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&M 5FBUSF ;PSSJMMB EF #BEBMPOB BDPMMJSË FM QSPQFS EJNBSUT EF GFCSFS I VO BDUF E IPNFOBUHF BMT WFÕOT EF #BEBMPOB 4BOUB $PMPNB EF (SBNFOFU J 4BOU "ESJË EF #FTÛT RVF WBO TFS SFQSFTBMJBUT EVSBOU MB (VFSSB $JWJM J FM GSBORVJTNF - BDUF DPNQUBSË BNC FM UFTUJNPOJ EF -MVÓT .BSUÓ #JFMTB RVF JOUFSWJOESË DPN B SFQSFTFOUBOU EFMT SFQSFTBMJBUT QFM GSBORVJTNF B #BEBMPOB #JFMTB NFNCSF EF M "NJDBM E "OUJDT (VFSSJMMFST UFOJB BOZT RVBO WB FTDMBUBS MB (VFSSB $JWJM
-FT PCSFT QFS BDPMMJS FM $&*1 -PMB "OHMBEB EF 5JBOB DPTUBSBO FM EPCMF EFM QSFWJTU
7DPEÉ ÉV QRWÍFLD
"DUVBMJUBU 1BH JOEE
-FT PCSFT EFM TPMBS PO T IB EF DPOTUSVJS FM OPV FEJmDJ EFM $&*1 -PMB "OHMBEB EF 5JBOB DPTUBSBO FM EPCMF EFM RVF FTUBWB QSFWJTU - BMDBMEF EF 5JBOB &NJMJ .V×P[ IB SFDPOFHVU RVF EFMT FVSPT RVF FO QSJODJQJ DPTUBWB T IB QBTTBU BMT FVSPT - BMDBMEF QFSÛ IB FYQMJDBU RVF FT SFVOJSË BNC SFQSFTFOUBOUT EFM %FQBSUBNFOU E &EVDBDJØ QFS UBM E BSSJCBS B VO BDPSE QFSRVÒ FM (PWFSO DBUBMË BTTVNFJY BRVFTU BVHNFOU EF DPTU
727 %DGDORQD
1MBOUJMMB#BTF JOEE
727 %DGDORQD
DFWXDOLWDW
DFWXDOLWDW
$BSMFT $BSWBKBM SFEBDDJP!FMUPUEJHJUBM DPN
5PSOFO MFT GFTUFT PSHBOJU[BEFT QFS HSVQT EF MMBUJOPBNFSJDBOT BM EFTDBNQBU EF M "WJOHVEB EFMT 7FOUT
$POTUSVJSBO VO HSBO TLBUF QBSD BM QPMÓHPO EF MFT (VJYFSFT
.POUJHBMË t &MT WFÕOT RVF WJVFO BM WPMUBOU EFM TPMBS TJUVBU FOUSF M "WJOHVEB EFMT 7FOUT J FM 5PSSFOU #BUMMÛSJB IBO UPSOBU B EFOVODJBS B USBWÏT E BRVFTU TFUNBOBSJ MFT GFTUFT PSHBOJU[BEFT QFS VO HSVQ EF MMBUJOPBNFSJDBOT EVSBOU FMT DBQT EF TFUNBOB %VSBOU FM QBTTBU NFT E PDUVCSF MB EFOVO DJB EFMT WFÕOT J EJWFSTFT CBSBMMFT FO BRVFTU EFTDBNQBU WB GFS BDUVBS B MB (VËSEJB 6SCBOB &MT WFÕOT IBO FYQMJDBU RVF EFTQSÒT EF EPT NFTPT EF DBMNB MFT GFTUFT BNC NÞTJDB BMUB J CBSCBDPFT JODMPTFT IBO UPSOBU EVSBOU FMT EJFT EF GFTUB 'B EVFT TFUNBOFT VOFT QFSTPOFT WBO DFMFCSBS VO BOJWFSTBSJ J WBO EFJYBS FM EFTDBNQBU iGFU VO GËTUJDw IBO FYQMJDBU BMHVOT WFÕOT EF MB [POB % BMUSB CBOEB FO BRVFTU NBUFJY TPMBS FM WFÕOT UBNCÏ IBO EFOVO DJBU RVF BMHVOFT FNQSFTFT FM GBO TFSWJS E BCPDBEPS JMtMFHBM J RVF VO IPNF RVF WJV EJOT E VOB GVSHPOFUB MMFOÎB BM UFSSB UPUFT MFT FTDPNCSBSJFT RVF HFOFSB "MHVOT WFÕOT IBO EFNBOBU EVSBOU FMT EBSSFST EJFT VOB SFVOJØ BNC MB 3FHJEPSJB EFM %JTUSJDUF QFS EFOVODJBS FMT GFUT
t &O BRVFTU TPMBS T IJ VCJDBSË M TLBUF QBSD 505
-FT (VJYFSFT t &M QPMÓHPO JOEVT USJBM EF MFT (VJYFSFT TFSË MB TFV E VO TLBUF QBSD J VO DJSDVJU QFS CJDJDMFUFT EF NVOUBOZB "RVFT UB IB FTUBU VOB JOTUBMtMBDJØ EFNBOBEB EFT EF GB UFNQT QFS VO DPMtMFDUJV BNC DSFJYF NFOU B MB DJVUBU RVF IB FTUBCMFSU NJUKBOÎBOU VO EJËMFH FTUBCMF BNC M "KVOUBNFOU EF #BEBMPOB MFT DPOEJDJPOT UÒDOJRVFT JEÛOJFT QFS B MB QSËDUJDB E BRVFTU FTQPSU &M OPV TLBUF QBSD RVF UJOESË VOT NFUSFT RVBESBUT FT DPNQPTBSË E FMFNFOUT EJTTFO ZBUT FTQFDÓGJDBNFOU QFS B MB QSËDUJDB EFM QBUJOBUHF P TLBUF #BEBMPOB KB IBWJB UJOHVU VO QBSD NPMU NÏT QFUJU J VCJDBU BM CBSSJ EF #VGBMË QFSÛ RVF WB TFS DSFNBU J EFTUSPTTBU QFS VOT CSÒUPMT &M OPV TLBUF QBSD FTUBSË BDBCBU
BCBOT E BDBCBS M BOZ J IB FTUBU QPTTJCMF HSËDJFT BM TFHPO 'POT &TUBUBM E *OWFSTJØ -PDBM %FNBOEFT EF M "KVOUBNFOU QFS DPOTUSVJS NÏT QJTDJOFT % BMUSB CBOEB MB 4FDSFUBSJB (FOFSBM EF M &TQPS U EF MB (FOFSBMJUBU FTUVEJB MB QPTTJ CJMJUBU EF DPOTUSVJS VOB OPWB QJTDJOB B #BEBMPOB &T USBDUB E VOB EFNBOEB RVF MJ IB GFU BSSJCBS M "KVOUBNFOU B DBVTB EF MB NBODB E BRVFTU UJQVT E FRVJQBNFOUT RVF QBUFJY MB DJVUBU EFT EF GB BOZT -B USPCBEB FOUSF FMT NFNCSFT EF MFT EVFT BENJOJTUSBDJPOT WB BDPSEBS JOTUBMtMBS HFTQB B NÏT DBNQT EF GVUCPM J DPCSJS EJWFSTFT QJTUFT FTQPSUJWFT DPN MB EFM .ËHJD #BEBMPOB
7DPEÉ ÉV QRWÍFLD /JWFMM ;FSP OPV TFSWFJ E BDPMMJEB JNNFEJBUB EF 1SPKFDUF )PNF
.POUHBU DPODFOUSB VO QVOU OFHSF E BDDJEFOUT EF USËOTJU
5FSDFSB 'JSB JOUFSDBOWJB U EF 5JBOB
