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%&OUSBEB JOEE
M BMDBMEF WPM EFTNBSDBS TF EF MB USBNB J EFJYBS DMBS RVF M FNQSFTB BDVTBEB EF DPSSVQDJØ OP WB SFCSF NBJ VO USBDUF EF GBWPS 4FSSB RVF UBNCÏ ÏT FM SFHJEPS E 6SCBOJTNF KB WB BMFSUBS RVF B QBSUJS E BSB iFOT NJSBSFN J SF NJSBSFNw UPU FM RVF RVFEB QFS GFS VSCBOÓTUJDBNFOU B MB DJVUBU - JOWFTUJHBEB 1SPJOPTB UBNCÏ GB PCSFT B #BEBMPOB " CBOEB EFM TPMBS B MB GBÎBOB NBSÓUJNB VOB BMUSF EF MFT FN QSFTFT QSFTVNQUBNFOU DPSSVQ UFT 1SPJOPTB T FODBSSFHB EF MFT PCSFT EFM 'POT ;BQBUFSP BM CBSSJ EFM 3BWBM &O DPODSFU TØO DBSSFST RVF TFHPOT FM 1BSUJU 1PQVMBS TØO MB RVBSUB PCSB NÏT JNQPSUBOU EFM 'POT &TUBUBM E *OWFSTJØ -PDBM '&*- BNC VO QSFTTVQPTU EF RVBTJ NJMJPOT E FVSPT &M QSFTJEFOU EFM 11 B #BEBMPOB 9BWJFS (BSDÓB "MCJPM MBNFOUBWB MB TFUNBOB QBTTBEB MB iGBMUB EF NFNÛSJBw EF M BMDBMEF RVBO FO TFS QSF HVOUBU QFMT QFSJPEJTUFT WB EJS RVF OP SFDPSEBWB TJ BRVFTUB FNQSFTB FTUBWB USFCBMMBOU B MB DJVUBU (BSDÓB "MCJPM IB EFTUBDBU RVF WB TFS FM QSPQJ +PSEJ 4FSSB FO QFSTPOB RVJ WB DPOUSBDUBS MFT PCSFT B 1SPJOPTB TFOTF RVF MB EFDJTJØ QBTTÏT QFM 1MF .VOJDJQBM %FT EFM HPWFSO FM SFHJEPS E )JTFOEB 'SBODFTD 4FSSBOP T IB EFGFOTBU FYQMJDBOU RVF M FNQSFTB RVF FTUË BSB TPUB
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%&OUSBEB JOEE
i&TQFDVMBOU BNC MFT OPTUSFT DBTFT FTQFDVMFO BNC MFT OPT USFT WJEFTw -B NBOJGFTUBDJØ WB DPNFOÎBS B MB QMBÎB EF 1FQ 7FOUVSB J WB BDBCBS B MB 1MBÎB EF MB 7JMB % BMUSB CBOEB M PQFSBDJØ 1SF UÛSJB UBNCÏ IB QSPWPDBU RVF M "TTPDJBDJØ E &OUJUBUT 4PDJBMT EF #BEBMPOB RVF BQMFHB VOB
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DFWXDOLWDW
$BSMFT $BSWBKBM SFEBDDJP!FMUPUEJHJUBM DPN
-B DSJTJ UBNCÏ GB SFEVJS FM OPNCSF EF WJBUHFST BMT BVUPCVTPT EF #BEBMPOB #BEBMPOB t - BDUVBM TJUVBDJØ FDPOÛNJDB UBNCÏ IB BSSJCBU BM USBOTQPSU QÞCMJD EF TVQFSGÓ DJF EF MB DPNBSDB &M TFSWFJ E BVUPCVTPT 564(4"- DPODFT TJPOBSJ E BRVFTU TFSWFJ BM #BS DFMPOÒT /PSE IB QFSEVU VO E VTVBSJT EVSBOU FMT EBSSFST NFTPT - FNQSFTB CBEBMPOJOB IB OPUBU BRVFTUB EBWBMMBEB FO FM OPNCSF E VTVBSJT J M BUSJCVFJY B MFT EJmDVMUBUT FDPOÛNJRVFT EF OPNCSPTPT WJBUHFST 5PU J BRVFTUFT EBEFT OFHBUJWFT M FNQSFTB EF USBOTQPS U IB WJTU DPNQFOTBEB ËNQMJBNFOU BRVFTUB CBJYBEB BNC MB QP TBEB FO NBSYB EF M "FSPCVT RVF QPSUB BMT VTVBSJT B MB OPWB UFSNJOBM EF M "FSPQPSU EFM 1SBU 6O TFSWFJ RVF T IB JODSFNFO UBU FO VO E VTVBSJT EFT RVF M FNQSFTB CBEBMPOJOB UÏ MB DPODFTTJØ
EF USFCBMM % BMUSFT WJBUHFST IBO EFDJEJU FTUBMWJBS TF EFTQFTFT J BOBS B QFV QFS EFTQMBÎBS TF QFS MB DJVUBU -FT YJGSFT OP BGFDUFO OPNÏT B 564(4"- J TØO DPNV OFT B UPUFT MFT DPNQBOZJFT EF USBOTQPSU EF TVQFSGÓDJF EF M ËSFB NFUSPQPMJUBOB EF #BSDFMPOB t &M OPNCSF EF WJBUHFST E BVUPCVTPT IB DBJHVU VO EVSBOU FMT EBSSFST NFTPT &M 505
#POFT EBEFT EFM "FSPCVT 564(4"- ÏT BDUVBMNFOU EFT EFM QBTTBU NFT EF KVOZ MB SFT QPOTBCMF EFM TFSWFJ E BFSPCVT RVF USBOTQPSUB FMT VTVBSJT EFT EF MB 1MBÎB $BUBMVOZB EF #BS DFMPOB B MB OPWB UFSNJOBM EF M BFSPQPSU 'JOT FM NFT EF HFOFS IP GB EF NBOFSB DPNQBSUJEB BNC M BOUFSJPS DPNQBOZJB DPO DFTTJPOËSJB EFM TFSWFJ QFSÛ B QBSUJS E BMFTIPSFT IP GBSË FYDMV TJWBNFOU * FO BRVFTU TFOUJU MFT YJGSFT TØO QPTJUJWFT &MT EBSSFST EPT NFTPT BRVFTU
.FOZT WJBUHFST BMT BVUPCVTPT CBEBMPOJOT - FNQSFTB EF USBOTQPSU IB EPOBU B DPOÒJYFS RVF FM OPNCSF EF WJBUHFST RVF VUJMJU[FO M BVUPCVT IB CBJYBU VO EVSBOU FM EBSSFS BOZ &OUSF MFT DBVTFT E BRVFTUB CBJYBEB M FNQSFTB BQVOUB RVF BMHVOT EFMT TFVT VTVBSJT IBO EFJYBU E VUJMJU[BS M BVUPCVT QFS BOBS B MB GFJOB QFSRVÒ NBMBV SBEBNFOU IBO QFSEVU FM TFV MMPD
- FNQSFTB RVF VSCBOJU[B MB SJFSB EF 4BOU +PSEJ EF .POUHBU J BM QPMJFTQPSUJV SFOVODJB B M PCSB .POUHBU t - FNQSFTB FODBSSFHB EB EF MB VSCBOJU[BDJØ EF MB SJFSB EF 4BOU +PSEJ J EFM DPCSJNFOU E VO QPMJFTQPSUJV EF .POUHBU IB QBDUBU BNC M "KVOUBNFOU MB SFT
