El vigia

Page 1

%& .":0 %& /ร .&30 &6304

-0(ร 45*$" 53"/41035& & */'3"&4536$563"4 ยฝ '6/%"%0 &/ ยฝ 5&3$&3" c10$" ยฝ &%*$*ร / /"$*0/"-0(ร 45*$"

x 1ร (*/"4 :

53"/41035& x 1ร (*/"4 :

&/53&7*45" ."/6&- .0-*/4

x 1ร (*/"4 :

%JSFDUPS HFOFSBM EF $PSSFPT &YQSFTT

-BT BERVJTJDJPOFT EF GJSNBT MPHยญTUJDBT DSFDFO FO &TQBยฉB B QFTBS EF TV EFTDFOTP HMPCBM

-PT FODMBWFT EFM .FEJUFSSยธOFP TVTUFOUBO FM DSFDJNJFOUP EF MB SFE QPSUVBSJB FTQBยฉPMB

i-B FTUSBUFHJB EF $PSSFPT &YQSFTT FT TBMJS EF MB HVFSSB EF CBKPT QSFDJPT BQPSUBOEP JOOPWBDJยงO UFDOPMยงHJDBw

&VSPQB FTUVEJB OVFWBT NFEJEBT QBSB IBDFS NgT BUSBDUJWP FM TIPSU TFB TIJQQJOH -BT QSPQVFTUBT TF DFOUSBO FO SFEVDJS MBT DBSHBT BENJOJTUSBUJWBT Z DSFBS BZVEBT QBSB BEBQUBS MBT GMPUBT F JODFOUJWBS MB EFNBOEB x 1ร (*/"4 :

16&350 %& (ร 5&#03(

-PT rOEJDFT EF BDUJWJEBE FO FM USBOTQPSUF EF NFSDBODrBT QPS DBSSFUFSB DPOUJO|BO EFTDFOEJFOEP &M |MUJNP CBSwNFUSP EFM USBOTQPSUF EF 5 $ 5SVDL $BSHP NVFTUSB FTUB TFNBOB VOB DBrEB EF TFJT QVOUPT QPSDFOUVBMFT x 1ร (*/"

$POGFSFODJB

4S +BWJFS $VFTUB /VJO 1SFTJEFOUF EF (SVQP $PSSFPT

e

4RABAJAMOS PARA QUE CONSIGAS LA XCELENCIA

.BSUFT EF NBZP B MBT I $-6# 85$ .&&5 &"5 EFM 8PSME 5SBEF $FOUFS

.PMM EF #BSDFMPOB T O &EJยบDJ &TU ย QMBOUB #BSDFMPOB

4F SVFHB DPOยบSNBDJwO 5FM F NBJM MNPOUFSP!FMWJHJB DPN -PVSEFT .POUFSP

Tel: +34 93 290 0782 www.agora-europe.com

โ Expertos en soluciones de la cadena de suministroโ

Partners de

en LATAM y EUROPA


&- 7*(Æ" %& .":0 %&

5FNB EF MB TFNBOB

-PT NJOJTUSPT TF DPNQSPNFUFO B GJOBODJBS MB BEBQUBDJ§O EF MB GMPUB 9&M TIPSU TFB FT VOB QSJPSJEBE B DPSUP QMB[P -B %FDMBSBDJ§O EF "UFOBT QPTJDJPOB FM JNQVMTP EFM TIPSU TFB TIJQQJOH DPNP QSJPSJEBE EF MB QPM­UJDB FVSPQFB EF USBOTQPSUF NBS­UJNP QBSB FM IPSJ[POUF DPNQSFOEJEP FOUSF Z

93FDVSTPT GJOBODJFSPT QBSB MB QSPNPDJ§O -PT NJOJTUSPT EF USBOTQPSUF BQVFTUBO QPS EFTUJOBS SFDVSTPT GJOBODJFSPT QBSB MB BEBQUBDJ§O EF MBT GMPUBT B MBT OPSNBUJWBT EF FNJTJPOFT Z QBSB JODFOUJWBS MB EFNBOEB EF TIPSU TFB TIJQQJOH

&VSPQB EB PYrHFOP BM TIPSU TFB DPO FM JNQVMTP EF VO NFSDBEP NBSrUJNP JOUFSOP TJO CBSSFSBT -B 6& CVTDB DPNQFOTBS MPT SJFTHPT RVF MB OPSNBUJWB EF FNJTJPOFT QMBOUFB BM GVUVSP EFM 444 4BOESB -PSFOUF -JTCPB &VSPQB EB VO SFTQJSP BM 4IPSU 4FB 4IJQQJOH 444 -PT &TUBEPT NJFNCSPT EF MB 6OJwO &VSPQFB IBO DPOTFOTVBEP VOB IPKB EF SVUB QBSB DPNQFOTBS FM JNQBDUP FO FM 444 EF MPT SJFTHPT EF MB BEBQUBDJwO B MBT FYJHFOUFT OPSNBUJWBT NFEJPBNCJFOUBMFT TPCSF FM DPOUSPM EF FNJTJPOFT 1BSB FMMP TF QSPQPOFO JNQVMTBS EFGJOJUJWBNFOUF MB DSFBDJwO EF VO FTQBDJP NBSrUJNP FVSP QFP TJO CBSSFSBT FO FM RVF MPT CBSDPT QBSB FM USBOTQPSUF JOUSBDPNVOJUBSJP JODMVTP RVF DPOFDUFO DPO UFSDFSPT QBr TFT FO MrOFBT EF 444 QVFEBO DJSDVMBS DPO NFOPT DBSHBT BENJOJTUSBUJWBT &O QBSBMFMP TF DPOUFNQMBO JOTUSVNFOUPT GJOBODJFSPT QBSB BEBQUBS MBT GMPUBT F JODFOUJWBS MB EFNBOEB -B JOJDJBUJWB WJFOF SFDPHJEB FO MB %FDMBSBDJwO EF "UFOBT GJSNBEB QPS MPT NJOJTUSPT EF 5SBOTQPSUF FVSP QFPT 4VT DPODMVTJPOFT RVF TVQPOFO MB SFWJTJwO EF MB QPMrUJDB EF USBOTQPSUF NBSrUJNP IBTUB EFCFO TFS SBUJGJ DBEBT FM EF KVOJP QPS FM $POTFKP EF MB 6OJwO &VSPQFB ®cTUF FT FM EPDVNFOUP QPMrUJDP NgT QPTJUJWP Z SFMFWBOUF EF MPT |MUJNPT BvPT QBSB FM TIPSU TFB TIJQQJOH¯ BTFHVSw #SJHJUUF 4FHFST NJFNCSP EF MB EJSFDDJwO HFOFSBM EF .PWJMJEBE Z 5SBOTQPSUF %( .PWF EF MB $PNJTJwO &VSPQFB EVSBOUF MB $POGFSFODJB &VSPQFB EF 4IPSU 4FB 4IJQQJOH DFMFCSBEB FO -JTCPB -B QSJPSJEBE EF FTUBCMFDFS VO FTQB DJP NBSrUJNP FVSPQFP TJO CBSSFSBT TF UFOESg RVF NBUFSJBMJ[BS B USBWnT EF MB

-B DSFBDJ§O EF VO FTQBDJP NBS­UJNP FVSPQFP ¡OJDP EFGFOEJEB FO MB %FDMBSBDJ§O EF "UFOBT FTUBS¸ WJODVMBEB BM EFTBSSPMMP EFM F NBOJGFTU DPNQMFUB QVFTUB FO NBSDIB EF MB JOJ DJBUJWB QBSB SFEVDJS MPT USgNJUFT BENJ OJTUSBUJWPT ®CMVF CFMU¯ RVF JODMVZF MB JNQMFNFOUBDJwO EFM F NBOJGFTU Z RVF UBM Z DPNP RVFEw SFGMFKBEP FO FM FODVFOUSP EF -JTCPB BQPSUBSg VOB NBZPS DPNQFUJUJWJEBE BM USBOTQPSUF NBSrUJNP EF DPSUB EJTUBODJB -B %FDMBSBDJwO EF "UFOBT QPS UBOUP BCSF MB QVFSUB EF MB FTQFSBO[B B VO TFD UPS RVF BGSPOUBCB DPO NVDIB JODFS UJEVNCSF TV GVUVSP "Tr MP SFDPOPDF "OUPOJP 7BSHBT EJSFDUPS HFOFSBM EF (SJNBMEJ -PHrTUJDB &TQBvB ®2VF MPT NJOJTUSPT EF USBOTQPSUF FVSPQFPT JOTJTUBO FO RVF FM 444 FT JNQPSUBOUF Z MBODFO QPS FMMP OVFWBT NFEJEBT EF BQPZP BM TFDUPS FT BMHP RVF MPT OBWJFSPT OFDFTJUgCBNPT FTDVDIBS QPSRVF DPO UPEB MB QSPCMFNgUJDB EF MPT DPTUFT EF

MPT DPNCVTUJCMFT BMUFSOBUJWPT QBSFDrB RVF FM 444 OP QPErB UFOFS FO MPT QSwYJNPT BvPT FM NJTNP QPUFODJBM RVF IBDF VOB EnDBEB¯ 5BNCJnO NPTUSw TV PQUJNJTNP &EVBSE 3PEnT EJSFDUPS EF MB &TDPMB &VSPQFB EF 4IPSU 4FB 4IJQQJOH ®-B %FDMBSBDJwO EF "UFOBT FT NVZ QPTJUJWB QPSRVF RVF FM 444 UPNF QSPUBHPOJTNP FO MB QPMrUJDB FVSPQFB EF USBOTQPSUF NBSrUJNP FT NVZ JNQPSUBOUF 6OB HSBO OPUJDJB¯ -B %FDMBSBDJwO EF "UFOBT FYQMJDJUB RVF MB QPMrUJDB FVSPQFB EF DBSB B EFCF DPOUJOVBS BQPZBOEP Z

-PT NJOJTUSPT EF USBOTQPSUF FVSPQFPT NBSDBO DPNP QSJPSJEBE SFGPS[BS FM EFTBSSPMMP EFM USBOTQPSUF NBS­UJNP EF DPSUB EJTUBODJB SFTQBMEBOEP BM USBOTQPSUF NBSrUJNP EF DPSUB EJTUBODJB $PO FM EFTBSSPMMP EF VO FTQBDJP NBSrUJNP FVSPQFP TF JNQMFNFOUBSg FM F NBOJGFTU MB SFEVD DJwO EF DBSHBT BENJOJTUSBUJWBT Z FM EJTFvP EF VOB QMBUBGPSNB FMFDUSwOJDB RVF QFSNJUB RVF MB JOGPSNBDJwO TPCSF MB DBSHB RVF MMFWB VO CBSDP JODMVTP QSPDFEFOUF EF VO UFSDFS &TUBEP GMVZB FO MBT BVUPSJEBEFT EF DBEB QBrT BOUFT EF MB MMFHBEB EFM NJTNP 1-"5"'03." &-&$53Ä/*$" $&/53"-

&O FTUF TFOUJEP EVSBOUF MB $POGFSFO DJB &VSPQFB EF 4IPSU 4FB 4IJQQJOH .BSLLV .ZMMZ EJSFDUPS FKFDVUJWP EF &.4" MB BHFODJB FVSPQFB EF TFHVSJ EBE NBSrUJNB FYQMJDw RVF FO FM NFT EF KVMJP TV PSHBOJ[BDJwO GJOBMJ[w MPT FTUVEJPT TPCSF DwNP JNQMFNFOUBS FM QSPZFDUP ®CMVF CFMU¯ ®"IPSB DPSSFT QPOEF B MB $PNJTJwO &VSPQFB EFDJEJS RVn QMBUBGPSNB FMFDUSwOJDB VUJMJ[B Z DwNP JOUSPEVDF MBT GBDJMJEBEFT RVF FM F NBOJGFTU DPOMMFWB¯ BTFHVSw "OUPOJP 7BSHBT BQVOUw BM SFTQFDUP ®"IPSB MB DVFTUJwO FT WFS DVgOEP WB B FTUBS BDUJWP Z FO GVODJPOBNJFOUP FTF JOUFSDBNCJP EF EBUPT RVF TwMP TF DPO TFHVJSg FTUBOEBSJ[BOEP MB JOGPSNBDJwO Z DFOUSBMJ[gOEPMB¯ /P PCTUBOUF UBM Z DPNP SFDPOPDF FM EJSFDUPS EF (SJNBMEJ -PHrTUJDB &TQBvB QBSFDF RVF MBT BEVBOBT FVSPQFBT TPO SFUJDFOUFT Z BVORVF FYJTUF VOB WPMVOUBE QPMrUJDB NBOJGJFTUB OP TFSg GgDJM QPOFS FO DPN|O MB JOGPSNBDJwO OFDFTBSJB QBSB FMMP ®0USP GBDUPS RVF EJGJDVMUBSg FTUB JNQMBOUBDJwO ¬BvBEJw "OUPOJP 7BSHBT¬ FT RVF JODMVTP EFOUSP EF DBEB QBrT IBZ QMBUBGPSNBT FMFDUSwOJDBT EJGFSFOUFT FOUSF VOPT QVFSUPT Z PUSPT¯ &EVBSE 3PEnT UBNCJnO EFTUBDw MB JNQPSUBODJB EFM F

3FQBSUP EF MB DVPUB EF 444 FO MBT GBDIBEBT FVSPQFBT

5JQP EF DBSHBT EFM TIPSU TFB FO &VSPQB

(SBOFMFT M­RVJEPT (SBOFMFT T§MJEPT $POUFOFEPSFT

&M EF MPT JOUFSDBNCJPT DPNFSDJBMFT FOUSF QB­TFT FVSPQFPT

TF IBDF B USBW±T EF 444 &M ¸SFB NFEJUFSS¸OFB BCTPSCF FM FM OPSUF EF FVSPQB FM TFHVJEP EF MB GBDIBEB C¸MUJDB Z MB BUM¸OUJDB

6OJEBEFT 3P 3P 0USBT NFSDBOD­BT '6&/5& &VSPTUBU 41$ 'SBODF


%& .":0 %& &- 7*(Æ"

-"4 $-"7&4

9 3FDPOPDJNJFOUP B MPT 41$ &VSPQB SFDPOPDF MB OFDFTJEBE EF QSPNPDJPOBS FM USBOTQPSUF NBS­UJNP EF DPSUB EJTUBODJB QBSB HBSBOUJ[BS TV WJBCJMJEBE FO FM DPSUP Z NFEJP QMB[P &O FTUF DPOUFYUP EFTUBDB MB MBCPS MMFWBEB B DBCP QPS MPT 41$ EF DBEB QB­T

9 &TQBDJP NBS­UJNP FVSPQFP &M PCKFUJWP EF MPT NJOJTUSPT EF USBOT QPSUFT FVSPQFPT FT JNQVMTBS FM TIPSU

-JTCPB GVF MB DJVEBE BOGJUSJPOB EF MB $POGFSFODJB &VSPQFB EF 4IPSU 4FB 4IJQQJOH PSHBOJ[BEB QPS MB &VSP QFBO 4IPSUTFB /FUXPSL %VSBOUF EPT KPSOBEBT MPT QSJODJQBMFT SFQSFTFO UBOUFT EFM TFDUPS Z EF MPT EJTUJOUPT 41$ EF &VSPQB EFQBSUJFSPO TPCSF MPT SFUPT Z OFDFTJEBEFT EFM 444 4 -

i:B OP TF IBCMB EFM TIPSU TFB EF NBOFSB BJTMBEB TJOP EF JOUFSNPEBMJEBEw "OUPOJP 7BSHBT %JSFDUPS EF (SJNBMEJ -PH­TUJDB &TQB©B

i-B DSFBDJ§O EF VO NFSDBEP JOUFSJPS EF USBOTQPSUF NBS­UJNP FT DMBWFw /JDPMFUUF 7BO %FS +BSU %JSFDUPSB HFOFSBM EF $MFDBU

NBOJGFTU QBSB BHJMJ[BS MBT PQFSBUJWBT ®"IPSB VO CBSDP RVF IBDF MB MrOFB .BSSVFDPT &TQBvB *UBMJB DVBOEP [BSQB EF &TQBvB IBDJB *UBMJB UJFOF RVF QBTBS EF OVFWP UPEPT MPT GJMUSPT EFTEF DFSP JODMVTP MB NFSDBODrB RVF OP TF IB NPWJEP EFM CBSDP EFTEF RVF TBMJw EF .BSSVFDPT DPNP TJ QSPDFEJFSB EF GVFSB MB [POB 4DIFOHFO &M F NBOJGFTU QFSNJUJSrB EJGFSFODJBS FM PSJHFO EF MBT NFSDBODrBT Z BHJMJ[BSrB FTF QSPDFTP¯ 5BNCJnO 1BUSJDL 7FSIPFWFO SFQSF TFOUBOUF EF MB &$4" DPODMVZw ®-BT QSwYJNBT FMFDDJPOFT FVSPQFBT OPT IBDFO WJWJS VO NPNFOUP JOUFSFTBOUF QBSB FM TFDUPS RVF OFDFTJUB RVF IBZB BNCJDJwO QPMrUJDB QBSB JNQMFNFOUBS FM F NBOJGFTU BMHP DMBWF QBSB FM 444 Z QBSB OVFTUSPT DMJFOUFT¯ 1PS |MUJNP MB %FDMBSBDJwO EF "UFOBT IBDF SFGFSFODJB EJSFDUB B MB GJOBODJB DJwO EF FTUBT QPMrUJDBT %F IFDIP MPT NJOJTUSPT TF DPNQSPNFUFO BM EFTBSSP MMP EF JOTUSVNFOUPT GJOBODJFSPT UBOUP QBSB MB BEBQUBDJwO EF MPT CVRVFT B MBT OVFWBT OFDFTJEBEFT FOFSHnUJDBT NFEJPBNCJFOUBMFT Z EF TFHVSJEBE DPNP B MB GJOBODJBDJwO EF JODFOUJWPT B MB EFNBOEB EF TIPSU TFB TIJQQJOH

TFB TIJQQJOH DPO MB DSFBDJ§O EF VO FTQBDJP NBS­UJNP FVSPQFP FO FM RVF TF PUPSHVFO GBDJMJEBEFT BENJOJTUSBUJ WBT QBSB FM USBOTQPSUF NBS­UJNP FOUSF QB­TFT FVSPQFPT Z DPO UFSDFSPT FO M­OFBT EF TIPSU TFB

9 3JFTHPT QBSB FM TIPSU TFB &M NFEJP QMB[P TF QSFTFOUB DPNQMJDBEP QBSB FM EFTBSSPMMP EF VO USBOTQPSUF NBS­UJNP EF DPSUB EJTUBODJB DPNQFUJUJWP

i2VF FM 444 DPCSF QSPUBHPOJTNP FO MB QPM­UJDB FVSPQFB FT VOB HSBO OPUJDJBw &EVBSE 3PE±T %JSFDUPS EF MB &TDPMB &VSPQFB EF 444

9 3BUJGJDBDJ§O EFM $POTFKP &M $POTFKP EF MB 6& UJFOF QSFWJTUP SBUJ GJDBS FM EF KVOJP MBT DPODMVTJPOFT B MBT RVF MMFHBSPO MPT NJOJTUSPT EF USBOTQPSUF FO MB %FDMBSBDJ§O EF "UFOBT

&M 444 SFDMBNB BWBODFT FO FM USBOTQPSUF JOUFSNPEBM EF DPOUFOFEPSFT EF QJFT &M TIPSU TFB FYJHF GBDJMJUBS MB DJSDVMBDJ§O FO DBSSFUFSBT EF DPOUFOFEPSFT EF QJFT EF US¸GJDP JOUFSNPEBM 4 - -JTCPB &M BVNFOUP EFM VTP EF DPOUFOFEP SFT EF QJFT QBSB FM USBOTQPSUF EF NFSDBODrBT QMBOUFB OVFWPT SFUPT B MBT DBEFOBT EF USBOTQPSUF JOUFSNPEBMFT EFCJEP B MBT MJNJUBDJPOFT OPSNBUJWBT FYJTUFOUFT FO &VSPQB QBSB MB DJSDVMB DJwO EF FTUF UJQP EF DPOUFOFEPSFT EF USgGJDP JOUFSNPEBM FO MBT DBSSFUFSBT QPS TVQFSBS MB NBTB NgYJNB BVUP SJ[BEB QBSB MPT DBNJPOFT FO VOB EJTUBODJB TVQFSJPS B LJMwNFUSPT EF MB UFSNJOBM EPOEF TF IB MMFWBEP B DBCP FM JOUFSDBNCJP NPEBM -B JNQMBOUBDJwO DBEB WF[ NBZPS EF FTUF UJQP EF DPOUFOFEPSFT FO FM NFSDBEP NBSrUJNP DIPDB DPO FTUB MJNJUBDJwO MP RVF PCTUBDVMJ[B FM QBQFM JOUFSNPEBM RVF FM USBOTQPSUF NBSrUJNP EF DPSUB EJTUBODJB QPESrB EFTBSSPMMBS DPO FTUF UJQP EF DPOUFOFEPSFT ®&M DMJFOUF RVJFSF TPMVDJPOFT QVFSUB B QVFSUB¯ BTFHVSBCB 'BCJFO #FDRVFMJO SFQSFTFOUBOUF EF MB &VSPQFBO 4IJQ QFST± $PVODJM &4$ 1BSB MPHSBSMP FM TFDUPS FYJHF BWBODFT QBSB GPNFOUBS FM VTP NVMUJNPEBM EF DPOUFOFEPSFT EF QJFT FO MBT DBSSFUFSBT NgT BMMg EF MPT LJMwNFUSPT QFSNJUJEPT BDUVBMNFOUF QPS MB MFZ "Tr RVFEw EF NBOJGJFTUP FO MB $POGFSFODJB &VSPQFB EF 4IPSU 4FB 4IJQQJOH DFMFCSBEB FO

i&M 444 EFCF JS IBDJB &M EFCBUF FO FM TFOP EF VOB SFEVDDJ§O MB $& QBSB FMJNJOBS MBT EF MPT US¸NJUFT SFTUSJDDJPOFT BM USBOTQPSUF BENJOJTUSBUJWPTw -VJT 7BMFOUF EF 0MJWFJSB $& $PPSEJOBEPS EF MBT "VUPQJTUBT EFM .BS

QPS MB FOUSBEB FO WJHPS EF MBT [POBT &$" FO MBT RVF IBCS¸ VOB FMFWBEB MJNJUBDJ§O EF MBT FNJTJPOFT EFM CVRVF &O JOJ DJBO TV BDUJWJEBE MB &$" EFM NBS #¸MUJDP Z EFM NBS EFM /PSUF

JOUFSNPEBM EF DPOUFOFEPSFT EF QJFT OP IB EBEP GSVUPT -JTCPB EPOEF MB SFQSFTFOUBOUF EF MB %( .PWF #SJHJUUF 4FHFST DPOGJSNw RVF nTUF IB TJEP VOP EF MPT QSPZFDUPT FO MPT RVF OP IBO MPHSBEP SFTVMUBEP QPTJUJWP BMHVOP 4FHFST FYQMJDw RVF B OJWFM JOUFSOP MPT HSVQPT EF USBCBKP EF MB $PNJTJwO &VSPQFB EFGFOEJFSPO MB FMJNJOBDJwO EF FTUB SFTUSJDDJwO ®"OUF MB OFHBUJWB EF MB $PNJTJwO QSPQVTJNPT BNQMJBS FTPT LJMwNFUSPT B QFSP UBNQPDP MPHSBNPT FM BQPZP EF MB $&¯ MBNFOUw /P PCTUBOUF BvBEJw ®"VORVF FT VOB QFOB OP IBCFS BWBO[BEP FO FTBT DVFTUJPOFT RVJ[gT EVSBOUF MB QSwYJNB QSFTJEFODJB JUBMJBOB TF QVFEBO MPHSBS NFKPSBT FO FTUB EJSFDDJwO¯ 6OB FWPMVDJwO RVF UPEPT MPT BHFOUFT EFM TFDUPS SFDMBNBO DPNP EFKw EF NBOJGJFTUP /JDPMFUUF 7BO %FS +BHU

#SJHJUUF 4FHFST SFQSFTFOUBOUF EF MB EJSFDDJ§O HFOFSBM EF .PWJMJEBE EF MB $& 4 -

EJSFDUPSB HFOFSBM EF MB &VSPQFBO "TTPDJBUJPO GPS 'PSXBSEJOH 5SBOTQPSU -PHJTUJDT BOE $VTUPNT 4FSWJDFT $MF DBU *OTJTUJw FO RVF TV PSHBOJ[BDJwO FYJHF FMJNJOBS MBT SFTUSJDDJPOFT B MB DBSSFUFSB FO MPT FOWrPT EF DPOUFOFEPSFT EF QJFT B OJWFM JOUSBFVSPQFP B USBWnT EFM USBOTQPSUF NBSrUJNP EF DPSUB EJT UBODJB QPSRVF FT VOB NFEJEB BDPSEF DPO MB QPMrUJDB FVSPQFB EF USBOTQPSUF ®*ODMVTP DPO MB BNQMJBDJwO B LJMw NFUSPT DSFFNPT RVF TFSrB EJGrDJM QPEFS MMFHBS BM QVFSUP EFTEF VO PSJHFO &T GVOEBNFOUBM FMJNJOBS FTF PCTUgDVMP¯ TFOUFODJw 5BNCJnO MPT OBWJFSPT MP EFNBOEBO "OUPOJP 7BSHBT EJSFDUPS HFOFSBM EF (SJNBMEJ -PHrTUJDB &TQBvB IJ[P IJODBQJn FO RVF FMJNJOBS MB SFTUSJDDJwO EF MPT LJMwNFUSPT ®FT WJUBM QPSRVF WB FO DPOTPOBODJB DPO FM BVNFOUP EF QFTPT Z EJNFOTJPOFT EF MPT WFIrDVMPT 1PS FTP FM QSJNFS PCKF UJWP EFCFSrB TFS MB FTUBOEBSJ[BDJwO EF QFTPT Z EJNFOTJPOFT EF MPT DBNJPOFT FO &VSPQB¯ /P PCTUBOUF FM PSJHFO EF MB PQPTJDJwO RVF FTUg FODPOUSBOEP MB NFEJEB FO MBT JOTUJUVDJPOFT FVSPQFBT TF FODVFOUSB FO MPT HSVQPT EF QSFTJwO &O FTUF TFO

5SBOTJUBSJPT MPH­TUJDPT DBSHBEPSFT Z OBWJFSPT SFDMBNBO FMJNJOBS PCTU¸DVMPT BM VTP EF MPT DPOUFOFEPSFT EF QJFT UJEP 7BSHBT EFTUBDw RVF TPO NVDIPT MPT JOUFSFTFT Z MPT gNCJUPT BGFDUBEPT ®1BSB MBT HSBOEFT UFSNJOBMFT QPS FKFNQMP EFKBS MBT DPTBT DPNP FTUgO MFT QFSNJUFO VO NBZPS DPOUSPM EFM USg GJDP GPDBMJ[BSMP B USBWnT EF TVT JOTGSB FTUSVDUVSBT¯ FYQMJDw 5BNCJnO &EVBSE 3PEnT EFTUBDw FM QBQFM EFM MPCCZ FO FTUF UJQP EF QPMrUJDBT ®)BZ DPMFDUJWPT FTQF DrGJDPT RVF UJFOFO JOUFSFTFT DPODSFUPT FO RVF TF IBHBO NgT WJBKFT QPSRVF MP RVF FTUg DMBSP FT RVF FM DPOUFOFEPS EF QJFT UJFOF NgT DBQBDJEBE RVF FM EF UBOUP QPS TVT DBSBDUFSrTUJDBT GrTJ DBT DPNP QPS FM TJTUFNB EF QBMFUJ[BDJwO FVSPQFP¯ &O FTUF TFOUJEP TF NPTUSw DPOWFODJEP EF RVF MB FYQBOTJwO RVF FTUF UJQP EF DPOUFOFEPSFT FTUg FYQF SJNFOUBOEP BDBCBSg QPS FMJNJOBS MPT PCTUgDVMPT BDUVBMFT


4

EL VIGÍA

19 DE MAYO DE 2014

Opinión

!

