Desenvolvimento Efetivo Na Plataforma Microsoft - Casa Do Codigo

$01:3*()5 &TUF MJWSP Ï GPSOFDJEP iUBM DPNP FTUÈw FYQSFTTBOEP FYDMVTJWBNFOUF BT WJTÜFT F PQJOJÜFT EPT BVUPSFT TFOEP QPSUBOUP VNB PCSB JOEFQFOEFOUF *OGPSNBÎÜFT F PQJOJÜFT FYQSFTTBT OFTUF MJWSP JODMVJOEP 63-T F PVUSBT SFGFSÐODJBT B TJUFT QPEFN NVEBS TFN BWJTP QSÏWJP "MHVOT FYFNQMPT NFODJPOBEPT OFTUF MJWSP TÍP GPSOFDJEPT BQFOBT B UÓUVMP EFNPOTUSBUJWP F TÍP EF OBUVSF[B GJDUÓDJB QFMP RVF OÍP TF EFTUJOBN EF UPEP B SFQSFTFOUBS EBEPT OFN TJUVBÎÜFT SFBJT TBMWP JOEJDBÎÍP FN DPOUSÈSJP .JDSPTPGU F BT NBSDBT SFHJTUSBEBT MJTUBEBT FN IUUQXXXNJDSPTPGUDPNUSBEFNBSLT TÍP NBSDBT SFHJTUSBEBT EP HSVQP EF FNQSFTBT .JDSPTPGU 5PEBT BT PVUSBT NBSDBT DPNFSDJBJT QFSUFODFN B TFVT SFTQFDUJWPT QSPQSJFUÈSJPT

13&'«$*0 3VCJBOB %BMMB 3PTB 4DJFOUJB OPO IBCFU JOJNJDVN OJTJ JHOPSBOUFN 7PDÐ QPEF JNBHJOBS DPNP Ï USBCBMIBS FN VN UJNF EF QSPGJTTJPOBJT DPN BMUP EFTFNQFOIP DVKPT JOUFHSBOUFT QPTTVFN HSBOEF DBQBDJEBEF UÏDOJDB GPDBEPT FN SFTVMUBEPT OB CVTDB DPOTUBOUF QFMB FYDFMÐODJB OB FYFDVÎÍP F DPN NVJUB QBJYÍP QFMP P RVF GB[FN 1PJT FTUB Ï B OPTTB SFBMJEBEF )PKF OPTTP UJNF EF 1'&T BMÏN EF UPEBT FTUBT DBSBDUFSÓTUJDBT DJUBEBT UFN VNB JOUFHSBÎÍP ÞOJDB F VN DPNQBOIFJSJTNP TFN JHVBM " DVMUVSB EF DPNQBSUJMIBS P DPOIFDJNFOUP TVBT FYQFSJÐODJBT F BKVEBS P QSØYJNP TÍP PT QJMBSFT RVF OPSUFJBN OPTTP NPEP EF USBCBMIBS &TTB QBJYÍP QPS DPNQBSUJMIBS DPOIFDJNFOUP Ï VNB QSÈUJDB EJÈSJB UBOUP QBSB P UJNF RVBOUP QBSB PT DMJFOUFT &TUF MJWSP Ï VN NBSDP QBSB UPEB FRVJQF QPJT FTTB Ï B NBUFSJBMJ[BÎÍP EB OPTTB SFBMJEBEF F EBRVJMP FN RVF BDSFEJUBNPT " HSBOEF[B EF DPNQBSUJMIBS P RVF TF DPOIFDF BCSF DBNJOIPT TFN WPMUB QPJT RVBOEP TF FOTJOB SFBMNFOUF TF BQSFOEF EVBT WF[FT 2VBOEP B JEFJB EB DSJBÎÍP EP MJWSP TVSHJV MPHP JEFOUJGJDBNPT RVF FTTF TFSJB VN HSBOEF EFTBGJP F BMHP EJGFSFOUF EBRVJMP RVF IBWÓBNPT GFJUP FORVBOUP UJNF 2VBOEP B FRVJQF QPTTVJ VN PCKFUJWP FN DPNVN F TBCF DMBSBNFOUF POEF DIFHBS P DBNJOIP BUÏ P TVDFTTP Ï NBJT GÈDJM 0 FNQFOIP EF UPEPT GPJ EF FYUSFNB JNQPSUÉODJB F SFTQPOTÈWFM QPS NBJT FTTB DPORVJTUB 5PEP FTUF USBCBMIP Ï QBSUF EF VNB OPWB GBTF RVF TF JOJDJB ² B QSPWB EF RVF UVEP P RVF OPT QSPQVTFSNPT B GB[FS TFSÈ GFJUP DPN NVJUB EFEJDBÎÍP /ÍP IÈ EÞWJEBT EF RVF GBSFNPT P NÈYJNP QBSB

RVF TFKB FYFDVUBEP EFOUSP EPT NBJPSFT F NFMIPSFT QBESÜFT EF RVBMJEBEF 1PTTP BGJSNBS RVF FTUB Ï B NFMIPS FRVJQF DPN B RVBM KÈ USBCBMIFJ F RVF UFOIP NVJUP PSHVMIP EP RVF GB[FNPT EJBSJBNFOUF ² VNB IPOSB F VN QSB[FS USBCBMIBS DPN FTTF UJNF $PN NVJUB TBUJTGBÎÍP DPOWJEP B UPEPT B FNCBSDBS OFTUB PCSB B EFTFOWPMWFS TFVT TPGUXBSFT TFHVJOEP BT NFMIPSFT QSÈUJDBT F B DPNQBSUJMIBSFN TFVT DPOIFDJNFOUPT TFNQSF

3VCJBOB %BMMB 3PTB (FSFOUF EPT 1'&T EF .PEFSO "QQT EB .JDSPTPGU 4QPOTPS EFTUB PCSB

#SJBO ,FMMMFS 4QFBLJOH PO CFIBMG PG UIF .JDSPTPGU QSPEVDU UFBN XIJDI CVJMET 5FBN 'PVOEBUJPO 4FSWFS BOE 7JTVBM 4UVEJP 5FBN 4FSWJDFT XF UBLF HSFBU QSJEF JO CVJMEJOH TUBUFPGUIFBSU TPGUXBSF UPPMT XIJDI IFMQ TPGUXBSF EFWFMPQNFOU UFBNT SFBMJ[F UIFJS GVMM QPUFOUJBM BOE TIJQ HSFBU TPGUXBSF #VU BT XJUI BOZ UPPM o XIFUIFS JUT B QIZTJDBM UPPM MJLF B IBNNFS PS B QBJOU CSVTI PS B EJHJUBM UPPM MJLF TPGUXBSF o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

UIBU KPVSOFZ UP FEVDBUF PUIFST "OE XIJMF * BN TUJMM TUSVHHMJOH XJUI NZ PXO QFSTPOBM NBTUFSZ PG 1PSUVHVFTF * BN QMFBTFE UP TFF UIJT JOGPSNBUJPO CFJOH TIBSFE JO UIF OBUJWF MBOHVBHF PG #SB[JM 0CSJHBEP F CPB TPSUF

#SJBO ,FMMFS .JDSPTPGU 1SJODJQBM (SPVQ 1SPHSBN .BOBHFS 7JTVBM 4UVEJP  "-.

4DPUU )BOTFMNBO $PNQVUFS TPGUXBSF JT BO BSU BT XFMM BT B TDJFODF 4PNF IBSE XPO CJUT PG LOPXMFEHF DPNF POMZ GSPN GBJMVSFT BOE FYQFSJFODF 5IFSF BSF NBOZ DPNQVUFS CJMMT XJUI KVTU POF FOHJOFFS TIBSJOH UIFJS ZFBST PG FYQFSJFODF 8F IPQF UIBU POF FOHJOFFS JT HPPE BU UIFJS KPC BOE UIBU XF DBO MFBSO GSPN UIBU POF FOHJOFFSh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

$ØEJHP XJUI UIJT OFX DPMMFDUJPO &OKPZ GSJFOET

4DPUU )BOTFMNBO .JDSPTPGU 1SJODJQBM 1SPHSBN .BOBHFS 7JTVBM 4UVEJP BOE /&5 1.

*/530%6±°0 1PS "MFYBOESF 5FPJ /B EÏDBEB EF  PT QSPEVUPT EB .JDSPTPGU TF DPOTPMJEBSBN OP NVOEP DPSQPSBUJWP UBOUP OBT FTUBÎÜFT EF USBCBMIP RVBOUP OPT TFSWJEPSFT "TTJN DBEB WF[ NBJT BT FNQSFTBT DPNFÎBSBN B EFTFOWPMWFS BQMJDBÎÜFT QBSB FTTB QMBUBGPSNB $PN FTTB DPOTPMJEBÎÍP B .JDSPTPGU QSFDJTPV BEFRVBS P TVQPSUF PGFSFDJEP QBSB PT DMJFOUFT DPSQPSBUJWPT *OJDJBMNFOUF UPEP P BUFOEJNFOUP EF TVQPSUF FSB SFNPUP F B DPNVOJDBÎÍP FSB GFJUB QPS UFMFGPOF F FNBJM $PN P BVNFOUP EB DPNQMFYJEBEF EPT BNCJFOUFT UFDOPMØHJDPT EPT DMJFOUFT F DPOTFRVFOUFNFOUF EBT BQMJDBÎÜFT P TVQPSUF SFNPUP DPNFÎPV B UFS EJGJDVMEBEFT EF SFTPMWFS PT DIBNBEPT NBJT DPNQMFYPT 1BSB FOEFSFÎBS FTTF QSPCMFNB DSJPVTF VN HSVQP EF FOHFOIFJSPT EF TVQPSUF FN DBNQP QBSB BVYJMJBS OB SFTPMVÎÍP EFTTFT DBTPT NBJT DPNQMFYPT )PKF FTTFT FOHFOIFJSPT TÍP DPOIFDJEPT QPS 1SFNJFS 'JFME &OHJOFFST 1'&  1FMB OBUVSF[B EP USBCBMIP EF TVQPSUF PT FOHFOIFJSPT EF TVQPSUF TÍP DPOTUBOUFNFOUF FYQPTUPT BPT DBTPT NBJT DSÓUJDPT F RVF QPUFODJBMNFOUF QPEFN DBVTBS QSFKVÓ[PT GJOBODFJSPT PV EF SFQVUBÎÍP FOPSNFT QBSB PT DMJFOUFT %FWJEP Ë DSJUJDJEBEF EPT DBTPT FTTF HSVQP EFTFOWPMWFV WÈSJBT UÏDOJDBT F GFSSBNFOUBT QBSB BDFMFSBS B SFTPMVÎÍP EF QSPCMFNBT OB QMBUBGPSNB .JDSPTPGU $PN B FWPMVÎÍP EP HSVQP FTTFT FOHFOIFJSPT EFTFOWPMWFSBN OPWPT TFSWJÎPT F DPNFÎBSBN B GB[FS BOÈMJTFT EF SJTDPT OBT RVBJT PT BNCJFOUFT EPT DMJFOUFT FTUÍP FYQPTUPT F TVHFSJS NFMIPSJBT QBSB FWJUBS QSPCMFNBT OP GVUVSP " NBJPS QBSUF EPT SJTDPT BOBMJTBEPT TF PSJHJOB OPT DBTPT FN RVF PT FOHFOIFJSPT BUVBN

5PEB FTTB FYQFSJÐODJB FN SFTPMVÎÍP F QSFWFOÎÍP EF QSPCMFNBT QFSNJUJV RVF FTTF HSVQP BDVNVMBTTF VN WBTUP DPOIFDJNFOUP EP RVF GVODJPOB F P RVF QPEF DBVTBS QSPCMFNBT BP TF VUJMJ[BS B QMBUBGPSNB .JDSPTPGU /PT DBQÓUVMPT TFHVJOUFT PT FOHFOIFJSPT FTQFDJBMJ[BEPT FN EFTFOWPMWJNFOUP EF BQMJDBÎÜFT WÍP DPNQBSUJMIBS FTTF DPOIFDJNFOUP BERVJSJEP OB QSÈUJDB FN UØQJDPT RVF DPCSFN UPEBT BT GBTFT EP QSPDFTTP EF EFTFOWPMWJNFOUP EF BQMJDBÎÜFT

&TUSVUVSB EP MJWSP 0 QSJNFJSP DBQÓUVMP EFTUF MJWSP DPOUÏN DPODFJUPT JOUSPEVUØSJPT OFDFTTÈSJPT QBSB P FOUFOEJNFOUP EPT UFNBT EJTDVUJEPT 0T EFNBJT DBQÓUVMPT FTUÍP EJWJEJEPT FN UØQJDPT RVF EFTDSFWFN QSPCMFNBT SFBJT FODPOUSBEPT FN DBNQP &N BMHVOT EFTUFT UØQJDPT BQSFTFOUBNPT BT OBSSBUJWBT EF DMJFOUFT TPCSF FTUFT QSPCMFNBT &N TFHVJEB NPTUSBNPT TFVT SJTDPT JNQBDUPT F EFUBMIFT UÏDOJDPT &TUFT EFUBMIFT UÏDOJDPT GVODJPOBN DPNP CBTF QBSB PT QBSÈHSBGPT F TVCTFÎÜFT QPTUFSJPSFT OPT RVBJT FYQMBOBÎÜFT F SFDPNFOEBÎÜFT GFJUBT QFMPT FOHFOIFJSPT BQSFTFOUBN P NPEP DPNP FTUFT QSPCMFNBT TÍP SFTPMWJEPT BMÏN EF EFUBMIBS DBEB UÏDOJDB F SFDVSTP SFDPNFOEBEP

1ÞCMJDPBMWP &TUF MJWSP Ï SFDPNFOEBEP QBSB EFTFOWPMWFEPSFT F BSRVJUFUPT RVF QPTTVBN P PCKFUJWP EF BQFSGFJÎPBS B RVBMJEBEF F EJTQPOJCJMJEBEF EF TFVT TJTUFNBT BMÏN EF QSPDVSBSFN BVNFOUBS TFV OÓWFM EF NBUVSJEBEF FN TVBT FOUSFHBT

1SÏSFRVJTJUPT $PNP QSÏSFRVJTJUPT QBSB FTUF MJWSP FTQFSBTF RVF P MFJUPS KÈ QPTTVB DPOIFDJNFOUP TPCSF B QMBUBGPSNB /&5 F FTUFKB GBNJMJBSJ[BEP DPN P GVODJPOBNFOUP EP .JDSPTPGU 7JTVBM 4UVEJP

&TUF MJWSP OÍP UFN QPS PCKFUJWP EJTDVUJS OPÎÜFT CÈTJDBT EF EFTFOWPMWJNFOUP QPS TFS P SFGMFYP EF FYQFSJÐODJBT SFUJSBEBT EF DFOÈSJPT BWBOÎBEPT EF DMJFOUFT EP UJNF EF 4VQPSUF .PEFSO "QQT .JDSPTPGU

&DVD GR &³GLJR

6XP¡ULR

4VNÈSJP  $PODFJUPT JOUSPEVUØSJPT  5ØQJDPT CBTF QBSB TPGUXBSF F TJTUFNBT PQFSBDJPOBJT

 

 0 NPUJWP QPS USÈT EB DBVTB CVTDBOEP B PSJHFN EB DBVTB SBJ[   (BSCBHF $PMMFDUPS



 4VQPSUBOEP P **4 F FOUFOEFOEP P TFV GVODJPOBNFOUP



 $PODMVTÍP



 'BMIBT F QSPCMFNBT SFDPSSFOUFT EB QSPEVÎÍP EF TPGUXBSF



 0 RVF BDPOUFDF TF TFV OÍP VTBS P NÏUPEP %JTQPTF



 1BESÍP %JTQPTF



 0 QPSRVÐ EF VUJMJ[BS UISFBET



 2VBOEP EFWP TPCSFTDSFWFS P NÏUPEP 'JOBMJ[F



 &YDFQUJPO 4IJFMEJOH



 1SPQBHBÎÍP EF FYDFÎÜFT



 #VTDB FN NFNØSJB



 .PEFMP QBSB 4FSWJÎPT 8JOEPXT



 6UJMJ[BOEP 4FSWFS /BNF *OEJDBUJPOT



 $PODMVTÍP



 1MBOFKBNFOUP F HFTUÍP EF EFNBOEBT



 1SPCMFNBT OB HFTUÍP EF SFRVJTJUPT F TVBT QSJODJQBJT DBVTBT 

6XP¡ULR

&DVD GR &³GLJR

 " GÈCSJDB FTUÈ BUSBTBOEP UPEBT BT FOUSFHBT P RVF QPTTP GB[FS  QBSB NFMIPSBS JTTP  1MBOFKBNFOUP EF QSPKFUP HVJBEP B GFFECBDL



 $PNP HFSFODJBS B FOUSFHB EF TPGUXBSF QPS GÈCSJDBT EF TPGUXBSF  VUJMJ[BOEP P 5'4 (JU  $PODMVTÍP

 1BESÜFT EF EFTFOWPMWJNFOUP





 1PS RVF DSJBS FYDFÎÜFT DVTUPNJ[BEBT



 $PNP USBUBS BT FYDFÎÜFT



 7BMJEBÎÍP EF QBSÉNFUSPT



 /ÍP FYQPOIB MJTUBT FN TFV NPEFMP EF EBEPT



 1BTTBHFN EF QBSÉNFUSPT



 2VBM B NFMIPS FTUSBUÏHJB EF CSBODI QBSB P NFV TJTUFNB



 2VBMJEBEF EF DØEJHP



 1PS RVF JOWFTUJS FN RVBMJEBEF EP DØEJHP



 $PODMVTÍP



 (FTUÍP F NPOJUPSBNFOUP EF SFMFBTFT



 #VJME F SFMFBTF



 3BTUSFBCJMJEBEF EF DØEJHPGPOUF



 $PNP FYUSBJS P NÈYJNP EP -BC .BOBHFNFOU QBSB HBSBOUJS B RVBMJEBEF EP TFV TPGUXBSF   $PODMVTÍP

 #PBT QSÈUJDBT





 *OWJTUB FN SFWJTÍP EF DØEJHP



 &WJUF B DPEJGJDBÎÍP EF NÏUPEPT DPNQMFYPT



 $PNP EFWP NF QSFQBSBS QBSB VN UFTUF EF DBSHB



 $PNP TJNVMBS B DBSHB OFDFTTÈSJB QBSB NJOIB BQMJDBÎÍP



 1SPGJMJOH EF BQMJDBÎÜFT /&5



 $VJEBEPT BP EFGJOJS DPOUSBUPT EF TFSWJÎPT



&DVD GR &³GLJR

6XP¡ULR

 #VOEMJOH F NJOJGJDBUJPO



 -VUBOEP DPOUSB BMUFSBÎÜFT JOBEWFSUJEBT OP QMBOFKBNFOUP



 "VNFOUBOEP B EJTQPOJCJMJEBEF F P EFTFNQFOIP EF XFCTJUFT QPS NFJP EF TFVT BQQMJDBUJPO QPPMT   $PNP P 8FC %FQMPZ QPEF TFS ÞUJM



 .FMIPSFT QSÈUJDBT BP FTDSFWFS FYQSFTTÜFT SFHVMBSFT



 $PODMVTÍP



 #JCMJPHSBGJB



 4PCSF PT BVUPSFT



&$3Ë78/2 

$0/$&*504 */530%65»3*04

%FTFOWPMWFS TPGUXBSF Ï DPNQMFYP F SFRVFS FTUVEP F USBCBMIP ÈSEVPT %VSBOUF P EFTFOWPMWJNFOUP F P TVQPSUF BP TPGUXBSF FN QSPEVÎÍP FTUBNPT QSPQFOTPT B EJGFSFOUFT QSPCMFNBT TFKBN FMFT UÏDOJDPT PV QSPDFEJNFOUBJT 0 GPDP EFTUF MJWSP Ï DPNQBSUJMIBS TPMVÎÜFT EF QSPCMFNBT F DPODFJUPT DPNVOT FODPOUSBEPT FN DBNQP QFMP UJNF EF 4VQPSUF B %FTFOWPMWJNFOUP .JDSPTPGU .BT BOUFT EF JOJDJBSNPT B EJTDVTTÍP BMWP EFTUF MJWSP FTUF DBQÓUVMP BQSFTFOUBSÈ DPODFJUPT CÈTJDPT OFDFTTÈSJPT QBSB DPNQSFFOTÍP EF NVJUPT QPOUPT DJUBEPT BP MPOHP EF UPEBT BT FYQMBOBÎÜFT EPT QSØYJNPT DBQÓUVMPT

 5»1*$04 #"4& 1"3" 40'58"3& & 4*45&."4 01&3"$*0/"*4 1PS 4ÏSHJP 3BNPT %JGFSFOUFT DPODFJUPT TÍP BCPSEBEPT EJBSJBNFOUF RVBOEP GBMBNPT TPCSF TPGUXBSF F TJTUFNBT PQFSBDJPOBJT 4FKBN FTUFT DPODFJUPT EJTDVUJEPT OB GBTF EF EFTFOWPMWJNFOUP OP QMBOFKBNFOUP PV EVSBOUF B NBOVUFOÎÍP EF TJTUFNBT .BT BQFTBS EFTUFT DPODFJUPT FTUBSFN QSFTFOUFT OB OPTTB SPUJOB EÞWJEBT DPODFJUVBJT o TPCSF P RVF TÍP F QBSB P RVF TFSWFN o BJOEB FTUÍP WJWBT OB DBCFÎB EF NVJUPT EFTFOWPMWFEPSFT  &21&(,726 ,1752'87Ï5,26



%FTUB GPSNB FTUB TFÎÍP EFTDSFWF DPODFJUPT DPNVOT EF TPGUXBSF F EF TJTUFNBT PQFSBDJPOBJT RVF FTUÍP QSFTFOUFT OP OPTTP EJB B EJB F RVF TÍP DJUBEPT OPT EFNBJT UØQJDPT BP MPOHP EP MJWSP "TTJN DPNFÎBNPT B EJTDVUJS B QBSUJS EB VOJEBEF NBJT FYQSFTTJWB EF VN TJTUFNB PQFSBDJPOBM P QSPDFTTP 0 QSPDFTTP Ï VNB ÈSFB EF USBCBMIP DPNQPTUB QPS VN QSPHSBNB F TFVT EBEPT "QFTBS EF VN QSPDFTTP F VN QSPHSBNB BQBSFOUBSFN TFS TJNJMBSFT FMFT TÍP GVOEBNFOUBMNFOUF EJGFSFOUFT 6N QSPHSBNB Ï VN DPOKVOUP EF JOTUSVÎÜFT B TFSFN FYFDVUBEBT BMÏN EBT CJCMJPUFDBT EF DPNVOJDBÎÍP DPN P TJTUFNB PQFSBDJPOBM 0 QSPDFTTP QPS TVB WF[ SFÞOF UPEPT PT SFDVSTPT OFDFTTÈSJPT QBSB B FYFDVÎÍP EF VN QSPHSBNB 1BSB RVF PT DPOKVOUPT EF JOTUSVÎÜFT EP QSPHSBNB TFKBN FYFDVUBEPT P TJTUFNB PQFSBDJPOBM BHSVQBPT FN VNB PV NBJT UISFBET "T UISFBET UÐN VN TJNQMFT PCKFUJWP FYFDVUBS VN USBCBMIP 5ISFBE Ï VN CMPDP EF FYFDVÎÍP EF USBCBMIP RVF QPTTVJ VNB ÈSFB FTQFDJBM EF NFNØSJB QBSB SBTDVOIPT DIBNBEB TUBDL &MBT TÍP WJUBJT QBSB VN QSPDFTTP QPJT TFN FMBT OFOIVNB JOTUSVÎÍP EF VN QSPHSBNB TFSJB FYFDVUBEB %FOUSP EF VN QSPDFTTP UPEB UISFBE DPNQBSUJMIB VN DPOKVOUP EF FOEFSFÎBNFOUPT WJSUVBJT EF FTQBÎP PSJHJOBMNFOUF DPOIFDJEP DPNP WJSUVBM BEESFTT TQBDF

BTTFHVSBOEP RVF RVBMRVFS UISFBE UFOIB BDFTTP EF MFJUVSB F FTDSJUB OP FOEFSFÎBNFOUP WJSUVBM EF NFNØSJB EFOUSP EF TFV SFTQFDUJWP QSPDFTTP 1SPDVSF SFDPSEBS FYFNQMPT EF QSPHSBNBT QBTTBEPT POEF UFOIB USBCBMIBEP DPN UISFBET %FOUSP EFTTFT QSPHSBNBT FSB UPUBMNFOUF QMBVTÓWFM DPNQBSUJMIBS NFNØSJB F SFDVSTPT FOUSF PT UISFBET DPOTVNJOEP WBMPSFT PCKFUPT F SFGFSÐODJBT DPNQBSUJMIBEBT FOUSF BT EJGFSFOUFT UISFBET FN FYFDVÎÍP EF VN TJTUFNB $PN P VTP EF UISFBET NVJUP TF EJTDVUF TPCSF NVMUJQSPDFTTBNFOUP .VMUJQSPDFTTBNFOUP Ï B IBCJMJEBEF EF QPEFS FYFDVUBS WÈSJBT UBSFGBT FN VN NFTNP DPSF BP NFTNP UFNQP  

 7Ï3,&26 %$6( 3$5$ 62)7:$5( ( 6,67(0$6 23(5$&,21$,6

BTTVNJOEPTF RVF DPSF Ï VNB VOJEBEF QSPDFTTBEPSB 6N DPSF EF $16 FYFDVUB BQFOBT VNB GVOÎÍP QPS WF[ 1BSB QFSNJUJS B FYFDVÎÍP TJNVMUÉOFB EF UBSFGBT FN VN NFTNP DPSF Ï DSJBEP P NFDBOJTNP EF EJWJTÍP EP USBCBMIP FN QFRVFOPT CMPDPT EF FYFDVÎÍP RVF TÍP EFGJOJEPT QFMB BQMJDBÎÍP 1BSB FWJUBS FYFDVÎÜFT DPOUÓOVBT NVJUP MPOHBT Ï VTBEP VN NFDBOJTNP EF QSFFNQÎÍP RVF DPOUSPMB P UFNQP NÈYJNP EF FYFDVÎÍP TFOEP FTTF UFNQP DIBNBEP RVBOUVN %FTUB GPSNB P QSPDFTTBNFOUP TJNVMUÉOFP EF UBSFGBT FN VN NFTNP DPSF Ï BQFOBT VNB TJNVMBÎÍP 7JTUP RVF OB WFSEBEF FYJTUF VN SFWF[BNFOUP UÍP SÈQJEP RVF QBTTBTF B JNQSFTTÍP EF FYFDVÎÍP TJNVMUÉOFB 5ISFBET QFSUFODFOUFT B VN QSPDFTTP OÍP QPEFN SFGFSFODJBS P FTQBÎP EF FOEFSFÎP WJSUVBM EF PVUSP QSPDFTTP QPS NPUJWPT EF FTDBMBCJMJEBEF F TFHVSBOÎB EPT TJTUFNBT PQFSBDJPOBJT B NFOPT RVF VNB ÈSFB EF NFNØSJB TFKB SFGFSFODJBEB DPNP VNB NFNØSJB DPNQBSUJMIBEB F BTTJN MJCFSBEB QBSB P BDFTTP EF PVUSPT QSPDFTTPT 0 TJTUFNB EF NFNØSJB WJSUVBM QSPWÐ VNB DBNBEB EF BDFTTP JOUFSNFEJÈSJP TPC B NFNØSJB GÓTJDB POEF FTUÍP PT EBEPT BSNB[FOBEPT &TUF TJTUFNB DPSSFTQPOEF B VN NBQFBNFOUP MØHJDP EB NFNØSJB GÓTJDB GBUP RVF DPOUSPMB P BDFTTP BPT EBEPT RVF FTUÍP BSNB[FOBEPT OB NFNØSJB GÓTJDB JNQFEJOEP RVF VN QSPDFTTP BDFTTF B NFNØSJB EF PVUSP QSPDFTTP PV TPCSFTDSFWB EBEPT EP TJTUFNB PQFSBDJPOBM " GJHVSB B TFHVJS EFTDSFWF P NBQFBNFOUP EB NFNØSJB WJSUVBM QBSB B NFNØSJB GÓTJDB POEF UFNPT VN DPOKVOUP EF FOEFSFÎBNFOUP EF NFNØSJB WJSUVBM NBQFBOEP FOEFSFÎPT EB NFNØSJB GÓTJDB

 7Ï3,&26 %$6( 3$5$ 62)7:$5( ( 6,67(0$6 23(5$&,21$,6



'JHVSB  3FQSFTFOUBÎÍP EP NBQFBNFOUP EB NFNØSJB WJSUVBM TPCSF B NFNØSJB GÓTJDB

0 TJTUFNB EF NFNØSJB WJSUVBM DSJB QBSB P QSPDFTTP B JMVTÍP EF RVF FMF Ï P ÞOJDP EFOUSP EP TJTUFNB PQFSBDJPOBM F RVF FMF UFN UPEP EJSFJUP EF DPOTVNJS UPEB B NFNØSJB FOEFSFÎÈWFM QPS FMF QBSB USBCBMIBS MJWSFNFOUF JOEFQFOEFOUFNFOUF EB NFNØSJB JOTUBMBEB OB NÈRVJOB 1SPDFTTPT  CJUT FTUÍP MJNJUBEPT B (# EF NFNØSJB WJSUVBM RVBOEP DPOGJHVSBEB B GMBH EF ,0$*( ),/( /$5*( $''5(66 $:$5(  +È QSPDFTTPT  CJUT QPEFN DPOTVNJS EF 5# BUÏ 5# EF NFNØSJB WJSUVBM EFQFOEFOEP EP TJTUFNB PQFSBDJPOBM DPOGPSNF B UBCFMB B TFHVJS 4JTUFNB 0QFSBDJPOBM



-JNJUF EF .FNØSJB 7JSUVBM

8JOEPXT 7JTUB

5#

8JOEPXT 

5#

8JOEPXT 

5#

8JOEPXT 

5#

8JOEPXT 

5#

8JOEPXT 4FSWFS 

5#

 7Ï3,&26 %$6( 3$5$ 62)7:$5( ( 6,67(0$6 23(5$&,21$,6

8JOEPXT 4FSWFS  3

5#

8JOEPXT 4FSWFS 

5#

8JOEPXT 4FSWFS  3

5#

$PNP B NBJPSJB EBT NÈRVJOBT QPTTVJ NFOPT NFNØSJB GÓTJDB EP RVF B NFNØSJB WJSUVBM PGFSFDJEB QFMP TJTUFNB PQFSBDJPOBM FOUÍP P TJTUFNB PQFSBDJPOBM GJDB SFTQPOTÈWFM QPS USBOTGFSJS PV QBHJOBS QBSUF EB NFNØSJB QBSB P EJTDP "TTJN BP MJCFSBS FTQBÎP OB NFNØSJB GÓTJDB P TJTUFNB PQFSBDJPOBM QFSNJUF RVF PVUSPT QSPDFTTPT QPTTBN FYFDVUBS & RVBOEP OFDFTTÈSJP BDFTTP B BMHVN EBEP RVF GPJ USBOTGFSJEP QBSB P EJTDP P HFSFODJBEPS EF NFNØSJB SFDVQFSB FTUF EBEP F P SFBMPDB QBSB NFNØSJB GÓTJDB "TTJN DPN FTUF UØQJDP EJTDVUJVTF P TJHOJGJDBEP EF QSPDFTTPT UISFBET QSPHSBNBT NFNØSJBT WJSUVBJT F PVUSPT DPODFJUPT CÈTJDPT EF TJTUFNBT PQFSBDJPOBJT RVF TFSÍP JNQPSUBOUFT QBSB P SFTUBOUF EPT UFNBT EJTDVUJEPT OP MJWSP /ØT BDSFEJUBNPT RVF DPNP EFTFOWPMWFEPSFT EF TPGUXBSF OÍP Ï TVGJDJFOUF RVF UFOIBNPT DPOIFDJNFOUP BQFOBT EF MJOHVBHFOT F DPNBOEPT ² QSFDJTP UFS DPNQSFFOTÍP EP GVODJPOBNFOUP EPT TJTUFNBT PQFSBDJPOBJT F EP JNQBDUP EF OPTTPT TJTUFNBT TPCSF FMFT

3&'&3³/$*"4 -JNJUFT EF NFNØSJB  IUUQTNTEONJDSPTPGUDPNFO VTMJCSBSZXJOEPXTEFTLUPQBB WWT BTQY .FNØSJB WJSUVBM  IUUQTNTEONJDSPTPGUDPNFO VTMJCSBSZXJOEPXTEFTLUPQBB WWT BTQY

 7Ï3,&26 %$6( 3$5$ 62)7:$5( ( 6,67(0$6 23(5$&,21$,6



 0 .05*70 103 53«4 %" $"64" #64$"/%0 " 03*(&. %" $"64" 3"*; 1PS 3PCTPO "SBÞKP i5JWFNPT VN QSPCMFNB FN QSPEVÎÍP F P DPSSJHJ NBT P NFTNP UJQP EF QSPCMFNB TVSHF SFDPSSFOUFNFOUF TFKB FN PVUSPT TJTUFNBT TFKB FN NØEVMPT EJGFSFOUFT 0 RVF FTUBNPT GB[FOEP EF FSSBEP 1BSFDF RVF QBSB DBEB QSPCMFNB DPSSJHJEP EPJT PVUSPT TVSHFNw ² FWJEFOUF B JNQPSUÉODJB EF MPDBMJ[BS B DBVTB SBJ[ EF VN QSPCMFNB VNB WF[ RVF VNB SFNFEJBÎÍP TJNQMFT FWJUBSJB RVF P QSPCMFNB WPMUBTTF B PDPSSFS &N NVJUPT DBTPT MPDBMJ[BS F DPSSJHJS B DBVTB JNFEJBUB EP QSPCMFNB OÍP FMJNJOB B QPTTJCJMJEBEF EF OPWBT PDPSSÐODJBT TF OÍP PCTFSWBNPT P NPUJWP EP QSPCMFNB UFS TJEP HFSBEP *EFOUJGJDBS B NPUJWBÎÍP EF VTP EF VN DPNQPOFOUF PV BEPÎÍP EF VN QBESÍP TFKB FMF EF DØEJHP EF BSRVJUFUVSB PV QSPKFUP Ï UÍP JNQPSUBOUF RVBOUP JEFOUJGJDBS B DBVTB EP QSPCMFNB QPJT BP FEVDBS P EFTFOWPMWFEPS TF JNQFEF RVF P QSPCMFNB TFKB SFQFUJEP EF GPSNB JOBEWFSUJEB FN OPWPT QSPKFUPT "MÏN EJTTP BP FOUFOEFS F USBUBS B NPUJWBÎÍP JEFOUJGJDBNPT OPWBT PQPSUVOJEBEFT EF BQSFOEJ[BEP RVF QPEFN BMÏN EF FWJUBS B EJTTFNJOBÎÍP EF QSPCMFNBT NFMIPSBS B RVBMJEBEF EBT BQMJDBÎÜFT EFTFOWPMWJEBT EBMJ FN EJBOUF

"OÈMJTF EF DBVTB SBJ[ "OÈMJTF EF DBVTB SBJ[ EP JOHMÐT 3PPU $BVTF "OBMZTJT PV 3$" Ï VN NÏUPEP EF SFTPMVÎÍP EF QSPCMFNBT CBTFBEP OB JEFOUJGJDBÎÍP EF TVB PSJHFN 6N GBUPS Ï DPOTJEFSBEP B DBVTB SBJ[ EF VN QSPCMFNB TF TVB SFNPÎÍP EP DJDMP QSPCMFNBGBMIB JNQFEF P FWFOUP JOEFTFKBEP EF PDPSSFS FORVBOUP VN GBUPS DBVTBM Ï BRVFMF RVF TF SFNPWJEP QPEF 

 2 027,92 325 75È6 '$ &$86$ %86&$1'2 $ 25,*(0 '$ &$86$ 5$,=

BGFUBS P SFTVMUBEP EF VN FWFOUP NBT QPS TJ TØ OÍP Ï B DBVTB SBJ[ EFWFOEP TVB DBVTB TFS UBNCÏN JOWFTUJHBEB " SFNPÎÍP EF VN GBUPS DBVTBM QPEF CFOFGJDJBS P SFTVMUBEP NBT FMF TP[JOIP OÍP HBSBOUF RVF P QSPCMFNB OÍP WBJ WPMUBS B TF SFQFUJS

" UÏDOJDB EPT $JODP 1PSRVÐT " UÏDOJDB EPT $JODP 1PSRVÐT Ï VNB QSÈUJDB BEPUBEB DPOTUBOUFNFOUF OB SFTPMVÎÍP EF QSPCMFNBT F JEFOUJGJDBÎÍP EF DBVTBT SBÓ[FT "P QFSHVOUBS SFQFUJEBNFOUF QPS RVF WPDÐ QPEF FTDBWBS BT DBNBEBT EF TJOUPNBT RVF QPEFN MFWBS Ë DBVTB SBJ[ EF VN QSPCMFNB 0 PCKFUJWP Ï GB[FS DPN RVF B SFTQPTUB EF DBEB QFSHVOUB EBEB DPNP SB[ÍP QBSB VN QSPCMFNB MFWF P UJNF B VNB PVUSB QFSHVOUB BUÏ RVF TF DIFHVF Ë PSJHFN EP QSPCMFNB &NCPSB FTUB UÏDOJDB TFKB DIBNBEB EF $JODP 1PSRVÐT WPDÐ QPEF BDIBS RVF WBJ QSFDJTBS GB[FS B QFSHVOUB NFOPT PV NBJT WF[FT EP RVF DJODP BOUFT EF FODPOUSBS B WFSEBEFJSB SB[ÍP EF VN QSPCMFNB

&N CVTDB EB DBVTB SBJ[ 1BSB EFNPOTUSBS VN FYFNQMP EF VTP EPT $JODPT 1PSRVÐT BEPUFNPT VN FYFNQMP SFBM EF VNB BQMJDBÎÍP "41/&5 EFTFOWPMWJEB F IPTQFEBEB FN VN TFSWJEPS XFC &TUB BQMJDBÎÍP SFHVMBSNFOUF BQSFTFOUBWB B NFOTBHFN 4FSWJDF 6OBWBJMBCMF F P TFV QPPM EF BQMJDBÎÍP TPGSJB DPN DPOTUBOUFT QBSBEBT BVUPNÈUJDBT TFOEP OFDFTTÈSJB B JOUFSWFOÎÍP NBOVBM QBSB P SFJOJDJP EB BQMJDBÎÍP &TUF QSPCMFNB PDPSSJB FN JOUFSWBMPT SFHVMBSFT QSJODJQBMNFOUF OPT IPSÈSJPT EF BMUB EFNBOEB "TTJN DPNFÎBTF B BQMJDBS B UÏDOJDB EPT $JODP 1PSRVÐT 1SJNFJSP 1PSRVÐ QPS RVF B BQMJDBÎÍP FTUÈ GBMIBOEP "OBMJTBOEP PT MPHT EJTQPOÓWFJT OP TFSWJEPS OPUPVTF RVF B  2 027,92 325 75È6 '$ &$86$ %86&$1'2 $ 25,*(0 '$ &$86$ 5$,=



BQMJDBÎÍP DPNVOJDBWBTF DPN VN TFSWJÎP RVF MBOÎBWB P FSSP 6\VWHP2XW2I0HPRU\([FHSWLRQ  & QPS DPOUB EP OÞNFSP EF PDPSSÐODJBT F SFQFUJÎÜFT EP NFTNP FSSP P QPPM EF BQMJDBÎÜFT BDBCBWB QPS TFS EFTDBSSFHBEP BUJWBOEP P NFDBOJTNP EF 3BQJE'BJM 1SPUFDUJPO 0 TFSWJÎP JOWPDBEP FSB IPTQFEBEP QPS VNB BQMJDBÎÍP DPOTPMF RVF B DBEB SFRVJTJÎÍP HFSBWB VN BSRVJWP B QBSUJS EF VN 5HSRUW9LHZHU EP DPNQPOFOUF 0LFURVRIW5HSRUW9LHZHU:HE)RUPV  &TUF TFSWJÎP BQSFTFOUBWB VN NFNPSZ MFBL POEF P BDÞNVMP EF NFNØSJB BP MPOHP EP TFV QSPDFTTBNFOUP HFSBWB P 6\VWHP2XW2I0HPRU\([FHSWLRQ  4FHVOEP 1PSRVÐ QPS RVF P TFSWJÎP FTUÈ BQSFTFOUBOEP VN .FNPSZ -FBL "QSPGVOEBOEP B JOWFTUJHBÎÍP JEFOUJGJDPVTF RVF B DBVTB EP QSPCMFNB EF NFNPSZ MFBL FTUBWB SFMBDJPOBEB ËT DPOTVMUBT VUJMJ[BEBT QBSB HFSBÎÍP EPT BSRVJWPT 0T EBEPT F PT QSØQSJPT BSRVJWPT GJDBWBN QSFTPT FN NFNØSJB KVOUBNFOUF DPN VN HSBOEF BDÞNVMP EF PCKFUPT EJOÉNJDPT SFMBDJPOBEPT B JOTUÉODJBT EP 5HSRUW9LHZHU  5FSDFJSP 1PSRVÐ QPS RVF P DPNQPOFOUF EF SFMBUØSJPT DBVTB P .FNPSZ -FBL "OBMJTBOEP P DPNQPSUBNFOUP EB BQMJDBÎÍP GPJ JEFOUJGJDBEP RVF P QSPCMFNB FTUBWB SFMBDJPOBEP DPN B FYFDVÎÍP EP NÏUPEP 'LVSRVH EB DMBTTF EF SFMBUØSJPT QPJT BP FYFDVUÈMP FSB HFSBEB VNB FYDFÎÍP 1PS EFGJOJÎÍP P NÏUPEP 'LVSRVH KBNBJT EFWFSJB DBVTBS VNB FYDFÎÍP &TUVEBOEP P DPNQPSUBNFOUP JOUFSOP EP NÏUPEP 'LVSRVH EB DMBTTF 5HSRUW9LHZHU P QSPCMFNB GJDPV NBJT DMBSP P NÏUPEP VUJMJ[BWB B DPMFÎÍP 6HVVLRQ EB JOTUÉODJB DPSSFOUF EB DMBTTF +WWS&RQWH[W POEF PDPSSJB B FYDFÎÍP $PNP P TFSWJÎP EF HFSBÎÍP



 2 027,92 325 75È6 '$ &$86$ %86&$1'2 $ 25,*(0 '$ &$86$ 5$,=

EPT BSRVJWPT FSB IPTQFEBEP FN VNB DPOTPMF OÍP FYJTUJB VNB JOTUÉODJB DPSSFOUF +WWS&RQWH[W P RVF Ï P DPNQPSUBNFOUP FTQFSBEP FN BQMJDBÎÜFT "41/&5 3FDPNFOEPVTF B TVCTUJUVJÎÍP EP DPNQPOFOUF 5HSRUW9LHZHU EB CJCMJPUFDB 0LFURVRIW5HSRUW9LHZHU:HE)RUPV QFMP DPNQPOFOUF 5HSRUW9LHZHU EB CJCMJPUFDB 0LFURVRIW5HSRUW9LHZHU:LQ)RUPV  "QØT B BQMJDBÎÍP EBT SFDPNFOEBÎÜFT P NFNPSZ MFBL GPJ DPSSJHJEP 2VBSUP 1PSRVÐ QPS RVF GPJ VUJMJ[BEB B WFSTÍP XFC EF VN DPNQPOFOUF FN VN TFSWJÎP IPTQFEBEP FN VNB DPOTPMF $POWFSTBOEP DPN B FRVJQF SFTQPOTÈWFM QFMB TVTUFOUBÎÍP EB BQMJDBÎÍP GPJ EFTDPCFSUP RVF B CJCMJPUFDB EF HFSBÎÍP EF BSRVJWPT GPJ FTDSJUB DPNP QBSUF EF VN TFSWJÎP F RVF FMB Ï SFVUJMJ[BEB FN NBJT EF VNB BQMJDBÎÍP 1PSÏN B CJCMJPUFDB FTUÈ TFOEP EVQMJDBEB FN NBJT EF VN TFSWJEPS TFOEP VTBEB FN IPTUT EJGFSFOUFT DPNCJOBEB DPN PVUSPT TFSWJÎPT EF PVUSBT BQMJDBÎÜFT /B TVB SFTQPOTBCJMJEBEF PSJHJOBM B CJCMJPUFDB EF HFSBÎÍP EF BSRVJWPT FYFDVUBWB EFOUSP EP DPOUFYUP EF VNB SFRVJTJÎÍP 8FC QPJT P IPTU EP TFSWJÎP FSB VNB BQMJDBÎÍP XFC ² QPTTÓWFM QFSDFCFS RVF P QSPCMFNB KÈ DPNFÎB B EFJYBS TVB FTGFSB UÏDOJDB F EFNPOTUSB RVF TF NBJT P QSPDFTTP EF UFTUFT UJWFTTF TJEP NBJT FGJDJFOUF FTUF QSPCMFNB UFSJB TJEP JEFOUJGJDBEP BOUFT EF B BQMJDBÎÍP FOUSBS FN QSPEVÎÍP 2VJOUP 1PSRVÐ QPS RVF P IPTU EF TFSWJÎP EB BQMJDBÎÍP GPJ EFTFOWPMWJEP DPNP VNB BQMJDBÎÍP DPOTPMF 1PS RVF P TFSWJÎP GPJ FYQPTUP FN VNB BQMJDBÎÍP DPOTPMF TF B IPTQFEBHFN EF TFSWJÎPT OP **4 Ï NBJT FTUÈWFM F FTDBMÈWFM 0 TJTUFNB FN RVFTUÍP Ï DPNQPTUP QPS VN XFCTJUF F VN DPOKVOUP EF SPCÙT RVF DPNCJOBEPT FGFUVBN USBOTGPSNBÎÜFT FN SFTVMUBEPT EF QSPDFTTBNFOUPT FN MPUF " OFDFTTJEBEF EB VUJMJ[BÎÍP  2 027,92 325 75È6 '$ &$86$ %86&$1'2 $ 25,*(0 '$ &$86$ 5$,=



EF TFSWJÎPT WFJP EP SFRVJTJUP EF DFOUSBMJ[BS QSPDFTTBNFOUPT DPNVOT B FTUFT SPCÙT F QPS DPOUB EJTTP B HFSBÎÍP EF BSRVJWPT GPJ MFWBEB QBSB BT DPOTPMFT

3FTVNJOEP 0 FYFNQMP EFTUF DBTP NPTUSB DMBSBNFOUF RVF NVJUBT WF[FT B DBVTB EF VN QSPCMFNB Ï UÍP TVQFSGJDJBM RVBOUP B NFOTBHFN EF FSSP TØ VN TJOUPNB EP WFSEBEFJSP QSPCMFNB " BOÈMJTF EF DBVTB SBJ[ Ï VNB UÏDOJDB RVF BVYJMJB OB JEFOUJGJDBÎÍP EP WFSEBEFJSP QSPCMFNB F B NFMIPS GPSNB EF DPSSJHJMP ² UBNCÏN NVJUP JNQPSUBOUF MFWBOUBS P iGBUPS IVNBOPw EF VN QSPCMFNB DPNP QBSUF EB BOÈMJTF UFOUBS FOUFOEFS OÍP TØ P QSPCMFNB NBT P TJTUFNB FN TJ POEF FMF TF FODBJYB OP QSPDFTTP EB FNQSFTB RVBM B QBSUJDJQBÎÍP EF TFVT VTVÈSJPT BT NPUJWBÎÜFT QBSB DBEB NPEJGJDBÎÍP F B IJTUØSJB EB BQMJDBÎÍP QPS RVFN B EFTFOWPMWFV /P GJN PT TJTUFNBT TFVT QSPCMFNBT F TVBT DBVTBT TÍP GSVUPT EF JOUFSBÎÜFT IVNBOBT F EF OFHØDJP UÍP DPNQMFYBT RVF UPEB B WFSEBEF OÍP QPEF TFS FYQSFTTB BQFOBT FN DØEJHP



 2 027,92 325 75È6 '$ &$86$ %86&$1'2 $ 25,*(0 '$ &$86$ 5$,=

3&'&3³/$*"4 "OÈMJTF EB DBVTB SBJ[ IUUQTFOXJLJQFEJBPSHXJLJ3PPU@DBVTF@BOBMZTJT



4ZTUFN0VU0G.FNPSZ&YDFQUJPO  IUUQTNTEONJDSPTPGUDPNMJCSBSZTZTUFNPVUPGNFNPSZFYDFQ UJPO WWT BTQY 3BQJE'BJM 1SPUFDUJPO  NBJT FN IUUQTXXXJJTOFUDPOGJHSFGFSFODFTZTUFNBQQMJDBUJPOIPTUBQ QMJDBUJPOQPPMTBEEGBJMVSF F FN IUUQTUFDIOFUNJDSPTPGUDPNQU CSMJCSBSZDD WXT BTQY

 ("3#"(& $0--&$503 1PS "MFYBOESF 5FPJ 'FSOBOEP ) * #PSCB 'FSSFJSB F 7JOÓDJVT EPT 4BOUPT .BSUJOT i5FOIP NVJUBT EÞWJEBT TPCSF P (BSCBHF $PMMFDUPS 2VBOEP EFTFOWPMWJB FN $ FSB PCSJHBEP B MJCFSBS PT SFDVSTPT NBOVBMNFOUF $PN /&5 OÍP QSFDJTP GB[FS JTTP .BT DPNP QPTTP UFS DFSUF[B TF FTTFT SFDVSTPT TÍP NBOJQVMBEPT DPSSFUBNFOUF TF DBEB BQMJDBÎÍP GVODJPOB EF NBOFJSB EJGFSFOUF VNB EB PVUSB w %FWJEP Ë DPNQMFYJEBEF F BPT QSPCMFNBT HFSBEPT QFMP DPOUSPMF NBOVBM EF NFNØSJB P $-3 $PNNPO -BOHVBHF 3VOUJNF QSPWÐ DPNP SFDVSTP P (BSCBHF $PMMFDUPS ($  0 ($ Ï VN HFSFODJBEPS BVUPNÈUJDP EF NFNØSJB SFTQPOTÈWFM QPS BMPDBS F MJCFSBS SFDVSTPT BVUPNBUJDBNFOUF SFEV[JOEP B QPTTJCJMJEBEF EF WB[BNFOUPT EF NFNØSJB NFNPSZ MFBLT 

 *$5%$*( &2//(&725



$BEB QSPDFTTP UFN TFV QSØQSJP FTQBÎP EF FOEFSFÎBNFOUP WJSUVBM %VSBOUF B DPOTUSVÎÍP EF BQMJDBÎÜFT VTVÈSJBT o BRVFMBT RVF FYFDVUBN OP NPEP VTVÈSJP DPNP XFCTJUFT DPOTPMFT BQMJDBUJWPT F TFSWJÎPT o USBCBMIBTF BQFOBT DPN B NBOJQVMBÎÍP EF NFNØSJB WJSUVBM OVODB NBOJQVMBOEP EJSFUBNFOUF B NFNØSJB GÓTJDB EF VN DPNQVUBEPS 0 TJTUFNB PQFSBDJPOBM GJDB SFTQPOTÈWFM QPS FODBQTVMBS B NFNØSJB GÓTJDB F QSPWFS PT SFDVSTPT QBSB RVF B NFNØSJB WJSUVBM USBCBMIF DPSSFUBNFOUF $BEB QSPDFTTP HFSFODJBEP DPOUÏN VNB JOTUÉODJB QSØQSJB EP ($ FN FYFDVÎÍP *OTUÉODJB DVKP USBCBMIP Ï EFEJDBEP Ë NBOJQVMBÎÍP EP FTQBÎP EF FOEFSFÎBNFOUP WJSUVBM EF NFNØSJB EP QSPDFTTP BP RVBM QFSUFODF 0 GVODJPOBNFOUP EP ($ Ï CBTUBOUF DPNQMFYP /FTUB TFÎÍP TFSÍP BCPSEBEPT UFNBT SFMFWBOUFT QBSB P FOUFOEJNFOUP EP NPEP DPNP P ($ GVODJPOB F BTTJN BVYJMJBS OB DPOTUSVÎÍP EF TJTUFNBT NBJT FGJDJFOUFT

)FBQ HFSFODJBEP %FQPJT RVF VNB BQMJDBÎÍP HFSFODJBEB Ï JOJDJBEB P $-3 JOJDJB VNB JOTUÉODJB EP ($ "P TFS JOJDJBMJ[BEP P ($ BMPDB EPJT TFHNFOUPT EF NFNØSJB WJSUVBM 0 QSJNFJSP EFMFT TFSÈ VUJMJ[BEP QBSB BSNB[FOBS F HFSFODJBS PCKFUPT BP MPOHP EB FYFDVÎÍP EB BQMJDBÎÍP 0 TFHVOEP TFHNFOUP DIBNBEP EF MBSHF PCKFDU IFBQ Ï EFEJDBEP B iPCKFUPT HSBOEFTw DPOTJEFSBOEP PCKFUPT HSBOEFT BRVFMFT RVF QPTTVFN NBJT EF  CZUFT EF UBNBOIP BJOEB NBJT BEJBOUF OFTUF UØQJDP GBMBSFNPT TPCSF MBSHF PCKFDU IFBQ  0 IFBQ HFSFODJBEP NBOUÏN VN QPOUFJSP RVF JOEJDB POEF P QSØYJNP PCKFUP TFSÈ BMPDBEP OP IFBQ " GJHVSB B TFHVJS EFNPOTUSB P IFBQ HFSFODJBEP DPN PT PCKFUPT $ % F & BMPDBEPT BMÏN EP QPOUFJSP BRVJ JOUJUVMBEP EF QH[W2EMHFW QPTJDJPOBEP POEF P QSØYJNP PCKFUP EFWF TFS BMPDBEP



 *$5%$*( &2//(&725

'JHVSB  )FBQ HFSFODJBEP DPN USÐT PCKFUPT BMPDBEPT

1BTTPT QBSB DPMFUB EF NFNØSJB 0 ($ BWBMJB RVBJT PCKFUPT OP IFBQ TÍP VTBEPT QFMB BQMJDBÎÍP "RVFMFT RVF OÍP TÍP NBJT VUJMJ[BEPT FTUÍP QSPOUPT QBSB TFSFN FYQVSHBEPT 1PSÏN P QSPDFTTP EF JEFOUJGJDBÎÍP EF PCKFUPT FN VTP OÍP Ï USJWJBM F QPS DPOUB EJTTP Ï EJWJEJEP FN EJWFSTPT QBTTPT 0 QSJNFJSP EFMFT DPSSFTQPOEF BP DPOHFMBNFOUP EF UISFBET "OUFT RVF P ($ QPTTB FOUSBS FN BÎÍP PT UISFBET EP QSPDFTTP TÍP DPOHFMBEPT "TTJN OBEB Ï FYFDVUBEP BMÏN EP ($ EVSBOUF B DPMFUB EF NFNØSJB *TTP FWJUB RVF PT PCKFUPT UFOIBN TFVT FTUBEPT BMUFSBEPT FORVBOUP P ($ PT FYBNJOB "QØT P DPOHFMBNFOUP EPT UISFBET Ï JOJDJBEP P RVF DIBNBNPT EF GBTF EF NBSDBÎÍP /P JOÓDJP EFTTB GBTF P ($ DPOTJEFSB RVF UPEPT PT PCKFUPT FN NFNØSJB EFWFN TFS FYQVSHBEPT %VSBOUF B GBTF EF NBSDBÎÍP P ($ WBSSF PT SPPUT EB BQMJDBÎÍP NBSDBOEP PT PCKFUPT RVF FTUÍP FN VTP QBSB FOUÍP FYDMVJS BRVFMFT RVF OÍP FTUÍP FN VTP 3PPUT FN QPSUVHVÐT SBÓ[FT TÍP SFGFSÐODJBT B PCKFUPT FN NFNØSJB &MFT TÍP FTUSVUVSBT EF EBEPT RVF DPOUÏN VN QPOUFJSP EF NFNØSJB QBSB VN PCKFUP EF VN UJQP QPS SFGFSÐODJB 3PPUT QPEFN TFS PCKFUPT HMPCBJT F FTUÈUJDPT WBSJÈWFJT MPDBJT QBSÉNFUSPT QPS SFGFSÐODJB F SFHJTUSBEPSFT EB $16 5PEB BQMJDBÎÍP HFSFODJBEB DPOUÏN VNB MJTUB EF SPPUT F Ï QPS NFJP EFTTB MJTUB RVF P ($ EVSBOUF B DPMFUB DPOTUSØJ VN HSBGP DPOUFOEP UPEPT PT PCKFUPT RVF TÍP BDFTTÓWFJT QFMPT SPPUT 0CKFUPT BDFTTÓWFJT BPT SPPUT JODMVFN PT QSØQSJPT SPPUT BTTJN DPNP PVUSBT

 *$5%$*( &2//(&725



JOTUÉODJBT EF PCKFUPT B RVF FMFT GB[FN SFGFSÐODJB 3*$)5&3   0CKFUPT RVF FTUÍP GPSB EFTUF HSBGP TÍP UJEPT DPNP JOBDFTTÓWFJT TFOEP BTTJN DPOTJEFSBEPT DPNP GPSB EF VTP %FQPJT EF UFSNJOBEB B GBTF EF NBSDBÎÍP P IFBQ DPOUÏN VN DPOKVOUP EF PCKFUPT NBSDBEPT F VN DPOKVOUP EF PCKFUPT EFTNBSDBEPT 0T PCKFUPT EFTNBSDBEPT TÍP FYQVSHBEPT F FOUÍP Ï JOJDJBEB B GBTF EF DPNQBDUBÎÍP /B GBTF EF DPNQBDUBÎÍP P ($ QFSDPSSF P IFBQ HFSFODJBEP QSPDVSBOEP QPS CMPDPT DPOUÓOVPT EF PCKFUPT EFTNBSDBEPT 4F CMPDPT QFRVFOPT TÍP FODPOUSBEPT FMFT TÍP JHOPSBEPT 4F CMPDPT HSBOEFT TÍP FODPOUSBEPT FOUÍP PT PCKFUPT TÍP EFTMPDBEPT QBSB RVF P IFBQ TFKB DPNQBDUBEP SFEV[JOEP B GSBHNFOUBÎÍP "P EFTMPDBS PT PCKFUPT OB NFNØSJB IFBQ TFVT FOEFSFÎPT EF NFNØSJB TÍP BMUFSBEPT JOWBMJEBOEP RVBMRVFS SFGFSÐODJB B FMFT &TTB DPNQBDUBÎÍP PCSJHB P ($ B QFSDPSSFS UPEPT PT PCKFUPT BUVBMJ[BOEP TFVT QPOUFJSPT EF NFNØSJB QBSB PT OPWPT FOEFSFÎPT EPT PCKFUPT EFTMPDBEPT

'JHVSB  &TUBEP EP IFBQ HFSFODJBEP EVSBOUF EVBT GBTFT EF DPMFUB EP ($

&TTB GJHVSB EFNPOTUSB BT BMUFSBÎÜFT OP IFBQ HFSFODJBEP EVSBOUF BT GBTFT EF DPMFUB EP ($ /B QSJNFJSB JMVTUSBÎÍP EP IFBQ UFNPT PT 

 *$5%$*( &2//(&725

PCKFUPT BMPDBEPT FN NFNØSJB QSPOUPT QBSB P JOÓDJP EB DPMFUB /B TFHVOEB JMVTUSBÎÍP UFNPT PT PCKFUPT FN VTP NBSDBEPT F PT PCKFUPT RVF OÍP FTUÍP FN VTP EFTNBSDBEPT & QPS GJN OB ÞMUJNB JMVTUSBÎÍP UFNPT P IFBQ HFSFODJBEP DPNQBDUBEP F DPN BQFOBT PCKFUPT FN VTP QFMB BQMJDBÎÍP BUJWPT FN NFNØSJB

$FOÈSJPT EF DPMFUB F HFSBÎÜFT 2VBOUP NFOPS B RVBOUJEBEF EF PCKFUPT OP IFBQ HFSFODJBEP NFOPS TFSÈ P USBCBMIP EP ($ &YJTUFN TJUVBÎÜFT RVF FTUJNVMBN B DPMFUB EF NFNØSJB EP ($ TFOEP FMBT 0 TJTUFNB UFN QPVDB NFNØSJB GÓTJDB F FTTB QSFTTÍP EF NFNØSJB FYJHF B MJCFSBÎÍP EF SFDVSTPT " RVBOUJEBEF EF NFNØSJB BMPDBEB OP IFBQ HFSFODJBEP VMUSBQBTTB TFV MJNJUF F VNB MJCFSBÎÍP EF SFDVSTPT Ï OFDFTTÈSJB QBSB BMPDBÎÍP EF NBJT PCKFUPT 0 NÏUPEP 6\VWHP*&&ROOHFW Ï FYFDVUBEP F BTTJN P ($ Ï MFWBEP B DPMFUB QSFNBUVSB EF SFDVSTPT 0 $-3 Ï EFTMJHBEP *TTP BDPOUFDF RVBOEP VN QSPDFTTP UFSNJOB OPSNBMNFOUF $PNP QSÈUJDB QBSB PUJNJ[BÎÍP EP TFV USBCBMIP P ($ EP /&5 'SBNFXPSL PSHBOJ[B B QJMIB EF PCKFUPT FN HFSBÎÜFT EF PCKFUPT EF MPOHB F EF DVSUB EVSBÎÍP &TTF NPEFMP EF BMHPSJUNP EF HBSCBHF DPMMFDUPS CBTFBEP FN HFSBÎÜFT UBNCÏN DPOIFDJEP DPNP HBSCBHF DPMMFDUPS FGÐNFSP

QPTTVJ BMHVOT QSFTTVQPTUPT 2VBOUP NBJT KPWFN VN PCKFUP GPS NBJT DVSUP TFSÈ TFV UFNQP EF WJEB 2VBOUP NBJT WFMIP VN PCKFUP GPS NBJT MPOHP TFSÈ TFV UFNQP EF WJEB $PMFUBS QPSÎÜFT EP IFBQ Ï NBJT SÈQJEP EP RVF DPMFUBS P IFBQ JOUFJSP

 *$5%$*( &2//(&725



/P /&5 'SBNFXPSL P ($ VUJMJ[B USÐT HFSBÎÜFT TFOEP FMBT (FSBÎÍP  FTUB Ï HFSBÎÍP RVF NBJT TPGSF DPMFUBT EF SFDVSTPT QPJT DPSSFTQPOEF B HFSBÎÍP EF PCKFUPT EF DVSUB EVSBÎÍP 7BSJÈWFJT UFNQPSÈSJBT F WBSJÈWFJT DPN FTDPQP EF NÏUPEP TÍP BT QSJODJQBJT DBOEJEBUBT B FTUBSFN OB (FSBÎÍP  (FSBÎÍP  CVGGFS JOUFSNFEJÈSJP EF PCKFUPT FOUSF B (FSBÎÍP  F B (FSBÎÍP  (FSBÎÍP  DPOUÏN PCKFUPT EF MPOHB EVSBÎÍP 4ÍP UJEPT DPNP PCKFUPT EF MPOHB EVSBÎÍP BRVFMFT PCKFUPT RVF DPOUÏN DPOUFÞEP FTUÈUJDP TUBUJD

PV RVF TÍP JOTUÉODJBT BUJWBT EVSBOUF UPEB B FYFDVÎÍP EP QSPDFTTP 2VBOEP JOJDJBEP P IFBQ HFSFODJBEP OÍP DPOUÏN PCKFUPT F UPEPT OPWPT PCKFUPT TÍP BEJDJPOBEPT OB (FSBÎÍP  0CKFUPT RVF FTUÍP OB (FSBÎÍP  TÍP PCKFUPT RVF GPSBN SFDFOUFNFOUF DSJBEPT F RVF OVODB TPGSFSBN VNB DPMFUB EP ($ DPNP EFNPOTUSBEP OB GJHVSB B TFHVJS /P FYFNQMP EFTUB GJHVSB EFNPOTUSBTF VN DPOKVOUP EF PCKFUPT TFOEP DSJBEPT OP IFBQ HFSFODJBEP TFN RVBMRVFS FYFDVÎÍP QSÏWJB EB DPMFUB EF NFNØSJB EP ($

'JHVSB  *OTUÉODJBT EF PCKFUPT DSJBEBT OB (FSBÎÍP 

4F P MJNJUF EF BMPDBÎÍP EB (FSBÎÍP  GPS BUJOHJEP P ($ Ï BDJPOBEP QBSB FYFDVUBS TVB QSJNFJSB DPMFUB EF NFNØSJB "QØT SFNPWFS UPEPT PT PCKFUPT RVF OÍP FTUBWBN NBJT FN VTP PT PCKFUPT SFTUBOUFT RVF TÍP UJEPT DPNP FN VTP QFMB BQMJDBÎÍP TÍP QSPNPWJEPT QBSB (FSBÎÍP  GJDBOEP WB[JB B DPMFÎÍP EF PCKFUPT EB (FSBÎÍP  DPOGPSNF B GJHVSB TFHVJOUF 

 *$5%$*( &2//(&725

'JHVSB  *OTUÉODJBT EF PCKFUPT QSPNPWJEBT QBSB (FSBÎÍP 

1PS QBESÍP EVSBOUF B DPOUJOVJEBEF EB FYFDVÎÍP EB BQMJDBÎÍP OPWPT PCKFUPT TFSÍP BMPDBEPT & FTUFT OPWPT PCKFUPT TFSÍP BMPDBEPT OB (FSBÎÍP  DPNP BQSFTFOUBEP OB GJHVSB BEJBOUF /PUBTF RVF B (FSBÎÍP  NBOUÏNTF JOUPDBEB DPOUÏN BQFOBT PT PCKFUPT TPCSFWJWFOUFT EB QSJNFJSB DPMFUB EP ($

'JHVSB  /PWBT JOTUÉODJBT EF PCKFUPT DSJBEBT OB (FSBÎÍP 

2VBOEP TPC QSFTTÍP PV TFKB RVBOEP B DPUB EF BMPDBÎÍP EB (FSBÎÍP  GPS BUJOHJEB

OPWBNFOUF P ($ JOJDJBSÈ TVB DPMFUB EF NFNØSJB /FTTF JOTUBOUF P ($ EFWF EFDJEJS RVBJT HFSBÎÜFT TFSÍP FYBNJOBEBT 4F B (FSBÎÍP  BJOEB FTUJWFS EFOUSP EP TFV MJNJUF EF DPOTVNP EF NFNØSJB FMB OÍP TFSÈ FYBNJOBEB "TTJN BQFOBT B (FSBÎÍP  TFSÈ BMWP EB DPMFUB MJCFSBOEP JOTUÉODJBT EF PCKFUPT RVF OÍP TÍP VTBEBT F QSPNPWFOEP BT JOTUÉODJBT RVF BJOEB FTUÍP FN VTP QBSB B (FSBÎÍP  DPNP EFNPOTUSBEP OB GJHVSB

'JHVSB  1SPNPÎÍP EF PCKFUPT EB (FSBÎÍP  QBSB (FSBÎÍP 

$PNP FTQFSBEP B BQMJDBÎÍP DPOUJOVBSÈ B DSJBS OPWBT JOTUÉODJBT EF PCKFUPT QSFFODIFOEP B (FSBÎÍP  DPN FTTBT OPWBT JOTUÉODJBT GJHVSB B TFHVJS   *$5%$*( &2//(&725



'JHVSB  /PWBT JOTUÉODJBT EF PCKFUPT BEJDJPOBEBT B (FSBÎÍP 

4PC OPWB QSFTTÍP EF NFNØSJB P ($ WBJ OPWBNFOUF EFDJEJS RVBJT HFSBÎÜFT TFSÍP FYBNJOBEBT $BTP B (FSBÎÍP  FTUFKB BDJNB EP TFV MJNJUF EF NFNØSJB FMB UBNCÏN TFSÈ FYBNJOBEB BTTJN DPNP B (FSBÎÍP  4F EVSBOUF B FYFDVÎÍP EB BQMJDBÎÍP PCKFUPT DPOUJEPT OB (FSBÎÍP  EFJYBSFN EF TFS VUJMJ[BEPT FOUÍP TFSÍP FMJNJOBEPT EB NFNØSJB TFHVJOEP BT NFTNBT SFHSBT EB (FSBÎÍP  0T PCKFUPT EB (FSBÎÍP  RVF TPCSFWJWFSFN Ë DPMFUB EF NFNØSJB TFSÍP QSPNPWJEPT QBSB (FSBÎÍP  FORVBOUP B (FSBÎÍP  BP GJN EF DBEB DPMFUB FTUÈ MJWSF EF PCKFUPT HFSFODJBEPT DPOGPSNF WFNPT OB GJHVSB B TFHVJS

'JHVSB  1SPNPÎÍP EF JOTUÉODJBT EF PCKFUPT EB (FSBÎÍP  QBSB (FSBÎÍP 

0CKFUPT DPOUJEPT OB (FSBÎÍP  TPCSFWJWFSBN B EVBT PV NBJT DPMFUBT EP ($ $PNP NFODJPOBEP BOUFSJPSNFOUF P BMHPSJUNP EF HBSCBHF DPMMFDUPS EP /&5 'SBNFXPSL DPOUÏN BQFOBT USÐT HFSBÎÜFT 0 (BSCBHF $PMMFDUPS Ï VN HFSFODJBEPS EF NFNØSJB RVF TF BVUPBKVTUB QBSB NFMIPS BEBQUBS TVB QFSGPSNBODF "T USÐT HFSBÎÜFT JOJDJBN DPN MJNJUFT EF BMPDBÎÍP EF NFNØSJB RVF TF BEBQUBSÍP BP MPOHP EF TVB FYFDVÎÍP QBSB NFMIPS BEFRVBS P GVODJPOBNFOUP EP ($ 1PS FYFNQMP TVQPOIB RVF B (FSBÎÍP  JOJDJB DPN MJNJUF EF NFNØSJB EF ,C 4F EVSBOUF TVB FYFDVÎÍP P ($ OPUBS RVF QPVDPT PCKFUPT FTUÍP TPCSFWJWFOEP B TVB DPMFUB OB (FSBÎÍP  FMF



 *$5%$*( &2//(&725

QPEF SFEV[JS P MJNJUF EF NFNØSJB EFTTB HFSBÎÍP QBSB ,C %B NFTNB NBOFJSB TF P ($ BWBMJBS RVF NVJUPT PCKFUPT TPCSFWJWFN Ë DPMFUB EB (FSBÎÍP  FMF QPEF BEBQUBS TFV MJNJUF QBSB ,C "VUPNBUJDBNFOUF BVNFOUBTF P MJNJUF EF NFNØSJB EB HFSBÎÍP F EJNJOVJTF B RVBOUJEBEF EF WBSSFEVSBT QPJT RVBOUP NBJPS P MJNJUF EF NFNØSJB EF VNB HFSBÎÍP NFOPS TFSÈ B RVBOUJEBEF EF WF[FT RVF P ($ WBJ FYBNJOÈMB 0 ($ QPEF VUJMJ[BS FTTB NFTNB IFVSÓTUJDB QBSB NBOJQVMBS PT MJNJUFT EBT (FSBÎÜFT  F  0T MJNJUFT EF UBNBOIP EF DBEB HFSBÎÍP TÍP BEBQUÈWFJT B QMBUBGPSNB RVF FTUÈ FN FYFDVÎÍP 0 VTP EB FTUSBUÏHJB EF HFSBÎÜFT OP BMHPSJUNP EP ($ NFMIPSB JODMVTJWF B QFSGPSNBODF EB GBTF EF NBSDBÎÍP QPJT TF VN PCKFUP QFSUFODFS B VNB HFSBÎÍP NBJT BOUJHB UPEPT PT PCKFUPT QBSB PT RVBJT BRVFMF GB[ SFGFSÐODJB TÍP JHOPSBEPT %FTTB GPSNB OÍP IÈ OFDFTTJEBEF EF WBSSFS UPEPT PT PCKFUPT DPOUJEPT OP IFBQ HFSFODJBEP &OUSFUBOUP Ï QPTTÓWFM RVF VN PCKFUP BOUJHP SFGFSFODJF VN PCKFUP NBJT OPWP /FTUF DFOÈSJP P ($ VTB VN NFDBOJTNP JOUFSOP EP DPNQJMBEPS +*5 +VTU*O5JNF

RVF NBSDB PT PCKFUPT RVF UJWFSBN NVEBOÎBT FN TFVT DBNQPT 4PNFOUF FTTFT PCKFUPT NBSDBEPT TÍP FYBNJOBEPT

-BSHF 0CKFDU )FBQ 0 $-3 DPOTJEFSB VN PCKFUP DPNP TFOEP PV VN PCKFUP QFRVFOP PV VN PCKFUP HSBOEF &OUFOEFTF QPS PCKFUPT HSBOEFT BRVFMFT RVF QPTTVFN NBJT EF  CZUFT PV ,C EF UBNBOIP &TTFT PCKFUPT TÍP USBUBEPT EF GPSNB VN QPVDP EJGFSFOUF EBRVFMFT DPOTJEFSBEPT QFRVFOPT 0CKFUPT HSBOEFT OÍP TÍP BSNB[FOBEPT EFOUSP EP NFTNP FTQBÎP EF FOEFSFÎBNFOUP RVF PT QFRVFOPT 4ÍP BSNB[FOBEPT FN PVUSB ÈSFB EP FTQBÎP EF  *$5%$*( &2//(&725



FOEFSFÎBNFOUP EP QSPDFTTP &TTFT PCKFUPT OÍP TPGSFN DPNQBDUBÎÍP QPJT IBWFSJB VN BMUP DVTUP EF QFSGPSNBODF QBSB NPWÐMPT OB NFNØSJB 1PS JTTP B GSBHNFOUBÎÍP QPEF BDPOUFDFS OB FTUSVUVSB EFTTFT PCKFUPT 4ÍP JNFEJBUBNFOUF DPOTJEFSBEPT DPNP FTUBOEP OB (FSBÎÍP  %FWJEP B JTTP FTTFT UJQPT EF PCKFUPT EFWFN TFS DSJBEPT TF B JOUFOÎÍP Ï NBOUÐMPT FN VTP QPS VN MPOHP QFSÓPEP 0CKFUPT HSBOEFT TÍP QPS FYFNQMP TUSJOHT HSBOEFT DPNP VN BSRVJWP 9.- PV BSSBZT VTBEPT FN PQFSBÎÜFT EF *0

.PEFMPT EF FYFDVÎÍP EP (BSCBHF $PMMFDUPS &YJTUFN EPJT NPEFMPT EF FYFDVÎÍP EP HBSCBHF DPMMFDUPS EP /&5 'SBNFXPSL TÍP FMFT XPSLTUBUJPO NPEF F TFSWFS NPEF 0 XPSLTUBUJPO NPEF Ï P NPEFMP QBESÍP EF FYFDVÎÍP EP ($ &TUF QSFTTVQÜF RVF B BQMJDBÎÍP FYFDVUB FN VNB NÈRVJOB OB RVBM PVUSBT BQMJDBÎÜFT VTVÈSJBT DPODPSSFN QPS $16 F QPS DPOUB EJTTP OÍP FYQÜF UPEP TFV QPEFS EF QSPDFTTBNFOUP /FTUF NPEFMP P ($ DSJB BQFOBT VN IFBQ HFSFODJBEP QBSB UPEP P DPOTVNP EF NFNØSJB EB BQMJDBÎÍP BMÏN EF VN UISFBE QBSB HFSFODJBS B BMPDBÎÍP F MJNQF[B EF NFNØSJB 0 TFSWFS NPEF Ï P NPEFMP RVF BQFSGFJÎPB P ($ QBSB FYFDVÎÍP EF BQMJDBÎÜFT FN TFSWJEPSFT /FTUF NPEFMP Ï DSJBEP VN IFBQ HFSFODJBEP BMÏN EF VN UISFBE QBSB BENJOJTUSBÎÍP EB NFNØSJB QBSB DBEB OÞDMFP EF QSPDFTTBNFOUP MØHJDP "TTJN FN VN BNCJFOUF NVMUJQSPDFTTBEP DPN QPS FYFNQMP RVBUSP OÞDMFPT EF QSPDFTTBNFOUP B BQMJDBÎÍP UFSÈ RVBUSP IFBQT HFSFODJBEPT F RVBUSP UISFBET QBSB HFSFODJBS B BMPDBÎÍP EF NFNØSJB $PN NÞMUJQMPT



 *$5%$*( &2//(&725

UISFBET USBCBMIBOEP KVOUPT FN QBSBMFMP B DPMFUB EF NFNØSJB Ï NVJUP NBJT SÈQJEB TF DPNQBSBEB Ë FYFDVÎÍP DPN XPSLTUBUJPO NPEF 1BSB DPOGJHVSBS VNB BQMJDBÎÍP QBSB BMUFSBS TFV NPEFMP EF FYFDVÎÍP QBSB TFSWFS NPEF Ï QSFDJTP DPOGJHVSÈMB DPOGPSNF P FYFNQMP B TFHVJS FRQILJXUDWLRQ! UXQWLPH! JF6HUYHU HQDEOHG WUXH! UXQWLPH! FRQILJXUDWLRQ!

6UJMJ[BOEP VNB BQMJDBÎÍP DPNP FYFNQMP QPEFNPT BOBMJTBS VN QSPDFTTP HFSFODJBEP FN FYFDVÎÍP WJTVBMJ[BOEP P NPEP DPNP P ($ FYFDVUB FN XPSLTUBUJPO NPEF 1BSB UBOUP Ï QSFDJTP DPMFUBS VN EFTQFKP EF NFNØSJB NFNPSZ EVNQ F BOBMJTÈMP DPN B GFSSBNFOUB 8JO%CH " GJHVSB B TFHVJS BQSFTFOUB EFUBMIFT EF GVODJPOBNFOUP EF VN QSPDFTTP FN XPSLTUBUJPO NPEF /PUF RVF OB MJTUBHFN EB GJHVSB UFNPT FN EFTUBRVF B EFTDSJÎÍP EP XPSLTUBUJPO NPEF F EP OÞNFSP EF IFBQT JHVBM B VN

'JHVSB  %FUBMIFT JOUFSOPT EF VN QSPDFTTP HFSFODJBEP ($ DPN XPSLTUBUJPO NPEF

%FQPJT EF BMUFSBEB B BQMJDBÎÍP QBSB FYFDVUBS DPNP TFSWFS NPEF QPEFTF OPUBS VNB EJGFSFOÎB OP TFV NPEFMP EF FYFDVÎÍP " GJHVSB  *$5%$*( &2//(&725



TFHVJOUF BQSFTFOUB B NFTNB DPMFUB F BOÈMJTF /FMB PCTFSWBTF VN QSPDFTTP FYFDVUBOEP FN TFSWFS NPEF VUJMJ[BOEP  IFBQT /PUBTF RVF QBSB DBEB IFBQ UFNPT SFGFSÐODJBT ËT USÐT HFSBÎÜFT TVQPSUBEBT QFMP /&5 'SBNFXPSL BMÏN EF VN MBSHF PCKFDU IFBQ QBSB DBEB DPSF EF QSPDFTTBNFOUP

'JHVSB  %FUBMIFT JOUFSOPT EF VN QSPDFTTP HFSFODJBEP ($ DPN TFSWFS NPEF



 *$5%$*( &2//(&725

1PS QBESÍP BQMJDBÎÜFT "41/&5 FYFDVUBEBT OP **4 *OUFSOFU *OGPSNBUJPO 4FSWJDFT FYFDVUBN OP NPEP TFSWFS NPEF

'JOBMJ[BÎÍP "MHVOT PCKFUPT SFRVFSFN NBJT EP RVF TJNQMFTNFOUF NFNØSJB QBSB TFSFN ÞUFJT FODBQTVMBOEP QPS FYFNQMP SFDVSTPT OBUJWPT DPNP BSRVJWPT DPOFYÜFT DPN P CBODP EF EBEPT TPDLFUT FUD 0 $-3 TBCF MJEBS CFN DPN PCKFUPT BMPDBEPT OP IFBQ HFSFODJBEP QPSÏN OBEB TBCF TPCSF PT SFDVSTPT OBUJWPT $POTFRVFOUFNFOUF BP PDPSSFS VN ($ P PCKFUP HFSFODJBEP Ï FYQVSHBEP DPSSFUBNFOUF FORVBOUP P SFDVSTP OBUJWP OÍP Ï MJCFSBEP QPEFOEP DBVTBS WB[BNFOUPT EF NFNØSJB %FWJEP B FTTB QBSUJDVMBSJEBEF Ï OFDFTTÈSJP RVF B MJNQF[B PV MJCFSBÎÍP EP SFDVSTP BDPOUFÎB BOUFT RVF P PCKFUP RVF P FODBQTVMB UFOIB TVB NFNØSJB SFDVQFSBEB *TTP Ï QPTTÓWFM QPS NFJP EF VNB GVODJPOBMJEBEF QSPWJEB QFMP $-3 DPOIFDJEB DPNP GJOBMJ[BÎÍP " GJOBMJ[BÎÍP PDPSSF FN VN PCKFUP RVBOEP FTUF DIBNB P NÏUPEP )LQDOL]H  &TUF QPEF TFS TPCSFTDSJUP F Ï EFGJOJEP VTBOEP VNB TJOUBYF FTQFDJBM DPMPDBOEP P TÓNCPMP UJM a OB GSFOUF EP OPNF EB DMBTTF DPNP NPTUSB P FYFNQMP %FGJOJOEP P NÏUPEP 'JOBMJ[F SXEOLF FODVV 0LQKD&ODVVH ^  (VVH © R P©WRGR )LQDOL]H a0LQKD&ODVVH ^  &³GLJR SDUD D OLPSH]D GH UHFXUVRV ` `

"P QSPKFUBS VNB DMBTTF QPSÏN Ï NFMIPS FWJUBS VTBS P NÏUPEP )LQDOL]H QFMBT TFHVJOUFT SB[ÜFT &TTF UJQP EF PCKFUP MFWB NBJT UFNQP QBSB TFS BMPDBEP 0CKFUPT GJOBMJ[ÈWFJT TÍP QSPNPWJEPT QBSB HFSBÎÜFT NBJT  *$5%$*( &2//(&725



BOUJHBT QSFWFOJOEP EF TFSFN DPMFUBEPT BTTJN RVF P ($ EFUFSNJOB RVF FTUFT EFWFN TFS FYQVSHBEPT "MÏN EF RVF UPEPT PT PCKFUPT SFMBDJPOBEPT B FMFT UBNCÏN TÍP QSPNPWJEPT EF HFSBÎÍP GPSÎBOEP FTUFT B WJWFSFN NVJUP NBJT EP RVF P OFDFTTÈSJP /ÍP IÈ DPOUSPMF TPCSF RVBOEP P NÏUPEP )LQDOL]H TFSÈ FYFDVUBEP F PT SFDVSTPT QPEFN TFS NBOUJEPT BUÏ B QSØYJNB FYFDVÎÍP EP ($ BVNFOUBOEP BTTJN B QSFTTÍP OB NFNØSJB /ÍP IÈ HBSBOUJB RVBOUP B PSEFN EF FYFDVÎÍP DPN RVF PT NÏUPEPT )LQDOL]H TFSÍP DIBNBEPT 1PS JTTP Ï QSFDJTP FWJUBS RVF TF GBÎBN SFGFSÐODJBT EF EFOUSP EP NÏUPEP B PCKFUPT RVF UBNCÏN JNQMFNFOUBN P )LQDOL]H QPJT FTTFT QPEFN KÈ UFS TJEP GJOBMJ[BEPT "P JOTUBODJBS VN PCKFUP EB DMBTTF 0LQKD&ODVVH QPS UFS EFGJOJEP P NÏUPEP )LQDOL]H VN QPOUFJSP QBSB FTTF PCKFUP Ï BEJDJPOBEP OB GJMB EF GJOBMJ[BÎÍP &TTB GJMB Ï VNB FTUSVUVSB JOUFSOB VTBEB QFMP ($ RVF NBOUÏN PT FOEFSFÎPT EPT PCKFUPT RVF QSFDJTBN EF VNB MJNQF[B BEJDJPOBM BOUFT EF TFSFN DPMFUBEPT

'JHVSB  )FBQ (FSFODJBEB NPTUSBOEP B GJMB EF GJOBMJ[BÎÍP



 *$5%$*( &2//(&725

"P PDPSSFS P ($ PT PCKFUPT # & ( ) * F + TÍP NBSDBEPT QBSB UFSFN TVBT NFNØSJBT DPMFUBEBT " GJMB EF GJOBMJ[BÎÍP Ï FOUÍP BOBMJTBEB FN CVTDB EF SFGFSÐODJBT B FTTFT PCKFUPT "P FODPOUSÈMBT FMBT TÍP SFNPWJEBT EB GJMB F TÍP BEJDJPOBEBT OB GJMB GSFBDIFCMF /FTUF NPNFOUP PT PCKFUPT SFGFSFODJBEPT QPS FTUB GJMB TÍP USB[JEPT EF WPMUB B iWJEBw EBÓ P OPNF SFBDIBCMF o BMDBOÎÈWFM o EB GJMB

QPJT FMFT QSFDJTBN TFS BDFTTÓWFJT QBSB RVF TFKBN GJOBMJ[BEPT &TTF GFOÙNFOP Ï DPOIFDJEP DPNP SFTTVSFJÎÍP *NQPSUBOUF SFTTBMUBS RVF BQØT B GBTF EF DPNQBDUBÎÍP EP ($ BT SFGFSÐODJBT BJOEB DPOUJEBT OB GJMB EF GJOBMJ[BÎÍP UÐN TFVT WBMPSFT BUVBMJ[BEPT DBTP PT PCKFUPT QBSB PT RVBJT BQPOUBN UFOIBN TJEP NPWJEPT OB NFNØSJB

'JHVSB  )FBQ HFSFODJBEB NPTUSBOEP PT QPOUFJSPT RVF GPSBN NPWJEPT QBSB B GJMB 'SFBDIBCMF

$PNP Ï QPTTÓWFM OPUBS OFTTB GJHVSB PT PCKFUPT & * F + TPCSFWJWFSBN BP ($ MPHP TFOEP QSPNPWJEPT QBSB HFSBÎÜFT NBJT BOUJHBT "QØT UFSFN TFVT NÏUPEPT )LQDOL]H FYFDVUBEPT PT PCKFUPT UÐN TVBT SFGFSÐODJBT SFNPWJEBT EB GJMB IUHDFKDEOH F FTUÍP QSPOUPT QBSB TFSFN DPMFUBEPT "TTJN DPODMVJTF RVF TÍP OFDFTTÈSJBT EF OP NÓOJNP EVBT FYFDVÎÜFT EP ($ QBSB RVF TVBT NFNØSJBT TFKBN SFDVQFSBEBT

 *$5%$*( &2//(&725



'JHVSB  )FBQ HFSFODJBEB BQØT B FYFDVÎÍP EF VN TFHVOEP ($

"P BOBMJTBSNPT VN QSPDFTTP HFSFODJBEP JOUFSOBNFOUF QFSDFCF TF RVF EFOUSF PT UISFBET FN FYFDVÎÍP VN TF EFTUBDB FOUSF PT EFNBJT P EF GJOBMJ[BÎÍP &TTF UISFBE Ï SFTQPOTÈWFM QPS FYFDVUBS PT NÏUPEPT GJOBMJ[BEPSFT EPT PCKFUPT BEJDJPOBEPT Ë GJMB EF GJOBMJ[BÎÍP " GJHVSB B TFHVJS BQSFTFOUB VN DPOKVOUP EF UISFBET FN FYFDVÎÍP EF VN QSPDFTTP HFSFODJBEP /PUBTF RVF VN EPT UISFBET QPTTVJ BP MBEP EJSFJUP EB GJHVSB P SØUVMP )LQDOL]HU JOEJDBOEP RVF FTUF Ï P UISFBE RVF FYFDVUB B GJOBMJ[BÎÍP EPT PCKFUPT GJOBMJ[ÈWFJT

'JHVSB  5ISFBET EF GJOBMJ[BÎÍP FN EFTUBRVF EF VN QSPDFTTP HFSFODJBEP

.BJT EFUBMIFT TPCSF P VTP EP NÏUPEP )LQDOL]H QPEFN TFS FODPOUSBEPT OP UØQJDP 2VBOEP EFWP TPCSFTDSFWFS P NÏUPEP 'JOBMJ[F EP QSØYJNP DBQÓUVMP



 *$5%$*( &2//(&725

3&'&3³/$*"4 'VOEBNFOUBMT PG (BSCBHF IUUQTNTEONJDSPTPGUDPNFO VTMJCSBSZFF WWT BTQY

$PMMFDUJPO



0CKFDU'JOBMJ[F .FUIPE  IUUQTNTEONJDSPTPGUDPNFO VTMJCSBSZTZTUFNPCKFDUGJOBMJ[F WWT BTQY (BSCBHF $PMMFDUPS #BTJDT BOE 1FSGPSNBODF )JOUT IUUQTNTEONJDSPTPGUDPNFOVTMJCSBSZNTBTQY



3*$)5&3 + $-3 WJB $  %FWFMPQFS 3FGFSFODF  FE .JDSPTPGU 1SFTT 

 461035"/%0 0 **4 & &/5&/%&/%0 0 4&6 '6/$*0/".&/50 1PS "EJMTPO $PVUSJO i4PNPT EP UJNF EF TVQPSUF B TFSWJEPSFT XFC FTUBNPT DPN VN QSPCMFNB OP BNCJFOUF QSPEVUJWP EF VNB BQMJDBÎÍP F OÍP FODPOUSBNPT BCTPMVUBNFOUF OBEB EF FWJEÐODJBT OPT MPHT EP **4 1PS POEF DPNFÎBNPT B BOÈMJTF w 1BSB SFTQPOEFS FTTB QFSHVOUB IÈ OFDFTTJEBEF EF FOUFOEFS P GVODJPOBNFOUP EP **4 F TFVT DPNQPOFOUFT 0 *OUFSOFU *OGPSNBUJPO 4FSWJDFT **4 Ï VNB QMBUBGPSNB EB .JDSPTPGU EFTUJOBEB B IPTQFEBHFN EF TJUFT TFSWJÎPT F BQMJDBÎÜFT RVF QPEFN JOUFHSBS EJGFSFOUFT UFDOPMPHJBT EJTQPOÓWFJT OP NFSDBEP DPNP "41/&5 "41 8$' /PEF+4 F 1)1 " UBCFMB B TFHVJS NPTUSB WFSTÜFT EP **4 EJTQPOÓWFJT BUÏ NPNFOUP F TFVT SFTQFDUJWPT  683257$1'2 2 ,,6 ( (17(1'(1'2 2 6(8 )81&,21$0(172



TJTUFNB PQFSBDJPOBM 4JTUFNB PQFSBDJPOBM

7FSTÍP EP **4

8JOEPXT 4FSWFS 

**4 

8JOEPXT 4FSWFS 

**4 

8JOEPXT 4FSWFS  3

**4 

8JOEPXT 4FSWFS 

**4 

8JOEPXT 4FSWFS  3

**4 

8JOEPXT 4FSWFS 

**4 

&NCPSB BQBSFOUFNFOUF P GVODJPOBNFOUP EP **4 OÍP TFKB DPNQMFYP EFWFTF GJDBS BUFOUP OP NPNFOUP EF TVQPSUBS PT DMJFOUFT F SFTQPOEFS VNB RVFTUÍP FN RVBM DPNQPOFOUF EB BSRVJUFUVSB QPEF FTUBS BDPOUFDFOEP P QSPCMFNB " GJHVSB B TFHVJS FYJCF PT EJGFSFOUFT DPNQPOFOUFT EB BSRVJUFUVSB EP **4

'JHVSB  "SRVJUFUVSB EP *OUFSOFU *OGPSNBUJPO 4FSWJDFT B QBSUJS EB WFSTÍP 

"MÏN EJTTP Ï JNQPSUBOUF TBCFS RVBM Ï SFTQPOTBCJMJEBEF EF DBEB



 683257$1'2 2 ,,6 ( (17(1'(1'2 2 6(8 )81&,21$0(172

DPNQPOFOUF OB BSRVJUFUVSB )551TZT  ² P DPNQPOFOUF EP NPEP LFSOFM RVF FTDVUB F SFDFCF BT SFRVJTJÎÜFT WJOEBT EB SFEF WFSV\V

BMÏN EF IPTQFEBS BT GJMBT DSJBEBT QFMP 847$ 0 ESJWFS )551TZT UBNCÏN SFTQPOEF QPS DBDIFT F HSBWB MPHT EF SFRVJTJÎÜFT EP **4 QPS QBESÍP "QQMJDBUJPO)PTUDPOGJH o "SRVJWP POEF TÍP BSNB[FOBEBT BT DPOGJHVSBÎÜFT DPNVOT EP **4 QPS FYFNQMP TJUF F "QQMJDBUJPO 1PPM 8JOEPXT 1SPDFTT "DUJWBUJPO 4FSWJDFT 8"4   ² VN TFSWJÎP IPTQFEBEP QFMP VYFKRVWH[H OP NPEP VTVÈSJP &TTF DPNQPOFOUF UFN VNB HSBOEF JNQPSUÉODJB OB BSRVJUFUVSB EP **4 QPJT BMÏN EF MFS BT DPOGJHVSBÎÜFT EP DSSOLFDWLRQKRVWFRQILJ UBNCÏN HFSFODJB P DJDMP EF WJEB F TBÞEF EP QSPDFTTP EFOPNJOBEP XPSL QSPDFTT ZZSH[H  &MF BJOEB Ï SFTQPOTÈWFM QPS SFDFCFS BT DPOFYÜFT RVF OÍP TÍP )551 " GJHVSB NPTUSB P GMVYP EF BDFTTP BP 8"4

'JHVSB  'MVYP EF BDFTTP IUUQIUUQT F OÍPIUUQ BP 8"4

8PSME 8JEF 8FC 1VCMJTIJOH 4FSWJDF 847$  ²  683257$1'2 2 ,,6 ( (17(1'(1'2 2 6(8 )81&,21$0(172



VN TFSWJÎP IPTQFEBEP QFMP QSPDFTTP VYFKRVWH[H OP NPEP VTVÈSJP &TTF DPNQPOFOUF DPOGJHVSB BT GJMBT EP ESJWFS )551TZT EF BDPSEP DPN BT DPOGJHVSBÎÜFT EFTDSJUBT OP $SSOLFDWLRQ+RVWFRQILJ  "MÏN EJTTP Ï SFTQPOTÈWFM QFMPT DPOUBEPSFT EF QFSGPSNBODF 8PSLFS 1SPDFTT XXQ  &TTF QSPDFTTP Ï SFTQPOTÈWFM QPS IPTQFEBS UPEPT PT DØEJHPT QFSTPOBMJ[BEPT DPNP "41 "41/&5 NØEVMPT EF GJMUSP *4"1*

FYUFOTÜFT FUD **4 "QQMJDBUJPO 1PPM  6N QPPM EF BQMJDBUJWPT EFGJOF VN HSVQP EF VN PV NBJT QSPDFTTPT EF USBCBMIP 8PSLFS 1SPDFTT 4FSWJDF EP **4 WJTUP DPN NBJPS EFUBMIF OB TFTTÍP $POGJHVSBOEP P BQQMJDBUJPO QPPM QBSB NBYJNJ[BS EJTQPOJCJMJEBEF DPOUJEB OP DBQÓUVMP  #PBT QSÈUJDBT **4 "QQMJDBUJPO )PTU )FMQFS 4FSWJDF "QQ)PTU4WD  ² VN TFSWJÎP SFTQPOTÈWFM QPS IBCJMJUBS P IJTUØSJDP EF DPOGJHVSBÎÜFT EP **4 F NBQFBS B JEFOUJEBEF EP VTVÈSJP RVF JOJDJB P BQQMJDBUJPO QPPM &TUÈ IPTQFEBEP OP QSPDFTTP VYFKRVWH[H  '51 4FSWJDF o &TTF TFSWJÎP FTUÈ IPTQFEBEP OP QSPDFTTP VYFKRVWH[H  " QBSUJS EB WFSTÍP **4  BOUFT OP LQHWLQIRH[H

QFSNJUF RVF P TFSWJEPS XFC GPSOFÎB GVOÎÜFT EF '51 'JMF 5SBOTGFS 1SPUPDPM  *OFUJOGP  ² VN DPNQPOFOUF EP NPEP EF VTVÈSJP RVF IPTQFEB P BSRVJWP EF DPOGJHVSBÎÍP NFUBCBTF EB WFSTÍP **4  F UBNCÏN TFSWJÎPT RVF OÍP TÍP XFC DPNP TFSWJÎP '51 BUÏ WFSTÍP **4  F P TFSWJÎP 4.51 0 LQHWLQIRH[H EFQFOEF EP TFSWJÎP EF BENJOJTUSBÎÍP EP **4 QBSB IPTQFEBS P NFUBCBTF **4"ENJO4FSWJDF  ² TFSWJÎP SFTQPOTÈWFM QFMB DPOGJHVSBÎÍP EB DPOUBCJMJEBEF DPN WFSTÍP **4  -4"44  ² VN QSPDFTTP FN NPEP VTVÈSJP SFTQPOTÈWFM 

 683257$1'2 2 ,,6 ( (17(1'(1'2 2 6(8 )81&,21$0(172

QFMB BVUFOUJDBÎÍP EP 8JOEPXT &TTF QSPDFTTP UFN JNQPSUÉODJB FN DFOÈSJPT OPT RVBJT DMJFOUFT OÍP DPOTFHVFN GB[FS B BVUFOUJDBÎÍP FN NPEP LFSOFM ² JNQPSUBOUF SFTTBMUBS RVF P ESJWFS +7736@ DUJV ^ 7KUHDG3RRO4XHXH8VHU:RUN,WHPQHZ :DLW&DOOEDFN([FXWDU7KUHDG$X[  ` VWDWLF YRLG ([FXWDU7KUHDG$X[REMHFW VWDWH ^  &³GLJR H[HFXWDGR SHOD WKUHDG$X[ `

&YFDVUBOEP

DØEJHP EFTTF FYFNQMP P NÏUPEP ([FXWDU7KUHDG$X[ TFSÈ DPMPDBEP FN VNB GJMB F TFSÈ FYFDVUBEP QFMB QSØYJNB UISFBE EJTQPOÓWFM OP QPPM /FTUF QPOUP WPDÐ QPEF FTUBS QFOTBOEP RVF DPMPDBS P NÏUPEP B TFS FYFDVUBEP FN VNB GJMB GBÎBP EFNPSBS NBJT B TFS FYFDVUBEP DPNQBSBEP B DSJBÎÍP EF UISFBE 

