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-B 3BNCMB i&T EF UPUIPN mOT J UPU EFMT RVF BSSJCFOw
%BMU EF MB 7JMB i1SPCBCMFNFOU FM MMPD NÏT CPOJD J BNC NÏT IJTUÛSJB EF MB OPTUSB DJVUBU J BM NBUFJY UFNQT PCMJEBUw
(FHBOUT "OBTUBTJ J .BSJB i'B NÏT EF BOZT RVF TØO QBUSJNPOJ EF UPUT FMT CBEBMPOJOT J QBSU JOEJTQFOTBCMF FO MFT 'FT UFT EF .BJH J MB 'FTUB .BKPSw " TPUB EF DBEB GPUPHSBmB VO EFMT DPNFOUBSJT SFCVUT EVSBOU MB WPUBDJØ EFMT 4FU 5SFTPST EF #BEBMPOB
727 %DGDORQD
&M3FQPSUBUHF 1BH 1BH JOEE
DFWXDOLWDW
3ROÍWLFD
$BSMFT 5PSOFSP SFEBDDJP!FMUPUEJHJUBM DPN
% 5JBOB WPUB MB JOEFQFOEÒODJB EF $BUBMVOZB 5JBOB t o "NC VO QBESØ EF QFSTPOFT BRVFTU EJVNFOHF EF EFTFNCSF 5JBOB KVOUBNFOU BNC NÏT EF NVOJDJQJT DFMFCSBSË VO SFGFSÒOEVN QFS MB JOEFQFOEÒODJB - BMDBMEF EF 5JB OB &NJMJ .V×P[ KB WB BOVODJBS MB TFUNBOB QBTTBEB RVF DFEJSË MPDBMT NVOJDJQBMT QFS BRVFTUB DPOTVMUB )P WB EJS FO VO BDUF PSHBOJU[BU QFS MB DPNJTTJØ PS HBOJU[BEPSB i5JBOB EFDJEFJYw J RVF QSFTFOUBWB FM QFSJPEJTUB UJBOFOD $BSMFT $VOÓ 4FHPOT .V×P[ iM "KVOUBNFOU OP QPU BOBS FO DPOUSB EF M FYFSDJDJ E VO ESFU EFNPDSËUJDw J IB BGFHJU RVF iFMT DJVUBEBOT EF 5JBOB IBO EF QPEFS EFDJEJS FM RVF WPMFOw 5PU J BJYÓ RVBO "SFOZT EF .VOU WB DPOWPDBS FM QSJNFS SFGFSÒOEVN GB EPT NFTPT MB KVTUÓDJB WB QSPIJCJS B M "KVOUBNFOU DFEJS FTQBJT NVOJDJQBMT QFS PSHBOJ U[BS MB DPOTVMUB " CBOEB EF $VOÓ i5JBOB EFDJEFJYw IB SFCVU FM TVQPSU E ®OHFM $PMPN $%$ FM EJQVUBU CBEBMPOÓ 6SJFM #FS USBO &3$ J FM DBUFESËUJD &OSJD $BOFMB J FM SFHJEPS E "SFOZT EF .VOU +PTFQ .BOFM 9JNFOJT 5BNCÏ FM QSFTJEFOU EFM #BSÎB +PBO -BQPSUB IB FOWJBU VOB DBSUB B MB DPNJTTJØ DJVUBEBOB QFS EPOBS FM TFV TVQPSU B MB DPOTVMUB J IB FODPSBUKBU B MB
t - BMDBMEF EF 5JBOB WB EPOBS UPU FM TFV TVQPSU B MB DPOTVMUB QPQVMBS
DPOTVMUFT QPQVMBST IBO FTUBU VO QVOU E JOnFYJØ FO FM QSPDÏT E BMMJCFSBNFOU DPMtMFDUJVw - BDUF DPNQUBSË BNC MB QSFTÒODJB EF M IJTUPSJBEPS J JNQVMTPS EFM SFGFSÒOEVN E "SFOZT "HVTUÓ #BSSFSB M JNQVMTPS B 5JBOB .BOFM .VOT J FM MÓEFS EF MB $61 B #BEBMPOB .BSD 4BMMBT 1FS BMUSB CBOEB MFT +PWFOUVUT /B DJPOBMJTUFT EF $BUBMVOZB +/$ UBNCÏ EPOFO FM TVQPSU BMT SF GFSÒOEVNT E BVUPEFSNJOBDJØ TFHPOT FT WB EJS FO M BDUF EF QSFTFOUBDJØ E BRVFTUB CSBODB KVWFOJM EF $%$ B #BEBMPOB FM QBTTBU EJKPVT