DJTTJØ EFMT DPOUSBDUFT EF UPUFT EVFT PCSFT %BWBOU MB JNQPTTJ CJMJUBU EF M FNQSFTB 7FHBNBS QFS DPOUJOVBS BNC M FYFDVDJØ EF MFT PCSFT EF UBODBNFOU EF MB QJTUB
DPCFSUB EFM 1PMJFTQPSUJV BJYÓ DPN MFT PCSFT EF SFGPSNB EF MB 3JFSB 4BOU +PSEJ M "KVOUBNFOU EF .POUHBU T IB WJTU FO MB OFDFTTJ UBU EF SFTDJOEJS FMT DPOUSBDUFT
-B SFNPEFMBDJØ EFM .FSDBU .BJHOPO NÏT B QSPQ
"EJHTB T FODBSSFHBSË EFMT EFTQFSGFDUFT EFMT QJTPT EFM CBSSJ EF 1PNBS
7DPEÉ ÉV QRWÍFLD "VHNFOUFO FMT BDUFT WBOEËMJDT BMT DPUYFT BQBSDBUT B $BTBHFNFT /PNCSPTPT WFÕOT EFM CBSSJ EF $BTBHFNFT IBO EFOVODJBU RVF EVSBOU MFT EBSSFSFT TFUNBOFT IBO BVHNFOUBU EF GPSNB OPUB CMF FM OPNCSF E BDUFT WBOEËMJDT BM CBSSJ TPCSFUPU BMT DPUYFT BQBS DBUT BM DBSSFS &MT WFÕOT IBO FY QMJDBU RVF BDUVBMNFOU FMT CSÒUPMT BDUVFO DBEB EJB J OP OPNÏT MFT OJUT EFM DBQ EF TFUNBOB -B JNB UHF EF DPUYFT BNC FMT NJSBMMT USFODBUT J MFT SPEFT QVOYBEFT DPNFOÎB B TFS IBCJUVBM B $BTB HFNFT &MT WFÕOT IBO EFNBOBU NÏT QSFTFODJB QPMJDJBM
"DUVBMJUBU JOEE
-B 3FHJEPSJB EF $PNFSÎ J $PO TVN IB BOVODJBU RVF EVSBOU FM QMF EF OPWFNCSF T FODBSSFHBSË B &OHFTUVS MB QPTBEB FO NBSYB EF MB DBSQB RVF BDPMMJSË FMT QBSBEJTUFT EFM .FSDBU .BJHOPO NFOUSF FT EV B UFSNF MB TFWB SFNPEFMBDJØ %FTQSÏT RVF MFT QSFWJTJPOT BQVOUFTTJO RVF FM NFSDBU QSPWJTJPOBM TFSJB VOB SFBMJUBU FM QBTTBU NFT EF KVOZ FMT WFÕOT EFM $FOUSF FMT QBSB EJTUFT J MB SFTUB EF DPNFSDJBOUT DPOTJEFSFO RVF MB TJUVBDJØ EFM NFSDBU BDUVBMNFOU ÏT JOTPT UFOJCMF
&M $POTFMMFS EFMFHBU E "EJHTB 'SFEFSJD -JOBSFT IB FYQMJDBU BMT WFÕOT EF 1PNBS RVF T BSSFHMBSBO FMT EFTQFSGFDUFT FO FMT QJTPT FTQFDJBMNFOU FO BMHVOT CBMDPOT RVF FTUBO FO NPMU NBM FTUBU -JOBSFT UBNCÏ IB QSFTFOUBU VO QSPKFDUF E BTDFOTPST QFSRVÒ BMHVOFT EF MFT QFSTPOFT RVF IJ WJVFO EFT EF GB BOZT UJOHVJO NÏT GBDJMJUBUT QFS BDDFEJS B DBTB TFWB - BTTPDJBDJØ EF WFÕOT RVF KB T IBWJB SFVOJU QSÒWJBNFOU BNC "EJHTB FTQFSB RVF FO CSFV FT TPMVDJPOJO FMT QSPCMFNFT
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
DFWXDOLWDW
5SPCB UPUFT MFT OPUÓDJFT B XXX FMUPUEJHJUBM DPN
&T DPNFODFO B QFSmMBS FMT QSJNFST BDUFT EF MB $BQJUBM EF MB $VMUVSB $BUBMBOB #BEBMPOB t 'JOBMNFOU FM EJB EF HFOFS T JOBVHVSBSBO FMT BDUFT EF MB $BQJUBM EF MB $VMUVSB $B UBMBOB "JYÓ T IB GFU QÞCMJD EVSBOU VO BDUF BRVFTU EJMMVOT B M &TQBJ #FUÞMJB FO RVÒ MFT EJWFS TFT DPNJTTJPOT EF USFCBMMT IBO QSFTFOUBU VOB QSPQPTUB EF QSP HSBNBDJØ QFS BRVFTU FTEFWFOJ NFOU DVMUVSBM %F NPNFOU FM SF HJEPS EF DVMUVSB EF M "KVOUBNFOU EF #BEBMPOB .BSFV $IBMNFUB IB BWBOÎBU RVF B MB JOBVHVSBDJØ IJ IBVSË VO BDUF JOTUJUVDJPOBM J VO BMUSF EF NÏT QPQVMBS RVF DPNQUBSË BNC MB QBSUJDJQBDJØ EF MFT FOUJUBUT EF MB DJVUBU UBM J DPN BWBOÎBWB BRVFTUB SFWJTUB GB VOFT TFUNBOFT 5PU J RVF MB JOBVHVSBDJØ PGJDJBM TFSË FM EF HFOFS FM QSJNFS BDUF EF MB $BQJUBM EF MB $VMUVSB $BUBMBOB TFSË MB DBWBMDBEB EF SFJT 4J M BOZ QBTTBU FM UFNB DFOUSBM WB TFS M BTUSPOPNJB BRVFTU HFOFS 4FT .BKFTUBUT FOT USBOTQPSUBSBO BM NØO EF MB DVMUVSB FO VO TFOUJU BNQMJ %F NPNFOU QFSÛ FODB SB T FTUË USFCBMMBOU FO BRVFTUB JEFB 1SJNFST BDUFT RVF T FTUBO USFCBMMBOU 1FM RVF GB B "SUT J $SFBDJØ QP EFN EFTUBDBS M FODËSSFD RVF
T IB GFU BM HVJPOJTUB Ew&M $PS EF MB $JVUBUw -MVÓT "SDBSB[P QFSRVÒ FTDSJHVJ VOB PCSB EF UFBUSF RVF UÏ FM UÓUPM QSPWJTJPOBM EF i#BEBMPOB WJMB J DJVUBUw 1FM RVF GB B MFT BSUT FTDÒOJRVFT UBNCÏ FT SFDVQFSBSË FM 1SFNJ $JVUBU EF #BEBMPOB EF UFBUSF BNBUFVS J MB ESBNBUJUJU[BDJØ EF MB USJMPHJB EF +VMJË EF +Û EBS iM BU[BS J MFT PNCSFTw 1FM RVF GB B MB NÞTJDB FOUSF NPM UFT QSPQPTUFT EFTUBDB RVF MB #BOEB 4JNGÛOJDB JOUFSQSFUBSË UFNFT EFM DBOUBVUPS 3BJNPO &OUSF MFT BDUJWJUBUT E BSUT QMËT UJRVFT EFTUBDB VOB MPOB EF NFUSFT EF MMBSH FO RVÒ FT SFQSFTFOUBSBO NPNFOUT EF
MB IJTUÛSJB EF MB DJVUBU "RVFTU QSPKFDUF T IB FODBSSFHBU BM KPWF CBEBMPOÓ EJTTFOZBEPS "ZNPO .BMPOEB /P GBMUBSBO FMT BDUFT EF DVMUVSB USBEJDPOBM J QPQVMBS DPN UBNQPD MFT FYQPTJDJPOT &O BRVFTU TFOUJU FM EJSFDUPS EFM .VTFV +PBO .BZOÏ IB FYQMJ DBU RVF T PSHBOJU[BSBO NPTUSFT EF 1PNQFV 'BCSB J .BSHBSJEB 9JSHV 5BNCÏ FT SFFEJUBSBO MFT PCSFT EFMT FTDSJQUPST .BSJB "VSÒMJB $BQNBOZ +PBO "SHFOUÏ J FM QFSJPEJTUB +BVNF 1BTTB SFMM .BZOÏ UBNCÏ IB BWBOÎBU RVF BM OPWFNCSF T JOBVHVSBSË FM %FDVNBOVT EF #BFUVMP J T BEFRVBSË FM QPCMBU JCÒSJD EFM 5VSØ E FO #PTDË
1SJNFS BOJWFSTBSJ EFM .ËHJD #BEBMPOB
#BEBMPOB T BEIFSFJY BM 1BDUF E "MDBMEFT QFM $BOWJ $MJNËUJD
7DPEÉ ÉV QRWÍFLD .ÏT EF QFSTPOFT WPMFO RVF +PSHF +BWJFS 7È[RVF[ TJHVJ FM QSFHPOFS -B DBNQBOZB B USBWÏT EFM 'B DFCPPL RVF EFNBOB RVF FM CBEBMPOÓ +PSHF +BWJFS 7È[RVF[ TJHVJ FM QSPQFS QSFHPOFS EF MFT 'FTUFT EF .BJH FTUB TFOU UPU VO ÒYJU "NC EJFT MB DBNQBOZB IB BDPOTFHVJU RVF NÏT EF QFSTPOFT T BGFHFJYJO B BRVFTUB QFUJDJØ 1SFDJTBNFOU BRVFTU EJKPVT FM QPMÒNJD QFSJPEJTUB IB SFCVU M 0OEBT RVF M BDSFEJUB DPN B NJMMPS QSFTFOUBEPS 7È[ RVF[ DPOUJOVB WJWJOU B #BEBMPOB EVSBOU FMT DBQT EF TFUNBOB
"DUVBMJUBU JOEE
&M $FOUSF $PNFSDJBM .ËHJD FTUB DFMFCSBOU FM TFV QSJNFS BOJWFS TBSJ "RVFTU EJTTBCUF UJOESË MMPD VOB DFSDBWJMB JOGBOUJM QFMT DBSSFST EF #BEBMPOB J VOB YPDPMBUBEB QPQVMBS BM NBUFJY DFOUSF DP NFSDJBM 1FS DFMFCSBS BRVFTU QSJNFS BOJWFSTBSJ T IB PSHBOJU[BU VO TPSUFJH QFS HVBOZBS VO DP UYF J EJWFSTPT YFDT EF DPNQSB "RVFTUB QSPNPDJØ TFSË WËMJEB mOT BM EF OPWFNCSF EJB FO RVÒ FMT EFV mOBMJTUFT IBVSBO EF GFS VOB QSPWB mOBM TPSQSFTB QFS HVBOZBS FM DPUYF
#BEBMPOB ÏT VO EFMT NVOJDJQJT EFM #BSDFMPOÒT /PSE RVF T IBO BEIFSJU BM 1BDUF E "MDBMEFT QFM $BOWJ $MJNËUJD "JYÛ TVQP TB IBWFS EF QSFOESF NFTVSFT FODBNJOBEFT B M FTUBMWJ FOFS HÒUJD &T USBDUB E VOB JOJDJBUJ WB FVSPQFB QFS NJUKË E VO 1MB E "DDJØ RVF QSFWFV SFEVJS J NJUJHBS FMT FGFDUFT EF MFT FNJT TJPOT EF $0 FO VO 1FS BDPOTFHVJS IP M BENJOJTUSBDJØ DPNQUB BNC VOB PSEFOBOÎB TPMBS UÒSNJDB
727 %DGDORQD
727 %DGDORQD
1MBOUJMMB#BTF JOEE
DFWXDOLWDW
DFWXDOLWDW
$BSMFT $BSWBKBM SFEBDDJP!FMUPUEJHJUBM DPN
4 PCSF VOB PmDJOB E JOGPSNBDJØ TPCSF &MT MPDBMT E PDJ EF $BO 3JCØ TFHVJSBO FM GVUVS BQBSDBNFOU EF M *MMB $FOUSBM PCFSUT mOT M BOZ
B M &TUBCMJNFOU TJUVBU BM DBSSFS (VJGSÏ EFM CBSSJ EFM 1SP HSÏT $BEB FODFSUBOU EF 1SJNF SB $BUFHPSJB EF FODFSUT UÏ VO QSFNJ EF FVSPT
$BOZBEØ t &MT CBST NVTJDBMT TJUVBUT BM MBUFSBM EF MB $BSSF UFSB EF .BUBSØ BM QPMÓHPO EF $BO 3JCØ DPOUJOVBSBO FYFS DJOU MB TFWB BDUJWJUBU mOT FM EF KVOZ EFM 4FHPOT IB FYQMJDBU B 3ËEJP $JVUBU "MFJY 4PMFS VO EFMT MMPHBUFST J EJ SFDUPS EF MB TBMB 4BSBV FTUBO BEFRVB O UPU M FEJmDJ B M BDUVBM OPSNBUJWB 4PMFS IB FYQMJDBU RVF FM QSPQJFUBSJ EF MB OBV PO FT USPCFO FMT CBST T IB EF DMBSBU JOTPMWFOU J OP BTTVNJSË MB EFTQFTB EF M BEFRVBDJØ EF M FEJGJDJ 4Ó RVF IP GBSBO FO DBOWJ FMT MMPHBUFST DBEB VO QFM TFV DPNQUF RVF DPOEJ DJPOBSBO FM TFV MPDBM %FT EF GB QSËDUJDBNFOU EPT BOZT FMT WFÕOT EFM CBSSJ EF $BOZBEØ IBO EFNBOBU B M "KVOUBNFOU RVF UBORVÏT FMT CBST QFSRVÒ FMT QSPWPDBWB TPSPMMT J BMEB SVMMT B MB TFWB [POB SFTJEFO DJBM %F NPNFOU QFSÛ E FOÎË M FTUJV FM OPNCSF EF RVFJYFT IB EJTNJOVÕU OPUBCMFNFOU &M HP WFSO NVOJDJQBM IB SFDPSEBU FO OPNCSPTFT PDBTJPOT RVF DBM SFEJNFOTJPOBS MB [POB E PDJ EF $BO 3JCØ
&M GPSU WFOU EhBRVFTU EJNBSUT QSPWPDB JODJEFOUT B #BEBMPOB
&M DBSSFS EF #BMEPNFS 4PMË UBMMBU BM USËOTJU mOT EJVNFOHF
4 JOBVHVSB MB $JCFS$BJYB EFM $BTBM EF (FOU (SBO +PBO .BSBHBMM
&M GPSU WFOU WB QSPWPDBS EVSBOU BRVFTU EJNBSUT EJWFSTFT TPSUJEFT EFMT CPNCFST B #BEBMPOB "M DB SSFS $PMM J 1VKPM FM GPSU WFOU WB GFS DFEJS VO UBCJD EBNVOU VOB UFVMB EB J VOB QBSU WB DBVSF EBNVOU EhVO DPUYF BQBSDBU -hJODJEFOU OP WB QSPWPDBS GFSJUT %hBMUSB CBOEB FM GPSU WFOU WB BGFDUBS MFT QMBOYFT EFM TPTUSF E VOB JOEVTUSJB EFM DBSSFS &MFDUSÛOJDB -FT SBUYFT EF WFOU WBO BSSJCBS BMT RVJ MPNFUSFT QFS IPSB BM $FOUSF EF MB DJVUBU
&M DBSSFS EF #BMEPNFS 4PMË FTUB UBMMBU UPUBMNFOU BM USËOTJU EF WFIJ DMFT mOT BRVFTU EJVNFOHF EF OPWFNCSF QFS UBM EF QPSUBS B UFS NF MFT UBTRVFT EF QBWJNFOUBDJØ J TFOZBMJU[BDJØ E BRVFTU DBSSFS &T USBDUB EF M ÞMUJN UBMM UPUBM EF DJSDVMBDJØ E BRVFTU DBSSFS KB RVF FM QSPKFDUF EF SFVSCBOJU[BDJØ EF #BMEPNFS 4PMË FT USPCB FO MB TFWB SFDUB GJOBM $BM EFTUBDBS RVF FM UJQVT E BTGBMUBU RVF FT DPMtMPDBSË TFSWJSË QFS SFEVJS FM OJWFMM EF TPSPMM EF MB DBMÎBEB
"NC M PCKFDUJV E JOUSPEVJS B MB HFOU HSBO FO FM NØO UFDOPMÛHJD J GPNFOUBS MB TFWB QBSUJDJQBDJØ TPDJBM T IB JOBVHVSBU VOB $J CFS$BJYB JOGPSNËUJDB BM $BTBM EF HFOU HSBO - FTQBJ FTUË EPUBU E VO DPNQMFU FRVJQ EF NBUFSJBM JOGPS NËUJD J BVEJPWJTVBM PSEJOBEPST VOB JNQSFTTPSB NVMUJGVODJPOBM VOB QBOUBMMB BNC DBOØ QSPKFD UPS J VOB NËRVJOB EF GPUPHSBmB EJHJUBM FO FM RVF FT EFTFOWPMV QBSË i&M QSPHSBNB JOGPSNËUJDB J DPNVOJDBDJØ B M BCBTUw
t *NBUHF EF Mh0mDJOB EhJOGPSNBDJØ Eh&OHFTUVS &M 505
$FOUSF t -B TPDJFUBU NVOJDJ QBM &OHFTUVS IB JOTUBMtMBU VOB PmDJOB DPNFSDJBM FO MB RVF FT QPEFO HFTUJPOBS DPNQSFT J MMPHVFST EFM GVUVS BQBSDBNFOU RVF T FTUË DPOTUSVJOU B MB NB UFJYB QMBÎB DFOUSBM J UBNCÏ EFM GVUVS BQBSDBNFOU EF MB 1MBÎB EFMT 1BÕTPT $BUBMBOT &M QVOU E JOGPSNBDJØ FTUË JOTUBMtMBU FO MB DPOGMVÒODJB EF M "WJOHVEB .BSUÓ J 1VKPM BNC FM DBSSFS EF
MB $SFV &O BRVFTUB PmDJOB FT QPU EFNBOBS JOGPSNBDJØ TP CSF BRVFTUT EPT BQBSDBNFOUT - PmDJOB SFTUB PCFSUB UPUT FMT NBUJOT EF EJMMVOT B EJTTBCUF J MFT UBSEFT EF EJNBSUT EJNFDSFT J EJKPVT 4FHPOT MFT QSFWJTJPOT BRVFTUT EPT BQBSDBNFOUT FM EF M *MMB $FOUSBM J MB 1MBÎB EFMT 1BÕTPT $BUBMBOT FOUSBSBO FO GVODJPOBNFOU EVSBOU FM QSJNFS USJNFTUSF EF M BOZ
6O QSFNJ NJMJPOBSJ EF MB #POPMPUP UPDB B #BEBMPOB 1SPHSÏT t &O FM TPSUFJH EF MB #POPMPUP DFMFCSBU FM EJB E PDUVCSF IJ IB VOB CVUMMFUB FODFSUBOU EF 1SJNFSB $BUF HPSJB RVF IB FTUBU WBMJEBEB
7DPEÉ ÉV QRWÍFLD
"DUVBMJUBU JOEE
727 %DGDORQD
&(175(
//(),¬
/RFDO P GLYLGLGR HQ VyWDQR P SO EDMD P DOWLOOR P IDFKDGD D OD FDOOH DSWR FXDOTXLHU QHJRFLR -8172 0$57Ë 38-2/ $/4 ¼ ,9$
%8)$/¬ 3LVR -8172 02/Ë '( /$ 7255( FRQ KDE ]RQD PX\ WUDQTXLOD 5()250$'2 EDOFyQ EXHQD GLVWULEXFLyQ ¼ 376
672 &5,672
//(),¬
67$ &2/20$
/$ 6$/8'
3LVR /,672 3$5$ 9,9,5 GH P KDE EDxR \ FRFLQD UHIRUPDGRV SUHFLRVR EDOFyQ DLUH IUtR FDORU DVFHQVRU -XQWR +RVSLWDO (VStULWX 6DQWR ¼ 376
È7,&2 P 7(55$=$ P KDE GREOH FRFLQD \ EDxR VDOyQ FRQ VDOLGD D W]D SUHFLVD UHIRUPDV =21$ $/7$ ¼ 376
3,62 FRQ KDE GREOHV 5()25 0$'2 VDOyQ P FDOHI DLUH DFRQG ¿QFD FRQ DVFHQVRU -8172 %,%/,27(&$ ¼ 376
3LVR HQ *32 9,5*(1 /$ 6$/8' GH KDE 72'2 (;7( 5,25 DOWR \ FRQ DVFHQVRU VDOyQ P FRQ EDOFyQ SUHFLVD UHIRUPDV ¼ 376
320$5
6$17 $'5,¬
3LVR 72'2 (;7(5,25 FRQ KDE GREOHV 5()250$'2 VDOyQ P FDOHIDF DLUH DFRQG SDUNHW \ JUHV SXHUWDV UREOH ,03(&$%/( ¼ 376
/$ 025(5$ 3LVR /,672 3$5$ 9,9,5 FRQ KDE 5()250$'2 VDOyQ P HQ DPELHQWHV FRQ EDOFyQ SXHUWDV KD\D ,03(&$%/( ¼ 376
-72 3(3 9(1785$
3LVR 6(0, 18(92 FRQ KDE WRGR H[WHULRU ¿QFD FRQ DVFHQVRU SDUNHW \ JUHV FDOHIDF DLUH DFRQG -8172 &(1752 ¼ 376
3LVR 72'2 (;7(5,25 MXQWR LJOHVLD KDE 5()250$'2 VDOyQ HQ DPELHQWHV ¿QFD SRFRV YHFLQRV ¼ 376
&75$ $17 9$/(1&,$
&(175(
%8)$/¬
3LVR P KDE EDxR \ FRFLQD UHIRUPDGRV VDOyQ P F VDOLGD D EDOFyQ VXHOR JUHV FDOHIDF D D DVF /,672 3$5$ (175$5 $ 9,9,5 ¼ 376
3LVR GH P KDE EDOFyQ FDOHIDF DLUH DFRQG $/72 < &21 $6&(1625 SDUNLQJ RSF -8172 '5 %$662/6 ¼ 376
2&$6,Ï1
0217,*$/¬ '83/(; P WHUUD]D P ,'($/ 3$5$ )$0,/,$6 KDE DLUH IUtR FDORU SXHUWDV UREOH -8172 $3(1,126 ¼ 376
3LVR -8172 /$ 3/$1$ FRQ KDE FRFLQD \ EDxR UHIRUPDGRV VDOyQ P FRQ EDOFyQ ¿QFD FRQ DVFHQVRU %8(1$ =21$ ¼ 376
%8)$/¬
&$6$*(0(6
&$6$*(0(6
7,$1$
*UDQ SLVR P K GREOHV JUDQ VXLWWH VDOyQ P FRQ EDOFyQ W]D FDOHIDF 9,67$6 $ 0$5 DVFHQVRU WRGR H[WHULRU PXFKD OX] \ VRO SDUNLQJ RSF ¼ 376
3LVR /,672 3$5$ 9,9,5 P K GREOHV EDxR \ FRFLQD UHI VDOyQ P F VDOLGD D EDOFyQ SDUTXHW \ JUHV FDOHIDF D DFRQG DVFHQVRU ¼ 376
)5217 0$5Ë7,0
/$ 025(5$
3LVR P 6(0, 18(92 FRQ ]RQD FRPXQLWDULD KDE VXLWWH DPSOLR EDOFyQ FDOHIDF DLUH DFRQG -8172 3/$<$ ¼ 376
727 %DGDORQD
QBHJOB JOEE
3LVR -8172 & '(/ 0$5 K GREOHV P 683(5 5()250$'2 DLUH DFRQ \ FDOHI ¿QFD SRFRV YHFLQRV WHUUD]D FRPXQLW =21$ ,10(-25$%/( ¼ 376
&(175(
&(175(
6RODU P HGL¿FDEOH -8172 ,1'(3(1'(1&,$ IDFKDGD PWV [ PWV IRQGR SRVLEOH FRQVWUXLU SO EDMD SLVRV DFWXDOPHQWH JDUDMH \ JUDQ SDWLR P ¼ 376
& //(),¬ 3LVR 3$5$ (175$5 $ 9,9,5 GH P KDE SDUNHW \ JUHV EDOFyQ PX\ VROHDGR FDOHIDF DLUH DFRQG SDUNLQJ LQFOXLGR ¼ 376
3LVR 6(0, 18(92 MXQWR &$1 62/(, KDE 7(55$=$ P SDUNHW SDUNLQJ RSF WRGR H[WHULRU DVFHQVRU ¼ 376
%8)$/¬ &DVD 3/$17$ %$-$ 3$7,2 P 7(55$=$6 KDE EDxR \ DVHR VDOyQ P FDOHIDF D D WUDVWHUR SRVLEOH HGL¿FDU SODQWDV PiV 08&+$6 326,%,/,'$'(6 ¼ 376
3LVR FRQ $6&(1625 HQ F 5$021 //8// KDE H[WHULRUHV DPXHEODGR \ 5()250$'2 ¼ 376
&(175( 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
3LVR HQ F ,1'(3(1'(1&,$ GH KDE FRQ EDOFyQ 5()250$'2 FDOHIDF DLUH DFRQG ¿QFD FRQ DVFHQVRU ,03(&$%/( ¼ 376
//(),¬ *UDQ SLVR -8172 3/ 75$)$/*$5 P KDE EDxR \ DVHR VDOyQ P FRQ EDOFyQ D OD FDOOH GLVSRQLELOLGDG LQPHGLDWD ¼ 376
*UDQ SLVR GH P KDE GREOHV EDxRV QXHYRV VDOyQ HVWDU GH P EDOFyQ FDOHIDF D DFRQG DVFHQVRU 72'2 5()250$'2 < (;7(5,25 ¼ 376
&DVD GRPyWLFD -8172 & 0$5 SDWLR P \ WHUUD]DV VDOyQ FRQ OODU GH IRF HVWXGLR P EDUEDFRD 6(0, 18(9$ ¼ 376
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%$'$/21$ /2&$/6 , 2),&,1(6
3,62 (1 $/48,/(5 /$ &$ //( -2&6 )/25$/6 '( %$ '$/21$ GH PWUV +DE 0iV XQ YHVWLGRU %DxR FRFLQD UHIRUPDGD SDUTXHW FDOHIDFFLyQ DLUH DFRQGLFLRQDGR YHQWDQDV GH DOXPLQLR $VFHQVRU 3UHFLR DOTXLOHU ¼ PHV 7(/ 3DWUL 3,62 (1 $/48,/(5 (1 /$ &$ //( *8,)5e RSFLRQDO R¿FLQDV \ WDPELpQ YLYLHQGD 0WUV KD ELWDFLRQHV EDxR FRFLQD WHUUD]D GH PWUV 9HQWDQDV DOXPLQLR %XHQ HVWDGR GH FRQVHUYDFLyQ &RQVXOWDU SUHFLR 7(/ 3DWUL
$FOUSF EF (FTUJØ Eh*NNPCMFT "ENJOJTUSBDJØ EF $PNVOJUBUT 1*404 &/ "-26*-&3 #"%"-0/" #"-%0.&30 40-® N IBCJUBDJPOFT DPDJOB DVBSUP CB×P å NFT $"4"(&..&4 MPGU CB×P DPD BNFSJDBOB FYUFS TFNJ OVFWP å NFT 26*/5"&-7*3" ."35¶ 16+0- N IBCJUBDJPOFT HSBOEFT DPNFEPS
3,62 (1 $/48,/(5 (1 &$//( &(59$17(6 GH KDELWDFLRQHV FRPHGRU FRFLQD HTXLSDGD 5HIRU PDGR SHUIHFWR HVWDGR $PXHEOD GR 3UHFLR DOTXLOHU ¼ 7(/ 3DWUL /2&$/ (1 $/48,/(5 (1 %$ '$/21$ FDOOH VDQWD EiUEDUD GH PWUV 0WUV GH QDYH WRWDOPHQWH GLiIDQD FRQ DOWLOOR \ UHVWR RILFLQDV (QWUDGD SDUD YHKtFXORV DOWXUD KDVWD PWUV 3XHUWD LQGHSHQGLHQWH HQWUDGD D R¿FLQDV &RQVWD GH XQ ODYDER \ XQ SDWLR $SWR DOPDFpQ 3UHFLR DOTXLOHU ¼ 7(/ 3DWUL 727 %DGDORQD
&DPOPNJDT JOEE
UFSSB[B DPDJOB DVBSUP CB×P FYUFSJPS å NFT 130(3²4 QJTP SFGPSNBEP IBCJUBDJPOFT B B DPDJOB CB×P BNVFCMBEP *.1&$"#-& å NFT #6'"-« [POB USBORVJMB N IBCJUBD DPDJOB DVBSUP CB×P å NFT
1*404 &/ 7&/5" #"%"-0/" $&/530 `` 010356/*%"% 'JODB OVFWB IBCJUBDJPOFT DPDJOB DVBSUP EF CB×P å 26*/5"&-7*3" o `` 0$"4*»/ «UJDP QJTP SFGPSNBEP JNQFDBCMF N CB×PT IBCJUBDJPOFT B B å OFHPDJBCMFT 1- 1&1 7&/563" 0GJDJOB N MBWBCP U[B [POB NVZ DPNFSDJBM å
FNBJM GJODBT!OBWBSSPDBUBMBO DPN $ 3PHFS EF 'MPS CBJYPT r #"%"-0/" #BSDFMPOB 5FMT 'BY
FODVVLILFDWV
3,62 (1 $/48,/(5 (1 &$ //( 0,48(/ 6(59(5 PWUV $SUR[LPDGRV +DELWDFLRQHV FRFLQD \ EDxR ELHQ FRQVHUYDGRV 3UHFLR DOTXLOHU ¼ 7(/ 3DWUL
&$6$*(0(6 75$63$62 1(*2&,2 /$03,67(5,$ FRQ FDUWHUD GH FOLHQWHV OR FDO P P DOWLOOR DVHR DDFF QHJRFLR HQ DFWLYR 5HI ¼ DOTXLOHU ¼ 7(/
3,62 (1 $/48,/(5 (1 / $ &$//( -26& )/25$/6 HQWOR 'H PWUV 7LHQH KDELWDFLRQHV JUDQ VDOyQ FRPHGRU FRFLQD OD YDER 3UHFLR DOTXLOHU ¼ 7(/ 3DWUL 3,62 (1 $/48,/(5 (1 &$//( //(),¬ '( %$'$/21$ PWUV +DELWDFLRQHV FRPHGRU FRFLQD ODYDGHUR EDOFyQ UHIRU PDGR $VFHQVRU 3UHFLR DOTXLOHU ¼ 7(/ 3DWUL 3,62 (1 $/48,/(5 (1 &$0, 6$17 -(521, '( /$ 08575$ (1 %$'$/21$ GH PWUV +DELWDFLRQHV EDxR FRFLQD ODYDGHUR DLUH DFRQGLFLRQDGR FDOHIDFFLyQ PX\ OXPLQRVR %LHQ FRQVHUYDGR $VFHQVRU 3UHFLR DOTXLOHU ¼ 7(/ 3DWUL
+OOQDKNKCTKU 6TCURCUUQU
6TGDCNN
75 $63¬6 .LRVN SUHPVD 7(/
$8;,/,$5 '( (1)(50(5$ 6( 2)5(&( 3$5 $ 75 $%$-$5 FXLGDGR GH SHUVRQDV PD\RUHV QLxRV GLD \ QRFKH 7(/
75$63$62 3(/84(5,$ HQ %DGDORQD PX\ EXHQD ]RQD P QXHYD GH DxRV FRQ FOLHQWHOD ILMD SRU FDPELR GH GRPLFLOLR RSRUWXQLGDG XQLFD VROR ¼ DOTXLOHU ¼ 7(/
6(f25$ &21 (;3(5,(1&,$ %86&$ 75$%$-2 GH OLPSLH]D D\XGDQWH GH FRFLQD KRUDV D FRQ YHQLU 7(/
75 $63$62 3$1$'(5,$ 3$67(/(5,$ FHQWUR %DGDOR QD )UHQWH FROHJLR 7RWDOPHQWH HTXLSDGD 2FDVLyQ SRU QR SR GHU DWHQGHU ,QWHUHVDGRV OODPDU 7(/
7HO
&DPOPNJDT JOEE
6(f25$ (63$f2/$ FRQ H[ SHULHQFLD \ UHIHUHQFLDV EXVFD WUDEDMR SRU KRUDV GH OLPSLH]D 7(/ 65$ $1$ 6( 2)5(&( 3$/(7$ 3$5 $ 75 $ %$ -$ 5 HQ HPSUHVD GH FRQVWUXFFLyQ FRQ H[SHULHQFLD \ UHIHUHQFLDV 7(/
6( 75$63$6$ 3(/848(5Ã&#x2039;$ < &(1752 '( %(//(=$ (1 %$'$/21$ &(1752 P WRFDGRUHV ODYDFDEH]DV ODERUDWRULR YHVWXDULR FOLHQWHV WRFDGRU PDTXLOODMH FDELQDV HVWpWLFD VDOD 89$ KRUL]RQWDO XOWUD UiSLGR GXFKD DOPDFHQ EDxR YHVWXDULR SHUVRQDO DO TXLOHU LQWHUHVDQWH £WUDVSDVR RSRUWXQLGDG 7(/
&+,&$ 6( 2)5(&( &202 ¿MD FXLGDU SHUVRQDV PD\RUHV FDQJX UR OLPSLH]D 7(/ 6( 2)5(&( &+,&$ 3$5$ FXL GDU SHUVRQDV PD\RUHV ¿MD FDQ JXUR 7(/
727 %DGDORQD
6(f25 $ %86&$ 75 $%$-2 FRPR ¿ MD FXLGDU SHUVRQDV PD \RUHV FRQ UHIHUHQFLDV 7(/ 6(f25$ &21 %8(1$6 5( )(5(1&,$6 6( 2)5(&( SRU ODV PDxDQDV PHGLD MRUQDGD SRU KRUDV &RPR FDQJXUR FXL GDU SHUVRQDV PD\RUHV WDUHDV GRPpVWLFDV 7(/ 6( 2)5(&( 6(f25$ -29(1 3$5$ D\XGDQWH GH FRFLQD OLP SLH]D SRU KRUDV 3DSHOHV HQ UHJOD 7(/ 6(f25$ 6( 2)5(&( WDUHDV GRPpVWLFD OLPSLH]D FDVDV R¿ FLQDV HPSUHVDV &RQ H[SH ULHQFLD 7(/ 6( 2)5(&( 6(f25$ -29(1 3$5$ OLPSLH]D SDUD FXLGDU SHU VRQDV PD\RUHV ([SHULHQLFD \ UHIHUHQFLDV 7(/ 6( 2)5(&( 6(f25$ 3$5$ WUDEDMDU ORV ¿ QHV GH VHPDQD \ QR FKHV &XLGDU SHUVRQDV PD\RUHV 7(/ 6 ( f 2 5 $ ( 6 3 $ f 2 / $ 6 ( 2)5(&( SDUD OLPSLH]D FXLGDU DQFLDQRV 7(/ 6( 2)5(&( 6(f25$ UHVSRQ VDEOH SDUD WUDEDMDU SRU KRUDV GH OXQHV D YLHUQHV 7(/ &+,&$ %86&$ 75$%$-2 KDFHU WDUHDV GRPpVWLFDV FXLGDU SHUVR QDV PD\RUHV ¿ MD 7(/ 08/7,Ñ37,48(6 &(5&$ $' 0,1,675$7,9$ WDUGDV $ K 'OO GY 7(/
&DPOPNJDT JOEE
"44*45µ/$*" " %0.*$*-* t %&41-"±".&/54 (3"56¸54
6(f25,7$ 6( 2)5(&( 3$5$ 75$%$-$5 SRU ODV WDUGHV ¿ QHV GH VHPDQD SRU KRUDV OLPSLH]D SODQFKD FXLGDGR SHUVRQDV PD\R UHV &RQ H[SHULHQFLD SDSHOHV HQ UHJOD 7(/ )$/7$ '(3(1',(17$ 3$5$ 0(1$-( (1 )(55(7(5,$ GH %DGDORQD LQWHUHVDGDV HQYLDU FX UULFXOXP FRQ IRWR D )HUUHWHULD E &K F IUDQFHVF OD\UHW EDGDORQD )$/7$ '(3(1,(17( 3$5 $ )(55(7(5,$ (1 %$'$/21$ LQWHUHVDGRV HQYLDU FXUULXOXP FRQ IRWR D IHUUHWHULD E &K F IUDQ FHVF /D\UHW %DGDORQD ,1*(1,(52 ,1)250È7,&2 $f26 (;3(5,(1&,$ 6( 2)5( &( SDUD GHVDUUROOR ZHE FRUSRUD WLYD SHTXHxDV HPSUHVDV 'HVGH ¼ :HEFRRUSRUDWLYD#JPDLO FRP 6(f25$ 6( 2)5(&( 3$5$ FXLGDU SHUVRQDV PD\RUHV R HQIHU PRV OLPSLH]D LQWHULQD FDQJXUR 5HIHUHQFLDV \ H[SHULHQFLD 7(/ &+,&$ 6( 2)5(&( 3$5$ FXL GDU SHUVRQDV PD\RUHV OLPSLH]D FDQJXUR LQWHULQD R SRU KRUDV 7(/ &+ , &$ 5 (632 16$ %/( 6( 2)5(&( SDUD WUDEDMDU SRU KR UDV FXLGDG GH SHUVRQDV PD\RUHV TXHKDFHUHV GRPpVWLFRV LQWHULQD 7(/
/165 '0%4'7#65
57&1-75 727 %DGDORQD
4&37&* 5µ$/*$
.¾#*13&64 &$0/¾.*$4 XXX JOGPSNBUJDB CBEBMPOB DPN
FKHÌEKN
51.7%+105 2#55#6'/25
t 3&1"3"$*» t */45"-r-"$*» t 4&37&* 5µ$/*$ t ."/5&/*.&/5 t 505&4 -&4 ."326&4
$6(625,$ '( %$'$/21$ 1( &(6,7$ $'0,1,675$7,9$ FRQ FRQRFLPLHQWRV GH FRQWDELOLGDG ,QWHUHVDGDV HQYLDU FXUUtFXOXP D XQLJHVW FDOOH $OIRQVR ;,, ELV SODQWD %DGDORQD
HÀEKN
&+,&$ 6( 2)5(&( SDUD FXLGDU SHUVRQDV PD\RUHV 7(/
6( 2)5(&( 6(f25$ %2/, 9,$1$ 3$5$ 75$%$-$5 SRU KRUDV MRUQDGD FRPSOHWD PHGLD MRUQDGD FXLGDU SHUVRQDV PD \RUHV OLPSLH]D FRQ SDSHOHV HQ UHJOD 7(/
FODVVLILFDWV
6( 2)5(&( &+,&$ -29(1 3$5$ OLPSLH]D SRU KRUDV 7(/
FODVVLILFDWV
6(f25$ 6( 2)5(&( FRPR ¿MD LQWHULQD ¿QHV GH VHPDQD 7(/
&+,&$ -29(1 6( 2)5(&( SDUD WUDEDMDU SRU ODV PDxDQDV 7(/
6(f25 $ %86&$ 75 $%$-2 FXLGDQGR SHUVRQDV PD\RUHV OLPSLH]D FDVDV GHSHQGLHQWD &RQ SDSHOHV HQ UHJOD 7(/
6(f25$ (&8$725,$1$ UHV SRQVDEOH \ VHULD VH RIUHFH SDUD FXLGDU SHUVRQDV PD\RUHV FDQ JXUR OLPSLH]D ([SHULHQFLD 'LV SRQLELOLGDG LQPHGLDWD R ¿QHV GH VHPDQD 7(/
6(f25 $ 6( 2)5(&( FRPR ILMD LQWHULQD QRFKHV ILQHV GH VHPDQD SRU KRUDV 7(/
)$50$&Ë87,& $ 68%67,787
&+,&$ &21 %8(1$6 5()( 5(1&,$6 6( 2)5(&( SDUD OLP SLH]D MRUQDGD FRPSOHWD PHGLD MRUQDGD SRU KRUDV 7(/ 3(5621$/ 3$5$ 75$%$-$5 FRPR &HODGRU $X[LOLDU GH HQIHU PHUtD \ $X[ GH JXDUGHUtD SDUD ,QVWLWXW &DWDOj GH OD 6DOXW ,QIyU PDWH
( 0 3 5 ( 6 $ ' ( 6 ( 5 9 , & , 2 % 8 6 & $ & 2 0 ( 5 & , $ / ( 6 R SHUVRQDV FRQ GRQ GH JHQWH D WLHPSR SDUFLDO +RUDULR ÀH[LEOH LQJUHVRV DOWRV VHJ~Q YDOtD ,Q WHUHVDGRV HQYLDU FXUUtFXOXP D WVFXUULFXOXP#\DKRR (V 6(f25$ 6( 2)5(&( 3$5$ /,03,(=$ FDVDV HVFDOHUDV R¿FLQDV HPSUHVDV WDUHDV GR PpVWLFDV 7(/
6(f25$ (&8$725,$1$ UHV SRQVDEOH \ VHULD VH RIUHFH SDUD FXLGDU SHUVRQDV PD\RUHV QLxRV OLPSLH]D 'LVSRQLELOLGDG LQPH GLDWD 7(/
6( 1(&(6,7$ *(17( ',1È0, &$ SDUD FDPSDxD GH YHQWD GH FDPLVHWDV 3UHVHQWDUVH WDUGH GH D KRUDV -RDTXLP 5X\UD OF ELV %DGDORQD PHWUR JRUJ
6 ( 3 5 ( & , 6 $ 1 - Ï 9 ( 1 ( 6 SDUD FXHUSR 3ROtFLD \ 0RVVRV G¶(VTXDGUD 3OD]DV DELHUWDV VyOR FRQ 1DFLRQDOLGDG (VSDxROD ,QIyU PDWH 5(&(3&,21,67$6 < $8;,/,$ 5(6 $'0,1,675$7,926 SUHFLVDQ $\XQWDPLHQWRV \ 8QLYHU VLGDGHV 3UHSiUDWH SDUD DFFHGHU 7(/
6(f25$ 6( 2)5(&( 3$5$ OLPSLH]D SRU KRUDV PHGLD MRU QDGD WDUGHV 7(/ )85*21(7$ 23(/ &20%2 WUDEDMDULD VyOR PDxDQDV D KRUDV HQ EDUFHORQD \ DOUHGHGRUHV 7(/
¢7,(1(6 &$51e '( &21'8 &,5" 8UJHQ 3URIHVRUHV GH $X WRHVFXHOD SDUD SUiFWLFDV &RP SDWLEOH FRQ RWUD DFWLYLGDG *DQD KDVWD ¼ PHV 3UHSiUDWH SDUD LQFRUSRUDUWH 7(/
0¶2)(5(, ;2 3(5 &8,'$5 1(16 DYLV DFRPSDQ\DU ORV DO PHWJH -RUQDGD LQGLIHUHQW 7LQF FRW[H 7(/ 0RQW VH *LO
$(5238(572 18(9$ 7(50, 1$/ SUHFLVD SHUVRQDO FRQ ,QJOpV SDUD 6XSHUYLVRUHV GH YXHOR $JHQWHV GH SDVDMHURV \ $]DIDWDV GH WLHUUD 6XHOGR KDVWD ¼ PHV 3UHSiUDWH SDUD DFFHGHU 7(/
&+,&$ 5(63216$%/( %86&$ OLPSLH]D SRU KRUDV FRQ H[SHULHQ FLD
6( 2)5(&( &+,&$ VHULD \ UHV SRQVDEOH SDUD OLPSLH]D ¿MD LQ WHULQD
6( 1(&(6,7$ '(3(1',(17$ GH SDQDGHUtD 7(/
&+,&$ 6( 2)5(&( SDUD WUDED MDU HQ OLPSLH]D PHGLD MRUQDGD PDxDQDV SRU KRUDV 5HIHUHQ FLDV \ SDSHOHV HQ UHJOD 7(/
6(f25$ 6( 2)5(&( PDUWHV PLpUFROHV \ ViEDGR SDUD OLPSLH ]D &RQ EXHQDV UHIHUHQFLDV 7(/
6( 2)5(&( &+,&$ SDUD GLYHU VDV WDUHDV GHO KRJDU FRQ GLV SRQLELOLGDG KRUDULD 7(/
&DPOPNJDT JOEE
85*(1 *8$5'$6 )25(67$ /(6 < %20%(526 SDUD %DUFH ORQD 6XHOGR DSUR[ ¼ VyOR 1DFLRQDOLGDG (VSDxROD ,QIyUPDWH &+,&$ 3$5$*8$<$ 5(6321 6$%/( VH RIUHFH SDUD WUDEDMR GH OLPSLH]D SRU KRUDV FXLGDGR GH QLxRV SHUVRQDV PD\RUHV ¿MD LQWHULQD 'LVSRQLEOH WRGR HO GtD %DUFHORQD DOUHGHGRUHV
727 %DGDORQD
8CTKU
/QVQT
$* 727$ ('$7 1(&(66,7$ ¿[HV LQWHULQHV SHU KRUHV SHUVR QHV GH FRPSDQ\LD SHU QHQV L DYLV 7(/
9(1'2 6,//$ '( 58('$6 HQ EXHQ HVWDGR ¼ 7(/
6( 9(1'( 0272 ,1)$17,/ GH D DxRV GH W \ FF VHPLDXWRPiWLFD HQ SHUIHFWR HVWDGR ¼ .DZDVDNL FF GH FRPSHWLFLyQ FDUERQR HQ EXHQ HVWDGR ¼ ,1)2 7(/
$* 727$ ('$7 1(&(66,7$ LQIHUPHUHV SXHULFXOWRUHV ¿VLR WHUDSHXWHV DX[ GH FOtQLFD D GR PLFLOL L KRVSLWDO K HWF 7(/ 0(16$-(526 )85*21(7$ SDUD UHSDUWRV \ SHTXHxD SDTXHWH UtD HQ %DUFHORQD \ FLQWXUyQ 3UH VHQWDUVH OXQHV \ PDUWHV WDUGHV GH ¶ D ¶ HQ & 3RQLHQWH EMV %DGDORQD 0(16$-(526 0272 HOHYDGRV LQJUHVRV 3UHVHQWDUVH OXQHV \ PDUWHV WDUGHV GH ¶ D ¶ HQ & 3RQLHQWH EMV %DGDORQD 6(59,&,2 7e&1,&2 (1 %$'$ /21$ 35(&,6$ 7e&1,&2 '( +$5':$5( 3$5 $ 7$//(5 ,1)250È7,&2 6H RIUHFH FRQ WUDWR KRUDV VHPDQDOHV DOWD HQ 6 6 LQFRUSRUDFLyQ LQPHGLDWD (QYLDU &9 D LQIR#OHNNHUQHW HV 6( 35(&,6$ &+,&$ '( $&$ '(0,$ SDUD SUiFWLFDV HQ SHOX TXHULD 5DPEOD 6DQ -XDQ ' /ORUHGD 6( 35(&,6$ 0(&È1,&2 GH DX WRPyELO R¿FLDO GH FRQ EDVWDQWH H[SHULHQFLD 7(/ 6( 1(&(6,7$ 2),&,$/$ GH SHOXTXHULD HQ %DGDORQD 7(/ ±
#OKUVCVU "53²7&5& "NJTUBE QBSFKB 5&-
2WDNKSWG UWU CPWPEKQU FKTGEVCOGPVG FGUFG NC YGD YYY GNVQVFKIKVCN EQO
6( $/48,/$ +$%,7$&,Ï1 HQ SL VR FRPDSUWLGR =RQD %XIDOD SUHFLR ¼ JDVWRV LQFOXLGRV H LQWHUQHW 0DULD
FODVVLILFDWV
%86&2 75$%$-2 GH ¿MD R SRU ODV WDUGHV FRQ SDSHOHV 7(/
6( 9(1'( 0272 .<0.2 *5$1' ',1. && HQ EXHQ HVWDGR SRU ,1)2 7(/
(63,5,78 6$172 WX TXH PH DFODUDV WRGR TXH LOXPLQDV ORV FDPLQRV SDUD TXH \R DOFDQFH PL LGHDO 7X TXH PH GDV HO GRQ GLYLQR GH SHUGRQDU \ ROYLGDU HO PDO TXH VH KDFH FRQWUD PL \ HQ WRGRV ORV LQV WDQWHV GH PL YLGD HVWDV FRQPLJR \R TXLHUR HQ HVWH FRUWR GLDORJR DJUD GHFHUWH SRU WRGR \ FRQ¿UPDU XQD YH] PiV TXH QR TXLHUR VHSDUDUPH GH WL SRU PD\RU TXH VHD OD LOXVLyQ PDWHULDO 'HVHR HVWDU FRQWLJR \ WR GRV PLV VHUHV TXHULGRV HQ OD JORULD HWHUQD *UDFLDV SRU WX PLVHULFRUGLD SDUD FRQPLJR \ ORV PLRV $JUDGHFH OD JUDFLD DOFDQ]DGD & % ( 6( $/48,/$ +$%,7$&,Ï1 FKL FD 7HO 2&$6,Ï1 9(1'2 &(175$/,7$ ',*,7$/ 1(5,6 QXHYD VROR PHVHV GH XVR ¼ 7HO
%NCUUGU
6 ( $ /4 8 , / $ + $ % , 7$& , Ï 1 DPXHEODGD FRQ GHUHFKR D WRGR 7(/
352)(625$ 7,78/$'$ '$ &/$6(6 SDUWLFXODUHV \ JUXSR 3ULPDULD 6HFXQGDULD %DFKL OOHUDWR 0yGXORV )UDQFpV 6H OHFWLYLGDG )RUPDFLyQ +iELWRV GH (VWXGLR 7(/
6.$7 'RNR 7DWRUW (6 9(1 (678)$ '( //(1<$ DPE SRUWD GH YLGUH 7(/
//,&(1&,$7 'Ï1$ 5()25d (6&2/$5 GH PDWHPjWLTXHV ItVLFD L TXtPLFD (62 L %DW[LOOH UDW %DGDORQD /D 3ODQD 7(/
6( 9(1'( &$0$ 1,'2 FRQ GRV FDMRQHV GHEDMR PHVLWD FD MRQHV HVWDQWHUtD FDVL QXHYR *$1*$ ¼ 7(/
0(675$ 'Ï1$ &/$66(6 GH UHIRUo 7(/
6( 9(1'( &2)5( 0$6&27$6 '2*3$&. GH &DUU\SDFN H[WHQ VLEOH FRQ YDFD GH [ [ FP +RPRORJDGR 1R OLPLWD OD YHORFL GDG 'H D SHUURV # ,1)2 7(/
$1*/Ê6 FODVVHV SDUWLFXODUV LQGLYLGXDOV SHWLWV JUXSV KRUDUL ÀH[LEOH FRQYHUVD %XVLQHVV 0qWRGHV SHUVRQDOLW]DWV 7(/ &/$6(6 3$57,&8/$5(6 '( ,1*/e6 HQ WRGRV ORV QL YHOHV KRUDULR ÀH[LEOH 0DHVWUD QDWLYD GH 86$ 7(/
727 %DGDORQD
&DPOPNJDT JOEE
WHFQRORJLD
VGEPQNQIKC
QRYHWDWV JDGJHWV WHOHIRQLD VRIWZDUH LQWHUQHW
3BDØ EFM WJEFPBm DJPOBU $BQ *9
5FDOPMPHJB t 'B VOFT TFUNBOFT VT WBJH QBSMBS EFM TJTUFNB EF WÓEFP FO BMUB EFm OJDJØ #MV SBZ J EFMT TFVT FMFNFOUT ÏT B EJS DËNFSFT EF WÓEFP FO iGVMM )%w SFQSPEVDUPST )% J QBOUBMMFT )% 'PSÎB BWJBU MFT QSJNFSFT NBSRVFT NVOEJBMT MMBOÎBSBO BM NFSDBU MFT QSJNFSFT HSBWBEPSFT EPNÒTUJRVFT FO #MV SBZ DBQB DFT E FOSFHJTUSBS QSPHSBNFT FNFTPT FO BMUB EFGJOJDJØ %F NPNFOU FM QSFV TFSË FMFWBU QFSÛ PCSJSË MFT QPSUFT B VOB OPWB FSB FTQFDJBMNFOU RVBO FMT QSPEVD UFT )% TJHVJO B M BCBTU EFM HSBO QÞCMJD 'JOBMNFOU TJ WPMFV DPN QSBS VO SFQSPEVDUPS FO BRVFTU TJTUFNB UFOJV FO DPNQUF EF RVÒ TJHVJ DPNQBUJCMF BNC EJTDT OP PSJHJOBMT &MT SFQSPEVDUPST NÏT BOUJDT OPNÏT QPEJFO SFQSPEVJS EJTDT PSJHJOBMT DPNQSBUT J OP BENFUJFO FMT FOSFHJTUSBUT BNC HSBWBEPSFT #MV SBZ E PSEJOBEPS 1FS UPU FM RVF IFN FYQMJDBU J QFSRVÒ UÏ FM SFDPM[BNFOU EF MFT QSPEVDUPSFT EF DJOFNB QFOTFN RVF FM TJTUFNB #MV SBZ QPU TFS NPMU QPQVMBS FO FM GVUVS :PV UVCF $PN NPMUT KB TBCFV i:PV UVCFw ÏT VO XFC PO RVBMTFWPM QPU QP TBS VO WÓEFP B M BCBTU EF UPU FM NØO ´T B EJS JNBHJOFV RVF IFN FOSFHJTUSBU VOFT JNBUHFT BNC MB OPTUSB DËNFSB EF WÓEFP RVF QP EFO TFS JOUFSFTTBOUT 4J UFOJN VO DPNQUF BNC :PV UVCF QPEFN
7e&1,&2 ,1)250É7,&2 /$6 +25$6 6 , $ '
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