P

 2 32548Ç '( 87,/,=$5 7+5($'6

QFMP 6\VWHP7KUHDGLQJ7KUHDG  1PSÏN JTTP OÍP Ï WFSEBEF QPJT P /&5 7KUHDG3RRO GPJ DSJBEP QFOTBOEP OB SFVUJMJ[BÎÍP EF UISFBET "TTJN FMBT TÍP DSJBEBT VUJMJ[BEBT F FN WF[ EF TFSFN SFUJSBEBT EB NFNØSJB RVBOEP BDBCBN EF FYFDVUBS WPMUBN BP 7KUHDG3RRO GJDBOEP EJTQPOÓWFJT QBSB VN OPWP USBCBMIP F FWJUBOEP P DVTUP GVUVSP EF DSJBÎÍP EF VNB OPWB UISFBE "MÏN EJTTP P 7KUHDG3RRO DSJB F FYFDVUB BT UISFBET EF VNB GPSNB DPOUSPMBEB MFWBOEP FN DPOTJEFSBÎÍP B DBQBDJEBEF EF IBSEXBSF EP DPNQVUBEPS O EF QSPDFTTBEPSFT  6N FYFNQMP TJNQMFT EF DPOUSPMF Ï RVBOEP P DPNQVUBEPS FTUÈ DPN VN DPOTVNP NBJPS RVF  EF $16 F GPS TPMJDJUBEB B FYFDVÎÍP EF VN DØEJHP QFMP 7KUHDG3RRO DPOGPSNF P FYFNQMP OP BOUFSJPS &N WF[ EF EJTQBSBS NBJT VNB UISFBE QBSB DPODPSSFS QPS $16 F QJPSBS P DPOTVNP EF SFDVSTPT EB NÈRVJOB FMF WBJ BHVBSEBS BUÏ P $16 DBJS BCBJYP EF  QBSB EJTQBSBS PT USBCBMIPT OB GJMB QBSB BT UISFBET

4:45&.5)3&"%*/(5)3&"% 7&3464 5)3&"%1000 /&5 7KUHDG3RRO Ï SFDPNFOEBEP OB NBJPSJB EPT DBTPT EF VUJMJ[BÎÍP EF UISFBET OP /&5 QPS GB[FS EJWFSTPT DPOUSPMFT F HBSBOUJS B QFSGPSNBODF EB NÈRVJOB POEF P DØEJHP Ï FYFDVUBEP 1PSÏN IÈ TJUVBÎÜFT POEF P EFTFOWPMWFEPS QSFDJTB EF VN NBJPS DPOUSPMF TPCSF B FYFDVÎÍP EB UISFBE F TFV UFNQP EF WJEB 1BSB FTTFT DBTPT EF NBJPS GMFYJCJMJEBEF F DPOUSPMF UFNPT P 6\VWHP7KUHDGLQJ7KUHDG 

 26"/%0 %&70 .²50%0 '*/"-*;&

40#3&4$3&7&3

0

1PS 'FMJQF 'VKJZ 1FTTPUP

 48$1'2 '(92 62%5(6&5(9(5 2 0e72'2 ),1$/,=(



i/ÍP UFOIP DFSUF[B EF RVBOEP EFWP VUJMJ[BS P )LQDOL]H F TF P GBÎP EB GPSNB DPSSFUB 2VBJT BT NFMIPSFT QSÈUJDBT w 0 'JOBMJ[FS Ï VN SFDVSTP NVJUBT WF[FT NBM DPNQSFFOEJEP F VUJMJ[BEP EF GPSNB JODPSSFUB USB[FOEP QSPCMFNBT EF QFSGPSNBODF EFTOFDFTTÈSJPT 4FV VTP Ï EFTUJOBEP B DFOÈSJPT FTQFDÓGJDPT F B DPSSFUB JNQMFNFOUBÎÍP EFQFOEF EF DVJEBEPT FTQFDJBJT 0

Ï VN NÏUPEP WJSUVBM EFDMBSBEP OP 6\VWHP2EMHFW  $BTP FTUF NÏUPEP TFKB TPCSFTDSJUP FMF TFSÈ DIBNBEP EFQPJT RVF VN PCKFUP Ï DMBTTJGJDBEP DPNP MJYP F BOUFT EF TVB NFNØSJB TFS MJCFSBEB 4FV PCKFUJWP Ï MJCFSBS SFDVSTPT OÍP HFSFODJBEPT DPNP IBOEMFT EF BSRVJWPT DPOFYÜFT EF SFEF FOUSF PVUSPT BUVBOEP DPNP VNB HBSBOUJB DBTP P NÏUPEP 'LVSRVH OÍP TFKB DIBNBEP )LQDOL]H

'JHVSB  4ZTUFN0CKFDU OP *-4QZ

/P $ OÍP Ï QPTTÓWFM TPCSFTDSFWFS FTUF NÏUPEP EB GPSNB USBEJDJPOBM PV DIBNÈMP EJSFUBNFOUF VNB WF[ RVF P NÏUPEP TFSÈ DIBNBEP BVUPNBUJDBNFOUF 1BSB TPCSFTDSFWFS FTUF NÏUPEP EFWFTF VUJMJ[BS B TJOUBYF EF %FTUSVDUPS



 48$1'2 '(92 62%5(6&5(9(5 2 0e72'2 ),1$/,=(

² JNQPSUBOUF OVODB DPOGVOEJS P 'JOBMJ[FS EP $ DPN P %FTUSVDUPS EP $ QPJT FMFT GVODJPOBN EF GPSNB EJGFSFOUF TFOEP B NBJT OPUÈWFM P GBUP EF PT %FTDSVDUPST $ TFSFN EFUFSNJOÓTUJDPT &TUB TJOUBYF Ï P RVF TF DPTUVNB DIBNBS EF TZOUBDUJD TVHBS EF GBUP TPCSFTDSFWFOEP P NÏUPEP )LQDOL]H F HBSBOUJOEP RVF TFV P )LQDOL]H OB DMBTTF CBTF TFKB DIBNBEP "TTJN VNB DMBTTF RVF EFDMBSF VN EFTUSVDUPS SXEOLF FODVV $QLPDO ^ a$QLPDO ^ ` `

3FTVMUB FN DØEJHP *- TFNFMIBOUF B FTUF PHWKRG IDPLO\ KLGHE\VLJ YLUWXDO LQVWDQFH YRLG )LQDOL]H  FLO PDQDJHG ^ RYHUULGH PHWKRG LQVWDQFH YRLG >PVFRUOLE@6\VWHP2EMHFW)LQDOL ]H PD[VWDFN  WU\ ^ ,/B ` ILQDOO\ ^ ,/B ,/B L]H ,/B `

OHDYHV ,/B

OGDUJ FDOO LQVWDQFH YRLG >PVFRUOLE@6\VWHP2EMHFW)LQDO HQGILQDOO\

,/B UHW

4PCSFTDSFWFOEP P NÏUPEP )LQDOL]H F FOWPMWFOEP P DPSQP EP NÏUPEP FN VN WU\ILQDOO\ POEF P )LQDOL]H CBTF Ï DIBNBEP OP ILQDOO\ HBSBOUJOEP TVB FYFDVÎÍP

 48$1'2 '(92 62%5(6&5(9(5 2 0e72'2 ),1$/,=(



2VBOEP VUJMJ[BS & RVBOEP OÍP VUJMJ[BS 0 'JOBMJ[FS UFN VN QSPQØTJUP FTQFDÓGJDP MJNQBS SFDVSTPT OÍP HFSFODJBEPT F OB HSBOEF NBJPSJB EBT DMBTTFT EJGJDJMNFOUF TFSÈ OFDFTTÈSJP .FTNP BP MJEBS DPN PCKFUPT DPNP VN )LOH6WUHDP PV &RQQHFWLRQ6WULQJ RVF VUJMJ[BN SFDVSTPT OÍP HFSFODJBEPT B SFTQPOTBCJMJEBEF EF GB[FS B MJNQF[B BQSPQSJBEB Ï EFTTBT DMBTTFT RVF UÐN TFV QSØQSJP 'JOBMJ[FS /FTUF DBTP WPDÐ EFWF BQFOBT TF QSFPDVQBS FN JNQMFNFOUBS P ,'LVSRVDEOH  $PN P /&5  F B DMBTTF 6DIH+DQGOHU UPSOBSBNTF BJOEB NBJT SBSPT PT DBTPT FN RVF Ï OFDFTTÈSJP JNQMFNFOUBS TFV QSØQSJP 'JOBMJ[FS DPNP EJTDVUJSFNPT OP UØQJDP 4BGF)BOEMF /ÍP VUJMJ[F P 'JOBMJ[FS DPNP VN QBESÍP ² DPNVN WFS QBESÜFT JOUFSOPT RVF JOTUSVFN TFVT EFTFOWPMWFEPSFT B TFNQSF JNQMFNFOUBS P 'JOBMJ[FS PV NFTNP ,'LVSRVDEOH FN UPEBT TVBT DMBTTFT &OUSFUBOUP JTTP HFSB VN DVTUP EF QFSGPSNBODF F NBOVUFOÎÍP EFTOFDFTTÈSJPT QBSB TVB BQMJDBÎÍP 0 'JOBMJ[FS EFWF TFS USBUBEP DPNP VNB FYDFÎÍP BQFOBT QBSB DBTPT FYDFQDJPOBJT 6UJMJ[BS VN 'JOBMJ[FS WB[JP OÍP USBSÈ OFOIVN CFOFGÓDJP F GBSÈ DPN RVF VNB SFGFSÐODJB BP PCKFUP TFKB BEJDJPOBEB Ë GJOBMJ[BUJPO RVFVF NBOUFOEP P PCKFUP QPS NBJT UFNQP FN NFNØSJB QPJT OÍP TFSÈ QPTTÓWFM SFNPWÐMP BTTJN RVF P (BSCBHF $PMMFDUPS EFUFDUBS RVF FMF OÍP Ï NBJT SFGFSFODJBEP 4FNQSF RVF VUJMJ[BS P )LQDOL]H FN VN UJQP HBSBOUB RVF FMF UBNCÏN TFKB ,'LVSRVDEOH VUJMJ[BOEP P %JTQPTF 1BUUFSO BTTJN B MJNQF[B QPEF TFS GFJUB EF GPSNB EFUFSNJOÓTUJDB F SFNPWFOEP B SFGFSÐODJB EP PCKFUP EB GJOBMJ[BUJPO RVFVF

0 RVF OÍP GB[FS OP 'JOBMJ[FS 

 48$1'2 '(92 62%5(6&5(9(5 2 0e72'2 ),1$/,=(

0 'JOBMJ[FS Ï QBSUJDVMBSNFOUF EJGÓDJM EF TF FTDSFWFS DPSSFUBNFOUF EFWJEP B BMHVNBT TVQPTJÎÜFT FN RVF OPSNBMNFOUF QPEFNPT DPOGJBS F OÍP TÍP WÈMJEBT OFMF ² DPNVN TF EJ[FS RVF OÍP TF EFWF NBOJQVMBS PVUSPT PCKFUPT OP )LQDOL]H QPJT FMFT QPEFN UFS TJEP DPMFUBEPT .BT FTUF OÍP Ï P SFBM NPUJWP VNB WF[ RVF PT PCKFUPT SFGFSFODJBEPT QPS FMF UBNCÏN TÍP NBOUJEPT FN NFNØSJB RVBOEP P ($ SFBMJ[B B DPMFUB 1PS TVB OBUVSF[B OÍP EFUFSNJOÓTUJDB OÍP Ï QPTTÓWFM TBCFS FN RVBM PSEFN P NÏUPEP )LQDOL]H TFSÈ DIBNBEP FOUSF PT PCKFUPT BTTJN VN PCKFUP SFGFSFODJBEP FN TVB DMBTTF QPEF KÈ UFS TJEP GJOBMJ[BEP 0 NPUJWP EF OÍP TF VTBS PVUSPT PCKFUPT OP )LQDOL]H Ï QPS OÍP TFS QPTTÓWFM HBSBOUJS RVF FMF KÈ GPJ GJOBMJ[BEP QPS FYFNQMP VN PCKFUP QSJWBEP EB TVB DMBTTF RVF OÍP Ï iGJOBMJ[BCMFw QPEF TFS VTBEP DPN TFHVSBOÎB 0CKFUPT FN WBSJÈWFJT FTUÈUJDBT UBNCÏN FTUÍP TVKFJUPT B TFS GJOBMJ[BEPT EVSBOUF P FODFSSBNFOUP EP QSPDFTTP PV EP $SS'RPDLQ  1PS JTTP TF GPS OFDFTTÈSJP SFGFSFODJBS FTUBT WBSJÈWFJT UFOIB DFSUF[B BOUFT EF WBMJEBS P (QYLURQPHQW+DV6KXWGRZQ6WDUWHG F P $SS'RPDLQ,V)LQDOL]LQJ)RU8QORDG  4F VNB FYDFÎÍP GPS MBOÎBEB OP 'JOBMJ[FS EF VN PCKFUP P QSPDFTTP TFSÈ UFSNJOBEP FWJUBOEP RVF PVUSPT 'JOBMJ[FST TFKBN FYFDVUBEPT 1PS FYFNQMP OP DØEJHP B TFHVJS FN BMHVNBT WF[FT P $QLPDO OÍP TFSÈ FYFDVUBEP DBTP P 'JOBMJ[FS EP )LQDOL]H([FHSWLRQ FYFDVUF TFV 'JOBMJ[FS BOUFT MFNCSBOEP EF RVF B PSEFN Ï JOEFUFSNJOBEB FODVV 3URJUDP ^ VWDWLF YRLG 0DLQVWULQJ>@ DUJV ^ YDU SHW QHZ $QLPDO  YDU EDG)LQDOL]HU QHZ )LQDOL]H([FHSWLRQ  LI '(%8*

 48$1'2 '(92 62%5(6&5(9(5 2 0e72'2 ),1$/,=(



EDG)LQDOL]HU SHW QXOO

QXOO

HQGLI *&&ROOHFW*&0D[*HQHUDWLRQ  &RQVROH:ULWH/LQH*& &ROOHFW FKDPDGR  &RQVROH5HDG/LQH  ` ` SXEOLF FODVV )LQDOL]H([FHSWLRQ ^ SXEOLF REMHFW 0\3ULYDWH2EMHFW a)LQDOL]H([FHSWLRQ ^ &RQVROH:ULWH/LQH)LQDOL]H([FHSWLRQ )LQDOL]H  0\3ULYDWH2EMHFW7R6WULQJ  ` ` SXEOLF FODVV $QLPDO ^ a$QLPDO ^ &RQVROH:ULWH/LQH$QLPDO )LQDOL]H  ` `

/B JNQMFNFOUBÎÍP BUVBM EP /&5 FYJTUF BQFOBT VNB UISFBE SFTQPOTÈWFM QFMB GJOBMJ[BÎÍP EPT PCKFUPT JTUP QPEF NVEBS OP GVUVSP SFTPMWFOEP BMHVOT QSPCMFNBT F USB[FOEP OPWPT

FMB SFNPWF P PCKFUP EB GJMB FYFDVUB TFV NÏUPEP )LQDOL]H F QBTTB QBSB P TFHVJOUF 1PSUBOUP Ï VN SFDVSTP MJNJUBEP RVF DPN P DSFTDFOUF OÞNFSP EF DPSFT OPT QSPDFTTBEPSFT F QFMP VTP EF DBEB WF[ NBJT UISFBET FTTB DPOUB GJDB NBJT EFTCBMBODFBEB "TTJN QPEFNPT UFS VN DFOÈSJP DPN  UISFBET FN  DPSFT DSJBOEP PCKFUPT GJOBMJ[ÈWFJT F TPNFOUF VNB FYFDVUBOEP B GJOBMJ[BÎÍP 6N DFOÈSJP BJOEB QJPS Ï QPS VN 'JOBMJ[FS NBM JNQMFNFOUBEP F FTUB UISFBE TFS CMPRVFBEB JOEFGJOJEBNFOUF SFTVMUBOEP FN VN WB[BNFOUP EF SFDVSTPT 0 FYFNQMP BEJBOUF GBDJMNFOUF GB[ DPN RVF P 

 48$1'2 '(92 62%5(6&5(9(5 2 0e72'2 ),1$/,=(

QSPDFTTP VUJMJ[F RVBTF (# EF NFNØSJB 0VUSPT SFDVSTPT DPNP BSRVJWPT PV DPOFYÜFT UBNCÏN QPEFSJBN TFS JOEFGJOJEBNFOUF CMPRVFBEPT FODVV 3URJUDP ^ VWDWLF YRLG 0DLQ ^ IRU LQW L  L   L ^ QHZ %ORFNLQJ)LQDOL]HU  ` &RQVROH:ULWH/LQH)LP  &RQVROH5HDG/LQH  ` ` SXEOLF FODVV %ORFNLQJ)LQDOL]HU ^ LQW>@ YDOXHV QHZ LQW>@ a%ORFNLQJ)LQDOL]HU ^ &RQVROH:ULWH/LQH,QLFLR %ORFNLQJ)LQDOL]HU  7KUHDG6OHHS7LPH6SDQ)URP'D\V  &RQVROH:ULWH/LQH)LP %ORFNLQJ)LQDOL]HU  ` `

0VUSB QBSUJDVMBSJEBEF EP NÏUPEP )LQDOL]H Ï RVF FMF QPEF TFS DIBNBEP NFTNP QBSB VN PCKFUP QBSDJBMNFOUF DPOTUSVÓEP *TUP QPEF BDPOUFDFS FN BMHVOT DFOÈSJPT FN RVF VNB FYDFÎÍP Ï MBOÎBEB EVSBOUF TVB DPOTUSVÎÍP 1PS JTTP Ï JNQPSUBOUF RVF TFV NÏUPEP )LQDOL]H QFSNJUB FTUF UJQP EF DFOÈSJP QPJT NFTNP RVF TFV DPOTUSVUPS OÍP MBODF FYDFÎÜFT FMF QPEF TFS JOUFSSPNQJEP QPS VN $SS'RPDLQ8QORDGHG([FHSWLRQ QPS FYFNQMP FODVV 3URJUDP ^ VWDWLF YRLG 0DLQ ^ WU\ ^

 48$1'2 '(92 62%5(6&5(9(5 2 0e72'2 ),1$/,=(



QHZ 3DUFLDOPHQWH&RQVWUXLGR  ` FDWFK([FHSWLRQ H[ ^ ` *&&ROOHFW*&0D[*HQHUDWLRQ *&&ROOHFWLRQ0RGH)RUFHG WUXH  &RQVROH:ULWH/LQH)LP  &RQVROH5HDG/LQH  ` ` SXEOLF FODVV 3DUFLDOPHQWH&RQVWUXLGR ^ SULYDWH REMHFW UHVRXUFH SXEOLF 3DUFLDOPHQWH&RQVWUXLGR ^ )LOH2SHQ#F?QDRH[LVWHW[W )LOH0RGH2SHQ  UHVRXUFH QHZ REMHFW  ` a3DUFLDOPHQWH&RQVWUXLGR ^ UHVRXUFH7R6WULQJ (UUR /LPSD RXWURV UHFXUVRV Q£R JHUHQFLDGRV ` `

$VTUPT "MÏN EB EJGJDVMEBEF EF JNQMFNFOUBS VN 'JOBMJ[FS DPSSFUBNFOUF FMF UBNCÏN UFN DVTUPT QBSB B BQMJDBÎÍP 4FNQSF RVF VN PCKFUP DPN 'JOBMJ[FS Ï JOTUBODJBEP VNB SFGFSÐODJB QSFDJTB TFS BEJDJPOBEB BP GJOBMJ[BUJPO RVFVF &TUF DVTUP TFSÈ TFOUJEP QSJODJQBMNFOUF FN PCKFUPT QFRVFOPT DPN NVJUBT JOTUÉODJBT TFOEP DSJBEBT 6N JNQBDUP BJOEB NBJPS Ï EFWJEP BP GBUP EF FTUFT PCKFUPT OÍP TFSFN SFNPWJEPT EB NFNØSJB OP NPNFOUP FN RVF P (BSCBHF $PMMFDUPS EFUFDUB RVF FMF OÍP Ï NBJT VUJMJ[BEP QPJT P PCKFUP BJOEB QSFDJTB TFS GJOBMJ[BEP "TTJN P PCKFUP F UPEB TVB DBEFJB EF SFGFSÐODJBT TÍP NBOUJEPT FN NFNØSJB F QSPNPWJEPT QBSB B QSØYJNB HFSBÎÍP TF FTUB DBEFJB DPOUJWFS NVJUPT PCKFUPT FN NFNØSJB QPEFSÈ



 48$1'2 '(92 62%5(6&5(9(5 2 0e72'2 ),1$/,=(

TF TFOUJS JNQBDUP OP VTP EF NFNØSJB

4BGF)BOEMF &TDSFWFS VN 'JOBMJ[FS Ï SFBMNFOUF EJGÓDJM QPS JTTP B QBSUJS EP /&5  GPJ JOUSPEV[JEB B DMBTTF 6DIH+DQGOH RVF FODBQTVMB VN IBOEMF EP TJTUFNB PQFSBDJPOBM " DMBTTF 6DIH+DQGOH DPOUB DPN EJWFSTBT WBOUBHFOT &WJUB B DPSSVQÎÍP EF )BOEMFT QPS DPODPSSÐODJB FOUSF B UISFBE EB BQMJDBÎÍP F B UISFBE EP 'JOBMJ[FS &WJUB P WB[BNFOUP EF )BOEMFT EFWJEP B FYDFÎÜFT DPNP 7KUHDG$ERUW([FHSWLRQ  &WJUB BUBRVFT EF )BOEMF3FDZDMJOH %FTFODPSBKB B DSJBÎÍP EF HSBOEFT DBEFJBT EF SFGFSÐODJBT OP PCKFUP )LQDOL]DEOH  *NQMFNFOUB P &ULWLFDO)LQDOL]HU2EMHFW USB[FOEP TFVT CFOFGÓDJPT 0 FYFNQMP B TFHVJS EFNPOTUSB DPNP VN PCKFUP QPEF TFS DPMFUBEP F GJOBMJ[BEP NFTNP EVSBOUF B FYFDVÎÍP EF VN NÏUPEP EF JOTUÉODJB FODVV 3URJUDP ^ VWDWLF YRLG 0DLQ ^ YDU WHVWH QHZ 7HVWH$OFDQFH*F  WHVWH0HWRGR  &RQVROH5HDG/LQH  ` ` SXEOLF FODVV 7HVWH$OFDQFH*F ^ ,QW3WU KDQGOH SXEOLF YRLG 0HWRGR

 48$1'2 '(92 62%5(6&5(9(5 2 0e72'2 ),1$/,=(



^ :HDN5HIHUHQFH UHIH QHZ :HDN5HIHUHQFHWKLV  8WLOL]D+DQGOHKDQGOH 8OWLPD UHIHUHQFLD DR REMHWR © R WK LV GD FKDPDGD WKLVKDQGOH 0HVPR GXUDQWH D H[HFX§£R GH XP P ©WRGR GH LQVW¢QFLD R REMHWR M¡ SRGH VHU FROHWR &RQVROH:ULWH/LQHWKLV LV DOLYH   UHIH,V$OLYH  *&.HHS$OLYHWKLV  ` SXEOLF YRLG 8WLOL]D+DQGOH,QW3WU KDQGOH ^ )RUFDPRV R *& SDUD *&&ROOHFW*&0D[*HQHUDWLRQ *&&ROOHFWLRQ0RGH)RUFHG WUXH  *&:DLW)RU3HQGLQJ)LQDOL]HUV  0HVPR XWLOL]DQGR R +DQGOH DTXL HOH M¡ IRL IHFKDGR SHOR )LQDOL]H KDQGOH7R6WULQJ  ` a7HVWH$OFDQFH*F ^ )HFKD R +DQGOH &RQVROH:ULWH/LQH7HVWH$OFDQFH*F )LQDOL]H  ` `

" 8FBL3FGFSFODF EFNPOTUSB RVF P PCKFUP KÈ GPJ DPMFUBEP F B NFOTBHFN EP 'JOBMJ[FS Ï FYJCJEB BOUFT EF P NÏUPEP UFSNJOBS 1BSB FWJUBS FTUF QSPCMFNB Ï OFDFTTÈSJP P *&.HHS$OLYH OP GJOBM EP NÏUPEP &TDSFWFS VNB DMBTTF RVF IFSEB EF 6DIH+DQGOH UBNCÏN OÍP Ï VNB UBSFGB GÈDJM 1PS JTTP P /&5 USB[ VN DPOKVOUP EF DMBTTFT RVF EFWFN TFS VUJMJ[BEBT 6DIH)LOH+DQGOH 6DIH0HPRU\0DSSHG)LOH+DQGOH 6DIH0HPRU\0DSSHG9LHZ+DQGOH 6DIH1&U\SW+DQGOH 

6DIH1&U\SW.H\+DQGOH

 48$1'2 '(92 62%5(6&5(9(5 2 0e72'2 ),1$/,=(

6DIH1&U\SW3URYLGHU+DQGOH

F

6DIH1&U\SW6HFUHW+DQGOH 6DIH3URFHVV+DQGOH 6DIH5HJLVWU\+DQGOH 6DIH:DLW+DQGOH 6DIH;&KDLQ+DQGOH

6UJMJ[BOEP FTUBT DMBTTFT OÍP Ï OFDFTTÈSJP UFS VN 'JOBMJ[FS QBSB MJNQBS FTUFT SFDVSTPT CBTUB DIBNBS P NÏUPEP 'LVSRVH EFMBT BP JNQMFNFOUBS P ,'LVSRVDEOH 

$SJUJDBM'JOBMJ[FS0CKFDU " DMBTTF

F RVBMRVFS PVUSB RVF IFSEF EF &ULWLFDO)LQDOL]HU2EMHFW UFN TFV 'JOBMJ[FS NBSDBEP DPNP iDSJUJDBMw FYFDVUBOEP FN VNB $POTUSBJOFE &YFDVUJPO 3FHJPO $&3  *TTP TJHOJGJDB RVF UPEP P DØEJHP EP 'JOBMJ[FS UFSÈ B PQPSUVOJEBEF EF TFS FYFDVUBEP QSFWFOJOEP FYDFÎÜFT BTTÓODSPOBT QPS FYFNQMP RVF TFKB MBOÎBEB VNB 7KUHDG$ERUW([FHSWLRQ  6DIH+DQGOH

1BSB JTTP BMHVNBT SFHSBT EFWFN TFS TFHVJEBT 4FHVFN BMHVNBT PQFSBÎÜFT OÍP QFSNJUJEBT "MPDBÎÜFT "ERVJSJS MPDL #PYJOH "DFTTP B BSSBZT NVMUJEJNFOTJPOBJT $IBNBS NÏUPEP QPS 3FGMFDUJPO 4FSJBMJ[BUJPO "OUFT EF VN $&3 TFS FYFDVUBEB B $-3 GB[ P QSFQBSP OFDFTTÈSJP QBSB FWJUBS VNB QPTTÓWFM GBMUB EF NFNØSJB EVSBOUF B DPNQJMBÎÍP +*5 +VTU*O5JNF DPNQJMBUJPO PV DBSSFHBS VNB EFQFOEÐODJB "MÏN EJTTP B $-3 PSEFOB B FYFDVÎÍP EP 'JOBMJ[FS EPT PCKFUPT DPMFUBEPT EVSBOUF P NFTNP (BSCBHF $PMMFDUJPO 0T RVF OÍP TÍP NBSDBEPT  48$1'2 '(92 62%5(6&5(9(5 2 0e72'2 ),1$/,=(



DPNP FULWLFDO TÍP FYFDVUBEPT BOUFT EPT RVF TÍP TFOEP QPTTÓWFM RVF VNB DMBTTF DPNP )LOH6WUHDP SFBMJ[F P GMVTI EP TFV CVGGFS BOUFT RVF P 'JOBMJ[FS EP 6DIH+DQGOH VTBEP QPS FMB TFKB GJOBMJ[BEP

 &9$&15*0/ 4)*&-%*/( 1PS 'FMJQF 'VKJZ 1FTTPUP i0 USBUBNFOUP EF FSSPT EPT NFVT TFSWJÎPT 8$' OÍP TÍP DPOTJTUFOUFT F FN EFUFSNJOBEBT TJUVBÎÜFT FYQÜF EFUBMIFT JOUFSOPT EB BQMJDBÎÍP PV OÍP TÍP SBTUSFÈWFJTw 1BSB FWJUBS RVF EFUBMIFT EB JNQMFNFOUBÎÍP EP TFSWJÎP TFKBN FYQPTUPT P 8$' 8JOEPXT $PNNVOJDBUJPO 'PVOEBUJPO OÍP FOWJB QBSB B BQMJDBÎÍP DMJFOUF PT EFUBMIFT EF FYDFÎÜFT EFTDPOIFDJEBT RVF QPEFSJBN TFS VTBEPT QBSB PCUFS JOGPSNBÎÜFT TPCSF P TJTUFNB BVYJMJBOEP P JOÓDJP VN BUBRVF "TTJN BT FYDFÎÜFT TÍP SFDFCJEBT DPNP VN )DXOW([FHSWLRQ BQFOBT BMFSUBOEP RVF PDPSSFV VN FSSP JOUFSOP ² DPNVN EVSBOUF P EFTFOWPMWJNFOUP B OFDFTTJEBEF EF TF UFS EFUBMIFT EPT FSSPT QBSB P USPVCMFTIPPUJOH 1BSB JTTP FYJTUF P BUSJCVUP ,QFOXGH([FHSWLRQ'HWDLO,Q)DXOWV EP FMFNFOUP 6HUYLFH'HEXJ RVF EFWF TFS VTBEP EF GPSNB UFNQPSÈSJB QBSB P EFCVH 1PSÏN FTUF BUSJCVUP OVODB EFWF TFS VUJMJ[BEP DPN P WBMPS WUXH FN QSPEVÎÍP EFWJEP BPT SJTDPT EF TFHVSBOÎB %FTUB GPSNB QSFDJTBNPT EF VNB TPMVÎÍP FN RVF PT FSSPT OÍP FYQPOIBN EFUBMIFT F BJOEB BTTJN TFKB QPTTÓWFM SBTUSFÈMP JOUFSOBNFOUF 0 &OUFSQSJTF -JCSBSZ Ï VN DPOKVOUP EF GFSSBNFOUBT F CJCMJPUFDBT DPOTUSVÓEBT FN CMPDPT RVF QPEFN TFS VTBEPT JOEJWJEVBMNFOUF PV EF GPSNB JOUFSMJHBEB GBDJMJUBOEP BT CPBT QSÈUJDBT EF QSPHSBNBÎÍP F P HFSFODJBNFOUP EF UBSFGBT SFQFUJUJWBT DPNP -PHHJOH $BDIJOH



 (;&(37,21 6+,(/',1*

%BUB "DDFTT FOUSF PVUSPT /FTUB TFÎÍP TFSÍP VUJMJ[BEPT EPJT EF TFVT CMPDPT P &YDFQUJPO )BOEMJOH "QQMJDBUJPO #MPDL F -PHHJOH "QQMJDBUJPO #MPDL 4F B BQMJDBÎÍP KÈ VUJMJ[B P -PHHJOH #MPDL EP &OUFSQSJTF -JCSBSZ EFGJOJOEP DPNP F POEF P MPH Ï SFHJTUSBEP WPDÐ QPEF BQFOBT DPOGJHVSBS B FYDFQUJPO QPMJDZ EP &YDFQUJPO 4IJFMEJOH F SFBQSPWFJUBS BT DPOGJHVSBÎÜFT QSÏWJBT 0 &OUFSQSJTF -JCSBSZ Ï DPNQPTUP EF CMPDPT RVF QPEFN TFS JOUFSMJHBEPT JTUP Ï QPEFNPT VUJMJ[BS P &YDFQUJPO )BOEMJOH #MPDL RVF VUJMJ[B P -PHHJOH #MPDL RVF QPS TVB WF[ VUJMJ[B P %BUB "DDFTT #MPDL 4F OÍP GPS P TFV DBTP OÍP TF QSFPDVQF WBNPT DSJBS UPEBT BT DPOGJHVSBÎÜFT OFDFTTÈSJBT

*OTUBMBOEP P &OUFSQSJTF -JCSBSZ 0 /V(FU UFN TF UPSOBEP P QSJODJQBM DBOBM EF EJTUSJCVJÎÍP EF DPNQPOFOUFT EPT EFTFOWPMWFEPSFT RVF VUJMJ[BN P 7JTVBM 4UVEJP 5PEPT PT DPNQPOFOUFT EP &OUFSQSJTF -JCSBSZ FTUÍP EJTQPOÓWFJT QPS FMF 1BSB VUJMJ[BS P &YDFQUJPO 4IJFMEJOH QSFDJTBNPT EPT TFHVJOUFT QBDPUFT (QWHUSULVH/LEUDU\([FHSWLRQ+DQGOLQJ:&) (QWHUSULVH/LEUDU\([FHSWLRQ+DQGOLQJ/RJJLQJ

"T EFNBJT EFQFOEÐODJBT TFSÍP JOTUBMBEBT BVUPNBUJDBNFOUF

 (;&(37,21 6+,(/',1*



'JHVSB  /V(FU

$POGJHVSBOEP P -PHHJOH F &YDFQUJPO 4IJFMEJOH 0 &OUFSQSJTF -JCSBSZ QFSNJUF B DPOGJHVSBÎÍP EF TFVT CMPDPT QPS NFJP EP BSRVJWP FRQILJ EB BQMJDBÎÍP PV EB 'MVFOU "1* WJB DØEJHP " BCPSEBHFN VUJMJ[BOEP P BSRVJWP FRQILJ Ï B NBJT DPNVN QPSUBOUP B RVF TFSÈ VUJMJ[BEB &N TVNB TÍP GFJUBT EVBT DPOGJHVSBÎÜFT B QSJNFJSB DPOGJHVSBOEP P -PHHJOH "QQMJDBUJPO #MPDL DSJBOEP VN OLVWHQHU QBSB HSBWBS OP &WFOU -PH EP 8JOEPXT F FN TFHVJEB P &YDFQUJPO )BOEMJOH "QQMJDBUJPO #MPDL RVF DPOTPNF P -PHHJOH $PNP GPJ NFODJPOBEP PT CMPDPT TÍP JOEFQFOEFOUFT %FTUB GPSNB Ï QPTTÓWFM BMUFSBS B DPOGJHVSBÎÍP EF -PHHJOH QBSB HSBWBS OP CBODP EF EBEPT BSRVJWP 9.- FOUSF PVUSPT TFN BMUFSBS B DPOGJHVSBÎÍP EP &YDFQUJPO )BOEMJOH 1SJNFJSBNFOUF EFWFNPT BEJDJPOBS BT $POGJH 4FDUJPOT EPT SFTQFDUJWPT CMPDPT OP BSRVJWP EF DPOGJHVSBÎÍP FRQILJ6HFWLRQV! VHFWLRQ QDPH ORJJLQJ&RQILJXUDWLRQ W\SH 0LFURVRIW3UDFWLFHV( 

 (;&(37,21 6+,(/',1*

QWHUSULVH/LEUDU\/RJJLQJ&RQILJXUDWLRQ/RJJLQJ6HWWLQJV 0LFURVRIW 3UDFWLFHV(QWHUSULVH/LEUDU\/RJJLQJ 9HUVLRQ  &XOWXUH QHXW UDO 3XEOLF.H\7RNHQ EIDGH UHTXLUH3HUPLVVLRQ WUXH ! VHFWLRQ QDPH H[FHSWLRQ+DQGOLQJ W\SH 0LFURVRIW3UDFWLFHV(QWH USULVH/LEUDU\([FHSWLRQ+DQGOLQJ&RQILJXUDWLRQ([FHSWLRQ+DQGOLQJ6HW WLQJV 0LFURVRIW3UDFWLFHV(QWHUSULVH/LEUDU\([FHSWLRQ+DQGOLQJ 9H UVLRQ  &XOWXUH QHXWUDO 3XEOLF.H\7RNHQ EIDGH U HTXLUH3HUPLVVLRQ WUXH ! FRQILJ6HFWLRQV!

& FOUÍP BT DPOGJHVSBÎÜ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§R :&) IRUPDWWHU 7H[W )RUPDWWHU ORJ $SS OLFDWLRQ PDFKLQH1DPH  WUDFH2XWSXW2SWLRQV /RJLFDO2SHUDWLRQ6WDFN ' DWH7LPH 7LPHVWDPS 3URFHVV,G 7KUHDG,G &DOOVWDFN ! OLVWHQHUV! IRUPDWWHUV! DGG W\SH 0LFURVRIW3UDFWLFHV(QWHUSULVH/LEUDU\/RJJLQJ)RUPD WWHUV7H[W)RUPDWWHU 0LFURVRIW3UDFWLFHV(QWHUSULVH/LEUDU\/RJJLQJ  9HUVLRQ  &XOWXUH QHXWUDO 3XEOLF.H\7RNHQ EIDGH  WHPSODWH 7LPHVWDPS ^WLPHVWDPS`^QHZOLQH` [$0HVVDJH ^PHVV DJH`^QHZOLQH` [$&DWHJRU\ ^FDWHJRU\`^QHZOLQH` [$3ULRULW\ ^SUL RULW\`^QHZOLQH` [$(YHQW,G ^HYHQWLG`^QHZOLQH` [$6HYHULW\ ^VHY HULW\`^QHZOLQH` [$7LWOH^WLWOH`^QHZOLQH` [$0DFKLQH ^ORFDO0DFK LQH`^QHZOLQH` [$$SS 'RPDLQ ^ORFDO$SS'RPDLQ`^QHZOLQH` [$3URFHV V,G ^ORFDO3URFHVV,G`^QHZOLQH` [$3URFHVV 1DPH ^ORFDO3URFHVV1DPH `^QHZOLQH` [$7KUHDG 1DPH ^WKUHDG1DPH`^QHZOLQH` [$:LQ 7KUHDG ,G^ZLQ7KUHDG,G`^QHZOLQH` [$([WHQGHG 3URSHUWLHV ^GLFWLRQDU\^ NH\` ^YDOXH`^QHZOLQH` ` QDPH 7H[W )RUPDWWHU ! IRUPDWWHUV! FDWHJRU\6RXUFHV! DGG VZLWFK9DOXH $OO QDPH *HQHUDO! OLVWHQHUV! DGG QDPH (YHQW /RJ /LVWHQHU !

 (;&(37,21 6+,(/',1*



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§£R 3RU IDYRU HQWUH HP FRQWDWR FRP R 6XSRUWH ,GHQWLILFDGRU GR HUUR ^KDQG OLQJ,QVWDQFH,'` IDXOW&RQWUDFW7\SH 6HUYLFR:FI&RQWUDWR)DOKD 6HUYLFR :FI QDPH )DXOW &RQWUDFW ([FHSWLRQ +DQGOHU! PDSSLQJV! DGG VRXUFH ^*XLG` QDPH +DQGOLQJ,QVWDQFH,G ! PDSSLQJV! DGG! H[FHSWLRQ+DQGOHUV!



 (;&(37,21 6+,(/',1*

DGG! H[FHSWLRQ7\SHV! DGG! H[FHSWLRQ3ROLFLHV! H[FHSWLRQ+DQGOLQJ!

)È BMHVNBT DPOGJHVSBÎÜFT RVF OPSNBMNFOUF HPTUBSÓBNPT EF BMUFSBS QBSB DBEB QSPKFUP &N ORJJLQJ&RQILJXUDWLRQ OLVWHQHUV F DGG BMUFSBNPT P BUSJCVUP VRXUFH EF BDPSEP DPN P OPNF EB BQMJDBÎÍP 0 VRXUFH EFWF TFS DSJBEP OP TJTUFNB VTBOEP P DPNBOEP 1PXFS4IFMM 1HZ (YHQW/RJ §R :&)

/RJ1DPH $SSOLFDWLRQ

6RXUFH 0HX 6HUYL

%FOUSP EF H[FHSWLRQ+DQGOHUV OP TFHVOEP DGG P BUSJCVUP IDXOW&RQWUDFW7\SH EFWF DPOUFS P OPNF RVBMJGJDBEP EB DMBTTF RVF TFSÈ VTBEB DPNP 'BVMU $POUSBDU 0 GPSNBUP Ï /PNF%B$MBTT$PN/BNFTQBDF /PNF%P"TTFNCMZ QPS FYFNQMP .Z&NQSFTB$POUSBUP'BMIB .Z&NQSFTB SXEOLF FODVV &RQWUDWR)DOKD ^ SXEOLF *XLG +DQGOLQJ,QVWDQFH,G ^ JHW VHW ` `

0 'BVMU $POUSBDU HFSBMNFOUF DPOUÏN JOGPSNBÎÜFT ÞUFJT QBSB B BQMJDBÎÍP DMJFOUF TFN FYQPS OFOIVNB JOGPSNBÎÍP TFOTÓWFM &N OPTTP FYFNQMP B ÞOJDB QSPQSJFEBEF TFSÈ P +DQGOLQJ,QVWDQFH,G HBSBOUJOEP B SBTUSFBCJMJEBEF EPT FSSPT 0 NBQFBNFOUP EBT JOGPSNBÎÜFT RVF TFSÍP DPQJBEBT EB &YDFQUJPO Ï FODPOUSBEP OP FMFNFOUP PDSSLQJ EP H[FHSWLRQ+DQGOHUV OP DØEJHP *- EP NÏUPEP )LQDOL]H OP DPNFÎP EFTUB TFÎÍP

$POGJHVSBOEP P &YDFQUJPO 4IJFMEJOH

 (;&(37,21 6+,(/',1*



"QØT BT DPOGJHVSBÎÜFT EF -PHHJOH F &YDFQUJPO )BOEMJOH SFTUB BQFOBT EFGJOJS P &YDFQUJPO 4IJFMEJOH OPT TFSWJÎPT EFTFKBEPT QPS NFJP EF BUSJCVUPT /B JOUFSGBDF EP TFSWJÎP EFWF TFS VTBEP BUSJCVUP ([FHSWLRQ6KLHOGLQJ F OBT PQFSBÎÜFT P )DXOW&RQWUDFW DPN P UJQP EFGJOJEP OB DPOGJHVSBÎÍP BOUFSJPS >6HUYLFH&RQWUDFW@ >([FHSWLRQ6KLHOGLQJ@ SXEOLF LQWHUIDFH ,0HX6HUYLFR ^ >2SHUDWLRQ&RQWUDFW@ >)DXOW&RQWUDFWW\SHRI&RQWUDWR)DOKD @ VWULQJ 2EWHU9DORULQW YDOXH  `

3BTUSFBOEP PT FSSPT 6UJMJ[BOEP P ([FHSWLRQ6KLHOGLQJ F P BSRVJWP EF DPOGJHVSBÎÍP DSJBNPT VNB 3ROLF\ SFTQPOTÈWFM QPS DBQUVSBS PT FSSPT EP TFSWJÎP HSBWBS OP (YHQW /RJ F HFSBS VNB OPWB ([FHSWLRQ RVF JODMVJ P +DQGOLQJ,QVWDQFH,G  "T BQMJDBÎÜFT DMJFOUFT EP TFSWJÎP 8$' SFDFCFSÍP FTUF DØEJHP F QPEFN UBNCÏN HSBWBS B NFOTBHFN EF FSSP DPOUFOEP P +DQGOLQJ,QVWDQFH,G  /P DBTP EF BQMJDBÎÜFT XFC FTUF DØEJHP QPEF TFS JOGPSNBEP BP VTVÈSJP RVF QPEF VUJMJ[BS DPNP SFGFSÐODJB BP TPMJDJUBS P TVQPSUF /P TFSWJEPS POEF TF FODPOUSB P TFSWJÎP 8$' P SFTVMUBEP TFSÈ VN SFHJTUSP EP &WFOU -PH DPNP FTUF



 (;&(37,21 6+,(/',1*

'JHVSB  &WFOU -PH EP 8$'

" BQMJDBÎÍP DMJFOUF QPEF FOUÍP DBQUVSBS P FSSP DPNP VN )DXOW([FHSWLRQ)DXOW&RQWUDFW! F USBUBS BT JOGPSNBÎÜFT EF GPSNB BQSPQSJBEB QPS FYFNQMP BEJDJPOBOEP BP MPH EB BQMJDBÎÍP PV NFTNP FYJCJOEP B JOGPSNBÎÍP BP VTVÈSJP XVLQJ 0HX6HUYLFR&OLHQW FOLHQWH QHZ 0HX6HUYLFR&OLHQW ^ WU\ ^ 9LHZ%DJ5HVXOWDGR FOLHQWH2EWHU9DORUYDORU9DOXH  ` FDWFK )DXOW([FHSWLRQ&RQWUDWR)DOKD! H[ ^ 9LHZ%DJ0HQVDJHP(UUR H[0HVVDJH 9LHZ%DJ*XLG H['HWDLO+DQGOLQJ,QVWDQFH,G ` `

 (;&(37,21 6+,(/',1*



'JHVSB  "QMJDBÎÍP FYJCJOEP JEFOUJGJDBEPS EF FSSP

0 SFTVMUBEP Ï VNB BQMJDBÎÍP RVF OÍP FYQÜF EFUBMIFT TPCSF FSSPT JOUFSOPT F BJOEB BTTJN Ï QPTTÓWFM SBTUSFÈMPT EF QPOUB B QPOUB VUJMJ[BOEP P JEFOUJGJDBEPS ÞOJDP EP FSSP

 1301"("±°0 %& &9$&±¿&4 1PS 'FSOBOEP )FOSJRVF *OPDÐODJP #PSCB 'FSSFJSB i5FOIP NVJUPT CMPDPT USZDBUDI FN NFV QSPKFUP JTTP UPSOB P DØEJHP EFTFMFHBOUF F EJGÓDJM EF MFS & NFTNP BTTJN BT FYDFÎÜFT BQSFTFOUBEBT BPT VTVÈSJPT OÍP TÍP SFMFWBOUFT F OÍP NF BVYJMJBN OB NBOVUFOÎÍP EB BQMJDBÎÍP F OB SFTPMVÎÍP EF FSSPTw 5SBUF BT FYDFÎÜFT BQFOBT RVBOEP FYJTUJS VNB SB[ÍP QBSB GB[ÐMP /ÍP DSJF NFDBOJTNPT EF QSPQBHBÎÍP EF FYDFÎÜFT FOUSF TVBT DIBNBEBT EF NÏUPEPT 1FSNJUB RVF BT FYDFÎÜFT NPWBNTF EJSFUBNFOUF EP CMPDP OP RVBM GPSBN MBOÎBEBT QBSB P CMPDP DBUDI RVF WBJ USBUÈMBT &WJUF JODMVJS FN TFV DØEJHP CMPDPT WU\FDWFK RVF OÍP USBUFN BT FYDFÎÜFT F RVF BQFOBT BT MBODFN QBSB B DBNBEB TVQFSJPS EB QJMIB EF FYFDVÎÍP 0

DSJBÎÍP EF OPWB UISFBE VUJMJ[BOEP 6\VWHP7KUHDGLQJ7KUHDG EFNPOTUSB VN CMPDP WU\FDWFK RVF 

DØEJHP

EB

 3523$*$d­2 '( (;&(d®(6

OÍP SFBMJ[B OFOIVN USBUBNFOUP TPCSF B FYDFÎÍP BQFOBT GB[ P TFV MBOÎBNFOUP QBSB B DBNBEB TVQFSJPS OB QJMIB EF FYFDVÎÍP " GJHVSB NBJT Ë GSFOUF BQSFTFOUB P GMVYP EB FYDFÎÍP FOUSF BT DBNBEBT EB QJMIB EF FYFDVÎÍP /PUBTF RVF OFTUF DØEJHP OFOIVNB BÎÍP Ï GFJUB TPCSF B FYDFÎÍP DBQUVSBEB BQFOBT Ï GFJUP P TFV MBOÎBNFOUP QBSB VNB DBNBEB TVQFSJPS SXEOLF YRLG 0HWRGR% ^ WU\ ^  &³GLJR TXH SRGH JHUDU XPD H[FH§£R 0HWRGR&  ` FDWFK 6TO([FHSWLRQ VH ^ WKURZ ` `

'JHVSB  1SPQBHBÎÍP EF FYDFÎÜFT TFN USBUBNFOUP FOUSF DBNBEBT

" FYJTUÐODJB EF VN CMPDP WU\FDWFK TVHFSF RVF FYJTUF VN USBUBNFOUP BEFRVBEP QBSB B FYDFÎÍP 4F OÍP Ï GFJUP OFOIVN USBUBNFOUP QBSB FTTB FYDFÎÍP FOUÍP P CMPDP GPJ NBM VUJMJ[BEP F EFWFSJB TFS SFNPWJEP &YJTUFN USÐT NPEFMPT EF QSPQBHBÎÍP EF FYDFÎÜFT %FJYBS RVF BT FYDFÎÜFT QSPQBHVFN BVUPNBUJDBNFOUF OFTUF NPEFMP B FYDFÎÍP Ï JHOPSBEB DPN P PCKFUJWP EF RVF TF NPWB EJSFUBNFOUF QBSB P CMPDP WU\FDWFK RVF  3523$*$d­2 '( (;&(d®(6



UFOIB VN USBUBNFOUP BEFRVBEP " GJHVSB B TFHVJS FYFNQMJGJDB P GMVYP EF VNB FYDFÎÍP FOUSF VNB IJFSBSRVJB EF DIBNBEBT EF NÏUPEPT RVBOEP UFNPT BQFOBT VN CMPDP WU\FDWFK RVF QSPWÐ P USBUBNFOUP BEFRVBEP QBSB B FYDFÎÍP

'JHVSB  1SPQBHBÎÍP EF VNB FYDFÎÍP DVKP ÞOJDP QPOUP EF QBSBEB Ï P CMPDP USZDBUDI RVF JSÈ USBUÈMB BEFRVBEBNFOUF

$BQUVSBS B FYDFÎÍP FYFDVUBS VNB BÎÍP F MBOÎBS B FYDFÎÍP FTUB BCPSEBHFN BP DPOUSÈSJP EP QSPCMFNB DJUBEP FYFDVUB VNB BÎÍP EF DPOUPSOP EFWJEP Ë FYJTUÐODJB EF VNB FYDFÎÍP F B MBOÎB QBSB P CMPDP NBJT BQUP B USBUÈMB BEFRVBEBNFOUF 0 DØEJHP TFHVJOUF EFNPTUSB B QSPQBHBÎÍP EF VNB FYDFÎÍP B QBSUJS EF VNB BÎÍP EF DPOUPSOP FYFDVUBEB BQØT VNB FYDFÎÍP &TUF VTP Ï WÈMJEP QPJT P CMPDP FDWFK FYFDVUB VNB BÎÍP EF DPOUPSOP B QBSUJS EF VNB FYDFÎÍP F MBOÎBB QBSB P CMPDP NBJT BQUP QBSB GB[FS P TFV USBUBNFOUP SXEOLF YRLG 0HWRGR& ^ WU\ ^  &³GLJR GH SHUVLVWªQFLD QR EDQFR GH GDGRV ` FDWFK 6TO([FHSWLRQ VH ^  &³GLJR GH HQYLR GH GDGRV SDUD XPD ILOD GH PHQ VDJHULD  SDUD SURFHVVDPHQWR SRVWHULRU



 3523$*$d­2 '( (;&(d®(6

WKURZ ` `

$BQUVSBS B FYDFÎÍP USBUÈMB F MBOÎBS VNB FYDFÎÍP NBJT FTQFDÓGJDB FTUF NPEFMP QSF[B RVF BP QSPQBHBS VNB FYDFÎÍP QFMB QJMIB EF FYFDVÎÍP TFV UJQP EF EBEPT UPSOBTF JSSFMFWBOUF "TTJN QSPQÜFTF RVF VNB FYDFÎÍP NBJT SFMFWBOUF TFKB MBOÎBEB BP DIBNBEPS " ,QQHU([FHSWLRQ EB DMBTTF QSPQSJFEBEF 6\VWHP([FHSWLRQ Ï VTBEB DPN P JOUVJUP EF NBOUFS B FYDFÎÍP PSJHJOBM BTTPDJBEB B VNB OPWB F NBJT SFMFWBOUF FYDFÎÍP 0 DØEJHP BEJBOUF EFTDSFWF B TJUVBÎÍP QSFWJTUB QPS FTUB BCPSEBHFN POEF VNB 6TO([FHSWLRQ Ï MBOÎBEB F GJMUSBEB QPS VN CMPDP FDWFK DVKP USBUBNFOUP Ï FODBQTVMÈMB OB QSPQSJFEBEF ,QQHU([FHSWLRQ EF VN UJQP EF FYDFÎÍP NBJT FTQFDÓGJDP F SFMFWBOUF BP DIBNBEPS SXEOLF YRLG 0HWRGR% ^ WU\ ^  &³GLJR TXH SRGH JHUDU XPD H[FH§£R 0HWRGR&  ` FDWFK 6TO([FHSWLRQ VH ^ WKURZ QHZ $FHVVR)RQWH'DGRV3ULQFLSDO([FHSWLRQVH  ` `

" GJHVSB B TFHVJS EFNPOTUSB P GMVYP EF VNB FYDFÎÍP QPS FOUSF TVB QJMIB EF DIBNBEB JODMVJOEP TFV FODBQTVMBNFOUP FN VN UJQP EF FYDFÎÍP NBJT SFMFWBOUF BP DIBNBEPS

 3523$*$d­2 '( (;&(d®(6



'JHVSB  1SPQBHBÎÍP EF VNB FYDFÎÍP F P TFV FODBQTVMBNFOUP FN VNB FYDFÎÍP NBJT SFMFWBOUF BP DIBNBEPS

$POTJEFSF BT JNQMJDBÎÜFT EF QFSGPSNBODF HFSBEBT QFMP MBOÎBNFOUP EF FYDFÎÜFT &N DØEJHPT CFN FTDSJUPT CMPDPT WU\ILQDOO\ TÍP NBJT DPNVOT EP RVF CMPDPT WU\FDWFK $8"-*/" "#3".4   #MPDPT WU\ILQDOO\ EFWFN TFS VUJMJ[BEPT QBSB MJNQBS F BTTFHVSBS VN FTUBEP DPOTJTUFOUF EP TJTUFNB RVBOEP VNB FYDFÎÍP Ï MBOÎBEB

3&'&3³/$*"4 (VJB EF HFSFODJBNFOUP EF FYDFÎÜFT IUUQXXXNJDSPTPGUDPNFOVTEPXOMPBEEFUBJMTBTQY JE



 #64$" &. .&.»3*" 1PS 'FSOBOEP )FOSJRVF *OPDÐODJP #PSCB 'FSSFJSB i5FOIP NVJUPT EBEPT FN NFNØSJB F NJOIBT RVFSJFT TPCSF FTTFT EBEPT FTUÍP MFOUBT $PNP QPTTP GB[FS QBSB NJOIBT RVFSJFT TFSFN NBJT SÈQJEBT w 0 TVSHJNFOUP EB TJOUBYF -*/2 BTTJN DPNP B VUJMJ[BÎÍP EF 

 %86&$ (0 0(0Ï5,$

RVFSZ NFUIPET GBDJMJUPV B CVTDB FN NFNØSJB $PN FTUFT SFDVSTPT QPEFNPT GBDJMNFOUF FYFDVUBS RVFSJFT FN BSSBZT DPMFÎÜFT F MJTUBT EF UJQPT HFOÏSJDPT 0 VTP EFTUF NPEFMP EF TJOUBYF BHJMJ[B P QSPDFTTP EF EFTFOWPMWJNFOUP QPS UPSOBS B CVTDB FN NFNØSJB USJWJBM F EF TJNQMFT DPEJGJDBÎÍP .BT BP BEPUBSNPT FTTF NPEFMP EF CVTDB MJOFBS TFRVFODJBM

FTUBNPT SFBMNFOUF FTDSFWFOEP DØEJHP QFSGPSNÈUJDP 4FSJBN FTTBT DPOTVMUBT P NPEFMP NBJT SÈQJEP EF CVTDB FN NFNØSJB /ÍP QFSEFNPT QPEFS DPNQVUBDJPOBM PV UFNQP EF QSPDFTTBNFOUP BP BEPUBS FTUFT SFDVSTPT FN EFUFSNJOBEPT DFOÈSJPT EF QFTRVJTB FN NFNØSJB %BEB B OFDFTTJEBEF EF FYFDVUBS DPOTVMUBT FGJDJFOUFT F DPN CBJYP DVTUP DPNQVUBDJPOBM EFWFNPT QBTTBS B FWJUBS DPOTVMUBT RVF DPOTVNBN NVJUPT SFDVSTPT DPNQVUBDJPOBJT F RVF TFKBN MFOUBT %FTUB GPSNB QBTTBNPT B BEPUBS TPMVÎÜFT BMUFSOBUJWBT EF CVTDB FN NFNØSJB RVF TFKBN NBJT QFSGPSNÈUJDBT QBSB UPSOBS OPTTPT TJTUFNBT NBJT FGJDJFOUFT %FOUSF UBJT PQÎÜFT EFTUBDBNPT

#VTDB CJOÈSJB " CVTDB CJOÈSJB Ï VN BMHPSJUNP EF CVTDB RVF TFHVF P QBSBEJHNB EB EJWJTÍP F DPORVJTUB 1BSUJOEP EP QSFTTVQPTUP EF RVF P DPOKVOUP EF FMFNFOUPT FTUÈ PSEFOBEP TÍP FYFDVUBEBT EJWFSTBT EJWJTÜFT EP FTQBÎP EF CVTDB SFTUSJOHJOEP P QPTTÓWFM MPDBM OP RVBM P FMFNFOUP CVTDBEP FTUÈ QPTJDJPOBEP 1BSUJOEP EB DPNQBSBÎÍP EP FMFNFOUP EP NFJP EP BSSBZ EJWJEFTF P BSSBZ FN TFHNFOUPT SFTUSJOHJOEP B TVQFSGÓDJF EF CVTDB F SFQFUJOEP B DPNQBSBÎÍP DPN P FMFNFOUP OP DFOUSP EP TFHNFOUP BUÏ RVF P JUFN QSPDVSBEP TFKB FODPOUSBEP " GJHVSB B TFHVJS JMVTUSB P QSPDFTTP EF EJWJTÍP EP DPOKVOUP EF FMFNFOUPT SFBMJ[BEP QFMB CVTDB EF FMFNFOUPT

 %86&$ (0 0(0Ï5,$



'JHVSB  3FQSFTFOUBÎÍP EB CVTDB FN NFNØSJB

" CVTDB CJOÈSJB QPTTVJ DPNQMFYJEBEF BMHPSÓUNJDB EF ͉ MPH O

FORVBOUP RVF PT BMHPSJUNPT EF CVTDB MJOFBS QPTTVFN DPNQMFYJEBEF BMHPSÓUNJDB EF ͉ O o EBEP RVF O Ï P UBNBOIP EP DPOKVOUP EF FMFNFOUPT 0 BMHPSJUNP EF CVTDB CJOÈSJB Ï BQSFTFOUBEP OP DØEJHP TFHVJOUF /PUF RVF B TVB FYFDVÎÍP EFQFOEF EB JEFOUJGJDBÎÍP EF VN QPOUP DFOUSBM OP DPOKVOUP EF FMFNFOUPT QBSB RVF TVCDPOKVOUPT NFOPSFT TFKBN DSJBEPT 7BMF SFTTBMUBS RVF FTUF BMHPSJUNP Ï GVODJPOBM BQFOBT DPN FMFNFOUPT PSEFOBEPT 4F PT FMFNFOUPT OÍP FTUJWFSFN PSEFOBEPT FOUÍP B CVTDB CJOÈSJB OÍP EFWF TFS VTBEB VWDWLF ERRO ([HFXWH%LQDU\6HDUFK,/LVW%DVLF6WUXFWXUH! WDUJHW/LVW VWULQJ VHDUFK3DUDPHWHU ^ UHWXUQ ([HFXWH%LQDU\6HDUFKWDUJHW/LVW VHDUFK3DUDPHWHU  WDU JHW/LVW&RXQW   ` VWDWLF ERRO ([HFXWH%LQDU\6HDUFK,/LVW%DVLF6WUXFWXUH! WDUJHW/LVW VWULQJ VHDUFK3DUDPHWHU LQW VWDUW LQW HQG ^ LI VWDUW ! HQG UHWXUQ IDOVH



 %86&$ (0 0(0Ï5,$

LQW PLGGOH3RLQW

HQG

HQG

VWDUW   

LQW FRPSDUH VWULQJ&RPSDUHWDUJHW/LVW>PLGGOH3RLQW@&RGLJR7LS R5HJLVWUR VHDUFK3DUDPHWHU  LI FRPSDUH   ^ UHWXUQ ([HFXWH%LQDU\6HDUFKWDUJHW/LVW VHDUFK3DUDPHWHU PL GGOH3RLQW HQG  ` HOVH LI FRPSDUH !  ^ UHWXUQ ([HFXWH%LQDU\6HDUFKWDUJHW/LVW VHDUFK3DUDPHWHU VW DUW PLGGOH3RLQW   ` HOVH ^ UHWXUQ WUXH ` `

#VTDB MJOFBS " CVTDB MJOFBS OBEB NBJT Ï EP RVF B WBSSFEVSB TFRVFODJBM EF VN DPOKVOUP EF FMFNFOUPT 4FKB FTTB WBSSFEVSB JOJDJBEB OB QPTJÎÍP  OB QPTJÎÍP / PV DPN EVQMB WBMJEBÎÍP EF FYUSFNJEBEFT FMB Ï SFBMJ[BEB JUFN B JUFN TFN VUJMJ[BS P QBSBEJHNB EB EJWJTÍP F DPORVJTUB PV RVBMRVFS PVUSB BCPSEBHFN " TVB DPNQMFYJEBEF BMHPSÓUNJDB Ï EF ͉ O  0 DØEJHP B TFHVJS BQSFTFOUB EJGFSFOUFT NÏUPEPT EF CVTDB MJOFBS EJGFSFODJBOEPTF BQFOBT QFMP PQFSBEPS EF DPNQBSBÎÍP VTBEP TFOEP FMFT .ÏUPEP ([HFXWH/LQHDU6HDUFK6WULQJ&RPSDUH  FYFDVUB B CVTDB MJOFBS VUJMJ[BOEP P NÏUPEP 6WULQJ&RPSDUH QBSB DPNQBSBÎÍP EF WBMPSFT FOUSF JUFOT .ÏUPEP FYFDVUB

 B CVTDB MJOFBS VTBOEP P NÏUPEP 6WULQJ(TXDOV QBSB DPNQBSBÎÍP EF WBMPSFT FOUSF ([HFXWH/LQHDU6HDUFK6WULQJ(TXDOV

 %86&$ (0 0(0Ï5,$



JUFOT .ÏUPEP ([HFXWH/LQHDU6HDUFK6WULQJ(TXDOV&XUUHQW&XOWXUH

 FYFDVUB B CVTDB MJOFBS VUJMJ[BOEP P NÏUPEP 6WULQJ(TXDOV JHOPSBOEP EJGFSFOÎBT EF DVMUVSB F TFOEP DBTF JOTFOTJUJWF QBSB DPNQBSBÎÍP EF WBMPSFT FOUSF JUFOT ,JQRUH&DVH

.ÏUPEP  FYFDVUB B CVTDB MJOFBS VTBOEP P NÏUPEP 6WULQJ&RPSDUH2UGLQDO QBSB DPNQBSBÎÍP EF WBMPSFT FOUSF JUFOT ([HFXWH/LQHDU6HDUFK6WULQJ&RPSDUH2UGLQDO

.ÏUPEP ([HFXWH/LQHDU6HDUFK(TXDOLW\2SHUDWRU  FYFDVUB B CVTDB MJOFBS VUJMJ[BOEP P PQFSBEPS EF

QBSB DPNQBSBÎÍP EF WBMPSFT FOUSF JHVBMEBEF JUFOT VWDWLF ERRO ([HFXWH/LQHDU6HDUFK6WULQJ&RPSDUH,/LVW%DVLF6WUXFWXUH! WDUJHW/LVW VWULQJ VHDUFK3DUDPHWHU ^

U

IRUHDFK YDU LWHP LQ WDUJHW/LVW ^ LI VWULQJ&RPSDUHLWHP&RGLJR7LSR5HJLVWUR VHDUFK3DUDPHWH  UHWXUQ WUXH ` UHWXUQ IDOVH

` VWDWLF ERRO ([HFXWH/LQHDU6HDUFK6WULQJ(TXDOV,/LVW%DVLF6WUXFWXUH! WDUJHW/LVW VWULQJ VHDUFK3DUDPHWHU ^ IRUHDFK YDU LWHP LQ WDUJHW/LVW ^ LI VWULQJ(TXDOVLWHP&RGLJR7LSR5HJLVWUR VHDUFK3DUDPHWHU UHWXUQ WUXH ` UHWXUQ IDOVH `



 %86&$ (0 0(0Ï5,$

VWDWLF ERRO ([HFXWH/LQHDU6HDUFK6WULQJ(TXDOV&XUUHQW&XOWXUH,JQRUH&DV H,/LVW%DVLF6WUXFWXUH! WDUJHW/LVW VWULQJ VHDUFK3DUDPHWHU ^ IRUHDFK YDU LWHP LQ WDUJHW/LVW ^ LI VWULQJ(TXDOVLWHP&RGLJR7LSR5HJLVWUR VHDUFK3DUDPHWHU  6WULQJ&RPSDULVRQ&XUUHQW&XOWXUH,JQRUH&DVH UHWXUQ WUXH ` UHWXUQ IDOVH ` VWDWLF ERRO ([HFXWH/LQHDU6HDUFK6WULQJ&RPSDUH2UGLQDO,/LVW%DVLF6WU XFWXUH! WDUJHW/LVW VWULQJ VHDUFK3DUDPHWHU ^ IRUHDFK YDU LWHP LQ WDUJHW/LVW ^ LI VWULQJ&RPSDUH2UGLQDOLWHP&RGLJR7LSR5HJLVWUR VHDUFK3 DUDPHWHU  UHWXUQ WUXH ` UHWXUQ IDOVH ` VWDWLF ERRO ([HFXWH/LQHDU6HDUFK(TXDOLW\2SHUDWRU,/LVW%DVLF6WUXFWX UH! WDUJHW/LVW VWULQJ VHDUFK3DUDPHWHU ^ IRUHDFK YDU LWHP LQ WDUJHW/LVW ^ LI LWHP&RGLJR7LSR5HJLVWUR VHDUFK3DUDPHWHU UHWXUQ WUXH ` UHWXUQ IDOVH `

)BTI UBCMFT F EJDJPOÈSJPT " DMBTTF 'LFWLRQDU\7.H\ 79DOXH! QSPWÐ P NBQFBNFOUP EF VNB DPMFÎÍP QPS NFJP EB BTTPDJBÎÍP EF VN DPOKVOUP EF DIBWFT DPN VN DPOKVOUP EF WBMPSFT " CVTDB EF WBMPSFT DPN EJDJPOÈSJPT Ï NVJUP SÈQJEB QSØYJNB BP FTUBEP EB BSUF EF ͉   " WFMPDJEBEF EPT EJDJPOÈSJPT TF EFWF BP GBUP EF TFSFN JNQMFNFOUBEPT DPNP IBTI UBCMFT )BTI UBCMFT IBTI NBQ VUJMJ[BN GVOÎÜFT EF IBTI QBSB DBMDVMBS VN ÓOEJDF OP BSSBZ EJWJEJOEPP FN TFHNFOUPT OPT RVBJT PT WBMPSFT QSPDVSBEPT TÍP BHSVQBEPT  %86&$ (0 0(0Ï5,$



0 DØEJHP BQSFTFOUB B CVTDB FN NFNØSJB VTBOEP IBTI UBCMFT F EJDJPOÈSJPT VWDWLF ERRO ([HFXWH'LFWLRQDU\6HDUFK,'LFWLRQDU\VWULQJ %DVLF6WUXF WXUH! GLFWLRQDU\ VWULQJ VHDUFK3DUDPHWHU ^ YDU VHDUFK9DOXH LI VHDUFK9DOXH  UHWXUQ WUXH

GLFWLRQDU\>VHDUFK3DUDPHWHU@ QXOO

UHWXUQ IDOVH `

#VTDB DPN -*/2 &TUFT ÞMUJNPT TÍP PT FYFNQMPT DPN RVFSJFT -*/2 &MFT TÍP BQSFTFOUBEPT QBSB RVF QPTTBNPT JEFOUJGJDBS B EJGFSFOÎB EF UFNQP FOUSF FTUBT RVFSJFT F BT EFNBJT VWDWLF ERRO ([HFXWH/LQT$Q\,/LVW%DVLF6WUXFWXUH! WDUJHW/LVW VWULQ J VHDUFK3DUDPHWHU ^ YDU TXHU\ WDUJHW/LVW$Q\H 3DUDPHWHU  UHWXUQ TXHU\ `

! H&RGLJR7LSR5HJLVWUR

VHDUFK

VWDWLF ERRO ([HFXWH/LQT)LUVW2U'HIDXOW,/LVW%DVLF6WUXFWXUH! WDUJHW /LVW VWULQJ VHDUFK3DUDPHWHU ^

R

YDU TXHU\ WDUJHW/LVW)LUVW2U'HIDXOWH VHDUFK3DUDPHWHU  UHWXUQ TXHU\  QXOO 

! H&RGLJR7LSR5HJLVWU

`

.FEJÎÍP EPT UFNQPT 1BSB JEFOUJGJDBS P UFNQP FYQFOEJEP OB FYFDVÎÍP EF DBEB RVFSZ GPJ DSJBEB VNB DMBTTF DIBNBEB 7LPH&ROOHFWRU  &TUB VUJMJ[B VN 6WRSZDWFK JOUFSOBNFOUF DPMFUBOEP P JOÓDJP F P UÏSNJOP EB FYFDVÎÍP EBT RVFSJFT



 %86&$ (0 0(0Ï5,$

SXEOLF FODVV 7LPH&ROOHFWRU  ,'LVSRVDEOH ^ SULYDWH VWULQJ BODEHO SULYDWH 6WRSZDWFK BZDWFK SXEOLF REMHFW 5HVXOW ^ JHW VHW ` SXEOLF 7LPH&ROOHFWRUVWULQJ ODEHO ^ WKLVBODEHO WKLVBZDWFK

ODEHO 6WRSZDWFK6WDUW1HZ 

` SXEOLF YRLG 'LVSRVH ^ WKLVBZDWFK6WRS  &RQVROH:ULWH/LQH ^` 7RWDO ^`  5HVXOW ^` WKL VBODEHO WKLVBZDWFK(ODSVHG7RWDO0LOOLVHFRQGV WKLV5HVXOW QX OO " VWULQJ(PSW\  WKLV5HVXOW7R6WULQJ  ` `

5FTUFT EF QFSGPSNBODF 1BSB WBMJEBS B QFSGPSNBODF EPT BMHPSJUNPT EF CVTDB VUJMJ[BSFNPT VNB MJTUB DPN  NJM JUFOT FN NFNØSJB &TTFT JUFOT FTUÍP PSEFOBEPT F B NFTNB MJTUB TFSÈ VTBEB QPS UPEPT PT FYFNQMPT " TFHVJS UFNPT P SFTVMUBEP EF USÐT FYFDVÎÜFT 1SJNFJSB FYFDVÎÍP

 %86&$ (0 0(0Ï5,$



4FHVOEB FYFDVÎÍP

5FSDFJSB FYFDVÎÍP



 %86&$ (0 0(0Ï5,$

$PN FTUBT FYFDVÎÜFT QPEFNPT OPUBS RVF 0T NÏUPEPT EF CVTDB RVF VTBN -*/2 QPTTVFN QFSGPSNBODF QSØYJNB B EPT BMHPSJUNPT EF CVTDB MJOFBS 0 NFJP VUJMJ[BEP QBSB DPNQBSBÎÍP EF TUSJOHT QPEF TFS UJEP DPNP GBUPS EFTDSJNJOBOUF QBSB VNB FYFDVÎÍP NBJT SÈQJEB OB CVTDB MJOFBS " CVTDB CJOÈSJB NPTUSPV NBJT SÈQJEB RVF BT CVTDBT MJOFBSFT DIFHBOEP B TFS  WF[FT NBJT SÈQJEB RVF P NFMIPS DBTP EB CVTDB MJOFBS " CVTDB VTBOEP IBTI UBCMFT QPS NFJP EF EJDJPOÈSJPT

GPJ B NBJT SÈQJEB TFOEP EF  B  WF[FT NBJT SÈQJEB EP RVF B CVTDB CJOÈSJB &YJTUFN PVUSPT NÏUPEPT EF CVTDB FN NFNØSJB UÍP QFSGPSNÈUJDPT RVBOUP B CVTDB CJOÈSJB PV TFKB CVTDB FN QSPGVOEJEBEF CVTDB FN MBSHVSB  ² QSFDJTP DPOIFDFS UBJT BMHPSJUNPT F TBCFS RVBOEP PT VUJMJ[BS QPJT TÍP QBSUF EP OPTTP EJB B EJB F BHSFHBN NBJT QFSGPSNBODF B OPTTBT BQMJDBÎÜFT "TTJN OFTUF UØQJDP NPTUSBNPT RVF TFNQSF RVF GPS OFDFTTÈSJB B  %86&$ (0 0(0Ï5,$



QFTRVJTB FN NFNØSJB TFKB GFJUB VNB BOÈMJTF EP DFOÈSJP F EB EJTQPTJÎÍP EPT EBEPT QBSB RVF BTTJN P NFMIPS BMHPSJUNP TFKB VTBEP 0 DØEJHP TFHVJOUF BQSFTFOUB OB JOUFHSB P DØEJHP BEPUBEP EFTUF UØQJDP XVLQJ XVLQJ XVLQJ XVLQJ

6\VWHP 6\VWHP&ROOHFWLRQV*HQHULF 6\VWHP'LDJQRVWLFV 6\VWHP/LQT

FODVV 3URJUDP ^ FRQVW LQW 3238/$7,216,=(  FRQVW LQW 5$1'20B6(('  VWDWLF YRLG 0DLQVWULQJ>@ DUJV ^ ,'LFWLRQDU\VWULQJ %DVLF6WUXFWXUH! GLFWQU\ QHZ 'LFWLRQD U\VWULQJ %DVLF6WUXFWXUH!  ,/LVW%DVLF6WUXFWXUH! OLVW QHZ /LVW%DVLF6WUXFWXUH!  3RSXODWH/LVWOLVW  3RSXODWH'LFWLRQDU\GLFWQU\  5DQGRP UQG GR ^

QHZ 5DQGRP5$1'20B6((' 

&RQVROH&OHDU  VWULQJ 6($5&+3$5$0(7(5 UQG1H[W OLVW&RXQW 7R6WU LQJ 3DG/HIW3238/$7,216,=(7R6WULQJ /HQJWK   &RQVROH:ULWH/LQH3DU¢PHWUR EXVFDGR ^` 6($5&+3$5$0 (7(5  &RQVROH:ULWH/LQH%XVFD FRP /,14  XVLQJ YDU WLPHU WLPHU5HVXOW

QHZ 7LPH&ROOHFWRU/LQT $1VHDUFK3DUDPHWHU@ QXOO

VWDWLF ERRO ([HFXWH%LQDU\6HDUFK,/LVW%DVLF6WUXFWXUH! WDUJHW/L VW VWULQJ VHDUFK3DUDPHWHU ^ UHWXUQ ([HFXWH%LQDU\6HDUFKWDUJHW/LVW VHDUFK3DUDPHWHU  WDUJHW/LVW&RXQW   ` VWDWLF ERRO ([HFXWH%LQDU\6HDUFK,/LVW%DVLF6WUXFWXUH! WDUJHW/L VW VWULQJ VHDUFK3DUDPHWHU LQW VWDUW LQW HQG ^ LI VWDUW ! HQG UHWXUQ IDOVH LQW PLGGOH3RLQW HQG HQG VWDUW    LQW FRPSDUH VWULQJ&RPSDUHWDUJHW/LVW>PLGGOH3RLQW@&RGLJ R7LSR5HJLVWUR VHDUFK3DUDPHWHU  LI FRPSDUH   ^ UHWXUQ ([HFXWH%LQDU\6HDUFKWDUJHW/LVW VHDUFK3DUDPHWHU  PLGGOH3RLQW HQG  ` HOVH LI FRPSDUH !  ^ UHWXUQ ([HFXWH%LQDU\6HDUFKWDUJHW/LVW VHDUFK3DUDPHWHU  VWDUW PLGGOH3RLQW   ` HOVH ^ UHWXUQ WUXH ` ` VWDWLF ERRO ([HFXWH/LQHDU6HDUFK6WULQJ&RPSDUH,/LVW%DVLF6WUXFW XUH! WDUJHW/LVW VWULQJ VHDUFK3DUDPHWHU ^ IRUHDFK YDU LWHP LQ WDUJHW/LVW ^ LI VWULQJ&RPSDUHLWHP&RGLJR7LSR5HJLVWUR VHDUFK3DUD PHWHU  UHWXUQ WUXH ` UHWXUQ IDOVH ` VWDWLF ERRO ([HFXWH/LQHDU6HDUFK6WULQJ(TXDOV,/LVW%DVLF6WUXFWX UH! WDUJHW/LVW VWULQJ VHDUFK3DUDPHWHU ^ IRUHDFK YDU LWHP LQ WDUJHW/LVW ^ LI VWULQJ(TXDOVLWHP&RGLJR7LSR5HJLVWUR VHDUFK3DUDP HWHU UHWXUQ WUXH ` UHWXUQ IDOVH

 %86&$ (0 0(0Ï5,$



` VWDWLF ERRO ([HFXWH/LQHDU6HDUFK6WULQJ(TXDOV&XUUHQW&XOWXUH,JQRU H&DVH,/LVW%DVLF6WUXFWXUH! WDUJHW/LVW VWULQJ VHDUFK3DUDPHWHU ^ IRUHDFK YDU LWHP LQ WDUJHW/LVW ^ LI VWULQJ(TXDOVLWHP&RGLJR7LSR5HJLVWUR VHDUFK3DUDP HWHU 6WULQJ&RPSDULVRQ&XUUHQW&XOWXUH,JQRUH&DVH UHWXUQ WUXH ` UHWXUQ IDOVH ` VWDWLF ERRO ([HFXWH/LQHDU6HDUFK6WULQJ&RPSDUH2UGLQDO,/LVW%DVL F6WUXFWXUH! WDUJHW/LVW VWULQJ VHDUFK3DUDPHWHU ^ IRUHDFK YDU LWHP LQ WDUJHW/LVW ^ LI VWULQJ&RPSDUH2UGLQDOLWHP&RGLJR7LSR5HJLVWUR VHD UFK3DUDPHWHU  UHWXUQ WUXH ` UHWXUQ IDOVH ` VWDWLF ERRO ([HFXWH/LQHDU6HDUFK(TXDOLW\2SHUDWRU,/LVW%DVLF6WU XFWXUH! WDUJHW/LVW VWULQJ VHDUFK3DUDPHWHU ^ IRUHDFK YDU LWHP LQ WDUJHW/LVW ^ LI LWHP&RGLJR7LSR5HJLVWUR VHDUFK3DUDPHWHU UHWXUQ WUXH ` UHWXUQ IDOVH ` VWDWLF ERRO ([HFXWH/LQT$Q\,/LVW%DVLF6WUXFWXUH! WDUJHW/LVW V WULQJ VHDUFK3DUDPHWHU ^ YDU TXHU\ WDUJHW/LVW$Q\H ! H&RGLJR7LSR5HJLVWUR VH DUFK3DUDPHWHU  UHWXUQ TXHU\ ` VWDWLF ERRO ([HFXWH/LQT)LUVW2U'HIDXOW,/LVW%DVLF6WUXFWXUH! WD UJHW/LVW VWULQJ VHDUFK3DUDPHWHU ^ YDU TXHU\ WDUJHW/LVW)LUVW2U'HIDXOWH ! H&RGLJR7LSR5HJ LVWUR VHDUFK3DUDPHWHU  UHWXUQ TXHU\  QXOO  ` ` SXEOLF FODVV 7LPH&ROOHFWRU  ,'LVSRVDEOH ^ SULYDWH VWULQJ BODEHO



 %86&$ (0 0(0Ï5,$

SULYDWH 6WRSZDWFK BZDWFK SXEOLF REMHFW 5HVXOW ^ JHW VHW ` SXEOLF 7LPH&ROOHFWRUVWULQJ ODEHO ^ WKLVBODEHO ODEHO WKLVBZDWFK 6WRSZDWFK6WDUW1HZ  ` SXEOLF YRLG 'LVSRVH ^ WKLVBZDWFK6WRS  &RQVROH:ULWH/LQH ^` 7RWDO ^`  5HVXOW ^` WKL VBODEHO WKLVBZDWFK(ODSVHG7RWDO0LOOLVHFRQGV WKLV5HVXOW QX OO " VWULQJ(PSW\  WKLV5HVXOW7R6WULQJ  ` ` SXEOLF FODVV %DVLF6WUXFWXUH ^ SXEOLF VWULQJ &RGLJR7LSR5HJLVWUR ^ JHW VHW ` SXEOLF REMHFW 9DOXH ^ JHW VHW ` `

 .0%&-0 1"3" 4&37*±04 8*/%084 1PS "MFYBOESF 5FPJ 4FSWJÎP 8JOEPXT PV 8JOEPXT TFSWJDF QFSNJUF B DSJBÎÍP EF BQMJDBÎÜFT RVF GJDBN FN FYFDVÎÍP QPS VN MPOHP QFSÓPEP EF UFNQP F OPSNBMNFOUF TFN JOUFSBÎÍP DPN VTVÈSJPT &TTBT BQMJDBÎÜFT TÍP HFSFODJBEBT QFMP (FSFODJBEPS EF $POUSPMF EF 4FSWJÎPT PV 4FSWJDFT $POUSPM .BOBHFS 4$.

RVF QFSNJUF JOJDJBS UFSNJOBS QBVTBS SFUPNBS F DPOGJHVSBS PT TFSWJÎPT 8JOEPXT 6N FYFNQMP EF BQMJDBÎÍP RVF JNQMFNFOUB VN TFSWJÎP 8JOEPXT Ï P .JDSPTPGU 42- 4FSWFS 6NB EBT GVODJPOBMJEBEFT EFTTF TFSWJÎP Ï NPOJUPSBS VNB QPSUB 5$1 FTQFDÓGJDB QBSB SFDFCFS BT DPOTVMUBT BP CBODP EF EBEPT QSPWFOJFOUFT EF BQMJDBÎÜFT DMJFOUFT

 02'(/2 3$5$ 6(59,d26 :,1'2:6



0 TFSWJÎP 8JOEPXT Ï VNB GVODJPOBMJEBEF RVF FYJTUF EFTEF B QSJNFJSB WFSTÍP EP 8JOEPXT /5 1PS JTTP BQFTBS EF UFS SFDFCJEP BUVBMJ[BÎÜFT F NFMIPSJBT IPKF FYJTUFN BMUFSOBUJWBT NBJT NPEFSOBT F TJNQMFT EF EFTFOWPMWFS JNQMBOUBS FTDBMBS F NBOUFS  QPS FYFNQMP "41/&5 8FC "1* PV TFSWJÎPT 8JOEPXT $PNNVOJDBUJPO 'PVOEBUJPO IPTQFEBEPT OP 8JOEPXT 1SPDFTT "DUJWBUJPO 4FSWJDF

0CWJBNFOUF FYJTUFN DBTPT POEF TFSWJÎPT 8JOEPXT TF FODBJYBN QFSGFJUBNFOUF 6N FYFNQMP TÍP PT TFSWJÎPT EF QSPDFTTBNFOUP FN MPUF /FTTFT DBTPT B BQMJDBÎÍP OPSNBMNFOUF FTQFSB B DIFHBEB EPT EBEPT QPS FYFNQMP WJB TJTUFNB EF BSRVJWPT PV SFHJTUSPT OP CBODP EF EBEPT

QBSB FOUÍP JOJDJBS P QSPDFTTBNFOUP EFTTBT JOGPSNBÎÜFT 5BNCÏN Ï DPNVN FTTF UJQP EF BQMJDBÎÍP JOJDJBS P QSPDFTTBNFOUP FN IPSÈSJPT QSÏEFUFSNJOBEPT QBSB FWJUBS B DPODPSSÐODJB DPN PT TJTUFNBT POMJOF /FTTB TFÎÍP WBNPT BQSFTFOUBS BT QSÈUJDBT SFDPNFOEBEBT QBSB EFTFOWPMWFS VN TFSWJÎP 8JOEPXT VUJMJ[BOEP P /&5 'SBNFXPSL "QFTBS EF P /&5 'SBNFXPSL UFS TJNQMJGJDBEP CBTUBOUF P EFTFOWPMWJNFOUP EF TFSWJÎPT 8JOEPXT FYJTUFN BMHVOT EFUBMIFT RVF GBSÍP P TFSWJÎP JOUFSBHJS DPSSFUBNFOUF DPN P (FSFODJBEPS EF $POUSPMF EF 4FSWJÎPT BMÏN EF GBDJMJUBS B NPOJUPSBÎÍP F EFQVSBÎÍP EB BQMJDBÎÍP RVBOEP FMB FTUJWFS SPEBOEP FN VN BNCJFOUF DPOUSPMBEP EF QSPEVÎÍP

$SJBÎÍP EP QSPKFUP EF 4FSWJÎP 8JOEPXT



 02'(/2 3$5$ 6(59,d26 :,1'2:6

1BSB DPOTFHVJS BOFYBS P EFQVSBEPS B VN QSPDFTTP EP UJQP TFSWJÎP 8JOEPXT P 7JTVBM 4UVEJP QSFDJTB SPEBS FN DPOUFYUP EF TFHVSBOÎB FMFWBEP 1PS JTTP OFTTF NØEVMP P 7JTVBM 4UVEJP EFWF TFS FYFDVUBEP DPNP BENJOJTUSBEPS

0 7JTVBM 4UVEJP QPTTVJ VN NPEFMP EF QSPKFUP FTQFDÓGJDP QBSB TFSWJÎPT 8JOEPXT 1BSB FODPOUSÈMP CBTUB GB[FS VNB CVTDB QPS XJOEPXT TFSWJDF OB DBJYB EF EJÈMPHP /FX 1SPKFDU EP 7JTVBM 4UVEJP DPNP NPTUSB B GJHVSB BEJBOUF "QØT FODPOUSBS P NPEFMP DPSSFUP DSJF VN OPWP QSPKFUP DPN OPNF 6HUYLFR([HPSOR 

'JHVSB  $SJBÎÍP EF VN OPWP QSPKFUP EP UJQP TFSWJÎP 8JOEPXT

0 TFSWJÎP 8JOEPXT RVF WBNPT DSJBS DPNP FYFNQMP WBJ SFDFCFS SFRVJTJÎÜFT WJB QSPUPDPMP )551 F SFTQPOEFS DPN VN OÞNFSP EB TFRVÐODJB EF 'JCPOBDDJ BMFBUØSJP 1BSB RVF JTTP GJRVF DMBSP OP OPTTP QSPKFUP SFOPNFJF B DMBTTF 6HUYLFH QBSB )LERQDFFL$OHDWRULR  02'(/2 3$5$ 6(59,d26 :,1'2:6



DPNP NPTUSB B GJHVSB

'JHVSB  3FOPNFBÎÍP EB DMBTTF RVF JNQMFNFOUB P TFSWJÎP

1BSB GBDJMJUBS P EFTFOWPMWJNFOUP EP TFSWJÎP WBNPT BMUFSBS P NÏUPEP 0DLQ EB DMBTTF 3URJUDP QBSB DSJBS VN FYFDVUÈWFM RVF QPEF SPEBS UBOUP DPNP DPOTPMF RVBOUP TFSWJÎP 8JOEPXT DPNP NPTUSB P DØEJHP B TFHVJS " QSPQSJFEBEF 6\VWHP(QYLURQPHQW8VHU,QWHUDFWLYH OPT JOGPSNB TF P QSPDFTTP FTUÈ SPEBOEP FN NPEP JOUFSBUJWP 7BNPT VUJMJ[ÈMP QBSB EFDJEJS FOUSF BCSJS B KBOFMB EP DPOTPMF PV SPEBS DPNP TFSWJÎP VWDWLF YRLG 0DLQSDUDPV VWULQJ>@ DUJV ^ LI (QYLURQPHQW8VHU,QWHUDFWLYH ^ )LERQDFFL$OHDWRULR VHUYLFR QHZ )LERQDFFL$OHDWRULR  VHUYLFR([HFXWDU,QWHUDWLYRDUJV  ` HOVH ^ 6HUYLFH%DVH>@ 6HUYLFHV7R5XQ 6HUYLFHV7R5XQ QHZ 6HUYLFH%DVH>@ ^ QHZ )LERQDFFL$OHDWRULR ` 6HUYLFH%DVH5XQ6HUYLFHV7R5XQ 



 02'(/2 3$5$ 6(59,d26 :,1'2:6

` `

/B DMBTTF

BEJDJPOF P NÏUPEP ([HFXWDU,QWHUDWLYR DPNP NPTUSB P DØEJHP B TFHVJS &TTF NÏUPEP WBJ EJTQBSBS PT FWFOUPT EF JOÓDJP F UÏSNJOP EB BQMJDBÎÍP 2VBOEP B BQMJDBÎÍP SPEB FN NPEP OÍP JOUFSBUJWP P EJTQBSP EFTTFT FWFOUPT Ï GFJUP QFMP 4$. )LERQDFFL$OHDWRULR

SXEOLF YRLG ([HFXWDU,QWHUDWLYRVWULQJ>@ DUJV ^ 2Q6WDUWDUJV  XVLQJ 'HEXJ&RQVROH GF QHZ 'HEXJ&RQVROH ^ &RQVROH:ULWH/LQH 6HUYL§R HP H[HFX§£R 3UHVVLRQH (17(5 SDUD WHUPLQDU  &RQVROH5HDG/LQH  ` 2Q6WRS  `

$PNP P QSPKFUP EFTTF QSPHSBNB OÍP Ï EP UJQP $POTPMF "QQMJDBUJPO TFSÈ QSFDJTP BCSJS B KBOFMB EP DPOTPMF NBOVBMNFOUF " DMBTTF 'HEXJ&RQVROH EP DØEJHP BEJBOUF FODBQTVMB B BCFSUVSB EFTTB KBOFMB BUSBWÏT EF DIBNBEBT EJSFUBT QBSB P TJTUFNB PQFSBDJPOBM 8JOEPXT &TTB DMBTTF Ï VTBEB OP NÏUPEP )LERQDFFL$OHDWRULR([HFXWDU,QWHUDWLYR  XVLQJ 6\VWHP XVLQJ 6\VWHP&RPSRQHQW0RGHO XVLQJ 6\VWHP5XQWLPH,QWHURS6HUYLFHV QDPHVSDFH 6HUYLFR([HPSOR ^ LQWHUQDO VWDWLF FODVV 1DWLYH0HWKRGV ^ >'OO,PSRUWNHUQHOGOO 6HW/DVW(UURU WUXH @ LQWHUQDO VWDWLF H[WHUQ ERRO $OORF&RQVROH  >'OO,PSRUWNHUQHOGOO 6HW/DVW(UURU WUXH @ LQWHUQDO VWDWLF H[WHUQ ERRO )UHH&RQVROH 

 02'(/2 3$5$ 6(59,d26 :,1'2:6



` LQWHUQDO FODVV 'HEXJ&RQVROH  ,'LVSRVDEOH ^ ERRO GLVSRVHG IDOVH ERRO FRQVROH$ORFDGR IDOVH SXEOLF 'HEXJ&RQVROH ^ FRQVROH$ORFDGR 1DWLYH0HWKRGV$OORF&RQVROH  LI FRQVROH$ORFDGR WKURZ QHZ :LQ([FHSWLRQ  ` a'HEXJ&RQVROH ^ 'LVSRVHIDOVH  ` SXEOLF YRLG 'LVSRVH ^ 'LVSRVHWUXH  *&6XSSUHVV)LQDOL]HWKLV  ` SURWHFWHG YRLG 'LVSRVHERRO GLVSRVLQJ ^ LI GLVSRVHG UHWXUQ LI GLVSRVLQJ ^  /LEHUDU RXWURV UHFXUVRV JHUHQFLDGRV  `  /LEHUDU UHFXUVRV QDWLYRV LI FRQVROH$ORFDGR ^ 1DWLYH0HWKRGV)UHH&RQVROH  FRQVROH$ORFDGR IDOVH ` GLVSRVHG WUXH ` ` `

$PN FTTBT BMUFSBÎÜFT KÈ Ï QPTTÓWFM DPNQJMBS F EFQVSBS P 

 02'(/2 3$5$ 6(59,d26 :,1'2:6

FYFNQMP "P FYFDVUBS P QSPHSBNB B KBOFMB NPTUSBEB OB GJHVSB TFHVJOUF EFWF BQBSFDFS

'JHVSB  $POTPMF EP QSPHSBNB FYFDVUBEP FN NPEP JOUFSBUJWP

*OTUBMBEPS EP 4FSWJÎP 8JOEPXT 1BSB SPEBS B BQMJDBÎÍP DPNP TFSWJÎP FMF QSFDJTB TFS DBEBTUSBEP OP (FSFODJBEPS EF $POUSPMF EF 4FSWJÎPT 0 /&5 'SBNFXPSL EJTQPOJCJMJ[B EVBT DMBTTFT QBSB GBDJMJUBS FTTF DBEBTUSBNFOUP 6\VWHP6HUYLFH3URFHVV6HUYLFH3URFHVV,QVWDOOHU 6\VWHP6HUYLFH3URFHVV6HUYLFH,QVWDOOHU



&N UFPSJB Ï QPTTÓWFM UFS WÈSJPT TFSWJÎPT IPTQFEBEPT FN VN ÞOJDP QSPDFTTP " DMBTTF 6HUYLFH3URFHVV,QVWDOOHU Ï SFTQPOTÈWFM QPS GB[FS B DPOGJHVSBÎÍP EP QSPDFTTP $BEB TFSWJÎP RVF WBJ TFS IPTQFEBEP OFTTF QSPDFTTP EFWF TFS DPOGJHVSBEP QPS VNB JOTUÉODJB EB DMBTTF 6HUYLFH,QVWDOOHU  1BSB BEJDJPOBS P JOTUBMBEPS OP OPTTP QSPKFUP DPN P 7JTVBM 4UVEJP CBTUB BCSJS P BSRVJWP )LERQDFFL$OHDWRULRFV FN NPEP %FTJHO BCSJS P NFOV EF DPOUFYUP BUSBWÏT EP CPUÍP EJSFJUP EP NPVTF F FYFDVUBS P DPNBOEP "EE *OTUBMMFS DPNP NPTUSB B GJHVSB

 02'(/2 3$5$ 6(59,d26 :,1'2:6



'JHVSB  "EJDJPOBS JOTUBMBEPS QBSB P TFSWJÎP

&TTF DPNBOEP WBJ JODMVJS P BSRVJWP 3URMHFW,QVWDOOHUFV OB TPMVÎÍP 1BSB DPOGJHVSBS PT QBSÉNFUSPT EF JOTUBMBÎÍP EP TFSWJÎP BCSB FTTF BSRVJWP OP NPEP %FTJHO DPNP NPTUSB B GJHVSB

'JHVSB  .PEP %FTJHO EP "SRVJWP 1SPKFDU*OTUBMMFSDT

1BSB DPOGJHVSBS P DPOUFYUP EF TFHVSBOÎB RVF P QSPDFTTP EP TFSWJÎP WBJ SPEBS TFMFDJPOF P DPNQPOFOUF VHUYLFH3URFHVV,QVWDOOHU BCSB B KBOFMB 1SPQFSUJFT BUSBWÏT EB 

 02'(/2 3$5$ 6(59,d26 :,1'2:6

UFDMB ' F BMUFSF B QSPQSJFEBEF $FFRXQW QBSB /RFDO6\VWHP DPNP NPTUSB B GJHVSB

'JHVSB  $POGJHVSBÎÍP EF JOTUBMBÎÍP EP QSPDFTTP

1PS NPUJWPT EF TFHVSBOÎB P SFDPNFOEBEP Ï SPEBS TFSWJÎPT FN DPOUFYUP EF DPOUBT DPN OÓWFM CBJYP EF QSJWJMÏHJP QPS FYFNQMP B DPOUB /FUXPSL 4FSWJDF  /FTTF FYFNQMP VTBSFNPT B DPOUB -PDBM 4ZTUFN QPSRVF VUJMJ[BSFNPT B DMBTTF 6\VWHP1HW+WWS/LVWHQHU  ² QPTTÓWFM VUJMJ[BS FTTB DMBTTF DPN VNB DPOUB NBJT SFTUSJUB NBT VTBSFNPT B DPOUB -PDBM 4ZTUFN QBSB OÍP BVNFOUBS B DPNQMFYJEBEF EP FYFNQMP

1BSB DPOGJHVSBS BT QSPQSJFEBEFT EP TFSWJÎP TFMFDJPOF P DPNQPOFOUF VHUYLFH,QVWDOOHU F BCSB B KBOFMB 1SPQFSUJFT BUSBWÏT EB UFDMB ' "MUFSF PT TFHVJOUFT QBSÉNFUSPT EFTTF DPNQPOFOUF  DBMDVMB VN OÞNFSP EB TFRVÐODJB EF 'JCPOBDDJ BMFBUØSJP 'LVSOD\1DPH  'JCPOBDDJ "MFBUØSJP 6HUYLFH1DPH  'JCPOBDDJ"MFBUPSJP 6WDUW7\SH  .BOVBM 'HVFULSWLRQ

