El sector cultural hoy

Page 1



&- 4 & $ 50 3 $ 6 -56 3 "- )0: PQPSUVOJEBEFT EFTBGrPT Z SFTQVFTUBT



TF NJOB SJP JO U FSOB DJPOB M

&- 4 & $ 50 3 $ 6 -56 3 "- )0: PQPSUVOJEBEFT EFTBGrPT Z SFTQVFTUBT

NFNPSJB T $BSUBHFOB EF *OEJBT TFQUJFNCSF EF


4FNJOBSJP *OUFSOBDJPOBM &M TFDUPS DVMUVSBM IPZ PQPSUVOJEBEFT EFTBGrPT Z SFTQVFTUBT .FNPSJBT

4FNJOBSJP *OUFSOBDJPOBM FM 4FDUPS $VMUVSBM )PZ 0QPSUVOJEBEFT %FTBGrPT Z 3FTQVFTUBT 4FQ $BSUBHFOB EF *OEJBT .FNPSJBT 4FNJOBSJP *OUFSOBDJPOBM FM 4FDUPS $VMUVSBM )PZ 0QPSUVOJEBEFT %FTBGrPT Z 3FTQVFTUBT ¥ $BSUBHFOB EF *OEJBT 6OJWFSTJEBE 5FDOPMwHJDB EF #PMrWBS .JOJTUFSJP EF $VMUVSB Q Y *4#/ "%.*/*453"$*¿/ $6-563"- 10-»5*$" $6-563"- 1-"/*'*$"$*¿/ $6-563"- $6-563" : %&4"330--0 $6-563" "41&$504 &$0/¿.*$04 */%6453*" $6-563"- * $PMPNCJB .JOJTUFSJP EF $VMUVSB ** 5rUVMP $%% 4

6OJWFSTJEBE 5FDOPMwHJDB EF #PMrWBS .BOHB DBMMF EFM #PVRVFU DSB /P ¥ $BSUBHFOB EF *OEJBT $PMPNCJB 5FMnGPOP FYU 'BY .JOJTUFSJP EF $VMUVSB EF $PMPNCJB $BSSFSB /P ¥ #PHPUg % $ 5FMnGPOP -rOFB HSBUVJUB IUUQ XXX NJODVMUVSB HPW DP

&M NBUFSJBM EF FTUB QVCMJDBDJwO OP QVFEF TFS SFQSPEVDJEP QPS DVBMRVJFS TJTUFNB EF SFDVQFSBDJwO EF JOGPSNBDJwO TJO BVUPSJ[BDJwO EF MPT BVUPSFT Z EF MPT FEJUPSFT -B SFTQPOTBCJMJEBE QPS FM DPOUFOJEP EF FTUB QVCMJDBDJwO SFDBF FO MPT BVUPSFT

&EJDJwO B DBSHP EF "SNBOEP "MGBSP 1BUSwO 5SBEVDDJwO .BSrB .FSDFEFT $PSSFB %JTFvP *HOBDJP .BSUrOF[ 7JMMBMCB %JBHSBNBDJwO 7JDLZ .PSB

*NQSFTP FO %rHJUPT Z %JTFvPT #PHPUg % $ FOFSP EF


NJOJTUFSJP EF DVMUVSB SFQ|CMJDB EF DPMPNCJB 1BVMB .BSDFMB .PSFOP ;BQBUB .JOJTUSB EF $VMUVSB .BSrB $MBVEJB -wQF[ 7JDFNJOJTUSB EF $VMUVSB &O[P 3BGBFM "SJ[B 4FDSFUBSJP (FOFSBM -V[ "NQBSP .FEJOB (FSFOB $PPSEJOBEPSB (SVQP EF "TVOUPT *OUFSOBDJPOBMFT Z $PPQFSBDJwO %JBOB $BUBMJOB +JNnOF[ 4gODIF[ "TFTPSB "TVOUPT *OUFSOBDJPOBMFT .BSrB &MJTB )PMHVrO $PPSEJOBEPSB (SVQP EF &NQSFOEJNJFOUP $VMUVSBM $BUBMJOB )PZPT 7gTRVF[ $PPSEJOBEPSB (SVQP EF 1SFOTB

VOJWFSTJEBE UFDOPMwHJDB EF CPMrWBS 1BUSJDJB .BSUrOF[ #BSSJPT 3FDUPSB EF MB 6OJWFSTJEBE 5FDOPMwHJDB EF #PMrWBS "MCFSUP "CFMMP 7JWFT %FDBOP 'BDVMUBE EF $JFODJB &DPOwNJDBT Z "ENJOJTUSBUJWBT Z %JSFDUPS 3FE *OUFSOBDJPOBM TPCSF %FTBSSPMMP Z $VMUVSB FO *CFSPBNnSJDB Z FM $BSJCF +BWJFS 4BOrO 'POOFHSB %FDBOP 'BDVMUBE EF $JFODJBT 4PDJBMFT Z )VNBOBT .BSJTUFMMB .BEFSP +JSBEP $PPSEJOBEPSB .BFTUSrB FO %FTBSSPMMP Z $VMUVSB Z $PPSEJOBEPSB 3FE *OUFSOBDJPOBM TPCSF %FTBSSPMMP Z $VMUVSB FO *CFSPBNnSJDB Z FM $BSJCF

BHFODJB FTQBvPMB EF DPPQFSBDJwO JOUFSOBDJPOBM QBSB FM EFTBSSPMMP &MFOB .BESB[P )FHFXJTI %JSFDUPSB "HFODJB &TQBvPMB EF $PPQFSBDJwO *OUFSOBDJPOBM QBSB FM %FTBSSPMMP "OUPOJP /JDPMBV %JSFDUPS EF 3FMBDJPOFT $VMUVSBMFT Z $JFOUr¯DBT EF MB "HFODJB &TQBvPMB EF $PPQFSBDJwO *OUFSOBDJPOBM QBSB FM %FTBSSPMMP -JEJB #MBODP %JSFDUPSB $FOUSP EF 'PSNBDJwO EF MB $PPQFSBDJwO &TQBvPMB FO $BSUBHFOB EF *OEJBT "OB $POSBEP 3FTQPOTBCMF EF QSPHSBNBDJwO EFM $FOUSP EF 'PSNBDJwO EF MB $PPQFSBDJwO &TQBvPMB FO $BSUBHFOB EF *OEJBT

FNCBKBEB EF GSBODJB FO DPMPNCJB NJOJTUFSJP EF DVMUVSB Z DPNVOJDBDJwO EF GSBODJB +FBO .JDIFM .BSMBVE &NCBKBEPS EF 'SBODJB FO $PMPNCJB $MBJSF %VSJFVY $POTFKFSB EF $PPQFSBDJwO 5nDOJDB Z $VMUVSB .BSJF 'SnEnSJRVF #FSHFBVE +FGF "EKVOUP EFM %FQBSUBNFOUP EF "TVOUPT *OUFSOBDJPOBMFT EFM .JOJTUFSJP EF $VMUVSB Z $PNVOJDBDJwO EF 'SBODJB


UBCMB EF DPOUFOJEP *OUSPEVDDJwO -B DVMUVSB EFTEF MB DSJTJT -BT SFTPOBODJBT TPDJBMFT EF MP TJNCwMJDP .BOJ¯FTUP EF $VMUVSB Z %FTBSSPMMP EF $BSUBHFOB EF *OEJBT *OUFSWFODJwO EF MB .JOJTUSB EF $VMUVSB EF $PMPNCJB 1BVMB .BSDFMB .PSFOP $BSUBHFOB EF *OEJBT UFSSJUPSJP QSPQJDJP QBSB QFOTBS MBT SFMBDJPOFT FOUSF MB DVMUVSB Z FM EFTBSSPMMP 1BUSJDJB .BSUrOF[ #BSSJPT 1BMBCSBT EFM %JSFDUPS EF 3FMBDJPOFT $VMUVSBMFT Z $JFOUr¯DBT EF MB "FDJE "OUPOJP /JDPMBV < TFDDJwO J >

MPT HSBOEFT EFCBUFT DBQrUVMP 5FOEFODJBT HMPCBMFT < > $SJTJT ¯OBODJFSB FO RVn DPOTJTUF DwNP BGFDUB BM TFDUPS DVMUVSBM 1SFTFOUBDJwO -B DSJTJT FDPOwNJDB Z TVT JNQMJDBDJPOFT B OJWFM HMPCBM &EVBSEP 4PNFOTBUUP -B DSJTJT FDPOwNJDB Z MB DVMUVSB .BVSJDJP 3FJOB


1SJNFS BOgMJTJT EF MB DSJTJT Z EF MBT QPMrUJDBT DVMUVSBMFT DPOUSBDrDMJDBT FO 'SBODJB 1IJMJQQF $IBOUFQJF $PODMVTJPOFT EF TVC DBQrUVMP < > -B JOEVTUSJB DVMUVSBM DPNP SFTQVFTUB FDPOwNJDB B MB DSJTJT ˜FT MB FDPOPNrB EF MB DVMUVSB VO NPEFMP EF EFTBSSPMMP BMUFSOBUJWP 1SFTFOUBDJwO &M QPUFODJBM FDPOwNJDP EF MBT JOEVTUSJBT DSFBUJWBT .JDIBFM )VUUFS -B FDPOPNrB DSFBUJWB FTUrNVMP B MB SFDVQFSBDJwO FDPOwNJDB &EOB %PT 4BOUPT $PODMVTJPOFT EF TVC DBQrUVMP

DBQrUVMP $VMUVSB Z EFTBSSPMMP < > &M EFTBSSPMMP DVMUVSBM ˜DVgMFT TPO MPT JNQBDUPT EF MB JOWFSTJwO FO DVMUVSB 1SFTFOUBDJwO $BTJ DJODVFOUB BvPT EF SFMBDJPOFT FOUSF MB DVMUVSB Z FM EFTBSSPMMP EF MB DVMUVSB DPNP GBDUPS EF EFTBSSPMMP BM EFTBSSPMMP DVMUVSBM &EVBSE .JSBMMFT %FTBSSPMMP Z DVMUVSB EFTEF MB QFSTQFDUJWB EFM %FQBSUBNFOUP /BDJPOBM EF 1MBOFBDJwO EF $PMPNCJB &TUFCBO 1JFESBIJUB 6SJCF 6OB QSPQVFTUB QBSB NFKPSBS MB HFTUJwO FO FM TFDUPS DVMUVSBM Q|CMJDP )nDUPS 4DIBSHPSPETLZ $PODMVTJPOFT EF TVC DBQrUVMP < > -B SFOPWBDJwO EF MBT QPMrUJDBT Q|CMJDBT Z EFM NBSDP SFHVMBUPSJP QBSB FM TFDUPS DVMUVSBM 1SFTFOUBDJwO -B FYQFSJFODJB DPTUBSSJDFOTF FO MB HFTUJwO EF MB DVMUVSB .BSrB &MFOB $BSCBMMP


-B SFOPWBDJwO EF MBT QPMrUJDBT Q|CMJDBT Z EFM NBSDP SFHVMBUPSJP QBSB FM TFDUPS DVMUVSBM 1BV 3BVTFMM ,zTUFS $BOBEg NPEFSOJ[B TVT QPMrUJDBT DVMUVSBMFT QFSTQFDUJWB EFTEF FM %FQBSUBNFOUP EF 1BUSJNPOJP $BOBEJFOTF +FBO 1JFSSF #MBJT -BT DJVEBEFT MPT UFSSJUPSJPT Z MBT QPMrUJDBT DVMUVSBMFT FO UJFNQPT EF DSJTJT "OJUB 8FCFS $PODMVTJPOFT EF TVC DBQrUVMP $PODMVTJPOFT EF TFDDJwO 6O SFDPOPDJNJFOUP B MBT QPUFODJBMJEBEFT EFM TFDUPS DVMUVSBM "MCFSUP "CFMMP 7JWFT < TFDDJwO JJ >

CVFOBT QSgDUJDBT FO FM TFDUPS DVMUVSBM DBQrUVMP .PEFMPT EF ¯OBODJBDJwO 1SFTFOUBDJwO -B ¯OBODJBDJwO QSJWBEB EF MB DVMUVSB BQSFOEJ[BKFT Z EFTBGrPT EFTEF MB HFOFSBDJwO DPOKVOUB EF WBMPS *WgO %BSrP -PCP 1PMrUJDBT DVMUVSBMFT FO FM FOUPSOP EF VOB nQPDB EF DSJTJT 9BWJFS .BSDn $BSPM

DBQrUVMP )FSSBNJFOUBT QBSB MB HFTUJwO DVMUVSBM 1SFTFOUBDJwO ˜&YJTUFO MPT BSUJTUBT FNQSFTBSJPT +VBO $BSMPT (BJUgO 7JMMFHBT &M §FNQSFTBSJP DSFBUJWP¨ FO FM TFDUPS DVMUVSBM "OESFX 4FOJPS "DDJwO *NQSP FYQFSJFODJB EF VO NPEFMP EF HFTUJwO DVMUVSBM FYJUPTP (BCSJFM ;BQBUB


DBQrUVMP "MUFSOBUJWBT QBSB MB DPNFSDJBMJ[BDJwO EF CJFOFT Z TFSWJDJPT DVMUVSBMFT EF DBSgDUFS MPDBM 1SFTFOUBDJwO -B DPNFSDJBMJ[BDJwO EF MPT CJFOFT Z TFSWJDJPT EF DBSgDUFS MPDBM FOUSF MB JONFOTJEBE EF MP NJO|TDVMP Z MB QFRVFvF[ EFM NFSDBEP +PSEJ 1BSEP -PT EFTBGrPT EF MBT JOEVTUSJBT DVMUVSBMFT MPDBMFT FM TFDUPS EF MB N|TJDB $ISJTUJOF 4FNCB &M EJTFvP DPNP FTUSBUFHJB EF JOTFSDJwO JOUFSOBDJPOBM -VDJBOP #PSHPHMJP $PODMVTJPOFT EF TFDDJwO #VFOBT QSgDUJDBT FO FM TFDUPS DVMUVSBM < TFDDJwO JJJ >

FM QPEFS EF MB DVMUVSB DBQrUVMP -B DVMUVSB FO UJFNQPT EF DSJTJT 1SFTFOUBDJwO *OUFSWFODJwO EF "OESn 'SFOFUUF %JSFDUPS EF MB $PNJTJwO *OUFSBNFSJDBOB EF $VMUVSB $POGFSFODJB EFM QSPGFTPS &EHBS .PSJO 4FTJwO EF QSFHVOUBT QPS QBSUF EFM BVEJUPSJP

DBQrUVMP $PMPGwO "MCFSUP "CFMMP 7JWFT < TFDDJwO JW >

MPT QBSUJDJQBOUFT EFM TFNJOBSJP



JOUSPEVDDJwO



-B DVMUVSB EFTEF MB DSJTJT -BT SFTPOBODJBT TPDJBMFT EF MP TJNCwMJDP

&O NFEJP EF MB DSJTJT TF MF IBDFO QSFHVOUBT B MB DVMUVSB :B TFB RVF TF FYQPOHBO MBT DBVTBT EFM EFTGPOEF FDPOwNJDP HMPCBM P RVF TF PCTFSWFO MPT DBNQPT EF GVUVSP RVF BCSF MB DSFBDJwO Z MB EJWFSTJEBE MB DVMUVSB WVFMWF B FTUBS FO FM DFOUSP EF MBT JOEBHBDJPOFT Z MPT BOgMJTJT %F OVFWP SFUPSOB DPO TV GVFS[B EF FWPDBDJwO FTB NFUgGPSB FTUSFNFDFEPSB RVF VTw )zMEFSMJO DVBOEP TF QSFHVOUw TPCSF FM TJHOJ¯DBEP EF MB QPFTrB Z FM BSUF FO nQPDB EF QFOVSJBT Z FTDSJCJw RVF FM QPFUB FT BRVFM RVF QFSNBOFDF DPO FM TPNCSFSP QVFTUP FO NFEJP EF MBT UPSNFOUBT EF %JPT 5PSNFOUBT RVF QPS TVQVFTUP TPO NVDIP NgT QSPGVOEBT RVF MBT RVF PDVSSFO FO MB FDPOPNrB 5PEP FMMP TVDFEF DVBOEP MB DSFBDJwO KVOUP BM DPOPDJNJFOUP Z MB JOOP WBDJwO TF DPOWJFSUFO FO DBNQPT DFOUSBMFT EF MPT EJOBNJTNPT FDPOwNJDPT NVOEJBMFT &O FM NJTNP NPNFOUP FO RVF TF FTUSFNFDFO MBT CBTFT EFM TJT UFNB FDPOwNJDP MB VODUBE Z FM QOVE QVCMJDBO TV JOGPSNF NVOEJBM TPCSF FDPOPNrB DSFBUJWB RVF SFTBMUB MB JNQPSUBODJB EF MBT JOEVTUSJBT DVM UVSBMFT Z TV QFTP BDUVBM FO MB FDPOPNrB EF MPT QBrTFT " MB WF[ RVF IBDF VO MMBNBEP B SFTUBVSBS MB nUJDB FO MB FDPOPNrB B NFKPSBS MB SFHVMBDJwO Z MPT NFDBOJTNPT EF NPOJUPSFP Z §MPHSBS VOB NBZPS DPOTJTUFODJB Z DPIFSFODJB FOUSF QPMrUJDBT ¯OBODJFSBT DPNFSDJBMFT Z NPOFUBSJBT B OJWFM NVOEJBM Z < > VOB NBZPS DPPSEJOBDJwO FO MBT BDDJPOFT BOUJDrDMJDBT¨ &EOB %PT 4BOUPT DPPS EJOBEPSB EFM *OGPSNF EFTUBDB MPT WrODVMPT FOUSF JOOPWBDJwO DSFBUJWJEBE Z FDPOPNrB NPTUSBOEP FM QBQFM EFM DBQJUBM JOUFMFDUVBM DPNP JOTVNP EF MBT JOEVTUSJBT DSFBUJWBT BTr DPNP MB SFMBDJwO EF nTUBT DPO FM EFTBSSPMMP IVNBOP Z MB JODMVTJwO .VZ FTQFDJBMNFOUF EFTEF ¯OBMFT EFM TJHMP YJY DPO MB JOWFODJwO EFM DJOF MB DVMUVSB TF FODPOUSw DPO MBT USBOTGPSNBDJPOFT EF MB UFDOPMPHrB MBT MwHJDBT JOEVTUSJBMFT Z MBT PQPSUVOJEBEFT EF EJTUSJCVDJwO NBTJWB EF TVT QSP EVDUPT : UPEP FMMP TF IB DPOWFSUJEP FO VO HSBO QPUFODJBM FDPOwNJDP TPDJBM Z TPCSF UPEP TJNCwMJDP JOUSPEVDDJwO


&T WFSEBE RVF FYJTUFO FOPSNFT CSFDIBT FOUSF MB QSPEVDDJwO EF MPT CJF OFT DSFBUJWPT FO MPT QBrTFT EFTBSSPMMBEPT MPT QBrTFT FO WrBT EF EFTBSSPMMP Z MBT EFOPNJOBEBT FDPOPNrBT EF USBOTJDJwO QFSP UBNCJnO FT DJFSUP RVF IBZ [POBT EFM NVOEP FO RVF MB DSFBDJwO TF IB UPSOBEP VO BTVOUP FTUSBUnHJDP EF MB QP MrUJDB Q|CMJDB DPNP TVDFEF DPO FM DJOF FO MB *OEJB P FM WJEFP FO /JHFSJB RVF IBZ SFHJPOFT DPNP FM 4VEFTUF "TJgUJDP RVF QSFTFOUBO rOEJDFT EF DSFDJNJFOUP NVZ JNQPSUBOUFT FO FM TFDUPS P RVF FDPOPNrBT DPNP MB EF $IJOB ZB TF IBO QPTJDJPOBEP TwMJEBNFOUF FO FM gNCJUP FDPOwNJDP EF MB DSFBUJWJEBE §6OB QP MrUJDB DVMUVSBM UFOESg FO BMH|O NPNFOUP DPNP NJTJwO GBWPSFDFS MBT BDUJUVEFT DSFBUJWBT QSPNPWFS MB GPSNBDJwO EF DBQBDJEBEFT Z IBCJMJEBEFT DSFBUJWBT Z QPTJCJMJUBS FOUPSOPT QSPDMJWFT B MB EJTFNJOBDJwO Z EJGVTJwO EF MB DSFBUJWJEBE¨ FTDSJCF 1BV 3BVTTFM ,zTUFS "MHVOPT QBrTFT EF "NnSJDB -BUJOB TPCSFTBMFO FO BMHVOBT gSFBT DSFBUJWBT F JODMVTJWF TF VCJDBO FO FM UPQ EF MPT EJF[ QBrTFT DPO NBZPSFT OJWFMFT EF FYQPSUBDJwO EF MBT FDPOPNrBT FO EFTBSSPMMP DPNP TVDFEF QBSUJDVMBSNFOUF DPO .nYJDP Z FO BMHVOPT UFNBT DPO $PMPNCJB -P RVF PGSFDF FM DPOUJOFOUF FT VO FOPSNF DBVEBM EF DSFBUJWJEBE FO MBT N|TJDBT MBT BSUFTBOrBT MP QBUSJNPOJBM Z MP BVEJPWJTVBM RVF CVTDB JOGSBFTUSVD UVSBT NgT DPOTPMJEBEBT DBOBMFT F¯DJFOUFT EF DJSDVMBDJwO QSPGFTJPOBMJ[BDJwO Z QPMrUJDBT DMBSBT Z BSSJFTHBEBT .BVSJDJP 3FJOB TFvBMB RVF §MB EJHJUBMJ[BDJwO QFSNJUF BUSBWFTBS MB NPOUBvB EFM DSFBEPS IBDJB FM DPOTVNJEPS¨ Z EF FTUB NBOFSB BEWJFSUF RVF FTUBNPT FO VO NPNFOUP FO RVF MBT UFDOPMPHrBT FTUgO BCSJFOEP OVFWBT QPTJCJMJEBEFT Z TPCSF UPEP OVFWPT BDFSDBNJFOUPT FOUSF MPT FYUSFNPT EF MBT DBEFOBT QSPEVDUJWBT FO MB DVMUVSB 1IJMJQQF $IBOUFQJF FTDSJCF RVF §MBT QSgDUJDBT DVMUVSBMFT QSFTFOUBO VOB HSBO FTUBCJMJEBE &O FM MBSHP QMB[P MBT QSgDUJDBT EF DVMUVSB Z NFEJPT HP[BO EF VOB HSBO FTUBCJMJEBE QVFT PCFEFDFO FTFODJBMNFOUF B FWPMVDJPOFT HFOF SBDJPOBMFT¨ &TUB B¯SNBDJwO RVF BCSF TV BOgMJTJT TPCSF FM JNQBDUP EF MB DSJTJT FO MB DVMUVSB SFDVFSEB MPT UJFNQPT FYUFOTPT EF MP TJNCwMJDP Z TPCSF UPEP JOUFHSB MBT QSgDUJDBT DVMUVSBMFT B MBT EJGFSFODJBT Z MPT DBNCJPT HFOFSBDJPOB MFT -PT BOgMJTJT EFM DPOTVNP DVMUVSBM DPNQSVFCBO MB B¯SNBDJwO $IBOUFQJF DPOTUBUB VOB EJTNJOVDJwO FO MB UBTB EF DSFDJNJFOUP EFM DPOTVNP EF DVMUVSB Z EF NFEJPT NgT GVFSUF RVF MB RVF BGFDUB FM DPOTVNP UPUBM FO QFSJPEP EF DSJTJT QFSP B MB WF[ DPSSPCPSB RVF FTUB EJTNJOVDJwO OP FT NBTJWB PCTFSWB UBNCJnO VO BVNFOUP FO FM NFSDBEP EF MPT CJFOFT EF TFHVOEB NBOP P CJFOFT B CBKP QSFDJP MJCSPT FO GPSNBUP EF CPMTJMMP Z DPO¯SNB RVF DJFSUP O|NFSP EF QSgDUJDBT Z DPOTVNPT DVMUVSBMFT PGSFDFO SFTJTUFODJB B MB DSJTJT §FTFODJBM NFOUF FO MP SFMBDJPOBEP DPO FM FTQFDUgDVMP FO WJWP Z DPO MBT TBMJEBT MPDBMJ[B CMFT FO HSBOEFT FYQPTJDJPOFT Z BM DJOF GFOwNFOP BOUJHVP RVF TF FYQMJDB QPS FM EFTFP EFM FTQFDUgDVMP DPMFDUJWP Z FM FODBOUP EFM BDPOUFDJNJFOUP GSFOUF B PUSBT GPSNBT EF DPOTVNP¨ -B DVMUVSB EFTEF MB DSJTJT -BT SFTPOBODJBT TPDJBMFT EF MP TJNCwMJDP


-P TVHFSFOUF EF FTUPT BOgMJTJT RVF UBNCJnO IBO JOUFSFTBEP B JOWFT UJHBEPSFT MBUJOPBNFSJDBOPT DPNP "OB 8PSUNBO FO "SHFOUJOB RVF TF QSF PDVQw QPS MB EFTBQBSJDJwO EF MBT MJCSFSrBT EF CBSSJP FO #VFOPT "JSFT Z FO HFOFSBM QPS MPT FGFDUPT EF MB DSJTJT FDPOwNJDB EF FTF QBrT FO TV DVMUVSB FT RVF BZVEBO B DPNQSFOEFS MPT DPNQPSUBNJFOUPT DVMUVSBMFT FO NFEJP EF nQP DBT EJGrDJMFT Z EF QBTP FYQPOFO MBT FTUSBUFHJBT RVF FYQMJDBO MPT DPOTVNPT Z MBT EFDJTJPOFT FO FM DBNQP EF MB DSFBDJwO 6OB DVFTUJwO NVZ BUSBDUJWB FT MB JO°VFODJB EF MB DSJTJT FO MBT FTUSVDUV SBT FNQSFTBSJBMFT §-B DSJTJT ¥EJDF $IBOUFQJF¥ IB BVNFOUBEP MB GSBHJMJEBE EF MBT FTUSVDUVSBT FNQSFTBSJBMFT DVMUVSBMFT NgT BMMg EF MBT HSBOEFT ¯SNBT F JOTUJ UVDJPOFT QVFT NVDIBT EF FMMBT TF CBTBO FO VOB MwHJDB EF FDPOPNrB EF QSPZFD UP RVF TVFMF EFQFOEFS EFM ¯OBODJBNJFOUP Q|CMJDP "TJNJTNP IBZ VO FGFDUP BDFMFSBEPS EF MB DSJTJT TPCSF MB GSBHJMJEBE FTUSVDUVSBM EFM FNQMFP DVMUVSBM FO VOB DPZVOUVSB EFTGBWPSBCMF &TUF QSPEVDF VOB EJTNJOVDJwO EFM WPMVNFO EFM FNQMFP DVMUVSBM BVORVF FYJTUBO NFDBOJTNPT ©BNPSUJHVBEPSFTª UBMFT DPNP MB JOUFSNJUFODJB MBT QSgDUJDBT EF BDUJWJEBEFT N|MUJQMFT Z BDUJWJEBEFT NJYUBT DVM UVSBMFT Z OP DVMUVSBMFT EFTBSSPMMBEBT EF NBOFSBT EJWFSTBT TFH|O MPT TFDUPSFT¨ 1BSB MPT MBUJOPBNFSJDBOPT MB DSJTJT OP FT VO FTUBEP FQJTwEJDP TJOP VOB DPOEJDJwO SFMBUJWBNFOUF QFSNBOFOUF EF TV FYJTUFODJB IBCJUVBM 3FTVMUB QPS VOB QBSUF QBSBEwKJDB MB DPOTUBUBDJwO EF VOB NFKPS QSFQBSBDJwO EFM DPOUJOFO UF QBSB TPQPSUBS Z BUSBWFTBS MB DSJTJT BDUVBM EF MB FDPOPNrB TFHVSBNFOUF QPS MPT BOUJDVFSQPT RVF IBCrB EFTBSSPMMBEP QBSB BGSPOUBS EJ¯DVMUBEFT RVF OP IB CrBO QBEFDJEP QBrTFT EFTBSSPMMBEPT QFSP QPS PUSB MPT BOgMJTJT EF MB DSJTJT QFS NJUFO SFDPOPDFS BMHVOBT EF MBT ¯TVSBT RVF DPNQPOFO FM SFHJTUSP DPSSJFOUF EF MBT EJOgNJDBT DVMUVSBMFT OBDJPOBMFT SFHJPOBMFT Z MPDBMFT -BT FTUSVDUVSBT FNQSFTBSJBMFT DVMUVSBMFT EF OVFTUSPT QBrTFT TPO NVDIP NgT JOFTUBCMFT RVF FTUBCMFT Z FM O|NFSP EF QFRVFvBT Z NFEJBOBT FNQSFTBT DPQBO FM QBJTBKF EFM FNQSFOEJNJFOUP DVMUVSBM MBUJOPBNFSJDBOP 0CFEFDFO NgT B MP RVF $IBO UFQJF MMBNB VOB §FDPOPNrB EF QSPZFDUP¨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wO EF DSFB EPSFT HFTUPSFT Z SFTQPOTBCMFT QPMrUJDPT §PCTFTJPOBEPT FO EFNPTUSBS RVF MB JOWFSTJwO FO FM gNCJUP EF MB DVMUVSB Z EF MBT BSUFT OP FT QBSB OBEB FDIBS JOUSPEVDDJwO


EJOFSP B VO QP[P TJO GPOEP¨ Z EFDJEJEPT B IBDFS SFUPSOBS QPS MP NFOPT VOB QBSUF EF MBT QMVTWBMrBT RVF HFOFSB FM TFDUPS &TUB PCTFTJwO RVF EFTDSJCF BDFS UBEBNFOUF .JSBMMFT GPSNB QBSUF EF WBSJBT UFOTJPOFT RVF SPEFBO MB EJTDVTJwO TPCSF MBT SFMBDJPOFT FOUSF FDPOPNrB Z DVMUVSB 1PS VOB QBSUF FM SFDPOPDJ NJFOUP EF NVDIBT FYQSFTJPOFT DVMUVSBMFT RVF OP QBTBO OFDFTBSJBNFOUF QPS MB FDPOPNrB P NgT FTUSJDUBNFOUF QPS MB MwHJDBT JOEVTUSJBMFT EF MB DVMUVSB Z QPS PUSB FM FODVFOUSP FOUSF MPT QSPQwTJUPT QSJWBEPT Z MBT SFTQPOTBCJMJEB EFT Q|CMJDBT EF MP DVMUVSBM /P TF QVFEF SFTJHOBS FM EFTBSSPMMP DVMUVSBM FO MBT NBOPT EFM NFSDBEP TP QFOB DPNP EJSrB &OSJRVF #VTUBNBOUF EF §NPSJS EF nYJUP¨ §4J MB DVMUVSB KVFHB VO QBQFM NgT SFMFWBOUF FO MB EF¯OJDJwO EF MBT GSPOUFSBT EF QPTJCJMJEBEFT EF EFTBSSPMMP EF VO UFSSJUPSJP ¥TF MFF FO FM UFYUP EF 1BV 3BVTFMM ,zTUFS¥ SFTVMUB FWJEFOUF RVF MB QPMrUJDB DVMUVSBM DPNP FTQBDJP EF HFTUJwO Z DPOUSPM TPDJBM DPMFDUJWP EF MPT QSPDFTPT EF QSPEVDDJwO TJNCwMJDB TF USBOTGPSNB EFTEF VO gNCJUP EF HFTUJwO EF MP PSOBNFOUBM B VO FTQBDJP EF HFTUJwO FTUSBUnHJDB Z QPS UBOUP MB DVMUVSB OP TwMP OP FT VOB BDUJ WJEBE QSFTDJOEJCMF TJOP RVF DPOTUJUVZF FO EFUFSNJOBEPT UFSSJUPSJPT FO VOB WrB USBOTJUBCMF IBDJB MB TVQFSBDJwO EF MB DSJTJT¨ &T FTUF FTQBDJP EF HFTUJwO FTUSBUnHJDB FM RVF TF UJFOF NVZ FO DVFOUB DVBOEP TF IBCMB EF MPT SFUPSOPT Z FTBT PUSBT WBMPSBDJPOFT EFM JNQBDUP DVMUVSBM RVF TFH|O 3BVTFMM B|O FTUgO QPS FYQMJDBS NVDIP NgT SJHVSPTBNFOUF &M EJTDVSTP EF MB JO°VFODJB EF MB DVMUVSB FO MB HPCFSOBCJMJEBE MB DPIF TJwO TPDJBM P MB JEFOUJEBE IB BWBO[BEP NVDIP NgT RVF MBT DPNQSPCBDJPOFT NgT P NFOPT GFIBDJFOUFT Z TFSJBT EF RVF DPNP FMMP PDVSSF SFBMNFOUF &O MB DPNQFUFODJB TPDJBM TPCSF MPT WFSEBEFSPT JNQBDUPT EF MBT QPMrUJDBT Q|CMJDBT MB DVMUVSB FNQJF[B B IBDFS FTGVFS[PT QPS DPNQSPCBS FTUPT SFTVMUBEPT VO gSFB FO RVF IBO BWBO[BEP NVDIP NgT MB FEVDBDJwO MB TBMVE MB QSPUFDDJwO TPDJBM P MB HFTUJwO NFEJPBNCJFOUBM $PO NVDIB SB[wO RVF QVFEF EPMFS QFSP RVF FT WFSEBEFSB 1BV 3BVTTFM FTDSJCF RVF §&M BSHVNFOUP FDPOwNJDP FT VOP EF MPT NgT VUJMJ[BEPT FO MPT |MUJNPT UJFNQPT QBSB KVTUJ¯DBS MB JOUFSWFODJwO Q|CMJDB FO DVMUVSB Z FT FWJEFOUF RVF MPT TFDUPSFT DVMUVSBMFT HFOFSBO PDVQB DJwO Z SFOUB TVQPOFO VOB BDUJWJEBE RVF DPNQMFNFOUB FM BUSBDUJWP EF PUSBT BDUJWJEBEFT FDPOwNJDBT Q F FM UVSJTNP P QPTJCJMJUB MB GPSNBDJwO EF UBTBT NgT FMFWBEBT EF WBMPS BvBEJEP FM EJTFvP TPCSF MB BDUJWJEBE EFM TFDUPS UFYUJM P DFSgNJDP P RVF QSPWPDBO JNQBDUP FDPOwNJDP HFOFSBMJ[BEP ©FGFDUP (VH HFOIFJNª 4JO FNCBSHP DPNQBSUJNPT MB JEFB EF RVF B QBSUJS EF BMHVOBT MFD UVSBT NgT EFUBMMBEBT TPCSF MB MJUFSBUVSB SFDJFOUF nTUB QBSFDF FWJEFODJBS RVF FO NVDIPT DBTPT FTUPT FGFDUPT TF IBO FYBHFSBEP P RVF TF EPDVNFOUBO TwMP MPT DBTPT FYJUPTPT QFSP OBEJF SFHJTUSB MPT GSBDBTPT FO FTUPT QSPDFTPT P RVF FTUPT JNQBDUPT TF MJNJUBO B FGFDUPT USBOTJUPSJPT RVF TF EJTJQBO SgQJEBNFOUF TJO EFKBS NVDIBT NBSDBT TPCSF MPT UFSSJUPSJPT¨ -B DVMUVSB EFTEF MB DSJTJT -BT SFTPOBODJBT TPDJBMFT EF MP TJNCwMJDP


&M SFDPSSJEP EF FTUBT NFNPSJBT FYQPOF BM MFDUPS PUSPT WFTUJHJPT EF MB EJTDVTJwO RVF TF EFCFO SFTBMUBS MB TJUVBDJwO EF TFHSFHBDJwO DVMUVSBM EF MB RVF IBCMB "OJUB 8FCFS Z RVF TF NBOJยฏFTUB NVZ EVSBNFOUF FO MB DPOWJWFODJB FO FM FTQBDJP VSCBOP QPS FKFNQMP EF MPT NJHSBOUFT FO DJVEBEFT FVSPQFBT P OPSUFBNFSJDBOBT MB JNQPSUBODJB EF MB EFNPDSBDJB Z MB DJVEBEBOrB DVMUVSBM MPT WrODVMPT FOUSF FM BSUF Z FM JOEJWJEVP RVF OP TF FTUBCMFDFO TJNQMFNFOUF B USBWnT EFM DPOTVNP TJOP EF MB DSFBDJwO FM QSPUBHPOJTNP DVMUVSBM EF MPT KwWF OFT FUD 6O FKFNQMP QVFEF TFS MP RVF PDVSSF FO #PHPUg &M 'FTUJWBM EF 3PDL BM 1BSRVF QSPNPWJEP QPS MB "MDBMErB EF MB DJVEBE Z RVF ZB DPNQMFUB BvPT DPOUJOVPT EF SFBMJ[BDJwO DPOWPDB B MPT KwWFOFT EF MBT EJWFSTBT [POBT EF MB DJVEBE FO VOB DFSFNPOJB EFM FODVFOUSP DVMUVSBM Z TPDJBM RVF SBSB WF[ TF EB EF NBOFSB UBO JOUFOTB Z QBDrยฏDB FO PUSPT gNCJUPT EF MB DJVEBE : VOB EF TVT DPOTUBUBDJPOFT FT QSFDJTBNFOUF FTUB JOUFHSBDJwO JNQSFTDJOEJCMF FOUSF DSFB DJwO Z DPOTVNP EF RVF IBCMB "OJUB 8FCFS FO FTUF MJCSP -BT CBOEBT EF SPDL FTUgO rOUJNBNFOUF WJODVMBEBT DPO MBT MPDBMJEBEFT EF MB DJVEBE EF UBM NBOFSB RVF OP FT QPTJCMF QFOTBS FO HFOFSBDJwO EF Q|CMJDPT TJO MB QSPNPDJwO EF MB DSFBDJwO CBSSJBM .BSHBSFU .FBE SFDPSEw FM QPUFODJBM EF GVUVSP RVF UJFOF MB NFNPSJB &TUBT NFNPSJBT OP TPO TPMBNFOUF MB SFDPQJMBDJwO EF MBT WPDFT RVF GVFSPO BQBSFDJFOEP EVSBOUF FM 4FNJOBSJP ยง&M TFDUPS DVMUVSBM IPZ PQPSUVOJEBEFT EFTBGrPT Z SFTQVFTUBTยจ SFBMJ[BEP FO $BSUBHFOB EF *OEJBT &T TPCSF UPEP VO DPOKVOUP EF UFYUPT RVF BCSFO QSFHVOUBT IBDJB FM GVUVSP FO VO NPNFOUP FO RVF FM NVOEP FOGSFOUB VOB DSJTJT NVZ QSPGVOEB EF TV FDPOPNrB RVF UBNCJnO SFDPSSF PUSBT JORVJFUVEFT GVOEBNFOUBMFT EF MB WJEB TPDJBM MB TPTUF OJCJMJEBE EFM QMBOFUB MB SFDPNQPTJDJwO EF MPT UFSSJUPSJPT FM DSFDJNJFOUP EF MBT DJVEBEFT Z MPT SFUPT VSCBOPT MBT GSBDUVSBT EF MB FTQFSBO[B PDBTJPOBEBT QPS FM EFTFNQMFP Z MB FYDMVTJwO /BEB NFKPS RVF IBDFS NFNPSJB FO UJFNQPT EF DSJTJT %VSPT Z DPONP WFEPSFT FTUPT UJFNQPT UJFOFO MB WJSUVE EF FTUJNVMBS MB DSFBUJWJEBE IVNBOB B QFTBS EF RVF UPEP QBSFDF DPOGBCVMBSTF DPOUSB FMMP QBSB FODPOUSBS PUSPT TFOEFSPT QPTJCMFT PUSPT DPODFQUPT Z PUSBT QSgDUJDBT RVF OPT QFSNJUBO IB CJUBS KVOUPT -B DVMUVSB FT TJO EVEB Z QPS GPSUVOB VO DBNQP MMFOP EF FTUBT QSFHVOUBT : VOP EF MPT BNCJFOUFT IVNBOPT FO RVF TF FTUgO QSPEVDJFOEP USBOTGPSNBDJPOFT NgT WJUBMFT Z QSPCBCMFNFOUF NgT EVSBEFSBT CJCMJPHSBGrB 3FZ (FSNgO *OTJTUJS FO MB NFUgGPSB &YQFSJFODJBT MPDBMFT EF DVMUVSB Z EFTBSSPMMP FO $PMPNCJB .BESJE 'VOEBDJwO $BSPMJOB FO QSFQBSBDJwO JOUSPEVDDJwO


.BOJ¯FTUP EF $VMUVSB Z %FTBSSPMMP EF $BSUBHFOB EF *OEJBT

-PT .JOJTUSPT Z MBT BMUBT BVUPSJEBEFT EF DVMUVSB EF $PMPNCJB "SHFOUJOB $PTUB 3JDB (VBUFNBMB $BOBEg Z 'SBODJB MB 6OJWFSTJEBE 5FDOP MwHJDB EF #PMrWBS Z MB 0SHBOJ[BDJwO EF &TUBEPT *CFSPBNFSJDBOPT QBSB MB &EV DBDJwO MB $JFODJB Z MB $VMUVSB SFVOJEPT FO $BSUBHFOB EF *OEJBT $PMPNCJB EVSBOUF MPT ErBT Z EF TFQUJFNCSF EF FO FM NBSDP EFM 4FNJOBSJP *OUFSOBDJPOBM &M TFDUPS DVMUVSBM IPZ PQPSUVOJEBEFT EFTBGrPT Z SFTQVFTUBT DPO FM ¯O EF FYBNJOBS MBT USBOTGPSNBDJPOFT BDUVBMFT EFM TFDUPS DVMUVSBM Z DPNQBSUJS FYQFSJFODJBT TPCSF FM QBQFM EF MB DVMUVSB FO MPT OVFWPT NPEFMPT EF EFTBSSPMMP TPTUFOJCMF $POTJEFSBOEP RVF -B EJWFSTJEBE EF MBT NBOJGFTUBDJPOFT DVMUVSBMFT DPOTUJUVZFO VO FMF NFOUP GVOEBNFOUBM EF MB JEFOUJEBE FM EFTBSSPMMP Z FM CJFOFTUBS EF MBT OBDJPOFT -B DVMUVSB TF DPOTPMJEB DPNP VO GBDUPS EF DPIFTJwO TPDJBM FKF JOUF HSBEPS EF OVFTUSBT OBDJPOFT Z FMFNFOUP GVOEBNFOUBM EFM CJFOFTUBS EF OVFTUSPT QVFCMPT "Tr NJTNP QSFTFOUB VO QPUFODJBM DSFDJNJFOUP FDPOwNJDP TPTUFOJCMF B USBWnT EF MB HFOFSBDJwO EF OVFWBT GPSNBT EF QSPEVDDJwO EF WBMPS Z EF DPNFSDJBMJ[BDJwO EF CJFOFT Z TFSWJDJPT &M TFDUPS DVMUVSBM FOGSFOUB IPZ USBOTGPSNBDJPOFT USBTDFOEFOUBMFT EFCJEP B MPT DBNCJPT UFDOPMwHJDPT FDPOwNJDPT Z TPDJBMFT -BT UFO EFODJBT NVFTUSBO VO NVOEP RVF TF NVFWF IBDJB MB FDPOPNrB EF MPT JOUBOHJCMFT -B DVMUVSB MB JOOPWBDJwO Z MB DSFBUJWJEBE KVFHBO VO QBQFM EFUFSNJOBOUF FO MB DPNQFUJUJWJEBE EF MPT UFSSJUPSJPT Z MPT EJGFSFOUFT TFDUPSFT EF MB FDPOPNrB

.BOJ¯FTUP EF $VMUVSB Z %FTBSSPMMP EF $BSUBHFOB EF *OEJBT


&O FTUF OVFWP DPOUFYUP TVSHFO PQPSUVOJEBEFT RVF GBWPSFDFO MB DJS DVMBDJwO EF CJFOFT Z TFSWJDJPT DVMUVSBMFT Z BNFOB[BT QBSB FM TFDUPS EFSJWBEBT EF DPOTJEFSBS MB DVMUVSB TwMP DPNP VOB NFSDBODrB DPO MPT SJFTHPT RVF FMMP DPOMMFWB FO MB QnSEJEB EF EJWFSTJEBE -B DVMUVSB DPNP EJOBNJ[BEPS EF PUSBT BDUJWJEBEFT FDPOwNJDBT HFOFSB VOB TFSJF EF FYUFSOBMJEBEFT QPTJUJWBT RVF QVFEFO TFS BTP DJBEBT B MB QSFTFSWBDJwO EFM NFEJP BNCJFOUF FM EFTBSSPMMP EF MBT DPNVOJEBEFT Z MB DBMJEBE EF WJEB EF MPT DJVEBEBOPT -B DVMUVSB FTUg WJODVMBEB B VOP EF MPT gNCJUPT EF NBZPS DSFDJ NJFOUP FTUSBUnHJDP EF MB FDPOPNrB NVOEJBM UBM DPNP EFUBMMBO MPT JOGPSNFT EF PSHBOJTNPT JOUFSOBDJPOBMFT %FTEF MB SFTQPOTBCJMJEBE EF MBT PSHBOJ[BDJPOFT Q|CMJDBT TF QSF TFOUBO N|MUJQMFT EFTBGrPT QBSB QSFQBSBS Z BDPNQBvBS VOB PGFSUB DVMUVSBM EF DBMJEBE RVF TF JOJDJB DPO FM GPNFOUP B MB DSFBDJwO QSP DFTPT EF GPSNBDJwO PSHBOJ[BDJwO Z GPSNBMJ[BDJwO EFM TFDUPS FM FT UBCMFDJNJFOUP EF FTUSBUFHJBT EF ¯OBODJBNJFOUP Z TPTUFOJCJMJEBE FM BOgMJTJT Z FM GPSUBMFDJNJFOUP EF MPT FTMBCPOFT EF MBT DBEFOBT EF WB MPS MB SFHVMBDJwO EF MPT EFSFDIPT EF BVUPS Z MB QSPNPDJwO EF OVFWBT FTUSBUFHJBT EF DPNFSDJBMJ[BDJwO Z EJTUSJCVDJwO EF CJFOFT Z TFSWJDJPT DVMUVSBMFT $POTJEFSBOEP MB DVMUVSB DPNP VO TJTUFNB FT OFDFTBSJP JNQVMTBS NFDBOJTNPT EF DPODFSUBDJwO Z QBSUJDJQBDJwO FOUSF FM TFDUPS Q|CMJ DP Z FM QSJWBEP /PT DPNQSPNFUFNPT B JOUFHSBS QSPHSFTJWBNFOUF FO OVFTUSBT SFTQFD UJWBT QPMrUJDBT Z QMBOFT EF USBCBKP BDDJPOFT DPOEVDFOUFT B 1PTJDJPOBS FM TFDUPS DVMUVSBM DPNP FKF FTUSBUnHJDP EFM EFTBSSPMMP TPTUFOJCMF Z DPNQFUJUJWP EF OVFTUSPT QBrTFT Z USBOTGPSNBSMP FO VO TFDUPS EF UBMMB NVOEJBM %FTBSSPMMBS VOB BHFOEB EF DPPQFSBDJwO IPSJ[POUBM RVF OPT QFSNJUB GPSUBMFDFS OVFTUSBT QPMrUJDBT Q|CMJDBT Z BSNPOJ[BS MPT JOTUSVNFO UPT OPSNBUJWPT QBSB DPOTPMJEBS MB PGFSUB Z MB EFNBOEB EF CJFOFT Z TFSWJDJPT DVMUVSBMFT (FOFSBS BMJBO[BT DPO MPT EJGFSFOUFT NJOJTUFSJPT QFSUJOFOUFT QBSB GPSUBMFDFS MBT FTUSBUFHJBT EF DPNQFUJUJWJEBE EF MB OBDJwO 4PMJDJUBS B MPT PSHBOJTNPT JOUFSOBDJPOBMFT FM SFTQBMEP QBSB MB DPO GPSNBDJwO EF VOB SFE EF FOUJEBEFT Z PSHBOJ[BDJPOFT JCFSPBNFSJDB OBT QBSB FM GPNFOUP EF MB JOWFTUJHBDJwO MB JOOPWBDJwO FM VTP EF MBT OVFWBT UFDOPMPHrBT Z FM EFTBSSPMMP EF MBT JOEVTUSJBT DVMUVSBMFT JOUSPEVDDJwO


1SPQPOFS B MPT PSHBOJTNPT NVMUJMBUFSBMFT MB DSFBDJwO EF VO GPOEP Q|CMJDP QSJWBEP QBSB FM EFTBSSPMMP EF MBT JOEVTUSJBT DVMUVSBMFT FO OVFTUSPT QBrTFT 1SPNPWFS MB DSFBDJwO EF VOB NFTB JOUFSOBDJPOBM CBKP FM BVTQJDJP EF PSHBOJ[BDJPOFT NVMUJMBUFSBMFT DPO FM PCKFUJWP EF GPNFOUBS MB EF NBOEB EF MBT DVMUVSBT MPDBMFT FO FM DPNFSDJP JOUFSOBDJPOBM DPN QBSUJS MBT FYQFSJFODJBT EF CVFOBT QSgDUJDBT NFKPSBS Z BSNPOJ[BS MPT TJTUFNBT EF JOGPSNBDJwO Z DPMBCPSBS FO BDDJPOFT FTUSBUnHJDBT QBSB FM EFTBSSPMMP EF DVMUVSB

1BVMB .BSDFMB .PSFOP

.BSrB &MFOB $BSCBMMP

.JOJTUSB EF $VMUVSB $PMPNCJB

.JOJTUSB EF $VMUVSB Z +VWFOUVE $PTUB 3JDB

+FSwOJNP -BODFSJP

+FBO 1JFSSF #MBJT

.JOJTUSP EF $VMUVSB Z %FQPSUFT (VBUFNBMB

7JDF .JOJTUSP EF 1BUSJNPOJP $BOBEg

'SFEFSJD .JUUFSSBOE

¸OHFM .BSUJO 1FDDJT

.JOJTUSP EF $VMUVSB Z $PNVOJDBDJPOFT 'SBODJB

%JSFDUPS PFJ $PMPNCJB

-JEJB #MBODP

.wOJDB (VBSJHMJP

%JSFDUPSB EFM $FOUSP EF 'PSNBDJwO EF MB $PPQFSBDJwO &TQBvPMB BFDJE $VMUVSBM $PMPNCJB

%JSFDUPSB /BDJPOBM EF 1PMrUJDB $VMUVSBM Z $PPQFSBDJwO *OUFSOBDJPOBM 4FDSFUBSrB EF $VMUVSB EF MB /BDJwO "SHFOUJOB

1BUSJDJB .BSUrOF[ #BSSJPT 3FDUPSB 6OJWFSTJEBE 5FDOPMwHJDB EF #PMrWBS $PMPNCJB

.BOJ¯FTUP EF $VMUVSB Z %FTBSSPMMP EF $BSUBHFOB EF *OEJBT


*OUFSWFODJwO EF MB .JOJTUSB EF $VMUVSB EF $PMPNCJB 1BVMB .BSDFMB .PSFOP

$BSUBHFOB EF *OEJBT FT VO FTDFOBSJP QSJWJMFHJBEP EFDMBSBEP QPS MB VOFTDP 1BUSJNPOJP $VMUVSBM EF MB )VNBOJEBE &TUB DJVEBE BNVSBMMBEB IB TJEP UFTUJHP EF MB DPO¯HVSBDJwO EF MB IJTUPSJB EF OVFTUSB /BDJwO EF QSPDFTPT RVF IBO NBSDBEP FM EFWFOJS EF OVFTUSB QPCMBDJwO Z RVF IPZ TF CFOF¯DJBO EF VOB JOEVTUSJB DVMUVSBM RVF WF FO TV QBUSJNPOJP BSRVJUFDUwOJDP Z OBUVSBM VOP EF MPT QSJODJQBMFT BDUJWPT QBSB BUSBFS FM UVSJTNP GVFOUF QSJNBSJB EF FNQMFP F JOHSFTPT EF MB DJVEBE 1PS FTF NPUJWP $BSUBHFOB TF DPOWJFSUF FO VO FTDFOBSJP JEFBM F JOTQJSB EPS QBSB BMCFSHBS MB EJTDVTJwO TPCSF FM TFDUPS DVMUVSBM Z TV JODJEFODJB FO MPT QSPDFTPT EF EFTBSSPMMP TPDJBM Z FDPOwNJDP EF OVFTUSPT QBrTFT $PNP QVOUP EF QBSUJEB FT JNQPSUBOUF SFTBMUBS MB HSBO SFTQPOTBCJMJ EBE RVF UJFOF FTUF TFDUPS GSFOUF B MB DSJTJT FDPOwNJDB NVOEJBM 5FOFNPT MB NJTJwO EF FODBV[BS FTF UPSSFOUF EF UBMFOUP EF OVFTUSPT BSUJTUBT Z HFTUPSFT DVMUVSBMFT QBSB JODPSQPSBSMP BDUJWBNFOUF FO MB MVDIB DPOUSB MB QPCSF[B QBSB USBEVDJSMP FO DSFDJNJFOUP EFTBSSPMMP Z FNQMFP 6OPT NFTFT BOUFT EF MB |MUJNB $POGFSFODJB *CFSPBNFSJDBOB EF .JOJT USPT EF $VMUVSB MF FTDSJCr B &OSJRVF *HMFTJBT 4FDSFUBSJP *CFSPBNFSJDBOP Z B ¸MWBSP .BSDIFTJ 1SFTJEFOUF EF MB 0SHBOJ[BDJwO EF &TUBEPT *CFSPNFSJDBOPT QMBOUFgOEPMFT NJ QSPGVOEB QSFPDVQBDJwO QPS MB TJUVBDJwO FDPOwNJDB BDUVBM Z TVCSBZBOEP MB OFDFTJEBE DPNP SFHJwO Z DPNP TFDUPS EF BOBMJ[BS FM QB OPSBNB DPO VOB NJSBEB DSrUJDB QFSP B MB WF[ QSPQPTJUJWB /VFTUSPT QBrTFT TVFMFO WJWJS FO NFEJP EF MBT DSJTJT NgT EJWFSTBT QFSP FO FTUB PDBTJwO MPT QSPCMFNBT IBO BGFDUBEP HMPCBMNFOUF B MB FDPOPNrB Z SFTVMUB QSJPSJUBSJP QSF HVOUBSOPT QPS MBT SFQFSDVTJPOFT RVF UFOESg FTUF GFOwNFOP FO MBT JOEVTUSJBT DVMUVSBMFT -BT QSFHVOUBT TPO WBSJBT ˜DVgMFT TPO FTUBT QPTJCMFT SFQFSDVTJPOFT ˜EF RVn NPEP JNQBDUBO B OVFTUSB JOTUJUVDJPOBMJEBE DVMUVSBM ˜RVn FGFDUPT TF PCTFSWBO UBOUP FO MPT QBrTFT DPNP FO MBT PSHBOJ[BDJPOFT DVMUVSBMFT FO JOUSPEVDDJwO


MPT DSFBEPSFT Z FO MPT HFTUPSFT ˜DwNP FOGSFOUBS MB DSJTJT FYQMPSBOEP TPCSF UPEP TVT PQPSUVOJEBEFT Z FODPOUSBOEP EF VOB NBOFSB DSFBUJWB F JOOPWBEPSB SFTQVFTUBT BOUF FTPT SFUPT 5PEBT FTUBT QSFPDVQBDJPOFT TF BDFOU|BO DVBOEP FNQF[BNPT B QFOTBS RVF MBT JOEVTUSJBT DVMUVSBMFT TPO VOB FOPSNF QBMBODB EF EFTBSSPMMP FDPOw NJDP Z B MB WF[ VO QPEFSPTP GBDUPS EF DPIFTJwO TPDJBM Z EF DPOTPMJEBDJwO EF JEFOUJEBE QBSB OVFTUSPT QVFCMPT 4J CJFO VO MFWF BMFUFP EF MB FDPOPNrB QVFEF HFOFSBS UPSNFOUBT FO MB DVMUVSB TPCSF UPEP TJ QFOTBNPT FO MB GSBHJMJEBE EF OVFTUSPT QSFTVQVFTUPT Z FO MBT DPOEJDJPOFT EF TPTUFOJCJMJEBE EF MBT OVNFSPTBT JOJDJBUJWBT DVMUVSBMFT QSPWFOJFOUFT EF MPT DJVEBEBOPT MB PUSB DBSB EF MB NPOFEB OPT JOEJDB RVF MB DVMUVSB UBNCJnO QVFEF PGSFDFSOPT QFSTQFDUJWBT NVZ WBMJPTBT RVF QVF EFO DPOUSJCVJS B NFKPSBS MB TJUVBDJwO FDPOwNJDB EF OVFTUSPT QBrTFT DPNP MP DPNQSVFCB FM SFDJFOUF *OGPSNF TPCSF MB FDPOPNrB DSFBUJWB FO FM NVOEP SFBMJ[BEP QPS MBT /BDJPOFT 6OJEBT $PNP MP NFODJPOn IBDF BMHVOPT NFTFT EVSBOUF MB "TBNCMFB EFM #BODP *OUFSBNFSJDBOP EF %FTBSSPMMP SFBMJ[BEB FO MB DJVEBE EF .FEFMMrO MB DVMUVSB FT VOB EF MBT CBTFT GVOEBNFOUBMFT EFM EFTBSSPMMP Z VO gSFB DFOUSBM QBSB SFTQPOEFS DSFBUJWBNFOUF B MPT SFUPT RVF BQBSFDFO P TF B¯SNBO FO MPT NPNFOUPT EF DSJTJT 1PS FTP QSPQVTJNPT VO FODVFOUSP JOUFSOBDJPOBM RVF MF QFSNJUJFSB B MPT .JOJTUFSJPT EF $VMUVSB Z B MPT EJGFSFOUFT BDUPSFT DVMUVSBMFT BOBMJ[BS RVn FTUg QBTBOEP IPZ FO FM NBSDP EF MB FDPOPNrB Z MB QPMrUJDB Z DwNP SFQFSDVUFO FTUPT BDPOUFDJNJFOUPT HMPCBMFT FO VO TFDUPS RVF TJFNQSF FTUg FO C|TRVFEB EF TV TPTUFOJCJMJEBE Z RVF FTUg BEFNgT BDPTUVNCSBEP B OBWFHBS FO NBSFT UVSCVMFOUPT &O DPOTFDVFODJB FTUF TFNJOBSJP QSPQPOF EBS JOTVNPT QBSB MB QSwYJNB $POGFSFODJB EF .JOJTUSPT EF $VMUVSB QBSB FM $POHSFTP *CFSPBNFSJDBOP EF $VMUVSB RVF TF SFBMJ[BSg FO #SBTJM FOUSF FM EF TFQUJFNCSF Z FM EF PDUVCSF Z QBSB MPT EJGFSFOUFT FTQBDJPT EF EJTDVTJwO Z EFDJTJwO MPDBM SFHJPOBM F JOUFSOBDJPOBM RVF TF TVTDJUFO FO MPT QSwYJNPT NFTFT &TUF TFNJOBSJP OPT QFSNJUJSg BOBMJ[BS DVgM FT MB SFMBDJwO FOUSF FDP OPNrB Z DVMUVSB FO FM NBSDP EF VOB TJUVBDJwO EF DSJTJT FDPOwNJDB NVOEJBM QMBOUFBOEP UFNBT DFOUSBMFT DPNP MB TPTUFOJCJMJEBE Z FM GPSUBMFDJNJFOUP EF MBT JOEVTUSJBT DSFBUJWBT MBT PQPSUVOJEBEFT EF FYQBOTJwO EF MPT NFSDBEPT DVM UVSBMFT MB QSPNPDJwO EF MB DSFBDJwO FO FM FOUPSOP EF MBT OVFWBT UFDOPMPHrBT Z MB JNQPSUBODJB EF MBT SFTQPOTBCJMJEBEFT Q|CMJDBT Z QSJWBEBT QBSB FM FTUrNVMP EF MPT FNQSFOEJNJFOUPT DVMUVSBMFT RVF DPNP TBCFNPT FO OVFTUSPT QBrTFT DPOGPSNBO VO BNQMJP UFKJEP EF FYQFSJFODJBT MPDBMFT QFRVFvBT Z NFEJBOBT "EFNgT EF MPT CJFOFT Z TFSWJDJPT B USBWnT EF MB DVMUVSB TF HFOFSBO WB MPSFT GVOEBNFOUBMFT QBSB MBT TPDJFEBEFT FO DSJTJT MBT GPSNBT EF DFMFCSBDJwO *OUFSWFODJwO EF MB .JOJTUSB EF $VMUVSB EF $PMPNCJB


RVF VOFO B USBWnT EF MB N|TJDB FM TFOUJEP EF QFSUFOFODJB Z MPT GFOwNFOPT TPDJBMFT RVF TF JEFOUJ¯DBO B USBWnT EFM DJOF MB DSFBUJWJEBE Z MB JOOPWBDJwO RVF °PSFDF FO UPEBT MBT DMBTFT TPDJBMFT Z RVF OPT QFSNJUF EJNFOTJPOBS VO GBDUPS EF FRVJEBE Z EF JODMVTJwO " QFTBS EF RVF TJFNQSF IB FYJTUJEP VOB UFOTJwO OBUVSBM FO MB EJTDV TJwO TPCSF DVMUVSB Z EFTBSSPMMP FDPOwNJDP EFCJEP B VO MrNJUF NVZ TVUJM FOUSF MBT MwHJDBT EF NFSDBEP Z MBT FYQSFTJPOFT BODFTUSBMFT RVF DVBOEP TF GSBORVFBO JOEFCJEBNFOUF QSPEVDFO JODPNQSFOTJPOFT Z DPO°JDUPT FT JN QPSUBOUF FOUFOEFS RVF TwMP BMHP UBO QPEFSPTP DPNP MB DVMUVSB RVF WFIJDVMB NBOFSBT EF TFS Z EF QFOTBS RVF SF°FKB FMFNFOUPT EF MB JEFOUJEBE DVMUVSBM EF VOB DPNVOJEBE Z RVF USBOTNJUF TFOTJCJMJEBEFT Z GPSNB DSJUFSJPT SFMJHJPTPT QPMrUJDPT Z DPSSJFOUFT EF QFOTBNJFOUP EFCF IBDFS QBSUF EF MBT FTUSBUFHJBT TPDJPQPMrUJDBT Z FDPOwNJDBT EF VO &TUBEP -B DVMUVSB TF VOF EF VOB NBOFSB BEFDVBEB B MB FDPOPNrB DVBOEP SF DPOPDFNPT RVF MB SJRVF[B RVF PGSFDF OVFTUSB EJWFSTJEBE DVMUVSBM TVNBEB BM FOPSNF UBMFOUP Z B MB DSFBUJWJEBE EF OVFTUSB QPCMBDJwO TF DPOTUJUVZF FO MB NBUFSJB QSJNB EF VOB JOEVTUSJB DVMUVSBM TwMJEB RVF UJFOF VO FOPSNF QP UFODJBM EF FYQBOTJwO -B FDPOPNrB DSFBUJWB ¥DPNP MP EJDF &EOB %PT 4BOUPT %VJTFOCFSH¥ FT UPEBWrB §VO DPODFQUP FO EFTBSSPMMP RVF VOF MB FDPOPNrB DPO BTQFDUPT DVMUVSBMFT Z TPDJBMFT FO JOUFSBDDJwO DPO MB UFDOPMPHrB Z FM UVSJT NP HFOFSB JOHSFTPT DSFB FNQMFP TF QVFEF FYQPSUBS QSPNVFWF MB JODMVTJwO TPDJBM MB EJWFSTJEBE DVMUVSBM Z FM EFTBSSPMMP IVNBOP¨ )PZ FO ErB FTUBT JOEVTUSJBT TF IBO DPOWFSUJEP FO VOB WFSUJFOUF NVZ EJOgNJDB EF MBT FDPOPNrBT OBDJPOBMFT Z MPDBMFT HSBDJBT B TV DSFDJNJFOUP Z BM JNQBDUP RVF HFOFSBO FO FM QJC NVOEJBM &O TFH|O FM #BODP .VOEJBM MBT JOEVTUSJBT DVMUVSBMFT SFHJTUSBSPO VOB QBSUJDJQBDJwO EFM FO FM QJC EFM QMBOFUB Z TF QSFEJDF RVF DSFDFSgO FO QSPNFEJP VO BOVBM %F BDVFSEP DPO EBUPT EF MB 6OFTDP FM DSFDJNJFOUP EF FTUF TFDUPS FO EwMBSFT GVF EFM FOUSF Z &O &TUBEPT 6OJEPT MBT JOEVTUSJBT DVMUVSBMFT TPO FM TFHVOEP TFDUPS FYQPSUBEPS FO *OHMBUFSSB SFQSFTFOUBO FM EFM FNQMFP &O $PMPNCJB TF H|O VO FTUVEJP SFBMJ[BEP QPS MB 0SHBOJ[BDJwO QBSB MB 1SPQJFEBE *OUFMFDUVBM ¥PNQJ¥ FO FTUBT JOEVTUSJBT BQPSUBSPO FM BM QJC OBDJPOBM HFOFSBSPO NgT EF VO NJMMwO EF FNQMFPT EJSFDUPT GBDUVSBSPO FYQPSUBDJPOFT QPS NJMMPOFT EF EwMBSFT F JNQPSUBDJPOFT QPS NJMMPOFT EF EwMBSFT %FTEF FM $PMPNCJB BWBO[B FO FTUB NBUFSJB HSBDJBT B MB DSFBDJwO EFM 1SPHSBNB EF &NQSFOEJNJFOUP $VMUVSBM QPS QBSUF EFM .JOJTUFSJP EF $VM UVSB Z FTUF BvP MB HSBO OPUJDJB QBSB FM TFDUPS FT MB DPOGPSNBDJwO EFM $PNJUn 5nDOJDP EF $PNQFUJUJWJEBE QBSB MBT *OEVTUSJBT $VMUVSBMFT RVF UFOESg MB NJ TJwO EF GPSNVMBS QPMrUJDBT EF &TUBEP DPODFSUBEBT FOUSF FM TFDUPS Q|CMJDP Z JOUSPEVDDJwO


QSJWBEP RVF QFSNJUJSgO EJOBNJ[BS FM EFTBSSPMMP EF FTUBT JOEVTUSJBT FO OVFT USP QBrT &O FTUPT |MUJNPT BvPT IFNPT BQPZBEP MB DPOTPMJEBDJwO EF FNQSF TBT DVMUVSBMFT GPNFOUBEP QSPDFTPT EF BTPDJBUJWJEBE Z SFQSFTFOUBDJwO HSF NJBM B USBWnT EF MB DPOTPMJEBDJwO EF OVFWF SFEFT Z IFNPT HFOFSBEP BOgMJTJT EF DPNQFUJUJWJEBE FO JOEVTUSJBT DPNP MB EFM DJOF 5PEP FTUP IB TJEP BSUJDV MBEP B VO TJTUFNB EF JOGPSNBDJwO DPNP MB $VFOUB 4BUnMJUF EF $VMUVSB Z MB &ODVFTUB EF $POTVNP $VMUVSBM RVF EFTBSSPMMBNPT FO DPOKVOUP DPO FM EBOF DPO FM QSPQwTJUP EF DPOTPMJEBS MBT FTUBErTUJDBT Z NFEJS FM JNQBDUP FDPOwNJDP EFM TFDUPS DVMUVSBM "TJNJTNP OVFTUSB BMJBO[B FTUSBUnHJDB DPO MBT BMDBMErBT MPDBMFT MBT $BKBT EF $PNQFOTBDJwO FM #BODP *OUFSBNFSJDBOP EF %FTBSSPMMP Z BDUPSFT QSJWBEPT IB TJEP GVOEBNFOUBM QBSB MB DPOGPSNBDJwO EF DVBUSP SF EFT MPDBMFT EF JOEVTUSJBT DVMUVSBMFT FO $BMJ .FEFMMrO 1PQBZgO Z 7BMMFEVQBS DJVEBEFT FO MBT RVF TF FTUgO JNQMFNFOUBOEP QSPHSBNBT EF FNQSFOEJNJFOUP Z EFTBSSPMMP FNQSFTBSJBM "EJDJPOBMNFOUF FO MPT QSwYJNPT NFTFT EBSFNPT JOJDJP B MPT -BCPSBUPSJPT 4PDJBMFT EF $VMUVSB Z &NQSFOEJNJFOUP MBTP EJSJ HJEPT B MB QPCMBDJwO KVWFOJM DPO nOGBTJT FO MB QSPEVDDJwO NVTJDBM Z USBCB KBSFNPT FO MB FTUSBUFHJB 1BrT EF "OJNBDJwO %JHJUBM DPO MB RVF CVTDBNPT DPOWFSUJS B $PMPNCJB FO VO FYQPSUBEPS EF DPOUFOJEPT QBSB FTUB OBDJFOUF Z QSPNFUFEPSB JOEVTUSJB 4BCFNPT RVF OPT RVFEB VO BNQMJP DBNJOP QPS FYQMPSBS QFSP UBN CJnO UFOFNPT MB DFSUF[B EF DPOUBS DPO FM UBMFOUP Z MB DSFBUJWJEBE EF MPT DP MPNCJBOPT RVF OPT QFSNJUJSg DPOWFSUJSOPT FO VO GVUVSP DFSDBOP FO VOP EF MPT QBrTFT EF "NnSJDB -BUJOB NgT BDUJWPT FO FM EFTBSSPMMP EF MBT JOEVTUSJBT DVMUVSBMFT 1BSB FMMP OFDFTJUBNPT DBQBDJUBS BM TFDUPS BOBMJ[BS FM DPOUFYUP SFHJPOBM QPTJCJMJUBS VO JOUFSDBNCJP EF FYQFSJFODJBT QBSB GPSUBMFDFS MBT QPMrUJDBT EF &TUBEP Z EF¯OJS FTUSBUFHJBT DPO CBTF FO JOTUSVNFOUPT EF NFEJDJwO RVF OPT QFSNJUBO UPNBS EFDJTJPOFT BDFSUBEBT "HSBEF[DP B UPEBT MBT JOTUJUVDJPOFT RVF OPT IBO BDPNQBvBEP FO FTUB UBSFB B MB "HFODJB &TQBvPMB EF $PPQFSBDJwO *OUFSOBDJPOBM ¥"FDJE¥ OVFT USPT BO¯USJPOFT B MB 6OJWFSTJEBE 5FDOPMwHJDB EF #PMrWBS OVFTUSP TPDJP SF HJPOBM Z VO HSBO BQPSUBOUF FO FM gSFB EF DVMUVSB Z EFTBSSPMMP B MB &NCBKBEB EF 'SBODJB BM EJBSJP FDPOwNJDP 1PSUBGPMJP TPDJP NFEJgUJDP EF FTUF DFSUBNFO B MB VOFTDP B MB 0SHBOJ[BDJwO EF &TUBEPT *CFSPBNFSJDBOPT ¥PFJ¥ BM #BODP *OUFSBNFSJDBOP EF %FTBSSPMMP ¥CJE¥ Z NVZ FTQFDJBMNFOUF B MPT .JOJTUSPT EF $VMUVSB EF "SHFOUJOB $BOBEg $PTUB 3JDB Z (VBUFNBMB RVF OPT BDPN QBvBO BTr DPNP B MPT EFMFHBEPT EF PUSPT QBrTFT B OVFTUSPT QPOFOUFT B MPT DPOTFKFSPT EF DVMUVSB B MPT TFDSFUBSJPT EF DVMUVSB EFQBSUBNFOUBMFT B MPT GVO DJPOBSJPT EFM (PCJFSOP OBDJPOBM B OVFTUSPT BSUJTUBT HFTUPSFT DVMUVSBMFT Z B *OUFSWFODJwO EF MB .JOJTUSB EF $VMUVSB EF $PMPNCJB


UPEPT MPT DPMPNCJBOPT RVF OPT TJHVFO QPS OVFTUSB QgHJOB 8FC B USBWnT EF MB USBOTNJTJwO FO UJFNQP SFBM EF FTUF FWFOUP &TQFSBNPT RVF FTUPT EPT ErBT EF SF°FYJPOFT Z EJTDVTJPOFT TJSWBO EF JOTVNP QBSB TFHVJS BWBO[BOEP FO MB HFOFSBDJwO EF MrOFBT FTUSBUnHJDBT RVF GPSUBMF[DBO OVFTUSP TFDUPS %F VOB NBOFSB QPnUJDB "OESn .BMSBVY FTDSJCJw RVF §MB DVMUVSB FT MP RVF FO MB NVFSUF DPOUJO|B TJFOEP MB WJEB¨ Z .BIBUNB (BOEIJ ZB MP IBCrB DPNQSFOEJEP FO TV UJFNQP DVBOEP EJKP §/P RVJFSP FODFSSBS NJ DBTB EFOUSP EF VOB NVSBMMB OJ UBQJBS TVT QVFSUBT Z WFOUBOBT 2VJFSP RVF FM WJFOUP EF UPEBT MBT DVMUVSBT QVFEB DJSDVMBS MJCSFNFOUF QPS UPEPT MPT DVBSUPT 1FSP OP BDFQUP TFS EFSSJCBEP QPS OJOHVOB SgGBHB¨ &TQFSP RVF FTUPT QFOTBNJFOUPT OPT JOTQJSFO QBSB DPNFO[BS B FYQMP SBS FTPT OVFWPT IPSJ[POUFT RVF OPT QFSNJUJSgO GPSUBMFDFS Z QSPZFDUBS MBT JOEVTUSJBT DVMUVSBMFT SFDPOPDJFOEP MB EJWFSTJEBE HFOFSBOEP DPOPDJNJFOUP Z QSPNPDJPOBOEP VO DSFDJNJFOUP FDPOwNJDP FRVJUBUJWP RVF SFTQFUF MBT MJ CFSUBEFT DVMUVSBMFT F JOEJWJEVBMFT

JOUSPEVDDJwO


$BSUBHFOB EF *OEJBT UFSSJUPSJP QSPQJDJP QBSB QFOTBS MBT SFMBDJPOFT FOUSF MB DVMUVSB Z FM EFTBSSPMMP 1PS 1BUSJDJB .BSUrOF[ #BSSJPT 3FDUPSB 6OJWFSTJEBE 5FDOPMwHJDB EF #PMrWBS

&O TFQUJFNCSF EF DMBVTVSgCBNPT FO MB 6OJWFSTJEBE 5FD OPMwHJDB EF #PMrWBS VO TFNJOBSJP JOUFSOBDJPOBM RVF QBTBCB SFWJTUB B UFPSrBT QSgDUJDBT Z QPMrUJDBT RVF DPOTJEFSBO MB HSBO JODJEFODJB RVF IPZ UJFOF MB DVM UVSB FO MPT QSPDFTPT EF EFTBSSPMMP &M HSVQP EF BDBEnNJDPT BM NBOEP EF FTUB JOJDJBUJWB FSB FM NJTNP RVF QSPNPWrB DPO nYJUP MB 3FE EF %FTBSSPMMP Z $VMUV SB BVTQJDJBEB QPS FM 1MBO %JSFDUPS EF MB "HFODJB EF $PPQFSBDJwO &TQBvPMB QBSB FM %FTBSSPMMP &TF NJTNP ErB BDPNQBvBEPT QPS 1BVMB .BSDFMB .PSFOP .JOJTUSB EF $VMUVSB EF $PMPNCJB TF IJ[P MB QSFTFOUBDJwO Q|CMJDB EF MB QSJNFSB .BFTUSrB *CFSPBNFSJDBOB FO %FTBSSPMMP Z $VMUVSB DVZP $PODF KP )POPSBSJP FTUg JOUFHSBEP QPS FM FY 1SFTJEFOUF #FMJTBSJP #FUBODVS ¸MWBSP .BSDIFTJ PFJ 3PTB $POEF 'VOEBDJwO $BSPMJOB 3BNJSP 0TPSJP 4FDSFUBSrB (FOFSBM *CFSPBNFSJDBOB +PTn -VJT (BSDrB %FMHBEP 'VOEBDJwO 5FMFGwOJDB "NBEFP 1FUJUCw 'VOEBDJwO 3BGBFM EFM 1JOP (FSNgO 3FZ Z "MGPOT .BSUJ OFMM "FDJE " QBSUJS EF FOUPODFT FNQF[BNPT B TPvBS DPO FTUF OVFWP FWFOUP DVZBT NFNPSJBT QSFTFOUBNPT FO FTUB DPNQJMBDJwO VOB JOJDJBUJWB RVF DPOUw JONF EJBUBNFOUF DPO MB FOUVTJBTUB BDPHJEB EF MB .JOJTUSB EF $VMUVSB EF $PMPNCJB 1BVMB .BSDFMB .PSFOP Z DPO FM BQPZP EF MB BMDBMEFTB EF MB DJVEBE +VEJUI 1JOFEP $VBOEP BCSrBNPT FM OVFWP FWFOUP Z EgCBNPT MB CJFOWFOJEB B MPT FYQFSUPT SFQSFTFOUBOUFT EF JOTUJUVDJPOFT Z BTJTUFOUFT BM 4FNJOBSJP *OUFSOB DJPOBM &M TFDUPS DVMUVSBM IPZ PQPSUVOJEBEFT EFTBGrPT Z SFTQVFTUBT FM EF TFQUJFNCSF EF QSFDJTBNFOUF VO BvP EFTQVnT OP QVEF FWJUBS VOBT CSF WFT SF°FYJPOFT TPCSF MB TJUVBDJwO TPDJBM RVF BUSBWJFTB $BSUBHFOB EF *OEJBT MB DJVEBE TFEF DPO TV ESBNgUJDP QBJTBKF TPDJBM RVF USBT VOBT QPDBT NJSBEBT JNQBDUB BM WJTJUBOUF NgT EFTQSFWFOJEP Z RVF FTUPZ TFHVSB QSPEVKFSPO EPMPS FOUSF OVFTUSPT BTJTUFOUFT -B TJUVBDJwO EF FYUSFNB QPCSF[B Z BMUB EFTJHVBM EBE TPDJBM RVF TF QFSDJCF Z RVF IB TJEP FTUVEJBEB QPS MB BDBEFNJB MPDBM $BSUBHFOB EF *OEJBT UFSSJUPSJP QSPQJDJP QBSB QFOTBS MBT SFMBDJPOFT FOUSF MB DVMUVSB Z FM EFTBSSPMMP


UJFOF TV PSJHFO FO MB IJTUPSJB NJTNB EF MB DJVEBE QBTBEB Z QSFTFOUF FO MB RVF IBO JO°VJEP MB FTUSVDUVSB FDPOwNJDB GPSNBM RVF OP IB TJEP MP TV¯DJFO UFNFOUF JODMVZFOUF QBSB MPT DBSUBHFOFSPT MPT EFTFRVJMJCSJPT FOUSF MB /BDJwO DPMPNCJBOB Z TVT SFHJPOFT Z MB GPSNB DPNP nTUBT |MUJNBT JODMVJEP FO FMMB BM $BSJCF DPMPNCJBOP IBO TJEP HPCFSOBEBT 1FTF B FTUBT DJSDVOTUBODJBT $BSUBHFOB EF *OEJBT IB MFWBOUBEP MB NBOP QBSB QSFHVOUBSTF QPS TV EFTBSSPMMP FDPOwNJDP Z TPDJBM Z FTUg TVNBOEP GVFS [BT QBSB FODPOUSBS TPMVDJPOFT B TVT HSBWFT QSPCMFNBT 4JHVJFOEP FTB NJT NB MrOFB MB DJVEBE Z MB SFHJwO IBO FNQF[BEP B JOEBHBS TJO EFTDPOPDFS FM DPOUFYUP EF QPCSF[B Z FYDMVTJwO TPDJBM RVF UBOUP TPSQSFOEF B MPT WJTJUBOUFT QPS FM QBQFM RVF MB DVMUVSB QVFEF EFTFNQFvBS FO MB DPOTUSVDDJwO EF MB TP DJFEBE EFM GVUVSP "Tr MP IBDFO FM /PEP $BSUBHFOB EF *OEJBT EF %FTBSSPMMP Z $VMUVSB FO FM RVF DPNQBSUFO BDUJWJEBEFT MPT QSPGFTPSFT VOJWFSTJUBSJPT EF MBT NgT WBSJBEBT EJTDJQMJOBT FDPOPNJTUBT QPMJUwMPHPT TPDJwMPHPT BSUJTUBT BOUSPQwMPHPT FOUSF PUSPT FM *OTUJUVUP EF 1BUSJNPOJP Z $VMUVSB EF MB DJVEBE MPT HFTUPSFT EFM $FOUSP EF 'PSNBDJwO EF MB $PPQFSBDJwO &TQBvPMB Z NJFN CSPT EF MB DPNVOJEBE &M /PEP $BSUBHFOB EF *OEJBT EF %FTBSSPMMP Z $VMUVSB FQJDFOUSP EFM EFCBUF MPDBM FNQSFOEF BEFNgT EF MB DPPSEJOBDJwO UBOUP EF MB .BFTUSrB FO %FTBSSPMMP Z $VMUVSB DPNP EF MB 3FE EF %FTBSSPMMP Z $VMUVSB XXX EFTBSSP MMPZDVMUVSB OFU FM NPOUBKF EF VO -BCPSBUPSJP *CFSPBNFSJDBOP EF *OWFTUJHB DJwO F *OOPWBDJwO FO %FTBSSPMMP Z $VMUVSB NFEJBOUF DPOWFOJP DPO MB $gUFESB 6OFTDP EF 1PMrUJDBT $VMUVSBMFT Z $PPQFSBDJwO EF MB 6OJWFSTJEBE EF (FSPOB &TQBvB 1VFT FT BRVr FO FM TFOP EF FTUF HSVQP FO FM RVF FNQJF[BO B QFS¯MBSTF QSPQVFTUBT EF FNQSFOEJNJFOUPT DPNVOJUBSJPT RVF UFOJFOEP DPNP CBTF MB DVMUVSB DPOUSJCVJSgO B TVQFSBS MB QPCSF[B B HFOFSBS DBQBDJEBEFT B NFKPSBS MB JHVBMEBE TPDJBM Z B TV BSUJDVMBDJwO DPO TFDUPSFT GPSNBMFT EF MB FDPOPNrB DPNP FM UVSJTNP 1PS FMMP PSHBOJ[BNPT DPO FM .JOJTUFSJP EF $VMUVSB EF $PMPNCJB FTUF TFNJOBSJP Z FMFHJS FM UFNB EF MB DSJTJT Z SF°FYJPOBS TPCSF MBT WrBT BMUFSOBUJ WBT RVF DPOEVDJSrBO B TVQFSBSMB FT VO CVFO TrOUPNB EF MB NBEVSF[ B MB RVF IB MMFHBEP FM TFDUPS DVMUVSBM FO TV BGgO EF QPTJDJPOBSTF DPNP GBDUPS DMBWF EFM EFTBSSPMMP IVNBOP MB BDUJWJEBE FDPOwNJDB Z FM DBQJUBM TPDJBM )BCMBS EF MBT SFMBDJPOFT EF MB DVMUVSB DPO FM EFTBSSPMMP EFCF TFSWJS B -BUJOPBNnSJDB Z FM $BSJCF FO TVT FTGVFS[PT EF TVQFSBDJwO EF MB QPCSF[B -B DVMUVSB FT Z UJFOF RVF TFHVJS TJFOEP VOB EJNFOTJwO GVOEBNFOUBM EFM BMDBODF EF MPT 0CKFUJWPT EF %FTBSSPMMP EFM .JMFOJP /PT FOPSHVMMFDF EFDJS RVF DPOUB NPT ZB DPO VO QFRVFvP OPEP EF FYQFSUPT Z HFTUPSFT RVF QJFOTBO MB DVMUVSB FO DMBWF EF EFTBSSPMMP DPNP OPT MP SFDPSEBCB "MGPOT .BSUJOFMM QSPGFTPS EF JOUSPEVDDJwO


OVFTUSB .BFTUSrB FO %FTBSSPMMP Z $VMUVSB PSHVMMP RVF TF BQPZB FO MB DFSUF[B EF RVF UPEP MPHSP SFEVOEBSg FO CFOF¯DJP EF OVFTUSB SFHJwO $BSJCF )BDF BMHVOBT QPDBT EnDBEBT MBT QSFPDVQBDJPOFT EFTEF FM gNCJUP DVM UVSBM FSBO PUSBT /P FSB QPTJCMF QFOTBS FO FTF FOUPODFT RVF EFTEF MB PSJMMB EPOEF TF QFOTBCB MB DVMUVSB QPESrBO QFOTBSTF MPT BTVOUPT RVF FTUB DPNQJMB DJwO JODMVZF &O TFQUJFNCSF EF DPNP IBCrB PDVSSJEP FO OPT TFOUJNPT BGPSUVOBEPT EF DPOUBS DPO MB QSFTFODJB FO $BSUBHFOB EF *OEJBT DPO VO O| NFSP EF FYQFSUPT JOUFSOBDJPOBMFT EF BMUBT DBMJEBEFT Z HSBO FYQFSJFODJB 4VT BQPSUFT IBO TJEP SFDPHJEPT FO FTUBT NFNPSJBT RVF FTUPZ TFHVSB TFSgO VO EPDVNFOUP WBMJPTP FO FM EFCBUF GVUVSP $PNP SFDUPSB EF MB 6OJWFSTJEBE 5FDOPMwHJDB EF #PMrWBS FYQSFTP BRVr NJT BHSBEFDJNJFOUPT FTQFDJBMFT B MB TFvPSB .JOJTUSB EF $VMUVSB 1BVMB .BS DFMB .PSFOP DPO RVJFO DPNQBSUJNPT WJTJPOFT TPCSF FM JONFOTP QPUFODJBM EF MB DVMUVSB FO MB USBOTGPSNBDJwO TPDJBM Z FDPOwNJDB EF VOB OBDJwO DPNP MB OVFTUSB GPSNBEB QPS HSBOEFT SFHJPOFT DVMUVSBMFT Z TPCSF MB OFDFTJEBE EF GPSUBMFDFSMBT QBSB TVQFSBS FM SF[BHP RVF IPZ MBT DBSBDUFSJ[B "HSBEF[DP B MPT QSPGFTPSFT EF OVFTUSB .BFTUSrB FO %FTBSSPMMP Z $VM UVSB (FSNgO 3FZ Z "MCFSUP "CFMMP TV EFEJDBDJwO BTr DPNP B MPT FRVJQPT EF USBCBKP DPOGPSNBEPT QPS GVODJPOBSJPT EFM .JOJTUFSJP EF $VMUVSB FM $FO USP EF 'PSNBDJwO EF MB $PPQFSBDJwO &TQBvPMB Z BM FRVJQP EF QSPGFTPSFT EF OVFTUSP /PEP FO %FTBSSPMMP Z $VMUVSB RVJFOFT IJDJFSPO QPTJCMF FM TFNJOBSJP 5BNCJnO B -JEJB #MBODP EJSFDUPSB EFM $FOUSP EF 'PSNBDJwO EF MB $PPQFSB DJwO &TQBvPMB DPO RVJFO USBCBKBNPT EFTEF TV MMFHBEB B MB DJVEBE FO FTUB JOJDJBUJWB -B "HFODJB &TQBvPMB EF $PPQFSBDJwO *OUFSOBDJPOBM QBSB FM %FTBSSPMMP "FDJE IB TJEP GVOEBNFOUBM FO MBT BMJBO[BT RVF IJDJFSPO QPTJCMF nTUF Z PUSPT QSPZFDUPT /P QVFEP PMWJEBS UBNQPDP FM EFDJEJEP BQPSUF EF MB &NCBKBEB EF 'SBODJB FO $PMPNCJB Z EF TV FNCBKBEPS +FBO .JDIFM .BSMBVE B MB 0SHBOJ[B DJwO EF &TUBEPT *CFSPBNFSJDBOPT PFJ Z BM #BODP *OUFSBNFSJDBOP EF %FTB SSPMMP WJODVMBEPT HFOFSPTBNFOUF B MB PSHBOJ[BDJwO EFM TFNJOBSJP 2VF MB MFDUVSB EF FTUBT NFNPSJBT OPT USBJHB BEFNgT EFM SFHPDJKP JOUF MFDUVBM OVFWBT MVDFT QBSB MB USBOTGPSNBDJwO EF MB TPDJFEBE EFTEF MB DVMUVSB

$BSUBHFOB EF *OEJBT UFSSJUPSJP QSPQJDJP QBSB QFOTBS MBT SFMBDJPOFT FOUSF MB DVMUVSB Z FM EFTBSSPMMP


1BMBCSBT EFM %JSFDUPS EF 3FMBDJPOFT $VMUVSBMFT Z $JFOUrยฏDBT EF MB "FDJE "OUPOJP /JDPMBV

&O FTUPT ErBT TF WB B USBUBS FM QBQFM EF MB DVMUVSB FO VOB nQPDB EF DBNCJPT FO VO NVOEP DBEB WF[ NgT HMPCBMJ[BEP RVF TF FOGSFOUB B VOB SFDFTJwO FDPOwNJDB HMPCBM ยง0QPSUVOJEBEFT EFTBGrPT Z SFTQVFTUBTยจ FT VO Ur UVMP BQSPQJBEP QBSB USBUBS DVFTUJPOFT EF FOPSNF SFMFWBODJB BDFSDB EFM QBQFM RVF FM TFDUPS DVMUVSBM QVFEF KVHBS FO FTUPT UJFNQPT -B $PPQFSBDJwO &TQBvPMB IB BTVNJEP FO MPT |MUJNPT BvPT MB DPPQFSB DJwO DVMUVSBM DPNP VO FMFNFOUP DMBWF QBSB FM EFTBSSPMMP DPOTJEFSBOEP RVF MB EJNFOTJwO DVMUVSBM FT FTFODJBM QBSB MPHSBS VO WFSEBEFSP EFTBSSPMMP IVNB OP &TUP FT BTr FO WJSUVE EF MB USJQMF OBUVSBMF[B EF MB DVMUVSB DPNP NPUPS EF EFTBSSPMMP FDPOwNJDP TPDJBM Z QPMrUJDP -B DVMUVSB GBWPSFDF FM EFTBSSPMMP FDPOwNJDP EF VO QBrT FTUJNVMBOEP MB JOWFSTJwO JOUFSOB DSFBOEP FNQMFPT F JODSFNFOUBOEP MB FYQPSUBDJwO -BT JOEVTUSJBT DVMUVSBMFT TPO VOB JNQPSUBOUF GVFOUF HFOFSBEPSB EF SJRVF[B DPO MB FTQFDJยฏDJEBE EFNPTUSBEB EF RVF HFOFSBO NgT FNQMFP KVWFOJM VO QSPDFTP BDFMFSBEP EF NPWJNJFOUP EF DBQJUBM Z USBOTGFSFODJB UFDOPMwHJDB -B DVMUVSB DPOTUJUVZF UBNCJnO VO NPUPS EF EFTBSSPMMP TPDJBM FTQF DJBMNFOUF DPNP GBDUPS EF DPIFTJwO TPDJBM &O FTUF TFOUJEP UJFOF VO WBMPS JODBMDVMBCMF EF USBOTGPSNBDJPO EF MBT TPDJFEBEFT TPDJFEBEFT DBEB WF[ NgT JOUFSDVMUVSBMFT RVF EFNBOEBO QPS UBOUP MB DPOTFSWBDJwO EF MB EJWFSTJEBE DPNP FKFSDJDJP EF MB MJCFSUBE DVMUVSBM Z DPNP QBSUF GVOEBNFOUBM EFM EFTBSSP MMP IVNBOP -B DVMUVSB TVQPOF JHVBMNFOUF VO NPUPS EF EFTBSSPMMP QPMrUJDP KVFHB VO QBQFM NVZ JNQPSUBOUF DPNP BHFOUF EF DPOTPMJEBDJwO EFNPDSgUJDP OP TwMP FO MBT QPMrUJDBT EF JOUFHSBDJwO B OJWFM JOUFSOP EF VO QBrT TJOP UBNCJnO FO MPT QSPDFTPT EF SFHJPOBMJ[BDJwO &O VO NVOEP HMPCBMJ[BEP FO FM RVF DP IBCJUBO QSPDFTPT EF JOUFHSBDJwO SFHJPOBM Z EF JOTFSDJwO HMPCBM MB DVMUVSB DPOTUJUVZF VO JNQPSUBOUF NFDBOJTNP JOUFHSBEPS JOUSPEVDDJwO


%FTEF MB "FDJE DPNQSFOEFNPT QPS UBOUP MB DVMUVSB DPNP VOB BDDJwO RVF EFCF FTUBS JOUFHSBEB FO MBT QPMrUJDBT EF DPPQFSBDJwO ZB RVF FT VO GBDUPS FWJEFOUF EF EFTBSSPMMP 1FSP UBNCJnO EFCFNPT IBCMBS EF MB DVMUVSB DPNP VO CJFO FO Tr NJTNP &M EFTBSSPMMP DVMUVSBM EFCF TFS FO Tr NJTNP VO PCKFUJWP QBSB MBT QPMrUJDBT EF MPT &TUBEPT -B EJNFOTJwO IVNBOB EFM EFTBSSPMMP FT UBOUP P NgT JNQPSUBOUF RVF TV EJNFOTJwO FDPOwNJDB IPZ FTUg NgT DMBSP RVF OVODB RVF FOSJRVFDF B MBT TPDJFEBEFT &M EFTBSSPMMP DVMUVSBM EFCF TFS QPS UBOUP VO PCKFUJWP QSJPSJUBSJP QBSB FM TFDUPS Q|CMJDP Z QSJWBEP &O FODVFOUSPT DPNP FTUF FO FM RVF EJTGSVUBNPT EF MB QSFTFODJB EF BMHVOPT EF MPT NFKPSFT JOWFTUJHBEPSFT Z FYQFSUPT EFM TFDUPS DVMUVSBM QPESF NPT EBS SFTQVFTUB B NVDIBT EF MBT EVEBT TPCSF FM QBQFM EF MB DVMUVSB FO FTUF QSFTFOUF JODJFSUP Z BGSPOUBS BMHVOPT EFTBGrPT FO VOB nQPDB EF DSJTJT NVOEJBM MB DVBM OPT BGFDUB B UPEPT 1PEFNPT FTUBS TFHVSPT EF VOB DPTB TBMESgO NFKPS EF MB DSJTJT BRVFMMBT TPDJFEBEFT RVF IBZBO TBCJEP BQPTUBS QPS FM EFTBSSPMMP DVMUVSBM Z MB DBQBDJEBE DSFBEPSB EF TVT DJVEBEBOPT Z DJVEBEBOBT 4JO UFNPS B FYBHFSBS QPEFNPT B¯SNBS RVF MB DVMUVSB FT BM TJHMP YYJ QBSB FM NVOEP MP RVF GVF FM DBSCwO FO FM TJHMP YJY QBSB &VSPQB Z "NnSJDB EFM /PSUF &O FTUB TPDJFEBE HMPCBM MPT VOJWFSTPT DVMUVSBMFT PDVQBO VO MVHBS DFOUSBM FO MPT JOUFSDBNCJPT Z FO MB DPOTUSVDDJwO EF OVFWPT FTDFOBSJPT 6O EFTBSSPMMP TPTUFOJCMF OP FT QPTJCMF TJO VO DSFDJNJFOUP DVMUVSBM RVF JNQSFHOF UPEPT MPT OJWFMFT EF OVFTUSBT TPDJFEBEFT 1PS FMMP FT UBO JNQPSUBOUF TFHVJS USBCBKBOEP FO MB DPOTPMJEBDJwO EFM FTQBDJP JCFSPBNFSJDBOP EF MB DVMUVSB Z FM DPOPDJNJFOUP 5FOFNPT NVDIBT DPTBT RVF EFDJS FO FM DPOUFYUP JOUFSOB DJPOBM Z MBT QPEFNPT EFDJS KVOUPT UPEB MB DPNVOJEBE JCFSPBNFSJDBOB DPO OVFTUSB HSBO EJWFSTJEBE RVF FT QSFDJTBNFOUF HBSBOUrB EF VO EFTBSSPMMP DVM UVSBM TPTUFOJCMF $PMPNCJB Z &TQBvB KVOUP BM SFTUP EF OBDJPOFT EF MB DPNV OJEBE JCFSPBNFSJDBOB BQPTUBNPT EFDJEJEBNFOUF QPS FTUB WrB &TUPZ TFHVSP RVF B MP MBSHP EF MBT EPT KPSOBEBT EFM TFNJOBSJP QPESF NPT IBMMBS FTBT PQPSUVOJEBEFT B MBT RVF IBDF SFGFSFODJB FM UrUVMP EF FTUF FODVFOUSP Z QPESFNPT BWBO[BS FO MB DPPSEJOBDJwO EF BTVOUPT UBO SFMFWBOUFT QBSB FM TFDUPS DVMUVSBM BDUVBM DPNP MB SFHVMBDJwO MBT BMJBO[BT QVCMJDP QSJWB EBT MPT NPEFMPT EF HFTUJwO FUD Z BWBO[BS IBDJB VOB QBVMBUJOB BHFOEB EF DPPQFSBDJwO DVMUVSBM Z BMJBO[BT FOUSF MPT BDUPSFT OBDJPOBMFT F JOUFSOBDJPOB MFT Q|CMJDPT Z QSJWBEPT RVF IBHB RVF FM TFDUPS TF WFB GPSUBMFDJEP

1BMBCSBT EFM %JSFDUPS EF 3FMBDJPOFT $VMUVSBMFT Z $JFOUr¯DBT EF MB "FDJE


< TFDDJwO J >

MPT HSBOEFT EFCBUFT



DBQrUVMP 5FOEFODJBT HMPCBMFT < > $SJTJT ¯OBODJFSB ˜FO RVn DPOTJTUF ˜DwNP BGFDUB BM TFDUPS DVMUVSBM

.PEFSBEPS (FSNgO 3FZ 3FMBUPSFT %BWJE -BSB +VBO ¸OHFM Z "OHnMJDB .BSrB 3FCPMMFEP

1SFTFOUBDJwO -B DSJTJT ¯OBODJFSB JOUFSOBDJPOBM EF UVWP TV PSJHFO FO MPT QBrTFT EFTBSSPMMBEPT CgTJDBNFOUF QPS MB DBrEB EF MPT DSnEJUPT FYQBOTJWPT Z MB SFTJTUFODJB EF MPT HPCJFSOPT B BEPQUBS QPMrUJDBT PQPSUVOBT EF SFTDBUF Z SFTUBCMFDJNJFOUP EF MB JOWFSTJwO QSJWBEB &M GFOwNFOP EF MB HMPCBMJ[BDJwO JNQMJDw FM JNQBDUP HFOFSBMJ[BEP Z FM USBTMBEP EF MB DSJTJT B PUSBT FDPOPNrBT OBDJPOBMFT MP RVF BGFDUw UBNCJnO MPT OJWFMFT EF FNQMFP DSFDJNJFOUP Z DPO TVNP EF MBT FDPOPNrBT FNFSHFOUFT -PT BOBMJTUBT TFvBMBO RVF MB °FYJCJMJEBE EFM TFDUPS ¯OBODJFSP DPO TVT QPUFODJBMFT EFVEPSFT BM FTUBCMFDFS DSJUFSJPT CMBOEPT FO FM PUPSHBNJFOUP EFM DSnEJUP BTr DPNP MPT IgCJUPT EF DPOTVNP EF MPT QBrTFT EFTBSSPMMBEPT CB TBEPT FO FM FOEFVEBNJFOUP TJTUFNgUJDP DPOEVKFSPO FO FM MBSHP QMB[P B MB DBrEB EF MPT NFSDBEPT ¯OBODJFSPT &TUF GFOwNFOP TF FWJEFODJw FO MB DSJTJT JONPCJMJBSJB EF &TUBEPT 6OJEPT FO -P BOUFSJPS DPOEVDF B SF°FYJPOBS TPCSF FM BDUVBM NPEFMP FDPOwNJDP DBQJUBMJTUB Z MBT QSgDUJDBT DVMUVSBMFT JOUSrOTFDBT B nTUF -BT QSgDUJDBT TPDJBMFT EF QSPEVDDJwO Z DPOTVNP IBDFO QBSUF EF MBT DBVTBT EF MB DSJTJT QPS MP RVF DPNQSFOEFSMBT FT GVOEBNFOUBM QBSB EFTBSSPMMBS NPEFMPT DVMUVSBMFT Z FDPOw NJDPT BMUFSOBUJWPT %FOUSP EF FTUF NBSDP EF MB DSJTJT ¯OBODJFSB HFOFSBMJ[BEB &EVBSEP 4P NFOTBUUP SFQSFTFOUBOUF EFM #BODP .VOEJBM QBSB $PMPNCJB EFTUBDB RVF B DBVTB EF MB JOUFHSBDJwO Z EF MB HMPCBMJ[BDJwO FM NVOEP TF IB CFOF¯DJBEP DPO FM EFTBSSPMMP EFM NFSDBEP DVMUVSBM 1PS TV QBSUF .BVSJDJP 3FJOB JOWFTUJHBEPS UFOEFODJBT HMPCBMFT


BTPDJBEP EF 'FEFTBSSPMMP SFWBM|B FM USBEJDJPOBM FTRVFNB EF QSPEVDDJwO FDP OwNJDB ZB RVF FO MB BDUVBMJEBE FM DSFBEPS EF DPOUFOJEPT DVMUVSBMFT DBEB ErB TF SFMBDJPOB EF NBOFSB NgT EJSFDUB DPO FM DPOTVNJEPS HSBDJBT BM BWBODF EF MB UFDOPMPHrB DPNP FM JOUFSOFU Z B MB EJHJUBMJ[BDJwO EF TVT NJTNPT QSPEVDUPT 1PS |MUJNP EFTEF MB FYQFSJFODJB RVF IB UFOJEP 'SBODJB DPO SFMBDJwO B MPT NP NFOUPT EF DSJTJT Z TV JNQBDUP FO FM TFDUPS DVMUVSBM 1IJMFQQF $IBOUFQJF +FGF EFM %FQBSUBNFOUP EF &TUVEJPT 1SPTQFDUJWB Z &TUBErTUJDB EFM .JOJTUFSJP EF $VMUVSB Z $PNVOJDBDJwO EF 'SBODJB IBCMB EF MB OFDFTJEBE EF JNQMFNFOUBS QPMrUJDBT DPOUSBDrDMJDBT RVF FO NPNFOUPT EF DSJTJT BNPSUJH FO MB EFTBDUJWB DJwO EFM TFDUPS DVMUVSBM EBEB MB JNQPSUBODJB RVF FTUF UJFOF FO MB DSFBDJwO EF FNQSFTBT Z EF FNQMFP

1SFTFOUBDJwO


-B DSJTJT FDPOwNJDB Z TVT JNQMJDBDJPOFT B OJWFM HMPCBM 1PS &EVBSEP 4PNFOTBUUP

MB DSJTJT JNQBDUP HFOFSBMJ[BEP -B BDUVBM DSJTJT TF PSJHJOw FO FM NFSDBEP ¯OBODJFSP EF MPT QBrTFT EFTBSSPMMBEPT EBEP MPT QSPCMFNBT EF DSnEJUPT FYQBOTJWPT Z MB OFHBDJwO EFM HPCJFSOP EF BQPZBS MB SFDVQFSBDJwO ¯OBODJFSB EF MBT DBTBT EF JOWFSTJPOFT -B SFDFTJwO HFOFSBMJ[BEB SF°FKB RVF MBT FDPOPNrBT TF FODVFOUSBO JOUFSOBDJPOB MJ[BEBT SB[wO QPS MB DVBM MPT QBrTFT NgT BGFDUBEPT IBO TJEP MPT EFTBSSPMMBEPT DPNP &TUBEPT 6OJEPT Z +BQwO $PO SFMBDJwO B MPT QBrTFT FO WrB EF EFTBSSPMMP MB DSJTJT FDPOwNJDB HF OFSw FGFDUPT FO FM °VKP EF DBQJUBM Z FM EFTQMPNF EFM DPNFSDJP FO FTQFDJBM FM DPNFSDJP FYUFSJPS QSPEVDUP EF MB EJTNJOVDJwO EFM JOUFSDBNCJP EF CJFOFT Z TFSWJDJPT FOUSF MBT OBDJPOFT EF MB CBKB EF MB EFNBOEB Z EF MPT QSFDJPT JNQBDUP EF MB DSJTJT TPCSF DJFSUBT WBSJBCMFT 1BSB $PMPNCJB TF FTQFSB FO MPT QSwYJNPT NFTFT MB EJTNJOVDJwO EF MB SFDBVEBDJwO ¯TDBM Z FO FM EFDMJWF EF MPT QSFDJPT &O "NnSJDB -BUJ OB VOP EF MPT QBrTFT NgT BGFDUBEPT FT .nYJDP QPS UFOFS VOB NBZPS SFMBDJwO DPNFSDJBM DPO &TUBEPT 6OJEPT -B DSJTJT TF NBOJ¯FTUB FO MB EJTNJOVDJwO EFM JOUFSDBNCJP EF CJFOFT FO MBT FDPOPNrBT JOUFSOBDJPOBMJ[BEBT QFSP FO FM DPNFSDJP EF TFSWJDJPT IB DSF DJEP TV EFNBOEB BVORVF OP B VOB FTDBMB DPOTUBOUF FTUF IFDIP TF SF°FKB FO TFDUPSFT DPNP FM UVSJTNP FM ¯OBODJFSP Z EF UFMFDPNVOJDBDJPOFT -B EFNBO EB EF WBSJPT TFSWJDJPT QVFEF TFS NFOPT DrDMJDB Z UBOUP DPNFSDJP EF TFSWJDJPT DPNP QSPEVDDJwO EFQFOEFO NFOPT EF ¯OBO[BT FYUFSOBT &M DSFDJNJFOUP EFM TFDUPS UFSDJBSJP IB BCTPSCJEP MPT FGFDUPT OFHBUJWPT EF MB SFDFTJwO FDPOwNJDB NVOEJBM

UFOEFODJBT HMPCBMFT


SFGMFYJPOFT TPCSF FM QSPDFTP EF JOUFHSBDJwO 4F FNQJF[BO B OPUBS TJHOPT EF SFDVQFSBDJwO FYQSFTBEPT FO FM DSFDJNJFOUP EF MB JOWFSTJwO FO WJWJFOEB Z MB WFOUB EF WFIrDVMPT 0USB WBSJB CMF B DPOTJEFSBS FO MB SFDVQFSBDJwO FT FM JODSFNFOUP FO MPT QSFDJPT EF MBT NFSDBODrBT &O "NnSJDB -BUJOB FM DPNFSDJP FYUFSJPS IB TVCJEP EFM BM DPNP SFTVMUBEP EF MPT FGFDUPT EF MB JOUFHSBDJwO &O MB |MUJNB EnDBEB TF IB BDFMFSBEP VO QSPDFTP EF JOUFHSBDJwO Z HMP CBMJ[BDJwO FO FM NVOEP RVF IB CFOF¯DJBEP FM JOUFSDBNCJP EF MB FDPOPNrB DVMUVSBM -B HMPCBMJ[BDJwO IB JEP EF MB NBOP EF BDPOUFDJNJFOUPT RVF IBO FKFSDJEP GVFSUF JNQBDUP TPCSF MB DVMUVSB EFM NVOEP B SB[wO EF DBNCJPT UFD OPMwHJDPT FOGBUJ[BEPT FO MB DSFBUJWJEBE MP DVBM IB QFSNJUJEP FM EFTBSSPMMP EFM NFSDBEP DVMUVSBM MPT WJTJUBOUFT FO VO QBrT QVFEFO BQSFDJBS PUSBT DVM UVSBT QPS MB GBDJMJEBE EF USBOTQPSUF Z MB UFDOPMPHrB QPS TV MBEP IB KVHBEP VO QBQFM JNQPSUBOUF FO FM DBNCJP EF MPT QBUSPOFT EF DPOTVNP EF BMHVOPT §CJFOFT DVMUVSBMFT¨ FT FM DBTP EFM JODSFNFOUP EFM DPOTVNP EF N|TJDB QPS JO UFSOFU BDUJWJEBE RVF IB QSPEVDJEP VO JNQBDUP OFHBUJWP TPCSF FM EFTFNQFvP EF MBT JOEVTUSJBT EF MB N|TJDB 0USP FKFNQMP FT MB QSFTFODJB EF UFMFWJTPSFT FO FM EF MPT IPHBSFT EFM NVOEP BMHVOPT EBUPT TPCSF MB QSPEVDDJwO EF CJFOFT DVMUVSBMFT Â… -B *OEJB DPOUJO|B TJFOEP FM MrEFS FO QSPEVDDJwO EF QFMrDVMBT Â… /JHFSJB /PMMZXPPE PDVQB FM TFHVOEP QVFTUP MVFHP EF IBCFS EFTQMB[BEP B &TUBEPT 6OJEPT Â… &O #PMMZXPPE QSPEVKP QFMrDVMBT GSFOUF B QSP EVDDJPOFT EF /PMMZXPPE Z QFMrDVMBT JNQPSUBOUFT FO MPT &T UBEPT 6OJEPT Â… &M WBMPS EFM NFSDBEP HMPCBM EF MB DVMUVSB F JOEVTUSJBT DSFBUJWBT IB TJEP Â… FTUJNBEP FO 64 USJMMPOFT Z TF FYQBOEF SgQJEB NFOUF Â… &OUSF Z FM DPNFSDJP JOUFSOBDJPOBM FO CJFOFT DVMUVSB MFT BVNFOUw EF 64 CO B 64 CO EFTBGrPT Z UFOEFODJBT B GVUVSP Â… $VFTUJPOBNJFOUP EFM NPEFMP FDPOwNJDP Â… 3FFWBMVBDJwO EFM QBQFM EFM &TUBEP Â… .BZPS SFHVMBDJwO -B DSJTJT FDPOwNJDB Z TVT JNQMJDBDJPOFT B OJWFM HMPCBM


Â… Â… Â… Â… Â…

.BZPS nOGBTJT FO QPMrUJDB RVF FO FDPOPNrB "MUFSBDJPOFT FO FM DPNFSDJP JOUFSOBDJPOBM $BNCJP FO MB QPTJDJwO SFMBUJWB EF MPT QBrTFT $BNCJP FO MBT SFMBDJPOFT FDPOwNJDBT JOUFSOBDJPOBMFT "DDJwO DPMFDUJWB B OJWFM HMPCBM

&O MB BDUVBMJEBE IBZ VO HSBO QFMJHSP QPS MB UFOEFODJB BM QSPUFDDJPOJT NP FM DVBM TF QPESrB DPOWFSUJS FO VO EPNJOw QBSB MBT SFMBDJPOFT JOUFSOBDJP OBMFT

UFOEFODJBT HMPCBMFT


-B DSJTJT FDPOwNJDB Z MB DVMUVSB 1PS .BVSJDJP 3FJOB

"OUFSJPSNFOUF MBT QFMrDVMBT FTUBCBO DPOTUSVJEBT DPO MB FTUSVD UVSB RVF UJFOFO MPT SFMBUPT ESBNgUJDPT DMgTJDPT JOJDJP OVEP Z EFTFOMBDF %FT EF IBDF VOPT EJF[ BvPT FTUB FTUSVDUVSB DPNFO[w B DBNCJBS BIPSB NVDIBT WFDFT MBT OBSSBDJPOFT BSSBODBO QPS MPT NVFSUPT &O NJ QSFTFOUBDJwO JOWFSUJ Sn MB FTUSVDUVSB EF MPT SFMBUPT DMgTJDPT Z DPNFO[BSn QPS MPT NVFSUPT (SgGJDP Crecimiento econรณmico 2007 y 2008 para algunos paรญses y proyecciones 2009 y 2010 2007 2008 (e) 2009 (p) 2010 (p)

15 10

9,0 7,5

7,5

6,5

5,7 4,2

5 %

13,0

2,7

2,0 1,1

0

0

2,4

2,5

0,9

0,5 -0,4

0

1,3

5,2 3,2 1,9

1,51,6

-0,6

-1,3

-2,8

-5

-4,2

Mundo

Latinoamรฉrica

Colombia

China

Japรณn

Zona Euro

Estados Unidos

-6,2

-10

Fuente: FMI - WEO, Abril 2009

$PNP TF WF FO FM HSgยฏDP RVF EFTDSJCF MB TJUVBDJwO FDPOwNJDB QBSB EJWFSTPT QBrTFT FO MPT |MUJNPT USFT BvPT DPO VOB QSPZFDDJwO QBSB FM FO &TUBEPT 6OJEPT MB QSPZFDDJwO FT DFSP &M HSgยฏDP NVFTUSB FM JNQBDUP EF MB DSJTJT WFOJNPT EF DSFDJNJFOUPT QPTJUJWPT FO FM BvP BvP FO FM RVF $P -B DSJTJT FDPOwNJDB Z MB DVMUVSB


MPNCJB QSFTFOUw FM NBZPS OJWFM EF DSFDJNJFOUP EF MBT |MUJNBT USFT EnDBEBT &T VO ESBNB RVF EPT BvPT EFTQVnT UFOHBNPT VO DSFDJNJFOUP EF 1BSB EBS VOB JEFB EF MB DSJTJT UPEPT MPT QBrTFT BGSPOUBSPO FTUF QSPCMFNB -B EJNFOTJwO EF MB TJUVBDJwO TF QFSDJCF FO RVF EFTEF MB 4FHVOEB (VF SSB .VOEJBM FT MB QSJNFSB WF[ RVF TF QSPEVDF VOB DSJTJT EF NBOFSB TJNVM UgOFB FO VO NVOEP EF QBrTFT EFTBSSPMMBEPT &TF FT FM DBTP EF QBrTFT DPNP &TUBEPT 6OJEPT +BQwO Z EF MPT FVSPQFPT 4JO FNCBSHP MB TJUVBDJwO FT EJ GFSFOUF BM DPOUSBTUBS MP RVF FTUg QBTBOEP DPO $IJOB "NnSJDB -BUJOB Z MPT QBrTFT BTJgUJDPT 1BSB MPT FDPOPNJTUBT FTUF GFOwNFOP FO FM DVBM MPT QBrTFT EFTBSSPMMB EPT TF IVOEFO FO UnSNJOPT EF DSFDJNJFOUP QFSP OP BSSBTUSBO DPOTJHP QPS FKFNQMP B "TJB Z BMHVOPT QBrTFT EF "NnSJDB -BUJOB TF MMBNB EFTBDPQMBNJFO UP &TUP JNQMJDB RVF FO MB NFEJEB FO RVF FYJTUFO FTRVFNBT EF EFTBSSPMMP EJTUJOUPT GVOEBNFOUBEPT FO NPUPSFT EJTUJOUPT DPO QPMrUJDBT FO GVODJwO EF SFBMJEBEFT EJTUJOUBT TF EFTBSSPMMBO NBZPSFT OJWFMFT EF EFGFOTB DPOUSB MB BE WFSTJEBE 4J UPEPT MPT QBrTFT IVCJFSBO UFOJEP VO FTRVFNB EF EFTBSSPMMP JEnO UJDP BM EF MPT EFTBSSPMMBEPT MB DSJTJT IVCJFSB TJEP NgT DBUBTUSw¯DB 1BSB DPNQSFOEFS FTUB TJUVBDJwO FO UPEP TV DPOUFYUP FT JNQPSUBOUF UFOFS FO DVFOUB RVF FM NVOEP EFTBSSPMMBEP UVWP FO MPT |MUJNPT BvPT VO BMUrTJNP OJWFM EF DPOTVNP VO CBKP OJWFM EF BIPSSP Z VO FYDFTJWP OJWFM EF BQBMBODBNJFOUP B USBWnT EFM FOEFVEBNJFOUP RVF EFTQVnT OP QVEP QBHBS 5PEP MP BOUFSJPS HFOFSw EFTQVnT VO FGFDUP EPNJOw &O DBNCJP MPT QBrTFT EF "NnSJDB -BUJOB Z "TJB UVWJFSPO DPNQPSUBNJFOUPT EJTUJOUPT FM OJWFM EF BIPSSP GVF NBZPS Z FM OJWFM EF DPOTVNP NFOPT FO UnSNJOPT SFMBUJWPT )PZ FO "NnSJDB -BUJOB B EJGFSFODJB EF IBDF EJF[ BvPT DPOUBNPT DPO VO TJTUFNB ¯OBODJFSP NVDIP NgT TwMJEP 3FUPNBOEP MB JEFB DFOUSBM MB EJWFSTJEBE EF FTRVFNBT EF EFTBSSPMMP ¥BVORVF UPEPT UFOHBNPT FDPOPNrBT EF NFSDBEP Z FTUFNPT JOTFSUPT FO MB HMPCBMJ[BDJwO¥ MBT EJTUJOUBT NBOFSBT EF FTUBS FO FM NVOEP Z QPS UBOUP EF SFTPMWFS MPT QSPCMFNBT IB FWJUBEP FM FOGSFOUBNJFOUP DPO VOB DSJTJT B|O NgT QSPGVOEB "TJB QPS FKFNQMP OPT MMFWB MB EFMBOUFSB HSBDJBT B TVT FTRVFNBT EF EFTBSSPMMP &M DPOUJOFOUF BTJgUJDP FT FM HSBO SFTQPOTBCMF EF MPT FMFWBEPT QSFDJPT EF MBT NBUFSJBT QSJNBT Z "NnSJDB -BUJOB TF IB CFOF¯DJBEP EF FTUB TJUVBDJwO BM TFS FM QSJODJQBM FYQPSUBEPS EF MBT NJTNBT &TUP JNQJEJw VOB DSJTJT NgT QSPGVOEB " MBT QFSTPOBT RVF TF NVFWFO QFSNBOFOUFNFOUF FO FM TFDUPS DVMUVSBM OP MFT TPSQSFOEF FM FTRVFNB FDPOwNJDP RVF BUFOUB DPOUSB MB EJWFSTJEBE DVM UVSBM 4J TFHVJNPT FM HSg¯DP VO FTRVFNB TJNQMJ¯DBEP EF VOB JOEVTUSJB DVMUVSBM NFEJBOBNFOUF EFTBSSPMMBEB UFOFNPT RVF FO MB QBSUF TVQFSJPS TF FODVFOUSB FM DSFBEPS DVMUVSBM FO TFHVOEP MVHBS EFQFOEJFOEP EF MB BDUJWJEBE UFOEFODJBT HMPCBMFT


(SgGJDP Esquema de producciรณn de una industria desarrollada

Creador

Productor/editor/distribuidor

Consumidor

DVMUVSBM RVF TF FTUn SFBMJ[BOEP WB FM QSPEVDUPS Z ยฏOBMNFOUF FM DPOTVNJEPS FM EFTUJOBUBSJP ยฏOBM EFM DSFBEPS 5SBEJDJPOBMNFOUF EFTEF FM QVOUP EF WJTUB FDPOwNJDP IBZ EJGFSFODJBT FOUSF FTUPT USFT FTMBCPOFT &M QSJNFSP FT JOUFOTJWP FO JEFBT DSFBUJWJEBE WJEB FYQFSJFODJBT FTQPOUBOFJEBE FM |MUJNP FTMBCwO FO DBNCJP FT JOUFOTJWP FO SFDFQUJWJEBE Z FM EF MB NJUBE FO DBQJUBM &M FTRVFNB EF MPT QSPEVDUPSFT ยฆQPS FKFNQMP FEJUPSJBMFT EF N|TJDB Z SFBMJ[BEPSFT Z FYIJCJEPSFT EF DJOFยฆ UJFOF BMHP RVF MPT FDPOPNJTUBT MMBNBNPT FDPOPNrBT EF FTDBMB NJFOUSBT NgT TF BNQMrB MB DBQBDJEBE QSPEVDUJWB NgT FยฏDJFOUF FT MB QSPEVDDJwO $VBMRVJFS JOEVTUSJB DPO FDPOPNrB EF FTDBMB HFOFSB CBSSFSBT B MB FOUSBEB EF PUSBT FN QSFTBT BM NFSDBEP &TUP PCFEFDF B MFZFT FDPOwNJDBT MBT FDPOPNrBT EF FTDBMB IBDFO RVF VOB WF[ QPTJDJPOBEB VOB FNQSFTB HSBOEF FO FM NFSDBEP TFB EJGr DJM QBSB MBT QFRVFvBT FOUSBS B DPNQFUJS &O MB DSJTJT BDUVBM DPOTJEFSP RVF TF QVFEFO FTUBS QSPGVOEJ[BOEP DJFS UBT HSJFUBT FO FM FTRVFNB EF QSPEVDDJwO BOUFT NFODJPOBEP #BKP nM RVJFOFT UJFOFO MB DBQBDJEBE EF EFDJEJS RVn TF JOUSJODB FO MB DVMUVSB EF UPEP MP RVF FMBCPSBO MPT DSFBEPSFT Z EF UPEP MP RVF FTQFSBO MPT DPOTVNJEPSFT gWJEPT TPO MPT RVF QFSUFOFDFT BM TFHVOEP FTMBCwO MB QSPEVDDJwO -PT QSPEVDUPSFT FO FTUF FTRVFNB TPO RVJFOFT QVFEFO UFOFS VO DSJUFSJP SFTQFUBCMF FO FM NPNFO UP EF IBDFS VOB FMFDDJwO 4VDFEF RVF NJFOUSBT NgT QJFOTFO FO EFUFSNJOBEP UJQP EF DPOTVNP NgT TF IPNPHFOJ[B FM DPOTVNP QPS FOEF TF IPNPHFOJ[B MB QFSTQFDUJWB EF MB WJEB $PO UBM OJWFM EF IPNPHFOFJEBE MB DSJTJT FDPOwNJDB FO "TJB IBCSrB UFOJEP VO HSBO JNQBDUP QPSRVF MB IVNBOJEBE FO |MUJNBT FT -B DSJTJT FDPOwNJDB Z MB DVMUVSB


VO HSBO TFS WJWP Z FOUSF NgT IPNPHnOFP FT NgT WVMOFSBCMF UBOUP B MB HSJQB QPSDJOB DPNP B MB DSJTJT FDPOwNJDB JOUFSOBDJPOBM 5FOJFOEP FO DVFOUB FTUB JEFB EF MB IVNBOJEBE DPNP VO TFS WJWP Z MB JNQPSUBODJB EF MB EJWFSTJEBE EF FYQSFTJPOFT DVMUVSBMFT FO MB DSJTJT FDPOwNJ DB IBZ BTQFDUPT EF MB DSJTJT RVF KVFHBO VO QBQFM DMBWF &T JNQPSUBOUF QPS FMMP SFGFSJSTF B MBT DBVTBT EF MB DSJTJT FDPOwNJDB JOUFSOBDJPOBM Z FWBMVBS MPT QPTJCMFT FMFNFOUPT DVMUVSBMFT RVF JO°VZFSPO FO FMMB 6OB EF FTUBT DBVTBT FT MB JSSFTQPOTBCJMJEBE MB DPEJDJB DPNP SBTHPT EF MB IVNBOJEBE Z MB BVTFO DJB EF SFHVMBDJwO FTQFDJBMNFOUF FO MPT TJTUFNBT ¯OBODJFSP F JONPCJMJBSJP MP DVBM JNQJEJw RVF TF QVEJFSB DPOUSPMBS MB DPEJDJB FT EFDJS FM FYDFTJWP HBTUP Z FOEFVEBNJFOUP EF MPT QBrTFT EFTBSSPMMBEPT .VDIPT IFNPT PrEP IBCMBS EF MB DSJTJT TVC QSJNF §QPS EFCBKP EF MP NFKPS¨ &M HSg¯DP NVFTUSB MB FWPMVDJwO EF MBT IJQPUFDBT FO &TUBEPT 6OJEPT EFQFOEJFOEP EF B RVJnO TF MF EBCB VOB IJQPUFDB FO MBT [POBT QSJNF FTUgO BRVFMMPT RVF QPErBO QBHBS TFH|O TV IJTUPSJB DSFEJUJDJB " NFEJEB RVF QBTBO MPT BvPT MB [POB QSJNF TF SFEVDF Z TF PUPSHBO DBEB WF[ NgT DSnEJUPT EF WJ WJFOEB B PUSPT TFHNFOUPT RVF UJFOFO DBQBDJEBE EF QBHP 5BNCJnO IBZ VO FYDFTJWP HBTUP QPS QBSUF EF MPT QBrTFT EFTBSSPMMBEPT &O FM HSg¯DP TF QVFEF WFS RVF FM DPOTVNP DPNP QPSDFOUBKF EFM QJC EF (SgGJDP Mercado de hipoteca estodounidense 2004

2003 Subprime 7,9 %

Alt-A 2,2%

Alt-A 6,3%

FHA/VA 5,6%

2005 FHA/VA 4,5%

Alt-A 12,2%

FHA/VA 2,9%

Subprime 18,2 % Subprime 20,0%

Prime 53,2%

Prime 58,9%

Prime 78,8%

2006 Alt-A 13,4%

2007

FHA/VA 2,7%

Alt-A 11,3%

FHA/VA 4,2%

Subprime 7,9%

Subprime 20,1 % Prime 49,3%

Prime 62,1%

Fuente: Inside Mortgage Finance, Last update February 8, 2008

UFOEFODJBT HMPCBMFT


&TUBEPT 6OJEPT BVNFOUB BvP USBT BvP Z QBSFDJFSB RVF OP UVWJFSB ¯O MP RVF JNQMJDB VOB SFEVDDJwO TVTUBODJBM EFM BIPSSP -PT OJWFMFT EF BIPSSP FO &TUB EPT 6OJEPT TPO NFOPSFT BM EFM QJC NJFOUSBT RVF FO $IJOB FT EFM &T DMBWF UFOFS FO DVFOUB RVF $IJOB FT FM NBZPS UFOFEPS EF CPOPT EFM UFTPSP EF &TUBEPT 6OJEPT &TUF |MUJNP BDUVBMNFOUF QSFTFOUB FM NBZPS En¯DJU ¯TDBM RVF IB UFOJEP FO NVDIP UJFNQP Z FM HPCJFSOP FNJUF CPOPT QBSB ¯OBODJBS FTB EFVEB (SgGJDP Ahorro nacional. Crecimiento del ahorro doméstico en algunos países. 2009 (% PIB) 60 50

49.4

40 33.4

%

29.8

30

22.5

23.2

20 8.3

10 0 China

India

República de Corea

Japón

Alemania

Estados Unidos

Fuente: EIU estimados. Julio 2009

%FUSgT EF MB DSJTJT FTUgO QBTBOEP DPTBT JNQPSUBOUFT QPS FKFNQMP MPT QBrTFT FO EFTBSSPMMP BQPSUBO DBEB WF[ NgT BM DSFDJNJFOUP NVOEJBM NJFOUSBT RVF MPT QBrTFT EFTBSSPMMBEPT DBEB WF[ NFOPT WFS HSg¯DP )BZ VOB USBOT GPSNBDJwO EF MB FDPOPNrB NVOEJBM 3PCFSU 'PHFM QSFNJP OPCFM EF FDPOPNrB DBMDVMw DVgM FT MB DPNQPTJDJwO EFM QJC FO FM BvP WT FM QJC FO FM BvP Z FODPOUSw RVF $IJOB QSPEVKP BQSPYJNBEBNFOUF FM EFM QJC NVOEJBM VOB UFSDFSB QBSUF FO FM NJFOUSBT RVF QBSB FM TF FTUJNB RVF MMFHVF BM EPT UFSDFSBT QBSUFT %F¯OJUJWBNFOUF VOB USBOTGPSNBDJwO EF MB FDPOPNrB WFS HSg¯DP )BTUB BIPSB IFNPT WJTUP WBSJPT FMFNFOUPT DSJTJT FO QBrTFT EFTBSSP MMBEPT JNQPSUBODJB EF MB EJWFSTJEBE FO MB NBOFSB EF FOUFOEFS FM NVOEP FYDFTJWP HBTUP DPOTVNP Z FOEFVEBNJFOUP FO MPT QBrTFT EPNJOBOUFT RVF TF WJFOFO BM TVFMP MB JNQPSUBODJB EF FOUFOEFS MB FDPOPNrB DPO JOOPWBDJwO -B DSJTJT FDPOwNJDB Z MB DVMUVSB


(SgGJDP ContribuciĂłn global al crecimiento (%) 70

60

%

50

40

30

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

PaĂ­ses industrializados PaĂ­ses en desarrollo Fuente: IMF. WEO - Abril 2009. 2009 y 2010 estimado

(SgGJDP Aportes de China al PIB mundial, 2000. Estimaciones en el 2040 segĂşn Fogel. En %

2000

2040 py Resto 16%

EE.UU. 22%

Resto 28%

EE.UU. 14% EU (15) 5%

Asia 12% Asia 6%

EU (15) 21%

JapĂłn 8% China 11%

India 5%

India 12%

JapĂłn 2%

China 40%

Fuente: Robert Fogel (2007) Capitalism and democracy in 2040: Forescat and speculations.

