Musicalmente anno4 n 3

$QQR 1XPHUR *HQQDLR

1FSJPEJDP E JOGPSNB[JPOF NVTJDBMF EFMM 0SDIFTUSB EB $BNFSB EJ .BOUPWB

,MF[NFSBUB 'JPSFOUJOB OFM (JPSOP EFMMB .FNPSJB

(JEPO ,SFNFS FTUSP F QFSGF[JPOF *M QJBOPGPSUF EJ "JNBSE QFS #FFUIPWFO 7DULIID 5 2 & ³3RVWH ,WDOLDQH 6SD´ 6SHGL]LRQH LQ DEERQDPHQWR SRVWDOH ' / &RQY ,Q / Q DUW FRPPD '&% 0DQWRYD

PVWFSUVSF "OESFB ;BOJCPOJ BOESFB [BOJCPOJ!PDNBOUPWB DPN

*M QSPTTJNP PUUPCSF MB 'JMBSNPOJDB EJ /FX :PSL TVPOFSÆ JO 7JFUOBN BOOJ EPQP MB àOF EJ VOB HVFSSB DIF QSPWPDÖ NJMJPOJ EJ NPSUJ -B OPUJ[JB Í EJ RVFMMF FQPDBMJ &QQVSF B .BOUPWB IB TVTDJUBUP VOB JOOFHBCJMF DJSDPMB[JPOF EJ JEFF MB QSPQPTUB SFDFO UJTTJNB BWBO[BUB EB BMDVOJ TFOTJCJMJ DJUUBEJOJ EJ CPJDPUUBSF JO MPDP EB TVCJUP F QFS HMJ BOOJ B WFOJSF MB .BSDJB EJ 3BEFU[LZ EJ +PIBOO 4USBVTT QBESF FNCMFNB EFM $BQPEBOOP WJFOOFTF - BQQFMMP QFS OPO QJÜ FTFHVJSF F TPQSBUUVUUP QFS OPO QJÜ BQQMBVEJSF MB GBNPTB QBHJOB IB BWVUP PWWJBNFOUF JM TVP DPSSFEP EJ NPUJWB[JPOJ 3BEFU[LZ EBM F àOP BM DPNBOEBOUF EFMMF USVQQF JNQFSJBMJ OFM -PNCBSEP 7FOFUP TJ SFTF BOUBHPOJTUB EFJ NPUJ SJWPMV[JPOBSJ 4VB MB WJUUPSJB EJ $VTUP[B TVP JM SPHP EJ 4FSNJEF TVB MB àSNB TVMMF TFOUFO[F EJ NPSUF EFJ .BSUJSJ EJ #FMàPSF J DVJ OPNJ TPOP SJDPSEBUJ EBMMF WJF DJUUBEJOF +PIBOO 4USBVTT FCCF B GFTUFHHJBSF DPO MB TVB CSFWF F DFMFCSF .BSDJB MF WJUUPSJF NJMJUBSJ EFM GFMENBSFTDJBMMP OFM QFS MB QSFDJTJPOF EFWF BHHJVOHFSTJ RVBMDIF BOOP QSJNB EFJ .BSUJSJ NBOUPWBOJ 5BMF MB MFUUVSB QPMJUJDB F TUPSJDB EFMMB NVTJDB TVMMB RVBMF TJ Í BDDFTP VO EJCBUUJUP EJ EJG àDJMF TPMV[JPOF QFSDIÊ WJTUP JO RVFTUB DIJBWF JM DPSTP EFMM BSUF NVTJDBMF TJB FTTB NBJVTDPMB P EJ QJÜ NPEFTUJ TQFTTPSJ QVMMVMB EJ QBHJOF MFHBUF BE FWFOUJ NJMJUBSJ F QPMJUJDJ 2VBMDIF FTFNQJP -B WJUUPSJB EJ 8FMMJOHUPO EJ #FFUIPWFO EPWF J GSBODFTJ FCCFSP MB QFHHJP JM 5SJVNQIMJFE EJ #SBINT QFS DFMFCSBSF J TVDDFTTJ EFMMB (FSNBOJB EJ #JTNBSDL TVJ GSBODFTJ MB 0VWFSUVSF EJ $BKLPWTLJK JO SJDPSEP EFMMF WJUUPSJF EFMMF BSNBUF SVTTF TV /BQPMFPOF MB 4JOGPOJB EJ -FOJOHSBEP EJ »PTUBLPWJD BGGSFTDP EFMMB 3VTTJB DPNCBUUFOUF DPOUSP J UFEFTDIJ .FEFTJNJ HMJ TGPOEJ TFNQSF FTUSF NBNFOUF DSVFOUJ BODIF QJÜ EJ RVFMMJ NBOUPWBOJ JM DIF MBTDJB TVQQPSSF DIF OPCJMJ NPUJWJ QFS CPJDPUUBHHJ JODSPDJBUJ JOUFSOB[JPOBMJ OPO NBODIJOP .B Í RVFTUP DJÖ DIF TJ WVPMF EBMMB NVTJDB *NQVHOBSMB DPNF BSNB EJ VOB HJVTUJ[JB B QPTUFSJPSJ P EJ VOB TFNQSF SBODPSP TB WJTJPOF EFMMB TUPSJB HJVTUJàDBUB EBM NJUP EFM OB[JPOB MJTNP QBUSJPUUJDP "ODIF TVHHFSJNFOUJ TJNJMJ OPO TPOP QSPQSJP VOB OP WJUÆ *O *UBMJB RVBTJ VO TFDPMP GB OFM JO DPODPNJ UBO[B DPO JM QSJNP DPOáJUUP NPOEJBMF DJ TJ JOUFSSPHÖ TVMM PQQPSUVOJUÆ EJ DBODFMMBSF MB NVTJDB UFEFTDB EBJ QSPHSBNNJ NVTJDBMJ WJ GVSPOP QFSTJOP EVF SFGFSFO EVN VOP EFM .FTTBHHFSP F VO BMUSP EJ 3JGPSNB UFBUSBMF OF IB TDSJUUP 3PCFSUP ;BOFUUJ àOP BM DPODFSUP EJ 5P TDBOJOJ BMM "VHVTUFP OFM EPWF QBHJOF EJ 8BHOFS TVTDJUBSPOP jVO JOEFTDSJWJCJMF QBOEFNPOJPv j&WFOUJ DVMUVSBMNFOUF WFSHPHOPTJv MJ EFàOJTDF MP ;BOFUUJ 1FSBMUSP OPO D Í OFDFTTJUÆ EJ FTTFSF E BDDPSEP DPO MVJ " QPMFNJDIF EJ RVFTUP HFOFSF QVÖ CFO SJTQPOEFSF MB TDFMUB DPSBHHJPTJTTJNB EJ %BOJFM #BSFOCPJN àHMJP EJ FCSFJ SVTTJ EJ FTFHVJSF Í BDDBEVUP OFM NVTJDB EJ 8BHOFS JO *TSBFMF HFTUP DIF PWWJBNFOUF TVTDJUÖ TDBMQPSF NB DIF TJ JNQFSOJÖ TV VOB SBSB POFTUÆ JOUFMMFUUVBMF TVMMB EJTQPOJCJMJUÆ B DPNQSFOEFSF DPNF IB EJNPTUSBUP SFDFOUFNFOUF BODIF MB DPNQMFTTB F TJHOJàDBUJWB FTQFSJFO[B EFM i%JWBOP PDDJEFOUBMF PSJFOUBMFu M PSDIFTUSB EJ TUSVNFOUJTUJ NFEJPSJFOUB MJ F TVMMB DPOTBQFWPMF[[B DIF BODIF M BSUF QJÜ FDDFMTB OPO HBSBOUJTDF MB NPSBMJUÆ EFHMJ BSUJTUJ FE IB EVORVF EJSJUUP BE VO DPSTP QSJWJMFHJBUP RVFMMP DPODFTTP EBMMB TVB TUFTTB NB UFSJB JOUBOHJCJMF 5SPWFSFJ QFSDJÖ QSFPDDVQBOUF m F MP TDSJWP B UJUPMP EFM UVUUP QFSTPOBMF m BTTPHHFUUBSTJ BE JOWJUJ EJ CPJDPUUBHHJP GPOEBUJ TVM SJQSJTUJOP EJ WFSJUÆ EJNFOUJDBUF P TVM M BNPS QBUSJP QFSDIÊ TF HMJ TDPQJ TPOP QBDJàDJ F TF MB WJTJPOF E JOTJFNF QPOF BM TVP DFO USP JM SFBMJ[[BSTJ EJ VOB DPNQSFOTJPOF DSJUJDB GPOEBUB TVMMB MJCFSUÆ EJ QFOTJFSP MF SJTQPTUF BMMF EPNBOEF TDPNPEF OPO QPTTPOP FTBVSJSTJ JO VO TFNQMJDF OP

JO RVFTUP OVNFSP

*/ $01&35*/"

,MF[NFSBUB 'JPSFOUJOB %PQQJP DPODFSUP BM 5FBUSP #JCJFOB QFS JM (JPSOP EFMMB .FNPSJB

4VMMF USBDDF EJ ,SFNFS

6OB MFUUVSB

*HPS JM USBTGPSNJTUB

(SBNNPGPOP

"OHFMFSJ

-FHHFSF

4UPSJB EFMM PQFSFUUB

.VTJDB BQQMJDBUB

6O QJBOJTUB JO WJBHHJP

$PMPOOB TPOPSB

- BSUJTUB EBM WJWP F JO DE "M EJ MÆ EFJ HFOFSJ F EFMMF FQPDIF

$PODFSUP EFMMB ,BNNFSPSDIFTUFS #BTFM *M QFSJPEP OFPDMBTTJDP EFM NVTJDJTUB SVTTP

*OUFSWJTUB BM 1SFNJP 1BHBOJOJ )BZEO F MB TJOGPOJB

- 0SDIFTUSB EFMMB 5PTDBOB QFS VO HBMÆ 6O DBTU EJ QBMBEJOJ EFMMB USBEJ[JPOF WJFOOFTF

-B DBSSJFSB EJ "JNBSE EB #PVMF[ B #FFUIPWFO

*M SBQQPSUP USB UFDOJDB F JOUFSQSFUB[JPOF

%BM GPOPHSBGP BM (SBNPQIPOF MB OBTDJUB EFM EJTDP

6O NBUSJNPOJP B QSPWB EJ QJBOPGPSUF

4USBUFHJF EJ NBSLFUJOH NVTJDBMF

4F MB NVTJDB Í EFOUSP M JORVBESBUVSB

)BOOP TDSJUUP

- BMUSB NVTJDB

*O 0SDIFTUSB

$BSUFMMPOF

"NJDJ EFMM 0DN

*P MB NVTJDB

&TUSBUUJ EJ SFDFOTJPOJ BJ DPODFSUJ EJ 5FNQP E 0SDIFTUSB

3JUSBUUP EJ .BTTJNJMJBOP 3J[[PMJ 6O JODPOUSP DPO 6UP 6HIJ

5SBGFSUF NVTJDBMJ EVF iUVUUP FTBVSJUPu F EVF OVPWF QSPQPTUF

%KBOHP 3FJOIBSEU -B WJB HJUBOB EFM KB[[

%BOJFM #BSFOCPJN BMMB 4DBMB DPO MB 8FTU &BTUFSO %JWBO

%BSJP .PSFUUJ DBQPMBWPSJ E JTQJSB[JPOF

³0XVLFDOPHQWH´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

JO TDFOB

TBCBUP HFOOBJP

F HFOOBJP

,ôíĂõíúéüé 'ñ÷úíöüñöé

,úíõíúéüé #éôüñëé (ñì÷ö ,úíõíú *O BCCPOBNFOUP i"NJDJu i0SGFPu i(JPWBOJ "NJDJu .BOUPWB 5FBUSP #JCJFOB 0SF ,SFNFSBUB #BMUJDB (JEPO ,SFNFS WJPMJOP DPODFSUBUPSF .VTJDIF EJ ' .FOEFMTTPIO #BSUIPMEZ $ 7JOF $ $PSFB " 1JB[[PMMB - W #FFUIPWFO 7 ,JTTJOF , 1FOEFSFDLJ #JHMJFUUJ ĸ QMBUFB ĸ QBMDIJ

ĸ MPHHJPOF FVSP QBMDIJ ** à MB FVSP TUVEFOUJ

1SFWFOEJUB CJHMJFUUJ 4FEF 0DN UFM 1SFWFOEJUB POMJOF XXX PDNBOUPWB DPN

*O BCCPOBNFOUP NBSUFEÑ i"NJDJu i0SGFPu i(JPWBOJ "NJDJu NFSDPMFEÑ i&VUFSQFu i4V[[BSBu i0TUJHMJBu i(JPWBOJ "NJDJu .BOUPWB 5FBUSP #JCJFOB 0SF * 1PMFTJUTLZ WJPMJOP 3 $SPDJMMB DMBSJOFUUP ' 'VSMBOJDI à TBSNPOJDB 3 %POBUJ DPOUSBCCBTTP .VTJDIF LMF[NFS QFS JM (JPSOP EFMMB .FNPSJB #JHMJFUUJ ĸ QMBUFB ĸ QBMDIJ

ĸ MPHHJPOF FVSP QBMDIJ *J à MB FVSP TUVEFOUJ

1SFWFOEJUB CJHMJFUUJ 4FEF 0DN UFM 1SFWFOEJUB POMJOF XXX PDNBOUPWB DPN

NBSUFEÖ GFCCBSJP

F GFCCSBJP

0úëðíûüúé ìé $éõíúé ìñ .éöü÷þé

,éõõíú ÷úëðíûüíú #éûíô

*O BCCPOBNFOUP NBSUFEÑ i"NJDJu i0SGFPu i(JPWBOJ BNJDJu NFSDPMFEÑ i&VUFSQFu i0TUJHMJBu i(JPWBOJ "NJDJu .BOUPWB 5FBUSP #JCJFOB 0SF 0SDIFTUSB EB $BNFSB EJ .BOUPWB ( "OHFMFSJ WJPMJOP 1 (PN[JBLPW WJPMPODFMMP 3 $BMWJ PCPF ' #PTTPOF GBHPUUP .VTJDIF EJ ' + )BZEO #JHMJFUUJ ĸ QMBUFB ĸ QBMDIJ ĸ MPHHJPOF

FVSP QBMDIJ *J à MB FVSP TUVEFOUJ

1SFWFOEJUB CJHMJFUUJ 4FEF 0DN UFM 1SFWFOEJUB POMJOF XXX PDNBOUPWB DPN

*O BCCPOBNFOUP i"NJDJu i0SGFPu i&VUFSQFu i0TUJHMJBu i"QPMMPu i4V[[BSBu i(JPWBOJu .BOUPWB 5FBUSP 4PDJBMF 0SF ,BNNFSPSDIFTUFS #BTFM $ 4BNQTPO TPQSBOP + (JMDISJTU UFOPSF " 'PTUFS 8JMMJBNT CBTTP 1 (PPEXJO EJSFUUPSF .VTJDIF EJ * 4USBWJOTLJK #JHMJFUUJ ĸ QMBUFB ĸ QBMDP ĸ MPHHJB ĸ MPHHJPOF ĸ MPHHJPOF TUVEFOUJ

1SFWFOEJUB CJHMJFUUJ 4FEF 0DN UFM 1SFWFOEJUB POMJOF XXX PDNBOUPWB DPN

WFOFSEÖ GFCCSBJP

WFOFSEÖ NBS[P

i7÷úúíñ ìéöĂéúu ïéôĔ ì ÷øíúíüüé

* 1÷õíúñïïñ .ýûñëéôñ

*O BCCPOBNFOUP i"NJDJu i0TUJHMJBu i(JPWBOJ "NJDJu 0TUJHMJB 5FBUSP 4PDJBMF 0SF 0SDIFTUSB EFMMB 5PTDBOB . 3FCIPM[ TPQSBOP + .PTFS UFOPSF 1 (VUI EJSFUUPSF .VTJDIF EJ + 4USBVTT à HMJP ' -ÊIBS 3 TUPM[ & ,ÃMNÃO #JHMJFUUJ ĸ QPTUP VOJDP FVSP TUVEFOUJ

1SFWFOEJUB CJHMJFUUJ 4FEF 0DN UFM 1SFWFOEJUB POMJOF XXX PDNBOUPWB DPN

*O BCCPOBNFOUP i"NJDJu i4V[[BSBu i(JPWBOJ "NJDJu 1FHPHOBHB 5FBUSP "OTFMNJ 0SF 0SDIFTUSB * 1PNFSJHHJ .VTJDBMJ 1JFSSF -BVSFOU "JNBSE QJBOPGPSUF F EJSFUUPSF .VTJDIF EJ - W #FFUIPWFO #JHMJFUUJ ĸ QPTUP VOJDP FVSP TUVEFOUJ

1SFWFOEJUB CJHMJFUUJ 4FEF 0DN UFM 1SFWFOEJUB POMJOF XXX PDNBOUPWB DPN

4BCBUP HFOOBJP .BOUPWB ] 5FBUSP #JCJFOB ,SFNFSBUB #BMUJDB (JEPO ,SFNFS WJPMJOP DPODFSUBUPSF .VTJDIF EJ 1FOEFSFDLJ #FFUIPWFO ,JTTJOF 7JOF $PSFB 1JB[[PMMB 1VTILBSFW

4VMMF USBDDF EJ (JEPO ,SFNFS -JWF F JO DE "CCP[[BSF VO SJUSBUUP EFM DFMFCSF WJPMJOJTUB MFUUPOF TJHOJmDB DPNQJFSF VO WJBHHJP OFMMB NVTJDB QSJNB FVSPQFB F QPJ NPO EJBMF EBM SFDFOUF QBTTBUP QFS HJVOHFSF BMM PHHJ EJ -6*(* '&350/"/*

)

BSF VO SJUSBUUP EJ (JEPO ,SFNFS TJHOJàDB BODIF GBSF VO QJDDPMP WJBHHJP OFMMB NVTJDB QSJNB FVSPQFB F QPJ NPOEJBMF EBM SFDFOUF QBTTBUP àOP BM QSFTFOUF 4UVQJTDF BO[JUVUUP DPNF JM WJPMJOJTUB F EJSFUUPSF E PSDIFTUSB E PSJHJOF MFUUPOF Í OBUP 3JHB OFM TJB SJVTDJUP JO VO UFNQP SFMBUJWBNFOUF CSFWF B JNQPSTJ B MJWFMMP JOUFSOB[JPOBMF EJWFOUBOEP VOP EFJ QJÜ HSBOEJ WJPMJOJTUJ B DBWBMMP USB F TFDPMP $PNF JO UBOUJ BMUSJ DBTJ (JEPO ,SFNFS QSPWJFOF EB VOB GBNJHMJB EJ NVTJDJTUJ M IBOOP JOJ[JBUP B TVP UFNQP TJ GB QFS EJSF QFSDIÊ (JEPO BWFWB BMMPSB TPMUBOUP RVBUUSP BOOJ BMMP TUVEJP EFM WJPMJOP JM QBESF F JM OPOOP DIF FSBOP FOUSBNCJ WJPMJOJTUJ QSPGFTTJPOJTUJ )B QPJ DPOUJOVBUP HMJ TUVEJ BM $POTFSWBUPSJP EJ 3JHB QFS QPJ BSSJWBSF BM $POTFSWBUPSJP i$BKLPWTLJKu EJ .PTDB QFS QFSGF[JPOBSTJ DPO %BWJE 0JTUSBLI *M TVP EFCVUUP JOUFSOB[JPOBMF Í BWWFOVUP HJÆ OFM RVBOEP (JEPO ,SFNFS WJODFWB JM UFS[P QSFNJP BM $PODPSTP NVTJDBMF *OUFSOB[JPOBMF i3FHJOB &MJTBCFUUB EFM #FMHJPu B #SVYFMMFT NB TPQSBUUVUUP OFM DPM QSJNP QSFNJP BM $PODPSTP i/JDDPMÖ 1BHBOJOJu EJ (FOPWB F VO BOOP EPQP DPM QSJNP QSFNJP BM $PODPSTP JOUFSOB[JPOBMF i$BKLPWTLJKu B .PTDB (JEPO ,SFNFS T JNQPOF EVORVF DPNF HJPWBOJTTJNP UBMFOUP WJPMJOJTUJDP B MJWFMMP JOUFSOB[JPOBMF JO VO NPOEP BODPSB EJWJTP EBMMB (VFSSB 'SFEEB F EBM .VSP EJ #FSMJOP NB HJÆ OFM HMJ WFOJWB PGGFSUB MB QPTTJCJMJUÆ EJ TVPOBSF JO 0DDJEFOUF QSPQSJP JO (FSNBOJB F M BOOP EPQP

,SFNFS JO "VTUSJB DPO VOB QBSUFDJQB[JPOF BM 'FTUJWBM EJ 4BMJTCVSHP àOP BE BSSJWBSF OFM B VOB UPVSOÍF B /FX :PSL TFHOP EJ VO QSPHSFTTJWP BMMBSHBNFOUP EFMMF TUSFUUF NBHMJF EFMMB QPMJUJDB EFMM FQPDB 1SPQSJP HSB[JF B RVFTUB QPTJUJWB FWPMV[JPOF EFMMF QPTTJCJMJUÆ EJ TQPTUBNFOUP OFM (JEPO ,SFNFS SJVTDJWB B DSFBSF VO 'FTUJWBM EJ NVTJDB EB DBNFSB B -PDLFOIBVT JO "VTUSJB JM DVJ QSPHSBNNB FSB RVFMMP EJ QSPQPSSF

VOB QSPHSBNNB[JPOF EJ PQFSF OVPWF P DPNVORVF JODPOTVFUF FE Í QSPQSJP DPTÑ DIF OBTDF RVFMMB ,SFNFSBUB .VTJDB DIF EBM PUUJFOF JM SJDPOPTDJNFOUP EJ 'FTUJWBM QSPQSJP DPO RVFTUP OPNF NFOUSF CJTPHOFSÆ BTQFUUBSF JM QFS WFEFS OBTDFSF M PSDIFTUSB EB DBNFSB ,SFNFSBUB #BMUJDB GPSNBUB BQQVOUP EB HJPWBOJ NVTJDJTUJ UVUUJ QSPWFOJFOUJ EBMM &VSPQB EFMM FTU PSDIFTUSB DIF ,SFNFS UVUUPSB EJSJHF JO UVUUF MF

NBHHJPSJ TBMF EFM NPOEP * NFSJUJ EJ (JEPO ,SFNFS JO DBNQP WJPMJOJTUJDP TPOP MFHBUJ BMM PSJHJOBMJUÆ EFMMF TVF JOUFSQSFUB[JPOJ BMMF TVF HSBOEJTTJNF EPUJ JO DBNQP UFDOJDP QFS MB WBTUJUÆ EJ VO SFQFSUPSJP DIF WB EBM 4FUUFDFOUP EJ 7JWBMEJ F EJ #BDI àOP BJ DPNQPTJUPSJ DPOUFNQPSBOFJ EB 1IJMJQ (MBTT B "MGSFE 4DIOJUULF EB "SWP 1ÅSU BE FTFNQJP DPO 5BCVMB 3BTB JODJTB QFS &DN OFM B +PIO "EBNT .PMUP JNQPSUBOUF QPJ JM GBUUP DIF NPMUJ DPNQPTJUPSJ DPMQJUJ EBMMF TVF EPUJ NVTJDBMJ HMJ BCCJBOP EFEJDBUP MPSP MBWPSJ DPNF 4PàB (VCBJEVMJOB DPM TVP 0GGFSUPSJVN F -VJHJ /POP DPO -B MPOUBOBO[B OPTUBMHJDB VUPQJDB GVUVSB VTDJUP JO DE QFS %FVUTDIF (SBNNPQIPO OF

(JEPO ,SFNFS DIF IB JODJTP VO JOàOJUÆ EJ EJTDIJ TVPOB VO (VBSOFSJ EFM (FTÜ EFM -B TDFMUB EJTDPHSBàDB Í GBUBMNFOUF JODPNQMFUB NB OPO QVÖ QSFTDJOEFSF EBMMF 2VBUUSP 4UBHJPOJ WJWBMEJBOF JODJTF QFS %FVUTDIF (SBNNPQIPO P VOB TDFMUB EJ $PODFSUJ QFS WJPMJOP F PSDIFTUSB QVCCMJDBUJ TFNQSF QFS %( OFM 1FS SJNBOFSF BM SFQFSUPSJP EFM 4FUUFDFOUP OPO EPCCJBNP EJNFOUJDBSF MB CFMMB FEJ[JPOF JO EVF DE m BQQBSTB USF BOOJ GB QFS &DN m EFMMF 4POBUF F 1BSUJUF QFS WJPMJOP TPMP NB BODIF QFS BSSJWBSF BJ OPTUSJ HJPSOJ B RVFMM )PNNBHF Æ 1JB[[PMMB BQQBSTP OFM QFS /POFTVDI & PDDPSSF BODIF SJDPSEBSF DIF HJÆ OFM VO TPMP BOOP EPQP MB TVB GPOEB[JPOF BQQBSJWB JM QSJNP DE EFMM PSDIFTUSB EB MVJ GPOEBUB EJTDP VTDJUP DPO #JT F DIF MB ,SFNFSBUB #BMUJDB EFEJDÖ BMMPSB BM SFQFSUPSJP DBNFSJTUJDP

,SFNFSBUB #BMUJDB

"M EJ MË EFJ HFOFSJ F EFMMF FQPDIF $MBTTJDB F DPOUFNQPSBOFB JM UBOHP EJ 1JB[[PMMB JM KB[[ JOUFTTVUP EJ SJDIJBNJ QPQPMBSJ EJ $IJDL $PSFB JM QSPHSBNNB EJ (JEPO ,SFNFS F EFMMB ,SFNFSBUB #BMUJDB QFSDPSSF WJF PSJHJOBMJ F EJWFOUB VOB QSF[JPTB PDDBTJPOF EJ TDPQFSUB -F NVTJDIF TPOP MF QJá EJTQBSBUF F M FTQSFTTJPOF BSUJTUJDB WJFOF SBDDPMUB JO WBSJF BSFF EFM HMPCP FE JO FQPDIF EJGGFSFOUJ NPTUSBOEPOF MB USBOTOB[JPOBMJUË M VOJWFSTBMJUË EFM MJOHVBHHJP JM TFOTP EJ OFDFTTJUË EFMMP TDSJWFSF OFMM FTTFSF VNBOP GPSNF EJ DVMUVSB F EJ TQFUUBDPMP EJ NBUVSJUË F EJ QSFDPDJUË $ Ò VO QP UVUUP JO RVFTUB TFSBUB DPNQJMBUB EB ,SFNFS HPEJNFOUP QFS M BTDPMUBUPSF DPMUP DPNF QFS JM HJPWBOF DIF HJVOHF JO UFBUSP QFS MB QSJNB WPMUB &VSPQB "NFSJDB F "VTUSBMJB WJ TJ SJnFUUPOP JO VO TJOHPMBSF HJPDP EJ DPMPSJ F E JODBTUSJ T JOJ[JB DPO VO FTUSBUUP $JBDDPOB EBM 3FRVJFN QPMBDDP EJ ,S[ZT[UPG 1FOEFSFDLJ QSFTFOUBUP OFM B 4UPDDBSEB F TJ QSPTFHVF DPO M "EBHJP DPO WBSJB[JPOJ JODMVTP OFM 2VBSUFUUP PQ EJ #FFUIPWFO JO VOB USBTDSJ[JPOF mSNBUB EBM SVTTP OBUVSBMJ[[BUP CFMHB 7JDUPS ,JTTJOF F QSFTFOUBUB QFS MB QSJNB WPMUB OFM BM 'FTUJWBM EJ -PDLFOIBVT JO "VTUSJB 5PDDB QPJ B .FOEFMTTPIO FE BM TVP HJPWBOJMF F QPDP OPUP $PODFSUP QFS WJPMJOP TDSJUUP B TPMJ USFEJDJ BOOJ RVJOEJ B $PSFB FE BMMB TVB SVUJMBOUF -B 'JFTUB " DIJVEFSF USF TBHHJ EJ "TUPS 1JB[[PMMB o JODMVTP JM DFMFCFSSJNP -JCFSUBOHP o SJTDSJUUJ EB "OESFZ 1VTILBSFW F 4NJUI T "MDIFNZ QFS PSDIFTUSB E BSDIJ EJ $BSM 7JOF DPNQPTJUPSF EJ QVOUB EFMM BWBOHVBSEJB BVTUSBMJBOB B [

.BSUFEÑ F .FSDPMFEÑ HFOOBJP .BOUPWB ] 5FBUSP #JCJFOB ,MF[NFSBUB 'JPSFOUJOB .VTJDIF LMF[NFS 1FS JM (JPSOP EFMMB .FNPSJB

,MF[NFS NVTJDIF EBMM FCSBJTNP ZJEEJTI 5FNQP E 0SDIFTUSB QSPQPOF BMDVOJ UFTPSJ TPNNFSTJ EFMMB DVMUVSB FCSBJDB B DPSPOB JEFBMF EFM (JPSOP EFMMB .FNPSJB -F BGmEB BMMB ,MF[NFSBUB mPSFOUJOB GPSNB[JPOF FDDFMTB DIF QVOUB B EBS WPDF BMMF USBEJ[JPOJ EFHMJ FCSFJ EFMM 6DSBJOB .VTJDB EFOTB EJ TUPSJB 1FS OPO EJNFOUJDBSF GL 67()$12 3$78==,

&

J TPOP NVTJDIF DIF QFS FT TFSF BQQSF[[BUF EFWPOP QSJ NB FTTFSF TQJFHBUF $J TPOP QPJ NVTJDIF DIF BODIF TF JMMVTUSB UF F DPOUFTUVBMJ[[BUF OPO WFOHPOP BGGBUUP BQQSF[[BUF $J TPOP JOàOF NVTJDIF EJ DVJ JO HFOFSF M BTDPM UBUPSF TB QPDP P OVMMB FQQVSF TJ SJWFMBOP EB TVCJUP QPUFOUFNFOUF DPJOWPMHFOUJ FE FTQSFTTJWF FE Í TFO[ BMUSP RVFTUP JM DBTP EFMMB NV TJDB LMF[NFS QSPQPTUB EB i5FNQP E 0SDIFTUSBu JM F JM HFOOBJP OFJ EVF DPODFSUJ HFNFMMJ EFMMB ,MF[NFSBUB 'JPSFOUJOB ,MF[NFS UBOUP QFS DPNJODJBSF Í UFSNJOF EFMMB MJOHVB ZJEEJTI EBM M FCSBJDP LMJ [FNFS TUSVNFOUP <EFMMB> DBO[POF F JEFOUJàDBWB JO PSJHJOF MB NVTJDB QSPGBOB EFMMF DP NVOJUÆ FCSBJDIF DIF WJWFWBOP QFS MP QJÜ OFMM &VSPQB PSJFOUBMF FOUSP J DPOàOJ EFHMJ JNQFSJ BVTUSJBDP F SVTTP 5VUUF RVFTUF DPNVOJUÆ BWFWBOP EVF USBUUJ GPOEBNFOUBMJ JO DPNV OF MB TUFTTB GFEF SFMJHJPTB F MB TUFTTB MJOHVB E VTP BQQVOUP MP ZJE EJTI EFàOJUP BGGFUUVPTBNFOUF EB *HPS 1PMFTJUTLZ JM GPOEBUPSF EFMMB ,MF[NFSBUB VO jCJ[[BSSP EJBMFUUP NFEJFWBMF UFEFTDP DPOUBNJOBUP DPO NPMUF QBSPMF FCSBJDIFv F BSB NBJDIF TMBWF GSBODFTJ BHHJVOHP OBUVSBMNFOUF TDSJUUP JO DBSBUUFSJ FCSBJDJ F EB EFTUSB B TJOJTUSB -P ZJE EJTI DPTÑ TPNJHMJBOUF BM UFEFTDP JM TVP OPNF QSPWJFOF JOGBUUJ EBM UFEFTDP KÛEJ TDI iJTSBFMJUJDPu iFCSBJDPu DPTUJUVJWB EVORVF MB MJOHVB DPSSFOUF EFJ NJMJPOJ