- 0/( 1SPKFDUF )PNF IB DSFBU VO OPV TFSWFJ E BDPMMJEB JNNFEJB UB QFS B QFSTPOFT ESPHPEFQFO EFOUT J GBNJMJBST BM DFOUSF EF .POUHBU QFS NBOUFOJS MB NPUJWB DJØ QFS B DPNFOÎBS P SFQSFOESF FM USBDUBNFOU &T USBDUB E VO OPV TJTUFNB E BDPMMJEB JNNFEJBUB RVF QSFUÏO EPOBS SFTQPTUB B UPUFT BRVFMMFT QFSTPOFT RVF OP QPEFO JOJDJBS FM USBDUBNFOU QFS MB SBØ RVF TJHVJ J UBNCÏ B MFT TFWFT GBNÓMJFT &M TFSWFJ T PGFSFJY BMT NBUJOT BM DFOUSF EF .POUHBU B MB 3JFSB EF 4BOU +PSEJ
"RVFTUFT TØO MFT EBEFT RVF SFDVMM M JOGPSNF &VSPSBQ QSFTFOUBU BRVFTU EJKPVT J FMBCPSBU QFS MB 'VOEBDJØ 3"$$ RVF IB BOBMJU[BU FMT RVJMÛNFUSFT EF MB YBSYB WJËSJB DBUBMBOB 6O EFMT QVOUT OFHSFT NÏT EFTUBDBUT FT FM USBN EF MB OBDJPOBM ** FOUSF FM DBTD VSCË EF .POUHBU J M FOMMBÎ TVE EF MB $ &O DBOWJ TFHPOT BRVFTU JOGPS NF MB DBSSFUFSB #7 EF #BEBMPOB B 5JBOB UÏ VO SJTD [FSP EF QBUJS BDDJEFOUT
&M QSPQFS EF GFCSFS TF DFMFCSB SË BM 1BSD EF M "OUJD $BNQ EF 'VUCPM VOB KPSOBEB TPMJEBSJB PSHBOJU[BEB QFS M BTTPDJBDJØ 5JBOB 4PMJEBSJB -B USPCBEB FT SFBMJU[BSË EVSBOU FM NBUJ J FT QPESË JOUFSDBOWJBS RVBMTFWPM DPTB &T USBDUB E VOB JOJDJBUJWB TPDJBM BQPMÓUJDB QBSUJDJQBUJWB J JOUFHSBEPSB CBTBEB FO MB TPMJEB SJUBU J FO MB WPMVOUBU EF DPNQBS UJS &MT PSHBOJU[BEPST WPMFO RVF TJHVJ VOB QSPQPTUB TFO[JMMB FO DPNQUFT EF DPNQSBS J WFOESF TJNQMFNFOU JOUFSDBOWJBS
"DUVBMJUBU 1BH JOEE
727 %DGDORQD
/$ &215(5,$
/$ 025(5$
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&DVD D YLHQWRV HQ SDUFHOD P D QLYHOHV EDUEDFRD JDUDMH KDE VXLWWH VDOyQ FRQ FKLPHQHD SRVLEOH KDFHU YLYLHQGDV ¼ 376
3LVR ,'($/ 3$5(-$6 GH KDE EDxR \ FRFLQD UHIRUPDGRV VDOyQ FRPHGRU P JUHV DLUH IUtR FDORU FDUS DOXPLQLR ¼ 376
*25*
3 /$ 6$/8'
3LVR KDE EDxR FRQ GXFKD FRFLQD HTXLSDGD VDOyQ FRQ EDOFyQ D OD FDOOH DOWXUD SRFRV YHFLQRV ,'($/ 325 =21$ ¼ 376
-72 3(3 9(1785$
3,62 FRQ KDE GREOHV 5()25 0$'2 VDOyQ P FDOHI DLUH DFRQG ¿QFD FRQ DVFHQVRU -8172 %,%/,27(&$ ¼ 376
3LVR -8172 *8,)5e WRGR H[WHULRU 5()250$'2 ¿QFD SRFRV YHFLQRV WRGRV ORV VHUYLFLRV VDOyQ P EDOFyQ /LVWR SDUD YLYLU ¼ 376
6$17 $'5,¬
/$ 025(5$
3LVR 72'2 (;7(5,25 MXQWR LJOHVLD KDE 5()25 0$'2 VDOyQ HQ DPELHQWHV ¿QFD SRFRV YHFLQRV ¼ 376
//(),¬
3LVR FRQ $6&(1625 HQ F 5$021 //8// KDE H[WHULRUHV DPXHEODGR \ 5()250$'2 ¼ 376
*UDQ SLVR -8172 3/ 75$)$/*$5 P KDE EDxR \ DVHR VDOyQ P FRQ EDOFyQ D OD FDOOH GLVSRQLELOLGDG LQPHGLDWD ¼ 376
&(1752
352*5e6
3LVR DSDUWDPHQWR P KDE H[W EDxR FRQ EDxHUD FRFLQD DELHUWD DO VDOyQ FDOHIDF D D SXHUWDV KD\D ¿QFD SRFRV YHFLQRV -8172 35,0 ¼ 376
&$1<$'Ï
7,$1$
QBHJOB JOEE
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'83/(; P FRQVW KDE FRQ DUP HPSRWUDGRV EDxR \ DVHR VDOyQ P HQ DPELHQWHV 72'2 (;7( 5,25 DVF ¿QFD SRFRV DxRV SN RSF ¼ 376
)5217 0$5Ë7,0
&(175(
&$6$*(0(6
&$1<(7
352*5e6 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
3LVR FRQ KDE GREOHV 5()25 0$'2 EDOFyQ D OD FDOOH FDOHIDF ¿QFD FRQ DVFHQVRU 0(-25 48( 18(92 ¼ 376
3,62 3$5.,1* ,1&/ KDE EDxR \ FRFLQD UHIRUPDGRV VDOyQ LQGHSHQGLHQWH P EDOFyQ RULHQWDGR D PDU ¿QFD FRQ DVFHQVRU ¼ 376
3LVR P 6(0, 18(92 FRQ ]RQD FRPXQLWDULD KDE VXLWWH DPSOLR EDOFyQ FDOHIDF DLUH DFRQG -8172 3/$<$ ¼ 376
6,675(//6
*25*
3LVR P SDWLR WHUUD]D P K GREOHV VXLWWH EDxRV FDOHIDF DLUH DFRQG -8172 3/$<$ ¼ 376
3,62 3$5.,1* < 75$67(52 GH 2%5$ 18(9$ P WHUUD]D P K FRQ EDOFyQ EDxRV DLUH \ FDOHIDF SRFRV YHFLQRV DVF WRGR H[WHULRU ¼ 376
672 &5,672
3LVR 5()250$'2 P KDE DQWHV EDxR F GXFKD FRFLQD FRQ EDOFyQ VDOyQ P HQ DPELHQ WHV H[W SDUNHW \ JUHV ¿QFD FRQ DVF ¼ 376
3LVR HQ %$/'20(52 62/¬ P K VXLWWH FRFLQD DELHUWD DO VDOyQ P H[WHULRU D OD FDOOH DVFHQVRU 5()250$'2 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
0$57Ë 38-2/
3LVR ,'($/ 3$5(-$6 KDE GREOHV 72'2 5()250$'2 VDOyQ P H[WHULRU OLVWR SDUD YLYLU ¼ 376
//25('$
&(175( 3LVR $ 0,18726 0! 3(3 9(1785$ KDE FRFLQD QXHYD FRQ HOHF WURGRP EDOFyQ D OD FDOOH SDUNHW \ JUHV FDOHIDF SRFRV YHFLQRV EXHQD ]RQD ¼ 376
3LVR 72'2 (;7(5,25 GH P KDE EDxR \ FRFLQD UHIRUPDGRV VXHOR JUHV FDOHIDF D DFRQG LQVW QXHYDV ¿QFD FRQ DVFHQVRU ¼ 376
3LVR KDE EDxR FRQ EDxHUD UHGRQGD FRFLQD FRQ SDVDSODWRV EDOFyQ D OD FDOOH FDOHIDF $6&(1 625 /LVWR SDUD YLYLU ¼ 376 3,62 3$5.,1* LQFO P KDE VDORQ P 72'2 (;7(5,25 FDOHIDF DLUH DFRQG DUP HPSRWUDGRV )DFLOLGDGHV GH SDJR ¼ 376