UFOEFODJBT HMPCBMFT


Z VO QBQFM NgT BDUJWP EFM &TUBEP "IPSB FO MB SFDUB ¯OBM WFSFNPT PQPSUV OJEBEFT QBSB MB DVMUVSB FO QMFOB DSJTJT BTJgUJDB BQBSFDJFSPO EPT QFSTPOBKFT JOUFSFTBOUFT FM *1PE Z IBDF USFT P DVBUSP BvPT FM ,JOEMF &TUPT QFSTPOBKFT BERVJFSFO JNQPSUBODJB QPSRVF TPO QBSUF EF VO SFMPK EF BSFOB DPO VOB DJOUV SB NVZ EFMHBEJUB TPO QPRVJUPT EJTUSJCVJEPSFT QPRVJUPT WFOEFEPSFT FYIJCJ EPSFT &TUF SFMPK EF BSFOB TF FNQF[w B SPNQFS DPO MB BQBSJDJwO EF JOUFSOFU Z EF MB EJHJUBMJ[BDJwO EF DPOUFOJEPT FTUP |MUJNP QFSNJUJw RVF EFM DSFBEPS EF MPT DPOUFOJEPT TF SFMBDJPOBSB EJSFDUBNFOUF DPO FM DPOTVNJEPS BCSJnOEPTF EF FTUB NBOFSB VO CPRVFUF FO MB QBSUF DFOUSBM EFM FTRVFNB RVF BOUFSJPSNFOUF IBCrBNPT WJTUP FT EFDJS FO FM FTMBCwO EF MB QSPEVDDJwO WFS HSg¯DP (SgGJDP Nuevo esquema de la cadena de producción

Creador

Productor/editor/distribuidor

Consumidor

&TUB SFMBDJwO EJSFDUB DSFBEPS DPOTVNJEPS TF QVFEF EBS QPS EPT DB NJOPT FM MFHBM Z FM JMFHBM 1PS MB WrB EF MB JMFHBMJEBE MBT WFOUBT EF %7%T TF FTUBODBSPO FO FM BvP B DBVTB EF MB EJHJUBMJ[BDJwO EF DPOUFOJEPT 1PS PUSP MBEP TFH|O MPT EBUPT EF 'PSSFTUFS 3FTFBSDI TPCSF FM OJWFM EF BSDIJWPT DPNQBSUJEPT TFBO EF BVEJP P EF WJEFP TF JEFOUJ¯Dw RVF FTUB QSgDUJDB FT DBEB WF[ NgT GSFDVFOUF FO FM NVOEP WFS HSg¯DP &O &TUBEPT 6OJEPT FTUF GFOwNFOP FTUg NgT P NFOPT DPOUSPMBEP &O PUSPT QBrTFT FT OPSNBM Z FT MB MwHJDB OBUVSBM &TUB |MUJNB QSgDUJDB FT FM DBNJOP RVF OPT HVTUBSrB NVDIP RVF TF EJFSB QPSRVF TJ DBEB VOP EF OPTPUSPT FT VO DSFBEPS Z RVJFSF BUSBWFTBS FTB NPOUBvB QBSB MMFHBS IBTUB FM DPOTVNJEPS OP RVJTJnSBNPT RVF TF EJFSB QPS NFEJP EF MB QJSBUFSrB WFS HSg¯DP -B DSJTJT FDPOwNJDB Z MB DVMUVSB


(SgGJDP Ventas de DVDs en Estados Unidos y Canadรก. USD$ Miles de millones 2.0

1.5

1.0

0.5

0 1998

2000

2002

2004

2006

2008 2009

Fuente: The Economist-Digital Entertainment

(SgGJDP Penetraciรณn de uso de archivos compartidos

Espaรฑa Italia Europa Gran Bretaรฑa Estados Unidos 0

5

10

15

20

25

30

35

Fuente: The Economist-Forrester Research

4J TFHVJNPT DPO FM FKFNQMP EF MB N|TJDB FM HSgยฏDP NVFTUSB MB DBrEB QBVMBUJOB EF MBT WFOUBT 4F QPESrB MMFHBS B QFOTBS RVF FT VO EFTBTUSF Z RVF TF BDBCw MB JOEVTUSJB NVTJDBM /P PCTUBOUF MP RVF TF PCTFSWB FT RVF NJFOUSBT MBT VOJEBEFT WFOEJEBT FO GrTJDP EFTDJFOEFO DPO FM QBTP EF MPT BvPT MBT VOJ EBEFT WFOEJEBT FO GPSNBUPT EJHJUBMFT BVNFOUBO 4J CJFO DBF MB WFOUB UPUBM EF N|TJDB FTUB DBrEB TF NJOJNJ[B DPO FM BVNFOUP EF MB WFOUB EF N|TJDB EJHJUBM UFOJFOEP FO DVFOUB MB N|TJDB MFHBM &O UPEP DBTP TF QVFEF EFDJS RVF TJ FO UFOEFODJBT HMPCBMFT


UPEBT MBT JOEVTUSJBT TF FTUgO QSFTFOUBOEP DBTPT TJNJMBSFT MB EJHJUBMJ[BDJwO EF DPOUFOJEPT Z MB QJSBUFSrB QPS VO MBEP FT NVZ CVFOP RVF MB EJHJUBMJ[BDJwO QFSNJUB BUSBWFTBS MB NPOUBvB EFM DSFBEPS IBDJB FM DPOTVNJEPS QFSP MP NBMP FT RVF TFB QPS NFEJP EF MB QJSBUFSrB &T VOB NVZ CVFOB OPUJDJB RVF TF FNQJF DF B EFTBSSPMMBS FM TFHNFOUP EF EJTUSJCVJEPS EF DPOUFOJEPT EJHJUBMFT MFHBM (SgGJDP Ventas de música en el mundo USD$ Miles de millones

Unidades vendidas, miles de millones

2,96 2,87

Físico Digital Derechos

25 2,97

3,01

3,1

20 15 10 5 0

Fuente: The Economist - IFPI

$VBOEP BQBSFDF VOB OVFWB NBOFSB EF EJTUSJCVJS DPOUFOJEPT TF NPEJ ¯DB MB GPSNB EFM SFMPK EF BSFOB BM SPNQFS FM FTMBCwO RVF TF FODVFOUSB FO MB NJUBE 3PNQF FM FTMBCwO EF MPT EJTUSJCVJEPSFT FYIJCJEPSFT F JODMVTJWF EF MPT QSPEVDUPSFT QFSP TF MF FNQJF[B B EBS QPEFS QBSB CJFO P QBSB NBM B PUSP FT MBCwO RVF EFOPNJOn NFEJP SFDFQUPS Z QPSUBOUF &TUF FT FM DBTP EFM J1PE Z FM ,JOEMF %F BMHVOB NBOFSB MB BQBSJDJwO EF FTUPT BQBSBUPT DPNJFO[BO B BCSJSMF VO FTQBDJP NgT HSBOEF BM DBNJOP MFHBM EF MB EJHJUBMJ[BDJwO EF DPOUFOJEPT &M SJFTHP FT MB JODPSQPSBDJwO FO MB DBEFOB EF PUSPT BHFOUFT FDPOwNJDPT 6O FKFNQMP EF FTUP FT "NB[PO )PZ FO ErB FTUB FNQSFTB UJFOF VO BDVFSEP DPO MPT QFSJwEJDPT EF &TUBEPT 6OJEPT QBSB WFOEFS TVT QgHJOBT FO FM ,JOEMF 7FO EFO FOUSF MPT EPT FM QFSJwEJDP QPS FTUF NFEJP QFSP "NB[PO TF RVFEB DPO FM EFM WBMPS EF MB TVTDSJQDJwO Z MF EB FM SFTUBOUF BM QFSJwEJDP 1BSB UFSNJOBS FO FM DPOUFYUP EF MB DSJTJT IBZ RVF SFTDBUBS BTQFDUPT RVF TPO GVOEBNFOUBMFT QBSB SF°FYJPOBS TPCSF MB EJWFSTJEBE DVMUVSBM Z MB QPTJCJMJEBE EF HFOFSBS OVFWPT NPEFMPT EF EFTBSSPMMP -B DSJTJT USBF DPOTJ HP FM EFCJMJUBNJFOUP EF MBT HSBOEFT FNQSFTBT MP RVF FT VOB PQPSUVOJEBE QVFTUP RVF TJHOJ¯DB FM EFCJMJUBNJFOUP EF VO QBSBEJHNB FDPOwNJDP RVF FTUg NVZ DVFTUJPOBEP FM FYDFTJWP FOEFVEBNJFOUP UBNCJnO EFM DPOTVNP Z MB OP JOUFSWFODJwO EFM &TUBEP &TUPT NPNFOUPT EF DSJTJT TPO NVZ CVFOPT QBSB -B DSJTJT FDPOwNJDB Z MB DVMUVSB


(SgGJDP Nuevo eslabรณn: medios receptores y portantes La importancia de iPod y Kindle

Creador

Medio receptor y portante

Consumidor

DPOWFSUJSMPT FO PQPSUVOJEBEFT 1PS PUSP MBEP UBNCJnO TF FTUgO DVFTUJPOBOEP MBT JEFOUJEBEFT IPZ FYJTUF VOB HSBO EJWFSTJEBE EF FTUJMPT &TUBT JEFOUJEBEFT FTUgO TJFOEP DVFTUJPOBEBT Z TPO VOB HSBO PQPSUVOJEBE QBSB MB DVMUVSB QFSP TPCSF UPEP MB PQPSUVOJEBE FTUg FO MB SVQUVSB EF FTUF SFMPK EF BSFOB FO RVF MPT DSFBEPSFT Z MPT DPOTVNJEPSFT TF FODVFOUSBO TFQBSBEPT QPS VOB NBTB EFOTB DPO VOB MwHJDB FDPOwNJDB RVF TF FNQJF[B B SFQMBOUFBS B DBVTB EF MB QJSBUFSrB Z EF MB SFQSPEVDDJwO EF DPOUFOJEPT EJHJUBMFT EF NBOFSB MFHBM &O TVNB TF FTUg SPNQJFOEP VO QBSBEJHNB IBZ OVFWBT JEFOUJEBEFT IBZ OVF WBT PQPSUVOJEBEFT EF EJTUSJCVJS DPOUFOJEPT DVMUVSBMFT 4J FTUPT DBNCJPT OP SFQSFTFOUBO VOB HSBO PQPSUVOJEBE OP Tn DVBOEP WFOESg EJDIB PQPSUVOJEBE QBSB MB DVMUVSB

CJCMJPHSBGrB 'PHFM 3PCFSU ยง$BQJUBMJTN EFNPDSBDZ JO ยจ %BFEB MVT KVOF WPM QBHF 1VCMJTIFS 5IPNTPO (BMF

UFOEFODJBT HMPCBMFT


1SJNFS BOgMJTJT EF MB DSJTJT Z EF MBT QPMrUJDBT DVMUVSBMFT DPOUSBDrDMJDBT FO 'SBODJB 1PS 1IJMJQQF $IBOUFQJF

-B DSJTJT ¯OBODJFSB Z FDPOwNJDB RVF TF EFTQMFHw EFTEF FM WF SBOP EF Z RVF TF USBEVKP FO VOB DPOUSBDDJwO Â¥B WFDFT QSPGVOEBÂ¥ EFM DSFDJNJFOUP OP EFKB JOEFNOF BM DBNQP EF MBT BDUJWJEBEFT FDPOwNJDBT DVM UVSBMFT &O QBSUJDVMBS MBT JOEVTUSJBT DVMUVSBMFT Z EFOUSP EF FTUBT MPT QSJODJ QBMFT HSVQPT EF BVEJPWJTVBMFT NVMUJNFEJB P EF FEJDJwO EF MJCSPT Z QSFOTB DPUJ[BEPT FO MB CPMTB UBNCJnO QPUFODJBMNFOUF B MPT TFDUPSFT QBSBMFMPT B MB JOEVTUSJB DVMUVSBM MB FMFDUSwOJDB MB JOGPSNgUJDB MBT UFMFDPNVOJDBDJPOFT MP NJTNP RVF MBT BDUJWJEBEFT DVMUVSBMFT WJODVMBEBT BM UVSJTNP -BT DBSBDUFSrTUJDBT EF MB FDPOPNrB EF MB DVMUVSB TJ TF DPO¯SNBO FO MP RVF SFTQFDUB B MB DSJTJT ˜UJFOFO BDBTP VOB OBUVSBMF[B RVF MFT QFSNJUB BNQMJ ¯DBS EJTNJOVJS P FTUBCJMJ[BS MPT JNQBDUPT EF MB DSJTJT : TFH|O FM BOgMJTJT RVF QVFEF IBDFSTF EF FTUB SFMBDJwO ˜EFCF MB QPMrUJDB FDPOwNJDB DVMUVSBM QSF TFOUBS FTQFDJ¯DJEBEFT QBSB BMDBO[BS PCKFUJWPT DPOUSBDrDMJDPT F¯DBDFT 1BSB USBUBS EF SFTQPOEFS B FTUBT QSFHVOUBT BOUF MB BVTFODJB EF EBUPT DPZVOUVSBMFT ¯BCMFT OPT BQPZBSFNPT QSJNFSP FO MBT FYQFSJFODJBT EF DSJTJT QBTBEBT Z FO BMHVOPT NFDBOJTNPT EF USBOTNJTJwO P OP EF MB DSJTJT BM TFDUPS DVMUVSBM 6O BOgMJTJT DPZVOUVSBM EFM JNQBDUP EF MB DSJTJT FDPOwNJDB EF TPCSF MBT BDUJWJEBEFT DVMUVSBMFT OP EFCF PDVMUBSOPT DJFSUPT GBDUPSFT NgT QPUFOUFT EF MBT TJUVBDJPOFT FDPOwNJDBT Z ¯OBODJFSBT EF EJDIBT BDUJWJEBEFT DVMUVSBMFT &O QBSUJDVMBS FT FWJEFOUF RVF MB SFWPMVDJwO EJHJUBM FM QBTP B MP WJSUVBM FM DBNCJP EF OBUVSBMF[B FDPOwNJDB EF MPT CJFOFT DVMUVSBMFT EJHJUBMFT MBT NVUBDJPOFT QSPEVDJEBT QPS TV EJTUSJCVDJwO FM KVFHP EF MBT JOEVTUSJBT QSPEVDF FGFDUPT NgT QPEFSPTPT FO FM TFDUPS DVMUVSBM RVF VOB SFDFTJwO USBOTJ UPSJB DVZP FGFDUP TF USBEVDF FO VOPT DVBOUPT QVOUPT QPSDFOUVBMFT 5BNCJnO FT FWJEFOUF RVF MPT NPWJNJFOUPT TPDJPMwHJDPT UJFOFO JNQBDUPT FTUSVDUVSBO UFT NgT QPEFSPTPT RVF MB FWPMVDJwO EF MPT NFSDBEPT QPS FKFNQMP MB OP SFOP WBDJwO DVMUVSBM EF MB MFDUVSB EF QSFOTB DPUJEJBOB P EF MJUFSBUVSB 1SJNFS BOgMJTJT EF MB DSJTJT Z EF MBT QPMrUJDBT DVMUVSBMFT DPOUSBDrDMJDBT FO 'SBODJB


-B DSJTJT ¯OBODJFSB RVF DPNFO[w FO OP FT MB QSJNFSB Z QPS UBO UP FM BOgMJTJT DPZVOUVSBM QVFEF CBTBSTF FO MBT QSFDFEFOUFT MBT SFDFTJPOFT EF Z FO FM DBTP EF 'SBODJB DPO¯SNBO MPT QSJODJQBMFT GBDUPSFT Z NFDBOJTNPT EF USBOTNJTJwO EF MB DSJTJT Z TVT DBSBDUFSrTUJDBT 4F QVFEFO JEFOUJ¯DBS DVBUSP GBDUPSFT JOEJDBEPSFT P NFDBOJTNPT EF SFQFSDVTJwO EF MB DSJTJT FDPOwNJDB FO FM TFDUPS DVMUVSBM QSgDUJDBT Z DPOTVNP EF MPT JOEJWJEVPT Z MPT IPHBSFT NPEPT EF ¯OBODJBDJwO Q|CMJDB Z QSJWBEB EF MBT BDUJWJEBEFT DVMUVSBMFT EFNPHSBGrB EF MBT FNQSFTBT DVMUVSBMFT Z FM FNQMFP DVMUVSBM MPT FTUBCJMJ[BEPSFT QSgDUJDBT HBTUP Z DPOTVNP -B EJTNJOVDJwO EFM DSFDJNJFOUP TV FGFDUP SFDFTJWP FO FM JOHSFTP EF MPT IPHBSFT BQBSFDF DPNP MB IJQwUFTJT NgT FWJEFOUF EF USBOTNJTJwO EF MB DSJTJT 4JO FNCBSHP MB SFBMJEBE FT NgT DPNQMFKB &O FGFDUP MBT QSgDUJDBT DVMUVSBMFT QSFTFOUBO VOB HSBO FTUBCJMJEBE &O FM MBSHP QMB[P MBT QSgDUJDBT EF DVMUVSB Z NFEJPT HP[BO EF VOB HSBO FTUBCJMJ EBE QVFT PCFEFDFO FTFODJBMNFOUF B FWPMVDJPOFT HFOFSBDJPOBMFT -BT DSJTJT JNQPSUBOUFT Z EVSBEFSBT NBSDBO B MBT HFOFSBDJPOFT ¥Z BTr PDVSSJw FO 'SBODJB DPO MB HFOFSBDJwO EF MPT B MPT BvPT¥ QFSP UPEBWrB FT NVZ QSPOUP QBSB TBCFS TJ MB DSJTJT BDUVBM UFOJFOEP FO DVFOUB TV EVSBDJwO UFOESg VO FGFDUP EF FTUF UJQP -B TBMJEB EF MB DSJTJT RVF ZB TF FNQJF[B B EJCVKBS EB QBSB QFOTBS RVF OP &O DVBOUP B MBT QFSTPOBT MBT QSgDUJDBT EF VO JOEJWJEVP FO VO DBNQP DVMUVSBM EBEP FYQFSJNFOUBO WBSJBDJPOFT EF NFEJBOP QMB[P WJODVMBEBT B MBT FWPMVDJPOFT FO FM DJDMP EF MB WJEB FM DPOUFYUP GBNJMJBS Z QSPGFTJPOBM 1PS BIPSB FT JNQPTJCMF WFSJ¯DBS RVF MB DSJTJT IBZB UFOJEP FGFDUPT FTUSVDUVSBMFT TPCSF FTUPT DPNQPSUBNJFOUPT 4F OFDFTJUBSrB RVF FTBT EFUFSNJOBOUFT TFBO NgT JNQPSUBOUFT EF MP RVF GVFSPO FO VO DJDMP QSPGVOEBNFOUF SFDFTJWP EFT FNQMFP DBrEB EF MPT rOEJDFT EF DPO¯BO[B EJTNJOVDJwO EF MBT QSgDUJDBT MP RVF JNQMJDB NVUBDJPOFT QSPGVOEBT FO FM HBTUP EF MPT IPHBSFT 1PS PUSB QBSUF MB NBOFSB DPNP TF IBO USBEVDJEP MBT QSgDUJDBT FO MPT HBTUPT DVMUVSBMFT NBOJ¯FTUB UBNCJnO VOB HSBO FTUBCJMJEBE 4J PCTFSWBNPT MBT DSJTJT QBTBEBT WFS HSg¯DP OPUBNPT RVF MPT HBTUPT WJODVMBEPT B MBT QSgD UJDBT SFWFMBO RVF FM DPOTVNP TJHVF NVZ EF DFSDB FM DPOTVNP UPUBM NFEJP EF MPT IPHBSFT QFSP NBOJ¯FTUB VOB SFBDDJwO FYUSFNB BOUF MBT FWPMVDJPOFT SFHSFTJwO NgT GVFSUF FO QFSJPEP EF EJTNJOVDJwO DSFDJNJFOUP NgT FMFWBEP FO QFSJPEP EF SFDVQFSBDJwO $PNFO[BNPT B DPOTUBUBS VOB EJTNJOVDJwO EF MB UBTB EF DSFDJNJFOUP EFM DPOTVNP EF DVMUVSB Z EF NFEJPT NgT GVFSUF RVF MB RVF BGFDUB FM DPOTVNP UPUBM FO QFSJPEP EF DSJTJT QFSP FTUB EJTNJOVDJwO OP FT NBTJWB UFOEFODJBT HMPCBMFT


(SgGJDP

Evolución del monto promedio correspondiente a gastos en cultura y medios y del consumo total promedio de los hogares de 1979 a 2003.

350

300

250

200

150

100 1979

1981

1983

1985

1987

1989

1991

1993

1995

1997

1999

2001

2003

Gastos culturales según el INSEE Gastos de consumo de los hogares Fuente: Les dépenses culture-médias des ménages en France (Deps, Ministère de la culture et de la communicatio, 2006)

&O MPT BOUFSJPSFT QFSJPEPT EF SFDFTJwO FTUBT PCTFSWBDJPOFT TPO DMBSBT OP IB IBCJEP EJGFSFODJB QSPGVOEB SFTQFDUP BM QSPNFEJP TJOP EJGFSFODJBT NFOPSFT TFH|O MPT rOEJDFT EF MB DPZVOUVSB Z EF DPO¯BO[B EF MPT IPHBSFT &TBT EJGFSFODJBT SFTQFDUP BM QSPNFEJP EFQFOEFO QSJODJQBMNFOUF EF MB FWPMVDJwO EF MPT JOHSFTPT &O FGFDUP TJ MB DSJTJT IBDF CBKBS TJTUFNgUJDBNFOUF MPT JOHSFTPT MBT JNQMJDBDJPOFT TFSgO EJGFSFOUFT TFH|O MPT UJQPT EF HBTUPT UBM DPNP TF WF FO MBT FMBTUJDJEBEFT DPOUSBTUBEBT SFMBDJPOBEBT DPO FM JOHSFTP RVF WBO EFTEF IBTUB NgT EF QBSB VOB FMBTUJDJEBE NFEJB EF WFS HSg¯DP &TUF UJQP EF FGFDUPT EFCFSrBO FTUBS SFMBDJPOBEPT DPO MBT QSgDUJDBT EF BDUJWJEBEFT B¯DJPOBEBT Z DPO MB DPNQSB EF NBUFSJBMFT JOOPWBEPSFT &O VOB NFOPS NFEJEB EFCFSrBO WFSTF BGFDUBEBT MBT TBMJEBT Z FO QBSUJDVMBS MBT TBMJ EBT DVMUVSBMFT %F NBOFSB JOWFSTB MPT HBTUPT BVEJPWJTVBMFT EF CBTF BVNFO UBO FO FM HSVQP EF MPT HBTUPT FO DVMUVSB Z NFEJPT )BZ VO IFDIP DFOUSBM RVF NBOJ¯FTUB MB SFTJTUFODJB JOJDJBM EFM TFDUPS DVMUVSBM B MBT DSJTJT DPZVOUVSBMFT EFTEF FM QVOUP EF WJTUB EF MPT HBTUPT MB DPO DFOUSBDJwO EF MPT HBTUPT DVMUVSBMFT FT NVZ GVFSUF &O FGFDUP FM EF MPT IPHBSFT SFBMJ[B VO EF MPT HBTUPT UPUBMFT FO DVMUVSB Z NFEJPT &TUB QSP 1SJNFS BOgMJTJT EF MB DSJTJT Z EF MBT QPMrUJDBT DVMUVSBMFT DPOUSBDrDMJDBT FO 'SBODJB


(SgGJDP

Elasticidades relacionadas con el ingreso respecto al gasto en cultura y medios 2,08

Equipos, accesorios e informรกtica

1,25

Prรกcticas artรญsticas y asociativas Foto y cine

1,05

Equipos de sonido

1,00

Espectรกculo en vivo

0,96

Cine

0,94 0,89

Servicios para audiovisual Libros

0,89

Consumo de mรบsica

0,83

Grabadora y video

0,72 0,69

Microcomputadores

0,63

Museos Prensa

0,53

Suscripciรณn a televisiรณn

0,50

Equipos de televisiรณn

0,27

Otras salidas

0,13 0

0,5

1,0

1,5

2,0

2,5 %

Elasticidad promedio de los gastos en cultura-medios: 0,78

Fuente: Les dรฉpenses culture-mรฉdias des mรฉnages en France (Deps, Ministรจre de la culture et de la communicatio, 2006)

QPSDJwO OPT MMFWB B FYBNJOBS FM QFSยฏM Z MB TFOTJCJMJEBE BOUF MB DSJTJT EF FTUB QPCMBDJwO EF IPHBSFT IJQFSDPOTVNJEPSFT Z EF BRVFMMPT RVF DPNQBSUFO UPEBT P BMHVOBT EF FTUBT DBSBDUFSrTUJDBT QFSTPOB BDUJWB EF SFGFSFODJB EFM IPHBS EF FEBE NFEJBOB FKFDVUJWPT P QSPGFTJPOBMFT DPO BMUP OJWFM FEVDBUJWP RVF QPS MP HFOFSBM WJWFO FO MB SFHJwO QBSJTJFOTF &M EFTFNQMFP EF MPT FKFDVUJWPT Z MPT QSPGFTJPOBMFT FT VO UFNB RVF EFCF TFHVJSTF DPO QBSUJDVMBS BUFODJwO 5PEBT FTUBT DBSBDUFSrTUJDBT FYQMJDBO MB SFMBUJWBNFOUF CBKB EJGFSFODJB EF FWPMVDJwO EFM QSFTVQVFTUP UPUBM EFEJDBEP B MPT HBTUPT FO DVMUVSB Z NFEJPT DPO SFMBDJwO B MB FWPMVDJwO EFM QSFTVQVFTUP EF MPT IPHBSFT WFS HSgยฏDP 'JOBMNFOUF EF NBOFSB HFOFSBM MBT UgDUJDBT EF SFBDDJwO B MB DSJTJT TPO WBSJBEBT FTUBT QPOFO FO EVEB EF DJFSUP NPEP MPT WPM|NFOFT EF DPOTVNP Z FKFSDFO VOB JOยฐVFODJB FO DPOKVOUP P JOEJWJEVBMNFOUF TPCSF MPT QSFDJPT MBT DBOUJEBEFT Z MB DBMJEBE QFSP UBNCJnO TPCSF MPT NPEPT EF WJEB &O FM DBNQP DVMUVSBM MPT Q|CMJDPT TF EJTUSJCVZFO FO VOB EnCJM NJOPSrB EF BTJEVPT VOB QSPQPSDJwO TJHOJยฏDBUJWB EF DMJFOUFT GSFDVFOUFT Z VOB QPCMBDJwO JNQPSUBOUF EF DMJFOUFT PDBTJPOBMFT "Tr NPEVMBS MBT DBOUJEBEFT TPMBNFOUF UJFOF TFOUJEP QBSB MPT QSJNFSPT RVF EPNJOBO JHVBMNFOUF FM OJWFM EF MPT QSFDJPT TJO DPO GVOEJSMPT DPO FM OJWFM EF DBMJEBE UFOEFODJBT HMPCBMFT


(SgGJDP Gastos en cultura y medios y evoluciĂłn del presupuesto de los hogares % 4,50

4,25

4,00

3,75

Parte del presupuesto Tendencia de mediano plazo

3,50 1979

1981

1983

1985

1987

1989

1991

1993

1995

1997

1999

2001

2003

Cålculos de CrÊdoc* a partir de los datos de la contabilidad nacional y de una serie de datos** sobre el número de hogares franceses. *Centre de recherche pour l’Êtude el l’observation de conditions de vie (Centro de investigación para el estudio y la observación de las condiciones de vida). **Institut national de la statistique et des Êtudes Êconomiques (Instituto nacional de estadística y estudios económicos)

Fuente: Les dÊpenses culture-mÊdias des mÊnages en France. (Deps, Ministère de la culture et de la communicatio, 2006).

" FTUF SFTQFDUP FM BUSBDUJWP EF MPT FWFOUPT HSBUJT OP EFCFSrB OFHBSTF EF FTUF NPEP WFSrBNPT BOUJHVPT DMJFOUFT BTJEVPT WPMWFS B MBT CJCMJPUFDBT Q|CMJDBT WFS HSgÂŻDP 4F PCTFSWB UBNCJnO VO BVNFOUP FO FM NFSDBEP EF MPT CJFOFT EF TFHVOEB NBOP P CJFOFT B CBKP QSFDJP MJCSPT FO GPSNBUP EF CPM TJMMP 1PS |MUJNP DJFSUP O|NFSP EF QSgDUJDBT Z DPOTVNPT DVMUVSBMFT PGSFDFO SFTJTUFODJB B MB DSJTJT FTFODJBMNFOUF FO MP SFMBDJPOBEP DPO FM FTQFDUgDVMP FO WJWP Z DPO MBT TBMJEBT MPDBMJ[BCMFT FO HSBOEFT FYQPTJDJPOFT Z BM DJOF GF OwNFOP BOUJHVP RVF TF FYQMJDB QPS FM EFTFP EFM FTQFDUgDVMP DPMFDUJWP Z FM FODBOUP EFM BDPOUFDJNJFOUP GSFOUF B PUSBT GPSNBT EF DPOTVNP WFS HSgÂŻDP -PT GFOwNFOPT EF FMBTUJDJEBE QSFDJP OP TF EFKBO JOUFSQSFUBS GgDJMNFOUF Z FO QFSJPEP EF DSJTJT OP FTUgO OFDFTBSJBNFOUF BDPSEFT DPO MBT UFOEFODJBT EF MBSHP QMB[P &O SFBMJEBE FO QFSJPEP EF DSJTJT MBT EFDJTJPOFT QSFTVQVFTUBSJBT DP ZVOUVSBMFT QBSFDFO DPOUSBSJBT B MBT FWPMVDJPOFT EF MB UFOEFODJB FOUSF CJFOFT Z EJWFSTJPOFT DVMUVSBMFT Z CJFOFT DPNP FRVJQPT FTQFDJBMNFOUF EF QSPEVDUPT UFDOPMwHJDPT "TJTUJNPT FO FGFDUP B VOB DMBSB EJTNJOVDJwO EF MB DPNQSB EF CJFOFT UFDOPMwHJDPT FMFDUSwOJDPT QBSB FM Q|CMJDP FO HFOFSBM JOGPSNgUJDPT UFMFGPOrB GPUPHSBGrB KVFHPT EF WJEFP FO Z NJFOUSBT RVF FO QFSrP EPT MBSHPT FM NPWJNJFOUP JOWFSTP EPNJOB BNQMJBNFOUF WFS HSgÂŻDP 1SJNFS BOgMJTJT EF MB DSJTJT Z EF MBT QPMrUJDBT DVMUVSBMFT DPOUSBDrDMJDBT FO 'SBODJB


(SgGJDP Elasticidad-precio de los gastos en diversiĂłn y equipos en los hogares Volumen 600 Televisores 500 Computadores

1

400 Aparatos DVD de sonido e magen 300 Videos

Descargas eletrĂłnicas

200 Programas y consolas de juego de video 100

Radios

Aparatos de foto/Ăłptico

0 20

40

60

3 EspectĂĄculos 4 5 Libros Medios vĂ­rgenes Instrumentos Cine Revistas musicales PeriĂłdicos 2 Lab. fotog. Discos PelĂ­culas y papel fotogrĂĄfico 80

100

140 Precio

120

(SgGJDP EvoluciĂłn de los gastos por rubros en el largo plazo % 100 90

8% 11%

80 70

23%

60 50 40

35%

Telecomunicaciones

5%

Bienes y servicios ligados a materiales

23% 58%

Materiales

30 20

37%

10

Bienes y servicios culturales no materiales

0 1959 1962 1965 1968 1971 1974 1977 1980 1983 1986 1989 1992 1995 1998 2001 2004 2007

Fuente: Insee, comptes nationaux (Deps, Ministère de la Culture et de la Communication, 2009)

UFOEFODJBT HMPCBMFT


MBT JODFSUJEVNCSFT Z MPT BDFMFSBEPSFT MBT PUSBT GVFOUFT EF GJOBODJBNJFOUP -B DSJTJT FDPOwNJDB EFTFNQFvB VO QBQFM OFHBUJWP FO MPT PUSPT NPEPT EF ¯OBODJBNJFOUP EJTUJOUPT EFM HBTUP EF MPT IPHBSFT RVF QSFTFOUBO VOB DJFSUB UFOEFODJB B MB CBKB -B DSJTJT UJFOF VO FGFDUP TPCSF MBT PUSBT GVFO UFT UBMFT DPNP MPT EJGFSFOUFT ¯OBODJBNJFOUPT Q|CMJDPT FM ¯OBODJBNJFOUP B USBWnT EF MB QVCMJDJEBE Z MPT SFDVSTPT BQPSUBEPT B USBWnT EF NFDFOB[HPT Z QBUSPDJOBEPSFT &O 'SBODJB FM NBZPS ¯OBODJBNJFOUP Q|CMJDP EF MBT BDUJWJEBEFT DVM UVSBMFT FT FM EF MBT DPMFDUJWJEBEFT MPDBMFT &T TVQFSJPS BM ¯OBODJBNJFOUP EFM &TUBEP Z FO MBT DSJTJT TF WF TPNFUJEP B EJ¯DVMUBEFT QSFTVQVFTUBSJBT QPS FM EF CJMJUBNJFOUP EF MPT JOHSFTPT ¯TDBMFT JONFEJBUPT SFQFSDVTJwO EF MB CBKB EFM NFSDBEP JONPCJMJBSJP JODFSUJEVNCSF TPCSF MPT JNQVFTUPT QSPGFTJPOBMFT P EJGFSJEPT NFOPS SFOEJNJFOUP EFM JNQVFTUP EF WJWJFOEB Z QPS MB FYQBOTJwO EF MPT HBTUPT SFMBDJPOBEPT DPO MB DSJTJT HBTUPT EF TPMJEBSJEBE HBTUPT EF BQP ZP BM FNQMFP Z B MB FDPOPNrB 4JO FNCBSHP TBMWP RVF TF USBUF EF FTUSBUFHJBT QBSB TBMJS EF MB DSJTJT RVF UFOHBO RVF WFS EJSFDUBNFOUF DPO MB DVMUVSB FM ¯ OBODJBNJFOUP Q|CMJDP UFSSJUPSJBM DPNJFO[B B FTUBS BVTFOUF FO MBT BDUJWJEBEFT DVMUVSBMFT RVF FTUnO QPS GVFSB EF MBT HSBOEFT PCSBT DVMUVSBMFT P RVF WBZBO NgT BMMg EFM BQPZP HFOFSBM B MB FDPOPNrB Z BM FNQMFP &TUF FGFDUP EFQSFTPS TPCSF MBT BDUJWJEBEFT DVMUVSBMFT EFCFSrB TFOUJSTF B NFEJBOP QMB[P QFSP OP BQBSFDF UPEBWrB FO MBT DVFOUBT Q|CMJDBT SFMBDJPOBEBT DPO MB DVMUVSB "TJNJTNP FNQJF[BO B BQBSFDFS JOEJDJPT EF RVF MPT SFDVSTPT EFM QB USPDJOJP Z FM NFDFOB[HP WBO B TFHVJS EF NBOFSB BDFOUVBEB MB NJTNB FWPMV DJwO EFTGBWPSBCMF &O FM DBTP EFM QBUSPDJOJP QPS TV QSPYJNJEBE DPO MPT PUSPT SVCSPT EF HBTUPT QSPNPDJPOBMFT FO QBSUJDVMBS QVCMJDJUBSJPT &O FM DBTP EFM NFDFOB[HP QPS TV JNBHFO EF HBTUP JNQSPEVDUJWP P JODMVTP TVOUVBSJP FO QFSJPEP EF DSJTJT Z TV GgDJM DVFTUJPOBNJFOUP DVBOEP OP DPSSFTQPOEF B VOB BTPDJBDJwO EF MBSHP QMB[P &T TPCSF UPEP MB FWPMVDJwO DPZVOUVSBM EF MPT SFDVSTPT QVCMJDJUBSJPT MB RVF KVFHB VO QBQFM OFHBUJWP BVORVF FTUB SFMBDJwO QSFTFOUB VO QBOPSBNB DPOGVTP QPS DBVTB EF MBT SFDJFOUFT USBOTGFSFODJBT EF MPT SFDVSTPT QVCMJDJUB SJPT EF MPT NFEJPT USBEJDJPOBMFT IBDJB MB QVCMJDJEBE FO MrOFB RVF OP SFQSF TFOUB TJO FNCBSHP Z B QFTBS EF TVT SFDJFOUFT UBTBT EF DSFDJNJFOUP NgT RVF VOB QBSUJDJQBDJwO SFMBUJWBNFOUF EnCJM Ç FO FM DPOKVOUP Z TJHVF TJFOEP CBTUBOUF GSgHJM FO VO QFSJPEP EF DPOUSBDDJwO EF MPT QSFTVQVFTUPT FO QVCMJ DJEBE Z EF FTUSBUFHJBT EF F¯DBDJB EF BTJHOBDJwO EF SFDVSTPT -B EJTNJOVDJwO FT JNQPSUBOUF Z TF BDFMFSw B DPNJFO[PT EFM BvP "GFDUB QSJODJQBMNFOUF B MPT NFEJPT Z MMFWB B MPT QSJODJQBMFT HSVQPT EF NFEJPT OBDJPOBMFT B IBDFS 1SJNFS BOgMJTJT EF MB DSJTJT Z EF MBT QPMrUJDBT DVMUVSBMFT DPOUSBDrDMJDBT FO 'SBODJB


BKVTUFT JNQPSUBOUFT FO MB QSPHSBNBDJwO GVUVSB FO GVODJwO EF MPT SFTVMUBEPT BDUVBMFT &TUB SFBDDJwO B MB DSJTJT USBOTยฏFSF B MPT QSPEVDUPSFT BVEJPWJTVBMFT VOB QBSUF JNQPSUBOUF EF MPT FGFDUPT EF MB DSJTJT -BT DBSBDUFSrTUJDBT EFM TFDUPS QSPEVDUJWP EF MB DVMUVSB NVFTUSBO FO FT UBT DPOEJDJPOFT DwNP TF NBOJยฏFTUB VOB DSJTJT DPZVOUVSBM "OUF MPT PMJHPQP MJPT FO FM TFDUPS EF MB FEJDJwO Z MPT NFEJPT MBT 1.& TPO MBT NgT BGFDUBEBT QPS MB DSJTJT B USBWnT EF MPT QFEJEPT Z FM BDDFTP B MPT NFSDBEPT WFS HSgยฏDP (SgGJDP Distribuciรณn de las empresas segรบn el sector

Nรบmero de empresas

15.000 12.107 9.970 10.000

5.000 1.373 0

Empresas de ediciรณn

Empresas audiovisuales

Agencias de prensa

Fuente: Culture chiffres (Deps, Ministรจre de la Culture, 2008)

1PS PUSB QBSUF VO BOgMJTJT EF MB EFNPHSBGrB EF MBT FNQSFTBT DVMUV SBMFT NVFTUSB DwNP SFBDDJPOBO FTUBT &M TFHVJNJFOUP B MB QPCMBDJwO EF MBT FNQSFTBT DVMUVSBMFT FEJUPSJBMFT MJCSPT EJTDPT DJOF WJEFP BVEJPWJTVBM FO MPT QFSJPEPT QBTBEPT NVFTUSB VO DSFDJNJFOUP SFHVMBS Z GVFSUF FO UPEP FM QFSJPEP DPO VO TJNQMF FTUBODBNJFOUP FO DPNP TJ FM TFDUPS GVFSB JO EFQFOEJFOUF EF MB DPZVOUVSB &O SFBMJEBE IBZ VOB NBZPS SFTJTUFODJB ยฅQPS MP NFOPT UFNQPSBMNFOUFยฅ B MB DPZVOUVSB UBM DPNP MP EFNVFTUSBO MBT DJGSBT EF DSFBDJwO EF FNQSFTBT DVMUVSBMFT DPO SFMBDJwO BM DPOKVOUP EF FNQSFTBT Z MBT DJGSBT EF EFTBQBSJDJPOFT EPOEF IBZ VOB SFBDDJwO FYBHFSBEB BOUF FM NP WJNJFOUP HFOFSBM EF EFTBQBSJDJPOFT EF FNQSFTBT &M QSPCMFNB WJFOF EF MBT DBEFOBT EF EFQFOEFODJB EF VOB HSBO QBSUF EFM TFDUPS EFTEF FM PMJHPQPMJP IBDJB MBT GSBOKBT RVF QVFEF BVNFOUBS FM GFOwNFOP EF DPODFOUSBDJwO RVF ZB FT NVZ FMFWBEP FO FTUF TFDUPS 6OB QBSUF EFM FNQMFP DVMUVSBM FT QPUFODJBMNFOUF MB NgT TVTDFQUJCMF EF TVGSJS QPS DBVTB EF MB DSJTJT QFSP EF NBOFSB EJGFSFODJBEB QVFT FYJTUFO UFOEFODJBT HMPCBMFT


FGFDUPT FTUBCJMJ[BEPSFT FO DJFSUPT DBNQPT %F NBOFSB HFOFSBM VOB EF MBT QSJODJQBMFT DBSBDUFSrTUJDBT EFM FNQMFP DVMUVSBM FT TV GSBHJMJEBE B MB WF[ FT USVDUVSBM Z DSFDJFOUF &TUB GSBHJMJEBE TF NJEF FO QBSUJDVMBS FO MB QBSUF EFM DPOKVOUP EF MPT BTBMBSJBEPT DPSSFTQPOEJFOUF B MPT DPOUSBUPT B UnSNJOP ¯KP Z B UPEBT MBT GPSNBT EF FNQMFP OP EVSBCMF DFSDB EF USFT WFDFT TVQFSJPS B MB EFM DPOKVOUP EF MB QPCMBDJwO BTBMBSJBEB DPOUSB 4F PCTFSWB EJDIB GSBHJMJEBE FO MB JNQPSUBODJB EFM USBCBKP EF UJFNQP QBSDJBM DPOUSB Z TV DPSSFMBUP MB JNQPSUBODJB EF UFOFS WBSJPT USBCBKPT DFSDB EF BDUJWP TPCSF "EJDJPOBMNFOUF NJFOUSBT RVF FO FM TFDUPS DVMUVSBM IBZ FM EPCMF EF FNQMFP OP BTBMBSJBEP RVF FO MB QPCMBDJwO BDUJWB FO TV DPOKVOUP DPOUSB FM FNQMFP DVMUVSBM TF DBSBDUFSJ[B QPS FTUPT QVOUPT FT EF DBSgDUFS FTUB DJPOBM QBUSJNPOJP FTQFDUgDVMPT FO WJWP UJFOF VOB BMUB UBTB EF EFTFNQMFP FO FM HSVQP EF RVJFOFT CVTDBO FNQMFP IBZ VOB NBZPS UBTB EF EFTFNQMFB EPT EF MBSHP QMB[P TVQFSJPS B VO BvP Z ¯OBMNFOUF QSFTFOUB VOB GVFSUF EFQFOEFODJB EF MPT DSnEJUPT Q|CMJDPT &TUBEP Z DPMFDUJWJEBEFT UFSSJUPSJBMFT &M DPOKVOUP EF FTUBT DBSBDUFSrTUJDBT UJFOF VOB UFOEFODJB EF NFEJBOP Z MBSHP QMB[P Z DPOUSJCVZF BM BVNFOUP EF FTUB GSBHJMJEBE (SgGJDP Estructura comparada de las industrias culturales y los servicios: distribución del volumen de negocios según el número de empleados.

Industrias culturales

19

Conjunto de servicios

81

41

0

20 Menos de 20 asalariados

59

40

60

80

100 %

20 o más asalariados

Fuente: Enquête annuelle d’ entreprise dans les services (Insee), Enquête annuelle d’ entreprise dans l’industrie (Sessi), Système unifé de statistiques d’ entreprises (Insee)/DEPS

"Tr QVFT MB QPSDJwO EF BTBMBSJBEPT DPO DPOUSBUPT B UnSNJOP ¯KP TF EVQMJDw FO FM TFOP EF MBT QSPGFTJPOFT DVMUVSBMFT FOUSF Z FO UBOUP RVF TPMP QSPHSFTw FO VO FO FM DPOKVOUP EF MB QPCMBDJwO 1SJNFS BOgMJTJT EF MB DSJTJT Z EF MBT QPMrUJDBT DVMUVSBMFT DPOUSBDrDMJDBT FO 'SBODJB


BTBMBSJBEB &TUF BVNFOUP EF MB QSFDBSJFEBE QBSB MPT BTBMBSJBEPT BVNFOUw FO UPEBT MBT QSPGFTJPOFT JODMVTP BRVFMMBT FO MBT RVF FM FNQMFP BTBMBSJBEP FTUB CMF TPMrB TFS MB OPSNB QPS FKFNQMP MB QPSDJwO EF BTBMBSJBEPT DPO DPOUSBUPT B UnSNJOP ¯KP FO MPT P¯DJPT EF MB EPDVNFOUBDJwO Z MB DPOTFSWBDJwO QBTw EF FO B FO Z EF B FO FM DBTP EF MB FOTFvBO[B BSUrT UJDB FTQFDJBM 1PS PUSB QBSUF FOUSF MBT QSPGFTJPOFT EPOEF MB QPSDJwO EF USBCBKP OP BTBMBSJBEP EPNJOB EFTEF WJFKB EBUB BSRVJUFDUP QSPGFTJPOBM EF TFSWJDJPT EF BSUF GPUwHSBGP BSUJTUB QMgTUJDP BVUPS MJUFSBSJP EJDIB QPSDJwO EF USBCBKP OP BTBMBSJBEP IB UFOEJEP B BVNFOUBS FYDFQUVBOEP MB QSPGFTJwO EF BSRVJUFDUP 1BTw EF B FO FM DBTP EF MPT GPUwHSBGPT Z EF B FO FM DBTP EF MPT BVUPSFT MJUFSBSJPT -B DSJTJT IB BVNFOUBEP MB GSBHJMJEBE EF MBT FTUSVDUVSBT FNQSFTBSJBMFT DVMUVSBMFT NgT BMMg EF MBT HSBOEFT ¯SNBT F JOTUJUVDJPOFT QVFT NVDIBT EF FMMBT TF CBTBO FO VOB MwHJDB EF FDPOPNrB EF QSPZFDUP RVF TVFMF EFQFOEFS EFM ¯OBODJBNJFOUP Q|CMJDP "TJNJTNP IBZ VO FGFDUP BDFMFSBEPS EF MB DSJTJT TPCSF MB GSBHJMJEBE FTUSVDUVSBM EFM FNQMFP DVMUVSBM FO VOB DPZVOUVSB EFTGB WPSBCMF &TUF QSPEVDF VOB EJTNJOVDJwO EFM WPMVNFO EFM FNQMFP DVMUVSBM BVORVF FYJTUBO NFDBOJTNPT §BNPSUJHVBEPSFT¨ UBMFT DPNP MB JOUFSNJUFODJB MBT QSgDUJDBT EF BDUJWJEBEFT N|MUJQMFT Z BDUJWJEBEFT NJYUBT DVMUVSBMFT Z OP DVMUVSBMFT EFTBSSPMMBEBT EF NBOFSBT EJWFSTBT TFH|O MPT TFDUPSFT %FTEF ZB TF WF DwNP FNFSHFO TJUVBDJPOFT DPOUSBTUBEBT TFH|O MPT DBNQPT B %PT TFDUPSFT FM EF MB EPDVNFOUBDJwO DPOTFSWBDJwO DFSDB EF FNQMFPT FO Z FM EF MB FOTFvBO[B BSUrTUJDB FTQFDJBMJ[BEB FO TPO TFDUPSFT RVF IBO FYQFSJNFOUBEP GVFSUFT DSFDJNJFOUPT FO FM MBSHP QMB[P SFTQFDUJWBNFOUF Z EFTEF FO CVFOB QBSUF QSPEVDJEPT QPS FM ¯OBODJBNJFOUP Q|CMJDP UFSSJUPSJBM BOUFT RVF DPNFO[BSB TV QSPDFTP EF BVNFOUP EF MB QSFDBSJFEBE &T QPTJCMF QFOTBS RVF TF WFSgO NFOPT BGFDUBEPT B DPSUP QMB[P Z RVF JODMVTP QPESrBO CFOF¯DJBSTF EF MB BZVEB B MPT FNQMFPT MP DVBM UFOEFSrB B FTUBCJMJ[BS FM FNQMFP FO FTF TFDUPS C -PT FNQMFPT EFM TFDUPS EFM FTQFDUgDVMP BMSFEFEPS EF FN QMFPT FO EFTEF EJTQPOFO EFM BNPSUJHVBEPS QSP QJP Z F¯DB[ EF MB JOUFSNJUFODJB B USBWnT EF MPT BOFYPT Z Z EFM 'POEP EF 1SPGFTJPOBMJ[BDJwO D 0USPT TFDUPSFT EFM FNQMFP DVMUVSBM QSFTFOUBO NVZ EJGFSFOUFT NP EFMPT EF EFQFOEFODJB B MB DPZVOUVSB FDPOwNJDB HFOFSBM BTr MPT BSRVJUFDUPT FNQMFPT FO DPO VO DSFDJNJFOUP EF TPMP EFTEF Z VO O|NFSP DBEB WF[ NBZPS EF BTBMBSJBEPT QPESrBO TFHVJS MB UFOEFODJB CBTUBOUF EFTGBWPSBCMF EFM TFDUPS JONP UFOEFODJBT HMPCBMFT


CJMJBSJP Z EF MB DPOTUSVDDJwO BVORVF OP MB UFOEFODJB EFM TFDUPS EF DPOTUSVDDJwO Z PCSBT Q|CMJDBT 5BNCJnO MPT FTUJMJTUBT EFDPSBEP SFT HSB¯TUBT FNQMFPT FO QPESrBO FTUBS TVKFUPT B MB NJTNB UFOEFODJB EF MB DPOTUSVDDJwO P EF MB BDUJWJEBE FDPOwNJDB FO HFOFSBM 1PS |MUJNP MPT BSUJTUBT QMgTUJDPT FO Z MPT BVUPSFT MJUFSBSJPT FO IBO TJEP ZB NVZ NBSDBEPT ¥DPO MB FYDFQDJwO EF QFRVFvrTJNBT NJOPSrBT¥ QPS MB EJ¯DVMUBE EF WJWJS EF TVT BDUJWJEBEFT BSUrTUJDBT Z FTUgO NVZ GBNJMJBSJ[BEPT DPO MPT NFDBOJTNPT BNPSUJHVBEPSFT NFODJPOBEPT BOUFSJPSNFOUF FMFNFOUPT QPMrUJDPT DPOUSBDrDMJDPT -BT DBSBDUFSrTUJDBT EF MB FDPOPNrB EF MB DVMUVSB Z MPT NFEJPT UBOUP QPS MB FTUSVDUVSB EF MBT FNQSFTBT MPT NPEPT EF ¯OBODJBNJFOUP Z EFM FNQMFP DPNP QPS MB EJOgNJDB EFM HBTUP EF MPT IPHBSFT FO MP DPODFSOJFOUF B §CJFOFT TVQFSJPSFT¨ IBDFO RVF FM TFDUPS DVMUVSBM RVFEF QBSUJDVMBSNFOUF GSgHJM QPS DBVTB EF MB DSJTJT -PT GFOwNFOPT DPNQFOTBUPSJPT MB SFTJTUFODJB USBOTJ UPSJB EF GSFDVFOUBDJwO UVSrTUJDB DPODFOUSBEB FO BMHVOPT MVHBSFT Z UFSSJUPSJPT FUD OP PDVMUBO MB GVFS[B EF MPT GBDUPSFT NgT FTUSVDUVSBOUFT EFDJTJPOFT QSF TVQVFTUBSJBT EFTGBWPSBCMFT EF MPT IPHBSFT MPT BOVODJBOUFT MBT DPMFDUJWJEBEFT UFSSJUPSJBMFT FGFDUPT OFHBUJWPT EF MB FTUSVDUVSB ¯OBODJFSB EFM UFKJEP QSJODJQBM EFM NBZPS O|NFSP EF FNQSFTBT DVMUVSBMFT UFOEFODJBT EFM FNQMFP DVMUVSBM -PT EFUFSNJOBOUFT EF BDFMFSBDJwO EF MPT FGFDUPT EF MB DSJTJT TPO NgT QPEFSPTPT RVF MPT BNPSUJHVBEPSFT JODMVTP TJ MB EVSBDJwO EF MPT DJDMPT QSP EVDUJWPT EF MPT QSPZFDUPT DVMUVSBMFT DPOUSBUBEPT QSPEVDDJwO BVEJPWJTVBM Z DJOFNBUPHSg¯DB FTQFDUgDVMPT FO WJWP BSRVJUFDUVSB DPOTUJUVZF QBSB VOB QBS UF TJHOJ¯DBUJWB EFM TFDUPS DVMUVSBM VO SFEVDUPS QSPWJTJPOBM EF MPT FGFDUPT EF MB DSJTJT &O FTUF DPOUFYUP MB OFDFTJEBE EF QPMrUJDBT DPOUSBDrDMJDBT BQBSFDF DMBSB NFOUF &TUBT UJFOFO QPS PCKFUJWP SFTQFDUP B FTUPT GBDUPSFT FTUSVDUVSBMFT DSFBS BNPSUJHVBEPSFT DPOUSB MB DSJTJT Z SFBDUJWBS FM TFDUPS DVMUVSBM QVFT FTUF UJFOF VOB DPOUSJCVDJwO FO FM DSFDJNJFOUP SFMBUJWBNFOUF FMFWBEB WFS HSg¯DP "EJDJPOBMNFOUF NVDIP NgT RVF FM QFTP EF DBEB VOP EF MPT TFDUPSFT DVMUVSBMFT FT QSFDJTP NJSBS DPO BUFODJwO MPT GBDUPSFT FDPOwNJDPT RVF MMFWBO B MB UPUBMJEBE EFM TFDUPS B QSPQJDJBS FM DSFDJNJFOUP Z FM FNQMFP &O FGFDUP MPT BOgMJTJT SFDJFOUFT EFM TFDUPS DVMUVSBM IBO EFNPTUSBEP VO NBSHFO TJHOJ¯DBUJ WP FO QBSUJDVMBS FO MBT BDUJWJEBEFT EF MPT NFEJPT -B JNQPSUBODJB FDPOwNJDB EFM TFDUPS DVMUVSBM Z TVT FTQFDJ¯DJEBEFT JO EVKFSPO BTr VOB QPMrUJDB DPOUSBDrDMJDB RVF UJFOF WBSJPT DPNQPOFOUFT 1PS FM MBEP EFM FNQMFP DVMUVSBM BEFNgT EF MB FTUBCJMJEBE EFM TJTUFNB EF JOEFNOJ[B DJwO QPS EFTFNQMFP QBSB MBT QSPGFTJPOFT EFM FTQFDUgDVMP TF IBO EFTBSSPMMBEP 1SJNFS BOgMJTJT EF MB DSJTJT Z EF MBT QPMrUJDBT DVMUVSBMFT DPOUSBDrDMJDBT FO 'SBODJB


(SgGJDP ContribuciĂłn en tĂŠrminos de valor agregado y de empleo. Ejemplos de contribuciĂłn al conjunto de servicios

10

%

InformĂĄtica

Telecomunicaciones

Valor agregado

8 6 Audiovisual 4 EdiciĂłn

Arquitectura

2

Agencias de prensa

0

% 0

1

2

3

4

5

6

7

8

9

10

Empleo *Para las actividades de edición, el empleo se calcula sobre el conjunto de las empresas: el valor agregado hace referencia al campo de las empresas con 20 asalariados o mås. Fuente: Enquête annuelle d’entreprise dans les services (Insse), Enquête annuelle d’entreprise dans l’industrie (Sessi)/DEPS

(SgGJDP Margen de la actividad audiovisual y las agencias de prensa 45

Actividades audiovisuales Cine y video

40

ProducciĂłn de pelĂ­culas institucionales y publicitarias

6

Prestaciones tĂŠcnicas para cine y televisiĂłn

10

ProyecciĂłn de pelĂ­culas cinematogrĂĄficas

18

ProducciĂłn de pelĂ­culas para la televisiĂłn

45

ProducciĂłn de pelĂ­culas para cine

46

DistribuciĂłn de pelĂ­culas cinematogrĂĄficas

75

EdiciĂłn y distribuciĂłn de video

83

Radio

25

TelevisiĂłn

54

EdiciĂłn de canales temĂĄticos

23

ProducciĂłn de programas de televisiĂłn

35

EdiciĂłn de canales generales

58

DistribuciĂłn de paquetes de programas de radio y televisiĂłn

72

Agencias de prensa

7 0

20

40

60

80

100 %

Fuente: Enauete annuelle d’entreprise dans l’industrie (Sessi)

UFOEFODJBT HMPCBMFT


NFEJEBT B GBWPS EFM FNQMFP EF MPT KwWFOFT BZVEB B MPT FNQMFPT FO QBSUJ DVMBS HSBDJBT B MBT DPMFDUJWJEBEFT Q|CMJDBT Z BTPDJBDJPOFT RVF QBSUJDJQBO FO FM TFDUPS DVMUVSBM %FTEF FM QVOUP EF WJTUB QSFTVQVFTUBSJP EFOUSP EFM NBSDP EF SFBDUJWBDJwO HVCFSOBNFOUBM TF QSFWn VOB EPUBDJwO FTQFDr¯DB EF DJFO NJ MMPOFT EF FVSPT B GBWPS EFM QBUSJNPOJP DBNQP FO FM DVBM MPT NVMUJQMJDBEPSFT EF HBTUPT TPO TJO EVEB FMFWBEPT Z EF USBOTNJTJwO SgQJEB BOUF MPT TFDUPSFT EF MB DPOTUSVDDJwO MB SFTUBVSBDJwO FUD DPO JNQPSUBOUFT WPM|NFOFT EF NBOP EF PCSB 6O |MUJNP DPNQPOFOUF EF OBUVSBMF[B ¯OBODJFSB QVFEF BQPZBSTF FO NFEJEBT HFOFSBMFT QBSB CFOF¯DJBS B MBT QNF FO QBSUJDVMBS QBSB BCSJS DSnEJUPT NFEJBOUF MB FOUJEBE PTFP Z BVNFOUBS MBT HBSBOUrBT ¯OBODJFSBT B USBWnT EFM JGDJD "EJDJPOBMNFOUF FO FM NBSDP EF VOB 6OJwO &VSPQFB DPO BZVEBT EF GPOEPT FVSPQFPT P OBDJPOBMFT Z EF EJTQPTJDJPOFT ¯TDBMFT WFOUBKPTBT TF QP ESrBO JNQMBOUBS NFEJEBT B GBWPS EF DBQJUBMFT EF SJFTHP EFEJDBEBT B FNQSFTBT DSFBUJWBT P B WJWFSPT EF FNQSFTBT B USBWnT EF HSVQPT EF FYQFSUPT Z EF QSPGF TJPOBMFT 'JOBMNFOUF EFTEF VO QVOUP EF WJTUB NgT FTUSVDUVSBM FM .JOJTUFSJP EF MB $VMUVSB Z EF MB $PNVOJDBDJwO MBO[w VOB NJTJwO EF SF°FYJwO Z EF QSP QVFTUBT QBSB QSPQJDJBS NFEJEBT B GBWPS EF JOEVTUSJBT DVMUVSBMFT FO FM DBNQP EJHJUBM &TUF UJQP EF FOGPRVF QPESrB BTJNJTNP TFSWJS QBSB KVTUJ¯DBS RVF VOB QBSUF EFM §HSBO QSnTUBNP¨ B GBWPS EFM DSFDJNJFOUP TF SFMBDJPOF DPO VOB JOWFS TJwO FO MB FDPOPNrB DSFBUJWB MPT OVFWPT NPEFMPT EJHJUBMFT MB EJHJUBMJ[BDJwO EF EBUPT Q|CMJDPT DVMUVSBMFT Z FM UVSJTNP DVMUVSBM 4JOHVMBS FO NVDIPT BTQFDUPT MB FDPOPNrB DVMUVSBM QBTB QPS VOB TJ UVBDJwO FTQFDJBM FO DVBOUP B MB DSJTJT DPZVOUVSBM "GFDUBEB EF NBOFSB UBSErB QVFEF QBEFDFS TVT DPOTFDVFODJBT QPS NgT UJFNQP Z FYQFSJNFOUBS VOB TBMJ EB EF MB DSJTJT NgT GVFSUF RVF PUSPT TFDUPSFT FDPOwNJDPT DPO JNQPSUBOUFT DPOTFDVFODJBT QBSB MB EFNPHSBGrB EF MBT FNQSFTBT Z EFM FNQMFP DVMUVSBM *HVBMNFOUF TF UPNBSPO SgQJEBT NFEJEBT QSPQJBT EF VOB QPMrUJDB DPOUSBDrDMJ DB &TUBT QPMrUJDBT DPNCJOBO SnHJNFO EF EFSFDIP DPN|O EF MB FDPOPNrB DPO TJOHVMBSJEBEFT RVF QFSNJUFO VOB NFKPS BEBQUBDJwO BM TFDUPS DVMUVSBM Z TBDBS QBSUJEP EF VOB DSJTJT DPZVOUVSBM QBSB DPOUSJCVJS B MB FWPMVDJwO FTUSVDUVSBM EF VO TFDUPS FDPOwNJDP B DBSUB DBCBM RVF FT EFUFSNJOBOUF QBSB FM DPOKVOUP EF MB FDPOPNrB

1SJNFS BOgMJTJT EF MB DSJTJT Z EF MBT QPMrUJDBT DVMUVSBMFT DPOUSBDrDMJDBT FO 'SBODJB


DPODMVTJPOFT EF TVC DBQrUVMP

&M BDUVBM DPOUFYUP EF JOUFHSBDJwO FDPOwNJDB JNQMJDB RVF VOB DSJTJT RVF DPNJFO[B FO VO MVHBS TF USBOT¯FSF EF NBOFSB DBTJ JONFEJBUB BM TJTUFNB FDPOwNJDP NVOEJBM DPO MPT JNQBDUPT OFHBUJWPT RVF FTUP UJFOF TP CSF FM JOHSFTP FM FNQMFP MB QSPEVDDJwO Z FM DPNFSDJP &EVBSEP 4PNFOTBUUP EFM #BODP .VOEJBM FYQMJDw RVF MB DSJTJT BGFDUB B MBT FDPOPNrBT FNFSHFOUFT QPS MB DBrEB EF MB JOWFSTJwO FYUSBOKFSB EJSFDUB Z MB SFEVDDJwO EFM DPNFSDJP JOUFSOBDJPOBM 4JO FNCBSHP B¯SNw RVF FTUF NJTNP DPOUFYUP EF JOUFHSBDJwO IB GBWPSFDJEP MB QSPEVDDJwO Z DJSDVMBDJwO EF CJFOFT Z TFSWJDJPT DVMUVSBMFT &M FDPOPNJTUB .BVSJDJP 3FJOB TFvBMw RVF HSBDJBT B MB EJWFSTJEBE FO MPT NPEFMPT FDPOwNJDPT MB DSJTJT OP UVWP FM JNQBDUP HFOFSBMJ[BEP RVF TF FTQFSBCB EFM GFOwNFOP IPNPHFOJ[BEPS EF MB HMPCBMJ[BDJwO MP DVBM TF EF NVFTUSB DPO FM DBTP DIJOP -BT BMUFSOBUJWBT BM NPEFMP FDPOwNJDP DBQJUBMJTUB USBEJDJPOBM EFNPTUSBSPO RVF FT QPTJCMF FOGSFOUBS MB DSJTJT Z MPHSBS VOB SFEJT USJCVDJwO EF MPT NFSDBEPT FO TV GBWPS &TUP TJHOJ¯DB RVF MPT GBDUPSFT DVMUVSB MFT EFUFSNJOBO MBT IFSSBNJFOUBT EF QPMrUJDB FDPOwNJDB EF VO QBrT F JO°VZFO FO TV DBQBDJEBE EF SFTJTUJS MPT JNQBDUPT OFHBUJWPT EF MB SFDFTJwO 1BSB 1IJMJQQF $IBOUFQJF MB USBOTNJTJwO EF MB DSJTJT FDPOwNJDB MMFHB UBSErBNFOUF BM TFDUPS DVMUVSBM &TUP MF QFSNJUF BOUJDJQBSTF Z HFOFSBS IFSSB NJFOUBT QBSB FOGSFOUBSMB MP RVF OP FT QPTJCMF FO PUSPT TFDUPSFT EF MB FDP OPNrB EPOEF FM DIPRVF FT JONFEJBUP &TUB WFOUBKB TJHOJ¯DB RVF QVFEF TBMJS NgT SgQJEP Z NgT GVFSUF EF MPT QFSJPEPT SFDFTJWPT Z TF CBTB FO MB IJQwUFTJT EF RVF FM DPOTVNP DVMUVSBM FT FTUBCMF QPS MP RVF MB BGFDUBDJwO FTUSVDUVSBM FT NgT MFOUB Z EF NFOPS QSPQPSDJwO -B DSJTJT OP JNQBDUB OFHBUJWBNFOUF FO MPT OJWFMFT EF DPOTVNP P QSPEVDDJwO EF NBOFSB JONFEJBUB TJOP FO MBT GVFOUFT EF ¯OBODJBDJwO Q|CMJDB Z QSJWBEB FO VO FTUBEJP QPTUFSJPS B TV HnOFTJT

UFOEFODJBT HMPCBMFT


< > -B JOEVTUSJB DVMUVSBM DPNP SFTQVFTUB FDPOwNJDB B MB DSJTJT ˜FT MB FDPOPNrB EF MB DVMUVSB VO NPEFMP EF EFTBSSPMMP BMUFSOBUJWP

.PEFSBEPS (FSNgO 3FZ 3FMBUPSFT %BWJE -BSB +VBO ¸OHFM Z "OHnMJDB .BSrB 3FCPMMFEP

1SFTFOUBDJwO -BT OVFWBT UFPSrBT TPCSF EFTBSSPMMP FDPOwNJDP EBO QSJPSJ EBE B MB JOOPWBDJwO Z B MB DSFBUJWJEBE DPNP GVFOUFT EF DSFBDJwO EF WBMPS &O NPNFOUPT EF DSJTJT FDPOwNJDB FTUPT EPT FMFNFOUPT TF DPOWJFSUFO FO IFSSB NJFOUBT GVOEBNFOUBMFT QBSB FODPOUSBS TBMJEBT BMUFSOBUJWBT QVFT MB DSJTJT MP RVF EFNVFTUSB FT RVF FM NPEFMP RVF IB WFOJEP GVODJPOBOEP FT PCTPMFUP Z OFDFTJUB SFOPWBSTF -B FDPOPNrB DSFBUJWB FOUPODFT DPNP VO DPODFQUP RVF SFDJnO FOUSB B KVHBS FO FM QFOTBNJFOUP FDPOwNJDP TF DPOWJFSUF FO VO GBDUPS EF DSFDJNJFOUP Z SFDPOTUSVDDJwO &T GVOEBNFOUBM DPNQSFOEFS RVF FO FM DFO USP EF FTUB FDPOPNrB FTUg MB DVMUVSB Z TVT JOEVTUSJBT -B DVMUVSB FT VOB BDUJWJEBE FDPOwNJDB DVZP DBQJUBM CgTJDP FT MB DSFBUJ WJEBE "M TFS nTUF VO SFDVSTP RVF TPMP QPTFFO MPT TFSFT IVNBOPT FTUF TFDUPS FT JOUFOTJWP FO NBOP EF PCSB DPO VO BMUP QPUFODJBM DPNP HFOFSBEPS EF FN QMFP /P PCTUBOUF FM TFDUPS FO Tr NJTNP OFDFTJUB VOB SFOPWBDJwO VO DBNCJP EF QBSBEJHNB FO FM RVF TF SFWBMPSJDF TV SPM DPNP PGFSFOUF EF CJFOFT Z TFSWJ DJPT Z TF MF SFDPOP[DB TV TJHOJ¯DBUJWP BQPSUF B MB FDPOPNrB JOUFSOBDJPOBM %FTEF MB BDBEFNJB MB QPMrUJDB Q|CMJDB Z FM FKFSDJDJP FYQFSUPT FO FDP OPNrB EF MB DVMUVSB EBO VOB OVFWB NJSBEB BM DPODFQUP USBEJDJPOBM EF MB DVM UVSB Z FWBM|BO MB QPTJCJMJEBE EF JOJDJBS VOB USBOTGPSNBDJwO TPDJPFDPOwNJDB B QBSUJS EF MBT JOEVTUSJBT DVMUVSBMFT Z DSFBUJWBT .JDIBFM )VUUFS %JSFDUPS EF MB 6OJEBE EF *OWFTUJHBDJwO TPCSF 'VFOUFT $VMUVSBMFT QBSB MB *OOPWBDJwO EF MB X[C FO #FSMrO TFvBMB RVF MP GVOEBNFOUBM EF MPT CJFOFT Z TFSWJDJPT DSFBUJWPT FT TV DBQBDJEBE EF NBOUFOFS MB OPWFEBE Z RVF TV WBMPS EF DBNCJP FT MB FY QFSJFODJB RVF QSPWFF B TV VTVBSJP P DPOTVNJEPS &EOB %PT 4BOUPT +FGF EF MB 6OJEBE EF &DPOPNrB $SFBUJWB EF MB VODUBE B¯SNB RVF MPT QSPEVDUPT Z TFSWJDJPT DVMUVSBMFT IBDFO VO JNQPSUBOUF BQPSUF BM DSFDJNJFOUP FDPOwNJDP HMPCBM Z SFRVJFSFO VO DPNQSPNJTP DPMFDUJWP EF MB TPDJFEBE NVOEJBM 1SFTFOUBDJwO


&M QPUFODJBM FDPOwNJDP EF MBT JOEVTUSJBT DSFBUJWBT 1PS .JDIBFM )VUUFS

&TUB DPOGFSFODJB USBUB TPCSF FM QPUFODJBM EF MBT JOEVTUSJBT DVMUV SBMFT &O RVn TFOUJEP FTUF QPUFODJBM QVFEF DPOTJEFSBSTF DPNP VOB SFTQVFTUB B MB DSJTJT ¯OBODJFSB FT BMHP RVF GBMUB QPS WFS -PT PSHBOJ[BEPSFT QMBOUFBO EPT QSFHVOUBT EF CBTF -B QSJNFSB ˜FT MB DVMUVSB FDPOwNJDB VO NPEFMP EF EFTBSSPMMP BMUFSOBUJWP -B TFHVOEB ˜DwNP FT FM WrODVMP FOUSF MBT JOEVTUSJBT DVMUVSBMFT Z MB JOOPWBDJwO DSFBUJWJEBE $PNFO[BSn SFTQPOEJFOEP B MB TFHVO EB QSFHVOUB Z EFTEF BMMr NF JSn BCSJFOEP QBTP IBDJB MB QSJNFSB FM WrODVMP FOUSF DSFBUJWJEBE F JOOPWBDJwO $VBOEP MB HFOUF DPOTVNF QSPEVDUPT EF MBT JOEVTUSJBT DVMUVSB MFT ˜RVn MF PDVSSF ˜2Vn QBTB DVBOEP DPOTVNF VOB QSFTFOUBDJwO EF wQFSB VOB DBODJwO EF N|TJDB QPQ VOB QSFTFOUBDJwO EF EBO[B VO DPNFSDJBM EF UFMFWJTJwO P VO DSVDFSP QPS VO SrP &O QSJNFS MVHBS IBZ RVF BOPUBS RVF OP TwMP JODMVZP QSPEVDUPT EFM DBNQP DVMUVSBM USBEJDJPOBM DPNP QSFTFOUBDJPOFT BSUrTUJDBT Z PCKFUPT EF MBT BSUFT DMgTJDBT TJOP UBNCJnO QSPEVDUPT EF VO DBNQP NgT BNQMJP RVF BIPSB TF MMBNB JOEVTUSJBT DSFBUJWBT -B SB[wO FT RVF MPT QSPEVDUPT EF BNCPT DBN QPT DPNQBSUFO MBT NJTNBT DBSBDUFSrTUJDBT FO DVBOUP BM JNQBDUP MFT TVNJ OJTUSBO B MPT DPOTVNJEPSFT VOB FYQFSJFODJB -BT FYQFSJFODJBT OP TF QVFEFO DPNFS DPNP FM QBO OJ EFSSJCBS DPNP MBT DBTBT 4PO QSPEVDUPT JONBUFSJBMFT -PT DPOTVNJEPSFT TPMP VTBO MBT FYQFSJFODJBT Z B WFDFT TF DPOWJFSUFO FO TVT QSPQJPT QSPEVDUPSFT 1FSP NF FTUPZ BEFMBOUBOEP BM BSHVNFOUP " MPT VTVBSJPT MFT QBSFDFO BUSBDUJWBT MBT FYQFSJFODJBT TJ TPO FO BMHVOB NFEJEB OVFWBT QBSB FMMPT 1BSB VTBS PUSP UnSNJOP EJHBNPT RVF MBT FYQF SJFODJBT EFCFO DPOUFOFS TPSQSFTBT RVJ[g QFRVFvBT TPSQSFTBT DBTJ GBNJMJBSFT QFSP TPSQSFTBT BM ¯O Z BM DBCP "JEB FT DBOUBEB QPS VOB OVFWB TPQSBOP 4IB UFOEFODJBT HMPCBMFT


LJSB TBDB VO gMCVN OVFWP .BSMCPSP DBNCJB EF MPHP MPT DSVDFSPT QPS FM SrP .BHEBMFOB JODMVZFO MFDUVSBT EF (BSDrB .gSRVF[ &M SBTHP EF MB OPWFEBE TF NBOUJFOF BVORVF BMHVJFO DPOTVNB SFQFUJ EBNFOUF VOB FYQFSJFODJB &M °VKP EF UJFNQP TF IBDF DBSHP EF FTUF QSPCMFNB DVBOEP FM VTVBSJP WVFMWF B QPOFS B TPOBS TV gMCVN EF N|TJDB EFTDVCSF OVFWPT BTQFDUPT QVFEF RVF MB QFSTPOB TF FODVFOUSF FO VO OVFWP BNCJFOUF P EF VO IVNPS EJTUJOUP FOUPODFT MB FYQFSJFODJB RVF PDVSSF FO FM JOUFSJPS EFM VTVBSJP EFOUSP EF TV NFOUF FT VOB FYQFSJFODJB OVFWB 4JO FNCBSHP TJ MB FYQFSJFODJB SFRVJFSF EF TVTQFOTP FM QSPEVDUP TPMP GVODJPOB VOB WF[ QPS FTP MBT IJTUPSJBT EF EFUFDUJWFT Z MPT QBSUJEPT EF G|UCPM P DVBMRVJFS PUSP EF QPSUF QPS MP HFOFSBM OP TF MFFO P OP TF WFO NgT RVF VOB WF[ )BDF DFSDB EF VOB EnDBEB TF MF EJP FM OPNCSF EF *OEVTUSJBT $SFBUJWBT JD BM HSVQP EF JOEVTUSJBT RVF QSPQPSDJPOBO FTUF UJQP EF CJFOFT SFMBDJP OBEPT DPO MB FYQFSJFODJB -PT QSPEVDUPT EF MBT JD UJFOFO FO MB OPWFEBE TV DBSBDUFSrTUJDB DFOUSBM -BT IFSSBNJFOUBT EF BDFSP TJHVFO TJFOEP MBT NJTNBT MPT ¯EFPT TJHVFO TJFOEP MPT NJTNPT BVORVF FT DJFSUP RVF MPT ¯EFPT QVFEFO VTBSTF DPNP VO FYDFMFOUF DBTP EF DwNP VO QSPEVDUP NPOwUPOP Z SVUJOBSJP TF DPOWJFSUF FO VOB OVFWB FYQFSJFODJB FO VO QSPEVDUP DSFBUJWP -PT QSPEVD UPT EF MBT JD DPNP MBT QFMrDVMBT P MPT WJEFPKVFHPT QVFEFO TFS QSPEVDJEPT FO NJMMPOFT EF DPQJBT QBSB MMFHBS B VO BNQMJP Q|CMJDP QFSP DVBOEP TF WVFMWFO DPOPDJEPT Z BCVSSJEPT TPO TVDFEJEPT QPS QSPEVDUPT OVFWPT RVF DPOUJFOFO OVFWBT TPSQSFTBT -BT FYQFSJFODJBT UBM DPNP MP IF NFODJPOBEP DBVTBO VOB JNQSFTJwO QSJODJQBMNFOUF FO FM FTUBEP NFOUBM &M FTUBEP GrTJDP Z DPSQPSBM UBNCJnO TF WF BGFDUBEP DVBOEP OPT TFOUBNPT BOUF VOB QSFTFOUBDJwO FO WJWP P DVBOEP WBNPT B VOB FYQFEJDJwO EF BMQJOJTNP QFSP FTP OP IBDF NgT RVF BvBEJS VO FGFDUP BM JNQBDUP TPCSF FM FTUBEP NFOUBM 3FJOIPME .FTTOFS FM NPOUBvJTUB BVTUSJBDP IB IFDIP DMBSPT SFMBUPT EF FTUF UJQP EF FYQFSJFODJBT 4F MMFHB B VO FTUBEP NFOUBM EFUFSNJOBEP B USBWnT EFM TJTUFNB OFSWJPTP DFOUSBM Z FTP TF MP HSB B USBWnT EF MB JOGPSNBDJwO -PT wSHBOPT TFOTPSJBMFT EFM JOEJWJEVP IVNBOP SFDJCFO FTUrNVMPT WJTVBMFT BVEJUJWPT P TJNCwMJDPT -B QFSTPOB WF JNgHFOFT FTDVDIB TPOJEPT MFF TJHOPT &TUPT MMFHBO BM DFSFCSP EF MB QFSTPOB DPEJ¯DBEPT DPNP JOGPSNBDJwO &TUB JOGPSNBDJwO USBEJDJPOBMNFOUF TF HFOFSBCB NFEJBO UF MB DPOTUSVDDJwO EF FOUPSOPT NBUFSJBMFT FTQFDr¯DPT DPNP KVOUBS EJGFSFOUFT JOTUSVNFOUPT P QPOFS B DPNQFUJS FOUSF Tr B EPT FRVJQPT Z MMFWBS BM Q|CMJDP B WFS FTUBT QSFTFOUBDJPOFT %FTEF MB JOWFODJwO EF MB USBOTNJTJwO QPS SBEJP P UFMFWJTJwO Z FO VOB QSPQPSDJwO DBEB WF[ NBZPS FM WPMVNFO EFM °VKP EF JOGPSNBDJwO TF QVFEF BVNFOUBS JONFOTBNFOUF FOWJBOEP °VKPT EF EBUPT EJHJUBMNFOUF DPEJ¯DBEPT B USBWnT EF SFEFT EF DPNVOJDBDJwO IBDJB BQBSBUPT &M QPUFODJBM FDPOwNJDP EF MBT JOEVTUSJBT DSFBUJWBT


RVF SFQSPEVDFO JNgHFOFT TPOJEPT Z TFvBMFT EF UBM NBOFSB RVF QPEFNPT WFSMPT FTDVDIBSMPT Z MFFSMPT TJO UFOFS RVF NPWFSOPT EF VO MVHBS -BT EJGFSFOUFT SBNBT EF MBT JD QPOFO FM nOGBTJT FO EJGFSFOUFT UJQPT EF ยฐVKPT EF JOGPSNBDJwO 6O QSJNFS ยฐVKP EF FYQFSJFODJBT UPEBWrB UJFOF VOB EJNFOTJwO NBUFSJBM FTFODJBM FKFNQMPT EF FMMP TPO MPT QSPEVDUPT EF BSRVJUFD UVSB EF EJTFvP EF NPEB F JODMVTP EF UVSJTNP -BT FYQFSJFODJBT UVSrTUJDBT JNQMJDBO FM USBOTQPSUF GrTJDP EF MBT QFSTPOBT MPT WFTUJEPT Z MPT FEJยฏDJPT TF IBDFO DPO UFYUJMFT Z DPODSFUP SFTQFDUJWBNFOUF 6O TFHVOEP UJQP EF ยฐVKP JODMVZF QSFTFOUBDJPOFT FO Q|CMJDP RVF FNJUFO JOGPSNBDJwO FO FOUPSOPT TP DJBMFT EFOTPT QSFTFOUBDJPOFT EF EBO[B DPODJFSUPT PCSBT EF UFBUSP Z FWFOUPT EFQPSUJWPT 5PEPT FMMPT QSPQPSDJPOBO FYQFSJFODJBT B MPT QBSUJDJQBOUFT RVF TF JOUFOTJยฏDBO OP TwMP B USBWnT EF MB PCTFSWBDJwO TJOP EF MB FYQFSJFODJB TJNVMUg OFB EF UPEBT MBT PUSBT QFSTPOBT RVF OPT SPEFBO 6O UFSDFS UJQP EF QSPEVDUPT DPOTJTUF QSJODJQBMNFOUF FO VO ยฐVKP EF TJHOPT JOGPSNBUJWPT -PT QSPEVDUPT JNQSFTPT EFTEF MPT QFSJwEJDPT IBTUB MPT MJCSPT TF CBTBO USBEJDJPOBMNFOUF FO MPT TJHOPT EFM MFOHVBKF Z MB FTDSJUVSB )BZ PUSPT DBTPT DPHOJUJWBNFOUF FTUSFDIPT MBT HSBCBDJPOFT EF N|TJDB Z MBT FNJTJPOFT EF SBEJP TF CBTBO TPMB NFOUF FO TFvBMFT BVEJUJWBT -BT FTDVMUVSBT Z MBT QJOUVSBT TF CBTBO FO TFvBMFT WJTVBMFT 1FSP JODMVTP FO MPT QSPEVDUPT JNQSFTPT MB NF[DMB EF TFvBMFT DPHOJ UJWBT TF IB WVFMUP MB OPSNB &O MPT QSPHSBNBT EF UFMFWJTJwO Z FO MBT QFMrDVMBT MBT TFvBMFT BVEJPWJTVBMFT TJFNQSF FTUgO NF[DMBEBT DPO FM MFOHVBKF Z FO MPT WJEFPKVFHPT FM OVFWP QSPEVDUP EFM TFDUPS MPT ยฐVKPT EF EBUPT EJHJUBMFT QVFEF QSPEVDJS DVBMRVJFS TBMJEB DPHOJUJWB (SgGJDP Flujos de informaciรณn material, social y simbรณlica de informaciรณn en las industrias creativas

Arquitectura

Moda Danza

Deportes y juegos

Impresos

Sonidos

Conciertos

Imรกgenes

Turismo

Teatro

Diseรฑo

UFOEFODJBT HMPCBMFT


&O FM HSgยฏDP TF CVTDB WJTVBMJ[BS MBT EJWFSTBT SBNBT FOUSF MBT EJTUJO DJPOFT FYJTUFOUFT &M BOJMMP FYUFSJPS KVOUB MBT SBNBT RVF UJFOFO VO BMUP DPO UFOJEP NBUFSJBM FO UBOUP RVF FM BOJMMP JOUFSOP KVOUB MBT SBNBT DPO VO BMUP DPOUFOJEP TPDJBM Z FM QVOUP EFM DFOUSP TF EJWJEF FOUSF MPT QSPEVDUPT RVF JODMVZFO TFOUJEP TJNCwMJDP &M EFMJOFBNJFOUP EF VO TFDUPS FDPOwNJDP BQBSUF MMBNBEP *OEVTUSJBT $SFBUJWBT OP FT TJNQMFNFOUF VO FKFSDJDJP BDBEnNJDP 5JFOF QFTP QPMrUJDP UJFOF DPOTFDVFODJBT QBSB MPT DgMDVMPT FTUBErTUJDPT Z FT VOB HVrB QBSB MB QP MrUJDB FDPOwNJDB OBDJPOBM &M UnSNJOP GVF BEPQUBEP QPS FM SFDJnO GPSNBEP %FQBSUBNFOUP EF MB $VMUVSB .FEJPT Z %FQPSUF FO (SBO #SFUBvB FO EDNT *ODMVrB MB NBZPSrB EF SBNBT RVF IF NFODJPOBEP F JNQMJDBCB VOB EFDJTJwO FKFDVUJWB EF WJHJMBS FM EFTBSSPMMP EFM TFDUPS DPO NFEJEBT FTUBErT UJDBT BEFDVBEBT &O MPT BvPT RVF TJHVJFSPO FM DPODFQUP Z MBT DPOTFDVFODJBT FTUBErTUJDBT TF FYUFOEJFSPO B WBSJPT QBrTFT FVSPQFPT 6O SFQPSUF QVCMJDBEP SFDJFOUFNFOUF FO "MFNBOJB QPS FKFNQMP EFNVFTUSB RVF FM TFDUPS EF MBT JD FT FM UFSDFSP NgT HSBOEF EF MB FDPOPNrB WFS HSgยฏDP &OUSFUBOUP FM SFDPOPDJNJFOUP EFM TFDUPS TF IB FYUFOEJEP QPS UPEP FM NVOEP 4FH|O UFOHP FOUFOEJEP $PMPNCJB FT MrEFS FO MB DSFBDJwO EF DVFOUBT TBUnMJUF QBSB MBT JOEVTUSJBT DSFBUJWBT 6O QVOUP TPCSFTBMJFOUF GVF FM FYUFOTP (SgGJDP Tamaรฑos relativos de los sectores econรณmicos en tรฉrminos de valor agragado, Alemania, 2006. Fuente: Sรถndermann 2009 80

3,2% 3,1% 2,6%

60

2,1% 1,9%

40

20

0

Construcciรณn mecรกnica

Industria automotriz

Industrias creativas

&M QPUFODJBM FDPOwNJDP EF MBT JOEVTUSJBT DSFBUJWBT

Industria quรญmica

Suministro de energรญa


JOGPSNF EFM BvP QBTBEP TPCSF FM TFDUPS DSFBUJWP FO UPEPT MPT QBrTFT EFM NVO EP QVCMJDBEP QPS MB VODUBE &TUF JOGPSNF EFTDSJCJw FM UBNBvP DPOTJEFSBCMF EFM TFDUPS B FTDBMB HMPCBM WFS HSgÂŻDP (SgÂŻDP . CĂĄlculos de la contribuciĂłn de las industrias creativas al PIB de cinco paĂ­ses de la OCDE. Australia

CanadĂĄ

Francia

Gran BretaĂąa

Estados Unidos

Millones de $ austr.

% PIB

Millones de $ canad.