 02'(/2 3$5$ 6(59,d26 :,1'2:6



0T QBSÉNFUSPT 'LVSOD\1DPH F 'HVFULSWLRQ TÍP PT UFYUPT BQSFTFOUBEPT OB GFSSBNFOUB EF HFSFODJBNFOUP EF TFSWJÎPT 8JOEPXT VHUYLFHVPVF  0 QBSÉNFUSP 6HUYLFH1DPH Ï VUJMJ[BEP QFMP QSPHSBNB 6&H[H QBSB JOJDJBS PV QBSBS VN TFSWJÎP QPS NFJP EF DPNBOEP EF MJOIB 0 QBSÉNFUSP 6WDUW7\SH JOEJDB TF P TFSWJÎP WBJ FYFDVUBS BVUPNBUJDBNFOUF BQØT B JOJDJBMJ[BÎÍP EP TJTUFNB PQFSBDJPOBM "QØT DPNQJMBS B TPMVÎÍP DPN FTTBT BMUFSBÎÜFT Ï QPTTÓWFM JOTUBMBS TFSWJÎP OP TJTUFNB PQFSBDJPOBM QFMB GFSSBNFOUB ,QVWDOO8WLOH[H  " GPSNB NBJT GÈDJM EF SPEBS FTTB GFSSBNFOUB Ï QFMP %FWFMPQFS $PNNBOE 1SPNQU EP 7JTVBM 4UVEJP FN NPEP BENJOJTUSBUJWP 4F WPDÐ FTUJWFS VTBOEP P 8JOEPXT  VUJMJ[F B $PSUBOB QBSB FODPOUSBS FTTB GFSSBNFOUB DPNP NPTUSB B GJHVSB P



 02'(/2 3$5$ 6(59,d26 :,1'2:6

'JHVSB  %FWFMPQFS $PNNBOE 1SPNQU EP 7JTVBM 4UVEJP

%FQPJT EF BCSJS P %FWFMPQFS $PNNBOE 1SPNQU DPNP BENJOJTUSBEPS CBTUB FYFDVUBS P DPNBOEP LQVWDOOXWLOH[H QBTTBOEP P DBNJOIP EP FYFDVUÈWFM HFSBEP QFMP OPTTP QSPKFUP DPNP NPTUSB B GJHVSB TFHVJOUF 1BSB EFTJOTUBMBS P TFSWJÎP CBTUB BEJDJPOBS P QBSÉNFUSP X BP DPNBOEP LQVWDOOXWLOH[H 

'JHVSB  $PNBOEP EF JOTUBMBÎÍP EP TFSWJÎP

 02'(/2 3$5$ 6(59,d26 :,1'2:6



$PN P TFSWJÎP JOTUBMBEP BCSB B GFSSBNFOUB 6(59,&(606& MPDBMJ[BEP OB QBTUB 6@ EXIIHU (QFRGLQJ87)*HW%\WHVRXWSXW  UHVSRQVH2XWSXW6WUHDP:ULWHEXIIHU  EXIIHU/HQJWK  UHVSRQVH2XWSXW6WUHDP&ORVH  ` FDWFK 2SHUDWLRQ&DQFHOHG([FHSWLRQ ^ WKURZ ` FDWFK ([FHSWLRQ H[ ^ (YHQW/RJ HO QHZ (YHQW/RJQRPH/RJ(YHQWR  RULJHP/RJ(Y HQWR  HO:ULWH(QWU\(UUR DR SURFHVVDU UHTXLVL§£R?Q  H[7R6WU LQJ  (YHQW/RJ(QWU\7\SH:DUQLQJ LQW ,G(YHQWRV(UUR3URFHVVDPHQWR  ` `

1BSB VUJMJ[BS B OPWB WFSTÍP EB BQMJDBÎÍP TFSÈ OFDFTTÈSJP SFJOTUBMBS P TFSWJÎP QBSB DSJBS B PSJHFN EP -PH EF &WFOUPT 1BSB EFTJOTUBMBS B WFSTÍP BOUFSJPS VTF P DPNBOEP ,167$//87,/(;( DPN P QBSÉNFUSP ߌX F QBTTBOEP P DBNJOIP EP FYFDVUÈWFM EP TFSWJÎP "QØT EFTJOTUBMBS SFJOTUBMF DPN P DPNBOEP ,167$//87,/(;( DPNP NPTUSB B GJHVSB $PNBOEP EF JOTUBMBÎÍP EP TFSWJÎP 

 02'(/2 3$5$ 6(59,d26 :,1'2:6

$POUBEPSFT EF EFTFNQFOIP 0 MPH EF FWFOUPT Ï NVJUP ÞUJM QBSB TBCFS TF IPVWF BMHVN QSPCMFNB EVSBOUF B FYFDVÎÍP EP OPTTP TFSWJÎP NBT OÍP GPSOFDF JOGPSNBÎÜFT TPCSF P TFV EFTFNQFOIP /PSNBMNFOUF FN BNCJFOUF EF QSPEVÎÍP UBNCÏN Ï JNQPSUBOUF GPSOFDFS JOEJDBEPSFT EF EFTFNQFOIP QBSB RVF BÎÜFT TFKBN UPNBEBT SBQJEBNFOUF DBTP B BQMJDBÎÍP DPNFDF B NPTUSBS BMHVN TJOBM EF EFHSBEBÎÍP /P BNCJFOUF 8JOEPXT B GPSNB QBESÍP EF GPSOFDFS JOEJDBEPSFT EF EFTFNQFOIP Ï QFMPT DPOUBEPSFT EF EFTFNQFOIP &TTFT DPOUBEPSFT QPEFN TFS WJTVBMJ[BEPT HSBGJDBNFOUF BUSBWÏT EB GFSSBNFOUB .POJUPS EF %FTFNQFOIP 3(5)021(;(

F UPEBT GFSSBNFOUBT EF NPOJUPSBÎÍP EF EBUBDFOUFST DPOTFHVFN MFS FTTFT DPOUBEPSFT F HFSBS BMFSUBT QPS NFJP EF DPOGJHVSBÎÍP EF WBMPSFT MJNJUFT 1BSB HFSBS DPOUBEPSFT EF EFTFNQFOIP QSFDJTBNPT SFHJTUSBS B DBUFHPSJB F PT DPOUBEPSFT QSPQSJBNFOUF EJUPT OP TJTUFNB PQFSBDJPOBM 0 /&5 'SBNFXPSL EJTQPOJCJMJ[B B DMBTTF 6\VWHP'LDJQRVWLFV3HUIRUPDQFH&RXQWHU,QVWDOOHU QBSB GBDJMJUBS FTTF SFHJTUSP /FTTF FYFNQMP VUJMJ[BSFNPT VNB DBUFHPSJB DPN OPNF 'JCPOBDDJ "MFBUØSJP F USÐT DPOUBEPSFT 5BYB EF SFRVJTJÎÜFT RVBOUJEBEF EF SFRVJTJÎÜFT QSPDFTTBEBT QPS TFHVOEP 5FNQP EF FYFDVÎÍP UFNQP HBTUP QBSB QSPDFTTBS VNB SFRVJTJÎÍP FN NJMJTTFHVOEPT 5BYB EF FSSP RVBOUJEBEF EF FSSPT EF QSPDFTTBNFOUP QPS TFHVOEP 0T OPNFT EB DBUFHPSJB F DPOUBEPSFT EF EFTFNQFOIP TFSÍP EFGJOJEPT DPNP DPOTUBOUFT OB DMBTTF )LERQDFFL$OHDWRULR DPNP  02'(/2 3$5$ 6(59,d26 :,1'2:6



NPTUSB P DØEJHP SXEOLF SDUWLDO FODVV )LERQDFFL$OHDWRULR  6HUYLFH%DVH ^ SXEOLF FRQVW VWULQJ 1RPH&DWHJRULD&RQWDGRU'HVHPSHQKR )LERQDF FL $OHDW³ULR SXEOLF FRQVW VWULQJ 1RPH&RQWDGRU7D[D5HTXLVLFRHV 7D[D GH UHT XLVL§µHV SXEOLF FRQVW VWULQJ 1RPH&RQWDGRU7HPSR([HFXFDR 7HPSR GH H[HF X§£R SXEOLF FRQVW VWULQJ 1RPH&RQWDGRU7D[D(UUR 7D[D GH HUUR 3HUIRUPDQFH&RXQWHU WD[D5HTXLVLFRHV QHZ 3HUIRUPDQFH&RXQWHU 1RPH&DWHJRULD&RQWDGRU'HVHPSHQKR 1RPH&RQWDGRU7D[D5HTXLVLFR HV IDOVH  3HUIRUPDQFH&RXQWHU WHPSR([HFXFDR QHZ 3HUIRUPDQFH&RXQWHU 1RPH&DWHJRULD&RQWDGRU'HVHPSHQKR 1RPH&RQWDGRU7HPSR([HFXFDR  IDOVH  3HUIRUPDQFH&RXQWHU WD[D(UUR QHZ 3HUIRUPDQFH&RXQWHU 1RPH&DWHJRULD&RQWDGRU'HVHPSHQKR 1RPH&RQWDGRU7D[D(UUR IDO VH 

6TBSFNPT B DMBTTF 3HUIRUPDQFH&RXQWHU,QVWDOOHU OP DPOTUSVUPS EB DMBTTF 3URMHFW,QVWDOOHU DPNP NPTUSB P DØEJHP TFHVJOUF 3FQBSF DPNP VUJMJ[BNPT EPJT UJQPT EF DPOUBEPSFT  DPOUBEPSFT EFTTF UJQP TÍP NPTUSBEPT DPNP UBYB QPS TFHVOEP 5PEB WF[ RVF DPNQMFUBSNPT VNB PQFSBÎÍP FTTF DPOUBEPS EFWF TFS JODSFNFOUBEP 1XPEHU2I,WHPV  P WBMPS EFTTF UJQP EF DPOUBEPS EFWF TFS HSBWBEP EJSFUBNFOUF QFMB BQMJDBÎÍP /ÍP Ï GFJUB OFOIVNB PQFSBÎÍP QBSB DPOWFSUFS P WBMPS EF DPOUBEPSFT EFTTF UJQP 5DWH2I&RXQWV3HU6HFRQG

SXEOLF 3URMHFW,QVWDOOHU ^ ,QLWLDOL]H&RPSRQHQW  (YHQW/RJ,QVWDOOHU HOL QHZ (YHQW/RJ,QVWDOOHU  HOL6RXUFH )LERQDFFL$OHDWRULR2ULJHP/RJ(YHQWR HOL/RJ )LERQDFFL$OHDWRULR1RPH/RJ(YHQWR ,QVWDOOHUV$GGHOL 



 02'(/2 3$5$ 6(59,d26 :,1'2:6

3HUIRUPDQFH&RXQWHU,QVWDOOHU SFL QHZ 3HUIRUPDQFH&RXQWHU,QVWDO OHU  SFL&DWHJRU\1DPH )LERQDFFL$OHDWRULR1RPH&DWHJRULD&RQWDGRU'HV HPSHQKR SFL&DWHJRU\+HOS ,QIRUPD§£R GH GHVHPSHQKR GR VHUYL§R )LERQDFFL $OHDW³ULR  SFL&DWHJRU\7\SH 3HUIRUPDQFH&RXQWHU&DWHJRU\7\SH6LQJOH,QVWDQ FH &RXQWHU&UHDWLRQ'DWD&ROOHFWLRQ GDGRV QHZ &RXQWHU&UHDWLRQ'DWD&ROOHFWLRQ  &RXQWHU&UHDWLRQ'DWD GDGR QHZ &RXQWHU&UHDWLRQ'DWD  GDGR&RXQWHU1DPH )LERQDFFL$OHDWRULR1RPH&RQWDGRU7D[D5HTXLVLF RHV GDGR&RXQWHU+HOS 4XDQWLGDGH GH UHTXLVL§µHV SURFHVVDGDV SRU VHJXQGR GDGR&RXQWHU7\SH 3HUIRUPDQFH&RXQWHU7\SH5DWH2I&RXQWV3HU6HFRQ G GDGRV$GGGDGR  GDGR QHZ &RXQWHU&UHDWLRQ'DWD  GDGR&RXQWHU1DPH )LERQDFFL$OHDWRULR1RPH&RQWDGRU7HPSR([HFXFD R GDGR&RXQWHU+HOS 7HPSR JDVWR SDUD SURFHVVDU XPD UHTXLVL§£R HP PLOLVVHJXQGR V GDGR&RXQWHU7\SH 3HUIRUPDQFH&RXQWHU7\SH1XPEHU2I,WHPV GDGRV$GGGDGR  GDGR QHZ &RXQWHU&UHDWLRQ'DWD  GDGR&RXQWHU1DPH )LERQDFFL$OHDWRULR1RPH&RQWDGRU7D[D(UUR GDGR&RXQWHU+HOS 4XDQWLGDGH GH HUURV GH SURFHVVDPHQWR SRU V HJXQGR GDGR&RXQWHU7\SH 3HUIRUPDQFH&RXQWHU7\SH5DWH2I&RXQWV3HU6HFRQ G GDGRV$GGGDGR  SFL&RXQWHUV$GG5DQJHGDGRV  ,QVWDOOHUV$GGSFL  `

$PN

FTTFT

DPOUBEPSFT

NPEJGJDBSFNPT P NÏUPEP )LERQDFFL$OHDWRULR3URFHVVDU5HTXLVLFDR QBSB BUVBMJ[BS PT TFVT WBMPSFT " DMBTTF 6\VWHP'LDJQRVWLFV6WRSZDWFK TFSÈ VUJMJ[BEB QBSB DBMDVMBS P UFNQP HBTUP OP QSPDFTTBNFOUP 4F P

 02'(/2 3$5$ 6(59,d26 :,1'2:6



QSPDFTTBNFOUP UFSNJOBS DPN TVDFTTP JODSFNFOUBSFNPT P DPOUBEPS EF UBYB EF SFRVJTJÎÜFT F BUVBMJ[BSFNPT P DPOUBEPS EF UFNQP EF SFRVJTJÎÍP $BTP PDPSSB VNB FYDFÎÍP JODSFNFOUBSFNPT P DPOUBEPS UBYB EF FSSP 0 DØEJHP B TFHVJS NPTUSB DPNP BUVBMJ[BS FTTFT DPOUBEPSFT SULYDWH YRLG 3URFHVVDU5HTXLVLFDR+WWS/LVWHQHU&RQWH[W FRQWH[W &DQF HOODWLRQ7RNHQ FW ^ WU\ ^ FW7KURZ,I&DQFHOODWLRQ5HTXHVWHG  6WRSZDWFK VZ VZ6WDUW 

QHZ 6WRSZDWFK 

+WWS/LVWHQHU5HVSRQVH UHVSRQVH FRQWH[W5HVSRQVH LQW DOHDWRULR JHUDGRU$OHDWRULR1H[W  XORQJ ILERQDFFL &DOFXODU)LERQDFFL&DQFHODYHODOHDWRULR F W  VWULQJ RXWSXW KWPO!ERG\!)LERQDFFL^DOHDWRULR` ^ILERQDFFL`ERG\!KWP O! E\WH>@ EXIIHU (QFRGLQJ87)*HW%\WHVRXWSXW  UHVSRQVH2XWSXW6WUHDP:ULWHEXIIHU  EXIIHU/HQJWK  UHVSRQVH2XWSXW6WUHDP&ORVH  VZ6WRS  WD[D5HTXLVLFRHV,QFUHPHQW  WHPSR([HFXFDR5DZ9DOXH VZ(ODSVHG0LOOLVHFRQGV ` FDWFK 2SHUDWLRQ&DQFHOHG([FHSWLRQ ^ WKURZ ` FDWFK ([FHSWLRQ H[ ^ (YHQW/RJ HO QHZ (YHQW/RJ1RPH/RJ(YHQWR  2ULJHP/RJ(Y HQWR  HO:ULWH(QWU\(UUR DR SURFHVVDU UHTXLVL§£R?Q  H[7R6WU LQJ  (YHQW/RJ(QWU\7\SH:DUQLQJ LQW ,G(YHQWRV(UUR3URFHVVDPHQWR  WD[D(UUR,QFUHPHQW  `



 02'(/2 3$5$ 6(59,d26 :,1'2:6

`

$PN FTTBT BMUFSBÎÜFT QPEFNPT DPNQJMBS B TPMVÎÍP F SFJOTUBMBS P TFSWJÎP BUSBWÏT EP DPNBOEP ,167$//87,/(;( QBSB DBEBTUSBS PT DPOUBEPSFT EF EFTFNQFOIP 1BSB WJTVBMJ[BS FTTFT DPOUBEPSFT VUJMJ[F B GFSSBNFOUB .POJUPS EF %FTFNQFOIP 3(5)021(;(  $PN P TFV OBWFHBEPS QSFGFSJEP UFOUF FOWJBS BMHVNBT SFRVJTJÎÜFT QBSB P TFSWJÎP QFMP FOEFSFÎP IUUQMPDBMIPTUGJCPOBDDJ 4F UVEP FTUJWFS DFSUP PT WBMPSFT EPT DPOUBEPSFT EFWFN TFS BUVBMJ[BEPT DPNP NPTUSB B GJHVSB B TFHVJS

4F P TFSWJÎP SPEBS FN VN DPOUFYUP EF VN VTVÈSJP RVF OÍP TFKB BENJOJTUSBEPS FMF EFWF TFS JODMVÓEP OP HSVQP 646«3*04 %& .0/*503 %& %&4&.1&/)0 1FSGPSNBODF .POJUPS 6TFST QBSB QPEFS BUVBMJ[BS PT DPOUBEPSFT EF EFTFNQFOIP

'JHVSB  $POUBEPSFT EF EFTFNQFOIP EP TFSWJÎP

3FTVNJOEP /FTUF DBQÓUVMP WJNPT DPNP DSJBS VN TFSWJÎP 8JOEPXT RVF JOUFSBHF DPSSFUBNFOUF DPN P (FSFODJBEPS EF $POUSPMF EF 4FSWJÎPT &MF FTUÈ QSFQBSBEP QBSB DPOGJHVSBS PT SFDVSTPT EP TJTUFNB  02'(/2 3$5$ 6(59,d26 :,1'2:6



PQFSBDJPOBM OFDFTTÈSJPT QBSB B TVB FYFDVÎÍP DBEBTUSBNFOUP EP TFSWJÎP PSJHFN EF -PH EF &WFOUPT F DPOUBEPSFT EF EFTFNQFOIP  "MÏN EJTTP P TFSWJÎP FTUÈ JOTUSVNFOUBOEP F QPEF TFS NPOJUPSBEP GBDJMNFOUF RVBOEP FTUJWFS FYFDVÎÍP FN VN BNCJFOUF EF QSPEVÎÍP DPOUSPMBEP

3&'&3³/$*"4 8JOEPXT TFSWJDFT  IUUQTNTEONJDSPTPGUDPNFO VTMJCSBSZXJOEPXTEFTLUPQNTBTQY 4FSWJDFT $POUSPM .BOBHFS IUUQTNTEONJDSPTPGUDPNFO VTMJCSBSZXJOEPXTEFTLUPQNTBTQY

4$.



"41/&5 8FC "1*  IUUQXXXBTQOFUXFCBQJ 8JOEPXT $PNNVOJDBUJPO 'PVOEBUJPO IUUQTNTEONJDSPTPGUDPNFOVTMJCSBSZEEBTQY



8JOEPXT 1SPDFTT "DUJWBUJPO 4FSWJDF IUUQTNTEONJDSPTPGUDPNFOVTMJCSBSZNTBTQY



4$FYF  IUUQTUFDIOFUNJDSPTPGUDPNFO VTMJCSBSZEBBBEEGDEFECG *OTUBMM6UJMFYF  VTMJCSBSZFBTQY

IUUQTNTEONJDSPTPGUDPNFO

$PSUBOB  IUUQXJOEPXTNJDSPTPGUDPNFOVTXJOEPXT HFUTUBSUFEXIBUJTDPSUBOB -JNJUF EF UFNQP EP 4$/  IUUQTTVQQPSUNJDSPTPGUDPNFO VTLC 5BTL 1BSBMMFM -JCSBSZ 51-  IUUQTNTEONJDSPTPGUDPNFO 

 02'(/2 3$5$ 6(59,d26 :,1'2:6

VTMJCSBSZEEBTQY 4ZTUFN%JBHOPTUJDT1FSGPSNBODF$PVOUFS*OTUBMMFS  IUUQTNTEONJDSPTPGUDPNFO VTMJCSBSZTZTUFNEJBHOPTUJDTQFSGPSNBODFDPVOUFSJOTUBMMFSBTQ Y 4ZTUFN%JBHOPTUJDT4UPQXBUDI IUUQTNTEONJDSPTPGUDPNFO VTMJCSBSZTZTUFNEJBHOPTUJDTTUPQXBUDIBTQY

 65*-*;"/%0 */%*$"5*0/4

4&37&3



/".&

1PS -FBOESP "MNFJEB i/ÍP DPOTJHP DPOGJHVSBS NBJT EF VN 8FC4JUF )5514 TFN RVF IBKB B OFDFTTJEBEF EF VN *1 BEJDJPOBM QBSB B MJHBÎÍP CJOEJOH

)551w %VSBOUF P JOÓDJP EP QSPDFTTP EF DSJQUPHSBGJB EF SFRVJTJÎÜFT P )PTU )FBEFS OÍP FTUÈ EJTQPOÓWFM QBSB P TFSWJEPS 4FOEP BT ÞOJDBT JOGPSNBÎÜFT EJTQPOÓWFJT PT *1T EF EFTUJOP F B QPSUB EF EFTUJOP %FWJEP B FTTB SFTUSJÎÍP EP QSPUPDPMP RVBOEP DPOGJHVSBEP NBJT EF VN XFCTJUF )5514 OP TFSWJEPS XFC OÍP Ï QPTTÓWFM FODBNJOIBS B SFRVJTJÎÍP )5514 QBSB P XFCTJUF DPSSFUP DBTP OÍP IBKB VN *1 EFEJDBEP F DPOGJHVSBEP OB MJHBÎÍP CJOEJOH EP XFCTJUF 4FSWFS /BNF *OEJDBUJPOT TÍP VNB FYUFOTÍP EP QSPUPDPMP 44-5-4 4FDVSF 4PDLFUT -BZFS5SBOTQPSU -BZFS 4FDVSJUZ

OB RVBM P TFSWFS OBNF OPNF EP TFSWJEPS TFSÈ GPSOFDJEP QPTTJCJMJUBOEP BTTJN RVF P **4 *OUFSOFU *OGPSNBUJPO 4FSWJDFT JEFOUJGJRVF RVBM Ï P XFCTJUF DPSSFUP 0 DMJFOUF FOWJB B NFOTBHFN iDMJFOUIFMMPw RVF DPOUÏN B

 87,/,=$1'2 6(59(5 1$0( ,1',&$7,216



FYUFOTÍP 4FSWFS /BNF *OEJDBUJPO OP JOÓDJP EP QSPDFTTP EF OFHPDJBÎÍP QBSB FTUBCFMFDFS VNB DPOFYÍP TFHVSB QSPDFTTP DPOIFDJEP DPNP iIBOETIBLFw  0 **4  EJTQPOÓWFM OP 8JOEPXT 4FSWFS  TVQPSUB 4FSWFS /BNF *OEJDBUJPOT %FTUB GPSNB UPSOBTF QPTTÓWFM DPOGJHVSBS B QSPQSJFEBEF KRVW QDPH OP CJOEJOH EF XFCTJUFT )5514 *TTP QPTTJCJMJUB P **4 FODBNJOIBS B SFRVJTJÎÍP QBSB P XFCTJUF DPSSFUP TFN B OFDFTTJEBEF EF VN *1 EFEJDBEP QBSB P XFCTJUF

)BCJMJUBOEP 4FSWFS /BNF *OEJDBUJPO 1BSB IBCJMJUBS P 4FSWFS /BNF *OEJDBUJPO OP **4  TFSÈ VUJMJ[BEB B JOUFSGBDF HSÈGJDB EF BENJOJTUSBÎÍP EP **4 0 4FSWFS /BNF *OEJDBUJPO Ï IBCJMJUBEP EVSBOUF B DPOGJHVSBÎÍP EF CJOEJOH EP XFCTJUF 1BSB JTUP Ï OFDFTTÈSJP DPOGJHVSBS P KRVW QDPH DPN B 63EB BQMJDBÎÍP RVF TFSÈ FYQPTUB F TFMFDJPOBS B PQÎÍP i3FRVJSF 4FSWFS /BNF *OEJDBUJPOw DPOGPSNF FYJCJEP OB GJHVSB B TFHVJS

'JHVSB  )BCJMJUBOEP 4FSWFS /BNF *OEJDBUJPO

%FOUSP EP BSRVJWP EF DPOGJHVSBÎÍP EP **4 DIBNBEP 

 87,/,=$1'2 6(59(5 1$0( ,1',&$7,216

BSRVJWP POEF Ï BSNB[FOBEP BT DPOGJHVSBÎÜFT DPNVOT EP **4

QPEFNPT WJTVBMJ[BS B DPOGJHVSBÎÍP EP 4FSWFS /BNF *OEJDBUJPO QFMB QSPQSJFEBEF VVO)ODJV OBT DPOGJHVSBÎÜFT EPT CJOEJOHT EPT XFCTJUFT &TTB QSPQSJFEBEF JOEJDB RVF P XFCTJUF RVF P **4 FYQPTUP VUJMJ[B 4FSWFS /BNF *OEJDBUJPOT $SSOLFDWLRQ+RVW&RQILJ

" UBCFMB B TFHVJS EFTDSFWF PT QPTTÓWFJT WBMPSFT TVQPSUBEPT QBSB B QSPQSJFEBEF VVO)ODJV  4TM'MBHT

%FTDSJÎÍP



4/* OÍP DPOGJHVSBEP



4/* DPOGJHVSBEP



4/* OÍP DPOGJHVSBEP VTBOEP $FSUJGJDBEP $FOUSBMJ[BEP QFSNJUF P BENJOJTUSBEPS EP TFSWJEPS BSNB[FOBS F BDFTTBS PT DFSUJGJDBEPT BUSBWÏT EF VN DPNQBSUJMIBNFOUP



4/* DPOGJHVSBEP VTBOEP $FSUJGJDBEP $FOUSBMJ[BEP

$PNP GVODJPOB PT 4FSWFS /BNF *OEJDBUJPOT %VSBOUF P QSPDFTTP EF IBOETIBLF P DMJFOUF FOWJB VNB NFOTBHFN DMJFOUIFMMP QBSB P TFSWJEPS F BHVBSEB B TVB SFTQPTUB /P DPOUFÞEP EB NFOTBHFN DMJFOUIFMMP Ï FOWJBEB B FYUFOTÍP 6HUYHU 1DPH GJHVSB B TFHVJS

DPOUFOEP P XFCTJUF RVF TFSÈ SFTQPOTÈWFM QPS SFDFCFS B SFRVJTJÎÍP

 87,/,=$1'2 6(59(5 1$0( ,1',&$7,216



'JHVSB  4FSWFS /BNF &YUFOTJPO

2VBOEP B SFRVJTJÎÍP DIFHB BP TFSWJEPS XFC P **4 JEFOUJGJDB RVF P DMJFOUF TVQPSUB 4FSWFS /BNF *OEJDBUJPOT QPS NFJP EF VN NØEVMP DIBNBEP +773V\V  &TUF GB[ QBSUF EP LFSOFM EP 8JOEPXT F TVB GVOÎÍP Ï SFDFCFS SFRVJTJÎÜFT )551 F USBOTGFSJMBT BP **4 "TTJN BQØT B JEFOUJGJDBÎÍP F P FODBNJOIBNFOUP EB SFRVJTJÎÍP QBSB P XFCTJUF P TFV QSPDFTTBNFOUP Ï JOJDJBEP

3FTVNJOEP " VUJMJ[BÎÍP EF 4FSWFS /BNF *OEJDBUJPOT QSPQPSDJPOB EPJT CFOFGÓDJPT  "VNFOUP EB FTDBMBCJMJEBEF F EB TFHVSBOÎB QPJT QFSNJUF BEJDJPOBS RVBOUPT TJUFT TFHVSPT GPSFN OFDFTTÈSJPT B VN NFTNP TFSWJEPS  3FEVÎÍP OP OÞNFSP EF *1T FN VTP QPJT OÍP TF GB[ NBJT OFDFTTÈSJB B VUJMJ[BÎÍP EF VN *1 FYDMVTJWP B VN ÞOJDP TJUF TFHVSP 0 VTP EF 4FSWFS /BNF *OEJDBUJPOT QPTTVJ VNB ÞOJDB SFTTBMWB P CSPXTFS EP DMJFOUF QSFDJTB TVQPSUB B FYUFOTÍP %VSBOUF B FTDSJUB EFTUF MJWSP B NBJPSJB EPT CSPXTFST TVQPSUB P 4FSWFS /BNF 

 87,/,=$1'2 6(59(5 1$0( ,1',&$7,216

*OEJDBUJPOT 0 IUUQTFOXJLJQFEJBPSHXJLJ4FSWFS@/BNF@*OEJDBUJPO JOGPSNBÎÜFT SFMBDJPOBEBT BPT CSPXTFST TVQPSUBEPT

MJOL BQSFTFOUB

3&'&3³/$*"4 *OUSPEVDUJPO UP "QQMJDBUJPO)PTU$POGJH IUUQXXXJJTOFUMFBSOHFUTUBSUFEQMBOOJOHZPVSJJT BSDIJUFDUVSFJOUSPEVDUJPOUPBQQMJDBUJPOIPTUDPOGJH

o

**4  $FOUSBMJ[FE 44- $FSUJGJDBUF 4VQQPSU  44- 4DBMBCJMJUZ BOE .BOBHFBCJMJUZ o IUUQXXXJJTOFUMFBSOHFUTUBSUFEXIBUT OFXJOJJTJJTDFOUSBMJ[FETTMDFSUJGJDBUFTVQQPSUTTM TDBMBCJMJUZBOENBOBHFBCJMJUZ

 $0/$-64°0 %VSBOUF FTUF DBQÓUVMP EJTDVUJSBNTF QSPCMFNBT DPNVOT BPT UJNFT EF EFTFOWPMWJNFOUP /PUBTF RVF QBSB SFTPMVÎÍP EB NBJPSJB EFTUFT QSPCMFNBT OÍP OPT CBTUB FOUFOEFS P RVF DBEB FMFNFOUP EP /&5 'SBNFXPSL GB[ Ï QSFDJTP DPNQSFFOEFS DPNP FTUFT FMFNFOUPT EFWFN TFS DPNCJOBEPT QBSB DSJBÎÍP EF TPMVÎÜFT SPCVTUBT 1MBOFKBS OPWBT EFNBOEBT F HFSFODJBS BUJWJEBEFT EFGJOJUJWBNFOUF OÍP TÍP UBSFGBT GÈDFJT 3FTQPOEFS B GFFECBDLT F BVNFOUBS B RVBMJEBEF OP DJDMP EF WJEB EPT QSPKFUPT QPEFN TFS BT TPMVÎÜFT /P QSØYJNP DBQÓUVMP TFSÍP BQSFTFOUBEBT UÏDOJDBT ÈHFJT QBSB QMBOFKBS SFRVJTJUPT HFSJS EFNBOEBT DPOUSPMBS P DØEJHPGPOUF EF GPSNB EJTUSJCVÓEB USBCBMIBS FN DPOKVOUP DPN GÈCSJDBT EF TPGUXBSF QBSB VNB EFNBOEB FN DPNVN F GBDJMJUBS B GPSNB DPN RVF PT USBCBMIPT TÍP HFSJEPT

 &21&/86­2



&$3Ë78/2 

1-"/&+".&/50 & (&45°0 %& %&."/%"4

6N EPT HSBOEFT EFTBGJPT EF RVFN EFTFOWPMWF F FOUSFHB TPGUXBSF Ï QMBOFKBS F HFSJS TVBT EFNBOEBT $PN VN CPN QMBOFKBNFOUP EF QSPKFUPT F VNB HFTUÍP EF EFNBOEBT JOUFMJHFOUF Ï QPTTÓWFM UJSBS NBJPS QSPWFJUP EPT SFDVSTPT EP QSPKFUP QBSB USB[FS NBJPS WBMPS BP OFHØDJP QSJODJQBMNFOUF QPS UFS DPOTDJÐODJB EP RVF WFN QFMB GSFOUF $POTFHVJS PSHBOJ[BS DPOTUSVJS F QSJPSJ[BS VN CBDLMPH DPOTJTUFOUF EF BDPSEP DPN B OFDFTTJEBEF EPT JOUFSFTTBEPT Ï VNB BSUF OBEB GÈDJM EF EPNJOBS " TFHVJS TFSÍP BCPSEBEBT BMHVNBT GPSNBT EF UFS TVDFTTP OPT QSØYJNPT QSPKFUPT EFTEF OPWBT GPSNBT EF QMBOFKBS TFVT SFRVJTJUPT DPN QSÈUJDBT ÈHFJT BUÏ GPSNBT EF HVJBS P QSPKFUP CBTFBEP FN GFFECBDL

 130#-&."4 /" (&45°0 %& 3&26*4*504 & 46"4 13*/$*1"*4 $"64"4 1PS -VJ[ .BDFEP i0T SFRVJTJUPT OÍP FTUÍP SFGMFUJOEP BT SFBJT OFDFTTJEBEFT EPT VTVÈSJPT &MFT FTUÍP JODPNQMFUPT F JODPOTJTUFOUFT *TTP BDPOUFDFV QPSRVF QBTTBSBN QPS NVJUBT NVEBOÎBT BQØT B BQSPWBÎÍP *TTP FTUÈ HFSBOEP SFUSBCBMIP BUSBTPT OP DSPOPHSBNB F DMBSP NBJT DVTUP QBSB P QSPKFUPw



 3/$1(-$0(172 ( *(67­2 '( '(0$1'$6

&N NÏEJB  EPT EFGFJUPT EPT TJTUFNBT TÍP QSPEVUP EF FSSPT OPT SFRVJTJUPT .VJUBT GVODJPOBMJEBEFT FOUSFHVFT OÍP TÍP F OVODB TFSÍP VUJMJ[BEBT -FWBOEP FN DPOTJEFSBÎÍP RVF P EFTFOWPMWJNFOUP EF TPGUXBSF Ï DSÓUJDP QBSB P OFHØDJP F OPSNBMNFOUF BUSBTPT FN FOUSFHBT UÐN VN JNQBDUP SFBM 1BSUF EFTTBT BGJSNBÎÜFT GB[ NVJUP TFOUJEP NBT QPS RVF PT SFRVJTJUPT OÍP FTUÍP SFGMFUJOEP BT OFDFTTJEBEFT EP VTVÈSJP &TTFT NFTNPT SFRVJTJUPT TÍP EFUBMIBEPT OP JOÓDJP EP EFTFOWPMWJNFOUP 2VBOEP JTTP BDPOUFDF OPSNBMNFOUF Ï QPSRVF FTUÍP TFOEP EFGJOJEPT RVBOEP BJOEB OÍP FYJTUF DPOIFDJNFOUP TVGJDJFOUF TPCSF P TPGUXBSF 0T QSPCMFNBT EFTTB BCPSEBHFN Ï RVF B NBJPS QBSUF EBT EFDJTÜFT Ï UPNBEB DPN CBTF FN TVQPTJÎÜFT HFSBOEP QSPCMFNBT DPNP P HSBOEF OÞNFSP EF EFGFJUPT DBVTBEPT QPS FSSP EF SFRVJTJUPT JODPNQMFUPT PV BUÏ NFTNP FTGPSÎP HBTUP FN GVODJPOBMJEBEFT RVF OÍP TÍP SFMFWBOUFT PV OÍP USB[FN WBMPS QBSB P QSPEVUP BVNFOUBOEP BTTJN P QSB[P F DVTUP EPT QSPKFUPT 5PEBT FTTBT RVFTUÜFT MFWBN Ë DPOTFRVÐODJB EB NVEBOÎB P UJNF JOWFTUF HSBOEF FTGPSÎP OP JOÓDJP EP DJDMP EF EFTFOWPMWJNFOUP DPN HSBOEFT FTQFDJGJDBÎÜFT QBSB FWJUBS NVEBOÎBT .BT BP OÍP DPOTFHVJS FWJUÈMBT BDBCBN HFSBOEP SFUSBCBMIP BUSBTPT OBT FOUSFHBT F NBJPSFT DVTUPT BP QSPKFUP " ÞMUJNB F VNB EBT QSJODJQBJT DBVTBT Ï B DPNVOJDBÎÍP JOFGJDJFOUF F B GBMUB EF FOWPMWJNFOUP EPT JOUFSFTTBEPT OP QSPKFUP TUBLFIPMEFST  .BT QBSB JTTP WFKB P UØQJDP TPCSF i1MBOFKBNFOUP EF QSPKFUP HVJBEP B GFFECBDLw

3FRVJTJUPT ÈHFJT 'B[FOEP VN DPNQBSBUJWP BP NPEFMP USBEJDJPOBM F P NPEFMP ÈHJM UFNPT SFRVJTJUPT RVF FSBN EFTFOWPMWJEPT UPUBMNFOUF OP JOÓDJP EP QSPDFTTP EF EFTFOWPMWJNFOUP F UPEP P SFTUBOUF EP QSPDFTTP FSB  352%/(0$6 1$ *(67­2 '( 5(48,6,726 ( 68$6 35,1&,3$,6 &$86$6



CBTFBEP OFTTFT SFRVJTJUPT /PSNBMNFOUF FSBN GFJUBT CBTFMJOFT TPCSF FTTFT SFRVJTJUPT PT RVBJT OÍP QPEFSJBN TFS BMUFSBEPT TFN VNB TPMJDJUBÎÍP EF NVEBOÎB B RVBM QBTTBSJB QPS VN DPNJUÐ EF BQSPWBÎÍP /PWBNFOUF FTTFT SFRVJTJUPT OÍP FSBN GMFYÓWFJT

+È OP NPEFMP ÈHJM B DBEB JODSFNFOUP PV JUFSBÎÍP TF FTQFSB RVF UFOIB VNB WFSTÍP EP TPGUXBSF GVODJPOBOEP F QSPOUP QBSB TFS VUJMJ[BEP &TTF NPEFMP QFSNJUF VNB SFTQPTUB NBJT SÈQJEB QBSB NVEBOÎBT F TVQPSUB P NPEFMP .PEFSOP EF "-. DIBNBEP EF BEBQUJWF QMBOOJOH DPN GPDP FN FOUSFHBS P NÈYJNP WBMPS QPTTÓWFM BP OFHØDJP "MÏN EJTTP PT SFRVJTJUPT TÍP EFTFOWPMWJEPT DPN P GFFECBDL DPOUJOVP EPT TUBLFIPMEFST UPSOBOEPPT BTTJN NVJUP NBJT DPOTJTUFOUFT FN DBEB JUFSBÎÍP $PN HSBOEF GPDP FN DPMBCPSBÎÍP VTVÈSJPT TUBLFIPMEFST

EFTFOWPMWFEPSFT UFTUFST PQFSBÎÜFT FUD UPEP P UJNF USBCBMIB FN DPOKVOUP QBSB EFGJOJS PT SFRVJTJUPT F HFSFODJBS BT EFNBOEBT /FN UPEP SFRVJTJUP TFSÈ JOUFJSBNFOUF EFGJOJEP OP JOÓDJP EP QSPKFUP BTTJN 

 352%/(0$6 1$ *(67­2 '( 5(48,6,726 ( 68$6 35,1&,3$,6 &$86$6

P UJNF USBCBMIB FN SFRVJTJUPT NFOPSFT F DPN NBJT WBMPS JNFEJBUP BP VTVÈSJP F DPOUJOVB EFGJOJOEP NFMIPS PT SFRVJTJUPT QBSB BT QSØYJNBT JUFSBÎÜFT EF BDPSEP DPN PT GFFECBDLT

1POUPT JNQPSUBOUFT 0T SFRVJTJUPT EFWFN TFS NPEFMBEPT EFUBMIBEPT BOBMJTBEPT F SFWJTBEPT EVSBOUF UPEP P QSPKFUP 0T SFRVJTJUPT QPEFN TFS BMUFSBEPT B RVBMRVFS NPNFOUP QBSB RVF P VTVÈSJP QPTTB UJSBS P NBJPS QSPWFJUP EP EFTFOWPMWJNFOUP ² FYUSFNBNFOUF OFDFTTÈSJP HFSFODJÈMPT EF BDPSEP DPN BT QSJPSJEBEFT EFGJOJEBT DPN P TUBLFIPMEFS 0T SFRVJTJUPT QPTTVFN OÓWFJT EF EFUBMIFT EJGFSFOUFT SFGJOBNFOUP QSPHSFTTJWP  $SJBS NPEFMBHFOT RVF GBDJMJUBN P FOUFOEJNFOUP F DPMBCPSBÎÍP EF UPEPT PT TUBLFIPMEFST 6TFS 4UPSJFT 4UPSZCPBSEJOH FUD

6TFS 4UPSJFT 6NB EBT GPSNBT EF USBCBMIBS DPN QMBOFKBNFOUP ÈHJM VTBOEP P 5'4 5FBN 'PVOEBUJPO 4FSWFS Ï VUJMJ[BS 6TFS 4UPSJFT 0 PCKFUJWP QSJODJQBM Ï DSJBS VNB TJNQMFT F CSFWF EFTDSJÎÍP EP RVF Ï OFDFTTÈSJP QBSB P DMJFOUF UFS OP QSPEVUP SFQSFTFOUBOEP VNB OFDFTTJEBEF EP  352%/(0$6 1$ *(67­2 '( 5(48,6,726 ( 68$6 35,1&,3$,6 &$86$6



VTVÈSJP PV EFTDSJÎÍP EF VNB GVODJPOBMJEBEF EP TPGUXBSF 1BSB NPEFMBS PT QBQÏJT EF VTVÈSJPT BMHVNBT QSFNJTTBT EFWFN TFS MFWBEBT FN DPOTJEFSBÎÍP &WJUBS VTVÈSJP HFOÏSJDP -FWBS FN DPOTJEFSBÎÍP EJGFSFOUFT QFSTQFDUJWBT F PCKFUJWPT %FTDPCSJS OPWBT 6TFS 4UPSJFT

6N FYFNQMP EF QBESÍP QBSB TFS VTBEP OB EFTDSJÎÍP EF 6TFS 4UPSJFT Ï



 352%/(0$6 1$ *(67­2 '( 5(48,6,726 ( 68$6 35,1&,3$,6 &$86$6

6UJMJ[BÎÍP

"MHVNBT QSFDBVÎÜFT EFWFN TFS UPNBEBT QBSB OÍP DSJBS 6TFS 4UPSJFT EF GPSNB JODPSSFUB /ÍP EFWFN TFS NVJUP QFRVFOBT PV NVJUP HSBOEFT 6TFS 4UPSJFT OÍP EFWFN DPOUFS JOUFSEFQFOEÐODJBT .VJUPT EFUBMIFT /ÍP QPTTVJS WBMPS EF OFHØDJP BTTPDJBEP 1PTTVJS FTQFDJGJDBÎÍP UÏDOJDB PV JOUFSGBDF EF VTVÈSJP NVJUP DFEP  352%/(0$6 1$ *(67­2 '( 5(48,6,726 ( 68$6 35,1&,3$,6 &$86$6



/ÍP PSJFOUBEB B VN PCKFUJWP

%FGJOJÎÍP EF %POF F EFGJOJÎÍP EF 3FBEZ &N DPNVN BDPSEP DPN P UJNF B 6TFS 4UPSZ QPEF TFS DPOTJEFSBEB DPODMVÓEB RVBOEP FTUJWFS DPEJGJDBEB UFTUBEB JOUFHSBEB BQSPWBEB FUD /ÍP TPNFOUF OP OÓWFM EF 6TFS 4UPSZ NBT B iEFGJOJÎÍP EF QSPOUPw QPEF TFS BQMJDBEB FN PVUSPT OÓWFJT DPNP 4QSJOU 3FMFBTF 'FBUVSF &QJDT $PN JTTP BP GJOBMJ[BS DBEB VNB EBT GBTFT PV FOUSFHBT EP QSPKFUP PT DSJUÏSJPT EF %FGJOJUJPO PG %POF TÍP WBMJEBEPT QBSB DPODMVJS DBEB FUBQB F TF BMHVN DSJUÏSJP OÍP GPJ JNQMFNFOUBEP PV FYFDVUBEP B FOUSFHB GBMIPV "MÏN EB %FGJOJUJPO PG %POF PVUSB GPSNB EF EBS DPOUJOVJEBEF BP BOEBNFOUP EP QSPKFUP Ï B %FGJOJUJPO PG 3FBEZ %JGFSFOUF EB QSJNFJSB QSÈUJDB BRVJ Ï VN BDPSEP FOUSF PT FOWPMWJEPT QBSB EFGJOJS BMHP RVF FTUÈ QSPOUP QBSB TFS JOJDJBEP F QSPOUP QBSB B QSØYJNB GBTF

 " '«#3*$" &45« "53"4"/%0 50%"4 "4 &/53&("4 0 26& 10440 '";&3 1"3" .&-)03"3 *440 1PS 3JDBSEP EF "MNFJEB i$POUSBUFJ VNB GÈCSJDB EF TPGUXBSF QBSB BHJMJ[BS P NFV QSPDFTTP EF EFTFOWPMWJNFOUP EF TPGUXBSF QPSÏN PT DSPOPHSBNBT OÍP UÐN TJEP DVNQSJEPT F FV OÍP UFOIP WJTJCJMJEBEF EP RVF FTUÈ TFOEP GFJUP QFMB GÈCSJDBw " DPOUSBUBÎÍP EF VNB GÈCSJDB EF TPGUXBSF USBEJDJPOBMNFOUF PDPSSF RVBOEP OÍP TF QPTTVJ VN UJNF EF TPGUXBSF JOUFSOP PV RVBOEP OÍP Ï QPTTÓWFM EBS WB[ÍP BP EFTFOWPMWJNFOUP EF UPEBT BT OFDFTTJEBEFT EP OFHØDJP DPN P UJNF JOUFSOP "P TF DPOUSBUBS VNB GÈCSJDB EF TPGUXBSF VTVBMNFOUF UFNTF EPJT NPEFMPT EF USBCBMIP   $ )È%5,&$ (67È $75$6$1'2 72'$6 $6 (175(*$6 2 48( 32662 )$=(5 3$5$ 0(/+25$5 ,662"

FTUBCFMFDJEPT  5JNF EB GÈCSJDB GJDB BMPDBEP OP FTQBÎP GÓTJDP EB DPOUSBUBOUF VTBOEP TFVT SFDVSTPT EF SFEF F JOGSBFTUSVUVSB  5JNF EB GÈCSJDB GJDB BMPDBEP FN FTQBÎP QSØQSJP VUJMJ[BOEP QPVDP PV OFOIVN SFDVSTP EF SFEF PV JOGSBFTUSVUVSB EB DPOUSBUBOUF 1BSB BNCPT PT NPEFMPT BMHVNBT QSFPDVQBÎÜFT SFMBDJPOBEBT BP HFSFODJBNFOUP EF QSPQSJFEBEF JOUFMFDUVBM F BP HFSFODJBNFOUP EPT QSPKFUPT TÍP SFDPSSFOUFT NBOUFS P UJNF EB GÈCSJDB EF TPGUXBSF FN TFV FTQBÎP GÓTJDP Ï CBTUBOUF DVTUPTP BMÏN EF BCSJS P BDFTTP EF UFSDFJSPT QBSB JOGPSNBÎÜFT EP TFV OFHØDJP DPNP VN UPEP &N DPOUSBQBSUJEB UFS P UJNF EB GÈCSJDB FN VN BNCJFOUF OÍP DPOUSPMBEP UBNCÏN QPEF HFSBS QSPCMFNBT QPJT BMÏN EF EJNJOVJS P NPOJUPSBNFOUP FN SFMBÎÍP BP RVF FTUÈ TFOEP GFJUP OP QSPKFUP Ï UBNCÏN NBJT EJGÓDJM QSPUFHFS B QSPQSJFEBEF JOUFMFDUVBM EF RVFN DPOUSBUPV P TFSWJÎP EF EFTFOWPMWJNFOUP EF TPGUXBSF /P GJOBM EBT DPOUBT OÍP FYJTUF VNB SFDFJUB NÈHJDB QBSB VN NPEFMP EF DPOUSBUBÎÍP EF GÈCSJDBT EF TPGUXBSF FTUB EFDJTÍP TFNQSF WBJ EFQFOEFS EBT OFDFTTJEBEFT EF DBEB DPOUSBUBOUF 2VBOEP GBMBNPT EF QSPQSJFEBEF JOUFMFDUVBM B ÞOJDB NBOFJSB EF TF SFTHVBSEBS Ï QPS NFJP EF DPOUSBUPT NVJUP CFN GPSNVMBEPT QFMB ÈSFB KVSÓEJDB +È FN SFMBÎÍP Ë TVQFSWJTÍP EF BUJWJEBEFT F BOEBNFOUP EP QSPKFUP FYJTUFN GFSSBNFOUBT RVF QPEFN BKVEBS GPSUFNFOUF B DFOUSBMJ[BS UPEBT BT TVBT BUJWJEBEFT $PN VTP EP 5FBN 'PVOEBUJPO 4FSWFS PV 7JTVBM 4UVEJP 0OMJOF QPS FYFNQMP Ï QPTTÓWFM JOUFHSBS P DPOUSPMF EF 1PSUGØMJP F 1SPKFUPT OP 1SPKFDU 4FSWFS P DPOUSPMF F DPNQBSUJMIBNFOUP EF BSRVJWPT F BSUFGBUPT EP QSPKFUP DPN P 4IBSF1PJOU 4FSWFS P DPOUSPMF EF DØEJHPT GPOUFT DPN (JU)VC PV 5'44$. B DPNQJMBÎÍP F BSNB[FOBHFN EF CJOÈSJPT F TÓNCPMPT DPN P 5'4 #VJME B BVUPNBÎÍP EF 3FMFBTF F

 $ )È%5,&$ (67È $75$6$1'2 72'$6 $6 (175(*$6 2 48( 32662 )$=(5 3$5$ 0(/+25$5 ,662" 

%FQMPZ DPN P 3FMFBTF .BOBHFNFOU P QSPWJTJPOBNFOUP EF FTUBÎÜFT EF USBCBMIP QBSB EFTFOWPMWJNFOUP UFTUFT IPNPMPHBÎÍP F QSPEVÎÍP DPN "[VSF PV 4ZTUFN $FOUFS BMÏN EP DPOUSPMF EF SFRVJTJUPT F BUJWJEBEFT OP QSØQSJP 5'4 5VEP JTTP Ï GFJUP EF GPSNB UPUBMNFOUF JOUFHSBEB F TFHNFOUBEB HBSBOUJOEP B BWBMJBÎÍP EPT QSPKFUPT EF TPGUXBSF UBOUP DPN GÈCSJDBT USBCBMIBOEP OB JOGSBFTUSVUVSB EB DPOUSBUBOUF RVBOUP EF GPSNB SFNPUB POQSFNJTFT PV OB OVWFN QPSÏN BJOEB VUJMJ[BOEP VNB JOGSBFTUSVUVSB EF EFTFOWPMWJNFOUP EF TPGUXBSF DPOUSPMBEB QFMB DPOUSBUBOUF " NBJPS QBSUF EPT BUSBTPT FN QSPKFUPT EF TPGUXBSF TF EÈ QPS FOUFOEJNFOUP JODPNQMFUP EPT SFRVJTJUPT QPS QBSUF EPT EFTFOWPMWFEPSFT SFRVJTJUPT TVCFTUJNBEPT EVSBOUF B GBTF EF QMBOFKBNFOUP PV NVEBOÎBT EF FTDPQP EVSBOUF PT DJDMPT EF EFTFOWPMWJNFOUP "T TFHVJOUFT QSÈUJDBT QPEFN BKVEBS OB SFTPMVÎÍP EFTTFT QSPCMFNBT $SJBÎÍP EF SFRVJTJUPT NFOPSFT GPDBOEP JOEJWJEVBMNFOUF DBEB GVODJPOBMJEBEF /P QSPDFTTP EF FTDSJUB EPT SFRVJTJUPT VUJMJ[BS FYFNQMPT QSÈUJDPT QBSB P GMVYP QSJODJQBM F GMVYPT BMUFSBUJWPT EF DBEB GVODJPOBMJEBEF $SJBS VNB EFGJOJÎÍP EF QSPOUP QBSB DBEB SFRVJTJUP PV TFKB EFGJOJS P RVF EFWF FTUBS GVODJPOBOEP OP TPGUXBSF QBSB RVF P SFRVJTJUP TFKB DPOTJEFSBEP GJOBMJ[BEP $SJBÎÍP EF QSPUØUJQPT QBSB GBDJMJUBS P FOUFOEJNFOUP EP UJNF EF EFTFOWPMWJNFOUP F HBSBOUJS P BMJOIBNFOUP DPN P VTVÈSJP RVF FTUÈ TPMJDJUBOEP B GVODJPOBMJEBEF "UJWJEBEFT EF UFTUFT JOUFHSBEBT ËT BUJWJEBEFT EF EFTFOWPMWJNFOUP QBSB HBSBOUJS RVF PT SFRVJTJUPT FTUÍP TFOEP JNQMFNFOUBEPT DPSSFUBNFOUF EVSBOUF P DJDMP EF EFTFOWPMWJNFOUP EP TPGUXBSF OÍP TPNFOUF BP TFV GJOBM   $ )È%5,&$ (67È $75$6$1'2 72'$6 $6 (175(*$6 2 48( 32662 )$=(5 3$5$ 0(/+25$5 ,662"

1MBOFKBNFOUP EF UFTUFT BMJOIBEPT BPT SFRVJTJUPT F Ë EFGJOJÎÍP EF QSPOUP $JDMPT EF EFTFOWPMWJNFOUP EF TPGUXBSF NFOPSFT DPN FOUSFHB EF TPGUXBSF GVODJPOBOEP BP GJOBM EF DBEB DJDMP *ODMVJS UBNCÏN B BQSFTFOUBÎÍP F WBMJEBÎÍP EP TPGUXBSF GVODJPOBOEP DPN P VTVÈSJP GJOBM PV SFTQPOTÈWFM QFMP TPGUXBSF .BOVUFOÎÍP EF CBDLMPH EF SFRVJTJUPT iWJWPw PV TFKB BOUFT EP GJOBM EF DBEB DJDMP EF EFTFOWPMWJNFOUP BOBMJTBS SFGJOBS F QSJPSJ[BS PT SFRVJTJUPT RVF EFWFSÍP TFS USBCBMIBEPT OP QSØYJNP DJDMP

&TUBT QSÈUJDBT SFNFUFN BP EFTFOWPMWJNFOUP EF TPGUXBSF ÈHJM  *OEJWÓEVPT F JOUFSBÎÍP FOUSF FMFT NBJT RVF QSPDFTTPT F GFSSBNFOUBT  40'58"3& &. '6/$*0/".&/50 NBJT RVF EPDVNFOUBÎÍP BCSBOHFOUF  $PMBCPSBÎÍP DPN P DMJFOUF NBJT RVF OFHPDJBÎÍP EF DPOUSBUPT  3FTQPOEFS B NVEBOÎBT NBJT RVF TFHVJS VN QMBOP 0V TFKB NFTNP IBWFOEP WBMPS OPT JUFOT Ë EJSFJUB WBMPSJ[BNPT NBJT PT JUFOT Ë FTRVFSEB

&RVJMJCSBS RVFTUÜFT EF DVTUP F WFMPDJEBEF OP EFTFOWPMWJNFOUP EF TPGUXBSF RVBOEP TF USBCBMIB DPN UJNFT UFSDFJSJ[BEPT Ï VNB EBT HSBOEFT EPSFT EF DBCFÎB EF RVFN DPOUSBUB UJNFT FYUFSOPT QBSB EFTFOWPMWFS VNB OPWB BQMJDBÎÍP PV DVTUPNJ[BS BQMJDBÎÜFT FYJTUFOUFT 2VFTUÜFT DPOUSBUVBJT QBSB SFTHVBSEBS P RVF EFWF TFS FOUSFHVF QFMB GÈCSJDB DPOTJEFSBOEP P RVF GPJ QMBOFKBEP OB GBTF EF

 $ )È%5,&$ (67È $75$6$1'2 72'$6 $6 (175(*$6 2 48( 32662 )$=(5 3$5$ 0(/+25$5 ,662" 

MFWBOUBNFOUP EF SFRVJTJUPT SFTHVBSEBN B DPOUSBUBOUF QPS VN MBEP F B QSFOEF FN SFMBÎÍP B NVEBOÎBT F NFMIPSJBT QPS PVUSP 0 JEFBM OFTUFT DBTPT Ï QPTTVJS VN BDPSEP EF FOUSFHB DPOUÓOVB EF TPGUXBSF QPJT UFOEP JTUP OFHPDJBEP DPN P UJNF UFSDFJSJ[BEP RVBOEP NVEBOÎBT TF GJ[FSFN OFDFTTÈSJBT B DPOUSBUBOUF UFSÈ SFDFCJEP BQFOBT QBSUF EP RVF QSFDJTBWB TFS GFJUP F OÍP VN TPGUXBSF JOUFJSP POEF NVJUBT WF[FT TFSÈ OFDFTTÈSJP SFDPNFÎBS P EFTFOWPMWJNFOUP EP [FSP QBSB TF NFMIPSBS PV NVEBS P RVF Ï FYJHJEP QFMP OFHØDJP 0 EFTFOWPMWJNFOUP EF TPGUXBSF FTTFODJBMNFOUF DPOUB DPN USÐT QJMBSFT 1FTTPBT 1SPDFTTPT F 'FSSBNFOUBT 2VBOEP UFSDFJSJ[BNPT B DPOTUSVÎÍP PV NBOVUFOÎÍP EF VNB BQMJDBÎÍP UBNCÏN UFSDFJSJ[BNPT P NBJT JNQPSUBOUF EFOUSF FTUFT USÐT QJMBSFT PV TFKB BT QFTTPBT & DPN P HFSFODJBNFOUP EJSFUP EF VN UJNF EF EFTFOWPMWJNFOUP EF TPGUXBSF Ï QPTTÓWFM BERVJSJS GFFECBDLT NBJT DPOTJTUFOUFT F FN UFNQPT NFOPSFT *TUP BKVEB PT HFTUPSFT B UFSFN VNB NFMIPS JEFJB EB FWPMVÎÍP EPT QSPKFUPT EF TPGUXBSF 1PSÏN B ÞOJDB NBOFJSB WFSEBEFJSBNFOUF DPOTJTUFOUF EF TF BWBMJBS P QSPHSFTTP EF EFTFOWPMWJNFOUP EF VNB BQMJDBÎÍP Ï JOTQFDJPOBOEP SFHVMBSNFOUF QBSUFT EP TPGUXBSF PV TFKB DPN FOUSFHBT DPOUÓOVBT EF TPGUXBSF GVODJPOBOEP 1BSB TF BUJOHJS FTUF FTUÈHJP QPEFNPT DPOUBS DPN GFSSBNFOUBT F QSPDFTTPT RVF FTUBCFMFÎBN B FOUSFHB DPOUÓOVB EF TPGUXBSF GVODJPOBOEP

1SPDFTTPT &TUBCFMFDFS VN QSPDFTTP EF EFTFOWPMWJNFOUP ÈHJM DPN B GÈCSJDB EF TPGUXBSF BKVEB B DPOUSBUBOUF EP TFSWJÎP EF EFTFOWPMWJNFOUP B DSJBS VNB DVMUVSB EF FOUSFHB DPOUÓOVB EBT BQMJDBÎÜFT %FTUB NBOFJSB BP GJOBM EF VN DJDMP EF EFTFOWPMWJNFOUP GBTF EF FOUSFHB EF VN NØEVMP EP TJTUFNB PV GJOBM EP DPOUSBUP

B DPOUSBUBOUF KÈ UFSÈ BWBMJBEP F UFTUBEP QBSUFT EP TPGUXBSF F UFSÈ P DPOUSPMF FN UFNQP SFBM EP RVF BJOEB GBMUB QBSB RVF B BQMJDBÎÍP TFKB UPUBMNFOUF   $ )È%5,&$ (67È $75$6$1'2 72'$6 $6 (175(*$6 2 48( 32662 )$=(5 3$5$ 0(/+25$5 ,662"

GJOBMJ[BEB 2VBOEP TF BEPUB VN QSPDFTTP EF EFTFOWPMWJNFOUP ÈHJM B DPOUSBUBOUF QPEF JEFOUJGJDBS RVBM QBSUF EP RVF GPJ MFWBOUBEP OB GBTF EF QMBOFKBNFOUP EP QSPKFUP KÈ BUFOEFSÈ BT OFDFTTJEBEFT EP OFHØDJP F GPDBS PT FTGPSÎPT FN PVUSBT ÈSFBT PV SFDVSTPT QBSB P NFTNP TPGUXBSF 0VUSB WBOUBHFN Ï B QPTTJCJMJEBEF EF EJTQPOJCJMJ[BS QBSUFT EP TPGUXBSF FN QSPEVÎÍP BOUFT NFTNP RVF FMF FTUFKB DPNQMFUBNFOUF EFTFOWPMWJEP 7BNPT B VN FYFNQMP 7BNPT TVQPS RVF DPOUSBUBNPT VNB GÈCSJDB EF TPGUXBSF QBSB P EFTFOWPMWJNFOUP EF VN TJTUFNB RVF WFOEFSÈ JOHSFTTPT POMJOF QBSB VN FWFOUP &TUF TJTUFNB UFSÈ PT TFHVJOUFT NØEVMPT  .ØEVMP EF DBEBTUSP QBSB QSÏWFOEB EPT JOHSFTTPT  .ØEVMP EF WFOEB EF JOHSFTTPT  .ØEVMP EF SFMBUØSJPT GJOBODFJSPT 5BNCÏN WBNPT TVQPS RVF UFNPT BT TFHVJOUFT EBUBT GJYBEBT QFMB ÈSFB EF OFHØDJPT  1FSÓPEP EF JOTDSJÎÍP QBSB QSÏWFOEB EF  BUÏ   7FOEB EF JOHSFTTPT EF  BUÏ   &OUSFHB EP CBMBOÎP GJOBODFJSP BUÏ  1BSB BUFOEFS FTUB EFNBOEB Ï QPTTÓWFM GJYBS DPN B GÈCSJDB FOUSFHBT DPOUÓOVBT EP NØEVMP EF JOTDSJÎÍP QBSB QSÏWFOEB QBSB RVF TF WBMJEFN BT GVODJPOBMJEBEFT GBÎBNTF PT EFWJEPT BKVTUFT EF GVODJPOBMJEBEF UFTUFT EF DBSHB QBSB DSJBÎÍP EF VNB JOGSBFTUSVUVSB RVF TVQPSUF B EFNBOEB FTQFSBEB F GJYBS VNB EBUB BMWP QBSB RVF FTUF NØEVMP FTUFKB EJTQPOÓWFM QBSB P QÞCMJDP FN  %FTUB NBOFJSB B DPOUSBUBOUF EP TPGUXBSF QPEFSÈ HFSFODJBS QPTTÓWFJT BKVTUFT RVF TF GBÎBN OFDFTTÈSJPT DPOGPSNF BT QBSUFT  $ )È%5,&$ (67È $75$6$1'2 72'$6 $6 (175(*$6 2 48( 32662 )$=(5 3$5$ 0(/+25$5 ,662" 

FOUSFHVFT EP TJTUFNB GPSFN UFTUBEBT FN WF[ EF SFDFCFS VN NØEVMP JOUFJSP B VNB TFNBOB EB EBUB EB QSÏWFOEB F TPNFOUF BÓ EFTDPCSJS RVF FYJTUFN GVODJPOBMJEBEFT EFTOFDFTTÈSJBT PV RVF B OBWFHBÎÍP QBSB P VTVÈSJP TFSÈ NVJUP DPNQMJDBEB 0VUSP HBOIP TFSÈ B QPTTJCJMJEBEF EF NFEJS RVFTUÜFT SFMBDJPOBT Ë QFSGPSNBODF EB BQMJDBÎÍP NVJUP BOUFT EF FMB TFS EJTQPOJCJMJ[BEB FN QSPEVÎÍP *TTP BKVEBSÈ OP QSPWJTJPOBNFOUP EF VNB JOGSBFTUSVUVSB QBSB BUFOEFS B EFNBOEB F EJNJOVJS P SJTDP EF VNB FYQFSJÐODJB SVJN QBSB PT VTVÈSJPT GJOBJT PV HBTUPT EFTOFDFTTÈSJPT DPN JOGSBFTUSVUVSB 1BSB PT EFNBJT NØEVMPT TFHVFTF P NFTNP QSPDFTTP $PN FOUSFHBT DPOUÓOVBT B DPOUSBUBOUF EPT TFSWJÎPT EF TPGUXBSF QPEF NVJUP NBJT RVF BDPNQBOIBS P QSPHSFTTP EP TPGUXBSF EFTFOWPMWJEP QFMB GÈCSJDB QSJPSJ[BS P RVF EFWFSÈ TFS GFJUP OP QSØYJNP DJDMP EF EFTFOWPMWJNFOUP F UFTUBS DBEB QFRVFOB GVODJPOBMJEBEF EP TPGUXBSF BOUFT RVF FMF TFKB MJCFSBEP FN QSPEVÎÍP *NBHJOF RVF B GÈCSJDB EF TPGUXBSF OÍP UFOIB GJOBMJ[BEP P EFTFOWPMWJNFOUP EB WBMJEBÎÍP EF $&1 BUÏ B EBUB FYJHJEB QBSB RVF P NØEVMP EF JOTDSJÎÍP QBSB QSÏWFOEB FTUFKB BQMJDBEP FN QSPEVÎÍP *TUP OÍP JNQFEJSÈ RVF P NØEVMP TFKB DPMPDBEP FN QSPEVÎÍP TF UPEP P SFTUBOUF KÈ UJWFS TJEP UFTUBEP QFMB DPOUSBUBOUF F FTUJWFS GVODJPOBM "JOEB OFTUF DFOÈSJP DPN FOUSFHBT DPOTUBOUFT EF TPGUXBSF Ï QPTTÓWFM BDSFTDFOUBS B WBMJEBÎÍP EF $&1 BP NØEVMP EF QSÏWFOEB EJBT PV TFNBOBT BQØT P NFTNP TFS MJCFSBEP FN QSPEVÎÍP TFN BGFUBS P QFSÓPEP EF QSÏWFOEB

'FSSBNFOUBT 0 VTP DPSSFUP EF GFSSBNFOUBT QBSB HFSFODJBS P DJDMP EF WJEB EBT BQMJDBÎÜFT BKVEB B FWJUBS EFQFOEÐODJBT DPN UFSDFJSPT F B PUJNJ[BS UPEBT BT GBTFT SFMBDJPOBEBT Ë DPOTUSVÎÍP EF VN TPGUXBSF $PN P VTP EF GFSSBNFOUBT QPEFNPT DPOUSPMBS POEF PT DØEJHPTGPOUF TÍP BSNB[FOBEPT DPOUSPMBS P BOEBNFOUP EPT SFRVJTJUPT EPT QSPKFUPT   $ )È%5,&$ (67È $75$6$1'2 72'$6 $6 (175(*$6 2 48( 32662 )$=(5 3$5$ 0(/+25$5 ,662"

HFSFODJBS B DPNQJMBÎÍP F HFSBÎÍP EF QBDPUFT EBT BQMJDBÎÜFT EFGJOJS DPNP TFVT TPGUXBSFT TFSÍP MJCFSBEPT F JOTUBMBEPT F QPS GJN DPNP BT BQMJDBÎÜFT TFSÍP NPOJUPSBEBT 3FQPTJUØSJP EF DØEJHPGPOUF 0 BSUFGBUP NBJT JNQPSUBOUF EF VN TPGUXBSF UBOUP QBSB GJOT EF EFQMPZ RVBOUP QBSB GJOT EF USPVCMFTIPPUJOH Ï P DØEJHPGPOUF %FGJOJS VN UJQP EF SFQPTJUØSJP QBSB DØEJHP Ï P QSJNFJSP QBTTP QBSB NFMIPSBS B JOUFHSBÎÍP DPN BT GÈCSJDBT EF TPGUXBSF F NFMIPSBS B MJCFSBÎÍP EBT BQMJDBÎÜFT &YJTUFN SFQPTJUØSJPT DFOUSBMJ[BEPT POEF P DPOUSPMF EPT DØEJHPTGPOUFT GJDB FN VNB JOGSBFTUSVUVSB UPUBMNFOUF DPOUSPMBEP QFMB DPOUSBUBOUF F PT SFQPTJUØSJPT EJTUSJCVÓEPT POEF B DPOUSBUBEB QPEF UFS VN SFQPTJUØSJP FN TVB QSØQSJB JOGSBFTUSVUVSB JOUFHSBOEP DPN P SFQPTJUØSJP EB DPOUSBUBOUF  OFTUF DFOÈSJP P DPOUSPMF EP SFQPTJUØSJP GJDB EJTUSJCVÓEP 0 5'4 B QBSUJS EB WFSTÍP  QPTTJCJMJUB P VTP EP 5'4(*5 3FQPTJUØSJP EJTUSJCVÓEP F EP 5'44$7 3FQPTJUØSJP DFOUSBMJ[BEP EFOUSP EB NFTNB TPMVÎÍP EF "-. 1MBOFKBNFOUP EF QSPKFUPT F SFRVJTJUPT ² QPTTÓWFM HFSFODJBS QSPKFUPT F SFRVJTJUPT EF GPSNB JOUFHSBEB DPN P EFTFOWPMWJNFOUP EP TPGUXBSF 6UJMJ[BOEP P 5'4 QPS FYFNQMP Ï QPTTÓWFM BTTPDJBS UPEPT PT DØEJHPTGPOUFT BPT SFRVJTJUPT F BUJWJEBEFT *TTP BKVEB PT DPOUSBUBOUFT EF GÈCSJDBT EF TPGUXBSF B BDPNQBOIBSFN B FWPMVÎÍP EBT BQMJDBÎÜFT F UFSFN SBTUSFBCJMJEBEF EPT BSUFGBUPT RVF TÍP HFSBEPT B DBEB DJDMP EP EFTFOWPMWJNFOUP "T DPOUSBUBOUFT EPT TFSWJÎPT EF EFTFOWPMWJNFOUP EF TPGUXBSF UBNCÏN QPEFN DPOUBS DPN B JOUFHSBÎÍP EP 5'4 DPN P 1SPKFDU 4FSWFS QBSB HFSFODJBS PT QSPKFUPT FN BMUP OÓWFM EF GPSNB UPUBMNFOUF  $ )È%5,&$ (67È $75$6$1'2 72'$6 $6 (175(*$6 2 48( 32662 )$=(5 3$5$ 0(/+25$5 ,662" 

JOUFHSBEB DPN B FWPMVÎÍP EPT SFRVJTJUPT F BUJWJEBEFT EF EFTFOWPMWJNFOUP #VJME " DPNQJMBÎÍP F FNQBDPUBNFOUP EBT BQMJDBÎÜFT TÍP FTTFODJBJT QBSB HBSBOUJS B MJCFSBÎÍP EBT BQMJDBÎÜFT OPT BNCJFOUFT EF UFTUFT IPNPMPHBÎÍP F QSPEVÎÍP F JTTP TF EÈ BUSBWÏT EP QSPDFTTP EF #VJME 1PTTVJS VN TFSWJEPS EF #VJME BKVEB BT DPOUSBUBOUFT EF GÈCSJDBT EF TPGUXBSF B NBOUFS VN SFQPTJUØSJP DPN UPEBT BT WFSTÜFT EP TPGUXBSF GBDJMJUBOEP BT QVCMJDBÎÜFT F NVEBOÎBT EF WFSTÜFT BVUPNBÎÍP EB DPNQJMBÎÍP F DSJBÎÍP EF QBDPUFT EBT BQMJDBÎÜFT HFSFODJBNFOUP EF EFQFOEÐODJB UJSBOEP EB NÈRVJOB EF EFTFOWPMWFEPSFT FTQFDÓGJDPT UPEPT PT BSUFGBUPT OFDFTTÈSJPT QBSB HFSBÎÍP EPT QBDPUFT EBT BQMJDBÎÜFT F DFOUSBMJ[BOEP FN BNCJFOUFT HFSFODJBEPT QFMBT DPOUSBUBOUFT EB GÈCSJDB 5BNCÏN Ï QPTTÓWFM NFEJS BVUPNBUJDBNFOUF B RVBMJEBEF EPT DØEJHPTGPOUFT HFSBEPT QFMB GÈCSJDB EF TPGUXBSF B DBEB DJDMP EF EFTFOWPMWJNFOUP BUSBWÏT EP 5'4 #VJME DPN NFEJÎÍP EB DPCFSUVSB EF UFTUFT F FYFDVÎÍP EP $PEF "OBMZTJT QPS FYFNQMP 3FMFBTF F %FQMPZ "VUPNBUJ[BS B MJCFSBÎÍP F B USPDB EF WFSTÜFT EBT BQMJDBÎÜFT Ï FTTFODJBM QBSB HBSBOUJS B DPOUJOVJEBEF EPT OFHØDJPT EFQFOEFOUFT EF TPGUXBSF *OUFHSBS P 3FMFBTF F %FQMPZ DPN VNB GFSSBNFOUB EF #VJME HBSBOUF NBJPS BHJMJEBEF OFTTF QSPDFTTP F QSPUFHF BT DPOUSBUBOUFT EF GBCSJDBEBT EF TPGUXBSF EB EFQFOEÐODJB EF UFSDFJSPT OFTTF QSPDFTTP RVF DPTUVNB TFS VN EPT NBJT DSÓUJDPT QBSB RVBMRVFS OFHØDJP $PN P VTP EB GFSSBNFOUB .JDSPTPGU 3FMFBTF .BOBHFNFOU QPS FYFNQMP Ï   $ )È%5,&$ (67È $75$6$1'2 72'$6 $6 (175(*$6 2 48( 32662 )$=(5 3$5$ 0(/+25$5 ,662"

QPTTÓWFM JOUFHSBS P QSPDFTTP EF 3FMFBTF F %FQMPZ DPN P 5'4 #VJME F BVUPNBUJ[BS BT QPMÓUJDBT EF HFTUÍP EF NVEBOÎBT F JOTUBMBÎÍP EBT BQMJDBÎÜFT FN BNCJFOUFT EF UFTUF IPNPMPHBÎÍP F QSPEVÎÍP 5FS VN DPOKVOUP EF QSPDFTTPT F GFSSBNFOUBT JOUFHSBEP F GMFYÓWFM RVF QPTTJCJMJUB B FOUSFHB DPOUÓOVB EF TPGUXBSF HFSFODJBNFOUP EF BSUFGBUPT EPT TPGUXBSFT DPOUSPMF JOUFHSBEP EBT BUJWJEBEFT EPT QSPKFUPT HFSFODJBNFOUP EPT QSPDFTTPT UÏDOJDPT F EF MJCFSBÎÍP EBT BQMJDBÎÜFT Ï GVOEBNFOUBM QBSB JOUFHSBS PT QSPDFTTPT F OFDFTTJEBEFT EF RVFN DPOUSBUPV P EFTFOWPMWJNFOUP EF TPGUXBSF DPN RVFN EFTFOWPMWFV P TPGUXBSF FYUFSOB PV JOUFSOBNFOUF .VEBOÎBT TFNQSF WÍP PDPSSFS OP QSPDFTTP EF DPOTUSVÎÍP EF BQMJDBÎÜFT QPSÏN DFOUSBMJ[BS P QSPDFTTP EF EFTFOWPMWJNFOUP F JOUFHSBS UPEBT BT GBTFT EP QSPKFUP FN GFSSBNFOUBT F QSPDFTTPT RVF QFSNJUBN BHJMJEBEF OFTTF QSPDFTTP Ï B NFMIPS TBÓEB QBSB RVF TF UFOIB TPGUXBSF GVODJPOBOEP FN DJDMPT NFOPSFT F DPNP SFTVMUBEP NFOPT EFQFOEÐODJB QBSB P OFHØDJP EF RVFN DPOUSBUB GÈCSJDBT EF TPGUXBSF NBJPS RVBMJEBEF OBT BQMJDBÎÜFT NBJPS WJTJCJMJEBEF EP RVF FTUÈ TFOEP GFJUP QFMB GÈCSJDB NBJPS DPOUSPMF FN SFMBÎÍP BP RVF EFWF TFS QSJPSJ[BEP EVSBOUF DBEB DJDMP EF EFTFOWPMWJNFOUP F P NBJT JNQPSUBOUF 4PGUXBSF FN GVODJPOBNFOUP

3&'&3³/$*"4 'FSSBNFOUB QBSB HFTUÍP EF DJDMP EF WJEB EF BQMJDBÎÜFT  IUUQTNTEONJDSPTPGUDPNFOVTMJCSBSZWTBMNUGTPWFSWJFX .BOJGFTUP «HJM  IUUQXXXNBOJGFTUPBHJMDPNCS

 1-"/&+".&/50 %& 130+&50 (6*"%0 "  3/$1(-$0(172 '( 352-(72 *8,$'2 $ )(('%$&.



'&&%#"$, 1PS 3JDBSEP EF "MNFJEB i4FNQSF RVF FOUSFHP VN NØEVMP EP NFV TPGUXBSF QBSB P VTVÈSJP GJOBM QBTTP P EPCSP EP UFNQP GB[FOEP BKVTUFT F BMUFSBÎÜFT RVF DBSBDUFSJ[BN NVEBOÎBT OP FTDPQP EP QSPKFUP 0T NFVT VTVÈSJPT OVODB FTUÍP TBUJTGFJUPT DPN BT FOUSFHBT GJOBJT OFN BDFJUBN P RVF GPJ BDPSEBEP OB GBTF EF MFWBOUBNFOUP EF SFRVJTJUPTw 'SFRVFOUFNFOUF PT UJNFT EF TPGUXBSF HVJBN TVBT BUJWJEBEFT CBTFBOEPTF FN DSPOPHSBNBT SFRVJTJUPT CBDLMPHT FOUSF PVUSPT 1PSÏN FTRVFDFNTF EP HVJB NBJT FGFUJWP P GFFECBDL EPT DMJFOUFT PV TFKB BT SFBJT OFDFTTJEBEFT EBRVFMFT RVF EF GBUP WÍP VUJMJ[BS P TPGUXBSF i&V TFJ FV TFJ 0 VTVÈSJP OVODB TBCF P RVF RVFS FMF UPEB IPSB QFEF QBSB BMUFSBS BMHPw .BT F WPDÐ EFTFOWPMWFEPS 7PDÐ HPTUBSJB RVF PT TPGUXBSFT RVF WPDÐ VUJMJ[B SFGMFUJTTFN BT TVBT SFBJT OFDFTTJEBEFT 0V RVBOEP WPDÐ WFTUF P iDIBQFV[JOIPw EP DMJFOUF WPDÐ TFNQSF TBCF P RVFS F OVODB QFEF QBSB NFMIPSBS BMHP 4FOEP BTTJN OP TFV UJNF P RVF BDPOUFDF DPN PT GFFECBDLT FOWJBEPT BPT EFTFOWPMWFEPSFT 0 QMBOFKBNFOUP EF QSPKFUPT HVJBEPT B GFFECBDLT Ï VNB RVFCSB EF QBSBEJHNB RVF FOWPMWF GPSUFNFOUF BT EVBT QBSUFT RVF DPNQÜF VN QSPKFUP EF TPGUXBSF PT UJNFT EF EFTFOWPMWJNFOUP EF TPGUXBSF F PT DPOUSBUBOUFT EP QSPKFUP 5JNFT EF %FTFOWPMWJNFOUP EF TPGUXBSF P NPEFMP USBEJDJPOBM EF EFTFOWPMWJNFOUP EF TPGUXBSF OÍP QFSNJUF VNB QBSUJDJQBÎÍP NBJT FGFUJWB EP DMJFOUF F VTVÈSJP GJOBM EVSBOUF UPEP P DJDMP EF EFTFOWPMWJNFOUP EP TPGUXBSF 'FFECBDLT DPMIJEPT F USBUBEPT FN FTQBÎPT EF UFNQP NFOPSFT F CBTFBEPT FN TPGUXBSF GVODJPOBOEP 

 3/$1(-$0(172 '( 352-(72 *8,$'2 $ )(('%$&.

QFSNJUFN RVF P TPGUXBSF OBTÎB F TF EFTFOWPMWB EF GPSNB NVJUP NBJT BTTFSUJWB F FGJDJFOUF HFSBOEP SFTVMUBEPT RVF TF BMJOIFN BP OFHØDJP JOEFQFOEFOUF EBT NVEBOÎBT RVF QPEFSÍP F PDPSSFSÍP OP DVSTP EF UPEP F RVBMRVFS QSPKFUP EF TPGUXBSF $POUSBUBOUFT EF EFTFOWPMWJNFOUP EF TPGUXBSF RVFN DPOUSBUB P EFTFOWPMWJNFOUP EF VN TPGUXBSF QSFDJTB FTUBS EJTQPTUP B BDFJUBS RVF B HSBOEF WBOUBHFN EP VTP EF VN TPGUXBSF QSØQSJP FTUÈ MJHBEB Ë QPTTJCJMJEBEF EF BEFRVÈMP UPUBMNFOUF BT OFDFTTJEBEFT EP OFHØDJP %B NFTNB NBOFJSB RVF QFTTPBT F FNQSFTBT DPNQBSUJMIBN OFDFTTJEBEFT DPNVOT DPNP MFJT GSBNFXPSLT EF NFSDBEP F FTUJMPT EF WJEB FMBT QPTTVFN UBNCÏN OFDFTTJEBEFT FTQFDÓGJDBT DPNP TFHVSBOÎB FTUSBUÏHJBT EF OFHØDJPT F SFDFJUBT TFDSFUBT 7JTUP JTTP Ï QPTTÓWFM CBMBODFBS OB DPOUSBUBÎÍP EF VN UJNF EF EFTFOWPMWJNFOUP EF TPGUXBSF P RVF QPEF TFS GMFYÓWFM PV OÍP F EFTTB NBOFJSB BCSJS FTQBÎP BP FNQJSJTNP F FWPMVÎÍP EP TPGUXBSF CBTFBEP OB FYQFSJÐODJB EF VTP EP VTVÈSJP GJOBM 0 HBOIP EF FGJDJÐODJB PQFSBDJPOBM QSPWFOJFOUF EP VTP EF VN TPGUXBSF TFSÈ UPUBMNFOUF EFGJOJEP FN TFV QSPDFTTP EF DSJBÎÍP BTTJN QSPWFS F QFSNJUJS RVF PT GFFECBDLT TFKBN USBUBEPT EVSBOUF P DJDMP EF EFTFOWPMWJNFOUP EP TPGUXBSF DVTUBSÈ NVJUP NFOPT EP RVF VNB PQFSBÎÍP QSFKVEJDBEB QPS VN TPGUXBSF EJGÓDJM EF TFS VUJMJ[BEP PV DPN GBMIBT RVF P EFTBMJOIFN EP OFHØDJP ² QSFDJTP FOUFOEFS RVF BT OFDFTTJEBEFT EF RVBMRVFS OFHØDJP TFKB FMF QSPGJTTJPOBM PV OÍP TÍP WPMÈUFJT " HMPCBMJ[BÎÍP F P BDFTTP FN NBTTB Ë JOUFSOFU USB[FN NBJT JOGPSNBÎÍP F B OFDFTTJEBEF DPOTUBOUF EF NVEBOÎBT F BEBQUBÎÜFT RVF WÍP EFTEF JOEJWÓEVPT DPNVOT BUÏ HPWFSOPT F NVMUJOBDJPOBJT " QBSUJS EP NPNFOUP RVF PT UJNFT EF  3/$1(-$0(172 '( 352-(72 *8,$'2 $ )(('%$&.



TPGUXBSF BDFJUBN RVF NVEBOÎBT TÍP CFNWJOEBT B USBOTJÎÍP QBSB FTUF OPWP NVOEP QBTTB B TFS NVJUP NBJT GÈDJM 1BSB RVF P EFTFOWPMWJNFOUP EF TPGUXBSF TF BEBQUF B FTTB SFBMJEBEF Ï QSFDJTP UFS VN QSPDFTTP EF EFTFOWPMWJNFOUP ÈHJM RVF DPOTJEFSF PT TFHVJOUFT QPOUPT

."/*'&450 «(* *OEJWÓEVPT F JOUFSBÎÍP FOUSF FMFT NBJT RVF QSPDFTTPT F GFSSBNFOUBT  4PGUXBSF FN GVODJPOBNFOUP NBJT RVF EPDVNFOUBÎÍP BCSBOHFOUF  $0-"#03"±°0 $0. 0 $-*&/5& NBJT RVF OFHPDJBÎÍP EF DPOUSBUPT  3FTQPOEFS B NVEBOÎBT NBJT RVF TFHVJS VN QMBOP 0V TFKB NFTNP IBWFOEP WBMPS OPT JUFOT Ë EJSFJUB WBMPSJ[BNPT NBJT PT JUFOT Ë FTRVFSEB

6N QBTTP JNQPSUBOUF QBSB B BEPÎÍP EF QMBOFKBNFOUP HVJBEP B GFFECBDL Ï B DPOTUSVÎÍP PV BEFTÍP EF VN NPEFMP EF USBCBMIP DPN DJDMPT QFRVFOPT EF FOUSFHB EF TPGUXBSF GVODJPOBOEP %FTTB NBOFJSB B QSPEVÎÍP EF GFFECBDLT TFSÈ DPOTUBOUF F P BMJOIBNFOUP DPN P VTVÈSJP FTUBSÈ TFNQSF BGJBEP &YJTUFN GFSSBNFOUBT RVF GBDJMJUBN B DPMFUB EF GFFECBDLT QPSÏN FTUBS TFNQSF FN DPOUBUP DPN P DMJFOUF GB[FS BQSFTFOUBÎÜFT GSFRVFOUFT EBT OPWBT GVODJPOBMJEBEFT EJSFUBNFOUF BPT VTVÈSJPT GJOBJT F DPOUSBUBOUFT EPT TFSWJÎPT EF EFTFOWPMWJNFOUP EF TPGUXBSF TÍP BT NBOFJSBT NBJT FGJDJFOUFT EF DPMFUBS GFFECBDLT "DPSEBS DPN P DMJFOUF VN CBDLMPH EF SFRVJTJUPT GMFYÓWFM EFTEF P JOÓDJP EF DBEB



 3/$1(-$0(172 '( 352-(72 *8,$'2 $ )(('%$&.

QSPKFUP UBNCÏN Ï GVOEBNFOUBM QBSB RVF PT GFFECBDLT HVJFN P EFTFOWPMWJNFOUP EP TPGUXBSF ² NVJUP DPNVN NFTNP FN QSPKFUPT EF UJNFT RVF BEPUBSBN NPEFMPT EF USBCBMIP ÈHFJT RVF B FOUSFHB EF VN OPWP TPGUXBSF PV GVODJPOBMJEBEF QPTTVB QSB[P DPN JOÓDJP F GJN EFGJOJEPT 1BSB GBDJMJUBS BT EJTDVTTÜFT DPN P DMJFOUF FN SFMBÎÍP B QSB[P F BMUFSBÎÜFT OP QSPKFUP Ï NVJUP JNQPSUBOUF TFQBSBS P SFTVMUBEP EPT GFFECBDLT DPMIJEPT FN RVBUSP DBUFHPSJBT 1SPCMFNBT  2VBOUP NFOPSFT PT DJDMPT EF EFTFOWPMWJNFOUP NFOPSFT TÍP BT DIBODFT EF EFTDPCSJSNPT QSPCMFNBT OP TPGUXBSF FN QSPEVÎÍP QPJT P VTVÈSJP GJOBM QBTTBSÈ B TFS QBSUF JOUFHSBOUF EP UJNF UFTUBOEP F BQPOUBOEP FSSPT EF GVODJPOBMJEBEF PV JODPFSÐODJBT DPN PT SFRVJTJUPT 4FNQSF RVF JTTP BDPOUFDFS P GFFECBDL EFWF TFS USBUBEP DPNP VN QSPCMFNB PV CVH RVF EFWF TFS BSSVNBEP F OÍP EFWF TFS BDSFTDJEP BP UFNQP EP QSPKFUP .FMIPSJBT  &TUF Ï P DFOÈSJP FN RVF GPJ FOUSFHVF P RVF GPJ QSFWJBNFOUF BDPSEBEP DPN P VTVÈSJP QPSÏN EVSBOUF B VUJMJ[BÎÍP P VTVÈSJP FODPOUSPV NFMIPSJBT RVF QPEFN TFS JODPSQPSBEBT BP TPGUXBSF F HFSBS NBJPS WBMPS 'FFECBDLT WJTBN KVTUBNFOUF NFMIPSBS P TPGUXBSF NBT OFTUF DBTP B NFMIPSJB WBJ JODPSSFS FN BDSÏTDJNP EF UFNQP QBSB P QSPKFUP F QPS JTTP B JODMVTÍP EFTTF UJQP EF BUJWJEBEF OP QSPKFUP EFWF TFS USBUBEB DPN P DMJFOUF "MUFSBÎÜFT  ² DPNVN RVF DPN P VTP EP TPGUXBSF P VTVÈSJP QFSDFCB RVF P RVF GPJ TPMJDJUBEP OB GBTF EF MFWBOUBNFOUP OÍP Ï GVODJPOBM PV QSÈUJDP OP VTP EJÈSJP EP TPGUXBSF /FTUFT DBTPT Ï DPNVN RVF P GFFECBDL QSPEV[JEP TFKB B TPMJDJUBÎÍP EF BMUFSBÎÍP EF BMHP QSFWJBNFOUF BDPSEBEP &TUF Ï NBJT VN DFOÈSJP RVF  3/$1(-$0(172 '( 352-(72 *8,$'2 $ )(('%$&.



BDSFTDFOUBSÈ NBJPS UFNQP EF EFTFOWPMWJNFOUP BP QSPKFUP F EFWF TFS BDPSEBEP DPN P DMJFOUF /PWBT GVODJPOBMJEBEFT  $PN B FOUSFHB DPOUÓOVB EF TPGUXBSF FN GVODJPOBNFOUP Ï DPNVN RVF P VTVÈSJP TJOUB RVF OB GBTF EF MFWBOUBNFOUP EF SFRVJTJUPT VNB PV PVUSB GVODJPOBMJEBEF GPJ FTRVFDJEB PV OÍP GPJ DPOTJEFSBEB /FTTFT DBTPT P GFFECBDL WBJ QSPEV[JS B TPMJDJUBÎÍP EF OPWBT GVODJPOBMJEBEFT " JODMVTÍP EF OPWBT GVODJPOBMJEBEFT FN QSPKFUPT DPN QSB[PT EFGJOJEPT EFWF TFS NVJUP CFN BMJOIBEB FOUSF P UJNF EF EFTFOWPMWJNFOUP F P DMJFOUF WJTUP RVF JTTP OFDFTTJUBSÈ EF NBJT UFNQP EF EFTFOWPMWJNFOUP 0 QMBOFKBNFOUP EF QSPKFUPT HVJBEP B GFFECBDLT UBNCÏN QPTTJCJMJUB VNB WJTÍP QSFMJNJOBS EP DPNQPSUBNFOUP EB QMBUBGPSNB POEF P TPGUXBSF TFSÈ FYFDVUBEP /PSNBMNFOUF P VTVÈSJP GJOBM BWBMJB SFRVJTJUPT GVODJPOBJT EP TPGUXBSF F TPNFOUF BQØT FMF TFS JNQMBOUBOEP FN QSPEVÎÍP Ï RVF TF QFSDFCF RVFTUÜFT SFMBDJPOBEBT Ë QFSGPSNBODF RVF QPEFN JNQBDUBS PV JOWJBCJMJ[BS B EJTQPOJCJMJ[BÎÍP EP TPGUXBSF FN QSPEVÎÍP $PMIFS GFFECBDLT SFMBDJPOBEPT B SFRVJTJUPT OÍP GVODJPOBJT DPNP QFSGPSNBODF UFNQP EF SFTQPTUB F WJTVBMJ[BÎÍP EBT BQMJDBÎÜFT FN EJTQPTJUJWPT NBJT BOUJHPT Ï EFUFSNJOBOUF QBSB RVF B FYQFSJÐODJB EP VTVÈSJP GJOBM TFKB DPNQMFUB F P TVDFTTP EP QSPKFUP HBSBOUJEP

3&'&3³/$*"4 .JDSPTPGU 'FFECBDL $MJFOU  IUUQTNTEONJDSPTPGUDPNMJCSBSZWTBMNXPSLDPOOFDUHJWF GFFECBDL



 3/$1(-$0(172 '( 352-(72 *8,$'2 $ )(('%$&.