-8172 0(5&$'21$ 3LVR 6(0, 18(92 P KDE FRFLQD DELHUWD DO VDOyQ EDOFyQ SDUNHW \ JUHV DLUH \ FDOHIDF DVFHQVRU 0(-25 48( 18(92 ¼ 376
727 %DGDORQD
0217*$7
3LVR 6(0, 18(92 MXQWR &DQ 6ROHL P KDE EDOFyQ WHUUD]D P DLUH IUtR FDORU WRGR H[WHULRU SDUNLQJ RSF ¼ 376 &$6$ $ (675(1$5 GH P SDWLR KDE GREOHV EXKDUGLOOD EDxRV DVHRV JUDQ FRFLQD RI¿FH VDOyQ HVWDU P WHUUD]D P FDOHIDF JDUDMH SDUD FRFKHV WUDVWHUR ¼ 376
&$6$*(0(6
3LVR KDE 6(0, 18(92 ]RQD FRP FRQ SLVFLQD EDxRV EDOFyQ WHUUD]D FRQ 9,67$6 $ 0$5 SDUNLQJ RSF DVFHQVRU ~OWLPR SLVR ¼ 376
DFWXDOLWDW
3ROÍWLFD &M 11 EF #BEBMPOB OP GB NBSYB FOSFSF J QSPQPTB GBDJMJUBS B MB QPMJDJB MFT EBEFT E JNNJHSBOUT JMtMFHBMT EFM QBESØ #BEBMPOB t -B QMVKB EF DSÓUJ RVFT QSPWJOFOUT EF UPU M &TUBU QFS MB QSPQPTUB EFM 11 EF #BEBMPOB EF OP FNQBESPOBS FMT JNNJHSBOUT JMtMFHBMT OP IB GFU SFDVMBS MB GPSNBDJØ MJEFSBEB QFS 9BWJFS (BSDÓB "MCJPM .ÏT BWJBU BM DPOUSBSJ &M 11 QSPQP TB BSB EFJYBS TFOTF FGFDUF VO BDPSE EF FO RVÒ FM 1MF .VOJDJQBM WB SFCVUKBS EPOBS MFT EBEFT EFM QBESØ B MB QPMJDJB TJ BJYÓ IP EFNBOBWB FM .JOJTUF SJ EF M *OUFSJPS 4FHPOT "MCJPM E BRVFTUB NBOFSB T FWJUBSJB MB QSPMJGFSBDJØ EF NËmFT WJODVMB EFT B MB JNNJHSBDJØ JMtMFHBM RVF iDBNQFO BNC UPUBM MMJCFSUBUw QFS MB DJVUBU i6O EFMT QSPCMFNFT QSJODJQBMT RVF T IB EFUFDUBU FO BMHVOFT E BRVFTUFT [POFT o EJV "MCJPM IB FTUBU M BQBSJDJØ EF NËmFT RVF BERVJSFJYFO IBCJUBU HFT TJUVBUT FO EFUFSNJOBUT DBSSFST QFS DPOWFSUJS MPT FO QJTPT QBTUFSBw &M 11 EF #BEBMPOB IB SFDPSEBU RVF IJ IB CBSSJT -B 1BV -B 4BMVU "SUJHBT J 4BOU 3PD BNC NÏT E VO E JNNJHSBDJØ J RVF BJYÛ iÏT VOB CPNCB EF SFMMPUHFSJB RVF QPU FTDMBUBS FO RVBMTFWPM NPNFOUw
- BEWPDBDJB EF M &TUBU IB FNÒT VO JOGPSNF RVF EFJYB DMBS RVF T IB E FNQBESPOBS UPUT FMT DJVUB EBOT FO TJUVBDJØ JSSFHVMBS P OP RVF QPSUJO FM QBTTBQPSU (BSDÓB "MCJPM IB EFDMBSBU RVF BDBUB M JOGPSNF EF M BEWPDBDJB EF M &TUBU &M 1SFTJEFOU EFM HPWFSO DFOUSBM +PTÏ -VÓT 3PESÓHVF[ ;BQBUFSP UBNCÏ IB EFDMBSBU RVF iOP DPOTFOUJSËw RVF DBQ BKVOUBNFOU EFJYJ VOB QFSTPOB TFOTF BTTJTUÒODJB TBOJUËSJB 1FS MB TFWB CBOEB "MCJPM BGJSNB WB B MB DBEFOB $PQF RVF FO DBT EF DPMtMBQTF TBOJUBSJ T IB E BUFOESF BCBOT FMT DJVUBEBOT EF #BEBMPOB RVF FMT JNNJHSBOUT JMtMFHBMT
- BEWPDBDJB EF M &TUBU DPODMPV RVF T IB E FNQBESPOBS B UPUIPN 4J (BSDÓB "MCJPM BSSJCB B M BMDBMEJB EF #BEBMPOB OP QPESË DPNQMJS MB TFWB QSPNFTB EF OP FNQBESP OBS FMT JNNJHSBOUT JMtMFHBMT UBM J DPN QSPQPTBWB M "KVOUBNFOU EF 7JD
&M 14$ DPNQBSB "MCJPM BNC "OHMBEB &M OPN EF 9BWJFS (BSDÓB "MCJPM FT WB TFOUJS mOT J UPU BM $POHSÏT EFMT EJQVUBUT +VTUBNFOU QFS MFT TFWFT EFDMBSBDJPOT B MB $PQF &TQFSBOÎB &TUFWF QPSUBWFV E JNNJHSBDJØ EFM 14$ BM $POHSÏT EFMT %JQVUBUT WB BDVTBS FM MÓEFS
t &M 11 IB QSPQPTBU FO FM QMF RVF MB QPMJDJB QVHVJ BDDFEJS BM QBESØ BSYJV
QPQVMBS EF iYFOÛGPCw iE VTBS FMT JNNJHSBOUT DPN B NFSDBEFSJBw J EF UFOJS VO BDUJUVE iEJHOB EF +PTFQ "OHMBEBw FM MÓEFS VMUSBESF UË EF 1MBUBGPSNB QFS $BUBMVOZB -FT NBUFJYFT DSÓUJRVFT WB SFCSF FM 11 QFS QBSU EF +PBO 3JEBP E &3$ J EF (BTQBS -MBNB[B SFT E *6 &M QSFTJEFOU EFM 11 CBEBMPOÓ DSFV RVF &TUFWF iWJV FO VO NØO RVF OP ÏT SFBMw (BMMBSEØO NPTUSB FM TFV EFTBDPSE BNC MB QSPQPTUB E "MCJPM /P UPUIPN BM 11 IB EPOBU TVQPSU B MB JEFB EF OP FNQBESPOBS FMT JNNJHSBOUT JMtMFHBMT - BMDBMEF EF .BESJE FM QPQVMBS "MCFSUP 3VÓ[ (BMMBSEØO IB EFDMBSBU RVF UPU iFM RVF TF TVSUJ EF M BDUVBDJØ RVF NBSRVFO MFT MMFJT ÏT JMtMFHBMw J T IB QSFHVOUBU iRVÒ HVBOZFOw FMT BKVOUBNFOUT RVF FT OFHVFO B FNQBESPOBS FMT JMtMFHBMT - BMDBMEF NBESJMFOZ IB SFDPSEBU RVF SFWJTBS MB TJUVBDJØ MFHBM EFMT JNNJHSBOUT OP ÏT DPNQFUÒODJB EFMT BKVOUBNFOUT
*$7 &6J" QSPQPTB VOB PmDJOB UÒDOJDB QFS SFIBCJMJUBS 4BOU $SJTU 4BOU $SJTU t *$7 &6J" FT WB SFVOJS MB TFUNBOB QBTTBEB BNC FMT WFÕOT EF 4BOU $SJTU QFS QSFTFOUBS MFT TFWFT QSPQPTUFT QFS BMT QSPCMFNFT EFM CBSSJ FTQFDJBMNFOU QFM RVF GB BMT MBUFSBMT EF M BVUPQJTUB 4FHPOT FM QSFTJEFOU EFM HSVQ NVOJDJQBM FDPTPDJBMJTUB $BSMFT 4BHVÏT FO BOZT EF EFNPDSËDJB