CONFIDENCIAL

Más de 100 sensores para monitorizar la calidad del aire en el puerto de Rotterdam

La Autoridad Portuaria de Rotterdam ya cuenta con más de 100 sensores para monitorizar la calidad del aire en prácticamente cualquier punto del enclave. La mayor parte de estas ‘narices electrónicas’ se pusieron en marcha a principios de este año y el objetivo es alcanzar los 300 sensores en el 2016.

EDITORIAL

VÍA LIBRE

Un nuevo marco para el short sea shipping

El lamentable espectáculo de las elecciones europeas

El transporte marítimo de corta distancia tiene una importancia capital en el desarrollo de un sistema de transporte sostenible, intermodal y eficiente. Las últimas decisiones de la Unión Europea hacían presagiar su ocaso, pero la Declaración de Atenas ha reavivado las esperanzas. Existían motivos para desconfiar de la apuesta europea por el short sea shipping. De hecho, la próxima implantación de las primeras zonas ECA, las dudas sobre cómo los armadores podrán adaptar las flotas para cumplir con la nueva normativa y el varapalo del Tribunal de Luxemburgo al sistema de ayudas Marco Polo no permitían observar con optimismo su futuro. Sin embargo, Europa parece dispuesta a dar un golpe de timón para amortiguar ciertos efectos perniciosos derivados de estos cambios normativos. No se trata únicamente de destinar fondos para mitigar el impacto de la nueva legislación

medioambiental, ni de regar con subvenciones la oferta de transporte marítimo de corta distancia. Si se destinan fondos para esas dos cuestiones será positivo, aunque está por ver la fórmula y la cuantía, pero sus efectos serán limitados a no ser que se acompañen de otras actuaciones en el ámbito administrativo. El short sea shipping necesita menos burocracia y más inversiones tecnológicas para hacer los procesos más eficientes. La Unión Europea debe tomarse en serio la necesidad de crear un mercado marítimo intraeuropeo más fluido, más coordinado y con menos trabas administrativas. Es cierto que también se necesita inversión para lograrlo, pero convendría valorar si el retorno de esas inversiones no multiplicará, a su vez, el impacto de las ayudas para adaptar la flota a los nuevos requisitos medioambientales y la demanda de estos servicios marítimos.

La fractura en los puertos La red española de puertos de interés general se ha fracturado en los últimos años. Producto de la crisis económica, los puertos atlánticos han disminuido su peso en el conjunto en términos de tráficos, pero especialmente en lo referente a los aspectos económicos. Los enclaves mediterráneos lideran todas las variables y sus aportaciones son cada vez más relevantes para la red portuaria española. El mantenimiento futuro de esta tendencia establecerá puertos a dos velocidades y dificultará cada vez más el equilibrio

del sistema portuario. En este contexto, deben tomarse decisiones para lograr dos objetivos. Por un lado, son necesarias acciones que posibiliten la recuperación de los puertos atlánticos y, por otro, medidas para que los mediterráneos puedan proseguir por la senda del crecimiento. Si no se ponen en marcha actuaciones, los desequilibrios del sistema portuario español pondrán en peligro el mantenimiento de su estructura tal y como está concebida en la actualidad y habrá que estudiar otras fórmulas organizativas.

Las elecciones europeas no le interesan a nadie, al menos, en España. Uno se dedica a leer, escuchar y ver lo que se denomina campaña electoral y le dan ganas de vomitar. Al final, es la previa de la precampaña de las elecciones generales. Por un lado, el PP se dedica a defender la labor del Gobierno de España y a azuzar fantasmas, ya sean económicos o territoriales. Por otro, el PSOE critica lo mal que lo hace el Gobierno de Rajoy por plegarse a las directrices de Bruselas, como si en la época de Zapatero no dijeran amén a todo lo que llegaba desde la UE. No crean

DESDE LA ATALAYA

por Màcius

que el resto de partidos con menor representación se salvan... ¿Dónde queda el debate sobre el futuro de la Unión Europea?¿Por qué no debaten sobre asuntos europeos? Es todo muy confuso, porque más allá de dimes y diretes, el debate sobre Europa brilla por su ausencia. La verdad es que no sé cómo se encaran las elecciones europeas en otros países, pero en nuestro caso se trata de un espectáculo lamentable y provinciano. Si pudiera, votaría candidatos de otro país. macius@elvigia.com

por Bamir

Fallece una enferma de cáncer por las restricciones aduaneras Las consecuencias de una política proteccionista pueden ser mucho más graves de lo que uno imagina. Argentina se ha distinguido, desde la llegada de Cristina Kirchner, por retener mercancías en las aduanas y restringir las importaciones al país. Sin ir más lejos, recuerdo haber leído un artículo en El Vigía hace unos años sobre estas prácticas en el sector editorial. Ahora la situación ha sido más grave y se ha cobrado la vida de una mujer enferma de cáncer. Las aduanas retuvieron un fármaco importado que necesitaba

esta mujer para proseguir con su tratamiento. A pesar de los intentos de que la aduana diera luz verde a la entrada del medicamento, las autoridades sólo cedieron cuando ya era demasiado tarde y la mujer se encontraba en fase terminal. Obviamente, la familia de la fallecida iniciará acciones legales contra los responsables, pero nadie podrá devolverles a la persona que se ha marchado por culpa de la nefasta política aduanera y comercial. bamir@elvigia.com

ANCHO DE BANDA

»

VOPAK TERQUIMSA

Ignacio Casajus Director general de Vopak Terquimsa

»

OPDR

Fernando Muñoz Director general de OPDR Iberia

Vopak Terquimsa prosigue con sus inversiones

La naviera OPDR aprovecha el verano para huir de Motril

La compañía participada por la holandesa Vopak y la española CLH, Vopak Terquimsa, iniciará una nueva ampliación de sus instalaciones en el puerto de Tarragona. El desarrollo de esta nueva fase, que supone una inversión de 7,6 millones de euros, comenzará el próximo mes de julio y permitirá a la empresa aumentar su capacidad de almacenamiento de productos químicos. Vopak Terquimsa prosigue así su política de expansión en los puertos catalanes, en los que ha realizado grandes inversiones para ampliar y modernizar sus instalaciones durante los últimos años.

La naviera OPDR, con sede central en Hamburgo, ha decidido replegarse en el puerto de Motril. Según ha comunicado la compañía marítima a la autoridad portuaria, dejará de ofrecer temporalmente su servicio semanal desde el enclave andaluz hacia el norte de Europa. Sin embargo, aún está por ver si esa suspensión cautelar de la línea de contenedores no acaba siendo definitiva. El tráfico de la naviera OPDR en el puerto de Motril ha sido muy escaso en esta primera parte del año, por lo que no sería extraño la desaparición total de la línea que empezó a funcionar en el año 2009.


%& .":0 %& &- 7*(Æ"

/VFWP DPOUSBUP EF 1PSUFM FO VO QVFSUP NFEJUFSS¸OFP

&M PQFSBEPS EF MB TFMFDDJ§O FTQB©PMB EF G¡UCPM

{2V± QVFSUP EFM NFEJUFSS¸OFP FTQB©PM IB BEKVEJDBEP B MB FNQSFTB 1PSUFM QPS FVSPT MB BTJTUFODJB Z NBOUFOJNJFOUP U±DOJDP EFM DPOUSPM EF BDDFTPT B MB JOTUBMBDJ§O Z FM MFWBOUF TJO QBQFMFT

{2V± FNQSFTB EF QBRVFUFS­B IB SPUVMBEP TVT GVSHPOFUBT DPO FM FTMPHBO iNFOTBKFS­B PGJDJBM EF MB TFMFDDJ§O FTQB©PMB EF G¡UCPMw USBT DFSSBS VO BDVFSEP DPO MB 3FBM 'FEFSBDJ§O &TQB©PMB EF '¡UCPM

&M CVRVF A.BWFSJDL TF DPOWJFSUF FO VO MJFO[P

&M DBTDP EFM GFSSZ A.BWFSJDL EF MB DPNQB©­B NBS­UJNB #BMF¹SJB TF IB DPOWFSUJEP FO VO MJFO[P QBSB QSPNPDJPOBS FM GFTUJWBM EF BSUF #MPPQ *OUFSOBUJPOBM 1SPBDUJWF "SU 'FTUJWBM RVF TF DFMFCSBS¸ FO *CJ[B FTUF WFSBOP

53*#6/"

-B SFMBDJwO NPSPTJEBE QZNFT .JHVFM 4FSSBIJNB "CPHBEP Z EJSFDUPS EF (FTFNF -FHBM

4FH|O VO FTUVEJP SFBMJ[BEP SFDJFO UFNFOUF IBTUB FM EF MPT DMJFOUFT EF USBOTQPSUJTUBT JODVNQMFO MB MFZ EF .PSPTJEBE Z QBHBO FO VOB NFEJB EF ErBT &T EFDJS MB NBZPSrB EF QBHPT RVF TF SFBMJ[BO B USBOTQPSUJT UBT JODVNQMFO MB MFHJTMBDJwO WJHFOUF RVF FYJHF QBHBS FO VO NgYJNP EF ErBT -B NPSPTJEBE QPS UBOUP FT VO QSPCMFNB RVF BDFDIB BM TFDUPS EFM USBOTQPSUF EPOEF UPEBT MBT QBS UFT DPJODJEFO FO RVF FM QSPCMFNB FT MB HSBO DBOUJEBE EF TVCDPOUSBUBDJP OFT RVF TF QSPEVDFO FO MB DBEFOB EF USBOTQPSUF $BEB ErB QFRVFvBT Z NFEJBOBT FNQSFTBT QZNFT BDBCBO FO RVJFCSB &O &TQBvB VOB EF DBEB USFT QZNFT DJFSSB DBEB BvP QPS QSPCMFNBT EF MJRVJEF[ EFSJWBEPT EFM SFUSBTP FO FM DPCSP EF TVT GBDUVSBT MPT O|NFSPT DPOGJSNBO RVF FO MPT |MUJNPT BvPT NgT EF QZNFT IBO DFSSBEP B DBVTB EF MB NPSPTJEBE Z DPO FMMBT TF IBO EFTUSVJEP NgT EF QVFTUPT EF USBCBKP &O FM TFDUPS EFM USBOTQPSUF FO DPODSFUP MPT FTQFDJBMJTUBT BQVOUBO B RVF NVDIPT EF MPT DJFSSFT EF MBT FNQSFTBT OP

-04 $045&4 %& /0 $0#3"3 " 5*&.10

-PT SFUSBTPT FO FM DPCSP EF GBDUV SBT TVQPOFO VO BMUP DPTUF QBSB MBT FNQSFTBT Z OP UPEBT MBT QZNFT TPO DPOTDJFOUFT EFM DPTUF RVF SFQSFTFOUB FM IFDIP EF RVF VO DMJFOUF OP QBHVF B UJFNQP 2VF VO DMJFOUF OP SFBMJDF TVT QBHPT TVQPOF RVF MB FNQSFTB OP EJTQPOF EF MJRVJEF[ &T QPTJCMF

" USBW±T EF JOTJTUFODJB OFHPDJBDJ§O Z DPNQSFOTJ§O DPOTFHVJNPT BDFMFSBS Z SFDVQFSBS MPT JNQBHPT Z TF NBOUJFOFO B MPT DMJFOUFT

.VDIPT EF MPT DJFSSFT EF FNQSFTBT USBOTQPSUJTUBT OP TPO QPS DVMQB EFM DBSHBEPS TJOP EF MBT TVCDPOUSBUBDJPOFT TPO QPS DVMQB EFM DBSHBEPS QSJODJ QBM TJOP QPS MBT TVCDPOUSBUBDJPOFT RVF OP QBHBO &O MPT UJFNQPT EF DSJTJT RVF DPSSFO MBT FNQSFTBT MVDIBO QBSB DPOTFHVJS NgT UJFNQP B MB IPSB EF IBDFS QBHPT FO FGFDUJWP &O FTUF DPOUFYUP NVDIBT QZNFT TF WFO JODJ UBEBT B VUJMJ[BS MPT QMB[PT EF QBHP B MPT QSPWFFEPSFT DPNP TVTUJUVUPT EF MPT DSnEJUPT CBODBSJPT "VO BTr MB NPSPTJEBE CBODBSJB TJHVF DSFDJFOEP Z TF TJU|B FO VO RVF TJ TF USB EVDF B O|NFSPT FYBDUPT FRVJWBMFO B NJMMPOFT EF FVSPT RVF MPT CBODPT OP SFDVQFSBO 1PS UBOUP FT VO IFDIP RVF MB NPSPTJEBE FT VO QSPCMFNB EF HSBO NBHOJUVE QBSB UPEBT MBT QZNFT EF &TQBvB IBTUB FM QVOUP EF RVF MB NPSPTJEBE FT MB QSJNFSB QSFPDVQBDJwO QBSB FM EF MBT QZNFT FTQBvPMBT &M QBHP BQMB[BEP TJFNQSF IB FYJT UJEP FO FM USgGJDP NFSDBOUJM IBTUB FM QVOUP RVF TF EB QPS IFDIP RVF FM QBHP BQMB[BEP FT VO GFOwNFOP

EFCFO EFEJDBS TVT FTGVFS[PT B TV BDUJWJEBE QSJODJQBM 6OP EF MPT QSJODJQBMFT NJFEPT EF NVDIPT FNQSFTBSJPT FT UFOFS RVF SFDMBNBS FTF QBHP RVF OP TF IB SFBMJ[BEP QPS UFNPS B RVF TF QVF EBO SPNQFS MBT SFMBDJPOFT Z QFSEFS B VO DMJFOUF QPUFODJBM 1BSB FMMP FT JNQPSUBOUF USBCBKBS FO MB SFDVQFSB DJwO EF MPT JNQBHPT FOUFOEJFOEP MB JNQPSUBODJB RVF UJFOF DBEB DMJFOUF Z OVFTUSB SFMBDJwO DPO FM EFVEPS FT TJFNQSF B USBWnT EF VO USBUP DPSSFDUP DPO FTUSJDUB DPOGJEFODJBMJEBE Z DPO HSBOEFT EPTJT EF nUJDB QSPGFTJPOBM -P NgT JNQPSUBOUF FT OP QFSEFS MB SFMBDJwO DPO FTF DMJFOUF Z RVF FM NBZPS BDUJWP DPO FM RVF DVFOUB DVBMRVJFS FNQSFTB TPO TVT DMJFOUFT TFBO P OP NPSPTPT " USBWnT EF JOTJT UFODJB OFHPDJBDJwO Z DPNQSFOTJwO DPOTFHVJNPT BDFMFSBS Z SFDVQFSBS MPT JNQBHPT B MB WF[ RVF TF NBOUJFOFO MBT SFMBDJPOFT DPO FM DMJFOUF

"3$)*70

JOUSrOTFDP EF MB BDUJWJEBE FNQSFTB SJBM &M QSPCMFNB MMFHB DVBOEP FO MPT |MUJNPT UJFNQPT TF IB QSPEVDJEP VO BMBSHBNJFOUP FYDFTJWP EF MPT QMB[PT EF QBHP RVF BDBCB EFSJWBOEP FO VO JODVNQMJNJFOUP EFM QBHP Z RVF TF IB USBEVDJEP FO VOB DVMUVSB EF NPSPTJ EBE NVZ FYUFOEJEB FO &TQBvB &TQBvB FT FM QBrT EF UPEB MB $PNV OJEBE &VSPQFB DPO NBZPS QSFNF EJUBDJwO B MB IPSB EF OP QBHBS MBT GBDUVSBT Z SFUSBTBS MPT QMB[PT EF MPT QBHPT 4FH|O VO FTUVEJP EF MB $& FM EF MPT SFUSBTPT FO MPT QBHPT TPO EFMJCFSBEPT F JOUFODJPOBEPT )PZ FO ErB NVDIBT FNQSFTBT USBCBKBO DPO NgSHFOFT EF CFOFGJDJP NVZ SFEVDJEPT 4J FM NBSHFO DPNFS DJBM EF VOB FNQSFTB FT EF VO Z FTB NJTNB FNQSFTB BDVNVMB VO QPSDFOUBKF EF NPSPTJEBE EF VO TPCSF FM UPUBM GBDUVSBEP FM NBSHFO EF CFOFGJDJP FT BCTPSCJEP Z BOVMBEP QPS FM NBSHFO EF EFVEB OP DPCSBEB B TV WFODJNJFOUP VOB EFVEB RVF DVBOUP NgT UJFNQP QBTF NBZPSFT QPTJCJMJEB

EFT UFOESg EF DPOWFSUJSTF FO JNQBHP Z QPS MP UBOUP FO QnSEJEBT -" $-"7& %&6%" +07&/

"OUF UBM QBOPSBNB FT FWJEFOUF RVF TF EFCFO UPNBS DBSUBT FO FM BTVOUP QPS FM CJFO GJOBODJFSP EF MB FNQSFTB &O (FTFNF -FHBM DPOUB

-B DMBWF FT BDUVBS MP N¸T S¸QJEP QPTJCMF ZB RVF TJ MB EFVEB FT JOGFSJPS B EPT NFTFT FM ±YJUP EF DPCSP TF MPHSB FO FM EF MPT DBTPT NPT DPO VOB FYQFSJFODJB BOUFSJPS EF DBTPT FO MPT RVF IFNPT USBCBKBEP MB NPSPTJEBE DPO VO BMUP QPSDFOUBKF EF nYJUP Z DPOTJEFSBNPT RVF MB DMBWF FT BDUVBS MP NgT SgQJEP RVF TFB QPTJCMF ZB RVF TJ MBT EFVEBT TPO JOGFSJPSFT B EPT NFTFT FM nYJUP EF DPCSP EF FTB EFVEB TF QSPEVDF FO

VO EF MPT DBTPT 1PS FM DPOUSBSJP TJ MBT EFVEBT TPO EF NgT EF NFTFT TF SFEVDF FM QPS DFOUBKF BM &T MP RVF DPOPDFNPT DPNP EFVEB KPWFO $VgOUP BOUFT TF EFDJEF BDUVBS NFKPS TF QVFEF QSF WFOJS MB NPSPTJEBE 1PS PUSP MBEP MB FNQSFTB B MB RVF MF EFCFO EJOFSP UJFOF RVF QSPDVSBS RVF TV EFVEB TFB VOB EFVEB RVF FTUn QSFTFOUF FO FM MJTUBEP EF EFVEBT EFM EFVEPS EF NPEP RVF OP RVFEF FO FM PMWJEP QVFTUP RVF FTUg EFNPTUSBEP RVF DVBOUP NgT BOUJHVB TFB FTUB EFVEB NFOPSFT QPTJCJMJEBEFT IBCSg EF DPCSBSMB 1PS FMMP FT JNQPSUBOUF RVF FTUB UBSFB TF EFKF FO NBOPT EF QSPGF TJPOBMFT RVF TF EFEJRVFO B USBCBKBS BDUJWBNFOUF QBSB RVF MB EFVEB TFB MP NgT CBKB Z KPWFO QPTJCMF $POGJBS FO VO FRVJQP FTQFDJBMJ[BEP RVF MMFWF FM DPOUSPM Z FM TFHVJNJFOUP OFDFTBSJP EF MB NPSPTJEBE EF MPT DMJFOUFT FT MB NFKPS TPMVDJwO QBSB NVDIBT QZNFT RVF OP DVFOUBO DPO VO EFQBSUB NFOUP EFEJDBEP B MPT JNQBHPT Z RVF

RVF QBSB DPOTFHVJS SFDVQFSBS FTUB GBMUB EF MJRVJEF[ BDVEB B QFEJS BMH|O UJQP EF DSnEJUP MP RVF JNQMJDB VO DPTUF BEJDJPOBM "EFNgT QJFSEF PQPSUVOJEBEFT EF USBCBKBS DPO PUSPT DMJFOUFT RVF Tr QBHBSrBO Z QPS UBOUP QJFSEF P MJNJUB TVT PQPSUVOJEBEFT EF DSFDJNJFOUP 1PS PUSP MBEP MB FNQSFTB TJHVF IBDJFOEP GSFOUF BM QBHP EF OwNJOBT EF USBCBKBEPSFT RVF SFBMJ[BO UBSFBT QBSB VO DMJFOUF RVF OP QBHB " UPEP FTUP IBZ RVF BvBEJS MPT JNQVFTUPT Z MB PCMJHBUPSJFEBE EF QBHBSMPT USJNFT USBMNFOUF DPO JOEFQFOEFODJB EF RVF TF IBZB DPCSBEP P OP MB GBDUVSB " MB WF[ UBNCJnO FYJTUF VO JNQPSUBOUF SJFTHP EF QFSEFS QSPWFFEPSFT B MPT RVF MB FNQSFTB OP QVFEF QBHBS B UJFNQP DPNP DPOTFDVFODJB EF TV GBMUB EF MJRVJEF[ 5PEPT FTUPT GBDUP SFT IBDFO RVF TJO EVEB MB NPSPTJ EBE UFOHB VOPT BMUPT DPTUFT QBSB MB FNQSFTB RVF OP SFDJCF MPT QBHPT B UJFNQP Z RVF WBO NVDIP NgT BMMg EF MB EFVEB FO Tr Z FT QPS FTP RVF TF IBO EF EFQPTJUBS FTGVFS[PT FO MB QSFWFODJwO EF MB NPSPTJEBE &ODVFTUB MMFWBEB B DBCP QPS 'FOBEJTNFS Z MB 'VOEBDJwO 2VJKPUF 4FH|O FTUVEJP EF MB $POGFEFSBDJwO &TQBvPMB EF 1FRVFvBT Z .FEJBOBT &NQSFTBT $&1:.& 4FH|O EBUPT QSPQPSDJPOBEPT QPS FM #BODP EF &TQBvB 4FH|O MB 3BEJPHSBGrB EF MBT 1ZNFT SFBMJ[BEB QPS 4"(&


&- 7*(Æ" %& .":0 %&

1VMTP TFDUPSJBM

*/%*$"%03&4

&M DPOTVNP EF DFNFOUP FO &TQB©B IB DB­EP VO FO FM QSJNFS DVBUSJNFTUSF EFM B©P TFH¡O EBUPT BQPSUBEPT QPS MB QBUSPOBM EFM TFDUPS 0GJDFNFO )BTUB BCSJM TF IBO DPOTVNJEP UPOFMBEBT NFOPT MP RVF TJU¡B MB DJGSB UPUBM FO NJMMPOFT EF UPOFMBEBT