 $0.0 (&3&/$*"3 " &/53&(" %& 40'58"3& 103 '«#3*$"4 %& 40'58"3& 65*-*;"/%0 0 5'4 (*5 1PS "MFYBOESF $BNQPT 4JMWB (JU Ï VN TJTUFNB EF DPOUSPMF EF WFSTÍP RVF GPJ DSJBEP QBSB DPOUSPMBS P DØEJHPGPOUF EP -JOVY SBQJEBNFOUF HBOIPV GPSÎB OBT DPNVOJEBEFT EF EFTFOWPMWJNFOUP EF TPGUXBSF PQFO TPVSDF TF UPSOBOEP VN QBESÍP &N PVUVCSP EF  B .JDSPTPGU BOVODJPV P TVQPSUF Ë (JU OP 5FBN 'PVOEBUJPO 4FSWFS F OP 7JTVBM 4UVEJP 0OMJOF P RVF GPJ BEJDJPOBEP KÈ OB WFSTÍP  EP 7JTVBM 4UVEJP F WFN TF BQFSGFJÎPBOEP EFTEF FOUÍP &TUB TFÎÍP TF EFTUJOB QSJODJQBMNFOUF BP EFTFOWPMWFEPS EF TPGUXBSF DPSQPSBUJWP RVF OÍP EFTFOWPMWF TPGUXBSFT OP EJB B EJB FN QSPKFUPT NBT OP BNCJFOUF DPSQPSBUJWP .BJT FTQFDJGJDBNFOUF WBNPT FYQMPSBS VN DFOÈSJP POEF P EFTFOWPMWJNFOUP PV QBSUF EFMF Ï SFBMJ[BEP QPS VN FOUF FYUFSOP B GÈCSJDB EF TPGUXBSF

5FSDFJSJ[BÎÍP EF EFTFOWPMWJNFOUP "P MPOHP EBT QSØYJNBT QÈHJOBT TFSÈ EFNPOTUSBEP DPNP VUJMJ[BS BT QSÈUJDBT F DPODFJUPT EP NVOEP EF TPGUXBSF EF DØEJHP BCFSUP QBSB QSFFODIFS VNB MBDVOB NVJUP JNQPSUBOUF FN NVJUPT BNCJFOUFT EF EFTFOWPMWJNFOUP DPSQPSBUJWP B HFTUÍP EF VN BUJWP JNQPSUBOUÓTTJNP P DØEJHPGPOUF ² NVJUP DPNVN OP NFJP DPSQPSBUJWP P EFTFOWPMWJNFOUP EF TPGUXBSF TFS UPUBM PV QBSDJBMNFOUF UFSDFJSJ[BEP &TUB UFSDFJSJ[BÎÍP QPEF PDPSSFS EF EJWFSTBT GPSNBT FYJTUFN BMHVOT OPNFT OB JOEÞTUSJB QBSB FTUBT GPSNBT DPNP CPEZTIPQQJOH PVUTPVSDJOH GÈCSJDB EF TPGUXBSF TUBGG BVHNFOUBUJPO /ÍP Ï PCKFUJWP EFTUB TFÎÍP EFTDSFWFS PV FRVBMJ[BS FTUFT NPEFMPT DPNFSDJBJT NBT QBSB GJOT EJEÈUJDPT TFSÈ

 &202 *(5(1&,$5 $ (175(*$ '( 62)7:$5( 325 )È%5,&$6 '( 62)7:$5( 87,/,=$1'2 2 7)6 *,7" 

OFDFTTÈSJP DBUFHPSJ[ÈMPT RVBOUP B BMHVOT DSJUÏSJPT  -PDBM EP EFTFOWPMWJNFOUP %FTFOWPMWJNFOUP JOUFSOP P EFTFOWPMWJNFOUP Ï SFBMJ[BEP OBT EFQFOEÐODJBT GÓTJDBTWJSUVBJT EP DPOUSBUBOUF /FTUF NPEFMP EF EFTFOWPMWJNFOUP UFSDFJSJ[BEP P DØEJHPGPOUF OÍP EFJYB P DPOUSPMF EF WFSTÍP F P EFTFOWPMWFEPS UFSDFJSJ[BEP USBCBMIB DPOFDUBEP EJSFUBNFOUF OP BNCJFOUF EP DPOUSBUBOUF TFKB GJTJDBNFOUF QSFTFOUF TFKB QFMP VTP EF TPMVÎÜFT EF DPOFDUJWJEBEF DPNP 71/T %FTFOWPMWJNFOUP FYUFSOP OFTUB NPEBMJEBEF P GPSOFDFEPS EFUÏN P DPOUSPMF EP BNCJFOUF EF EFTFOWPMWJNFOUP QPEF SFUJSBS P DØEJHPGPOUF OP JOÓDJP EP QSPKFUP PV FOHBKBNFOUP F B DBEB FOUSFHB PV BP GJOBM EP QSPKFUP PV EP FOHBKBNFOUP P DØEJHPGPOUF Ï EFWPMWJEP BP DPOUSBUBOUF DPN BT EFWJEBT JNQMFNFOUBÎÜFT  1SPQSJFUÈSJP EP TPGUXBSF 4PGUXBSF MJDFODJBEP NVJUPT GPSOFDFEPSFT QPTTVFN TPMVÎÜFT PV QSPEVUPT DPNP VN &31 F MJDFODJBN FTUF QSPEVUP /B NBJPSJB EPT DFOÈSJPT DPSQPSBUJWPT FTUFT QSPEVUPT OÍP BUFOEFN  EBT OFDFTTJEBEFT EP DPOUSBUBOUF TFOEP OFDFTTÈSJP SFBMJ[BS DVTUPNJ[BÎÜFT F BEBQUBÎÜFT ËT OFDFTTJEBEFT EF OFHØDJP FTQFDÓGJDBT 1PSÏN FN BMHVOT EFTUFT DFOÈSJPT FTUBT BEBQUBÎÜFT TÍP SFBMJ[BEBT OP QSØQSJP QSPEVUP RVF FTUÈ TFOEP MJDFODJBEP F P EJSFJUP EF QSPQSJFEBEF EP TPGUXBSF OÍP Ï USBOTGFSJEP BP DPOUSBUBOUF 4PGUXBSF QSPQSJFUÈSJP FYJTUF B QPTTJCJMJEBEF EB DPOUSBUBÎÍP EF VN GPSOFDFEPS FYUFSOP QBSB P EFTFOWPMWJNFOUP EF TPGUXBSF DVKB QSPQSJFEBEF TFSÈ EP DPOUSBUBOUF /FTUF DFOÈSJP P TPGUXBSF RVF FTUÈ TFOEP   &202 *(5(1&,$5 $ (175(*$ '( 62)7:$5( 325 )È%5,&$6 '( 62)7:$5( 87,/,=$1'2 2 7)6 *,7"

EFTFOWPMWJEP Ï VN BUJWP EP DPOUSBUBOUF "T UÏDOJDBT BQPOUBEBT BRVJ TF DPODFOUSBN OP DFOÈSJP EF %FTFOWPMWJNFOUP &YUFSOP EF 4PGUXBSF 1SPQSJFUÈSJP

$POUSPMF EF WFSTÍP EJTUSJCVÓEP "OUFT EF TF BQSPGVOEBS OP VTP EP (JU FN BNCJFOUFT DPSQPSBUJWPT Ï OFDFTTÈSJP FOUFOEFS P RVF P GB[ TFS EJGFSFOUF EPT PVUSPT TJTUFNBT EF DPOUSPMF EP DØEJHP QPQVMBSFT DPNP 5FBN 'PVOEBUJPO 7FSTJPO $POUSPM 5'7$

47/ 35$ PV BUÏ NFTNP P BOUJHP 4PVSDF 4BGF 5SBEJDJPOBMNFOUF PT HFSFODJBEPSFT EF DØEJHPGPOUF GPSBN VTBEPT QBSB DFOUSBMJ[BS P DØEJHPGPOUF DSJBEP QFMPT EJWFSTPT EFTFOWPMWFEPSFT RVF OFMF USBCBMIBN BP MPOHP EP UFNQP " BCPSEBHFN EF UPEPT FMFT DPOTJTUJB FN UFS VN SFQPTJUØSJP DFOUSBMJ[BEP OB SFEF DPSQPSBUJWB POEF UPEPT PT EFTFOWPMWFEPSFT UJWFTTFN BDFTTP F USBCBMIBSJBN DPOFDUBEPT DPNQBSUJMIBOEP TVBT BMUFSBÎÜFT DPN PT PVUSPT DPMBCPSBEPSFT &TUB BCPSEBHFN Ï DPOIFDJEB DPNP VN TJTUFNB EF DPOUSPMF EF WFSTÍP DFOUSBMJ[BEP $7$4

F GVODJPOB NVJUP CFN QBSB B NBJPSJB EPT DFOÈSJPT EF EFTFOWPMWJNFOUP EF TPGUXBSF DPSQPSBUJWP POEF UPEPT PT EFTFOWPMWFEPSFT FTUÍP JO MPDP F USBCBMIBOEP OB NFTNB DPEF CBTF 1PSÏN DPN B QPQVMBSJ[BÎÍP EPT TJTUFNBT EF DØEJHP BCFSUP B OFDFTTJEBEF QPS VNB BCPSEBHFN EJGFSFOUF HBOIPV GPSÎB 0T TJTUFNBT EF DØEJHP BCFSUP UÐN EVBT DBSBDUFSÓTUJDBT JNQPSUBOUFT QBSB FTUF DPOUFYUP  0T EFTFOWPMWFEPSFT FTUÍP HFPHSBGJDBNFOUF EJTQFSTPT  $BEB EFTFOWPMWFEPS UFN B QPTTJCJMJEBEF EF GB[FS VN GPSL EP SFQPTJUØSJP PSJHJOBM F EFTFOWPMWFS OPWBT GVODJPOBMJEBEFT

 &202 *(5(1&,$5 $ (175(*$ '( 62)7:$5( 325 )È%5,&$6 '( 62)7:$5( 87,/,=$1'2 2 7)6 *,7" 

DSJBOEP VN OPWP QSPKFUP F FWFOUVBMNFOUF FTUBT OPWBT GVODJPOBMJEBEFT QPEFN TFS SFJOUFHSBEBT BP QSPKFUP PSJHJOBM 1BSB BUFOEFS B FTUBT EFNBOEBT GPJ DSJBEB VNB OPWB DBUFHPSJB EF HFSFODJBEPSFT EF DØEJHPGPOUF PT TJTUFNBT EF DPOUSPMF EF DØEJHP EJTUSJCVÓEPT %7$4

EPT RVBJT P (JU Ï P QSJODJQBM SFQSFTFOUBOUF BCSJHBOEP EPJT EPT QSJODJQBJT TPGUXBSFT EF DØEJHP BCFSUP P LFSOFM EP -JOVY F P "OESPJE 1BSB FOUFOEFS NFMIPS DPNP VN %7$4 GVODJPOB Ï JNQPSUBOUF DPNQBSÈMP DPN VN TJTUFNB DFOUSBMJ[BEP 1BSB FGFJUP EJEÈUJDP B DPNQBSBÎÍP TFSÈ SFBMJ[BEB FOUSF P (JU F P 5'7$ NBT NVJUBT EFTUBT RVFTUÜFT GVODJPOBN EF GPSNB FRVJWBMFOUF OPT TJTUFNBT SFQSFTFOUBEPT QPS FMFT " QSJNFJSB EJGFSFOÎB GVOEBNFOUBM Ï FN SFMBÎÍP BP P RVF VN EFTFOWPMWFEPS PCUÏN EP TFSWJEPS QBSB DPNFÎBS B USBCBMIBS &ORVBOUP OP 5'7$ P EFTFOWPMWFEPS GB[ VN (FU -BUUFTU 7FSTJPO OP (JU P EFTFOWPMWFEPS DMPOB P SFQPTJUØSJP 0V TFKB OP 5'7$ P EFTFOWPMWFEPS USB[ QBSB TVB NÈRVJOB BQFOBT B ÞMUJNB WFSTÍP EF DBEB VN EPT BSRVJWPT RVF WBJ USBCBMIBS F OP (JU IÈ VNB DØQJB DPNQMFUB EF UVEP P RVF FYJTUF OP TFSWJEPS %FTUB GPSNB OP (JU UPEBT BT PQFSBÎÜFT TÍP SFBMJ[BEBT MPDBMNFOUF IJTUØSJDP DPNNJU CSBODI NFSHF FUD

FORVBOUP OP 5'7$ FTUBT PQFSBÎÜFT TÍP SFBMJ[BEBT TFNQSF OP TFSWJEPS *TUP GB[ DPN RVF BP VTBS P (JU P EFTFOWPMWFEPS OÍP UFOIB BCTPMVUBNFOUF OFOIVNB EFQFOEÐODJB EF DPOFDUJWJEBEF DPN P TFSWJEPS EF DØEJHP GPOUF 0VUSB EJGFSFOÎB JNQPSUBOUF Ï FN SFMBÎÍP Ë GPSNB DPNP BT BMUFSBÎÜFT TÍP HSBWBEBT OP TFSWJEPS /P 5'7$ BT BMUFSBÎÜFT TÍP TFRVFODJBJT B DBEB DIBOHFTFU Ï HFSBEP VN OPWP JEFOUJGJDBEPS TFRVFODJBM "P GB[FS VN NFSHF TF B TFRVÐODJB OÍP GPS SFTQFJUBEB IBWFSÈ DPOGMJUP +È OP (JU B PSEFN OÍP Ï JNQPSUBOUF QBSB B SFBMJ[BÎÍP EPT   &202 *(5(1&,$5 $ (175(*$ '( 62)7:$5( 325 )È%5,&$6 '( 62)7:$5( 87,/,=$1'2 2 7)6 *,7"

DPNNJUT F EPT NFSHFT P RVF JNQPSUB Ï BQFOBT P DPOUFÞEP EBT BMUFSBÎÜFT $BEB DPNNJU Ï JEFOUJGJDBEP QPS VN IBTI RVF SFQSFTFOUB P DPOUFÞEP EP SFQPTJUØSJP BP SFBMJ[BS BRVFMF DPNNJU %FTUB GPSNB BT PQFSBÎÜFT EF NFSHF QPEFN TFS SFBMJ[BEBT JOEFQFOEFOUF EB PSEFN F BUÏ NFTNP EB PSJHFN EF POEF FMB GPJ GFJUB PSJHJOBMNFOUF 6N DPOGMJUP TØ TFSÈ EFGMBHSBEP DBTP PDPSSB BMUFSBÎÜFT DPOGMJUBOUFT OP NFTNP BSRVJWP 6N UFSDFJSP QPOUP RVF Ï JNQPSUBOUF EFTUBDBS QBSB FOUFOEFS QPS RVF P (JU QPEF TFS NBJT JOUFSFTTBOUF QBSB TFS VUJMJ[BEP FN VN BNCJFOUF EF UFSDFJSJ[BÎÍP EP EFTFOWPMWJNFOUP EF TPGUXBSF Ï B GPSNB DPNP B JOUFHSBÎÍP FOUSF EPJT SFQPTJUØSJPT QPEF TFS GFJUB 6UJMJ[BOEP 5'7$ OÍP FYJTUF VNB GPSNB TJNQMFT F FGJDB[ EF NBOUFS EPJT SFQPTJUØSJPT FN TJODSPOJB &YJTUFN BMHVNBT GFSSBNFOUBT RVF WJTBN GB[FS JTUP NBT WJB EF SFHSB TÍP PQFSBÎÜFT USBCBMIPTBT F EF EJGÓDJM NBOVUFOÎÍP +È P (JU GPJ DPOTUSVÓEP TPC B QSFNJTTB EF RVF Ï FTTFODJBM QPTTJCJMJUBS B JOUFHSBÎÍP FOUSF SFQPTJUØSJP F QPTTVJ EJWFSTBT GVODJPOBMJEBEFT EFEJDBEBT B GB[FS FTUB JOUFHSBÎÍP EF GPSNB OBUVSBM F DPOUSPMBEB DPNP QVMM SFRVFTU SFCBTF F QVTI %FTUB GPSNB P RVF GB[ P (JU NBJT BQSPQSJBEP RVF P 5'7$ OP DPOUFYUP EB UFSDFJSJ[BÎÍP EF TPGUXBSF Ï /ÍP FYJTUF EFQFOEÐODJB EF DPOFDUJWJEBEF EVSBOUF P EFTFOWPMWJNFOUP 4VQPSUB BMUFSBÎÜFT OÍP TFRVFODJBJT 'VODJPOBMJEBEFT QBSB JOUFHSBÎÍP EF SFQPTJUØSJPT

(JU FNCBJYP EP DBQÙ 1BSB GBDJMJUBS P FOUFOEJNFOUP EBT OPUBÎÜFT EP XPSLGMPX TVHFSJEP OP QSØYJNP DBQÓUVMP Ï JNQPSUBOUF GB[FS VNB SFWJTÍP SÈQJEB EF DPNP P (JU GVODJPOB $BEB DPNNJU DPOUÏN BP GJOBM VN TOBQTIPU EF UPEP P DPOUFÞEP EP SFQPTJUØSJP 4PCSF FTUF DPOUFÞEP Ï  &202 *(5(1&,$5 $ (175(*$ '( 62)7:$5( 325 )È%5,&$6 '( 62)7:$5( 87,/,=$1'2 2 7)6 *,7" 

GFJUP VN IBTI VUJMJ[BOEP P NÏUPEP 4)" RVF HFSB VNB TFRVÐODJB EF  DBSBDUFSFT &TUF IBTI Ï P JEFOUJGJDBEPS EP DPNNJU F OPSNBMNFOUF Ï JEFOUJGJDBEP BQFOBT QFMPT QSJNFJSPT DBSBDUFSFT "EJDJPOBMNFOUF VN DPNNJU DPOUÏN UBNCÏN VN QPOUFJSP QBSB P DPNNJU BOUFSJPS B FMF OP IJTUØSJDP F FN BMHVOT DBTPT FMF QPEF DPOUFS EPJT QPOUFJSPT QBSB PT EPJT DPNNJUT BOUFSJPSFT *TUP BDPOUFDF RVBOEP P DPNNJU Ï SFTVMUBEP EF VN DPOGMJUP EF NFSHF PV NFSHF EF USÐT QPOUBT %FTUB GPSNB P IJTUØSJDP EF VN SFQPTJUØSJP (JU OPSNBMNFOUF Ï SFQSFTFOUBEP EFTUB GPSNB

  &202 *(5(1&,$5 $ (175(*$ '( 62)7:$5( 325 )È%5,&$6 '( 62)7:$5( 87,/,=$1'2 2 7)6 *,7"

8PSLGMPX 6N XPSLGMPX QPTTÓWFM QBSB P DPOUSPMF EBT FOUSFHBT EF GÈCSJDB EF TPGUXBSF OP DPOUFYUP EFGJOJEP Ï P TFHVJOUF

 &202 *(5(1&,$5 $ (175(*$ '( 62)7:$5( 325 )È%5,&$6 '( 62)7:$5( 87,/,=$1'2 2 7)6 *,7" 

 'ÈCSJDB DMPOB P SFQPTJUØSJP  'ÈCSJDB DSJB VN CSBODI QBSB B GVODJPOBMJEBEF PV B FOUSFHB RVF TFSÈ SFBMJ[BEB  %FTFOWPMWFEPSFT DMPOB P SFQPTJUØSJP FN TVB NÈRVJOB  %FTFOWPMWFEPSFT GB[FN P DPNNJU MPDBM F P QVTI QBSB B PSJHFN  2VBOEP B FOUSFHB FTUJWFS QSPOUB B GÈCSJDB GB[ P SFCBTF EP CSBODI  'ÈCSJDB GB[ P QVTI EP CSBODI QBSB P GPSOFDFEPS  'ÈCSJDB TPMJDJUB VN QVMM SFRVFTU  $POUSBUBOUF SFWJTB BT BMUFSBÎÜFT SFBMJ[BEBT F BDFJUB P QVMM SFRVFTU %FTUB GPSNB UFSÓBNPT P TFHVJOUF GMVYP FOUSF SFQPTJUØSJPT

" TFHVJS TFSÈ EFTDSJUP DBEB VN EPT QBTTPT QBSB TF DPNQMFUBS P XPSLGMPX QSPQPTUP 1BSB FGFJUPT EF EFNPOTUSBÎÍP P DPOUSBUBOUF TFSÈ DIBNBEP EF $POUPTP F B GÈCSJDB EF 'BCSJLBN /FTUF DFOÈSJP $POUPTP VUJMJ[B P 7JTVBM 4UVEJP 0OMJOF DPNP TFV SFQPTJUØSJP FORVBOUP B 'BCSJLBN P (JU)VC   &202 *(5(1&,$5 $ (175(*$ '( 62)7:$5( 325 )È%5,&$6 '( 62)7:$5( 87,/,=$1'2 2 7)6 *,7"

0T FYFNQMPT TFSÍP GFJUPT VUJMJ[BOEP B MJOIB EF DPNBOEP $PNP B JOUFSGBDF EF VTVÈSJP EP (JU EFOUSP EP 7JTVBM 4UVEJP FTUÈ FN DPOTUBOUF FWPMVÎÍP F BT GFSSBNFOUBT EF MJOIB EF DPNBOEP TÍP SFMBUJWBNFOUF FTUÈWFJT Ï NBJT QSPWÈWFM RVF PT FYFNQMPT B TFHVJS DPOUJOVFN GVODJPOBOEP BOPT BQØT B QVCMJDBÎÍP EFTUF MJWSP  'ÈCSJDB DMPOB P SFQPTJUØSJP 1BSB P FYFNQMP B TFHVJS $POUPTP EJTQPOJCJMJ[B BDFTTP BP TFV SFQPTJUØSJP F B 'BCSJLBN DSJPV VN SFQPTJUØSJP OP (JU)VC QBSB HVBSEBS PT GPOUFT EP $POUPTP JLW FORQH KWWSVFRQWRVRYLVXDOVWXGLRFRP'HIDXOW&ROOHFWLRQBJLW 3URMHFW JLW UHPRWH DGG JLWKXE KWWSVJLWKXEFRPIDEULNDPFRQWRVRJLW JLW SXVK X JLWKXE PDVWHU

 'ÈCSJDB DSJB VN CSBODI QBSB B GVODJPOBMJEBEF PV B FOUSFHB RVF TFSÈ SFBMJ[BEB JLW EUDQFK HQWUHJD JLW SXVK JLWKXE HQWUHJD

 %FTFOWPMWFEPSFT DMPOBN P SFQPTJUØSJP FN TVB NÈRVJOB JLW FORQH KWWSVJLWKXEFRPDUFVIRUNJLW JLW FKHFNRXW HQWUHJD

 %FTFOWPMWFEPSFT GB[FN P DPNNJU OP CSBODI MPDBM F P QVTI QBSB P (JU)VC JLW FRPPLW JLW SXVK RULJLQ HQWUHJD

 2VBOEP B FOUSFHB FTUJWFS QSPOUB B GÈCSJDB GB[ P SFCBTF EP CSBODI JLW FKHFNRXW HQWUHJD JLW UHEDVH PDVWHU

 'ÈCSJDB GB[ P QVTI EP CSBODI QBSB P GPSOFDFEPS

 &202 *(5(1&,$5 $ (175(*$ '( 62)7:$5( 325 )È%5,&$6 '( 62)7:$5( 87,/,=$1'2 2 7)6 *,7" 

JLW SXVK RULJLQ HQWUHJD

 'ÈCSJDB TPMJDJUB VN QVMM SFRVFTU 1BSB TPMJDJUBS VN QVMM SFRVFTU B QBSUJS EP 7JTVBM 4UVEJP 0OMJOF BDFTTP $PEF  1VMM 3FRVFTUT  $SFBUF 1VMM 3FRVFTU 4FMFDJPOF PT CSBODIT EF PSJHFN F EFTUJOP F DMJRVF FN $SFBUF QVMM SFRVFTU

 $POUSBUBOUF SFWJTB BT BMUFSBÎÜFT SFBMJ[BEBT F BDFJUB P QVMM SFRVFTU "QØT B DSJBÎÍP EP QVMM SFRVFTU B SFWJTÍP EB FOUSFHB TF JOJDJB QPS QBSUF EB $POUPTP /FTUF NPNFOUP B $POUPTP QPEF SFWJTBS BT BMUFSBÎÜFT GB[FS VN CVJME EP OPWP DØEJHP SFBMJ[BS UFTUFT F JOUFSBHJS DPN B 'BCSJLBN QPS NFJP EF DPNFOUÈSJPT OB QSØQSJB GFSSBNFOUB $BTP TFKB OFDFTTÈSJP B 'BCSJLBN QPEF TVCNFUFS OPWBT BMUFSBÎÜFT QBSB SFTPMWFS FWFOUVBJT QSPCMFNBT BQPOUBEPT EVSBOUF P QSPDFTTP EF SFWJTÍP "QØT B $POUPTP FTUBS TBUJTGFJUB DPN B FOUSFHB FMB QPEF JOUFHSBS P DØEJHP FN TFV SFQPTJUØSJP GB[FOEP P NFSHF OP CSBODI NBTUFS

  &202 *(5(1&,$5 $ (175(*$ '( 62)7:$5( 325 )È%5,&$6 '( 62)7:$5( 87,/,=$1'2 2 7)6 *,7"

3&'&3³/$*"4 .ÏUPEP 4)"  IUUQTNTEONJDSPTPGUDPNFO VTMJCSBSZTZTUFNTFDVSJUZDSZQUPHSBQIZTIB WWT BTQY

 $0/$-64°0 5PEBT BT UÏDOJDBT BQSFTFOUBEBT EVSBOUF P DBQÓUVMP QPEFN F EFWFN TFS VTBEBT OP EJB B EJB QBSB BVNFOUBS B QSPEVUJWJEBEF F BOEBNFOUP EPT QSPKFUPT 4ÍP UÏDOJDBT FGJDJFOUFT QBSB HBSBOUJS P DPOUSPMF EF EFNBOEBT FN UFNQP EF QSPKFUP PV TVTUFOUBÎÍP "QSFOEFS DPN PT QSPCMFNBT FODPOUSBEPT EFNPOTUSB B NBUVSJEBEF QBSB UFS TVDFTTP /P DBQÓUVMP B TFHVJS TÍP BCPSEBEBT UÏDOJDBT SFDPNFOEBEBT QBSB P EJB B EJB EPT UJNFT EF EFTFOWPMWJNFOUP o UBOUP QBSB P QSPDFTTP EF EFTFOWPMWJNFOUP EF TPGUXBSF DPNP QBSB B DPOTUSVÎÍP EF OPWBT TPMVÎÜFT

 &21&/86­2



&$3Ë78/2 

1"%3¿&4 %& %&4&/70-7*.&/50

"QMJDBÎÜFT DPOTJTUFOUFT RVF TFHVFN QBESÜFT EF EFTFOWPMWJNFOUP BNQMJBN B RVBMJEBEF EP TPGUXBSF SFEV[FN P UJNF UPNBSLFU QSPNPWFN P USBCBMIP DPMBCPSBUJWP FMJNJOBN B QFSEB EF UFNQP FN QSPCMFNBT TJNQMJGJDBN B NBOVUFOÎÍP F GB[FN VTP EF QSÈUJDBT DPOIFDJEBT F KÈ BEPUBEBT QFMP NFSDBEP $PNVNFOUF FOGSFOUBNPT FN DBNQPT QSPCMFNBT EF EFTFOWPMWJNFOUP DVKBT TPMVÎÜFT QPEFN TFS QBESPOJ[BEBT F BQMJDBEBT FN EJGFSFOUFT QSPKFUPT &TUF DBQÓUVMP EFUBMIB QSPCMFNBT FODPOUSBEPT NBJT EF VNB WF[ FN EJGFSFOUFT QSPKFUPT F EF EJGFSFOUFT UJNFT EF EFTFOWPMWJNFOUP F BT TPMVÎÜFT BEPUBEBT QBSB TVBT SFTPMVÎÜFT GPSBN BT NFTNBT 0T QBESÜFT EF EFTFOWPMWJNFOUP JOUSPEV[JEPT OFTUF UØQJDP TÍP VNB DPMFÎÍP EF QSÈUJDBT QBSB SFTPMVÎÍP EF QSPCMFNBT EF EFTFOWPMWJNFOUP F QBSB QSPEVÎÍP EF TPGUXBSF

 103 26& $6450.*;"%"4

$3*"3

&9$&±¿&4

1PS 3BGBFM 5FJYFJSB i1PTTVP BMHVOT DPNQPOFOUFT RVF TÍP VUJMJ[BEPT QPS EJWFSTBT BQMJDBÎÜFT &N RVBJT TJUVBÎÍP EFWP DSJBS FYDFÎÜFT DVTUPNJ[BEBT QBSB NJOIBT DMBTTFT EP DPNQPOFOUF w



 3$'5®(6 '( '(6(192/9,0(172

&TUF Ï VN UØQJDP QPMÐNJDP F UBMWF[ B NFMIPS SFTQPTUB QBSB FTUB QFSHVOUB TFKB SBSBNFOUF &NCPSB P /&5 'SBNFXPSL OPT QFSNJUB DSJBS FYDFÎÜFT DVTUPNJ[BEBT TFHVJOEP BT CPBT QSÈUJDBT QBSB FYDFÎÜFT EFWFNPT TFNQSF VUJMJ[BS BT FYDFÎÜFT KÈ FYJTUFOUFT OP /&5 BOUFT EF DSJBS FYDFÎÜFT DVTUPNJ[BEBT 1BSB B HSBOEF NBJPSJB EPT DBTPT BT FYDFÎÜFT OP /&5 OPT BUFOEFN F EFWFNPT VTÈMBT DPNP QPS FYFNQMP 7LPHRXW([FHSWLRQ

$UJXPHQW([FHSWLRQ

,QYDOLG2SHUDWLRQ([FHSWLRQ FUD .BT WPDÐT EFWFN FTUBS TF QFSHVOUBOEP F OP DBTP EF VTBS FYDFÎÜFT QBSB SFUPSOBS JOGPSNBÎÜFT EF OFHØDJP QBSB P NÏUPEP DIBNBEP QPEFSJB FOUÍP DSJBS FYDFÎÍP DVTUPNJ[BEB 1BSUJOEP QBSB VN FYFNQMP QSÈUJDP TVQPOIB VNB SPUJOB EF CVTDB EF DMJFOUFT QPS OPNF POEF B FYDFÎÍP &OLHQW1RW)RXQG([FHSWLRQ Ï MBOÎBEB RVBOEP OFOIVN DMJFOUF TF FORVBESB OPT GJMUSPT EF QFTRVJTB SXEOLF /LVW&OLHQWHV! %XVFDU&OLHQWHV3RU1RPHVWULQJ QRPH ^ ([FHSWLRQ'HPR(QWLWLHV GE QHZ ([FHSWLRQ'HPR(QWLWLHV   %XVFD &OLHQWHV QR UHSRVLW³ULR GH GDGRV YDU FOLHQWHV GE&OLHQWHV:KHUHS ! S1RPH(TXDOVQRPH 7R/L VW  LI FOLHQWHV&RXQW  WKURZ QHZ &OLHQW1RW)RXQG([FHSWLRQ1RPH  UHWXUQ FOLHQWHV `

3FTQPOEFOEP

B

FTUB

QFSHVOUB B DMBTTF EF FYDFÎÍP &OLHQW1RW)RXQG([FHSWLRQ OÍP EFWFSJB UFS TJEP DSJBEB F NVJUP NFOPT VN NÏUPEP EFWF VTBS FYDFÎÜFT QBSB SFUPSOBS JOGPSNBÎÍP EF OFHØDJP "T FYDFÎÜFT UÐN JNQMJDBÎÜFT EJSFUBT OB QFSGPSNBODF EB BQMJDBÎÍP EFWJEP Ë TVB FTUSVUVSB EF HFSFODJBNFOUP F QSPQBHBÎÍP &OUÍP RVBOUP NFOPS P OÞNFSP EF FYDFÎÜFT RVF PDPSSFN OP TFV DØEJHP NBJPS B QFSGPSNBODF /FTUF FYFNQMP P NÏUPEP EFWF  325 48( &5,$5 (;&(d®(6 &86720,=$'$6



SFUPSOBS

Ë

JOGPSNBÎÍP &OLHQW1RW)2XQG([FHSWLRQ 

TFN

MBOÎBS

B

FYDFÎÍP

& OP DBTP EF QSFDJTBSNPT BEJDJPOBS JOGPSNBÎÜFT OB FYDFÎÍP 1SFDJTBNPT DSJBS VNB FYDFÎÍP DVTUPNJ[BEB  /PWBNFOUF OÍP 5PEBT BT FYDFÎÜFT EP /&5 EFSJWBN EB DMBTTF ([FHSWLRQ RVF QPTTVJ VNB QSPQSJFEBEF DIBNBEB 'DWD EP UJQP 'LFLRQDULR RVF QPEF TFS VTBEB FYBUBNFOUF QBSB FTUFT DBTPT POEF Ï OFDFTTÈSJP BHSFHBS JOGPSNBÎÍP QBSB B FYDFÎÍP " TFHVJS UFNPT VN FYFNQMP EP NÏUPEP RVF BP DBQUVSBS B FYDFÎÍP BEJDJPOB P IPSÈSJP BOUFT EF MBOÎBS QBSB P NÏUPEP DIBNBEPS SXEOLF VWDWLF YRLG &RQQHFWVWULQJ KRVWQDPH LQW SRUW ^ WU\ ^ 7FS&OLHQW WFS QHZ 7FS&OLHQW  WFS&RQQHFWKRVWQDPH SRUW    ` FDWFK 6RFNHW([FHSWLRQ V([ ^ V(['DWD$GG([FHSWLRQ 7LPH 'DWH7LPH1RZ7R8QLYHUVDO7LP H 7R6WULQJ  WKURZ ` `

& RVBOEP EFWFNPT DSJBS BT FYDFÎÜFT DVTUPNJ[BEBT  "T FYDFÎÜFT DVTUPNJ[BEBT TÍP SFDPNFOEBEBT OPT TFHVJOUFT DBTPT /ÍP FODPOUSBNPT FYDFÎÍP BEFRVBEB OP /&5 5FNPT EF BEJDJPOBS JOGPSNBÎÜFT FTUSVUVSBEBT OB FYDFÎÍP 1FSNJUJS RVF P EFTFOWPMWFEPS DBQUVSF B FYDFÎÍP QBSB UPNBS VNB BÎÍP 5PNBOEP P ÞMUJNP FYFNQMP BOUFSJPS WBNPT NPEJGJDÈMP QBSB 

 325 48( &5,$5 (;&(d®(6 &86720,=$'$6

VN DBTP POEF TFSÈ QPTTÓWFM B DSJBÎÍP EF FYDFÎÍP DVTUPNJ[BEB  VXPPDU\!   VXPPDU\!  SDUDP QDPH KRVWQDPH!SDUDP!  SDUDP QDPH SRUW!SDUDP!  H[FHSWLRQ FUHI 6HUYHU7RR%XV\([FHSWLRQ UHPDUNV 4XDQGR UHEHU HVW¡ H[FH§£R WHQWH HIHWXDU D FRQH[£R QRYDPHQWH SXEOLF VWDWLF YRLG &RQQHFWVWULQJ KRVWQDPH LQW SRUW ^ WU\ ^ 7FS&OLHQW WFS QHZ 7FS&OLHQW  WFS&RQQHFWKRVWQDPH SRUW    ` FDWFK 6RFNHW([FHSWLRQ V([ ^ LI V([1DWLYH(UURU&RGH   9DORU VRPHQ WH SDUD H[HPSOR WKURZ QHZ 6HUYHU7RR%XV\([FHSWLRQ6HUYLGRU DWLQJLX OLP LWH P¡[LPR GH FRQH[µHV V([  WKURZ ` `

$MBTTF EB FYDFÎÍP DVTUPNJ[BEB 6HUYHU7RR%XV\([FHSWLRQ  >6HULDOL]DEOH@ SXEOLF FODVV 6HUYHU7RR%XV\([FHSWLRQ  ([FHSWLRQ ^ SXEOLF 6HUYHU7RR%XV\([FHSWLRQ ^ ` SXEOLF 6HUYHU7RR%XV\([FHSWLRQVWULQJ PHVVDJH  EDVHPHVVDJH ^ ` SXEOLF 6HUYHU7RR%XV\([FHSWLRQVWULQJ PHVVDJH ([FHSWLRQ LQQHU( [FHSWLRQ  EDVHPHVVDJH LQQHU([FHSWLRQ ^ ` SURWHFWHG 6HUYHU7RR%XV\([FHSWLRQ6HULDOL]DWLRQ,QIR LQIR 6WUHD PLQJ&RQWH[W FRQWH[W  EDVHLQIR FRQWH[W ^

 325 48( &5,$5 (;&(d®(6 &86720,=$'$6



` `

/FTUF

DBTP

DSJBNPT B FYDFÎÍP DVTUPNJ[BEB 6HUYHU7RR%XV\([FHSWLRQ TFHVJOEP BT CPBT QSÈUJDBT EF FYDFÎÜFT TFOEP FMBT %FSJWF BT FYDFÎÜFT EF 6\VWHP([FHSWLRQ PV EF PVUSP UJQP CBTF EF FYDFÎÜFT 'BÎB DPN RVF P OPNF EBT FYDFÎÜFT UFSNJOF DPN P TVGJYP ([FHSWLRQ  'BÎB DPN RVF BT FYDFÎÜFT TFKBN TFSJBMJ[ÈWFJT *NQMFNFOUF BP NFOPT PT RVBUSP DPOTUSVUPSFT CBTF FTQFSBEPT OBT FYDFÎÜFT " TFHVJS UFNPT P USFDIP EF DØEJHP RVF DIBNB P NÏUPEP &RQQHFW F GB[ P EFWJEP USBUBNFOUP QBSB B FYDFÎÍP EF FYFNQMP 6HUYHU7RR%XV\([FHSWLRQ  SULYDWH VWDWLF YRLG &RQQHFW7R6HUYLFHVWULQJ KRVWQDPH LQW SRUW LQ W UHWULHV ^ WU\ ^ &RQQHFWORFDOKRVW   ` FDWFK 6HUYHU7RR%XV\([FHSWLRQ ^ LI UHWULHV  WKURZ UHWULHV &RQQHFW7R6HUYLFHKRVWQDPH SRUW UHWULHV  ` `

.BT RVBM P NFMIPS NPEP EF USBUBS FYDFÎÜFT 7FKB P UØQJDP B TFHVJS F UJSF TVBT EÞWJEBT



 325 48( &5,$5 (;&(d®(6 &86720,=$'$6

3&'&3³/$*"4 #FTU 1SBDUJDFT GPS &YDFQUJPOT  IUUQTNTEONJDSPTPGUDPNFO VTMJCSBSZTFZIT[UT WWT BTQY

 $0.0 53"5"3 "4 &9$&±¿&4 1PS 3BGBFM 5FJYFJSB "OUFT EF GBMBS FN DPNP USBUBS BT FYDFÎÜFT WBNPT GBMBS EF RVBOEP USBUÈMBT "T FYDFÎÜFT EFWFN TFS USBUBEBT TPNFOUF TF WPDÐ UFN VNB BÎÍP B UPNBS TPCSF FMB /B NBJPSJB EPT DBTPT FTTBT BÎÜFT TÍP -PH o (SBWBS JOGPSNBÎÜFT EP BDPOUFDJNFOUP EB FYDFÎÍP QBSB DBTP EF EFQVSBÎÍP EF QSPCMFNBT $POUJOHÐODJB o 4F DPN B PDPSSÐODJB EB FYDFÎÍP FYJTUF VN PVUSP DBNJOIP B TFS TFHVJEP RVF QPTTB DPOUPSOBS P QSPCMFNB PDPSSJEP $PNP OP FYFNQMP BOUFSJPS EB FYDFÎÍP DVTUPNJ[BEB B DBQUVSB EB FYDFÎÍP 6HUYHU7RR%XV\([FHSWLRQ Ï GFJUB QBSB GB[FS VNB OPWB UFOUBUJWB EF DPOFYÍP "HPSB QBSB GBMBS FN DPNP USBUBS BT FYDFÎÜFT EFWFNPT TFNQSF DPOTJEFSBS BT TFHVJOUFT SFHSBT 4FNQSF EB NBJT FTQFDÓGJDB QBSB B NFOPT FTQFDÓGJDB 6HUYHU7RR%XV\([FHSWLRQ Ï NBJT FTQFDÓGJDB EP RVF ([FHSWLRQ EFWJEP Ë TVB FTQFDJGJDJEBEF SULYDWH VWDWLF YRLG &RQQHFW7R6HUYLFHVWULQJ KRVWQDPH LQW SRUW LQ W UHWULHV ^ WU\  &202 75$7$5 $6 (;&(d®(6



^ &RQQHFWORFDOKRVW   ` FDWFK 6HUYHU7RR%XV\([FHSWLRQ V([ ^ '%/RJ([FHSWLRQV([  LI UHWULHV WKURZ



UHWULHV &RQQHFW7R6HUYLFHKRVWQDPH SRUW UHWULHV  ` FDWFK ([FHSWLRQ H[ ^ '%/RJ([FHSWLRQV([  ` `

3FMBOÎBS B FYDFÎÍP VUJMJ[BOEP P WKURZ  %FTTB GPSNB P 6WDFN7UDFH Ï QSFTFSWBEP F B BOÈMJTF EB FYDFÎÍP B EJSFDJPOB QBSB P MPDBM DPSSFUP OP DØEJHP POEF GPJ MBOÎBEB SXEOLF VWDWLF YRLG &RQQHFWVWULQJ KRVWQDPH LQW SRUW ^ WU\ ^ 7FS&OLHQW WFS QHZ 7FS&OLHQW  WFS&RQQHFWKRVWQDPH SRUW    ` FDWFK 6RFNHW([FHSWLRQ V([ ^ V(['DWD$GG([FHSWLRQ 7LPH 'DWH7LPH1RZ7R8QLYHUVDO7LP H 7R6WULQJ  WKURZ ` `

$BTP PDPSSB P SFMBOÎBNFOUP EF VNB FYDFÎÍP EFWFTF TFNQSF BEJDJPOBS B FYDFÎÍP PSJHJOBM DPNP ,QQHU([FHSWLRQ EP TFV DPOUFYUP EF FYFDVÎÍP %FTUB GPSNB BP USBUBS B FYDFÎÍP PV SFHJTUSÈMB FN BMHVNB SPUJOB EF MPH UFSFNPT UPEP P IJTUØSJDP EF FYDFÎÜFT 

 &202 75$7$5 $6 (;&(d®(6

SFMBDJPOBEBT Ë FYFDVÎÍP SXEOLF VWDWLF YRLG &RQQHFWVWULQJ KRVWQDPH LQW SRUW ^ WU\ ^ 7FS&OLHQW WFS QHZ 7FS&OLHQW  WFS&RQQHFWKRVWQDPH SRUW    ` FDWFK 6RFNHW([FHSWLRQ V([ ^ LI V([1DWLYH(UURU&RGH   9DORU VRPHQWH SDUD H[ HPSOR WKURZ QHZ 6HUYHU7RR%XV\([FHSWLRQ6HUYLGRU DWLQJLX OLP LWH P¡[LPR GH FRQH[µHV V([  WKURZ ` `

 7"-*%"±°0 %& 1"3¬.&5304 1PS -VÓT )FOSJRVF %FNFUSJP i1SFDJTP NF QSFPDVQBS DPN B WBMJEBÎÍP EPT QBSÉNFUSPT 2VBJT TÍP PT CFOFGÓDJPT EFTTB WBMJEBÎÍP w /P DPOUFYUP EB JOGPSNÈUJDB PT QBSÉNFUSPT UBNCÏN NVJUBT WF[FT VTBEPT DPNP TJOÙOJNP EF BSHVNFOUPT TÍP VUJMJ[BEPT QBSB BUSJCVJS PT WBMPSFT EF FOUSBEB QBSB BT GVOÎÜFT PV NÏUPEPT &N  KÈ TF TBCJB RVF RVBOUP BOUFT VNB GBMIB GPTTF JEFOUJGJDBEB NFOPS TFSJB P DVTUP EF EFTFOWPMWJNFOUP EP QSPKFUP .:&34   .FTNP BTTJN BJOEB Ï NVJUP DPNVN FODPOUSBSNPT BQMJDBÎÜFT RVF DBSFDFN EF VNB JNQMFNFOUBÎÍP BQSPQSJBEB EF QBSÉNFUSPT " BVTÐODJB EFTTB JNQMFNFOUBÎÍP QSPWBWFMNFOUF PDPSSF EFWJEP BP DVSUP QSB[P EJTQPOÓWFM QBSB B DPEJGJDBÎÍP EF VN QSPKFUP &N BMHVOT DBTPT FTTF UJQP EF EFTDVJEP Ï EFDPSSFOUF EF QSPDFTTPT EF  9$/,'$d­2 '( 3$5Æ0(7526



EFTFOWPMWJNFOUPT JNBUVSPT RVF OÍP DPOTJEFSBN P VTP EF UFTUFT F EF GFSSBNFOUBT EF WBMJEBÎÍP OP DJDMP EF EFTFOWPMWJNFOUP " WBMJEBÎÍP JOBEFRVBEB EPT QBSÉNFUSPT QPEF JODBQBDJUBS P VTP EF VNB EFUFSNJOBEB GVODJPOBMJEBEF PV BUÏ NFTNP OP FODFSSBNFOUP JOEFTFKBEP EB BQMJDBÎÍP PDBTJPOBOEP QFSEBT GJOBODFJSBT F EF DSFEJCJMJEBEF EB BQMJDBÎÍP EFDPSSFOUFT EB JOEJTQPOJCJMJEBEF EFMB 0 QSPCMFNB Ï BHSBWBEP RVBOEP P WBMPS EF VN QBSÉNFUSP RVF OÍP GPJ WBMJEBEP F RVF QPTTVJ WBMPS JNQSØQSJP Ï DPOTJEFSBEP DPSSFUP QFMB BQMJDBÎÍP &TTF UJQP EF FSSP QPEF EFNPSBS QBSB TFS JEFOUJGJDBEP F PDBTJPOBS OP BVNFOUP EP QSFKVÓ[P GJOBODFJSP " GBMUB EF WBMJEBÎÍP QPEF SFTVMUBS FN GBMIBT EF TFHVSBOÎB DBUBTUSØGJDBT &N   NJMIÜFT EF SFHJTUSPT GPSBN WJPMBEPT 0CTFSWF RVF FTTFT TÍP BQFOBT PT OÞNFSPT DPOIFDJEPT OÍP TF TBCF RVBOUPT OÍP GPSBN SFMBUBEPT PV BUÏ NFTNP PT RVF OVODB GPSBN EFTDPCFSUPT " BVTÐODJB EB WBMJEBÎÍP TPNBEB Ë NÈ JNQMFNFOUBÎÍP EP USBUBNFOUP EF FYDFÎÜFT QPEF TFS EFTBTUSPTB BCSJOEP FTQBÎP QBSB WVMOFSBCJMJEBEFT F BVNFOUBOEP P FTGPSÎP F UFNQP QBSB EFTDPCSJS POEF FYJTUF B GBMIB 1BSB NBJPSFT EFUBMIFT TPCSF P USBUBNFOUP EF FYDFÎÜFT SFWJTJUF B TFÎÍP $PNP USBUBS BT FYDFÎÜFT

7BMJEBS PT QBSÉNFUSPT RVF OÍP BDFJUBN WBMPSFT OVMPT 6NB CPB QSÈUJDB EF EFTFOWPMWJNFOUP EFGJOJEB DPNP VNB EBT SFHSBT EP .JDSPTPGU $PEF "OBMZTJT SFHSB $"

Ï WFSJGJDBS TF P WBMPS EP QBSÉNFUSP EF SFGFSÐODJB Ï OVMP BOUFT EF BDFTTBS RVBMRVFS QSPQSJFEBEF EP QBSÉNFUSP 4F BQSPQSJBEP Ï OFDFTTÈSJP HFSBS VNB FYDFÎÍP EP UJQP 6\VWHP$UJXPHQW1XOO([FHSWLRQ RVBOEP P BSHVNFOUP GPS OVMP 0 GSBHNFOUP EF DØEJHP B TFHVJS FYFNQMJGJDB VN NÏUPEP RVF WJPMB B SFHSB F PVUSP RVF B TBUJTGB[ 0 NÏUPEP i%P/PU7BMJEBUFw OÍP 

 9$/,'$d­2 '( 3$5Æ0(7526

WBMJEB P DPOUFÞEP QBTTBEP DPNP QBSÉNFUSP BTTJN UPSOBTF QSPQFOTP B QPTTÓWFJT FSSPT FN UFNQP EF FYFDVÎÍP 0 NÏUPEP i7BMJEBUFw WBMJEB DPSSFUBNFOUF TFV QBSÉNFUSP EF FOUSBEB MBOÎBOEP VNB FYDFÎÍP EP UJQP 6\VWHP$UJXPHQW1XOO([FHSWLRQ DBTP VN WBMPS OVMP TFKB QBTTBEP DPNP QBSÉNFUSP "P VUJMJ[BS VN UJQP EF FYDFÎÍP RVF DPSSFTQPOEF EF GBUP Ë GBMIB JEFOUJGJDBEB EJSFDJPOBNPT GVUVSBT BOÈMJTFT BPT QPTTÓWFJT FSSPT BTTPDJBEPT DPN P UJQP EF FYDFÎÍP SFDFCJEB SXEOLF FODVV 7HVW ^  (VVH P©WRGR YLROD D UHJUD SXEOLF YRLG 'R1RW9DOLGDWHVWULQJ LQSXW ^ LI LQSXW/HQJWK   ^ &RQVROH:ULWH/LQHLQSXW  ` `  (VVH P©WRGR VDWLVID] D UHJUD SXEOLF YRLG 9DOLGDWHVWULQJ LQSXW ^ LI LQSXW QXOO WKURZ QHZ $UJXPHQW1XOO([FHSWLRQQDPHRILQSXW  &  DQWHV GR &  HUD QHFHVV¡ULR H[HFXWDU URZ QHZ $UJXPHQW1XOO([FHSWLRQRWKHU 

WK

LI LQSXW/HQJWK   ^ &RQVROH:ULWH/LQHLQSXW  ` ` `

0CTFSWF RVF B QBSUJS EB WFSTÍP  EB MJOHVBHFN $ OÍP Ï NBJT OFDFTTÈSJP FTQFDJGJDBS P OPNF EP QBSÉNFUSP JOWÈMJEP QPS NFJP EF TUSJOHT BP HFSBS VNB FYDFÎÍP EP UJQP $UJXPHQW1XOO([FHSWLRQ  " FYQSFTTÍP OBNFPG JOUSPEV[JEB OP $  QFSNJUF PCUFS P OPNF EF VNB WBSJÈWFM VN UJQP PV VN NÏUPEP 0 VTP EF OBNFPG BKVEB B NBOUFS P DØEJHP DPOTJTUFOUF BP SFOPNFBS EFGJOJÎÜFT VNB WF[ RVF P DPNQJMBEPS BMUFSBWB BQFOBT P WBMPS EB WBSJÈWFM F NBOUJOIB  9$/,'$d­2 '( 3$5Æ0(7526



JOBMUFSBEP P WBMPS EP UFYUP QBTTBEP DPNP QBSÉNFUSP QBSB B FYDFÎÍP $UJXPHQW1XOO([FHSWLRQ  0CTFSWF QFMP GSBHNFOUP EF DØEJHP B TFHVJS RVF P DPOTUSVUPS 3HUVRQ OÍP WFSJGJDB TF P QBSÉNFUSP EF FOUSBEB RWKHU Ï OVMP BOUFT EF BDFTTBS BT QSPQSJFEBEFT EFTTF PCKFUP SXEOLF FODVV 3HUVRQ ^ SXEOLF VWULQJ 1DPH ^ JHW SULYDWH VHW ` SXEOLF LQW $JH ^ JHW SULYDWH VHW ` SXEOLF 3HUVRQVWULQJ QDPH LQW DJH ^ 1DPH QDPH $JH DJH ` 2 FRQVWUXWRU YLROD D UHJUD &$ DR DFHVVDU DV SURSULHGDGHV GR SDU¢PHWUR RWKHU VHP YHULILFDU VH R PHVPR © QXOR SXEOLF 3HUVRQ3HUVRQ RWKHU  WKLVRWKHU1DPH RWKHU$JH ^ ` `

/P FYFNQMP EF DØEJHP B TFHVJS P PCKFUP RWKHU Ï WBMJEBEP BOUFT EF TFS DIBNBEP QFMP DPOTUSVUPS QPS NFJP EP NÏUPEP 3DVV7KURXJK1RQ1XOO  SXEOLF FODVV 3HUVRQ ^ SXEOLF VWULQJ 1DPH ^ JHW SULYDWH VHW ` SXEOLF LQW $JH ^ JHW SULYDWH VHW ` SXEOLF 3HUVRQVWULQJ QDPH LQW DJH ^ 1DPH QDPH $JH DJH ` SXEOLF 3HUVRQ3HUVRQ RWKHU  WKLV3DVV7KURXJK1RQ1XOORWKHU 1DPH 3DVV7KURXJK1RQ1XOO RWKHU $JH ^ `  0©WRGR XWLOL]DGR SDUD YHULILFDU VH R SDU¢PHWUR SHUVRQ © QXOR



 9$/,'$d­2 '( 3$5Æ0(7526

SULYDWH VWDWLF 3HUVRQ 3DVV7KURXJK1RQ1XOO3HUVRQ SHUVRQ ^ LI SHUVRQ QXOO WKURZ QHZ $UJXPHQW1XOO([FHSWLRQSHUVRQ  UHWXUQ SHUVRQ ` `

0 .JDSPTPGU 7JTVBM 4UVEJP  PGFSFDF B PQÎÍP EF IBCJMJUBS F DPOGJHVSBS B FYFDVÎÍP EP .JDSPTPGU $PEF "OBMZTJT EVSBOUF B DPNQJMBÎÍP EBT BQMJDBÎÜFT 1FMB SFHSB $" B BVTÐODJB EB JNQMFNFOUBÎÍP EB WBMJEBÎÍP EF QBSÉNFUSPT QPEF TFS JEFOUJGJDBEB EVSBOUF B DPNQJMBÎÍP EB BQMJDBÎÍP 1BSB IBCJMJUBS F DPOGJHVSBS B SFHSB $" Ï OFDFTTÈSJP SFBMJ[BS PT TFHVJOUFT QBTTPT  "DFTTBS BT QSPQSJFEBEFT EP QSPKFUP QFMBT UFDMBT EF BUBMIP $/7  (17(5 PV QFMP CPUÍP EJSFJUP EP NPVTF OP QSPKFUP F TFMFDJPOBS P JUFN QSPQSJFEBEFT  $MJDBS OB BCB $PEF "OBMZTJT TFMFDJPOBS P JUFN &OBCMF $PEF "OBMZTJT PO #VJME F DMJDBS FN 0QFO

'JHVSB  )BCJMJUBS P $PEF "OBMZTJT OB DPNQJMBÎÍP EB BQMJDBÎÍP  9$/,'$d­2 '( 3$5Æ0(7526



 &YQBOEJS P OØ .BOBHFE #JOBSZ "OBMZTJT F TFMFDJPOBS P JUFN $" DPOGPSNF

'JHVSB  )BCJMJUBS B SFHSB $"

0CTFSWF RVF QPS QBESÍP FTTB SFHSB FTUÈ DPOGJHVSBEB QBSB FYJCJS VN BMFSUB $BTP BMHVNB WJPMBÎÍP GPS FODPOUSBEB B DPNQJMBÎÍP OÍP TFSÈ JOUFSSPNQJEB

'JHVSB  3FUPSOP EB FYFDVÎÍP EP $PEF "OBMZTJT

² QPTTÓWFM BMUFSBS FTTF DPNQPSUBNFOUP BP DMJDBS FN DJNB EP WBMPS EB BÎÍP F TFMFDJPOBS P WBMPS EFTFKBEP $BTP P WBMPS GPS BMUFSBEP QBSB (UURU F FYJTUJS BMHVNB WJPMBÎÍP B BQMJDBÎÍP OÍP TFSÈ DPNQJMBEB EFDPSSFOUF BP FSSP HFSBEP

7BMJEBÎÜFT EF TFHVSBOÎB " GBMUB EF VNB WBMJEBÎÍP FGJDJFOUF OPT QBSÉNFUSPT EF FOUSBEB QPEF DPOUSJCVJS QBSB BUBRVFT EF JOKFÎÍP EF 42- OBT BQMJDBÎÜFT 42*OKFDUJPO  #BTJDBNFOUF FTTF UJQP EF BUBRVF QFSNJUF B FYFDVÎÍP EF DPNBOEPT OP CBODP EF EBEPT EFDPSSFOUF EF VNB WBMJEBÎÍP 

 9$/,'$d­2 '( 3$5Æ0(7526

JOFGJDJFOUF EPT QBSÉNFUSPT EF FOUSBEB &TTF UJQP EF WVMOFSBCJMJEBEF Ï NVJUP FYQMPSBEP FN BUBRVFT EF UFOUBUJWB EF BDFTTP OÍP BVUPSJ[BEP " GJHVSB B TFHVJS JMVTUSB B BUSJCVJÎÍP EF VN WBMPS OP DBNQP DPSSFTQPOEFOUF BP VTVÈSJP DPN P PCKFUJWP EF NPEJGJDBS P DPNBOEP 42- QBSB RVF P SFTVMUBEP TFKB WFSEBEFJSP

'JHVSB  5FOUBUJWB EF BDFTTP WJB 42- *OKFDUJPO

#BTJDBNFOUF FTTB WVMOFSBCJMJEBEF Ï EFDPSSFOUF EF VNB WBMJEBÎÍP EF QBSÉNFUSPT JOFGJDJFOUF FN DPOKVOUP DPN B DPOTUSVÎÍP EJOÉNJDB EF JOTUSVÎÜFT 42- TFN B VUJMJ[BÎÍP EF QBSÉNFUSPT DPN TFHVSBOÎB EF UJQPT

'JHVSB  $POTUSVÎÍP EJOÉNJDB EF JOTUSVÎÜFT 42- TFN B VUJMJ[BÎÍP EF QBSÉNFUSPT DPN TFHVSBOÎB EF UJQPT

0CTFSWF RVF P WBMPS JOGPSNBEP BDSFTDFOUB B DPOEJÎÍP RVF TFSÈ TFNQSF WFSEBEFJSB  F DPNFOUB P SFTUBOUF EP DPNBOEP 42-

 9$/,'$d­2 '( 3$5Æ0(7526



/FTTF DBTP OÍP Ï OFDFTTÈSJP JOGPSNBS P VTVÈSJP PV TFOIB WÈMJEPT &TTF UJQP EF WVMOFSBCJMJEBEF QPEF PDBTJPOBS QFSEBT GJOBODFJSBT EFDPSSFOUFT EB FYQPTJÎÍP EBT JOGPSNBÎÜFT EB QFSEB EF EBEPT PV BUÏ NFTNP EB EJTQPOJCJMJEBEF EP QSØQSJP TFSWJEPS " GJHVSB B TFHVJS FYJCF B FYFDVÎÍP EF VN DPNBOEP RVF UFN DPNP GJOBMJEBEF MJCFSBS P FOEFSFÎP EF *1 EP TFSWJEPS EF CBODP EF EBEPT DPN P PCKFUJWP EF UPSOÈMP JOBDFTTÓWFM 7FKB P DPNBOEP VTBEP

 H[HF PDVWHU[SBFPGVKHOO LSFRQILJUHOHDVH

1BSB RVF FTTF UJQP EF BUBRVF TFKB FWJUBEP Ï OFDFTTÈSJP WBMJEBS PT QBSÉNFUSPT EF FOUSBEB FWJUBS B DPODBUFOBÎÍP EF WBMPSFT VUJMJ[BOEP QBSÉNFUSPT QBSB FYFDVÎÍP EPT DPNBOEPT F FWJUBS P VTP EF DPOUBT EF CBODP EF EBEPT DPN QSJWJMÏHJPT FMFWBEPT 5PNBOEP DPNP FYFNQMP P DØEJHP B TFHVJS OPUF RVF EFJYBNPT EF DPODBUFOBS PT WBMPSFT EJSFUBNFOUF OB RVFSZ "MÏN EJTTP QBTTBNPT B VUJMJ[BS PT SFDVSTPT QSPWJEPT QFMP /&5 'SBNFXPSL QBSB BEJÎÍP EF QBSÉNFUSPT BPT DPNBOEPT 42- &TUB QSÈUJDB Ï CBTUBOUF TFHVSB F SFEV[ B TVQFSGÓDJF EF BUBRVFT QPS NFJP EF JOKFÎÜFT EF 42-

'JHVSB  &YFDVÎÍP EF DPNBOEPT OP TFSWJEPS EF CBODP EF EBEPT

1BSB RVF FTTF UJQP EF BUBRVF TFKB FWJUBEP Ï OFDFTTÈSJP WBMJEBS PT QBSÉNFUSPT EF FOUSBEB VUJMJ[BS QBSÉNFUSPT QBSB FYFDVUBS PT DPNBOEPT F FWJUBS P VTP EF DPOUBT EF CBODP EF EBEPT DPN 

 9$/,'$d­2 '( 3$5Æ0(7526

QSJWJMÏHJPT FMFWBEPT

'JHVSB  6UJMJ[BÎÍP EF QBSÉNFUSPT QBSB FYFDVUBS DPNBOEPT 42-

² JNQPSUBOUF SFHJTUSBS RVF B WBMJEBÎÍP EF QBSÉNFUSPT EFWF TFS SFBMJ[BEB FN UPEBT BT DBNBEBT JODMVTJWF OBT TUPSFE QSPDFEVSFT " GJHVSB B TFHVJS FYFNQMJGJDB VNB TUPSFE QSPDFEVSF RVF BQSFTFOUB VNB WVMOFSBCJMJEBEF EF JOKFÎÍP EF 42- QPS OÍP WBMJEBS PT QBSÉNFUSPT EF FOUSBEB

'JHVSB  4UPSFE 1SPDFEVSF RVF OÍP WBMJEB PT QBSÉNFUSPT EF FOUSBEB

" GJHVSB TFHVJOUF FYFNQMJGJDB P VTP DPSSFUP EB WBMJEBÎÍP EPT QBSÉNFUSPT

 9$/,'$d­2 '( 3$5Æ0(7526



'JHVSB  6TP DPSSFUP EPT QBSÉNFUSPT EF FOUSBEB FN VNB TUPSFE QSPDFEVSF

0 .JDSPTPGU $PEF "OBMZTJT GPSOFDF B SFHSB $" SFTQPOTÈWFM QPS JEFOUJGJDBS PT DPNBOEPT 42- RVF BQSFTFOUBN WVMOFSBCJMJEBEFT

'JHVSB  &YFNQMP EP VTP EB SFHSB $" QBSB JEFOUJGJDBS JOKFÎÍP EF 42-  7BMJEBS

5SBOTDSFWFOEP P UFYUP FN EFTUBRVF QFMB SFHSB UFNPT DMBSBNFOUF BT BÎÜFT RVF EFWFN TFS UPNBEBT QBSB SFTPMVÎÍP EB



 9$/,'$d­2 '( 3$5Æ0(7526

WVMOFSBCJMJEBEF iTF BMHVNB EFTTBT WBSJÈWFJT DPOUJWFS EBEPT EF FOUSBEB EP VTVÈSJP DPOTJEFSF B VUJMJ[BÎÍP EF TUPSFE QSPDFEVSFT PV DPNBOEPT QBSBNFUSJ[BEPT BP JOWÏT EF DPOTUSVJS B DPOTVMUB QPS NFJP EB DPODBUFOBÎÍP EF WBMPSFTw

7BMJEBS PT WBMPSFT ² NVJUP JNQPSUBOUF WBMJEBS TF PT WBMPSFT QBTTBEPT QBSB PT QBSÉNFUSPT FTUÍP EF BDPSEP DPN B FTQFDJGJDBÎÍP EF DBEB NÏUPEP ² JNQPSUBOUF SFBMJ[BS FTTF UJQP EF WBMJEBÎÍP QBSB FWJUBS RVF WBMPSFT JOWÈMJEPT DPNQSPNFUBN P BMHPSJUNP F SFTVMUFN FN GBMIBT PV BUÏ NFTNP QSFKVÓ[PT GJOBODFJSPT &YJTUFN EJWFSTBT NBOFJSBT EF WBMJEBS PT WBMPSFT EPT QBSÉNFUSPT EF FOUSBEB 0 GSBHNFOUP EF DØEJHP B TFHVJS FYFNQMJGJDB P VTP EF 3FHVMBS &YQSFTTJPOT QBSB WBMJEBS TF P WBMPS EP QBSÉNFUSP JOGPSNBEP Ï VN JOUFJSP WÈMJEP SULYDWH ERRO ,V&DWHJRU\,G9DOLGVWULQJ FDWHJRU\,' ^ YDU SRVLWLYH,QWV QHZ 6\VWHP7H[W5HJXODU([SUHVVLRQV5HJH[# A > @> @   UHWXUQ SRVLWLYH,QWV,V0DWFKFDWHJRU\,'  `

0 OBNFTQBDF 6\VWHP&RPSRQHQW0RGHO'DWD$QQRWDWLRQV GPSOFDF BT DMBTTFT EF BUSJCVUP RVF TÍP VTBEBT QBSB EFGJOJS PT NFUBEBEPT QBSB P "41/&5 .7$ F DPOUSPMFT EF EBEPT "41/&5 0 GSBHNFOUP EF DØEJHP TFHVJOUF FYFNQMJGJDB P VTP EFTTFT BUSJCVUPT SXEOLF FODVV 3URGXFW ^ SXEOLF LQW ,G ^ JHW VHW ` >5HTXLUHG@ >6WULQJ/HQJWK @ SXEOLF VWULQJ 1DPH ^ JHW VHW ` >5HTXLUHG@ >5DQJH  @ SXEOLF LQW &DWHJRU\,' ^ JHW VHW `

 9$/,'$d­2 '( 3$5Æ0(7526



>5HTXLUHG@ >5HJXODU([SUHVVLRQ#A?"?G??G^` " @ SXEOLF GHFLPDO 8QLW3ULFH ^ JHW VHW ` `

0CTFSWF RVF P BUSJCVUP 5HTXLUHG Ï VTBEP QBSB JOGPSNBS RVF B QSPQSJFEBEF 1DPH Ï PCSJHBUØSJB F RVF TFV UBNBOIP NÈYJNP TF MJNJUB B  DBSBDUFSFT 1PS NFJP EP BUSJCVUP 5DQJH Ï QPTTÓWFM PCTFSWBS RVF B GBJYB EF WBMPSFT WÈMJEPT QBSB B QSPQSJFEBEF &DWHJRU\,' WBSJB EF  B  5BNCÏN Ï VUJMJ[BEP SFHVMBS FYQSFTTJPOT QBSB SFTUSJOHJS RVF B QSPQSJFEBEF 8QLW3ULFH BDFJUF BQFOBT EPJT EÓHJUPT EFDJNBJT 0 BUSJCVUP (PDLO$GGUHVV Ï VTBEP QBSB JOGPSNBS RVF P WBMPS WÈMJEP Ï VN FOEFSFÎP EF FNBJM SXEOLF FODVV )RUJRW9LHZ0RGHO ^ >5HTXLUHG@ >'LVSOD\1DPH (PDLO @ >(PDLO$GGUHVV@ SXEOLF VWULQJ (PDLO ^ JHW VHW ` `

0 GSBNFXPSL EP "41/&5 .7$ BVUPNBUJDBNFOUF HFSB BT SFHSBT EF WBMJEBÎÍP RVF WFSJGJDBN TF PT WBMPSFT JOGPSNBEPT QFMPT VTVÈSJPT FTUÍP EF BDPSEP DPN PT EFGJOJEPT QBSB P NPEFMP &TTB WBMJEBÎÍP Ï SFBMJ[BEB OBT QÈHJOBT QPS NFJP EF +BWB4DSJQUT FYFDVUBEPT EP MBEP EP DMJFOUF DMJFOU TJEF 



 9$/,'$d­2 '( 3$5Æ0(7526

'JHVSB  7BMJEBÎÍP EP MBEP EP DMJFOUF

² JNQPSUBOUF MFNCSBS EF RVF BT WBMJEBÎÜFT EFWFN PDPSSFS UBNCÏN OP TFSWJEPS QBSB FWJUBS RVF VN VTVÈSJP NBMJOUFODJPOBEP QPTTB CVSMBS P NFDBOJTNP EP MBEP EP DMJFOUF DPNP QPS FYFNQMP EFTBUJWBOEP B FYFDVÎÍP EF +BWB4DSJQU OP OBWFHBEPS 0 GSBHNFOUP EF DØEJHP B TFHVJS FYFNQMJGJDB B WBMJEBÎÍP SFBMJ[BEB OP NÏUPEP FYFDVUBEP EP MBEP EP TFSWJEPS SXEOLF DV\QF 7DVN$FWLRQ5HVXOW! /RJLQ/RJLQ9LHZ0RGHO PRGHO VWULQJ UHWXUQ8UO ^ LI 0RGHO6WDWH,V9DOLG ^ UHWXUQ 9LHZPRGHO  `

0 PCKFUJWP EFTUB TFÎÍP GPJ EFNPOTUSBS B JNQPSUÉODJB EB WBMJEBÎÍP EPT QBSÉNFUSPT ² JNQPSUBOUF MFNCSBS EF RVF FTTB WBMJEBÎÍP EFWF TFS WBMJEBEB FN UPEBT BT DBNBEBT F NÏUPEPT F OVODB BTTVNJS RVF PT WBMPSFT KÈ GPSBN WBMJEBEPT BOUFSJPSNFOUF FN PVUSBT DBNBEBT 6NB WBMJEBÎÍP JOFGJDJFOUF QPEF HFSBS GBMIBT F  9$/,'$d­2 '( 3$5Æ0(7526



JOEJTQPOJCJMJEBEFT EP TJTUFNB DPNP UBNCÏN QSFKVÓ[PT GJOBODFJSPT EFDPSSFOUFT EF WBMPSFT JOWÈMJEPT PV EF BÎÜFT NBMJOUFODJPOBEBT

 /°0 &910/)" -*45"4 &. 4&6 .0%&-0 %& %"%04 1PS #SVOP 0MJWFJSB i.FV UJNF EF EFTFOWPMWJNFOUP VUJMJ[B $PEF "OBMZTJT QBSB HBSBOUJS B RVBMJEBEF EP DØEJHP DSJBEP QPSÏN DPOTUBOUFNFOUF Ï FYJCJEB B WJPMBÎÍP $" %P OPU FYQPTF HFOFSJD MJTUT +È UFOUBNPT CVTDBS VNB KVTUJGJDBUJWB QBSB BEPÎÍP NBT OÍP DPOTJHP FOUFOEFS RVF EJGFSFOÎB GB[ B OÍP VUJMJ[BÎÍP EB DMBTTF 6\VWHP&ROOHFLWRQV*HQHULF/LVW7! w 1BSB P FOUFOEJNFOUP EFTUB SFHSB Ï QSFDJTP SFUPNBS BMHVOT QSJODÓQJPT EB 0SJFOUBÎÍP B 0CKFUPT NBJT QSFDJTBNFOUF P FODBQTVMBNFOUP &TUF QSJODÓQJP EJ[ RVF OÍP EFWFNPT FYQPS EFUBMIFT EF JNQMFNFOUBÎÍP EPT PCKFUPT SFTUSJOHJOEP TFVT VTVÈSJPT EF SFBMJ[BS BMUFSBÎÜFT RVF QPTTBN EFJYBS P PCKFUP FN VN FTUBEP JOWÈMJEP -FWBOEP FTUF QSJODÓQJP FN DPOUB DPNQSFFOEFTF RVF DMBTTFT OÍP EFWFN FYQPS GPSNBT EF BMUFSBS TFV FTUBEP TFN RVF TFKBN OPUJGJDBEBT ² FYBUBNFOUF OFTUF QPOUP RVF FTUB SFHSB EF "OÈMJTF EF $ØEJHP $" Ï CBTFBEB "T WJPMBÎÜFT EFTUB SFHSB FN HFSBM PDPSSFN FN DØEJHPT TJNJMBSFT BP BQSFTFOUBEP OP DØEJHP SXEOLF FODVV 3HGLGRV ^ SXEOLF /LVW3HGLGR! /LVWD3HGLGRV ^ JHW ` SXEOLF GHFLPDO 7RWDO ^ JHW SULYDWH VHW ` `

/FTUF

VTPVTF B DMBTTF 6\VWHP&ROOHFWLRQV*HQHULF/LVW7! RVF SFQSFTFOUB VNB MJTUB



FYFNQMP

 1­2 (;321+$ /,67$6 (0 6(8 02'(/2 '( '$'26

JOEFYBEB EF VN UJQP FTQFDÓGJDP EF PCKFUP RVF QPEF TFS EFGJOJEB DPNP VNB SFQSFTFOUBÎÍP HFOÏSJDB EB DMBTTF 6\VWHP&ROOHFWLRQV$UUD\/LVW  "P FYQPS FTUBT MJTUBT B DMBTTF EP FYFNQMP QFSNJUJSÈ RVF TFVT VTVÈSJPT BT NPEJGJRVFN EF GPSNB JOFTQFSBEB QPS FYFNQMP BEJDJPOBS VN JUFN OB MJTUB EF QFEJEPT TFN BUVBMJ[BS P TFV UPUBM  1BSB SFTPMWFS FTUF QSPCMFNB OB EFDMBSBÎÍP EF QSPQSJFEBEF PV SFUPSOP EF NÏUPEPT P /&5 'SBNFXPSL GPSOFDF P OBNFTQBDF 6\VWHP&ROOHFWLRQV2EMHFW0RGHO RVF DPOUÏN DMBTTFT RVF QPEFN TFS VTBEBT DPNP DPMFÎÜFT FN NPEFMP EF PCKFUPT %FOUSF FTUBT DMBTTFT EFTUBDBNTF  DMBTTF CBTF QBSB DPMFÎÜFT HFOÏSJDBT .H\HG&ROOHFWLRQ7.H\ 7,WHP!  DMBTTF BCTUSBUB RVF SFQSFTFOUB VNB MJTUB EF DIBWFT F WBMPSFT 5HDG2QO\&ROOHFWLRQ7!  DMBTTF CBTF QBSB DPMFÎÜFT TPNFOUF MFJUVSB &ROOHFWLRQ7!

$PN B VUJMJ[BÎÍP EFTUBT DMBTTFT QPEFTF SFTPMWFS P QSPCMFNB EF FYQPTJÎÍP EF MJTUBT TJNQMFTNFOUF BMUFSBOEP B VUJMJ[BÎÍP EB DMBTTF /LVW7! QBSB B DMBTTF &ROOHFWLRQ7! DPOGPSNF SFQSFTFOUBEP OP USFDIP EP DØEJHP B TFHVJS SXEOLF FODVV 3HGLGRV ^ SXEOLF &ROOHFWLRQ3HGLGR! /LVWD3HGLGRV ^ JHW ` SXEOLF GHFLPDO 7RWDO ^ JHW SULYDWH VHW ` `

$PNQSFFOEFTF RVF P DØEJHP BQSFTFOUBEP BOUFSJPSNFOUF BUFOEF BT OPSNBT EFGJOJEBT QFMB SFHSB $" F BP QSJODÓQJP EF FODBQTVMBNFOUP &OUSFUBOUP VNB EBT HSBOEFT WBOUBHFOT EB VUJMJ[BÎÍP EB DMBTTF &ROOHFWLRQ7! FTUÈ OB TVB DBQBDJEBEF EF FYUFOTÍP 1BSB UBM FTUB DMBTTF EFGJOF PT TFHVJOUFT NFNCSPT WJSUVBJT

 1­2 (;321+$ /,67$6 (0 6(8 02'(/2 '( '$'26



 SFNPWF UPEPT PT FMFNFOUPT EB DPMFÎÍP ,QVHUW,WHP  BEJDJPOB VN JUFN FN VNB EFUFSNJOBEB QPTJÎÍP EB DPMFÎÍP 5HPRYH,WHP  SFNPWF VN JUFN FTQFDÓGJDP EB DPMFÎÍP 6HW,WHP  BMUFSB VN EFUFSNJOBEP JUFN EB DPMFÎÍP &OHDU,WHPV

&TUFT NÏUPEPT TÍP JOWPDBEPT TFNQSF RVF B DPMFÎÍP TPGSFS BMHVNB BMUFSBÎÍP 0 DØEJHP TFHVJOUF FYUSBÓEP EP DØEJHPGPOUF EP /&5 'SBNFXPSL F QVCMJDBEP QFMB .JDSPTPGU NPTUSB P DBTP POEF Ï BMUFSBEP P WBMPS EF VN JUFN OB DPMFÎÍP SXEOLF FODVV &ROOHFWLRQ7! ,/LVW7! ,/LVW ,5HDG2QO\/LVW7! ^  SXEOLF 7 WKLV>LQW LQGH[@ ^ JHW ^ UHWXUQ LWHPV>LQGH[@ ` VHW ^  6HW,WHPLQGH[ YDOXH  ` `  `

$PN JTTP SFDPNFOEBTF RVF TFNQSF TFKB DPOTJEFSBEB B VUJMJ[BÎÍP EF TVCDMBTTFT RVF IFSEFN EFTUBT DMBTTFT CBTFT FN WF[ EF VTÈMBT EJSFUBNFOUF $8"-*/" "#3".4   0T USFDIPT EF DØEJHP B TFHVJS BQSFTFOUBN BT BMUFSBÎÜFT OFDFTTÈSJBT QBSB RVF P DØEJHP FYFNQMJGJDBEP OFTUF DBQÓUVMP BUFOEB B FTUB SFDPNFOEBÎÍP SXEOLF FODVV 3HGLGRV&ROOHFWLRQ  &ROOHFWLRQ3HGLGR! ^ SXEOLF HYHQW (YHQW+DQGOHU3HGLGR! $GLFLRQDU3HGLGR SURWHFWHG RYHUULGH YRLG ,QVHUW,WHPLQW LQGH[ 3HGLGR LWHP ^ $GLFLRQDU3HGLGR",QYRNHWKLV LWHP  EDVH,QVHUW,WHPLQGH[ LWHP  ` ` SXEOLF FODVV 3HGLGR ^ SXEOLF GHFLPDO 9DORU ^ JHW VHW `



 1­2 (;321+$ /,67$6 (0 6(8 02'(/2 '( '$'26

` SXEOLF FODVV 3HGLGRV ^ SULYDWH 3HGLGRV&ROOHFWLRQ OLVWD3HGLGRV QHZ 3HGLGRV&ROOHFWLRQ   SXEOLF &ROOHFWLRQ3HGLGR! /LVWD3HGLGRV ! OLVWD3HGLGRV SXEOLF GHFLPDO 7RWDO ^ JHW SULYDWH VHW ` SXEOLF 3HGLGRV ^ OLVWD3HGLGRV$GLFLRQDU3HGLGR  VHQGHU LWHP ! 7RWDO 7RWDO  LWHP9DORU ` `

/FTUF FYFNQMP GPJ DSJBEB B DMBTTF 3HGLGRV&ROOHFWLRQ RVF SFBMJ[B B JNQMFNFOUBÎÍP EPT NFNCSPT WJSUVBJT EF GPSNB RVF BUFOEB BPT SFRVJTJUPT EB BQMJDBÎÍP F BMUFSF B DMBTTF &OLHQWH QBSB P VTP EFTUB OPWB DMBTTF 3FDPNFOEBTF UBNCÏN RVF B EFGJOJÎÍP EFTUBT DMBTTFT TJHB BT TFHVJOUFT SFHSBT /PNFODMBUVSB 6UJMJ[F P TVGJYP &ROOHFWLRQ QBSB P OPNF EB DMBTTF RVF SFQSFTFOUB VNB DPMFÎÍP $POTJEFSF B VUJMJ[BÎÍP EP QSFGJYP 5HDG2QO\ QBSB DPMFÎÜFT TPNFOUF MFJUVSB %FTJHO %FGJOB QSPQSJFEBEFT RVF SFQSFTFOUBN DPMFÎÜFT DPNP TPNFOUF /HLWXUD  6UJMJ[F B DMBTTF 5HDG2QO\&ROOHFWLRQ7! QBSB SFQSFTFOUBÎÍP EF MJTUB TPNFOUF MFJUVSB 3FUPSOF TFNQSF VNB MJTUB WB[JB FN WF[ EF WBMPSFT OVMPT "MÏN EF GB[FS P VTP EB DBQBDJEBEF EF FYUFOTÍP EBT DMBTTFT EFGJOJEBT OP OBNFTQBDF 6\VWHP&ROOHFWLRQV2EMHFW0RGHO B

 1­2 (;321+$ /,67$6 (0 6(8 02'(/2 '( '$'26



JNQMFNFOUBÎÍP EF TVCDMBTTF QFSNJUF B DSJBÎÍP EF NÏUPEP VUJMJUÈSJPT QBSB JOUFSBÎÍP DPN PT JUFOT EB MJTUB /P USFDIP EF DØEJHP B TFHVJS Ï BQSFTFOUBEP VN FYFNQMP POEF TÍP JODMVÓEBT EVBT PQFSBÎÜFT DVTUPNJ[BEBT RVF QFSNJUFN B FYFDVÎÍP EF VNB PQFSBÎÍP FN MPUF QBSB UPEB B DPMFÎÍP NÏUPEP )OXVK$OO F P FODBQTVMBNFOUP EB BEJÎÍP EF OPWPT JUFOT OB MJTUB NÏUPEP $GG6RXUFH  SXEOLF FODVV 7UDFH6RXUFH&ROOHFWLRQ  &ROOHFWLRQ7UDFH6RXUFH! ^ RSWLRQDO KHOSHU PHWKRG SXEOLF YRLG )OXVK$OO ^ IRUHDFK 7UDFH6RXUFH VRXUFH LQ WKLV ^ VRXUFH)OXVK$OO  ` ` $QRWKHU FRPPRQ KHOSHU SXEOLF YRLG $GG6RXUFHVWULQJ VRXUFH1DPH ^ $GG6RXUFHQHZ 7UDFH6RXUFHVRXUFH1DPH  ` `

&TUF UJQP EF DØEJHP GPJ BNQMBNFOUF BQMJDBEP QFMB .JDSPTPGU EVSBOUF P EFTFOWPMWJNFOUP EP /&5 'SBNFXPSL F QPEF TFS FODPOUSBEP FN JOÞNFSBT DMBTTFT DSJBEBT QFMB FNQSFTB DPNP QPS FYFNQMP 6\VWHP:HE5RXWLQJ5RXWH&ROOHFWLRQ 6\VWHP:HE0RGHO%LQGLQJ0RGHO(UURU&ROOHFWLRQ 6\VWHP1HW0DLO$WWDFKPHQW&ROOHFWLRQ 6\VWHP$FWLYLWLHV$FWLYLW\3URSHUW\&ROOHFWLRQ 6\VWHP,GHQWLW\0RGHO6HFXULW\7RNHQ+DQGOHU&ROO HFWLRQ

3&'&3³/$*"4 %BUB #SFBDI 2VJDL7JFX IUUQTXXXSJTLCBTFETFDVSJUZDPNSFQPSUT %BUB#SFBDI2VJDL7JFXQEG



 1­2 (;321+$ /,67$6 (0 6(8 02'(/2 '( '$'26



3FHSB $"  IUUQTXXXNJDSPTPGUDPNFO VTEPXOMPBEEFUBJMTBTQY JE F IUUQTNTEONJDSPTPGUDPNQU CSMJCSBSZNT WWT BTQY

&YQSFTTÍP OBNFPG  IUUQTNTEONJDSPTPGUDPNQU CSMJCSBSZEOBTQY 42*OKFDUJPO  IUUQTXXXPXBTQPSHJOEFYQIQ5PQ@@5 3FHVMBS &YQSFTTJPOT  IUUQTNTEONJDSPTPGUDPNFO VTMJCSBSZIT WWT BTQY 4ZTUFN$PNQPOFOU.PEFM%BUB"OOPUBUJPOT  IUUQTNTEONJDSPTPGUDPNQU CSMJCSBSZTZTUFNDPNQPOFOUNPEFMEBUBBOOPUBUJPOT WWT

BTQY 3FHSB $" IUUQTNTEONJDSPTPGUDPNMJCSBSZNTBTQY



4ZTUFN$PMMFDUJPOT(FOFSJD-JTU IUUQTNTEONJDSPTPGUDPNFO VTMJCSBSZTIFZ WWT BTQY



4ZTUFN$PMMFDUJPOT"SSBZ-JTU  IUUQTNTEONJDSPTPGUDPNFO VTMJCSBSZTZTUFNDPMMFDUJPOTBSSBZMJTU WWT BTQY $ØEJHPGPOUF EP /&5 IUUQSFGFSFODFTPVSDFNJDSPTPGUDPN

'SBNFXPSL



 1"44"(&. %& 1"3¬.&5304 1PS 5JBHP 4PD[FL i%VSBOUF B QBTTBHFN EF QBSÉNFUSPT RVBM B EJGFSFOÎB EPT  1­2 (;321+$ /,67$6 (0 6(8 02'(/2 '( '$'26



NPEJGJDBEPSFT UHI F RXW 0 NPEJGJDBEPS UHI TF BQMJDB QBSB UJQPT QPS SFGFSÐODJB $PNP GBÎP QBSB SFUPSOBS NBJT EF VN WBMPS OP NÏUPEP w 1BTTBHFN EF QBSÉNFUSPT Ï VN UØQJDP RVF HFSB CBTUBOUF DPOGVTÍP ² NVJUP DPNVN FODPOUSBS FN DBNQP EFTFOWPMWFEPSFT NFTNP PT NBJT FYQFSJFOUFT DPN EÞWJEBT TPCSF P BTTVOUP $POUVEP BOUFT EF GBMBS TPCSF QBTTBHFN EF QBSÉNFUSPT Ï QSFDJTP FOUFOEFS BMHVOT DPODFJUPT JNQPSUBOUFT EP TJTUFNB EF UJQPT EP /&5 $PNNPO 5ZQF 4ZTUFN

$PNNPO 5ZQF 4ZTUFN $54

0 $PNNPO 5ZQF 4ZTUFN Ï VNB EBT CBTFT EP /&5 'SBNFXPSL &MF EFGJOF DPNP PT UJQPT EBT WBSJÈWFJT EFWFN TFS EFDMBSBEPT VUJMJ[BEPT F HFSFODJBEPT BMÏN EF QPTTVJS VN QBQFM JNQPSUBOUF QBSB B JOUFHSBÎÍP FOUSF MJOHVBHFOT EP /&5 5PEPT PT UJQPT OP /&5 TÍP DMBTTJGJDBEPT FN EPJT HSBOEFT HSVQPT 5JQPT QPS WBMPS 7BMVF 5ZQFT  DPOTUBN BT FTUSVUVSBT VWUXFW F FOVNFSBÎÜFT HQXP

RVF QPEF TFS UJQPT OBUJWPT #PPMFBO #ZUF $IBS %BUF5JNF %FDJNBM %PVCMF *OU *OU *OU 4#ZUF 4JOHMF 6*OU 6*OU F 6*OU PV EFGJOJEPT QFMP VTVÈSJP 5JQPT QPS SFGFSÐODJB 3FGFSFODF 5ZQFT  OFTTF HSVQP DPOTUBN BT DMBTTFT FODVV

BSSBZT EFMFHBUFT F JOUFSGBDFT 0 QSJODJQBM FYFNQMP EF VN UJQP QPS SFGFSÐODJB Ï B DMBTTF 6WULQJ  )È VNB EJGFSFOÎB EF DPNQPSUBNFOUP FOUSF FMFT F JTTP Ï GVOEBNFOUBM QBSB P FOUFOEJNFOUP EB QBTTBHFN EF QBSÉNFUSPT 0T UJQPT QPS WBMPS BSNB[FOBN EJSFUBNFOUF PT TFVT EBEPT PV TFKB BP



 1­2 (;321+$ /,67$6 (0 6(8 02'(/2 '( '$'26

SFBMJ[BS VNB DØQJB EF VNB WBSJÈWFM PT EBEPT TFSÍP EVQMJDBEPT FN NFNØSJB UPSOBOEPTF JOEFQFOEFOUFT "TTJN RVBMRVFS NPEJGJDBÎÍP FN VNB DØQJB OÍP BGFUBSÈ B PVUSB +È PT UJQPT QPS SFGFSÐODJB BSNB[FOBN BQFOBT VNB SFGFSÐODJB QBSB PT EBEPT FOUÍP BP SFBMJ[BS VNB DØQJB BQFOBT B SFGFSÐODJB TFSÈ DPQJBEB 0V TFKB UFSÍP EVBT SFGFSÐODJBT BQPOUBOEP QBSB PT NFTNPT EBEPT FN NFNØSJB /P MJWSP $ JO %FQUI P BVUPS +PO 4LFFU  GB[ VNB FYDFMFOUF BOBMPHJB EP DPNQPSUBNFOUP EPT UJQPT QPS WBMPS F UJQPT QPS SFGFSÐODJB &MF EFTDSFWF EB TFHVJOUF GPSNB JNBHJOF RVF WPDÐ FTUÈ MFOEP VN FYDFMFOUF BSUJHP F EFTFKB DPNQBSUJMIBS DPN TFV BNJHP $PNP P BSUJHP FTUÈ FN QBQFM WPDÐ EFWF UJSBS VNB GPUPDØQJB F FOUSFHBS B DØQJB B FMF BTTJN PT EPJT UFSÍP VNB DØQJB EP BSUJHP F RVBMRVFS BMUFSBÎÍP OÍP TFSÈ DPNQBSUJMIBEB &TTF Ï P DPNQPSUBNFOUP EPT UJQPT QPS WBMPS "HPSB JNBHJOF RVF P BSUJHP Ï VNB XFC QBHF 1BSB DPNQBSUJMIBS DPN TFV BNJHP WPDÐ BQFOBT FOWJBSÈ B 63- EB XFC QBHF QBSB FMF BTTJN PT EPJT UFSÍP BDFTTP BP BSUJHP 1PSÏN RVBMRVFS BMUFSBÎÍP OFTTF BSUJHP JNBHJOF VN XJLJ POEF WPDÐ BEJDJPOPV BT TVBT BOPUBÎÜFT UBOUP WPDÐ DPNP TFV BNJHP UFSÍP BDFTTP ËT NVEBOÎBT SFBMJ[BEBT &TTF Ï P DPNQPSUBNFOUP EPT UJQPT QPS SFGFSÐODJB

"SNB[FOBNFOUP FN NFNØSJB &N SFMBÎÍP BP BSNB[FOBNFOUP FN NFNØSJB EFTTFT UJQPT Ï NVJUP DPNVN FODPOUSBS B TFHVJOUF BGJSNBÎÍP i5JQPT QPS SFGFSÐODJB TÍP BSNB[FOBEPT OB NFNØSJB KHDS F UJQPT QPS WBMPS OB NFNØSJB VWDFN w 4PNFOUF B QSJNFJSB QBSUF FTUÈ DPSSFUB 4PCSF B TFHVOEB FYJTUFN EJWFSTPT DFOÈSJPT OPT RVBJT JTTP OÍP BDPOUFDF DPNP OP FYFNQMP B TFHVJS  1­2 (;321+$ /,67$6 (0 6(8 02'(/2 '( '$'26



SXEOLF FODVV )RR ^ SULYDWH LQW EDU `

/P DBTP P LQW UJQP QPS WBMPS Ï VN GJFME EF VNB DMBTTF UJQP QPS SFGFSÐODJB F TFSÈ BSNB[FOBEP OB NFNØSJB IFBQ F OÍP OB NFNØSJB TUBDL &TTF BTTVOUP Ï NVJUP CFN EFUBMIBEP OPT TFHVJOUFT BSUJHPT EP &SJD -JQQFSU F EP +PO 4LFFU 5IF 5SVUI "CPVU 7BMVF 5ZQFT -*11&35   .FNPSZ JO /&5  8IBU HPFT XIFSF 4,&&5   " GPSNB EF BSNB[FOBNFOUP EPT UJQPT OB NBJPSJB EBT WF[FT Ï JSSFMFWBOUF QPJT TF USBUB EF VN EFUBMIF EF JNQMFNFOUBÎÍP UPSOBOEP P DPNQPSUBNFOUP USBOTQBSFOUF QBSB P EFTFOWPMWFEPS

1BTTBHFN EF QBSÉNFUSPT 0 $ QPTTVJ RVBUSP UJQPT EF QBTTBHFN EF QBSÉNFUSPT QPS WBMPS QBESÍP

QPS SFGFSÐODJB NPEJGJDBEPS UHI

QBSÉNFUSPT EF TBÓEB NPEJGJDBEPS RXW F QBSÉNFUSPT DPN OÞNFSP WBSJÈWFM EF WBMPSFT NPEJGJDBEPS SDUDPV  1PS WBMPS &TTF Ï P UJQP QBESÍP EF QBTTBS QBSÉNFUSPT FN $ &MF DPOTJTUF OB DØQJB EB WBSJÈWFM QBSB P FTDPQP EP NÏUPEP BTTJN RVBMRVFS BMUFSBÎÍP EFOUSP EP NÏUPEP OÍP BGFUBSÈ B WBSJÈWFM FYUFSOB ² JNQPSUBOUF OÍP DPOGVOEJS B QBTTBHFN EF QBSÉNFUSPT QPS WBMPS DPN PT UJQPT QPS WBMPS FTTFT TÍP DPODFJUPT EJTUJOUPT .FTNP PT UJQPT QPS SFGFSÐODJB TÍP QBTTBEPT QPS WBMPS QPS QBESÍP 4FHVF VN FYFNQMP DPN VN QBSÉNFUSP LQW UJQP QPS WBMPS  SXEOLF YRLG 6RPDU8PLQW YDORU ^ YDORU  $GLFLRQD  

 3$66$*(0 '( 3$5Æ0(7526

`

LQW QXPHUR4XDOTXHU



6RPDU8PQXPHUR4XDOTXHU  'HEXJ$VVHUWQXPHUR4XDOTXHU

   WUXH

/FTUF DBTP B WBSJÈWFM QXPHUR4XDOTXHU OÍP Ï BGFUBEB QFMB BEJÎÍP SFBMJ[BEB OP NÏUPEP 6RPDU8P SRLV FMF BMUFSPV BQFOBT B DØQJB 4FHVF FYFNQMP DPN UJQPT QPS SFGFSÐODJB SXEOLF FODVV 3HVVRD ^ SXEOLF LQW ,GDGH ^ JHW VHW ` ` SXEOLF YRLG ,QFUHPHQWDU,GDGH3HVVRD SHVVRD ^ SHVVRD,GDGH  $GLFLRQD  SHVVRD QXOO `

3HVVRD SHVVRD SHVVRD,GDGH

QHZ 3HVVRD  

,QFUHPHQWDU,GDGHSHVVRD  'HEXJ$VVHUWSHVVRD 

QXOO   WUXH

'HEXJ$VVHUWSHVVRD,GDGH

   WUXH

$PN UJQPT QPS SFGFSÐODJB GPJ SFBMJ[BEB BQFOBT VNB DØQJB EB SFGFSÐODJB BQPOUBOEP QBSB PT NFTNPT EBEPT $PN JTTP B BEJÎÍP OB QSPQSJFEBEF ,GDGH GPJ FGFUJWB QPSÏN RVBOEP BUSJCVÓNPT QXOO QBSB B WBSJÈWFM JTTP OÍP Ï SFGMFUJEP FYUFSOBNFOUF 1PS SFGFSÐODJB 2VBOEP TF VUJMJ[B P NPEJGJDBEPS UHI Ï VTBEB B QBTTBHFN EF QBSÉNFUSPT QPS SFGFSÐODJB *TTP JOEJDB RVF OÍP Ï GFJUB VNB DØQJB EB

 3$66$*(0 '( 3$5Æ0(7526



WBSJÈWFM NBT B QBTTBHFN EB QSØQSJB WBSJÈWFM QBSB P FTDPQP EP NÏUPEP 0 NPEJGJDBEPS UHI EFWF TFS JOGPSNBEP UBOUP OB EFDMBSBÎÍP EP NÏUPEP DPNP OBT DIBNBEBT SXEOLF YRLG 6RPDU8PUHI LQW YDORU ^ YDORU  $GLFLRQD  `

LQW QXPHUR4XDOTXHU



6RPDU8PUHI QXPHUR4XDOTXHU  'HEXJ$VVHUWQXPHUR4XDOTXHU

   WUXH

" BEJÎÍP SFBMJ[BEB OP NÏUPEP 6RPDU8P BGFUB B WBSJÈWFM QXPHUR4XDOTXHU QPJT BP VUJMJ[BS P NPEJGJDBEPS UHI TFSÈ QBTTBEB B QSØQSJB WBSJÈWFM QBSB P NÏUPEP F OÍP NBJT VNB DØQJB SXEOLF YRLG ,QFUHPHQWDU,GDGHUHI 3HVVRD SHVVRD ^ SHVVRD,GDGH SHVVRD QXOO `

3HVVRD SHVVRD SHVVRD,GDGH

QHZ 3HVVRD  

,QFUHPHQWDU,GDGHUHI SHVVRD  'HEXJ$VVHUWSHVVRD

QXOO   WUXH

"QFOBT GPJ QBTTBEB B SFGFSÐODJB EB WBSJÈWFM SHVVRD BTTJN TFSÈ QPTTÓWFM BDFTTBS F BMUFSBS PT TFVT WBMPSFT F UBNCÏN BUSJCVJS VN OPWP WBMPS DPNP OP DBTP B WBSJÈWFM GPJ BUSJCVÓEB QBSB QXOO  &YJTUFN BMHVOT DBTPT FN RVF OÍP Ï QPTTÓWFM VUJMJ[BS P NPEJGJDBEPS UHI 



 3$66$*(0 '( 3$5Æ0(7526

.ÏUPEPT BTTÓODSPOPT NPEJGJDBEPS DV\QF  .ÏUPEPT EF JUFSBÎÍP RVF SFUPSOBN VTBOEP UHWXUQ F \LHOG EUHDN  6UJMJ[BEPT DPNP QBSÉNFUSPT PQDJPOBJT

\LHOG

1BSÉNFUSPT EF TBÓEB 0T QBSÉNFUSPT QPS SFGFSÐODJB UÐN GVODJPOBMJEBEF EF FOUSBEB F TBÓEB EF WBMPSFT KÈ PT QBSÉNFUSPT EF TBÓEB QPTTVFN BQFOBT B GVODJPOBMJEBEF EF SFUPSOBS WBMPSFT *TTP Ï DBSBDUFSJ[BEP QFMBT TFHVJOUFT EJGFSFOÎBT 0T NÏUPEPT EFWFN TFNQSF BUSJCVJS VN WBMPS QBSB FTTFT QBSÉNFUSPT $BTP B WBSJÈWFM QBTTBEB KÈ UFOIB TJEP JOJDJBMJ[BEB TFV WBMPS TFSÈ JHOPSBEP F TVCTUJUVÓEP "TTJN DPNP OPT QBSÉNFUSPT QPS SFGFSÐODJB P NPEJGJDBEPS RXW UBNCÏN EFWF TFS JOGPSNBEP UBOUP OB EFDMBSBÎÍP EP NÏUPEP DPNP OBT DIBNBEBT SXEOLF YRLG $WULEXLU'H]RXW LQW YDORU ^ YDORU  `

LQW QXPHUR4XDOTXHU $WULEXLU'H]RXW QXPHUR4XDOTXHU  'HEXJ$VVHUWQXPHUR4XDOTXHU

   WUXH

6N CPN FYFNQMP EB VUJMJ[BÎÍP EF QBSÉNFUSPT EF TBÓEB Ï P NÏUPEP LQW7U\3DUVH  &RQVROH:ULWH,QVLUD XP QºPHUR LQW    VWULQJ HQWUDGD

&RQVROH5HDG/LQH 

LQW QXPHUR  3$66$*(0 '( 3$5Æ0(7526



LI LQW7U\3DUVHHQWUDGD RXW QXPHUR ^ &RQVROH:ULWH/LQH9RFª GLJLWRX R QºPHUR ^` QXPHUR  ` HOVH ^ &RQVROH:ULWH/LQH2 YDORU LQVHULGR ^` Q£R © XP QºPHUR LQW Y¡OLGR HQWUDGD  `

0 QBSÉNFUSP EF TBÓEB LQW o SFTVMUBEP EB DPOWFSTÍP Ï VTBEP FN DPOKVOUP DPN P SFUPSOP EP NÏUPEP ERRO o TF B DPOWFSTÍP GPJ CFNTVDFEJEB

BTTJN TFSÈ QPTTÓWFM SFUPSOBS  WBMPSFT FN BQFOBT VNB DIBNBEB "QFTBS EF TFS VN SFDVSTP JOUFSFTTBOUF TÍP SBSPT PT DBTPT FN RVF JTTP TFSÈ SFBMNFOUF OFDFTTÈSJP .BJT EFUBMIFT TPCSF P BTTVOUP QPEFN TFS FODPOUSBEPT OP UØQJDP EF CPBT QSÈUJDBT "T NFTNBT SFTUSJÎÜFT EF VTP RVF TÍP BQMJDBEBT BPT QBSÉNFUSPT QPS SFGFSÐODJB UBNCÏN TÍP BQMJDBEBT BPT QBSÉNFUSPT EF TBÓEB 1BSÉNFUSP DPN OÞNFSP WBSJÈWFM EF WBMPSFT 1PS NFJP EP VTP EP NPEJGJDBEPS SDUDPV Ï QPTTÓWFM QFSNJUJS RVF VN QBSÉNFUSP SFDFCB VNB RVBOUJEBEF WBSJÈWFM EF WBMPSFT &TTFT QPEFN TFS QBTTBEPT TFQBSBEPT QPS WÓSHVMB F OFTTF DBTP TFSÈ DSJBEP VN BSSBZ UFNQPSÈSJP DPN PT WBMPSFT PV BJOEB QBTTBS VN BSSBZ KÈ FYJTUFOUF 1BSB P NÏUPEP FTTFT EFUBMIFT TFSÍP USBOTQBSFOUFT FMF TFNQSF SFDFCFSÈ VN BSSBZ 4Ø Ï QFSNJUJEP VN QBSÉNFUSP EFTTF UJQP QPS NÏUPEP F FMF EFWF TFS P ÞMUJNP F OÍP QPEF TFS PQDJPOBM SXEOLF LQW 6RPDUSDUDPV LQW>@ YDORUHV ^ UHWXUQ YDORUHV6XPY ! Y   /LQT © GHPDLV `

6RPDU   5HVXOWDGR 



 3$66$*(0 '( 3$5Æ0(7526

6RPDU     5HVXOWDGR  LQW>@ QXPHURV

QHZ >@^   `

6RPDUQXPHURV   5HVXOWDGR 

7BMF B QFOB TBMJFOUBS RVF Ï QPTTÓWFM DIBNBS P NÏUPEP TFN QBTTBS OFOIVN QBSÉNFUSP FOUÍP Ï JNQPSUBOUF RVF P NÏUPEP DPOUFOIB WBMJEBÎÜFT RVF QSFWFKBN B FOUSBEB EF WBMPSFT OVMPT 6NB ØUJNB BQMJDBÎÍP EPT QBSÉNFUSPT DPN OÞNFSP WBSJÈWFM EF WBMPSFT Ï P NÏUPEP VWULQJ)RUPDW  VWULQJ IRUPDWR VWULQJ GHVFULFDR  

^` 3UH§R ^F` (VWRTXH ^` VWULQJ)RUPDWIRUPDWR 3URGXWR   

'HEXJ$VVHUWGHVFULFDR  

3URGXWR  3UH§R 5  (VWRTXH

#PBT QSÈUJDBT ² JNQPSUBOUF DPOIFDFS P GVODJPOBNFOUP DPNQMFUP EB QBTTBHFN EF QBSÉNFUSPT OP $ QPJT NVJUBT WF[FT Ï OFDFTTÈSJP NBOUFS DØEJHP MFHBEP RVF GPJ EFTFOWPMWJEP BCVTBOEP EFTTFT SFDVSTPT .BT TÍP SBSBT FYDFÎÜFT FN RVF TFSÈ KVTUJGJDÈWFM B VUJMJ[BÎÍP EPT NPEJGJDBEPSFT UHI RXW F SDUDPV  1SFDJTP SFUPSOBS NBJT EF VN WBMPS OP NÏUPEP DPNP GB[FS  " VUJMJ[BÎÍP EPT NPEJGJDBEPSFT UHI F RXW HFSB DPNQMFYJEBEF BJOEB NBJT RVBOEP WÈSJPT QBSÉNFUSPT VUJMJ[BN FTTFT NPEJGJDBEPSFT &N QPVDPT DBTPT FTTB DPNQMFYJEBEF Ï KVTUJGJDBEB DPNP OP NÏUPEP LQW7U\3DUVH  1SPWBWFMNFOUF B NFMIPS PQÎÍP TFKB DSJBS VNB DMBTTF PV FTUSVUVSB DPOUFOEP PT WBMPSFT RVF TFSÍP SFUPSOBEPT OP NÏUPEP *TTP UPSOBSÈ P NÏUPEP NBJT TJNQMFT F FYQSFTTJWP GBDJMJUBOEP P FOUFOEJNFOUP F B NBOVUFOÎÍP

 3$66$*(0 '( 3$5Æ0(7526



2VBOEP WBMF B QFOB VUJMJ[BS P NPEJGJDBEPS SDUDPV  4PNFOUF RVBOEP GPS QPTTÓWFM BQSPWFJUBS B GBDJMJEBEF EF QBTTBS PT WBMPSFT TFQBSBEPT QPS WÓSHVMB 4F OB NBJPSJB EBT WF[FT WPDÐ KÈ UJWFS VN BSSBZ DPN PT WBMPSFT OÍP DPNQFOTB B VUJMJ[BÎÍP $PNP EFWP WBMJEBS PT QBSÉNFUSPT  ² SFDPNFOEBEB B WBMJEBÎÍP EF UPEPT PT QBSÉNFUSPT EF VN NÏUPEP BJOEB NBJT TF P NÏUPEP GPS QÞCMJDP DVKB BVEJÐODJB Ï EFTDPOIFDJEB /PSNBMNFOUF DBTP BMHVN QBSÉNFUSP OÍP BUFOEB BPT SFRVJTJUPT NÓOJNPT Ï EJTQBSBEB VNB FYDFÎÍP EP UJQP $UJXPHQW([FHSWLRQ PV EF TVBT EFSJWBEBT DPNP B $UJXPHQW1XOO([FHSWLRQ  ² QSFGFSÓWFM EJTQBSBS VNB FYDFÎÍP JOEJDBOEP FYQMJDJUBNFOUF P NPUJWP EB GBMIB EP RVF FOGSFOUBS VNB FYDFÎÍP EP UJQP 1XOO5HIHUHQFH([FHSWLRQ RVF USB[ QPVDBT JOGPSNBÎÜFT F UPSOB P USPVCMFTIPPUJOH CFN ÈSEVP 6NB CPB BMUFSOBUJWB B FTTF NPEFMP EF WBMJEBÎÍP Ï VUJMJ[BS $PEF $POUSBDUT $PEF $POUSBDUT TÍP SFTUSJÎÜFT CBTFBEBT FN QSÏ DPOEJÎÜFT QØTDPOEJÎÜFT F SFTUSJÎÜFT TPCSF P DØEJHP 5PEBT FTTBT SFTUSJÎÜFT TÍP WBMJEBEBT FN UFNQP EF FYFDVÎÍP F DPNQJMBÎÍP QBSB WFSJGJDBS TF P PCKFUP UÐN PT SFRVJTJUPT NÓOJNPT FTQFSBEPT QBSB BTTVNJS VN UJQP EF EBEPT 2VBM B RVBOUJEBEF NÈYJNB EF QBSÉNFUSPT SFDPNFOEBEB  /ÍP FYJTUF VN OÞNFSP NÈYJNP NBT TF VN NÏUPEP FTUJWFS SFDFCFOEP NVJUPT QBSÉNFUSPT QSPWBWFMNFOUF FMF FTUÈ GB[FOEP NBJT EP RVF EFWFSJB o QPTTVJ NVJUBT SFTQPOTBCJMJEBEFT 6NB PQÎÍP TFSJB DSJBS DMBTTFT PV FTUSVUVSBT BHSVQBOEP OFHPDJBMNFOUF FTTFT QBSÉNFUSPT F BMUFSBS P NÏUPEP QBSB SFDFCFS FTTFT UJQPT SFDÏNDSJBEPT

 26"- " .&-)03 &453"5²(*" %& #3"/$) 1"3" 0 .&6 4*45&."