TDPQJ F BODIF DBOUBSF àOP B DIF OPO DBMBSPOP MF UFOFCSF TJOJTUSF F SBQBDJ EFMMB $BUBTUSPGF JO FCSBJDP CJCMJDP 4IPBI *O QPDIJ BOOJ RVFTUB DJWJMUÆ ZJEEJTI WFOOF EJTVNBOBNFO UF DPMQJUB TBSFCCF TUBUB EFM UVUUP BOOJFOUBUB TF JM EFMJSJP OB[JTUB OPO GPTTF TUBUP JOàOF BSSFTUBUP /FM EPQPHVFSSB EBHMJ BOOJ 4FT TBOUB JO TQFDJF QSFTF QJFEF WJB WJB VOB HSBEVBMF SJTDPQFSUB F SJWB MVUB[JPOF TJB EFMMB MJOHVB ZJEEJTI F EFMMB DVMUVSB EJ DVJ FSB WFJDPMP TJB EFMMB NVTJDB DIF DPTUJUVJWB VO UBT TFMMP FTTFO[JBMF EFM QBFTBHHJP TP OPSP EJ RVFMMB TUSBPSEJOBSJB DJWJMUÆ RVBTJ QFSEVUB JM QSFNJP /PCFM B *TBBD #BTIFWJT 4JOHFS DPOGFSJUPHMJ OFM F QFS M ÆNCJUP JUBMJBOP M PQFSB EJ EJGGVTJPOF EFMMB DVMUVSB ZJEEJTI QFS NFSJUP F EPUF EJ .POJ 0WBEJB USPWBOP JM MPSP TFOTP DPN QJVUP JO RVFTUB QSPTQFUUJWB 3FMBUJWBNFOUF QPJ BMMB àTJPOP NJB TPOPSB EJ RVFTUB NVTJDB EJ DF TFO[ BMUSP CFOF 0SFTUF #PTTJOJ TDSJWFOEP DIF jMB USBEJ[JPOF LMF[ NFS DPTUJUVJTDF TPMUBOUP VO GSBN NFOUP EFMMB NVMUJGPSNF FTQSFTTJP OF NVTJDBMF EFMM FCSBJTNP GPSTF MB QJÜ EJTQPOJCJMF B NJTDIJBSTJ DPO TUJMJ F GPSNF QSPWFOJFOUJ EB BMUSF USBEJ[JPOJv .FNPSF BODIF EFMMF NFMPEJF EFM DBOUP TJOBHPHBMF MB NVTJDB LMF[NFS WJTTF JO FGGFUUJ OFJ .VTJDB F DVMUVSB ZJEEJTI VOP EFJ iWJPMJOJTUJw EJ $IBHBMM TFDPMJ VO GFDPOEP SBQQPSUP EJ PTNP EJ FCSFJ EFMM &VSPQB PSJFOUBMF DIF BCJ TJ DPO MF WBSJF DVMUVSF FUOJDIF B DVJ TJ UBWBOP TPQSBUUVUUP OFJ WJMMBHHJ SVSBMJ BGàBODÖ OFM UFNQP F OFMMP TQB[JP JO HMJ TIUFUMBDI VOB MJOHVB DIF DPOTFOUÑ EJ DPSQPSBOEP B UBM QVOUP USBUUJ PSJHJOB DPNVOJDBSF GSB MPSP QFS J QJÜ TWBSJBUJ SJBNFOUF FTUSBOFJ EB DPTUJUVJSF JO TÊ

VOB TUPSJB F VOB HFPHSBàB TPOPSB DIF SJBTTVNPOP MF WBSJF F EJWFSTJàDBUF GBTJ EFMMB TVB WJUB QMVSJTFDPMBSF 1VS TFO[B FTTFSOF OFDFTTBSJBNFOUF DPOTBQFWPMF M BTDPMUBUPSF IB EFM SFTUP HJÆ GBNJMJB SJUÆ DPO DFSUJ USBUUJ EFMMB NVTJDB LMF[ NFS OPO GPTT BMUSP QFS HMJ BGàPSBNFOUJ DIF DPNF EB VO HSBOEF MBHP DBSTJDP FNFSHPOP OFM /PWFDFOUP F JO UFSSB BNFSJDBOB OFMMF NVTJDIF EJ (FPS HF (FSTIXJO BM TFDPMP +BDPC (FS TIPXJU[ #FOOZ (PPENBO #FOKBNJO %BWJE (PPENBO (VUNBO "BSPO $PQMBOE ,BQMBO

0SB MB ,MF[NFSBUB 'JPSFOUJOB DPN QPTUB EB QSJNF QBSUJ EFMM PSDIFTUSB EFM .BHHJP .VTJDBMF EJDIJBSB EJ FT

,MF[NFSBUB 'JPSFOUJOB TFSTJ GPSNBUB BMDVOJ BOOJ GB QSPQSJP jQFS EBS WPDF BMMB NVTJDB TUSVNFOUBMF USBEJ[JPOBMF EFHMJ FCSFJ EFMM 6DSBJOB DIF Í QBUSJNPOJP GBNJMJBSF EFM GPOEB UPSF EFM HSVQQP *HPS 1PMFTJUTLZ -P TUJ MF FTFDVUJWP DIF OF EFSJWB QVÖ FTTFSF EFàOJUP DPNF NVTJDB EB DBNFSB JN QSPWWJTBUB OFMMB RVBMF DPOáVJTDPOP EB VO MBUP M JODPOGPOEJCJMF MJOHVBH HJP TUSVNFOUBMF J SJUNJ EJ EBO[B F MF NFMPEJF PSJHJOBMJ EFMMB USBEJ[JPOJ EFJ LMF[NPSJNv HMJ FTFDVUPSJ DPNQPTJUPSJ

EJ NVTJDB LMF[NFS jEBMM BMUSP MB DPN QMFTTJUÆ EJ FTQSFTTJPOF M BNQJB HBN NB EJOBNJDB F M FMBTUJDJUÆ EJ UFNQP QSPQSJF EFMMB USBEJ[JPOF DMBTTJDBv %VF DPODFSUJ JO UVUUP TJNJMJ F EJGGFSFO UJ EVORVF DIF QSPNFUUPOP VO BQQB HBOUF JNNFSTJPOF WFSTP BMDVOJ UFTPSJ TPNNFSTJ EFMMB DVMUVSB FCSBJDB B DP SPOB JEFBMF EFM (JPSOP EFMMB .FNP SJB HFOOBJP QFS BTDPMUBSF NV TJDB EJ WBHMJB EFOTB EJ TUPSJB F OPO EJNFOUJDBSF

-B .FNPSJB UFTUJNPOJBUB JO TVPOJ i5FNQP E 0SDIFTUSBw TDFHMJF EJ QSPQPSSF JO EPQQJP UVSOP E BCCPOBNFOUP JM DPODFSUP EFMMB ,MF[NFSBUB 'JPSFOUJOB OFMMF EBUF EJ NBSUFEÖ F NFSDPMFEÖ HFOOBJP PSF 5FBUSP #J CJFOB EJ .BOUPWB JOUFOEFOEP DPO DJÛ BEFSJSF BMMP TQJSJUP DPO DVJ JM 1BSMBNFOUP JUBMJBOP OFM TDFMTF E JTUJUVJSF JM (JPSOP EFMMB .FNPSJB JO SJDPSEP EFMMF WJUUJNF EFMMF QFSTFDV[JPOJ GB TDJTUF F OB[JTUF BJ EBOOJ EJ FCSFJ PQQPTJUPSJ QPMJUJDJ HSVQQJ FUOJDJ F SFMJHJPTJ EJDIJBSBUJ EB )JUMFS JOEFHOJ EJ WJWFSF /FMM BO OJWFSTBSJP EFMMB MJCFSB[JPOF EFM DBNQP EJ TUFSNJOJP OB[JTUB EJ "VTDIXJU[ 1PMPOJB BE PQFSB EFMM "SNBUB 3PTTB HFOOBJP

i5FNQP E 0SDIFTUSBw QBSUFDJQB BMMF DFMFCSB[JPOJ BUUSB WFSTP MB UFTUJNPOJBO[B EJ VO RVBSUFUUP EJ GVPSJDMBTTF /BUP B ,JFW *HPS 1PMFTJUTLZ TJ EJQMPNB JO WJPMB F WJPMJOP RVJOEJ WJFOF BNNFTTP BM $POTFSWBUPSJP $BKLPWTLJK -BVSFBUPTJ OFHMJ 4UBUJ 6OJUJ EBM Ò QSJNB WJPMB EFM .BHHJP .VTJDBMF 'JPSFOUJOP $POTFHVJUP JM EJQMPNB JO DMBSJOFUUP DPO JM NBTTJNP EFJ WPUJ F MB MPEF 3JDDBSEP $SPDJMMB IB MBWPSBUP DPO (JVTFQQF (BSCBSJOP

F 5IPNBT 'SJFEMJ )B WJOUP JM DPODPSTP QFS QSJNP DMBSJOFUUP JO WBSJF PSDIFTUSF TJOGPOJDIF F E PQFSB %BM Ò QSJNP DMB SJOFUUP EFMM PSDIFTUSB EFM .BHHJP .VTJDBMF 'JPSFOUJOP )B PU UFOVUP JM i1SFNJP (BMJMFP w RVBMF HJPWBOF QSPNFTTB EFM DPODFSUJTNP JUBMJBOP /BUJWP EJ 5SJFTUF 'SBODFTDP 'VSMBOJDI IB JOJ[JBUP J TVPJ TUVEJ NVTJDBMJ DPO MB mTBSNPOJDB DMBTTJDB BMM FUË EJ BOOJ TPUUP M JOTFHOBNFOUP EJ &MJBOB ;BKFD 4J Ò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Ò QSJNP DPOUSBC CBTTP EFMM 0SDIFTUSB EFM .BHHJP .VTJDBMF 'JPSFOUJOP

.BSUFEÑ GFCCSBJP .BOUPWB ] 5FBUSP 4PDJBMF ,BNNFSPSDIFTUFS #BTFM $BSPMZO 4BNQTPO TPQSBOP +BNFT (JMDISJTU UFOPSF "OESFX 'PTUFS 8JMMJBNT CBTTP 1BVM (PPEXJO EJSFUUPSF .VTJDIF EJ * 4USBWJOTLJK

*HPS JM HSBOEF USBTGPSNJTUB /FMMB WJUB F OFMMB NVTJDB $JOJDP TUVQFGBDFOUF BSUJHJBOP EFM DPNQPSSF 4USBWJOTLJK QSPQPOF VOB QPFUJDB EFMMB NVTJDB BMJFOB EB PHOJ QBSUFDJQB[JPOF BGGFUUJWB BMM BUUP DSFBUJWP - PSDIFTUSB EJ #BTJMFB DF OF PGGSF VO TBHHJP PSEJOBOEP JM QSJNP F VMUJNP GSVUUP EFM OFPDMBTTJDJTNP E BVUPSF i1VMDJOFMMBw F i5IF 3BLF T QSPHSFTTw GL $1*(/2 )2/(772

,

*HPS 4USBWJOTLJK

O VO DFSUP TFOTP 5IF 3BLF T QSPHSFTT Í VO PQFSB BVUPCJPHSBàDB F JM MJCFSUJ OP BMUSJ OPO Í DIF 4USBWJOTLJK TUFTTP DPNQPTJUPSF BMMP TQFDDIJP EFMMB TUPSJB F EFMM VPNPv TDSJTTF 4FSHJP 4BCMJDI B QSP QPTJUP EFMM PQFSB ANP[BSUJBOB FTFHVJUB MB QSJNB WPMUB BMMB 'FOJDF EJ 7FOF[JB QPDP QJÜ EJ NF[[P TFDPMP GB /FMMB NFUBGPSB VOB TJOUFTJ QFSGFUUB 4J QVÖ TPMP QSPWBSF B JOEBHBSOF J EFUUBHMJ DPNF TVHHFSJTDF JM QSPHSBNNB NPOPHSBàDP EFMM 0SDIF TUSB EB DBNFSB EJ #BTJMFB DIF BDDPTUB MB TVJUF EFMMB $BSSJFSB EFM MJCFSUJOP UJUPMP EFM DJDMP EJ JODJTJPOJ QBSPEJTUJDP NPSBMJTUJDP EJ 8JMMJBN )PHBSUI TQVOUP EFM MJCSFUUP EJ "VEFO F ,BMNBOO BM iCBMMFU BWFD DIBOUu 1VMDIJOFMMB .VTJRVF E BQSÊT 1FSHPMFTJ EFM -B QSPQPTUB IB VOB QSJNB FTQMJDJUB SBHJPO E FTTFSF PSEJOBO EP JM QSJNP F VMUJNP GSVUUP EFM OFPDMBT TJDJTNP E BVUPSF VO BQQMJDB[JPOF TUJMJDP DPNQPTJUJWB DIF IB QVOUFHHJBUP DPO SF HPMBSJUÆ USFOU BOOJ EJ BUUJWJUÆ EFM NVTJDJTUB OBUP SVTTP PSUPEPTTP F NPSUP TUBUVOJUFO TF DBUUPMJDP B NPEP TVP DPNF TFNQSF

/FMMP TDPNPEP SVPMP EJ DPNQPTJUPSF EJ TVDDFTTP F BMMP TUFTTP UFNQP EJ SJGFSJNFO UP DPMUP NB OPO QSPHSFTTJTUB DIJPTÖ MP TUPSJDP àMPTPGP F DSJUJDP NVTJDBMF 5IFP EPS -VEXJH 8JFTFOHSVOE "EPSOP DIF MP DPOUSBQQPTF B 4DIÕOCFSH 4USBWJOTLJK GV TVCJUP BUUSBUUP EBM DBNBMFPOUJTNP "O[J WJ TJ SJDPOPCCF & GFDF EFM USBTGPSNJTNP VOB QSBUJDB RVPUJEJBOB SFEEJUJ[JB RVBO EP TJ EFEJDÖ B SJTDSJWFSF MF QSPQSJF QBS UJUVSF BMMP TDPQP EJ SJOWFSEJSF J EJSJUUJ E BVUPSF F VOP TUJMF NVTJDBMF QSJNB DIF EJ WJUB $PO MB NFEFTJNB EJTJOWPMUVSB TJ DPOWFSUÑ QSJNB BMM PDDJEFOUF EPSBUP EFM MB DBQJUBMF GSBODFTF QPJ B RVFMMP MPOUBOP

EJ )PMMZXPPE F EFMMF QSJNF NBKPS DJOF EJTDPHSBàDIF GV JM QJÜ SBQBDF BMMJFWP EJ 3JNTLJK ,PSTBLPW NB BODIF JM QJÜ SBQJEP DPNQPTJUPSF SVTTP B TQPTBSF MB DBVTB BS UJTUJDB EFMMP TQFUUBUPSF UJQP QBSJHJOP EJ TQPTUP B QBHBSF RVBMTJBTJ DPTB m BODIF B EFDSFUBSF VO USJPOGBMF JO TVDDFTTP m QVS EJ BWFSF VOB GBTUPTB PDDBTJPOF EJ iTDBO EBMPu & GV BMUSFUUBOUP TWFMUP OFM SJOVO DJBSF BHMJ BMMPSJ EFJ QSJNJ CBMMFUUJ GBVWF QFS BDRVJTJSF RVFMMJ EJ GPOEBUPSF BODIF TF OPO FSB WFSP HMJ FSBOP DPOUSP TUPSJB F EBUF F GFDPOEP BMàFSF TVM DBNQP RVF TU Í WFSP EFM OFPDMBTTJDJTNP NVTJDBMF EFM TFDPMP *O SFBMUÆ JM OFPDMBTTJDJ TNP SFB[JPOF BM TPHHFUUJWJTNP SPNBO UJDP P DPOUSBWWFMFOP BHMJ BOUJSPNBOUJDJ TNJ FTUSFNJTUJ EFMM BWBOHVBSEJB HPEFWB EJ CVPOB TBMVUF &SB QSBUJDBUP EB NPMUJ NVTJDJTUJ NB OPO TPMP DIF M BWFWBOP EPUBUP E VO DPEJDF TJOUBUUJDP TPMJEP NV UVBUP EBJ TFEJDFOUJ DBNQJPOJ TUPSJDJ EFMMB SB[JPOBMJUÆ +PIBOO 4FCBTUJBO #BDI JO QSJNB àMB F EB NVTJDIF DIF QPHHJB WBOP TV VO PSHBOJ[[B[JPOF HFPNFUSJDB JNQFDDBCJMF F VOP TUSVNFOUBSJP FTQSFT TJWP QSJWP EJ BNCJHVJUÆ TV GPSNF JOFRVJ WPDBCJMJ F TBMEBUVSF BSNPOJDIF B QSPWB EJ TFSJBMJUÆ 4GPHMJBOEP RVBMTJBTJ TUPSJB EFMMB NVTJDB BM DBQJUPMP /FPDMBTTJDJTNP USPWFSFNP TDSJUUP B DBSBUUFSJ NBJVTDPMJ JM OPNF EJ 1BVM )JOEFNJUI NB MB QPQP MBSJUÆ EFMM JEJPNB DIF QSFTF QJFEF OFMMB 'SBODJB QPTUEFCVTTZBOB DPO GSBOHF OFM MF DBQJUBMJ QPTUTDIPFOCFSHIJBOF F PDDB TJPOBMNFOUF BODIF JO *UBMJB Í JOEJTDVUJ CJMNFOUF MFHBUB BMMB NFUPEJDB BUUFO[JPOF DIF HMJ EFEJDÖ 4USBWJOTLJK -B TUBHJPOF OFPDMBTTJDB QSFTF MF NPTTF EBM 1VMDJOFMMB QBSJHJOP *M CBMMFUUP TV NVTJDIF EJ 1FS

,BNNFSPSDIFTUFS #BTFM

HPMFTJ P QSFTVOUF UBMJ JO RVFJ EFDFOOJ MB QSPTQFUUJWB NVTJDPMPHJDB FSB DPSUB F UVUUP DJÖ DIF BQQBSUFOFWB BM TFUUFDFOUP JUBMJBOP FSB VO DPSQVT VOJDP OFNNFOP 7JWBMEJ FSB TUBUP BODPSB ATDPQFSUP OBD RVF DPNF JNQFHOP NVTJDBMNFOUF TFN QMJDF JM DPNQPTJUPSF EPWFWB TUSVNFOUBSF F DPMMFHBSF GSB MPSP VOB TFSJF EJ NVTJDIF iQFSHPMFTJBOFu BMMB àOF TPMP OPWF EFJ EJDJPUUP QF[[J TPOP BUUSJCVJCJMJ BMM BVUP SF DBWBUJ EBMMF PQFSF 'MBNJOJP F -P GSBUF OOBNNPSBUP EB VOB $BOUBUB F EB VOB 4POBUB QFS WJPMPODFMMP BDDPTUBUF QFS JM DPNVOF FTUSP QPQPMBSFTDP F NFEJUFS SBOFP DIF BWSFCCF BDDFTP MB GBOUBTJB EJ 1JDBTTP QFS MF TDFOF F EJ .BTTJOF QFS MB DPSFPHSBàB QBSUFOPQFB PMUSF DIF BMMJFUBSF MF UBTDIF EJ %JBHIJMFW F J CPS EFSÖ EFJ #BMMFUT 3VTTFT 4FO[B WJODPMJ GPSNBMJ JM DPNQPTJUPSF TJ DPNQPSUÖ EB BDDPSUP SFTUBVSBUPSF SJTQFUUBOEP MF GPS NF FTUFSOF DJPÍ NFMPEJF F CBTTJ E BS NPOJB NB TCJ[[BSSFOEPTJ OFJ DPOUFOV UJ JOUBSTJBOEP M PSJHJOBMF TUSVUUVSB DPO OPUF FTUSBOFF TPWSBQQPTJ[JPOJ QPMJUPOBMJ F TDBQFTUSBUF TPMV[JPOJ SJUNJDIF DIF NJ TFSP B EVSB QSPWB J DBOUBOUJ 1VMDJOFMMB Í VOB TPSUB E JSSFTJTUJCJMF BOEJSJWJFOJ TPOP SP USB TVBEFO[F TFUUFDFOUFTDIF F BDJEJUÆ OPWFDFOUFTDIF GPOEBUP TVMMB iQPFUJDB EFMMB EJTUBO[Bu P EJ TUSBOJBNFOUP QFS EJSMB DPO VO DPODFUUP CSFDIUJBOP EJ RVFJ EFDFOOJ QJÜ DIF NPUJWBUP EB BUUFHHJB NFOUJ ADSJUJDJ P CBOBMNFOUF OPTUBMHJDJ OFJ DPOGSPOUJ EFMMB USBEJ[JPOF 4USBWJO TLJK DIF QFS MB QSJNB WPMUB TBHHJBWB MB USBEJ[JPOF NVTJDBMF ABOUJDB F PDDJEFOUB MF TDPQSÑ WBOJUÆ F WJUBMJUÆ EJ RVFMMF GPSNF SFMJUUJ E VO QBTTBUP MPOUBOP OF BOOVMMÖ MB OBUVSB FTQSFTTJWB NB OF TVCÑ JM GBTDJOP

TUSVUUVSBMF 4USBWJOTLJK SJDPOPCCF OFMMB à MJHSBOB DPTUSVUUJWB QFSHPMFTJBOB VO WPDB CPMBSJP FTTFO[JBMF F TUFSNJOBUP DIF CBTUB WB GBSDJSF EJ OVPWJ DPOUFOVUJ QFS SFOEFSF NPEFSOP *M TVP DJOJTNP EJ TUVQFGBDFOUF BSUJHJBOP EFM DPNQPSSF NVTJDBMF HMJ PGGSÑ HMJ TUSVNFOUJ NJHMJPSJ QFS SFBMJ[[BSF VO QSPQPTJUP BSUJTUJDP DIF USB M BMUSP FSB MB QJÜ DPNPEB F EJSFUUB DPOGFSNB E VOB 1PFUJDB EFMMB NVTJDB UJUPMP EFM TVP TBHHJP UFPSJDP EFHMJ BOOJ A JTUJOUJWBNFOUF TDIJFSBUB DPOUSP RVBMTJBTJ JEFB EJ QBS UFDJQB[JPOF BGGFUUJWB BMM BUUP DSFBUJWP P EJ DPOTFOTP B WBMPSJ NVTJDBMJ DIF OPO GPTTFSP M JOUSJOTFDB PSHBOJDJUÆ DPTUSVUUJWB EFMMF QBSUJUVSF 5SFOU BOOJ EPQP FTBVSJ UF BMUSF QJUUPSFTDIF EJWBHB[JPOJ TUJMJTUJDIF F DPOJVHB[JPOJ SJWPMUF BMMB USBEJ[JPOF 5IF 3BLF T QSPHSFTT TJ SJBMMBDDJÖ BJ NPEJ F BM NPOEP QFSHPMFTJBOP .B JM CFSTBHMJP GV QJÜ BNCJ[JPTP /FJ USF BUUJ DPODFQJUJ TJNNFUSJDBNFOUF QFS OVNFSP EJ RVB ESJ F EJ USBDDJBUJ ESBNNBUJDJ TVPOBUJ EB VO PSDIFTUSB DBVTUJDBNFOUF DMBTTJDB DMBWJDFNCBMP DPNQSFTP NB JM QJBOPGPS UF Í BNNFTTP M BNCJ[JPOF OFPDMBTTJDB TUSBWJOTLJBOB NBHOJàDÖ TF TUFTTB " CFO BTDPMUBSF TF OPO B MFHHFSF MB TGBWJMMBOUF QBSUJUVSB DIF TJ BQSF DPO VOB UPDDBUB PVWFSUVSF EJ UJOUB ANPOUFWFSEJBOB NB TUSBOJUB EBJ SJUNJ BTJNNFUSJDJ OPO D Í SF HPMB EFM QBTTBUP NVTJDBMF DIF OPO TJB VUJ MJ[[BUB EJTJOGFUUBUB F SFTUJUVJUB DPO OJUPSF NPEFSOP "ODPSB QSJNB EJ TDSJWFSF VOB OPUB 4USBWJOTLJK BWFWB GBUUP TGPHHJP EFMMB TVB POOJWPSB F QFSTPOBMJTTJNB DPODF[JP OF OFPDMBTTJDB m EFàOJ[JPOF DIF SJOOFHÖ TFNQSF BODIF %FCVTTZ EFM SFTUP EJTDP OPCCF M FUJDIFUUB JNQSFTTJPOJTUB F TJN CPMJTUB m SJEJTDVUFOEP OFMMB SFBMJ[[B[JPOF

EFM UFTUP MB USBEJ[JPOF MJCSFUUJTUJDB *NQP OFOEP MP TDIFNB GPSNBMF F MFUUFSBSJP EFM EBQPOUJBOP $PTÑ GBO UVUUF F MB OBSSB[JPOF QFS BSJF SFDJUBUJWJ F QF[[J E BTTJFNF EFM M PQFSJTNP DPNJDP QPTUQFSHPMFTJBOP NB DPOUJOVBOEP B EFSPHBSF EBM NPEFM MP BDDPHMJFOEP TVHHFTUJPOJ UFBUSBMJ EJ TF HOP MPOUBOP F QJÜ WJDJOF B OPJ RVFMMF IPGGNBOJBOF PGGFOCBDIJBOF F DJBJLP WTLJBOF NFOUSF JO NVTJDB HMJ FWJEFOUJ SJNBOEJ BMM PQFSJTNP SPNBOUJDP JUBMJB OP DPOUSPCJMBODJBSPOP HMJ AIPHBSUIJBOJ PNBHHJ BM CBSPDDP JOHMFTF F J SJDIJBNJ HMVDLJBOJ 5VUUP Í DJUBCJMF JO 5IF 3BLF T QSPHSFTT NB OPO Í DJUB[JPOF B QBSUF MB DBO[POBDDJB EB TUSBEB OFM BUUP 5VUUP Í GBMTP FQQVSF WFSJUJFSP F BMMB àOF QFSà OP ESBNNBUJDP F DPNNPWFOUF 1FSDIÊ BODIF TF JO QBMDPTDFOJDP JM EJBWPMP -FQPSFMMP 4IBEPX OPO WJODF m P NF HMJP WJODF TPMP JO QBSUF NB DPOUSP VO VPNP NPEFSOBNFOUF iTFO[B RVBMJUÆu m NFOUSF HJHBOUFHHJB M FSPJDP BGGFUUP EJ "OOF USBUUBUB DPNF VOB TUBS EFM CFMDBO UP TUSBVTTJBOP TFUUFDFOUFTDP BMMB QSJNB DBOUBWB &MJ[BCFUI 4DIXBS[LPQG JO PHOJ QBHJOB EFMMB QBSUJUVSB TQBESPOFHHJB M FO OFTJNB NBTDIFSB EFM EJBWPMP MJCFSUJOP 4USBWJOTLJK $PO VO àOBMF TCFSMFGGP BMMB TUPSJB $BQPMBWPSP F FQJMPHP EFMMB QSP àDVB TUBHJPOF OFPDMBTTJDB FVSPQFB BTTP DJBUB QFS USPQQP UFNQP BMMB SFUSPHVBSEJB EFMMB NVTJDB NPEFSOB 5IF 3BLF T QSPHSFTT BOEÖ JO TDFOB HMPSJàDBOEP M BVUPSF BO DIF JO WFTUF EJ EJSFUUPSF E PSDIFTUSB M TFUUFNCSF "SOPME 4DIÕOCFSH QB ESF NFOUPSF QSPDMBNBUP NB DPO TDBSTB BQFSUVSB EJ DSFEJUP QVCCMJDP EFMM BWBO HVBSEJB FSB NPSUP PUUP TFUUJNBOF QSJNB WFOFSEÑ MVHMJP

(PPEXJO

*M EJLUBU EJ #BTJMFB BOUJDP F NPEFSOP QVSDIÏ BM NBTTJNP MJWFMMP *M UVUUP 4USBWJOTLJK F JM DBTU BOOVODJBUJ EBMMB MPDBOEJOB DPODPSSPOP B GBSF EFMMB TFSBUB RVFMMB DIF TJ TVPM EFmOJSF VOB SBSB PDDBTJPOF E BTDPMUP

'PTUFS 8JMMJBNT

4BNQTPO

0

BSUFEÑ GFCCSBJP BM 5FBUSP 4PDJBMF EJ .BOUPWB i5FNQP E 0SDIFTUSB u BGàEB M FTFDV[JPOF EFMMB 4VJUF EBM M PQFSB JO USF BUUJ 5IF 3BLF T QSPHSFTT -B DBSSJFSB EJ VO MJCFSUJOP F EFM 1VMDJOFMMB #BMMFUUP DPO DBOUBOUJ TV UFNJ EJ 1FSHP MFTJ RVJ QSPQPTUP OFMMB QSJNB WFSTJPOF PSJHJOBMF EJ *HPS 4USBWJOTLJK BMM PUUJNB ,BNNFSPSDIFTUFS #BTFM EJSFUUB EB 1BVM (PPEXJO " DPNQMFUBSF JM DBTU TBSBOOP USF WPDJ BQQSF[[BUJTTJNF JM TPQSBOP $BSPMZO 4BNQTPO JM UFOPSF +BNFT (JM DISJTU F JM CBTTP "OESFX 'PTUFS 8JMMJBNT *M QSPHSBNNB NB DFSUBNFOUF BODIF HMJ JOUFSQSFUJ DPOUSJCVJTDPOP B GBSF EFMM BQQVOUBNFOUP VOB SBSB PDDBTJPOF E BTDPMUP 'POEBUB OFM EB NVTJDJTUJ QSPWF OJFOUJ EB EJWFSTJ DPOTFSWBUPSJ TWJ[[FSJ MB ,BNNFSPSDIFTUFS #BTFM Í PHHJ VOB SJOPNBUB DPNQBHJOF EB DBNFSB DIF TJ JNQFHOB B QPSUBSF BWBOUJ MB USBEJ[JPOF FSFEJUBUB EB 1BVM 4BDIFS VOP EFJ QJÜ JNQPSUBOUJ QSPNPUPSJ EFMMB NVTJDB EFM TFDPMP GBSF NVTJDB BM NBTTJNP MJWFMMP F TWJMVQQBSF VO SFQFSUPSJP DIF DPNCJOJ BOUJDP F NPEFSOP -B ,BN NFSPSDIFTUFS #BTFM TJ Í JNQPTUB BMM BU UFO[JPOF HFOFSBMF OFHMJ VMUJNJ BOOJ QBSUFDJQBOEP DPNF PTQJUF B OVNFSPTJ GFTUJWBM JOUFSOB[JPOBMJ FE FTJCFOEPTJ OFMMF NBHHJPSJ TBMF E &VSPQB * NVTJDJ TUJ EFMMB ,BNNFSPSDIFTUFS #BTFM BNBOP EFàOJSTJ WJBHHJBUPSJ BUUSBWFSTP MF EJWFSTF FQPDIF NVTJDBMJ JM DVJ àOF Í SJEBSF WJUB B QF[[J BOUJDIJ F JOUFSQSFUBSMJ DPO GSFTDIF[[B F EJOBNJDJUÆ - PSDIFTUSB Í QFSÖ BUUFOUB OPO TPMP B SFOEFSF UVUUF MF TGBDDFUUBUVSF EFHMJ TUJMJ CBSPDDIJ TVP OBOEP TUSVNFOUJ E FQPDB NB BODIF B QSPNVPWFSF F DPNNJTTJPOBSF OVPWF DPNQPTJ[JPOJ IB BMM BUUJWP QSJNF FTF DV[JPOJ EJ PQFSF EJ "OESFB 4DBSUB[[JOJ 6SJ $BJOF 7BMFOUJO 4JMWFTUSPW 5JHSBO .BOTVSJBO USB HMJ BMUSJ