QBSUJDJQBDJØ 4FHPOT FMT PSHB OJU[BEPST EFM SFGFSÒOEVN IJ QPESBO WPUBS B UPU $BUBMVOZB VOFT QFSTPOFT -B $61 #BEBMPOB PSHBOJU[B VOB YFSSBEB TPCSF FMT SFGFSÒOEVNT -B $BOEJEBUVSB E 6OJUBU 1P QVMBS $61 EF #BEBMPOB PS HBOJU[B FM QSPQFS EJNFDSFT EF EFTFNCSF BM $BTBM "OUPOJ 4BMB $ 3JFSB .BUBNPSPT VOB YFSSBEB QFS WBMPSBS FM QSPDÏT EF DPOTVMUFT EFM EF EFTFNCSF 4FHPOT BRVFTUB GPSNBDJØ JOEFQFOEFOUJTUB iMFT
$J6 FT QPTJDJPOB B GBWPS EFM DBOBM EFM QPSU QFSÛ FMT TPDJT EF HPWFSO TFHVFJYFO EVCUBOU #BEBMPOB t &O VOB YFSSB EB B M "TTPDJBDJØ EF 7FÕOT EFM (PSH J QFS QSJNFSB WF HBEB EFTQSÏT RVF M BMDBMEF EF #BEBMPOB FT SFQMBOUF HÏT FM QSPKFDUF FM QSFTJEFOU EFM HSVQ NVOJDJQBM EF $J6 'FSSBO 'BMDØ T IB NPTUSBU QBSUJEBSJ EF UJSBS FOEBWBOU MB DPOTUSVDDJØ EFM DBOBM EFM QPSU 4FHPOT 'BMDØ RVF UBN CÏ ÏT 1SJNFS 5JOFOU E "MDBMEF EF M "KVOUBNFOU iDSFJFN RVF IB QBTTBU VO UFNQT TVmDJFOU EF NBEVSBDJØ DPN QFSRVÒ BSSJCFN B MB DPODMVTJØ RVF
1PMÓUJDB 1BH JOEE
MFT BSRVFT NVOJDJQBMT ÏT VOB QSPCMFNËUJDB RVF OP QPEFN BTTVNJS 0 IJ IB VO EFTFO WPMVQBNFOU JNNPCJMJBSJ P OP IP QPESFN UJSBS FOEBWBOUw 1FS MB TFWB CBOEB FM MÓEFS E *$7 &6J" $BSMFT 4BHVÏT WB FYJHJS RVF M BMDBMEF GBDJ MJUJ JOGPSNBDJØ B M PQPTJDJØ J FM QSFTJEFOU EFM 11 9BWJFS (BSDÓB "MCJPM WB BTTFHVSBS RVF FM DBOBM OP QFSKVEJDBSË MFT BSRVFT NVOJDJQBMT "MCJPM UBNCÏ WB GFMJDJUBS 'BMDØ QFS MB TFWB QPTUVSB RVF iBKVEB B DMBSJmDBS MB TJUVBDJØw
UBM DPN FTUBO MFT DPTFT OP ÏT FM NJMMPS NPNFOU QFS DBOWJBS SFT &M DBOBM T IB BOBU GFOU J FTQFSFN RVF TF TFHVFJYJ GFOU J RVF FM QSPKFDUF UJSJ FO EBWBOUw %FT EFM 14$ J &3$ TPDJT EFM HPWFSO MPDBM OP FT WBO EFDBOUBS QFS DBQ PQDJØ J FT WBO SFGFSNBS FO MB JEFB RVF MB TJUVBDJØ FDPOÛNJDB QPU GFS SFQMBOUFKBS FM QSPKFDUF EFM DBOBM &M QPSUBWFV EFM 14$ 'SBODFTD 4FSSBOP OP EFT DBSUB BDBCBS FM DBOBM QFSÛ BGFHFJY RVF iFO BRVFTUT NP NFOUT GFS FM DBOBM B DËSSFD EF
727 %DGDORQD
727 %DGDORQD
1MBOUJMMB#BTF JOEE
DFWXDOLWDW
SHUVRQHV
$BSMFT 5PSOFSP