 48$/ $ 0(/+25 (675$7e*,$ '( %5$1&+ 3$5$ 2 0(8 6,67(0$"

1PS -VJ[ .BDFEP &TUB TFÎÍP Ï VNB JOUSPEVÎÍP TPCSF FTUSBUÏHJBT EF #SBODIJOH F .FSHJOH QBSB BMHVOT EPT DFOÈSJPT DPNVNFOUF VUJMJ[BEPT /PSNBMNFOUF CSBODIFT TÍP OFDFTTÈSJBT QBSB TVQPSUBS SFMFBTFT PV EFTFOWPMWJNFOUP QBSBMFMP 2VBOEP VN EFTFOWPMWFEPS DSJB VNB CSBODI OP DPOUSPMF EF WFSTÍP Ï DSJBEB VNB DØQJB EP DØEJHPGPOUF FN VN MPDBM TFQBSBEP EF TVB PSJHFN 5VEP P RVF Ï GFJUP FN VNB EFUFSNJOBEB CSBODI OÍP BGFUB BT PVUSBT BUÏ RVF P DØEJHP TFKB SFJOUFHSBEP Ë PSJHFN OP DBTP SFBMJ[BOEP P NFSHF EF DØEJHP 1BSB DFOÈSJPT NBJT TJNQMFT HFSBMNFOUF OÍP TÍP OFDFTTÈSJBT CSBODIFT TPNFOUF B DSJBÎÍP EF CVJMET F MBCFMT TÍP TVGJDJFOUFT 6NB MBCFM Ï DPNP UJSBS VNB GPUP EP FTUBEP BUVBM EP DØEJHPGPOUF /P NPNFOUP FN RVF VNB MBCFM Ï DSJBEB Ï QPTTÓWFM JEFOUJGJDBS DPNP P DØEJHP PV BSRVJWPT OP DPOUSPMF EF WFSTÍP FTUBWBN 6NB MBCFM OÍP EFWF TFS VUJMJ[BEB DPNP BVEJUPSJB EF DØEJHP EFWJEP BP GBUP EF RVF QPEF TFS BMUFSBEB &N VN FYFNQMP QSÈUJDP BP VUJMJ[BS VNB MBCFM Ï QPTTÓWFM SFDSJBS VN CVJME BOUFSJPSNFOUF FYFDVUBEP B RVBMRVFS NPNFOUP OP GVUVSP PV BUÏ NFTNP FODPOUSBS BMHVNB WFSTÍP EP DØEJHPGPOUF VUJMJ[BEP FN PVUSP CVJME FN QBSUJDVMBS 0 QSPCMFNB NBJT DPNVN BP VUJMJ[BS CSBODIFT Ï RVF RVBOUP NBJT CSBODIFT GPSFN DSJBEBT NBJPS Ï P DVTUP FN GB[FS NFSHF FOUSF FMBT F NBOUFS B WFMPDJEBEF OP EFTFOWPMWJNFOUP QBSBMFMP

&V QSFDJTP SFBMNFOUF EF CSBODIFT i$FSUP B VUJMJ[BÎÍP EF CSBODI EFWF TFS DPOTJEFSBEB QBSB P JTPMBNFOUP EF USBCBMIP FN UJNFT QBSBMFMPT F DPOUSPMF EF GVODJPOBMJEBEFT F SFMFBTFT .BT QPS POEF FV EFWP DPNFÎBS w " QSJNFJSB DPOTJEFSBÎÍP Ï OÍP DSJF CSBODIFT B NFOPT RVF FMBT SFBMNFOUF TFKBN OFDFTTÈSJBT QBSB P EFTFOWPMWJNFOUP EF TFV QSPEVUP *OJDJF TPNFOUF DPN VNB CSBODI JTTP NFTNP VNB 4PNFOUF VUJMJ[BS B 0DLQ Ï VNB FTUSBUÏHJB RVF GVODJPOB CFN  48$/ $ 0(/+25 (675$7e*,$ '( %5$1&+ 3$5$ 2 0(8 6,67(0$"



JODMVTJWF USBCBMIBOEP FN DPOKVOUP DPN P 3FMFBTF .BOBHFNFOU QBSB B HFTUÍP EF SFMFBTFT

'JHVSB  &TUSBUÏHJB EF #SBODI ÞOJDB o .BJO 0OMZ IUUQBLBNTUSFBTVSF

&TTB GJHVSB SFQSFTFOUB P GPSNBUP EF CSBODI ÞOJDB VUJMJ[BOEP MBCFM QBSB BENJOJTUSBS BT CBTFMJOFT EPT SFMFBTFT FOUSFHVFT " MBCFM GVODJPOB DPNP VNB GPUP EP NPNFOUP FN RVF P DØEJHP TF FODPOUSB HVBSEBOEP B JOGPSNBÎÍP EF DPNP FMF FTUBWB BUÏ P NPNFOUP EB DSJBÎÍP EBRVFMB MBCFM $PNP B MBCFM QPEF TFS BMUFSBEB UFNPT VN SJTDP DPN SFMBÎÍP Ë BVEJUPSJB EBRVFMF NPNFOUP EP DØEJHP NBT Ï CFN JOUFSFTTBOUF QBSB P DBTP EF OFDFTTJEBEF EF WPMUBS DPN WFSTÜFT BOUFSJPSFT EP QSPEVUP %FQFOEFOEP EB GFSSBNFOUB VTBEB QBSB P DPOUSPMF EF WFSTÍP DPNP OP DBTP EP 5FBN 'PVOEBUJPO 4FSWFS Ï QPTTÓWFM BMUFSBS P QFSNJTTJPOBNFOUP EP DPOUSPMF EF WFSTÍP QBSB B BENJOJTUSBÎÍP EF MBCFMT $BTP VNB ÞOJDB CSBODI OÍP BUFOEB DPNQMFUBNFOUF BT OFDFTTJEBEFT EF JTPMBNFOUP EP UJNF EF EFTFOWPMWJNFOUP PVUSBT FTUSBUÏHJBT QPEFN TFS BEPUBEBT

2VBJT TÍP BT FTUSBUÏHJBT NBJT VUJMJ[BEBT 0 PCKFUJWP BRVJ Ï NPTUSBS BMHVNBT EBT FTUSBUÏHJBT EF CSBODIFT NBJT VUJMJ[BEBT OP EJB B EJB FN DBNQP *TPMBNFOUP EP EFTFOWPMWJNFOUP /PSNBMNFOUF BQØT JOJDJBS DPN VNB ÞOJDB CSBODI .BJO F B OFDFTTJEBEF EF QBSBMFMJ[BS P EFTFOWPMWJNFOUP EF VNB 3FMFBTF GVUVSB PV QBSB BMHVN PVUSP UJQP EF OFDFTTJEBEF FTTF NPEFMP Ï B FWPMVÎÍP 

 48$/ $ 0(/+25 (675$7e*,$ '( %5$1&+ 3$5$ 2 0(8 6,67(0$"

OBUVSBM 6TBOEP FTTF NPEFMP Ï QPTTÓWFM EFTFOWPMWFS FN QBSBMFMP DPN B .BJO TFN RVF BT BMUFSBÎÜFT SFBMJ[BEBT TFKBN FOWJBEBT QBSB B CSBODI FTUÈWFM BOUFT EF HBSBOUJS RVF OÍP TFSÈ BGFUBEB QPS BMHVN QSPCMFNB EF JOUFHSBÎÍP "P FTDBMBS P OÞNFSP EF CSBODIFT Ï EF FYUSFNB JNQPSUÉODJB BOUFT EF GB[FS P NFSHF DPN B .BJO CBJYBS B ÞMUJNB WFSTÍP EB .BJO OB CSBODI EF EFTFOWPMWJNFOUP QBSB HBSBOUJS RVF BT BMUFSBÎÜFT EF EFTFOWPMWJNFOUP OÍP WÍP BGFUBS B .BJO BOUFT EF TFSFN UFTUBEBT

'JHVSB  &TUSBUÏHJB EF CSBODI o %FWFMPQNFOU *TPMBUJPO IUUQBLBNTUSFBTVSF

*TPMBNFOUP EBT SFMFBTFT F EFTFOWPMWJNFOUP &TTB FTUSBUÏHJB UFN VN OÓWFM DPNQMFYP EFWJEP BP GBUP EF RVF BMÏN EP EFTFOWPMWJNFOUP FN QBSBMFMP BT SFMFBTFT UBNCÏN FYJTUFN QBSB QFSNJUJS P DPOUSPMF EF CVH GJYFT F EFNBJT DPSSFÎÜFT PV FNFSHÐODJBT 0 NBJT JNQPSUBOUF OFTTFT DBTPT Ï VUJMJ[BS TFNQSF RVF QPTTÓWFM GB[FS 'PSXBSE *OUFHSBUJPO '* F 3FWFSTF *OUFHSBUJPO 3* QBSB OÍP UFS VN DVTUP NVJUP BMUP EF NFSHF BP GJOBM EF DBEB FOUSFHB 6NB FTUSBUÏHJB CFN EFGJOJEB EF JOUFHSBÎÍP DPOUJOVB QPEF BKVEBS B NBOUFS B RVBMJEBEF EPT DØEJHPT

 48$/ $ 0(/+25 (675$7e*,$ '( %5$1&+ 3$5$ 2 0(8 6,67(0$"



'JHVSB  &TUSBUÏHJB EF CSBODI o %FWFMPQNFOU BOE 3FMFBTF *TPMBUJPO

1SPNPÎÍP EF DØEJHP $PN B FTUSBUÏHJB EF $PEF 1SPNPUJPO BT CSBODIFT TÍP DSJBEBT DPOGPSNF BT WFSTÜFT FTUÍP NBJT FTUÈWFJT F DBNJOIBN EF VN BNCJFOUF QBSB PVUSP /PSNBMNFOUF FTTB FTUSBUÏHJB WJOIB DPN B VUJMJ[BÎÍP EF NFUPEPMPHJBT XBUFSGBMM NBT BJOEB Ï VTBEB FN NVJUPT DBTPT $PNP EJUP BOUFSJPSNFOUF P DVTUP EF NBOVUFOÎÍP BVNFOUB DPOGPSNF FTDBMBNPT P OÞNFSP EF CSBODIFT 0 DØEJHP EB .BJO DPOUJOVB TFOEP P NBJT FTUÈWFM Ï QSPNPWJEP QBSB P BNCJFOUF EF UFTUFT F BTTJN QBSB QSPEVÎÍP /PSNBMNFOUF FSB VUJMJ[BEP QBSB GBTFT QSPMPOHBEBT EF IPNPMPHBÎÍP F DPSSFÎÍP FN BNCJFOUF EF TUBHJOH "NCJFOUF EF QSÏQSPEVÎÍP 



 48$/ $ 0(/+25 (675$7e*,$ '( %5$1&+ 3$5$ 2 0(8 6,67(0$"

'JHVSB  &TUSBUÏHJB EF CSBODI o $PEF 1SPNPUJPO

.FOPT Ï NBJT 'FBUVSF 5PHHMJOH F FOUSFHB DPOUJOVB 6NB GPSNB CFN JOUFSFTTBOUF EF USBCBMIBS FN DPOKVOUP DPN B FTUSBUÏHJB EF CSBODI ÞOJDB .BJO 0OMZ PV DPN BMHVNBT PVUSBT FTUSBUÏHJBT BQSFTFOUBEBT Ï B UÏDOJDB EF 'FBUVSF 5PHHMF $PN FMB BT GVODJPOBMJEBEFT iMJHBNw F iEFTMJHBNw EF BDPSEP DPN P NPNFOUP EF EJTUSJCVJÎÍP EP QSPEVUP B TFS FOUSFHVF &MBT QPEFN TFS SFDVSTPT EF JOUFSGBDF EF VTVÈSJP 6* WJTÓWFJT PV OÍP QBSB PT VTVÈSJPT GJOBJT PV BUÏ NFTNP VNB GVODJPOBMJEBEF EF DØEJHP DPNFOUBEB PV DPN VNB MØHJDB QBSB RVF OÍP TFKB FYFDVUBEB OP SFMFBTF BUVBM F TJN OB QPTUFSJPS &YJTUFN WÈSJPT OPNFT QBSB FTTB UÏDOJDB RVF JODMVJ GMBHT TXJUDIFT PV PVUSBT GPSNBT EF JNQMFNFOUBÎÍP EF DØEJHP QBSB IBCJMJUBS BT GVODJPOBMJEBEFT FN DBEB CVJME

'JHVSB  'FBUVSF 5PHHMF o 'FBUVSFT IBCJMJUBEBT F EFTBCJMJUBEBT QFMB OFDFTTJEBEF EP CVJME IUUQBLBNTUSFBTVSF

" HSBOEF WBOUBHFN EF VUJMJ[BS 'FBUVSF 5PHHMJOH Ï QPEFS BMUFSBS  48$/ $ 0(/+25 (675$7e*,$ '( %5$1&+ 3$5$ 2 0(8 6,67(0$"



BT GVODJPOBMJEBEFT BUJWBT F JOBUJWBT EBT BQMJDBÎÜFT TFN UFS VN HSBOEF OÞNFSP EF GFBUVSF CSBODIFT F SBNJGJDBÎÜFT QBSBMFMBT &TTF GPSNBUP EF USBCBMIP GBDJMJUB BUÏ NFTNP B GPSNB DPNQJMBÎÍP F EJTUSJCVJÎÍP EBT OPWBT GVODJPOBMJEBEFT 'B[FOEP FOUSFHB DPOUÓOVB NVJUBT WF[FT BMHVNBT GFBUVSFT OÍP FTUÍP UPUBMNFOUF DPNQMFUBT F EFTTB GPSNB OÍP UFN OFDFTTJEBEF EF JNQBDUBS VNB FOUSFHB UPEB TPNFOUF QPS GBMUB EF GJOBMJ[BÎÍP EF VNB GVODJPOBMJEBEF QPEFOEP BTTJN TPNFOUF EFTBCJMJUÈMB 1BSB GB[FS JTTP VUJMJ[BOEP CSBODIFT OPSNBMNFOUF TFSÈ OFDFTTÈSJP DSJBS CSBODIFT TFQBSBEBT QBSB NBOUFS DBEB VNB EBT GVODJPOBMJEBEFT OBT JUFSBÎÜFT EP EFTFOWPMWJNFOUP RVF DPOUSPMBN B FOUSFHB *TTP QPEF BVNFOUBS B DPNQMFYJCJMJEBEF QBSB GB[FS NFSHFT F NBOUFS P DØEJHPGPOUF FTUÈWFM F BUVBMJ[BEP "TTJN P DØEJHP TFNQSF QPEFSÈ TFS BUVBMJ[BEP OB .BJO QPJT BT GFBUVSFT FTUBSÍP IBCJMJUBEBT TPNFOUF TF OFDFTTÈSJP TFN POFSBS P DØEJHP QSJODJQBM "MHVOT NPEFMPT GPSBN BQSFTFOUBEPT F QPEFN TFS NVJUP ÞUFJT QPSÏN QPEFN OÍP BUFOEFS BT OFDFTTJEBEFT EF TFV UJNF &MBT QPEFN WBSJBS EF UJNF QBSB UJNF F UBNCÏN QPEFN TFS NVJUP SBNJGJDBEBT &OUSFUBOUP BJOEB EFWFN TFS DSJBEBT TPNFOUF RVBOEP P UJNF FTUJWFS DPOGJBOUF EF RVF P DVTUP EF DSJBS CSBODIFT F GB[FS NFSHFT Ï NFOPS EP RVF P EF DSJBS VNB CSBODI ÞOJDB F GB[FS P DPNNJU EJSFUBNFOUF OB CSBODI QSJODJQBM OP DBTP B .BJO 1BSB RVF P NPEFMP JEFBM TFKB FODPOUSBEP TFNQSF TFSÈ OFDFTTÈSJP DPOTJEFSBS B PSHBOJ[BÎÍP EP UJNF BSRVJUFUVSB EP QSPKFUP FUD *TTP KVOUBNFOUF DPN BT PVUSBT DJSDVOTUÉODJBT EP DPOUFYUP EF USBCBMIP WBJ BKVEBS B JEFOUJGJDBS RVBM CSBODI EFWF TFS FTDPMIJEB 1PS GJN P PCKFUJWP Ï QSPUFHFS BP NÈYJNP P DØEJHP QBSB RVF GJRVF P NBJT FTUÈWFM QPTTÓWFM QBSB HFSBS VN SFMFBTF DPOGJÈWFM



 48$/ $ 0(/+25 (675$7e*,$ '( %5$1&+ 3$5$ 2 0(8 6,67(0$"

3&'&3³/$*"4 $PNNPO 5ZQF 4ZTUFN IUUQTNTEONJDSPTPGUDPNFO VTMJCSBSZIG WWT BTQY

0WFSWJFX



$PNNPO 5ZQF 4ZTUFN  IUUQTNTEONJDSPTPGUDPNFO VTMJCSBSZ[DYFCF WWT BTQY $PEF $POUSBDUT  IUUQTNTEONJDSPTPGUDPNFO VTMJCSBSZEE WWT BTQY

 26"-*%"%& %& $»%*(0 1PS 8BOEFSTPO -JNB i5FOIP WÈSJBT GÈCSJDBT EF TPGUXBSF UFSDFJSBT RVF EFTFOWPMWFN QBSB NJN F ËT WF[FT USBCBMIP DPN EFTFOWPMWJNFOUP JOUFSOP F TVTUFOUBÎÍP 1FSDFCP RVF B DBEB OPWP QSPKFUP DPODMVÓEP FN VN TJTUFNB NBJT DPNQMFYP F JOTUÈWFM FMF TF UPSOB &YJTUFN BQMJDBÎÜFT RVF OJOHVÏN RVFS SFBMJ[BS NBOVUFOÎÍP QPSRVF UPEPT UÐN NFEP EP JNQBDUP RVF VNB QFRVFOB BMUFSBÎÍP QPEF GB[FS OP TJTUFNB DPNP VN UPEPw 1PS NBJT FTUSBOIP RVF QBSFÎB FTTF OÍP Ï VN DFOÈSJP JTPMBEP JODPNVN EF BDPOUFDFS OB WJEB SFBM .VJUP QFMP DPOUSÈSJP FTTF DFOÈSJP BDPOUFDF OB NBJPS QBSUF EPT DMJFOUFT BUFOEJEPT QFMPT &OHFOIFJSPT EF "-. "QQMJDBUJPO -JGFDZDMF .BOBHFNFOU  "P BOBMJTBS DPN VN QPVDP NBJT EF QSPGVOEJEBEF B SBJ[ EP QSPCMFNB WBNPT BMÏN EB DPNQFUÐODJB EBT QFTTPBT RVF USBCBMIBN OBT BQMJDBÎÜFT F DIFHBNPT B VNB QFSHVOUB RVBM Ï P NBJPS GBUPS EF TVDFTTP EF VN QSPKFUP EF 5* OB NBJPSJB EBT FNQSFTBT 4PGUXBSF

 48$/,'$'( '( &Ï',*2



FOUSFHVF P RVF PV TPGUXBSF FOUSFHVF DPN RVBMJEBEF P RVF F DPNP

"TTVNJOEP B SFTQPTUB JODPNVN PV TFKB TPGUXBSF FOUSFHVF DPN RVBMJEBEF EF RVF RVBMJEBEF FTUÈ TF GBMBOEP 'VODJPOBM 1FSGPSNBODF 2VBOUJEBEF EF FSSPT &YJTUF VNB EJNFOTÍP RVF USBOTQBTTB UPEPT FTTFT BTQFDUPT F Ï DBQB[ EF BGFUÈMPT ESBTUJDBNFOUF CFN DPNP EJUBS P RVÍP GÈDJM F SÈQJEP TFSÈ BMUFSBS VNB BQMJDBÎÍP P RVÍP SFTJMJFOUF FMB TFSÈ F P RVÍP GBDUÓWFM TFSÈ GB[FS VNB BMUFSBÎÍP NBJT QSPGVOEB FN TVB FTUSVUVSB &TTF EFOPNJOBEPS DPNVN Ï B QPVDP MFNCSBEB F NVJUP USJWJBMJ[BEB RVBMJEBEF EF DØEJHP 4ÍP QSFNJTTBT CÈTJDBT EF VN DØEJHP EF CPB RVBMJEBEF RVF FMF 3FTQFJUF F GBÎB VTP EBT FTUSVUVSBT EP QBSBEJHNB EF QSPHSBNBÎÍP BEPUBEP QPS FYFNQMP 0SJFOUBÎÍP B 0CKFUP  'BÎB P VTP BEFRVBOEP SFTQFJUBOEP BT CPBT QSÈUJDBT EB MJOHVBHFN F GSBNFXPSL EF QSPHSBNBÎÍP FTDPMIJEP 1FSTJHB B BMUB DPFTÍP EPT TFVT NÏUPEPTGVOÎÜFT F P CBJYP BDPQMBNFOUP FOUSF DPNQPOFOUFT F FTUSVUVSBT 5FOIB GÈDJM MFHJCJMJEBEF F FOUFOEJNFOUP DPNFOUÈSJPT PV NÏUPEPT DPFTPT DPN BTTJOBUVSBT SFWFMBEPSBT EF JOUFOTÜFT

&7"/4   5FOIB B NBJPS QBSUF EP DØEJHP DPCFSUB QPS UFTUFT EF VOJEBEF *OGFMJ[NFOUF FTTF OÍP Ï P QBESÍP RVF TF WÐ FN DBNQP P RVF DVMNJOB QPS SFQSPEV[JS DFOÈSJPT DPNP P OBSSBEP OP JOÓDJP HFSBOEP VNB HSBOEF RVBOUJEBEF EF BQMJDBÎÜFT iMFHBEBTw EF CBJYB RVBMJEBEF RVF TVTUFOUBN F WÍP TVTUFOUBS QPS NVJUPT BOPT BJOEB PT OFHØDJPT EBT FNQSFTBT $PNP P DVTUP F P SJTDP EF FWPMVÎÍP EFTTBT BQMJDBÎÜFT TÍP BMUPT RVFN BSDB DPN P ÙOVT EFTTFT QSPCMFNBT Ï P QSØQSJP OFHØDJP RVF DPOUBSÈ DPN NPEJGJDBÎÜFT DBEB WF[ NBJT DVTUPTBT



 48$/,'$'( '( &Ï',*2

MFOUBT F JOTUÈWFJT OBT BQMJDBÎÜFT *TTP TVQPTUBNFOUF EFWFSJB BQPJBS OBT FWPMVÎÜFT GFJUBT QBSB SFTQPOEFS BP NFSDBEP & BJOEB DPNP OB NBJPSJB EBT WF[FT BT OPWBT BQMJDBÎÜFT TÍP DPOTUSVÓEBT DPN PT NFTNPT NPEFMPT FN RVF GPSBN DPOTUSVÓEBT BT iMFHBEBTw P OPWP KÈ OBTDF WFMIP F DPOUJOVBTF B HFSBS BQMJDBÎÜFT DPN CBJYÓTTJNB RVBMJEBEF EF DØEJHP RVF OPWBNFOUF QFOBMJ[BSÈ P OFHØDJP F P DVTUP EF NBOVUFOÎÍPFWPMVÎÍP EVSBOUF UPEP TFV DJDMP EF WJEB BOPT PV EÏDBEBT  /B QMBUBGPSNB .JDSPTPGU EF EFTFOWPMWJNFOUP EF TPGUXBSF GBNÓMJB 7JTVBM 4UVEJP

FYJTUFN GFSSBNFOUBT FNCBSDBEBT RVF QPEFN GBDJMNFOUF JOTUSVNFOUBS BT FNQSFTBT QBSB DPNFÎBS B SFWFSUFS FTTF RVBESP EF GPSNB SÈQJEB 1PEFNPT DJUBS DPNP B USÓBEF EF RVBMJEBEF EF DØEJHP VUJMJ[BOEP P 7JTVBM 4UVEJP BT GFSSBNFOUBT RVF TFSÍP EFUBMIBEBT FN TFHVJEB $PEF "OBMZTJT  IUUQTNTEONJDSPTPGUDPNFO VTMJCSBSZEEBTQY $PEF .FUSJDT  IUUQTNTEONJDSPTPGUDPNFO VTMJCSBSZCCBTQY $PEF $PWFSBHF  IUUQTNTEONJDSPTPGUDPNFO VTMJCSBSZEEBTQY

$PEF "OBMZTJT 0 $PEF "OBMZTJT GPJ EFTFOWPMWJEP DPN P PCKFUJWP EF EJTQPOJCJMJ[BS BP EFTFOWPMWFEPS VNB NBOFJSB GÈDJM F SÈQJEB EF WBMJEBS TFV DØEJHP DPOUSB VNB FYUFOTB CJCMJPUFDB EF CPBT QSÈUJDBT EF QSPHSBNBÎÍP QBSB QMBUBGPSNB .JDSPTPGU &MF SFBMJ[B VNB BOÈMJTF FTUÈUJDB EF DØEJHP PV TFKB OÍP BOBMJTB P DØEJHP FN FYFDVÎÍP SVOUJNF

NBT TJN P DØEJHP DPNQJMBEP EF NBOFJSB FTUÈUJDB %JBSJBNFOUF TÍP FODPOUSBEPT QSPCMFNBT RVF HFSBSBN JNQBDUPT BPT VTVÈSJPT F UBNCÏN BP OFHØDJP PT RVBJT QPEFSJBN TFS GBDJMNFOUF  48$/,'$'( '( &Ï',*2



JEFOUJGJDBEPT F USBUBEPT QSPBUJWBNFOUF DPN P VTP EP $PEF "OBMZTJT 0T FYFNQMPT NBJT DPNVOT F USÈHJDPT EFTTFT DFOÈSJPT PDPSSFN DPN JNQMFNFOUBÎÜFT EF FYDFÎÜFT F DPN DPNQPOFOUFT RVF JNQMFNFOUBN B JOUFSGBDF GLVSRVH  /P DBTP EP USBUBNFOUP EF FYDFÎÜFT EFUBMIFT EF FSSPT DSÓUJDPT TÍP QFSEJEPT PV PNJUJEPT FYDFÎÜFT TÍP DBQUVSBEBT EFTOFDFTTBSJBNFOUF PV USBUBEBT EF NBOFJSB JODPSSFUB F FYDFÎÜFT OÍP USBUBEBT TÍP USBOTGFSJEBT BP VTVÈSJP FYQPOEP JOGPSNBÎÜFT JOUFSOBT EB BQMJDBÎÍP /P DBTP EP EFTFOWPMWJNFOUP EF DPNQPOFOUFT RVF JNQMFNFOUBN B JOUFSGBDF EJTQPTF SFDVSTPT DPNP NFNØSJB F DPOFYÜFT UÐN TFV VTP FMFWBEP EFTOFDFTTBSJBNFOUF QPS PCKFUPT OÍP HFSFODJBEPT OÍP UFSFN TJEP MJCFSBEPT DBVTBOEP FN DBTPT FYUSFNPT QBSBEBT EBT BQMJDBÎÜFT QPS FYDFEFS B DBQBDJEBEF EF NFNØSJB EP MJNJUF EF DPOFYÜFT PV BUÏ NFTNP CMPRVFJP EF BSRVJWPT 1BSB UFS BDFTTP JOJDJBM BP $PEF "OBMZTJT BDFTTF BT QSPQSJFEBEFT EF VN QSPKFUP OP 7JTVBM 4UVEJP F DMJRVF OB BCB $PEF "OBMZTJT

'JHVSB  $POGJHVSBÎÍP JOJDJBM EP $PEF "OBMZTJT OBT QSPQSJFEBEFT EF VN QSPKFUP OP 7JTVBM 4UVEJP



 48$/,'$'( '( &Ï',*2

"T NBJT EF  SFHSBT QSFFYJTUFOUFT EP $PEF "OBMZTJT QPEFN TFS BHSVQBEBT FN SVMFTFUT 1PS QBESÍP FYJTUFN SVMFTFUT NBJT CÈTJDPT NBJT BCSBOHFOUFT GPDBEPT NBJT FN DØEJHP HFSFODJBEP PV DØEJHP OBUJWP "MÏN EFTUFT Ï QPTTÓWFM DSJBS SVMFTFUT DVTUPNJ[BEPT QSJPSJ[BOEP BT SFHSBT NBJT DSÓUJDBT RVF TF RVFS BUBDBS FN DBEB NPNFOUP 0 SVMFTFU QBESÍP .JDSPTPGU .BOBHF 3FDPNNFOEFE 3VMFT Ï DFSUBNFOUF VN ØUJNP QPOUP EF QBSUJEB QBSB WFSJGJDBS TF QSFDJTBSÈ PV OÍP DVTUPNJ[BS VN SVMFTFU FTQFDÓGJDP QBSB B TVB OFDFTTJEBEF BUVBM &TTF SVMFTFU QPTTVJ NBJT EF  SFHSBT EJWJEJEBT FN DBUFHPSJBT DPOGPSNF NPTUSB B GJHVSB B TFHVJS

'JHVSB  $POKVOUP EF SFHSBT EP DPEF BOBMZTJT VUJMJ[BOEP 7JTVBM 4UVEJP

%VSBOUF B DVTUPNJ[BÎÍP EF VN SVMFTFU BMÏN EF TFMFDJPOBS BT SFHSBT EFTFKBEBT BJOEB QPEF TFS DPOGJHVSBEB RVBM BÎÍP TFSÈ HFSBEB RVBOEP FMBT GPSFN WJPMBEBT BMFSUB FSSP JOGPSNBÎÍP /PT SVMFTFUT QBESÜFT UPEBT BT SFHSBT TFMFDJPOBEBT TÍP DPOGJHVSBEBT QBSB HFSBSFN  48$/,'$'( '( &Ï',*2



BMFSUBT 6N QPOUP JNQPSUBOUF BRVJ Ï RVF B FYFDVÎÍP EP $PEF "OBMZTJT QPEF TFS BTTPDJBEB BP CVJME EP QSPKFUP /FTTF DBTP TF BMHVNB SFHSB DPOGJHVSBEB QBSB HFSBS FSSP GPS WJPMBEB P SFTVMUBEP EP CVJME GBMIBSÈ NFTNP RVF B DPNQJMBÎÍP UFOIB TJEP FYFDVUBEB DPN TVDFTTP &TUF UBNCÏN Ï VN QPOUP JNQPSUBOUF B TFS FYQMJDBEP P $PEF "OBMZTJT Ï FYFDVUBEP TPCSF BT %--T MPHP BQØT P QSPDFTTP EF DPNQJMBÎÍP CFN TVDFEJEP " QBSUJS EBT %--T Ï FYFDVUBEP VN QSPDFTTP EF WBMJEBÎÍP TPCSF B MJOHVBHFN JOUFSNFEJÈSJB HFSBEB FN CVTDB EF WJPMBÎÜFT EBT SFHSBT DPOGJHVSBEBT "TTJN FN BMHVOT DFOÈSJPT BT WJPMBÎÜFT OÍP UÐN VNB SFMBÎÍP GPSUF DPN VNB MJOIB EF DØEJHP FTQFDÓGJDB /P UPUBM TÍP NBJT EF  DBUFHPSJBT OBT RVBJT TF EJWJEFN BT NBJT EF  SFHSBT QSFFYJTUFOUFT EF $PEF "OBMZTJT GPSNBOEP BTTJN VN DPOKVOUP CBTUBOUF BCSBOHFOUF EF BTQFDUPT QFMB RVBM B BQMJDBÎÍP TFSÈ BWBMJBEB FN SFMBÎÍP BT CPBT QSÈUJDBT EF DPEJGJDBÎÍP "MÏN EJTTP DBEB SFHSB QPTTVJ VNB DMBSB EPDVNFOUBÎÍP RVF FYQMJDB EFTEF B DBVTB EB WJPMBÎÍP QBTTBOEP QFMB EFTDSJÎÍP EB SFHSB DPNP DPSSJHJMB F RVBOEP TFSJB TFHVSP JHOPSÈMB DPNP EFTDSJUP OB GJHVSB TFHVJOUF FYUSBÓEB EP QPSUBM EP .4%/ DBUFHPSJBT FYJTUFOUFT FN B[VM OP NFOV FTRVFSEP EB GJHVSB 



 48$/,'$'( '( &Ï',*2

'JHVSB  $BUFHPSJBT EBT SFHSBT EF DPEF BOBMZTJT 1PSUBM .4%/

1BSB FYFDVUBS B WBMJEBÎÍP EP SVMFTFU QSFWJBNFOUF DPOGJHVSBEP OP $PEF "OBMZTJT CBTUB DMJDBS DPN P CPUÍP EJSFJUP TPCSF P QSPKFUP OP 7JTVBM 4UVEJP F TFMFDJPOBS "OBMZTF  3VO $PEF "OBMZTJT /B KBOFMB &SSPS -JTU TFSÍP NPTUSBEPT PT FSSPT BMFSUBT F NFOTBHFOT OÍP TØ EP QSPDFTTP EF DPNQJMBÎÍP NBT UBNCÏN EP SFTVMUBEP EB WBMJEBÎÍP EBT SFHSBT EF $PEF "OBMZTJT DPOGJHVSBÎÍP QBESÍP QBSB BQSFTFOUBS NFOTBHFOT EF #VJME *OUFMMJ4FOTF  2VBOEP VNB WJPMBÎÍP Ï TFMFDJPOBEB DBTP FYJTUB VNB SFMBÎÍP EJSFUB DPN BMHVNB MJOIB EF DØEJHP FMB TFSÈ DPMPDBEB FN EFTUBRVF QBSB RVF GBDJMJUF B TVB DPSSFÎÍP " EFTDSJÎÍP BQSFTFOUBEB UFOUB EFJYBS DMBSB RVBJT WBSJÈWFJT F RVBJT VTPT EP DØEJHP FN FTQFDÓGJDP FTUÍP WJPMBOEP B SFHSB 1PSÏN DBTP TFKBN OFDFTTÈSJBT NBJT JOGPSNBÎÜFT TPCSF FMB BP DMJDBS OP DØEJHP EB SFHSB P VTVÈSJP Ï SFEJSFDJPOBEP QBSB EPDVNFOUBÎÍP DPNQMFUB TPCSF FMB OP .4%/ DPNP EFTDSJUP BOUFSJPSNFOUF 1FSDFCFTF RVF B SFHSB WJPMBEB OB GJHVSB B TFHVJS Ï FYBUBNFOUF B

 48$/,'$'( '( &Ï',*2



RVF EFUFDUB DFOÈSJPT EF OÍP EFTBMPDBÎÍP EF PCKFUPT OÍP HFSFODJBEPT P RVF QPEFSJB DBVTBS VN FOPSNF NBV VTP EF SFDVSTPT QPEFOEP MFWBS BUÏ BP TFV FTHPUBNFOUP DPNP EFTDSJUP OP JOÓDJP EFTUB TFÎÍP

'JHVSB  &YFNQMP EF BMFSUB EF SFHSB EP $PEF "OBMZTJT

"TTJN UFNPT VNB GFSSBNFOUB DPOTPMJEBEB DPN VNB FYUFOTB CBTF EF CPBT QSÈUJDBT EF QSPHSBNBÎÍP OB QMBUBGPSNB .JDSPTPGU EJTQPOÓWFM OB QSØQSJB *%& EP EFTFOWPMWFEPS RVF FYQMJDB P RVF Ï F RVBM B JNQPSUÉODJB EBT SFHSBT BQPJBOEP B SÈQJEB JEFOUJGJDBÎÍP F TPMVÎÍP EBT WJPMBÎÜFT 4FN EÞWJEB FTUB Ï VNB GFSSBNFOUB NBOEBUØSJB FN DJDMPT NBEVSPT EF EFTFOWPMWJNFOUP &NCPSB DVCSB BQFOBT QBSUF EB EJTDJQMJOB EF 2VBMJEBEF EF $ØEJHP P TFV VTP DFSUBNFOUF WBJ HBSBOUJS VN QBUBNBS NBJT FMFWBEP OFTTF UFNB

$PEF .FUSJDT



 48$/,'$'( '( &Ï',*2

6NB PVUSB GFSSBNFOUB QSFTFOUF OP 7JTVBM 4UVEJP F DPN VN QSPQØTJUP DPNQMFNFOUBS BP $PEF "OBMZTJT Ï P $PEF .FUSJDT &NCPSB UBNCÏN FTUFKB OP ÉNCJUP EB BOÈMJTF FTUÈUJDB EF DØEJHP EFTDSJUB OP UØQJDP BOUFSJPS P $PEF .FUSJDT UFN P QSPQØTJUP EF NFEJS F BUSJCVJS VN ÓOEJDF EF NBOVUFOJCJMJEBEF EF VN QSPKFUP EP 7JTVBM 4UVEJP 0V TFKB FTUF ÓOEJDF UFOUB RVBOUJGJDBS P RVBOUP TFSÈ NBJT GÈDJM PV NBJT EJGÓDJM SFBMJ[BS NBOVUFOÎÍP OP DØEJHP RVF FTUÈ TFOEP HFSBEP $FSUBNFOUF FTUF Ï VN QPOUP JNQPSUBOUÓTTJNP EB EJTDJQMJOB EF 2VBMJEBEF EF $ØEJHP VNB WF[ RVF EJGFSFOUFNFOUF EF DPOTUSVÎÜFT NBJT DPODSFUBT DPNP FEJGJDBÎÜFT RVF UFOEFN B TPGSFS NFOPT NVEBOÎBT EVSBOUF P UFNQP TJTUFNBT EF JOGPSNBÎÍP EFWFN TFS GFJUPT QBSB TFSFN BMUFSBEPT DPN SFMBUJWB GBDJMJEBEF DPOTFHVJOEP BTTJN DBUBMJTBS PT OFHØDJPT RVF FTUFT TVQPSUBN OB JHVBM WFMPDJEBEF FN RVF PT NFTNPT TF BEFRVBN QBSB TF NBOUFS DPNQFUJUJWPT PV UJSBS QSPWFJUP EF VNB HSBOEF PQPSUVOJEBEF EF NFSDBEP /ÍP Ï SBSP TFS FODPOUSBEP FN DBNQP NÏUPEPT DMBTTFT F QÈHJOBT NVJUP HSBOEFT DPN MØHJDBT DPNQMFYBT F QPVDP JOUVJUJWBT RVF HFSBN SFQVMTB FN RVFN QSFDJTB GB[FS BMHVN UJQP EF NFMIPSJB PV BMUFSBÎÍP OFMBT 0 QJPS QPOUP BRVJ Ï RVF OPSNBMNFOUF FTTFT DPNQPOFOUFT DPODFOUSBN B NBJPS QBSUF EB MØHJDB EF OFHØDJP EP TJTUFNB TFOEP BGFUBEP EF BMHVNB GPSNB FN RVBTF UPEBT BT BMUFSBÎÜFT "TTJN B NBOVUFOJCJMJEBEF Ï VN BTQFDUP BSRVJUFUVSBM EF UPEPT PT TJTUFNBT F EFWF TFS BOBMJTBEB FN DBEB BUJWJEBEF EF EFTJHO EB TPMVÎÍP *HOPSÈMB JSÈ DFSUBNFOUF BVNFOUBS P DVTUP UPUBM EF QSPQSJFEBEF EVSBOUF UPEP P DJDMP EF WJEB EB BQMJDBÎÍP F QFOBMJ[BSÈ PT VTVÈSJPT DPN VNB MFOUB SFTQPTUB ËT NVEBOÎBT F JOTUBCJMJEBEF GSFRVFOUF /ÍP EJTUBOUF EB BSRVJUFUVSB B NBOVUFOJCJMJEBEF EFQFOEF EF DPODFJUPT CÈTJDPT EF DPNQPOFOUJ[BÎÍP DPNP BMUB DPFTÍP F CBJYP BDPQMBNFOUP EF POEF JSÍP EFSJWBS BMHVNBT EBT TVBT NÏUSJDBT RVF DPNQÜFN P ÓOEJDF GJOBM

 48$/,'$'( '( &Ï',*2



1BSB FYFDVUBS P $PEF .FUSJDT FN VN QSPKFUP EP 7JTVBM 4UVEJP EFWFTTF DMJDBS DPN P CPUÍP EJSFJUP TPCSF P QSPKFUP F TFMFDJPOBS BT PQÎÜFT $QDO\]H ! &DOFXODWH &RGH 0HWULFV  /B KBOFMB $PEF .FUSJDT 3FTVMUT TFSÍP NPTUSBEBT IJFSBSRVJDBNFOUF EP QSPKFUP BUÏ P NÏUPEP P WBMPS EP ÓOEJDF EF NBOVUFOJCJMJEBEF EF DBEB JUFN

'JHVSB  &YFNQMP EF FYFDVÎÍP EF $PEF .FUSJDT OP 7JTVBM 4UVEJP

² QPTTÓWFM OPUBS RVF BQØT B DPMVOB DPN P ÓOEJDF EF NBOVUFOJCJMJEBEF FYJTUFN NBJT RVBUSP PVUSBT NÏUSJDBT RVF DPNCJOBEBT SFTVMUBN OP WBMPS GJOBM EP ÓOEJDF $PNFÎBOEP QFMB NÏUSJDB NBJT JOUVJUJWB UFNTF B RVBOUJEBEF EF MJOIBT EF DØEJHP /ÍP TF USBUB EF MJOIBT FGFUJWBNFOUF FTDSJUBT FN MJOHVBHFN EF BMUP OÓWFM NBT TJN JOTUSVÎÜFT DPNQJMBEBT FN MJOHVBHFN JOUFSNFEJÈSJB EFTQSF[BOEP MJOIBT FN CSBODP DPNFOUÈSJPT F UPEPT PT PVUSPT FMFNFOUPT EF FTUSVUVSBÎÍP /ÍP TF UFN VN OÞNFSP FYBUP FN SFMBÎÍP Ë RVBOUJEBEF JEFBM EF MJOIBT EF DØEJHP NBT DFSUBNFOUF VN NÏUPEPGVOÎÍP UFSÈ EJGJDVMEBEFT FN TFS DPFTP GB[FS VN DPOKVOUP QFRVFOP F DPODJTP EF BUJWJEBEFT TF UJWFS VNB RVBOUJEBEF NBJPS EP RVF  MJOIBT "TTJN WBMPSFT BMUPT OFTTB NÏUSJDB JNQBDUBN 

 48$/,'$'( '( &Ï',*2

OFHBUJWBNFOUF OP ÓOEJDF GJOBM EF NBOVUFOJCJMJEBEF *ODSFNFOUBOEP B NÏUSJDB BOUFSJPS UFNTF VNB TFHVOEB BOÈMJTF NBJT QSPGVOEB EBT MJOIBT EF DØEJHP RVF DBMDVMB B RVBOUJEBEF EF DBNJOIPT EF FYFDVÎÍP EJTUJOUPT RVF QPEFN TFS UPNBEPT EVSBOUF B FYFDVÎÍP EF VN NÏUPEPGVOÎÍP 2VBMRVFS JOTUSVÎÍP RVF QPTTJCJMJUF VN TBMUP DPOEJDJPOBM QBSB VNB PVUSB JOTUSVÎÍP BEJDJPOB NBJT VN OP DÈMDVMP EB DPNQMFYJEBEF DJDMPNÈUJDB RVF Ï P OPNF EBEP B FTTB NÏUSJDB OÞNFSP EF DBNJOIPT EJTUJOUPT  .ÏUPEPTGVOÎÜFT DPN NBJT EF  DBNJOIPT TJOBMJ[BN DMBSBNFOUF RVF FTUÍP GB[FOEP NBJT EF VNB BUJWJEBEF F DFSUBNFOUF OÍP FTUÍP NBOUFOEP B DPFTÍP /PSNBMNFOUF RVBOEP TF BCPSEB FTTF QPOUP TVSHFN WÈSJBT EÞWJEBT RVBOEP UFNPT NÏUPEPT SPUFBEPSFT RVF QPS OBUVSF[B UFSÍP NVJUPT DBNJOIPT EF TBÓEB ² FYUSFNBNFOUF JNQPSUBOUF RVF FTTFT NÏUPEPT NBOUFOIBN B DPFTÍP FN SPUFBS FORVBOUP PVUSPT NÏUPEPT JSÍP SFBMNFOUF FODBQTVMBS B MØHJDB EB TPMVÎÍP .BOUFOEP FTTB DPFTÍP VN OÞNFSP BMUP EF DPNQMFYJEBEF DJDMPNÈUJDB DFSUBNFOUF TFSÈ CBMBODFBEP QPS VN OÞNFSP CBJYP EF RVBOUJEBEF EF MJOIBT EF DØEJHP QPS FYFNQMP 6N DFOÈSJP RVF TJNCPMJ[B DPNP NÏUPEPT DPN HSBOEF DPNQMFYJEBEF DJDMPNÈUJDB TÍP QFOPTPT QBSB B NBOVUFOJCJMJEBEF Ï B JNQMFNFOUBÎÍP EF UFTUFT EF VOJEBEF POEF EFWFSÈ TFS JNQMFNFOUBEP QFMP NFOPT VN UFTUF EF VOJEBEF QBSB DBEB DBNJOIP EF FYFDVÎÍP 4F GPS GFJUP QFMP NFOPT VN UFTUF QPTJUJWP F PVUSP OFHBUJWP FTTF OÞNFSP EVQMJDB &OUSBOEP BHPSB FN VN PVUSP DPODFJUP BSRVJUFUVSBM BDPQMBNFOUP UFNPT B NÏUSJDB EF "DPQMBNFOUP EF $MBTTF 5BNCÏN OÍP Ï SBSP OP DBNQP DBMDVMBS P HSBGP EF EFQFOEÐODJB EB TPMVÎÍP F DIFHBSNPT B VN SFTVMUBEP POEF B NBJPS QBSUF EPT DPNQPOFOUFT EFQFOEFN VN EP PVUSP %FTTB GPSNB B BWBMJBÎÍP EF JNQBDUBEP EF VNB NVEBOÎB TF UPSOB NVJUP NBJT DPNQMFYB QPJT OÍP FYJTUF P JTPMBNFOUP EF DPODFJUPT FN DPNQPOFOUFT FTQFDÓGJDPT EB BQMJDBÎÍP OÍP TFOEP  48$/,'$'( '( &Ï',*2



TFHVSP DPOGJBS RVF VNB BMUFSBÎÍP FN VNB FOUJEBEF WBJ TF SFTUSJOHJS B JNQBDUBS VN QPOUP QBSUJDVMBS F B TVBT QPVDBT EFQFOEÐODJBT RVF P DPOTPNFN $BEB EFQFOEÐODJB RVF VN NÏUPEP UFOIB QBSB VNB PVUSB DMBTTF JODSFNFOUBSÈ P DPOUBEPS EF BDPQMBNFOUP JNQBDUBOEP OFHBUJWBNFOUF P ÓOEJDF 1PS ÞMUJNP UFNTF B NÏUSJDB EF QSPGVOEJEBEF EF IFSBOÎB $MBTTFT RVF QPTTVFN WÈSJPT OÓWFJT EF FTQFDJBMJ[BÎÍP EF TVBT DMBTTFT BODFTUSBJT UPSOBN P FOUFOEJNFOUP EB MØHJDB NFOPT JOUVJUJWP F DPOTFRVFOUFNFOUF NBJT DPNQMFYP EF TFS FOUFOEJEP F NBOUJEP " QSPGVOEJEBEF EF IFSBOÎB EF VNB DMBTTF TFSÈ B QSPGVOEJEBEF EF IFSBOÎB EB TVB DMBTTFQBJ NBJT VN 7BMPSFT NBJPSFT OFTTB NÏUSJDB BGFUBSÍP OFHBUJWBNFOUF OP ÓOEJDF GJOBM "QMJDBOEP VN DÈMDVMP DPNQMFYP RVF SFMBDJPOB UPEBT FTTBT RVBUSP NÏUSJDBT DIFHBTF BP ÓOEJDF GJOBM EF NBOVUFOJCJMJEBEF RVF SFDFCF P JOEJDBEPS WFSEF QBSB WBMPSFT FOUSF  F  BNBSFMP QBSB WBMPSFT FOUSF  F  F WFSNFMIP QBSB WBMPSFT FOUSF  F  $ØEJHPT DPN P JOEJDBEPS WFSNFMIP EFWFN TFS SFGBUPSBEPT VSHFOUFNFOUF FORVBOUP DØEJHPT FN BNBSFMP TÍP BMUBNFOUF SFDPNFOEBEPT RVF TF SFGBUPSFN F DØEJHPT FN WFSEF QPTTVFN VNB NBOVUFOJCJMJEBEF BDFJUÈWFM "TTJN DPN P VTP EP $PEF .FUSJDT Ï QPTTÓWFM UBNCÏN EF NBOFJSB GÈDJM SÈQJEB F DPOUÓOVB BWBMJBS B DPNQMFYJEBEF EBT TPMVÎÜFT RVF FTUÍP TFOEP EFTFOWPMWJEBT QPEFOEP SFGBUPSÈMBT SBQJEBNFOUF FN VN NPNFOUP QSØYJNP B TVB DPODFQÎÍP BOUFT RVF FTUB TF UPSOF VN MFHBEP F TFKB EF DBSB NBOVUFOÎÍP EVSBOUF UPEP TFV DJDMP EF WJEB BUÏ B TVB EFTBUJWBÎÍP

$PEF $PWFSBHF " DPCFSUVSB EF DØEJHP GB[ VTP EB FYFDVÎÍP EF UFTUFT EF VOJEBEF TPCSF PT DPNQPOFOUFT EB TPMVÎÍP BOÈMJTF EJOÉNJDB EF DØEJHP FN UFNQP EF FYFDVÎÍP

QBSB DBMDVMBS RVBOUBT MJOIBT EF DØEJHP 

 48$/,'$'( '( &Ï',*2

OVNÏSJDB F QFSDFOUVBM GPSBN FYFDVUBEBT EVSBOUF B FYFDVÎÍP EPT UFTUFT OB TPMVÎÍP 0 PCKFUJWP EFTUB TFÎÍP OÍP Ï TF BQSPGVOEBS FN UFTUFT EF VOJEBEF NBT TFSÈ EFTDSJUP CSFWFNFOUF P DPODFJUP CÈTJDP OFDFTTÈSJP QBSB DPNQSFFOEFS P NFDBOJTNP EF DÈMDVMP EB DPCFSUVSB EF DØEJHP 0T UFTUFT EF VOJEBEF TÍP PT QSJNFJSPT UFTUFT RVF EFWFN TFS GFJUPT POEF OPSNBMNFOUF TÍP DPOTUSVÓEPT QFMP QSØQSJP EFTFOWPMWFEPS WJTBOEP UFTUBS B NFOPS VOJEBEF UFTUÈWFM EP TJTUFNB NÏUPEPT F GVOÎÜFT OPSNBMNFOUF  &YJTUFN UÏDOJDBT EF EFTFOWPMWJNFOUP DPNP 5%% 5FTU %SJWFO %FWFMPQNFOU

RVF QSFHBN RVF P UFTUF EF VOJEBEF EFWF TFS GFJUP BOUFT NFTNP EP RVF P QSØQSJP DØEJHP *TTP SFEFGJOF P PCKFUJWP EP USBCBMIP EF DPEJGJDBS DPNP TFOEP B JNQMFNFOUBÎÍP EP DØEJHP OFDFTTÈSJP QBSB GB[FS DPN RVF PT UFTUFT FYFDVUFN DPN TVDFTTP 5FTUFT EF VOJEBEF TÍP BVUPNBUJ[BEPT QPS EFGJOJÎÍP DØEJHP UFTUBOEP DØEJHP

F P JEFBM Ï RVF TFKBN JTPMBEPT EF TVBT EFQFOEÐODJBT WJB .PDLT4UVCT "TTJN UPSOBOEP B TVB FYFDVÎÍP NBJT SÈQJEB F GSFRVFOUF 6NB WF[ RVF FYJTUBN QSPKFUPT EF UFTUF EF VOJEBEF FN VNB TPMVÎÍP EP 7JTVBM 4UVEJP BP DMJDBS OP NFOV 5FTU  "OBMZTF $PEF $PWFSBHF  "MM 5FTUT PT NÏUPEPT EF UFTUF UFTU DBTFT TFSÍP JEFOUJGJDBEPT F FYFDVUBEPT BCSJOEP BP UÏSNJOP B KBOFMB $PEF $PWFSBHF 3FTVMUT /FMB Ï QPTTÓWFM EFTDFS OÓWFM B OÓWFM EB IJFSBSRVJB EB %-- BTTFNCMZ OBNFTQBDF DMBTTF NÏUPEP

QPTTJCJMJUBOEP B BOÈMJTF EP OÞNFSP EF CMPDPT DPCFSUPT PV OÍP DPCFSUPT OVNÏSJDP PV QFSDFOUVBM QFMB FYFDVÎÍP EPT UFTUFT FN DBEB OÓWFM /PWBNFOUF FTTF OÞNFSP TF SFGFSF ËT JOTUSVÎÜFT EF MJOHVBHFN JOUFSNFEJÈSJB SFTVMUBOUFT EB DPNQJMBÎÍP F OÍP ËT MJOIBT EF DØEJHP FN MJOHVBHFN EF BMUP OÓWFM "RVJ UFNPT VN QPOUP EF BUFOÎÍP JNQPSUBOUF TPCSF P UJQP EF DPNQJMBÎÍP VUJMJ[BEB $PNP P DØEJHP FN  48$/,'$'( '( &Ï',*2



MJOHVBHFN JOUFSNFEJÈSJB Ï ESBTUJDBNFOUF PUJNJ[BEP FN NPEP 3FMFBTF TF DPNQBSBEP DPN B DPNQJMBÎÍP FN NPEP %FCVH PT OÞNFSPT SFMBUJWPT Ë DPCFSUVSB QPEFN WBSJBS EFQFOEFOEP EP UJQP EF DPNQJMBÎÍP "TTJN QBSB GJOT EF DPNQBSBÎÍP Ï OFDFTTÈSJP RVF TFKB EFGJOJEP P UJQP EB DPNQJMBÎÍP RVF TFSÈ VTBEP QBSB DBMDVMBS BT DPCFSUVSBT B TFSFN DPNQBSBEBT $PNP Ï NPTUSBEP OB GJHVSB TFHVJOUF VNB PVUSB JNQPSUBOUF GVODJPOBMJEBEF EB DPCFSUVSB EF DØEJHP Ï B DPMPSBÎÍP EBT MJOIBT RVF FTUÍP DPCFSUBT OÍP DPCFSUBT PV QBSDJBMNFOUF DPCFSUBT 2VBOEP VN UFTUF EF VOJEBEF FYFDVUB VNB MJOIB EF DØEJHP DPNQMFUBNFOUF FTUB Ï DPOTJEFSBEB DPCFSUB F DPMPSJEB EF B[VM $BTP B MJOIB EF DØEJHP OÍP TFKB FYFDVUBEB OB FYFDVÎÍP EF UFTUFT FTUB Ï DPOTJEFSBEB OÍP DPCFSUB F DPMPSJEB EF WFSNFMIP "HPSB QBSB FOUFOEFSNPT B UFSDFJSB PQÎÍP MJOIBT DPMPSJEBT FN BNBSFMP QPS FTUBSFN QBSDJBMNFOUF DPCFSUBT UFNPT EF SFUPNBS Ë MJOHVBHFN JOUFSNFEJÈSJB 6NB JOTUSVÎÍP EF BMUP OÓWFM QPEF TFS RVFCSBEB FN VNB PV NBJT JOTUSVÎÜFT EF MJOHVBHFN JOUFSNFEJÈSJB QPEFOEP BDPOUFDFS DFOÈSJPT POEF QBSUF EBT JOTUSVÎÜFT EF CBJYP OÓWFM OÍP Ï FYFDVUBEB EFJYBOEP BTTJN B MJOIB DPNP QBSDJBMNFOUF DPCFSUB 6N FYFNQMP DPNVN EFTTB TJUVBÎÍP PDPSSF OB BOÈMJTF FN DVSUP DJSDVJUP EF FYQSFTTÜFT CPPMFBOBT POEF TF P QSJNFJSP BSHVNFOUP EF VN PQFSBEPS MØHJDP ( GPS BWBMJBEP DPNP GBMTP PT EFNBJT BSHVNFOUPT OÍP TFSÍP BWBMJBEPT QPS KÈ TFS QPTTÓWFM DPODMVJS RVF P WBMPS GJOBM EB FYQSFTTÍP Ï GBMTP /FTTF DFOÈSJP QBSUF EBT JOTUSVÎÜFT EF CBJYP OÓWFM OÍP TFSÈ FYFDVUBEB FNCPSB B MJOIB EF DØEJHP FN BMUP OÓWFM GPJ FYFDVUBEB QPEFOEP TFS DPOTJEFSBEB BTTJN QBSDJBMNFOUF DPCFSUB



 48$/,'$'( '( &Ï',*2

'JHVSB  &YFNQMP EF FYFDVÎÍP EF UFTUF EF VOJEBEF OP 7JTVBM 4UVEJP

"TTJN DPN P VTP EB GFSSBNFOUB EF $PEF $PWFSBHF DPOTFHVJNPT SBQJEBNFOUF BGFSJS B DPCFSUVSB NÓOJNB EP DØEJHP UFTUBEP JEFOUJGJDBOEP GBDJMNFOUF MJOIBT EF DØEJHP OÍP USBUBEBT RVF OFDFTTJUBN EF OPWPT DBTPT EF UFTUF EF VOJEBEF *OGFMJ[NFOUF OÍP Ï PCTFSWBEP FN DBNQP VN VTP SFMFWBOUF EF UFTUFT EF VOJEBEF TF DPNQBSBEP DPN B BNQMJUVEF EPT TFVT CFOFGÓDJPT ² TBCJEP RVF P DVTUP EF SFTPMVÎÍP EF VN EFGFJUP DSFTDF FYQPOFODJBMNFOUF BP QBTTBS %P UFNQP EFTEF RVBOEP FMF GPJ DSJBEP EVSBOUF P EFTFOWPMWJNFOUP 'BUPSFT DPNP B BHMPNFSBÎÍP EF NVEBOÎBT EF NÞMUJQMBT QFTTPBT EVSBOUF VN MPOHP QFSÓPEP EF UFNQP QSPQBHBEB QPS WÈSJPT BNCJFOUFT F DPN SFHSFTTJWB DBQBDJEBEF F GMFYJCJMJEBEF EF EFCVH FN BNCJFOUFT NBJT QSØYJNPT EF QSPEVÎÍP UPSOBN P EJBHOØTUJDP F B SFTPMVÎÍP EF VN EFGFJUP NVJUP NBJT DBSP F MFOUP $PNP NFODJPOBEP BOUFSJPSNFOUF QSÈUJDBT DPNP 5%% GB[FN DPN RVF BT VOJEBEFT TFKBN NBJT EJSFDJPOBEBT BPT DFOÈSJPT SFBJT EF VTP UPSOBOEP P DØEJHP NBJT FOYVUP

 48$/,'$'( '( &Ï',*2



0 JTPMBNFOUP EBT VOJEBEFT GPSÎB B JNQMFNFOUBÎÍP DPOTJEFSBOEP B UFTUBCJMJEBEF GBWPSFDFOEP BTTJN B BEPÎÍP EF VNB BSRVJUFUVSB NBJT DPNQPOFOUJ[BEB " GÈDJM F SÈQJEB FYFDVÎÍP EPT UFTUFT EF VOJEBEF QFSNJUF VNB FYFDVÎÍP GSFRVFOUF JEFOUJGJDBOEP SBQJEBNFOUF OÍP TØ QSPCMFNBT OBT VOJEBEFT BMUFSBEBT DPNP UBNCÏN FGFJUPT DPMBUFSBJT JOEFTFKBEPT FN PVUSBT QBSUFT EP TJTUFNB OÍP EJSFUBNFOUF SFMBDJPOBEBT SFHSFTTÍP  0 DÈMDVMP EB DPCFSUVSB EF DØEJHP GBDJMJUB B BWBMJBÎÍP EB BCSBOHÐODJB EPT DFOÈSJPT EF UFTUF EF VOJEBEF BQPJBOEP BTTJN VNB JNQMFNFOUBÎÍP JEFBM EPT UFTUFT QBSB RVF QFSNJUBN BMDBOÎBS PT CFOFGÓDJPT EFTDSJUPT BDJNB

2VBMJEBEF EF DØEJHP EVSBOUF UPEP P DJDMP EF EFTFOWPMWJNFOUP EF TPGUXBSF "T USÐT GFSSBNFOUBT NFODJPOBEBT BRVJ QBSB RVBMJEBEF EF DØEJHP $PEF "OBMZTJT $PEF .FUSJDT F $PEF $PWFSBHF GPSBN BQSFTFOUBEBT BUÏ P NPNFOUP DPNP GBDJMJUBEPSFT NVJUP QSØYJNPT BPT EFTFOWPMWFEPSFT QBSB RVF FTUFT QPTTVBN P GFSSBNFOUBM OFDFTTÈSJP QBSB P EFTFOWPMWJNFOUP EF VN DØEJHP DPN CPB RVBMJEBEF $POUVEP FN DFOÈSJPT EF NBJPSFT QSPQPSÎÜFT  POEF IÈ VN HSBOEF OÞNFSP EF QSPKFUPT DPODPSSFOUFT QPEFOEP BGFUBS B CBTF EF DØEJHP EF VNB NFTNB BQMJDBÎÍP PV QPEFOEP BJOEB FTUBS TFOEP FYFDVUBEPT QPS SFDVSTPT JOUFSOPT PV FYUFSOPT DPN EJGFSFOUFT FTUJMPT F QSPGJDJÐODJB EF QSPHSBNBÎÍP F VTP EPT GSBNFXPSLT  FTTBT GFSSBNFOUBT DPOGJHVSBN VN ØUJNP QPOUP EF QBSUJEB QBSB B BWBMJBÎÍP SÈQJEB GBDUVBM F QFSJØEJDB EB RVBMJEBEF EP DØEJHP *TTP QPTTJCJMJUB B EFGJOJÎÍP EF NFUBT B TFSFN DVNQSJEBT QBSB DBEB VNB EBT NÏUSJDBT BWBMJBEBT QFMBT GFSSBNFOUBT " FYQFSJÐODJB EF DBNQP NPTUSB OPWBNFOUF RVF FYJTUF VNB QSFPDVQBÎÍP QSJODJQBM DPN B FOUSFHB EP QSPKFUP F TFV SFTQFDUJWP BDFJUF GVODJPOBM P RVF

EFJYBOEP B RVBMJEBEF EP DØEJHP JNQMFNFOUBEP FN TFHVOEP QMBOP P DPNP  $PNP BSHVNFOUBEP OP JOÓDJP EFTUB TFÎÍP FTTB Ï VNB EFDJTÍP NÓPQF QPS DPOTJEFSBS BQFOBT 

 48$/,'$'( '( &Ï',*2

P DVTUP FWFOUVBM EB TPMVÎÍP DPOTUSVÓEB OÍP MFWBOEP FN DPOTJEFSBÎÍP P DVTUP UPUBM EF QSPQSJFEBEF BP RVBM FTUBSÈ TVKFJUB B BQMJDBÎÍP EVSBOUF UPEB B TVB FYJTUÐODJB HFSBOEP QSPCMFNBT JNQBDUPT BP OFHØDJP F SFUSBCBMIP EFWJEP B VNB JNQMFNFOUBÎÍP JOJDJBM EF CBJYB RVBMJEBEF /ÍP PCTUBOUF P DVTUP EB QPTTJCJMJEBEF EF OÍP DPOTFHVJS BUFOEFS QSPOUBNFOUF ËT NPEJGJDBÎÜFT RVF P OFHØDJP FYJHF UBNCÏN EFWF TFS BEJDJPOBEP Ë DPOUB "PT RVF KÈ WJTMVNCSBN B JNQPSUÉODJB OÍP BQFOBT EP P RVF GPJ FOUSFHVF NBT UBNCÏN P DPNP BT GFSSBNFOUBT BQSFTFOUBEBT BRVJ GPSOFDFN VNB WJTÍP JOJDJBM BCSBOHFOUF TPCSF P UFNB "TTJN Ï QPTTÓWFM FTUBCFMFDFS NFUBT QBSB BT NÏUSJDBT FN DPOUSBUPT EF QSFTUBÎÍP EF TFSWJÎP FN SFRVJTJUPT OÍP GVODJPOBJT EF JNQMFNFOUBÎÍP FN DSJUÏSJPT EF BDFJUF F=PV EFGJOJÎÜFT EF QSPOUP QBSB SFGPSÎBS P DPNQSPNJTTP DPN B RVBMJEBEF EP RVF FTUÈ TFOEP QSPEV[JEP 'JOBMJ[BOEP P QSPDFTTP EF EFTFOWPMWJNFOUP QPEF TF UPSOBS BJOEB NBJT GBCSJM TF BEPUBSNPT B FYFDVÎÍP EFTUBT GFSSBNFOUBT BTTPDJBEBT BP 5FBN 'PVOEBUJPO 4FSWFS TVÓUF EF "-. HFSFODJBNFOUP EP DJDMP EF WJEB EF BQMJDBÎÜFT EB .JDSPTPGU QBSB RVF P QSPDFTTP EF DSJBÎÍP F QSPNPÎÍP EF VN CVJME TFKB BVUPNBUJDBNFOUF SFKFJUBEP OP JOÓDJP TF BT NFUBT EFGJOJEBT EF RVBMJEBEF EF DØEJHP OÍP GPSFN BUJOHJEBT %FTUB GPSNB P UJNF SBQJEBNFOUF UFN P GFFECBDL BP NFTNP UFNQP RVF PT QBTTPT JOJDJBJT EP EFTFOWPMWJNFOUP OÍP FWPMVFN BUÏ RVF B RVBMJEBEF EP DØEJHP RVF FTUÈ TFOEP HFSBEP TFKB NFMIPSBEB &TUBCFMFDJEB FTTB FTUFJSB EF QSPEVÎÍP EF DØEJHP EF CPB RVBMJEBEF OPWBT UÏDOJDBT F GFSSBNFOUBT NBJT QSPGVOEBT QPEFN TFS BWBMJBEBT DPN B DFSUF[B EF RVF B RVBMJEBEF CÈTJDB FTUÈ TFOEP HBSBOUJEB

 48$/,'$'( '( &Ï',*2



3&'&3³/$*"4 2VBMJEBEF EF DØEJHP IUUQTFOXJLJQFEJBPSHXJLJ4PGUXBSF@RVBMJUZ



"MUB DPFTÍP  IUUQTFOXJLJQFEJBPSHXJLJ$PIFTJPO@ DPNQVUFS@TDJFODF

#BJYP BDPQMBNFOUP IUUQTFOXJLJQFEJBPSHXJLJ-PPTF@DPVQMJOH



$PEF .FUSJD MJOIBT EF DØEJHP  IUUQTCMPHTNTEONJDSPTPGUDPN[BJOOBCDPEF NFUSJDTMJOFTPGDPEF $PNQMFYJEBEF DJDMPNÈUJDB  IUUQTCMPHTNTEONJDSPTPGUDPN[BJOOBCDPEF NFUSJDTDZDMPNBUJDDPNQMFYJUZ $PCFSUVSB EF DØEJHP  VTMJCSBSZEEBTQY

IUUQTNTEONJDSPTPGUDPNFO

 103 26& */7&45*3 &. 26"-*%"%& %0 $»%*(0 1PS 'FSOBOEP 'JMJQVUUJ -FNCSPNF EF VNB TJUVBÎÍP FN RVF FV FTUBWB FOUSFHBOEP VN "-. "TTFTTNFOU NBJT OP CPY QBSB VN DMJFOUF F JEFOUJGJDBNPT RVF B ÈSFB EF RVBMJEBEF EF DØEJHP FTUBWB DPN CBJYP OÓWFM EF NBUVSJEBEF EFWJEP Ë BVTÐODJB EF NFMIPSFT QSÈUJDBT EF FOHFOIBSJB EF TPGUXBSF QFMBT FRVJQFT EF EFTFOWPMWJNFOUP



 325 48( ,19(67,5 (0 48$/,'$'( '2 &Ï',*2"

"-. "TTFTTNFOU Ï VN TFSWJÎP RVF B ÈSFB EF 4VQPSUF 1SFNJFS EB .JDSPTPGU FOUSFHB QBSB PT DMJFOUFT DPN P JOUVJUP EF BWBMJBS PT TFVT OÓWFJT EF NBUVSJEBEF FN "-. "MÏN EJTTP OFTUF USBCBMIP DSJBNPT VN QMBOP EF NFMIPSJBT QBSB FWPMVÎÍP EB NBUVSJEBEF EBT QSÈUJDBT EF "-.

2VBOEP FV FTUBWB BQSFTFOUBOEP PT SFTVMUBEPT F P QMBOP EF NFMIPSJB P $*0 NF QFSHVOUPV i7BMF B QFOB JOWFTUJS OB RVBMJEBEF EP DØEJHP /ÍP WFKP SB[ÍP QBSB QSJPSJ[BSNPT FTUF JUFN VNB WF[ RVF PT EFTFOWPMWFEPSFT FTUÍP FOUSFHBOEP DPN B RVBMJEBEF FTQFSBEB BT EFNBOEBT HFSBEBT QFMB OPTTB ÈSFB EF OFHØDJP (PTUBSJB EF QSJPSJ[BS BT NFMIPSJBT OP QMBOFKBNFOUP F DPOUSPMF EPT QSPKFUPT KÈ RVF FTUF Ï VN EPT QPOUPT RVF GB[FN FV QFSEFS NFV TPOP " NJOIB ÈSFB EF OFHØDJP NF DPCSB NBJT BHJMJEBEF QBSB FOUSFHBS BT OPWBT GVODJPOBMJEBEFT QSJODJQBMNFOUF BRVFMBT RVF OPTTPT DPODPSSFOUFT KÈ JNQMFNFOUBSBNw -FNCSPNF EF RVF EVSBOUF VNB EBT DPOWFSTBT RVF UJWF DPN B ÈSFB EF OFHØDJP EVSBOUF B BWBMJBÎÍP FMFT SFBMNFOUF RVFTUJPOBSBN B QSPEVUJWJEBEF EB FRVJQF EF EFTFOWPMWJNFOUP i/ØT UFNPT VNB TÏSJF EF OPWBT GVODJPOBMJEBEFT RVF QSFDJTBNPT EJTQPOJCJMJ[BS NBT B FRVJQF EF EFTFOWPMWJNFOUP OÍP DPOTFHVF iEBS DPOUBw QPSRVF FMFT HBTUBN NVJUP UFNQP QBSB NBOUFS PT TJTUFNBT FYJTUFOUFT F DPSSJHJOEP PT EFGFJUPT FYJTUFOUFT & QPS RVF PT EFTFOWPMWFEPSFT JOWFTUFN NBJT UFNQP DPSSJHJOEP EFGFJUPT FN WF[ EF USBCBMIBS OP EFTFOWPMWJNFOUP EF OPWBT GVODJPOBMJEBEFT w #PN OFTUB FNQSFTB P DFOÈSJP FSB CFN DMBSP )BWJB NVJUPT TJTUFNBT DPNQMFYPT QBSB TF NBOUFS 0T EFTFOWPMWFEPSFT UJOIBN EJGJDVMEBEFT QBSB FOUFOEFS P DØEJHP FYJTUFOUF EVSBOUF BT DPSSFÎÜFT  325 48( ,19(67,5 (0 48$/,'$'( '2 &Ï',*2"



EF EFGFJUPT P SJTDP EBT JNQMBOUBÎÜFT OP BNCJFOUF EF QSPEVÎÍP FSB BMUP BMÏN EB EJGJDVMEBEF QBSB FYFDVUBS UFTUFT QBSB HBSBOUJS B RVBMJEBEF EBT FOUSFHBT *OGFMJ[NFOUF FMFT TF UPSOBSBN SFGÏOT EFTTFT TJTUFNBT MFHBEPT & JTTP FTUBWB JNQBDUBOEP DBEB WF[ NBJT P UJNF EF EFTFOWPMWJNFOUP OP EJB B EJB KÈ RVF FMFT OÍP FTUBWBN TFOEP QSPEVUJWPT P TVGJDJFOUF QBSB BUFOEFS BT EFNBOEBT EB ÈSFB EF OFHØDJP "QFTBS EFTUF DFOÈSJP P QMBOFKBNFOUP F P DPOUSPMF EPT QSPKFUPT Ï P RVF FTUBWB UJSBOEP P TPOP EP $*0 ² DMBSP RVF UFNPT EF MFWBS FN DPOUB TVB QFSDFQÎÍP F OPTTP USBCBMIP Ï BKVEÈMP B SFTPMWFS TFVT QSPCMFNBT NBT TFSÈ RVF FTUFT QSPCMFNBT UÏDOJDPT OÍP FTUBWBN BKVEBOEP B UJSBS P TFV TPOP $PNP FTUFT QSPCMFNBT UÏDOJDPT FTUBWBN QSFKVEJDBOEP BT NFUBT EPT QSPKFUPT & QPS RVF JTTP FSB JNQFSDFQUÓWFM QBSB P $*0 &V OÍP FTUBWB OFTUB FNQSFTB IÈ BMHVOT BOPT NBT UJOIB VNB JEFJB EF DPNP UVEP DPNFÎPV 7BNPT WPMUBS OP UFNQP 5FNPT P DFOÈSJP POEF P QSPKFUP UFN VN DSPOPHSBNB DPN VNB EBUB BDPSEBEB QBSB FOUSFHB EP SFMFBTF &N VN EFUFSNJOBEP NPNFOUP TVSHF B OFDFTTJEBEF EF JODMVJS BMHVNBT GVODJPOBMJEBEFT BEJDJPOBJT OP SFMFBTF NBT P HFSFOUF EF QSPKFUPT SFTPMWF NBOUFS B NFTNB EBUB EF FOUSFHB F UBNCÏN P DVTUP /P 5SJÉOHVMP EF (FSFODJBNFOUP EF 1SPKFUPT UFNPT VNB SFQSFTFOUBÎÍP EBT USÐT WBSJÈWFJT EF VN QSPKFUP UFNQP DVTUP F FTDPQP TFOEP RVF RVBMRVFS BMUFSBÎÍP FN VNB EBT WBSJÈWFJT JNQBDUBSÈ BT PVUSBT QBSUFT "MÏN EJTTP UFNPT VNB RVBSUB WBSJÈWFM MPDBMJ[BEB OP DFOUSP RVF Ï B RVBMJEBEF POEF VNB BMUFSBÎÍP FN RVBMRVFS VNB EBT USÐT WBSJÈWFJT TFN RVF BMHVNB EBT PVUSBT QBSUFT TFKB UBNCÏN BMUFSBEB WBJ JOGMVFODJBS EJSFUBNFOUF B RVBMJEBEF "QMJDBOEP FTTF DPODFJUP OP QSPKFUP BOUFSJPS BP BVNFOUBS P FTDPQP F OÍP BMUFSBS P QSB[P F P DVTUP GF[ DPN RVF B RVBMJEBEF EP QSPKFUP GPTTF JNQBDUBEB &N VN DFOÈSJP NBJT QSÈUJDP BT EFDJTÜFT 

 325 48( ,19(67,5 (0 48$/,'$'( '2 &Ï',*2"

UPNBEBT OFTUF DBTP QPEFSJBN TFS BVTÐODJB EF UFTUFT BVTÐODJB EF CPBT QSÈUJDBT EF DPEJGJDBÎÍP DPN P JOUVJUP EF HBOIBS WFMPDJEBEF EFDJTÜFT BSRVJUFUVSBJT WJTBOEP BQFOBT WFMPDJEBEF F OÍP NBOVUFOJCJMJEBEF FYUFOTJCJMJEBEF FUD

'JHVSB  0 5SJÉOHVMP EF (FSFODJBNFOUP EF 1SPKFUPT

" TPNB EF UPEPT PT QSPCMFNBT OP DØEJHP F OB BSRVJUFUVSB EB BQMJDBÎÍP RVF JNQBDUBN B NBOVUFOJCJMJEBEF Ï DPOIFDJEB DPNP %ÓWJEB 5ÏDOJDB "P BCSJNPT NÍP EF RVBMJEBEF BVNFOUBNPT B EÓWJEB UÏDOJDB "ERVJSJS VNB EÓWJEB UÏDOJDB USB[ CFOFGÓDJPT B DVSUP QSB[P UBJT DPNP SFEVÎÍP EP UFNQP EF EFTFOWPMWJNFOUP PV BVNFOUP EP FTDPQP NBT QPEF DBVTBS NBJPSFT DVTUPT B MPOHP QSB[P /P DFOÈSJP BOUFSJPS WJNPT PT EFTFOWPMWFEPSFT JOWFTUJOEP NVJUP NBJT UFNQP OB NBOVUFOÎÍP EF DØEJHPT DPNQMFYPT EP RVF USBCBMIBOEP OP EFTFOWPMWJNFOUP EF OPWBT GVODJPOBMJEBEFT

 325 48( ,19(67,5 (0 48$/,'$'( '2 &Ï',*2"



'JHVSB  $JDMP EF WJEB EF VNB BQMJDBÎÍP DPN BMUB EÓWJEB UÏDOJDB

7PMUBOEP B QFSHVOUB EP $*0 WBMF B QFOB JOWFTUJS FN RVBMJEBEF EF DØEJHP " NJOIB SFTQPTUB Ï TFN EÞWJEB *OWFTUJOEP OB RVBMJEBEF EF DØEJHP EFJYBSFNPT B OPTTB EÓWJEB UÏDOJDB CBJYB F DPOTFRVFOUFNFOUF P DVTUP EF NBOVUFOÎÍP EP TPGUXBSF TFSÈ CFN NFOPS UBNCÏN QFSNJUJOEP RVF PT EFTFOWPMWFEPSFT FOUSFHVFN WBMPS NBJT SBQJEBNFOUF F EF GPSNB DPOUÓOVB

7PDÐ OÍP QPEF NFMIPSBS P RVF WPDÐ OÍP NFEF +È GPJ NPTUSBEP P RVBOUP Ï JNQPSUBOUF JOWFTUJS FN RVBMJEBEF EF DØEJHP F RVF VNB EÓWJEB UÏDOJDB BMUB QPEF TFS VN HSBOEF WJMÍP EP UJNF EF EFTFOWPMWJNFOUP F UBNCÏN EPT PCKFUJWPT EPT QSPKFUPT &NCPSB B EÓWJEB UÏDOJDB TFKB DPNQPTUB EF WÈSJPT GBUPSFT UÏDOJDPT VN CPN DPNFÎP QBSB SFNFEJBS P QSPCMFNB Ï BUVBS OB NFMIPSJB EB RVBMJEBEF EP DØEJHP & RVBM P QSJNFJSP QBTTP .FEJS /BT DJÐODJBT FYBUBT TBCFNPT RVF P QSJNFJSP QBTTP QBSB PCUFS BMHVN UJQP EF NFMIPSJB FN BMHP Ï NFEJS F UFS VNB CBTFMJOF QBSB DPNQBSBÎÍP /P DBTP FTQFDÓGJDP EF QSPKFUPT EF TPGUXBSF NFEJS UBNCÏN Ï NVJUP JNQPSUBOUF QBSB UFS EBEPT TVGJDJFOUFT QBSB DPOWFODFS B FRVJQF EF HFTUÍP EP QSPKFUP B



 325 48( ,19(67,5 (0 48$/,'$'( '2 &Ï',*2"

GPSOFDFS SFDVSTPT QBSB RVF P UJNF EF EFTFOWPMWJNFOUP GBÎB BT NVEBOÎBT OFDFTTÈSJBT F SFTPMWB PT QSPCMFNBT EF RVBMJEBEF 0CWJBNFOUF BP GPSOFDFS EBEPT UÏDOJDPT TPCSF P TFV QSPKFUP QBSB B FRVJQF EF HFTUÍP EP QSPKFUP OÍP TFSÈ BQSFTFOUBEP RVF iP NÏUPEP " UFN DPNQMFYJEBEF DJDMPNÈUJDB w .BT VNB JOGPSNBÎÍP SFMFWBOUF QPS FYFNQMP TFSJB P OPTTP DØEJHP UFN  EB EÓWJEB UÏDOJDB F QSFDJTBNPT EF 9 EJBT QBSB DPOTFSUÈMPw %FTUB GPSNB WPDÐ FTUÈ QFSNJUJOEP RVF B FRVJQF EF HFTUÍP EP QSPKFUP QPTTB UPNBS EFDJTÜFT DPN CBTF FN EBEPT DPODSFUPT BMÏN EF QSJPSJ[BS BEFRVBEBNFOUF FN WF[ EF UFS PT QFEJEPT TFN BSHVNFOUPT QBSB SFDVSTPT F UFNQP QBSB DPSSJHJS PT QSPCMFNBT

'FSSBNFOUBT QBSB DPMFUBS NÏUSJDBT EF RVBMJEBEF EF DØEJHP $PEF .FUSJDT +È GBMBNPT TPCSF BT NÏUSJDBT VUJMJ[BEBT QFMP $PEF .FUSJDT QBSB DBMDVMBS F FYJCJS EBEPT SFMBDJPOBEPT B DPNQMFYJEBEF F NBOVUFOJCJMJEBEF EF $ØEJHP (FSFODJBEP $PNQMFNFOUBOEP B TFÎÍP TFHVFN BMHVOT PVUSPT FYFNQMPT EF DPNP P $PEF .FUSJDT MFWB FN DPOTJEFSBÎÍP TVBT NÏUSJDBT ¶OEJDF EF NBOVUFOJCJMJEBEF  $BMDVMB VN WBMPS FOUSF  F  RVF SFQSFTFOUB B GBDJMJEBEF EB NBOVUFOÎÍP EP DØEJHP 6N WBMPS BMUP TJHOJGJDB VN DØEJHP EF NFMIPS NBOVUFOÎÍP " DMBTTJGJDBÎÍP WFSEF Ï FOUSF  F  F JOEJDB RVF P DØEJHP UFN CPB DBQBDJEBEF EF NBOVUFOÎÍP 6NB DMBTTJGJDBÎÍP BNBSFMB Ï FOUSF  F  F JOEJDB RVF P DØEJHP UFN VNB DBQBDJEBEF NPEFSBEB EF NBOVUFOÎÍP " DMBTTJGJDBÎÍP WFSNFMIB Ï VNB DMBTTJGJDBÎÍP FOUSF  F  F JOEJDB CBJYB DBQBDJEBEF EF NBOVUFOÎÍP

 325 48( ,19(67,5 (0 48$/,'$'( '2 &Ï',*2"



$PNQMFYJEBEF DJDMPNÈUJDB  .FEF B DPNQMFYJEBEF FTUSVUVSBM EP DØEJHP ² DBMDVMBEB BUSBWÏT EP OÞNFSP EF DBNJOIPT EJGFSFOUFT EJTQPOÓWFJT OP GMVYP EP DØEJHP 6N DØEJHP RVF UFN GMVYPT DPNQMFYPT WBJ FYJHJS NBJT UFTUFT QBSB DPOTFHVJS VNB CPB DPCFSUVSB F UFSÈ VNB NFOPS DBQBDJEBEF EF NBOVUFOÎÍP 1SPGVOEJEBEF EF )FSBOÎB  *OEJDB B RVBOUJEBEF EF DMBTTFT RVF TF FYJTUFN BUÏ B SBJ[ EB TVB IJFSBSRVJB EF DMBTTFT 2VBOUP NBJT QSPGVOEB B IJFSBSRVJB NBJT EJGÓDJM QPEF TFS QBSB FOUFOEFS POEF FTUÍP PT NÏUPEPT F DBNQPT RVF EFWFN TFS VTBEPT EJGJDVMUBOEP B NBOVUFOÎÍP EP NFTNP "DPQMBNFOUP EF DMBTTFT  .FEF P BDPQMBNFOUP EF DMBTTFT BUSBWÏT EF QBSÉNFUSPT WBSJÈWFJT MPDBJT DIBNBEBT EF NÏUPEP DBNQPT EFGJOJEPT FN DMBTTFT FYUFSOBT F FUD 6N CPN EFTJHO EF TPGUXBSF EFUFSNJOB RVF DMBTTFT F NÏUPEPT EFWFN UFS BMUB DPFTÍP F CBJYP BDPQMBNFOUP $MBTTFT DPN BMUP BDPQMBNFOUP TFS UPSOBN EJGÓDJM EF SFVUJMJ[BS F NBOUFS EFWJEP ËT TVBT NVJUBT JOUFSEFQFOEÐODJBT DPN PVUSBT DMBTTFT -JOIBT EF DØEJHP  *OEJDB P OÞNFSP BQSPYJNBEP EF MJOIBT OP DØEJHP 0 DÈMDVMP Ï CBTFBEP FN *- DPEF F FN WJSUVEF EJTTP OÍP Ï P OÞNFSP FYBUP EF MJOIBT RVF DPOTUB OP BSRVJWP EF DØEJHP GPOUF 6NB RVBOUJEBEF NVJUP HSBOEF EF MJOIBT EF DØEJHP QPEF JOEJDBS RVF VN NÏUPEP OÍP FTUÈ DPFTP UPSOBOEP B TVB NBOVUFOÎÍP F FYUFOTJCJMJEBEF DPNQMFYBT



 325 48( ,19(67,5 (0 48$/,'$'( '2 &Ï',*2"

² QPTTÓWFM FYFDVUBS P $PEF .FUSJDT WJB MJOIB EF DPNBOEP BUSBWÏT EP VUJMJUÈSJP 7JTVBM 4UVEJP $PEF .FUSJDT 1PXFSUPPM GPS 7JTVBM 4UVEJP  IUUQTXXXNJDSPTPGUDPNFO VTEPXOMPBEEFUBJMTBTQY JE %FTUB GPSNB Ï QPTTÓWFM IBCJMJUBS B FYFDVÎÍP EP $PEF .FUSJDT OP CVJME BVUPNBUJ[BEP F JODMVJS OP QSPDFTTP EF JOUFHSBÎÍP DPOUÓOVB

4POBS2VCF 0 4POBS2VCF IUUQXXXTPOBSRVCFPSH Ï VNB QMBUBGPSNB PQFO TPVSDF QBSB HFSFODJBNFOUP EF RVBMJEBEF EF DØEJHP ² QPTTÓWFM VTBS P 4POBS2VCF EF GPSNB JOUFHSBEB DPN P 7JTVBM 4UVEJP 5FBN 'PVOEBUJPO 4FSWFS 5'4

PV DPN P 7JTVBM 4UVEJP 5FBN 4FSWJDFT 7454

QBSB DPMFUBS NÏUSJDBT EF RVBMJEBEF EF DØEJHP DPNP QBSUF EP QSPDFTTP EF CVJME BVUPNBUJ[BEP F BQSFTFOUÈMPT EF GPSNB RVF QFSNJUB B FRVJQF EF EFTFOWPMWJNFOUP GB[FS P HFSFODJBNFOUP EB EÓWJEB UÏDOJDB SFMBDJPOBEB BP TFV DØEJHP 0 QSPDFEJNFOUP BEJBOUF NPTUSB DPNP GB[FS FTUB JOUFHSBÎÍP

1BSB TBCFS DPNP JOTUBMBS F DPOGJHVSBS P 4POBS2VCF QBSB BOBMJTBS QSPKFUPT /&5 DPOTVMUF P HVJB DSJBEP QFMPT "-. 3BOHFST IUUQTHJUIVCDPN4POBS4PVSDF 7JTVBM4UVEJPTPOBSOFUEPDVNFOUBUJPO

 $PNP QSÏSFRVJTJUP EFTUF QSPDFEJNFOUP QSFDJTBNPT EP TFSWJEPS EP 4POBS2VCF DPOGJHVSBEP  &TUBOEP EFOUSP EP 5FBN 1SPKFDU OP RVBM TF FODPOUSBN P SFQPTJUØSJP EF DØEJHPGPOUF F BT EFGJOJÎÜFT EF CVJME DMJRVF OP CPUÍP  325 48( ,19(67,5 (0 48$/,'$'( '2 &Ï',*2"



"ENJOJTUFS 4FSWFS OP DBOUP TVQFSJPS EJSFJUP

'JHVSB  "DFTTBOEP BT DPOGJHVSBÎÜFT EF "ENJOJTUSBÎÍP

 /FTUF QBTTP WBNPT DPOGJHVSBS VN 4FSWJDF &OEQPJOU "P BDFTTBS P 1BJOFM EF $POUSPMF DMJRVF OB BCB 4FSWJDFT EFQPJT OB PQÎÍP /FX 4FSWJDF &OEQPJOU F FTDPMIB B PQÎÍP (FOFSJD

'JHVSB  $BEBTUSBOEP VN OPWP 4FSWJDF &OEQPJOU

 "EJDJPOF VN OPWP 4FSWJDF &OEQPJOU QBSB P TFSWJEPS EF 4POBS2VCF JOGPSNBOEP VN OPNF QBSB B DPOFYÍP F B 63- EP TFSWJEPS EP 4POBS2VCF /P FYFNQMP B TFHVJS QPS TF USBUBS EF VNB EFNPOTUSBÎÍP P VTFSOBNF F P QBTTXPSE TÍP DPOGJHVSBEPT DPNP BOPOZNPVT "QØT JOGPSNBS PT EBEPT DMJRVF FN 0,



 325 48( ,19(67,5 (0 48$/,'$'( '2 &Ï',*2"

'JHVSB  $BEBTUSBOEP VN OPWP 4FSWJDF &OEQPJOU

 0 4FSWJDF &OEQPJOU FTUÈ DPOGJHVSBEP F BHPSB TFSÈ VTBEP QBSB FYFDVUBSNPT P 4POBS2VCF OP QSPDFTTP EF CVJME BVUPNBUJ[BEP

'JHVSB  4FSWJDF &OEQPJOU DBEBTUSBEP

 0 QSØYJNP QBTTP Ï DPOGJHVSBS B #VJME %FGJOJUJPO QBSB RVF OP QSPDFTTP EF CVJME BVUPNBUJ[BEP TFKB JOJDJBEB B BOÈMJTF EB RVBMJEBEF EP DØEJHPGPOUF QFMP 4POBS2VCF $POTJEFSBOEP RVF KÈ FYJTUB VNB #VJME %FGJOJUJPO WBNPT BMUFSÈMB JODMVJOEP BT UBSFGBT OFDFTTÈSJBT  325 48( ,19(67,5 (0 48$/,'$'( '2 &Ï',*2"



QBSB B JOUFHSBÎÍP DPN P 4POBS2VCF $PN B #VJME %FGJOJUJPO FN NPEP EF FEJÎÍP DMJRVF OB PQÎÍP "EE CVJME TUFQ

'JHVSB  &EJUBOEP B #VJME %FGJOJUJPO

 /B KBOFMB "EE 5BTLT FTDPMIB EP MBEP FTRVFSEP B DBUFHPSJB #VJME F EFQPJT QSPDVSF QFMBT UBSFGBT 4POBS2VCF GPS .4#VJME o #FHJO "OBMZTJT F 4POBS2VCF GPS .4#VJME o &OE "OBMZTJT 1BSB BT EVBT UBSFGBT DMJRVF OP CPUÍP "EE "QØT JTTP DMJRVF OP CPUÍP $MPTF



 325 48( ,19(67,5 (0 48$/,'$'( '2 &Ï',*2"

'JHVSB  *ODMVJOEP BT UBSFGBT QBSB FYFDVÎÍP EP 4POBS2VCF

 "P WPMUBS BP NPEP EF FEJÎÍP EB #VJME %FGJOJUJPO DMJRVF F BSSBTUF BT OPWBT BUJWJEBEFT QBSB RVF GJRVFN EF BDPSEP DPN B GJHVSB

 325 48( ,19(67,5 (0 48$/,'$'( '2 &Ï',*2"



'JHVSB  "MUFSBOEP B PSEFN EF FYFDVÎÍP EBT UBSFGBT OB #VJME %FGJOJUJPO

 0 QSØYJNP QBTTP Ï DPOGJHVSBS BT QSPQSJFEBEFT EB UBSFGB 4POBS2VCF GPS .4#VJME o #FHJO "OBMZTJT "P DMJDBS OB UBSFGB TFSÍP FYJCJEBT BT QSPQSJFEBEFT EP MBEP EJSFJUP EB KBOFMB 1BSB B QSPQSJFEBEF 4POBS2VCF &OEQPJOU CBTUB FTDPMIFS OP ESPQ EPXO MJTU P 4FSWJDF &OEQPJOU DSJBEP BOUFSJPSNFOUF 1BSB BT QSPQSJFEBEFT EFOUSP EB DBUFHPSJB 4POBS2VCF 1SPKFDU 4FUUJOHT EFWFNTF JODMVJS BT QSPQSJFEBEFT OFDFTTÈSJBT QBSB JEFOUJGJDBS BT JOGPSNBÎÜFT EP QSPKFUP OPT EBTICPBSET EP 4POBS2VCF



 325 48( ,19(67,5 (0 48$/,'$'( '2 &Ï',*2"

'JHVSB  $POGJHVSBOEP B UBSFGB EP 4POBS2VCF

 "QØT B DPOGJHVSBÎÍP EB QSJNFJSB UBSFGB DMJRVF OB UBSFGB 4POBS2VCF GPS .4#VJME o &OE "OBMZTJT F WFSJGJRVF BT QSPQSJFEBEFT FYJTUFOUFT /FTUF FYFNQMP OÍP BMUFSBSFNPT OFOIVNB EFMBT

'JHVSB  $POGJHVSBOEP B UBSFGB EP 4POBS2VCF

 "QØT SFBMJ[BS BT DPOGJHVSBÎÜFT TBMWF B #VJME %FGJOJUJPO  1BSB WBMJEBS BT BMUFSBÎÜFT SFBMJ[BEBT WBNPT FOGJMFJSBS VN OPWP CVJME F BWBMJBS P TFV SFTVMUBEP BQØT B FYFDVÎÍP %P MBEP FTRVFSEP QPEFNPT OPUBS RVF BT EVBT UBSFGBT RVF BDBCBNPT EF BEJDJPOBS GPSBN FYFDVUBEBT %P MBEP JOGFSJPS EJSFJUP UFNPT VNB TFÎÍP 4POBS2VCF "OBMZTJT 3FQPSU POEF FODPOUSBNPT BMHVNBT  325 48( ,19(67,5 (0 48$/,'$'( '2 &Ï',*2"



JOGPSNBÎÜFT TPCSF B FYFDVÎÍP EP 4POBS2VCF F VN MJOL QBSB PT EBTICPBSET POEF FODPOUSBSFNPT PT EFUBMIFT EB BOÈMJTF EP DØEJHP GPOUF

'JHVSB  7JTVBMJ[BOEP SFTVMUBEP EB FYFDVÎÍP EP CVJME

 0 QSØYJNP QBTTP Ï DMJDBS OP MJOL "OBMZTJT SFTVMUT QBSB BCSJS P 4POBS2VCF POEF FODPOUSBSFNPT BT TFHVJOUFT JOGPSNBÎÜFT TPCSF B BOÈMJTF EP DØEJHPGPOUF