% PIB

Millones de â‚Ź

% VAB

Millones de ÂŁ

% VAB

Millones de $ EEUU

% VAB

2.464*

0,50

2.856*

0,30

11.858*

0,80

5.000

0,70

20.835*

0,20

Arquitectura

788*

0,10

1.084*

0,10

2.524*

0,20

4.000

0,50

19.111*

0,20

Video, cine y fotografĂ­a

2.397*

0,40

3.909*

0,40

5.155*

0,40

2.200

0,30

39.076*

0,40

MĂşsica, artes visuales y escĂŠnicas

952*

0,20

2.576*

0,20

3.425*

0,20

3.700

0,50

30.294*

0,30

EdiciĂłn/medios escritos /

6.590*

1,20

19.427*

1,80

11.283*

0,80

14.950*

2,10

116.451*

1,10

impresiĂłn

5.640*

1,00

n/d

n/d

4.851*

0,30

6.350

0,90

45.662*

0,40

Emisiones Radio y televisiĂłn

3.474*

0,60

5.305*

0,50

4.878*

0,30

6.200

0,90

101.713*

1,00

Negocio de arte y antigĂźedades

74*

0,00

1.082*

0,10

413*

0,00

500

0,10

195*

0,00

DiseĂąo (incluyendo diseĂąo de modas)

313*

0,10

1.226*

0,10

363*

0,00

5.630

0,70

13.463*

0,10

ArtesanĂ­as

n/d*

n/d

n/d

n/d

n/d

n/d

n/d

n/d

n/d

n/d

Total

17.053*

3,10

37.465*

3,50

39.899*

2,80

42.180*

5.80

341.139*

3,30

Total economĂ­a (PIB o VAB)

542.831

100,00

1.069.703

100,00

1.434.812

100,00

732.395

100.00

10.469.601

100,00

Bibliotecas (incluyendo archivos)

792.2#

‌

1.236*

0,10

n/d

n/d

n/d

n/d

1.112*

0,00

Museos

716.4#

‌

550*

0,10

148*

0,00

n/d

n/d

3.294*

0,00

Sitios de patrimonio

n/d

n/d

672*

0,10

n/d

n/d

n/d

n/d

508*

0,00

Juegos electrĂłnicos

n/d

n/d

n/d

n/d

8.169*

0,60

20.700

2,80

129.636*

1,20

Industrias creativas

Publicidad

-B EFÂŻOJDJwO FYBDUB EFM TFDUPS EF MBT JOEVTUSJBT DSFBUJWBT WBSrB 6OB WF[ NgT FM JOGPSNF EF MB VODUBE EF VOB WJTJwO HFOFSBM TPCSF MBT EJWFSTBT QFSTQFDUJWBT WFS HSgÂŻDP

UFOEFODJBT HMPCBMFT


(SgÂŻDP . Sistemas de clasiďŹ caciĂłn para las industrias creativas, derivados de diferentes modelos. Modelo DCMS de Gran BretaĂąa

Modelo de textos simbĂłlicos

Publicidad

Industrias culturales centrales

Arquitectura

Publicidad

Modelo de cĂ­rculos concĂŠntricos Artes creativas centrales

Modelo de copyright de la OMPI Industrias centrales de copyright

Literatura

Publicidad

Mercado de arte y antigĂźedades Cine

MĂşsica

Entidades de gestiĂłn de los derechos de propiedad intelectual

ArtesanĂ­as

Internet

Artes escĂŠnicas

Cine y video

DiseĂąo

MĂşsica

Artes visuales

MĂşsica

Moda

EdiciĂłn

Otras industrias culturales centrales

Artes escĂŠnicas

Cine y vĂ­deo

TelevisiĂłn y radio

Cine

EdiciĂłn

MĂşsica

Juegos de video y computador

Museos y bibliotecas

Software

Artes escĂŠnicas

Industrias culturales perifĂŠricas Industrias culturales mĂĄs amplias

TelevisiĂłn y radio

EdiciĂłn

Artes creativas

Servicios de patrimonio

Artes visuales y grĂĄďŹ cas

Software

Industrias culturales lĂ­mites

EdiciĂłn

Industrias interdependientes de copyright

TelevisiĂłn y radio

Productos de consumo electrĂłnico

GrabaciĂłn de sonido

Material virgen de grabaciĂłn

Juegos de video y computador

Moda

TelevisiĂłn y radio

Bienes de consumo electrĂłnico

Software

Juegos de video y computador

Instrumentos musicales

Deporte

Industrias relacionadas

Papel

Publicidad

Fotocopiadoras, equipo fotogrĂĄďŹ co

Arquitectura

Industrias de copyright parcial

DiseĂąo

Arquitectura

Moda

Ropa, calzado DiseĂąo Moda Bienes del hogar Juguetes

.J QSPQJB EF¯OJDJwO TF CBTB FO FM NPEFMP EFM EDNT EF (SBO #SFUBvB QFSP BvBEF FM UVSJTNP Z MPT EFQPSUFT 4JHP BTr VOB QFSTQFDUJWB EFTBSSPMMBEB FO MPT QBrTFT FTDBOEJOBWPT -P RVF NF QBSFDF EJHOP EF NFODJwO FT RVF MPT FTDBOEJOBWPT VTBO FYQMrDJUBNFOUF MB FYQSFTJwO §FDPOPNrB EF MB FYQFSJFO &M QPUFODJBM FDPOwNJDP EF MBT JOEVTUSJBT DSFBUJWBT


DJBยจ &M QVOUP GPDBM OP TPO MPT JOTVNPT TJOP FM SFTVMUBEP DPODSFUBNFOUF FO QSPEVDUPT RVF DSFBO FYQFSJFODJBT JOEJWJEVBMFT QBSB TVT VTVBSJPT &T DMBSP RVF MB OPDJwO EF JOEVTUSJBT DSFBUJWBT P JODMVTP EF JOEVTUSJBT EF MB FYQFSJFODJB FT NVDIP NgT BNQMJB RVF MB OPDJwO USBEJDJPOBM EF TFDUPS DVMUVSBM 4JO FNCBSHP ย FYJTUF FO FGFDUP VO TFDUPS DVMUVSBM BQBSUF 4J UPNB NPT MB HSgยฏ DB EF TFDUPSFT QSFTFOUBEB BOUFSJPSNFOUF FT EJGrDJM JEFOUJยฏ DBS SBNBT RVF QVFEBO TFS JEFOUJยฏ DBEBT DPNP ยงDVMUVSBMFTยจ FO TV UPUBMJEBE &O UPEBT MBT SBNBT QVFEFO FODPOUSBSTF QSPEVDUPT EF DVMUVSB RVF MMFWFO B FY QFSJFODJBT RVF JODMVZFO TFOTBDJPOFT EJTUJOHVJEBT QPS DBVTB EF TV DBMJEBE QBSUJDVMBS TV WJSUVPTJEBE P TV PSJHJOBMJEBE (SgGJDP El sector cultural como una parte cualitativa del sector creativo

Arquitectura

Moda Danza anza

Deportes y juegos

Impresos

Sonidos

Con Conciertos

IImรกgenes es

Turismo

Teatro eat

Diseรฑo

&M HSgยฏ DP QSFUFOEF NPTUSBS B HSBOEFT SBTHPT MB QBSUJDJQBDJwO EF MPT CJFOFT FO DBEB SBNB B MPT DVBMFT TF MFT QPESrB QPOFS MB FUJRVFUB EF ยงDVMUVSBMFTยจ QPS VOB FTQFDJF EF WPUP NBZPSJUBSJP &M SFTVMUBEP NVFTUSB RVF MB QBSUJDJQB DJwO TF IBMMB QPS UPEB MB HSgยฏ DB 1PS MP UBOUP QBTBS EF MB OPDJwO EF JOEVTUSJBT DVMUVSBMFT B JOEVTUSJBT DSFBUJWBT OP TPMBNFOUF UJFOF MB WFOUBKB EF RVF TF MMB NB MB BUFODJwO TPCSF VO TFDUPS FDPOwNJDP EF SgQJEP DSFDJNJFOUP 5BNCJnO BSSPKB VOB MV[ TPCSF MB SFMFWBODJB FDPOwNJDB EF MPT CJFOFT DVMUVSBMFT FO VO TFOUJEP FTUSFDIP MPT CJFOFT DVMUVSBMFT NVZ QBSUJDVMBSNFOUF MPT CJFOFT BS UrTUJDPT HFOFSBO VO DPOTUBOUF ยฐ VKP EF FYQFSJFODJBT OVFWBT Z TPSQSFOEFOUFT 4V SFMFWBODJB SBEJDB OP FO FM IFDIP EF TFS FOUSFUFOJNJFOUP QBSB MPT SJDPT Z UFOEFODJBT HMPCBMFT


FTUVEJBEPT TJOP RVF SBEJDB FO QSPQPSDJPOBS GVFOUFT EF OPWFEBE B MB UPUBMJ EBE EFM WPMVNFO EF QSPEVDDJwO FO DBEB VOB EF MBT SBNBT EF MBT JOEVTUSJBT DSFBUJWBT "IPSB FM WrODVMP FOUSF MBT JOEVTUSJBT DSFBUJWBT Z MB DSFBDJwO Z MB JOOP WBDJwO FT GgDJM EF FTUBCMFDFS $PNP FKFNQMP QFSNrUBTFNF UPNBS VO FWFOUP ¯DUJDJP VCJDBEP FO MB GSPOUFSB EF USFT SBNBT FM UVSJTNP FM EJTFvP Z FM UFBUSP %JHBNPT QPS FKFNQMP VO GFTUJWBM EF EJTFvP FO $BSUBHFOB 1BSB RVF FM FWFOUP TFB VO nYJUP TF OFDFTJUBO JOWFOUPSFT RVF TPO MPT BVUPSFT EF OVFWPT EJTFvPT FO NPEB FMFDUSPEPNnTUJDPT NVFCMFT P BVUPNwWJMFT TF OFDFTJUBO QSPEVD UPSFT RVF TFMFDDJPOFO MPT rUFNT QBSB FM FWFOUP RVF QSPQPOHBO OVFWBT QSF TFOUBDJPOFT Z RVF FODVFOUSFO NBOFSBT EF ¯OBODJBS FM FWFOUP TF OFDFTJUBO EJTUSJCVJEPSFT RVF USBOTNJUBO FM NFOTBKF B BRVFMMPT RVF FTUnO QPUFODJBM NFOUF JOUFSFTBEPT Z RVF USBOTQPSUFO B MPT WJTJUBOUFT B MB DJVEBE 'JOBMNFOUF TF OFDFTJUB VO Q|CMJDP BM RVF MF HVTUF WFOJS B $BSUBHFOB RVF EJTGSVUF MBT FYIJCJDJPOFT Z MPT GFTUJWBMFT Z RVF MF HVTUF JOUFSDBNCJBS TVT FYQFSJFODJBT DPO PUSPT WJTJUBOUFT EFM GFTUJWBM Z DPO MB HFOUF FO TVT QSPQJPT DrSDVMPT &TUB TFDVFODJB OPT MMFWB BM NFPMMP EFM GFOwNFOP MB DSFBUJWJEBE FT VOB DBQBDJEBE RVF EFCF TFS DVMUJWBEB QPS MPT QPUFODJBMFT BVUPSFT Z QPUFODJBMFT WJTJUBOUFT P VTVBSJPT JODMVTP MPT QSPEVDUPSFT Z MPT EJTUSJCVJEPSFT MB OFDFTJUBO -B JOOP WBDJwO FT FM DPOKVOUP EF UnDOJDBT Z QSgDUJDBT RVF DPOWJFSUF MB JEFB EF VO GFT UJWBM EF EJTFvP FO VO QSPEVDUP DPODSFUP RVF TF QVFEF WFOEFS B JOEJWJEVPT QSJWBEPT Z B BHFODJBT Q|CMJDBT -B DSFBUJWJEBE QSPEVDF JEFBT Z OPT QFSNJUF BQSFDJBSMBT MB JOOPWBDJwO QSPEVDF GPSNBT RVF TF QVFEFO QBHBS -BT OVFWBT FYQFSJFODJBT FYJHFO DPOTUBOUFNFOUF OVFWBT GPSNBT EF QSFTFOUBDJwO QVCMJ DJEBE Z BDDFTP QPS MP UBOUP MPT QSPEVDUPSFT Z MPT EJTUSJCVJEPSFT TF DPOWJFS UFO FO FTQFDJBMJTUBT FO JOOPWBDJwO TJ OP RVJFSFO GSBDBTBS %F FTUB NBOFSB QPEFNPT WFS DwNP MB DSFBUJWJEBE RVF FT MB DBQBDJEBE EF QSPEVDJS OVFWBT JEFBT F JOUFSQSFUBDJPOFT QPS VOB QBSUF Z MB JOOPWBDJwO RVF FT MB UnDOJDB RVF QFSNJUF RVF MBT JEFBT TF DPOWJFSUBO FO QSPEVDUPT FYJ UPTPT QPS PUSB TF DPNQMFNFOUBO NVUVBNFOUF 5BNCJnO QPEFNPT WFS RVF MB DSFBUJWJEBE Z MB JOOPWBDJwO FTUgO FO FM DFOUSP OP TPMP EFM TFDUPS DVMUV SBM TJOP EF UPEBT MBT JOEVTUSJBT RVF OPT QSPQPSDJPOBO EJWFSTBT FYQFSJFODJBT OVFWBT .gT BMMg EF FTUP QPEFNPT WFS RVF MB DSFBUJWJEBE Z MB JOOPWBDJwO TPO DVBMJEBEFT RVF TF BQSFDJBO FO UPEPT MPT QSPEVDUPT EF VOB FDPOPNrB BVO RVF FTPT QSPEVDUPT OP DPOUFOHBO TPSQSFTBT -PT QSPEVDUPSFT TJFNQSF FTUgO CVTDBOEP NFKPSFT QSPEVDUPT Z DVBOEP MPT FODVFOUSBO EFCFO DPOWFODFS B MPT QPUFODJBMFT VTVBSJPT -PT VTVBSJPT DPO GSFDVFODJB EBO B MPT QSPEVDUPT VTPT RVF MPT QSPEVDUPSFT OP IBCrBO QSFWJTUP .F HVTUBSrB TVHFSJS RVF FTUB TJUVBDJwO EFCFSrB EFTDSJCJSTF DPO MB FYQSFTJwO EF §FDPOPNrB DSFBUJWB¨ MB FDP OPNrB DSFBUJWB OP FT TPMBNFOUF VO TFDUPS FT UPEB VOB FDPOPNrB FO MB DVBM &M QPUFODJBM FDPOwNJDP EF MBT JOEVTUSJBT DSFBUJWBT


MB BUFODJwO B MBT DPOEJDJPOFT EF DSFBUJWJEBE Z B MBT PQPSUVOJEBEFT EF JOOPWB DJwO FT VOB HVrB DFOUSBM QBSB MPT FNQSFTBSJPT QSJWBEPT Z QBSB MBT BVUPSJEB EFT Q|CMJDBT &TUB FDPOPNrB DSFBUJWB FT TJO EVEB VO NPEFMP EF EFTBSSPMMP RVF WBMF MB QFOB FYQMPSBS FM NPEFMP EF EFTBSSPMMP EF MB FDPOPNrB DSFBUJWB -MBNBS B UPEB MB FDPOPNrB DPO FM OPNCSF EF FDPOPNrB DSFBUJWB ZB FT QBSUF EF VOB FTUSBUFHJB EF EFTBSSPMMP -B FTUSBUFHJB DPNJFO[B DPO FM SFDPOPDJNJFOUP EF RVF MBT JOEVTUSJBT DSFBUJWBT TPO VO TFDUPS FTQFDJBM EFOUSP EF UPEB MB FDPOPNrB OBDJPOBM P HMPCBM MBT JOEVTUSJBT DSFBUJWBT FTUgO QBSB VTBS FM UnSNJOP EFM JOGPSNF EF MB VODUBE §FO FM DPSB[wO¨ EF MB FDPOPNrB DSFBUJWB -B FTUSBUFHJB BQVOUB B GPSUBMFDFS FM QPUFODJBM QBSB MB OVFWB DSFBDJwO EF WBMPS FO MBT EJWFSTBT SBNBT EF MBT JOEVTUSJBT DSFBUJWBT Z FYQPSUBS MBT DB QBDJEBEFT Z MBT UnDOJDBT EF FTUF TFDUPS DPO BMUPT OJWFMFT EF OPWFEBE IBDJB MB FDPOPNrB FO HFOFSBM 4J MB FTUSBUFHJB UJFOF nYJUP IBCSg BVNFOUBEP FM WBMPS QSPEVDJEP FO MB FDPOPNrB FO HFOFSBM " ¯O EF IBDFSTF VOB JEFB NgT DMBSB TPCSF MB NBOFSB DPNP EJDIB FTUSB UFHJB QVFEF GVODJPOBS EFCFNPT NJSBS NgT EF DFSDB MB EJOgNJDB QFDVMJBS EF MB HFOFSBDJwO EF WBMPS FO MBT JOEVTUSJBT DSFBUJWBT &O FM HSg¯DP IBDFNPT VO JOUFOUP QPS WJTVBMJ[BS FM QSPDFTP 1BSUJDJQBO DVBUSP HSVQPT EF BHFOUFT BVUPSFT DSFBEPSFT QSPEVDUPSFT EJTUSJCVJEPSFT RVF EJTUSJCVZFO OP TPMBNFOUF QSPEVDUPT TJOP UBNCJnO JOGPS NBDJwO TPCSF OVFWPT QSPEVDUPT EJTQPOJCMFT Z VTVBSJPT &M °VKP EFM WBMPS QSJ NFSP UPNB MB GPSNB EF HVJPOFT EF JEFBT Z IBCJMJEBEFT QBSB MMFWBSMBT B DBCP $POWJFSUF FTUPT JOHSFEJFOUFT FO VO PCKFUP P QSFTFOUBDJwO PSJHJOBM RVF MVFHP FT DPQJBEP P EJTUSJCVJEP FO MPT QVOUPT EF WFOUB P USBOTNJUJEP B USBWnT EF TBUn MJUFT P EFTDBSHBEP QPS JOUFSOFU -PT VTVBSJPT FYQFSJNFOUBO MBT OVFWBT QFMrDV MBT P DBODJPOFT P GFTUJWBMFT EF EJTFvP BTJTUFO Z QBSUJDJQBO FO QSFTFOUBDJPOFT FO WJWP Z BMHVOPT EF FMMPT EFTBSSPMMBO OVFWBT IBCJMJEBEFT Z QSPEVDFO OVFWBT JEFBT RVF B TV WF[ BMJNFOUBO FM QSwYJNP DJDMP EF HFOFSBDJwO EF WBMPS )BZ USFT SBTHPT HFOFSBMFT FO FTUF QSPDFTP RVF NF HVTUBSrB SFTBMUBS QVFT TPO JNQPSUBOUFT QBSB QPOFS MBT JOEVTUSJBT DSFBUJWBT FO FM DFOUSP EF VOB FTUSBUFHJB EF EFTBSSPMMP &O QSJNFS MVHBS FM WBMPS OP TF BHSFHB FO VO QSPDFTP FO DBEFOB RVF DPNJFO[B FO VOB ¯ODB P FO VO QP[P QFUSPMFSP Z UFSNJOB DVBOEP MPT DPO TVNJEPSFT TF BDBCBO MB GSVUB P MB HBTPMJOB MP DVBM QSPEVDF DPOUBNJOBDJwO -B QSPEVDDJwO JOEVTUSJBM FTUgOEBS GVODJPOB EF FTUB NBOFSB QFSP MB NFKPS NFUgGPSB QBSB MBT JOEVTUSJBT DSFBUJWBT FT VOB FTQJSBM EF WBMPS -PT VTVBSJPT SBSB WF[ TF BDBCBO FM QSPEVDUP Z QBSUJDJQBO EJSFDUBNFOUF FO MB DSFBDJwO EF UFOEFODJBT HMPCBMFT


(SgGJDP La espiral del valor en las industrias creativas

Creador

Variaciones de las sorpresas de ayer

Usuario

copias vendidas Guiones y habilidades

Productor

Presentaciรณn original

Distribuidor

Fuente: Hutter (2006)

OVFWP WBMPS EF EPT NBOFSBT FODVFOUSBO TVT QSPQJBT Z TPSQSFOEFOUFT JO UFSQSFUBDJPOFT QBSB MBT FYQFSJFODJBT RVF DPNQSBSPO FO VO UFBUSP EF DJOF FO VOB UJFOEB EF N|TJDB P FO VOB BHFODJB EF WJBKFT 1BSUJDJQBO FO MBT QSF TFOUBDJPOFT Z BMHVOPT EF FMMPT JODMVTP QBTBO EF TFS Q|CMJDP B TFS BVUPSFT P BDUPSFT P NgT HFOFSBMNFOUF DSFBEPSFT FO FTF DBNQP -PT QBUSPOFT EF WBMPS DJSDVMBS EF FTUBT FTQJSBMFT UJFOFO MVHBS FO DrSDVMPT Z FTDFOBSJPT RVF TPO SFEFT SFMBUJWBNFOUF DFSSBEBT EF QBSUJDJQBOUFT &O FM NVOEP EF MB QSPEVDDJwO Z MB USBOTNJTJwO EJHJUBM UBOUP MB DSFBDJwO DPNP FM VTP EF MPT CJFOFT SFMBDJPOBEPT DPO MB FYQFSJFODJB PDVSSFO FO DPOEJDJPOFT EF SFE JOEJWJEVPT UBMFOUPTPT TF SFDPNCJOBO FO EJWFSTBT DPOTUFMBDJPOFT Z TV Q|CMJDP TF SFDPNCJOB FO QSF TFOUBDJPOFT GVFSB EF MrOFB Z FO WJTJUBT FO MrOFB &O TFHVOEP MVHBS FM QSPDFTP EF QSPEVDDJwO OP BQVOUB B VOB BHMPNF SBDJwO QSFEFDJCMF EF WBMPS FDPOwNJDP DPNP TVDFEF FO FM DBTP EF MPT CJFOFT NBUFSJBMFT 1BSB WFOEFS VOB DBTB QPS FKFNQMP FT OFDFTBSJP BHMPNFSBS FM WB MPS EF VO UFSSFOP EF MPT MBESJMMPT EF MB NBOP EF PCSB EF MPT BMCBvJMFT Z PUSPT JOTVNPT NBUFSJBMFT -PT CJFOFT SFMBDJPOBEPT DPO MB FYQFSJFODJB SFRVJFSFO DPTUPTPT JOTVNPT QBSB FM PSJHJOBM QFSP MBT DPQJBT TPO FO FTFODJB JONBUF SJBMFT Z FO FTF TFOUJEP QSgDUJDBNFOUF OP DVFTUBO OBEB -PT QSPEVDUPT EF MBT &M QPUFODJBM FDPOwNJDP EF MBT JOEVTUSJBT DSFBUJWBT


JOEVTUSJBT DSFBUJWBT RVF FTUgO DPNQVFTUPT QSJODJQBMNFOUF EF JOGPSNBDJwO OJ TJRVJFSB OFDFTJUBO PSJHJOBMFT RVF TF QSPEV[DBO B QBSUJS EF SFDVSTPT OBUV SBMFT &O DPOTFDVFODJB MBT FYQFSJFODJBT TF PGSFDFO FO VO NBZPS O|NFSP EF WBSJFEBEFT EF MBT RVF MPT VTVBSJPT QPESrBO UFOFS UJFNQP EF FYQMPSBS BVORVF OP MFT DVFTUF OBEB -PT QSPEVDUPT TF PGSFDFO FO BCVOEBODJB Z MPT VTVBSJPT EFCFO FTDPHFS FOUSF FMMPT MB BCVOEBODJB Z MB TFMFDDJwO NgT RVF MB MFOUB BHMP NFSBDJwO FT FM QSPDFTP DFOUSBM EF MBT JOEVTUSJBT DSFBUJWBT ˜$wNP IBDFO MPT VTVBSJPT TV TFMFDDJwO 5PEBWrB TBCFNPT QPDP TPCSF MPT HVTUPT QFSP TBCFNPT RVF MPT VTVBSJPT GBWPSFDFO MPT QSPEVDUPT RVF IBO TJEP FYQFSJNFOUBEPT QPS PUSPT &TP MFT EB MB PQPSUVOJEBE EF IBCMBS TPCSF MBT FYQFSJFODJBT Z MPT KVJDJPT EF MPT PUSPT FO MB SFE EF VTVBSJPT Z FTUPT SFMBUPT TPCSF TVT FYQFSJFODJBT UJFOF TV QSPQJP QSPDFTP EF TFMFDDJwO -PT QSPEVDUPSFT Z MPT EJTUSJCVJEPSFT UJFOFO NBOFSBT EF NBOJQVMBS MB TFMFDDJwO B USBWnT EF MB QVCMJDJEBE Z MB QSPNPDJwO QFSP MB DPOEJDJwO RVF QSFWBMFDF FT RVF §OBEJF TBCF¨ DVgM EF MPT OVFWPT QSP EVDUPT UFOESg nYJUP 6OB DPOPDJEB DPOTFDVFODJB EF FTUB DBSBDUFSrTUJDB FT MB FTUSBUFHJB EF QPSUBGPMJP EF MBT HSBOEFT DPNQBvrBT EF FOUSFUFOJNJFOUP MPT QSPEVDUPT FYJUPTPT EFCFO TFS MP TV¯DJFOUFNFOUF SFOUBCMFT DPNP QBSB QBHBS MBT BCVOEBOUFT WBSJFEBEFT EF QSPEVDUPT RVF TF PGSFDFO JODMVZFOEP BRVFMMPT RVF OP MPHSBO BUSBFS MB BUFODJwO EF MPT VTVBSJPT Z IBDFS RVF QBHVFO QPS FMMPT -B UFSDFSB DBSBDUFSrTUJDB UJFOF RVF WFS DPO FM JNQBDUP EFM DBNCJP UFD OPMwHJDP :B IFNPT BOPUBEP RVF MPT CJFOFT SFMBDJPOBEPT DPO MB FYQFSJFODJB TPO CJFOFT SFMBDJPOBEPT DPO MB JOGPSNBDJwO MP DVBM JNQMJDB VO CBKP VTP EF SFDVSTPT OBUVSBMFT BVORVF OP EFCFNPT PMWJEBS RVF FM IBSEXBSF MBT UFSNJ OBMFT EF DPNQVUBEPSFT Z MPT DBCMFT EF ¯CSB EF WJESJP UJFOFO VOPT DPNQPOFO UFT RVF TVFMFO TFS QSPCMFNgUJDPT EFTEF FM QVOUP EF WJTUB NFEJPBNCJFOUBM $PO UPEP MPT CJFOFT EFM FOUSFUFOJNJFOUP DPNP MBT QFMrDVMBT QPS FKFNQMP TF FOTBNCMBO MJUFSBMNFOUF EFOUSP EF MPT NFEJPT JOGPSNgUJDPT RVF TF BQMJDBO QBSB MB DPO¯HVSBDJwO Z FM QSPDFTBNJFOUP -B EJHJUBMJ[BDJwO IB SFWPMVDJPOB EP B UPEP FM TFDUPS EF MB JOGPSNBDJwO Z MB DPNVOJDBDJwO IB QSPQJDJBEP VO BVNFOUP DPOTUBOUF EF MB DBQBDJEBE EF BMNBDFOBNJFOUP EF MB WFMPDJEBE EF USBOTNJTJwO EF MB JOUFSDPOFDUJWJEBE EF MPT VTVBSJPT Z EF MB DBQBDJEBE EF MPT NJTNPT QBSB DSFBS TVT QSPQJPT DPOUFOJEPT &M BVNFOUP EFTQSPQPSDJPOBEP EFM WBMPS EF NFSDBEP EFM FOUSFUFOJNJFOUP FMFDUSwOJDP RVF QSFTFODJBNPT BD UVBMNFOUF TF EFCF B MPT FGFDUPT EF MB OVFWB UFDOPMPHrB /P UFOHP RVF FOUSBS FO EFUBMMFT TPCSF FTUF QVOUP QVFT MBT JOWFTUJHB DJPOFT IBO TJEP FYIBVTUJWBT &O DBNCJP RVJTJFSB BvBEJS VO QFOTBNJFOUP RVF NF TVTDJUB MB QSFHVOUB EF MPT PSHBOJ[BEPSFT TPCSF TJ MB FDPOPNrB DVMUV SBM Â¥P MP RVF ZP MMBNP FM TFDUPS DSFBUJWPÂ¥ QVFEF DPOWFSUJSTF FO VOB SFTQVFTUB B MB DSJTJT ¯OBODJFSB &M TFDUPS DSFBUJWP OP FT FM |OJDP RVF HBOB DPO FM DBNCJP EF DPOEJDJPOFT UnDOJDBT 0USP TFDUPS RVF TF IB CFOF¯DJBEP FOPSNFNFOUF FT UFOEFODJBT HMPCBMFT


FM TFDUPS ¯OBODJFSP &M TFDUPS ¯OBODJFSP OP OFHPDJB DPO FYQFSJFODJBT TJOP DPO FYQFDUBUJWBT FYQSFTBEBT FO QSFDJPT EF GVUVSBT PCMJHBDJPOFT P QBHPT 5BNCJnO VTB DBOBMFT EF JOGPSNBDJwO Z IB MPHSBEP FYQBOEJSTF B VOB SFE HMPCBM BQBSFOUFNFOUF JMJNJUBEB HSBDJBT B MB EJHJUBMJ[BDJwO -B FMJNJOBDJwO EF MBT EFNPSBT FO MB USBOTNJTJwO Z FM DwNQVUP EF VO HSBO O|NFSP EF GVUV SBT USBZFDUPSJBT EF WBMPS IBO IFDIP RVF FM TFDUPS TF WVFMWB WPMgUJM BM QVOUP EF MB JNQMPTJwO &M TFDUPS DSFBUJWP OP QVFEF TVTUJUVJS BM TFDUPS RVF QSPDFTB F JOWFOUB MBT FYQFDUBUJWBT ¯OBODJFSBT &M TFDUPS EF MBT JOEVTUSJBT DSFBUJWBT OFDFTJUB BM JHVBM RVF FM SFTUP EF MB FDPOPNrB VO TFDUPS ¯OBODJFSP BDUJWP QFSP ¯BCMF /FDFTJUB NFSDBEPT F¯DJFOUFT QBSB MBT BDDJPOFT Z MBT PCMJHBDJPOFT UBOUP NgT DVBOUP RVF MBT DPOEJDJPOFT UnDOJDBT GBWPSFDFO MB JOWFSTJwO FO JOEVTUSJBT EJHJUBMJ[BEBT DPNP MB EF MBT QFMrDVMBT MPT WJEFPKVFHPT MB N|TJDB Z FM EJTFvP &TUBT DBSBDUFSrTUJDBT HFOFSBMFT QBSB VOB FTUSBUFHJB EF EFTBSSPMMP NFSF DFO VOB BUFODJwO NgT EFUBMMBEB QFSP NF HVTUBSrB DPODMVJS DPO TVHFSFODJBT QBSB VOB FTUSBUFHJB RVF TFB FTQFDr¯DB QBSB MPT QBrTFT EF "NnSJDB EFM 4VS "M ¯O EF DVFOUBT UPEBT MBT FTUSBUFHJBT EFCFO TFS FTQFDr¯DBT 4PO |UJMFT QBSB VO JOEJWJEVP QBSB VOB DPNQBvrB P QBSB UPEP VO QBrT .F DPODFOUSBSn FO FM |MUJNP DBTP FTUSBUFHJBT QBSB MPT QBrTFT 1PS TVQVFTUP VO PCTFSWBEPS FY UFSOP UJFOF VOB WJTJwO MJNJUBEB TPCSF MBT DPOEJDJPOFT OBDJPOBMFT QBSB IBDFS SFDPNFOEBDJPOFT |UJMFT Z DPODSFUBT FTF OJWFM EF DPODSFDJwO TF RVFEB QBSB MPT FODBSHBEPT EF FMBCPSBS QPMrUJDBT B OJWFM JOUFSOP Z MPDBM 4JO FNCBSHP MBT TJHVJFOUFT PCTFSWBDJPOFT QVFEFO SFTVMUBS |UJMFT .FODJPOBSn DVBUSP QVOUPT 1SJNFSP 5PEBT MBT JOGSBFTUSVDUVSBT EF JOGPSNBDJwO OBDJPOBMFT IBO EBEP VO TBMUP FOPSNF IBDJB MB UFDOPMPHrB EJHJUBM -BT SFEFT EF JOGPSNBDJwO FO "NnSJDB EFM 4VS UBM WF[ OP PGSF[DBO VO DVCSJNJFOUP DPNP MBT EF "NnSJDB EFM /PSUF MB NBZPS QBSUF EF &VSPQB Z BMHVOBT QBSUFT EF "TJB QFSP QSPQPSDJPOBO MB NJTNB DBMJEBE EF EFTFNQFvP MFT QFSNJUFO B MPT VTVBSJPT QSJWBEPT DSFBS QSPEVDUPT EJHJUBMFT Z IBDFS RVF FTPT QSPEVDUPT FTUnO EJTQPOJCMFT HMPCBMNFO UF 1BSB MPT UBMFOUPT EPNnTUJDPT MB HFPHSBGrB JNQPSUB NFOPT RVF BOUFT QVFT PQFSBO Z USJVOGBO FO NFSDBEPT HMPCBMFT P BM NFOPT FO NFSDBEPT SFHJPOBMFT DPOUJOFOUBMFT 1PS MP UBOUP MBT JOEVTUSJBT DSFBUJWBT EF UPEBT MBT OBDJPOFT DPN QFUJSgO DBEB WF[ NgT QPS MPT DPOTVNJEPSFT EF VOB FDPOPNrB HMPCBM 4FHVOEP -B JOGPSNBDJwO WJBKB FO SFEFT BTJNnUSJDBT DPNQVFTUBT QPS GVFSUFT GPDPT RVF BUSBFO VO BMUP QPSDFOUBKF EFM USg¯DP UPUBM EF JOGPSNBDJwO (PPHMF Z 8JLJQFEJB TF IBO DPOWFSUJEP FO FKFNQMPT QPS FYDFMFODJB EF FTUB QSPQJFEBE GVOEBNFOUBM -B JOGPSNBDJwO DPOUFOJEB FO MPT CJFOFT SFMBDJPOB EPT DPO MB FYQFSJFODJB OP FT MB FYDFQDJwO "MHVOPT QBrTFT DPNP &TUPOJB F *O EJB TF IBO DPOWFSUJEP FO FTUPT GPDPT QBSB UJQPT FTQFDJBMFT EF USg¯DP HMPCBM EF JOGPSNBDJwO 4VT FTGVFS[PT JODMVZFO OP TPMBNFOUF FRVJQPT UnDOJDPT EF QSJ &M QPUFODJBM FDPOwNJDP EF MBT JOEVTUSJBT DSFBUJWBT


NFSB MrOFB TJOP UBNCJnO NFEJPT Z FRVJQPT QBSB FEVDBDJwO Z FOUSFOBNJFOUP P BM NFOPT NBOFSBT QBSB BUSBFS QFSTPOBM FOUSFOBEP EF PUSPT QBrTFT 5FSDFSP $VBOEP MBT FYQFSJFODJBT FO HFOFSBM FTUgO EJTQPOJCMFT EF NB OFSB UBO GgDJM Z PNOJQSFTFOUF FM WBMPS SFMBUJWP EF MBT FYQFSJFODJBT TJOHVMBSFT BVNFOUB 5BMFT FYQFSJFODJBT FYJHFO RVF MPT VTVBSJPT QBTFO DJFSUP UJFNQP FO VO MVHBS FTQFDr¯DP "MMr TF WFO FYQVFTUPT B VOB NF[DMB EF FOUPSOPT OBUV SBMFT TPDJBMFT Z TJNCwMJDPT RVF QVFEF TFS |OJDB FO TV WJEB -B JOGPSNBDJwO EJTUSJCVJEB GgDJMNFOUF Z B CBKP QSFDJP TPCSF MBT DVBMJEBEFT EF FYQFSJFODJBT TJOHVMBSFT BVNFOUB FM JOUFSnT Z QPS FOEF FM QSFDJP EF WFOUB UBM DPNP PDVSSF FO FM DBTP EF CPMFUPT QBSB DPODJFSUPT FO VO GFTUJWBM EF wQFSB P QBSB VO DSV DFSP FO VO SrP QFSP MB DMBWF EFM nYJUP FT MB DPOTUSVDDJwO EFM FWFOUP PSJHJOBM .F QBSFDF RVF MBT JOTUBMBDJPOFT Z MPT TFSWJDJPT UVSrTUJDPT TPO VOB SBNB QPDP EFTBSSPMMBEB TJ CJFO FT DJFSUP RVF FM DPTUP SFBM Z NBUFSJBM EFM USBOTQPSUF GrTJ DP FT VOB TFSJB MJNJUBDJwO $VBSUP &T UFSSJCMFNFOUF EJGrDJM QSFEFDJS Z QPS UBOUP QMBOJ¯DBS FM nYJUP EF MPT QSPEVDUPT EF MBT JOEVTUSJBT DSFBUJWBT -P RVF FTUP JNQMJDB QBSB RVJF OFT TF EFTFNQFvBO FO FM DBNQP QPMrUJDP FT RVF EFCFO EFKBS FM EFTBSSPMMP EF QSPEVDUPT OVFWPT FO NBOPT EF MPT BDUPSFT QSJWBEPT &O FM NFKPS EF MPT DBTPT QVFEFO BZVEBS B MBT FNQSFTBT RVF UFOHBO EJ¯DVMUBEFT QBSB BUSBFS MB BUFO DJwO SFHJPOBM P HMPCBM 4V WFOUBKB SFTJEF FO RVF QSPQPSDJPOBO JOGSBFTUSVDUV SBT SFEFT GrTJDBT Z FTUSVDUVSBT MFHBMFT Z EF SFHVMBDJwO RVF TFBO DPO¯BCMFT 6O QVOUP QBSUJDVMBSNFOUF JNQPSUBOUF FT FM OJWFM BEFDVBEP EF QSPUFDDJwO B MB QSPQJFEBE JOUFMFDUVBM EPOEF TF HBSBOUJDFO MPT EFSFDIPT EF VTP B MPT DSFBEPSFT TF MPT QSPUFKB EF MB BQSPQJBDJwO QPS QBSUF EF MPT QSPEVDUPSFT Z EJTUSJCVJEPSFT Z TF QFSNJUB MB QSPQBHBDJwO EF OVFWBT UnDOJDBT Z DPOUFOJEP FYJUPTP %F FTUB NBOFSB MPT QPMrUJDPT QVFEFO DPOUSJCVJS B TFOUBS MBT CBTFT QBSB GVUVSBT FYQFSJFODJBT TPSQSFOEFOUFT 5BM DPNP IF EJDIP FTUBT TPO BOPUBDJPOFT RVF IBDF VO PCTFSWBEPS FY UFSOP -PT CVFOPT DPOTFKPT TPO CBSBUPT MP NJTNP RVF DVBMRVJFS CJFO SFMB DJPOBEP DPO MB JOGPSNBDJwO 6TUFEFT TPO MPT VTVBSJPT RVF TFMFDDJPOBO MP RVF JNQPSUB QBSB VTUFEFT Z RVF TF BEBQUB B TVT QMBOFT QBSB IBDFS EF TV QBrT VO NFKPS MVHBS

CJCMJPHSBGrB )VUUFS .JDIBFM /FVF .FEJFOzLPOPNJL 'JOL .VOJDI 4zOEFSNBOO .JDIBFM FU BM &OECFSJDIU ,VMUVS VOE ,SFBUJWXJSUTDIBGU #VOEFTNJOJTUFSJVN G S 8JSUTDIBGU VOE 5FDIOPMP HJF #FSMrO UFOEFODJBT HMPCBMFT


-B FDPOPNrB DSFBUJWB FTUrNVMP B MB SFDVQFSBDJwO FDPOwNJDB 1PS &EOB %PT 4BOUPT

.J QSFTFOUBDJwO SF°FYJPOB TPCSF MB DSJTJT FDPOwNJDB JOUFSOBDJP OBM Z MB SFMBDJwO FOUSF DSFBUJWJEBE FM DPNFSDJP JOUFSOBDJPOBM Z MBT FTUSBUFHJBT QBSB BDFSDBS MB FDPOPNrB DSFBUJWB DPO TV PCKFUP ¯OBM RVF FT FM EFTBSSPMMP -B DSJTJT GVF FM SFTVMUBEP QSJODJQBMNFOUF EF GBMMBT TJTUnNJDBT OP TP MBNFOUF EF BTQFDUPT DVMUVSBMFT -B FTQFDVMBDJwO EFTFOGSFOBEB QSPEVKP UVS CVMFODJB Z OBVGSBHJP FO MPT NFSDBEPT ¯OBODJFSPT DPO JNQBDUP FO VOB GVFSUF EFTBDFMFSBDJwO FO FM DSFDJNJFOUP FDPOwNJDP NVOEJBM -B DSJTJT UBNCJnO IB QSPWPDBEP VOB EJTNJOVDJwO EF MB JOWFSTJwO EJSFDUB FYUSBOKFSB TFH|O VO FT UVEJP EF MB VOUBDE FM JNQBDUP GVF EFM FO )VCP UBNCJnO VO QFSJPEP EF EVEB TPCSF MB EJSFDDJwO RVF EFCrBO UP NBS MBT QPMrUJDBT NPOFUBSJBT QSJODJQBMNFOUF FO &VSPQB Z FO &TUBEPT 6OJ EPT Z FTUP IB HFOFSBEP VOB QFSTQFDUJWB TPNCSrB EFCJEP QSFDJTBNFOUF B MB JOFTUBCJMJEBE Z MB JODFSUJEVNCSF 0USP BTQFDUP EF MB DSJTJT GVF TV FGFDUP EPNJOw FO MPT NFSDBEPT FNFSHFOUFT Z FM JNQBDUP FO MPT OJWFMFT EF FNQMFP EF MPT QBrTFT FO EFTBSSPMMP 1SFDJTBNFOUF MB DPOTFDVFODJB NgT EJSFDUB GVF FM BVNFOUP EFM EFTFNQMFP MB QSFTJwO TPDJBM Z MB QSPGVOEJ[BDJwO EF MPT EFTFRVJ MJCSJPT FOUSF SJDPT Z QPCSFT &TUF FTDFOBSJP OPT JOEJDB RVF FTUBNPT QSFTFODJBOEP VO DBNCJP EF QBSBEJHNB HSBOEFT EF¯DJFODJBT FO FM TJTUFNB DBQJUBMJTUB 1SFDJTBNPT FOUPO DFT CVTDBS SFTQVFTUBT QBSB TVQFSBS MB DSJTJT )BZ VOB OFDFTJEBE EF SFTUBVSBS MB nUJDB FO MB FDPOPNrB FT OFDFTBSJP NFKPSBS MB SFHVMBDJwO Z MPT NFDBOJTNPT EF NPOJUPSFP MPHSBS VOB NBZPS DPOTJTUFODJB Z DPIFSFODJB FOUSF QPMrUJDBT ¯OBODJFSBT DPNFSDJBMFT Z NPOFUBSJBT B OJWFM NVOEJBM Z TF SFRVJFSF VOB NB ZPS DPPSEJOBDJwO FO MBT BDDJPOFT BOUJDrDMJDBT &T DMBWF NFKPSBS MB DPPQFSBDJwO HMPCBM QBSB HVJBS FM QSPDFTP EF SFGPS NBT Z SFQFOTBS MPT NPEFMPT EF EFTBSSPMMP FDPOwNJDP -BT PSHBOJ[BDJPOFT DPNP MBT /BDJPOFT 6OJEBT P FM #BODP .VOEJBM EFCFO BQPZBS FO FTUF QSPDFTP -B FDPOPNrB DSFBUJWB FTUrNVMP B MB SFDVQFSBDJwO FDPOwNJDB


EF DPPQFSBDJwO 1SFDJTBNPT SFQFOTBS MPT NPEFMPT EF EFTBSSPMMP FDPOwNJDP Z NJSBS NVDIP NgT BMMg EF MB FDPOPNrB TF SFRVJFSF VOB WJTJwO NVDIP NgT IPMrTUJDB EFM EFTBSSPMMP &O FTUF QSFDJTP NPNFOUP OP QPEFNPT JHOPSBS MB JNQPSUBODJB EF MB JOUFSBDDJwO FOUSF MB FDPOPNrB MB DVMUVSB Z MB UFDOPMPHrB 4PMBNFOUF TJ QPEFNPT FOUFOEFS DwNP GVODJPOBO FTUBT EJOgNJDBT QPESF NPT SFQFOTBS FM NVOEP FDPOwNJDP &O FTUF DPOUFYUP MB FDPOPNrB DSFBUJWB QVFEF TFS VOB PQDJwO GBDUJCMF &TUF DPODFQUP IB HBOBOEP UFSSFOP FO FM QFOTBNJFOUP FDPOwNJDP TPCSF MBT FTUSBUFHJBT EF EFTBSSPMMP QVFT TF IB PCTFSWBEP RVF MB DSFBUJWJEBE FM DPOPDJ NJFOUP MB JOOPWBDJwO Z FM BDDFTP B MB JOGPSNBDJwO TPO SFBMNFOUF MPT NPUP SFT EFM DSFDJNJFOUP TPDJPFDPOwNJDP &O VO NVOEP DBEB WF[ NgT EPNJOBEP QPS JNgHFOFT TPOJEPT UFYUPT Z TrNCPMPT FO FM RVF MB DPOFDUJWJEBE FTUg DBNCJBOEP MPT FTUJMPT EF WJEB Z MBT UFOEFODJBT EF DPOTVNP TF FWJEFODJB RVF MB FDPOPNrB DSFBUJWB FTUg JNQVM TBOEP FM FNQMFP FM DPNFSDJP Z MB JOOPWBDJwO FO WBSJBT QBSUFT EFM NVOEP &TUP TF QVFEF WFS FO MBT FDPOPNrBT NgT BWBO[BEBT DPNP FO &VSPQB QFSP UBNCJnO FO MPT QBrTFT FO EFTBSSPMMP QSJODJQBMNFOUF FO "TJB &O FTUF DPOUFYUP MBT SFTQVFTUBT DSFBUJWBT QBSB FTUJNVMBS MB SFDVQFSB DJwO FDPOwNJDB EFCFO UFOFS DPNP FKF MB FDPOPNrB DSFBUJWB MB DVBM UJFOF DPNP FQJDFOUSP B MBT JOEVTUSJBT DSFBUJWBT &O FMMBT JOUFSBDU|BO EJTUJOUPT TFD UPSFT EFTEF MPT NgT USBEJDJPOBMFT DPNP MBT BSUFTBOrBT MBT ¯FTUBT QPQVMB SFT IBTUB BDUJWJEBEFT UFDOPMwHJDBT NgT TP¯TUJDBEBT Z PSJFOUBEBT B TFSWJDJPT DPNP MPT OVFWPT NFEJPT MP BVEJPWJTVBM MB BSRVJUFDUVSB MB QVCMJDJEBE MPT QSPEVDUPT EJHJUBMFT FUD &T JNQPSUBOUF SFTDBUBS RVF FO DVBMRVJFS QBSUF EFM NVOEP FYJTUF MB FDPOPNrB DSFBUJWB QPSRVF UPEPT DPOTVNJNPT QSPEVDUPT DSFBUJWPT 4FB FO FM IPHBS P FO FM USBCBKP VUJMJ[BNPT MB DPNQVUBEPSB P MPT TFSWJDJPT EF TPGUXBSF FO MPT NPNFOUPT EF PDJP Z FOUSFUFOJNJFOUP MFFNPT MPT QFSJwEJDPT FTDVDIB NPT MB SBEJP WFNPT MB UFMFWJTJwO WBNPT B VOB FYQPTJDJwO WBNPT BM DJOF BM UFBUSP OPT WFTUJNPT B MB NPEB FUD -PT QSPEVDUPT DSFBUJWPT FTUgO QSFTFOUFT FO DBEB NPNFOUP FO DVBMRVJFS MVHBS &T NVZ JOUFSFTBOUF QFOTBS FO FM JNQBDUP EF MB FDPOPNrB DSFBUJWB FO FTUF NPNFOUP QSJODJQBMNFOUF FO UnSNJOPT EF DPOTVNP &O FF VV VO FT UVEJP JOEJDw MP PQVFTUP B MP FTQFSBEP FO NPNFOUPT EF DSJTJT TF DPOTVNFO NgT QSPEVDUPT DSFBUJWPT &TUF FTUVEJP NVFTUSB RVF FO FM QSJNFS USJNFTUSF EFM FM OJWFM EF Q|CMJDP FO MPT DJOFT FTUBEPVOJEFOTFT BVNFOUw VO &TUF GFOwNFOP TF IB PCTFSWBEP FO MBT SFDFTJPOFT BOUFSJPSFT MB HFOUF FO NP NFOUPT EF DSJTJT OFDFTJUB VOB WgMWVMB EF FTDBQF &O 'SBODJB FO FM NPNFOUP QJDP EF MB DSJTJT MB BTJTUFODJB B MBT FYQPTJDJPOFT BVNFOUw QPSRVF MB HFOUF TFOUrB MB OFDFTJEBE EF QFOTBS FO PUSBT DPTBT 6O FTUVEJP EF MB "TPDJBDJwO UFOEFODJBT HMPCBMFT


*OUFSOBDJPOBM EF .|TJDB TFvBMB RVF FO FM NFSDBEP EF MB N|TJDB FM DPOTVNP TF NBOUVWP FO OJWFMFT JNQPSUBOUFT EVSBOUF FM 1PS FKFNQMP QBSB MPT SFHBMPT OBWJEFvPT MBT QFSTPOBT QSFGFSrBO BERVJSJS EJTDPT "VORVF MB HFOUF HBTUB NFOPT DPOUJO|B DPNQSBOEP QSPEVDUPT DSFBUJWPT 5PEP FTUP FT QBSB RVF OPT BZVEF B QFOTBS NgT BMMg MPT QSPEVDUPT DSFBUJWPT QSJODJQBMNFOUF MPT EF DPOTVNP EPNnTUJDP JODSFNFOUBO TV SFO UBCJMJEBE B|O FO NPNFOUPT EF DSJTJT 4F QVFEF QFOTBS BMHP TJNJMBS EF MB PSHBOJ[BDJwO EF GFTUJWJEBEFT MPDBMFT ¯FTUBT USBEJDJPOBMFT MPT QSPEVDUPT RVF TPO NgT DFSDBOPT B MBT QFSTPOBT NBOUJFOFO TV SFOUBCJMJEBE "OBMJDFNPT FOUPODFT MB BSUJDVMBDJwO FOUSF JOOPWBDJwO DSFBUJWJEBE Z FDPOPNrB 1BSB MB VODUBE MB FDPOPNrB DSFBUJWB FT FM DPOKVOUP EF BDUJWJEB EFT CBTBEBT FO FM DPOPDJNJFOUP RVF JOUFSBDU|BO EF GPSNB USBOTWFSTBM DPO UPEB MB FDPOPNrB DPO VO BMUP QPUFODJBM QBSB HFOFSBS JOHSFTPT FNQMFPT F JODMVTJwO TPDJBM EJWFSTJEBE DVMUVSBM Z EFTBSSPMMP IVNBOP &O FM DFOUSP EF MB FDPOPNrB DSFBUJWB FTUgO MBT JOEVTUSJBT DSFBUJWBT 4V DJDMP FT DSFBDJwO QSP EVDDJwO Z EJTUSJCVDJwO EF CJFOFT UBOHJCMFT Z TFSWJDJPT JOUBOHJCMFT JOUFOTPT FO DSFBUJWJEBE Z RVF VUJMJ[BO FM DBQJUBM JOUFMFDUVBM DPNP JOTVNP QSJODJQBM 4V DBQJUBM QSJODJQBM TPO KVTUBNFOUF MBT JEFBT Z MB USBOTGPSNBDJwO EF FTBT JEFBT FO QSPEVDUPT -B VODUBE IB FTUBCMFDJEP VOB DMBTJ¯DBDJwO EF MBT JOEVTUSJBT FO DVBUSP HSBOEFT HSVQPT 1SJNFSP FM HSVQP WJODVMBEP BM DPOPDJNJFOUP USBEJDJPOBM EPOEF QPESrBNPT DPOUBS MBT BSUFTBOrBT MPT GFTUJWBMFT USBEJDJPOBMFT MBT DFSF NPOJBT 4FHVOEP UPEP MP SFMBDJPOBEP DPO FM QBUSJNPOJP DVMUVSBM MPT NPOV NFOUPT BSRVFPMwHJDPT MBT CJCMJPUFDBT 5FSDFSP FM gSFB EF MBT BSUFT MBT BSUFT WJTVBMFT MB QJOUVSB MB FTDVMUVSB MB GPUPHSBGrB MBT BSUFT JOUFSQSFUBUJWBT DPNP MB N|TJDB FM DJSDP $VBSUP MP WJODVMBEP B MPT NFEJPT MB UFMFWJTJwO MPT MJCSPT MB QSFOTB Z MPT BVEJPWJTVBMFT FM DJOF MB SBEJP Z MB UFMFWJTJwO -P DMBWF EF FTUB DMBTJ¯DBDJwO FT RVF TF JODMVZw MB JEFB EF MB JNQPSUBODJB EF MB DSFBDJwO GVO DJPOBM MB SFMFWBODJB EF MPT TFSWJDJPT DSFBUJWPT DPNP MB QVCMJDJEBE FM EJTFvP FOUSF PUSPT 1BSB FYQMJDBS FM WrODVMP FOUSF MB DPOFDUJWJEBE Z MBT JOEVTUSJBT DSFBUJWBT EFCF TVCSBZBSTF FM SPM EF MBT UFDOPMPHrBT EF MB JOGPSNBDJwO Z MB DPNVOJDB DJwO UJD DPNP OVFWPT NFEJPT EF NBSLFUJOH Z EJTUSJCVDJwO FO MB GBDJMJUBDJwO EFM BDDFTP EF FTUPT QSPEVDUPT Z TFSWJDJPT DVMUVSBMFT B MPT NFSDBEPT NVOEJB MFT &M VTP EF MBT UJD GVF DMBWF QBSB FTUJNVMBS MB QSPEVDDJwO EF DPOUFOJEP DSFBUJWP EJHJUBMJ[BEP FO WBSJPT TFDUPSFT DPNP N|TJDB KVFHPT EF WJEFPT FM DJOF MB QVCMJDJEBE Z QPS PUSP MBEP TV VTP QSFTFOUB VO GFOwNFOP EPCMF RVF UVWP VO JNQBDUP NVZ JNQPSUBOUF FO MB DPODFQUVBMJ[BDJwO EF MB FDPOPNrB DSFBUJWB MB EJHJUBMJ[BDJwO Z MB DPOWFSHFODJB OVNnSJDB -B FDPOPNrB DSFBUJWB FTUrNVMP B MB SFDVQFSBDJwO FDPOwNJDB


-B EJHJUBMJ[BDJwO BDFMFSB FM BDDFTP Z MB USBOTGFSFODJB EF UFDOPMPHrB NJFOUSBT RVF SFEVDF MPT DPTUPT EF MBT USBOTBDDJPOFT DPNFSDJBMFT Z MPHSB MB EFNPDSBUJ[BDJwO EF FTUPT NFEJPT EF QSPEVDDJwO -B DPOWFSHFODJB OVNnSJDB QFSNJUF MB DSFBDJwO EF OVFWPT NPEFMPT EF OFHPDJP B USBWnT EF MB FYUFOTJwO EF MB DMJFOUFMB WrB JOUFSOFU Z UFMF NwWJMFT &TUPT EPT GFOwNFOPT IBO UFOJEP VO JNQBDUP NVZ JNQPSUBOUF TPCSF QMVTWBMrB EF MB DBEFOB EF MB DSFBDJwO &O FM NBSDP EF FTUBT USBOTGPSNBDJPOFT FT JNQPSUBOUF SF°FYJPOBS TP CSF FM DPNQPSUBNJFOUP EF MB TPDJFEBE DPOUFNQPSgOFB Z MPT NFSDBEPT FO FTUF BNCJFOUF JOUFSBDUJWP " QBSUJS EFM BvP FM NFSDBEP DSFBUJWP NVOEJBM IB UFOJEP VO DSFDJNJFOUP TJO QSFDFEFOUFT DPNQBSBEP DPO TFDUPSFT QSPEVDUJWPT NgT USBEJDJPOBMFT DPOTUJUVZnOEPTF FO VO TFDUPS EJOgNJDP FNFSHFOUF FO FM DPNFSDJP NVOEJBM DPO VO EF DSFDJNJFOUP BOVBM QSPNFEJP FOUSF &M WBMPS EF MBT FYQPSUBDJPOFT NVOEJBMFT EF CJFOFT Z TFSWJDJPT DSFBUJ WPT BMDBO[w CJMMPOFT EF VTE FO TJO DPOUBS MPT JOHSFTPT EFSJWBEPT EF MPT EFSFDIPT EF QSPQJFEBE JOUFMFDUVBM EBUPT JOFYJTUFOUFT &TUBT DJGSBT TPO NVZ JNQPSUBOUFT QPSRVF OPT BZVEBO B DPNQSFOEFS FM QFTP EF MB FDP OPNrB DSFBUJWB TPCSF MB CBMBO[B DPNFSDJBM BVO B QFTBS EF RVF FTUBT DJGSBT FTUgO TVCFTUJNBOEP FM NFSDBEP QVFT OP IBZ SFHJTUSP EF UPEBT MBT USBOTBD DJPOFT "NnSJDB -BUJOB JODMVTP DPO TV BCVOEBODJB EF UBMFOUP DSFBUJWP Z TV SJRVF[B DVMUVSBM PDVQB VOB QPTJDJwO UrNJEB FO FM NFSDBEP JOUFSOBDJPOBM -P BOUFSJPS JOEJDB RVF EFCF BQSPWFDIBSTF FM QPUFODJBM FYJTUFOUF Z QBSB FMMP FT GVOEBNFOUBM DPOTPMJEBS MB FDPOPNrB DSFBUJWB &TUP OP EFCF IBDFSTF EF VOB NBOFSB BJTMBEB FT OFDFTBSJP DPODJMJBS MB QPMrUJDB OBDJPOBM DPO MPT QSPDFTPT HMPCBMFT Z MBT OFHPDJBDJPOFT EF MPT PSHBOJTNPT NVMUJMBUFSBMFT 1PS FKFNQMP DPO MB PND MB PNQJ P MB VOFTDP %FCFNPT TFS DPOTDJFOUFT EF MB OFDFTJEBE EF JOUFHSBSOPT -BT DJGSBT OPT NVFTUSBO RVF MB FDPOPNrB DSFBUJWB TJHVJw DSFDJFOEP FO NFEJP EF MB DSJTJT FO UPEP FM NVOEP $PMPNCJB FO FM DPOUFYUP EF "NnSJDB -BUJOB FTUg NPTUSBOEP VO CVFO EFTFNQFvP Z IB QSFTFOUBEP DSFDJNJFOUP FO DBEB VOP EF MPT TFDUPSFT IB NPTUSBEP VO DPNQPSUBNJFOUP QPTJUJWP FO TVT FYQPSUBDJPOFT FO MPT |MUJNPT EJF[ BvPT 4F EFTUBDBO FM TFDUPS EF MPT BVEJPWJ TVBMFT Z MBT BSUFTBOrBT "M QFOTBS FO MBT FTUSBUFHJBT OFDFTBSJBT QBSB FM EFTBSSPMMP FDPOwNJDP FT OFDFTBSJP UFOFS FO DVFOUB MB NVMUJ EJTDJQMJOBSJEBE EF MB FDPOPNrB DSFBUJ WB /P TF EFCF TVQPOFS RVF QPS FKFNQMP FM .JOJTUFSJP EF $VMUVSB FT RVJFO EFCF FODPOUSBS MBT SFTQVFTUBT 4F EFCF USBCBKBS FO VOB QPMrUJDB DPODFSUBEB JOWPMVDSBOEP WBSJPT TFDUPSFT DPNP DVMUVSB DPNVOJDBDJPOFT TFHVSJEBE TP DJBM Z USBCBKP UVSJTNP DPNFSDJP USJCVUBSJP 4F OFDFTJUBO UBNCJnO BMJBO[BT Q|CMJDP QSJWBEBT Z MB JODMVTJwO EF MB TPDJFEBE DJWJM UFOEFODJBT HMPCBMFT


&O FTUF TFOUJEP FM SPM EFM &TUBEP FT BDUVBS DPNP GBDJMJUBEPS GPSNVMBO EP QPMrUJDBT Q|CMJDBT RVF DSFFO VO FOUPSOP GBWPSBCMF QBSB RVF MPT BDUPSFT EFM TFDUPS QSJWBEP QVFEBO QBSUJDJQBS EF NBOFSB NgT FGFDUJWB %FCF QSPWFFS MB JOGSBFTUSVDUVSB CgTJDB Z FM NBSDP SFHVMBUPSJP F JOTUJUVDJPOBM 1BSB RVF MB FDPOPNrB DSFBUJWB TFB TVTUFOUBCMF OFDFTJUBNPT DSFBS VO DMJNB RVF BUSBJHB JOWFSTJwO QBSB FM TFDUPS &T OFDFTBSJP EBS JNQPSUBODJB B MB FDPOPNrB DSFBUJ WB WFOEFS MB JEFB EF RVF FTUF FT VO TFDUPS SFOUBCMF Z FNQSFOEFEPS 1BSB FMMP TF SFRVJFSF SFGPS[BS MPT WrODVMPT FOUSF MBT BSUFT MB JOOPWBDJwO Z MPT OFHPDJPT NF[DMBS MBT DBQBDJEBEFT DSFBUJWBT Z MB PGFSUB EF SFDVSTPT DSFBUJWPT NFKPSBS FM BDDFTP B MBT OVFWBT UFDOPMPHrBT ¥MP RVF GBDJMJUBSrB MB JOOPWBDJwO¥ JOUFHSBS MBT JOEVTUSJBT DSFBUJWBT MPDBMFT Z QSJODJQBMNFOUF SFBMJ[BS BMJBO[BT FTUSBUnHJ DBT RVF JOWPMVDSFO BM TFDUPS Q|CMJDP QSJWBEP B MB BDBEFNJB Z B MB TPDJFEBE DJWJM &TUBT FTUSBUFHJBT DPOUSJCVJSgO B EFTBSSPMMBS FM QPUFODJBM EF MBT FDPOP NrBT DSFBUJWBT Z B GPNFOUBS FM EFTBSSPMMP FDPOwNJDP 4J UFOFNPT FO DVFOUB FM DPNQPSUBNJFOUP EFM TFDUPS EVSBOUF MB DSJTJT FT FWJEFOUF FM BMUP QPUFODJBM EF MB FDPOPNrB DSFBUJWB QBSB HFOFSBS EFTBSSPMMP FDPOwNJDP QPS MP UBOUP OFDFTJUBNPT TFS NgT BVEBDFT F JNBHJOBUJWPT QBSB BQSPWFDIBS FTF QPUFODJBM

-B FDPOPNrB DSFBUJWB FTUrNVMP B MB SFDVQFSBDJwO FDPOwNJDB


DPODMVTJPOFT EF TVC DBQrUVMP

5BOUP QBSB .JDIBFM )VUUFS DPNP QBSB &EOB %PT 4BOUPT MB JOUFSQSF UBDJwO EF MB FDPOPNrB DSFBUJWB Z MBT JOEVTUSJBT DVMUVSBMFT DPNP NPUPSFT HFOF SBEPSFT EF EFTBSSPMMP FDPOwNJDP FODBSOB OP TwMP PQPSUVOJEBEFT TJOP UBNCJnO DPNQSPNJTP Z SFTQPOTBCJMJEBE QBSB MPT IBDFEPSFT EF QPMrUJDB Q|CMJDB &EOB %PT 4BOUPT B¯SNw RVF MPT CJFOFT Z TFSWJDJPT DVMUVSBMFT BVNFOUBO TV SFOUBCJMJEBE EVSBOUF MB SFDFTJwO BSHVNFOUBOEP RVF FO NPNFOUPT EF DSJTJT MBT QFSTPOBT TF WVFMDBO B DPOTVNJS CJFOFT Z TFSWJDJPT DVMUVSBMFT QPS QPUFODJBM QBSB FM FOUSFUFOJNJFOUP $PNP EF¯FOEF )VUUFS MB FDPOPNrB EF MBT JOEVTUSJBT DVMUVSBMFT FT MB PGFSUB EF MB §FYQFSJFODJB¨ : FTB PGFSUB FT MB RVF MF QFSNJUF BM TFDUPS NBOUFOFS TVT WFOUBT JODMVTP JODSFNFOUBSMBT EVSBOUF MBT DSJTJT &M TFDUPS EF MB FDPOPNrB Z MB JOEVTUSJB DSFBUJWB FT QBSB BNCPT FYQFS UPT NVDIP NgT DPNQMFKP RVF FM TFDUPS DVMUVSBM USBEJDJPOBM FOUFOEJEP DPNP FM DPOKVOUP EF MBT FYQSFTJPOFT BSUrTUJDBT %FTEF FM QVOUP EF WJTUB EF MB DSFB UJWJEBE MBT JOEVTUSJBT DVMUVSBMFT JODMVZFO TFDUPSFT DPNP MBT QSPEVDDJPOFT BVEJPWJTVBMFT Z MPT NFEJPT BM EJTFvP Z MB QVCMJDJEBE JODMVTP BM UVSJTNP Z MPT EFQPSUFT 5PEPT BEFNgT TF IBO WJTUP SFWPMVDJPOBEPT QPS FM VTP EF MBT OVF WBT 5FDOPMPHrBT EF *OGPSNBDJwO Z $PNVOJDBDJPOFT ¥UJD¥ DPNP IFSSBNJFO UBT QBSB MB DSFBDJwO QFSP UBNCJnO DPNP OVFWPT NFEJPT EF DJSDVMBDJwO 1FSP FTF QPUFODJBM RVF SFQSFTFOUB NJMMPOFT EF FNQMFPT Z NJMMPOFT EF EwMBSFT FO JOHSFTPT SFRVJFSF EF VO NBSDP EF QPMrUJDB Q|CMJDB Z EF BMJBO[BT TFDUPSJBMFT RVF CSJOEFO IFSSBNJFOUBT B MPT NJFNCSPT EFM TFDUPS )FSSBNJFO UBT OFDFTBSJBT QBSB FEVDBSTF QBSB DPOUBS DPO JOGSBFTUSVDUVSB GrTJDB Z UFDOP MwHJDB QBSB UFOFS OPSNBT Z MFZFT RVF FTUJNVMFO Z QSPUFKBO MB DSFBUJWJEBE Z TVT QSPEVDUPT QBSB GPSNBS B MPT DPOTVNJEPSFT &M SPM EFM &TUBEP FO MB FDPOP NrB DSFBUJWB FT FM EF GBDJMJUBS FM BDDFTP B FTPT SFDVSTPT QPSRVF MB DSFBUJWJEBE SFDVSTP GVOEBNFOUBM ZB FTUg EBEP 3FDPOPDFS B MB FDPOPNrB EF MB DVMUVSB DPNP VO TFDUPS QSPEVDUJWP BCSF FM FTQFDUSP EF PQPSUVOJEBEFT EF EFTBSSPMMP RVF BOUFT FSBO JOTPTQFDIBEPT UFOEFODJBT HMPCBMFT


QBSB FM TFDUPS DVMUVSBM 4JO FNCBSHP TF SFRVJFSF DPNP B¯SNw &EOB %PT 4BO UPT VTBS QSFDJTBNFOUF MB DSFBUJWJEBE FO MB QPMrUJDB Q|CMJDB TFS NgT BVEBDFT F JNBHJOBUJWPT QBSB FODPOUSBS MPT NPEFMPT RVF USBOTGPSNBSgO FM QBSBEJH NB BDUVBM EFM DBQJUBMJTNP 1BSB .JDIBFM )VUUFS MB QPMrUJDB Q|CMJDB SFRVJFSF QSPGVOEJ[BS TV DPOPDJNJFOUP TPCSF FM TFDUPS DVMUVSBM QBSB MPHSBS NFOPSFT OJWFMFT EF JODFSUJEVNCSF NBZPS DBQBDJEBE EF QMBOFBDJwO Z QPS FOEF NBZPS OJWFM EF JOWFSTJwO Q|CMJDB Z QSJWBEB

$PODMVTJPOFT


DBQrUVMP $VMUVSB Z EFTBSSPMMP < > &M EFTBSSPMMP DVMUVSBM ˜DVgMFT TPO MPT JNQBDUPT EF MB JOWFSTJwO FO DVMUVSB

.PEFSBEPS (FSNgO 3FZ 3FMBUPSFT +BWJFS .BDIJDBEP (JPWBOOJ $VFSP Z +VMJBOB #BSSFSP $BTUFMMBOPT

1SFTFOUBDJwO 4J TF RVJFSF GPSNVMBS BMH|O UJQP EF EF¯OJDJwO BMSFEFEPS EF MB FYQSFTJwO EFTBSSPMMP DVMUVSBM IBZ RVF UFOFS FO DVFOUB RVF nTUB FT HFOF SBEPSB EF WrODVMPT USBOTEJTDJQMJOBSFT "VORVF MB QBMBCSB EFTBSSPMMP FT VO DPODFQUP QSPQJP EF MBT DJFODJBT FDPOwNJDBT UBNCJnO FOVODJB QSPCMFNgUJDBT DPNQMFKBT RVF WBO NgT BMMg EF MB C|TRVFEB EFM DSFDJNJFOUP FDPOwNJDP EF VO QBrT JODMVZF PUSPT GBDUPSFT DPNP FM EFM CJFOFTUBS EF VOB QPCMBDJwO 6O JOEJDBEPS EF FTUF EFTBSSPMMP QVFEF TFS MB DBQBDJEBE RVF UJFOF VO JOEJWJEVP QBSB BDDFEFS B CJFOFT Z TFSWJDJPT RVF OP TPO EF QSJNFSB OFDFTJEBE DPNP MPT DVMUVSBMFT P EF VO FOUPSOP QSPQJDJP RVF MF QFSNJUB BQSPQJBSTF EF DPOUFOJ EPT EJWFSTPT TJO QPOFS FO SJFTHP TV JEFOUJEBE Z RVF MF TFB GBWPSBCMF QBSB MB DSFBDJwO EF NBOJGFTUBDJPOFT BSUrTUJDBT %FTEF FTUB QFSTQFDUJWB FM EFTBSSPMMP DVMUVSBM QPOF B EJBMPHBS EJWFSTBT EJTDJQMJOBT DPO FM ¯O EF SFTBMUBS MB JNQPSUBODJB EF MB DVMUVSB FO FM EFTBSSPMMP FDPOwNJDP Z TPDJBM 1BSUJFOEP EF MP BOUFSJPS TF QVFEF FTUBCMFDFS MB IJQwUFTJT EF RVF FM EFTBSSPMMP FTUg GVFSUFNFOUF EFUFSNJOBEP QPS MB DBQBDJEBE EF QSP EVDDJwO Z BQSPQJBDJwO EF MPT DPOUFOJEPT EF VOB DPNVOJEBE Z MB DBQBDJEBE IVNBOB Z GrTJDB DPO MB RVF DVFOUB QBSB QPEFSMPT USBOTGPSNBS FO NBOJGFT UBDJPOFT DVMUVSBMFT UBOUP QBSB MB DPNVOJEBE NJTNB DPNP QBSB FM SFTUP EFM NVOEP &O FM QSFTFOUF DBQrUVMP EFTEF USFT QFSTQFDUJWBT EJGFSFOUFT TF BCPSEB FM UFNB EFM EFTBSSPMMP DVMUVSBM &EVBSE .JSBMMFT EF MB 'VOEBDJwO *OUFSBSUT DVMUVSB Z EFTBSSPMMP


EF &TQBvB SFDVFSEB RVF EFTEF IBDF DFSDB EF DJODP EnDBEBT FM EFTBSSPMMP DVMUVSBM FTUg FO FM DFOUSP EFM EFCBUF Z TJHVF B|O WJHFOUF ZB RVF IB JEP BE RVJSJFOEP VO QVFTUP EF JNQPSUBODJB B MB IPSB EF GPSNVMBS QPMrUJDBT Q|CMJDBT DPO NJSBT B BMDBO[BS FM BOIFMBEP EFTBSSPMMP FDPOwNJDP 1PS TV QBSUF &TUFCBO 1JFESBIJUB %JSFDUPS EFM %FQBSUBNFOUP /BDJPOBM EF 1MBOFBDJwO EF $PMPNCJB FWJEFODJB RVF UBOUP FM &TUBEP DPNP MB QPCMBDJwO DPMPNCJBOB OP TF IBO QFSDBUBEP EFM QPUFODJBM RVF IBZ FO MB DVMUVSB QPS MP RVF QMBOUFB TV SF°FYJwO UFOJFOEP FO DVFOUB FM QPUFODJBM DVMUVSBM EFTEF FM DVBM TF QVFEBO HFOFSBS BDUJWJEBEFT NFSDBOUJMFT RVF QFSNJUBO UBOUP VO EFTBSSPMMP FDPOwNJDP DPNP MB DPIFTJwO TPDJBM EF MB QPCMBDJwO B QBSUJS EF MB DSFBDJwO QSPEVDDJwO Z DJSDVMBDJwO EF CJFOFT Z TFSWJDJPT DVMUVSBMFT 'JOBMNFOUF )nDUPS 4DIBSHPSPETLZ %JSFDUPS EFM 0CTFSWBUPSJP $VMUVSBM EF MB 'BDVMUBE EF $JFODJBT &DPOwNJDBT EF MB 6OJWFSTJEBE EF #VFOPT "JSFT BCPSEB MB QSPCMFNgUJDB EFM EFTBSSPMMP DVMUVSBM IBDJFOEP nOGBTJT FO MB OFDF TJEBE EF EFTBSSPMMBS OVFWPT NPEFMPT EF HFTUJwO RVF QFSNJUBO SFQMBOUFBS MB PSHBOJ[BDJwO EFM TFDUPS DVMUVSBM

1SFTFOUBDJwO


$BTJ DJODVFOUB BvPT EF SFMBDJPOFT FOUSF MB DVMUVSB Z FM EFTBSSPMMP EF MB DVMUVSB DPNP GBDUPS EF EFTBSSPMMP BM EFTBSSPMMP DVMUVSBM 1PS &EVBSE .JSBMMFT

&O SJHPS MB SFMBDJwO FOUSF MPT DPODFQUPT EF DVMUVSB Z EFTBSSPMMP OP FT FO BCTPMVUP VOB SFMBDJwO SFDJFOUF "VORVF FO CVFOB NFEJEB FT B QBS UJS EF MB $POGFSFODJB .POEJBDVMU DFMFCSBEB FO .nYJDP FO FM BvP RVF FO FM gNCJUP EF MBT QPMrUJDBT QBSB MB DVMUVSB TF JODPSQPSB MB SFGFSFODJB B MB EJNFOTJwO DVMUVSBM EFM EFTBSSPMMP ยฆQPS MP RVF SFTQFDUB B MB USBEJDJwO FV SPQFB ZB FM NPWJNJFOUP EF MB nEVDBUJPO QPQVMBJSF EFTQMFHBEP FO MB &VSPQB GSBODwGPOB DPO QPTUFSJPSJEBE B MB 4FHVOEB (VFSSB .VOEJBM Z EF VO NPEP QBSUJDVMBSNFOUF TJHOJยฏDBUJWP B MP MBSHP EF MPT BvPT TFTFOUB TJU|B MB DVFTUJwO EFM EFTBSSPMMP FO TV MVHBS DFOUSBMยฆ &O QBSBMFMP MBT UFTJT EF MB ยงQFEBHPHrB EF MB MJCFSBDJwOยจ EF 1BVMP 'SFJSF FYQBOEF UBNCJnO B MP MBSHP EF MPT BvPT TF TFOUB QPS "NnSJDB -BUJOB PUSB GPSNB EF JOUFSQSFUBS MB JOUFSBDDJwO FOUSF MB FEVDBDJwO MB DVMUVSB Z FM EFTBSSPMMP TPDJBM Z FDPOwNJDP %F NBOFSB SFDrQSP DB MB DPOTJEFSBDJwO EF MB OPDJwO EF EFTBSSPMMP DPNP VOB DBUFHPSrB FTQFDrยฏ DBNFOUF DVMUVSBM BERVJSJSg QSPHSFTJWB DBSUB EF OBUVSBMF[B FO MB BSUJDVMBDJwO

&TUF UFYUP TF JOTQJSB FO HSBO NFEJEB FO FM BSUrDVMP EFM NJTNP BVUPS UJUVMBEP ยง$VMUVSB DP PQFSBDJwO EFTDFOUSBMJ[BEB Z EFTBSSPMMP MPDBMยจ EF JONJOFOUF QVCMJDBDJwO FO MB FEJDJwO EFM "OVBSJP EF MB $PPQFSBDJwO %FTDFOUSBMJ[BEB RVF QVCMJDB FM 0CTFSWBUPSJP EF MB $PPQFSBDJwO %FTDFOUSBMJ[BEB 6OJwO &VSPQFB "NnSJDB -BUJOB IUUQ XXX PCTFSW PDE PSH

&O MB EFDMBSBDJwO ยฏOBM EF .POEJBDVMU OP TwMP TF EFยฏOF MB OPDJwO EF ยงEFNPDSBDJB DVMUVSBMยจ TJOP RVF FOUSF PUSBT DPTBT TF TFvBMB FYQMrDJUBNFOUF ยงMB EJNFOTJwO DVMUVSBM EFM EFTBSSPMMPยจ Z TF SFDPNJFOEB IBCMBS EF ยงDVMUVSBTยจ EFTEF VOB EJNFOTJwO QMVSBM Z OP TwMP EF ยงDVMUVSBยจ "M SFTQFDUP DPOTVMUBS IUUQ VOFTEPD VOFTDP PSH JNBHFT TC QEG

7nBTF BM SFTQFDUP MB PCSB EF (FOFWJoWF 1PVKPM -ยชnEVDBUJPO QPQVMBJSF IJTUPJSFT FU QPVWPJST

DVMUVSB Z EFTBSSPMMP


EF MP RVF TF EJP FO MMBNBS FM NPWJNJFOUP EF MPT §QBrTFT OP BMJOFBEPT¨ &TUF OVFWP PSEFO EF DPTBT DPNFO[BSg B BQBSFDFS DPO DPOUVOEFODJB FO MB FTDFOB JOTUJUVDJPOBM JOUFSOBDJPOBM FO VOB TFSJF EF DPOGFSFODJBT JOUFSHVCFSOBNFOUB MFT DPOWPDBEBT QPS VOFTDP B MP MBSHP EF MPT BvPT TFUFOUB DVZP DPMPGwO TFSg MB DFMFCSBDJwO EF .POEJBDVMU FO FM BvP -B IVFMMB EF .POEJBDVMU TFSg EF JOEJTDVUJCMF USBTDFOEFODJB JODMVTP NgT BMMg EFM DPOTJEFSBCMF JNQBDUP RVF QSPWPDB FO FM TFOP EF MB PSHBOJ[BDJwO EF VOFTDP " QBSUJS EFM BvP FM CJOPNJP §DVMUVSB Z EFTBSSPMMP¨ TF JOTUBMB EF NPEP JOFRVrWPDP FO MB BHFOEB EF MB DPPQFSBDJwO DVMUVSBM JOUFSHVCFSOBNFO UBM VOFTDP EFDMBSB FM QFSrPEP DPNP %FDFOJP .VOEJBM EFM %FTBSSP MMP $VMUVSBM FO FM BvP TF DPOTUJUVZF VOB $PNJTJwO .VOEJBM EF $VMUVSB Z %FTBSSPMMP RVF FODPNJFOEB BM EJQMPNgUJDP QFSVBOP +BWJFS 1nSF[ EF $VnMMBS MB SFEBDDJwO EF VO JOGPSNF NVOEJBM TPCSF FM UFNB DVZP EPDVNFOUP ¯OBM TF FODBCF[B DPO FM FMPDVFOUF UrUVMP EF /VFTUSB EJWFSTJEBE DSFBUJWB Z FO FM BvP TF DPOWPDB FO &TUPDPMPNP VOB OVFWB $POGFSFODJB *OUFSHVCFSOBNFOUBM EF 1PMrUJDBT $VMUVSBMFT QBSB FM %FTBSSPMMP CBKP FM UrUVMP EF 5IF QPXFS PG $VMUV

&M ( HSVQP DPOGPSNBEP QPS QBrTFT FO WrBT EF EFTBSSPMMP GVF DSFBEP FO FM BvP DPO FM PCKFUJWP EF BZVEBSTF TVTUFOUBSTF Z BQPZBSTF NVUVBNFOUF FO MBT EFMJCFSBDJPOFT EF MBT /BDJPOFT 6OJEBT

4F USBUB EF MB $POGFSFODJB EF )FMTJOLJ RVF FO TV EFDMBSBDJwO ¯OBM USBUB EF MBT ¯OBMJ EBEFT DVMUVSBMFT EFM EFTBSSPMMP MB $POGFSFODJB EF :BLBSUB RVF PUPSHw VO JOUFSnT QBSUJ DVMBS BM BOgMJTJT EFM EFTBSSPMMP DVMUVSBM EF MPT JOEJWJEVPT MB $POGFSFODJB EF "DDSB DVZB EFDMBSBDJwO ¯OBM TVCSBZw MB OPDJwO EF QFSTPOBMJEBE DVMUVSBM DPNP FMFNFOUP EF UPEP QSPDFTP JOUFSOP P EF EFTBSSPMMP TPDJBM Z ¯OBMNFOUF MB $POGFSFODJB EF #PHPUg DPOTBHSBEB B FYQMPSBS MBT SFMBDJPOFT FOUSF MB JEFOUJEBE Z FM QMVSBMJTNP DVMUVSBM

&T QSFDJTP SFDPSEBS BRVr RVF FO DJFSUB NFEJEB FO .POEJBDVMU TF FTDFOJ¯DB VOB OVFWB DP SSFMBDJwO EF GVFS[BT FOUSF MPT &TUBEPT 6OJEPT MB 6OJwO 4PWJnUJDB MPT QBrTFT EF &VSPQB Z FM HSVQP EF MPT §OP BMJOFBEPT¨ Z RVF USBT MB DFMFCSBDJwO EF EJDIB DPOGFSFODJB Z FO QMFOB DSJTJT QSPWPDBEB QPS FM §*OGPSNF .D#SJEF¨ EF TPCSF FM OVFWP PSEFO DPNVOJDBDJPOBM NVOEJBM MPT &TUBEPT 6OJEPT FM 3FJOP 6OJEP Z 4JOHBQVS EFDJEFO BCBOEPOBS VOFTDP EFDJTJwO RVF BDBSSFBSg QSPGVOEBT DPOTFDVFODJBT FDPOwNJDBT Z EF MFHJUJNJEBE QBSB MB JOTUJUVDJwO &TUPT QBrTFT OP SFHSFTBSgO B MB VOFTDP IBTUB FM BvP &TUBEPT 6OJEPT Z 4JOHBQVS FO FM DPOUFYUP EF MB BQSPCBDJwO EF VOB $POWFODJwO EF MB %JWFSTJEBE RVF BNFOB[B DPO BGFDUBS TVT JOUFSFTFT FO FM NFSDBEP DVMUVSBM NVOEJBM

7nBTF +BWJFS 1nSF[ EF $VnMMBS Z -PVSEFT "SJ[QF /VFTUSB EJWFSTJEBE DSFBUJWB *OGPSNF EF MB $PNJTJwO .VOEJBM EF $VMUVSB Z %FTBSSPMMP 5BNCJnO FT EF JOUFSnT DPOTVMUBS MB TFDDJwO FV SPQFB EF EJDIP JOGPSNF DPPSEJOBEB QPS FM $POTFKP EF &VSPQB Z QVCMJDBEB BVUwOPNBNFOUF CBKP MPT FMPDVFOUFT UrUVMPT EF *O GSPN UIF NBSHJOT WFSTJwO JOHMFTB Z EF -B DVMUVSF BV DPFVS WFSTJwO GSBODFTB &O FTQBvPM QPS SB[POFT RVF BRVr OP WJFOFO BM DBTP TF USBUB EF 4VFvPT F JEFOUJEBEFT 6OB BQPSUBDJwO BM EFCBUF TPCSF DVMUVSB Z EFTBSSPMMP FO &VSPQB QVCMJDBEB FO

$BTJ DJODVFOUB BvPT EF SFMBDJPOFT FOUSF MB DVMUVSB Z FM EFTBSSPMMP EF MB DVMUVSB DPNP GBDUPS EF EFTBSSPMMP BM EFTBSSPMMP DVMUVSBM


SF DVZP 1MBO EF "DDJwO ¯OBM DPOTUJUVZF VOB WFSEBEFSB BHFOEB QBSB FM BCPS EBKF EF EJDIP UFNB QPS QBSUF EF MPT HPCJFSOPT EF MPT FTUBEPT 'JOBMNFOUF MPT JOGPSNFT NVOEJBMFT EF DVMUVSB FMBCPSBEPT QPS VOFTDP FO MPT BvPT Z PUPSHBSgO VOB FTQFDJBM BUFODJwO B MBT SFMBDJPOFT FOUSF EFTBSSPMMP Z DVMUVSB &O MB FTUFMB EF MB EnDBEB BOUFSJPS FT QSFDJTP EFTUBDBS DPNP IJUPT NgT JNQPSUBOUFT FO MPT |MUJNPT BvPT MB FMBCPSBDJwO Z QPTUFSJPS BQSPCBDJwO QPS QBSUF EF VOFTDP EF MB %FDMBSBDJwO QSJNFSP BvP Z EF MB $POWFODJwO EFTQVnT BvP §QBSB MB QSPUFDDJwO Z QSPNPDJwO EF MB EJWFSTJEBE EF MBT FYQSFTJPOFT DVMUVSBMFT¨ DVZPT BSUrDVMPT Z SFTQFDUJWBNFOUF TPO EF JNQPSUBODJB DBQJUBM FO MP RVF B MB QSPNPDJwO EF MB DPPQFSBDJwO DVMUVSBM JOUFSOBDJPOBM Z B MB DPPQFSBDJwO DVMUVSBM QBSB FM EFTBSSPMMP SFTQFDUB 4F USBUB EFM QSJNFS UFYUP OPSNBUJWP DPO DBSgDUFS JOUFSOBDJPOBM TPCSF MB NBUFSJB RVF OPT PDVQB DVZB FOUSBEB FO WJHPS TF QSPEVKP FO NBS[P EFM Z RVF BM ErB EF IPZ IB TJEP SBUJ¯DBEP QPS FTUBEPT Z UBNCJnO QPS QBSUF EF MB 6OJwO &VSPQFB 3FTVMUB QBSB BDBCBS UBNCJnO EF HSBO JNQPSUBODJB RVF FO FM

7nBTF IUUQ QPSUBM VOFTDP PSH DVMUVSF FT FW QIQ 63-@*% 63-@%0 %0@501*$ 63-@4&$5*0/ IUNM

7nBTF *OGPSNF NVOEJBM TPCSF MB DVMUVSB DVMUVSB DSFBUJWJEBE Z NFSDBEPT VOFTDP

7nBTF *OGPSNF NVOEJBM TPCSF DVMUVSB EJWFSTJEBE DVMUVSBM DPO°JDUP Z QMVSBMJTNP VOFTDP

7nBTF IUUQ VOFTEPD VOFTDP PSH JNBHFT T QEG -B $POWFODJwO GVF BQSPCBEB FO MB ” $POGFSFODJB (FOFSBM EF VOFTDP DFMFCSBEB FO 1BSrT FO PDUVCSF EF DPO FM WPUP GBWPSBCMF EF &TUBEPT NJFNCSPT FM WPUP FO DPOUSB EF &TUBEPT 6OJEPT F *TSBFM Z MB BCTUFODJwO EF "VTUSBMJB -JCFSJB )POEVSBT Z /JDBSBHVB 4JO EVEB TV JO°VFODJB GVUVSB FO FM NFSDBEP HMPCBM EF CJFOFT Z TFSWJDJPT DVMUVSBMFT Z TVT JNQMJDBDJPOFT FO MB OFHPDJBDJwO EF MPT 5SBUBEPT EF -JCSF $PNFSDJP GVFSPO EFUFSNJOBOUFT FO FTUF TFOUJEP

&O FM BSUrDVMP EF MB $POWFODJwO PSJFOUBEP B MB QSPNPDJwO EF MB DPPQFSBDJwO DVMUVSBM JOUFSOBDJPOBM TF IBDF SFGFSFODJB FYQMrDJUB B MB OFDFTJEBE EF GBDJMJUBS FM EJgMPHP TPCSF MB QPMr UJDB DVMUVSBM GPSUBMFDFS MBT DBQBDJEBEFT FTUSBUnHJDBT Z EF HFTUJwO EFM TFDUPS Q|CMJDP NFEJBOUF MPT JOUFSDBNCJPT Z MB QVFTUB FO DPN|O EF MBT NFKPSFT QSgDUJDBT GPSUBMFDFS MBT BMJBO[BT DPO MB TPDJFEBE DJWJM MBT POH Z FM TFDUPS QSJWBEP QSPNPWFS FM VTP EF MBT OVFWBT UFDOPMPHrBT Z QSJWJ MFHJBS FM JOUFSDBNCJP EF JOGPSNBDJwO Z GPNFOUBS BDVFSEPT EF DPQSPEVDDJwO Z DPEJTUSJCVDJwO %FM NJTNP NPEP FO FM BSUrDVMP DPOTBHSBEP B MB DPPQFSBDJwO QBSB FM EFTBSSPMMP TF JOEJDBO FTUSBUFHJBT QBSB FM GPSUBMFDJNJFOUP EF MBT JOEVTUSJBT DVMUVSBMFT FO MPT QBrTFT FO EFTBSSPMMP BTr DPNP MB OFDFTJEBE EF HFOFSBS JOJDJBUJWBT EF DBQBDJUZ CVJMEJOH B USBWnT EF MB GPSNBDJwO Z FM JOUFSDBNCJP EF JOGPSNBDJwO TF FTUBCMFDF MB USBOTGFSFODJB EF UnDOJDBT Z DPOPDJNJFOUPT FNQr SJDPT FO FM gNCJUP EF MBT JOEVTUSJBT Z FNQSFTBT DVMUVSBMFT Z ¯OBMNFOUF TF BQVOUBO NFEJEBT EF BQPZP ¯OBODJFSP FO QBSUJDVMBS B USBWnT EF MB DSFBDJwO EF VO 'POEP *OUFSOBDJPOBM QBSB MB %JWFSTJEBE $VMUVSBM -B $POWFODJwO DPOTUJUVZF QPS MP UBOUP VOB BHFOEB SFBM DPO DBSgDUFS OPSNBUJWP QBSB MB DPPQFSBDJwO DVMUVSBM JOUFSOBDJPOBM FO DMBWF EF EFTBSSPMMP DVZP BMDBODF IBDJB MBT JOTUBODJBT SFHJPOBMFT Z MPDBMFT EF MPT SFTQFDUJWPT QBrTFT TJHOBUBSJPT OP EFCF QBTBS EFTBQFSDJCJEP

DVMUVSB Z EFTBSSPMMP


*OGPSNF TPCSF FM %FTBSSPMMP )VNBOP EFM 1SPHSBNB EF MBT /BDJPOFT 6OJEBT QBSB FM %FTBSSPMMP QOVE DPSSFTQPOEJFOUF BM BvP TF FMJHJFSB DPNP UFNB NPOPHSgยฏDP FM EFTBSSPMMP DVMUVSBM CBKP FM UrUVMP EF -B MJCFSUBE DVMUVSBM FO FM NVOEP EJWFSTP EF IPZ $PNP FT EF JNBHJOBS MB USBZFDUPSJB JOUFSHVCFSOBNFOUBM TVNBSJBNFO UF EFTDSJUB IBTUB BRVr FO MP RVF SFTQFDUB B MBT SFMBDJPOFT FOUSF DVMUVSB Z EFTB SSPMMP BDBSSFBSg JNQBDUPT Z SFQFSDVTJPOFT EF JOEJTDVUJCMF USBTDFOEFODJB FO FM gNCJUP EF MPT QPEFSFT Q|CMJDPT UFSSJUPSJBMFT FVSPQFPT Z MBUJOPBNFSJDBOPT B|O B QFTBS EF RVF FM HSBEP EF BSUJDVMBDJwO EF MPT NJTNPT FT FO HFOFSBM EnCJM P QSFDBSJP $BCF EFTUBDBS RVJ[gT FO MB PSJMMB FVSPQFB MB MBCPS MMFWBEB B DBCP B MP MBSHP EF MPT BvPT PDIFOUB QPS QBSUF EFM $POTFKP EF &VSPQB RVF DPOTBHSw BMHVOPT EF TVT QSPZFDUPT EF JOWFTUJHBDJwO BDDJwO NgT EFTUBDBEPT B MB QFSUJOFODJB EF MBT SFMBDJPOFT FOUSF DVMUVSB Z DJVEBE QSPZFDUP DVMUVSB Z EFTBSSPMMP SFHJPOBM QSPZFDUP Z DVMUVSB Z CBSSJPT VSCBOPT "MHVOBT JOJDJBUJWBT DPNP MB DSFBDJwO FO FM BvP EF VOB SFE FVSPQFB EF DFOUSPT EF GPSNBDJwO EF BENJOJTUSBEPSFT DVMUVSBMFT UFSSJUPSJBMFT P FM QSPZFDUP EF DSFB DJwO UBNCJnO FO MB EnDBEB EF MPT OPWFOUB EF VO PCTFSWBUPSJP EF QPMrUJDBT DVMUVSBMFT VSCBOBT Z SFHJPOBMFT ยฅRVF KBNgT MMFHw B NBUFSJBMJ[BSTFยฅ JMVTUSBO DPO DMBSJEBE FM FTQrSJUV EFM $POTFKP EF &VSPQB FO BRVFMMPT UJFNQPT &MMP OP PCTUBOUF OP TFSg IBTUB QSJODJQJPT EF MB QSFTFOUF EnDBEB RVF MB USBEVDDJwO PQFSBUJWB B FTDBMB MPDBM EF MBT UFTJT RVF QSPNVFWFO MB BMJBO[B FOUSF DVMUVSB Z EFTBSSPMMP DPOTFHVJSg VO OJWFM EF DPODSFDJwO TJHOJยฏDBUJWP %JDIB DPODSFDJwO FT GSVUP EF MB DPOWFSHFODJB QPS VOB QBSUF EFM QSPDFTP JOJDJBEP FO FM BvP FO 1PSUP "MFHSF FO FM NBSDP EFM ** 'PSP .VOEJBM

7nBTF IUUQ IES VOEQ PSH FT JOGPSNFT NVOEJBM JEI

/P PCTUBOUF DBCF EFTUBDBS FO &VSPQB MB FYJTUFODJB EFM $POTFKP EF .VOJDJQJPT Z 3FHJPOFT EF &VSPQB DNSF DSFBEP FO FM BvP FM DVBM IB KVHBEP VO QBQFM OPUBCMF FO MB QSPNPDJwO EF IFS NBOBNJFOUPT FOUSF DJVEBEFT BTr DPNP MB PSJHJOBSJBNFOUF EFOPNJOBEB $POGFSFODJB Z B QBSUJS EFM BvP $POHSFTP EF 1PEFSFT -PDBMFT Z 3FHJPOBMFT PSHBOJTNP DPOTVMUJWP EFM $POTFKP EF &VSPQB DQMSF Z DPNP DPOTFDVFODJB EF MB BQSPCBDJwO EFM 5SBUBEP EF MB 6OJwO &VSPQFB EF .BBTUSJDIU FO FM BvP MB DSFBDJwO FO EFM $PNJUn EF 3FHJPOFT &O MP RVF B "NnSJDB -BUJOB SFTQFDUB TPCSFTBMF FO MPT QBrTFT EF .FSDPTVS MB SFE EF .FSDPDJEBEFT DSFBEB FO FM BvP DPO VOB 6OJEBE 5FNgUJDB EF $VMUVSB RVF FTUg FO GVODJPOBNJFOUP EFTEF FTF NJTNP BvP

7nBTF B UBM FGFDUP MB PCSB EF .JDIFM #BTTBOE $VMUVSB Z SFHJPOFT EF &VSPQB RVF DPNQJMB MBT MBCPSFT EFM ยงQSPZFDUP ยจ EFM $POTFKP EF &VSPQB BTr DPNP MPT USFT WPM|NFOFT RVF CBKP FM UrUVMP EF $VMUVSF BOE /FJHICPVSIPPET QVCMJDw FM $POTFKP EF &VSPQB FO FM BvP UBNCJnO EJTQPOJCMFT FO GSBODnT CBKP FM UrUVMP EF $VMUVSF FU RVBSUJFST

-P RVF IPZ FO ErB BVORVF DPO VO DBSgDUFS CBTUBOUF NgT BDBEnNJDP FT FODBUD &VSPQFBO /FUXPSL PG $VMUVSBM "ENJOJTUSBUPST 5SBJOJOH $FOUSFT 7nBTF XXX FODBUD PSH

$BTJ DJODVFOUB BvPT EF SFMBDJPOFT FOUSF MB DVMUVSB Z FM EFTBSSPMMP EF MB DVMUVSB DPNP GBDUPS EF EFTBSSPMMP BM EFTBSSPMMP DVMUVSBM


EF "VUPSJEBEFT -PDBMFT QPS MB *ODMVTJwO 4PDJBM FO FM RVF MPT SFTQPOTBCMFT NVOJDJQBMFT EF DVMUVSB EF BMHVOBT DJVEBEFT MJEFSBEBT QPS 1PSUP "MFHSF Z #BSDFMPOB FNQSFOEJFSPO MB FMBCPSBDJwO EF VOB "HFOEB EF MB $VMUVSB EPDVNFOUP RVF WJP MB MV[ Z GVF EBEP B DPOPDFS Q|CMJDBNFOUF FO MB DJVEBE EF #BSDFMPOB FM ErB EF NBZP EFM BvP EVSBOUF MB DFMFCSBDJwO EFM *7 'PSP .VOEJBM EF "VUPSJEBEFT -PDBMFT QPS MB *ODMVTJwO 4PDJBM Z QPS PUSB QBSUF EFM QSPDFTP EF BSUJDVMBDJwO EF MB 0SHBOJ[BDJwO .VOEJBM EF $JVEBEFT Z (PCJFSOPT -PDBMFT 6OJEPT DHMV DSFBEB FO 1BSrT FM ErB EF NBZP EFM NJTNP BvP DPNP SFTVMUBEP EF MB VOJ¯DBDJwO EF MB 'FEFSBDJwO .VOEJBM EF $JVEBEFT 6OJEBT GNDV MB 6OJwO *OUFSOBDJPOBM EF "VUPSJEBEFT Z (PCJFSOPT -PDBMFT JVMB Z MB PSHBOJ[BDJwO .FUSwQPMJT EF HSBOEFT DJVEBEFT EFM NVOEP -B $PNJTJwO EF $VMUVSB EF DHMV BTVNJSg EFTEF FOUPODFT MB "HFOEB EF MB $VMUVSB DPNP IPKB EF SVUB Z QSJODJQJP SFDUPS QBSB TV UBSFB EF GPNFOUP EF MB DPPQFSBDJwO DVMUVSBM FOUSF DJVEBEFT EF UPEP FM NVOEP " QFTBS EF RVF MB "HFOEB EF MB $VMUVSB DPOTUJUVZF VO JOTUSVNFOUP EF JOEJTDVUJCMF WPDBDJwO VOJWFSTBM NFSFDF MB QFOB SFDPSEBS RVF MBT DJVEBEFT RVF IBTUB FM NPNFOUP TF IBO NPTUSBEP NgT BDUJWBT UBOUP FO TV SFEBDDJwO JOJDJBM DPNP FO TV BQMJDBDJwO FGFDUJWB NBZPSJUBSJBNFOUF GPSNBO QBSUF EF QBrTFT EF "NnSJDB -BUJOB Z EF &VSPQB %F BIr RVF FO CVFOB NFEJEB TV QBS UJDVMBS BQVFTUB QPS MP RVF QPESrBNPT DPOTJEFSBS DPNP VO OVFWP QBSBEJHNB QBSB MBT SFMBDJPOFT FOUSF DVMUVSB Z EFTBSSPMMP B FTDBMB MPDBM VO QBSBEJHNB B MB WF[ BMUFSOBUJWP Z DPNQMFNFOUBSJP EFM RVF TF EFSJWB EF MPT QSJODJQJPT EF MB $POWFODJwO EF MB %JWFSTJEBE EF VOFTDP SFTVMUF EF FTQFDJBM QFSUJOFODJB %FTEF MB "HFOEB EF MB $VMUVSB TF QMBOUFB FO QSJNFS MVHBS JS NgT BMMg EFM QMBOUFBNJFOUP DPN|ONFOUF BDFQUBEP B QBSUJS EF .POEJBDVMU RVF DPODJCF MB DVMUVSB DPNP VO §GBDUPS EF EFTBSSPMMP¨ TVTDFQUJCMF EF QSPWPDBS USBOTGPSNBDJPOFT EF UJQP FTUSVDUVSBM FO MBT FTGFSBT EF MP TPDJBM MP FDPOwNJDP Z MP UFSSJUPSJBM QBSB USBUBS EF SFGPSNVMBS MB OPDJwO EF §EFTBSSPMMP DVMUVSBM¨ B MB MV[ EF MB OVFWB SFBMJEBE TVTDJUBEB QPS MPT QSPDFTPT EF HMPCBMJ[BDJwO Z

7nBTF IUUQ XXX BHFOEB DVMUVSF OFU

7nBTF IUUQ XXX DJUJFT MPDBMHPWFSONFOUT PSH

4J MB "HFOEB EF MB $VMUVSB DPOTUJUVZF QPS EFDJSMP EF BMH|O NPEP VO CVFO QMBOP P NBQB QBSB MB OBWFHBDJwO EF QSPYJNJEBE TJUVBOEP TVT BDFOUPT NgT EFTUBDBEPT FO FM gNCJUP EFM EFTBSSPMMP MPDBM Z EF MB DPIFTJwO TPDJBM QFSP RVF B NFOVEP SFRVJFSF FM DPODVSTP EF JOT USVNFOUPT DPNQMFNFOUBSJPT EF NBZPS FTDBMB QBSB FM BCPSEBKF EF QSPCMFNBT HMPCBMFT DPO MB $POWFODJwO EF MB %JWFSTJEBE TVDFEF BMHP TJNnUSJDBNFOUF JOWFSTP EBEP RVF TF USBUB EF VO CVFO NBQBNVOEJ P HMPCP UFSSgRVFP QBSB FM BCPSEBKF EF MB EJWFSTJEBE Z MB DPPQFSBDJwO FO MPT OVFWPT FTQBDJPT EF MB EFOPNJOBEB FDPOPNrB DSFBUJWB QMBOUFgOEPTF MB OFDFTJEBE EF JOTUSV NFOUPT EF EJNFOTJwO NgT BEFDVBEB DVBOEP TF USBUB EF IBDFS GSFOUF B SFBMJEBEFT MPDBMFT

DVMUVSB Z EFTBSSPMMP


EJHJUBMJ[BDJwO B HSBO FTDBMB 4JO JODPSQPSBS MBT FTUSBUFHJBT EFM ยงEFTBSSPMMP DVMUVSBMยจ FM EFTBSSPMMP QVFEF BDBCBS TJFOEP QPDP TPTUFOJCMF F JODMVTP DPOUSB EJDUPSJP P DPOUSBQSPEVDFOUF -B USBEJDJPOBM USJMPHrB EF MB TPTUFOJCJMJEBE RVF TPMrB BODMBS MB OPDJwO EF EFTBSSPMMP FO FM NBOFKP TPTUFOJCMF EF MBT EJNFOTJP OFT NFEJPBNCJFOUBM FDPOwNJDB Z TPDJBM EF MB FYJTUFODJB DPMFDUJWB SFRVJFSF IPZ ErB EF VO DVBSUP QJMBS FM EFM EFTBSSPMMP DVMUVSBM TJO FM RVF FM EFTBSSPMMP TF DPOTJEFSB RVF FTUg JODPNQMFUP 4F DPOTUBUB FO FTUF TFOUJEP RVF FM VTP DBEB WF[ NgT SFJUFSBEP EF MB DVMUVSB DPNP ยงSFDVSTPยจ ยฅZB TFB FO GPSNB EF BSHVNFOUP QSFUFYUP P DPBSUBEBยฅ TVTDFQUJCMF EF HFOFSBS JNQPSUBOUFT FYUFS OBMJEBEFT FDPOwNJDBT P VSCBOrTUJDBT ยฅFO VO DPOUFYUP FO FM RVF MB FDPOPNrB EF MP JONBUFSJBM P MP RVF BMHVOPT EFOPNJOBO MB ยงFDPOPNrB EF MB FYQFSJFO DJBยจ +FSFNZ 3JGLJO P FM ยงDBQJUBMJTNP EF ยฏDDJwOยจ 7JDFOUF 7FSE| ยฅ Z FM QSF EPNJOJP EFM WBMPS TJNCwMJDP TPCSF MPT USBEJDJPOBMFT WBMPSFT FDPOwNJDPT EF DBNCJP P EF VTP BMDBO[BO DPUBT IBTUB IBDF QPDP JNQFOTBCMFT RVF DVBOEP OP TF JODPSQPSB VOB FTUSBUFHJB EF ยงEFTBSSPMMP DVMUVSBMยจ QVFT QVFEF BDBCBS QSPWPDBOEP OVFWBT TJUVBDJPOFT EF NBM EFTBSSPMMP P EF EFTBSSPMMP JOTPTUFOJ CMF HFOFSBEPS EF OVFWBT DPOEJDJPOFT EF EFTJHVBMEBE Z EF EJGFSFODJB B USBWnT EFM BCVTP EF BMHP DPNP MB DVMUVSB RVF USBEJDJPOBMNFOUF IB FTUBEP BTPDJBEB B MB DPOTFDVDJwO EF TJUVBDJPOFT NVDIP NgT JHVBMJUBSJBT P KVTUBT &O FTUF TFOUJEP TJUVBS MB OPDJwO EF TPTUFOJCJMJEBE FO FM DFOUSP EF MBT QPMrUJDBT MPDBMFT QBSB MB DVMUVSB TVQPOF B MB MV[ EF MB "HFOEB EF MB $VMUV SB TVQFSBS VO DJFSUP ยงTrOESPNF EF &TUPDPMNPยจ RVF IB WFOJEP BRVFKBOEP B MP MBSHP EF MPT |MUJNPT BvPT UBOUP B DSFBEPSFT DPNP B HFTUPSFT Z SFTQPOTBCMFT QPMrUJDPT EFM SBNP PCTFTJPOBEPT FO EFNPTUSBS RVF MB JOWFSTJwO FO FM gNCJUP EF MB DVMUVSB Z EF MBT BSUFT OP FT QBSB OBEB FDIBS EJOFSP B VO QP[P TJO GPOEP OJ UBO TPMP JOWFSUJS FO BMHP RVF TwMP PGSFDF SFUPSOPT FEVDBUJWPT P FTQJSJUVBMFT B NFEJP P B MBSHP QMB[P TJOP RVF FM EJOFSP RVF TF EFEJDB B MB DVMUVSB QSPEVDF

7nBTF FO FTUF TFOUJEP MB PCSB EF +PO )BXLFT 5IF 'PVSUI 1JMMBS PG 4VTUBJOBCJMJUZ $VMUVSFยชT &TTFOUJBM 3PMF JO 1VCMJD 1MBOOJOH JOTQJSBEPS JOEJTDVUJCMF EF MPT QSJODJQJPT GVOEB NFOUBMFT EF MB "HFOEB

7nBTF MB PCSB EF (FPSHF :|EJDF &M SFDVSTP EF MB DVMUVSB VTPT EF MB DVMUVSB FO MB FSB HMPCBM

"VORVF MBT SFGFSFODJBT TJO EVEB TFBO QPMnNJDBT MPT QVOUPT NgT EnCJMFT EF FNQSFOEJ NJFOUPT BQBSFOUFNFOUF FYJUPTPT DPNP FM $FOUSP (VHHFOIFJN EF #JMCBP JOBVHVSBEP FO VO NVTFP ยงGSBORVJDJBยจ DPODFCJEP DPNP DBUBMJ[BEPS EFM EFTBSSPMMP VSCBOrTUJDP FDPOwNJDP Z EF QPTJDJPOBNJFOUP HMPCBM EF TV FOUPSOP UFSSJUPSJBM TJO JODPSQPSBS VOB FTUSBUFHJB EF ยงEFTB SSPMMP DVMUVSBMยจ FTQFDrยฏDB P FM 'PSVN 6OJWFSTBM EF MBT $VMUVSBT #BSDFMPOB VO BDPOUFDJ NJFOUP DPODFCJEP FO DJFSUB NFEJEB BM NBSHFO EF MBT EJOgNJDBT DVMUVSBMFT EF MB DJVEBE EPOEF TVDFEJw QVFEFO TFSWJS EF FKFNQMP TPCSF FTUF VTP SFMBUJWBNFOUF FTQ|SFP EF MB DVMUVSB DPNP SFDVSTP

$BTJ DJODVFOUB BvPT EF SFMBDJPOFT FOUSF MB DVMUVSB Z FM EFTBSSPMMP EF MB DVMUVSB DPNP GBDUPS EF EFTBSSPMMP BM EFTBSSPMMP DVMUVSBM


QMVTWBMrBT DPOUBOUFT Z TPOBOUFT Z EF FTUB NBOFSB DPNFO[BS B SFDMBNBS ยงRVn IBZ EF MP OVFTUSPยจ P EJDIP EF PUSP NPEP FNQF[BS B QMBOUFBS MB SFWFS TJwO EF VOB QBSUF TJHOJยฏDBUJWB EF MBT QMVTWBMrBT RVF MB DVMUVSB HFOFSB FO MB QSPUFDDJwO Z MB NFKPSB EFM FDPTJTUFNB DVMUVSBM FO HFOFSBM Z EF VO NPEP FTQFDJBM EF MPT RVF TJO OJOHVOB EVEB DPOTUJUVZFO MPT EPT QPMPT JNQSFTDJO EJCMFT EF UPEB EJOgNJDB DVMUVSBM FM QPMP EF MB DSFBDJwO EPOEF TF BDVNVMB FM DBQJUBM DVMUVSBM FWJUBOEP TV EJMBQJEBDJwO F JODMVTP TV FWFOUVBM GVHB IBDJB PUSPT UFSSJUPSJPT EPOEF FM SFDPOPDJNJFOUP QVEJFSB TFS FO UFPSrB NgT GBDUJCMF Z FM QPMP EF MB DJVEBEBOrB EPOEF FM DBQJUBM DVMUVSBM NFEJBOUF NFDBOJTNPT EF BQSPQJBDJwO EFCJEB TF DPOWJFSUF FO HFOFSBEPS EF ยงDBQJUBM TPDJBMยจ DPN QFOTBOEP MBT EFTJHVBMEBEFT DVMUVSBMFT EF MB NFKPS GPSNB QPTJCMF Z FWJUBOEP RVF MB JOIFSFOUF GVODJwO EF EJTUJODJwO EF MB DVMUVSB DPOUSJCVZB B NBZPSFT GSBDUVSBT TPDJBMFT FO CBTF B MB EJGFSFODJB Z MB EFTJHVBMEBE JOWJSUJFOEP QPS FYQSFTBSMP EF VOB GPSNB NgT P NFOPT HSgยฏDB FM BSDP USBEJDJPOBM EF MBT QPMrUJDBT MPDBMFT QBSB MB DVMUVSB RVF UJFOEF B QSJWJMFHJBS MB ยงEJGVTJwO DVMUVSBMยจ DPNP MB FTUSBUFHJB NgT JNQPSUBOUF SFMFHBOEP B VOB QPTJDJwO TVCTJEJBSJB MB BUFODJwO BM QPMP EF MB DSFBDJwO Z BM QPMP EF MB DJVEBEBOrB F JOUFOUBOEP KVTUBNFOUF UPEP MP DPOUSBSJP -MFHBOEP B FTUF QVOUP SFTVMUB JOEJTDVUJCMF RVF VOB BQSPYJNBDJwO SF MBUJWBNFOUF FDPTJTUnNJDB B MBT QPMrUJDBT QBSB MB DVMUVSB DPNP FM RVF FO DJFS UP NPEP TF EFTQSFOEF EF MB "HFOEB EF MB $VMUVSB JOBVHVSB VOB OVFWB DBUFHPSrB EF DPNQSPNJTPT Z SFTQPOTBCJMJEBEFT QBSB BRVFMMPT RVF EFTEF TV DPUJEJBOP RVFIBDFS UnDOJDP P QPMrUJDP TF EFTFNQFvBO DPNP SFTQPOTBCMFT EF UBMFT QPMrUJDBT &T FO FTUF TFOUJEP RVF TJO OJOHVOB QSFUFOTJwO EF FYIBVTUJWJ EBE TF EFUBMMBO BDUP TFHVJEP BMHVOPT EF FMMPT ย -B TrOUFTJT OFDFTBSJB FOUSF MB DVMUVSB DPODFCJEB FO TV TFOUJEP BO USPQPMwHJDP Z MB DVMUVSB DPODFCJEB FO TV TFOUJEP BSUrTUJDP .gT BMMg EFM FTUnSJM EFCBUF TPCSF MB TVQSFNBDrB EF MP VOP TPCSF MP PUSP P WJDFWFSTB BRVFMMP RVF IPZ ErB BERVJFSF VOB EJNFOTJwO FTUSBUnHJDB FT UBOUP FM MVHBS EFM BSUF Z EF MPT BSUJTUBT FO MB DSFBDJwO EF OVFWPT

*ODMVTP VOB JOTUJUVDJwO UBO TJHOJยฏDBUJWB DPNP FM #BODP .VOEJBM PSHBOJ[w DPOKVOUBNFOUF DPO VOFTDP FO MB DJVEBE EF 7FOFDJB FO FM BvP VO HSBO FWFOUP TPCSF FM UFNB CBKP FM UrUVMP EF $VMUVSF $PVOUT 7nBTF IUUQ VOFTEPD VOFTDP PSH JNBHFT NC QEG

7nBTF MB PCSB EF /nTUPS (BSDrB $BODMJOJ %JGFSFOUFT EFTJHVBMFT Z EFTDPOFDUBEPT

"VORVF QVFEB QBSFDFS BOFDEwUJDP SFTVMUB FMPDVFOUFNFOUF TJHOJยฏDBUJWB FO FTUF TFOUJEP MB QPS EFTHSBDJB DBEB WF[ NgT GSFDVFOUF HFOFSBMJ[BDJwO EF MB EFOPNJOBDJwO EF ยงQSPHSBNBEPSยจ DPNP DBUFHPSrB TJOwOJNB Z TJO NBUJDFT DPO SFTQFDUP B MBT NgT USBEJDJPOBMFT EF ยงHFTUPSยจ ยงNF EJBEPSยจ P ยงBOJNBEPS DVMUVSBMยจ

DVMUVSB Z EFTBSSPMMP


TFOUJEPT TJHOJ¯DBEPT Z SFBMJEBEFT TPDJBMFT DPNP MB QVFTUB FO WB MPS Z FM EFTBSSPMMP EF MB EJNFOTJwO TJNCwMJDB P SJUVBM EF N|MUJQMFT QSgDUJDBT DPUJEJBOBT Â… -B OFDFTJEBE EF BSUJDVMBS EF VO NPEP SBEJDBMNFOUF EJTUJOUP MB SFMBDJwO FOUSF MBT QPMrUJDBT F JOJDJBUJWBT DVMUVSBMFT EF QSPYJNJEBE Â¥ GVFSUFNFOUF BSSBJHBEBT FOUSF MB DJVEBEBOrB QFSP DPO VOB TJOHV MBSJEBE WJTJCJMJEBE Z QSPZFDDJwO FYUFSJPS FTDBTB P OVMB Â¥ Z MBT QP MrUJDBT F JOJDJBUJWBT DVMUVSBMFT EF FYDFMFODJB Â¥ DBQBDFT EF QSPZFDUBS FM MVHBS NgT BMMg EF TV UFSSJUPSJP QFSP B NFOVEP DVFTUJPOBEBT P JO DMVTP EFTQSFDJBEBT QPS TFDUPSFT TJHOJ¯DBUJWPT EF MB DJVEBEBOrB¦ $JVEBEFT DPNP FO 'SBODJB -JMMF DPO FM FKFNQMBS QMBOUFBNJFOUP EF TV DBQJUBMJEBE FVSPQFB EF MB DVMUVSB FO FM BvP P .BSTFMMB GVUVSB DBQJUBM FVSPQFB EF MB DVMUVSB FO FM BvP P (MBTHPX FO &TDPDJB RVF GVF UBNCJnO DBQJUBM FVSPQFB EF MB DVMUVSB FO FM BvP P BM PUSP MBEP EFM "UMgOUJDP .FEFMMrO FO $PMPNCJB P 3PTBSJP FO "SHFOUJOB IB EFNPTUSBEP SFDJFOUFNFOUF DPO FMPDVFODJB DwNP FT QPTJCMF DPOTUSVJS EF PUSP NPEP MB FYDFMFODJB B QBSUJS EF MB QSPYJ NJEBE Z MB QSPYJNJEBE B QBSUJS EF MB FYDFMFODJB Â… &T QSFDJTP TJUVBS FO FM DFOUSP EF MB BDDJwO JOTUJUVDJPOBM FM EFTBSSP MMP EF FTUSBUFHJBT QBSB MB HFOFSBDJwO EF DJVEBEBOrB DVMUVSBM BDUJWB Z PSHBOJ[BEB " NFOVEP DVBOEP EFTEF MBT QPMrUJDBT MPDBMFT QBSB MB DVMUVSB TF IBCMB EF MB §TPDJFEBE DJWJM¨ FO SFBMJEBE TF BDBCB IBDJFO EP SFGFSFODJB TPMBNFOUF B MPT HSFNJPT Z DPMFDUJWPT QSPGFTJPOBMFT PSHBOJ[BEPT -B WP[ EF MPT DJVEBEBOPT Z DJVEBEBOBT DVMUVSBMNFO UF BDUJWPT TJHVF TJFOEP MB HSBO BVTFOUF FO FTUF QBOPSBNB %FM NJT NP NPEP RVF MB FYJTUFODJB EF VOB PQJOJwO Q|CMJDB JEFOUJ¯DBEB Z PSHBOJ[BEB IB TJEP VOB DPOEJDJwO JOEJTQFOTBCMF QBSB MB MFHJUJNB DJwO EF PUSPT gNCJUPT EF MB BDDJwO Q|CMJDB DPNP FM GFNJOJTNP FM NFEJBNCJFOUBMJTNP P FM QBDJ¯TNP Â¥IBTUB FM QVOUP RVF NVDIPT BSUJTUBT Z DSFBEPSFT TVFMFO QSFTUBS BQPZP B UBMFT DBVTBT DVBOEP QB SBEwKJDBNFOUF QFSNBOFDFO BKFOPT P JOTFOTJCMFT B DBVTBT BOgMPHBT EFM gNCJUP EF MB DVMUVSBÂ¥ FM GVUVSP EF VOB OVFWB DPODFQDJwO EF MBT QPMrUJDBT DVMUVSBMFT QBTB B OVFTUSP NPEP EF WFS FO CVFOB NFEJEB QPS MB DPOTUSVDDJwO FYJUPTB EF EJDIB WP[ DJWJM IPZ ErB BVTFOUF

$BCF EFTUBDBS B NPEP EF FKFNQMP RVF FO MB DPNQPTJDJwO EF MB QSgDUJDB UPUBMJEBE EF MBT §DPB MJDJPOFT OBDJPOBMFT¨ B GBWPS EF MB EJWFSTJEBE RVF FO TV ErB FKFSDJFSPO VOB MBCPS JOEJTDVUJCMF FO MB TFOTJCJMJ[BDJwO QPMrUJDB Z TPDJBM FO UPSOP B MB OFDFTJEBE EF VOB $POWFODJwO EF MB %JWFSTJEBE SBSBNFOUF IBO FTUBEP QSFTFOUFT BDUPSFT EJTUJOUPT B MBT IBCJUVBMFT BTPDJBDJPOFT QSPGFTJPOBMFT HSFNJBMFT P TJOEJDBMFT Z MBT TPDJFEBEFT EF HFTUJwO EF MPT EFSFDIPT EF MPT BVUPSFT Z DSFBEPSFT

$BTJ DJODVFOUB BvPT EF SFMBDJPOFT FOUSF MB DVMUVSB Z FM EFTBSSPMMP EF MB DVMUVSB DPNP GBDUPS EF EFTBSSPMMP BM EFTBSSPMMP DVMUVSBM


Â… 4F JNQPOF EFM NJTNP NPEP BWBO[BS IBDJB OVFWBT GPSNBT EF BCPSEBKF EF MB EJWFSTJEBE Z FM EJgMPHP JOUFSDVMUVSBM JOTQJSBEBT FO DVFTUJPOFT IPZ FO ErB DSVDJBMFT DPNP FM IFDIP EF RVF MB JEFOUJEBE FO FM NBSDP EF MBT QPMrUJDBT QBSB MB DVMUVSB ZB OP WB B TFS NgT VOB QSFDPOEJDJwO EFUFSNJOBOUF Z EFUFSNJOBEB TJOP NgT CJFO VOB EJNFOTJwO GVOEBNFOUBM EF TV QSPZFDUP RVF FM FOGPRVF NVMUJDVM UVSBM CBTBEP FO FM SFDPOPDJNJFOUP Z MB MFHJUJNBDJwO EF UPEBT Z DBEB VOB EF MBT DVMUVSBT FYJTUFOUFT FO VO UFSSJUPSJP EFUFSNJOBEP OP EFCF FTUBS SFvJEP BOUFT BM DPOUSBSJP DPO MB DSFBDJwO EF DPOEJ DJPOFT QBSB MB JOUFSDVMUVSBMJEBE FOUSF MBT DPNVOJEBEFT QPSUBEPSBT EF MBT SFTQFDUJWBT DVMUVSBT RVF MB OPDJwO EF EJWFSTJEBE FT FO Tr NJTNB §EJWFSTB¨ QVFTUP RVF QPDP P OBEB UJFOFO RVF WFS MBT TJUVB DJPOFT EFSJWBEBT EF MB EJWFSTJEBE nUOJDB MJOH rTUJDB P NJHSBUPSJB Z FO EF¯OJUJWB RVF VOP EF MPT HSBOEFT SFUPT EF GVUVSP EF MBT QPMrUJ DBT Q|CMJDBT FT MPHSBS HBSBOUJ[BS UBOUP FM §EFSFDIP B MB EJGFSFODJB¨ DPNP FM MMBNBEP §EFSFDIP B MB JOEJGFSFODJB¨ DPNP DPOEJDJwO GVOEB NFOUBM QBSB MB DJVEBEBOrB DPOUFNQPSgOFB 'JOBMNFOUF Z B NBOFSB EF DPMPGwO OP TwMP EF MBT BQPSUBDJPOFT RVF TF EFTQSFOEFO EF MB "HFOEB EF MB $VMUVSB TJOP UBNCJnO EF MPT SBTHPT QPUFO DJBMFT EF VO OVFWP QBSBEJHNB RVF BSUJDVMF MBT OPDJPOFT EF DVMUVSB Z EFTB SSPMMP DPOWJFOF EFTUBDBS MB JNQPSUBODJB EFM FKFSDJDJP EF §QFOTBS MPDBMNFOUF¨ DPNP VOB UBSFB SBEJDBMNFOUF OVFWB F JOFRVrWPDBNFOUF JNQSFTDJOEJCMF QBSB FM JONFEJBUP GVUVSP EFM HPCJFSOP EF MBT DJVEBEFT &M UFSSJUPSJP NVOJDJQBM FO VO QSJODJQJP GVF FM FTDFOBSJP EF MB §BDDJwO MPDBM¨ QPS BOUPOPNBTJB MP RVF FO TV ErB DPOTUJUVZw FM RVFIBDFS QSJNPSEJBM EF TVT JOTUJUVDJPOFT &M JNQFSBUJWP EF §BDUVBS MPDBMNFOUF¨ TF DPNQMFNFOUw EF NBOFSB QBVMBUJOB DPO MB OFDF TJEBE EF §QFOTBS HMPCBMNFOUF¨ Z FM TVSHJNJFOUP EF OVFWPT JOTUSVNFOUPT EF DPNVOJDBDJwO KVOUP B MB FNFSHFODJB EF OVFWBT GPSNBT EF DPPQFSBDJwO FO SFE EJP QBTP B MB QPTJCJMJEBE EF BCPSEBS VOB OVFWB UBSFB MB EF §BDUVBS HMPCBMNFOUF¨ 1FSP IPZ FO ErB OP TwMP FT QPTJCMF TJOP UBNCJnO OFDFTBSJP EBS VO QBTP NgT DPO FM QSPQwTJUP EF RVF MBT DJVEBEFT BOUF MBT BNFOB[BT EF MB VSCBOJ[BDJwO NBTJWB Â¥ NgT EF MB NJUBE EF MB QPCMBDJwO NVOEJBM WJWF ZB FO DJVEBEFT Â¥ Z FM SJFTHP EF RVF MP MPDBM TFB DPOTJEFSBEP TPMBNFOUF DPNP FM FTDFOBSJP EF MB NBZPS QBSUF EF MPT DPO°JDUPT Z QSPCMFNBT HMPCBMFT EFNVFT USFO RVF FM §QFOTBS MPDBMNFOUF¨ DPOTUJUVZF MB |OJDB GPSNB EF MPHSBS RVF MBT DJVEBEFT TFBO UBNCJnO FM MBCPSBUPSJP EF TPMVDJPOFT DSFBUJWBT Z BEFDVBEBT B EJDIPT QSPCMFNBT HMPCBMFT -B DVMUVSB FO CVFOB NFEJEB DPOTUJUVZF MB TrO UFTJT EFM QFOTBNJFOUP MPDBM NgT HFOVJOP : MB DPPQFSBDJwO EFTDFOUSBMJ[BEB B MP MBSHP EF MPT QSwYJNPT BvPT WB B FTUBS CBTBEB UBOUP FO MBT USBEJDJPOBMFT DVMUVSB Z EFTBSSPMMP


USBOTGFSFODJBT EF SFDVSTPT F JOUFSDBNCJPT EF QSPGFTJPOBMFT Z EF JOGPSNBDJP OFT DPNP FO MB DPOTUSVDDJwO DPNQBSUJEB EF JOTUSVNFOUPT QBSB FOGSFOUBSTF BM FKFSDJDJP EF §QFOTBS MPDBMNFOUF¨ EFTEF MBT DJVEBEFT DPO NgT Z NFKPSFT DPOEJDJPOFT EF nYJUP

CJCMJPHSBGrB #BTTBOE .JDIFM $VMUVSB Z SFHJPOFT EF &VSPQB #BSDFMP OB 0JLwT 5BV (BSDrB $BODMJOJ /nTUPS %JGFSFOUFT EFTJHVBMFT Z EFTDP OFDUBEPT #BSDFMPOB (FEJTB )BXLFT +PO 5IF 'PVSUI 1JMMBS PG 4VTUBJOBCJMJUZ $VMUVSFªT &TTFOUJBM 3PMF JO 1VCMJD 1MBOOJOH .FMCPVSOF $PNNPO (SPVOE $VMUV SBM %FWFMPQNFOU /FUXPSL 1nSF[ EF $VnMMBS +BWJFS Z "SJ[QF -PVSEFT DPPSET /VFT USB EJWFSTJEBE DSFBUJWB *OGPSNF EF MB $PNJTJwO .VOEJBM EF $VMUVSB Z %FTBSSPMMP .BESJE VOFTDP 7FSTJwO FTQBvPMB EFM DBQrUVMP *O GSPN UIF NBSHJOT 4VFvPT F JEFOUJEBEFT 6OB BQPSUBDJwO BM EFCBUF TPCSF DVMUVSB Z EFTBSSPMMP FO &VSPQB #BSDFMPOB 1FOrOTVMB *OUFSBSUT 1PVKPM (FOFWJoWF -ªnEVDBUJPO QPQVMBJSF IJTUPJSFT FU QPVWPJST 1BSrT -FT nEJUJPOT PVWSJoSFT DPM 1PMJUJRVF TPDJBMF VOFTDP *OGPSNF NVOEJBM TPCSF MB DVMUVSB DVMUVSB DSFBUJWJEBE Z NFSDBEPT 1BSrT VOFTDP VOFTDP *OGPSNF NVOEJBM TPCSF DVMUVSB EJWFS TJEBE DVMUVSBM DPO°JDUP Z QMVSBMJTNP 1BSrT VOFTDP :|EJDF (FPSHF &M SFDVSTP EF MB DVMUVSB VTPT EF MB DVMUV SB FO MB FSB HMPCBM #BSDFMPOB (FEJTB

4JNQMFNFOUF DPNP CPUwO EF NVFTUSB EF MBT QPTJCJMJEBEFT EFM §QFOTBS MPDBMNFOUF¨ DBCF EFTUBDBS BRVr FM FKFSDJDJP FNQSFOEJEP QPS MB $PNJTJwO EF $VMUVSB EF MB 'FEFSBDJwO &TQBvPMB EF .VOJDJQJPT Z 1SPWJODJBT GFNQ B MP MBSHP EFM QFSrPEP PSJFOUBEP B DPOTUSVJS VO TJTUFNB EF JOEJDBEPSFT QBSB FWBMVBS FM JNQBDUP B FTDBMB MPDBM EF MB "HFOEB EF MB $VMUVSB EBOEP DVNQMJNJFOUP B MP RVF FO FM BSUrDVMP EF MB QSPQJB "HFOEB TF JOEJDB FO SFMBDJwO DPO MB OFDFTJEBE EF§SFBMJ[BS VOB QSPQVFTUB EF TJTUFNB EF JOEJDBEPSFT DVMUVSBMFT RVF En DVFOUB EFM EFTQMJFHVF EF FTUB "HFOEB EF MB $VMUVSB B QBSUJS EF NnUPEPT HFOFSBMFT EF NBOFSB RVF TF QVFEB GBDJMJUBS FM TFHVJNJFOUP Z MB DPNQBSBCJMJEBE¨ 7nBTF FO FTUF TFOUJEP IUUQ XXX GFNQ FT JOEFY QIQ GFNQ OPUJDJBT EPDVNFOUPT

$BTJ DJODVFOUB BvPT EF SFMBDJPOFT FOUSF MB DVMUVSB Z FM EFTBSSPMMP EF MB DVMUVSB DPNP GBDUPS EF EFTBSSPMMP BM EFTBSSPMMP DVMUVSBM


%FTBSSPMMP Z DVMUVSB EFTEF MB QFSTQFDUJWB EFM %FQBSUBNFOUP /BDJPOBM EF 1MBOFBDJwO EF $PMPNCJB 1PS &TUFCBO 1JFESBIJUB 6SJCF

