Musicalmente anno6 n 1

N

$QQR 1XPHUR 'LFHPEUH *HQQDLR

V .BHB[JOF EFMMq0SDIFTUSB EB $BNFSB EJ .BOUPWB TJDBMNFOUF

3BHB[[J UVUUJ B DPODFSUP

4BMWBUPSF 4DJBSSJOP

* NJFJ HJBSEJOJ TPOPSJ

* QSPHFUUJ TQFDJBMJ QFS MF TDVPMF

0SDIFTUSF F MBWPSP

1BSMBOP J QSPUBHPOJTUJ

1IJMJQQF )FSSFXFHIF .VTJDB B 4BOUB #BSCBSB

- */5&37*45"

%"/*&- )"3%*/(

*.1"3*".0 %"--" $*/" 7DULIID 5 2 & ³3RVWH ,WDOLDQH 6SD´ 6SHGL]LRQH LQ DEERQDPHQWR SRVWDOH ' / &RQY ,Q / Q DUW FRPPD '&% 0DQWRYD

NHGLWRULDOH GL $QGUHD =DQLERQL

0D 0R]DUW DYUHEEH DSSODXGLWR %UXQHWWD"

,

M OPEP EFMM FEVDB[JPOF BMMB NVTJDB DSVDJBMF MP SJUSPWJB NP BODIF OFMMF QBHJOF EJ RVFTUP OVPWP OVNFSP EJ .VTJ DBMNFOUF & SJHVBSEB UVUUJ OFTTV OP FTDMVTP 4UBWPMUB OF QBSMBOP BMDVOJ HJPWBOJ EJ WBMPSF DPNF J WJPMJOJTUJ -PSFO[B #PSSBOJ F 5J NPUJ 'SFHOJ NFNCSJ EJ 4QJSB .J SBCJMJT F DPNF "OESFB #BUUJTUPOJ EJSFUUPSF MF MPSP QBSPMF TVPOBOP WFSF QFSDIÊ JM UBMFOUP MJ NFUUF BM SJQBSP EB SBHJPOJ EJ JOUFSFTTF %VORVF MFHHFUFMF DPO à EVDJB $PNF VTDJSF EBM QBOUBOP OFM RVBMF MB DVMUVSB NVTJDBMF SJTDIJB PHOJ HJPSOP EJ BGGPOEBSF 'BDFO EP DBQJSF B DIJ TPWWFO[JPOB MB NVTJDB DIF TVPOBSF Í VOB DPTB TFSJB BQQBTTJPOBOUF GSVUUP EJ DPOUJOVP TBDSJà DJP QFSTPOBMF F DIF BTDPMUBSF OPO Í VO BUUP QBTTJ WP NB JM SJá FTTP EJ VOB EJTQPTJ[JP OF BMMB DPOPTDFO[B EFM NPOEP EFMMB TUPSJB F EJ OPJ TUFTTJ 0HHJ JM .JOJTUSP #SVOFUUB BGGFS NB TDBOEBMJ[[BUP USPWBUF VO TVP JOUFSWFOUP TV :PV5VCF DIF J NVTJDJTUJ EFM WFOUVOFTJNP TFDPMP OPO MBWPSBOP DPNF OFM MPOUBOP QBTTBUP F DIF JO QBSUJDPMBSF OPO MBWPSBOP DPNF OFM 4FUUFDFOUP EJFEF QSPWB JM CVPO .P[BSU HJV TUJà DBOEP DPTÑ J UBHMJ BM 'VT 'PO EP 6OJDP QFS MP 4QFUUBDPMP MF DVJ SJTPSTF TJ EFWF SJDPSEBSF WBOOP QFS RVBTJ JM DJORVBOUB QFS DFOUP BHMJ FOUJ MJSJDJ $FSUP MF TFJDFOUP F QJÜ PQFSF MB TDJBUFDJ EBM TBMJTCVSHIFTF TPOP MB QSPWB EJ VOB BQQMJDB[JPOF TFO[B TPTUF NB QVS DPO RVBMDIF SBHJP OF EBMMB TVB QBSUF QFSDIÊ UVUUJ TBQQJBNP EJ TQSFDIJ F DBUUJWF HF TUJPOJ JM .JOJTUSP EJNFOUJDB DIF BM UFNQP EJ .P[BSU MB DPOEJ[JPOF TPDJBMF EFM NVTJDJTUB FSB RVFMMB EJ VO VUJMF TFSWJUPSF EFJ QPUFOUJ F DIF M FTQSFTTJPOF BSUJTUJDB FSB

´

&RPH XVFLUH GDO SDQWDQR QHO TXDOH OD FXOWXUD PXVLFDOH ULVFKLD RJQL JLRUQR GL DIIRQGDUH" )DFHQGR FDSLUH D FKL VRYYHQ]LRQD OD PXVLFD FKH VXRQDUH q XQD FRVD VHULD DSSDVVLRQDQWH IUXWWR GL FRQWLQXR VDFULILFLR SHUVRQDOH

TVCPSEJOBUB BMMF DPNNJTTJPOJ %JNFOUJDB BODIF DIF .P[BSU OPO NPSÑ SJDDP FE FCCF VO GVOF SBMF RVBMVORVF & DIF OPO Í QJÜ UFNQP EJ TPUUPNJTTJPOJ 4BSFCCF VO HSPTTP QBTTP JO BWBOUJ QFS M POFTUP F MBCPSJPTP NVTJDJTUB JUBMJBOP DIF QFS GPSUVOB FTJTUF B EJTQFUUP EFMMF JOOVNFSFWPMJ EJGà DPMUÆ DIF JODPOUSB QFS EJWFOUBSF F SJNBOFSF VO QSPGFTTJPOJTUB

USPWBSF VO SJDPOPTDJNFOUP QPMJUJ DP EFM TFUUPSF PWWFSP VO SJDPOP TDJNFOUP JOUFMMFUUVBMF EBM RVBMF GBS OBTDFSF VOB SJá FTTJPOF TFSJB TV VO iNFTUJFSFu DIF Í BOPNBMP NB SFBMF $IF OPO Í TPMUBOUP VO TFSWJ[JP NB VOP EFJ UBOUJ JOEJDB UPSJ EFMMB DJWJMUÆ EJ VO 1BFTF *OWFDF GSB HSBOEJ F QJDDPMJ UBHMJ DPOUJOVB MB DPOWJO[JPOF DIF QFS MB NVTJDB JM EFOBSP TJB TQFTP BO[JDIÊ JOWFTUJUP 6O DPODFUUP JOEJQFOEFOUF EBM CVPO VTP EFMMF SJTPSTF -P 4UBUP EJNPTUSJ EJ WPMFS QSPUFH HFSF JM TVP QBUSJNPOJP EJ DVMUVSB EJ QFSTPOF EJ USBEJ[JPOJ EJ NVTJ DB BOUJDB F OVPWB TPMP DPTÑ BWSÆ MB GPS[B F MB DSFEJCJMJUÆ QFS GBS WBMFSF JM EJSJUUP EJ WJHJMBSF TVMMB RVBMJUÆ F MB RVBOUJUÆ EFMMB QSPEV [JPOF BSUJTUJDB DQGUHD ]DQLERQL#RFPDQWRYD FRP

´ ´ ´

6DUHEEH XQ JURVVR SDVVR LQ DYDQWL WURYDUH XQ ULFRQRVFLPHQWR SROLWLFR GHO VHWWRUH RYYHUR XQ ULFRQRVFLPHQWR LQWHOOHWWXDOH GDO TXDOH IDU QDVFHUH XQD ULIOHVVLRQH VHULD VX XQ PHVWLHUH DQRPDOR PD UHDOH

/(77(5( DOOD 5('$=,21( 5SB '&45& .64*$"-* F SJDPSEJ 4."33*5* 4POP HSBUP BMMB 3FEB[JPOF EJ .VTJ DBMNFOUF DIF NJ PGGSF MB QPTTJCJMJUÆ EJ SJQSPQPSSF BMDVOF PTTFSWB[JPOJ QFSTPOBMJ MBTDJBUF DBEFSF EBMMB SJWJTUB NFTJ GB GPSTF QFS M JODPNCFSF EFMMF TDBEFO[F EJ à OF TUBHJPOF .J BWFWB TGBWPSFWPMNFOUF DPMQJUP M FEJUPSJBMF EJ HFOOBJP BOOP O i0VWFSUV SFu DPO JM RVBMF JM EJSFUUPSF TDIJFSBWB JM QFSJPEJDP m F JNQMJDJUBNFOUF MB TUFTTB 0SDIFTUSB F MB QJDDPMB DPNVOJ UÆ NVTJDBMF DIF MF TUB JOUPSOP m OFMMB QPMFNJDB QFS NPMUJ BTQFUUJ BSUJà DJBMF F QFOPTB NFTTB JO QJFEJ EBMMB (B[[FUUB EJ .BOUPWB OFM NFSJUP EFMMB EFQSF DB[JPOF FTQSFTTB EB OVNFSPTJ MFUUPSJ QFS M BCVTP EFMMB NBSDJB 3BEFU[LZ OFJ DPODFSUJ EJ $BQPEBOOP PGGFSUJ EBMMB HFTUJPOF EFM 5FBUSP 4PDJBMF 4POP VOP EFJ jTFOTJCJMJ DJUUBEJOJv DIF BWFWBOP TPUUPTDSJUUP RVFMMB QSPUFTUB F NJ QBSFWB HJVTUP PQQPSSF RVBMDIF QSFDJTB[JPOF DIF WPSSFJ RVJ SJQSFO EFSF JO NPEP QJÜ EJTUFTP 0DDPSSF BO[JUVUUP SJQPSUBSF M FQJTPEJP BMMF TVF EJNFOTJPOJ SFBMJ OFTTVOB SJDIJFTUB EJ QFSQFUVB DBODFMMB[JPOF EJ VO CSBOP EJ NVTJDB WFOJWB BMMPSB BWBO[BUB TFN QMJDFNFOUF TJ TPUUPMJOFBWB VO EJTBHJP VOB TUSJEFOUF DBEVUB EJ HVTUP F EJ DJWJMUÆ 4J MBNFOUBWB M VTP GFTUBJPMP m B GVSPS EJ SJDIJBNJ UFMFWJTJWJ m EFM NP UJWFUUP EFEJDBUP EBM WFDDIJP 4USBVTT BM NBSFTDJBMMP GPSDBJPMP F UFSSPSJTUB

QSPQSJP JO RVFM UFBUSP DIF DFSUBNFO UF FCCF BE BDDPHMJFSF USB MF TVF NVSB BMDVOJ EFHMJ JNQJDDBUJ EJ #FMà PSF JO RVFTUB DJUUÆ DIF UVUUPSB MJ POPSB DPNF NBSUJSJ F OF DPOTFSWB MF UFTUJNPOJBO [F 1FS UBMF BTQFUUP MB QSPUFTUB F MB SJDIJFTUB SJNBOHPOP GPSUJ F DPOWJOUF BODIF JO WJTUB EFMMF HJÆ BOOVODJBUF SJDPSSFO[F EJ à OF BOOP 1FS BNPS EFMMB NVTJDB Í JM DBTP EJ BHHJVOHFSF DIF OPO IB BMDVO TFOTP FTJCJSF VO DBUBMPHP EJ JMMVTUSJ DPNQPTJ[JPOJ EF EJDBUF BE FWFOUJ CFMMJDJ RVBTJ GPTTFSP MJDFO[F P EFCPMF[[F EB QFSEPOBSF BHMJ BVUPSJ OFMM BNCJUP EJ VO BSUF DIF OFTTVOP EPWSFCCF QFSNFUUFSTJ EJ JNQVHOBSF JO OPNF EJ VOB jSBODPSP TB WJTJPOF EFMMB TUPSJBv &VUFSQF DPOUSP $MJP 0 OPO Í QFS DBTP DIF BM QBSJ EFMMB TUPSJB EFMMB MFUUFSBUVSB F EJ PHOJ HSBOEF BSUF MB NVTJDB TJB TFNQSF QPMJUJDB /PO QBS QPTTJCJMF JNNB HJOBSF #BDI #SBINT $JBKLPWTLJK BM EJ GVPSJ EFM MPSP UFNQP EFMMB MPSP QFSTPOBMF WJTJPOF EFMM FQPDB JO DVJ WJWFWBOP QFS OPO EJSF EFM NBTTPOF .P[BSU EFM SJCFMMF #FFUIPWFO EFM TPWJFUJDP 4IPTUBLPWJD 5SBTDVSBOEP RVFTUF DPOTBQFWPMF[[F OPO TJ BSSJWB B DPNQSFOEFSF EBWWFSP JM QSPGPOEP BOHPTDJPTP FTJTUFO[JBMF DPOá JUUP DIF UPSNFOUB J QVCCMJDJ JTSBFMJBOJ EJ GSPO UF BMMB NVTJDB EJ 8BHOFS F EBSF BM HF TUP EJ %BOJFM #BSFOCPJN DIF QSPQSJP MÆ WB B SJQSPQPSMB JM TVP TJHOJà DBUP BVUFOUJDP 1FS EJSMB JO BMUSJ UFSNJOJ SJFTDF BSEVP BWFOEP BMMF TQBMMF JM TFDPMP EFMMF HVFSSF NPOEJBMJ RVFTUB TUPSJB TFQBSBSF VOB TVQQPTUB iNPSB

N

VTJDBMNFOUF

.BHB[JOF EFMMq0SDIFTUSB EB $BNFSB EJ .BOUPWB

%*3&5503& 3&410/4"#*-& "OESFB ;BOJCPOJ 3&%";*0/& 7BMFOUJOB 1BWFTJ $0/46-&/;" &%*503*"-& "MJDF #FSUPMJOJ

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

MJUÆ EFHMJ BSUJTUJu EBMM PQFSB MPSP EB QPSSF JOWFDF JO VOB TPSUB EJ MJNCP iQSJWJMFHJBUPu GBUUP EJ NBUFSJB iJOUBO HJCJMFu EFQVSBUB QFS TFNQSF EB PHOJ BGGBOOP UFSSFOP $PO JM DIF TJ WFSSFC CF BE BQSJSF VO BMUSP CFM EJTDPSTP TVMMB MJDFJUÆ EJ JOUFSQSFUBSF MF NVTJDIF E BMUSF FQPDIF TFDPOEP JM HFOJP EFHMJ BSUJTUJ DPOUFNQPSBOFJ $PTÑ DPNQJMB SF QSPHSBNNJ EJ DPODFSUP OPO WVPM EJSF DPHMJFS GSVUUJ EBM HJBSEJOP EFMMF NFSBWJHMJF ° BM DPOUSBSJP VOB EFMJDB UB PQFSB[JPOF DVMUVSBMF Í JOWJBSF VO NFTTBHHJP BODIF QPMJUJDP %VORVF NFSJUFSFCCF RVBMDIF SJá FTTJPOF QJÜ BUUFOUB MB TFHOBMBUB DPOUSBEEJ[JPOF USB MB NBSDJB EJ 3BEFU[LK F MF GFTUF NBOUPWBOF $IF DJBTDVOP TBQSFCCF JOWFDF DPHMJFSF PWF TJ WPMFTTF JNNB HJOBSF M FTJCJ[JPOF EJ 'BDDFUUB OFSB QFS MB à OF EFM 3BNBEBO P EFMMB %JF 'BIOF )PDI M JOOP EFM QBSUJUP OB[JTUB QFS JM /BUBMF B .BS[BCPUUP P NBHBSJ EJ 3VMF #SJUBOOJB BM DPODFSUP WJFOOFTF EJ $BQPEBOOP 4JNJMJ BDDPTUBNFOUJ QPT TPOP TFNCSBSF B UBMVOP QBSBEPTTBMJ QFS MF EJGGFSFOUJ TFOTJCJMJUÆ JOEPUUF EBMMB DPOPTDFO[B TDPOUBUB EJ GBUUJ F DPOá JUUJ PSB NFOP MPOUBOJ OFM UFNQP F OFMMP TQB[JP /FM DBTP EJ .BOUPWB WB QSFTP BUUP DIF SJDPSEBSF VOP EFHMJ FQJTPEJ QJÜ BUSPDJ EFM 3JTPSHJNFOUP FRVJWBMF B HJVEJ[JP EJ NPMUJ PQFSBUPSJ EFMMP TQFUUBDPMP F EFMM JOGPSNB[JPOF BM jSJQSJTUJOP EJ WFSJUÆ EJNFOUJDBUFv B WFDDIJVNF TDPMBTUJDP DPNF M BNPS QBUSJP 6OB OPJB BVUFOUJDB OFM UFNQP EFMMF WFSJUÆ NFEJBUJDIF &VHFOJP $BNFSMFOHIJ 0UUPCSF

4POP USBTDPSTJ NFTJ EB RVFM NJP FEJUPSJBMF F OFM GSBUUFNQP OPO IP DBNCJBUP PQJOJPOF %VORVF WJ SJNBOEP QFS DPMPSP DIF WPSSBO OP SJQFSDPSSFSF JM NJP SBHJPOBNFOUP MP USPWFSBOOP MFHHJCJMF TVM TJUP XFC EFMM 0SDIFTUSB EB $BNFSB EJ .BOUPWB XXX PDNBOUPWB DPN

OFMMB TF[JPOF EFMMF iQVCCMJDB[JPOJ FEJUPSJBMJu "HHJVOHP TFO[B QPMFNJDB TPMP RVBMDIF QSFDJTB[JPOF DIF NJ TFNCSB PQQPSUVOB WB QSJNBSJBNFOUF EFUUP B TDBOTP EJ FRVJWPDJ WJTUP DIF RVJ OFTTVOP DPMUJWB MB DFOTVSB QFS NPUJWJ EJ CBTTP PQQPSUVOJTNP DIF MB QSJNB MFUUFSB B DVJ TJ GB SJGFSJNFOUP SJNBTF OFMMF NBOJ EFMM &EJUPSF QFSDIÊ B MVJ GV JOEJSJ[[BUB F EJ DPOTFHVFO[B SJUFOVUB QSJWBUB /PO Í QPJ BNNJTTJCJMF JM QSFTVQQPTUP DIF JP QBSMJ B OPNF EFHMJ BCCPOBUJ EJ 5FNQP E 0SDIFTUSB P EFJ à EJ TPTUFOJUPSJ EFMM 0SDIFTUSB EB $BNFSB EJ .BOUPWB Í JOGBUUJ OPUP DIF RVBMVORVF MJCFSP HJPSOBMJTUB TDSJWF QFS HMJ FWFOUVBMJ MFUUPSJ F OPO BMMP TDPQP EJ TPTUJUVJSTJ B MPSP *Oà OF .VTJDBMNFOUF OPO BQQBSUJFOF B OFTTVOB GB[JPOF TPTUJFOF TFNQMJ DFNFOUF NFHMJP DIF QVÖ MB EJGGVTJPOF EFMMB DVMUVSB EFMM BTDPMUP PMUSF MF BUUJWJUÆ DIF GBOOP DBQP BMM 0SDIFTUSB EB $BNFSB EJ .BOUPWB 1VS UVUUBWJB TJB DPODFTTP EJ JODPSSFSF JO RVBMDIF JNNBHJOF VUPQJDB M VOJPOF BO[JDIÊ MB EJWJTJPOF MB QBDJà DB[JPOF EFHMJ BOJNJ F OPO J DPOUSBTUJ QJÜ F NFOP PSDIFTUSBUJ QVS DPO UVUUP JM SJTQFUUP EFMMB 4UP SJB BODIF MPDBMF WJDJOB F MPOUBOB .B OFMMB WJUB FTJTUPOP PQJOJPOJ EJWFSTF F UBMWPMUB JODPNQBUJCJMJ OF QSFOEP BUUP DPO TFSFOJUÆ B [

6200$5,2 0XVLFDOPHQWH GLFHPEUH JHQQDLR

*/ $01&35*/"

03$)&453& $0/530 -" $3*4*

(*03/0 %&--" .&.03*"

*OUFSWJTUB FTDMVTJWB )BSEJOH $SFEJUJ EJ DPQFSUJOB %FVUTDIF (SBNNPQIPO )BSBME )PGGNBOO

1BSMBOP J QSPUBHPOJTUJ

-B NJB NVTJDB iEFHFOFSBUBu

*- $"40 -6$)&4*

"/(&-&3* )&8*55

$0-0//" 40/03"

4"-7"503& 4$*"33*/0

(3"..0'0/0

& TF .P[BSU BWFTTF DPQJBUP

6O JODPOUSP GPSUVOBUP

*OUFSWJTUB 0MUSF JM (JBSEJOP

" 4"/5" #"3#"3"

)FSSFXFHIF F $PMMFHJVN (FOU

*/ 03$)&453"

0DN UPVS JO "VTUSJB

130(&550 &65&31&

3"(";;* 5655* " $0/$&350

5FNQP E PSDIFTUSB QFS MF TDVPMF

*M TVPOP EFMM BMMFHSJB

-&((&3&

0SGFP BCJUB B #PTUPO

26"%&3/0 %* 7*"((*0

$IJ CFO DPNJODJB

.64*$" & 14*$)&

"-53" .64*$"

".*$* 0$.

"SHFOUB FSPF EJ 4QBHOB

%B 0TUJHMJB DPO QBTTJPOF

4F BM SFHJTUB QJBDF 8BHOFS

/PUJ[JF EBM QJBOFUB (POH 'SBODJB OBTDPTUB USB MF DBMMJ

*/ 1-"5&"

&[FDIJFMMP -FWPOJ

&2175,%87256 .*$)&-& $03"--* 4J PDDVQB EB UFNQP EJ NVTJDIF DPOUFNQPSBOFF F OPO MBWPSBOEP OFM TFUUPSF FEJUPSJBMF JO RVBMJUÆ EJ HJPSOBMJTUB SFEBUUPSF F DPOTVMFOUF QFS MB DPNVOJDB[JPOF QFS DPOUP EJ JTUJUV[JPOJ F GFTUJWBM NVTJDBMJ 4DSJWF TVMMF SJWJTUF "NBEFVT F #MPX 6Q )B JEFBUP F EJSJHF JM TJUP XXX BMUSFNVTJDIF JU $IJ NFHMJP EJ MVJ QFS VO DPMMPRVJP DPO 4BMWBUPSF 4DJBSSJOP

1*&3" "//" '3"/*/* (JPSOBMJTUB BNB SBDDPOUBSF QFSTPOBHHJ F MVPHIJ GBUUJ EJ DVMUVSB F DPTUVNF )B à SNBUP SFQPSUBHF EB QBFTJ F JOUFSWJTUBUP QFSTPOBMJUÆ EJ TQJDDP EFMMB TDFOB JOUFSOB[JPOBMF QFS .VTJDBMNFOUF IB JODPOUSBUP %BOJFM )BSEJOH $PMMBCPSB DPO JM (JPSOBMF 7BOJUZ 'BJS .FSJEJBOJ $MBTTJD 7PJDF ° DPSSJTQPOEFOUF QFS UFTUBUF TUSBOJFSF USB DVJ ,MBTTJTL .VTJLLNBHBTJO

-6$" "/(&-*/* (JPSOBMJTUB QSPGFTTJPOJTUB MBWPSB DPNF GSFFMBODF F DPMMBCPSB JO QSFWBMFO[B DPO JM $PSSJFSF EFMMB 4FSB F DPO MB SJWJTUB 4MPXGPPE .VTJDBMNFOUF HMJ IB DIJFTUP EJ JOEBHBSF JM DPNQMFTTP F BSUJDPMBUP NPOEP EFMMF PSDIFTUSF DPO QBSUJDPMBSF BUUFO[JPOF BMMF PQQPSUVOJUÆ QSPGFTTJPOBMJ EJ RVBMJUÆ QFS J HJPWBOJ NVTJDJTUJ JUBMJBOJ SBSF F EJGà DJMJ EB DPHMJFSF

*M EJSFUUPSF E PSDIFTUSB JOHMFTF %BOJFM )BSEJOH BOOJ GPUP %FVUTDIF (SBNNPQIPO )BSBME )PGGNBOO

LQ FRSHUWLQD

N

/PO TPOP QJรก 530110 (*07"/&

2VBOEP EFCVUUร DPO J #FSMJOFS 1IJMIBSNPOJLFS BWFWB TPMP BOOJ i5SPQQP QSFTUP NB BWFWP M JODPTDJFO[B EFMM FUร w DPNNFOUB %BOJFM )BSEJOH $IF PHHJ EJ BOOJ OF IB FE ร VOP EFJ EJSFUUPSJ QJรก PTBOOBUJ EFM NPOEP 2VJ QBSMB BODIF EFMMB 4DBMB F EFMMB iTVBw .BIMFS $IBNCFS 0SDIFTUSB GL 3LHUD $QQD )UDQLQL

'

BOJFM )BSEJOH รกVUUVB F GSFNF TVM QPEJP EBM RVBMF TFNCSB TQJD DBSF JM WPMP EB VO NPNFOUP BMM BMUSP 4QJFHB MF CSBDDJB TPSUB EJ BMJ WFSTP M FTUFSOP 4DBSJDB JM QFTP EFM DPSQP TVMMB QVOUB EFJ QJFEJ F TJ TMBODJB JO BWBOUJ RVBTJ WPMFTTF UVGGBSTJ OFMM PSDIFTUSB $IF JTUJHB DPO HFTUJ QFSFOUPSJ P MVTJOHB DPO NPWJNFOUJ รกFTTVPTJ %J 0YGPSE DMBTTF QSPWJFOF EBMMB CPUUFHB EJ 4JNPO 3BUUMF ร TUBUP MVJ jB DSFBSNJ DPNF EJSFUUPSFv EJDIJBSB QVOUVBMNFOUF B PHOJ JOUFSWJTUB 'V 3BUUMF B GBSMP FTPSEJSF OFM BMMB UFTUB EFMMB $JUZ PG #JSNJOHIBN 4ZNQIPOZ 0SDIFTUSB )BSEJOH IB QPJ TFNQSF DPOUBUP TV VO BMUSP NFOUPSF EJ WBHMJB RVBMF $MBVEJP "CCBEP EJ DVJ GV BTTJTUFOUF B #FSMJOP 2VBOEP EFCVUUBWB DPO J #FSMJOFS 1IJMIBSNPOJLFS BWFWB WFOUVOP BOOJ FE FSB JM QJร HJPWBOF EJSFUUPSF B TBMJSF TV RVFM QPEJP 1PJ RVFTUP EJSFUUPSF JOHMFTF CSJUBOOJDP HJร BM QSJNP THVBSEP DIJPNB CJPOEB DBSOBHJPOF DIJBSB MFOUJHHJOJ JOJ[JBWB B GBSF JM QJFOP EJ FTQFSJFO[F TUFMMBSJ 0SB ร EJSFUUPSF PTQJUF EFMMB -POEPO 4ZNQIPOZ EJSFUUPSF NVTJDBMF EFMM 0SDIFTUSB 4JOGPOJDB EFMMB 3BEJP 4WFEFTF F EBM EJSFUUPSF 1SJODJQBMF EFMMB .BIMFS $IBNCFS 0SDIFTUSB JM HJPJFMMP DPO DVJ )BSEJOH MBWPSB EB QJร E VO EFDFOOJP 1SPQSJP DPO MB .BIMFS EJSJHFSร VO DPODFSUP QFS 5FNQP E 0SDIFTUSB BM 5FBUSP 4PDJBMF EJ .BOUPWB EPNFOJDB HFOOBJP NVTJDIF EJ .P[BSU F #FFUIPWFO BM QJBOPGPSUF -BST 7PHU

$BNCJB M BQQSPDDJP EJ VO EJSFUUPSF B TFDPOEB DIF TJ SFMB[JPOJ B VO PSDIFTUSB EJ MVOHP DPSTP PQQVSF EJ HJPWBOJ j$BNCJB M BUUFHHJBNFOUP NB JO SFMB[JPOF BMMB QFSTPOBMJUร EJ VO PSDIF TUSB OPO BMM BOBHSBGF 0HOJ DPNQMFTTP IB MB TVB JEFOUJUร F SJDIJFEF รกFT TJCJMJUร B VO EJSFUUPSF ยฐ QFS RVFTUP DIF IP EFDJTP EJ OPO MBWPSBSF DPO QJร EJ PUUP PSDIFTUSF M BOOPv 2VBM ร JM DBSBUUFSF EFMMB .BIMFS jยฐ FTUSFNBNFOUF TFSJB F WPMJUJWB PHOVOP TJ TFOUF QBSUF JOUFHSBOUF EFMMB DPNQBHJOF SFTQPOTBCJMF EJ RVFMMP DIF BWWJFOF (MJ PSDIFTUSBMJ TPOP JODSFEJCJMNFOUF EFWPUJ BMM JTUJUV[JPOF NJ BDDPSHP DIF TJ TFOUPOP BNJDJ BODPS QSJNB DIF DPMMFHIJ 5VUUP RVFTUP TJ BWWFSUF OFMMB HJPJB EFM GBSF NVTJDBv

)BSEJOH EVSBOUF VOB QSPWB DPO MB .BIMFS $IBNCFS 0SDIFTUSB JO BMUP J NVTJDJTUJ EVSBOUF VOB QBVTB GPUP EJ 1FUFS 'JTDIMJ

N

LQ FRSHUWLQD

´

,O PHUFDWR GHOOD PXVLFD HXURSHR q FDPELDWR /D GLVSRQLELOLWj HFRQRPLFD q GLPLQXLWD RJJL LO FRVWR GHO ELJOLHWWR GHOOR VSHWWDWRUH YD JLXVWLILFDWR

´

4F WPMFTTF USBDDJBSF JM QSPà MP EFMM PSDIFTUSB TDBMJHFSB "CCJBNP BODPSB CFO QSFTFOUF MB QSJNB EFMMB 4DBMB DIF MFJ DPOEVTTF B TPMJ USFOU BOOJ j° DBNBMFPOUJDB DBQBDF E FTQSJNFSF UBOUJ DPMPSJ 3FTQJSB RVPUJEJBOB NFOUF MB QPMWFSF EFM QBMDPTDFOJDP F RVFTUP TJ TFOUF IB VOP TQJDDBUP TFOTP EFM UFBUSPv ° TFNQSF TUBUP GSB J QJÜ HJPWBOJ B GBS UVUUP $PTB IB JNQMJDBUP JM DPOUJOVP CSVDJBS MF UBQQF j/PO IB NBJ DPOUBUP HSBODIÊ 4POP QFSGFUUBNFOUF DPOTBQFWPMF EFM GBUUP DIF BMMB HFOUF QJBDDJPOP RVFTUJ EFUUBHMJ GBOOP NPMUP FGGFUUP -B DPTB EFUFSNJOBOUF Í DIF JOJ[JBOEP QSFTUP TJ TQFSJNFOUBOP TVCJUP DFSUF DPTF SJTQBSNJBOEP UFNQP $PO JM TFOOP EJ QPJ SJUFOHP DIF GPTTJ USPQQP HJPWBOF QFS EJSJHFSF J #FSMJOFS TPMP M JODPTDJFO[B UJ DPOTFOUF EJ GBSF DFSUF DPTF $PNVORVF TPOP SJDPSEJ NPMUP MPOUBOJ PSNBJv " QSPQPTJUP EJ HJPWBOJ EJ HJPWBOJ DIF EJTFSUBOP MF TBMF EB DPODFSUP 6O BOUJEPUP j*M QSPCMFNB Í DIF DJÖ SJHVBSEB UVUUF MF GBTDF E FUÆ *O PHOJ DBTP OPO EPCCJBNP QFOTBSF DIF TF VOB DPTB OPO JOUFSFTTB BMMB NBHHJPSBO[B OPO IB JM EJSJUUP EJ FTJTUFSF 1PDIF DPTF JOUFSFTTBOP UVUUJ F RVFTUF TPOP JM DJCP

1(/ 6(*12 ', 02=$57 ( %((7+29(1 ,O SURJUDPPD GHO FRQFHUWR DO 7HDWUR 6RFLDOH %BOJFM )BSEJOH à HVSB HJÆ USB HMJ PTQJUJ EJ 5FNQP E 0SDIFTUSB HJVOTF OFM QPDIJ BOOJ EPQP JM EFCVUUP DPO MB 'JMBSNPOJDB EJ #FSMJOP -B TVB DBSSJFSB FSB HJÆ SJQSFTB EFMMF DSPOBDIF TPTQJOUB EBJ CVPOJ VGà DJ EJ 3BUUMF F "CCBEP 0HHJ B BOOJ )BSEJOH IB QFSEVUP M BVSB EFM SBHB[[P QSPEJHJP FE Í EJWFOVUP VO EJSFUUPSF EJ WBTUB FTQFSJFO[B F EJ QJÜ NFEJUBUB NBUVSJUÆ -P SJWFESFNP DPO MB .BIMFS $IBNCFS 0SDIFTUSB 5FBUSP 4PDJBMF EPNFOJDB HFOOBJP JO VOB TFSBUB TVEEJWJTB USB .P[BSU F #FFUIPWFO PTTJB USB EVF DPMPOOF EFMMB DMBTTJDJUÆ F GSB BMDVOF PQFSF NBTTJNF EFMMB MPSP BSUF 4F MB 4JOGPOJB &SPJDB TDSJUUB OFJ QSJNJ EFMM FE JOJ[JBMNFOUF EFEJDBUB B /BQPMFPOF Í VO JDPOB EFM TJOGPOJTNP EFM NBFTUSP EJ #POO JM $PODFSUP , EFMM BVTUSJBDP MBODJB VOP THVBSEP TVM NPOEP WJFOOFTF TVMMB RVPUJEJBOJUÆ EFM HFOJP DIF DPOEVDF JM QJBOPGPSUF BMMB QPFTJB EFM WJSUVPTJTNP QFS VO QJDDPMP QVCCMJDP QBHBOUF *O BHHJVOUB BODPSB EFM UFEFTDP M PVWFSUVSF QFS JM ESBNNB &HNPOU EJ (PFUIF B [

$PO MB rTVBs .DP )BSEJOH q BODIF EJSFUUPSF PTQJUF EFMMB -POEPO 4ZNQIPOZ F EJSFUUPSF NVTJDBMF EFMMq0SDIFTUSB 4JOGPOJDB EFMMB 3BEJP 4WFEFTF GPUP EJ 1FUFS 'JTDIMJ

F JM TFTTP /PO EPCCJBNP TGPS[BSDJ EJ SFOEFSF MB DMBTTJDB QPQPMBSF 0HOJ WPMUB DIF GBDDJBNP NVTJDB EPCCJBNP FTTFSF DPOWJOUJ DIF GSB J DFOUP TQFUUBUPSJ QPTTJBNP JOáVJSF TVM NBHHJPS OVNFSP QPTTJCJMF QVOUPv 4UBOOP TQVOUBOEP OVPWJ NFSDBUJ JM DBTP EFMMB $JOB P EFM .FEJPSJFOUF $PTB OF QFOTB j5VUUP DJÖ Í TPMUBOUP QPTJUJWP F JOUSJHBOUF (JÆ M BWWFOUP EFM (JBQQPOF TQBMBODÖ OVPWJ PSJ[[POUJ PSB TJ BHHJVOHF MB $JOB *O 0SJFOUF IP DPOP TDJVUP UBOUJ HJPWBOJ EJSFUUPSJ JOUFSFTTBOUJ NJ QJBDF NPMUP MB DVSJPTJUÆ F QBTTJPOF DIF J $JOFTJ SJTFSWBOP BMMB NVTJDB DMBTTJDB 7FEJ àVNJ EJ QFSTPOF SJWFSTBSTJ OFMMF TBMF EB DPODFSUP Í EBWWFSP GBOUBTUJDPv $PTB DIJFEF JOWFDF JM QVCCMJDP EFMMB WFDDIJB &VSPQB BMM JOUFSQSFUF E PHHJ j&TJHF BUUJ SFTQPOTBCJMJ *O RVFTUJ VMUJNJ WFOU BOOJ Í DBNCJBUP NPMUP JM NFSDBUP EFMMB NVTJDB FVSPQFP -B EJTQPOJCJMJUÆ FDPOPNJDB Í BOEBUB WJB WJB TDFNBOEP RVJOEJ OFM NPNFOUP JO DVJ TJ SJUBHMJB VOP TQB[JP QFS M BSUF RVFTUP EFWF FTTFSF BTTPMVUBNFOUF DVSBUP 0HHJ QJÜ DIF NBJ JM DPTUP EFM CJHMJFUUP EFMMP TQFUUBUPSF WB HJVTUJàDBUPv

352',*,262 /$56 &RQ 0DKOHU VXRQHUj LO SLDQLVWD WHGHVFR 9RJW %BM TVP TJUP XFC QFSTPOBMF XXX MBSTWPHU DPN JM QJBOJTUB UFEFTDP FOOF OBUP JO (FSNBOJB OFMMB DJUUBEJOB EJ %ÛSFO OFM /PSE 3FOP 8FTUGBMJB OPO MPOUBOP EBM DPOàOF DPO MB 'SBODJB DJ GB TBQFSF DIF JOJ[JÖ HMJ TUVEJ NVTJDBMJ B BOOJ DPNF PHOJ QSPEJHJP DIF TJ SJTQFUUJ %FWF NPMUF EFMMF TVF BCJMJUÆ E JOUFSQSFUF B 3VUI 8FJTT F ,BSM )FJO[ ,ÅNNFSMJOH FE PHHJ WJWF B -POESB 7JODJUPSF EJ VO TFDPOEP QSFNJP BM $PODPSTP EJ -FFET OFM -BST 7PHU PHHJ FTJCJTDF VO CJHMJFUUP EB WJTJUB EBM RVBMF TJ FWJODPOP MF TVF RVBMJUÆ OPO DPNVOJ 1PDIF OPUJ[JF CBTUBOP Í TUBUP B àBODP EJ $MBVEJP "CCBEP F EFJ #FSMJOFS 1IJMIBSNPOJLFS EFMM 0SDIFTUSB EJ #JSNJOHIBN F EJ 4JNPO 3BUUMF EFMM 0SDIFTUSB 'JMBSNPOJDB EJ 'SBODJB F .ZVOH 8IVO $IVOH *OUFOTB BODIF MB TVB BUUJWJUÆ JO TBMB EJ SFHJTUSB[JPOF MB &NJ TUB EPDVNFOUBOEP M BNQJF[[B EFM TVP SFQFSUPSJP 1FSTPOBMJUÆ TPMJEB FTVCFSBOUF F NVTJDJTUB JOGBMMJCJMF 7PHU Í BUUFTP DPO MB .$0 F )BSEJOH JM HFOOBJP QFS JM .P[BSU DFMFCFSSJNP EFM MVNJOPTP $PODFSUP JO EP NBHHJPSF , DBQPMBWPSP EFHMJ BOOJ EJ 7JFOOB B [

*M QJBOJTUB UFEFTDP -BST 7PHU JOUFSQSFUFS¼ B .BOUPWB JM $PODFSUP , EJ .P[BSU DPO MB .$0 EJSFUUB EB )BSEJOH

N

VHEEHQ FKH VLDPR JLRYDQL

03$)&453& -"7030 JM GVUVSP Ò HJË RVJ *O *UBMJB MF PQQPSUVOJUË QSPGFTTJPOBMJ QFS J NVTJDJTUJ TPOP QPDIJTTJNF .B J QJá CSBWJ F J QJá PTUJOBUJ SJFTDPOP B FOUSBSF OFM HJSP EFMMF DPNQBHJOJ EJ BMUP MJWFMMP %BJ MFHHJJ EJ .BIMFS $IBNCFS 4QJSB .JSBCJMJT F 0DN FDDP DPNF MB QFOTBOP

4QJSB NJSBCJMJT

GL /XFD $QJHOLQL

&

PTB GBSÖ EB HSBOEF 1SJNB P QPJ MB EPNBOEB SPO[B JO UFTUB B DIJVORVF TVPOJ OFMMF PSDIFTUSF HJPWBOJMJ 1BTTBOP J WFOU BOOJ F BSSJWB JM QVOUP JOUFSSPHBUJWP & RVFMMJ DIF SJTQPOEPOP DPNF TFNCSFSFCCF OBUVSBMF jJM NVTJDJTUBv TPOP TFNQSF EJ NFOP /PO Í EJGà DJMF EB DBQJSF QFSDIÊ j*O *UBMJB MF PQQPSUVOJUÆ QFS J HJPWBOJ NVTJDJTUJ TPOP QPDIJTTJNF F SFHOB MB QSFDBSJFUÆv m TQJFHB 5JNPUJ 'SFHOJ WJPMJOJTUB OFMM 0SDIFTUSB EB $BNFSB EJ .BOUPWB OFMMB .P[BSU EJ "CCBEP F OFMMB 4QJSB .JSBCJMJT 2VBOUP BMM JOTFHOBNFOUP CBTUJ RVBOUP IB TDSJUUP 1JFUSP *DIJOP TVM $PSSJFSF EFMMB 4FSB M OPWFNCSF j- VMUJNP DPODPSTP B DBUUFESF Í TUBUP CBOEJUP OFM w GPTTF BODIF OBUP VO .P[BSU HMJ TBSFCCF TFNQSF TUBUP QSFGFSJUP DPNF QSPGFTTPSF EJ SVPMP VO iJEPOFPu EFM DPODPSTP EFM v 2VBMDVOP QSPWB B UJSBSF BWBOUJ à O DIF QVÖ NBHBSJ DPOUFOUBOEPTJ EJ DPODFSUJ iB HFUUPOFu * QJÜ PTUJOBUJ DBQBDJ P GPSUVOBUJ QJÜ TQFTTP UVUUF MF USF DPTF JOTJFNF SJFTDPOP B FOUSBSF OFM HJSP EJ PSDIFTUSF E BMUP MJWFMMP DPNF MB .BIMFS $IBNCFS P MB TUFTTB 0DN 5BOUJ QFSÖ BMMB à OF NPMMBOP M BODJB P M BSDIFUUP j$SFEP TJB JNQPSUBOUF QBSUJSF EBM WPMFS TVPOBSF OPO EBM WPMFS MBWPSBSF TVPOBOEPv EJDF -PSFO[B #PSSBOJ WJPMJOJTUB OFMMB $IBNCFS 0SDIFTUSB PG &VSPQF NB BODIF OFMMB .BIMFS $IBNCFS 0SDIFTUSB F OFMMB .P[BSU EJ "CCBEP j*O *UBMJB m QSPTFHVF m TJ SBHJPOB PMUSFUVUUP USPQQP QFS DPNQBSUJNFOUJ TUBHOJ TF TFJ NPMUP CSBWP EFWJ EJWFOUBSF VO TPMJTUB TF TFJ VO QP NFOP CSBWP GBSBJ NVTJDB EB DBNFSB F DPNF VMUJNB TDFMUB UJ SFTUB M PSDIFTUSB *O 1BFTJ DPO VOB USBEJ[JPOF EJ HSBOEJ PSDIFTUSF DPNF MB (FSNBOJB OPO Í BGGBUUP DPTÑ $ Í M BNCJ[JPOF EJ BSSJWBSF JO VO PSDIFTUSB *M NJP QSJNP NBFTUSP NJ SJQFUFWB TFNQSF DIF JO VO PSDIFTUSB TBSFJ TUBUB JOWJEJPTB EFJ WJPMJOJTUJ TPMJTUJ .B OPO MP TPOP BGGBUUP 4VPOBSF EB TPMJTUB NJ TPEEJTGB RVBOUP TVPOBSF MF QBSUJ EB PSDIFTUSBMF 2VFTUB Í BODIF MB HSBOEF MF[JPOF EFMMB 4DVPMB EJ 'JFTPMF EJ 1JFSP 'BSVMMJ EPWF BQQFOB SJFTDJ BE BSUJDPMBSF RVBMDIF OPUB UJ NFUUPOP B TVPOBSF BTTJFNF

0$+/(5 &+$0%(5 25&+(675$ 'POEBUB OFM EB BMDVOJ NVTJDJ TUJ QSPWFOJFOUJ EBMMB HJPWBOJMF .BI MFS +VHFOEPSDIFTUFS F EB $MBVEJP "C CBEP MB .BIMFS $IBNCFS 0SDIFTUSB PHHJ Í DPNQPTUB EB NVTJDJTUJ EJ EJWFSTF OB[JPOJ -B TVB JNQPS UBO[B DPNF GVDJOB EJ HJPWBOJ UBMFOUJ Í UFTUJNPOJBUB EBMM BTDFTB EJ %BOJFM )BSEJOH DIF M IB EJSFUUB QFS MB QSJ NB WPMUB B BOOJ F OF Í EJWFOUBUP EJSFUUPSF NVTJDBMF OFM /F Í UVU UPSB JM EJSFUUPSF QSJODJQBMF

63,5$ 0,5$%,/,6 j*O DBNFSJOP B $SFNPOB EPQP BWFS FTFHVJUP DPO HSBOEF TVDDFTTP M &SPJDB DPO M PSDIFTUSB .P[BSU &SBWBNP DPOUFOUJ NB DJ NBODB WB RVBMDPTB WPMFWBNP BWFSF VOP TQB[JP OPTUSP QFS BQQSPGPOEJSF QFS TUVEJBSFv $PTÑ -PSFO[B #PSSBOJ SBDDPOUB MB OBTDJUB EFM QSPHFUUP 4QJSB .JSBCJMJT %BJ RVBUUSP BNJDJ JOJ[JBMJ M JEFB IB iDPOUBHJBUPu NVTJDJTUJ FUÆ NFEJB BOOJ EJ *UBMJB 4WJ[[FSB "VTUSJB (FSNB OJB 4MPWBDDIJB -FUUPOJB *TSBFMF 4QBHOB "VTUSBMJB /VPWB ;F MBOEB 4WF[JB 'SBODJB F 4MPWFOJB 1FS TDFMUB 4QJSB TVPOB TFO[B EJSFUUPSF E PSDIFTUSB

'PUP EJ 4POKB 8FSOFS

BE BMUSJ *P B PUUP BOOJ FSP JO VO RVBSUFUUP E BSDIJv -B WPHMJB EJ TVPOBSF BTTJFNF Í UBOUB DIF MB #PSSBOJ 'SFHOJ F VO BMUSP QBJP EJ BNJDJ IBOOP EBUP WJUB B 4QJSB NJSBCJMJT 1JÜ DIF VO PSDIFTUSB Í VO MBCPSBUPSJP EJ TUVEJP OFM RVBMF TJ QSPWB F TJ TVPOB TFO[B EJSFUUPSF 6O PDDBTJPOF QFS BTDPMUBSMB Í GPSOJUB EBM DPODFSUP QFS 5FNQP E 0SDIFTUSB EJ NFSDPMFEÑ HFOOBJP BM 5FBUSP $PNVOBMF EJ (PO[BHB JO QSPHSBNNB NVTJDIF EJ #BSUÓL j.B MB 4QJSB m DIJBSJTDF MB #PSSBOJ m OPO Í TUBUB VO SJQJFHP QFS QPUFS MBWPSBSF &SBWBNP HJÆ UVUUJ NVTJDJTUJ QSPGFTTJPOJTUJ & QFS JM QSJNP DPODFSUP DJ TJBNP QBHBUJ WJBHHJP F CJHMJFUUP BFSFPv 0WWJP OPO Í EVSB TPMP JO *UBMJB 4QFDJF JO UFNQJ EJ DSJTJ FDPOPNJDB &QQVSF FTFNQJ DPOUSPDPSSFOUF OPO NBODBOP j.PMUJ HJPWBOJ NVTJDJTUJ

N

VHEEHQ FKH VLDPR JLRYDQL

JUBMJBOJ PHHJ WBOOP B TVPOBSF JO 4QBHOB m EJDF BODPSB 5JNPUJ 'SFHOJ m VO QBFTF DIF WFOU BOOJ GB WFOJWB DPOTJEFSBUP 5FS[P .POEP EBM QVOUP EJ WJTUB NVTJDBMF 4PMP DIF MÆ TJ Í JOWFTUJUP F DPTÑ J SVPMJ SJTQFUUP BMM *UBMJB BEFTTP TJ TPOP JOWFSUJUJv $PO JM QVCCMJDP EFMMF TBMF EB DPODFSUP TFNQSF QJÜ EB DBQFMMJ CJBODIJ CJTPHOFSFCCF JOWFTUJSF OFJ SBHB[[J NBHBSJ SJQPSUBOEP OFMMF BVMF EJ TDVPMB VO FEVDB[JPOF NVTJDBMF DPNF TJ EFWF .JDB GBDJMF EJDF 'SFHOJ jDPO VO NJOJTUSP 3FOBUP #SVOFUUB OEB DIF CPMMB OPJ NVTJDJTUJ DPNF QBSBTTJUJ TPDJBMJv & QFOTBSF DIF TF MB DVMUVSB NVTJDBMF JO *UBMJB GB EJGFUUP MB TFOTJCJMJUÆ QFS MB DMBTTJDB OPO NBODB EJ TJDVSP -P EJNPTUSB JM TVDDFTTP EFMM 0DN P EFMMB TUFTTB 4QJSB .JSBCJMJT j2VBOEP BOEJBNP B TVPOBSF OFJ QBFTJ EJ QSPWJODJB EPWF DJ GFSNJBNP OPO TPMP QFS J DPODFSUJ NB BODIF QFS MF QSPWF NBHBSJ NBOHJBOEP OFJ CBS EFM QBFTF m BTTJDVSB 'SFHOJ m MB SJTQPTUB EFM QVCCMJDP Í TFNQSF TUSBPSEJOBSJBv 6O TFHOP EJ TQFSBO[B $PNF JM GBUUP DIF DJ TJBOP BODPSB SBHB[[J QSPEJ HJP DIF OPO SJNBOHPOP FUFSOF QSPNFTTF 7FEJ "OESFB #BUUJTUPOJ TP QSBOOPNJOBUP M j)BSEJOH JUBMJBOPv (MJ DIJFEJBNP TF QFS FNFSHFSF DPOUJOP EJ QJÜ JM UBMFOUP MB QFSTFWFSBO[B P MB GPSUVOB j/FM NJP DBTP MB GPSUVOB Í TUBUB JODPOUSBSF QFSTPOF DPNF 1JFSDBSMP 0SJ[JP DIF IBO OP TDPNNFTTP OPO TFO[B DPSBHHJP TV EJ NF - JOUFSFTTF QFS J HJPWBOJ NVTJDJTUJ RVJOEJ OPO NBODB $PNF OPO NBO DB M JOUFSFTTF EFJ HJPWBOJ QFS MB NVTJDBv .B JM QVOUP EPMFOUF Í TFNQSF MP TUFTTP j- FEV DB[JPOF NVTJDBMF m EJDF #BUUJTUPOJ m JO *UBMJB Í JM QSPCMFNB EFJ QSPCMFNJ TJ JOTFHOB TUPSJB EFMM BSUF NB OPO TUPSJB EFMMB NVTJDB $PNF TF GPTTF VO EFMJUUP OPO TBQFSF DIJ FSB .JDIFMBO HFMP NB DPOUJ QPDP JHOPSBSF .FOEFMTTPIO 4J Í WPMVUP JOJ[JBSF EBMMB SJGPSNB EFJ DPOTFSWBUP SJ #JTPHOFSFCCF JOWFDF QBSUJSF EBMMF TDVPMF EJ CBTF QFS DSFBSF JM QVCCMJDP EFM GVUVSP DPNF TJ Í GBUUP BMM FTUFSPv 1FS RVFMMP RVBOEP QVÖ EJSJHF QFS J SBHB[[J EFMMF TDVPMF -P GBSÆ BODIF BM #JCJFOB JM F GFCCSBJP BMMB HVJEB EFMM 0DN j* HJPWBOJTTJNJ IBOOP MB NFOUF THPNCSB TPOP SJDFUUJWJ F SJDBNCJBOP TFNQSF DPO FOUVTJBTNP 4VPOBSF QFS MPSP Í VO WFSP QJBDFSFv

´

%RUUDQL ´,Q ,WDOLD VH VHL EUDYR O·RUFKHVWUD q O·XOWLPD VFHOWD PD LQ *HUPDQLD QRQ q FRVuµ )UHJQL ´5LSRUWLDPR O·HGXFD]LRQH PXVLFDOH QHOOH VFXROHµ %DWWLVWRQL ´3DUWLDPR GDL UDJD]]L VRQR L SL ULFHWWLYLµ

´

%B TJOJTUSB JO BMUP "OESFB #BUUJTUPOJ BOOJ EJSFUUPSF EqPSDIFTUSB -PSFO[B #PSSBOJ BOOJ QSJNP WJPMJOP OFMMB $IBNCFS 0SDIFTUSB PG &VSPQF DPMMBCPSB BODIF DPO MB .BIMFS $IBNCFS 0SDIFTUSB F MB .P[BSU EJ "CCBEP 5JNPUJ 'SFHOJ WJPMJOJTUB OFMMq0DN OFMMB .P[BSU F OFMMB 4QJSB NJSBCJMJT

'PUP /JDPMB .BMBHVUJ

N

JLRUQR GHOOD PHPRULD

48(//( 3$57,785( 6*5$',7( $/ 5(*,0(

#BSUÓL BM QJBOPGPSUF

-F EJUUBUVSF GBOOP TPGGSJSF BODIF M BSUF F HMJ BSUJTUJ MF NFOUJ TDPNPEF MF UFTUJ NPOJBO[F DPSBHHJPTF .PMUJ DPNQPTJ UPSJ FVSPQFJ DPO M BTDFTB EFM OB[JTNP BCCBOEPOBSPOP M &VSPQB WPMPOUBSJB

NFOUF DPNF #BSUÓL OFM 4DIÕO CFSH QFSBMUSP EJ GBNJHMJB FCSFB OFM F ,VSU 8FJMM OFM P 1BVM )JO EFNJUI OFM "MUSJ GVSPOP GPSUFNFO UF PTUBDPMBUJ DPNF "MCBO #FSH F QFS NPMUJ BODPSB DJ GVSPOP MB QFSTFDV[JPOF M PCMÑP MB EJTUSV[JPOF EFMMF PQFSF - JO UPMMFSBO[B HJVOTF OFM QFSTJOP BE VOB FTQPTJ[JPOF BM DPOUSBSJP OPO DSFBUB QFS BNNJSBSF NB QFS EJTUSVHHFSF JTQJ SBUB EBMMF JEFF EFMJSBOUJ EJ )JUMFS JM RVB MF TJ EJDFWB DFSUP DIF M BSUF GPTTF EFTUJOB UB B jQSPDMBNBSF JNQPOFO[B F CFMMF[[B F RVJOEJ SBQQSFTFOUBSF QVSF[[B F CFOFT TFSFv 'JUUP M FMFODP EFHMJ THSBEJUJ BM SF

-F BOHPTDF EJ VO &46-& /FJ DBQPMBWPSJ EJ #ÏMB #BSUØL MB QSPUFTUB DPOUSP JM SFHJNF OB[JTUB & JM QSFTFOUJNFOUP EFMMB DBUBTUSPGF DIF TUB JODPNCFOEP TVMM &VSPQB

4

GL *LDQ 3DROR 0LQDUGL

VBMF HJPJB QFS NF BTDPMUBSF EVSBOUF MF QSPWF J NJFJ QJDDPMJ QF[[J QFS DPSP JOUFSQSFUBUJ EB RVF TUJ GBODJVMMJu DPTÑ #BSUƊL TDSJWFWB BE VO BNJDB EJ #BTJMFB OFM JO PDDBTJPOF EFMMB QSFTFOUB[JPOF EFJ $PSJ B DBQQFMMB B EVF F USF WPDJ EFTUJOBUJ BMM JOGBO[JB &SB VO NPEP QFS FTPSDJ[[BSF OFMMB TFNQMJDJUÆ F OFMMB QVSF[ [B EJ RVFJ UJNCSJ JM QSFTFOUJNFOUP EFMMB DBUBTUSPGF DIF TUBWB JODPNCFOEP TVMM &VSPQB BMDVOJ TFHOBMJ JOFRVJWP DBCJMJ DPNF M JODMVTJPOF OFMM jBSUF EFHFOFSBUBv EB QBS UF EFJ OB[JTUJ EJ NVTJDJTUJ RVBMJ 4USBWJOTLZ 4DIPFOCFSH .JMIBVE BWFWBOP JOEPUUP #BSUƊL B DIJFEFSF DIF BODIF MB TVB BSUF WFOJTTF EJDIJBSBUB UBMF JM TVP TFOTP EFMMB TPMJ EBSJFUÆ VNBOB MP BWFWB QPJ QPSUBUP B DPOTJEFSBSF M PQ QPSUVOJUÆ EJ DPOWFSUJSTJ BMM FCSBJTNP QFS FTTFSF QJÜ WJ DJOP BJ QFSTFHVJUBUJ ° JO RVFTUP DMJNB NJOBDDJPTP DIF MB DSFTDFOUF DPOEJ[JPOF E BOHPTDJB WJTTVUB EBM DPNQPTJ UPSF USPWB MB QJÜ BMUB USBTà HVSB[JPOF OFMMB DSFB[JPOF EJ EVF PQFSF DBQJUBMJ MB .VTJDB QFS BSDIJ DFMFTUB F QFSDVTTJPOJ F MB 4POBUB QFS EVF QJBOPGPSUJ F QFSDVTTJPOJ -B QSJNB Í MFHB UB BMMB DPNNJUUFO[B SJWPMUBHMJ EB 1BVM 4BDIFS EJSFUUPSF EFMM 0SDIFTUSB E BSDIJ EJ #BTJMFB EB MVJ GPOEBUB F GFS WFOUF TPTUFOJUPSF EFMMB NVTJDB DPOUFNQPSBOFB PMUSF DIF JMMVNJOBUP NFDFOBUF - PSHBOJDP Í TUSVUUVSBUP JO NB

HJNF GSB DVJ GBNPTJ JOUFSQSFUJ DPNF #SVOP 8BMUFS 0UUP ,MFN QFSFS &SJDI ,MFJCFS 0HHJ B -PO ESB Í BUUJWP M *OUFSOBUJPOBM $FOUSF GPS 4VQQSFTTFE .VTJD F OFHMJ 4UBUJ 6OJUJ JM %JQBSUJNFOUP EJ .VTJDPMPHJB EFMMB /PS UI 5FYBT 6OJWFSTJUZ EPWF TJ SFDVQFSB NVTJDB EJNFOUJDBUB TFQQFMMJUB EBMMB WJP MFO[B *O MJOFB DPO RVFTUP TQJSJUP EB USF TUBHJPOJ 5FNQP E 0SDIFTUSB DFMFCSB JO NVTJDB MB (JPSOBUB EFMMB .FNPSJB 2VF TU BOOP OFM TFHOP EJ #BSUÓL F EFMMB TVB .VTJDB QFS BSDIJ DFMFTUB F QFSDVTTJPOJ 4QJSB NJSBCJMJT HFOOBJP 5FB USP $PNVOBMF (PO[BHB B [

OJFSB TJOHPMBSF EVF HSVQQJ EJ BSDIJ DPNQSFOEFOUJ DJB TDVOP JM RVJOUFUUP DPNQMFUP VOJUJ OFM QSJNP NPWJNFO UP TFQBSBUJ OFHMJ BMUSJ F VO WBSJP BQQBSBUP EJ QFSDVTTJP OJ DPNQSFOEFOUF JM QJBOPGPSUF -B TUSVUUVSB HFOFSBMF OPO SJQSFOEF MB GPSNB BE BSDP EJ PQFSF QSFDFEFOUJ NB TJ BSUJDPMB JO NPWJNFOUJ BMUFSOBOEP VO UFNQP MFOUP BE VOP WFMPDF DPNF OFMMF TVJUF CBSPDDIF *M QSJNP NP WJNFOUP Í VOB GVHB NB QJÜ DIF BM DPOUSBQQVOUP JO TFO TP CBDIJBOP CJTPHOB QFOTBSF BM DPOUSBQQVOUP iHFSNJ OBMFu E PSJHJOJ TF NBJ CFFUIPWFOJBOF VMUJNJ 2VBSUFU UJ F DIF #BSUƊL GB TVP NPWFOEP OPO EB UFNJ EFMJOFBUJ NB EB QJDDPMJ GSBNNFOUJ EFTUJOBUJ BE BUUJWBSF VO QSPDFT TP HFOFSBUJWP EJ UJQP PSHBOJDP *M TFDPOEP NPWJNFOUP "MMFHSP DPOUSBTUB DPO JM DBSBUUFSF TUSJTDJBOUF EFM QSJNP QFS JM TVP TDBUUP WJHPSPTP DIF BUUJWB VOB WFSB GPSNB TP OBUB DVMNJOBOUF DPO VO HSBOEJPTP GVHBUP *M UFS[P NP WJNFOUP "EBHJP Í VOB EFMMF QJÜ TUSBPSEJOBSJF iNVTJDIF OPUUVSOFu JO DVJ #BSUƊL SJWJWF QPFUJDBNFOUF MF TVF GBO UBTNBHPSJF WJTJPOBSJF SJDSFBOEP VOB OBUVSB NJTUFSJPTB F BWWPMHFOUF - VMUJNP NPWJNFOUP JOà OF DPTUJUVJTDF BODPSB VOB WPMUB MB MJCFSB[JPOF EBMMB QSFTTJPOF FNP [JPOBMF BDDVNVMBUB OFJ QSFDFEFOUJ VOB EBO[B WJHPSP TBNFOUF QVMTBOUF TUSVUUVSBUB DPNF BNQJP SPOEÖ MB DVJ VMUJNB DBNQBUB SJQSPQPOF JM UFNB EFMMB GVHB PSJHJOBSJP NB QSPà MBUP JO VOB MVDF OVPWB OPO QJÜ M BOHPTDJPTP TUSJTDJBNFOUP DSPNBUJDP NB VO DMJNB EJBUPOJDBNFOUF SBTTFSFOBUP - PQFSB GV QSFTFOUBUB DPO FTJUP DBMPSPTJT TJNP JM HFOOBJP -VDF à EVDJPTB DIF M JODBM[BSF EFHMJ BWWFOJNFOUJ GBUBMNFOUF WBOJà DIFSBOOP 4FHVJSBO OP JM %JWFSUJNFOUP QFS BSDIJ JM DPNQMFUBNFOUP EFM .JLSP LPTNPT F JM 4FTUP RVBSUFUUP PQFSB QFSWBTB EB VOB QBSUJDP MBSF NFTUJ[JB SJWFMBUSJDF EFMMB EPMPSPTB GSBUUVSB OFMM FTJ TUFO[B EFM DPNQPTJUPSF DIF TUBDDBUP QFS TFNQSF EBMMB TVB UFSSB F DPOEPUUP B à OJSF J TVPJ HJPSOJ OFMMB MPOUBOB "NFSJDB OPO SJVTDJSÆ B TPUUSBSTJ BMMB QFOPTB DPOEJ[JP OF E FTVMF - BEBUUBNFOUP BMMB SFBMUÆ EFM /VPWP .POEP GV JO QSBUJDB JNQPTTJCJMF HMJ VMUJNJ BOOJ QFS #BSUƊL GV SPOP BOOJ EJ EFMVTJPOJ F EJ SJOVODF BDVJUF PMUSF DIF EBJ EJTBHJ FDPOPNJDJ EBM QSPHSFEJSF JNQMBDBCJMF EFMMB NBMBUUJB DIF MP DPTUSJOTF B SJOVODJBSF BMMF PGGFSUF EJ JO TFHOBNFOUP F DIF MP BWSFCCF QPSUBUP B NPSUF

N

LO FDVR /XFKHVL

& TF .P[BSU BWFTTF $01*"50 $01*"50

-q0DN DPO 'SBODFTDP #PTTPOF GBHPUUP TPMJTUB GPUP EJ -6*(* 13&50-"/*

*M WFSP BVUPSF EFM %PO (JPWBOOJ TBSFCCF "OESFB -VDIFTJ DPNQPTJUPSF USFWJHJBOP BUUJWP B #POO OFM 4FUUFDFOUP $IF QPUSFCCF FTTFSF BODIF JM NBFTUSP TFHSFUP EJ #FFUIPWFO &DDP MB UFPSJB DIF TDBOEBMJ[[B HMJ TUVEJPTJ GL /XLJL 3LFDUGL

,

M DPODFSUP EFMM 0SDIFTUSB EB $BNFSB EJ .BOUPWB QPSUFSÆ BMMF PSFDDIJF EFHMJ BQQBTTJPOBUJ VO OPNF TDPOPTDJVUP BJ QJÜ F BMRVBOUP DPOUSPWFSTP USB J NVTJDPMPHJ "OESFB -VDIFTJ -B SJTDPQFSUB EJ RVFTUP DPNQPTJUPSF MB TJ EFWF BM QSPGFTTPS (JPSHJP 5BCPHB NBUFNBUJDP EJ 5SFWJTP DIF VOB WFOUJOB EJ BOOJ GB FCCF MB WFOUVSB EJ AJODJBNQBSF JO RVFTUP DBTP & GPSTF OPO Í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Æ EFMMB $BQQFMMB .VTJDBMF QBSMBWB EFMM JNQPSUBO[B EJ VOB DJUUÆ $PO M BSSJWP EFM DPNQPTJUPSF USFWJHJBOP #POO SJBDRVJTUB RVPUB QJB[[BOEPTJ BM UFS[P QPTUP GSB MF DBQQFMMF EJ DPSUF UFEFTDIF "TTVOUP JM SVPMP EJ ,BQFMMNFJTUFS B WJUB -VDIFTJ TJ PDDVQB BODIF EFMM FEVDB[JPOF EFJ HJPWBOJ OFMM PSHBOJDP EFMMB DBQQFMMB USB DVJ -VEXJH WBO #FFUIPWFO -VDIFTJ F OPO /FFGF GV JM TVP WFSP JOTFHOBOUF /FM GSBUUFNQP QSPEVDF NVTJDB BODIF QFS BMUSJ DPNNJUUFOUJ TFO[B à SNBSF J QSPQSJ MBWPSJ "OESFB -VDIFTJ JO VO SJUSBUUP EqFQPDB

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Ñ EJDFNCSF BM 5FBUSP $BNFSB EJ .BOUPWB QSPQPOF EJ WJTUB QSPGFTTJPOBMF F DIF NPMUJ TVPJ MBWPSJ TBSFCCFSP 1BHBOP EJ $BOOFUP TVMM 0HMJP VO QSPHSBNNB DIF BCCJOB QBTTBUJ TPUUP J OPNJ EFMMP TUFTTP .P[BSU F )BZEO OFMM BNCJUP EJ 5FNQP E PSDIF BHMJ IBZEOJBOJ 4JOGPOJB O DPNF UFTUJNPOJFSFCCFSP MF DPQJF EJ 4JOGPOJF EFJ EVF TUSB 7FOFSEÑ EJDFNCSF BM JO NJ NJOPSF i5SBVFSu F $PODFSUP ADBNQJPOJ EFMMB 8JFOFS ,MBTTJL QSFTFOUJ BMMB #JCMJPUFDB 1BSDP EFMMB .VTJDB EJ 3PNB O JO EP NBHHJPSF QFS WJPMPODFMMP &TUFOTF EJ .PEFOB USB DVJ BODIF MB O i5SBVFSu -B 4BMB 4JOPQPMJ QFS MB TUBHJPOF F PSDIFTUSB )PC 7**C JM $PODFSUP 8JFOFS ,MBTTJL GV VO GFOPNFOP HFOVJOP 4PMP VOB EFMM "DDBEFNJB EJ 4BOUB $FDJ QFS GBHPUUP F PSDIFTUSB JO TJ CFNPMMF SJDFSDB BQQSPGPOEJUB TV DJÖ DIF BDDBEEF WFSBNFOUF MJB %VF PDDBTJPOJ E BTDPMUP F NBHHJPSF , EJ .P[BSU F MB BMM FQPDB QPUSÆ SJTQPOEFSF B RVFTUP JORVJFUBOUF EJ DPOGSPOUP M 0SDIFTUSB EB 4JOGPOJB O JO TPM NBHHJPSF EJ RVFTJUP

/0 OFTTVO NJTUFSP USB MF 1"35*563& - JEFB DIF EJFUSP BMMF NVTJDIF EJ .P[BSU F )BZEO TJ OBTDPOEB JM NBFTUSP JUBMJBOP Ò JOWFSPTJNJMF .PMUJ FMFNFOUJ EJNPTUSBOP DIF VOB TJNJMF JQPUFTJ Ò EFDJTBNFOUF GBOUBTDJFOUJmDB $PNF BNNFUUFSF DIF VO VGP GL *LRYDQQL %LHWWL 'SBODFTDP #PTTPOF

-VJHJ 1JPWBOP

"OESFB -VDIFTJ 4VJ HFOFSJ QJÜ GSFRVFO UBUJ EFMM FQPDB $MBTTJDB $PODFSUP F 4JO GPOJB TJ HJPDB M "GGBJSF -VDIFTJ " TVPO EJ JOUFSQSFUJ FDDFMMFOUJ PMUSF BMM PSDIFTUSB EJ TDFOB -VJHJ 1JPWBOP WJPMPODFMMP F 'SBO DFTDP #PTTPOF GBHPUUP QSJNF QBSUJ TPMJTUF EFMM 0SDIFTUSB 4JOGPOJDB EFMM "DDBEFNJB /B[JPOBMF EJ 4BOUB $FDJMJB QSPUBHPOJTUJ EJ JNQPSUBOUJ DBSSJFSF JOUFSOB[JPOBMJ

*

MJ BNJDJ EFMM 0SDIFTUSB EB $BNFSB EJ .BOUPWB NJ BGàEBOP VO DPN QJUP DVSJPTP EJSF BJ MFUUPSJ DIF )BZEO F .P[BSU TBQFWBOP DPNQPSSF F OPO BWFWBOP CJTPHOP EJ GBSTJ iQSFTUBSFu PQFSF EB "OESFB -VDIF TJ 3JQPSUP BMDVOF GSBTJ EJ DIJ IB DSFBUP M "GGBJSF -VDIFTJ TUPSJB EJ VO NVTJDJ TUB USFWJHJBOP DIF BWSFCCF DPNQPTUP JO TFHSFUP HSBO QBSUF EFMMF PQFSF EFJ EVF HSBOEJ 7JFOOFTJ PMUSF BE FTTFSF TUBUP TFNQSF EJ OBTDPTUP JM NBFTUSP EJ #FFUIPWFO j-B 8JFOFS ,MBTTJL Í EB DPOTJEFSBSF VO GFOPNFOP UVUUP JUB MJBOPv )BZEO jOPO IB DPNQPTUP VOB TPMB 4JOGPOJBv F MF BUUSJCVJUFHMJ TPOP jEB SFTUJUVJSF UVUUF B 4BNNBSUJOJ F -VDIFTJv BWFUF NBJ BTDPMUBUP VOB DPNQPTJ[JPOF EJ 4BNNBSUJOJ 'BUFMP F DBQJSFUF QFSDIÊ )BZEO MP DPOTJEF SBTTF jVO JNCSBUUBDBSUFv - JOWFSPTJNJHMJBO[B QSBUJDB MPHJTUJDB EFMM JQPUFTJ Í NBDSPTDPQJDB -VDIFTJ WJWFWB B #POO )BZEO BE &TUFSIÆ[B B NJHMJBJB EJ DIJMPNFUSJ *M GBCCJTPHOP NVTJDBMF EJ VOB DPSUF FTDB QSFWFEFWB MB DPN QPTJ[JPOF RVPUJEJBOB EJ NVTJDB RVJOEJ JM 1SJODJQF DIJFEFWB B )BZEO VOB 4JOGPOJB QFS MB TFUUJNBOB TVDDFTTJWB RVFTUJ JO UVUUB GSFUUB TDSJWFWB B -VDIFTJ EJ DPNQPSMB F EJ JOWJBSHMJFMB OBUVSBMNFOUF DPO J TJTUFNJ QPTUBMJ FE J USBTQPS UJ EFMM FQPDB B NFOP DIF -VDIFTJ HJÆ DIF D FSB BWFTTF BODIF JOWFOUBUP QD TDBOOFS F FNBJM "MUSP NJTUFSP QFSDIÊ EJ NPMUF DPNQPTJ[JPOJ iVTVSQBUFu BCCJBNP J NBOPTDSJUUJ BVUPHSBà EJ .P[BSU F )BZEO $IF J EVF BWFTTFSP HJÆ QSFWJTUP MB NPEFSOB NVTJDPMPHJB F MF FEJ[JPOJ JO GBD TJNJMF .B MB QBSUF QJÜ TVSSFBMF EFMMB QPMFNJDB Í RVFMMB DIF DFSDB DPOGFSNB OFMMB NVTJDB F àOJTDF QFS DBEFSF JO USJUJ MVPHIJ DPNVOJ j-VDIFTJ EJWFSTJàDBWB MB QSPEV[JPOF BE )BZEO TJOGPOJF iDPSSFOUJu FE B .P[BSU MBWPSJ QJÜ BWBO[BUJv DFSUP DJ WVPMF DPSBHHJP QFS EFàOJSF iDPSSFOUJu MF 4JOGPOJF EJ )BZEO -F TJOGPOJF iNP[BS UJBOFu EFM UFTUJNPOJBOP DIF JM MPSP BVUPSF OPO Í NPSUP JM EJDFNCSF NB DPOUJOVB B MBWPSBSF QFS )BZEO /FBODIF VOP TUVEFOUF BM BOOP EJ DPOTFSWBUPSJP QVÖ DPOGPOEFSF MP TUJMF NP[BSUJBOP DPO RVFMMP EFMMF i-PO EJOFTJu TUSVNFOUB[JPOF DBSBUUFSF GPSNB VNPSJTNP UVUUP Í JODPOGPOEJCJM NFOUF iIBZEOJBOPu EJWFSTP & NJ TGVHHF DPNF VO TPMP DPNQPTJUPSF QPTTB BWFS TDSJUUP BMMP TUFTTP UFNQP MF PQFSF QJÜ QFSGFUUF EFMMB TUPSJB /P[[F EJ 'J HBSP %PO (JPWBOOJ F MBWPSJ DPTÑ QPDP JOUFSFTTBOUJ DPNF -B 'FEFMUÆ QSFNJBUB P - "OJNB EFM 'JMPTPGP *OTPNNB M "GGBJSF -VDIFTJ NJ TFNCSB VOB NPOUBUVSB F OPO USPQQP BCJMF /VMMB EB FDDFQJSF TF VOP TUVEJPTP EJNPTUSBTTF DIF VOB P EVF 4JOGPOJF EJ )BZEO P EJ .P[BSU TPOP EB BUUSJCVJSF BE BMUSJ NB RVJ BC CJBNP B DIF GBSF DPO VO JQPUFTJ GBOUBTDJFOUJàDB 5BOUP WBSSFCCF TPTUFOFSF DIF VO EJTDP WPMBOUF TDFOEFWB RVPUJEJBOBNFOUF B 7JFOOB F BE &TUFSIÆ[B SJGPSOFOEP .P[BSU F )BZEO EJ OVPWF NJSBCPMBOUJ DPNQPTJ[JPOJ

N

V LQWRQLH

6O JODPOUSP '0356/"50 )FXJUU F "OHFMFSJ EJ OVPWP JOTJFNF B .BOUPWB DPO M 0DN 1SPHFUUJ DPNVOJ JO DBOUJFSF GL )HUGLQDQGR &DUUHUD

&21&(57, '·$8725( %DFK +D\GQ 0HQGHOVVRKQ 5SF BVUPSJ EJWFSTJ NB VO EFOPNJOB UPSF DPNVOF RVFMMP GPSNBMF EFM DPO DFSUP TPMJTUJDP DIF RVFTUP QSPHSBNNB JOEBHB GPSOFOEP FTFNQJ TBQPSJUJ TVM M BSDP EJ UFNQP EJ VO DFOUJOBJP E BO OJ *M QJÜ BOUJDP Í RVFMMP CBDIJBOP EFM DFMFCFSSJNP $PODFSUP JO SF NJOPSF #87 UVUUP SJUNP F TPMJEJUÆ QFSGFUUP BNBMHBNB EJ à TJDJUÆ FE JOUFMMFUUVB MJTNP -P JODPSOJDJBOP J EVF EPQQJ DPODFSUJ EJ )BZEO F .FOEFMTTPIO FO USBNCF QBHJOF HJPWBOJMJ NB MB QSJNB SBSB NFOUSF MB TFDPOEB QJÜ GSFRVFO UBUB F HJÆ BUUSBWFSTBUB EBHMJ TDJOUJMMBOUJ BMBUJ WJSUVPTJTNJ DIF TPOP GSB J DBSBUUF SJ EJTUJOUJWJ EFMM BNCVSHIFTF -VDJ EJ VOB TUPSJB DIF Í BODIF RVFMMB EFMMB TP DJPMPHJB NVTJDBMF G D

(JPWBOOJ "OHFMFSJ F "OHFMB )FXJUU GPUP EJ /JDPMB .BMBHVUJ

7

SB JM WJPMJOJTUB (JPWBOOJ "OHFMFSJ MB QJBOJTUB "OHFMB )FXJUU F M 0SDIFTUSB EB $BNFSB EJ .BOUPWB D Í VOB DPMMBCPSB[JPOF DIF TJ SJOOPWB TVMMB TQJOUB EJ VO SF DFOUF QBTTBUP JODPSOJDJBUP EB RVBMDIF DIJBSP TVDDFTTP 6O CSJMMBOUF JOUFSWFOUP EFM WJPMJOJTUB BM GFTUJWBM .J5P B .J MBOP OFMMB SJOBTDJNFOUBMF DIJFTB EJ 4 .BSJB EFMMF (SB[JF F VOB GFMJDF TJOUPOJB BM 5SBTJNFOP .VTJD 'FTUJWBM TUBOOP BMMF TQBMMF EFM OVPWP BQQVOUBNFOUP JO i5FNQP E 0SDIF TUSBu HJPWFEJ HFOOBJP UFBUSP EFM #JCJFOB PSF EPWF J TPMJTUJ F M JOTJFNF PSDIFTUSBMF NBOUPWBOP SJUSPWFSBOOP JM à MP EJ VO JODPOUSP GPSUVOBUP #BTUJ EJSF DIF QFS JM GVUVSP JO QBSUJDPMBSF OPO D Í TPMUBO UP VO OVPWP JOWJUP BMM FTUJWP 5SBTJNFOP 'FTUJWBM EJ "OHFMB )FXJUU DIF TJ USBEVSSÆ JO EVF DPODFSUJ BOJNBUJ BODIF EB BMUSF QSFTUJHJPTF QSFTFO[F JOUFSOB[JPOBMJ JM WJPMPODFMMJTUB PMBOEFTF 1JFUFS 8JTQFMXFZ JM TPQSBOP QPMBDDP *XPOB 4P CPULB JM EJSFUUPSF à OMBOEFTF )BOOV -JOUV NB BODIF VO JOUFSFTTBOUF QSPHFUUP EJTDPHSBà DP QFS MB DBTB CSJUBOOJDB )ZQFSJPO HJÆ JO BWBO[BUB GBTF EJ QSFQBSB[JPOF *OUBOUP MF QBHJOF EJ #BDI )BZEO F .FOEFMTTPIO SJDPOEV DPOP TVMMP TUFTTP QBMDPTDFOJDP JM 1SFNJP 1BHBOJOJ (JPWBOOJ "OHFMFSJ FHMJ WJOTF M FEJ[JPOF EFM QSFTUJHJPTJTTJNP DPODPSTP EJ (FOPWB UFS[P JUBMJBOP EFMMB TVB TUPSJB QJÜ DIF DJORVBOUFOOBMF EPQP .BTTJNP 2VBSUB F 4BMWBUPSF "DDBS EP F MB QJBOJTUB DBOBEFTF OFM DVJ DVSSJDVMVN TQJDDB GSB M BMUSP VOB BGGFSNB[JPOF BM $PODPSTP 7JPUUJ EJ 7FSDFMMJ "O UJDJQP EFM MFHBNF DIF TJ TBSFCCF TWJMVQQBUP USB M JOUFSQSFUF F M *UBMJB 4F "OHFMFSJ Í VO WJPMJOJTUB EJ MJNQJEP F SJHPSPTP TUJMF EPUBUP EJ UVUUP JM WJSUVPTJTNP OFDFTTBSJP QFS MF QSPWF QJÜ BSEVF MB )FXJUU TJ Í GBUUB DPOPTDFSF QFS M BNQJF[[B EFJ TVPJ JOUFSFTTJ UFTUJNPOJBUJ EB VOB EJTDPHSBà B DIF TQB[JB USB #FFUIPWFO 4DIVNBOO $IBCSJFS .FTTJBFO FE VOB JODMJOB [JPOF QJVUUPTUP NBSDBUB QFS $PVQFSJO F TPQSBUUVUUP 4FCB TUJBO #BDI DIF MF Í WBMTB TWBSJBUJ SJDPOPTDJNFOUJ EFMMB DSJUJDB TQFDJBMJ[[BUB 2VFTUF RVBMJUÆ T JODSPDJBOP F T JNQPOHPOP OFMMF NVTJDIF EJ VO QSPHSBNNB DIF IB QSPQSJP OFMM BVUPSF QSFEJMFUUP EB "OHFMB )FXJUU JM CBSJDFOUSP QSPMVOHBOEPTJ JO BWBOUJ à OP BMMB QSJNB FUÆ SPNBOUJDB

+(:,77 ',6&2*5$),$ "QQSPGPOEJBNP RVJ MB TFHOBMB[JPOF EFMMB EJTDPHSBàB EJ "OHFMB )FXJUU GSPOUF TVM RVBMF MB QJBOJTUB DBOBEFTF Í NPMUP BUUJWB *OOBO[JUVUUP QSFTFOUF MB NVTJDB EJ 4FCBTUJBO #BDI J RVBU USP DE EFEJDBUJ BM $MBWJDFNCBMP CFO UFNQFSBUP TPOP JM SJáFTTP EJ VOB BUUJWJ UÆ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

SFHJTUSBUP OFM 4PSQSFOEFOUJ BODIF MF GFSNBUF TVJ GSBODFTJ 0MJWJFS .FTTJBFO EBUBUB &NNBOVFM

$IBCSJFS

F .BVSJDF 3BWFM

EJ RVFTU VMUJNP WJFOF QSFTFOUBUB M JOUFHSBMF TDPHMJP EJ OPUFWPMF EJGà DPMUÆ "ODPSB OPO VTVBMJ J EJTDIFUUJ EFEJDBUJ B $PVQF SJO F 3BNFBV F NPMUP BNNJSBUF BMDVOF 4POBUF CFFUIPWFOJBOF QFS WJPMPODFMMP F QJBOPGPSUF DPO JM WBMFOUJTTJNP %B OJFM .ÛMMFS 4DIPUU /FMMB SBTTFHOB DIF DPNQSFOEF TWBSJBUJ BMUSJ DE EFEJDBUJ B #BDI TQJDDB QFS PSJHJOBMJUÆ RVFMMP OFM RVBMF WFOHPOP SBDDPMUF BMDVOF USBTDSJ[JPOJ SJFMBCP SB[JPOJ EJ QBHJOF EFM NBFTUSP UFEF TDP àSNBUF OPO TPMUBOUP EBMMB TUFTTB )FXJUU NB BODIF EB JOTJHOJ QJBOJTUJ

8

O WPMUP F VO TVPOP RVFMMJ EJ (JPWBOOJ "OHF MFSJ DIF QFS JM QVCCMJDP NBOUPWBOP DPNJODJB OP B GBSTJ GBNJHMJBSJ 1BEPWBOP VOB GBNJHMJB EJ NVTJDJTUJ BMMF TQBMMF TWBSJBUJ DPODPSTJ WJOUJ USB DVJ JM 1BHBOJOJ EJ (FOPWB "OHFMFSJ Í TUBUP PTQJ UF EFMMB TUBHJPOF 5FNQP E 0SDIFTUSB VOB QSJNB WPMUB OFM RVJOEJ BODPSB BHMJ JOJ[J EFM -B QJÜ SF DFOUF EFMMF PDDBTJPOJ JO DVJ JM 5FBUSP #JCJFOB IB GBUUP EB DPSOJDF BMM BSUF EJ (JPWBOOJ "OHFMFSJ SJTBMF JOàOF BMMP TDPSTP PUUPCSF *O PDDBTJPOF EFMMB GFTUB WPMV UB EBMMB QSFTJEFOUF 'MBWJB 5BTTFMMJ QFS JM WFOUFOOBMF E BUUJWJUÆ B .BOUPWB EJ "OEPT BTTPDJB[JPOF OB[JPOBMF EPOOF PQFSBUF BM TFOP DPO FOUVTJBTNP SJWFMBOEP QVS TFO[B FTJCJSMJ TFOTJCJMJUÆ E BOJNP F QSPGPOEJUÆ EJ QFOTJFSP JM NVTJDJTUB QBEPWBOP IB QSPQPTUP BM QVC CMJDP MB DFMFCSF 3PNBO[B JO GB NBHHJPSF PQ QFS WJP MJOP F PSDIFTUSB EJ #FFUIPWFO RVJOEJ 5FNB F WBSJB[JPOJ JO MB (JPWBOOJ "OHFMFSJ NBHHJPSF TVM $BSOFWBMF EJ 7FOF[JB QFS WJPMJOP F BSDIJ EJ 1BHBOJOJ DPORVJTUBOEP JOàOF MB TDFOB JO TPMJUBSJB DPO *OUSPEV[JPOF F WB SJB[JPOJ TVMM BSJB i/FM DPS QJÜ OPO NJ TFOUPu EJ 1BJTJFMMP EJ OVPWP EJ 1BHBOJOJ j(JPWBOOJ "OHFMFSJ m OF IB TDSJUUP JO TFHVJUP -B 7PDF EJ .BOUPWB QFS àSNB EJ (VJEP .BSJP 1BWFTJ m TBQFO EP DPHMJFSF M FTTFO[B EFMMB GV OBNCPMJDB UFDOJDB JNQPTUB EB

EJ VO QBTTBUP QJÜ F NFOP SFNPUP USB J RVBMJ 8JMIFMN ,FNQGG &VHFO E "MCFSU .ZSB )FTT )BSPME #BVFS 4FHOBMF EJ VOB QSFTFO[B DVMUVSBMF EJ WJWB TVHHFTUJPOF QFS HFOFSB[JPOJ EJWFSTF B [

2VFM WJPMJOP '6/".#0-*$0 4FOTJCJMF F SJnFTTJWP Ò WPMUP GBNJMJBSF QFS JM QVCCMJDP NBOUPWBOP *M TVP DPODFSUP QJá SFDFOUF MP TDPSTP PUUPCSF BM #JCJFOB DPO #FFUIPWFO F 1BHBOJOJ /JDPMÖ 1BHBOJOJ Í SJVTDJUP B JNQPSSF MB TGVNBUVSF EJ VOB TDPSSFWPMF DBOUBCJMJUÆ BODIF B QBHJOF EJ HSBWP TP JNQFHOP F JOEJSJ[[P BM UBNFOUF WJSUVPTJTUJDP w

6OB DPSEJBMF TQPOUBOFJUÆ F EFMJDBUF[[B EJ UJNCSP DIF BWFWB DBSBUUFSJ[[BUP BODIF M BWWJP EFM QSPHSBNNB DPO M JOUSBNPOUBCJMF GBTDJOP EFMMB 3PNBO[B JO GB NBH HJPSF EJ #FFUIPWFOv W

N L QFRQWUL

0MUSF JM (*"3%*/0 %B FOGBOU QSPEJHF EFMMB NVTJDB DPOUFNQPSBOFB B WFDDIJP NBFTUSP MB QBSBCPMB BSUJTUJDB EJ 4BMWBUPSF 4DJBSSJOP Ò DPNQJVUB 2VJ QBSMB EFM TVP $FOUBVSP NBSJOP F EFJ MBWPSJ QJá SFDFOUJ & QPJ TQJFHB QFSDIÏ M BSUF EFWF FTTFSF FDPMPHJDB GL 0LFKHOH &RUDOOL

(

TJTUPOP VO $FOUBVSP NBSJOP F EVF HJBSEJOJ -J BTDPMUFSFNP BMM "VEJUPSJVN EJ 4V[[BSB TBCBUP HFOOBJP DPO M &OTFNCMF "MHPSJUNP EJSFUUP EB .BSDP "OHJVT TPQSBOP "OOB 3BE[JFKFXTLB *M QSJNP BQQBSUJFOF BM DPSQVT EFJ TFJ 2VJOUFUUJ

J TFDPOEJ *M HJBSEJOP EJ 4BSB F - BMUSP HJBSEJOP

TPOP GSVUUP EFMM VMUJNP 4DJBSSJOP 5SB J EVF CSBOJ FTJTUF VOB SFMB[JPOF DIF DIJFEJBNP BMM BVUPSF j/FMMB DPNQPTJ[JPOF EF *M (JBSEJOP EJ 4BSB D FSB VO FTJHFO[B DIF OPO QPUFWB FTTFSF TPEEJTGBUUB B DBVTB EFMM FTJHVJUÆ EFMM PSHBOJDP VOB WPDF F TUSVNFOUJ

- BMUSP HJBSEJOP JOHMPCB *M (JBSEJOP EJ 4BSB QVS DPO EFMMF USBTGPSNB[JPOJ JOUFSOF DIF TPOP EFMMF WFSF F QSPQSJF DPSSF[JPOJ UFDOJDIF "E FTFNQJP MB QBSUF EJ DMBSJOFUUP JO BMDVOJ UVUUJ Í DPNQMFUBNFOUF DBNCJBUB - PQFSB QSFDFEFOUF Í TUBUB RVJOEJ JODBTUPOBUB USB VOB MVOHB JOUSPEV[JPOF F VO à OBMF EJWFSTP *M OVPWP PSHBOJDP BSSJWB B FTFDVUPSJ NB MB TDSJUUVSB EFMMB QBSUF WPDBMF SJNBOF JOUBUUB 2VFTUB JODBTUPOBUVSB SFOEF JM QF[[P QSFDFEFOUF QJÜ SJDDP QFSDIÊ à MUSB BUUSBWFSTP VO BSDIJUFUUVSB USBGPSBUBv &OUSBNCJ J CSBOJ JODBSOBOP VO PNBHHJP BMMB 4JDJMJB VO MVPHP EJ DVJ MFJ TDSJWF j-B TFEV[JPOF JSSFTJTUJCJMF EFMMB CFMMF[[B GPSTF GB DSFTDFSF OFJ TJDJMJBOJ JM WBOUP QJÜ DIF M BNPSF QFS MB QSPQSJB UFSSBv -FJ TJ TFOUF TJDJMJBOP j-P TPOP QSPGPOEBNFOUF TJB OFM NPEP EJ QFOTBSF TJB OFM CBTBSF UVUUP TVMMB DFOUSBMJUÆ EFMM JEFOUJUÆ DVMUVSBMF -B 4JDJMJB Í TUBUB VOB UFSSB JNQPSUBOUJTTJNB F TJDDPNF M *UBMJB Í VO QBFTF BSSFUSBUP SJNBOF

BODPSB VOB EFMMF UFSSF QJÜ JNQPSUBOUJv 6O USJTUF TJMMPHJTNPw j*OGBUUJ - BMUSP HJBSEJOP OPO Í VO QF[[P BMMFHSP NB BUUPOJUP BODIF TF IB VO UFTUP FSPUJDP QJFOP EJ HJPDIJ F TJNCPMJ TFTTVBMJ BOUJDIJ F EJTJOWPMUJv 7JFOF JO NFOUF RVBTJ JM %PMDF 4UJM /PWPw j4Ñ JO GPOEP M JUBMJBOP OPO Í OBUP JO 5PTDBOB NB EBMMB TDVPMB QPFUJDB TJDJMJBOBv 6O UFTUP QPJ DIF QSFTFOUB BODIF EJGà DPMUÆ QFS M JOUFSQSFUF j* GPOFNJ EFM TJDJMJBOP OPO TPOP HMJ TUFTTJ EFMM JUBMJBOP F MB USBTDSJ[JPOF GPOFUJDB EJWFOUB VO QSPCMFNB )P QSFGFSJUP MBTDJBSF MB USBTDSJ[JPOF DIF IP JODPOUSBUP /FM UFTUP QPFUJDP QPJ OPO D Í VOB MPHJDB MJOFBSF 1BTTB VO VDDFMMP F TJ TJTUFNB JM OJEP QPJ TF MP BEPSOB DPO USF QFOOF E PSP QBTTB M BNBOUF F TF OF QJHMJB VOP 6OP DPTB 6O VDDFMMP P VOB QFOOB 1SPCBCJMNFOUF Í VOB QFOOB NB SJNBOF VO JODPOHSVFO[B MPHJDB DIF NJ Í QJBDJVUBv $PNF DPOTJEFSB VO QF[[P DPNF $FOUBVSP .BSJOP EPQP QJÜ EJ BOOJ j-B WFDDIJBJB Í QFSDFUUJWBNFOUF VOP TUBUP TJOHPMBSF 2VBOEP TJ Í HJPWBOJ MB TJ JNNBHJOB DPO M FOFSHJB EFMM FUÆ 2VBOEP QPJ MB WFDDIJBJB BSSJWB JM NPOEP MP TJ USPWB DPNQMFUBNFOUF EJWFSTP EB DPNF MP TJ FSB JNNBHJOBUP $JÖ DIF SFQVUP JOUFSFTTBOUF Í JM DBNCJBNFOUP NPMUP HSBEVBMF DPFSFOUF NB SBEJDBMF EFM NJP MJOHVBHHJP $FSUJ QF[[J FSBOP WFSBNFOUF JO BOUJDJQP F IBOOP USPWBUP PHHJ MB MPSP HJVTUB NFTTB B GVPDP $FOUBVSP NBSJOP Í VOP EJ RVFTUJ F M IP SJTDPQFSUP

$OJRULWPR OD ULFHUFD SHU SDUROD G·RUGLQH 5FNQP E 0SDIFTUSB SJOOPWB MB TDFMUB E BGà EBSF BJ NJHMJPSJ TQFDJBMJTUJ EJ TFUUPSF MB QSPQPTUB EJ SFQFSUPSJ DPOUFNQPSBOFJ 'POEBUP OFM EB .BSDP "OHJVT m EJSFUUPSF DIF TJ Í NFTTP JO MVDF DPO MB QSJNB NPOEJBMF EJ 4UVEJ QFS M JOUPOB[JPOF EFM NBSF EJ 4BMWBUPSF 4DJBSSJOP QFS DFOUP á BVUJ DFOUP TBY F TPMJTUJ "MHPSJUNP SJVOJTDF HJPWBOJ NVTJDJTUJ EFEJUJ QFS WPDB[JPOF BMMB NVTJDB DPOUFNQPSBOFB HJÆ BGGFSNBUJ TVMMB TDFOB JOUFSOB[JPOBMF * TVPJ SFQFSUPSJ F QSPHSBNNJ DPODFSUJTUJDP EJTDP HSBà DJ NJSBOP BMMB EFà OJ[JPOF EJ VO QSPQSJP SJDPOPTDJCJMF TVPOP QVS OFMMB DPTUBOUF SJDFSDB EJ JOFEJUJ RVBOUP BSUJDPMBUJ VOJWFSTJ DPNQPTJUJWJ $PNQMFUB JM DBTU EFM DPODFSUP EJ 4V[[BSB JM TPQSBOP "OOB 3BE[JFKFXTLB 4BMWBUPSF 4DJBSSJOP

QSPQSJP BUUSBWFSTP M FTFDV[JPOF EJ "MHPSJUNP DIF IP WPMVUP JO VO EJTDP DIF VTDJSÆ USB VO BOOP QFS ,BJSPT $ Í VOB TJOHPMBSF FOFSHJB F GBOUBTJB OFMMB DPODF[JPOF & VOB TQFDJF EJ NJOJ DPODFSUP QFS QJBOPGPSUF F QPDIJ BMUSJ TUSVNFOUJ DIF USBTà HVSBOP MB MPSP WPDFv 6O DPODFUUP DIF MFJ QPOF TQFTTP Í RVFMMP EJ VOB NVTJDB FDPMPHJDB $SFEF DIF BODIF RVFTU BSUF QPTTB TVCJSF VO QSPDFTTP EJ CJPEFHSBEB[JPOF j$SFEP DIF MB NVTJDB QPTTB SJTDPQSJSF JM SBQQPSUP USB VPNP F BNCJFOUF DPTB UVUU PSB

5$9(/ $6&(7,&2 *M QSPHSBNNB EFM DPODFSUP EJ 4V[[B SB DPNQSFOEF BODIF BMDVOJ DFMFCSJ CSBOJ EJ .BVSJDF 3BWFM *M DPNQPTJ UPSF GSBODFTF Í VO EFHOP FTQPOFOUF EFM .PEFSOJTNP MB DPSSFOUF FTUFUJ DB DIF OFM QSJNP /PWFDFOUP EB VO MBUP EÆ QSPWB EJ VOB NBUVSB BDDFUUB [JPOF EFMMB WJUB NPEFSOB F EBMM BMUSP Í DPOTBQFWPMF EFMMB OFDFTTJUÆ EJ VO BSUF EFDPSBUJWB DIF TPUUJOUFOEB TJNCPMPHJF QSPGPOEF "DDBOUP BMMB SJWBMVUB[JPOF EFMMB USBEJ[JPOF NV TJDBMF SJOBTDJNFOUBMF F CBSPDDB DVJ EFEJDB QJÜ EJ VO PNBHHJP 1BWBOF F -F UPNCFBV EF $PVQFSJO USB HMJ BM USJ 3BWFM TJ NPTUSB TFNQSF BQFSUP BM GPMLMPSF TQBHOPMP BMMB NVTJDB SVTTB BM KB[[ BHMJ FTPUJTNJ PSJFOUBMJ "TTJFNF B %FCVTTZ JOUSPEVDF OFM SFQFSUPSJP NVTJDBMF MB QPFTJB FSNF UJDB EJ .BMMBSNÊ /FM OBTDPOP J 5SPJT QPÍNFT EF .BMMBSNÊ MF QPFTJF JNNBUFSJBMJ GBUUF EJ WJTJPOJ JMMJNJUB UF TFDPOEP QFSÖ EJTFHOJ CFO QSFDJTJ

OFHBUB OFMM JOTFHOBNFOUP EFMMB DPNQPTJ[JPOF BMM JOUFSOP EFJ $POTFSWBUPSJ -B TDJTTJPOF USB VOB NVTJDB QVSB F JM OPTUSP NPEP EJ WJWFSF MB NVTJDB Í VOB DPTB JOTBOB GSVUUP EJ VO NPEFMMP TDIFNBUJDP F QSPWWJTPSJP DIF JOWFDF Í EJWFOUBUP M VOJDP EJ SJGFSJNFOUP $PTÑ TJ DBTUSB MB DSFBUJWJUÆ DIF OPO Í VO FTFSDJ[JP à OF B TF TUFTTP NB EJTDJQMJOB DIF WB DPMUJWBUB /PO TJ JNQBSB B TDSJWFSF VOB QPFTJB BQQSFOEFOEP TPMP MB HSBNNBUJDB NB QVSUSPQQP MB DPNQPTJ[JPOF TJ TUVEJB JO RVFTUP NPEPv

USPWBOP JM MPSP DPNQJNFOUP OFMMB TDSJUUVSB SBWFMJBOB DIF TQPTB M BNCJ HVJUÆ EFM UFTUP QBSF RVBTJ DIF J WFSTJ OBTDBOP OFMMP TUFTTP NPNFOUP JO DVJ TJ SFBMJ[[B M FTFDV[JPOF NVTJDBMF 2VFTUB SJDFSDB SBGà OBUB EFMMB NBUF SJB TPOPSB F EJ VOB MJOFB WPDBMF DIF TJ FMFWJ TPQSB JM NBOUP TUSVNFOUBMF USPWB JM TVP TFHVJUP OFMMF $IBOTPOT .BEÊDBTTFT EFM J DVJ UFTUJ TPOP USBUUJ EB QPFTJF NBMHBTDF USBEPUUF EB &WBSJTUF 1BSOZ ° VO USJUUJDP DIF TJ BQSF TVHMJ BDDFOUJ DVMMBOUJ EFMMB QBM QJUBOUF BUUFTB BNPSPTB EJ /BIBOEP WF QBTTB BM HSJEP TFMWBHHJP EJ "PVB DPOUSP J DPMPOJ[[BUPSJ F DPODMVEF OFM SJQPTP EFMMB TFSB EJ *M FTU EPVY - JOTJFNF TUSVNFOUBMF Í QJÜ BTDFUJ DP F QPWFSP EFJ 1PÍNFT $PTÑ TDSJWF 3BWFM OFMMB TVB &TRVJTTF CJPHSBQIJRVF

j-F $IBOTPOT .BEÊDBTTFT NJ TFNCSBOP BHHJVOHFSF VO OVP WP FMFNFOUP m ESBNNBUJDP BEEJ SJUUVSB FSPUJDP m JOUSPEPUUP

.BVSJDF

3BWFM

EBMMP TUFTTP 1BSOZ & VOB TPSUB EJ RVBSUFUUP EPWF MB WPDF HJPDB JM SVPMP EJ TUSVNFOUP QSJODJQBMF 7J EPNJOB MB TFNQMJDJUÆ - JOEJQFOEFO[B EFMMF QBSUJ TJ BGGFSNBv "SBCFMMB $PSUFTF

N

QRWH VDFUH

6O DBQPMBWPSP EJ BSUF "$645*$" & MB CBTJMJDB QBMBUJOB EJ 4BOUB #BSCBSB B .BOUPWB DIF PTQJUFSË VO DPODFSUP QFS SJDPSEBSF J NBFTUSJ DIF M IBOOP SFTB DFMFCSF GL /LFLD 0DUL

1IJMJQQF )FSSFXFHIF ¥ (BSOJFS

3

FS MB QSJNB WPMUB 5FNQP E 0SDIFTUSB FOUSB JO QVOUB EFJ QJFEJ OFMMB $IJFTB EJ 4BOUB #BSCB SB *M QSPTTJNP GFCCSBJP Í JO QSPHSBNNB VO DPODFSUP QSPQSJP OFMMB CBTJMJDB QBMBUJOB EFM $PMMFHJVN 7PDBMF (FOU EJSFUUP EB 1IJMJQQF )FSSFXFHIF DPO CSBOJ EJ (JBDIFT EF 8FSU 1BMFTUSJOB F .POUFWFSEJ 4QFTTP VO MVPHP VO JNNBHJOF DJ BJVUBOP B SFOEFSF QJÜ WJDJOB VOB QFSTPOB VOB NFNPSJB EFM QBTTBUP /FMMB CBTJMJDB QBMBUJ OB EJ 4BOUB #BSCBSB BJ QJFEJ EFMM BMUBSF EFEJDBUP B 4BO (JPWBOOJ TPOP TUBUJ TFQPMUJ (JBDIFT EF 8FSU OFM

F 'SBODFTDP 3PWJHP OFM QSJNP NBFTUSP EJ DBQ QFMMB F QSJNP PSHBOJTUB VGà DJBMJ EFMMB DIJFTB 6O POPSF USJCVUBUP B NVTJDJTUJ NPMUP TUJNBUJ DPNF UFTUJNPOJB JM SBDDPOUP EFJ MPSP GVOFSBMJ SFTJ TPMFOOJ EB QSPDFTTJPOJ MVOHP MF WJF EFM DFOUSP DJUUBEJOP EB BOUJGPOF F SFTQPO TPSJ JOUPOBUJ EBJ DBOUPSJ EFMMB DBQQFMMB /FHMJ VMUJNJ BOOJ EFM TFDPMP MB DPSUF EJ .BOUPWB Í VOP EFJ DFOUSJ DVM UVSBMJ EJ QSFTUJHJP JO &VSPQB F MB CBTJMJDB QBMBUJOB m GBUUB FSJHFSF EB (VHMJFMNP (PO[BHB USB JM F JM m Í TJNCPMP EJ NBHOJà DFO[B F EJ QPUFSF EJ BSUF F EJ TQJSJ UVBMJUÆ *M EVDB IB WPMVUP OPO VOB DBQQFMMB EJ QBMB[[P QFS QPDIJ QSJWJMFHJBUJ JOWJUBUJ NB VO BNQJB CBTJMJDB BODIF QFS J TVPJ TVEEJUJ DIF WJ BDDPSSBOP QSPQSJP QFS BTDPMUBSF MB NVTJDB (JSPMBNP $BWB[[POJ JO VOB MFUUFSB EFM FTBMUB MF NBHJDIF BSNPOJF EFM QSF[JPTP PSHBOP BQQFOB UFSNJOBUP EB (SB[JBEJP "OUFHOBUJ TDSJWF DIF MP TUSVNFOUP Í PUUJNP F DIF OFMMB DIJFTB QBSF DIF jTFNQSF WJ TJB JM (JVCJMFP QFS MB GSFRVFOUB[JPOF EJ QPQPMP DIF DJ WJFOF QFS RVFTUPv /FM QSPHFUUP EJ 4BOUB #BSCBSB TJ DSFB

VOB DPSSJTQPOEFO[B USB J TBOUJ WFOFSBUJ F MF DFMFCSB[JPOJ SFMBUJWF MF SFMJRVJF HMJ BMUBSJ BE FTTJ EFEJDBUJ F JM SFQFS UPSJP NVTJDBMF *M QBQB BQQSPWB MB DPTUJUV[JPOF EJ VO DPMMFHJP DBOPOJDBMF QSFTJFEVUP EB VO BCBUF F DPODFEF OVNFSPTJ QSJWJMFHJ USB DVJ RVFMMP EJ VUJMJ[[BSF VOB MJUVS HJB QSPQSJB 1FS RVFTUP MVPHP TQFDJBMF JM EVDB DSFB VOB DBQQFMMB NVTJDBMF EJ QSJN PSEJOF DPJOWPMHFOEP HSBOEJ BSUJTUJ USB DVJ (JBDIFT EF 8FSU à BNNJOHP TDFTP JO *UBMJB F EJWFOVUP GBNPTP CFO PMUSF J DPOà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

DIF DPOUJFOF (BVEF #BSCBSB *OPMUSF m TV QSFDJTF JOEJDB[JPOJ TUJMJTUJDIF EFM EVDB m DPNQPOF MF DPTJEEFUUF NFTTF .BOUPWBOF - BUUJWJUÆ QSFTUJHJPTB EFMMB DBQQFMMB NVTJDBMF QSPTFHVF BODIF TPUUP JM EVDBUP EJ 7JODFO[P TFHOBUB EBMMB QSFTFO[B EJ $MBVEJP .POUFWFSEJ *M DPNQP TJUPSF OPO SJFTDF B EJWFOUBSOF NBFTUSP m OPOPTUBOUF M BD DPSBUB SJDIJFTUB EFM QBESF m NB OPO QBSF QPTTJCJMF DIF MB TVB NVTJDB DPTÑ BNBUB B DPSUF OPO TJB SJTVPOBUB JO VOB CBTJMJDB EBMM BDVTUJDB TUSBPSEJOBSJB F EJWFSTF QPTTJCJMJUÆ EJ MVPHIJ EJ FTFDV[JPOF JM DPSP JO BCTJEF QFS JM DBOUP GFS

*DQG H +HUUHZHJKH -B DBQBDJUÆ EJ 1IJMJQQF )FSSFXFHIF EJ BOBMJ[[BSF MF GPSNF QJÜ DPNQMFTTF F GBSMF FNFSHFSF DPO MVDJEJUÆ TFO[B USBTDVSB SF MF USBNF FTQSFTTJWF BODIF OFMMF MPSP QJÜ EFMJDBUF TGVNBUV SF Í FNFSTB àO EBHMJ JOJ[J EFMMB TVB DBSSJFSB RVBTJ DPNF GSVUUP TQFDJBMF EJ VOB GPSNB[JPOF DIF MP IB WJTUP DPNQJFSF OFMMB DJUUÆ OBUBMF EJ (BOE OPO TPMP TUVEJ NVTJDBMJ JO $POTFSWBUPSJP NB BODIF TUVEJ EJ NFEJDJOB F QTJDIJBUSJB JO 6OJWFSTJUÆ )FSSFXFHIF GPOEB BTTBJ HJPWBOF OFM

JM $PMMFHJVN 7PDBMF (FOU DIF TJ NFUUF JO MVDF OFM SFQFSUPSJP CBDIJBOP F SBDDPHMJF M JOUFSFTTF EJ HSBOEJ NVTJDJTUJ DPNF (VTUBW -FPOIBSEU 5PO ,PPQNBO /JLPMBVT )BSOPO DPVSU QFS M BQQSPDDJP JO MJOFB DPO HMJ TUVEJ QJÜ OVPWJ TVMM JOUFSQSFUB[JPOF EFMMB NVTJDB SJOBTDJNFOUBMF F CBSPDDB F QFS VO TVPOP SJDDP EJ QFSTPOBMJUÆ /FM DPSTP EFHMJ BOOJ M BQQSPGPOEJNFOUP JOUFSQSFUBUJWP TJ Í TFNQSF QJÜ BGàOBUP F BMMBSHBUP BE PSJ[[POUJ UFNQPSBMJ QJÜ WBTUJ USBNJUF JM MBWPSP DPO BMDVOJ FOTFNCMF EB MVJ GPOEBUJ USB DVJ -B $IBQFMMF 3PZBMF F M 0SDIFTUSF EFT $IBNQT &MZTÊFT F MB DPMMBCPSB[JP OF DPO PSDIFTUSF DPNF JM $PODFSUHFCPVX EJ "NTUFSEBN MB (FXBOEIBVT EJ -JQTJB MB .BIMFS $IBNCFS 0SDIFTUSB 5BMF QFSDPSTP IB UPDDBUP NVTJDB DIF EB +PTRVJO %FTQSF[ m QBTTBOEP BUUSBWFSTP -BTTP .POUFWFSEJ #BDI -VMMZ 3BNFBV .P[BSU 4DIVNBOO #SBINT #SVDLOFS .BIMFS USB J UBOUJ m Í BSSJWBUB BE "SOPME 4DIPFOCFSH OFM 1JFS SPU -VOBJSF TJ SJUSPWB UVUUP JM GBTDJOP EJ RVFMM BUUJUVEJOF

NP EFJ DIJFSJDJ MB DBOUPSJB JO $PSOV &QJTUVMBF QFS M PSHB OP F MB DPOUSPDBOUPSJB EJ GSPOUF QFS TPMJTUJ F TUSVNFOUJTUJ MB DBOUPSJB HSBOEF TPQSB M JOHSFTTP QFS MB QPMJGPOJB EFM HSVQQP EJ DBOUPSJ 1PTTJBNP RVJOEJ JNNBHJOBSF JO 4BO UB #BSCBSB BODIF MB .FTTB B WPDJ QVCCMJDBUB QPTUVNB OFM VOB USB MF DPNQPTJ[JPOJ NPOUFWFSEJBOF EBMMP TUJMF DIF TJ SJDIJBNB BMMB USBEJ[JPOF DPOUSBQQVOUJTUJDB QJÜ iDMBTTJDBu MF WPDJ TPOP DBOUBCJMJ F CFO DPOEPUUF DPO VOB DPNQPTUF[[B DIF OPO USBTDVSB QFSÖ M FTQSFTTJWJUÆ EFM UF TUP DPNF OFMMB DPNNPTTB QBSUF DFOUSBMF EFM $SFEP

-qJOUFSOP EJ 4BOUB #BSCBSB B .BOUPWB GPUP EJ "OUPOJP -PEJHJBOJ

QBSUJDPMBSF EJ )FSSFXFHIF BE JNNFSHFSTJ OFMMF QSPGPOEJUÆ EJ PHOJ EFUUBHMJP UFDOJDP F GPSNBMF F JOTJFNF EJ PHOJ TVT TVMUP m BODIF JODPOTDJP m EFMM BOJNB M N

*M $PMMFHJVN 7PDBMF (FOU ¥ (BSOJFS

N

LQ RUFKHVWUD D FXUD GL 9DOHQWLQD 3DYHVL

."/56"/&3 F BODIF 4ZNQIPOJLFS - *UBMJB EB FTQPSUB[JPOF FTJTUF BODPSB Ò DPTÖ TUJNBUB EB NFSJUBSF SJQFUVUJ JOWJUJ PWVORVF BQQSPEJ GL 6WHIDQR 6FDQVDQL

,

M QVMMNBO Í DPNF VO MFUUP B DBTUFMMP 4PUUP EPSNP OP J DPOUSBCCBTTJ J UJNQBOJ F MF WBMJHJF DPO EFOUSP J GSBD 4PQSB WJBHHJBOP J WJPMJOJ MF WJPMF J WJPMPODFMMJ F J à BUJ OFMMF MPSP DVTUPEJF $JBTDVOP IB VO QPTUP BDDBO UP BM TVP QSPQSJFUBSJP 4J QBSMBOP SJQPTBOP F GPSTF MFH HPOP JOTJFNF TQBSUJUJ F HJPSOBMJ %FW FTTFSF VOB NBOÑB EFJ NVTJDJTUJ EJWJEFSF MB WJUB DPO JM MPSP TUSVNFOUP /PO MP NPMMBOP NBJ $PO RVFTUB MBSHB DPNQBHOJB JM WJBHHJP EB .BOUPWB B 7JFOOB F QPJ EB 7JFOOB B (SB[ F JOà OF EB (SB[ B %PSCJSO F SJUPSOP SBEEPQQJB J QBSUFDJQBOUJ F BDDPSDJB J UFNQJ /PO RVBSBOUB NB PUUBOUB TPHHFUUJ QPT TFTTJWJ F JOOBNPSBUJ QFSDIÊ BODIF HMJ TUSVNFOUJ PDDVQB OP RVBMTJBTJ TQB[JP EJTQPOJCJMF $BNNJOBOP -B DPNJUJ WB Í UBOUP WBSJB NPWJNFOUBUB F TPMJEBMF DIF J DIJMPNFUSJ TPOP BOEBOUJ DPO NPUP /PO QFTBOP *M UPVS BVTUSJBDP JO PHOJ DBTP EPWFWB WBMFSF RVBMTJBTJ TUSFTT EB WJBHHJP F JOà TDIJBSTFOF EFMMB TUBODIF[[B EB PSF QJDDPMF #FOFB NBUJ UPUBMJ DIJMPNFUSJ - 0SDIFTUSB EB $BNFSB EJ .BOUPWB Í JOGBUUJ QBTTBUB OPO TDSJWP BSSJWBUB QFSDIÊ JM WFSCP Í VMUJNBUJWP OFM MVPHP DIF Í OFMMF HFPHSBà F QJÜ TBDSPTBOUF EFM NPOEP EFMMB NVTJDB "MMB ,PO[FSUIBVT EJ 7JFOOB 5FNQJP CJBODP SPTTP F PSP EFM NPOEP TPOPSP SFTJEFO[B EFJ 8JFOFS 4ZNQIPOJLFS OFMMB DJUUÆ DIF QJÜ EJ PHOJ BMUSB IB EBUP F GB NVTJDB F NVTJDJTUJ "QQVOUB NFOUP JM OPWFNCSF BMMF JO QVOUP F DPO TPNNB EJMJHFO[B JO *UBMJB B RVFMM PSB OFTTVOP TPHOB EJ NFUUFSTJ JO BTDPMUP EFMMB DMBTTJDB EBM WJWP QFS VO DPODFSUP JO USF NPTTF $IF OFMMB DBQJUBMF BVTUSJBDB TPOP TUBUF VOB Tà EB CFMMB F CVPOB *M QJBOJTUB "MFYBOEFS -PORVJDI m OFM M PDDBTJPOF TPMJTUB F EJSFUUPSF m F JM QSJNP WJPMJOP $BS MP 'BCJBOP F UVUUJ HMJ BMUSJ TPOP TUBUJ UFNFSBSJ *OOBO[J UVUUP QFSDIÊ IBOOP EFDJTP EJ JOUFSQSFUBSF EVF WJFOOFTJ E BOBHSBGF P QSPEV[JPOF +PTFQI )BZEO F -VEXJH WBO #FFUIPWFO F RVJOEJ ESJCCMBSF JM HSBOEF 0UUPDFOUP QFS J UFNQJ QJÜ QSPTTJNJ BM OPTUSP DPO VOB DIJBNBUB JO DBVTB EJ %NJUSJK »PTUBLPWJþ 1SPHSBNNB BSUJDPMBUP BO[J BDSPCBUJDP EVORVF DPO EVF DMBTTJDJ F VO DMBTTJDJTUB TQJFHB -PORVJDI DIF DPO M 0S DIFTUSB EB $BNFSB EJ .BOUPWB IB VOB SFMB[JPOF EBUBUB F EPQQJB QSPGFTTJPOBMF F BNJDBMF 3FQFSUPSJP MB 4JOGPOJB O JO EP NBHHJPSF EJ )BZEO DIF IB BQFSUP MF TFSBUF JM $PODFSUP O QFS QJBOPGPSUF USPNCB F PSDIFTUSB JO EP NJOPSF PQ EJ »PTUBLPWJD DIF IB JNQFHOBUP BODIF MB USPNCFU

4BMF HSFNJUF B MBUP J TQFUUBUPSJ EFMMB ,PO[FSUIBVT TPUUP J EFMMB 4UFGBOJFOTBBM EJ (SB[

UJTUB 5JOF 5JOHI &MTFUI JM $PODFSUP O JO TPM NBHHJPSF QFS QJBOPGPSUF F PSDIFTUSB PQ EJ #FFUIPWFO /VNFSPTJ F HF OFSPTJ J CJT F USJT DPODFTTJ JO PHOJ PDDBTJPOF -B TJHOP SB 3PTBOOB 'BSBHMJB DIF TFHVF MF JNQSFTF OB[JPOBMJ F JO UFSOB[JPOBMJ EFMM BCCJOBUB WJODFOUF -PORVJDI 0DN IB DIJBSBNFOUF DBQJUP MB HFOFTJ EFM TVDDFTTP DBMEBNFOUF F JOEJNFOUJDBCJMNFOUF DPOTFHVJUP B 7JFOOB -FJ DIF IB QSFTP M BFSFP B 3PNB QFS BTTJTUFSF BJ DPODFSUJ OFMMB DBQJ UBMF EFMM FY JNQFSP F B (SB[ TFOUFO[JB DIF UVUUP GVO[JP OB PUUJNBNFOUF FE Í UBOUP QFSGFUUP QFSDIÊ jTJ TFOUF F TJ WFEF DIF J NVTJDJTUJ TJ WPHMJPOP CFOF 4UBOOP CFOF JOTJF NFv $PTÑ CFOF DIF -PORVJDI IB WJBHHJBUP JO QVMMNBO ° TUBUP EFOUSP M PSDIFTUSB BODIF RVBOEP M PSDIFTUSB OPO

´

/·HVSHULHQ]D YLHQQHVH q VWDWD FRVu DOWD FRQGLYLVD DSSODXGLWD FKH DOO·XVFLWD GHOOD .RQ]HUWKDXV LO SXEEOLFR VL IHOLFLWD SHUVLQR FRQ O·DXWLVWD GHO SXOOPDQ

- 0SDIFTUSB EB $BNFSB EJ .BOUPWB DPO -PORVJDI F MB TQFUUBDPMBSF ,PO[FSUIBVT WJFOOFTF

QJHMJBWB HMJ BSDIFUUJ F OPO TPGà BWB OFJ MFHOJ F OFHMJ PUUP OJ 7JUB TPDJBMF USBTQPSUBUB TV HPNNB 6O EJWFSUJNFOUP F VOB QSPWB EJ VNBOJUÆ - FTQFSJFO[B WJFOOFTF Í TUBUB DPTÑ BMUB DPOEJWJTB F BQQMBVEJUB DIF BMM VTDJUB EFMMB ,PO [FSUIBVT RVBMDVOP EFM TFWFSP TPà TUJDBUP QVCCMJDP TJ Í GFMJDJUBUP BODIF DPO M BVUJTUB EFM QVMMNBO EFMM "QBN QBSDIFHHJBUP TVM 3JOH 1VSF MVJ m M BVUJTUB DBMBUJTTJNP OFMM JNQSFTB QFSDIÊ M PSDIFTUSB RVBOEP WJBHHJB UPUBMJ[ [B BODIF J DPOJVHJ (JBOGSBODP F 5J[JBOB -PEJ EFMM "TTP DJB[JPOF EFHMJ "NJDJ F 7BMFOUJOB 1BWFTJ EFMM VGà DJP TUBN QB JNNFSTJ OFM GBS NVTJDB *O VO "VTUSJB QSJNBWFSJMF MB DPSSJFSB IB MBTDJBUP 7JFOOB BMMB WPMUB EJ (SB[ DBQPMVPHP EFMMB 4UJSJB TFEF EFM GFTUJWBM EJ NVTJDB BOUJDB EJ DVJ Í QBUSPOP /JLPMBVT )BSOPODPVSU DJUUÆ DFMFCSF QFS MF TVF USBEJ[JPOJ VOJWFSTJUBSJF F WFDDIJB DPOPTDFO[B EFMM 0DN 6OB HFOFSPTB (SB[ OPO VO DPODFSUP NB EVF JM F JM OPWFNCSF QFSDIÊ MB QSJNB TFSBUB OFMM FDMFUUJDB 4UFGB OJFOTBBM Í BOEBUB FTBVSJUB " DPOUSPMMBSF JM USBGà DP EFHMJ TQFDJBMJTUJ EFHMJ BQQBTTJPOBUJ EFMMF OPUF EFMMB DPNQBHJ OF NBOUPWBOB VOB TUBUVB NBSNPSFB EJ #FFUIPWFO BM DVM NJOF EFM EPQQJP TDBMPOF NPOVNFOUBMF $PSSVDDJBUP F SPNBOUJDP JM HJVTUP 2VBOUP J SJUSBUUJ EFJ QBESJ NVTJDJTUJ EJQJOUJ TVMMF QBSFUJ EFMMB TBMB EB DPODFSUJ 4PMP F TPMUBOUP UFEFTDIJ *Oà OF JM MVOHP WJBHHJP WFSTP %PSOCJSO DIF Í EB UVUU BMUSB QBSUF SJTQFUUP B (SB[ OFMM "SMCFSH RVBTJ TVM -BHP EJ $PTUBO[B 2VJ MB TFSB EFM OPWFNCSF M 0DN EJ SFUUB EB -PORVJDI IB TVPOBUP JO VO BVEJUPSJVN MB ,VO TUIBVT QSPQPS[JPOBUP BMMB DJUUÆ DIF Í QPDP QJÜ QJDDPMB EJ .BOUPWB "MUSB F EJWFSTB QSPWB QFS M 0DN BMMF QSFTF DPO VO BDVTUJDB TFDDB 1SPWB EFM OPWF DBQBDF EJ JOUFSDFU UBSF BODIF MB DBEVUB EJ VO DBQFMMP 0UUJNB FTFDV[JPOF F DPOTFHVFOUF PWB[JPOF 5VUUJ TPEEJTGBUUJ -PORVJDI DIF MPEB MB EVUUJMJUÆ EFMMB DPNQBHJOF DIF OFMMB DJSDPTUBO[B BVTUSJBDB QJÜ DIF EB DBNFSB Í TUBUB TJOGPOJDB F DPTÑ TUJ NBUB EB NFSJUBSF VOB DPOWPDB[JPOF B (SB[ BODIF OFM QFS M JOBVHVSB[JPOF EFMMB TUBHJPOF F QFS M JODJTJP OF JOUFHSBMF EFJ $PODFSUJ CFFUIPWFOJBOJ $PTB DIF MB SB EJPUFMFWJTJPOF BVTUSJBDB 0SG IB HJÆ SFBMJ[[BUP OFJ EVF DPODFSUJ OFMMB DBQJUBMF EFMMB 4UJSJB TFHOBMBUJ JO RVFTUP EJBSJP "ODIF 7JFOOB TBSFCCF JOUFSFTTBUB B VO SJUPSOP EFMM 0DN - *UBMJB EB FTQPSUB[JPOF FTJTUF BODPSB 4JB MP EBUB MB NVTJDB .BOUVBOFS

´

2FP LQ HGLFROD FRQ $0$'(86 "NBEFVT MB QSJODJQBMF SJWJTUB NVTJDBMF JUBMJBOB DPN QJF WFOU BOOJ F QFS JM OVNFSP DFMFCSBUJWP TDFHMJF M 0S DIFTUSB EB $BNFSB EJ .BOUPWB DPNF JOUFSQSFUF EFM USBEJ[JPOBMF DE BMMFHBUP -B QSPEV[JPOF EJTDPHSBà DB B DPNQMFNFOUP EFM USJFOOBMF QSPHFUUP NPOPHSBà DP EFEJDBUP BM NBFTUSP EFJ NBFTUSJ SBDDIJVEF MF 4JOGPOJF O O i5SBVFSu F O i-B QPVMFu EJ 'SBO[ +PTFQI )BZEO 3FHJTUSBUP QPDIJ NFTJ GB OFMMB 4BMB .BIMFS EFM $FOUSP DVMUVSBMF EJ %PCCJBDP SJOPNBUB QFS M PUUJNB BDVTUJDB JM DE Í JO FEJDPMB QFS UVUUP JM NFTF EJ EJDFN CSF

,O SHU 0SV FRQ &$50,*12/$ 4BSÆ M 0SDIFTUSB EB $BNFSB EJ .BOUPWB B EBS WJUB WF OFSEÑ EJDFNCSF QFS JM TFDPOEP BOOP DPOTFWVUJWP BM USBEJ[JPOBMF DPODFSUP EFHMJ BVHVSJ OBUBMJ[J EJ #BODB .POUF EFJ 1BTDIJ EJ 4JFOB $POTVFUB BODIF MB DPSOJDF MB $IJFTB EJ 4BO 'SBODFTDP B .BOUPWB TVM DVJ QBMDPTDF OJDP TBMJSÆ PMUSF BMM PSDIFTUSB (JVMJBOP $BSNJHOPMB WJPMJOP TPMJTUB *M QSPHSBNNB QSFWFEF MB DFMFCSF 3P NBO[B PQ EJ #FFUIPWFO F $PODFSUP , EJ .P[BSU F MB 4JOGPOJB O i*M à MPTPGPu - JOHSFTTP Í MJCFSP

3URVVLPD PHWD 3DUFR GHOOD 086,&$ 3PNB 7JDFO[B -VDDB $SFNPOB F .PEFOB TPOP MF QSPTTJNF NFUF JUBMJBOF EFMM 0SDIFTUSB EB $BNFSB EJ .BOUPWB 7FOFSEÑ EJDFNCSF TBSÆ MB 4BMB 4JOPQP MJ EFM 1BSDP EFMMB .VTJDB EFMMB DBQJUBMF BE BDDPHMJFSF NVTJDIF EJ .P[BSU )BZEO F -VDIFTJ OFMM FTFDV[JPOF EFMM 0DN " HFOOBJP WFOFSEÑ TJ SJQBSUJSÆ EBM 5FB USP $PNVOBMF EJ 7JDFO[B DPO "OHFMB )FXJUU F (JP WBOOJ "OHFMFSJ .FOEFMTTPIO F )BZEO JO QSPHSBN NB /FM NBS[P M PSDIFTUSB EBSÆ BWWJP B VO OVP WP DJDMP DIF EFEJDBUP B 4DIVNBOO F $IPQJO OFM CJ DFOUFOBSJP EFMMB OBTDJUB BQQSPEFSÆ B -VDDB 5FBUSP EFM (JHMJP $SFNPOB 5FBUSP 1PODIJFMMJ F .PEFOB 5FBUSP $PNVOBMF

$BQPTFSWJ[JP QBHJOF DVMUVSBMJ EFMMB (B[[FUB EJ .BOUPWB

XXX PDNBOUPWB DPN

N

LQ RUFKHVWUD

%BM (BMJMFJ EJ 0TUJHMJB $0/ 1"44*0/& i&VUFSQFu Í VO QSPHFUUP EJ FEVDB[JPOF BMM BTDPMUP OBUP BOOJ GB F DIF WBMF DSFEJUJ 0HHJ TPOP HMJ TUVEFOUJ DIF BEFSJTDPOP GL $QQD 9HFODQL

4

VBOEP WBSDBOP MB TPHMJB EFM 5FBUSP 4PDJBMF BUUJSBOP MP THVBSEP EJ NPMUJ j$PTB DJ GBOOP UVUUJ RVFTUJ HJPWBOJ BE VO DPODFSUP EJ NVTJDB DMBTTJDB v -PSP TPOP DJSDB JO IBOOP USB J F J BOOJ F OPO TJ GBOOP DFSUP JOUJNJEJSF EBJ QFOTJFSJ EFHMJ BEVMUJ "O[J 4DFOEPOP EBM QVMMNBO DIF EB 0TUJHMJB MJ IB BDDPNQBHOBUJ à OP B .BOUPWB FE FOUSBOP OFM GPZFS BDDFUUBOEP EB TVCJUP JM OPTUSP JOWJUP B GBSTJ TDBUUBSF VOB GPUPHSBà B EJ HSVQQP 4J BCCSBDDJBOP TPSSJEPOP TDIFS[BOP F DJ EBOOP BQQVOUBNFOUP BMM JOUFSWBMMP EFM DPODFSUP EFM EVP QJBOJTUJDP ,BUJB F .BSJFMMF -BCÍ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Í à TTBUP M JOJ[JP EFMM FWFOUP $FSDIJBNP OFMMB GPMMB J EPDFOUJ DIF BDDPNQBHOBOP J SBHB[[J MB QSPGFTTPSFTTB 3PNB OJ MB QSPGFTTPSFTTB #BDDBSJOJ JM QSPGFTTPS 5SB[[J F JM QSPGFTTPS (JMCFSUP 5SBWBJOJ SFMBUPSF B DVJ Í BGà EBUP JM DPNQJUP EJ JOUFSMPRVJSF DPO HMJ TUVEFOUJ QSFTFOUBOEP JOUFSQSFUJ DPNQPTJUPSJ F CSBOJ EFMMB TFSBUB EVSBOUF MB USBTGFSUB JO QVMMNBO PMUSF DIF JO PDDBTJPOF EJ TQFDJà DIF MF[JPOJ TVJ CBODIJ EJ TDVPMB "VHVSJBNP CVPO BTDPMUP F BODIF DPO MPSP M BQQVO UBNFOUP Í MBTTÜ OFM MPHHJPOF EVSBOUF MB QBVTB EFM DPODFSUP 4J TQFOHPOP MF MVDJ F TVM QBMDP TFEVUF BM QJBOPGPSUF DPNQBJPOP MF TPSFMMF -BCÍRVF %BM CBTTP MBODJBNP VO PDDIJBUB BMMB CBMDPOBUB J SB HB[[J TPOP TVMM BUUFOUJ QSPOUJ B GBSTJ USBTDJOBSF JO RVFM NBHJDP NPOEP DIF MF OPUF EJ *CFSJB PQFSB QJBOJTUJDB EFM NBFTUSP DBUBMBOP *TBBD "MCÊOJ[ TBOOP FWPDBSF .VTJDB TQBHOPMB B NFUÆ TUSBEB USB SPNBOUJDJTNP F NPEFSOJUÆ -B NBHHJPS QBSUF EJ MPSP WJWF OFJ DFOUSJ NJOPSJ F EJ TUBOUJ EBMMB DJUUÆ /PO Í GBDJMF OFMM FUÆ EFMM BEPMFTDFO

[B USPWBSF PDDBTJPOJ QFS QFSDPSSFSF DIJMPNFUSJ SBHHJVOHFSF .BOUPWB FE BWWJDJOBSTJ BMMB NVTJDB DMBTTJ DB .B MB TDVPMB EJ 0TUJHMJB JO RVFTUP Í TUBUB HFOJBMF j-B DVMUVSB NVTJDBMF OPO FTJTUF OFMMB TDVPMB JUBMJBOBv DJ SBDDPOUBOP J QSPGFTTPSJ EVSBOUF M JOUFSWBMMP j(SB[JF BM EPDFOUF .BTTJNP 7BTDPOJ BCCJBNP USPWBUP VO DBOB MF DIF J SBHB[[J NPTUSBOP EJ BQQSF[[BSF QFS DPMNBSF VOB HSBOEF MBDVOB EFM TJTUFNB TDPMBTUJDP * HJPWBOJ EBM MB NVTJDB JNQBSBOP MB DVMUVSB EFMM BTDPMUP FMFNFOUP GPOEBNFOUBMF EFM WJWFSF JO VOB TPDJFUÆ DBPUJDB DPNF MB OPTUSBv 1FS 7BTDPOJ E BMUSB QBSUF MF TPEEJTGB[JPOJ TPOP UVUUF OFMM JODPOUSBSF BMMJFWJ EJQMPNBUJ DIF VOB WPMUB VTDJUJ EBMM *TUJUVUP (BMJMFJ TJ BCCPOBOP BVUPOP NBNFOUF BMMB TUBHJPOF DPODFSUJTUJDB EFMM 0SDIFTUSB EB $BNFSB EJ .BOUPWB jB WPMUF MB OPO DPOPTDFO[B MB QJHSJ[JB F MB EJTUBO[B QPTTPOP PTUBDPMBSF M FTTFSDJ F JM QBSUFDJQBSF NB QPJ WBSDBUB MB TPHMJB EFM UFBUSP NBHJ

3$52/$ '·25',1( ´3$66,21(µ

'PUP EJ HSVQQP QFS J SBHB[[J EFM i(BMJMFJu EJ 0TUJHMJB OFMMF BMUSF GPUP SJUSBUUJ BM 5FBUSP 4PDJBMF EJ .BOUPWB JO PDDBTJPOF EFM DPODFSUP EFMMF -BCFRVF

.BSDP IB BOOJ GSFRVFOUB MB RVBSUB TVQF SJPSF *O QBSUF B MVJ D Í VO DPFUBOFP TUSBOJFSP HJVOUP JO *UBMJB EB QPDIF TFUUJNBOF $J HVBS EB VO QP TQBFTBUP jOPO QBSMB CFOF M JUBMJB OPv TQJFHB VO JOTFHOBOUF *M MJOHVBHHJP EFM MB NVTJDB QFSÖ Í VOJWFSTBMF 7BSDB J DPOàOJ TVQFSB MF EJGGFSFO[F DVMUVSBMJ FE BQQSPEB OFM M BOJNP EJ UVUUJ J QPQPMJ 'B EB DPMMBOUF BO DIF JO TJUVB[JPOJ DPNF RVFTUB HBSBOUFOEP VO UFSSFOP DPNVOF JOUPSOP BM RVBMF SJáFUUFSF F DPOGSPOUBSTJ "WWJDJOJBNP .BSDP F OFMMB QF OPNCSB EFM MPHHJPOF HMJ DIJFEJBNP DPTB MP IB TQJOUP BE BEFSJSF BM QSPHFUUP &VUFSQF JO SJGF

SJNFOUP BM RVBMF BJ SBHB[[J Í MBTDJBUB NBTTJNB MJCFSUÆ EJ TDFMUB j2VFTUP Í JM RVBSUP BOOP DIF QBSUFDJQP BJ DPODFSUJ JOJ[JBMNFOUF TPOP TUBUP JODFOUJWBUP EBM EFTJEFSJP EJ QBTTBSF VOB TFSB UB QJBDFWPMF JO DPNQBHOJB EJWFSTB EBMMF BMUSF 1PJ Í TDBUUBUP RVBMDPTB PSB TPOP JOUFSFTTBUP BM NPOEP EFMMB NVTJDB DMBTTJDB F NJ UFOHP JO GPSNBUP MFHHFOEP MB SJWJTUB .VTJDBMNFOUFv -B DVSJPTJUÆ GB BWBO[BSF BODIF (JPWBOOJ j1FS NF Í TUBUP EJWFSTP JM QFSDPSTPv DJ TQJFHB j*P FSP HJÆ BQQBTTJPOBUP EJ NVTJDB F RVFTUP QSP HFUUP M IP DPMUP DPNF VO PUUJNB PDDBTJPOF QFS WJWFSF MB NJB QBTTJPOFv

´$//$ 5,&(5&$ ', 81 &21)52172µ $FSDIJBNP RVBMDVOP DIF MB NVTJDB MB QSBUJDIJ PMUSF BE BTDPMUBSMB 'SBODP QBSF GBSF BM DBTP OPTUSP -VJ JM QJBOPGPSUF MP TVPOB EB UFNQP jB MJWFMMP BNBUPSJBMFv TJ BGGSFUUB B TQFDJàDBSF ° EB RVJ DIF TJ JOJ[JB EBMM BWFSF JM DPSBHHJP EJ NFUUFSF MF NBOJ TV VOP TUSVNFOUP *M EJTDPSTP TJ BMMBSHB j$SFEP DIF JM QSPHFUUP &VUFSQF TJB VOB CFMMJTTJNB JOJ[JBUJWB EBWWFSP NF SJUFWPMF *P IP DPNJODJBUP QFS DVSJPTJUÆ NB BODIF QFS SFBMJ[[BSF VOB TPSUB EJ DPO GSPOUP GBDDJP QBSUF EJ VOB CBOE JO DVJ TVPOJBNP VO HFOFSF EJ NVTJDB DPNQMF UBNFOUF EJWFSTP EBMMB DMBTTJDBv 0CJFUUJWP

DFOUSBUP QFSDIÊ VOB EFMMF NFUF EFM QSPHFU UP Í GBS OBTDFSF OFHMJ TUVEFOUJ OPO TPMP JM CJTPHOP EJ BTDPMUBSF NVTJDB NB BODIF RVFMMP EJ JOUFSQSFUBS MB F QSBUJDBSMB " UBMF QSPQPTJUP BM (BMJMFJ PMUSF BJ WBSJ HSVQQJ SPDL F CBOE HJÆ FTJ TUFOUJ QBSF GBSTJ TUSBEB M JEFB EJ JTUJUVJSF VO DPSP TDPMBTUJDP j2VBOEP JM DPODFSUP àOJTDF EJWFOUB BSHPNFOUP EFJ OPTUSJ EJ TDPSTJv DPODMVEF 'SBODP j/F QBSMJBNP

DBNFOUF J SBHB[[J TJ SJUSPWBOP JO VO NPOEP DIF HMJ BQ QBSUJFOF JO NPEP OBUVSBMFv *M QSPHFUUP EJFDJ BOOJ GB MP IB JEFBUP QSPQSJP MVJ TUVEJBOEP VOB GPSNVMB DIF QFSNFUUFTTF BHMJ TUVEFOUJ EFM USJFOOJP EJ BDDVNVMBSF DSFEJUJ GPSNBUJWJ DPO VO BUUFTUBUP EJ QBSUFDJQB[JPOF SJMBTDJBUP EBMM 0SDIFTUSB EB $BNFSB EJ .BOUPWB F EBM $PNVOF EJ 0TUJHMJB j* SBHB[[J WFOHPOP QPSUBUJ BODIF BMMB 4DBMB EJ .JMBOP MP TDPSTP BOOP QFS FTFNQJP BCCJBNP QBSUFDJQBUP BMMP TQFUUBDPMP EJ CBMMFUUP 4FSBUB 1FUJU DPO DPSFPHSBàF EJ 3PMBOE 1FUJU F NVTJDIF EJ #J [FU F #BDI PMUSF DIF BMMB SBQQSFTFOUB[JPOF EFMM PQFSB MJSJDB 7JBHHJP B 3FJNT EJ 3PTTJOJv "E FTTFSF DPJOWPMUJ TPOP HMJ TUVEFOUJ EBMMB QSJNB BMMB RVJOUB TVQFSJPSF UVUUP Í QJBOJàDBUP BODIF OFM WJBHHJP JO QVMMNBO EB 0TUJHMJB TVMMP TUFTTP NF[[P EJ USBTQPSUP DIF BDDPNQB HOB HMJ BEVMUJ BHMJ BQQVOUBNFOUJ EJ 5FNQP E 0SDIFTUSB j° VO PDDBTJPOF QFS JOTFSJSF MB TDVPMB OFM UFSSJUPSJP F

TVM QVMMNBO P JM HJPSOP EPQP B TDVPMB $J BJVUB NPMUP BODIF JM NPNFOUP EJ QSF QBSB[JPOF DIF QSFDFEF M FWFOUP EVSBOUF JM RVBMF DJ WFOHPOP GPSOJUJ FMFNFOUJ QFS DPNQSFOEFSF DJÖ DIF BTDPMUJBNPv

TUJNPMBSF JM SBQQPSUP USB BMMJFWJ F BEVMUJv DPOUJOVBOP J QSPGFTTPSJ "MMB CBTF EJ UVUUP MB EJTQPOJCJMJUÆ F M JOUF SFTTBNFOUP EFMMB EJSJHFOUF TDPMBTUJDB MB QSPGFTTPSFTTB "OOB #BDDIJFHB $BMB JM TJMFO[JP -B TFDPOEB QBSUF EFM DPODFSUP TUB QFS JOJ[JBSF ° JM NPNFOUP EFMMF QFSDVT TJPOJ CBTDIF DPO 5IJFSSZ #JTDBSJ 1BYDBM *OEP F 'SFE $IBNCPO 3JUNP FE JOUFSQSFUB[JPOJ EFM SFQFSUPSJP NVTJDBMF USBEJ[JPOBMF 4DBUUBOP HMJ BQQMBVTJ F J TUVEFOUJ TJ BM[BOP JO QJFEJ M FOUVTJBTNP Í QBMQBCJMF - BUNPTGFSB EJ TDBMEB *M QVCCMJDP BEEJSJUUVSB DBOUB * SBHB[[J TPOP J QSJNJ B GBSTJ DPJOWPMHFSF "MMB àOF TBMJSBOOP TVMM BVUPCVT BSSJDDIJUJ EJ VOB OVPWB FTQF SJFO[B EVSBOUF JM WJBHHJP EJ SJUPSOP TBSÆ UVUUP VOP TDBNCJBSTJ PQJOJPOJ FNP[JPOJ F TFOUJNFOUJ .FOUSF MBTDJBNP JM UFBUSP QFOTJBNP B RVFJ HJPWBOJ DIF BCCJB NP BQQFOB JODPOUSBUP TBSBOOP MPSP B DPNQPSSF JM QVCCMJDP EJ EPNBOJ

N

LQ RUFKHVWUD

3BHB 3BHB[[J UVUUJ B $0/$&350

1

VMMB DPNF MB NVTJDB TJOGPOJDB EJ )BZEO F .P[BSU IB JM QPUFSF EJ BWWJDJOBSF J HJPWBOJ B RVFMMP TUSVNFOUP QFSGFUUP DIF Í M PSDIFTUSBv QBSPMB EFM EJSFUUPSF BSUJTUJDP EFMM 0SDIFTUSB EB $BNF SB EJ .BOUPWB . $BSMP 'BCJBOP &E Í DPTÑ DIF 5FNQP E 0SDIFTUSB QFS MF TDVPMF FEJ[JPOF TDFHMJF J EJWFSUFOUJ $PODFSUJ QFS DPSOP EJ EVF EFJ NBTTJNJ QSPUBHPOJTUJ EFMMB TUPSJB EFMMB NVTJDB EVF DPNQPTJUPSJ USB J QJÜ GBNPTJ F BNBUJ 'SBO[ +PTF QI )BZEO F 8PMGHBOH "NBEFVT .P[BSU *O DPMMBCPSB[JPOF DPO M "TTFTTPSBUP BMMF 1PMJUJDIF &EVDBUJWF EFM $PNVOF EJ .BOUPWB HJPWFEÑ WFOFS EÑ F TBCBUP GFCCSBJP BM 5FBUSP #JCJFOB MVPHP JEFBMF QFS BSDIJUFUUVSB F BDVTUJDB QFS TDPQSJSF F HPEFSF BQQJFOP MF QPUFO[JBMJUÆ F JM GBTDJOP EJ VO JOTJF NF TUSVNFOUBMF M 0SDIFTUSB EB $BNFSB EJ .BOUPWB QSPQPSSÆ DPODFSUJ NBUUVUJOJ QFS PHOJ EBUB PSF F PSF JOUSPEPUUJ EBM NVTJDJTUB NVTJDPMPHP F EJ WVMHBUPSF (JPWBOOJ #JFUUJ EFTUJOBUJ BHMJ TUVEFOUJ EFM MF TDVPMF TFDPOEBSJF EJ QSJNP F TFDPOEP HSBEP DPO QBSUFDJQB[JPOF FTUFTB TV SJDIJFTUB BMMF VMUJNF DMBTTJ EFMMF QSJNBSJF

3JTVMUBUP jMB NJHMJPSF PSDIFTUSB EB DBNFSB JUBMJBOBv DPNF FCCF B EFà OJSMB JM $PSSJFSF EFMMB 4FSB RVBMDIF BOOP GB M 0SDIFTUSB EB $BNFSB EJ .BOUPWB JNQFHOB UB TVM UFSSFOP B MFJ QJÜ DPOHFOJBMF m MF NVTJDIF EFM $MBTTJDJTNP m EJSFUUB EB VO HJPWBOF EJSFUUPSF BWWJBUP B VOB QSPNFUUFOUF DBSSJFSB "OESFB #BUUJTUPOJ WFEJ JOUFSWJTUB B QBHJOB F BGà BODBUB EB VO TPMJTUB BG GFSNBUP "OESFB -FBTJ QSJNP DPSOP EFMM 0SDIFTUSB EFMM "SFOB EJ 7FSPOB PMUSF DIF EFMM 0DN BM TFSWJ [JP EFJ QJÜ FTJHFOUJ F DSJUJDJ EFHMJ BTDPMUBUPSJ "M QBSJ EJ (JPWBOOJ #JFUUJ DPNQPTJUPSF QJBOJTUB F NVTJDPMP HP DPOTVMFOUF BSUJTUJDP QFS JM NBSLFUJOH EFMM "DDBEF NJB OB[JPOBMF EJ 4BOUB $FDJMJB EJ 3PNB DIF EB NPMUJ BOOJ BUUJWP OFM DBNQP EFMMB EJWVMHB[JPOF NVTJDBMF UJFOF SFHPMBSNFOUF DPOGFSFO[F F DPODFSUJ DPOGFSFO[B QFS BMDVOJ EFJ QJÜ QSFTUJHJPTJ FOUJ JUBMJBOJ F BMM "VEJ UPSJVN 1BSDP EFMMB .VTJDB EJ 3PNB Í JM DVSBUPSF EFM MF -F[JPOJ EJ .VTJDB JOJ[JBUJWB DIF BUUJSB PHOJ TUBHJPOF NJHMJBJB EJ QFSTPOF #JFUUJ Í QFSBMUSP WPMUP OPUP BJ NBOUPWBOJ DIF IBOOP BWVUP NPEP EJ BQQSF[[BSOF MF RVBMJUÆ JO PDDBTJPOF EFMMB OPO TUPQ EJ DPODFSUJ JO MVP HIJ E BSUF .BOUPWB QFS )BZEO NBHHJP

-F QSFOPUB[JPOJ QFS 5FNQP E PSDIFTUSB QFS MF TDVPMF TPOP JO DPSTP 1FS BEFSJSF Í OFDFTTBSJP DPOUBUUBSF MB 4F HSFUFSJB EFMM 0SDIFTUSB EB $BNFSB EJ .BOUPWB UFM QSPHFUUPTDVPMF!PDNBOUPWB DPN JOEJ DBOEP TQFUUBDPMP QSFTDFMUP OVNFSP EJ TUVEFOUJ F EJ BDDPNQBHOBUPSJ W

5&.10 % 03$)&453" 1&3 -& 4$60-&

0SDIFTUSB EB $BNFSB EJ .BOUPWB

"OESFB -FBTJ DPSOP

"OESFB #BUUJTUPOJ EJSFUUPSF

*OUSPEVDF BMM BTDPMUP (JPWBOOJ #JFUUJ

.BOUPWB 5FBUSP #JCJFOB F GFCCSBJP * TQFUUBDPMP PSF ** TQFUUBDPMP PSF

*OGPSNB[JPOJ F QSFOPUB[JPOJ 0SDIFTUSB EB $BNFSB EJ .BOUPWB UFM FNBJM QSPHFUUPTDVPMF!PDNBOUPWB DPN

#JHMJFUUP E JOHSFTTP FVSP JOHSFTTP HSBUVJUP QFS JOTFHOBOUJ BDDPNQBHOBUPSJ

¥ 'BCJP 1BSFO[BO 7JTVBMBSU 5SJFTUF

4PQSB JM EJSFUUPSF "OESFB #BUUJTUPOJ " MBUP JM DPSOJTUB "OESFB -FBTJ

$0,&, '(//·2&0

6O BOOBUB JOJ[JBUB DPO J NJHMJPSJ BVTQJDJ

4FJKJ 0[BXB

/

EFMM "TTPDJB[JPOF "NJDJ EFMM PSDIFTUSB EB · BUUJWJUÆ $BNFSB EJ .BOUPWB QFS MB TUBHJPOF TJ

QVÖ EBWWFSP EJSF TJB JOJ[JBUB OFM NJHMJPSF EFJ NPEJ DPO VO JOUFSFTTBOUF F BGGPMMBUB DPOWFSTB[JPOF EJ 0SFTUF #PTTJOJ HJPSOBMJTUB EJ 3BEJP 3BJ TVM DPODFSUP EFMMF TP SFMMF -BCÍRVF IBOOP UFOVUP QFS 5FNQP E 0SDIFTUSB MP TDPS TP OPWFNCSF 6OB QSFTFOUB[JPOF PSJHJOBMF QFS M JOTPMJUP QSPHSBNNB DIF SJQSFOEFWB NVTJDIF EFM /PWFDFOUP QPDP FTFHVJUF "MCFOJ[ F JO VOB WFTUF QPDP QSBUJDBUB 3BWFM

%PCCJBNP BODIF EJSF DPO FTUSFNB TPEEJTGB[JPOF EFMMB UPVSOÊF BVTUSJBDB EFMMB OPTUSB 0SDIFTUSB QSFNJBUB EB VO TVDDFTTP TUSFQJUPTP EFDSFUBUPMF EB VO QVCCMJDP FTJHFOUF F DPNQFUFOUF 6O BOFEEPUP DIF TFSWF B DPNQSFOEFSF M FO UVTJBTNP EFM QVCCMJDP M BVUJTUB EFMM BVUPCVT DIF BUUFO EFWB J NVTJDJTUJ BMM VTDJUB EFMMB ,PO[FSUIBVT EJ 7JFOOB Í TUBUP DBMPSPTBNFOUF DPNQMJNFOUBUP EB NPMUJ EFHMJ TQFUUB UPSJ DIF BWFWBOP BTTJTUJUP BM DPODFSUP %FUUP RVFTUP DIF DJ TFNCSB JNQPSUBOUF WFOJBNP BM QSPHSBNNB EFMMF OPTUSF VTDJUF NVTJDBMJ (JPWFEÑ HFOOBJP B $SFNPOB PSF

BOESFNP BE BTDPMUBSF VO DPODFSUP EFMMB ,SFNFSB UB #BMUJDB DPO (JEPO ,SBNFS TPMJTUB F EJSFUUPSF F ,BUJB #VOJBUJTIWJMJ QJBOPGPSUF *M QSPHSBNNB DIF DPNQSFOEF NVTJDIF EJ 5DLNBZFS .P[BSU ,BODIFMJ F )BZEO PGGSF VO BGGBTDJOBOUF HJPDP EJ SJNBOEJ USB DMBTTJDP F DPOUFN QPSBOFP %PNFOJDB GFCCSBJP DJ QPSUFSFNP B 'FSSBSB QFS BTDPMUBSF MB .BIMFS $IBNCFS 0SDIFTUSB EJSFUUB EBM HSBOEF 4FJKJ 0[BXB JO VO QSPHSBNNB DIF BCCJOB JM %JWFS UJNFOUP , EJ .P[BSU MB .VTJDB QFS BSDIJ QFSDVTTJPOF F DFMFTUB EJ #BSUÓL F MB 4VJUF EFM CBMMFUUP (JVMJFUUB F 3PNFP EJ 1SPLPG FW PSF 1FS BEFSJSF Í QPTTJCJMF SJWPMHFSTJ B 5J[JBOB F (JBOGSBODP -PEJ UFM

3JDPSEJBNP JOà OF FE Í NPMUP JNQPSUBOUF QFS M BTTP DJB[JPOF JM SJOOPWP EFMM BEFTJPOF QFS JM JOWBSJBUP JM DPTUP FVSP Í QPTTJCJMF SJWPMHFSTJ BMMB TFEF EFMM 0S DIFTUSB EB $BNFSB EJ .BOUPWB PQQVSF BM UBWPMP BMMFTUJUP JO UFBUSP JO PDDBTJPOF EFJ DPODFSUJ EJ 5FNQP E 0SDIFTUSB " UVUUJ JM EJSFUUJWP BVHVSB VO TFSFOP /BUBMF F VO CVPO BOOP OVPWP

%VF MF VTDJUF NVTJDBMJ QSPQPTUF QFS J QSJNJ NFTJ EFM .FOUSF Ò UFNQP EJ SJOOPWBSF M BEFTJPOF 3$52/(127( 6FLDUULQR DSUH LO QXRYR FLFOR *M QSJNP BQQVOUBNFOUP WFESÆ QSPUBHPOJTUB VO NVTJDJTUB F JOUFMMFUUVBMF USB MF WPDJ JUBMJB OF QJÜ TJHOJà DBUJWF E PHHJ 4BMWBUPSF 4DJBS SJOP DPO .BSDP "OHJVT F 1BPMP 1FSF[[BOJ TFEF EB EFà OJSF WFOFSEÑ HFOOBJP PSF JOHSFTTP MJCFSP 1BSPMFOPUF DJDMP E JODPOUSJ B DVSB EFMM "TTPDJB[JPOF "NJDJ EFMM 0DN RVFTU BOOP SJOOPWB WFTUF F DPO UFOVUJ F JO DPMMBCPSB[JPOF DPO 'JMPGFTUJWBM EJ 'FTUJWBMFUUFSBUVSB QSPQPOF DPOWFSTB[JP OJ DIF BGà EBOP JM EJTDPSTP NVTJDBMF B QFS TPOBMJUÆ EFM QBOPSBNB DVMUVSBMF JUBMJBOP JOWJUBUF B SBDDPOUBSF JM MPSP EJBMPHP QFS TPOBMF DPO MB NVTJDB B SJWFMBSF DVSJPTJUÆ F BOFEEPUJ USPWBOEP MF QBSPMF QFS MF OPUF

5,&(5&$5( (16(0%/( +DHQGHO SHU L FRQFHUWL GL 1DWDOH *OTFSJUP OFM DBMFOEBSJP EJ 5FNQP E 0SDIFTUSB JM BQSJMF JM DPSP 3JDFSDBSF &OTFNCMF TBSÆ B .BOUPWB BODIF JM EJDFNCSF OFMMB $IJFTB EFM (SBEBSP PSF QFS JM TVP USBEJ[JPOBMF $PODFSUP EJ /BUBMF *O QSPHSBNNB M PSB UPSJP .FTTJBI EJ )BFOEFM 3FQMJDIF B 1PHHJP 3VTDP F B 3JWBSPMP .BOUPWBOP %JSFUUPSF 3PNBOP "EBNJ 4PMJTUJ 4JNCPMJ 1P[[FS 7JTFOUJO (VBEBHOJOJ 'PSFTUJ

&2/211$ 62125$ GL &ODXGLR )UDFFDUL

ILOP GD DVFROWDUH 0%*44&" /&--0 41";*0 EJ 4UBOMFZ ,VCSJDL

6( $/ 5(*,67$ 3,$&( :$*1(5

1

PO Í DPTÑ QBSBEPT TBMF DPNF TFNCSB 2VBOEP JOWFDF EJ VOB DPMPOOB TPOPSB PSJ HJOBMF JO VO à MN TJ SJDPSSF B CSBOJ NPMUP OPUJ OPO JN QPSUB TF EJ DMBTTJDB P QPQ

TJ PUUJFOF OPO EJ SBEP VO SJTVMUBUP QJÜ BEFSFOUF BHMJ JOUFOUJ EFM SFHJTUB 4J FTDMV EF RVJ PWWJBNFOUF MB QSBUJ DB EJ JNQJFHBSF UBMJ CSBOJ QFS TGSVUUBSOF M BQQFBM TFO[B DVSBSTJ EFMMB GVO[JPOBMJUÆ 6OB TDFOB EJ "QPDBMZQTF /PX FTQSFTTJWB - VUJMJ[[P EJ NV TJDIF QSF FTJTUFOUJ QFSNFUUF BM DJOFBTUB VOB MJCFSUÆ DIF OPO QVÖ BWFSF TF EFWF DPOGSPOUBSTJ DPO VO DPN QPTJUPSF DPM RVBMF TJ USBUUB TPWFOUF EJ HJVOHFSF B VO DPNQSPNFTTP $FSUP WJ TPOP TUBUJ TPEBMJ[J GBNPTJ DIF FTDMVEFWBOP RVFTUJ MJNJUJ -FPOF F .PS SJDPOF 'FMMJOJ F 3PUB &EXBSET F .BODJOJ .B TPOP QJVUUPTUP M FDDF[JPOF DIF MB SFHPMB ° QJÜ GBDJMF JOTPNNB QFS VO -BST 7PO 5SJFS EJTQPSSF EJ VOB NFTTF SJHPHMJPTB EJ QF[[J SPDL USB DVJ TDFHMJFSF QFS JM TVP -F POEF EFM EFTUJ OP B TFHNFOUBSOF J DBQJUPMJ F SJDPTUSVJSF VO BUNPTGFSB E FQPDB HMJ BOOJ 4FUUBOUB 0QQVSF FDDP ,VCSJDL QSFOEFSF B QSFTUJUP MP 4USBVTT EJ $PTÑ QBSMÖ ;BSBUIVTUSB QFS 0EJTTFB OFMMP TQB[JP QFS FTQBOEFSF BMM JOà OJUP JM TFO UPSF ESBNNBUJDP EFM TVP EJTDPSTP TVM GVUVSP EFMM VNBOJUÆ & $PQQPMB OPO TJ WBMF GPSTF EJ VOB DBO[POF EFJ %PPST OFM QSPMPHP EJ "QPDBMZQTF /PX P EJ VO CSBOP DFMFCFSSJNP EJ 8BHOFS JO VOB TVDDFTTJWB F OFWSBMHJDB TFRVFO[B 3BHJPOJBNP TV RVFTUJ FTFNQJ *M DJOFNB TJ TB IB VO FTUSFNP CJTPHOP EFM DPNNFOUP NVTJDBMF M FGGFUUP TJOFTUFUJDP HBSBOUJTDF VO BMUJTTJNP HSBEP EJ DPJOWPMHJNFOUP FNPUJWP VO TPWSBTFOTP DIF FMFWB JM UFTUP WJTJWP BM EJ TPQSB EFMMB NFDDBOJDB EFMMF B[JPOJ -F POEF EFM EFTUJOP VO NFMPESBNNB B UJOUF GPSUJ PUUJFOF m BODIF QFS MF NVTJDIF EJ #PXJF &MUPO +PIO %FFQ 1VSQMF -FPOBSE $PIFO m MP TUSBOJBNFOUP M BUUSJUP MB EJTUPSTJPOF DIF MB TUSB[JBO UF WJDFOEB FTJHFWB - 0EJTTFB EJ ,VCSJDL DFSDB VO VOJWFSTBMJUÆ DPTNJDB DIF TPMP RVFMMF NVTJDIF QPUFWBOP DPOGFSJSMF 2VBOUP BM DBQPMBWPSP EJ $PQQP MB WJFO EB SBNNFOUBSF DIF JM QSPDFTTP EJ DPNCJOB[JPOF GSB JNNBHJOJ à M NJDIF F NVTJDIF IB VO EPQQJP TFOTP EJ DJSDPMB[JPOF TF MF QSJNF NPMUJQMJ DBOP MB QSPQSJB FGà DBDJB MF TFDPOEF BDRVJTJTDPOP B MPSP WPMUB VOB OVPWB EJNFOTJPOF *NQPTTJCJMF SJBTDPMUBSF PHHJ 5IF &OE TFO[B WFEFSF JM GVNP F MF à BNNF MF QBMF EFMMB WFOUPMB OPODIÊ JM WPMUP TVEBUP F DBQPWPMUP EJ .BSUJO 4IFFO *NQPTTJCJMF DIF -B DBWBMDBUB EFMMF WBMDIJSJF OPO GBDDJB SJBGà PSBSF WJS UVBMNFOUF MP TUPSNP NJOBDDJPTP EJ FMJDPUUFSJ DIF DBMB TVM WJMMBHHJP WJFUOB NJUB m QFSTJOP M PEPSF EFM OBQBMN FWPDBUP QPDP QSJNB EB 3PCFSU %VWBMM TFNCSB FNBOBSF EB RVFMMB NFMPEJB NBFTUPTB F UFSSJCJMF

DPO ,FJS %VMMFB (BSZ -PDLXPPE 8JMMJBN 4ZMWFTUFS (C

%BM USBQBTTBUP BM GVUVSP SFNPUP USBMBTDJBOEP J NJMMFOOJ JOUFSNFEJ ,VCSJDL SJQFSDPSSF MB TUPSJB EFMM VNBOJUÆ TVHHFSFOEPOF MB WPDB[JPOF BMM BQPDBMJTTF $PNF JM NPOPMJUP DIF HBMMFHHJB OFMMP TQB[JP B DPTUJUVJSF BUUSB[JPOF GBUBMF P UFSSJCJMF NPOJUP JM à MN TDBSEJOB MF DPOWFO[JPOJ EFMMB GBOUBTDJFO[B OPO WJ Í FSPJTNP VNBOP OÊ FTBMUB[JPOF EFMMB DJCFSOFUJDB M JOà NB QJDDPMF[[B EFHMJ BTUSPOBVUJ SFOEF BODPS QJÜ CVJP TQBWFOUPTP FOJHNBUJDP M VOJWFSTP -B DPMPOOB TPOPSB WBOUB NVTJDIF EJ 3JDIBSE F +PIBOO 4USBVTT -JHFUJ ,BDIBUVSJBO m UVUUF TBMEBUF JOEJTTPMVCJMNFOUF BMMB CBOEB WJTJWB D G

"10$"-:14& /08 m 3&%69 EJ 'SBODJT 'PSE $PQQPMB

DPO .BSUJO 4IFFO .BSMPO #SBOEP 3PCFSU %VWBMM 6TB

3JFEJ[JPOF EFM DBQPMBWPSP EJ $PQQPMB BSSJDDIJUB EJ NJOVUJ 3FEVY DPNQMFUB DPO EJHSFTTJPOJ B TVP UFNQP UBHMJBUF MB EJTDFTB BHMJ JOGFSJ EFM DPMPOOFMMP ,VSU[ F EFM TVP LJMMFS JM DBQJUBOP 8JMMBSE TVMMP TGPOEP EFM 7JFUOBN &TFNQJP TVQFSCP EJ DJOFNB DJOFNB CFODIÊ JTQJSBUP BM SBDDPOUP $VPSF EJ UFOFCSB EJ $POSBE JM à MN DPTUJUVJTDF VO BNBSB SJá FTTJPOF BM MJNJUF EFMMB EJTQFSB[JPOF P EFMM BMMVDJOB[JPOF TVMMB GPMMJB CFMMJDB "TTBJ GVO[JPOBMF MB NVTJDB à SNBUB EB $BSNJOF F $PQQPMB JO DVJ TPOP JODBTUPOBUF EVF QFSMF 5IF &OE EFJ %PPST F -B DBWBMDBUB EFMMF WBMDIJSJF EJ 8BHOFS D G

-& 0/%& %&- %&45*/0 EJ -BST 7PO 5SJFS

DPO &NJMZ 8BUTPO 4UFMMBO 4LBSTHBSE +FBO .BSD #BSSF %BOJNBSDB 'SBODJB

4UPSJB EJ VOB HJPWBOF NPHMJF TDP[[FTF DIF TQJOUB EBM NBSJUP QBSBMJ[[BUP F JNQPUFOUF QFS VO JODJEFOUF TVM MBWPSP TDFOEF MB DIJOB EFMMB QSPTUJUV[JPOF -FJ TJ EFHSBEB DPO MF QSBUJDIF FSPUJDIF QJÜ VNJMJBOUJ DIF QPJ EFWF SBDDPOUBSF OFJ EFUUBHMJ BM DVQJEP DPOTPSUF 1FS MVJ Í VO TVSSPHBUP TBMWJà DP QFS MFJ TBSÆ JM NBSUJSJP %B VO DBOPWBDDJP NFMPESBNNBUJDP JM DJOFBTUB EBOFTF TB USBSSF VO PHHFUUP à MNJDP DPOUVOEFOUF DIF QVÖ DPNNVPWFSF P EFTUBSF SJCSF[[P DPNVORVF TPSQSFOEFSF F DPMQJSF OFM QSPGPOEP 4DPSF NVTJDBMF SJDDP EJ SPDL BOOJ 4FUUBOUB (SBO QSFNJP TQFDJBMF EFMMB HJVSJB B $BOOFT D G

*5$002)212 GL 0LFKHOH %DOODULQL

"3(&/5" $ &30& %* 41"(/"

"UBVMGP "SHFOUB EVSBOUF VOB QSPWB /BUP B $BTUSP 6SEJBMFT BWFWB DPNJODJBUP HJPWBOJTTJNP HMJ TUVEJ EJ WJPMJOP F QJBOPGPSUF NB $BSM 4DIVSJDIU MP DPOWJOTF B TUVEJBSF EJSF[JPOF

QJÜ EJ DJORVBOU BOOJ EBMMB NPSUF JM OPNF EJ "UBVMGP "SHFOUB

Í RVBTJ TDPOPTDJVUP QSFTTP NPMUJ NVTJDJTUJ F BQQBTTJPOBUJ BM EJ GVPSJ EFMMB OBUJB 4QBHOB FQQVSF RVFTUP EJSFUUPSF E PSDIFTUSB m DIF SJNBOF BODPS PHHJ JM QJÜ HSBOEF JOUFSQSFUF EFM SFQFSUPSJP TJOGPOJDP EFMMB QFOJTPMB JCFSJDB m SBQQSFTFOUÖ QFS DJSDB VO EFDFOOJP VOB SJWFMB[JPOF F VOB HSBOEF QSPNFTTB FMFWBOEP JM MJWFMMP EFMM 0SDIFTUSB /B[JPOBMF EJ 4QBHOB EFMMB RVBMF GV EJSFUUPSF TUBCJMF EBM BMMB NPSUF B MJWFMMJ EJ BTTPMVUB FDDFMMFO[B "NCBTDJBUPSF EFMMB NVTJDB TQBHOPMB BMM FTUFSP F DPOWJOUP EJWVMHBUPSF EFM HSBOEF SFQFSUPSJP TJOGPOJDP JO QBUSJB SJVTDÑ B QSPQPSSF VO SFQFSUPSJP DIF TJ JODFOUSBWB TPQSBUUVUUP TVM UBSEP SPNBOUJDJTNP F TVM OPWFDFOUP TUPSJDP ° RVJOEJ OBUVSBMF DIF J QSPHSBNNJ EFJ DPODFSUJ BMM FTUFSP F VOB HSBO QBSUF EFMMF JODJTJPOJ QFSWFOVUFDJ GPTTFSP EFEJDBUJ BE BVUPSJ DPNF "MCFOJ[ 'BMMB P 5VSJOB P B NVTJDJTUJ TUSBOJFSJ DIF EFEJDBSPOP BMDVOJ QSPQSJ MBWPSJ BM DPMPSF TQBHOPMP JO RVFTUP BNCJUP 3BWFM F %FCVTTZ FSBOP QBSUJDPMBSNFOUF WJDJOJ BMMB TFOTJCJMJUÆ EFM /PTUSP DPNF EJNPTUSB VOB TQMFOEJEB JODJTJPOF EJ *CFSJB -B OBUVSB NFEJUFSSBOFB F MBUJOB EJ "SHFOUB VOJUB BE VOB GFSSFB WPMPOUÆ BE VO HSBOEF UBMFOUP NVTJDBMF F B EPUJ EJSFUUPSJBMJ EJ QSJN PSEJOF HMJ QFSNFUUFWBOP EJ SFBMJ[[BSF MFUUVSF BEEJSJUUVSB JODBOEFTDFOUJ DPJOWPMHFOEP M BTDPMUBUPSF BODIF JO QSFTFO[B EJ PQFSF EJ TFDPOEBSJB JNQPSUBO[B JOFWJUBCJMNFOUF TVCMJNBUF EB RVFTUB EFEJ[JPOF JOUFSQSFUBUJWB " TFHVJUP EJ DJÖ "SHFOUB DPNQBSWF TQFTTP DPNF QFSGFUUP BDDPNQBHOBUPSF EJ QJBOJTUJ DPNF ,BUDIFO P WJPMJOJTUJ DPNF 'FSSBT P .FOIVJO FWJUBOEP DPTÑ EJ SFMFHBSF m DPNF B WPMUF BDDBEF m MB QBSUF PSDIFTUSBMF BM MJWFMMP EJ NFSP TPUUPGPOEP 2VBOEP OFM HFOOBJP EFM "SHFOUB NPSÑ JO TFHVJUP B VO USBHJDP JODJEFOUF GV CSVTDBNFOUF JOUFSSPUUB VOB DBSSJFSB DIF TUBWB QFS EFDPMMBSF EFà OJUJWBNFOUF B MJWFMMP JOUFSOB[JPOBMF DPO M JNNJOFOUF JODJTJPOF EFMMF RVBUUSP TJOGPOJF EJ #SBINT QFS MB %FDDB BMMB UFTUB EFJ 8JFOFS 1IJMIBSNPOJLFS F DPO VOB TFNQSF QJÜ TUSFUUB DPMMBCPSB[JPOF DPO M 0SDIFTUSF EF MB 4VJTTF 3PNBOEF JM DVJ EJSFUUPSF TUBCJMF &SOFTU "OTFSNFU QFOTBWB HJÆ B JOEJDBSMP DPNF TVP GVUVSP TVDDFTTPSF

9$'(0(&80 /D ELRJUDILD LQ EUHYH /BUP OFM B $BTUSP 6SEJBMFT JO 4QBHOB "SHFOUB DPNJODJÖ HJPWBOJTTJNP MP TUVEJP EFM WJPMJOP F EFM QJBOPGPSUF TQPTUBOEPTJ QPJ B .BESJE EPWF DPOUJOVÖ HMJ TUVEJ BM $POTFSWBUPSJP %PQP BWFS JOJ[JBUP VOB DBSSJFSB EB QJBOJTUB EVSBOUF VO TPHHJPSOP JO (FSNBOJB WFOOF DPOWJOUP EBM HSBOEF EJSFUUPSF $BSM 4DIVSJDIU B EFEJDBSTJ BMMB EJSF[JPOF "M SJUPSOP JO QBUSJB WFOOF OPNJOBUP EJSFUUPSF EFMM 0SDIFTUSB /B[JPOBMF EJ 4QBHOB JODBSJDP DIF UFOOF à OP BMMB QSFNBUVSB NPSUF OFM EB DPOTVMUBSF IUUQ XXX BUBVMGPBSHFOUB DPN

, GLVFKL SHU OD 'HFFD -B EJTDPHSBà B VGà DJBMF EJ "SHFOUB EFEJDBUB BM HSBOEF SFQFSUPSJP GV JO HSBO QBSUF SFBMJ[[BUB QFS MB %FDDB GSB JM F JM SFDFOUFNFOUF MB TUFTTB DBTB JOHMFTF IB SJQVCCMJDBUP JO VO QSBUJDP DPGBOFUUP EJ DE UVUUF RVFTUF JODJTJPOJ m TFSJF 0SJHJOBM .BTUFST SFBMJ[[BUF QSFWBMFOUFNFOUF DPO M 0SDIFTUSF EF MB 4VJTTF 3PNBOEF F M 0SDIFTUSB EFM $POTFSWBUPSJP EJ 1BSJHJ * QSJODJQBMJ UJUPMJ DPNQSFOEPOP MB HJÆ DJUBUB *CFSJB EJ %FCVTTZ MB 2VBSUB EJ $JBJLPWTLZ MB 4ZNQIPOJF 'BOUBTUJRVF EJ #FSMJP[ F MB 'BVTU 4JOGPOJF EJ -JT[U

/·$PRU %UXMR FRQ OD %HUJDQ -B .FEJDJ .BTUFST IB EB QPDP QVCCMJDBUP EVF DE EJ "SHFOUB EFEJDBUJ B DPNQPTJUPSJ TQBHOPMJ JM QSJNP ..

DPO FTUSBUUJ EB WBSJF ;BS[VFMBT HFOFSF EFM RVBMF "SHFOUB JODJTF TWBSJBUJ UJUPMJ PMUSF B CSBOJ EJ (SBOBEPT "MCFOJ[ 5VSJOB FE BMUSJ JM TFDPOEP ..

EFEJDBUP RVBTJ FTDMVTJWBNFOUF B VO DPODFSUP EBM WJWP DPO NVTJDIF EJ %F 'BMMB UFOVUPTJ B 1BSJHJ OFM VOB JOUFSQSFUB[JPOF EJ CSVDJBOUF CFMMF[[B DPNQMJDF VOB HJPWBOJTTJNB 5FSFTB #FSHBO[B DIF FDDFMMF OFMM "NPS #SVKP F JO VO BSJB EBMMB 7JEB #SFWF

086,&$ ( 36,&+( GL 5REHUWR %RQGDYDOOL

*- 460/0 %&-- "--&(3*"

7

FNQP GB TV RVFTUF DPMPOOF BCCJB NP QBSMBUP EJ "MGSFE 5PNBUJT FE BDDFOOBUP BM TVP NFUPEP DIJBNB UP BODIF PSFDDIJP FMFUUSPOJDP 4POP BSSJWBUF QFS NBJM EJWFSTF SJDIJFTUF EJ BQQSPGPOEJ NFOUP DIF OFJ MJNJUJ EJ TQB[JP EFMMB SVCSJDB WFESFNP EJ TPEEJTGBSF 5PNBUJT OBTDF B /J[[B OFM F NVPSF B 1BSJHJ JM HJPSOP EJ /BUBMF EFM *M QBESF FSB DBOUBOUF MJSJDP F VO QP UVUUJ JO GBNJHMJB FSBOP NVTJDJTUJ NB OPO "MGSFE DIF EJ NPTUSBWB TDBSTF BUUJUVEJOJ NVTJDBMJ $PTÑ GV JOEJSJ[[BUP BHMJ TUVEJ EJ NFEJDJOB FSB BODIF TFNQSF NBMBUJDDJP DIF DPODMVTF CSJMMBOUFNFOUF F DIF QFSGF[JPOÖ DPO MB TQFDJBMJ[[B[JPOF JO PUPSJOPMBSJOHPJBUSJB 5PNBUJT DPNF NFEJDP TQFDJBMJTUB TJ USPWÖ BE PDDVQBSTJ EJ USFOUB PQFSBJ EFMM B[JFOEB BFSPOBVUJDB GSBODFTF EJWF OVUJ DPNQMFUBNFOUF TPSEJ QFS JM MBWPSP TVJ SFBUUPSJ FE BQQBSFOUFNFOUF TFO[B BMDVOB QPTTJCJMJUÆ EJ HVBSJHJPOF *M QSPGFTTPSF EB WFSP VO HFOJP OPO DPOTJEFSÖ MB TPSEJUÆ DPNF FGGFUUP EJ VO EBOOP BM UJNQBOP P BM OFSWP BDVTUJDP NB DPNF NFDDBOJTNP EJ EJGFTB EFM DFSWFMMP DPNF TVD DFEF EPQP BWFS à TTBUP VOB MBNQBEB BDDFTB QFS RVBMDIF UFNQP F BDDPSHFSTJ EPQP EJ WFEFSF UVUUP TDVSP $PTÑ MB DVSB QFS J USFOUB PQFSBJ GV EJ NBOEBSMJ B UPSOBSF B GBSF J DPOUBEJOJ " DPOUBUUP DPO J TVPOJ EFMMB OBUVSB EFMM BJB EFMMF TUBMMF EFJ MBWPSJ OFJ DBNQJ OFM HJSP EJ RVBMDIF NFTF

HMJ FY PQFSBJ HVBSJSPOP DPNQMFUBNFOUF EB VOB TPSEJUÆ BM USJNFOUJ DPOTJEFSBUB JSSFWFSTJCJMF - B[JFOEB BFSPOBVUJDB QSPCBCJMNFOUF BODIF QSFPDDVQBUB QFS RVFMM BVUP MJDFO [JBNFOUP JO NBTTB TPUUPQPTF TVCJUP BMUSJ PUUBOUB PQFSBJ BMMF DVSF BOUJTPSEJUÆ NB DPO JM TVHHFSJNFOUP EJ OPO GBWPSJSF EJNJTTJPOJ EJ HSVQQP 5PNBUJT SJVTDÑ OPO TPMP B DVSBSMJ NB TJ BDDPSTF TPQSBUUVUUP EJ VO JNQPSUBOUF FGGFUUP TFDPOEBSJP EFM UVUUP JNQSFWJTUP EJWFOOFSP UVUUJ QJÜ BMMF HSJ QJÜ PUUJNJTUJ F RVJOEJ MBWPSBUPSJ QJÜ FGà DJFOUJ %B RVJ OBDRVF VOB SJDFSDB DIF EVSÖ QFS QJÜ EJ DJORVBOU BOOJ DPO BQQMJDB[JPOJ OFM DBNQP NFEJDP QTJDPMPHJDP QTJDIJB USJDP NVTJDBMF BSUJTUJDP F TPDJBMF

$"/5" $)& 5* 1"44" - PSFDDIJP F MB WPDF EJ 5PNBUJT

1

PO Í UBOUP GBDJMF USPWBSMP NB DPO RVBMDIF UFOUBUJWP TJ SJFTDF - 0SFDDIJP F MB 7PDF FE #BMEJOJ F $BTUPMEJ Í JM MJCSP EPWF "MGSFE 5PNBUJT NPTUSB DPO QBSUJDPMBSF BDVNF PTTFSWBUJWP F EFTDSJUUJWP DPNF JM OPTUSP DPSQP TJ DPNQPSUB RVBOEP DBOUJBNP BM NFHMJP EFMMF OPTUSF QPTTJCJMJUÆ /PO Í VO NBOVBMF EJ UFDOJDB DBOPSB JO TFOTP TUSFUUP QVÖ FTTFSF DPOTJEFSBUP VOB HVJEB QFS DIJ Í TUBUP EFWJBUP OFM QSPQSJP QFSDPSTP EB FWFOUJ DIF IBOOP DPOEJ[JPOBUP JM DPSSFUUP VTP EFMM BQQBSBUP GPOBUPSJP F RVJOEJ DPNF EJNPTUSB M BVUPSF EFMMB QFSTPOBMJUÆ 6O UFOPSF EJ GBNB EJ DVJ TJ PNFUUF QFS GPS[B EJ DPTF JM OPNF TJ SJWPMTF BOOJ GB BM QSP GFTTPS 5PNBUJT OPO UBOUP QFS MB WPDF NB QFS VO QSPCMFNB EJ QTPSJBTJ NPMUP GBTUJEJP TP FE JOWBMJEBOUF - PSFDDIJP FMFUUSPOJDP Í MP TUSVNFOUP VUJMJ[[BUP QFS MB WBMVUB[JPOF EFMMP TUBUP FNPUJWP FTTFOEP RVFTUP BTTPDJBUP BE VO JQFS P JQP TFOTJCJMJUÆ B DFSUF GSFRVFO[F &NFSTF DIF NBODBWBOP DFSUF GSFRVFO[F MFHBUF BM SBQQPSUP DPM QBESF "U USBWFSTP MB SJFEVDB[JPOF GPOPMPHJDB JO RVJOEJDJ TFEVUF EJ EVF PSF DJBTDVOB OPO TPMP WFOOF SJTPMUP JM QSPCMFNB EFMMB QTPSJBTJ F JM SBQQPSUP DPM QBESF NB JM UFOPSF BDRVJTÑ GSFRVFO[F F UJNCSJDIF QJÜ HSBWJ UBOUP EB QFSNFUUFSHMJ EJ DBOUBSF BODIF EB CBSJUPOP *M UVUUP GV DPOGFSNBUP DPO HSBOEJTTJNB TPSQSFTB BODIF EBM TVP GPOJBUSB S C

/(**(5( GL 6LPRQHWWD %LWDVL

0SGFP BCJUB B #0450/

4

VBOEP BWFWP MB UVB FUÆ .JTILB RVBOEP BWF WP DJORVF BOOJ FSBWBNP DPOWJOUJ DIF MB NV TJDB GPTTF QJÜ JNQPSUBOUF EFM DJCPw 6O PUUJ NB UBUUJDB WJTUP DIF DJSDPMBWB QJÜ NVTJDB DIF DJCP 4F OPO BWFWBNP BCCBTUBO[B DJCP OPTUSB NBESF DJ EJDFWB NBOHJBNP NVTJDB -FJ TJ TFEFWB BM QJBOP 0UUP TVPOB WB JM WJPMJOP F DBOUBWBNP UVUUJ JOTJFNF & OPTUSB NBESF EJDFWB 1FOTBUF BMMF OPUF DPNF B EFJ QJSPHJ F SJFNQJUF WJ MB QBODJB & DPTÑ GBDFWBNP & NJ QBTTBWB MB GBNFv DJ TPOP HJÆ UVUUJ J UFNJ QSJODJQBMJ EJ RVFTUP TUSBPSEJOBSJP SPNBO[P OFMMF QBSPMF EFM OPOOP EJ .JTILB JM HJPWBOF WJPMJOJTUB QSPUBHPOJTUB EJ VOB WJDFOEB DIF QPSUB JM MFU UPSF JO "VTUSBMJB 6TB *SBO 6OHIFSJB -JCBOP DPO BO DIF VO BDDFOOP BMM *UBMJB -B NVTJDB M BNPSF MB HJVTUJ [JB M JEFOUJUÆ MB GBNJHMJB SBDDPOUBUJ DPO SBGà OBUF[[B RVBTJ DPNF JM NJUP EJ 0SGFP FE &VSJEJDF TVM RVBMF TJ NPEVMB MB TUPSJB E BNPSF DIF BQSF JM SBDDPOUP *M UBMFO UVPTP WJPMJOJTUB .JTILB #BSUPL DSFTDJVUP JO "VTUSBMJB NB EJ PSJHJOF VOHIFSFTF DPO VOB CPSTB EJ TUVEJP BE )BSWBSE JODPOUSB B #PTUPO -FFMB .BZ .PPSF OBUB JO VO QBFTJOP EFM 4PVUI $BSPMJOB TUVEJPTB EJ NBUFNBUJ DB EFMMB NVTJDB BM .*5 ° BNPSF B QSJNB WJTUB USB EVF QFSTPOF HFOJBMJ NB TFHOBUF EB JOGBO[JF FE FTQFSJFO[F

-0 4$"''"-&

EJ WJUB OPO DPOWFO[JPOBMJ 4BQSÆ M BNPSF SFTJTUFSF BMMF QSPGPOEF EJWFSTJUÆ EJ PSJHJOF BMM JOá VFO[B EFMMF MPSP QBSUJDPMBSJ GBNJHMJF F TPQSBUUVUUP BM UFSSJCJMF TPTQFUUP TVMMF BUUJWJUÆ UFSSPSJTUJDIF EJ .JTILB +BOFUUF 5VSOFS )PTQJUBM 0SGFP 1FSEVUP .BSDPT Z .BSDPT QBH ĸ

QFS J QJá QJDDPMJ

4& %*3*(& 1"1" j-B NVTJDB m RVBMTJBTJ HFOFSF EJ NVTJDB m IB MB TUSBPS EJOBSJB DBQBDJUÆ EJ QBSMBSF B DIJ MB BTDPMUB OPO JNQPSUB TF HJPWBOF P WFDDIJP TF Í DPMUP PQQVSF OPv QBSUFOEP EB RVFTUB BGGFSNB[JPOF TJDVSBNFOUF DPOEJWJTJCJMF NB OPO DPTÑ TDPOUBUB DPNF QPUSFCCF TFNCSBSF JM QJBOJTUB F EJSFUUPSF E PSDIFTUSB SBDDPOUB M BWWFOUVSB EFMMB QJDDPMB $FDJMJB DIF TFHVF MF QSPWF EFMM &SPJDB EJ #FFUIPWFO EJSFUUB EBM QBESF *OTJFNF B MFJ TDPQSJBNP UVUUJ J SFUSP TDFOB EJ VOB HSBOEF PSDIFTUSB F JNQBSJBNP BE BNBSF VOB TJOGPOJB DIF QBSMB EJ QBTTJPOF QPMJUJDB JEFBMJ SJWP MV[JPOBSJ BNPSJ EFMVTJ WBMPSJ TFO[B UFNQP F TFO[B FUÆ QSPQSJP DPNF MB NVTJDB 1FS MFUUPSJ EBJ BJ BOOJ

. +DIQHU *OHQQ *RXOG H OD ULFHUFD

GHO SLDQRIRUWH SHUIHWWR

° MVOHB MB TUSBEB DIF TFQBSB VO QPWFSP DPOUBEJOFMMP TFNJDJFDP EJ VOB SFNPUB SFHJPOF DBOBEFTF EBJ TPOUVPTJ QJBOPGPSUJ EFMMB 4UFJOXBZ "ODIF TF RVFM CBNCJOP WFEF MF OPUF NVTJDBMJ DPNF DPMPSJ F IB VO VEJUP QSPEJHJPTP 4PQSBUUVUUP TB DIF OPO FTJTUF VO QJBOPGPSUF VHVBMF BMM BMUSP F RVJOEJ DFSDB RVFMMP QFSGFUUP QFS MVJ 0 DIF MP EJWFOUFSÆ TPUUP MF TVF EJUB NBHJDIF F MF TVF DVSF BGGFUUVPTF F RVBTJ NBOJBDBMJ &JOBVEJ QBH ĸ

,O FDQWR GHOOH VLUHQH

- &RWW &RQYHUVD]LRQL FRQ *OHQQ *RXOG

( 7ULDV

/FM RVBOEP TJ TWPMHPOP MF DPOWFSTB[JPOJ SBDDPMUF RVJ (PVME FSB DPOTJEFSBUP VOP EFJ NBTTJNJ QJBOJTUJ EFM TFDPMP FQQVSF BWFWB TPMP BOOJ F EB TJ FSB SJUJSBUP EBMMB WJUB DPODFSUJTUJDB QFS EFEJDBSTJ BMMB TBMB EJ JODJTJPOF BMMB TDSJUUVSB F BJ QSPHSBNNJ QFS SBEJP F UW *O RVFTUB JOUFSWJTUB TJ SBDDPOUB DPNF OPO BWFWB NBJ GBUUP JM DIF SFOEF RVFTUP MJCSP VOJDP QFS DPOPTDFSF VO HFOJP EFJ OPTUSJ UFNQJ &EU QBH ĸ

-B NVTJDB Í NPMUP QJÜ EJ VO GFOPNFOP FTUFUJDP Í HOPTJT TFOTPSJBMF BVUFOUJDP WJBUJDP QFS MB DPOPTDFO[B DIF &VHFOJP 5SÎBT m VOP EFJ QJÜ JNQPSUBOUJ à MPTPà TQBHOPMJ DPOUFNQPSBOFJ m IB SJDPTUSVJUP JO RVFTU PQFSB EFEJDBUB BJ HSBOEJ DPNQPTJUPSJ EFMMB NVTJDB PDDJEFOUBMF %B MFHHFSTJ BODIF TFHVFOEP JM ià MP E "SJBOOBu JOEJDBUP EBMM BVUPSF EB #BDI TJOP BMMB OVPWB UFPMPHJB NVTJDBMF EJ 4DIÕOCFSH 5SPQFB QBHH ĸ

$/75$ 086,&$ GL *LRUJLR 6LJQRUHWWL

/PUJ[JF EBM QJBOFUB (0/( *O WJBHHJP DPO %BFWJE "MMFO USB SPDL QSPHSFTTJWP QTJDIFEFMJB F GSFF KB[[

%BFWJE "MMFO JO DPODFSUP

(

OPUP DIF TQFTTP MF DPTF TFSJF TJ QSFTFOUBOP B OPJ OFMMF WFTUJ QJÜ CJ[[BSSF & JM DBTP EFMMB NV TJDB FTBUUB EJ %BFWJE "MMFO F EFMMB TVB DSFBUVSB (POH NFUÆ DPNVOF IJQQZ F NFUÆ SJHPSPTP MBCPSBUPSJP EJ TVPOP TVMMF TDFOF EB RVBSBOU BOOJ FTBUUJ F DJPÍ EBM +B[[ BOE 1PQ 'FTUJWBM EJ "NPVHJFT EFMM PUUPCSF & EBMMB NPSUF BSUJTUJDB EJ 4ZE #BSSFUU OFJ QSJNJ BOOJ 4FUUBOUB DIF BE "MMFO UPDDB JM DPNQJUP EJ CBUUFSF MB UFSSB EJ NF[[P DIF DPOà OB DPO QTJDIFEFMJB SPDL QSP HSFTTJWP BGGBCVMB[JPOF GSFF KB[[ F NVTJDB DPODSFUB 5FSSB OFMMB RVBMF DPNQPTJ[JPOJ SJMVDFOUJ EJ JOGBOUJMF

/DUJR DO 5( '(*/, *120,

,

M PUUPCSF TDPSTP BMM &TUSB HPO EJ #PMPHOB J SJVOJUJ (POH EFM FOOF %BFWJE "MMFO JO PTNPUJDB TJOUPOJB DPO VO QVCCMJDP DPNQPTUP QFS QJÜ EFMMB NFUÆ EB HJPWBOJTTJNJ IBOOP QSFTFOUBUP IUUQ XXX H XBWF DP VL

TFTUP DBQJUPMP EFMMB TBHB EFM QJB OFUB (POH MBWPSP SFBMJ[[BUP DPO DVSB JOUPSOP B NBUFSJBMJ UFNBUJDJ GFMJDJTTJNJ OFMMB MPSP FTUSFNB DBO EJEB TFNQMJDJUÆ /FM EJTDP DPNF TVM QBMDP JM SJUPSOP EFJ WFUFSBOJ 4UFWF )JMMBHF F .JRVFUUF (JSBVEZ IB SJQSPEPUUP MF BOUJDIF USBMVDFOUJ BMDIJNJF DPO EJTBSNBOUF OBUVSB MF[[B %BWBOUJ B VOP TDFOBSJP GBUUP EJ NBOEBMB DBOHJBOUJ F EJ QPU IFBE QJYJFT %BFWJE "MMFO JM SF EFHMJ HOP NJ IB TVPOBUP EB WJSUVPTP MB TVB HMJTTBOEP HVJUBS IB DBOUBUP JNQFD DBCJMNFOUF DPNF BJ UFNQJ EJ 'MZJOH 5FBQPU F "OHFM T &HH IB FTJCJUP DPO PSHPHMJP VO QBJP EJ JOEFTDSJWJCJMJ DPTUVNJ F TPQSBUUVUUP IB QVOUBUP DPO JTUJOUP TBQJFO[JBMF MB TVB HSBO EF NVTJDB WFSTP MP TQB[JP H T

TFNQMJDJUÆ TJ BQSPOP Í MB HSBOEF MF[JPOF EFMMB NVTJDB JOEJBOB DIF HJÆ BWFWB BGGBTDJOBUP +PIO $PMUSBOF F -B .POUF :PVOH JO MVOHIJ WJBHHJ TPOJDJ B QBSUJSF EB VO iNPNFOUP TPHMJBu EFMMB DVJ DPMMPDB[JPOF FTBUUB QPDIJ NVTJDJTUJ NPTUSBOP EJ EFUFOFSF JM TFHSFUP " QBSUJSF EBM MB TBHB EFM QJBOFUB (POH SBDDPOUP EBJ NPMUJ QPTTJCJMJ MJWFMMJ NFUBGPSJDJ Í MB QJBUUBGPSNB OBSSBUJWB EJ VOB GFMJDJTTJNB FTBMPHJB EJ iDPODFQU BMCVNu F MB UF TUJNPOJBO[B BODIF UFBUSBMF EFM GBTDJOP FTFSDJUBUP TV "MMFO EBMMF TUSBUFHJF QPFUJDIF EFM HFOJBMF CBOEMFBEFS BGSPBNFSJDBOP 4VO 3B &TBUUBNFOUF DPNF 4VO 3B "M MFO USPWB JM NPEP EJ EBSF WJUBMF DPOUJOVJUÆ BMMB QSPQSJB SJDFSDB QFS JOUFSJ EFDFOOJ BODIF B EJTQFUUP EFJ QJÜ SBEJDBMJ DBNCJBNFOUJ OFM HVTUP DPNVOF *OGBUUJ à OJUB EB VO QF[[P M FQPDB EFMMF VUPQJF "MMFO SJFTDF BODPSB B SBDDPHMJFSF JOUPSOP BMMB TVB NVTJDB OVPWF HFOFSB [JPOJ EJ iWJBHHJBUPSJu EJNPTUSBOEP HJPJPTBNFOUF DIF TFO[B VOB GFDPOEB VUPQJB TBSFNNP UVUUJ JODBUFOBUJ BE VO RVJ FE PSB BSUJà DJBMF BE VO FUFSOP EÊKÆ WV P EÊKB ÊDPVUÊ NBHBSJ PSXFMMJBOBNFOUF DPOGF[JPOBUP TV RVBM DIF QJBOFUB OFSP OBTDPTUP EJFUSP J OPTUSJ UFMFTDIFSNJ

&·(5$ 81$ 92/7$ ,/ -$== 'PSTF D Í JO HJSP BODPSB RVBMDVOP DIF QFOTB BM KB[[ DPNF BE VOB NVTJDB DFSWFMMPUJDB CVPOB QFS GBSF EB DPMPOOB TPOPSB BMMF TFSBUF EJ RVBMDIF FTJTUFO[JBMJTUB GVPSJ UFNQP NBTTJNP 1SPCBCJMNFOUF QFOTFSFCCF DPTF CFO EJWFSTF TF EB CBNCJOP TJ GPTTF USPWBUP VO NBOP VOP EFJ USF EFMJ[JPTJ MJCSJDDJOJ MF 'JBCF EFM KB[[ DIF 3PCFSUP 1JVNJOJ F $MBVEJP $PNJOJ EFEJDBOP B +PIO $PMUSBOF 5IFMPOJPVT .POL F %VLF &MMJOHUPO XXX FEJ[JPOJDVSDJ JU *NQSF[JPTJUJ EBMMF NBHOJà DIF JMMVTUSB[JPOJ EJ 'BCJP .BHOBTDJVUUJ F EB VO DE EPWF MB WPDF EJ 1JVNJOJ TJ BMUFSOB BMMF OJUJEF FTFDV[JPOJ EJ NBUFSJBMJ EFJ USF HSBOEJ KB[[NFO B DVSB EFM RVBSUFUUP EJ $PSSBEP (VBSJOP TPOP MB TUSFOOB JEFBMF QFS GBS FOUSBSF MB HSBOEF NVTJDB OFMM JNNBHJOBSJP EJ CBNCJOJ TFNQSF QJÜ TQFTTP FTQPTUJ BMMB WJPMFO[B EJ VO QBFTBHHJP TPOPSP PTTFTTJWBNFOUF NPOPEJNFOTJPOBMF H T

48$'(512 ', 9,$**,2 GL $QGUHD =DQLERQL

'3"/$*" /"4$045" USB DBMMJ F DBNQJFMMJ

/ ·

JOHSFTTP QSJODJQBMF EFM 1BMB[[FUUP #SV ;BOF TJ BGGBD DJB TV VOP EFJ DBOBMJ TFDPOEBSJ EJ 7FOF[JB 4JMFO[JP BDRVB USBORVJMMB JNNBHJOF EJ VOB DJUUÆ MPOUBOB EBMM PSEB UVSJTUJDB *M SFUSP Í JOWFDF VO DPSUJMF HJBSEJOP QSPWWJTUP EJ VOB TFDPOEB FOUSBUB OPO NFOP TVHHFTUJWB EFMMB QSJNB VO EFMJ[JPTP QSBUP TPQSBFMFWBUP RVBMDIF BM CFSFMMP VO TFOTP QFSDFUUJCJMF EJ RVJFUF F J TFHOBMJ EJ VOB DVSB SJTQFUUPTB QFS RVFMMP DIF EPWFUUF FTTFSF BMMB à OF EFM 4FJDFOUP JM MVPHP EJ SJUJSP F MB TFEF EFMMB CJCMJPUFDB EFMMB GBNJHMJB ;BOF B TVP UFNQP OPUB QFS MF GPSUJ QBTTJPOJ NV TJDBMJ *M 1BMB[[FUUP BDRVJTJUP EBMMB 'POEBUJPO #SV EPQP FTTFSF TUBUP SFTUBVSBUP B UFNQP EJ SFDPSE Í EJWFOUBUB MB TFEF EFM $FOUSF EF NVTJRVF SPNBOUJRVF GSBOÉBJTF *M UFBN DIF OF HFTUJTDF MF BUUJWJUÆ Í RVBTJ JOUFHSBMNFOUF USBOTBMQJOP HJPWBOF JOUSBQSFOEFOUF HVJEBUP EB 0MJWJFS -FYB DSFB DPMMFHBNFOUP USB MB SJDFSDB F MB QSBUJDB DPO DFSUJTUJDB DPO UVUUF MF SJTPSTF FDPOPNJDIF OFDFTTBSJF $POEJ[JPOF SBSB PHHJ -B 'POEB[JPOF QVOUB BM TPEP BNNJOJTUSB VOB à UUB SFUF EJ DPOUBUUJ QPOF JO SFMB[JPOF JM SJDFSDBUPSF DPO M JOUFSQSFUF M FEJUPSF DPO JM EJTDPHSBà DP BM à OF EFMMB NBTTJNB FGà DJFO[B QSPEVUUJWB .PEP PQFSBUJ WP JO *UBMJB OPO NPMUP BQQMJDBUP DIF QSPNFUUF EJ PUUFOF SF PUUJNJ SJTVMUBUJ TFCCFOF OPO TJ QPTTB DFSUP EJSF DIF MB DVMUVSB TJB VOB NFSDF &QQVSF VOB WJTJPOF NBOBHFSJBMF EFMM PSHBOJ[[B[JPOF NVTJDBMF TBSFCCF TFNQSF BVHVSBCJMF FWJUFSFCCF HMJ TQFSQFSJ QFS J RVBMJ NPMUF JTUJUV[JPOJ JUBMJB OF TJ TPOP QVSUSPQQP EJTUJOUF 2VFTUP $FOUSP EJ NVTJDB SPNBOUJDB GSBODFTF IB JOBVHVSBUP MF BUUJWJUÆ DPO BMDVOJ DPODFSUJ SBWWJDJOBUJ EJ FDDFMMFOUF RVBMJUÆ VO SFDJUBM EFM QJBOJTUB #FSUSBOE $IBNBZPV WJODJUPSF EFM DPODPSTP -POH 5IJCBVE TFOUJUP TV VOP TUSVNFOUP E FQPDB OFM CFM TBMPOF EFM 1BMB[[FUUP

RVJOEJ VOB TFSBUB DPO JM $PODFSUP ,ÕMO EJSFUUP EB "OESFBT 4QFSJOH F M JOUFSWFOUP TPMJTUJDP EJ "MBJO 1MBOÍT BM GPSUFQJBOP OFMMB DPSOJDF EFMMB 4DVPMB (SBOEF 4 (JPWBOOJ FE JOà OF OFMMB TUFTTB MVTTVPTB TFEF VO DPODFSUP NBHOJà DP EJ -FT .VTJDJFOT EV -PVWSF (SFOPCMF HVJEBUP EBM MPSP GPOEBUPSF .BSL .JOLPXTLJ $PTB TJHOJà DB PDDVQBSTJ EJ NVTJDB SPNBOUJDB GSBODFTF MP DIJBSJWBOP JO RVBMDIF NPEP J QSPHSBNNJ EJ RVFTUJ QSJNJ BQQVOUBNFOUJ OFJ RVBMJ DBMBWBOP MF à SNF EJ (FPSHF 0OTMPX -PVJT 'FSEJOBOE )ÊSPME )ZBDJOUF +BEJO DJPÍ EJ VOB HFOFSB[JPOF EJ NBFTUSJ DIF JO 'SBODJB JOUFSQSFUBSPOP JM QBTTBHHJP USB 4FUUF F 0UUPDFOUP DPO VOB DFSUB BCCPOEBO[B EJ USBUUJ PSJHJOBMJ .B JO RVFTUP TUFTTP JUJOFSBSJP SJFOUSBWBOP OFMMF TFUUJNBOF TVDDFTTJWF JM #FSMJP[ EFMM 0SDIFTUSF /BUJPOBM EF 'SBODF JM ,SFVU[FS EFM 2VBUVPS .PTBÐRVFT JM %BWJE EFM 2VBUVPS %JPUJNB JM #PÌMZ EJ $ISJTUJOF 4DIPSOTIFJN 7BMF B EJSF NVTJDJTUJ JO *UBMJB QPDIJTTJNP OPUJ m FDDFUUP #FSMJP[ m DIF BMMBSHBWBOP MB WJTVBMF TV VOP EFJ QFSJPEJ QJÜ DSFBUJWJ EFMMB TUPSJB NVTJDBMF *M 1BMB[[FUUP #SV ;BOF BM RVBMF OPO TBSBOOP FTUSBOFJ iQSPHFUUJ EJ EJHJUBMJ[[B[JPOF EJ DBUBMPHB[JPOF F EJ SJDFSDBu IB TVEEJWJTP JM DBMFOEBSJP JO TWBSJBUJ DBQJUPMJ JO GFCCSBJP TJ BWSÆ -F TBMPO SPNBOUJRVF OFM RVBMF SJFOUSFSBOOP QBHJOF EJ $IBCSJFS %VCPJT -BMP FE JO BQSJMF *M QJBOPGPSUF SPNBOUJDP BQFSUP TV 'SBODL 1JFSOÊ EF $BTUJMMPO 5IPNBT F BMUSJ #FMMB Tà EB BMM JNNPCJMJUÆ EFM SFQFSUPSJP F VO BJVUP QFS DPNQSFOEFSF MB DJSDPMB[JPOF EFMMF JEFF GSB TDPQFSUF TPSQSFOEFOUJ

,/ &' 0DUWXFFL XQ DQQLYHUVDULR GD FHOHEUDUH *M QSJNP DFOUFOBSJP EFMMB NPSUF EJ (JVTFQ QF .BSUVDDJ BWSFCCF NFSJUBUP NBHHJPS SJMJFWP EJ RVFM DIF HMJ Í TUBUP DPO DFTTP *O NPMUJ DBTJ HMJ BOOJWFSTBSJ OPO GBO OP DIF SJCBEJSF WBMPSJ HJÆ OPUJ F EJWFOHPOP GVSCFTDIF PQFSB[JPOJ DPNNFSDJBMJ .BSUVD DJ JOWFDF DPNQPTJUPSF JOTJHOF NB BJ NBSHJ OJ EFMMB WJUB NVTJDBMF OB[JPOBMF BWFWB UVUUJ J NPUJWJ QFS SFDVQFSBSF MB QPTJ[JPOF E FD

DFMMFO[B DIF HMJ TQFUUB -B EJTDPHSBà B SF QFSJCJMF DIF MP SJHVBSEB Í QFSÖ JO HSBEP EJ DPOWJODFSF HMJ TNFNPSBUJ SJUSPWJBNP .VUJ F MB 'JMBSNPOJDB EFMMB 4DBMB EJTDP 4POZ

QFS JM $PODFSUP O QFS QJBOPGPSUF F PSDIF TUSB TPMJTUB $BSMP #SVOP MB 1IJMIBSNPOJB 0SDIFTUSB EJSFUUB EB % "WBMPT QFS M JOUF HSBMF TJOGPOJDB #SJMMJBOU JM 2VBSUFUUP EJ 7FOF[JB F 1BUSJ[JB 1SBUJ QFS JM 2VJOUFUUP DPO

QJBOPGPSUF PQ &SNJUBHF 4VHHF SJNFOUJ DIF WBMHP .BSUVDDJ OP VO BTDPMUP 6OP EFJ QJÜ DPOWJODFOUJ DBTJ EJ TQSPWJODJBMJ[[B[JPOF EFMM *UBMJB OPO à MP PQFSJTUJDB EPWF M JTQJSB[JPOF WB EJ QBSJ QBTTP DPO VO TBQFSF DPNQPTJUJWP JOEJTDV UJCJMF B [

N

L Q SODWHD (=(&+,(//2 /(921,

1

PO NJ DIJFEB J NJFJ BVUPSJ QSFGFSJUJ QFSDIÊ OPO MF TP SJTQPOEFSFv .FUUF MF NBOJ BWBOUJ &[FDIJFMMP -FWPOJ QSJNB EFMM JOUFSWJTUB 1PJ JM FOOF QSFTJEFOUF EJ 4VJTJ TSM EFM HSVQQP -FWPOJ TQB TPSSJEF F TQJFHB j%JNFOUJDP TVCJUP J OPNJ EFHMJ BVUPSJ F EFJ UJUPMJ F NJ BDDBEF MP TUFTTP DPO J MJCSJ FQQVSF BNP NPMUP TJB MB NVTJDB TJB MB MFUUFSBUVSBv 5SB TNFNPSBUJ DJ JOUFOEJBNP TVCJUP F DPTÑ MB OPTUSB DIJBDDIJFSBUB QVÖ VGà DJBMNFOUF DPNJODJBSF 1FS DBQJ SF QFS FTFNQJP TF RVFMMB QBTTJPOF NVTJDBMF TJB NFSJUP EFMMB NPHMJF "OOB DIF EB CVPOB QBSNJHJBOB EFWF BWFSMP USBTDJOBUP QJÜ EJ VOB WPMUB B TFOUJSF MF PQFSF EJ i1FQQJOPu 7FSEJ -VJ SJTQPOEF B RVFTUB EPNBOEB F B UVUUF MF BMUSF DPO VOB CVPOB EPTF EJ JSPOJB j%JDJBNP DIF TF NJB NPHMJF NJ USBTDJOB B UFBUSP JP MB USBTDJOP BJ DPODFSUJ TJOGPOJDJ F EB DBNFSBv 1SFTJEFOUF Í WFSP DIF MFJ TVPOB JM WJPMJOP j$J IP QSPWBUP 7FOUJ BOOJ GB OF IP DPNQSBUP VOP F IP QSFTP RVBMDIF MF[JPOF NB IP DBQJUP EJ FTTFSF QSP QSJP OFHBUP %FM SFTUP BODIF RVBOEP FSP JO DPMMFHJP F DJ GBDFWBOP DBOUBSF EVSBOUF MB NFTTB J GSBUJ TJ SBDDP NBOEBWBOP i5V -FWPOJ [JUUP uv 2VFTUP OPO MF IB GBUUP QFSEFSF JM QJBDFSF EJ BTDPMUBSF MB NVTJDB j/P BO[J "NNJSP JNNFOTBNFOUF DIJ TB GBSF RVBM DIF DPTB DIF JP OPO TP GBSF "M QSJNP QPTUP NFUUP J DIJSVSHIJ BM TFDPOEP J WJPMJOJTUJ Í VO NJTUFSP DPNF SJFTDBOP B TVPOBSF VOP TUSVNFOUP UBOUP EJBCPMJDP &DDP QFSDIÊ WBEP WPMFOUJFSJ BM DPODPSTP EJ MJVUFSJB EJ $SFNPOB EPWF J WJPMJOJ QSFNJBUJ WFOHPOP TVPOBUJ EB BMDVOJ JNQPSUBOUJ WJSUVPTJv 3JDPSEB JM TVP QSJNP DPODFSUP j$SFEP DIF GPTTF #PIÍNF BMM "SFOB EJ 7FSPOB FSP TPMP VO CBNCJOP NB OF GVJ DPORVJTUBUPv 2VFMMP QJÜ FNP[JPOBOUF j6O SÊDJUBM EJ 6UP 6HIJ B .BOUPWB WFOU BOOJ GBv *M QJÜ SFDFOUF j2VFMMP DPO "MFYBOEFS -PORVJDI F M 0SDIFTUSB EB $B NFSB EJ .BOUPWB &DDP NJ SJDPSEP DIF IBOOP TVPOB UP )BZEO SJEF ° TUBUP NPMUP QJBDFWPMF BODIF QFSDIÊ $BSMP 'BCJBOP QSJNP WJPMJOP F BOJNB EFMM PSDIFTUSB OEB

USB VO CSBOP F M BMUSP QBSMBWB DPO JM QVCCMJDPv 4QFTTP TJ EJDF DIF M BUNPTGFSB BJ DPODFSUJ EJ NVTJDB DMBTTJDB Í USPQQP GPSNBMF DPTB OF QFOTB j2VBOUP BMM BCCJHMJBNFOUP OPO EJSFJ PSNBJ DJ TJ WB WFTUJUJ DPNF DBQJUB " WPMUF FGGFUUJWBNFOUF D Í VO FD DFTTJWP EJTUBDDP USB HMJ JOUFSQSFUJ F HMJ BTDPMUBUPSJ 1FS RVFTUP BQQSF[[P RVBOEP J NVTJDJTUJ EJDPOP RVBMDIF QBSPMB DPNF Í BDDBEVUP BODIF BM DPODFSUP NBOUPWB OP EFMMF TPSFMMF -BCÍRVF DPO J QFSDVTTJPOJTUJ CBTDIJ #BTUB VOB QJDDPMB TQJFHB[JPOF TVMMF NVTJDIF P TFN QMJDFNFOUF VOB CBUUVUB TDIFS[PTB QFS DPJOWPMHFSF JM QVCCMJDP F GBSMP TFOUJSF QJÜ QBSUFDJQF EFMMB NVTJDBv

4USFHBUP EBM 7*0-*/0 "QQBTTJPOBUP EJ 4USBEJWBSJ JM QSFTJEFOUF EJ 4VJTJ TSM SJWFMB EJ BWFS QSPWBUP B JNQVHOBSF M BSDP & BJ NVTJDJTUJ QSPGFTTJPOJTUJ IB RVBMDPTB EB EJSF GL $OLFH %HUWROLQL

´48(//, %821,µ 9(1*212 '$ 48, 5SB J NBSDIJ QJÜ DFMFCSJ EFM .BEF JO *UBMZ MB EJUUB EJ TBMVNJ -FWPOJ WJFOF GPOEBUB OFM B .JMBOP F OFM TJ USBTGFSJTDF OFMM BUUVBMF TFEF EJ $BTUFMMVDDIJP /FM GSBUUFNQP MB QSPEV[JPOF EB BSUJHJBOBMF EJWFOUB TFNQSF QJÜ BNQJB F DPORVJTUB BODIF JM NFSDBUP JOUFSOB[JPOBMF .B MB WPDB[JPOF SFTUB RVFMMB jEJ QSPEVSSF VOB WBTUB HBNNB EJ TBMVNJ B RVBMJUÆ FDDFMMFOUFv 0HHJ JM HSVQQP -FWPOJ Í QSFTJFEVUP EB /JDPMB -FWPOJ F IB TUBCJMJNFOUJ B $BTUFMMVDDIJP B -FTJHOBOP 1BSNB F B 4BO %BOJFMF 6EJOF *OPMUSF DPNQSFOEF JM NBDFMMP EJ .BSDBSJB DPOUSPMMBUB EB .FD DBSOJ TQB QSFTJEFOUF "MEP -FWPOJ F MP TUBCJMJNFOUP EJ .F[[BHP OFMMB #SJBO[B DPOUSPMMBUB EB 4VJTJ TSM QSFTJEFOUF &[FDIJFMMP -FWPOJ B C