Proceso No. 1697 (sobre El Libro De Ahumada Y Los Video Escándalos)

  • Uploaded by: Alfa
  • 0
  • 0
  • May 2020
  • PDF
Download

This document was uploaded by user and they confirmed that they have the permission to share it. If you are author or own the copyright of this book, please report to us by using this DMCA report form. Report DMCA

Overview

Download & View Proceso No. 1697 (sobre El Libro De Ahumada Y Los Video Escándalos) as PDF for free.

More details

  • Words: 19,269
  • Pages: 82
$*4"$PNVOJDBDJØOF*OGPSNBDJØO 4"EF$7

EFNBZPEFt/P

$POTFKPEF"ENJOJTUSBDJØO1SFTJEFOUF +VMJP4DIFSFS(BSDÓB7JDFQSFTJEFOUF 7JDFOUF-F×FSP 5FTPSFSP &OSJRVF.B[B  

TFNBOBSJPEFJOGPSNBDJØOZBOÈMJTJT   %*3&$5033BGBFM3PESÓHVF[$BTUB×FEB 46#%*3&$503%&*/'03."$*»/4BMWBEPS$PSSP 46#%*3&$503"%&$0.&3$*"-*;"$*»/.BSÓB4DIFSFS*CBSSB 46#%*3&$503%&"%.*/*453"$*»/)VNCFSUP)FSSFSP 46#%*3&$503%&'*/"/;"4"MFKBOESP3JWFSB "4*45&/5&%&-"%*3&$$*»/.BSÓBEFMPT«OHFMFT.PSBMFTBZVEBOUF .BSMPO.FKÓB "4*45&/5&%&-"46#%*3&$$*»/%&*/'03."$*»/(SBDJFMB;FQFEB $003%*/"%03%&130:&$504"$"%².*$04(FSBSEP"MCBSSÈOEF"MCB $003%*/"%03"%&'*/"/;"4%&3&%"$$*»/#FBUSJ[(PO[ÈMF[ &%*$*»/:$033&$$*»/"MFKBOESP1ÏSF[ DPPSEJOBEPS$VBVIUÏNPD"SJTUB 5PNÈT%PNÓOHVF[ 4FSHJP-PZB  &OSJRVFEF+FTÞT.BSUÓOF[ 3&1035&304$BSMPT"DPTUB .JHVFM$BCJMEP +PSHF$BSSBTDP +FTVTB$FSWBOUFT 1BUSJDJB%ÈWJMB (MPSJB-FUJDJB%ÓB[  «MWBSP%FMHBEP +PTÏ(JM0MNPT "MFKBOESP(VUJÏSSF[ +PTÏ%BOJFM-J[ÈSSBHB 3BÞM.POHF 3JDBSEP3BWFMP 3PESJHP7FSB  3PTBMJB7FSHBSB +FOBSP7JMMBNJM $033&410/4"-&4$BNQFDIF 3PTB4BOUBOB$PMJNB1FESP;BNPSB$IJBQBT *TBÓO.BOEVKBOP(VBOBKVBUP7FSØOJDB &TQJOPTB+BMJTDP 'FMJQF$PCJÈO.JDIPBDÈO 'SBODJTDP$BTUFMMBOPT/VFWP-FØO -VDJBOP$BNQPT "SUVSP3PESÓHVF[ 0BYBDB1FESP.BUÓBT5BCBTDP"SNBOEP(V[NÈO5BNBVMJQBT .B(BCSJFMB)FSOÈOEF[ */5&3/"$*0/"-)PNFSP$BNQB DPPSEJOBEPS$PSSFTQPOTBMFT#VFOPT"JSFT4BOUJBHP*HBSUÞB.BESJE"MFKBOESP (VUJÏSSF[1BSÓT"OOF.BSJF.FSHJFS8BTIJOHUPO++FTÞT&TRVJWFM $6-563""SNBOEP1PODF FEJUPS+VEJUI"NBEPS5FMMP +BWJFS#FUBODPVSU #MBODB(PO[ÈMF[3PTBT &TUFMB-F×FSP'SBODP  *TBCFM-F×FSP 3PTBSJP.BO[BOPT +PSHF.VOHVÓB&TQJUJB +PTÏ&NJMJP1BDIFDP "MCFSUP1BSFEFT &EVBSEP4PUP.JMMÈO 3BRVFM 5JCPM 'MPSFODF5PVTTBJOU 3BGBFM7BSHBT $PMVNCB7ÏSUJ[EFMB'VFOUF /J[B3JWFSB.FEJOBDVMUVSB!QSPDFTPDPNNY &41&$5«$6-043PCFSUP1PODF DPPSEJOBEPSFTQFDUBDVMPT!QSPDFTPDPNNY %&1035&4"MFKBOESP$BCBMMFSP $PPSEJOBEPS3BÞM0DIPB #FBUSJ[1FSFZSB '050(3"'¶".BSDP"OUPOJP$SV[ $PPSEJOBEPS'PUØHSBGPT(FSNÈO$BOTFDP .JHVFM%JNBZVHB #FOKBNÓO'MPSFT  0DUBWJP(ØNF[ &EVBSEP.JSBOEBBSDIJWPIJTUØSJDP 'SBODJTDP%BOJFMBTJTUFOUF "VSPSB5SFKPBVYJMJBS 7JPMFUB.FMP "69*-*"3%&3&%"$$*»/«OHFM4ÈODIF[ ":6%"/5&%&3&%"$$*»/%BNJÈO7FHB "/«-*4*4$PMBCPSBEPSFT"SJFM%PSGNBO 4BCJOB#FSNBO +FTÞT$BOUÞ %FOJTF%SFTTFS .JHVFM«OHFM(SBOBEPT$IBQB .BSUB -BNBT 1BCMP-BUBQÓ4BSSF $BSMPT.POTJWÈJT $BSMPT.POUFNBZPS 3BGBFM4FHPWJB +BWJFS4JDJMJB &OSJRVF4FNP &SOFTUP7JMMB OVFWB +PSHF7PMQJDBSUPOJTUBT(BMMVU )FMHVFSB )FSOÈOEF[ /BSBOKP 3PDIB $&/530%&%0$6.&/5"$*»/3PHFMJP'MPSFT DPPSEJOBEPS+VBO$BSMPT#BMUB[BS -JEJB(BSDÓB -FPODJP3PTBMFT $033&$$*»/5*10(3«'*$"+PSHF(PO[ÈMF[3BNÓSF[ DPPSEJOBEPS4FSBGÓO%ÓB[ 4FSHJP%BOJFM(PO[ÈMF[ 1BUSJDJB1PTBEBT  (BCSJFMB7ÏMF[ %*4&º0"MFKBOESP7BMEÏT,VSJ DPPSEJOBEPS'FSOBOEP$JTOFSPT-BSJPT "OUPOJP'PVJMMPVY%ÈWJMB .BOVFM'PVJMMPVY"OBZB  &SOFTUP(BSDÓB1BSSB

'PUP1PSUBEB "HFODJB3FGPSNB $BSMPT.JMBOÏT&TQJOPTB

¶OEJDF

$0.&3$*"-*;"$*»/ 16#-*$*%"%"OB.BSÓB$PSUÏT BENJOJTUSBEPSBEFWFOUBT&WB«OHFMFT 3VCÏO#ÈF[ FKFDVUJWPTEFDVFOUB5FM 7&/5"4Z.&3$"%05&$/*".BSHBSJUB$BSSFØO HFSFOUF5FM-VDFSP(BSDÓB /PSNB7FMÈ[RVF[$JSDVMBDJØO .BVSJDJP3BNÓSF[ $ISJTUJBO"SDPT (JTFMB.BSFT5FM1BTDVBM"DV×B 'FSOBOEP1PMP "OESÏT7FMÈ[RVF[4VTDSJQ DJPOFT$SJTUJOB4BOEPWBM5FM%FMmOB$FSWBOUFT -VJT$PMFUPS 6MJTFTEF-FØO "5&/$*»/"464$3*1503&4 3FQBSUP -FOJO3FZFT5FM+VMJP"HVJMBS +POBUIBO(BSDÓB

"%.*/*453"$*»/ 3&$63404)6."/04-V[.BSÓB1JOFEB DPPSEJOBEPSB 4*45&."4+PSHF4VÈSF[ HFSFOUF&EVBSEP"MGBSP #FU[BCÏ&TUSBEB +BWJFS7FOFHBT "-."$²/Z1307&&%63¶".FSDFEFT(VFSSB DPPSEJOBEPSB3PHFMJP7BMEJWJB ."/5&/*.*&/50.JHVFM0MWFSB 7JDUPS3BNÓSF[

%&3&$)04)6."/04

 

10-¶5*$"

'*/"/;"4 $0/5"#*-*%"%.BSÓB$PODFQDJØO"MWBSBEP 3PTB.B(BSDÓB &EHBS)FSOÈOEF[ 'FMJQF4VÈSF[ 3BRVFM5SFKP5BQJB $0#3"/;"44BOESB$IBOHQP KFGB3BÞM$SV[ 0'*$*/"4(&/&3"-&43FEBDDJØO'SFTBT"ENJOJTUSBDJØO'SFTBT$PMPOJB%FM7BMMF .ÏYJDP %'$1 5&-²'0/04%JSFDDJØO'BY4VCEJSFDDJØOEF*OGPSNBDJØO'BY 4VCEJSFDDJØO"ENJOJTUSBUJWB3FDVSTPT)VNBOPT3FEBDDJØO'BY  $0/.65"%03(&/&3"-,BSJOB6SF×B "º0 /P %&.":0%& *.13&4*»/*NQSFTPSB5SBOTDPOUJOFOUBMEF.ÏYJDP%VSB[OP $PM4BO+PTÏEFMBT1FSJUBT.ÏYJDP%' %*453*#6$*»/%'Z;POB.FUSPQPMJUBOB6OJØOEF&YQFOEFEPSFTZ7PDFBEPSFTEF1FSJØEJDPTEF.ÏYJDP "$ 3FTUPEFMB3FQÞCMJDBZ-PDBMFT$FSSBEPT1VCMJDBDJPOFT$JUFN 4"EF$7 

BHFODJBQSPDFTPEFJOGPSNBDJØO &%*503&/+&'&3BÞM.POHF&EJUPSFT.JHVFM«OHFM7È[RVF[ +PSHF1ÏSF[ .BOVFM3PCMFTBTJTUFOUF.BSÓB&MFOB"IFEP 5FMT 'BY



&M.ÏYJDPTBMQJDBEP"MFKBOESP$BCBMMFSP 7PTUBNCJÏOUFOÏTUVIJTUPSJB3BÞM.POHF 1BSBFMDJOJTNPQBOJTUB FMWJDUJNJTNPEFM13*  «MWBSP%FMHBEP  %VSBOUFMBDPOUJOHFODJB MFZFTTVCSFQUJDJBT  +FTVTB$FSWBOUFT

 

-"&1*%&.*"10-¶5*$"

BHFODJBEFGPUPHSBGÓB &%*503.BSDP"OUPOJP$SV[%JSFDDJØOXXXQSPDFTPGPUPDPNNY $PSSFPFMFDUSØOJDPSFEOBDJPOBM!QSPDFTPGPUPDPNNY7FOUBTZDPOUSBUBDJPOFTZ

&%*503"MFKBOESP$BCBMMFSP$PSSFPFMFDUSØOJDPBDBCBMMFSP!QSPDFTPDPNNY5FM 4PQPSUFUÏDOJDP+PSHF4VÈSF[Z+PSHF(BSDÓB5FM %JTF×PFMJOHFOJPOFU



&OFMCPSEFEFMDBPT.BSDFMB5VSBUJ  -PTNBUØFMWJSVTyZMBQPCSF[B(MPSJB-FUJDJB%ÓB[  "VHFZDBÓEBEFMDBTUJMMPEFMBQVSF[B  'BCSJ[JP.FKÓB.BESJE

$003%*/"%03"MFKBOESP$BCBMMFSPQSPDFTPSBEJP!QSPDFTPDPNNY5FM $FSUJGJDBEPEFMJDJUVEEFUÓUVMP/PZMJDJUVEEFDPOUFOJEP/P FYQFEJEPTQPSMB$PNJTJØO$BMJGJDBEPSBEF 1VCMJDBDJPOFTEF3FWJTUBT*MVTUSBEBTFMEFTFQUJFNCSFEF1SPDFTPFTVOB3FTFSWBQBSBVTPFYDMVTJWPPUPSHBEB QPSMB%JSFDDJØOEF3FTFSWBTEFM*OTUJUVUP/BDJPOBMEFM%FSFDIPEF"VUPSFOGBWPSEF$PNVOJDBDJØOF*OGPSNBDJØO 4" EF$7 CBKPFM/ÞNFSP 3FHJTUSPEFM41.$3%'+/ÞNFSP*44/

-"&1*%&.*"&$0/0.¶"



$JSDVMBDJØODFSUJGJDBEBQPSFM*OTUJUVUP7FSJGJDBEPSEF.FEJPT 3FHJTUSP/P 4VTDSJQDJPOFT%'Z[POB.FUSPQPMJUBOB6OB×P  NFTFT (VBEBMBKBSB .POUFSSFZZ1VFCMB6OB×P   NFTFT &KFNQMBSFTBUSBTBEPT4FSWJDJPTJOGPSNBUJWPTZGPUPHSÈGJDPT"1 /PUJNFY 3FVUFST 1SPIJCJEBMBSFQSPEVDDJØOQBSDJBMPUPUBMEFDVBMRVJFSDBQÓUVMP GPUPHSBGÓBPJOGPSNBDJØOQVCMJDBEPTTJOBVUPSJ[BDJØOFYQSFTB EF$PNVOJDBDJØOF*OGPSNBDJØO 4"EF$7 UJUVMBSEFUPEPTMPTEFSFDIPT

-B$/%)JOWFTUJHBFMDBTUJHPQVCMJDJUBSJPB1SPDFTP .BSÓB4DIFSFS*CBSSB

1VMNPOÓBGJOBODJFSB$BSMPT"DPTUB$ØSEPWB

-"&1*%&.*"*/5&3/"$*0/"-

 $VCB&MWJSVTEFMBEFTDPOGJBO[B 

+VBO#BMCPBZ)PNFSP$BNQB



 





 &MEFOHVF MBiNBMBJNBHFOwEF"SHFOUJOB

 1ÈHJOBTEFDSÓUJDB





"SUFN"35#MBODB(PO[ÈMF[3PTBT

 

.ÞTJDB"OUFMBFOGFSNFEBE MBNÞTJDB &EVBSEP4PUP.JMMÈO



5FBUSP"VHVTUP#PBM&TUFMB-F×FSP'SBODP

 

$JOF+BDLJF$IBOZMBSFWPMVDJØODVMUVSBM +BWJFS#FUBODPVSU



.FEJPT-BJOGMVFO[B'MPSFODF5PVTTBJOU

4BOUJBHP*HBSUÞB

 $POKVSBTFTUJMPJOUFSOFU"OOF.BSJF.FSHJFS "/«-*4*4

 "VUPFMPHJPy{NFSFDJEP %FOJTF%SFTTFS  %FSFDIPEFSÏQMJDB/BSBOKP  $BMEFSØOFODBNQB×B+PIO."DLFSNBO  -PRVFMBJOGMVFO[BOPTEJDF4BCJOB#FSNBO  -VHPQBUFSOJEBEJSSFTQPOTBCMF.BSUB-BNBT  *OUFSÏT1ÞCMJDP&TQJPOBKFDPOUSBMBQB[ 

.JHVFM«OHFM(SBOBEPT$IBQB



&41&$5«$6-04

 %ÓBTTJODJOF QÏSEJEBTNJMMPOBSJBT 

$PMVNCB7ÏSUJ[EFMB'VFOUF

%&1035&4 103.*."%3& #0)&.*04 -"&1*%&.*"$*&/$*"

 1BOEFNJBNFEJÈUJDB++FTÞT&TRVJWFM $6-563"

 *OEJPTKVHBSDPONJFEP 

#FBUSJ[1FSFZSB

 "MCFSDBIVOEJEB 

3BÞM0DIPB

 1BMBCSBEF-FDUPS

 3FDJCFVOKVF[FMDBTP5FPUJIVBDÈO

 .POP4BQJFOT1VSBTNBESFT





+VEJUI"NBEPS5FMMP

)FMHVFSBZ)FSOÈOEF[

-B$/%)

JOWFTUJHB

FMDBTUJHPQVCMJDJUBSJP .BSÓB4DIFSFS*CBSSB

1

B 1SPDFTP

SPDFTPQSFTFOUØ BOUFMB$PNJTJØO/BDJPOBM EFMPT%FSFDIPT)VNBOPT $/%)

VOBRVFKB DPOUSBFMHPCJFSOPGFEFSBMQPSDPOTJEFSBSRVF ÏTUFWJPMBMPTEFSFDIPTGVOEBNFOUBMFTEFMB SFWJTUBoFOUSFFMMPT FMEFMBMJCFSUBEEFFYQSF TJØOoBMEJTUSJCVJSEFNBOFSBJOFRVJUBUJWB BSCJUSBSJBZTJO USBOTQBSFODJBMBQVCMJDJEBERVFTVTPSHBOJTNPTZEFQFO EFODJBTQBHBO DPOSFDVSTPTEFMFSBSJP FONFEJPTEFDP NVOJDBDJØOOBDJPOBMFTZMPDBMFT &OMBRVFKB EJSJHJEBBMQSFTJEFOUFEFMB$/%) EPDUPS +PTÏ-VJT4PCFSBOFT FMEJSFDUPSEFMBSFWJTUB 3BGBFM3PESÓ HVF[$BTUB×FEB FYQSFTB i%FTEF   DVBOEP TF GVOEØ MB SFWJTUB 1SPDFTP  BEWFSUJNPTRVFFMHPCJFSOPGFEFSBMBTJHOBEFNBOFSBBS CJUSBSJBMBQVCMJDJEBEEFTVTEFQFOEFODJBTEFTUJOBEBBTFS EJGVOEJEBQPSMPTNFEJPTEFDPNVOJDBDJØO&OPDBTJPOFT  MBVUJMJ[BDPNPVONFDBOJTNPQBSBQSFNJBSMPTPDBTUJHBS MPTEFBDVFSEPDPOTVMÓOFBFEJUPSJBMw "HSFHBRVFFOFMDBTPFTQFDÓGJDPEFOVFTUSPTFNB OBSJPiGVFQBSUJDVMBSNFOUFHSBWFEVSBOUFFMHPCJFSOP EF7JDFOUF'PY RVFSFTUSJOHJØBTVBSCJUSJPMBQVCMJDJEBE EFTUJOBEBBMBTQÈHJOBTEFMBSFWJTUB DPOGPSNFMFNP MFTUBCBBÏMZBTVTDPMBCPSBEPSFTMBJOGPSNBDJØORVF EJGVOEÓBNPTw %FTEFFMJOJDJPEFMBBENJOJTUSBDJØOBDUVBM FODBCF[B EBQPS'FMJQF$BMEFSØOoTJHVFFMEPDVNFOUP QSFTFOUBEP 