$BSPMZO 4BNQTPO WPMUP F WPDF OPUJ BJ GFEFMJTTJNJ EJ i5FNQP E 0SDIFTUSBu JOBVHVSÖ DPO M 0SDIFTUSB EFHMJ $IBNQT ­MZTÊFT M FEJ[JPOF EFMMB TUB HJPOF JODBOUBOEP QVCCMJDP F DSJUJDB Í

(JMDISJTU

VOP EFJ QJÜ DPJOWPMHFOUJ TPQSBOJ FNFS TJ OFHMJ VMUJNJ BOOJ *OHMFTF EJ #FEGPSE GPSNBUBTJ NVTJDBMNFOUF BMM 6OJWFSTJUÆ EJ #JSNJOHIBN BQQBSF B QSPQSJP BHJP UBOUP TVJ QBMDPTDFOJDJ EB DPODFSUP RVBOUP OFJ UFBUSJ E PQFSB SJTDVPUFOEP OPUFWPMJ TVDDFTTJ TJB OFM 3FHOP 6OJUP DIF JO UVUUB &VSPQB F OFHMJ 4UBUJ 6OJUJ +BNFT (JMDISJTU DVSJPTP FOUSB OFM NPOEP EFM MBWPSP DPNF NFEJDP TDFHMJFOEP QPJ EJ EFEJDBSTJ BMMB NVTJDB B UFNQP QJFOP TPMP OFM JOUSBQSFOEFOEP VOB DBSSJFSB DIF EJ MÑ B RVBMDIF BOOP MP BWSFCCF WJTUP GSFRVFOUBSF MF TDFOF EJ NF[[P NPOEP "DDMBNBUP EB UVUUB MB TUBNQB QFS MB TVB WPDF QPUFOUF TPOPSB F SBGàOBUB "O ESFX 'PTUFS 8JMMJBNT Í DPOTJEFSBUP VO CSJMMBOUF HJPWBOF UBMFOUP FNFSHFOUF OFM NPOEP EFMMB NVTJDB DMBTTJDB -B TFOTJ CJMJUÆ NVTJDBMF BDDPTUBUB B VO JOOBUP TFOTP ESBNNBUJDP DPOTFOUF BMM BSUJTUB EJ QPSUBSF áFTTJCJMJUÆ WPDBMF F SJDDIF[[B EJ UPOP OFMMF TBMF EB DPODFSUJ DPNF OFJ UFBUSJ EFMM PQFSB %J SFDFOUF Í TUBUP DJUBUP EB 3VQFSU $ISJTUJBOTFO OFM 5IF %BJMZ 5FMFHSBQI DPNF MB TVB 3JWFMB[JP OF EFMM BOOP " EJSJHFSF UVUUJ F UVUUP TBSÆ 1BVM (PPE XJO VOP EFJ EJSFUUPSJ E PSDIFTUSB QJÜ WFSTBUJMJ EFM 3FHOP 6OJUP GFEFMF JOUFS QSFUF EFMMB NVTJDB CBSPDDB DMBTTJDB F SPNBOUJDB FQQVS DPOWJOUP TPTUFOJUPSF F EJWVMHBUPSF EJ NVTJDB DPOUFNQPSB OFB %JSFUUPSF BHHJVOUP EFMM "DBEFNZ PG "ODJFOU .VTJD (PPEXJO Í EJSFUUPSF PTQJUF EFMMB ,BNNFSPSDIFTUFS #BTFM (PPEXJO WBOUB BODIF VO BNQJP SFQFS UPSJP TJOGPOJDP BMMB UFTUB EJ JNQPSUBOUJ PSDIFTUSF USB DVJ MB ##$ 1IJMIBSNPOJD MB )BMMÊ 0SDIFTUSB MB $JUZ PG #JSNJO HIBN 4ZNQIPOZ 0SDIFTUSB F MB 4DPUUJTI $IBNCFS 0SDIFTUSB MB .JOOFTPUB 0S DIFTUSB MB /BUJPOBM 4ZNQIPOZ 0SDIF TUSB MF PSDIFTUSF OB[JPOBMJ EFM #FMHJP F EFMMB 4QBHOB )FMTJOLJ F 4UPDLIPMN 1IJMIBSNPOJDT F MB #BZFSJTDIFS F )FT TJTDIFS 3VOEGVOLPSDIFTUFS 4VM GSPOUF PQFSJTUJDP JOàOF M BQQSPDDJP JOOPWBUJ WP EJ (PPEXJO Í BMUBNFOUF BQQSF[[BUP F SJDIJFTUP WQ

.BSUFEÑ F .FSDPMFEÑ GFCCSBJP .BOUPWB ] 5FBUSP #JCJFOB 0SDIFTUSB EB $BNFSB EJ .BOUPWB (JPWBOOJ "OHFMFSJ WJPMJOP 1BWFM (PN[JBLPW WJPMPODFMMP 3PTTBOB $BMWJ PCPF 'SBODFTDP #PTTPOF GBHPUUP $BSMP 'BCJBOP WJPMJOP DPODFSUBUPSF .VTJDIF EJ ' + )BZEO

1SJWJMFHJP F SFTQPOTBCJMJUË EFM WJWFSF E BSUF *M WJPMJOJTUB (JPWBOOJ "OHFMFSJ 1SFNJP 1BHBOJOJ B GFCCSBJP JNQFHOBUP DPO M 0DN JO VO QSPHSBNNB JOUFSBNFOUF EFEJDBUP BE )BZEO SBDDPOUB MB QSPQSJB WJTJPOF EFMM VOJWFSTP NVTJDB &WPDBOEP NPOEJ F BUNPTGFSF JO DVJ MF PQFSF JNNPSUBMJ B TVP EJSF TBOOP USBTQPSUBSDJ EJ 9$/(17,1$ 3$9(6,

,

OJ[JBNP EB VOB DJUB[JPOF DIF MFJ TDF HMJF EJ QPSSF JO BQFSUVSB EFM TVP TJUP XFC XXX HJPWBOOJBOHFMFSJ JU j.BO EBS MVDF OFM QSPGPOEP EFM DVPSF FDDP JM EPWFSF EFMM BSUJTUBv 3 4DIVNBOO $IF QPUFSF P SVPMP DSFEF TJ QPTTB BUUSJCVJSF PHHJ BMM BSUF j-B SJOHSB[JP EJ WPMFS JOJ[JBSF QSPQSJP DPO RVFTUB DJUB[JPOF EJ DVJ WPSSFJ TPUUPMJOFB

SF JO QBSUJDPMBS NPEP M JEFB EJ iEPWFSFu $PNF NVTJDJTUB SJUFOHP EJ BWFSF DPOUFN QPSBOFBNFOUF JM QSJWJMFHJP F MB SFTQPOTB CJMJUÆ EJ QPUFS TWPMHFSF MF NJF SJDFSDIF MB NJB BUUJWJUÆ F JM NJP TUVEJP TVMMF PQFSF DIF J HFOJ EFMMB TUPSJB EFMMB NVTJDB DJ IBOOP MBTDJBUP JO EPOP 4FOUP QSPGPOEBNFOUF JM EPWFSF EJ DFSDBSF EJ BWWJDJOBSNJ JM QJÜ QPTTJCJMF BMMB DPNQSFOTJPOF EFMMB iMVDFu EJ RVFJ DBQPMBWPSJ F NJ BVHVSP DIF EV SBOUF MF FTFDV[JPOJ J NVTJDJTUJ F HMJ BTDPMUB UPSJ QPTTBOP FTTFSOF DPJOWPMUJ TFNQSF QJÜ QSPGPOEBNFOUFv /FMMF TFSBUF EJ NBSUFEÑ F NFSDPMFEÑ GFCCSBJP BM 5FBUSP #JCJFOB EJ .BO UPWB OFMM BNCJUP EFMMB TUBHJPOF i5FN QP E 0SDIFTUSBu BWSFNP JM QJBDFSF EJ BTDPMUBSMB JOUFSQSFUBSF JM $PODFSUP QFS WJPMJOP F MB 4JOGPOJB $PODFSUBOUF EJ )BZEO 4BSFNP OFM QJFOP EFMMF DFMFCSB[JPOJ QFS JM CJDFOUFOB SJP EFMMB NPSUF EFM NBFTUSP BVTUSJBDP 2VBMF JM TVP HJVEJ[JP TVM NVTJDJTUB F TVMMB TVB PQFSB j/FJ DPOGSPOUJ EJ à HVSF EJ DPTÑ BMUP WBMP

(JPWBOOJ "OHFMFSJ

SF BSUJTUJDP F TQJSJUVBMF DPNF RVFMMB EJ )BZEO M BNNJSB[JPOF MB NFSBWJHMJB F MB HSBUJUVEJOF GPSTF TPOP BODPSB USPQQP QPDP QFS FTQSJNFSF JM NJP TFOUJNFOUP 1FOTP BMMF BUNPTGFSF F BJ NPOEJ EPWF DJ QPSUB BMMB DPNNP[JPOF DIF SJFTDF B FWP DBSF BMMB TFNQMJDJUÆ F BMMB HSBOEF[[B EFJ DPOUFOVUJ EFMMF TVF PQFSFv 'JO EB HJPWBOJTTJNP BQQBTTJPOBUP BMMB NVTJDB BOUJDB FTFHVJUB DPO TUSVNFOUJ PSJ HJOBMJ MFJ IB QJÜ WPMUF BWVUP JM QSJWJMFHJP EJ TVPOBSF JM DFMFCFSSJNP i$BOOPOFu JM WJPMJOP BQQBSUFOVUP B 1BHBOJOJ 0SB JO PDDBTJPOF EFJ QSPTTJNJ DPODFSUJ DPO M 0S DIFTUSB EB $BNFSB EJ .BOUPWB MB $JUUÆ EJ $SFNPOB TJ EJDF JOUFO[JPOBUB BE BGà EBSF BMMF NBOJ TVF F EFM WJPMPODFMMJTUB 1BWFM (PN[JBLPW HMJ 4USBEJWBSJ EFMMB DPMMF[JPOF DJWJDB $PTB TJHOJà DB QFS VO NVTJDJTUB QP UFS TVPOBSF TUSVNFOUJ EFM HFOFSF j° VOB WFSB HJPJB RVBOEP DJ TJ USPWB GSB MF NBOJ EFJ WJPMJOJ DPTÑ CFMMJ DPNF RVFMMJ EFMMB DPMMF[JPOF EJ $SFNPOB FE Í TJDVSB NFOUF VO FNP[JPOF QBSUJDPMBSF TVPOB SF EFHMJ TUSVNFOUJ DIF TPOP BQQBSUFOVUJ B HSBOEJ NVTJDJTUJ EFM QBTTBUP F NBHBSJ DPNF OFM DBTP EFM i$BOOPOFu DPO 1BHBOJ OJ MJ IBOOP BDDPNQBHOBUJ JO HSBO QBSUF EFMMB MPSP WJUB BSUJTUJDBv 7JPMJOP CBSPDDP WJPMJOP NPEFSOP -FJ MJ TVPOB FOUSBNCJ B EJGGFSFO[B EJ UBOUJ NV TJDJTUJ DIF PQFSBOP VOB TDFMUB QJÜ SJHJEB $IF à MPTPà B TUB BM GPOEP EJ VOB UBMF EVU UJMJUÆ DIF QVS OPO SJOVODJB BMMB TQFDJBMJ[ [B[JPOF j$PNF SJDPSEBWB IP JOJ[JBUP à O EB CBN CJOP B TUVEJBSF MB NVTJDB BOUJDB DPO HMJ TUSVNFOUJ PSJHJOBMJ 1FOTP TJB TUBUB VOB HSBOEF GPSUVOB QPUFS FTQMPSBSF EB TVCJ UP J NF[[J FTQSFTTJWJ EFMMF WBSJF FQPDIF

(PN[JBLPW F 1JSFT

DPO MF UFDOJDIF FTFDVUJWF PSJHJOBMJ TFO [B CJTPHOP EJ USBEV[JPOJ P JOJCJ[JPOJ VO QP DPNF TF VO CBNCJOP JNQBSBTTF JO GB NJHMJB DPOUFNQPSBOFBNFOUF JM -BUJOP F M *UBMJBOPv " GFCCSBJP USB .BOUPWB F $SFNPOB WF OFSEร BM 5FBUSP 1PODIJFMMJ OES TJ SJO OPWB MB DPMMBCPSB[JPOF USB MFJ F M 0SDIF TUSB EB $BNFSB EJ .BOUPWB OBUB BOOJ PS TPOP SFDFOUFNFOUF GPSJFSB EJ DPOTFOTJ EJ QVCCMJDP F DSJUJDB JO PDDBTJPOF EFM 'F TUJWBM .JUP F QSPTTJNB B SJQSPQPSTJ BODIF B HJVHOP OFMM BNCJUP EFM 5SBTJNF OP .VTJD 'FTUJWBM DIF IB QFS EJSFUUPSF BSUJTUJDP MB DFMFCSF QJBOJTUB DBOBEFTF "O HFMB )FXJUU $J QBSMB EJ RVFTUP SBQQPSUP BSUJTUJDP j3JQFOTP BMMB WJWF[[B F BMMB QSPGPOEJUร EFMMF FTFDV[JPOJ EFMM 0SDIFTUSB EB $BNF SB EJ .BOUPWB F TPOP WFSBNFOUF GFMJDF EJ SJOOPWBSF RVFTUB DPMMBCPSB[JPOF *O UVUUF MF PDDBTJPOJ DIF IP BWVUP EJ TVPOBSF DPO $BSMP 'BCJBOP F M 0SDIFTUSB EB $BNFSB EJ .BOUPWB GPTTFSP QSPWF P DPODFSUJ IP TFOUJUP EJ SFTQJSBSF JOTJFNF M BNPSF QFS MB .VTJDB F BODIF QFS RVFTUP HVBSEP EBW WFSP DPO FOUVTJBTNP BMM BUNPTGFSB NBHJDB DIF QPUSร DSFBSTJ DPO "OHFMB )FXJUU RVF TU FTUBUF BM 5SBTJNFOP .VTJD 'FTUJWBM v

4XDWWUR JUDQGL VROLVWL SHU XQ FRQFHUWR LQ GRSSLD VHULH GยทDEERQDPHQWR /FMM BOOP EFMMF DFMFCSB[JPOJ QFS JM CJDFOUFOBSJP EFMMB NPSUF )BZEO OBDRVF B 3PISBV "VTUSJB OFM F TDPNQBSWF B 7JFOOB JM NBHHJP EFM

- 0DN QSPQPOF OVPWF UBQQF EFMM BSUJDPMBUP QFSDPSTP JOUSBQSFTP BUUSBWFSTP M PQFSB EJ 'SBO[ +PTFQI )BZEO "M 5FBUSP #JCJFOB EJ .BOUPWB QFS MB TUBHJPOF i5FNQP E 0SDIFTUSBw JO EPQQJB TFSJF NBSUFEร JOHSFTTP SJTFSWBUP BJ TPU UPTDSJUUPSJ EJ BCCPOBNFOUJ i"NJDJ 4PTUFOJUPSJw i0SGFPw i(JPWBOJ "NJDJw

F NFSDPMFEร GFCCSBJP JOHSFTTP SJTFSWBUP BHMJ BCCPOBUJ i&VUFSQFw i0TUJ HMJBw i(JPWBOJ "NJDJw M 0SDIFTUSB EB $BNFSB EJ .BOUPWB BGGSPOUB VO TP MJEP QSPHSBNNB EFEJDBUP JOUFHSBMNFOUF BMM )BZEO EFJ DPODFSUJ F EFMMF TJOGP OJF DIF BOOPWFSB $PODFSUP JO EP NBHHJPSF QFS WJPMJOP F PSDIFTUSB 4JOGPOJB JO NJ CFN NBHHJPSF i*M mMPTPGPw 4JOGPOJB JO TPM NJOPSF )PC * O i-B HBM MJOBw 4JOGPOJB $PODFSUBOUF JO TJ CFN NBHHJPSF QFS PCPF GBHPUUP WJPMJOP WJPMPODFMMP F PSDIFTUSB O 2VBUUSP TPMJTUJ EJ WBHMJB TJ VOJTDPOP BMM 0SDIF TUSB EB $BNFSB EJ .BOUPWB BQQSF[[BUB JOUFSQSFUF EFM SFQFSUPSJP DMBTTJDP JO RVFTUP OVPWP PNBHHJP BM NBFTUSP BVTUSJBDP JM WJPMJOJTUB (JPWBOOJ "OHFMFSJ 1SFNJP 1BHBOJOJ OFM JM WJPMPODFMMJTUB SVTTP 1BWFM (PN[JBLPW QSFNJP TQFDJBMF BM $PODPSTP $BKLPWTLJK EJ .PTDB F QBSUOFS mTTP EFMMB GBNPTB QJBOJ TUB .BSJB +Pร P 1JSFT M PCPJTUB 3PTTBOB $BMWJ BM TVP BUUJWP VO SJDPOPTDJNFOUP BM $PODPSTP EJ (JOFWSB F VOB MVOHB TFSJF EJ DPMMBCPSB[JPOJ QSFTUJHJPTF FE JM GBHPUUJTUB 'SBODFTDP #PTTPOF EB QJรก EJ WFOU BOOJ QSJNB QBSUF TPMJTUB OFMM 0S DIFTUSB EFMM "DDBEFNJB EJ 4BOUB $FDJMJB B 3PNB F DPMMBCPSBUPSF BCJUVBMF OFM MP TUFTTP SVPMP EFMM 0SDIFTUSB EB $BNFSB EJ .BOUPWB

- 0DN "OHFMFSJ %JOEP $BMWJ F #PTTPOF BM 'FTUJWBM .J5P OFMMB i$PODFSUBOUFw EJ )BZEO

)BZEO F MB TJOGPOJB NPEFSOJUË EJ VOB OVPWB MPHJDB NVTJDBMF

/

EJ BGGFSNB[JP ¶VSHFO[B OF EJ VO OVPWP MJOHVBH

HJP DIF EPQP BWFS QSF TP MF EJTUBO[F EBMMF CBSPDDIF GPSNVMF JNJUBUJWF PHHFUUJWB NFOUF DIJBNBUF BMMB SBQQSF TFOUB[JPOF EFHMJ BGGFUUJ QP UFTTF FTQSJNFSF TVMMB TDJB EFM QFOTJFSP JMMVNJOJTUB MB SFBMF QFSDF[JPOF EFMM FTTFSF SJDDB EJ TPUUJMJ TGVNBUVSF QPSUÖ MB NVTJDB TVM àOJSF EFMMB NFUÆ EFM TFDPMP B EFàOJSTJ RVB MF BSUF JODPOEJ[JPOBUB FE BTTP MVUB NBOJGFTUB[JPOF JOEJQFO EFOUF FE JSSJEVDJCJMF B RVBM TJWPHMJB TJHOJàDBUP P TFNQMJ DFNFOUF BMM FWPDB[JPOF EJ VO QBSUJDPMBSF WJTTVUP - FTQMPSB[JPOF EFMMF BODPSB BDFSCF QPTTJCJMJUÆ DSFBUJWF OFM M BNCJUP EJ VOB NVTJDB TUSV NFOUBMF BVUPOPNB T JODBSOB OFMMB àHVSB EJ 'SBO[ +PTFQI )BZEO QBESF EFMMB 4JOGPOJB F EFM 2VBSUFUUP E BSDIJ DIF SJWFMB JM QSPQSJP HFOJP MVOHB NFOUF NFTTP JO PNCSB EBMMB DFOUSBMJUÆ JOEJTDVTTB BUUSJCVJUB OFMM &VSPQB EFM $MBTTJDJTNP B .P[BSU OFMMB USBUUB[JPOF EFM NBUFSJBMF NVTJDBMF SJEFàOJUP BMM JOUFSOP EJ GPSNF TFNQSF EFUFSNJOBUF OFJ UFNJ OFJ SJU NJ F OFMMF BSNPOJF NB OPO QFS RVFTUP QSJWP EJ JOWFOUJWB SJDFSDB VNPSJTNP F EPMPSF SJWFMBOEP BODIF OFMMB DPODF

[JPOF EFM SBQQPSUP DPO JM QBT TBUP WJTUP DPO VOB EJGGFSFOUF F DIJBSB DPTDJFO[B EFM WBMPSF TUPSJDP EFMMF GPSNF NVTJDBMJ VOP TQJSJUP NPEFSOP DPODSF UBNFOUF JMMVNJOJTUB F TFNQSF UFTP BMMP TQFSJNFOUBMJTNP -B OVPWB MPHJDB QVSBNFOUF NVTJ DBMF DIF OFDFTTJUBWB EJ OVPWF GPSNF EJ OVPWJ MJOHVBHHJ F EJ VO SJOOPWBUP TUJMF USPWÖ OFMMB 4JOGPOJB DMBTTJDB JOJ[JBMNFOUF BODPSB MFHBUB BE VOP TDIFNB USJQBSUJUP FSFEJUBUP EBM $PO DFSUP #BSPDDP F TPQSBUUVUUP OFMMB GPSNB TPOBUB VOB NP EFSOB WFTUF EJ QSFTFOUB[JPOF JOFWJUBCJMNFOUF MPOUBOB UBOUP EBMMB MVOHIF[[B NFMPEJDB EFM CBSPDDP RVBOUP EBMMB SJEPO EBO[B UFNBUJDB EFM SPDPDÖ -B 4JOGPOJB O EFUUB i*M 'JMPTP GPu DPNQPTUB OFHMJ BOOJ 4FT TBOUB SJWFMB DPO TPUUJMF JSPOJB RVFTUP TDBMQJUBOUF CJTPHOP EJ DBNCJBNFOUP OFMM JNNBHJOF QBSPEJTUJDB EJ VO NPOEP CB SPDDP BTàTTJBUP EBMMB QSPQSJB BVTUFSJUÆ SFTP JO NVTJDB EB VO UFNB DPSBMF OFMM "EBHJP JOUSPEVUUJWP TPMFOOFNFOUF FTQPTUP JO BQFSUVSB EBJ DPSOJ QFS QPJ FTTFSF BGàEBUP BM UJN CSP DIJPDDJP EFM DPSOP JOHMF TF - JODFTTBOUF SJDFSDB DIF )BZEO DPOEVTTF QFS RVBTJ UVUUB MB TVB DBSSJFSB OFMM JTPMB NFOUP EFM DBTUFMMP EJ &TUFSIÆ

[B OPO HMJ JNQFEÑ EJ FTTFSF DP OPTDJVUP FE BQQSF[[BUP BODIF GVPSJ EBMM "VTUSJB UBOUP DIF MB GBNPTB TPDJFUÆ PSDIFTUSBMF QB SJHJOB -F $PODFSU EF MB -PHF 0MZNQJRVF HMJ DPNNJTTJP OÖ TFJ OVPWF TJOGPOJF DI FHMJ DPNQPTF DPO HSBOEF GFSWP SF JOWFOUJWP EVSBOUF HMJ BOOJ F QPUFOEP BWFSF B EJTQPTJ[JPOF VO PSHBOJDP EF DJTBNFOUF QJÜ BNQJP SJTQFUUP B RVBOUP HMJ FSB PGGFSUP EBMMB DBQQFMMB EJ DPSUF *OUFOTJUÆ MJOHVBHHJP PSDIF TUSBMF CSJMMBOUF NBHHJPSF JO EJQFOEFO[B EBUB BJ àBUJ DPO VO MPSP QBSUJDPMBSF BTTFUUP EFàOJUP QSPQSJP JO RVFTUP HSVQQP EJ DPNQPTJ[JPOJ áBV UP EVF PCPJ EVF GBHPUUJ EVF DPSOJ EFMJOFBOP J USBUUJ EFMMB 4JOGPOJB O JO DVJ EBM GPSUF DPOUSBTUP UFNBUJDP EFM QSJNP NPWJNFOUP JO TPM NJOPSF USB VO JEFB ESBNNBUJDBNFOUF FOFSHJDB F VOB HBJB EB DVJ JM TPQSBOOPNF i-B (BMMJOBu BU USBWFSTP VO "OEBOUF EJTFHOBUP EB GPSUJ DPOUSBTUJ USB MB MJOFB NFMPEJDB EFJ WJPMJOJ F MF JSSV [JPOJ EFM UVUUJ TJ BQQSPEB BMMB CSJMMBOUF MVDF EJ VO TPM NBH HJPSF QSFTFOUBUP EBM .FOVFU F 5SJP QFS QPJ FTQMPEFSF OFM M JNQFUP TGSFOBUP EFM 'JOBMF DPODMVTJWP 4*-7*" $03#&55"

7FOFSEÑ GFCCSBJP 0TUJHMJB ] 5FBUSP 4PDJBMF 0SDIFTUSB EFMMB 5PTDBOB .POJLB 3FCIPM[ TPQSBOP +PBDIJN .PTFS UFOPSF 1FUFS (VUI EJSFUUPSF i7PSSFJ EBO[BSu

0QFSFUUB FWPMV[JPOF EJ VO HFOFSF BNBUJTTJNP /BUB JOUPSOP BMMB NFUË EFMM 0UUPDFOUP IB TFNQSF JODPOUSBUP JM GBWPSF EJ QVCCMJDP F DSJUJDB UBOUP EB QPSUBSF BMMB OBTDJUB EJ UFBUSJ BE FTTB DPOTBDSBUJ /FMMB 8JFOFS 0QFSFUUF Ò M BTQFUUP TFOUJNFO UBMF F OPTUBMHJDP B EPNJOBSF MB TDFOB DPNF JO 4USBVTT -ÏIBS ,ËMNËO 4UPM[ GL $5$%(//$ &257(6(

%

B RVBOEP M PQFSFUUB Í OBUB JOUPSOP BMMB TFDPOEB NFUÆ EFMM IB TFNQSF JODPOUSBUP MBSHP GBWPSF EJ QVCCMJDP F DSJUJDB UBO UP DIF OVNFSPTJ UFBUSJ TPOP TPSUJ FTDMV TJWBNFOUF QFS PTQJUBSF RVFTUP HFOFSF UFBUSBMF .VUVBUB EBMM PQÊSB DPNJRVF F EBM WBVEF WJMMF JO 'SBODJB F EBM TJOHTQJFM JO "VTUSJB F (FSNBOJB M PQFSFUUB TJ EJGGPOEF QSF TUP BODIF JO 6OHIFSJB (SBO #SFUBHOB F QJÜ UBSEJ JO *UBMJB $PNF J HFOFSJ PQFSJTUJDJ EB DVJ EFSJWB Í DBSBUUFSJ[[BUB EBMM BMUFSOBSTJ EJ CSBOJ DBOUBUJ JO GPSNB DIJVTB B EBO[F F TDFOF SFDJUBUF JO QSPTB ° EPWFSPTP EJTUJOHVFSF JM àMPOF GSBO DFTF JODMJOF BE VOB DPNJDJUÆ HSPUUFTDB F TBSDBTUJDB EB RVFMMP BVTUSP VOHBSJDP EPWF EPNJOB M BTQFUUP TFOUJNFOUBMF F OPTUBMHJDP $FOUSP OFWSBMHJDP Í 7JFOOB DJUUÆ EPWF PQFSB F PQFSFUUB TPOP BNBUF F SJTQFU UBUF JO FHVBM NJTVSB 1SPQSJP RVJ JM DF MFCSF iSF EFJ WBM[FSu +PIBOO 4USBVTT àHMJP TUJNBUP EB DPNQPTJUPSJ DPNF #SBINT F 8BHOFS USPWB JM UFSSFOP GB WPSFWPMF QFS %JF 'MFEFSNBVT DIF OFM HJSP EJ EVF BOOJ WJFOF SFQMJDBUB DFOUP WPMUF OFMMB TPMB 7JFOOB " àOF TFDPMP FOUSB B GBS QBSUF EFM SF QFSUPSJP PQFSJTUJDP QSFTUJHJPTP SJDP OPTDJNFOUP BMM JOUJOTFDP WBMPSF EFMMB QBSUJUVSB EPWF SJTBMUBOP M JOFTBVSJCJMF WFOB NFMPEJDB F MF JODBOEFTDFO[F EFM SJUNP F BM DVJ TVDDFTTP DPOUSJCVÑ BO DIF JM GFMJDF JODPOUSP DPO VO MJCSFUUP EJ CVPOB GBUUVSB %JF 'MFEFSNBVT DPOUJFOF UVUUJ RVFJ DBOP OJ BEPUUBUJ EBJ TVDDFTTJWJ BVUPSJ EJ PQF