i&O BRVFTUT BOZT IFN BUÒT NÏT EF QFSTPOFTw "SNBOE 4PMFS 4ÓOEJD %FGFOTPS EF MB $JVUBEBOJB #BEBMPOB WB TFS EF MFT QSJNFSFT DJVUBUT RVF WBO EFDJEJS EPUBS TF EF MB m HVSB E VO EFGFOTPS EFM DJVUBEË 7B TFS FM EF OPWFNCSF EF RVBO FM 1MF EF M "KVOUBNFOU EF #BEBMPOB WB EFDJEJS OPNFOBS M FYSFHJEPS TPDJBMJTUB %FTJEFSJ -FØO DPN B QSJNFS TÓOEJD EF MB DJVUBU - BOZ WB BHBGBS FM SFMMFV "SNBOE 4PMFS - "KVOUBNFOU IB WPMHVU SFUSF IPNFOBUHF B BRVFTUB m HVSB RVF GB EF NFEJBEPS FOUSF DJVUBEBOT J BENJOJTUSBDJØ BNC VOB YFSSBEB EF M IJTUPSJBEPS +PBO 3PTËT RVF FT WB DFMFCSBS MB TFUNBOB QBTTBEB B MB TBMB EF QMFOT EF MB $BTB EF MB 7JMB
&O BOZT FT QPU BKVEBS NPMUB HFOU 1PSUFN BUFTFT NÏT EF QFSTPOFT VOB RVBOUJUBU B UFOJS FO DPNQUF 6O QFSDFOUBUHF NPMU FMFWBU E BRVFTUFT QFSTPOFT IBO TPSUJU NPMU TBUJTGFUFT EFM OPT USF TFSWFJ 5FOJOU FO DPNQUF FM SFTTÛ DJVUBEË J MB NPDJØ RVF WB BQSPWBS M "KVOUBNFOU FO FM QMF QBTTBU FOUFOFN RVF TF OT IB EPOBU VOB OPUB BMUB QFS MB GFJOB RVF IFN GFU
UPUB MB DJVUBU $BM FYQMJDBS FODBSB RVF OP EFGFOTFN EBWBOU E VOB DPNQSB TJOØ EBWBOU EFMT ESFUT OP SFTQFDUBUT QFS M BENJOJTUSBDJØ MPDBM - BENJOJTUSBDJØ VT GB DBT " MB NPDJØ RVF FT WB BQSP WBS UPUT FMT SFHJEPST FT WBO DPNQSPNFUSF B SFTQFDUBS MFT TVHHFSJNFOUT EFM TÓOEJD OP B BQMJDBS MPT )FN EF SFDPS EBS RVF MFT OPTUSFT EFDJTJPOT OP TØO WJODVMBOUT &O QSJODJQJ M "KVOUBNFOU FOT FTDPMUB DBEB WFHBEB NÏT QFSÛ TJ OP IP GFT ÏT MB TFWB SFTQPOTBCJMJUBU /P FMT QPEFN PCMJHBS
2VÒ IB DBOWJBU FO BRVFTUT BOZT #BEBMPOB WB TFS EF MFT QSJNFSFT DJVUBUT B UPU M &TUBU FO EPUBS TF E VO EFGFOTPS EF MB DJVUBEBOJB 1FS UBOU TFHVS RVF BM QSJODJQJ FT WB IBWFS EF GFS NPMUB GFJOB QFS EPOBS B DPOÒJYFS BRVFTUB OPWB m HVSB %FTJEFSJ -FØO WB GFS VOB QSJNFSB GFJOB NPMU JNQPSUBOU . BHSBEBSJB EFTUBDBS UBNCÏ MB WBMFOUJB EFM OPTUSF BKVOUBNFOU EF DSFBS BRVFTUB JOTUJUVDJØ GB EFV BOZT /P IFN E PCMJEBS RVF MB m OBMJUBU RVF UFOJN ÏT MB TVQFS WJTJØ EF M BDDJØ NVOJDJQBM
3FTQPOFO SËQJE EFT EF M "KVOUBNFOU &M UFNQT EF SFTQPTUB ÏT JN QPSUBOU 5PU J RVF IB NJMMPSBU TVCTUBODJBMNFOU KP TFNQSF FN QSFHVOUP RVF TJ BNC OPTBMUSFT USJHVFO HBJSFCÏ EPT NFTPT RVÒ QPU QBTTBS RVBO FM DJVUBEË GPSNVMB MB QSFHVOUB &O UFPSJB MFHBMNFOU IBO EF USJHBS EJFT FO DPOUFTUBS OPT &M %FGFOTPS EF MB $JVUBEBOJB FM USPCBSFV B $ 'SBODFTD -BZSFU 5FMÒGPO
2VJOT SFQUFT UÏ FM %FGFOTPS BSB NBUFJY $POUJOVB TFOU VOB BTTJHOBUVSB QFOEFOU RVF TF OT DPOFHVJ B
1FSTPOFT 1BH JOEE
727 %DGDORQD
3 /$ 6$/8'
0217*$7
//(),¬