1PMÓUJDB 1BH JOEE
OP T IB JOUFSWJOHVU NBJ iB GPOT FO FM OVDMJ EFM CBSSJw "RVFT UB PGJDJOB RVF BDUVBSJB DPN MB RVF FT WB DSFBS B %BMU MB 7JMB T FODBSSFHBSJB EF QSFQB SBS VOB QSPQPTUB EF SFIBCJMJ UBDJØ EFMT FTQBJT QÞCMJDT VO QMB EF EJOBNJU[BDJØ TPDJBM J VOB QSPQPTUB WJBCMF FDPOÛ NJDBNFOU QFS EFTFOWPMVQBS
MB DPOTUSVDDJØ EFMT MBUFSBMT EF M BVUPQJTUB 1FS BMUSB CBOEB QFS EJOBNJU[BS FM CBSSJ *$7 &6J" BQPTUB QFS GFS EF $PMM J 1VKPM VO FJY DPNFSDJBM J QFS FYQMPUBS NÏT FM DFOUSF DÓWJD EF $BO $BCBO ZFT 1FS GFS QPTTJCMF UPU BJYÛ 4BHVÏT SFDMBNB RVF T JODMPHVJ 4BOU $SJTU FO MB QSPQFSB MMFJ EF CBSSJT EF MB (FOFSBMJUBU
727 %DGDORQD
&T DSFB VOB QMBUBGPSNB DPOUSB FM QSPKFDUF EF MB 1FOZB B $BO .PSB
DFWXDOLWDW
$BSMFT 5PSOFSP SFEBDDJP!FMUPUEJHJUBM DPN
t 6OB EF MFT QJOUBEFT RVF IBO BQBSFHVU B MB mODB EF $BO .PSB
TFT iFO EFUSJNFOU E FTQBJT W F S E T w & M Q S P K F D U F R V F QSFWFV FM +PWFOUVU J RVF FTUË B M FTQFSB RVF M "KVOUBNFOU MJ EPOJ FM WJTU J QMBV o DPTB RVF QBTTB QFS VO DBOWJ EF QMBOF KBNFOU B MB [POB o DPOTJT UFJY FO VOB FTDPMB EF NFUSFT RVBESBUT BNC VOB DBQBDJUBU EF BMVNOFT E FOUSF J BOZT 4FHPOT JOGPSNB M "HÒODJB $BUBMBOB EF /PUÓDJFT MB OPWB QMBUBGPSNB IB FYQSFTTBU FM TFV NBMFTUBS BNC VOFT QJOUBEFT FO RVÒ
FT MMFHFJYFO NJTTBUHFT DPN i1SPV DJNFOU QFS TPCSF EF MB # w iMB 4FSSBMBEB EF .BSJOB OP FTUË FO WFOEBw P iTJ SFDMBT TJmRVFV QJMMBSFVw 5BNCÏ IJ IB QBSBVMFT DPOUSB FM QSFTJEFOU EFM HSVQ NVOJDJ Q B M E * $ 7 & 6 J " $ B S M F T 4BHVÏT RVF GPSNB QBSU EF MB KVOUB EFM %,7 +PWFOUVU B RVJ BDVTFO EF TFS iVO FTQFDVMB EPS NÏTw 3FDPSEFN QFSÛ RVF *$7 &6J" FT WB PQPTBS B MB DPOTUSVDDJØ E VOB FTDPMB EJGFSFODJBEB B $BOZFU
1SJNFSB SFVOJØ EF MB GFEFSBDJØ EFM 14$ BNC 4FSSB DPN B QSJNFS TFDSFUBSJ
&M 11 SFUSFV BM HPWFSO MB iQPDB BNCJDJØw QFS BNQMJBS MFT CJCMJPUFRVFT B MB DJVUBU
$J6 #BEBMPOB EØOB TVQPSU BMT SFHJEPST EF 7JD
&M QBTTBU EF HFOFS B MB TFV EFM 14$ EF #BEBMPOB FT WB DFMFCSBS MB QSJNFSB SFVOJØ EF MB GFEFSBDJØ TPDJBMJTUB EFM #BSDFMPOÒT /PSE EFT EF RVF +PSEJ 4FSSB WB TFS FTDPMMJU QSJNFS TFDSFUBSJ FO TVCTUJUV DJØ EF #BSUPNFV .V×P[ " MB SFVOJØ FT WB BDPSEBS GFS BSSJCBS BMT FMFDUPST M BDDJØ EF HPWFSO EF MB (FOFSBMJUBU FO BTQFDUFT DPN FMT OPVT BNCVMBUPSJT P MB OPWB -JOJB EFM NFUSP EF DBSB B MFT QSPQF SFT FMFDDJPOT BVUPOÛNJRVFT
-B SFHJEPSB EFM 11 4POJB &HFB SFDMBNB VOB YBSYB EF CJCMJPUFRVFT iTVmDJFOU RVF EPOJ TFSWFJ B UPUT FMT CBSSJT J BNC IPSBSJT SFBMNFOU BNQMJTw &HFB IB SFDPSEBU RVF OPNÏT $BO $BTBDVCFSUB PCSF BM NJHEJB -B SFHJEPSB QPQVMBS UBNCÏ IB SFUSFU B MB SFHJEPSJB EF $VMUVSB RVF OP DPOUFTUJ MFT QFUJDJPOT TPCSF FMT IPSBSJT EF MFT CJCMJPUF RVFT J RVF EFTQSÏT T BTTBCFOUJ QFS MB QSFNTB RVF T IBO QPTBU FO NBSYB MFT NFTVSFT RVF FMMB SFDMBNBWB
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727 %DGDORQD
1PMÓUJDB 1BH JOEE
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3FQPSUBUHF 1BH JOEE
TFWB DBQBDJUBU E JOnVJS FO FMT OPVT MMFOHVBUHFT EF MB DVMUVSB &M DPOTFMMFS WB SFDPSEBS RVF MB JOEÞTUSJB FEJUPSJBM DBUBMBOB EFM DÛNJD GBDUVSB NÏT EFM EFM UPUBM EF MFT WFOEFT EF DÛNJDT EF M &TUBU
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#BEBMPOB HVBOZB MB QBSUJEB B M )PTQJUBMFU 4BOU 'FMJV J 4JUHFT - )PTQJUBMFU EF -MPCSFHBU 4BOU 'FMJV EF -MPCSFHBU J 4JUHFT UBNCÏ IBWJFO QSFTFOUBU MB TFWB DBOEJEBUVSB B BDPMMJS FM .VTFV EFM $ÛNJD J MB *MtMVTUSBDJØ EF $BUBMVOZB 'JOBMNFOU MB PQDJØ FTDPMMJEB IB FTUBU QFS MB EF #BEBMPOB QFS MB TFWB VCJDBDJØ QFS MB JOUFHSBDJØ FO MB USBNB VSCBOB J QFM DPNQSPNÓT EFM DPOTJTUPSJ CBEBMPOÓ BNC FM QSPKFDUF & M T F D S F U B S J E F $ V M U V S B &EVBSE 7PMUBT WB EFUBMMBS RVF BM .VTFV EFM $ÛNJD J MB *MtMVTUSBDJØ EF $BUBMVOZB RVF UJOESË VO QSFTTVQPTU PSEJOBSJ BOVBM EF NJMJPOT E FVSPT IJ IBHJ VOB FYQPTJDJØ QFSNB OFOU DFOUSBEB FO M FWPMVDJØ IJTUÛSJDB E BRVFTUFT NBOJGFTUB
&M 1MB EJSFDUPS QSFWFV RVF FM NVTFV UJOESË VOB TVQFSGÓ DJFT EF QSPQ EF NFUSFT RVBESBUT EFMT RVBMT FT EFTUJOBSBO BMT FTQBJT FYQPTJ UJVT B NBHBU[FN BMT FTQBJT GPSNBUJVT BM DFOUSF EF EPDVNFOUBDJØ J B M BVEJUPSJ &M $"$* PO T VCJDBSË FM NVTFV ÏT VO FEJGJDJ EF +BVNF #PUFZ DPOTUSVÕU BM J SFQSFTFOUB VO EFMT FTDBTTPT WFTUJHJT EFM QBTTBU NPEFSOJTUB EF #BEBMPOB