SFUUF MF JOUSJDBUF WJDFOEF BNPSPTF PC CMJHBUPSJBNFOUF B MJFUP àOF M FMFHBO[B EFJ WBM[FS NPUPSF EFM MBWPSP TUSBVTTJB OP J QFSTPOBHHJ F MF TJUVB[JPOJ BGGFU UVPTBNFOUF DPNJDIF JM DPJOWPMHJNFO UP EFMMB USBEJ[JPOF VOHIFSFTF DPNF M BSJB ,MÅOHF EFS )FJNBU DPNQPTUB TF DPOEP MB GPSNB EFMMB D[ÃSEÃ &TTB Í VOB UJQJDB EBO[B QPQPMBSF VOHIFSF TF EJWJTB JO EVF QBSUJ MB QSJNB MFOUB F NBMJODPOJDB MB TFDPOEB HJPJPTB F DPJO WPMHFOUF 1SPQSJP M 6OHIFSJB DPTUJUVJTDF VOB SJD DB GPOUF B DVJ BUUJOHFSF M JOEJGGFSFO[B OFJ DPOGSPOUJ EJ GPSNBMJTNJ FE FUJDIFU UF EFM TVP QPQPMP F MB MJCFSUÆ JO DVJ WJ WFWBOP MF DPNVOJUÆ [JHBOF UBOUP JO DPOUSBTUP DPO M BSJTUPDSB[JB BVTUSJBDB TPOP HMJ FMFNFOUJ QSJODJQBMJ EFMMB TF DPOEB PQFSFUUB EJ 4USBVTT %FS ;JHFV OFSCBSPO -B TVB JNQPSUBO[B PMUSF BE VOP TQBS UJUP EJ QSJN PSEJOF SJTJFEF OFMM BWFS BQFSUP JM OVPWP àMPOF i[JOHBSFTDPu DIF BWSÆ MVOHB WJUB F DIF USPWFSÆ JO 'SBO[ -ÊIBS F TPQSBUUVUUP JO &NNFSJ DI ,ÃMNÃO J EFHOJ DPOUJOVBUPSJ #BTUJ SJDPSEBSF %JF $[ÃSEÃGÛSTUJO F (SÅàO .B SJ[B PQFSFUUF JO DVJ JM UFNQFSBNFOUP F JM GPMLMPSF EFMMB UFSSB OBUÑB TJ JOUSFDDJB OP DPO MB SJDDB JOWFOUJWB EFMMF DPJOWPM HFOUJ NFMPEJF LÃMNÃOOJBOF /PO NBODBOP MF EBO[F F MF D[ÃSEF JO QBSUJDPMBSF DPNF M JOUFOTB BSJB EFM M FOUSBUB EJ .BSJ[B )ÕSF JDI ;JHFVOFS HFJHFO JOUSPEPUUB EBM WJPMJOP TPMP TUSV NFOUP QSJODJQF EFM NPOEP [JHBOP *O QJFOP A BODIF M FTPUJTNP FOUSB B GBS QBSUF EFMM PQFSFUUB DPNF MB $JOB JO %BT -BOE EFT -ÅDIFMOT EJ -ÊIBS *M MB

WPSP DIF QFSÖ MP SFTF GBNPTP GV DFSUB NFOUF %JF MVTUJHF 8JUXF DIF EBM TF EVDF JM QVCCMJDP JOUFSOB[JPOBMF &TTB Í M JDPOB EJ VO NPOEP RVFMMP EFMMB #FMMF ­QPRVF DIF OFM GBTDJOP EFMMF TVF OPUF SJUSPWB JM QJBDFSF EJ VOB WJUB TPHOBUB EFMMB GBWPMB EJ SJTWPM UJ EPMDFBNBSJ QSPOUBNFOUF SJTDBUUBUJ EBMM VNPSJTNP F EBM TPSSJTP %PQP M FTPSEJP QPDP GFMJDF %JF MVTUJ HF 8JUXF Í EJWFOVUP VOP EFJ NBHHJP SJ TVDDFTTJ OFMMB TUPSJB EFM UFBUSP NV TJDBMF UBOUP EB HPEFSF BODIF EJ USB TQPTJ[JPOJ DJOFNBUPHSBàDIF F DPSFP HSBàDIF " EJSJHFSOF MB QSJNB GV 3PCFSU 4UPM[ OJFOUFNFOP DIF M VMUJNP SBQQSFTFO UBOUF EFMMB 8JFOFS 0QFSFUUF 7JTTVUP àOP BM GV BVUPSF QSPMJ àDP EJ PQFSFUUF NB BODIF EJ NV TJDIF QFS àMN UBOUP EB PUUFOFSF EVF 0TDBS OPNJOBUJPO OFHMJ 4UBUJ 6OJUJ 2VJ DPNQJF JNQPSUBOUJ UPVSOÊF DPO MF RVBMJ MF TVF NFMPEJF TFNQSF HJPWB OJ FE FNP[JPOBOUJ SBHHJVOHPOP VOB FDP JOUFSOB[JPOBMF BQQSF[[BUP EJSFU UPSF E PSDIFTUSB F DPNQPTJUPSF WJFOF B DPOUBUUP DPO J OPNJ QJÜ JO WJTUB EFM NPOEP BSUJTUJDP FE Í BNNJSBUP EB 1J DBTTP ,BSBKBO &JOTUFJO #ÕIN MBWPSB DPO MF TUFMMF EFM DJOFNB 'SFE "TUBJSF F .BSMFOF %JFUSJDI /PO WBOOP EJNFOUJDBUJ J HSBOEJ JOUFS QSFUJ DIF IBOOP DPOUSJCVJUP BMMB EJWVM HB[JPOF EFM HFOFSF PQFSFUUJTUJDP BO DIF JO EJWFSTF MJOHVF DPNF 4DIXBS [LPQG 3PUIFOCFSHFS .PGGP 1PQQ $BCBMMÊ $BSSFSBT )BNQTPO F MF PS DIFTUSF TJB DMBTTJDIF DIF RVFMMF EJSFUUF EB +BNFT -BTU F 1BVM .BVSJBU

7PSSFJ EBO[BS QSPHSBNNB + 4USBVTT mHMJP FTUSBUUJ EB i*M QJQJTUSFMMPw i*M GB[[PMFUUP EJ QJ[[P EFMMB SFHJOBw i-P [JOHBSP CBSPOFw i4BOHVF WJFOOFTFw ' -ÏIBS FTUSBUUJ EB i-B WFEPWB BMMFHSBw i*M QBFTF EFM TPSSJTPw i&WBw 3 4UPM[ FTUSBUUJ EB i"NP UVUUF MF EPOOFw & ,ÈMNÈO FTUSBUUJ EB i-B DPOUFTTB .BSJ[Bw i-B QSJODJQFTTB EFMMB D[BSEBw #JHMJFUUJ

0SDIFTUSB EFMMB 5PTDBOB

6O DBTU EJ QBMBEJOJ EFMMB USBEJ[JPOF WJFOOFTF 7PSSFJ EBO[BS m (BMÆ E PQFSFUUB WJFOOFTF Í JM UJUPMP DIF M 0SDIFTUSB EFMMB 5PTDBOB TDFHMJF QFS MB QSPEV[JPOF DIF MB TFSB EJ WFOFSEÑ GFCCSBJP PSF BQQSPEF SÆ TVM QBMDPTDFOJDP EFM 5FBUSP TPDJBMF EJ 0TUJHMJB 6O PSDIFTUSB OPUB BM QVCCMJDP EJ i5FN QP E 0SDIFTUSBu MB TUBHJPOF M IB QJÜ WPM UF PTQJUBUB EVF WPDJ EBMMF DPOTJTUFOUJ DBSSJFSF OFJ NBHHJPSJ UFBUSJ FVSPQFJ MB CBDDIFUUB EJ 1FUFS (VUI BGGFSNBUP JO UFSQSFUF EFMMB USBEJ[JPOF WJFOOFTF FD DPMJ HMJ BSUJTUJ DIJBNBUJ BE BGGSPOUBSF VO QSPHSBNNB DIF SFDB USBDDF EJ VO UFBUSP SFDJUBUP DBOUBUP F EBO[BUP EJ BODPS JO UBUUP GBTDJOP 1FUFS (VUI IB TUVEJBUP B 7JFOOB F BM $POTFSWBUPSJP EJ .PTDB TPUUP MB HVJEB EJ %BWJE 0KTUSBDI F OFM Í BQQBSTP QFS MB QSJNB WPMUB TVMMF TDFOF JOUFSOB[JPOBMJ DPNF TPMJTUB F DPO JM 5SJP EJ 7JFOOB BH HJVEJDBOEPTJ JM QSJNP QSFNJP BMM *OUFS OBUJPOBM .VTJD $POUFTU EJ .POBDP .V TJDJTUB WFSTBUJMF IB TUVEJBUP DPO JOUFSFT TF J OVPWJ HFOFSJ NVTJDBMJ F HJÆ BMM JOJ[JP EFMMB TVB DBSSJFSB Í TUBUP QSJNP WJPMJOP DPODFSUBUPSF EFMMB "VTUSJBO 3BEJP 4ZN QIPOZ "OJNBUPSF EFM +PIBOO 4USBVTT &OTFNCMF F EFMMB 4JOGPOJDB EJ 7JFOOB IB DPOUSJCVJUP JO NBOJFSB TJHOJàDBUJWB BMMB EJGGVTJPOF EFMMB NVTJDB WJFOOFTF /FM IB GPOEBUP M 0SDIFTUSB 4USBVTT

'FTUJWBM EJ 7JFOOB VOB EFMMF QSJODJQBMJ GPSNB[JPOJ FVSPQFF DPO VO JOUFOTB QSP EV[JPOF EJTDPHSBàDB $PNF TQFDJBMJTUB EFMMB NVTJDB WJFOOFTF Í GSFRVFOUFNFO UF JOWJUBUP EBMMF QJÜ QSFTUJHJPTF PSDIFTUSF EFM NPOEP .POJLB 3FCIPM[ TJ EJQMPNB JO DBOUP BM $POTFSWBUPSJP EJ "VHTCVSH F EBM TUVEJB DPO %JFUSJDI 4DIOFJEFS "M EF CVUUP BMMB 4ÛEPTUCBZFSJTDIFO 4UÅEUFUIFB UFS EJ 1BTTBV TFHVPOP DPMMBCPSB[JPOJ DPO 1SJO[SFHFOUFOUIFBUFS EJ .POBDP MB ,BNNFSPQFS EJ 'SBODPGPSUF MB 4UBBUTP QFSB EJ )BOOPWFS F DPO J NBHHJPSJ 'F TUJWBM EJ 0QFSFUUB JO &VSPQB %BM Í SFHPMBSNFOUF PTQJUF EFMMB 8ÛSUUFNCFSHJ TDIFO 4UBBUTPQFS EJ 4UPDDBSEB $PMMBCPSB DPO QSFTUJHJPTF PSDIFTUSF F OFM DPSTP EF HMJ BOOJ TJ FTJCJTDF DPNF TPMJTUB OFMMF QJÜ JNQPSUBOUJ TBMF EB DPODFSUP FVSPQFF +PBDIJN .PTFS TUVEJB DBOUP QSFTTP JM $POTFSWBUPSJP WJFOOFTF i' 4DIVCFSUu 4J QFSGF[JPOB DPO .BSUB &HHFSUI F )JMEF ;BEFL F OFM FOUSB TUBCJMNFOUF QSFT TP MB 7PMLTPQFS EJ 7JFOOB *M TVP SFQFS UPSJP PMUSF BJ OVNFSPTJ SVPMJ EB PQFSFU UF DPNQSFOEF BODIF NVTJDBM 4BDIB OFM 7JPMJOJTUB TVM UFUUP F .PTFT JO .PTFT UJUPMJ E PQFSB -FT $POUFT EJ )PGGNBOO %VDB EJ .BOUPWB OFM 3JHPMFUUP #FMNPOUF OFM 3BU UP EFM 4FSSBHMJP F M 0SBUPSJP EJ .FOEFMT TPIO &MJKBI

FVSP QPTUP VOJDP 1SFWFOEJUB 4FEF 0SDIFTUSB EB DBNFSB EJ .BOUPWB QJB[[B 4PSEFMMP .BOUPWB

1SFWFOEJUB PO MJOF XXX PDNBOUPWB DPN *OGPSNB[JPOJ 0SDIFTUSB EB $BNFSB EJ .BOUPWB UFM GBY PDNBOUPWB!PDNBOUPWB DPN XXX PDNBOUPWB DPN

.POJLB 3FCIPM[

7FOFSEÑ NBS[P 1FHPHOBHB ] 5FBUSP "OTFMNJ 1PNFSJHHJ .VTJDBMJ 1JFSSF -BVSFOU "JNBSE QJBOPGPSUF F EJSFUUPSF .VTJDIF EJ - W #FFUIPWFO

6O QJBOJTUB F JM TVP WJBHHJP B SJUSPTP OFM UFNQP 1SJNJ BOOJ /PWBOUB 5FBUSP 3FHJP EJ 1BSNB (JBO 1BPMP .JOBSEJ JODPOUSB QFS MB QSJNB WPMUB 1JFSSF -BVSFOU "JNBSE OF TDPQSF JM NPEP QBSUJDPMBSF EJ DPODFQJSF JM EJTDPSTP NVTJDBMF F MB QSPQFOTJPOF B SJMFHHFSF UVUUB MB TUPSJB NVTJDBMF EFM OPTUSP UFNQP $POGFSNBUJ EBMMB TVDDFTTJWB TDFMUB EFM QJBOJTUB EJ BNQMJBSF TFNQSF QJá OFHMJ BOOJ MP THVBSEP SFUSPTQFUUJWP WFSTP JM HSBOEF SFQFSUPSJP EJ *,$1 3$2/2 0,1$5',

,

M NJP QSJNP JODPOUSP DPO 1JFSSF -BVSFOU "JNBSE Í BWWFOVUP BJ QSJNJ BOOJ OPWBOUB BM 3FHJP EJ 1BSNB JO PDDBTJPOF EJ VOB EFMMF QSJNF FEJ[JPOJ EJ 5SBJFUUPSJF USB MF QPDIF SBTTFHOF EJ NVTJDB DPOUFNQPSBOFB DIF TPQSBW WJWF BODPS PHHJ DPO EFUFSNJOBUP FOUV TJBTNP /PO TJ SBHHJVOHFWB MB RVBSBO UJOB EJ BTDPMUBUPSJ RVFMMB TFSB BM 3FHJP F EJ RVFTUP QVS OPO GBDFOEP QBSUF EFMM PSHBOJ[[B[JPOF TFOUJJ JM CJTPHOP BMMB àOF EFM DPODFSUP EJ TDVTBSNJ DPO JM QJBOJTUB B OPNF EFMMB DJUUÆ DIF WBOUB FTTFSF AMB DBQJUBMF EFMMB NVTJDB $PO HSBOEF GBJS QMBZ "JNBSE NJ EJTTF DIF FSB BCJUVBUP B TJNJMJ TJUVB[JPOJ F TJ QBTTÖ DPTÑ USBORVJMMBNFOUF B QBSMBSF EJ NVTJDB "TTVFGB[JPOF BMMF TBMF EFTFSUF DIJBSBNFOUF BDRVJTJUB EBMMB QSFWBMFOUF EFEJ[JPOF BMMB NVTJDB DPOUFNQPSBOFB JO QBSUJDPMBSF BMM FTQFSJFO[B GSBODFTF DIF IB BWVUP MF TVF GPOEBNFOUBMJ DPPSEJOBUF JO .FTTJBFO FE JO #PVMF[ EFM QSJNP "JNBSE IB BUUJOUP MB MF[JPOF QJÜ BVUFOUJDB BUUSBWFSTP HMJ TUVEJ DPO :WPOOF -PSJPE DIF EJ .FTTJBFO Ê TUBUB MB NPHMJF F M JOUFSQSFUF QJÜ GFEFMF EFM TFDPOEP BUUSBWFSTP M BTTJEVJUÆ EJ MBWPSP DPO M &OTFNCMF JOUFSDPOUFNQPSBJO WBMF B EJSF MB GPSNJEBCJMF DSFBUVSB PQFSBUJWB EFMM BVUPSF EFM .BSUFBV TBOT NBÏUSF "TDFOEFO[F DIF IBOOP VO TJHOJàDBUP CFO QSFDJTP OFMMB MPSP JODJEFO[B WJWB TVM NPEP EJ DPODFQJSF JM EJTDPSTP NVTJDBMF FE JM TVP BTTFUUP TPOPSP EJ SJMFHHFSF BEEJSJUUVSB UVUUB MB TUPSJB NVTJDBMF EFM OPTUSP UFNQP DPNF TJ QPUFWB DIJBSBNFOUF DPHMJFSF EBM QSPHSBNNB EJ RVFMMB TFSB EPWF BQQVOUP FSB QPTTJCJMF TUBCJMJSF VOB

WBSJFUÆ EJ DPMMFHBNFOUJ JOUFSOJ RVBOUP NBJ TJHOJàDBUJWJ NPWFOEP EB %FCVTTZ RVFMMP VMUJNP EFMMF ­UVEFT DIF PMUSF QBTTBOEP J DPOàOJ EFMMB TVHHFTUJPOF TPOPSB TJ BQSF B CFO QJÜ NJTUFSJPTJ FOJHNJ JORVJFUBOUJ QSPQSJP QFSDIÊ JOWFDF JM EJTDPSTP NVTJDBMF TFNCSB FTTFSTJ GBUUP QJÜ MJOFBSF 6OB NBUSJDF JNQSFTDJOEJCJMF RVFMMB EFCVTTZBOB IB WPMVUP TJHOJàDBSF "JNBSE UPDDBOEP RVFMMF QBHJOF DPO RVFMMB MVDF VO QP GSFEEB USBTàHVSBUB SJWFMBUSJDF EJ RVBOUP TJB QBTTBUP TVM MVDJEP TDIFSNP EJ .FTTJBFO RVFMMB TFSB "JNBSE OFM SJDPSEP QSPQPTUP BE VO NFTF EBMMB TDPNQBSTB MP IB SJWFMBUP JO VOP EFJ NPNFOUJ EBWWFSP UPDDBOUF -F CBJTFS EF M &OGBOU +FTVT VO MBWPSP DIF NVPWF EBMMB FMPRVFO[B EJNFTTB EJ VO DPSBMF QFS BOJNBSTJ WJB WJB EJ RVFMMB MVDF WJWJ EJTTJNB UBHMJFOUF FE JOTJFNF QBOJDB DIF .FTTJBFO QSPJFUUB TVMMF TVF WJTJPOJ NJTUJDIF 6HVBMNFOUF "JNBSE MBTDJBWB JOUFOEF SF DPNF M JOáVTTP EFCVTTZBOP GPTTF JNQSFTDJOEJCJMF QFS (ZÕSHZ ,VSUBH DPTÑ DPNF OF USBDDJBWB JM SJUSBUUP OJUJ EJTTJNP BUUSBWFSTP BMDVOJ GSBNNFOUJ EB +ÃUFLÓL TUVQFGBUUJ JEFPHSBNNJ TP OPSJ USBDDF QSJNBSJF BGPSJTNJ HSBGàUJ DPO DVJ SJUSPWBSF MB NVTJDB OFMMB TVB JOUBUUB PSJHJOBSJFUÆ DPNF IBOOP GBUUP ,MFF %FCVTTZ F 8FCFSO DIF DPNQPO HPOP JOGBUUJ M JODSPDJP EJ SJGFSJNFOUP QFS ,VSUBH *OTJFNF PWWJBNFOUF B #BSUÓL JM DVJ MFHBNF "JNBSE IB TPUUP MJOFBUP DPO VOB FTFDV[JPOF EFMMB TVJUF "MM BSJB BQFSUB PSHBOJDBNFOUF QVMTBOUF DIF IB SFTP PMUSFNPEP DPFSFOUF JM QBT TBHHJP BE VO BMUSP SBNP EFMMB iTUSBEB

VOHIFSFTFu RVFMMP JOEJDBUP EBMMF ­UV EFT EJ -JHFUJ & QSPQSJP RVFTUJ MBWPSJ BMDVOJ EFJ RVBMJ EFEJDBUJ B "JNBSE JOEJDBOP JM QFSDPSTP DIF DJ HVJEB BE PTTFSWBSF JM QJBOJTUB GSBODFTF JO VOB QSPTQFUUJWB BTTBJ BMMBSHBUB SJTQFUUP BM QSPàMP USPQQP EFUFSNJOBUP EFMMP iTQF DJBMJTUB EJ NVTJDB DPOUFNQPSBOFBu GPSNVMB TQFTTP EFMVEFOUF RVBOEP M JOUFSQSFUF TJ TQJOHF PMUSF RVFJ DPO àOJ /PO Í DPTÑ QFS "JNBSE DIF OFHMJ VMUJNJ BOOJ BNQMJBOEP TFNQSF QJÜ MP THVBSEP SFUSPTQFUUJWP WFSTP JM HSBOEF SFQFSUPSJP Í QBSTP NVPWFSTJ MVOHP VOB MJOFB EJ BTTPMVUB DPOUJOVJUÆ TFO[B

1JFSSF -BVSFOU "JNBSE GPUP EJ 'FMJY #SPFEF

BMDVOB TVUVSB 3JDPSEP BE FTFNQJP JM NPEP DPO DVJ IB BGGSPOUBUP HMJ 4UVEJ 4JOGPOJDJ EJ 4DIVNBOO SJTWFHMJBOEP HMJ BTTPSUJ NJTUFSJ SBDDIJVTJ OFMMB TDSJUUVSB EFCVTTZBOB DPNF JM EFOTP HFOJBMF GPSNJDPMJP TQSJHJPOBUP EBMMF ­UVEFT MJHFUJBOF F BODPSB EBMMB USBNB BWWFOUVSPTB EFMMF /JHIU 'BOUBTJFT EJ $BSUFS DIF EBMM VOJWFSTP TDIVNBOOJB OP EJDIJBSBUBNFOUF USBHHPOP MF MPSP MJOGF -P TUFTTP DPO M "SUF EFMMB GVHB EJ

#BDI BGàEBUB BODIF BE VO CFMMJTTJ NP EJTDP 4JHOJàDBUJWP DIF B RVFTUP BQQSPEP "JNBSE TJB HJVOUP DPNF MVJ TUFTTP IB DPOGFTTBUP TVHHFTUJPOBUP EB VO TVHHFSJNFOUP EFM EFEJDBUBSJP EFMMB RVBUUPSEJDFTJNB ­UVEF EJ -JHFUJ 7JODFOU .FZFS OFMMB DPOWJO[JPOF DIF MB QJFOF[[B DPO DVJ "JNBSE BWFWB HF TUJUP M JOUSJDBUJTTJNB QPMJGPOJB EJ RVFMMB QBHJOB PGGSJTTF VOB OBUVSBMF HBSBO[JB QFS JM HSBOEF DJNFOUP CBDIJBOP

*O FGGFUUJ BMMP TUFTTP NPEP DPO DVJ JM HFOJBMF JOUFSQSFUF EJ -JHFUJ NVPWF EBMMB DPOWJO[JPOF DIF JM EPNJOJP EJ RVFMMB JQFSCPMJDB TDSJUUVSB TJB QSFNFT TB OFDFTTBSJB QFS MB SJWFMB[JPOF WJTJP OBSJB EJ RVFTUF QBHJOF TUSBPSEJOBSJF DPTÑ TJ NVPWF EJ GSPOUF BM NBHJTUFSP EFM DPOUSBQQVOUP CBDIJBOP MJCFSBO EPOF MF QJÜ JNQSFWFEJCJMJ JOWFO[JPOJ BUUSBWFSTP VOP TDIFSNP EJ NJSBCJMF USBTQBSFO[B

$PODFSUJ QFS QJBOPGPSUF #FFUIPWFO JO TJOUFTJ µ OPUP DPNF MP TUFTTP BVUPSF TJ NPTUSBTTF DSJUJDP OFJ DPOGSPOUJ EFM QSPQSJP $PODFSUP JO %P NBHHJPSF PQ jOFQQVSF RVF TUB Ò VOB EFMMF NJF NJHMJPSJ DPNQPTJ[JPOJ EFM HFOFSFx TDSJWF B #SFJULPQG )ÊSUFM JM BQSJMF SJTFSWBOEP BMUSFTÖ BM $PO DFSUP JO %P NJOPSF PQ NBHHJPSF CFOFWPMFO[B EFUUBUB QSF TVNJCJMNFOUF EBMMB DPOWJO[JPOF EJ BWFS DSFBUP VOB EJTDSBTJB SJ TQFUUP BMMB QSFDFEFOUF 8FMUBOTDIBVVOH JMMVNJOJTUB *O SFBMUË DPOTJEFSBSF JODPOHSVFOUF M BTTPDJB[JPOF EJ RVFTUF EVF DFMFCSJ QBHJOF EBMMB GBDJFT DPTÖ EJTTJNJMF WB B EFUSJNFOUP EFMM FTFHFTJ TUFTTB OPO TPMP QFS M PWWJB QSPTTJNJUË EFJ MJOHVBH HJ BEPQFSBUJ NB TPQSBUUVUUP QFS JM QFOTJFSP DIF WJ Ò DPOOBUV SBUP F DIF MF DPSSFMB BM EJ MË EJ EJGGFSFOUJ NPSGPMPHJF JOFTUSJ DBCJMNFOUF *OOBO[JUVUUP JO FOUSBNCJ J $PODFSUJ TVTTJTUPOP JO OVDF RVBTJ UVUUJ J GFOPNFOJ DBSBUUFSJ[[BOUJ MB QSPEV[JPOF QP TUFSJPSF F GPSTF J UØQPJ TUFTTJ EFMMB NVTJDB CFFUIPWFOJBOB EBMMB EJBMFUUJDB GSB VO CJUUFOEF F VO XJEFSTUSFCFOEF QSJO[JQ BM TFOTP DIFSVCJOJBOP EFMMB iDPTUSV[JPOFw EBMM FQPT iFSPJDPw BM HJV CJMP VO QP SVTUJDP FTFNQMJGJDBUP EBM SPOEÛ EFMM PQ EBM M ÏMBO MJSJDP TJ QFOTJ BJ NPWJNFOUJ NFEJBOJ BMMB TFWFSJUË EJ DFSUJ DPTUSVUUJ DPNF JM QBTTP GVHBUP OFMM VMUJNP UFNQP EFMM PQ

GJOP BMMB NBHOJMPRVFO[B EJ SFTQJSP TJOGPOJDP DIF JOUFHSB JM NB UFSJBMF F GPSHJB MB TDSJUUVSB PSDIFTUSBMF TFDPOEP J QBSBNFUSJ EJ RVFM NPEFMMP JO TQFDJBM NPEP OFMMF *OUSPEV[JPOJ o POEF QFS &

5 " )PGGNBOO jRVFMMJ EJ #FFUIPWFO OPO TPOP UBOUP $PODFSUJ RVBOUP 4JOGPOJF DPO QJBOPGPSUF PCCMJHBUPx JO DVJ MP TUSVNFO UP TPMJTUB QFSEF MB TVB USBEJ[JPOBMF FHFNPOJB -B QJá QSPGPOEB DPNVOBO[B USB MF EVF PQFSF SJTJFEF OFM MPSP TJHOJGJDBUP JOUSJO TFDP #FFUIPWFO GFSWJEP MFUUPSF EJ ,BOU BUUVB HJË RVJ RVFM M JNQFSBUJWP DBUFHPSJDP NPSBMF DIF EPWSË QPJ USBEVSTJ FTQMJDJ UBNFOUF OFMM i&T NV TFJO w EFMM VMUJNP 2VBSUFUUP Ò RVFTUP JNQVMTP FUJDP B TPWSJOUFOEFSF J TJHOJGJDBOUJ B WPMUF FUFSPHFOFJ EFJ EVF $PODFSUJ Ò MB iWPMPOUË MFHJTMBUSJDFw JO NBHHJPS NJTV SB EFMMB GPHB QSPNFUFJDB B SFOEFSMJ DPOTVTUBO[JBMJ QVS TF TQF DVMBSJ 'PSTF BODIF QFS RVFTUP J NPOPMJUJDJ NBUFSJBMJ NPUJWJDJ JOJ [JBMJ EFHMJ "MMFHSP DPO CSJP PMUSF PWWJBNFOUF JO SBHJPOF EJ VO BTDFOEFO[B IBZEOJBOB OPO TJ DPOGPSNBOP DPNF TQFTTP JO #FFUIPWFO RVBMJ iUFNJw TFDPOEP VO BDDF[JPOF PSEJOBSJB RVBOUP iNPEJw iQSPQPTJ[JPOJw QFSTJOP iNBOJGFTUJ QSPHSBN NBUJDJw TPOP QBSBEJHNJ F TUF UJDJ JO DVJ MB QVMTB[JPOF SJUNJDB WJ WJFOF FMFWBUB BE FMFNFOUP DBUBMJ[[BUPSF EJ UVUUP JM NPWJNFOUP TV DVJ PHOJ JEFB NFMPEJDB TFRVFO[B BSNPOJDP UPOBMF BSUJGJDJP DPOUSBQQVOUJTUJDP F DPNCJOB[JPOF UJNCSJDB TFNCSB JOFWJUBCJM NFOUF QPHHJBSF EJWFOFOEP DPTÖ FTUSJOTFDB[JPOF EJ RVFMM JO UFOUP TQFDVMBUJWP ."44*.0 13*.*(/"/*

IBOOP TDSJUUP %VF QBHJOF VOB EJ #FFUIPWFO F VOB EJ .P[BSU USB MF QJÜ CFMMF F DPOPTDJVUF VO DPN QMFTTP TUSVNFOUBMF M 0SDIFTUSB EB $BNFSB EJ .BOUPWB JO HSBO GPSNB VO WJPMJOJTUB FNFSHFOUF 1BWFM #FSNBO EJ CVPOB MFWBUVSB RVFTUJ HMJ JOHSFEJFOUJ EFM CFM DPODFSUP DIF i5FNQP E 0SDIFTUSBu IB QPSUBUP B 0TUJHMJB MVOFEÑ OPWFNCSF & DPNF WB MPSF BHHJVOUP EJ VOB TFSBUB EJ HSBOEF TPEEJTGB[JPOF WB MPEBUP M VUJMJ[[P EJ VOB FGà DBDF DBNFSB BDVTUJDB JM $PODFSUP JO SF QFS WJPMJOP EJ #FFUIPWFO QPUFWB SBHHJVOHFSF MF TVF NFUBà TJDIF BMUF[[F HSB[JF BMMB DPNQPTUF[[B TUJMJTUJDB F BMMB DPOUSPMMBUB WFOB NF MPEJDB EJ 1BWFM #FSNBO JO HBSB EJ CSBWVSB OFJ NPNFOUJ EJ QJÜ JOUFOTP MJSJTNP DPO HMJ TUSVNFOUJTUJ DIF EJBMPHBWBOP DPO MVJ NB BODIF HSB[JF BMM FRVJMJCSBUB EJSF[JPOF EJ 'BCJBOP .POJDB -B $SPOBDB EJ .BOUPWB -B WBSJB[JPOF BM QSPHSBNNB PSJHJOBSJP EJ i5FNQP E 0SDIFTUSBu TJ Í SJWFMBUB VOB WFSB GPSUVOB QFSDIÍ JM WJPMJOJTUB 1BWFM #FSNBO F M 0SDIFTUSB EB $BNFSB EJ .BOUPWB IBO OP PGGFSUP VOP TQFUUBDPMP UFDOJDBNFOUF FE FNPUJWBNFOUF FDDFMMFOUF BE VO QVCCMJDP BQQBTTJPOBUP F HJVTUBNFOUF FOUVTJBTUB 1BWFM #FSNBO FTQFSUP F EPUBUP TPMJTUB TJ Í JNNFSTP OFMM BUNPTGFSB WJCSBOUF EFM $PODFSUP CFFUIPWFOJBOP DPO QJFOB DBQBDJUÆ E JOUFHSBSTJ DPO M PSDIFTUSB F EJ TGSVUUBSOF JM QSF[JPTP TPTUFHOP OFM WPMP JOEJWJEVBMF

1SPWB OPUFWPMF EFMM 0DN HJÆ OPUFWPMF OFMM BNQJB BQFSUVSB EFM $PODFSUP F DP TUBOUFNFOUF BDDVSBUB F TFOTJCJMF OFM EJBMPHP DPM TPMJTUB 6O PSDIFTUSB DIF TJ Í DPOGFS NBUB BE FDDFMMFOUF MJWFMMP QFS RVBMJUÆ JOEJWJEVBMJ QFS DPNQBUUF[[B F QFS QBSUFDJQB [JPOF -B 7PDF EJ .BOUPWB

0DN #FSNBO .POJDB

GPUP EJ -VJHJ 1SFUPMBOJ

1 WPO 4UFJOBFDLFS GPUP EJ /JDPMB .BHBMVUJ

" 4V[[BSB JO QBMDPTDFOJDP WJ FSBOP J 4PMJTUJ EFMMB .BIMFS $IBNCFS 0SDIFTUSB PT TJB J TPMJTUJ EJ VOB EFMMF DPNQBHJOJ GPOEBUF EB "CCBEP HJPWBOJ TUSVNFOUJTUJ EBMMF RVBMJUÆ TVQFSMBUJWF USB J RVBMJ BODIF RVBMDIF JUBMJBOP EJSFUUJ DPO MJNQJEF[[B EJ HFTUP FE JOUFOTB BDDVSBUF[[B E JOUFO[JPOJ EB 1IJMJQQ WPO 4UFJOBFDLFS B TVP QFSGFUUP BHJP USB MF WJCSBUJMJ FWPDB[JPOJ EFCVTTJBOF EFM GBNPTP i1SÊMVEF Æ M BQSÍT NJEJ E VO GBVOFu QSPQPTUP JO VOB TVHHFTUJWB USBTDSJ[JPOF EJ #FOOP 4BDIT MVOHIJ F GFTUPTJ BQQMBVTJ QFS UVUUJ VO CJT (B[[FUUB EJ .BOUPWB

M FWFOUP QSPQPTUP EB i5FNQP E 0SDIFTUSBu IB DPMUP VOB TJHOJà DBUJWB BGGFSNB[JPOF DFSUBNFOUF GBWPSJUB EBMMB OPUFWPMF DBSBUVSB EFHMJ FTFDVUPSJ EPUJ JOEJWJEVBMJ DPTQJDVB DPNQBUUF[[B FE FOFSHJDB WJUBMJUÆ DIF EJ GBUUP IBOOP BHFWPMBUP M BDDPHMJFO[B EFJ CSBOJ TDFMUJ *M TJODFSP BQQSF[[BNFOUP NBOJGFTUBUP EBM QVCCMJDP BQQBSF DPNF JM NFSJUBUJTTJNP TVHHFMMP EFMM FDDFMMFOUF QSPWB EFJ 4PMJTUJ F BMMP TUFTTP UFNQP FTQSJNF MB NBUVSJUÆ EJ VO QVCCMJDP EJTQPOJCJMF BMMB WBSJFUÆ EJ TPMMFDJUB[JPOJ .BHJTUSBMF F DPJOWPMHFOUF OFMMB EJSF[JPOF 1IJMJQQ WPO 4UFJOBFDLFS -B 7PDF EJ .BOUPWB i5FNQP E 0SDIFTUSBu IB BWWJBUP DPNF Í OPUP VOB OVPWB JOEBHJOF TV )BZEO 'SB QPDIJ HJPSOJ TDBUUFSÆ VGà DJBMNFOUF JM CJDFOUFOBSJP EFMMB NPSUF BM 4PDJBMF M 0S DIFTUSB EB $BNFSB EJ .BOUPWB Í UPSOBUB TVM UFNB BGà EBOEPTJ BMMB CBDDIFUUB EJ +FBO .BSD #VSà O WFOVUP B TPTUJUVJSF JM QSFWJTUP 'SJFESJDI )BJEFS F BM TPMJTUB EJ USPNCB .BSDP 1JFSPCPO QFS TVHHFSJSF VO QFSDPSTP E BTDPMUP DIF BCCSBDDJBWB USF TFDPMJ

VOB TFSBUB BUUB B SJDPSEBSDJ VO FSFEJUÆ GFSUJMF %FMM BQQSPDDJP EFMM 0DN B RVFTUP SFQFSUPSJP JO QBSUF JOVTVBMF OPO TJ QVÖ EJSF DIF BTTBJ CFOF DIJBSF[[B QSFDJTJPOF FE JOTJFNF BODPSB VOB WPMUB TPOP BQQBSTJ PCJFUUJWJ GFSNBNFOUF QFSTFHVJUJ F SBHHJVOUJ .B TVM QJBOP NPMUP QPTJUJWP EFHMJ FTJUJ WBOOP BDDPNVOBUJ BODIF JM USPNCFUUJTUB 1JF SPCPO VOP TUSVNFOUJTUB EJ EPUJ FDDFMTF DBQBDF EJ MFHBSF EJOBNJTNP F SJà OJUVSF DPO QBESPOBO[B SBSB F JM EJSFUUPSF #VSà O MVDJEP BGà MBUP NVTJDJTUB EBM HVTUP BTDJVUUP WBHBNFOUF BMHJEP FGà DBDF OFMM JOEJWJEVBSF MB WBSJF QSPQSJFUÆ TUJMJTUJDIF F TPQSBUUVU UP JO HSBEP EJ QFOFUSBSF PHOJ TDSJUUVSB DPO TQJSJUP BOBMJUJDP WBMPSJ[[BOEPOF EJNFO TJPOJ GPSNBMJ F DPTUSVUUJWF OFM NBTTJNP EFMMB MJNQJEF[[B QPTTJCJMF SBHHJVOUB BODIF DPO TDFMUF EJ UFNQJ OPO SBQJEJ

(B[[FUUB EJ .BOUPWB

#FOWFOVUB EVORVF MB TDFMUB EFMM 0SDIFTUSB EB $BNFSB EJ .BOUPWB HJÆ JO BUUP EB QBSFDDIJ NFTJ EJ BGGSPOUBSF DPO BTTJEVJUÆ JM SFQFSUPSJP EJ )BZEO OPO TPMP QFO TBOEP BM B TDPQP DFMFCSBUJWP NB BODIF DPNF DPOUJOVJUÆ EFJ QSPHFUUJ EJ SJWJTJ UB[JPOF JOUFHSBMJ DPOEPUUJ JO QBTTBUP JOUPSOP B .P[BSU F #FFUIPWFO DJPÍ BJ HSBOEJ NBFTUSJ DIF JOTJFNF B BE IBZEO JODBSOBSPOP QJÜ EJ BMUSJ JM DPTJEEFUUP iDMBTTJDJTNP WJFOOFTFu 4VM QPEJP EFM 5FBUSP 4PDJBMF EJ .BOUPWB JM NBFTUSP +FBO .BSD #VSà O

EBWB BNQJ TQB[J E JOUFSWFOUP BJ WBMJEJ DPNQPOFOUJ EFMM 0DN DPOà EBOEP QFS MB CVPOB FTFDV[JPOF EFMMB QBHJOB QJÜ JNQFHOBUJWB MF 7BSJB[JPOJ CSBINTJBOF OFMM PUUJ NB DPNQBHJOF EJ à BUJ 4V UVUUJ FNFSHFWB .BSDP 1JFSPCPO USPNCB TPMJTUB OFM $PODFS UP EJ )BZEO BTTBJ CFO BUUSF[[BUP TVM QJBOP UFDOJDP F JOUFSQSFUBUJWP JOWJUBUP BM CJT

EBJ DBMPSPTJ BQQMBVTJ EFM QVCCMJDP -VOHIJ F NFSJUBUJ BQQMBVTJ FSBOP SJWPMUJ BODIF BM M PSDIFTUSB F BM EJSFUUPSF -B $SPOBDB EJ .BOUPWB

0DN 1JFSPCPO

GPUP EJ -VJHJ 1SFUPMBOJ

#VSm O

GPUP EJ -VJHJ 1SFUPMBOJ

JO PSDIFTUSB 7BMFOUJOB 1BWFTJ WBMFOUJOB QBWFTJ!PDNBOUPWB DPN

i-B NJB WJUB 5VUUP VO DPMQP EJ GPSUVOBw .BTTJNJMJBOP 3J[[PMJ NVTJDJTUB USFOUJOP EBMM BSJB JSPOJDB F EFUFSNJOBUB SBDDPOUB EJ DPNF USFOU BOOJ GB JM DPOUSBCCBTTP M BCCJB JODPOUSBUP F TDFMUP

* EVF DPOUSBCCBTTJTUJ EFMM 0DN 3J[[PMJ F 4DIVNBDIFS

/

¶ JSPOJB TV TF TUFTTJ QSJNB EJ UVU UP NB BODIF P EJ DPOTFHVFO

[B TV DJÖ DIF JOUPSOP BDDBEF %FUFSNJOB[JPOF F JEFF DIJBSF & MB DBQBDJUÆ RVJOEJ EJ DPNNFOUBSF TF SFOBNFOUF j-B NJB WJUB 5VUUB VO DPMQP EJ GPSUVOB 4UPSJB EJ JODPOUSJ DJSDPTUBO[F FE FQJTPEJ GPSUVOBUJv .BTTJNJMJBOP 3J[[PMJ VO TPSSJTP JN NBODBCJMF F UBMPSB VO QPDP JNQFS TDSVUBCJMF JO WPMUP MB WFEF F MB WJWF DPTÑ 5SFOUJOP QBESF EJ DJORVF àHMJ .BS DP JM QJÜ HJPWBOF IB QPDP QJÜ EJ VO NFTF Í OBUP B NFUÆ EJDFNCSF TUV EJ EB SBHJPOJFSF EFTUJOBUP B VOB WJUB jB GBSF DPOUJv m DPNF SBDDPOUB m VO HJPSOP WJFOF jTDFMUP EBM DPOUSBCCBT TPv IB EJFDJ BOOJ GSFRVFOUB MF TDVPMF NFEJF JO VO JTUJUVUP B JOEJSJ[[P NV TJDBMF $PNQMFUFSÆ HMJ TUVEJ DPO JM NBTTJNP EFJ WPUJ JO $POTFSWBUPSJP B 5SFOUP F JODPOUSFSÆ VO JOTFHOBOUF m JM NBFTUSP .BSJP 1PTUJOHIFM B DVJ OPO IB EVC CJ EFWF MB GPSUVOB EJ GBSF JO TFHVJUP JM NVTJDJTUB BO[JDIÊ jJ DPOUJv j0HHJ RVFMMB TUFTTB TDVPMB MB GSFRVFO UBOP J NJFJ EVF àHMJ QJÜ HSBOEJ m TQJF HB VOP QFSDVTTJPOJTUB M BMUSP DMBSJ OFUUJTUB M VOJDB CJNCB EFM HSVQQP GB

NJMJBSF JOWFDF TJ EFEJDB BM WJPMPODFM MP QPJ D Í JM QJDDPMP EJ BOOJ VO DBSJ TNB DIF MBTDJB QSFTBHJSF VO GVUVSP EB EJSFUUPSF E PSDIFTUSB HJPDB HJÆ B .P OPQPMJ UJFOF MB CBODB OPO EÆ SFTUP F QVOUB ESJUUP B 7JBMF EFJ (JBSEJOJv %PQP FTTFSTJ QFSGF[JPOBUP DPO JM NBF TUSP 'SBODP 1FUSBDDIJ B $SFNPOB RVJOEJ DPO +FBO .BSD 3PMMF[ .BTTJ NJMJBOP 3J[[PMJ OFM TJ BHHJVEJDB JM DPODPSTP DPNF QSJNP DPOUSBCCBT TP EFMM{0SDIFTUSB TJOGPOJDB )BZEO EJ 5SFOUP F #PM[BOP SVPMP DIF SJDPQSF àOP BM OPWFNCSF RVBOEP PQUB QFS MB DBUUFESB EJ TUSVNFOUP JO $PO TFSWBUPSJP B 5SFOUP 7JODJUPSF BM DPODPSTP JOEFUUP EBMM &O UF -JSJDP -B 'FOJDF EJ 7FOF[JB DPMMB CPSB DPNF QSJNP DPOUSBCCBTTP DPO M{0SDIFTUSB OB[JPOBMF EJ 4BOUB $FDJ MJB EJ 3PNB * àMBSNPOJDJ EJ 7FSPOB M PSDIFTUSB 3TJ EJ -VHBOP F DPO JM 5FB USP EFMM{0QFSB EJ 3PNB j2VFMMP DPO M 0SDIFTUSB EB $BNFSB EJ .BOUPWB SBQQSFTFOUB VO BMUSP EF HMJ JODPOUSJ GPSUVOBUJ EFMMB NJB WJUB JM NJP QSJNP DPODFSUP RVJ SJTBMF QFS NF BM & GV DPNF SJDPNJODJBSF UVUUP EBDDBQP 2VJ TFOUJJ àOBMNFOUF QBSMBSF EJ TVPOP TFNCSFSÆ TUSBOP NB Í DPTB DIF BDDBEF SBSBNFOUF $PTÑ

DPNF Í EJGàDJMF JNCBUUFSTJ JO VOB QFSTPOB DPNF $BSMP 'BCJBOP DIF UJ USBTDJOB OFMMF TVF iBWWFOUVSFu GPSUF EJ VOB HSBOEF DPOWJO[JPOF JO RVFM MP DIF GB 6O CFMM BNCJFOUF B MJWFMMP VNBOP DPNQMFUB JM RVBESP .BOUPWB 5VUUP RVFTUP Í GPOEBNFOUBMF F OPO QPUFUF JNNBHJOBSF RVBOUP QFS VO NPOUBOBSP DPNF NF QFS JM RVBMF BOEBSF B GBSF MB TQFTB SBQQSFTFOUB HJÆ VO GBUJDPTP WJBHHJPw 'JHVSBSTJ SBHHJVOHFSF .BOUPWB P MF DJUUÆ EFJ WBSJ DPODFSUJ v "M DBQJUPMP iQSPHFU UJu .BTTJNJMJBOP 3J[[PMJ BOOPUB QSJO DJQBMNFOUF EVF WPDJ MB EJWVMHB[JPOF EFM DPOUSBCCBTTP TPQSBUUVUUP USB MF HJPWBOJ HFOFSB[JPOJ F SFDJUBM TPMJ TUJDJ j" RVBSBOU BOOJ PSNBJ TJ QVÖ WBOUBSF MB HJVTUB BVUPSJUÆ QFS MBODJBS TJ TV RVFTUB TUSBEB OP v .FOUSF TJ BUUSF[[B QFS EBS TFHVJUP F DPODSFUF[ [B BM TFDPOEP QSPHFUUP WBSB *M MVQP F 1JFSJOP QFS DPOUSBCCBTTP QJBOPGPSUF DBOUBOUF F WPDF OBSSBOUF TV NVTJDIF EJ 1SPLPG FW NB DPO VO MVQP JOOBNP SBUP OPO DPSSJTQPTUP & BQQBTTJPOBUP EJEBUUB SJWFOEJDB QFS VO CVPO EPDFOUF M JNQPSUBO[B EJ VO DPOUBUUP DPO M FTUFSOP DPO JM NPOEP EJ DIJ GB NVTJDB QFSDIÊ M JOTFHOBSF OPO TJ GBDDJB DPTB TUFSJMF W Q

JO PSDIFTUSB

- 0DN SJUSPWB 4PM (BCFUUB #SFWF UPVS JO (FSNBOJB

*

FSNBOJB "VTUSJB F 6OHIFSJB TPOP RVFTUF MF NFUF FTUFSF JO BHFOEB OFM QFS M 0SDIF TUSB EB $BNFSB EJ .BOUPWB " QBSUJSF EB NBHHJP RVBOEP MB DPN QBHJOF NBOUPWBOB TBSÆ JO (FSNBOJB JOWJUBUB B FTJCJSTJ JOTJFNF DPO MB WJPMPO DFMMJTUB 4PM (BCFUUB DIF JM QVCCMJDP EJ i5FNQP E 0SDIFTUSBu IB DPOPTDJVUP MP TDPSTP GFCCSBJP JO VO BDDMBNBUP DPO DFSUP BM 5FBUSP #JCJFOB EJ .BOUPWB F DIF 4JTUFNB NVTJDB GPUPHSBGBWB JO FTUSF NB F QFSGFUUB TJOUFTJ DPTÑ j4VPOP MF WJHBUP $BWBUB TFNQSF QVMJUB FOFSHJDB &MFHBO[B FE FRVJMJCSJP 1SPWJFOF EBM M BSHFOUJOB $PSEPCB JM OVPWP BTUSP OB TDFOUF EFM WJPMPODFMMP 4BOHVF SVTTP F BSHFOUJOP TJ NFTDPMBOP OFMMF WFOF EFMMB HJPWBOF 4PM (BCFUUBv 4FEJ EFJ DPODFSUJ TBSBOOP MF QSJODJ QBMJ TBMF EJ USF DJUUÆ EFMMB (FSNBOJB "RVJTHSBOB MVOFEÑ NBHHJP &TTFO NBSUFEÑ NBHHJP FOUSBNCF DJUUÆ EFMMP TUBUP GFEFSBMF EFM /PSE 3FOP 8FTUGBMJB F 8JFTCBEFO NFSDPMFEÑ NBHHJP DBQJUBMF EFMMP TUBUP GFEFSBUP EFMM "TTJB * USF DPODFSUJ DPNCJOFSBO OP MF "OUJDIF EBO[F FE BSJF EJ 0UUPSJOP 3FTQJHIJ JM $PODFSUP QFS WJPMPODFMMP JO SF NBHHJPSF EJ -FPQPME )PGNBOO MB

4JOGPOJB i-B DBTB EFM EJBWPMPu EJ -VJHJ #PDDIFSJOJ F JM $PODFSUP QFS WJPMPODFMMP JO EP NBHHJPSF EJ 'SBO[ +PTFQI )BZEO JO VO QSPHSBNNB QFOTBUP QFS GBWPSJSF M JODPOUSP USB MB HSBOEF USBEJ[JPOF NV TJDBMF EFMM BSFB PTQJUBOUF DPO VO UPDDP E JUBMJBOJUÆ DBSBUUFSJTUJDP EFMMB GPSNB [JPOF PTQJUBUB %PQP JM TVDDFTTP EFMMB UPVSOÊF EFM USB (FSNBOJB F "VTUSJB BM àBODP EFM QJBOJTUB "MFYBOEFS -PORVJDI F EFM TJOHPMP DPODFSUP UFOVUP OFMM PUUPCSF TDPSTP OFMMB )FSLVMFTTBBM EJ .POBDP DPO JM WJPMJOJTUB %BOJFM )PQF M 0SDIF TUSB EB $BNFSB EJ .BOUPWB UPSOB EVO RVF B DBMDBSF MF TDFOF UFEFTDIF FTQPS UBOEP PMUSF DPOàOF MP TQJSJUP EFM QSP HFUUP )BZEO DIF JOUSBQSFTP OFM MB WFEF JNQFHOBUB QFS MB EJGGVTJPOF F QSPNP[JPOF EFMM PQFSB EFM NVTJDJTUB BVTUSJBDP UFS[P HSBOEF EFM $MBTTJDJTNP WJFOOFTF DPO .P[BSU F #FFUIPWFO

* DPODFSUJ Ŀ MVOFEÑ NBHHJP "RVJTHSBOB &VSPHSFTT Ŀ NBSUFEÑ NBHHJP &TTFO 1IJMIBSNPOJF Ŀ NFSDPMFEÑ NBHHJP 8JFTCBEFO ,VSIBVT

4PM (BCFUUB

'JOF USB JOBVHVSB[JPOJ F DPODFSUJ EFHMJ BVHVSJ -PORVJDI EJSJHF M 0DN

" 1BSNB M 0DN IB UFOVUP B CBUUFTJNP M "VEJUPSJVN EFM $BSNJOF " 4USFTB F B .POUFCFMMVOB IB SJOOPWBUP MB DPMMBCPSB[JPOF DPO "MFYBOEFS -PORVJDI

-B GJOF EFM IB WJTUP M 0SDIFTUSB EB $BNFSB EJ .BOUPWB JNQFHOBUB JO JOBVHVSB[JPOJ F DPODFSUJ EFHMJ BVHVSJ JO EJWFSTJ DFOUSJ EFM /PSE *UBMJB B 1BSNB DPO JM WJPMPOJTUB 1 BWFM #FSNBO EJSFUUB EBM NBFTUSP 'BCJBOP .POJDB B .POUFCFMMVO F B 4USFTB DPO JM QJBOJTUB F EJSFUUPSF "MFYBOEFS -PORVJDI B .BOUPWB DPO JM WJPMJOJTUB 6UP 6HIJ WFEJ B MBUP OES

j- 0SDIFTUSB EB $BNFSB EJ .BOUPWB Í VOP TQMFOEJEP TUSVNFOUP EPUBUP EJ VO CFM TVPOP DBMEP QSFDJTJPOF F OPUFWPMF FRVJMJCSJP UJNCSJDP -B TFSBUB SJTDBMEBUB EB VO QVCCMJDP DIF IB FTBVSJUP UVUUJ J QPTUJ B TFEFSF F TJ Í EJNPTUSBUP BUUFOUP FE FOUVTJBTUB TJ Í DPODMVTB DPO TVDDFTTP TVMMF OPUF EFMM 0VWFSUVSF EFMMF /P[[F EJ 'JHBSP EJ .P[BSUv $PTÑ TDSJWF MB (B[[FUUB EJ 1BSNB OFM SBDDPOUBSF EFM DPODFSUP DPO DVJ M 0SDIFTUSB EB $BNFSB EJ .BOUPWB

IB UFOVUP B jCBUUFTJNP PSDIFTUSBMFv JM OVPWP "VEJUPSJVN EFM $BSNJOF EFMMB DJUUÆ FNJMJBOB -B $IJFTB EJ 4BOUB .BSJB JO $PMMF EJ .POUFCFMMVOB F JM 1BMB[[P EFJ $POHSFTTJ EJ 4USFTB SJTQFUUJWBNFOUF MVOFEÑ F NBSUFEÑ EJDFNCSF IBOOP RVJOEJ BDDPMUP JM SJOOPWBSTJ EFMMB DPMMBCPSB[JPOF DPO "MFYBOEFS -PORVJDI BSUJTUB SFTJEFOUF BM 5FBUSP #JCJFOB EJ .BOUPWB F DPO MB QJBOJTUB $SJTUJOB #BSCVUJ *OTJFNF DPO MPSP M 0DN IB QSPQPTUP JM $PODFSUP O , JO NJ CFNPMMF NBHHJPSF QFS EVF QJBOPGPSUJ F PSDIFTUSB F JM $PODFSUP O JO TJ CFNPMMF NBHHJPSF , QFS QJBOPGPSUF F PSDIFTUSB EJ 8 " .P[BSU PMUSF BMMB 4JOGPOJB JO TPM NJOPSF O i-B HBMMJOBu EJ ' + )BZEO - PDDBTJPOF * DPODFSUJ EJ /BUBMF EJ #BODB 1PQPMBSF EJ *OUSB F EJ 7FOFUP #BODB )PMEJOH 4BMF BM DPMNP EFMMB DBQJFO[B QFS DPODFSUJ TVHHFMMBUJ EB BQQMBVTJ TDSPTDJBOUJ

6UP 6HIJ i4F MB NVTJDB OPO IB QFOTJFSP Ò WVPUBw

/

B NVTJDB GB QBSUF EFMMB WJUB EFM MB TFOTJCJMJUÆ VNBOB &TQSJNF HJPJB EPMPSF TQFSBO[B WJPMFO [B UFOFSF[[B $ Í VOB DPOOFTTJPOF NPMUP GPSUF USB NVTJDB F QFOTJFSP FE PHOJ NVTJDB TJB EJ #FFUIPWFO .P[BSU P 4DIVCFSU GB QBSUF EJ VO FTUFUJDB MFHB UB BMM FTQSFTTJPOF EFM MPSP UFNQP & TF MB NVTJDB OPO IB QFOTJFSP Í WVPUBv $PTÑ SJáFUUFWB 6UP 6HIJ RVBMDIF PSB QSJNB EFM TVP OVPWP DPODFSUP DPO M 0SDIFTUSB EB $BNFSB EJ .BOUPWB jVO PSDIFTUSB DPO MB RVBMF IP VO SBQ QPSUP JOUFOTP F GBDJMF GBUUB EJ NVTJDJ TUJ NBHOJàDJ F EPWF TJ GB NVTJDB EB DB NFSB DPNF QFS FTUFTP VO PSDIFTUSB EJ HSBOEF DMBTTF M IP TFNQSF EFUUPv 6HIJ F M 0SDIFTUSB EB $BNFSB TJ TPOP SJVOJUJ B .BOUPWB MB QSJNB WPMUB BD

DBEEF BMM JOJ[JP EFHMJ BOOJ /PWBOUB

QFS SFBMJ[[BSF JM USBEJ[JPOBMF i$PODFS UP EFHMJ "VHVSJu DIF MB #BODB "HSJDPMB .BOUPWBOB IB JOWFOUBUP OFM F JM DVJ UFTUJNPOF Í TUBUP SBDDPMUP QSPQSJP RVFTU BOOP EB #BODB .POUF EFJ 1BTDIJ EJ 4JFOB "QQVOUBNFOUP SJQFUVUP JM QJÜ EFMMF WPMUF QFS MB TPEEJTGB[JPOF EFHMJ JOUFSQSFUJ TFMF[JPOBUJ GSB J NJHMJPSJ F EFM QVCCMJDP QSFTFOUF àOP BE FTBV SJSF MB DBQJFO[B EFMMB TFEF EJ OPSNB MB $IJFTB EJ 4BO 'SBODFTDP DBQBDF EJ PTQJUBSF QJÜ EJ QFSTPOF -B TUPSJB EJ RVFTUP DPODFSUP Í àUUB EJ OPNJ JMMVTUSJ 3PDDP 'JMJQQJOJ 4FWFSJ OP (B[[FMMPOJ J 7JSUVPTJ EJ .PTDB DPO 7MBEJNJS 4QJWBLPW 6NCFSUP #FOFEFUUJ .JDIFMBOHFMJ "HPTUJOP 0SJ[JP 4FSHFK ,SZMPW .JTIB .BJTLZ &E BODIF JO RVF

6UP 6HIJ F M 0DN JO 4BO 'SBODFTDP B .BOUPWB GPUPTFSWJ[JP EJ -VJHJ 1SFUPMBOJ

TU VMUJNB FEJ[JPOF IB TPEEJTGBUUP MF BU UFTF - 0SDIFTUSB BGàEBUB BM TVP QSJNP WJPMJOP DPODFSUBUPSF $BSMP 'BCJBOP IB SFHBMBUP DPO OJUJEB CSJMMBOUF[[B QBHJOF EJ 7JWBMEJ F )BZEO QPJ IB DPMMPRVJBUP DPO VO JTQJSBUP 6HIJ OFM $PODFSUP JO SF NBHHJPSF EJ #FFUIPWFO QBHJOB SFTUJUVJ UB OFM TVP QPUFOUF F DPNNPTTP MJSJTNP DPO NFNPSBCJMF DPNVOJPOF E JOUFOUJ $PO PHOJ QSPCBCJMJUÆ JM GSVUUP EJ DJÖ DIF TFDPOEP 6UP 6HIJ Í JM DMJNB JEFBMF QFS FTQSJNFSTJ MB QBDF JOUFSJPSF EJ VO NVTJDJTUB jDIF OPO IB DPOáJUUJ DIF MP EFCJMJUJOP OFMMF FOFSHJFv 6HIJ DIF B TPMJ TFUUF BOOJ FTPSEÑ BM 5FB USP -JSJDP EJ .JMBOP TVTDJUBOEP TVM $PS SJFSF EFMMB 4FSB M BNNJSB[JPOF EJ 'SBODP "CCJBUJ DPOUJOVB BE BQQBSJSF DPNF VO JOUFSQSFUF QSPUFTP JO VO JOTUBODBCJMF SJDFSDB EJ TÊ F EFM NPOEP OFM RVBMF WJWF DPO BDDFTB QBTTJPOF BODIF J GFOPNFOJ TPDJBMJ DIF OF TDBUVSJTDPOP (JÆ OFM JO VO JOUFSWJTUB BM NFO TJMF #BODIFUUP .VTJDBMF PTBWB TDBHMJBS TJ DPOUSP J DSJUJDJ NVTJDBMJ EJ 3FQVCCMJ DB BOOPUBWB JM EJTPSEJOF EFMM BNCJFO UF NVTJDBMF JUBMJBOP FE BWFWB B DVPSF M FEVDB[JPOF EFJ HJPWBOJ UFNB DIF QPJ TBSFCCF EJWFOUBUP TFNQSF QJÜ SJDPSSFO UF JOTJFNF B RVFMMP EFMMB DBUUJWB HFTUJP OF EFJ UFBUSJ .B TF PHHJ 6HIJ QBSMB EJ jSJBCJUVBSF BMM BTDPMUPv DPOTBQFWPMF EJ VOB DFSUB EFDBEFO[B EFMMB DVMUVSB NV TJDBMF OB[JPOBMF HJÆ B RVFM UFNQP SJUF OFWB DIF jBJ HJPWBOJ CJTPHOB BOEBSF JO DPOUSP WFOHBOP QVSF WFTUJUJ DPNF QSF GFSJTDPOP QVSDIÊ DBQUJOP VO NFTTBH HJP DIF B MPSP Í TUBUP àOPSB TDPOPTDJV UPv %FM TVP VMUJNP DPODFSUP NBOUP WBOP OPO D Í EVCCJP SJNBSSÆ USBDDJB EJ SJDDIF[[B TQJSJUVBMF ° DJÖ DIF TFSWF BMMB EJHOJUÆ EFMM BSUF FE BMMF TQFSBO[F EFJ HJPWBOJ B [

BNJDJ EFMMq0DN

5SBTGFSUF NVTJDBMJ EVF iUVUUP FTBVSJUPw F EVF OVPWF QSPQPTUF * 2VBSUFUUP EJ 5PLZP

MJ "NJDJ EFMM 0SDIFTUSB EB $BNF SB EJ .BOUPWB IBOOP SJTQPTUP DPO FOUVTJBTNP BMMF USBTGFSUF NVTJDBMJ QSPHSBNNBUF QFS MP TDPSTP EJDFNCSF F QFS JM QSPTTJNP BQSJMF QFS BTDPMBUSF SJTQFUUJWBNFOUF MB $IBNCFS 0SDIFTUSB PG &VSPQF EJSFUUB EB 7MBEJNJS "TLIF OB[Z F MB .BIMFS $IBNCFS 0SDIFTUSB EJ SFUUB EB $MBVEJP "CCBEP *M DPODFSUP EJ EJDFNCSF Í TUBUP EBWWFSP TUSBPSEJOBSJP iEB JODPSOJDJBSFu *OVUJMJ TJ TPOP SJWFMBUJ à OP BE PSB BMNFOP J SJQFUVUJ UFOUBUJWJ EJ PUUFOFSF VMUFSJPSJ QPTUJ SJTQFUUP B RVFM MJ JOJ[JBMNFOUF BTTFHOBUJDJ QFS UFOUBSF EJ BTTFDPOEBSF MB SJDIJFTUB EJ QBSUFDJQB [JPOF EJ TPDJ DIF BM NPNFOUP SJTVMUBOP JO MJTUB E BUUFTB * OPTUSJ TGPS[J JO RVFTUP TFOTP DPOUJOVBOP /FM GSBUUFNQP M "T TPDJB[JPOF TUB EFà OFOEP OFJ EFUUBHMJ MF QSPQPTUF QFS JM OVPWP BOOP DIF DJ BV HVSJBNP JODPOUSJOP BODPSB VOB WPMUB JM GBWPSF EFJ TPDJ -VOFEÑ GFCCSBJP PSF

TBSFNP BM 'JMBSNPOJDP EJ 7FSPOB QFS BTDPMUBSF * WJSUVPTJ JUBMJBOJ DPO .BT TJNP 2VBSUB EJSFUUPSF F WJPMJOP F -JMZB

;JMCFSTUFJO QJBOPGPSUF *O QSPHSBNNB NVTJDIF EJ $IBVTTPO 4USBVTT #FFUIP WFO *M DPTUP EFMMB USBTGFSUB NVTJDBMF Í EJ FVSP DPNQSFOTJWP EJ CVT F QPTUP OV NFSBUP -F QSFOPUB[JPOJ WBOOP FGGFUUVB UF FOUSP JM GFCCSBJP 2VJOEJ NBSUFEÑ NBS[P SBHHJVOHFSF NP MB 4BMB 7FSEJ EFM $POTFSWBUPSJP EJ .J MBOP QFS BTTJTUFSF BM DPODFSUP EFM 2VBS UFUUP EJ 5PLZP JNQFHOBUP OFMM JOUFHSBMF EFJ 2VBSUFUUJ PQ EJ ' + )BZEO *M DP TUP CVT CJHMJFUUP QFS BTDPMUBSF VOP EFJ QJÜ JNQPSUBOUJ RVBSUFUUJ NPOEJBMJ Í EJ FVSP -F QSFOPUB[JPOJ UFSNJOBOP JM GFCCSBJP &OUSBNCF MF USBTGFSUF TJ FGGFUUVFSBOOP TPMP BM SBHHJVOHJNFOUP EJ O BEFTJP OJ $IJ GPTTF JOUFSFTTBUP QPUSÆ SJDFWFSF JOGPSNB[JPOJ EFUUBHMJBUF TVJ QSPHSBNNJ DPOUBUUBOEP J TFHVFOUJ OVNFSJ UFMFGPOJ DJ 4JH SJ -PEJ

"VHVSJBNP B UVUUJ VO GFMJDF F NVTJDBMF BOOP *M %JSFUUJWP "NJDJ EFMM 0$.

& JO DPSTP JM SJOOPWP EFMMF BEFTJPOJ QFS JM *M DPTUP FVSP Ò JNNVUBUP SJTQFUUP BMMB TDPSTP BOOP

1BSPMFOPUF 3FTUBHOP 1SJODJQF F QPJ -BOEJOJ DIF BOUJDJQB

/

B 4BMB /PSMFOHIJ EFMMB 'POEB [JPOF #BN TJ BQQSFTUB BE BDDP HMJFSF USF OVPWJ BQQVOUBNFOUJ EFMMB UFS[B FEJ[JPOF EJ i1BSPMFOPUF B PHOJ NVTJDB MB TVB TUPSJBu -VOFEÑ GFCCSBJP PSF JOHSFTTP MJ CFSP TBSÆ &O[P 3FTUBHOP B JOUSPEVS SF JM QVCCMJDP EJ i5FNQP E 0SDIFTUSBu F UVUUJ HMJ JOUFSFTTBUJ BMM PQFSB EJ *HPS 4USBWJOTLJK -B DPOGFSFO[B EFMMP TUPSJ DP EFMMB NVTJDB OPODIÊ EJSFUUPSF BSUJ TUJDP EFM 'FTUJWBM .J5P 4FUUFNCSF NV TJDB BOUJDJQFSÆ EJ VO HJPSOP JM DPODFS UP VO UVUUP 4USBWJOTLJK EFMMB ,BNNF SPSDIFTUFS #BTFM .BOUPWB 5FBUSP 4P DJBMF NBSUFEÑ GFCCSBJP PSF

7FOFSEÑ NBS[P PSF JOHSFTTP MJCFSP TBSÆ MB WPMUB EJ 2VJSJOP 1SJO DJQF JODPOUSBSF JM QVCCMJDP NBOUPWB OP 0TQJUF EJ i1BSPMFOPUFu à O EBMMB QSJNB FEJ[JPOF EFM DJDMP E BQQVOUB

NFOUJ 1SJODJQF JOUSPEVSSÆ BMMB NVTJ DB EJ +PIBOOFT #SBINT F EJ 3JDIBSE 4USBVTT JO QSFWJTJPOF EFM DPODFSUP JO DBSUFMMPOF QFS i5FNQP E 0SDIFTUSBu TBCBUP NBS[P .BOUPWB 5FBUSP 4P DJBMF PSF OFM RVBMF MB +VOHF %FV UTDIF 1IJMIBSNPOJF JM QJBOJTUB 3VEPMG #VDICJOEFS F JM EJSFUUPSF -BXSFODF 'PTUFS BCCJOFSBOOP JM $PODFSUP O JO SF NJOPSF QFS QJBOPGPSUF F PSDIFTUSB PQ EJ #SBINT F &JOF "MQFOTJOGPOJF PQ EJ 4USBVTT *Oà OF HJPWFEÑ BQSJMF BO[JDIÍ TF DPOEP RVBOUP JOJ[JBMNFOUF QSPHSBN NBUP WFOFSEÑ JM DPNQPTJUPSF $BS MP "MFTTBOESP -BOEJOJ QSPQPSSÆ VO QFSDPSTP EJ BWWJDJOBNFOUP BMM BTDPMUP EFMMB $SFB[JPOF EJ 'SBO[ +PTFQI )BZEO DBQPMBWPSP DVJ i5FNQP E 0SDIFTUSB u BGà EB EPNFOJDB BQSJ MF PSF .BOUPWB $IJFTB EJ 4BO

-B DPOGFSFO[B EFM DPNQPTJUPSF $BSMP "MFTTBOESP -BOEJOJ WJFOF BOUJDJQBUB B HJPWFEÖ BQSJMF *OUSPEVSSË i-B $SFB[JPOFw EJ )BZEO DIF DIJVEF i5FNQP E 0SDIFTUSB w

'SBODFTDP JM QSPQSJP BQQVOUBNFOUP DPODMVTJWP BGà EBUP BMM 0SDIFTUSB EB $BNFSB EJ .BOUPWB B USF PUUJNJ DBO UBOUJ (FNNB #FSUBHOPMMJ .JSLP (VB EBHOJOJ 'VMWJP #FUUJOJ F BMMB CBDDIFU UB EFMM BQQSF[[BUJTTJNP &OSJDP 0OPGSJ *M DJDMP i1BSPMFOPUFu PSHBOJ[[BUP EBM M "TTPDJB[JPOF "NJDJ EFMM 0DN Í DV SBUP EBMMP TUPSJDP 4UFGBOP 1BUV[[J F TJ SFBMJ[[B DPO JM TPTUFHOP EJ 'POEB[JP OF #BN

B TPTUFHOP EJ

/

D )RQGD]LRQH 0RQWH GHL 3D VFKL GL 6LHQD q VWDWD FRVWLWXLWD QHO FRQ LO FRQIHULPHQ WR GHOO·DWWLYLWj EDQFDULD GD SDUWH GHOO·H[ ,VWLWXWR GL &UHGLWR GL 'LULWWR 3XEEOLFR QHOOD %DQFD 0RQWH GHL 3DVFKL GL 6LHQD 6S$ OH FXL RULJLQL ULVDOJRQR DOOD VHFRQGD PHWj GHO 4XDWWURFHQWR &RQ O·DSSURYD]LR QH GHO QXRYR VWDWXWR O· PDJJLR OD )RQGD]LRQH KD DVVXQWR SHUVRQDOLWj JLXULGLFD SULYDWD VHQ ]D ILQH GL OXFUR FRQ SLHQD DXWR QRPLD

IRWR GL 1LFROD 0DODJXWL

/D PLVVLRQH GHOOD )RQGD]LRQH 0SV SHUVHJXH JOL RELHWWLYL GL XWLOLWj VR FLDOH H GL LQWHUHVVH SXEEOLFR QHL VHWWRUL GHOOD ULFHUFD VFLHQWLILFD GHOO·DUWH GHOOR VYLOXSSR ORFDOH GHOO·LVWUX]LRQH GHOOD VDQLWj GHO O·DVVLVWHQ]D DOOH FDWHJRULH VRFLDOL GHEROL GHOOD YDORUL]]D]LRQH GL EHQL H GHOOH DWWLYLWj FXOWXUDOL H DPELHQ WDOL /D VXD DWWLYLWj LVWLWX]LRQDOH VL FRQ FUHWL]]D FRQ LO VRVWHJQR HFRQRPL FR D SURJHWWL SURSUL R SURSRVWL GD VRJJHWWL WHU]L 1HO OD )RQGD ]LRQH 0SV KD UHVR GLVSRQLELOL FRP SOHVVLYDPHQWH PLOLRQL GL HXUR GL ILQDQ]LDPHQWL GL FXL ROWUH PLOLRQL DL SURJHWWL GL WHU]L /H ULVRUVH VRQR VWDWH LQYHVWLWH QHO WHUULWRULR VH QHVH LQ 7RVFDQD H QHO UHVWR G·,WD OLD ,Q SDUWLFRODUH OD )RQGD]LRQH 0SV KD VRVWHQXWR QXPHURVL SUR JHWWL QHO VHWWRUH DUWLVWLFR FXOWXUDOH SHU XQ LPSHJQR FRPSOHVVLYR FKH VXSHUD L PLOLRQL GL HXUR 1HJOL XOWLPL DQQL LQROWUH q QRWHYROPHQWH FUHVFLXWR O·LPSHJQR QHL FRQIURQWL GHL SURJHWWL GL FRRSHUD]LRQH LQWHU QD]LRQDOH

7UD L SURJHWWL SURSUL GD VHJQDODUH QHOO·DPELWR GHOOH ELRWHFQRORJLH O·LPSHJQR PHGLDQWH 6LHQDELRWHFK VRFLHWj VWUXPHQWDOH GHOOD )RQGD]LR QH FKH q DQFKH WUD L IRQGDWRUL GHO SDUFR VFLHQWLILFR FKH ID FDSR DOOD )RQGD]LRQH 7RVFDQD /LIH 6FLHQFHV

H FRVu FRPH VRFLHWj VWUXPHQWDOH q %LR)XQG 6SD XQD VHHG FDSLWDO FRPSDQ\ DO VRVWHJQR GHOOH D]LHQ GH QHOOD IDVH GL VWDUW XS 6HPSUH LQ DPELWR GHOOD ULFHUFD VFLHQWLILFD VL VRWWROLQHD OD UHFHQWH SDUWHFL SD]LRQH GHOOD )RQGD]LRQH 0SV LQ ´7RVFDQD ,QQRYD]LRQHµ XQ QXRYR IRQGR YDUDWR GDOOD 6LFL GL LQWHVD IUD 5HJLRQH 7RVFDQD H OH IRQGD]LRQL SUHVHQWL QHOOD UHJLRQH GHVWLQDWR DO ILQDQ]LDPHQWR GL ´VSHFLILFL SURJHWWL DG DOWR FRQWHQXWR WHFQRORJLFR HG DOWD YDOHQ]D LQQRYDWLYDµ H LQ 6LHQD 1DQRWHFK VRFLHWj SHU D]LRQL FKH RSHUHUj QHO FDPSR GHOOH QDQR WHFQRORJLH LQVLHPH DO /DERUDWRULR 1(67 LO FHQWUR GL QDQRWHFQRORJLD GHOOD 6FXROD 1RUPDOH 6XSHULRUH GL 3LVD $OWUD VRFLHWj VWUXPHQWDOH q DQFKH 9HUQLFH 3URJHWWL &XOWXUDOL FKH RSH UD QHOO·RUJDQL]]D]LRQH GL HYHQWL FXO WXUDOL )UD JOL LPSHJQL GLUHWWL ILJXUD DQFKH TXHOOR QHL FRQIURQWL GHOO·$F FDGHPLD 0XVLFDOH &KLJLDQD 3UR VHJXH LO UHFXSHUR GHO 3DOD]]R GHO &DSLWDQR DFTXLVWDWR GDOOD )RQGD ]LRQH DOOD ILQH FKH SRWUj DF FRJOLHUH HVSRVL]LRQL WHPSRUDQHH PRVWUH GHL SURJHWWL GHOOD )RQGD ]LRQH QRQFKp OD &ROOH]LRQH GHOOH RSHUH G·DUWH XQ SURJHWWR FKH KD SUHVR DYYLR VHPSUH QHO DO ILQH GL ULSRUWDUH QHOOD FLWWj RSHUH H PD QXIDWWL VLJQLILFDWLYL SHU LO SDQRUDPD VWRULFR DUWLVWLFR GHO WHUULWRULR VHQHVH

MFUUVSB +PIO 3JOL - FTFDV[JPOF NVTJDBMF (VJEB BOBMJTJ QSPTQFUUJWF 3VHHJOFOUJ &EJUPSF QBHJOF &

*M SBQQPSUP USB UFDOJDB F JOUFSQSFUB[JPOF 1VCCMJDIJBNP VO CSFWF TUSBMDJP EBM MJCSP - FTFDV[JPOF NVTJDBMF QFS HFOUJMF DPODFTTJPOF EJ 3VHHJOFOUJ &EJUPSF .JMBOP &EJUPSF PSJHJOBMF $BNCSJEHF 6OJWFSTJUZ 1SFTT &EJ[JPOF JUBMJBOB EJ 4UFGBOP -FPOJ EJ +0)/ 3*/,

1SFQBSBOEP VO PQFSB NVTJDBMF QFS M FTFDV[JPOF JM NVTJDJTUB EFWF NFEJBSF USB J QSPDFTTJ SJDIJFTUJ OFMMB GPSNVMB[JP OF EJ JQPUFTJ JOUFSQSFUBUJWF F OFMMP TWJ MVQQP EJ BQQSPQSJBUF DBQBDJUÆ UFDOJDIF 6O MBWPSP EJ SJDFSDB EJ 8JDJOTLJ TJ Í GPDB MJ[[BUP TV DPNF J NVTJDJTUJ PSHBOJ[[BOP JM MPSP TUVEJP BMMP TDPQP EJ WFOJSF JODPOUSP B RVFTUF EVF FTJHFO[F -P TUVEJPTP CBTB WB J TVPJ SJTVMUBUJ TV JOUFSWJTUF DPO JNQPS UBOUJ QJBOJTUJ SVTTJ DIF FTQMJDJUBWBOP EVF EJWFSTJ NFUPEJ EJ MBWPSP 6O HSVQQP GB DFWB QFOTBSF DIF MP TUVEJP EJ DPMPSP DIF OF GBDFWBOP QBSUF QPUFTTF FTTFSF TFQBSB UP JO USF EJTUJOUF GBTJ FMBCPSBSF VOB WJTJPOF E JOTJFNF EFM M PQFSB F TWJMVQQBSF MF QSJNF JEFF JOUFS QSFUBUJWF WJODFSF MF TàEF UFDOJDIF EFMM PQFSB DPNCJOBSF MF QSJNF EVF GBTJ F QFSGF [JPOBSF M JOUFSQSFUB[JPOF * QJBOJTUJ SFTUBOUJ OPO FSBOP JO HSBEP EJ JTPMBSF GBTJ EJTUJOUF OFM MPSP TUVEJP F TFNQMJDFNFOUF MBWPSBWBOP VO CSBOP EBMM JOJ[JP BMMB àOF TFO[B TPMV[JPOF EJ DPOUJOVJUÆ 3BHHJVOHFSF VOB WJTJPOF E JOTJFNF EJ VO PQFSB QSJNB EFMM JOJ[JP EJ VOP TUV EJP EJ EFUUBHMJP PGGSF EVF FTTFO[JBMJ WBOUBHHJ BM NVTJDJTUB JO QSJNP MVPHP GPSOJTDF VO NF[[P QFS QJBOJàDBSF VMUF SJPSJ TFTTJPOJ EJ TUVEJP JO NPEP UBMF DIF MF EJGàDPMUÆ UFDOJDIF WFOHBOP JTPMBUF B VOP TUBEJP QSFDPDF QFSNFUUFOEP JO UBM NPEP BMM FTFDVUPSF EJ FMBCPSBSF J NF[[J QFS TVQFSBSMF JO TFDPOEP MVPHP M FTFDV UPSF Í JO HSBEP EJ GPSNVMBSF EFMMF JEFF JOUFSQSFUBUJWF JOJ[JBMJ QSJNB EJ JNQF HOBSTJ OFMMP TUVEJP UFDOJDP DPTÑ DIF RVF

TU VMUJNP WFOHB JOGPSNBUP EBMMF FTJHFO[F JOUFSQSFUBUJWF -B WJTJPOF E JOTJFNF QP USFCCF BWFS MVPHP TVMMP TUSVNFOUP P BM EJ GVPSJ EJ FTTP JO SFMB[JPOF BMMF DBQBDJUÆ F BJ NFUPEJ EJ MBWPSP QSFGFSJUJ EBM TJOHPMP NVTJDJTUB NB PWVORVF BWWFOHB FTTB SJ DIJFEF VO DPJOWPMHJNFOUP NFOUBMF DPO TDJP OFM QSPDFEJNFOUP EJ TUVEJP F JO UBM NPEP TUJNPMB BDDVSBUF[[B F QSPEVUUJWJUÆ BMMP TUFTTP UFNQP TPUUPMJOFBOEP BODIF M JNQPSUBO[B EFMM JOUFSQSFUB[JPOF DPNF àOF VMUJNP EFMM FTFDV[JPOF NVTJDBMF * NPEJ JO DVJ OFM DPSTP EFMMP TUVEJP FNFSHPOP MF TUSBUFHJF JOUFSQSFUBUJWF EJG GFSJTDF DPOTJEFSFWPMNFOUF EB NVTJDJTUB B NVTJDJTUB /FMMB TVB SJDFSDB CBTBUB TV JOUFSWJTUF MB )BMMBN IB USPWBUP USF EJGGF SFOUJ BQQSPDDJ QSBUJDJ BMMB GPSNVMB[JPOF EJ JQPUFTJ JOUFSQSFUBUJWF OFM DPSTP EFMMP TUVEJP VO HSVQQP EJ NVTJDJTUJ VUJMJ[[BWB M BOBMJTJ VO BMUSP HSVQQP VTBWB VO NJTUP EJ BOBMJTJ F JOUVJUP F JM UFS[P HSVQQP MB WPSBWB TV CBTJ QVSBNFOUF JOUVJUJWF DJPÍ FTTJ OPO QSFTUBWBOP DPOTDJBNFOUF BU UFO[JPOF BMM JOUFSQSFUB[JPOF EVSBOUF MP TUVEJP NB MB MBTDJBWBOP FNFSHFSF iBV UPNBUJDBNFOUFu DPNF QSPEPUUP EFMMP TUVEJP UFDOJDP 1JVUUPTUP DIF DPTUJUVJSF VOB RVBMDIF GPS[B NJTUJDB P VO BCJMJUÆ OBUVSBMF M JOUVJUP QPUSFCCF SJáFUUFSF

VOB SJTQPTUB JOUFSQSFUBUJWB BVUPNBUJDB EFMM FTFDVUPSF BE BMDVOF DBSBUUFSJTUJDIF QBSUJDPMBSJ EJ VOB QBSUJUVSB P EJ VO PQF SB NVTJDBMF +PIO 3JOL GB SJGFSJNFOUP B FTTB DPNF iJOUVJ[JPOF JOGPSNBUBu 6O FTFDVUPSF FTQFSUP BWSÆ TWJMVQQBUP BOOJ EJ FTQFSJFO[B FTFHVFOEP FE BTDPMUBOEP VOB WBTUB HBNNB EJ NVTJDIF DIF BWSBO OP EBUP DPNF SJTVMUBUP VO BCJMJUÆ iJOUVJ UJWBu BMUBNFOUF TWJMVQQBUB * NVTJDJTUJ QPTTPOP JNQJFHBSF DPOTDJBNFOUF M BOB MJTJ RVBOEP M JOUVJUP OPO Í TVGàDJFOUF P QFS BJVUBSF MB NBUVSB[JPOF EJ JOUFSQSF UB[JPOJ DPNQMFTTJWF JO DPOUSBTUP DPO JM QBSUJDPMBSJTNP FTQSFTTJWP EFMM FTFDV[JP OF %BUP DIF J NFUPEJ EJ MBWPSP EJ VO FTF DVUPSF TJ FWPMWPOP OFM DPSTP EJ BOOJ EJ FTQFSJFO[F NVTJDBMJ OPO TPSQSFOEF DIF NVTJDJTUJ EJWFSTJ FWJEFO[JOP VOB HSBOEF WBSJFUÆ EJ TUJMJ EJ MBWPSP JO QBSUJDPMBS NPEP OFMMB GPSNVMB[JPOF EJ TUSBUFHJF JO UFSQSFUBUJWF 5VUUBWJB VOB DBSBUUFSJTUJDB DPNVOF EFJ NFUPEJ EJ TUVEJP EFHMJ FTF DVUPSJ QJÜ FTQFSUJ Í DPTUJUVJUB EB VO BQ QSPDDJP TJTUFNBUJDP BMM BQQSFOEJNFOUP NVTJDBMF EJNPTUSBUP JO VOB DPOTBQFWP MF[[B EFHMJ PCJFUUJWJ EFMMP TUVEJP F OFMMB DBQBDJUÆ EJ TFMF[JPOBSF TUSBUFHJF NVTJDBMJ FGàDBDJ DIF QFSNFUUBOP MPSP EJ SBHHJVO HFSF RVFTUJ PCJFUUJWJ

HSBNNPGPOP .JDIFMF #BMMBSJOJ NVTJDBMNFOUF!PDNBOUPWB DPN

%BM GPOPHSBGP BM (SBNPQIPOF µ MB OBTDJUB EFM EJTDP " CCJBNP HJÆ DJUBUP MB EBUB EFMM JO WFO[JPOF EFM GPOPHSBGP m JO RVFMM BOOP 5IPNBT "MWB &EJTPO QSPHFUUÖ F SFBMJ[[Ö RVFTUP NJOVTDPMP BQQBSFDDIJP EBMMF DBSBUUFSJTUJDIF BTTBJ TFNQMJDJ MF POEF TPOPSF EPWFWBOP FT TFSF EJSFUUF WFSTP VOB QJDDPMB USPNCB FTQPOFO[JBMF DPMMFHBUB BE VO EJBGSBN NB RVFTUP EJBGSBNNB USBTNFUUFWB NFD DBOJDBNFOUF MF WJCSB[JPOJ BE VOB QVOUB DIF DPTÑ TPMMFDJUBUB àTTBWB TV VO UFOVF TVQQPSUP m VO GPHMJP EJ TUBHOPMB EJTUFTP TV EJ VO DJMJOESP DIF SVPUBWB TV TF TUFTTP B[JPOBUP EB VOB NBOPWFMMB m VOB USBDDJB DIF M BQQBSFDDIJP SJQSPEVDFWB GBDFOEP BTDPMUBSF RVBOUP FSB TUBUP JNQSFTTP 4FNCSFSÆ TUSBOP NB USB MF àOBMJUÆ EFM GPOPHSBGP FMFODBUF EB &EJTPO MB NVTJDB FSB TPMP VOB USB MF UBOUF TJ QFOTBWB BMMB EFUUBUVSB EJ MFUUFSF BMMB DPOTFSWB[JPOF EFMMB WPDF EJ JNQPSUBOUJ QFSTPOBHHJ P BM EJWFSUJNFOUP OFMMF àFSF QPUFOEP SFHJ TUSBSF F TVCJUP EPQP BTDPMUBSF MB QSPQSJB WPDF *O FGGFUUJ MB RVBMJUÆ EFMMB SJQSPEV [JPOF FSB WFSBNFOUF TDBSTB EJTUVSCBUB EB GSVTDJJ F DSFQJUJJ DIF OF PGGVTDBWBOP MB DIJBSF[[B PMUSF BM GBUUP DIF MB EVSBUB EJ VO DJMJOESP OPO TVQFSBWB J EVF NJOVUJ UVUUJ GBUUPSJ RVFTUJ DIF MJNJUBWBOP QFTBO UFNFOUF MF QPTTJCJMJUÆ EJ SFHJTUSBSF NVTJ DB 0MUSF B &EJTPO BMUSJ JOUSBQSFOEFOUJ QJPOJFSJ DPNJODJBSPOP B TUVEJBSF UVUUJ J QPTTJCJMJ NJHMJPSBNFOUJ EB BQQPSUBSF BM OVPWP TVQQPSUP MB TUBHOPMB GV TPTUJUVJUB EBMMB DFSB NBUFSJBMF DIF QFSNFUUFWB MB SJEV[JPOF EFJ SVNPSJ EJ GPOEP F DPOUFN QPSBOFBNFOUF HSB[JF BMMB QSFTTJPOF QJÜ NPEFTUB F BMMB DPOTFHVFOUF NJOPS MBS HIF[[B EFM TPMDP BTTJDVSBWB VOB NBHHJPS EVSBUB EFMMB SJQSPEV[JPOF DIF BSSJWBWB B PMUSF EVF NJOVUJ WFOOF BODIF BHHJVOUP VO NPUPSF FMFUUSJDP BMJNFOUBUP B QJMF DIF SFHPMBSJ[[BWB MB SPUB[JPOF B NBOPWFMMB - JOUFSFTTF QFS JM OFPOBUP BQQBSFDDIJP FSB NPMUP WJWP NB MP TWJMVQQP EFMM JO EVTUSJB GPOPHSBàDB FSB JOàDJBUP EB VO QSPCMFNB NPMUP EJGàDJMF EB SJTPMWFSF JM DJMJOESP m QSPQSJP QFS MB TVB GPSNB m FSB RVBTJ JNQPTTJCJMF EB EVQMJDBSF F RVFTUB MJNJUB[JPOF JNQPOFWB BMM JOUFSQSFUF EJ SJQFUFSF EFDJOF EJ WPMUF MP TUFTTP CSBOP BMMB QSFTFO[B EJ NPMUJTTJNJ GPOPHSBà DIF SFHJTUSBWBOP DPOUFNQPSBOFBNFOUF 2VFTUB TJUVB[JPOF EJ TUBMMP WFOOF TVQF SBUB BMDVOJ BOOJ EPQP RVBOEP OFM &NJM #FSMJOFS CSFWFUUÖ JM (SBNPQIPOF BQQBSFDDIJP DIF JODJEFWB MF POEF TP OPSF TV EJ VO NJOVTDPMP EJTDP EJ DFSB EBM RVBMF m QFS WJB FMFUUSPMJUJDB m FSB QPTTJCJMF SJDBWBSF VOB NBUSJDF JO SBNF QSPOUB B TUBNQBSF NPMUJTTJNF DPQJF TV

/FM &NJM #FSMJOFS CSFWFUUB VO BQQBSFDDIJP DIF JODJEF MF POEF TPOPSF TV VO NJOVTDPMP EJTDP EJ DFSB

6OB TFTTJPOF EJ JODJTJPOF EFM QFSJPEP BDVTUJDP EJTDIJ EJ HPNNBMBDDB FSB OBUP JM EJTDP 4BSFCCF JOUFSFTTBOUF QBSMBSF EJ UVUUF MF HVFSSF EFJ CSFWFUUJ DIF TFHVJSPOP DPO MB TFNQSF NBHHJPS EJGGVTJPOF EFM EJTDP F M JOFTPSBCJMF EFDMJOP EFM DJMJOESP CB TUFSÆ EJSF DIF BMM JOJ[JP EFM 99 TFDPMP JM HSBNNPGPOP TJ FSB HJÆ JNQPTUP DPNF VOP EFJ QJÜ GBNJMJBSJ PHHFUUJ EPNFTUJDJ DPNQMJDF BODIF MB GBNPTB GPSNB B DBMJDF EFMMB USPNCB EJ EJGGVTJPOF DIF QFSNFU UFWB VO BTDPMUP QJÜ EJGGVTP F GFEFMF $PTB F DPNF TJ BTDPMUBWB TVJ EJTDIJ HSBNNPGPOJDJ *M SFQFSUPSJP DMBTTJDP FSB MJNJUBUP B CSFWJ CSBOJ m PVWFSUVSFT EBO [F FDD P BE BSJF PQFSJTUJDIF WVPJ QFS MB EVSBUB EFM EJTDP m EBHMJ JOJ[JBMJ EVF NJOVUJ TJ BSSJWFSÆ OFM B TUBOEBSEJ[ [BSF MB WFMPDJUÆ JO HJSJ BM NJOVUP F BE VOB EVSBUB EJ NJOVUJ F DJSDB m DIF QFS JM SJTUSFUUP BNCJUP EFMMF GSFRVFO[F SFHJTUSBCJMJ SJTQFUUP BMMF DBQBDJUÆ VEJUJWF EFM OPTUSP PSFDDIJP m NJMB )FSU[

M JODJTJPOF NFDDBOJDB m EFUUB BDVTUJDB m QFSNFUUFWB EJ SFHJTUSBSF MF GSFRVFO[F DPNQSFTF USB J F J )FSU[ OFBO DIF RVBUUSP PUUBWF FTDMVEFOEP RVBTJ DPNQMFUBNFOUF JM UJNCSP F MB SJTPOBO[B EFMM BNCJFOUF (MJ FTFDVUPSJ EPWFWBOP FTTFSF QJHJBUJ JM QJÜ QPTTJCJMF EFOUSP VO FOPSNF DPODIJ HMJB EJ MFHOP JO NPEP EB EJSJHFSF QJÜ POEF TPOPSF WFSTP MB NFNCSBOB WJCSBO UF F OF DPOTFHVJWB DIF J TVPOJ QJÜ GPSUJ F TRVJMMBOUJ QPUFWBOP FTTFSF SFHJTUSBUJ NFHMJP -B WPDF VNBOB F HMJ TUSVNFOUJ B àBUP FSBOP GBWPSJUJ NFOUSF M JODJTJP OF EJ PQFSF TJOGPOJDIF FSB GPSUFNFOUF DPNQSPNFTTB HMJ PSHBOJDJ FSBOP SJEPUUJ F MF QBSUJUVSF BEBUUBUF BMMF MJNJUB[JPOJ

BDVTUJDIF DPO J DPOUSBCCBTTJ TPTUJUVJUJ EBMMB UVCB F J WJPMPODFMMJ EPQQJBUJ EBM GBHPUUP NFOUSF J WJPMJOJ F MF WJPMF FSBOP TQFTTP BEBUUBUJ DPO JM NFUPEP 4USPI DIF DPOTJTUFWB OFMM BQQMJDBSF TVMMF DPSEF VOB NFNCSBOB SJTPOBOUF BMMB RVBMF FSB NPOUBUB VOB DPSOFUUB EJ EJGGVTJPOF JO NPEP EB SFOEFSF QJÜ GPSUF NB BODIF QJÜ BTQSP m JM TVPOP EB SFHJTUSBSF 0QFSF EBMMF TPOPSJUÆ UFOVJ F USBTQBSFOUJ DPNF JM 1SÊMVEF Æ M BQSÍT NJEJ E VO GBVOF EJ %FCVTTZ FSBOP JNQPTTJCJMJ EB SFBMJ[[BSF JO EJTDP FE FDDP JM QFSDIÊ EJ UBOUF SFHJTUSB[JPOJ EJ DBOUBOUJ F TJOHPMJ TUSVNFOUJTUJ m JM QJB OPGPSUF FSB CFO SFHJTUSBCJMF PMUSF BE FT TFSF EJGGVTJTTJNJ J SVMMJ QFS BVUPQJBOP DIF iBHHJSBWBOPu UPUBMNFOUF JM QSPCMFNB & HMJ BEEFUUJ BJ MBWPSJ DPTB QFOTBWBOP .PMUJ DPNQPTJUPSJ m $JBJLPWTLZ %FCVTTZ 'BVSÊ m TBMVUBSPOP MB GPOPHSBàB DPNF VO NFSBWJHMJPTB JOWFO[JPOF NFOUSF HMJ FTFDVUPSJ BMUFSOBWBOP FOUVTJBTNP B DFSUF QFSQMFTTJUÆ GBNPTB MB SFB[JPOF EJ 5PTDB OJOJ DIF EPQP BMDVOF SFHJTUSB[JPOJ DPO MB TVB PSDIFTUSB FGGFUUVBUF JO "NFSJDB OFM HJVSÖ EJ OPO JODJEFSF QJÜ OVMMB JO WJUB TVB m F GV QFS OPTUSB GPSUVOB TQFS HJVSP m JO RVBOUP MB MJNJUBUB SFTB TPOPSB OPO QPUFWB SFOEFSF BQQJFOP UVUUJ RVFJ QBSUJDPMBSJ EB MVJ DPTÑ NJOV[JPTBNFOUF NFTTJ B QVOUP OFMMB DPODFSUB[JPOF /POPTUBOUF DJÖ NPMUJ BMUSJ JOUFSQSFUJ TJ BQQBTTJPOBSPOP BMMB GPOPHSBàB SFBMJ[ [BOEP SFHJTUSB[JPOJ DIF HVBSEBWBOP DPO àEVDJB BM GVUVSP F JM GVUVSP SJTFSWFSÆ HSPTTF TPSQSFTF DPNF WFESFNP JO TFHVJ UP BMMB NFUÆ EFHMJ BOOJ VOB SJWPMV[JP OBSJB JOOPWB[JPOF DBNCJFSÆ UPUBMNFOUF M BTDPMUP EFM EJTDP N C

MFHHFSF 4JNPOFUUB #JUBTJ NVTJDBMNFOUF!PDNBOUPWB DPN

6O NBUSJNPOJP B QSPWB EJ QJBOPGPSUF , O OLEUR KD ¿ VLFDPHQWH XQ DVSHWWR PDWWRQHVFR H XQD VLOKRXHWWH QRQ WURSSR LQYL WDQWH DQFKH SHUFKp VFRPRGLV VLPR GD OHJJHUH D OHWWR 3DVVDWL VRSUD D TXHVWH QRWD]LR QL HVWHWLFKH LO URPDQ]R R PH JOLR LO UHVRFRQWR URPDQ]DWR GL 3HUUL .QL]H 3LDQR VROR 8QD VWRULD G¶DPRUH H PXVLFD QRQ SRWUj FKH IDU IHOLFL JOL DPDQWL GHOOD PXVLFD H DQFRU SL L SDWL WL GHO SLDQRIRUWH 6u SHUFKp O¶DXWULFH FL SRUWD LQ JLUR SHU XQD VFHOWD GDYYHUR YLWDOH SHU XQ DSSDVVLRQDWR GL PXVLFD O¶DFTXLVWR GHO SURSULR VWUXPHQWR &KH GHWWR FRVu SXz QRQ VHP EUDUH QLHQWH GL WURSSR GUDP PDWLFR PD FKH LQYHFH FRPH SUHVWR VFRSULUHWH q GL DVVROXWD

LPSRUWDQ]D SHU FKL KD XQ RUHF FKLR PXVLFDOH PROWR VHQVLELOH 9L WURYHUHWH TXLQGL VFDUUR]]DWL WUD QHJR]L PDUWHOOHWWL DFFRU GDWRUL H VRIIULUHWH LQVLHPH FRQ OD SURWDJRQLVWD SHU OH DYYHUVH FRQGL]LRQL PHWHUHRORJLFKH GXUDQWH LO YLDJJLR GHO SLDQR FKH ¿ QDOPHQWH KD VFHOWR $O GL Oj GHL WHUPLQL WHFQLFL GL WXWWH OH PDUFKH SRVVLELOL H LPPDJLQDELOL GL SLDQRIRUWL GL FXL YHUUHWH YRVWUR PDOJUDGR D FRQRVFHQ]D GL FLUFROL FKH FRQGLYLGRQR OD SDVVLRQH VH QRQ OD SD]]LD SHU LO VXRQR GHO SLDQRIRUWH DOOD ¿ QH OD OHWWX UD GHO UDFFRQWR SXz SRUWDUH D GXH GLYHUVH FRQVHJXHQ]H IDU YHQLUH DQFKH YRL OD YRJOLD GL RFFXSDUH LO YRVWUR VDORWWR PD DWWHQ]LRQH DO WDVVR GL XPLGLWj

SHU FDULWj FRQ XQ PDVWRGRQ WLFR SLDQR H LPSDUDUH PDJDUL DQFKH D VXRQDUOR R DO FRQWUD ULR IDUYL SDVVDUH TXDOVLDVL LGHD DO ULJXDUGR FKH SRWHYDWH DYHUH SULPD GL OHJJHUH LO OLEUR 0D WXWWD O¶DSSDVVLRQDWD FURQD FD GHOOD JLRUQDOLVWD H SLDQLVWD DPHULFDQD GLPRVWUD LQVLHPH OD PDJLD LQGHVFULYLELOH GHOOD PX VLFD H LQVLHPH WXWWL L SDUWLFRODUL H JOL DFFRUJLPHQWL WHFQLFL FKH FL YRJOLRQR SHU RWWHQHUH XQ VXRQR SHUIHWWR ( DQFKH FKH L PDWULPRQL VDOGL UHJJRQR D IDWLFD DOO¶DFTXLVWR GL XQ SLDQRIRUWH V E

1FSSJ ,OJ[F 1JBOP TPMP 6OB TUPSJB E BNPSF F NVTJDB &MMJPU QBH ĸ

4&(/"-";*0/* -B WJUB Ò VOB GFSJUB BTTVSEB

*M CVJP JM GVPDP JM EFTJEFSJP

6O PSDIFTUSB BE "VTDIXJU[

EJ .BSHP (MBOU[

EJ (JOP $BTUBMEP

EJ 'BOJB 'ÏOFMPO

-" -*#3&3*" %&* 1*$$0-*

*M DVPSF IB MF TVF SBHJPOJ DIF MB SBHJP OF OPO DPOPTDF 2VFTUB DFMFCSF GSBTF EJ 1BTDBM NPEVMB JM SPNBO[P DPNF GPT TF VO CSBOP NVTJDBMF TPUUPGPOEP EJ VOB WFHMJB GVOFCSF BGGPMMBUB F NPOEBOB DVJ QBSUFDJQB RVBTJ JO JODPHOJUP MB WJPMPODFM MJTUB /PSB (BSDÎB FY NPHMJF EFM EFGVO UP +VBO HSBOEF QJBOJTUB F DPNQPTJUPSF 1FSTB USB J WPMUJ JQPDSJUJ F MF WPDJ QFUUFHP MF EFJ EPMFOUJ /PSB TJ UVGGB JO VO NPOP MPHP JOUFSJPSF DIF MF DPOTFOUF EJ SJFWP DBSF JM SBQQPSUP DPO +VBO F JOTFHVJSF MB NVTJDB DIF BNB MF 7BSJB[JPOJ (PMECFSH TVPOBUF EB (MFOO (PVME MB SPNBOUJDB QFSGF[JPOF EJ #FOFEFUUJ .JDIFMBOHFMJ (JVOUJ #MV QBH é

jwMB NVTJDB JNQB[[B TV DPNQVUFS F UFMFGPOJOJ EPNJOB J NFTTBHHJ QVCCMJDJUBSJ JOPOEB HMJ TQB[J EFM NPOEP DPOUFNQPSBOFP NB OPO Í MB iNVTJDB EJ PHHJu JM OPTUSP UFNQP OPO IB BODPSB MB TVB DPMPOOB TPOPSB -B NVTJDB OPO TJ Í FWPMVUB Í VO PSHBOJTNP BHPOJ[[BOUF $IF OF Í EFMMB QBTTJPOF EFM GVPDP TBDSP DIF OF IB BDDPNQBHOBUP M FWPMV[JPOF OFMMB MVOHB TUPSJB EJTDPHSBGJDB v DPTÑ $BTUBMEP OFMMB TVB 0EF JO NPSUF EFMMB NVTJDB EFTDSJWF MB NVTJDB DPOUFNQPSBOFB F TPUUPMJOFB J USF FMFNFOUJ TFO[B DVJ MB NVTJDB OPO IB SBHJPOF EJ FTJTUFSF JM GVPDP JM CVJP F JM EFTJEFSJP &JOBVEJ QBH é

*M DBNQP EJ "VTDIXJU[ #JSLFOBV Í M VOJ DP B QPTTFEFSF VO PSDIFTUSB GFNNJOJMF OFMMB RVBMF OPOPTUBOUF UVUUP QVÖ TP QSBWWJWFSF MB TQFSBO[B -B NVTJDB TBSÆ QFS 'BOJB DBOUBOUF GSBODFTF EJ PSJHJOJ FCSBJDIF VO à MP TPUUJMF B DVJ BHHSBQQBSTJ UFOBDFNFOUF DPO JM QSFDJTP JOUFOUP EJ TP QSBWWJWFSF F UFTUJNPOJBSF QFSDIÊ OFTTV OP QPTTB NBJ EJNFOUJDBSF "E "VTDIXJU[ D FSB VO PSDIFTUSB OFMMB OVPWB FEJ[JPOF QFS MB QSJNB WPMUB JO WFSTJPOF JOUFHSB MF SFTUJUVJTDF BM MFUUPSF MB TDPOWPMHFOUF FTQFSJFO[B EFMM PSSPSF EFM OB[JTNP DPO J UPOJ UPDDBOUJ EJ VOB QSPGPOEB VNBOJUÆ F EJ VOB TPSQSFOEFOUF MFHHFSF[[B 7BMMFDDIJ QBH é

"HBUB F M BNJDP WJPMPODFMMP )B VO OPNF CFMMP TPOPSP F GPSUF DIF IB FSFEJUBUP EB NBNNB OPOOB F CJTOPOOB MB QJDDPMB "HBUB UFOBDF F EFDJTB B OPO GBSTJ DPOEJ[JPOBSF EBM TVP BTQFUUP GSBHJMF F NJ OVUP /FQQVSF RVBOEP OFMMB TVB GBNJHMJB TFOTJCJMF BMMB NVTJDB TJ EFWF EFDJEFSF RVB MF TUSVNFOUP SFHBMBSF BE "HBUB -B CBNCJ OB TDBSUFSÆ UVUUF MF PQ[JPOJ ià TJDBNFOUFu QJÜ DPOTPOF DPNF JM á BVUP P JM WJPMJOP QFS TDFHMJFSF JOWFDF JM NBTUPEPOUJDP WJPMPODFM MP j1FSDIÊ M BCCSBDDJP 1FSDIÊ NJ WVPMF CFOF 1FSDIÊ QBSMJBNP B CBTTB WPDF F DJ

DPOà EJBNP TFHSFUJ 1FSDIÊ HMJ QPTTP DBOUBSF DBO[POJ NFOUSF MP DVMMP 1FS DIÊ RVBOEP HMJ TPMMFUJDP MF DPSEF SJEF DPNF VO NBUUP 1FSDIÊ JM TVP TVPOP DBMEP F WJCSBOUF NJ BWWPMHF F NJ BDDB SF[[Bv DJ TQJFHB * HFOJUPSJ OPO TJ PQQPOHPOP F "HBUB Í GFMJDF DPO JM TVP WJPMPODFMMP 1FS CBNCJOJ BNBOUJ EFMMB NVTJDB F OPO TPMP RVFTUP BMCP IB EFMMF JNNBHJOJ TJNQBUJDIF F BDDBUUJWBOUJ DPNF MB TVB QJDDPMB F UFOBDF QSPUBHPOJTUB

-PMB $BTBT "VHVTUJO $PNPUUP "HBUB QBH é

NVTJDB BQQMJDBUB 3PCFSUP #POEBWBMMJ NVTJDBMNFOUF!PDNBOUPWB DPN

6O PUUJNB TUSBUFHJB EJ NBSLFUJOH & IF DPTB BQQSPGPOEJSF QFS EJWFOUBSF FTQFSUJ OFM USPWBSTJ MBWPSP EPQP BOOJ EJ TUVEJ NVTJDBMJ $J TPOP EJWFSTF iNBUFSJFu 4VHHFSJSFJ EJ QBSUJSF EBM NBSLFUJOH *M NBSLFUJOH DIF TJ SJWPMHF BJ DPOTVNBUPSJ OFMMP TQFDJàDP Í DIJBNBUP NBSLFUJOH # $ CVTJOFTT UP DPOTVNFS iEBMM JNQSFTB BM DPOTVNBUPSFu

P TFNQMJDFNFOUF NBSLFUJOH *M NBSLFUJOH DIF TJ SJWPMHF BM NFSDBUP EFMMF JNQSFTF QSFOEF JM OPNF EJ NBSLFUJOH JOEVTUSJBMF P NBSLFUJOH # # CVTJOFTT UP CVTJOFTT iEB JNQSFTB B JNQSFTBu 7B TFHOBMBUP DIF DJ TJ Í BDDPSUJ EJ RVFTUP CJTPHOP GPSNBUJWP BODIF JO 0SHBOJTNJ EJ 3JDFSDB JNQPSUBOUJ /FMMB 'BDPMUÆ EJ 4DJFO[F EFMMB $PNVOJDB[JPOF EFMM 6OJWFSTJUÆ EFHMJ TUVEJ EJ 3PNB A-B 4BQJFO[B Í TUBUP JTUJUVJUP OFM JM .BTUFS JO .BOBHFNFOU .BSLFUJOH F $PNVOJDB[JPOF EFMMB .VTJDB $PTUJUVJTDF JM QSJNP NBTUFS JUBMJBOP TVMM JOEVTUSJB NVTJDBMF TQFDJàDBNFOUF EFEJDBUP BMMB GPSNB[JPOF EFMMF DPNQFUFO[F F EFJ QSPàMJ QSPGFTTJPOBMJ FTQSFTTBNFOUF SJDIJFTUJ EBHMJ FOUJ DIF PQFSBOP OFM TFUUPSF 5VUUBWJB JO RVFMMB TFEF TF QVS QSFTUJHJPTB OPO TJ JOTFHOB B EJWFOUBSF JNQSFOEJUPSJ EJ TÊ TUFTTJ OPO TJ JOTFHOB B QSPHFUUBSF F QJBOJàDBSF JM QSPQSJP MBWPSP 1FS PUUFOFSF JM SJTVMUBUP FTJTUPOP EJWFSTJ TUSVNFOUJ 4FO[B BWWFOUVSBSDJ JO QSPQPTUF BWWFOJSJTUJDIF NPMUP JOUFSFTTBOUJ F GVO[JPOBMJ DPNF JM NBSLFUJOH WJSUVBMF F JM NBSLFUJOH EJSFUUP NB SJTFSWBUF B TQFDJBMJTUJ DJUJBNP NPEFMMJ PSNBJ DMBTTJDJ FE BNQJBNFOUF TQFSJNFOUBUJ DPNF MF i GPS[F EJ 1PSUFSu UFPSJ[[BUF EBM EPDFOUF VOJWFSTJUBSJP TUBUVOJUFOTF .JDIBFM 1PSUFS F J NPEFMMJ BOBMJUJDJ DPNF MB NBUSJDF EFM #PTUPO $POTVMUJOH (SPVQ P MF 4 EFMMB .D,JOTFZ 4J SJNBOEB BMMB SJDDB MFUUFSBUVSB EJ TFUUPSF QFS HMJ BQQSPGPOEJNFOUJ $PNF TJ EJDFWB JM NBSLFUJOH Í WPMUP BMMB DSFB[JPOF EFM WBMPSF QFS JM DMJFOUF F VOP EFJ TVPJ TDPQJ Í DSFBSF VO QPTJ[JPOBNFOUP EFM QSPEPUUP NVTJDBMF OFM OPTUSP DBTP OFMMB NFOUF EFM DPOTVNBUPSF BUUSBWFSTP UFDOJDIF PQQPSUVOF 4J DPOTJEFSJ DIF MF VMUJNF UFOEFO[F TPOP WPMUF BMMP TUVEJP EFM NBSLFUJOH FTQFSJFO[JBMF DIF BCCSBDDJB MB WJTJPOF EFM DPOTVNP DPNF FTQFSJFO[B JO DVJ JM QSPDFTTP EJ BDRVJTUP TJ GPOEF DPO HMJ TUJNPMJ QFSDFUUJWJ TFOTPSJBMJ FE FNP[JPOBMJ MJOHVBHHJP DIF USPWB OFMMB NVTJDB MB TVB NBTTJNB FTQSFTTJPOF *M NFTTBHHJP DIF TJ WPSSFCCF USBTNFUUFSF Í DIF MB iWFOEJUBu EFM QSPEPUUP NVTJDBMF OPO Í FTDMVTJWP BQQBOOBHHJP EFJ EJTDPHSBàDJ P EFMMF BHFO[JF P EFHMJ iFTQFSUJu EJ UVSOP NB QVÖ FTTFSF FGàDBDFNFOUF HFTUJUB EBM NVTJDJTUB TUFTTP PQQPSUVOBNFOUF GPSNBUP FE JTUSVJUP OFMMF UFDOJDIF 1SPWJBNP TJOUFUJDBNFOUF BE BOBMJ[[BSF VO FTFNQJP EJ DPNF MF UFDOJDIF EJ NBSLFUJOH TJ BQQMJDBOP BMMB WFOEJUB EFM QSPEPUUP NVTJDBMF (JPWBOOJ "MMFWJ Í TUBUP EFàOJUP EB 6UP 6HIJ VO GFOPNFOP EJ NBSLFUJOH NPTUSBOEP OPUFWPMF BUUFO[JPOF FE JOUVJUP BODIF TF M JOUFOUP FSB EFOJHSBUPSJP DPOTJEFSBOEP MB RVBMJUÆ EFM TVP QSPEPUUP QJVUUPTUP TDBSTB 4FO[B FOUSBSF BTTPMVUBNFOUF OFM NFSJUP EJ BMDVO HJVEJ[JP DSJUJDB P WBMVUB[JPOF EFMMB TVB NVTJDB Í JOUFSFTTBOUF BOBMJ[[BSF JM TVP TVDDFTTP JO UFSNJOJ EJ TUSBUFHJB EJ NBSLFUJOH TDJFOUJàDBNFOUF TUVEJBUB F QFSGFUUBNFOUF SFBMJ[[BUB 6O MVDJEP FTBNF EFMMF TUSBUFHJF Í TUBUP PGGFSUP EB "OESFB .BMBO HJPSOBMJTUB EFM 4PMF 0SF "MMFWJ OBUP BE "TDPMJ 1JDFOP TJ EJQMPNB OFM JO QJBOPGPSUF BM $POTFSWBUPSJP EJ 1FSVHJB 0UUJFOF MB MBVSFB JO àMPTPàB F OFM DPOPTDF +PWBOPUUJ F TVPOB JO BMDVOF EFMMF UPVSOÊF EFM TVP HSVQQP 'JOP BM QFSÖ PWWFSP àOP B BOOJ EJ FUÆ

MB TVB DBSSJFSB Í RVFMMB EJ VO QJBOJTUB DPO GPSNB[JPOF DMBTTJDB DIF TDFHMJF VOB NVTJDB QJÜ GBDJMF EB TVPOBSF EFTUJOBUB BE VO QVCCMJDP QJÜ WBTUP 1PDIJTTJNF MF TVF QSFTFO[F NFEJBUJDIF F QFS MP QJÜ SJTFSWBUF B QVCCMJDB[JPOJ EJ TFUUPSF *M $PSSJFSF EFMMB 4FSB SJQPSUB BODPSB OFM DPODFSUJ HSBUVJUJ QFS JM QVCCMJDP EFMMB MJCSFSJB 'OBD EJ .JMBOP 1SJNB B[JPOF TUSBUFHJDB NPMUP QSPCBCJMNFOUF QSPHFUUBUB EB FTQFSUJ JM EJDFNCSF TJ BOOVODJB DIF jJM QJBOJTUB JUBMJBOP (JPWBOOJ "MMFWJ TJ FTJCJSÆ BM #MVF /PUF EJ /FX :PSLv "MM FQPDB "MMFWJ WFOJWB QSFTFOUBUP DPNF jVO QJBOJTUB USBTWFSTBMF QFS MB TVB DBQBDJUÆ EJ DPOUBNJOBSF J HFOFSJ EBMMB NVTJDB DMBTTJDB BM KB[[ EBM GVOLZ BM QPQ F DPTÑ WJBv * HJPSOBMJ SJQPSUBOP SFTPDPOUJ USJPOGBMJTUJDJ j4VDDFTTP BM #MVF /PUF EJ /FX :PSL QFS JM QJBOJTUB (JPWBOOJ "MMFWJv *O SFBMUÆ JM DPODFSUP FSB PSHBOJ[[BUP JO DPMMBCPSB[JPOF DPO M *TUJUVUP JUBMJBOP EJ DVMUVSB JO DPJODJEFO[B EFMMB SBTTFHOB j+B[[ JUBMJBOP B /FX :PSLv *O MJOHVB JOHMFTF TVMMB SFUF JOGBUUJ OPO W FSB USBDDJB EFM DPODFSUP 4FDPOEB B[JPOF TUSBUFHJDB MB DPTUSV[JPOF EFM QFSTPOBHHJP iHFOJP JODPNQSFTPu -B QSFTFO[B BM #MVF /PUF PQQPSUVOBNFOUF QVCCMJDJ[[BUB GB EB EFUPOBUPSF NFEJBUJDP EBM NBS[P MF QSFTFO[F EJ "MMFWJ TVMMB TUBNQB TJ NPMUJQMJDBOP BODIF B TFHVJUP EJ VOB DBNQBHOB EJ NBSLFUJOH NBSUFMMBOUF TF VO jHFOJP JODPNQSFTPv DIF àOP B TFJ NFTJ QSJNB NFSJUBWB TPMP RVBMDIF USBàMFUUP P MF EVF SJHIF EFJ QSPHSBNNJ EFHMJ TQFUUBDPMJ PUUJFOF PSB JOUFSWJTUF B QJFOB QBHJOB JM NFSJUP OPO Í TPMP EFMMB TVB NVTJDB NB BODIF EFMM B[JPOF QSPNP[JPOBMF EJ DVJ Í QSPUBHPOJTUB 5FS[B B[JPOF TUSBUFHJDB JM iQFSTPOBHHJPu FWPMWF F "MMFWJ Í QSFTFOUBUP OPO QJÜ DPNF NVTJDJTUB GVTJPO NB DPNF NVTJDJTUB DMBTTJDP B QJFOP UJUPMP $PO TUSBUFHJF EJ NBSLFUJOH BCCBTUBO[B DMBTTJDIF EFM UJQP # $ JM NBFTUSP "MMFWJ Í SJVTDJUP BE FNFSHFSF F BE JNQPSTJ OFM NFSDBUP NVTJDBMF 3JCBEJBNP DIF OPO TJ WVPMF EBSF VOB WBMVUB[JPOF EJ NFSJUP P EFNFSJUP BMMB RVBMJUÆ TVP QSPEPUUP TJ WVPMF TFNQMJDFNFOUF TPUUPMJOFBSF JM GBUUP DIF MF DPNQFUFO[F M BCJMJUÆ FE JM HFOJP NVTJDBMF EJ "MMFWJ OPO TPOP TUBUF EFUFSNJOBOUJ OFM DPTUSVJSF JM TVP TVDDFTTP TFO[B JOUFSWFOUJ TUSBUFHJDJ PDVMBUJ EJGàDJMNFOUF TJ TBSFCCFSP QPUVUJ QSPEVSSF HMJ TUFTTJ SJTVMUBUJ -B DPODMVTJPOF $IF TJ QSPQPOHBOP OFMMF TFEJ PQQPSUVOF QFSDPSTJ GPSNBUJWJ QFS DPNF EJWFOUBSF JNQSFOEJUPSJ EJ TÊ TUFTTJ

DPMPOOB TPOPSB $MBVEJP 'SBDDBSJ NVTJDBMNFOUF!PDNBOUPWB DPN

4F MB NVTJDB Ò EFOUSP M JORVBESBUVSB 9 JTUP JO BOUFQSJNB BMM VMUJNP GF TUJWBM EJ 7FOF[JB F VTDJUP OFMMF TBMF JUBMJBOF JM OPWFNCSF TDPSTP JM OPUFWPMF 3BDIFM (FUUJOH .BSSJFE EJ +P OBUIBO %FNNF DPOTFOUF EJ BGGSPOUBSF JM EJTDPSTP TVMM JNQJFHP EFMMB DPMPOOB TPOPSB DPNF GPOUF EJFHFUJDB DJPÍ JO UFSOB BM UFTUP /FM à MN JM DPNNFOUP NVTJDBMF Í JOGBUUJ BGà EBUP B VOB CBOEB NVMUJFUOJDB EJ NV TJDJTUJ DIF GVOHPOP BODIF EB QFSTPOBH HJ m TBSBOOP MPSP BE BMMJFUBSF MB DFSJNP OJB OV[JBMF EJ DVJ GFSWPOP J QSFQBSBUJWJ F JOUBOUP QSPWBOP P TJ MBTDJBOP BOEBSF B KBN TFTTJPO TJ DPOUSJCVJTDF DPTÑ BE BM [BSF JM UBTTP EJ SFBMJTNP EFMMF TJUVB[JPOJ TDFOJDIF PCJFUUJWP EFM SFTUP QFSTFHVJUP BODIF DPO MF BMUSF TDFMUF PQFSBUF RVJ EB %FNNF VTP GSFRVFOUF EFMMB TUFBEZ DBN JMMVNJOB[JPOF QFS MP QJÜ OBUVSBMF UFOEFO[B BMM JNQSPWWJTB[JPOF SFDJUBUJ WB 5BMF JNQPTUB[JPOF SBNNFOUB PW WJBNFOUF J GBNPTJ P GBNJHFSBUJ QSFDFUUJ EJ -BST 7PO 5SJFS JM SFHJTUB EBOFTF WFS TP MB NFUÆ EFHMJ BOOJ /PWBOUB FMBCPSÖ VO NBOJGFTUP UFPSJDP F QSPHSBNNBUJ DP EFà OJUP DPO JM UFSNJOF BMUJTPOBOUF F JSPOJDP EJ %PHNB JO DVJ USB M BMUSP TJ BGGFSNBWB MB OFDFTTJUÆ EJ FMJNJOBSF MB NVTJDB PWFS DJPÍ TPWSBQQPTUB BMMF JN NBHJOJ F GVPSJ TDFOB *M QBSBEPTTP BQQMJDBUP EB 7PO 5SJFS -F POEF EFM EFTUJOP F EB BMDVOJ DJ OFBTUJ EJ BSFB CBMUJDB USB J RVBMJ TQJDDB JM 5IPNBT 7JOUFSCFSH EJ 'FTUFO

FCCF JM QSFHJP EJ TDVPUFSF MF DPOWFO[JP OJ F OPO SFTUÖ TFO[B DPOTFHVFO[F * GSBUFMMJ CFMHJ -VD F +FBO 1JFSSF %BS EFOOF BE FTFNQJP OF TPOP TUBUJ EJ DFS UP JOá VFO[BUJ TJ WFEB 3PTFUUB P JM SFDFOUF *M NBUSJNPOJP EJ -PSOB DPNF QVSF JM GSBODFTF -BVSFOU $BOUFU m JM TVP VMUJNP -B DMBTTF SJOVODJB EFM UVUUP BMMB NVTJDB /PO TJ DSFEB QFSÖ DIF UBMJ PQ[JPOJ TVT TJTUBOP TPMP RVBOEP TPOP SBEJDBMJ P BQQBSUFOHBOP FTDMVTJWBNFOUF BMMB QSP EV[JPOF EJ TUSFUUB DPOUFN QPSBOFJUÆ 4F HFUUJBNP VOP THVBSEP BMM JOEJFUSP QPTTJB NP USPWBSF BMUSJ FTFNQJ PWF TJ EFWJB EBM DBOPOJDP DPNNFO UP NVTJDBMF FTUFSOP RVJOEJ JNQJFHBOEPMP DPO QBSTJNP OJB EJSFUUBNFOUF QSPQPS[JP OBMF BHMJ JOUFOUJ SFBMJTUJDJ PW WFSP TUSBOJBOUJ 1SFOEJBNP JM DJOFNB BTDFUJDP EJ 3PCFSU #SFTTPO -BODJMMPU UP F (JOFWSB QFS DJUBSF VO UJUPMP QBSBEJHNBUJDP MB SBSFGB[JPOF EJ DFSUF PQFSF EJ .JDIFMBOHFMP "OUPOJPOJ TV UVUUF *M HSJEP EFM PQQV SF MB QSPQFOTJPOF BM TJNCPMJ

TNP EJ *OHNBS #FSHNBO EB *M QPTUP EFM MF GSBHPMF B 4VTTVSSJ F HSJEB

.VTJDIF CFO QPDP JOWBTJWF UBMWPMUB BT TFOUJ TQFTTP PSJHJOBUF EB TUSVNFOUJ P QFSTPOBHHJ JO TDFOB "DDBOUP BMMB TPUUSB[JPOF TJ QVÖ EBSF QVSF M FWFOUVBMJUÆ PQQPTUP m DIF à MN JO UVUUP F QFS UVUUP NVTJDBMJ DJPÍ JOTDSJUUJ B QSJPSJ JO VO HFOFSF DIF QSFWFEF NPM UB NVTJDB PQUJOP QFS VOB DPMPOOB TP OPSB QSFWBMFOUFNFOUF EJFHFUJDB "DDB EF DPO /BTIWJMMF 3PCFSU "MUNBO

P 5IF #MVFT #SPUIFST +PIO -BOEJT DPO 5IF $PNNJUNFOUT "MBO 1BSLFS

P 8BML UIF -JOF +B NFT .BOHPME *O RVFTUJ DBTJ JM QSPá VWJP EJ FTFDV[JPOJ iEBM WJWPu EJTJO OFTDB EJ GBUUP MB OFDFTTJUÆ EJ VO DPNNFOUP NVTJDB MF MBUFSBMF TPWSBQQPTUP DPNVORVF FTUFSOP BMM JO RVBESBUVSB