EFNBZPEF

FOMB$/%)FMNJÏSDPMFTEFBCSJMo iMBTJUVBDJØOFNQFP SØwZiQSÈDUJDBNFOUFMBQVCMJDJEBEEFMHPCJFSOPGFEFSBMFO 1SPDFTPTFSFEVKPBDFSPw /PPDVSSFMPNJTNPDPOPUSBTQVCMJDBDJPOFTEFDB SBDUFSÓTUJDBTTJNJMBSFToTFNBOBSJPTEFDPOUFOJEPQP MÓUJDP 1PS FKFNQMP  EF FOFSP B EJDJFNCSF EF   1SPDFTPTØMPEJGVOEJØQÈHJOBTEFBOVODJPTEFM HPCJFSOP GFEFSBM  NJFOUSBT RVF 7ÏSUJHP PCUVWP  FO FM NJTNP QFSÓPEP   QMBOBT .JMFOJP 4FNBOBM  Z&NFFRVJT &TEFDJS FMHPCJFSOPGFEFSBMTFBOVODJØWFDFTNÈT FO7ÏSUJHPRVFFOFTUFTFNBOBSJP$BCFTVCSBZBSRVF7ÏS UJHPUJFOFVOBDJSDVMBDJØOQBHBEBEFNJMFKFNQMB SFTZ1SPDFTPEFNJM TFHÞOMPTEBUPTEFMQBESØO EFNFEJPTJNQSFTPTEFMB4FDSFUBSÓBEF(PCFSOBDJØO RVF QVFEFO DPOTVMUBSTF FO JOUFSOFU &NFFRVJT SFQPSUB VOB DJSDVMBDJØOQBHBEBEFNJMSFWJTUBTZ .JMFOJP4F NBOBMEFNJM

-PTQSJODJQBMFTBOVODJBOUFTEFMHPCJFSOPGFEFSBMFO MPTNFEJPTJNQSFTPTNFODJPOBEPTTPOFM*.44 FM$PO TFKP/BDJPOBMQBSBMB$VMUVSBZMBT"SUFT FM*OTUJUVUP /BDJPOBM EF #FMMBT"SUFT  MB 4FDSFUBSÓB EF &EVDBDJØO 1ÞCMJDB  MB 4FDSFUBSÓB EF $PNVOJDBDJPOFT Z5SBOTQPS UFT MB4FDSFUBSÓBEFM5SBCBKP MB-PUFSÓB/BDJPOBM MB4F DSFUBSÓBEF%FTBSSPMMP4PDJBM MB4FDSFUBSÓBEF5VSJTNP Z1FNFY

%&3&$)04)6."/04

i-BBTJHOBDJØOEJTDSJNJOBUPSJBEFQVCMJDJEBEQVFEF UFOFSMBJOUFODJØOEFMJNJUBSPBGFDUBSFMEFSFDIPBMBMJ CFSUBEEFFYQSFTJØO BEFNÈTEFRVFQVFEFTFSDPOTJ EFSBEBDPNPVONFEJPJOEJSFDUPEFQSFTJØOPDFOTVSB FODPOUSBEFMBMÓOFBDSÓUJDBRVFNBOFKBMBSFWJTUB1SP DFTP DJSDVOTUBODJBRVFDPOUSBWJFOFFMFKFSDJDJPEFMB MJCFSUBE EF FYQSFTJØO Z FM EFSFDIP B MB JOGPSNBDJØOw  BGJSNB3PESÓHVF[$BTUB×FEBFOFMEPDVNFOUPFOUSFHB EPBMB$/%) $POMBQSFTFOUBDJØOEFMBRVFKB TFBOFYBSPOVOJO GPSNFDPNQBSBUJWPEFQVCMJDJEBE RVFJODMVZFFMSFHJT USPEFMPTBOVODJPTEFMHPCJFSOPGFEFSBMSFDJCJEPTQPS MBTQSJODJQBMFTSFWJTUBTQPMÓUJDBTEFTEFEJDJFNCSF  VOBUBCMBEFBMDBODFTNÈYJNPTFMBCPSBEBBQBSUJSEFMB CBTFEFEBUPTEFM&TUVEJP(FOFSBMEF.FEJPTEFMBFN QSFTB *QTPT#JNTB PDUVCSF TFQUJFNCSF   Z VOBDPQJBEFMSFTVMUBEPEFMBBVEJUPSÓBEFDJSDVMBDJØO RVFSFBMJ[ØBFTUFTFNBOBSJPFM*OTUJUVUP7FSJGJDBEPSEF .FEJPT ZRVFTFPDVQBEFMQFSÓPEPEFKVMJPBEJDJFN CSFEF &MEJSFDUPSEF1SPDFTPBSHVNFOUBRVFFOEJDIPT JOGPSNFTZEBUPTQVFEFBEWFSUJSTFMBEFTJHVBMEJTUSJ CVDJØO EF MB QVCMJDJEBE EFM HPCJFSOP GFEFSBM  TPCSF UPEP QPSRVF FTUBSFWJTUBiFTMBRVFUJFOFVO NBZPS OÞNFSPEFMFDUPSFT IFDIPRVFQSFDJTBNFOUFSFTQBM EBOMPTEPDVNFOUPTRVFBOFYPZRVFGVFSPOSFBMJ[B

EPTQPSFNQSFTBTFTQFDJBMJ[BEBTFOBVEJUPSÓBZNFEJ DJØOEFBVEJFODJBTw 3PESÓHVF[$BTUB×FEBTPMJDJUBMBJOUFSWFODJØOEFMB $/%) QVFTDPOTJEFSBiRVFOPFYJTUFODSJUFSJPTDMB SPT Z PCKFUJWPT QBSB EJTUSJCVJS Z PUPSHBS QVCMJDJEBE PGJDJBM ZRVFFTUPWVMOFSBMBTHBSBOUÓBTJOEJWJEVBMFT EF MPT JOUFHSBOUFT  EJSFDUJWPT  QFSJPEJTUBT Z SFQPSUF SPTEFMBSFWJTUB QSFWJTUBTFOMPTBSUÓDVMPTZEFMB $POTUJUVDJØO1PMÓUJDBEFMPT&TUBEPT6OJEPT.FYJDB OPT BTÓDPNPZEFMB%FDMBSBDJØO6OJWFSTBM EFMPT%FSFDIPT)VNBOPT FMEFM1BDUP*OUFSOBDJP OBMEF%FSFDIPT$JWJMFTZ1PMÓUJDPT FM*7EFMB%FDMBSB DJØO"NFSJDBOBEFMPT%FSFDIPTZ%FCFSFTEFM)PN CSF ZFMQSJODJQJPEFMB%FDMBSBDJØOEF1SJODJQJPT TPCSF-JCFSUBEEF&YQSFTJØOw &ODVBMRVJFSDBTP MPRVFFTGVOEBNFOUBMQBSBMBSF WJTUB QBSBTVTMFDUPSFTZTFHVSBNFOUFQBSBDVBMRVJFS NFEJPEFDPNVOJDBDJØORVFSFDJCBPRVFDSFBFTUBSFO DPOEJDJPOFT EF SFDJCJS ØSEFOFT EF QVCMJDJEBE EFM HP CJFSOPGFEFSBM FTRVFÏTUFIBHBDMBSP FYQMÓDJUPZUSBOT QBSFOUFFMDSJUFSJPDPOFMDVBMEFUFSNJOBMBTQBVUBTEF QVCMJDJEBEEFTVTEFQFOEFODJBT BMHPRVFFOMBBDUVB MJEBEOPPDVSSF -B RVFKB TF SBEJDØ DPO FM FYQFEJFOUF OÞNFSP $/ %)2 &M PSHBOJTNP JOJDJØ ZB MB JOWFTUJHB DJØOEFMPTIFDIPT EFNBZPEF

&OTVMJCSP%FSFDIPEFSÏQMJDB FOQVFSUBMBTFMFDDJPOFTMFHJTMBUJWBT $BSMPT "IVNBEBOPTØMPEFTDSJCFoFOFQJTPEJPTRVFMPFNQBOUBOBOBÏMNJTNPo FMTØSEJEPNVOEPEFMPTNÈTHSBOEFTQBSUJEPTQPMÓUJDPT 13% 13*Z1"/

TJOP RVFEFWFMBFMDPOUVCFSOJPFORVFQSFTVOUBNFOUFJODVSSJFSPOiFMQBESJOPw EFMBNBGJB $BSMPT4BMJOBTTViUÓUFSFw%JFHP'FSOÈOEF[EF$FWBMMPT FMQSFTJ EFOUF7JDFOUF'PYZGVODJPOBSJPTEF5FMFWJTBQBSBDPOTVNBSMPTiWJEFPFTDÈO EBMPTwFODPOUSBEFMHPCJFSOPZMBTBTQJSBDJPOFTEF-ØQF[0CSBEPS BRVJFO FMFNQSFTBSJPBSHFOUJOPUBNCJÏOFYIJCFFODPOEVDUBTQPDPÏUJDBTy 

EFNBZPEF

10-¶5*$"

"MFKBOESP$BCBMMFSP

$

POUSBUJTUB EF MB BENJOJTUSBDJÓO QÙCMJDBEFM%JTUSJUP'FEFSBMEFT EFFMQFSÎPEPEF.BOVFM$BNB DIP4PMÎT MBGPSUVOBBDVNVMBEB QPS FM FNQSFTBSJP $BSMPT "IV NBEB,VSU[ BTÎDPNPTVQPEFS EFTFEVDDJÓO BMJNFOUBSPO EFBDVFSEPDPO TVMJCSP%FSFDIPEFSÊQMJDB MBDPSSVQDJÓO RVFFOWVFMWFBMQBÎTFOUPEPTTVTOJWFMFT QSFTJEFOUFTZFYQSFTJEFOUFTEFMB3FQÙCMJDB  TFDSFUBSJPTEF(PCFSOBDJÓO QSPDVSBEPSFT  MFHJTMBEPSFT NJOJTUSPTEFMB$PSUF BMDBMEFT  QBSUJEPTQPMÎUJDPT UFMFWJTPSBT PCJTQPT BCP HBEPT FODVFTUÓMPHPT QFSJPEJTUBT &OFTUBSBEJPHSBGÎB RVJ[ÃTJOWPMVOUB SJB EFMBEFHSBEBDJÓOQPMÎUJDBZTPDJBMEFM QBÎT "IVNBEBSFGJFSFQÃHJOBUSBTQÃHJOB DÓNPIPNCSFTZNVKFSFTRVFSFQSFTFOUBO MPTUSFTQPEFSFTEFMBOBDJÓOm&KFDVUJWP  -FHJTMBUJWPZ+VEJDJBMm BMJHVBMRVFBRVF MMPTRVFBTQJSBOBDPMBSTFFOTVTQBOUBOPT  TVDVNCFOVOPUSBTPUSP TJOJNQPSUBSMPMF HBMPMPÊUJDPEFTVTBDDJPOFT "MPMBSHPEFMBTQÃHJOBTEFMMJCSP  DPOTVQSPQJPQMVNBKFNBODIBEP "IVNB EBOPTÓMPEFTOVEBBVOPTZTBMQJDBBPUSPT  TJOPRVF DVBOEPTFIBMMBOFOQVFSUBMPTDP

NJDJPTGFEFSBMFTEFKVMJPQSÓYJNP UBNCJÊO %FTVSFMBDJÓODPO(VTUBWP1PODF TF IBDFBÒJDPTMBBVUPSJEBENPSBMRVFQVEJFSBO DSFUBSJPEF'JOBO[BTEFMHPCJFSOPEF-ÓQF[ UFOFSMPTQSJODJQBMFTQBSUJEPTDPOUFOEJFOUFT 0CSBEPS SFHJTUSBDPOFMMFOHVBKFEFMTPCPSOP PMBFYUPSTJÓOWFMBEBi1PODFNFEFDÎBA.J -BDMPBDBQFSSFEJTUB SB NFRVJFSPJSB-BT7FHBT OFDFTJUPVOSFMPK  MFRVJFSPSFHBMBSFTUPBNJFTQPTBMFHVTUB "IVNBEB OBSSB TV QSJNFS DPOUBDUP DPO CBONVDIPMPTSFMPKFT UBNCJÊONFQFEÎBRVF 3FOÊ#FKBSBOP FOBRVFMNPNFOUPTFDSFUB MFQSFTUBSBEJOFSPFOFGFDUJWP5FOÎBNVDIPT SJPQBSUJDVMBSEFMKFGFEF(PCJFSOP"OESÊT BVUPNÓWJMFTMVKPTPT QFSPOVODBDPNQSÊVOP .BOVFM-ÓQF[0CSBEPS EJSFDUBNFOUFQBSBÊM6OFNQSFTBSJPFOFTUB iwNFSFDPNFOEÓEFNBOFSBNVZDMB TJUVBDJÓOTFBUJFOFBBRVFMMPEFRVFABCVFO SB BOPNCSFTVZPZEFMKFGFEF(PCJFSOP FO FOUFOEFEPS QPDBTQBMBCSBTu FTFFOUPODFT-ÓQF[0CSBEPS RVFOPTEFTJT : TPCSFFTUFQBTBKF "IVNBEBTFÒBMB UJÊSBNPTKVSÎEJDBNFOUFEFMBEFOVODJBQF i/PTÊTJGVFVOBSFMBDJÓOEFOFHPDJPTPEF OBMRVFIBCÎBNPTJOUFSQVFTUPQPSEFTQPKP DPOWFOJFODJBu FO5MBMQBO-FSFTQPOEÎRVFOPIBCÎBQSP &O MB NFNPSJB EFM FNQSFTBSJP OBDJ CMFNBQFSPRVFRVFSÎBUFOFSMBTFHVSJEBEEF EP FO"SHFOUJOB QFSP OBUVSBMJ[BEP NFYJ RVFOPTFSFQFUJSÎBOJIBCSÎBNÃTEJGJDVMUB DBOPFTUÃOMPTBQPZPTBEJWFSTPTDBOEJEB EFT2VFEBNPTEFWFSOPTEFTQVÊTQBSBTF UPTQFSSFEJTUBT FOUSFFMMPT DPOGPSNFBTV HVJSUSBUBOEPFTFBTVOUPTJOFNCBSHP FOFTB WFSTJÓO 3BÙM0KFEB;VCJFUB MBTEPTWFDFT SFVOJÓONFQJEJÓMPTQSJNFSPTNJMQFTPT RVFQFSEJÓDPNPBTQJSBOUFBHPCFSOBEPSEF BSHVNFOUBOEPRVFFSBOQBSBBQPZBSBVOPT 5BCBTDP Z-Ã[BSP$ÃSEFOBT#BUFM RVFHB DPNJUÊTDJVEBEBOPTFOMBEFMFHBDJÓOEF*[ OÓ.JDIPBDÃO UBQBMBQB"DDFEÎBEÃSTFMPT)PZQVFEPQFO 4PCSFMBDBNQBÒBEFMIJKPEF$VBVIUÊ TBSRVFOPGVFMPDPSSFDUP QFSPwu NPD$ÃSEFOBT "IVNBEBQSFTVNFRVFTJO "FTFQSÊTUBNPMFTJHVJFSPOPUSPT IBT TVBQPZPBM13%-Ã[BSPOPIBCSÎBHBOBEP UBMMFHBSBMFQJTPEJPEFMBTMJHBT MBTJNCÓMJDBFMFDDJÓONJDIPBDBOB EFNBZPEF

%JDFRVFQVTPIFMJDÓQUFSPT DBQUVSJT UBT  FRVJQPT EF DÓNQVUP  EJWFSTPT WFIÎDV MPTUFSSFTUSFT BEFNÃTEFRVFFMFODVFTUÓ MPHP'SBODJTDP"CVOEJT EF1BSBNFUSÎB MF SFQPSUBCBEJSFDUBNFOUFBÊM"ÙONÃT BTF HVSBRVFMPDPOWFODJÓEFBOVODJBSFMUSJVOGP EF$ÃSEFOBTBQFTBSEFMSFTVMUBEPUBOFTUSF DIPRVF FOTVGBWPS BSSPKBCBTVTPOEFP: FTRVF EFBDVFSEPDPO"IVNBEB "CVOEJT iSFDJCJÓNVDIÎTJNPEJOFSPEFNJQBSUFu 4JOFNCBSHP JOEJDBRVFOPBDBCBEF FOUFOEFSDÓNP3PZ$BNQPT EF$POTVMUB .JUPGTLZ FODVFTUBEPSEFDBCFDFSBEF5F MFWJTBZEFTVDPOEVDUPSFTUFMBS+PBRVÎO-Ó QF[%ÓSJHB