'­YLGD W©FQLFD

$ VRPD GH WRGRV RV SUREOHPDV QR F³GLJR H QD DUTXLWHWXUD GD DSOLFD§£R TXH LPSDFWDP D PDQXWHQLELOLGDGH ‰ PHGLG D HP KRUDV GH WUDEDOKR HVWLPDGDV SDUD FRUUH§£R GDV YLROD§µHV H WDP E©P SRU PHLR GH XPD WD[D $ G­YLGD W©FQLFD QR 6RQDU4XEH © EDVHDGD QD PHWRGRORJLD 64$/( H OHYD HP FRQVLGHUD§£R XP FRQMXQWR GH UHJU DV GH DQ¡OLVH HVW¡WLFD GH F³GLJR EDL[D FREHUWXUD GH F³GLJR SHORV WHVWHV HWF



'XSOLFD§µHV GH F³GLJR

$V GXSOLFD§µHV GH F³GLJR PHGHP D WD[ D GH F³GLJRV VHPHOKDQWHV QR SURMHWR 2 FDVR PDLV FRPXP © R UHºVR G H F³GLJR SHOR B&RS\ DQG 3DVWHB



(VWUXWXUD

0©WULFDV UHODFLRQDGDV D HVWUXWXUD GR F³GLJR IRQW H SRU H[HPSOR HXDQWLGDGH GH OLQKDV GH F³GLJR TXDQWLGDGH GH FODV VHV SRUFHQWDJHP GH FRPHQW¡ULRV FRPSOH[LGDGH HWF



 325 48( ,19(67,5 (0 48$/,'$'( '2 &Ï',*2"

'JHVSB  7JTVBMJ[BOEP EBTICPBSE EP 4POBS2VCF

 /B TFÎÍP 5FDIOJDBM %FCU QPEFNPT DMJDBS OP MJOL .PSF QBSB PCUFSNPT NBJT EFUBMIFT TPCSF PT QPOUPT FODPOUSBEPT EVSBOUF B BOÈMJTF /FTUB WJTÍP DPOTFHVJNPT JEFOUJGJDBS BT JOGPSNBÎÜFT HFSBJT TPCSF B EÓWJEB UÏDOJDB DPNP B FTUJNBUJWB EF FTGPSÎP FN IPSBT QBSB B DPSSFÎÍP B UBYB EB EÓWJEB UÏDOJDB F B RVBOUJEBEF EF WJPMBÎÜFT EBT SFHSBT "MÏN EJTTP P 4POBS2VCF DBUFHPSJ[B BT WJPMBÎÜFT FN OÓWFJT EF DSJUJDJEBEF EJGFSFOUFT #MPDLFS $SJUJDBM .BKPS .JOPS *OGP 

'JHVSB  7JTVBMJ[BOEP EFUBMIFT EB %ÓWJEB 5ÏDOJDB OP 4POBS2VCF

 /B TFÎÍP 4USVDUVSF QPEFNPT DMJDBS OP MJOL .PSF QBSB PCUFSNPT NBJT EFUBMIFT TPCSF B FTUSVUVSB EP DØEJHP BOBMJTBEP  325 48( ,19(67,5 (0 48$/,'$'( '2 &Ï',*2"



'JHVSB  7JTVBMJ[BOEP EFUBMIFT EB FTUSVUVSB EP DØEJHPGPOUF OP 4POBS2VCF

3&'&3³/$*"4 5SJÉOHVMP EF (FSFODJBNFOUP EF 1SPKFUPT  IUUQTTVQQPSUPGGJDFDPNFOVTBSUJDMF5IFQSPKFDUUSJBOHMF DFEEFGCGEDG VJFO64STFO 64BE64 $ØEJHP HFSFODJBEP  IUUQTNTEONJDSPTPGUDPNFO VTMJCSBSZXJOEPXTEFTLUPQCC WWT BTQY

 $0/$-64°0 /FTUF DBQÓUVMP GPSBN BQSFTFOUBEBT UÏDOJDBT EF EFTFOWPMWJNFOUP SFDPNFOEBEBT QBSB UPEBT BT BQMJDBÎÜFT 4VB BEPÎÍP FWJUB QSPCMFNBT RVF WFOIBN B TVSHJS EVSBOUF BT GBTFT EF EFTFOWPMWJNFOUP F NBOVUFOÎÍP EF TJTUFNBT 0T UØQJDPT BQSFTFOUBEPT OFTUF DBQÓUVMP EFWFN TFS BEPUBEPT EFTEF BT QSJNFJSBT GBTFT EF DPODFQÎÍP EPT TJTUFNBT *TTP QPSRVF TVBT BEPÎÜFT UBSEJBT QPEFN USB[FS NBJPSFT SFUSBCBMIPT QBSB BT FRVJQFT EF EFTFOWPMWJNFOUP %F RVF BEJBOUB UPNBS UPEPT PT DVJEBEPT OFDFTTÈSJPT QBSB VNB 

 &21&/86­2

BQMJDBÎÍP UFS RVBMJEBEF TF FMB OVODB Ï FOUSFHVF FN BNCJFOUF QSPEVUJWP /P QSØYJNP DBQÓUVMP TFSÍP BQSFTFOUBEBT UÏDOJDBT F GVODJPOBMJEBEFT QBSB HBSBOUJS B FOUSFHB EP TPGUXBSF FN QSPEVÎÍP DPN RVBMJEBEF OFDFTTÈSJB

 &21&/86­2



&$3Ë78/2 

(&45°0 & .0/*503".&/50 %& 3&-&"4&4

%FTFOWPMWFS VN TPGUXBSF Ï UÍP JNQPSUBOUF RVBOUP GB[FS TVB QVCMJDBÎÍP OPT EFWJEPT BNCJFOUFT 0 EFTFOWPMWJNFOUP OÍP UFN WBMPS BMHVN TF OÍP GPS QVCMJDBEP F B QVCMJDBÎÍP OÍP QPEF TFS SFBMJ[BEB TF OÍP IÈ TPGUXBSF EFTFOWPMWJEP 6N CPN HFSFODJBNFOUP F NPOJUPSBNFOUP EF SFMFBTFT QFSNJUF Ë PSHBOJ[BÎÍP BUVBS QSPBUJWBNFOUF FN QPTTÓWFJT JODJEFOUFT F RVBOEP OÍP JEFOUJGJDBEPT BOUFT BUVBS EF NBOFJSB QSFDJTB F SÈQJEB OB TPMVÎÍP EF QSPCMFNBT SFBUJWPT %FTUB NBOFJSB Ï QPTTÓWFM SFTQPOEFS BT OFDFTTJEBEFT EPT NFSDBEPT JOUFSOP F FYUFSOP HBSBOUJOEP B TBUJTGBÎÍP EPT VTVÈSJPT F JNBHFN QPTJUJWB EB PSHBOJ[BÎÍP &TUF DBQÓUVMP EFTDSFWFSÈ CPBT QSÈUJDBT EF DPNP HFSFODJBS F NPOJUPSBS TFVT SFMFBTFT

 #6*-% & 3&-&"4& 1PS -FBOESP 1SBEP "QØT P QSPDFTTP EF WFSTJPOBNFOUP EP DØEJHPGPOUF Ï QPTTÓWFM BVUPNBUJ[BS P QSPDFTTP EF CVJME F SFMFBTF QBSB USB[FS RVBMJEBEF OP EFTFOWPMWJNFOUP EF TPGUXBSF 0 QSPDFTTP EF CVJME HBSBOUF RVF UPEPT PT DPNQPOFOUFT EP TPGUXBSF FTUÍP USBCBMIBOEP FN IBSNPOJB 

 *(67­2 ( 021,725$0(172 '( 5(/($6(6

F P QSPDFTTP EF SFMFBTF HBSBOUF RVF P TPGUXBSF TFSÈ JNQMBOUBEP EF GPSNB DPSSFUB /PSNBMNFOUF PT EFTFOWPMWFEPSFT FTUÍP BDPTUVNBEPT B VUJMJ[BS B UFDMB EF BUBMIP ' $USM 4IJGU # FUD EP 7JTVBM 4UVEJP QBSB DPNQJMBS B BQMJDBÎÍP F FYFDVUBS P QSPKFUP FN NPEF EF EFCVH PV SFMFBTF QPSÏN FTTB QSÈUJDB OÍP HBSBOUF RVF BT BMUFSBÎÜFT SFBMJ[BEBT QFMPT PVUSPT NFNCSPT EP UJNF FTUFKBN TFOEP FYFDVUBEBT DPSSFUBNFOUF 1PS FTTF NPUJWP OFDFTTJUBNPT EF VN QSPDFTTP EF CVJME DPOUÓOVP DPOGPSNF B GJHVSB B TFHVJS RVF TFKB SFTQPOTÈWFM QPS FYFDVUBS BT UBSFGBT DPNVOT DPNP 3FDVQFSBS B ÞMUJNB WFSTÍP EP DØEJHPGPOUF 3FTUBVSBS BT EFQFOEÐODJBT $PNQJMBS P DØEJHPGPOUF &YFDVUBS P 6OJU 5FTU 5FTUFT EF BDFJUBÎÍP "DDFQUBODF 5FTU  5FTUFT EF BDFJUBÎÍP EP VTVÈSJP 6TFS "DDFQUBODF 5FTU  (FSBS P SFTVMUBEP EP CVJME

 %8,/' ( 5(/($6(



'JHVSB  %JBHSBNB EF TFRVÐODJB QBSB HFSBS VNB SFMFBTF )6.#-& '"3-&: 

" TFHVJS MJTUBNPT BMHVOT CFOFGÓDJPT FN BVUPNBUJ[BS P QSPDFTTP EF CVJME F SFMFBTF (BSBOUJS B RVBMJEBEF EP TPGUXBSF %FUFDUBS QSPCMFNBT DPN BOUFDFEÐODJB 7FSJGJDBS B UPEP P NPNFOUP P RVF FTUÈ GVODJPOBOEP F OÍP GVODJPOBOEP &YFDVUBS UFTUFT BVUPNBUJ[BEPT 3FDFCFS GFFECBDLT EP DØEJHP 1SPWFS JOGPSNBÎÜFT FN UFNQP SFBM QBSB UPNBEB EF EFDJTÜFT %JNJOVJS P USBCBMIP NBOVBM F FSSPT IVNBOPT

(FSFODJBOEP P CVJME i6N EPT QSPCMFNBT EP NFV QSPKFUP Ï SFBMJ[BS B JOUFHSBÎÍP EF UPEPT PT DPNQPOFOUFT F HFSBS VNB OPWB WFSTÍP /PSNBMNFOUF FTTF 

 %8,/' ( 5(/($6(

QSPDFTTP Ï DBØUJDP F MFWBNPT EJBT QBSB HFSBS VNB WFSTÍP DPOGJÈWFMw 2VBOEP UFNPT VNB FRVJQF USBCBMIBOEP FN EJGFSFOUFT QBSUFT EP QSPKFUP BP NFTNP UFNQP UFNPT EF HBSBOUJS RVF UPEPT PT DPNQPOFOUFT FTUÍP TF JOUFHSBOEP EF NBOFJSB DPSSFUB 6NB EBT CPBT QSÈUJDBT Ï VTBS JOUFHSBÎÍP DPOUÓOVB

0 26& ² */5&(3"±°0 $0/5¶/6" *OUFHSBÎÍP DPOUÓOVB $POUJOVPVT *OUFHSBUJPO Ï VNB QSÈUJDB EF FOHFOIBSJB EF TPGUXBSF QBSB WBMJEBS B JOUFHSBÎÍP EF UPEPT PT DPNQPOFOUFT B DBEB BMUFSBÎÍP FGFUVBEB &N PVUSBT QBMBWSBT DBEB WF[ RVF VN EFTFOWPMWFEPS BMUFSB BMHVNB QBSUF EP DØEJHP TFSÈ EJTQBSBEP BVUPNBUJDBNFOUF VN CVJME POEF QPEFNPT WBMJEBS TF P DØEJHP FTUÈ DPNQJMBOEP TF UPEPT PT UFTUFT FTUÍP TFOEP FYFDVUBEPT 6OJU 5FTUT

F TF FTUÈ BUFOEFOEP UPEBT BT SFHSBT EF BOÈMJTF EF DØEJHP $PEF "OBMZTJT 

2VBOEP VUJMJ[BNPT P 5FBN 'PVOEBUJPO 4FSWFS QPEFNPT DSJBS VNB EFGJOJÎÍP EF CVJME #VJME %FGJOJUJPO POEF QPEFNPT DPOGJHVSBS DPNP TFSÈ FYFDVUBEP P CVJME EB OPTTB BQMJDBÎÍP " GJHVSB BEJBOUF EFNPOTUSB DPNP Ï QPTTÓWFM DPOGJHVSBS P CVJME QBSB FYFDVUBS OP GPSNBUP EF JOUFHSBÎÍP DPOUÓOVB

 %8,/' ( 5(/($6(



'JHVSB  $POGJHVSBÎÍP EF JOUFHSBÎÍP DPOUÓOVB OP 5FBN 'PVOEBUJPO 4FSWFS

"MÏN EF DPOGJHVSBS VN CVJME EF JOUFHSBÎÍP DPOUÓOVB P UJNF EF EFTFOWPMWJNFOUP EFWF TF QSFPDVQBS DPN BT TFHVJOUFT QSÈUJDBT .BOUFOIB UVEP WFSTJPOBEP UPEP P DØEJHPGPOUF CBODP EF EBEPT TDSJQUT FUD $POGJHVSF TFV CVJME QBSB WBMJEBS TFVT UFTUFT OB EFGJOJÎÍP EF CVJME DPOGJHVSF QBSB FYFDVUBS F WBMJEBS PT UFTUFT EF TPGUXBSF EF GPSNB JOUFHSBEB F BVUPNBUJ[BEB 3FBMJ[F DIFDLJO EJÈSJPT EFTTB NBOFJSB UPEP P UJNF GJDB TBCFOEP EBT BMUFSBÎÜFT PDPSSJEBT OP QSPKFUP $PODFSUF P CVJME RVFCSBEP JNFEJBUBNFOUF DBTP P CVJME OÍP TFKB FYFDVUBEP DPN TVDFTTP DPODFSUF JNFEJBUBNFOUF OÍP EFJYF QBSB P PVUSP EJB .BOUFOIB TFV CVJME SÈQJEP EFTTB GPSNB WPDÐ SFDFCFSÈ NBJT GFFECBDLT EP TFV DØEJHP 3FDVQFSBS EF GPSNB GÈDJM B WFSTÍP FTUÈWFM RVBMRVFS QFTTPB EP TFV UJNF QPEF QSFDJTBS EF VNB WFSTÍP FTUÈWFM EP QSPKFUP QBSB EFNPOTUSBÎÍP UFTUFT FYQMPSBUØSJPT FUD

(FSFODJBOEP P SFMFBTF i.FV UJNF EF EFTFOWPMWJNFOUP QPTTVJ BDFTTP BP BNCJFOUF EF 

 %8,/' ( 5(/($6(

QSPEVÎÍP F GB[FN UPEPT PT EFQMPZNFOUT EP QSPKFUP EF GPSNB NBOVBM EFTTB GPSNB OÍP DPOTFHVJNPT UFS OFOIVNB WJTJCJMJEBEF F SBTUSFBCJMJEBEF EBT NVEBOÎBT RVF PDPSSFSBNw 6N EPT NBJPSFT QSPCMFNBT RVF PT UJNFT QBTTBN Ï HFSBS VN OPWP SFMFBTF F DPMPDBS FN QSPEVÎÍP (FSBMNFOUF PT QSPDFTTPT TÍP NBOVBJT F NVJUBT WF[FT P UJNF EF EFTFOWPMWJNFOUP UFN BDFTTP BP BNCJFOUF EF QSPEVÎÍP POEF SFBMJ[BN UPEP UJQP EF BMUFSBÎÜFT QBSB GB[FS P QSPKFUP GVODJPOBS EF NBOFJSB DPSSFUB GB[FOEP DPN RVF EFQPJT EF UBOUBT BMUFSBÎÜFT BRVFMF BNCJFOUF OÍP TFKB NBJT DPOGJÈWFM 1BSB SFTPMWFS FTTF UJQP EF QSPCMFNB UFNPT EF EPDVNFOUBS F BVUPNBUJ[BS B OPTTP 3FMFBTF 1JQFMJOF

0 26& ² 3&-&"4& 1*1&-*/& ² P QSPDFTTP RVF EFUFSNJOB DPNP FOUSFHBS TPGUXBSF QBSB P VTVÈSJP GJOBM /FTTF QSPDFTTP Ï SFDVQFSBEB VNB BMUFSBÎÍP GFJUB OP QSPKFUP F SFBMJ[BEB B QVCMJDBÎÍP FN WÈSJPT FTUÈHJPT F BNCJFOUFT &N DBEB FTUÈHJP UFNPT WÈSJBT BUJWJEBEFT QBSB WBMJEBS BRVFMB BMUFSBÎÍP &TTF QSPDFTTP SFRVFS DPMBCPSBÎÍP FOUSF UPEPT PT NFNCSPT EPT UJNFT ² POEF QPEFNPT UFS B WJTÍP EF UPEBT BT BMUFSBÎÜFT RVF GPSBN SFBMJ[BEBT OP QSPKFUP

/B GJHVSB B TFHVJS QPEFNPT WFS VN FYFNQMP EF 3FMFBTF 1JQFMJOF VUJMJ[BOEP P 3FMFBTF .BOBHFNFOU  OP RVBM UFNPT  QSJODJQBJT FTUÈHJPT TUBHFT

%&7 ).- F 13%

 %8,/' ( 5(/($6(



'JHVSB  3FMFBTF 1JQFMJOF

/FTTF FYFNQMP UFNPT PT TFHVJOUFT TUBHFT %&7 OFTTF FTUÈHJP P EFTFOWPMWFEPS SFBMJ[B TFVT UFTUFT F QPS TF USBUBS EF VN BNCJFOUF EF EFTFOWPMWJNFOUP OÍP QSFDJTBNPT EF BQSPWBÎÜFT QPS JTTP QPEFNPT EFJYBS UVEP BVUPNBUJ[BEP ).- OFTTF FTUÈHJP P VTVÈSJP UFN B QPTTJCJMJEBEF EF WBMJEBS BT BMUFSBÎÜFT TPMJDJUBEBT F OFTTF BNCJFOUF KÈ OFDFTTJUBNPT EF BQSPWBÎÜFT 13% OFTTF FTUÈHJP BT BMUFSBÎÜFT TÍP MJCFSBEBT QBSB P VTVÈSJP GJOBM "QØT EFGJOJS PT TUBHFT EFWFNPT DPOGJHVSBS BT UBSFGBT TUFQT RVF TFSÍP FYFDVUBEBT FN DBEB TUBHF /B GJHVSB QPEFNPT WFS PT TUFQT DPOGJHVSBEPT QBSB P TUBHF EF %&7



 %8,/' ( 5(/($6(

'JHVSB  4UFQT QBSB DBEB 4UBHF

2VBOEP FTUBNPT USBCBMIBOEP DPN 3FMFBTF 1JQFMJOF UFNPT BMHVNBT QSÈUJDBT RVF EFWFNPT TFHVJS &YFDVUF P CVJME TPNFOUF VNB WF[ UPEBT BT WF[FT RVF DPNQJMBNPT P OPTTP DØEJHP UFNPT P SJTDP EF

 %8,/' ( 5(/($6(



JOUSPEV[JS FSSPT &YFDVUF P CVJME BQFOBT VNB WF[ F P NFTNP CVJME EFWF QBTTBS QPS UPEPT PT FTUÈHJPT F P CJOÈSJP DPMPDBEP FN QSPEVÎÍP EFWF TFS FYBUBNFOUF P NFTNP RVF QBTTPV QFMPT UFTUFT 6TF P NFTNP QSPDFTTP EF EFQMPZ QBSB UPEPT BNCJFOUFT Ï FTTFODJBM VTBS P NFTNP QSPDFTTP EF EFQMPZNFOU FN UPEPT PT BNCJFOUFT QPJT EFTFOWPMWFEPSFT SFBMJ[BN EFQMPZNFOUT OP BNCJFOUF EF %&7 EJBSJBNFOUF %FTTB GPSNB BTTFHVSBNPT RVF P QSPDFTTP GPJ UFTUBEP FYBVTUJWBNFOUF F RVBOEP FYFDVUBSNPT FTTF QSPDFTTP FN QSPEVÎÍP FMJNJOBNPT B QSPCBCJMJEBEF EF FYJTUJSFN FSSPT 6TF TFNQSF P NFTNP QSPDFTTP EF EFQMPZNFOU EF QSPEVÎÍP OPT BNCJFOUFT EF EFTFOWPMWJNFOUP BTTJN DPOTFHVJNPT HBSBOUJS B DPOTJTUÐODJB EP QSPDFTTP &YFDVUF #VJME 7FSJGJDBUJPO 5FTUT #75  UBNCÏN DPOIFDJEP DPNP 4NPLF5FTU EFWF TFS FYFDVUBEP BQØT DBEB EFQMPZNFOU QBSB BTTFHVSBS RVF BT QSJODJQBJT GVODJPOBMJEBEFT EB TVB BQMJDBÎÍP FTUÍP GVODJPOBOEP DPSSFUBNFOUF DPNP B QÈHJOB JOJDJBM CBTF EF EBEPT XFCTFSWJDFT F TFSWJÎPT FYUFSOPT &YFDVUF P EFQMPZ QBSB VN BNCJFOUF TFNFMIBOUF BP EF QSPEVÎÍP VN EPT HSBOEFT QSPCMFNBT EPT UJNFT EF EFTFOWPMWJNFOUP Ï UFS VN BNCJFOUF EF QSPEVÎÍP EJGFSFOUF EP BNCJFOUF EF IPNPMPHBÎÍP 1BSB HBSBOUJS B RVBMJEBEF EP EFQMPZ TFNQSF RVF QPTTÓWFM WPDÐ EFWF UFS VN BNCJFOUF TJNJMBS BP EF QSPEVÎÍP 7PDÐ EFWF HBSBOUJS RVF TFVT BNCJFOUFT UFOIBN BT NFTNBT DPOGJHVSBÎÜFT DPNP *OGSBFTUSVUVSB UPQPMPHJB EF SFEF F DPOGJHVSBÎÜFT EF GJSFXBMM 

 %8,/' ( 5(/($6(

4JTUFNB 0QFSBDJPOBM NFTNBT WFSTÜFT JODMVJOEP BUVBMJ[BÎÜFT 4FSWJDFT 1BDLT  $BEB BMUFSBÎÍP EFWF QSPQBHBS QPS NFJP EP 1JQFMJOF JNFEJBUBNFOUF UPEB BMUFSBÎÍP SFBMJ[BEB OP DØEJHP GPOUF EFWF EJTQBSBS VN CVJME FN RVF EFWFSFNPT FYFDVUBS PT UFTUFT 6OJU 5FTUT

PT UFTUFT EF BDFJUBÎÍP F EFQPJT FYFDVUBS P EFQMPZNFOU OP QSJNFJSP TUBHF %&7  4F RVBMRVFS QBSUF EP 1JQFMJOF GBMIBS QBSF B SFMFBTF OÍP JNQPSUB FN RVBM TUBHF TFV SFMFBTF FTUÈ DBTP FODPOUSF VN QSPCMFNB QBSF JNFEJBUBNFOUF SFTPMWB P QSPCMFNB F SFDPNFDF UPEP P QSPDFTTP EF QJQFMJOF OPWBNFOUF

;FSP %PXUJNF i.JOIB BQMJDBÎÍP Ï YY F TFNQSF RVF WBNPT DPMPDBS VNB OPWB WFSTÍP FN QSPEVÎÍP UFNPT EF EFJYBS B BQMJDBÎÍP PGGMJOF QPS BMHVOT NJOVUPT $PNP QPTTP GB[FS VN EFQMPZNFOU FN QSPEVÎÍP TFN EFJYBS NJOIB BQMJDBÎÍP GPSB w 2VBOEP USBCBMIBNPT DPN BQMJDBÎÜFT EF BMUB EJTQPOJCJMJEBEF VN HSBOEF EFTBGJP RVF FOGSFOUBNPT Ï DPNP DPOUSPMBS P QSPDFTTP EF SFMFBTF EFTTB BQMJDBÎÍP KÈ RVF B DBEB TFHVOEP RVF FMB GJDBS PGGMJOF FTUBNPT QFSEFOEP BDFTTPT F DPOTFRVFOUFNFOUF EJOIFJSP /FTTFT DBTPT UFNPT EF QBSUJS QBSB VNB TPMVÎÍP FOUFSQSJTF EF HFSFODJBNFOUP EF EFQMPZNFOUT " TFHVJS EFTDSFWFNPT EVBT EFTTBT TPMVÎÜFT

 %8,/' ( 5(/($6(



'JHVSB  #MVF(SFFO EFQMPZNFUT )6.#-& '"3-&: 

#MVF(SFFO %FQMPZNFOUT &TTB UÏDOJDB Ï VNB EBT NBJT GBNPTBT VTBEBT QBSB HFSFODJBNFOUP EF EFQMPZNFOUT " JEFJB DPOTJTUF FN UFS EPJT BNCJFOUFT JEÐOUJDPT EF QSPEVÎÍP POEF DIBNBNPT VN EF #MVF F P PVUSP EF (SFFO F PT VTVÈSJPT TÍP EJSFDJPOBEPT QBSB VN EFTTFT BNCJFOUFT /FTTB GJHVSB QPEFNPT WFS VN FYFNQMP EFTTB UÏDOJDB /FTTF DBTP P BNCJFOUF EF QSPEVÎÍP BUVBM Ï P (SFFO UPEPT PT BDFTTPT TÍP EJSFDJPOBEPT QBSB FTTF BNCJFOUF F P BNCJFOUF #MVF FTUÈ JOBUJWP 2VBOEP FYJTUJS B OFDFTTJEBEF EF SFBMJ[BS VN OPWP EFQMPZNFOU EB BQMJDBÎÍP FTTF EFQMPZ EFWF TFS GFJUP OP BNCJFOUF BUVBMNFOUF JOBUJWP OFTTF DBTP P BNCJFOUF #MVF 5PEPT PT UFTUFT OFDFTTÈSJPT EFWFN TFS FYFDVUBEPT BUÏ RVF B BQMJDBÎÍP FTUFKB EF BDPSEP DPN P FTQFSBEP 0 QSØYJNP QBTTP Ï BMUFSBS B SPUB QBSB RVF PT VTVÈSJPT TFKBN EJSFDJPOBEPT QBSB P BNCJFOUF #MVF "TTJN P BNCJFOUF CMVF TFSÈ P OPWP BNCJFOUF EF QSPEVÎÍP F P BNCJFOUF (SFFO TFSÈ JOBUJWP $BTP BMHVN QSPCMFNB PDPSSB OFTTF OPWP EFQMPZNFOU EF NBOFJSB TJNQMFT TFSÈ QPTTÓWFM SFEJSFDJPOBS PT BDFTTPT OPWBNFOUF QBSB P BNCJFOUF #MVF DPN [FSP EPXOUJNF 6NB PVUSB PQÎÍP QBSB B UÏDOJDB EF #MVF(SFFO EFQMPZNFOUT Ï VUJMJ[BS BQFOBT VN BNCJFOUF EF QSPEVÎÍP QPSÏN VTBOEP QPSUBT EJGFSFOUFT VNB QPSUB 

 %8,/' ( 5(/($6(

QBSB P BNCJFOUF #MVF F PVUSB QPSUB QBSB P BNCJFOUF (SFFO %FTTB GPSNB QPEFNPT EJNJOVJS P DVTUP EF JNQMFNFOUBS FTTB UÏDOJDB

'JHVSB  $BOBSZ %FQMPZNFOU )6.#-& '"3-&: 

$BOBSZ %FQMPZNFOUT " UÏDOJDB $BOBSZ %FQMPZNFOU Ï VUJMJ[BEB BP TFS FYFDVUBEP VN OPWP EFQMPZNFOU EB BQMJDBÎÍP QBSB VN DPOKVOUP FTQFDÓGJDP EF TFSWJEPSFT FN QSPEVÎÍP F MJCFSÈ MPT QBSB VN HSVQP SFTUSJUP EF VTVÈSJPT HFSBMNFOUF QBSB VTVÈSJPT BWBOÎBEPT "TTJN DPOTFHVJNPT SFBMJ[BS UFTUFT FN QSPEVÎÍP F PCUFS VN GFFECBDL SÈQJEP EBT BMUFSBÎÜFT SFBMJ[BEBT EJNJOVJOEP P SJTDP EF VTVÈSJPT FODPOUSBSFN FSSPT

 %8,/' ( 5(/($6(



"TTJN DPNP OP #MVF(SFFO WPDÐ QSFDJTB GB[FS P EFQMPZNFOU EB OPWB WFSTÍP EB BQMJDBÎÍP FN VN DPOKVOUP SFTUSJUP EF TFSWJEPSFT POEF FYFDVUBNPT PT UFTUFT OFDFTTÈSJPT F BTTJN EJSFDJPOBNPT PT BDFTTPT EPT VTVÈSJPT QBSB FTTFT TFSWJEPSFT DPOGPSNF QPEFNPT WFS OB GJHVSB B TFHVJS "TTJN RVF B BQMJDBÎÍP FTUJWFS FTUÈWFM SFBMJ[BNPT P EFQMPZNFOU QBSB NBJT TFSWJEPSFT F MJCFSBNPT BDFTTP QBSB NBJT VTVÈSJPT 6N EPT CFOFGÓDJPT FN VTBS $BOBSZ Ï WFSJGJDBS TF TVB BQMJDBÎÍP FTUÈ TF DPNQPSUBOEP DPOGPSNF P FTQFSBEP DPN VN OÞNFSP QFRVFOP EF VTVÈSJPT F BVNFOUBOEP HSBEBUJWBNFOUF P BDFTTP QBSB NBJT VTVÈSJPT TFNQSF NPOJUPSBOEP BT NÏUSJDBT DPNP VUJMJ[BÎÍP EF $16 NFNØSJB F *0

 3"453&"#*-*%"%& %& $»%*(0'0/5& 1PS "OESFJB 0UUP /P EFTFOWPMWJNFOUP EF TPGUXBSF P UFSNP SBTUSFBCJMJEBEF SFGFSF TF Ë DBQBDJEBEF EF WJODVMBS PT SFRVJTJUPT EP QSPEVUP EF WPMUB Ë MØHJDB EPT JOUFSFTTBEPT TUBLFIPMEFST F BPT BSUFGBUPT DPSSFTQPOEFOUFT EF EFTJHO DØEJHP F DBTPT EF UFTUF 3BTUSFBCJMJEBEF BQPJB JOÞNFSBT BUJWJEBEFT EF FOHFOIBSJB EF TPGUXBSF UBJT DPNP BOÈMJTF EF JNQBDUP EF NVEBOÎBT WFSJGJDBÎÍP EF DPOGPSNJEBEF PV EF SBTUSFBNFOUP EF DØEJHP TFMFÎÍP EF UFTUFT EF SFHSFTTÍP F WBMJEBÎÍP EPT SFRVJTJUPT " VUJMJ[BÎÍP EF QSÈUJDBT SFDPNFOEBEBT MFWB P EFTFOWPMWJNFOUP EF VN TPGUXBSF B QSPEV[JS MBÎPT FOUSF PT BSUFGBUPT EF NPEP RVF B SBTUSFBCJMJEBEF TFKB QPTTÓWFM QBSB UPEPT PT BSUFGBUPT FN UPEPT PT NPNFOUPT EP DJDMP EF WJEB EB BQMJDBÎÍP 0V TFKB Ï QSFDJTP DSJBS PT SFMBDJPOBNFOUPT QBSB QPTUFSJPSNFOUF FODPOUSÈMPT RVBOEP 

 5$675($%,/,'$'( '( &Ï',*2 )217(

OFDFTTÈSJP 0 DPOUSPMF EF WFSTÜFT QSPWÐ JOGPSNBÎÜFT TPCSF NVEBOÎBT EF DØEJHP -È Ï QPTTÓWFM PCUFS JOGPSNBÎÜFT EF iRVFNw iP RVFw F iRVBOEPw 1PSÏN B QFSHVOUB NBJT EJGÓDJM SFMBDJPOBEB Ë SBTUSFBCJMJEBEF Ï iQPS RVFw F P DPOUSPMF EF WFSÍP HFSBMNFOUF OÍP UFSÈ JOGPSNBÎÜFT TVGJDJFOUFT QBSB FTUB QFSHVOUB .FTNP RVBOEP P EFTFOWPMWFEPS JOTFSF VN DPNFOUÈSJP BP GB[FS VN DIFDLJO FN RVF FYQMJDB P NPUJWP EB NVEBOÎB P USBCBMIP EF EFUFUJWF BJOEB QSFDJTB TFS GFJUP QBSB PCUFS UPEBT BT SB[ÜFT 0T JUFOT B TFHVJS GPDBN OB SBTUSFBCJMJEBEF EF DØEJHPGPOUF FOUSFUBOUP Ï QSFDJTP RVF BMÏN EJTTP PVUSBT QSÈUJDBT EF EFTFOWPMWJNFOUP TFKBN VUJMJ[BEBT FN UPEP P QSPKFUP

$ØEJHPGPOUF i&TUPV DPN VN QSPCMFNB FN QSPEVÎÍP PT VTVÈSJPT FTUÍP SFDFCFOEP VNB NFOTBHFN EF FSSP BP UFOUBS FYFDVUBS VNB BÎÍP OP TJTUFNB /ÍP DPOTJHP JEFOUJGJDBS P DØEJHPGPOUF RVF FTUÈ OP BNCJFOUF QBSB WFSJGJDBS B TJUVBÎÍPw 0SHBOJ[F TFV DØEJHPGPOUF FN VN SFQPTJUØSJP DPOGJÈWFM FN RVF TFKB P ÞOJDP QPOUP EF PSJHFN EF WFSTÜFT EB BQMJDBÎÍP 7PDÐ EFWF TFS DBQB[ EF JEFOUJGJDBS P DØEJHPGPOUF RVF PSJHJOPV UPEBT BT WFSTÜFT QBSB TFS QPTTÓWFM PCUÐMP B RVBMRVFS NPNFOUP EVSBOUF P DJDMP EF WJEB EB BQMJDBÎÍP 5PEP QSPDFTTP EF QVCMJDBÎÍP FN QSPEVÎÍP EFWF TFS QPTTÓWFM TFS SBTUSFBEP B GJN EF JEFOUJGJDBS DØEJHPGPOUF BQSPWBÎÜFT F NVEBOÎBT JODMVÓEBT OB OPWB WFSTÍP )È EJWFSTBT NBOFJSBT EF QSPNPWFS SBTUSFBCJMJEBEF FOUSF P DØEJHPGPOUF F P QBDPUF EF QVCMJDBÎÍP B TFHVJS FTUÍP BMHVNBT PQÎÜFT EF QSÈUJDBT QBSB HBSBOUJS B SBTUSFBCJMJEBEF

 5$675($%,/,'$'( '( &Ï',*2 )217(



%FNBSDBÎÍP EPT GPOUFT BUSJCVJS NBSDBT EJSFUBNFOUF BP DØEJHPGPOUF Ï DPNP UJSBS VNB GPUPHSBGJB EP NPNFOUPT BUVBM FN RVF OP GVUVSP TFSÈ QPTTÓWFM GB[FS SFGFSÐODJB FPV PCUFS VN EFUFSNJOBEP FTUBEP EP DØEJHP "VUPNBUJ[BÎÍP EF CVJME DPN DIFDLJOT BTTPDJBEPT CVJMET BVUPNBUJ[BEPT JTPMBN B DPNQJMBÎÍP EP DØEJHP GPOUF EB NÈRVJOB EP EFTFOWPMWFEPS JTUP Ï UPEB F RVBMRVFS EFQFOEÐODJB RVF FYJTUB EFWFSÈ FTUBS QSFTFOUF OB TPMVÎÍP QBSB RVF OÍP IBKB P QSPCMFNB EF iOB NJOIB NÈRVJOB GVODJPOBw %FTUB GPSNB Ï QPTTÓWFM HBSBOUJS RVF P QBDPUF HFSBEP QFMP CVJME BVUPNBUJ[BEP Ï VNB GPOUF TFHVSB "P BTTPDJBS DIFDLJOT BPT CVJMET BVUPNBUJ[BEPT Ï QPTTÓWFM PCUFS BT NVEBOÎBT PDPSSJEBT OP CVJME F JEFOUJGJDBS P FTUBEP EP DØEJHPGPOUF EF DBEB QBDPUF (FTUÍP EF QVCMJDBÎÜFT HFSFODJBS QVCMJDBÎÜFT QFSNJUF UFS WJTJCJMJEBEF EF NVEBOÎBT PDPSSJEBT OPT BNCJFOUFT EFTEF P QBDPUF DPOUFOEP DØEJHPGPOUF BUÏ BT EFWJEBT BQSPWBÎÜFT ² FTTFODJBM QPTTVJS VNB GFSSBNFOUB ÞOJDB QBSB HFTUÍP EF QVCMJDBÎÍP RVF QSPQPSDJPOB UBM WJTJCJMJEBEF F SBTUSFBCJMJEBEF JOUFHSBEB DPN B QMBUBGPSNB EF EFTFOWPMWJNFOUP  "-. (FTUÍP EF NVEBOÎBT UFS VN QSPDFTTP GPSNBM F SFHVMBNFOUBEP EF NVEBOÎBT Ï JNQSFTDJOEÓWFM QBSB P TVDFTTP EB HFTUÍP EF BNCJFOUFT 5PEB F RVBMRVFS BMUFSBÎÍP EP BNCJFOUF EFWF TFS BQSPWBEB F DPOUSPMBEB QPS VNB ÞOJDB GFSSBNFOUB DBQB[ EF QSPWFS JOGPSNBÎÜFT EF RVBJT JUFOT GPSBN JNQBDUBEPT QPS DBEB NVEBOÎB 3BTUSFBNFOUP EF BUJWJEBEFT UPEBT BT BUJWJEBEFT 

 5$675($%,/,'$'( '( &Ï',*2 )217(

EFTFOWPMWJEBT QPS VNB FRVJQF EF EFTFOWPMWJNFOUP EFWFN TFS NBQFBEBT F BTTPDJBEBT BP DØEJHPGPOUF PV BSUFGBUP JNQBDUBEP "P SFBMJ[BS B BTTPDJBÎÍP EBT BUJWJEBEFT EF EFTFOWPMWJNFOUP DPN FMF Ï QPTTÓWFM JEFOUJGJDBS SFTQPOTÈWFJT F BMUFSBÎÜFT FYFDVUBEBT QBSB DBTP PDPSSB BMHVN QSPCMFNB TFS QPTTÓWFM SBTUSFBS EFTEF P DØEJHP Ë TPMJDJUBÎÍP 0 GMVYP EB BQMJDBÎÍP EFWF TFHVJS QSÈUJDBT RVF GBDJMJUBN B JEFOUJGJDBÎÍP EF QPTTÓWFJT QSPCMFNBT (BSBOUJS RVF P EFTFOWPMWJNFOUP EP QSPEVUP TFKB QMBOFKBEP F SBTUSFBEP VTBOEP GFSSBNFOUBT FTQFDJBMJ[BEBT F QSPDFTTPT EFGJOJEPT QFSNJUF RVF P UFNQP EF SFTQPTUB B QSPCMFNBT  JOEJTQPOJCJMJEBEF SFEV[B /FN TFNQSF P QSPCMFNB EFTDSJUP BOUFSJPSNFOUF Ï PSJHJOBEP QPS GBMIB OP DØEJHPGPOUF QBSB JTUP WFSJGJRVF BT QPTTÓWFJT DBVTBT EF FSSP BOUFT EF QSFDJTBS EFMF $POGJHVSBÎÜFT EF BNCJFOUFT JOGPSNBÎÜFT OP SFHJTUSP EFQFOEÐODJBT FYUFSOBT FYFDVÎÍP DPSSFUB EB GVODJPOBMJEBEF QPS QBSUF EP VTVÈSJP FOUSF PVUSPT EFWFN TFS QSFWJBNFOUF WBMJEBEPT

#BODP EF EBEPT i6NB BMUFSBÎÍP OP TJTUFNB GPJ FYFDVUBEB POUFN BP GJOBM EP EJB F IPKF OÍP FTUÈ TFOEP QPTTÓWFM DBEBTUSBS VN OPWP VTVÈSJP OP TJTUFNBw i/ÍP GPJ QPTTÓWFM SFBMJ[BS BUVBMJ[BÎÍP EP TJTUFNB QPS GBMIB OP CBODP EF EBEPTw 2VBOEP QFOTBNPT TPCSF DØEJHPGPOUF Ï NVJUP DPNVN BTTPDJBSNPT BQFOBT BP DØEJHP EB BQMJDBÎÍP F OÍP BP CBODP EF EBEPT TFKB FMF RVBM GPS 1FMB FYQFSJÐODJB FN DBNQP QBSUF DPOTJEFSÈWFM EF QSPCMFNBT EF QVCMJDBÎÍP FTUÈ SFMBDJPOBEB DPN GBMIBT EF BUVBMJ[BÎÍP EF CBODP EF EBEPT TFKB QPS PCKFUPT PV EBEPT GBMUBOUFT %FTUB GPSNB Ï JNQSFTDJOEÓWFM RVF BMÏN EP DPOUSPMF EF DØEJHPGPOUF EF BQMJDBÎÍP B FTUSVUVSB EP CBODP EF EBEPT UBNCÏN  5$675($%,/,'$'( '( &Ï',*2 )217(



TFKB DPOUSPMBEB QPS VN SFQPTJUØSJP EF GPOUFT F WFSTJPOBEB EFWJEBNFOUF " .JDSPTPGU QPTTVJ P 42- 4FSWFS %BUB 5PPMT 44%5

VNB GFSSBNFOUB EF EFTFOWPMWJNFOUP EF CBODP EF EBEPT EFDMBSBUJWB RVF BCSBOHF UPEBT BT GBTFT EP EFTFOWPMWJNFOUP EFOUSP EP 7JTVBM 4UVEJP ² QPTTÓWFM VUJMJ[BS SFDVSTPT EF EFTJHO 5SBOTBDU42- EFQVSBS SFBMJ[BS NBOVUFOÎÜFT OP CBODP EF EBEPT F UBNCÏN SFGBUPSBS 5BNCÏN QPEFTF USBCBMIBS DPN "[VSF 42- %BUBCBTF NPEFMPT EF "OBMZTJT 4FSWJDFT QBDPUFT EF *OUFHSBUJPO 4FSWJDFT F SFMBUØSJPT EP 3FQPSUJOH 4FSWJDFT $PN 44%5 Ï QPTTÓWFM NPEFMBS EFTFOWPMWFS DPNQJMBS UFTUBS F QVCMJDBS CBODPT EF EBEPT F PVUSPT UJQPT EF DPOUFÞEP UÍP TJNQMFT RVBOUP EFTFOWPMWFS VNB BQMJDBÎÍP VTBOEP 7JTVBM 4UVEJP &YJTUFN EPJT NPEFMPT EF USBCBMIP DPN 44%5 6N EFMFT Ï EF GPSNB DPOFDUBEB B VNB JOTUÉODJB EF CBODP EF EBEPT DPNP P 424FSWFS .BOBHFNFOU 4UVEJP QPSÏN OÍP TF QPEF DPOUSPMBS BT BMUFSBÎÜFT " PVUSB NBOFJSB RVF GB[ QPTTÓWFM B SBTUSFBCJMJEBEF EPT DØEJHPTGPOUFT EF CBODP Ï P USBCBMIP EFTDPOFDUBEP VUJMJ[BOEP VN QSPKFUP EP UJQP CBODP EF EBEPT 1BSB USBCBMIBS DPN 44%5 OP 7JTVBM 4UVEJP Ï QSFDJTP DSJBS VN QSPKFUP EP UJQP CBODP EF EBEPT "CSB P 7JTVBM 4UVEJP DMJRVF FN /PWP FTDPMIB 1SPKFUP F TFMFDJPOF 42- 4FSWFS %BUBCBTF 1SPKFDU DPOGPSNF B GJHVSB B TFHVJS

'JHVSB  $SJBS OPWP QSPKFUP EP UJQP CBODP EF EBEPT 1BSB NBJPSFT JOGPSNBÎÜFT TPCSF WFSTÜFT DPOTVMUF IUUQTNTEONJDSPTPGUDPNFOVTMJCSBSZNUBTQY



 5$675($%,/,'$'( '( &Ï',*2 )217(

6NB WF[ DSJBEP P QSPKFUP Ï QPTTÓWFM JNQPSUBS VN CBODP EF EBEPT KÈ FYJTUFOUF PV DSJBS VN OPWP 1BSB JNQPSUBS VN KÈ FYJTUFOUF OB BCB 4PMVUJPO &YQMPSFS EP 7JTVBM 4UVEJP DMJRVF DPN P CPUÍP EJSFJUP OP QSPKFUP EF CBODP DSJBEP DPOGPSNF B GJHVSB TFHVJOUF

'JHVSB  $PNP JNQPSUBS VN CBODP EF EBEPT KÈ FYJTUFOUF

1BSB SFBMJ[BS B JNQPSUBÎÍP FYJTUFN USÐT PQÎÜFT %BUBUJF "QQMJDBUJPO GDFSDF  BSRVJWP GDFSDF QPEF TFS FYUSBÓEP EP CBODP EF EBEPT 42- F DPOUÏN B SFQSFTFOUBÎÍP EP TDIFNB EP CBODP %BUBCBTF TFSÈ GFJUB B DPOFYÍP EJSFUB DPN P CBODP EF EBEPT QBSB JNQPSUBS B FTUSVUVSB 4DSJQU 4DSJQU 42- RVF SFBMJ[B B DSJBÎÍP EP CBODP EF EBEPT DPNQMFUP $BTP TFKB VN OPWP CBODP CBTUB DSJBS PT PCKFUPT EJSFUBNFOUF OP QSPKFUP "T GJHVSBT B TFHVJS SFQSFTFOUBN B DSJBÎÍP EF VNB OPWB UBCFMB OB FTUSVUVSB EP CBODP $MJRVF DPN CPUÍP EJSFJUP OP QSPKFUP TFMFDJPOF "EE EFQPJT /FX JUFN

 5$675($%,/,'$'( '( &Ï',*2 )217(



'JHVSB  "EJDJPOBS VN PCKFUP BP CBODP EF EBEPT

'JHVSB  /PWB UBCFMB



 5$675($%,/,'$'( '( &Ï',*2 )217(

'JHVSB  /PWB UBCFMB

² QPTTÓWFM DSJBS OÍP TØ UBCFMBT DPNP B HSBOEF QBSUF EF PCKFUPT EP 42- 4FSWFS "MÏN EBT QSÈUJDBT SFDPNFOEBEBT QBSB NBOUFS SBTUSFBCJMJEBEF EF DØEJHPGPOUF QBSB FTUSVUVSB EF CBODP EF EBEPT FYJTUF NBJT VNB Ï QPTTÓWFM DSJBS VNB GPUPHSBGJB TOBQTIPU EP FTUBEP BUVBM EP QSPKFUP *TUP Ï QPEFTF UFS VNB MJOIB EF CBTF EF EFUFSNJOBEPT NPNFOUPT EP TFV QSPKFUP 6NB GVODJPOBMJEBEF FYUSFNBNFOUF JNQPSUBOUF RVBOEP GBMBNPT TPCSF EFTFOWPMWJNFOUP EF CBODP EF EBEPT Ï B QPTTJCJMJEBEF EF SFBMJ[BS DPNQBSBÎÍP FOUSF FTUSVUVSBT TDIFNBT  6TBOEP VFKHPD FRPSDUH Ï QPTTÓWFM JEFOUJGJDBS EJGFSFOÎBT UBOUP EF EBEPT RVBOUP EF FTUSVUVSB FOUSF QSPKFUP F CBODP EF EBEPT FOUSF EPJT CBODPT EF EBEPT F FOUSF QSPKFUPT "TTJN BOUFT EF SFBMJ[BS RVBMRVFS BUVBMJ[BÎÍP Ï SFDPNFOEBEP RVF BT EJGFSFOÎBT TFKBN WBMJEBEBT DPNP UBNCÏN UPEB F RVBMRVFS BMUFSBÎÍP SFBMJ[BEB FN BNCJFOUFT DPOUSPMBEPT EFWFN TFS PSJHJOBEBT EP QSPKFUP EF CBODP EF EBEPT HBSBOUJOEP BTTJN B GPOUF ÞOJDB EF PSJHFN

 5$675($%,/,'$'( '( &Ï',*2 )217(



 $0.0 &953"*3 0 .«9*.0 %0 -"# ."/"(&.&/5 1"3" ("3"/5*3 " 26"-*%"%& %0 4&6 40'58"3& 1PS 3JDBSEP 4FSSBEBT /B FSB BUVBM KÈ Ï JOEJTDVUÓWFM RVF B RVBMJEBEF EF TPGUXBSF Ï JOEJTQFOTÈWFM QBSB QSPKFUPT F QSPEVUPT EF TVDFTTP " DPNQFUJUJWJEBEF FTUÈ DBEB WF[ NBJPS F B WFMPDJEBEF DPN RVF OPWPT QSPEVUPT TVSHFN Ï BMVDJOBOUF $PN JTTP TF P QSPEVUP OÍP GPS OP NÓOJNP FYDFMFOUF B DFSUF[B EF VN UFNQP EF WJEB DVSUP QBSB FMF Ï FNJOFOUF 7JOEP EF FODPOUSP B JTUP FTUÈ B WFMPDJEBEF EF FOUSFHB P 5JNF UP.BSLFU ² TFOTP DPNVN RVF UFTUBS FYBVTUJWBNFOUF F DPSSFUBNFOUF P TPGUXBSF OÍP Ï VNB UBSFGB USJWJBM F FYJHF VN FTGPSÎP DPOTJEFSÈWFM 4F NBM BQMJDBEP F QMBOFKBEP PT FTGPSÎPT QBSB UFTUBS P TPGUXBSF QPEFN EFNPSBS BUÏ NBJT EP RVF B QSØQSJB DPOTUSVÎÍP UJSBOEP VN QPVDP EP TFOUJEP EPT DÈMDVMPT EF QSB[P F DVTUP EP QSPKFUP 'BMBOEP VN QPVDP EF QMBOFKBNFOUP F HFTUÍP NPEFSOB EF EFTFOWPMWJNFOUP EF TPGUXBSF F MFWBOEP FN DPOTJEFSBÎÍP P DPODFJUP RVF QPEFNPT DIBNBS EF %FGJOJÎÍP EF 1SPOUP P UFTUF EF DBEB QFEBÎP EP TPGUXBSF QPEFSJB TFS QBSUF EF TVB DPOTUSVÎÍP F OÍP VNB FUBQB BQØT FMB &TUF QPOUP EF WJTUB UPSOBTF DPNQMFYP RVBOEP P TPGUXBSF WBJ DSFTDFOEP Ë NFEJEB RVF Ï DPOTUSVÓEP QPJT UFTUFT DPNP PT EF SFHSFTTÍP WÍP GJDBOEP DBEB WF[ NBJPSFT F NBJT DVTUPTPT 0 7JTVBM 4UVEJP -BC .BOBHFNFOU GPJ FMBCPSBEP QFOTBOEP FN UPEB FTUB DBEFJB EF DPNQMFYJEBEF RVF Ï HBSBOUJS B RVBMJEBEF EP TFV QSPEVUP 4FV QSJODJQBM PCKFUJWP Ï BQPJBS PT UFTUBEPSFT OB DSJBÎÍP F HFTUÍP EF BNCJFOUFT WJSUVBJT QBSB UFTUFT BMÏN BVUPNBUJ[BS BT UBSFGBT SFQFUJUJWBT EP ÉNCJUP EF RVBMJEBEF EF TPGUXBSF &N CSFWF TFSÍP

  &202 (;75$,5 2 0È;,02 '2 /$% 0$1$*(0(17 3$5$ *$5$17,5 $ 48$/,'$'( '2 6(8 62)7:$5(

BQSFTFOUBEPT NBJT EFUBMIFT TPCSF FTTF TFSWJÎP

6N DBTP SFBM EP QPEFS EB RVBMJEBEF EF TPGUXBSF )È VN FYFNQMP EF VNB TJUVBÎÍP SFBM TPCSF PT KÈ DPNVOT BQMJDBUJWPT EF UBYJ 5PEPT TBCFNPT EB WBSJFEBEF EF PQÎÜFT RVF UFNPT IPKF &OUSFUBOUP FTUB IJTUØSJB TF QBTTPV FN NFBEPT EF  F PT BQMJDBUJWPT FSBN P BTTVOUP EP NPNFOUP %PJT BQMJDBUJWPT EF UÈYJ BDBCBWBN EF TFS MBOÎBEPT F IBWJB VNB DPODPSSÐODJB GPSUF FOUSF FMFT QFMB BEFTÍP EF DMJFOUFT F UBYJTUBT 7BNPT DIBNBS PT BQMJDBUJWPT EF 5BYJ"QQ " F 5BYJ"QQ # .JOIB QSFGFSÐODJB JOJDJBM GPJ QFMP 5BYJ"QQ " QPS RVFTUÜFT EF DPNQBUJCJMJEBEF WFMPDJEBEF EP "QQ F EJTQPOJCJMJEBEF EF UBYJTUBT & UVEP JTTP GPJ TF DPOGJSNBOEP BP MPOHP EP UFNQP "T DPSSJEBT EP EJB B EJB UPSOBSBNTF NVJUP NBJT GÈDFJT EP RVF B DMÈTTJDB DIBNBEB QPS UÈYJT BUSBWÏT EF DPPQFSBUJWBT F P QBHBNFOUP QPS NFJP EF CPMFUPT EB FNQSFTB &OUSFUBOUP FN VN EJB FN RVF UJOIB VNB SFVOJÍP DSÓUJDB FN VN DMJFOUF OP FYUSFNP TVM EF 4ÍP 1BVMP F B BHFOEB FTUBWB BQFSUBEÓTTJNB P BQMJDBUJWP TPGSFV VNB BUVBMJ[BÎÍP OP QFSÓPEP EB NBOIÍ /P IPSÈSJP EB TBÓEB EP NFV FTDSJUØSJP QBSB B SFVOJÍP OÍP EFV PVUSB P BQMJDBUJWP USBWBWB F GFDIBWB EF GPSNB JOFTQFSBEB /ÍP IBWJB KFJUP EF DPOUPSOBS P QSPCMFNB $IBNBS VN UÈYJ QPS FMF UPSOPVTF JNQPTTÓWFM /BRVFMF NPNFOUP FV OÍP UJOIB P UFMFGPOF EB DPPQFSBUJWB GÈDJM 5VEP DPOTQJSPV DPOUSB 6N BNJHP RVF NF BDPNQBOIBWB QBSB B SFVOJÍP NF MFNCSPV EP 5BYJ"QQ # $PN UPEB B QSFTTB RVF UJOIB CBJYFJP EB MPKB EF BQMJDBUJWPT OB IPSB $BEBTUSFJNF F DPOTFHVJ QFEJS P UÈYJ USBORVJMBNFOUF " FYQFSJÐODJB EPT EPJT BQMJDBUJWPT BHPSB FSB CFN QBSFDJEB "T PQÎÜFT KÈ FSBN TFNFMIBOUFT F GJRVFJ TBUJTGFJUP EB NFTNB GPSNB 0  &202 (;75$,5 2 0È;,02 '2 /$% 0$1$*(0(17 3$5$ *$5$17,5 $ 48$/,'$'( '2 6(8 62)7:$5( 

HSBOEF SFDBEP EFTUB IJTUØSJB Ï RVF EFQPJT EFTUF EJB FV OVODB NBJT WPMUFJ B VTBS P 5BYJ"QQ " 4JN FV NF NBOUJWF OP BQMJDBUJWP RVF NF BUFOEFV QFMB ÞMUJNB WF[ 1BSB FV WPMUBS BP 5BYJ"QQ " UFSJB EF GJDBS BDPNQBOIBOEP QBSB DPOGFSJS TF IBWJB BMHVNB OPWB BUVBMJ[BÎÍP F DBTP BDPOUFDFTTF QSFDJTBSJB UFTUBS QBSB WFS TF P QSPCMFNB GPJ SFTPMWJEP .VJUP NBJT TJNQMFT DPOUJOVBS DPN P OPWP BQMJDBUJWP RVF KÈ FTUBWB GVODJPOBOEP &N SFTVNP P RVF TFSÈ RVF DBVTPV P DSBTI OP 5BYJ"QQ " 4FSÈ RVF BMHVN EFGFJUP GPJ JOKFUBEP OBRVFMB BUVBMJ[BÎÍP EB NBOIÍ & QPS RVF GPJ JOKFUBEP 4FSÈ RVF GBMUPV UFTUBS P BQMJDBUJWP FN VN DFOÈSJP QBSFDJEP DPN P NFV OP RVF EJ[ SFTQFJUP B IBSEXBSF F TPGUXBSF /ØT OVODB TBCFSFNPT " ÞOJDB DFSUF[B Ï EF RVF QPS VN QSPCMFNB RVF UBMWF[ UFOIB TJEP CPCP VN DMJFOUF GPJ QFSEJEP F OVODB NBJT WPMUPV & JTUP QPEF BDPOUFDFS DPN P TFV QSPEVUP $PODPSSFOUFT IPKF OÍP GBMUBN RVBOEP GBMBNPT EF TPGUXBSF 6N QBTTP FSSBEP F TFV DMJFOUF QPEF JS QBSB P DPODPSSFOUF FN VN QJTDBS EF PMIPT

0T UFTUFT EF SFHSFTTÍP 5PEP QSPGJTTJPOBM EF RVBMJEBEF EF TPGUXBSF TBCF EB OFDFTTJEBEF EPT 5FTUFT EF 3FHSFTTÍP FN DBEB FOUSFHB EF VN QSPEVUP ² QPS FMF RVF Ï QPTTÓWFM HBSBOUJS RVF B DPNQBUJCJMJEBEF GPJ NBOUJEB RVF GVODJPOBMJEBEFT QSFFYJTUFOUFT OÍP GPSBN JNQBDUBEBT QPS OPWBT JNQMFNFOUBÎÜFT F RVF EF VN NPEP HFSBM P QSPEVUP DPOUJOVB BUFOEFOEP Ë OFDFTTJEBEF EF OFHØDJP 5FTUF EF 3FHSFTTÍP FN SFTVNP TJHOJGJDB SFUFTUBS UPEP P TJTUFNB UPEB WF[ RVF FMF GPS BMUFSBEP ² OPUØSJP RVF FTUB BUJWJEBEF QPEF TFS NVJUP TJNQMFT OBT QSJNFJSBT FOUSFHBT &OUSFUBOUP UPSOBTF VN USBCBMIP NVJUP ÈSEVP F DVTUPTP BP MPOHP EB WJEB EP QSPKFUP QPEFOEP UPSOÈMB JODMVTJWF JOWJÈWFM   &202 (;75$,5 2 0È;,02 '2 /$% 0$1$*(0(17 3$5$ *$5$17,5 $ 48$/,'$'( '2 6(8 62)7:$5(

%FJYBS EF FYFDVUBS PT 5FTUFT EF 3FHSFTTÍP Ï QSBUJDBNFOUF BCSJS NÍP EB RVBMJEBEF HFSBM EP TFV QSPEVUP 5FTUBS TPNFOUF P RVF GPJ SFDÏNJNQMFNFOUBEP OÍP HBSBOUF B RVBMJEBEF HFSBM EP TPGUXBSF

7JTÍP GJOBODFJSB EPT 5FTUFT EF 3FHSFTTÍP NBOVBJT F BVUPNBUJ[BEPT &YFDVÎÍP EF 5FTUFT 3FHSFTTJWPT NBOVBMNFOUF /B UBCFMB B TFHVJS WFKB VN FYFNQMP EF DÈMDVMP EF DVTUP EPT 5FTUFT EF 3FHSFTTÍP NBOVBJT BP MPOHP EP DJDMP EF WJEB EP QSPKFUP EF  NFTFT EF EVSBÎÍP

'JHVSB  &YFNQMP EF DVTUPT EF 5FTUF EF 3FHSFTTÍP DPN UÏDOJDBT NBOVBJT

0CTFSWBÎÜFT JNQPSUBOUFT 'VODJPOBMJEBEFT 5PUBJT TJHOJGJDB B RVBOUJEBEF UPUBM EF GVODJPOBMJEBEFT FOUSFHVFT OP QSPEVUP OP EBEP NÐT &N KVOIP QPS FYFNQMP P TJTUFNB GPJ FOUSFHVF DPN  GVODJPOBMJEBEFT 1PS RVF BT )PSBT EF 5FTUF QPS 'VODJPOBMJEBEF GPSBN BVNFOUBOEP 4FHVJOEP Ë SJTDB P DPODFJUP EF 5FTUF EF 3FHSFTTÍP BP FODPOUSBSNPT VN OPWP CVH EVSBOUF VNB SPEBEB EF UFTUFT FTUF EFWF TFS SFQPSUBEP F BQØT DPSSJHJEP B SPEBEB EFWF DPNFÎBS OPWBNFOUF 5FTUBS B QBSUJS EF POEF QBSPV OÍP DBSBDUFSJ[B 5FTUF 3FHSFTTJWP

 &202 (;75$,5 2 0È;,02 '2 /$% 0$1$*(0(17 3$5$ *$5$17,5 $ 48$/,'$'( '2 6(8 62)7:$5( 

$PN JTUP Ë NFEJEB RVF P TJTUFNB WBJ DSFTDFOEP B UFOEÐODJB Ï RVF NBJT CVHT TFKBN FODPOUSBEPT F NBJT UFNQP TFKB OFDFTTÈSJP QBSB GFDIBS B FYFDVÎÍP EF VNB SPEBEB EF UFTUFT 0 $VTUP 5PUBM EB 2VBMJEBEF Ï P DÈMDVMP EB NVMUJQMJDBÎÍP FOUSF 'VODJPOBMJEBEFT 5PUBJT )PSBT EF 5FTUF QPS 'VODJPOBMJEBEF F $VTUP EB )PSB EF 5FTUF 7BMF SFTTBMUBS RVF PT PVUSPT DVTUPT PQFSBDJPOBJT DPNP DVTUP EB IPSB EP EFTFOWPMWJNFOUP BNCJFOUFT FOUSF PVUSPT OÍP FTUÍP DPOTJEFSBEPT BRVJ 1PS JTUP FTUB DPMVOB FTUÈ OPNFBEB DPNP $VTUP EB 2VBMJEBEF TPNFOUF "VUPNBÎÍP EF 5FTUFT 3FHSFTTJWPT -FWBOEP FN DPOTJEFSBÎÍP B QPTTJCJMJEBEF RVF BT GFSSBNFOUBT BUVBJT USB[FN QBSB BVUPNBÎÍP EF UFTUFT F PT DVTUPT QBSB FYFDVUBS BT BUJWJEBEFT EF 5FTUF EF 3FHSFTTÍP NBOVBMNFOUF DPNP WJNPT BOUFSJPSNFOUF UPSOBTF WJÈWFM DPOTJEFSBS USBCBMIPT EF BVUPNBÎÍP EF UFTUFT EF JOUFSGBDF QBSB RVF FTUFT WFOIBN B DPNQPS PT 5FTUFT EF 3FHSFTTÍP FN DBEB FOUSFHB 1BSB P DÈMDVMP B TFHVJS WBNPT DPOTJEFSBS B NFTNB WFMPDJEBEF EF FOUSFHB EF DBEB NÐT

'JHVSB  &YFNQMP EF DVTUPT EP 5FTUF EF 3FHSFTTÍP DPN UÏDOJDBT EF BVUPNBÎÍP

1BSB FTUF SBDJPDÓOJP Ï CPN TBMJFOUBS 'VODJPOBMJEBEFT B "VUPNBUJ[BS TÍP BT GVODJPOBMJEBEFT OPWBT EB FOUSFHB RVF BJOEB OÍP UÐN BVUPNBÎÍP   &202 (;75$,5 2 0È;,02 '2 /$% 0$1$*(0(17 3$5$ *$5$17,5 $ 48$/,'$'( '2 6(8 62)7:$5(

BTTPDJBEB 1BSB PT EFNBJT NFTFT OÍP Ï OFDFTTÈSJP BVUPNBUJ[BS P RVF KÈ GPJ FOUSFHVF &N )PSBT EF "VUPNBÎÍP QPS 'VODJPOBMJEBEF DPOTJEFSBTF RVF P FTGPSÎP JOJDJBM Ï NBJPS EP RVF VNB FYFDVÎÍP NBOVBM FN  &OUSFUBOUP BP MPOHP EP UFNQP FTUF FTGPSÎP WBJ TF FRVBMJ[BOEP DPN B FYFDVÎÍP NBOVBM EFWJEP BP RVF KÈ GPJ SFMBUBEP BOUFSJPSNFOUF "TTVNFTF RVF P $VTUP EB )PSB EF "VUPNBÎÍP Ï OBUVSBMNFOUF NBJPS RVF P DVTUP EF VNB FYFDVÎÍP NBOVBM EF UFTUF " SB[ÍP DPOTJEFSBEB GPJ EF DFSDB EF  /PUBTF VN BVNFOUP OP $VTUP 5PUBM EB 2VBMJEBEF EF KBOFJSP B KVOIP EF  1BSFDF BMUP NBT EF BDPSEP DPN P NFTNP SBDJPDÓOJP QBSB UFTUFT NBOVBJT P BVNFOUP Ï EF  "MÏN EJTTP P BVNFOUP QBSFDF NBJT MJOFBS QSFWJTÓWFM F HFSFODJÈWFM EP RVF P DVTUP UPUBM DPN UFTUFT NBOVBJT /PT FYFNQMPT BOUFSJPSNFOUF FN SFTVNP UJWFNPT VN $VTUP 5PUBM EF 2VBMJEBEF DPN 5FTUFT EF 3FHSFTTÍP NBOVBJT EF 3   1PS PVUSP MBEP P NFTNP QSPKFUP DPN FTGPSÎPT EF 5FTUFT EF 3FHSFTTÍP WPMUBEPT QBSB BVUPNBÎÍP P DVTUP GPJ EF 3   /PUBTF FOUÍP RVF QPS NFJP EB BVUPNBÎÍP EPT 5FTUFT 3FHSFTTJWPT QPEFTF HFSBS VNB FDPOPNJB EF BQSPYJNBEBNFOUF  OP DVTUP EB RVBMJEBEF EP QSPEVUP

" MPOHFWJEBEF EPT 5FTUFT 3FHSFTTJWPT BVUPNBUJ[BEPT "MÏN EP GBUPS GJOBODFJSP Ï JNQPSUBOUF UFS FN NFOUF RVF PT 5FTUFT EF 3FHSFTTÍP RVF GPSFN BVUPNBUJ[BEPT EVSBOUF P DJDMP EF EFTFOWPMWJNFOUP EP QSPEVUP TFSÍP ÞUFJT BUÏ P NPNFOUP FN RVF P QSPEVUP OÍP GPS NBJT VTBEP *TUP Ï QPTTÓWFM QPSRVF B BVUPNBÎÍP GBMBOEP EF 5FBN  &202 (;75$,5 2 0È;,02 '2 /$% 0$1$*(0(17 3$5$ *$5$17,5 $ 48$/,'$'( '2 6(8 62)7:$5( 

'PVOEBUJPO 4FSWFS F -BC .BOBHFNFOU Ï DØEJHP RVF QPEF TFS NBOUJEP F WFSTJPOBEP OP NFTNP SFQPTJUØSJP RVF P TFV QSPEVUP 1FRVFOBT NBOVUFOÎÜFT QPEFN TFS OFDFTTÈSJBT EFWJEP ËT FWPMVÎÜFT EBT GVODJPOBMJEBEFT NBT P FTGPSÎP OÍP QPEF TFS DPNQBSBEP DPN VNB OPWB FYFDVÎÍP EF UFTUFT DPNQMFUPT EF GPSNB NBOVBM $PNP FYFNQMP QPEFTF QFOTBS FN VN DFOÈSJP EF VN QSPEVUP FTUÈWFM P RVBM BQØT BMHVOT NFTFT EF FTUBCJMJEBEF FN QSPEVÎÍP QSFDJTB EF VNB NVEBOÎB SB[PÈWFM FN TFV GVODJPOBNFOUP QBSB BUFOEFS B VNB OPWB MFHJTMBÎÍP 0 DPSQP EF UFTUBEPSFT RVF USBCBMIBN OB TVTUFOUBÎÍP EP QSPEVUP KÈ OÍP Ï NBJT P NFTNP EP DJDMP EF EFTFOWPMWJNFOUP F B SPUBUJWJEBEF GF[ DPN RVF PT QPVDPT RVF TPCSBSBN DPOIFDFTTFN QPVDP EP TJTUFNB EF QPOUB B QPOUB " FYFDVÎÍP NBOVBM EPT 5FTUFT EF 3FHSFTTÍP UPSOBTF FOUÍP NVJUP BSSJTDBEB F DVTUPTB QPEFOEP MFWBS FTUB FUBQB Ë JOWJBCJMJ[BÎÍP 4F PT 5FTUFT EF 3FHSFTTÍP BVUPNBUJ[BEPT GPSFN MFWBEPT FN DPOTJEFSBÎÍP CBTUB BDPNQBOIBS TVB FYFDVÎÍP F BWBMJBS PT SFTVMUBEPT RVF QPEFN MFWBS B BMHVNBT BUJWJEBEFT FYUSBT EFWJEP B BMHVNB BOPNBMJB FODPOUSBEB 1PS ÞMUJNP Ï JNQPSUBOUF UFS FN NFOUF RVF BT BVUPNBÎÜFT DPEJGJDBEBT QBSB PT 5FTUFT EF 3FHSFTTÍP QPEFN UBNCÏN TFS SFBQSPWFJUBEBT QBSB GJOT EF NPOJUPSBNFOUP FPV 5FTUFT EF 'VNBÎB QPS FYFNQMP

0 7JTVBM 4UVEJP -BC .BOBHFNFOU $PNP GPJ QPTTÓWFM FOUFOEFS OP GJOBM EB JOUSPEVÎÍP P 7JTVBM 4UVEJP -BC .BOBHFNFOU GB[ QBSUF EB TVÓUF EF "QQMJDBUJPO -JGFDZDMF .BOBHFNFOU P 7JTVBM 4UVEJP 5FBN 'PVOEBUJPO 4FSWFS F Ï VNB GFSSBNFOUB DSJBEB QFMB .JDSPTPGU QBSB BQPJBS PT UFTUBEPSFT OB DSJBÎÍP F HFTUÍP EF BNCJFOUFT WJSUVBJT EF UFTUF 1PS FMF UPSOBTF QPTTÓWFM BVUPNBUJ[BS BT BUJWJEBEFT EF QSPWJTJPOBNFOUP EF BNCJFOUFT QSPQÓDJPT QBSB DBEB DFOÈSJP EF UFTUFT EP TPGUXBSF BMÏN EB FYFDVÎÍP   &202 (;75$,5 2 0È;,02 '2 /$% 0$1$*(0(17 3$5$ *$5$17,5 $ 48$/,'$'( '2 6(8 62)7:$5(

EP UFTUF FN TJ $PN FMF Ï QPTTÓWFM WJBCJMJ[BS P QSPWJTJPOBNFOUP EJOÉNJDP EF BNCJFOUFT PT DIBNBEPT 4$7.. &OWJSPONFOUT EF BDPSEP DPN B OFDFTTJEBEF EP NPNFOUP %FQPJT EP VTP FMF MJCFSB PT SFDVSTPT QBSB RVF QPTTBN TFS VTBEPT QBSB PVUSBT OFDFTTJEBEFT 1BSB DFOÈSJPT POEF P BNCJFOUF HFSFODJBEP QFMP -BC .BOBHFNFOU Ï P 4FSWFS4JEF FMF QFSNJUF RVF EBEPT EF EJBHOØTUJDP TFKBN GBDJMNFOUF DPMFUBEPT FORVBOUP PT UFTUFT TÍP FYFDVUBEPT EB NÈRVJOB EP QSØQSJP UFTUBEPS $PNP FYFNQMP USFDIPT EF MPHT EP 7JTVBMJ[BEPS EF &WFOUPT EP 8JOEPXT PV EBEPT EF *OUFMMJUSBDF QPEFN TFS DBQUVSBEPT 4F VN CVH Ï DSJBEP B QBSUJS EP UFTUF FN FYFDVÎÍP FTUFT EBEPT DPMIJEPT TÍP GBDJMNFOUF BOFYBEPT B FMF UPSOBOEP B EFQVSBÎÍP QPS QBSUF EP EFTFOWPMWFEPS NBJT GÈDJM F QSÈUJDB "MÏN EP VTP JOUFMJHFOUF EPT SFDVSTPT EF IBSEXBSF F TPGUXBSF P -BC .BOBHFNFOU UPSOB QPTTÓWFM UFTUBS P TPGUXBSF FN BNCJFOUFT TFNQSF MJWSFT EF RVBMRVFS GBUPS RVF QPTTB JOGMVFODJBS P SFTVMUBEP EP UFTUF *TUP Ï QPTTÓWFM QPSRVF DPNP FMF DSJB BNCJFOUFT EF UFTUF TFNQSF RVF OFDFTTÈSJP FTUF QPEF TFS CBTFBEP FN VNB JNBHFN EF TJTUFNB PQFSBDJPOBM F TPGUXBSFT QSFWJBNFOUF JOTUBMBEPT PT DIBNBEPT TOBQTIPUT VNB DBQUVSB EP TJTUFNB PQFSBDJPOBM OP FTUBEP BUVBM 0VUSB HSBOEF WBOUBHFN Ï B JOUFHSBÎÍP DPN P 5FBN 'PVOEBUJPO 4FSWFS F P 7JTVBM 4UVEJP 5FTU .BOBHFS 1PS NFJP EFMF QPEFTF DMBTTJGJDBS DBEB JNBHFN EF BNCJFOUF DPN BMHVNBT DBUFHPSJBT DPNP 4JTUFNB 0QFSBDJPOBM F TPGUXBSFT JOTUBMBEPT $PN JTUP TFNQSF RVF VN OPWP UFTUF GPS FYFDVUBEP TÍP MFWBEPT FN DPOTJEFSBÎÍP PT BNCJFOUFT OPT RVBJT BRVFMF UFTUF QSFDJTB TFS FYFDVUBEP 1PS FYFNQMP FN VN DFOÈSJP POEF P UFTUF Ï FYFDVUBEP EFOUSP EP BNCJFOUF F FTUF QSFDJTF TFS DPNQBUÓWFM DPN 8JOEPXT  8JOEPXT   &202 (;75$,5 2 0È;,02 '2 /$% 0$1$*(0(17 3$5$ *$5$17,5 $ 48$/,'$'( '2 6(8 62)7:$5( 

F *OUFSOFU &YQMPSFS  F UFNTF JNBHFOT DPN FTUFT 4JTUFNBT 0QFSBDJPOBJT F /BWFHBEPSFT P -BC .BOBHFNFOU WBJ TF FODBSSFHBS EF QSPWJTJPOBS BT NÈRVJOBT OFDFTTÈSJBT VTBOEP FTUBT JNBHFOT EJTQPOJCJMJ[BOEPBT QBSB B FYFDVÎÍP EPT UFTUFT "NCJFOUFT FTUÈUJDPT UBNCÏN QPEFN TFS HFSFODJBEPT F VTBEPT QBSB UFTUFT DPN P -BC .BOBHFNFOU *TUP RVFS EJ[FS RVF TF OÍP IPVWFS VNB JOTUBMBÎÍP EP 4ZTUFN $FOUFS 7JSUVBM .BDIJOF .BOBHFS OP BNCJFOUF NÈRVJOBT JOTUBMBEBT NBOVBMNFOUF F EFGJOJEBT DPNP BNCJFOUFT EF UFTUF QFMP UJNF QPEFN TFS HFSFODJBEBT QFMB GFSSBNFOUB F VTBEBT QBSB BVUPNBÎÍP EF UFTUFT &TUFT BNCJFOUFT TÍP DIBNBEPT EF 4UBOEBSE &OWJSPONFOUT

4$7.. &OWJSPONFOUT Y 4UBOEBSE &OWJSPONFOUT $PNP GPJ WJTUP IÈ QPVDP P -BC .BOBHFNFOU TVQPSUB USBCBMIBS DPN BNCJFOUFT EJOÉNJDPT 4$7.. PV FTUÈUJDPT 4UBOEBSE  /B UBCFMB B TFHVJS TÍP MJTUBEBT BT QSJODJQBJT EJGFSFOÎBT FOUSF PT EPJT UJQPT EF BNCJFOUF

'JHVSB  'POUF .4%/  6TJOH B -BC &OWJSPONFOU GPS :PVS "QQMJDBUJPO -JGFDZDMF IUUQTNTEONJDSPTPGUDPNFOVTMJCSBSZEEBTQY

&TUB UBCFMB Ï JNQPSUBOUF QBSB EBS B DJÐODJB EP RVF QPEF F EP RVF OÍP QPEF TFS GFJUP DPN DBEB VN EPT UJQPT EF BNCJFOUF   &202 (;75$,5 2 0È;,02 '2 /$% 0$1$*(0(17 3$5$ *$5$17,5 $ 48$/,'$'( '2 6(8 62)7:$5(

$POGJHVSBÎÍP EP -BC .BOBHFNFOU 0 QSPDFTTP EF DPOGJHVSBÎÍP EP -BC .BOBHFNFOU QBSB 4UBOEBSE &OWJSPONFOUT FOWPMWF USÐT FUBQBT B DPOGJHVSBÎÍP EP 5FBN 'PVOEBUJPO 4FSWFS B JOTUBMBÎÍP EP 5FTU $POUSPMMFS F P TFUVQ EPT 5FTU "HFOUT 7BNPT FOUFOEFS DBEB VN EFMFT 5FBN 'PVOEBUJPO 4FSWFS 0 5FBN 'PVOEBUJPO 4FSWFS DPNP QBSB UPEBT BT PVUSBT GFSSBNFOUBT EB TVÓUF EF "-. Ï P QPOUP DFOUSBM EF HFTUÍP EF GFSSBNFOUBT BNCJFOUFT F EBEPT ² OFMF RVF TF DPOFDUBN PT 5FTU $POUSPMMFST F UBNCÏN GJDBN BSNB[FOBEPT PT EBEPT EF BTTPDJBÎÍP FOUSF 1MBOPT 4VÓUFT F $BTPT EF 5FTUFT DPN BNCJFOUFT EF -BC 4F B TVB DPOGJHVSBÎÍP GPS EJSFDJPOBEB QBSB 4$7.. &OWJSPONFOUT Ï OFDFTTÈSJP RVF P 4ZTUFN $FOUFS 7JSUVBM .BDIJOF .BOBHFS "ENJOJTUSBUJPO $POTPMF TFKB JOTUBMBEP OP "QQMJDBUJPO 5JFS $BTP DPOUSÈSJP WFSFNPT Ë GSFOUF RVF CBTUB P 5FTU $POUSPMMFS TF DPOFDUBS B FMF 5FTU $POUSPMMFS &TUF DPNQPOFOUF EB JOTUBMBÎÍP Ï P SFTQPOTÈWFM QPS PSRVFTUSBS PT USBCBMIPT EP -BC .BOBHFNFOU ² FMF RVFN EJSFDJPOB PT UFTUFT B TFSFN FYFDVUBEPT QBSB PT 5FTU "HFOUT DPSSFUPT 4F DPOGJHVSBEP QBSB FYFDVÎÍP F BVUPNBÎÍP EF UFTUFT VN 5FTU $POUSPMMFS EFWF TFS BTTPDJBEP B VNB F TPNFOUF VNB 5FBN 1SPKFDU $PMMFDUJPO EP 5'4 ² BRVJ P ÞOJDP QPOUP EF BTTPDJBÎÍP FOUSF 5'4 F -BC .BOBHFNFOU RVBOEP GBMBNPT EF 4UBOEBSE &OWJSPONFOUT

 &202 (;75$,5 2 0È;,02 '2 /$% 0$1$*(0(17 3$5$ *$5$17,5 $ 48$/,'$'( '2 6(8 62)7:$5( 

5FTU "HFOU ² P IPTU SFTQPOTÈWFM QFMB FYFDVÎÍP EPT UFTUFT PV FN BNCJFOUFT 4$7.. P %FQMPZNFOU 4UBHF  P BNCJFOUF EF GBUP 4ÍP PT 5FTU "HFOUT RVF TÍP DMBTTJGJDBEPT EF BDPSEP DPN TFV 4JTUFNB 0QFSBDJPOBM #SPXTFS FOUSF PVUSPT TPGUXBSFT RVF QPEFN FTUBS JOTUBMBEPT DPNP QSÏ SFRVJTJUPT 0T 5FTU "HFOUT TÍP DPNVNFOUF QSPWJTJPOBEPT QPS NFJP EP .JDSPTPGU 5FTU .BOBHFS EVSBOUF B DPOGJHVSBÎÍP EF VN OPWP BNCJFOUF 0T 5FTU "HFOUT QPEFN TFS JOTUBMBEPT NBOVBMNFOUF F QPTUFSJPSNFOUF BEJDJPOBEPT DPNP BNCJFOUF UBNCÏN

-BC .BOBHFNFOU F PT 5FTUFT EF 3FHSFTTÍP ² QFMP -BC .BOBHFNFOU JOUFHSBEP BP 5'4 RVF Ï QPTTÓWFM BVUPNBUJ[BS PT 5FTUFT EF 3FHSFTTÍP DPEJGJDBEPT BDPNQBOIBOEP TVB FYFDVÎÍP F BOBMJTBOEP TFVT SFTVMUBEPT " SFTQPOTBCJMJEBEF EP 5FBN 'PVOEBUJPO 4FSWFS OFTUB DBEFJB Ï B EF QSPWFS SFQPTJUØSJP EF WFSTJPOBNFOUP B JOUFSGBDF QBSB BTTPDJBÎÍP FOUSF DØEJHPT BVUPNBUJ[BEPT F PT $BTPT EF 5FTUF B TFSFN BVUPNBUJ[BEPT F B FTUSVUVSB EF CVJME RVF Ï CBTJDBNFOUF B QPOUF DPN P -BC .BOBHFNFOU 0 -BC .BOBHFNFOU QPS TVB WF[ Ï SFTQPOTÈWFM QPS SFDFCFS BT SFRVJTJÎÜFT EF FYFDVÎÍP EF UFTUFT GB[ÐMBT F QSPWFS GFFECBDL EF DBEB VNB EFMBT EF WPMUB QBSB P 5FTU .BOBHFS FPV P #VJME RVF P EJTQBSPV

" JNQPSUÉODJB EP 5FBN #VJME 0 5FBN #VJME Ï VNB EBT NBJT QPEFSPTBT GFSSBNFOUBT EB TVÓUF 7JTVBM 4UVEJP QPJT Ï DBQB[ EF SFBMJ[BS NVJUBT BUJWJEBEFT QPS NFJP   &202 (;75$,5 2 0È;,02 '2 /$% 0$1$*(0(17 3$5$ *$5$17,5 $ 48$/,'$'( '2 6(8 62)7:$5(

EPT TFVT DVTUPNJ[ÈWFJT UFNQMBUFT EF #VJME /BUJWBNFOUF P CVJME QPTTVJ BMHVOT UFNQMBUFT QBESÍP 0 NBJT DPOIFDJEP EFMFT P 'HIDXOW7HPSODWH[DPO KÈ Ï DBQB[ EF DPNQJMBS UFTUBS VOJEBEFT F GB[FS BOÈMJTF FTUÈUJDB EP TFV DØEJHP " HSBOEF TBDBEB Ï P /DE'HIDXOW7HPSODWH[DPO RVF GB[ B JOUFHSBÎÍP DPN P -BC .BOBHFNFOU F UBNCÏN KÈ WFN KVOUP DPN P 5FBN #VJME #BTJDBNFOUF P RVF FTUF UFNQMBUF GB[ Ï iBNBSSBS UPEBT BT  QPOUBTw QBSB GB[FS B BVUPNBÎÍP EP 5FTUF 3FHSFTTJWP BDPOUFDFS QPJT OFMF EFGJOJNPT 2VBM CVJME TFSÈ VUJMJ[BEP QBSB HFSBS P QBDPUF EF CJOÈSJPT 2VBJT PT 5FTU 1MBOT5FTU 4VJUFT TFSÍP FYFDVUBEPT "SNB[FOB P SFTVMUBEP EB FYFDVÎÍP EPT UFTUFT 5FOEP JTUP Ï QPTTÓWFM VTBS BT DBSBDUFSÓTUJDBT EP 5FBN #VJME QBSB BVUPNBUJ[BS DPNQMFUBNFOUF TFVT 5FTUFT 3FHSFTTJWPT DPNP "HFOEBNFOUP EF CVJMET EF 5FTUFT EF 3FHSFTTÍP %JTQBSP EF VN CVJME EF 5FTUF EF 3FHSFTTÍP EF BDPSEP DPN VNB DPOEJÎÍP EF NVEBOÎBT OPT DØEJHPTGPOUF &OUSF PVUSPT 0T SFTVMUBEPT EFTUFT UFTUFT UBNCÏN QPEFN TFS WJTVBMJ[BEPT FN EFUBMIFT OB JOUFSGBDF EP 5FTU .BOBHFS 1PS DPOUB EP EJTQBSP EPT UFTUFT QFMP CVJME UPSOBTF NVJUP NBJT GÈDJM QPS FYFNQMP BOBMJTBS PT SFTVMUBEPT F TBCFS RVBM WFSTÍP GPJ UFTUBEB QPSRVF OB QSÈUJDB P QBDPUF HFSBEP OP CVJME Ï VNB WFSTÍP $PN UPEB FTUB JOUFHSBÎÍP F BT QPTTJCJMJEBEFT BOUFSJPSFT EFTDSJUBT P SBDJPOBM GJOBODFJSP BQSFTFOUBEP OB GJHVSB &YFNQMP EF DVTUPT EP 5FTUF EF 3FHSFTTÍP DPN UÏDOJDBT EF BVUPNBÎÍP UPSOBTF USBORVJMBNFOUF QPTTÓWFM F NBJT JNQPSUBOUF EF UVEP QSPGJTTJPOBMJ[B B HFTUÍP EP DBQJUBM JOUFMFDUVBM EPT QSPEVUPT EFTFOWPMWJEPT  &202 (;75$,5 2 0È;,02 '2 /$% 0$1$*(0(17 3$5$ *$5$17,5 $ 48$/,'$'( '2 6(8 62)7:$5( 

" OPWB HFSBÎÍP EP -BC .BOBHFNFOU 7BMF SFTTBMUBS RVF OP NPNFOUP FN RVF FTUF DBQÓUVMP Ï FTDSJUP VN OPWP NFDBOJTNP EF -BC .BOBHFNFOU KÈ FTUÈ FN FWPMVÎÍP P 5FTU )VC &TTF NFDBOJTNP JSÈ QFSNJUJS NBOVUFOÎÍP EPT MBCPSBUØSJPT EF UFTUF WJB FYQFSJÐODJB XFC 0 5FBN #VJME W/FYU Ï P NFDBOJTNP EF CVJME EP 5'4 UPUBMNFOUF SFQBHJOBEP SFFTDSJUP 0 RVF BOUFT WÓBNPT TFS CBTFBEP FN XPSLGMPXT 9".- BHPSB UFN VN NPUPS NVJUP NBJT FOYVUP F CBTFBEP FN +BWB4DSJQU F 1PXFS4IFMM "MÏN EJTTP P #VJME W/FYU UPSOPVTF NVMUJQMBUBGPSNB TFOEP DBQB[ EF USBCBMIBS DPN UFDOPMPHJBT DPNP J04 "OESPJE +BWB FOUSF PVUSPT %BEBT BT UFDOPMPHJBT OBT RVBJT FMF GPJ FTDSJUP B TVB DVTUPNJ[BÎÍP UPSOPVTF NVJUP NBJT GÈDJM 1BSB TBCFS NBJT TPCSF P OPWP 5FBN #VJME FTUF MJOL Ï B SFGFSÐODJB IUUQTNTEONJDSPTPGUDPNFOVT-JCSBSZWTBMN#VJMEGFBUVSF PWFSWJFX /P #VJME W/FYU OÍP IÈ OFDFTTJEBEF EF VN 5FTU $POUSPMMFS WJODVMBEP Ë 5FBN 1SPKFDU $PMMFDUJPO QBSB DFSUPT UJQPT EF UFTUFT  6NB BUJWJEBEF EF CVJME Ï DBQB[ EF GB[FS P EFQMPZ EP 5FTU "HFOU EJSFUP FN VNB NÈRVJOB F VTÈMB QBSB FYFDVUBS PT UFTUFT EFWJEBNFOUF FMFODBEPT

3&'&3³/$*"4 8IFSF EP * HFU UIF UFTU DPOUSPMMFS BOE UFTU BHFOUT IUUQTNTEONJDSPTPGUDPNFOVTMJCSBSZWTBMNUFTUUFTU NBDIJOFTJOTUBMMDPOGJHVSFUFTUBHFOUT



  &202 (;75$,5 2 0È;,02 '2 /$% 0$1$*(0(17 3$5$ *$5$17,5 $ 48$/,'$'( '2 6(8 62)7:$5(

 $0/$-64°0 5FS P TPGUXBSF FN QSPEVÎÍP DPN RVBMJEBEF Ï NVJUP JNQPSUBOUF BTTJN DPNP TBCFS JEFOUJGJDBS RVBJT BT GVODJPOBMJEBEFT FTUÍP TFOEP FOUSFHVFT OPT BNCJFOUFT EB FTUFJSB EF QSPKFUPT /FTUF DBQÓUVMP GPSBN EFNPOTUSBEBT GPSNBT EF JEFOUJGJDBS F UFS SBTUSFBCJMJEBEF FOUSF P DØEJHP RVF FTUÈ TFOEP EFTFOWPMWJEP F P RVF GPJ FOUSFHVF FN QSPEVÎÍP BMÏN EF UÏDOJDBT QBSB HBSBOUJS B RVBMJEBEF EPT FOUSFHÈWFJT 1BSUJOEP EP QSJODÓQJP EF RVF UPEB SFHSB UFN FYDFÎÍP OFN UPEBT BT SFDPNFOEBÎÜFT TÍP PCSJHBUØSJBT NBT TJN TVHFTUÜFT RVF QPEFN GVODJPOBS QBSB EFUFSNJOBEB TJUVBÎÍP PV QSPKFUP /P ÞMUJNP DBQÓUVMP EFTUF MJWSP TÍP BQSFTFOUBEBT CPBT QSÈUJDBT RVF QPEFN BKVEBS B HBSBOUJS RVBMJEBEF OP DJDMP EF WJEB OP EFTFOWPMWJNFOUP TPGUXBSF F FWJUBS QSPCMFNBT DPNVNFOUF FODPOUSBEPT

 &21&/86­2



&$3Ë78/2 

#0"4 13«5*$"4

5VEP UFN VN QBESÍP TFKB FN EFTFOWPMWJNFOUP EF TPGUXBSF HFTUÍP EF QSPKFUPT EFNBOEBT FUD .BT DPNP UFS DFSUF[B EP RVF Ï NFMIPS QBSB TFV QSPKFUP PV BUÏ NFTNP HBSBOUJS RVBJT TÍP BT NFMIPSFT GPSNBT EF FYFDVUBS BMHP .VJUBT WF[FT P RVF GVODJPOB QBSB VN QSPKFUP QPEF OÍP GVODJPOBS QBSB PVUSP EFWJEP ËT TVBT QBSUJDVMBSJEBEFT %FTTB GPSNB TÍP DSJBEPT BMHVOT QBESÜFT PV CPBT QSÈUJDBT QBSB HBSBOUJS VNB MJOIB EF QFOTBNFOUP IPNPHÐOFB FOUSF PT FOWPMWJEPT EP QSPDFTTP QBSB HBSBOUJS RVF OÍP IBWFSÈ NVJUB EJWFSHÐODJB OP RVF Ï FOUSFHVF /FTUF DBQÓUVMP TFSÍP BQSFTFOUBEBT BMHVNBT CPBT QSÈUJDBT CBTFBEBT OB FYQFSJÐODJB EPT FOHFOIFJSPT RVF MIF FTDSFWFN TPCSF DPNP NFMIPSBS B RVBMJEBEF EBT FOUSFHBT OP DJDMP EF EFTFOWPMWJNFOUP EF TPGUXBSF

 */7*45" &. 3&7*4°0 %& $»%*(0 1PS -VÓT )FOSJRVF %FNFUSJP i/ÍP UFOIP UFNQP PSÎBNFOUP PV OÍP FTUÈ OB NJOIB QSJPSJEBEF TÍP HFSBMNFOUF BT EFTDVMQBT QBSB OÍP JOWFTUJS OB SFWJTÍP EF DØEJHP EVSBOUF B GBTF EF EFTFOWPMWJNFOUP EF TPGUXBSFw 0 JEFBM Ï RVF P DJDMP EF WJEB EP EFTFOWPMWJNFOUP EF TPGUXBSF DPOUFNQMF B SFWJTÍP EF DØEJHP FN TFV DJDMP WJTBOEP BVNFOUBS B



 %2$6 35È7,&$6

RVBMJEBEF 2VBOUP BOUFT VNB GBMIB GPS JEFOUJGJDBEB NFOPS TFSÈ P DVTUP EF EFTFOWPMWJNFOUP EP QSPKFUP .:&34   "UVBMNFOUF B GFSSBNFOUB EF EFTFOWPMWJNFOUP .JDSPTPGU 7JTVBM 4UVEJP  QFSNJUF FYFDVUBS B SFWJTÍP EF DØEJHP QPS NFJP EBT SFHSBT EP .JDSPTPGU $PEF "OBMZTJT "MÏN EB FYFDVÎÍP NBOVBM UBNCÏN Ï QPTTÓWFM DPOGJHVSBS P .JDSPTPGU 5FBN 'PVOEBUJPO 4FSWFS 5'4 QBSB BVUPNBUJ[BS B FYFDVÎÍP EB SFWJTÍP EF DØEJHP EVSBOUF P CVJME " GJHVSB B TFHVJS FYJCF BT EJGFSFOUFT GPSNBT EF FYFDVUBS NBOVBMNFOUF P $PEF "OBMZTJT OP 7JTVBM 4UVEJP 

'JHVSB  %JWFSTBT GPSNBT EF FYFDVUBS P $PEF "OBMZTJT

"T QSØYJNBT TFÎÜFT EFTDSFWFN PT QSPCMFNBT NBJT DPNVOT RVF QPEFN TFS JEFOUJGJDBEPT QFMB SFWJTÍP EF DØEJHP WJB $PEF "OBMZTJT

/ÍP MJCFSBÎÍP EF SFDVSTPT &TTF Ï VN QSPCMFNB NVJUP DPNVN TFOEP PT EPJT QSJODJQBJT TJOUPNBT P DPOTVNP FYDFTTJWP EF NFNØSJB F EF DPOFYÜFT DPN P CBODP EF EBEPT 0 SFTVMUBEP BMÏN EP DPOTVNP FYDFTTJWP EF SFDVSTPT OFTTF DBTP NFNØSJB F DPOFYÜFT QPEF SFTVMUBS OP FTHPUBNFOUP EF NFNØSJB F EF DPOFYÜFT DPN P CBODP EF EBEPT 0T FSSPT NBJT DPNVOT OFTTFT DBTPT TÍP

 ,19,67$ (0 5(9,6­2 '( &Ï',*2



6\VWHP2XW2I0HPRU\([FHSWLRQ 6\VWHP,QYDOLG2SHUDWLRQ([FHSWLRQ

&TTF UJQP EF WJPMBÎÍP QPEF TFS JEFOUJGJDBEP QPS FYFNQMP BUSBWÏT EB SFHSB $" F $" "T SFHSBT DJUBEBT QSF[BN SFTQFDUJWBNFOUF RVF i0CKFUPT RVF JNQMFNFOUFN B JOUFSGBDF *%JTQPTBCMF EFWFN TFS EFTDBSUBEPTw F i%FTDBSUBS PCKFUPT BOUFT EF RVF FMFT QFSDBN P TFV FTDPQPw 0 GSBHNFOUP EF DØEJHP B TFHVJS GPSOFDF VN FYFNQMP EB WJPMBÎÍP EB SFHSB $" POEF P NÏUPEP 'LVSRVH EP PCKFUP EF DPOFYÍP OÍP Ï FYFDVUBEP BQFTBS EP PCKFUP QFSEFS P FTDPQP SULYDWH YRLG *HW'DWD ^ VWULQJ FRQQHFWLRQ6WULQJ VWULQJ(PSW\ 6TO&RQQHFWLRQ FRQQHFWLRQ QHZ 6TO&RQQHFWLRQFRQQHFWLRQ6WULQJ  FRQQHFWLRQ2SHQ  'R ZRUN KHUH `

"QFTBS EP PCKFUP EF DPOFYÍP QFSEFS P FTDPQP F FTUBS BQUP B TFS DPMFUBEP QFMP (BSCBHF $PMMFDUPS B MJCFSBÎÍP EB DPOFYÍP DPN P CBODP EF EBEPT TØ TFSÈ MJCFSBEB RVBOEP P (BSCBHF $PMMFDUPS GPS FYFDVUBEP P RVF OÍP Ï EFUFSNJOÓTUJDP 0CTFSWF QFMB GJHVSB B TFHVJS RVF B WJPMBÎÍP EFTTB SFHSB Ï JEFOUJGJDBEB EVSBOUF B DPNQJMBÎÍP EP QSPKFUP

'JHVSB  7JPMBÎÍP $" JEFOUJGJDBEB EVSBOUF B DPNQJMBÎÍP EP 1SPKFUP

5SBUBNFOUP EF FSSPT JOBEFRVBEP 0 USBUBNFOUP EF FSSPT JOBEFRVBEP QPEF SFTVMUBS OB EFHSBEBÎÍP



 ,19,67$ (0 5(9,6­2 '( &Ï',*2

EF EFTFNQFOIP F EJGJDVMUBS B SBTUSFBCJMJEBEF EBT FYDFÎÜFT 0 SFTVMUBEP Ï OP BVNFOUP EF QSPDFTTBNFOUP F FN VN NBJPS FTGPSÎP QBSB JEFOUJGJDBS B DBVTB SBJ[ EP FSSP 0 GSBHNFOUP EF DØEJHP B TFHVJS GPSOFDF VN FYFNQMP EF VN USBUBNFOUP EF FSSP JOBEFRVBEP 0CTFSWF RVF VNB OPWB FYDFÎÍP Ï HFSBEB F RVF B FYDFÎÍP PSJHJOBM OÍP Ï QBTTBEB DPNP QBSÉNFUSP 0 SFTVMUBEP Ï DPOTVNP EF QSPDFTTBNFOUP F QFSEB EB QJMIB EF FYDFÎÍP PSJHJOBM YRLG &DWFK$QG7KURZ1HZ([FHSWLRQ ^ WU\ ^ 0HWKRG  0HWKRG  0HWKRG  ` FDWFK $ULWKPHWLF([FHSWLRQ H ^ WKURZ QHZ ([FHSWLRQH0HVVDJH   9LRODWHV WKH UXOH ` `