-B DPMPOOB TPOPSB WJFOF JOTPNNB B DPTUJUVJSTJ NFOP SBSBNFOUF EJ RVBOUP TJ QSFTVNB JO FMFNFOUP DPODSFUP EFM MB SBQQSFTFOUB[JPOF à MNJDB JO TDBCSP BUUBOUF QJVUUPTUP DIF FOGBUJDB EJEBTDB MJB "M MJNJUF QFSTJOP MB TVB FTQVO[JPOF BTTVNF VO TJHOJà DBUP QSFHOBOUF WJ TJ SJOVODJB QFS BGGFSNBSF DIF MB NVTJDB JNQPSUB TPMP OFMMB NJTVSB JO DVJ OPO TJB BSUJà DJP $IF Í JM NPEP QFS SFOEFSMB QBSUF EBW WFSP JOUFHSBOUF EFM UFTUP à MNJDP D G

%B -B DMBTTF EJ 'SBOÎPJT #ÏHBVEFBV

" TJOJTUSB "SUB %PCSPTIJ JO *M NBUSJNPOJP EJ -PSOB F OFMMB GPUP HSBOEF JO BMUP "OOF )BUIBXBZ JO 3BDIFM HFUUJOH NBSSJFE

MqBMUSB NVTJDB (JPSHJP 4JHOPSFUUJ NVTJDBMNFOUF!PDNBOUPWB DPN

-B WJB HJUBOB BM KB[[ & IJVORVF BWFOEP NB HBSJ BWWFSUJUP JM GBTDJ OP EFJ iHZQTZ NPWJFu EJ .BLBWFKFW ,VTUVSJDB P (BUMJG TJ TJB TFOUJUP TQJOUP BE JOUSBQSFOEFSF VO WJBHHJP B SJUSPTP MVOHP MF TUSBEF EFMMB NVTJDB HJUBOB TJ TBSÆ USPWB UP BE JODIJOBSTJ EBWBOUJ BM NJTUFSP EFM DIJUBSSJTUB %KBO HP 3FJOIBSEU VOP EFJ QJÜ JOTQJFHBCJMJ GFOPNFOJ NVTJ DBMJ EFM OPWFDFOUP FVSPQFP FYUSBDPMUP 1SJWP EFMM VTP EJ EVF EJUB EFMMB NBOP EFTUSB 3FJOIBS EU SJFTDF DPNVORVF B GBS JO DPOUSBSF JM DVMUP HJUBOP QFS JM WJSUVPTJTNP TUSVNFOUBMF DPO M BNPSF QFS M BWWFOUV SPTB JNQSPWWJTB[JPOF F QFS J OVPWJ TVPOJ EFM KB[[ E PMUSFP DFBOP EBOEP GPSNB BE VOP TUJMF UBOUP PSJHJOBMF F DPN QJVUP EB TPQSBWWJWFSF TPTUBO [JBMNFOUF JNNVUBUP àOP BJ OPTUSJ HJPSOJ OFMMB USBEJ[JPOF EFM +B[[ .BOPVDIF UBOUP BG GBTDJOBOUF RVBOUP PTTFTTJWB OFM SJQFUFSF MJUVSHJDBNFOUF JM DBOPOF SFJOIBSEUJBOP /FM RVBMF USPWJBNP HJÆ EBHMJ BO OJ 5SFOUB FMFNFOUJ TUJMJTUJDJ àO USPQQP GBDJMNFOUF FMFH HJCJMJ B TJNCPMP EFMM JOBG GFSSBCJMJUB EFMMB DPOEJ[JPOF OPNBEF EBM SJUNP DJOFUJDP

4&(/"-";*0/*

3FJOIBSEU EVF SJUSBUUJ

)PU $MVC EF 'SBODF GPOEBUP EB 3FJOIBSEU

JOBSSFTUBCJMF iGFSSPWJBSJPu TFDPOEP VOB CFMMB EFTDSJ[JP OF EFHMJ FTFHFUJ "OUPOJFUUP F #JMMBSE àOP BMM PSHPHMJP TB BVUPOPNJB TUJMJTUJDB EFMMF TPMV[JPOJ SJUNJDIF F NFMPEJ DIF PSB SPNBOUJDIF F HPOàF EJ QBTTJPOF PSB WFSUJHJOPTF DPNF RVFMMF EFJ CPQQFST P BEEJSJUUVSB BOUJDJQBUSJDJ EFM MF GPMHPSBOUJ iFYUSBTJTUPMFu JOUFSWBMMJTUJDIF EPMQIJBOF %PQP MB NPSUF EJ 3FJOIBS EU BWWFOVUB OFM B TPMJ RVBSBOUBUSF BOOJ TFOUJBNP JNNFEJBUBNFOUF FNFSHFSF BTQFUUJ EFM TVP BQQSPDDJP TUSVNFOUBMF JO àHVSF HFP

HSBàDBNFOUF DPOUJHVF DP NF RVFMMB EFM CFMHB 3FOÊ 5IPNBT P QJÜ UBSEJ QFSàOP OFJ DIJUBSSJTUJ EJ JTQJSB[JPOF NPEBMF DPNF +PIO .D-BV HIMJO JOUFSFTTBUJ BODIF BMMB QPTTJCJMJUÆ EJ TQFSJNFOUBSF MF PQQPSUVOJUÆ PGGFSUF EBMMF EJUFHHJBUVSF GPS[BUBNFOUF OPO PSUPEPTTF EJ %KBOHP " OPJ SFTUB JM NJTUFSP EJ VOP EFJ GPOEBNFOUBMJ JOOPWBUP SJ EFM KB[[ QSF CFMMJDP GPSTF JM QJÜ BWBO[BUP F WJTJPOBSJP GPSNBUPTJ F BGGFSNBUPTJ BM M FTUFSOP EFMMB àOP B RVFM UFNQP JNQSFTDJOEJCJMF TDF OB TUBUVOJUFOTF H T

$IF BODIF JO *UBMJB TJ TUJB BTTJTUFOEP BE VO DFSUP SJUPS OP EJ JOUFSFTTF QFS MB TUSBPS EJOBSJB àHVSB EJ %KBOHP 3FJOIBSEU MP UFTUJNPOJBOP MF DPOUJOVF VTDJUF FEJUPSJB MJ BM SJHVBSEP VMUJNB EFMMF RVBMJ %KBOHP PMUSF JM NJUP EJ 3PCFSUP ( $PMPNCP DIF DJ QPOF EJ GSPOUF BE VO DPSBH HJPTP UFOUBUJWP EJ TJTUFNB[JP OF EFMM JODPMMPDBCJMF àHVSB EFM DIJUBSSJTUB NBOPVDIF 1FS DIJ WPMFTTF TBQFSOF EJ QJÜ Í EJTQPOJCJMF JM GPOEB NFOUBMF %KBOHP JM HJHBOUF EFM KB[[ HJUBOP EJ " "OUPOJFUUP F ' #JMMBSE NFOUSF QFS BTDPM UBSOF MB NVTJDB OPO TJ QVÖ OPO TFHOBMBSF M FTJTUFO[B EJ VO FEJ[JPOF JOUFHSBMF JO DE EFMMB 'SÊNBVY "TTP DJÊT XXX GSFNFBVY DPN

DIF DPQSF M JOUFSB QSPEV [JPOF EJ 3FJOIBSEU EBHMJ FTPSEJ NVTFUUF EFM BM CBOKP DPO +FBO 7BJTTBEF àOP BMMF VMUJNF TUSBPSEJOB SJF TFEVUF EFM HT

*/7*50 "-- "4$0-50 "MGSFEP $BTFMMB USB TBQPSJUP EJOBNJTNP OFPDMBTTJDP FE FDIJ FTQSFTTJPOJTUJDJ E JOUFOTB SBSJUË

6O FSFEJUË TFQQFMMJUB EBMMB EJTUSB[JPOF JUBMJBOB

0

VTJDJTUB QPMJFESJDP "MGSFEP $BTFMMB Í BTTBJ OP UP F DJUBUP FQQVSF MB TVB PQF SB OPO HPEF EJ GSFRVFOUJ JOUFSFTTJ -B MBDVOB Í HSBWF QFSDIÊ SJHVBSEB M *UBMJB OFHMJ BOOJ DSVDJBMJ EFM QSJNP /PWFDFO UP RVBOEP JM NPOEP FSB TDPORVBTTBUP EBMMF HFOJBMJ JOWFO[JPOJ EJ 4DIPFOCFSH F 4USBWJOTLJK EJ #BSUÓL *WFT F BMUSJ *M DIF MBTDFSFCCF TVQQPSSF DIF $BTFM MB QPTTB FTTFS TUBUP VO NBFTUSP EJ TF DPOE PSEJOF -B SFBMUÆ Í JOWFDF EJWFSTB F TDPOUB m BO DPSB B QPTUFSJPSJ m OPO TPMUBOUP JM SJ UBSEP DVMUVSBMF JUBMJBOP JO NBUFSJB EJ NVTJDB QVSB NB BODIF VO FTUFSPàMJB DPMUJWBUB DIF QFSNBOF OFM EJTJOUFSFTTF QFS MB SJDFSDB /F TPGGSF FWJEFOUFNFOUF MB TUPSJB OB [JPOBMF NBMBVHVSBUBNFOUF JNQSFDJ TB F JODPNQMFUB &QQVSF FSB QSPQSJP

$BTFMMB jDPNCBUUFOUF TQJSJUVBMF DIF NJSBWB BMM BWWFOJSFv TJ BVUPEFàOJWB B GPOEBSF OFM MB 4PDJFUÆ /B[JPOBMF EJ .VTJDB BGàEBUB BMMB QSFTJEFO[B EJ 5PTDBOJOJ #VTPOJ F #PTTJ FSB $BTFMMB B QSFTFOUBSF JO *UBMJB OFM %BQIOJT FU $IMPÊ EJ 3BWFM F MB TVJUF EB 1FUSVØLB EJ 4USBWJOTLJK FSB BODPSB $BTFMMB JM NVTJDJ TUB JOUSPEPUUP EB .BIMFS BMM 6OJWFSTBM &EJUJPO EJ 7JFOOB 6OB FDDFMMFOUF PQQPSUVOB SFHJTUSB[JP OF #SJMMJBOU $MBTTJDT àSNBUB EB WBMFOUJ JOUFSQSFUJ JUBMJBOJ JM QJBOJTUB 1BPMP 3F TUBOJ JSSFQSFOTJCJMF F MB 'JMBSNPOJDB A EFM 5FBUSP 3FHJP EJ 5PSJOP HVJ EBUB DPO JOUFMMJHFOUF MVDJEJUÆ BOBMJUJDB EB .BS[JP $POUJ SJDPSEB M FTJTUFO[B EJ VO FSFEJUÆ TFQQFMMJUB EBMMB EJTUSB[JPOF MB CFMMB 4DBSMBUUJBOB PQ QFS QJBOPGPS UF F PSDIFTUSB EB DBNFSB JM $PO DFSUP 5SJQMP PQ F JM NJTUFSJPTP

-B 'JMBSNPOJDB A EJ 5PSJOP JO DE

QPFNB " OPUUF BMUB BODPSB QFS QJBOPGPS UF F PSDIFTUSB NB QSFTFOUBUP OFM A QFS QJBOPGPSUF TPMP TPOP UFSSF FNFS HFOUJ EJ VOB CFO QJÜ WBTUB QSPEV[JPOF EPWF TJ DPMHPOP VO TBQPSJUP EJOBNJTNP OFP DMBTTJDP P BM DPOUSBSJP FDIJ FTQSFT TJPOJTUJDJ EJ VO JOUFOTJUÆ SBSB 5SBDDF EJ VO QFSDPSTP TUJMJTUJDP EFUUBUP EB VO JOHFHOP QFSDFUUJCJMJTTJNP DIF TBSFCCF DPOTJHMJBCJMF DPOPTDFSF TFO[B J QSFHJV EJ[J DIF EJ TPMJUP TQFUUBOP BMMB NVTJDB TUSVNFOUBMF EJ DBTB OPTUSB B [

DBSUFMMPOF NVTJDBMNFOUF!PDNBOUPWB DPN

#BSFOCPJN F VO PSDIFTUSB DIF Í JOWJUP BM EJBMPHP USB *TSBFMF F 1BMFTUJOB 8FTU &BTUFSO %JWBO 0SDIFTUSB %BOJFM #BSFOCPJN EJSFUUPSF F QJBOPGPSUF 8 " .P[BSU $PODFSUP QFS QJBOPGPSUJ , " 4DIPFOCFSH 7BSJB[JPOJ QFS PSDIFTUSB PQ + #SBINT 4JOGPOJB O JO NJ NJO PQ

%PNFOJDB HFOOBJP .JMBOP 5FBUSP BMMB 4DBMB 0SF

j-B 3FQVCCMJDB JOEJQFOEFOUF F TPWSBOB EFM 8FTU &BTUFSO %JWBO DPNF NJ QJBDF DIJBNBSMB DSFEF DIF RVBMTJBTJ WFSP QSPHSFTTP OFM DPOáJUUP JTSBFMJBOP QBMFTUJOFTF SJDIJFEB DIF FOUSBNCF MF QBSUJ TJ QBSMJOP F TJ BTDPMUJOP DPO TFOTJCJMJUÆ F BUUFO[JPOFv $PTÑ TDSJWF %BOJFM #BSFOCPJN EFMMB TVB DSFBUVSB PSDIFTUSBMF MB DVJ BUUJWJUÆ TJ BWWJÖ EJFDJ BOOJ GB B 8FJNBS SJVOFOEP HJPWBOJ TUSVNFOUJTUJ EFMM BSFB NFEJP PSJFOUBMF EJ EJWFSTB OB[JPOBMJUÆ TJSJBOJ MJCBOFTJ FHJ[JBOJ HJPSEBOJ JTSBFMJBOJ F QBMFTUJOFTJ -B DPNQBHJOF GPOEBUB EB #BSFOCPJN F EBMMP TDSJUUPSF F SJDFSDBUPSF EJ PSJHJ OF QBMFTUJOFTF &EXBSE 4BJE TDPNQBSTP OFM NBOJGFTUB M FTJTUFO[B EJ VOB TQFSBO[B FE Í UFTUJ NPOF EJ VO NPOEP QPTTJCJMF VOB QJDDPMB SFBMUÆ NVTJDBMF EPWF MF EJWFSTJUÆ FE J DPOUSBTUJ USPWBOP

.BSUFEÑ HFOOBJP 3FHHJP &NJMJB 5FBUSP 7BMMJ 0SF

7FOFSEÑ HFOOBJP 7FOF[JB 5FBUSP -B 'FOJDF 0SF

VOB TPMV[JPOF TFQQVS QSPWWJTPSJB F MFHBUB BM GBSF NVTJDBMF 2VFTUB PSDIFTUSB JM DVJ OPNF Í TUBUP JTQJSBUP EBMM PNPOJNP %JWBOP PDDJEFOUBMF PSJFOUBMF VOB SBDDPMUB EJ QPFTJF HPFUIJBOF BQQBSTB OFM NPTUSB BODIF HMJ FTJUJ EFM DBNNJOP DPNV OF DPNQJVUP JO VO QSPHSBNNB EJ BMUP JNQFHOP VO QSPHSBNNB DIF EB TÊ Í TJNCPMP EFJ USBHVBSEJ SBHHJVOHJCJMJ RVBOEP TJ NFUUPOP B UBDFSF MF JEFP MPHJF JQFSOB[JPOBMJTUJDIF OFM OPNF EJ VO EJBMPHP BMUP DIF TPSWPMB J DPOáJUUJ OBUJ EBMM PEJP

4ÿíìñûð 3éìñ÷ $ð÷ñú 1íüíú %ñòóûüúé ìñúíüü÷úí %ý÷ øñéöñûüñë÷ 5éô ä (ú÷íüðýāûíö + #SBINT (FTÅOHF PQ 3 4DIVNBOO 4QBOJTDIF -JFCFTMJFEFS PQ " %WPSBL 4MBWJTDIF 5ÅO[F -BST +PIBO 8FSMF $BO[POB EJ 1FUSBSDB 3 4USBVTT %FS "CFOE PQ + #SBINT -JFCFTMJFEFSXBM[FS PQ

0úëðíûüúé í $÷ú÷ ìíô 5íéüú÷ ôé 'íöñëí &ôñéðý *öêéô õéíûüú÷ ë÷öëíúüéü÷úí í ìñúíüü÷úí 1ñíú -ýñïñ 1ñĂĂñ úíïñé ûëíöí í ë÷ûüýõñ &SJDI 8PMGHBOH ,PSOHPME %JF UPUF 4UBEU -B DJUUÆ NPSUB PQFSB JO USF BUUJ -JCSFUUP EJ 1BVM 4DIPUU %BM SPNBO[P #SVHFT MB NPSUF EJ (FPSHFT 3PEFOCBDI *O MJOHVB PSJHJOBMF DPO TPQSBUJUPMJ JO JUBMJBOP OVPWP BMMFTUJNFOUP 'PO EB[JPOF 5FBUSP -B 'FOJDF JO DPQSPEV[JPOF DPO MB 'POEB[JPOF 5FBUSP .BTTJNP EJ 1BMFSNP *O SFQMJDB àOP BM HFOOBJP

0úëðíûüúé ìíôô "úíöé ìñ 7íú÷öé (ýìöñ &õñôûû÷ö ìñúíüü÷úí 6ü÷ 6ïðñ þñ÷ôñö÷

7FOFSEÑ HFOOBJP 7FSPOB 5FBUSP 'JMBSNPOJDP 0SF

' .FOEFMTTPIO #BSUIPMEZ 4JOGPOJB O JO TJ NJOPSF QFS BSDIJ $PODFSUP JO SF NJOPSF QFS WJPMJOP F BSDIJ 3VZ #MBT 0VWFSUVSF PQ $PODFSUP JO NJ NJOPSF QFS WJPMJOP F PSDIFTUSB PQ *O SFQMJDB MB TFSB TVDDFTTJWB

.éúë "öìúĝ )éõíôñö øñéö÷î÷úüí

-VOFEÑ GFCCSBJP 'JSFO[F 5FBUSP BMMB 1FSHPMB 0SF

' + )BZEO 'BOUBTJB $BQSJDDJP JO EP NBHHJPSF )PC 97** 4POBUB JO TJ NJOPSF )PC 97* " 8FJTTFOCFSH 4POBUF FO FUBU EF KB[[ " #FSH 4POBUB PQ . " )BNFMJO &UVEF O i&SMLÕOJHu EB (PFUIF &UVEF O QFS MB NBOP TJOJTUSB EB $JBJLPWTLZ

- (PEPXTLZ .FUBNPSGPTJ 4JOGPOJDIF TV i7JOP %POOF F $BOUPu EJ + 4USBVTT

JP MB NVTJDB &MJEF #FSHBNBTDIJ NVTJDBMNFOUF!PDNBOUPWB DPN

%"3*0 .03&55*

$BQPMBWPSJ E JTQJSB[JPOF 4

VBOEP Í BWWFOVUP JM QSJNP JODPOUSP DPO RVFMMP DIF TB SFCCF EJWFOUBUP JM TVP NFTUJFSF j/PO IP VO NPNFOUP QSFDJTP EB SBDDPOUBSF $FSUB NFOUF Í WFSB VOB DPTB TF EB 2VJTUFMMP OPO NJ GPTTJ USB TGFSJUP B .BOUPWB BMM FUÆ EJ BOOJ QSPCBCJMNFOUF UVUUP DJÖ OPO TBSFCCF NBJ BDDBEVUP &SBOP J QSJNJ BOOJ 6O FQPDB EJGà DJMF F JSSJQFUJCJMF &SB BQQFOB QBTTBUB M POEB MVOHB EFM A -F QJB[[F FSBOP TQFTTP BVUFOUJDJ UFBUSJ BMM BQFSUP EPWF TJ NFU UFWB JO TDFOB VOP TDPOUSP TPDJBMF F DVMUVSBMF QSJNB BODPSB DIF QPMJUJDP P FDPOPNJDP -B TPDJFUÆ CPMMJWB $IJFEFWB B WJTP BQFS UP OPO UFNFWB EJ TDIJFSBSTJ F EJ FOUSBSF OFM WJWP EFMMF EJTDVT TJPOJ 5VUUP RVFTUP QFS VO BEPMFTDFOUF DVSJPTP F JEFBMJTUB Í VO TFSCBUPJP EJ FOFSHJB JODSFEJCJMFv 6O GFSNFOUP DIF DPJOWPMHFWB BODIF MF BSUJ j4PQSBUUVUUP *M UFBUSP MB NVTJDB F MF BSUJ à HVSBUJWF m OFMM PS EJOF EJ DPNQBSTB OFMMB NJB WJUB m FSBOP VOP TUSBPSEJOBSJP UFS NPNFUSP QFS DPHMJFSF HMJ JEFBMJ DPTÑ DPNF M JSSFRVJFUF[[B EFM MB HFOUF $SFEP DIF TJB TUBUP BMMPSB JO RVFHMJ BOOJ DIF NJ TP OP TFO[B BDDPSHFSNFOF MFHBUP JOEJTTPMVCJMNFOUF BMM JEFB EJ QPSUBSF JO TDFOB HMJ VNPSJ BODFTUSBMJ F BUUVBMJ EFMM VNBOJUÆ "MM JOJ[JP FSBOP TPMP TVHHFTUJPOJ EJTPSEJOBUF .B GPSUVOBUB NFOUF TVM NJP DBNNJOP NJ TPOP JNCBUUVUP JO JODPOUSJ GPO EBNFOUBMJv 2VBMDIF FTFNQJP QFS UVUUJ j(JOP #BSBUUB BMM *TUJUVUP QFS HFPNFUSJ -B TVB QSFTFO[B FSB DBSJTNBUJDB -B TVB FSB VOB DPOUJOVB TDPNNFTTB VO TFNJOBSF B UFNQP MVOHP TFO[B GSFUUB 3JDPSEP DIF DJ QPSUÖ B .JMBOP QFS BTTJTUFSF BE VOP TQFUUBDPMP EJ VO DFSUP $BSNFMP #FOF EJ DVJ PWWJBNFOUF OFTTVOP TBQFWB OVMMB .B B MVJ OPO JNQPSUBWB *M UFNQP BWSFCCF QPJ MBTDJBUP TQVOUBSF J TVPJ HFSNPHMJ & BODPSB PHHJ SJDPSEP RVFMMB TFSB QSFDJTB DPNF VOB GPMHPSB[JPOF BMMPSB JOTQJFHBCJMF PHHJ DPNNPWFOUF )P DJUBUP (JOP NB WPSSFJ SJ DPSEBSF BODIF M BMUSP %JPTDVSP &VHFOJP $BNFSMFOHIJv 2VBOEP JOWFDF IB BUUFDDIJUP MB QBTTJPOF QFS MB NVTJDB j*O RVFTUP DBTP M BOFEEPUJDB BJVUB $PO MB NJB $JORVFDFOUP VO QPNFSJHHJP EJ UBOUJ BOOJ GB NJ DBQJUÖ EJ EBSF VO QBTTBHHJP BE VO BVUP TUPQQJTUB DIF NJ EJTTF EJ FTTFSF EJSFUUP B 7FSPOB QFS BTTJTUFSF JO "SFOB BM .Fà TUP GFMF EJ #PJUP .J BHHSFHBJ F NJ TJ BQSÑ VO NPOEP JODBOUBUP (JÆ M "SFOB TUJ QBUB F TJMFO[JPTB SFHBMF FE FMFGBOUF TDB FSB VOP TQFUUBDPMP NP[[Bà BUP MB NVTJDB EJ #PJUP m DPTÑ TBOHVJ HOB F HSVNPTB EFOTB EJ SJDIJB NJ m GFDF JM SFTUP /PO TP TF EBWWFSP TJB TUBUP RVFMMP MP TQBSUJBDRVF NB

GPUP EJ -PSFO[B %BWFSJP

SJDPSEP RVFMM FNP[JPOF DPNF VOB BVUFOUJDB FQJGBOJBv -FJ Í M JOWJEJBUP QPTTFTTPSF EJ VOB EJTDPUFDB JNNFOTB EPWF Í TPQSBUUVUUP JM NFMPESBNNB JOTJFNF DPO MF QJFUSF NJMJBSJ EFMMB NVTJDB DMBTTJDB B GBSMB EB QBESPOF 2VBMF JM QSJNP BDRVJTUP j%VF DE 6OP FSB JM DPGBOFUUP EFM 1BSTJGBM EJ 8BHOFS M BMUSP FSB MB 1BTTJPOF TFDPOEP .BUUFP EJ #BDI 4JB QFS USBSSF SBHJPOF F MJOGB EB USBEVSSF OFHMJ TQFUUBDPMJ DIF BMMFTUJTDP TJB QFS JOOBG à BSF MB NJB JOUFSJPSJUÆ IP CJTPHOP EJ DPOGSPOUBSNJ DPTUBOUF NFOUF DPO MB CFMMF[[B TFO[B UFNQP EFJ DBQPMBWPSJ .B JM NJP BSTFOBMF EJ EJTDIJ F JODJTJPOJ OPO TJ MJNJUB BM iDPMUPu $ Í TQB [JP BODIF QFS QPQ SPDL F KB[[ .J EFà OJTDP VO POOJWPSPv "UUVBMNFOUF DPTB D Í TVM TVP DPNPEJOP j- JOUFHSBMF EFMMF JODJTJPOJ EJ (MFOO (PVMEv $IF SVPMP IB MB NVTJDB OFMMB HFOFTJ EFJ TVPJ MBWPSJ j'POEBNFOUBMF BODIF TF NJ Í EJGà DJMF DPMMPDBSMB *O BMDVOJ DBTJ Í TPSHFOUF EJSFUUB QFS VOP TQVOUP VO JEFB BMUSF Í JM QFS GFUUP JODBTUSP DPO MB TVHHFTUJPOF DIF TUB QSFOEFOEP DPSQP /FJ NJFJ TQFUUBDPMJ MP TQFUUBUPSF SJUSPWB %BMMBQJDDPMB MP TUFTTP #PJUP TV DVJ Í JNQSPOUBUP UVUUP JM 'BVTUJOP UBOUP 1VDDJOJ OFM 3PCJOTPO $SVTPF IP WPMVUP MF NVTJDIF EFMMB .BOPO -FTDBVU

NB BODIF J 1BESJ 1BMFTUSJOB "MMFHSJ #BDI 1FSHPMFTJv 3FDFOUFNFOUF IB SFBMJ[[BUP B RVBUUSP NBOJ DPO "[JP $PSHIJ MP TQFUUBDPMP -F EVF SFHJOF $PNF Í TUBUP MBWPSBSF DPO VO DPTÑ BVUPSFWPMF NVTJDJTUB j4USBPSEJOBSJP EFOTJTTJNP BTTPMVUBNFOUF TUJNPMBOUF "[JP OPO Í TPMP VOB à HVSB EJ DPNQPTJUPSF EJ BTTPMVUB DBSBUVSB NB BODIF VO TJHOPSF E BMUSJ UFNQJ VOP DIF OPO UFNF JM TBDSJà DJP F DIF BGGSPOUB JM MBWPSP DPO M VNJMUÆ EJ VO QSJODJQJBOUF TFO[B JM NJOJNP EJWJTNPv 2VBM Í VO QSPHFUUP DIF OPO IB BODPSB SFBMJ[[BUP USB J UBOUJ JO WFDF HJÆ BQQSPEBUJ JO TDFOB j.PMUJ F OFTTVOP 6O JEFB OBTDF EB TPMB EB DJÖ DIF DJ TVDDFEF JOUPSOP *M DBMDPMP BUUPSOP BJ QSPHFUUJ Í TFNQSF NBSHJOBMF *M NJP JOUFSWFOUP FOUSB JO DBNQP EPQP VO BUUFOUB PTTFSWB[JPOF EJ DJÖ DIF NJ TUB JOUPSOP "UUVBMNFOUF DPO J NJFJ TQFUUBDPMJ TUJBNP HJSBOEP M &VSPQB F EB RVFTUF WBSJF QSPTQFUUJWF DFSDP EJ DBQJSF JOUFSSPHP F DFSDP SJTQPTUF HJÆ TBQFOEP DIF BODI FT TF BMUSP OPO TPOP DIF DFSUF[[F QSPWWJTPSJFv

'050(3".." %B CBNCJOP VO JOGBO[JB MVOHB F JODPOUBNJOBUB QPSUBWB J QBOUBMPOJ TPQSB JM HJOPDDIJP * HFOJUPSJ o NBNNB NBFTUSB QBQË QJDDPMP BSUJHJBOP o HMJ BWFWBOP UBDJUBNFOUF DPOTFHOBUP JM EPOP EFMMB TFNQMJDJUË *M SFTUP MP BWFWB GBUUP MB #BTTB B 2VJTUFMMP JM UFNQP Ò BODPSB JO TJNCJPTJ DPO JM QFOTJFSP F MB UFSSB Ò JM QJá CFM DBMFOEBSJP BODIF QFS MF VNBOF TUBHJPOJ 2VJ %BSJP DSFTDFWB UJNJEP F TPHOBUPSF DPMUJWBOEP QFS BQQSPTTJNB[JPOF TPHOJ F DSFBUJWJUË GBUUB JO DBTB 6OB GPSNB[JPOF QJá DPOUBEJOB DIF BDDB EFNJDB 6OB NBODBO[B DIF OFM UFNQP TJ TBSFCCF SJWFMBUB VO JOWJEJBCJMF SJTPSTB 0HHJ EPWF BE VOB WBMJHJB EB QSFQBSBSF TF OF BHHJVOHF TFNQSF VOB EB EJTGBSF DJUUBEJOP EFM NPOEP F WJBHHJBUPSF QFS HFOFUJDP SJDIJBNP %BSJP .PSFUUJ OPO TNFUUF EJ QFTDBSF MË OFMMB DBNQBHOB JOUBUUB F QSF[JP TB MF TVHHFTUJPOJ EFM TVP WBSJPQJOUP WFOUBHMJP DSFBUJWP /FM GSBUUFNQP M VPNP F M BSUJTUB IBOOP NBDJOBUP TUSBEB FE FTQFSJFO[F JODPOUSJ WFSJ F NBODBUJ #FFUIPWFO F (JOP #BSBUUB $BSNFMP #FOF F 8BHOFS "[JP $PS HIJ F M JODBOEFTDFOUF NPOEP EFJ CVSBUUJOJ

.FSDPMFEÑ

GFCCSBJP "VEJUPSJVN EJ 4V[[BSB

(JPWFEÑ

GFCCSBJP 5FBUSP "SJTUPO EJ .BOUPWB

7FOFSEÑ

GFCCSBJP 5FBUSP 4BO $BSMP EJ "TPMB

4BCBUP

GFCCSBJP 5FBUSP "SJTUPO EJ .BOUPWB

QFS TDVPMF EFMMqJOGBO[JB FMFNFOUBSJ F NFEJF JOGFSJPSJ

0SDIFTUSB EB $BNFSB EJ .BOUPWB "VHVTUP .PSTFMMJ WPDF SFDJUBOUF "OESFB %JOEP EJSFUUPSF