
3BDØ EFM WJEFPBm DJPOBU $BQ 7
5FDOPMPHJB t 2VBO BSSJCB FM TFUFNCSF WPM EJS QFS B NPMUT RVF MFT WBDBODFT KB TPO IJTUÛSJB J RVF QFS UBOU UPDB UPSOBS B MB OPSNB MJUBU BJYÛ TJ BNC MFT QJMFT SFDB SSFHBEFT 4FHVSBNFOU UBNCÏ TFSBO NPMUT RVF IBVSBO VUJMJU[BU MB DËNFSB EF WÓEFP QFS FOSFHJTUSBS FMT NPNFOUT WJTDVUT EVSBOU MFT WBDBODFT 4J IFV TFHVJU FMT DPO TFMMT RVF WBN EPOBS WPT EVSBOU FM NFT EF KVMJPM B CFO TFHVS RVF OP IFV UJOHVU DBQ QSPCMFNB J B NÏT IBVSFV SPEBU VO WÓEFP BNC CPOB RVBMJUBU E JNBUHF 2VÒ GFS BNC FM NBUFSJBM FOSFHJTUSBU EVSBOU MFT WBDBODFT &OT GB JMtMVTJØ RVBO BSSJCFN B DBTB WFVSF FM WÓEFP J EFTQSÏT FOTFOZBS MP B GBNJMJBS J BNJDT .PMUT IP GBO EFT EF MB DËNFSB DPOOFDUBOU MB EJSFDUBNFOU B VOB 57 1FSÛ FM RVF DBM GFS QSJNFS EF UPU ÏT DPQJBS FM NBUFSJBM FO VO EJTD %7% J TJ QPU TFS VOB NJDB FEJUBU $PN B NÓOJN BJYÛ QFSRVÒ B M IPSB EF WFVSF FM WÓEFP TFSË NPMU NFOZT QFTBU QFS B UPUIPN $PN QPEFN GFS BRVFTUB FEJDJØ - FJOB NÏT JNQPSUBOU QFS VO WJ EFPBm DJPOBU RVF OP UÏ IBCJMJUBUT FO M ÞT EFMT PSEJOBEPST ÏT TFOT EVCUF MB HSBWBEPSB EF EJTD %7% ²T UBO GËDJM DPN GFS 1-": B MB DËNFSB J 3&$ B MB HSBWBEPSB MFT JNBUHFT TPO DPQJBEFT EJSFD UBNFOU BM EJTD 4J WFJFN NBMFT
2EGALAgT ELS TEUS RECORDS .O DEIXIS QUE ES FACIN MALBÏ A LgARMARI
JNBUHFT QBVTFN MB HSBWBDJØ J MB SFQSFOFN RVBO IP WFJFN DPOWFOJFOU 1FS VTVBSJT NÏT BWBOÎBUT QPEFO DPQJBS TPCSF FM EJTD EVS EF MB HSBWBEPSB TJ UFOFO BRVFTUB QPTTJCJMJUBU J EFTQSÏT BOBS FEJUBOU 6O DPQ FMJNJOBEFT FT DPQJB FO VO EJTD %7% 1FOTFV RVF WFVSF VO WÓEFP BNC DPOTUBOUT USFNPMPST UBMMT TFRàÒODJFT DVSUFT P QFS DPO USB MMBSHVÓTTJNFT FUD GBO RVF M FTQFDUBEPS ÏT DBOTJ $PN RVF SFTVMUB BWPSSJU m OBMNFOU FM NB UFSJBM RVFEB PCMJEBU FO VO DBMBJY "JYÛ ÏT FM RVF IB QBTTBU m OT BSB BNC MFT DJOUFT EF WÓEFP -FT DËNFSFT NÏT NPEFSOFT FOSFHJTUSFO TPCSF UBSHFUFT EF NFNÛSJB P TPCSF VO EJTD EVS JOUFSO "RVFTUT TJTUFNFT SFRVF SFJYFO PCMJHBUÛSJBNFOU RVF FM NBUFSJBM FOSFHJTUSBU TJHVJ QBTTBU B VO BMUSF MMPD QFS QPEFS TFHVJS SPEBOU OPWFT JNBUHFT -B NBKPSJB E BRVFTUFT DËNFSFT UFOFO DPN BDDFTTPSJ JODPSQPSBU VO QSPHSB NB RVF JOTUBMtMBU B M PSEJOBEPS FOT QFSNFU FEJUBS J m OT J UPU BGFHJS BM WÓEFP UÓUPMT J NÞTJDB J EFTQSÏT QBTTBS FM USFCBMM B VO EJTD %7% &M QSPCMFNB ÏT RVF BRVFTUT QSP HSBNFT SFRVFSFJYFO VO PSEJOBEPS BNC VO TJTUFNB QSPV QPUFOU UBOU EF DBQBDJUBU DPN EF WFMPDJUBU DPN EF UBSHFUB HSËGJDB 4J OP UFOJV VO PSEJOBEPS QSPV QPUFOU P MB DBQBDJUBU QFS USFCBMMBS BNC PSEJOBEPST ÏT FTDBTTB QPEFV 8FCT B NJEB