EJPDPNPUSJVOGBEPSB-Ã[BSP DVBOEPBMBTIPSBTDBOUÓFNQBUFUÊD OJDPZDVBUSPIPSBTEFTQVÊTBOVODJÓVOB WFOUBKBEFOVFWFQVOUPTQBSBFMQFSSFEJTUB i&TPFTBMHPRVFÊMTÓMPQVFEFFYQMJDBSu  BUJ[BFMFNQSFTBSJP  &MFODVFOUSPDPO".-0 1FSEJEB MB BOÊDEPUB FOUSF MBT QÃHJOBT  ZEFTVMJCSP "IVNBEBBTFHVSBRVFTF FODPOUSÓDPO-ÓQF[0CSBEPSZRVFJODMVTJ WFFMFOUPODFTKFGFEF(PCJFSOPEFM%'MF QSPNFUJÓBQPZP &MFQJTPEJPMPSFHJTUSBBTÎi3BÙM 0KF EB FTVOBQFSTPOBBRVJFOSFTQFUÊ UBMWF[ IBTUBQVFEPEFDJSRVFBENJSÊTVGPSNBEF TFS  MBT JEFBT RVF UFOÎB &SB VOB QFSTPOB DJFOQPSDJFOUPSFTQBMEBEBQPS"OESÊT.B OVFM-ÓQF[0CSBEPS i&O FM IPUFM )ZBUU  EPOEF NF IPTQF EÊMBTWFDFTRVFWJBKÊB7JMMBIFSNPTB NF QSFTFOUÓB"OESÊT.BOVFM RVJFONFQJEJÓ RVFBQPZBSBB3BÙM&TBSFVOJÓOUVWPMVHBS FOVOBEFMBTIBCJUBDJPOFTEFFTFIPUFM EFM RVF3BÙMFSBQSPQJFUBSJP TPDJPPBENJOJT USBEPSOPTÊDPOFYBDUJUVEMBOBUVSBMF[BEF TVWJODVMBDJÓODPOFM)ZBUU i&OFTBDPOWFSTBDJÓOFO5BCBTDPFOFM BÒP -ÓQF[0CSBEPSNFBHSBEFDJÓNJ SFTQBMEPQBSB3BÙM NFQJEJÓRVFTJHVJFSB BQPZÃOEPMPZ QBMBCSBTNÃTQBMBCSBTNF OPT NFEJKPABQÓZBMPZFOMPRVFUFQPEB NPTBZVEBSFOFM(%' DVBMRVJFSQSPCMFNB RVFUFOHBNPTPRVFUFOHBT WBNPTBUSBUBS EFTPMVDJPOBSMP i&OMBDBNQBÒBEF3BÙMWJBKBNPTFOFM NJTNPBVUPCÙTEPOEFJCBOWBSJPTQFSSFEJT UBT3PTBSJP3PCMFT FMJOHFOJFSP$ÃSEFOBT  -BVSB*U[FM$BTUJMMP 0DUBWJP3PNFSP 3BÙM 0KFEB EFTEFMVFHPBIÎFTUÃCBNPT"OESÊT .BOVFMZZP QFSPNFQJEJÓRVFGVÊSBNPT EJTDSFUPT RVFFSBMPNFKPSQBSBMPTEPTZEF FTBNBOFSBMFTFSÎBQPTJCMFBZVEBSNFTJO MMBNBSMBBUFODJÓOu 5BNCJÊONBOJGJFTUB"IVNBEBRVFFNQF [ÓBHSBCBSBMPTQFSSFEJTUBTQPSRVFZBMFEF CÎBONVDIPEJOFSP NJMMPOFTEFQFTPT Z RVFSÎBUFOFSQSVFCBTEFFTBTUSBOTBDDJPOFT %FUBMMB QPSFKFNQMP RVFi3PTBSJP3P CMFT MF GJSNÓ B5FMFWJTB  FO MB PGJDJOB EF #FSOBSEP(ÓNF[ VOQBHBSÊEFNJMMP OFTEFQFTPT FMDVBMZPSFTDBUÊ%FTQVÊT 

EFNBZPEF

EFVOBFOUSFWJTUBFOFMQSPHSBNBEF+PB RVÎO-ÓQF[%ÓSJHBFO5FMFWJTB$IBQVMUF QFD EPTQFSTPOBTNVZBNBCMFTFTUBCBOFT QFSBOEPB3PTBSJPZMBBDPNQBÒBSPOBMB PGJDJOBEF#FSOBSEP(ÓNF[ZBIÎGJSNÓFM QBHBSÊ"OUFTEFGJSNBSMPMFIBCMÓB"OESÊT .BOVFMZMFQSFHVOUÓRVFTJMPGJSNBCBZÊM MFEJKPRVFTÎ&OFTPTNJMMPOFTFTUB CBOJODMVJEPTDJODVFOUBZUBOUPTNJMMPOFT RVF"OESÊT.BOVFMIBCÎBRVFEBEPBEFCFS B5FMFWJTBEFMBTFMFDDJPOFTEFMu -BSFMBDJØODPO3PTBSJP3PCMFT -BT NFODJPOFT EF MB FYKFGB EF (PCJFSOP ZFYQBSFKBTFOUJNFOUBM3PTBSJP3PCMFTFO TVMJCSPTPOBMSFEFEPSEF"TFHVSBRVF MBUBNCJÊOFYEJSJHFOUFOBDJPOBMEFM13% QBSUJDJQÓFOMBFEJDJÓOEFMPTWJEFPFTDÃO EBMPT RVFMPBDPNQBÒÓBWBSJBTSFVOJPOFT DPO$BSMPT4BMJOBTEF(PSUBSJ UBOUPFOFM FYUSBOKFSPDPNPFOMBDBTBEFMFYQSFTJEFOUF FOFM%JTUSJUP'FEFSBM "TJFOUBRVF3PCMFTOFHPDJÓDPO4BMJ OBTMBEFVEBEFM13% BTÎDPNPMBNPEJGJ DBDJÓOEFVOBSUÎDVMPEFMBMFZQBSBRVFFMMB QVEJFSBMMFHBSBMBKFGBUVSBEFGFÒBNFEJBO UFVOBFMFDDJÓO 5BNCJÊOJOEJDBRVF3PCMFTTFFODPOUSÓ DPOFMFOUPODFTQSFTJEFOUF7JDFOUF'PYQB SBBOVODJBSMFRVFJCBBSFOVODJBSBMBEJSJ HFODJBOBDJPOBMEFM13%ZQBSBOFHPDJBSMB EFVEBEFTVQBSUJEP "KVJDJPEFMFNQSFTBSJP 3PTBSJPFSBVOB QFSTPOBRVFBNCJDJPOBCB TPCSFUPEBTMBTDP TBT MMFHBSBTFSQSFTJEFOUBEFMB3FQÙCMJDB *ODMVTJWFOBSSBDÓNPFOVOBDFOBFGFDUVBEB FO-POESFTFMMBMFBTFHVSÓRVF EFTQVÊTEF MPTDPNJDJPTQSFTJEFODJBMFTEF BNCPT SFHSFTBSÎBOBFTFSFTUBVSBOUFMPOEJOFOTFQBSB GFTUFKBSTVBTVODJÓOBMQPEFSQSFTJEFODJBM &OFMNJTNPDBQÎUVMPEFMPTWJEFPFTDÃO EBMPT "IVNBEBTFSFGJFSFBMNPNFOUPFORVF 4BMJOBTUPNÓVOBEFMBTCBOEBTQSFTJEFODJB MFTZTFMBDSV[ÓB3PCMFTFOFMQFDIPQBSBFO TFHVJEBEFDJSMFiTFUFWFNVZCJFOu %F4BMJOBTB%JFHP 1FSP"IVNBEB OP TÓMP TF SFMBDJPOÓ DPO GVODJPOBSJPTZQPMÎUJDPTEFM13% 5BNCJÊOMPIJ[PDPOMBDÙQVMBQSJJTUB  SFQSFTFOUBEBQPS$BSMPT4BMJOBTEF(PSUB SJ ZDPOMBQBOJTUB MJEFSBEBQPS%JFHP'FS OÃOEF[ EF $FWBMMPT  BVORVF  EF BDVFSEP DPOTVSFMBUP FMKFGFEFMBCBOEB &M1BESJ OP FTFMFYQSFTJEFOUFEFMB3FQÙCMJDB &O FTUF DBTP  DPOGPSNF B MPT SFMBUPT EF "IVNBEB  BNCPT QFSTPOBKFT USBCBKB CBODPNPQBSUFEFVOBNJTNBNBGJB EFMB RVFFNFSHÎBOVOTJOGÎOEFUFOUÃDVMPT DP NPFMQSFTJEFOUF7JDFOUF'PY FMTFDSFUBSJP EF(PCFSOBDJÓO4BOUJBHP$SFFM FMQSPDV SBEPSEFMB3FQÙCMJDB3BGBFM.BDFEPEFMB $PODIB FMSFTQPOTBCMFEFM$JTFO &EVBSEP .FEJOB.PSB ZMBEVFÒBEFMTJOEJDBUPEF NBFTUSPT &MCB&TUIFS(PSEJMMP

#SB[PTNFOPSFTUBNCJÊOTFJODPSQPSB SPOBMRVF-ÓQF[0CSBEPSMMBNÓiDPNQMPUu HPCFSOBEPSFTEFMBSFQVUBDJÓOEF.BOVFM "OESBEF 5BCBTDP Z"SUVSP.POUJFM &T UBEPEF.ÊYJDP QPMÎUJDPT FOUPODFTFNFS HFOUFT DPNP&OSJRVF1FÒB/JFUP Z QBSB SFNBUBS FOMBDPMBEFMBIJTUPSJBEFJONVO EJDJBT VOPEFMPTCSB[PTHPMQFBEPSFTEF'F MJQF $BMEFSÓO +VBO .PMJOBS )PSDBTJUBT  RVJFOCVTDBCB EFTFTQFSBEP FOMBSFDUBGJ OBMEFMBTDBNQBÒBTQSFTJEFODJBMFTEF  GBWPSFDFSBMBDUVBMIVÊTQFEEF-PT1JOPT  DPONÃTWJEFPT NBSDB"IVNBEB RVFFOTV DJBSBOMBJNBHFOEF-ÓQF[0CSBEPS%FMBD UVBMTFDSFUBSJPEF$PNVOJDBDJPOFTZ5SBOT QPSUFT "IVNBEBFWBMÙBiBDUVÓDPNPFOMBT NFKPSFTNBGJBTu &MFNQSFTBSJPEFMBDPOTUSVDDJÓOTPT UJFOF BTÎNJTNP RVF4BMJOBTFSBFMQFSTP OBKFEVFÒPEFMBÙMUJNBQBMBCSB 3FTQFDUPEFMBFTUSBUFHJBQBSBEJGVOEJS MPTWJEFPTEFMFTDÃOEBMPDPOUSB".-0 FM FNQSFTBSJPFTDSJCFi-BNBOFSBEFEBSB DPOPDFSMPTWJEFPFTDÃOEBMPTGVFEF$BSMPT 4BMJOBT.FQMBOUFÓMBFTUSBUFHJB KVOUPDPO %JFHP'FSOÃOEF[EF$FWBMMPT'VJUFTUJHP EFMBTNÙMUJQMFTDPOWFSTBDJPOFTUFMFGÓOJ DBTRVFBNCPTTPTUVWJFSPODPO4BOUJBHP $SFFM  FOUPODFT TFDSFUBSJP EF (PCFSOB DJÓO BTÎDPNPDPO3BNÓO.BSUÎO)VFS UB TVCTFDSFUBSJPEF(PCJFSOPEFFTBNJT NBEFQFOEFODJBu : SFTVNF i4BMJOBT EFDJEJÓ MB FTUSB UFHJB OPMBEFDJEÎZP4BMJOBTGVFFMDFSF CSPEFMPTWJEFPFTDÃOEBMPT:PGVJFMEFMPT WJEFPT ÊMGVFFMEFMFTDÃOEBMP&ODVBO UPB%JFHP'FSOÃOEF[EF$FWBMMPT ÊMGVFFM DPPSEJOBEPSu %FTQVÊTEFWFMB BTVNBOFSB MBTKFSBS RVÎBTEFOUSPEFMBNBGJBTBMJOJTUBi)BHPVO QBSÊOUFTJTQBSBIBCMBSEFVOBBDUJUVERVFNF JNQSFTJPOÓZFTFMIFDIPEFRVFFOFTPTEÎBT EFTDVCSÎRVF%JFHPSFBMNFOUFFSBVOUÎUFSFEF $BSMPT4BMJOBT3FTQPOEÎBEFUBMNBOFSBBTVT QFUJDJPOFT BTVTJOTUSVDDJPOFT RVFFOWFSEBE FSBJNQBDUBOUFRVFFMQSFTJEFOUFEFM4FOBEP ZDPPSEJOBEPSEFMPTTFOBEPSFTQPSQBSUFEFM 1"/TFTPNFUJFSBDPOUBOUBGBDJMJEBEB4BMJ OBT/PEJBMPHBCBO4BMJOBTMFEBCBÓSEFOFT DVBOEPIBCMBCBODMBSP EFNBOFSBBNBCMF  QFSPDPOTVWP[MFEBCBÓSEFOFTu &MDBOBMEFMBTFTUSFMMBT &OFMFOUSBNBEPEFMPTWJEFPFTDÃOEBMPT BTV KVJDJP MBQBSUJDJQBDJÓOEF5FMFWJTBGVFDMBWF "IVNBEB MB EFTDSJCF BTÎ i1BSB VMUJ NBSMBFTUSBUFHJB 4BMJOBTMFIBCMÓB#FS OBSEP(ÓNF[ WJDFQSFTJEFOUFEF5FMFWJTB 1SFTFODJÊMBMMBNBEB1SJNFSPMPTBMVEÓZ MVFHPMFEJKPRVFUFOÎBVOBTVOUPNVZJN QPSUBOUFRVFDPNFOUBSMF RVFMFCFOFGJDJB SÎBNVDIPB5FMFWJTBZBUPEPTFOHFOFSBM  RVFNÃTUBSEFTFDPOUBDUBSÎB%JFHPDPOÊM QBSBUSBUBSMPDPONÃTEFUBMMF i%ÎBT EFTQVÊT UVWF VOB SFVOJÓO DPO %JFHP DPODSFUBNFOUFFMEÎBEFGFCSFSP

10-¶5*$" .FEJKPRVFZBTFIBCÎBSFVOJEPDPO4BO UJBHP$SFFMZIBCÎBOEFDJEJEPRVF'FEFSJDP %ÕSJOH BTBNCMFÎTUBEFM1"/ GVFSBRVJFO EJFSBBDPOPDFSFTPTWJEFPTw i&TEFDJSmDPODMVZF"IVNBEBm TFJN QMFNFOUÓUPEBVOBFTUSBUFHJBNFEJÃUJDBQB SBMPTGJOFTRVFFOFTFFOUPODFTDPOWFOÎBOBM HPCJFSOPGFEFSBM EFFYUSBDDJÓOQBOJTUB

B 4BMJOBT DBCF[BEFMQSJJTNP ZB5FMFWJTBu -B NBOJQVMBDJÓO FO RVF JODVSSFO FTB DBEFOBEFUFMFWJTJÓOZTVDPOEVDUPSFTUFMBS EFOPUJDJBT+PBRVÎO-ÓQF[%ÓSJHB FTJHVBM NFOUFEFTOVEBEBQPS"IVNBEB $VFOUBiw$VBOEPZPFTUBCBFO$V CB +VBO$PMMBEP BCPHBEPEF"IVNBEBZ EF3BÙM4BMJOBT NFIBCMÓZNFEJKPA0ZF  EJDF4BMJOBTRVFMFIBCMFTB#FSOBSEPQBSB RVFTBMHBTDPO+PBRVÎO-ÓQF[%ÓSJHBFOFM OPUJDJFSPEFIPZFOMBOPDIF FTJNQPSUBO UÎTJNPRVFTBMHBTw:SFDJCÎMBTJHVJFO UFJOTUSVDDJÓOA/PDPOUFTUFTOJOHVOBQSF HVOUBBVORVFUFJOTJTUB+PBRVÎO QPSRVFMP WBBIBDFSQBSBOPWFSTFUBOPCWJPu 1FSP MB FYIJCJDJÓO EF MB DPOEVDUB EF 5FMFWJTBOPDPODMVZFBIÎ*OWPMVDSBB-FP QPMEP(ÓNF[ PUSPEFTVTBMUPTEJSFDUJWPTZ DPPSEJOBEPSEFMQSPHSBNBOPDUVSOPEFEF CBUFT5FSDFSHSBEP 3FMBUB"IVNBEBi.FQJEJFSPORVFMF IBCMBSBQPSUFMÊGPOPB#FSOBSEP MPDVBMIJ DFEFJONFEJBUPZBMDPOUFTUBSNFFMUFMÊGP OPNFEJKPAw&TUBNPTUSBUBOEPEFNB OFKBSFTUPMPNFKPSQPTJCMF5FQJEPRVFMF IBCMFTB-FPQPMEP(ÓNF[QBSBDPPSEJOBS UVFOUSFWJTUBDPO+PBRVÎOIPZQPSMBOPDIF "TÎMPIJDF-FIBCMÊB-FPQPMEPZBMBT EFMBOPDIFTFSFBMJ[ÓMBDPNVOJDBDJÓODPO +PBRVÎOwu &MOFHPDJPTFQVTPTPCSFMBNFTB"IV NBEBQJEJÓNJMMPOFTEFQFTPTQPSMPTWJ EFPTi"OUFTEFFOUSFHÃSTFMPT MPTWJEFPT

 NFIJ[PMMFHBS 4BMJOBT BQSPYJNBEBNFO UFNJMMPOFTEFQFTPT.FMPTFOUSFHBSPO .BOVFM"OESBEF HPCFSOBEPSEF5BCBTDP "SUVSP.POUJFM HPCFSOBEPSEFM&TUBEPEF .ÊYJDP&OSJRVF1FÒB/JFUP EJQVUBEPEFM 13*&MCB&TUIFS(PSEJMMPw i&OUSF UPEPT FMMPT NF FOUSFHBSPO FTB DBOUJEBEEFEJOFSP%JFHP'FSOÃOEF[NF IJ[PVOQSJNFSQBHP BDVFOUB QPSMBDBO UJEBE EF  NJMMPOFT FM EÎB  EF GFCSF SPEF'VFEFQPTJUBEPEFBMHVOBEF TVTDVFOUBTCBODBSJBTB/VFWB1FSTQFDUJWB &EJUPSFT MBFNQSFTBRVFFEJUBCB&M QFSJÓ EJDP *OEFQFOEJFOUFu 4FHÙO"IVNBEB FMBCPHBEP+VBO$P MMBEPMFDPOGJÓRVFFMFODBSHBEPEFDPPS EJOBSMBSFDPMFDDJÓOEFEJOFSPGVF.BOMJP 'BCJP#FMUSPOFT BDUVBMKFGFEFMBCBODBEB QSJJTUBFOFM4FOBEP :FMFNQSFTBSJP DVZPMJCSPFNQF[ÓB DJSDVMBSFMKVFWFTEFNBZP JOWPMVDSBBTÎ BMQSFTJEFOUF'PYFOMBMJCFSBDJÓOEF3BÙM 4BMJOBT i$POTJEFSPRVFQBSB4BMJOBT FOMPQFS TPOBMZQBSBTVGBNJMJB DPODSFUBNFOUF QB SBTVIFSNBOP3BÙM GVFVOPEFMPTNFKP