3LVR FRQ KDE GREOHV EDxR FRQ GXFKD EDOFyQ D OD FDOOH SRFRV YHFLQRV DOWXUD EXHQD GLVWULEXFLyQ 2&$6,Ï1 ¼ 376
3LVR ,'($/ 3$5(-$6 KDE GREOHV 72'2 5()25 0$'2 VDOyQ P H[WHULRU OLVWR SDUD YLYLU ¼ 376
320$5
3LVR 72'2 (;7(5,25 P KDE GREOHV VDOyQ P FDOHIDF D DFRQG %8(1$ =21$ 3$5$ (175$5 $ 9,9,5 ¼ 376
6$17 $'5,¬
//(),¬ 3,62 FRQ KDE GREOHV 5()25 0$'2 VDOyQ P FDOHI DLUH DFRQG ¿QFD FRQ DVFHQVRU -8172 %,%/,27(&$ ¼ 376
*UDQ SLVR -8172 3/ 75$)$/*$5 P KDE EDxR \ DVHR VDOyQ P FRQ EDOFyQ D OD FDOOH GLVSRQLELOLGDG LQPHGLDWD ¼ 376
&(1752
-72 3(3 9(1785$
3LVR DSDUWDPHQWR P KDE H[WHULRUHV EDxR F EDxHUD FRFLQD DELHUWD DO VDOyQ FDOHIDF D D SXHUWDV KD\D ¿QFD SRFRV YHFLQRV -8172 35,0 ¼ 376
*25* 3LVR 72'2 (;7(5,25 MXQWR LJOHVLD KDE 5()250$'2 VDOyQ HQ DPELHQWHV ¿QFD SRFRV YHFLQRV ¼ 376
3LVR $ 0,18726 0! 3(3 9(1785$ KDE FRFLQD QXHYD FRQ HOHFWURGRP EDOFyQ D FDOOH SDUNHW \ JUHV FDOHI SRFRV YHFLQRV EXHQD ]RQD ¼ 376
$/)216 ;,,,
&(175(
3LVR FRQ $6&(1625 GH KDE GREOHV 5()250$'2 EDOFyQ P FDOHI DLUH DFRQG /,672 3$5$ 9,9,5 ¼ 376
-8172 0(5&$'21$
7,$1$
&$6$*(0(6
%8)$/¬
727 %DGDORQD
QBHJOB JOEE
3LVR 72'2 (;7(5,25 GH P KDE EDxR \ FRFLQD UHIRUPDGRV VXHOR JUHV FDOHIDF D DFRQG LQVW QXHYDV ¿QFD FRQ DVFHQVRU ¼ 376
)5217 0$5Ë7,0
&(175(
3LVR P 6(0, 18(92 FRQ ]RQD FRPXQLWDULD KDE VXLWWH DPSOLR EDOFyQ FDOHIDF DLUH DFRQG -8172 3/$<$ ¼ 376
%8)$/¬
7,$1$
3LVR P 3$7,2 P KDE 72'2 (;7(5,25 FDOHIDF SRFRV YHFLQRV 6(0, 18(92 PiUPRO \ JUHV SDUNLQJ LQFO ¼ 376
3LVR 6(0, 18(92 MXQWR &DQ 62/(, GH KDE EDOFyQ JUDQGH FDOHIDF DLUH DFRQG WRGR H[WHULRU DPXHEODGR 3$5.,1* 23& ¼ 376 &DVD XQLIDPLOLDU P MDUGLQ P KDE EDxRV VDOyQ P FRQ OODU GH IRF \ VDOLGD D MDUGtQ FDOHI D D ]RQD FRPXQLWDULD WRGD H[WHULRU /,67$ 3$5$ 9,9,5 ¼ 376
3LVR 6(0, 18(92 3. 75$67(52 7(55$=$ P K VXLWWH FDOHIDF DLUH DFRQG ]RQD FRPXQLWDULD FRQ SLVFLQD PXFKD OX] ¼ 376
%8)$/¬ 3LVR 6(0, 18(92 P K VXLWWH EDxR F EDxHUD \ DVHR F GXFKD VDOyQ LQGHSHQGLHQWH P FRQ EDOFyQ FDOHI D D DVFHQVRU 3. 23&,21$/ 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
&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
È7,&2 FRQ 7(55$=$ P K GREOHV FRFLQD VHPL QXHYD VDOyQ FRQ VDOLGD D W]D DLUH IUtR FDORU $6&(1625 OLVWR SDUD YLYLU SDUNLQJ RSF ¼ 376
&$6$*(0(6