#"3Ä.&530 %&- 53"/41035&

XXX UJNPDPN DPN

*/5&3/"$*0/"-

5FSDFS EFTDFOTP DPOTFDVUJWP EF MBT DBSHBT

-BT DBSHBT SFHJTUSBEBT QPS FM CBSwNFUSP EFM USBOTQPSUF FMBCPSBEP QPS 5 $ 5SVDL $BSHP IBO EFTDFOEJEP TFJT QVOUPT FOUSF FM Z FM EF NBZP SFTQFDUP B MB TFNBOB BOUFSJPS %FTEF QSJODJQJPT EF BCSJM MBT DBSHBT OP FTUBCBO FO VO OJWFM UBO CBKP &O MP RVF SFTQFDUB B MPT GMV KPT DPO PSJHFO P EFTUJOP FO &TQBvB BNCPT TF IBO JODSFNFOUBEP -BT SVUBT EFTEF "VTUSJB Z #nMHJDB IBDJB &TQBvB TPO MBT RVF NgT IBO DSF DJEP SFTQFDUP B MB QSJNFSB TFNBOB EF NBZP 'DWRV GHO DO GH PD\R

&WPMVDJ§O NFOTVBM EFM US¸OTJUP FO FM $BOBM EF 4VF[ QPS UJQPMPH­B EF CVRVFT

'6&/5& 4VF[ $BOBM "VUIPSJUZ

."3Ê5*.0

&VSPQB MJEFSB FM DSFDJNJFOUP EFM DPNFSDJP NBSrUJNP JOUFSOBDJPOBM

Ï

7&)Ê$6-0 */%6453*"-

Ï

&M $BOBM EF 4VF[ BVNFOUB FM USgGJDP EF FNCBSDBDJPOFT IBTUB NBS[P

Ï

-PT HSBOEFT GBCSJDBOUFT NFKPSBO TVT NBUSJDVMBDJPOFT IBTUB BCSJM

"DVNVMBEP USJNFTUSBM EF DPNFSDJP NBS­UJNP Z DPNQBSBUJWB DPO FM B©P BOUFSJPS

5SJNFTUSF 5SJNFTUSF

3FTVMUBEPT EF MBT NBUSJDVMBDJPOFT QPS GBCSJDBOUFT FO FM QSJNFS DVBUSJNFTUSF

'6&/5& "OGBD

*NQPSUBDJPOFT &YQPSUBDJPOFT

*NQPSUBDJPOFT &YQPSUBDJPOFT

&VSPQB

"TJB

*NQPSUBDJPOFT &YQPSUBDJPOFT

/PSUFBN±SJDB

5FVT

'6&/5& $POUBJOFS 4UBUJTUJDT

"Î3&0

-PT BFSPQVFSUPT FTQBvPMFT DJFSSBO FM NFKPS QSJNFS DVBUSJNFTUSF EF MB EnDBEB

$PNQPSUBNJFOUP EFM US¸GJDP EF NFSDBOD­BT FO MB SFE EF "FOB Z FO TVT QSJODJQBMFT BFSPQVFSUPT "FOB

.BESJE

#BSDFMPOB

;BSBHP[B

7JUPSJB

&M USgGJDP EF NFSDBODrBT FO MB SFE EF "FOB IB TVNBEP UPOF MBEBT FO FM QSJNFS DVBUSJNFTUSF EF &TUB DJGSB RVF SFQSFTFOUB VO JODSFNFOUP EFM SFTQFDUP BM NJTNP QFSJPEP EFM FKFSDJDJP BOUFSJPS FT FM NFKPS SFTVMUBEP FO DBSHB BnSFB RVF IBO MPHSBEP MPT BFSPQVFSUPT FTQBvPMFT FO MB |MUJNB EnDBEB %F IFDIP FT FM NFKPS SFHJTUSP FO FM QSJ NFS DVBUSJNFTUSF EFM BvP EFTEF FM |MUJNP FKFSDJDJP EFM RVF "FOB EJTQPOF EF EBUPT NFOTVBMFT -PT DVBUSP QSJODJQBMFT BFSPQVFSUPT EF NFSDBODrBT IBO FYQFSJNFOUBEP VO BVNFOUP EF WPMVNFO IBTUB BCSJM

1PSDFOUVBMNFOUF FM NBZPS JODSF NFOUP MP IB MPHSBEP FM BFSPQVFSUP EF 7JUPSJB TFHVJEP EF ;BSBHP[B "EPMGP 4VgSF[ .BESJE #BSBKBT Z #BSDFMPOB &M 1SBU &O DVBOUP BM NPWJNJFOUP EF NFS DBODrBT FO MB SFE EF "FOB QPS DPNQB vrBT BnSFBT TwMP EPT BFSPMrOFBT IBO TVQFSBEP MB CBSSFSB EF MBT UPOFMBEBT *CFSJB Z %)- &M UPQ MP IBO DPNQMFUBEP &NJSBUFT DPO VO USgGJDP EF UPOFMBEBT 4XJGUBJS DPO VO WPMVNFO EF UPOFMBEBT Z QPS |MUJNP 2BUBS "JSXBZT RVF IB SFHJTUSBEP VO NPWJNJFOUP EF UPOFMBEBT

'F C "C S +V O "H P 0D U %J D 'F C "C S +V O "H P 0D U %J D 'F C "C S +V O "H P 0D U %J D 'F C "C S

Ï

5POFMBEBT

'6&/5& "FOB


16#-*$*%"%

%& .":0 %& &- 7*(Æ"


&- 7*(ร " %& .":0 %&

&OUSFWJTUB

.BOVFM .PMJOT %JSFDUPS HFOFSBM EF $PSSFPT &YQSFTT

i&T DJFSUP RVF $ISPOPFYQSยฑT IB UFOJEP QยฑSEJEBT FO FM QBTBEP RVF IBO TJEP DVCJFSUBT MยงHJDBNFOUF QPS FM BDDJPOJTUB MP DVBM OP RVJFSF EFDJS RVF IBZBO TJEP TVGSBHBEBT DPO GPOEPT QยกCMJDPT QPSRVF $PSSFPT IB UFOJEP CFOFGJDJPT NVZ QPS FODJNB EF MPT GPOEPT BQPSUBEPT B $ISPOPFYQSยฑTw

ยฎ-B FTUSBUFHJB EF $PSSFPT &YQSFTT FT TBMJS EF MB HVFSSB EF CBKPT QSFDJPT BQPSUBOEP JOOPWBDJwO UFDOPMwHJDBยฏ " (VFSSFSP #BSDFMPOB $PSSFPT TF FODVFOUSB JONFSTB FO VO QSPDFTP EF USBOTGPSNBDJwO RVF IB EFSJWBEP JODMVTP FO MB NPEJGJDBDJwO EF MB NBSDB EF TV GJMJBM EF QBRVFUFSrB RVF DBNCJB FM OPNCSF EF $ISPOPFYQSnT QBSB BERVJSJS FM EF MB NBUSJ[ &OUSFWJT UBNPT B .BOVFM .PMJOT EJSFDUPS HFOF SBM EF $PSSFPT &YQSFTT QBSB DPOPDFS DwNP BGSPOUB MB DPNQBvrB FTUB OVFWB FUBQB Z OPT PGSFDF TV WBMPSBDJwO TPCSF FM NFSDBEP EF MB QBRVFUFSrB

i-B QSFWJTJยงO EF $PSSFPT &YQSFTT QBSB FTUF BยฉP FT BMDBO[BS VO MJHFSP CFOFGJDJP Z BGJBO[BSMP B MP MBSHP EFM QSยงYJNP FKFSDJDJPw

ย 3FQSFTFOUB FTUB OVFWB EFTJHOBDJwO FM NBZPS QSPUBHPOJTNP RVF UFOESg $PSSFPT &YQSFTT FO FM HSVQP -B NBSDB $PSSFPT ZB FYJTUrB FO FM MPHPUJQP EF $ISPOPFYQSnT .FEJBOUF FM DBNCJP EF NBSDB Z MB JODMVTJwO EF MB QBMBCSB &YQSFTT TF TVCSBZB OVFT USB FTQFDJBMJ[BDJwO FO USBOTQPSUF VSHFOUF FO QMB[PT JOGFSJPSFT B IPSBT &O TFHVOEP MVHBS BIPSB FT VOB NBSDB NgT SFDPOPDJCMF QBSB FM NFSDBEP DBQB[ EF BMDBO[BS NBZPS OPUPSJFEBE "EFNgT FM DBNCJP EF NBSDB TF IB BDPNQBvBEP EF VOB TJNQMJGJDBDJwO Z DPPSEJOBDJwO EF UPEB MB PGFSUB EF QBRVFUFSrB EFM (SVQP $PSSFPT CBKP MB EFOPNJOB DJwO 1BR DPO DJODP QSPEVDUPT TFH|O FM UJFNQP EF FOUSFHB HBSBOUJ[BEP EF GPSNB RVF FM NBZPS QSPUBHPOJTNP MP UFOESg UPEP FM (SVQP $PSSFPT FM |OJDP PQFSBEPS EF QBRVFUFSrB RVF QVFEF PGSFDFS BM NJTNP UJFNQP VOB SFE EF USBOTQPSUF VSHFOUF QBSB FOWrPT JOGFSJPSFT B IPSBT B USB WnT EF $PSSFPT &YQSFTT Z PUSB SFE

-B BDUJWJEBE EF QBRVFUFSrB DSFDF B VO SJUNP EFM FO FM HSVQP ย "TVNF RVF FTUF TFHNFOUP NBOUFOESg FTUF SJUNP EF DSFDJNJFOUP 4r HSBDJBT B MBT QSFWJTJPOFT EF DSFDJ NJFOUP EFM DPNFSDJP FMFDUSwOJDP Z EF MPT FOWrPT JOUFSOBDJPOBMFT &O FTUF TFOUJEP ย DPOTJEFSB RVF &TQBvB FT VOP EF MPT NFSDBEPT DPO NgT QPUFODJBM EF DSFDJNJFOUP FO FM F DPNNFSDF 4r &O &TQBvB FM NFSDBEP EF F DPNNFSDF FTUg UPEBWrB DMBSB NFOUF QPS EFUSgT EF PUSPT QBrTFT EF OVFTUSP FOUPSOP QPS MP RVF FM QPUFODJBM EF QBRVFUFSrB FT DMBSP &TUP VOJEP B MB SFDVQFSBDJwO FDP OwNJDB RVF DPOMMFWBSg VO BVNFOUP EFM DPOTVNP QFSNJUF FTQFSBS VO DSFDJNJFOUP NBZPS FO MPT QSwYJNPT BvPT "EFNgT TwMP VO EF MBT QFRVFvBT FNQSFTBT FTQBvPMBT RVF SFQSFTFOUBO FM EFM UFKJEP JOEVTUSJBM FTQBvPM WFOEF POMJOF &O FTF TFOUJEP MB BQVFTUB EF $PSSFPT &YQSFTT DPNP FM SFTUP EFM (SVQP $PSSFPT FT BQPZBS MB USBOTGPSNBDJwO EJHJUBM EF MBT FNQSFTBT FTQBvPMBT

i-B BQVFTUB EF $PSSFPT &YQSFTT DPNP FM SFTUP EFM (SVQP $PSSFPT FT BQPZBS MB USBOTGPSNBDJยงO EJHJUBM EF MBT FNQSFTBT FTQBยฉPMBTw MB IBCJUVBM EF $PSSFPT QBSB SFQBSUPT TFNJVSHFOUFT ย 2Vn QPSDFOUBKF EF MB GBDUVSBDJwO EFM HSVQP BQPSUB BDUVBMNFOUF $PSSFPT &YQSFTT ย : RVn QPSDFOUBKF BTQJSB B SFQSFTFOUBS "QSPYJNBEBNFOUF VO EF MB GBDUVSBDJwO EF QBRVFUFSrB EFM HSVQP $PO OVFTUSP QPSUGPMJP EF DJODP QSP EVDUPT BTQJSBNPT B QPTJDJPOBSOPT DPNP MrEFSFT EFM TFDUPS &M QPSDFOUBKF RVF BQPSUF $PSSFPT P $PSSFPT &YQSFTT EFQFOEFSg EFM NFSDBEP ย 2Vn QSFWJTJPOFT UJFOF $PSSFPT &YQSFTT QBSB FTUF FKFSDJDJP &O $PSSFPT &YQSFTT MMFWBNPT UJFNQP USBCBKBOEP QBSB MB FUBQB EF DSFDJ

RVF OPT BQPSUB MB UFDOPMPHrB &O $PSSFPT &YQSFTT IFNPT USBCBKBEP QBSB PQUJNJ[BS OVFTUSBT SVUBT DPO VO JNQPSUBOUF BIPSSP EF DPTUFT QFSP TPCSF UPEP QBSB PGSFDFS BM DMJFOUF VO TFSWJDJP EF DBMJEBE DPO MB JOGPSNBDJwO NgT GJBCMF TPCSF MB TJUVBDJwO EF TV FOWrP MMFHBOEP IBTUB MB QSFEJDDJwO EF MB IPSB EF FOUSFHB QBSB FWJUBS UJFNQPT EF FTQFSB JOOF DFTBSJPT B MPT EFTUJOBUBSJPT "EFNgT IFNPT QVFTUP FO NBSDIB FM TJTUFNB QJPOFSP EF -PDBMJ[BDJwO *ONFEJBUB EFM %FTUJOBUBSJP -*% FO DBTP EF BVTFODJB RVF QFSNJUF DPOUBDUBS DPO FM EFTUJOBUBSJP FO FM NJTNP NPNFOUP FO FM RVF TF QSPEVDF MB JODJEFODJB Z RVF OPT IB QFSNJUJEP BVNFOUBS MBT UBTBT EF FOUSFHBT FO QMB[P NVZ QPS EFMBOUF EF OVFTUSB DPNQFUFODJB

NJFOUP RVF WBNPT B UFOFS FO MPT QSwYJNPT BvPT QPS FM JNQVMTP EFM DPNFSDJP FMFDUSwOJDP $PO WJTUBT B FTUB OVFWB FUBQB $PSSFPT &YQSFTT IB EFTBSSPMMBEP VOB TFSJF EF QSPZFDUPT QBSB NFKPSBS MB DBMJEBE EFM TFSWJDJP EF OVFTUSPT DMJFOUFT Z FTQFDrGJDBNFOUF QBSB MPT EFTUJOBUBSJPT QBSUJDVMBSFT RVF TPO MPT QSFTDSJQUPSFT EF MBT WFO UBT EF DPNFSDJP FMFDUSwOJDP +VOUP DPO FM DBNCJP EF NBSDB IFNPT QVFTUP FO NBSDIB TFSWJDJPT CBTBEPT FO MBT OVFWBT UFDOPMPHrBT Z RVF TPO QJPOFSPT DPNP MB QSFEJDDJwO EF FOUSFHB FO GSBOKB IPSBSJB P FM TFSWJ DJP EF MPDBMJ[BDJwO JONFEJBUB EF EFT UJOBUBSJPT TFSWJDJP -*% QBSB SFTPMWFS JODJEFODJBT FO UJFNQP SFBM $PO FTUPT QSPZFDUPT Z PUSPT RVF TF QPOESgO FO

NBSDIB FTQFSBNPT FOUSBS QSPOUP FO MB TFOEB EF MPT CFOFGJDJPT &O MB QSFWJTJwO FT BMDBO[BS VO MJHFSP CFOFGJDJP Z BGJBO[BS FTPT CFOFGJDJPT FO &M 1MBO EF "DDJwO RVF FM HSVQP QSFTFOUw B GJOBMFT EF JNQMJDw MB QVFTUB FO NBSDIB EF ยฎVOB DBSUFSB DPOKVOUB EF QSP EVDUPT EF QBRVFUFSrB QBSB $PSSFPT Z $ISPOPFYQSnT Z VOB NBZPS DPPSEJ OBDJwO FOUSF BNCBTยฏ ย 2Vn SFTVMUBEP FTUg TVQPOJFOEP FTUPT DBNCJPT &M SFTVMUBEP FT RVF FM DMJFOUF TF WB B FODPOUSBS DPO MB PGFSUB EF QBRVF UFSrB NgT DPNQMFUB EFM NFSDBEP DPO DJODP QSPEVDUPT CBKP MB NBSDB DPNFSDJBM 1BR TFH|O FM QMB[P EF

FOUSFHB HBSBOUJ[BEP &T FO EFGJOJ UJWB VOB PGFSUB RVF SFTQPOEF B UPEBT MBT OFDFTJEBEFT EF MPT DMJFOUFT Z RVF TF QVFEF DPNQMFUBS DPO PUSB TFSJF EF BUSJCVUPT DPNP MB MPHrTUJDB JOWFSTB P HFTUJwO EF EFWPMVDJPOFT FOUSFHBT FO TgCBEP FUD RVF UBNCJnO EFNBOEBO MPT DPOTVNJEPSFT EF QBRVFUFSrB &M NFSDBEP EFNBOEB DBEB WF[ NgT MPT TFSWJDJPT EF MB QBRVFUFSrB FYQSFTT ย $SFF RVF FTUB GJFCSF QPS MB FOUSFHB VSHFOUF TF NBOUFOESg FO MPT QSwYJ NPT BvPT 1PS TVQVFTUP -B VSHFODJB FO FM USBOTQPSUF EF QBRVFUFSrB FNQSFTB SJBM IPZ FT ZB VO FTUgOEBS -B GJFCSF OP FT UBOUP QPS FM TFSWJDJP VSHFOUF DPNP QPS MPT WBMPSFT BvBEJEPT

ย $POTJEFSB RVF FYJTUF VOB HVFSSB EF QSFDJPT FO FM NFSDBEP EF MB QBRVFUF SrB ย $SFF RVF MPT PQFSBEPSFT FTUgO SFEVDJFOEP QSFDJPT QBSB QPTJDJP OBSTF FO FM TFHNFOUP EFM DPNFSDJP FMFDUSwOJDP &O MBT HSBOEFT DVFOUBT FTQFDJBM NFOUF FO FM TFDUPS EFM F DPNNFSDF MPT QSFDJPT EFM USBOTQPSUF EF QBRVF UFSrB TF IBO ยฐDPNNPEJUJ[BEPยฑ /VFTUSB FTUSBUFHJB WB PSJFOUBEB B TBMJS EF MB HVFSSB EF CBKPT QSFDJPT BQPSUBOEP JOOPWBDJwO UFDOPMwHJDB BM TFSWJDJP RVF QSFTUBNPT B OVFT USPT DMJFOUFT JNQMBOUBOEP OVFWPT TFSWJDJPT DPNP MB QSFEJDDJwO EF GSBOKB IPSBSJB FO UPEP FM UFSSJUPSJP OBDJPOBM MB MPDBMJ[BDJwO JONFEJBUB EF EFTUJOBUBSJPT -*% P MB HFTUJwO QSPBDUJWB EF JODJEFODJBT QBSB RVF OPT FMJKBO QPS MB DBMJEBE


%& .":0 %& &- 7*(Æ"

&- 1&3'*-

9 6O B©P FO FM DBSHP .BOVFM .PMJOT 0UFSP TF JODPSQPSB DPNP EJSFDUPS HFOFSBM EF $ISPOP FYQS±T MB FNQSFTB EF QBRVFUFS­B Z FOW­PT VSHFOUFT EFM (SVQP $PSSFPT FO FM B©P

9 -JEFSBS FM DBNCJP .BOVFM .PMJOT TFS¸ FM FODBSHBEP EF QJMPUBS MB USBOTGPSNBDJ§O RVF $PSSFPT IB EJTF©BEP QBSB MB BOUJHVB $ISPOP

QPS FM *&4& QFSUFOFDJFOUF B MB 6OJWFSTJ EBE EF /BWBSSB

FYQS±T DPO FM PCKFUJWP EF RVF MB OVFWB $PSSFPT &YQSFTT MPHSF CFOFGJDJPT FTUF NJTNP B©P

9 &YQFSJFODJB EJSFDUJWB

9 *OHFOJFSP EF $BNJOPT

.BOVFM .PMJOT DVFOUB DPO FYQFSJFODJB EJSFDUJWB FO FM TFDUPS Z EPDF B©PT EF QS¸DUJDB EF DPOTVMUPS­B EF HFTUJ§O FO DPNQB©­BT M­EFSFT &O DPODSFUP FM EJSFDUPS EF $PSSFPT &YQSFTT IB EFTBSSP MMBEP TV DBSSFSB FO FNQSFTBT DPNP 4FVS "5 ,FBSOFZ P (SVQP &SDSPT

&M EJSFDUPS EF MB GJMJBM FT JOHFOJFSP EF $BNJOPT $BOBMFT Z 1VFSUPT QPS MB 6OJ WFSTJEBE 1PMJU±DOJDB EF .BESJE N¸TUFS FO "ENJOJTUSBDJ§O EF &NQSFTBT QPS FM *OTUJUVUP EF &NQSFTB *& Z IB DVSTBEP FM QSPHSBNB EF "MUB %JSFDDJ§O EF &NQSFTBT

NFOPT B NFEJP QMB[P &O OVFT USP OFHPDJP QFOJOTVMBS IBSFNPT MBT JOWFSTJPOFT OFDFTBSJBT FO FRVJQBNJFOUPT Z OBWFT BM JHVBM RVF FO JOOPWBDJwO QBSB FTUBS B MB WBOHVBSEJB UFDOPMwHJDB RVF OPT DPSSFTQPOEF

$SFF RVF BDDFEFSgO NgT BDUPSFT B FTUF NFSDBEP &O &TQBvB ZB FTUgO QSFTFOUFT MPT QSJODJQBMFT BDUPSFT EFM gNCJUP JOUFSOBDJPOBM 4F QPESgO QSPEVDJS DBNCJPT EF NBSDBT DPNP IB WFOJEP TVDFEJFOEP FO MPT |MUJNPT BvPT FOUSF BMHVOBT SFEFT GSBORVJDJBEBT EFCJEP B TV OBUVSBM JOFTUBCJMJEBE

)B DPODMVJEP FM BKVTUF EF QMBOUJMMB EF MB FNQSFTB 4r FO TF BDPNFUJw VO &3& PCMJHBEP QPS FM OFDFTBSJP BKVTUF JNQVFTUP QPS MBT EJGrDJMFT DPOEJ DJPOFT EFM TFDUPS &TUF BKVTUF OPT QFSNJUJw BGSPOUBS MPT QSwYJNPT BvPT

$POTJEFSB RVF QVFEFO QSPEVDJSTF PQFSBDJPOFT EF DPODFOUSBDJwO P BERVJTJDJPOFT EFTUBDBEBT FOUSF PQF SBEPSFT MPHrTUJDPT cTUB FT VOB FWFOUVBMJEBE RVF TJFNQSF FT GBDUJCMF DPNP TF JOUFOUw SFDJFOUF NFOUF FOUSF 614 Z 5/5 B OJWFM NVOEJBM %FTEF FM TFDUPS QSJWBEP EF MB QBRVFUF SrB TPO NVDIBT MBT WPDFT DSrUJDBT DPO $ISPOPFYQSnT BM DPOTJEFSBS JOOFDF TBSJP RVF VOB FNQSFTB Q|CMJDB BDU|F FO VO TFDUPS DPO UBOUB DPNQFUFODJB 2Vn SFTQPOEF B FTUBT DSrUJDBT .VDIBT EF MBT HSBOEFT FNQSFTBT RVF PQFSBO FO FM TFDUPS EF MB QBRVF UFSrB FO &TQBvB UBNCJnO DVFOUBO FOUSF TVT BDDJPOJTUBT DPO FNQSFTBT EF DBQJUBM Q|CMJDP FTQFDJBMNFOUF MPT DPSSFPT FVSPQFPT $ISPOPFY QSnT BIPSB $PSSFPT &YQSFTT FT VOB FNQSFTB RVF QFSUFOFDF B $PSSFPT Z QFSUFOFDJFOEP B VOB FNQSFTB EF DBQJUBM Q|CMJDP OP EFKB EF TFS VOB FNQSFTB RVF UJFOF RVF DPOTFHVJS TVT CFOFGJDJPT DPNP FM SFTUP EF MPT PQFSBEPSFT EFM TFDUPS 0USB EF MBT EVEBT EFM TFDUPS FT MB MFHBMJEBE EF MBT BZVEBT DPODFEJEBT FO MPT |MUJNPT BvPT QPS FM &TUBEP B $ISPOPFYQSnT $VgM FT TV SFT QVFTUB 4FSrB WJBCMF MB FNQSFTB EF GPSNB JOEFQFOEJFOUF 4J CJFO FT DJFSUP RVF $ISPOPFYQSnT IB UFOJEP QnSEJEBT FO FM QBTBEP IBO TJEP DVCJFSUBT MwHJDBNFOUF QPS FM BDDJPOJTUB MP DVBM OP RVJFSF EFDJS RVF IBZBO TJEP TVGSBHBEBT DPO GPOEPT Q|CMJDPT QPSRVF $PSSFPT IB UFOJEP CFOFGJDJPT NVZ QPS FODJNB EF MPT GPOEPT BQPSUBEPT B $ISPOP FYQSnT FO MPT |MUJNPT BvPT $PSSFPT &YQSFTT FT VOB QJF[B DMBWF FO FM QMBO FTUSBUnHJDP EF EJWFSTJGJDBDJwO EFM (SVQP $PSSFPT Z VOB QBSUF DMBWF EF TV QMBO EF OFHPDJP FT MB FTUBCJMJ[B DJwO EF TVT SFTVMUBEPT FO Z MPT CFOFGJDJPT FO BvPT TVDFTJWPT

i/VFTUSP PCKFUJWP FT FM DSFDJNJFOUP PSH¸OJDP EFOUSP EFM UFSSJUPSJP OBDJPOBM Z QFOJOTVMBS FO OFHPDJP EPN±TUJDP F JOUFSOBDJPOBMw DPO DPNQFUJUJWJEBE BTFHVSBOEP MPT QVFTUPT EF USBCBKP EF OVFTUSB QMBO UJMMB Z MPHSBOEP MB OFDFTBSJB SFOUBCJ MJEBE QBSB VO DSFDJNJFOUP EVSBEFSP EFM OFHPDJP Z EFM FNQMFP

i.VDIBT FNQSFTBT RVF PQFSBO FO MB QBRVFUFS­B FO &TQB©B UBNCJ±O DVFOUBO FOUSF TVT BDDJPOJTUBT DPO FNQSFTBT EF DBQJUBM Q¡CMJDPw $SFF RVF $PSSFPT &YQSFTT TFHVJSg TJFOEP Q|CMJDB B NFEJP QMB[P -PT BDUVBMFT BDDJPOJTUBT (SVQP $PSSFPT ¬ 4&1* OP TF IBO QMBO UFBEP MB QSJWBUJ[BDJwO EF MB DPNQB vrB -PT TFSWJDJPT RVF QSFTUB $PSSFPT &YQSFTT TPO VO QJMBS GVOEBNFOUBM EFOUSP EF MB FTUSBUFHJB EF EFTB SSPMMP EF USBOTQPSUF EF QBRVFUFSrB QBSB FM (SVQP $PSSFPT &M DBNCJP EF NBSDB EFNVFTUSB MB BQVFTUB EFM (SVQP $PSSFPT QPS TV GJMJBM EF QBRVFUFSrB VSHFOUF RVF TF FONBSDB FO MB FTUSBUFHJB EF DSFDFS FO OVFWPT