SFTOFHPDJPTRVFQVEJFSPOIBCFSIFDIPFO TVWJEB QPSVOIFDIPRVFQBSBNVDIPTQB TÓEFTBQFSDJCJEP$BSMPT4BMJOBTNFDPOGJÓ RVFVOBEFMBTDVFTUJPOFTRVFIBCÎBOFHP DJBEPDPOFMQSFTJEFOUF'PYBDBNCJPEFMPT WJEFPT BUSBWÊTEF%JFHP'FSOÃOEF[EF$F WBMMPT FSBMBFYPOFSBDJÓOEFUPEPTMPTDBS HPT JODMVTJWFFMEFIPNJDJEJP RVFNBOUF OÎBOFOFTFNPNFOUPB3BÙMFOMBDÃSDFM  BEFNÃT EF MB EFWPMVDJÓO QPS QBSUF EF MB 1SPDVSBEVSÎB(FOFSBMEFMB3FQÙCMJDBEF UPEPTTVTCJFOFT JODMVZFOEPMPTNJMMPOFT EFEÓMBSFTDPOHFMBEPTQPSMB1(3:BTÎTV DFEJÓGJOBMNFOUFu

&ODVBOUPBTJOFHPDJÓDPOFM1"/ "IV NBEBQSFDJTBi/PIJDFOJOHÙOBDVFSEPEJ SFDUPDPOFM1BSUJEP"DDJÓO/BDJPOBM OJDPO OBEJFRVFEJKFSBBDUVBSFOOPNCSFEFM1"/ 1FSPTJFOEPRVF%JFHP'FSOÃOEF[EF$FWB MMPT 4BOUJBHP$SFFMZFMQSFTJEFOUF7JDFO UF'PYOPTÓMPQFSUFOFDÎBOBFTFQBSUJEP TJ OPRVFUFOÎBOFMNBZPSQFTPFTQFDÎGJDPFOTV DÙQVMBEJSJHFOUF FOFTFTFOUJEPNFQBSFDF RVFTÎIVCPVOBDVFSEPDPOFM1"/u -PRVFSFTVMUÓPCWJPQPSRVF GJOBMNFO UF 'FMJQF$BMEFSÓO DBOEJEBUPQBOJTUB SF TVMUÓHBOBEPSEFMBDPOUJFOEBFMFDUPSBMEF L

EFNBZPEF

"HFODJB3FGPSNB$BSMPT.JMBOÏT&TQJOPTB

7PTUBNCJÏO

UFOÏTUVIJTUPSJB %FTEFTVMMFHBEBB.ÏYJDPDPOTVGBNJMJB FO $BSMPT "IVNBEBGVFEFKBOEPQPSMBTPGJDJOBTHVCFSOBNFOUBMFT VOSFHVFSPEFEPDVNFOUPTBQØDSJGPTBDUBEFOBDJNJFOUP  QBTBQPSUFT GPSNBTNJHSBUPSJBT BDUBTNBUSJNPOJBMFT %FTQVÏT DPNPOFHPDJBOUF TFFOGSBTDØFOMJUJHJPTBNB×B EPT DPNQSØJOGMVFODJBTZBMGJOBMTFFOSFEØDPOQPEFSPTPT QPMÓUJDPTZGVODJPOBSJPTFOVOBDPOKVSBDPOUSB"OESÏT.B OVFM-ØQF[0CSBEPS&O%FSFDIPEFSÏQMJDB FMFNQSFTBSJP TFBVUPEFGJOFDPNPJOPDFOUFZIBTUBJEFBMJTUB QFSPTV QSPQJBIJTUPSJBMPDPOEFOB

3BÞM.POHF

"

OUFT EF NF[DMBS MPT OFHPDJPT DPO MB QPMÎUJDB  BWFOUVSB EF MB RVFBIPSBTFBSSFQJFOUFQPSRVF mDPOGJFTBm iGVF VOB DPNCJOB DJÓO FYQMPTJWBu  $BSMPT "IV NBEBZBBSSBTUSBCBVOMBSHPIJT UPSJBMEFUSBJDJPOFT FTUBGBTZFOHBÒPT ­TUPTDPNFO[BSPOEFTEFTVMMFHBEBB .ÊYJDP BNFEJBEPTEFMPTTFUFOUB FOMBT HFTUJPOFTRVFSFBMJ[ÓQBSBPCUFOFSMBOB DJPOBMJEBE NFYJDBOB  FOUSF PUSPT EPDV NFOUPTPGJDJBMFT ZDPOUJOVBSPOBMPMBSHP EFTVDBSSFSB FOMBDVBMUFKJÓVOBCJFOFT 

EFNBZPEF

USVDUVSBEBSFEEFDPNQMJDJEBEFTQPMÎUJDBT ZFNQSFTBSJBMFTRVFFONFOPTEFVOBEÊ DBEBMPMMFWBSPOBDPODFOUSBSNÃTEFVOB EPDFOBEFFNQSFTBT EPTFRVJQPTQSPGF TJPOBMFTEFGVUCPM VOEJBSJPZ QPSTJGVF SB QPDP  VOB GPSUVOB QFSTPOBM FTUJNBEB FO BM NFOPT  NJMMPOFT EF EÓMBSFT  EF BDVFSEP DPO MB 1SPDVSBEVSÎB (FOFSBM EF MB3FQÙCMJDB i4JODFSBNFOUFNFSPNQÎFMBMNBQB SBMPHSBSMPRVFUFOHPIPZu MFEJKP"IV NBEBBMBQFSJPEJTUB0MHB8PSOBU RVJFO MP FOUSFWJTUÓ FO TFQUJFNCSF EF  QB SBMBSFWJTUB1PEFS)BDFEPTBÒPT MVFHP EFVOBFTUBODJBEFNJMEÎBTFOMBDÃS

DFMmEFMEFNBS[PEFBMEFNB ZPEFm "IVNBEBEFDJEJÓSFUPSOBSB TVOBUBM"SHFOUJOB -BQBSUFPTDVSBEFMBIJTUPSJBEFMFN QSFTBSJPOBUVSBMJ[BEPNFYJDBOPDPNFO[Ó DVBOEPMMFHÓB.ÊYJDP FODPNQBÒÎBEFTV NBESF .FSDFEFT-FPOPS4PGÎB,VSU[4BM WBUJFSSB ZEFTVIFSNBOP1BCMP-PTUSFT JOHSFTBSPODPOWJTBEFUVSJTUBTBUFSSJUPSJP NFYJDBOPFMEFPDUVCSFEFZTFBMP KBSPOQSPWJTJPOBMNFOUFFODBTBEFVOBNF EJBIFSNBOBEF$BSMPTRVFSBEJDBCBFOFM QBÎTEFTEFIBDÎBBÒPTZDVZPOPNCSF BIP SBTFTBCF FT(SBDJFMB 4FHÙO DPOTUB FO MPT EPDVNFOUPT RVF

10-¶5*$"

FOUSFHBSPO B MB PGJDJOB NFYJDBOB EF .J HSBDJÓO MPT,VSU[JOHSFTBSPODPOWJTBTEF UVSJTUB QPS VO UÊSNJOP EF  EÎBT  Z OP FYJTUFDPOTUBODJBBMHVOBFOMPTBSDIJWPTEF FTBEFQFOEFODJBEFRVFIBZBOSFGSFOEBEP TVQFSNJTPDPOFMGJOEFQFSNBOFDFSNÃT UJFNQPFOFMQBÎT 0USP EBUP NFOPS QFSP RVF SFGMFKB TV UFOEFODJB B MB NFOUJSB B 8PSOBU MF EJKP RVF FSB iFM TÊQUJNP EF TJFUF IFSNBOPTu FOTVMJCSPNFODJPOBRVFFTFMRVJOUPEF TFJT -VFHPEFDPODMVJSTVTFTUVEJPTEFQSJ NBSJBFO DVFOUB"IVNBEB ÊMZTV GBNJMJB TF GVFSPO B WJWJS B 4BO $SJTUÓCBM

EF-BT$BTBT EPOEFBTFHVSBRVFQFSNB OFDJFSPOVOBÒP &O EJDF SFHSFTBSPOBMB$JVEBE EF.ÊYJDPZFMNJTNPBÒPDVSTÓFMTFHVO EPHSBEPEFTFDVOEBSJBFOMBFTDVFMB"NB EP/FSWP&MUFSDFSPMPFTUVEJÓFOMBTF DVOEBSJB7ÎDUPS)VHP 4JOFNCBSHP FOMBFOUSFWJTUBDPO8PS OBU "IVNBEB EFDMBSÓ RVF DVSTÓ MPT USFT BÒPTFOMBTFDVOEBSJBOÙNFSP %F BIÎ  DVFOUB"IVNBEB FO TV MJCSP  TBMUÓBM$PMFHJPEF$JFODJBTZ)VNBOJEB EFTQMBOUFMTVSZ FO iJOHSFTÊFOMB 'BDVMUBEEF$JFODJBTEFMB6/". EPO EFDVSTÊDVBUSPTFNFTUSFTEFMBMJDFODJBUV

SBFOBDUVBSÎBu-PDJFSUPFTRVFFOTVFY QFEJFOUFBDBEÊNJDPTÓMPUJFOFBDSFEJUBEPT MPTEPTQSJNFSPTTFNFTUSFTEFFTBDBSSFSB "OUFTEFDVNQMJSMBNBZPSÎBEFFEBE  FM  EF KVMJP EF   $BSMPT"IVNBEB SFDJCJÓPUSPFKFNQMPEFDÓNPBCSJSTFQBTP GSFOUFBMBMFZ ZBTFBQPSTVQVFSUBQSJODJ QBMPBUSBWÊTEFTVTMBHVOBT PNJTJPOFT P EFQMBOPBQSPWFDIBOEPMPTBUBKPTRVFGBDJ MJUBMBDPSSVQDJÓO "MQSFTFOUBSVOBDPOTUBODJBEFJOFYJTUFO DJBEFMBDUBEFOBDJNJFOUP .FSDFEFT,VSU[ DPOTJHVJÓRVFFMPGJDJBMOPWFOPEFM3FHJTUSP $JWJMBETDSJUPB-B"VSPSB $PBIVJMB 3PCFS UP(BSDÎB4ÃODIF[ SFDPOPDJFSBMFHBMNFOUF EFNBZPEF

10-¶5*$"

0USBGBMTFEBE 3BÞM.POHF

&

OEPTQBTBKFTEFTVMJCSP%FSFDIPEFSÏ QMJDB $BSMPT"IVNBEBIBDFBMVTJØOB MBTGPUPHSBGÓBTRVFGVFSPOQVCMJDBEBT QPSFTUFTFNBOBSJPFOTVFEJDJØOEFM EFNBZPEF OÞNFSP Z FO FM EJBSJP -B +PSOBEB  NPNFOUPT EFTQVÏT EFTVJOHSFTPFOFM3FDMVTPSJP1SFWFOUJWP7B SPOJM/PSUF FOMBTDVBMFTBQBSFDFNJFOUSBTTF WJTUFDPOFMVOJGPSNFEFSFDMVTP %JDF"IVNBEBi&MSFODPSEFMBTBVUPSJ EBEFTEFM(%'ZEFMTFDUPSEFMBQSFOTBNÈT BGÓOBFMMBT TFSFnFKØDMBSBNFOUFFOFTFBCV TPWJMZDPCBSEFEFSFUSBUBSNFTFNJEFTOVEP QBSBIBDFSNBZPSFTDBSOJPEFNÓ i$POTJEFSPRVFVOQFSJPEJTNPTVQFEJUB

B$BSMPT"IVNBEBDPNPDJVEBEBOPNFYJDB OP OBDJEPFO4BMUJMMP $PBIVJMB"TÎRVFEÓ BTFOUBEPFOFMMJCSP* UPNP** GPMJP GPKB EFMBPGJDJOBEFM3FHJTUSP$JWJMEFMNV OJDJQJPEF-B"VSPSB &O FM EPDVNFOUP PGJDJBM TF DPOTJH OB BEFNÃT RVF$BSMPTOBDJÓFOFM)PTQJ UBM$JWJMEF4BMUJMMP BMBTIPSBTEFMEÎB EFKVOJPEF ZRVFTVTQBESFT "OÎ CBM"IVNBEB'FSSFJSBZ.FSDFEFT-FPOPS ,VSU[ TPONFYJDBOPT JHVBMRVFTVTBCVF MPT QBUFSOPT Z NBUFSOPT "SUVSP "IVNB EB"ODIPSFOB GJOBEP

)FSNJOJB'FSSFJSB 4BMWBUJFSSB GJOBEB

3PCFSUP,VSU[ GJOBEP  Z.FSDFEFT4BMWBUJFSSBEF,VSU[ GJOBEB  &MÙOJDPEBUPRVFDPJODJEFDPOFMBD UBMFWBOUBEBFO"SHFOUJOBFTFMEÎBEFOB DJNJFOUP&MEPDVNFOUPPSJHJOBMGVFFYQF EJEPQPSFM3FHJTUSP$JWJMEFMBDJVEBEEF $ÓSEPCB FOFMRVFTFFTUBCMFDFRVF$BSMPT "IVNBEBOBDJÓFOMB$MÎOJDB*OUFHSBMEF FTBDJVEBEFMNJTNPEFKVOJPEF  BVORVFBMBTIPSBT /P PCTUBOUF  FO TV MJCSP "IVNBEB NFODJPOB VOB GFDIB Z VO MVHBS EF OBDJ NJFOUPEJTUJOUPTEJDFRVFOBDJÓFO  FOFM4BOBUPSJP#SJUÃOJDPEF$ÓSEPCB $VNQMJEBMBNBZPSÎBEFFEBEZZBKV SÎEJDBNFOUFEVFÒPEFTVTBDUPT "IVNBEB DPNFUJÓTVQSJNFSBUSBTHSFTJÓOFO.ÊYJ DP BNQBSBEP FO FM BDUB EF OBDJNJFOUP BQÓDSJGB USBNJUÓZPCUVWPFMEFBHPT UPEFTVDBSUJMMBNJMJUBSFOMBKVOUBEF SFDMVUBNJFOUPOÙNFSPEFM%JTUSJUP'F 

EFNBZPEF

EPBJOUFSFTFTQPMÓUJDPT FKFSDJEPQPSNFEJP DSFT TJOSBTUSPEFTFOUJEPÏUJDP OPQVFEFTFS MBBTQJSBDJØOEFNFEJPTDPNP1SPDFTPZ-B +PSOBEB EFHSBOUSBEJDJØOEFJOWFTUJHBDJØOZ EFOVODJBFOOVFTUSPQBÓTw &MFNQSFTBSJP RVFEFTEFIBDFEPTB×PT SFTJEFFO"SHFOUJOB SFDVFSEBRVFQPSFTF NPUJWPJOUFSQVTPVOBRVFKBFOMB$PNJTJØO EF%FSFDIPT)VNBOPTEFM%JTUSJUP'FEFSBM  RVFFMEFPDUVCSFEFHJSØBMBT BVUPSJEBEFTDBQJUBMJOBTMBSFDPNFOEBDJØO  FOMBRVFQJEFRVFPGSF[DBOVOB EJTDVMQBQÞCMJDBBMPGFOEJEP 4FHÞO"IVNBEB EJDIBEJTDVMQBiOPTF IBEBEPOJDSFPRVFTFWBZBBEBS"MEÓBEF

IPZOPIBTJEPSFTBSDJEPFTFEB×PNPSBM  DPOGPSNFMPFTUBCMFDJØEJDIBDPNJTJØOw &TPFTGBMTP -BTBVUPSJEBEFTBMVEJEBTFOMBRVFKBEF "IVNBEBBUFOEJFSPOMBTSFDPNFOEBDJPOFT EFMB$/%) JODMVTJWFMBEFPGSFDFSVOB EJTDVMQBQÞCMJDBBMFNQSFTBSJPEFPSJHFO BSHFOUJOP&OFMEJBSJP.JMFOJP FMEFOP WJFNCSFEF GVFQVCMJDBEBVOBOPUBFO MBDVBMBVUPSJEBEFTEFM(%'oBUSBWÏTEFMB %JSFDDJØOEF3FDMVTPSJPToTFEJTDVMQBODPOFM FNQSFTBSJPQPSIBCFSWJPMBEPTVTHBSBOUÓBT JOEJWJEVBMFTFOFMDVSTPEFMQSPDFTPEFTV JOUFSOBNJFOUPFOFM3FDMVTPSJP/PSUFFM EFBCSJMEFL

EFSBM&MEPDVNFOUPRVFEÓSFHJTUSBEPFO MB4FDSFUBSÎBEFMB%FGFOTB/BDJPOBMCBKP MBNBUSÎDVMB# "OJNBEP QPS TV CVFOB TVFSUF  PCUV WP MVFHP FM QSJNFSP EF MPT USFT QBTBQPS UFTNFYJDBOPTRVFMMFHÓBUFOFS UPEPTDPO EJTUJOUPT EBUPT QFSTPOBMFT -F BTJHOBSPO FMOÙNFSP&OMBTPMJDJUVE "IVNB EB TF EFDMBSÓ NFYJDBOP F IJKP EF QBESFT NFYJDBOPTQPSOBDJNJFOUP 1PSFTBÊQPDB TFHÙOTVQSPQJPEJDIP  ZBIBCÎBEFTFNQFÒBEPWBSJPTPGJDJPTDB EFOFSP MBWBDPDIFTZHFSFOUFEFVOBEJTDP UFDB5BNCJÊOIBCÎBTJEPEVFÒPEFEPTDB SSJUPTEFIPUEPHT VOUBYJZVOBUBRVFSÎB $PO FM GBMTP FTUBUVT EF NFYJDBOP  FO  FTUBCMFDJÓ VOB QFRVFÒB GÃCSJDB EF NFTBTNVMUJVTPT1PSFTFQSPZFDUP FMFO UPODFT QSFTJEFOUF .JHVFM EF MB .BESJE )VSUBEPMFFOUSFHÓFM1SFNJP/BDJPOBMEF MB +VWFOUVE FO MB DBUFHPSÎB EF $BQBDJUB DJÓOZ1SPEVDUJWJEBEFOMB'ÃCSJDB &OMPTBSDIJWPTEFM*OTUJUVUP.FYJDBOP EFMB+VWFOUVE BOUFT$POTFKP/BDJPOBMEF 3FDVSTPTQBSBMB"UFODJÓOEFMB+VWFOUVE  FYJTUFDPOTUBODJBEFMSFDPOPDJNJFOUPPUPS HBEPBMFNQSFTBSJP RVFFOMBGJDIBEFJOT DSJQDJÓORVFEÓSFHJTUSBEPDPNPNFYJDBOP OBDJEPFO-B"VSPSB $PBIVJMB