8F C *OUFSOFU
4PMVDJØ QSPGFTTJPOBM 4J OP UFOJV HSBWBEPSB EF %7% OJ IBCJMJUBU BNC M PSEJOBEPS OJ UFNQT OJ HBOFT EF GFS IP P TJNQMFNFOU WPMFV RVF FM WPTUSF SFQPSUBUHF RVFEJ NPMU CÏ QPEFV FODBSSFHBS B VO QSPGFTTJPOBM RVF VT GBDJ BRVFTUFT GFJOFT $SFD RVF VO HSBO WJBUHF NFSFJY VO CPO SFQPSUBUHF BNC VOB CPOB FEJDJØ BNC JODPSQPSBDJØ EF UÓUPMT J VO NVOUBUHF NVTJDBM BEFRVBU 1PU TFS DPTUØT QFSÛ QBHBSË MB QFOB GFS IP FTQFDJBMNFOU TJ QFOTFN RVF EBWBOU EF MFT EFTQFTFT HMP CBMT EFM WJBUHF BJYÛ QPU TJHOJm DBS VOB EFTQFTB NFOPS 6T EFNBOB SJB RVF WJTJUFV FM NFV XFC XXX EJHJUBM VQ DBU PO USPCBSFV FMT USFCBMMT RVF SFBMJU[P QFM RVF GB B WJBUHFT BNC BMHVOT WÓEFPT DPN FYFNQMFT &O FM QSPQFS DBQÓUPM QBSMBSFN EF RVÒ GFS BNC MFT GPUPT EJHJUBMT J UBNCÏ EF SFBMJU[BS DPQJFT EF TFHVSFUBU 3BNPO "MBSØ 5ÒDOJD FO BVEJPWJTVBMT r %*(*5"- 61
7e&1,&2 ,1)250É7,&2 /$6 +25$6 6 , $ '
(FTUJØ EF $PSSFVT EPNJOJT FMFDUSÛOJDT
5HSDUDFLRQHV SXQWXDOHV \ WRWDOHV D GRPLFLOLR 7DPELpQ SURJUDPDGRU :HE HOHFWUyQLFR DQDOLVWD 'HVSOD]DPLHQWRV \ SUHVXSXHVWRV JUDWLV SDUD VLHPSUH 5DIDHO 0DUWtQH]
XXX DMJDEJTTFOZ DPN JOGP!DMJDEJTTFOZ DPN
2EPORTATGES DE VIDEO FOTOGRAl A AUDIOVISUALS
%FNBOJhOT VOB EFNPTUSBDJØ HSBUVÕUB TFOTF DBQ DPNQSPNÓT
0OSEM AL DIA TOTS ELS TEUS RECORDS
5FM
CINEMA DE MM DIAPOSITIVES FOTOS VIDEO
VUJMJU[BS DPN IFN EJU BCBOT MB HSBWBEPSB EF %7% %FT EF MB DËNFSB FT QPU USBOTGFSJS GËDJMNFOU QFS MFT TPSUJEFT EF WÓEFP J ËVEJP /BUVSBMNFOU FMT RVF UFOFO VOB DËNFSB RVF FOSFHJTUSB TPCSF EJTDT NJOJ%7% IP UFOFO NÏT GËDJM UBO TPMT IBO E FMJNJOBS TJ WPMFO MFT NBMFT TFRàÒODJFT J TFHVJEBNFOU m OBMJU[BS FM EJTD
7HO m ¸ qvcmjdjubsjp ¸ Joufsofu ¸ fejupsjb sâgjdp òp h f t Ej
mphpujqpt-!dbuâmphptgpmmfupt-!sfwjtubtjnbhfo!dpsqpsbujwbcpmfujoft-!usîqujdpt-!xfct bovodjpt-!mjcspt-!///
6ISITA LA WEB WWW DIGITAL UP CAT 4EL
QBH JOEE
727 %DGDORQD
1MBOUJMMB#BTF JOEE
727 %DGDORQD
3&5*$6-" %0#-& JOEE