727 %DGDORQD
1MBOUJMMB#BTF JOEE
727 %DGDORQD
RSLQLÓ
DPE YHX SUÒSLD .ÏT TPCSF FNQBESPOBNFOU J JNNJHSBDJØ 0SJPM -MBEØ CMPDT NFTWJMBXFC DBU BMCVNEFSFUBMMT PSJPMMMBEP DBU
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0QJOJP 1BH JOEE
NFOUF Z DPNQMFNFOUBSJBNFOUF DPO MB TPDJFEBE DJWJM Z RVF MB QSFTUBDJØO EF TFSWJDJPT TF IBHB HBSBOUJ[BOEP MB SFEVDDJØO EF EFT JHVBMEBEFT BTÓ DPNP MB JHVBMEBE EF PQPSUVOJEBEFT EF UPEPT MPT DJVEBEBOPT EF #BEBMPOB w 1POFS TPCSF MB NFTB VOB TJUVB DJØO EF BTGJYJB QSFTVQVFTUBSJB DPNP IB IFDIP FM BMDBMEF EF 7JD SFJWJOEJDBOEP VOB GJOBODJBDJØO MPDBM NÈT KVTUB Z BDPSEF B MBT DJSDVOTUBODJBT EF MPT BZVOUBNJFO UPT FOGSFOUÈOEPTF B MB WBDVJEBE Z HSBOEJMPDVFODJB EFM NJTNÓTJNP ;BQBUFSP Z FYJHJFOEP RVF FM &TUB EP DVNQMB DPO TVT PCMJHBDJPOFT SFTQFDUP EF MB -FZ EF &YUSBOKFSÓB NF QBSFDF NVDIP NÈT WBMJFO UF Z TFOTBUP RVF DPMPDBS FO MB EJBOB BM TFDUPS NÈT DBTUJHBEP F JOEFGFOTP FM EF MPT JONJHSBOUFT JSSFHVMBSFT &O EFmOJUJWB EFCFNPT QMBOUFBS FM EFCBUF TPCSF MB GBMUB EF SFDVS TPT FDPOØNJDPT QBSB DPOTFHVJS RVF MB TJUVBDJØO QVFEB SFWFSUJSTF Z MBT EJGFSFODJBT Z EFTJHVBMEBEFT TPDJBMFT TF SFEV[DBO B MB NÓOJNB FYQSFTJØO TJ RVFSFNPT RVF #B EBMPOB TFB BMHÞO EÓB VOB DJVEBE DPNP 7JD VO NPEFMP QBSBEJHNÈ UJDP EF MB JOUFHSBDJØO
FDPOØNJDPT EFNPHSÈmDPT DVMUV SBMFT Z TPDJBMFT RVF FM GFOØNFOP NJHSBUPSJP TJHVF SFQPSUBOEP :P IF QSFGFSJEP SFIVJS EF MB FTUVMUJ DJB QPMÓUJDB CBTBEB FO MB EJWJTJØO Z FO MB DPOGSPOUBDJØO TPDJBM Z FO FTF DBNJOP IF EFDJEJEP BEIF SJSNF BM .BOJGFTU #BEBMPOB TPN 5PUT J 5PUFT QPS MB QSPNPDJØO RVF IBDF EF iMB EFGFOTB VO NPEFMP EF DJVEBE CBTBEP FO MB DPIFTJØO TPDJBM FO MB DPOWJWFODJB FO MPT EFSFDIPT Z MPT EFCFSFT EF UPEB MB DJVEBEBOÓB FO MB SFEVDDJØO EF EFTJHVBMEBEFT Z FO MB JHVBMEBE EF PQPSUVOJEBEFT RVF SFTQPOEB B MBT OVFWBT OFDFTJEBEFT Z B MPT DBNCJPT RVF DPNQPSUB MB MMFHBEB EF MPT SFDJÏO MMFHBEPTw MP RVF JNQMJDB DPOTFDVFOUFNFOUF iUSBCBKBS EF NBOFSB DPOKVOUB Z DPNQMFNFOUBSJB QPS MB JOUF HSBDJØO EF MBT QFSTPOBT SFDJÏO MMFHBEBT FO FM NBSDP EFM SFTQFUP QPS OVFTUSP TJTUFNB EF WBMPSFT EFNPDSÈUJDPT DPOTUJUVDJPOBMFT TPDJBMFT Z KVSÓEJDPT HBSBOUJ[BOEP MPT EFSFDIPT Z EFCFSFT EF UPEB MB DJVEBEBOÓB TJO OJOHÞO UJQP EF EJTDSJNJOBDJØO QPS DVFTUJPOFT EF HÏOFSP PSJHFO DPOEJDJØO OJ SFMJHJØOw Z iFYJHJS UBNCJÏO RVF FM "ZVOUBNJFOUP USBCBKF DPOKVOUB
727 %DGDORQD
HO WHX FDUUHU
$BSSFS EFM 3FDUPS $PMM J 1VKPM t 4BDFSEPU RVF HP WFSOB VOB QBSSÃ&#x203A;RVJB &M DBSSFS EFM 3FDUPS GPSNBWB QBSU EFM DBNÃ&#x201C; RVF DPOEVÃ&#x2022;B EFT EF MB WJMB mOT B #BSDFMPOB "M TFHMF 97*** BRVFTUB QBSU EF MhBOUJD DBNÃ&#x201C; GPV PDVQBU QSPHSFTTJWBNFOU QFS IBCJUBUHFT OPVT FOUSF FMT RVBMT TFNCMB RVF IJ IBWJB FM EFM SFDUPS GFU RVF EPOÃ&#x2039; MMPD B MB EFOPNJOBDJÃ&#x2DC; RVF FTUÃ&#x2039; EPDV NFOUBEB KB MhBOZ "#3"4 . $"33&3"4 . /*&50 % &MT DBSSFST EF #BEBMPOB .VTFV EF #BEBMPOB J $POTPSDJ QFS B MB /PSNBMJU[BDJÃ&#x2DC; -JOHÃ Ã&#x201C;TUJDB
727 %DGDORQD
QBH JOEE
DFWXDOLWDW
SHUVRQHV
$BSMFT 5PSOFSP
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1FSTPOFT 1BH JOEE
FOEVS TF MFT EFJYBMMFT &M NBUFJY FOT QBTTB BNC FM NBM FTUBU EFMT DBSSFST RVF FTUBO QMFOT EF GPSBUT &MT WBO BSSFHMBOU EF NJDB FO NJDB QFSÛ FT UPSOFO FOTPSSBS
* MFT PCSFT EFM 'POT ;BQBUFSP " BRVFTU CBSSJ OP FOT IB BSSJCBU DBQ * QFS RVÒ SFDMBNFV VO DBOWJ EF GSPOUFSFT EFM CBSSJ SFTQFDUF #VGBMË J .POUJ HBMË &OT BHSBEBSJB QFSRVÒ QFS FYFNQMF FMT DPMtMFHJT RVF FMT WBN MMVJUBS EFT EF 4BOU $SJTU * UBNCÏ WPMFN RVF TJHVJ OPTUSF MB NBTJB EF $BO #PGJ 7FMM 5BNCÏ IF EF EJS RVF TF OT WB QSPNFUSF M BNCVMBUPSJ BM CBSSJ QFSRVÒ OP WPMFN BOBS B 4BOU "ESJË P -MPSFEB QFS GFS OPT VOB SBEJPHSBm B 1FSÛ EF NPNFOU TFNCMB RVF OP IJ IB OJ HBOFT