KP OVQDJBT DPO TV QSJNFSB FTQPTB  4POJB (FPSHJOB.FESBOP5JOPDP EFRVJFO TV CSBZB TFEJWPSDJÓTFJTBÒPTNÃTUBSEF FO  &OFTUFQVOUP"IVNBEBUBNCJÊOGBMUB B MB WFSEBE TF DBTÓ DPO 4POJB (FPSHJOB .FESBOPFOBHPTUPEF TFHÙODPOTUB FOFMBDUBNBUSJNPOJBMOÙNFSP FY QFEJEBQPSFMFOUPODFTKVF[EFM3FHJT USP$JWJM 3PNFSP"SBNF[(BS[B(BS[B &OEJDIPEPDVNFOUP RVFGJSNBSPODP NPUFTUJHPTEFMDPOUSBZFOUFTVNBESF.FS DFEFT,VSU[4BMWBUJFSSBZTVIFSNBOB7F SÓOJDB $BSMPT"IVNBEBWVFMWFBBQBSFDFS DPNP DJVEBEBOP NFYJDBOP  OBDJEP FO $PBIVJMB 4VKFUP BM SÊHJNFO EF TFQBSBDJÓO EF CJFOFT FMNBUSJNPOJPTFEJTPMWJÓFMEF BHPTUPEFmZOPFO DPNPBGJS NB"IVNBEBm EFBDVFSEPDPOMPTEBUPT SFHJTUSBMFT  EFM +V[ HBEP %ÊDJNP EFM 3FHJTUSP $JWJM /VODB EJPQBSUFBMB4FDSFUBSÎBEF(PCFSOBDJÓO TPCSFMBEJTPMVDJÓOEFMWÎODVMPNBUSJNP OJBM DPNPFTUÃOPCMJHBEPTBIBDFSMPMPT FYUSBOKFSPT &TUJNVMBEP QPS FM 1SFNJP /BDJPOBM EFMB+VWFOUVEZSFDJÊODBTBEP "IVNBEB GVOEÓFOTPDJFEBEDPOBMHVOBTBNJTUBEFT MB FNQSFTB .BEFSBNFY  DVZP HJSP FSB FM EJTFÒPZGBCSJDBDJÓOEFKVHVFUFTEFNBEF SB QFSPGSBDBTÓ "OUFT EF FNQSFOEFS PUSP OFHPDJP  FM FNQSFTBSJPWPMWJÓBJODVSSJSFOGBMTFEBEFT

1SPCMFNBTEFJEFOUJEBE 4FHÙOSFàFSF"IVNBEBFO%FSFDIPEFSÊ QMJDB UBNCJÊOGVFFODVBOEPDPOUSB

DPOEPDVNFOUPTPGJDJBMFT&MEFNBS[P EFUSBNJUÓFOMBPGJDJOBEFMB4FDSFUB SÎBEF3FMBDJPOFT&YUFSJPSFTFOMBEFMFHB DJÓO5MÃIVBDMBSFOPWBDJÓOEFTVQBTBQPS UF QPSVOQFSÎPEPEFDJODPBÒPT &OMBDPQJBEFTVTPMJDJUVEBOPUÓRVF TVTQBESFTFSBONFYJDBOPT ZFOFMSFOHMÓO EFTUJOBEPBMBPDVQBDJÓOPQSPGFTJÓORVF EFTFNQFÒBCB FO BRVFM FOUPODFT FTDSJCJÓ iBDUVBSJPu "IVNBEB BGJSNB RVF QPS FTBT GFDIBT BZVEÓBMBGBNJMJBEFTVIFSNBOPNBZPS  3PCFSUP BFTUBCMFDFSTFFO.ÊYJDP i3PCFSUPGVOEÓMBFNQSFTB(SVQP%J SFDUPS&NQSFTBSJBMRVFPGSFDÎBBTVTTPDJPT SFOEJNJFOUPT TJNJMBSFT B MPT EF VOB DBTB EFCPMTB NFEJBOUFMBJOWFSTJÓOEFBIPSSPT FO EJWFSTBT FNQSFTBT &O   3PCFSUP FOGSFOUÓVOBEFNBOEBEFMB$PNJTJÓO/B DJPOBM#BODBSJBZEF7BMPSFTQPSBDUVBSJMÎ DJUBNFOUFDPNPDBTBEFCPMTB'VFBQSF IFOEJEPFJOHSFTÓBM3FDMVTPSJP0SJFOUFZ NÃTUBSEFGVFUSBTMBEBEPBM4VS EPOEFFO GSFOUÓVOKVJDJPRVFMPNBOUVWPQSFTPIBT UBu -PRVFOPDVFOUBFOTVMJCSPFTRVFÊM GVF TPDJP EF EJDIB FNQSFTB ¼OJDBNFOUF SFDVFSEB RVF TV IFSNBOP MP JOWPMVDSÓ Z RVFQPSFTBSB[ÓOÊMNJTNPQFSNBOFDJÓFO FM3FDMVTPSJP0SJFOUFEVSBOUFEÎBT3F GJFSFRVFTBMJÓBCTVFMUPEFUPEPTMPTDBSHPT RVFMFJNQVUBCBOBÊM BTVNBESFZBTV PUSPIFSNBOP 1BCMP &OFMKVJDJPRVFTFMFTJHVJÓFOFM+V[HB EP%ÊDJNP0DUBWPEFMP1FOBM FYQFEJFO UF

"IVNBEBWPMWJÓBDBNCJBSTVT EBUPTEFJEFOUJEBEEFDMBSÓRVFIBCÎBOB DJEPFO$ÓSEPCB "SHFOUJOBRVFJOHSFTÓB .ÊYJDPFODBMJEBEEFUVSJTUBFMEFPDUV CSFEFFODPNQBÒÎBEFTVNBESFRVF TVIFSNBOPMPTBMDBO[ÓFOKVOUPDPO TVFTQPTBZTVTIJKPT ZRVFTFIBCÎBORVF EBEPJSSFHVMBSNFOUFFOFMQBÎT &OFTBPDBTJÓO"IVNBEBTFJEFOUJGJDÓ DPOFMQBTBQPSUFOÙNFSPFYQFEJ EPQPSFM.JOJTUFSJPEF*OUFSJPSEFMB3F QÙCMJDB"SHFOUJOBFMEFTFQUJFNCSFEF &MEPDVNFOUPJODMVÎBMBWJTB  DPOWBMJEF[EFEÎBT "QFTBSEFTVDPOGFTBZBDSFEJUBEBFT UBODJBJSSFHVMBSFOFMQBÎT MBTBVUPSJEBEFT KVEJDJBMFTOPJOJDJBSPOFMQSPDFEJNJFOUPDP SSFTQPOEJFOUFQBSBEFQPSUBSB"IVNBEB 0USP DBQÎUVMP PTDVSP RVF PNJUF"IV NBEBFOTVMJCSPFTDÓNPTFIJ[PEFMBT HSBOKBTEFDSÎBZFOHPSEBEFQBWPT 4FHÙO DPOUÓ TV IFSNBOP 3PCFSUP FO EFDMBSBDJPOFT B 1SPDFTP FEJDJÓO   NBS[PEF

$BSMPT"IVNBEBGBCSJDB CBQÓMWPSBZMBWFOEÎBFOVOOFHPDJPVCJ DBEPDFSDBEF-B.FSDFE1FSPFOBCSJMEF MFBMRVJMÓB&TUFMB$BCSFSB4BOBCSJB Z &OSJRVF 4BOBCSJB #FSOBM VO SBODIP FO "NFDBNFDB  &TUBEP EF .ÊYJDP  DPO FM QSPQÓTJUPEFJOTUBMBSBIÎVOBHSBOKB EFNBZPEF

)VFMMBTEFMPEP FOFMGVUCPM

3BÞM.POHF

3FZOPTPFTVOPEFMPTQPDPTQFSTP OBKFTRVFTBMFOMJNQJPTEFMTBMQJDBEFSPEF MPEPRVFMBO[Ø"IVNBEBDPOMBQVCMJDB DJØOEFTVMJCSP%FSFDIPEFSÏQMJDB &MEFKVOJPEF EVSBOUFMBDIBSMB UÈDUJDBQSFWJBBMKVFHP FMFOUPODFTEJSFD UPSUÏDOJDPEF-PT-BHBSUPT FMFYHPMFBEPS CSBTJMF×POBUVSBMJ[BEPNFYJDBOP"OUPOJP $BSMPT4BOUPT TFQFSDBUØEFMBUSBNQB QVFTUBQPS"IVNBEBZBTÓTFMPIJ[PTBCFS BMEVF×PEFTVFRVJQP .JHVFM$BOUØO ;FUJOB FMNJTNPRVFMFWFOEJØB"IVNBEB MBTJOTUBMBDJPOFTEFMEJBSJP.ÏYJDP)PZQBSB FEJUBSBIÓ&M*OEFQFOEJFOUF &OFMTJHVJFOUFKVFHPEFM-FØO DPOUSB $PSSFDBNJOPTEFMB6OJWFSTJEBEEF5BNBV MJQBT "IVNBEBVUJMJ[ØPUSBFTUSBUFHJB DPOUSBUØBWBSJBTQFSTPOBTQBSBRVFFMEÓB EFMKVFHPBSSPKBSBOHBTMBDSJNØHFOPFO MPTQBTJMMPTEFMIPUFMEPOEFTFBMPKBCBOMPT KVHBEPSFTSJWBMFT $POVOIJTUPSJBMEFDPSSVQDJØOEFMRVF QPDPTFTBCÓBQÞCMJDBNFOUF FMFOUPODFT EVF×PEFM(SVQP2VBSUJODVSTJPOØFOFM GVUCPMQSPGFTJPOBMFO EPOEFFODPO USØWÓBMJCSFQBSBFYUFOEFSTVTOFHPDJPT &OVOBPQFSBDJØORVFUVWPRVFEJSJ NJSTFFOMPTUSJCVOBMFT "IVNBEBMPHSØFM SFDPOPDJNJFOUPMFHBMDPNPQSPQJFUBSJP EFMPTUFSSFOPTZVTVGSVDUVBSJPEFMFTUBEJP

&NJMJP"MFKBOESPEFMB$SV[5FSÈO"HFODJB3FGPSNB

oi`"HSBEPT MPRVJFSPBHSBEPTw oPSEFOØ FOÏSHJDP $BSMPT"IVNBEB &SBOMPTÞMUJNPTEÓBTEFNBS[PEF ZTVFRVJQPEFGVUCPM FMDMVC-FØO FTUBCB BVOPTEÓBTEFSFDJCJSFODBTBB-PT-BHBSUPT EF5BCBTDPFOFMQBSUJEPEFWVFMUBEFMPT DVBSUPTEFmOBMEFMB1SJNFSB%JWJTJØO" &MFNQSFTBSJPMFFYJHÓBBMHFSFOUFEF NBOUFOJNJFOUPEFM(SVQP2VBSU -FPCBS EP.BSUÓOF[ DFMFSJEBEZQSFDJTJØOFOMB UBSFBRVFMFIBCÓBFODPNFOEBEP i2VJFSPFMWFTUJEPSBHSBEPT&TUB WF[OPRVJFSPFSSPSFT2VJFSPVOUSBCBKP QSPGFTJPOBMw &OTVFEJDJØOEFMEFNBS[PEF  FMEJBSJPEFQPSUJWP3ÏDPSEQVCMJDØFMSFWF MBEPSUFTUJNPOJPEF"MCFSUP0MWFSB RVJFO USBCBKBCBBMBTØSEFOFTEF-FPCBSEP.BSUÓ OF[ZQSFTFODJØFTBFTDFOB RVFFYIJCFTJO NBRVJMMBKFMBQFSTPOBMJEBEEFMIPNCSFEF OFHPDJPTRVFMBCSØTVGPSUVOBBHPMQFEF USBJDJPOFTZFTUBGBT &OUSFWJTUBEPQPS3BGBFM0DBNQPZ "MFKBOESP.BZPSHB 0MWFSBDPOUØFOFTB PDBTJØORVFFMFOUPODFTUÏDOJDPEFMPT 1BO[BT7FSEFTEFM-FØO $BSMPT3FZOPTP  BQSPCØMPTTVDJPTNÏUPEPTRVFFMQSPQJF UBSJPEFMDMVCIBCÓBQMBOFBEPQBSBTBDBS WFOUBKBEFTVSJWBMZBTFHVSBSFMQBTFBMB TJHVJFOUFSPOEB

$PO.BOVFM#SJCJFTDB4BIBHÞO



EFNBZPEF

/PV$BNQEF-FØO"DBNCJP TFDPNQSP NFUJØBNBOUFOFSFMFRVJQPFOFTBDJVEBE HVBOBKVBUFOTFZMMFWBSMPBMB1SJNFSB%JWJ TJØOFOVOQMB[PEFUSFTB×PT BTÓDPNPB SFNPEFMBSFTFFTUBEJPNVOEJBMJTUB 5PEPJCBCJFOIBTUBRVFTFMFDSV[ØFO FMDBNJOPFMFRVJQP*SBQVBUP-PT'SFTFSPT WFODJFSPOBM-FØOFODBTBQPSFOFM QSJNFSQBSUJEPEFMBmOBMQPSFMBTDFOTP "OUFMBQPTJCJMJEBEEFRVFTFMFDBZFSBO MPTOFHPDJPTRVFUFOÓBFOQFSTQFDUJWBDPO MPTUFSSFOPTBMFEB×PTBMFTUBEJP "IVNBEB SFDVSSJØBPUSBEFTVTNBOJPCSBTQPSNF EJPEF5JUP6SJCF QBESFEFTVPQFSBEPSBm OBODJFSB-JEJB6SJCF FMFNQSFTBSJPFOUBCMØ DPOWFSTBDJPOFTQBSBBERVJSJSMBGSBORVJDJB EFM*SBQVBUP -BTOFHPDJBDJPOFTOPQSPTQFSBSPOZ "IVNBEBJOUFOUØMPHSBSTVDPNFUJEPQPS MBGVFS[BFMEFKVOJPEFPDIPIPN CSFTBSNBEPTMMFHBSPOFOVOIFMJDØQUFSP EFMFNQSFTBSJPZUPNBSPOQPSBTBMUPFMFT UBEJP*HOBDJP-FØO$IÈWF[EVSBOUFNÈTEF IPSBT TJORVFJOUFSWJOJFSBMBQPMJDÓB4JO FNCBSHP MBBmDJØOMPDBMMPTFDIØ UBNCJÏO QPSMBGVFS[B "QFTBSEFTVDPOEVDUB QPSNFEJPEF TVTOFHPDJPTSFMBDJPOBEPTDPOFMGVUCPM "IVNBEBDPOTJHVJØBCSJSPUSBTQVFSUBT  FOUSFFMMBTMBTEFMBGBNJMJBEFMFOUPODFT QSFTJEFOUF7JDFOUF'PY DPOBMHVOPTEF DVZPTJOUFHSBOUFTTFFYIJCJØQÞCMJDBNFO UF DPNPGVFFMDBTPEF$SJTUØCBM'PYZ .BOVFM#SJCJFTDB4BIBHÞO &OTVMJCSP%FSFDIPEFSÏQMJDB "IVNB EBDVFOUBRVFDPOPDJØBMIJKPEF.BSUB4B IBHÞOQPSNFEJPEFMQPMÓUJDPQSJJTUB$BSMPT 4BMPNØO$ÈNBSBZRVFFOBMHVOBPDBTJØO FTUVWPFOTVTPmDJOBTEF(SVQP2VBSU FO MBBWFOJEB3FWPMVDJØOEFM%JTUSJUP'FEFSBM "DUVBMNFOUF "IVNBEBQFMFBFOMPT USJCVOBMFTMBQSPQJFEBEEFMDMVC-FØODPO FMNBHOBUF"MFKBOESP#VSJMMP EF(SVQP 1FHBTP 1FSPFOFTFFOUPODFT DVBOEPNÈTTF RVFKBCB"IVNBEBEFMBGBMUBEFMJRVJEF[ QPSTVDBSUFSBWFODJEBZMBTQFTRVJTBTEFM HPCJFSOPDBQJUBMJOPTPCSFTVTOFHPDJPTFO WBSJBTEFMFHBDJPOFT "IVNBEBTPSQSFOEJØ DPOMBDPNQSBEFVOTFHVOEPFRVJQPEF GVUCPMFM4BOUPT-BHVOB "EJGFSFODJBEFMQSPDFEJNJFOUPRVF TJHVJØDPOFM-FØO "IVNBEBNBOUVWPFO TFDSFUPMBTOFHPDJBDJPOFTDPOFM(SVQP .PEFMPQBSBFWJUBSRVFMB'FEFSBDJØO .FYJDBOBEF'VUCPM EPOEFZBUFOÓBBCJFS UPTWBSJPTFYQFEJFOUFTQPSTVTUSBNQBT  GSVTUSBSBMBPQFSBDJØO1BSBFMMP EJTGSB[ØTV JEFOUJEBECBKPMBSB[ØOTPDJBM%FQPSUJWBEF 'VUCPM$PNBSDB-BHVOFSB 4"EF$7 $PNPFMSFTUPEFTVTOFHPDJPT MPT BNCJDJPTPTQSPZFDUPTEF"IVNBEBFOFM GVUCPMDBZFSPOFTUSFQJUPTBNFOUFDVBOEP TFEJWVMHBSPOTVTWJEFPTQPMÓUJDPTFONBS[P EFL