" GJHVSB B TFHVJS FYJCF B QJMIB EF FYFDVÎÍP HFSBEB QFMB FYDFÎÍP BOUFSJPS 0CTFSWF RVF B QJMIB EF FYDFÎÍP NPTUSB RVF P FSSP PDPSSFV OP NÏUPEP &DWFK$QG7KURZ1HZ([FHSWLRQ TFOEP JNQPTTÓWFM JEFOUJGJDBS FN RVBM QBSUF EP NÏUPEP P FSSP GPJ HFSBEP

'JHVSB  1JMIB EF FYFDVÎÍP HFSBEB BUSBWÏT EP VTP EP UISPX OFX &YDFQUJPO

0 NFTNP QSPCMFNB RVBOEP B FYDFÎÍP Ï HFSBEB DPOGPSNF P GSBHNFOUP EF DØEJHP B TFHVJS YRLG &DWFK$QG5HWKURZ([SOLFLWO\ ^ WU\

 ,19,67$ (0 5(9,6­2 '( &Ï',*2



^ 0HWKRG  0HWKRG  0HWKRG  ` FDWFK $ULWKPHWLF([FHSWLRQ H ^ WKURZ H  9LRODWHV WKH UXOH ` `

1BSB TBUJTGB[FS B SFHSB P DPSSFUP Ï HFSBS B FYDFÎÍP EB TFHVJOUF GPSNB YRLG &DWFK$QG5HWKURZ,PSOLFLWO\ ^ WU\ ^ 0HWKRG  0HWKRG  0HWKRG  ` FDWFK $ULWKPHWLF([FHSWLRQ H ^ WKURZ  6DWLVILHV WKH UXOH ` `

&OUSFUBOUP DPNP OÍP FYJTUF USBUBNFOUP BMHVN OP CMPDP EF DBQUVSB EF FSSP P CMPDP WU\FDWFK OFTTF DBTP TF UPSOB EFTOFDFTTÈSJP 0 DPSSFUP TFSJB DPOGPSNF JMVTUSBEP OP GSBHNFOUP B TFHVJS YRLG 1R7U\&DWFK ^ 0HWKRG  0HWKRG  0HWKRG  `

1BSB FTTFT ÞMUJNPT EPJT FYFNQMPT P SFTVMUBEP EB QJMIB EF FYFDVÎÍP TFSJB DPOGPSNF JMVTUSBEP QFMB GJHVSB B TFHVJS 0CTFSWF RVF Ï QPTTÓWFM JEFOUJGJDBS FYBUBNFOUF POEF B FYDFÎÍP Ï HFSBEB



 ,19,67$ (0 5(9,6­2 '( &Ï',*2

'JHVSB  1JMIB EF FYFDVÎÍP DPNQMFUF

"T TFHVJOUFT SFHSBT EP $PEF "OBMZTJT TÍP SFGFSFOUFT BP USBUBNFOUP EF FYDFÎÜFT $"  *NQMFNFOUBS DPOTUSVUPSFT EF FYDFÎÍP QBESÍP IUUQTNTEONJDSPTPGUDPNFO VTMJCSBSZNTBTQY $"  "T FYDFÎÜFT EFWFN TFS QÞCMJDBT IUUQTNTEONJDSPTPGUDPNFO VTMJCSBSZCCBTQY $"  /ÍP BDJPOF FYDFÎÜFT FN MPDBJT JOFTQFSBEPT IUUQTNTEONJDSPTPGUDPNFO VTMJCSBSZCCBTQY $"  $BQUVSBS FYDFÎÜFT RVF OÍP TFKBN $-4$PNQMJBOU FN NBOJQVMBEPSFT HFSBJT IUUQTNTEONJDSPTPGUDPNFO VTMJCSBSZCCBTQY $"  0T NÏUPEPT USBOTQBSFOUFT UBMWF[ OÍP VTFN P BUSJCVUP )BOEMF1SPDFTT$PSSVQUJOH&YDFQUJPOT IUUQTNTEONJDSPTPGUDPNFO VTMJCSBSZEEBTQY $"  /ÍP BDJPOBS UJQPT EF FYDFÎÍP SFTFSWBEPT IUUQTNTEONJDSPTPGUDPNFO VTMJCSBSZNTBTQY $"  *OTUBODJBS FYDFÎÜFT EF BSHVNFOUP DPSSFUBNFOUF IUUQTNTEONJDSPTPGUDPNFO VTMJCSBSZNTBTQY  ,19,67$ (0 5(9,6­2 '( &Ï',*2



$"  /ÍP BDJPOF FYDFÎÜFT FN DMÈVTVMBT EF FYDFÎÍP IUUQTNTEONJDSPTPGUDPNFO VTMJCSBSZCCBTQY

 &7*5& " $0%*'*$"±°0 %& .²50%04 $0.1-&904 1PS -VÓT )FOSJRVF %FNFUSJP i)È VNB GVOÎÍP OB NJOIB BQMJDBÎÍP DPOIFDJEB DPNP GVOÎÍP GB[ UVEP &MB WFSJGJDB BT JOGPSNBÎÜFT EP DMJFOUF BEJDJPOB P QFEJEP OP DBSSJOIP EF DPNQSBT WBMJEB P $&1 P DBSUÍP EF DSÏEJUP FUD $PNP QPTTP NFMIPSBS NFV DØEJHP w " DSJBÎÍP EF NÏUPEPT DPNQMFYPT EJGJDVMUB P FOUFOEJNFOUP EPT QBTTPT RVF TFV BMHPSJUNP EFWF TFHVJS QBSB SFTPMWFS VN QSPCMFNB "TTJN TF UFN DPNP DPOTFRVÐODJB P BVNFOUP EP FTGPSÎP EF NBOVUFOÎÍP F EF UFTUFT EP DØEJHP F UFOEP DPNP QPTTÓWFM SFTVMUBEP P BVNFOUP OB JOTFSÎÍP EF CVHT EVSBOUFT BT NPEJGJDBÎÜFT /P MJWSP $MFBO $PEF EF 3PCFSU $ .BSUJO FMF OPT QSPQÜF RVF B QSJNFJSB SFHSB QBSB B DSJBÎÍP EF VN NÏUPEP PV GVOÎÍP Ï RVF FTUB TFKB QFRVFOB .BT P RVF QPEFNPT DPOTJEFSBS DPNP iVNB GVOÎÍP QFRVFOB w %BEB B EJGJDVMEBEF FN PCUFS UBM SFTQPTUB EF GPSNB FYBUB QPEFNPT DPMPDBS BMHVOT JUFOT B TFSFN DPOTJEFSBEPT DPNP QPS FYFNQMP P RVF P BMHPSJUNP EFWF GB[FS 0 DØEJHP QSFDJTB TFS EJWJEJEP FN PVUSBT GVOÎÜFT QBSB SFEV[JS B DPNQMFYJEBEF 0 DØEJHP Ï EF GÈDJM MFJUVSB %BEP P DFOÈSJP BOUFSJPS TF GB[ OFDFTTÈSJP FNQSFHBS GFSSBNFOUBT RVF OPT BVYJMJF EVSBOUF P QSPDFTTP EF DSJBÎÍP EF OPWPT QSPKFUPT UFOEP DPNP PCKFUJWP NBOUFS OPTTP DØEJHP TJNQMFT OP RVF EJ[ SFTQFJUP Ë DPNQMFYJEBEF BP BDPQMBNFOUP F Ë QSPGVOEJEBEF EF IFSBOÎB DPODFJUPT RVF EFCBUFSFNPT B TFHVJS



 (9,7( $ &2',),&$d­2 '( 0e72'26 &203/(;26

0 .JDSPTPGU $PEF .FUSJDT OPT GPSOFDF VNB TÏSJF EF JOEJDBEPSFT RVF OPT BKVEB B BWBMJBS PT JUFOT DJUBEPT BOUFSJPSNFOUF SFGMFUJOEP EJSFUBNFOUF OB RVBMJEBEF EP QSPEVUP GJOBM OPTTP DØEJHP

$PNQMFYJEBEF DJDMPNÈUJDB i7FKP RVF NFVT TJTUFNBT DSFTDFN F GJDBN EJGÓDFJT EF NBOUFS F UFTUBS $PNP QPTTP DSJBS TPGUXBSFT RVF QFSNJUBN UFTUFT F UFOIBN TJNQMFT NBOVUFOÎÍP w " SFTQPTUB BP RVFTUJPOBNFOUP BOUFSJPS QPEF UFS TVB SFTQPTUB EJSFDJPOBEB QPS VNB UÏDOJDB QSPQPTUB QPS 5IPNBT + .D$BCF FN TFV BSUJHP JOUJUVMBEP " DPNQMFYJUZ .FBTVSF EFGJOJOEP VNB OPWB GPSNB QBSB P DÈMDVMP EF DPNQMFYJEBEF EF BMHPSJUNPT CBTFBEB FN UFPSJB EPT HSBGPT 0 QPOUP GVOEBNFOUBM EFTUB UÏDOJDB Ï B DPOTJEFSBÎÍP EB RVBOUJEBEF EF DBNJOIPT QPTTÓWFJT RVF VN DØEJHP QPEF UFS EVSBOUF TVB FYFDVÎÍP P RVF WBJ JOGMVFODJBS EJSFUBNFOUF OP OÞNFSP EF UFTUFT OFDFTTÈSJPT QBSB UFTUBS UPEBT BT QPTTJCJMJEBEFT EF FYFDVÎÍP FN VN BMHPSJUNP 0 GSBHNFOUP EF DØEJHP B TFHVJS GPSOFDF VN FYFNQMP EB DPNQMFYJEBEF DJDMPNÈUJDB QBSB EPJT NÏUPEPT  FRPSOH[LGDGH FLFORP¡WLFD  SXEOLF YRLG 0HWKRG ^ &RQVROH:ULWH/LQH+HOOR :RUOG  `  FRPSOH[LGDGH FLFORP¡WLFD  YRLG 0HWKRGERRO FRQGLWLRQ ^ LI FRQGLWLRQ ^ &RQVROH:ULWH/LQH+HOOR :RUOG  ` `

0CTFSWF RVF P NÏUPEP 0HWKRG GB[ VTP EF VNB DPOEJDJPOBM LI RVF QPTTJCJMJUB EPJT DBNJOIPT QPTTÓWFJT EF FYFDVÎÍP &N  (9,7( $ &2',),&$d­2 '( 0e72'26 &203/(;26



EFDPSSÐODJB EJTTP FTTF NÏUPEP Ï DMBTTJGJDBEP DPNP TFOEP EF DPNQMFYJEBEF DJDMPNÈUJDB  POEF Ï OFDFTTÈSJP SFBMJ[BS EPJT UFTUFT VOJUÈSJPT QBSB DPCSJS DBEB DBNJOIP QPTTÓWFM BUSBWÏT EF VN WBMPS WFSEBEFJSP F PVUSP DPN VN WBMPS GBMTP .BT QBSB PT FYFNQMPT BOUFSJPSFT B EFUFSNJOBÎÍP EB DPNQMFYJEBEF EF BNCPT PT NÏUPEPT Ï TJNQMFT & DPNP FOEFSFÎBS BMHPSJUNPT NBJT DPNQMFYPT $PNP BVUPNBUJ[BS RVBOEP NFV DØEJHP TFS UPSOBS SB[PBWFMNFOUF FYUFOTP 0 .JDSPTPGU $PEF "OBMZTJT GFSSBNFOUB JODPSQPSBEB BP .JDSPTPGU 7JTVBM 4UVEJP QPTTVJ VN DPOKVOUP EF SFHSBT QBSB BWBMJBÎÍP EF CPBT QSÈUJDBT EF DPEJGJDBÎÍP 6NB EBT SFHSBT FYJTUFOUFT Ï B SFHSB $" RVF UFN DPNP PCKFUJWP JEFOUJGJDBS P OÓWFM EF DPNQMFYJEBEF DJDMPNÈUJDB OP DØEJHP &TUB SFHSB QSF[B RVF B DPNQMFYJEBEF DJDMPNÈUJDB EF VN NÏUPEP TFKB NFOPS EP RVF  QBSB RVF TFKB OÍP TFKB DPOTJEFSBEP EFNBTJBEBNFOUF DPNQMFYP 0CTFSWF RVF QBSB VN DØEJHP DVKB DPNQMFYJEBEF DJDMPNÈUJDB BUJOKB P MJNJUF BDFJUP OFTUB SFHSB TFSÈ OFDFTTÈSJB B JNQMFNFOUBÎÍP EF  UFTUFT VOJUÈSJPT QBSB RVF TF DVCSBN UPEPT PT QPTTÓWFJT DBNJOIPT EF FYFDVÎÍP EP GMVYP FN RVFTUÍP %FTTB GPSNB QPEFNPT EJ[FS RVF B DPNQMFYJEBEF DJDMPNÈUJDB FTUÈ EJSFUBNFOUF SFMBDJPOBEB BP FTGPSÎP FNQSFHBEP OB NBOVUFOÎÍP EP DØEJHP 0CTFSWF RVF QBSB VN DØEJHP DVKB DPNQMFYJEBEF DJDMPNÈUJDB BUJOKB P MJNJUF BDFJUP OFTUB SFHSB TFSÈ OFDFTTÈSJB B JNQMFNFOUBÎÍP EF  UFTUFT VOJUÈSJPT QBSB RVF TF DVCSBN UPEPT PT QPTTÓWFJT DBNJOIPT EF FYFDVÎÍP EP GMVYP FN RVFTUÍP %FTTB GPSNB QPEFNPT EJ[FS RVF B DPNQMFYJEBEF DJDMPNÈUJDB FTUÈ EJSFUBNFOUF SFMBDJPOBEB BP FTGPSÎP FNQSFHBEP OB NBOVUFOÎÍP EP DØEJHP 1BSB NBJPSFT EFUBMIFT TPCSF P $PEF "OBMZTJT DPOTVMUF B TFÎÍP 2VBMJEBEF EF DØEJHP OP DBQÓUVMP 

&WJUF NÏUPEPT MPOHPT "P CBTFBS VNB BOÈMJTF OB RVBOUJEBEF EF MJOIBT EJTQPTUBT FN VN 

 (9,7( $ &2',),&$d­2 '( 0e72'26 &203/(;26

NÏUPEP FTUF DÈMDVMP Ï SFBMJ[BEP QFMB MJOHVBHFN JOUFSNFEJÈSJB *-  6NB RVBOUJEBEF FMFWBEB EF DØEJHP QPEF JOEJDBS VNB TPCSFDBSHB EF SFTQPOTBCJMJEBEFT BUSJCVÓEBT BP NÏUPEP PV Ë DMBTTF $PNP DJUBEP BOUFSJPSNFOUF B SFDPNFOEBÎÍP Ï RVF UFOIBNPT NÏUPEPT PV GVOÎÜFT QFRVFOBT 4FNQSF RVF QPTTÓWFM B SFDPNFOEBÎÍP OFTTF DBTP Ï RVFCSBS P DØEJHP FN QBSUFT NFOPSFT WJTBOEP NFMIPSBS B NBOVUFOÎÍP NBT TFNQSF DPOTJEFSBOEP B MFHJCJMJEBEF EP DØEJHP (SBOEFT RVFCSBT QPEFN USB[FS EJGJDVMEBEFT EF MFJUVSB 7JB EF SFHSB PT NÏUPEPT DPN NVJUBT MJOIBT EF DØEJHP F DPN VNB BMUB DPNQMFYJEBEF DJDMPNÈUJDB UFOEFN B UFS NFOPS DPOGJBCJMJEBEF

"DPQMBNFOUP F $PFTÍP FYDFTTJWPT %VBT DBSBDUFSÓTUJDBT EFTFKBEBT OP EFTFOWPMWJNFOUP EF TPGUXBSF TÍP FTDBMBCJMJEBEF F NBOVUFOÎÍP F BNCBT FTUÍP SFMBDJPOBEBT BPT DPODFJUPT EF $PFTÍP F "DPQMBNFOUP &TUFT QSJODÓQJPT GPSBN PSJHJOBMNFOUF JOUSPEV[JEPT QPS $POTUBOUJOF F :PVSEPO FN TVB PCSB 4USVDUVSFE %FTJHO   " EFGJOJÎÍP EBEB QPS 4QPTJUP F 4BMUBSFMMP FN .JDSPTPGU /&5 

QBSB $PFTÍP Ï i$PFTÍP JOEJDB RVF VN EFUFSNJOBEP NØEVMP EF VN TPGUXBSF TFKB FMF VNB TVCSPUJOB DMBTTF PV CJCMJPUFDB QPTTVJ VN DPOKVOUP EF SFTQPOTBCJMJEBEFT RVF FTUÍP GPSUFNFOUF SFMBDJPOBEPTw 0T NFTNPT BVUPSFT TF SFGFSFN B BDPQMBNFOUP DPNP TFOEP i"DPQMBNFOUP Ï P OÓWFM EF EFQFOEÐODJB FYJTUFOUF FOUSF EPJT NØEVMPT EF VN TPGUXBSF DPNP QPS FYFNQMP EVBT DMBTTFTw 0 FMFWBEP OÓWFM EF BDPQMBNFOUP EJGJDVMUB B SFVUJMJ[BÎÍP F B NBOVUFOÎÍP EFDPSSFOUF EF TVBT NVJUBT JOUFSEFQFOEÐODJBT QBSB PVUSPT UJQPT FORVBOUP P BMUP OÓWFM EF DPFTÍP FMJNJOB TFRVÐODJBT DPNQMFYBT EF JOUFSBÎÜFT FOUSF WÈSJPT DPNQPOFOUFT QPS TFSFN  (9,7( $ &2',),&$d­2 '( 0e72'26 &203/(;26



MPHJDBNFOUF BHSVQBEBT EF GPSNB DPSSFUB /PWBNFOUF P 7JTVBM 4UVEJP QPEF TFS FNQSFHBEP QBSB WBMJEBS B RVBMJEBEF EP DØEJHP )È VNB SFHSB FTQFDÓGJDB B $" i&WJUBS BDPQMBNFOUP FYDFTTJWP EF DMBTTFTw

EP $PEF "OBMZTJT SFTQPOTÈWFM FN NFEJS P BDPQMBNFOUP EF DMBTTFT BUSBWÏT EF QBSÉNFUSPT WBSJÈWFJT MPDBJT UJQPT EF SFUPSOP DIBNBEBT EF NÏUPEP HFOÏSJDP PV NPEFMP JOTUBODJBÎÜFT DMBTTFT CBTF JNQMFNFOUBÎÜFT EF JOUFSGBDF DBNQPT EFGJOJEPT FN UJQPT FYUFSOPT F EFDPSBÎÍP BUSJCVUP 0 CBJYP BDPQMBNFOUP QPEF TFS DPORVJTUBEP QFMP VTP EBT TFHVJOUFT UÏDOJDBT 1SPHSBNBÎÍP PSJFOUBEB B JOUFSGBDFT P VTP EF JOUFSGBDFT EJNJOVJ B EFQFOEÐODJB FOUSF PT PCKFUPT 6TP EF DPNQPTJÎÍP BP JOWÏT EF IFSBOÎB BT DMBTTFT EFWFN BUJOHJS P DPNQPSUBNFOUP QPMJNØSGJDP F SFVUJMJ[BÎÍP EF DØEJHP QPS DPNQPTJÎÍP BP JOWÏT EF P GB[FS QPS NFJP EF IFSBOÎB

&WJUF P VTP FYDFTTJWP EF IFSBOÎB 0 VTP FYDFTTJWP EF IFSBOÎBT BOJOIBEBT EJGJDVMUB B NBOVUFOÎÍP F MFHJCJMJEBEF EP DØEJHP BP BVNFOUBS P BDPQMBNFOUP EP DØEJHP F EJGJDVMUBS NPEJGJDBÎÜFT VNB WF[ RVF VNB NPEJGJDBÎÍP OB DMBTTF CBTF QPEF JNQBDUBS BT DMBTTFT EFSJWBEBT 0 $PEF "OBMZTJT GPSOFDF B SFHSB $" RVF WBMJEB RVBOEP VNB DMBTTF QPTTVJ NBJT EF  OÓWFJT OB IJFSBSRVJB EF IFSBOÎB 0 GSBHNFOUP EF DØEJHP B TFHVJS NPTUSB VN FYFNQMP RVF WJPMB B SFHSB QDPHVSDFH ^ FODVV FODVV FODVV FODVV FODVV



0DLQWDLQDELOLW\/LEUDU\ %DVH&ODVV ^` )LUVW'HULYHG&ODVV  %DVH&ODVV ^` 6HFRQG'HULYHG&ODVV  )LUVW'HULYHG&ODVV ^` 7KLUG'HULYHG&ODVV  6HFRQG'HULYHG&ODVV ^` )RXUWK'HULYHG&ODVV  7KLUG'HULYHG&ODVV ^`

 (9,7( $ &2',),&$d­2 '( 0e72'26 &203/(;26

 7KLV FODVV YLRODWHV WKH UXOH FODVV )LIWK'HULYHG&ODVV  )RXUWK'HULYHG&ODVV ^` `

3&'&3³/$*"4 -JOHVBHFN JOUFSNFEJÈSJB *-

IUUQTNTEONJDSPTPGUDPNQUCSMJCSBSZ[[YUBTQY



4PGUXBSF .FUSJDT "OE 3FMJBCJMJUZ  IUUQBDBEFNJDSFTFBSDINJDSPTPGUDPN1BQFSBTQY *NQSPWJOH /&5 "QQMJDBUJPO 1FSGPSNBODF BOE 4DBMBCJMJUZ  IUUQTNTEONJDSPTPGUDPNFOVTMJCSBSZGGBTQY 3FHSB $"  CSMJCSBSZNTBTQY

IUUQTNTEONJDSPTPGUDPNQU

3FHSB $"  CSMJCSBSZCCBTQY

IUUQTNTEONJDSPTPGUDPNQU

3FHSB $"  CSMJCSBSZNTBTQY

IUUQTNTEONJDSPTPGUDPNQU

 $0.0 %&70 .& 13&1"3"3 1"3" 6. 5&45& %& $"3(" 1PS 3PESJHP (BMMB[[J -FJUF i&TTB BQMJDBÎÍP TFSÈ VUJMJ[BEB QPS QFMP NFOPT  NJM QFTTPBT EVSBOUF P IPSÈSJP DPNFSDJBM /ÍP QPEFNPT DPSSFS P SJTDP EF UFS QSPCMFNBT EF QFSGPSNBODF JTTP QPEF F WBJ BCBMBS OPTTB JNBHFN DPNP QSPWFEPSFT EFTTF TFSWJÎP $PNP QPEFNPT QSFWFS B QFSGPSNBODF EB BQMJDBÎÍP w  &202 '(92 0( 35(3$5$5 3$5$ 80 7(67( '( &$5*$"



1BSB SFTQPOEFS Ë QFSHVOUB FN EFTUBRVF FN DFOÈSJPT DPNP FTUF SFDPNFOEBTF B FYFDVÎÍP EF UFTUFT EF DBSHB F UFTUFT EF TUSFTT QBSB BGFSJS B QFSGPSNBODF EF BQMJDBÎÜFT .BT BQFTBS EF QSØYJNPT BNCPT PT UFTUFT UÐN PCKFUJWPT EJTUJOUPT VN UFTUF EF DBSHB WJTB TJNVMBS VNB DBSHB F BGFSJS P DPNQPSUBNFOUP EB BQMJDBÎÍP F EP BNCJFOUF POEF B BQMJDBÎÍP FTUÈ IPTQFEBEB FORVBOUP FN VN UFTUF EF TUSFTT P PCKFUJWP Ï BVNFOUBS B DBSHB BUÏ RVF B BQMJDBÎÍP EFJYF EF SFTQPOEFS 0T QSJNFJSPT RVFTUJPOBNFOUPT RVF EFWFNPT UFS FN NFOUF QBSB B SFBMJ[BÎÍP EF RVBMRVFS VN EFTUFT UFTUFT TÍP RVBJT TÍP PT PCKFUJWPT RVF B ÈSFB EF OFHØDJPT WJTB BUJOHJS DPN P UFTUF 2VBOUPT VTVÈSJPT TJNVMUÉOFPT NJOIB BQMJDBÎÍP UFN EF TVQPSUBS 2VBM P UFNQP EF SFTQPTUB FTQFSBEP DPN FTTF OÞNFSP EF VTVÈSJPT 2VBM P UFNQP NÈYJNP EF QSPDFTTBNFOUP EBT SFRVJTJÎÜFT $PN FTTBT QFSHVOUBT SFTQPOEJEBT QPEFNPT JS QBSB P QSØYJNP QBTTP 0 UFTUF EF DBSHB UFN DPNP PCKFUJWP TJNVMBS DBSHB TPCSF P TJTUFNB F BGFSJS DPNP B BQMJDBÎÍP SFTQPOEF B FTTB DBSHB 1PS FYFNQMP EBEB VNB FNQSFTB EF WFOEB EF JOHSFTTPT POMJOF OP EJB EB BCFSUVSB EBT WFOEBT EF VN OPWP FWFOUP B BQMJDBÎÍP UFSÈ EF TVQPSUBS VNB DBSHB EF  NJM VTVÈSJPT TJNVMUBOFBNFOUF 4VB BQMJDBÎÍP FTUÈ BQUB QBSB TVQPSUBS FTTB DBSHB &TUBSJB P TJTUFNB QSPOUP QBSB BUFOEFS FTTB EFNBOEB EF VTVÈSJPT 1BSB RVF TFKB FYFDVUBEP VN UFTUF EF DBSHB Ï OFDFTTÈSJP HSBWBS PT DFOÈSJPT EF UFTUF RVF TF EFTFKB UFTUBS &TTFT UFTUFT TFSÍP VTBEPT QBSB SFQSPEV[JS VNB PQFSBÎÍP F TJNVMBS BT SFRVJTJÎÜFT TPCSF P TJTUFNB "MÏN EPT DFOÈSJPT EF UFTUF Ï OFDFTTÈSJP WBMJEBS TF B BQMJDBÎÍP NBOUÏNTF FTUÈWFM F TF UPEBT BT TVBT EFQFOEÐODJBT GVODJPOBN DPSSFUBNFOUF DPNP QPS FYFNQMP DPNQPOFOUFT FYUFSOPT QBTUBT EF BSRVJWPT F QFSNJTTÜFT EF VTVÈSJPT 1PS FYQFSJÐODJB SFDPNFOEBTF RVF OÍP BQFOBT P UJNF SFTQPOTÈWFM QFMP QSPKFUP QBSUJDJQF EF TVB FYFDVÎÍP NBT RVF PVUSBT 

 &202 '(92 0( 35(3$5$5 3$5$ 80 7(67( '( &$5*$"

FRVJQFT EF JOGSBFTUSVUVSB UBNCÏN FTUFKBN FOWPMWJEBT JODMVJOEP BENJOJTUSBEPSFT EF CBODP EF EBEPT BOBMJTUBT EF SFEF BOBMJTUBT EF TFHVSBOÎB BENJOJTUSBEPSFT EF TFSWJEPSFT FUD "TTJN DBTP BMHVN QSPCMFNB HFSBEP QFMB DBSHB BQMJDBEB FTUFKB SFMBDJPOBEP Ë JOGSBFTUSVUVSB PT UJNFT KÈ QPEFN JEFOUJGJDÈMP F FOEFSFÎBS TVB DPSSFÎÍP 0T UFTUFT EF DBSHB F EF TUSFTT EFWFN TFS P NBJT QSØYJNP QPTTÓWFM EB SFBMJEBEF "TTJN P SFTVMUBEP PCUJEP DPN PT UFTUFT SFQSPEV[JSÈ DPN GJEFMJEBEF P DPOUFYUP RVF TFSÈ FOGSFOUBEP OPT NPNFOUPT EF NBJPS DPOTVNP EPT TJTUFNBT %FTUB GPSNB DPN P PCKFUJWP EF TJNVMBS TJUVBÎÜFT QSØYJNBT B SFBMJEBEF SFDPNFOEBNPT RVF P BNCJFOUF TPC UFTUF TFKB VNB DØQJB EP BNCJFOUF RVF IPTQFEBSÈ P TJTUFNB &TUF BNCJFOUF TF OÍP GPS P NFTNP BNCJFOUF RVF IPTQFEBSÈ B BQMJDBÎÍP EFWF DPOUFS B NFTNB DPOGJHVSBÎÍP PV TFKB NFNØSJB $16 EJTDP TJTUFNB PQFSBDJPOBM

EJTQPTJÎÍP F OÞNFSP EF TFSWJEPSFT EP BNCJFOUF EF QSPEVÎÍP "JOEB BTTJN QBSB UPSOBS P UFTUF NBJT QSØYJNP EB SFBMJEBEF QPEF TFS OFDFTTÈSJP FYFDVUBS VNB DBSHB OP CBODP EF EBEPT QBSB TJNVMBS OÍP BQFOBT B DBSHB EF BDFTTPT NBT UBNCÏN VN CBODP EF EBEPT WPMVNPTP F RVF SFQSFTFOUF B SFBMJEBEF EP TJTUFNB 1BSB JTTP EFWFTF DPOTJEFSBS B HFSBÎÍP QSÏWJB EF VNB DBSHB EF EBEPT " HFSBÎÍP EFTTB NBTTB EF EBEPT EFNBOEB UFNQP F FTQBÎP FN EJTDP ² QSVEFOUF QMBOFKÈMB DPN BOUFDFEÐODJB 0T CFOFGÓDJPT EF TF BWBMJBS UBNCÏN P CBODP EF EBEPT TÍP EFUFDUBS HBSHBMPT EF QFSGPSNBODF WFSJGJDBS TF PT ÓOEJDFT FTUÍP DPSSFUBNFOUF BQMJDBEPT F TF B JOGSBFTUSVUVSB QSPWJTJPOBEB BUFOEF Ë EFNBOEB 1BSB BWBMJBS P NPEP DPNP B BQMJDBÎÍP DPOTPNF P BNCJFOUF F DPNP Ï FYFDVUBEB DPTUVNBTF VUJMJ[BS DPOUBEPSFT EF QFSGPSNBODF 5BNCÏN TF SFDPNFOEB B JOTUSVNFOUBÎÍP EB BQMJDBÎÍP DPN DPOUBEPSFT EF QFSGPSNBODF DVTUPNJ[BEPT 0T DPOUBEPSFT EF QFSGPSNBODF JOEJDBN P NPEP DPN PT TFSWJEPSFT TÍP DPOTVNJEPT F  &202 '(92 0( 35(3$5$5 3$5$ 80 7(67( '( &$5*$"



PT DPOUBEPSFT DVTUPNJ[BEPT QPEFN TFS BEFRVBEPT BT GVODJPOBMJEBEFT EB BQMJDBÎÍP RVF QSFDJTBN TFS SBTUSFBEBT &YJTUFN EJGFSFOUFT UJQPT EF DPOUBEPSFT EF QFSGPSNBODF DBEB UJQP QPEF TFS BEFRVBEP B VNB TJUVBÎÍP F DFOÈSJP EJGFSFOUF B TFS NFEJEP OB BOÈMJTF EF QFSGPSNBODF EF VNB GVODJPOBMJEBEF EF VN TJTUFNB

3&'&3³/$*"4 $POUBEPSFT DVTUPNJ[BEPT  IUUQTNTEONJDSPTPGUDPNFO VTMJCSBSZGGBTQY

 $0.0 4*.6-"3 " $"3(" /&$&44«3*" 1"3" .*/)" "1-*$"±°0 1PS 3PESJHP (BMMB[[J -FJUF i$PNP Ï QPTTÓWFM BWBMJBS B RVBOUJEBEF EF VTVÈSJPT RVF NJOIB BQMJDBÎÍP TVQPSUB DPN QFSGPSNBODF BDFJUÈWFM ² JNQSFTDJOEÓWFM UFS FTTF OÞNFSP BOUFT EF DPMPDBSNPT B BQMJDBÎÍP FN BNCJFOUF QSPEVUJWPw )È BMHVN UFNQP FSB OFDFTTÈSJP DSJBS UPEP VN BNCJFOUF DPN BHFOUFT EF UFTUFT EFOUSP EB TVB SFEF QBSB HFSBS B DBSHB EF EBEPT OFDFTTÈSJB QBSB UFTUBS VNB BQMJDBÎÍP " DSJBÎÍP EFTUF BNCJFOUF DPN BHFOUFT EF UFTUFT FSB VN QSPDFTTP RVF DPOTVNJB NVJUP UFNQP F NVJUPT SFDVSTPT PV TFKB QFTTPBT IBSEXBSF MJDFOÎBT NÈRVJOBT  "QØT B JOUFHSBÎÍP DPN P .JDSPTPGU "[VSF P .JDSPTPGU 7JTVBM 4UVEJP UPSOPVTF VNB TPMVÎÍP DPNQMFUB QBSB FYFDVÎÍP EF UFTUFT EF DBSHB BMÏN EF UPSOBS UPEP P QSPDFTTP TJNQMFT F EF GÈDJM SFBMJ[BÎÍP *TTP QPSRVF P .JDSPTPGU "[VSF QSPWJTJPOB UPEB B JOGSBFTUSVUVSB OFDFTTÈSJB EF BHFOUFT EF UFTUF EJOBNJDBNFOUF & EB NFTNB 

 &202 6,08/$5 $ &$5*$ 1(&(66È5,$ 3$5$ 0,1+$ $3/,&$d­2"

NBOFJSB UPEB FTTB JOGSBFTUSVUVSB BP GJOBM EP UFTUF Ï EFTBMPDBEB %JBOUF EP EFTBGJP EF DSJBS BNCJFOUFT DPN BHFOUFT EF UFTUFT QBSB FYFDVÎÍP EF UFTUFT EF DBSHB FTTF UØQJDP WJTB EFNPOTUSBS DPNP Ï QPTTÓWFM DSJBS VN BNCJFOUF EF BHFOUFT EF UFTUF EJOBNJDBNFOUF OP .JDSPTPGU "[VSF " MJHBÎÍP FOUSF P TFV 7JTVBM 4UVEJP F B BMPDBÎÍP EF SFDVSTPT OP .JDSPTPGU "[VSF BDPOUFDF QPS NFJP EP 7JTVBM 4UVEJP 5FBN 4FSWJDFT 7454  ² QSFDJTP UFS VNB DPOUB OP 7454 QBSB RVF PT BHFOUFT TFKBN BMPDBEPT EJOBNJDBNFOUF QBSB B FYFDVÎÍP EP UFTUF EF DBSHB "QØT PCUJEB VNB DPOUB EF BDFTTP OP 7JTVBM 4UVEJP 5FBN 4FSWJDFT CBTUB BCSJS P 7JTVBM 4UVEJP F TF DPOFDUBS BP 7454 OB BCB 5FBN &YQMPSFS PV BCSJS VNB OPWB JOTUÉODJB EP 7JTVBM 4UVEJP QFMP XFCTJUF EP 7454 GJHVSBT B TFHVJS 

'JHVSB  ¶DPOF EF DPOFYÍP DPN P 7JTVBM 4UVEJP 5FBN &YQMPSFS

 &202 6,08/$5 $ &$5*$ 1(&(66È5,$ 3$5$ 0,1+$ $3/,&$d­2"



'JHVSB  -JOL EF BCFSUVSB EP 7JTVBM 4UVEJP FN VN QSPKFUP DSJBEP OP 7JTVBM 4UVEJP 5FBN 4FSWJDFT

%FQPJT EF DPOFDUBEP BP 7454 QBSB DSJBS VN QSPKFUP EF UFTUF Ï QSFDJTP TFMFDJPOBS VN OPWP QSPKFUP EP UJQP 8FC 1FSGPSNBODF BOE -PBE 5FTU 1SPKFDU DPNP NPTUSB B GJHVSB

'JHVSB  $SJBOEP QSPKFUP EF UFTUF OP .JDSPTPGU 7JTVBM 4UVEJP 

$PN P QSPKFUP DSJBEP WBNPT BHPSB HSBWBS OPTTP QSJNFJSP DFOÈSJP EF UFTUF PV XFCUFTU /B DSJBÎÍP EP QSPKFUP EF UFTUFT P 7JTVBM 

 &202 6,08/$5 $ &$5*$ 1(&(66È5,$ 3$5$ 0,1+$ $3/,&$d­2"

4UVEJP DSJB BVUPNBUJDBNFOUF VN XFCUFTU 1BSB HSBWBSNPT P UFTUF CBTUB DMJDBS OP CPUÍP "EJDJPOBS (SBWBÎÍP DPOGPSNF GJHVSB BEJBOUF &TTB BÎÍP GBSÈ DPN RVF P 7JTVBM 4UVEJP BCSB VN OPWP OBWFHBEPS F B DBEB JOUFSBÎÍP TVB DPN B BQMJDBÎÍP TFKB VN DMJRVF EF CPUÍP PV QSFFODIJNFOUP EF DBNQP UVEP TFSÈ HSBWBEP QFMP 7JTVBM 4UVEJP DPNP QBSUF EP TFV DFOÈSJP EF UFTUF

'JHVSB  (SBWBOEP XFCUFTU

/B GJHVSB B TFHVJS BQØT JOUFSBHJS DPN P TJTUFNB QPEFNPT WFSJGJDBS RVF UPEBT BT SFRVJTJÎÜFT Ë FTRVFSEB EFDPSSFOUFT EB OBWFHBÎÍP QFMB BQMJDBÎÍP GPSBN HSBWBEBT QBSB SFQSPEVÎÍP

'JHVSB  /BWFHBEPS HSBWBOEP DFOÈSJP EF UFTUF

"P UFSNJOBS B HSBWBÎÍP EP DFOÈSJP CBTUB QBSBS B HSBWBÎÍP  &202 6,08/$5 $ &$5*$ 1(&(66È5,$ 3$5$ 0,1+$ $3/,&$d­2"



DMJDBOEP OP CPUÍP 1BSBS OP NFOV EF HSBWBÎÍP EFOUSP EF TFV OBWFHBEPS  &TTB BÎÍP GBSÈ DPN RVF P OBWFHBEPS TFKB GFDIBEP F DPN RVF P 7JTVBM 4UVEJP DPOGJHVSF P DFOÈSJP EF UFTUF DPOGPSNF B GJHVSB

'JHVSB  $FOÈSJP EF MPHJO HSBWBEP

" GJHVSB BOUFSJPS NPTUSB P UFTUF HFSBEP FN EFUBMIFT /FTUB JNBHFN QPEFNPT WFS DBEB SFRVJTJÎÍP GFJUB QFMB BQMJDBÎÍP TFKB FMB *(7 PV 3267

DBEB QBSÉNFUSP FOWJBEP F DBEB DPNQPOFOUF EP GPSNVMÈSJP XFC 4F P UFTUF HFSBEP GPS QVSBNFOUF FYFDVUBEP FMF TFNQSF NBOUFSÈ UPEPT PT WBMPSFT VUJMJ[BEPT EVSBOUF B HSBWBÎÍP EP DFOÈSJP EF UFTUF ² QPTTÓWFM QBSBNFUSJ[BS FTTFT WBMPSFT DPOGPSNF B OFDFTTJEBEF EP TJTUFNB ² QPTTÓWFM BTTPDJBS VNB GPOUF EF EBEPT BP TJTUFNB QBSBNFUSJ[BOEP PT WBMPSFT VTBEPT EVSBOUF P UFTUF EF DBSHB " GJHVSB TFHVJOUF NPTUSB CSFWFNFOUF B TFMFÎÍP EF VNB GPOUF EF EBEPT QBSB VN UFTUF EF DBSHB DMJDBOEP OP JUFN EF NFOV %BUB 4PVSDFT



 &202 6,08/$5 $ &$5*$ 1(&(66È5,$ 3$5$ 0,1+$ $3/,&$d­2"

'JHVSB  "EJDJPOBS GPOUF EF EBEPT

"QØT BEJDJPOBS B GPOUF EF EBEPT Ï IPSB EF GB[FS P VTP EFTTFT EBEPT /PUF RVF RVBOEP JOUFSBHJNPT DPN P TJTUFNB B SFRVJTJÎÍP GFJUB GPJ HSBWBEB KVOUBNFOUF DPN TFVT QBSÉNFUSPT "P FYQBOEJSNPT PT QBSÉNFUSPT EP QPTU EP GPSNVMÈSJP QPEFNPT WFS RVF PT DBNQPT (PDLO F 3DVVZRUG UFN PT WBMPSFT WHVWH#WHVWHFRP F VHQKD SFTQFDUJWBNFOUF 7BNPT WBSJBS FTTFT WBMPSFT VUJMJ[BOEP B GPOUF EF EBEPT 1BSB GB[FS B MJHBÎÍP FOUSF B GPOUF EF EBEPT F PT QBSÉNFUSPT CBTUB DMJDBS OP DBNQP F BMUFSBS B QSPQSJFEBEF 9DOXH TFMFDJPOBS B GPOUF EF EBEPT FYQBOEJS B UBCFMB F TFMFDJPOBS P DBNQP B TFS VUJMJ[BEP DPOGPSNF B GJHVSB

 &202 6,08/$5 $ &$5*$ 1(&(66È5,$ 3$5$ 0,1+$ $3/,&$d­2"



'JHVSB  -JHBÎÍP FOUSF DBNQP F GPOUF EF EBEPT

"P TFMFDJPOBS P DBNQP P WBMPS EP QBSÉNFUSP EFWFSÈ GJDBS OP GPSNBUP JOEJDBEP OB GJHVSB

'JHVSB  "MUFSBÎÍP EP DBNQP CBTFBEP FN GPOUF EF EBEPT

%FTTB GPSNB Ï QPTTÓWFM QBSBNFUSJ[BS PT EBEPT QBTTBEPT OBT SFRVJTJÎÜFT EP XFCUFTU EF GPSNB TJNQMFT P RVF UPSOB B TJNVMBÎÍP BJOEB NBJT QSØYJNB EB SFBMJEBEF $PN P DFOÈSJP QSPOUP Ï IPSB EF DSJBS VN DPNQPOFOUF EP QSPKFUP DIBNBEP UFTUF EF DBSHB -PBE 5FTU  &TTF DPNQPOFOUF UFSÈ UPEBT BT DPOGJHVSBÎÜFT EP TFV UFTUF DPNP QPS FYFNQMP EVSBÎÍP EB FYFDVÎÍP EP UFTUF OÞNFSP EF VTVÈSJPT TJNVMUÉOFPT QPSDFOUBHFN EF EJTUSJCVJÎÍP EF DBEB DFOÈSJP EF UFTUF F P UJQP EF SFEF EPT DMJFOUFT RVF BDFTTBN B BQMJDBÎÍP 1BSB DSJBS P UFTUF EF DBSHB CBTUB DMJDBS OB TPMVÎÍP BEJDJPOBS VN OPWP JUFN QSPDVSBS QFMP UJQP EF QSPKFUP 5FTUF F TFMFDJPOBS P JUFN -PBE 5FTU &TTB BÎÍP GBSÈ DPN RVF P 7JTVBM 4UVEJP BCSB VN DPOGJHVSBEPS EP UFTUF EF DBSHB 

 &202 6,08/$5 $ &$5*$ 1(&(66È5,$ 3$5$ 0,1+$ $3/,&$d­2"

/B BCB 4DFOBSJP DPOGJHVSBSFNPT P 5IJOL UJNF &TTB WBSJÈWFM TJNVMB P UFNQP RVF P VTVÈSJP FTQFSB QBSB SFBMJ[BS BÎÜFT OB BQMJDBÎÍP QPS FYFNQMP EFQPJT EF SFBMJ[BEP P MPHJO OP TJTUFNB P VTVÈSJP MFWB DJODP TFHVOEPT QBSB WFSJGJDBS RVBM TFSÈ B QSØYJNB BÎÍP /B BQMJDBÎÍP DBEB BÎÍP QPEF HFSBS VNB SFRVJTJÎÍP 0 7JTVBM 4UVEJP TJNVMB FTTB FTQFSB FOUSF BT SFRVJTJÎÜFT P DIBNBEP i5IJOL UJNFw 1BSB OPTTP UFTUF OÍP WBNPT VUJMJ[BS FTTB DPOGJHVSBÎÍP FOUÍP TFMFDJPOBSFNPT B PQÎÍP %P OPU VTF UIJOL UJNFT DPOGPSNF B GJHVSB

'JHVSB  $POGJHVSBÎÍP EF 5IJOL 5JNF

" BCB -PBE 1BUUFSO Ï SFTQPOTÈWFM QPS DPOGJHVSBS P OÞNFSP EF VTVÈSJPT TJNVMBEPT OP UFTUF /P FYFNQMP VTBSFNPT  VTVÈSJPT TJNVMUÉOFPT DPOGPSNF WFNPT B TFHVJS

 &202 6,08/$5 $ &$5*$ 1(&(66È5,$ 3$5$ 0,1+$ $3/,&$d­2"



'JHVSB  $POGJHVSBÎÍP EF OÞNFSP EF VTVÈSJPT

" QSØYJNB BCB RVF WFSFNPT DIBNBTF 5FTU .JY /FMB Ï QPTTÓWFM TFMFDJPOBS PT DFOÈSJPT EF UFTUF F BUSJCVJS VNB QPSDFOUBHFN EF EJTUSJCVJÎÍP EF SFRVJTJÎÜFT QBSB DBEB VN EPT UFTUFT /B GJHVSB B TFHVJS UFNPT EPJT UFTUFT DPOGJHVSBEPT F B EJTUSJCVJÎÍP EFMFT Ï JHVBM B  DBEB

'JHVSB  $POGJHVSBÎÍP EF DFOÈSJPT EF UFTUF 

 &202 6,08/$5 $ &$5*$ 1(&(66È5,$ 3$5$ 0,1+$ $3/,&$d­2"

"T BCBT /FUXPSL .JY F #SPXTFS .JY TÍP SFTQPOTÈWFJT QPS DPOGJHVSBS EJGFSFOUFT UJQPT EF SFEF F EJGFSFOUFT UJQPT EF OBWFHBEPSFT SFTQFDUJWBNFOUF /ÍP Ï OFDFTTÈSJP BMUFSBS FTTBT BCBT OFTUF NPNFOUP /B BCB $PVOUFS 4FUT Ï QPTTÓWFM BEJDJPOBS DPNQVUBEPSFT F DPOUBEPSFT EF QFSGPSNBODF QBSB RVF P 7JTVBM 4UVEJP DPMFUF FTTBT JOGPSNBÎÜFT F NPTUSFBT QPTUFSJPSNFOUF OP SFMBUØSJP EP UFTUF EF DBSHB "T JOGPSNBÎÜFT EFTTB BCB QFSNBOFDFSÍP JOBMUFSBEBT /B BCB 3VO 4FUUJOHT UFNPT P UFNQP EF BRVFDJNFOUP UFNQP EF EVSBÎÍP OÞNFSP EF JUFSBÎÜFT F P JOUFSWBMP FN TFHVOEPT QBSB DBQUVSB EPT EBEPT /ÍP WBNPT BMUFSBS FTTFT WBMPSFT ² QPTTÓWFM UBNCÏN FTDPMIFS B SFHJÍP POEF B DBSHB TFSÈ HFSBEB FTTB JOGPSNBÎÍP GJDB OB BCB -PDBUJPO "QØT DMJDBS FN 'JOJTI P UFTUF EF DBSHB FTUBSÈ DPOGJHVSBEP F QSPOUP QBSB VTP 1BSB FYFDVUBS P UFTUF CBTUB DMJDBS OP CPUÍP &YFDVUBS 5FTUF DPOGPSNF GJHVSB

'JHVSB  &YFDVUBS UFTUF EF DBSHB

 &202 6,08/$5 $ &$5*$ 1(&(66È5,$ 3$5$ 0,1+$ $3/,&$d­2"



0 OPWP NPEFMP QBESÍP EF FYFDVÎÍP EF UFTUF EF DBSHB Ï P NPEFMP EF VTP EP "[VSF OP RVBM BT NÈRVJOBT F PT SFDVSTPT TÍP BMPDBEPT OB OVWFN 7BMF MFNCSBS EF RVF QBSB RVF PT BHFOUFT EF UFTUF EP "[VSF DPOTJHBN TJNVMBS TVB DBSHB TPCSF B BQMJDBÎÍP Ï QSFDJTP RVF FMB FTUFKB BDFTTÓWFM EBT NÈRVJOBT OB OVWFN " TFHVJS Ï EFNPOTUSBEP DPNP Ï FYFDVUBEP VN UFTUF EF DBSHB

'JHVSB  &YFDVUBS UFTUF EF DBSHB

"P GJOEBS B FYFDVÎÍP CBTUB GB[FS P EPXOMPBE EP SFMBUØSJP DPOGPSNF GJHVSB



 &202 6,08/$5 $ &$5*$ 1(&(66È5,$ 3$5$ 0,1+$ $3/,&$d­2"

'JHVSB  %PXOMPBE EP SFMBUØSJP

"P BCSJS P SFMBUØSJP P 7JTVBM 4UVEJP BQSFTFOUB VNB TÏSJF EF JOGPSNBÎÜFT FOUSF FMBT /ÞNFSP EF SFRVJTJÎÜFT QPS TFHVOEP /ÞNFSP EF UFTUFT QPS TFHVOEP /ÞNFSP EF UFTUFT GBMIPT 5FNQP NÏEJP EF DBEB UFTUF $POTVNP EF $16 EF DBEB BHFOUF EF DBSHB FOUSF PVUSPT "TTJN FTUF UØQJDP EFNPOTUSPV DPNP Ï QPTTÓWFM VTBS P .JDSPTPGU 7JTVBM 4UVEJP BUSFMBEP BP .JDSPTPGU "[VSF QBSB FYFDVÎÍP EF UFTUFT EF DBSHB 5SB[FOEP NBJPS JOEFQFOEÐODJB BPT UJNFT UPSOBEP P QSPDFTTP EF FYFDVÎÍP EF UFTUFT EF DBSHB NBJT OBUVSBM F BTTJN BHSFHBOEP NBJPS RVBMJEBEF BT TPMVÎÜFT FOUSFHVFT QFMPT UJNFT EF EFTFOWPMWJNFOUP  &202 6,08/$5 $ &$5*$ 1(&(66È5,$ 3$5$ 0,1+$ $3/,&$d­2"



 130'*-*/( %& "1-*$"±¿&4 /&5 1PS #SVOP EF 0MJWFJSB i0T VTVÈSJPT EB NJOIB BQMJDBÎÍP SFDMBNBN DPOTUBOUFNFOUF EB EFNPSB OP QSPDFTTBNFOUP 1SFDJTP FOUFOEFS P RVF BDPOUFDF OB FYFDVÎÍP EPT NFVT NÏUPEPT $PNP QPTTP GB[FS JTUP w %FTEF P JOÓDJP EP EFTFOWPMWJNFOUP EF VNB BQMJDBÎÍP B CVTDB QFMB FGJDÈDJB QBSB P BUFOEJNFOUP EPT SFRVJTJUPT EF OFHØDJP Ï USBUBEB DPNP QSJPSJEBEF 1PSÏN DPN B BHJMJEBEF OFDFTTÈSJB OP NVOEP BUVBM NVJUBT WF[FT UBNCÏN Ï FYJHJEB B FGJDJÐODJB EB BQMJDBÎÍP PV TFKB Ï OFDFTTÈSJP GB[FS DPN RVF B BQMJDBÎÍP FYFDVUF P RVF Ï SFRVJTJUBEP VUJMJ[BOEP PT SFDVSTPT DPNQVUBDJPOBJT EJTQPOÓWFJT o NFNØSJB $16 SFEF  EB NFMIPS GPSNB QPTTÓWFM "QFTBS EF JNQPSUBOUF Ï NVJUP DPNVN RVF B GBMUB EF FGJDJÐODJB TFKB OPUBEB BQFOBT RVBOEP B BQMJDBÎÍP FTUÈ QSPOUB F TFOEP VTBEB QFMP VTVÈSJP /FTUBT TJUVBÎÜFT Ï OFDFTTÈSJP P FOUFOEJNFOUP EF RVBJT QSPCMFNBT FTUÍP MFWBOEP Ë GBMUB EF EFTFNQFOIP EB BQMJDBÎÍP &TUB BOÈMJTF RVBOEP GFJUB NBOVBMNFOUF Ï VNB BUJWJEBEF ÈSEVB POEF OPSNBMNFOUF Ï OFDFTTÈSJP VN HSBOEF FNQFOIP F RVF OFN TFNQSF USBSÈ PT HBOIPT FTQFSBEPT 1BSB GBDJMJUBS FTUF USBCBMIP TÍP VTBEBT GFSSBNFOUBT EF QSPGJMJOH RVF TÍP DBQB[FT QPS NFJP EF EJGFSFOUFT UÏDOJDBT EF NPOJUPSBS B FYFDVÎÍP EB BQMJDBÎÍP JEFOUJGJDBOEP PT SFDVSTPT HBTUPT QPS VN NÏUPEP %FTEF B WFSTÍP  P .JDSPTPGU 7JTVBM 4UVEJP EJTQPOJCJMJ[B VN DPOKVOUP EF GFSSBNFOUBT QBSB FTUF GJN EFOPNJOBEBT 1SPGJMJOH 5PPMT &YJTUFN EJGFSFOUFT UÏDOJDBT EF DPMFUB EJTQPOÓWFJT TFOEP RVF DBEB VNB EFMBT BUFOEF B DFOÈSJPT FTQFDÓGJDPT &TUBT UÏDOJDBT TÍP "NPTUSBHFN EF $16 TBNQMJOH  QFSJPEJDBNFOUF TÍP DPMFUBEPT PT NÏUPEPT FN FYFDVÎÍP *OTUSVNFOUBÎÍP BWBMJB B RVBOUJEBEF EF DIBNBEBT B 

 352),/,1* '( $3/,&$d®(6 1(7

VNB GVOÎÍP F P TFV UFNQP DPOTVNJEP "MPDBÎÍP EF NFNØSJB DPMFUB EBEPT TPCSF B BMPDBÎÍP EF NFNØSJB /&5 $PODPSSÐODJB PCUÏN EBEPT TPCSF B DPOUFOÎÍP EF SFDVSTPT &OUSF UPEBT FTUBT UÏDOJDBT SFDPNFOEBTF RVF TFKB VUJMJ[BEB JOJDJBMNFOUF B BOÈMJTF EF BNPTUSBHFN EF $16 QPS TFS B NFOPT JOUSVTJWB P RVF TJNQMJGJDB P QSPDFTTP &TUB UÏDOJDB QFSNJUF B BWBMJBÎÍP EF RVBJT NÏUPEPT FTUÍP DPOTVNJOEP B NBJPS RVBOUJEBEF EF UFNQP $BTP TFKB FYJHJEB VNB BWBMJBÎÍP NBJT QSPGVOEB EF RVBMRVFS VN EPT NÏUPEPT EB BQMJDBÎÍP JEFOUJGJDBEPT DPNP DBOEJEBUPT B DBVTBEPSFT EP QSPCMFNB EF EFTFNQFOIP QPEFN TFS VUJMJ[BEBT BT EFNBJT UÏDOJDBT %FOUSF PT SFTVMUBEPT BQSFTFOUBEPT QFMB BOÈMJTF EFTUBDBTF QSJNFJSBNFOUF B WJTVBMJ[BÎÍP EPT DBNJOIPT DSÓUJDPT QFSDPSSJEPT QFMB BQMJDBÎÍP EFOPNJOBEP )PU 1BUI " GJHVSB B TFHVJS BQSFTFOUB VN FYFNQMP EFTUB WJTVBMJ[BÎÍP

'JHVSB  $BNJOIP DSÓUJDP EB BQMJDBÎÍP o )PU 1BUI

6NB JOGPSNBÎÍP EF HSBOEF WBMJB QBSB UPEB BOÈMJTF F DSJUÏSJP VTBEP QBSB EFUFSNJOBS P DBNJOIP DSÓUJDP TÍP PT WBMPSFT *ODMVTJWF F &YDMVTJWF 4BNQMFT RVF EFQFOEFOEP EB UÏDOJDB VTBEB OB BOÈMJTF QPEFN TFS JEFOUJGJDBEPT DPNP *ODMVTJWF F &YDMVTJWF 5JNFT *ODMVTJWF WBMPS DBMDVMBEP JODMVJOEP B FYFDVÎÍP EBT PQFSBÎÜFT iGJMIBTw  352),/,1* '( $3/,&$d®(6 1(7



&YDMVTJWF WBMPS DBMDVMBEP FYDMVTJWBNFOUF CBTFBOEP DPN BT BÎÜFT SFBMJ[BEBT QFMP NÏUPEP FN RVFTUÍP $PN FTUB WJTÍP JOJDJBM NVJUBT WF[FT Ï QPTTÓWFM JEFOUJGJDBS PT NÏUPEPT EB BQMJDBÎÍP RVF EFWFN TFS BOBMJTBEPT DPN NBJPSFT EFUBMIFT 1BSB B BOÈMJTF EFTUFT NÏUPEPT B GFSSBNFOUB QFSNJUF B WJTVBMJ[BÎÍP EPT EFUBMIFT EB GVOÎÍP DBTP PT TÓNCPMPT FTUFKBN EJTQPOÓWFJT DPOGPSNF WJTVBMJ[BNPT OB GJHVSB

'JHVSB  %FUBMIFT EB GVOÎÍP

&TUB WJTVBMJ[BÎÍP FYJCF P QFSDFOUVBM EF UFNQP HBTUP FN DBEB VN EPT QBTTPT EP NÏUPEP 1PEFTF UFS DPNP FYFNQMP PT EFUBMIFT BQSFTFOUBEPT OB GJHVSB BOUFSJPS RVF EFNPOTUSB RVF  EP UFNQP EF FYFDVÎÍP EP NÏUPEP FTUÈ TFOEP HBTUP OP NÏUPEP 'R/RQJ5XQQLQJ  "MÏN EJTTP FTUB WJTVBMJ[BÎÍP QFSNJUF B VUJMJ[BÎÍP EF UPEBT BT GVODJPOBMJEBEFT EJTQPOÓWFJT OP 7JTVBM 4UVEJP QBSB OBWFHBÎÍP EP DØEJHP $PNP BQSFTFOUBEP BOUFSJPSNFOUF DBTP BT JOGPSNBÎÜFT HFSBEBT QFMB BOÈMJTF OÍP TFKBN TVGJDJFOUFT Ï QPTTÓWFM B VUJMJ[BÎÍP EF PVUSBT UÏDOJDBT DPNP P DBTP EB JOTUSVNFOUBÎÍP &TUB UÏDOJDB JOUFSDFQUB DBEB FYFDVÎÍP F BHSFHB JOGPSNBÎÜFT DPNP OÞNFSP EF DIBNBEBT F UFNQP EF FYFDVÎÍP



 352),/,1* '( $3/,&$d®(6 1(7

'JHVSB  $BEFJB EF FYFDVÎÍP o *OTUSVNFOUBÎÍP

"MÏN EBT WJTÜFT BQSFTFOUBEBT B DPMFUB QFSNJUF P QSPGJMMJOH EB FYFDVÎÍP EF DPNBOEPT 42- JODMVTJWF QSPDFEJNFOUPT BSNB[FOBEPT SFBMJ[BEPT BUSBWÏT EP "%0/&5 &TUB DPMFUB Ï DIBNBEB EF 5JFS *OUFSBDUJPOT 1SPGJMFS PV TJNQMFTNFOUF 5*1 " GJHVSB TFHVJOUF BQSFTFOUB VN FYFNQMP EF DPMFUB SFBMJ[BEP NPOJUPSBOEP EVBT FYFDVÎÜFT SFBMJ[BEBT DPOUSB VN CBODP EF EBEPT 42- 4FSWFS

'JHVSB  5JFS *OUFSBDUJPOT

 352),/,1* '( $3/,&$d®(6 1(7



3&'&3³/$*"4 7JTVBM 4UVEJP 5FBN 4FSWJDFT 7454

 IUUQTXXXWJTVBMTUVEJPDPNHFUTUBSUFETFUVQTJHOVQGPS WJTVBMTUVEJPPOMJOF 1SPGJMJOH 5PPMT  VTMJCSBSZ[[DBTQY

IUUQTNTEONJDSPTPGUDPNFO

 $6*%"%04 "0 %&'*/*3 $0/53"504 %& 4&37*±04 1PS 5JBHP 4PD[FL i0 DPOUSBUP EFTTF TFSWJÎP QPTTVJ NVJUBT QSPQSJFEBEFT 2VBJT FV EFWP SFBMNFOUF JOGPSNBS BP DIBNBS FTTB PQFSBÎÍP $PNP GBÎP QBSB EJNJOVJS P UBNBOIP EPT QBDPUFT FOWJBEPT F SFDFCJEPT QFMP NFV TFSWJÎP w &TTFT RVFTUJPOBNFOUPT TÍP OPSNBMNFOUF FODPOUSBEPT FN DBNQP F FN NVJUPT DBTPT P QSJODJQBM NPUJWP EB EÞWJEB Ï DPOUSBUPT EF TFSWJÎPT NBM EFGJOJEPT &N VNB BSRVJUFUVSB PSJFOUBEB B TFSWJÎPT 4FSWJDF0SJFOUFE "SDIJUFDUVSF o 40"

PT DPOUSBUPT UÐN VN QBQFM GVOEBNFOUBM EF EFGJOJS GPSNBMNFOUF B JOUFSGBDF UÏDOJDB FOUSF P DPOTVNJEPS F P TFSWJÎP &TTB JOUFSGBDF EFUFSNJOB B FTUSVUVSB EPT EBEPT RVF TFSÍP FOWJBEPT F SFDFCJEPT FN DBEB PQFSBÎÍP &TUFT QPEFN TFS DIBNBEPT EF NFOTBHFN EF QFEJEP F NFOTBHFN EF SFTQPTUB SFTQFDUJWBNFOUF $PN B MBSHB BEPÎÍP EF 40" PT TFSWJÎPT TÍP VTBEPT QPS EJWFSTPT UJQPT EF DMJFOUF EFTEF VNB FNQSFTB QBSDFJSB VN TJTUFNB JOUFSOP PV BJOEB VN DPNQPOFOUF EP QSØQSJP TJTUFNB DPNP VNB JOUFSGBDF 

 &8,'$'26 $2 '(),1,5 &2175$726 '( 6(59,d26

GSPOUFOE "P EFGJOJS FTTFT DPOUSBUPT EFWFNPT MFWBS FN DPOTJEFSBÎÍP BMHVOT QPOUPT 'PSNB EF DPNVOJDBÎÍP OPSNBMNFOUF FTTFT TFSWJÎPT TÍP BDFTTBEPT QFMB SFEF QPS JTTP Ï OFDFTTÈSJB BUFOÎÍP DPN B FTDPMIB EP QSPUPDPMP EF DPNVOJDBÎÍP GPSNBUP EB NFOTBHFN F QBZMPBE UBNBOIP EF DBEB NFOTBHFN  3FMBÎÍP DPN FOUJEBEFT FYUFSOBT DPNP PT TFSWJÎPT SFQSFTFOUBN B JOUFSGBDF FOUSF P TFSWJÎP F P DMJFOUF OP RVBM NVJUBT WF[FT OÍP TF UFN UPUBM EPNÓOJP EFWFTF UPNBS DVJEBEP DPN P NPEFMP EF FWPMVÎÍP EFTTFT DPOUSBUPT DPOTJEFSBOEP B DPNQBUJCJMJEBEF WFSTJPOBNFOUP EFQSFDJBÎÍP EF PQFSBÎÜFTQSPQSJFEBEFT F B EFGJOJÎÍP EF VNB GPSNB EF DPNVOJDBÎÍP PGJDJBM EBT BMUFSBÎÜFT SFBMJ[BEBT OFTTFT DPOUSBUPT /ÓWFM EF FODBQTVMBNFOUP VNB EBT NPUJWBÎÜFT EP VTP EF TFSWJÎPT Ï P FODBQTVMBNFOUP F SFÞTP EF GVODJPOBMJEBEFT EP TJTUFNB 1BSB OÍP QFSEFS FTTFT CFOFGÓDJPT Ï FTTFODJBM FODPOUSBS P OÓWFM EF HSBOVMBSJEBEF BEFRVBEP QBSB DBEB PQFSBÎÍP 6N FYFNQMP EJTTP Ï B EFGJOJÎÍP EF VN TFSWJÎP OP QBESÍP $36% EF VNB UBCFMB EP CBODP EF EBEPT /FTTF DBTP UPEB B SFHSB OFHPDJBM TFSJB USBOTGFSJEB QBSB P DMJFOUF TBDSJGJDBOEP PT CFOFGÓDJPT F QSPNPWFOEP NÈT QSÈUJDBT DPNP EVQMJDBÎÍP EF DØEJHP -FWBOEP FN DPOTJEFSBÎÍP FTTFT QPOUPT TFHVF VN FYFNQMP EF VN DPOUSBUP NBM EFGJOJEP F TFVT QSPCMFNBT F VNB QSPQPTUB EF TPMVÎÍP DPN CBTF FN DVJEBEPT RVF EFWFN TFS UPNBEPT

 &8,'$'26 $2 '(),1,5 &2175$726 '( 6(59,d26



'JHVSB  %JBHSBNB EF DMBTTFT SFQSFTFOUBOEP P TFSWJÎP *$POUSBUP4FSWJDF

/P EJBHSBNB UFNPT P DPOUSBUP EF VN TFSWJÎP 8$' 8JOEPXT $PNNVOJDBUJPO 'PVOEBUJPO SFQSFTFOUBEP QFMB JOUFSGBDF ,&RQWUDWR6HUYLFH  &MF QPTTVJ EVBT PQFSBÎÜFT &ULDU8VXDULR F $WXDOL]DU8VXDULR RVF SFDFCFN QPS QBSÉNFUSP VN VTVÈSJP " DMBTTF 8VXDULR DPOUÏN BMÏN EF TVBT QSPQSJFEBEFT B SFMBÎÍP DPN B DMBTTF *UXSR8VXDULR  5BOUP B DMBTTF 8VXDULR DPNP B *UXSR8VXDULR TÍP FOUJEBEFT NBQFBEBT QFMP &OUJUZ 'SBNFXPSL GSBNFXPSL 03.  &TTF DPOUSBUP QPEF GVODJPOBS FN VN QSJNFJSP NPNFOUP NBT QPTTVJ BT TFHVJOUFT GBMIBT 3FBQSPWFJUBNFOUP EF DMBTTFT DPN SFTQPOTBCJMJEBEFT KÈ FTUBCFMFDJEBT Ï NVJUP DPNVN FODPOUSBS FTTF UJQP EF TJUVBÎÍP FN RVF DMBTTFT DPN SFTQPOTBCJMJEBEFT KÈ FTUBCFMFDJEBT TÍP SFVUJMJ[BEBT QBSB B EFGJOJÎÍP EF DPOUSBUPT *TTP UPSOB P DPOUSBUP BMUBNFOUF BDPQMBEP B FTTF DPOKVOUP EF DMBTTFT "TTJN RVBMRVFS BMUFSBÎÍP NFTNP VNB BMUFSBÎÍP JOUFSOB DPNP SFOPNFBS VNB DMBTTF CBTF BGFUBSÈ EJSFUBNFOUF P DPOUSBUP P RVF NVJUBT WF[FT OÍP Ï P EFTFKBEP 'BMUB EF DMBSF[B OB PCSJHBUPSJFEBEF EBT QSPQSJFEBEFT VN EFTFOWPMWFEPS BP DPOTVNJS FTTF TFSWJÎP WBJ TF QFSHVOUBS 0 RVF FV EFWP QBTTBS OP DBNQP ,G %FWP QBTTBS P WBMPS  PV FTDPMIFS VN PVUSP WBMPS & B DMBTTF *UXSR8VXDULR EFWP QSFFODIFS UPEPT PT DBNQPT 0V 

 &8,'$'26 $2 '(),1,5 &2175$726 '( 6(59,d26

BQFOBT P ,G  0QFSBÎÜFT EJTUJOUBT SFBQSPWFJUBOEP B NFTNB DMBTTF UBOUP B PQFSBÎÍP EF &ULDU8VXDULR DPNP B EF $WXDOL]DU8VXDULR SFDFCFSÈ DPNP QBSÉNFUSP B NFTNB DMBTTF EF 8VXDULR  *TTP FTUBSJB DPSSFUP TF GJ[FTTF TFOUJEP OFHPDJBM NBT OFTUF DBTP DBEB PQFSBÎÍP QSFDJTB EF VN DPOKVOUP EJGFSFOUF EF QSPQSJFEBEFT 1PS VN MBEP TFSJB FWJUBEB B EVQMJDBÎÍP EF DØEJHP NBT QPS PVUSP TBDSJGJDBSJB B FWPMVÎÍP F NBOVUFOÎÍP EP DPOUSBUP P RVF OÍP Ï P EFTFKBEP %JGJDVMEBEF FN DPOUSPMBS P QBZMPBE RVBOUP NBJT DPNQMFYBT GPSFN BT DMBTTFT VTBEBT OP DPOUSBUP NBJPS TFSÈ B EJGJDVMEBEF QBSB DPOUSPMBS P UBNBOIP EBT NFOTBHFOT 1PS FYFNQMP WÈSJBT QSPQSJFEBEFT EB DMBTTF 8VXDULR OÍP TÍP OFDFTTÈSJBT F UFNPT VN SFMBDJPOBNFOUP DPN B DMBTTF *UXSR8VXDULR FN RVF BQFOBT P ,G TFSÈ VUJMJ[BEP "MHVOT GPSNBUPT EF NFOTBHFN FNJUFN B FTUSVUVSB F P WBMPS EFGBVMU QBSB QSPQSJFEBEFT OÍP QSFFODIJEBT BVNFOUBOEP BTTJN P UBNBOIP EB NFOTBHFN GJOBM 1SPCMFNBT EF TFSJBMJ[BÎÍP TFSJBMJ[BÎÍP Ï P QSPDFTTP EF USBOTGPSNBÎÍP EF PCKFUPT FN EBEPT CJOÈSJPT PV UFYUVBJT DPNP 9.- F +40/  *TTP Ï OFDFTTÈSJP QBSB RVF FMFT TFKBN TBMWPT FN BSRVJWPT PV USBOTGFSJEPT WJB SFEF " EFTFSJBMJ[BÎÍP Ï P QSPDFTTP JOWFSTP RVF USBOTGPSNB FTTFT EBEPT FN PCKFUPT OPWBNFOUF " TFSJBMJ[BÎÍP F B EFTFSJBMJ[BÎÍP BDPOUFDFN FN UPEBT BT DIBNBEBT EF TFSWJÎP B EFGJOJÎÍP EP DPOUSBUP EJUB EJSFUBNFOUF P RVF TFSÈ TFSJBMJ[BEP F RVBOUP NBJT DPNQMFYBT BT DMBTTFT NBJT DVTUPTP TFSÈ FTTF QSPDFTTP 2VBOEP DMBTTFT TÍP SFBQSPWFJUBEBT OP DPOUSBUP DPNP  &8,'$'26 $2 '(),1,5 &2175$726 '( 6(59,d26



OP DBTP EFTDSJUP OB GJHVSB BOUFSJPS RVF BT FOUJEBEFT FTUÍP NBQFBEBT DPN P 03. BMHVOT NFDBOJTNPT QPEFN FOUSBS FN DPOGMJUP /PSNBMNFOUF GSBNFXPSLT 03. PGFSFDFN VNB GVODJPOBMJEBEF EF -B[Z -PBEJOH RVF CBTJDBNFOUF Ï B JOTUSVNFOUBÎÍP EBT DMBTTFT QBSB RVF PT EBEPT TFKBN DBSSFHBEPT TPC EFNBOEB "P SFBMJ[BS B TFSJBMJ[BÎÍP UPEBT BT QSPQSJFEBEFT TFSÍP WJTJUBEBT F JTTP EJTQBSBSÈ BDJEFOUBMNFOUF P -B[Z -PBEJOH $BTP P DPOUFYUP EP 03. OÍP FTUJWFS NBJT EJTQPOÓWFM QBSB SFBMJ[BS FTTF DBSSFHBNFOUP TFSÈ EJTQBSBEP VNB FYDFÎÍP 5BNCÏN QPEFN PDPSSFS QSPCMFNBT RVBOEP BT DMBTTFT TÍP VUJMJ[BEBT FN DFOÈSJPT NVMUJUISFBE 6N FYFNQMP EJTTP Ï RVF FORVBOUP P QSPDFTTP EF TFSJBMJ[BÎÍP JUFSB TPCSF BT DPMFÎÜFT QBSB PCUFS PT WBMPSFT PVUSB UISFBE FTUÈ NPEJGJDBOEP B NFTNB DPMFÎÍP /P /&5 TFSÈ EJTQBSBEP VNB FYDFQUJPO *OWBMJE0QFSBUJPO&YDFQUJPO $PMMFDUJPO XBT NPEJGJFE FOVNFSBUJPO PQFSBUJPO NBZ OPU FYFDVUF ² JNQPSUBOUF PCTFSWBS RVF WÈSJPT QSPCMFNBT UÐN TVB DBVTB SBJ[ P SFBQSPWFJUBNFOUP EF DMBTTFT F JTTP JOGSJOHF P QSJNFJSP QSJODÓQJP EP 40-*% 4JOHMF SFTQPOTJCJMJUZ 0QFODMPTFE -JTLPW TVCTUJUVUJPO *OUFSGBDF TFHSFHBUJPO BOE %FQFOEFODZ JOWFSTJPO  &TTFT QSJODÓQJPT EB QSPHSBNBÎÍP PSJFOUBEB B PCKFUPT GPSBN JOUSPEV[JEPT QPS 3PCFSU $ .BSUJO 6ODMF #PC OP JOÓDJP EPT BOPT  ."35*/   &N TFHVJEB B FTUSBUÏHJB EF EFGJOJÎÍP EP DPOUSBUP TFSÈ BMUFSBEB 7FKB P EJBHSBNB



 &8,'$'26 $2 '(),1,5 &2175$726 '( 6(59,d26

'JHVSB  %JBHSBNB EF DMBTTFT SFQSFTFOUBOEP P TFSWJÎP *$POUSBUP4FSWJDF

&TTB

FTUSBUÏHJB

JOTFSF EVBT OPWBT DMBTTFT &ULDU8VXDULR5HTXHVW'WR F $WXDOL]DU8VXDULR5HTXHVW'WR F &ULDU8VXDULR F BMUFSB BT PQFSBÎÜFT EP TFSWJÎP $WXDOL]DU8VXDULR BHPSB SFDFCFN DPNP QBSÉNFUSP BT DMBTTFT &ULDU8VXDULR5HTXHVW'WR F $WXDOL]DU8VXDULR5HTXHVW'WR SFTQFDUJWBNFOUF 4FHVFN EFUBMIFT EPT DVJEBEPT RVF GPSBN UPNBEPT OB EFGJOJÎÍP EB OPWB FTUSBUÏHJB $POKVOUP FYDMVTJWP EF DMBTTFT QBSB P DPOUSBUP NBOUFS VN DPOKVOUP EF DMBTTFT FYDMVTJWP QBSB P DPOUSBUP QPEF TFS USBCBMIPTP UPEBWJB Ï VN USBCBMIP RVF EFWF TFS GFJUP /P FYFNQMP GPJ VTBEP P QBESÍP %50 %BUB 5SBOTGFS 0CKFDU '08-&3 

RVF WJTB Ë DSJBÎÍP EF VNB DMBTTF FYDMVTJWB QBSB USBOTGFSÐODJB &TTB DMBTTF OÍP EFWF DPOUFS DPNQPSUBNFOUP BQFOBT BT QSPQSJFEBEFT OFDFTTÈSJBT QBSB B PQFSBÎÍP $PN FTTF DPOKVOUP FYDMVTJWP EF DMBTTFT Ï NBJT GÈDJM DPOUSPMBS RVBJT TFSÍP BT QSPQSJFEBEFT RVF TFSÍP SFDFCJEBTFOWJBEBT QFMP TFSWJÎP F JTTP UBNCÏN UPSOB P DPOUSBUP JTPMBEP EF NVEBOÎBT TFOEP RVF FMF TFSÈ BMUFSBEP TPNFOUF RVBOEP JTTP GPS GFJUP FYQMJDJUBNFOUF 6UJMJ[BS DMBTTFT FYDMVTJWBT QBSB DBEB PQFSBÎÍP FTTB FTUSBUÏHJB QPTTVJ VN %50 QBSB DBEB PQFSBÎÍP &ULDU8VXDULR F $WXDOL]DU8VXDULR  "QFTBS EP  &8,'$'26 $2 '(),1,5 &2175$726 '( 6(59,d26



DPOKVOUP EF QSPQSJFEBEFT TFS NVJUP QBSFDJEP B PQFSBÎÍP OFHPDJBM Ï EJGFSFOUF &OUÍP SFBQSPWFJUBS P NFTNP %50 QBSB BT EVBT PQFSBÎÜFT OÍP Ï VNB BCPSEBHFN DPFSFOUF QPJT UFSÈ OPWBNFOUF BMHVOT QSPCMFNBT DPNP DBNQPT OÍP QSFFODIJEPT PV EFTOFDFTTÈSJPT 2VBOEP GJ[FS TFOUJEP OFHPDJBM P NFTNP %50 QPEFSÈ TFS VUJMJ[BEP B JEFJB OÍP Ï FODPSBKBS B EVQMJDBÎÍP EF DØEJHP NBT TJN B EFGJOJÎÍP DPSSFUB EPT %50 QBSB DBEB PQFSBÎÍP &TTB FTUSBUÏHJB FYJHJSÈ OPWBT BUJWJEBEFT DPNP P NBQFBNFOUP EPT %50T QBSB BT FOUJEBEFT F WJDFWFSTB *TTP QPEF TF UPSOBS VN QPVDP USBCBMIPTP QPSÏN Ï VN QSPDFTTP TJNQMFT F EF DPOUSPMF UPUBM EP UJNF EB BQMJDBÎÍP RVF UPSOB NBJT GÈDJM B NBOVUFOÎÍP &TTFT DVJEBEPT OÍP EFWFN TFS WJTUPT DPNP VN HVJB DPNQMFUP EF EFGJOJÎÍP EF DPOUSBUPT EF TFSWJÎPT NBT DPN FMFT PT QSPCMFNBT NFODJPOBEPT TFSÍP FWJUBEPT F WPDÐ UFSÈ NBJT DPOUSPMF TPCSF P QSPDFTTP QFSNJUJOEP RVF B DBNBEB EF TFSWJÎPT EB BQMJDBÎÍP DSFTÎB EF GPSNB PSHBOJ[BEB

 #6/%-*/( & .*/*'*$"5*0/ 1PS $ISJTUJBOP %POLF i.JOIBT QÈHJOBT FTUÍP NVJUP MFOUBT QBSB DBSSFHBS UPEPT PT TDSJQUT F JTTP DPOTVNJV UPEP P NFV QBDPUF EF JOUFSOFU & BHPSB w "P TF USBCBMIBS DPN BQMJDBÎÜFT 8FC Ï DPNVN UFS QÈHJOBT GBÎBN VTP EF BSRVJWPT +BWB4DSJQU F $44 2VBOEP VNB QÈHJOB UFN NVJUPT MJOLT QBSB SFDVSTPT FYUFSOPT TFV DBSSFHBNFOUP QPEF TFS UPSOBS BMHP EFNPSBEP F DVTUPTP KÈ RVF P VTVÈSJP UFSÈ EF FTQFSBS UPEP FTTF DPOUFÞEP TFS CBJYBEP #VOEMJOH FNQBDPUBNFOUP F



 %81'/,1* ( 0,1,),&$7,21

NJOJGJDBUJPO NJOJGJDBÎÍP TÍP EVBT UÏDOJDBT JOUSPEV[JEBT OP "41/&5  QBSB NFMIPSBS P UFNQP EF DBSSFHBNFOUP EF QÈHJOBT

#VOEMJOH

#6/%-& ʊCțOEM WU WJ FNCSVMIBS FNQBDPUBS FOUSPVYBS FOGFJYBS

" NBJPSJB EPT OBWFHBEPSFT NPEFSOPT MJNJUBN P OÞNFSP EF DPOFYÜFT TJNVMUÉOFBT B VN NFTNP TFSWJEPS B  WFS -JTUB EF MJNJUFT QPS OBWFHBEPS NBJT Ë GSFOUF  *TTP TJHOJGJDB RVF FORVBOUP FTTBT  SFRVJTJÎÜFT OÍP UFSNJOBSFN BT PVUSBT GJDBSÍP FN FTQFSB OP OBWFHBEPS DPNP NPTUSB B GJHVSB

 %81'/,1* ( 0,1,),&$7,21



'JHVSB  " BCB 3FEF EP 'FSSBNFOUBT EF %FTFOWPMWFEPS EP *& NPTUSBOEP PT UFNQPT EF SFRVJTJÎÍP EF SFDVSTPT EF VNB QÈHJOB

/FTTB GJHVSB OPUBNPT RVF DBEB BSUFGBUP EB QÈHJOB DPOUÏN VNB CBSSB &TTB CBSSB EJWJEFTF FN USÐT QBSUFT TFOEP B QSJNFJSB QBSUF JOEJDBOEP P UFNQP EF FTQFSB OB GJMB EF SFRVJTJÎÜFT B TFHVOEB QBSUF DPSSFTQPOEF BP UFNQP EF FOWJP EBT SFRVJTJÎÜFT QBSB P TFSWJEPS F QPS GJN B ÞMUJNB QBSUF EFUBMIB P UFNQP EF EPXOMPBE EP JUFN



 %81'/,1* ( 0,1,),&$7,21

" GVODJPOBMJEBEF EF #VOEMJOH EP "41/&5 .7$ QFSNJUF KVOUBS EJWFSTPT BSRVJWPT FN VN ÞOJDP QBSB MJNJUBS B RVBOUJEBEF EF SFRVJTJÎÜFT BP TFSWJEPS QBSB EPXOMPBE *TTP QPEF TFS GFJUP FN $44 +BWB4DSJQUT PV DSJBS VN QSØQSJP &TUB UÏDOJDB OÍP SFEV[ P UBNBOIP EPT EBEPT USBGFHBEPT BQFOBT B RVBOUJEBEF EF BSRVJWPT

'JHVSB  " BCB 3FEF EP 'FSSBNFOUBT EF %FTFOWPMWFEPS EP *& NPTUSBOEP PT UFNQPT EF SFRVJTJÎÍP EF SFDVSTPT EF VNB QÈHJOB BQØT BQMJDBS P #VOEMJOH F .JOJGJDBUJPO

"QØT BQMJDBS P CVOEMJOH OPT +BWB4DSJQUT F $44 EB QÈHJOB EF FYFNQMP OPUBTF B SFEVÎÍP OB RVBOUJEBEF EF BSRVJWPT #VOEMJOH F EP UBNBOIP UPUBM USBOTGFSJEP .JOJGJDBUJPO 

.JOJGJDBUJPO

 %81'/,1* ( 0,1,),&$7,21



.*/*'*$"5*0/ ʊNȬOJʒGȬʊLFȬɅțO WU BUP EF EJNJOVJS SFEV[JS

.JOJGJDBÎÍP Ï P QSPDFTTP FN RVF B BQMJDBÎÍP QFSDPSSF UPEP VN TDSJQU PV $44 SFNPWFOEP UPEB QSFTFOÎB EF DPOUFÞEP OÍP OFDFTTÈSJP DPNP DPNFOUÈSJPT FTQBÎPT FYUSBT FUD "MÏN EJTTP PT OPNFT EF WBSJÈWFM UBNCÏN TÍP FODVSUBEPT 5PEP FTTF USBCBMIP QBSB EFJYBS PT BSRVJWPT NBJT FOYVUPT MPHP NBJT SÈQJEPT QBSB EPXOMPBE /ÍP FYJTUF DVTUP OFOIVNB B NBJT QBSB P +BWB4DSJQU &MF OÍP TF JNQPSUB TF B WBSJÈWFM DIBNB 6DERU'R6RUYHWH PV T  & BJOEB IÈ VN QFRVFOP HBOIP QPJT P TDSJQU PDVQBSÈ NFOPT FTQBÎP FN NFNØSJB $POTJEFSF P TFHVJOUF TDSJQU $GG$OW7R,PJ

IXQFWLRQ LPDJH7DJ$QG,PDJH,' LPDJH&RQWH[W ^

VLJQDWXUH! VXPPDU\! $GGV DQ DOW WDE WR WKH LPDJH  VXPPDU\! SDUDP QDPH LPJ(OHPHQW W\SH 6WULQJ!7KH LPDJH VHOHFWRU SDUDP! SDUDP QDPH &RQWH[W)RU,PDJH W\SH 6WULQJ!7KH LPDJH FRQWH[WSDUDP! VLJQDWXUH! YDU LPDJH(OHPHQW

LPDJH7DJ$QG,PDJH,' LPDJH&RQWH[W 

LPDJH(OHPHQWDWWU DOW  LPDJH(OHPHQWDWWU LG UHSODFH,'

 `

"QØT B NJOJGJDBÎÍP B GVOÎÍP Ï SFEV[JEB QBSB 

 %81'/,1* ( 0,1,),&$7,21

$GG$OW7R,PJ IXQFWLRQ Q W ^ YDU L LDWWULG UHSODFH,'  `

Q W  LDWWUDOW

$POUSPMBOEP P #VOEMJOH F B .JOJGJDBUJPO 5BOUP P CVOEMF RVBOUP B NJOJGBÎÍP TÍP IBCJMJUBEPT PV EFTBCJMJUBEPT EF BDPSEP DPN P WBMPS EP BUSJCVUP EFCVH OP FMFNFOUP V\VWHPZHEFRPSLODWLRQ OP :HE&RQILJ  4F P WBMPS GPS WUXH WFSEBEFJSP

PT EPJT TÍP EFTBCJMJUBEPT V\VWHPZHE! FRPSLODWLRQ GHEXJ WUXH !  /LQKDV UHPRYLGDV SDUD EUHYLGDGH V\VWHPZHE!

!