* RVJOB ÏT MB TJUVBDJØ EFMT MBUFSBMT EF M BVUPQJTUB 'B NPMUB GBMUB RVF T BSSFHMJO F M T M B U F S B M T F O D B S B R V F OPNÏT TJHVJ QFS GBDJMJUBS MB NPCJMJUBU EFMT DPUYFT - "TTPDJBDJØ EF 7FÕOT DSFV RVF MB HFOU RVF FTUË BGFDUB EB EFT EF GB BOZT TF MT IB EF EPOBS VO QJT B DBOWJ EF MB DBTB RVF QFSEFO &O V O B T F H P O B UP O H BE B WB O BGFDUBS NÏT DBTFT J BJYÛ IP USPCP NBMBNFOU QFSRVÒ TØO IBCJUBUHFT EF GB NPMUT BOZT +P NBUFJYB WBJH IFSFUBS MB DBTB EFM NFV QBSF J KP WPMESJB EFJYBS MB B MB NFWB m MMB J BMT NFVT OÏUT
*$7 &6J" QSPQPTB RVF $PMM J 1VKPM TJHVJ VO FJY DPNFS DJBM RVF EJOBNJU[J NÏT FM CBSSJ /P IP ÏT BSB 4Ó QFSÛ FODBSB IBVSJB EF TFS IP NÏT &MT DPUYFT FO EPCMF m MB TØO VO DBPT QFS B MB DJSDVMBDJØ 4J GPT NÏT DPNFSDJBM IJ IBVSJB NÏT EJOBNJTNF BM CBSSJ .PMUB HFOU NBSYB B DPNQSBS BWBMM P B #BSDFMPOB %F GFU NPMUT WFÕOT EJVFO iWBJH B #BEBMPOB B DPNQSBSw DPTB RVF OP FOUFOD QFSRVÒ KP IF OBTDVU 4BOU $SJTU J QFS B NJ OPTBMUSFT UBNCÏ TPN #BEBMPOB
-B DPOTUSVDDJØ EFMT MBUFSBMT ÏT FM NÏT VSHFOU 4Ó QFS BM CBSSJ J QFS B UPU #BEBMPOB %POBSBO VOB NJDB EF WJEB QFSRVÒ BSB NBUFJY 4BOU $SJTU FTUË NPSU J OFDFT TJUBU EF UPU ) J I B D BS S FS T B N C W J E B J CPUJHVFT QFSÛ IJ IB E BMUSFT RVF m OT J UPU GB QPS QBTTBS IJ
727 %DGDORQD
727 %DGDORQD
1MBOUJMMB#BTF JOEE
DFWXDOLWDW
OD VHWPDQD HQ LPDWJHV µYJU EFM QSJNFS DBQ EF TFUNBOB EF
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&M CBEBMPOÓ +PTFQ 1POT GB BOZT
QFS NPMUT BOZT &M $BTBM EF 1FQ 7FOUVSB FTUË E FOIPSBCPOB * ÏT RVF FM TFV TPDJ OÞNFSP FM TFOZPS +PTFQ 1POT J 1POT IB DFMFCSBU BRVFTU EJMMVOT FMT TFVT BOZT EF WJEB %FT EFM $BTBM 1FQ 7FOUVSB IBO WPMHVU GFS MJ FOUSFHB E VOB QMBDB DPNNFNPSBUJWB KB RVF FM TFOZPS 1POT B NÏT EF TFS FM TPDJ OÞNFSP ÏT TPDJ IPOPSÓmD J GVOEBEPS E BRVFTUB FOUJUBU
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4"/50 $3*450 &DOOH PX\ WUDQTXLOD \ MXQWR D /ORUHGD 3LVR WRWDOPHQWH UHIRUPDGR KDELWDFLRQHV DQWHV DPSOLD FRFLQD EDxR HVSHFWDFXODU FRQ SODWR GH GXFKD \ EDxHUD QXHYR FDOHIDFFLyQ PX\ OXPL QRVR GH DOWXUD UHDO ££,P SHFDEOH 35(&,2 ¼ &827$ '( ¼ 0(6 5() 6& 5&-
4& 7&/%& $"4" %& . &/ (*30/&--" #FSHB " QJF TBMJEB EF BVUPQJTUB 0$"4*»/ å 3FGPSNBEB */'0 5&- 4& 7&/%& 1*40 . &/ .03&3" IBC CB×PT CBMDPOFT " " DBMFGBDDJØO ;POB DPNVOJUBSJB DPO KBSEÓO QJTDJOB Z QJTUB EF CÈTRVFU 1ËSRVJOH Z USBTUFSP JODMVJEPT å */'0 5&-
+6/50 "- $ $ ."(*$ 3LVR DOWR HQ ILQFD FRQ DVFHQVRU 7RWDOPHQWH UHIRUPDGR UHFLHQ WHPHQWH DPXHEODGR \ HTXLSD GR KDELWDFLRQHV V SDUTXHW S KD\D $PSOLD FRFLQD QXH YD FRPSOHWDPHQWH H[WHULRU D FDOOH 35(&,2 ¼ &827$ '( ¼ 0(6 5() 6/ 5&-
-0$"- &/ 7&/5" &/ $ 26&7&%0 CBSSJP -B 4BMVE EF N EJÈGBOP DPO WBEP 5&-
+6/50 "7 16*('3&% $PSOLR SLVR GH P HQ ILQFD FRQ DVFHQVRU &RPHGRU GH P FRQ VDOLGD D EDFyQ H[WHULRU D FDOOH KDELWDFLRQHV DPSOLDV 7RWDOPHQWH UHIRUPDGR 35( &,2 ¼ &827$ '( ¼ 0(6 5() 6& 5&-
4& 7&/%& 1*40 &/ "7%" .0/54&33"5 %& #"%" -0/" N BQSPY *OUFSJPS TJO BTDFOTPS IBC Z TF FOUSFHB SFGPSNBEP B TV HVTUP å */'0 5&-
&456%* &/ 7&/%" QMBOUB CBJYB #BEBMPOB DFOUSF $B TBHFNFT N IBC CBOZ DVJOB J NFOKBEPS "JSF BDPOEJ DJPOBU J DBMFGBDDJØ 3FGPSNBU BM DPTUBU EF MB QMBUKB FVSPT 5&-
4& 7&/%& 1-";" %& 1"3 ,*/( $BOZBEØ å 5&- --&'*" 3LVR GH KDELWDFLRQHV WRWDOPHQWH H[WHULRUHV ¿QFD FRQ DVFHQVRU SDUD HQWUDU D YLYLU ££81,&2 (1 /$ =21$ 325 35(&,2 35(&,2 ¼ &827$ '( ¼ 0(6 5() /) 5&-
"5*$0 &/ 7&/5" $0-- : 16+0- 3&' 3LVR GH WUHV KDELWDFLRQHV FRFLQD EDxR \ WHUUD]D GH PHWURV FRQ DVFHQVRU 35(&,2 ¼ SWDV ZZZ PHWURV FXDGUDGRV QHW 5&-4
10."3 ``0$"4*0/ 3LVR GH P FRQ KDELWDFLRQHV HQ ]RQD PX\ WUDQTXLOD &RFLQD \ EDxR UHIRUPDGRV SXHUWDV GH KD\D YHQW GH DOXPLQLR $PSOLD FRFLQD &RPSOHWDPHQWH H[WH ULRU D FDOOH 35(&,2 ¼ &827$ '( ¼ 0(6 5() 32 5&-
FODVVLILFDWV
1*40 &/ 7&/5" 3"7"- 3&' GH P UHIRUPDGR KDELWDFLRQHV EDxR FRFLQD FRPHGRU DD FDOHIDFFLRQ DD FDOHIDFFLyQ 35(&,2 ¼ 3WDV ZZZ PHWURVFXDGUDGRV QHW 5&-4 1*40 &/ 7&/5" 3&' 'HO VHPLQXHYR FRQ WHUUD]D GH P KDELWDFLRQHV EDxRV FRFLQD FRPHGRU FD OHIDFFLyQ DLUH DFRQGLFLRQDGR VXHOR SDUNHW ]RQD FRPXQLWDULD FRQ SLVFLQD 35(&,2 ¼ 3WV ZZZ PHWURV FXDGUDGRV QHW 5&-4 $"4" &/ 7&/5" $ 30(&3 %& '-03 3&' 'H GRV SODQWDV P VyWDQR P VH SXHGH FRQVWUXLU XQD WHUFHU SODQWD SDWLR GH P QHFHVLWD UHIRUPDV 35(&,2 ¼ 3WDV ZZZ PHWURVFXDGUDGRV QHW 5&-4