10-¶5*$" &TUBCMFDJÓBIÎTVOFHPDJPZQPDPEFT QVÊTRVJTPDPNQSBSFMSBODIP QFSP&TUFMB Z&OSJRVFTFOFHBSPOQPSRVFQSFUFOEÎBQB HBSMFTFOBCPOPT $VBOEP TF BDFSDBCB MB GFDIB EF WFO DJNJFOUPEFMDPOUSBUPEFBSSFOEBNJFOUPZ MPTQSPQJFUBSJPTEFMQSFEJPRVFSÎBODPCSBS MF  "IVNBEB TF PDVMUÓ Z QPTUFSJPSNFOUF MPTEFTQPKÓEFMUFSSFOPTJOQBHBSMFTOBEB 5SBNJUÓTVTOVFWBTFTDSJUVSBTBOPNCSFEF $FDJMJB(VS[B(PO[ÃMF[ DPORVJFOTFDB TÓUJFNQPEFTQVÊT &O NFEJP EF MB MBSHB CBUBMMB KVSÎEJDB RVFFNQSFOEJÓQBSBRVFEBSTFDPOFMSBO DIPEF"NFDBNFDB ZUSBTPUSPJOUFOUPEF EFTQPKPEFVOBHSBOKBFO:FDBQJYUMB .P SFMPT "IVNBEBTFEJPUJFNQPQBSBDPOUJ OVBSDPOTVTUSPQFMÎBT &MEFBCSJMEFHFTUJPOÓTVUFS DFSQBTBQPSUFNFYJDBOP DPOWJHFODJBEF DJODPBÒPT ZCBKPQSPUFTUBEFEFDJSWFSEBE WPMWJÓBTPTUFOFSRVFIBCÎBOBDJEPFO-B "VSPSB  $PBIVJMB  Z RVF TVT QBESFT FSBO NFYJDBOPT 1PSFTBTGFDIBT MVFHPEFTVQBSBFOUPO DFTZBGBMMJEBBWFOUVSBBWÎDPMBZGJOBODJBEP QPSTVIFSNBOP3PCFSUP $BSMPT"IVNBEB EFTDVCSJÓ QPSBTÎEFDJSMP FMOFHPDJPEFMB NJOFSÎBFOFMFTUBEPEF(VFSSFSP 1FSP UBNQPDP MF GVF CJFO &O %FSF DIPEFSÊQMJDBEJDFRVFMBEFQSFTJÓOFOMB JOEVTUSJB MP PCMJHÓ B DFSSBS MB QMBOUB -P RVFOPEJDFFTRVFEFKÓFNCBSDBEBTBDB TJQFSTPOBTOJRVFDVBOEPFNQF[BSPO MPTQSPCMFNBTMFHBMFTMFUSBTQBTÓMBNJOBB TVDVÒBEP&OSJRVF(VS[B &OUPODFTSFHSFTÓBMB$JVEBEEF.ÊYJ DPZEFDJEJÓDBNCJBSEFHJSP&MJHJÓFMSV CSPEFMBDPOTUSVDDJÓOZTFQSPNPWJÓDP NP DPOUSBUJTUB FO EJTUJOUBT EFMFHBDJPOFT QPMÎUJDBT 1FSPBOUFTEFRVFMBQSPTQFSJEBEMFMMF HBSB FMEFBCSJMEF"IVNBEBCVS MÓEFOVFWBDVFOUBBMB4FDSFUBSÎBEF(P CFSOBDJÓO BM TJNVMBS RVF IBCÎB FOUSBEP DPNPUVSJTUBBMQBÎT ZEFFTBGPSNBPCUV WPMB'PSNB.JHSBUPSJBEF5VSJTUBOÙNFSP  DPOWJHFODJBEFEÎBT 6OQBSEFEÎBTBOUFTEFWFODFSTFFMQFS NJTP FMEFNBZP TPMJDJUÓMBFYUFOTJÓO EFTVFTUBODJBFO.ÊYJDPQPSVOQMB[PEF EÎBT:FMEFNBZPQJEJÓBMB%JSFD DJÓOEF4FSWJDJPT.JHSBUPSJPTVOQFSNJTP QBSB DBTBSTF DPO VOB DJVEBEBOB NFYJDB OB&OFTFUSÃNJUFNBOJGFTUÓRVFFSBTPM UFSP DVBOEPFOSFBMJEBETFJTEÎBTBOUFTIB CÎBSFDJCJEPFMBDUBEFOVMJEBEEFTVQSJNFS NBUSJNPOJP $VNQMJEBTMBTGPSNBMJEBEFTEFMFZ FM EFKVOJPDPOUSBKPNBUSJNPOJPDPO$FDJ MJB(VS[B(PO[ÃMF[ 4FHÙODPOTUBFOFMBDUB FYQF EJEBQPSFMKVF[WJHÊTJNPEFM3FHJTUSP$J WJM EF MB $JVEBE EF .ÊYJDP  "IVNBEB

QSFTFOUÓEPDVNFOUBDJÓORVFMPBDSFEJUB CBDPNPBSHFOUJOP ZDPOFTBNJTNBOB DJPOBMJEBE SFHJTUSÓ B TVT QBESFT %BUPT RVFDPOUSBEJKFSPOBMPTRVFNBOJGFTUÓFO TVQSJNFSNBUSJNPOJP &MEFFOFSPEF MVFHPEFIBCFS CVSMBEP B MBT BVUPSJEBEFT EF 3FMBDJPOFT &YUFSJPSFTBMPCUFOFSUSFTQBTBQPSUFTDPO EPDVNFOUBDJÓOBQÓDSJGB "IVNBEBDPOTJ HVJÓMBOBDJPOBMJEBEZKVSÓSFTQFUBSMBTMF ZFTZBMBTBVUPSJEBEFTNFYJDBOBT "NQBSBEPFOTVOVFWBDPOEJDJÓONJ HSBUPSJB "IVNBEBUSBNJUÓFMEFFOFSP EFVOBOVFWBDBSUJMMBNJMJUBSDPNP NFYJDBOP QPS OBUVSBMJ[BDJÓO -B 4FEF OBBWBMÓFMUSÃNJUFZMFPUPSHÓMBDBSUJ MMB# 4FJTNFTFTEFTQVÊT FOKVMJP SFOPWÓTV QBTBQPSUFZFOÊTUFEFDMBSÓIBCFSOBDJEP FO MB DJVEBE BSHFOUJOB EF $ÓSEPCB  BVO RVFNJOUJÓFOMPTEBUPTEFTVTQSPHFOJUP SFTBMBOPUBSRVFFSBIJKPEFQBESFBSHFOUJ OPZNBESFNFYJDBOB &OPDUVCSFEF MBTBVUPSJEBEFTNJ HSBUPSJBT BCSJFSPO VOB JOWFTUJHBDJÓO QBSB DPOPDFSFMFTUBUVTEFMFNQSFTBSJPZTFUP QBSPODPOPUSBTPSQSFTBFOTVTBSDIJWPTOP FODPOUSBSPOBOUFDFEFOUFTEFMBGPSNBNJ HSBUPSJBDPOMBRVF"IVNBEBBDSF EJUÓ TV SFTJEFODJB MFHBM FO FM QBÎT Z QSP NPWJÓ TV DBSUB EF OBUVSBMJ[BDJÓO 1PS FTF IFDIP MB1(3BCSJÓMBBWFSJHVBDJÓOQSFWJB '&41-& QFSPFMBTVOUPQBTÓBMB SFTFSWB QPSRVF MB 4FDSFUBSÎB EF (PCFSOB DJÓO  FOUPODFT FODBCF[BEB QPS 1BUSPDJOJP (PO[ÃMF[(BSSJEP OPGPSNVMÓDBSHPT /FHPDJPTFOHSBOEF $BSMPT "IVNBEB BàSNB RVF DPNFO [Ó B USBCBKBS QBSB MB EFMFHBDJÓO ¦MWBSP 0CSFHÓOBQSJODJQJPTEFMPTOPWFOUB FOFM TFYFOJPEFRVJFOMVFHPTFSÎBTVDÓNQMJDF FOFMDBTPEFMPTWJEFPFTDÃOEBMPT $BSMPT 4BMJOBTEF(PSUBSJ "IÎDPNFO[ÓTVNFUFÓSJDPFOSJRVFDJ NJFOUP:FOMPTUSFTBÒPTEFMBTJHVJFO UF BENJOJTUSBDJÓO DBQJUBMJOB  MB EF ¶TDBS &TQJOPTB7JMMBSSFBM FMFNQSFTBSJPGBDUVSÓ QPDPNÃTEFNJMMPOFTEFQFTPT $POUSBMPRVFQPESÎBTVQPOFSTF FMGJO EFMQSJJTNPZFMBTDFOTPEFMBJ[RVJFSEBBM QPEFS FO FM %JTUSJUP 'FEFSBM OP JNQMJDB SPOFMGJOEFMPTOFHPDJPTEF"IVNBEBDPO MBTPCSBTQÙCMJDBT4FHÙODVFOUBFMQSPQJP FNQSFTBSJP MBQFSTPOBRVFMPWJODVMÓDPO FM1BSUJEPEFMB3FWPMVDJÓO%FNPDSÃUJDB GVFFMFYUJUVMBSEFMB1SPDVSBEVSÎB(FOF SBMEF+VTUJDJBEFM%'ZEFMB1SPDVSBEV SÎB(FOFSBMEFMB3FQÙCMJDB RVJFOBEFNÃT FSBTVOPUBSJPEFDBCFDFSB*HOBDJP.PSB MFT-FDIVHB &MUJUVMBSEFMB/PUBSÎB1ÙCMJDBEFM %JTUSJUP 'FEFSBM MP QSFTFOUÓ DPO 3BNÓO

4PTBNPOUFT)FSSFSBNPSP RVJFOFTUBCBB QVOUPEFBTVNJSMBTSJFOEBTEFMBEFMFHB DJÓO*[UBQBMBQB MBNÃTHSBOEFZMBEFNB ZPSQSFTVQVFTUPFOMBDBQJUBMEFMQBÎT KVO UPDPOMB(VTUBWP".BEFSPi$PNPFO UPEBT TVT HFTUJPOFT  /BDIP QFSDJCJÓ QPS ÊTUBTVTIPOPSBSJPTDPSSFTQPOEJFOUFTu TV CSBZB"IVNBEB 1PS 4PTBNPOUFT "IVNBEB DPOPDJÓ B 3PTBSJP3PCMFT FOUPODFTKFGBEF(PCJFS OPEFM%JTUSJUP'FEFSBM ZFMMBMFBCSJÓMBT QVFSUBT B PUSPT OFHPDJPT EF DPOTUSVDDJÓO FO EJTUJOUBT EFMFHBDJPOFT QPMÎUJDBT " MB WF[  FM BQPZP GJOBODJFSP EFM FNQSFTBSJP DPOUSJCVZÓBRVFMFQJOUBSBOCJFOMBTDP TBT BM 13% FO MPT DPNJDJPT EFM  EF KV MJPEF $VBOEPMPTEFMFHBEPTFMFDUPTDPNFO [BSPOBBSNBSTVTFRVJQPT "IVNBEB ZB EVFÒPEFMEJBSJP&M*OEFQFOEJFOUF DPNFO [ÓBDPCSBSMFTTVTGBWPSFTZMBO[ÓTVTSFEFT FOBRVFMMPTTJUJPTFOMPTRVFQSFTVNÎBRVF QPESÎBBNQMJBSTVTOFHPDJPTPBGJODBSOVF WBTTVDVSTBMFT &M NPEVT PQFSBOEJ EF "IVNBEB DPOTJTUÎB FO SFDPNFOEBS B JODPOEJDJP OBMFTTVZPTFOMBTÃSFBTEF"ENJOJTUSB DJÓOZ'JOBO[BT DPOFMGJOEFBNBSSBS MJDJUBDJPOFT EF PCSBT QÙCMJDBT Z UFOFS BTFHVSBEPFMQBHPSÃQJEPEFMPTUSBCB KPTSFBMJ[BEPT "MBQBSEFTVTOFHPDJPTFOMBTEFMF HBDJPOFT QPMÎUJDBT  "IVNBEB UFKJÓ PUSBT SFEFT DPO GVODJPOBSJPT Z FYGVODJPOBSJPT QÙCMJDPT JODMVJEPFMFYQSFTJEFOUF$BSMPT 4BMJOBTEF(PSUBSJ DPORVJFOGSBHVBSÎBFM HPMQFNFEJÃUJDPDPOUSBFMFOUPODFTKFGFEF (PCJFSOPEFM%' "OESÊT.BOVFM-ÓQF[ 0CSBEPS FODPNQMJDJEBEDPOFMFOUPODFT MFHJTMBEPS QBOJTUB %JFHP 'FSOÃOEF[ EF $FWBMMPT &OTVMJCSP "IVNBEBTFBSSFQJFOUFEF IBCFSNF[DMBEPMPTOFHPDJPTDPOMBQPMÎUJ DBi'VFVOBDPNCJOBDJÓOFYQMPTJWBu EJ DF QBSBBMHVJFOUBOJOPDFOUFDPNPÊM i.F[DMÊNVDIBTDVFTUJPOFTZMBTMMF WÊBMFYUSFNP1PSFKFNQMP NJJEFBMJTNP $PNP MP IBCÎB WJWJEP EFTEF DIJDP  DP NP TJNQBUJ[BCB DPO MPT QSPZFDUPT EF J[ RVJFSEB NFEFTMVNCSÊDPOQBSUJDJQBSFOFM 13%  DPO HFOUF DPNP 3BNÓO 4PTBNPO UFTZ3PTBSJP3PCMFT FORVJFOFTDSFÎDJF HBNFOUFZRVFIPZTJHPQFOTBOEPFTUBCBO DPNQSPNFUJEPTDPOTVQSPZFDUP i1PTUFSJPSNFOUF  NF DBVUJWÓ -Ã[BSP $ÃSEFOBT #BUFM

 B RVJFO DPOTJEFSP VOB CVFOB QFSTPOB &OSFEÊ UPEP FTUP DPO NJ BDUJWJEBEQSJODJQBMRVFFSBMBEFFNQSFTB SJPNFNFUÎ DPNPTFEJDF FOUSFMBTQB UBTEFMPTDBCBMMPT FOVODPOGMJDUPEFQF TPTQFTBEPT DPNPGVFMBQVHOBEF"OESÊT .BOVFMDPOMPT$ÃSEFOBT%FTQVÊTTFTV NBSPOBFTUP4BMJOBT %JFHP'FSOÃOEF[ MB FMFDDJÓOEFu EFNBZPEF

#FOKBNÎO'MPSFT

1BSBFM

DJOJTNP QBOJTUB

FMWJDUJNJTNP

EFM13* «MWBSP%FMHBEP

'

SFOUFBMBDSJTJTEFTFHVSJEBEQÙ CMJDB USBEVDJEBFODPUJEJBOBTNB UBO[BT  Z MB FDPOÓNJDB  ZB PGJ DJBMNFOUFFOVOBSFDFTJÓOJOÊEJUB EFTEFmRVFMJRVJEBMBTQSP NFTBT EF FTUBCJMJEBE Z FNQMFP EF 'FMJQF $BMEFSÓOm  MB BQVFTUB EFM 1BS UJEP"DDJÓO/BDJPOBM 1"/ BOUFMBTFMFD DJPOFTFSBVOBFTUSBUFHJBQSPQBHBOEÎTUJDB EVBM $BNQBÒB OFHBUJWB DPOUSB MB PQPTJ DJÓOmQBSUJDVMBSNFOUFMBQSJJTUBmZWJODV MBDJÓODPOMPTQSPHSBNBTTPDJBMFTEFMHP CJFSOPGFEFSBM 1FSP MB SFQFOUJOB FQJEFNJB EF MB JO GMVFO[B RVFBDSFEJUÓPUSBDSJTJTmMBTBOJUB SJBZEFJOFQUJUVEPGJDJBMm ZTPCSFUPEPFM GBMMPEFM5SJCVOBM&MFDUPSBMEFM1PEFS+VEJ DJBMEFMB'FEFSBDJÓO 5&1+' RVFEFDMBSÓ QSPTDSJUBTMBTDBNQBÒBTEFOPNJOBEBTOF HSBT OFHBUJWBTPEFDPOUSBTUF EFKÓDPKBMB FTUSBUFHJBEFMQBSUJEPEFMHPCJFSOP FOTV PCKFUJWPEFSFNPOUBSFMWBUJDJOJPEFEFCB DMFFOMBTFMFDDJPOFTEFMEFKVMJP -BTFOUFODJBEFM5&1+'OPTÓMPSBUJGJDÓ MBTBODJÓORVFFM*OTUJUVUP'FEFSBM&MFDUPSBM *'& BQMJDÓBM1"/QPSEFOJHSBSBM1BSUJEP 3FWPMVDJPOBSJP*OTUJUVDJPOBM 13* DPOTV DBNQBÒBEFOPNJOBEBiTPQBEFMFUSBTu NF EJBOUFMBDVBMMPBTPDJÓBMOBSDPUSÃGJDP MB DPSSVQDJÓOZFMDSJNFO TJOPRVFPSEFOÓBV NFOUBSMFMBNVMUBQPSJODVSSJSFOBDUPTBOUJ DJQBEPTEFDBNQBÒB i"IPSBSFTVMUBRVF"DDJÓO/BDJPOBMOP WBBQPEFSEFDJSRVJÊOFTTPOMPTDBOEJEB UPTEFM13* EFEÓOEFWJFOFO DVÃOUBTWFDFT



EFNBZPEF

-BFQJEFNJBEFJOGMVFO[B QFSPEFNBOFSBQBSUJDVMBS FMGBMMPEFM5SJCVOBM&MFDUPSBMRVFQSPTDSJCJØMBTDBN QB×BTOFHSBTQBSUJEJTUBTZSBUJGJDØMBNVMUBEFM*'& BM1"/QPSTVQSPQBHBOEBEFOJHSBUPSJBDPOUSBFM13*  USBTUPSOBSPOMBFTUSBUFHJBEFHVFSSBTVDJBEFMQBSUJEP FOFMHPCJFSOP BEPQUBEBBOUFFMUFNPSEFVOBEFCB DMFFOMBTFMFDDJPOFTEFMQSØYJNPEFKVMJP.JFOUSBT FM3FWPMVDJPOBSJP*OTUJUVDJPOBMTFSFHPEFBFOTVWJDUJ NJTNP "DDJØO/BDJPOBMSFDVSSFBTVWJFKBFTUSBUBHFNB MBEPCMFNPSBM IBOTJEPMFHJTMBEPSFTZBRVJFOFTBQMBVEÎBO IBDFBÒPT IBDFBÒPT IBDFBÒPT y1PS RVÊ  1PSRVF FTP JNQMJDBSÎB EFNFSJ UBSMBJNBHFOEFVOQBSUJEPQPMÎUJDP4JFT UPOPFTDBODFMBSMBMJCFSUBEEFFYQSFTJÓO  FOUPODFTZPOPFOUJFOEPOBEBu KV[HB3P CFSUP(JM;VBSUI SFQSFTFOUBOUFEFM1"/BO UFFM*'& :FTRVFFM1"/GJODÓQBSUFEFTVFT USBUFHJBIBDJBMBTFMFDDJPOFTFOTVTBUBRVFT BM13* RVFFWJEFODJÓDVBOEPQJEJÓBM*'& BQMB[BSFMJOJDJPEFMBDBNQBÒBFMFDUPSBM  RVFQPSMFZBSSBODÓFMEFNBZP QFSPBM OPUFOFSÊYJUP FOUSFPUSBTSB[POFTQPSRVF FMQSPQJPHPCJFSOPEF$BMEFSÓOOPEJPFMF

