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>Ă ĞŶĞƌպà ƚĠƌŵŝĐĂ ƌĞĐƵƉĞƌĂďůĞ ĚĞŶƚƌŽ ĚĞ ƵŶ ǀŽůƵŵĞŶ ĚĞ ƌŽĐĂ ƉĞƌĨŽƌĂĚŽ LJ ƉƌŽďĂĚŽ ĐƵLJĂ ƉƌŽĚƵĐƚŝǀŝĚĂĚ ŚĂLJĂ ƐŝĚŽ ĚĞŵŽƐƚƌĂĚĂ͕ ĐŽŶ ƐƵĨŝĐŝĞŶƚĞƐ ŝŶĚŝĐĂĚŽƌĞƐ ƉĂƌĂ ĐĂƌĂĐƚĞƌŝnjĂƌ ůĂ ƚĞŵƉĞƌĂƚƵƌĂ LJ ůĂ ƋƵşŵŝĐĂ LJ ĐŽŶ ƐƵĨŝĐŝĞŶƚĞƐ ŵĞĚŝĐŝŽŶĞƐ ĚŝƌĞĐƚĂƐ ƋƵĞ ĐŽŶĨŝƌŵĂŶ ůĂ ĐŽŶƚŝŶƵŝĚĂĚ ĚĞů ƌĞĐƵƌƐŽ

>Ă ĐŽŵĞƌĐŝĂůŝnjĂĐŝſŶ ƚŽĚĂǀşĂ ŶŽ ĞƐƚĂďůĞĐŝĚĂ͘ WƌŽďĂďůĞŵĞŶƚĞ ƐĞĂ ĨĂĐƚŝďůĞ ĐŽŶ ůĂ ƚĞĐŶŽůŽŐşĂ ĂĐƚƵĂů Ž ĨƵƚƵƌĂ͕ ďĂũŽ ůĂƐ ĐŽŶĚŝĐŝŽŶĞƐ ĚĞ ŵĞƌĐĂĚŽ ĂĐƚƵĂůĞƐ LJͬŽ ŵĄƐ ĨĂǀŽƌĂďůĞƐ

/E& Z/ K

Z hZ^K

>Ă ĞŶĞƌպà ƚĠƌŵŝĐĂ >Ă ĞŶĞƌպà ƚĠƌŵŝĐĂ ƌĞĐƵƉĞƌĂďůĞ ĚĞŶƚƌŽ ĚĞ ƌĞĐƵƉĞƌĂďůĞ ĚĞŶƚƌŽ ƵŶ ĄƌĞĂ ͬ ǀŽůƵŵĞŶ ĐŽŶ ĚĞ ƵŶ ǀŽůƵŵĞŶ ĚĞ ůŽƐ ƐƵĨŝĐŝĞŶƚĞƐ >ŽƐ ĚĂƚŽƐ ĚĞ ŝŶĚŝĐĂĚŽƌĞƐ ĚŝƌĞĐƚŽƐ ĚĞů ƌŽĐĂ ŵĄƐ ĨŝĂďůĞ ƋƵĞ ĞdžƉůŽƌĂĐŝſŶ ĐŽŶ ǀĂůŽƌ Ğů ƌĞĐƵƌƐŽ ĐĂƌĄĐƚĞƌ Ž ůĂƐ ŵĂƚĞƌŝĂů ƉĂƌĂ ůĂ ŐĞŽƚĠƌŵŝĐŽ ŝŶĨĞƌŝĚŽ͘ ĚŝŵĞŶƐŝŽŶĞƐ ĚĞů ĞƐƚŝŵĂĐŝſŶ ĚĞů ƌĞĐƵƌƐŽ ^ƵĨŝĐŝĞŶƚĞƐ ƌĞĐƵƌƐŽ ŐĞŽƚĠƌŵŝĐŽ ŐĞŽƚĠƌŵŝĐŽ͕ ƉĞƌŽ ƋƵĞ ŝŶĚŝĐĂĚŽƌĞƐ ƉĂƌĂ ƉĂƌĂ ƉƌŽƉŽƌĐŝŽŶĂƌ ƵŶĂ ĚĞ ƉŽƌ Ɛş ƐŽůŽƐ ƐŽŶ ĐĂƌĂĐƚĞƌŝnjĂƌ ůĂ ďĂƐĞ ĨŝĂďůĞ ĚĞ ƋƵĞ ŝŶƐƵĨŝĐŝĞŶƚĞƐ ƉĂƌĂ ƚĞŵƉĞƌĂƚƵƌĂ LJ ůĂ ĞdžŝƐƚĞ ĞŶĞƌպà ƚĠƌŵŝĐĂ͕ ĚĞĨŝŶŝƌ ƵŶĂ ĐĂƚĞŐŽƌşĂ ƋƵşŵŝĐĂ͕ ĂƵŶƋƵĞ ĐŽŶ ĞƐƚŝŵĂŶĚŽ ůĂ ĚĞ ƌĞĐƵƌƐŽ ŐĞŽƚĠƌŵŝĐŽ ƉŽĐĂƐ ŵĞĚŝĚĂƐ ƚĞŵƉĞƌĂƚƵƌĂ LJ ĐŽŶ ĚŝƌĞĐƚĂƐ ŝŶĚŝĐĂŶĚŽ ƐƵ ĂůŐƵŶĂƐ ŝŶĚŝĐĂĐŝŽŶĞƐ ĞdžƚĞŶƐŝſŶ Ž ŵĞĚŝĚĂ ƐŽďƌĞ ƐƵ ŵĞĚŝĚĂ LJ ĂůĐĂŶĐĞ

Z ^h>d K > yW>KZ /ME

0È67(5 *HRORJtD DSOLFDGD D OD 2EUD &LYLO \ ORV 5HFXUVRV +tGULFRV 75$%$-2 (QHUJtD *HRWpUPLFD GH *UDQDGD $8725 (PPDQXHO 6HJXUD =DPRUD

WZK K

ΕWϱϬ

ΕWϵϬ

ƉůŝĐĂďůĞ ĚŝƌĞĐƚĂŵĞŶƚĞ Ă ƵŶĂ ƉƌŽĚƵĐĐŝſŶ ĐĂƉĂnj ĚĞ ƐĂƚŝƐĨĂĐĞƌ ƚŽĚŽƐ ůŽƐ ĨĂĐƚŽƌĞƐ ĚĞ ŵŽĚŝĨŝĐĂĐŝſŶ͘ ŝƌĞĐƚĂŵĞŶƚĞ Ž ĞƋƵŝǀĂůĞŶƚĞ Ă ƵŶ ƌĞůĂĐŝŽŶĂĚŽƐ ĐŽŶ ůĂ ZĞĐƵƌƐŽ DĞĚŝĚŽ ƉĂƌĂ ƉĂƌƚĞ ĚĞ ƵŶ ZĞĐƵƌƐŽ Ğů ĐƵĂů ŶŽ ƐĞ ƉƵĞĚĞ DĞĚŝĚŽ ƉĂƌĂ Ğů ƋƵĞ ŚĂĐĞƌ ƵŶĂ ƉƌĞǀŝƐŝſŶ ƉƵĞĚĞ ƐĞƌ ůĂ ƉƌŽĚƵĐĐŝſŶ ĨŝĂďůĞ ƐŽďƌĞ ůĂ ƉƌŽĚƵĐĐŝſŶ ĐŽŵĞƌĐŝĂů ĐŽŵĞƌĐŝĂů ƉĂƌĂ ƚŽĚĂ ůĂ ǀŝĚĂ ĞƐƚĂďůĞĐŝĚĂ ĞŶ Ğů ĚƵƌĂŶƚĞ ůĂ ǀŝĚĂ Ʒƚŝů ƉƌŽLJĞĐƚŽ ƉƌĞǀŝƐƚŽ ĐŽŶ ĚĞů ƉƌŽLJĞĐƚŽ ƉĂƌ ƐĞƌ ƵŶ ĂůƚŽ ŐƌĂĚŽ ĚĞ ĐŽŶƐŝĚĞƌĂĚĂ ƵŶĂ ĐŽŶĨŝĂŶnjĂ͘ ZĞƐĞƌǀĂ WƌŽǀĂĚĂ͘ >Ă ƉƌŽďĂďŝůŝĚĂĚ ĚĞ ƋƵĞ ŽĐƵƌƌĂ ĞƐ ΗŵĄƐ ƉƌŽďĂďůĞ ƋƵĞ ŶŽΗ

ƋƵŝǀĂůĞŶƚĞ Ă ƵŶ ZĞĐƵƌƐŽ /ŶĚŝĐĂĚŽ ƉĂƌĂ Ğů ĐƵĂů ƐĞ ƉƵĞĚĞ ŚĂĐĞƌ ƵŶĂ ƉƌĞǀŝƐŝſŶ ƐŽďƌĞ ůĂ ƉƌŽĚƵĐĐŝſŶ ĐŽŵĞƌĐŝĂů ĚƵƌĂŶƚĞ ůĂ ǀŝĚĂ Ʒƚŝů ĂƐƵŵŝĚĂ ĚĞů ƉƌŽLJĞĐƚŽ͖

ŽŵĞƌĐŝĂů͘ &ĂĐƚŝďůĞ ĐŽŶ ůĂ ƚĞĐŶŽůŽŐşĂ ĞdžŝƐƚĞŶƚĞ LJ ůĂƐ ĂĐƚƵĂůĞƐ ĐŽŶĚŝĐŝŽŶĞƐ ĚĞ ŵĞƌĐĂĚŽ

WZK >

Z ^ Zs


Z ^h>d K > yW>KZ /ME

>ĂƐ ĂƉƌŽƉŝĂĚĂƐ

EĞĐĞƐĂƌŝŽ

KƉĐŝŽŶĂů

hŶŝĚĂĚĞƐ

/E& Z/ K

0È67(5 *HRORJtD DSOLFDGD D OD 2EUD &LYLO \ ORV 5HFXUVRV +tGULFRV 75$%$-2 (QHUJtD *HRWpUPLFD GH *UDQDGD $8725 (PPDQXHO 6HJXUD =DPRUD

ϭ͘ ŶĞƌպà ƚĠƌŵŝĐĂ ƌĞĐƵƉĞƌĂďůĞ

D / K

WZK >

ϲ͘ >ĂƐ ĂƉƌŽƉŝĂĚĂƐ

ϱ͘ dž DtĞ ĚƵƌĂŶƚĞ LJ ĂŹŽƐ

ϰ͘ W:Ğ Ž DtĞ ĂŹŽ

ϯ͘ W:ƚ Ž Dtƚ ĂŹŽ

Ϯ͘ >ĂƐ ĂƉƌŽƉŝĂĚĂƐ

ϭ͘ W:ƚ Ž Dtƚ ĂŹŽ

ϲ͘ >ŽƐ ƉƌŝŶĐŝƉĂůĞƐ ƐƵƉƵĞƐƚŽƐ LJ ĨĂĐƚŽƌ;ĞƐͿ ĚĞ ĐŽŶǀĞƌƐŝſŶ

z Ɛŝ ĞƐ ĂƐş͗

ϱ͘ ůĞĐƚƌŝĐŝĚĂĚ ƐƵƉŽŶĞ ůĂ ŐĞŶĞƌĂĐŝſŶ ĚƵƌĂŶƚĞ ƵŶ ƉĞƌşŽĚŽ

ϰ͘ >Ă ŐĞŶĞƌĂĐŝſŶ ƚŽƚĂů ĚĞ ĞůĞĐƚƌŝĐŝĚĂĚ ƐƵƉƵĞƐƚĂ

ϯ͘ ŶĞƌպà ƚĠƌŵŝĐĂ ŝŶ ƐŝƚƵ ;ŶŽ ĚĞďĞ ƐĞƌ ĚĞƐĐƌŝƚĂ ĐŽŵŽ ƵŶ ΗƌĞĐƵƌƐŽΗͿ

Ϯ͘ >ŽƐ ƉƌŝŶĐŝƉĂůĞƐ ƐƵƉƵĞƐƚŽƐ LJ ĞůͬůŽƐ ĨĂĐƚŽƌ;ĞƐͿ ĚĞ ƌĞĐƵƉĞƌĂĐŝſŶ

/E / K

Z hZ^K

Z ^ Zs WZK K


0È67(5 *HRORJtD DSOLFDGD D OD 2EUD &LYLO \ ORV 5HFXUVRV +tGULFRV 75$%$-2 (QHUJtD *HRWpUPLFD GH *UDQDGD $8725 (PPDQXHO 6HJXUD =DPRUD

$1(-2

'LUHFWULFHV HQ OD &ODVLILFDFLyQ GH UHFXUVRV \ UHVHUYDV


džƚĞŶƐŝſŶ ĚĞ ůĂ ĂůƚĂ ƚĞŵƉĞƌĂƚƵƌĂ ŝŶĚŝĐĂĚĂ ĞŶ Ğů ŝŶƚĞƌǀĂůŽ ĚĞ ƉƌŽĨƵŶĚŝĚĂĚ ƐĞůĞĐĐŝŽŶĂĚĂ ĞŶ ďĂƐĞ Ă͗

džƚĞŶƐŝſŶ ĚĞ ůĂ ĂůƚĂ ƚĞŵƉĞƌĂƚƵƌĂ ŝŶĨĞƌŝĚĂ ĞŶ Ğů ŝŶƚĞƌǀĂůŽ ĚĞ ƉƌŽĨƵŶĚŝĚĂĚ ƐĞůĞĐĐŝŽŶĂĚĂ ĞŶ ďĂƐĞ Ă͗

sK>hD E

D / ^

dĞŵƉĞƌĂƚƵƌĂƐ ĞƐƚŝŵĂĚĂƐ ĚĞ

WƌŽĨƵŶĚŝĚĂĚ

dĞŵƉĞƌĂƚƵƌĂ

WƌŽĨƵŶĚŝĚĂĚ ŵĄdžŝŵĂ ĂůĐĂŶnjĂĚĂ ƉŽƌ ůĂ ƉĞƌĨŽƌĂĐŝſŶ ŵĄƐ ůĂ ĚŝƐƚĂŶĐŝĂ ƌĂnjŽŶĂďůĞ ĚĞ ĚƌĞŶĂũĞ ĚĞďĂũŽ ĚĞů ĨŽŶĚŽ ĚĞů ƉŽnjŽ ;ŵĞŶŽƐ ĞŶ ůŽƐ ƐŝƐƚĞŵĂƐ ŶŽ ĐŽŶǀĞĐƚŝǀŽƐͿ͘ 'ŽďĞƌŶĂĚŽ ƉŽƌ ůĂƐ ƚĞŵƉĞƌĂƚƵƌĂƐ ĞŶ ůĂ njŽŶĂ ĚĞ ƐĂůŝĚĂ ĞŶ ůŽƐ ƐŝƐƚĞŵĂƐ ŶĂƚƵƌĂůĞƐ͘

dĞŵƉĞƌĂƚƵƌĂ ĞƐƚŝŵĂĚĂ Ă

dĞŵƉĞƌĂƚƵƌĂƐ ŵĞĚŝĚĂƐ ĞŶ

W / EdZ '

ƐƉĞƐŽƌ ĚĞĨŝŶŝĚŽ ƉŽƌ ůĂ ŐĞŽĨşƐŝĐĂ͕ Ž ĞŶ ůŽƐ ƉŽnjŽƐ ĂĚLJĂĐĞŶƚĞƐ͘ WƌŽĨƵŶĚŝĚĂĚ ŵĄdžŝŵĂ ĞƐƉĞƌĂĚĂ ĂůĐĂŶnjĂƌ ŵĞĚŝĂŶƚĞ ůĂ ƉĞƌĨŽƌĂĐŝſŶ ŵĄƐ ĚƌĞŶĂũĞ ƌĂnjŽŶĂďůĞ ĚĞƐĚĞ ůŽ ŵĄƐ ƉƌŽĨƵŶĚŽ ;ŵĞŶŽƐ ĞŶ ůŽƐ ƐŝƐƚĞŵĂƐ ŶŽ ĐŽŶǀĞĐƚŝǀŽƐͿ

džƚĞŶƐŝſŶ ĚĞ ůĂ ĂůƚĂ ƚĞŵƉĞƌĂƚƵƌĂ ŵĞĚŝĚĂ ĞŶ ůŽƐ ƉŽnjŽƐ ĞŶ Ğů ŝŶƚĞƌǀĂůŽ ĚĞ ƉƌŽĨƵŶĚŝĚĂĚ ƐĞůĞĐĐŝŽŶĂĚŽ͕ ͻ ƐƚƵĚŝŽƐ 'ĞŽĨşƐŝĐŽƐ ͻ hďŝĐĂĐŝſŶ ĚĞ ůĂ ĂĐƚŝǀŝĚĂĚ ƉĞƌŵŝƚŝĞŶĚŽ ƋƵĞ ĂůŐƵŶĂƐ ƐƵƉĞƌĨŝĐŝĂů ƉŽƌ ĞũĞŵƉůŽ͕ ͻ 'ƌĂĚŝĞŶƚĞƐ ĚĞ ƚĞŵƉĞƌĂƚƵƌĂ njŽŶĂƐ ĂůƌĞĚĞĚŽƌ ĚĞ ůŽƐ ŵĂŶĂŶƚŝĂůĞƐ LJ ĨƵŵĂƌŽůĂƐ ƐƵƉĞƌĨŝĐŝĂů͕ Ğů ĨůƵũŽ ĚĞ ĐĂůŽƌ ƉŽnjŽƐ ƐĞĂŶ ŝŶĐůƵŝĚĂƐ͕ LJ ƚĞŶŝĞŶĚŽ ĞŶ ĐƵĞŶƚĂ Ğů ͻ ^ƵƉĞƌĨŝĐŝĞ ĚĞ ĨůƵũŽ ĚĞ ĐĂůŽƌ ĚĞ ƐƵƉĞƌĨŝĐŝĞ ĞƐƉĂĐŝĂŵŝĞŶƚŽ ĂƐş ĐŽŵŽ ƵŶĂ ͻ WƌĞƐĞŶĐŝĂ ĚĞ ůĂ njŽŶĂ ͻ ĂŶĂůŽŐşĂ ŐĞŽůſŐŝĐĂ ĚĞ ůŽƐ ŐƵşĂ ƉĂƌĂ ůĂ ĐŽŶĨŝĂŶnjĂ ĚĞ ĂĚLJĂĐĞŶƚĞ ĚĞŵŽƐƚƌĂĚĂ ƐŝƐƚĞŵĂƐ ĚĞ '^ ƋƵĞ Ğů ĐĂƌĄĐƚĞƌ ĚĞů ĂůŵĂĐĠŶ ͻ ůŐƵŶŽƐ ŵĂƉĂƐ ŐĞŽĨşƐŝĐŽƐ ůĐĂŶĐĞ ĚĞů ƚŝƉŽ ĚĞ ƌŽĐĂ ĞŶ ƐĞ ĚĞĨŝŶĞ ĚĞ ĨŽƌŵĂ ĨŝĂďůĞ ůŽƐ ƐŝƐƚĞŵĂƐ ĚĞ '^ ƉƵĞĚĞŶ ĞƐƚĂƌ ĚŝƐƉŽŶŝďůĞƐ

/E / ^

Z hZ^K^

/E& Z/ ^

ǀĂůƵĂĚŽ Ă ƉĂƌƚŝƌ ĚĞ ůĂ ŚŝĚƌŽůŽŐşĂ͕ ůĂ ĞƐƚƌƵĐƚƵƌĂ͕ ůĂ ĂŶĂůŽŐşĂ͘ WƌŽĨƵŶĚŝĚĂĚ ŵĄdžŝŵĂ ĞƐƉĞƌĂĚĂ ĂůĐĂŶnjĂƌ ŵĞĚŝĂŶƚĞ ůĂ ƉĞƌĨŽƌĂĐŝſŶ ŵĄƐ ůĂ ĚŝƐƚĂŶĐŝĂ ĚĞ ĚƌĞŶĂũĞ ƌĂnjŽŶĂďůĞ ;ŵĞŶŽƐ ĞŶ ůŽƐ ƐŝƐƚĞŵĂƐ ŶŽ ĐŽŶǀĞĐƚŝǀŽƐͿ

ƌĞĂ

dK^

0È67(5 *HRORJtD DSOLFDGD D OD 2EUD &LYLO \ ORV 5HFXUVRV +tGULFRV 75$%$-2 (QHUJtD *HRWpUPLFD GH *UDQDGD $8725 (PPDQXHO 6HJXUD =DPRUD

dĞŵƉĞƌĂƚƵƌĂ ĞƐƚŝŵĂĚĂ Ă

ƐƉĞƐŽƌ ĚĞĨŝŶŝĚŽ ƉŽƌ ůĂ ŐĞŽĨşƐŝĐĂ͕ Ž ĞŶ ůŽƐ ƉŽnjŽƐ ĂĚLJĂĐĞŶƚĞƐ͘ WƌŽĨƵŶĚŝĚĂĚ ŵĄdžŝŵĂ ĞƐƉĞƌĂĚĂ ĂůĐĂŶnjĂƌ ŵĞĚŝĂŶƚĞ ůĂ ƉĞƌĨŽƌĂĐŝſŶ ŵĄƐ ĚƌĞŶĂũĞ ƌĂnjŽŶĂďůĞ ĚĞƐĚĞ ůŽ ŵĄƐ ƉƌŽĨƵŶĚŽ ;ŵĞŶŽƐ ĞŶ ůŽƐ ƐŝƐƚĞŵĂƐ ŶŽ ĐŽŶǀĞĐƚŝǀŽƐͿ͘

ͻ ůĐĂŶĐĞ ĚĞů ƚŝƉŽ ĚĞ ƌŽĐĂ ĞŶ ůŽƐ ƐŝƐƚĞŵĂƐ ĚĞ '^

ͻ WƌĞƐĞŶĐŝĂ ĚĞ ůĂ njŽŶĂ ĂĚLJĂĐĞŶƚĞ ĚĞŵŽƐƚƌĂĚĂ

ͻ 'ƌĂĚŝĞŶƚĞƐ ĚĞ ƚĞŵƉĞƌĂƚƵƌĂ ƐƵƉĞƌĨŝĐŝĂů͕ Ğů ĨůƵũŽ ĚĞ ĐĂůŽƌ ĚĞ ƐƵƉĞƌĨŝĐŝĞ

ͻ ƐƚƵĚŝŽƐ 'ĞŽĨşƐŝĐŽƐ

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ů ĞƐƉĂĐŝĂĚŽ ĚĞ ůĂƐ ĨƌĂĐƚƵƌĂƐ ƉƌŝŶĐŝƉĂůĞƐ LJ Ɛŝ ƐŽŶ ƌĞŐƵůĂƌĞƐ͕ ůŽĐĂůŝnjĂĚĂƐ Ž ŝƌƌĞŐƵůĂƌĞƐ ĞŶ ĞƐƚĂĚŽ ŶĂƚƵƌĂů

DĞĚŝĚĂ ĞŶ ƚĞƐƚŝŐŽƐ ;ƚŝĞŶĚĞŶ Ă ƐĞƌ ŵşŶŝŵŽƐͿ LJͬŽ ŝŶĨĞƌŝĚĂ ĚĞů ĐŽŵƉŽƌƚĂŵŝĞŶƚŽ ƚƌĂŶƐŝƚŽƌŝŽ ĚĞů ĂůŵĂĐĠŶ͕ ŚĂďŝůŝĚĂĚ ĚĞŵŽƐƚƌĂĚĂ ƉĂƌĂ ĞƐƚŝŵƵůĂƌ ƐŝƐƚĞŵĂƐ '^

EŝŶŐƷŶ ƉƌŽďůĞŵĂ ŝŵƉŽƌƚĂŶƚĞ ĐŽŶ ůĂ ĂĐŝĚĞnj ĚĞů ĨůƵŝĚŽ Ž ĐŽŶ Ğů ĚĞƉſƐŝƚŽ ŝŶĐŽŶƚƌŽůĂĚŽ ĚĞ ƐſůŝĚŽƐ ƉŽƌ ůŽƐ ĨůƵŝĚŽƐ ĚĞƐĐĂƌŐĂĚŽƐ ĞŶ ůŽƐ ƉŽnjŽƐ ĞdžŝƐƚĞŶƚĞƐ

EŝŶŐƷŶ ƉƌŽďůĞŵĂ ŝŵƉŽƌƚĂŶƚĞ ƉƌĞǀŝƐƚŽ ĐŽŶ ůĂ ĂĐŝĚĞnj ĚĞů ĨůƵŝĚŽ Ž ĐŽŶ Ğů ĚĞƉſƐŝƚŽ ŝŶĐŽŶƚƌŽůĂĚŽ ĚĞ ƐſůŝĚŽƐ ĞŶ ƉŽnjŽƐ͕ Ž ĞŶ Ğů ĄƌĞĂ WƌŽďĂĚĂ ĂĚLJĂĐĞŶƚĞ

EŝŶŐƷŶ ƉƌŽďůĞŵĂ ŝŵƉŽƌƚĂŶƚĞ ĐŽŶ ůĂ ĂĐŝĚĞnj ĚĞů ĨůƵŝĚŽ Ž ĐŽŶ Ğů ĚĞƉſƐŝƚŽ ŝŶĐŽŶƚƌŽůĂĚŽ ĚĞ ƐſůŝĚŽƐ ƉŽƌ ůŽƐ ĨůƵŝĚŽƐ ĚĞƐĐĂƌŐĂĚŽƐ ĞŶ ůŽƐ ƉŽnjŽƐ ĞdžŝƐƚĞŶƚĞƐ

EŝŶŐƷŶ ƉƌŽďůĞŵĂ ŝŵƉŽƌƚĂŶƚĞ ƉƌĞǀŝƐƚŽ ĐŽŶ ůĂ ĂĐŝĚĞnj ĚĞů ĨůƵŝĚŽ Ž ĐŽŶ Ğů ĚĞƉſƐŝƚŽ ŝŶĐŽŶƚƌŽůĂĚŽ ĚĞ ƐſůŝĚŽƐ ĞŶ ƉŽnjŽƐ͕ Ž ĞŶ Ğů ĄƌĞĂ DĞĚŝĚĂ ĂĚLJĂĐĞŶƚĞ

WZK ^

ĞƐĐĂƌŐĂ ƐŽƐƚĞŶŝĚĂ ƉƌŽďĂĚĂ ĨůƵLJĞ ĚĞ ƵŶ;ŽƐͿ ƉŽnjŽ;ƐͿ ƉƌŽĨƵŶĚŽ;ƐͿ͘

WZK > ^

džƚĞŶƐŝſŶ ŝŶĨĞƌŝĚĂ ĚĞ ĨĂůůĂƐ Ž ĚĞ ƉĞƌŵĞĂďŝůŝĚĂĚ ĚĞ ĂĐƵşĨĞƌŽ͕ Ž ŵĞƚŽĚŽůŽŐşĂ '^ ĞƐĐĂƌŐĂ ƐŽƐƚĞŶŝĚĂ ƉƌŽďĂĚĂ ĨůƵLJĞ ĚĞ ƵŶ;ŽƐͿ ƉŽnjŽ;ƐͿ ƉƌŽďĂĚĂ͘ WƌĞƐŝŽŶĞƐ ĚĞ ƉƌŽĨƵŶĚŽ;ƐͿ͘ ůşƋƵŝĚŽƐ ŝŶĨĞƌŝĚĂƐ ĚĞ ƉŽnjŽƐ ĞŶ Ğů ĄƌĞĂ WƌŽďĂĚĂ ĂĚLJĂĐĞŶƚĞ Ž ƉŽnjŽƐ ƐŽŵĞƌŽƐ

D / ^

Z ^ Zs ^

džƚĞŶƐŝſŶ ŝŶĨĞƌŝĚĂ ĚĞ ĨĂůůĂƐ Ž ĚĞ ƉĞƌŵĞĂďŝůŝĚĂĚ ĚĞ ĂĐƵşĨĞƌŽ͕ Ž ŵĞƚŽĚŽůŽŐşĂ '^ ƉƌŽďĂĚĂ͘ WƌĞƐŝŽŶĞƐ ĚĞ ůşƋƵŝĚŽƐ ŝŶĨĞƌŝĚĂƐ ĚĞ ƉŽnjŽƐ ĞŶ Ğů ĄƌĞĂ DĞĚŝĚĂ ĂĚLJĂĐĞŶƚĞ Ž ƉŽnjŽƐ ƐŽŵĞƌŽƐ

/E / ^

EŝŶŐƵŶĂ ĞǀŝĚĞŶĐŝĂ ĚĞ ƉƌŽďůĞŵĂƐ ŝŵƉŽƌƚĂŶƚĞƐ ĐŽŶ ůĂ ĂĐŝĚĞnj ĚĞů ĨůƵŝĚŽ Ž ĐŽŶ Ğů ĚĞƉſƐŝƚŽ ŝŶĐŽŶƚƌŽůĂĚŽ ĚĞ ƐſůŝĚŽƐ

/E& Z/ ^

Z hZ^K^

WƌĞƐŝŽŶĞƐ ĚĞ ůşƋƵŝĚŽƐ LJ ƉĞƌŵĞĂďŝůŝĚĂĚ ŝŶĨĞƌŝĚĂ ĚĞ ƉŽnjŽƐ ƐŽŵĞƌŽƐ Ž WƌĞƐŝſŶ LJ ŵĂŶĂŶƚŝĂůĞƐ ƐƵƌŐĞŶƚĞƐ͘ &ĂůůĂ ƉĞƌŵĞĂďŝůŝĚĂĚ ŝŶĨĞƌŝĚĂ Ž ƉĞƌŵĞĂďŝůŝĚĂĚ ĚĞů ĂĐƵşĨĞƌŽ Ž ŵĞƚŽĚŽůŽŐşĂ '^ ƉƌŽďĂĚĂ

dK^

0È67(5 *HRORJtD DSOLFDGD D OD 2EUD &LYLO \ ORV 5HFXUVRV +tGULFRV 75$%$-2 (QHUJtD *HRWpUPLFD GH *UDQDGD $8725 (PPDQXHO 6HJXUD =DPRUD


0È67(5 *HRORJtD DSOLFDGD D OD 2EUD &LYLO \ ORV 5HFXUVRV +tGULFRV 75$%$-2 (QHUJtD *HRWpUPLFD GH *UDQDGD $8725 (PPDQXHO 6HJXUD =DPRUD

$1(-2 &RQWURO \ *XtD SDUD SUHSDUDFLyQ GH LQIRUPHV GH UHFXUVRV \ UHVHUYDV


0È67(5 *HRORJtD DSOLFDGD D OD 2EUD &LYLO \ ORV 5HFXUVRV +tGULFRV 75$%$-2 (QHUJtD *HRWpUPLFD GH *UDQDGD $8725 (PPDQXHO 6HJXUD =DPRUD

͘ dK^ d E/ K^ WZ ͲW Z&KZ /ME yW>KZ /ME W Z D dZK

>ŽƐ ŵĂƉĂƐ ŐĞŽůſŐŝĐŽƐ Ğ ŝŶƚĞƌƉƌĞƚĂĐŝſŶ

KE^/ Z /KE ^ ^K Z >K^ dK^ ͻ >Ă ŶĂƚƵƌĂůĞnjĂ LJ ůĂ ĐĂůŝĚĂĚ ĚĞ ůŽƐ ŵĂƉĂƐ ĚŝƐƉŽŶŝďůĞƐ ;ƉŽƌ ĞũĞŵƉůŽ͕ ůĂ ĞƐĐĂůĂ͕ ůĂ ŝŶƚĞŐƌŝĚĂĚ͕ ůĂ ĞĚĂĚ͕ ůŽƐ ĂƵƚŽƌĞƐ͕ Ϯ ͕ ϯ ͕ ĞƚĐͿ ĐŽŵŽ ďĂƐĞ ƉĂƌĂ ůĂ ŝŶƚĞƌƉƌĞƚĂĐŝſŶ LJ ůĂƐ ĐŽŶƐĞĐƵĞŶĐŝĂƐ ƉĂƌĂ ůŽƐ ƚŝƉŽƐ ƉƌŽďĂďůĞƐ ĚĞ ƌĞĐƵƌƐŽƐ ŐĞŽƚĠƌŵŝĐŽƐ ͻ ĞƐĐƌŝƉĐŝſŶ ĚĞ ůĂƐ ĞƉſƐŝƚŽƐ ŐĞŽƚĠƌŵŝĐŽƐ ƌĞůĞǀĂŶƚĞƐ ƌĞŐŝƐƚƌĂĚŽƐ ƉƌĞǀŝĂŵĞŶƚĞ ĞŶ ůĂ ƉƌŽdžŝŵŝĚĂĚ Ž ĞŶ ůĂ ŵŝƐŵĂ ƉƌŽǀŝŶĐŝĂ ŐĞŽůſŐŝĐĂ ͻ ĚĞĐƵĂĐŝſŶ ĚĞ ůŽƐ ŵĂƉĂƐ ĚĞ ďĂƐĞ ͻ >Ă ŵĞƚŽĚŽůŽŐşĂ LJ ůĂ ĐĂůŝĚĂĚ ĚĞ ůĂ ƵďŝĐĂĐŝſŶ ĚĞ ůĂ ŵƵĞƐƚƌĂ ;ƉŽƌ ĞũĞŵƉůŽ͕ 'W^͕ ĞƚĐͿ

>ŽƐ ĚĂƚŽƐ ĚĞ ƵďŝĐĂĐŝſŶ LJ Ğů ĞƐƉĂĐŝĂŵŝĞŶƚŽ

ͻ ĂƚƵŵ LJ ƉƌŽLJĞĐĐŝſŶ ƵƚŝůŝnjĂĚĂ ũƵŶƚŽ ĐŽŶ ůŽƐ ƉĂƌĄŵĞƚƌŽƐ ƌĞůĞǀĂŶƚĞƐ ;ůƵŐĂƌĞƐ ĚĞďĞŶ ƐĞƌ ŝŶĨŽƌŵĂĚĂƐ ƵƚŝůŝnjĂŶĚŽ ƌĞĐŽŶŽĐŝĚŽƐ ƐŝƐƚĞŵĂƐ ĚĞ ĐŽŽƌĚĞŶĂĚĂƐ LJ ůĂƐ ƌĞĚĞƐ ŶŽ ůŽĐĂůĞƐ ƐŝĞŵƉƌĞ ƋƵĞ ƐĞĂ ƉŽƐŝďůĞͿ ͻ ^ĞƉĂƌĂĐŝſŶ ĚĞ ƉƵŶƚŽƐ ĚĞ ĚĂƚŽƐ ĚŝƐƉŽŶŝďůĞƐ ͻ džƚĞŶƐŝſŶ ĚĞ ůĂ ŝŶƚĞƌƉŽůĂĐŝſŶ ĚĞ ĚĂƚŽƐ ͬ ĞdžƚƌĂƉŽůĂĐŝſŶ ŝŶĐůƵLJĞŶĚŽ ƵŶĂ ĞdžƉůŝĐĂĐŝſŶ ĚĞ ůĂƐ ƚĠĐŶŝĐĂƐ ĂƉůŝĐĂĚĂƐ

>Ă ĞǀŝĚĞŶĐŝĂ ĚĞ ĂŐƵĂ ƉĂƐĂĚĂ Ž ƉƌĞƐĞŶƚĞ ͬ ŝŶƚĞƌĂĐĐŝſŶ ĐŽŶ ůĂ ƌŽĐĂ

ͻ hďŝĐĂĐŝſŶ LJ ĚĞƐĐƌŝƉĐŝſŶ ĚĞ ůĂ ĂůƚĞƌĂĐŝſŶ ŚŝĚƌŽƚĞƌŵĂů LJ ŵŝŶĞƌĂůŝnjĂĐŝſŶ ŽďƐĞƌǀĂĚĂ

,ŝĚƌŽůŽŐşĂ

ͻ >Ă ŶĂƚƵƌĂůĞnjĂ LJ ůĂ ĐĂůŝĚĂĚ ĚĞ ĐĞƌĐĂ ĚĞ ůĂ ƐƵƉĞƌĨŝĐŝĞ ĚĞ ĚĂƚŽƐ ŚŝĚƌŽůſŐŝĐŽƐ LJ ůĂ ďĂƐĞ ƉĂƌĂ ůĂ ŝŶƚĞƌƉƌĞƚĂĐŝſŶ ĚĞ ƵŶĂ ŵĂLJŽƌ ŝŶĐůƵƐŝſŶ ĚĞ ŝŶĚŝĐĂĚŽƌĞƐ ŚŝĚƌŽůſŐŝĐŽƐ

dĠĐŶŝĐĂƐ ĚĞ ŵƵĞƐƚƌĞŽ

ͻ >Ă ŶĂƚƵƌĂůĞnjĂ LJ ůĂ ĂĚĞĐƵĂĐŝſŶ ĚĞ ůŽƐ ƉƌŽĐĞĚŝŵŝĞŶƚŽƐ ĚĞ ŵƵĞƐƚƌĞŽ ŐĞŽůſŐŝĐŽƐ͕ ŐĞŽƋƵşŵŝĐŽƐ LJ ĚĞ ĨůƵŝĚŽƐ͕ ŝŶĐůƵLJĞŶĚŽ ůĂ ƌĞĐŽŐŝĚĂ͕ ůĂƐ ŵĞĚŝĚĂƐ ĂĚŽƉƚĂĚĂƐ ƉĂƌĂ ŐĂƌĂŶƚŝnjĂƌ ůĂ ŝĚĞŶƚŝĨŝĐĂĐŝſŶ ĚĞ ůĂƐ ŵƵĞƐƚƌĂƐ ƐŽŶ ƌĞƉƌĞƐĞŶƚĂƚŝǀĂƐ ĚĞ ůĂ ŵƵĞƐƚƌĂ LJ ůĂ ƉƌĞƐĞƌǀĂĐŝſŶ ͻ >Ă ŝĚĞŶƚŝĨŝĐĂĐŝſŶ LJ ůĂ ĞdžƉĞƌŝĞŶĐŝĂ ĚĞů ůĂďŽƌĂƚŽƌŝŽ ĚĞ ĂŶĄůŝƐŝƐ

dĠĐŶŝĐĂƐ ĚĞ ĂŶĄůŝƐŝƐ

ͻ >Ă ŶĂƚƵƌĂůĞnjĂ͕ ůĂ ĐĂůŝĚĂĚ LJ ůĂ ŝĚŽŶĞŝĚĂĚ ĚĞ ůĂƐ ƚĠĐŶŝĐĂƐ ĚĞ ůĂďŽƌĂƚŽƌŝŽ LJ ůŽƐ ƉƌŽĐĞĚŝŵŝĞŶƚŽƐ ƌĞůĂĐŝŽŶĂĚŽƐ ĐŽŶ Ğů ĐŽŶƚƌŽů ĚĞ ĐĂůŝĚĂĚ ;ƉŽƌ ĞũĞŵƉůŽ͕ ĞŶ ůĂ ĚĞƚĞƌŵŝŶĂĐŝſŶ ĚĞ ůĂ ƉĞƚƌŽŐƌĂĨşĂ͕ ŐĞŽƋƵşŵŝĐĂ͕ Ğů ůşƋƵŝĚŽ Ž Ğů ĂŶĄůŝƐŝƐ ĚĞ ŐĂƐĞƐ͕ ůĂƐ ƉƌŽƉŝĞĚĂĚĞƐ ĨşƐŝĐĂƐ ĚĞ ůĂ ƌŽĐĂ͕ ĚĞ ŝƐſƚŽƉŽƐ͕ ůŽƐ ĚĂƚŽƐ ĚĞ ĞĚĂĚ͕ ĞƚĐͿ ͻ ů ŶŝǀĞů ĚĞ ŝŶĐĞƌƚŝĚƵŵďƌĞ ĂŶĂůşƚŝĐĂ LJ Ɛŝ ůŽƐ ŶŝǀĞůĞƐ ĂĐĞƉƚĂďůĞƐ ĚĞ ĞdžĂĐƚŝƚƵĚ LJ ƉƌĞĐŝƐŝſŶ ƐĞ ĐŽŶƐŝĚĞƌĂ ƋƵĞ ƐĞ ŚĂŶ ĞƐƚĂďůĞĐŝĚŽ ͻ >Ă ŶĂƚƵƌĂůĞnjĂ LJ ĐĂůŝĚĂĚ ĚĞ ůŽƐ ĚĂƚŽƐ ĚĞ ƚĞŵƉĞƌĂƚƵƌĂ ĚĞ ůĂ ƐƵƉĞƌĨŝĐŝĞ ;ƉŽƌ ĞũĞŵƉůŽ͕ ĂŵďŝĞŶƚĞ͕ ƐŽŶĚĂ ĚĞ ϭ ŵ͕ ůĂƐ ĞdžƉůŽƌĂĐŝŽŶĞƐ ĂĠƌĞĂƐ ĚĞ ŝŶĨƌĂƌƌŽũŽƐ͕ ƋƵĞ ĞdžŝƐƚĞŶ ƉŽnjŽƐ ĚĞ ƉŽĐĂ ƉƌŽĨƵŶĚŝĚĂĚ͕ ĞƚĐͿ

DĞĚŝĐŝſŶ ĚĞ ƚĞŵƉĞƌĂƚƵƌĂ LJ ŐĞŽƚĞƌŵŽŵĞƚƌşĂ

ͻ >Ă ŶĂƚƵƌĂůĞnjĂ͕ ůĂ ĐĂůŝĚĂĚ LJ ůĂ ŝĚŽŶĞŝĚĂĚ ĚĞ ůĂƐ ƚĠĐŶŝĐĂƐ ƵƚŝůŝnjĂĚĂƐ ƉĂƌĂ ĚĞƚĞƌŵŝŶĂƌ ůĂ ƚĞŵƉĞƌĂƚƵƌĂ ĚĞů ůşƋƵŝĚŽ Ž ŐĞŽƚĞƌŵŽŵĞƚƌşĂ ƋƵşŵŝĐĂ ĚĞ ůĂ ƌŽĐĂ͕ ŝŶĐůƵLJĞŶĚŽ ůĂ ĨƵĞŶƚĞ ĚĞ ůşƋƵŝĚŽƐ͕ Ğů ŶŝǀĞů ĚĞ ŝŶĐĞƌƚŝĚƵŵďƌĞ ĞŶ ůĂ ŵĞĚŝĐŝſŶ LJ ƐƵƉƵĞƐƚŽƐ ďĄƐŝĐŽƐ ͻ >Ă ŶĂƚƵƌĂůĞnjĂ ĚĞ ůĂƐ ĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ ƚĠƌŵŝĐĂƐ ƵƚŝůŝnjĂĚĂƐ ƉĂƌĂ ĚĞƚĞƌŵŝŶĂƌ ůĂ ƚĞŵƉĞƌĂƚƵƌĂ LJ ƐƵ ƌĞůĂĐŝſŶ ĐŽŶ ůĂ ƚŽŵĂ ĚĞ ŵƵĞƐƚƌĂƐ ƋƵşŵŝĐĂƐ

'ƌĂĚŝĞŶƚĞ ĚĞ ƚĞŵƉĞƌĂƚƵƌĂ

ͻ >Ă ŶĂƚƵƌĂůĞnjĂ͕ ĐĂůŝĚĂĚ LJ ƉĞƌƚŝŶĞŶĐŝĂ ĚĞ ůŽƐ ĐĄůĐƵůŽƐ ƵƚŝůŝnjĂĚŽƐ ƉĂƌĂ ĚĞƚĞƌŵŝŶĂƌ Ğů ŐƌĂĚŝĞŶƚĞ ĚĞ ƚĞŵƉĞƌĂƚƵƌĂ ĞŶƚƌĞ ůĂ ŶĂƚƵƌĂůĞnjĂ LJ ůĂ ĨƵĞŶƚĞ ĚĞ ůŽƐ ĚĂƚŽƐ ĚĞ ƚĞŵƉĞƌĂƚƵƌĂ ĚĞ ůĂ ƐƵƉĞƌĨŝĐŝĞ LJ Ğů ŶŝǀĞů ĚĞ ŝŶĐĞƌƚŝĚƵŵďƌĞ ĂƐŽĐŝĂĚŽ ͻ /ŶƚĞƌǀĂůŽƐ ĚĞ ƉƌŽĨƵŶĚŝĚĂĚ ĚĞ ůŽƐ ŐƌĂĚŝĞŶƚĞƐ ĚĞ ĚĞƚĞƌŵŝŶĂĚŽƐ

ŽŶĚƵĐƚŝǀŝĚĂĚ ƚĠƌŵŝĐĂ ;<Ϳ

ͻ ^ŝ ĚĞƚĞƌŵŝŶĂĚĂ ĂŶĂůşƚŝĐĂŵĞŶƚĞ͕ ƚŽŵĂŶĚŽ ĐŽŵŽ ŵŽĚĞůŽ Ž ĂƐŝŐŶĂĚŽƐ ͻ Ŷ ĐĂƐŽ ĚĞ ĚĞƚĞƌŵŝŶĂƌ ĂŶĂůşƚŝĐĂŵĞŶƚĞ͕ ůĂ ŝĚĞŶƚŝĨŝĐĂĐŝſŶ LJ ůĂ ĞdžƉĞƌŝĞŶĐŝĂ ĚĞ


0È67(5 *HRORJtD DSOLFDGD D OD 2EUD &LYLO \ ORV 5HFXUVRV +tGULFRV 75$%$-2 (QHUJtD *HRWpUPLFD GH *UDQDGD $8725 (PPDQXHO 6HJXUD =DPRUD

ůĂďŽƌĂƚŽƌŝŽ ĚĞ ĂŶĄůŝƐŝƐ LJ ĚĞ ůĂ ŶĂƚƵƌĂůĞnjĂ͕ ĐĂůŝĚĂĚ LJ ƉĞƌƚŝŶĞŶĐŝĂ ĚĞ ůŽƐ ĂŶĄůŝƐŝƐ ƵƚŝůŝnjĂĚŽƐ ;ƉŽƌ ĞũĞŵƉůŽ͕ ŶƷŵĞƌŽ LJ ĨƌĞĐƵĞŶĐŝĂ ĚĞ ůĂƐ ŵƵĞƐƚƌĂƐ͕ ůĂ ƚĠĐŶŝĐĂ ƵƚŝůŝnjĂĚĂ ƉĂƌĂ ĚĞƚĞƌŵŝŶĂƌ <͕ Ğů ƚŝƉŽ ĚĞ ŵƵĞƐƚƌĂƐ ;ƉŽƌ ĞũĞŵƉůŽ͕ ĞƚĐ ŶƷĐůĞŽͿ͕ ůĂ ƉƌĞƉĂƌĂĐŝſŶ ĚĞ ŵƵĞƐƚƌĂƐ ;ƉŽƌ ĞũĞŵƉůŽ͕ ůĂ ĚŝŵĞŶƐŝſŶ ĚĞ ůĂ ŵƵĞƐƚƌĂ ͕ ƉƵůŝĚŽ͕ ĞƚĐͿ LJ ůĂƐ ĞƐƉĞĐŝĨŝĐĂĐŝŽŶĞƐ ĚĞ ĂŶĄůŝƐŝƐ ;ƉŽƌ ĞũĞŵƉůŽ͕ ŽƌŝĞŶƚĂĐŝſŶ ĚĞ ŵƵĞƐƚƌĂƐ͕ ĂŶĄůŝƐŝƐ ŚƷŵĞĚŽ Ž ƐĞĐŽ͕ ƚĞŵƉĞƌĂƚƵƌĂ Ă ůĂ ƋƵĞ < ƐĞ ĚĞƚĞƌŵŝŶſ ĞƚĐͿͿ ͻ ƵĂŶĚŽ Ğů ŵŽĚĞůŽ͕ ůĂ ŶĂƚƵƌĂůĞnjĂ͕ ĐĂůŝĚĂĚ LJ ƉĞƌƚŝŶĞŶĐŝĂ ĚĞů ŵŽĚĞůŽ ƵƚŝůŝnjĂĚŽ͕ Ğů ŽƌŝŐĞŶ LJ ůĂ ĐĂůŝĚĂĚ ĚĞ ůŽƐ ƉĂƌĄŵĞƚƌŽƐ ĚĞ ĞŶƚƌĂĚĂ͕ ůĂƐ ĐŽƌƌĞĐĐŝŽŶĞƐ ĂƉůŝĐĂĚĂƐ LJ ͬ Ž ƉƵĞƐƚĂ Ă ƐƵƉƵĞƐƚŽƐ ĐůĂǀĞ ͻ ƵĂŶĚŽ ĂƐş ƐĞ ĞƐƚĂďůĞĐĞ͕ ůĂ ďĂƐĞ ƉĂƌĂ ůĂ ŝŶƚĞƌƉƌĞƚĂĐŝſŶ͕ ŝŶĐůƵŝĚŽƐ ůŽƐ ƐƵƉƵĞƐƚŽƐ ĐůĂǀĞ LJ ĨƵĞŶƚĞƐ ĚĞ ĚĂƚŽƐ ͻ ů ŶŝǀĞů ĞƐƚŝŵĂĚŽ ĚĞ ůĂ ŝŶĐĞƌƚŝĚƵŵďƌĞ ͻ >ŽƐ ƉĂƌĄŵĞƚƌŽƐ ƋƵĞ ƐĞ ĨƵŶĚĂŵĞŶƚĞ ĞŶ ŵĞĚŝĚĂƐ Ž ĂƐƵŵŝƌ ͻ Ŷ ůŽƐ ĐĂƐŽƐ ƐŽďƌĞ ůĂ ďĂƐĞ ĚĞ ĚĂƚŽƐ ĚĞ ŵĞĚŝĐŝſŶ͕ ůĂ ŶĂƚƵƌĂůĞnjĂ LJ ůĂ ĐĂůŝĚĂĚ ĚĞ ůĂƐ ŵĞĚŝĐŝŽŶĞƐ ;ƚĞŵƉĞƌĂƚƵƌĂ LJ ĐŽŶĚƵĐƚŝǀŝĚĂĚ ƚĠƌŵŝĐĂͿ͕ ŝŶĐůƵLJĞŶĚŽ ůĂƐ ĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ ĚĞ ĐƵĂůƋƵŝĞƌ ĐĂƌĂĐƚĞƌşƐƚŝĐĂ ƚĠƌŵŝĐĂ Ă ƉĂƌƚŝƌ ĚĞ ůŽƐ ĐƵĂůĞƐ ƐĞ ĚĞƌŝǀĂƌŽŶ͕ ůĂ ĨƌĞĐƵĞŶĐŝĂ LJ ĚŝƐƚƌŝďƵĐŝſŶ ĚĞ ůĂƐ ŵƵĞƐƚƌĂƐ͕ ŵĠƚŽĚŽ ͬ Ɛ ƵƚŝůŝnjĂĚŽƐ ƉĂƌĂ ůĂ ƚĞŵƉĞƌĂƚƵƌĂ ĚĞů ĨŽŶĚŽ Ă ũƵĞŐŽ LJ ƚĠƌŵŝĐĂ ĚĂƚŽƐ ĚĞ ĐŽŶĚƵĐƚŝǀŝĚĂĚ͕ ůŽƐ ƐƵƉƵĞƐƚŽƐ LJ ĐƵĂůƋƵŝĞƌ ĞǀŝĚĞŶĐŝĂ ĚĞ ƵŶ ĐĂŵďŝŽ ƚĞŵƉŽƌĂů &ůƵũŽ ĚĞ ĐĂůŽƌ

ͻ Ŷ ůŽƐ ĐĂƐŽƐ ĞŶ ůŽƐ ĚĂƚŽƐ ĚĞƉĞŶĚĞŶ ĂƐƵŵŝĚŽ Ž ĂƐŝŐŶĂĚŽ͕ ĞŶƚŽŶĐĞƐ ůĂ ďĂƐĞ ƉĂƌĂ ůĂ ŝŶƚĞƌƉƌĞƚĂĐŝſŶ͕ ŝŶĐůƵŝĚŽƐ ůŽƐ ƐƵƉƵĞƐƚŽƐ ĐůĂǀĞƐ LJ ĨƵĞŶƚĞƐ ĚĞ ĚĂƚŽƐ ͻ Ŷ ƚŽĚŽƐ ůŽƐ ĐĂƐŽƐ ůĂ ŶĂƚƵƌĂůĞnjĂ͕ ůĂ ĐĂůŝĚĂĚ LJ ůĂ ĂĚĞĐƵĂĐŝſŶ ĚĞů ŵŽĚĞůŽ ͬ Ɛ ƵƚŝůŝnjĂĚŽƐ ;ƉŽƌ ĞũĞŵƉůŽ͕ ϭ ͕ Ϯ LJ ŵŽĚĞůĂĚŽ ĞŶ ϯ Ϳ͕ ůĂƐ ĐŽƌƌĞĐĐŝŽŶĞƐ ĂƉůŝĐĂĚĂƐ LJ ƐƵƉƵĞƐƚŽƐ ďĄƐŝĐŽƐ ĐŽŶ ƌĞƐƉĞĐƚŽ Ă ůĂƐ ĐŽŶĚŝĐŝŽŶĞƐ ĨşƐŝĐĂƐ͕ Ğů ĨůƵũŽ ĚĞ ĐĂůŽƌ ǀĞƌƚŝĐĂů͕ ŵŽĚĞůŽƐ ƚŽƉŽŐƌĄĨŝĐŽƐ͕ ĞƚĐ ͻ >Ă ŝŶĐĞƌƚŝĚƵŵďƌĞ ĞƐƚŝŵĂĚĂ ĐŽŵŽ ƐƵƉƵĞƐƚŽƐ ďĄƐŝĐŽƐ

ĞƚĞƌŵŝŶĂĐŝſŶ ĚĞ ůĂ ŐĞŶĞƌĂĐŝſŶ ĚĞ ĐĂůŽƌ

dĠĐŶŝĐĂƐ ŐĞŽĨşƐŝĐĂƐ

/ŶƚĞŐƌŝĚĂĚ ĚĞ ůŽƐ ĚĂƚŽƐ LJ ůĂ ǀĞƌŝĨŝĐĂĐŝſŶ

ͻ ĂƐĞƐ ƉĂƌĂ ůĂ ŝĚĞŶƚŝĨŝĐĂĐŝſŶ ĚĞ ůĂƐ ĨƵĞŶƚĞƐ ŝŵƉŽƌƚĂŶƚĞƐ ĚĞ ŐĞŶĞƌĂĐŝſŶ ĚĞ ĐĂůŽƌ ĚĞů ƐƵďƐƵĞůŽ ͻ >Ă ŶĂƚƵƌĂůĞnjĂ͕ ůĂ ĐĂůŝĚĂĚ LJ ůĂ ŝĚŽŶĞŝĚĂĚ ĚĞů ŵŽĚĞůŽ ƵƚŝůŝnjĂĚŽ ƉĂƌĂ ĐĂůĐƵůĂƌ ůĂ ĐĂƉĂĐŝĚĂĚ ĚĞ ŐĞŶĞƌĂĐŝſŶ ĚĞ ĐĂůŽƌ LJ Ğů ŶŝǀĞů ĚĞ ŝŶĐĞƌƚŝĚƵŵďƌĞ ĞŶ ůŽƐ ƌĞƐƵůƚĂĚŽƐ ͻ >Ă ŶĂƚƵƌĂůĞnjĂ͕ ĐĂůŝĚĂĚ LJ ƉĞƌƚŝŶĞŶĐŝĂ ĚĞ ůĂƐ ƚĠĐŶŝĐĂƐ ŐĞŽĨşƐŝĐĂƐ ƉĂƌĂ ĚĞƐĐƌŝďŝƌ Ž ĚĞĨŝŶŝƌ ĂŶŽŵĂůşĂƐ ŐĞŽƚĠƌŵŝĐĂƐ͕ ŝŶĐůƵLJĞŶĚŽ ůĂ ŝŶĐĞƌƚŝĚƵŵďƌĞ LJ ƐƵƉƵĞƐƚŽƐ ĐůĂǀĞ ƋƵĞ ĂŶƚĞƐ͕ ĚƵƌĂŶƚĞ LJ ĚĞƐƉƵĠƐ ĚĞ ůĂ ŝŶƚĞƌƉƌĞƚĂĐŝſŶ͕ Ğů ŵŽĚĞůĂĚŽ͕ ůĂ ĐĂůŝďƌĂĐŝſŶ ĚĞ ƉƌŽƉŝĞĚĂĚĞƐ ĚĞ ůĂƐ ƌŽĐĂƐ͕ ĞƐƉĞĐŝĂůŵĞŶƚĞ ĐŽŶ ůŽƐ ĚĂƚŽƐ ĚĞ ƉĞƌĨŽƌĂĐŝſŶ͕ ƉŽƌ ĞũĞŵƉůŽ͕ ůŽƐ ĐŽŶƚƌĂƚŝƐƚĂƐ ƵƚŝůŝnjĂĚŽƐ LJ ůŽƐ ƉĂƌĄŵĞƚƌŽƐ ĚŝƐƉŽŶŝďůĞƐ ĚĞů ĞƐƚƵĚŝŽ ;ƌĞƐŝƐƚŝǀŝĚĂĚ͕ ůĂ ŐƌĂǀĞĚĂĚ ƐşƐŵŝĐŽƐ͕ ŵĂŐŶĠƚŝĐŽƐ͕ DdͿ ƉĂƌĂ ůŽƐ ĞƐƚƵĚŝŽƐ ƌĞŐŝŽŶĂůĞƐ LJ ůŽĐĂůĞƐ ͻ >ĂƐ ŵĞĚŝĚĂƐ ĂĚŽƉƚĂĚĂƐ ƉĂƌĂ ĂƐĞŐƵƌĂƌ ƋƵĞ ůŽƐ ĚĂƚŽƐ ŶŽ ŚĂŶ ƐŝĚŽ ĂůƚĞƌĂĚŽƐ ĞŶƚƌĞ ůĂ ƌĞĐŽŐŝĚĂ ŝŶŝĐŝĂů LJ Ğů ƵƐŽ ĚĞ ŵŽĚĞůŽƐ ͬ ĐĄůĐƵůŽƐ ͻ ƉƌŽĐĞƐŽ ĚĞ ǀĂůŝĚĂĐŝſŶ ĚĞ ĚĂƚŽƐ ͻ >Ă ǀĞƌŝĨŝĐĂĐŝſŶ ĚĞ ůŽƐ ƌĞƐƵůƚĂĚŽƐ ƐŝŐŶŝĨŝĐĂƚŝǀŽƐ ŵĞĚŝĂŶƚĞ ůĂ ĂƉůŝĐĂĐŝſŶ ĚĞ ƚĠĐŶŝĐĂƐ ĂůƚĞƌŶĂƚŝǀĂƐ LJ ͬ Ž ƉĞƌƐŽŶĂů ŝŶĚĞƉĞŶĚŝĞŶƚĞ

͘ /&/ /ME͕ dK^ D / Ed > ^ z /E&Z ^dZh dhZ W Z D dZK

KE^/ Z /KE ^ ^K Z >K^ dK^

ͻ dŝƉŽ ĚĞ ƌĞĨĞƌĞŶĐŝĂ ĚĞ ŶŽŵďƌĞ ͬ ŶƷŵĞƌŽ͕ ƵďŝĐĂĐŝſŶ LJ ƉƌŽƉŝĞĚĂĚ͕ ŝŶĐůƵŝĚŽƐ ůŽƐ ĚŝĨŝĐĂĐŝſŶ LJ Ğů ĞƐƚĂĚŽ ĂĐƵĞƌĚŽƐ Ž ĂƐƵŶƚŽƐ ůĞŐĂůĞƐ ĐŽŶ ƚĞƌĐĞƌŽƐ͕ ƚĂůĞƐ ĐŽŵŽ ĞŵƉƌĞƐĂƐ ĐŽŶũƵŶƚĂƐ͕ ƐŽĐŝĞĚĂĚĞƐ͕ ĚĞ ƚĞŶĞŶĐŝĂ ĚĞ ůĂ ĚĞƌĞĐŚŽƐ ĚĞ ĂƵƚŽƌ ĚĞ ƉƌŝŵĞƌ ŽƌĚĞŶ͕ ůŽƐ ŝŶƚĞƌĞƐĞƐ ĚĞ ůŽƐ ƚşƚƵůŽƐ ŶĂƚŝǀŽƐ͕ ƐŝƚŝŽƐ ƚŝĞƌƌĂ ŚŝƐƚſƌŝĐŽƐ͕ ĚĞƐŝĞƌƚŽ Ž ƉĂƌƋƵĞ ŶĂĐŝŽŶĂů LJ ůĂ ĐŽŶĨŝŐƵƌĂĐŝſŶ ĚĞ ŵĞĚŝŽ ĂŵďŝĞŶƚĞ


0È67(5 *HRORJtD DSOLFDGD D OD 2EUD &LYLO \ ORV 5HFXUVRV +tGULFRV 75$%$-2 (QHUJtD *HRWpUPLFD GH *UDQDGD $8725 (PPDQXHO 6HJXUD =DPRUD

ͻ >Ă ƐĞŐƵƌŝĚĂĚ ĚĞ ůĂ ƚĞŶĞŶĐŝĂ Ă ĐĂďŽ ĞŶ Ğů ƉůĂnjŽ ĚĞ ĐŽŵƵŶŝĐĂĐŝſŶ͕ ũƵŶƚŽ ĐŽŶ ŝŵƉĞĚŝŵĞŶƚŽƐ ĐŽŶŽĐŝĚŽƐ ƉĂƌĂ ůĂ ŽďƚĞŶĐŝſŶ ĚĞ ƵŶĂ ůŝĐĞŶĐŝĂ ƉĂƌĂ ŽƉĞƌĂƌ ĞŶ Ğů ĄƌĞĂ WƌŽďůĞŵĂƐ ĚĞ ƚĞƌƌĞŶŽ͕ ŐĞŽƚĠĐŶŝĐŽƐ LJ ĚĞ ĂĐĐĞƐŽ

ͻ >Ă ŝĚĞŶƚŝĨŝĐĂĐŝſŶ ĚĞ ŝŵƉŽƌƚĂŶƚĞƐ ĐƵĞƐƚŝŽŶĞƐ ĚĞ ŐĞŽƚĞĐŶŝĂ͕ ƌŝĞƐŐŽƐ ĚĞ ŽƌŝŐĞŶ ŐĞŽůſŐŝĐŽ Ž ĚĞ ĂĐĐĞƐŽ ƋƵĞ ƉŽĚƌşĂŶ ĂĨĞĐƚĂƌ Ă ĨƵƚƵƌŽƐ ůƵŐĂƌĞƐ ĚĞ ƉĞƌĨŽƌĂĐŝſŶ Ž ŵĞƌŵĂƌ Ă ůŽƐ ƐĞĐƚŽƌĞƐ

ƵĞƐƚŝŽŶĞƐ ĂŵďŝĞŶƚĂůĞƐ

ͻ /ĚĞŶƚŝĨŝĐĂĐŝſŶ ĚĞ ƚĞŵĂƐ ĂŵďŝĞŶƚĂůĞƐ ƐŝŐŶŝĨŝĐĂƚŝǀŽƐ ;ƉŽƌ ĞũĞŵƉůŽ͕ ůŽƐ ƌĞƋƵĞƌŝŵŝĞŶƚŽƐ ĚĞ ĂŐƵĂ͕ ůĂ ƐŝƐŵŝĐŝĚĂĚ ŝŶĚƵĐŝĚĂͿ͕ ƋƵĞ ƉŽĚƌşĂ ĂĨĞĐƚĂƌ Ă ůĂƐ ĨƵƚƵƌĂƐ ƵďŝĐĂĐŝŽŶĞƐ ĚĞ ƉĞƌĨŽƌĂĐŝſŶ Ž ŵĞƌŵĂƌ Ă ůŽƐ ƐĞĐƚŽƌĞƐ

WƌŽďůĞŵĂƐ ĚĞ ƵƐŽ ĚĞů ƐƵĞůŽ

ͻ >Ă ŝĚĞŶƚŝĨŝĐĂĐŝſŶ ĚĞ ŝŵƉŽƌƚĂŶƚĞƐ ĐŽŶĨůŝĐƚŽƐ ĚĞ ƵƐŽ ĚĞů ƐƵĞůŽ ƋƵĞ ƉƵĞĚĞŶ ĂĨĞĐƚĂƌ Ă ůĂƐ ĨƵƚƵƌĂƐ ƵďŝĐĂĐŝŽŶĞƐ ĚĞ ƉĞƌĨŽƌĂĐŝſŶ Ž ŵĞƌŵĂƌ Ă ůŽƐ ƐĞĐƚŽƌĞƐ

/ŶĨƌĂĞƐƚƌƵĐƚƵƌĂ

ͻ >Ă ƉƌŽdžŝŵŝĚĂĚ LJ ůĂ ĐĂůŝĚĂĚ ĚĞ ůĂ ŝŶĨƌĂĞƐƚƌƵĐƚƵƌĂ ĐŽƌƌĞƐƉŽŶĚŝĞŶƚĞ LJ Ğů ƐƵŵŝŶŝƐƚƌŽ ĚĞ ĂŐƵĂ͕ ůşŶĞĂƐ ĚĞ ƚƌĂŶƐŵŝƐŝſŶ ĞŶ ƉĂƌƚŝĐƵůĂƌ ĐƵĂŶĚŽ Ğů ƉƌŽLJĞĐƚŽ ĞƐƚĄ ƐŝĞŶĚŽ ĐŽŶƐŝĚĞƌĂĚŽ ƉĂƌĂ ůĂ ŐĞŶĞƌĂĐŝſŶ ĚĞ ĞůĞĐƚƌŝĐŝĚĂĚ

džƉůŽƌĂĐŝŽŶĞƐ ŚĞĐŚĂƐ ƉŽƌ ŽƚƌŽƐ

ͻ ZĞĐŽŶŽĐŝŵŝĞŶƚŽ LJ ǀĂůŽƌĂĐŝſŶ ĚĞ ĞdžƉůŽƌĂĐŝŽŶĞƐ ŚĞĐŚĂƐ ƉŽƌ ŽƚƌŽƐ ĞŶ ůĂ ŵĞĚŝĚĂ ƋƵĞ ůŽƐ ĚĂƚŽƐ ĞƐƚĠŶ ĚŝƐƉŽŶŝďůĞƐ

͘ dK^ > ^h ^h >K z ^ Z' WK K W Z D dZK

KE^/ Z /KE ^ ^K Z >K^ dK^ ͻ dŝƉŽ ĚĞ ƉĞƌĨŽƌĂĐŝſŶ ƵƚŝůŝnjĂĚĂ ;ƉŽƌ ĞũĞŵƉůŽ͕ ĚĞ ƚĞƐƚŝŐŽ ĐŽŶƚŝŶƵŽ͕ ƌŽƚĂƚŝǀŽ͕ ĞƚĐͿ ŝŶĐůƵLJĞŶĚŽ ƚŝƉŽ ĚĞ ƚƌĠƉĂŶŽ ͬ ĚĞƚĂůůĞƐ ĚĞ ůĂ ĐŽƌŽŶĂ ;ƉŽƌ ĞũĞŵƉůŽ͕ ůĂ ĨĞĐŚĂ ĚĞ ƉĞƌĨŽƌĂĐŝſŶ͕ ƉƌŽĨƵŶĚŝĚĂĚ͕ ĞƚĐͿ

ĂƚŽƐ ĚĞ ƉĞƌĨŽƌĂĐŝſŶ

ͻ ŝƐƉŽŶŝďŝůŝĚĂĚ ĚĞ ƌĞŐŝƐƚƌŽƐ ĚĞ ƉĞƌĨŽƌĂĐŝſŶ LJ ůŽƐ ĚĂƚŽƐ ĚĞ ůŽƐ ŝŶƐƚƌƵŵĞŶƚŽƐ ĚĞ ƉĞƌĨŽƌĂĐŝſŶ ;ƉŽƌ ĞũĞŵƉůŽ͕ ZKW͕ tK ͕ ƉĠƌĚŝĚĂƐ ĚĞ ĐŝƌĐƵůĂĐŝſŶ͕ ƌĞŐŝƐƚƌŽ ĚĞ ďĂƌƌŽ͕ ůĂƐ ƉĂƵƐĂƐ ĚĞ ƉĞƌĨŽƌĂĐŝſŶ͕ ŝŶĐůŝŶĂĐŝſŶ ĚĞů ƉŽnjŽ͕ ĞƚĐͿ ͻ >Ă ŶĂƚƵƌĂůĞnjĂ LJ ĐĂůŝĚĂĚ ĚĞ ůŽƐ ĚĂƚŽƐ ĚĞ ĚŝƌĞĐĐŝſŶ ͻ ů ƚŝƉŽ ĚĞ ƚĞƌŵŝŶĂĐŝſŶ ƵƚŝůŝnjĂĚŽ LJ ĚĞƚĂůůĞƐ ƌĞůĂĐŝŽŶĂĚŽƐ ;ĐŽŵŽ ůĂ ƉƌŽĨƵŶĚŝĚĂĚ Ăů ƌĞǀĞƐƚŝŵŝĞŶƚŽ͕ ĞƚĐͿ

ZĞĐƵƉĞƌĂĐŝſŶ ĚĞ ůĂ ŵƵĞƐƚƌĂ ĚĞ ƉŽnjŽ

ZĞŐŝƐƚƌŽ ŐĞŽůſŐŝĐŽ

ͻ >Ă ŶĂƚƵƌĂůĞnjĂ LJ ůĂ ĐĂůŝĚĂĚ ĚĞ ůĂƐ ŵƵĞƐƚƌĂƐ ĚĞ ĨŽŶĚŽ ĚĞ ƉŽnjŽ ;ƉŽƌ ĞũĞŵƉůŽ͕ ƌŝƉŝŽƐ͕ ƚĞƐƚŝŐŽ ĐŽŶƚŝŶƵŽ͕ ůşƋƵŝĚŽƐ͕ ĞƚĐͿ LJ ůŽƐ ŝŶƚĞƌǀĂůŽƐ ĚĞ ŵƵĞƐƚƌĞŽ͕ ŝŶĐůƵLJĞŶĚŽ ůĂ ďĂƐĞ ƉĂƌĂ ůĂ ĚĞƚĞƌŵŝŶĂĐŝſŶ ĚĞ ůĂ ƉƌŽĨƵŶĚŝĚĂĚ ĚĞ ŵƵĞƐƚƌĞŽ LJ ůĂƐ ŵĞĚŝĚĂƐ ĂĚŽƉƚĂĚĂƐ ƉĂƌĂ ŐĂƌĂŶƚŝnjĂƌ ůĂƐ ŵƵĞƐƚƌĂƐ ƐĞĂŶ ƌĞƉƌĞƐĞŶƚĂƚŝǀĂƐ ͻ >Ă ŶĂƚƵƌĂůĞnjĂ LJ ůĂ ŵĂŐŶŝƚƵĚ ĚĞ ƌĞŐŝƐƚƌŽ͕ ĂƐş ĐŽŵŽ ůĂ ďĂƐĞ ƉĂƌĂ ůĂ ŝŶƚĞƌƉƌĞƚĂĐŝſŶ ŐĞŽůſŐŝĐĂ LJ ůĂ ŝĚĞŶƚŝĨŝĐĂĐŝſŶ ĚĞ njŽŶĂƐ ĚĞ ĂůƚĞƌĂĐŝſŶ ;ƉŽƌ ĞũĞŵƉůŽ ĐƵĂůŝƚĂƚŝǀŽ ĨƌĞŶƚĞ Ă ůŽƐ ƌĞŐŝƐƚƌŽƐ ĐƵĂŶƚŝƚĂƚŝǀŽƐ͕ ůŝƚŽůŽŐşĂ͕ ƉĂůĞŽŶƚŽůŽŐşĂ͕ ƉĂůŝŶŽůŽŐşĂ͕ ůĂ ŵŝŶĞƌĂůŽŐşĂ͕ ŝŶĐůƵƐŝŽŶĞƐ ĨůƵŝĚĂƐ͕ ƌĞĨůĞĐƚĂŶĐŝĂ ĚĞ ůĂ ǀŝƚƌŝŶŝƚĂ͕ ĞƚĐͿ ͻ ^ŝ ĞdžŝƐƚĞ ĂůŐƵŶĂ ĞǀŝĚĞŶĐŝĂ ƋƵĞ ŝŶĚŝĐĂ ůĂ ŵŝŶĞƌĂůŽŐşĂ ĚĞ ĨůƵŝĚŽƐ ĄĐŝĚŽƐ Ž ĂůƚĂŵĞŶƚĞ ŐĂƐĞŽƐŽƐ

ͻ >Ă ŶĂƚƵƌĂůĞnjĂ ;ƉŽƌ ĞũĞŵƉůŽ͕ ƌĞŐŝƐƚƌŽ ĐŽŶƚŝŶƵŽ͕ ƚĞƌŵſŵĞƚƌŽ ĚĞ ƌĞŐŝƐƚƌŽ ŵĄdžŝŵŽ͕ ƉƌƵĞďĂ ĚĞ ŝŶLJĞĐƚŝǀŝĚĂĚ͕ ůĂ ĂĐƵŵƵůĂĐŝſŶ ĚĞ ƉƌĞƐŝſŶ͕ ĞƚĐͿ͕ ĐĂůŝĚĂĚ ;ƉŽƌ ĞũĞŵƉůŽ͕ ůĂ ŚĞƌƌĂŵŝĞŶƚĂ ĚĞ ƉƌĞĐŝƐŝſŶ͕ ůŽƐ ƉĂƌĄŵĞƚƌŽƐ ĚĞ ĨƵŶĐŝŽŶĂŵŝĞŶƚŽ͕ Ğů ƚŝĞŵƉŽ ƉĞƌŵŝƚŝĚŽ͕ ZĞŐŝƐƚƌŽƐ ĚĞ ĨůƵũŽ LJ ůŽƐ ƌĞƐŽůƵĐŝſŶ͕ ƚŝƉŽ LJ ĨƌĞĐƵĞŶĐŝĂ ĚĞ ĐĂůŝďƌĂĐŝſŶͿ LJ ůĂ ŝĚŽŶĞŝĚĂĚ ;ƉŽƌ ĞũĞŵƉůŽ͕ ƉĂƌĄŵĞƚƌŽƐ ĚĞ ƉƌĞƐŝſŶ LJ ĚĞ ĨƵŶĐŝŽŶĂŵŝĞŶƚŽ ĚĞ ůĂ ŚĞƌƌĂŵŝĞŶƚĂ ĞŶ ƌĞůĂĐŝſŶ ĐŽŶ ĐŽŶĚŝĐŝŽŶĞƐ ĚĞů ƉŽnjŽ͕ ůĂ ƚĞŵƉĞƌĂƚƵƌĂ ĚĞ ĨŽŶĚŽ ƌĞƐŽůƵĐŝſŶ ĚĞ ůĂ ŚĞƌƌĂŵŝĞŶƚĂ͕ Ğů ƉƌŽĐĞƐĂŵŝĞŶƚŽ Ž ĐŽƌƌĞĐĐŝŽŶĞƐ ŶĞĐĞƐĂƌŝĂƐ LJ ͬ Ž ĚĞů ƉŽnjŽ ĂƉůŝĐĂĚĂͿ ĚĞ ůŽƐ ŝŶƐƚƌƵŵĞŶƚŽ ͬ Ɛ ƵƐĂĚŽƐ ͻ ĂƌĂĐƚĞƌşƐƚŝĐĂƐ LJ ĐĂůŝĚĂĚ ĚĞ ŵĞĚŝĚĂ;ƐͿ ;ƉƌŽĨƵŶĚŝĚĂĚ͕ ĨƌĞĐƵĞŶĐŝĂ͕ ƚŝĞŵƉŽ͕ ƉƌĞĐŝƐŝſŶ͕ ĞdžĂĐƚŝƚƵĚ͕ ĞƚĐͿ͕ ŝŶĐůƵLJĞŶĚŽ Ğů ŶŝǀĞů ĚĞ ŝŶĐĞƌƚŝĚƵŵďƌĞ


0È67(5 *HRORJtD DSOLFDGD D OD 2EUD &LYLO \ ORV 5HFXUVRV +tGULFRV 75$%$-2 (QHUJtD *HRWpUPLFD GH *UDQDGD $8725 (PPDQXHO 6HJXUD =DPRUD

ͻ ĚĞĐƵĂĐŝſŶ ĚĞ ůĂ ŝŶƚĞƌƉƌĞƚĂĐŝſŶ ĐŽŶ ůĂ ĐŽŶƐŝĚĞƌĂĐŝſŶ ĚĞ ƚŽĚĂƐ ůĂƐ ŝŶĨůƵĞŶĐŝĂƐ ƐŝŐŶŝĨŝĐĂƚŝǀĂƐ ;ƉŽƌ ĞũĞŵƉůŽ͕ ƉƌĞƐĞŶĐŝĂ ĚĞ ĂĐƵşĨĞƌŽƐ ůŽĐĂůĞƐ Ž ůĂ ĐŝƌĐƵůĂĐŝſŶ ĚĞů ĨůƵŝĚŽ ƐĞ ĐŽŶŽĐĞ͕ LJ Ğů ĞƐƚĂĚŽ ĞŶ Ğů ŵŽŵĞŶƚŽ ĚĞů ƌĞŐŝƐƚƌŽƐ ;ƉŽƌ ĞũĞŵƉůŽ͕ ĞŶĐĞƌƌĂĚŽ͕ ƋƵĞ ĨůƵLJĞ͕ ǀĞůŽĐŝĚĂĚ ĚĞ ŝŶLJĞĐĐŝſŶ͕ ĞƚĐͿͿ ͻ >Ă ŶĂƚƵƌĂůĞnjĂ LJ ůĂ ĐĂůŝĚĂĚ ĚĞ ĐƵĂůƋƵŝĞƌ ĐŽƌƌĞĐĐŝſŶ ĚĞ ůĂ;ƐͿ ƚĞŵƉĞƌĂƚƵƌĂ;ƐͿ ĂƉůŝĐĂĚĂ;ƐͿ Ž ũƵƐƚŝĨŝĐĂĐŝſŶ ƉĂƌĂ ĚĞũĂƌ ĚĞ ůĂĚŽ ůĂ ĐŽƌƌĞĐĐŝſŶ ;ƉŽƌ ĞũĞŵƉůŽ͕ ůŽŶŐŝƚƵĚ ĚĞ ƚŝĞŵƉŽ ƚƌĂŶƐĐƵƌƌŝĚŽ ĞŶƚƌĞ ůĂ ƉĞƌĨŽƌĂĐŝſŶ LJ ŵĞĚŝĐŝſŶ ĚĞ ůĂ ƚĞŵƉĞƌĂƚƵƌĂͿ ͻ ^ŝ ŶŽ ŚĂLJ ĐŽƌƌĞĐĐŝŽŶĞƐ ƋƵĞ ƐĞ ĂƉůŝĐĂŶ LJ ůĂ ƚĞŵƉĞƌĂƚƵƌĂ ŵĞĚŝĚĂ ĞƐ ƉƌŽďĂďůĞ ƋƵĞ ƐĞĂ ĂĨĞĐƚĂĚŽ ƉŽƌ ůĂ ĂŶŽŵĂůşĂ ƚĠƌŵŝĐĂ ĚĞ ƉĞƌĨŽƌĂĐŝſŶ ĚĞďĞƌĄ ĞƐƚĂƌ ĐůĂƌĂŵĞŶƚĞ ŝŶĚŝĐĂĚŽ

KƚƌŽƐ ƌĞŐŝƐƚƌŽƐ ĚĞ ĨŽŶĚŽ ĚĞ ƉŽnjŽ

ͻ >Ă ŶĂƚƵƌĂůĞnjĂ ;ƉŽƌ ĞũĞŵƉůŽ͕ ƐŽŶĚĂƐ &D/͕ 'ĂŵŵĂ͕ ĂůŝďƌĞ͕ ĞƚĐͿ͕ ĐĂůŝĚĂĚ ;ƉƌĞĐŝƐŝſŶ ĚĞ ůĂ ŚĞƌƌĂŵŝĞŶƚĂ͕ ƉŽƌ ĞũĞŵƉůŽ͕ ƉĂƌĄŵĞƚƌŽƐ ĚĞ ĨƵŶĐŝŽŶĂŵŝĞŶƚŽ͕ ƌĞƐŽůƵĐŝſŶ͕ ƚŝƉŽ LJ ĨƌĞĐƵĞŶĐŝĂ ĚĞ ĐĂůŝďƌĂĐŝſŶͿ LJ ůĂ ŝĚŽŶĞŝĚĂĚ ;ƉŽƌ ĞũĞŵƉůŽ͕ ƉĂƌĄŵĞƚƌŽƐ ĚĞ ĨƵŶĐŝŽŶĂŵŝĞŶƚŽ ĚĞ ůĂ ŚĞƌƌĂŵŝĞŶƚĂ ĞŶ ƌĞůĂĐŝſŶ Ă ůĂƐ ĐŽŶĚŝĐŝŽŶĞƐ ĚĞů ƐŽŶĚĞŽ͕ ůĂ ƌĞƐŽůƵĐŝſŶ ĚĞ ůĂ ŚĞƌƌĂŵŝĞŶƚĂ͕ Ğů ƉƌŽĐĞƐĂŵŝĞŶƚŽ Ž ĐŽƌƌĞĐĐŝŽŶĞƐ ŶĞĐĞƐĂƌŝĂƐ LJ ͬ Ž ĂƉůŝĐĂĚĂƐͿ ĚĞ ŝŶƐƚƌƵŵĞŶƚŽ;ƐͿ ƵƐĂĚŽ;ƐͿ ͻ >Ă ŶĂƚƵƌĂůĞnjĂ LJ ůĂ ĐĂůŝĚĂĚ ĚĞ ŵĞĚŝĚĂ;ƐͿ ;ƉƌŽĨƵŶĚŝĚĂĚ͕ ĨƌĞĐƵĞŶĐŝĂ͕ ƚŝĞŵƉŽͿ ͻ ĚĞĐƵĂĐŝſŶ ĚĞ ůĂ ŝŶƚĞƌƉƌĞƚĂĐŝſŶ ĐŽŶ ůĂ ĐŽŶƐŝĚĞƌĂĐŝſŶ ĚĞ ƚŽĚĂƐ ůĂƐ ŝŶĨůƵĞŶĐŝĂƐ ƐŝŐŶŝĨŝĐĂƚŝǀĂƐ ;ƉŽƌ ĞũĞŵƉůŽ͕ ĐŽŶĚŝĐŝſŶ ĚĞ ƐŽŶĚĞŽ͕ ůĂ ƚĞŵƉĞƌĂƚƵƌĂ͕ ůĂ ĨŽƌŵĂĐŝſŶ ĚĞ ŝŶǀĂƐŝſŶͿ͕ ĞƚĐ

ĐƵşĨĞƌŽƐ

>Ă ƉƌŽĨƵŶĚŝĚĂĚ ĚĞů ZĞƐĞƌǀŽƌŝŽ

ͻ hďŝĐĂĐŝſŶ ĚĞ ůĂƐ njŽŶĂƐ ƉĞƌŵĞĂďůĞƐ ͬ ĂĐƵşĨĞƌŽƐ͕ ƐƵ ƐŝŐŶŝĨŝĐĂĚŽ LJ ƐƵ ƌĞůĂĐŝſŶ ĐŽŶ ůĂƐ ĞƐƚƌƵĐƚƵƌĂƐ LJ ůĂ ĞƐƚƌĂƚŝŐƌĂĨşĂ ͻ >Ă ŶĂƚƵƌĂůĞnjĂ͕ ůĂ ĐĂůŝĚĂĚ LJ ůĂ ŝĚŽŶĞŝĚĂĚ ĚĞů ŵŽĚĞůŽ;ƐͿ ƵƚŝůŝnjĂĚŽ;ƐͿ ƉĂƌĂ ĚĞƚĞƌŵŝŶĂƌ Ğů ĨůƵũŽ ĚĞ ĐĂůŽƌ ĂũƵƐƚĂĚŽ ͻ WƌŽĨƵŶĚŝĚĂĚ ĚĞ ĚĞƐĂƌƌŽůůŽ ĚĞů ƌĞƐĞƌǀŽƌŝŽ ƉƌĞǀŝƐƚŽ ͻ >Ă ŶĂƚƵƌĂůĞnjĂ LJ ůĂ ĐĂůŝĚĂĚ ĚĞ ůĂƐ ƉƌƵĞďĂƐ ĚĞ ŝŶLJĞĐƚŝǀŝĚĂĚ ƌĞĂůŝnjĂĚĂƐ Ă ƚƌĂǀĠƐ ĚĞ njŽŶĂƐ ƉĞƌŵĞĂďůĞƐ

WƌƵĞďĂƐ ĚĞ ŝŶLJĞĐĐŝſŶ

ͻ >Ă ŶĂƚƵƌĂůĞnjĂ ;ƉŽƌ ĞũĞŵƉůŽ͕ ĐĂůĐƵůĂĚĂ Ƶ ŽďƐĞƌǀĂĚĂ͕ ĚĞů ĨůƵũŽ ĨƌĞŶƚĞ Ă ůĂ ƉƌĞƐŝſŶ ĞŶ ďŽĐĂ ĚĞ ƉŽnjŽͿ LJ ůĂ ĂĚĞĐƵĂĐŝſŶ ĚĞ ůĂ ĐĂƉĂĐŝĚĂĚ ĚĞ ŝŶLJĞĐĐŝſŶ ĚĞƚĞƌŵŝŶĂĚĂ͕ ĂƐş ĐŽŵŽ ĚĞ ůĂƐ ŚŝƉſƚĞƐŝƐ LJ ůŽƐ ĚĂƚŽƐ ĚĞ ƚĞŵƉĞƌĂƚƵƌĂ ͻ ƵĂůƋƵŝĞƌ ĞǀŝĚĞŶĐŝĂ ĚĞ ƵŶ ĐĂŵďŝŽ ƚĞŵƉŽƌĂů

ŶƐĂLJŽƐ DƵůƚŝͲƉŽnjŽ

ͻ >Ă ŶĂƚƵƌĂůĞnjĂ ;ƉŽƌ ĞũĞŵƉůŽ͕ ůĂ ĐŝƌĐƵůĂĐŝſŶ͕ ůĂ ŝŶƚĞƌĨĞƌĞŶĐŝĂ͕ ƚƌĂnjĂĚŽƌĞƐ͕ ĞƚĐͿ LJ ůĂ ĐĂůŝĚĂĚ ĚĞ ůĂƐ ƉƌƵĞďĂƐ ĚĞ ƉŽnjŽƐ LJ ůĂƐ ŵĞĚŝĚĂƐ͕ ŝŶĐůƵŝĚŽƐ ůŽƐ ŵĠƚŽĚŽƐ ĚĞ ŵƵĞƐƚƌĞŽ LJ ĚƵƌĂĐŝſŶ ĞŶ ƐƵ ĐĂƐŽ ͻ /ĚŽŶĞŝĚĂĚ ĚĞ ůĂ ŝŶƚĞƌƉƌĞƚĂĐŝſŶ ĚĞů ĞŶƐĂLJŽ͕ ŝŶĐůƵŝĚĂƐ ƚŽĚĂƐ ůĂƐ ĐŽƌƌĞĐĐŝŽŶĞƐ Ƶ ŽŵŝƐŝŽŶĞƐ LJ ĐƵĂůƋƵŝĞƌ ĞǀŝĚĞŶĐŝĂ ĚĞ ůĂ ǀĂƌŝĂĐŝſŶ ƚĞŵƉŽƌĂů ͻ >Ă ŶĂƚƵƌĂůĞnjĂ ;ƉŽƌ ĞũĞŵƉůŽ͕ ŵĠƚŽĚŽ ĚĞ :ĂŵĞƐ͕ Ğů ƐĞƉĂƌĂĚŽƌ LJ ƉůĂĐĂƐ ĚĞ ŽƌŝĨŝĐŝŽ͕ ŶƐĂLJŽ ĚĞ &ůƵũŽ ĐŽŶ ŝůƵĐŝſŶ ĚĞ dƌĂnjĂĚŽƌĞƐ͕ ĞƚĐͿ LJ ůĂ ĚƵƌĂĐŝſŶ ĚĞ ŶƐĂLJŽƐ ;ŝŶĐůƵLJĞŶĚŽ ůĂ ŝŶƚĞŐƌŝĚĂĚ ĚĞů ĐŽŶũƵŶƚŽ ĚĞ ŵĞĚŝĐŝŽŶĞƐ Ă ůŽ ůĂƌŐŽ ĚĞ ůĂ ĐƵƌǀĂ ĚĞ ĚĞƐĐĂƌŐĂ ĚĞ ĂůƚĂ ƉƌĞƐŝſŶ ĞŶ ďŽĐĂ ĚĞ ƉŽnjŽͿ

ŶƐĂLJŽ ĚĞ ĚĞƐĐĂƌŐĂ ĚĞ ƉŽnjŽ

ͻ ĂůŝĚĂĚ LJ ĨŝĂďŝůŝĚĂĚ ĚĞ ůŽƐ ĞƋƵŝƉŽƐ ĚĞ ŵŽŶŝƚŽƌĞŽ ͻ ĂƌĂĐƚĞƌşƐƚŝĐĂƐ ŽďƐĞƌǀĂĚĂƐ ĞŶ Ğů ƚŝĞŵƉŽ ĐŽŵŽ ĐƵĂůƋƵŝĞƌ ƉƌŽĚƵĐƚŽ ƋƵşŵŝĐŽ LJ ͬ Ž ŝŶĚŝĐĂĐŝŽŶĞƐ ĨşƐŝĐĂƐ ĚĞ ůĂ ĚŝůƵĐŝſŶ ĚĞ ůŽƐ ĨůƵŝĚŽƐ ĚĞ ƉĞƌĨŽƌĂĐŝſŶ͕ ůĂ ĞƐƚĂďŝůŝĚĂĚ͕ Ğů ĐŽŵƉŽƌƚĂŵŝĞŶƚŽ ĚĞ ǀĂƌŝĂƐ njŽŶĂƐ͕ ƉŽƐŝďůĞ ĂŵƉůŝĂĐŝſŶ Ž Ğů ƐĞĐĂĚŽ͕ ƌĞƚŽƌŶŽ ĚĞ ŵĂƌĐĂĚŽƌ͘


0È67(5 *HRORJtD DSOLFDGD D OD 2EUD &LYLO \ ORV 5HFXUVRV +tGULFRV 75$%$-2 (QHUJtD *HRWpUPLFD GH *UDQDGD $8725 (PPDQXHO 6HJXUD =DPRUD

ϭ͘ ^/^d D ^ KEs /ME E dhZ > z ^ /D Ed Z/K >/ Ed ͗ Z hZ^K^ > h1& ZK W Z D dZK

KE^/ Z /KE ^ ^K Z >K^ dK^ ͻ >Ă ŶĂƚƵƌĂůĞnjĂ ;ƉŽƌ ĞũĞŵƉůŽ͕ ĨƌĞŶƚĞ Ă ůĂƐ ŝŶƚĞƌĨĞƌĞŶĐŝĂƐ ŝŶĚŝǀŝĚƵĂůĞƐ͕ ůĂ ĚƵƌĂĐŝſŶ͕ ƉƌŽĨƵŶĚŝĚĂĚ͕ ĞƚĐͿ͕ ůĂ ĐĂůŝĚĂĚ LJ ůĂ ŝĚŽŶĞŝĚĂĚ ĚĞ ůĂƐ ƚĠĐŶŝĐĂƐ ƵƚŝůŝnjĂĚĂƐ ƉĂƌĂ ƌĞŐŝƐƚƌĂƌ ůĂƐ ƚĂƐĂƐ ĚĞ ĨůƵũŽ ĞŶ ůŽƐ ƉŽnjŽƐ ũƵŶƚŽ ĐŽŶ ƐƵƉƵĞƐƚŽƐ ďĄƐŝĐŽƐ

ĂƵĚĂů

ͻ ƵĂŶĚŽ ůĂƐ ƚĂƐĂƐ ƐĞ ĚĞƌŝǀĂŶ ĚĞ ŶƐĂLJŽƐ ŝŶĚŝǀŝĚƵĂůĞƐ ƉŽnjŽ ĞƐƚŽƐ ĚĞďĞŶ ƐĞƌ ĚĞƚĂůůĂĚĂƐ ƉŽƌ ƐĞƉĂƌĂĚŽ LJ ŶŽ ĚĞďĞ ƐĞƌ ƌĞƐƵŵŝĚŽ͕ ĞdžĐĞƉƚŽ ĐŽŶ Ğů ƌĞĐŽŶŽĐŝŵŝĞŶƚŽ ĂĚĞĐƵĂĚŽ ĚĞ ůĂƐ ƉŽƐŝďůĞƐ ŝŶƚĞƌĨĞƌĞŶĐŝĂƐ ͻ >Ă ŵĂŐŶŝƚƵĚ LJ ůĂ ŝŶĐĞƌƚŝĚƵŵďƌĞ ĚĞ ůĂ ƌĞĚƵĐĐŝſŶ ĚĞ ƚĞŵƉĞƌĂƚƵƌĂ LJ ƉƌĞƐŝſŶ ŽďƐĞƌǀĂĚĂ ĚƵƌĂŶƚĞ ůĂƐ ƉƌƵĞďĂƐ ĚĞ ĨůƵũŽ͕ ĞŶ ƌĞůĂĐŝſŶ ĐŽŶ ůĂƐ ŝŶĚŝĐĂĐŝŽŶĞƐ ƋƵşŵŝĐĂƐ ĚĞ ĞƐƚĂďŝůŝĚĂĚ LJ ůĂƐ ƚĞŶĚĞŶĐŝĂƐ Ă ůĂƌŐŽ ƉůĂnjŽ

ĂƚŽƐ ĚĞ ƉƌĞƐŝſŶ

ͻ >Ă ŶĂƚƵƌĂůĞnjĂ͕ ůĂ ĐĂůŝĚĂĚ LJ ůĂ ŝĚŽŶĞŝĚĂĚ ĚĞ ůĂƐ ƚĠĐŶŝĐĂƐ ƵƚŝůŝnjĂĚĂƐ ƉĂƌĂ ĚĞƚĞƌŵŝŶĂƌ ůĂƐ ƉƌĞƐŝŽŶĞƐ ĚĞů ĚĞƉſƐŝƚŽ͕ ŝŶĐůƵŝĚĂƐ ŵƵůƚŝͲƉŽnjŽ ůĂƐ ĐŽƌƌĞůĂĐŝŽŶĞƐ͕ ůŽƐ ůşƋƵŝĚŽƐ LJ ƐƵƉƵĞƐƚŽƐ ďĄƐŝĐŽƐ

ZĞĐĂƌŐĂ

ͻ ͎YƵĠ ĂƐŝŐŶĂĐŝſŶ ;Ɛŝ ůĂ ŚĂLJͿ ƐĞ ŚĂ ŚĞĐŚŽ ƉĂƌĂ Ğů ĐĂůŽƌ LJ ůĂ ƌĞĐĂƌŐĂ ĚĞ ĨůƵŝĚŽƐ͕ LJ ůĂ ďĂƐĞ ĚĞ ůŽƐ ŵŝƐŵŽƐ͍

^ĂƚƵƌĂĐŝſŶ ĚĞ ĂŐƵĂ LJ ůĂ ĞŶƚĂůƉşĂ

ͻ >Ă ŶĂƚƵƌĂůĞnjĂ LJ ůĂ ŝĚŽŶĞŝĚĂĚ ĚĞ ůĂƐ ƚĠĐŶŝĐĂƐ ƵƚŝůŝnjĂĚĂƐ ƉĂƌĂ ĚĞƚĞƌŵŝŶĂƌ ŝŶ ƐŝƚƵ ůĂ ƐĂƚƵƌĂĐŝſŶ ĚĞ ĂŐƵĂ ͻ >Ă ŶĂƚƵƌĂůĞnjĂ LJ ůĂ ĐĂůŝĚĂĚ ;ĞdžĂĐƚŝƚƵĚ͕ ƉŽƌ ĞũĞŵƉůŽͿ ĚĞ ůĂƐ ŵĞĚŝĐŝŽŶĞƐ ĚĞ ĞŶƚĂůƉşĂ ĚĞ ĚĞƐĐĂƌŐĂ ĚĞ ƉŽnjŽ ĐŽŵŽ ůĂ ĐŽŶƐŝĚĞƌĂĐŝſŶ ĚĞ ĐſŵŽ ƐĞ ƌĞůĂĐŝŽŶĂŶ ĐŽŶ ůĂ ƐĂƚƵƌĂĐŝſŶ ƐŝƚƵ ͻ >ŽƐ ĚĂƚŽƐ ƐŽďƌĞ ůĂ ƋƵşŵŝĐĂ ĚĞů ůşƋƵŝĚŽ ĚĞů ƌĞƐĞƌǀŽƌŝŽ LJ ƐƵ ŝŵƉĂĐƚŽ ĞŶ Ğů ƌĞƐĞƌǀŽƌŝŽ͕ ůŽƐ ƉŽnjŽƐ LJ ůĂƐ ŝŶƐƚĂůĂĐŝŽŶĞƐ ĞŶ ƐƵƉĞƌĨŝĐŝĞ

ƐĐĂůĂ͕ ĐŽŶƚĞŶŝĚŽ ĚĞů ŐĂƐ ;ĐŽŵƉŽƐŝĐŝſŶͿ LJ ĂĐŝĚĞnj

ͻ >Ă ŶĂƚƵƌĂůĞnjĂ LJ ůĂ ŝĚŽŶĞŝĚĂĚ ĚĞ ůĂƐ ƉƌƵĞďĂƐ ƌĞĂůŝnjĂĚĂƐ ƉĂƌĂ ĚĞƚĞƌŵŝŶĂƌ ůĂ ƐƵƉĞƌĨŝĐŝĞ LJ Ğů ƉŽƚĞŶĐŝĂů ĚĞ ƌĞĚƵĐĐŝſŶ ƉƌŽŐƌĞƐŝǀĂ ƐŽŶĚĞŽ ĚĞ ĨůƵŝĚŽƐ͕ ŝŶĐůƵLJĞŶĚŽ ůĂ ďĂƐĞ ĚĞ ůĂ ŝŶƚĞƌƉƌĞƚĂĐŝſŶ ĚĞ ůŽƐ ƌĞƐƵůƚĂĚŽƐ ĚĞ ůĂƐ ƉƌƵĞďĂƐ ͻ >Ă ŶĂƚƵƌĂůĞnjĂ LJ ůĂ ĂĚĞĐƵĂĐŝſŶ ĚĞ ůĂƐ ƉƌƵĞďĂƐ ƌĞĂůŝnjĂĚĂƐ͕ ůŽƐ ŵŽĚĞůŽƐ ďĂƐĂĚŽƐ ĞŶ ĂŶĂůŽŐşĂƐ Ž ƵƐĂĚŽƐ ĐŽŵŽ ĞǀŝĚĞŶĐŝĂ ƉĂƌĂ ůĂ ĐŽŵƉĞŶƐĂĐŝſŶ ĚĞ ůĂ ĂŵƉůŝĂĐŝſŶ ĚĞ ůŽƐ ŵĠƚŽĚŽƐ ĚĞ ŝŶŚŝďŝĐŝſŶ ĚĞ ĨŽŶĚŽ ĚĞ ƉŽnjŽ Ž ĚĞ ůĂ ƐƵƉĞƌĨŝĐŝĞ

WƌŽƉŝĞĚĂĚĞƐ ĚĞů LJĂĐŝŵŝĞŶƚŽ

ͻ >Ă ŶĂƚƵƌĂůĞnjĂ͕ ůĂ ĐĂůŝĚĂĚ LJ ůĂ ŝĚŽŶĞŝĚĂĚ ĚĞ ůŽƐ ŵĠƚŽĚŽƐ ƵƚŝůŝnjĂĚŽƐ ƉĂƌĂ ĚĞƚĞƌŵŝŶĂƌ ůĂƐ ƉƌŽƉŝĞĚĂĚĞƐ ĚĞů LJĂĐŝŵŝĞŶƚŽ ;ƚŝƉŽƐ ĚĞ ƌŽĐĂ͕ ƉŽƌŽƐŝĚĂĚ͕ ƉĞƌŵĞĂďŝůŝĚĂĚ͕ ĂŶŝƐŽƚƌŽƉşĂ͕ ĞƐƚƌƵĐƚƵƌĂƐ ƉĞƌŵĞĂďůĞƐ ĞƐƉĞĐşĨŝĐĂƐ͕ ĞƚĐͿ ͻ ĂƐĞƐ ƉĂƌĂ ůĂ ŝŶƚĞƌƉƌĞƚĂĐŝſŶ ĚĞ ůŽƐ ƉĞƌĨŝůĞƐ ĚĞ ƚĞŵƉĞƌĂƚƵƌĂ LJ ƉƌĞƐŝſŶ ͻ >Ă ŶĂƚƵƌĂůĞnjĂ͕ ůĂ ĐĂůŝĚĂĚ LJ ůĂ ĂĚĞĐƵĂĐŝſŶ ĚĞ ƵŶ ŵŽĚĞůŽ ŝŶƚĞŐƌĂĚŽ ƌĞƐĞƌǀŽƌŝŽ ŐĞŽͲ ŚŝĚƌŽůſŐŝĐŽ ŝŶĐůƵLJĞŶĚŽ ĂŶĂůŽŐşĂƐ ƵƚŝůŝnjĂĚĂƐ LJ ƐƵƉƵĞƐƚŽƐ ďĄƐŝĐŽƐ

DŽĚĞůŽ ĐŽŶĐĞƉƚƵĂů͗ ůĂ ŶĂƚƵƌĂůĞnjĂ ĚĞů ƐŝƐƚĞŵĂ

ͻ ^ŝ Ğů ĨůƵŝĚŽ ĞƐ ŶĂƚƵƌĂů ĚĞ ĐŽŶǀĞĐĐŝſŶ ͻ ^ŝ Ğů ƉƌŽLJĞĐƚŽ ƐĞ ďĂƐĂ ĞŶ ƵŶ ĂĐƵşĨĞƌŽ ůĂƚĞƌĂůŵĞŶƚĞ ĞdžƚĞŶƐŽ͕ ĐƵĄůĞƐ ƐŽŶ ƐƵƐ ƉƌŽƉŝĞĚĂĚĞƐ ŚŝĚƌŽůſŐŝĐĂƐ ĨƵĞƌĂ ĚĞů ĄƌĞĂ ĚĞ ĐŽŶĐĞƐŝſŶ ͻ /ŶƚĞƌƉƌĞƚĂĐŝſŶ ĚĞ ůŽƐ ƉƌŽĐĞƐŽƐ ĨşƐŝĐŽͲƋƵşŵŝĐŽƐ ĚĞů ƌĞƐĞƌǀŽƌŝŽ ͻ >Ă ŶĂƚƵƌĂůĞnjĂ ĚĞů ŵŽĚĞůŽ ĚĞ ƐŝŵƵůĂĐŝſŶ ŶƵŵĠƌŝĐĂ͕ ŝŶĐůƵLJĞŶĚŽ ůĂ ĞƐƚƌƵĐƚƵƌĂ ĚĞů ŵŽĚĞůŽ͕ ůŽƐ ƉĂƌĄŵĞƚƌŽƐ ĐůĂǀĞ͕ ůŽƐ ůşŵŝƚĞƐ LJ ůĂ ƌĞůĂĐŝſŶ ĐŽŶ Ğů ŵŽĚĞůŽ ĐŽŶĐĞƉƚƵĂů

DŽĚĞůŝnjĂĐŝſŶ ŶƵŵĠƌŝĐĂ

ͻ >ŽƐ ƌĞƐƵůƚĂĚŽƐ ĚĞ ůŽƐ ŵŽĚĞůŽƐ ĞƐƚĂĚŽ ŶĂƚƵƌĂů ͻ >ŽƐ ƌĞƐƵůƚĂĚŽƐ ĚĞ ůĂ ŚŝƐƚŽƌŝĂ ĐŽŝŶĐŝĚĞŶƚĞ ;Ɛŝ ĞdžŝƐƚĞͿ ͻ >ŽƐ ƌĞƐƵůƚĂĚŽƐ ĚĞ ůĂ ƉƌĞǀŝƐŝſŶ ĚĞ ĞũĞĐƵĐŝſŶ ŝŶĐůƵLJĞŶĚŽ ůĂ ĚĞƐĐƌŝƉĐŝſŶ ĚĞ ůŽƐ ŵŽĚĞůŽƐ ƵƚŝůŝnjĂĚŽƐ


0È67(5 *HRORJtD DSOLFDGD D OD 2EUD &LYLO \ ORV 5HFXUVRV +tGULFRV 75$%$-2 (QHUJtD *HRWpUPLFD GH *UDQDGD $8725 (PPDQXHO 6HJXUD =DPRUD

ͻ ŶĄůŝƐŝƐ ĚĞ ƐĞŶƐŝďŝůŝĚĂĚ LJ ůŽƐ ĞĨĞĐƚŽƐ ĚĞ ůĂ ŝŶƚĞƌƉƌĞƚĂĐŝſŶ ĂůƚĞƌŶĂƚŝǀĂ džƚƌĂƉŽůĂĐŝſŶ ĚĞ ĚĂƚŽƐ

ͻ >Ă ĞdžƚĞŶƐŝſŶ ĚĞ ůĂ ŝŶƚĞƌƉŽůĂĐŝſŶ ĚĞ ĚĂƚŽƐ ͬ ĞdžƚƌĂƉŽůĂĐŝſŶ ĞŶƚƌĞ ĞdžƉůŝĐĂĐŝſŶ LJ ũƵƐƚŝĨŝĐĂĐŝſŶ ĚĞ ůŽƐ ŵĠƚŽĚŽƐ ĂƉůŝĐĂĚŽƐ

Ϯ͘ W Z D dZK^ Z hZ^K^ ZK >/ Ed W Z D dZK >ŝƚŽůŽŐşĂ

ŽŶĚŝĐŝŽŶĞƐ ĚĞů ĨůƵŝĚŽ

ƐƚĂĚŽ ĚĞ ƚĞŶƐŝŽŶĞƐ

&ƌĂĐƚƵƌĂĐŝſŶ ŶĂƚƵƌĂů

KE^/ Z /KE ^ ^K Z >K^ dK^ ͻ >Ă ŶĂƚƵƌĂůĞnjĂ͕ Ğů ĞƐƚĂĚŽ LJ Ğů ǀŽůƵŵĞŶ ĚĞ ƌĞƐĞƌǀĂ ŽďũĞƚŝǀŽ ͻ ^ŝ ůŽƐ ůşƋƵŝĚŽƐ ŶĂƚƵƌĂůĞƐ ĞdžŝƐƚĞŶƚĞƐ ĞŶ Ğů ĚĞƉſƐŝƚŽ ĚĞ ƌŽĐĂƐ ŽďũĞƚŝǀŽ LJ Ɛŝ ĞƐ ĂƐş ͎ĐƵĄů ĞƐ ƐƵ ĐŽŵƉŽƐŝĐŝſŶ ƋƵşŵŝĐĂ͍ ͻ ^ŝ ůĂƐ ĨƵĞŶƚĞƐ ĞdžƚĞƌŶĂƐ ĚĞ ĂŐƵĂ ƐĞƌĄ ŶĞĐĞƐĂƌŝĂ ĐŽŵŽ ŵĞĚŝŽ ƉĂƌĂ ĞůŝŵŝŶĂƌ Ğů ĐĂůŽƌ ĐŽŶƚĞŶŝĚŽ ĞŶ ůĂƐ ƌŽĐĂƐ ͻ >Ă ŶĂƚƵƌĂůĞnjĂ͕ ĐĂůŝĚĂĚ LJ ƉĞƌƚŝŶĞŶĐŝĂ ĚĞ ůĂƐ ŵĞĚŝĐŝŽŶĞƐ ĚĞ ůĂ ƚĞŶƐŝſŶ ĚŝƐƉŽŶŝďůĞƐ ͻ ů ŶƷŵĞƌŽ͕ Ğů ĞƐƉĂĐŝĂŵŝĞŶƚŽ LJ ůĂ ƉƌŽĨƵŶĚŝĚĂĚ ĚĞ ůĂƐ ŵĞĚŝĐŝŽŶĞƐ ĚĞ ůĂ ƚĞŶƐŝſŶ ĚŝƐƉŽŶŝďůĞƐ ͻ >Ă ŶĂƚƵƌĂůĞnjĂ͕ ĐĂůŝĚĂĚ LJ ƉĞƌƚŝŶĞŶĐŝĂ ĚĞ ůŽƐ ĚĂƚŽƐ ;ŽƌŝĞŶƚĂĐŝſŶ͕ ůŽĐĂůŝnjĂĐŝſŶ͕ ĨƌĞĐƵĞŶĐŝĂͿ ĞŶ ƌĞůĂĐŝſŶ ĐŽŶ ůĂ ƌĞĚ ĚĞ ĨƌĂĐƚƵƌĂƐ ŶĂƚƵƌĂůĞƐ͕ ŝŶĐůƵLJĞŶĚŽ Ğů ĐŽŶŽĐŝŵŝĞŶƚŽ ĚĞ ůĂƐ ĨƌĂĐƚƵƌĂƐ ĚĞ ĨůƵũŽ͕ ƐƵ ƉƌŽĨƵŶĚŝĚĂĚ LJ ƌĞůĞǀĂŶĐŝĂ ƉĂƌĂ Ğů ĚĞƐĂƌƌŽůůŽ ĚĞů ƌĞƐĞƌǀŽƌŝŽ ͻ ĂƌĄĐƚĞƌ ĚĞ ůĂ ĨƌĂĐƚƵƌĂ ŝŶĐůƵLJĞŶĚŽ ůĂ ĂƉĞƌƚƵƌĂ͕ ĂŶĐŚŽ͕ ĐŽŶƚĞŶŝĚŽ ŵŝŶĞƌĂů͕ LJ ĂůƌĞĚĞĚŽƌ ĚĞ ůĂ njŽŶĂ ĐĂƚĂĐůĄƐƚŝĐĂ ͻ >Ă ŶĂƚƵƌĂůĞnjĂ͕ ƵďŝĐĂĐŝſŶ LJ ĨƌĞĐƵĞŶĐŝĂ ĚĞ ĞǀĞŶƚŽƐ ĞƐƚŝŵƵůĂĐŝſŶ ĚĞ LJĂĐŝŵŝĞŶƚŽƐ

ƐƚŝŵƵůĂĐŝſŶ ĚĞ ƌĞƐĞƌǀŽƌŝŽ

ͻ WƌĞƐŝſŶ ĐŽƌƌĞƐƉŽŶĚŝĞŶƚĞ ͬ ĚĂƚŽƐ ĚĞ ĨůƵũŽ͕ ŝŶĐůƵŝĚĂ ůĂ ďĂƐĞ ƉĂƌĂ ůĂ ŝŶƚĞƌƉƌĞƚĂĐŝſŶ LJ ůĂ ǀŝƐƵĂůŝnjĂĐŝſŶ ĚĞ ůĂƐ ǀĂƌŝĂĐŝŽŶĞƐ ƚĞŵƉŽƌĂůĞƐ ͻ ĂůŝĚĂĚ LJ ĨŝĂďŝůŝĚĂĚ ĚĞ ůŽƐ ĞƋƵŝƉŽƐ ĚĞ ŵŽŶŝƚŽƌĞŽ

sŝŐŝůĂŶĐŝĂ DŝĐƌŽͲ ƐşƐŵŝĐĂ

ͻ >Ă ŶĂƚƵƌĂůĞnjĂ͕ ĐĂůŝĚĂĚ LJ ĂĚĞĐƵĂĐŝſŶ ĚĞ ůĂ ƌĞĚ ƐşƐŵŝĐĂ ƵƚŝůŝnjĂ ƉĂƌĂ ĐŽŶƚƌŽůĂƌ ĞƐƚŝŵƵůĂĐŝſŶ ĚĞů ƌĞƐĞƌǀŽƌŝŽ ;ƉŽƌ ĞũĞŵƉůŽ͕ ůĂ ŝŶƐƚƌƵŵĞŶƚĂĐŝſŶ͕ ůĂ ĚŝƐƚƌŝďƵĐŝſŶ͕ ůĂ ƉƌĞĐŝƐŝſŶ ĚĞ ůŽĐĂůŝnjĂĐŝſŶ͕ ƐĞŶƐŝďŝůŝĚĂĚ͕ ƌĞƐŽůƵĐŝſŶ͕ ŝŶLJĞĐĐŝſŶ ĚĞ ĐŽŶƚƌŽů͕ ĞƚĐͿ ͻ >Ă ĞƐƚŝŵĂĐŝſŶ ĚĞ ǀŽůƵŵĞŶ ĚĞů ƌĞƐĞƌǀŽƌŝŽ ĚĞ ĚĞƌŝǀĂĚŽƐ ĐŽŵŽ ƐƵƉƵĞƐƚŽƐ ďĄƐŝĐŽƐ LJ ůĂ ĞƐƚŝŵĂĐŝſŶ ĚĞ ůĂ ŝŶĐĞƌƚŝĚƵŵďƌĞ ͻ >Ă ĞǀŝĚĞŶĐŝĂ ĚĞ ůŽƐ ůŽŐƌŽƐ ĚĞ ǀŽůƵŵĞŶ ĚĞů ĚĞƉſƐŝƚŽ ĞƐƚŝŵƵůĂĚŽ

͘ /E&KZD ^ Z ^h>d K^ yW>KZ /ME W Z D dZK

KE^/ Z /KE ^ ^K Z >K^ dK^

ŝĂŐƌĂŵĂƐ

ͻ ƵĂŶĚŽ ƐĞĂ ƉŽƐŝďůĞ ĚĞďĞŶ ƐĞƌ ŝŶĐůƵŝĚŽƐ͕ ŵĂƉĂƐ LJ ƐĞĐĐŝŽŶĞƐ ;ĐŽŶ ĞƐĐĂůĂƐͿ LJ ůĂƐ ƚĂďƵůĂĐŝŽŶĞƐ ĚĞ ůĂƐ ŝŶƚĞƌƐĞĐĐŝŽŶĞƐ ƉĂƌĂ ĐƵĂůƋƵŝĞƌ ĚĞƐĐƵďƌŝŵŝĞŶƚŽ ĚĞ ŵĂƚĞƌŝĂů ƋƵĞ ƐĞ ŝŶĨŽƌŵſ Ɛŝ ĞƐƚŽƐ ĚŝĂŐƌĂŵĂƐ ĂĐůĂƌĂŶ ƐŝŐŶŝĨŝĐĂƚŝǀĂŵĞŶƚĞ Ğů ŝŶĨŽƌŵĞ͘ ͻ >ŽƐ ĚŝĂŐƌĂŵĂƐ LJ ŵĂƉĂƐ ĚĞďĞŶ ƉƌĞƐĞŶƚĂƌƐĞ ĐŽŶ ƐŝƐƚĞŵĂƐ ĚĞ ĐŽŽƌĚĞŶĂĚĂƐ ƌĞĐŽŶŽĐŝĚŽƐ ĐŽŶ Ğů ĚĂƚƵŵ͕ ƉƌŽLJĞĐĐŝſŶ LJ ƚŽĚŽƐ ůŽƐ ƉĂƌĄŵĞƚƌŽƐ ĚĞĐůĂƌĂĚŽƐ ĞŶ ůĂ ůĞLJĞŶĚĂ ĚĞů ŵĂƉĂ ͻ ƵĂŶĚŽ ƐĞĂ ƉŽƐŝďůĞ ůĂ ƉƌĞƐĞŶƚĂĐŝſŶ ĚĞ ŝŶĨŽƌŵĞƐ ĚĞďĞ ƐĞƌ ŝŶƚĞŐƌĂů

/ŶĨŽƌŵĂĐŝſŶ ĞƋƵŝůŝďƌĂĚĂ

ͻ Ŷ ĐĂƐŽ ĚĞ ĞůĂďŽƌĂĐŝſŶ ĚĞ ŝŶĨŽƌŵĞƐ ĐŽŵƉůĞƚŽƐ ĚĞ ƚŽĚŽƐ ůŽƐ ƌĞƐƵůƚĂĚŽƐ ĚĞ ĞdžƉůŽƌĂĐŝſŶ ŶŽ ĞƐ ƉŽƐŝďůĞ͕ ůĂ ƉƌĞƐĞŶƚĂĐŝſŶ ĚĞ ŝŶĨŽƌŵĞƐ ƌĞƉƌĞƐĞŶƚĂƚŝǀŽƐ ĚĞďĞ ƉƌĂĐƚŝĐĂƌƐĞ ƉĂƌĂ ĞǀŝƚĂƌ ůĂ ĐŽŶĨƵƐŝſŶ ĞŶ ZĞƐƵůƚĂĚŽƐ ĚĞ džƉůŽƌĂĐŝſŶ

KƚƌŽƐ ĚĂƚŽƐ ĚĞ ĞdžƉůŽƌĂĐŝſŶ

ͻ KƚƌŽƐ ĚĂƚŽƐ ĚĞ ĞdžƉůŽƌĂĐŝſŶ͕ Ɛŝ ƐŽŶ ƐŝŐŶŝĨŝĐĂƚŝǀŽƐ LJ ŵĂƚĞƌŝĂůĞƐ ĚĞďĞŶ ŝŶĨŽƌŵĂƌƐĞ͕ ŝŶĐůƵLJĞŶĚŽ ;ƉĞƌŽ ŶŽ ůŝŵŝƚĂĚŽƐ ĂͿ͗ ŽďƐĞƌǀĂĐŝŽŶĞƐ ŐĞŽůſŐŝĐĂƐ͕ ƌĞƐƵůƚĂĚŽƐ ĚĞ ĞƐƚƵĚŝŽƐ


0È67(5 *HRORJtD DSOLFDGD D OD 2EUD &LYLO \ ORV 5HFXUVRV +tGULFRV 75$%$-2 (QHUJtD *HRWpUPLFD GH *UDQDGD $8725 (PPDQXHO 6HJXUD =DPRUD

ĨƵŶĚĂŵĞŶƚĂůĞƐ

ŐĞŽĨşƐŝĐŽƐ͖ ƌĞƐƵůƚĂĚŽƐ ĚĞ ĞƐƚƵĚŝŽƐ ŐĞŽƋƵşŵŝĐŽƐ͕ ĂŐƵĂ ƐƵďƚĞƌƌĄŶĞĂ͖ ĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ ŐĞŽƚĠĐŶŝĐĂƐ LJ ĚĞ ůĂ ƌŽĐĂ͕ ƐƵƐƚĂŶĐŝĂƐ ƉŽƚĞŶĐŝĂůŵĞŶƚĞ ŶŽĐŝǀĂƐ Ž ĐŽŶƚĂŵŝŶĂŶƚĞƐ

ƵĚŝƚŽƌşĂƐ Ž ƌĞǀŝƐŝŽŶĞƐ

ͻ >ŽƐ ƌĞƐƵůƚĂĚŽƐ ĚĞ ĐƵĂůƋƵŝĞƌ ĂƵĚŝƚŽƌşĂ Ž ƌĞǀŝƐŝſŶ ŝŶĚĞƉĞŶĚŝĞŶƚĞ ĚĞ ůŽƐ ĚĂƚŽƐ ĚĞ ĞdžƉůŽƌĂĐŝſŶ͕ ůŽƐ ŵŽĚĞůŽƐ Ž ŝŶƚĞƌƉƌĞƚĂĐŝŽŶĞƐ

>ĂďŽƌĞƐ ĨƵƚƵƌĂƐ

ͻ >Ă ŶĂƚƵƌĂůĞnjĂ LJ ĞƐĐĂůĂ ĚĞ ƚƌĂďĂũŽ ĨƵƚƵƌŽ ƉůĂŶŝĨŝĐĂĚŽ ;ƉŽƌ ĞũĞŵƉůŽ͕ ƉƌƵĞďĂƐ ĚĞ ĞdžƚĞŶƐŝŽŶĞƐ ůĂƚĞƌĂůĞƐ Ž ĞdžƚĞŶƐŝŽŶĞƐ ĚĞ ƉƌŽĨƵŶĚŝĚĂĚ Ž ĚĞ ƉĞƌĨŽƌĂĐŝſŶ ĚĞ ƉĂƐŽ ĚĞ ƐĂůŝĚĂ Ă ŐƌĂŶ ĞƐĐĂůĂͿ

&͘ ^d/D /ME z WZ ^ Ed /ME /E&KZD ^ Z hZ^K^ ' Kd ZD/ K^ hƐŽ ƉƌĞǀŝƐƚŽ

ͻ >Ă ŶĂƚƵƌĂůĞnjĂ ĚĞ ůĂ ĞdžƉůŽƚĂĐŝſŶ ĚĞ ZĞĐƵƌƐŽƐ ŐĞŽƚĠƌŵŝĐŽƐ ĂŶƚŝĐŝƉĂŶĚŽ ƚŽĚĂƐ ůĂƐ ŚŝƉſƚĞƐŝƐ ŚĞĐŚĂƐ ͻ &ƵĞŶƚĞ LJ ĐŽŶĨŝĂďŝůŝĚĂĚ ĚĞ ƚŽĚŽƐ ůŽƐ ĚĂƚŽƐ ƌĞůĞǀĂŶƚĞƐ ĚĞ ZĞĐƵƌƐŽƐ ŐĞŽƚĠƌŵŝĐŽƐ

/ŶƚĞŐƌŝĚĂĚ ĚĞ ůŽƐ ĚĂƚŽƐ

ͻ >ĂƐ ŵĞĚŝĚĂƐ ĂĚŽƉƚĂĚĂƐ ƉĂƌĂ ĂƐĞŐƵƌĂƌ ƋƵĞ ůŽƐ ĚĂƚŽƐ ĚĞƐĐƌŝƚŽƐ ŶŽ ƐĞ ŚĂ ĚĂŹĂĚŽ ĞŶƚƌĞ ůĂ ƌĞĐŽŐŝĚĂ ŝŶŝĐŝĂů LJ Ğů ƵƐŽ ĚĞ ŵŽĚĞůŽƐ ͬ ĐĄůĐƵůŽƐ ͻ WƌŽĐĞƐŽ ĚĞ ǀĂůŝĚĂĐŝſŶ ĚĞ ĚĂƚŽƐ

/ŶƚĞƌƉƌĞƚĂĐŝſŶ ĚĞ ůŽƐ ĚĂƚŽƐ

ͻ >Ă ĐŽŶĨŝĂŶnjĂ ĞŶ ;Ž ƉŽƌ Ğů ĐŽŶƚƌĂƌŝŽ ůĂ ŝŶĐĞƌƚŝĚƵŵďƌĞ ĚĞͿ ĐƵĂůƋƵŝĞƌ ŝŶƚĞƌƉƌĞƚĂĐŝſŶ ĚĞ ĚĂƚŽƐ ŐĞŽůſŐŝĐŽƐ͕ ŐĞŽĨşƐŝĐŽƐ Ž ŐĞŽƋƵşŵŝĐŽƐ ƉĂƌĂ ƐĞƌ ƵƚŝůŝnjĂĚŽƐ ĞŶ ůĂ ĞƐƚŝŵĂĐŝſŶ ĚĞ ZĞĐƵƌƐŽƐ ŐĞŽƚĠƌŵŝĐŽƐ ͻ ů ĞĨĞĐƚŽ͕ ĞŶ ƐƵ ĐĂƐŽ͕ ĚĞ ůĂ ŝŶƚĞƌƉƌĞƚĂĐŝſŶ;ĞƐͿ ĂůƚĞƌŶĂƚŝǀĂ;ƐͿ ĞŶ ůĂ ĞƐƚŝŵĂĐŝſŶ ĚĞ ZĞĐƵƌƐŽƐ ŐĞŽƚĠƌŵŝĐŽƐ ͻ ĞďĞ ĚĞŵŽƐƚƌĂƌƐĞ Ɛŝ ƐĞ ƚƌĂƚĂ ĚĞ ZĞĐƵƌƐŽƐ ŐĞŽƚĠƌŵŝĐŽƐ ƉĂƌĂ ƐĞƌ ĐŽŶƐŝĚĞƌĂĚŽƐ ĐŽŵŽ DĞĚŝĚŽƐ

ĂƉĂĐŝĚĂĚ ĚĞ ĞŶƚƌĞŐĂ ĚĞů ƉŽnjŽ

ͻ ^ŝ Ğů ƉƌŽLJĞĐƚŽ ƐĞ ďĂƐĂƌĄ ĞŶ ůŽƐ ƉŽnjŽƐ ĚĞ ďŽŵďĞŽ Ž ĚĞ ĂƵƚŽͲĚĞƐĐĂƌŐĂ ;ƐƵƌŐĞŶƚĞƐͿ ͻ /ŶĨŽƌŵĂĐŝſŶ ƐŽďƌĞ ŶĞĐĞƐŝĚĂĚĞƐ ƉƌĞǀŝƐƚĂƐ ĚĞ ůĂ ĞŶĞƌպà ƉĂƌĂƐŝƚĂƌŝĂ ĚĞ ůĂƐ ďŽŵďĂƐ ĚĞ ƉƌŽĚƵĐĐŝſŶ Ž ŝŶLJĞĐĐŝſŶ ͻ >Ă ŶĂƚƵƌĂůĞnjĂ LJ ůĂ ĂĚĞĐƵĂĐŝſŶ ĚĞ ůĂ;ƐͿ ƚĠĐŶŝĐĂ;ƐͿ ĚĞ ĞƐƚŝŵĂĐŝſŶ ƋƵĞ ƐĞ ĂƉůŝĐĂ;ŶͿ LJ ůŽƐ ƐƵƉƵĞƐƚŽƐ ĐůĂǀĞ

ƐƚŝŵĂĐŝſŶ LJ ƚĠĐŶŝĐĂƐ ĚĞ ŵŽĚĞůĂĚŽ

ͻ >Ă ĚŝƐƉŽŶŝďŝůŝĚĂĚ ĚĞ ůŽƐ ƌĞŐŝƐƚƌŽƐ ĚĞ ƉƌŽĚƵĐĐŝſŶ ĂŶƚĞƌŝŽƌĞƐ LJ Ɛŝ ĞƐƚĂ ŝŶĨŽƌŵĂĐŝſŶ ƐĞ ĐŽŶƐŝĚĞƌĂ ͻ ƵĂůƋƵŝĞƌ ŚŝƉſƚĞƐŝƐ ƐŽďƌĞ ůĂ ĐŽƌƌĞůĂĐŝſŶ ĚĞ ůĂƐ ǀĂƌŝĂďůĞƐ ͻ ů ƉƌŽĐĞƐŽ ĚĞ ǀĂůŝĚĂĐŝſŶ͕ Ğů ƉƌŽĐĞƐŽ ĚĞ ĐŽŶƚƌŽů ƵƚŝůŝnjĂĚŽƐ͕ ĂƐş ĐŽŵŽ ůĂ ĐŽŶǀĞƌŐĞŶĐŝĂ ĚĞů ŵŽĚĞůŽ Ă ůŽƐ ĚĂƚŽƐ ĚĞ ŵĞĚŝĐŝſŶ LJ ůĂ ǀĞƌŝĨŝĐĂĐŝſŶ ĚĞ ůŽƐ ƌĞƐƵůƚĂĚŽƐ ƐŝŐŶŝĨŝĐĂƚŝǀŽƐ ŵĞĚŝĂŶƚĞ ůĂ ĂƉůŝĐĂĐŝſŶ ĚĞ ƚĠĐŶŝĐĂƐ ĂůƚĞƌŶĂƚŝǀĂƐ LJͬŽ ƉĞƌƐŽŶĂů ŝŶĚĞƉĞŶĚŝĞŶƚĞ

WĂƌĄŵĞƚƌŽƐ ĚĞ ĐŽƌƚĞ

&ĂĐƚŽƌĞƐ ĚĞ ƌĞĐƵƉĞƌĂĐŝſŶ

ĨŝĐŝĞŶĐŝĂ ĚĞ ĐŽŶǀĞƌƐŝſŶ

ŝŵĞŶƐŝŽŶĞƐ

ͻ ů ĨƵŶĚĂŵĞŶƚŽ ĚĞ ƚŽĚĂƐ ĂĚŽƉƚĂĚĂƐ ĚĞ ĐŽƌƚĞ ůĂƐ ƚĞŵƉĞƌĂƚƵƌĂƐ͕ ĐĂƵĚĂůĞƐ Ž ƉĂƌĄŵĞƚƌŽƐ ĚĞ ĐĂůŝĚĂĚ ;ƉŽƌ ĞũĞŵƉůŽ͕ ĚĞů ƌĞƐĞƌǀŽƌŝŽ͕ ƉŽƌŽƐŝĚĂĚ ĐĂƉĂĐŝĚĂĚ ĚĞ ĞŶƚƌĞŐĂ ͕ ĞƚĐͿ ƋƵĞ ƐĞ ĂƉůŝĐĂ͕ ƉƌĞĨĞƌĞŶƚĞŵĞŶƚĞ ĞŶ ƵŶĂ ƌƵƚĂ ĚĞ ƚĞĐŶŽůŽŐşĂ ĐŽŶŽĐŝĚĂ ͻ ĞďĞ ĞƐƚĂƌ ĞdžƉůşĐŝƚĂŵĞŶƚĞ LJ ƐĞ ũƵƐƚŝĨŝĐĂƌĄ ͻ ^ŝ ƐĞ ƵƚŝůŝnjĂ ůĂ ĐŽŶǀĞƌƐŝſŶ͕ ůĂ ĞĨŝĐŝĞŶĐŝĂ ƋƵĞ ƐĞ ĞƐƉĞƌĂ ĚĞ ůĂ ĐŽŶǀĞƌƐŝſŶ ĚĞ ĐĂůŽƌ ĞŶ ĞůĞĐƚƌŝĐŝĚĂĚ ͻ >Ă ŵĞƚŽĚŽůŽŐşĂ ƵƚŝůŝnjĂĚĂ ƉĂƌĂ ůĂ ĚĞƚĞƌŵŝŶĂĐŝſŶ ĚĞ ůĂ ĞĨŝĐŝĞŶĐŝĂ ĚĞ ĐŽŶǀĞƌƐŝſŶ͕ ŝŶĐůƵLJĞŶĚŽ ƵŶĂ ĞdžƉůŝĐĂĐŝſŶ ĚĞ ůĂ ƌƵƚĂ ĚĞ ƚĞĐŶŽůŽŐşĂ ;ƚŝƉŽͿ LJ ůĂ ũƵƐƚŝĨŝĐĂĐŝſŶ ĚĞ ůĂƐ ŚŝƉſƚĞƐŝƐ ĨŽƌŵƵůĂĚĂƐ ͻ ů ŐƌĂĚŽ LJ ůĂ ǀĂƌŝĂďŝůŝĚĂĚ ĚĞů ƌĞĐƵƌƐŽ ŐĞŽƚĠƌŵŝĐŽ ĞƐƚŝŵĂĚŽ ĞdžƉƌĞƐĂĚŽ ĐŽŵŽ ƐƵƉĞƌĨŝĐŝĞ LJ ůĂ ƉƌŽĨƵŶĚŝĚĂĚ ĚĞďĂũŽ ĚĞ ůĂ ƐƵƉĞƌĨŝĐŝĞ ĐŽŶ ƵŶĂ ĞdžƉůŝĐĂĐŝſŶ ĚĞů ĨƵŶĚĂŵĞŶƚŽ ĚĞ


0È67(5 *HRORJtD DSOLFDGD D OD 2EUD &LYLO \ ORV 5HFXUVRV +tGULFRV 75$%$-2 (QHUJtD *HRWpUPLFD GH *UDQDGD $8725 (PPDQXHO 6HJXUD =DPRUD

ĐƵĂůƋƵŝĞƌ ŝŶƚĞƌƉƌĞƚĂĐŝſŶ ĚĞ ůĂ ŐĞŽŵĞƚƌşĂ ĚĞů ƌĞƐĞƌǀŽƌŝŽ ͻ >Ă ĞdžƉĞĐƚĂƚŝǀĂ ĚĞ ǀŝĚĂ ĚĞů ƌĞĐƵƌƐŽ ŐĞŽƚĠƌŵŝĐŽ ďĂƐĂĚĂ ĞŶ ŵŽĚĞůŽƐ ĚŝƐƉŽŶŝďůĞƐ LJ Ğů ĚĞƐĂƌƌŽůůŽ ƉƌĞǀŝƐƚŽ sŝĚĂ ĚĞ ůŽƐ ZĞĐƵƌƐŽƐ ŐĞŽƚĠƌŵŝĐŽƐ

ͻ >Ă ŶĂƚƵƌĂůĞnjĂ͕ ůĂ ĐĂůŝĚĂĚ LJ ůĂ ŝĚŽŶĞŝĚĂĚ ĚĞ ůŽƐ ŵĠƚŽĚŽƐ ƵƚŝůŝnjĂĚŽƐ ƉĂƌĂ Ğů ŵŽĚĞůĂĚŽ ĚĞ ůĂ ǀŝĚĂ ĚĞů ƌĞĐƵƌƐŽ ŐĞŽƚĠƌŵŝĐŽ͕ ŝŶĐůƵŝĚŽƐ ůŽƐ ƐƵƉƵĞƐƚŽƐ ĐůĂǀĞ ͻ ƐƚŝŵĂĐŝſŶ ĚĞ ĞůĞŵĞŶƚŽƐ ŶŽĐŝǀŽƐ ;ƉŽƌ ĞũĞŵƉůŽ͕ ĐŽƌƚŽĐŝƌĐƵŝƚŽƐ͕ ĂŵƉůŝĂĐŝſŶ͕ ĞƚĐͿ ͻ >Ă ďĂƐĞ ƉĂƌĂ ůĂ ĐůĂƐŝĨŝĐĂĐŝſŶ ĚĞ ůŽƐ ZĞĐƵƌƐŽƐ ŐĞŽƚĠƌŵŝĐŽƐ ĞŶ ĚŝǀĞƌƐĂƐ ĐĂƚĞŐŽƌşĂƐ ĚĞ ĐŽŶĨŝĂŶnjĂ

ůĂƐŝĨŝĐĂĐŝſŶ

ͻ ^ŝ ƐĞ ŚĂ ƚŽŵĂĚŽ ĚĞďŝĚĂŵĞŶƚĞ ĞŶ ĐƵĞŶƚĂ ƚŽĚŽƐ ůŽƐ ĨĂĐƚŽƌĞƐ ͻ ^ŝ ůŽƐ ƌĞƐƵůƚĂĚŽƐ ƌĞĨůĞũĂŶ ĂĚĞĐƵĂĚĂŵĞŶƚĞ ůŽƐ ƉƵŶƚŽƐ ĚĞ ǀŝƐƚĂ ĚĞ ůĂ WĞƌƐŽŶĂ ŽŵƉĞƚĞŶƚĞ

WĂƌƚŝĐŝƉĂĐŝſŶ ĚĞ ƚĞƌĐĞƌŽƐ

ͻ ZĞĐŽŶŽĐŝŵŝĞŶƚŽ ĚĞ ůĂ ĞǀŽůƵĐŝſŶ͕ ƉŽƐŝďůĞŵĞŶƚĞ ƉŽƌ ŽƚƌĂƐ ƉĂƌƚĞƐ ĞŶ ĐŽŶĨůŝĐƚŽ

ƵĚŝƚŽƌşĂƐ Ž ƌĞǀŝƐŝŽŶĞƐ

ͻ >ŽƐ ƌĞƐƵůƚĂĚŽƐ ĚĞ ĐƵĂůƋƵŝĞƌ ĂƵĚŝƚŽƌşĂ Ž ƌĞǀŝƐŝſŶ ĚĞ ůĂ ĞƐƚŝŵĂĐŝſŶ ĚĞů ƌĞĐƵƌƐŽ ŐĞŽƚĠƌŵŝĐŽ ͻ ƵĂŶĚŽ ƐĞĂ ƉŽƐŝďůĞ ůĂ ƉƌĞƐĞŶƚĂĐŝſŶ ĚĞ ŝŶĨŽƌŵĞƐ ĚĞďĞ ƐĞƌ ŝŶƚĞŐƌĂů

/ŶĨŽƌŵĂĐŝſŶ ĞƋƵŝůŝďƌĂĚĂ Ğ ŝŵƉĂƌĐŝĂů

ŝƐĐƵƐŝſŶ ĚĞ ůĂ ƉƌĞĐŝƐŝſŶ ƉĞƌƚŝŶĞŶƚĞ ͬ ĐŽŶĨŝĂŶnjĂ

ͻ Ŷ ůŽƐ ĐĂƐŽƐ ĚĞ ŝŶĨŽƌŵĂĐŝſŶ ĞdžŚĂƵƐƚŝǀĂ ĚĞ ƚŽĚĂƐ ůĂƐ ĞƐƚŝŵĂĐŝŽŶĞƐ ĚĞ ůŽƐ ZĞĐƵƌƐŽƐ ŐĞŽƚĠƌŵŝĐŽƐ ŶŽ ƐĞĂ ƉŽƐŝďůĞ͕ ůĂ ƉƌĞƐĞŶƚĂĐŝſŶ ĚĞ ŝŶĨŽƌŵĞƐ ƌĞƉƌĞƐĞŶƚĂƚŝǀŽƐ ĚĞďĞ ƉƌĂĐƚŝĐĂƌƐĞ ƉĂƌĂ ĞǀŝƚĂƌ ůĂ ƉƌĞƐĞŶƚĂĐŝſŶ ĚĞ ŝŶĨŽƌŵĞƐ ƋƵĞ ŝŶĚƵnjĐĂŶ Ă ĞƌƌŽƌ ĚĞ ůĂ ĞƐƚŝŵĂĐŝſŶ ĚĞ ůŽƐ ZĞĐƵƌƐŽƐ ŐĞŽƚĠƌŵŝĐŽƐ ͻ Ŷ ƐƵ ĐĂƐŽ ƵŶĂ ĚĞĐůĂƌĂĐŝſŶ ĚĞ ůĂ ƌĞůĂƚŝǀĂ ƉƌĞĐŝƐŝſŶ LJ ͬ Ž ĐŽŶĨŝĂŶnjĂ ĞŶ ůĂ ĞƐƚŝŵĂĐŝſŶ ĚĞ ůŽƐ ZĞĐƵƌƐŽƐ ŐĞŽƚĠƌŵŝĐŽƐ ĐŽŶ ƵŶ ĞŶĨŽƋƵĞ Ž ƉƌŽĐĞĚŝŵŝĞŶƚŽ ĐŽŶƐŝĚĞƌĂĚŽ ĂƉƌŽƉŝĂĚŽ ƉŽƌ ůĂ WĞƌƐŽŶĂ ŽŵƉĞƚĞŶƚĞ͘ WŽƌ ĞũĞŵƉůŽ͕ ůĂ ĂƉůŝĐĂĐŝſŶ ĚĞ ĂŶĄůŝƐŝƐ ĚĞ ƐĞŶƐŝďŝůŝĚĂĚ͕ ĂŶĄůŝƐŝƐ ƉƌŽďĂďŝůşƐƚŝĐŽ Ž Ğů ƵƐŽ ĚĞ ĞƐĐĞŶĂƌŝŽƐ ĚĞ ƚƌĂďĂũŽ͕ Ž͕ Ɛŝ ĞƐƚĞ ĞŶĨŽƋƵĞ ŶŽ ƐĞ ĐŽŶƐŝĚĞƌĂ ĐŽŶǀĞŶŝĞŶƚĞ͕ ƵŶ ĂŶĄůŝƐŝƐ ĐƵĂůŝƚĂƚŝǀŽ ĚĞ ůŽƐ ĨĂĐƚŽƌĞƐ ƋƵĞ ƉŽĚƌşĂŶ ĂĨĞĐƚĂƌ Ă ůĂ ƉƌĞĐŝƐŝſŶ ƌĞůĂƚŝǀĂ LJ ůĂ ĐŽŶĨŝĂŶnjĂ ĚĞ ůĂ ĞƐƚŝŵĂĐŝſŶ ͻ >Ă ĚĞĐůĂƌĂĐŝſŶ ĚĞďĞ ĞƐƉĞĐŝĨŝĐĂƌ Ɛŝ ƐĞ ƌĞĨŝĞƌĞ Ă ůŽƐ ĚĞ ůŽƐ ZĞĐƵƌƐŽƐ ŐĞŽƚĠƌŵŝĐŽƐ ƚŽƚĂů Ž ƉĂƌĐŝĂů LJ͕ ĂƵŶƋƵĞ ƉĂƌĐŝĂůĞƐ͕ ŝŶĚŝĐĂŶ ĐůĂƌĂŵĞŶƚĞ ůĂ ĞdžƚĞŶƐŝſŶ͕ ũƵŶƚŽ ĐŽŶ ůŽƐ ƐƵƉƵĞƐƚŽƐ LJ ƉƌŽĐĞĚŝŵŝĞŶƚŽƐ ƵƚŝůŝnjĂĚŽƐ ͻ ƐƚĂƐ ĚĞĐůĂƌĂĐŝŽŶĞƐ ĚĞ ƌĞůĂƚŝǀĂ ƉƌĞĐŝƐŝſŶ LJ ůĂ ĐŽŶĨŝĂŶnjĂ ĚĞ ůĂ ĞƐƚŝŵĂĐŝſŶ ƐĞ ĚĞďĞ ĐŽŵƉĂƌĂƌ ĐŽŶ ůŽƐ ĚĂƚŽƐ ĚĞ ƉƌŽĚƵĐĐŝſŶ͕ ĐƵĂŶĚŽ ƐĞĂ ƉŽƐŝďůĞ

ĂůŝĨŝĐĂĐŝŽŶĞƐ LJ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚ

ͻ hŶĂ ĚĞĐůĂƌĂĐŝſŶ ĚĞ ůĂƐ ĐĂůŝĨŝĐĂĐŝŽŶĞƐ͕ ĞdžƉĞƌŝĞŶĐŝĂ LJ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚ ĚĞ ůĂ ƉĞƌƐŽŶĂ ĐŽŵƉĞƚĞŶƚĞ ƋƵĞ ƌĞĂůŝĐĞ ůĂ ĞǀĂůƵĂĐŝſŶ

'͘ ^d/D /ME z WZ ^ Ed /ME /E&KZD ^ Z ^ Zs ^ ' Kd ZD/ ^

ǀĂůƵĂĐŝſŶ ĚĞ ůŽƐ ƌĞĐƵƌƐŽƐ ƉĂƌĂ ůĂ ĐŽŶǀĞƌƐŝſŶ

ƐƚĂĚŽ ĚĞů ĞƐƚƵĚŝŽ WůĂŶƚĂ ĐƵĂŶĚŽ ĞƐƚĠŶ ƌĞůĂĐŝŽŶĂĚŽƐ ĐŽŶ ůĂ ŐĞŶĞƌĂĐŝſŶ ĚĞ ĞůĞĐƚƌŝĐŝĚĂĚ

ͻ ĞƐĐƌŝƉĐŝſŶ ĚĞ ůĂ ĞƐƚŝŵĂĐŝſŶ ĚĞ ůŽƐ ZĞĐƵƌƐŽƐ ŐĞŽƚĠƌŵŝĐŽƐ ƉĂƌĂ ƐĞƌ ƵƚŝůŝnjĂĚŽƐ ĐŽŵŽ ďĂƐĞ ƉĂƌĂ ůĂ ĐŽŶǀĞƌƐŝſŶ Ă ƵŶĂ ƌĞƐĞƌǀĂ ŐĞŽƚĠƌŵŝĐĂ͕ ŝŶĐůƵLJĞŶĚŽ ůĂƐ ĨƵĞŶƚĞƐ ĚĞ ĚĂƚŽƐ LJ ůĂ ũƵƐƚŝĨŝĐĂĐŝſŶ ĚĞ ƚŽĚŽƐ ůŽƐ ƐƵƉƵĞƐƚŽƐ ͻ >Ă ĚŝƐĐƌŝŵŝŶĂĐŝſŶ ĐůĂƌĂ ĞŶƚƌĞ ůŽƐ ZĞĐƵƌƐŽƐ 'ĞŽƚĠƌŵŝĐŽƐ ŝŶĨŽƌŵĂĚŽƐ ĂĚĞŵĄƐ ĚĞ ůĂƐ ZĞƐĞƌǀĂƐ 'ĞŽƚĠƌŵŝĐĂƐ LJ ůŽƐ ƋƵĞ ƐĞ ŝŶĐůƵLJĞŶ ĚĞŶƚƌŽ ĚĞ ůĂƐ ZĞƐĞƌǀĂƐ 'ĞŽƚĠƌŵŝĐĂƐ ͻ ů ƚŝƉŽ LJ ŶŝǀĞů ĚĞ ĞƐƚƵĚŝŽƐ ƌĞĂůŝnjĂĚŽƐ ƉĂƌĂ ƋƵĞ Ğů ZĞĐƵƌƐŽ 'ĞŽƚĠƌŵŝĐŽ ƐĞ ĐŽŶǀŝĞƌƚĂ ĞŶ ZĞƐĞƌǀĂ 'ĞŽƚĠƌŵŝĐĂ ͻ >Ă ƚĞĐŶŽůŽŐşĂ ƉĂƌĂ ƐĞƌ ƵƚŝůŝnjĂĚŽƐ LJ ůĂ ĚĞŵŽƐƚƌĂĐŝſŶ ĚĞ ůĂ ǀŝĂďŝůŝĚĂĚ ƚĠĐŶŝĐĂ͕ Ɛŝ ƐŽŶ ŶƵĞǀŽƐ ͻ >Ă ĐĂƉĂĐŝĚĂĚ ĚĞ ƉƌĞǀŝƐƚĂ LJ ĚĞ ǀŝĚĂ ĂƐŽĐŝĂĚĂ Ăů ĚĞƐĂƌƌŽůůŽ ĚĞ ůĂ ƉůĂŶƚĂ ĚĞ ĞŶĞƌŐşĂ


0È67(5 *HRORJtD DSOLFDGD D OD 2EUD &LYLO \ ORV 5HFXUVRV +tGULFRV 75$%$-2 (QHUJtD *HRWpUPLFD GH *UDQDGD $8725 (PPDQXHO 6HJXUD =DPRUD

ͻ &ĂĐƚŽƌ ĚĞ ƉůĂŶƚĂ ƉƌĞǀŝƐƚŽ͕ ŝŶĐůƵŝĚŽƐ ůŽƐ ƐƵƉƵĞƐƚŽƐ ĐůĂǀĞ ĞŶ ĚĞƚĞƌŵŝŶĂĐŝſŶ ͻ /ĚĞŶƚŝĨŝĐĂĐŝſŶ ĚĞ ůŽƐ ĨĂĐƚŽƌĞƐ ĂŵďŝĞŶƚĂůĞƐ ƐŝŐŶŝĨŝĐĂƚŝǀŽƐ Ž ůŽƐ ĐŽŶĨůŝĐƚŽƐ ĚĞ ƵƐŽ ĚĞů ƐƵĞůŽ ƋƵĞ ŵĞŶŐƵĂŶ ůŽƐ ƐĞĐƚŽƌĞƐ Ž ŝŵƉĂĐƚŽ ŝŶĐůƵŝĚŽ ĞŶ ůĂ ĞĐŽŶŽŵşĂ ĚĞů ƉƌŽLJĞĐƚŽ͕ ƉĞƌŽ ŶŽ ůŝŵŝƚĂŶĚŽ Ă͗ Ͳ ů ĚĞƐĂƌƌŽůůŽ ĚĞ ƚĞƌĐĞƌŽƐ Ͳ >ĂƐ ĞŵŝƐŝŽŶĞƐ Ăů ĂŝƌĞ Ž Ăů ĂŐƵĂ DĞĚŝŽ ĂŵďŝĞŶƚĞ LJ Ğů ƵƐŽ ĚĞů ƐƵĞůŽ

Ͳ >Ă ƐƵďƐŝĚĞŶĐŝĂ Ͳ ĨĞĐƚŽ ĚĞ ůĂƐ ĂŐƵĂƐ ƐƵďƚĞƌƌĄŶĞĂƐ Ͳ ĨĞĐƚŽƐ ƐŽďƌĞ ůĂ ĂĐƚŝǀŝĚĂĚ ƚĠƌŵŝĐĂ ŶĂƚƵƌĂů Ž ůŽƐ ĞĐŽƐŝƐƚĞŵĂƐ Ͳ >ŽƐ ĐĂŵďŝŽƐ ĞŶ Ğů ĨůƵũŽ ĚĞ ĐĂůŽƌ ĚĞ ƐƵƉĞƌĨŝĐŝĞ͕ ŝŶĚƵĐŝĚĂ ƉŽƌ ůĂƐ ĞƌƵƉĐŝŽŶĞƐ ŚŝĚƌŽƚĞƌŵĂůĞƐ Ͳ ^ŝƐŵŝĐŝĚĂĚ ŝŶĚƵĐŝĚĂ Ͳ ĨĞĐƚŽƐ ƐŽďƌĞ Ğů ƚƵƌŝƐŵŽ͕ ďĂŹĂƌƐĞ LJ ŽƚƌŽƐ ƵƐŽƐ ĚĞ ůĂ ƚŝĞƌƌĂ

&ĂĐƚŽƌĞƐ ĚĞ ĐŽƐƚŽƐ Ğ ŝŶŐƌĞƐŽƐ

ͻ >Ă ĚĞƌŝǀĂĐŝſŶ ĚĞ͕ Ž ƐƵƉƵĞƐƚŽƐ͕ ĞŶ ƌĞůĂĐŝſŶ ĐŽŶ Ğů ĐĂƉŝƚĂů ƉƌĞǀŝƐƚŽ LJ ůŽƐ ĐŽƐƚŽƐ ĚĞ ŽƉĞƌĂĐŝſŶ ͻ >ŽƐ ƐƵƉƵĞƐƚŽƐ ŚĞĐŚŽƐ ĐŽŶ ƌĞƐƉĞĐƚŽ Ă ůŽƐ ŝŶŐƌĞƐŽƐ ͻ >ĂƐ ƉƌŽǀŝƐŝŽŶĞƐ ĐŽŶƐƚŝƚƵŝĚĂƐ ƉŽƌ ĐŽŶĐĞƉƚŽ ĚĞ ĚĞƌĞĐŚŽƐ ĚĞ ƉĂŐŽ ;ĐĄŶŽŶͿ ͻ hďŝĐĂĐŝſŶ ĚĞ ůŽƐ ZĞĐƵƌƐŽƐ 'ĞŽƚĠƌŵŝĐŽƐ ĞŶ ƌĞůĂĐŝſŶ ĐŽŶ Ğů ŵĞƌĐĂĚŽ ƉƌĞǀŝƐƚŽ ͻ ĂƉĂĐŝĚĂĚ ĨƌĞŶƚĞ Ă ůŽƐ ƉƌĞĐŝŽƐ ĚĞ ŵĞƌĐĂĚŽ

ǀĂůƵĂĐŝſŶ ĚĞů ŵĞƌĐĂĚŽ

KƚƌŽ

ͻ Ŷ ƐƵ ĐĂƐŽ͕ Ğů ƉƌĞĐŝŽ ĚĞ ůĂ ĞůĞĐƚƌŝĐŝĚĂĚ ƵƚŝůŝnjĂĚĂ͕ ŝŶĐůƵLJĞŶĚŽ ůĂ ďĂƐĞ ƉĂƌĂ ĂƐƵŵŝƌ ĞƐƚĞ ǀĂůŽƌ͕ ůĂ ŝŶĐĞƌƚŝĚƵŵďƌĞ ĞƐƚŝŵĂĚĂ LJ ůŽƐ ĞĨĞĐƚŽƐ ĚĞ ĐƵĂůƋƵŝĞƌ ŝŶĐĞƌƚŝĚƵŵďƌĞ ĞŶ ůĂ ĞƐƚŝŵĂĐŝſŶ ĚĞ ůĂ ZĞƐĞƌǀĂ 'ĞŽƚĠƌŵŝĐĂ ͻ ů ĞĨĞĐƚŽ͕ ĞŶ ƐƵ ĐĂƐŽ͕ ĚĞ ƌŝĞƐŐŽƐ ŶĂƚƵƌĂůĞƐ͕ ůĂ ŝŶĨƌĂĞƐƚƌƵĐƚƵƌĂ͕ ůŽƐ ĨĂĐƚŽƌĞƐ ůĞŐĂůĞƐ͕ ƐŽĐŝĂůĞƐ Ž ŐƵďĞƌŶĂŵĞŶƚĂůĞƐ ƐŽďƌĞ ůĂ ƉŽƐŝďůĞ ǀŝĂďŝůŝĚĂĚ ĚĞů ƉƌŽLJĞĐƚŽ ͻ ů ĞƐƚĂĚŽ ĚĞ ůŽƐ ƚşƚƵůŽƐ ;ƉĞƌŵŝƐŽƐͿ LJ ĂƉƌŽďĂĐŝŽŶĞƐ ĐƌşƚŝĐĂƐ Ă ůĂ ǀŝĂďŝůŝĚĂĚ ĚĞů ƉƌŽLJĞĐƚŽ ͻ >Ă ďĂƐĞ ƉĂƌĂ ůĂ ĐůĂƐŝĨŝĐĂĐŝſŶ ĚĞ ůĂ ZĞƐĞƌǀĂ 'ĞŽƚĠƌŵŝĐĂ ĞŶ ĚŝǀĞƌƐĂƐ ĐĂƚĞŐŽƌşĂƐ ĚĞ ĐŽŶĨŝĂŶnjĂ

ůĂƐŝĨŝĐĂĐŝſŶ

ͻ ^ŝ ƐĞ ŚĂ ƚŽŵĂĚŽ ĚĞďŝĚĂŵĞŶƚĞ ĞŶ ĐƵĞŶƚĂ ƚŽĚŽƐ ůŽƐ ĨĂĐƚŽƌĞƐ ͻ ^ŝ ůŽƐ ƌĞƐƵůƚĂĚŽƐ ƌĞĨůĞũĂŶ ĂĚĞĐƵĂĚĂŵĞŶƚĞ ůŽƐ ƉƵŶƚŽƐ ĚĞ ǀŝƐƚĂ ĚĞ ůĂ WĞƌƐŽŶĂ ŽŵƉĞƚĞŶƚĞ

ƵĚŝƚŽƌşĂƐ Ž ƌĞǀŝƐŝŽŶĞƐ

ŝƐĐƵƐŝſŶ ĚĞ ůĂ ƉƌĞĐŝƐŝſŶ ƌĞůĂƚŝǀĂ ͬ ĐŽŶĨŝĂŶnjĂ

ͻ >ŽƐ ƌĞƐƵůƚĂĚŽƐ ĚĞ ĐƵĂůƋƵŝĞƌ ĂƵĚŝƚŽƌşĂ Ž ƌĞǀŝƐŝſŶ ĚĞ ůĂ ĞƐƚŝŵĂĐŝſŶ ĚĞ ůĂ ZĞƐĞƌǀĂ 'ĞŽƚĠƌŵŝĐĂ ͻ Ŷ ƐƵ ĐĂƐŽ ƵŶĂ ĚĞĐůĂƌĂĐŝſŶ ĚĞ ůĂ ƌĞůĂƚŝǀĂ ƉƌĞĐŝƐŝſŶ LJ ͬ Ž ůĂ ĐŽŶĨŝĂŶnjĂ ĞŶ ůĂ ĞƐƚŝŵĂĐŝſŶ ĚĞ ůĂ ZĞƐĞƌǀĂ 'ĞŽƚĠƌŵŝĐĂ ƵƚŝůŝnjĂŶĚŽ ƵŶ ĞŶĨŽƋƵĞ Ž ƉƌŽĐĞĚŝŵŝĞŶƚŽ ĐŽŶƐŝĚĞƌĂĚŽ ĂƉƌŽƉŝĂĚŽ ƉŽƌ ůĂ WĞƌƐŽŶĂ ŽŵƉĞƚĞŶƚĞ͘ WŽƌ ĞũĞŵƉůŽ͕ ůĂ ĂƉůŝĐĂĐŝſŶ ĚĞ ĂŶĄůŝƐŝƐ ĚĞ ƐĞŶƐŝďŝůŝĚĂĚ͕ ĂŶĄůŝƐŝƐ ƉƌŽďĂďŝůşƐƚŝĐŽ Ž Ğů ƵƐŽ ĚĞ ĞƐĐĞŶĂƌŝŽƐ ĚĞ ƚƌĂďĂũŽ͕ Ž͕ Ɛŝ ĞƐƚĞ ĞŶĨŽƋƵĞ ŶŽ ƐĞ ĐŽŶƐŝĚĞƌĂ ĐŽŶǀĞŶŝĞŶƚĞ͕ ƵŶ ĂŶĄůŝƐŝƐ ĐƵĂůŝƚĂƚŝǀŽ ĚĞ ůŽƐ ĨĂĐƚŽƌĞƐ ƋƵĞ ƉŽĚƌşĂŶ ĂĨĞĐƚĂƌ Ă ůĂ ƉƌĞĐŝƐŝſŶ ƌĞůĂƚŝǀĂ LJ ůĂ ĐŽŶĨŝĂŶnjĂ ĚĞ ůĂ ĞƐƚŝŵĂĐŝſŶ ͻ >Ă ĚĞĐůĂƌĂĐŝſŶ ĚĞďĞ ĞƐƉĞĐŝĨŝĐĂƌ Ɛŝ ƐĞ ƌĞĨŝĞƌĞ Ă ůĂ ZĞƐĞƌǀĂ 'ĞŽƚĠƌŵŝĐĂ ƚŽƚĂů Ž ƉĂƌĐŝĂů LJ͕ ĂƵŶƋƵĞ ƉĂƌĐŝĂůĞƐ͕ ŝŶĚŝĐĂƌ ĐůĂƌĂŵĞŶƚĞ ůĂ ĞdžƚĞŶƐŝſŶ͕ ũƵŶƚŽ ĐŽŶ ůŽƐ ƐƵƉƵĞƐƚŽƐ LJ ƉƌŽĐĞĚŝŵŝĞŶƚŽƐ ƵƚŝůŝnjĂĚŽƐ ͻ ƐƚĂƐ ĚĞĐůĂƌĂĐŝŽŶĞƐ ĚĞ ƌĞůĂƚŝǀĂ ƉƌĞĐŝƐŝſŶ LJ ůĂ ĐŽŶĨŝĂŶnjĂ ĚĞ ůĂ ĞƐƚŝŵĂĐŝſŶ ƐĞ ĚĞďĞ ĐŽŵƉĂƌĂƌ ĐŽŶ ůŽƐ ĚĂƚŽƐ ĚĞ ƉƌŽĚƵĐĐŝſŶ͕ ĐƵĂŶĚŽ ƐĞĂ ƉŽƐŝďůĞ

ĂůŝĨŝĐĂĐŝŽŶĞƐ LJ

ͻ hŶĂ ĚĞĐůĂƌĂĐŝſŶ ĚĞ ůĂƐ ĐĂůŝĨŝĐĂĐŝŽŶĞƐ͕ ĞdžƉĞƌŝĞŶĐŝĂ LJ ƌĞƐƉŽŶƐĂďŝůŝĚĂĚ ĚĞ ůĂ WĞƌƐŽŶĂ


0È67(5 *HRORJtD DSOLFDGD D OD 2EUD &LYLO \ ORV 5HFXUVRV +tGULFRV 75$%$-2 (QHUJtD *HRWpUPLFD GH *UDQDGD $8725 (PPDQXHO 6HJXUD =DPRUD

ƌĞƐƉŽŶƐĂďŝůŝĚĂĚ

ŽŵƉĞƚĞŶƚĞ ƋƵĞ ƌĞĂůŝĐĞ ůĂ ĞǀĂůƵĂĐŝſŶ

,͘ & dKZ ^ / /KE > ^͗ ^ ZZK>>K^ dh > ^ W Z Z d Z/ Z D :KZ ^d/D /ME &hdhZ Z ^ Zs ' Kd ZD/ ͻ >ŽƐ ĚĂƚŽƐ ĚĞ ƉƌŽĚƵĐĐŝſŶ ĚĞ ĐĂůŽƌ ĞŶ Ğů ƉĂƐĂĚŽ ƚŽƚĂů LJ ĞdžƚƌĂĐĐŝſŶ ĚĞ ĨůƵŝĚŽƐ LJ ƌĞŝŶLJĞĐĐŝſŶ ĂƚŽƐ ĚĞ ƉƌŽĚƵĐĐŝſŶ

ͻ dĞŶĚĞŶĐŝĂƐ ŚŝƐƚſƌŝĐĂƐ ĚĞ ƉƌĞƐŝſŶ͕ ƚĞŵƉĞƌĂƚƵƌĂ͕ ĞŶƚĂůƉşĂ LJ ƋƵşŵŝĐĂ ƚĂŶƚŽ ƉĂƌĂ ůŽƐ ƉŽnjŽƐ ŝŶĚŝǀŝĚƵĂůĞƐ ĐŽŵŽ ƉĂƌĂ Ğů ƌĞĐƵƌƐŽ ŐĞŽƚĠƌŵŝĐŽ ĐŽŶũƵŶƚŽ͕ ũƵŶƚŽ ĐŽŶ ůĂƐ ŝŶƚĞƌƉƌĞƚĂĐŝŽŶĞƐ ĞŶ ƚĠƌŵŝŶŽƐ ĚĞ ůŽƐ ƉƌŽĐĞƐŽƐ ĚĞ ƌĞƐĞƌǀĂ LJ Ğů ŵŽĚĞůŽ ĐŽŶĐĞƉƚƵĂů ŚŝĚƌŽŐĞŽůſŐŝĐŽ ͻ dŽĚĂƐ ůĂƐ ĞǀĂůƵĂĐŝŽŶĞƐ ĚĞ ĐĂůŽƌ LJ ůĂ ƌĞĐĂƌŐĂ ĚĞ ĨůƵŝĚŽƐ ͻ >ŽƐ ŵĠƚŽĚŽƐ ƵƚŝůŝnjĂĚŽƐ LJ ƵŶĂ ĞǀĂůƵĂĐŝſŶ ĚĞ ůĂ ĐĂůŝĚĂĚ ĚĞ ůŽƐ ĚĂƚŽƐ ƉĂƌĂ Ğů ŵŽŶŝƚŽƌĞŽ ĚĞ LJĂĐŝŵŝĞŶƚŽƐ͕ ŝŶĐůƵLJĞŶĚŽ ƉĞƌŽ ŶŽ ůŝŵŝƚĂŶĚŽ Ă͗ Ͳ >Ă ƐƵƉĞƌĨŝĐŝĞ LJ Ğů ĨŽŶĚŽ ĚĞů ƉŽnjŽ ĚĞ ƉƌĞƐŝſŶ LJ ƚĞŵƉĞƌĂƚƵƌĂ Ͳ >ŽƐ ĨůƵũŽƐ ĚĞ ůşƋƵŝĚŽƐ LJ ŵĞĚŝĚĂƐ ĚĞ ĞŶƚĂůƉşĂ

sŝŐŝůĂŶĐŝĂ ĚĞů ƌĞƐĞƌǀŽƌŝŽ

Ͳ >ŽƐ ĞŶƐĂLJŽƐ ĚĞ dƌĂnjĂĚŽƌĞƐ Ͳ >ŽƐ ĞŶƐĂLJŽƐ ĚĞ ƉƌŽĚƵĐĐŝſŶ ĚĞ ƉŽnjŽƐ Ͳ >Ă ĂĐƚŝǀŝĚĂĚ ƚĠƌŵŝĐĂ LJ ĐŽŶƚƌŽů ĚĞů ĨůƵũŽ ĚĞ ĐĂůŽƌ Ͳ ƵƐĐƵůƚĂĐŝſŶ ĚĞů dĞƌƌĞŶŽ Ͳ DŽŶŝƚŽƌĞŽ ĚĞ ŵŝĐƌŽŐƌĂǀĞĚĂĚ Ͳ ŽŶƚƌŽů ŵĞĚŝŽ ĂŵďŝĞŶƚĂů

,ŝƐƚŽƌŝĂ ĚĞ ůĂ ƉƌŽĚƵĐĐŝſŶ

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