352*5e6 3LVR P SDWLR WHUUD]D P K GREOHV VXLWWH EDxRV FDOHIDF DLUH DFRQG -8172 3/$<$ ¼ 376
/$ 025(5$ 3LVR 6(0, 18(92 FRQ KDE WRGR H[WHULRU ¿QFD FRQ DVFHQVRU SDUNHW \ JUHV FDOHIDF DLUH DFRQG -8172 &(1752 ¼ 376
%8)$/¬
&$1<$'Ï 3LVR -8172 /$ 3/$1$ FRQ KDE FRFLQD \ EDxR UHIRUPDGRV VDOyQ P FRQ EDOFyQ ¿QFD FRQ DVFHQVRU %8(1$ =21$ ¼ 376
3LVR /,672 3$5$ 9,9,5 FRQ KDE 5()250$'2 VDOyQ P HQ DPELHQWHV FRQ EDOFyQ SXHUWDV KD\D ,03(&$%/( ¼ 376
3LVR FRQ $6&(1625 HQ F 5$021 //8// KDE H[WHULRUHV DPXHEODGR \ 5()250$'2 ¼ 376 3LVR HQ F ,1'(3(1'(1&,$ GH KDE FRQ EDOFyQ 5()25 0$'2 FDOHIDF DLUH DFRQG ¿QFD FRQ DVFHQVRU ,03(&$%/( ¼ 376
&(175( 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
3LVR 6(0, 18(92 P KDE FRFLQD DELHUWD DO VDOyQ EDOFyQ SDUNHW \ JUHV DLUH \ FDOHIDFLy DVFHQVRU 0(-25 48( 18(92 ¼ 376
672 &5,672
&$6$*(0(6 3LVR GH KDE 6(0, 18(92 ]RQD FRPXQLWDULD FRQ SLVFLQD EDxRV EDOFyQ WHUUD]D FRQ 9,67$6 $ 0$5 SDUNLQJ RSF DVFHQVRU ~OWLPR SLVR ¼ 376
DFWXDOLWDW
OD VHWPDQD HQ LPDWJHV
&M /BEBM USVDB MB QPSUB B MB DPNBSDB %VSBOU FMT EBSSFST EJFT M BNCJFOU OBEBMFOD KB ÏT
FWJEFOU B UPUB MB DPNBSDB " #BEBMPOB FMT DBSSFST J DFOUSFT DPNFSDJBMT KB FTUBO JMtMVNJOBUT J MB 'JSB EF /BEBM PCFSUB mOT FM EJB EF EFTFNCSF FTUB JOTUBMtMBEB B MB 1MBOB " .POUHBU MFT MMVNT EF /BEBM T FODFOESBO FM EF EFTFNCSF NFOUSF RVF B 5JBOB KB T IBO FODÒT BMT DBSSFST QSJODJQBMT EFM NVOJDJQJ
$PNFOÎB MB OFUFKB TPUB M BVUPQJTUB BM
CBSSJ EF 4BOU 3PD &MT USFCBMMT EF OFUFKB WBO DPNFOÎBS EJKPVT QBTTBU FO FM USPT EF TPUB M BVUPQJTUB DPNQSÒT FOUSF FM DBSSFS E "OTFMN 5VSNFEB J FM DBSSFS EF 7ÏMF[ 3VCJP QFSÛ DPOUJ OVBSBO FM EJKPVT EF EFTFNCSF FOUSF FM DBSSFS EF 7ÏMF[ 3VCJP J M BWJOHVEB EFM .BSFTNF J FM EF EFTFNCSF FOUSF M BWJOHVEB EFM .BSFTNF J FM DBSSFS EF $ÛSEPWB &O DBEB USBN FTUB QSPIJCJU BQBSDBS EFT EF MFT B MFT IPSFT QFS GBDJMJUBS MFT UBTRVFT EF OFUFKB
- FEJmDJ &M 7JWFS BDVMM M FYQPTJDJØ i®GSJDB BOFN BM HSB w -B NPTUSB RVF BQSPGVOEFJY FO FM DPODFQUF EF TFHVSFUBU BMJNFOUËSJB EFMT QBÕTPT BGSJDBOT J RVF QSFTFOUB JOJDJBUJWFT EF MB NBUFJYB QPCMBDJØ BGSJDBOB QFS BGSPOUBS BRVFTUB TJUVBDJØ FT QPESË WJTJUBS mOT BM EJKPVT EF EFTFNCSF EF B IPSFT J EF B IPSFT
"QSFOESF DBUBMË GPSB EF DMBTTF "MVNOFT