NFOUPTQBSBNPEJGJDBSFMDBMFOEBSJPFMFD UPSBM VTÓPUSBBSHVDJB4PMJDJUÓ QPSTFOTJ CJMJEBEBOUFMBFNFSHFODJB OPEJGVOEJSTVT QSPNPDJPOBMFT -BSB[ÓOFSBRVF FOFMDPOUFYUPEFMB FQJEFNJB DVBOEPMBQPCMBDJÓOFTUBCBBUFO UBBMBFNFSHFODJBTBOJUBSJB FM1"/HSBCÓ TQPUTQBSBMBUFMFWJTJÓOFOMPTRVFMBNFEB MMJTUBPMÎNQJDB*SJEJB4BMB[BSZFMMVDIBEPS .ÎTUJDPFOTBM[BCBOFMDPNCBUFEFMHPCJFSOP GFEFSBMBMOBSDPUSÃGJDP RVFSFTVMUBCBODPO USBQSPEVDFOUFT TJCJFOOPBMVEÎBOBM13* i&TFFTFMBSHVNFOUPRVFOVODBMFEJ NPT BM 13*u  SFGJFSF (JM  RVJFO UBNQPDP BENJUF RVF  FO MPT QSPNPDJPOBMFT EF SB

10-¶5*$" $ISJTUJBO(BNB1SPDFTPGPUP

.BSUÓOF[ 1BSFEFT$POGSPOUBDJØO

EJP  IBCÎB BMVTJPOFT B MPT QSJJTUBT  DPNP VOPTPCSFEJOPTBVSJPTZRVF QPSFMMP FSBO QSPQFOTPTBTBODJPOFTEFM*'&i&TBTTPO JOUFSQSFUBDJPOFTu 1FSP FOFGFDUP FOFMQSPNPDJPOBMRVF FM 1"/ ZB OP RVJTP EJGVOEJS TF FTDVDIBO SVJEPTEFBWFTZHSVÒJEPTEFBOJNBMFT&O TFHVJEB VOBWP[FOPGGEJDFi%VSBOUFBÒPT MPTEJOPTBVSJPTHPCFSOBSPOFTUBUJFSSB*O UFOUBOSFHSFTBS/PMPTEFKFTu &M TFHVOEP TQPU EF SBEJP  EFM RVF FM 1"/TFBSSFQJOUJÓ iy5FIBTQVFTUPBQFOTBSQPSRVÊBMHV OPTQBSUJEPTUFUJFOFORVFEFDJSRVFTPOOVF WPT SFGPSNBEPT RVFUJFOFOVOOVFWPFTQÎ SJUV &TQPSRVFUJFOFONVDIBDPMBRVFMFT QJTFO QPSRVFMFTVSHFRVFUFPMWJEFTEFTV QBTBEP EFMPRVFIBOWFOJEPIBDJFOEPTJFN QSF-FTVSHFRVFQJFOTFTRVFTVTIFSFODJBT OPDVFOUBOZRVFBIPSBTÎ EFWFSEBE WBOB DBNCJBSy-FTWBTBDSFFS 7PUBQPSMPTRVF IBCMBODPOBDDJPOFT OPQSPNFTBTu -BNPSBMEFMBEFSFDIB "M SFTQFDUP  4FCBTUJÃO -FSEP EF 5FKBEB  SFQSFTFOUBOUFEFM13*BOUFFM$POTFKP(F OFSBMEFM*'& BGJSNBRVFMBFTUSBUFHJBEFM 1"/FTUÃNVZDMBSBi-BIBTVTUFOUBEPFO EPT DPTBT 1FHBSMF BM 13* Z DPMHBSTF EFM HPCJFSOPu &OFMQSJNFSDBTP EJDF MBTFOUFODJBEF MPT NBHJTUSBEPT EFM 5SJCVOBM &MFDUPSBM FT BMFOUBEPSBi&TVOBCVFOBOPUJDJB OPQB SBFM13*OBEBNÃT TJOPQBSBUPEPFMQSPDF

TP0KBMÃTJSWBEFMMBNBEBEFBUFODJÓOQB SBSFFODBV[BSFMQSPDFTPFMFDUPSBMZRVFMF FOUSFNPTBVOEFCBUF TÎEVSP EFTJOIJCJEP  QFSPRVFUFOHBRVFWFSDPOMPTNPEFMPTEF QBÎTRVFFTUBNPTQMBOUFBOEPDBEBRVJFOu "EFNÃT EF JMFHBMFT  MB EFOJHSBDJÓO Z MPTJOTVMUPTEFM1"/TPOJOBDFQUBCMFT JO TJTUF-FSEPEF5FKBEB GVUVSPEJQVUBEPGF EFSBM EFM 13*  JHVBM RVF (JM  EFM 1"/  B DVZPQBSUJEPBUSJCVZFVODPNQPSUBNJFOUP EFEPCMFNPSBM i&TNVDIPFMDPSUFDMÃTJDPEFMBEFSF DIB OPTPMBNFOUFFO.ÊYJDP1PSVOMBEP  BUBDBS EFOJHSBS JOTVMUBS EJGBNBSZ QPSPUSP MBEP IBDFSTFMPTCVFOPTEFMBQFMÎDVMBu m"VORVFUBNCJÊOFM1"/TFRVFKBEF RVFFM13*FTUÃSFDVSSJFOEPBMJOTVMUP m/PTPUSPT OP MPT IFNPT BDVTBEP EF OJOHVOBBDUJUVERVFFTUÊWJODVMBEBDPOEF MJUPT&TNVZEJTUJOUPRVFUFEJHBOOBSDPP MBESÓOBRVFMFTEJHBTRVFFTVOBFTUSBUFHJB IJQÓDSJUB:TJOPFTVOBFTUSBUFHJBIJQÓDSJ UBNFSFNJUPBMPTIFDIPT 1POF FM FKFNQMP iBCTPMVUBNFOUF DMB SPuEFMBiTPQBEFMFUSBTuRVFBTPDJBCBBM 13* DPO DPOEVDUBT IBTUB EFMJODVFODJBMFT QPSMBTRVFFM$POTFKP(FOFSBM DPOFMWP UPFODPOUSBEFMPTDPOTFKFSPT"SUVSP4ÃO DIF[ (VUJÊSSF[ Z #FOJUP /BDJG  NVMUÓ BM 1"/DPONJMQFTPTQPSEFOJHSBSZDB MVNOJBSBFTFQBSUJEP $PNPFM1"/TFJODPOGPSNÓQPSDPOTJ EFSBSMPVOBUBRVFBMBMJCFSUBEEFFYQSFTJÓO Z FM13*QPSRVFOPTFBDFQUÓRVFUBMFTUSBUFHJB FSBUBNCJÊOVOBDUPBOUJDJQBEPEFDBNQBÒB 

BNCPTQBSUJEPTSFDVSSJFSPOBM5&1+' RVFFM NJÊSDPMFTFNJUJÓVOGBMMPFOFMRVFSBUJGJDÓ MBJMFHBMJEBEEFMBiTPQBEFMFUSBTu QFSPUBN CJÊOBDSFEJUÓRVFFSBVOBDUPBOUJDJQBEPEF DBNQBÒBRVFPSEFOÓBM*'&TBODJPOBS i&MDPOUFOJEPEFMBATPQBEFMFUSBTQV CMJDBEPFONFEJPTEFDJSDVMBDJÓOOBDJPOBM FTJMFHBM QPSRVFMBTQBMBCSBTDPOTUJUVZFOVO TJHOJGJDBEP RVF UJFOEF B EFOJHSBS BM 13*u  TPTUVWP FO TV GBMMP BQSPCBEP EF NBOFSB VOÃOJNFQPSMPTNBHJTUSBEPTEFMB4BMB4V QFSJPSEFM5&1+' RVFSFDPSEÓRVFMB$POT UJUVDJÓOQSPIÎCFRVFMPTQBSUJEPTEFOJHSFOB MBTJOTUJUVDJPOFT BPUSPTJOTUJUVUPTQPMÎUJDPT PRVFDBMVNOJFOBMBTQFSTPOBT BTÎTFBDP NPVOBPQJOJÓOPDPOJOGPSNBDJÓO -PT NBHJTUSBEPT DPOTJEFSBSPO RVF MB iTPQBEFMFUSBTumRVFBUSJCVZÓBM13*DB SBDUFSÎTUJDBT EF QPCSF[B  DFOTVSB  EFV EB BUSBTP SPCP JNQVOJEBE DPNQMJDJEBE  USBOTB DPSSVQDJÓO OBSDP SFQSFTJÓO BCV TPZDSJNFOmUVWPFMQSPQÓTJUPEFEFTBMFO UBSBMPTDJVEBEBOPTBWPUBSQPSFM13*Z BM DPOUSBSJP JODJUBSBIBDFSMPQPSFM1"/ i%FCJEPBRVFUJFOFQPSPCKFUPJOGMVJS FOMBTQSFGFSFODJBTFMFDUPSBMFTEFMPTDJVEB EBOPTBGBWPSEFVOQBSUJEPZFODPOUSBEF PUSP ZGVFFNJUJEBGVFSBEFMQMB[PQFSNJUJ EPQPSMBMFZ FTFWJEFOUFRVFTFUSBUB QPSTÎ NJTNB EFVOBDUPBOUJDJQBEPEFDBNQBÒBu  EJDFFMEJDUBNFO QPSMPRVFTFPSEFOÓBM *'&NVMUBSMPUBNCJÊOQPSFTUFEFMJUP i4PQBEFMFUSBTwQSJJTUB &OMBTFTJÓOEFMWJFSOFT /BDJGZ4ÃODIF[ (VUJÊSSF[DPOTJEFSBSPOiQFMJHSPTBuMBTFO UFODJBEFM5&1+' QPSRVFFTUBCMFDFRVF USB UÃOEPTFEFQSPQBHBOEBQPMÎUJDBPFMFDUPSBM EFMPTQBSUJEPTQPMÎUJDPT FYJTUFVOÊOGBTJTB MBSFTUSJDDJÓODPOTUJUVDJPOBMBMBMJCFSUBEEF FYQSFTJÓO ZQPSRVFTFQVFEFEFOJHSBSBBM HVJFOEJDJFOEPMBWFSEBEZFTPFTNPUJWP EFVOBGBMUB "MSFTQFDUP FMQBOJTUB(JMDSJUJDÓMBTFO UFODJB QPSRVFJNQMJDBRVFMPTDJVEBEBOPT TFDPOWJFSUFOFONFOPSFTEFFEBERVFSF RVJFSFOEFVOBUVUFMB EFVOBBVUPSJEBERVF MFTUBQFMPTPÎEPTZMFTEJHBRVÊQVFEFOFT DVDIBSZRVÊOPQVFEFOFTDVDIBSi-BEJGF SFODJBFOUSFVOBEFNPDSBDJBMJCFSBM VOBEF NPDSBDJBRVFBQSFDJFMBTMJCFSUBEFT GSFOUFB VOBEFNPDSBDJBEFNBHÓHJDB FTKVTUBNFOUF DÓNPTFFOUJFOEFBMDJVEBEBOPu -BSFTQVFTUBEFMQSJJTUB-FSEPEF5FKBEB GVFNPSEB[i-BNFOUBCMFNFOUFMBEFSFDIB BDVEFTJFNQSFBVOBEPCMFNPSBMTFIBDFO MBTWÎDUJNBTDVBOEPFOSFBMJEBEFTDPOEFOZ EFGJFOEFOMPTJOUFSFTFTNÃTBWJFTPTu 3FNFNPSÓi.JSFO MBEFSFDIBEFMTJ HMP9*9USBKPBVOFYUSBOKFSPBHPCFSOBS MBOBDJÓO MBEFSFDIBEFMTJHMP99TFPQV TPBMPTJEFBMFTEFMBSFWPMVDJÓOZUSBUÓEF PCTUBDVMJ[BSTVTMPHSPTMBEFSFDIBEFMTJ HMP99*OPBUJOBBDÓNPHPCFSOBSFMQBÎT ZMPMMFWBTJOSVNCP FOVOFTDFOBSJPJOUFS OBDJPOBM DPNQMFKP -B EFSFDIB TF IB DB EFNBZPEF

10-¶5*$" SBDUFSJ[BEPQPSIBDFSEFMBQSPQBHBOEBTV ÙOJDBPGFSUB RVFJODMVTPMFIBDFDPOGVO EJSMBSFBMJEBEDPOMBGBOUBTÎB DPNPGVFFM QBSBEJHNÃUJDPDBTPEFMHPCJFSOPEFMQSF TJEFOUF'PYu : BÒBEJÓ i(PCJFSOBO DPO FODVFTUBT  OPDPOQSPHSBNBTBÊTUPTMPTEFTJOUFHSBO QBSBDPOWFSUJSMPTFOBSJFUFTEFTVPGFSUBQP MÎUJDB)BDFDBTJVOBEÊDBEBQSPNFUJFSPOVO DSFDJNJFOUPEFFOUSFTBÒPT FNQMFPT BM QPS NBZPS )PZ MB FDPOPNÎB OP DSFDF  NJMMPOFTCVTDBOFNQMFPTRVFOPTFDSFBO QSPNFUFO QFSP OP DVNQMFO &TUBNPT ZB PGJDJBMNFOUFFOSFDFTJÓO VOBmQPSDJFSUPm EFMBTNÃTQSPGVOEBTEFMBIJTUPSJBSFDJFO UFEFMQBÎT"MGJOBMEFFTUFBÒP MBQSPQVFT UBEFMBEFSFDIBZEFM1"/TFSÃ TJOEVEB P NÃTJNQVFTUPTPNÃTEFVEBu &M NJTNP WJFSOFT   FM 1"/ EJP SFT QVFTUBBM13*1SFTFOUÓIPZVOBRVFKBDPO USBVOTDSBCCMFQSJJTUBRVFJEFOUJGJDBBMPT QBOJTUBTDPOFMiEFTFNQMFPuZMBJOGMBDJÓOu  VOBQBSPEJBEFMBiTPQBEFMFUSBTuRVFTF QVCMJDÓ FMWJFSOFTEFBCSJM FOFMQFSJÓEJ DP"MGB EFM&TUBEPEF.ÊYJDP -B JOTFSDJÓO  RVF MMFWB FM FNCMFNB EFM13* TJNVMBVOKVFHPEFNFTBDPOPDJ EPDPNPTDSBCCMF FODVZPUBCMFSPFTQPTJ CMFJEFOUJGJDBSDVBUSPQBMBCSBT BNBOFSBEF GJDIBT i%FTFNQMFPu  iJOGMBDJÓOu  i1"/u ZiEFWBMVBDJÓOu ZSVCSJDBDPOEPTGSBTFT iy7BTBQFSNJUJSRVFFM1"/TJHBKVHBOEP DPOFMQBÎT /0405304/0u -B RVFKB JODMVZF  UBNCJÊO  TBODJPOBS MPTEFTQMFHBEPTRVFMBCBODBEBEFM13*FO FM4FOBEPQVCMJDÓFOMBTSFWJTUBT1SPDFTP Z.JMFOJP FOMPTRVFBGJSNBRVFFTFQBSUJ EPiDVNQMFu ZBEFNÃTMBQVCMJDBDJÓO FO MBSFWJTUB/FYPT EFVOEJTDVSTPEF#FBUSJ[



EFNBZPEF

1BSFEFT QSFTJEFOUBOBDJPOBMQSJJTUB FOFM RVFBUBDBBMPTQBOJTUBT (JMBGJSNBRVFFM*'&EFCFQSPDFEFSB TBODJPOBSBM13* QPSRVF QPSFKFNQMP 1B SFEFT RVFBEFNÃTFTDBOEJEBUBBEJQVUB EB BUBDÓBM1"/TPCSFTVTVQVFTUBBMJBO [B DPO MPT FNQSFTBSJPT i5PEB MB BSFOHB OBDJPOBMJTUBRVFBDPTUVNCSBMBFDIFWFSSJT UB#FBUSJ[1BSFEFT5PEPFTUPEFOJHSBZMF RVJUBMVTUSFBNJQBSUJEPu i&TNVZTFODJMMPFM13*GVFBCVTDBS BMUSJCVOBMVODSJUFSJPSFTUSJDUJWPEFMBTDP TBT)BZRVFFTQFSBSBWFSRVÊEJDFFM13* TPCSF MB QSPQBHBOEB RVF FMMPT NJTNPT FNJUFO&TQFSPRVFFM*'&ZFMUSJCVOBMEJ HBOMPNJTNPu &MNJTNPWJFSOFT FM1"/EJGVOEJÓFO TVQÃHJOBFOJOUFSOFUVOWJEFPEFDBTJEPT NJOVUPTFOFMRVFVTBMPTEJÃMPHPTEFMHP CFSOBEPSEF1VFCMB .BSJP.BSÎO DPOFM FNQSFTBSJPUFYUJMFSP,BNFM/BDJGZEFÊT UFDPO&NJMJP(BNCPB DPPSEJOBEPSEFMPT EJQVUBEPTQSJJTUBT QBSBQBSPEJBSBMRVFMPT QSJJTUBTUJFOFOBMBJSF my/PFTVOBQSPWPDBDJÓOEFM1"/ my/PQPEFNPTDPNFOUBSMPTTQPUTRVF VO QBSUJEP EJGVOEF FO UJFNQPT PGJDJBMFT  &M13*FTUÃEJDJFOEPFOTVTQPUi$VBOEP OPTJOTVMUBODPOUFTUBNPTDPOQSPQVFTUBTu y5BNQPDPMFTQPEFNPTDPOUFTUBS y&OUPO DFTUBNQPDPFTPCKFUPEFEFCBUFQÙCMJDPMB QSPQBHBOEB RVF MPT QBSUJEPT EJGVOEBO FO TVTUJFNQPTEFSBEJPZUFMFWJTJÓO 2VJFSFO VOBEFNPDSBDJBEFTPSEPTZEFNVEPT