&O MB QFMrDVMB &M UFSDFS IPNCSF VOP EF MPT QSPUBHPOJTUBT JOUFSQSFUBEP QPS 0STPO 8FMMFT QSPOVODJB VOB GSBTF BDVvBEB QPS FM QSP QJP 8FMMFT RVF IPZ ZB FT MFHFOEBSJB FOUSF MPT DJOn¯MPT §&O *UBMJB EVSBOUF USFJOUB BvPT CBKP MPT #PSHJB IVCP HVFSSBT UFSSPS Z NVFSUF QFSP QSPEVKFSPO B .JHVFM ¸OHFM -FPOBSEP EB 7JODJ Z FM 3FOBDJNJFOUP &O 4VJ[B IBO WJWJEP FO BNPS GSBUFSOBM QB[ Z EFNPDSBDJB QPS BvPT ¥ Z RVn QSPEVKFSPO &M SFMPK DVD|¨ 1BSB VO DPMPNCJBOP OP FT EJGrDJM JEFOUJ¯DBSTF DPO FTUB GSBTF /VFT USP QBrT QPS TV EJWFSTJEBE nUOJDB TV BDDJEFOUBEB HFPHSBGrB RVF GBDJMJUw FM TVSHJNJFOUP EF VOB HSBO WBSJFEBE EF NBOJGFTUBDJPOFT DVMUVSBMFT SFHJPOBMFT EJGFSFOUFT Z QPS RVn OP QPS TV DPOWVMTJPOBEB IJTUPSJB FT VOB QPUFODJB DVMUVSBM FO DJFSOFT &O NFOPT EF NFEJP TJHMP QSPEVKJNPT B (BCP B #PUFSP Z B 4IBLJSB QPS OP NFODJPOBS B UBOUPT PUSPT DSFBEPSFT Z BSUJTUBT EF UBMMB JOUFSOBDJPOBM FOUSF FMMPT NVDIPT RVF QFSNBOFDFO FO FM SFMBUJWP EFTDPOPDJ NJFOUP DPNP MPT CBJMBSJOFT DBMFvPT FUFSOPT DBNQFPOFT FO MPT NVOEJBMFT EF CBJMF EF TBMTB UBOHP Z DVBMRVJFS HnOFSP RVF MFT UPRVFO )BDF VOB WFJOUFOB EF BvPT nSBNPT JNQPSUBEPSFT EF UFMFOPWFMBT N|TJDB Z QFMrDVMBT NFYJDBOBT BSHFOUJOBT Z WFOF[PMBOBT )PZ TPNPT VOP EF TPMP DVBUSP QBrTFT MBUJOPBNFSJ DBOPT FYQPSUBEPSFT OFUPT EF CJFOFT DVMUVSBMFT : UPEP FTUP B QFTBS EF RVF EFTEF FM &TUBEP Z MB TPDJFEBE DPMPNCJBOB IFNPT FOGPDBEP MB DVMUVSB QSJNPSEJBMNFOUF DPNP VOB BDUJWJEBE NFSJUPSJB EF EgEJWBT QSJWBEBT Z Q|CMJDBT DPNP TJO EVEB MP FT Z OP DPNP VO ErOBNP QPUFODJBM EF EFTBSSPMMP $PO DPOUBEBT FYDFQDJPOFT MB JNBHFO RVF TPMFNPT IBDFSOPT EF RVJFOFT TF EFEJDBO B DPNQPOFS DBODJPOFT FTDSJCJS MJCSPT QJO UBS DVBESPT SFBMJ[BS QFMrDVMBT EJSJHJS VO HSVQP EF EBO[B P NPOUBS VOB PCSB EF UFBUSP FT MB EF QFSTPOBT SJDBT FO JOTQJSBDJwO Z TFOTJCJMJEBE QFSP DPO VOB DVMUVSB Z EFTBSSPMMP


FTDBTB QSPCBCJMJEBE EF HBOBSTF MB WJEB DPO TV UBMFOUP Z NVDIP NFOPT EF HFOFSBS DPO FMMBT JOHSFTPT Z FNQMFPT FTUBCMFT QBSB TVT DPODJVEBEBOPT 4JO FNCBSHP MBT BDUJWJEBEFT CBTBEBT FO MB DSFBUJWJEBE TF IBO JEP DPO WJSUJFOEP FO VOP EF MPT TFDUPSFT NgT EJOgNJDPT EF MB FDPOPNrB NVOEJBM &O MBT |MUJNBT USFT EnDBEBT MBT JOEVTUSJBT DVMUVSBMFT Z DSFBUJWBT IBO JODSFNFO UBEP EF NBOFSB FYQPOFODJBM TV DPOUSJCVDJwO BM DSFDJNJFOUP FDPOwNJDP Z B MB HFOFSBDJwO EF FNQMFP UBOUP FO QBrTFT EFTBSSPMMBEPT DPNP FO EFTBSSPMMP 4FH|O FM NgT SFDJFOUF SFQPSUF EF FDPOPNrB DSFBUJWB EF MB VODUBE TF DBMDVMB RVF FO MB BDUVBMJEBE FTUF TFDUPS SFQSFTFOUB BMSFEFEPS EFM TJFUF QPS DJFOUP EF MB QSPEVDDJwO FDPOwNJDB NVOEJBM DPO VOB QSPZFDDJwO EF DSFDJ NJFOUP QSPNFEJP BOVBM DFSDBOP BM EJF[ QPS DJFOUP QBSB FTUF SBNP FO MPT BvPT WFOJEFSPT &O DVBOUP B MBT FYQPSUBDJPOFT FTUgO BMSFEFEPS EF NJMFT EF NJMMPOFT EF EwMBSFT FO 1BSB $PMPNCJB MBT JOEVTUSJBT DSFBUJWBT BQPSUBO BM QJC Z BM FNQMFP EF BDVFSEP BM FTUVEJP SFBMJ[BEP QPS 0SHBOJ[BDJwO .VOEJBM EF 1SP QJFEBE *OUFMFDUVBM FO -B JOWFSTJwO IJTUwSJDB FO FM TFDUPS DVMUVSB FOUSF Z IB NBOUFOJEP VOB UFOEFODJB DSFDJFOUF QBTBOEP EF NJMMPOFT EF QFTPT DPOTUBOUFT FO B NJMMPOFT EF QFTPT FO $PO FM QSFTVQVFTUP EF JOWFSTJwO QBSB FM TF MPHSBSg JOUFSWFOJS CJFOFT EF JOUFSnT DVMUVSBM QSJPSJ[BEPT TF CFOF¯DJBSgO OJvPT FO MBT FTDVFMBT EF N|TJDB EFM QMBO /BDJPOBM EF .|TJDB QBSB MB $POWJWFODJB TF EPUBSgO CBOEBT NVTJDBMFT TF WJODVMBSgO BSUJTUBT Z EPDFOUFT FO MPT QSPDFTPT EF GPSNBDJwO DPOUJOVBEB EFOUSP EFM 1MBO /BDJPOBM EF "SUFT UBNCJnO TF MPHSB SgO CFOF¯DJPT QBSB PSHBOJ[BDJPOFT EF EBO[B Z EPUBDJwO Z GPSUBMFDJNJFO UP EF CJCMJPUFDBT EFOUSP EFM 1MBO /BDJPOBM EF -FDUVSB &M QPUFODJBM FDPOwNJDP EF FTUF TFDUPS FT DMBSP FO NBUFSJB EF HFOFSB DJwO EF FNQMFPT EJHOPT §WFSEFT¨ Z RVF OP SFRVJFSFO EFM BDPNQBvBNJFOUP EF HSBOEFT SFDVSTPT EF DBQJUBM QFSP OP NFOPT FWJEFOUFT TPO TVT §FYUFSOBMJ EBEFT¨ QPTJUJWBT FO NBUFSJB EF DPIFTJwO TPDJBM QPUFODJBMJ[BDJwO EF HSVQPT NBSHJOBEPT Z FOSJRVFDJNJFOUP FTQJSJUVBM 1FSP QBSB RVF OVFTUSB SJRVF[B DVMUVSBM TF DPOWJFSUB FO VOB GVFOUF EF FNQMFP Z QSPTQFSJEBE QBSB NgT DP MPNCJBOPT TF SFRVJFSF EF BDDJPOFT BNCJDJPTBT FO EJWFSTPT GSFOUFT 6OP EF FMMPT FT QPS TVQVFTUP MB QSPUFDDJwO EF MPT EFSFDIPT EF BVUPS 1FSP UBNCJnO TF OFDFTJUB CSJOEBSMF B MPT DSFBEPSFT Z FNQSFOEFEPSFT DVMUVSBMFT VOB TFSJF EF BQPZPT RVF WBO EFTEF VOB NFKPS GPSNBDJwO QSPGFTJPOBM Z UnDOJDB IBTUB FM EFTBSSPMMP EF NFDBOJTNPT BQSPQJBEPT EF ¯OBODJBDJwO ˜QPS RVn OP QFOTBS

$GS VODUBE *OGPSNF TPCSF MB &DPOPNrB $SFBUJWB %JTQPOJCMF FO IUUQ XXX VODUBE PSH TQ EPDT EJUD DFSPWFSWJFX@TQ QEG

%FTBSSPMMP Z DVMUVSB EFTEF MB QFSTQFDUJWB EFM %FQBSUBNFOUP /BDJPOBM EF 1MBOFBDJwO EF $PMPNCJB


FO VO GPOEP EF JOWFSTJwO FO FNQSFTBT DSFBUJWBT DPO DBQJUBM TFNJMMB Z BTFTP SrB EF QFSTPOBT DPNP +VBOFT 4PGrB 7FSHBSB Z .BSUIB 4FOO Z MB HFOFSBDJwO EF NgT FTQBDJPT Z DBOBMFT QBSB MB EJTUSJCVDJwO MB FYIJCJDJwO Z FM JOUFSDBN CJP EF QSPEVDUPT Z TFSWJDJPT DVMUVSBMFT &O FM 3FJOP 6OJEP MB QSPNPDJwO EF MBT JOEVTUSJBT DVMUVSBMFT IB TJEP VOB CBOEFSB QFSNBOFOUF EF MPT |MUJNPT HPCJFSOPT MBCPSJTUBT 7BSJBT FTUSB UFHJBT FTUBUBMFT MMFWBEBT B MB QSgDUJDB DPO FM BQPZP EF FNQSFTBT DVMUVSBMFT DPOTPMJEBEBT ¥TFMMPT EJTDPHSg¯DPT QSPEVDUPSBT EF DJOF Z UFMFWJTJwO DFOUSPT BDBEnNJDPT DPNQBvrBT UFBUSBMFT¥ IBO GPNFOUBEP FM FNQSFOEJNJFOUP DVMUV SBM Z MF IBO BZVEBEP B -POESFT B SFDVQFSBS TV MVHBS DPNP FQJDFOUSP EFM BSUF Z MB DVMUVSB NVOEJBMFT 5BO JNQPSUBOUF FT FM TFDUPS QBSB FM HPCJFSOP CSJUgOJ DP RVF UJFOF VO 4VC TFDSFUBSJP EF &TUBEP QBSB *OEVTUSJBT $SFBUJWBT Z EFTEF FTUF BvP FNQF[BSg B PSHBOJ[BS FM 8PSME $SFBUJWF #VTJOFTT $POGFSFODF FM DVBM FTQFSB DPOWFSUJSTF FO FM FRVJWBMFOUF QBSB MBT JOEVTUSJBT DVMUVSBMFT EFM 'PSP &DPOwNJDP .VOEJBM EF %BWPT &O OVFTUSB SFHJwO FOUJEBEFT DPNP FM #BODP *OUFSBNFSJDBOP EF %FTB SSPMMP ¥CJE¥ FTUgO FODPOUSBOEP FO MBT JOEVTUSJBT DVMUVSBMFT VOB BMUFSOBUJWB QBSB QSPNPWFS FM EFTBSSPMMP TPDJBM Z FDPOwNJDP EF MPT DFOUSPT VSCBOPT $PO FTUF FOGPRVF FM CJE QPS NFEJP EF TV 'POEP .VMUJMBUFSBM EF *OWFSTJPOFT IB BQPZBEP QSPHSBNBT EF GPSUBMFDJNJFOUP EF MBT FNQSFTBT DVMUVSBMFT Z EF MBT JOTUJUVDJPOFT EF GPNFOUP FO 2VJUP Z FO $BMJ &TUPT QSPZFDUPT TFSWJSgO DPNP QJMPUP QBSB MVFHP SFQMJDBS MB FYQFSJFODJB FO PUSBT DJVEBEFT EF -BUJOPBNnSJ DB -B FMFDDJwO EF $BMJ FT JOUFSFTBOUF QPSRVF B EJGFSFODJB EF MB DBQJUBM FDVB UPSJBOB MB DJVEBE OP DVFOUB DPO VO QBUSJNPOJP IJTUwSJDP Z BSRVJUFDUwOJDP JNQPSUBOUF &O DBNCJP MB KVTUJ¯DBDJwO EFM QSPZFDUP EFTUBDB §FM SFDPOPDJEP UBMFOUP DSFBUJWP Z DVMUVSBM EF MB QPCMBDJwO DBMFvB¨ RVF TF FYQSFTB FO NBOJ GFTUBDJPOFT UBO EJWFSTBT DPNP MB TBMTB FM DJOF Z MB BOJNBDJwO EJHJUBM &M .JOJTUFSJP EF $VMUVSB QPS TV QBSUF JNQVMTBSg FTUF BvP QSPZFDUPT TJNJMBSFT FO PUSBT DJVEBEFT EFM QBrT FO DPOKVOUP DPO FOUJEBEFT UFSSJUPSJBMFT Q|CMJDBT Z QSJWBEBT EFOUSP EF TV QPMrUJDB EF BQPZP BM FNQSFOEJNJFOUP DVM UVSBM 1PS FM BMDBODF EF MPT QSPDFTPT JOWPMVDSBEPT FO MB DSFBDJwO QSPEVDDJwO EJTUSJCVDJwO FYIJCJDJwO Z DPOTVNP EF CJFOFT Z TFSWJDJPT DVMUVSBMFT nTUF OP QVFEF TFS VO FTGVFS[P BJTMBEP TF SFRVJFSF EF MB EF¯OJDJwO EF VOB QPMrUJDB OBDJPOBM EF DBSgDUFS USBOTWFSTBM Z EFM DPNQSPNJTP EF EJWFSTBT FOUJEBEFT Q|CMJDBT Z QSJWBEBT $PO FTUF ¯O EFOUSP EFM 4JTUFNB /BDJPOBM EF $PNQFUJUJWJEBE TF DPO GPSNw FM $PNJUn 5nDOJDP EF *OEVTUSJBT $VMUVSBMFT RVF DPPSEJOBSg FM USBCBKP JOUFSTFDUPSJBM BMSFEFEPS EF MB QSPNPDJwO EF MBT BDUJWJEBEFT DSFBUJWBT DPO QP UFODJBM EF DPOWFSUJSTF FO TFDUPSFT EJOgNJDPT EF MB FDPOPNrB DPMPNCJBOB &M DPNJUn RVF JOJDJw MBCPSFT FM EF BHPTUP QSFTJEJEP QPS FM 7JDFQSFTJEFOUF EF DVMUVSB Z EFTBSSPMMP


MB 3FQ|CMJDB 'SBODJTDP 4BOUPT $BMEFSwO DVFOUB DPO DJODP NFTBT EF USBCBKP BSUFTBOrBT BOJNBDJwO EJHJUBM Z WJEFPKVFHPT FEJUPSJBM BVEJPWJTVBMFT Z BSUFT " OJWFM SFHJPOBM EJGFSFOUFT EFQBSUBNFOUPT UJFOFO DPNP BQVFTUB MBT JOEVT USJBT DSFBUJWBT FT FM DBTP EF "OUJPRVJB DPO BVEJPWJTVBMFT Z EJTFvP 7BMMF DPO EBO[B Z CBJMF #PHPUg $VOEJOBNBSDB DPO DJOF Z BOJNBDJwO EJHJUBM /BSJvP DPO FM UVSJTNP DVMUVSBM FOUSF PUSPT $PO UPEBT FTUBT BDDJPOFT TF FTQFSB HFOFSBS MBT DPOEJDJPOFT QBSB EJOB NJ[BS FM USBCBKP DSFBUJWP DPOWFSUJS BM TFDUPS DVMUVSBM FO VO NBZPS HFOFSBEPS EF JOHSFTPT FNQMFP Z CJFOFTUBS Z GPSUBMFDFS DPO TV QSPZFDDJwO MB JNBHFO F JEFOUJEBE EF $PMPNCJB FO UPEP FM NVOEP 1BSB MPHSBS RVF UPEP FTUP TF MMFWF B CVFO UnSNJOP FT OFDFTBSJP EBS SFTQVFTUB B USFT QSFHVOUBT ˜DwNP MBT JOEVTUSJBT DSFBUJWBT TF DPOWJSUJFSPO FO NPUPS EF DSFDJNJFOUP FO PUSPT QBrTFT ˜DwNP TF JNQVMTw FM EFTBSSPMMP EF MBT JOEVTUSJBT DSFBUJWBT Z ˜DVgMFT GVFSPO MPT BQPSUFT EFM TFDUPS Q|CMJDP Z EFM QSJWBEP FO FTUPT DBTPT &TUBT USFT QSFHVOUBT TPO FM QVOUP EF QBSUJEB FO MB FTUSVDUVSBDJwO EF VO EPDVNFOUP $POQFT EF QPMrUJDB QBSB MB QSPNPDJwO EF MBT JOEVTUSJBT DSFBUJWBT RVF TF FTQFSB UFOFS MJTUP FM QSJNFS TFNFTUSF EF

%FTBSSPMMP Z DVMUVSB EFTEF MB QFSTQFDUJWB EFM %FQBSUBNFOUP /BDJPOBM EF 1MBOFBDJwO EF $PMPNCJB


6OB QSPQVFTUB QBSB NFKPSBS MB HFTUJwO FO FM TFDUPS DVMUVSBM Q|CMJDP 1PS )nDUPS 4DIBSHPSPETLZ

JOUSPEVDDJwO -B QSFTFOUF QPOFODJB UJFOF QPS PCKFUP BCSJS FM EFCBUF TPCSF MPT NPEFMPT BDUVBMFT EF HFTUJwO Q|CMJDB FO FM TFDUPS EF MB DVMUVSB Z FO FTF NBS DP BQPSUBS BMHVOBT JEFBT RVF DPOUSJCVZBO B MB JODMVTJwO EF¯OJUJWB EFM TFDUPS FO MB BHFOEB EF QSJPSJEBEFT HVCFSOBNFOUBMFT &O EF¯OJUJWB TF FYQPOFO BM UFSOBUJWBT QBSB QPOFS BM TFSWJDJP EFM EFTBSSPMMP TPDJBM EF MB SFHJwO FM QPUFO DJBM DPOUFOJEP FO MBT EJTUJOUBT EJNFOTJPOFT EFM TFDUPS DVMUVSBM &M QVOUP EF QBSUJEB FT RVF FO UPEPT MPT OJWFMFT KVSJTEJDDJPOBMFT FM &T UBEP UJFOF VO SPM DFOUSBM B KVHBS FO FM EFTBSSPMMP EFM TFDUPS DVMUVSBM ZB TFBO QPS Tr NJTNPT P FO BTPDJBDJwO DPO MB JOJDJBUJWB QSJWBEB "DUVBMNFOUF VO WPMVNFO SFMBUJWBNFOUF JNQPSUBOUF EF SFDVSTPT IVNBOPT NBUFSJBMFT Z ¯ OBODJFSPT Q|CMJDPT FTUgO EFEJDBEPT B MMFWBS BEFMBOUF QSPHSBNBT Z BDDJPOFT FO FM DBNQP EF MBT BSUFT EFM QBUSJNPOJP FO TVT N|MUJQMFT WBSJBOUFT Z FO MBT EFOPNJOBEBT JOEVTUSJBT DSFBUJWBT P DVMUVSBMFT "EFNgT DVFTUJPOFT DPNP MB JODMVTJwO Z DPIFTJwO TPDJBM MB QSPUFDDJwO EF MB EJWFSTJEBE EF MFOHVBKFT Z NPEPT EF WJEB MB MJCFSUBE EF MBT FYQSFTJPOFT TPDJBMFT Z PUSBT WBSJBT EF FTF UFOPS TPO UBNCJnO EF MB JODVNCFODJB EF FTUF TFDUPS Z TPO PCKFUP FO NBZPS P NFOPS NFEJEB EF MB JOUFSWFODJwO EFM &TUBEP &TUB BNQMJUVE EF UFNBT Z DVFTUJPOFT RVF B TV WF[ JOWPMVDSB JOUFSFTFT EJWFSTPT PCMJHB B MBT JOTUJUVDJPOFT Q|CMJDBT B SFBMJ[BS JNQPSUBOUFT FTGVFS[PT EF HFTUJwO FO QSPDVSB EF MPHSBS MB NBZPS F¯DBDJB Z F¯DJFODJB QPTJCMF FO MB BTJHOBDJwO Z VUJMJ[BDJwO EF UPEPT TVT SFDVSTPT 1BSB BMDBO[BS FTF PCKFUJWP SF TVMUB JNQSFTDJOEJCMF RVF UPEBT MBT FUBQBT EFM QSPDFTP BENJOJTUSBUJWP EFTEF MB QMBOJ¯DBDJwO IBTUB MB FWBMVBDJwO FTUnO HVJBEBT QPS FKFT DPNQBSUJEPT Z DPIFSFOUFT FOUSF Tr -B QSPQVFTUB RVF QSFTFOUP UPNB DPNP CBTF QBSB FTUSVDUVSBS MB HFT UJwO Q|CMJDB B MB EJTUJODJwO FOUSF MBT MwHJDBT EF HFTUJwO RVF JNQFSBO FO MB DVMUVSB Z EFTBSSPMMP


EJNFOTJwO NFSDBOUJM Z MBT RVF JNQFSBO FO MB EJNFOTJwO OP NFSDBOUJM EFM TFDUPS DVMUVSBM 0SHBOJ[BS MB PQFSBUPSJB EF MB JOUFSWFODJwO FTUBUBM EJGFSFO DJBOEP BNCBT EJNFOTJPOFT GBDJMJUBSrB MB FMBCPSBDJwO EF VO QMBO JOUFHSBM RVF TVNF B MB SFDPOPDJEB DBQBDJEBE EF MB DVMUVSB QBSB HFOFSBS JEFOUJEBE Z GPSUBMFDFS MB DPIFTJwO TPDJBM TVT QPTJCJMJEBEFT DPNP NPUPS EF DSFDJNJFOUP FDPOwNJDP 1VFEF TVQPOFSTF RVF FM EFTBSSPMMP TJNVMUgOFP Z DPPSEJOBEP EF MBT NJTNBT EFCJFSB JNQVMTBS B MB TPDJFEBE B FYJHJS EFM &TUBEP MB BTJHOBDJwO EF MPT SFDVSTPT OFDFTBSJPT QBSB TV BQMJDBDJwO QPMrUJDBT Q|CMJDBT Z TFDUPS DVMUVSBM &O FM QBTBEP MBT QPMrUJDBT DVMUVSBMFT GVFSPO TJFNQSF VOB DVFT UJwO NBSHJOBM FO MB BHFOEB EFM &TUBEP Z BVORVF BM QSFTFOUF QVFEFO DPOTUB UBSTF DBNCJPT OPUPSJPT FO BMHVOPT MVHBSFT EFUFSNJOBEPT DPNP FO HFOFSBM TVDFEF FO MBT HSBOEFT DJVEBEFT MB TJUVBDJwO FO TV DPOKVOUP OP IB DBNCJBEP EFNBTJBEP 4PO WBSJBT MBT DBVTBT RVF IBO MMFWBEP B FTUB TJUVBDJwO QFSP MB NgT DP N|ONFOUF NFODJPOBEB FT MB RVF EJDF RVF FM &TUBEP UJFOF TJFNQSF QSPCMF NBT NgT VSHFOUFT QBSB SFTPMWFS Z OP QVFEF BTJHOBS VOB QSPQPSDJwO NBZPS EF TVT TJFNQSF FTDBTPT SFDVSTPT B VO TFDUPS RVF EFTEF FTB WJTJwO OP TF UJFOF NVZ FO DMBSP RVn BQPSUFT FTFODJBMFT QVFEF IBDFS B MB TPDJFEBE OJ MPT QMB[PT FO RVF QPESgO WFSTF TVT SFTVMUBEPT 2VJFOFT UPEBWrB TPTUJFOFO FTUB QPTJDJwO TVFMFO MJNJUBS FM TFDUPS DVMUVSBM B MBT CFMMBT BSUFT P FO FM NFKPS EF MPT DBTPT DPODFCJSMP DPNP VOB FYUFOTJwO P DPNQMFNFOUP EF MB FEVDBDJwO QFSP OP DPNP VO GBDUPS DMBWF B GBWPS EFM FOUFOEJNJFOUP Z MB QB[ FOUSF MPT QVFCMPT DPNP VOB IFSSBNJFOUB QBSB BWBO[BS IBDJB VO EFTBSSPMMP TPDJBM JO UFHSBM Z NFOPT B|O DPNP VO TFDUPS QSPEVDUJWP DBQB[ EF HFOFSBS BDUJWJEBE FDPOwNJDB &M EFTBSSPMMP EF FTUB DPODFQDJwO OP FT DBTVBM #VFOB QBSUF EF TV Hn OFTJT QVFEF BEKVEJDBSTF B MB FTUSVDUVSB TPDJPFDPOwNJDB EPNJOBOUF B MB DVBM EFCF MBNFOUBCMFNFOUF TVNBSTF BEFNgT VO GBDUPS QPMrUJDP UPEPT MPT QBrTFT EF MB SFHJwO NFSDPTVS TVGSJFSPO MBSHPT QFSrPEPT EF EJDUBEVSB NJMJUBS RVF DPO TVT NBUJDFT P EJGFSFODJBT JNQJEJFSPO FM EFTBSSPMMP EF VO TFDUPS DVMUVSBM UBM DPNP OPT QBSFDF BIPSB OBUVSBM FT EFDJS SFHVMBEP QPS OPSNBT EF PSJHFO EFNPDSgUJDP Z FO FM DVBM MB FYQSFTJwO EF MB QSPQJB PQJOJwO OP DPOMMFWB FM SJFTHP EF QFSEFS MB WJEB DPTB RVF DPOWJFOF SFDPSEBS TVDFErB OP IBDF NVDIP NgT EF EPT EnDBEBT &O "SHFOUJOB QPS FKFNQMP OP FT QPTJCMF IBDFS SFGFSFODJB B OJOHVOB BDUJWJEBE TFDUPSJBM TJO UFOFS FO DVFOUB MPT FOPSNFT EBvPT PDBTJPOBEPT B MB TPDJFEBE QPS MBT TVDFTJWBT SVQUVSBT JOTUJUVDJPOBMFT RVF TVGSJw FM QBrT EVSBO 6OB QSPQVFTUB QBSB NFKPSBS MB HFTUJwO FO FM TFDUPS DVMUVSBM Q|CMJDP


UF FM TJHMP YY DBVTBEBT QPS MPT HPMQFT EF &TUBEP RVF TF SFJUFSBSPO QFSJwEJDB NFOUF B QBSUJS EF Z UVWJFSPO TV FYQSFTJwO NgT TBOHSJFOUB FOUSF NBS[P EF Z EJDJFNCSF EF 3FTVNJS FO QPDPT QgSSBGPT MB JO°VFODJB TPCSF MB IJTUPSJB SFHJPOBM RVF IBO UFOJEP Z UJFOFO UPEBWrB Â¥DJFSUBNFOUF DBEB WF[ NFOPTÂ¥ MBT JOUFSSVQDJPOFT BM PSEFO EFNPDSgUJDP FT VOB UBSFB JNQPTJCMF " QBSUJS EF MB SFDVQFSBDJwO EF MB EFNPDSBDJB FO MB SFHJwO QPDP B QPDP FM FNQVKF TPDJBM DPNFO[w B BZVEBS B FTUSVDUVSBS MBT QPMrUJDBT Q|CMJDBT DVMUV SBMFT RVF GVFSPO DPODFCJEBT DPNP QPMrUJDBT TFDUPSJBMFT FO FM NBSDP NgT BN QMJP EF VO QSPZFDUP EF QBrT &O VO NPEFMP DPNP FTUF UFNBT DPNP FM FKFSDJDJP DPODSFUP EF MB EFNPDSBDJB QBSUJDJQBUJWB MB MJCFSUBE EF FYQSFTJwO JSSFTUSJDUB FM GPSUBMFDJNJFOUP EF MB JEFOUJEBE OBDJPOBM FO FM DPOUFYUP HMPCBM FM SFTQFUP B MB EJWFSTJEBE EF NPEPT EF WJEB FM SFDPOPDJNJFOUP EF MPT EFSFDIPT EF MBT NJ OPSrBT FM FTGVFS[P QPS MPHSBS MB QBSUJDJQBDJwO EF UPEPT FO MB DPOTUSVDDJwO Z EJTGSVUF EF MP QSPEVDJEP KVOUP B PUSBT DVFTUJPOFT EF FTUF UFOPS TPO DPOEJDJP OFT EF FYJTUFODJB QSFWJB P EF DPOTUSVDDJwO TJNVMUgOFB Z DPIFSFOUF DPO MBT QPMrUJDBT DVMUVSBMFT 1BSB EFDJSMP DPO VO FKFNQMP ˜RVn TFOUJEP UFOESrB RVF MBT QPMrUJDBT QBSB FM TFDUPS EF MB DVMUVSB QSPDVSBSBO B¯SNBS FM TFOUJEP EF QFS UFOFODJB OBDJPOBM FO FM NBSDP EFM QSPDFTP EF HMPCBMJ[BDJwO P GBWPSFDJFSBO MB EJWFSTJEBE GSFOUF B MPT JOUFOUPT EF IPNPHFOFJ[BDJwO DVMUVSBM P JOUFOUBSBO QSPUFHFS BM BSUJTUB EF MPT BWBUBSFT RVF QSPEVDFO MBT MwHJDBT EF NFSDBEP TJ MBT PUSBT QPMrUJDBT Q|CMJDBT OP BDUVBSBO FO MB NJTNB EJSFDDJwO &O TrOUFTJT TF USBUB EF VO NPEFMP DVZB QSJODJQBM DBSBDUFSrTUJDB FT RVF TPMP QVFEF GVODJPOBS FO TJOUPOrB DPO MBT EFNgT QPMrUJDBT Q|CMJDBT &O DPOTFDVFODJB TJ TF EJTFvBO QPMrUJDBT DVMUVSBMFT RVF GBWPSF[DBO MB BVUPOPNrB TFDUPSJBM EF¯FOEBO MB QSP EVDDJwO OBDJPOBM Z FTUJNVMFO MB DSFBDJwO MPDBM nTUBT TPMP QPESgO UFOFS nYJUP TJ FM DPOKVOUP EF MBT QPMrUJDBT MP QFSNJUF Z MP BQPZB " QBSUJS EF MPT BvPT FM EFTBSSPMMP EFM TFDUPS DVMUVSBM FO MPT QBrTFT EF &VSPQB RVF TF DPOPDJw QSJODJQBMNFOUF B USBWnT EF MB FYQFSJFODJB FTQBvPMB RVF EFTFNCBSDw FO MB SFHJwO CSJOEBOEP BDUJWJEBEFT EF DBQBDJUBDJwO P DPO TVMUPSrB B DBSHP EF HFTUPSFT QSPDFEFOUFT EF .BESJE P #BSDFMPOB GVFSPO VO FTUrNVMP QPUFOUF QBSB NVDIPT HFTUPSFT DVMUVSBMFT FO MB SFHJwO 5BNCJnO FM TFDUPS QSJWBEP GVF DPOGPSNBOEP VO OVFWP DBNQP DVMUVSBM EFNBOEBOUF EF PUSBT GPSNBT EF JOUFSWFODJwO Z BDDJwO BTr DPNP MB JODPSQPSBDJwO EF OVFWPT BHFOUFT TPDJBMFT 3FDJnO FO MPT |MUJNPT BvPT QPESrB EFDJSTF RVF B QBSUJS EFM QSFTFOUF TJHMP DPNJFO[B VO QFSrPEP EF USBOTJDJwO FO FM DVBM MB HFTUJwO DVMUVSBM TF WB QSPGFTJPOBMJ[BOEP DBEB WF[ NgT FYJHJEB QPS VOB DPOTUFMBDJwO EF QSPZFDUPT Z FWFOUPT RVF SFRVJFSFO EF VOB DBQBDJEBE HFSFODJBM JNQPSUBOUF QBSB TFS DPODSFUBEPT &M HFTUPS USBEJDJPOBM RVF MMFWBCB TV UBSFB B DBCP B QBSUJS EF TV FYQFSJFODJB QSFWJB DPNFO[w B WFSTF EFTCPSEBEP QPS MPT EFTBGrPT RVF TF MF DVMUVSB Z EFTBSSPMMP


QSFTFOUBCBO -B DPOEVDDJwO EF MB HFTUJwO FO MBT JOTUJUVDJPOFT Q|CMJDBT DVM UVSBMFT IBTUB FTF NPNFOUP DBTJ TJFNQSF FO NBOPT EF BSUJTUBT HFOFSBMNFOUF DPOTBHSBEPT QBSB RVJFOFT MB EJSFDDJwO EF VOB PSHBOJ[BDJwO DVMUVSBM P MB DPOEVDDJwO EF VOB EFUFSNJOBEB MrOFB EF QPMrUJDB TFDUPSJBM FSB VO QSFNJP B TV MBCPS BSUrTUJDB DPNFO[w B WFSTF DVFTUJPOBEB EFTEF MPT OJWFMFT QPMrUJDPT KVTUBNFOUF QPS TV CBKB F¯DBDJB FO MB HFTUJwO "QBSFDFO FOUPODFT MPT QSJNF SPT QSPGFTJPOBMFT QSPWFOJFOUFT EF EJTUJOUBT gSFBT EFM DPOPDJNJFOUP ¥BOUSP QwMPHPT TPDJwMPHPT ¯MwTPGPT Z BCPHBEPT TPO MPT QSJNFSPT RVF TF JODPSQPSBO B MB HFTUJwO DVMUVSBM Z DPNJFO[BO B EJDUBSTF FO BMHVOBT VOJWFSTJEBEFT MBT QSJNFSBT DBSSFSBT FTQFDr¯DBT MB HFTUJwO Q|CMJDB FO FM TFDUPS DVMUVSBM " QBSUJS EF MB WJHFODJB EF VO NPEFMP TFDUPSJBM EF QPMrUJDBT Q| CMJDBT QSgDUJDBNFOUF IPNPHnOFP FO MB SFHJwO TF QSPEVKP VO DJFSUP DPOTFOTP TPCSF TV DPOGPSNBDJwO BENJOJTUSBUJWB TFHVSBNFOUF UgDJUP RVF BUSBWFTw MPT TVDFTJWPT HPCJFSOPT IBTUB UPNBS FM WBMPS EF QBSBEJHNB TVT BDDJPOFT TF PSJFOUBSPO GVOEBNFOUBMNFOUF IBDJB FM TFDUPS OP DPNFSDJBM Z TF FTUSVDUVSB SPO B QBSUJS EF MPT EJTUJOUPT NPEPT EF FYQSFTJwO P TFH|O MBT HSBOEFT gSFBT EF BDDJwO "Tr QVFEF WFSTF FO MB BENJOJTUSBDJwO DFOUSBM EF MPT QBrTFT EF MB SFHJwO MB NBOFSB DPNP TF FTUBCMFDJFSPO PSHBOJTNPT UBMFT DPNP EJSFDDJPOFT EF UFBUSP EF N|TJDB P EF BSUFT WJTVBMFT Z EJWFSTPT TFDUPSFT SFTQPOTBCMFT EFM QBUSJNPOJP DPNP CJCMJPUFDBT P NVTFPT "M NJTNP UJFNQP TF DSFBSPO P SFWBMJEBSPO JOTUJUVUPT V PSHBOJ[BDJPOFT TJNJMBSFT DPO DJFSUB BVUPOPNrB SFMBUJWB EFEJDBEPT BM GPNFOUP EF VO TFDUPS FTQFDr¯DP EFTEF VOB QFSTQFDUJWB QBSDJBM P UPUBMNFOUF NFSDBOUJM DPNP QPS FKFNQMP MPT EFEJDBEPT B MB DJOFNBUPHSBGrB Z BSUFT BVEJPWJTVBMFT "SHFOUJOB Z #SBTJM P FM MJCSP Z MB MFDUVSB $IJMF &O FM DBTP EFM BVEJPWJTVBM MPT JOTUJ UVUPT EF DJOFNBUPHSBGrB RVF GPSNBO QBSUF EFM BQBSBUP FTUBUBM TF PSJFOUBSPO NgT B MB BUFODJwO EF MB EJNFOTJwO DPNFSDJBM EFKBOEP EF MBEP MB EJNFOTJwO OP DPNFSDJBM EFM TFDUPS BVEJPWJTVBM RVF QPS MBT DBSBDUFSrTUJDBT ZB NFODJPOB EBT EF MB DPOGPSNBDJwO BENJOJTUSBUJWB OP GVFSPO BUFOEJEBT FTQFDr¯DBNFO UF QPS PUSB gSFB FTUBUBM -B BUFODJwO DPOKVOUB EF MBT JOEVTUSJBT DVMUVSBMFT RVF BMHVOPT PSHB OJTNPT SFTQPOTBCMFT EFM TFDUPS DVMUVSBM BCSJFSPO FO MPT |MUJNPT BvPT B¯S Nw MB JOUFODJwO EF BQFSUVSB IBDJB MB EJNFOTJwO DPNFSDJBM $PNP nTUB FSB ZB BUFOEJEB B USBWnT EF PUSBT §WFOUBOJMMBT Q|CMJDBT¨ EFM &TUBEP TJUVBEBT FO PSHBOJTNPT DPO SFTQPOTBCJMJEBE TPCSF MB HFTUJwO EF QPMrUJDBT JOEVTUSJBMFT P DPNFSDJBMFT MB OVFWB TJUVBDJwO JNQMJDw VO DJFSUP HSBEP EF UFOTJwO ¥RVF OP TF IB TPMVDJPOBEP DPNQMFUBNFOUF¥ FOUSF FM TFDUPS Q|CMJDP DVMUVSBM Z MPT 6OB QSPQVFTUB QBSB NFKPSBS MB HFTUJwO FO FM TFDUPS DVMUVSBM Q|CMJDP


PUSPT TFDUPSFT EFM &TUBEP JOWPMVDSBEPT 5BNQPDP MPT PSHBOJTNPT SFTQPOTB CMFT EFM TFDUPS DVMUVSBM SFDJCJFSPO GgDJMNFOUF FM BQPZP EFM TFDUPS FNQSFTB SJBM QVFT MBT FNQSFTBT FO QBSUJDVMBS MBT HSBOEFT TwMP TVFMFO SFDPSEBS TV DBSgDUFS DVMUVSBM DVBOEP FOGSFOUBO JOTUBODJBT RVF QVFEFO MMFHBS B QFSKVEJDBS TV OFHPDJP $BTP DPOUSBSJP QSF¯SJFSPO QSFTFSWBS TV SFMBDJwO IJTUwSJDB DPO MPT SFTQPOTBCMFT EF MBT QPMrUJDBT JOEVTUSJBMFT P DPNFSDJBMFT &O DVBOUP B MBT MFZFT RVF QSPNVFWFO FM BQPSUF QSJWBEP BM TFDUPS DVMUV SBM ¥DPOPDJEBT UBNCJnO DPNP MFZFT EF NFDFOB[HP P UnSNJOPT FRVJWBMFOUFT¥ IB IBCJEP DJFSUBT EJ¯DVMUBEFT QBSB EJTUJOHVJS DPO DMBSJEBE FOUSF MPT BQPZPT CSJOEBEPT IBDJB MB EJNFOTJwO NFSDBOUJM Z MPT RVF TF EJSJHFO IBDJB MB EJNFO TJwO GVFSB EF NFSDBEP EF NBOFSB UBM RVF MPT EFCBUFT TPCSF MB FGFDUJWJEBE EF MBT NJTNBT DPOUJO|BO BM QSFTFOUF 'JOBMNFOUF MB FYUFOTJwO EFM QBQFM EFTFNQFvBEP QPS MB DVMUVSB FO MB TPDJFEBE BDUVBM IBDF RVF FM HFTUPS DVMUVSBM OFDFTJUF BEFNgT EFM EPNJOJP EF IFSSBNJFOUBT EF HFTUJwO TP¯TUJDBEBT Z DPOPDJNJFOUP TPCSF MBT OPSNBT MPT BDUPSFT Z MBT SFMBDJPOFT RVF DPOGPSNBO FM DBNQP DVMUVSBM DPOUBS DPO FTUSVD UVSBT RVF MP BZVEFO B BMDBO[BS MPT PCKFUJWPT RVF TF QSPQPOF 5PEPT FTUPT EFTBGrPT B MPT RVF TF WF FOGSFOUBEP FM OJWFM EF HFTUJwO QFSNJUFO BCSJS FM EFCBUF BDFSDB EF TV EJTFvP BDUVBM Z QFOTBS FO BMUFSOBUJWBT TVQFSBEPSBT IBDJB VO OVFWP NPEFMP EF HFTUJwO -B QSPQVFTUB JNQMJDB SFQMBOUFBS MB PSHBOJ[BDJwO EFM TFDUPS QBSB QBTBS EF MB BUFODJwO EF gSFBT UPNBEBT FO TV HFOFSBMJEBE BSUFT QBUSJNPOJP JOEVTUSJBT BSUFTBOrBT FUD B VO NPEFMP RVF FO FM OJWFM EF TV FKFDVDJwO EJTUJOHB EFTEF VO QSJNFS NPNFOUP MBT QPMrUJDBT DVMUVSBMFT EJSJHJEBT BM NFS DBEP TJUVBDJwO EF DPNQFUFODJB ¯O EF MVDSP EF MBT RVF FTUgO EJSJHJEBT B MBT BDUJWJEBEFT OP NFSDBOUJMFT TFDUPSFT QPTUFSHBEPT QPS SB[POFT FDPOwNJDBT HFPHSg¯DBT V PUSBT BVNFOUP EFM DBQJUBM DVMUVSBM EF MBT QFSTPOBT P QBSB BTF HVSBS FM FKFSDJDJP EF EFUFSNJOBEPT EFSFDIPT F JOTUSVNFOUF TV BQMJDBDJwO QBSUJFOEP EF FTB EJGFSFODJB 1PS FKFNQMP EFTEF MB EJNFOTJwO DPNFSDJBM TF HFTUJPOBSrBO MBT QP MrUJDBT TPCSF MPT FTQFDUgDVMPT DPNFSDJBMFT P QSPGFTJPOBMFT FM DPNFSDJP EF PCSBT EF BSUF Z UPEPT MPT OFHPDJPT EFSJWBEPT EF MB HFTUJwO QBUSJNPOJBM DPNP QPS FKFNQMP FM UVSJTNP Z PCWJBNFOUF MBT JOEVTUSJBT DVMUVSBMFT Z DSFBUJWBT .JFOUSBT RVF MB EJNFOTJwO OP DPNFSDJBM TF PDVQBSrB EF B¯DJPOBEPT B UPEBT MBT FYQSFTJPOFT BSUrTUJDBT FM EFTBSSPMMP FYQSFTJWP EF HSVQPT FO TJUVBDJPOFT TPDJBMFT EJGrDJMFT MB HFOFSBDJwO EF OVFWPT Q|CMJDPT FO BTPDJBDJwO DPO FM TJT UFNB FTDPMBS FUD 4FHVSBNFOUF IBCSg [POBT HSJTFT EPOEF OP SFTVMUF UBO DMBSP DVMUVSB Z EFTBSSPMMP


EFTEF RVn EJNFOTJwO HFTUJPOBS EFUFSNJOBEB QPMrUJDB QFSP MB QSPQJB QSgDUJDB JSg EBOEP QJTUBT TPCSF MB GPSNB EF PCUFOFS MPT NFKPSFT SFTVMUBEPT QPTJCMFT -PT GVOEBNFOUPT QBSB UPNBS FTUB EJWJTPSJB EF BHVBT TPO WBSJPT FO QSJNFS MVHBS MPT BDUPSFT Z MBT PSHBOJ[BDJPOFT RVF JOUFSWJFOFO FO DBEB VOP OP TPO TJFNQSF MPT NJTNPT Z NVDIBT EF MBT OPSNBT KVSrEJDBT RVF MPT SJHFO TPO EJGFSFOUFT MP DVBM MMFWB B MB DPOGPSNBDJwO EF DBNQPT EF BDDJwO QBSUJDV MBSFT RVF EFCFO DPOPDFSTF FO QSPGVOEJEBE QBSB QPEFS JOUFSWFOJS TPCSF FMMPT &O TFHVOEP MVHBS MPT JOEJDBEPSFT B VUJMJ[BS FO MPT QSPDFTPT EF FWBMVBDJwO UBOUP QBSB DPOPDFS FM HSBEP FO RVF TF IBO QPEJEP DVNQMJS MPT PCKFUJWPT QSP QVFTUPT DPNP QBSB WFSJ¯DBS MPT EFTWrPT P FSSPSFT UBNCJnO TPO EJGFSFOUFT &O UFSDFS MVHBS Z QSPCBCMFNFOUF TFB MB DVFTUJwO NgT SFMFWBOUF MBT PQFSBUPSJBT B BQMJDBS FM USBCBKP DPODSFUP TPCSF FM UFSSFOP USBOTJUB QPS DBSSJMFT EJTUJOUPT 3FTQFDUP B MPT NFDBOJTNPT RVF QSPNVFWFO MPT BQPSUFT QSJWBEPT B MB DVMUVSB VOB WBSJBOUF B MPT TJTUFNBT WJHFOUFT QPESrB DPOTJTUJS FO USBOTGFSJS QBSUF EF MBT HBOBODJBT RVF MBT FNQSFTBT DVMUVSBMFT PCUJFOFO FO FM TFDUPS NFSDBOUJM IBDJB FM TFDUPS OP NFSDBOUJM EF MB DVMUVSB DPO WFOUBKBT ¯TDBMFT &T EFDJS RVF VO QPSDFOUBKF EF MPT NBZPSFT SFDVSTPT HFOFSBEPT QPS MB JO UFSWFODJwO Q|CMJDB TPCSF MB EJNFOTJwO NFSDBOUJM NFEJBOUF JOTUSVNFOUPT ¯TDBMFT BEFDVBEPT TFBO SFJOWFSUJEPT FO MB EJNFOTJwO GVFSB EF NFSDBEP EFM QSPQJP TFDUPS DVMUVSBM GPSUBMFDJFOEP BTr VO DrSDVMP WJSUVPTP FO FM DVBM FM BV NFOUP EFM DBQJUBM DVMUVSBM EF MBT QFSTPOBT QSPEVDJEP QPS MBT QPMrUJDBT EJSJ HJEBT BM TFDUPS OP NFSDBOUJM MMFWBSrB B nTUBT B BVNFOUBS TV QSPQJP DPOTVNP EF CJFOFT Z TFSWJDJPT DVMUVSBMFT MP DVBM GBWPSFDFSrB MB EJNFOTJwO NFSDBOUJM Z BTr TVDFTJWBNFOUF %F FTB GPSNB MB DVMUVSB QPESrB TFS VO SFDVSTP QBSB MB DVMUVSB VO GBDUPS DMBWF MB GPSNBDJwO QSPGFTJPOBM 1BSB DPNFO[BS B QFOTBS FO MB GBDUJCJMJEBE EF VO OVFWP NPEFMP EF HFTUJwO MB DVFTUJwO EF MPT SFDVSTPT IVNBOPT FT JOTPTMBZBCMF 4V EJTFvP F JNQMFNFOUBDJwO TPMP QPESg TFS QPTJCMF B QBSUJS EFM NPNFOUP FO RVF TF QVFEB DPOUBS DPO VOB NBTB DSrUJDB DBQBDJUBEB TV¯DJFOUF QBSB DBNCJBS FM QBSBEJHNB WJHFOUF &O MPT |MUJNPT EJF[ BvPT MBT VOJWFSTJEBEFT EF MB SFHJwO IBO DPNFO[BEP B PGSFDFS DBSSFSBT Z UrUVMPT FO HFTUJwO DVMUVSBM P DPO EFOPNJOBDJPOFT FRVJ WBMFOUFT "M TFS UPEBWrB SFDJFOUF MB JODPSQPSBDJwO EF nTUPT UFNBT BM TJTUFNB VOJWFSTJUBSJP FM JNQBDUP QSPEVDJEP TPCSF FM UFSSFOP DPODSFUP B|O OP SFTVMUB TJHOJ¯DBUJWP QVFT IBZ NVZ QPDPT FHSFTBEPT Z TPMP QBSUF EF FMMPT IB MPHSB EP JOTFSUBSTF MBCPSBMNFOUF FO FM DBNQP 4JO FNCBSHP FTUBT DBSSFSBT IBO QSPNPWJEP MB SFBMJ[BDJwO EF GPSPT FODVFOUSPT DVSTPT CSFWFT Z DPOGFSFODJBT 6OB QSPQVFTUB QBSB NFKPSBS MB HFTUJwO FO FM TFDUPS DVMUVSBM Q|CMJDP


TPCSF EJTUJOUPT BTQFDUPT EF MB HFTUJwO DVMUVSBM RVF DPOUSJCVZFO B MB BDUVBMJ[B DJwO EF DPOPDJNJFOUPT Z B MB DBQBDJUBDJwO QFSNBOFOUF EF MPT HFTUPSFT &TUBT BDUJWJEBEFT RVF TF JODSFNFOUBO BvP B BvP Tr USBFO DPNP DPOTFDVFODJB VO NFKPSBNJFOUP FO MB DBMJEBE EF MB HFTUJwO P BM NFOPT MB DPODJFODJB EF MB OF DFTJEBE EF VOB UFOEFODJB IBDJB FMMP &O FM GVUVSP MPT HFTUPSFT QSPGFTJPOBMFT BWBMBEPT QPS JOTUJUVDJPOFT VOJWFSTJUBSJBT TFSgO VO GBDUPS EJSFDUP EF QSFTJwO IBDJB MPT QPEFSFT Q|CMJDPT OP TPMBNFOUF QBSB MB TPMVDJwO EF QSPCMFNBT QVO UVBMFT TJOP QBSB GBWPSFDFS MB JODPSQPSBDJwO EF MBT DVFTUJPOFT TFDUPSJBMFT B MB BHFOEB HVCFSOBNFOUBM &TF QSPDFTP SFTVMUBSg NgT WFMP[ DVBOUP NBZPS TFB MB QSPEVDDJwO EF JOGPSNBDJwO B USBWnT EF MB JOWFTUJHBDJwO &O DVBOUP B MPT DPOUFOJEPT RVF MB GPSNBDJwO EFCFSrB BCPSEBS VO BOg MJTJT EF MB PGFSUB FYJTUFOUF FO "SHFOUJOB NVFTUSB DPO DMBSJEBE MB OFDFTJEBE EF SFGPS[BS MPT BTQFDUPT NgT HFSFODJBMFT EF MB HFTUJwO GVOEBNFOUBMNFOUF FO MP RVF TF SF¯FSF B QMBOJ¯DBDJwO FTUSBUnHJDB Z BM NBOFKP Z C|TRVFEB EF SFDVS TPT JNQSFTDJOEJCMFT FO VOB HFTUJwO TPDJBM EF MPT QSPZFDUPT 5BNCJnO QBSFDF JNQSFTDJOEJCMF RVF MBT JOTUJUVDJPOFT GPSNBEPSBT DPOTUSVZBO JOTUBODJBT EF BSUJDVMBDJwO EF DBSgDUFS QFSNBOFOUF DPO MBT JOTUJUVDJPOFT QSPEVDUPSBT EF CJFOFT Z TFSWJDJPT DVMUVSBMFT QBSB EFUFSNJOBS MBT DPNQFUFODJBT OFDFTBSJBT BM EFTFNQFvP FO HFTUJwO DVMUVSBM BUFOEJFOEP MBT DBSBDUFSrTUJDBT FTQFDr¯DBT EF DBEB gSFB Z TV FWPMVDJwO B USBWnT EFM UJFNQP 1BSB ¯OBMJ[BS TwMP NF RVFEB SFB¯SNBS RVF MBT SF°FYJPOFT BOUFSJPSFT OP FYQSFTBO EPHNBT P DFSUF[BT TJOP RVF QSFUFOEFO BQPSUBS FMFNFOUPT QBSB BCSJS MB EJTDVTJwO Z FM EFCBUF

CJCMJPHSBGrB &MJB $BSMPT . . §-B GPSNBDJwO QSPGFTJPOBM QBSB MB HFT UJwO Z BENJOJTUSBDJwO FO FM TFDUPS EF MB DVMUVSB BSHFOUJOB¨ FO 3FWJTUB "QPSUFT / "TPDJBDJwO EF "ENJOJTUSBEPSFT (VCFSOBNFOUBMFT "S HFOUJOB &MJB $BSMPT Z 4DIBSHPSPETLZ )nDUPS DPNQT "QPSUFT ¯OBODJFSPT EFM TFDUPS QSJWBEP B MBT "SUFT #VFOPT "JSFT 'BDVMUBE EF $JFODJBT &DPOwNJDBT 6#" (BSDrB $BODMJOJ /nTUPS Z 1JFESBT 'FSJB &SOFTUP -BT JO EVTUSJBT DVMUVSBMFT Z FM EFTBSSPMMP EF .nYJDP .nYJDP 4JHMP YYJ

&MJB

DVMUVSB Z EFTBSSPMMP


4DIBSHPSPETLZ )nDUPS §)BDJB VOB QMBOJ¯DBDJwO EF MBT QPMrUJDBT DVMUVSBMFT OBDJPOBMFT¨ FO 3FWJTUB "QPSUFT /• "TPDJBDJwO EF "ENJOJTUSBEPSFT (VCFSOBNFOUBMFT "SHFOUJOB VOFTDP $VMUVSF $PNNFSDF FU .POEJBMJTBUJPO 1BSrT VOFTDP :|EJDF (FPSHF &M SFDVSTP EF MB DVMUVSB 6TPT EF MB DVMUV SB FO MB FSB HMPCBM #BSDFMPOB (FEJTB

6OB QSPQVFTUB QBSB NFKPSBS MB HFTUJwO FO FM TFDUPS DVMUVSBM Q|CMJDP


DPODMVTJPOFT EF TVC DBQrUVMP

4J CJFO MB EJTDVTJwO TPCSF DVMUVSB Z EFTBSSPMMP UJFOF VO DBNJOP ZB SFDPSSJEP OP EFKB EF TFS WJHFOUF TV EFCBUF "VO NgT DVBOEP FO FTUBT |MUJNBT EnDBEBT MB DVMUVSB TF IB QPTJDJPOBEP DPNP VOP EF MPT QSJODJQBMFT EFUFSNJOBOUFT EFM DSFDJNJFOUP FDPOwNJDP Z FM EFTBSSPMMP IVNBOP &T BTr DPNP FM EFTBSSPMMP DVMUVSBM DPOUFNQMB VO FTQFDUSP CBTUBOUF BNQMJP MB DVM UVSB DPNP EFUFSNJOBOUF EFM EFTBSSPMMP IVNBOP QPS MB DBQBDJEBE RVF UJFOF EF QPUFODJBS MBT JEFOUJEBEFT EF VOB QPCMBDJwO Z HFOFSBS DPIFTJwO TPDJBM Z DPNP VO GBDUPS QBSB FM EFTBSSPMMP FDPOwNJDP QPS MB GBDVMUBE RVF QPTFF EF USBOTGPSNBS MPT DPOUFOJEPT TJNCwMJDPT EF VOB TPDJFEBE FO CJFOFT Z TFSWJDJPT DPNFSDJBMJ[BCMFT &M DBSgDUFS EVBM EFM EFTBSSPMMP DVMUVSBM MMFWB B HFOFSBS BDDJPOFT FO EPT DBNQPT EJGFSFOUFT 6OP EF FTUPT UJFOF RVF WFS DPO MBT QSgDUJDBT DVMUVSBMFT EF VOB QPCMBDJwO RVF FODVFOUSB WBMJPTB TV QSFTFSWBDJwO QPSRVF DPOTUJUVZF TV JEFOUJEBE Z RVF QPS MP HFOFSBM OP SFTQPOEF B EJOgNJDBT DPNFSDJBMFT Z FM PUSP IBDF SFGFSFODJB B MBT QSgDUJDBT DVMUVSBMFT USBOTGPSNBEBT FO DPOUFOJEPT RVF QBSUJDJQBO FO FM NFSDBEP EF CJFOFT Z TFSWJDJPT QPS NFEJP EF TV NBUF SJBMJ[BDJwO FO QSPEVDUPT P TFSWJDJPT DVMUVSBMFT RVF SFTQPOEFO B EJOgNJDBT EFM NFSDBEP 4JO JNQPSUBS FM DBSgDUFS EF FTUBT NBOJGFTUBDJPOFT DVMUVSBMFT OP DPNFS DJBMFT P DPNFSDJBMFT OP DBCF EVEB EF RVF MB BQVFTUB QPS HFOFSBS FTRVFNBT EF TPTUFOJNJFOUP FO FM MBSHP QMB[P EFM TFDUPS EF MB DVMUVSB USBF CFOF¯DJPT TPDJBMFT Z FDPOwNJDPT 4JO FNCBSHP UBM DPNP MP TFvBMw 4DIBSHPSPETLZ MB OBUVSBMF[B EF DBEB VOP EF FTUPT DBNQPT BM UFOFS EJOgNJDBT EJTUJOUBT SFRVJFSF EF QPMr UJDBT QBSUJDVMBSFT FODBNJOBEBT B SFTPMWFS EF NBOFSB F¯DJFOUF MPT QSPCMFNBT FO DBEB VOP EF FMMPT 1PS UBM SB[wO FT OFDFTBSJP QMBOUFBS OVFWPT NPEFMPT EF HFTUJwO RVF EJTUJOHBO MBT QPMrUJDBT DVMUVSBMFT FOUSF MBT NFSDBOUJMFT EF MBT OP NFSDBOUJMFT QFSP QBSB MPHSBS FTUF QSPQwTJUP TF SFRVJFSF EF VOB NBTB DSrUJDB EF QFSTPOBT DBQBDJUBEBT QBSB DBNCJBS MPT QBSBEJHNBT B|O WJHFOUFT DVMUVSB Z EFTBSSPMMP


6O QMBOUFBNJFOUP EF QPMrUJDBT DVMUVSBMFT RVF SFTQPOEB B MBT OFDFTJ EBEFT EF FTUPT EPT DBNQPT JOWPMVDSB B MPT TFDUPSFT Q|CMJDP Z QSJWBEP UBOUP FO TV GPSNVMBDJwO DPNP FO TV BQMJDBDJwO Z EFCF UFOFS DPNP ¯O |MUJNP MB EFNPDSBUJ[BDJwO EF MB DVMUVSB -P BOUFSJPS UBNCJnO JNQMJDB GPNFOUBS FM EFTBSSPMMP EF VOB QSPEVDDJwO EF CJFOFT DVMUVSBMFT RVF SFQSFTFOUF MB SJRVF[B DVMUVSBM EF MB TPDJFEBE QBSB RVF TF MF QVFEB EBS MB QPTJCJMJEBE B MB QPCMBDJwO EF DSFBS Z EFTBSSPMMBS FTUJMPT BSUrTUJDPT QSPQJPT $PNP MP TFvBMw &TUFCBO 1JFESBIJUB IBTUB BIPSB MPT NFSDBEPT OP IBO EFNPTUSBEP TFS DBQBDFT QPS Tr TPMPT EF HBSBOUJ[BS MB EJWFSTJEBE EF MB PGFSUB FM BDDFTP Z MB DPNQFUFODJB EF MPT QSPEVDUPT DVMUVSBMFT QPS UBOUP FT OFDFTBSJP MB DPOTUSVDDJwO EF QPMrUJDBT DVMUVSBMFT RVF QSPQJDJFO FM EFTBSSPMMP EFM DBNQP NFSDBOUJM EF MB DVMUVSB &T QPS FTUB SB[wO RVF EFTEF FM TFDUPS Q|CMJDP FO $PMPNCJB TF FTUgO BQPZBOEP JOJDJBUJWBT DPNP FM $PNJUn EF $PNQFUJUJWJEBE QBSB MBT *OEVTUSJBT $VMUVSBMFT RVF CVTDB MB QBSUJDJQBDJwO EF FOUJEBEFT Q| CMJDBT Z QSJWBEBT QBSB DPOTUSVJS QMBOFT FTUSBUnHJDPT QBSB FM EFTBSSPMMP EF MPT TFDUPSFT EF MB DVMUVSB Z VO $POQFT RVF MF BQVFTUF B MBT JOEVTUSJBT DVMUVSBMFT DPNP VO TFDUPS RVF QVFEF MMFHBS B DPOUSJCVJS TJHOJ¯DBUJWBNFOUF BM EFTBSSP MMP FDPOwNJDP EFM QBrT $PNP DPODMVTJwO ¯OBM DBCF EFTUBDBS RVF OP TF EFCF QFSEFS EF WJTUB RVF TJ CJFO MB BQVFTUB QPS MBT QPMrUJDBT DVMUVSBMFT FT MB EF GPSUBMFDFS MBT JO EVTUSJBT DVMUVSBMFT OP IBZ RVF PMWJEBS RVF FTUBT UBNCJnO QVFEFO BQPSUBS B MB USBOTGPSNBDJwO TPDJBM TF USBUB EF JNQVMTBS MB BVUPOPNrB QPMrUJDB Z MB FTUnUJDB UBNCJnO FO FM gNCJUP DVMUVSBM RVF DPNP MP FOVODJw .JSBMMFT EFCF QBSUJS EFM FKFSDJDJP EF §QFOTBS MPDBMNFOUF¨

$PODMVTJPOFT


< > -B SFOPWBDJwO EF MBT QPMrUJDBT Q|CMJDBT Z EFM NBSDP SFHVMBUPSJP QBSB FM TFDUPS DVMUVSBM

.PEFSBEPS (FSNgO 3FZ 3FMBUPSFT +BWJFS .BDIJDBEP (JPWBOOJ $VFSP Z +VMJBOB #BSSFSP $BTUFMMBOPT

1SFTFOUBDJwO &O UJFNQPT EF DSJTJT FT OFDFTBSJP QFOTBS DVgMFT TPO MPT DBN CJPT OFDFTBSJPT RVF IBZ RVF IBDFS FO MBT QPMrUJDBT DVMUVSBMFT QBSB DPOTPMJEBS MB PGFSUB Z FM DPOTVNP DVMUVSBMFT 4J CJFO MB DSJTJT USBF DPOTJHP MB UPNB EF NFEJEBT DPNP MB SFEVDDJwO EF QSFTVQVFTUPT Q|CMJDPT FM GSFOP B MB JOWFSTJwO Z MB EJTNJOVDJwO EFM WBMPS BHSFHBEP OP TF QVFEF PMWJEBS RVF FO TVT NJT NPT QMJFHVFT MB DSJTJT FT DVMUVSBM Z TPDJBM 5BNQPDP TF QVFEF EFKBS EF MBEP FM IFDIP EF RVF MPT QSPCMFNBT FDPOwNJDPT BDFOU|BO MBT EJGFSFODJBT TPDJB MFT QFSP BM NJTNP UJFNQP QVFEFO TFS DBMEP EF DVMUJWP EF NBOJGFTUBDJPOFT DSFBUJWBT Z QSPEVDUJWBT JOnEJUBT ZB RVF QPOFO FO DVFTUJwO WJFKPT NPEFMPT EF DPNQSFOTJwO EF MP DVMUVSBM Z MP TPDJBM &T QPS FMMP RVF TJUVBDJPOFT DPNP MBT EFTDSJUBT PCMJHBO B SFOPWBS MB QSFHVOUB TPCSF MB QFSUJOFODJB EF MBT QPMrUJDBT Q|CMJDBT Z MPT NBSDPT SFHVMBUPSJPT EFTUJOBEPT B DPOTPMJEBS QSPDFTPT QSPEVD UJWPT Z DVMUVSBMFT WFSEBEFSPT EFOUSP EF MBT TPDJFEBEFT FO MBT RVF WJWJNPT 1BSB MPT QPOFOUFT MB DSJTJT FDPOwNJDB QVFEF TFS BCPSEBEB DPNP VOB PQPS UVOJEBE QBSB MB DVMUVSB .BSrB &MFOB $BSCBMMP .JOJTUSB EF $VMUVSB EF $PTUB 3JDB SFBMJ[B VO SFDVFOUP TPCSF MB BQVFTUB RVF EVSBOUF MPT |MUJNPT USFT BvPT IB SFBMJ[BEP FM HPCJFSOP EF TV QBrT FO DBCF[B EFM QSFTJEFOUF "SJBT QBSB DPOKVHBS QPMrUJDBT EF EFTBSSPMMP Z HFTUJwO DVMUVSBM 3FTVMUBEPT FWJEFOUFT FO DVBOUP B HFOFSB DJwO EF FNQMFP Z MB QBSUJDJQBDJwO NBTJWB EF MB DJVEBEBOrB FO EJGFSFOUFT FWFOUPT Z QSPHSBNBT DVMUVSBMFT IBO IFDIP RVF FTUB OVFWB GPSNB EF BCPSEBS FM EFTBSSPMMP UFOHB MB BQSPCBDJwO EF MPT EJGFSFOUFT FTUBNFOUPT QPMrUJDPT 1BV 3BVTFMM ,zTUFS EFM *OTUJUVUP *OUFSVOJWFSTJUBSJP EF %FTBSSPMMP -P DBM EF MB 6OJWFSTJUBU EF 7BMoODJB BTFHVSB RVF MB DVMUVSB TF DPO¯HVSB FO NP NFOUPT EF DSJTJT DPNP VOB FTUSBUFHJB QBSB JODJEJS TPCSF FM EFTBSSPMMP EF VO UFSSJUPSJP Z TV DPNVOJEBE 1PS FMMP MB QPMrUJDB DVMUVSBM EFKB EF TFS FOUFOEJEB DVMUVSB Z EFTBSSPMMP


DPNP VOB JOUFSWFODJwO BDDFTPSJB EF MB BDDJwO EF HPCJFSOP Z QBTB B DPOWFS UJSTF FO VO FMFNFOUP TVTUBODJBM FO MB QPMrUJDB Q|CMJDB +FBO 1JFSSF #MBJT 7JDFNJOJTUSP EF "TVOUPT $VMUVSBMFT FO FM %FQBSUB NFOUP EF 1BUSJNPOJP $BOBEJFOTF DPOTJEFSB RVF QBSB BGSPOUBS MB DSJTJT MB NPEFSOJ[BDJwO EF MBT QPMrUJDBT DVMUVSBMFT FT VOB QSJPSJEBE 1SPQPOF RVF QBSB QFSNJUJS MB JOOPWBDJwO JOIFSFOUF B MB DSJTJT FT OFDFTBSJP IBDFS VO TFHVJ NJFOUP DPOTUBOUF B MBT QPMrUJDBT Q|CMJDBT Z UFOFS MB °FYJCJMJEBE DPNP SFHMB 5BNCJnO TF BEFOUSB FO MBT BDUVBMFT JOJDJBUJWBT RVF EFOUSP EF FTUF DPOUFYUP EF DSJTJT TF FTUgO MMFWBOEP B DBCP FO $BOBEg "OJUB 8FCFS *OTQFDUPSB (FOFSBM EF MB "ENJOJTUSBDJwO EF "TVOUPT $VMUVSBMFT EFM .JOJTUFSJP EF $VMUVSB Z $PNVOJDBDJwO EF 'SBODJB QBSUF EF MB QSFNJTB EF RVF FO TV QBrT MB DSJTJT UJFOF VOB GBDFUB RVF SFEVOEB FO FM EFCJMJUBNJFOUP EF MB TPDJFEBE "OUF FTUF EFTBGrP QSPQPOF JODMVJS B MBT DP MFDUJWJEBEFT MPDBMFT FO FM EJTFvP EF MBT QPMrUJDBT DVMUVSBMFT Z EF TVT NBSDPT OPSNBUJWPT MP DVBM HFOFSBSrB MB EFNPDSBUJ[BDJwO EF MB DVMUVSB Z MB DPIFTJwO TPDJBM %F FTUB NBOFSB TF JODMVJSrBO MPT §MVHBSFT WJWPT¨ FT EFDJS BRVFMMPT RVF FTUgO QPS GVFSB EF MPT MVHBSFT USBEJDJPOBMFT EF MB DVMUVSB

1SFTFOUBDJwO


-B FYQFSJFODJB DPTUBSSJDFOTF FO MB HFTUJwO EF MB DVMUVSB 1PS .BSrB &MFOB $BSCBMMP

&O FTUB FYQPTJDJwO NF PDVQBSn EF MPT TJHVJFOUFT QVOUPT MB FY QFSJFODJB FO MB HFTUJwO DVMUVSBM FO $PTUB 3JDB FO DVBOUP B MPT DBNCJPT RVF TF IBO EBEP Z MPT SFTVMUBEPT PCUFOJEPT MB JNQPSUBODJB EFM 1MBO /BDJPOBM EF %FTBSSPMMP DPTUBSSJDFOTF Z MB QPTJDJwO USBOTWFSTBM EF MB DVMUVSB QBSB TV FKFDVDJwO VOB EFTDSJQDJwO TPCSF MPT QSPHSBNBT RVF FO OVFTUSP QBrT FTUgO GPNFOUBOEP FM GPSUBMFDJNJFOUP EF MB DVMUVSB Z MBT FTUSBUFHJBT RVF FTUBNPT BEPQUBOEP QBSB JODPSQPSBS MB HFTUJwO DVMUVSBM FO MB HFOFSBDJwO EF FNQMFP Z FO MB DBMJEBE EF WJEB EFOUSP EF MB BDUVBM DSJTJT FDPOwNJDB MPT DBNCJPT RVF IB HFOFSBEP MB HFTUJwO DVMUVSBM %VSBOUF MPT |MUJNPT USFT BvPT EFM HPCJFSOP EFM QSFTJEFOUF "SJBT 4gODIF[ TF IB JODSFNFOUBEP FM QSFTVQVFTUP QBSB FM .JOJTUFSJP EF $VMUVSB MP DVBM IB TJEP NVZ JNQPSUBOUF QBSB MB HFTUJwO Z FKFDVDJwO EF OVFWPT QSPHSB NBT DVMUVSBMFT )B IBCJEP VO JODSFNFOUP EFM FO MBT BDUJWJEBEFT DVMUV SBMFT QSPQJBT EF OVFTUSP NJOJTUFSJP DPNP EF MBT BDUJWJEBEFT JOEFQFOEJFOUFT QFSP RVF TF HFTUJPOBO DPO OVFTUSPT GPOEPT $PTUB 3JDB FTUg DPOTUJUVJEB QPS DBOUPOFT Z FO FM TF HFOFSBO BDUJWJEBEFT DVMUVSBMFT JNQVMTBEBT EFTEF MB %JSFDDJwO (FOFSBM EF $VMUVSB -BT DPOEJDJPOFT RVF TF IBO EBOEP QBSB FTUF DBNCJP FTUgO CBTBEBT FO BMJBO[BT FO FM BQPZP QPMrUJDP Z FO MB FMBCPSBDJwO JNQMFNFOUBDJwO Z FKFDV DJwO EF VO 1MBO /BDJPOBM EF %FTBSSPMMP RVF TF DPODJCJw CBKP PDIP BDDJPOFT FTUSBUnHJDBT &M QMBO BOUFSJPS DPOTUBCB EF BDDJPOFT FTUSBUnHJDBT RVF IBDrBO NVZ EJGrDJM TV FKFDVDJwO Z SFOEJDJwO EF DVFOUBT $PO FM OVFWP 1MBO EF %FTBSSPMMP IBZ NBZPS F¯DJFODJB UBOUP FO FM NPNFOUP EF TV FKFDVDJwO DPNP FO FM EF SFOEJDJwO EF DVFOUBT DVMUVSB Z EFTBSSPMMP


&M DBNCJP EFM RVF MFT IF FTUBEP IBCMBOEP FT FWJEFOUF DPO MB DSFBDJwO EF OVFWPT QSPHSBNBT DVMUVSBMFT DPO MB JNQMFNFOUBDJwO EF QPMrUJDBT QBSB GPS UBMFDFS FM TFDUPS DVMUVSBM JOEFQFOEJFOUF DPO MBT BMJBO[BT FTUBCMFDJEBT FOUSF FM .JOJTUFSJP EF $VMUVSB Z PUSPT NJOJTUFSJPT DPNP MPT EF &EVDBDJwO &DPOPNrB 4BMVE Z $PNFSDJP &YUFSJPS QBSB TBDBS BEFMBOUF EJWFSTPT FNQSFOEJNJFOUPT DPO BMJBO[BT FTUBCMFDJEBT DPO EJGFSFOUFT PSHBOJ[BDJPOFT DVMUVSBMFT Z DPO GVO EBDJPOFT JOUFSOBDJPOBMFT DPNP *CFSNFEJB *CFSFTDFOBT F *CFSPSRVFTUBT -B QSFTFODJB Z C|TRVFEB EF TPMVDJPOFT B MB DSJTJT FDPOwNJDB EFTEF FM TFDUPS DVMUVSBM Z MB FKFDVDJwO USBOTQBSFOUF QPS QBSUF EF MB BENJOJTUSBDJwO Q|CMJDB FO FM VTP EF MPT SFDVSTPT FDPOwNJDPT EJSJHJEPT B MB DVMUVSB IB TJEP VOB BQVFTUB EF FTUB BENJOJTUSBDJwO MB DVBM OVODB IB PMWJEBEP FM DPOTUBOUF NPOJUPSFP RVF TF EFCF SFBMJ[BS B MB HFTUJwO Z FKFDVDJwO EFM QSFTVQVFTUP BTJH OBEP B OVFTUSPT EJGFSFOUFT QSPHSBNBT %F NBOFSB FTQFDr¯DB EFTEF OVFTUSP NJOJTUFSJP IFNPT DSFBEP MPT TJ HVJFOUFT QSPHSBNBT DVMUVSBMFT FM 4JTUFNB /BDJPOBM EF &EVDBDJwO .VTJDBM JOTQJSBEP FO FM TJTUFNB RVF IBZ FO 7FOF[VFMB DPO FTDVFMBT PSRVFTUBT EJTUSJCVJEBT QPS UPEP FM QBrT FM DVBM CFOF¯DJB B OJvPT EF NBOFSB EJSFDUB Z B QFSTPOBT EF NBOFSB JOEJSFDUB 1SP"SUFT FT FM GPOEP OBDJPOBM QBSB MBT BSUFT RVF HFTUJPOB SFDVSTPT HVCFSOBNFOUBMFT QBSB QSPZFDUPT JOEFQFOEJFOUFT %VSBOUF TV QSJ NFS BvP FTUF QSPHSBNB ¯OBODJw QSPZFDUPT FO FM TFHVOEP Z FO MP RVF TF MMFWB EFM UFSDFS BvP WBO FO MB QSJNFSB DPOWPDBUPSJB FO FUBQB EF DSFBDJwO TF FODVFOUSB FM %JSFDUPSJP /BDJPOBM EF %JTFvP EFTEF EPOEF TF GPSNVMBSgO QPMrUJDBT EF BQPZP BM EJTFvP FM 1BSRVF EF MB -JCFSUBE Z MB "EVBOB FODBSHBEP EF HFOFSBS QSPHSB NBT EF EFTBSSPMMP UFDOPMwHJDP Z FOUSFOBNJFOUP FO MB DBQBDJUBDJwO EF EJTFvP BOJNBDJwO Z BVEJPWJTVBM FM 1SPHSBNB EF %FTBSSPMMP $VMUVSBM $PNVOJUBSJP RVF FTUg QSFTFOUF FO FM EF MPT DBOUPOFT EF $PTUB 3JDB FM 1SPHSBNB /BDJPOBM EF #JCMJPUFDBT JOTQJSBEP FO FM 1MBO /BDJPOBM EF #JCMJPUFDBT EF $PMPNCJB &O MB BDUVBMJEBE FTUg EFTBSSPMMBOEP CJCMJPUFDBT RVF USBCBKBO FO SFE Z EFTEF IBDF USFT BvPT DVFOUBO DPO BDDFTP B JOUFSOFU Z FM QSPHSBNB EF $POTFSWBDJwO EFM 1BUSJNPOJP RVF IB JOWFSUJEP BM SFEFEPS NJMMPOFT EF EwMBSFT FO FM GPSUBMFDJNJFOUP Z SF DPOTUSVDDJwO EF MBT FEJ¯DBDJPOFT QBUSJNPOJBMFT

-B FYQFSJFODJB DPTUBSSJDFOTF FO MB HFTUJwO EF MB DVMUVSB


MB DVMUVSB Z MB HFOFSBDJwO EF FNQMFP CJFOFTUBS Z DBMJEBE EF WJEB &O MPT |MUJNPT EPT BvPT FM TFDUPS DVMUVSBM FO $PTUB 3JDB IB HFOF SBEP OVFWPT FNQMFPT FO gSFBT DPNP QBUSJNPOJP Z BSUFT FTDnOJDBT Z FO EJWFSTBT EJTDJQMJOBT DPNP EJTFvP Z EJCVKP FOUSF PUSBT -PT USBCBKBEPSFT EF MB DPOTUSVDDJwO UBNCJnO IBO FODPOUSBEP FO FTUF TFDUPS GVFOUFT EF FNQMFP 5BNCJnO TF IB MPHSBEP BVNFOUBS FM CJFOFTUBS Z MB DBMJEBE EF WJEB EF MPT DPTUBSSJDFOTFT QPS MB EJTQPOJCJMJEBE RVF QPTFFO QBSB SFTQPOEFS EF NB OFSB NBTJWB B MPT QSPHSBNBT DVMUVSBMFT (SgยฏDP . Generaciรณn de empleo durante los รบltimos 3 aรฑos con respecto a los programas culturales Proyectos generados de empleo

Cantidad de personas contratadas. 2008

Cantidad de personas contratadas. 2009

Total

Tiempo completo

100

76

176

Medio tiempo

26

31

57

Proartes

334

566 (proyectado)

910

Festival Internacional de las Artes (FIA). Festival Nacional de las Artes (FNA)

300 (FIA)

250 (FNA)

550

Mejoramiento de infraestructura de los edi๏ฌ cios emblemรกticos

384

548 (proyectado)

932

Programa Becas Taller

27

30

57

Tiempo completo

2.215

2.912

5.127

Medio tiempo

26

31

57

SINEM

TOTAL

-PT GFTUJWBMFT DVMUVSBMFT UBNCJnO TPO VOB JOEVTUSJB DVMUVSBM HFOFSBEP SB EF FNQMFP $PTUB 3JDB SFBMJ[B FM 'FTUJWBM *OUFSOBDJPOBM EF MBT "SUFT GJB BM DVBM BTJTUF VO DVBSUP EF MB QPCMBDJwO FT EFDJS EF QFSTPOBT QPS MP NFOPT 0USPT QSPHSBNBT DSFBEPT QPS FM .JOJTUFSJP EF $VMUVSB Z RVF JODJEFO FO MB DBMJEBE EF WJEB Z FM CJFOFTUBS EF MPT DPTUBSSJDFOTFT TPO FM 5FBUSP BM .F EJP %rB Z .|TJDB BM "UBSEFDFS DVZPT DPTUPT EF FOUSBEB CBKPT QSPNVFWFO FM DPOTVNP DVMUVSBM DVMUVSB Z EFTBSSPMMP


QSPQwTJUPT QBSB FM GVUVSP Â… &M .JOJTUFSJP EF $VMUVSB EF $PTUB 3JDB UJFOF DPNP NFUB RVF TF MF BTJHOF FM EFM QSFTVQVFTUP OBDJPOBM " USBWnT EF SFTVMUBEPT PC UFOJEPT FO OVFTUSB HFTUJwO FTQFSBNPT BMDBO[BS FTUB NFUB FO Â… 2VFSFNPT RVF MPT QSPHSBNBT EFM NJOJTUFSJP UFOHBO QSFTFODJB FO UPEP FM QBrT &TUBNPT FO MB C|TRVFEB EF OVFWPT Q|CMJDPT VSCBOPT Z FO VOB NBZPS WJODVMBDJwO EF MBT QPCMBDJPOFT BEVMUB Z KVWFOJM Â… 5FOFNPT QMBOFBEP SFBMJ[BS NBZPSFT JOWFSTJPOFT FO MPT QSPHSBNBT EF JOGSBFTUSVDUVSB QBUSJNPOJBM FO MB DSFBDJwO EF QBSRVFT DVMUVSB MFT Z UFDOPMwHJDPT Z BTr DPOUSJCVJS B MB HFOFSBDJwO EF FNQMFP

-B FYQFSJFODJB DPTUBSSJDFOTF FO MB HFTUJwO EF MB DVMUVSB


-B SFOPWBDJwO EF MBT QPMrUJDBT Q|CMJDBT Z EFM NBSDP SFHVMBUPSJP QBSB FM TFDUPS DVMUVSBM 1PS 1BV 3BVTFMM ,zTUFS

JOUSPEVDDJwO MBT QPMrUJDBT DVMUVSBMFT EF MP PSOBNFOUBM B MP FTUSBUnHJDP 6OB MFDUVSB QSFDJQJUBEB TPCSF MPT FGFDUPT EF MB DSJTJT FDPOwNJDB NVOEJBM TPCSF MPT TFDUPSFT DVMUVSBMFT QPESrB BQVOUBS B RVF EBEP RVF MB DVM UVSB SFQSFTFOUB FM FTQBDJP PSOBNFOUBM EF MB BDDJwO FDPOwNJDB Z TPDJBM BOUF NPNFOUPT EF EJ¯DVMUBEFT MBT BDUJWJEBEFT DVMUVSBMFT SFTVMUBO QSFTDJOEJCMFT Z MPT SFDVSTPT DPMFDUJWPT EFTUJOBEPT B MB DVMUVSB MBT QPMrUJDBT DVMUVSBMFT QVF EFO TFS SFPSJFOUBEPT IBDJB PUSPT gNCJUPT QSJPSJUBSJPT 4JO FNCBSHP MB SFDJFOUF DSJTJT FDPOwNJDB TF IB SFWFMBEP FO VO NP NFOUP FO FM RVF FO NVDIPT UFSSJUPSJPT TF FTUBCB QSPEVDJFOEP VOB QBVMBUJ OB USBOTGPSNBDJwO TPCSF MB QFSDFQDJwO EF MBT QPMrUJDBT DVMUVSBMFT $BEB WF[ SFTVMUB NgT QMBVTJCMF MB JEFB EF VOB DSFDJFOUF DFOUSBMJEBE EFM DPOKVOUP EF MPT CJFOFT TJNCwMJDPT FO MB BSUJDVMBDJwO EF MBT SFMBDJPOFT FOUSF BHFOUFT FDP OwNJDPT TVKFUPT Z UFSSJUPSJPT %F FTUP IBCMBO MBT UFPSrBT TPCSF MB TPDJFEBE EF MB JOGPSNBDJwO Z FM DPOPDJNJFOUP Z FO DPOTFDVFODJB VCJDBO B MB DSFBDJwO QSPEVDDJwO EJTUSJCVDJwO DPOTVNP Z DPOTFSWBDJwO EF MB DVMUVSB FO VO TJUJP TVTUBODJBMNFOUF EJTUJOUP BM USBEJDJPOBM 4J MB DVMUVSB KVFHB VO QBQFM NgT SFMFWBOUF FO MB EF¯OJDJwO EF MBT GSPO UFSBT EF QPTJCJMJEBEFT EF EFTBSSPMMP EF VO UFSSJUPSJP SFTVMUB FWJEFOUF RVF MB QPMrUJDB DVMUVSBM DPNP FTQBDJP EF HFTUJwO Z DPOUSPM TPDJBM DPMFDUJWP EF MPT QSPDFTPT EF QSPEVDDJwO TJNCwMJDB TF USBOTGPSNB EFTEF VO gNCJUP EF HFTUJwO EF MP PSOBNFOUBM B VO FTQBDJP EF HFTUJwO FTUSBUnHJDB Z QPS UBOUP MB DVMUVSB OP TwMP OP FT VOB BDUJWJEBE QSFTDJOEJCMF TJOP RVF DPOTUJUVZF FO EFUFSNJOBEPT UFSSJUPSJPT FO VOB WrB USBOTJUBCMF IBDJB MB TVQFSBDJwO EF MB DSJTJT -P RVF Tr JNQPOF FTUB OVFWB SFMFWBODJB FT VOB NBZPS SFTQPOTBCJMJEBE TPCSF MPT QPMJDZ NBLFST ZB RVF MPT FSSPSFT MBT NBMBT QSgDUJDBT P MBT JNQSPWJ DVMUVSB Z EFTBSSPMMP


TBDJPOFT ZB OP TF TPQPSUBO TwMP FO MB §FTGFSB EFDPSBUJWB¨ EF MB BDDJwO TPDJBM TJOP RVF BGFDUBO B TV O|DMFP FTUSBUnHJDP &TQFDJBMNFOUF MB DSJTJT DPOUSJCVZF B SFGPS[BS MB OFDFTJEBE EF TFS NgT QSFDJTPT FO MB EF¯OJDJwO EF MPT PCKFUJWPT EF MBT QPMrUJDBT DVMUVSBMFT NgT SJHVSPTPT FO MB EF¯OJDJwO EF MPT NPEFMPT RVF FTUBCMFDFO MBT SFMBDJPOFT DBVTBMFT FOUSF MPT JOEJWJEVPT Z P MB DPNVOJEBE Z FM IFDIP DVMUVSBM Z NVDIP NgT FYJHFOUFT FO FM BOgMJTJT Z FWBMVBDJwO EF MB F¯DBDJB EF MBT JNQMFNFOUBDJPOFT -B DSJTJT IB QVFTUP FO FWJEFODJB MPT DPTUPT EF PQPSUVOJEBE EF MPT SF DVSTPT Q|CMJDPT PSJFOUBEPT IBDJB MB DVMUVSB Z TJ QPS VOB QBSUF BMHVOBT BD UJWJEBEFT DVMUVSBMFT ¦KVOUP DPO PUSPT TFDUPSFT MJHBEPT B MB UFDOPMPHrB MBT FOFSHrBT SFOPWBCMFT P MB TPDJFEBE EF JOGPSNBDJwO¦ WBO EFNPTUSBOEP RVF QVFEFO QSPUBHPOJ[BS FM DBNCJP EFM NPEFMP QSPEVDUJWP FO DSJTJT UBNCJnO QBSFDF DMBSP RVF FM EFTBSSPMMP EF MB JOUFSWFODJPOFT Q|CMJDBT FO FM DBNQP EF MB DVMUVSB TF EFCFO TVTUFOUBS FO FTRVFNBT NVDIP NgT SJHVSPTPT Z SFTQPOTB CMFT EF MP RVF MP IBO TJEP IBTUB BIPSB -B QPMrUJDB DVMUVSBM IBTUB BIPSB IB TJEP VO FTQBDJP EF BDDJwO QPMrUJDB RVF DPOUBCB DPO VO FMFWBEP DPOTFOTP TPCSF MPT PCKFUJWPT QFSP QSFDJTBNFO UF QPS FMMP NPTUSBCB VO FTDBTP DPOPDJNJFOUP TPCSF MBT SFMBDJPOFT DBVTB MFT RVF BSUJDVMBO MB DPOFYJwO FOUSF FM JOEJWJEVP P MPT HSVQPT TPDJBMFT Z MB EJNFOTJwO DVMUVSBM /PT GBMUB DPOPDJNJFOUP TPCSF QPS RVn MPT JOEJWJEVPT MFFO TPCSF DwNP BGFDUB B MB JEFOUJEBE DPMFDUJWB FM nYJUP EF VO GFTUJWBM TPCSF MB EJTQPOJCJMJEBE B QBHBS EF VOB DPNVOJEBE QPS VO FMFNFOUP QBUSJNPOJBM TPCSF DwNP BGFDUB MB FYJTUFODJB EF VO QSFNJP NPOFUBSJP B MB BDUJWJEBE EF VO BSUJTUB QMgTUJDP TPCSF DwNP TF DPO¯HVSB MB DBSSFSB QSPGFTJPOBM EF VO N|TJDP EF QPQ TPCSF DVgM FT FM WBMPS BvBEJEP TPCSF MB BUSBDUJWJEBE EF VO UFSSJUPSJP MB FYJTUFODJB EF VO PCKFUP §QBUSJNPOJP EF MB IVNBOJEBE¨ TPCSF DwNP TF GP NFOUB MB DSFBUJWJEBE TPCSF DVgM FT MB QFSTQFDUJWB EF HnOFSP FO MB QSPEVDDJwO BSUrTUJDB MP RVF WBNPT TBCJFOEP FT RVF TBCFNPT NVZ QPDP &T DJFSUP RVF MB BDBEFNJB IB JOEBHBEP DPO NBZPS P NFOPS GPSUVOB FO BMHVOB EF FTUBT DVFT UJPOFT B|O EF NBOFSB QPDP DPPSEJOBEB Z B WFDFT DPO FOEFCMFT BSNB[POFT UFwSJDPT RVF GBMUB QPS DPOTUSVJS QFSP B|O FO FTUPT DBTPT TV JODBSEJOBDJwO DPO MB BDDJwO Q|CMJDB FT NVZ SBSB Z FTQPSgEJDB &O HFOFSBM MB QSgDUJDB EF MBT QPMrUJDBT DVMUVSBMFT TF IB CBTBEP FO BMHVOPT MVHBSFT DPNVOFT FO BMHVOPT UwQJDPT DPNQBSUJEPT Z FO DJFSUP CVFOJTNP DPOTFOTVBM RVF FO FM NFKPS EF MPT DBTPT TF NPTUSBCB OFVUSBM TPCSF FM EFTBSSPMMP DPODSFUP EF MBT QPMrUJDBT QFSP RVF FO FM QFPS IB KVTUJ¯DBEP JNQMFNFOUBDJPOFT EF MBT BDDJPOFT Q|CMJDBT DMB SBNFOUF SFHSFTJWBT FTDBTBNFOUF F¯DBDFT Z FWJEFOUFNFOUF JOF¯DJFOUFT &M QSPCMFNB TPCSF MB GBMUB EF DPOPDJNJFOUP EFTEF MB QFSTQFDUJWB EF MBT QPMrUJDBT Q|CMJDBT FO QPS RVn TF QSPEVDFO MPT IFDIPT FO MB FTGFSB DVMUVSBM FT RVF OP QPEFNPT EJTFvBS JOTUSVNFOUPT EF JOUFSWFODJwO QBSB USBUBS EF USBOT -B SFOPWBDJwO EF MBT QPMrUJDBT Q|CMJDBT Z EFM NBSDP SFHVMBUPSJP QBSB FM TFDUPS DVMUVSBM


GPSNBS MB SFBMJEBE ZB RVF OP TBCFNPT DVgMFT TPO MBT SFMBDJPOFT DBVTBMFT FOUSF MB WBSJBCMFT RVF USBUBNPT EF NBOJQVMBS B USBWnT EF MB BDDJwO DPMFDUJWB -B QFSTJTUFODJB EF FTUB JODPOTJTUFODJB B MP MBSHP EFM UJFNQP IB TJEP QPTJCMF QPS VOB QFSDFQDJwO RVF BGPSUVOBEBNFOUF WB DBNCJBOEP ยงMB QFSDFQDJwO EF RVF MB QPMrUJDB DVMUVSBM BGFDUBCB B FTQBDJPT NBSHJOBMFT Z DBTJ PSOBNFOUBMFT EF MB EJNFOTJwO TPDJBMยจ Z QPS FMMP MB BDDJwO EF FWBMVBS TF DPOWFSUrB FO VO FKFSDJDJP QSFTDJOEJCMF &O MPT |MUJNPT UJFNQPT FTUB OVFWB DFOUSBMJEBE B QBSUJS EF BOgMJTJT ZB TFBO NgT SJHVSPTPT P EF DBSgDUFS NgT JOUVJUJWPT FT SFDPHJEB EF NBOFSB EFDMBSBUJWB QPS OVNFSPTPT EPDVNFOUPT SFEBDUBEPT QPS PSHBOJTNPT JOUFSOB DJPOBMFT DPNP MB QSPQJB 6OJwO &VSPQFB MB PDEF MB VOFTDP MB PFJ QFSP FM HBQ EFM DPOPDJNJFOUP MB FTDBTB DPOTPMJEBDJwO EF MPT TJTUFNBT EF JOGPSNBDJwO MB GSBHJMJEBE EF MPT TJTUFNBT FTUBErTUJDPT TPCSF FM IFDIP DVMUVSBM Z MB FTDBTB USBEJDJwO FWBMVBEPSB QSPWPDBO RVF MB ยงSBDJPOBMJEBE JOTUSVNFOUBMยจ EF MBT QP MrUJDBT DVMUVSBMFT BWBODF NVZ MFOUBNFOUF MB OVCF EF PCKFUJWPT EF MB QPMrUJDB DVMUVSBM 6OB EF MBT DPOTJEFSBDJPOFT NgT SFMFWBOUFT TPCSF MBT DBSBDUF SrTUJDBT EF MBT QPMrUJDBT DVMUVSBMFT FT RVF MB OVCF EF PCKFUJWPT B QFSTFHVJS FT OPUBCMFNFOUF BNQMJB Z EJWFSTB Z FO DPOTFDVFODJB QBSB DBEB PCKFUJWP Z NVDIBT WFDFT DBEB TFDUPS DVMUVSBM TF SFRVJFSF EF JOTUSVNFOUPT EF JOUFSWFO DJwO DPO DPOยฏHVSBDJPOFT EJTUJOUBT 6OP EF MPT FSSPSFT NgT GSFDVFOUFT FO MB BSUJDVMBDJwO EF MBT QPMrUJDBT DVMUVSBMFT FT QSFUFOEFS DPO VO O|NFSP NVZ MJNJUBEP EF IFSSBNJFOUBT VOB HBNB BNQMJB EF PCKFUJWPT &T QPS FMMP RVF OPT QBSFDF BEFDVBEP USBUBS EF EJCVKBS ยงMB OVCF EF PCKFUJWPTยจ QMBVTJCMFT EF MBT QPMrUJDBT DVMUVSBMFT -B BHFOEB MFHrUJNB EF MB QPMrUJDB DVMUVSBM TF QVFEF FTUSVDUVSBS TPCSF USFT EJNFOTJPOFT RVF OP UJFOFO MrNJUFT DMBSPT FOUSF FMMBT TJOP NgT CJFO GPS NBO VO DPOUJOVP RVF WB EFTEF MB EJNFOTJwO EFM JOEJWJEVP DJVEBEBOP B MB EJNFOTJwO TPDJBM QBTBOEP QPS MB FTGFSB Z MBT JNQMJDBDJPOFT FDPOwNJDBT EF MBT JNQMFNFOUBDJPOFT Q|CMJDBT 5BM Z DPNP WJFOF SFQSFTFOUBEP FO FM HSgยฏDP

)BZ RVF UFOFS FO DVFOUB QBSB OP QFDBS EF JOHFOVPT RVF UPEB JOUFSWFODJwO Q|CMJDB TF TVT UFOUB FO VOPT QSJODJQJPT NgT P NFOPT MFHrUJNPT RVF MB KVTUJยฏDBO QFSP RVF BM NJTNP UJFNQP FM BOgMJTJT EF EJDIB QPMrUJDB OPT QVFEF FWJEFODJBS RVF DVNQMF BMHVOBT PUSBT GVODJPOBMJEBEFT EF DJFSUB BHFOEB PDVMUB P OP FYQMrDJUB 1PS FKFNQMP MB QSFTFSWBDJwO EF VO EFUFSNJOBEP FMF NFOUP QBUSJNPOJBM DVNQMF DPO MB BHFOEB FYQMrDJUB EF ยงSFGPS[BS FM TFOUJEP EF JEFOUJEBE EF VOB DPNVOJEBEยจ QFSP BM NJTNP UJFNQP QVFEF SFTQPOEFS B MPT JOUFSFTFT EF VO MPCCZ FNQSFTBSJBM DPO JOUFSFTFT JONPCJMJBSJPT

DVMUVSB Z EFTBSSPMMP


MBT QPMrUJDBT DVMUVSBMFT QVFEFO TFS GPSNVMBEBT B QSJODJQBMNFOUF B QBSUJS EF DSJUFSJPT EF TBUJTGBDDJwO EF PQPSUVOJEBEFT P EFSFDIPT EF MPT JOEJWJEVPT DJVEBEBOPT C B QBSUJS EF MB DPOTFDVDJwO EF PCKFUJWPT EF DBSJ[ FDPOwNJDP Z D B QBSUJS EF MB PCUFODJwO EF JNQBDUPT DVZPT FGFDUPT FYUFSOPT TVQFSBO MB EJNFOTJwO JOEJWJEVBM P TFDUPSJBM QBSB PCUFOFS USBOTGPSNBDJPOFT EF EJNFO TJwO TPDJBM (SgGJDP Objetivos de la polรญtica cultural

CIUDADANร A

Garantizar las libertades individuales de expresiรณn, y comunicaciรณn artรญstica Reforzar la sensaciรณn de pertenencia e identidad Democratizar la participaciรณn en la construcciรณn simbรณlica de una cominidad

Mejorar la calidad de vida Satisfacer demandas que no posibilita el mercado Posibilitar la existencia de empleos de calidad como los del sector de la cultura

Generar cohesiรณn social y otros fines sociales

SECTORES

Generar ocupaciรณn y PIB Actividad complementaria para otros sectores productivos

ECONOMร A

Generar impacto econรณmico Mejorar la actividad del territorio

Educar, formar y transmitir valores

TERRITORIO

Democratizar el acceso a la cultura

SOCIEDAD

Promover la diversidad Promover la innovaciรณn sociopolรญtica Generar desarrollo Posibilitar un cambio de modelo productivo

Fuente: elaboraciรณn propia

" NPEP EF SFDPSSJEP DJSDVMBS QPEFNPT QBSUJS EF BRVFMMBT QPMrUJDBT RVF EBO SFTQVFTUB B MB TBUJTGBDDJwO EF MPT EFOPNJOBEPT EFSFDIPT DVMUVSBMFT RVF TJ CJFO TF HBSBOUJ[BO TPCSF MPT JOEJWJEVPT TV SFDPOPDJNJFOUP DPNP UB MFT SFTVMUB EF VO DMBSP QSPDFTP EF DPOTUSVDDJwO TPDJBM BTr RVF EFMJNJUBSrBO FM FTQBDJP EF JOUFSTFDDJwO FOUSF MP TPDJBM Z MP JOEJWJEVBM &TUPT PCKFUJWPT TF GPSNVMBO B QBSUJS EF MB HBSBOUrB EF MPT EFSFDIPT B MB MJCFSUBE EF FYQSFTJwO EF DPNVOJDBDJwO P FYQSFTJwO BSUrTUJDB Z MB PCMJHBDJwO EF MBT BENJOJTUSBDJP OFT Q|CMJDBT EF BSUJDVMBS MPT NFDBOJTNPT QBSB RVF EJDIPT EFSFDIPT UFOHBO MB QPTJCJMJEBE EF FKFSDFSTF &M TJHVJFOUF FTDBMwO IBDJB MB FTGFSB JOEJWJEVBM OPT MMFWBSrB B FTB GPSNVMBDJwO NgT MBYB FO UnSNJOPT EF EFSFDIPT RVF FT MB EFNPDSBUJ[BDJwO EFM BDDFTP B MB DVMUVSB &M BSHVNFOUP RVF FT VOP EF MPT NgT BNQMJBNFOUF VUJMJ[BEPT Z RVF KVTUJยฏDB MB NBZPS QBSUF EF MBT JNQMFNFOUBDJP OFT EF MBT QPMrUJDBT DVMUVSBMFT FO DVBMRVJFS OJWFM EF HPCJFSOP FT ยฅEF NBOFSB FTRVFNgUJDBยฅ RVF MB DVMUVSB DPNP NBOJGFTUBDJwO FMFWBEB EF MB OBUVSBMF[B -B SFOPWBDJwO EF MBT QPMrUJDBT Q|CMJDBT Z EFM NBSDP SFHVMBUPSJP QBSB FM TFDUPS DVMUVSBM


IVNBOB B MB RVF IJTUwSJDBNFOUF TwMP IBO UFOJEP BDDFTP MBT DMBTFT QSJWJMF HJBEBT FT VO FTQBDJP B EFNPDSBUJ[BS FO TFOUJEP TPDJBM Z FO DPOTFDVFODJB FM &TUBEP EFCF JOUFSWFOJS QBSB SFEVDJS MBT CBSSFSBT EF BDDFTP BM DPOTVNP P MB QSgDUJDB DVMUVSBM DPO MPT QSFDJPT TVCWFODJPOBEPT CBSSFSBT FDPOwNJDBT MB QSPWJTJwO EJSFDUB EF JOGSBFTUSVDUVSBT P TFSWJDJPT DVMUVSBMFT FO FTQBDJPT OP DVCJFSUPT QPS FM NFSDBEP CBSSFSBT GrTJDBT P MB FEVDBDJwO MB EJGVTJwO Z MB DPNVOJDBDJwO CBSSFSBT QTJDPMwHJDBT &M TJHVJFOUF FTDBMwO IBDF SFGFSFODJB OP UBOUP B MB TBUJTGBDDJwO EF EF SFDIPT TJOP BM EFTBSSPMMP EFM &TUBEP EFM #JFOFTUBS FO FM TFOUJEP EF RVF FO TPDJFEBEFT EFTBSSPMMBEBT MB DVMUVSB FT VOP EF MPT JOHSFEJFOUFT FO MB SFDFUB EF MB DBMJEBE EF WJEB Z FO DPOTFDVFODJB MBT BENJOJTUSBDJPOFT FO FM NBSDP EF TVT QPTJCJMJEBEFT EFCF QSPWFFS P GBDJMJUBS MB QSPWJTJwO EF CJFOFT Z TFSWJDJPT DVMUVSBMFT RVF NFKPSBO MBT PQDJPOFT BM DPOKVOUP EF MPT DJVEBEBOPT QBSB JO DSFNFOUBS TV DBMJEBE EF WJEB 6OB WVFMUB NgT FO FTUB DPODFQDJwO FT MB RVF DPOTJEFSB MBT OFDFTJEBEFT EF HSVQPT FTQFDrยฏDPT EF DJVEBEBOPT ZB TFB EFTEF FM QVOUP EF WJTUB EF MB EFNBOEB P EF MB PGFSUB B MPT RVF FM GVODJPOBNJFOUP P MB EJNFOTJwO EFM NFSDBEP OP MFT QPTJCJMJUB FM EFTBSSPMMP EF FYQSFTJPOFT FTQFDrยฏDBT EF EFUFSNJOBEPT MFOHVBKFT BSUrTUJDPT Q F UFBUSP DPOUFNQPSgOFP EF BSUF Z FOTBZP P EF EFNBOEBT FTQFDrยฏDBT N|TJDB TBDSB QPS MP RVF MBT BENJOJTUSBDJPOFT Q|CMJDBT BTVNFO MB GVODJwO EF TBUJTGBDFS FTBT EFNBOEBT FTQFDrยฏDBT 4J ZB USBOTJUBNPT IBDJB EJNFOTJPOFT FDPOwNJDBT VOB EF MBT WFOUBKBT RVF QSPWFF FM TFDUPS EF MB DVMUVSB FT RVF FT DBQB[ EF HFOFSBS PDVQBDJPOFT Z BDUJWJEBEFT RVF TPO QFSDJCJEBT TVCKFUJWBNFOUF DPNP EF NFKPS DBMJEBE RVF MB NFEJB EFM DPOKVOUP EF MBT PDVQBDJPOFT FT QPS FMMP RVF GBDJMJUBS FM DSFDJNJFO UP EF MPT TFDUPSFT DVMUVSBMFT JNQMJDB MB DSFBDJwO EF PDVQBDJPOFT EF DBMJEBE Z FTUP QVFEF TFS DPOWFSHFOUF DPO QSPDFTPT DPNP MPT RVF EFTDSJCF MB &TUSBUFHJB EF -JTCPB &M BSHVNFOUP FDPOwNJDP FT VOP EF MPT NgT VUJMJ[BEPT FO MPT |MUJNPT UJFNQPT QBSB KVTUJยฏDBS MB JOUFSWFODJwO Q|CMJDB FO DVMUVSB Z FT FWJEFOUF RVF MPT TFDUPSFT DVMUVSBMFT HFOFSBO PDVQBDJwO Z SFOUB TVQPOFO VOB BDUJWJEBE RVF DPNQMFNFOUB FM BUSBDUJWP EF PUSBT BDUJWJEBEFT FDPOwNJDBT Q F FM UVSJT NP P QPTJCJMJUB MB GPSNBDJwO EF UBTBT NgT FMFWBEBT EF WBMPS BvBEJEP FM EJ TFvP TPCSF MB BDUJWJEBE EFM TFDUPS UFYUJM P DFSgNJDP P RVF QSPWPDBO JNQBDUP FDPOwNJDP HFOFSBMJ[BEP ยงFGFDUP (VHHFOIFJNยจ 4JO FNCBSHP DPNQBSUJNPT

&M OVFWP PCKFUJWP FTUSBUnHJDP QBSB MB FDPOPNrB FVSPQFB ยงMMFHBS B TFS MB FDPOPNrB CBTBEB FO FM DPOPDJNJFOUP NgT DPNQFUJUJWB Z EJOgNJDB EFM NVOEP DBQB[ EF BMDBO[BS VO DSFDJNJFO UP TPTUFOJCMF DPO NgT Z NFKPSFT FNQMFPT Z NBZPS DPIFTJwO TPDJBMยจ FM EFTUBDBEP FT OVFTUSP

DVMUVSB Z EFTBSSPMMP


MB JEFB EF RVF B QBSUJS EF BMHVOBT MFDUVSBT NgT EFUBMMBEBT TPCSF MB MJUFSBUVSB SFDJFOUF nTUB QBSFDF FWJEFODJBS RVF FO NVDIPT DBTPT FTUPT FGFDUPT TF IBO FYBHFSBEP P RVF TF EPDVNFOUBO TwMP MPT DBTPT FYJUPTPT QFSP OBEJF SFHJTUSB MPT GSBDBTPT FO FTUPT QSPDFTPT P RVF FTUPT JNQBDUPT TF MJNJUBO B FGFDUPT USBOTJUPSJPT RVF TF EJTJQBO SgQJEBNFOUF TJO EFKBS NVDIBT NBSDBT TPCSF MPT UFSSJUPSJPT /P UFOFNPT OJOHVOB EVEB EF RVF MB EJNFOTJwO TJNCwMJDB EF VO UFSSJ UPSJP WB B TFS DBEB WF[ NgT EFUFSNJOBOUF FO TV BUSBDUJWJEBE TPCSF DJVEBEB OPT UBMFOUP P °VKPT EF DBQJUBMFT QFSP MB DPSSFMBDJwO FOUSF QPMrUJDBT DVMUVSBMFT Z §NVTDVMBUVSB TJNCwMJDB¨ EF VO UFSSJUPSJP FT UBNCJnO DBEB WF[ NgT DPNQMF KB Z TF GPSNVMB FO VO NVOEP HMPCBM EPOEF DBEB WF[ NgT UFSSJUPSJPT DPNQJ UFO QPS BUSBFS MB BUFODJwO B QBSUJS EF MB DVMUVSB &T QPS FMMP RVF MBT FTUSBUFHJBT TF IBO EF QMBOUFBS B QBSUJS EF DPODFQ DJPOFT NgT TP¯TUJDBEBT RVF DPOUFNQMFO VOB WJTJwO JOUFHSBM EFM EFTBSSPMMP UFSSJUPSJBM RVF UFOHB DMBSBNFOUF FO DVFOUB MBT JOUFSSFMBDJPOFT FOUSF DJVEBEB OPT MPT QSPDFTPT EF DSFDJNJFOUP FDPOwNJDP MB DPIFTJwO TPDJBM Z MB DBMJEBE EF WJEB FO FOUPSOPT EF BMUB DBMJEBE EFNPDSgUJDB Z FMFWBEPT OJWFMFT EF HP CFSOBO[B "Tr MBT BSHVNFOUBDJPOFT EF DBSJ[ FDPOwNJDP OP TF QVFEFO EFT HBKBS EF UPEBT MBT QPTJCMFT JNQMJDBDJPOFT TPDJBMFT EF MBT QPMrUJDBT DVMUVSBMFT %FTEF MB QSPNPDJwO EF MB EJWFSTJEBE MB DPIFTJwO TPDJBM MB USBOTNJTJwO EF WBMPSFT EFNPDSgUJDPT MB USBOTQBSFODJB MB EFNPDSBUJ[BDJwO Z MB BNQMJBDJwO EF MB QBSUJDJQBDJwO FO MB QSPQJB EF¯OJDJwO EF MPT PCKFUJWPT DVMUVSBMFT Â¥F JO DMVTP MB NFKPSB FO MB QSFEJTQPTJDJwO IBDJB MBT JOOPWBDJPOFT QPMrUJDP TPDJBMFT Z FM SFGPS[BNJFOUP EF MPT TFOUJNJFOUPT EF JEFOUJEBE Z QFSUFOFODJBÂ¥ TF EFCF DPOTUJUVJS FM O|DMFP SFMFWBOUF EF PCKFUJWPT EF MBT QPMrUJDBT DVMUVSBMFT &TUB BQSPYJNBDJwO DPOMMFWB FYQMrDJUBNFOUF MB GPSNVMBDJwO EF FTUSBUFHJBT EF JO UFSWFODJwO NVDIP NgT DPNQMFKBT NVMUJEJNFOTJPOBMFT USBOTWFSTBMFT EPOEF QBSBEwKJDBNFOUF FM BOgMJTJT FM FTUVEJP MB QMBOJ¯DBDJwO QSVEFOUF FM DPOTFOTP EFCFSgO DPNCJOBSTF DPO MB JNQSPWJTBDJwO MB DSFBUJWJEBE FM MJEFSB[HP BWFOUV SBEP MB JOUVJDJwO Z FM SJFTHP )FNPT EF QFOTBS RVF MP RVF ¯OBMNFOUF TF HFT UJPOB FO FM gNCJUP EF MBT QPMrUJDBT DVMUVSBMFT TPO MBT FYQFSJFODJBT MPT EFTFPT MBT FNPDJPOFT Z MPT TVFvPT QSFTFOUFT Z GVUVSPT EF VOB DPNVOJEBE MB EJNFOTJwO FDPOwNJDB •RVn QBQFM QVFEF KVHBS MB DVMUVSB BMHVOB FYQFSJFODJB EFM DBTP FTQBvPM " QFTBS EFM EJTDVSTP EF MPT QgSSBGPT BOUFSJPSFT Tr RVFSFNPT BDMBSBS B QBSUJS EF MB FYQFSJFODJB EFM DBTP FTQBvPM DJFSUPT QSFKVJDJPT TPCSF MBT DBSBDUFSrTUJDBT FDPOwNJDBT EF MPT TFDUPSFT DVMUVSBMFT FO VO NPNFOUP EF DSJTJT DPNP FM BDUVBM -B SFOPWBDJwO EF MBT QPMrUJDBT Q|CMJDBT Z EFM NBSDP SFHVMBUPSJP QBSB FM TFDUPS DVMUVSBM


&O &TQBvB TF QMBOUFB DPNP FTUSBUFHJB QBSB TVQFSBS MB DSJTJT FM DBNCJP EFM NPEFMP QSPEVDUJWP FYDFTJWBNFOUF FTDPSBEP FO MB |MUJNB EnDBEB IBDJB BDUJWJEBEFT DPNP MB DPOTUSVDDJwO Z FM UVSJTNP $VBOEP BDBEnNJDPT TJOEJDB MJTUBT P QPMrUJDPT NJFOUBO MB DVFTUJwO CgTJDBNFOUF TF SF¯FSFO BM §EFTFP¨ EF RVF FO WF[ EF RVF VOB QBSUF DPOTJEFSBCMF EF OVFTUSB SJRVF[B Z EF OVFTUSPT FNQMFPT TF PSJHJOFO FO FM TFDUPS EF MB DPOTUSVDDJwO P FM UVSJTNP DPO QSP EVDUJWJEBEFT NVZ CBKBT Z DPO PDVQBDJPOFT QPDP BUSBDUJWBT EJDIB SJRVF[B Z PDVQBDJwO TF VCJRVF FO MPT TFDUPSFT EF MB BFSPOgVUJDB MBT FOFSHrBT SFOPWB CMFT MPT TFDUPSFT EF MBT UJD MB CJPUFDOPMPHrB MB JOWFTUJHBDJwO V PUSPT TFSWJDJPT BWBO[BEPT /P IBZ OJOHVOB EVEB RVF IBZ BMHVOPT TFDUPSFT DBQBDFT EF HF OFSBS NBZPS SJRVF[B QPS USBCBKBEPS B RVF PUSPT Z OP IBZ OJOHVOB EVEB RVF IBZ TFDUPSFT RVF PGSFDFO FNQMFPT NgT BUSBDUJWPT RVF FM EF SFDFQDJPOJTUB EF IPUFM SFQPOFEPS FO VOB HSBO TVQFS¯DJF P BMCBvJM EF QSJNFSB " QFTBS EF FTUB DPOUVOEFOUF FWJEFODJB SFTVMUB PCWJP RVF NPOUBS VO CBS FO VOB FTRVJOB USBOTJUBEB SFTVMUB SFMBUJWBNFOUF TFODJMMP NJFOUSBT RVF QBSB RVF VOB FNQSFTB EF CJPUFDOPMPHrB GVODJPOF DPNP OFHPDJP SFRVJFSF EF FMFWBEPT FTGVFS[PT FO * % J USBZFDUPSJBT EF JOWFTUJHBDJwO UFDOPMwHJDB DPO TPMJEBEBT GPSNBDJwO FO CVFOBT VOJWFSTJEBEFT MB FYJTUFODJB EF VO TJTUFNB ¯OBODJFSP TP¯TUJDBEP RVF BQVFTUF QPS FM DBQJUBM SJFTHP VO FOUSBNBEP SFMB DJPOBM FOUSF JOOPWBEPSFT JOWFSTJPOJTUBT DJVEBEFT BHSBEBCMFT RVF BUSBJHBO UBMFOUP BMHVOB BDDJwO Q|CMJDB RVF TVQFSF MB MwHJDB EF MB TVCWFODJwO VO FT QrSJUV TPDJBM RVF BTQJSF B BMHP NgT RVF PCUFOFS MB QMB[B EF GVODJPOBSJP B Z VO MBSHP FUDnUFSB §$BNCJBS EF NPEFMP QSPEVDUJWP¨ SFRVJFSF EF QFSTFWFSBODJB DPPSEJ OBDJwO JOUFMJHFODJB DPMFDUJWB VO BNQMJP BDVFSEP QPMrUJDP EFCBUF JOUFMFDUVBM TPDJBM Z QPMrUJDP EF BMUVSB QFOTBNJFOUP FTUSBUnHJDP WJTJwO B MBSHP QMB[P FT USVDUVSBT EF NFEJBDJwO gHJMFT Z F¯DJFOUFT NFDBOJTNPT USBOTQBSFOUFT F JO GPSNBEPT RVF QPTJCJMJUFO MB FWBMVBDJwO QFSNBOFOUF Z CgTJDBNFOUF UJFNQP /P DBCF EVEB RVF MBT USBOTGPSNBDJPOFT FTUSVDUVSBMFT EF MB FDPOPNrB FTQB vPMB EFCFO TFHVJS MB TFOEB RVF BMVNCSBCB MB "HFOEB EF -JTCPB QBSB -B WPMVOUBE EF TVQFSBS FM BUSBTP TFDVMBS FO * % MB USBOTGPSNBDJwO EF MBT VOJ WFSTJEBEFT FM 1MBO "WBO[B P MB JOUFSJPSJ[BDJwO EF MB JOOPWBDJwO QPS QBSUF EFM TJTUFNB QSPEVDUJWP SFBM ¥ZB TFB FO FM gNCJUP EF MPT QSPDFTPT P MPT QSPEVDUPT EFTEF ;BSB Z .FSDBEPOB MPT BFSPHFOFSBEPSFT MB QJTDJDVMUVSB B MB HBTUSPOP NrB P MB F¯DJFODJB EF BMHVOBT JOTUJUVDJPOFT ¯OBODJFSBT ¥ TPO QBTJMMPT QPS MPT RVF IB EF TFHVJS USBOTJUBOEP FM TJTUFNB FDPOwNJDP FTQBvPM 1FSP B DPSUP QMB[P IBZ RVF CVTDBS RVn TFDUPSFT QVFEFO DPO VO NFOPS DPTUF FO UnSNJOPT EF UJFNQP Z FTGVFS[P MJEFSBS FTF NPEFMP EF DBNCJP QSPEVDUJWP 1PS NVDIP RVF MFT TPSQSFOEB B BMHVOPT QPMJDZ NBLFST MPT TJHVJFOUFT QgSSBGPT BCPHBO QPSRVF MF QSFTUFNPT NBZPS BUFODJwO BM TFDUPS EF MB DVMUVSB DVMUVSB Z EFTBSSPMMP


6O QSJNFS QSFKVJDJP TPCSF FM TFDUPS EF MB DVMUVSB FT RVF FT VO TFDUPS EF FTDB TB EJNFOTJwO FDPOwNJDB 1FSP MPT EBUPT OP TPO EFTEFvBCMFT ZB RVF FTUBNPT IBCMBOEP EF VO DPOKVOUP EF BDUJWJEBEFT RVF QBSB ¥|MUJNP BvP BM RVF MMFHBO MBT DVFOUBT¥ TVQPOFO FM EFM 1*# QBSB MBT BDUJWJEBEFT DVMUVSBMFT Z FM QBSB FM DPOKVOUP EF MBT BDUJWJEBEFT WJODVMBEBT B MB QSPQJFEBE JOUF MFDUVBM WFS UBCMB 1BSB IBDFSTF VOB JEFB EF RVn TJHOJ¯DB FTB EJNFOTJwO QPEFNPT EFDJS RVF QBSB FTF NJTNP BvP TVQPOrB VO UBNBvP FO UnSNJOPT FDPOwNJDPT TJNJMBS BM TFDUPS QSJNBSJP BHSJDVMUVSB HBOBEFSrB Z QFTDB Z NgT EF VOB UFSDFSB QBSUF EFM TFDUPS EF MB DPOTUSVDDJwO ¥FTF NPOTUSVP RVF UPEP TF MP DPNJw¥ $PO OP NVDIP FTGVFS[P QPESrB TFS QMBVTJCMF ¯KBS QBSB FM ¯OBM EF MB MFHJTMBUVSB VO PCKFUJWP EFM 5BCMB .