1BSB GPSÎBS DPN RVF B BQMJDBÎÍP IBCJMJUF PV OÍP B GVODJPOBMJEBEF EFGJOJOEP P WBMPS OB QSPQSJFEBEF (QDEOH2SWLPL]DWLRQV EB DMBTTF %XQGOH7DEOH  SXEOLF VWDWLF YRLG 5HJLVWHU%XQGOHV%XQGOH&ROOHFWLRQ EXQGOHV ^ EXQGOHV$GGQHZ 6FULSW%XQGOHaEXQGOHVMTXHU\ ,QFOXGH a6FULSWVMTXHU\ ^YHUVLRQ`MV   &³GLJR UHPRYLGR SDUD EUHYLGDGH %XQGOH7DEOH(QDEOH2SWLPL]DWLRQV WUXH

-JTUB EF MJNJUFT QPS OBWFHBEPS

"T EFGJOJÎÜFT TÍP $POFYÜFT QPS TFSWJEPS RVBOEP P )551 GPJ

 %81'/,1* ( 0,1,),&$7,21



MBOÎBEP DPN DPOFYÜFT QFSTJTUFOUFT IBCJMJUBEBT QPS QBESÍP B SFDPNFOEBÎÍP FSB RVF PT OBWFHBEPSFT BCSJTTFN BQFOBT  DPOFYÜFT QPS TFSWJEPS 1ÈHJOBT RVF UJOIBN  PV  SFDVSTPT TFSWJEPS QPS BQFOBT  TFSWJEPS DBSSFHBWBN MFOUBNFOUF QPJT FTTFT SFDVSTP FSBN CBJYBEPT EPJTBEPJT $PN P UFNQP PT OBWFHBEPSFT BVNFOUBSBN FTTF MJNJUF -JNJUF EF DPOFYÜFT FTUF MJNJUF GB[ SFGFSÐODJB BP NÈYJNP EF DPOFYÜFT RVF VN OBWFHBEPS QPEF BCSJS QBSB UPEBT BT SFRVJTJÎÜFT 0 MJNJUF TVQFSJPS Ï  FOUÍP NFTNP RVF VN OBWFHBEPS DPOTJHB NBJT WBJ BQBSFDFS BQFOBT  %PXOMPBET FN QBSBMFMP BMHVOT OBWFHBEPSFT RVBOEP DPNFÎBN B CBJYBS BSRVJWPT FYUFSOPT FMFT BHVBSEBN BUÏ P EPXOMPBE UFSNJOBS TFS BOBMJTBEP F FYFDVUBEP BOUFT EF DPNFÎBS P QSØYJNP TDSJQU &NCPSB B PSEFN EF BOÈMJTF F FYFDVÎÍP EPT TDSJQUT TFKB JNQPSUBOUF QPS DBVTB EF TVBT EFQFOEÐODJBT PT EPXOMPBET QPEFN TFS FN QBSBMFMP $BEB JUFN WBMJEB P EPXOMPBE FN QBSBMFMP EPT JUFOT JOEJDBEPT

 -65"/%0 $0/53" "-5&3"±¿&4 */"%7&35*%"4 /0 1-"/&+".&/50 1PS 5IJBHP $BNBSHPT -PQFT 2VBOEP TF BEPUBN NFUPEPMPHJBT ÈHFJT WBMPSJ[BTF i4PGUXBSF FN GVODJPOBNFOUP NBJT RVF EPDVNFOUBÎÍP BCSBOHFOUFw ² DPNVN FOUÍP RVF P QMBOFKBNFOUP EB FRVJQF TF UPSOF QBSUF EB EPDVNFOUBÎÍP EP TJTUFNB 0 5'4 5FBN 'PVOEBUJPO 4FSWFS

GBDJMJUB P QMBOFKBNFOUP EF FRVJQFT RVF TF QSPQÜF B TFSFN ÈHFJT GBDJMJUBOEP B JOTFSÎÍP FEJÎÍP F FYDMVTÍP EF JUFOT EF USBCBMIP 1FMP



 /87$1'2 &2175$ $/7(5$d®(6 ,1$'9(57,'$6 12 3/$1(-$0(172

5'4 Ï QPTTÓWFM EFGJOJS QFSNJTTÜFT RVF DPOUSPMBN RVBJT BÎÜFT DBEB NFNCSP EB FRVJQF QPEF SFBMJ[BS FN VN EFUFSNJOBEP QMBOFKBNFOUP

1FSNJTTÜFT QBSB FRVJQFT ÈHFJT NBJT PV NFOPT "P JOJDJBS P EFTFOWPMWJNFOUP EF TPGUXBSF VTBOEP P 5'4 QPEF TF EFGJOJS VN DPOKVOUP EF QFSNJTTÜFT QBSB DBEB FOWPMWJEP OP EFTFOWPMWJNFOUP EBRVFMF TJTUFNB ² SFDPNFOEBEP RVF FRVJQFT ÈHFJT BEPUFN VNB BCPSEBHFN NFOPT SFTUSJUJWB OP DPOKVOUP EF QFSNJTTÜFT &N VN BNCJFOUF DPN NVJUBT SFTUSJÎÜFT Ï OFDFTTÈSJP EFGJOJS VNB PV NBJT QFTTPBT QBSB SFBMJ[BS UBSFGBT PQFSBDJPOBJT RVF PT EFTFOWPMWFEPSFT OÍP UÐN DPNP GB[FS "T GSBTFT TFHVJOUFT TF UPSOBN DPNVOT i1SFDJTP RVF DSJF VNB OPWB ÈSFB QBSB VNB GVODJPOBMJEBEFw i1SFDJTP RVF DSJF VNB OPWB JUFSBÎÍP QBSB B QSØYJNB 4QSJOUw i'BMUBSFJ VN EJB OFTTB 4QSJOU QSFDJTP RVF BMUFSF B DBQBDJEBEF EF USBCBMIP EFGJOJEB QBSB NJNw i7PV JOJDJBS P EFTFOWPMWJNFOUP EF VNB OPWB GVODJPOBMJEBEF 'BÎB VN CSBODI QBSB NJNw i"DBCFJ P EFTFOWPMWJNFOUP 1SFDJTP RVF GBÎB P NFSHF DPN P DØEJHP EB FOUSFHB EP NÐT QBTTBEPw 0 QSPDFTTP FN RVF QPVDBT QFTTPBT GJDBN SFTQPOTÈWFJT QFMB FYFDVÎÍP EFTTBT UBSFGBT PQFSBDJPOBJT DSJB VNB OPWB DBNBEB EF HFSFODJBNFOUP *TTP WBJ DPOUSB B BHJMJEBEF i*OEJWÓEVPT F JOUFSBÎÜFT NBJT RVF QSPDFTTPT F GFSSBNFOUBTw  *TTP HFSB EFTQFSEÓDJPT 1PEF JNQBDUBS FN QFMP NFOPT  UJQPT EF EFTQFSEÓDJP EFTDSJUPT QFMPT 1PQQFOEJFDLT 1BSUJBMMZ

%POF

8PSL

5SBCBMIP

QBSDJBMNFOUF

 /87$1'2 &2175$ $/7(5$d®(6 ,1$'9(57,'$6 12 3/$1(-$0(172



GJOBMJ[BEP

&YUSB 'FBUVSFT 'VODJPOBMJEBEFT FYUSBT

3FMFBSOJOH 3FBQSFOEJ[BHFN

)BOEPGGT 5SBOTGFSÐODJB

%FMBZT &TQFSB

5BTL 4XJUDIJOH 5SPDB EF UBSFGBT

%FGFDUT %FGFJUPT

$PNP NBOUFS P DPOUSPMF TFN MJNJUBS BT QFSNJTTÜFT /P 5'4 JOGPSNBÎÜFT TPCSF UPEBT BT PQFSBÎÜFT TÍP HSBWBEBT &TTBT JOGPSNBÎÜFT QFSNJUFN RVF TFKB QPTTÓWFM BVEJUBS F EFTDPCSJS iRVFNw iDPNPw iPOEFw F iRVBOEPw GPSBN SFBMJ[BEBT EFUFSNJOBEBT PQFSBÎÜFT 1FSNJUFTF RVF UPEPT QPTTBN FYFDVUBS UPEBT BT PQFSBÎÜFT OFDFTTÈSJBT QBSB TFV USBCBMIP F BVEJUBTF P RVF GPS OFDFTTÈSJP &TTBT JOGPSNBÎÜFT FTUÍP HSBWBEBT FN EPJT MVHBSFT 5BCFMBT EP 42- 4FSWFS HVBSEBN QPS VN UFNQP EFGJOJEP NFUBEBEPT TPCSF UPEBT BT PQFSBÎÜFT FYFDVUBEBT OP 5'4 &YJTUF VNB JOUFSGBDF XFC EJTQPOÓWFM QBSB DPOTVMUBS BT PQFSBÎÜFT -PHT EP **4 BT SFRVJTJÎÜFT EF PQFSBÎÜFT QPEFN TFS TBMWBT OP MPH EP **4 EBEP RVF P **4 Ï VTBEP QFMB DBNBEB EF BQMJDBÎÍP BQQMJDBUJPO UJFS EP 5'4 "EJBOUF TFSÍP BQSFTFOUBEBT EVBT NBOFJSBT EF TF BVEJUBS BT PQFSBÎÜFT FYFDVUBEBT

$FOÈSJP EF FYFNQMP &N VNB TFHVOEBGFJSB EF NBOIÍ BP JOJDJBS P USBCBMIP EB TFNBOB VN EFTFOWPMWFEPS BCSF B MJTUB EF UBSFGBT EP QSPKFUP QBSB MPDBMJ[BS B QSØYJNB UBSFGB B TFS GFJUB 1PSÏN B DPOTVMUB SFUPSOB NBJT 

 /87$1'2 &2175$ $/7(5$d®(6 ,1$'9(57,'$6 12 3/$1(-$0(172

EF  JUFOT %PT JUFOT SFUPSOBEPT P EFTFOWPMWFEPS WFSJGJDB RVF IÈ UBSFGBT EF WÈSJPT QSPKFUPT 5PEPT FTTFT JUFOT FTUÍP DPN P DBNQP "SFB 1BUI EFGJOJEPT DPNP B SBJ[ F BT TVCÈSFBT OÍP FYJTUFN NBJT /B TFYUBGFJSB Ë OPJUF PT WBMPSFT BJOEB FYJTUJBN 1PSUBOUP BT TVCÈSFBT GPSBN FYDMVÓEBT EVSBOUF P GJOBM EF TFNBOB 2VFN GPJ " GPSNB TJNQMFT Ï  "DFTTBS P "DUJWJUZ -PH WJB JOUFSGBDF XFC  &YQPSUBS P DPOUFÞEP QBSB VN BSRVJWP $47  -PDBMJ[BS B PQFSBÎÍP EFTFKBEB BUSBWÏT EP .JDSPTPGU &YDFM "

JOUFSGBDF

XFC

Ï

BDFTTÓWFM

WJB

KWWS_KWWSV QRPH SRUWD WIV RL

63-

OP

GPSNBUP



0 DBNQP KRVW GJMUSB PT SFTVMUBEPT QFMP FTDPQP EBT PQFSBÎÜFT ² QSFFODIJEP DPN P OPNF EF DBEB 5FBN 1SPKFDU $PMMFDUJPO F P 5FBN 'PVOEBUJPO 0 DBNQP ,GHQWLW\ 1DPH GJMUSB BT PQFSBÎÜFT FYFDVUBEBT QFMP VTVÈSJP FTQFDJGJDBEP /P DFOÈSJP QSPQPTUP EFTFKBTF EFTDPCSJS RVFN GPJ P VTVÈSJP B FYDMVJS WBMPSFT EP DBNQP $UHD 3DWK QPSUBOUP OÍP TFSÈ QSFFODIJEP "P DMJDBS FN &YQPSU TFSÈ SFDFCJEP VN BSRVJWP FVY DPOGPSNF  /87$1'2 &2175$ $/7(5$d®(6 ,1$'9(57,'$6 12 3/$1(-$0(172



B GJHVSB

1PS NFJP EP &YDFM QPEFTF GJMUSBS BT PQFSBÎÜFT BUÏ TF DIFHBS Ë MJOIB EFTFKBEB

² JNQPSUBOUF RVF TF DPOIFÎB PT WBMPSFT EJTQPOÓWFJT OB DPMVOB &RPPDQG F P RVF GB[FN 6NB NBOFJSB TJNQMFT EF TF EFTDPCSJS P WBMPS SFHJTUSBEP RVBOEP TF FYDMVJ ÈSFBT Ï DSJBOEP F FYDMVJOEP VNB FN VN BNCJFOUF EF UFTUFT "TTJN Ï QPTTÓWFM MPDBMJ[BS P MPH FTQFDÓGJDP EB PQFSBÎÍP VUJMJ[BOEP GJMUSPT DPOIFDJEPT QPS FYFNQMP *1 VTVÈSJP IPSÈSJP UJQP EF BDFTTP  1POUPT QPTJUJWPT 'BDJMJEBEF EF BDFTTP 'BDJMJEBEF QBSB GJMUSBS 1POUPT OFHBUJWPT -PH EF BUJWJEBEFT MJNJUBEP B QPVDPT EJBT 4Ø Ï QPTTÓWFM GJMUSBS QFMP FTDPQP F QPS VTVÈSJP QFMB JOUFSGBDF XFC " RVBOUJEBEF EF PQFSBÎÜFT HSBWBEBT QPEF HFSBS VN BSRVJWP $47 NVJUP HSBOEF GB[FOEP DPN RVF OÍP TFKB BCFSUP QPS FEJÎÜFT  CJUT EP .4 &YDFM %JTQPOÓWFM BQFOBT B QBSUJS EP 5'4  'PSNB DPNQMFYB " GPSNB DPNQMFYB Ï OBWFHBS FOUSF PT MPHT EP **4 QBSB MPDBMJ[BS P FWFOUP EFTFKBEP 6TBOEP B GFSSBNFOUB -PH1BSTFS Ï QPTTÓWFM DPOTVMUBS PT MPHT F HFSBS VN BSRVJWP DPOUFOEP BQFOBT BT PQFSBÎÜFT



 /87$1'2 &2175$ $/7(5$d®(6 ,1$'9(57,'$6 12 3/$1(-$0(172

EFTFKBEBT 0T

MPHT

EP

5'4

TÍP FODPOUSBEPT OP DBNJOIP &?LQHWSXE?ORJV?/RJ)LOHV EF DBEB TFSWJEPS EB DBNBEB EF BQMJDBÎÍP BQQMJDBUJPO UJFS  1BSB FTTF DFOÈSJP BQØT MPDBMJ[BS P DBNJOIP EPT MPHT F JOTUBMBS P -PH1BSTFS BQMJDBSFNPT PT TFHVJOUFT DPNBOEPT &?DQDO\VLV![FRS\ F?LQHWSXE?ORJV?/RJ)LOHV?:69&?  &?DQDO\VLV!&?3URJUDP )LOHV [ ?/RJ 3DUVHU ?/RJ3DUVHUH[H L,,6:& R&69 6(/(&7 )520 ORJ :+(5( FV XUL VWHP OLNH BDU HDV  ! RXWSXWFVY

0 BSRVJWP TFSÈ HFSBEP DPOUFOEP BQFOBT PT EBEPT SFTVMUBOUFT EB DPOTVMUB FGFUVBEB QFMP -PH1BSTFS

1POUPT QPTJUJWPT /ÍP IÈ MJNJUF QBESÍP EF SFUFOÎÍP EF MPHT 0 GJMUSP EBT PQFSBÎÜFT Ï FYFDVUBEP BOUFT EB FYQPSUBÎÍP EPT EBEPT HFSBOEP VN BSRVJWP NFOPS 1POUPT OFHBUJWPT %JGJDVMEBEF NBJPS FN DSJBS B DPOTVMUB OFDFTTÈSJB QBSB GJMUSBS BT PQFSBÎÜFT EFTFKBEBT  /87$1'2 &2175$ $/7(5$d®(6 ,1$'9(57,'$6 12 3/$1(-$0(172



/FDFTTJUB BDFTTP BPT MPHT EP TFSWJEPS EP **4 0VUSBT GPSNBT EF VUJMJ[BÎÍP 0 MPH EF BUJWJEBEFT EP 5'4 QPTTVJ WÈSJBT PVUSBT JOGPSNBÎÜFT ÞUFJT 4ÍP FMBT /ÞNFSP EF VTVÈSJPT ÞOJDPT RVF BDFTTBN P 5'4 1BESÜFT EF BDFTTP 0 RVF Ï NBJT BDFTTBEP 1PS FYFNQMP «SFBT EF UFTUFT CVJME TPVSDF DPOUSPM FUD  -PDBMJEBEFT EF BDFTTP BUSBWÏT EP *1 'FSSBNFOUBT F WFSTÜFT VUJMJ[BEBT QBSB BDFTTBS P 5'4 #SPXTFS &YDFM 1SPKFDU 7JTVBM 4UVEJP .5. FUD

3&'&3³/$*"4 1FSNJTTÜFT QBSB 5FBN 'PVOEBUJPO 4FSWFS 5'4

IUUQTNTEONJDSPTPGUDPNFOVTMJCSBSZNTBTQY



 "6.&/5"/%0 " %*410/*#*-*%"%& & 0 %&4&.1&/)0 %& 8*5&4 103 .&*0 %& 4&64 "11-*$"5*0/ 100-4 1PS )FOSJRVF 3FTFOEF EB 4JMWB i.JOIBT BQMJDBÎÜFT XFC FTUÍP EFNPSBOEP NVJUP UFNQP QBSB DBSSFHBS BT QÈHJOBT F FTUÍP NVJUP MFOUBT "MÏN EJTTP NVJUBT WF[FT QBSBN EF GVODJPOBS 0 RVF FV QPTTP GB[FS QBSB BVNFOUBS B EJTQPOJCJMJEBEF EBT NJOIBT BQMJDBÎÜFT w 1BSB P **4 *OUFSOFU *OGPSNBUJPO 4FSWJDFT

VN BQQMJDBUJPO QPPM Ï EFGJOJEP DPNP VN SFDJQJFOUF DPOUBJOFS RVF BCSJHB VNB PV NBJT BQMJDBÎÜFT XFC $BEB VN EFTTFT SFDJQJFOUFT Ï SFQSFTFOUBEP OP   $80(17$1'2 $ ',6321,%,/,'$'( ( 2 '(6(03(1+2 '( :(%6,7(6 325 0(,2 '( 6(86 $33/,&$7,21 322/6

TJTUFNB PQFSBDJPOBM QPS VN PV NBJT QSPDFTTPT XPSLFS QSPDFTTFT ZZSH[H  &TTFT QSPDFTTPT TÍP PT SFTQPOTÈWFJT QPS NPOJUPSBS B GJMB EF SFRVJTJÎÜFT QSPDFTTBS F EFWPMWFS B SFTQPTUB EFTTBT SFRVJTJÎÜFT QBSB P DMJFOUF " QBSUJS EFTTB EFGJOJÎÍP Ï QPTTÓWFM FOUÍP DPODMVJS RVF P EFTFNQFOIP F B EJTQPOJCJMJEBEF EF VNB BQMJDBÎÍP XFC Ï EJSFUBNFOUF BGFUBEB QFMP EFTFNQFOIP F EJTQPOJCJMJEBEF EF TFV BQQMJDBUJPO QPPM $BEB BQQMJDBUJPO QPPM QPTTVJ VN DPOKVOUP EF DPOGJHVSBÎÜFT RVF BGFUBN EJWFSTPT BTQFDUPT EF TVB FYFDVÎÍP /FTTB TFÎÍP TFSÍP EJTDVUJEBT BT QSJODJQBJT DPOGJHVSBÎÜFT F TVBT SFTQFDUJWBT BMUFSBÎÜFT DPN P PCKFUJWP EF NBYJNJ[BS B EJTQPOJCJMJEBEF F EFTFNQFOIP EBT BQMJDBÎÜFT ² JNQPSUBOUF SFTTBMUBS RVF BT QSÈUJDBT B TFHVJS DPOTJEFSBN BQFOBT DFOÈSJPT FN RVF B BQMJDBÎÍP Ï IPTQFEBEB FN VN TFSWJEPS PV VN DPOKVOUP EF TFSWJEPSFT EFEJDBEPT PV DPNQBSUJMIBEPT 1PSÏN PT SFRVJTJUPT EF IBSEXBSF FTUÍP DPSSFUBNFOUF EJNFOTJPOBEPT QBSB TVQPSUBS B DBSHB FYUSB HFSBEB QFMBT DPOGJHVSBÎÜFT RVF UFN DPNP GPDP P BVNFOUP EP EFTFNQFOIP F EB EJTQPOJCJMJEBEF BP DVTUP EFTUB DBSHB FYUSB

"DFTTBOEP P QBJOFM EF DPOGJHVSBÎÜFT BWBOÎBEBT EF BQQMJDBUJPO QPPM 1BSB BDFTTBS P QBJOFM EF DPOGJHVSBÎÜFT BWBOÎBEBT EF VN BQQMJDBUJPO QPPM QSJNFJSBNFOUF EFWFTF TFMFDJPOBS P OÓWFM "QQMJDBUJPO 1PPMT OP NFOV EP **4 .BOBHFS %FQPJT EFWFNPT TFMFDJPOBS RVBM P BQQMJDBUJPO QPPM EFTFKBNPT DPOGJHVSBS F DMJDBS FN "EWBODFE 4FUUJOHT $BTP TFKB OFDFTTÈSJP BMUFSBS B DPOGJHVSBÎÍP QBESÍP QBSB UPEPT PT BQQMJDBUJPO QPPMT EFWFTF TFMFDJPOBS B PQÎÍP 4FU "QQMJDBUJPO 1PPM %FGBVMUT $PN JTTP GFJUP P QBJOFM EF DPOGJHVSBÎÜFT TFSÈ NPTUSBEP DPOGPSNF B TFHVJS  $80(17$1'2 $ ',6321,%,/,'$'( ( 2 '(6(03(1+2 '( :(%6,7(6 325 0(,2 '( 6(86 $33/,&$7,21 322/6 

'JHVSB  **4 .BOBHFS F QBJOFM EF DPOGJHVSBÎÜFT EF BQQMJDBUJPO QPPMT

$POGJHVSBOEP P BQQMJDBUJPO QPPM QBSB NBYJNJ[BS EJTQPOJCJMJEBEF 1JOH &OBCMFE $POGJHVSB P **4 QBSB NPOJUPSBS PT QSPDFTTPT EP BQQMJDBUJPO QPPM ZZSH[H BUSBWÏT EP FOWJP EF VN QJOH QFSJØEJDP "T SFTQPTUBT SFDFCJEBT TÍP VTBEBT QFMP **4 QBSB EFUFSNJOBS B TBÞEF EF DBEB QSPDFTTP $BTP DPNFDFN B PDPSSFS GBMIBT OFTTB DPNVOJDBÎÍP P QSPDFTTP Ï GJOBMJ[BEP F VN OPWP Ï DSJBEP QBSB P TVCTUJUVJS FWJUBOEP FOUÍP RVF B BQMJDBÎÍP QBSF EF QSPDFTTBS BT SFRVJTJÎÜFT &TTF NPOJUPSBNFOUP Ï GFJUP QPS NFJP EP DPNQPOFOUF 8"4 8JOEPXT 1SPDFTT "DUJWBUJPO 4FSWJDF EP **4 WJTUP DPN NBJPS EFUBMIF OB TFÎÍP 4VQPSUBOEP P **4 F FOUFOEFOEP P TFV

  $80(17$1'2 $ ',6321,%,/,'$'( ( 2 '(6(03(1+2 '( :(%6,7(6 325 0(,2 '( 6(86 $33/,&$7,21 322/6

GVODJPOBNFOUP DPOUJEB OP DBQÓUVMP  1PS QBESÍP FTTB PQÎÍP KÈ Ï IBCJMJUBEB F DPOGJHVSBEB QBSB FOWJBS VN QJOH B DBEB  TFHVOEPT DPN VN UFNQP NÈYJNP EF SFTQPTUB EF  TFHVOEPT " SFDPNFOEBÎÍP Ï RVF TF NBOUFOIB FTTB DPOGJHVSBÎÍP

'JHVSB  'VODJPOBMJEBEF 1JOH &OBCMFE

3BQJE'BJM 1SPUFDUJPO $PN FTUB DPOGJHVSBÎÍP P **4 QBTTB B NPOJUPSBS RVBOUBT WF[FT PT QSPDFTTPT EP BQQMJDBUJPO QPPM ZZSH[H TÍP JOFTQFSBEBNFOUF UFSNJOBEPT DSBTI  $BTP FTUB RVBOUJEBEF VMUSBQBTTF VN OÞNFSP NÈYJNP EFOUSP EF VN MJNJUF EF UFNQP BNCPT DPOGJHVSÈWFJT

P BQQMJDBUJPO QPPM TFSÈ EFTBUJWBEP OÍP QFSNJUJOEP RVF OPWPT QSPDFTTPT TFKBN DSJBEPT FGFUJWBNFOUF UJSBOEP BT BQMJDBÎÜFT BMJ IPTQFEBEBT EP BS &N BNCJFOUFT OPT RVBJT B EJTQPOJCJMJEBEF EBT BQMJDBÎÜFT Ï EF FYUSFNB JNQPSUÉODJB QSPEVÎÍP

FTTB GVODJPOBMJEBEF QPEF EFJYBS BQMJDBÎÜFT JOUFJSBT PV NÞMUJQMBT BQMJDBÎÜFT GPSB EP BS QPS QSPCMFNBT NVJUP QPOUVBJT RVF BGFUBN BQFOBT VNB QFRVFOB QBSUF EBRVFMB BQMJDBÎÍP QSPCMFNÈUJDB 1PS QBESÍP FTUB GVODJPOBMJEBEF WFN IBCJMJUBEB F DPOGJHVSBEB QBSB NPOJUPSBS VN MJNJUF EF  DSBTIFT FN  NJOVUPT 0V TFKB DBTP PDPSSBN DJODP QSPCMFNBT OPT QSPDFTTPT EP BQQMJDBUJPO QPPM EFOUSP EF  NJOVUPT P BQQMJDBUJPO QPPM TFSÈ EFTBCJMJUBEP EFJYBOEP B BQMJDBÎÍP GPSB EP BS " SFDPNFOEBÎÍP Ï RVF TF EFTBCJMJUF FTTB GVODJPOBMJEBEF  $80(17$1'2 $ ',6321,%,/,'$'( ( 2 '(6(03(1+2 '( :(%6,7(6 325 0(,2 '( 6(86 $33/,&$7,21 322/6 

'JHVSB  'VODJPOBMJEBEF 3BQJE'BJM 1SPUFDUJPO

3FDZDMJOH 3FDZDMF EF VN BQQMJDBUJPO QPPM Ï B UÏDOJDB RVF P **4 VTB QBSB TVCTUJUVJS PT QSPDFTTPT EF VN BQQMJDBUJPO QPPM ZZSH[H QPS OPWPT "T SB[ÜFT QBSB TF FYFDVUBS PV OÍP P SFDZDMF TÍP NVJUBT F OÍP GB[FN QBSUF EP FTDPQP EFTUB TFÎÍP 0 JNQPSUBOUF Ï FOUFOEFS RVF BP TF FYFDVUBS VN SFDZDMF QPUFODJBMNFOUF FTUBNPT DBVTBOEP VNB JOUFSSVQÎÍP OB FYFDVÎÍP EB BQMJDBÎÍP QSJODJQBMNFOUF RVBOEP TF USBUB EF BQMJDBÎÜFT RVF NBOUÐN BT TFTTÜFT EF VTVÈSJPT HVBSEBEBT EFOUSP EP QSPDFTTP 3FDZDMFT QPEFN TFS FYFDVUBEPT NBOVBMNFOUF PV BVUPNBUJDBNFOUF DPOGPSNF QBSÉNFUSPT EFGJOJEPT OBT DPOGJHVSBÎÜFT EP BQQMJDBUJPO QPPM 1PS QBESÍP PT BQQMJDBUJPO QPPMT TÍP DPOGJHVSBEPT QBSB FYFDVUBS VN SFDZDMF B DBEB  IPSBT  NJOVUPT  "T PVUSBT DPOGJHVSBÎÜFT EF SFDZDMF BVUPNÈUJDPT TÍP EFTBCJMJUBEBT QPS QBESÍP 2VBOEP TF QFOTB FN BVNFOUBS B EJTQPOJCJMJEBEF EF VNB BQMJDBÎÍP FTUBNPT GBMBOEP FN NBOUFS PT QSPDFTTPT EP TFV BQQMJDBUJPO QPPM ZZSH[H OP BS QFMP NBJPS UFNQP QPTTÓWFM 1PSUBOUP B FYFDVÎÍP EF SFDZDMFT QSJODJQBMNFOUF BVUPNÈUJDPT EFWF TFS SFTUSJOHJEB BP NÓOJNP PV BUÏ FSSBEJDBEB $PN JTTP B SFDPNFOEBÎÍP Ï EF RVF PT SFDZDMFT BVUPNÈUJDPT TFKBN EFTMJHBEPT

  $80(17$1'2 $ ',6321,%,/,'$'( ( 2 '(6(03(1+2 '( :(%6,7(6 325 0(,2 '( 6(86 $33/,&$7,21 322/6

'JHVSB  'VODJPOBMJEBEF EF 3FDZDMF BVUPNÈUJDP

$POGJHVSBOEP P BQQMJDBUJPO QPPM QBSB NBYJNJ[BS EFTFNQFOIP /&5 $-3 7FSTJPO 0 **4 QPTTVJ B DBQBDJEBEF EF IPTQFEBS UBOUP BQMJDBÎÜFT FTDSJUBT FN DØEJHP HFSFODJBEP /&5 RVBOUP BT FTDSJUBT FN DØEJHP OÍP HFSFODJBEP "41 DMÈTTJDP 1)1 FUD  1BSB P DPSSFUP GVODJPOBNFOUP EF BQMJDBÎÜFT FTDSJUBT FN /&5 FYJTUF B OFDFTTJEBEF EF TF DBSSFHBS OPT QSPDFTTPT EP BQQMJDBUJPO QPPM ZZSH[H P $-3 $PNNPO -BOHVBHF 3VOUJNF FTQFDÓGJDP QBSB B WFSTÍP EF /&5 TFOEP VTBEB &TTF SVOUJNF BMÏN EF QFSNJUJS B FYFDVÎÍP EP DØEJHP GPSOFDF TFSWJÎPT CÈTJDPT DPNP DPNQJMBÎÍP HFSFODJBNFOUP EF NFNØSJB TFHVSBOÎB F PVUSPT 1BSB BQMJDBÎÜFT FTDSJUBT FN DØEJHP OÍP HFSFODJBEP PV RVF OÍP EFQFOEFN EB $-3 EP /&5 QBSB FYFDVUBS P DBSSFHBNFOUP EFTTF SVOUJNF WBJ BQFOBT TPCSFDBSSFHBS PT QSPDFTTPT EP BQQMJDBUJPO QPPM QPJT OÍP TFSÈ VUJMJ[BEP FN NPNFOUP BMHVN 1PSUBOUP QBSB FTTBT BQMJDBÎÜFT B SFDPNFOEBÎÍP Ï OÍP DBSSFHBS P SVOUJNF 1BSB JTTP FYJTUF B PQÎÍP /P .BOBHFE $PEF OFTUB DPOGJHVSBÎÍP

'JHVSB  'VODJPOBMJEBEF EF 3FDZDMF BVUPNÈUJDP

.BOBHFE 1JQFMJOF .PEF

 $80(17$1'2 $ ',6321,%,/,'$'( ( 2 '(6(03(1+2 '( :(%6,7(6 325 0(,2 '( 6(86 $33/,&$7,21 322/6 

" QBSUJS EB WFSTÍP  EP **4 8JOEPXT 

GPJ JOUSPEV[JEP P DPODFJUP EF NPEP EF FYFDVÎÍP EBT SFRVJTJÎÜFT PV .BOBHFE 1JQFMJOF .PEFT &YJTUFN EPJT NPEPT EF FYFDVÎÍP DMÈTTJDP F JOUFHSBEP "QMJDBÎÜFT FTDSJUBT FN /&5 TF CFOFGJDJBN EP NPEP EF FYFDVÎÍP JOUFHSBEP QPJT OFTTF NPEP P QJQFMJOF EF FYFDVÎÍP EP **4 Ï DPNP TVHFSF P OPNF JOUFHSBEP BP QJQFMJOF EF FYFDVÎÍP EP /&5 *TTP PUJNJ[B P OÞNFSP F SFNPWF B EVQMJDJEBEF EF QBTTPT OFDFTTÈSJPT QBSB FYFDVUBS BT SFRVJTJÎÜFT /&5 BMÏN EF UPSOBS FYFDVÎÍP F SFTQPTUB EFTTBT SFRVJTJÎÜFT NBJT SÈQJEBT 1PS FTTF NPUJWP B SFDPNFOEBÎÍP QBSB BQMJDBÎÜFT /&5 Ï UFS P BQQMJDBUJPO QPPM DPOGJHVSBEP QBSB P NPEP JOUFHSBEP EF FYFDVÎÍP

'JHVSB  'VODJPOBMJEBEF EF 3FDZDMF "VUPNÈUJDP

4UBSU .PEF 5SBUBTF EP NPEP EF JOJDJBMJ[BÎÍP EPT QSPDFTTPT EP BQQMJDBUJPO QPPM 0 WBMPS QBESÍP 0O%FNBOE DPOGJHVSB P **4 QBSB BQFOBT JOJDJBS PT QSPDFTTPT ZZSH[H NFEJBOUF B DIFHBEB EF VNB SFRVJTJÎÍP FN TVB GJMB *TTP FOUSFUBOUP QPEF BGFUBS P EFTFNQFOIP EFTTB SFRVJTJÎÍP EFWJEP BPT QBTTPT FYUSBT OFDFTTÈSJPT QBSB TVCJS VN QSPDFTTP OP TJTUFNB PQFSBDJPOBM $PNP P OPTTP PCKFUJWP Ï NBYJNJ[BS P EFTFNQFOIP EB BQMJDBÎÍP B SFDPNFOEBÎÍP BRVJ Ï DPOGJHVSBS QBSB PT QSPDFTTPT GJDBSFN TFNQSF OP BS B QBSUJS EB JOJDJBMJ[BÎÍP EP **4 &TTB PQÎÍP DIBNBTF "MXBZT3VOOJOH

'JHVSB  'VODJPOBMJEBEF EF 4UBSU .PEF

*EMF 5JNFPVU 1PS QBESÍP PT BQQMJDBUJPO QPPMT WFN DPOGJHVSBEPT QBSB   $80(17$1'2 $ ',6321,%,/,'$'( ( 2 '(6(03(1+2 '( :(%6,7(6 325 0(,2 '( 6(86 $33/,&$7,21 322/6

UFSNJOBS PT QSPDFTTPT ZZSH[H BQØT  NJOVUPT EF JOBUJWJEBEF RVBOEP OÍP IÈ OFOIVNB SFRVJTJÎÍP TFOEP QSPDFTTBEB  *TTP PDPSSF QBSB EJNJOVJS P DPOTVNP EF NFNØSJB EP TFSWJEPS 1PSÏN FYJTUF VN DVTUP EF QSPDFTTBNFOUP QBSB TVCJS VN OPWP QSPDFTTP QSJODJQBMNFOUF RVBOEP TF USBUB EF /&5 QPS DBVTB EB DPNQJMBÎÍP RVF P DØEJHP TPGSF BOUFT EF DPNFÎBS B QSPDFTTBS BT SFRVJTJÎÜFT 1BSB FWJUBS RVF FTTF BUSBTP PDPSSB DPOUJOVBNFOUF B SFDPNFOEBÎÍP Ï EFTBCJMJUBS FTTB DPOGJHVSBÎÍP

'JHVSB  'VODJPOBMJEBEF EF *EMF 5JNFPVU

.BUSJ[ EF DPOGJHVSBÎÜFT QBSB NBYJNJ[BS EFTFNQFOIP F EJTQPOJCJMJEBEF EF BQQMJDBUJPO QPPMT $POGJHVSBÎÍP

1BESÍP

3FDPNFOEBEP

1JOH &OBCMFE

5SVF

5SVF

3BQJE 'BJM 1SPUFDUJPO

&OBCMFE  5SVF

&OBCMFE  'BMTF

3FDZDMJOH

1SJWBUF .FNPSZ -JNJU   3FHVMBS 5JNF *OUFSWBM   3FRVFTU -JNJU   4QFDJGJD 5JNFT   7JSUVBM .FNPSZ -JNJU  

1SJWBUF .FNPSZ -JNJU   3FHVMBS 5JNF *OUFSWBM   3FRVFTU -JNJU   4QFDJGJD 5JNFT   7JSUVBM .FNPSZ -JNJU  

/&5 $-3 7FSTJPO QBSB DØEJHP OÍP HFSFODJBEP

W PV W

/P .BOBHFE $PEF

.BOBHFE 1JQFMJOF .PEF QBSB DØEJHP /&5

*OUFHSBUFE

*OUFHSBUFE

4UBSU .PEF

0O%FNBOE

"MXBZT3VOOJOH

*EMF 5JNFPVU





 $80(17$1'2 $ ',6321,%,/,'$'( ( 2 '(6(03(1+2 '( :(%6,7(6 325 0(,2 '( 6(86 $33/,&$7,21 322/6 

3&'&3³/$*"4 $POGJHVSF UIF 3FRVFTU 1SPDFTTJOH .PEF GPS BO "QQMJDBUJPO 1PPM  IUUQTUFDIOFUNJDSPTPGUDPNQU QUMJCSBSZDD WXT BTQY **4/&5 3FDZDMJOH 4FUUJOHT GPS BO "QQMJDBUJPO 1PPM  IUUQXXXJJTOFUDPOGJHSFGFSFODFTZTUFNBQQMJDBUJPOIPTUBQQM JDBUJPOQPPMTBEESFDZDMJOH .4%/ *OUFSOFU *OGPSNBUJPO IUUQTNTEONJDSPTPGUDPNFO VTMJCSBSZFF WWT BTQY

4FSWJDFT

**4



.4%/ .BOBHFE1JQFMJOF.PEF &OVNFSBUJPO  IUUQTNTEONJDSPTPGUDPNFO VTMJCSBSZNJDSPTPGUXFCBENJOJTUSBUJPONBOBHFEQJQFMJOFNPE F WWT BTQY 5FDIOFU $PNNPO -BOHVBHF IUUQTUFDIOFUNJDSPTPGUDPNFO VTTVCTDSJQUJPOTDD WWT BTQY

3VOUJNF



5FDIOFU **4 .BOBHFS  IUUQTUFDIOFUNJDSPTPGUDPNFO VTMJCSBSZDD WXT BTQY 5FDIOFU **4 8JOEPXT "DDFTT 1SPDFTT "DUJWBUJPO 4FSWJDF 8"4

 IUUQTUFDIOFUNJDSPTPGUDPNFO VTMJCSBSZDD WXT BTQY 5FDIOFU **4 8PSLFS IUUQTUFDIOFUNJDSPTPGUDPNFO VTMJCSBSZDDWXTBTQY G.411&SSPS

1SPDFTT



  $80(17$1'2 $ ',6321,%,/,'$'( ( 2 '(6(03(1+2 '( :(%6,7(6 325 0(,2 '( 6(86 $33/,&$7,21 322/6

 $0.0 0 8&# %&1-0: 10%& 4&3 Á5*1PS %FNFUSJP $PTUB i3FDFCP NVJUPT QBDPUFT QBSB JNQMBOUBÎÍP ®T WF[FT  PV  QPS EJB & UFOIP EF JNQMBOUÈMBT FN EF[FOBT EF TFSWJEPSFT 0 RVF FV QPTTP GB[FS QBSB QVCMJDBS UPEBT FTUBT WFSTÜFT FN UPEPT PT TFSWJEPSFT EF NBOFJSB BVUPNBUJ[BEB w " GFSSBNFOUB 8FC %FQMPZ TJNQMJGJDB B NJHSBÎÍP JNQMBOUBÎÍP QVCMJDBÎÍP F EJTUSJCVJÎÍP EF BQMJDBÎÜFT XFC BMÏN EB HFTUÍP EBT WFSTÜFT BQMJDBEBT FN BNCJFOUF XFC DPN **4 *OUFSOFU *OGPSNBUJPO 4FSWJDFT  "UVBMNFOUF OB WFSTÍP  B GFSSBNFOUB JODPSQPSB NVJUBT GFBUVSFT DPNP TVQPSUF B FODSJQUBÎÍP EF BSRVJWPT EF DPOGJHVSBÎÍP EF BQMJDBÎÜFT "41/&5 F JOTUSVNFOUBÎÍP DPN &58 2VBOEP P 8FC %FQMPZ FTUJWFS JOTUBMBEP TFSÈ QPTTÓWFM DPOTUBUBS RVF Ï DPNQPTUP QPS EPJT DPNQPOFOUFT QSJODJQBJT VN FYFDVUÈWFM 06'HSOR\H[H F VN 8JOEPXT 4FSWJDF 8FC %FQMPZNFOU "HFOU 4FSWJDF  0 8FC %FQMPZNFOU "HFOU 4FSWJDF Ï P TFSWJÎP SFTQPOTÈWFM QPS QFSNJUJS RVF DPNBOEPT EP 06'HSOR\H[H TFKBN FYFDVUBEPT SFNPUBNFOUF ² QPTTÓWFM WFSJGJDBS RVF P TFSWJÎP RVBOEP JOJDJBEP DPNFÎB B iPVWJSw SFRVJTJÎÜFT OB QPSUB 5$1 

 &202 2 :(% '(3/2< 32'( 6(5 Ò7,/"



0 8FC %FQMPZ GPJ EFTFOWPMWJEP QBSB USBCBMIBS DPN TFSWFS GBSNT 6N TFSWFS GBSN Ï VNB FTUSVUVSB DPNQPTUB QPS VN PV NBJT TFSWJEPSFT TFOEP RVF FTUFT FTUÍP JOUFSMJHBEPT EJWJEFN B NFTNB MPDBMJEBEF F GVOÎÍP %FTUB GPSNB QPTTVFN VN NBJPS QPEFS DPNQVUBDJPOBM F USBCBMIBN DPNP TF GPTTFN VN ÞOJDP TFSWJEPS

4JODSPOJ[BÎÍP EF VNB BQMJDBÎÍP FOUSF TFSWJEPSFT XFC 0 DFOÈSJP NBJT DPNVN Ï HBSBOUJS RVF UPEPT PT TFSWJEPSFT EB GBSN UFOIBN B NFTNB WFSTÍP EP DØEJHP QVCMJDBEP BT NFTNBT QFSNJTTÜFT F B NFTNB DPOGJHVSBÎÍP " GFSSBNFOUB QPTTVJ EPJT UJQPT EF BSHVNFOUPT RVF QPEFN TFS DPNCJOBEPT QBSB HFSBS B BÎÍP OFDFTTÈSJB &TUFT BSHVNFOUPT TÍP YHUE WFSCP F SURYLGHU QSPWFEPS  0 WFSCP Ï VUJMJ[BEP QBSB JEFOUJGJDBS B BÎÍP RVF FTUÈ TFOEP SFBMJ[BEB 1PS FYFNQMP V\QF Ï VN WFSCP SFGFSFOUF B TJODSPOJTNP F GHOHWH Ï VN WFSCP QBSB FYDMVTÍP 0 QSPWFEPS JEFOUJGJDB RVFN TPGSFSÈ B BÎÍP PSJHFN PV EFTUJOP  1PS FYFNQMP DSS3RRO&RQILJ JEFOUJGJDB B DPOGJHVSBÎÍP EF VN EFUFSNJOBEP BQQMJDBUJPO QPPM RVF QPEF TFS EF CBTF QBSB DSJBS PV BMUFSBS B DPOGJHVSBÎÍP EF VN BQQMJDBUJPO QPPM FN PVUSP TFSWJEPS PV RVF QPEF TFS P BMWP EB BMUFSBÎÍP " TFHVJS WFKB VN FYFNQMP RVF QPTTVJ DPNP BÎÍP TJODSPOJ[BS VNB BQMJDBÎÍP FOUSF EPJT TFSWJEPSFT /FTUF FYFNQMP P TFSWJEPS PSJHFN VRXUFH KÈ QPTTVJ B BQMJDBÎÍP QVCMJDBEB F P EFTUJOP GHVW OÍP QPTTVJ BQMJDBÎÍP F OFOIVNB DPOGJHVSBÎÍP PVGHSOR\ YHUEV\QF VRXUFHDSSKRVWFRQILJ >LLV DSSOLFDWLRQ@ FRPSXWHUQDPH >)4'1 VH UYLGRU RULJHP@ GHVWDSSKRVWFRQILJ >LLV DSSOLFDWLRQ@FRPSXWHUQDPH >)4'1 VHUYL GRU GHVWLQDW¡ULR@ HQDEOH/LQN$SS3RRO([WHQVLRQ



 &202 2 :(% '(3/2< 32'( 6(5 Ò7,/"

HQDEOH/LQN&RQWHQW([WHQVLRQ VHW3DUDP)LOH >DUTXLYR GH SDU¢PHWURV@

0CTFSWBOEP NFMIPS P DPNBOEP Ï QPTTÓWFM WFSJGJDBS RVF Ï FGFUVBEP P TJODSPOJTNP EB DPOGJHVSBÎÍP EP "QQMJDBUJPO 1PPM HQDEOH/LQN$SS3RRO([WHQVLRQ F UBNCÏN P DPOUFÞEP BSRVJWPT F QBTUBT

QFSUFODFOUFT Ë BQMJDBÎÍP HQDEOH/LQN&RQWHQW([WHQVLRQ  & DPNP BT DPOGJHVSBÎÜFT QPEFN UFS EJGFSFOÎBT FOUSF PT TFSWJEPSFT Ï QPTTÓWFM USBCBMIBS DPN VN BSRVJWP EF QBSÉNFUSPT RVF USBCBMIB EF GPSNB TJNJMBS BPT BSRVJWPT EF USBOTGPSNBÎÍP EP PVEXLOG VHW3DUDP)LOH 

4JODSPOJ[BÎÍP EF UPEBT BT BQMJDBÎÜFT FOUSF TFSWJEPSFT XFC & TF GPS OFDFTTÈSJP TJODSPOJ[BS UPEPT PT TJUFT F BQMJDBÎÜFT XFC EP TFSWJEPS  &TUB UBSFGB UBNCÏN Ï DPNQMFUBNFOUF BUFOEJEB QFMP 8FC %FQMPZ 1PS FYFNQMP DPN P TFHVJOUF DPNBOEP PVGHSOR\ YHUEV\QF VRXUFHZHE6HUYHU FRPSXWHUQDPH >)4'1 VHUYLGRU GH RULJHP@ GHVWZHE6HUYHUFRPSXWHUQDPH >)4'1 VHUYLGRU GHVWLQDW¡ULR@

 &202 2 :(% '(3/2< 32'( 6(5 Ò7,/"



$PN FTUB MJOIB EF DPNBOEP Ï QPTTÓWFM TJODSPOJ[BS P DPOUFÞEP EF EPJT TFSWJEPSFT DPOTJEFSBOEP DPOGJHVSBÎÜFT DPOUFÞEP F QFSNJTTÜFT 0 SFTVMUBEP TFSÈ B HBSBOUJB EF VN BNCJFOUF UPUBMNFOUF SFQMJDBEP

$PNQBSBÎÍP EF WFSTÜFT FOUSF TFSWJEPSFT $POTJHP WFSJGJDBS P RVF TFSÈ BMUFSBEP BOUFT EF FGFUVBS B TJODSPOJ[BÎÍP  0 8FC %FQMPZ QPTTVJ BMHVOT DPNBOEPT RVF QFSNJUFN WFSJGJDBS EFQFOEÐODJBT F P RVF TFSÈ TJODSPOJ[BEP BOUFT EF FGFUVBS B TJODSPOJ[BÎÍP 1PS FYFNQMP PVGHSOR\ YHUEV\QF VRXUFHZHE6HUYHU FRPSXWHUQDPH >)4'1 VHUYLGRU GH RULJHP@ GHVWZHE6HUYHUFRPSXWHUQDPH >)4'1 VHUYLGRU GHVWLQDW¡ULR@ ZKDWLI

0 DPNBOEP ZKDWLI SFUPSOBSÈ VNB MJTUB EF UPEP DPOUFÞEP RVF TFSÈ TJODSPOJ[BEP DPNP OFTUF TFHVJOUF FYFNQMP ,QIR 8VLQJ ,' FGH   EG HFEDHHIED IRU FRQQHFWL RQV WR WKH UHPRWH VHUYHU ,QIR 8VLQJ ,' DII DGID  DD HHEGEFFE IRU FRQQHFWL RQV WR WKH UHPRWH VHUYHU ,QIR $GGLQJ FKLOG VLWH 06'HSOR\ZHE6HUYHUZHE6HUYHUDSS+RVW&RQIL J>#SDWK

@ORFDWLRQ>#SDWK

@VHFWLRQ>#QDPH V\VWHPDSSOLFDWLRQ+R



 &202 2 :(% '(3/2< 32'( 6(5 Ò7,/"

VWVLWHV @VLWHVVLWH>#QDPH 'HIDXOW :HE 6LWH @DSSOLFDWLRQ>#SDWK

ODEV @  ,QIR $GGLQJ FKLOG DSSOLFDWLRQ 06'HSOR\ZHE6HUYHUZHE6HUYHUDSS+R VW&RQILJ>#SDWK

@ORFDWLRQ>#SDWK

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

@ORFDWLRQ>#SDWK

@VHFWLRQ>#QDPH V\VWHPDSSOLFDWLRQ+ RVWVLWHV @VLWHVVLWH>#QDPH ODEV @  ,QIR $GGLQJ FKLOG ELQGLQJV 06'HSOR\ZHE6HUYHUZHE6HUYHUDSS+RVW& RQILJ>#SDWK

@ORFDWLRQ>#SDWK

@VHFWLRQ>#QDPH V\VWHPDSSOLFDWL RQ+RVWVLWHV @VLWHVVLWH>#QDPH ODEV @ELQGLQJVELQGLQJ  ,QIR $GGLQJ FKLOG ELQGLQJV 06'HSOR\ZHE6HUYHUZHE6HUYHUDSS+RVW& RQILJ>#SDWK

@ORFDWLRQ>#SDWK

@VHFWLRQ>#QDPH V\VWHPDSSOLFDWL RQ+RVWVLWHV @VLWHVVLWH>#QDPH ODEV @ELQGLQJVELQGLQJ  ,QIR 8SGDWLQJ ORJ)LOH 06'HSOR\ZHE6HUYHUZHE6HUYHUDSS+RVW&RQILJ >#SDWK

@ORFDWLRQ>#SDWK

@VHFWLRQ>#QDPH V\VWHPDSSOLFDWLRQ+RV WVLWHV @VLWHVVLWH>#QDPH ODEV @ORJ)LOH  ,QIR $GGLQJ FKLOG VLWH 06'HSOR\ZHE6HUYHUZHE6HUYHUDSS+RVW&RQIL J>#SDWK

@ORFDWLRQ>#SDWK

@VHFWLRQ>#QDPH V\VWHPDSSOLFDWLRQ+R VWVLWHV @VLWHVVLWH>#QDPH ODEV @DSSOLFDWLRQ>#SDWK  @  ,QIR $GGLQJ FKLOG DSSOLFDWLRQ 06'HSOR\ZHE6HUYHUZHE6HUYHUDSS+R VW&RQILJ>#SDWK

@ORFDWLRQ>#SDWK

@VHFWLRQ>#QDPH V\VWHPDSSOLF DWLRQ+RVWVLWHV @VLWHVVLWH>#QDPH ODEV @DSSOLFDWLRQ>#SDWK  @ YLUWXDO'LUHFWRU\>#SDWK  @  ,QIR $GGLQJ DSS3RRO&RQILJ ODEV   7RWDO FKDQJHV   DGGHG  GHOHWHG  XSGDWHG  SDUDPHWH UV FKDQJHG  E\WHV FRSLHG

$PN P DPNBOEP JHW'HSHQGHQFLHV Ï QPTTÓWFM WFSJGJDBS UPEPT PT DPNQPOFOUFT OFDFTTÈSJPT QBSB RVF B BQMJDBÎÍP GVODJPOF FN PVUSP TFSWJEPS 0V TFKB VNB MJTUB EF QSÏSFRVJTJUPT B TFSFN DPOGJHVSBEPT BOUFT EB NJHSBÎÍP PVGHSOR\ YHUEJHW'HSHQGHQFLHV VRXUFHZHE6HUYHU FRPSXWHUQDPH >)4'1 VHUYLGRU GHVWLQDW¡ULR@

0 SFTVMUBEP TFSÈ TFNFMIBOUF B FTUF  &202 2 :(% '(3/2< 32'( 6(5 Ò7,/"



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



 &202 2 :(% '(3/2< 32'( 6(5 Ò7,/"

GHSHQGHQF\,QIR! RXWSXW!

.JHSBÎÍP FOUSF 4FSWJEPS DPN **4 F **4 & TF RVJTFSNPT NJHSBS FOUSF BNCJFOUFT DPN WFSTÜFT EF **4 EJGFSFOUFT  &TUF Ï NBJT VN EPT DFOÈSJPT DPNVOT QBSB P VTP EP XFC EFQMPZ QSJODJQBMNFOUF DPN P GJOBM EP TVQPSUF BP 8JOEPXT 4FSWFS  F P **4 1BSB FTUF DFOÈSJP Ï QPTTÓWFM FGFUVBS B NJHSBÎÍP DPN P TFHVJOUF DPNBOEP PVGHSOR\ YHUEV\QF VRXUFHZHE6HUYHU FRPSXWHUQDPH >)4'1 VHUYLGRU GHVWLQDW¡ULR@ XVHUQDPH >XVX¡ULR DGPLQLVWUDGRU VHUYLGRU RULJHP@ SDVVZRUG >VHQKD XVX¡ULR@ GHVWZHE6HUYHU FRPSXWHUQDPH >)4'1 VHUYLGRU GHVWLQDW¡ULR@ XVHUQDPH >XVX¡ULR DGPLQLVWUDGRU VHUYLGRU GHVWLQR@ SDVVZRUG >VHQKD XVX¡ULR@

² QPTTÓWFM OPUBS RVF P OPWP TFSWJEPS UBNCÏN VTB P QSPWJEFS ZHE6HUYHU  *TUP OÍP TJHOJGJDB RVF P NPEP EF DPNQBUJCJMJEBEF **4 OP **4 QSFDJTB TFS IBCJMJUBEP QFMP DPOUSÈSJP P 8FC %FQMPZ USBUB B DPNQBUJCJMJEBEF DPN P NFUBCBTF JOUFSOBNFOUF F QFSNJUF P VTP EB OPWB BSRVJUFUVSB EP **4

3FTVNJOEP 0 8FC %FQMPZ QPTTVJ NVJUBT PVUSBT GVODJPOBMJEBEFT DPNP B TJODSPOJ[BÎÍP EF BTTFNCMJFT OP ("$ TVQPSUF B DSJQUPHSBGJB EF TFÎÜFT EPT BSRVJWPT EF DPOGJHVSBÎÍP CBDLVQ F SFTUPSF &TTB GFSSBNFOUB QPEF TFS NVJUP ÞUJM BMÏN EF QPEFS BVYJMJBS OB BVUPNBÎÍP F BEFTÍP BPT QSPDFTTPT DPNP OB HFTUÍP EF BQMJDBÎÜFT XFC EF GPSNB TJNQMFT F QSÈUJDB

 &202 2 :(% '(3/2< 32'( 6(5 Ò7,/"



3&'&3³/$*"4 &WFOU 5SBDJOH  IUUQTNTEONJDSPTPGUDPNFO VTMJCSBSZXJOEPXTEFTLUPQCC WWT BTQY **4 .FUBCBTF  IUUQTXXXNJDSPTPGUDPNUFDIOFUQSPEUFDIOPM8JOEPXT4FS WFS-JCSBSZ**4BEDC FDBECNTQY NGSUSVF *OUFSOFU *OGPSNBUJPO 4FSWJDFT IUUQTNTEONJDSPTPGUDPNFO VTMJCSBSZFF WWT BTQY

**4



8BMLUISPVHI 6TJOH .4#VJME IUUQTNTEONJDSPTPGUDPNFOVTMJCSBSZEEBTQY



8FC %FQMPZ XFC4FSWFS IUUQTUFDIOFUNJDSPTPGUDPNFO VTMJCSBSZEE WXT BTQY



1SPWJEFS

 .&-)03&4 13«5*$"4 "0 &4$3&7&3 &913&44¿&4 3&(6-"3&4 1PS 7JOÓDJVT EPT 4BOUPT .BSUJOT &YQSFTTÜFT SFHVMBSFT QSPNPWFN VNB NBOFJSB QPEFSPTB F FGJDJFOUF QBSB QSPDFTTBNFOUP UFYUVBM QFSNJUJOEP RVF HSBOEFT RVBOUJEBEFT EF UFYUP TFKBN BOBMJTBEBT FODPOUSBS DBSBDUFSFT RVF SFTQFJUBN VN DFSUP QBESÍP WBMJEBS VN UFYUP F HBSBOUJS RVF FTUF FTUFKB EF BDPSEP VN GPSNBUP QSÏEFGJOJEP QPS FYFNQMP FOEFSFÎP EF FNBJM

PV TVCTUJUVJSJOTFSJSSFNPWFS VNB QBSDFMB EF UFYUP EFOUSP EF VN PVUSP UFYUP NBJPS 

 0(/+25(6 35È7,&$6 $2 (6&5(9(5 (;35(66®(6 5(*8/$5(6

/B NBJPSJB EPT DBTPT B BWBMJBÎÍP EFTTFT QBESÜFT BDPOUFDF EF NBOFJSB NVJUP FGJDJFOUF &OUSFUBOUP FN DBTPT FYUSFNPT B BOÈMJTF EF VN QBESÍP QPEF MFWBS VN UFNQP DPOTJEFSÈWFM QBSB UFSNJOBS PV BUÏ NFTNP EFJYB EF SFTQPOEFS FORVBOUP QSPDFTTB VN UFYUP SFMBUJWBNFOUF QFRVFOP -FWBOEP B QFSGPSNBODF FN DPOTJEFSBÎÍP B TFHVJS FTUÍP DPNQJMBEBT BMHVNBT EBT NFMIPSFT QSÈUJDBT RVF QPEFN TFS BQMJDBEBT QBSB HBSBOUJS RVF B FYFDVÎÍP EBT FYQSFTTÜFT SFHVMBSFT OBT BQMJDBÎÜFT EFTFNQFOIF DPN QFSGPSNBODF

$POTJEFSF P UJQP EF FOUSBEB " FYQSFTTÍP SFHVMBS QPEF BDFJUBS FOUSBEBT RVF KÈ PCFEFDFN VNB GPSNBUBÎÍP QSÏEFGJOJEB PV FOUSBEBT RVF OÍP SFTQFJUBN RVBMRVFS FTUSVUVSB 6NB FYQSFTTÍP QSPKFUBEB QBSB WBMJEBS FOUSBEBT QSÏ GPSNBUBEBT QPEFN OÍP TFS UÍP QFSGPSNÈUJDBT RVBOEP TF EFQBSBN DPN FOUSBEBT OBT RVBJT FTTB GPSNBUBÎÍP OÍP FTUÈ QSFTFOUF " FYQSFTTÍP A>$=@>?Z@ >$=@  QPS FYFNQMP Ï DPNVNFOUF VUJMJ[BEB QBSB WBMJEBS FOEFSFÎPT EF FNBJM 6NB FOUSBEB WÈMJEB EF BDPSEP DPN P QBESÍP EFWF DPOUFS VN DBSBDUFSF BMGBOVNÏSJDP TFHVJEP EF [FSP PV NBJT DBSBDUFSFT RVF QPEFN TFS BMGBOVNÏSJDPT QPOUPT PV IJGFOT F EFWF UFSNJOBS DPN VN DBSBDUFSF BMGBOVNÏSJDP 6WRSZDWFK VZ VWULQJ>@ OLVWD'H(PDLO ^ $$$$$$$$$$$#FRQWRVRFRP $$$$$$$$$$DDDDDDDDDD#FRQWRVRFRP` VWULQJ SDWWHUQ VWULQJ LQSXW

#A> $

=@> ?Z@ >

$ =@ 

6WULQJ%XLOGHU EXLOGHU QHZ 6WULQJ%XLOGHU  IRUHDFK YDU HPDLO LQ OLVWD'H(PDLO ^ VWULQJ PDLO%R[ LQW LQGH[ 

HPDLO6XEVWULQJ HPDLO,QGH[2I# 

 0(/+25(6 35È7,&$6 $2 (6&5(9(5 (;35(66®(6 5(*8/$5(6



IRU LQW FWU LQGH[

PDLO%R[/HQJWK

 FWU JW

 FWU

^

LQSXW PDLO%R[6XEVWULQJFWU LQGH[  VZ 6WRSZDWFK6WDUW1HZ  0DWFK P 5HJH[0DWFKLQSXW SDWWHUQ 5HJH[2SWLRQV,JQRUH& DVH  VZ6WRS  LI P6XFFHVV EXLOGHU$SSHQG)RUPDW^` (QFRQWUDGR ^`   HP ^` LQGH[ P9DOXH VZ(ODSVHG  HOVH EXLOGHU$SSHQG)RUPDW^` )DOKRX ^`  H P ^` LQGH[ LQSXW VZ(ODSVHG  ` ` &RQVROH:ULWH/LQHEXLOGHU7R6WULQJ  &RQVROH5HDG 

$PNP Ï QPTTÓWFM OPUBS OFTTF DØEJHP P FOEFSFÎP RVF DPODPSEB DPN P QBESÍP $$$$$$$$$$$#FRQWRVRFRP Ï QSPDFTTBEP NVJUP SBQJEBNFOUF OÍP JNQPSUBOEP P UBNBOIP EB TUSJOH 1PSÏN RVBOEP P TFHVOEP FOEFSFÎP $$$$$$$$$$DDDDDDDDDD#FRQWRVRFRP Ï BWBMJBEP P UFNQP EF QSPDFTTBNFOUP DPNFÎB B BVNFOUBS DPOTJEFSBWFMNFOUF NPTUSBOEP RVF B QFSGPSNBODF EJNJOVJ DPOGPSNF P UBNBOIP EB TUSJOH F BUFTUBOEP B JOFGJDJÐODJB EBRVFMB FYQSFTTÍP ߔA>$=@>?Z@ >$=@ ߕ TFOEP VUJMJ[BEB



 0(/+25(6 35È7,&$6 $2 (6&5(9(5 (;35(66®(6 5(*8/$5(6

'JHVSB  5FNQP EFDPSSJEP OP FNBJM """""""""""!DPOUPTPDPN

'JHVSB  5FNQP EFDPSSJEP OP FNBJM """"""""""BBBBBBBBBB!DPOUPTPDPN

1BSB FOEFSFÎBS FTTF UJQP EF QSPCMFNB Ï SFDPNFOEBEP RVF TF BWBMJF DPNP P CBDLUSBDLJOH QPEF BGFUBS B QFSGPSNBODF QSJODJQBMNFOUF QBSB BRVFMBT FOUSBEBT TFN VNB QSÏGPSNBUBÎÍP 0VUSB SFDPNFOEBÎÍP Ï UFTUBS SJHPSPTBNFOUF VTBOEP FOUSBEBT UBOUP WÈMJEBT RVBOUP RVBTF WÈMJEBT F EF BDPSEP DPN PT SFTVMUBEPT BKVTUBS  0(/+25(6 35È7,&$6 $2 (6&5(9(5 (;35(66®(6 5(*8/$5(6



B FYQSFTTÍP

-JEF DPSSFUBNFOUF DPN B FOHJOF EP 3FHFY " GPSNB DPNP P NÏUPEP 0DWFK EB DMBTTF 5HJH[ Ï DIBNBEP QPEF JNQBDUBS F NVJUP OB QFSGPSNBODF EB BQMJDBÎÍP " TFHVJS TFSÍP EJTDVUJEBT DIBNBEBT FTUÈUJDBT BP NÏUPEP 0DWFK B VUJMJ[BÎÍP EF FYQSFTTÜFT JOUFSQSFUBEBT F B BQMJDBÎÍP EF FYQSFTTÜFT DPNQJMBEBT CFN DPNP PT DFOÈSJPT FN RVF DBEB BCPSEBHFN QSPWÐ VN HBOIP ØUJNP EF QFSGPSNBODF &YQSFTTÜFT SFHVMBSFT FTUÈUJDBT 'B[FS DIBNBEBT BP NÏUPEP FTUÈUJDP 0DWFK EB DMBTTF 5HJH[ Ï SFDPNFOEBEP QBSB TJUVBÎÜFT OBT RVBJT B NFTNB FYQSFTTÍP SFHVMBS TFSÈ VTBEB EJWFSTBT WF[FT " FYQSFTTÍP Ï DPNQJMBEB F HVBSEBEB FN VN DBDIF QBSB SÈQJEP BDFTTP FMJNJOBOEP B OFDFTTJEBEF EF SFDPNQJMBÎÍP "P DPOUSÈSJP EP RVF BDPOUFDF BP JOTUBODJBS VN PCKFUP 5HJH[ EJWFSTBT WF[FT QPJT B FYQSFTTÍP QSFDJTB TFS SFDPNQJMBEB B DBEB FYFDVÎÍP EP NÏUPEP 0DWFK EB JOTUÉODJB DSJBEB 6N DFOÈSJP FN RVF P VTP EFTTB BCPSEBHFN USBSJB HBOIPT EF QFSGPSNBODF TFSJB QPS FYFNQMP VN FWFOU IBOEMFS RVF Ï DIBNBEP QBSB WBMJEBS VNB FOUSBEB WJOEP EP VTVÈSJP DPNP Ï NPTUSBEP OP DØEJHP $IBNBEB BP NÏUPEP FTUÈUJDP .BUDI SXEOLF YRLG EXWWRQB&OLFNREMHFW VHQGHU (YHQW$UJV H ^ LI VWULQJ,V1XOO2U(PSW\ߔ$/*80 7(;72ߕ ^ LI 5HJH[,V0DWFKߔ$/*80 7(;72ߕ ߔ$/*80 3$'5$2ߕ ^  72'2 ` HOVH ^  72'2 ` ` ` 

 0(/+25(6 35È7,&$6 $2 (6&5(9(5 (;35(66®(6 5(*8/$5(6

&YQSFTTÜFT JOUFSQSFUBEBT F FYQSFTTÜFT DPNQJMBEBT "T FYQSFTTÜFT SFHVMBSFT OB QMBUBGPSNB /&5 QPEFN TFS DPOTUSVÓEBT EF USÐT GPSNBT EJGFSFOUFT QPEFN TFSFN JOUFSQSFUBEBT DPNQJMBEBT F UBNCÏN DPNQJMBEBT QBSB VN BTTFNCMZ EJGFSFOUF  &YQSFTTÜFT JOUFSQSFUBEBT 2VBOEP VN PCKFUP 5HJH[ Ï JOTUBODJBEP PV RVBOEP P NÏUPEP FTUÈUJDP 0DWFK Ï DIBNBEP F B FYQSFTTÍP SFHVMBS OÍP FYJTUF OP DBDIF B FOHJOF DPOWFSUF B FYQSFTTÍP QBSB 23&2'(6  2VBOEP P NÏUPEP 0DWFK Ï DIBNBEP FTTFT 23&2'(6 TÍP DPOWFSUJEPT QBSB *- MJOHVBHFN JOUFSNFEJÈSJB F FOUÍP P DPNQJMBEPS +*5 +VTUJOUJNF FYFDVUB P SFTVMUBEP &TTF Ï P UJQP QBESÍP BP DSJBS VN PCKFUP 5HJH[  &TTB PQÎÍP UFN DPNP WBOUBHFN P UFNQP SFEV[JEP EF JOJDJBMJ[BÎÍP 1PSÏN P UFNQP HFSBM EF FYFDVÎÍP Ï NBJT EFWBHBS TFOEP JEFBM QBSB DBTPT OPT RVBJT TF FTQFSB VNB CBJYB GSFRVÐODJB EF DIBNBEBT BPT NÏUPEPT RVF FYFDVUBSÍP BT BWBMJBÎÜFT QBSB VNB FYQSFTTÍP SFHVMBS FTQFDÓGJDB  &YQSFTTÜFT DPNQJMBEBT 4ÍP FYQSFTTÜFT TFNFMIBOUFT BP NPEP JOUFSQSFUBEP QPSÏN B EJGFSFOÎB Ï RVF B FYQSFTTÍP SFHVMBS Ï DPOWFSUJEB EJSFUBNFOUF QBSB *- F FOUÍP FYFDVUBEB QFMP +*5 &TTF UJQP EF FYQSFTTÍP QPEF TFS EFGJOJEB VTBOEP P BUSJCVUP 5HJH[2SWLRQV&RPSLOHG DPNP EFNPOTUSBN PT DØEJHPT "USJCVUP $PNQJMFE OB JOTUÉODJB EF VN PCKFUP 3FHFY 5HJH[ REMHWR5HJH[ &RPSLOHG 

QHZ 5HJH[ߔ$/*80 3$'5$2ߕ 5HJH[2SWLRQV

"USJCVUP $PNQJMFE OB DIBNBEB FTUÈUJDB EP NÏUPEP .BUDI YDU PDWFKHV

5HJH[0DWFKߔ$/*80 7(;72ߕ ߔ$/*80 3$'5$2ߕ 5H

 0(/+25(6 35È7,&$6 $2 (6&5(9(5 (;35(66®(6 5(*8/$5(6



JH[2SWLRQV&RPSLOHG 

&YQSFTTÜFT DPNQJMBEBT QSPWFFN VN UFNQP EF FYFDVÎÍP NBJT SÈQJEP FN USPDB EF VN UFNQP EF JOJDJBMJ[BÎÍP VN QPVDP NBJT EFNPSBEP TF NPTUSBOEP JEFBM QBSB DFOÈSJPT FN RVF TF TBCF EF BOUFNÍP RVF B RVBOUJEBEF EF DIBNBEBT QPEF WBSJBS TVCTUBODJBMNFOUF QPEFOEP TFS EFTEF BMHVNBT BUÏ NJMIBSFT  &YQSFTTÜFT DPNQJMBEBT QBSB VN BTTFNCMZ EJGFSFOUF 0 NÏUPEP FTUÈUJDP 5HJH[&RPSLOH7R$VVHPEO\ DPNQJMB VNB PV NBJT FYQSFTTÜFT SFHVMBSFT QBSB PVUSP BTTFNCMZ QPEFOEP TFS VTBEBT TPNFOUF QPS NFJP EF JOTUBODJBÎÍP EF VN PCKFUP EB DMBTTF HFSBEB " TFHVJS Ï EFNPOTUSBEB B DSJBÎÍP CFN DPNP VUJMJ[BÎÍP EFTTB BCPSEBHFN

'JHVSB  $SJBÎÍP EP "TTFNCMZ DPN B FYQSFTTÍP SFHVMBS DPNQJMBEB

>8WLOL]D§£R GD H[SUHVV£R UHJXODU FRPSLODGD HP RXWUR DVVHPEO\@LPD JHQV,PDJHVFRQWBLPDJHSQJ $SHVDU GH RIHUHFHU XPD SHUIRUPDQFH FRQVLVWHQWH WDQWR QR WHPSR GH L QLFLDOL]D§£R TXDQWR QR WHPSR GH H[HFX§£R HVVD DOWHUQDWLYD GH FRQV WUX§£R GH H[SUHVVµHV UHJXODUHV VH PRVWUD LQIOH[­YHO HP DOWHUD§µHV QDV FRQILJXUD§µHV TXH IRUDP GHILQLGDV HP WHPSR GH GHVHQYROYLPHQWR 6HP FRQWDU TXH WRGDV DV H[SUHVVµHV SUHFLVDP WHU VLGR GHILQLGDV DQ WHFLSDGDPHQWH LQYDOLGDQGR FRQVWUX§µHV GLQ¢PLFDV

$POUSPMBOEP P CBDLUSBDLJOH 6NB EBT DBSBDUFSÓTUJDBT EBT FYQSFTTÜFT SFHVMBSFT OB QMBUBGPSNB /&5 Ï B IBCJMJEBEF EF FYFDVUBS EF VNB NBOFJSB OÍP MJOFBS 0V TFKB FN WF[ EF BWBOÎBS VN DBSBDUFSF BQØT P PVUSP Ï QPTTÓWFM SFUPSOBS QBSB VN FTUBEP QBTTBEP B GJN EF BWBMJBS B DPNCJOBÎÍP EF VN 

 0(/+25(6 35È7,&$6 $2 (6&5(9(5 (;35(66®(6 5(*8/$5(6

QBESÍP &TTB IBCJMJEBEF Ï DPOIFDJEB DPNP CBDLUSBDLJOH &NCPSB P CBDLUSBDLJOH USBHB QPEFS F GMFYJCJMJEBEF DBTP TFKB VTBEP FYDFTTJWBNFOUF QPEF JNQBDUBS TFSJBNFOUF B QFSGPSNBODF EB BQMJDBÎÍP EFJYBOEP UPEB B SFTQPOTBCJMJEBEF EF EFTJHO OBT NÍPT EP EFTFOWPMWFEPS 0 CBDLUSBDLJOH BDPOUFDF OBT TJUVBÎÜFT FN RVF 6N BMUFSOBUF DPOTUSVDUPS QPS FYFNQMP ?Z_?G

GBMIB OB QSJNFJSB DPOEJÎÍP 2VBOUJGJDBEPSFT JOEFUFSNJOBEPT "  TÍP FODPOUSBEPT OP UFYUP &YQSFTTÜFT DPOEJDJPOBJT GBMIBN OB QSJNFJSB DPOEJÎÍP 2VBOEP VN EPT USÐT DFOÈSJPT FTUÈ QSFTFOUF P FTUBEP BUVBM Ï TBMWP QBSB RVF TFKB QPTTÓWFM WPMUBS B FMF DBTP IBKB OFDFTTJEBEF (FSBMNFOUF BQMJDBÎÜFT TPGSFN VNB QFOBMJEBEF OB QFSGPSNBODF QPS VTBS CBDLUSBDLJOH BQFTBS EP GBUP EF RVF FMF OÍP Ï FTTFODJBM FN BMHVOT DBTPT QBSB RVF IBKB VNB DPNCJOBÎÍP CFNTVDFEJEB &YFNQMJGJDBOEP B FYQSFTTÍP ?E?S^/X`?Z ?E JEFOUJGJDB QBMBWSBT RVF DPNFÎBN DPN VNB MFUSB NBJÞTDVMB TFHVJEB QPS [FSP PV NBJT DBSBDUFSFT QPS FYFNQMP $POUPTP  1PS DPOUB RVF P RVBOUJGJDBEPS FTUÈ QSFTFOUF QBSB DBEB DBSBDUFSF WÈMJEP P FTUBEP Ï TBMWP QBSB DBTP TFKB OFDFTTÈSJP BCBOEPOBS VN FTUBEP JOWÈMJEP DBVTBEP QPS VN DBSBDUFSF JOWÈMJEP F WPMUBS QBSB P ÞMUJNP FTUBEP WÈMJEP TBMWP 0 QBESÍP ?E JEFOUJGJDB PT MJNJUFT EF VNB QBMBWSB F QPS DPOUB EJTTP OÍP GB[ QBSUF EPT DBSBDUFSFT RVF JEFOUJGJDBN VNB QBMBWSB JEFOUJGJDBEPT QFMP QBESÍP ?Z  1PSUBOUP OÍP IÈ DPNP TF EFQBSBS DPN VN ?E BP BWBMJBS P QBESÍP ?Z  0V TFKB OFTUF DBTP P CBDLUSBDLJOH OÍP DPOUSJCVJ OB JEFOUJGJDBÎÍP EF VNB DPNCJOBÎÍP WÈMJEB

 0(/+25(6 35È7,&$6 $2 (6&5(9(5 (;35(66®(6 5(*8/$5(6



/PT DFOÈSJPT POEF P CBDLUSBDLJOH OÍP Ï OFDFTTÈSJP Ï QPTTÓWFM EFTMJHÈMP VTBOEP B DPOTUSVÎÍP "!68%(;35(66ƒ2 POEF OÍP EFWF TFS BQMJDBEP P CBDLUSBDLJOH OB 68%(;35(66ƒ2  "TTJN BMUFSBOEP B FYQSFTTÍP BOUFSJPS PCUFNPT ?E?S^/X`"!?Z ?E  &N NVJUPT DBTPT FOUSFUBOUP P CBDLUSBDLJOH Ï OFDFTTÈSJP QBSB PCUFS VNB DPNCJOBÎÍP QPTJUJWB 1PSÏN TFV VTP FYDFTTJWP Ï QSFKVEJDJBM QBSB B QFSGPSNBODF &N QBSUJDVMBS JTTP BDPOUFDF RVBOEP RVBOUJGJDBEPSFT TÍP BOJOIBEPT F P UFYUP RVF FTUÈ EF BDPSEP DPN B TVCFYQSFTTÍP FYUFSOB UBNCÏN Ï VN TVCDPOKVOUP EP UFYUP RVF DPNCJOB DPN B TVCFYQSFTTÍP JOUFSOB 1PS FYFNQMP B FYQSFTTÍP A>$=@>?Z@ >$=@ ? OB RVBM P DBSBDUFSF RVF DPNCJOB DPN >$=@ UBNCÏN Ï VN TVCDPOKVOUP EB FYQSFTTÍP >?Z@  $ØEJHP QBSB WBMJEBS B FYQSFTTÍP

A>$=@>?Z@ >$

=@ ? 6WULQJ SDWWHUQ #A> $ =@> ?Z@ > $ =@ ? 5HJH[ UJ[ QHZ 5HJH[SDWWHUQ 5HJH[2SWLRQV,JQRUH&DVH  6WRSZDWFK VZ VWULQJ>@ LWHPV ^ $& DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD ` VWULQJ WR9DOLGDWH UHVXOW 6WULQJ%XLOGHU EXLOGHU QHZ 6WULQJ%XLOGHU  IRUHDFK YDU LWHP LQ LWHPV ^ IRU LQW FWU  FWU OW LWHP/HQJWK FWU ^ WR9DOLGDWH LWHP6XEVWULQJ FWU  VZ 6WRSZDWFK6WDUW1HZ  LI UJ[,V0DWFKWR9DOLGDWH UHVXOW 9DOLGR HOVH UHVXOW 1DR YDOLGR VZ6WRS  EXLOGHU$SSHQG)RUPDW^` FRP ^` FDUDFWHUHV ^` UHVXOW FWU



 0(/+25(6 35È7,&$6 $2 (6&5(9(5 (;35(66®(6 5(*8/$5(6

VZ(ODSVHG  ` ` &RQVROH:ULWH/LQHEXLOGHU7R6WULQJ 

$PNP Ï QPTTÓWFM QFSDFCFS OPT HSÈGJDPT B TFHVJS B FYQSFTTÍP Ï DBQB[ EF EFTFNQFOIBS CFN RVBOEP FODPOUSB VN WBMPS WÈMJEP 1PSÏN B QFSGPSNBODF TF EFHSBEB SBQJEBNFOUF TF VN WBMPS JOWÈMJEP Ï FODPOUSBEP %FTFNQFOIP EB FYQSFTTÍP A>$=@>?Z@ >$ =@ ? BP BWBMJBS B FOUSBEB $&@>?Z@ >$ =@ ? 

%FTFNQFOIP

EB

FYQSFTTÍP A>$=@>?Z@ >$ =@ ? BP BWBMJBS B FOUSBEB DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD 

 0(/+25(6 35È7,&$6 $2 (6&5(9(5 (;35(66®(6 5(*8/$5(6



1BSB PUJNJ[BS FTTF UJQP EF TJUVBÎÍP Ï QPTTÓWFM TVCTUJUVJS PT RVBOUJGJDBEPSFT BOJOIBEPT QPS BTTFSÎÜFT MPPLBIFBE PV MPPLCFIJOE &TTBT BTTFSÎÜFT OÍP NPWFN EF QPTJÎÍP P QPOUFJSP OB TUSJOH NBT FN WF[ EJTTP PMIBN QBSB B GSFOUF PV JNFEJBUBNFOUF QBSB BUSÈT EB QPTJÎÍP BUVBM QBSB EFUFSNJOBS TF P QBESÍP EFGJOJEP Ï WFSEBEFJSP PV OÍP " FYQSFTTÍP BOUFSJPS QPEF FOUÍP TFS NPEJGJDBEB QBSB A>$ =@>?Z@ " >$=@ ?  /FMB Ï VTBEB VNB BTTFSÎÍP MPPL CFIJOE QPTJUJWB RVBOEP P TÓNCPMP  Ï WBMJEBEP QBSB HBSBOUJS RVF P DBSBDUFSF JNFEJBUBNFOUF BOUFT EP  Ï PV OVNÏSJDP PV BMGBOVNÏSJDP "QØT BQMJDBEB B NPEJGJDBÎÍP OB FYQSFTTÍP DPNP NPTUSBN PT HSÈGJDPT B TFHVJS Ï WJTÓWFM P HBOIP EF QFSGPSNBODF %FTFNQFOIP EB FYQSFTTÍP A>$=@>?Z@ " >$ =@ ? BP BWBMJBS B FOUSBEB $& 



 0(/+25(6 35È7,&$6 $2 (6&5(9(5 (;35(66®(6 5(*8/$5(6

%FTFNQFOIP EB FYQSFTTÍP =@ ? BP

A>$=@>?Z@ " >$

BWBMJBS DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD 

B

FOUSBEB

 0(/+25(6 35È7,&$6 $2 (6&5(9(5 (;35(66®(6 5(*8/$5(6



3&'&3³/$*"4 #BDLUSBDLJOH JO 3FHVMBS IUUQTNTEONJDSPTPGUDPNFO VTMJCSBSZETZC WWT BTQY

&YQSFTTJPOT



#FTU 1SBDUJDFT GPS 3FHVMBS &YQSFTTJPOT JO UIF /&5 'SBNFXPSL  IUUQTNTEONJDSPTPGUDPNFO VTMJCSBSZHH WWT BTQY %FUBJMT PG 3FHVMBS &YQSFTTJPO #FIBWJPS IUUQTNTEONJDSPTPGUDPNFOVTMJCSBSZFLBTQY



0QUJNJ[JOH 3FHVMBS &YQSFTTJPO 1FSGPSNBODF 1BSU *  IUUQTCMPHTNTEONJDSPTPGUDPNCDMUFBNPQUJNJ[ JOHSFHVMBSFYQSFTTJPOQFSGPSNBODFQBSUJXPSLJOHXJUIUIF SFHFYDMBTTBOESFHFYPCKFDUTSPOQFUSVTIB 0QUJNJ[JOH 3FHVMBS &YQSFTTJPO 1FSGPSNBODF 1BSU **  IUUQTCMPHTNTEONJDSPTPGUDPNCDMUFBNPQUJNJ[ JOHSFHVMBSFYQSFTTJPOQFSGPSNBODFQBSUJJUBLJOHDIBSHFPG CBDLUSBDLJOHSPOQFUSVTIB (0:7"&354 + -&7*5)"/ 4 $PPLCPPL  FE 0h3FJMMZ .FEJB 

3FHVMBS

&YQSFTTJPOT

 $0/$-64°0 &TUF DBQÓUVMP BQSFTFOUPV QSÈUJDBT BEPUBEBT NVOEJBMNFOUF QFMPT UJNFT EF EFTFOWPMWJNFOUP %FOUSF FMBT OPUBNPT BÎÜFT WPMUBEBT QBSB NFMIPSBS P EFTFNQFOIP EF BQMJDBÎÜFT BTTJN DPNP QSÈUJDBT QBSB BQFSGFJÎPBS BT FOUSFHBT EBT FRVJQFT "T QSÈUJDBT BRVJ EJTDVUJEBT PCKFUJWBN B FWPMVÎÍP DPOUÓOVB EBT BQMJDBÎÜFT F P BVNFOUP EB 

 &21&/86­2

NBUVSJEBEF EPT UJNFT EF EFTFOWPMWJNFOUP

 &21&/86­2



&$3Ë78/2 

#*#-*0(3"'*"

$8"-*/" , "#3".4 # 'SBNFXPSL %FTJHO (VJEFMJOFT $POWFOUJPOT *EJPNT BOE 1BUUFSOT GPS 3FVTBCMF /&5 -JCSBSJFT FE  #PTUPO "EEJTPO 8FTMFZ  &7"/4 &SJD %PNBJO%SJWFO %FTJHO FE  "EEJTPO8FTMFZ 1SPGFTTJPOBM  '08-&3 .BSUJO %BUB 5SBOTGFS 0CKFDU  %JTQPOÓWFM FN IUUQNBSUJOGPXMFSDPNFBB$BUBMPHEBUB5SBOTGFS0CKFDUIUNM "DFTTP FN  KBO  (0:7"&354 + -&7*5)"/ 4 3FHVMBS &YQSFTTJPOT $PPLCPPL  FE 0h3FJMMZ .FEJB  )6.#-& +F[ '"3-&: %BWJE $POUJOVPVT %FMJWFSZ SFMJBCMF TPGUXBSF SFMFBTFT UISPVHI CVJME UFTU BOE EFQMPZNFOU BVUPNBUJPO "EEJTPO8FTMFZ  -*11&35 &SJD 5IF 5SVUI "CPVU 7BMVF 5ZQFT  %JTQPOÓWFM FN IUUQTCMPHTNTEONJDSPTPGUDPNFSJDMJQQFSUUIF USVUIBCPVUWBMVFUZQFT "DFTTP FN  KBO  ."35*/ 3PCFSU $ 40-*% 1SJODJQMFT PG 0CKFDU 0SJFOUFE %FTJHO  %JTQPOÓWFM FN IUUQCVUVODMFCPCDPN"SUJDMF46ODMF#PC1SJODJQMFT0G0PE "DFTTP FN  KBO  .:&34 (MFOGPSE 5IF "SU PG 4PGUXBSF 5FTUJOH /FX :PSL 

 %,%/,2*5$),$

8JMFZ  101&/%*&$, . 1011&/%*&$, 5 *NQMFNFOUJOH -FBO 4PGUXBSF %FWFMPQNFOU 'SPN $PODFQU UP $BTI "EEJTPO8FTMFZ  3*$)5&3 + $-3 WJB $  %FWFMPQFS 3FGFSFODF  FE .JDSPTPGU 1SFTT  4,&&5 +PO $ JO %FQUI  FE /FX :PSL .BOOJOH  4,&&5 +PO .FNPSZ JO /&5 XIBU HPFT XIFSF  %JTQPOÓWFM FN IUUQKPOTLFFUVLDTIBSQNFNPSZIUNM "DFTTP FN  KBO  4104*50 %JOP 4"-5"3&--0 "OESFB @.JDSPTPGU /&5 "SDIJUFDUJOH "QQMJDBUJPOT GPS UIF &OUFSQSJTF .JDSPTPGU 1SFTT  :063%0/ &EXBSE $0/45"/5*/& -BSSZ 4USVDUVSFE %FTJHO 'VOEBNFOUBMT PG B %JTDJQMJOF PG $PNQVUFS 1SPHSBN BOE 4ZTUFNT %FTJHO :PVSEPO 1SFTT 

 %,%/,2*5$),$



&$3Ë78/2 

40#3& 04 "6503&4

.JDSPTPGU .PEFSO "QQT 1SFNJFS 'JFME &OHJOFFST

"EJMTPO $PVUSJO QPTTVJ CBDIBSFMBEP FN $JÐODJB EB $PNQVUBÎÍP F .#" FN $MPVE $PNQVUJOH QFMB '*"1 BMÏN EF DFSUJGJDBÎÜFT FN $MPVE $PNQVUJOH F TVQPSUF 1PTTVJ  BOPT EF FYQFSJÐODJB FN HFSFODJBNFOUP EF JOGSBFTUSVUVSB CBTFBEBT FN UFDOPMPHJBT .JDSPTPGU "EJMTPO BQSPWFJUB TFV UFNQP MJWSF DPN TVB FTQPTB BTTJTUJOEP TÏSJFT WFOEP GJMNFT F MFOEP "MÏN EJTTP HPTUB EF BDPNQBOIBS TFV UJNF P 4ÍP 1BVMP '$



 62%5( 26 $8725(6

"MFYBOESF $BNQPT JOJDJPV FTTB KPSOBEB FN "-. FN  BP JOJDJBS P QSPDFTTP EF BEPÎÍP EF 91 FN VNB QFRVFOB FRVJQF EF  QSPHSBNBEPSFT 'PJ RVBOEP DPNFÎPV B VUJMJ[BS UÏDOJDBT DPNP *OUFHSBÎÍP $POUÓOVB F 5FTUF 6OJUÈSJP " QBSUJS EF  QBTTPV B BEPUBS P 5'4 FOUÍP OB WFSTÍP  DPNP B GFSSBNFOUB QSFGFSJEB QBSB TVQPSUBS P "-. &N  QBTTPV B BUVBS DPNP 4DSVN .BTUFS F FN QSPKFUPT EF $PBDIJOH F *NQMFNFOUBÎÍP EF 4DSVN &N  BDFJUPV B PGFSUB QBSB BUVBS DPNP 1SFNJFS 'JFME &OHJOFFS OB .JDSPTPGU POEF BKVEB PT DMJFOUFT 1SFNJFS B FOUSFHBS NBJT WBMPS EF OFHØDJP OB GPSNB EF TPGUXBSF /BT IPSBT WBHBT "MFYBOESF CSJODB EF ,BOCBO QBSB TFV GJMIP 5IJBHP EF  BOPT F KPHB KPHPT EF UBCVMFJSP OBT NBESVHBEBT

"MFYBOESF 5FPJ Ï GPSNBEP FN &OHFOIBSJB EF $PNQVUBÎÍP QFMP *OTUJUVUP 5FDOPMØHJDP EF "FSPOÈVUJDB F USBCBMIB DPN

 62%5( 26 $8725(6



EFTFOWPMWJNFOUP EF TPGUXBSF IÈ NBJT EF  BOPT /FTTF QFSÓPEP UFWF B PQPSUVOJEBEF EF USBCBMIBS DPN WÈSJBT MJOHVBHFOT $ $ $

DSJBOEP TPGUXBSF QBSB SPEBS OPT NBJT EJWFSTPT TJTUFNBT PQFSBDJPOBJT .4%04 8JOEPXT 6OJY 8JOEPXT /5  "UVBMNFOUF USBCBMIB DPNP 1SFNJFS 'JFME &OHJOFFS FTQFDJBMJ[BEP FN .PEFSO "QQT OB .JDSPTPGU /BT IPSBT MJWSFT HPTUB EF DPOIFDFS OPWPT SFTUBVSBOUFT DPN B FTQPTB F EPJT GJMIPT F KPHBS 4USFFU 'JHIUFS

#SVOP -JOT EF 0MJWFJSB BUVB DPN EFTFOWPMWJNFOUP F TVQPSUF BP EFTFOWPMWJNFOUP EF TPGUXBSF FN EJGFSFOUFT SBNPT IÈ NBJT EF  BOPT 1PTTVJ EJWFSTBT DFSUJGJDBÎÜFT .JDSPTPGU WPMUBEBT QBSB EFTFOWPMWJNFOUP #SVOP BQSPWFJUB TFV UFNQP MJWSF DPN TVB GBNÓMJB F BTTJTUJOEP TÏSJFT EF 57

$ISJTUJBOP %POLF Ï FTQFDJBMJTUB FN BSRVJUFUVSB F DPOTUSVÎÍP EF TPGUXBSF $PNFÎPV B EFTFOWPMWFS BPT  BOPT F IÈ  BOPT BUVB 

 62%5( 26 $8725(6

QSPGJTTJPOBMNFOUF OB ÈSFB TFNQSF GPDBEP F CBTFBEP FN UFDOPMPHJBT .JDSPTPGU &N TFV UFNQP MJWSF $ISJTUJBOP BQSPWFJUB P UFNQP DPN TVB FTQPTB 'FSOBOEB TBJOEP DPN BNJHPT GB[FOEP BMHP FN GBNÓMJB PV EFTFOWPMWFOEP BMHP QBSB FTUVEBS

%FNFUSJP 3BGBFM /FSJ $PTUB Ï VN QSPGJTTJPOBM DFSUJGJDBEP DPN NBJT EF  BOPT EF FYQFSJÐODJB OP EFTFOWPMWJNFOUP F TVQPSUF EF TPMVÎÜFT (PTUB NVJUP EF DJOFNB CPOT MJWSPT F QBTTBS P UFNQP DPN PT BNJHPT F GBNJMJBSFT

'FMJQF 'VKJZ 1FTTPUP QPTTVJ CBDIBSFMBEP FN $JÐODJB EB $PNQVUBÎÍP BUVB DPN EFTFOWPMWJNFOUP EF TPGUXBSF IÈ NBJT EF  BOPT FN TVB NBJPSJB DPN UFDOPMPHJBT .JDSPTPGU QPTTVJOEP EJWFSTBT DFSUJGJDBÎÜFT 1BSUJDJQB EF DPNVOJEBEFT POMJOF DPOUSJCVJOEP FN QSPKFUPT 0QFO 4PVSDF GØSVOT BSUJHPT FN CMPH F SFWJTUBT  62%5( 26 $8725(6



'FSOBOEP 'JMJQVUUJ QPTTVJ CBDIBSFMBEP FN $JÐODJB EB $PNQVUBÎÍP 1PTTVJ  BOPT EF FYQFSJÐODJB FN EFTFOWPMWJNFOUP EF TPMVÎÜFT CBTFBEBT FN UFDOPMPHJB .JDSPTPGU F BUVBMNFOUF UFN BKVEBEP PT DMJFOUFT OB BEPÎÍP EBT NFMIPSFT QSÈUJDBT EF "QQMJDBUJPO -JGFDZDMF .BOBHFNFOU F %FW0QT VTBOEP 5FBN 'PVOEBUJPO 4FSWFS F 7JTVBM 4UVEJP 5FBN 4FSWJDFT 'FSOBOEP BQSPWFJUB TFV UFNQP MJWSF DPN TVB FTQPTB 5BOJB F TFV GJMIP +PÍP 1FESP PVWJOEP 1JOL 'MPZE F BDPNQBOIBOEP P 1BMNFJSBT

'FSOBOEP )FOSJRVF *OPDÐODJP #PSCB 'FSSFJSB QPTTVJ CBDIBSFMBEP F NFTUSBEP FN 4JTUFNBT EF *OGPSNBÎÍP "UVBOEP DPN EFTFOWPMWJNFOUP EF TPGUXBSF IÈ NBJT EF  BOPT FMF UBNCÏN GPJ .JDSPTPGU .71 FN %BUB 1MBUGPSN %FWFMPQNFOU F 7JTVBM $ +È USBCBMIPV FN FYQFEJÎÜFT DJFOUJGJDBT OB GMPSFTUB "NB[ÙOJDB F GPJ DBNQFÍP EF DPNQFUJÎÜFT EF EFTFOWPMWJNFOUP DPNP P .JDSPTPGU



 62%5( 26 $8725(6

*NBHJOF $VQ 'FSOBOEP VTB TFV UFNQP MJWSF MFOEP UPDBOEP CBUFSJB F USBCBMIBOEP FN QFTRVJTBT BDBEÐNJDBT

)FOSJRVF 3F[FOEF EB 4JMWB QPTTVJ CBDIBSFMBEP FN $PNQVUFS 4ZTUFNT &OHJOFFSJOH QFMB $JUZ 6OJWFSTJUZ EF -POESFT "UVB DPN GPDP FN **4 EFTEF  "UVBMNFOUF BMÏN EF TVQPSUF UÏDOJDP FMF UBNCÏN NJOJTUSB XPSLTIPQT QBSB PT DMJFOUFT 1SFNJFS EB .JDSPTPGU &N TFV UFNQP MJWSF HPTUB EF DVSUJS DPN B TVB FTQPTB 'FSOBOEB F TFVT GJMIPT /JOB F (BCSJFM BMÏN EF UBNCÏN UFS P IPCCZ EF NFTUSF DFSWFKFJSP

*VSZ 0MJWFJSB QPTTVJ CBDIBSFMBEP FN "ENJOJTUSBÎÍP EF &NQSFTBT F $JÐODJB EB $PNQVUBÎÍP "UVB DPN EFTFOWPMWJNFOUP F TVQPSUF BP EFTFOWPMWJNFOUP EF TPGUXBSF IÈ RVBTF  BOPT 'PJ .JDSPTPGU $FSUJGJFE 5SBJOFS F NJOJTUSB QBMFTUSBT FN EJWFSTPT

 62%5( 26 $8725(6



FWFOUPT &N TFV UFNQP MJWSF HPTUB EF MFS BTTJTUJS GJMNFT JS BP 1BSRVF EP *CJSBQVFSB F QBTTBS TFV UFNQP DPN P QFRVFOP +PÍP TFV QSJNFJSP GJMIP

-FBOESP EF "MNFJEB 4BOUPT Ï CBDIBSFM FN 4JTUFNBT EF *OGPSNBÎÍP "UVBOEP OP TVQPSUF B QSPEVUPT .JDSPTPGU IÈ NBJT EF  BOPT QBSUJDJQPV EF EJWFSTPT QSPKFUPT EF NJHSBÎÍP FN HSBOEFT FNQSFTBT )PKF FMF BHSBEFDF B %FVT F B UPEPT RVF P BKVEBSBN DIFHBS POEF FTUÈ &N TFV UFNQP MJWSF HPTUB EF TBJS QBSB KBOUBS DPN TVB FTQPTB F TVB GBNÓMJB BTTJTUJS GJMNFT F FODPOUSBS PT BNJHPT

-FBOESP 1SBEP WVMHP i1JÈw USBCBMIPV DPN QSPKFUPT EF EFTFOWPMWJNFOUP EFTEF P JOJDJP EP /&5 'SBNFXPSL %FTEF FOUÍP BDPNQBOIB B FWPMVÎÍP EB QMBUBGPSNB -FBOESP BQSPWFJUB TFV UFNQP MJWSF UPDBOEP CBUFSJB KPHBOEP GVUFCPM F QBSUJDJQBOEP EF DPSSJEBT DPN TFV DBSSP 

 62%5( 26 $8725(6

-VÓT )FOSJRVF %FNFUSJP QPTTVJ CBDIBSFMBEP FN "OÈMJTF EF 4JTUFNBT F QØTHSBEVBÎÍP FN &OHFOIBSJB EF 4PGUXBSF 1PTTVJ  BOPT EF FYQFSJÐODJB OB QSPGJTTÍP "UVPV  BOPT OP NFSDBEP GJOBODFJSP DPN EFTFOWPMWJNFOUP BUSBWÏT EP NBJPS CBODP EF BUBDBEP EB "NÏSJDB -BUJOB BOUFT EF JOJDJBS B DBSSFJSB OB .JDSPTPGU 5SBCBMIBOEP DPNP FOHFOIFJSP EF TVQPSUF QBSB DMJFOUFT 1SFNJFS EB .JDSPTPGU Ï SFTQPOTÈWFM QPS EJWFSTBT JOJDJBUJWBT EF FEVDBÎÍP DPNP XPSLTIPQ XFCDBTUT F QBMFTUSBT QSJODJQBMNFOUF FOWPMWFOEP 7JTVBM 4UVEJP F UÏDOJDBT EF USPVCMFTIPPUJOH

-VJ[ 'FSOBOEP EF .BDFEP BUVB DPNP 1SFNJFS 'JFME &OHJOFFS FN .PEFSO "QQT FTQFDJBMJ[BEP FN 7JTVBM 4UVEJP "-. F %FW0QT "UVB DPN EFTFOWPMWJNFOUP EF TPGUXBSF IÈ NBJT EF  BOPT QPTTVJ DFSUJGJDBÎÜFT .JDSPTPGU WPMUBEBT QBSB %FTFOWPMWJNFOUP "-. F $MPVE $PNQVUJOH F GPJ .$5 0SHVMIBTF B DBEB EJB EP RVF GB[ F EF

 62%5( 26 $8725(6



POEF FTUÈ BMÏN EF UFS P NBJPS PSHVMIP QPS UFS VNB MJOEB FTQPTB (BCJ B RVBM P BDPNQBOIB FN UPEPT PT NPNFOUPT GFMJ[FT 1BTTB CPB QBSUF EP UFNQP MFOEP KPHBOEP 9CPY 0OF F RVBOEP QPEF QSBUJDB NFSHVMIP DPOIFDFOEP BTTJN VN NVOEP OPWP

3BGBFM 5FJYFJSB QPTTVJ CBDIBSFMBEP FN &OHFOIBSJB EB $PNQVUBÎÍP "UVB DPN EFTFOWPMWJNFOUP EF TPGUXBSF IÈ NBJT EF  BOPT TF FTQFDJBMJ[BOEP FN "QQMJDBUJPO 1FSGPSNBODF F 5SPVCMFTIPPUJOH F BUVBOEP FN QSPKFUPT QBSB BVUPNBUJ[BÎÍP EF BOÈMJTFT DPNP FYUFOTÜFT QBSB 8JOECH F %FCVH%JBH 3BGBFM HPTUB EF BQSPWFJUBS TFV UFNQP MJWSF QSBUJDBOEP FTQPSUFT DPNP GVUFCPM F LBSU MFOEP F KPHBOEP WJEFPHBNF

3JDBSEP 4FSSBEBT QPTTVJ CBDIBSFMBEP FN $JÐODJB EB $PNQVUBÎÍP 5SBCBMIB OB ÈSFB EF UFDOPMPHJB IÈ NBJT EF  BOPT 4FVT QSJNFJSPT QBTTPT GPSBN OB ÈSFB EF JOGSBFTUSVUVSB &OUSFUBOUP 

 62%5( 26 $8725(6

RVBOEP EFTDPCSJV P QPEFS RVF P EFTFOWPMWJNFOUP EF TPGUXBSF USB[ EFDJEJV FTQFDJBMJ[BSTF 4FSSBEBT PDVQB TFV UFNQP WBHP DPOUSJCVJOEP DPN B DPNVOJEBEF UÏDOJDB UPDBOEP HVJUBSSB BTTJTUJOEP TFSJBEPT PV DPSSFOEP OP QBSRVF TFNQSF OB DPNQBOIJB EB TVB OPJWB 1BUSÓDJB

3PCTPO 3PDIB EF "SBÞKP BUVB DPN EFTFOWPMWJNFOUP F BSRVJUFUVSB EF TPGUXBSF B NBJT EF  BOPT &MF QPTTVJ NBJT EF EF[PJUP DFSUJGJDBÎÜFT .JDSPTPGU WPMUBEBT QBSB $MPVE 8FC F CBODP EF EBEPT F BUVPV QPS DJODP BOPT DPNP .$5 OB SFHJÍP EF $BNQJOBT JOUFSJPS EF 4ÍP 1BVMP 0SHVMIPTP QBJ EF USÐT GJMIPT 3PCTPO QBTTB TFV UFNQP MJWSF KPHBOEP WJEFPHBNF BTTJTUJOEP EFTFOIPT CSJODBOEP DPN TFVT EPJT NFOJOPT F BTTJTUJOEP TÏSJFT F GJMNFT DPN B FTQPTB RVBOEP B CFCÐ FTUÈ EPSNJOEP

4ÏSHJP 3BNPT Ï GVODJPOÈSJP EB .JDSPTPGU EFTEF NBJP EF   62%5( 26 $8725(6



TFNQSF FOWPMWJEP OBT BUJWJEBEFT EF EFTFOWPMWJNFOUP EF DØEJHP UFOEP DPNP QBJYÍP BT UFDOPMPHJBT EF 4JTUFNB 0QFSBDJPOBM 4FSHJO DPNP Ï DPOIFDJEP QFMPT BNJHPT VTB B NBJPS QBSUF EP UFNQP MJWSF UFOUBOEP TPCSFWJWFS B BMHVN UJQP EF BWFOUVSB RVF TVB FTQPTB -ÓMJB TFNQSF EFTDPCSF QBSB FMFT

5IJBHP $BNBSHPT -PQFT QPTTVJ CBDIBSFMBEP FN $JÐODJB EB $PNQVUBÎÍP *OJDJPV TVB WJEB QSPGJTTJPOBM DPNP EFTFOWPMWFEPS FN GFSSBNFOUBT F UFDOPMPHJBT 0QFO 4PVSDF "QØT DPOIFDFS P 7JTVBM 4UVEJP TF BQBJYPOPV QFMBT GFSSBNFOUBT F UFDOPMPHJBT .JDSPTPGU ² FTQFDJBMJ[BEP FN 7JTVBM 4UVEJP 5FBN 'PVOEBUJPO 4FSWFS F QSSÈUJDBT EF "-. F %FW0QT

5JBHP 4PD[FL QPTTVJ CBDIBSFMBEP FN 4JTUFNBT EF *OGPSNBÎÍP F BUVB DPN EFTFOWPMWJNFOUP EF TPGUXBSF IÈ NBJT EF  BOPT ² BQBJYPOBEP QPS EFTFOWPMWJNFOUP XFC F DØEJHP CFN FTDSJUP &N TFV 

 62%5( 26 $8725(6

UFNQP MJWSF HPTUB EF DPSSFS FTUVEBS F WJBKBS DPN TVB BEPSÈWFM FTQPTB $BNJMB

7JOÓDJVT .BSUJOT QPTTVJ CBDIBSFMBEP FN $JÐODJB EB $PNQVUBÎÍP F  BOPT EF FYQFSJÐODJB FN EFTFOWPMWJNFOUP EF BQMJDBÎÜFT DPN CBTF OBT UFDOPMPHJBT EB .JDSPTPGU DPN GPDP FN EFTLUPQ F NPCJMF "MÏN EJTTP QPTTVJ EJWFSTBT DFSUJGJDBÎÜFT .JDSPTPGU WPMUBEBT BP EFTFOWPMWJNFOUP &N TFVT NPNFOUPT EF EFTDBOTP 7JOÓDJVT BQSPWFJUB QBSB BTTJTUJS GJMNFT F TÏSJFT UPDBS WJPMÍP F PDBTJPOBMNFOUF KPHBS WJEFPHBNF

.JDSPTPGU "[VSF 1SFNJFS 'JFME &OHJOFFS

"OESFJB 0UUP QPTTVJ FYQFSJÐODJB FN EFTFOWPMWJNFOUP EF TPGUXBSF F HFTUÍP EF DJDMP EF WJEB EF BQMJDBÎÜFT CBTFBEBT FN UFDOPMPHJB .JDSPTPGU IÈ  BOPT "UVBMNFOUF "OESFJB BQPJB DMJFOUFT  62%5( 26 $8725(6



OB BEPÎÍP F VUJMJ[BÎÍP EF "[VSF QMBUBGPSNB EF OVWFN EB .JDSPTPGU #BTFBEB FN 1PSUVHBM FMB BUFOEF DMJFOUFT FN UPEB &VSPQB 0DJEFOUBM FOUSFHBOEP USFJOBNFOUPT EF "[VSF F BQSPWFJUB BT WJBHFOT QBSB DPOIFDFS OPWPT MVHBSFT DVMUVSBT QFTTPBT F DPNJEBT "OESFJB BQSPWFJUB TFV UFNQP MJWSF OB ÈHVB TF EJWJEJOEP FOUSF OBUBÎÍP EF ÈHVBT BCFSUBT F TVSG

.JDSPTPGU 5FDIOJDBM 4PMVUJPO 1SPGFTTJPOBM

8BOEFSTPO -JNB BUVB DPNP 5FDIOJDBM 4PMVUJPO 1SPGFTTJPOBM 541 OP UJNF EF %FWFMPQNFOU 5PPMT EB .JDSPTPGU (SBEVBEP FN $JÐODJB EB $PNQVUBÎÍP QFMB 6OJWFSTJEBEF 'FEFSBM EF 6CFSMÉOEJB 6'6

USBCBMIB B NBJT EF  BOPT OP NFSDBEP EF 5* EFTFNQFOIBOEP WÈSJPT QBQFJT BUSBWÏT EBT EJTDJQMJOBT EB JOEÞTUSJB EF TPGUXBSF DVMNJOBOEP BTTJN OB BUVBÎÍP DPN "-. F %FW0QT $POTVMUPS 1SFNJFS 'JFME &OHJOFFS F BHPSB OP UJNF EF %FWFMPQFS &YQFSJFODF %9 EB .JDSPTPGU  /P UFNQP MJWSF HPTUB EF TF EJWFSUJS DPN B OPJWB F SFUPSOBS QBSB .JOBT QBSB SFWFS GBNÓMJB BNJHPT F P WFMIP F CPN QÍP EF RVFJKP NJOFJSP

.JDSPTPGU 4VQQPSU &OHJOFFS



 62%5( 26 $8725(6

3PESJHP (BMMB[[J 4 -FJUF Ï CBDIBSFM FN $JÐODJB EB $PNQVUBÎÍP F BUVB DPN EFTFOWPMWJNFOUP EF TPGUXBSF DPN UFDOPMPHJBT .JDSPTPGU IÈ NBJT EF  BOPT "UVPV DPNP 1'& FN .PEFSO "QQT F TVQPSUPV PT DMJFOUFT OB BEPÎÍP F FYFDVÎÍP EF UFTUFT EF DBSHB VUJMJ[BOEP .JDSPTPGU "[VSF "UVBMNFOUF 3PESJHP BUVB DPNP 4VQQPSU &OHJOFFS  %FWFMPQFS 5PPMT &MF BQSPWFJUB TFV UFNQP MJWSF DPN TVB FTQPTB 1SJTDJMB F DPN TFVT GJMIPT (BCSJFM F 'FMJQF FN QFTDBSJBT F KPHPT EF 1$

.JDSPTPGU 5FDIOJDBM "DDPVOU .BOBHFS

3JDBSEP EF "MNFJEB QPTTVJ CBDIBSFMBEP FN 4JTUFNBT EF *OGPSNBÎÍP F  BOPT EF FYQFSJÐODJB FN EFTFOWPMWJNFOUP EF TPGUXBSF DPN GPDP FN UFDOPMPHJBT .JDSPTPGU +È BUVPV DPNP 1SFNJFS 'JFME &OHJOFFS FN .PEFSO "QQT BKVEBOEP PT DMJFOUFT OB  62%5( 26 $8725(6



BEPÎÍP EBT NFMIPSFT QSÈUJDBT EF "QQMJDBUJPO -JGFDZDMF .BOBHFNFOU F %FW0QT 3JDBSEP BQSPWFJUB TFV UFNQP MJWSF DPN TVB OPJWB "OESFTTB MFOEP JOEP BP UFUSP PV QSBUJDBOEP ,VOH 'V DPSSJEB FOUSF PVUSPT FTQPSUFT



 62%5( 26 $8725(6