NFSDBEPT DPNP MB QBRVFUFSrB P FM JOUFSOBDJPOBM %FTEF $PSSFPT BOVODJBSPO IBDF NFTFT RVF TF FTUBCB VMUJNBOEP MB BERVJTJDJwO EF VO PQFSBEPS MPHrT UJDP FO 1PSUVHBM 2Vn OPT QVFEF BWBO[BS TPCSF FTUB PQFSBDJwO 4F JOUFHSBSg FTUB FNQSFTB EFOUSP EF $PSSFPT &YQSFTT cTUF FT VO QSPZFDUP HFTUJPOBEP EJSFDUBNFOUF QPS $PSSFPT Z OP EJT QPOHP EF MB JOGPSNBDJwO QSFDJTB &O DVBMRVJFS DBTP FO MP RVF TF SFGJFSF B MB JOUFHSBDJwO EF FTUB FNQSFTB EFOUSP EF MB FTUSVDUVSB EF $PSSFPT &YQSFTT OP QBSFDF RVF nTB TFB MB NFKPS BMUFSOBUJWB 1MBOUFBO NgT DPNQSBT FO PUSPT QBr TFT P TF DPODFOUSBO FO MB 1FOrOTVMB &M QSJODJQBM PCKFUJWP EF $PSSFPT &YQSFTT IPZ FT FM DSFDJNJFOUP PSHg

OJDP EFOUSP EFM UFSSJUPSJP OBDJPOBM Z QFOJOTVMBS UBOUP FO OFHPDJP EPNnTUJDP DPNP JOUFSOBDJPOBM &O FTUF TFOUJEP OP OPT FTUBNPT QMBOUFBOEP DPNQSBT GVFSB EF MB 1FOrOTVMB 2Vn FYQFDUBUJWBT UJFOF $PSSFPT &YQSFTT FO 1PSUVHBM 1PSUVHBM FT VO FKF EF DSFDJNJFOUP NVZ JNQPSUBOUF EF OVFTUSP BDUVBM OFHPDJP &TUBNPT FYQFSJNFOUBOEP MPT NBZPSFT JODSFNFOUPT EF OFHP DJP IBDJB OVFTUSP QBrT WFDJOP BM TFS QBSB OVFTUSPT DMJFOUFT B ErB EF IPZ VOB SFHJwO NgT EF TV EJTUSJCVDJwO QFOJOTVMBS 4VQPOESg FTUF DSFDJNJFOUP JOWFS TJPOFT JONPMPHrTUJDBT %JTQPOFNPT IPZ EF MPT SFDVSTPT Z MPT BMJBEPT OFDFTBSJPT QBSB SFTQBM EBS FM DSFDJNJFOUP FO 1PSUVHBM BM

2Vn TPMVDJPOFT JEFB MB DPNQBvrB BOUF FM SFUP EF VOB NBZPS DPNQMF KJEBE FO MB EJTUSJCVDJwO VSCBOB EF NFSDBODrBT $PSSFPT &YQSFTT CVTDB MB EJGF SFODJBDJwO DPO TVT DPNQFUJEPSFT QSFDJTBNFOUF FO FM BQPSUF EF TPMV DJPOFT JOOPWBEPSBT CBTBEBT FO MB UFDOPMPHrB QBSB DPOTFHVJS FOUSFHBT FGJDBDFT B OVFTUSPT EFTUJOBUBSJPT Z MB JOGPSNBDJwO NgT QSFDJTB QBSB TVT DMJFOUFT MMFHBOEP B MB JOGPSNBDJwO QSFEJDUJWB FO UJFNQP SFBM -B MPDB MJ[BDJwO JONFEJBUB EF EFTUJOBUBSJPT -*% MB QSFEJDDJwO EF GSBOKB IPSB SJB FO UPEP FM UFSSJUPSJP OBDJPOBM MB HFTUJwO QSPBDUJWB EF JODJEFODJBT P BTFHVSBS MB DBMJEBE EF MPT FOWrPT DPO MB VUJMJ[BDJwO EF FUJRVFUBT 3'*% TPO FKFNQMPT EF JOOPWBDJwO BM TFSWJ DJP EF OVFTUSPT DMJFOUFT &M TFS VOB FNQSFTB VOJUBSJB EFOUSP EF VO TFD UPS NBZPSJUBSJBNFOUF GSBORVJDJBEP OPT QFSNJUF MB IPNPHFOFJEBE UFDOPMwHJDB Z DPNP DPOTFDVFODJB MB NBZPS GMFYJCJMJEBE Z WFMPDJEBE EF BEBQUBDJwO B MBT OFDFTJEBEFT FTQFDrGJDBT RVF QSFDJTBO OVFTUSPT DMJFOUFT

The Mediterranean’s Premier Cruise Event 16-18 September 2014 I Barcelona, Spain Fira de Barcelona Gran Via Conference Centre, Hall 8 Owned & organised by:

In partnership with:

In association with:

www.cruiseshippingevents.com/med


&- 7*(ร " %& .":0 %&

'PUPTFNBOB

'FSOBOEP .PSFOP SFDJCF MB NFEBMMB BM NยฑSJUP QSPGFTJPOBM

&/ -" .*3"

&M $PMFHJP EF *OHFOJFSPT EF $BNJOPT $BOBMFT Z 1VFSUPT SFBMJ[BSยธ FM EF KVOJP FM BDUP EF FOUSFHB EF MB NFEBMMB BM NยฑSJUP QSPGFTJPOBM B 'FSOBOEP .PSFOP QSFTJEFOUF EF '$$ $POTUSVDDJยงO EFTEF

70-70

."3ร 5*.0

7PMWP QSFTFOUB TVT OVFWPT NPUPSFT 1BMNB EF .BMMPSDB Z #BSDFMPOB IBO TJEP ZB FTDFOBSJP EF MB 7PMWP 1FOUB *14 .FEJUFSSBOFBO 5SJQ FM FWFOUP DPO FM RVF MB DPNQBvrB SFDP

SSFSg PODF QVFSUPT EFM .FEJUFSSgOFP QBSB QSFTFOUBS FM OVFWP 4JTUFNB EF 1SPQVMTJwO *14 .$ QBSB FNCBS DBDJPOFT QSPGFTJPOBMFT

*#&3*"

"ร 3&0

-B TFMFDDJยงO FTQBยฉPMB WJBKBSยธ DPO *CFSJB FO FM .VOEJBM EF #SBTJM *CFSJB Z MB 3FBM 'FEFSBDJwO &TQBvPMB EF '|UCPM IBO GJSNBEP VO BDVFSEP QPS FM DVBM MB DPNQBvrB BnSFB TFSg MB USBOTQPSUJTUB PGJDJBM EF MB TFMFDDJwO BM .VOEJBM EF #SBTJM

-B GJSNB EFM BDVFSEP UVWP MVHBS FO MB TFEF EF MB GFEFSB DJwO FO MB $JVEBE %FQPSUJWB EF -BT 3P[BT Z DPOUw DPO MB QBSUJDJQBDJwO EFM TFMFDDJPOBEPS 7JDFOUF EFM #PTRVF

'&5&*" 0-53" &- 7*(ร "

-0(ร 45*$"

/BDF VOB OVFWB "UFJB FO #BMFBSFT

5FDOPDBNQVT DFMFCSB VOB KPSOBEB TPCSF JOOPWBDJยงO MPHยญTUJDB 5FDOPDBNQVT EF .BUBSw PSHBOJ[w MB TFHVOEB KPSOBEB TPCSF MPHrTUJDB Z OFHPDJPT NBSrUJNPT &M QSPHSBNB JODMVZw EJGFSFOUFT DPOGFSFODJBT TPCSF JOOPWBDJwO QPSUVBSJB Z MPHrT

1SFTJEFOUF FEJUPS %BMNBV $PEJOB

53"/4*5"3*04

UJDB Z DPOUw DPO QPOFODJBT EF &EVBSE 3PEnT EJSFDUPS EF MB &TDPMB EF 444 Z &OSJD 5JDw QSFTJEFOUF EF 'FSSPDBSSJMT EF MB (FOFSBMJUBU FOUSF PUSPT FYQFSUPT EFM TFDUPS

1BMNB EF .BMMPSDB BDPHJw MB TFNBOB QBTBEB FM BDUP EF DPOTUJUV DJwO EF MB "TPDJBDJwO EF 5SBOTJUBSJPT EF #BMFBSFT &M PSHBOJTNP USBCBKBSg

QBSB EBS B DPOPDFS FM QBQFM EFM USBO TJUBSJP FO UPEB MB DBEFOB MPHrTUJDB "TJNJTNP TF JOUFHSBSg EFOUSP EFM DPNJUn FKFDVUJWP EF 'FUFJB 0MUSB

%JSFDUPS "JUPS 7JFDP

+FGF EF EJTFvP Z QSPEVDDJwO ยงMFY 3PTFMM

"ENJOJTUSBDJwO

%JSFDUPSB DPNFSDJBM /|SJB 7JMB

3FEBDDJwO "MCFSUP (VFSSFSP

.wOJDB "CFMFEP

%JSFDUPS EF BENJOJTUSBDJwO 3JDBSEP (PO[gMF[

+VEJUI &TUBMMP &MFOB EF +FT|T

%FQwTJUP MFHBM #

4FDSFUBSJB EF EJSFDDJwO -PVSEFT .POUFSP

4BOESB -PSFOUF /|SJB 'FSSFSFT

*44/

1VCMJDBDJPOFT EF MPT 1VFSUPT EF &TQBยฉB 4 - 5SBGBMHBS FOUMP ย #BSDFMPOB 5FMT 'BY 3FEBDDJwO SFEBDDJPO!FMWJHJB DPN QVCMJDJEBE DPNFSDJBM!FMWJHJB DPN


%& .":0 %& &- 7*(ร "

*WFDP DBQJUBMJ[B QBSUF EFM BVNFOUP FO NBUSJDVMBDJPOFT -BT NBUSJDVMBDJPOFT EF WFIยญDVMPT JOEVTUSJBMFT IBO BVNFOUBEP FM FO FM QSJNFS DVBUSJNFTUSF EFM BยฉP MP RVF TVQPOF VO JODSFNFOUP EF VOJEBEFT SFTQFDUP BM

'BMMFDF FO .BESJE -PSFO[P ;BNCSBOP QSFTJEFOUF EF $FNFY

NJTNP QFSJPEP EFM FKFSDJDJP BOUFSJPS 1BSUF EF FTUB SFDVQFSBDJยงO FO MBT NBUSJDVMBDJPOFT MB IB DBQJUBMJ[BEP MB FNQSFTB QSFTJEJEB QPS +BJNF 3FWJMMB -BT NBUSJDVMBDJPOFT EF *WFDP IBO DSFDJEP FO VOJEBEFT HSBDJBT BM CVFO DPNQPSUBNJFOUP EF MPT JOEVTUSJBMFT QFTBEPT

&M QSFTJEFOUF EF MB NVMUJOBDJPOBM DFNFOUFSB NFYJDBOB $FNFY -PSFO[P ) ;BNCSBOP GBMMFDJยง MB TFNBOB QBTBEB FO FM IPUFM EF .BESJE FO FM RVF TF IPTQFEBCB &M EJSFDUJWP

'0.&/50

."3ร 5*.0

"&25

&.13&4"4

1BTUPS QSFTFOUB MB DPOGFSFODJB EF MB BTPDJBDJยงO *"-" -B NJOJTUSB EF 'PNFOUP "OB 1BTUPS BTJTUJw B MB QSFTFOUBDJwO EF MB $POGFSFODJB EF MB "TP DJBDJwO *OUFSOBDJPOBM EF "ZVEBT B MB /BWFHB

OBDJEP FO .POUFSSFZ TF FODPOUSBCB FO .BESJE QBSB QBSUJDJQBS FO VOB SFVOJยงO EF MB GJMJBM FTQBยฉPMB EF MB DPNQBยฉยญB -PSFO[P ) ;BNCSBOP TF JODPSQPSยง B $FNFY FO Z EFTEF FSB TV EJSFDUPS HFOFSBM DBSHP BM RVF BยฉBEJยง MB QSFTJEFODJB EF MB FNQSFTB FO FM BยฉP

DJwO .BSrUJNB Z "VUPSJEBEFT EF 'BSPT *"-" RVF SFVOJSg FO " $PSVvB EFM BM EF NBZP B FYQFSUPT FO OBWFHBDJwO NBSrUJNB

-B BTPDJBDJยงO "&25 DFMFCSB TV BTBNCMFB HFOFSBM -B "TPDJBDJwO &NQSFTBSJBM 2VrNJDB EF B MB BTBNCMFB HFOFSBM PSEJOBSJB VOB EF MBT 5BSSBHPOB "&25 DPOWPDw MB TFNBOB EPT BOVBMFT RVF FTUBCMFDFO MPT FTUBUVUPT EF QBTBEB B MPT JOUFHSBOUFT EF TV KVOUB EJSFDUJWB FTUB PSHBOJ[BDJwO

#"-&ร 3*"

16&350 %& 5"33"(0/"

."3ร 5*.0

16&3504

-B "SNBEB SFBMJ[B FKFSDJDJPT EF QSPUFDDJยงO NBSยญUJNB

5BSSBHPOB QSFTFOUB TV PGFSUB QBSB DBSHBT FTQFDJBMFT

-B OBWJFSB #BMFhSJB IB DPMBCPSBEP DPO MB "SNBEB FO VO FKFSDJDJP EF QSPUFDDJwO NBSr UJNB B CPSEP EFM GFSSZ "MIVDFNBT FO FM USBZFDUP

FOUSF *CJ[B Z %nOJB &M FKFSDJDJP DPOTJTUJw FO FM TJNVMBDSP EFM NPUrO EF VO NJFNCSP EF MB USJQVMBDJwO FO MB TBMB EF NgRVJOBT

-B "VUPSJEBE 1PSUVBSJB EF 5BSSBHPOB BTJTUJw MB TFNBOB QBTBEB B MB GFSJB #SFBL #VML &VSPQF DFMF CSBEB FO "NCFSFT Z RVF FT MB NgT JNQPSUBOUF

FO FM TFHNFOUP EF DBSHBT FTQFDJBMFT &M QVFSUP BTJTUF KVOUP B #FSHn .BSrUJNB &STIJQ &VSPQPSUT *CnSJDB 514 Z /PBUVN $PEFNBS 5BSSBHPOB


&- 7*(Æ" %& .":0 %&

-PH­TUJDB 01&3"%03&4

-B DPNQSBWFOUB EF FNQSFTBT BWBO[B FO &TQBvB B QFTBS EF TV DBrEB HMPCBM -PT DPNQSBEPSFT CVTDBO DBSUFSBT EF DMJFOUFT SFOUBCMFT FO MBT RVF JOWFSUJS +VEJUI &TUBMMP #BSDFMPOB -B DPNQSBWFOUB EF FNQSFTBT MPHrT UJDBT IB EFTDFOEJEP EF GPSNB HMPCBM EVSBOUF FM QSJNFS USJNFTUSF EFM BvP QFSP &TQBvB TF EFTNBSDB EF FTUB UFO EFODJB 6O SFDJFOUF FTUVEJP QVCMJDBEP QPS MB DPOTVMUPSB JOUFSOBDJPOBM 1SJ DFXBUFSIPVTF$PPQFST 1X$ SFWFMB MB DBrEB EF GVTJPOFT Z BERVJTJDJPOFT FOUSF FNQSFTBT MPHrTUJDBT EFM NFS DBEP JOUFSOBDJPOBM DVZB GBDUVSBDJwO TF TJU|B QPS FODJNB EF MPT NJMMPOFT EF EwMBSFT 4JO FNCBSHP FO &VSPQB Z FTQFDJBMNFOUF FO &TQBvB FYJTUF VOB FMFWBEB DBOUJEBE EF PQFSBDJPOFT EF DPNQSBWFOUB OP SFDPHJEBT QPS FTUBT FTUBErTUJDBT BM USBUBSTF EF USBOTBD DJPOFT EF WBMPS FDPOwNJDP NFOPS FT EFDJS DPOUSBUPT FOUSF QFRVFvBT Z NFEJBOBT FNQSFTBT &TQBvB QPS UBOUP DPOUJO|B SFHJTUSBOEP VO FMFWBEP O|NFSP EF BDVFSEPT UBM Z DPNP NVFTUSBO MBT DJGSBT GBDJMJUBEBT QPS 5SBOTBDUJPOBM 5SBDL 3FDPSE WFS UBCMBT BOFYBT QFSP FM WBMPS EF MPT NJTNPT IB EFT DFOEJEP EF GPSNB TVTUBODJBM ®"OUFT TF QSPEVDrBO PQFSBDJPOFT QPS MBT RVF TF DPNQSBCB VOB FNQSFTB FO TV DPOKVOUP¯ FYQMJDB #SVOP 1JOUw EJSFDUPS EF %FTBSSPMMP EF /FHPDJP FO (BVMMBS ®BDUVBMNFOUF TF QSPEV DFO NgT BERVJTJDJPOFT EF GPOEPT EF DPNFSDJP¯ BvBEF Z NBUJ[B RVF TF USBUB

&M WBMPS EF MB DPNQSBWFOUB IB DB­EP EVSBOUF MPT QSJNFSPT NFTFT EFM B©P QPSRVF FM &CJUEB EF MBT FNQSFTBT RVF TF BERVJFSFO FT NFOPS EF DPNQSBS MB DBSUFSB EF DMJFOUFT RVF SFTVMUB NgT ®SFOUBCMF¯ &O FTUB MrOFB TF BERVJFSF EJDIB DBSUFSB DPO TVT BDUJ WPT Z FM QFSTPOBM 1PS PUSB QBSUF Z TFH|O 1JOUw FM WBMPS EF MBT USBOTBDDJPOFT DBF UBNCJnO QPS FM &CJUEB FM JOEJDBEPS QPS FM RVF TF NJEF FM QSFDJP EF MB DPNQSB ®4J FM &CJUEB IB DBrEP FO MPT |MUJNPT BvPT FM QSFDJP EF BERVJTJDJwO TFSg NFOPS¯ BMHP RVF QBSBMJ[B MBT WFOUBT QVFT MB FNQSFTB RVF CVTDB DPNQSBEPS BOUF MPT TrOUPNBT EF SFDVQFSBDJwO FDPOw NJDB QSFGJFSF FTQFSBS Z OP EFTQSFO EFSTF EF TVT OFHPDJPT BM DPOTJEFSBS RVF FM QSFDJP EF WFOUB QPESrB DSFDFS FO MPT QSwYJNPT BvPT F JODMVTP FO MPT QSwYJNPT NFTFT &TUF DMJNB EF SFDVQFSBDJwO FT FM RVF TF SFTQJSB FO FM NFSDBEP JOUFSOBDJPOBM Z TFH|O .JDIBFM 1PSUOPZ BOBMJTUB FO MB EJWJTJwO EF 1SPEVDUPT *OEVTUSJBMFT EF 1SJDFXBUFSIPVTF$PPQFST 1X$ TF QSPEVDFO NFOPT BDVFSEPT QPSRVF MBT FNQSFTBT ®IBO JODSFNFOUBEP FM WBMPS EF DPNQSB¯ QPS MP RVF MPT JOWFSTPSFT TF FDIBO BUSgT 1PSUOPZ WJODVMB MBT GVTJPOFT Z BERVJTJDJPOFT B MPT DJDMPT FDPOwNJDPT Z BTFHVSB RVF ®WFSFNPT VO SgQJEP JODSFNFOUP EF MBT PQFSBDJPOFT EF DPNQSBWFOUB FOUSF FNQSFTBT TJ FM DSFDJNJFOUP FDP OwNJDP DFTB¯ &O FTUF TFOUJEP FYQMJDB RVF EVSBOUF FTUF QSJNFS USJNFTUSF TF IB QSPEVDJEP VOB SFDVQFSBDJwO EF MB

5SBOTBDDJPOFT EFTUBDBEBT FO FM TFDUPS MPH­TUJDP FO &TQB©B B MP MBSHP EF MPT ¡MUJNPT DVBUSP B©PT

.JMMPOFT EF FVSPT

0QFSBDJPOFT EFTUBDBEBT FO FM TFDUPS MPH­TUJDP FO &TQB©B EVSBOUF MPT DJODP QSJNFSPT NFTFT EF

.JMMPOFT EF FVSPT

&WPMVDJ§O EF MBT GVTJPOFT Z BERVJTJDJPOFT EFM TFDUPS MPH­TUJDP FO &TQB©B EVSBOUF MPT ¡MUJNPT DVBUSP B©PT

NJMMPOFT EF g

6OJEBEFT .JMMPOFT EF FVSPT %F FOFSP B NBZP

BDUJWJEBE MPHrTUJDB Z RVF MPT QSPWFFEP SFT EF FTUPT TFSWJDJPT TF IBO DFOUSBEP FO EBS SFTQVFTUB B B FTUB BDUJWJEBE EF GPSNB RVF MB WFOUB EF TVT OFHPDJPT B VO UFSDFSP ZB OP FT VOB QSJPSJEBE #6&/"4 1&341&$5*7"4 %& '65630

%F NPNFOUP Z FO MP RVF WB EF BvP MB PQFSBDJwO NgT JOUFSFTBOUF FO &TQBvB IB TJEP MB WFOUB EF '$$ -PHrTUJDB B $PSQGJO $BQJUBM 4FH|O #SVOP 1JOUw TF USBUB EF VOB PQFSBDJwO NVZ BUSBDUJWB QPSRVF MB DPNQBvrB TF IB WFOEJEP B VOB GJSNB EF DBQJUBM SJFTHP

OBDJPOBM RVF IB EFDJEJEP NBOUFOFS BM FRVJQP EJSFDUJWP EF '$$ -PHrTUJDB ®-BT QSFWJTJPOFT EF DSFDJNJFOUP EF MPT PQFSBEPSFT MPHrTUJDPT QBSB MPT QSwYJNPT USFT BvPT TPO CVFOBT¯ BTFHVSB #SVOP 1JOUw ®&TUP DPOWJFSUF B FTUF UJQP EF FNQSFTBT FO VO BDUJWP BUSBDUJWP¯ BvBEF FM FYQFSUP Z NBUJ[B RVF FTUPT GPOEPT WBMPSBO FTQFDJBM NFOUF MPT N|MUJQMPT EF DSFDJNJFOUP EF MBT DPNQBvrBT ®-BT GJSNBT EF DBQJUBM SJFTHP QVFEFO SFPSHBOJ[BS GJOBODJFSBNFOUF MB FNQSFTB RVF DPNQSBO QFSP TJ OP WFO VO GVUVSP EF

&M WBMPS FDPO§NJDP EF MBT PQFSBDJP OFT FO &TQB©B EVSBOUF MPT QSJNFSPT DJODP NFTFT EF BTDFOEJ§ B NJMMPOFT EF FVSPT NJFOUSBT RVF FM WBMPS UPUBM EF MBT PQFSBDJPOFT SFHJT USBEBT B MP MBSHP EF UPEP FM MMFH§ B MPT NJMMPOFT EF FVSPT '6&/5& 5SBOTBDUJPOBM 5SBDL 3FDPSE