TVTTQPUTDPOMPTEFMHPCJFSOPGFEFSBM QBS UJDVMBSNFOUFMPTSFGFSJEPTBMDPNCBUFBMBT ESPHBTZBMBBUFODJÓOFOTBMVE RVFJODMVTJ WFTFUSBOTNJUJFSPOEVSBOUFMBFNFSHFODJBZ HSBDJBTBMPTUJFNQPTEFM&TUBEPRVFFM*'& BENJOJTUSBFOUJFNQPTEFDBNQBÒB 4VQVFTUBNFOUF QPSMBFNFSHFODJBTB OJUBSJB  FM HPCJFSOP EF $BMEFSÓO EJTQPO ESÎBEFMPTFTQBDJPTRVFMFDFEJÓFM*'&FO SBEJPZUFMFWJTJÓOQBSBQSPNPWFSJOGPSNB DJÓO TPCSF MB JOGMVFO[B  QFSP UBNCJÊO TF EJGVOEJFSPOTPCSFUBCBRVJTNP QSFWFODJÓO EFBDDJEFOUFTQPSIBCMBSQPSUFMÊGPOPDF MVMBSZMBDPOTUSVDDJÓOZSFNPEFMBDJÓOEF DMÎOJDBTZIPTQJUBMFT &OVOPEFFMMPT VOBNVKFSEJDFi/VO DB NF JNBHJOÊ RVF NJ IJKB DPOTVNJFSB ESPHBT:FMEÎBRVFNFFOUFSÊNFRVFSÎB NPSJSu 6OBWP[NBTDVMJOBFOPGG EJDFi5SBCB KBNPTQBSBRVFMBESPHBOPMMFHVFBUVTIJ KPT"DÊSDBUFBMPTDFOUSPTOVFWBWJEB BRVÎ UFEBNPTFMBQPZPZMBPSJFOUBDJÓORVFOF DFTJUBT"DVEF B UV $FOUSP /VFWB7JEB P %*'NÃTDFSDBOPu &OPUSPQSPNPDJPOBM VOBNVKFSEJDF i6OEÎB-VQJUBTFNFQVTPNVZNBM:P DSFÎRVFTFNFNPSÎB QFSPMBMMFWÊBMOVF WPIPTQJUBMZNFMBTBMWBSPOu 6OBWP[NBTDVMJOBJOGPSNBi)FNPT DPOTUSVJEPDMÎOJDBTZIPTQJUBMFTOVF WPT  Z BVNFOUBEP MB DPCFSUVSB EFM TFHV SPQPQVMBSQBSBRVFUÙZUVGBNJMJBDVFO UFODPOMBBUFODJÓONÊEJDBTFHVSBTJFNQSF RVFMPOFDFTJUFOu "SSJNBEPTBMHPCJFSOP &M UFSDFS TQPU RVF FM QSPQJP 1"/ IJ [PRVFZBOPGVFTFEJGVOEJEPDPOTJTUFFO $PNPQBSUFEFTVFTUSBUFHJBQSPQBHBOEÎTUJ VOKVFHPEFWPDFT EFTQVÊTEFRVFVOBWP[ DB FM1"/UBNCJÊOBTPDJÓUFNÃUJDBNFOUF BEWJFSUFRVF iDVBOEPWPUBT FMJHFTNVDIP NÃTRVFVOQBSUJEPu i:PWPZBWPUBSQPSRVFMBESPHBOPMFT MMFHVFBNJTIJKPTu EJDFVOBNVKFSi:PTÎ WPZBWPUBSQPSMPTRVFTÎWBOEFGSFOUFDPO USB FM DSJNFOu  BÒBEF PUSB i:P WPZ B WP UBS QPS NBOUFOFS MB FTUBCJMJEBEu  FYQSFTB VOIPNCSFKPWFOi:PWPZBWPUBSQPSBD DJPOFT OPQSPNFTBTu FYDMBNBPUSBNVKFS i:PWPZBWPUBSQPSNJTFHVSJEBEZMBEF MPTNÎPTu BÒBEFVOIPNCSFEFWP[NBEVSB i:PWPZBWPUBSQPSFMGVUVSPEFNJTOJÒPTu  SFQMJDB PUSB NVKFS i1BSB BQPZBS BM QSFTJ EFOUF ZPWPZBWPUBSQPSFM1"/u "M SFTQFDUP  -FSEP EF 5FKBEB TPTUJF OFRVFMBWJODVMBDJÓOEFMBTFTUSBUFHJBTEF QSPQBHBOEB EFM 1"/ Z EFM HPCJFSOP TPO DMBSBTZQPSFMMPSFJUFSBRVF$BMEFSÓOiTB RVFMBTNBOPTuEFMQSPDFTPFMFDUPSBMZRVF DFTFO EFTQVÊTEFMGBMMPEFM5&1+' MPTJO TVMUPTEFM1"/ i$BFSFOEFOJHSBDJPOFT JOTVMUPTZQSP QBHBOEBOFHSB DPNPIBOQMBOUFBEPBMHV OPTQVCMJDJTUBTRVFFM1"/IBDPOUSBUBEP ZMFTIBIFDIPDBTP FTVOFSSPS1SJNFSP  QPSRVFZBOPFTOPWFEPTPTFHVOEP QPS RVFFTJMFHBM ZUFSDFSP QPSRVFMBHFOUFFT UÃIBSUBEFMBTBHSFTJPOFTEFFTFUJQPFOUSF -BiTPQBEFMFUSBTw.VMUBBM1"/ QBSUJEPTZDBOEJEBUPTuL

#FOKBNÓO'MPSFT

%VSBOUFMBDPOUJOHFODJB 

MFZFT +FTVTB$FSWBOUFT

TVCSFQUJDJBT

-PTDPPSEJOBEPSFTQBSMBNFOUBSJPTBQSPWFDIBSPOMB DPOUJOHFODJBTBOJUBSJBQBSBBQSPCBS TJOEJTDVTJØO BMHVOB VOBTFSJFEFSFGPSNBTTPCSFTFHVSJEBE OBS DPUSÈGJDPZFDPOPNÓB&OFM1"/ BMHVOPTEJQVUBEPT TFSFCFMBSPODPOUSBTVDPPSEJOBEPS )ÏDUPS-BSJPT  RVJFOUVWPRVFMMBNBSBGVODJPOBSJPTGFEFSBMFTQBSB RVFQFSTVBEJFSBOBTVTSFQSFTFOUBEPTEFMBDPOWF OJFODJBEFBQSPCBSZBMBTJOJDJBUJWBT:MBQSPQVFTUB EFMPTMFHJTMBEPSFTEFFTFQBSUJEP BTÓDPNPEFM13* ZEFM13% QBSBSFBMJ[BSVOQFSÓPEPFYUSBPSEJOBSJP EFTFTJPOFTOVODBGVFDPOTJEFSBEB-PTBNBSSFTZB FTUBCBOIFDIPT

-

B FNFSHFODJB TBOJUBSJB RVF QPS iEFDSFUP QSFTJEFODJBMu WJWJÓ FM QBÎTFOUSFFMEFBCSJMZFMNJÊS DPMFTEFNBZPGVFVUJMJ[BEBQPS FM HPCJFSOP Z MPT DPPSEJOBEPSFT QBSMBNFOUBSJPTEF1"/Z13*QB SBMBBDFMFSBSMBBQSPCBDJÓOEFQPMÊNJDBT SFGPSNBTTPCSFTFHVSJEBEZFDPOPNÎB -PTMÎEFSFTEFMBTEJTUJOUBTGSBDDJPOFT

QSPNPWJFSPO TJOEJTDVUJSMBTDBTJ MBTJOJ DJBUJWBTEFMFZTPCSFOBSDPNFOVEFP FMVTP EFMBGVFS[BQÙCMJDBEFMBTEJWFSTBTDPSQP SBDJPOFTQPMJDJBDBTZFMQBRVFUFSFMBUJWPB MBTMFZFTEF0CSBT1ÙCMJDBTZEF"ERVJTJ DJPOFT FOUSFPUSBT " QFTBS EF RVF EJQVUBEPT EF MBT USFT QSJODJQBMFT GSBDDJPOFT QSPQVTJFSPO FO TVT QMFOBSJBT VO QFSÎPEP FYUSBPSEJOBSJP QBSB

EFCBUJSDPOEFUBMMFMBTJOJDJBUJWBT TVDPOTJ EFSBDJÓOGVFSFDIB[BEB&M13% QPSFKFN QMP BDFQUÓDPOUJOVBSDPOMPTUSBCBKPTMFHJT MBUJWPTEVSBOUFMBÙMUJNBTFNBOBEFBCSJMB DBNCJPEFRVFTFiCBKBSBOuEFMPTQBRVFUFT EFEJDUÃNFOFTMBTSFGPSNBTBM*OGPOBWJUZMB SFMBDJPOBEBDPOMBWFOUBEFIJESPDBSCVSPT &M13*QSFGJSJÓOPDPNQSPNFUFSTFDPO VO QFSÎPEP FYUSBPSEJOBSJP QBSB FWJUBS MB EJTDVTJÓOEFDVBUSPSFGPSNBTTPCSFKVTUJ DJBNJMJUBS USÃGJDPEFBSNBTZEFMJODVFODJB PSHBOJ[BEBRVFFM&KFDVUJWPGFEFSBMFOWJÓ BM$POHSFTPFMEFBCSJM-PTMFHJTMBEP SFTQSJJTUBTBTFHVSBSPORVFMBTJOJDJBUJWBT DPODVMDBCBOMBTHBSBOUÎBTJOEJWJEVBMFTEF CJEPBMiEFDSFUPQSFTJEFODJBMu $POTVMUBEPT QPS FTUB SFQPSUFSB  EJQV UBEPTEFMPTUSFTQBSUJEPTFYQPOFOMPTNP UJWPTRVF DPOTJEFSBO MMFWBSPOBTVTDPPS EJOBEPSFTBSFBMJ[BSMBTTFTJPOFTPSEJOBSJBT EFMZEFBCSJM -PTQSJJTUBT+PTÊ.VSBUZ"MGSFEP3ÎPT $BNBSFOBBTFHVSBORVFFMEFBCSJMQPS MB NBÒBOB QSPQVTJFSPO B TV DPPSEJOBEPS  &NJMJP (BNCPB 1BUSÓO  FO MB TFTJÓO QSF WJBBMBSFVOJÓOFOFMQMFOPEFMB$ÃNBSB EF%JQVUBEPT RVFDPOWPDBSBBVOQFSÎPEP FYUSBPSEJOBSJP QBSB RVF iVOB WF[ RVF QB TBSBMBFNFSHFODJBOBDJPOBMuQSPTJHVJFSBO MPTUSBCBKPTMFHJTMBUJWPTZTFEJTDVUJFSBOMPT EJDUÃNFOFTEFSFGPSNBQFOEJFOUFTJODMVTP  EJDFO DPNFOUBSPORVFTVQFSÎPEPDPNPMF EFNBZPEF



EFNBZPEF

0DUBWJP(ÓNF[

HJTMBEPSFTDPODMVZFMFHBMNFOUFFMQSÓYJNP EFBHPTUP 6OPEFMPTMFHJTMBEPSFTQSJJTUBTRVFQBS UJDJQBSPOFOMBSFVOJÓOZRVFQJEFPNJUJSTV OPNCSFTPTUJFOFRVFFMQSPQÓTJUPEFTVQBS UJEPEFDPOUJOVBSDPOMPTUSBCBKPTiJCBVOJ EPBMUFNBFMFDUPSBMu 4FHÙOÊM BQFTBSEFRVFNVDIPTEFTVT DPNQBÒFSPTRVFSÎBOVOQFSÎPEPFYUSBPSEJ OBSJP MBTJUVBDJÓOTFMFDPNQMJDBCBBMQBS UJEPEFCJEPBRVF BGJSNB i'FMJQF$BMEFSÓO IBCÎBFOWJBEPEFÙMUJNBIPSBBM$POHSFTP DVBUSPJOJDJBUJWBTRVFTFHVSBNFOUFWBNPT BNPEJGJDBSEFCJEPBRVFBGFDUBOMPTEFSF DIPT JOEJWJEVBMFT EF MPT NFYJDBOPT Z UJF OFORVFWFSDPOOVFWBTGBDVMUBEFTRVFTFMF RVJFSFOPUPSHBSBM&KÊSDJUPZBMQSPQJP&KF DVUJWPGFEFSBMu &YQPOFi-BMÓHJDBEFOVFTUSPDPPSEJOB EPSGVFRVFTJTFMMFHBCBBDPOWPDBSBMQFSÎP EPFYUSBBOUFTEFMBTFMFDDJPOFTEFMEFKV MJP FM1"/ZFMHPCJFSOPJCBOBJOJDJBSEF OVFWPVOBDBNQBÒBFOOVFTUSBDPOUSBBDV TÃOEPOPTEFOPRVFSFSBZVEBSBMHPCJFSOPB DPNCBUJSFMDSJNFOPSHBOJ[BEPu3FDVFSEB  QPSFKFNQMP MPPDVSSJEPDPOMB-FZEF&Y UJODJÓOEF%PNJOJPFOWJBEBQPSFM&KFDVUJ WPGFEFSBMQBSBBGFDUBSBMDSJNFOPSHBOJ[BEP  DVZBBQSPCBDJÓOSFUSBTÓFM13* i&TUPEFUPOÓVOBDBNQBÒBFMFDUPSFSB EF QBSUF EF (FSNBODJUP (FSNÃO .BSUÎ OF[$Ã[BSFT EJSJHFOUFOBDJPOBMEFM1"/

 RVJFO DPOFMSFTQBMEPEFBMHVOPTNJFN CSPT EF MB *HMFTJB DBUÓMJDB  OPT BDVTÓ EF PQPOFSOPTBMBUBRVFGSPOUBMBMOBSDPUSÃGJ DPPBMDSJNFOPSHBOJ[BEP&TPOPTIJ[P QFSEFSBMHVOPTQVOUPTFOMBTQSFGFSFODJBT FMFDUPSBMFT TFHÙOMBTFODVFTUBTSFBMJ[BEBT  RVFGJOBMNFOUFCFOFGJDJBSPOBM1"/u i-BSFGMFYJÓORVFIJDJFSPOMPTDPPSEJ OBEPSFTQBSMBNFOUBSJPTEFOVFTUSPQBSUJEP GVFA4JIBDFNPTVOQFSÎPEPFYUSBPSEJOBSJP MPTQBOJTUBTWBOBRVFSFSRVFTFWPUFOTVT JOJDJBUJWBT QFSPDPNPTPOJOBDFQUBCMFTQB SBOPTPUSPTOPTWBOBFTUBSBUBDBOEPu .BOMJP 'BCJP #FMUSPOFT  DPPSEJOBEPS EFMHSVQPQBSMBNFOUBSJPEFM13*FOFM4F OBEP SFDIB[ÓMBWFSTJÓOEF.BSUÎOF[$à [BSFTZFYQVTPRVFMPTUSBCBKPTDPOUJOVBSPO EFCJEPBRVFOPTFUFOÎBMBJOGPSNBDJÓOTV GJDJFOUFTPCSFMBFNFSHFODJBTBOJUBSJBZFM 1PEFS-FHJTMBUJWP ÓSHBOPEFM&TUBEP.FYJ DBOP OPQPEÎBEFKBSEFTFTJPOBSi/JBOUF VOBHVFSSBTFEFCFQBSBMJ[BSBVOÓSHBOPEF FTUBOBUVSBMF[Bu EJKP#FMUSPOFT &MFOUSFWJTUBEPSFDVFSEBUBNCJÊORVF FMEFBCSJM EÎBFORVFFMTFDSFUBSJPEF 4BMVE +PTʦOHFM$ÓSEPWB7JMMBMPCPT TF SFVOJÓDPOMPTDPPSEJOBEPSFTQBSMBNFOUB SJPTEFBNCBTDÃNBSBT OPQVEPSFTQPOEFS BUPEBTMBTQSFHVOUBTRVFMFIJDJFSPOMPTMF HJTMBEPSFTFOUPSOPBMWJSVT")/ +VBO/(VFSSB WJDFDPPSEJOBEPSEFMPT EJQVUBEPTEFM13% EJDFRVFiIBCÎBNVDIB QSFTJÓOEF)ÊDUPS-BSJPT DPPSEJOBEPSEFM 1"/ ZEF&NJMJP(BNCPB1BUSÓO EFM13*  QPSDPOUJOVBSMPTUSBCBKPTu&MMPTJOTJTUÎBO

.VSBU $BNBDIP2VJSP[Z(BNCPB-ØHJDBFMFDUPSBM

FORVFDBTJUPEPTMPTEJDUÃNFOFTQFOEJFO UFTZBMMFWBSÎBOVONFTEFEJTDVTJÓOFODP NJTJPOFT QPSMPRVFTFPQUÓQPSTPNFUFSB EJTDVTJÓOTÓMPMPTRVFOPUFOÎBOQSPCMFNBT  TPTUJFOFFMQFSSFEJTUB %FTFODVFOUSPTQBOJTUBT %VSBOUFMBTTFTJPOFTEFMZEFBCSJM  MB$ÃNBSBEF%JQVUBEPTBQSPCÓSFGPS NBTBEJWFSTBTMFZFT TFJTEFMBTDVBMFTMF VSHÎBOBMHPCJFSOPGFEFSBM FOUBOUPRVFFM 13*FTUBCBJOUFSFTBEPFOMBTDVBUSPFOWJB EBTQPSFM&KFDVUJWPVOBTFNBOBBOUFT 4FUSBUBEFMB-FZRVF3FHVMBFM6TPEF MB'VFS[BDBNCJPTBEJWFSTBTMFZFTFONB UFSJB EF OBSDPNFOVEFP MB -FZ EF MB 1P MJDