'6/%"%03&4 +FT·T ~MWBSF[ EFM $BTUJMMP 7 +PSHF ~MWBSF[ EFM $BTUJMMP ;
&- */'03."%03 t ' "5*-"/0
&%*503 %*3&$503 $BSMPT ~MWBSF[ EFM $BTUJMMP (
"º0 $ /Á.&30
#
4&$$* /
&- "6%*503*0 5&-.&9 $&-&#3" &45& "º0 46 13*.&3" %²$"%" %& 7*%" %&4$6#3& -04 3*/$0/&4 %& 6/0 %& -04 3&$*/504 .«4 *.1035"/5&4 %& .²9*$0 1ÈHJOBT DVBUSP Z DJODP
?Q=@ANJK @A HA?PQN=
(6"%"-"+"3" +"- %0.*/(0 %& .":0 %&
-Õ«iÀÛ Ã À\Ê >À Ê >ÃÌ Ê >À °V>ÃÌ J v À >` À°V ° Ý
-B MJHFSF[B DPO MB RVF TF WJWF MB BDUVBMJEBE BT¤ DPNP FM BNCJFOUF QPM¤UJDP EF 'SBODJB FT WJTUP EFTEF FM PKP EFM GJMªTPGP (JMMFT -JQPWFUTLZ
1PS +PSHF 1¹SF[ M GJMÂTPGP (J MMFT -JQP WFUTLZ 1BS½T TF IB PDVQBEP EF UF NBT EF MB TP DJFEBE DPNP MB NPEB FM OBSDJTJTNP JO EJWJEVBMJTUB FM DPOTVNJTNP Z MBT UFDOPMPH½BT FO SFTVNFO EF OVFTUSB QPTNPEFSOJEBE &O TV N²T SFDJFOUF QBTP QPS .¹YJDP QBSB MB 'FSJB *OUFSOBDJPOBM EFM -JCSP FO "SUFBHB $PBIVJMB Z MB 'FSJB /B DJPOBM EFM -JCSP EF -FÂO FOUSFWJTUB NPT BM FTDSJUPS RVJFO OPT IBCMÂ EF MB MJHFSF[B EF MB WJEB NPEFSOB FM WBMPS EFM FTGVFS[P FO MBT BSUFT MB QFTBEF[ EF MB QPM½UJDB Z FM NJFEP RVF QPES½B EBSMF FM USJVOGP B .BSJOF -F 1FO FO 'SBODJB 4V MJCSP NµT SFDJFOUF i%F MB MJHFSF[Bw SFUPNB FMFNFOUPT EF i-B FSB EFM WBDÅPw {MB MJ HFSF[B FT VO QBSBEJHNB RVF IB DBN CJBEP EFTEF RVF QVCMJDÎ BRVFM QSJ NFS MJCSP /P IBZ SVQUVSB FOUSF BNCPT MJ CSPT TJNQMFNFOUF VOB TPDJFEBE FTU² IFDIB EF OVNFSPTBT EJNFOTJPOFT )F UPNBEP VOB EJNFOTJÂO RVF OVODB IB C½B TJEP BOBMJ[BEB QPS MPT QFOTBEPSFT -B DVFTUJÂO EF MB MJHFSF[B MB UPNBO DP NP VO TJHOJGJDBOUF TJO WBMPS 2VFS½B SFUPNBS FTB DVFTUJÂO OP TÂMP FO VOB QFSTQFDUJWB RVF FODPOUSBNPT FO /JFU[TDIF TJOP UBNCJ¹O QPSRVF MB TP DJFEBE DPOUFNQPS²OFB MF IB EBEP B MB MJHFSF[B VO OVFWP FTUBUVT FO QBSUJDV MBS FO MB DVFTUJÂO EF MB FDPOPN½B Z EF MB UFDOPMPH½B "OUFT FSB VO JEFBM QFSP OP FO MP DPUJEJBOP "IPSB DPO FM DBQJ UBMJTNP EF DPOTVNP Z MPT NFEJPT Z FO USFUFOJNJFOUP MB MJHFSF[B TF IB DPO WFSUJEP FO VO NPEP EF WJEB EPNJOBOUF OP DPNP FO MB TPDJFEBE BOUFSJPS EPOEF IBC½B QFRVFÁPT NP NFOUPT iEF MJHFSF[Bw MBT GJFTUBT MBT CSPNBT MPT KVFHPT 4JFNQSF IFNPT UFOJEP FTB MJHFSF[B FO MBT TPDJFEBEFT IVNBOBT QFSP BIPSB FT FTUSVDUVSBM FTU² FO UPEPT MBEPT 1PS PUSB QBSUF FT U²O MBT UFDOPMPH½BT MP RVF IBDFNPT KVTUP BIPSB DPO VO DFMVMBS UFOFNPT VOB FOUSFWJTUB P MFFNPT MJCSPT FTDV DIBNPT NÈTJDBy DPO QFRVFÁPT BQB SBUPT RVF QFTBO HSBNPT $BEB WF[ UFOFNPT NBUFSJBMFT N²T MJHFSPT MBT OVFWBT UFDOPMPH½BT JODMVTP QFSNJUFO USBOTGPSNBS HFO¹UJDBNFOUF P MB FDP OPN½B JONBUFSJBM MPT EBUPT /P FT PUSP QBSBEJHNB TÂMP VOB FWPMVDJÂO DPO FM DBQJUBMJTNP EF MB UFDOPMPH½By "DUVBMNFOUF MJHFSF[B UBNCJ¹O TF BET DSJCF DPNP VO DPNQPOFOUF VO DPO USBUJFNQP QBSB MBT FDPOPN½BT BWJP OFT Z DBSSPT N²T MJHFSPT QPSRVF DPOTVNFO NFOPT FOFSH½B Z EFCFNPT DPOTVNJS NFOPT 2VJFSP NPTUSBS RVF UPEP FM NVOEP FT TVCKFUJWBNFOUF MJHF SP QFSP MB WJEB QFSTPOBM OP FT MJHFSB )BZ NVDIPT QSPCMFNBT MB HFOUF FTU² QFSEJEB EFTPSJFOUBEB )BZ BEJDDJP OFT BOTJFEBE UPEBT FTBT DPTBT 2VJF SP EFDJS FM NVOEP EF MB MJHFSF[B PCKF UJWB OP FT FM NVOEP RVF WJWJNPT 6TUFE IB IBCMBEP EF MB iFTUF UJ[BDJÎO EFM NVOEPw {DÎNP MB JOGMV ZF MB MJHFSF[B -B FTUFUJ[BDJÂO EFM NVOEP DPO UFNQPS²OFP FT VOB FYQSFTJÂO EF FTF NVOEP EF MB EVBMJEBE $VBOEP DPN QBSBNPT FM DBQJUBMJTNP JOEVTUSJBM Z FM DBQJUBMJTNP EF BIPSB WFNPT RVF MB HSBO EJGFSFODJB FT MB MJHFSF[B &M DBQJ UBMJTNP JOEVTUSJBM IBD½B MBT QSFTBT MPT SJFMFT DPTBT QFTBEBT &M DBQJUBMJTNP EF DPOTVNP FTU² DSFBOEP PDJP FTQFD U²DVMPT DPTBT MJHFSBT Z TPCSF UPEP OP TÂMP QSPEVDF DPTBT ÈUJMFT UBNCJ¹O QSPEVDF DPTBT RVF QVFEFO TFEVDJS B MPT DPOTVNJEPSFT DPO FNPDJPOFT DPO EJTFÁP -B FTUFUJ[BDJÂO EFM NVOEP SFTQPOEF B MB FYJHFODJB EF SFOUBCJMJ EBE EFM DBQJUBMJTNP MP IBDF JODPSQP SBOEP DPTBT RVF OPT HVTUBO Z RVF TPO N²T MJHFSBT &T VOB JMVTUSBDJÂO EFM NVOEP EF MB MJHFSF[B TV DJWJMJ[BDJÂO &M iDBQJUBMJTNP BSUJTUBw FT DFOUSBM 4F EJDF RVF DPO VO UFMÀGPOP NÎWJM UPEPT TPO GPUÎHSBGPT RVF FT DSJCJS BMHP Z BVUPQVCMJDBSMP FO "NB [PO TPNPT FTDSJUPSFT {FT VO UJQP EF MJHFSF[B EFM BSUF 4V PCTFSWBDJÂO FT FYBDUB DVBM RVJFS QFSTPOB QVFEF TFS GPUÂHSBGP DPO TV UFM¹GPOP QVFEF FTDSJCJS $PO FM DF MVMBS TF QVFEFO IBDFS WJEFPT BOUFT FSB N²T QFTBEP TF OFDFTJUBCBO NBUF
& %& 6/ .6/%0
-04 3*&4(04
MJHFSP /05*.&9
;B;EBH@K:?ã:4 -JQPWFUTLZ IB TJEP FMPHJBEP QPS TFS VOP EF MPT GJM°TPGPT N T M·DJEPT EF MB QPTNPEFSOJEBE "OBHSBNB IB QVCMJDBEP TV PCSB FO FTQB®PM &OUSF TVT MJ CSPT N T DJUBEPT TF FODVFO USBO Â-B FSB EFM WBDªPÍ Â&M JNQFSJP EF MP FGªNFSPÍ Â-B UFSDFSB NVKFSÍ Â-PT UJFNQPT IJQFSNP EFSOPTÍ Â-B GFMJDJEBE QBSBE°KJDBÍ Â-B FTUFUJ [BDJ°O EFM NVOEPÍ Z Â%F MB MJHFSF[BÍ
SJBMFT NVZ DBSPT NVZ DPNQMJDBEP .VZ QPDB HFOUF MP IBD½B "IPSB UPEP FM NVOEP QVFEF TFS BSUJTUB TJ TF RVJF SF &TU² CJFO QFSP FTUB GBDJMJEBE OP FT TJOÂOJNP EF DBMJEBE )BDFO GPUPT QB SB 'BDFCPPL QFSP EFTBQBSFDFO S²QJ EP /P UJFOFO WBMPS BSU½TUJDP UJFOFO WBMPS FNPDJPOBM $SFP RVF MB FYJHFO DJB EF DBMJEBE FO FM BSUF OP EFCF TFS TPGPDBEB QPS MB GBDJMJEBE Z MB MJHFSF[B -B FYJHFODJB EF PCSBT EF DBMJEBE QJEF FTGVFS[PT &T MB SB[ÂO QPS MB DVBM FO FM MJCSP DPNQBSUP MB JEFB RVF EJDF 1BVM 7BM¹SZ FO DPOUJOVJEBE DPO /JFU[TDIF IBZ EPT MJHFSF[BT 6OB EFM DPOTVNP FM [BQQJOH FT VOB MJHFSF[B TJOÂOJNP EF GBDJMJEBE 4JO FTGVFS[P $PNQSBO FO VO DMJD BMHP FO "NB[PO FT G²DJM MJ HFSP PL 1FSP FTB MJHFSF[B OP QVFEF TFS VO JEFBM QBSB FM GVUVSP /P FT BMHP EJBCÂMJDP OP FTU² NBM QFSP OP FT TV GJDJFOUF QBSB IBDFS DPTBT EF DBMJEBE -BT DPTBT EF DBMJEBE FYJHFO USBCBKP FTGVFS[P JOUFMJHFODJB )BDFS VOB QF M½DVMB OP TÂMP FT QPOFS FM UFM¹GPOP B HSBCBS FYJHF QFOTBNJFOUP Z SFGMF YJÂO 7BM¹SZ MP EJKP DPO VOB GSBTF NBH O½GJDB iIBZ RVF TFS MJHFSP DPNP FM Q² KBSP OP DPNP MB QMVNBw &M Q²KBSP UJFOF VO WVFMP DPOTUSVJEP MB QMVNB WB B MB EFSFDIB B MB J[RVJFSEB OP UJFOF EJSFDDJÂO TJO DPOTUSVDDJÂO %FCFNPT TFHVJS WBMPSBOEP FM USBCBKP MB MJHFSF [B OP QVFEF TFS FM ÈOJDP WBMPS RVF