&M JOJDJP EF MB SFDVQFSBDJ§O FDPO§NJDB IB QSPEVDJEP VO QBS§O FO MBT BERVJTJDJPOFT Z GVTJPOFT EFM NFSDBEP HMPCBM "3$)*70

NFSDBEP EFNBTJBEP DMBSP EFDJEFO OP JOWFSUJS¯ )BTUB FM NPNFOUP FM TFDUPS MPHrTUJDP OP SFTVMUBCB BUSBDUJWP QBSB FTUF UJQP EF JOWFSTPSFT QFSP QBSFDF RVF DPNJFO[BO B DPOTJEFSBS RVF MB BERVJTJDJwO EF VO PQFSBEPS MPHrTUJDP P FNQSFTB EF USBOTQPSUF QVFEF SFQPS UBSMFT SFOUBCJMJEBE B DPSUP QMB[P

-BT PQFSBDJPOFT USBOTGSPOUFSJ[BT TF HFOFSBMJ[BO FO FM NFSDBEP FVSPQFP &VSPQB BWBO[B IBDJB MB JOUFHSBDJwO EFM NFSDBEP Z TVT FNQSFTBT UBNCJnO MP IBDFO -BT EFOPNJOBEBT PQFSBDJP OFT DSPTTCPSEFS FT EFDJS MPT BDVFSEPT FOUSF FNQSFTBT EF QBrTFT MJNrUSPGFT ¬IBTUB BIPSB QPDP JNQMBOUBEBT FO FM TFDUPS MPHrTUJDP FVSPQFP¬ TF DPOWFSUJ SgO FO VOB SFBMJEBE FO MPT QSwYJNPT BvPT .JDIBFM 1PSUOPZ BOBMJTUB FO MB EJWJTJwO EF 1SPEVDUPT *OEVTUSJBMFT EF 1SJDFXBUFSIPVTF$PPQFST 1X$

FYQMJDB RVF FTUB UFOEFODJB TF EBSg UBOUP FO &TUBEPT 6OJEPT DPNP FO &VSPQB Z FYQMJDB RVF TF EFCF CgTJ DBNFOUF B RVF ®NVDIPT EF FTUPT DPNQSBEPSFT PQFSBO FO NFSDBEPT OBDJPOBMFT EPOEF FTUgO SFMBUJWB NFOUF DPOTPMJEBEPT Z OFDFTJUBO CVTDBS GVFSB EF TVT QBrTFT EF PSJHFO OVFWBT GVFOUFT EF DSFDJNJFOUP¯ &O DPOUSBQPTJDJwO Z TFH|O FM DPOTVMUPS EF 1X$ MBT PQFSBDJPOFT FO MPT QBrTFT

FNFSHFOUFT TVFMFO SFTQPOEFS B VOB DPOTPMJEBDJwO EFM NFSDBEP EPNnT UJDP ZB RVF NVDIBT FNQSFTBT EF USBOTQPSUF ®UJFOFO FTQBDJP QBSB DSFDFS EFOUSP EF TVT NFSDBEPT EF PSJHFO¯ -B TJUVBDJwO FO &TQBvB TFH|O #SVOP 1JOUw EJSFDUPS EF %FTBSSP MMP EF /FHPDJP (BVMMBS TJHVF MB MrOFB FVSPQFB ZB RVF MBT QZNFT UJFOEFO B JOUFSFTBSTF Z B BCSJSTF B BRVFMMBT USBOTBDDJPOFT DPSQPSBUJWBT

RVF IBTUB IBDF QPDP ®QBSFDrBO FTUBS SFTFSWBEBT QBSB HSVQPT JOUFSOBDJP OBMFT¯ 1PS FMMP 1JOUw BEFMBOUB RVF MBT ®PQFSBDJPOFT DSPTTCPSEFS FOUSF TPDJFEBEFT FVSPQFBT EFKBSgO EF TFS QVOUVBMFT QBTBOEP B VO QSJNFS QMBOP QBSB DPOTFHVJS PCKFUJWPT EF FGJDJFODJB Z FDPOPNrB EF FTDBMB¯ &O FTUF TFOUJEP FM FYQFSUP EFTUBDB RVF FTUF UJQP EF BDVFSEPT TF EFTB SSPMMBSgO CgTJDBNFOUF QBSB RVF MPT SFDPSSJEPT FO WBDrP EF MB GMPUB EF USF OFT CBSDPT Z DBNJPOFT TF SFEV[DB ®&TUP EFCF DBNCJBS FO VOB &VSPQB EF DBSSFUFSBT TBUVSBEBT Z NPEFMPT PCTPMFUPT RVF DBEB ErB QFSTJHVF MB SFEVDDJwO EFM DPTUF MPHrTUJDP FO VO NBSDP DPNQFUJUJWP SBDJPOBM Z TPTUF OJCMF¯ TFOUFODJB FM FYQFSUP


%& .":0 %& &- 7*(ร "

-BT ยบSNBT EF DBQJUBM SJFTHP ยบKBO TVT JOWFSTJPOFT FO MPT PQFSBEPSFT FTQFDJBMJ[BEPT -B JOWFSTJยงO DPJODJEJSยธ DPO FM BM[B EF MB FYUFSOBMJ[BDJยงO MPHยญTUJDB Z MB DSFDJFOUF EFNBOEBOEB EF TFSWJDJPT 1- + & #BSDFMPOB -B JOWFSTJwO FO PQFSBEPSFT MPHrTUJ DPT FTQFDJBMJ[BEPT DPODSFUBNFOUF MB RVF QSPWJFOF EF MBT GJSNBT EF DBQJUBM SJFTHP TF JODSFNFOUBSg EVSBOUF MPT QSwYJNPT BvPT DPJODJEJFOEP DPO FM BVNFOUP EF MB FYUFSOBMJ[BDJwO MPHrTUJDB Z MB EFNBOEB EF TFSWJDJPT 1- -B UFTJT TF GVOEBNFOUB FO VO SFDJFOUF FTUVEJP EF 1X$ CBKP FM UrUVMP 4QFDJBMUZ UIJSE QBSUZ MPHJTUJDT QSPWJEFST B CVTZ NBSLFU GPS USBOTBDUJPOT JO EFM RVF TF EFTQSFOEF RVF ยฎQBSB MBT GJSNBT EF DBQJUBM SJFTHP RVF IBO SFUSBTBEP TVT DPNQSBT EVSBOUF MB DSJ TJT nTUF FT VO NPNFOUP wQUJNP QBSB BvBEJS VO QSPWFFEPS FTQFDJBMJ[BEP FO TFSWJDJPT 1- B TVT DBSUFSBTยฏ BOUFT EF RVF MB SFWBMPSJ[BDJwO EF FTUF UJQP EF DPNQBvrBT TFB EFNBTJBEP BMUB QBSB MPT JOWFSTPSFT Z QPDP BUSBDUJWB &M BOgMJTJT EF MB DPOTVMUPSB JOEJDB RVF MB UBTB BOVBM EF DSFDJNJFOUP EF MPT TFSWJDJPT MPHrTUJDPT FOUSF Z TF TJUVBSg FO VO SBUJP EFM $PODSFUBNFOUF FO MBT JOEVTUSJBT EF MB BVUPNPDJwO MPT QFSFDFEFSPT Z MB UFDOPMPHrB RVF FTUgO FYQFSJNFOUBOEP MPT NBZPSFT DSFDJNJFOUPT FO UPEP FM NVOEP "TJNJTNP MPT EJSFDUJWPT EF FTUPT TFDUPSFT DPOTJEFSBO TFH|O FM FTUVEJP EF MB DPOTVMUPSB RVF MB FYUFS OBMJ[BDJwO MPHrTUJDB MFT BZVEBSg B DVN QMJS DPO MPT SFRVJTJUPT EF TVT DMJFOUFT BEFNgT EF SFEVDJS DPTUFT -"4 53"/4"$$*0/&4 &/

%FTEF 1X$ TPTUJFOFO RVF MB NFKPSB FDPOwNJDB BMJNFOUBSg MBT DPNQSBT EF FNQSFTBT FO FM GVUVSP &O FTUF TFOUJEP CBTB TV UFTJT FO MPT EBUPT EFM 'POEP .POFUBSJP *OUFSOBDJPOBM '.* RVF QSPOPTUJDBO VO DSFDJ NJFOUP EF MB FDPOPNrB NVOEJBM EFM QBSB "TJNJTNP FYQMJDBO RVF MB GSBHNFOUBDJwO EFM NFSDBEP MPHrTUJDP BZVEBSg B MB DPOTPMJEBDJwO EF FTUF UJQP EF PQFSBDJPOFT QVFT UBM Z DPNP SF[B FM JOGPSNF ยฎMB FTQFDJB MJ[BDJwO HFOFSB VO HSBO O|NFSP EF QFRVFvBT DPNQBvrBT DPO TFSWJDJPT FTQFDrGJDPT QPS gSFBT HFPHSgGJDBTยฏ

-PT PQFSBEPSFT MPHยญTUJDPT FTQFDJBMJ[BEPT FO BVUPNPDJยงO DSFDFSยธO "3$)*70

-PT QSJODJQBMFT TFDUPSFT RVF FYUFSOBMJ[BSยธO TVT TFSWJDJPT MPHยญTUJDPT

$PNQBยฉยญBT FTQFDJBMJ[BEBT FO FRVJQBNJFOUPT QBSB UFMFDP NVOJDBDJPOFT $VBOEP VOB DPNQBยฉยญB EF UFMFDPNVOJDB DJPOFT JOJDJB MB DPOTUSVDDJยงO EF VOB UPSSF EF UFMFGPOยญB NยงWJM PQUB QPS DPOUSBUBS VO PQFSBEPS MPHยญTUJDP FTQFDJBMJ[BEP ร TUF TF PDVQB EF UPEBT MBT PQFSBDJPOFT EF USBT MBEP EF NBUFSJBM EF MB JOGSBFTUSVDUVSB 4F USBUB EF VOB PQFSBUJWB DPNQMFKB RVF JODMVZF MB DPPSEJOBDJยงO EF MBT HSยกBT MB PCUFODJยงO EF MPT QFSNJTPT EF TFHVSJEBE BTยญ DPNP MB DPPSEJOBDJยงO EF VO FRVJQP IVNBOP FTQFDJBMJ[BEP Z SFTQPOTBCMF

%JTUSJCVJEPSFT EF BMJNFOUB DJยงO TPCSF UPEP FO FM TFDUPS EF MPT QFSFDFEFSPT %FCJEP B MB OBUVSBMF[B QFSFDFEFSB EF TVT QSPEVDUPT MPT EJTUSJCVJEPSFT EF BMJ NFOUPT CVTDBO QSPWFFEPSFT EF 1- RVF

MFT PGSF[DBO USBOTQPSUF QBSB DPOHFMBEPT SFGSJHFSBEPT P B UFNQFSBUVSB BNCJFOUF EFQFOEJFOEP EF MB NFSDBODยญB B USBOT QPSUBS -B BTPDJBDJยงO DPO VO QSPWFFEPS MPHยญTUJDP EF 1- QVFEF PGSFDFSMFT VO NPEFMP EF DPTUFT GMFYJCMF QPSRVF FM OFHPDJP EFM QSPWFFEPS FO DBEB DBOBM FT DยญDMJDP Z EJOยธNJDP

'BCSJDBOFT EF BVUPNยงWJMFT Z EF DPNQPOFOUFT QBSB FM TFDUPS EF MB BVUPNPDJยงO -PT TFSWJDJPT PGSFDJEPT QPS MPT QSPWFFEP SFT MPHยญTUJDPT SFEVDFO MPT DPTUFT MBCPSBMFT Z GJTDBMFT EF MPT GBCSJDBOUFT "TJNJTNP MPT DBNCJPT FO MB MยญOFB EF GBCSJDBDJยงO DPOUJOยกBO JODSFNFOUยธOEPTF QPS MP RVF MPT GBCSJDBOUFT OFDFTJUBO FYUFSOB MJ[BS FM USBCBKP EF FOTBNCMBKF RVF ZB MP SFBMJ[BO NVDIPT QSPWFFEPSFT MPHยญTUJDPT FTQFDJBMJ[BEPT '6&/5& 1X$


&- 7*(Æ" %& .":0 %&

-PH­TUJDB */.0-0(Ê45*$"

#3&7&4

&M 4*- FTUSFOBSg VOB TFTJwO EF DPOTFKFSPT BVUPOwNJDPT &M 4BMwO *OUFSOBDJPOBM EF -PHrTUJDB 4*- RVF TF DFMFCSBSg EFM BM EF KVOJP FO #BSDFMPOB DPOUBSg FO FTUB FEJDJwO DPO VOB TFTJwO EF DPOTFKF SPT BVUPOwNJDPT &O FM FODVFOUSP MPT SFQSFTFOUBOUFT EF EJWFSTBT BVUPOPNrBT QSPGVOEJ[BSgO FO MPT QMBOFT MPHrTUJDPT EF TVT UFSSJUPSJPT -B TFTJwO TFSg QSFTJEJEB QPS FM TFDSF UBSJP EF &TUBEP EF *OGSBFTUSVDUVSBT 5SBOTQPSUF Z 7JWJFOEB EFM NJOJTUFSJP EF 'PNFOUP 3BGBFM $BUBMg 1PS PUSP MBEP FM TBMwO UBNCJnO FTUSFOB FTUF BvP VO FTQBDJP EFEJDBEP B MB GPS NBDJwO Z FM FNQMFP FO FM TFDUPS EFM USBOTQPSUF Z MB MPHrTUJDB

+-- Z $PSF/FU IBO QSFTFOUBEP VO FTUVEJP DPOKVOUP TPCSF MBT QFSTQFDUJWBT JONPMPH­TUJDBT FO &VSPQB QBSB MPT QS§YJNPT USFT B©PT "3$)*70

&M SFUBJM FVSPQFP QSFWn BNQMJBS TVT NFUSPT MPHrTUJDPT FO [POBT VSCBOBT -PT QVFSUPT BVNFOUBS¸O FM O¡NFSP EF DFOUSPT FO MPT QS§YJNPT USFT B©PT &M 7JHrB #BSDFMPOB &M TFDUPS EFM SFUBJM FO &VSPQB JODSF NFOUBSg TVT NFUSPT MPHrTUJDPT FO MPT QSwYJNPT USFT BvPT TPCSF UPEP FO [POBT VSCBOBT &M |MUJNP FTUVEJP QVCMJDBEP QPS +-- Z $PSF/FU (MPCBM QBSB FM NFSDBEP FVSPQFP EFM SFUBJM SFDPHF MBT QSFWJTJPOFT JONPMPHrTUJDBT EF FTUB JOEVTUSJB Z MBT DPOUSBQPOF DPO MPT QSPOwTUJDPT EF MPT FYQFSUPT &M FTUV EJP SFWFMB RVF FM QSJODJQBM PCKFUJWP EF MBT DPNQBvrBT EFM SFUBJM SFTJEF FO SFCB KBS TVT DPTUFT B USBWnT EF MB VCJDBDJwO MPHrTUJDB 4JO FNCBSHP FTUBT DPNQB vrBT OP MF EBO EFNBTJBEB JNQPSUBODJB B MB MPDBMJ[BDJwO EF TVT QMBUBGPSNBT FO [POBT JOUFSNPEBMFT DPNP MPT QVFSUPT BMHP RVF MPT FYQFSUPT DPOTJEFSBO EF NgYJNB JNQPSUBODJB ®&O OVFTUSB PQJOJwO FTUBT MPDBMJ[B DJPOFT DPCSBSgO NBZPS JNQPSUBODJB FO MPT QSwYJNPT DJODP BvPT ZB RVF PGSFDFO HSBOEFT PQPSUVOJEBEFT QBSB BVNFOUBS FM BDDFTP BM NFSDBEP¯ SF[B FM JOGPSNF FO SFGFSFODJB BM TVFMP QPSUVBSJP : FT RVF FO MPT QSwYJNPT USFT BvPT FM DPNQBvrBT EFM

FNQSFTBT &M EF MBT GJSNBT FVSPQFBT EFM TFDUPS SFUBJM FTQFSBO JODSFNFOUBS TVT FTQBDJPT MPH­TUJDPT EVSBOUF MPT QS§YJNPT USFT B©PT 4§MP VO QSFW± EJTNJOVJSMPT Z VO DPOG­B FO NBO UFOFS MPT NJTNPT NFUSPT

SFUBJM FO &VSPQB FTQFSBO JODSFNFOUBS TVT FTQBDJPT MPHrTUJDPT Z FM TVT UFSSFOPT JOEVTUSJBMFT +-- DPOTJEFSB RVF MB EFNBOEB PDVQBDJPOBM DSFDFSg FO MPT QSwYJNPT BvPT Z QPS FMMP BOUJ DJQB FO TV FTUVEJP VO JODSFNFOUP EF MB DPNQFUFODJB FO [POBT QSJNF FO VO NFSDBEP EPOEF MB MMBWF FO NBOP DPOUJOVBSg QSFEPNJOBOEP ®-BT OFDFTJEBEFT EF FTQBDJP JSgO EF MB NBOP QSJODJQBMNFOUF EF MB SFPSHBOJ[BDJwO EF MBT SFEFT PSJFO

UBEB B TBUJTGBDFS MPT OVFWPT QBUSPOFT EF MB EFNBOEB EF MPT DPOTVNJEPSFT Z BVNFOUBS MB WFMPDJEBE EF FOUSFHB 1BSB EBS SFTQVFTUB B FTUB EFNBOEB MPT JORVJMJOPT WBO B OFDFTJUBS DFOUSPT NgT HSBOEFT JODMVJEBT JOTUBMBDJPOFT EF NgT EF NFUSPT DVBESB EPT¯ DPNFOUB "MFYBOESB 5PSOPX SFTQPOTBCMF EF FTUVEJPT TPCSF FM .FSDBEP -PHrTUJDP F *OEVTUSJBM QBSB MB &VSPQB 0SJFOUF .FEJP Z ÃGSJDB EF MB DPOTVMUPSB +-- 4FH|O FM FTUVEJP 3VTJB Z 5VSRVrB TFSgO MPT NFSDBEPT FNFSHFOUFT RVF CSJOEBSgO MBT NBZPSFT PQPSUVOJEBEFT EF DSFDJNJFOUP UFOJFOEP FO DVFOUB RVF PGSFDFO FYQFDUBUJWBT EF DSFDJ NJFOUP B MBSHP QMB[P ®4JO FNCBSHP MBT FNQSFTBT EF FTUPT NFSDBEPT DPOUJO|BO FYQVFTUBT B VOB TFSJF EF SJFTHPT Z QSPCMFNBT JONPCJMJBSJPT DPNP FM FMFWBEP QSFDJP EFM TVFMP Z MPT EJMBUBEPT QSPDFTPT QBSB PCUFOFS MJDFO DJBT VSCBOrTUJDBT¯ "TJNJTNP EFTEF MB DPOTVMUPSB SFDVFSEBO RVF MPT |MUJNPT BDPOUFDJNJFOUPT QPMrUJDPT RVF UVWJF SPO MVHBS VOB WF[ TF IBCrB GJOBMJ[BEP FM

&M FTUVEJP EF +-- Z $PSF/FU (MPCBM SFWFMB RVF MPT JORVJMJOPT OFDFTJUBS¸O JOTUBMBDJPOFT EF N¸T EF NFUSPT DVBESBEPT JOGPSNF UBNQPDP BZVEBSgO B HFOFSBS VO DMJNB FDPOwNJDP FTUBCMF -" 4*56"$*Ä/ &/ &41"Æ"

1PS TV QBSUF -VJT (VBSEJB EJSFDUPS EF *OEVTUSJBM -PHrTUJDB EF +-- &TQBvB DPOTJEFSB RVF FO OVFTUSP QBrT MPT SFTVMUBEPT QVFEFO TFS ®NgT QSPNFUF EPSFT¯ QPSRVF MB DSJTJT IB TJEP NBZPS 3FTQFDUP B MBT HSBOEFT JOTUBMBDJPOFT (VBSEJB TPTUJFOF RVF TPO ®QSgDUJDB NFOUF JOFYJTUFOUFT Z RVF EFCFSrBO TFS QSPZFDUPT MMBWF FO NBOP¯ "EFNgT FYQMJDB RVF MB JNQMBOUBDJwO EF FTUPT BMNBDFOFT TFSg QSPCMFNgUJDB ®QPS MB FTDBTF[ EF TVFMP GJOBMJTUB QBSB FTUBT TVQFSGJDJFT TPCSF UPEP FO NFSDBEPT SFTUSJOHJEPT DPNP #BSDFMPOB¯

/PSCFSU %FOUSFTTBOHMF JOUFHSB VO OVFWP NJFNCSP FO #BSDFMPOB &M PQFSBEPS MPHrTUJDP GSBODnT /PS CFSU %FOUSFTTBOHMF IB JOUFHSBEP VO OVFWP NJFNCSP FO TV SFE EF GSBORVJDJBT 4F USBUB EF MB FNQSFTB /PMJWFB 4FSWFJT -PHJTUJDT VCJDBEB FO #BSDFMPOB &TUB OVFWB JODPSQPSBDJwO GPSNB QBSUF EFM QMBO EF FYQBOTJwO FNQSFOEJEP IBDF VOPT NFTFT QPS MB DPNQBvrB MPHrTUJDB &M PCKFUJWP EF nTUB FT EFOTJGJDBS MB QSFTFODJB FO EJGFSFOUFT [POBT EF JOGMVFODJB DPO FM GJO EF EBS SFTQVFTUB B MPT OVFWPT NPEFMPT EF EJTUSJCVDJwO GrTJDB BTr DPNP UBNCJnO FO MP RVF SFTQFDUB B FOWrPT NgT EJSFDUPT GSFDVFOUFT Z EF NFOPS WPMVNFO

%)- BVNFOUB TVT JOHSFTPT Z HBOBODJBT FO FM QSJNFS USJNFTUSF %FVUTDIF 1PTU %)- IB HFOFSBEP B QSJODJQJPT EF VOPT JOHSFTPT EF NJMMPOFT EF FVSPT VO NgT RVF FM BvP BOUFSJPS DVBOEP MB DJGSB FSB EF NJMMPOFT EF FVSPT 1PS PUSP MBEP IBO JEP BM BM[B TVT CFOFGJDJPT EF FYQMPUBDJwO ZB RVF FO MPT QSJNFSPT NFTFT EF FM &CJU DPOTPMJEBEP TF IB WJTUP JODSF NFOUBEP FO NgT EF VO IBTUB BMDBO[BS MPT NJMMPOFT EF FVSPT &O DVBOUP B MPT CFOFGJDJPT OFUPT IBO BVNFOUBEP IBTUB NJMMPOFT EF FVSPT MP RVF SFQSFTFOUB VO MJHFSP BVNFOUP SFTQFDUP BM BvP BOUFSJPS

&.13&4"4

"MGJM -PHJTUJDT JODSFNFOUB VO TVT WFOUBT FO FM FKFSDJDJP "MGJM -PHJTUJDT PQFSBEPS JOUFHSBM NVMUJNPEBM IB PCUFOJEP EVSBOUF FM FKFSDJDJP VOBT WFOUBT EF NgT EF NJMMPOFT EF FVSPT MP RVF SFQSFTFOUB VO NgT SFTQFDUP BM BvP BOUFSJPS &O MB DPNQBvrB PCUVWP VO WPMVNFO EF OFHPDJP EF NJMMPOFT EF FVSPT &TUF BVNFOUP TF EFCF FO QBSUF BM DSFDJNJFOUP EF TV DBSUFSB EF DMJFOUFT

B TVT TFSWJDJPT EF PVUTPVSDJOH Z B MB BNQMJB DBSUFSB EF TFSWJDJPT EF WBMPS BvBEJEP FO MPT DFOUSPT MPHrTUJDPT EF MB DPNQBvrB "VO BTr MB DSFDJFOUF EFNBOEB EF USBOTQPSUF NVMUJNPEBM UBNCJnO IB SFQFSDVUJEP QPTJUJWB NFOUF FO FTUF DSFDJNJFOUP TFH|O IB FYQMJDBEP FM PQFSBEPS +BVNF #POBWJB EJSFDUPS HFOFSBM EF "MGJM -PHJTUJDT BTFHVSB RVF ®TF

IB PQUJNJ[BEP MB DSFDJFOUF EFNBOEB EF MBT PQFSBDJPOFT MPHrTUJDBT DPO MB DPNCJOBDJwO EFM GFSSPDBSSJM Z FM USBOTQPSUF QPS DBSSFUFSB¯ "EFNgT BvBEF RVF "MGJM IB BQPTUBEP QPS MB HFTUJwO NVMUJNPEBM QPSRVF ®BQPSUB NVDIPT CFOFGJDJPT NFEJPBNCJFOUB MFT Z DPOUSJCVZF B NJOJNJ[BS MB TBUV SBDJwO EF MBT DBSSFUFSBT NFKPSBOEP FM TFSWJDJP EF DMJFOUFT¯

"MGJM DVFOUB DPO N¸T EF QMBUBGPSNBT MPH­TUJDBT "-'*- -0(*45*$4


16#-*$*%"%

%& .":0 %& &- 7*(Æ"