Aportación de las actividades culturales al PIB. (En miles de euros) 2000

2001

2002

2003

2004

2005

Patrimonio

Año

472.025 €

475.558 €

478.228 €

570.682 €

614.299 €

839.515 €

Archivos y Bibliotecas

304.661 €

392.740 €

350.855 €

386.177 €

371.377 €

395.288 €

Libros y Prensa

8.624.793 €

9.092.155 €

9.462.487 €

9.861.043 €

10.274.905 €

11.117.664 €

Artes Plásticas

904.690 €

897.562 €

964.009 €

1.041.620 €

1.069.517 €

1.103.264 €

Artes Escénicas

656.602 €

714.005 €

808.076 €

842.949 €

885.677 €

987.999 €

2.376.424 €

2.446.432 €

2.539.068 €

2.508.357 €

2.806.805 €

2.680.597 €

Audivisual y Multimedia

Cine y Vídeo Música Grabada Radio y Tv.

Interdisciplinar Total

392.524 €

445.435 €

513.047 €

533.156 €

522.576 €

521.224 €

3.375.076 €

3.809.604 €

4.431.106 €

4.517.535 €

4.757.027 €

4.712.258 €

1.810.487 €

2.089.622 €

2.125.740 €

2.293.334 €

2.727.777 €

3.165.710 €

18.917.282 €

20.363.113 €

21.672.616 €

22.554.854 €

24.029.960 €

25.523.520 €

Fuente: estimaciones propias.

"EFNgT FM TFDUPS EF MB DVMUVSB FT VO TFDUPS JOUFOTJWP FO USBCBKP QPS MP RVF SFTVMUB VO TFDUPS NVZ JOUFSFTBOUF QBSB VOB FDPOPNrB DPNP MB FTQBvPMB DPO QSPCMFNBT FTUSVDUVSBMFT QBSB FM FRVJMJCSJP EF MPT NFSDBEPT EF USBCBKP -PT EBUPT FWJEFODJBO MB DSFDJFOUF PDVQBDJwO FO FM TFDUPS EF MB DVMUVSB WFS UBCMB &M TJHVJFOUF QSFKVJDJP FT MB FTDBTB DPNQFUJUJWJEBE JOUFSOBDJPOBM EF MB QSPEVDDJwO DVMUVSBM FTQBvPMB 1FSP &TQBvB TF TJU|B FOUSF MPT QSJODJQBMFT FY QPSUBEPSFT F JNQPSUBEPSFT EF CJFOFT DVMUVSBMFT EFM NVOEP &T SFMFWBOUF FM JNQPSUBOUF QBQFM KVHBEP QPS FM QPUFOUF TFDUPS FEJUPSJBM ¥FO EF MPT MJCSPT NgT WFOEJEPT FO FM NVOEP USFT FSBO QSPZFDUPT FEJUPSJBMFT FTQBvPMFT¥ QFSP UBNQPDP RVFEBO BUSgT PUSPT TFDUPSFT DPNP MBT BSUFT QMgTUJDBT &O FM TFDUPS EF MB DVMUVSB TF QVFEFO JEFOUJ¯DBS ZB BMHVOBT CVFOBT DPOEJDJPOFT EF QBSUJEB RVF UJFOFO RVF WFS DPO VOB TJHOJ¯DBUJWB EJNFOTJwO MB QPTJUJWB -B SFOPWBDJwO EF MBT QPMrUJDBT Q|CMJDBT Z EFM NBSDP SFHVMBUPSJP QBSB FM TFDUPS DVMUVSBM


5BCMB .

AportaciĂłn de las actividades culturales al empleo. Puestos de trabajo equivalentes a tiempo completo (en miles) 2000

2001

2002

2003

2004

2005

Patrimonio

AĂąo

16,2

17,7

20,2

24,3

31,6

37,4

Archivos y Bibliotecas

10,7

14,7

13,3

13,7

14,4

15,5

Libros y Prensa

242,1

245,8

245,9

241,8

250,1

252,2

Artes PlĂĄsticas

29,4

37,1

38,3

40,1

41,4

45,1

Artes EscĂŠnicas

29,0

32,0

32,6

29,7

31,0

31,6

Cine y VĂ­deo

36,6

41,9

46,7

50,6

51,2

55,7

MĂşsica Grabada

11,8

15,7

13,7

14,6

12,6

12,8

Radio y Tv

Audiovisual y Multimedia

73,4

76,8

86,9

85,8

80,9

82,9

Interdisciplinar

80,9

87,4

95,4

92,7

104,0

110,8

Total

530,0

569,0

593,0

593,2

617,4

644,0

Fuente: estimaciones propias.

QFSDFQDJwO JOUFSOBDJPOBM EF &TQBvB DPNP DVMUVSB QVKBOUF Z ÂŻOBMNFOUF MB FYJTUFODJB EF VOB NBTB DSrUJDB EF QSPGFTJPOBMFT EF MB HFTUJwO DVMUVSBM RVF EPNJOBO BMHVOBT DBQBDJEBEFT Z IBCJMJEBEFT OFDFTBSJBT QBSB MPT QSPDFTPT EF JOUFSOBDJPOBMJ[BDJwO &O FTUF TFOUJEP SFTVMUB EFTUBDBCMF RVF FM JDFY EFTBSSP MMF VO QMBO QBSB MB JOUFSOBDJPOBMJ[BDJwO EF MBT JOEVTUSJBT DVMUVSBMFT 5BNQP DP GBMUB FM SFQPTJUPSJP OFDFTBSJP EF JDPOPT DVMUVSBMFT ÂĽQFSTPOBT FWFOUPT Z EJTDVSTPTÂĽ DPO QSPZFDDJwO JOUFSOBDJPOBM RVF BQPZBO MB WJTJCJMJ[BDJwO EF MBT DVMUVSBT FTQBvPMBT : ÂŻOBMNFOUF FM UFSDFS QSFKVJDJP TPCSF FM TFDUPS EF MB DVMUVSB SFDBMDB TV FTDBTB QSPEVDUJWJEBE /VFTUSPT FTUVEJPT SFGVUBO EJDIB BÂŻSNBDJwO Z BM DPO USBSJP OPT BQBSFDF RVF FM EBUP EF MB QSPEVDUJWJEBE EF MPT TFDUPSFT DVMUVSBMFT FO &TQBvB SFTVMUB DSFDJFOUF B MP MBSHP EFM QFSrPEP DPOTJEFSBEP Z RVF BEFNgT TF TJU|B QPS FODJNB EFM DPOKVOUP EFM TFDUPS TFSWJDJPT WFS UBCMB 5BCMB .

Productividad de los sectores culturales y del sector servicios (2000-2005) 2000

2001

2002

2003

2004

2005

Tasa de VariaciĂłn Interanual

Total agrupaciones sector servicios

30.120 â‚Ź

30.475 â‚Ź

31.896 â‚Ź

32.691 â‚Ź

33.815 â‚Ź

34.949 â‚Ź

3,02

Actividades culturales

35.693 â‚Ź

35.786 â‚Ź

36.548 â‚Ź

38.025 â‚Ź

38.922 â‚Ź

39.632 â‚Ź

2,12

Actividades vinculadas a los derechos de autor *

39.241 â‚Ź

40.456 â‚Ź

41.747 â‚Ź

43.367 â‚Ź

44.769 â‚Ź

46.272 â‚Ź

3,35

Actividades vinculadas a los derechos de autor OMPI

40.553 â‚Ź

41.617 â‚Ź

42.787 â‚Ź

44.334 â‚Ź

45.768 â‚Ź

47.249 â‚Ź

3,10

Fuente: Instituto Nacional de EstadĂ­stica. Encuesta anual de servicios para el sector servicios. EstimaciĂłn propia el resto.

DVMUVSB Z EFTBSSPMMP


(SgGJDP Comparaciรณn de la productividad de los sectores culturales con la productividad del sector servicios 50.000 โ ฌ Actividades vinculadas a los derechos de autor OMPI

48.000 โ ฌ 46.000 โ ฌ 44.000 โ ฌ

Actividades vinculadas a los derechos de autor

42.000 โ ฌ 40.000 โ ฌ 38.000 โ ฌ

Actividades culturales

36 .000 โ ฌ 34 .000 โ ฌ Total agrupaciones sector servicios

32 .000 โ ฌ 30 .000 โ ฌ 2000

2001

2002

2003

2004

2005

4J BEFNgT DPNQBSBNPT DPO BMHVOBT EF MBT BHSVQBDJPOFT EFM TFDUPS TFSWJDJPT QPEFNPT DPNQSPCBS RVF MBT BDUJWJEBEFT DVMUVSBMFT Z MBT BDUJWJEB EFT WJODVMBEBT B MPT EFSFDIPT EF BVUPS NVFTUSBO VOBT QSPEVDUJWJEBEFT RVF TF TJU|BO QPS FODJNB EF BHSVQBDJPOFT EFM TFDUPS TFSWJDJPT DPNP FM UVSJTNP MPT TFSWJDJPT B MBT FNQSFTBT P MPT TFSWJDJPT QFSTPOBMFT WFS HSgยฏDP " QFTBS EF FMMP UBNCJnO IBZ RVF DPOTUBUBS RVF MPT TFSWJDJPT MJHBEPT B MB ยงTPDJFEBE EF MB JOGPSNBDJwOยจ TPO NgT QSPEVDUJWPT BTr DPNP MPT TFSWJDJPT EF JONPCJMJB SJBT Z BMRVJMFSFT 'JOBMNFOUF FM TFDUPS USBOTQPSUF NVFTUSB VOB QSPEVDUJWJEBE NVZ TJNJMBS BM EF MBT BDUJWJEBEFT DVMUVSBMFT 4J SFBMJ[BNPT VO BOgMJTJT QPS TVCTFDUPSFT QPEFNPT DBUBMPHBS DVBUSP UJ QPT EF DPNQPSUBNJFOUPT QPS VOB QBSUF UFOFNPT B MPT TFDUPSFT RVF NVFTUSBO VOB QSPEVDUJWJEBE TVQFSJPS B MB NFEJB EFM DPOKVOUP Z RVF BEFNgT NVFTUSBO UBTBT EF DSFDJNJFOUP EF MB QSPEVDUJWJEBE QPTJUJWBT &O FTUB QSJNFSB BHSVQB DJwO FODPOUSBNPT B QSgDUJDBNFOUF B MB UPUBMJEBE EF MBT EFOPNJOBEBT JOEVT USJBT DVMUVSBMFT MB .|TJDB (SBCBEB MB 3BEJP Z 5FMFWJTJwO Z FM TFDUPS EFM -JCSP Z 1SFOTB WFS HSgยฏDP 4F USBUB EF TFDUPSFT RVF IBO WJWJEP FO MB |MUJNB EnDBEB VO TPSQSFOEFOUF ยงTIPDL UFDOPMwHJDPยจ RVF IB USBOTGPSNBEP DPNQMFUB NFOUF OP TwMP MB GVODJwO EF QSPEVDDJwO DPO VOB DBrEB DPOTJEFSBCMF EF MPT DPTUFT EF QSPEVDDJwO TJOP UBNCJnO MPT NPEPT EF EJTUSJCVDJwO Z DPOTVNP &TUBNPT QPS UBOUP BOUF BRVFMMPT TFDUPSFT DVMUVSBMFT NgT JOUFOTJWPT FO UFD OPMPHrBT Z RVF NgT IBO QPEJEP WFSTF GBWPSFDJEPT QPS MBT SFEVDDJPOFT EF MPT DPTUPT EF QSPEVDDJwO QFSP RVF UBNCJnO TF FOGSFOUBO B VO OVFWP NPEFMP EF BDUJWJEBE QSPEVDUJWB EBEPT MPT DBNCJPT FO MPT NPEFMPT EF EJTUSJCVDJwO Z DPOTVNP &M DPNQPSUBNJFOUP NgT P NFOPT FSSgUJDP EF MB QSPEVDUJWJEBE EFM -B SFOPWBDJwO EF MBT QPMrUJDBT Q|CMJDBT Z EFM NBSDP SFHVMBUPSJP QBSB FM TFDUPS DVMUVSBM


(SgGJDP Productividad de las โ industrias culturalesโ , 2000-2005 64.000 โ ฌ Radio y televisiรณn

59.000 โ ฌ 54.000 โ ฌ 49.000 โ ฌ

Libros y prensa

44.000 โ ฌ Mรบsica grabada

39.000 โ ฌ

Total

34.000 โ ฌ 29.000 โ ฌ 24.000 โ ฌ 19.000 โ ฌ 2000

2001

2002

2003

2004

2005

Total

35.693

35.786

36.548

38.025

38.922

39.632

Libros y prensa

35.626

36.990

38.478

40.782

41.075

44.082

Mรบsica grabada

33.405

28.313

37.352

36.561

41.505

40.689

Rรกdio y Tv.

45.993

49.627

50.997

52.664

58.774

56.812

TFDUPS EF MB .|TJDB (SBCBEB FWJEFODJB CJFO FTUB QBSBEwKJDB DPNCJOBDJwO EF PQPSUVOJEBEFT Z BNFOB[BT RVF FTUg TVQPOJFOEP FM DBNCJP UFDOPMwHJDP &O MB TFHVOEB BHSVQBDJwO UFOFNPT BM TFDUPS $JOF Z 7rEFP RVF QSFTFO UB VOB QSPEVDUJWJEBE QPS FODJNB EF MB NFEJB QFSP DPO MBT UBTBT EF WBSJBDJwO JOUFSBOVBM NgT OFHBUJWBT EFM UPUBM EF MPT TFDUPSFT DPOTJEFSBEPT 1BSFDF CJFO DMBSP RVF FM TFDUPS $JOF Z 7rEFP TVDVNCF DMBSBNFOUF BOUF MBT BNFOB[BT RVF FM OVFWP NPEFMP UFDOPMwHJDP JNQPOF FO MPT NPEPT EF EJTUSJ CVDJwO Z DPOTVNP "Tr $JOF Z 7rEFP QBTB EF NPTUSBS MBT UBTBT EF QSPEVDUJWJ EBE NgT BMUBT EF UPEPT MPT TFDUPSFT BM JOJDJP EFM QFSrPEP DPOTJEFSBEP โ ฌ B TJUVBSTF FO WBMPSFT DPOWFSHFOUFT B MB NFEJB BM ยฏOBM EFM QFSrPEP โ ฌ UPEP FMMP B QFTBS EF VO SFQVOUF EVSBOUF FM BvP -B UFSDFSB BHSVQBDJwO MB QPEFNPT PCTFSWBS FO BRVFMMPT TFDUPSFT RVF NVFTUSBO VOB QSPEVDUJWJEBE QPS EFCBKP EF MB NFEJB QFSP RVF NVFTUSBO UBTBT EF WBSJBDJwO JOUFSBOVBM DSFDJFOUFT QPS MP RVF WBO DPOWFSHJFOEP IB DJB MB QSPEVDUJWJEBE NFEJB &T FM DBTP EF MBT "SUFT &TDnOJDBT Z FM %PNJOJP *OUFSEJTDJQMJOBS &O FM DBTP EFM TFHVOEP DPODFQUP EBEP RVF FKFSDF VO QPDP EF DBKwO EF TBTUSF OP OPT BUSFWFNPT B BWFOUVSBS DVBMFT TPO MBT DBVTBT QFSP QBSB MBT "SUFT &TDnOJDBT BQVOUBNPT RVF MB JODPSQPSBDJwO EFM GPSNBUP EFM HnOFSP NVTJDBM TFHVSBNFOUF QVFEF FYQMJDBS QBSUF EF FTUB QSPEVDUJWJEBE DSFDJFOUF 4F USBUB EF VO HnOFSP DPO VOBT FTUSVDUVSBT EF QSPEVDDJwO NVDIP ยงNgT JOEVTUSJBMJ[BEBTยจ Z QSPGFTJPOBMJ[BEBT RVF FM HnOFSP NgT DPOWFODJPOBM DVMUVSB Z EFTBSSPMMP


(SgGJDP

Productividad de Patrimonio, Artes Plรกsticas y Archivos y Bibliotecas. 2000-2005 44.000 โ ฌ 39.000 โ ฌ Total 34.000 โ ฌ

29.000 โ ฌ

Archivos y bibliotecas

24.000 โ ฌ

Artes plรกsticas Patrimonio

19.000 โ ฌ 2000

2001

2002

2003

2004

2005

Total

35.693

35.786

36.548

38.025

38.922

39.632

Artes plรกsticas

30.724

24.217

25.189

25.946

25.834

24.473

Archivos y bibliotecas

28.534

26.761

26.434

28.239

25.826

25.517

Patrimonio

29.215

26.849

23.707

23.524

19.436

22.460

Z RVF IBO UFOJEP FO MPT |MUJNPT BvPT VOB OPUBCMF SFTQVFTUB FO UnSNJOPT EF FTQFDUBEPSFT 'JOBMNFOUF UFOFNPT B BRVFMMBT BDUJWJEBEFT RVF NVFTUSBO QSPEVDUJWJ EBEFT QPS EFCBKP EF MB NFEJB Z DPO UBTBT EF WBSJBDJwO JOUFSBOVBM OFHBUJWBT &T FM DBTP EFM 1BUSJNPOJP "SDIJWPT Z #JCMJPUFDBT Z FO NFOPS NFEJEB MBT "SUFT 1MgTUJDBT WFS HSgยฏDP &O MPT USFT DBTPT TF USBUB EF TVCTFDUPSFT RVF TF FODVFOUSBO FO VOB GVFSUF SFMBDJwO EF EFQFOEFODJB SFTQFDUP B MBT BDUVBDJPOFT EFM TFDUPS JOTUJ UVDJPOBM Q|CMJDP Z FO DPOTFDVFODJB CBTUBOUF BMFKBEP EF DSJUFSJPT RVF UFOHBO RVF WFS DPO MB FยฏDJFODJB P DPO NBSDPT EF DPNQFUFODJB EF NFSDBEP 4J MPT TFDUPSFT DVMUVSBMFT TPO EF VOB EJNFOTJwO FDPOwNJDB DPOTJEF SBCMF TPO DPNQFUJUJWPT B OJWFM JOUFSOBDJPOBM Z NgT QSPEVDUJWPT RVF PUSPT TFDUPSFT DPNP FM UVSJTNP OP TFSrB JOUFMJHFOUF RVF MB DVMUVSB OP QBSUJDJQBSB FO FTB DFTUB EF TFDUPSFT FTUSBUnHJDPT RVF QSPUBHPOJDFO FM DBNCJP EF NPEFMP QSPEVDUJWP 1FSP QBSB FMMP FT OFDFTBSJB VOB WJTJwO NgT TPยฏTUJDBEB TPCSF MB SFBMJEBE RVF TF BMFKF EF MPT UwQJDPT MVHBSFT DPNVOFT QSFKVJDJPT MJHFSF[B Z FRVrWPDPT DPO MPT RVF TPMFNPT JOUFSQSFUBS MB SFBMJEBE EF MBT BDUJWJEBEFT DVMUVSBMFT 4F USBUB EF EPUBS EF DPOPDJNJFOUP F JOUFMJHFODJB BM TFDUPS " DPS UP QMB[P IBZ RVF NPWJMJ[BS MB DSFBUJWJEBE Z BTPDJBSMB BM FNQSFOEJNJFOUP Z DPOWFODFS B MPT JOWFSTPSFT TFBO FTUPT Q|CMJDPT P QSJWBEPT RVF BSSJFTHVFO QPS VOBT BDUJWJEBEFT RVF TPO QSPEVDUJWBT SFOUBCMFT QBSB MPT JOUFSFTFT QSJ -B SFOPWBDJwO EF MBT QPMrUJDBT Q|CMJDBT Z EFM NBSDP SFHVMBUPSJP QBSB FM TFDUPS DVMUVSBM


WBEPT Z RVF BEFNgT GBDJMJUBO MB DPIFTJwO TPDJBM NFKPSBO MB DBMJEBE EF WJEB EF MB DPMFDUJWJEBE Z TPO NgT BQUBT RVF PUSBT BMUFSOBUJWBT QBSB DSFBS SJRVF[B Z PDVQBDJwO EF DBMJEBE B NPEP EF DPOTJEFSBDJPOFT GJOBMFT &O EF¯OJUJWB TJ FT DJFSUB MB UFTJT EFM BEWFOJNJFOUP EFM DBQJUBMJT NP DVMUVSBM MB QSPEVDDJwO DVMUVSBM Z TVT NPEFMPT EF HFTUJwO TF FOGSFOUBO B VOB OVFWB FSB FO MB RVF EFWJFOFO FO VO FMFNFOUP DFOUSBM MB IJQwUFTJT RVF OPTPUSPT QMBOUFBNPT FT RVF FTUP OP TPMP OP TJHOJ¯DB VOB EFSJWB IBDJB MB EF DBEFODJB Z CBOBMJ[BDJwO EF MB EJNFOTJwO TJNCwMJDB TJOP RVF TJHOJ¯DB NgT Z NFKPS DVMUVSB NgT Z NFKPSFT PQPSUVOJEBEFT QBSB JODSFNFOUBS FM DBQJUBM TPDJBM NgT Z NFKPSFT PQDJPOFT QBSB HFOFSBS SJRVF[B Z NgT Z NFKPSFT QPTJCJ MJEBEFT EF JODSFNFOUBS OVFTUSB DBMJEBE EF WJEB -B DVMUVSB FT VOB FTUSBUFHJB BEFDVBEB QBSB QSPNPWFS FM EFTBSSPMMP EF VO UFSSJUPSJP Z VOB DPNVOJEBE 3BVTFMM FU BM %FTEF FTUB DPOTJEFSBDJwO MB QPMrUJDB DVMUVSBM EFKB EF TFS FOUFOEJEB DPNP NFSB JOUFSWFODJwO PSOBNFOUBM EF MB BDDJwO EF HPCJFSOP QBSB EFWFOJS FO VO FMFNFOUP TVTUBODJBM FO MB QPMrUJDB Q|CMJDB 1BSB QPEFS BQSPWFDIBS DPO F¯DBDJB FTUF OVFWP SFUP Z USBUBS EF PSJFO UBS UBOUP TVT QSPDFTPT DPNP TVT JNQBDUPT SFTVMUB OFDFTBSJP BDMBSBS BMHVOPT PCTUgDVMPT RVF SFTVNJNPT NVDIP FO BMHVOBT EF TVT EJNFOTJPOFT NgT TJH OJ¯DBUJWBT )BZ RVF TVQFSBS EFMJCFSBEBNFOUF MB FTDBTF[ EF JOWFTUJHBDJwO FO FM gNCJUP EF MB DSFBDJwO QSPEVDDJwO EJTUSJCVDJwO Z DPOTVNP DVM UVSBM 3FBMNFOUF EFTEF MBT DJFODJBT TPDJBMFT TBCFNPT NVZ QPDP EFM DPNQPSUBNJFOUP EF MPT JOEJWJEVPT GSFOUF BM IFDIP DVMUVSBM Z TPCSF MBT SFMBDJPOFT DBVTBMFT FOUSF DVMUVSB Z FDPOPNrB DVMUVSB Z CJFOFTUBS JOEJWJEVBM DVMUVSB Z SFMBDJPOFT TPDJBMFT FUD 4J RVFSF NPT BQSPWFDIBS MBT QPTJCJMJEBEFT EFM UJFNQP EF MB DVMUVSB IBZ RVF BIPOEBS NVDIP NgT FO FM DPOPDJNJFOUP : FTUP FT VOB SFTQPOTBCJ MJEBE DPNQBSUJEB UBOUP EFTEF MPT BHFOUFT QSJWBEPT DPNP EFTEF FM MJEFSB[HP Q|CMJDP Z MB JNQMJDBDJwO EF MPT DFOUSPT EF DPOPDJNJFOUP FTQFDJBMNFOUF MBT VOJWFSTJEBEFT Z PUSPT DFOUSPT EF JOWFTUJHBDJwO BTJNJMBEPT %FTEF MB QFSTQFDUJWB EFM DPODFQUP EF MB EFNPDSBUJ[BDJwO EFM BDDF TP B MB DVMUVSB MBT QPMrUJDBT DVMUVSBMFT TF IBO TVTUFOUBEP EVSBOUF EFNBTJBEP UJFNQP FO MPT BTQFDUPT SFMBDJPOBEPT DPO MB EJTUSJCVDJwO Z FM DPOTVNP DVMUVSBM Z IBO JODJEJEP NVZ QPDP FO MPT QSPDFTPT EF DSFBDJwO Z QSPEVDDJwO DVMUVSBM DPO FGFDUPT NVDIP NgT BDFOUVBEPT DVMUVSB Z EFTBSSPMMP


FO MB USBOTGPSNBDJwO EF MPT UFSSJUPSJPT )PZ FO ErB EFTQVnT EF DBTJ TFJT EnDBEBT EF QPMrUJDBT DVMUVSBMFT FO &VSPQB QPEFNPT B¯SNBS RVF MB EFNPDSBUJ[BDJwO EFM BDDFTP B MB §BMUB DVMUVSB¨ NVFTUSB VOPT SFTVMUBEPT CBTUBOUF NPEFTUPT QPS MP RVF SFTVMUB OFDFTBSJP SFGPS NVMBS BMHVOPT DPODFQUPT Z NJSBS IBDJB PUSPT QVOUPT EF JOUFSnT EF MB BDUJWJEBE DVMUVSBM &O FTUF TFOUJEP MB HFTUJwO EF MB DSFBUJWJEBE BQBSFDF DPNP VO FMF NFOUP FNFSHFOUF 6OB QPMrUJDB DVMUVSBM UFOESg FO BMH|O NPNFOUP DPNP NJTJwO GBWPSFDFS MBT BDUJUVEFT DSFBUJWBT QSPNPWFS MB GPSNB DJwO EF DBQBDJEBEFT Z IBCJMJEBEFT DSFBUJWBT Z QPTJCJMJUBS FOUPSOPT QSPDMJWFT B MB EJTFNJOBDJwO Z EJGVTJwO EF MB DSFBUJWJEBE %FTEF OVFTUSP QVOUP EF WJTUB VOP EF MPT HSBOEFT SFUPT FO FM EJTFvP EF MBT QPMrUJDBT DVMUVSBMFT SFTJEF FO MB C|TRVFEB EF OVFWBT GwSNVMBT FGFD UJWBT EF QSPNPDJwO EF MB DSFBUJWJEBE FO FOUPSOPT FO MPT RVF RVFEF HBSBOUJ[BEB MB MJCFSUBE DSFBEPSB Z MB JOEFQFOEFODJB JEFPMwHJDB EF MPT DSFBEPSFT &T FO FTUB EJNFOTJwO EPOEF TF IBDF NgT EJGrDJM SB DJPOBMJ[BS MB JOUFSWFODJwO Q|CMJDB Z DPOTFDVFOUFNFOUF FWBMVBS TVT SFTVMUBEPT ZB RVF FM QFOTBNJFOUP MBUFSBM FM QFOTBS MP JNQFOTBCMF P JOUVJS OVFWBT SFMBDJPOFT FOUSF MBT DPTBT MBT GPSNBT Z MPT PCKFUPT TPO QSPDFTPT RVF OP SFTQPOEFO B NFDBOJTNPT GgDJMNFOUF BQSF IFOTJCMFT QPS MBT DJFODJBT TPDJBMFT §$SFBS DSFBEPSFT¨ FT VOB UBSFB RVF IBTUB BIPSB TF IB NPTUSBEP CBTUBOUF DPNQMJDBEB 3VUI 5PXTF OPT TFvBMB DPO DPOUVOEFODJB §TJNQMFNFOUF OP TBCFNPT DwNP FT UJNVMBS MB DSFBUJWJEBE¨ &O FM NJTNP DPOKVOUP IBO EF DPOTJEFSBS TF MBT FTUSBUFHJBT EF §BUSBDDJwO EFM UBMFOUP¨ DPO¯HVSBOEP FTQBDJPT CBSSJPT P UFSSJUPSJPT RVF SFTVMUFO BUSBDUJWPT DPNP MVHBSFT WJUBMFT Z EF USBCBKP QBSB MB DPNVOJEBE EF BSUJTUBT Z QBSB BRVFMMPT DJVEB EBOPT RVF B|O EF NBOFSB BNBUFVS FTUnO EJTQVFTUPT B FYQSFTBSTF DSFBUJWBNFOUF 0USP BTQFDUP SFMFWBOUF FT MB QSPNPDJwO EFM FNQSFOEJNJFOUP FO FM gNCJUP EF MB DVMUVSB 6OP EF MPT SFRVJTJUPT QBSB RVF VO FDPTJTUFNB

-BT BDUJUVEFT USBEJDJPOBMFT EF MBT QPMrUJDBT DVMUVSBMFT FO FTUB EJNFOTJwO TF MJNJUBO B QSP WFFS FEVDBDJwO BSUrTUJDB EF NBOFSB HFOnSJDB F JODFOUJWBS DPO CFDBT QSFNJPT P SFDPOPDJNJFO UPT B BMHVOPT DSFBEPSFT Z B USBWnT EFM SFDPOPDJNJFOUP FDPOwNJDP EF MPT EFSFDIPT EF BVUPS -B MwHJDB JOIFSFOUF B EJDIB JOUFSWFODJwO FT RVF TJ FYJTUFO SFDPNQFOTBT HBSBOUJ[BEBT EF PCSBT RVF MMFHBO BM NFSDBEP MPT BVUPSFT FTUBSgO EJTQVFTUPT B TFHVJS DPO TVT BDUJWJEBEFT DSFBUJWBT 4JO FNCBSHP FTUB SFMBDJwO DBVTBM OP TJFNQSF FT FWJEFOUF Z MB EJHJUBMJ[BDJwO F JOUFSOFU IBO TVQVFTUP VO WFSEBEFSP SFUP B MB QSPUFDDJwO EF MPT EFSFDIPT EF BVUPS 4F SFRVJFSF EF NVDIB NgT JNBHJOBDJwO F JOOPWBDJwO QBSB TPMWFOUBS MB DVFTUJwO

-B SFOPWBDJwO EF MBT QPMrUJDBT Q|CMJDBT Z EFM NBSDP SFHVMBUPSJP QBSB FM TFDUPS DVMUVSBM


DVMUVSBM BSSBJHVF Z NVFTUSF DBQBDJEBE EF USBOTGPSNBDJwO EF VO UF SSJUPSJP FT RVF DPOUFOHB VOB SFE MP NgT EFOTB QPTJCMF EF FNQSFO EJNJFOUPT DVMUVSBMFT &M TJTUFNB DVMUVSBM MPDBM RVF TwMP TF TVTUFOUF FO MB BDDJwO EF MP Q|CMJDP FT FO FM NFKPS EF MPT DBTPT VO TJTUFNB EnCJM Z FO FM QFPS VO FTQBDJP QSPDMJWF BM EJSJHJTNP DVMUVSBM BM QB UFSOBMJTNP FTUnUJDP Z QPDP QSPDMJWF B MB JOOPWBDJwO F JODMVTP B MB USBOTHSFTJwO UBO OFDFTBSJB FO MPT QSPDFTPT DVMUVSBMFT EJOgNJDPT 4FHVJEBNFOUF SFTVMUB OFDFTBSJP SFJWJOEJDBS EF NBOFSB DPOTJT UFOUF MB JODPSQPSBDJwO QMFOB EF MB EJNFOTJwO EF MB DVMUVSB FO MBT FTUSBUFHJBT EF QMBOJ¯DBDJwO EFM UFSSJUPSJP )BZ BMHVOBT FWJEFODJBT JOUFSFTBOUFT FO FTUF TFOUJEP DPNP DPO MB DSFDJFOUF JODPSQPSBDJwO EF MB DVMUVSB FO MB QMBOJ¯DBDJwO VSCBOB BTr DPNP MB BQBSJDJwO EF EPDVNFOUPT DPNP MB "HFOEB EF MB $VMUVSB Z MPT WBSJBEPT EPDV NFOUPT RVF TVSHFO EF MB SFBMJEBE *CFSPBNFSJDBOB /P PCTUBOUF FO FTUF QSPDFTP EF JOUFSJPSJ[BDJwO DPMFDUJWP RVFEB B|O NVDIP DBNJOP QPS SFDPSSFS &O FM gNCJUP TPDJBM Z MJHBEP B MPT FMFNFOUPT BOUFSJPSFT TF SFRVJFSF NVDIB NgT QBSUJDJQBDJwO Z EFCBUF RVF FM RVF TF IB QSPEVDJEP IBTUB BIPSB -BT QPMrUJDBT DVMUVSBMFT UJFOFO FGFDUPT SFMFWBOUFT TPCSF MB SFBMJEBE TPDJBM Z MPT DJVEBEBOPT MPT DPMFDUJWPT TPDJBMFT EFCFO QPTJDJPOBSTF DPO NBZPS QSF DJTJwO UBOUP TPCSF FM NBSDP OPSNBUJWP HFOnSJDP RVF UJFOF RVF WFS DPO MB KFSBSRVrB EF WBMPSFT DPNP TPCSF TVT EJNFOTJPOFT EF F¯DBDJB F¯DJFODJB Z FRVJEBE 1BSB RVF FTUP TFB QPTJCMF OP OPT DBCF OJOHVOB EVEB RVF VOP EF MPT SFRVJTJUPT FT MB FYJTUFODJB EF JOGPSNBDJwO EF DBMJEBE Z MB WPMVOUBE FYQSFTB EF USBOTQBSFODJB : UPEP QFOTBNJFOUP FTUSBUnHJDP SFRVJFSF EF §JOEJDBEPSFT DVMUVSBMFT¨ FO VO NBSDP RVF UFOHB FO DVFOUB MPT BTQFDUPT FDPOwNJDPT EFM JNQBDUP EF MB DVMUVSB TPCSF FM EFTBSSPMMP FM FNQMFP BTr DPNP TVT FGFDUPT NVMUJQMJDBEPSFT Z BSSBTUSF TPCSF PUSPT TFDUPSFT Z TV DPOUSJCVDJwO BM JODSFNFOUP Z SFEJTUSJCV DJwO EF MB SJRVF[B 1FSP B|O NgT JNQPSUBOUF FT EFEJDBS FTGVFS[PT B FMBCPSBS JOEJDBEPSFT RVF OPT NJEBO MPT JNQBDUPT EF MBT BDUJWJEBEFT DVMUVSBMFT TPCSF MB EJNFOTJwO TPDJBM F JOEJWJEVBM 4wMP BTr TFSg QPTJCMF BKVTUBS MBT JOUFSWFO DJPOFT FO VO QSPDFTP EF ¯OF UVOJOH RVF NFKPSF MPT NBSDPT EF F¯DJFODJB F¯DBDJB Z FRVJEBE TPDJBM 4J MB DVMUVSB OP FT VO PCTUgDVMP QBSB TVQFSBS MB DSJTJT TJOP VOB TBMJEB GBDUJCMF EF MB NJTNB FTUBNPT IBCMBOEP EF VOB QPMrUJDB DVMUVSBM QSPZFDUJ WB RVF QVFEF WFIJDVMJ[BS B USBWnT EF TV BSUJDVMBDJwO MBT QPTJCJMJEBEFT EF EFTBSSPMMP FO BTQFDUPT UBO SFMFWBOUFT DPNP MB WFSUFCSBDJwO TJNCwMJDB EFM UFSSJUPSJP FM JNQBDUP FDPOwNJDP EF VO TFDUPS DPO UBTBT EF DSFDJNJFOUP NVZ DVMUVSB Z EFTBSSPMMP


TVQFSJPSFT B MB NFEJB EFM SFTUP EF MPT TFDUPSFT FDPOwNJDPT Z ¥MP RVF FT NgT JNQPSUBOUF¥ MB EJNFOTJwO EF MB DBMJEBE EF WJEB EF MPT DJVEBEBOPT FO BT QFDUPT UBO WJUBMFT DPNP TVT QPTJCJMJEBEFT EF EFTBSSPMMP JOUFHSBM QFSTPOBM B USBWnT EF MBT DBQBDJEBEFT FYQSFTJWBT P FTUnUJDBT EF MB QSgDUJDB P FM DPOTVNP DVMUVSBM Z EF TVT FGFDUPT TPCSF MPT NPEPT EF BSUJDVMBDJwO TPDJBM &T FM NP NFOUP FO RVF MB QPMrUJDB DVMUVSBM TF FOGSFOUF DPO SJHPS B MB EJNFOTJwO EF TV SFTQPOTBCJMJEBE FO FM CJFOFTUBS EF VOB DPNVOJEBE P EF VO UFSSJUPSJP

CJCMJPHSBGrB $BSSBTDP 4 Z 3BVTFMM 1BV §-B QSPWJTJwO EF DVMUVSB FO &TQBvB EFTEF VOB QFSTQFDUJWB EFM BOgMJTJT SFHJPOBM¨ FO *OGPSNBDJwO $PNFSDJBM &TQBvPMB QQ FVSPTUBU $VMUVSBM 4UBUJTUJDT JO UIF &6 'JOBM SFQPSU PG UIF -&( &VSPTUBU 8PSLJOH QBQFST 1PQVMBUJPO BOE TPDJBM DPOEJUJPOT & /• (BSDrB (SBDJB . * ;P¯P 1SJFUP + - )FSSBUF 4gODIF[ " Z .PSBM $BSDFEP -B EJNFOTJwO FDPOwNJDB EF MB JOEVTUSJB EF MB DVMUVSB Z FM PDJP FO &TQBvB .BESJE .D (SBX )JMM .BSDP 4FSSBOP ' Z 3BVTFMM ,PTUFS 1BV §"OgMJTJT EF MB QSPEVDUJWJEBE FO FM TFDUPS EF MB DVMUVSB Z FM PDJP FTQBvP VOB QFSTQFD UJWB SFHJPOBM¨ FO &TUVEJPT EF &DPOPNrB "QMJDBEB 7PM 1Q .JOJTUFSJP EF $VMUVSB &M 7BMPS &DPOwNJDP EF MB $VMUVSB FO &TQBvB .BESJE 5ISPTCZ % §5IF 1SPEVDUJPO BOE $POTVNQUJPO PG UIF "SUT " 7JFX PG $VMUVSBM &DPOPNJDT¨ +PVSOBM PG &DPOPNJD -JUFSBUVSF 7PM YYYJJ QQ VOFTDP VJT .BSDP EF FTUBErTUJDBT DVMUVSBMFT EF MB 6OFTDP #PSSBEPS EFM (SVQP EF &YQFSUPT <&O MJOFB> IUUQ XXX VJT VOFTDP PSH UFNQMBUF QEG DTDM GSBNFXPSL '$4@&41 QEG <$POTVMUB > 6SJFM & Z 3BVTFMM 1BV &M WBMPS FDPOwNJDP EF MB DVMUVSB FO MB SFHJwO EF .VSDJB .VSDJB .VSDJB $VMUVSBM

-B SFOPWBDJwO EF MBT QPMrUJDBT Q|CMJDBT Z EFM NBSDP SFHVMBUPSJP QBSB FM TFDUPS DVMUVSBM


$BOBEg NPEFSOJ[B TVT QPMrUJDBT DVMUVSBMFT QFSTQFDUJWB EFTEF FM %FQBSUBNFOUP EF 1BUSJNPOJP $BOBEJFOTF 1PS +FBO 1JFSSF #MBJT

&M HPCJFSOP EF $BOBEg UJFOF VOB MBSHB IJTUPSJB EF BQPZP B MB DVM UVSB B USBWnT EF MBT QPMrUJDBT Q|CMJDBT -B QSPEVDDJwO DVMUVSBM EF OVFTUSP QBrT IB FTUBEP EFUFSNJOBEB IJTUwSJDBNFOUF QPS FM IFDIP EF UFOFS VOB QPCMBDJwO QFRVFvB Z NVZ EJTFNJOBEB B OJWFM HFPHSg¯DP MP DVBM IB JNQMJDBEP RVF TVT QSPEVDUPT DVMUVSBMFT FOGSFOUFO QFRVFvBT FDPOPNrBT EF FTDBMB Z BEFNgT BDB SSFFO BMUPT DPTUPT EF QSPEVDDJwO 0USP GBDUPS RVF EFUFSNJOB MB QSPEVDDJwO DVMUVSBM DBOBEJFOTF FT MB QSPYJNJEBE DPO FM FYQPSUBEPS DVMUVSBM NgT HSBOEF EFM NVOEP &TUBEPT 6OJEPT BTr DPNP FM EF UFOFS VOB EFNPHSBGrB NVMUJ DVMUVSBM VOB EVBMJEBE MJOH rTUJDB Z EJWFSTBT DVMUVSBT BCPSrHFOFT 5PEPT MPT OJWFMFT EFM HPCJFSOP EF $BOBEg ¥GFEFSBM QSPWJODJBM Z NVOJDJQBM¥ USBCBKBO DPNQMFNFOUBSJBNFOUF QBSB BQPZBS MB DPNQMFKJEBE EF FTUB DVMUVSB %FTEF FM QVOUP EF WJTUB FDPOwNJDP FM TFDUPS DVMUVSBM DBOBEJFOTF HFOFSB VO JNQBDUP FDPOwNJDP TJHOJ¯DBUJWP $POUSJCVZw DPO CJMMPOFT EF EwMBSFT DBOBEJFOTFT BM QJC EFM QBrT EFM QJC FO Z FNQMFw EF GPSNB EJSFDUB B DBOBEJFOTFT EFM UPUBM EFM FNQMFP FNQMFPT FO TV NBZP SrB DBMJ¯DBEPT Z VOB GVFS[B EF USBCBKP JOOPWBEPSB "EJDJPOBMNFOUF QSPEVKP CJMMPOFT EF EwMBSFT DBOBEJFOTFT FO FYQPSUBDJPOFT EF CJFOFT DVMUVSBMFT FO Z CJMMPOFT FO FYQPSUBDJPOFT EF TFSWJDJPT DVMUVSBMFT IBDJB FM NVOEP FO %F FTUB GPSNB FM TFDUPS DVMUVSBM DBOBEJFOTF BQBMBODB MB JO OPWBDJwO FO FM QBrT Z BUSBF FM UBMFOUP B UPEPT MPT TFDUPSFT EF MB FDPOPNrB " OJWFM OBDJPOBM FM %FQBSUBNFOUP EF 1BUSJNPOJP $BOBEJFOTF FT FM SFT QPOTBCMF QPS FM BQPZP B MB DVMUVSB -PT PCKFUJWPT EFM %FQBSUBNFOUP TPO 'PDBMJ[BDJwO FO gSFBT EF JOUFSnT OBDJPOBM 3FBMJ[BS TFHVJNJFOUP B MPT QSPHSBNBT Z BDUJWJEBEFT QSPQJPT Z EJSJ HJS JOWFTUJHBDJPOFT QBSB FM TFDUPS DVMUVSB Z EFTBSSPMMP


%FTBSSPMMBS F JNQMFNFOUBS NBSDPT EF QPMrUJDB DVMUVSBM "QPZBS BM TFDUPS DVMUVSBM DBOBEJFOTF 5SBCBKBS DPPSEJOBEBNFOUF DPO PUSPT EFQBSUBNFOUPT HVCFSOBNFO UBMFT Z MPT HPCJFSOPT EF QSPWJODJBT UFSSJUPSJPT Z NVOJDJQJPT Z UBN CJnO DPO FM TFDUPS QSJWBEP Z BMJBEPT JOUFSOBDJPOBMFT &O OPWJFNCSF EF $BOBEg GVF FM QSJNFS QBrT FO QSPZFDUBS VO JOTUSVNFOUP EF BDFQUBDJwO EF MB $POWFODJwO QPS MB 1SPUFDDJwO Z 1SPNPDJwO EF MBT &YQSFTJPOFT $VMUVSBMFT EF MB VOFTDP /VFTUSP QBrT IB UPNBEP VO QB QFM QSPUBHwOJDP Z IB QBSUJDJQBEP FO MPT GPSPT SFBMJ[BEPT QBSB BMDBO[BS MPT PCKFUJWPT EF MB $POWFODJwO &M BQPZP EF $BOBEg B FTUB $POWFODJwO JOEJDB MB JNQPSUBODJB RVF FM QBrT MF EB B MB DPOUSJCVDJwO EF MB DVMUVSB B MB TPDJFEBE Z B MB FDPOPNrB $BOBEg Z TV TFDUPS DVMUVSBM OP IBO TJEP JONVOFT B MB DSJTJT ¯OBODJFSB HMPCBM -PT FGFDUPT EF MB DSJTJT TF IBO EBEP QSJODJQBMNFOUF FO MB DPOUSBDDJwO EF MPT QSFTVQVFTUPT QBSB QVCMJDJEBE MP RVF BGFDUB EJSFDUBNFOUF MPT JOHSFTPT EF MB JOEVTUSJB EF MBT DPNVOJDBDJPOFT -B JOEVTUSJB EFM DJOF UBNCJnO TF WF BGFDUBEB FO MB NFEJEB RVF MB DSJTJT FTUBEPVOJEFOTF MMFWB B RVF VO NFOPS O|NFSP EF QSPEVDDJPOFT EF FTUF QBrT TFBO SFBMJ[BEBT Z FTUSFOBEBT FO PUSPT UFSSJUPSJPT -BT PSHBOJ[BDJPOFT TJO gOJNP EF MVDSP DPNP MP TPO MB NBZPSrB EF MBT BSUrTUJDBT TVGSFO EF VOB DPNQFUFODJB NgT BHVEB QPS MPT SFDVSTPT EF TPDJFEBEFT ¯MBO USwQJDBT -BT WFOUBT EF N|TJDB IBO TFHVJEP EJTNJOVZFOEP Z MBT FYQFDUBUJWBT OFHBUJWBT EF MPT DPOTVNJEPSFT QVFEFO BGFDUBS B|O NgT MPT JOHSFTPT -B SFWPMVDJwO EJHJUBM QPS TV QBSUF QMBOUFB EFTBGrPT Z PQPSUVOJEBEFT QBSB MB DVMUVSB DBOBEJFOTF -BT UFDOPMPHrBT EJHJUBMFT DBNCJBO MB GPSNB FO RVF MPT DPOUFOJEPT DVMUVSBMFT TF IBDFO BEFNgT FTUgO SFEF¯OJFOEP DwNP DPOTVNFO MPT JOEJWJEVPT Z DwNP JOUFSBDU|BO DPO MB DVMUVSB .gT PQDJPOFT EF RVn EwOEF DwNP Z DVgOEP FYQFSJNFOUBS DVMUVSB FYJTUFO BIPSB -BT BV EJFODJBT DBEB WF[ NgT DPOUSPMBO MB DVMUVSB FTQFDJBMNFOUF MPT DBOBEJFOTFT NgT KwWFOFT 1PS |MUJNP MPT NPEFMPT EF OFHPDJP TF IBO USBOTGPSNBEP QPS MB BEPQDJwO Z BEBQUBDJwO UFDOPMwHJDB &M HPCJFSOP DBOBEJFOTF SFTQPOEF B FTUPT EFTBGrPT Z PQPSUVOJEBEFT B USBWnT EF MB NPEFSOJ[BDJwO EF TVT QPMrUJDBT DVMUVSBMFT BZVEBOEP B BTFHVSBS RVF FM TFDUPS DVMUVSBM TFB VO MrEFS Z VO JOOPWBEPS B RVF MPT CJFOFT Z TFSWJDJPT DBOBEJFOTFT QVFEBO DPNQFUJS FYJUPTBNFOUF FO FM FTDFOBSJP HMPCBM Z QVFEBO TFS BDDFTJCMFT FO FM QBrT Z B RVF MPT QSPHSBNBT DVMUVSBMFT TFBO EJTFvBEPT QBSB PCUFOFS SFTVMUBEPT EF BMUP JNQBDUP &O TV SFTQVFTUB FM HPCJFSOP UBNCJnO IBDF OVFWBT JOWFSTJPOFT QBSB BZVEBS BM TFDUPS B FOGSFOUBS FTUF EJGrDJM QFSJPEP &M HPCJFSOP DBOBEJFOTF SFUSBKP MBT JOWFSTJPOFT EF DPSUP QMB[P Z DPO JNQBDUPT EFNBTJBEP FTQFDr¯DPT FO -BT JOWFSTJPOFT QSJPSJ[BEBT IBO $BOBEg NPEFSOJ[B TVT QPMrUJDBT DVMUVSBMFT QFSTQFDUJWB EFTEF FM %FQBSUBNFOUP EF 1BUSJNPOJP $BOBEJFOTF


FTUBEP EJSJHJEBT QSJODJQBMNFOUF B MB QSPEVDDJwO EF UFMFWJTJwO Z B MBT JOEVT USJBT JOUFSBDUJWBT B DVCSJS MPT DPTUPT EF JOGSBFTUSVDUVSB B GPNFOUBS FM BDDFTP B SFWJTUBT Z B QFSJwEJDPT DPNVOJUBSJPT B BQPZBS MB GPSNBDJwO EF BSUJTUBT EF DBSSFSBT QSPGFTJPOBMFT Z B ¯OBODJBS HSBOEFT GFTUJWBMFT RVF BUSBJHBO UVSJTUBT Z MPT B MVHBSFT QBUSJNPOJBMFT OBDJPOBMFT &TUF BvP FM HPCJFSOP EF $BOBEg IB SFOPWBOEP SFGSFTDBEP Z SFFTUSVD UVSBEP VO CVFO O|NFSP EF QSPHSBNBT DVMUVSBMFT -B NPEFSOJ[BDJwO EF FTUPT QSPHSBNBT TF IB FOGPDBEP FO MB FGFDUJWJEBE BTr DPNP FO HFOFSBS JNQBDUPT HMPCBMFT Z EPNnTUJDPT B VO NJTNP UJFNQP &TUF USBCBKP TF IBDF FO UPEPT MPT OJ WFMFT EF HPCJFSOP Z DPNFO[w QPS VOB FTUSBUFHJB OBDJPOBM EF EJHJUBMJ[BDJwO FO MB RVF MB DSFBDJwO EF DPOUFOJEPT DVMUVSBMFT DBOBEJFOTF FT FM FMFNFOUP DMBWF -PT QSPHSBNBT EF BQPZP B MB UFMFWJTJwO Z B MPT OVFWPT NFEJPT IBO TJEP GVTJPOBEPT QBSB BZVEBS B MB JOOPWBDJwO Z B MB DSFBUJWJEBE &TUP QFSNJUJSg B NgT DJVEBEBOPT BDDFEFS B DPOUFOJEPT OBDJPOBMFT B USBWnT EF EJWFSTBT QMBUB GPSNBT Z B GPNFOUBS MBT TJOFSHJBT FOUSF MB QSPEVDDJwO EF UFMFWJTJwO Z MB EF MPT TFDUPSFT EF MPT NFEJPT JOUFSBDUJWPT &M OVFWP $BOBEB .FEJB 'VOE SFRVF SJSg RVF MPT DPODVSTBOUFT EJTFvFO TVT QSPZFDUPT QBSB RVF TFBO EJTUSJCVJEPT B USBWnT EF NrOJNP EPT QMBUBGPSNBT JODMVZFOEP MB UFMFWJTJwO "Tr NJTNP TF DSFw FM $BOBEB 1FSJPEJDBM 'VOE VO QSPHSBNB QBSB GPNFOUBS MBT SFWJTUBT Z QFSJwEJDPT DPNVOJUBSJPT &TUF QSPHSBNB QSPWFF MB °FYJCJMJEBE OFDFTBSJB QBSB RVF MPT FEJUPSFT QVFEBO NBOFKBS TVT GPOEPT EF NBOFSB FTUSBUnHJDB Z FOSJRVF[DBO TV DPOUFOJEP EJHJUBMJ[BEP &M $BOBEB .VTJD 'VOE UBNCJnO GVF SFOPWBEP 4V FTUSVDUVSB GVF DBN CJBEB DPO FM PCKFUJWP EF SFEVDJS MPT USgNJUFT BENJOJTUSBUJWPT QBSB FM TFDUPS NVTJDBM F JODSFNFOUBS MB WJTJCJMJEBE EF MB N|TJDB DBOBEJFOTF FO MBT QMBUBGPS NBT EJHJUBMFT Z FO MPT NFSDBEPT JOUFSOBDJPOBMFT -B MFHJTMBDJwO TPCSF EFSFDIPT EF BVUPS UBNCJnO FTUg TJFOEP NPEJ¯DB EB DPO FM PCKFUJWP QSJODJQBM EF BCPSEBS MPT UFNBT EF SFHVMBDJwO FO FM gNCJUP EJHJUBM &O KVMJP EF FM HPCJFSOP MBO[w VOB FTUSBUFHJB EF DPOTVMUBT Q| CMJDBT TPCSF FM UFNB EF EFSFDIPT EF BVUPS EJHJUBMFT -BT DPOTVMUBT JODMVZFO WBSJPT DBOBMFT EF EJTDVTJwO DPO MB DPNVOJEBE DPNP GPSPT FO MrOFB NFTBT SFEPOEBT DPO FYQFSUPT Z PSHBOJ[BDJPOFT QSPQPOFOUFT EF MPT DBNCJPT MFHJTMB UJWPT OFDFTBSJPT BTr DPNP SFVOJPOFT FO MBT BMDBMErBT MPDBMFT QBUSPDJOBEBT Z EJSJHJEBT QPS FM NJOJTUSP EF 1BUSJNPOJP -B NPEFSOJ[BDJwO EF MBT QPMrUJDBT DVMUVSBMFT FT VOB QSJPSJEBE 1BSB TF HVJS TJFOEP JOOPWBEPSFT FT OFDFTBSJP IBDFS VO TFHVJNJFOUP DPOTUBOUF B MBT QPMrUJDBT Z UFOFS MB °FYJCJMJEBE DPNP SFHMB 4F OFDFTJUBSg IBDFS TFHVJNJFOUP B MPT SFTVMUBEPT EF MBT QPMrUJDBT DVMUVSBMFT Z FTUBS MJTUPT B BEBQUBSOPT B MBT OVFWBT DJSDVOTUBODJBT 1PS |MUJNP FO FTUB FSB EF HMPCBMJ[BDJwO BQSFOEFS EF MPT BMJBEPT JOUFSOBDJPOBMFT BIPSB FT NgT JNQPSUBOUF RVF OVODB DVMUVSB Z EFTBSSPMMP


-BT DJVEBEFT MPT UFSSJUPSJPT Z MBT QPMrUJDBT DVMUVSBMFT FO UJFNQPT EF DSJTJT 1PS "OJUB 8FCFS

5SBUBSn EF EBS SFTQVFTUB B MB QSFHVOUB QMBOUFBEB FTFODJBM IPZ FO ErB BDFSDB EF MB SFOPWBDJwO EF MBT QPMrUJDBT Q|CMJDBT TV BEBQUBDJwO B MB DSJTJT Z B MB FWPMVDJwO EF MPT DPOUFYUPT OBDJPOBMFT Z EF MB DPZVOUVSB JOUFS OBDJPOBM /PTPUSPT QFOTBNPT FO 'SBODJB DPNP VTUFEFT RVF BIPSB FT NgT OF DFTBSJP RVF OVODB QPOFS MB DVMUVSB FO FM DFOUSP EF MB TPDJFEBE OP TPMBNFOUF QPSRVF DSFB FNQMFP Z SFDVSTPT FDPOwNJDPT TJOP UBNCJnO QPSRVF FT JOEJT QFOTBCMF QBSB FM EFTBSSPMMP BSNPOJPTP EF MPT QVFCMPT EJHgNPTMP QVFTUP RVF DSFFNPT FO FMMP Z QBSB MB GFMJDJEBE EF MPT JOEJWJEVPT §4PMBNFOUF MP TVQFS°VP FT OFDFTBSJP¨ EFDrB 7PMUBJSF Z FM QPFUB gSBCF §FM IPNCSF WJWF EF QBO Z EF OBSDJTPT¨ &O 'SBODJB FO MPT |MUJNPT WFJOUF BvPT MBT QPMrUJDBT DVMUVSBMFT BEFMBO UBEBT QPS MPT QPEFSFT Q|CMJDPT ¥&TUBEP Z DPMFDUJWJEBEFT¥ IBO USBOTGPSNBEP QSPGVOEBNFOUF FM QBJTBKF DVMUVSBM SFTQPOEJFOEP FO QBSUF B MBT BTQJSBDJPOFT EF MB QPCMBDJwO EFOUSP EF VO DPOUFYUP HMPCBM EF QSPHSFTP FDPOwNJDP Z TP DJBM 4JO FNCBSHP IPZ QPS IPZ OPT FODPOUSBNPT FO VOB TJUVBDJwO DPNQMF UBNFOUF EJGFSFOUF -B DSJTJT FTUg BRVr MB FDPOwNJDB QFSP UBNCJnO MB TPDJBM Z MB DVMUV SBM /BEB TF HBOB QBSB TJFNQSF Z FTUgO BVNFOUBOEP MBT EJGFSFODJBT FOUSF BRVFMMPT RVF TF CFOF¯DJBO EF MPT CJFOFT DVMUVSBMFT Z BRVFMMPT RVF RVFEBO FYDMVJEPT -PT QSFTVQVFTUPT BTJHOBEPT B MB DVMUVSB TF FTUBODBO F JODMVTP EJT NJOVZFO Z MB BDDJwO Q|CMJDB FO FTUF DBNQP TVFMF TFS DVFTUJPOBEB "M JHVBM RVF VTUFEFT OPTPUSPT OPT DVFTUJPOBNPT SFTQFDUP EF OVFTUSPT NPEFMPT Z FT USBUFHJBT EF EFTBSSPMMP DVMUVSBM RVF IBTUB BIPSB FO OVFTUSP QBrT IBO FTUBEP NBSDBEBT QPS VOB QBSUJDJQBDJwO NVZ GVFSUF EF MPT QPEFSFT Q|CMJDPT

-BT DJVEBEFT MPT UFSSJUPSJPT Z MBT QPMrUJDBT DVMUVSBMFT FO UJFNQPT EF DSJTJT


&O FTUBT SF°FYJPOFT NF EFUFOESn FO MPT TJHVJFOUFT QVOUPT B &WPDBSn SgQJEBNFOUF FM NPEFMP EF EFTBSSPMMP DVMUVSBM EF 'SBODJB Z TV FTQFDJ¯DJEBE C "OBMJ[BSn MPT FGFDUPT EF MB DSJTJT QPOJFOEP FM nOGBTJT FO MPT QVOUPT QBSUJDVMBSNFOUF SFQSFTFOUBUJWPT EF MBT EJ¯DVMUBEFT FODPOUSBEBT D 1PS |MUJNP IBSn BMHVOBT QSPQVFTUBT QBSB FM GVUVSP FM EFTBSSPMMP DVMUVSBM FO 'SBODJB BDUPSFT Z FTUSBUFHJBT %F MB EFTDFOUSBMJ[BDJwO BSUrTUJDB B MB EFTDFOUSBMJ[BDJwO BENJOJTUSBUJWB -B DVMUVSB FO 'SBODJB IB TJEP IJTUwSJDBNFOUF VO BTVOUP EF &T UBEP 1PESrB QBSFDFS TPSQSFOEFOUF FTUB WJTJwO UBO GSBODFTB TFH|O MB DVBM MBT DPTBT SFMBDJPOBEBT DPO FM QFOTBNJFOUP Z FM BSUF IBO FTUBEP rOUJNBNFOUF MJHBEBT BM &TUBEP QFSP FTUB DPODFQDJwO UJFOF TVT SBrDFT FO MB IJTUPSJB EF FTUF QBrT EPOEF UPEPT MPT QPEFSFT EFTEF MB NPOBSRVrB IBTUB MB 3FQ|CMJDB IBO DPOTJEFSBEP TJFNQSF RVF TV QBQFM P TV EFCFS FT QSPUFHFS FM QBUSJNP OJP Z QSPQJDJBS MB DSFBDJwO BSUrTUJDB RVF TFSg FM QBUSJNPOJP EF NBvBOB -B DSFBDJwO FO EF VO NJOJTUFSJP EF MB DVMUVSB DPO "OESn .BMSBVY B MB DBCF[B TF JOTDSJCrB FO FTUB USBEJDJwO -BT QPMrUJDBT OBDJPOBMFT BEFMBOUBEBT QPS BMHVOPT NJOJTUSPT QSFTUJHJPTPT "OESn .BMSBVY +BDL -BOH SFGPS[BSPO MB JEFB TFH|O MB DVBM MB DVMUVSB FO 'SBODJB FSB FM &TUBEP Z RVF MB DVMUVSB FO 'SBODJB FSB 1BSrT QVFT MB DBQJUBM DPODFOUSw EVSBOUF TJHMPT UPEPT MPT QPEFSFT QPMrUJDPT QFSJPErTUJDPT JOUFMFDUVBMFT Z BSUrTUJDPT 4JO FNCBSHP MB DVMUVSB FO 'SBODJB UBNCJnO FT VOB DVFTUJwO EF UF SSJUPSJPT -B WPMVOUBE EF EFNPDSBUJ[BS MB DVMUVSB RVF FT FM PCKFUJWP EF MBT QPMrUJDBT DVMUVSBMFT Q|CMJDBT EFTEF MPT UJFNQPT EF "OESn .BMSBVY IB MMFWBEP BM &TUBEP B DSFBS VOB NBZPS DFSDBOrB FOUSB MB QPCMBDJwO Z MBT JOTUJUVDJPOFT Z B BTPDJBS NgT FTUSFDIBNFOUF B MPT DBOEJEBUPT FMFHJEPT DPO MBT QPMrUJDBT EF EFTBSSPMMP DVMUVSBM &M &TUBEP TF EFTDFOUSBMJ[w QPDP B QPDP &O FTUF QBrT UBO GVFSUFNFOUF KBDPCJOP Z DFOUSBMJTUB IFNPT BTJTUJEP B VO NPWJNJFOUP EPCMF VOB EFTDFOUSBMJ[BDJwO BSUrTUJDB RVF DPOTJTUF FO JNQMBOUBS QPS EFDJTJwO EFM &TUBEP FRVJQPT DVMUVSBMFT FO MBT QSPWJODJBT UFBUSPT EFTDFOUSBMJ[BDJwO UFBUSBM DBTBT EF MB DVMUVSB FO MB FSB .BMSBVY NVTFPT CJCMJPUFDBT FUD Z VOB FUBQB MFHJTMBUJWB Z BENJOJTUSBUJWB RVF IB QSPNVMHBEP FO Z FO MBT MMBNBEBT MFZFT EF EFTDFOUSBMJ[BDJwO RVF DPODFEFO B MBT DPMFDUJWJEBEFT OVFWBT DPNQFUFODJBT Z OVFWPT QPEFSFT FO UPEPT DVMUVSB Z EFTBSSPMMP


MPT DBNQPT JODMVZFOEP FM DBNQP DVMUVSBM &O FGFDUP FO 'SBODJB TF IBCrB WVFMUP BCTPMVUBNFOUF OFDFTBSJP NPEFSOJ[BS FM TJTUFNB BENJOJTUSBUJWP QPMrUJDP BDFSDBOEP B MPT DFOUSPT EF EFDJTJwO DPO MPT DJVEBEBOPT "EJDJPOBMNFOUF FM &TUBEP B QBSUJS EF EFTDPODFOUSw MPT DSnEJUPT B OJWFM MPDBM NFEJBOUF MBT EJSFDDJPOFT SFHJPOBMFT EF BTVOUPT DVMUVSBMFT &O DBEB SFHJwO IBZ DVBUSP UJQPT EF QFSTPOBT FODBSHBEBT EF UPNBS EFDJTJPOFT SFQSFTFOUBOUFT EFM &TUBEP Z SFQSFTFOUBOUFT EF USFT DPMFDUJWJEBEFT %F FTUF NPEP TF JNQMBOUBO MBT QPMrUJDBT UFSSJUPSJBMFT QSPWFOJFOUFT EF MBT WPMVOUBEFT DPOKVHBEBT EF DVBUSP QBSUFT BTPDJBEBT RVF EF¯OFO FO DPN|O MPT PCKFUJWPT Z BQPSUBO DBEB VOB TV ¯OBODJBNJFOUP &TUB NBOFSB EF QSPDFEFS IB SFTVMUBEP QBSUJDVMBSNFOUF GFDVOEB &T VOB FTUSBUFHJB EF BTPDJBDJPOFT Q|CMJDBT -BT BTPDJBDJPOFT TF NVMUJQMJDBSPO FO UPEPT MPT DBNQPT BSUrTUJDPT Z DVM UVSBMFT FOUSF MBT DPMFDUJWJEBEFT Z TPCSF UPEP FOUSF MBT DPMFDUJWJEBEFT Z FM &TUBEP RVF BEFMBOUBCB QPS TV QBSUF VOB QPMrUJDB WPMVOUBSJPTB DPO MB EVQMJ DBDJwO EF TV QSFTVQVFTUP FO -PT FTGVFS[PT ¯OBODJFSPT EF MBT DPMFDUJWJ EBEFT GVFSPO DPOTJEFSBCMFT *O°VFODJBEBT EFTEF MPT BvPT QPS FM FKFNQMP EFM &TUBEP CBTUBOUF WPMVOUBSJPTP QPDP B QPDP TF DPOTBHSBSPO BM EFTBSSPMMP DVMUVSBM DPO HSBO QBTJwO Z HSBO F¯DBDJB FO UPSOP B MBT HSBOEFT NJTJPOFT EF ¯OJEBT QPS FM &TUBEP RVF FMMBT BEBQUBCBO B TVT SFBMJEBEFT MPDBMFT 4V NPEP EF JOUFSWFODJwO DVCSF QBSB DBEB VOB EF MBT DPMFDUJWJEBEFT UPEPT MPT DBNQPT BSUrTUJDPT Z DVMUVSBMFT *OUFSFTBEBT FO GBDJMJUBS FM BDDFTP EF UPEBT MBT QFSTPOBT B MBT PCSBT Z B MBT QSgDUJDBT BSUrTUJDBT EFTBSSPMMBO EJWFSTBT BDDJPOFT EF GPSNB DJwO EF Q|CMJDP EF NFEJBDJwO EF BQPZP B MPT BSUJTUBT Z B MPT DSFBEPSFT DPO MP DVBM HFOFSBO VOB WFSEBEFSB EJOgNJDB UFSSJUPSJBM "DUVBMNFOUF MBT DPMFDUJWJEBEFT ¯OBODJBO DFSDB EF MB NJUBE EFM HBTUP Q|CMJDP FO NBUFSJB DVMUVSBM &M QBSB MBT DJVEBEFT QBSB MPT EFQBSUB NFOUPT Z QBSB MBT SFHJPOFT -PT SFTVMUBEPT FO UnSNJOPT EF JOTUBMBDJPOFT DVMUVSBMFT QSPGFTJPOB MJ[BDJwO EFM NFEJP DVMUVSBM Z PSEFOBDJwO EFM UFSSJUPSJP TPO OPUBCMFT Z FO NVDIPT BTQFDUPT |OJDPT FO &VSPQB #BKP FM FGFDUP EF MB EFNBOEB TPDJBM Z EF MB QSFTJwO EF PSHBOJTNPT Z BTPDJBDJPOFT MPT DBOEJEBUPT FMFHJEPT BVNFOUB SPO Z SFGPS[BSPO MPT TFSWJDJPT DVMUVSBMFT QSPQVFTUPT B TVT DPODJVEBEBOPT -B BUFODJwO QSFTUBEB B MBT OFDFTJEBEFT DVMUVSBMFT EF MB QPCMBDJwO TF USBEVDF FO OVNFSPTPT QSPZFDUPT QPMrUJDPT EF MBT DPMFDUJWJEBEFT -PT SFTVMUBEPT PCUFOJEPT QPS MBT QPMrUJDBT UFSSJUPSJBMFT OBDJEBT FO FTBT BTPDJBDJPOFT DSV[BEBT RVF DBTJ OVODB FYDMVZFO BM &TUBEP RVF TPO BTPDJB DJPOFT EF PCKFUJWPT Z EF NFEJPT TPO QPTJUJWPT &M DPNQSPNJTP EF MBT DPMFDUJ WJEBEFT FO FM TFDUPS DVMUVSBM TJO EVEB IB EFNPTUSBEP TV F¯DBDJB -BT DJVEBEFT MPT UFSSJUPSJPT Z MBT QPMrUJDBT DVMUVSBMFT FO UJFNQPT EF DSJTJT


MPT FGFDUPT EF MB DSJTJT /PTPUSPT TJO FNCBSHP EFCFNPT FOGSFOUBS DPNP UPEPT VTUFEFT EJ¯DVMUBEFT FDPOwNJDBT Z TPDJBMFT -B TJUVBDJwO BDUVBM BVORVF NVFTUSB DPO TJEFSBCMFT QSPHSFTPT PCUFOJEPT FO MPT |MUJNPT BvPT DPNP BDBCP EF NFODJP OBS OP FT OJ NVDIP NFOPT JErMJDB MB NBMB DBMJEBE EF WJEB FT VO QSPCMFNB FO OVFTUSPT CBSSJPT QPQVMBSFT Z GBMUB NVDIP QPS IBDFS Z QPS SFJOWFOUBS FO MPT UFSSJUPSJPT 4JO TFS FYIBVTUJWPT FWPDBSFNPT BMHVOPT QSPCMFNBT DVMUVSBMFT NBZPSFT FNCMFNgUJDPT EF OVFTUSB nQPDB 4PO FM SF°FKP EF VOB TPDJFEBE TJO DPIFTJwO GSBHNFOUBEB EJWJEJEB TPDJBM Z DVMUVSBMNFOUF MP DVBM QPESrB MMFWBS JODMVTP B VOB §HVFUJ¯DBDJwO¨ EF DJFSUBT QBSUFT EF MB QPCMBDJwO .VDIBT QFSTPOBT FTUgO PCKFUJWBNFOUF FYDMVJEBT EF MB DVMUVSB Z NVDIBT §TF TJFOUFO¨ FYDMVJEBT P QFPS B|O OFHBEBT P EFTQSFDJBEBT QPS DBVTB EF TV QSPQJB DVMUVSB &M SFTQFUP B MB EJWFSTJEBE DVMUVSBM EFM RVF UBOUP TF IBCMB IPZ FO ErB TVFMF TFS VOB FYQSFTJwO WBDrB P DVBOEP NVDIP FM SFDPOPDJNJFOUP EF VO NPTBJDP DVMUVSBM RVF OP FT PUSB DPTB RVF MB ZVYUBQPTJDJwO EF EJGFSFODJBT F JEFOUJEBEFT TP DJBM Z BSUrTUJDBNFOUF KFSBSRVJ[BEBT *ODMVTP TJ FM BDDFTP B MB DVMUVSB FTUg DPOTJEFSBEP DPNP VO EFSFDIP GVOEBNFOUBM FO VOB TPDJFEBE PSJFOUBEB B MB KVTUJDJB Z MB JHVBMEBE TBCFNPT DMBSBNFOUF RVF FT EJ GrDJM QBTBS EF MB JHVBMEBE GPSNBM B MB JHVBMEBE SFBM FO FTUF DBNQP &M BOgMJTJT EF MB TJUVBDJwO BDUVBM FO MBT DJVEBEFT QPOF EF NBOJ¯FT UP VOB TFHSFHBDJwO DVMUVSBM RVF TF BNQMrB DPO MB DSJTJT &TUB TFHSF HBDJwO DVMUVSBM PCWJBNFOUF FT FM DPSPMBSJP EF MB TFHSFHBDJwO TPDJBM Z TF NBOJ¯FTUB NVZ DPODSFUBNFOUF FO FM FTQBDJP VSCBOP FO MBT DP NVOJEBEFT TJUVBEBT FO MB QFSJGFSJB EF MBT HSBOEFT BHMPNFSBDJPOFT Z FO MPT TVCVSCJPT EPOEF TF PCTFSWBO DPNQBSUJNFOUPT FTUBODPT EF MBT QSgDUJDBT BSUrTUJDBT Z DVMUVSBMFT ZB TF USBUF EF DPOTVNP P EF DSFBDJwO 1VFEF EFDJSTF RVF MBT QFSJGFSJBT FTUgO QSgDUJDBNFOUF EFTQSPWJTUBT EF JOTUBMBDJPOFT DVMUVSBMFT QVFT FTUBT TF IBMMBO DPODFOUSBEBT FO MPT TJUJPT NgT DFOUSBMFT EF MBT DJVEBEFT -B FWPMVDJwO EF MPT UFSSJUPSJPT VSCBOPT DPO VO IgCJUBU EJMVJEP Z OP FTUBCJMJ[BEP OP DPOUSJCVZF B NFKPSBS MB TJUVBDJwO -B FYDMVTJwO Z MB SFMFHBDJwO BQBSFDFO DPNP VOB QSJWBDJwO EFM DFOUSP RVF FT VO FTQBDJP QSJWJMFHJBEP EPOEF TF DPODFOUSBO MPT FTUBCMFDJNJFOUPT QSFTUJHJPTPT FM QBUSJNPOJP MB SJRVF[B Z FM QPEFS $JFSUBNFOUF IBZ DFOUSBMJEBEFT FNFS HFOUFT BMSFEFEPS EF MPT IJQFSNFSDBEPT Z MPT DFOUSPT DPNFSDJBMFT JOTUBMBEPT DFSDB EF MBT JOUFSTFDDJPOFT B EFTOJWFM Z EF MPT QBSRVFBEFSPT QFSP B QFTBS DVMUVSB Z EFTBSSPMMP


EF MB FYJTUFODJB EF BMHVOPT DJOFT §NVMUJQMFY¨ FTUPT OP TJSWFO QBSB EJTPMWFS MB QSFPDVQBDJwO DVMUVSBM &O HFOFSBM MPT CBSSJPT QPQVMBSFT TF MBT BSSFHMBO DPNP QVFEFO TJO MVHBSFT EF JOUFSDBNCJP TJO FTQBDJP Q|CMJDP QBSB MPT FO DVFOUSPT BQBSUF EF MPT DFOUSPT DPNFSDJBMFT RVF EFTFNQFvBO FTUF QBQFM QPS EFGFDUP &O MPT UFSSJUPSJPT MPT FTQBDJPT DVMUVSBMFT FTUgO ESBNgUJDBNFOUF BV TFOUFT "EJDJPOBMNFOUF FM BDDFTP B MPT FTQFDUgDVMPT P B MBT BDUJWJEBEFT BSUrT UJDBT FT DPTUPTP &O SFTVNFO MBT HSBOEFT QPMrUJDBT EF EFTBSSPMMP DVMUVSBM RVF NFO DJPOBNPT TJO EVEB IBO NPEJ¯DBEP MB SFBMJEBE DVMUVSBM QFSP OP QPEFNPT PDVMUBS MB SFBMJEBE OP IBO QSPEVDJEP UPEPT MPT FGFDUPT FTQFSBEPT -BT BD UJWJEBEFT BSUrTUJDBT TJHVFO TJFOEP TPDJBMNFOUF EJTDSJNJOBOUFT Z GVODJPOBO DPNP NBSDBEPSFT TPDJBMFT -PT QSPHSFTPT SFBMJ[BEPT FO FM BDDFTP B MB DVMUVSB TJHVFO TJFOEP JOTV¯DJFOUFT Z MB DSJTJT GSBHJMJ[B BRVFMMP RVF QPErB DPOTJEFSBS TF DPNP MPHSPT Z BWBODFT FO FTUF DBNQP •RVn BOUrEPUPT QVFEF BQPSUBS MB DVMUVSB GSFOUF B MB DSJTJT •RVn BDDJPOFT TF QVFEFO FNQSFOEFS &O MPT QFSrPEPT EJGrDJMFT DVBOUP NgT TF §BSNFO¨ JOUFMFDUVBM NFOUF MPT DJVEBEBOPT NFKPS DBQBDJUBEPT FTUBSgO QBSB SFTJTUJS JOEJWJEVBM Z DPMFDUJWBNFOUF B MPT FGFDUPT EF MBT DSJTJT )BCSg RVF FODBNJOBSTF QVFT IB DJB VOB EFNPDSBDJB DVMUVSBM QSPQJDJBS MB QBSUJDJQBDJwO EF MPT DJVEBEBOPT FO MB WJEB DVMUVSBM BQPZBSTF FO FM JOUFSnT EF MB QPCMBDJwO QPS MB DVMUVSB QBSB DSFBS DPNVOJEBE QBSB DSFBS WrODVMPT TPDJBMFT &M BSUF Z MB DVMUVSB MFKPT EF TFS UBO TwMP GBDUPSFT EF EJTUJODJwO P EF FYDMVTJwO QVFEFO TFS P DPOWFSUJS TF FO IFSSBNJFOUBT EF DPIFTJwO GgCSJDBT EF WrODVMPT TPDJBMFT QFSP FTUP TF JOTDSJCF PCMJHBUPSJBNFOUF FO VOB QPMrUJDB HMPCBM Z FO OVFTUSB PQJOJwO FT FM NFEJP NgT F¯DB[ QBSB MVDIBS DPOUSB MB DSJTJT &M BJTMBNJFOUP FO DPNQBSUJNJFOUPT FTUBODPT MBT FYDMVTJPOFT MBT EFT JHVBMEBEFT EF BDDFTP B MBT QSgDUJDBT DVMUVSBMFT EF MPT EJGFSFOUFT HSVQPT TPDJB MFT TPCSF MPT DVBMFT QVTJNPT FM BDFOUP TJO MVHBS B EVEBT TPO VO SF°FKP EF MBT EJ¯DVMUBEFT EF EFNPDSBUJ[BDJwO QFSP OP EBO DVFOUB FO UPEB TV DPNQMFKJEBE EF MB EJWFSTJEBE EF SFMBDJPOFT DPO MB DVMUVSB Z EFM QPUFODJBM EF USBOTGPSNB DJwO TPDJBM RVF JNQMJDBO Z TPCSF MPT DVBMFT EFCFO BQPZBSTF MBT FTUSBUFHJBT DVMUVSBMFT /PTPUSPT QSPQPOFNPT BMHVOBT PSJFOUBDJPOFT FKF DFOUSBM EF MBT QPMrUJ DBT DVMUVSBMFT GSBODFTBT QBSB SFTQPOEFS B MPT QSPCMFNBT BDUVBMFT "CSJS B UPEPT BRVFMMPT RVF OP WBO MBT JOTUJUVDJPOFT Z MPT MVHBSFT DVMUVSBMFT JS BM FODVFOUSP EF MB QPCMBDJwO Z DSFBS OVFWPT MVHBSFT -BT DJVEBEFT MPT UFSSJUPSJPT Z MBT QPMrUJDBT DVMUVSBMFT FO UJFNQPT EF DSJTJT


.PUJWBS Z BVNFOUBS MPT Q|CMJDPT EFCF TFS MB NJTJwO QSJPSJUBSJB EF UPEBT MBT JOTUJUVDJPOFT EFM TFSWJDJP Q|CMJDP FTQFDUgDVMPT FO WJWP NVTFPT NPOVNFOUPT CJCMJPUFDBT GPOEPT SFHJPOBMFT EF BSUF DPO UFNQPSgOFP -PT BWBODFT EFCFO TFS VOB DPNCJOBDJwO EF NFEJEBT OVFWBT Z QPS UBOUP VOB OVFWB NJSBEB TPCSF MB QPCMBDJwO Z USBCBKP DPO FM NFEJP BTPDJBUJWP Z MPT BDUPSFT TPDJBMFT "|O GBMUB NVDIP QPS JOWFOUBS .VMUJQMJDBS MPT MVHBSFT EF DVMUVSB FO UPEPT MPT wSEFOFT %POEF MB HFOUF TF FODVFOUSB QJEF MJCSPT FO QSnTUBNP DPOWFSTB WF PCSBT EF BSUF BTJTUF B FTQFDUgDVMPT FYQFSJNFOUB FNPDJPOFT FO DPN|O FUD &TUPT MVHBSFT OP TPO ¯KPT PCMJHBUPSJBNFOUF 1VFEFO FTUBS FO MB DB MMF P TFS FWFOUPT DPNP GFTUJWBMFT RVF TFH|O NF EJDFO TPO OVNF SPTPT FO $PMPNCJB 4PO NgT OFDFTBSJPT RVF OVODB QBSB DPNCBUJS FM BJTMBNJFOUP Z B WFDFT MB TPMFEBE RVF JNQMJDB MB QSgDUJDB EF BDUJWJ EBEFT SFMBDJPOBEBT DPO QBOUBMMBT EF UFMFWJTJwO Z DPNQVUBEPSFT &M TVFvP EF MBT DJVEBEFT FT QPTFFS DJODP QJMBSFT FM NVTFP MB TBMB EF FTQFDUgDVMPT MB CJCMJPUFDB OP PMWJEFNPT EFTBSSPMMBS MBT CJCMJPUFDBT Z MBT QPTJCJMJEBEFT EF MFDUVSB Q|CMJDB MB FTDVFMB EF N|TJDB UBMMF SFT Z MVHBSFT EF FOTBZP QBSB MPT B¯DJPOBEPT RVF UBM WF[ BMH|O ErB TFBO QSPGFTJPOBMFT $SFFNPT OVFWPT DFOUSPT EF WPDBDJwO DVMUVSBM FO MBT DJVEBEFT P FO MBT BHMPNFSBDJPOFT RVF FTUnO B MB BMUVSB EF MBT OFDFTJEBEFT DJOFT CJCMJPUFDBT TBMBT EF FTQFDUgDVMPT MVHBSFT EF QSPEVDDJwO NVMUJEJTDJQMJOBSJB QBSB B¯DJPOBEPT QSPGFTJPOBMFT Z BTPDJBDJPOFT *NBHJOFNPT VOB OVFWB HFPHSBGrB EF MPT FTQBDJPT DVMUVSBMFT RVF SPNQB QPS ¯O MBT TFHSFHBDJPOFT FTQBDJBMFT Z TPDJB MFT RVF JNQPOHB MB NF[DMB EF MB QPCMBDJwO Z EF MBT HFOFSBDJPOFT FMJNJOF MB §JOUJNJEBDJwO¨ Z IBHB NgT GBNJMJBSFT MPT §UFNQMPT EF MB DVMUVSB¨

"QPZBS MB DSFBDJwO FO UPEBT TVT GPSNBT ZB TFB QSPEVDJEB QPS B¯DJPOBEPT P QPS QSPGFTJPOBMFT -PT TPOEFPT EF PQJOJwO SFWFMBO GVFSUFT FYQFDUBUJWBT FO FM DBNQP DVMUVSBM -B FYQMPTJwO EF QSgDUJ DBT B¯DJPOBEBT FT MB QSVFCB MB QSPQPSDJwO EF GSBODFTFT RVF QSBD UJDBO MB N|TJDB MB FTDVMUVSB MB QJOUVSB FUD TF IB EVQMJDBEP FO WFJOUF BvPT -PT BEPMFTDFOUFT EF IPZ FO ErB EVQMJDBO FO O|NFSP B TVT QBESFT Z DVBESVQMJDBO B TVT BCVFMPT FO QSBDUJDBS VO BSUF -P PMWJEBNPT B WFDFT QVFT TPMBNFOUF EFTDSJCJNPT MBT QSgDUJDBT DVMUVSBMFT EF MB KVWFOUVE B QBSUJS EF MBT QSgDUJDBT BVEJPWJTVBMFT &TUBT TPO FM BCPOP EF MB DSFBDJwO Z EF FTUB JOBHPUBCMF C|TRVFEB EF TFOUJEP RVF BOJNB B MPT JOEJWJEVPT $POUSBSJBNFOUF B MP RVF DVMUVSB Z EFTBSSPMMP


TVFMF EFDJSTF FM EFTFP EF QSBDUJDBS FT NVDIP NgT GVFSUF RVF FM EF TFP EF DPOTVNJS TPCSF UPEP FO MPT KwWFOFT &TUBT BDUJWJEBEFT DBTJ TJFNQSF DPMFDUJWBT BDFSDBO B MB HFOUF Z BVORVF TV GSFDVFODJB FTUg DPSSFMBDJPOBEB DPO MBT DBUFHPSrBT TPDJP QSPGFTJPOBMFT TPO CBTUBOUF NFOPT EJTDSJNJOBEPSBT TPDJBMNFOUF RVF MBT QSgDUJDBT EF DPOTVNP DVMUVSBM "QBSFDFO DBEB WF[ NgT BM MBEP EF PUSBT BDUJWJEBEFT DPNP FM EFQPSUF DPOTUJUVUJWBT EF MB JEFOUJEBE JOEJWJEVBM Z DPMFDUJWB &T UBT QFSNJUFO B¯SNBS MBT QFSUFOFODJBT MPT DPNQSPNJTPT BSUrTUJDPT B QBSUJS EF MPT DVBMFT UPEBT MBT QSPQVFTUBT TPO QPTJCMFT 5BNCJnO DPODJFSOFO OP IBZ RVF PMWJEBSMP OP TPMBNFOUF MBT BSUFT WJWBT MBT BSUFT WJTVBMFT BSUFT QMgTUJDBT GPUP DJOF DSFBDJwO EJHJUBM MB FTDSJ UVSB TJOP UBNCJnO FM QBUSJNPOJP B USBWnT EF EJWFSTPT DPNQSPNJTPT FO USBCBKPT BSRVFPMwHJDPT P EF SFTUBVSBDJwO &TUF NPWJNJFOUP EF MB TPDJFEBE FTUF GVFSUF BQFUJUP QPS FM BSUF Z MB DVMUVSB DPNP VOB FYQFSJFODJB DPMFDUJWB OP WJSUVBM NPEJ¯DB MB §WJEB FO DPMFDUJWJEBE¨ Z MPT DBOEJEBUPT FMFHJEPT EF MBT DJVEBEFT RVF BQPZBO FTUBT QSgDUJDBT ZB IBO IFDIP MB FYQFSJFODJB DVBOUB NBZPS WJEB TPDJBM NFKPS DPNQSFOTJwO Z BQSPQJBDJwO EFM CBSSJP Z UBM WF[ DPO FM UJFNQP VOB EJTUSJCVDJwO EJGFSFOUF EFM DBQJUBM DVMUVSBM Z VO SFDPOPDJNJFOUP EF UBMFOUPT QPS MP HFOFSBM JHOPSBEPT &YJTUF VO GVFSUF WrODVMP FOUSF FM BSUF Z FM JOEJWJEVP RVF OP FT FM EFM DPOTVNP BSUrTUJDP TJOP FM EF MB DSFBDJwO MB QSPEVDDJwO &TUB GVFS[B JOEJWJEVBM QVFEF DPOWFSUJSTF FO MB GVFS[B EF VOB DPNVOJEBE Z FM QVOUP EF BQPZP EF MBT USBOTGPSNBDJPOFT EF MB SFMBDJwO BSUF DVMUVSB CBSSJP -BT BDUJWJEBEFT BSUrTUJDBT MPT BQSFOEJ[BKFT FO FTUF DBNQP QFSNJUFO DPO GSFDVFODJB MB SFDPORVJTUB EF MB JEFOUJEBE Z QSPQJDJBO MB JOUFHSBDJwO TPDJBM /P TPMBNFOUF MB QSPEVDDJwO BSUrTUJDB FT VO USBCBKP RVF JNQMJDB UnDOJDBT Z P¯DJPT TJOP RVF SFTBMUB BM TVKFUP *OEFQFOEJFOUFNFOUF EF MP RVF QFOTFNPT MB BDUJWJEBE BSUrTUJDB TJFNQSF UJFOF VO BDUPS FT VO FTQBDJP EPOEF EFDJNPT §ZP¨ VO FTQBDJP EPOEF FYJTUJNPT Z QPEFNPT TFS SFDPOPDJEPT 5BNCJnO FT VO NFEJP QBSB EFTDVCSJS RVF OP TPNPT MP RVF MB TPDJFEBE OPT FYJHF TFS P MP RVF MPT EFNgT QJFOTBO EF OPTPUSPT &O FM BSUF TF KVFHB MP RVF MB TPDJFEBE EF IPZ FO ErB OJFHB P EFTDPNQPOF MB TJOHVMBSJEBE EF DBEB VOP " QBSUJS EF FTUF EFTFP EF DSFBDJwO FWJEFOUF FO MBT KwWFOFT HFOFSB DJPOFT MBT GSBDUVSBT Z MBT GSBHNFOUBDJPOFT DVMUVSBMFT QVFEFO TVQF SBSTF *NBHJOBNPT FOUPODFT MB QPTJCJMJEBE EF FTP RVF MMBNBNPT EFNPDSBDJB DVMUVSBM Z RVF IBDF TPOSFrS CVSMPOBNFOUF B MPT BEBMJ EFT EF MB NPEFSOJEBE 4JO FNCBSHP ˜QPS RVn OP QPESrB JOWFOUBSTF

-BT DJVEBEFT MPT UFSSJUPSJPT Z MBT QPMrUJDBT DVMUVSBMFT FO UJFNQPT EF DSJTJT


FM GVUVSP EF MPT CBSSJPT QPQVMBSFT EFOUSP EF FTUB QFSTQFDUJWB EFNP DSgUJDB KBNgT SFBMJ[BEB 'PSNBS B MPT KwWFOFT TFOTJCJMJ[BSMPT BM DPOPDJNJFOUP Z MB QSgDUJDB EF MBT BSUFT &M BDDFTP BM DPOPDJNJFOUP Z MB GPSNBDJwO EFM FTQrSJUV DSrUJDP TPO FMFNFOUPT EFNPDSgUJDPT GVFSUFT RVF QBTBO FOUSF PUSBT EJTDJQMJOBT QPS MB HFOFSBMJ[BDJwO EF MB FEVDBDJwO BSUrTUJDB FO FM DPMFHJP %FTEF MB FTDVFMB QSJNBSJB EFCF DSFBSTF FM EFTFP QPS FM BSUF Z EFCFO BERVJSJSTF MPT DwEJHPT FTUnUJDPT NrOJNPT FO MB FTDSJUVSB MB MFDUVSB Z MB BSJUNnUJDB -B DPNQSFOTJwO EF MPT EJGFSFOUFT MFOHVBKFT BSUrT UJDPT Z MB DBQBDJEBE EF FMBCPSBDJwO TJNCwMJDB TPO FM GSVUP EF VOB FEVDBDJwO RVF UJFOF FO DVFOUB MPT BQSFOEJ[BKFT MBT FNPDJPOFT Z MPT FODVFOUSPT DPO MBT PCSBT EF BSUF DPO MPT BSUJTUBT Z DPO MPT QSP GFTPSFT &M DPMFHJP OP EFTFNQFvB VO QBQFM TV¯DJFOUF FO FTUF BTQFD UP Z FT VOB DBSFODJB HSBWF FO MB GPSNBDJwO EF DBEB QFSTPOB QBSB MB WJEB DPMFDUJWB Z FM GVUVSP EFM CBSSJP .VDIBT QFSTPOBT ¯OHFO DSFFS RVF MB SFMBDJwO DPO FM BSUF FT PCMJ HBUPSJBNFOUF TJOHVMBS Z RVF QPS UBOUP MBT PQDJPOFT FTUnUJDBT TPO EJDUBEBT |OJDBNFOUF QPS DPOTJEFSBDJPOFT TVCKFUJWBT OP EFUFSNJ OBEBT QPS MPT BQSFOEJ[BKFT OJ EFUFSNJOBEBT TPDJBMNFOUF &TUP OP FT DJFSUP -PT JOHSFTPT EF MPT QBESFT MBT BDUJWJEBEFT EF MBT GBNJMJBT FM TFDUPS EF MB DJVEBE EPOEF WJWJNPT TPO EFDJTJWPT B FTUF SFTQFDUP ˜$wNP OFHBS MB EJTUBODJB FOPSNF RVF TFQBSB MBT MMBNBEBT BSUFT §NFOPSFT¨ EF MBT BSUFT §NBZPSFT¨ UBM DPNP TF NFODJPOw NgT BSSJCB FOUSF VOB DVMUVSB §EF NBTBT¨ UFMFWJTJwO QVCMJDJEBE NFEJPT Z VOB DVMUVSB EF nMJUF FOUSF MBT JOEVTUSJBT DVMUVSBMFT Z MBT WBOHVBSEJBT FOUSF MB FTUBOEBSJ[BDJwO HBMPQBOUF DPOEVDJEB QPS MB NVOEJBMJ[B DJwO FDPOwNJDB Z MBT FYQSFTJPOFT BSUrTUJDBT EF MPT EJGFSFOUFT HSVQPT TPDJBMFT 4PMBNFOUF FM DPMFHJP RVF TF EJSJHF B UPEPT QVFEF SFEVDJS FM JNQBDUP EF MPT EFUFSNJOJTNPT TPDJBMFT EBOEP BM BEPMFTDFOUF MB QPTJCJMJEBE EF DPOPDFS DVMUVSBT Z FYQSFTJPOFT BSUrTUJDBT EJGFSFOUFT EF TBMJS IBDJB MPT EFNgT &TUPT USFT UJQPT EF QSPHSBNBT EBO PSJFOUBDJPOFT EF GPOEP B QPMrUJDBT FYJHFOUFT DBQBDFT EF DPOTUSVJS VOB NBZPS DPIFTJwO TPDJBM

DVMUVSB Z EFTBSSPMMP


BDUPSFT Z FTUSBUFHJBT -BT DPMFDUJWJEBEFT &M BOgMJTJT EF MPT QSPHSFTPT BMDBO[BEPT EVSBOUF MPT EFDFOJPT QSFDFEFOUFT FO 'SBODJB EFNVFTUSB RVF MPT UFSSJUPSJPT DSFBO EJOgNJDBT DVM UVSBMFT Z TBCFO SFTQPOEFS B MBT OFDFTJEBEFT EF MPT IBCJUBOUFT /PTPUSPT QFO TBNPT RVF MBT DPMFDUJWJEBEFT Z NgT FTQFDrยฏDBNFOUF MBT DJVEBEFT TPO MBT NgT BQUBT QBSB SFTQPOEFS B MPT QSPCMFNBT BDUVBMFT Z MMFWBS B DBCP MPT QSP HSBNBT RVF IFNPT NFODJPOBEP " OVFTUSP FOUFOEFS FO 'SBODJB IBDF GBMUB SFGPS[BS Z QSPGVOEJ[BS MB EFTDFOUSBMJ[BDJwO -B DVMUVSB UBOUP FO TV EJNFOTJwO EF EFTDVCSJNJFOUP EF MBT PCSBT DPNP EF QSgDUJDB BSUrTUJDB FT BOUF UPEP VO BDUP EF BMUFSJEBE EF DPOTUSVDDJwO EF UFKJEP TPDJBM Z MPT DBOEJEBUPT FMFHJEPT FTUgO FO TV NBZPSrB DPOWFODJEPT EF FTUP 1BSB RVF VOB DPNVOJEBE TFB DVBM TFB UPNF DVFSQP Z FYJTUB QBSB RVF TVT NJFNCSPT TF QVFEBO FODPOUSBS FT OFDFTBSJP RVF IBZB BMHP QBSB JOUFSDBNCJBS QBSB DPNQBSUJS QBSB JOWFOUBS $SFBS NgT DPIFTJwO TPDJBM FT VO BTVOUP EF DVMUVSB Z EF UFSSJUPSJP &O MB BDUVBMJEBE TF FTUg QSFQBSBOEP VOB SFGPSNB EF MBT DPMFDUJWJEBEFT &TQFSF NPT RVF MFT En B MBT DPMFDUJWJEBEFT MPT NFEJPT QBSB JOOPWBS Z BNQMJBS TVT FTGVFS[PT &M &TUBEP 1BSB UFSNJOBS VO |MUJNP QVOUP &O 'SBODJB QFOTBNPT RVF BVO RVF MBT DPMFDUJWJEBEFT EFCFO EFTFNQFvBS VO QBQFM NBZPS FO MB ยงSFTJTUFODJB B MB DSJTJTยจ FM &TUBEP DPOTFSWB VO SPM JNQPSUBOUF )BTUB IPZ FM &TUBEP BQBSF DF DPNP JSSFFNQMB[BCMF QPS MBT TJHVJFOUFT SB[POFT 1VFEF WFMBS QPS MB JHVBMEBE EF BDDFTP B MB DVMUVSB EF UPEPT MPT DJV EBEBOPT Z WFMBS QPS FM FRVJMJCSJP FOUSF MPT UFSSJUPSJPT &T DBQB[ EF QSPUFHFS DJFSUP O|NFSP EF PCSBT RVF DPSSFSrBO FM SJFT HP EF FOUSBS FO VOB MwHJDB EF NFSDBOUJMJTNP RVF HPCJFSOB BM NFS DBEP 1VFEF HBSBOUJ[BS MB MJCFSUBE EF DSFBDJwO TV EJWFSTJEBE TV WJUBMJ EBE /BEJF QJFOTB FO MB BDUVBMJEBE RVF VOB TVCWFODJwO EFM &TUBEP JNQMJDB RVF IBZB RVF NBOJGFTUBS B DBNCJP VOB BEIFTJwO B MBT JEFPMPHrBT EPNJOBOUFT "EJDJPOBMNFOUF MPT BSUJTUBT DPOTJEFSBO RVF FM &TUBEP FT HBSBOUF EF VOB DJFSUB PCKFUJWJEBE FO FM KVJDJP RVF QSPEVDF TPCSF MBT PCSBT FO WJSUVE EF -BT DJVEBEFT MPT UFSSJUPSJPT Z MBT QPMrUJDBT DVMUVSBMFT FO UJFNQPT EF DSJTJT


TV FYQFSJFODJB OBDJPOBM F JOUFSOBDJPOBM RVF TFH|O MPT BSUJTUBT MBT DPMFDUJ WJEBEFT OP IBCSrBO BERVJSJEP &M &TUBEP BQBSFDF BTr DPNP HBSBOUF EF VOB DBMJEBE BSUrTUJDB 'JOBMNFOUF QVFEF UPNBS JOJDJBUJWBT OBDJPOBMFT RVF JNQVMTFO OVFWBT QPMrUJDBT DPODMVTJwO *ODMVTP TJ FM &TUBEP EFCF DPOUJOVBS FKFSDJFOEP VO QBQFM EF SF HVMBDJwO EF NBOUFOJNJFOUP EFM FRVJMJCSJP EF QSPQVMTJwO TPO MBT DJVEBEFT Z MPT UFSSJUPSJPT MPT RVF SFQSFTFOUBO FM FTQBDJP QPMrUJDP Z TPDJBM NgT QFSUJOFOUF QBSB JOWFOUBS IPZ FO ErB OVFWBT QPMrUJDBT DVMUVSBMFT &TUBT TPO B WFDFT EV EPTBT WBDJMBOUFT QVFT EFCFO UPNBS FO DVFOUB MB DPNQMFKJEBE EF MB DSFBDJwO EF TV EJWFSTJEBE EF TVT NPEPT EF EJGVTJwO EFTEF MPT FTDFOBSJPT IBTUB MBT QBOUBMMBT Z EF MBT GPSNBT BDUVBMFT EF BQSPQJBDJwO QPS QBSUF EF MBT OVFWBT HFOFSBDJPOFT Z FM BTVOUP OP FT GgDJM 4JO FNCBSHP FYJTUFO Z TF EFTBSSPMMBO 4J DSFFNPT RVF MB DVMUVSB USBOTGPSNB BM IPNCSF MF QFSNJUF DPNQSFO EFSTF NFKPS Z DPNQSFOEFS NFKPS BM PUSP TJ UFKF WrODVMPT FO FM TFOP EF MBT TPDJFEBEFT Z FO FGFDUP BTr MP DSFFNPT QPEFNPT FTQFSBS RVF HSBDJBT B FTUBT QPMrUJDBT DVMUVSBMFT DBEB DJVEBEBOP DBEB DPNVOJEBE DBEB QVFCMP QSPHSFTF Z QVFEB EF FTUB GPSNB SFTJTUJS NFKPS B MPT EFTBGrPT EF IPZ Z EF NBvBOB B MB DSJTJT B MPT UFNPSFT Z BM UFNPS B MB DSJTJT 4FSg BDBTP VOB VUPQrB 5BM WF[ QFSP FT VOB VUPQrB SFBMJTUB QVFT MPT NFEJPT FYJTUFO Z TPO TJNQMFT 4PO MBT IFSSBNJFOUBT NJTNBT EF MB EFNPDSBDJB &M DPMFHJP FT MB IFSSBNJFOUB EFNPDSgUJDB QPS FYDFMFODJB DSJTPM EF CBTF EF MB DPIFTJwO TPDJBM FO QBSUJDVMBS B USBWnT EF MPT TBCFSFT Z MBT QSgDUJDBT BSUrTUJDBT Z DVMUVSBMFT RVF QVFEF QSPQPOFS &T MB QSJODJQBM QBMBODB EF MB DPIFTJwO TPDJBM -PT DBOEJEBUPT FMFHJEPT MPDBMNFOUF HSBDJBT B TV DBQBDJEBE EF BEF MBOUBS QPMrUJDBT MPDBMFT TJHOJ¯DBUJWBT QBSB MPT IBCJUBOUFT FO TV EJ WFSTJEBE BDDFTJCMFT B UPEPT 6OB WJTJwO QPMrUJDB BEFMBOUBEB QPS MPT QPEFSFT Q|CMJDPT FO TV DPO KVOUP RVF DPOTJEFSF MB DVMUVSB OFDFTBSJB QBSB DPOTUSVJS VOB TPDJF EBE NFOPT GSBHNFOUBEB NFOPT EFTJHVBM Z NgT DPIFSFOUF 4JO FNCBSHP MB QSFHVOUB RVF TVSHF FT UFOESFNPT MPT NFEJPT ¯OBO DJFSPT OFDFTBSJPT RVF JNQMJDBO FTUBT PQDJPOFT "MHVOPT EJSgO RVF OP 1FSP MB DVMUVSB OP FT DBSB FO DPNQBSBDJwO DPO PUSPT HBTUPT EFM &TUBEP HBTUPT NJMJUBSFT QPS FKFNQMP 1PS PUSB QBSUF ZB MP IFNPT EJDIP MB DVMUVSB DSFB DVMUVSB Z EFTBSSPMMP


SFDVSTPT FDPOwNJDPT QFSP ย TJ OP GVFSB BTr SFOVODJBSrBNPT QPS FTP B MB DVM UVSB &M EFTBSSPMMP DVMUVSBM EF MB QPCMBDJwO OP UJFOF QSFDJP Z EFCF TFS WJTUP DPNP VOB QSJPSJEBE Z OP DPNP VO ยงDPNQMFNFOUP QBSB FM FTQrSJUVยจ 1PEFNPT DVFTUJPOBSOPT BM SFTQFDUP DJUBOEP MB GBNPTB GSBTF EF "CSBIBN -JODPMO BDFS DB EF MB FEVDBDJwO ยงย -FT QBSFDF RVF MB FEVDBDJwO FT NVZ DBSB ย &OUPODFT FOTBZFO MB JHOPSBODJB ยจ /PTPUSPT QPS OVFTUSB QBSUF QPEFNPT EFDJS ยงย -FT QBSFDF RVF MB DVM UVSB FT NVZ DBSB &OTBZFOย ย RVn ย ย MB JODVMUVSB ยจ &TP TF MMBNB UBM WF[ CBSCBSJF ย Z FT BMHP RVF OP EFTFBNPT "Tr QVFT MB QSPCMFNgUJDB DVMUVSBM EF MB TPDJFEBE TF FODVFOUSB GVOEB NFOUBMNFOUF FO TV DBQBDJEBE QBSB DSFBS FO DBEB DVBM B QBSUJS EF TVT JEFOUJ EBEFT N|MUJQMFT MB QPTJCJMJEBE EF SFTJTUJS JOEJWJEVBM Z DPMFDUJWBNFOUF UPEBT MBT DSJTJTย MB DBQBDJEBE EF JOWFOUBS VOB TPDJFEBE NgT KVTUB NgT IVNBOB Z QPEFS WJWJS EF NBOFSB NgT EJHOB Z GFMJ[

-BT DJVEBEFT MPT UFSSJUPSJPT Z MBT QPMrUJDBT DVMUVSBMFT FO UJFNQPT EF DSJTJT


DPODMVTJPOFT EF TVC DBQrUVMP

$VBOEP TF IBCMB EF FTUPT UJFNQPT EF DSJTJT TF UJFOEF B QFOTBS FO QSJNFS UnSNJOP FO VOB DSJTJT EF UJQP FDPOwNJDP -B FDPOwNJDB FT UBM WF[ MB NBOJGFTUBDJwO EF MB DSJTJT NgT BDUVBM FWJEFOUF Z QVCMJDJUBEB TJO FNCBSHP UJFOF EJWFSTPT DBSJDFT -B DSJTJT ¯OBODJFSB HMPCBM TF FYQSFTB FGFDUJWBNFOUF B USBWnT EF MPT NFOPSFT JOHSFTPT EF MBT FNQSFTBT EFM TFDUPS QSPEVDUJWP DVZB EJTQPOJCJMJ EBE EF SFDVSTPT QBSB JOWFSTJPOFT FO HFOFSBM Z EF UJQP DVMUVSBM EF NBOFSB FTQFDr¯DB IBO TJEP SFDPSUBEPT Z MPT RVF FYJTUFO TPO FKFDVUBEPT EF NBOFSB NgT FTUSBUnHJDB -B DSJTJT FDPOwNJDB QPS TVQVFTUP UBNCJnO TF FWJEFODJB FO MB NFOPS EJTQPOJCJMJEBE EF SFDVSTPT Q|CMJDPT QBSB JOWFSTJwO FO TFDUPSFT RVF DPNP MB DVMUVSB TVFMFO WFSTF DPNP FTUSBUnHJDBNFOUF TFDVOEBSJPT 4JO FNCBSHP FT NVZ TVHFSFOUF WFS MB BUFODJwO RVF TF MF QSFTUw B MBT EJGFSFOUFT NBOFSBT DPNP MB DSJTJT UPNB EJWFSTBT GBDFUBT EFQFOEJFOEP EF MBT DBSBDUFSrTUJDBT QSPQJBT EF MPT QBrTFT &O VOPT BDFOU|B QSPCMFNBT BTPDJBEPT B MPT CBKPT OJWFMFT EF DPIFTJwO TPDJBM FOUSF TVT IBCJUBOUFT B QFTBS EF RVF RVJF OFT EJTFvBO MB QPMrUJDB DVMUVSBM IBZBO JEFOUJ¯DBEP FTUF QSPCMFNB EF UJFNQP BUSgT &O PUSPT MB DSJTJT TF NBOJ¯FTUB B USBWnT EF MB QVFTUB FO DVFTUJwO EF MPT NPEFMPT Z QSPHSBNBT EF QPMrUJDB DVMUVSBM EFNBTJBEP HSBOEFT GSBHNFOUBEPT Z CBTBEPT FO MP BOBMwHJDP &O PUSPT NgT QPOF FO FOUSFEJDIP NPEFMPT EF EF TBSSPMMP DVMUVSBM GVOEBNFOUBEPT FO BDUJWJEBEFT QSPEVDUJWBT QFSP DPO DVFT UJPOBCMF JNQBDUP TPDJBM MP DVBM SFUB B MPT HPCJFSOPT B QMBOUFBSTF VO NPEFMP DPO FGFDUPT SFBMFT TPCSF FM CJFOFTUBS Q|CMJDP EPOEF MP DVMUVSBM EFCF KVHBS FO QSJODJQJP VO QBQFM QSFQPOEFSBOUF -P DPN|O B UPEBT MBT NBOJGFTUBDJPOFT EF MB DSJTJT FT RVF DVFTUJPOB MPT NPEFMPT USBEJDJPOBMFT EF EJTFvBS QPMrUJDBT DVMUVSBMFT EF PSHBOJ[BS TVT QSPHSBNBT Z QSFTVQVFTUPT EF EF¯OJS MBT GPSNBT EF JOUFSWFODJwO FO VOB QPCMBDJwO DVZBT NBOFSBT EF JOUFSBDUVBS DPO MPT CJFOFT Z TFSWJDJPT DVMUVSBMFT TPO DBNCJBOUFT %FCJEP B MP BOUFSJPS MBT SFTQVFTUBT EF MBT QPMrUJDBT DVMUVSB DVMUVSB Z EFTBSSPMMP


MFT IBO TJEP UBNCJnO EJWFSTBT TJO FNCBSHP UPEBT QBTBO QPS VOB SFOPWBDJwO EF MPT NBSDPT SFHVMBUPSJPT B|O JOBDBCBEB QFSP TPCSF DVZB JNQPSUBODJB Z QFSUJOFODJB FYJTUF VO HSBO DPOTFOTP 6O FKFNQMP NVZ DMBSP EF FTUF SFEJSFDDJPOBNJFOUP EF MBT QPMrUJDBT DVM UVSBMFT FT FM FTGVFS[P QPS SBDJPOBMJ[BS FM UBNBvP EF MBT JOTUJUVDJPOFT DVMUVSB MFT QPS PQUJNJ[BS TV GVODJPOBNJFOUP QPS NFEJS Z IBDFS TFHVJNJFOUP EF TVT SFTVMUBEPT EF TV FGFDUJWJEBE &O FTUF TFOUJEP 1BV 3BVTTFMM ,zFTUFS MMBNw MB BUFODJwO TPCSF MB GBMUB EF JOGPSNBDJwO SFBMNFOUF |UJM BDFSDB EF MB QFSUJOFO DJB EF MBT QPMrUJDBT DVMUVSBMFT FYJTUFOUFT DPO SFTQFDUP B TVT PCKFUJWPT QSJNB SJPT Z TPCSF MB OFDFTJEBE EF EFTBSSPMMBS EJTDVSTPT NgT BUFSSJ[BEPT TPCSF MPT FGFDUPT DPNQSPCBEPT EF MB BDDJwO QPMrUJDB Z MPT NFDBOJTNPT RVF QFSNJUBO FTUJNBSMPT &O FTUF FTGVFS[P MB DPNQSFOTJwO EF MPT DBNCJPT QSPQJDJBEPT QPS MB UFDOPMPHrB EJHJUBM KVFHB VO QBQFM GVOEBNFOUBM TFH|O BOPUw +FBO 1JFSSF #MBJT MB JSSVQDJwO EF MB EJHJUBMJ[BDJwO EF DPOUFOJEPT DVMUVSBMFT UJFOF FGFDUPT DPOUVOEFOUFT FO MPT QSPDFTPT EF TV QSPEVDDJwO EJTUSJCVDJwO Z DPOTVNP RVF DPONJOBO BM DBNCJP Z SFEJTFvP EF MB QPMrUJDB DVMUVSBM Z EFM EFSFDIP EF BVUPS TJ FTUPT RVJFSFO TFHVJS TJFOEP QFSUJOFOUFT QBSB MPT DJVEBEBOPT 1FSP FO FM SFEJTFvP EF QPMrUJDBT OP QVFEF EFKBSTF EF SFQFOTBS MB BDDJwO DVMUVSBM FO MPT FTQBDJPT GrTJDPT DPNP DPMFHJPT QBSRVFT DBMMFT QMB[BT RVF QBSB "OJUB 8FCFS TPO BRVFMMPT FO EPOEF TF SFEF¯OF MB BDDJwO EFNPDSgUJDB Z EF DPIFTJwO DJV EBEBOB -PT GSFOUFT EPOEF MBT QPMrUJDBT DVMUVSBMFT EFCFO SFQFOTBSTF Z BQMJ DBSTF EF NBOFSB JOOPWBEPSB TPO OVNFSPTPT 5PEPT FYJHFO TJO FNCBSHP VOB EJTDVTJwO TPCSF MB QFSUJOFODJB EF MBT NFUPEPMPHrBT EF TFHVJNJFOUP B TV JNQBDUP TPCSF MBT EJNFOTJPOFT Z MPT QSPDFEJNJFOUPT EF MPT QSPHSBNBT Z PSHBOJ[BDJPOFT OFDFTBSJBT QBSB TV DPSSFDUP GVODJPOBNJFOUP BTr DPNP TPCSF MBT SFTQPOTBCJMJEBEFT EF MPT RVF UPNBO MBT EFDJTJPOFT EF QPMrUJDBT DVMUVSBMFT FO MB JNQMFNFOUBDJwO EF DBNCJPT FGFDUJWPT EF MBSHP QMB[P %F MP BOUFSJPS DPNP MP FYQSFTBSPO MPT QBOFMJTUBT EFQFOEF RVF MB DSJTJT TF DPOWJFSUB FO VOB PQPSUVOJEBE EF DBNCJP QPTJUJWP