SFBM[BNPT FO OVFTUSP NVOEP -PT OJ ÁPT FO QBSUJDVMBS FO MB FEVDBDJÂO {DÂNP RVJFSFO UPDBS FM QJBOP TJO HSBO EFT FTGVFS[PT 3FQFUJS FOTBZBS &T NVZ EJG½DJM %FCFNPT WBMPSBS MPT FKFS DJDJPT OP TÂMP MB JONFEJBUF[ {-B QPMÅUJDB UBNCJÀO FT iMJHF SBw BM MJHBSTF B MB QVCMJDJEBE Z FM FT QFDUµDVMP -P RVF MMBNP MB DJWJMJ[BDJÂO MJ HFSB FT FWJEFOUFNFOUF UPEP MP RVF UJF OF SFMBDJÂO DPO FM DPOTVNP MB FDPOP N½B MB SFMBDJÂO BM DVFSQP B MB FEVDBDJÂO UBNCJ¹O BM QMBDFS QFSP MB QPM½UJDB OP FT VOB FTGFSB MJHFSB &T VOB FTGFSB QFTBEB QPSRVF MB HFOUF ZB FT U² IBSUB EF MB QPM½UJDB &O UPEBT MBT TP DJFEBEFT TF IBCMB EFM FTDFQUJDJTNP GBMUB EF DPOGJBO[B DPO UPEP MP RVF UJF OF RVF WFS DPO QPM½UJDB &T VO DPOUSBT UF DPO MBT PUSBT FTGFSBT -PT QPM½UJDPT JOUFOUBO QBSFDFS BHSBEBCMFT DPO QV CMJDJEBE QFSP OP GVODJPOB -B HFOUF SFDIB[B B MB DMBTF QPM½UJDB &T Q¹SEJEB EF DPOGJBO[B MP DPOUSBSJP B MB MJHFSF [B MB HFOUF OP WPUB OP TBCF QPS RVJ¹O WPUBS -B DJWJMJ[BDJÂO EF MB MJHFSF[B OP TF BQMJDB B MB QPM½UJDB {$VµM FT TV BOµMJTJT EF .BSJ OF -F 1FO /P FT DPNQMJDBEB MB SB[ÂO QPS MB DVBM -F 1FO IB UFOJEP NVDIP ¹YJUP &O VOB QBMBCSB FT FM NJFEP -B BUSBD DJÂO QPS -F 1FO OP FT BMHP QPTJUJWP QB SB FM GVUVSP &TU² SFMBDJPOBEP FTFO DJBMNFOUF DPO VOB QBTJÂO USJTUF DPNP EJS½B 4QJOP[B &T MB QBTJÂO EFM NJFEP QSJNFSP FM NJFEP EF MB NJHSBDJÂO EF MPT NVTVMNBOFT Z TFHVOEP FM NJFEP EF MB HMPCBMJ[BDJÂO EFM MJCSF DPNFS DJP 5JFOFO MB FTQFSBO[B EF SFFODPO USBS VOB 'SBODJB DPO MBT GSPOUFSBT DF SSBEBT iQSPUFHJEBwy 1PS FTP FM FMFDUPSBEP RVF WPUB QPS -F 1FO FO HF OFSBM TPO HFOUF RVF OP IB UFOJEP NV DIB FEVDBDJÂO RVF WF FM GVUVSP DPO NVDIP QFTJNJTNP &O $PBIVJMB IBCMÎ TPCSF i-B UFSDFSB NVKFSw {DÎNP IB DBNCJBEP TV SPM FO MB TPDJFEBE -B DVFTUJÂO EF MB NVKFS BMJNFO UB OVFTUSP PQUJNJTNP "VORVF FO NV DIPT MVHBSFT MB JHVBMEBE OP FYJTUF 1F SP OP QPEFNPT EFDJS RVF OBEB IB DBNCJBEP -B USBOTGPSNBDJÂO EF MB DPOEJDJÂO GFNFOJOB FT VOB PQPSUVOJ EBE GPSNJEBCMF QBSB OVFTUSP GVUVSP