&- 7*(ร " %& .":0 %&

5SBOTQPSUF ."3ร 5*.0

&M .FEJUFSSgOFP DPOTPMJEB TV MJEFSB[HP FO MB DVFOUB EF SFTVMUBEPT EF MPT QVFSUPT FTQBvPMFT -B DSJTJT SFMFHB B MPT QVFSUPT EF MB GBDIBEB BUMยธOUJDB B VO QBQFM DBEB WF[ NยธT TFDVOEBSJP " (VFSSFSP #BSDFMPOB -PT FODMBWFT EFM .FEJUFSSgOFP TPTUJFOFO MB CBTF EF DSFDJNJFOUP EFM TJTUFNB QPSUVBSJP FTQBvPM %FTEF "MHFDJSBT B #BSDFMPOB JODMVZFOEP MPT QVFSUPT EF $FVUB Z .FMJMMB Z MBT *TMBT #BMFBSFT MPT QVFSUPT RVF DPOGPSNBO MB GBDIBEB NFEJUFSSgOFB FTQBvPMB NBSDBO FM SJUNP EF SFDV QFSBDJwO EF MPT USgGJDPT NBSrUJNPT Z TPCSF UPEP EF MPT CFOFGJDJPT EF 1VFSUPT EFM &TUBEP -PT |MUJNPT SFTVMUBEPT FDPOwNJDPT EF FTUF PSHB OJTNP NVFTUSBO RVF FO FTUPT FODMBWFT BQPSUBSPO NJMMPOFT EF FVSPT B MBT DVFOUBT EF 1VFSUPT EFM &TUBEP MP RVF SFQSFTFOUB VO EFM SFTVMUBEP RVF MPHSw MB FOUJEBE Q|CMJDB EVSBOUF FM BvP QBTBEP -PT FODMBWFT EF MB GBDIBEB "UMgOUJDB QPS TV QBSUF RVF BHSVQB B MPT QVFSUPT SJCFSFvPT EFM PDnBOP "UMgOUJDP EFM NBS $BOUgCSJDP Z MBT *TMBT $BOBSJBT Z RVF TVNBO VO UPUBM EF BVUPSJEBEFT QPSUVBSJBT SFHJTUSBSPO VO CFOFGJDJP DPOKVOUP EF NJMMPOFT MP RVF TVQPOF VO EFM UPUBM &M QSFEPNJOJP FDPOwNJDP EFM .FEJUFSSgOFP TF DPSSFTQPOEF DPO FM NBZPS WPMVNFO EF NFSDBODrBT RVF USBOTJUB QPS TVT QVFSUPT QFSP MPT |MUJNPT EBUPT NVFTUSBO VO EFTBKVTUF FOUSF BNCPT rOEJDFT &O QPS FKFNQMP FTUPT FODMBWFT NPWJFSPO FM EF MBT UPOFMBEBT Z TV DVPUB FO MPT CFOFGJDJPT TF TJUVw FO VO NBSHFO TJNJMBS EFM $JODP BvPT EFTQVnT RVF FONBSDBO FM JNQBDUP EF MB DSJTJT FDPOwNJDB

-B GBDIBEB BUMยธOUJDB QFTF B DPOUBS DPO EPT FODMBWFT NยธT BQPSUB NFOPT EF VOB DVBSUB QBSUF EF MPT CFOFGJDJPT EF 1VFSUPT EFM &TUBEP SFWFMBO VO FTDFOBSJP NVZ EJGFSFOUF "Tr FO FM .FEJUFSSgOFP JODSF NFOUw MFWFNFOUF TVT USgGJDPT IBTUB FM EFM DPOKVOUP FTUBUBM NJFO USBT MB BQPSUBDJwO FDPOwNJDB EF TVT FODMBWFT TF EJTQBSB IBTUB FM MP RVF SFQSFTFOUB DBTJ RVJODF QVOUPT QPSDFOUVBMFT NgT RVF FO &M BOgMJTJT EF MPT EBUPT FTUBErTUJDPT EF 1VFSUPT EFM &TUBEP FWJEFODJB RVF MB FWPMVDJwO EF MPT QVFSUPT IB TJEP FOPSNFNFOUF EJTQBS FO GVODJwO EF MB QPTJDJwO HFPHSgGJDB " DJFSSF EF MPT QVFSUPT EFM "UMgOUJDP BQPSUBCBO NJMMPOFT EF FVSPT Z DJODP BvPT EFTQVnT MB DJGSB TF SFEVKP B NJMMPOFT MP RVF TVQPOF VO EF EFTDFOTP -B DSJTJT TJO FNCBSHP QBSFDF VO FTDFOBSJP ZB TVQFSBEP QBSB MPT QVFSUPT NFEJ UFSSgOFPT RVF NFKPSBO MPT NJMMPOFT EF CFOFGJDJPT MPHSBEPT FO DPO VO DSFDJNJFOUP EFM FO TVT |MUJNPT SFTVMUBEPT BOVBMFT &TUF DBNCJP EF UFOEFODJB FO FM BSDP NFEJUFSSgOFP SFTQPOEF BM MJEF SB[HP RVF MPT QVFSUPT EF "MHFDJSBT Z FTQFDJBMNFOUF #BSDFMPOB IBO NBOUFOJEP FO MPT |MUJNPT BvPT

T&WPMVDJยงO EFM USยธGJDP QPSUVBSJP Z MB BQPSUBDJยงO FDPOยงNJDB

&WPMVDJยงO EF MBT UBTBT QPSUVBSJBT QPS DPODFQUP

5BTB EF MB NFSDBODยญB 5BTB QPS PDVQBDJยงO 5BTB EFM CVRVF 5BTB EFM QBTBKF

5PUBM UBTBT

.JMFT EF FVSPT

" DJFSSF EF BNCPT FODMBWFT SFQSFTFOUBSPO DBTJ MB NJUBE EF MPT CFOFGJDJPT EF 1VFSUPT EFM &TUBEP &M QVFSUP BOEBMV[ QBTw EF BQPSUBS FM B MBT BSDBT EF FTUB FOUJEBE FO B VO FO &M BTDFOTP EF #BSDFMPOB IB SFTVMUBEP NVDIP NgT WFSUJHJOPTP ZB RVF EFM

'6&/5& 1VFSUPT EFM &TUBEP

BTDFOEJw DJODP BvPT EFTQVnT B VO 4PO JNQPSUBOUFT UBN CJnO MBT BQPSUBDJPOFT RVF SFBMJ[BO MB "VUPSJEBE 1PSUVBSJB EF #BMFBSFT Z MB EF $BSUBHFOB RVF DPO FM Z FM SFTQFDUJWBNFOUF TF TJU|BO FO DPNP FM UFSDFS Z DVBSUP FODMBWF RVF NgT BQPSUBO B

#BSDFMPOB BVNFOUB TV SFMFWBODJB FDPOยงNJDB FO FM TJTUFNB QPSUVBSJP

MPT SFTVMUBEPT HMPCBMFT EF 1VFSUPT EFM &TUBEP &O MB WFSUJFOUF BUMgOUJDB MB FWPMV DJwO NgT QPTJUJWB FT MB SFHJTUSBEB QPS FM QVFSUP EF -BT 1BMNBT RVF PTUFOUB ZB FM RVJOUP QVFTUP FTUBUBM FO FTUF SBOLJOH EF BQPSUBDJwO B MPT CFOFGJDJPT DPO VO QPSDFOUBKF

-PT QVFSUPT DPOUJFOFO TVT HBTUPT Z DPSSJHFO FM SFTVMUBEP GJOBODJFSP &M 7JHrB #BSDFMPOB &M BKVTUF FO MPT QSFTVQVFTUPT EF MBT BVUPSJEBEFT QPSUVBSJBT RVF FM QSFTJEFOUF EF 1VFSUPT EFM &TUBEP +PTn -MPSDB IB FTUBCMFDJEP FO MPT HBTUPT EF QFSTPOBM Z FYQMPUBDJwO EF MPT FODMBWFT DPOUJO|B TVSUJFOEP FGFDUP %FTQVnT EF MPHSBS FO VOB SFEVDDJwO EF MPT HBTUPT EF QFSTPOBM EFM IBTUB MPT NJMMPOFT EF FVSPT MPT SFTVMUBEPT

EF FWJEFODJBO RVF FM FTGVFS[P EF MBT BVUPSJEBEFT QPSUVBSJBT DPOUJ O|B WJHFOUF " MP MBSHP EFM QBTBEP FKFSDJDJP MB GBDUVSBDJwO EF MPT QSPGFTJPOBMFT OP MPHSB SFCBKBSTF QFSP FM DwNQVUP HMPCBM EF MPT HBTUPT EF FYQMPUBDJwO FWJEFODJB VO EFTDVFOUP EFM FO SFMBDJwO B MPT HBTUPT EF "Tr EVSBOUF FM BvP QBTBEP MPT FODMBWFT Z FM PSHBOJTNP 1VFSUPT

EFM &TUBEP EFTUJOBSPO NJMMP OFT FO FM BQBSUBEP EF HBTUPT NJMMPOFT NFOPT RVF FO FM FKFSDJDJP BOUFSJPS &TUB NFKPSB FO MB HFTUJwO SFTQPOEF B MB DBrEB FO FM rOEJDF EF ยฎPUSPT HBTUPT EF FYQMPUBDJwOยฏ RVF TF SFEVDF IBTUB VO EF MPT NJMMPOFT EF B MPT FO FM |MUJNP QFSJPEP .JFOUSBT UBOUP MB HFTUJwO EF QFSTPOBM BVNFOUw TV DPTUF FO VO IBTUB MPT

EFM FO MFKPT EFM RVF BQPSUBCB BM JOJDJP EF MB DSJTJT -F TJHVF MB "VUPSJEBE 1PSUVBSJB EF )VFMWB TFYUB FO FM rOEJDF FDPOw NJDP EF DPO VO EFM WPMVNFO UPUBM EF HBOBODJBT -B DSJTJT FDPOwNJDB FO MPT QVFSUPT BUMgOUJDPT TF DPSSFTQPOEF QPS TV NJMMPOFT Z MBT BNPSUJ[BDJPOFT EFM JONPWJMJ[BEP BDVNVMBSPO VOBT QnSEJEBT EF NJMMPOFT RVF SFQSFTFOUBO VO EFUFSJPSP EFM FO SFMBDJwO B 1PS TV QBSUF FM SFTVMUBEP GJOBO DJFSP IB UFvJEP B QPTJUJWP MPT EBUPT EF 4J FO FM QFSJPEP BOUFSJPS FM TJTUFNB QPSUVBSJP BDVNVMw VOBT QnSEJEBT EF NJMMPOFT EF FVSPT BM DJFSSF EFM BvP QBTBEP TF MPHSBSPO VOBT HBOBODJBT EF NJMMPOFT RVF SFQSFTFOUB VO DBNCJP EF UFOEFODJB FO FTUF BQBSUBEP 1PS BVUPSJEBEFT QPSUVBSJBT USFT FOUJEBEFT DFSSBSPO FO FM SFTVM UBEP EF FYQMPUBDJwO DPO VO JNQPSUF EF HBTUPT TVQFSJPS BM EF MPT JOHSF $POUJO|B FO MB QgHJOB TJHVJFOUF


%& .":0 %& &- 7*(Æ"

EF CFOFGJDJPT

-PT QVFSUPT EFM .FEJUFSS¸OFP HFOF SBO ZB VO EF CFOFGJDJPT N¸T RVF BM JOJDJBSTF MB DSJTJT &M BO¸MJTJT EF

MBT GBDIBEBT NFEJUFSS¸OFB Z BUM¸OUJDB NVFTUSBO VO FTDFOBSJP NVZ EJTQBS FO MB SFDVQFSBDJ§O FDPO§NJDB EF MPT FODMB WFT ZB RVF MPT QVFSUPT EFM "UM¸OUJDP IBO SFEVDJEP VO TV BQPSUBDJ§O B MBT BSDBT EF 1VFSUPT EFM &TUBEP &O HFOFSBSPO VO WBMPS QPTJUJWP EF NJMMPOFT EF FVSPT NJFOUSBT FO MB DJGSB TF SFEVKP B NJMMPOFT

HMPCBM EF 1VFSUPT EFM &TUBEP B DJFSSF EF -B DVPUB EF CFOFGJDJPT RVF BQPSUBO FM .FEJUFSSgOFP Z FM "UMgOUJDP UBN QPDP HVBSEB VOB SFMBDJwO QSPQPS DJPOBM B MB HFOFSBDJwO EF JOHSFTPT EF MBT BVUPSJEBEFT QPSUVBSJBT EF DBEB VOB EF MBT GBDIBEBT "Tr FO MPT FODMBWFT NFEJUFSSgOFPT GBDUVSBCBO FM EF MPT JOHSFTPT BDVNVMBEPT QPS 1VFSUPT EFM &TUBEP NJFOUSBT MPT SFTUBOUFT HFOFSBCBO FM %F FTUB NBOFSB TF FWJ EFODJB RVF MB HFTUJwO SFBMJ[BEB QPS MBT BVUPSJEBEFT QPSUVBSJBT EF MPT QVFSUPT SJCFSFvPT EFM .FEJUFSSg OFP IB TJEP FO MrOFBT HFOFSBMFT NgT BDFSUBEB BM MPHSBS DPOTPMJEBS FTUPT JOHSFTPT FO VO SFTVMUBEP GJOBM DPO TBMEP QPTJUJWP -" $-"7& &45Õ &/ -"4 5"4"4

El bàsquet és més que no pas cistelles i partits. Són les persones que comparteixen l’esforç, que s’emocionen amb una nova jugada i que troben en aquest esport l’energia per continuar. I ÉS QUE EL MÓN ÉS PLE DE BASKET LOVERS.

&O FM BQBSUBEP EF JOHSFTPT DPCSB FTQFDJBM SFMFWBODJB BOBMJ[BS MB JNQPSUBODJB RVF IBO SFQSFTFOUBEP MBT UBTBT QPSUVBSJBT QBSB DPOUFYUVB MJ[BS MPT SFTVMUBEPT EF MPT FODMBWFT

-PT QSJODJQBMFT QVFSUPT NFEJUFSS¸OFPT IBO BQSPWFDIBEP MB TVCJEB EF UBTBT EF MPT ¡MUJNPT B©PT QBSB NVMUJQMJDBS TVT JOHSFTPT

+6"/+0 ."35Ê/&;

-PT FODMBWFT EF #BSDFMPOB Z "MHFDJSBT SFQSFTFOUBO DBTJ MB NJUBE EF MPT CFOFGJDJPT MPHSBEPT QPS FM DPOKVOUP EFM TJTUFNB QPSUVBSJP FTQB©PM

QBSUF DPO MB DBrEB NPTUSBEB QPS FODMBWFT DPNP FM EF #JMCBP RVF FO BQPSUBCB FM EF MPT CFOFGJDJPT B SFQSFTFOUBS FO VO P &M .VTFM Z " $PSVvB RVF TVQFSBCBO FM BM JOJDJBSTF MB DSJTJT Z FO MPT |MUJNPT SFTVMUBEPT BDVNVMBO QnSEJEBT QBSB FM DwNQVUP

-PT QVFSUPT DPOUJO¡BO QSJPSJ[BOEP MB DPOUFODJ§O EFM HBTUP +6"/+0 ."35Ê/&;

-PT |MUJNPT EBUPT EF 1VFSUPT EFM &TUBEP DPO JOGPSNBDJwO EFUBMMBEB EF MPT JOHSFTPT PCUFOJEPT QPS FTUBT UBTBT DPSSFTQPOEJFOUFT B NVFTUSBO RVF TPO #BSDFMPOB "MHF DJSBT Z 7BMFODJB MPT QVFSUPT RVF MJEF SBO EF GPSNB HMPCBM MPT NBZPSFT WPM|NFOFT EF GBDUVSBDJwO " MB FTQFSB EF DPOPDFS DwNP BGFD UBSg MB QPMrUJDB EF SFCBKB EF UBTBT RVF FTUg BQMJDBOEP 1VFSUPT EFM &TUBEP QBSFDF FWJEFOUF RVF MPT QSJODJQBMFT FODMBWFT NFEJUFSSgOFPT IBO TBCJEP BQSPWFDIBS FM BM[B FYQFSJNFOUBEB FO MPT |MUJNPT BvPT %FTEF MPT NJMMPOFT SFDBVEBEPT FO DPO DFQUP EF UBTBT QPSUVBSJBT BVNFO UBSPO VO 4JO FNCBSHP MBT UBTBT QPS PDVQBDJwO BVNFOUBSPO IBTUB VO FO FM NJTNP QFSJPEP Z MB "VUPSJEBE 1PSUVBSJB EF #BSDFMPOB MPHSw CFOFGJDJBSTF FO DPO VOB SFDBVEBDJwO UPUBM EF NJMMPOFT EF FVSPT QPS MP RVF TF DPOWJFSUF FO FM DPODFQUP RVF HFOFSB NBZPS WPMV NFO EF JOHSFTPT QBSB VO FODMBWF &M QSPQJP FODMBWF DBUBMgO MPHSw NJMMPOFT EF JOHSFTPT DPO UBTBT B MB NFSDBODrB Z CBKP FTUF NJTNP FQr HSBGF 7BMFODJB GBDUVSw NJMMPOFT EF FVSPT MP RVF TF DPOWJFSUF FO MB UFSDFSB NBZPS CPMTB EF JOHSFTPT EFM TJTUFNB EF UBTBT QPSUVBSJBT TPT 4FWJMMB HBTUw NJMMPOFT EF FVSPT NgT EF MP RVF GBDUVSw FO FTUF QFSJPEP 1BTBJB QFSEJw NJMMPOFT NJFOUSBT FM EFTGBTF EF "MNFSrB GVF EF NJMMPOFT 4PO NgT TJHOJGJ DBUJWPT MPT HBTUPT GJOBODJFSPT RVF BDVNVMBSPO BVUPSJEBEFT QPSUVBSJBT DPNP MB EF &M .VTFM DPO VO SFTVM UBEP OFHBUJWP EF NJMMPOFT EF FVSPT 7BMFODJB DPO NJMMPOFT Z " $PSVvB RVF BDVNVMw NJMMP OFT EF FVSPT EF HBTUPT GJOBODJFSPT -BT QnSEJEBT FO BNCPT BQBSUBEPT TJU|BO B 4FWJMMB DPNP FM QVFSUP DPO FM QFPS SFTVMUBEP EFM FKFSDJDJP DPO VOB DBrEB EF NJMMPOFT EF FVSPT TFHVJEP QPS &M .VTFM RVF BDVNVMw VOB QnSEJEB EF NJMMP OFT EF FVSPT

#BasketLover BasketLover.es


&- 7*(ร " %& .":0 %&

5SBOTQPSUF *4-"4 $"/"3*"4

-B DPOFYJwO NBSrUJNB FOUSF 'VFSUFWFOUVSB Z 5BSGBZB TF SFUSBTB IBTUB ยบOBM EF BvP .BSSVFDPT FTUยธ EFTBSSPMMBOEP EPT NVFMMFT FO FM QVFSUP EF 5BSGBZB QBSB QSPUFHFSMP EF MBT BSFOBT EFM EFTJFSUP .BSHB 'FSSgOEJ[ -BT 1BMNBT &M DPOTFKFSP EF 0CSBT 1|CMJDBT Z 1PMrUJDB 5FSSJUPSJBM EFM (PCJFSOP EF $BOBSJBT %PNJOHP #FSSJFM IB DPO GJSNBEP FO DPNJTJwO QBSMBNFOUBSJB FM SFUSBTP EF DJODP NFTFT EF MBT PCSBT EFM QVFSUP EF 5BSGBZB RVF .BSSVFDPT UFOrB QSFWJTUP BDBCBS FO KVMJP QFSP OP FTUBSg MJTUP IBTUB EJDJFNCSF &TUF SFUSBTP BGFDUB UBNCJnO B MB SFBOVEB DJwO EF MB MrOFB NBSrUJNB RVF VOF 1VFSUP EFM 3PTBSJP 'VFSUFWFOUVSB DPO 5BSGBZB &TUBT PCSBT FO FM FODMBWF NBSSPRVr RVF DPNFO[BSPO FO OPWJFNCSF EF IBO TVQVFTUP VOB JOWFSTJwO EF VOPT NJMMPOFT EF FVSPT QBSB NFKPSBS MB JOTUBMBDJwO Z QSPUFHFSMB EFM BWBODF EF MBT BSFOBT EFM EFTJFSUP 1BSB UBM GJO MB FNQSFTB NBSSPRVr 4PNBHFD FTUg DPOTUSVZFOEP NFUSPT MJOFB MFT FO FM EJRVF TVEPFTUF Z NgT FO EJSFDDJwO TVS &O EJDJFNCSF EF /BWJFSB "SNBT JOJDJw FTUB SVUB RVF UVWP RVF JOUFSSVNQJSTF DVBOEP FO BCSJM EF TV GFSSZ "TTBMBNB FNCBSSBODw FO MB BSFOB FO MB CPDBOB EFM BOUJHVP QVFSUP EF 5BSGBZB &O FM UJFNQP RVF FTUVWP BDUJWB FTUB DPOFYJwO "SNBT USBOTQPSUw FOUSF BNCPT QVOUPT QBTBKFSPT Z DPDIFT &TUBT DJGSBT TPO MB NVFTUSB EFM CVFO GVODJPOBNJFOUP EF FTUF USBZFDUP TPCSF FM RVF IBZ HSBOEFT FYQFDUBUJWBT DPNFSDJBMFT Z QPS FM RVF ZB TF IBO JOUFSFTBEP WBSJBT DPNQBvrBT TFH|O IB DPOGJSNBEP #FSSJFM RVJFO UBNCJnO IB EFTUBDBEP MB JNQPSUBODJB EF QPOFS FO NBSDIB FM 1VFTUP EF *OTQFDDJwO 'SPOUFSJ[B 1*' -B SVUB NBSrUJNB DVCSF VOB EJTUBODJB EF TFTFOUB NJMMBT OgVUJDBT RVF FT VOB FYUFOTJwO OBUVSBM EF MB SFE DBOBSJB EFM USBOTQPSUF Z FOMB[B VO NFSDBEP EF TFJT NJMMPOFT EF QFSTPOBT FO FM gSFB EF JOGMVFODJB EF 5BSGBZB Z EPT NJMMPOFT FO FM DBTP EF $BOBSJBT 4JO FNCBSHP FM DPOTFKFSP SFGMFYJPOBCB RVF EF OBEB TJSWF VOB MrOFB DPO 5BSGBZB RVF TwMP EVSF VOB IPSB Z NFEJB TJ EFTQVnT MPT USgNJUFT BENJOJTUSBUJWPT Z BEVBOFSPT EVSBO B|O NgT BM USBUBSTF EF VOB

-VJT *CBSSB BDPNQBยฉBEP EF +BWJFS .BSJTDBM Z &MFOB 4ยธODIF[ 16&350 %& -"4 1"-."4

-BT 1BMNBT DSFB VOB OVFWB BTPDJBDJwO EFM TFDUPS NBSrUJNP &M PSHBOJTNP TF IB DPOTUJUVJEP DPO FM BQPZP EF NยธT EF FNQSFTBT

/BWJFSB "SNBT DPOFDUBCB 1VFSUP EFM 3PTBSJP DPO 5BSGBZB "6503*%"% 10356"3*" %& -"4 1"-."4

4JEJ *GOJ TF JOUFSFTB QPS FM EFTBSSPMMP EFM 1*' EF 'VFSUFWFOUVSB &O VOB SFDJFOUF WJTJUB EF MBT BVUPSJ EBEFT NBSSPRVยญFT EF 4JEJ *GOJ B MB JTMB EF 'VFSUFWFOUVSB DPO NPUJWP EF MB 'FSJB "HSยญDPMB (BOBEFSB Z 1FTRVFSB EF 'VFSUFWFOUVSB 'FBHB ยฑTUBT NPTUSBSPO JOUFSยฑT QPS FM FTUBEP EFM 1*' EF MB JOTUBMBDJยงO QPSUVBSJB -BT BVUPSJEBEFT NBHSFCยญFT EFTUBDBSPO MPT DPOUBDUPT DVMUVSBMFT F IJTUยงSJDPT EF BNCPT FODMBWFT NBSยญSJNPT Z TV JOUFSยฑT QPS QPUFODJBSMPT B USBWยฑT EF VOB MยญOFB RVF DPOFDUF TVT QVFSUPT QBSB GBWPSFDFS MPT JOUFSDBNCJPT DPNFSDJBMFT Z FDPOยงNJDPT

DPOFYJwO FOUSF VO QVFSUP DPNVOJUBSJP Z VOP EF VO UFSDFS QBrT &O FTUF TFO UJEP IB FYQMJDBEP RVF EFTEF GJOBMFT EF FM QVFSUP EF MB DBQJUBM NBKPSFSB DVFOUB DPO JOTQFDDJwO EF SBZPT 9 Z VO BSDP EFUFDUPS EF NFUBMFT QFSP RVFEBO QPS SFTPMWFS MBT DVFTUJPOFT EFM DPOUSPM GJUPTBOJUBSJP F JOTQFDDJwO EF NFSDBODrBT &M QVFSUP EF 'VFSUFWFOUVSB UJFOF VO SFDJOUP BEVBOFSP OVFWP QFSP FT MJNJUBEP 4FH|O IB DPODSFUBEP FM DPOTFKFSP EF 0CSBT 1|CMJDBT ยฎMB PQFSBUJWJEBE UPEBWrB OP FT DPNQMFUB QPSRVF BVORVF DVFOUB DPO IPNPMP HBDJwO QBSB NFSDBODrBT WFHFUBMFT TF TJHVF B MB FTQFSB EF RVF TF DPODSFUFO MBT HFTUJPOFT QBSB MB WJTJUB EF MB 0GJ DJOB "MJNFOUBSJB Z 7FUFSJOBSJB EF MB $PNJTJwO &VSPQFB SFTQPOTBCMF EF MB IPNPMPHBDJwO QBSB MB FOUSBEB EF QSPEVDUPT EF PSJHFO BOJNBMยฏ