$PODMVTJPOFT


DPODMVTJPOFT EF TFDDJwO 6O SFDPOPDJNJFOUP B MBT QPUFODJBMJEBEFT EFM TFDUPS DVMUVSBM 1PS "MCFSUP "CFMMP 7JWFT

%VSBOUF FM QSJNFS ErB EF TFTJPOFT KVFWFT EF TFQUJFNCSF EF TF SFBMJ[BSPO FO FM $FOUSP EF 'PSNBDJwO EF MB $PPQFSBDJwO &TQBvPMB EPT GPSPT $BEB VOP EF FMMPT CVTDBOEP FMFNFOUPT EF BOgMJTJT B EPT QSFHVOUBT GPSNVMBEBT QPS MPT PSHBOJ[BEPSFT -B QSJNFSB ˜FO EwOEF TF VCJDB FM QPEFS FDPOwNJDP TPDJBM Z QPMrUJDP EFM TFDUPS DVMUVSBM BOUF MB DSJTJT ¯OBODJFSB HMP CBM Z MB TFHVOEB ˜DVgMFT QPESgO TFS MBT FTUSBUFHJBT EF JNQBDUP Z TPTUFOJ CMFT EF QPTJDJPOBNJFOUP B MBSHP QMB[P EFM TFDUPS DVMUVSBM FO FM DBNQP EFM EFTBSSPMMP %VSBOUF FTUB QSJNFSB KPSOBEB QBTw NVDIB BHVB CBKP FM QVFOUF BHVBT RVF QBSFDFO JS BM NJTNP MVHBS MB DBEB WF[ NgT DMBSB Z FYQMrDJUB SFMBDJwO FOUSF MB DVMUVSB Z MB FDPOPNrB Z FOUSF MB DVMUVSB Z FM EFTBSSPMMP 1FSP FTUBT BHVBT QSPDFEJFSPO EF N|MUJQMFT B°VFOUFT EF EJTUJOUPT FOGPRVFT WJTJPOFT Z FYQFSJFODJBT NgT DBVEBMPTBT BRVFMMBT TPCSF DVMUVSB FO MB FDPOPNrB Z VO QPDP NFOPT TPCSF MB DVMUVSB FO FM EFTBSSPMMP FOUFOEJEP nTUF EFTEF OVFWBT WJTJPOFT QPTU FDPOPNJDJTUBT "M ¯O EF DVFOUBT MB QFOEJFOUF EFM DBVDF TF EJ SJHrB FO MB QSJNFSB EJSFDDJwO 4F FYBNJOBSPO MBT UFOEFODJBT HMPCBMFT Z MB BGFDUBDJwO BM MMBNBEP TFD UPS DVMUVSBM MB QPTJCJMJEBE EF RVF MBT JOEVTUSJBT DVMUVSBMFT DPOUSJCVZBO B MB TVQFSBDJwO EF MB DSJTJT NVOEJBM Z RVF MB FDPOPNrB EF MB DVMUVSB QVFEB DPOWFSUJSTF FO NPEFMP EF EFTBSSPMMP BMUFSOBUJWP 4F JOTJTUJw FO MB nUJDB EF MB BQVFTUB B MB DVMUVSB EFTEF MB TPDJFEBE Z MPT HPCJFSOPT BTr DPNP FO MPT JNQBDUPT DPOPDJEPT EF MB JOWFSTJwO FO DVMUVSB &O FTF TFOUJEP TF SFDMBNBSPO OVFWBT SFTQPOTBCJMJEBEFT FO FM EJTFvP EF QPMrUJDBT &M NBSDP HFOFSBM EFM EFCBUF GVF MB DSJTJT ¯OBODJFSB Z FDPOwNJDB NVO EJBM FOUFOEJEB B QBSUJS EF MB DSJTJT JONPCJMJBSJB FO &TUBEPT 6OJEPT Z TVT SFQFSDVTJPOFT FO MB FDPOPNrB NVOEJBM "M SFDPSEBSTF DBVTBT F JNQBDUPT MPT HSBOEFT EFCBUFT


ZB DPOPDJEPT TF QVEP DPOTUBUBS DwNP B QFTBS EF MPT CVFOPT TrOUPNBT RVF BOVODJBCBO HPCFSOBOUFT EF MBT QSJODJQBMFT OBDJPOFT Z DBCF[BT EF PSHBOJT NPT JOUFSOBDJPOBMFT DPO MPT RVF TF FODFOErBO MBT MVDFT EFM GBSP EF MB SF DVQFSBDJwO MB DSJTJT FTUBCB B|O WJWB TFSg SFDPSEBEP DPNP FM BvP EF MB QSJNFSB DPOUSBDDJwO HMPCBM EF MB FDPOPNrB MVFHP EF MB 4FHVOEB (VFSSB .VOEJBM -B DSJTJT DPO¯SNBEP VOB WF[ QPS MPT FYQFSUPT NPTUSw MBT GBMMBT FTUSVD UVSBMFT BEFNgT EF MBT DPZVOUVSBMFT EFM TJTUFNB JNQFSBOUF FO MB FDPOPNrB HMPCBM 1FSP FNFSHJw FOUSF MBT JEFBT TPCSF MB DSJTJT BRVFMMB RVF BTFHVSB RVF nTUB OP IBCrB TJEP UBO HMPCBM /P BGFDUw QPS JHVBM BM NVOEP HSBDJBT QSFDJ TBNFOUF B MB OP IPNPHFOJ[BDJwO EF MB QPMrUJDB FDPOwNJDB Z MPT NPEFMPT EF DSFDJNJFOUP %F BIr MB JOWJUBDJwO BM DBNCJP EF QBSBEJHNBT B SFQFOTBS PUSB WF[ MPT NPEFMPT EF EFTBSSPMMP FDPOwNJDP CVTDBOEP VOB WJTJwO NgT JOUFHSBM )F BIr FO UPEP FTUP VO BTVOUP JNQPSUBOUF QBSB FM RVF DPNP TVFMF PDVSSJS FO FM GPSNBUP VTBEP FO FTUPT TFNJOBSJPT OP IVCP UJFNQP QBSB EFUFOFSTF -B TJUVBDJwO NVOEJBM QFSNJUF TBMJS BM SFFODVFOUSP EFM &TUBEP RVF VOB WF[ NgT FO NFEJP EF MB UPSNFOUB IB UJSBEP TBMWBWJEBT QBSB TBMJS EF MB DSJTJT "M QBSFDFS OP MPT TV¯DJFOUFT OJ FO FM MVHBS BEFDVBEP TJ QFOTBNPT FO MPT OVFWPT TFDUPSFT HFOFSBEPSFT EF FNQMFP EJTUJOUPT B MPT USBEJDJPOBMFT EPOEF MPT HPCJFSOPT IBO WVFMUP B JOUFSWFOJS -B DSJTJT BGFDUB JOEJTDVUJCMFNFOUF BM TFDUPS DVMUVSBM MnBTF FO FTUF DBTP DPNP VO TFDUPS EF MB FDPOPNrB Z nTUF FT WrDUJNB EF FMMB QPS FM MBEP EF MB SFEVDDJwO EF MB QSPEVDDJwO EF CJFOFT Z TFSWJDJPT QPS MB DBrEB EF MPT QSFTV QVFTUPT Q|CMJDPT QPS MB SFEVDDJwO EF MPT BQPSUFT QSJWBEPT QPS MB SFEVDDJwO EFM DPOTVNP EF MPT IPHBSFT Z QPS FM BVNFOUP EFM EFTFNQMFP 1FSP MB DSJTJT OP IB MMFHBEP EF JONFEJBUP BM TFDUPS TFHVSBNFOUF MMFHBSg DPO SFUSBTP &O WJTUB EF RVF MBT QSgDUJDBT DVMUVSBMFT OP TVFMFO NPEJ¯DBSTF SgQJEBNFOUF FT QSPCBCMF RVF TF BDFOU|F NgT UBSEF 4JO FNCBSHP IBZ DBTPT PCTFSWBEPT SF DJFOUFNFOUF FO MPT RVF FO NFEJP EF MB SFDFTJwO BVNFOUB FM DPOTVNP EF DJFSUPT TFSWJDJPT DVMUVSBMFT BM QBSFDFS B DBVTB EF MBT SFTUSJDDJPOFT FO PUSPT DPOTVNPT DPNP CJFOFT Z TFSWJDJPT TVTUJUVUPT 4F SFDPOPDJw MB JNQPSUBODJB EF USBCBKBS FOUPODFT FO MBT QPMrUJDBT BOUJ DrDMJDBT DPNP FT PCWJP QFSP TF QMBOUFB MB JNQPSUBODJB EF RVF MBT FDPOPNrBT DSFBUJWBT TFBO UFOJEBT FO DVFOUB DPNP FTUSBUFHJB GBDUJCMF EFCJEP B MB UBTB EF DSFDJNJFOUP Z MB HFOFSBDJwO EF FNQMFP PCTFSWBEBT FO WBSJPT QBrTFT EFM NVOEP 1PS PUSP MBEP MB BDUVBM DPZVOUVSB EF DSJTJT QFSNJUF PCTFSWBS UBNCJnO MBT HSJFUBT RVF TF QSFTFOUBO FO MBT FTUSVDUVSBT EF MBT JOEVTUSJBT DVMUVSBMFT MP RVF BMFSUB TPCSF OVFWBT QPTJCJMJEBEFT RVF BDFSRVFO B QSPEVDUPSFT Z DPOTV NJEPSFT "M QSPEVDJSTF SFQMBOUFBNJFOUPT FO MBT DBEFOBT EF FTUBT JOEVTUSJBT 6O SFDPOPDJNJFOUP B MBT QPUFODJBMJEBEFT EFM TFDUPS DVMUVSBM


BQBSFDFO OVFWBT PQPSUVOJEBEFT &O FTUB EJSFDDJwO FT JNQPSUBOUF FOUFOEFS FM QBQFM EF MBT OVFWBT UFDOPMPHrBT Z OVFWPT NFEJPT FO MBT SFMBDJPOFT FOUSF FDPOPNrB Z DVMUVSB Z NgT QSFDJTBNFOUF MB JOUFSBDDJwO FOUSF FDPOPNrB UFD OPMPHrB Z DVMUVSB &T JNQPSUBOUF UBNCJnO FOUFOEFS MB HSBO QPUFODJBMJEBE EF DSFBUJWJEBE F JOOPWBDJwO RVF PGSFDF MB DVMUVSB EF BIr MB JOTJTUFODJB FO SFGPS[BS MBT DBQBDJEBEFT DSFBUJWBT Z MPT WrODVMPT DPNFSDJBMFT UBM DPNP FTUgO TVSHJFOEP FO MPT OVFWPT FTRVFNBT FO MPT OVFWPT NPEFMPT EF OFHPDJPT 1BSB BMHVOPT TF FTUBSrB DPOTJHVJFOEP TJUVBS MB DVMUVSB FO FM DFOUSP EF MPT QSPDFTPT EF EFTBSSPMMP -P RVF Tr FT PCTFSWBCMF FT FM EJTUBODJBNJFOUP EF MBT UFPSrBT EFM EFTBSSPMMP EF TVT WJFKBT WJTJPOFT MBT UFPSrBT EFM EFTBSSPMMP TVFMUBO TVT BNBSSBT FDPOPNJDJTUBT Z MB DVMUVSB TF BDFSDB BM EFTBSSPMMP SFFODPOUSgO EPTF DPO FM SFTUP EF DJFODJBT TPDJBMFT EF MBT RVF IBCrB UPNBEP EJTUBODJB -B DVMUVSB QPS MP EFNgT MF QJFSEF FM NJFEP B MB FDPOPNrB QFSP OP EFCFO PMWJ EBSTF MPT SJFTHPT NVDIPT DVBOEP MB DVMUVSB TF EFKB TwMP B MB FDPOPNrB B MPT NFSDBEPT Z BM FNQSFTBSJBEP &M BTVOUP TF IB WVFMUP NgT DPNQMFKP BTr RVF FO NBUFSJB EF QPMrUJDBT DVMUVSBMFT FM EFCBUF B|O OP TF IB DFSSBEP 4F IBDF OFDFTBSJP SFDPOPDFS BEFNgT EF PUSBT SB[POFT RVF MB DVMUVSB IB EF TFS PCKFUP EF QPMrUJDB Q|CMJDB QPS MB DSFDJFOUF JNCSJDBDJwO FO VOB DPO DFQDJwO JOUFHSBM EFM EFTBSSPMMP 1FSP QBTBS EF MB WJTJwO EF MB DVMUVSB DPNP PSOBNFOUP B VOB EJNFOTJwO FTUSBUnHJDB EF MB DVMUVSB FO FM EFTBSSPMMP FYJHF OVFWBT Z NBZPSFT SFTQPOTBCJMJEBEFT NBZPSFT USBOTWFSTBMJEBEFT NFKPS HP CFSOBO[B NBZPS DPOPDJNJFOUP F JOUFMJHFODJB NBZPS EJgMPHP EF TBCFSFT NB ZPS SJHPS Z QFSJDJB TJO PMWJEBS RVF FO |MUJNBT MB QPMrUJDB DVMUVSBM WB EJSJHJEB B MPT DJVEBEBOPT /P FYBHFSBS MPT JNQBDUPT EF MB DVMUVSB Z TBCFS RVF MBT QPMrUJDBT DVMUVSB MFT OP TPO JOTUBOUgOFBT IBSrBO QBSUF EF MPT DSJUFSJPT EF VOBT OVFWBT QPMrUJDBT FO DPOEJDJwO EF NBZPSrB EF FEBE %JTUJOUBT FYQFSJFODJBT Z DBTPT FYBNJOBEPT EF &TUBEPT 6OJEPT $BOBEg "SHFOUJOB $PMPNCJB 'SBODJB &TQBvB Z $PTUB 3JDB NVFTUSBO RVF OP FYJTUF VOB GwSNVMB |OJDB Z RVF IBZ NVDIP USFDIP QPS SFDPSSFS RVF IBCSg EF QBTBS B|O NgT BHVB CBKP FM QVFOUF

MPT HSBOEFT EFCBUFT



< TFDDJwO JJ >

CVFOBT QSgDUJDBT FO FM TFDUPS DVMUVSBM



DBQrUVMP .PEFMPT EF ¯OBODJBDJwO .PEFSBEPSB -VDrB (PO[gMF[ 3FMBUPSFT &ETPO 4gODIF[ Z /BUBMJB 7JMMBMCB

1SFTFOUBDJwO -B NJSBEB B MB DVMUVSB EFTEF MB FDPOPNrB FT VO UFNB SFMBUJ WBNFOUF OVFWP 1PS FMMP IBZ EJWFSTPT FOGPRVFT Z QPTJDJPOFT BM SFTQFDUP 4JO FNCBSHP FT JOEJTQFOTBCMF EFKBS FO DMBSP RVF MB ¯OBODJBDJwO EF MB DVMUVSB WB NgT BMMg EF MB OFDFTJEBE EF DPOTFHVJS EJOFSP TF USBUB NgT CJFO EF DPO TFHVJS BMJBEPT %F FTUB NBOFSB FM TFDUPS Q|CMJDP UJFOF MB SFTQPOTBCJMJEBE EF JNQVMTBS QPMrUJDBT Q|CMJDBT RVF FTUJNVMFO MB DPOTFDVDJwO EF FTUPT BMJBEPT QPS TV QBSUF FM TFDUPS QSJWBEP EFCF B¯BO[BS TV QPTUVSB nUJDB DPO SFTQFDUP BM DPNQSPNJTP RVF UJFOF DPO MB TPDJFEBE B QBSUJS EFM BQPZP B MB DVMUVSB %FTEF FTUB QFSTQFDUJWB FM TFDUPS QSJWBEP EFCF FOUFOEFS RVF TV DPN QSPNJTP TPDJBM WB NgT BMMg EF DPOUSJCVJS BM EFTBSSPMMP FDPOwNJDP BM JOUFSJPS EF MBT DPNVOJEBEFT &T EFDJS OP TF USBUB TwMP EF HFOFSBS HSBOEFT SFDVSTPT FDPOwNJDPT TJOP EF GPSUBMFDFS MBT JEFOUJEBEFT MB WBMPSBDJwO EF MP QSPQJP MB DPOWJWFODJB MB DPIFTJwO TPDJBM &O TPDJFEBEFT DPNP MB OVFTUSB MB DPMPN CJBOB FM TFDUPS QSJWBEP UBNCJnO UJFOF FM EFCFS QPMrUJDP EF DPOTUSVJS DBQJUBM TPDJBM DPO JOWFSTJPOFT BM TFDUPS DVMUVSBM 1PS FMMP OP TwMP FT TV¯DJFOUF TV QSFTFODJB FO MB DSFBDJwO Z DPOTPMJEBDJwO EF HSBOEFT JOEVTUSJBT FO HFOFSBM TJOP RVF UBNCJnO B USBWnT EF JOWFSTJPOFT FODBNJOBEBT BM TVSHJNJFOUP EF JOEVTUSJBT DSFBUJWBT EF NBOFSB FTQFDr¯DB MBT DVBMFT QPS TV NJTNP DBSgDUFS TPO BHMVUJOBEPSBT EF MP TPDJBM " QBSUJS EFM SFDPOPDJNJFOUP EF RVF MB DVMUVSB FT HFOFSBEPSB EF WBMPSFT TPDJBMFT *WgO %BSrP -PCP QSPGFTPS EF MB 'BDVMUBE EF "ENJOJTUSBDJwO EF MB 6OJWFSTJEBE EF MPT "OEFT DPNQBSUF BMHVOBT JEFBT TPCSF MB NBOFSB DPNP FM TFDUPS QSJWBEP QVFEF WJODVMBSTF B MB ¯OBODJBDJwO EF MB DVMUVSB Z 9BWJFS .BSDn $BSPM EFM (SVQP 'PDVT EF #BSDFMPOB SFBMJ[B VO NJOVDJPTP BOgMJTJT TPCSF MB F¯DBDJB EF MBT QPMrUJDBT DVMUVSBMFT FO UJFNQPT EF DSJTJT JMVTUSBOEP TVT B¯SNBDJPOFT DPO MB FYQFSJFODJB FTQBvPMB NPEFMPT EF GJOBODJBDJwO


-B ¯OBODJBDJwO QSJWBEB EF MB DVMUVSB BQSFOEJ[BKFT Z EFTBGrPT EFTEF MB HFOFSBDJwO DPOKVOUB EF WBMPS 1PS *WgO %BSrP -PCP

" MP MBSHP EF FTUB FYQPTJDJwO JOUFOUBSn DPNQBSUJS BMHVOBT JEFBT BDFSDB EF §DwNP IBDFS QBSB RVF FM TFDUPS QSJWBEP TF WJODVMF EF NBOFSB FGFDUJWB FO MB ¯OBODJBDJwO EF MB DVMUVSB¨ " QBSUJS EF FTUB JORVJFUVE QVFEF NFODJPOBSTF RVF OP FT TPTUFOJCMF RVF MB ¯OBODJBDJwO QSJWBEB EF MB DVMUVSB EFQFOEB FOUFSBNFOUF OJ EF MB HFTUJwO EF FNQSFOEFEPSFT DPNQSPNFUJEPT DPO VOB DBVTB OJ EF MB WPMVOUBE WPMgUJM EF MPT FNQSFTBSJPT 4J QBSUJNPT EF MB DPODFQDJwO EF MB DVMUVSB DPNP VO CJFO Q|CMJDP MB UFPSrB FDPOwNJDB EJDF RVF MPT CJFOFT Q|CMJDPT TPO OP SJWBMFT Z OP FYDMVZFO UFT MP DVBM TJHOJ¯DB RVF TV DPOTVNP QPS QBSUF EF VO JOEJWJEVP OP DPNQSP NFUF FM DPOTVNP EF FTF NJTNP CJFO QPS QBSUF EF PUSPT JOEJWJEVPT "EFNgT OP TF QVFEF DPNQBSBS FM VTP DPO FM EJTGSVUF EF FTPT CJFOFT "IPSB CJFO MPT CJFOFT Q|CMJDPT FOGSFOUBO VO HSBO EJMFNB FO UnSNJOPT EF DPIFTJwO TJ TF EFKB BM NFSDBEP QBSB RVF QSPWFB FTUPT UJQPT EF CJFOFT OP IBZ JODFOUJWPT QBSB RVF BTr MP IBHB FT EFDJS OJOH|O BHFOUF QSJWBEP MPT QSPWFFSrB &M FGFDUP OFUP FT MB TVCQSPWJTJwO EF FTPT CJFOFT QPS FTP FM &TUBEP UJFOF RVF FOUSBS B TVQMJS FTB EF¯DJFODJB %FCJEP B RVF MB DVMUVSB HFOFSB WBMPS TPDJBM FT JNQPSUBOUF FOGPDBSTF FO MBT USFT EJNFOTJPOFT RVF TJHOJ¯DB HFOFSBS WBMPS TPDJBM -B QSJNFSB FT MB QPTJCJMJEBE EF EJTNJOVJS CBSSFSBT EF BDDFTP QPS FKFNQMP B MPT NFSDBEPT MB TFHVOEB FT FM GPSUBMFDJNJFOUP EF QPCMBDJPOFT EnCJMFT P TJO WP[ DPNP MBT HF OFSBDJPOFT GVUVSBT Z MBT NJOPSrBT nUOJDBT Z MB UFSDFSB FT MB EJTNJOVDJwO EF MBT FYUFSOBMJEBEFT OFHBUJWBT EF MPT FGFDUPT DPMBUFSBMFT OFHBUJWPT JOEFTFBCMFT FO UPEB BDUJWJEBE FDPOwNJDB P FNQSFTBSJBM 1PS MP UBOUP MB DVMUVSB QVFEF FOUFOEFSTF DPNP VOB NBOFSB EF HFOFSBS WBMPS TPDJBM Z TF NJSB DPNP CJFO Q|CMJDP MB DPODMVTJwO JNQPSUBOUF FT RVF UJFOF UPEB MB QPUFODJBMJEBE QBSB HF OFSBS CJFOFTUBS DPMFDUJWP TJO FNCBSHP FOGSFOUB TFSJBT CBSSFSBT FO UnSNJOPT EF MB QSPWJTJwO F¯DJFOUF EF FTPT CJFOFT DVMUVSBMFT -B ¯OBODJBDJwO QSJWBEB EF MB DVMUVSB BQSFOEJ[BKFT Z EFTBGrPT EFTEF MB HFOFSBDJwO DPOKVOUB EF WBMPS


5SBEJDJPOBMNFOUF MB BTJHOBDJwO EF WBMPS FDPOwNJDP TF BTVNF DPNP VOB SFTQPOTBCJMJEBE FYDMVTJWB EFM TFDUPS QSJWBEP Z MB HFOFSBDJwO EF WBMPS TPDJBM DPNP SFTQPOTBCJMJEBE EFM TFDUPS OP MVDSBUJWP P EF MPT HPCJFSOPT &TUF QBSBEJHNB IB DBNCJBEP MPT |MUJNPT EJF[ BvPT QBSUJDVMBSNFOUF FO UFNBT EF DPOWFSHFODJB JOUFSTFDUPSJBM Z FO MBT GVFOUFT EF SFDVSTP RVF TF IBO WVFMUP NVDIP NBT IrCSJEBT #BKP DJFSUBT DPOEJDJPOFT MB ¯OBODJBDJwO QSJWBEB EF MB DVMUVSB QVFEF FOUFOEFSTF DPNP VOB GPSNB EF HFOFSBDJwO DPOKVOUB EF WBMPS -B ¯OBODJBDJwO QSJWBEB EFUFSNJOB USFT WrBT USBEJDJPOBMFT EF ¯OBO DJBDJwO MBT DVBMFT QPEFNPT FOUFOEFS DPNP GPOEPT Q|CMJDPT RVF WJODVMBO FWFOUVBMNFOUF MB DPPQFSBDJwO JOUFSOBDJPOBM MB ¯MBOUSPQrB RVF QVFEF TFS DPSQPSBUJWB GVOEBDJPOBM P JOEJWJEVBM Z MB HFOFSBDJwO QSPQJB EF JOHSFTPT 6O FKFNQMP EF ¯OBODJBDJwO EF DBSgDUFS OBDJPOBM FT FM 'FTUJWBM *CFSPBNFSJDB OP EF $VMUVSB FM DVBM TF SFBMJ[B DPO BQPSUFT Q|CMJDPT .JOJTUFSJP EF $VMUVSB Z "MDBMErB EF #PHPUg DPO MB WFOUB EF CPMFUFSrB Z DPO FM QBUSPDJOJP EFM TFDUPS QSJWBEP 4FH|O FM BOUFSJPS FKFNQMP SFDBF MB JODwHOJUB TPCSF VO QBOPSBNB RVF TF QVFEF PCTFSWBS FO WBSJBT FODVFTUBT EF ¯OBODJBDJwO B MB DVMUVSB ˜FM TFDUPS QSJWBEP FTUg ¯OBODJBOEP MP TV¯DJFOUF B MB DVMUVSB 5SBEJDJPOBMNFOUF FM TFD UPS QSJWBEP IB KVHBEP FM SPM EF EPOBOUF ¯MBOUSwQJDP QFSP FO BMHVOPT DBTPT DPOWJWFO UBOUP NPUJWBDJPOFT BMUSVJTUBT DPNP VUJMJUBSJTUBT $PO SFTQFDUP B FTUB |MUJNB MPT QBUSPDJOJPT NgT HSBOEFT TF DPODFOUSBO FO FWFOUPT EF BMUB FY QPTJDJwO NFEJgUJDB $PO SFTQFDUP B MB ¯MBOUSPQrB QVSB FTUB BVNFOUB NVDIP NgT MPT SJFTHPT EF TPTUFOJCJMJEBE BHSBWBEPT BOUF DIPRVFT SFDFTJWPT &O BMHVOBT JOWFTUJHBDJPOFT QVFEF PCTFSWBSTF RVF BM MBEP EF MB ¯MBO USPQrB QVSB FTUg TVSHJFOEP PUSB SFBMJEBE NVDIP NgT QPEFSPTB FM EF ¯MBO USPQrB FTUSBUnHJDB GVOEBNFOUBEB FO JOJDJBUJWBT FNQSFTBSJBMFT RVF CVTDBO MB DSFBDJwO EF VO WBMPS TPDJBM P NFEJP BNCJFOUBM RVF MFT En SFUSJCVDJPOFT QPTJUJWBT FT EFDJS RVF HFOFSFO WBMPS FDPOwNJDP &O PUSBT QBMBCSBT FT MB EJTQPOJCJMJEBE FNQSFTBSJBM EF JOWPMVDSBSTF FO MB ¯OBODJBDJwO EF MB DVMUVSB TJFNQSF Z DVBOEP FMMP TFB FDPOwNJDBNFOUF QPTJUJWP -B ¯MBOUSPQrB FTUSBUnHJDB OP FT MB QBOBDFB FT TPMP VO DBNJOP " TV WF[ MPT FTGVFS[PT QBSB JOUFHSBS MB HFOFSBDJwO EF WBMPS ¯MBOUSPQrB FTUSBUn HJDB BMJBO[BT JOUFSTFDUPSJBMFT FYJHFO EJTQPOJCJMJEBE QBSB QPOFS SFDVSTPT Z DBQBDJEBEFT EJTUJOUJWBT BM TFSWJDJP EF MB HFOFSBDJwO EF WBMPS TPDJBM Z DPO ¯BO[B FO RVF FMMP SFEVOEF FO CFOF¯DJPT FTUSBUnHJDPT QBSB FM OFHPDJP 6OB EF MBT GPSNBT EF BDFSDBS BM TFDUPS QSJWBEP BM ¯OBODJBNJFOUP EF MPT QSPHSBNBT DVMUVSBMFT FT JODFOUJWgOEPMP B FOUSBS DPNP VO BMJBEP P TPDJP FTUSBUnHJDP -B TPTUFOJCJMJEBE EF MBT BMJBO[BT JOUFSTFDUPSJBMFT EFQFOEF EF VO BMJOFBNJFOUP BNQMJP Z QSPGVOEP FOUSF BM NFOPT USFT EJNFOTJPOFT NJTJwO WBMPSFT Z FTUSB NPEFMPT EF GJOBODJBDJwO


UFHJBT Z FO MB TVQFSBDJwO EF BM NFOPT EPT CBSSFSBT DVMUVSB PSHBOJ[BDJPOBM Z EJTQBSJEBE FO MB DBQBDJEBE JOTUJUVDJPOBM 5BNCJnO FT JNQPSUBOUF FM QBQFM EFM &TUBEP &TUF QVFEF HFOFSBS TJTUF NBT EF JODFOUJWPT USJCVUBSJPT RVF QSPNVFWBO MB QBSUJDJQBDJwO ¯MBOUSwQJDB FM GPSUBMFDJNJFOUP JOTUJUVDJPOBM QBSB BDFSDBS MPT §NVOEPT¨ QSJWBEP Z Q|CMJDP DPO Z TJO ¯OFT EF MVDSP VO BDPNQBvBNJFOUP EFM PSEFO TFDUPSJBM OP FT ¯BCMF MBO[BS B PSHBOJ[BDJPOFT B MB BWFOUVSB EF MB TPTUFOJCJMJEBE DVBOEP OP TF IBO HFOFSBEP MBT DBQBDJEBEFT QBSB FMMP Z ¯OBMNFOUF NPUJWBDJPOFT QBSB RVF MB DVMUVSB TF JODPSQPSF FO MB BHFOEB Q|CMJDB DPNP VO GBDUPS EF DPNQFUJUJWJEBE

-B ¯OBODJBDJwO QSJWBEB EF MB DVMUVSB BQSFOEJ[BKFT Z EFTBGrPT EFTEF MB HFOFSBDJwO DPOKVOUB EF WBMPS


1PMrUJDBT DVMUVSBMFT FO FM FOUPSOP EF VOB nQPDB EF DSJTJT 1PS 9BWJFS .BSDn $BSPM

JOUSPEVDDJwO 8BMUFS #FOKBNJO FTDSJCJw -B PCSB EF BSUF FO MB nQPDB EF TV SF QSPEVDUJCJMJEBE UnDOJDB FO BEWJSUJFOEP TPCSF MPT FGFDUPT DPOGVTPT RVF MB UFDOPMPHrB BVEJPWJTVBM UFOrB TPCSF FM BSUJTUB Z FM JOUFMFDUVBM &O FM EFCBUF RVF QSPUBHPOJ[BSPO MPT NJFNCSPT EF MB &TDVFMB EF 'SBOLGVSU TF WJTMVNCSBCB VOB WJTJwO QFTJNJTUB EFM GVUVSP Z FM QSJODJQJP EFM ¯OBM EF MBT UPSSFT EF NBS¯M EF MB DVMUVSB VUJMJ[BOEP VOB FYQSFTJwO EF .JDIFM 'PVDBVMU %FCFSrBNPT QSFHVOUBSOPT EFTQVnT EF MB FYQMPTJwO EJHJUBM Z BM BNQB SP EFM QPEFS PNOJQSFTFOUF EF MPT HSBOEFT HSVQPT EF DPNVOJDBDJwO RVJnO FT IPZ FO ErB FM JOUFMFDUVBM Z RVn FT JHVBMNFOUF IPZ FO ErB MB DVMUVSB " MP MBSHP EFM TJHMP YY Â¥B QBSUJS EF MPT QSFDFQUPT EFM &TUBEP EFM #JFO FTUBSÂ¥ MB DVMUVSB TF IB DPOWFSUJEP FO VO BSHVNFOUP GVOEBDJPOBM EFM &TUBEP NPEFSOP DPO VO FKFSDJDJP EF MB QPMrUJDB RVF TF FODVFOUSB B NFEJP DBNJOP FOUSF MB QFSNBOFODJB EF DJFSUBT nMJUFT Z MB QSFTUBDJwO EF TFSWJDJPT B MB DPNV OJEBE /P QVFEF FOUFOEFSTF EF PUSB GPSNB VOB QPMrUJDB RVF USBUB DPO JHVBM GSVJDJwO MB DSFBDJwO EF CJCMJPUFDBT Z FM NBOUFOJNJFOUP EF MBT HSBOEFT wQFSBT MB QSPMJGFSBDJwO EF FRVJQBNJFOUPT TPDJPDPNVOJUBSJPT Z FM HBTUP FYUSBPSEJOB SJP FO VOJEBEFT EF QSPEVDDJwO BSUrTUJDB Q|CMJDBT )BZ USFT NPNFOUPT RVF NBSDBO B NJ KVJDJP FM EFWFOJS EF MBT NPEFS OBT QPMrUJDBT DVMUVSBMFT Z IBZ VO DVBSUP NPNFOUP RVF QPOF FO KBRVF MPT USFT QSJNFSPT Â… -B DSFBDJwO EFM .JOJTUFSJP EF $VMUVSB 'SBODnT EF MB NBOP EF "OESn .BMSBVY Z FM EFTBSSPMMP EF MBT HSBOEFT .BJTPOT EF $VMUVSB BMSFEF EPS EF VO PCKFUJWP UBO VUJMJ[BEP Z SFQFUJEP DPNP MB EFNPDSBUJ[B DJwO DVMUVSBM NPEFMPT EF GJOBODJBDJwO


Â… -PT NPWJNJFOUPT JOWFSTPT QBSB BNQMJBS MB EFNPDSBDJB DVMUVSBM BQBSFDJEPT EFTQVnT EFM Z RVF EFTBSSPMMBO MB JEFB EF MB EFTDPO DFOUSBDJwO DSFBUJWB Z QSPEVDUJWB FO MB DVMUVSB Â… -PT QPTUVMBEPT EF MB FYDFQDJwO DVMUVSBM RVF MFHJUJNBO VOB QPMrUJDB Q|CMJDB EF BQPZP B MBT JOEVTUSJBT DVMUVSBMFT MPDBMFT Z EF NBOFSB FTQFDJBM MBT EFM TFDUPS BVEJPWJTVBM 4F USBUB EF USFT NPWJNJFOUPT OBDJEPT FO 'SBODJB Z FYUFOEJEPT MJOFBM NFOUF BM DPOKVOUP EF &VSPQB Z FO BMHVOB NFEJEB BM DPOKVOUP EFM NVOEP PDDJEFOUBM DPO MB TBMWFEBE TJFNQSF TPCSFWBMPSBEB EF FF VV &M DVBSUP QVOUP FT MB DPOTPMJEBDJwO EFM JOUFSOFU DPNP JOTUSVNFOUP QPMJnESJDP EF DSFBDJwO QSPEVDDJwO EJTUSJCVDJwO Z DPOTVNP DVMUVSBM 4FSrB BCTVSEP OFHBSMF B FTUF BEWFOJNJFOUP VO FGFDUP DPOUVOEFOUF DBTJ QBSBEJH NgUJDP TPCSF MB NBOFSB EF DPODFCJS QSPEVDJS Z BDDFEFS B MPT CJFOFT EF DPO TVNP DVMUVSBM IBTUB FM QVOUP EF DVFTUJPOBS MB WJHFODJB EF VO NPEFMP RVF OBDJw HFOnSJDBNFOUF DPO MB JNQSFOUB Z FM MVUFSBOJTNP Z TF DPOTPMJEw DPO MB 3FWPMVDJwO *OEVTUSJBM MB 3FWPMVDJwO 'SBODFTB Z MB TJ TF NF QFSNJUF SFWPMV DJwO LFZOFTTJBOB -B QSFHVOUB FT NVZ TJNQMF ˜QVFEF FM &TUBEP BTVNJS DPO MPT JOTUSV NFOUPT USBEJDJPOBMFT EF MBT QPMrUJDBT DVMUVSBMFT MPT DBNCJPT RVF TVQPOF FM JNQBDUP EF MBT UFDOPMPHrBT EJHJUBMFT FO MB DVMUVSB MB JONFOTB BDDFTJCJMJEBE RVF OPT QSPQPOF FM JOUFSOFU Z MBT DPOTFDVFODJBT EF VO NFSDBEP DBEB ErB NgT HMPCBMJ[BEP Z DPO TJTUFNBT EF EJTUSJCVDJwO NgT DPODFOUSBEPT " NJ KVJDJP MB SFBMJEBE FYJHF VO QMBOUFBNJFOUP QPMrUJDP JOOPWBEPS NJFOUSBT RVF MBT QPMrUJDBT TPDJBMFT EF MB DVMUVSB TF IBO CFOF¯DJBEP EFM EFTB SSPMMP EF VO NBSDP DVMUVSBM B FTDBMB MPDBM MBT QPMrUJDBT EF TPQPSUF JOEVTUSJBM OFDFTJUBO FTQBDJPT NVDIP NgT BNQMJPT QBSB EFTBSSPMMBSTF DPO F¯DBDJB &O FM QSJNFS DBTP MBT EJOgNJDBT QSPQJBT EF MB JOUFSWFODJwO Q|CMJDB TPO OFDF TBSJBT FO MB NFEJEB FO RVF BTFHVSBO VOB BEFDVBEB HFTUJwO EF MPT TFSWJDJPT DVMUVSBMFT QSPQJPT EF VOB TPDJFEBE DPOUFNQPSgOFB &O FM TFHVOEP TF IBDF JNQSFTDJOEJCMF EFTBSSPMMBS QPMrUJDBT EF DPSUF JOEVTUSJBM QFOTBEBT QBSB GBWP SFDFS MB TPTUFOJCJMJEBE MB BQMJDBDJwO DPNFSDJBM EFM UBMFOUP DSFBUJWP Z QBSB JNQVMTBS MB DPNQFUJUJWJEBE FO FM NBSDP EF VOB FDPOPNrB JOEJTPDJBCMFNFOUF VOJEB B VOB EJOgNJDB EF NFSDBEP .JFOUSBT RVF FO FM QSJNFS DBTP MB HFTUJwO Q|CMJDB MB TVCWFODJwO DPNQFOTBUPSJB Z MPT NFDBOJTNPT EF DPQBSUJDJQBDJwO TPO JNQSFTDJOEJCMFT FO FM TFHVOEP TF JNQPOFO MBT EJOgNJDBT SFHVMBEPSBT ¯OBODJFSBT Z DPNFSDJBMFT " OBEJF TF MF FTDBQB RVF MB WJSUVBMJEBE EF VOB QSPQVFTUB DVMUVSBM QMBO UFBEB FO UnSNJOPT FTUSJDUBNFOUF MPDBMFT FT EJTDVUJCMF B OP TFS RVF TF JONJT DVZB EJDIP FO FM TFOUJEP QPTJUJWP EFM UnSNJOP FO FM NBSDP RVF MF DPNQFUF 1PMrUJDBT DVMUVSBMFT FO FM FOUPSOP EF VOB nQPDB EF DSJTJT


B MB FEVDBDJwO B MB TPDJPDVMUVSB FO UFSNJOPMPHrB BDUVBM DVMUVSB EF QSPYJ NJEBE P B MBT gSFBT UBOHFODJBMFT RVF EFMJNJUBO MB SFMBDJwO EFM VSCBOJTNP MBT QPMrUJDBT EF JOUFHSBDJwO JONJHSBUPSJB V PUSBT BDUJWJEBEFT TPDJBMFT DPO FM DBNQP EF MB DVMUVSB 6OB QSPQVFTUB DVMUVSBM EFCF QMBOUFBSTF FO FM NBSDP EF VOB SFMBDJwO SFOPWBEB FOUSF MBT EJOgNJDBT MPDBMFT Z MBT HMPCBMFT TJ OP RVJFSF QFSFDFS QSJ TJPOFSB EFM JNQBDUP JODVFTUJPOBCMF EF MBT UFOEFODJBT HFOFSBMFT NFSDBEPT MPDBMFT Z NFSDBEPT HMPCBMFT -PT GBDUPSFT RVF EFUFSNJOBO MB DBQBDJEBE EF FMBCPSBS QSPEVD UPT DVMUVSBMFT QBSB VO FOUPSOP HMPCBMJ[BEP TPO FTFODJBMNFOUF EF USFT UJQPT &M QSJNFSP IBDF SFGFSFODJB B MB DBQBDJEBE EF DPOUSPMBS MPT HSBOEFT DJSDVJUPT EF EJTUSJCVDJwO JOUFSOBDJPOBM &M TFHVOEP UJFOF DPOOPUBDJPOFT TPDJPMJOH rTUJDBT Z FTUg SFMBDJPOB EP DPO MB FYJTUFODJB EF VOB NBTB TPDJBM BNQMJB Z DPO DBQBDJEBE FDPOwNJDB QBSB JOUFSFTBSTF QPS FM DPOTVNP EF CJFOFT DVMUVSBMFT &T EFDJS VO NFSDBEP DVMUVSBM IPNPHnOFP &M UFSDFSP UJFOF RVF WFS DPO MB DBQBDJEBE EF QSPEVDDJwO EF CJFOFT HFOFSBEPSFT P BETDSJUPT BM NBJOTUSFBN DVMUVSBM JOUFSOBDJPOBM &YJTUF PCWJBNFOUF VO DVBSUP GBDUPS RVF JODJEF EJSFDUBNFOUF FO MB DPO¯HVSBDJwO EF NFSDBEPT JOUFSOBDJPOBMFT DPSSJHJFOEP FO CVFOB QBSUF MBT MJNJUBDJPOFT PCKFUJWBT RVF QVFEBO FYJTUJS FO MPT QVOUPT BOUFSJPSFT Z RVF UJFOF RVF WFS DPO MB FYJTUFODJB EF TwMJEPT Z QPUFOUFT NFSDBEPT JOUFSJPSFT FO FM DBNQP EFM DPOTVNP DVMUVSBM "|O OP EJTQPOJFOEP EF VO FOUPSOP TPDJPMJOH rTUJDP FYUSBPSEJOBSJP FO QBrTFT DPNP "MFNBOJB *UBMJB +BQwO P JODMVTP 'SBODJB BVORVF FM GSBODnT IB TJEP IFHFNwOJDP EVSBOUF WBSJPT TJHMPT MPT QPUFOUFT NFSDBEPT JOUFSJPSFT EF FTUPT QBrTFT Z MB DPOTFDVFOUF TPMJEF[ EF TVT FTUSVDUVSBT EF EJTUSJCVDJwO MFT IB QFSNJUJEP NBOUFOFS VOB QPTJDJwO DVMUVSBM NVZ TwMJEB B MP MBSHP EF TV IJTUPSJB &O MB NFEJEB FO RVF MPT HSBOEFT EJTUSJCVJEPSFT JOUFSOBDJPOBMFT FTUgO JONFSTPT FO VO QSPDFTP EF DPODFOUSBDJwO JOUFOTJWP DPOEJDJPOBEP QPS MBT DBSBDUFSrTUJDBT EF MB USBOTGPSNBDJwO EJHJUBM RVF GBDJMJUB VOB QSPHSFTJWB EFTMP DBMJ[BDJwO TwMP FT QPTJCMF SFTJTUJS MPT FNCBUFT EF MPT OVFWPT PMJHPQPMJPT DP NVOJDBUJWPT Z TwMP IBTUB DJFSUP QVOUP TJ TF EJTQPOF EF VO NFSDBEP JOUFSJPS NVZ EFTBSSPMMBEP Z FO DJFSUP NPEP QSPUFHJEP QPS NFDBOJTNPT BCJFSUB P UgDJUBNFOUF QSPUFDDJPOJTUBT UBM DPNP PCTFSWBNPT FO MPT QSJODJQBMFT QBrTFT NPEFMPT EF GJOBODJBDJwO


FVSPQFPT CBKP MPT BVTQJDJPT EF MPT DSJUFSJPT WJHFOUFT EF FYDFQDJwO P EJWFSTJ EBE DVMUVSBM -B GBMUB EF FTUSVDUVSBT EF EJTUSJCVDJwO DPNQFUJUJWBT FT FM QSJO DJQBM QSPCMFNB EF MB QSPEVDDJwO DVMUVSBM MPDBM -PT QSJODJQJPT EF JOUFHSBDJwO WFSUJDBM RVF SJHFO QBSB MPT HSBOEFT EJTUSJCVJEPSFT JOUFSOBDJPOBMFT TF CBTBO FO MB VUJMJ[BDJwO EF TV DBQBDJEBE EF DPOUSPM EF MPT NFSDBEPT DPNP VO BDUJWP QBSB MB QSPEVDDJwO EF DPOUFOJEPT MPDBMFT 7JTUP EF NBOFSB TJNQMF VOB ยงNBKPSยจ BNFSJDBOB DPNQSB MPT EFSFDIPT EF VOB QFMrDVMB QFOTBEB Z EFTBSSPMMBEB QPS VOB QSPEVDUPSB ยงNFOPSยจ &TUPT EFSFDIPT BOUJDJQBEPT EF EJTUSJCVDJwO TF DPOWJFSUFO BVUPNgUJDBNFOUF FO FM FMFNFOUP RVF QFSNJUF QSPEVDJS MB QFMrDVMB MP DVBM MF BTFHVSB B MB EJTUSJCVJEP SB VOB EPCMF QPTJDJwO FO MB DBEFOB EF WBMPS EFM QSPEVDUP FO MB EJTUSJCVDJwO Z FO MB DPQSPEVDDJwO &O MB NFEJEB RVF FTUF UJQP EF NPEFMP FT FYUFOTJWP TF BTFHVSBO EPT QJF[BT FTFODJBMFT Z DPODVSSFOUFT EF VO TJTUFNB DVMUVSBM IFHFNwOJDP VOB QSPEVDDJwO EF BMUP OJWFM DBQB[ EF JODJEJS FO MB DSFBDJwO EF JNBHJOBSJPT DVMUVSBMFT HMPCBMFT Z VOB DBQBDJEBE EF DPMPDBSMPT FO UPEPT MPT NFSDBEPT JOUFSOBDJPOBMFT HBSBOUJ[BEB QPS FM FGFDUP NVMUJQMJDBEPS EF MPT HSBOEFT ยงCMPDLCVTUFSTยจ JOUFSOBDJPOBMFT 4J VO FYIJCJEPS RVJFSF DPNQSBS )B SSZ 1PUUFS WB B UFOFS RVF RVFEBSTF DPO EJF[ QFMrDVMBT NFOPSFT RVF WBO FO FM QBRVFUF &M NPEFMP FT NVZ FGFDUJWP FO MB NFEJEB FO RVF DPOTJHVF DSFBS VOB EJOgNJDB FDPOwNJDB EF DBSgDUFS JOEVTUSJBM RVF QFSNJUF FM NBOUFOJNJFOUP HMPCBM EF MBT JOGSBFTUSVDUVSBT OFDFTBSJBT QBSB QSPEVDJS ยงCMPDLCVTUFSTยจ NVZ DBSPT Z FTQBDJBEPT FO FM UJFNQP HFOFSBOEP B TV WF[ VO FGFDUP DPOEJDJP OBOUF FO MB DSFBDJwO EF JNBHJOBSJPT DVMUVSBMFT DPNVOFT DJOF EF ยงUFFOBHFSTยจ BNFSJDBOP QPS FKFNQMP RVF BTFHVSBSg MB TPTUFOJCJMJEBE EF UPEB VOB JOEVT USJB DJOFNBUPHSgยฏDB "EFNgT FTUF NPEFMP EF NBOFSB JOEJSFDUB MJNJUB MB WFOUBOB EJTQPOJCMF QBSB MBT QSPEVDDJPOFT MPDBMFT FO MB NFEJEB FO RVF MPT FGFDUPT BOUFSJPSFT HFOFSBO VOB FYQFDUBUJWB EF SFOUBCJMJEBE NgT BMUB QBSB MPT QSPEVDUPT JOUFSOBDJPOBMFT RVF QBSB MPT QSPEVDUPT QSPQJPT &TUF QSPDFTP EF DPODFOUSBDJwO JOEVTUSJBM Z PDVQBDJwO EF DBOBMFT UJFOF VO FGFDUP BMUBNFOUF QFSWFSTP TPCSF MB TPTUFOJCJMJEBE EF MBT QSPEVDDJPOFT MP DBMFT &O SFBMJEBE MB DPNQSB EF VO QSPEVDUP QSPQJP QPS QBSUF EF MBT UFMFWJTJP OFT FT IPZ FO ErB FM QSJODJQBM BDUJWP FDPOwNJDP EF MB JOEVTUSJB BVEJPWJTVBM Z TV QSJODJQBM NVMUJQMJDBEPS UBOUP B DPSUP DPNP B MBSHP QMB[P /P FT QPTJCMF JNBHJOBS FM EFTBSSPMMP EF MB JOEVTUSJB EF MB EJTUSJCVDJwO DVMUVSBM MPDBM TJO VO BDVFSEP HMPCBM DPO MBT UFMFWJTJPOFT Q|CMJDBT -B N|TJDB UJFOF DPOOPUBDJPOFT UnDOJDBT EJGFSFOUFT &O SFBMJEBE FM NVO EP EFM DJOF OPT QMBOUFB VOJWFSTPT ยฏOJUPT Z NVZ TVKFUPT BM JOUFSnT EF DBEB OPWFEBE -B WJEB EF VOB QFMrDVMB FT FTFODJBMNFOUF DPSUB BVORVF TF DPOWJFSUB QPTUFSJPSNFOUF FO VO BDUJWP FDPOwNJDP JODMVTP ยฏOBODJFSP EF SFOUBCJMJEBE B MBSHP QMB[P -B N|TJDB FT QPS TV QBSUF VO UFSSJUPSJP JOยฏOJUP EF FOPSNF 1PMrUJDBT DVMUVSBMFT FO FM FOUPSOP EF VOB nQPDB EF DSJTJT


QPSUBCJMJEBE Z FTDBTBNFOUF TVKFUP B MJNJUBDJPOFT MJOH rTUJDBT P FTUJMrTUJDBT "EFNgT TV WBMPS EF BNPSUJ[BDJwO FT DBTJ OVMP DPNQBSBEP DPO FM BVEJPWJTVBM P JODMVTP FM FEJUPSJBM 6O QPSDFOUBKF DSFDJFOUF EF MB N|TJDB TF BVUPFEJUB FO CVFOB QBSUF QPSRVF MBT UFDOPMPHrBT EF MB QSPEVDDJwO NVTJDBM IBO UFOJEP VO EFTBSSPMMP JNQSFTJPOBOUF FO MPT |MUJNPT BvPT Z TF SFMBDJPOB DBEB WF[ DPO NBZPS JOUFO TJEBE BM OFHPDJP EFM EJSFDUPS -B USBOTGPSNBDJwO EFM TFDUPS NVTJDBM DPOKVO UBNFOUF DPO MB JOEVTUSJB EF MB JOGPSNBDJwO DPOTUJUVZF FM FNCMFNB NgYJNP EF MB SFWPMVDJwO EJHJUBM EFTBQBSJDJwO EFM TPQPSUF Z BQMJDBDJwO EF UPEP FM WBMPS BvBEJEP EJSFDUBNFOUF BM DPOUFOJEP MP RVF PUPSHB MB NgYJNB JNQPSUBO DJB B MB HFTUJwO EF MPT EFSFDIPT FO VO DBNQP EF CBUBMMB EF BMUB DPNQMFKJEBE DPNP FT FM JOUFSOFU Z BM BQSPWFDIBNJFOUP JOEJSFDUP FO MPT FTDFOBSJPT EFM TIPX CVTJOFTT N|TJDB FO WJWP UFMFWJTJwO UFBUSP NVTJDBM FUD +VTUBNFOUF FM JOUFSOFU OPT QMBOUFB VO EFCBUF FTFODJBM QBSB FM EFTBSSP MMP EF MBT NPEFSOBT JOEVTUSJBT DVMUVSBMFT BDDFTJCJMJEBE TPDJBM EFNPDSBDJB DVMUVSBM GSFOUF BM NFSDBEP DVMUVSBM DVMUVSB DPNP OFHPDJP -B QBSBEPKB FT NVZ FWJEFOUF &O MPT |MUJNPT BvPT TF IB QMBOUFBEP FO &VSPQB VO EFCBUF TPCSF MB EFNPDSBDJB DVMUVSBM RVF BSSBODB FO MB 3FWP MVDJwO 'SBODFTB Z RVF TF TVTUFOUB FO FM QSFEPNJOJP EF VOB JEFB Q|CMJDB EF BDDFTP B MB DVMUVSB #BKP FTUB JEFB MBT QPMrUJDBT DVMUVSBMFT IBO EFTBSSPMMBEP VO TFDUPS QSPEVDUJWP BMUBNFOUF TVTUFOUBEP DPO SFDVSTPT Q|CMJDPT VO TJTUFNB EF EJTUSJCVDJwO WJODVMBEP B MBT QPMrUJDBT TPDJBMFT Z VO TJTUFNB EF FYIJCJDJwO BM NBSHFO EF MPT QSFDJPT SFBMFT RVF EFCFSrBO TPQPSUBS FM DPTUF EF MB QSPEVDDJwO DVMUVSBM &M PCKFUJWP ¯OBM EF UBM QPMrUJDB FSB FO UFPSrB BTFHVSBS MB NgYJNB BDDFTJCJMJEBE TPDJBM B MPT CJFOFT DVMUVSBMFT $VBOEP FM JOUFSOFU QFSNJUF Z BTF HVSB MPT NgT BMUPT rOEJDFT EF DPOTVNP DVMUVSBM KBNgT JNBHJOBEPT FM TJTUFNB USBEJDJPOBM EF MB DVMUVSB B FTDBMB MPDBM FOUSB FO DSJTJT FT JODBQB[ EF FODPOUSBS VO FODBKF SB[POBCMF FOUSF MPT PCKFUJWPT Q|CMJDPT EF VOB QPMrUJDB DVMUVSBM Z MBT FYQFDUBUJWBT EF OFHPDJP RVF HFOFSB TV QSPHSFTJWB JOEVTUSJBMJ[BDJwO &O MPT BDUVBMFT FTDFOBSJPT DVMUVSBMFT JOEJTDVUJCMFNFOUF HMPCBMFT VO QBrT EFCF PQUBS QPS VOB DJFSUB FTQFDJBMJ[BDJwO &O CVFOB QBSUF QPSRVF MB QSPEVDDJwO DVMUVSBM HMPCBM FT JOUSrOTFDBNFOUF VOJWFSTBM FT EFDJS BTVNJEB DPNP QSPQJB DPO JOEFQFOEFODJB EF TV PSJHFO &T EJGrDJM QMBOUBSMF B VO KPWFO OBDJEP FO MB VMUJNB EnDBEB EFM TJHMP YY RVF EFTBSSPMMF VOB JEFB EJGFSFODJB EPSB TPCSF MB DVMUVSB EF TV QBrT SFTQFDUP EF MB EFM SFTUP EFM NVOEP QPSRVF FM MPT DBOBMFT B QBSUJS EF MPT DVBMFT SFDJCF FTUB DVMUVSB TPO JOEJTUJOUBNFOUF JOUFSOBDJPOBMFT &TUF FT FM DBNCJP EF QBSBEJHNB RVF HFOFSB FM FGFDUP EJHJUBM 1PS FMMP MBT BQPSUBDJPOFT RVF VO EFUFSNJOBEP TJTUFNB DVMUVSBM SFBMJ[B EFCFO FTUBS DMBSBNFOUF EJSJHJEBT BM NVOEP HMPCBM MP RVF SFRVJFSF VOB FWJEFOUF FTQFDJBMJ[BDJwO $BEB ErB DPO NBZPS JOUFOTJEBE MPT NFSDBEPT MPDBMFT TJSWFO NPEFMPT EF GJOBODJBDJwO


QBSB BTFHVSBS MB TPTUFOJCJMJEBE EF VO TJTUFNB BCPDBEP TJ RVJFSF TPCSFWJWJS BM OFHPDJP HMPCBM 1PS FTP TPO UBO JNQPSUBOUFT &WJEFOUFNFOUF FO MB DBEFOB EF WBMPS EF MB QSPEVDDJwO DVMUVSBM GBMUBO FMFNFOUPT QFOTBEPT QBSB FM NFSDBEP MPDBM FO MB NFEJEB FO RVF BZVEBO B NBOUFOFS MBT JOGSBFTUSVDUVSBT OFDFTBSJBT EF QSPEVDDJwO QFSP B|O BTr FO FM DBNQP EF MB DVMUVSB MBT FTUSVDUVSBT MPDBMFT TF WFO PCMJHBEBT B DPNQFUJS DPO MPT JOUFSOBDJPOBMFT FO TV QSPQJP UFSSFOP /P FYJTUF VO FTQBDJP DVMUVSBM MP DBM QSPUFHJEP EFM DJOF BNFSJDBOP EF MB N|TJDB BOHMPTBKPOB EF MPT BVUPSFT MJUFSBSJPT TVFDPT P KBQPOFTFT EF MPT WJEFPKVFHPT GSBODFTFT P JODMVTP TJ MP BQVSBNPT EF MB GSBORVJDJB NVTJDBM EF #SPBEXBZ P EF MB EBO[B IPMBOEFTB 1PEFNPT FYQMJDBSMP DPO VO TrNJM BVUPNPWJMrTUJDP FM QBQFM EF MPT NFSDBEPT MPDBMFT FT SFMFWBOUF QBSB FTUF TFDUPS FO MB NFEJEB FO RVF MB VCJDBDJwO EF VOB HSBO NVMUJOBDJPOBM EF MB BVUPMPDPNPDJwO FO VO QBrT DPODSFUP EFQFOEFSg Z B MB WF[ BMJNFOUBSg MB FYJTUFODJB EF VOB OVNFSPTB DPNVOJEBE EF QFRVFvBT JOEVTUSJBT BVYJMJBSFT "|O BTr MB GSBORVJDJB MPT EFSFDIPT Z MB QBUFOUF QFSUF OFDFO B VOB NVMUJOBDJPOBM UBMFOUP TPTUFOJCJMJEBE DPNQFUJUJWJEBE FTQBvB DPNP FKFNQMP -B DPO¯HVSBDJwO EF VO TJTUFNB DVMUVSBM TwMJEP QBSB FM TJHMP YYJ EFQFOEF EF FTUPT WFDUPSFT UBMFOUP TPTUFOJCJMJEBE DPNQFUJUJWJEBE Z MPT USFT UJFOFO VO FMFNFOUP DPN|O MB EJTQPOJCJMJEBE EF VO NFSDBEP NVZ BNQMJP DJSDVOTUBODJB RVF FYJHF FO MB BDUVBMJEBE BTVNJS FO PSJHFO VOB EJNFOTJwO DMBSBNFOUF TVQSBOBDJPOBM &M UBMFOUP " MB DVMUVSB MPDBM Z EF NBOFSB FTQFDJBM BRVFMMB RVF UJFOF VOB EJNFOTJwO JOEVTUSJBM MF JOUFSFTB BENJOJTUSBS FM UBMFOUP HMPCBM DPO JOEF QFOEFODJB EF TV PSJHFO UFSSJUPSJBM -B N|TJDB SBr NBHSFCr P MB N|TJDB TVC TBIBSJBOB TPO EPT QSPEVDUPT BMUBNFOUF DPNFSDJBMJ[BEPT EFTEF MB JOEVTUSJB GPOPHSg¯DB GSBODFTB FM CPPN EFM SFBMJTNP NgHJDP FO MB MJUFSBUVSB MBUJOPBNF SJDBOB FT VO GFOwNFOP FMBCPSBEP FO CVFOB QBSUF EFTEF $BUBMVvB MBT XPSME NVTJDT TPO VO QSPEVDUP QFOTBEP EFTEF MBT §NBKPST¨ EJTDPHSg¯DBT BNFSJDBOBT FM DJOF EF QSFTUJHJP JSBOr P NBSSPRVr TVSHF EFM FTGVFS[P DPQSPEVDUPS GSBODnT Z FM DJOF BSHFOUJOP FTUg BMUBNFOUF ¯OBODJBEP QPS FNQSFTBT FTQBvPMBT -B |MUJNB QFMrDVMB HBOBEPSB EFM 0TP EF 1MBUB FO FM GFTUJWBM EF DJOF EF #FSMrO FT VOB QSPEVDDJwO FTQBvPMB DPO UBMFOUP QFSVBOP %wOEF FTUg MB DPO°VFODJB EF JOUFSFTFT FO FTUF UJQP EF DPOTUSVDDJPOFT DVMUVSBMFT &WJEFOUFNFOUF FO VOB 1PMrUJDBT DVMUVSBMFT FO FM FOUPSOP EF VOB nQPDB EF DSJTJT


QFSDFQDJwO EFM UBMFOUP HMPCBM Z FO MB PQUJNJ[BDJwO EF MPT SFDVSTPT FDPOwNJ DPT EF DBEB QBrT Z EF TVT FNQSFTBT QBSB HFOFSBS QSPEVDUPT RVF QVFEBO JOUFSFTBS FO MPT NFSDBEPT HMPCBMFT &M UBMFOUP °VZF DPO JOEFQFOEFODJB EF TV UFSSJUPSJBMJEBE FO MB NFEJEB FO RVF MPT NFEJPT EF EJGVTJwO Z FTQFDJBMNFOUF BRVFMMPT RVF UJFOFO VO NBS DBEP BDFOUP QSFTDSJQUPS BDU|BO DPO JHVBM JOUFOTJEBE FO FM NVOEP HMPCBM &YJTUFO NVDIPT GFOwNFOPT DVMUVSBMFT B FTDBMB MPDBM QFSP MB TVQFSQPTJDJwO EF MPT NJTNPT FT UBO SgQJEB RVF TV EVSBDJwO FT DPSUB TJ OP MPHSBO BDDFEFS BM SFDPOPDJNJFOUP JOUFSOBDJPOBM &O FM UFSSFOP DVMUVSBM FYJTUF VOB DMBSB SFMBDJwO FOUSF DBQBDJEBE EF QSP EVDDJwO Z DBQUBDJwO EF UBMFOUP RVF QVFEF FYQMJDBSTF EFM TJHVJFOUF NPEP B 1SPEVDDJwO UFNgUJDB FTQFDJBMJ[BEB 6O EFUFSNJOBEP HnOFSP MJUFSBSJP NVTJDBM P DJOFNBUPHSg¯DP FT BCPSEBCMF FO MB NFEJEB FO RVF FYJTUFO NFSDBEPT FTQFDr¯DPT QBSB DBEB VOP EF FMMPT TFHNFOUPT EF QPCMBDJwO JOUFSFTBEB RVF HFOFSBO VO JOUFSnT PCKFUJWP QBSB MPT EJTUSJCVJEPSFT MPDBMFT -PT QSPEVDUP SFT JOUFSFTBEPT FO SFBMJ[BS FTUF UJQP EF QSPEVDUP EFCFO BDDFEFS BM NgYJNP O|NFSP QPTJCMF EF DSFBEPSFT FTQFDJBMJ[BEPT QSPWFOHBO EF EPOEF QSPWFOHBO )BZ OVNFSPTPT FKFNQMPT EF FTUF UJQP EF MrOFB EF USBCBKP FM DJOF GBOUgTUJDP FM °BNFODP DPO UPEBT TVT WBSJFEBEFT FM DJOF EF BOJNB DJwO FM KB[[ FM UFBUSP DMgTJDP MBT N|TJDBT MBUJOBT FUD -BT GBDUPSrBT EF QSPEVDDJwO Z EJTUSJCVDJwO EF QSPEVDUPT UFNgUJ DPT UJFOFO VOB DVPUB EF NFSDBEP QPUFODJBM FO MB NFEJEB FO RVF QVFEFO EJGFSFODJBS B MPT Q|CMJDPT FTQFDJBMJ[BEPT EF MPT Q|CMJDPT HFOFSBMJTUBT 4BCFO EPOEF FTUgO DPOPDFO B MPT EJTUSJCVJEPSFT JO UFSFTBEPT Z QVFEFO NFEJS DPO BOUJDJQBDJwO MBT OFDFTJEBEFT Z MB DBQBDJEBE EF BCTPSDJwO EFM NFSDBEP FMFNFOUPT RVF TPO FTFODJBMFT QBSB BTFHVSBS MB WJBCJMJEBE EF VOB MrOFB EF QSPEVDDJwO &O EFUFSNJOBEBT UFNgUJDBT MB DPODFOUSBDJwO EF UBMFOUP FT CgTJDB NFOUF MPDBM °BNFODP QPS FKFNQMP FO PUSBT PCFEFDF B VO gSFB UFSSJUPSJBM BDPUBEB N|TJDB MBUJOB FO PUSBT FT DMBSBNFOUF JOUFSOB DJPOBM DJOF GBOUgTUJDP -B FTQFDJBMJ[BDJwO UFNgUJDB FT VOB PQDJwO B QSPNPWFS QBSB VOB JOEVTUSJB DVMUVSBM QFSJGnSJDB &M PCKFUJWP FT QSPEVDJS FO PSJHFO QBSB EFNBOEBT FTUBCMFT MP DVBM QFSNJUF DPOTUSVJS FTUSVDUVSBT TPTUFOJ CMFT FO MB NFEJEB FO RVF MB EFNBOEB BCTPSCF MB NBZPS QBSUF EF MB QSPEVDDJwO FYJTUFOUF NPEFMPT EF GJOBODJBDJwO


C 1SPEVDUPT TJOHVMBSFT CBTBEPT FO FM UBMFOUP EF VO VOPT DSFBEPSFT DPODSFUPT -B NBZPS QBSUF EF MPT QBrTFT UJFOFO DBQBDJEBE PCKFUJWB QBSB DPMP DBS FO FM NFSDBEP JOUFSOBDJPOBM EF MB DVMUVSB VOB TFSJF EF TJOHVMB SJEBEFT BSUrTUJDBT 5JFOF TFOUJEP QPUFODJBSMBT QPSRVF FO UPEPT MPT QBrTFT EFM NVOEP FYJTUFO DJSDVJUPT FTQFDJBMJ[BEPT QBSB MB DVMUVSB EF BVUPS MP RVF EF NBOFSB FYUFOTJWB RVF OP JOUFOTJWB BTFHVSB TV TPTUFOJCJMJEBE "MNPEwWBS -B 'VSB EFMT #BVT $SJTUJOB )PZPT .JRVFM #BSDFMw 1MgDJEP %PNJOHP QPS QPOFS FKFNQMPT FTQBvPMFT FOUSF NVDIPT PUSPT OPNCSFT GPSNBO QBSUF EFM TUBS TZTUFN DVMUVSBM NVOEJBM 1FSP EFUSgT EF FMMPT IBZ VOB FOPSNF MFHJwO EF OPNCSFT DBQBDFT EF JOUFSFTBS B MPT DPQSPEVDUPSFT JOUFSOBDJPOBMFT Z QPS FMMP DPOTFHVJS QFRVFvBT DVPUBT EF NFSDBEP FO NVMUJUVE EF QBrTFT QPS FM BUSBDUJWP TJOHVMBS EF TV DSFBUJWJEBE *TBCFM $PJYFU $BMJYUP #JFJUP .BSDFM²Mr "OU|OF[ +PTFQ 1POT FUD &M NFSDBEP EF MBT BVUPSrBT FT DMBSBNFOUF JOUFSOBDJPOBM FO MB NFEJ EB FO RVF MP FT MB QSPEVDDJwO RVF MPT TVTUFOUB EF MP RVF TF EFEVDF RVF FYQPSUBS UBMFOUP FT VOB NBOFSB PCKFUJWB EF BTFHVSBS MB DBQB DJEBE EF QSPEVDDJwO EF FTUF NJTNP UBMFOUP B NFOVEP MJNJUBEB TJ TF SFEVDF B VOB FTDBMB FTUSJDUBNFOUF MPDBM -B DBQUBDJwO EF UBMFOUPT TJOHVMBSFT FTUg EJSFDUBNFOUF SFMBDJPOBEB DPO MB DBQBDJEBE EF QSP EVDDJwO Z EJTUSJCVDJwO EF VO QBrT .VDIPT QBrTFT TPO FYQPSUBEP SFT OFUPT EF UBMFOUP QPSRVF DBSFDFO EF MBT FTUSVDUVSBT OFDFTBSJBT QBSB QSPEVDJS Z MBO[BS B MPT NFSDBEPT JOUFSOBDJPOBMFT FTUF UJQP EF QSPEVDUPT EFTEF TVT QSPQJBT FTUSVDUVSBT DVMUVSBMFT &M GFOwNFOP EF MBT XPSME NVTJDT MP FYQMJDB QFSGFDUBNFOUF HSBOEFT NVMUJOBDJPOBMFT B MB DBQUVSB EF BSUJTUBT DPO VOB DMBSB SBr[ nUOJDB QSPEVDJEPT Z MBO[BEPT BM NFSDBEP JOUFSOBDJPOBM DPO FM PCKFUJWP EF GPNFOUBS VOB JEFB EF BVUFOUJDJEBE NVTJDBM DPNFSDJBMJ[BEPT EFTEF MBT HSBOEFT NVMUJOBDJPOBMFT Z DPO VO JNQBDUP NrOJNP TPCSF MB FTUSVDUVSB QSPEVDUJWB MPDBM &O FM NVOEP DVMUVSBM FTQBvPM IBZ BMHVOPT TJHOPT EF DBNCJP FO DVBMRVJFS DBTP .FEJBQSP QSPEVDF QFMrDVMBT DPO 8PEZ "MMFO -B UFUB BTVTUBEB |MUJNP PTP EF QMBUB FO #FSMrO FT VOB QSPEVDDJwO FTQBvPMB FM DJOF BSHFOUJOP UJFOF HSBOEFT JOWFSTPSFT FTQBvPMFT FUD 1FSP FM QBOPSBNB TF MJNJUB BM DJOF Z NVZ FTQFDJBMNFOUF BM MBUJOP BNFSJDBOP -B QBSUJDJQBDJwO FTQBvPMB FO FM GFOwNFOP EF MBT N|TJ DBT MBUJOBT QPS FM DPOUSBSJP FT GSBODBNFOUF FTDBTB

1PMrUJDBT DVMUVSBMFT FO FM FOUPSOP EF VOB nQPDB EF DSJTJT


D -PT QSPEVDUPT BTPDJBEPT B MB HFTUJwO EFM UBMFOUP MPDBM 4PO HFOFSBMNFOUF QFOTBEPT QBSB USJVOGBS FO PSJHFO FO FM QSPQJP QBrT Z TF TVTUFOUBO FO MB FYQMPUBDJwO TJTUFNgUJDB EF MPT QVMTPT TP DJPMwHJDPT RVF SJHFO FO FM JOUFSJPS Z FO DBEB NPNFOUP )BZ VOB DMBSB SFMBDJwO FOUSF FM nYJUP MPDBM Z FM JOUFSnT JOUFSOBDJPOBM RVF DPNQPSUB MB QPTJCJMJEBE EF HFOFSBS GSBORVJDJBT P WFOUBT EF EFSFDIPT -BT QSPEVDUPSBT BNFSJDBOBT DPNQSBO QSgDUJDBNFOUF MPT EFSFDIPT EF DVBMRVJFS QFMrDVMB FVSPQFB RVF TPCSFQBTB VO DJFSUP OJWFM EF UBRVJMMB FO TV QSPQJP NFSDBEP DJSDVOTUBODJB RVF FT JOEF QFOEJFOUF EF RVF TF QSPEV[DB VOB OVFWB QFMrDVMB FO MPT FF VV "MNPEwWBS &M %FTFP 4BOUJBHP 4FHVSB "NJHVFUFT 7 " (wNF[ -PMB 'JMNT +VMJP 'FSOBOEF[ 'JMNBY IBO WFOEJEP DPO DJFSUB OPS NBMJEBE EFSFDIPT QBSB SFBMJ[BS SFNBLFT EF TVT QFMrDVMBT QPS FM TJN QMF IFDIP EF DPOTFHVJS nYJUPT FO FM NFSDBEP FTQBvPM 6OB PCSB EF UFBUSP MPDBM RVF TPCSFQBTF FM BvP FO DBSUFM FO &TQBvB UJFOF HSBOEFT QPTJCJMJEBEFT EF JOUFSFTBS B QSPEVDUPSFT JOUFSOBDJPOBMFT &M NnUP EP (SPOIPMN QPS FKFNQMP 0DVSSF FYBDUBNFOUF MP NJTNP FO FM TFDUPS FEJUPSJBM DPO FM BvBEJEP FO FTUF DBTP EF RVF VOB QPMrUJDB TJTUFNgUJDB EF USBEVDDJPOFT QVFEF BZVEBS B JODFOUJWBS FTUF NFSDB EP EF MB DPNQSBWFOUB EF EFSFDIPT JODMVTP TJO OFDFTJEBE EF RVF MPT MJCSPT TFBO nYJUPT FEJUPSJBMFT &O DVBMRVJFS DBTP FM nYJUP MPDBM FT EFDJS MB FYUSBQPMBDJwO NFSDBOUJM EFM JODSFNFOUP EF MB EFNBOEB JOUFSOB FT VO GBDUPS JNQPSUBOUF QBSB FYQPSUBS DVMUVSB BVORVF OP TJFNQSF JNQMJRVF QPTUFSJPSNFO UF B MPT BVUPSFT MPDBMFT &TUF EBUP FT SFMFWBOUF 6OB QFMrDVMB EF nYJUP FO &TQBvB WFOEFSg TVT EFSFDIPT B VOB QSPEVDUPSB BNFSJDBOB QFSP FTP OP JNQMJDB OFDFTBSJBNFOUF RVF FM EJSFDUPS TFB FM NJTNP SFD QPS FKFNQMP &O FTUF TFOUJEP FM nYJUP EF VO QSPEVDUP OP TVQPOF OFDFTBSJBNFOUF FM nYJUP EF VO DSFBEPS TJOP FM EFTBSSPMMP EF VOB FDPOPNrB HMPCBM EF MB DVMUVSB FO FTUF DBTP MB HFOFSBDJwO EF SPZBM UJFT -P RVF &TQBvB OP QVFEF IBDFS EF NBOFSB TJTUFNgUJDB FT EF¯OJS FM JNB HJOBSJP DVMUVSBM EFM NVOEP &TUF FT VO UFSSFOP BDPUBEP B MPT HSBOEFT HSVQPT EF DPNVOJDBDJwO Z B TVT §NBKPST¨ BTPDJBEBT : QVFEFO IBDFSMP OP UBOUP QPS TV DBQBDJEBE EF QSPEVDJS CVFOPT QSPEVDUPT P QPS MB DBMJEBE JOUSrOTFDB EF MPT NJTNPT TJOP QPSRVF FKFSDFO VO DPOUSPM PMJHPQwMJDP TPCSF MPT DJSDVJUPT EF EJTUSJCVDJwO JOUFSOBDJPOBM 1MBOUFBEP EF NBOFSB DPNQSFOTJCMF MBT UFOEFO DJBT P MBT NPEBT DJOF EF QJSBUBT P WBNQJSPT IgCJUPT KVWFOJMFT P DJOF CnMJDP TPO QBUSJNPOJP EF BRVFMMBT QMBUBGPSNBT DBQBDFT EF JNQPOFS FTUBT UFNgUJDBT NPEFMPT EF GJOBODJBDJwO


FO MPT DJSDVJUPT EF FYIJCJDJwO JOUFSOBDJPOBMFT FTFODJBMNFOUF DJOFT Z UFMFWJ TJPOFT DPOUSPMBOEP BEFNgT MPT DBOBMFT EF QVCMJDJEBE DPOTFDVFOUFT )BZ VO TFHVOEP FMFNFOUP B UFOFS FO DVFOUB &O VO QBrT DPNP &TQBvB VCJDBEP FO VO FOUPSOP DPOUJOFOUBM FVSPQFP BMUBNFOUF QSPUFDUPS EF TV QSP EVDDJwO DVMUVSBM DPQJBS MF SFTVMUB UBO QMBVTJCMF DPNP DSFBS &O MB NFEJEB FO RVF MPT NFSDBEPT JOUFSOPT FTUgO DPOEJDJPOBEPT QPS JNBHJOBSJPT HMPCBMFT FM SPDL BOHMPTBKwO QPS FKFNQMP VOB QBSUF JNQPSUBOUF EF TV QSPEVDDJwO DVMUVSBM PCFEFDF B MPT FTUrNVMPT EF VOB EFNBOEB DBVUJWB " WFDFT FTUF UJQP EF QSPEVDUPT QSFUFOEFO JOUFSFTBS B MPT NFSDBEPT JOUFSOBDJPOBMFT DPO FTDBTB DBQBDJEBE EF nYJUP &O SFBMJEBE TwMP VOB QFRVFvB QBSUF EF OVFTUSB QSPEVDDJwO DVMUVSBM FTUg IBCJMJUBEB QBSB TFS FYQPSUBEB : TBMWP SBSF[BT P GFOwNFOPT QVOUVBMFT FTUB DBQBDJEBE QBSB JOUFSFTBS B MPT NFSDBEPT GPSgOFPT PCFEFDF B MPT DSJUFSJPT FY QSFTBEPT QSPGVTJwO UFNgUJDB DSFBEPSFT TJOHVMBSFT HSBOEFT nYJUPT EFM NFS DBEP MPDBM -B NBOFSB EF FYQPSUBS DBEB UJQP EF QSPEVDUPT FT EJTUJOUB &O VO DBTP FT MB QSPEVDDJwO FO PUSP FM BSUJTUB Z FO PUSP FM EFSFDIP 1FSP MBT USFT TPO DPOTUJUVUJWBT EF VOB NBOFSB FTUgOEBS EF PQFSBS FO MPT NFSDBEPT JOUFSOBDJP OBMFT 1BSB RVF FTUBT QPTJCJMJEBEFT TFBO GBDUJCMFT FT OFDFTBSJP EJTQPOFS EF FTUSVDUVSBT FNQSFTBSJBMFT DPNQFUJUJWBT #JFO TFB QBSB DPOTFHVJS QSPEVDJS DPO F¯DJFODJB QSPEVDUPT UFNgUJDPT FO VO NFSDBEP BMUBNFOUF FTQFDJBMJ[BEP EF MPT NJTNPT CJFO TFB QBSB SFQSFTFOUBS BVUPSrBT TJOHVMBSFT P DPOTUSVJSMBT FO BMH|O DBTP B QBSUJS EF QPTJCJMJEBEFT JOGVTBT P CJFO TFB QBSB BENJOJTUSBS nYJUPT MPDBMFT CBTBEPT FO DPNQMFKBT Z DBSBT JOWFSTJPOFT FO MPT NFSDBEPT JOUFSJPSFT &TUBT FNQSFTBT EFCFO UFOFS EFOTJEBE FT EFDJS EPUBSTF EF MPT JOT USVNFOUPT UnDOJDPT RVF MF BTFHVSFO MB DBQBDJEBE QBSB BENJOJTUSBS FO MBT NFKPSFT DPOEJDJPOFT TVT PCKFUJWPT VOB FNQSFTB RVF BTQJSF B DSFBS nYJUPT UFNgUJDPT EFCF TFS DBQB[ EF BDDFEFS B MPT NFKPSFT DSFBEPSFT UFNgUJDPT QSP WFOHBO EF EPOEF QSPWFOHBO 6OB FNQSFTB RVF BENJOJTUSB UBMFOUPT TJOHVMB SFT EFCF QSPDVSBS SFQSFTFOUBS B BSUJTUBT JOUFSOBDJPOBMFT DPO JOEFQFOEFODJB EF TV QBrT EF PSJHFO &TUF FT FM GBDUPS RVF EFUFSNJOB MB DBQBDJEBE SFBM QBSB USJVOGBS FO FM BDUVBM NFSDBEP DVMUVSBM -B TPTUFOJCJMJEBE " MB HFTUJwO EFM UBMFOUP JNQSFTDJOEJCMF QBSB BDDFEFS B MPT NFS DBEPT JOUFSOBDJPOBMFT TF MF TVQFSQPOF MB OFDFTBSJB FYJTUFODJB EF QMBUBGPS NBT TPTUFOJCMFT 6OB QMBUBGPSNB DPO JOEFQFOEFODJB EF RVF TFB FNQSFTBSJBM P BTPDJBUJWB FT TPTUFOJCMF DVBOEP EJTQPOF EF MPT SFDVSTPT FDPOwNJDPT IV 1PMrUJDBT DVMUVSBMFT FO FM FOUPSOP EF VOB nQPDB EF DSJTJT


NBOPT Z UnDOJDPT QBSB BCPSEBS MBT JOWFSTJPOFT OFDFTBSJBT QBSB EFTBSSPMMBS TVT PCKFUJWPT Z MP FT UBNCJnO DVBOEP QVFEF BENJOJTUSBS DPO OPSNBMJEBE MPT QSPDFTPT EF DPNFSDJBMJ[BDJwO RVF DPNQPSUBO &TUB EF¯OJDJwO TJSWF JHVBM QBSB UPEP UJQP EF QMBUBGPSNBT -BT RVF TF EFEJDBO B MB QSPEVDDJwO EF CJFOFT EF DPOTVNP DVMUVSBM P MBT RVF USBCBKBO FO QSPDFTPT DSFBUJWPT P GPSNBUJWPT &O BNCPT DBTPT FT JNQSFTDJOEJCMF RVF BENJOJTUSFO MB DSFBDJwO PCKFUJWB EF WBMPS RVF DPNQPSUB TV BDUJWJEBE &M QSJODJQBM QSPCMFNB EFM TFDUPS DVMUVSBM FTQBvPM Z EJDIP TFB EF QBTP EF MB NBZPS QBSUF EF MPT QBrTFT EFM NVOEP FT RVF FTUg BCPDBEP B QPUFO DJBS MBT FTUSVDUVSBT EF QSPEVDDJwO DPO JOEFQFOEFODJB EF TVT FYQFDUBUJWBT EF NFSDBEP &O NVDIPT DBTPT FTUB TFQBSBDJwO QSPDFEJNFOUBM OP WJFOF EF UFSNJOBEB QPS MB GBMUB EF SFDVSTPT FDPOwNJDPT QBSB BGSPOUBS MBT EJOgNJDBT EF DPNFSDJBMJ[BDJwO TJOP QPS BMHP NgT HSBWF DPNP FT FM EFTJOUFSnT QPS MBT NJTNBT &O |MUJNB JOTUBODJB VOB QBSUF NVZ JNQPSUBOUF EF OVFTUSB QSP EVDDJwO DVMUVSBM OP TF IB QFOTBEP QBSB MMFHBS BM Q|CMJDP DJSDVOTUBODJB RVF DPOTUJUVZF VO QSJODJQJP BDUJWP EF JO TPTUFOJCJMJEBE -B SB[wO QSJODJQBM EF FTUB SFBMJEBE FT MB FYJTUFODJB EF VO TJTUFNB Q| CMJDP EF BZVEBT FDPOwNJDBT B MB QSPEVDDJwO DVMUVSBM RVF BDU|B DPO UPUBM JOEFQFOEFODJB EF MPT SFTVMUBEPT DPNFSDJBMFT EF MBT NJTNBT $BCF TFvBMBS RVF MB SFOUBCJMJEBE FDPOwNJDB OP FT FM |OJDP GBDUPS B UFOFS FO DVFOUB 6OB QBSUF NVZ JNQPSUBOUF EF MB QSPEVDDJwO DVMUVSBM FT JOUSrOTFDBNFOUF EF¯DJ UBSJB CJFO TFB QPS SB[POFT BSUrTUJDBT MB DSFBDJwO EF WBOHVBSEJB P MB DSFBDJwO FNFSHFOUF QPS FKFNQMP CJFO QPS MB GBMUB EF Q|CMJDPT PCKFUJWPT MB EBO[B P MB N|TJDB DPOUFNQPSgOFB QPS FKFNQMP -BT BZVEBT Q|CMJDBT EFCFO BDUVBS FO FTUPT DBTPT DPNP VO DPSSFDUPS FDPOwNJDP RVF BTFHVSF MB WJBCJMJEBE EF MPT QSPZFDUPT 1FSP FT KVTUP FYJHJSMF BM TJTUFNB Q|CMJDP EF BZVEBT FDPOwNJDBT B MB DVM UVSB MB BQMJDBDJwO EF DSJUFSJPT EF FWBMVBDJwO RVF BTFHVSFO VOB DJFSUB F¯DBDJB FO TVT QPMrUJDBT 3FOUBCJMJEBE FDPOwNJDB QBSB RVJFO BDU|F FO UnSNJOPT DP NFSDJBMFT Z SFOUBCJMJEBE BSUrTUJDB QBSB RVJFO BDU|F DPO PCKFUJWPT EF DBMJEBE F JOWFTUJHBDJwO DVMUVSBM -P RVF UJFOF QPDP TFOUJEP FT NBOUFOFS FUFSOBNFOUF VO NPEFMP EF BZVEBT TJO FWBMVBS TVT SFTVMUBEPT NgT BMMg EF TV DPSSFDUB BE NJOJTUSBDJwO &O VO NPNFOUP FO FM RVF MPT NFSDBEPT DVMUVSBMFT FTUgO DSF DJFOEP SgQJEBNFOUF FT NVZ JNQPSUBOUF DPSSFHJS FTUPT En¯DJUT EF HFTUJwO : MP FT JHVBMNFOUF DSFBS OVFWPT JOTUSVNFOUPT EF HFTUJwO RVF QFSNJUBO B OVFT USBT QMBUBGPSNBT DPNQFUJS FO NFKPSFT DPOEJDJPOFT DPO MBT JOUFSOBDJPOBMFT " VOB FNQSFTB DVMUVSBM RVF RVJFSB BCPSEBS VO QSPDFTP EF QSPEVDDJwO Z EJTUSJCVDJwO B FTDBMB OBDJPOBM P JOUFSOBDJPOBM MB TVCWFODJwO QVFEF TFSMF |UJM QFSP TPCSF UPEP MP RVF QSFDJTB FT BDDFTP B MB ¯OBODJBDJwO CBODBSJB DBQJ UBMFT SJFTHP Z VO FOUPSOP UFDOPMwHJDP Z DPNVOJDBUJWP GBWPSBCMF &TUF UJQP EF NPEFMPT EF GJOBODJBDJwO


FMFNFOUPT TPO JNQSFTDJOEJCMFT QBSB GPNFOUBS MB TPTUFOJCJMJEBE HFOFSBM EF OVFTUSP TJTUFNB DVMUVSBM -B QSPHSFTJWB VUJMJ[BDJwO EF NFEJEBT JOEVTUSJBMFT Z ¯OBODJFSBT QBSB FTUJNVMBS Z QSPNPDJPOBS OVFTUSP TJTUFNB DVMUVSBM QFSNJUJ Sg BEFNgT MJCFSBS SFDVSTPT Q|CMJDPT QBSB BRVFMMPT QSPZFDUPT PCKFUJWBNFOUF OFDFTBSJPT Z DMBSBNFOUF EF¯DJUBSJPT 1FSP NFKPSBS MB TPTUFOJCJMJEBE EF OVFTUSP TJTUFNB DVMUVSBM OP FT TJN QMFNFOUF JOZFDUBSMF NgT SFDVSTPT OJ EF DBSgDUFS ¯OBODJFSP FT UBNCJnO DBN CJBS MBT SFHMBT RVF SJHFO FO OVFTUSP NFSDBEP DVMUVSBM JOUFSOP FYDFTJWBNFOUF NFEJBUJ[BEP QPS VOB JOUFSWFODJwO Q|CMJDB B FTDBMB NVOJDJQBM BVUPOwNJDB Z FTUBUBM 'JKnNPOPT QPS FKFNQMP FO VOB TJUVBDJwO DMBSBNFOUF QBSBEwKJDB &M DPOTVNP DVMUVSBM OP FTUg HSBWFNFOUF BGFDUBEP QPS MB BDUVBM DSJTJT FDPOwNJ DB %F IFDIP MPT JOEJDBEPSFT EF DPOTVNP FO UFBUSP MJCSPT JODMVTP FO TFDUPSFT DPO USBOTGPSNBDJPOFT FTUSVDUVSBMFT DPNP MB N|TJDB P FM DJOF TPO FYDFMFOUFT B JOJDJPT EFM BvP &TUB DJSDVOTUBODJB EFCFSrB TFS VO FMFNFOUP EF DPO ¯BO[B Z PQUJNJTNP FO VO TFDUPS RVF TJO FNCBSHP TVGSJSg VOB QSPGVOEB DSJTJT EFCJEP B MB SFEVDDJwO EF MPT QSFTVQVFTUPT Q|CMJDPT EF MB DVMUVSB RVF TPO EFUFSNJOBOUFT FO MB DSFBDJwO EF EFNBOEB EF BMHVOPT TFDUPSFT DPNP MB N|TJDB P FM UFBUSP Z FO PUSPT DPNP MBT BSUFT WJTVBMFT MBT FYQPTJDJPOFT P MPT TFDUPSFT BVYJMJBSFT EF MB DVMUVSB &M QSPCMFNB FT RVF VOB QBSUF NVZ JNQPSUBOUF EFM NFSDBEP DVMUVSBM EFQFOEF EF MBT DPNQSBT RVF SFBMJ[BO MPT NVOJDJQJPT P MBT "VUPOPNrBT FO UBOUP RVF JOUFSNFEJBSJPT DVMUVSBMFT UFBUSPT Q|CMJDPT BVEJUPSJPT GFTUJWBMFT QSPHSBNBDJPOFT EF WFSBOP FUD &O FTUF TFOUJEP FT FO FM RVF TFvBMBNPT RVF MB TPTUFOJCJMJEBE EFM TFDUPS FYJHF VOB DJFSUB MJCFSBMJ[BDJwO EF MPT NFSDBEPT DVMUVSBMFT FYJHF MB USBOTGPSNBDJwO EFM QBQFM EF MBT BENJOJTUSBDJPOFT EFTEF TV BDUVBM QPTJDJwO EF BHFOUF DPNQSBEPS EJTUSJCVJEPS FYIJCJEPS IFHFNwOJ DP B VOB OVFWB QPTJDJwO EF BHFOUF SFHVMBEPS HBSBOUF EF DBMJEBE Z DPSSFDUPS EF En¯DJUT &TUB USBOTGPSNBDJwO QFSNJUJSrB RVF FM NFSDBEP DVMUVSBM FTQBvPM EJFSB VO OPUBCMF TBMUP FO UnSNJOPT EF DBMJEBE Z DBOUJEBE BTFHVSBOEP DPO FMMP VOB FDPOPNrB DVMUVSBM NgT EJOgNJDB EFTBSSPMMP FNQSFTBSJBM DPPQFSBDJwO JOUFSOBDJPOBM Z DPNQFUJUJWJEBE &TUPT QSJODJQJPT TFvBMBEPT BOUFSJPSNFOUF TF FONBSDBO FO VO DVBESP HFOFSBM EF DPNQFUJUJWJEBE JOUFSOBDJPOBM *OFWJUBCMFNFOUF VOB QBSUF EF MB QSPEVDDJwO DVMUVSBM EF DBEB QBrT DPNQJUF UBOUP FO TV QSPQJP NFSDBEP DPNP FO MPT BKFOPT DPO MB QSPEVDDJwO EFM SFTUP EF MPT QBrTFT 1PS FTP MB DP PQFSBDJwO UJFOF JNQPSUBODJB MPDBM Z MB UJFOF UBNCJnO B OJWFM HMPCBM 1PMrUJDBT DVMUVSBMFT FO FM FOUPSOP EF VOB nQPDB EF DSJTJT


-BT BDUJWJEBEFT QSPQJBT EF MB DPPQFSBDJwO JOUFSOBDJPOBM QVFEFO EJWJ EJSTF HFOnSJDBNFOUF FO EPT CMPRVFT -BT RVF TF SFBMJ[BO FO QBrTFT EFTBSSPMMBEPT Z DPO NFSDBEPT DVMUV SBMFT TwMJEPT &O FTUF BQBSUBEP FM PCKFUJWP CgTJDP FT FM JOUFSDBNCJP MB SFQSFTFOUBUJWJEBE Z MB ¯KBDJwO EF VOB JNBHFO EF NBSDB OBDJPOBM Z DVMUVSBM -BT RVF TF SFBMJ[BO FO QBrTFT EF CBKP OJWFM EF EFTBSSPMMP Z DPO NFS DBEPT DVMUVSBMFT EFTFTUSVDUVSBEPT &O FTUF DBTP MBT BDDJPOFT UJFOFO VO PCKFUJWP QSPNPDJPOBM FGFDUJWBNFOUF DPPQFSBUJWP Z OFDFTBSJB NFOUF JNQMJDBEP DPO MB SFBMJEBE DVMUVSBM EF DBEB QBrT &T JNQPSUBOUF OP FTUBOEBSJ[BS B UPEPT MPT QBrTFT FO VOP EF FTUPT EPT DBTPT )BZ SFBMJEBEFT NVZ DFSDBOBT DPO OJWFMFT EF EFTBSSPMMP TPDJPFDPOwNJ DP JOUFSNFEJP Z DPO SFBMJEBEFT DVMUVSBMFT NVZ QPUFOUFT "SHFOUJOB $PMPN CJB #SBTJM .nYJDP B MBT RVF EFCFNPT USBUBS DPO QBSUJDVMBSJEBE QBSB OP DBFS FO MPT UwQJDPT EF VOP V PUSP NPEFMP /P IBDF NVDIPT BvPT TJO FNCBSHP MB DPPQFSBDJwO DVMUVSBM TF KVTUJ ¯DBCB QPS Tr NJTNB %F IFDIP IBTUB MB FYQMPTJwO EJHJUBM Z MB BQBSJDJwO EF JOUFSOFU MBT BDUJWJEBEFT DVMUVSBMFT QSPEVDJEBT FO DBEB QBrT DPOTUJUVrBO VOB QBSUF FTFODJBM EF TV DPOTVNP DVMUVSBM *ODMVTP FO TFDUPSFT BMUBNFOUF JOEVT USJBMJ[BEPT DPNP MB N|TJDB GPOPHSBNBT P FM BVEJPWJTVBM DJOF Z UFMFWJTJwO FM QSFEPNJOJP EF MPT QSPEVDUPT JOUFSOPT FO MPT NFSDBEPT MPDBMFT FSB OPUBCMF HSBDJBT FO CVFOB QBSUF B MB DBQBDJEBE EF SFHVMBDJwO GrTJDB EFM TJTUFNB BOB MwHJDP NFEJEBT QSPUFDDJPOJTUBT &YJTUrB FWJEFOUFNFOUF VOB GVFSUF QSFTJwO QBSB MJCFSBMJ[BS MPT NFSDBEPT DVMUVSBMFT FKFSDJEB FTQFDJBMNFOUF EFTEF MPT FF VV Z +BQwO QFSP USBT MPT BDVFSEPT BMDBO[BEPT FO MB 3POEB 6SVHVBZ HBUU TF HFOFSBMJ[w VO TJTUFNB BE IPD EF TPQPSUF B MBT QSPEVDDJPOFT MPDBMFT RVF EJP QPS MMBNBSTF §FYDFQDJwO DVMUVSBM¨ "VORVF MPT DSJUFSJPT RVF FNBOBO EF FTUF QSJODJQJP FTUgO FO FTFODJB WJHFOUFT BDVFSEPT TPCSF MB EJWFSTJEBE DVMUVSBM EF MB VOFTDP FT JODVFTUJPOBCMF RVF USBT MB FDMPTJwO EJHJUBM MPT NFSDBEPT DVMUVSBMFT TF IBO HMPCBMJ[BEP FO MB NFEJEB FO RVF MB QPSUBCJMJEBE EF MPT CJFOFT EF DPOTVNP DVMUVSBM TF IB HFOFSBMJ[BEP B USBWnT EF MPT DJSDVJ UPT WJSUVBMFT &M NVOEP EF MB DVMUVSB USBEJDJPOBMNFOUF QSPUFHJEP Z FTUSVDUVSBMNFO UF FOEPHgNJDP TF IB MJCFSBMJ[BEP DPOWJSUJnOEPTF FO VO FTQBDJP BCJFSUP FO FM RVF FM EFCBUF FOUSF MP MPDBM Z MP VOJWFSTBM FM PSJHJOBM Z MB DPQJB Z MP QPQVMBS P MP DVMUP DPCSB VOB OVFWB EJNFOTJwO DMBSBNFOUF BMFKBEB EF MPT FMFNFO UPT SJUVBMFT IPMrTUJDPT P IFSNnUJDPT RVF IJTUwSJDBNFOUF IBCrBO EF¯OJEP BM NVOEP EFM BSUF Z MB DVMUVSB NPEFMPT EF GJOBODJBDJwO


&O MB BDUVBMJEBE MB DPPQFSBDJwO QVFEF TFS VOB QPMrUJDB JODPNQMFUB TJ OP TF SFMBDJPOB DPO FM EFTBSSPMMP FTUBCMF Z TPTUFOJEP EF FTUSVDUVSBT EF QSP EVDDJwO Z EJTUSJCVDJwO DVMUVSBM DBQBDFT EF HFTUJPOBS MB EJNFOTJwO MPDBM Z TPCSFUPEP MB JOUFSOBDJPOBM EFM UBMFOUP DPO JOEFQFOEFODJB EFM FTQBDJP UFSSJ UPSJBM EPOEF TVSKB )BZ USFT FMFNFOUPT RVF KVTUJ¯DBO FTUB B¯SNBDJwO -B QPSUBCJMJEBE EJHJUBM VOJWFSTBMJ[B MPT NFSDBEPT DVMUVSBMFT EF NB OFSB JONFEJBUB 6O QSPEVDUP TVSHJEP EF MB DPPQFSBDJwO FTQBvPMB QVFEF BDBCBS TJFOEP B NVZ DPSUP QMB[P PCKFUP EF OFHPDJP EF VOB NVMUJOBDJPOBM EBEB MB DBQBDJEBE EF DBQUBDJwO RVF PGSFDF MB SFE Z FM TJTUFNB EF PCTFSWBDJwO DVMUVSBM RVF HFOFSBO MPT HSBOEFT PQF SBEPSFT EF JOUFSOFU ZPV UVCF DPNP FKFNQMP QBSBEJHNgUJDP &O MB NFEJEB FO RVF MB DPPQFSBDJwO TF DPOWJFSUF FO VOB QPMrUJDB EF EFTBSSPMMP Z DBQUBDJwO EF UBMFOUP DPOWJFOF BTPDJBSMB B QSPHSBNBT EF EFTBSSPMMP FNQSFTBSJBM RVF BTFHVSFO TV DPOTPMJEBDJwO Z TPCSF UPEP MPT FGFDUPT SFHFOFSBEPSFT RVF TF MF TVQPOFO &M EJGFSFODJBM EF SFOUB PCMJHB B SFBMJ[BS QPMrUJDBT EJTUJOUBT FO DBEB QBrT BEFDVBEBT B MBT QPTJCJMJEBEFT SFBMFT EF EFTBSSPMMP DVMUVSBM Z B MB DBQBDJEBE PCKFUJWB QBSB EFTBSSPMMBS VOB JOEVTUSJB Z VO FNQSFTB SJBEP MPDBM 1PDP UJFOF RVF WFS MB TJUVBDJwO EF "SHFOUJOB DPO MB EF &DVBEPS MB EF .BSSVFDPT DPO MB EF /JHFSJB MB EF MB *OEJB DPO MB EF $PSFB EFM 4VS DJSDVOTUBODJB RVF PCMJHB B SFEF¯OJS MBT HFOFSB MJEBEFT QBSB DPOTUSVJS FTQFDJ¯DJEBEFT /P FYJTUFO FO FTUF TFOUJEP GwSNVMBT VOJWFSTBMFT -BT OFDFTJEBEFT EF DSFDJNJFOUP Z DPNQFUJUJWJEBE EF MB JOEVTUSJB DVMUVSBM EF MB NBZPS QBSUF EF MPT QBrTFT FYJHFO VOB DMBSB BNQMJB DJwO EF TV DBNQP EF BDUVBDJwO UFSSJUPSJBM DJSDVOTUBODJB RVF OP QVFEF TFS BKFOB B MBT BDUVBDJPOFT Q|CMJDBT FO NBUFSJB EF QSPNP DJwO Z DPPQFSBDJwO DVMUVSBM JOUFSOBDJPOBM &O FTUF TFOUJEP Z NgT RVF OVODB MB DPPQFSBDJwO JOUFSOBDJPOBM FT VO JOTUSVNFOUP RVF BDU|B FO EPT EJSFDDJPOFT EFTBSSPMMB QPUFODJBMJEBEFT MPDBMFT Z BDU|B DPNP VO NPUPS NVMUJQMJDBEPS QBSB OVFTUSB JOEVTUSJB DVMUVSBM "|O UFOJFOEP FO DVFOUB MBT N|MUJQMFT EJGFSFODJBT FYJTUFOUFT FO DBEB QBrT UPEP QBSFDF JOEJDBS RVF OVFTUSB QPMrUJDB EF DPPQFSBDJwO DVMUVSBM EFCF TFS QSPHSFTJWBNFOUF DPNQMFNFOUBEB DPO VOB QPMrUJDB QBSBMFMB EF EFTBSSPMMP DVMUVSBM Z NVZ FTQFDJBMNFOUF EF QSPNPDJwO EF FTUSVDUVSBT DVMUVSBMFT TPTUF OJCMFT .JFOUSBT RVF MB QSJNFSB MB DPPQFSBDJwO QVFEF QFOTBSTF DPO SFMBUJWB 1PMrUJDBT DVMUVSBMFT FO FM FOUPSOP EF VOB nQPDB EF DSJTJT


JOEFQFOEFODJB EF OVFTUSP FNQSFTBSJBEP DVMUVSBM MB TFHVOEB EFTBSSPMMP FDP OwNJDP Z FNQSFTBSJBM MP JNQMJDB EF NBOFSB EJSFDUB $JFSUBNFOUF MB BQBSJDJwO EF FNQSFTBT FT VO FVGFNJTNP RVF EF¯OF FO DBEB DBTP FTUSVDUVSBT QSPEVDUJWBT EF EJTUJOUB OBUVSBMF[B &M NBSDP KVSrEJDP EF DBEB QBrT OPT BZVEBSg B EF¯OJS FM NPEFMP TPDJFUBSJP JEwOFP QBSB DBEB SFBMJEBE DVMUVSBM -P JNQPSUBOUF FT EFTBSSPMMBS QMBUBGPSNBT QSPEVDUJWBT Z EJTUSJCVUJWBT DPO OJWFMFT NrOJNPT EF IPNPHFOFJEBE RVF MFT QFSNJUB JOUF SSFMBDJPOBSTF &O FTUF TFOUJEP IBZ EPT DPODFQUPT RVF EFCFO QSJPSJ[BSTF DB QBDJEBE EF QSPEVDDJwO Z DPNFSDJBMJ[BDJwO Z EFTBSSPMMP TPTUFOJCMF "NCPT DPODFQUPT DPOTUJUVZFO MBT CBTFT OFDFTBSJBT QBSB MB DSFBDJwO EF VOB FTUSVDUVSB DVMUVSBM FTUBCMF DBQB[ EF EFTBSSPMMBS MBT QPUFODJBMJEBEFT EF DBEB QBrT DPNQFUJS DPO MPT FNCBUFT EF MB JOEVTUSJB NVMUJOBDJPOBM F JOUFSBD UVBS EF NBOFSB TwMJEB Z FRVJMJCSBEB DPO TVT QPUFODJBMFT TPDJPT OBUVSBMFT DSJUFSJPT QBSB EFGJOJS VOB QPMrUJDB DVMUVSBM QBSB FM TJHMP YYJ %FTEF FM QVOUP EF WJTUB EF VOB QPMrUJDB DVMUVSBM MP RVF SFBMNFO UF OPT PDVQB FT FTUBCMFDFS MPT PCKFUJWPT MBT GVODJPOFT Z MPT JOTUSVNFOUPT QBSB MB QSPNPDJwO DVMUVSBM 0CWJBNFOUF DVBMRVJFS BOgMJTJT TPCSF FTUB DVFT UJwO OP QVFEF TFS JOEFQFOEJFOUF EF VOB EFUFSNJOBEB NJSBEB TPCSF FM IFDIP DVMUVSBM TV VCJDBDJwO FO FM DPOUFYUP EF OVFTUSB TPDJFEBE Z TV DBSBDUFSJ[B DJwO DPODFQUVBM 1PS FMMP VOB QPMrUJDB DVMUVSBM OP QVFEF SFOVODJBS B NBOUFOFS USFT NJ SBEBT FTFODJBMFT TPCSF FM IFDIP DVMUVSBM -B QSJNFSB IBDF SFGFSFODJB BM QBQFM DFOUSBM EF MB DVMUVSB QBSB DPO USJCVJS BM EFTBSSPMMP EF VOB TPDJFEBE MJCSF EFNPDSgUJDB TPMJEBSJB Z QSPHSFTJTUB &TUB EJNFOTJwO QMVSBM EF MB DVMUVSB IB TJEP MB CBTF EFM NVOJDJQBMJTNP DVMUVSBM FVSPQFP ZB TFB B USBWnT EF MB DSFBDJwO EF TFSWJDJPT EF UPEP UJQP B QBSUJS EF MBT QPMrUJDBT EF QBSUJDJQBDJwO Z BTPDJBDJPOJTNP DVMUVSBM Z IBTUB FO MB BDUVBMJEBE DPO VOB GVODJwO EF TVQMFODJBT SFTQFUP B MB QSPEVDDJwO EJTUSJCVDJwO Z FYIJCJDJwO EF QSPEVDUPT EF DPOTVNP DVMUVSBM -B TFHVOEB IBDF SFGFSFODJB B MB QSPNPDJwO EF MPT DPOUFOJEPT DVMUVSB MFT B QBSUJS EFM TPQPSUF B MPT DSFBEPSFT Z B MPT QSPEVDUPSFT DVMUVSBMFT -B UFSDFSB IBDF SFGFSFODJB BM EFTBSSPMMP EF VO NFSDBEP DVMUVSBM DPOTUJUVJEP QPS VOB MBSHB MJTUB EF BHFOUFT DPNFSDJBMFT EF UPEP UJQP RVF PQFSBO FO FM DBNQP EF MB DVMUVSB B NFOVEP DPO JOEFQFOEFO DJB EF MBT EPT EJNFOTJPOFT BOUFSJPSFT Z DPO VOB DSFDJFOUF JNQPS NPEFMPT EF GJOBODJBDJwO


UBODJB EFOUSP EF MPT GBDUPSFT EF DSFBDJwO EF SJRVF[B Z USBCBKP FO OVFTUSB TPDJFEBE 5SBEJDJPOBMNFOUF MBT QPMrUJDBT Q|CMJDBT TF IBO PDVQBEP FYUFOTBNFOUF EF MPT EPT QSJNFSPT QVOUPT PMWJEBOEP MB DSFDJFOUF JNQPSUBODJB EFM UFSDF SP RVJ[gT QPSRVF MB BENJOJTUSBDJwO IB EFTBSSPMMBEP JNQPSUBOUFT UBSFBT EF EJTUSJCVDJwO Z FYIJCJDJwO DVMUVSBM Z OP IBO UFOJEP FO DVFOUB FM QPUFODJBM FDPOwNJDP EFM TFDUPS Z TPCSFUPEP IBO JHOPSBEP MB QSPHSFTJWB JNQPSUBODJB EF MPT OVFWPT NFSDBEPT WJSUVBMFT FO FM DBNQP EF MB DVMUVSB -B SFBMJEBE EF NVFTUSB RVF MPT USFT BTQFDUPT EF MB DVMUVSB FTUgO rOUJNBNFOUF MJHBEPT &M NFSDBEP DVMUVSBM HMPCBM JODJEF EF NBOFSB EFUFSNJOBOUF FO MB DSFBDJwO EF IgCJUPT F JNBHJOBSJPT DVMUVSBMFT DPMFDUJWPT MPT DSFBEP SFT TPO EFVEPSFT EF MBT NPEBT Z UFOEFODJBT HFOFSBMFT Z FM NFSDBEP DVMUVSBM TF OVUSF EF VO DPOTVNP NBTJWP RVF TF FTUJNVMB EFTEF MPT NFEJPT EF DPNVOJDBDJwO RVF FO |MUJNB JOTUBODJB TPO FM WFIrDVMP B QBSUJS EFM DVBM DJSDVMBO MPT IFDIPT DVMUVSBMFT &M NPEFMP BDUVBM CBTBEP FO MB JEFB QSFEPNJOBOUF EF RVF MB DVMUVSB FT VO TFSWJDJP Q|CMJDP BENJOJTUSBCMF EFTEF FTQBDJPT DPODSFUPT EF EFDJTJwO Z DPOEJDJPOBEP B VOB JEFB MJOFBM EF BDDFTJCJMJEBE TFH|O MB DVBM VOB NBZPS FEVDBDJwO GBDJMJUBSrB VO DPOTVNP NgT FMFWBEP Z NgT DVBMJUBUJWP EF MB DVMUVSB FT FSSwOFP -PT DPOUFOJEPT DVMUVSBMFT Z FO DPOTFDVFODJB VOB DJFSUB Z DPODSFUB JEFB EF DVMUVSB IB BERVJSJEP WJBCJMJEBE TPDJBM Z FDPOwNJDB DPO JOEFQFOEFODJB EF DVBMRVJFS NJSBEB DJCFSOnUJDB TJTUnNJDB IBTUB FM QVOUP FO FM RVF FT QPTJCMF DSFBSMB QSPEVDJSMB EJTUSJCVJSMB Z DPO TVNJSMB DPO UPUBM JOEFQFOEFODJB EF DVBMRVJFS QPMrUJDB Q|CMJDB Z TJO RVF FMMP QSFTVQPOHB SFEVDDJPOFT BQSFDJBCMFT FO TVT FTUgOEBSFT EF DBMJEBE &TUB TJUVBDJwO OP IB IFDIP NgT RVF FNQF[BS 1PS FMMP TPO OFDFTBSJBT B NJ FOUFOEFS USFT DPTBT 3FEF¯OJS VOB JEFB EF FTQBDJP Q|CMJDP EF MB DVMUVSB RVF OP QVFEF TFS PUSP RVF DPOTUSVJS VO DPOKVOUP EF FTDFOBSJPT RVF OP QVFEFO TFS EF QSPQJFEBE QSJWBEB RVF HBSBOUJDFO MB MJCSF DJSDVMBDJwO EF DPOUFOJEPT EFM DPOPDJNJFOUP Z MB DVMUVSB &TUB FT VOB UBSFB FTFODJBMNFOUF KVSrEJDB Z RVF UJFOFO USFT GSFOUFT Â… &M FTQBDJP SBEJPFMnDUSJDP Z FM DJCFSFTQBDJP 1PMrUJDBT DVMUVSBMFT FO FM FOUPSOP EF VOB nQPDB EF DSJTJT


Â… -B MFHJTMBDJwO FNQSFTBSJBM Z MBCPSBM TPCSF MBT FNQSFTBT Z MPT DPMFD UJWPT DSFBEPSFT EF DPOUFOJEPT DVMUVSBMFT Z EF NBOFSB FTQFDJBM MBT RVF EFTBSSPMMBO MB FDPOPNrB EF MPT JOUBOHJCMFT Â… -B HFTUJwO Z MB QSPUFDDJwO EF MPT EFSFDIPT EF BVUPSrB Z EF QSPQJF EBE JOUFMFDUVBM -PT USFT FMFNFOUPT DPOTUJUVZFO TFH|O NJ QBSFDFS MB CBTF DFOUSBM EF VO OVFWP NPEFMP EF QSPUFDDJwO DVMUVSBM CBTBEP FO MPT QSJODJQJPT RVF SFHJ SgO FM TJHMP YYJ 3FDPOTUSVJS FM WJFKP QBSBEJHNB EF MB TPDJPDVMUVSB &T EFDJS DPOT USVJS VO OVFWP EJTDVSTP RVF QFSNJUB SFFODPOUSBS FM QBQFM EF MPT BQSFOEJ[BKFT DVMUVSBMFT EF OVFTUSB TPDJFEBE FO VO FOUPSOP EF QSPYJNJEBE Z QBSUJDJQBDJwO DwNQMJDF DPO MB DPOTUSVDDJwO EF MB TP DJFEBE BRVr UJFOF VO JNQPSUBOUF QBQFM MB JEFB EF DJVEBEBOrB &TUB UBSFB TVQPOF USBCBKBS FO SFE EFTBSSPMMBS MPT BOJMMPT EJHJUBMFT GBDJMJUBS FTQBDJPT QBSB MB FYQSFTJWJEBE EF QSPYJNJEBE HFOFSBS VOB NBZPS EFNBOEB DVMUVSBM 5BNCJnO TJHOJ¯DB EBS WBMPS B MB QBMBCSB §DPOFDUJWJEBE¨ BTPDJBEB B MB NgT USBEJDJPOBM BDDFTJCJMJEBE &M OVFWP NVOJDJQBMJTNP DVMUV SBM QPMrUJDBT DVMUVSBMFT EF QSPYJNJEBE EFCFSrB DPOTUSVJSTF B QBSUJS EF FTUPT QBSgNFUSPT %FTBSSPMMBS VOB QPMrUJDB EF QSPNPDJwO DVMUVSBM CBTBEB FO USFT HSBO EFT JEFBT EF GVFS[B B 1SPNPDJwO EFM UBMFOUP DSFBUJWP FTUBCMFDJNJFOUP EF QBVUBT JOT USVNFOUBMFT QBSB SFGPS[BS MB TPTUFOJCJMJEBE EF MPT BHFOUFT DVMUV SBMFT Z NFKPSBS MB DPNQFUJUJWJEBE EF OVFTUSPT DPOUFOJEPT &TUPT USFT FMFNFOUPT RVF DPOTUJUVZFO FM WnSUJDF EF VOB QPMrUJDB JOEVT USJBM FYJHFO JOTUSVNFOUPT PSHBOJ[BUJWPT Z FDPOwNJDPT EF OVFWB DSFBDJwO C 3FGVFS[P EF MPT TFSWJDJPT DVMUVSBMFT Q|CMJDPT Z EF NBOFSB NVZ FTQFDJBM BRVFMMPT RVF UJFOFO VOB GVODJwO QBUSJNPOJBM Z EF BDDF TJCJMJEBE BM DPOPDJNJFOUP VOJWFSTBM RVF JODMVZF FM MPDBM PCWJB NFOUF D *NQVMTP EF VO NFSDBEP DVMUVSBM FYUFOTJWP BVUwOPNP Z TPTUF OJCMF RVF FOHMPCF EFTEF VOB OVFWB QFSTQFDUJWB MBT BDUVBMFT QP MrUJDBT UFSSJUPSJBMFT EF MB DVMUVSB

NPEFMPT EF GJOBODJBDJwO


DBQrUVMP )FSSBNJFOUBT QBSB MB HFTUJwO DVMUVSBM .PEFSBEPSB (JOB 3V[ 3FMBUPSFT $BSPMJOB 3PKBT Z -BVSB .POUPZB

1SFTFOUBDJwO 4J CJFO MB JOOPWBDJwO MB BENJOJTUSBDJwO EF SFDVSTPT MB QSP EVDUJWJEBE Z MB DPNQFUJUJWJEBE EF MPT OFHPDJPT EF FNQSFOEJNJFOUP DVMUVSBM TPO UFNBT DFOUSBMFT EFOUSP EF MB HFTUJwO DVMUVSBM IBZ VOP RVF BUSBWJFTB B UPEPT MPT BOUFSJPSFT ˜QVFEFO §GBCSJDBSTF¨ MPT FNQSFOEFEPSFT DVMUVSBMFT &TUF JOUFSSPHBOUF QBSUF EF MB JNQPSUBODJB RVF FO MPT |MUJNPT BvPT TF MF IB EBEP B MB HFTUJwO EF MBT EFOPNJOBEBT JOEVTUSJBT DVMUVSBMFT FO MBT DVBMFT MB DSFBUJWJEBE KVFHB VO QBQFM JNQPSUBOUF &O UPEP OFHPDJP RVF TF JOJDJF FM SJFTHP FT VO GBDUPS RVF TJFNQSF IBZ RVF UFOFS FO DVFOUB $PO SFTQFDUP B MBT JOEVTUSJBT DVMUVSBMFT BVORVF FTUBT QBSUBO EF MB MJCFSUBE DSFBUJWB EF VO BSUJTUB VOB EF MBT IBCJMJEBEFT RVF TF FTQFSB QPTFB VO FNQSFOEFEPS DVMUVSBM FT MB EF DPOKVHBS FM SFTQFUP QPS MB MJCFSUBE DSFBUJWB EF FTF BSUJTUB QFSP FODBNJOgOEPMB IBDJB MB SFOUBCJMJEBE FDP OwNJDB 1BSB FMMP EFCF UFOFS FO DVFOUB MPT SJFTHPT RVF IBZ RVF DPSSFS Z FM DP OPDJNJFOUP RVF QVFEB PCUFOFS TPCSF FM DPOTVNP Z FM NFSDBEP -P BOUFSJPS QMBOUFB MB VSHFODJB EF BTFHVSBS MB FYJTUFODJB EF FNQSFOEFEPSFT DVMUVSBMFT QBSB RVJFOFT MB DSFBDJwO EF VOB JOGSBFTUSVDUVSB FNQSFTBSJBM OP MFT TFB BMHP FYUSBvP -B MJCFSUBE OP FT VO BTVOUP RVF TF EFCB SFMBDJPOBS TwMP DPO MB DSFB UJWJEBE TJOP UBNCJnO DPO MB FDPOPNrB QVFT TwMP TJ TF DVFOUB DPO MPT NF EJPT Z SFDVSTPT BEFDVBEPT FT QPTJCMF DPODSFUBS JEFBT FO CJFOFT Z TFSWJDJPT DVMUVSBMFT 4PCSF MB OFDFTJEBE EF DPOKVHBS MJCFSUBE DSFBUJWB Z DPOTFDVDJwO EF SFDVSTPT FDPOwNJDPT RVF BQPZFO FTB JOEFQFOEFODJB DSFBUJWB DPNQBSUFO TVT FYQFSJFODJB +VBO $BSMPT (BJUgO %JSFDUPS EF QSBOB $PMPNCJB "OESFX 4FOJPS %JSFDUPS EF MB 6OJEBE EF *OEVTUSJBT $SFBUJWBT EFM #SJUJTI $PVODJM Z (BCSJFM ;BQBUB KPWFO FNQSFOEFEPS EF BSUFT FTDnOJDBT Z HFSFOUF EF "DDJwO *NQSP $PMPNCJB 1SFTFOUBDJwO


˜&YJTUFO MPT BSUJTUBT FNQSFTBSJPT 1PS +VBO $BSMPT (BJUgO 7JMMFHBT

&M SFUP EF NJ DPOGFSFODJB FT SFTQPOEFS B¯SNBUJWBNFOUF B MB QSFHVOUB ˜FYJTUFO MPT BSUJTUBT FNQSFTBSJPT : MP IBSn SFNJUJnOEPNF B DBTPT SFBMFT "OUFT RVF OBEB IBZ RVF BDMBSBS RVF QSBOB MB FOUJEBE RVF EJSJKP FT VOB *ODVCBEPSB EF &NQSFTBT $VMUVSBMFT F *OEVTUSJBT $SFBUJWBT BETDSJUB BM TFOB 4FSWJDJP /BDJPOBM EF "QSFOEJ[BKF &OUSF TVT GVOEBEPSFT TF FODVFOUSB FM #SJUJTI $PVODJM RVJFO OPT IJ[P MB USBOTGFSFODJB EFM NPEFMP CSJUgOJDP EF MBT *OEVTUSJBT $SFBUJWBT Z RVF OPTPUSPT IFNPT BEBQUBEP B MB SFBMJEBE DPMPN CJBOB FO MPT |MUJNPT TFJT BvPT 4PNPT MB |OJDB JODVCBEPSB EFM 4JTUFNB /BDJPOBM EF *ODVCBDJwO RVF UJFOF nOGBTJT FO QSPZFDUPT DVMUVSBMFT 'PNFOUBNPT MB DSFBDJwO Z DPOTPMJ EBDJwO EF FNQSFTBT DVMUVSBMFT TPTUFOJCMFT Z MPT OFHPDJPT B OJWFM OBDJPOBM F JOUFSOBDJPOBM -PT JODVCBEPT FO TV HSBO NBZPSrB TPO BSUJTUBT BSUJTUBT QMgTUJDPT BDUPSFT EF UFBUSP EJSFDUPSFT EF DJOF FTDSJUPSFT GPUwHSBGPT EJTFvB EPSFT BSRVJUFDUPT IJTUPSJBEPSFT BOUSPQwMPHPT RVJFOFT TPO DPOTDJFOUFT EF RVF OFDFTJUBO IFSSBNJFOUBT BENJOJTUSBUJWBT QBSB TBDBS BEFMBOUF TVT JEFBT EF OFHPDJP QSBOB OP FT VOB FOUJEBE EF DBSJEBE OJ VOB FOUJEBE ¯OBODJFSB #gTJ DBNFOUF FT VOB FOUJEBE RVF GPSNB Z RVF CSJOEB BDPNQBvBNJFOUP 1PS FTP FTUPZ DPOWFODJEP EF RVF QBSB RVF VO QSPDFTP DVMUVSBM GVODJPOF TF OFDFTJUBO FTPT EPT FMFNFOUPT GVOEBNFOUBMFT -B ¯OBODJBDJwO FT VOB DPOTFDVFODJB EFTEF FTUF QVOUP EF WJTUB EFM DPOPDJNJFOUP " FMMB TF MMFHB HSBDJBT B RVF DP OP[DP B GPOEP NJ FNQSFTB TV FOUPSOP TVT DPNQFUJEPSFT Z TVT DMJFOUFT $VBOEP MPT BSUJTUBT TF BDFSDBO B QSBOB EFCFNPT TFS DBQBDFT EF NP UJWBS FO FMMPT MB DPOTPMJEBDJwO EF VOB JEFB EF OFHPDJPT CBTBEB FO VOB NB OJGFTUBDJwO DVMUVSBM RVF DPJODJEB DPO TV QSPQJP QSPZFDUP EF WJEB /P OPT JOUFSFTB BUFOEFS B RVJFOFT WJFOFO FYDMVTJWBNFOUF CVTDBOEP GVFOUFT EF ¯ OBODJBDJwO ˜1PS RVn 1PSRVF BM ¯OBM EFM QSPDFTP RVFEBSg DMBSP RVF MB NFUB OP TPO MPT SFDVSTPT FDPOwNJDPT TJOP MB NBRVJOBSJB MB NBUFSJB QSJNB FM IFSSBNJFOUBT QBSB MB HFTUJwO DVMUVSBM


DBQJUBM EF USBCBKP : FMMPT NJTNPT TPO MPT |OJDPT DBQBDFT EF EF¯OJS DwNP FO RVn NPNFOUP Z DVgOUP SFBMNFOUF WB B OFDFTJUBS TV FNQSFTB QBSB TBMJS BEFMBOUF &O FTP DPOTJTUF FM QSPDFTP EF FMBCPSBS VO QMBO EF OFHPDJPT /P UP EPT MPT BSUJTUBT P MPT RVF IBZBO FTUVEJBEP IVNBOJEBEFT UJFOFO MB QBDJFODJB OJ FM DPNQSPNJTP EF IBDFSMP OJ UJFOFO QPS RVn /P FTUgO PCMJHBEPT B FMMP &M BSUJTUB UJFOF P OP UJFOF FM FTQrSJUV FNQSFOEFEPS %FCFNPT TFS DBQBDFT EF EFUFDUBS FTF QFS¯M QBSB OP HFOFSBS GBMTBT FYQFDUBUJWBT Z QBSB OP EFTQFSEJDJBS MPT FTDBTPT SFDVSTPT EFM &TUBEP EFTUJOBEPT B DPOWPDBUPSJBT Z FTUrNVMPT &T JOEJTQFOTBCMF DPOPDFS NVZ B GPOEP FM QSPZFDUP Z BDPNQBvBSMP FO EJGFSFOUFT FUBQBT &OTFHVJEB WBNPT B BOBMJ[BS DVBUSP DBTPT FYJUPTPT FO MPT DVBMFT MB GPSNBDJwO Z FM BDPNQBvBNJFOUP FT MP RVF IB QFSNJUJEP BDDFEFS B SFDVSTPT B NFSDBEPT Z B HSBOEFT PQPSUVOJEBEFT EF OFHPDJP

$BTP -B &T¯OHF 5FBUSP "vP EF WJODVMBDJwO 4FDUPS 5FBUSP &NQSFOEFEPSFT Mr EFSFT $BSMPT 4gODIF[ ESBNBUVSHP Z QSPGFTPS VOJWFSTJUBSJP "NQBSP 0MBZB BDUSJ[ Z DBOUBOUF QSPGFTJPOBM 1MBO EF OFHP DJPT DPO VO QSPZFDUP ¯OBODJBEP QPS $PMDJFODJBT JOWJSUJFSPO MPT SFDVSTPT RVF MFT BTJHOBSPO FO JOWFTUJHBDJwO EF NFSDB EPT FO FM EJTFvP EF VOB QgHJOB XFC Z FO MB FTUSVDUVSBDJwO EF TVT QSPEVDUPT Z TFSWJDJPT MPT DVBMFT PGSFDFO B USBWnT EF JOUFSOFU $BTP %JSFDDJPOFT "vP EF WJODVMBDJwO 4FDUPS "VEJPWJTVBM $JOF &N QSFOEFEPSFT MrEFSFT %JBOB 3JDP Z 3JDIBSE %FDBJMMFU BSUJT UBT QMgTUJDPT 1MBO EF OFHPDJPT 3FDVSTPT 4FOB $PMDJFODJBT EJTUSJCVJEPT FO JOWFTUJHBDJwO EF NFSDBEPT FMBCPSBDJwO EF VO QSPUPUJQP QJMPUP DBQBDJUBDJwO DPO FYQFS UP JOUFSOBDJPOBM UBMMFS QSJWBEP DPO 1FUFS 8FCCFS 1BSUJDJQB DJwO FO MB 'FSJB EF UW NJQDPN FO $BOOFT Z PCUVWJFSPO FM 1SFNJP *OQVU $BTP 1BSMBOUF "NBSJMMP "vP EF WJODVMBDJwO 4FDUPS "VEJPWJTVBM Â¥ /VFWBT 5FDOPMPHrBT &NQSFOEFEPSB MrEFS -JMJBOB "OESBEF DPNV OJDBEPSB TPDJBM FYQFSUB FO §SFBMJUZT¨ Z DPO FYQFSJFODJB DPO HSVQPT NVTJDBMFT 1BSB MB DSFBDJwO EF TV QSPQJB FNQSFTB VO DBOBM EF UFMFWJTJwO QPS JOUFSOFU SFDJCJw EF $PM ˜&YJTUFO MPT BSUJTUBT FNQSFTBSJPT


DJFODJBT QBSB FM EFTBSSPMMP EF MB QMBUBGPSNB MB DPOUSBUBDJwO EF FYQFSUPT Z TV DPNFSDJBMJ[BDJwO "DUVBMNFOUF FM QSPZFDUP FTUg FO QSPDFTP $BTP 'BCSJDB 4FDUPS %JTFvP &NQSFOEFEPSFT MrEFSFT -JOB (PO[gMF[ BSUJT UB QMgTUJDB Z .JHVFM $gSEFOBT EJTFvBEPS JOEVTUSJBM &YQF SJFODJB FO BNVFCMBNJFOUP EF SFTUBVSBOUFT BQBSUBNFOUPT (BOBEPSFT EF DPOWPDBUPSJBT DPO FM .VTFP /BDJPOBM Z MB "M DBMErB EF #PHPUg 3FDJCJFSPO EF $PMDJFODJBT RVF TF IBO JOWFSUJEP FO JOGSBFTUSVDUVSB NFKPSB EF MB QMBOUB EF QSPEVDDJwO FMBCPSBDJwO EFM QSPUPUJQP Z QVFTUB FO NBS DIB EF VO QVOUP EF WFOUB SFDPNFOEBDJPOFT Â… &T JNQPSUBOUF UFOFS DMBSP TJ MBT QFSTPOBT RVF WBNPT B BUFOEFS SFBMNFOUF RVJFSFO TBDBS BEFMBOUF TV JOJDJBUJWB TJ UJFOFO FTQr SJUV FNQSFOEFEPS TJ TF MF NJEFO B MPT SFUPT EFM FNQSFTBSJP &T OFDFTBSJP RVF FOUJFOEBO FM MFOHVBKF EF MPT OFHPDJPT MPT NFSDBEPT FM DPOTVNP MBT UFOEFODJBT MBT OFDFTJEBEFT EF MPT DMJFOUFT FO MVHBS EF FTUBS QFOEJFOUFT EF VO BTJTUFODJBMJTNP RVF MPT QVFEF UFSNJOBS MMFWBOEP BE QPSUBT EF MB JOEJHFODJB Â… &O MB NBZPSrB EF MPT DBTPT QBSUJNPT EF MB CBTF EF VO QMBO EF OFHPDJPT Z TV DPOUJOVP TFHVJNJFOUP QPS QBSUF EF OPTPUSPT Â… &T GVOEBNFOUBM FOUFOEFS MBT OFDFTJEBEFT Z QSJPSJEBEFT EF MPT BSUJTUBT &M |OJDP QBSgNFUSP FO MPT QSPDFTPT DVMUVSBMFT OP QVFEF TFS FM EF MB GBDUVSBDJwO )BZ RVF QPEFS NFEJS FM OJWFM EF TBUJTGBDDJwO QFSTPOBM B QBSUJS EF MB SFBMJ[BDJwO EF MP RVF SFBMNFOUF NgT MFT NPUJWB FO MB WJEB Â… /P EFKBS EF QBSUJDJQBS FO MBT DPOWPDBUPSJBT ZB TFB B OJWFM NV OJDJQBM SFHJPOBM OBDJPOBM P JOUFSOBDJPOBM -BT IFSSBNJFOUBT BERVJSJEBT FO MB FMBCPSBDJwO EFM QMBO EF OFHPDJPT QFSNJUFO EF¯OJS RVJnO FT VOP Z B EwOEF RVJFSF MMFHBS EF GPSNB NVDIP NgT USBOTQBSFOUF Z QSgDUJDB TJO OFDFTJEBE EF SFUwSJDBT RVF MP QVFEFO TBDBS B VOP EFM PCKFUJWP EF MBT DPOWPDBUPSJBT &TP OP RVJFSF EFDJS RVF IBZB RVF MJNJUBSTF TPMBNFOUF B QSFTFO UBS QSPZFDUPT B DPOWPDBUPSJBT RVF TPO FTUrNVMPT RVF GPSUB MFDFO MBT FNQSFTBT QFSP UBNQPDP IBZ RVF RVFEBSTF FO MB QSPEVDDJwO EF DPOUFOJEPT DPNFSDJBMJ[BCMFT IFSSBNJFOUBT QBSB MB HFTUJwO DVMUVSBM


Â… 1PS |MUJNP FT GVOEBNFOUBM FO FTUPT UJFNQPT FTUBS JONFS TPT FO UPEP UJQP EF SFEFT QBSB FTUBCMFDFS DPOFYJPOFT DPO QPTJCMFT DMJFOUFT JOWFSTJPOJTUBT FYQPSUBEPSFT 5BNCJnO FT JNQPSUBOUF FTUBS QFSNBOFOUFNFOUF JOGPSNBEPT TPCSF DPO WPDBUPSJBT EF SFDVSTPT EF FTUrNVMPT TPCSF MB SFBMJ[BDJwO EF GFSJBT FYQPTJDJPOFT UBMMFSFT DBQBDJUBDJPOFT Z BDUVBMJ[BDJP OFT RVF QVFEBO TFS |UJMFT UBOUP QBSB FM DSFDJNJFOUP DPNP QBSB FM GPSUBMFDJNJFOUP EF MBT FNQSFTBT

˜&YJTUFO MPT BSUJTUBT FNQSFTBSJPT


&M §FNQSFTBSJP DSFBUJWP¨ FO FM TFDUPS DVMUVSBM 1PS "OESFX 4FOJPS

&O FM NVOEP FYJTUF VOB HSBO QSFPDVQBDJwO QPS MB TJUVBDJwO BD UVBM EFM TFDUPS DVMUVSBM %FOUSP EF FTUF DPOUFYUP OP EFCFNPT UFOFS UFNPS EF MBT JOEVTUSJBT DSFBUJWBT ZB RVF IBO FYJTUJEP EFTEF IBDF NVDIP UJFNQP TwMP RVF IBTUB BIPSB FTUBNPT DPNQSFOEJFOEP RVF FMMBT IBDFO QBSUF EFM TFDUPS FDPOwNJDP 5BNQPDP EFCFNPT QSFPDVQBSOPT QPS MBT UBSFBT EF QSPNPDJwO Z NBSLFUJOH RVF SFRVJFSFO MBT JOEVTUSJBT DVMUVSBMFT 4IBLFTQFBSF GVF VO HFOJP DPNP FTDSJUPS QFSP UBNCJnO GVF VO FNQSFTBSJP 1BSB TPCSFWJWJS FO TV FOUPS OP UVWP RVF DSFBS FNQSFTB -BT JOEVTUSJBT DSFBUJWBT QPS UBOUP OP TPO OBEB OVFWP TJNQMFNFOUF OFDFTJUBNPT DPNQSFOEFS TV EFTBSSPMMP Z FWPMVDJwO 1FSP IBZ RVF UFOFS FO DVFOUB RVF FM TFDUPS DVMUVSBM OP EFCF TFS WJTUP DPNP VOB DVFTUJwO EF TVQFSWJWFODJB TJOP EF DSFDJNJFOUP 4J WFNPT RVF FM NVOEP EF MBT BSUFT FTUg BNFOB[BEP IBZ RVF CVTDBS MBT PQPSUVOJEBEFT QBSB RVF TVSKB 1PS FMMP IBZ RVF SFDPOPDFS RVF MPT BSUJTUBT OFDFTJUBO SFDJCJS VO QBHP BEFDVBEP QPS MP RVF IBDFO ZB RVF BTr PCUJFOFO FO DPOUSBQBSUJEB MB MJCFSUBE QBSB EFTBSSPMMBSTF QSPGFTJPOBMNFOUF 4J FM BSUJTUB MPHSB HBOBS VO QPDP EF EJOFSP IBDJFOEP CJFO TV USBCBKP QVFEF BMDBO[BS MB MJCFSUBE FDPOwNJDB QBSB UPNBS SJFTHPT DSFBUJWPT Z BQSPWFDIBS PQPSUVOJEBEFT &TUB FT MB NBOFSB DPNP WFO MBT DPTBT NVDIPT BSUJTUBT FO FM 3FJOP 6OJEP "IPSB CJFO FM EJOFSP FT JNQPSUBOUF FO FM TFDUPS DSFBUJWP QFSP OP EFCF TFS MB |OJDB QSFPDVQBDJwO &M NVOEP IB FWPMVDJPOBEP NVDIP |MUJNBNFOUF Z MBT NBOFSBT EF QSPEVDJS UBNCJnO FTUgO FO CFOF¯DJP EF MB DVMUVSB %FTEF FO FM 3FJOP 6OJEP HSBDJBT BM OVFWP HPCJFSOP MBCPSJTUB TF FNQF[w B BOBMJ[BS FM TFDUPS DSFBUJWP FO UnSNJOPT FDPOwNJDPT MP RVF FSB UPUBMNFOUF OPWFEPTP 1PS NVDIPT BvPT TF FTUVWP IBCMBOEP EFM MMBNBEP UB MFOUP DSFBUJWP &O MPT BvPT Z DPNFO[w MB QSFPDVQBDJwO QPS MBT BVEJFO DJBT QPS DPNQSFOEFS RVn RVFSrBO Z DwNP BDDFEFS B FMMBT QBSB RVF MBT BSUFT FM DJOF QPS FKFNQMP DSFDJFSBO &O Z EVSBOUF MBT TJHVJFOUFT EPT EnDBEBT IFSSBNJFOUBT QBSB MB HFTUJwO DVMUVSBM


TF JOJDJw UPEP VO QSPDFTP EF QSPNPDJwO EF MPT FNQSFTBSJPT DVMUVSBMFT MPT DVBMFT EFCrBO FTUBS DBMJ¯DBEPT /P QPEFNPT CBTBS OVFTUSBT FDPOPNrBT TPMP FO FM UBMFOUP ZB RVF BEFNgT TF OFDFTJUBO FNQSFTBSJPT RVF USBCBKFO DPO FTF UBMFOUP DSFBUJWP RVF TFBO DBQBDFT EF MMFWBS TVT QSPEVDUPT BM NFSDBEP Z DBQUBS BVEJFODJBT )BZ RVF BENJUJS RVF FM DPODFQUP EF §FNQSFTBSJP DSFBUJWP¨ FT NVZ SF DJFOUF Z IB TJEP QPDP EFTBSSPMMBEP EFTEF MB BDBEFNJB "VORVF DBSFDFNPT EF FTUVEJPT TV¯DJFOUFT TPCSF DVgM FT TV OBUVSBMF[B FT DMBWF FOUFOEFS RVF MB HFSFODJB EF MBT FNQSFTBT DSFBUJWBT FT GVOEBNFOUBM 5FOFS VO .#" OP TJH OJ¯DB RVF TF FT FNQSFTBSJP TJNQMFNFOUF RVJFSF EFDJS RVF TF FTUg QSFQBSBEP QBSB NBOFKBS FM SJFTHP FO VO OFHPDJP QPS UBOUP IBZ RVF JOUFHSBS MBT UFPSrBT HFSFODJBMFT B MPT OFHPDJPT DSFBUJWPT 6OP EF MPT NPUJWPT QPS FM DVBM FT EJGrDJM EF¯OJS B VO FNQSFTBSJP EF FTUF TFDUPS UJFOF RVF WFS DPO RVF MB DSFBUJWJEBE RVF FT VO §SFDVSTP OBUVSBM¨ EJTUSJCVJEP EF NBOFSB FRVJUBUJWB FO FM NVOEP FOUFSP FT NVZ DPNQMFKP NB OFKBSMP QVFTUP RVF FT JONBUFSJBM Z BEFNgT IBZ RVF DVMUJWBSMP 1FSP UBNCJnO IBZ RVF UFOFS FO DVFOUB RVF MB IBCJMJEBE RVF QPTFF VO FNQSFTBSJP QBSB NBOFKBS FM UBMFOUP DSFBUJWP FT MP RVF MP EJGFSFODJB EF QFSTPOBT DPO PUSBT DBQBDJEBEFT 6O BSUJTUB OP QVFEF MMFHBS B TFS FYJUPTP B NFOPT RVF MPHSF FO UFOEFS FM WBMPS EF TV UJFNQP FM DPTUP RVF JNQMJDB QSPEVDJS VO CJFO DVMUVSBM Z FM WBMPS BHSFHBEP RVF FTUF QPTFF 1PS TV QBSUF VO FNQSFTBSJP RVF TBCF HFSFODJBS FM UBMFOUP DSFBUJWP UBNCJnO TBCF DwNP MMFWBSMP BM NFSDBEP FWBMVBO EP TVT DPTUPT MP NJTNP RVF FM WBMPS BHSFHBEP 4wMP BTr TF DSFBO MBT HSBOEFT PQPSUVOJEBEFT 6O BTQFDUP EF DBQJUBM JNQPSUBODJB BM RVF IBZ RVF QSFTUBSMF UBNCJnO MB BUFODJwO EFCJEB FT MB QBSUJDJQBDJwO EF KwWFOFT FNQSFTBSJPT EFOUSP EFM TFDUPS DSFBUJWP 4PO FMMPT MPT RVF NFKPS QVFEFO EBS DVFOUB EF MPT SgQJEPT DBNCJPT RVF TF TVDFEFO FO MB BDUVBMJEBE EF MBT USBOTGPSNBDJPOFT FO MPT QBUSPOFT EF QSPEVDDJwO EJTUSJCVDJwO Z DPOTVNP B DBVTB EF MPT QSPDFTPT EF EJHJUBMJ [BDJwO )PZ RVJFOFT IBDFO QBSUF EFM TFDUPS DSFBUJWP WFO MB QSPEVDDJwO EF DPOUFOJEPT EF GPSNB NVZ EJGFSFOUF B DPNP MB WFrBO IBDF EJF[ BvPT )PZ ErB MPT KwWFOFT FNQSFTBSJPT USBCBKBO EF MB NBOP EF MPT DPOTVNJEPSFT BOBMJ[BO MP RVF MBT BVEJFODJBT DPOTVNFO Z MB NBOFSB DPNP MB EJHJUBMJ[BDJwO EF DPOUF OJEPT BGFDUB MPT QBUSPOFT USBEJDJPOBMFT EF DPOTVNP 'JOBMNFOUF VOP EF MPT QVOUPT NgT JNQPSUBOUFT RVF IFNPT DPOTJEF SBEP FO FM 3FJOP 6OJEP FO DVBOUP B MB EF¯OJDJwO EF MBT JOEVTUSJBT DSFBUJWBT UJFOF RVF WFS DPO MB QTJRVJT EF MB OBDJwO 5PEP JOEJWJEVP BERVJFSF WJUBMJEBE FO TV DPOUFYUP FO TV DVMUVSB QPS FMMP MBT JOEVTUSJBT DSFBUJWBT WBO NgT BMMg EFM SPM FDPOwNJDP RVF MFT DPSSFTQPOEF QVFT JOWPMVDSB UBNCJnO FM EFTBSSPMMP TPDJBM : FTUP MP UJFOFO NVZ DMBSP MPT KwWFOFT FNQSFTBSJPT FO FM 3FJOP 6OJEP &M §FNQSFTBSJP DSFBUJWP¨ FO FM TFDUPS DVMUVSBM


Z FO PUSBT QBSUFT EFM NVOEP &O MB QgHJOB XFC EFM #SJUJTI $PVODJM QVFEFO FODPOUSBS DBTPT EF KwWFOFT FNQSFTBSJPT EF QBrTFT DPNP &TUPOJB &TMPWFOJB (IBOB P *OEPOFTJB RVF BCSJFSPO FM DBNJOP QBSB EFTBSSPMMBS JOEVTUSJBT DPNP MB DJOFNBUPHSBGrB MB BSRVJUFDUVSB Z FM EJTFvP FTUJNVMBOEP FM UBMFOUP MPDBM F JOWPMVDSBOEP UBNCJnO B PUSPT TFDUPSFT DPNP FM EF MB FEVDBDJwO -PT FKFNQMPT EF USBOTGPSNBDJwO TPDJP FDPOwNJDB EF QSPZFDUPT EF Kw WFOFT EFM TFDUPS DSFBUJWP OPT EFNVFTUSBO RVF MB NFKPS JOUFSWFODJwO RVF TF QVFEF IBDFS QBSB JNQVMTBS TVT QSPZFDUPT FT QSFQBSBSMPT DPNP FNQSFTBSJPT QBSB RVF QVFEBO QBSUJDJQBS EF NBOFSB F¯DB[ FO MB DPOTUSVDDJwO EF VO NVO EP OVFWP

IFSSBNJFOUBT QBSB MB HFTUJwO DVMUVSBM


"DDJwO *NQSP FYQFSJFODJB EF VO NPEFMP EF HFTUJwO DVMUVSBM FYJUPTP 1PS (BCSJFM ;BQBUB

•RVn FT BDDJwO JNQSP

)BDF EJF[ BvPT VO HSVQP EF FTUVEJBOUFT EF UFBUSP EF MB 6OJ WFSTJEBE EF "OUJPRVJB SFDJCJw VO UBMMFS EF BDUVBDJwO CBTBEP FO MB §UnDOJDB JNQSP¨ JNQSPWJTBDJwO UFBUSBM -VFHP EF QSPGVOEJ[BS Z EFTBSSPMMBS VO QPDP NgT FTUB UnDOJDB NPOUBSPO TV QSJNFS FTQFDUgDVMP DPO FM DVBM TF QSFTFOUB SPO FO FM 'FTUJWBM *OUFSOBDJPOBM EF 5FBUSP EF .BOJ[BMFT Z FO WBSJPT UFBUSPT Z CBSFT EF .FEFMMrO &O MVFHP EF BTJTUJS B GFTUJWBMFT §JNQSP¨ FO .nYJDP Z "SHFOUJOB Z DPO MB DPOWJDDJwO EF EFEJDBSTF EF MMFOP BM UFBUSP BCSFO MB QSJ NFSB TBMB EF §JNQSPWJTBDJwO¨ FO $PMPNCJB &O FTF NPNFOUP MPT JOUFHSBOUFT EFM HSVQP DPNJFO[BO B EBSTF DVFOUB EF RVF TV TBMB OFDFTJUBCB EF VOB PSHBOJ [BDJwO FNQSFTBSJBM :P RVF NF IBCrB GPSNBEP FO JOHFOJFSrB NFDgOJDB DPO VO QPTHSBEP FO NFSDBEFP Z DPO FYQFSJFODJB FO BENJOJTUSBDJwO EF FNQSFTBT NF TFEVKP MB JEFB EF USBCBKBS FO FM TFDUPS BSUrTUJDP Z QBSUJDJQBS FO FM HSVQP •RVn FT BDDJwO JNQSP BIPSB Z DVgM FT TV NPEFMP EF OFHPDJP $VBOEP EFUFDUBNPT RVF FOUJEBEFT UBOUP Q|CMJDBT DPNP QSJWB EBT OFDFTJUBCBO JOUSPEVDJS Z EFTBSSPMMBS DBNCJPT PSHBOJ[BDJPOBMFT FO TVT EJGFSFOUFT EFQFOEFODJBT "DDJwO *NQSP MFT QSPQVTP B WBSJBT EF FMMBT RVF TF QPErB MPHSBS B USBWnT EF FWFOUPT UFBUSBMFT &TUB JEFB TF PSJHJOw BM UJFNQP RVF FM Q|CMJDP RVF BTJTUrB B OVFTUSBT SFQSFTFOUBDJPOFT DPNFO[w B NPUJWBSOPT QBSB RVF MMFWgSBNPT OVFTUSPT FTQFDUgDVMPT EF JNQSPWJTBDJwO B FWFOUPT DPNP MBO[BNJFOUP Z DBNQBvBT EF WFOUBT EF QSPEVDUPT "Tr MP IJDJNPT Z EF FTUB NBOFSB DSFBNPT EJWFSTPT QSPHSBNBT TFH|O GVFSB MB UFNgUJDB SFRVFSJEB "DDJwO *NQSP FYQFSJFODJB EF VO NPEFMP EF HFTUJwO DVMUVSBM FYJUPTP


"DUVBMNFOUF "DDJwO *NQSP UJFOF VO NPEFMP EF OFHPDJP TPTUFOJCMF FO DSFDJNJFOUP F JOEFQFOEJFOUF Z FM IFDIP EF UFOFS UPEB MB JOGSBFTUSVDUVSB RVF OFDFTJUB VO OFHPDJP FO OVFTUSP DBTP TBMBT EF FOTBZP TBMB EF UFBUSP Z TPQPSUF BENJOJTUSBUJWP IBDF RVF MPT DMJFOUFT JOWJFSUBO FM EJOFSP DPO USBORVJMJEBE %FTEF RVF JOJDJn NJ USBCBKP DPO "DDJwO *NQSP DSFBNPT VO NPEFMP EF OFHPDJPT RVF TJFNQSF FTUBNPT FWBMVBOEP Z NPEJ¯DBOEP EF BDVFSEP OP TwMP B MBT OFDFTJEBEFT EFM NFSDBEP TJOP B MBT FYQFDUBUJWBT Z NPUJWBDJPOFT EF MPT BSUJTUBT QVFT FMMPT FO MBT JOEVTUSJBT DVMUVSBMFT TPO FM NBZPS QBUSJNPOJP &MBCPSBNPT QPS UBOUP VO QMBO EF NFSDBEFP B USBWnT EFM DVBM USBCBKBNPT OVFTUSB §NBSDB¨ EF FTUSBUFHJBT EF DPNVOJDBDJwO Z EF PSHBOJ[BDJwO EF MB FN QSFTB &T BTr DPNP IFNPT MPHSBEP DSFBS VO QSPEVDUP HFOnSJDP §MPT FTQFDUg DVMPT "DDJwO *NQSP¨ &O OVFTUSB FNQSFTB UFOFNPT USFT MrOFBT EF QSPEVDUPT NVZ EF¯OJEBT Z DPO PCKFUJWPT NVZ DMBSPT &WFOUPT FNQSFTBSJBMFT 4PO EF BMUB SFOUBCJMJEBE QPS FM SFDPOPDJ NJFOUP RVF ZB UJFOF FM HSVQP Z OPT EB MB FTUBCJMJEBE ¯OBODJFSB QBSB MBT PUSBT MrOFBT "DBEFNJB )BDF VO BvP BCSJNPT GPSNBMNFOUF OVFTUSB BDBEFNJB EPOEF EJDUBNPT UBMMFSFT EF BDUVBDJwO JNQSPWJTBDJwO Z NJFEP FTDn OJDP &TUB MrOFB TF TPTUJFOF FDPOwNJDBNFOUF QPS Tr TPMB BEFNgT EF RVF OPT EB MB QPTJCJMJEBE EF HFOFSBS FNQMFP FO FM NFEJP UFBUSBM 4BMB Z FTQFDUgDVMPT QSPQJPT "RVr FT EPOEF MBUF FM DPSB[wO EF "D DJwO *NQSP EF EPOEF OBDJw Z IBDJB EPOEF TJFNQSF EFCF EJSJHJSTF %FTEF FM QVOUP EF WJTUB OFUBNFOUF ¯OBODJFSP FT VO OFHPDJP CBT UBOUF JOWJBCMF Z QPDP TPTUFOJCMF QVFT OP TF QVFEF WJWJS TwMP EF MB UBRVJMMB TJO FNCBSHP FTUF FT FM QSPEVDUP RVF OPT HFOFSB NBZP SFT TBUJTGBDDJPOFT QVFT FTUBNPT FO DPOUBDUP DPO FM Q|CMJDP RVF FT NVZ BHSBEFDJEP $PO OVFTUSPT FTQFDUgDVMPT IFNPT WJBKBEP B .nYJ DP &DVBEPS "SHFOUJOB #SBTJM &TQBvB Z FTUF BvP JSFNPT B $IJMF Z SFHSFTBSFNPT B &TQBvB 5BNCJnO OPT IB EBEP MB QPTJCJMJEBE EF PSHBOJ[BS Z QSPEVDJS FM 'FTUJWBM *OUFSOBDJPOBM EF *NQSPWJTBDJwO EFOUSP EFM NBSDP EFM 'FTUJWBM *CFSPBNFSJDBOP EF #PHPUg "VORVF UBNCJnO IFNPT QBSUJDJQBEP FO DPOWPDBUPSJBT EFM .JOJTUFSJP EF $VMUVSB Z EF MB BMDBMErB EF OVFTUSB DJVEBE OVODB IFNPT CBTBNPT OVFTUSP NPEFMP EF OFHPDJP FO MBT BZVEBT EFM HPCJFSOP &TUBNPT FO DBQBDJEBE EF FWB MVBS DVgMFT EF FTBT JOJDJBUJWBT OPT DPOWJFOF Z TPCSFUPEP UFOFNPT MB TFHV SJEBE EF TBCFSMBT BQSPWFDIBS FO UBOUP RVF OPT NPUJWBO B SFBMJ[BS QSPZFDUPT OVFWPT TJO RVF EF FMMPT EFQFOEB OVFTUSP TPTUFOJNJFOUP IFSSBNJFOUBT QBSB MB HFTUJwO DVMUVSBM


/VFTUSP NBZPS MPHSP IB TJEP WJWJS CJFO EFM UFBUSP 6OB WF[ DPOTFHVJ NPT FTUB NFUB OPT USB[BNPT OVFWPT PCKFUJWPT RVF QPDP B QPDP IFNPT BM DBO[BEP UFOFS VOB NBSDB QPTJDJPOBEB FO FM NFSDBEP TFS SFDPOPDJEPT QPS OVFTUSB DBMJEBE BSUrTUJDB Z QPS OVFTUSB PSHBOJ[BDJwO FNQSFTBSJBM BQPSUBS B MB HFOFSBDJwO EF FNQMFP FO VO NFEJP UBO EJGrDJM DPNP FM UFBUSP MMFWBS MB DVMUVSB B Q|CMJDPT RVF QPS GBMUB EF DPOPDJNJFOUP P DBQBDJEBE FDPOwNJDB OP BTJTUF BM UFBUSP Z QPTFFS VOB FTUBCJMJEBE ¯OBODJFSB QBSB QPEFS SFBMJ[BS PUSPT TVFvPT

"DDJwO *NQSP FYQFSJFODJB EF VO NPEFMP EF HFTUJwO DVMUVSBM FYJUPTP


DBQrUVMP "MUFSOBUJWBT QBSB MB DPNFSDJBMJ[BDJwO EF CJFOFT Z TFSWJDJPT DVMUVSBMFT EF DBSgDUFS MPDBM .PEFSBEPS *WgO #FOBWJEFT 3FMBUPSFT +VBO .BOVFM 7BSHBT Z $MBSB .wOJDB ;BQBUB

1SFTFOUBDJwO -BT EJOgNJDBT EF MB HMPCBMJ[BDJwO DBNCJBO MBT GPSNBT FO MBT RVF MPT QSPEVDUPT DVMUVSBMFT MMFHBO BM NFSDBEP QPS MP RVF FT EF GVOEBNFO UBM JNQPSUBODJB FNQF[BS B QFOTBS FO MB NBOFSB EF BEBQUBSTF B VO FOUPSOP DBNCJBOUF Z QPS MP UBOUP EF HFOFSBS QPMrUJDBT Z FTUSBUFHJBT QBSB MPT OVF WPT UJFNQPT -B JOUFSBDDJwO FOUSF DVMUVSBT QVFEF HFOFSBS GVFSUFT DIPRVFT Z DPO°JDUPT QFSP CJFO HFTUJPOBEB HFOFSB SJRVF[B &T QPS FTUP RVF TF EFCFO SFQMBOUFBS MBT SFMBDJPOFT FOUSF &TUBEP TPDJFEBE DJWJM Z NFSDBEP FO NBUFSJB EF JOEVTUSJBT DVMUVSBMFT &O MB BDUVBMJEBE DVMUVSBM TF FTUgO WJWJFOEP DPTBT OVFWBT DPNP MB EFT UFSSJUPSJBMJEBE EF MB DVMUVSB EPOEF MP MPDBM TF USBOTGPSNB FO USBOT MPDBM GF OwNFOP NFKPS DPOPDJEP DPNP HMPDBMJ[BDJwO EF MB DVMUVSB QFOTBS HMPCBM Z BDUVBS MPDBM MB TVTUJUVDJwO EF MB QSPQJFEBE QPS FM BDDFTP FM SFFNQMB[P EF MPT NFSDBEPT QPS SFEFT MB HFOFSBDJwO EF MB USBOT DVMUVSBMJEBE EF MP QSFTFOUF Z MP QPT USBEJDJPOBM Z FM TVSHJNJFOUP EF DJVEBEFT DPOWFSHFOUFT EJWFSTJEBE Z DPTNPQPMJUJTNP DVMUVSBM JOEJWJEVBMJTNP TPMJEBSJP DVMUVSB EF NBTBT QFS TPOBMJ[BEB IBTUB FM QVOUP FO RVF RVJ[g QVFEBO MMFHBS B HFOFSBS FM EFTDPOP DJNJFOUP EF OVFTUSBT QSPQJBT JEFOUJEBEFT MBUJOPBNFSJDBOBT -BT JOEVTUSJBT DVMUVSBMFT NPMEFBO OVFTUSPT JNBHJOBSJPT QPS MP RVF IBZ RVF FOUFOEFS DwNP TF BSUJDVMB MP MPDBM FO FM NBSDP EF MP HMPCBM QBSB FWJUBS RVF TF HFOFSFO SFUSBTPT DPO SFTQFDUP BM SFTUP EFM QMBOFUB FT EFDJS FT OFDFTBSJP PCTFSWBS OVFWBT FTUSBUFHJBT QBSB BDDFEFS B NFSDBEPT FO NB UFSJB EF JOEVTUSJBT DVMUVSBMFT 4PCSF FM UFNB EF MBT FTUSBUFHJBT +PSEJ 1BSEP %JSFDUPS EFM -BCPSBUPSJP EF $VMUVSB Z 5VSJTNP #BSDFMPOB .FEJB ¥ $FOUSP EF *OOPWBDJwO EB QJTUBT TPCSF MB NBOFSB DPNP MBT DJVEBEFT QVFEFO BUSBFS SFDVSTPT QBSB FM EFTBSSPMMP EF TVT JOEVTUSJBT DVMUVSBMFT Z §PSJFOUBDJPOFT DMBWF BMUFSOBUJWBT QBSB MB DPNFSDJBMJ[BDJwO EF CJFOFT Z TFSWJDJPT DVMUVSBMFT EF DBSgDUFS MPDBM


QBSB MB DPNFSDJBMJ[BDJwO EF QSPEVDUPT DVMUVSBMFT MPDBMFT¨ $ISJTUJOF 4FNCB FY %JSFDUPSB EF $POUFOJEPT Z 1SPHSBNBT XPNFY TF DFOUSB FO MPT EFTBGrPT B MPT RVF TF WFO FOGSFOUBEPT MPT N|TJDPT MPDBMFT FO MB BDUVBMJEBE QBSB MPHSBS FOUSBS FO FM DPNQFUJUJWP NFSDBEP JOUFSOBDJPOBM 1PS |MUJNP -VDJBOP #PSHP HMJP EF MB %JSFDDJwO (FOFSBM EF *OEVTUSJBT $SFBUJWBT Z $PNFSDJP &YUFSJPS .JOJTUFSJP EF %FTBSSPMMP &DPOwNJDP "SHFOUJOB QSPQPOF BUFOEFS BM EJTFvP DPNP VOB EF MBT FTUSBUFHJBT B QBSUJS EF MB DVBM MBT JOEVTUSJBT DSFBUJWBT UFSSJUP SJBMFT QVFEFO FOUSBS B MPT NFSDBEPT JOUFSOBDJPOBMFT Z FOGSFOUBSTF EFTEF MB EJGFSFODJBDJwO B MB IPNPHFOJ[BDJwO RVF USBF DPOTJHP MB HMPCBMJ[BDJwO

1SFTFOUBDJwO


-B DPNFSDJBMJ[BDJwO EF MPT CJFOFT Z TFSWJDJPT EF DBSgDUFS MPDBM FOUSF MB JONFOTJEBE EF MP NJO|TDVMP Z MB QFRVFvF[ EFM NFSDBEP 1PS +PSEJ 1BSEP

JNQPSUBODJB EF MBT DJVEBEFT FO FM QSPDFTP EF HMPCBMJ[BDJwO EF MBT BDUJWJEBEFT DVMUVSBMFT 5SBEJDJPOBMNFOUF MBT DJVEBEFT IBO UFOJEP VO QBQFM EFTUBDBEP FO MB BDUVBM HFPHSBGrB EF MBT BDUJWJEBEFT DVMUVSBMFT -B DJVEBE FT VO FTQBDJP DPO VOB FMFWBEB EFOTJEBE EF SFMBDJPOFT IV NBOBT RVF B MP MBSHP EF MB IJTUPSJB IB UFOJEP VO MVHBS QSJWJMFHJBEP DPNP DFOUSP EF BDUJWJEBE DVMUVSBM Z FDPOwNJDB FYIJCJFOEP VOB HSBO DBQBDJEBE EF HFOFSBS DVMUVSB FO GPSNB EF BSUF JEFBT FTUJMPT Z GPSNBT EF WJEB Z EF JODMVJS FMFWBEPT OJWFMFT EF JOOPWBDJwO Z EF DSFDJNJFOUP FDPOwNJDP B QFTBS RVF FMMP OP TF IB EBEP OFDFTBSJBNFOUF EF GPSNB TJNVMUgOFB 4DPUU

&TUB DPODFQDJwO USBEJDJPOBM EF MBT DJVEBEFT DPNP O|DMFPT EF BDUJWJ EBE FDPOwNJDB Z DVMUVSBM TF IB CBTBEP FO TV QPTJDJwO EF DFOUSBMJEBE SFTQFD UP EF VO FOUPSOP UFSSJUPSJBM JONFEJBUP "Tr MBT DJVEBEFT IBO PTUFOUBEP VOB QPTJDJwO EF DBQJUBMJEBE TPCSF VOB EFUFSNJOBEB gSFB EF JO°VFODJB $PO FM QSPDFTP EF NVOEJBMJ[BDJwO FM QSPUBHPOJTNP EF MBT DJVEBEFT FO FM EFTBSSPMMP FDPOwNJDP Z DVMUVSBM TF IB WJTUP BNQMJBEP $PODSFUBNFOUF DPO MB HMPCBMJ[BDJwO TF EFTBSSPMMB VOB OVFWB HFPHSBGrB EF DJVEBEFT FO SFE FO MB DVBM MB DJVEBE §SPNQF DPO TV GVODJwO EF DFOUSP EF MBT GVFSUFT JOUFSEFQFO

$PODFQUPT Z QMBOUFBNJFOUP EF MB QSFTFOUF QPOFODJB EJTDVUJEPT Z FMBCPSBEPT DPO 9BWJFS $VCFMFT FTQFDJBMJTUB FO FDPOPNrB EF MB DVMUVSB F JOEVTUSJBT DVMUVSBMFT EFM -BCPSBUPSJP EF $VMUVSB Z 5VSJTNP #BSDFMPOB .FEJB ¥ $FOUSP EF *OOPWBDJwO

BMUFSOBUJWBT QBSB MB DPNFSDJBMJ[BDJwO EF CJFOFT Z TFSWJDJPT DVMUVSBMFT EF DBSgDUFS MPDBM


EFODJBT MPDBMFT QBSB DPOWFSUJSTF FO OPEP EF SFE EF VOB HFPHSBGrB FDPOwNJDB FYUFOEJEBยจ "NJO J 5ISJGU &O FTUF DPOUFYUP BQBSFDF FM DPODFQUP EF NFEJB DJUZ RVF FT VUJMJ[BEP QBSB EFTDSJCJS MPT DFOUSPT DVMUVSBMFT Z EF NFEJPT EF DPNVOJDBDJwO RVF PQFSBO B EJGFSFOUFT OJWFMFT HFPHSgยฏDPT ,SjULF &M EFTBSSPMMP EF FTUBT DJVEBEFT FTUg FTUSFDIBNFOUF SFMBDJPOBEP DPO MB QSF TFODJB EF FNQSFTBT NVMUJOBDJPOBMFT EFM TFDUPS ยงDPO TVT TFEFT DFOUSBMFT Z MB DPSSFTQPOEJFOUF SFE EF PยฏDJOBT EFTDFOUSBMJ[BEBT B EJTUJOUPT QBrTFT EFM NVO EP RVF EFTBSSPMMBO WrODVMPT DPO MPT DM|TUFS VSCBOPT EF QSPEVDDJwO DVMUVSBM B FTDBMB JOUFSOBDJPOBMยจ &TUB DPOFYJwO TVQSBSSFHJPOBM EF DJVEBEFT FTUg FO FM DPSB[wO EF MB HMP CBMJ[BDJwO DVMUVSBM BHFOUFT DVMUVSBMFT FO MB FTGFSB JOUFSOBDJPOBM &M TFDUPS FNQSFTBSJBM IB EFTBSSPMMBEP JNQPSUBOUFT PSHBOJ[BDJP OFT QBSB PQFSBS B OJWFM JOUFSOBDJPOBM -BT HSBOEFT NVMUJOBDJPOBMFT TPO MPT QSJODJQBMFT QSPUBHPOJTUBT EF MB HMPCBMJ[BDJwO DVMUVSBM Z DPO TV BDUJWJEBE IBO EBEP VO HSBO JNQVMTP B MPT NFSDBEPT EF QSPEVDUPT DVMUVSBMFT NgT FT UBOEBSJ[BEPT GPSUBMFDJFOEP MBT DVMUVSBT NgT GVFSUFT P EPNJOBOUFT B FTDBMB HMPCBM QSJODJQBMNFOUF MB BOHMPTBKPOB OPSUFBNFSJDBOB -BT FNQSFTBT EF QSPEVDDJwO DVMUVSBM ยงJOEFQFOEJFOUFTยจ UJFOFO FO HFOFSBM VO QBQFM NgT NBS HJOBM FO FM FTDFOBSJP EF MB HMPCBMJ[BDJwO &M TFDUPS Q|CMJDP MP DBOBMJ[B QSJODJQBMNFOUF B USBWnT EF MPT HPCJFSOPT DFOUSBMFT 1PS FM DPOUSBSJP MBT BENJOJTUSBDJPOFT SFHJPOBMFT MPDBMFT RVF TPO MBT BVUnOUJDBT EJOBNJ[BEPSBT EF MB WJEB MPDBM FO FM JOUFSJPS EF DBEB QBrT DBSFDFO EF MPT SFDVSTPT Z EF MBT JOGSBFTUSVDUVSBT OFDFTBSJBT QBSB FMMP : FO HFOFSBM UBNCJnO TF PCTFSWB VOB EnCJM QSFTFODJB B OJWFM JOUFSOBDJPOBM EF MBT PSHBOJ[BDJPOFT DVMUVSBMFT TJO gOJNP EF MVDSP HMPCBMJ[BDJwO Z EJWFSTJEBE DVMUVSBM &M JOUFOTP QSPDFTP EF NVOEJBMJ[BDJwO BDPOUFDJEP B MP MBSHP EF MBT |MUJNBT EnDBEBT IB BCJFSUP MBT QVFSUBT BM EFCBUF TPCSF MB QSFTFSWBDJwO EF MB EJWFSTJEBE DVMUVSBM )BZ NVDIBT FWJEFODJBT TPCSF FM SJFTHP EF QnSEJEB EF EJWFSTJEBE DVMUVSBM FO MB BDUVBMJEBE UBM Z DPNP MP SFยฐFKB MB JOJDJBUJWB EF MB $POWFODJwO TPCSF MB QSPUFDDJwO Z MB QSPNPDJwO EF MB EJWFSTJEBE EF MBT FY QSFTJPOFT DVMUVSBMFT EF MB VOTFDP /P PCTUBOUF IBZ GVFSUFT JOUFSFTFT PSJFOUB EPT B GBWPSFDFS VOB NBZPS MJCFSBMJ[BDJwO EFM DPNFSDJP NVOEJBM EF MPT CJFOFT DVMUVSBMFT UBM Z DPNP TF IB QVFTUP EF NBOJยฏFTUP FO MBT DPOWFSTBDJPOFT TPCSF FM HBUU "DVFSEP (FOFSBM TPCSF "SBODFMFT "EVBOFSPT Z $PNFSDJP "OUF FMMP -B DPNFSDJBMJ[BDJwO EF MPT CJFOFT Z TFSWJDJPT EF DBSgDUFS MPDBM FOUSF MB JONFOTJEBE EF MP NJO|TDVMP Z MB QFRVFvF[ EFM NFSDBEP


EFCF TFvBMBSTF RVF FM QSPUFDDJPOJTNP QVFEF SFTVMUBS EFM UPEP JOF¯DB[ TJ OP WB BDPNQBvBEP EF NFEJEBT EF QSPNPDJwO DVMUVSBM $POTFDVFOUFNFOUF QBSB IBDFS GSFOUF B MPT SFUPT EF MB HMPCBMJ[BDJwO MBT QPMrUJDBT DVMUVSBMFT IBO EF QMBOUFBSTF EF GPSNB BNQMJB TJO RVF RVFEFO SFTUSJOHJEBT B VOB FTUSJDUB WJTJwO EF QPMrUJDB FYUFSJPS &O FTUF TFOUJEP TF QVFEFO TFvBMBS DJODP PSJFOUBDJPOFT DMBWF QBSB MB EF¯OJDJwO EF MPT PCKFUJWPT EF MBT QPMrUJDBT Q|CMJDBT FO FM DBNQP EF MBT JOEVTUSJBT DVMUVSBMFT "USBDDJwO $POFYJwO $PNQFOTBDJwO *OUFHSBDJwO F *OOPWBDJwO MB DBQBDJEBE EF BUSBDDJwO EF MPT UFSSJUPSJPT 1PMrUJDBT EJSJHJEBT B BUSBFS SFDVSTPT QSJWBEPT EFM JOUFSJPS EFM QBrT P EFM FYUFSJPS FO FM EFTBSSPMMP EF MBT JOEVTUSJBT DVMUVSBMFT TPCSFUPEP DPO SFMBDJwO B MBT HSBOEFT DPSQPSBDJPOFT FNQSFTBSJBMFT RVF SFBMJDFO FM QBQFM EF HSBOEFT HFTUPSFT EFM QSPDFTP EF QSPEVDDJwO Z EJGVTJwO EF DPOUFOJEPT DVMUVSBMFT &OUSF PUSPT IBZ RVF EFTUBDBS MPT TJHVJFOUFT GBDUPSFT EF BUSBDDJwO RVF QVFEFO GBWPSFDFS MB VCJDBDJwO EF MBT JOEVTUSJBT DVMUVSBMFT FO VO UFSSJUPSJP FO FTQFDJBM DPNP TF IB EJDIP FO MBT HSBOEFT DJVEBEFT MB FYJTUFODJB EF VO TJTUFNB EF DSFBUJWJEBE F JOOPWBDJwO EJOgNJDP Z SgQJEP VOB GVFS[B MBCPSBM QSFQBSBEB VOB °VJEB USBOTGFSFODJB EF MPT DFOUSPT EF FOTFvBO[B F JOWFTUJHBDJwO B MBT FNQSFTBT FUD MB EJTQPOJCJMJEBE EF VOBT JOGSBFTUSVDUV SBT UnDOJDBT BWBO[BEBT TPCSF UPEP FO FM gNCJUP EF MBT UFMFDPNVOJDBDJPOFT QBSB BDDFEFS B MPT HSBOEFT NFSDBEPT SJDPT F JOUFHSBEPT VOPT CBKPT DPT UFT EF QSPEVDDJwO DPO SFMBDJwO B MPT QSFDJPT EFM NFSDBEP EF EFTUJOP MB DBMJEBE EF MB PSHBOJ[BDJwO EFM UFKJEP EF FNQSFTBT EF TFSWJDJPT Z BVYJMJBSFT VO NFSDBEP ¯OBODJFSP BEBQUBEP B MBT QBSUJDVMBSJEBEFT EF MBT JOEVTUSJBT DVMUVSBMFT VO SnHJNFO ¯TDBM GBWPSBCMF MB QSPYJNJEBE BM QPEFS QPMrUJDP QBSB FODBV[BS MBT FTUSBUFHJBT EF DSFDJNJFOUP EF MBT FNQSFTBT FM EPNJOJP EF MFOHVBT EF VTP NBZPSJUBSJP FO FM NVOEP Z MB FYJTUFODJB EF NFEJPT EF DPNVOJDBDJwO DPO HSBO DBQBDJEBE EF EJGVTJwO FO MPT NFSDBEPT MB DBQBDJEBE EF DPOFYJwO EF MPT UFSSJUPSJPT DPO FM FYUFSJPS 1PMrUJDBT RVF GBWPSF[DBO MB DPOFYJwO EF MBT JOEVTUSJBT DVMUVSBMFT QSPQJBT FO FM FTDFOBSJP JOUFSOBDJPOBM 1BSB FMMP FT JOEJTQFOTBCMF MB EF¯OJDJwO EF NFEJEBT RVF DVFOUFO DPO MB DPNQMJDJEBE BDUJWB EF MBT FNQSFTBT QSJWBEBT ZB RVF FO EF¯OJUJWB nTUBT TPO MBT RVF EFCFO QSPUBHPOJ[BS MB DPOFYJwO DPO MPT NFSDBEPT JOUFSOBDJPOBMFT &O FTUF TFOUJEP IBZ RVF TFvBMBS RVF MBT FN BMUFSOBUJWBT QBSB MB DPNFSDJBMJ[BDJwO EF CJFOFT Z TFSWJDJPT DVMUVSBMFT EF DBSgDUFS MPDBM


QSFTBT ยงJOEFQFOEJFOUFTยจ QVFEFO UFOFS VO HSBO QSPUBHPOJTNP DPNP DBOBMJ[B EPSBT EF JOJDJBUJWBT EF DPPQFSBDJwO JOUFSOBDJPOBM 1PS MP UBOUP nTUBT EFCFO TFS JODFOUJWBEBT EF GPSNB BDUJWB Z EFDJEJEB FO FTUB EJSFDDJwO NFEJBOUF QPS FKFNQMP MBT NFEJEBT FTUJNVMBEPSBT EF MBT DPQSPEVDDJPOFT JOUFSOBDJPOBMFT MB DP ยฏOBODJBDJwO Q|CMJDB EF QSPZFDUPT JOUFSOBDJPOBMFT FM TPQPSUF B MB DFMF CSBDJwO EF FODVFOUSPT DPO BHFOUFT JOUFSOBDJPOBMFT FO FM UFSSJUPSJP DPNP QPS FKFNQMP MBT TFTJPOFT EF QJUDIJOH QSBDUJDBEBT FO FM TFDUPS BVEJPWJTVBM MB DPODFTJwO EF GBDJMJEBEFT EF BDDFTP B MPT NFSDBEPT Z GFTUJWBMFT JOUFSOBDJPOB MFT MB SFEVDDJwO EF MPT DPTUFT EF UFMFDPNVOJDBDJwO MB BZVEB B MBT JOJDJBUJWBT EF EJTUSJCVDJwO JOUFSOBDJPOBM FUD 1BSB FMMP FT OFDFTBSJP EFยฏOJS VO OVFWP FTQBDJP EF SFMBDJwO FOUSF MPT BHFOUFT Q|CMJDPT Z QSJWBEPT RVF GPNFOUF MB DPOFYJwO EF MBT JOEVTUSJBT DVMUV SBMFT OBDJPOBMFT DPO MPT HSBOEFT NFSDBEPT Z FWJUBS RVF FTUB SFMBDJwO RVFEF MJNJUBEB ยงTPMBNFOUFยจ P QSJNPSEJBMNFOUF BM EFCBUF TPCSF FM NBOUFOJNJFOUP EF MBT NFEJEBT EF QSPUFDDJwO USBEJDJPOBMFT FM EJTFvP EF TJTUFNBT DPNQFOTBUPSJPT Z TPMJEBSJPT FOUSF UFSSJUPSJPT 1PMrUJDBT RVF DPOUSJCVZBO B SFTPMWFS MB JOTVยฏDJFODJB EF SFDVSTPT FDPOwNJDPT QSJWBEPT RVF DBSBDUFSJ[B B MPT NFSDBEPT EF SFEVDJEB EJNFOTJwO &O FTUF TFOUJEP QPS FKFNQMP DBCF MB QPTJCJMJEBE EF FTUBCMFDFS NFEJEBT SFHV MBEPSBT FTQFDrยฏDBT QBSB FTUPT UFSSJUPSJPT QPS FKFNQMP SFDPOPDJFOEP VO USBUP EF FYDFQDJwO QBSB FTUPT DBTPT BOUF MBT QFSTQFDUJWBT EF MJCFSBMJ[BDJwO EF MPT TFSWJDJPT EF SBEJPEJGVTJwO P CJFO DPOยฏHVSBS GPOEPT JOUFSOBDJPOBMFT EF DPN QFOTBDJwO Z BZVEB RVF GBWPSF[DBO FM EFTBSSPMMP EF MB DVMUVSB JOEVTUSJBM FO MBT gSFBT DVMUVSBMFT NgT QFRVFvBT MBT OBDJPOFT TJO &TUBEP Z MBT DJVEBEFT RVF OP TPO DBQJUBMFT EF &TUBEP 1BSB UPEP FMMP UBNCJnO QVFEF DPOUFNQMBSTF MB QPTJCJMJEBE EF WFSUF CSBS VO FTQBDJP JOUFSOBDJPOBM DPNQMFNFOUBSJP BM RVF BDUVBMNFOUF PDVQBO MPT HSBOEFT FTUBEPT Z MBT FNQSFTBT USBOTOBDJPOBMFT RVF BCSB VOB QVFSUB QBSB DBOBMJ[BS MBT QPMrUJDBT DVMUVSBMFT BM FYUFSJPS EF FTUPT UFSSJUPSJPT FM EJTFvP EF QPMrUJDBT JOUFHSBMFT 1PMrUJDBT HMPCBMFT QBSB FM DPOKVOUP EF MBT JOEVTUSJBT DVMUVSBMFT RVF TFBO DBQBDFT EF EBS VOB SFTQVFTUB JOUFHSBEB BM QSPDFTP EF DPOWFSHFODJB EF MBT JOEVTUSJBT DVMUVSBMFT BM HSBO NFSDBEP EF MB JOGPSNBDJwO Z MB DPNVOJ DBDJwO &O FTUF TFOUJEP IBTUB FM NPNFOUP BDUVBM IB TJEP Z TFSg FTQFDJBM NFOUF SFMFWBOUF MB SFMBDJwO EF MBT JOEVTUSJBT DVMUVSBMFT DPO MBT DBEFOBT EF -B DPNFSDJBMJ[BDJwO EF MPT CJFOFT Z TFSWJDJPT EF DBSgDUFS MPDBM FOUSF MB JONFOTJEBE EF MP NJO|TDVMP Z MB QFRVFvF[ EFM NFSDBEP


UFMFWJTJwO TPCSF UPEP DPO MBT EF UJUVMBSJEBE Q|CMJDB QFSP UBNCJnO DPO MBT QSJWBEBT 4JO FNCBSHP FO FM NPNFOUP QSFTFOUF ZB FT OFDFTBSJP DPOUFNQMBS JHVBMNFOUF PUSPT TFDUPSFT EF BDUJWJEBE EF MB JOGPSNgUJDB EF MBT UFMFDPNVOJ DBDJPOFT FUD RVF QVFEFO UFOFS JOUFSnT FO EFTBSSPMMBS OVFWPT QSPEVDUPT Z TFSWJDJPT EF DPOUFOJEP DVMUVSBM MB DBQBDJEBE EF JOOPWBDJwO Z BEBQUBDJwO EF MBT QPMrUJDBT Q|CMJDBT 'JOBMNFOUF BOUF VOB TJUVBDJwO EF DBNCJP QFSNBOFOUF Z BDF MFSBEP EFM FOUPSOP EFM NFSDBEP IBZ RVF TFvBMBS RVF MB WFMPDJEBE QBSB EBS SFTQVFTUB B MPT QSPCMFNBT RVF TF QMBOUFBO FO FM DBNQP EF MBT JOEVTUSJBT DVMUVSBMFT FT VO GBDUPS GVOEBNFOUBM EF nYJUP FO FM EFTBSSPMMP EF MBT QPMrUJDBT Q|CMJDBT -BT NFEJEBT EF JOUFSWFODJwO Q|CMJDB JOUSPEVDJEBT DPO MFOUJUVE P B EFTUJFNQP TF DPOWJFSUFO SgQJEBNFOUF FO JOF¯DBDFT &O DPOTFDVFODJB FT OFDFTBSJP RVF MPT SFTQPOTBCMFT EF MBT QPMrUJDBT DVMUVSBMFT UFOHBO VOB HSBO DBQBDJEBE EF JOOPWBDJwO QBSB BEBQUBS DPO SBQJEF[ MBT FTUSVDUVSBT PSHBOJ[B UJWBT EF MB BENJOJTUSBDJwO Q|CMJDB DVMUVSBM UBOUP FO FM JOUFSJPS DPNP FO FM FYUFSJPS Z MPT PCKFUJWPT Z FM DPOUFOJEP EF EJDIBT QPMrUJDBT

CJCMJPHSBGrB "NJO "TI Z 5ISJGU /JHFM $JUJFT 3FJNBHJOJOH UIF VSCBO .BMEFO ." #MBDLXFMM

BMUFSOBUJWBT QBSB MB DPNFSDJBMJ[BDJwO EF CJFOFT Z TFSWJDJPT DVMUVSBMFT EF DBSgDUFS MPDBM


-PT EFTBGrPT EF MBT JOEVTUSJBT DVMUVSBMFT MPDBMFT FM TFDUPS EF MB N|TJDB 1PS $ISJTUJOF 4FNCB

"DUVBMNFOUF TF IB JODSFNFOUBEP FM JOUFSnT QPS MB N|TJDB RVF TF SFBMJ[B FO NVDIPT MVHBSFT EFM NVOEP &TUB TJUVBDJwO TF FYQMJDB QPSRVF BDUVBMNFOUF MB JOGPSNBDJwO FT NgT BTFRVJCMF B DBVTB EFM JOUFSOFU Z EF RVF MB HFOUF BIPSB WJBKB NgT MP DVBM QFSNJUF FOUSBS FO DPOUBDUP DPO MB N|TJDB EF EJWFSTPT MVHBSFT 5BNCJnO IBZ RVF EFTUBDBS RVF BVORVF FTUF TFDUPS FT VOP EF MPT NgT EJOgNJDPT TV FTUSVDUVSB PSHBOJ[BUJWB TF IB JODSFNFOUBEP FO MPT |MUJNPT EJF[ BvPT TPCSF UPEP FO MPT QBrTFT PDDJEFOUBMFT 4JO FNCBSHP B NVDIPT BSUJTUBT MFT FT EJGrDJM MPHSBS VOB WJTJCJMJ[BDJwO Z DJSDVMBDJwO EF TV N|TJDB JOUFSOBDJPOBMNFOUF Z TwMP QVFEFO WJWJS EF TVT QSFTFOUBDJPOFT FO WJWP EFTQVnT EF DVBUSP P DJODP BvPT EF DBSSFSB NVTJDBM &OUPODFT DPOTJEFSP RVF MPT SFRVJTJUPT RVF IBZ RVF UFOFS FO DVFOUB QBSB TFS FYJUPTP FO MB JOEVTUSJB EF MB N|TJDB TPO UFOFS VOB CVFOB IJTUPSJB RVF DPOUBS QSFTFOUBS CVFOBT GPUPHSBGrBT QSPQPOFS QSFTFOUBDJPOFT FO WJWP DPO GVFS[B Z DPOUBS DPO TVFSUF Z NVDIB QBDJFODJB "IPSB CJFO PUSPT SFRVJTJUPT RVF IBZ RVF UFOFS FO DVFOUB TPO -B FTUnUJDB /P UPEPT MPT N|TJDPT RVF UJFOFO nYJUP FO TVT MPDBMJEBEFT TPO FYJUP TPT FO FM FYUFSJPS &TUP |MUJNP FT NgT EJGrDJM EF BMDBO[BS QPS DVBOUP FO FM NFSDBEP JOUFSOBDJPOBM FYJTUF VOB NBZPS DPNQFUFODJB "RVr IBZ RVF UFOFS FO DVFOUB RVF B BMHVOPT N|TJDPT MB JOGSBFTUSVDUVSB MPDBM OP MFT QFSNJUF QBTBS EF BMMr BM SFDPOPDJNJFOUP QPS GVFSB EF TVT QBrTFT QPS MP RVF EFDJEFO MBO[BSTF BM NFSDBEP JOUFSOBDJPOBM EJSFDUBNFOUF DPO QSPQVFTUBT BUSBZFOUFT EF MB N|TJDB USBEJDJPOBM EF TVT QBrTFT EF PSJHFO

-PT EFTBGrPT EF MBT JOEVTUSJBT DVMUVSBMFT MPDBMFT FM TFDUPS EF MB N|TJDB


1SFTFOUBDJPOFT FO WJWP Z GFTUJWBMFT MPDBMFT -BT QSFTFOUBDJPOFT FO WJWP TPO FO NVDIPT DBTPT MB NBOFSB DPNP TF HBOBO MB WJEB MPT BSUJTUBT NVTJDBMFT ZB RVF DBEB ErB FT NgT EJ GrDJM MB WFOUB EF DET &T JOEJTQFOTBCMF DPOGPSNBS FRVJQPT DBQBDFT EF QMBOFBS HJSBT FO VO DPOUFYUP RVF FT NVZ DPNQFUJUJWP 1BSB MP BOUFSJPS IBZ RVF UFOFS FO DVFOUB RVF MB QMBOJ¯DBDJwO EF VOB HJSB TJO BZVEB JNQMJDB UJFNQP Z MB BTVODJwO EF SJFTHPT ¯OBODJFSPT %F MB NJTNB NBOFSB VOB GPSNB EF QSPNPDJPOBS MB DVMUVSB MPDBM FT BUSBFS BVEJFODJB B FWFOUPT Z GFTUJWBMFT MPDBMFT MP DVBM OP TPMP BVNFOUB MB WJTJCJMJEBE Z DJSDVMBDJwO EF CJFOFT DVMUVSBMFT TJOP RVF DPOUSJCVZF B MB DPIFTJwO TPDJBM Z B MB HFOFSBDJwO EF JOHSFTPT QBSB MBT MPDBMJEBEFT /VFWPT Z WJFKPT EFTBGrPT &T DSVDJBM FM VTP EF MBT OVFWBT UFDOPMPHrBT QBSB MB EJGVTJwO Z QSP NPDJwO EF MB N|TJDB BTr DPNP MP TPO MB PSJHJOBMJEBE Z MB DSFBUJWJ EBE " QFTBS EF FTUP OP DPOP[DP IBTUB FM NPNFOUP FM QSJNFS HSVQP NVTJDBM RVF IBZB BMDBO[BEP VOB DBSSFSB JOUFSOBDJPOBM |OJDBNFOUF QPS JOUFSOFU &TUB B¯SNBDJwO OP TF QVFEF NBMJOUFSQSFUBS EJDJFOEP RVF MPT BSUJTUBT EFCFO PMWJEBSTF EFM JOUFSOFU 1PS FM DPOUSBSJP BM FODPOUSBSOPT FO VOB FUBQB EF USBOTJDJwO EFCFNPT IBDFS VTP EF FTUSVDUVSBT UBOUP OVFWBT DPNP WJFKBT %J¯DVMUBEFT -PT QSJODJQBMFT PCTUgDVMPT RVF FOGSFOUBO MPT BSUJTUBT NVTJDBMFT TPO OFDFTJUBO EFM FOUSFOBNJFOUP OFDFTBSJP QBSB DPOTUSVJS TVT DBSSF SBT FT EFDJS QBSB DPOTFHVJS DPOUBDUPT QBSB TVT HJSBT QPS FKFNQMP -B PCUFODJwO EF ¯OBODJBDJwO QBSB QSPNPDJPOBS TVT QSPEVDUPT IBDFS HJSBT Z BUFOEFS FWFOUPT JOUFSOBDJPOBMFT 1SPGFTJPOBMJ[BDJwO Z USBCBKP FO SFEFT 1BSB MPT BSUJTUBT RVF UJFOFO CBKPT QSFTVQVFTUPT MB VOJwO EF GVFS[BT Z DSFBDJwO EF SFEFT FT QSgDUJDBNFOUF MB |OJDB GPSNB DPNP QVFEFO EBSTF B DPOPDFS 6OB SFE EF QFSTPOBT DPO QSPCMFNBT F JOUFSFTFT DPNVOFT RVF QFSNJUB DPNQBSUJS FYQFSJFODJBT JOGPSNBDJwO DSFBS IFSSBNJFOUBT DPNQBSUJEBT Z QSPNPDJPOFT DPOKVOUBT FT VO NFDB OJTNP EF HSBO BZVEB "ZVEB QPS QBSUF EF MBT JOTUJUVDJPOFT MPDBMFT -B DVMUVSB DVFOUB DPO VO QPUFODJBM FDPOwNJDP NVZ HSBOEF QPS MP RVF OP TPMP FT OFDFTBSJP BQPZBS MBT NBOJGFTUBDJPOFT DVMUVSBMFT USB BMUFSOBUJWBT QBSB MB DPNFSDJBMJ[BDJwO EF CJFOFT Z TFSWJDJPT DVMUVSBMFT EF DBSgDUFS MPDBM


EJDJPOBMFT TJOP UBNCJnO B MPT KwWFOFT DPO QSPQVFTUBT DSFBUJWBT JO OPWBEPSBT 6OB SFE EF JOEVTUSJBT DVMUVSBMFT QVFEF BERVJSJS NVDIB NgT DBQBDJEBE EF HFTUJwO TJ TF FODVFOUSB FO EJgMPHP QFSNBOFOUF DPO MBT JOTUJUVDJPOFT MPDBMFT MBT DVBMFT KVFHBO VO QBQFM GVOEBNFO UBM FO TV EFTBSSPMMP &T EFDJS FT NVZ JNQPSUBOUF RVF EJGFSFOUFT JOT UJUVDJPOFT RVF UJFOFO RVF WFS DPO MB DVMUVSB FM DPNFSDJP FYUFSJPS FM UVSJTNP Z MB FEVDBDJwO TF JOWPMVDSFO FO MB QSPNPDJwO Z TPQPSUF EF MBT JOEVTUSJBT DVMUVSBMFT &M &TUBEP UBNCJnO MBT QVFEF BQPZBS EF NBOFSB F¯DJFOUF EF MBT TJHVJFOUFT NBOFSBT Â… $PO FM FOUSFOBNJFOUP QSPGFTJPOBM EF MPT PQFSBEPSFT EF MB DVMUV SB FO BTVOUPT EJHJUBMFT MFHBMFT EF DPNFSDJP JOUFSOBDJPOBM FOUSF PUSPT Â… .FEJBOUF MB TFOTJCJMJ[BDJwO B MPT BSUJTUBT FO BTVOUPT EF FNQSFO EJNJFOUP Â… $PO TPQPSUF B SFEFT Z DMVTUFST EF DVMUVSB Â… " USBWnT EF TPQPSUFT ¯OBODJFSPT DPNP MPT NJDSPDSnEJUPT Â… "QPZPT QBSB QBSUJDJQBS FO FWFOUPT JOUFSOBDJPOBMFT Â… &TUJNVMBOEP P QSPNPDJPOBOEP FWFOUPT Z UVSJTNP MPDBMFT Â… $PMBCPSBOEP DPO MB WJTJCJMJ[BDJwO EF MPT BSUJTUBT FO FM FYUFSJPS B USBWnT EF DBNQBvBT P USBCBKPT QFSJPErTUJDPT Â… $PO MB BQMJDBDJwO Z ¯TDBMJ[BDJwO EF MPT EFSFDIPT EF BVUPS /P FT GgDJM FYQPSUBS N|TJDB QBSB FMMP TF OFDFTJUB USBCBKP EVSP QBDJFO DJB BZVEB Z CVFOB TVFSUF QFSP TPCSF UPEP TF OFDFTJUB CVFOB N|TJDB DPNP MB DPMPNCJBOB

-PT EFTBGrPT EF MBT JOEVTUSJBT DVMUVSBMFT MPDBMFT FM TFDUPS EF MB N|TJDB


&M EJTFvP DPNP FTUSBUFHJB EF JOTFSDJwO JOUFSOBDJPOBM 1PS -VDJBOP #PSHPHMJP

1BSB DPNFO[BS RVJTJFSB SFQBTBS BMHVOPT DPODFQUPT RVF QVFEFO BZVEBSOPT B FONBSDBS MB QSPCMFNgUJDB EF DwNP FTUBCMFDFS FTUSBUFHJBT QBSB DPNFSDJBMJ[BS JOUFSOBDJPOBMNFOUF CJFOFT Z TFSWJDJPT EF DBSgDUFS MPDBM QBSB MVFHP BDFSDBSNF B MB DMBTF EF SFTQVFTUB RVF NF HVTUBSrB QSPQPOFS QPTGPSEJTNP FDPOPNrB DSFBUJWB JOEVTUSJBT DSFBUJWBT Z FM MVHBS EFM EJTFvP 3FTVMUBO FWJEFOUFT MBT USBOTGPSNBDJPOFT PDVSSJEBT FO FM TFOP EFM NPEP EF QSPEVDDJwO DBQJUBMJTUB FO MBT |MUJNBT EnDBEBT USBOTGPSNBDJPOFT RVF EJFSPO MVHBS BM QPTGPSEJTNP P FDPOPNrB EFM DPOPDJNJFOUP P TPDJFEBE EF MB JOGPSNBDJwO FOUSF PUSBT EFOPNJOBDJPOFT NgT P NFOPT TBUJTGBDUPSJBT Z SJHVSPTBT -VFHP EF VO MBSHP QFSrPEP DBSBDUFSJ[BEP QPS MB QSPEVDDJwO FO NBTB EF QSPEVDUPT FTUBOEBSJ[BEPT TPCSFWJOJFSPO FO MPT QBrTFT DFOUSBMFT ¥Z MVFHP EFTJHVBM Z IFUFSPHnOFBNFOUF FO MPT QBrTFT FO EFTBSSPMMP¥ JNQPSUBOUFT DBN CJPT FO FM QBSBEJHNB QSPEVDUJWP RVF EFTEF FOUPODFT EFCF SFTQPOEFS B VOB EFNBOEB DBEB WF[ NgT PSJFOUBEB B MB EJWFSTJEBE B MB OPWFEBE B MB DBMJEBE Z B MPT BTQFDUPT TJNCwMJDPT EF MPT QSPEVDUPT &O FM TFOP EF FTUB HSBO USBOTGPSNBDJwO UPNB TVTUBODJB Z GVOEBNFOUP MB OPDJwO EF FDPOPNrB DSFBUJWB &TUB OPDJwO BEWJFSUF FM QPUFODJBM EF MB DSFB UJWJEBE DPNP GBDUPS EF EFTBSSPMMP TPDJBM FDPOwNJDP Z DVMUVSBM FO VO NVOEP HMPCBMJ[BEP EPOEF EPNJOBO Z QSPMJGFSBO MBT JNgHFOFT MPT TPOJEPT MPT UFYUPT Z MPT TrNCPMPT -BT JOEVTUSJBT DSFBUJWBT TPO QFOTBEBT FO MB FODSVDJKBEB FOUSF MBT BSUFT MB DVMUVSB MPT OFHPDJPT Z MB UFDOPMPHrB FO EPOEF FM DBQJUBM JOUFMFDUVBM FT FM QSJODJQBM JOTVNP &M DBSgDUFS NVMUJGBDnUJDP EF FTUBT JOEVTUSJBT TVHJFSF QPMr UJDBT Q|CMJDBT USBOTWFSTBMFT FO MBT RVF UPNFO QBSUF EJTUJOUPT wSHBOPT EF HP BMUFSOBUJWBT QBSB MB DPNFSDJBMJ[BDJwO EF CJFOFT Z TFSWJDJPT DVMUVSBMFT EF DBSgDUFS MPDBM


CJFSOP DPNP MPT RVF UJFOFO B TV DBSHP MB FEVDBDJwO MB DVMUVSB MB FDPOPNrB FM DPNFSDJP FYUFSJPS FUD 4FH|O MBT DPOEJDJPOFT QBSUJDVMBSFT EF MPT gNCJUPT FO EPOEF TF EF¯OBO FT EFDJS TFH|O FM QBrT ¥NJOJTUFSJPT Z PSHBOJTNPT TF H|O TFB FM DBTP¥ MBT JOEVTUSJBT DSFBUJWBT QVFEFO JODMVJS VO SBOHP BNQMJP EF BDUJWJEBEFT UBMFT DPNP MB N|TJDB MPT MJCSPT MPT EJBSJPT MBT BSUFT WJTVBMFT Z FTDnOJDBT MB DJOFNBUPHSBGrB MB BOJNBDJwO EJHJUBM MPT WJEFPKVFHPT MB BSRVJ UFDUVSB MB QVCMJDJEBE Z QPS TVQVFTUP FM EJTFvP 1BSB IBDFS GSFOUF B VOB EFNBOEB DBEB WF[ NgT BUPNJ[BEB EJWFSTJ¯ DBEB Z DBNCJBOUF DPCSB SFMFWBODJB MB BEPQDJwO EF NnUPEPT Z UnDOJDBT QBSB MB JOUFSQSFUBDJwO EF MB EJNFOTJwO TJNCwMJDB EF MPT QSPEVDUPT Z MB BQMJDBDJwO EF EJDIP DPOPDJNJFOUP B TVT QSPDFTPT EF QSPEVDDJwO Z FM EJTFvP DPNP WF SFNPT CSJOEB WBMJPTBT IFSSBNJFOUBT QBSB IBDFSMP FWPMVDJwO JOTUJUVDJPOBM EF MB EJSFDDJwO HFOFSBM EF JOEVTUSJBT DSFBUJWBT ¡EHJOD¡ MBT JOEVTUSJBT DSFBUJWBT Z FM EJTFvP FO CVFOPT BJSFT -B FWPMVDJwO JOTUJUVDJPOBM EFM PSHBOJTNP EFM DVBM GPSNP QBSUF FT TJOUPNgUJDB EF MBT USBOTGPSNBDJPOFT RVF IF EFMJOFBEP QPS MP RVF NF QFS NJUJSn IBDFS CSFWFT SFGFSFODJBT QPS TV DBSgDUFS JMVTUSBUJWP &O TF DSFB FO MB wSCJUB EF MB 4FDSFUBSrB EF $VMUVSB EFM (PCJFSOP EF MB $JVEBE EF #VFOPT "JSFT MB 4VCTFDSFUBSrB EF *OEVTUSJBT $VMUVSBMFT FO DVZP TFOP GVODJPOw FM 0CTFSWBUPSJP EF *OEVTUSJBT $VMUVSBMFT &O FM BvP MB 4VCTFDSFUBSrB Z QPS MP UBOUP FM 0CTFSWBUPSJP QBTBO B MB wSCJUB EFM .JOJT UFSJP EF MB 1SPEVDDJwO QBSB MVFHP FO QBTBS B EFOPNJOBSTF %JSFDDJwO (FOFSBM EF *OEVTUSJBT $SFBUJWBT Z 0CTFSWBUPSJP EF *OEVTUSJBT $SFBUJWBT SFT QFDUJWBNFOUF FO FM BDUVBM .JOJTUFSJP EF %FTBSSPMMP &DPOwNJDP 'JOBMNFOUF B DPNJFO[PT EF TF GVTJPOB MB %JSFDDJwO (FOFSBM EF *OEVTUSJBT $SFBUJWBT DPO MB %JSFDDJwO (FOFSBM EF $PNFSDJP &YUFSJPS QBSB GPSNBS MB BDUVBM %JSFD DJwO EF *OEVTUSJBT $SFBUJWBT Z $PNFSDJP &YUFSJPS $PNP QVFEF WFSTF MB FWPMVDJwO EF MB EHJOD CPTRVFKBEB SF°FKB FM SFDP OPDJNJFOUP EF MPT BTQFDUPT FDPOwNJDPT EF FTUBT BDUJWJEBEFT DPO TV USBTMBEP EF MB wSCJUB DVMUVSBM B MB FDPOwNJDB EFM HPCJFSOP NJFOUSBT RVF BM UJFNQP QBSUJDJQB EF MB BNQMJBDJwO FO TV DBNQP EF BDDJwO MP DVBM QVFEF WFSJ¯DBSTF DPO FM QBTP EF MB OPDJwO EF JOEVTUSJBT DVMUVSBMFT BM EF JOEVTUSJBT DSFBUJWBT USBOTJDJwO EF DBSBDUFSrTUJDBT DPNQMFKBT RVF OP QPESrBO USBUBSTF FO QSPGVOEJ EBE FO FTUB QPOFODJB 1PS PUSB QBSUF MB QSPNPDJwO EF MBT JOEVTUSJBT DSFBUJWBT TF CFOF¯DJB EF MB JODPSQPSBDJwO EFM PSHBOJTNP EF $PNFSDJP &YUFSJPS QFSNJUJFOEP PQFSBS TPCSF MB UPUBMJEBE EF TVT DBEFOBT EF WBMPS %F FTUB NBOFSB QVFEFO QMBO &M EJTFvP DPNP FTUSBUFHJB EF JOTFSDJwO JOUFSOBDJPOBM


UFBSTF QMBOFT FTUSBUnHJDPT JOUFHSBMFT RVF DPOUFNQMFO UBOUP MB DVFTUJwO EFM EFTBSSPMMP MPDBM EF FTUBT JOEVTUSJBT DPNP TV JOUFSOBDJPOBMJ[BDJwO -B %JSFDDJwO EF *OEVTUSJBT $SFBUJWBT Z $PNFSDJP &YUFSJPS UJFOF QPS PCKFUJWP DPMBCPSBS FO MB EJOBNJ[BDJwO EFM FOUSBNBEP QSPEVDUJWP Z EF MB DBMJ EBE EF WJEB EF MPT IBCJUBOUFT B USBWnT EF MB QSPNPDJwO EFM EJTFvP QSPGVOEJ [BS FO FM EFTBSSPMMP EF MBT JOEVTUSJBT DSFBUJWBT EF MB DJVEBE B MP MBSHP EF UPEB MB DBEFOB EF WBMPS Z BVNFOUBS MB QSFTFODJB EF MB QSPEVDDJwO QPSUFvB FO MPT NFSDBEPT JOUFSOBDJPOBMFT &TUF PSHBOJTNP DPCSB QBSUJDVMBS JNQPSUBODJB FO VOB DJVEBE EF MBT DBSBDUFSrTUJDBT EF #VFOPT "JSFT EPOEF MBT JOEVTUSJBT DSFB UJWBT SFQSFTFOUBO BQSPYJNBEBNFOUF FM EFM WBMPS BHSFHBEP Z FM EFM FNQMFP 1PS PUSB QBSUF FYJTUF VOB GVFSUF JOUFSOBDJPOBMJ[BDJwO EF EJDIBT JOEVTUSJBT FO MBT JOEVTUSJBT DSFBUJWBT BSHFOUJOBT GVFSUFNFOUF DPODFO USBEBT FO #VFOPT "JSFT HFOFSBSPO EJWJTBT QPS NJMMPOFT EF EwMBSFT VO JODSFNFOUP EFM SFTQFDUP EF #VFOPT "JSFT FT BNQMJBNFOUF SFDP OPDJEB QPS MB EJWFSTJEBE Z BCVOEBODJB EF TV QSPEVDDJwO DVMUVSBM Z DSFBUJWB QPS DPOUBS DPO SFDVSTPT IVNBOPT EF BMUB DBMJ¯DBDJwO Z VOB HSBO JOGSBFTUSVD UVSB DVMUVSBM FOUSF PUSPT BTQFDUPT -B %JSFDDJwO FTUg DPOGPSNBEB QPS USFT VOJEBEFT EF HFTUJwO FO MBT DVBMFT QBSUJDJQBO NgT EF DJFO FNQMFBEPT *OEVTUSJBT $SFBUJWBT EFEJDBEB B MB QSPNPDJwO EF MBT JOEVTUSJBT EJTDPHSg¯DB FEJUPSJBM EFM BVEJPWJTVBM Z EFM WJEFPKVFHP MPDBMFT $PNFSDJP &YUFSJPS EFEJDBEB B MB QSPNPDJwO EF MBT FY QPSUBDJPOFT EF MB DJVEBE Z MB JOUFSOBDJPOBMJ[BDJwO EF MBT FNQSFTBT MPDBMFT ¥USBCBKP SFBMJ[BEP EF NBOFSB USBOTWFSTBM DPO MBT SFTUBOUFT gSFBT¥ Z FM $FO USP .FUSPQPMJUBOP EF %JTFvP P DNE &M DNE TF FODVFOUSB VCJDBEP FO FM CBSSJP QPSUFvP EF #BSSBDBT FO VO FEJ¯DJP EF N 'VF DSFBEP QBSB BTJTUJS B FNQSFTBT EJTFvBEPSFT Z FN QSFOEFEPSFT EF #VFOPT "JSFT DPO FM PCKFUJWP EF NFKPSBS TV DPNQFUJUJWJEBE B QBSUJS EFM EJTFvP Z MB JOOPWBDJwO 6OB EF UBMFT GPSNBT FT FMBCPSBOEP Z EJGVOEJFOEP DPOPDJNJFOUPT RVF TJSWBO B MB HFTUJwO EFM EJTFvP -BT gSFBT EFM DNE TPO *ODV#" 0¯DJOB EF .PEB EF #VFOPT "JSFT (FTUJwO EF %JTFvP Z FM *OTUJUVUP .FUSPQPMJUBOP EF %JTFvP F *OOPWBDJwO 6OB JOTUJUVDJwO EF FTUBT DBSBDUFSrTUJDBT DPCSB SFMFWBODJB FO FM NBSDP EF VOB DJVEBE DPNP #VFOPT "JSFT &O MPT |MUJNPT BvPT TF IBO EBEP DJFSUBT DPOEJDJPOFT RVF EJFSPO NBZPS WJTJCJMJEBE BM TFDUPS EFM EJTFvP FO MB DJVEBE FM HSBO DSFDJNJFOUP FYQFSJNFOUBEP QPS MPT DPSSFEPSFT DPNFSDJBMFT QBSUJDV MBSNFOUF 3FDPMFUB Z 1BMFSNP FM BVNFOUP EF MB NBUSrDVMB VOJWFSTJUBSJB EF MB NBOP EF MB QSPMJGFSBDJwO EF OVFWBT PGFSUBT FEVDBUJWBT FO FM TFDUPS Z MB EJT UJODJwO EBEB QPS QBSUF EF MB VOFTDP B #VFOPT "JSFT DPNP MB QSJNFSB $JVEBE $SFBUJWB EFM %JTFvP FO FOUSF PUSBT BMUFSOBUJWBT QBSB MB DPNFSDJBMJ[BDJwO EF CJFOFT Z TFSWJDJPT DVMUVSBMFT EF DBSgDUFS MPDBM


EJOBNJTNP Z WPMVNFO EFM DPNFSDJP FYUFSJPS EF CJFOFT DSFBUJWPT Z EF EJTFvP MPT CJFOFT EF EJTFvP DPNP £DSFBDJPOFT GVODJPOBMFT¤ -B DPOTUBUBDJwO EF RVF MBT BDUJWJEBEFT CBTBEBT FO MB DSFBUJWJ EBE FM UBMFOUP Z MB JOOPWBDJwO UJFOFO VO EFTFNQFvP FDPOwNJDP RVF TVQFSB BM SFTUP IB DPOUSJCVJEP B WJTJCJMJ[BSMBT DPNP TFDUPSFT QSPEVDUJWPT QPS EFSF DIP QSPQJP BEJDJPOBMNFOUF EF MPT BUSJCVUPT DVMUVSBMFT P TJNCwMJDPT RVF MF TPO BEKVEJDBCMFT -BT JOEVTUSJBT DSFBUJWBT IBO NPTUSBEP VO EJOBNJTNP FYDFQDJPOBM FO FM DPNFSDJP JOUFSOBDJPOBM DPO VO DSFDJNJFOUP EF VO BOVBM FOUSF Z BMDBO[BOEP FO FTUF |MUJNP BvP FM EFM DPNFSDJP NVOEJBM TFH|O EBUPT EF MB VODUBE 6OP EF MPT GBDUPSFT RVF FYQMJDB MB DSFDJFOUF EFNBOEB QBSB MBT JOEVTUSJBT DSFBUJWBT FT FM JODSFNFOUP EF MPT JOHSFTPT SFBMFT EF MPT QBrTFT JOEVTUSJBMJ[BEPT RVF BVNFOUw MB EFNBOEB EF CJFOFT FMgTUJDPT FO FM JO HSFTP UBMFT DPNP MPT CJFOFT Z TFSWJDJPT DSFBUJWPT %FOUSP EFM DPNFSDJP HMPCBM EFM TFDUPS MPT CJFOFT SFQSFTFOUBSPO FM EFM UPUBM FO "VORVF IVCP VOB DBrEB FO OP TF QVFEF OFHBS MB UFOEFODJB HFOFSBM DSFDJFOUF DPO VO JODSFNFOUP EFM FOUSF Z %VSBOUF FTUF NJTNP QFSrPEP MPT QBrTFT FO EFTBSSPMMP JODSFNFOUBSPO TV DVPUB EF NFSDBEP ZB RVF BVNFOUBSPO TV QBSUJDJQBDJwO FO FM UPUBM EFM DPNFSDJP NVOEJBM EF CJFOFT DSFBUJWPT EF VO B VO %FOUSP EF FTUF EJOBNJTNP FT OPUBCMF FM WPMVNFO EFM DPNFSDJP JOUFS OBDJPOBM EF CJFOFT EF EJTFvP &M DPNFSDJP NVOEJBM EF CJFOFT UBMFT DPNP KVHVFUFT KPZBT NPEB BSUrDVMPT EF JOUFSJPS FUD FO GVF EF NJ MMPOFT EF EwMBSFT "VORVF UBNCJnO IVCP VOB DBrEB FO GVF TJNJMBS B MB FYQFSJNFOUBEB QPS FM DPOKVOUP EF CJFOFT DSFBUJWPT EFM &O MPT CJFOFT EF EJTFvP SFQSFTFOUBSPO OBEB NFOPT RVF FM EFM DPOKVOUP EF CJFOFT DSFBUJWPT Z TJ TF UPNB FM DPOKVOUP EF QBrTFT FNFSHFOUFT MB QSP QPSDJwO BTDJFOEF BM NJFOUSBT RVF FO 4VEBNnSJDB SFTVMUB EFM 4JO FNCBSHP EFCF UFOFSTF FO DVFOUB RVF MBT DMBTJ¯DBDJPOFT FTUBErTUJDBT OP QFSNJUFO VOB JEFOUJ¯DBDJwO DMBSB EF BRVFMMPT CJFOFT DPO NBZPS DPOUFOJEP EF EJTFvP Z NVDIP NFOPT BJTMBS FM DPOUFOJEP EF EJTFvP EFM QSPEVDUP ¯OBM QPS MP RVF MBT DJGSBT UJFOEFO B TPCSFEJNFOTJPOBS FM TFDUPS &O "SHFOUJOB FO QBSUJDVMBS MB FWPMVDJwO SFDJFOUF EF MBT FYQPSUBDJPOFT EF CJFOFT EF BMUP DPOUF OJEP EF EJTFvP EPCMB FM DSFDJNJFOUP EFM WPMVNFO UPUBM EF FYQPSUBDJwO 0CWJBNFOUF FM DPNFSDJP HMPCBM EF FTUB DMBTF EF QSPEVDUPT TVQFSB MBS HBNFOUF MBT SFTUBOUFT DBUFHPSrBT EF CJFOFT DSFBUJWPT DPNP BSUFTBOrBT BVEJP WJTVBM N|TJDB QVCMJDBDJPOFT FUD %FOUSP EFM DPOKVOUP EF CJFOFT EF EJTFvP MBT DBUFHPSrBT EF NBZPS QSFTFODJB TPO JOUFSJPS NPEB Z KPZBT FO FTF PSEFO &M EJTFvP DPNP FTUSBUFHJB EF JOTFSDJwO JOUFSOBDJPOBM


-PT CJFOFT EF EJTFvP TPO DPOTJEFSBEPT QPS MB VODUBE DPNP DSFBDJP OFT GVODJPOBMFT QSPEVDJEBT QPS VO HSVQP EF JOEVTUSJBT SFMBUJWBNFOUF NgT PSJFOUBEBT B MB EFNBOEB $PNP B¯SNB FTB NJTNB JOTUJUVDJwO MB NBZPSrB EF MPT CJFOFT Z TFSWJDJPT OP FYJTUJSrBO P OP BMDBO[BSrBO B EJGFSFODJBSTF FO MPT NFSDBEPT TJO MB JOUFSWFODJwO EFM EJTFvP MB HFTUJwO EFM EJTFvP FO HFOFSBM -B GVFSUF FOUSBEB EFM EJTFvP FO MB QPMrUJDB Q|CMJDB MPDBM B MB RVF IJDF SFGFSFODJB FT UBNCJnO VOB SFTQVFTUB B MBT USBOTGPSNBDJPOFT DPNFOUB EBT BM QSJODJQJP %F IFDIP VOB EF MBT DVFTUJPOFT GVOEBNFOUBMFT B MBT RVF EFCF EBS SFTQVFTUB DBEB UFSSJUPSJP FT MB EF HFOFSBS VOB EJGFSFODJBDJwO RVF MB BMFKF EFM gNCJUP IPNPHnOFP EF MPT DPNNPEJUJFT FO VO NVOEP HMPCBMJ[BEP -B SFTQVFTUB B FTUB DVFTUJwO RVF JOUFOUBSn GPSNVMBS BRVr FT QSFDJTBNFOUF MB HFTUJwO FTUSBUnHJDB EFM EJTFvP &M EJTFvP FT VOB EF MBT QSJODJQBMFT WrBT QBSB MB JODPSQPSBDJwO EF DPOP DJNJFOUP FO MB BDUJWJEBE QSPEVDUJWB Z QPS MP UBOUP QBSB MB HFOFSBDJwO EF NB ZPS WBMPS BHSFHBEP FO MB QSPEVDDJwO MPDBM &O FTUF TFOUJEP FM EJTFvP QVFEF QFOTBSTF NFOPT DPNP VOB EJTDJQMJOB FO FM CPSEF EF MP BSUrTUJDP Z BSUFTBOBM BQMJDBEB B VO QVvBEP EF CJFOFT DBSBDUFSrTUJDPT DPOTJEFSBEPT §EF EJTFvP¨ Z NgT DPNP VO QSPDFTP BQMJDBCMF FO NBZPS P NFOPS NFEJEB BM DPOKVOUP EF MPT CJFOFT Z TFSWJDJPT RVF PGSFDF VOB FDPOPNrB NFKPSBOEP TV DPNQFUJUJWJ EBE B USBWnT EF MB EJGFSFODJBDJwO F JODMVTP MB SFEVDDJwO EF DPTUPT &TUF QSPDFTP SFTVMUB VOB PQDJwO NgT BDDFTJCMF QBSB MPT QBrTFT FO EF TBSSPMMP RVF VOB USBOTGPSNBDJwO SBEJDBM EF TV QFS¯M QSPEVDUJWP Z SFTVMUB FTQFDJBMNFOUF BUSBDUJWB QBSB QFRVFvBT Z NFEJBOBT FNQSFTBT RVF CVTRVFO DPNQMFKJ[BS TV PGFSUB "|O FO MPT TFDUPSFT NgT USBEJDJPOBMFT FYJTUF MB QPTJCJ MJEBE EF SFBMJ[BS FTGVFS[PT EF EJGFSFODJBDJwO EF QSPEVDUPT RVF SFEVOEFO FO VOB NFKPS JOTFSDJwO JOUFSOBDJPOBM -B QSFTFODJB EFM EJTFvP FT USBOTWFSTBM B MPT EJGFSFOUFT CJFOFT Z TFSWJ DJPT B|O TJFOEP EFTJHVBM Z IFUFSPHnOFB &M EJTFvP ZB TFB HSg¯DP JOEVTUSJBM UFYUJM EF JOEVNFOUBSJB F JOUFSBDUJWP QBSUJDJQB EF MB QSPEVDDJwO EF NPEB KVHVFUFT KPZBT WJEFPKVFHPT QVCMJDBDJPOFT FUD QFSP UBNCJnO FO PUSPT DBN QPT DPNP FOWBTFT NgRVJOBT IFSSBNJFOUBT TBOJUBSJPT Z HSJGFSrB FRVJQB NJFOUP VSCBOP FMFDUSPEPNnTUJDPT QSPEVDUPT FMFDUSwOJDPT FO HFOFSBM Z VO MBSHP FUDnUFSB 4JO FNCBSHP B MB IPSB EF IBDFS VO BCPSEBKF DVBOUJUBUJWP EFM JNQBDUP FDPOwNJDP DPNP FM SFBMJ[BEP BOUFT QVFEF TFS |UJM BQFMBS B DJFSUBT SFEVDDJPOFT Z DJSDVOTDSJCJSTF B VO DPOKVOUP EF CJFOFT EF¯OJEP FT EFDJS DPO BMUP DPOUFOJEP EF EJTFvP 1FSP EFCFO UFOFSTF FO NFOUF DPOTUBOUFNFOUF MPT MrNJUFT EF FTF FOGPRVF BMUFSOBUJWBT QBSB MB DPNFSDJBMJ[BDJwO EF CJFOFT Z TFSWJDJPT DVMUVSBMFT EF DBSgDUFS MPDBM


-B NFKPSB EF MB DPNQFUJUJWJEBE RVF TFvBMn MMFWBEB BM gNCJUP EF MB JO TFSDJwO JOUFSOBDJPOBM JNQMJDB RVF MBT BDUJWJEBEFT EF EJTFvP QVFEFO NFKPSBS FM QFS¯M EF FTQFDJBMJ[BDJwO QSPEVDUJWB Z DPNFSDJBM EF MBT FNQSFTBT " USBWnT EF MB FYQPSUBDJwO EF QSPEVDUPT EJGFSFODJBEPT QVFEFO BVNFOUBS MBT DVPUBT EF NFSDBEP FO WPMVNFO Z EJWFSTJ¯DBDJwO EF EFTUJOPT NJFOUSBT RVF QVFEFO EJT GSVUBS EF DPCSBS QSFDJPT TVQFSJPSFT BM TVTUSBFSTF UFNQPSBM Z QBSDJBMNFOUF EF MB DPNQFUFODJB B USBWnT EF FTB NJTNB EJGFSFODJBDJwO 6O FTUVEJP SFBMJ[BEP QPS FM *OTUJUVUP /BDJPOBM EF 5FDOPMPHrB *OEVTUSJBM BSHFOUJOP IB EFNPTUSBEP RVF MB SFBMJ[BDJwO EF BDUJWJEBEFT EF EJTFvP IB UFOJEP DPOTFDVFODJBT QPTJUJ WBT TPCSF MB QFSGPSNBODF FDPOwNJDB EF MBT FNQSFTBT FO HFOFSBM Z TPCSF TV EFTFNQFvP FYQPSUBEPS Z BQFSUVSB EF OVFWPT NFSDBEPT FO QBSUJDVMBS MB JEFOUJEBE FTUSBUnHJDB FO QBSUJDVMBS &OUSF MBT EJGFSFOUFT IFSSBNJFOUBT PGSFDJEBT QPS MB HFTUJwO FTUSB UnHJDB EF EJTFvP QBSB FM QPTJDJPOBNJFOUP FYUFSOP EF MB QSPEVDDJwO TF EFT UBDB MB JEFOUJEBE FTUSBUnHJDB -B JEFOUJEBE QVFEF QFOTBSTF DPNP VOB WrB DPODSFUB QBSB MB EJGFSFODJBDJwO EF QSPEVDUPT MPDBMFT FO FM NFSDBEP JOUFSOB DJPOBM %JDIB JEFOUJEBE OP TF SFEVDF B VO BTQFDUP EF¯OJEP Z QSFFYJTUFOUF EF MPT QSPEVDUPT TJOP RVF TF DPODJCF DPNP VOB EJNFOTJwO TVTDFQUJCMF EF TFS DPOTUSVJEB -B JEFOUJEBE QFOTBEB FO FTUPT UnSNJOPT FT VO TJTUFNB DPNQMFKP Z EJOgNJDP EF SFMBDJPOFT RVF MPT QSPEVDUPT FTUBCMFDFO EFOUSP EFM NFSDBEP Z MB TPDJFEBE -B DPNQSFOTJwO Z MB DSFBDJwO TPCSF FTUF TJTUFNB FYJHF MB PC TFSWBDJwO Z MB DPOTJHVJFOUF FMBCPSBDJwO EF FTUSBUFHJBT &TUBT FTUSBUFHJBT IBO TJEP DPODFQUVBMJ[BEBT Z FTUVEJBEBT FO TVT NBUFSJBMJ[BDJPOFT DPODSFUBT FO FM NBSDP EFM *OTUJUVUP .FUSPQPMJUBOP EF %JTFvP F *OOPWBDJwO EFM $FOUSP .F USPQPMJUBOP EF %JTFvP 1VFEFO DPOTVMUBSTF FO *OUFSOFU QVCMJDBDJPOFT DPNP *EFOUJEBE FTUSBUnHJDB &O UPSOP BM QSPEVDUP Z " USBWnT EF MBT FYQFSJFODJBT QFOTBEBT DPNP IFSSBNJFOUBT QSgDUJDBT EF JODPSQPSBDJwO EF EJTFvP FTQFDJBM NFOUF QBSB QFRVFvBT Z NFEJBOBT FNQSFTBT &O EF¯OJUJWB FTUB QFSTQFDUJWB QFSNJUF B USBWnT EFM EJTFvP EFTBSSPMMBS FTUSBUFHJBT RVF QPOHBO FO KVFHP FM SFDPOPDJNJFOUP EFM PSJHFO DPNP QBSUF GVOEBNFOUBM FO MB DSFBDJwO EF WBMPS -PT QSPDFTPT EF HMPCBMJ[BDJwO FO NV DIPT DBTPT IBO EFTQMB[BEP B VO TFHVOEP QMBOP FM TFOUJEP EFM PSJHFO EF MB

$POTVMUBS IUUQ JNEJ DNE CMPHTQPU DPN

$GS IUUQ XXX BOQFEFTJHO PSH CS BSUJHPT QEG " USBW & T EF MBT FYQFSJFO DJBT QEG

&M EJTFvP DPNP FTUSBUFHJB EF JOTFSDJwO JOUFSOBDJPOBM


QSPEVDDJwO -B JEFB EFM PSJHFO HFPHSg¯DP FT SFFNQMB[BEB QPS PUSBT GPSNBT EF JEFOUJ¯DBDJwO HFOFSBMNFOUF MB NBSDB 1PS MP UBOUP MB HFOFSBDJwO EF WBMPS QPS JEFOUJ¯DBDJwO EF VO QSPEVDUP DPO TV MVHBS EF PSJHFO FM JOUFSDBNCJP FNPUJWP Z DVMUVSBM BTPDJBEP FO MB BDUVBMJEBE FT VOB PQFSBDJwO EF DPOUSBUFO EFODJB -B DVFTUJwO FT MB DPOTUSVDDJwO EF DVSTPT EF TFOUJEP QSPEVDUPT RVF TFBO IJTUPSJBT MVHBSFT VO DPOKVOUP EF WBMPSFT DPNQBSUJEPT &M QSPEVDUP TF DPOWJFSUF FO VO WFIrDVMP QBSB DPOTUSVJS OBSSBDJPOFT FYQFSJFODJBT RVF DVFO UBO EFTFPT Z FYQFDUBUJWBT $PNP FOVODJB FM ¯MwTPGP GSBODnT +FBO #BVESJMMBSE FO TV MJCSP &M TJTUFNB EF MPT PCKFUPT §QBSB WPMWFSTF PCKFUP EF DPOTVNP FT QSFDJTP RVF FM PCKFUP TF WVFMWB TJHOP < > <FM PCKFUP TrNCPMP> FT DPOTVNJEP OVODB FO TV NBUFSJBMJEBE TJOP FO TV EJGFSFODJB¨ 6OB EJGFSFODJB RVF DBEB WF[ NgT PQFSB B FTDBMB HMPCBM %FTEF FTUB QFSTQFDUJWB FM QSPEVDUP FT VO PCKFUP HMPCBM FO EPT TFOUJEPT 1PS FM NFSDBEP BM RVF TF SF¯FSF OJDIPT DPO TJHOJ¯DBEP B FTDBMB Z DPOUFYUPT EJWFSTPT QFSP QMBOFUBSJPT QFSP UBNCJnO QPS FM NPEP FO RVF FT HFOFSBEP Z DPOTUSVJEP B USBWnT EF MB JOUFSBDDJwO DPNQMFKB EF GBDUPSFT DPNP FM EJTFvP FM FNCBMBKF MB DPNVOJDBDJwO Z FM QVOUP EF WFOUB 4F USBUB EF MB DPODFQDJwO EF QSPEVDUPT B USBWnT EF MPT MVHBSFT Z MB WJTVBMJ[BDJwO EF MPT MVHBSFT B USBWnT EF MPT QSPEVDUPT -PT BOgMJTJT EF JEFOUJEBE FTUSBUnHJDB TF CBTBO FO MB PCTFSWBDJwO EF VO VOJWFSTP EF QSPEVDUPT SFDPOPDJEPT DPNP GPSgOFPT DPNP QPSUBEPSFT EF VOB TFSJF EF WBMPSFT Z DBSBDUFSrTUJDBT RVF MMFHBO EFTEF FM FYUFSJPS &O DBEB DBTP TF EFUFDUBO Z BOBMJ[BO MPT WBMPSFT DPNVOJDBEPT MPT WBMPSFT FMFHJEPT QBSB TFS DPNVOJDBEPT QPS QBSUF EF MPT QSPEVDUPSFT EFM NVOEP QBSB QPTJDJPOBS TVT SFBMJEBEFT MPDBMFT "M NJTNP UJFNQP TF DPOTUSVZF VO NBQB EFM DPOTVNJEPS 4F SF°FYJP OB TPCSF MPT WBMPSFT DPNVOJDBEPT QFSP QBSUJFOEP EF MB PCTFSWBDJwO EF MPT EFTFPT RVF MPT DPOTVNJEPSFT DBOBMJ[BO NFEJBOUF FM DPOTVNP EF MP FYUFSOP $PNP B¯SNB (JVMJP $FQQJ FO VOB IFSNPTB NFUgGPSB FM NVOEP FT VOB SJDB DPNCJOBDJwO EF DPMPSFT EJWFSTPT Z OP FTF HSBO HSJT HFOFSBEP QPS MPT HVTUPT IPNPHFOFJ[BEPSFT EF MBT NVMUJOBDJPOBMFT &T VOB DPNQPTJDJwO EPOEF DBN CJBOEP EF QVOUP EF PCTFSWBDJwO DBNCJB MB QFSDFQDJwO DSPNgUJDB DPNFOUBSJPT GJOBMFT 1BSB DPODMVJS FTQFSP IBCFS USBOTNJUJEP FM QPUFODJBM EFM EJTF vP QBSB MB BQFSUVSB EF NFSDBEPT DPNP HFOFSBEPS EF BMUFSOBUJWBT MPDBMFT FO NFSDBEPT HMPCBMFT Z FO EF¯OJUJWB DPNP QSPQJDJBEPS EF MB EJWFSTJEBE DVM UVSBM 5PEB FTUSBUFHJB EF JODPSQPSBDJwO EF DPOPDJNJFOUP FO MB QSPEVDDJwO BMUFSOBUJWBT QBSB MB DPNFSDJBMJ[BDJwO EF CJFOFT Z TFSWJDJPT DVMUVSBMFT EF DBSgDUFS MPDBM


QPUFODJB MB DPNQFUJUJWJEBE OP QSFDJP EF MPT UFSSJUPSJPT QVEJFOEP DPOUSJCVJS B QSPUFHFSMPT BM NFOPT FO QBSUF EF MPT WBJWFOFT DPZVOUVSBMFT 7BJWFOFT RVF EFTEF IBDF VOBT EnDBEBT B FTUB QBSUF QBSFDFO DBEB WF[ NgT GSFDVFOUFT : WBJWFOFT B MPT RVF EFTEF FTUF 4FNJOBSJP IFNPT JOUFOUBEP EBS VOB IVNJMEF SFTQVFTUB EFTEF FM DBNQP EF MP DVMUVSBM P DSFBUJWP %FCJEP B MBT USBOTGPSNBDJPOFT EF MBSHP BMDBODF RVF FOVODJn BM QSJODJ QJP FT DBEB WF[ NgT EJ¯DVMUPTB MB EFMJNJUBDJwO FTUSJDUB FM FODPOUSBS CPSEFT QSFDJTPT QBSB MP DVMUVSBM P DSFBUJWP : BEFNgT FTBT NJTNBT USBOTGPSNBDJP OFT IBDFO EF FTPT CPSEFT BMHP NFOPT TJHOJ¯DBUJWP 1PS TV QSPQJB OBUVSBMF [B FM NPEP EF EFTBSSPMMP BDUVBM QPOF FO DVFTUJwO Z EFTEJCVKB FTPT CPSEFT $PNP B¯SNB #BVESJMMBSE FOUSB FO FTDFOB EPNJOBOEP DBEB WF[ NgT BM WBMPS EF VTP Z FM WBMPS EF DBNCJP FM WBMPS EF TJHOP EF MPT PCKFUPT : FO FTUF TFOUJEP 4DPUU -BTI Z +PIO 6SSZ WBO B|O NgT MFKPT BSHVNFO UBOEP RVF FO MB QSPEVDDJwO FM DPNQPOFOUF EF EJTFvP GPSNB VOB QSPQPSDJwO DBEB WF[ NgT HSBOEF EFM WBMPS EF MPT CJFOFT &M QSPDFTP FTQFDr¯DP EF MB GVFS[B EF USBCBKP QJFSEF JNQPSUBODJB FO FM BQPSUF BM WBMPS BHSFHBEP Z MB BE RVJFSF FO DBNCJP FM WBMPS EF EJTFvP 2VJTJFSB EFKBSMFT FM NFOTBKF EF RVF FT OFDFTBSJP EFTBSSPMMBS FOGPRVFT Z NJSBEBT RVF BEFNgT EF EBS DVFOUB EF MPT PCKFUPT EF MB DVMUVSB QVFEB QP OFS FO FWJEFODJB MB DVMUVSB FO MPT PCKFUPT

CJCMJPHSBGrB #BVESJMMBSE +FBO &M TJTUFNB EF MPT PCKFUPT #VFOPT "JSFT 4JHMP YYJ

&M EJTFvP DPNP FTUSBUFHJB EF JOTFSDJwO JOUFSOBDJPOBM


DPODMVTJPOFT EF TFDDJwO #VFOBT QSgDUJDBT FO FM TFDUPS DVMUVSBM

&O MB BDUVBMJEBE TF PCTFSWB FM TVSHJNJFOUP EF OVFWPT FTRVFNBT Z OVFWPT NPEFMPT EF EFTBSSPMMP EPOEF MP DVMUVSBM TF DPOWJFSUF FO VO GBDUPS DMBWF QBSB FM nYJUP EFM QSPDFTP EF SFOPWBDJwO 4F SFRVJFSF FOUPODFT USBCBKBS EF GPSNB DMBSB Z TJTUnNJDB FO MB DPOTUSVDDJwO EF QPMrUJDBT Q|CMJDBT RVF CSJO EFO BMUFSOBUJWBT EF ¯OBODJBDJwO BM TFDUPS DVMUVSBM DPO DMBSPT FTRVFNBT SF HVMBUPSJPT Z NFDBOJTNPT EF JNQMFNFOUBDJwO QBSB MVFHP WFSJ¯DBS MPT MPHSPT Z MBT USBOTGPSNBDJPOFT EF MPT QSPDFTPT DVMUVSBMFT RVF FTUBT BDDJPOFT EFCFO HFOFSBS &T JHVBMNFOUF JNQPSUBOUF BEFMBOUBS MB GPSNVMBDJwO EF QPMrUJDB Q| CMJDB EF NBOFSB DPNQBSBEB QBSB BQSFOEFS EF MBT FYQFSJFODJBT FYJUPTBT RVF TF IBO EFTBSSPMMBEP FO PUSPT QBrTFT -B QPMrUJDB Q|CMJDB Z MBT BDDJPOFT QSJWBEBT EFCFO BQVOUBS B MPHSBS MB GPSNBDJwO EF SFEFT DPPQFSBUJWBT FOUSF MPT EJTUJOUPT TFDUPSFT EF MB FDPOPNrB Z MB DVMUVSB &M SPM QSJODJQBM EFM TFDUPS Q|CMJDP FT FTUJNVMBS VO BNCJFOUF GBWPSBCMF QBSB MB JOWFSTJwO B USBWnT EFM NBSDP OPSNBUJWP F JOTUJUVDJPOBM QBSUJDVMBSNFOUF FO FM UFNB ¯TDBM %F FTUB NBOFSB FM TFDUPS QSJWBEP UFOESg NgT JODFOUJWPT QBSB JOUFHSBSTF B MPT QSPDFTPT DVMUVSBMFT JOWJSUJFOEP FO MB C|TRVFEB EF VUJMJEBEFT QFSP UBNCJnO DPNP VO DPNQSPNJTP EF SFTQPOTBCJ MJEBE TPDJBM DPSQPSBUJWB &TUBT SFEFT DVMUVSBMFT CBTBEBT FO BMJBO[BT FOUSF MP Q|CMJDP Z MP QSJ WBEP QFSNJUJSgO MB HFOFSBDJwO EF DBQJUBM TPDJBM GVOEBNFOUBM FO MB DPOT USVDDJwO EF JEFOUJEBEFT FM TFOUJEP EF QFSUJOFODJB MB DPIFTJwO TPDJBM Z MB DPOWJWFODJB DJVEBEBOB 6OB BSUJDVMBDJwO FYJUPTB FOUSF FM TFDUPS Q|CMJDP Z FM QSJWBEP SFRVJFSF FM EFTBSSPMMP EF OVFWPT DwEJHPT RVF QFSNJUBO FTF EJgMPHP FOUSF MP DVMUVSBM Z MP FDPOwNJDP EF NPEP RVF TF BEFMBOUFO BDDJPOFT DPOKVO UBT EFTEF UPEPT MPT TFDUPSFT EF MB FDPOPNrB FO CFOF¯DJP NVUVP EF NBOFSB DP SFTQPOTBCMF Z OP BTJTUFODJBM &TUB JOUFSBDDJwO FOUSF FM TFDUPS QSPEVDUJWP Z FM TFDUPS DVMUVSBM EFCF JOTDSJCJSTF FO FM NBSDP OP TPMBNFOUF EF SFTQPOTBCJMJEBE TPDJBM Z EF WBMPSB CVFOBT QSgDUJDBT FO FM TFDUPS DVMUVSBM


DJwO EF MBT FDPOPNrBT EF FTDBMB TJOP EF SFBMFT BDDJPOFT EF JODMVTJwO TPDJBM QVFT FO HFOFSBM FM TFDUPS QSPEVDUJWP OP BTVNF FTUF QSPDFTP /P PCTUBOUF OP EFCF PMWJEBSTF RVF FM SFUP FT FOUFOEFS B MB DVMUVSB DPNP VO TFDUPS QSPEVDUJWP FO Tr NJTNP Z USBOTGPSNBS MB BOUJHVB OFDFTJEBE EF BTJTUFODJB FYUFSOB QSPWFOJFOUF EF GVFOUFT Q|CMJDBT P QSJWBEBT IBDJB MB BVUP TPTUFOJCMJEBE Z MB BVUPSSFHVMBDJwO &O FTUF TFOUJEP FT JNQPSUBOUF DPN QSFOEFSTF B Tr NJTNP DPNP VO FNQSFTBSJP EF MB DVMUVSB Z VUJMJ[BS MBT IFSSB NJFOUBT EF MB BENJOJTUSBDJwO EF OFHPDJPT QBSB BMDBO[BS MB TPTUFOJCJMJEBE &M FNQSFOEFEPS FYJUPTP FO MBT JOEVTUSJBT DVMUVSBMFT FT DBQB[ EF FOUFO EFS Z BENJOJTUSBS FM SJFTHP QSPZFDUBOEP MB DSFBUJWJEBE IBDJB JOOPWBDJPOFT FO MB PSHBOJ[BDJwO Z QSPDFTPT EF MB FNQSFTB OP TPMP IBDJB FM QSPEVDUP %FCF FODPOUSBS WrBT QBSB QPOFS FM UBMFOUP FO FM NFSDBEP 6O OFHPDJP DSFBUJWP QBS UF EF MB QBTJwO EFM FNQSFOEFEPS OP JNQPSUB TJ TV USBZFDUPSJB FT BSUrTUJDB P TJ WJFOF EF MB FDPOPNrB USBEJDJPOBM 6O FNQSFTBSJP DVMUVSBM EFCF TBCFS BMJNFOUBS FM UBMFOUP SFDPOPDFS RVF TF OFDFTJUB FTQBDJP QBSB DSFBS Z EBS WBMPS BM UJFNQP DSFBUJWP %FCF TFS DBQB[ EF SFDPOPDFS BOUFT RVF PUSPT FM WBMPS NPOFUBSJP EFM QSPEVDUP DVMUVSBM $PNP DVBMRVJFS PUSP FNQSFTBSJP OFDFTJUB NBOUFOFSTF BDUVBMJ[BEP DPOPDFS TV TFD UPS JOWFTUJHBS 4PMP BTr QPESg DSFBS OVFWBT PQPSUVOJEBEFT QBSB FM UBMFOUP DPO FM RVF USBCBKB 6O FNQSFOEFEPS DVMUVSBM OP UJFOF NJFEP EF JOOPWBS TVT Nn UPEPT EF DSFBDJwO QSPEVDDJwO QPS FMMP BQSPQJB MPT EFTBSSPMMPT UFDOPMwHJDPT TPCSF UPEP EF MBT UFDOPMPHrBT EF JOGPSNBDJwO Z DPNVOJDBDJPOFT UJD "VORVF IBZ FNQSFOEFEPSFT DVMUVSBMFT OBUPT FTUPT OP TPO TV¯DJFOUFT QBSB EFTBSSPMMBS MB JOEVTUSJB 4F SFRVJFSF VO BVNFOUP FO FM O|NFSP EF HFTUP SFT DVMUVSBMFT QBSB MP DVBM EFCFO JODSFNFOUBSTF MPT FTQBDJPT EF GPSNBDJwO &O DVBMRVJFS DBTP FNQSFTBSJPT EF PUSPT TFDUPSFT QVFEFO USBTMBEBSTF B MB DVMUVSB Z BQPSUBS TV FYQFSJFODJB -B MBCPS EFM FNQSFTBSJP HFTUPS DVMUVSBM UBNCJnO DPO TJTUF FO DPOWFSUJS MBT QSFWFODJPOFT EFM BSUJTUB DSFBEPS GSFOUF BM MVDSP FO VOB NBZPS DBQBDJEBE EF JOOPWBDJwO Z DSFBUJWJEBE DBOBMJ[BOEP TV FOFSHrB IBDJB FM EFTBSSPMMP EF TV OFHPDJP Z EF MB JOEVTUSJB " MB IPSB EF FOUSBS FO FM NFSDBEP FT OFDFTBSJP SFDPOPDFS MBT QPUFODJB MJEBEFT EFM CJFO DVMUVSBM PGSFDJEP -B EJGFSFODJBDJwO EF MPT QSPEVDUPT DSFBUJ WPT MPDBMFT QPTJCJMJUB TV JOTFSDJwO FO MPT NFSDBEPT HMPCBMFT TJ TF BDPNQBvB EF FTUSBUFHJBT EF QSPNPDJwO JNQVMTP B MB DBMJEBE Z QPMrUJDBT EF BQPZP JOT UJUVDJPOBM -B SFTQPOTBCJMJEBE EFM &TUBEP FO FTUB UBSFB FT GBWPSFDFS EFTEF MB QPMrUJDB Q|CMJDB MB QSPGFTJPOBMJ[BDJwO EFM TFDUPS Z MB DJSDVMBDJwO EF MPT CJFOFT Z TFSWJDJPT DVMUVSBMFT %F MB NJTNB GPSNB OP EFCF FOGPDBSTF TPMP FO MB QSPEVDDJwO TJOP FO FEVDBS B MPT DPOTVNJEPSFT Z FTUJNVMBS MB EFNBOEB EF CJFOFT Z TFSWJDJPT DVMUVSBMFT #VFOBT QSgDUJDBT FO FM TFDUPS DVMUVSBM


4F QSPQPOF MB DSFBDJwO EF VOB NFTB JOUFSOBDJPOBM QBSB FM EFTBSSPMMP MPDBM EF MB DVMUVSB §.FTB QBSB FM EFTBSSPMMP HMPDBM EF MB DVMUVSB¨ DPO SFQSF TFOUBOUFT EFM TFDUPS QSJWBEP TFDUPS Q|CMJDP Z TPDJFEBE DJWJM EF ¯OBODJBDJwO NJYUB RVF BDU|F DPNP VO JNQVMTBEPS QBSB FM TFDUPS -B SFTQPOTBCJMJEBE QBSB BMDBO[BS VOB FDPOPNrB DVMUVSBM DPO JOEVT USJBT DVMUVSBMFT FYJUPTBT Z TPTUFOJCMFT FT DPNQBSUJEB 5BOUP FO FM gNCJUP EF MP Q|CMJDP DPNP FO FM QSJWBEP FT OFDFTBSJP SFDPOPDFS BM TFDUPS DVMUVSBM DPNP VO TFDUPS QSPEVDUJWP DPO BMUP QPUFODJBM EF DSFDJNJFOUP VO TFDUPS RVF OFDF TJUB NgT FEVDBDJwO NgT JOWFSTJwO NgT NFSDBEPT 6O TFDUPS FO FM RVF TVT NJFNCSPT EFCFO SFDPOPDFSTF B Tr NJTNPT DPNP FNQSFTBSJPT Z IBDFS VTP EF TV BVUPOPNrB EFTBSSPMMBOEP TVT QSPQJPT NPEFMPT EF OFHPDJPT Z SFOPWBOEP TV WJFKB OFDFTJEBE EF BTJTUFODJB FYUFSOB $PO FTB DPODJFODJB Z FM DPNQSPNJTP EF UPEPT FM TFDUPS TFHVJSg DSFDJFOEP Z GPSUBMFDJnOEPTF

CVFOBT QSgDUJDBT FO FM TFDUPS DVMUVSBM



< TFDDJwO JJJ >

FM QPEFS EF MB DVMUVSB



DBQrUVMP -B DVMUVSB FO UJFNQPT EF DSJTJT 3FMBUPSB &TUFGBOrB (PO[gMF[

1SFTFOUBDJwO "OESn 'SFOFUUF %JSFDUPS EF MB $PNJTJwO *OUFSBNFSJDBOB EF $VMUVSB Z &EHBS .PSJO SFDPOPDJEP ¯MwTPGP Z QPMrUJDP GSBODnT EF PSJHFO KV EFP FTQBvPM GVFSPO FO TV PSEFO MPT FODBSHBEPT EF EBS DJFSSF BM 4FNJOBSJP " NBOFSB EF DPODMVTJwO QFSP FTQFDJBMNFOUF EF SFUP Z EFTBGrP UBO UP 'SFOFUUF DPNP .PSrO OPT QSPQPOFO VO DBNCJP FO MBT QPMrUJDBT Q|CMJDBT DVMUVSBMFT B QBSUJS EF EPT QMBOUFBNJFOUPT QSJODJQBMFT MB JNQPSUBODJB Z OFDFTJEBE EF WJODVMBS B MPT KwWFOFT FO FM QSPDFTP EF EJTFvP F JNQMFNFOUB DJwO EF EJDIBT QPMrUJDBT Z MB OFDFTJEBE EF SFQMBOUFBS FM EFCBUF TPCSF MB DJSDVMBDJwO EF MPT DPOUFOJEPT B QBSUJS EF MB EFNPDSBUJ[BDJwO EF MB DVMUVSB Z MB FEVDBDJwO RVF IPZ FT QPTJCMF HSBDJBT B JOUFSOFU 1PS PUSB QBSUF Z FO DPODPSEBODJB DPO MP FYQVFTUP QPS MPT EFNgT QP OFOUFT EFM 4FNJOBSJP 'SFOFUUF Z .PSJO BQPZBO FM OVFWP TFOUJEP EF MB DVM UVSB DPNP NPUPS EFM EFTBSSPMMP FDPOwNJDP TPTUFOJCMF Z DPNP IFSSBNJFOUB QBSB QSPNPWFS FM EFTBSSPMMP TPDJBM Z QSFWFOJS QSPCMFNBT EFSJWBEPT EF MB FYDMVTJwO MB QPCSF[B Z MB JOFRVJEBE TPDJBM /P PCTUBOUF NgT BMMg EF FTUP TF EFTUBDB FM SFUP EF BWBO[BS FO MB EJTDVTJwO IBDJB MPT TFDUPSFT Z BDUPSFT RVF FTUgO FO DBQBDJEBE EF UPNBS EFDJTJPOFT QPMrUJDBT Z FDPOwNJDBT

MB DVMUVSB FO UJFNQPT EF DSJTJT


*OUFSWFODJwO EF "OESn 'SFOFUUF %JSFDUPS EF MB $PNJTJwO *OUFSBNFSJDBOB EF $VMUVSB

&TUF IB TJEP VO 4FNJOBSJP EF WJUBM JNQPSUBODJB QPSRVF FO FTUPT UJFNQPT EF DSJTJT OPT IB SFDPSEBEP FM JNQPSUBOUF QBQFM RVF IB KVHBEP Z QVFEF KVHBS MB DVMUVSB FO MBT "NnSJDBT %FTEF MB QFSTQFDUJWB EFM EFTBSSPMMP TPDJBM QPEFNPT FTUBS EF BDVFSEP RVF FO UJFNQPT FDPOwNJDPT EF DSJTJT FM QSPCMFNB WB NgT BMMg EF MBT ¯OBO[BT MBT EFTJHVBMEBEFT TPDJBMFT Z FDPOwNJ DBT TF QSPGVOEJ[BO B|O NgT QSPEVDJFOEP MB FYDMVTJwO Z VOP EF MPT HSVQPT WVMOFSBCMFT NgT BGFDUBEPT FT MB KVWFOUVE MP RVF USBF DPNP DPOTFDVFODJB MB HFOFSBDJwO EF DPNQPSUBNJFOUPT EFMJDUJWPT %FTEF VOB QFSTQFDUJWB FDPOwNJDB FTUBSgO VTUFEFT EF BDVFSEP FO RVF MB JOEVTUSJB DSFBUJWB Z MB DVMUVSB QVFEFO BZVEBS BM DSFDJNJFOUP FO FM GVUVSP &O MB 0SHBOJ[BDJwO EF &TUBEPT "NFSJDBOPT ¥PFB¥ IFNPT USBUBEP EF QSPNP WFS FTUBT QFSTQFDUJWBT EF EFTBSSPMMP .VDIBT WFDFT MB DVMUVSB TF IB NJSBEP DPO VO MFOUF §DPSUPQMBDJTUB¨ QPS VO QFRVFvP TFDUPS EF MB QPCMBDJwO UBNCJnO IB TJEP DPOTJEFSBEB DPNP VO HBTUP Z OP DPNP VOB JOWFSTJwO "GPSUVOBEB NFOUF FTUP FTUg DBNCJBOEP EFCJEP B RVF MBT PSHBOJ[BDJPOFT JOUFSOBDJPOBMFT Z MPT HPCJFSOPT DBEB WF[ NgT FTUgO SFDPOPDJFOEP FM JNQPSUBOUF QBQFM EF MB DVMUVSB FO MB JODMVTJwO TPDJBM FO FM EFTBSSPMMP FDPOwNJDP FO MB DSFBDJwO EF FNQMFP Z FO MB MVDIB DPOUSB MB QPCSF[B &T QPS FMMP RVF FM $PNJUn *OUFSB NFSJDBOP EF MB PFB UBNCJnO DPOPDJEP DPNP $PNJTJwO *OUFSBNFSJDBOB EF $VMUVSB ¥DJD¥ IB EFDJEJEP BEPQUBS DPNP NBOEBUP CgTJDP B MB DVMUVSB DPNP IFSSBNJFOUB QBSB FM EFTBSSPMMP FDPOwNJDP Z TPDJBM &M DPNJUn FTUg GPSNBEP QPS MPT SFQSFTFOUBOUFT EF MPT NJOJTUSPT EF DVMUVSB EF MPT QBrTFT Z PSHBOJ[B DJPOFT NJFNCSPT EF MB PFB &M DJD FT FM SFTQPOTBCMF EF TVQFSWJTBS Z EF JNQMFNFOUBS MBT QPMrUJDBT EF MB PFB FO MP SFGFSFOUF B MB DVMUVSB B QBSUJS EF MB DPMBCPSBDJwO EF FYQFSUPT FO FM UFNB B MP MBSHP Z BODIP EFM IFNJTGFSJP &M QMBO EF BDDJwO EF DJD IB TJEP FMBCPSBEP BMSFEFEPS EF EPT gSFBT QSJPSJUBSJBT FM EFTBSSPMMP EF MB DBQBDJEBE JOTUJUVDJPOBM QBSB FM BQPZP B MBT JOEVTUSJBT DPO FM QSPQwTJUP EF QSPNPWFS *OUFSWFODJwO EF "OESn 'SFOFUUF %JSFDUPS EF MB $PNJTJwO *OUFSBNFSJDBOB EF $VMUVSB


UBOUP FM EFTBSSPMMP FDPOwNJDP DPNP MB DVMUVSB Z MB QSPNPDJwO EF MB JODMV TJwO TPDJBM B USBWnT EF MB DVMUVSB EF UBM NBOFSB RVF TF QVFEB JOWPMVDSBS B MB KVWFOUVE FO FTUBT BDUJWJEBEFT &O DVBOUP BM QSJNFS QVOUP MB 0SHBOJ[BDJwO EF &TUBEPT "NFSJDBOPT MF IB QSFTUBEP FTQFDJBM JNQPSUBODJB ZB RVF DPNP MP JOEJDB FM #BODP .VOEJBM FM DPNFSDJP JOUFSOBDJPOBM Z MBT JOEVTUSJBT DSFBUJWBT DSFDJFSPO FM FOUSF Z BEFNgT EF RVF MBT JOEVTUSJBT DVMUVSBMFT BQPSUBO FM BM 1SP EVDUP *OUFSOP #SVUP NVOEJBM &M BSUF Z MB DVMUVSB UBNCJnO UJFOFO VOB HSBO JODJEFODJBT FO FM NFS DBEP MBCPSBM ZB RVF MFT TPO JOIFSFOUFT FM EFTBSSPMMP EF DJFSUBT IBCJMJEBEFT RVF MVFHP WBO B TFS MB CBTF QBSB MB FWPMVDJwO EF TFDUPSFT DPNP BSUFTBOrBT UVSJTNP DPOTFSWBDJwO EF QBUSJNPOJP IJTUwSJDP SBEJP UFMFWJTJwO UFDOPMPHrBT JOUFSBDUJWBT FUD &TUB JODJEFODJB FO FM NFSDBEP MBCPSBM TF QVFEF IBDFS EFTEF QSPZFDUPT QFRVFvPT B QBSUJS EF MPT DVBMFT FT QPTJCMF DBVTBS HSBOEFT JNQBD UPT &O $PMPNCJB MB POH -B 'BNJMJB "ZBSB FT VO FKFNQMP " USBWnT EF VOB NF[DMB JOOPWBEPSB EF FOUSFOBNJFOUP EF CBTF DPNVOJUBSJB Z FNQSFTBT DPO gOJNP EF MVDSP IB IFDIP VO JNQPSUBOUF BQPSUF BM EFTBSSPMMP EF MB FDPOP NrB DVMUVSBM EFM QBrT Z BM CJFOFTUBS DPNVOJUBSJP Z TPDJBM &NQSFOEJNJFOUPT DPNP FM EF FTUB POH DPOUSJCVZFO B DPOUSBSSFTUBS MBT QSJODJQBMFT DBVTBT EF MB FYDMVTJwO TPDJBM B USBWnT EF MB QSPNPDJwO EFM SFTQFUP QPS MB EJWFSTJEBE Z EFM TFOUJEP EF QFSUFOFODJB B VOB DPNVOJEBE 6O FTUVEJP SFBMJ[BEP FO MPT QSPHSBNBT EF BSUF DBOBEJFOTFT EFNPT USw RVF MB KVWFOUVE FO SJFTHP NBUSJDVMBEB FO FTPT QSPHSBNBT OP TPMBNFOUF EFTBSSPMMw DPNQFUFODJBT BSUrTUJDBT TJOP BVUPDPO¯BO[B NFKPSFT SFMBDJPOFT DPO MPT EFNgT NBZPS EJTQPTJDJwO QBSB SFTPMWFS DPO°JDUPT Z EJTNJOVDJwO EF QSPCMFNBT FNPDJPOBMFT GSBDBTP BDBEnNJDP Z BMDPIPMJTNP &TUB FT VOB FWJEFODJB EF RVF MB DVMUVSB OP TPMBNFOUF QVFEF CSJOEBS VOB WP[ QBSB MPT HSVQPT FYDMVJEPT TPDJBMNFOUF BZVEgOEPMF B FYQSFTBS TV JEFOUJEBE Z IFSFO DJB TJOP RVF UBNCJnO FT WJUBM QBSB FM EFTBSSPMMP FDPOwNJDP QPSRVF CSJOEB PQPSUVOJEBEFT FDPOwNJDBT RVF QVFEFO BZVEBS B EFSSJCBS MBT CBSSFSBT EF MB FYDMVTJwO Z MB QPCSF[B &O NJ QSJNFSB WJTJUB FM BvP QBTBEP B $PMPNCJB B .FEFMMrO UVWF FM IPOPS EF WFS EF QSJNFSB NBOP FM JNQBDUP RVF MB DVMUVSB IB UFOJEP FO MB DPNV OJEBE EF FTB DJVEBE &M BSUF IB TJEP VUJMJ[BEP QBSB DPNQSPNFUFS B MB KVWFOUVE FO MB TPMVDJwO EF QSPCMFNBT TPDJBMFT DPNP MB QPCSF[B Z MB WJPMFODJB VSCBOB -B DJVEBE EF .FEFMMrO FT TJO EVEB VOP EF MPT NFKPSFT FKFNQMPT FO FM NVO EP FOUFSP TPCSF DwNP MPT HPCJFSOPT MPDBMFT FO DPMBCPSBDJwO DPO SFDVSTPT DPNVOJUBSJPT Z MB FNQSFTB QSJWBEB QVFEFO DPNQSPNFUFSTF QBSB TPMVDJPOBS HSBWFT QSPCMFNBT MB DVMUVSB FO UJFNQPT EF DSJTJT


*HVBMNFOUF RVJTJFSB DPNQBSUJS DPO VTUFEFT BMHVOPT EF MPT QVOUPT NgT JNQPSUBOUFT RVF IBO TJEP DPOTJEFSBEPT QPS FM DJD FO OVFTUSP FTGVFS[P DPMFD UJWP QBSB DPOUSJCVJS B BMJWJBS MPT SFUPT RVF FTUBNPT FOGSFOUBOEP FO FM TFDUPS DVMUVSBM FO FM BDUVBM DPOUFYUP NVOEJBM 1BSB NFKPSBS MB DBMJEBE EF WJEB EF MPT DJVEBEBOPT IBZ RVF SFDPOP DFS RVF VO TFDUPS DVMUVSBM TPTUFOJCMF SFQFSDVUF FO MB DSFBDJwO EF FNQMFP Z FO FM DSFDJNJFOUP FDPOwNJDP 2VJFOFT USBCBKBNPT FO DVMUVSB EFCFNPT EFKBS EF EJTDVUJS FOUSF OP TPUSPT NJTNP TPCSF MB JNQPSUBODJB EF FTUF TFDUPS QBSB MB FDPOPNrB Z FOUBCMBS EJgMPHPT Z EJTDVTJPOFT DPO RVJFOFT UPNBO MBT EFDJTJPOFT DPNP MPT NJOJTUFSJPT EF EFTBSSPMMP FDPOwNJDP EF ¯OBO[BT P MBT EJGFSFOUFT FOUJEBEFT EF DPPQFSBDJwO JOUFSOBDJPOBM $VBOEP FO 5SJ OJEBE Z 5PCBHP TF SFVOJFSPO EVSBOUF VOB $VNCSF EF MBT "NnSJDBT QSFTJEFOUFT QSJNFSPT NJOJTUSPT Z NJOJTUSPT IJDJFSPO MB TJHVJFOUF EFDMBSBDJwO § MB DVMUVSB UJFOF VO QBQFM GVOEBNFOUBM FO FM EFTBSSP MMP FO HFOFSBM EF OVFTUSPT QBrTFT QBSB DPNCBUJS MB QPCSF[B Z NFKP SBS MB DBMJEBE EF WJEB EF OVFTUSB HFOUF /PTPUSPT MPT QSFTJEFOUFT IFNPT SFDPOPDJEP MB QPTJUJWB DPOUSJCVDJwO EF MB DVMUVSB QBSB EFTB SSPMMBS MB DPIFTJwO TPDJBM Z UFOFS VOBT DPNVOJEBEFT NgT GVFSUFT F JODMVZFOUFT QBSB QSPNPWFS FM EJgMPHP JOUFSDVMUVSBM DPO FM SFTQFUP QPS MB EJWFSTJEBE DVMUVSBM QBSB MPHSBS FM FOUFOEJNJFOUP QBSB QSP NPWFS DVMUVSB Z QBSB MPHSBS VOB NBZPS QBSUJDJQBDJwO TPDJBM *HVBM NFOUF FTUBNPT DPNQSPNFUJEPT B BNQMJBS OVFTUSPT FTGVFS[PT QBSB QSPNPWFS MB DVMUVSB MB JOEVTUSJB Z EFNgT BDUJWJEBEFT DPNP QBSUF EF OVFTUSB QPMrUJDB OBDJPOBM QBSB MB QSPNPDJwO Z FM DSFDJNJFOUP FDPOwNJDP DSFBDJwO EF FNQMFP HFOFSBDJwO EF JOHSFTPT FTQFDJBM NFOUF QBSB BEVMUPT KwWFOFT¨ 4J MPT QSFTJEFOUFT Z QSJNFSPT NJOJTUSPT EFM IFNJTGFSJP DPOTJEFSBSPO B MB DVMUVSB EF WJUBM JNQPSUBODJB MPT NJOJTUSPT EFM SBNP IBSgO MP QSP QJP 6OB TVHFSFODJB QBSB TFHVJS JNQVMTBOEP FM TFDUPS EF MB DVMUVSB FO VOB NJTNB NFTB EF EJTDVTJPOFT Z OFHPDJBDJPOFT EFCFO TFOUBSTF OP TPMP MPT SFQSFTFOUBOUFT EF FTUF TFDUPS TJOP MPT EF UPEPT BRVFMMPT RVF UJFOF MB DBQBDJEBE EF UPNBS EFDJTJPOFT FO gSFBT WJUBMFT $POTJEFSBOEP MB EJ¯DVMUBE RVF FT DPOTFHVJS ¯OBODJBDJwO P DSnEJ UPT QBSB MBT JOEVTUSJBT DVMUVSBMFT UFOFNPT RVF JOUFSDBNCJBS JEFBT TPCSF FTUF UFNB Z BQSFOEFS EF QSPZFDUPT FYJUPTPT #SBTJM QPS FKFN QMP IB EFTBSSPMMP NPEFMPT EF ¯OBODJBDJwO JOOPWBEPSFT 5BNCJnO *OUFSWFODJwO EF "OESn 'SFOFUUF %JSFDUPS EF MB $PNJTJwO *OUFSBNFSJDBOB EF $VMUVSB


MPT HPCJFSOPT EF MPT QBrTFT OFDFTJUBO USBCBKBS EF MB NBOP DPO FO UJEBEFT RVF DPNP FM #BODP *OUFSBNFSJDBOP EF %FTBSSPMMP CSJOEBO BQPZP B QSPZFDUPT DVMUVSBMFT FO MB SFHJwO -PT QBrTFT NJFNCSPT EF MB PFB OFDFTJUBO USBCBKBS KVOUPT DPO NJSBT BM GPSUBMFDJNJFOUP EF MB DBQBDJEBE JOTUJUVDJPOBM Z EF MB JOGSBFTUSVD UVSB EFM TFDUPS DVMUVSBM F JOUFSDBNCJBS MBT NFKPSFT QSgDUJDBT RVF TF IBZBO FKFDVUBEP BM SFTQFDUP

6OP EF MPT SFUPT NgT JNQPSUBOUFT RVF FOGSFOUBO OVFTUSPT DSFBEP SFT Z BSUJTUBT QBSB QPEFS DBQUVSBS BVEJFODJBT OBDJPOBMFT F JOUFS OBDJPOBMFT B USBWnT EF NFDBOJTNPT EF NFSDBEFP FT RVF OVFTUSPT QBrTFT OP IBZ NPEFMPT VOJ¯DBEPT BM SFTQFDUP Z OVFTUSBT UFDOPMP HrBT UBNCJnO TPO EJGFSFOUFT &O FTUF QVOUP UFOFNPT RVF USBCBKBS DPOKVOUBNFOUF MP NJTNP RVF FO CSJOEBS DBQBDJUBDJPOFT B RVJFOFT EFTFFO DSFBS VOB JOEVTUSJB DVMUVSBM TPCSF MP RVF TPO MPT EFSFDIPT EF QSPQJFEBE JOUFMFDUVBM 1BSB UFSNJOBS DPOTJEFSP RVF UPEPT MPT RVF FTUBNPT FO FM gSFB EF MB DVMUVSB EFCFNPT EVQMJDBS OVFTUSPT FTGVFS[PT QBSB HBSBOUJ[BS RVF MBT QFSTP OBT FODBSHBEBT EF UPNBS EFDJTJPOFT FTUnO TV¯DJFOUFNFOUF FOUFSBEBT EF MB JNQPSUBODJB EF MB DVMUVSB QBSB FM EFTBSSPMMP Z EF MBT JOEVTUSJBT DVMUVSBMFT UBNCJnO QBSB RVF EFTEF TVT DBSHPT QSPNVFWBO QPMrUJDBT Q|CMJDBT FODBNJ OBEBT B TV GPSUBMFDJNJFOUP

MB DVMUVSB FO UJFNQPT EF DSJTJT


$POGFSFODJB EFM QSPGFTPS &EHBS .PSJO

"OUFT EF FNQF[BS VOB JORVJFUVE FO FTUF NPNFOUP MPT HBTUPT NJMJUBSFT TPO EF NJMFT EF NJMMPOFT EF EwMBSFT TFSrB JOUFSFTBOUF TBCFS DVgOUP TF MF BTJHOB B MB DVMUVSB QJFOTP RVF FOUSF MBT EPT TJUVBDJPOFT OP IBZ OJOHVOB QSPQPSDJwO -B QSJNFSB DPTB RVF NF QBSFDF OFDFTBSJP SFDPSEBS FT RVF TJFNQSF MB QBMBCSB DVMUVSB FT VO DBNBMFwO DPODFQUVBM 1PS RVn 1PSRVF MB QBMBCSB DVM UVSB UJFOF WBSJPT Z EJWFSTPT TFOUJEPT UPUBMNFOUF EJGFSFOUFT -B HFOUF IBCMB EF DVMUVSB TJO UFOFS DPODJFODJB EF RVF WBO EF VOP B PUSP TFOUJEP 1SJNFS TFOUJEP EF MB DVMUVSB FM BOUSPQPMwHJDP -P RVF DBSBDUFSJ[B B MPT TFSFT IVNBOPT Z EJGFSFODJB EF MPT BOJNBMFT FT RVF DBEB HFOFSBDJwO EFCF BQSFOEFS TBCFSFT BSUFT MFOHVBKF N|TJDB -B DVMUVSB FT FM DPOKVOUP EF UPEBT MBT DPTBT RVF WBO B EJGFSFODJBS BM NVOEP IVNBOP EFM NVOEP BOJNBM 1FSP UBNCJnO FTUgO MBT DVMUVSBT FUOPHSg¯DBT nUOJDBT FT EFDJS EF VOB OBDJwO EF VOB QSPWJODJB RVF UJFOFO TVT SBTHPT QBSUJDVMBSFT TVT CBJMFT TV N|TJDB TV MJUFSBUVSB TVT USBEJDJPOFT Z TVT NJUPT 4PO EPT WFSTJPOFT EJGFSFOUFT EFM DPO DFQUP EF DVMUVSB MB QSJNFSB VOJWFSTBM Z MB TFHVOEB QBSUJDVMBS 1FSP IBZ VOB MJHB[wO NVZ GVFSUF FOUSF MBT EPT 1PS RVn 1PSRVF TJ MB DVMUVSB FT VO IFDIP IVNBOP EF UPEBT MBT DJWJMJ[BDJPOFT FT FWJEFOUF RVF OVODB TF QVFEF WFS MB DVMUVSB -B DVMUVSB TF WF B USBWnT EF MBT DVMUVSBT EJWFSTBT 1PS FKFNQMP FM MFO HVBKF IVNBOP UJFOF FO UPEBT MBT TPDJFEBEFT MB NJTNB FTUSVDUVSB EF QBMBCSBT QFSP MBT MFOHVBT TPO UPEBT EJWFSTBT &O UPEB TPDJFEBE IBZ N|TJDBT EJWFSTBT /P IBZ MB N|TJDB IBZ MBT N|TJDBT RVF IBDFO WFS MB N|TJDB &TP UJFOF VOB TJHOJ¯DBDJwO QJFOTP NVZ JNQPSUBOUF DPO SFMBDJwO B MBT DPTBT VOJWFSTBMFT Z B MBT DPTBT QBSUJDVMBSFT IVNBOBT %JHBNPT MB VOJEBE IVNBOB FT GVOEBNFOUBM FO MB DVMUVSB QFSP FTUB VOJEBE TF USBEVDF B USBWnT EF MBT EJWFSTJEBEFT EF TJOHVMBSJEBEFT : TJ OPTPUSPT RVFSFNPT SFTQFUBS MB DVMUVSB EFCFNPT SFTQFUBS MBT DVMUVSBT Z TVT EJWFSTJEBEFT QPSRVF MB EJWFS TJEBE DVMUVSBM FT VO UFTPSP EF MB VOJEBE IVNBOB DPNP MB VOJEBE IVNBOB $POGFSFODJB EFM QSPGFTPS &EHBS .PSJO


FT FM UFTPSP EF MB EJWFSTJEBE &TUP TJHOJ¯DB RVF DVBOEP IBZ RVF QSPQBHBS MB DVMUVSB TF EFCF BZVEBS GBWPSFDFS B MBT WBSJBT DVMUVSBT TJO PMWJEBSOPT RVF FMMBT UJFOFO DPNP SBTHP DPN|O TV UFYUVSB MB DVMUVSB IVNBOB MB VOJEBE IVNBOB %PT TFOUJEPT EF MB QBMBCSB DVMUVSB QFSP IBZ VO UFSDFS TFOUJEP MMBNB NPT FO HFOFSBM DVMUVSB B MB DVMUVSB IVNBOJTUB FT EFDJS B MB MJUFSBUVSB B MBT BSUFT B MB N|TJDB B MB QPFTrB B MB ¯MPTPGrB &TUB DVMUVSB IVNBOJTUB TF EFTB SSPMMw FO OVFTUSB DJWJMJ[BDJwO B USBWnT EF MB DSFBUJWJEBE QFSP TPCSF UPEP EF MPT FTDSJUPSFT EF MB FOTFvBO[B FO MB FTDVFMB FO MB VOJWFSTJEBE 1FSP IPZ ErB UBNCJnO IBZ VOB DVMUVSB DJFOUr¯DB &T FWJEFOUF RVF UBOUBT DPTBT RVF IBDFO QBSUF EF OVFTUSP QBUSJNPOJP DPHOJUJWP MMFHBO EF MBT DJFODJBT 1FSP EFCFNPT TBCFS VOB DPTB RVF NF QBSFDF NVZ JNQPSUBOUF QBSB VOB QPMrUJDB DVMUVSBM MB FTUSVDUVSB EF MB DVMUVSB DJFOUr¯DB FT UPUBMNFOUF EJWFSTB EF MB FTUSVDUVSB EF MB DVMUVSB IVNBOJTUB 1PS RVn QPSRVF MB DVMUVSB DJFOUr¯DB FT VOB DVMUVSB FTQFDJBMJ[BEB FO MBT EJTDJQMJOBT WBSJBT Z FO HFOFSBM IBZ NVDIPT DPOPDJ NJFOUPT RVF WJFOFO EF MB DVMUVSB DJFOUr¯DB QFSP RVF OP MMFHBO B MB DVMUVSB IVNBOJTUB &TUP TF EB QPSRVF IBZ IPZ ErB VOB TFQBSBDJwO NVZ EBvJOB FOUSF MB DVMUVSB DJFOUr¯DB Z MB DVMUVSB IVNBOJTUB MP RVF TJHOJ¯DB RVF MB DVMUVSB IV NBOJTUB FT DPNP VO NPMJOP RVF OP UJFOF FM USJHP QBSB DPOTVNJS FT EFDJS MF GBMUB VOB DPOFYJwO CBTUBOUF HSBOEF DPO MPT DPOPDJNJFOUPT JNQPSUBOUrTJNPT EF MB DVMUVSB DJFOUr¯DB "IPSB CJFO MP RVF MF IBDF GBMUB B MB DVMUVSB DJFOUr¯DB FT MP RVF DPOUJFOF MB DVMUVSB IVNBOJTUB $PNP MB DVMUVSB DJFOUr¯DB FT EFNBTJBEP FTQFDJBMJ[BEB OP IBZ DPO MB FYDFQDJwO EF BMHVOPT HSBOEFT TBCJPT MB DBQBDJEBE EF SF°FYJPOBS TPCSF MPT QSPCMFNBT GVOEBNFOUBMFT IVNBOPT 4JO FNCBSHP IBZ RVJFOFT SF°FYJPOBO TPCSF FMMPT -P QPEFNPT WFS FO MBT IJTUPSJBT EF 4IBLFTQFBSF FO MPT FOTBZPT EF .POUBJHOF FO MB PCSB EF (BSDrB .gSRVF[ &TUF QPEFS EF SF°FYJwO MF IBDF GBMUB B MPT DJFOUr¯DPT FM QFOTBS RVn TJHOJ¯DBO MPT QSPHSFTPT EF MB DJFODJB ZB RVF FTUPT MP TBCFNPT NVZ CJFO TPO BNCJWBMFOUFT IBZ CFOF¯DJPT JOUFMFD UVBMFT DPHOJUJWPT Z UnDOJDPT RVF WJFOFO EF MBT DJFODJBT QFSP IBZ MBT BSNBT OVDMFBSFT RVF MMFHBO EFTEF MBT DJFODJBT UBNCJnO &T BRVr EPOEF SBEJDB MB OF DFTJEBE EF SF°FYJPOBS TPCSF MPT QSPCMFNBT IVNBOPT GVOEBNFOUBMFT Z FTUP TF QVFEF IBDFS TJ IBZ DPOFYJwO DPNVOJDBDJwO QFSNBOFOUF 5BNCJnO FYJTUF PUSB DVMUVSB RVF TF QVFEF MMBNBS DVMUVSB EF NBTBT RVF FT USBTNJUJEB B USBWnT EF NFEJPT DPNP MB UFMFWJTJwO Z FM DJOF &TUB DVMUV SB EF NBTBT UJFOF WBSJPT QSPCMFNBT 1PS VO MBEP QFSNJUF VOB DJFSUB EFNP DSBUJ[BDJwO EF BMHVOPT SBTHPT EF MB DVMUVSB USBEJDJPOBM IVNBOJTUB QFSP QPS PUSP MBEP IBDF VOB WVMHBSJ[BDJwO VOB EFHSBEBDJwO EF MB DVMUVSB :P QJFOTP UBNCJnO RVF FO FTUF TFDUPS EF MB DVMUVSB EF NBTBT IBZ RVF GBWPSFDFS MB EJWFSTJEBE OP EFKBS EJHBNPT MB EPNJOBDJwO EF VOP P EPT HSBOEFT DBOB MB DVMUVSB FO UJFNQPT EF DSJTJT


MFT IBZ RVF GBWPSFDFS VOB WBSJFEBE EF DBOBMFT DPNP MPT RVF BIPSB FYJTUFO DBOBMFT DJFOUr¯DPT DBOBMFT EF WJBKFT DBOBMFT NVTJDBMFT FUD %F FTUF NPEP QPEFNPT TBCFS RVF MB QBMBCSB DVMUVSB OP FT UBO TFODJMMB RVF TF EFCF B VOB EJWFSTJEBE EF BDFQUBDJPOFT Z RVF QBSB DBEB BDFQUBDJwO TF OFDFTJUB UFOFS VOB WJTJwO QSPQJB EF QPMrUJDB DVMUVSBM #JFO QPEFNPT TBCFS BIPSB EJHBNPT TPCSF DVMUVSB IVNBOJTUB QPSRVF QBSFDF FWJEFOUF RVF OP TF EFCF SFTFSWBS B VOB FMJUF EF QPEFS FTDPHFS MB QPF TrB MB N|TJDB DMgTJDB )BZ VOB OFDFTJEBE EF EFNPDSBUJ[BDJwO GVOEBNFOUBM &TUP NF QBSFDF VOB NJTJwO NVZ JNQPSUBOUF 1FSP IBZ WBSJPT QSPCMFNBT 6O NJOJTUSP EF MB DVMUVSB GSBODnT RVF DPOPDr NZ CJFO +BDL -BOH RVFSrB GPNFO UBS MB DVMUVSB TJO FNCBSHP IBCrB VO QSPCMFNB B|O UFOJFOEP GPOEPT QBSB FMMP MB DSFBUJWJEBE OP TF QVFEF QSFWFS QSPHSBNBS "VORVF IBZB GPOEPT QBSB SFBMJ[BS VOB QFMrDVMB FTUB QVFEF SFTVMUBS CVFOB P NBMB /VFTUSP NJOJTUSP GSBODnT BZVEw DPO GPOEPT B MB SFBMJ[BDJwO EF "OUPO EFM FYDFMFOUF EJSFDUPS QPMBDP "OES[FK 8BEKB QFSP OP QPErBNPT QSFWFS DwNP SFTVMUBSrB &TUB FT VOB EJ¯DVMUBE RVF TJFNQSF FTUBSg QSFTFOUF 1PS PUSB QBSUF IBZ FTUB DPOUSBEJDDJwO DPO SFTQFDUP B MBT BZVEBT JOT UJUVDJPOBMFT FO FM QBTBEP FSBO MPT SFZFT RVJFOFT BZVEBCBO B MPT EPDUPSFT Z UBNCJnO MPT MMBNBEPT NFDFOBT "IPSB FTUgO MPT HPCJFSOPT P NJOJTUSPT 1FSP IBZ TJFNQSF VOB DPOUSBEJDDJwO VOB DPTB EJGrDJM EF DPODJMJBS FOUSF MB WJTJwO §P¯DJBM¨ Z MB EF MPT OVFWPT DSFBEPSFT 6TUFEFT TBCFO NVZ CJFO RVF BM OVFWP DSFBEPS OP TF MF BDFQUB GgDJMNFOUF UBM DPNP TVDFEJw DPO MPT JNQSFTJPOJTUBT FO 'SBODJB RVJFOFT GVFSPO SFDIB[BEPT QPS MPT §P¯DJBMFT¨ &TUF FT VO QSPCMF NB EF BQFSUVSB NFOUBM FO FM RVF IBZ RVF QFOTBS 6OB |MUJNB DPTB RVF QBSB Nr FT NVZ JNQPSUBOUF $VBOEP MFFNPT VOB PCSB EF %JDLFOT EF %PTUPJFWTLJ EF #BM[BD DVBOEP WFNPT VOB PCSB EF UFBUSP EF .PMJFSF EF 4IBLFTQFBSF DVBOEP FTUBNPT GSFOUF B VOB QBOUBMMB EF DJOF TBCFNPT RVF BMHP QBTB 4F EBO QSPDFTPT EF JEFOUJ¯DBDJwO EF DPNVOJwO DPO QPS FKFNQMP MPT QFSTPOBKFT EF VOB QFMrDVMB &TUP JNQMJDB VOB DPNQSFOTJwO NVDIP NgT QSPGVOEB EF MB WJEB OPSNBM 1PS RVn /PTPUSPT QPEFNPT WFS B VO WBHBCVOEP DPNP FM $BSMJUPT $IBSMPU EF $IBSMFT $IBQMJO FO MB WJEB SFBM QFSP OPT EJTHVTUBO 4JO FNCBSHP FO VOB QFMrDVMB QSPEVDFO TJNQBUrB 1PEFNPT WFS BM QFSTPOBKF EFM QBESJOP EF $PQQPMB WFNPT RVF FT VO DSJNJOBM QFSP OP FT TPMBNFOUF VO DSJNJOBM ZB RVF UBNCJnO UJFOF VO QSPGVOEP TFOUJEP EF BNPS ¯MJBM 'SFOUF B VOB QFMrDVMB TPNPT NgT DPNQSFOTJWPT RVF FO MB WJEB OPSNBM Z DVBOEP SFUPSOBNPT B FMMB QFSEFNPT EF WJTUB UPEBT MBT WFSEBEFT RVF FODPOUSBNPT FO FM UFBUSP FO MJUFSBUVSB FO FM DJOF FOUPODFT FM QSPCMFNB FT DwNP NBOUFOFS MB DPODJFODJB EF FTUBT WFSEBEFT NgT BMMg EF MB QBOUBMMB NgT BMMg EF MB MFDUVSB NgT BMMg EFM UFBUSP -B WJEB DPUJEJBOB FT FTP FT JOUFHSBS MBT WFSEBEFT IVNBOBT QPSRVF MB MJUFSBUVSB P FM UFBUSP P FM DJOF OP TPO VO $POGFSFODJB EFM QSPGFTPS &EHBS .PSJO


MVKP TPO VO NPEP EF DPOPDFS Z TFOUJS RVn TJHOJ¯DB MB DPOEJDJwO IVNBOB MB TVCKFUJWJEBE IVNBOB MBT QBTJPOFT MB WJEB &OUPODFT ˜DwNP IBDFS QBSB FOUFOEFS RVF MFFS WFS VOB QFMrDVMB P VOB PCSB EF UFBUSP OP FT VO MVKP TJOP RVF IBZ FO FTUBT FYQFSJFODJBT WFSEBEFT NVZ JNQPSUBOUFT DPODFOUSBEBT RVF OPTPUSPT IFNPT TFOUJEP Z RVF EFTQVnT PMWJEBNPT )BZ VO QSPCMFNB EF DPODJFOUJ[BDJwO EFM WBMPS EF MBT BSUFT EF MB QPFTrB EF MB MJUFSBUVSB Z BM ¯OBM EF MB QPFTrB -B QPFTrB OP FT TPMBNFOUF HP[BS EF WFSTPT NVZ MJOEPT NVTJDBMFT &TUP FT JNQPSUBOUF QFSP ˜QPS RVn TFOUJNPT MB EJGFSFODJB FOUSF MB QSPTB Z MB QPFTrB 1PSRVF MB QPFTrB OPT EB VO FTUBEP EF FNPDJwO EF FYBMUBDJwO QPS MP UBOUP QJFOTP RVF MB QPFTrB FT VO NPEP EF BQSFOEJ[BKF EF MB WJEB QPSRVF FTUg EJWJEJEB FO EPT QBSUFT JHVBMFT VOB QBSUF EF QSPTB RVF TJHOJ¯DB IBDFS DPTBT RVF OP OPT HVTUBO RVF FTUBNPT PCMJHBEPT B IBDFS TJO QMBDFS QBSB HBOBSOPT MB WJEB Z BM NJTNP UJFNQP QFS EFSMB 1FSP MB QPFTrB TPO MPT NPNFOUPT EF FNPDJwO EF DPNVOJwO EF IFS NBOEBE EF BNPS &TUB FT MB QBSUF NgT JNQPSUBOUF EF MB WJEB : QJFOTP RVF MB FOTFvBO[B MB FEVDBDJwO OP FTUg IFDIB |OJDBNFOUF QBSB QSFQBSBSOPT QBSB TFS QSPGFTJPOBMFT $PNP BOPUB NVZ CJFO +FBO +BDRVFT 3PVTTFBV NBSBWJMMPTP ¯MPTPGP GSBODnT TJHMP YWJJJ RVF FTDSJCJw VO MJCSP TPCSF MB FEVDBDJwO SF¯SJnO EPTF B MP RVF FM NBFTUSP MF EJDF B TV BMVNOP §RVJFSP FOTFvBSUF B WJWJS¨ )BZ RVF DPODFCJS RVF OP IBZ VO EJWPSDJP FOUSF MB WJEB SFBM Z MB WJEB NgT P NFOPT JNBHJOBSJB MB EF MB QPTFrB MB EFM BSUF 1JFOTP RVF MBT NJTJPOFT EF MBT QPMrUJDBT DVMUVSBMFT TPO B MB WF[ NVZ EJWFSTBT NVZ POEBT Z NVZ OFDFTBSJBT (SBDJBT QPS TV BUFODJwO

MB DVMUVSB FO UJFNQPT EF DSJTJT


4FTJwO EF QSFHVOUBT QPS QBSUF EFM BVEJUPSJP

… )BZ VOB EJGFSFODJB FOUSF FM QSPEVDUP DVMUVSB Z MB DVMUVSB FO Tr Z WFNPT DwNP MPT HPCJFSOPT JOWJFSUFO NVDIP FO FM QSPEVDUP DVMUVSB Z OP FO MB DVMUVSB ˜6TUFE FTUg EF BDVFSEP FO JOWFSUJS FO MB DVMUVSB QBSB QPEFS EFDJS FTUB FT MB DVMUVSB EF MPT &TUBEPT 6OJEPT FTUB FT MB DVMUVSB EF $PMPNCJB FUD

3FTQVFTUB EF &EHBS .PSJO 1JFOTP RVF MB QBMBCSB QSPEVDUP TF QVF EF DPODFCJS QBSB MBT PCSBT DVMUVSBMFT QFSP UBNCJnO FT VOB QBMB CSB FNQMFBEB FO TFOUJEP FDPOwNJDP FO GVODJwO EF VO NFSDBEP &T WFSEBE RVF IBZ UPEB VOB DVMUVSB RVF TF FODVFOUSB EFOUSP EF VO NFSDBEP 4J TF RVJFSF DPNQSBS VOB PCSB EF BSUF IBZ RVF JS BM NFSDBEP 1FSP IPZ ErB B DBVTB EF JOUFSOFU FTUg FO FM EFCBUF RVF FYJTUB MB QPTJCJMJEBE EF DPOTFHVJS N|TJDBT MJUFSBUVSB TJO QB HBS 1PS FKFNQMP FTUgO MPT RVF QJFOTBO RVF IBZ RVF QBHBS QBSB BTr QSFTFSWBS FM EFSFDIP EF MPT DSFBEPSFT PUSPT EJDFO FO DBNCJP RVF JOUFSOFU CSJOEB MB QPTJCJMJEBE B NVDIB HFOUF RVF OP UJFOF EJ OFSP QBSB BQSPWFDIBSTF EF MB DVMUVSB TJO QBHBS %F UPEBT GPSNBT DVBOEP TF UPNB EF JOUFSOFU VOB DBODJwO EF VO BVUPS GBNPTP TJO QBHBS FTUP OP JNQJEF RVF MB HFOUF WBZB B TVT DPODJFSUPT )BZ HFOUF RVF QBHB 1JFOTP RVF MMFHBNPT B VO NPNFOUP NVZ JNQPSUBOUF EF QPTJCJMJEBE EF EFNPDSBUJ[BDJwO DVMUVSBM &TUgO MPT QSPEVDUPT Z MBT QSPEVDUPSBT QPSRVF QSPEVDFO PUSP NPEP EF WJWJS EF TFOUJS 1BSB Nr DVBOEP FSB KPWFO BMHVOBT PCSBT EF MJUFSBUVSB NF DBNCJBSPO MB NFOUBMJEBE NF BCSJFSPO MPT PKPT NF BCSJFSPO FM DPSB[wO &OUPO DFT MBT PCSBT DVMUVSBMFT TPO QSPEVDUPT QFSP UBNCJnO QSPEVDUPSBT 1SPEVDUPSBT EF HSBO JNQPSUBODJB

4FTJwO EF QSFHVOUBT QPS QBSUF EFM BVEJUPSJP


.BSJBO 1POTGPSE EJSFDUPSB EF "SDBEJB 4FvPS .PSJO VTUFE MF QJEF IPZ B RVJFOFT TPO MPT IFSFEFSPT EF MB DVMUVSB IVNBOJTUB RVF JO DPSQPSFO MB DVMUVSB DJFOUr¯DB )BDF BvPT $ 1 4OPX FM DJFOUr¯ DP Z UBNCJnO OPWFMJTUB CSJUgOJDP QMBOUFw FM BOUBHPOJTNP FOUSF MB DVMUVSB DJFOUr¯DB Z MB DVMUVSB IVNBOJTUB &O FTF FOUPODFT nM DSFrB RVF FSB JNQFOTBCMF RVF VO DJFOUr¯DP OP TVQJFSB RVJnO FSB 4IBLFT QFBSF QFSP DVBMRVJFS QFSTPOB QFSUFOFDJFOUF B MB DVMUVSB IVNBOJTUB OP UFOESrB QPS RVn TBCFS MB SB MFZ EF MB UFSNPEJOgNJDB /P TFSrB NgT GgDJM RVF GVFSBO MPT DJFOUr¯DPT P RVF FTUVWJFSB FO NBOPT EF MPT DJFOUr¯DPT JODPSQPSBS MB DVMUVSB IVNBOJTUB RVF FO NBOPT EF MPT QSPQJPT IVNBOJTUBT QPSRVF IBO GSBDBTBEP ZB EJHBNPT FO TV JOUFOUP EF BCTPSCFS FM EJTDVSTP EF MB DJFODJB

3FTQVFTUB EF &EHBS .PSJO &T NgT GgDJM QBSB MPT DJFOUr¯DPT IBDFS MJCSPT TPCSF MPT EFTDVCSJNJFOUPT EFM VOJWFSTP RVF VOB QFSTPOB RVF OP MP TFB DPNQSFOEFS MB FYQBOTJwO EFM VOJWFSTP 1FSP IBZ DPTBT EF MB DVMUVSB DJFOUr¯DB RVF WJBKBO B PUSBT DVMUVSBT OP TPMBNFOUF B MB DVMUVSB IVNBOJTUB TJOP B MB DVMUVSB EF NBTBT )BZ DPTBT RVF TPO NgT EJGrDJMFT EF FOUFOEFS DPNP MPT QSJODJQJPT EF MB GrTJDB RVgOUJDB QPS FKFNQMP 1FSP MP JNQPSUBOUF FT RVF MPT HSBOEFT DJFOUr¯DPT FSBO QFSTPOBT DVMUJWBEBT DVMUBT 1FOTFNPT FO &JOTUFJO RVF UBNCJnO UP DBCB FM WJPMrO FO 8FSOFS )FJTFOCFSH GrTJDP RVF UFOrB VOB DVMUVSB ¯MPTw¯DP MJUFSBSJB 1JFOTP RVF UFOFS VOB DVMUVSB IVNBOJTUB FT |UJM QBSB MPT DJFOUr¯DPT MBT EB VO DPOUFYUP ZB RVF FO TVT NFOUFT IBZ VOB DBQBDJEBE TP¯TUJDBEB EF DPOPDFS PCKFUPT QFSP OP PCKFUPT %F UPEPT NPEPT IBDF GBMUB NVMUJQMJDBS MBT SFMBDJPOFT FOUSF MBT EPT DVM UVSBT FT VOB OFDFTJEBE WJUBM QBSB OPTPUSPT

$PODMVTJPOFT EF MB TFTJwO &T OFDFTBSJP WJODVMBS B MPT KwWFOFT FO FM EJTFvP EF MBT OVFWBT QPMrUJDBT Q|CMJDBT DVMUVSBMFT -B DVMUVSB QVFEF FOUFOEFSTF DPNP NPUPS EFM EFTBSSPMMP FDPOw NJDP TPTUFOJCMF -B DVMUVSB QVFEF FOUFOEFSTF DPNP NPUPS EFM EFTBSSPMMP TPDJBM IFSSBNJFOUB QBSB QSFWFOJS DPO°JDUPT Z WJPMFODJB 1BSB SFTQFUBS MB EJWFSTJEBE EF OVFTUSB DVMUVSB EFCFNPT TFS DPOTDJFOUFT EF RVF OP IBZ VOB DVMUVSB TJOP MBT DVMUVSBT RVF TPO MBT RVF FO TV DPOKVOUP QFSNJUFO IBCMBS EF MB DVMUVSB MB DVMUVSB FO UJFNQPT EF DSJTJT


$PNP BHFOUFT Z USBCBKBEPSFT EF MB DVMUVSB EFCFNPT DPOPDFS MPT N|MUJQMFT TJHOJ¯DBEPT Z VTPT EF FTUF DPODFQUP /PT FOGSFOUBNPT B VOB OVFWB FSB EFM DPOPDJNJFOUP Z MB DVMUVSB EFNPDSBUJ[BEPT HSBDJBT B JOUFSOFU &TUP EFCF FOUFOEFSTF DPNP VO CFOF¯DJP Z VO DBNCJP RVF OP EFCF TFS DPNCBUJEP TJOP BM DPOUSBSJP VUJMJ[BEP QBSB FM EFTBSSPMMP EF MPT QVFCMPT B QBSUJS EF MB QSPNPDJwO EF MB FEVDBDJwO CBTBEB FO FM VTP EF OVFWBT UFDOP MPHrBT &TUBNPT FO VO NPNFOUP EPOEF MB DVMUVSB DJFOUr¯DB Z MB DVMUVSB IVNBOJTUB TF EFCFO FODPOUSBS QVFT FO HSBO NFEJEB FM DPOP DJNJFOUP EF OVFTUSB nQPDB EFSJWB EF VOB DVMUVSB DJFOUr¯DB 4JO FNCBSHP OP TF QVFEFO BCBOEPOBS MBT DJFODJBT IVNBOBT RVF QFSNJUFO BQMJDBS EJDIPT DPOPDJNJFOUPT BM IPNCSF UBOUP QBSB TV EFTBSSPMMP DPNP QBSB TV DPNQSFOTJwO

4FTJwO EF QSFHVOUBT QPS QBSUF EFM BVEJUPSJP


$BQrUVMP $PMPGwO 1PS "MCFSUP "CFMMP 7JWFT

&M TFDUPS DVMUVSBM OP FTUg FYFOUP EF TVGSJS MBT DPOTFDVFODJBT EF VOB DSJTJT JOUFSOBDJPOBM .gT UFNQSBOP RVF UBSEF FM JNQBDUP UBNCJnO MF MMFHB TJO FNCBSHP EFTEF MB DVMUVSB TF QVFEF DPOUSJCVJS B MB TVQFSBDJwO EF MB DSJTJT " QFTBS EF FTUBS FTUP DMBSP FO DJFSUPT DrSDVMPT JOUFSOBDJPOBMFT EF MPT RVF IBDFO QBSUF BDBEnNJDPT JOTUJUVDJPOFT NVMUJMBUFSBMFT FNQSFTBT FNQSFTBSJPT Z FNQSFOEFEPSFT OP IBZ ¥IBTUB FM NPNFOUP EF FTDSJCJS FTUBT OPUBT¥ FWJEFODJBT EF QPMrUJDBT JODMVTJWBT EF MB DVMUVSB FO MBT FTUSBUFHJBT NVOEJBMFT QBSB GSFOBS MB DBrEB EFM DSFDJNJFOUP EF MB FDPOPNrB NVOEJBM Z SFTUBCMFDFS TV EJOBNJTNP &M EJTDVSTP TPCSF FM QFTP EF MB DVMUVSB FO MB FDPOPNrB Z FO MPT QSPDF TPT EF EFTBSSPMMP B|O OP DBMB FOUSF MPT EJSJHFOUFT EF MB FDPOPNrB NVOEJBM FO HFOFSBM Z EFM (SVQP EF MPT FO QBSUJDVMBS 5BNQPDP FO MBT NFEJEBT UP NBEBT ¥P FO MPT EJTDVSTPT P EFDMBSBDJPOFT EF MPT NJFNCSPT FO MBT SFVOJPOFT B SBr[ EF MB EFCBDMF¥ TF IB PCTFSWBEP FTQFDJBM JOUFSnT QPS MB DVMUVSB -P RVF OP PDVSSF MP NJTNP DPO FM NFEJP BNCJFOUF Z FM EFTBSSPMMP TPTUFOJCMF 1PS MP NFOPT B OJWFM EF EJTDVSTP MB MBSHB USBZFDUPSJB EF MPT BNCJFOUBMJTUBT Z MB DSJTJT EFM DBMFOUBNJFOUP HMPCBM IBO MPHSBEP QPTJDJPOBS FM EFTBSSPMMP TPTUFOJCMF BTr UPEP RVFEF QPS BIPSB FO FM EJTDVSTP &M USFDIP RVF UJFOF RVF SFDPSSFS MB DVMUVSB QBSB RVF TFB UFOJEB FO DVFO UB FO QPMrUJDBT FDPOwNJDBT Z FO QPMrUJDBT EFSJWBEBT EF OVFWBT WJTJPOFT EFM EFTBSSPMMP FT MBSHP " QFTBS EF MB DSJTJT TwMP WPDFT §EJTJEFOUFT¨ DMBNBO QPS VO OVFWP EFTBSSPMMP &M FTUBCMFDJNJFOUP FDPOwNJDP NVOEJBM USBCBKB FO NF EJP EFM TVTUP QPS SFDPOTUSVJS FM NVOEP EF BOUFT 4F BTQJSB B VO OVFWP DJDMP FDPOwNJDP DVBOEP NgT 7JTJPOFT BMUFSOBUJWBT BQBSFDFO QFSP BQBSFDFO FO QFRVFvPT §NVOEPT¨ QSPNPWJFOEP EJTNJOVDJwO EFM DPOTVNJTNP BHSJDVMUVSB EF QSPYJNJEBE DPNFSDJP MJNQJP OFHPDJPT JODMVTJWPT FOUSF UBOUBT PUSBT JOJ DJBUJWBT 1FSP MB MPDPNPUPSB EF MB FDPOPNrB NVOEJBM VOB WF[ TBMHB EF MPT UB MMFSFT EF SFQBSBDJwO WPMWFSg TFHVSBNFOUF EFTFOGSFOBEB QPS MB DBSSJMFSB EF MB DPODFOUSBDJwO EF MB SJRVF[B B FTDBMB HMPCBM MB FTQFDVMBDJwO Z MB EFTJHVBMEBE DPMPGwO


"Tr RVF FTUBT NFNPSJBT RVF IPZ TF FEJUBO QPESrB TFS VOB IFSSBNJFOUB GPSNJEBCMF FO FTB DPORVJTUB EF OVFWPT FTQBDJPT RVF SFRVJFSF MB DVMUVSB -BT SFMBDJPOFT FOUSF MB DVMUVSB Z MB FDPOPNrB Z FOUSF MB DVMUVSB Z FM EFTBSSPMMP IVNBOP TPO FWJEFOUFT FTUBT QgHJOBT FTUgO MMFOBT EF JOGPSNBDJwO BM SFT QFDUP QFSP FTUBT FWJEFODJBT OP TPO NBTJWBNFOUF DPOPDJEBT DPNP Tr MP FT MB DSJTJT BNCJFOUBM EFM QMBOFUB 5PEP FTUP QBSB SFDBMDBS FO MPT FTGVFS[PT GVUVSPT RVF TPO OFDFTBSJPT QBSB RVF MB DVMUVSB TFB JODPSQPSBEB OP TwMP FO FM EJTDVSTP EF RVJFOFT UPNBO MBT EFDJTJPOFT EF MB FDPOPNrB MBT OBDJPOFT Z MBT FNQSFTBT TJOP QBSB RVF FGFDUJWBNFOUF DPOUSJCVZB B HSBO FTDBMB FO MB USBOTGPSNBDJwO EF MBT TPDJFEBEFT )BZ FOUPODFT HSBOEFT SFUPT DPNQSPNJTPT Z SFTQPOTBCJMJEBEFT QBSB BNQMJBS FM FTQFDUSP EF MB DVMUVSB FO FM NVOEP EPOEF TF EF¯OFO MPT BTVOUPT TVTUBODJBMFT FM DBNQP EF MB QPMrUJDB $PNP MP BOPUw &EOB %PT 4BOUPT FO FM TFNJOBSJP TFSg USBTDFOEFOUBM VTBS QSFDJTBNFOUF MB DSFBUJWJEBE FO MB QPMrUJDB Q|CMJDB IBCSg RVF TFS NgT BVEBDFT F JNBHJOBUJWPT QBSB FODPOUSBS MPT NPEF MPT RVF USBOTGPSNBSgO FM QBSBEJHNB BDUVBM EFM DBQJUBMJTNP %F JHVBM GPSNB 1BV 3BVTFMM ,zTUFS SFDBMDw FO MBT OVFWBT SFTQPOTBCJMJEBEFT EFM TFDUPS DVMUV SBM FO MB NFEJEB RVF MB DVMUVSB TF TBMHB EF TV QSPQJP gNCJUP TJ BTr QVEJFSB FYQSFTBSTF Z FOUSF FO MPT RVF FTUgO FO KVFHP PUSPT BTVOUPT FTFODJBMFT EF MB WJEB FO TPDJFEBE 1PSRVF BEFNgT MPT QVFOUFT RVF IBZ RVF DPOTUSVJS FOUSF MB DVMUVSB Z FM §SFTUP EFM NVOEP¨ TPO TVNBNFOUF EJWFSTPT 4F SFRVJFSF DMBSJEBE DPODFQUVBM QBSB JNQFEJS RVF MBT ZB JEFOUJ¯DBEBT SFMBDJPOFT FOUSF MB FDPOPNrB Z MB DVMUVSB EFSJWFO FO QPMrUJDBT EF QSJWJMFHJP QBSB MPT FNQSFOEJNJFOUPT DVMUVSBMFT BTPDJBEPT B MBT EJOgNJDBT EFM NFSDBEP /P QVFEF QFSEFSTF EF WJTUB Z NVDIP NFOPT EFKBS EF BQPZBS FTUJNVMBS Z ¯ OBODJBS MBT QSgDUJDBT BSUrTUJDBT Z DVMUVSBMFT JOEJWJEVBMFT Z DPMFDUJWBT PSJFOUBEBT B MB DSFBDJwO BM FOSJRVFDJNJFOUP FTQJSJUVBM Z B MB JEFOUJ¯DBDJwO EF MPT QVFCMPT UBNQPDP B BRVFMMBT FODBSHBEBT EF QSFTFSWBS Z QPOFS FO WBMPS MPT QBUSJNP OJPT DVMUVSBMFT -BT DPOEJDJPOFT QSFEPNJOBOUFT EF FTDBTF[ EF SFDVSTPT OP QVFEF TF HVJS TJFOEP FM BSHVNFOUP WgMJEP QBSB SFPSJFOUBS MPT FTUrNVMPT IBDJB TFDUPSFT QSFUFOEJEBNFOUF SFOUBCMFT FO MP FDPOwNJDP Z MP TPDJBM -P RVF WJFOF QPS QBSUF EFM TFDUPS DVMUVSBM QFSP UBNCJnO EF MB TPDJF EBE FO TV DPOKVOUP Z EF MPT HPCJFSOPT EF NPNFOUP TPO SFUPT NVZ TVQFSJP SFT B MPT BOUFSJPSFT FO NBUFSJB DVMUVSBM SFPSJFOUBS MBT JEFBT BMSFEFEPS EF MB DVMUVSB Z FTUJNVMBS NBZPSFT SFDVSTPT Q|CMJDPT Z QSJWBEPT QBSB FMMB EJSJHJEPT B TVT N|MUJQMFT CFOF¯DJBSJPT F JNQBDUPT FTQFSBEPT 1FSP FM IFDIP EF OP SFTUBS SFDVSTPT B MPT DBNQPT USBEJDJPOBMFT FO MPT RVF TF IB NPWJEP MB DVMUVSB OP QVFEF TFS MB FYDVTB QBSB TFHVJS IBDJFOEP MP NJTNP EF TJFNQSF 4J DSFFNPT FO FM QBQFM EF MB DVMUVSB FO FM EFTBSSPMMP $PMPGwO


IVNBOP IBCSg RVF CVTDBS FOUPODFT MB DPOTJTUFODJB EF MBT QPMrUJDBT EF JOWFS TJwO FO DVMUVSB DPO MB FRVJEBE FM JNQBDUP Z MB WBMPSBDJwO QBUSJNPOJBM "DB TP ˜MPT QSFTVQVFTUPT BOVBMFT EF DVMUVSB EF MPT QBrTFT OP SF°FKBO ESgTUJDBT JOFRVJEBEFT &M TFDUPS DVMUVSBM OP QVFEF OFHBSTF B IBCMBS EF DBMJEBE Â¥Z OP QPS JNQP TJDJwO EFTEF MB FTGFSB EF MB QPMrUJDBÂ¥ Z DVBMJ¯DBDJwO DPNP QSPDFTP cTUBT OP QVFEFO TFS VO UBC| FTRVJWBSMBT OP QVFEF TFS FM QSFUFYUP QBSB VUJMJ[BS FM QBSB HVBT EF MB DVMUVSB DPNP NFDBOJTNP EF TVQFSWJWFODJB "Tr DPNP FO FM DBNQP EF MB JOGSBFTUSVDUVSB FO PDBTJPOFT MPT QPMrUJDPT DPOTUSVZFO QVFOUFT EPOEF OP IBZ SrPT DPNP OBSSBO MPT DPMPNCJBOPT FO FM DBNQP EF MB DVMUVSB TF EFTUJOBO GBTUVPTPT QSFTVQVFTUPT RVF OP WBO B OJOHVOB QBSUF : FTP OP QVFEF TFS )BCSg RVF BDFSDBS NgT MB DVMUVSB B MB BDBEFNJB BM NVOEP EFM TBCFS EF MB JOWFTUJHBDJwO Z EF MB GPSNBDJwO &M EFCBUF OP TF IB UFSNJOBEP "Tr IPZ UFOHBNPT NgT Z NFKPSFT BQPSUFT UFwSJDPT EFTEF MB ¯MPTPGrB MB FDPOPNrB MB TPDJPMPHrB MB BOUSPQPMPHrB FOUSF PUSBT EJTDJQMJOBT TPCSF MB DVMUVSB MBT OVFWBT EJNFOTJPOFT RVF TF FTQFSBO EF FMMB SFRVFSJSgO EF MB DPOUJOVJEBE EFM EFCBUF Z EF MB BNQMJBDJwO EF MB JOUFSEJTDJQMJOBSJFEBE QBSB TV FTUVEJP &M NVOEP EF MBT OVFWBT UFDOPMPHrBT EF MB DPNVOJDBDJwO Z MB JOGPSNB DJwO DPO TVT BNQMJBT QPTJCJMJEBEFT OP QVFEF TFS EFTQSFDJBCMF TJ EFTNPO UBNPT NJUPT B GBWPS Z FO DPOUSB EF nM &T VO SFDVSTP RVF QVFEF FTUBS BM TFSWJDJP EF MB DVMUVSB 5BNCJnO IBCSg RVF BQSFOEFS EFM NFEJP BNCJFOUF Z EF MB FTUSBUFHJB BNCJFOUBMJTUB HMPCBM Z BDFSDBSTF B FMMB QBSB GVOEJSTF FO VOB TPMB SFJWJOEJDBDJwO QPS VO NVOEP EJTUJOUP QBSB MB IVNBOJEBE )BCSg RVF IBDFS OFHPDJBDJPOFT Z FTUBCMFDFS WrODVMPT DPO BNQMJPT TFDUPSFT Q|CMJDPT Z QSJWBEPT OBDJPOBMFT Z UFSSJUPSJBMFT EF MPT NgT EJTrNJMFT TFDUPSFT 2Vn EFDJS EF MB DVMUVSB FO TVT SFMBDJPOFT DPO MB QBSUJDJQBDJwO TPDJBM MB SFJWJOEJDBDJwO EF MPT EFSFDIPT IVNBOPT Z MB EFNPDSBDJB &O BRVFMMPT QBrTFT RVF UJFOFO QMBOFT EF EFTBSSPMMP OBDJPOBMFT MB DVM UVSB FTUg MMBNBEB B KVHBS VO QBQFM NgT QSPUBHwOJDP 1FSP ˜DwNP TVQFSBS MBT NJSBEBT TFDUPSJBMFT EF MPT HPCJFSOPT ˜&TUg MMBNBEB MB DVMUVSB B SPNQFS MB GSBHNFOUBDJwO TFDUPSJBM EF MB QPMrUJDB Q|CMJDB 7BSJPT WrODVMPT TPO OFDFTBSJPT DVMUVSB Z IBDJFOEB Q|CMJDB DVMUVSB F JOEVTUSJB Z DPNFSDJP DVMUVSB Z DPNVOJDBDJPOFT DVMUVSB Z FEVDBDJwO DVMUV SB Z DJFODJB 1BSB OP IBCMBS EF MPT WrODVMPT FO NBUFSJB EF QPMrUJDB Q|CMJDB FOUSF DVMUVSB Z NFEJP BNCJFOUF DVMUVSB Z WJWJFOEB DVMUVSB Z FTQBDJP Q| CMJDP DVMUVSB Z QPMrUJDB RVF TPO WrODVMPT EFTFBCMFT TJ TF RVJFSF JODPSQPSBS FMFNFOUPT DVMUVSBMFT B MB DPOTFSWBDJwO EFM NFEJP BNCJFOUF MB DPOTUSVDDJwO EF WJWJFOEB MB NPWJMJEBE MB QBSUJDJQBDJwO TPDJBM Z MB EFNPDSBDJB 1FSP TJ TF RVJFSF DPOUSJCVJS FGFDUJWBNFOUF B MPT BTVOUPT NVOEJBMFT EFM EFTBSSPMMP MB BSUJDVMBDJwO FOUSF DVMUVSB Z 0CKFUJWPT EF %FTBSSPMMP EFM .JMF DPMPGwO


OJP PEN BERVJFSF TJOHVMBS JNQPSUBODJB -B DVMUVSB WJTUB DPNP VO SFDVSTP QVFEF TFS VO GBDUPS EFUFSNJOBOUF FO MB TVQFSBDJwO EF MB QPCSF[B " OJWFM MPDBM FO QBrTFT EF JOHSFTPT NFEJPT Z CBKPT EPOEF MBT PQPSUVOJEBEFT FDPOw NJDBT FTDBTFBO MB QSPNPDJwO EF FNQSFOEJNJFOUPT DPNVOJUBSJPT DPO CBTF FO FMFNFOUPT DVMUVSBMFT QBSB MB HFOFSBDJwO EF JOHSFTP Z MB TVQFSBDJwO EF MB QPCSF[B BSUJDVMBEPT B BDUJWJEBEFT FDPOwNJDBT GPSNBMFT QPESrB BQPSUBS B FTUPT PEN -P RVF RVFEB MVFHP EFM TFNJOBSJP TPO UBSFBT NVDIBT UBSFBT -P RVF TF IB USBCBKBEP FO FTUPT EPT ErBT FT BQFOBT VOB QFRVFvB NVFTUSB EF MBT EJ WFSTBT QPTJCJMJEBEFT BMSFEFEPS EF MB DVMUVSB 1FRVFvBT HPUBT FO VO NBS EF PQDJPOFT 4FSg WJUBM FOUPODFT NBOUFOFS Z BHSBOEBS MB SFE EF FYQFSUPT QBSB FM JOUFSDBNCJP QBSB FM °VKP EF DPOPDJNJFOUP Z QBSB MB NVFTUSB EF CVFOBT QSgDUJDBT &TUF IB TJEP FM 5FSDFS 4FNJOBSJP *OUFSOBDJPOBM RVF MB 6OJWFSTJEBE 5FDOPMwHJDB EF #PMrWBS Z TV OPEP FO %FTBSSPMMP Z $VMUVSB E D PSHBOJ[BO FO DPSUP UJFNQP &TUF OPEP IB WFOJEP DPPSEJOBOEP BEFNgT EF MB NBFTUSrB FO E D VOB SFE JOUFSOBDJPOBM RVF TF IB DPOWFSUJEP FO VO FTQBDJP QSPQJDJP QBSB FM JOUFSDBNCJP &TUBNPT TFHVSPT RVF MVFHP EF FTUF TFNJOBSJP MB SFE BERVJSJ Sg NBZPS EJOBNJTNP $PNP VOJWFSTJEBE FT QSFDJTP BM ¯OBM EF MB KPSOBEB BHSBEFDFS BM .J OJTUFSJP EF $VMUVSB BMJBEP EFTEF FM NPNFOUP FO RVF TF DPODJCJw MB JEFB EF EBSMF DPOUJOVJEBE B MB QSPQVFTUB EF IBDFS EF $BSUBHFOB VO FTQBDJP EF SF°F YJwO TPCSF FTUPT UFNBT B MB "HFODJB &TQBvPMB EF $PPQFSBDJwO *OUFSOBDJPOBM QBSB FM %FTBSSPMMP ¥"FDJE¥ TV QBSUJDJQBDJwO EFDJEJEB Z EFTJOUFSFTBEB Z B MB &NCBKBEB 'SBODFTB TV BQPZP

$PMPGwO


< TFDDJwO JW >

MPT QBSUJDJQBOUFT EFM TFNJOBSJP



BMCFSUP BCFMMP WJWFT &DPOPNJTUB Z .BHrTUFS FO &TUVEJPT EFM $BSJCF &Y %JSFDUPS EFM 0C TFSWBUPSJP EF &TUVEJPT EFM $BSJCF $PMPNCJBOP Z EF MB SFWJTUB "HVBJ UB "DUVBMNFOUF FT %FDBOP EF MB 'BDVMUBE EF $JFODJBT &DPOwNJDBT Z "ENJOJTUSBUJWBT Z %JSFDUPS "DBEnNJDP EF MB .BFTUSrB FO %FTBSSPMMP Z $VMUVSB EF MB 6OJWFSTJEBE 5FDOPMwHJDB EF #PMrWBS $BSUBHFOB EF *O EJBT &O TV FYQFSJFODJB BDBEnNJDB F JOWFTUJHBUJWB TF IB QSFPDVQBEP QPS MBT SFMBDJPOFT EF MB DVMUVSB DPO FM EFTBSSPMMP SFHJPOBM EFM $BSJCF

BOB MFUJDJB TJMWB /BDJw FO #SBTJM &DPOPNJTUB DPO FTQFDJBMJ[BDJwO FO &DPOPNrB EF MB 4BMVE 1|CMJDB 4F EFTFOWVFMWF FO QPMrUJDBT Q|CMJDBT EFTEF FM BvP 4F JODPSQPSw BM QSPZFDUP $JVEBEFT 4BMVEBCMFT DPO MB &TDVFMB EF 4BMVE 1|CMJDB EFM VTQ EPOEF DPPSEJOw FM 'PSP &NQSFTBSJBM EF "QPZP B MB $JVEBE EF 4BP 1BVMP ¥ "DUVBMNFOUF FT SFTQPOTBCMF EF MPT QSPZFDUPT EF SFTQPOTBCJMJEBE TPDJBM FNQSFTBSJBM Z DPPSEJOB MPT EFT UJOBEPT B MB DPOTUSVDDJwO EF BMJBO[BT Z BTPDJBDJPOFT FTQFDJBMNFOUF QBSB FM EFTFNQFvP EF FNQSFTBT Z TV JODMVTJwO EFOUSP EF MB FDPOPNrB TPDJBM FO FM *OTUJUVUP &UIPT

BOESn GSFOFUUF $BOBEJFOTF $VSTw FTUVEJPT VOJWFSTJUBSJPT FO $JFODJBT 1PMrUJDBT &O PDVQw DBSHPT EF EJSFDDJwO FO MB 0¯DJOB EF 1SPQJFEBE *OUFMFDUVBM EF $BOBEg BOUFT EF TFS USBTMBEBEP BM .JOJTUFSJP EF 1BUSJNPOJP $VMUV SBM 'VF FM 4VCDPNJTBSJP (FOFSBM EF $BOBEg FO MB &YQPTJDJwO .VOEJBM SFBMJ[BEB FO +BQwO FO EFTQVnT EF MP DVBM QBTw B MB EJ SFDDJwO EF 3FMBDJPOFT *OUFSOBDJPOBMFT DBSHP RVF PDVQB BDUVBMNFOUF &T QSFTJEFOUF EFM HSVQP EF USBCBKP TPCSF EJWFSTJEBE DVMUVSBM Z HMPCBMJ [BDJwO EF MB 3FE *OUFSOBDJPOBM EF 1PMrUJDBT $VMUVSBMFT DVZP QSJODJQBM JOUFSnT FT EFCBUJS FM EFTBSSPMMP Z MB JNQMFNFOUBDJwO EF MB $POWFODJwO EF MB 6OFTDP TPCSF MB 1SPUFDDJwO Z 1SPNPDJwO EF MB %JWFSTJEBE EF MBT &YQSFTJPOFT $VMUVSBMFT 5BNCJnO QSFTJEF MB $PNJTJwO *OUFSBNFSJDBOB EF $VMUVSB EF MB 0SHBOJ[BDJwO EF MPT &TUBEPT "NFSJDBOPT

BOESFX TFOJPS "CPHBEP )B USBCBKBEP FO MBT BSUFT MP RVF MF IB PUPSHBEP VOB QBSUJDV MBS DPNQSFOTJwO UBOUP EFM NVOEP DSFBUJWP DPNP EFM DPNFSDJBM &T %J MPT QBSUJDJQBOUFT EFM TFNJOBSJP


SFDUPS EF MB 6OJEBE EF *OEVTUSJBT $SFBUJWBT EFM #SJUJTI $PVODJM EFTEF FM FTUBCMFDJNJFOUP EF FTUF EFQBSUBNFOUP FO )B TJEP QPOFOUF Z DPOGFSFODJTUB EF EJTUJOUPT TFNJOBSJPT BMSFEFEPS EFM NVOEP FO QBrTFT DPNP #SBTJM $IJOB %JOBNBSDB *OEJB -JUVBOJB Z $PSFB

BOJUB XFCFS /BDJEB FO 'SBODJB )B PDVQBEP EJWFSTPT DBSHPT FO MPT NJOJTUFSJPT EF &EVDBDJwO Z EF $VMUVSB EF 'SBODJB &ODBCF[w MB EFMFHBDJwO QBSB FM %FTBSSPMMP Z MB "DDJwO 5FSSJUPSJBM SFTQPOTBCMF EF MB QMBOJ¯DBDJwO UF SSJUPSJBM MB EFNPDSBUJ[BDJwO EF MB DVMUVSBM Z MB FEVDBDJwO BSUrTUJDB &T EJSFDUPSB EF "TVOUPT $VMUVSBMFT FO EPT SFHJPOFT "MUB /PSNBOErB F *MF EF 'SBODJB "EFNgT TF EFTFNQFvB DPNP QSPGFTPSB FO MB 6OJWFSTJ EBE EF 1BSrT %BVQIJOF Z FT MB *OTQFDUPSB (FOFSBM EF MB "ENJOJTUSBDJwO EF "TVOUPT $VMUVSBMFT EFM .JOJTUFSJP EF $VMUVSB Z $PNVOJDBDJwO EF 'SBODJB

DISJTUJOF TFNCB /BDJw FO 'SBODJB &O 4BO 1FUFTCVSHP PSHBOJ[w DPODJFSUPT EF BSUJTUBT SV TPT FO FM FYUSBOKFSP &O 8PNFY ¥MB FYQPTJDJwO EF N|TJDB EFM NVOEP #FSMrO ¥ TF EFTFNQFvw DPNP QSPEVDUPSB FKFDVUJWB EF MBT DPOGF SFODJBT Z DPPSEJOw UPEB MB QSPHSBNBDJwO Z MPT DPOUFOJEPT 5BNCJnO FO 8PNFY EFTBSSPMMw BDUJWJEBEFT EJSJHJEBT B MPT OJvPT Z DPOGFSFODJBT TP CSF MBT OVFWBT UFDOPMPHrBT 3FDJGF #SBTJM %FTEF NBZP EF USBCBKB DPNP DPOTVMUPSB JOEFQFOEJFOUF $PNP UBM TF IB EFTFNQFvBEP DPNP DVSBEPSB EF N|TJDB QBSB FM *OUFSOBUJPOBM #VTJOFTT .BUDINBLJOH EF MBT JOEVTUSJBT DVMUVSBMFT Z EF MB FYIJCJDJwO EFM GFTUJWBM PSHBOJ[BEP QPS MB $gNBSB EF $PNFSDJP EF #PHPUg TFQUJFNCSF EF

FEHBS NPSJO /BDJw FO 1BSrT $PNFO[w TV MBCPS ¯MPTw¯DB DPO MB MFDUVSB EF MPT EJT UJOUPT SFQSFTFOUBOUFT EF MB *MVTUSBDJwO EFM T YWJJJ 'VOEB Z EJSJHF MB SF WJTUB "SHVNFOUPT &O MB EnDBEB EFM TFTFOUB JOJDJB USBCBKPT Z FYQFEJDJPOFT QPS -BUJOPBNnSJDB Z RVFEB JNQSFTJPOBEP QPS TV DVM UVSB 1PTUFSJPSNFOUF FNQJF[B B FMBCPSBS VO QFOTBNJFOUP FODBNJOB EP DPNQMFNFOUBS FM EFTBSSPMMP EFM TVKFUP -B UFPSrB EFM QFOTBNJFOUP DPNQMFKP EF .PSJO BSHVNFOUB RVF UPEBWrB FTUBNPT FO VO OJWFM QSF IJTUwSJDP DPO SFTQFDUP BM FTQrSJUV IVNBOP Z TwMP MB DPNQMFKJEBE QVFEF DJWJMJ[BS FM DPOPDJNJFOUP 4VT PCSBT MJUFSBSJBT TF IBO EJWVMHBEP QPS UPEP FM NVOEP FOUSF FMMBT QPEFNPT FODPOUSBS &M IPNCSF Z MB NVFSUF -B WJEB EFM TVKFUP 1BSB TBMJS EFM TJHMP 99 Z $JWJMJ[BDJwO Z CBSCBSJF -PT QBSUJDJQBOUFT EFM TFNJOBSJP


FEOB EPT TBOUPT EVJTFOCFSH 5JFOF VOB GPSNBDJwO BDBEnNJDB FO FDPOPNrB Z OFHPDJPT JOUFSOBDJP OBMFT $PNP FDPOPNJTUB EFM EFTBSSPMMP DPNFO[w TV DBSSFSB JOUFSOBDJP OBM FO /BDJPOFT 6OJEBT FO FO MB EJWJTJwO EF 1SPEVDUPT #gTJDPT EF MB VOUDBE &O TF JODPSQPSw BM HBCJOFUF EFM 4FDSFUBSJP (FOFSBM EF MB VOUDBE Z TJSWJw DPNP +FGF EF (BCJOFUF EVSBOUF EJF[ BvPT %FTEF TF EFTFNQFvB DPNP +FGF EF MB 6OJEBE EF &DPOPNrB $SFBUJWB VO QSPHSBNB EF MB VOUDBE &O FTUF QSPHSBNB IB MJEFSBEP JOWFTUJHBDJPOFT Z BDUJWJEBEFT EF DPPQFSBDJwO UnDOJDB QSPBDUJWB FO MB QSPNPDJwO MB BDDJwO JOUFSOBDJPOBM Z MBT JOJDJBUJWBT OBDJPOBMFT FO FM gNCJUP EF MBT JOEVTUSJBT DSFBUJWBT Z EF MB OVFWB FDPOPNrB DSFBUJWB

FEVBSE NJSBMMFT -JDFODJBEP FO 'JMPMPHrB 3PNgOJDB QPS MB 6OJWFSTJEBE EF #BSDFMPOB " MP MBSHP EF TV USBZFDUPSJB DPNP HFTUPS EF QSPHSBNBT Z TFSWJDJPT DVMUV SBMFT IB USBCBKBEP FO MB QVFTUB FO GVODJPOBNJFOUP EF MB 3FE EF $FOUSPT $rWJDPT EFM "ZVOUBNJFOUP EF #BSDFMPOB FO FM EJTFvP EFM 0CTFSWBUPSJP *OUFSBSUT EF 1PMrUJDBT $VMUVSBMFT 6SCBOBT Z 3FHJPOBMFT Z EJSJHJw FM $FOUSP EF &TUVEJPT Z 3FDVSTPT $VMUVSBMFT EF MB %JQVUBDJwO EF #BSDFMPOB &O QBSUJDJQw DPNP NJFNCSP EFM HSV QP EF FYQFSUPT EF MB 6OFTDP QBSB FM EFTBSSPMMP EF MB $POWFODJwO EF MB %JWFSTJEBE %FTEF GPSNB QBSUF EFM FRVJQP RVF EJTFvB FM TJTUFNB EF FWBMVBDJwO EF MB FTUSBUFHJB EF DVMUVSB Z EFTBSSPMMP EF MB "HFODJB &TQBvPMB EF $PPQFSBDJwO QBSB FM %FTBSSPMMP "FDJE %FTEF FT 1SFTJEFOUF EFM 1BUSPOBUP EF MB 'VOEBDJwO *OUFSBSUT

FEVBSEP TPNFOTBUUP 3FBMJ[w TVT FTUVEJPT EF FDPOPNrB FO MB 6OJWFSTJEBE EF .JDIJHBO Z FT %PDUPS FO 'JMPTPGrB QPS MB 6OJWFSTJEBE EF (FPSHFUPXO *OUFHSBOUF EFM #BODP .VOEJBM EFTEF 4PNFOTBUUP EF OBDJPOBMJEBE CSBTJ MFvB DPNFO[w DPNP FDPOPNJTUB FO FM %FQBSUBNFOUP EF "OgMJTJT Z 1SPZFDDJPOFT &DPOwNJDBT FO FTUB FOUJEBE 4F IB EFTFNQFvBEP DPNP SFQSFTFOUBOUF SFTJEFOUF FO &DVBEPS Z (VBUFNBMB Z DPNP BTFTPS FO FM TFDUPS EF QPMrUJDB FDPOwNJDB

FTUFCBO QJFESBIJUB &DPOPNJTUB DPMPNCJBOP EF MB 6OJWFSTJEBE EF )BSWBSE 0CUVWP VOB NBFTUSrB FO 'JMPTPGrB F )JTUPSJB EF MB $JFODJB FO -POEPO 4DIPPM PG &DPOPNJDT BOE 1PMJUJDBM 4DJFODF )B FTUBEP WJODVMBEP BM #BODP *OUFSBNFSJDBOP EF %FTBSSPMMP Z B MB FNCBKBEB EF $PMPNCJB FO 8BT MPT QBSUJDJQBOUFT EFM TFNJOBSJP


IJOHUPO 4F EFTFNQFvP DPNP FEJUPS FDPOwNJDP EF MB SFWJTUB 4FNBOB 'VF DPGVOEBEPS Z QSFTJEFOUF EF -BDJVEBE DPN Z EF MB SFWJTUB 1PEFS "DUVBMNFOUF FT FM %JSFDUPS /BDJPOBM EF 1MBOFBDJwO EF $PMPNCJB NJFNCSP EFM $POTFKP %JSFDUJWP EF MB 'VOEBDJwO (BCSJFM 1JFESBIJUB 6SJCF EF MB DVBM UBNCJnO FT DPGVOEBEPS Z FEJUPS EF XXX FEVUFLB PSH FNQSFTB MrEFS PO MJOF EJSJHJEB B QSPGFTPSFT Z FEVDBEPSFT JOUFSFTBEPT FO MB BQMJDBDJwO FGFDUJWB EF MBT UFDOPMPHrBT EF MB JOGPSNBDJwO Z MBT DPNVOJDBDJPOFT FO FM BVMB

HBCSJFM KBJNF [BQBUB *OHFOJFSP NFDgOJDP DPMPNCJBOP FTQFDJBMJTUB FO NFSDBEFP DPO FYQF SJFODJB FO HFTUJwO Z QSPEVDDJwO EF BSUFT FTDnOJDBT (BOBEPS EF MB DPO WPDBUPSJB +PWFO &NQSFOEFEPS FO "SUFT &TDnOJDBT EFM .JOJTUFSJP EF $VMUVSB Z FM #SJUJTI $PVODJM FO $PMPNCJB (BOBEPS FO -POESFT EFM QSFNJP JZQBF *OUFSOBUJPOBM :PVOH 1FSGPSNJOH "SUT &OUFSQSF OFVS Z +PWFO &NQSFOEFEPS *OUFSOBDJPOBM FO "SUFT &TDnOJDBT 4F EFTUBDw QPS TFS TFMFDDJPOBEP QPS MB SFWJTUB (FSFOUF DPNP VOP EF MPT HFSFOUFT NgT FYJUPTPT EF 1SPEVDUPS EFM 1SJNFS 'FTUJWBM *OUFSOBDJPOBM EF *NQSPWJTBDJwO 5FBUSBM FO $PMPNCJB FO FM 9* 'FTUJWBM *CFSPBNFSJDBOP EF 5FBUSP EF #PHPUg FO "DUVBMNFOUF FT FM HF SFOUF EF "DDJwO *NQSP $PMPNCJB

HFSNgO SFZ CFMUSgO 1TJDwMPHP EF MB 6OJWFSTJEBE /BDJPOBM EF $PMPNCJB DPO FTUVEJPT EF EPDUPSBEP FO 1TJDPMPHrB FO MB 6OJWFSTJEBE $PNQMVUFOTF EF .BESJE &TQBvB )B TJEP QSPGFTPS VOJWFSTJUBSJP FO MB 1POUJ¯DJB 6OJWFSTJEBE +BWFSJBOB MB 6OJWFSTJEBE EF MPT "OEFT Z /BDJPOBM EF $PMPNCJB UPEBT FO #PHPUg FO MBT gSFBT EF DPNVOJDBDJwO QFSJPEJTNP Z FTUVEJPT DVMUV SBMFT 1SPGFTPS EF MB NBFTUSrB FO %FTBSSPMMP Z $VMUVSB EF MB 6OJWFSTJ EBE 5FDOPMwHJDB EF #PMrWBS

HJOB SV[ "CPHBEB EF MB 6OJWFSTJEBE EF $BSUBHFOB DPO FTUVEJPT EF .BFTUSrB FO $JFODJBT 1PMrUJDBT QPS MB 6OJWFSTJEBE *OUFSOBDJPOBM EF "OEBMVDrB &TQBvB Z EF &TQFDJBMJ[BDJwO FO 4FHVSJEBE 4PDJBM FO MB 6OJWFSTJEBE &YUFSOBEP EF $PMPNCJB $PGVOEBEPSB EF MB SFWJTUB EF JOWFTUJHBDJwO DVMUVSBM /PWFOUBZOVFWF (BOBEPSB EFM *9 1SFNJP %JTUSJUBM EF 1FSJP EJTNP $BSUBHFOB EF *OEJBT BM .FKPS 5SBCBKP FO 1SFOTB )B TJEP EPDFOUF FO FM QSPHSBNB EF $PNVOJDBDJwO 4PDJBM EF MB 6OJWFSTJEBE -PT QBSUJDJQBOUFT EFM TFNJOBSJP


+PSHF 5BEFP -P[BOP EFM $BSJCF $BSUBHFOB "DUVBMNFOUF FT MB %JSFDUP SB (FOFSBM EFM *OTUJUVUP EF 1BUSJNPOJP Z $VMUVSB EF $BSUBHFOB JQDD

InDUPS TDIBSHPSPETLZ "HSJNFOTPS BSHFOUJOP EF MB 6OJWFSTJEBE EF .PSwO #VFOPT "JSFT &TUVEJPT 4VQFSJPSFT &TQFDJBMJ[BEPT EFTT FO $PODFQDJwO (FTUJwO Z %FDJTJwO EF 1PMrUJDBT $VMUVSBMFT EF MB 6OJWFSTJUn EF #PVSHPHOF 'SBO DJB 4F IB EFTFNQFvBEP DPNP %JSFDUPS EF *OEVTUSJBT $VMUVSBMFT FO MB 4FDSFUBSrB EF $VMUVSB EF MB /BDJwO "SHFOUJOB 'VF EJSFDUPS EFM QSP HSBNB &TQBDJPT JODDB *OTUJUVUP /BDJPOBM EF $JOFNBUPHSBGrB Z "SUFT "VEJPWJTVBMFT "DUVBMNFOUF TF EFTFNQFvB DPNP BTFTPS EF MB %JSFD DJwO (FOFSBM "EKVOUB EFM $PNQMFKP 5FBUSBM EF #VFOPT "JSFT DUCB Z EJSJHF FM 0CTFSWBUPSJP $VMUVSBM EF MB 'BDVMUBE EF $JFODJBT &DPOwNJDBT EF MB 6OJWFSTJEBE EF #VFOPT "JSFT

JWgO CFOBWJEFT .|TJDP Z QSPEVDUPS )B USBCBKBEP DPO MB 0SRVFTUB 'JMBSNwOJDB EF #PHPUg $IPD 2VJC 5PXO $BSMPT 7JWFT -PT (BJUFSPT EF 4BO +BDJOUP 1BUSJD 1VM[JOHFS FOUSF PUSPT FO N|TJDBT RVF WBO EF MP USBEJDJPOBM Z QP QVMBS B MP DMgTJDP Z MB FMFDUSwOJDB QSPQPOJFOEP NVDIBT WFDFT OVFWPT MFOHVBKFT RVF USBOTHSFEFO MPT MrNJUFT FOUSF HnOFSPT )B TJEP QJPOFSP FO MB FMFDUSwOJDB Z OVFWBT UFOEFODJBT DPO QSPZFDUPT DPNP 4JEFTUF QQFS Z #MPRVF DPO RVJFOFT IB SFBMJ[BEP HJSBT NVOEJBMFT )B USBCBKBEP FO N|TJDBT QBSB DJOF Z UFBUSP "DUVBMNFOUF FT BTFTPS EFM .JOJTUFSJP EF $VMUVSB EF $PMPNCJB

JWgO EBSrP MPCP *OHFOJFSP JOEVTUSJBM DPMPNCJBOP EF MB 6OJWFSTJEBE EF MPT "OEFT Z .BHrTUFS FO $JFODJB 1PMrUJDB EF MB NJTNB VOJWFSTJEBE )B TJEP JOWFT UJHBEPS EF MB *OJDJBUJWB FO &NQSFOEJNJFOUPT 4PDJBMFT ¥JFTP¥ UBNCJnO FO MB 6OJWFSTJEBE EF MPT "OEFT 4VT gSFBT EF JOWFTUJHBDJwO TPO FN QSFOEJNJFOUPT TPDJBMFT BQPSUFT FNQSFTBSJBMFT FO MB TPDJFEBE FTUSB UFHJB QBSB PSHBOJ[BDJPOFT TJO ¯OFT EF MVDSP F JOJDJBUJWBT EF NFSDBEP QBSB DJVEBEBOPT EF CBKPT JOHSFTPT .JFNCSP EF MB 4PDJBM &OUFSQSJTF ,OPXMFEHF /FUXPSL ¥TFLO¥ MB SFE JCFSPBNFSJDBOB EF FTDVFMBT EF BE NJOJTUSBDJwO

KFBO QJFSSF CMBJT "CPHBEP $BOBEJFOTF 4F GPSNw FO .D(JMM 6OJWFSTJUZ .BHrTUFS FO %F SFDIP QPS MB 6OJWFSTJEBE EF .FMCPVSOF "VTUSBMJB 4V FYQFSJFODJB FO MPT QBSUJDJQBOUFT EFM TFNJOBSJP


FM TFDUPS DVMUVSBM WB EFTEF FM DBSHP EF %JSFDUPS &KFDVUJWP EF MB $PNJ TJwO $BOBEJFOTF EF 3BEJP 5FMFWJTJwO Z 5FMFDPNVOJDBDJPOFT IBTUB TV SPM EF 7JDFNJOJTUSP EF "TVOUPT *OUFSOBDJPOBMFT Z (VCFSOBNFOUBMFT EFM 1BUSJNPOJP $BOBEJFOTF &T FYQFSUP FO MFHJTMBDJwO QBSB MB QSPQJF EBE JOUFMFDUVBM Z FM FOUSFUFOJNJFOUP

KPSEJ QBSEP SPESrHVF[ -JDFODJBEP FO (FPHSBGrB F )JTUPSJB QPS MB 6OJWFSTJEBE EF #BSDFMPOB %JQMPNBEPT FO "SRVFPMPHrB )JTQgOJDB QPS FM JBQ EF MB 6OJWFSTJEBE EF #BSDFMPOB Z FO 'VODJwO (FSFODJBM EF MBT "ENJOJTUSBDJPOFT 1|CMJ DBT QPS MB FTBEF &TDVFMB 4VQFSJPS EF "ENJOJTUSBDJwO Z %JSFDDJwO EF &NQSFTBT )B EFTBSSPMMBEP TV BDUJWJEBE DPNP EJSFDUJWP FO BENJOJT USBDJPOFT Q|CMJDBT MPDBMFT QSPWJODJBMFT Z BVUPOwNJDBT EF &TQBvB )B PDVQBEP MPT DBSHPT EF %JSFDUPS (FOFSBM EFM %FQBSUBNFOUP EF *OUFSJPS EFM (PCJFSOP "VUwOPNP EF $BUBMVvB Z 7JDFQSFTJEFOUF EFM $POTFKP EF "ENJOJTUSBDJwO EF MB &NQSFTB 1|CMJDB DJUJ 'VF %JSFDUPS EFM QSPZFDUP EF .VTFP EFM %JTFvP EF #BSDFMPOB Z EFM $FOUSP $VMUVSBM EFM #PSO QPS FODBSHP EFM BZVOUBNJFOUP EF #BSDFMPOB 5BNCJnO QBSUJDJQw FO MB SFEBDDJwO EFM QMBO EF VTPT EFM FEJ¯DJP EFM 'wSVN "DUVBMNFOUF TF EFTFNQFvB DPNP %JSFDUPS EFM -BCPSBUPSJP EF $VMUVSB Z 5VSJTNP #BSDFMPOB .FEJB ¥ $FOUSP EF *OOPWBDJwO

KVBO DBSMPT HBJUgO $PMPNCJBOP -JDFODJBEP FO $JFODJBT EF MB *OGPSNBDJwO DPO nOGBTJT FO QVCMJDJEBE 1PTFF FTUVEJPT FO MB 6OJWFSTJEBE $PNQMVUFOTF EF .BESJE VO .BHrTUFS FO .FSDBEFP "ENJOJTUSBDJwO Z (FTUJwO HFTDP Z FTUVEJPT FO MB &TDVFMB 4VQFSJPS EF (FTUJwO Z .FSDBEFP FTJD EF .BESJE "D UVBMNFOUF FT FM %JSFDUPS &KFDVUJWP EF QSBOB *ODVCBEPSB EF &NQSFTBT $VMUVSBMFT F *OEVTUSJBT $SFBUJWBT 4F IB EFTUBDBEP DPNP JOWFTUJHBEPS EF NFSDBEFP QBSB FM $BOBM $BQJUBM #PHPUg FO BOgMJTJT EF MB BVEJFODJB JOGBOUJM Z KVWFOJM 5BNCJnO IB SFBMJ[BEP JOWFTUJHBDJPOFT QBSB FM $POWFOJP "OESnT #FMMP FM *OTUJUVUP -BUJOPBNFSJDBOP EF -JEFSB[HP Z MB 'VOEBDJwO 3FTUSFQP #BSDP

MVDrB HPO[gMF[ EVRVF "SRVJUFDUB DPMPNCJBOB )B PDVQBEP DBSHPT EF EJSFDDJwO FO FOUJEB EFT UBOUP Q|CMJDBT DPNP QSJWBEBT RVF EFTBSSPMMBO QSPZFDUPT TPDJBMFT Z DVMUVSBMFT &O FM QFSJPEP RVF MMFWB DPNP EJSFDUPSB EFM .VTFP EF "OUJPRVJB IB MJEFSBEP TV EFNPDSBUJ[BDJwO Z NPEFSOJ[BDJwO BENJOJT USBUJWB Z ¯OBODJFSB EF MB NJTNB NBOFSB RVF IB JODFOUJWBEP MB DPNV -PT QBSUJDJQBOUFT EFM TFNJOBSJP


OJDBDJwO EFM NVTFP DPO BSUJTUBT DVSBEPSFT Z QSPZFDUPT OBDJPOBMFT F JOUFSOBDJPOBMFT %FCJEP B FMMP IB SFDJCJEP N|MUJQMFT SFDPOPDJNJFOUPT DPNP &OUJEBE $VMUVSBM EF &YDFMFODJB .JOJTUFSJP EF $VMUVSB &M $PMPNCJBOP &KFNQMBS $BUFHPSrB $VMUVSB EJBSJP &M $PMPNCJBOP 5BNCJnO TF EFTFNQFvw DPNP "TJTUFOUF EF %JSFDDJwO FO MB $PSQPSB DJwO 7JWB MB $JVEBEBOrB Z GVF MB EJSFDUPSB EFM %FQBSUBNFOUP "ENJOJT USBUJWP EF 1MBOFBDJwO EF MB (PCFSOBDJwO EF "OUJPRVJB

MVDJBOP CPSHPHMJP &DPOPNJTUB BSHFOUJOP EF MB 6OJWFSTJEBE EF -B 1MBUB &TQFDJBMJTUB FO &TUVEJPT "WBO[BEPT FO 1PMrUJDB Z &DPOPNrB EFM *OTUJUVUP EF "MUPT &TUV EJPT 4PDJBMFT EF MB 6OJWFSTJEBE /BDJPOBM EF 4BO .BSUrO 4F IB EFTFN QFvBEP DPNP JOWFTUJHBEPS EFM .JOJTUFSJP EF &DPOPNrB Z 1SPEVDDJwO EF MB /BDJwO "SHFOUJOB 5BNCJnO DPNP JOWFTUJHBEPS EFM $FOUSP EF &TUVEJPT F *OWFTUJHBDJPOFT -BCPSBMFT EF MB $PNJTJwO /BDJPOBM EF *O WFTUJHBDJPOFT $JFOUr¯DBT Z 5nDOJDBT "DUVBMNFOUF TF EFTFNQFvB DPNP JOWFTUJHBEPS FO MB %JSFDDJwO EF *OEVTUSJBT $SFBUJWBT Z $PNFSDJP &Y UFSJPS EF "SHFOUJOB

NBSrB FMFOB DBSCBMMP .JOJTUSB EF $VMUVSB EF $PTUB 3JDB -JDFODJBEB FO 'JMPMPHrB &TQBvPMB QPS MB 6OJWFSTJEBE EF $PTUB 3JDB Z 1I % FO &TUVEJPT -JUFSBSJPT #SBO EFJT 6OJWFSTJUZ DPO VOB JOWFTUJHBDJwO TPCSF &M PUPvP EFM QBUSJBSDB EF (BCSJFM (BSDrB .gSRVF[ Z MB OPWFMB TPCSF MB EJDUBEVSB &O EJGFSFOUFT BENJOJTUSBDJPOFT EFM NJOJTUFSJP IB USBCBKBEP DPNP JOWFTUJHBEPSB Z UBNCJnO IB PDVQBEP MPT DBSHPT EF 4VCEJSFDUPSB EF "SUFT Z -FUSBT Z %JSFDUPSB EFM $PMFHJP EF $PTUB 3JDB )B TJEP CFDBSJB 'VMCSJHIU MBTQBV QPS USFT BvPT Z PCUVWP EPT BvPT DPOTFDVUJWPT FM )JSTDIGFME 'FMMPXTIJQ FO #SBOEFJT 6OJWFSTJUZ &M MJCSP -B DBTB QBUFSOB EFM DVBM FT DPBVUPSB HBOw FM 1SFNJP /BDJPOBM EF &OTBZP EF FO $PTUB 3JDB

NBVSJDJP SFJOB .BHrTUFS FO &DPOPNrB QPS MB 6OJWFSTJEBE EF MPT "OEFT $PMPNCJB Z FO 3FMBDJPOFT *OUFSOBDJPOBMFT FO +PIOT )PQLJOT 6OJWFSTJUZ &YQFSUP FO FDPOPNrB OBDJPOBM Z DPNQFUJUJWJEBE 0DVQw FM DBSHP EF 7JDFNJOJTUSP EF $PNFSDJP &YUFSJPS EF $PMPNCJB 4F IB EFTFNQFvBEP DPNP JOWFTUJ HBEPS EF MB 'BDVMUBE EF &DPOPNrB EF MB 6OJWFSTJEBE EF MPT "OEFT Z EFM $FOUSP EF &TUVEJPT *OUFSOBDJPOBMFT 1BSUJDJQw FO FM DPNJUn EF FYQFSUPT FO MB SFEBDDJwO EF MBT CBTFT QBSB VOB $BSUB $VMUVSBM *CFSPBNFSJDBOB "DUVBMNFOUF FT JOWFTUJHBEPS BTPDJBEP EF 'FEFTBSSPMMP MPT QBSUJDJQBOUFT EFM TFNJOBSJP


NJDIBFM IVUUFS %F OBDJPOBMJEBE BMFNBOB FT .BHrTUFS FO &DPOPNrB EF MB 6OJWFSTJEBE EF 8BTIJOHUPO 4FBUUMF &TUBEPT 6OJEPT )B PDVQBEP MPT DBSHPT EF %FDBOP EF MB 'BDVMUBE EF &DPOPNrB Z (FTUJwO Z NJFNCSP EF MB +VOUB &KFDVUJWB EF MB 6OJWFSTJEBE EF 8JUUFO )FSEFDLF FO "MFNBOJB " TV WF[ IB TJEP NJFNCSP EF MB $PNJTJwO EF &YQFSUPT FO "SUF EFM HPCJFS OP EFM FTUBEP EF 3FOBOJB EFM /PSUF 8FTUGBMJB "DUVBMNFOUF EJSJHF MB 6OJEBE EF *OWFTUJHBDJwO $VMUVSBM 4PVSDFT PG /FXOFTT 'VFOUFT $VMUV SBMFT QBSB MB *OOPWBDJwO EF MB 8;# FO #FSMrO

QBV SBVTFMM LzTUFS (SBEVBEP FO $JFODJBT &DPOwNJDBT Z &NQSFTBSJBMFT QPS MB 6OJWFSTJEBE EF 7BMFODJB &TQFDJBMJTUB FO 1PMrUJDB $VMUVSBM Z &DPOPNrB 4FDUPSJBM Z %PDUPS FO &DPOPNrB "QMJDBEB "DUVBMNFOUF TF EFTFNQFvB DPNP QSP GFTPS EF MB 6OJWFSTJUBU EF 7BMoODJB 4F IB EFTUBDBEP QPS TV BQPSUF B MB JOWFTUJHBDJwO EF UFNBT DVMUVSBMFT Z FDPOwNJDPT FO MJCSPT DPNP 1PMrUJ DBT Z TFDUPSFT DVMUVSBMFT FO MB $PNVOJEBE 7BMFODJBOB 1PMrUJDB FDPOw NJDB GVOEBNFOUPT PCKFUJWPT F JOTUSVNFOUPT "MHVOPT BQVOUFT TPCSF MB FDPOPNrB EF MB JOGPSNBDJwO -B DPNVOJDBDJwO Z MB DVMUVSB Z $VMUVSB FTUSBUFHJB QBSB FM EFTBSSPMMP MPDBM "DUVBMNFOUF TF EFTFNQFvB DPNP %JSFDUPS EFM ¸SFB EF *OWFTUJHBDJwO EFM *OTUJUVUP *OUFSVOJWFSTJUBSJP EF %FTBSSPMMP -PDBM EF MB 6OJWFSTJUBU EF 7BMoODJB

QIJMJQQF DIBOUFQJF .JFNCSP EFM $POTFKP /BDJPOBM EF MB *OGPSNBDJwO &TUBErTUJDB EF 'SBO DJB 1SPGFTPS "TPDJBEP FO &DPOPNrB TPCSF *OEVTUSJBT %JHJUBMFT FO MB 6OJWFSTJEBE 1BSrT Z QSPGFTPS BTJTUFOUF FO &DPOPNrBT *OUBOHJCMFT QBSB FM *OTUJUVUP EF &TUVEJPT 1PMrUJDPT EF 1BSrT 4F IB EFTUBDBEP DPNP BVUPS FO MPT EF UFNBT JOEVTUSJBT DVMUVSBMFT Z EF MB FDPOPNrB EJHJUBM FO MB 6OJWFSTJEBE EF 1BSrT Z 5FMFDPN 1BSrT 5FDI 1VCMJDBDJPOFT TVZBT TPO -B DSFBDJwO Z MB EJWFSTJEBE FO FM FTQFKP EF MBT JOEVTUSJBT DVMUVSB MFT -B SFWPMVDJwO EJHJUBM Z MBT JOEVTUSJBT DVMUVSBMFT -B OVFWB QPMrUJDB FDPOwNJDB Z FM &TUBEP GSFOUF B MB HMPCBMJ[BDJwO "DUVBMNFOUF FT +FGF EFM %FQBSUBNFOUP EF &TUVEJPT 1SPTQFDUJWB Z &TUBErTUJDB EFM .JOJTUF SJP EF $VMUVSB Z $PNVOJDBDJwO

TBOESB HJCTPO (SBEVBEB FO &EVDBDJwO Z %FTFNQFvP .VTJDBM FO MB 6OJWFSTJEBE EF 8JUUFOCFSH .BHrTUFS FO .VTJDPMPHrB )JTUwSJDB QPS MB 6OJWFSTJEBE EF /PSUIXFTUFSO Z DPNQMFUw TV USBCBKP EPDUPSBM FO VDMB 6OJWFSTJEBE EF -PT QBSUJDJQBOUFT EFM TFNJOBSJP


$BMJGPSOJB 'VF 1SFTJEFOUF Z %JSFDUPSB &KFDVUJWB EF MB "TPDJBDJwO EF 1SFTFOUBEPSFT EF "SUFT &TDnOJDBT &O DPO MB 'VOEBDJwO %PSJT %VLF $IBSJUBCMF QBUSPDJOw MB QSJNFSB FODVFTUB OBDJPOBM EF MBT BSUFT EFM FTQFDUgDVMP FO &TUBEPT 6OJEPT &O VO FTGVFS[P QPS JODFOUJWBS FM JOUFSDBNCJP NVOEJBM EF MBT BSUFT QSPQVTP MB DSFBDJwO EF VO QPSUBM DPO FM PCKFUJWP EF DSFBS PQPSUVOJEBEFT QBSB MB JOUFHSBDJwO EF "NnSJDB -BUJOB FO FM QSPDFTP EF QSPNPDJwO Z BNQMJBDJwO EF MBT BSUFT FTDnOJDBT FO FM NFSDBEP JOUFSOBDJPOBM "DUVBMNFOUF USBCBKB FO MB $PNJTJwO EF $VMUVSB EF MB $PNJTJwO /BDJPOBM EF &TUBEPT 6OJEPT QBSB MB 6OFTDP

YBWJFS NBSDn DBSPM -JDFODJBEP FO $JFODJBT &DPOwNJDBT Z QPTFF FTUVEJPT FO %FSFDIP Z $JFODJBT EF MB &EVDBDJwO )B PDVQBEP MPT DBSHPT EF %JSFDUPS $VMUVSBM EFM *OTUJUVUP $BUBMgO EF MBT *OEVTUSJBT $VMUVSBMFT Z EF %JSFDUPS EF "D DJwO $VMUVSBM EFM *OTUJUVUP EF $VMUVSB EF #BSDFMPOB "VUPS EF &M QFS¯M QSPGFTJPOBM EFM HFTUPS DVMUVSBM FO &TQBvB Z &M FYIJCJDJPOJTNP EFM NFDFOBT &O MB BDUVBMJEBE FT QSPGFTPS EF MB BTJHOBUVSB *OEVTUSJBT $VMUVSBMFT FO MB 6OJWFSTJEBE 1PNQFV 'BCSB Z FT WJDFQSFTJEFOUF EF MB (SVQP 'PDVT EF #BSDFMPOB

MPT QBSUJDJQBOUFT EFM TFNJOBSJP





Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.