7*7*&/%" &/ $"4"(&."4 3&' 3LVR GH P KDELWDFLRQHV FRPHGRU FRFLQD EDxR ODYDGHUR JDOHUtD YHQ WDQDV FOLPDOLW VLQ DVFHQVRU FHUFD GH OD SOD\D 35(&,2 ¼ 3WDV Z Z Z PHWURVFXDGUDGRV QHW 5&-4 1*40 &/ 7&/5" 3&' 3LVR DPSOLR ELHQ VLWXDGR FHUFD PHWUR 3 GH OD 6DOXG \ &HQWUR FRPHUFLDO 0DJLF FRQ KDELWDFLRQHV EDxRV FRFLQD FRPHGRU ODYDGHUR SDWLR GH P $ $ &D OHIDFFLyQ DVF HQVRU 35( &,2 ¼ 3WDV Z Z Z PHWURVFXDGUD GRV QHW 5&-4
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+OOQDKNKCTKU .NQIWGT #"%"-0/" $&/530 %6 1-&9 0#3" /6&7" &/ "- 26*-&3 1 # TBMØO DPNFEPS DPO TBMJEB B 5&33";" N DPDJOB BTFP Z QFRVF×P HBSBHF 1 1 IBCJUBDJPOFT CB×PT 5PUBMNFOUF &YUFSJPS 4JO NVFCMFT /VFWP B FT USFOBS å NFT 5&-
--03&%" .0/5*("-" 3&' 3ULPHU SLVR UHIRUPDGR GRV KDELWDFLRQHV EDxR FR FLQD ODYDGHUR YHQWDQDV GH DOXPLQLR 35(&,2 ¼ 3WDV ZZZ PH WURVFXDGUDGRV QHW 5&-4
43 1301*&5"3*0 {5*&/& 46 1*40 &/ "-26*-&3 4J RVJFSF FWJUBSTF UPEBT MBT NPMFTUJBT DPO 505"- ("3"/ 5*" Z 4*/ $045& QBSB 7E -F HFTUJPOBNPT FM BMRVJMFS EF TV WJWJFOEB EF GPSNB SÈQJEB Z FGJDB[ `$PNQSVÏCFMP -MBNF B DVBMRVJFS IPSB 4SUB 7JSHJ OJB 5&- 4& "-26*-" 1"3,*/( .BSUÓ 1VKPM 1SFDJP å 5&-
%61-&9 0#3" /6&7" 3&' 9LYLHQGD GH P ~WL OHV KDELWDFLRQHV GRV GH HOODV VXLWHV EDxRV FRFLQD ODYDGHUR EDOFyQ WHUUD]D GH P FDOHIDFFLyQ $$ 6RO WRGR HO GtD 35(&,2 ¼ 37$6 Z Z Z PHWURVFXDGUDGRV QHW 5&-4
3&' --03&%" QJTP IBC SFGPSNBEP CB×PT DPNQMFUPT BTDFOTPS BNQMJP TBMØO NVZ MVNJOPTP UPEP FYUFSJPS BMHÞO NVFCMF DPO FMFDUSPEPNÏTUJDPT å 5&-
$"/:"%» 010356/*%"% Á/*$" 3LVR SHUIHFWR HVWDGR P KDE VXLWH ED xRV &RFLQD \ VDOyQ DPSOLRV &DOHIDFFLyQ 3XHUWD VHJXULGDG )LQFD REUD YLVWD D SODQ WD ([WHULRU 2ULHQWDFLyQ PDU 3DUNLQJ RSFLRQDO ¼ 5&-
3&' $&/53& QJTP IBCJUBDJPOFT BTDFOTPS SFGPS NBEP BM MBEP FTUBDJØO SFOGF BNVFCMBEP DPO FMFDUSPEP NÏTUJDPT å 5&- 3&' 4*453&--4 QJTP IBCJUBDJPOFT SFGPSNBEP CBMDØO FYUFSJPS å 5&- 3&' ;0/" #&4¾4 QJTP IBCJUBDJPOFT N SFGPSNBEP BTDFOTPS CBMDPO BNVFCMBEP DPO FMFDUSPEP NÏTUJDPT KVOUP NFUSP Z CVT å 5&-
1*40 &/ 7&/5" $ #"*-&/ #"%"-0/" 6XS P KDELWDFLRQHV ZF UHIRUPDGR FRFLQD FRQ ODYDGHUR FRPHGRU VXHORV WHUUD]R FDUS ,QWHULRU PDGHUD FDUS ([WHULRU PDGHUD ,'($/ 3$5(-$6 $ 5()25 0$5 35(&,2 ¼ 5&- 4"/%3"
727 %DGDORQD
3&' "- -"%0 .®(*$ QJTP IBCJUBDJPOFT SFGPS NBEP UPEP FYUFSJPS CBMDØO BTDFOTPS BNVFCMBEP DPO FMFDUSPEPNÏTUJDPT NVZ MV NJOPTP å 5&- 3&' $&/53& QJTP IB CJUBDJPOFT N UPEP FYUF SJPS SFGPSNBEP CBMDØ UFSSB[B DPNVOJUBSJB DBMFGBDDJØO HBT OBUVSBM "" $$ BNVFCMBEP DPO FMFDUSPEPNÏTUJDPT å 5&-
-0$"- &/ "-26*-&3 -PDBM DPNFSDJBM FO #BEBMPOB DBMMF $PORVJTUB NFUSPT EJÈGBOP XD FTDBQBSBUF JOTUBMBDJØO FMFDUSJDB OVFWB 13&$*0 "-26*-&3 å 5&- 4"/%3"
1*40 &/ "-26*-&3 1JTP FO $BMMF 4BO 'FSSÈO EF 4BCBEFMM 4VQ N IBCJUBDJP OFT XD DPNQMFUP $PDJOB PGJDF DBSQ *OUFSJPS SPCMF DBSQ FYUFSJPS BMVNJOJP CMBO DP B[PUFB QBSUJDVMBS QMB[B EF BQBSDBNJFOUP 'JODB TF NJOVFWB 13&$*0 "-26*-&3 å 5&- 4"/%3"
FODVVLILFDWV
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1*40 &/ "-26*-&3 1JTP FO $ +PDT 'MPSBMT 4VQ N IBCJUBDJPOFT EPCMFT WFTUJEPS CB×P T QBSLFU Z DFSBNJDB DBSQ *OU 3PCMF DBSQ &YU "MVNJOJP DBMFG B B BTDFOTPS 5PEP FYUFSJPS 1PDPT WFDJOPT 13&$*0 å 5&- 4"/%3" 1*40 &/ "-26*-&3 %ÞQMFY FO MJOFB NBS $BNJ 3BM EF 1SFNJB EF NBS 4VQ N IC XD DPDJOB PGJDF DBMFG B B USBTUFSP 5PEP FYUFSJPS GJODB B×PT 13&$*0 å 5&- 4"/%3"
0'*$*/" $0.&3$*"- -0$"- [POB QFBUPOBM DPNFSDJBM $ 3PTFMMØ #BEBMPOB N QSFDJP FVSPT "DPOEJDJP OBEP 5&-
$"4" "%04"%" &/ "-26* -&3 $"--& %*"/" #"%" -0/" 4VQ N IC %PCMFT VOB EF FMMBT TVJUF DPO UFSSB[B BTFP XD DPDJOB BNQMJB EF N T UFSSB[B N DPNFEPS TBMØO N DPO TBMJEB B KBSEÓO EF N DPO CBSCBDPB HPMGBT DPO TPMBSJVN TVFMPT EF NÈSNPM Z QBSLFU DBSQ *OUFSJPS SP CMF DBSQ &YUFSJPS BMVNJOJP DBMFGBDDJØO HBSBKF QBSB EPT DPDIFT DPO USBTUFSP UJQP CP EFHB 13&$*0 å 5&- 4"/%3"