&M QVFSUP EF (SBOBEJMMB BWBO[B DPO FM EFTBSSPMMP EFM NVFMMF EF -B 3JCFSB -BT PCSBT EF BCSJHP EFM QVFSUP EF (SBOBEJMMB IBO EBEP VO QBTP NgT DPO FM JOJDJP EF MB DPOTUSVDDJwO EF MPT DJODP DBKPOFT RVF DPOGPSNBSgO FM NVFMMF EF 3JCFSB EF FTUB JOTUBMBDJwO &M QSJNFS CMPRVF ZB TF IB CPUBEP Z TF FODVFOUSB BUSBDBEP FO MB RVJOUB BMJ OFBDJwO EFM EJRVF EF -MBOPT EPOEF UBNCJnO TF VCJDBSgO MBT DVBUSP VOJ EBEFT SFTUBOUFT IBTUB RVF TFB GBDUJCMF TV USBTMBEP B MB PCSB EF (SBOBEJMMB EF

"CPOB &TUPT DBKPOFT UJFOFO VOB NBOHB EF NFUSPT Z VOB FTMPSB EF Z WBO GPOEFBEPT TPCSF VOB CBORVFUB B DPUB EF NFUSPT QPS MP RVF TV GVTUF FT EF NFUSPT &TUgO JODMVJEPT EFOUSP EFM QSPZFDUP PCSBT EF BCSJHP EFM QVFSUP EF (SBOB EJMMB RVF TF BEKVEJDw B MB 65& 1VFSUP EF (SBOBEJMMB Z RVF DVFOUB DPO GJOBO DJBDJwO FVSPQFB B USBWnT EF MPT 'PO EPT EF $PIFTJwO 6OB WF[ GJOBMJ[BEPT

FTUPT DJODP DBKPOFT QBSB FM NVFMMF EF 3JCFSB TF GBCSJDBSgO PUSBT DVBUSP VOJEBEFT EFTUJOBEBT B MB QSPMPOHB DJwO EFM DPOUSBEJRVF BDUVBM 4J CJFO TVT EJNFOTJPOFT TFSgO JHVBMFT B MBT EFM NVFMMF EF 3JCFSB nTUPT UFOESgO DFMEBT BOUJSSFGMFYJwO QBSB SFEVDJS MB BHJUBDJwO EFOUSP EF MB EgSTFOB -B JEFB EF DPOTUSVJS VO QVFSUP JOEVTUSJBM FO FM MJUPSBM EF (SBOBEJMMB TF SFNPOUB B MPT BvPT Z FO MB -FZ

&M 7JHrB #BSDFMPOB 6OB WFJOUFOB EF FNQSFTBT EFM TFDUPS QPSUVBSJP Z NBSrUJNP IBO DPOTUJUVJEP MB "TPDJBDJwO .BSrUJNB EF $BOBSJBT "NBDB RVF OBDF DPO MB JOUFODJwO EF GVODJPOBS DPNP DFO USP FNQSFTBSJBM QBSB BZVEBS B BCSJS OVFWBT MrOFBT EF OFHPDJP DBQUBS JOWFSTJPOFT FYUFSOBT Z GPOEPT FVSP QFPT Z DVNQMJS DPO FM DVJEBEP EFM NFEJP BNCJFOUF &TUF DPMFDUJWP TF IB TVNBEP BM 1MBO EF *OUFSOBDJPOBMJ[B DJwO EF MB $JVEBE 1*$ QSPNPWJEP QPS FM "ZVOUBNJFOUP EF -BT 1BMNBT EF (SBO $BOBSJB FM $BCJMEP EF (SBO $BOBSJB Z -B "VUPSJEBE 1PSUVBSJB EF -BT 1BMNBT "NBDB BHSVQB B FNQSFTBT EFM TFD UPS OBWBM DPOTUSVDUPSBT P DPOTVMUP SrBT NFEJPBNCJFOUBMFT Z FO FM GVUVSP QPESgO TVNBSTF BTPDJBDJPOFT FNQSF TBT P QSPGFTJPOBMFT RVF PSJFOUFO TVT OFHPDJPT BM TFDUPS NBSJOP NBSrUJNP -PT JOUFHSBOUFT EF TV DPNJTJwO GVO EBEPSB TPO 'SBODJTDP 0SUFHB +BWJFS .BSJTDBM ร TDBS #FSHBTB Z 3PTBOB ร MWBSF[ Z MB HFSFOUF EF "NBDB &MFOB 4gODIF[ -PT PCKFUJWPT EF FTUB BTP DJBDJwO TPO FM FTUVEJP Z QSPNPDJwO EF JOJDJBUJWBT QBSB FM TFDUPS NBSJOP Z NBSrUJNP Z MB DPNVOJEBE QPSUVBSJB

"NBDB BTQJSB B FTUVEJBS Z QSPNPWFS JOJDJBUJWBT QBSB FM TFDUPS NBSยญUJNP Z QPSUVBSJP BTยญ DPNP B GBWPSFDFS MB JOUFSOBDJPOBMJ[BDJยงO MB JOUFSOBDJPOBMJ[BDJwO P MB NFKPSB NFEJPBNCJFOUBM FOUSF PUSPT 5SBT TV QSFTFOUBDJwO "NBDB SFBMJ[w TV QSJNFSB KPSOBEB GPSNBUJWB RVF GVF JOBVHVSBEB QPS FM QSFTJEFOUF EF BVUP SJEBE QPSUVBSJB -VJT *CBSSB Z DPOUw DPO VO QSPHSBNB EF DVBUSP DPOGFSFO DJBT RVF DPNFO[w DPO VOB JOUFSWFO DJwO UJUVMBEB 4FHVSJEBE Z FNFSHFODJBT FO MB [POB QPSUVBSJB JNQBSUJEB QPS $BSNFMP 0SUFHB EF 4BNFT $BOBSJBT " DPOUJOVBDJwO .BSJTB 4gNBOP EFM *OTUJUVUP EF )JESgVMJDB "NCJFOUBM *) $BOUBCSJB BCPSEw FM QSFTFOUF Z GVUVSP EF MB HFTUJwO BDVgUJDB QPSUVB SJB Z /BWJO ,IFNLBOJ EF MB 3FE EF $JVEBEFT EF ร GSJDB 0DDJEFOUBM QMBO UFw MBT PQPSUVOJEBEFT FO FM NFEJP JOUFSOBDJPOBM QBSB MBT BDUJWJEBEFT QPSUVBSJBT 'JOBMNFOUF "MGPOTP $BNBSFSP EF *OOPWBNBS JOGPSNw TPCSF MPT TFSWJDJPT EF CVOLFSJOH

EF 1VFSUPT EFM &TUBEP Z EF MB .BSJOB .FSDBOUF TF EFDMBSB EF JOUFSnT HFOFSBM 1FSP FT FO DVBOEP FM QSPZFDUP PCUJFOF VOB EFDMBSBDJwO EF JNQBDUP BNCJFOUBM GBWPSBCMF RVF FO FT PCKFUP EF VO EJDUBNFO EF MB $PNJTJwO &VSP QFB RVF MB DPOTJEFSB WJBCMF F JNQPOF NFEJEBT DPNQFOTBUPSJBT B MB SFE /BUVSB 'JOBMNFOUF MBT PCSBT DPNJFO[BO FO DPO FM BSSBORVF EFM GVUVSP EJRVF EF BCSJHP 4FH|O MB JOGPSNBDJwO QVCMJDBEB QPS FM 0CTFS WBUPSJP "NCJFOUBM EF (SBOBEJMMB FO EJDJFNCSF EF TF IBCrB FKFDVUBEP FM EFM DPOUSBEJRVF Z FM EFM EJRVF EF BCSJHP Z B|O OP TF IBCrBO FNQF[BEP MBT PCSBT EFM NVFMMF EF BUSBRVF Z MB FYQMBOBEB QPTUFSJPS


%& .":0 %& &- 7*(ร "

5SBOTQPSUF ."3ร 5*.0

&M &TUBEP SFGVOEJSg MB MFZ EF 1VFSUPT Z MB MFZ EF /BWFHBDJwO .BSrUJNB &M $ยงEJHP EF /BWFHBDJยงO .BSยญUJNB JOUFHSBSยธ UPEB MB MFHJTMBDJยงO EFM TFDUPS &M 7JHrB .BESJE &M (PCJFSOP JOUFHSBSg UPEB MB MFHJTMBDJwO WJODVMBEB BM TFDUPS NBSrUJNP QPSUVBSJP CBKP VO NJTNP QBSBHVBT 1PS FMMP TF NBSDB FM QMB[P EF USFT BvPT QBSB DSFBS FM $wEJHP EF MB /BWFHBDJwO .BSrUJNB RVF TFSg FM NBSDP BHMVUJOBEPS EF UPEBT MBT MFZFT SFHVMBEPSBT EFM TFDUPS FT EFDJS EF MB MFZ EF 1VFSUPT Z EF MB .BSJOB .FSDBOUF MB MFZ EF /BWFHBDJwO .BSrUJNB Z DVBMRVJFS PUSP DPOWFOJP P USBUBEP JOUFSOBDJPOBM TVTDSJUP QPS &TQBvB WJODVMBEP BM gNCJUP NBSr UJNP cTUB FT VOB EF MBT NFEJEBT RVF JODMVZF FO TV DPOUFOJEP MB MFZ EF /BWFHBDJwO .BSrUJNB RVF USBT SFDJCJS FM WJTUP CVFOP EFM $POHSFTP IB QBTBEP BM 4FOBEP QBSB TV USBNJ UBDJwO GJOBM 0USB EF MBT OPWFEBEFT RVF DPOUFN QMB MB MFZ EF /BWFHBDJwO .BSrUJNB FT RVF FO FM QMB[P EF NFTFT EFTEF TV FOUSBEB FO WJHPS TF MMFWBSg B DBCP VO FTUVEJP EF WJBCJMJEBE RVF TFSg SFNJUJEP B MBT $PSUFT QBSB BUSJCVJS B MB "VEJFODJB /BDJPOBM MB DPNQF UFODJB EF DPOPDFS UPEPT MPT BTVOUPT

&M EF OPWJFNCSF EF FM $POTFKP EF .JOJTUSPT BQSPCBCB MB SFNJTJยงO EFM QSPZFDUP EF -FZ EF /BWFHBDJยงO .BSยญ UJNB QBSB TV USBNJUBDJยงO FO MBT $PS UFT 6O BยฉP BOUFT EBCB MV[ WFSEF BM JOGPSNF TPCSF FM BOUFQSPZFDUP EF FTUB MFZ DVZPT QSJNFSPT USBCBKPT FNQF[B SPO B SFBMJ[BSTF FO FM BยฉP Z RVF BIPSB BGSPOUB TV GBTF GJOBM

&M $POHSFTP ZB IB EBEP MV[ WFSEF B MB MFZ EF /BWFHBDJยงO .BSยญUJNB 4 -

EF FTQFDJBM USBTDFOEFODJB Z HSBWFEBE RVF QVFEBO TPNFUFSTF B MB KVSJTEJD DJwO EF DVBMRVJFS NBUFSJB SFMBUJWB B MB OBWFHBDJwO NBSrUJNB &M QSPZFDUP EF MFZ RVF BIPSB MMFHB BM 4FOBEP FT EF HSBO USBTDFOEFODJB QBSB FM TFDUPS UBM Z DPNP SFDPOPDJFSPO MPT EJGFSFOUFT HSVQPT QBSMBNFOUBSJPT QPSRVF QFSNJUF SFGVOEJS BDUVBMJ[BS Z TJTUFNBUJ[BS BTQFDUPT EFM USBOT QPSUF NBSrUJNP RVF IBTUB MB GFDIB FTUBCBO SFHVMBEPT EF GPSNB EJT QFSTB F JODMVTP BOUJDVBEB ZB RVF FO

NVDIPT DBTPT MB SFHVMBDJwO EF SFGF SFODJB QBSB FTUF gNCJUP FT FM $wEJHP EF $PNFSDJP RVF EBUB EF " TV QBTP QPS FM $POHSFTP MB MFZ IB NBOUFOJEP TV SFEBDDJwO TPCSF MB SFTQPOTBCJMJEBE EFM DPOTJHOBUBSJP FO MPT EBvPT EF MB DBSHB cTUF IB TJEP IBTUB MB GFDIB VO BTQFDUP QPMnNJDP FO &TQBvB ZB RVF MB KVSJTQSVEFO DJB BM SFTQFDUP TF DFOUSBCB FO VOB TFOUFODJB EFM 5SJCVOBM 4VQSFNP FNJUJEB FO OPWJFNCSF EF RVF FTUBCMFDrB MB SFTQPOTBCJMJEBE EF VOB DPOTJHOBUBSJB QPS MPT EBvPT QSPWPDBEPT FO MB NFSDBODrB EFCJEP BM JODVNQMJNJFOUP EFM DPOUSBUP QPS QBSUF EF MB OBWJFSB "IPSB FM BDUVBM UFYUP EFDMBSB MB SFTQPOTBCJMJEBE EFM QPSUFBEPS FO FTUF gNCJUP Z EFGJOF FO RVn UnSNJOPT TF QSPEVDF MB JOUFSWFODJwO EFM HFTUPS OBWBM "Tr MB SFTQPOTBCJMJEBE BOUF FM EFTUJOBUBSJP GJOBM QPS EBvPT QnSEJEBT EF MBT NFS DBODrBT P SFUSBTPT FO TVT FOUSFHBT FT BIPSB EFM OBWJFSP 1PS PUSB QBSUF MB MFZ DPOUFNQMB FO TV BDUVBM SFEBDDJwO USBT VO DBNCJP JOUSPEVDJEP QPS FM (SVQP 1PQVMBS MB SFTQPOTBCJMJEBE JMJNJUBEB EF MBT TPDJFEBEFT EF DMBTJGJDBDJwO RVF DFSUJGJRVFO FSSwOFBNFOUF FM FTUBEP EF TFHVSJEBE Z EF QSFWFODJwO EF MB DPOUBNJOBDJwO EF VO CBSDP FO FM DBTP EF RVF TV FSSPS P OFHMJHFODJB QSPWPRVF BMH|O UJQP EF EBvP "Tr FO DBTP EF JOEFNOJ[BDJwO FO VOB FNCBSDBDJwO BVUPSJ[BEB QPS VOB EF FTUBT PSHBOJ[BDJPOFT TFSg MB QSPQJB TPDJFEBE MB RVF TF IBHB DBSHP rOUF HSBNFOUF EF MB JOEFNOJ[BDJwO

Oficinas en alquiler de 50 a 300m2 en Centre Serveis Zona Franca

Situadas entre Puerto, Aeropuerto y Ronda Litoral

& ! $ ! " % !" ! # ! " ! ! % $ ! !


&- 7*(ร " %& .":0 %&

5SBOTQPSUF &/53&7*45"

.JLFM 0SCFB EJSFDUPS HFOFSBM EF (-5

ยฎ&O "MHFDJSBT FYJTUF VO QSPCMFNB EF FTUJCB RVF PDBTJPOB HSBWFT DPMBQTPTยฏ +VEJUI &TUBMMP #BSDFMPOB &M (SVQP (SFBU -PSSZ BOE 5SBOT QPSU (-5 DFSSw FM FKFSDJDJP EF DPO VO UPUBM EF USBWFTrBT FO FM &TUSFDIP EF (JCSBMUBS FOUSF MPT QVFSUPT EF 5gOHFS Z "MHFDJSBT : FT RVF FTUB DPNQBvrB HVJQV[DPBOB FTQFDJBMJ[BEB FO FM USBOTQPSUF QPS DBSSFUFSB EF NFSDBODrB TFDB OP QFSFDFEFSB TF IB DPOWFSUJEP FO VO SFGFSFOUF QBSB MBT DBSHBT FOUSF &VSPQB Z .BSSVFDPT $PJODJEJFOEP DPO TV EnDJNP RVJOUP BOJWFSTBSJP TV EJSFDUPS HFOFSBM .JLFM 0SCFB OPT FYQMJDB MPT PCKFUJWPT EF MB DPNQBvrB B DPSUP NFEJP Z MBSHP QMB[P Z BQSP WFDIB QBSB SFJWJOEJDBS MPT DBNCJPT RVF OFDFTJUBO MPT QVFSUPT DPO MPT RVF BDUVBMNFOUF USBCBKB

DPNP 3FOBVMU 7PMLTXBHFO 14" 4FBU -BOE 3PWFS P +BHVBS ย $wNP IB TJEP MB FOUSBEB EF (-5 FO FM TFDUPS UFYUJM )FNPT FOUSBEP IBDF VO BvP Z MP USBUBNPT DPO SFTQFUP ZB RVF FT JNQPSUBOUF DPOPDFS QSJNFSP FM TFDUPS Z TVT FTQFDJGJDBDJPOFT QBSB QPEFS TFS FGJDB[ Z QPEFS EBSMF OVFTUSP NFKPS TFSWJDJP BM DMJFOUF "DUVBMNFOUF FM TFDUPS UFYUJM TF BTF NFKB BM EF MB BVUPNPDJwO QPS TV VSHFODJB FO MBT FOUSFHBT &M TFDUPS EF MB NPEB OP QVFEF QFSEFS UJFNQP ZB RVF UBNCJnO FTUg TVKFUP B DPN QMJDBEPT TJTUFNBT EF EJTUSJCVDJPOFT OBDJPOBMFT 1PS PUSP MBEP TF USBUB EF VOB NFSDBODrB EFMJDBEB Z SFRVJFSF EF DPOUSPM Z EF NVDIB TFHVSJEBE FO UPEPT MPT QSPDFTPT EF DBSHB BEVBOB QPSUVBSJPT Z FO SVUB

i-B BEVBOB EF "MHFDJSBT EFCFSยญB GBDJMJUBS MPT USยธNJUFT B MPT USBOTQPSUJTUBT B MPT BHFOUFT EF BEVBOB Z B GBCSJDBOUFT RVF TPO 0&"w

ย $VgMFT TPO MPT DBNCJPT NgT USBTDFO EFOUFT EF FTUF QFSJPEP -B QVFTUB FO NBSDIB EFM OVFWP QVFSUP EF 5BOHFS .FE RVF IB QFSNJUJEP DPOUSPMBS BMHP NgT MPT QSPDFTPT FO MB BEVBOB Z IB GBDJMJUBEP MB JOUFHSBDJwO EF DPNQBvrBT NBSrUJNBT TFSJBT RVF IBO NFKPSBEP OPUBCMFNFOUF FM OJWFM EF TFSWJDJPT RVF UFOrBNPT " MB QBS IFNPT WJWJEP MB DSFBDJwO EF USFT [POBT GSBODBT OVFWBT EPT FO

ย $PO RVn FNQSFTBT EFM TFDUPS EFM BVUPNwWJM USBCBKBO IBCJUVBMNFOUF Z RVn QPSDFOUBKF SFQSFTFOUBO FO TV DVFOUB EF SFTVMUBEPT &M EF OVFTUSB GBDUVSBDJwO TF EFTBSSPMMB FO FM TFDUPS EF MB BVUPNPDJwO 5SBCBKBNPT DPO MPT QSJODJQBMFT QSPEVDUPSFT EF QJF[BT Z FOUSFHBNPT MB NFSDBODrB B MBT DBEF OBT EF NPOUBKF EF HSBOEFT NBSDBT

i&O 5BOHFS .FE FT OFDFTBSJP RVF MB DBSHB JOEVTUSJBM TF USBUF DPO UBOUB VSHFODJB DPNP MBT NFSDBODยญBT QFSFDFEFSBTw

$VNQMFO BvPT DPNP DPNQBvrB USBOTQPSUJTUB FOUSF .BSSVFDPT Z &VSPQB ย $wNP IB FWPMVDJPOBEP FM NFSDBEP B MP MBSHP EF FTUF UJFNQP *OJDJBNPT OVFTUSB BOEBEVSB DVBOEP MPT QSPWFFEPSFT EF MB BVUPNPDJwO DPNFO[BCBO B QSPEVDJS UrNJEB NFOUF FO .BSSVFDPT &O BRVFMMB nQPDB FM EF MBT NFSDBODrBT

USBOTQPSUBEBT QSPDFErBO EFM TFDUPS EF MPT QFSFDFEFSPT P EF MB JOEVTUSJB UFYUJM %VSBOUF UPEPT FTUPT BvPT TF IB EFTBSSPMMBEP FM JOUFSDBNCJP EF NFSDBODrBT JOEVTUSJBMFT

DPO TBMJEBT EJBSJBT IBDJB "MHF DJSBT "EFNgT TPO FTQFDJBMJTUBT FO USFT TFDUPSFT JNQPSUBOUFT QBSB OPTPUSPT BVUPNPDJwO UFYUJM Z FMFD USPEPNnTUJDPT

5gOHFS Z VOB FO ,FOJUSB &TUBT OVF WBT [POBT IBO QFSNJUJEP B NVDIBT FNQSFTBT FYQPSUBEPSBT JNQMBOUBSTF DPO NgT GBDJMJEBE ย $SFF RVF MBT MrOFBT NBSrUJNBT EFEJDBEBT BM TIPSU TFB TIJQQJOH FOUSF &VSPQB Z .BSSVFDPT FTUgO TVGJDJFOUF NFOUF EFTBSSPMMBEBT &O FTUPT NPNFOUPT TF OFDFTJUBSrB VO CBSDP NgT RVF FO QSJODJQJP UJFOF RVF JODPSQPSBSTF FO CSFWF ย 2Vn TPMJDJUBSrBO BM QVFSUP EF "MHF DJSBT QBSB NFKPSBS FTUPT TFSWJDJPT &O "MHFDJSBT FYJTUF VO HSBWF QSP CMFNB EF FTUJCB RVF OP DVCSF MBT

OFDFTJEBEFT Z OPT PDBTJPOB QFSJP EPT HSBWFT EF DPMBQTP 1PS PUSB QBSUF MB BEVBOB FO "MHFDJSBT OP EFCFSrB NFEJS B UPEP FM NVOEP QPS FM NJTNP SBTFSP Z EFCFSrB GBDJMJUBS OPUBCMFNFOUF MPT USgNJUFT B MPT USBOTQPSUJTUBT MPT BHFOUFT EF BEVB OBT Z B MPT GBCSJDBOUFT RVF EJTQPOFO EF DFSUJGJDBDJwO 0&" ย : RVn BTQFDUPT QPESrB NFKPSBS FM QVFSUP EF 5BOHFS .FE &O 5gOHFS OFDFTJUBSrBNPT RVF MBT NFSDBODrBT JOEVTUSJBMFT TF USBUBTFO DPO UBOUB VSHFODJB DPNP MBT QFSFDFEFSBT 4FSrB JNQPSUBOUF RVF TF BCSJFTF VO QBTJMMP FTQFDrGJDP

QBSB MBT NFSDBODrBT FO USgOTJUP DPODSFUBNFOUF IBDJB [POBT GSBO DBT Z BMNBDFOFT CBKP BEVBOB QBSB BMJWJBS MPT BUBTDPT RVF TF HFOFSBO FO NPNFOUPT QVOUVBMFT &O SFBMJ[BSPO USBWF TrBT ย DVgM FT MB QSFWJTJwO QBSB FM QSFTFOUF FKFSDJDJP &O WBNPT B QBTBS MBT USBWFTrBT Z |OJDBNFOUF TF SFBMJ[BO FO FM &TUSFDIP EF (JCSBMUBS FOUSF 5gOHFS Z "MHFDJSBT ย 4BMFO TwMP EFTEF 5BOHFS .FE "DUVBMNFOUF Tr $POTJEFSBNPT RVF FT FM QVFSUP NgT GMFYJCMF Z FGJDB[

ย $SFF RVF FM GVUVSP EFM TIPSU TFB TIJQQJOH FT BVNFOUBS TV DVPUB QFOFUSBOEP FO FM NFSDBEP EF MBT QFRVFvBT Z NFEJBOBT FNQSFTBT /VFTUSP GVUVSP FT TFHVJS BVNFO UBOEP OVFTUSB DVPUB EF NFSDBEP FO FM USBOTQPSUF EF NFSDBODrBT FOUSF .BSSVFDPT Z &VSPQB ย 2Vn QSFWJTJPOFT EF DSFDJNJFOUP UJFOFO QBSB FM QSFTFOUF FKFSDJDJP ย &TQFSBO BNQMJBS SVUBT &TQFSBNPT DSFDFS VO B MP MBSHP EF /VFTUSP PCKFUJWP FT DPOUJ OVBS TJFOEP FM QSJNFS USBOTQPSUJTUB EFM TFDUPS EF MB BVUPNPDJwO Z DPO WFSUJSOPT UBNCJnO FO VO DPMBCPSB EPS EF SFGFSFODJB QBSB MB JOEVTUSJB UFYUJM FOUSF &VSPQB Z .BSSVFDPT

4E LLEVAMOS A BUEN 0UERTO A Coruรฑa: 34 981 293 777 Alcanar: 34 977 740 050 Algeciras: 34 956 573 315 Alicante: 34 965 133 874 Almerรญa - Carboneras: 34 950 620 620 Avilรฉs: 34 985 569 990 Barcelona: 34 935 525 498 Bilbao: 34 944 937 508 Cรกdiz: 34 956 205 530 Cartagena: 34 968 504 760

Castellรณn: 34 964 283 328 CEE: 34 964 283 328 Ceuta: 34 956 573 315 Ferrol: 34 981 350 808 Gijรณn: 34 985 175 214 Gibraltar: 34 956 573 315 Huelva: 34 959 369 005 Las Palmas: 34 928 488 960 Madrid: 34 917 014 934 Mรกlaga: 34 952 223 800

Marรญn: 34 986 228 358 Melilla: 34 952 223 800 Motril: 34 952 223 800 Palma de Mallorca: 34 935 525 498 Pasajes: 34 943 344 271 Ribadeo: 34 981 350 808 Sagunto: 34 962 672 158 Santander: 34 942 221 400 Sevilla: 34 954 296 200 Tarragona: 34 977 550 500

Tenerife: 34 922 533 500 Valencia: 34 963 241 040 Vigo: 34 986 228 358

Bayona (Francia): 33 559 642 702 Lisboa (Portugal): 35 121 392 8950


%& .":0 %& &- 7*(ร "

*OGSBFTUSVDUVSBT 3&46-5"%04

$JODP HSBOEFT DPOTUSVDUPSBT FTQBvPMBT DJFSSBO FM QSJNFS USJNFTUSF EFM BvP FO O|NFSPT SPKPT -B DJGSB EF OFHPDJPT EF MBT DPNQBยฉยญBT DPOUJOยกB EFQFOEJFOEP EF MPT DPOUSBUPT FO FM FYUFSJPS + & #BSDFMPOB -PT CFOFGJDJPT EF MBT QSJODJQBMFT DPOTUSVDUPSBT FTQBvPMBT TF EFTQMP NBSPO EVSBOUF FM QSJNFS USJNFTUSF EFM BvP BOUF MB GBMUB EF SFDVQFSBDJwO EFM NFSDBEP JOUFSJPS -PT SFTVMUBEPT QSFTFOUBEPT QPS MBT TFJT DPNQBvrBT FTQBvPMBT NgT QVOUFSBT FO DPOT USVDDJwO EF JOGSBFTUSVDUVSBT BTr MP EFNVFTUSBO BVORVF EF MBT TFJT "$4 IB TJEP DBQB[ EF TBMWBS TVT DVFOUBT DPO VO CFOFGJDJP EF NJMMPOFT EF FVSPT EFTEF FOFSP IBTUB NBS[P MP RVF TVQPOF VO JODSFNFOUP EFM SFTQFDUP BM NJTNP QFSJPEP EFM BvP BOUFSJPS ยฎ#VFOB QBSUF EFM JNQVMTP EFM HSVQP QSPDFEF EF MB BDUJWJEBE FYUFSJPSยฏ FYQMJDBO EFTEF MB DPNQBvrB EF 'MPSFOUJOP 1nSF[ ZB RVF ยฎFM EF MBT WFOUBT EFM HSVQP RVF BTDFOEJFSPO B NJMMPOFT EF FVSPT QSPDFEFO EFM FYUSBOKFSPยฏ &O FM DwNQVUP HMPCBM EF CFOFGJ DJPT EF MBT TFJT DPNQBvrBT "$4 SFQSFTFOUB ZB NgT EF MB NJUBE EF MBT HBOBODJBT HMPCBMFT DPO VOB DVPUB EFM TPCSF FM CFOFGJDJP DPO KVOUP RVF FO FTUF QSJNFS USJNFTUSF BMDBO[B MPT NJMMPOFT EF FVSPT

'$$ IB SFEVDJEP TV EFVEB FO NJMMPOFT EVSBOUF FM QSJNFS USJNFTUSF EFM TJ DPNQBSBNPT MPT EBUPT DPO MPT EFM NJTNP QFSJPEP EF MP RVF TVQPOF VO NgT RVF FO FM NJTNP QFSJPEP EF DVBOEP MBT HBOBODJBT HMPCBMFT BTDFOEJFSPO IBTUB MPT NJMMPOFT EF FVSPT &M SFTUP EF DPNQBvrBT IBO SFEVDJEP TVT CFOFGJDJPT EVSBOUF FM QFSJPEP BOBMJ[BEP 5PEBT NFOPT '$$ RVF B QFTBS EF RVF UPEBWrB SFHJTUSB QnSEJ EBT IB DPOTFHVJEP SFEVDJS TV EFVEB FO NJMMPOFT EF FVSPT -B GJSNB QSFTJEJEB QPS &TUIFS ,PQMPXJU[ SFHJT USw VOBT QnSEJEBT EF NJMMPOFT EF FVSPT NJFOUSBT RVF FO FM QSJNFS USJNFTUSF EF FTUB DJGSB BTDFOErB B NJMMPOFT EF FVSPT &M QMBO EF EFTJOWFSTJPOFT MMFWBEP B DBCP QPS '$$ TFH|O FYQMJDBO EFTEF FM HSVQP IB BZVEBEP B SFEVDJS MB EFVEB QFSP EPT DPOUSBUPT EF PCSB

NJMMPOFT EF g -PT CFOFGJDJPT USJNFTUSBMFT DPOKVOUPT EF MBT QSJODJQBMFT DPOTUSVDUPSBT TVNBO VO NPOUBOUF EF NJMMPOFT EF FVSPT -BT HBOBODJBT EF "$4 JNQVMTBO FTUB DJGSB RVF DSFDF VO SFT QFDUP BM QSJNFS USJNFTUSF EF

-BT DPOTUSVDUPSBT QFSNBOFDFO GPDBMJ[BEBT FO JODSFNFOUBS FM OยกNFSP EF DPOUSBUPT FO FM FYUSBOKFSP "3$)*70

$JGSB EF OFHPDJPT Z CFOFGJDJPT PCUFOJEPT EVSBOUF FM QSJNFS USJNFTUSF EF

-" 3&'03." &-ร $53*$"

.JMMPOFT EF FVSPT

'6&/5& &MBCPSBDJwO QSPQJB B QBSUJS EF MPT EBUPT GBDJMJUBEPT QPS MBT EJTUJOUBT DPNQBvrBT

$ " ' # , " $ " !% " !" " "# " ( ' ! " " $ )" " !" " % ! " # # " ! ! ! "$ % ! !. *&

GFSSPWJBSJB FO FM FYUSBOKFSP MPT RVF DPSSFTQPOEFO B MPT NFUSPT EF %PIB Z -JNB QPS WBMPS EF DBTJ NJMMPOFT EF FVSPT IBO BZVEBEP BM DSFDJNJFOUP EF MB DJGSB EF OFHPDJPT RVF TJHVF TJFOEP GVFSUF QPS MBT PCSBT FO FM FYUSBOKFSP SFDPOPDFO EFTEF MB DPNQBvrB 'FSSPWJBM QPS TV QBSUF BUSJCVZF FM SFUSPDFTP EF TVT CFOFGJDJPT BM DwN QVUP EF MBT QMVTWBMrBT HFOFSBEBT QPS MB WFOUB EFM BFSPQVFSUP EF 4UBOTUFE 0)- BTFHVSB RVF FM SFUSPDFTP TF EFCF B MB JODMVTJwO FO MPT SFTVMUBEPT USJNFTUSBMFT EF EF TV QBSUJDJQB DJwO FO "CFSUJT RVF EJTQBSw VO TV CFOFGJDJP &O BNCPT DBTPT MB GBD UVSBDJwO JOUFSOBDJPOBM FYQFSJNFOUw JODSFNFOUPT 'FSSPWJBM BVNFOUw FTUB QBSUJEB FO VO TPCSF FM NJTNP QFSJPEP IBTUB SFQSFTFOUBS FM EF MBT WFOUBT UPUBMFT 0)- QPS TV QBSUF NFKPSw TV &CJUEB FO VO HSB DJBT B MB CVFOB NBSDIB EF .nYJDP $IJMF Z "SBCJB 4BVEr 1PS |MUJNP "DDJPOB PCUVWP VO CFOFGJDJP OFUP EF NJMMPOFT EF FVSPT EVSBOUF FM QSJNFS USJNFTUSF EF VO NFOPT RVF FO FM NJTNP QFSJPEP EFM BvP BOUFSJPS &O FTUF DBTP MPT NPUJWPT EFM SFUSPDFTP TPO NgT CJFO QPMrUJDPT QVFT EFTEF MB DPNQBvrB FYQMJDBO RVF TVT QnS EJEBT TF EFCFO QSJODJQBMNFOUF BM JNQBDUP FTUJNBEP FO NJMMPOFT EF FVSPT EF MPT DBNCJPT SFHVMBUPSJPT FO FM TFDUPS FOFSHnUJDP RVF FOUSBSPO FO WJHPS FO KVMJP EF 3FBM %FDSFUP - &O FTUF TFOUJEP FM &CJUEB EFM HSVQP TF SFEVKP FM IBTUB MPT NJMMPOFT EF FVSPT


&- 7*(Æ" %& .":0 %&

*OGPSNF

&M DPNFSDJP NVOEJBM DSFDFS¸ VO EVSBOUF FM B©P 9$SFDJNJFOUP EFM DPNFSDJP EFM FO &M DPNFSDJP NVOEJBM FYQFSJNFOU§ VO BVNFOUP EFM FO Z TFH¡O MPT BOBMJTUBT FTU¸ QSFWJTUP RVF EVSBOUF Z DSF[DB VO Z VO SFTQFDUJWBNFOUF

9$IJOB MJEFSB FM DSFDJNJFOUP NVOEJBM &M DPNFSDJP DIJOP FYQFSJNFOUBS¸ FM NBZPS DSFDJNJFOUP NVOEJBM DPO VO BVNFOUP EFM EVSBOUF 1PS TV QBSUF MB &VSP[POB UBO T§MP DSFDFS¸ VO GSFOUF B MB DB­EB EF EF

&M PQUJNJTNP FNQJF[B B BTPNBSTF FO FM TFDUPS NBS­UJNP RVF FO MPT ¡MUJNPT DJODP B©PT IB WJTUP EFTBQBSFDFS OVNFSPTBT FNQSFTBT "3$)*70

-B SFDVQFSBDJwO EFM DPNFSDJP USJQMJDB MPT QFEJEPT EF OVFWBT FNCBSDBDJPOFT FO -PT QSFDJPT EF WFOUB EF MPT OVFWPT CVRVFT DSFDFO FOUSF VO Z VO EVSBOUF FM B©P &M 7JHrB #BSDFMPOB &M PQUJNJTNP FNQJF[B B BCSJSTF DBNJOP FOUSF MB PTDVSJEBE EF MB JOEVTUSJB NBSrUJNB RVF FO MPT |MUJNPT DJODP BvPT IB TVGSJEP MB EFTBQBSJDJwO EF NVDIBT FNQSFTBT Z VOB SFEVDDJwO BMBSNBOUF FO FM O|NFSP Z QSFDJP EF OVFWBT FNCBSDBDJPOFT 4FH|O FWJEFODJB FM |MUJNP JOGPSNF BOVBM EF #BSSZ 3PHMJBOP 4BMMFT #34 EVSBOUF TF FODBSHBSPO CVRVFT DPO VO QFTP NVFSUP DPOKVOUP EF NJMMPOFT EF UPOFMBEBT EF QFTP NVFSUP EXU FO TVT TJHMBT FO JOHMnT USFT WFDFT NgT SFTQFDUP BM BvP BOUFSJPS DVBOEP MPT QFEJEPT TF TJUVBSPO FO NJMMPOFT EF EXU CVRVFT &TUBT DJGSBT TF BQSPYJNBO QPS UBOUP BM OJWFM NFEJP EF NJMMPOFT EF EXU SFHJTUSBEPT EVSBOUF FM QFSJPEP Z TF TJU|BO NVZ QPS FODJNB EF MPT NJMMPOFT EF MPT BvPT Z -PT BOBMJTUBT GVOEBNFOUBO FTUPT SFTVMUBEPT FO MB SFDVQFSBDJwO EFM DPNFSDJP NBSr UJNP NVOEJBM RVF BVNFOUw VO FO Z QBSB FTUF FTUg QSFWJTUP VO DSFDJNJFOUP EFM &O DVBOUP B MB DBSUFSB EF QFEJEPT RVF TF IBCrB SFEVDJEP B MB NJUBE FOUSF FM TFHVOEP USJNFTUSF EF Z

MPHSw DFSSBS FM QBTBEP FKFSDJDJP DPO VO JODSFNFOUP TJHOJGJDBUJWP QBTBOEP EF NJMMPOFT EF EXU CVRVFT B GJOBMFT EF IBTUB MPT NJMMPOFT EF EXU FO &O UPUBM FTUBT wSEFOFT SFQSFTFOUBO FO MB BDUVBMJEBE DBTJ FM EF MB GMPUB FO TFSWJDJP FTUJNBEP FO NJMMPOFT EF EXU GSFOUF BM FO Z FM FO 4JO FNCBSHP QBSFDF RVF FM PQUJNJTNP TJO

%VSBOUF TF FODBSHBSPO CVRVFT DPO VO QFTP NVFSUP DPOKVOUP EF NJMMPOFT EF UPOFMBEBT USFT WFDFT N¸T RVF FO GJTVSBT UPEBWrB OP FT QPTJCMF FO FM TFDUPS 0USB DPOTFDVFODJB EJSFDUB EF MB DSJTJT FDPOwNJDB IBO TJEP MBT DBODFMBDJPOFT EF QFEJEPT RVF FO BMDBO[BSPO MBT VOJEBEFT GSFOUF B MBT EF P B MBT EF -B NBZPSrB EF MBT FNCBSDBDJPOFT BGFDUBEBT QPS DBODFMBDJPOFT GVFSPO HSBOFMFSPT DPO VOJEBEFT TFHVJEP EF QFUSPMFSPT Z QPSUBDPOUFOFEPSFT 1PS QBrTFT MBT

1SFWJTJPOFT EF DSFDJNJFOUP EFM DPNFSDJP NVOEJBM

&WPMVDJ§O EF MPT OVFWPT QFEJEPT QPS UJQP EF CVRVF

%XU FO NJMMPOFT

'6&/5& #34

DBODFMBDJPOFT TF QSPEVKFSPO QSJODJ QBMNFOUF FO $IJOB $PSFB EFM 4VS Z +BQwO 1PS PUSB QBSUF FM EPDVNFOUP EFTUBDB VO OPUBCMF JODSFNFOUP EFM QSFDJP EF WFOUB EF MPT OVFWPT CVRVFT B DJFSSF EF &O FTUF TFOUJEP USBT BMDBO[BS TV OJWFM NgT CBKP EF MPT |MUJNPT BvPT B GJOBMFT EFM QSJNFS USJNFTUSF MPT QSFDJPT MPHSBSPO DSFDFS FOUSF VO Z VO FO EFQFOEJFOEP EFM UJQP FM UBNBvP Z FM QBrT EF DPOTUSVDDJwO EFM CVRVF DPNP DPOTFDVFODJB EFM JODSFNFOUP EF MB EFNBOEB Z FM WPMVNFO EF MB DBSUFSB EF QFEJEPT EF MPT BTUJMMFSPT TFH|O EFUBMMBO EFTEF #BSSZ 3PHMJBOP 4BMMFT 1PS |MUJNP FM FKFSDJDJP FTUVWP NBSDBEP QPS MBT QSJNFSBT FOUSFHBT EF CVRVFT NgT FDPOwNJDPT FT EFDJS FNCBSDBDJPOFT DPO OJWFMFT EF DPOTVNP EF DPNCVTUJCMF NgT CBKPT Z DPO DBQBDJEBE EF SFEVDJS MBT FNJTJPOFT EF HBTFT EF FGFDUP MP DVBM ®IB BOJNBEP B OVNFSPTPT BSNBEPSFT B SFBMJ[BS NgT QFEJEPT EF FTUF UJQP¯ "TJNJTNP MB DPNQFUFODJB DPO FM NFSDBEP EF TFHVOEB NBOP KVHw VO QBQFM SFMFWBOUF &O DPODSFUP TF MPHSBSPO WFOEFS CVRVFT EF TFHVOEB NBOP FO


%& .":0 %& &- 7*(Æ"

-PT CSPUFT WFSEFT BTPNBO FO FM TFDUPS NBSrUJNP )B MMFHBEP FM NPNFOUP EF FNQF[BS B IBCMBS EF CSPUFT WFSEFT FO FM TFDUPS NBSrUJNP : FT RVF MPT |MUJNPT EBUPT QVCMJDBEPT QPS #BSSZ 3PHMJBOP 4BMMFT FTUgO EFTQFSUBOEP TFOTBDJPOFT RVF EFTEF FM FTUBMMJEP EF MB DSJTJT FDPOwNJDB QBSFDrBO PMWJEBEBT FO FTUB JOEVTUSJB &O FTUF

TFOUJEP FM FKFSDJDJP NBSDw VO DBNCJP EF UFOEFODJB JNQPSUBOUF DPO VO GVFSUF SFTVSHJNJFOUP FO MPT QFEJEPT EF CVRVFT RVF TF USJQMJDB SPO SFTQFDUP B 1PS TV QBSUF MPT QSFDJPT EF WFOUB EF OVFWBT FNCBSDBDJPOFT DSFDJFSPO FOUSF VO Z VO DPNP DPOTF

DVFODJB EFM BVNFOUP EF MB EFNBOEB "TJNJTNP MBT |MUJNBT OPUJDJBT EFM TFDUPS ZB EJCVKBO DJFSUB SFDVQFSB DJwO EF MB BDUJWJEBE FO DPODSFUP FO &TQBvB "Tr QPS FKFNQMP MB +VOUB EF "OEBMVDrB TF DPNQSPNFUJw MB TFNBOB QBTBEB B BZVEBS DPO NJMMPOFT EF FVSPT QBSB JOGSBFTUSVD

-PT BTUJMMFSPT SVNBOPT MJEFSBO FM NFSDBEP EF MB DPOTUSVDDJwO OBWBM FVSPQFB &VSPQB DPQB FM EF MB DBSUFSB EF QFEJEPT NVOEJBM &M 7JHrB #BSDFMPOB 3VNBOrB EPNJOB FM NFSDBEP EF MB DPOTUSVDDJwO OBWBM FVSPQFB HSBDJBT FTQFDJBMNFOUF B %BFXPP .BOHBMJB FM |OJDP BTUJMMFSP RVF FO MB BDUVBMJEBE TF EFEJDB B MB DPOTUSVDDJwO EF HSBO EFT CVRVFT NFSDBOUFT UBMFT DPNP QPSUBDPOUFOFEPSFT EF UFVT P HSBOFMFSPT $BQFTJ[F EF UPOFMBEBT EF QFTP NVFSUP EXU "Tr MP DPOGJSNB FM |MUJNP JOGPSNF QVCMJDBEP QPS #BSSZ 3PHMJBOP 4BMMFT #34 RVF B DJFSSF EF TJUVBCB MB DBSUFSB EF QFEJEPT FVSPQFB FO MPT NJMMPOFT EF UPOFMBEBT EF QFTP NVFSUP FO DPNQBSBDJwO DPO MPT USFT NJMMPOFT SFHJTUSBEPT FO FM FKFSDJDJP BOUFSJPS %F FTUB GPSNB FM 7JFKP $POUJOFOUF DPODFOUSB TwMP FM EF MB DBSUFSB EF QFEJEPT B OJWFM NVOEJBM 1PS TV QBSUF $IJOB DPOUJO|B QPTJDJPOgOEPTF DPNP FM QSJODJQBM DPOTUSVDUPS OBWBM EFM NVOEP BDB QBSBOEP FM EFM NFSDBEP WBMP SBEP FO NJMMPOFT EF UPOFMBEBT EF QFTP NVFSUP FO SFMBDJwO DPO MPT NJMMPOFT EF EXU EF -BT FOUSF HBT EFM NFSDBEP BTJgUJDP DBZFSPO QPS TFHVOEP BvP DPOTFDVUJWP QBTBOEP EF NJMMPOFT EF EXU FO B NJMMP OFT EF EXU FO 1PS UJQPMPHrB EF CVRVFT MPT HSBOFMFSPT TJHVFO TJFOEP FM QSJODJQBM QJMBS EF MB QSPEVDDJwO DIJOB TFHVJEP EF MPT QFUSPMFSPT Z MPT QPSUBDPOUFOFEPSFT &O DVBOUP B $PSFB EFM 4VS nTUF NFSDBEP PDVQB FM TFHVOEP MVHBS FO FM SBOLJOH NVOEJBM DPO VOB DBSUFSB EF QFEJEPT EF NJMMPOFT EF EXU P MP RVF FT MP NJTNP SFQSFTFOUBOEP FM EFM NFSDBEP +BQwO NBOUJFOF FM UFSDFS MVHBS DPQBOEP VO EFM NFSDBEP Z BDVNVMBOEP VOB DBSUFSB

UVSBT Z QSPHSBNBT EF JOOPWBDJwO TJ TF DPOGJSNB MB DBSHB EF USBCBKP BOVODJBEB QPS FM (PCJFSOP DFOUSBM QBSB MPT BTUJMMFSPT EF /BWBOUJB FO MB CBIrB EF $gEJ[ 1PS TV MBEP FM BTUJMMFSP WBTDP EF -B /BWBM $// IB DFSSBEP SFDJFO UFNFOUF VO DPOUSBUP QBSB DPOTUSVJS VO CVRVF QBSB FM BSNBEPS IPMBOEnT 5&40 %BSg DBSHB EF USBCBKP EVSBOUF EPT BvPT B -B /BWBM EF 4FTUBP

&WPMVDJ§O EF MPT QFEJEPT EF CVRVFT

7$$ 4V F[ N BY "G SB N B 1 Y 5B BOB OR N B V .3 FS Y 1S T PE VD UT 1S )B PE OE VD Z U $B T QB TJ[ F 1B OB N B 4V Y QS BN )B OE BY JTJ [F $P OU BJO FST IJQ UF T V

"/Õ-*4*4

%XU FO NJMMPOFT O|NFSP EF CBSDPT

&OUSFHBT EF CVRVFT FO MPT QSJODJQBMFT NFSDBEPT DPOTUSVDUPSFT

%XU FO NJMMPOFT

$BSUFSB EF QFEJEPT FVSPQFB EVSBOUF FM FKFSDJDJP 6DSBOJB &41"Æ" 'JOMBOEJB /PSVFHB 'SBODJB

&VSPQB BMDBO[§ MPT NJMMPOFT EF UPOFMBEBT EF QFTP NVFSUP "3$)*70

-JUVBOJB

EF QFEJEPT EF NJMMPOFT EF UPOFMB EBT EF QFTP NVFSUP FO

1PSUVHBM

$"35&3" %& 1&%*%04

-PT QFEJEPT NVOEJBMFT EF OVFWPT HSBOFMFSPT QFUSPMFSPT Z QPSUBDPOUF OFEPSFT TF DVBESVQMJDBSPO EVSBOUF IBTUB MPT NJMMPOFT EF UPOF MBEBT EF QFTP NVFSUP GSFOUF B MPT NJMMPOFT EFM FKFSDJDJP BOUFSJPS $PO UPEP TFH|O FWJEFODJB FM EPDVNFOUP MPT HSBOFMFSPT BMDBO[BSPO VOB DBSUFSB EF QFEJEPT EF NJMMPOFT EF EXU

B DJFSSF EF FKFSDJDJP QPS FODJNB EF MPT NJMMPOFT EF 1PS TV QBSUF FM WPMVNFO EF QFEJEPT BDVNVMBEP EF MPT CVRVFT QFUSPMFSPT TF FMFWw IBTUB MPT NJMMPOFT EF EXU B GJOBMFT EF Z FM EF MPT QPSUB DPOUFOFEPSFT QPS TV QBSUF DSFDJw IBTUB MPT NJMMPOFT EF UPOFMBEBT EF QFTP NVFSUP &TUF |MUJNP TFHNFOUP DPOUJO|B EPNJOBEP QPS FM NFSDBEP DPSFBOP RVF NBOUJFOF FM EF MB DVPUB EF NFSDBEP TFHVJEP EF $IJOB DPO VO

1PMPOJB *UBMJB $SPBDJB "MFNBOJB 3VTJB 1B­TFT #BKPT 5VSRV­B 3VNBO­B

%XU

'6&/5& #34

$ ! " # $ ! " $


&- 7*(Æ" %& .":0 %&

CrĂŠditoHoy Hoy con tu nĂłmina, hasta 40.000 euros para tus proyectos Hoy es un dĂ­a muy especial, tan especial que hasta el sonido del despertador te resultarĂĄ agradable. Un gran dĂ­a para poner en marcha un nuevo proyecto, estrenar coche o empezar unas reformas. Porque con el nuevo CrĂŠditoHoy podrĂĄs disponer de un prĂŠstamo de hasta 40.000 â‚Ź. NĂłmina multiEstrella

+PHQTOCEKĂ?P X½NKFC FGN CN RCTC RTĂ…UVCOQU EQPVTCVCFQU RQT RGTUQPCU HÉUKECU EQP NC ÇĽPCNKFCF FG ÇĽPCPEKCT NC CFSWKUKEKĂ?P FG DKGPGU [ UGTXKEKQU FG EQPUWOQ %QPEGUKĂ?P UWLGVC C NQU ETKVGTKQU FG TKGUIQ FG qNC %CKZCq 04+

16#-*$*%"%


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