EF EJGFSFOUT OJWFMMT EFM $FOUSF EF /PSNBMJU[B DJØ -JOHàÓTUJDB $/- EF #BEBMPOB J 4BOU "ESJË QBSUJDJQFO BRVFTUT EJFT FO BDUJWJUBUT EJSJHJEFT QFM QSPGFTTPSBU RVF JNQBSUFJY MFT DMBTTFT EF DBUBMË - PCKFDUJV ÏT UBOU JODSFNFOUBS FM DPOFJYFNFOU EF M JEJPNB FO VO BNCJFOU EJGFSFOU EF M BDBEÒNJD DPN EPOBS B DPOÒJYFS M FOUPSO B M BMVNOBU DPN WJTJUBS FM 1POU EFM 1FUSPMJ
-B4FUNBOB&O*NBUHFT 1BH JOEE
727 %DGDORQD
HVSRUWV 1VCMJDBU FM MMJCSF i#SFTTPM EFM #BTRVFUCPMw #BEBMPOB t +B T IB QPTBU B MB WFOEB MB OPWFMtMB HVBOZBEPSB EFM 1SFNJ $JVUBU EF #BEBMPOB EF OBSSBUJWB KVWFOJM RVF FOHVBOZ IB HVBOZBU M FTDSJQUPS CBEBMPOÓ 5POJ $PUFU i#SFTTPM EFM CBTRVFUCPMw ÏT VOB OPWFMtMB BNCJFOUBEB B #BEBMPOB J FO DPODSFU B MB 1FOZB &M QSPUB HPOJTUB ÏT VO OPJ EF BOZT M 0SJPM 3PVSB RVF KVHB B MFT DBUFHPSJFT JOGFSJPST EF MB 1FOZB " DBVTB EF MB HSFV MFTJØ EFM CBTF UJUVMBS M FOUSFOBEPS EFDJ EFJY EF GFS MP EFCVUBS BNC FM QSJNFS FRVJQ - 0SJPM EFTDPCSJSË FM DPNQMFY NØO EFM CËTRVFU QSPGFTTJPOBM NFOUSF GB BNJTUBU
t - FTDSJQUPS CBEBMPOÓ 5POJ $PUFU 1FOZB DBU
DJPOT EF GBNÓMJFT E JNNJHSBOUT 1SFDJTBNFOU BRVFTU EJKPVT EJB EF EFTFNCSF B MFT FT GBSË M BDUF EF QSFTFOUBDJØ BM QÞCMJD E BRVFTUB OPWFMtMB RVF FT SFBMJU[BSË B M FTQBJ #FUÞMJB
BNC FO .BSD 4FSSB FM KVHBEPS WFUFSË EF M FRVJQ 1FSÛ FM TFV EFCVU OP TFSË GËDJM FM TFV NØO FT DBQHJSB RVBO SFUSPCB VOB BOUJHB BNJHB J KVOUT IBVSBO E JOWFTUJHBS DBTPT EF EFTBQBSJ
1SJNFS $BNQVT EF /BEBM EFM .ËHJD #BEBMPOB #BEBMPOB t &M $MVC +PWFOUVU #BEBMPOB PSHBOJU[BSË FM FS $BNQVT EF /BEBM BM .ËHJD #BEBMPOB -FT JOTDSJQDJPOT KB
727 %DGDORQD
QBH JOEE
FT QPEFO QFS JOUFSOFU B USBWÏT EF MB QËHJOB XFC XXX QFOZB DPN B M BQBS UBU EFM .ËHJD #BEBMPOB &M $BNQVT UJOESË
MMPD EFMT EJFT J mOT FM EF EFTFNCSF - IPSBSJ TFSË EF I B I J EF I B I < >
&/$6,),&$'26
%'1 &(1752 & '26 '( 0$<2 *UDQ SLVR HQ F 'RV GH 0D\R FRQ F 0RVVHQ $QWRQ 5RPHX 6XSHU¿FLH GH PHWURV $PSOLR VDOyQ LQGHSHQGLHQWH KDE EDxRV ([W D OD FDOOH %DOFRQHV $VFHQVRU 3UHFLVD UHIRUPDV /OiPHQRV \ OH LQIRUPDUHPRV
QBH JOEE
)5217 0$5,7,0 %$'$/21$
6$17$ &2/20$ & ,5/$1'$
OLQHD GH PDU ³)DQ WDVWLFDV YLVWDV´ 3LVR +DE GREOHV $OWR $PSOLD WHUUD]D 3HUIHFWR HVWDGR =RQD FXP FRQ SLVF 'RV SOD]DV SN LQFO \ WUDVWHUR
-WR -DFLQWR YHUGDJXHU 3LVR GH KDE $OWR $VFHQVRU ([W D OD FDOOH 3DUD HQWUDU D YLYLU ³,QFUHLEOH RSRUWXQLGDG SRU SUHFLR´
3UHFLR ½
3UHFLR ½
3UHFLR ½
% $ ' $ / 2 1 $ &(1752
6 $ 1 $ ' 5 , $ &(1752
%$'$/21$ & $/)2162 ;,,,
& $VVHPEOHD FDWDOXQ\D )UHQWH DO QXHYR $\XQW *UDQ SLVR HQ ¿QFD VHxRULDO PHWURV *UDQ VDOyQ KDE \ EDxRV KDE \ DVHR GH VHUYLFLR 3O] SN FRFKH JUDQGH ³/ODPH H LQIRUPHVH´
& %RJDWHOO 3LVR KDE $OWR ([WHULRU $VF 7RGR UHIRUPDGR &DOHI $ $ 3DUD HQWUDU D 9LYLU ³8QD H[FHOHQWH RSRUWXQLGDG SDUD SDUHMDV´
$YGD $OIRQVR ;,,, 3LVR GH KDELWDFLRQHV ([W $VFHQVRU 7RGR UHIRUPDGR SDUD HQWUDU D YLYLU =RQD PX\ ELHQ FRPXQLFDGD ³%XHQD RSRUWXQLGDG´
3UHFLR D FRQVXOWDU
3UHFLR ½
3UHFLR ½
727 %DGDORQD
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ƋƵĂƚƌĞ ĚŝĞƐ͘ ,ĂǀŝĂ ƉĂƐƐĂƚ ƵŶĂ ǀŝĚĂ ƉĞů ƐĞƵ ĐŽƐƚĂƚ ŝ ŐĂŝƌĞďĠ ŶŽ ƐĞ Ŷ͛ŚĂǀŝĞŶ ĂĚŽŶĂƚ͘ >ŝ ƐĞŵďůĂǀĂ ƋƵĞ ŶŽ ŚĂǀŝĂ ƟŶŐƵƚ ƚĞŵƉƐ ĚĞ ĨĞƌ ƌĞƐ͘ sĂ ǀĞƵƌĞ͛Ɛ Ă Ğůů ŵĂƚĞŝdž͕ ĐŽŵ Ɛŝ ĨŽƐ ĂƌĂ͕ ĂŐĂĨĂƚ ĚĞ ůĂ ŵă ĚĞ ůĂ ŝĂŝĂ ƋƵĞ Ğů ƉŽƌƚĂǀĂ Ă ů͛ĞƐĐŽůĂ͘ ĂǀĂŶƚ ůĂ ƉŝƐƐĂƌƌĂ ĂŶĂǀĂ ĐĂŶƚĂŶƚ ůĞƐ ůůĞƚƌĞƐ ĚĞ ů͛ĂůĨĂďĞƚ͘ sĂ ƐĞŶƟƌ ůĂ ƐƵŽƌ ƋƵĞ ůŝ ĐŽƌƌŝĂ ƉĞů ĐŽƐ ũƵŐĂŶƚ Ă ƉŝůŽƚĂ Ă ů͛ŚŽƌĂ ĚĞ ƉĂƟ͘ sĂ ƌĞĐŽƌĚĂƌͲƐĞ Ě͛ĂƋƵĞůůĂ ǀĞŐĂĚĂ ƋƵĞ͕ Ăŵď ƵŶĂ ĐŽůůĂ Ě͛ĂŵŝĐƐ͕ ǀĂŶ ƐŽƌƟƌ ƉĞƌ ĂƌͲ ĐĞůŽŶĂ͕ ĚĞƵ ĚŝŶƐ Ě͛ƵŶ ƐŝƐͲĐĞŶƚƐ͘ sĂ ƐĞŶƟƌ Ğů ŵĂů Ă ů͛ĞƐƉĂƚůůĂ ƋƵĞ ůŝ ĨĞŝĂ Ğů ĨƵƐĞůů ĚĞƐƉƌĠƐ Ě͛ƵŶĂ ŚŽƌĂ Ě͛ŝŶƐƚƌƵĐĐŝſ͘ ů ƐŽƌŽůů ŝŶĐŽŶĨƵƐŝďůĞ Ě͛ŚĂǀĞƌ ƚƌĞŶĐĂƚ Ğů ƉĂƉĞƌ ǀĞŐĞƚĂů Ě͛ĂƋƵĞůů ƉůăŶŽů ƋƵĞ ŶŽ ůŝ ŚĂǀŝĂ ƐŽƌƟƚ ƉƌŽƵ ďĠ͘ ůƐ ĂƉůĂƵĚŝŵĞŶƚƐ ƐĞŶƟƚƐ Ă ů͛ăŶŝŵĂ Ě͛ĂƋƵĞůůĂ ĨƵŶĐŝſ ĞŶ ůĂ ƋƵĞ ǀĂ ƐŽƌƟƌ͘ YƵĂƚƌĞ ĚŝĞƐ͘͘͘ ŶŽŵĠƐ ƋƵĂƚƌĞ ĚŝĞƐ͘ WĞƌž͕ ĞƌĂ ƉŽƐƐŝďůĞ͍ dĂŶƚĂ ĨĞŝŶĂ ĐŽŵ ůŝ ƋƵĞĚĂǀĂ ŝ ĚĞ ĨĞƚ ʹƉĞŶƐĂǀĂͲ ŶŽ ŚĂǀŝĂ ĨĞƚ Ŷŝ ůĂ ŵĞŝƚĂƚ ĚĞů ƋƵĞ ƉŽĚŝĂ͕ ĚĞů ƋƵĞ ǀŽůŝĂ͕ ĚĞů ƋƵĞ ŚĂƵƌŝĂ ǀŽůŐƵƚ͘ > ŚĂǀĞƵ ĚĞů ŶŽŝ ŐƌĂŶ ǀĂ ƉŽƌƚĂƌͲůŽ ĚĞ ŶŽƵ Ă ƵŶĂ ƌĞĂůŝƚĂƚ ĚŝĨĞƌĞŶƚ͘ ͞ Ăů ĨĞƌ ƵŶ ďƌŝŶĚŝƐ ƉĞů EĂĚĂů͕ Žŝ ƉĂƌĞ͍͟ dĞŶŝĂ Ă ůĂ ŵă ƵŶĂ ĐŽƉĂ ĚĞ džĂŵͲ ƉĂŶLJ ŝ Ăů ĚĂǀĂŶƚ ƵŶ ƚĂůů ĚĞ ƌŽƐƟƚ Ăů ƉůĂƚ͘ ĂƌƌĞƌĂ ĞůƐ ůůƵŵƐ ĚĞů ƉĞƐƐĞďƌĞ Ě͛ĞŶŐƵĂŶLJ͕ ĚŽŶĂǀĞŶ ƵŶ ĂŝƌĞ ĨĞƐͲ ƟƵ Ăů ŵĞŶũĂĚŽƌ ŝ ůĞƐ ďŽůĞƐ͕ ůůĂĕŽƐ
ŝ ŐĂůnjĞƌĂŶ ƉĞŶũĂƚ ƉĞƌ ƚŽƚ ĂƌƌĞƵ͕ ĚŽŶĂǀĞŶ Ğů ƚŽĐ ũƵƐƚ ƋƵĞ ĐĂůŝĂ͘ &ŝŶƐ ŝ ƚŽƚ Ğů ƉƌĞƐĞŶƚ ĞƐĐĂƉĂǀĂ ĚĞ ůĞƐ ƐĞǀĞƐ ŵĂŶƐ͕ ŝ Ğů ƋƵĞ ƌƵŵŝĂͲ ǀĂ͕ ƋƵĂŶ ŚŽ ƌƵŵŝĂǀĂ͕ ũĂ ŚĂǀŝĂ ƉĂƐƐĂƚ͘ ƌĂ ĂƋƵĞƐƚ ƉƌĞƐĞŶƚ͕ Ğů ǀĞƌŝƚĂďůĞ ƉƌĞƐĞŶƚ͍ YƵĂŶ Ɛ͛ŚĂ ŵƵŶƚĂƚ Ğů ƉĞƐƐĞďƌĞ͍ YƵŝ ŚĂ ƉŽƐĂƚ ŐƵĂƌŶŝŵĞŶƚ ƉĞƌ ƚŽƚ ĂƌƌĞƵ͍ YƵĂŶ ŚĂ ƉĂƐƐĂƚ Ăŝdžž͍ >Ă ĚŽŶĂ Ăŵď ƵŶĂ ŵŝƌĂĚĂ ĞƐǀĞͲ ƌĂĚĂ ǀĂ ĚŝƌͲůŝ Ăŵď ƵŶĂ ŵŝĐĂ ĚĞ ƉŽƌ͕ ͞ĐŽŵ ƋƵĞ ƋƵĂŶ͕ ƋƵğ ǀŽů Ěŝƌ ƋƵŝ͍͟ dƵ ŵĂƚĞŝdž ĠƐ ĐůĂƌ͕ ĨĂ ƋƵĂƚƌĞ ĚŝĞƐ͘͘͘ YƵĂƚƌĞ ĚŝĞƐ͕ ƵŶĂ ǀŝĚĂ͕ ƵŶ ƚĞƌŵŝŶŝ ĐƵƌƚ ƉĞƌ ĨĞƌ͕ ĐƌĞƵƌĞ Ž ƉĞŶƐĂƌ͘͘͘ ĂůŝĂ ĚŽŶĂƌͲƐĞ ƉƌĞƐƐĂ ƉĞƌ ĨĞƌ Ğů ƋƵĞ ǀŽůŝĂ͘͘͘ >͛ĂŶŐŽŝdžĂ ĚĞů ŵŽͲ ŵĞŶƚ ů͛ĞƐǀĞƌĂǀĂ͘ ĂůŝĂ ƐĂďĞƌ ƋƵĞ ŚŽŵ ĞƌĂ͖ ũŽ ŵĂƚĞŝdž͘ YƵĞ ƌĞƐ ĚĞů ƋƵĞ ŚĂǀŝĂ ƉĂƐƐĂƚ ĞƌĂ ƉĂƐƐĂƚ ƐŝŶſ ƉƌĞƐĞŶƚ͘ YƵĞ ůĂ ǀŝĚĂ ĞƌĂ ǀŝĚĂ ƉĞƌ Ă ĚŽŶĂƌ͕ ƌŝƵƌĞ͕ ĞƐƟŵĂƌ͕ ĚŽŶĂƌͲƐĞ͕ ƌĞďƌĞ ƵŶ ƐŽŵƌŝƵƌĞ Ě͛ĂůŐƷ ŝ ďĞƵƌĞ ƵŶĂ ĐŽƉĂ ĚĞ džĂŵƉĂŶLJ͘͘͘ ů ĐĂƉ ŝ Ă ůĂ Į͕ ƉĞƌ ƋƵĂƚƌĞ ĚŝĞƐ͕ ŶŽ ǀĂůŝĂ ůĂ ƉĞŶĂ ƐĞƌ ĚĞƐĂŐƌĂĚĂďůĞ͕ ǀŽůĞŵ ŵĂŶĂƌ͕ ƐĞƌ ƌŝĐ Ž ƉŽďƌĞ͕ ĞŶǀĞũĂƌ Ž ƐĞƌ ƐƵƉĞƌď͘ ů ĚĂƌƌĞƌĂ͕ ůŝ ǀĂ ƐĞŵďůĂƌ ƋƵĞ ĚĞƐ ĚĞů ŶĂŝdžĞŵĞŶƚ͕ ĂůŐƷ ů͛ĞŶƚĞŶŝĂ ŝ ůŝ ĚŽŶĂǀĂ ƚŽƚĂ ůĂ ƌĂſ͘ ŽŶƚĞ ĚĞ ŶĂĚĂů ƚƌĞƚ ĚĞů ůůŝďƌĞ ͞DŝƐĐĞů͘ůăŶŝĂ ĞŶ ,ŽŵĞŶĂƚŐĞ Ă ŐƵƐơ &ĂůĐŽ ŝ WŽƌƚĂ͟ ŐƵƐơ &ĂůĐŽ ŝ WŽƌƚĂ ͞ džͲ^ĞĐƌĞƚĂƌŝ 'ĞŶĞƌĂů ĚĞ & ͟
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5() )5217 0$5, 7,0 SLVR KDE GREOHV EDxRV EDOFRQ DVFHQVRU OLQHD GH PDU ]RQD FR PXQLWDULD FRQ SLVFLQD REUD FDOHIDFF JDV QDWXUDO ¼ SWV 7(/
6( 9(1'( 3,62 0 (1 025(5$ KDE EDxRV EDOFRQHV $ $ FDOHIDFFLyQ =RQD FRPXQLWDULD FRQ MDUGtQ SLVFLQD \ SLVWD GH EiVTXHW 3jUTXLQJ \ WUDVWHUR LQFOXLGRV ¼ ,1)2 7(/
5() &(175( SLVR KDELWDFLRQHV DVFHQVRU UHIRU PDGR EDxR \ DVHR WRGR H[WH ULRU EDOFRQ YLVWDV DO PDU FDOH IDFFLRQ JDV QDWXUDO ¼ 7(/
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6( 9(1'( 3,62 (1 $9'$ 02176(55$7 '( %$'$ 5() %8)$/$ ± SLVR /21$ P DSUR[ ,QWHULRU KDELWDFLRQHV GREOHV WRGR VLQ DVFHQVRU KDE \ VH H[WHULRU EDxRV FRPSOHWRV HQWUHJD UHIRUPDGR D VX JXV EDOFRQ DVFHQVRU REUD VHPL WR ¼ ,1)2 7(/ QXHYD FDOHIDFFLRQ JDV QDWX UDO DD FF ]RQD PX\ WUDQTXLOD ¼ SWV 6( 9(1'( 3/$=$ '( 3$5 .,1* &DQ\DGy ¼ 7(/ 7(/ 6( 9(1'( 7(55(12 //$ 12 '( 0 (1 0217 &$6$ (1 9(17$ 2 $/48, 0(// 9LODIUDQFD FRQ SUR /(5 &DVD HQ 6DQW &HEULj GH \HFWR GH YLYLHQGD YLVDGR 9DOODOWD GH DxRV GH DQWLJ H 3RU YDORU KLSRWHFD FRQFHGLGD GDG GH PWUV FRQVWUXLGRV ¼ DO PHV ,1)2 7(/ PiV PWUV GH MDUGtQ \ PWUV GH WHUUHQR KDELWDFLR QHV EDxRV WHUUD]D SDOD]D 4& 7&/%& $"4" %& JDUDMH WUDVWHUR FDOHIDFFLyQ . HQ *LURQHOOD %HUJD $ EXHQ HVWDGR 35(&,2 $/ SLH VDOLGD GH DXWRSLVWD 2&$ 48,/(5 ¼ 0(6 6,Ï1 ¼ 5HIRUPDGD 35(&,2 9(17$ ¼ ,1)2 7(/ 7(/ /$85$
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