4& "-26*-" 1*40 #BEBMPOB DFOUSP "WE .BSUÓ 1VKPM IB CJUBDJPOFT 1SFDJP å NFT 5&- ;0/" 3".#-" "-26*-0 &456%*0 1SFDJP å NFT 5&- $)*$" #64$" $)*$" 3&4 10/4"#-& QBSB DPNQBSUJS QJTP .VZ CJFO DPNVOJDBEP FYDFMFOUFT DPOEJDJPOFT 5&- &4 --0(" )"#*5"$*» &/ #"%"-0/" B QSPQ EF MB QMBUKB J 3BNCMB 1FS TFOZPST P KPWFT TFSJPTPT 5&-
1*40 &/ "-26*-&3 1JTP FO $PMM J 1VKPM GJODB DPO BTDFOTPS N IBCJUBDJPOFT EPCMF EBO BM QBUJP EF MVDFT -B EF NBUSJNPOJP EB BM CBMDØO DPDJOB FRVJQBEB XD TBMPO N 7JTUBT BM JOTUJUVUP 4& "-26*-" 1"3,*/( .BSUÓ 13&$*0 "-26*-&3 å 1VKPM 1SFDJP å 5&- 5&- 4"/%3"
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1*40 &/ "-26*-&3 IBCJ UBDJPOFT UPEP FYUFSJPS FO FM DFOUSP EF #BEBMPOB å 5&-
FODVVLILFDWV
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7HO $ 1&3& *7 1301 3".#-" 13*. N PGJDJOB J P NB HBU[FN å NFT 5&- 1&1 7&/563" 1JT UJQVT DBTB BNC IBC NFOKBEPS FYU B UFSSBTTB EF N¤ CBOZ SFGPSNBU DVJOB BNFSJDBOB B D BNC CPNCB DBMPS 1SFV å 5&-4 1&1 7&/563" &$0/0.*$ 1JT EF IBC BNPCMBU DBMFG J B B QFS FOUSBS B WJVSF å 5&-4
(03( 3LVR GH KDELWDFLRQHV HQ PX\ EXHQD ]RQD &RPHGRU FRQ VDOLGD D EDOFyQ H[WHULRU D & $PXHEODGR \ HTXLSDGR $/ 48,/(5 ¼ 0(6 *DVWRV GH FRPXQLGDG LQFOXLGRV 5() ** 5&-
$"4"(&.&4 N¤ IBC CBOZT DVJOB PGGJDF NFO KBEPS EF N¤ FYU UPU SFGPS NBU å 5&-4
$ "/(&- (6*.&3" 450 $3*450 3LVR PX\ DFRJHGRU GH KDELWDFLRQHV HQ ILQFD FRQ DVFHQVRU %DOFyQ H[WHULRU D FDOOH DPSOLDV KDELWDFLRQHV 6HPL DPXHEODGR $/48,/(5 ¼ 0(6 *DVWRV GH FRPX QLGDG LQFOXLGRV 7$0%,(1 ',6321,%/( (1 9(17$ ¼ 5() 6& 5&-
4& "-26*-" $0/ 01$*»/ " $0.13" 1*40 &/ 10/50/4 WJMBGSBODB EFM QFOFEFT OVF WP BNVFCMBEP "MRVJMFS å
*/'0 5&- +6/50 " $0-- * 16+0- 3LVR GH KDELWDFLRQHV DQWHV DPXHEODGR \ HTXLSDGR FRPHGRU FRQ VDOLGD D EDOFyQ FRFLQD \ EDxR UHIRUPDGRV $/48,/(5 ¼ 0(6 5() 6& 5&-
"5*$0 &/ -" $ */%&1&/ %&/$*" )LQFD FRQ DVFHQVRU ,PSUHVLRQDQWHV YLVWDV KDEL WDFLRQHV PX\ OXPLQRVR *DV WRV GH FRPXQLGDG LQFOXLGRV $/48,/(5 ¼ 0(6 5() %8 5&-
."35* 16+0- IBC DVJOB J CBOZ DPNQMFSUT NFOKBEPS FYU B CBMDÃ&#x2DC; DBMFG J BTDFO TPS Ã¥ 5&-4
$"4" &/ 4"/50 $3*450 KDELWDFLRQHV DPSOLR FRPHGRU FRQ FKLPHQHD EDOFyQ \ WHUUD ]D EDxR FRPSOHWR ]RQD PX\ WUDQTXLOD ¼ PHV *DVWRV GH FRPXQLGDG LQFOXLGRV 5() 6& 5&- &4 --0(" &456%* #BEBMPOB DFOUSF DBSSFS 4U 1BV N IBC CBOZ Z NFOKBEPS BNC DVJOB PGGJDF "JSF BDPOE J CPNCB EF DBMPS "NNPCMBU 4VNJOJTUSFT Z FTDBMB JODMPTPT BM MMPHVFS FVSPT NFT 5&- "-26*-&3 1*40 #6'"-" 3&' $WLFR FRQ WHUUD]D GH P KDELWDFLRQHV EDxR FRFLQD ODYDGHUR DD FDOHIDFFLRQ DVFHQVRU SUHFLR HXURV FDGD PHV ZZZ PHWURVFXDGUDGRV QHW 5&-4 "-26*-&3 1*40 53"7&4*" %& .0/5*("-" 3&' 3LVR GH P KDELWDFLRQHV GRV EDxRV FRPHGRU FRFLQD DVFHQVRU $ $ &DOHIDFFLyQ WHUUD]D GH P DVFHQVRU \ 3OD]D GH SDUNLQJ 35(&,2 ¼ 0(6 ZZZ PHWURVFXD GUDGRV QHW 5&-4
51.7%+105 2#55#6'/25 /165 '0%4'7#65
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727 %DGDORQD
1&1 7&/563" 1*40 &/ "- 26*-&3 3&' 3LVR GH KDELWDFLRQHV FRQ EDxR \ DVHR FRFLQD FRPHGRU WHUUD]D GH PHWURV FDOHIDFFLyQ 35(&,2 $/48,/(5 0(168$/ ¼ Z Z Z PHWURVFXDGUDGRV QHW 5&-4 "-26*-&3 1*40 &/ --03& %" 3&' 3ULPHU SLVR VLQ DVFHQVRU FRQ WUHV KDELWDFLR QHV FRFLQD EDxR \ ODYDGHUR 35(&,2 ¼ 0(168$/(6 Z Z Z PHWURVFXDGUDGRV QHW 5&-4 "-26*-&3 1*40 $"--& ;" 3"(0;" 3&' 5HIRUPDGR GRV KDELWDFLRQHV ODYDGHUR EDxR FRFLQD FRPHGRU DVFHQ VRU FDOHIDFFLyQ 35(&,2 ¼ 0(6 ZZZ PHWURVFXDGUDGRV QHW 5&-4
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FODVVLILFDWV
"-26*-&3 *%&"- 0'*$*/"4 '6/%"$*0/&4 "40$*"$*0 /&4 &/ 1&1 7&/563" 3&' 7RUUH HQ LQWHULRU GH PDQ ]DQD P HQ GRV SODQWDV &RQ -DUGtQ GH P WHUUD]DV GH P =RQD PX\ WUDQTXL OD 35(&,2 ¼&$'$ 0(6 ZZZ PHWURVFXDGUDGRV QHW 5&-4
"-26*-&3 1-"/5" #"+" $0/ 1"5*0 3&'03."%" 3&' &RPHGRU FRFLQD 6DOyQ XQD KDELWDFLyQ EDxR SDWLR FDOHIDFFLyQ HOpFWULFD MXQWR D OD FDOOH 3ULP 35(&,2 ¼ 0(6 ZZZ PHWURVFXD GUDGRV QHW 5&-4
0$"4*»/ 53"41"40 iGPSO EFHVTUBDJÃ&#x2DC;w QPS OP QPEFS BUFOEFS DFOUSP EF #BEBMPOB 5&-
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$"/ .&3$"%&3 ORFDO P ¼ PHV 5&- 4& 53"41"4" #"3 &/ #" %"-0/" UPUBMNFOUF FRVJ QBEP DMJFOUFMB GJKB FO QMFOP GVODJPOBJNJFOUP QSFDJP B DPOTVMUBS 5&-
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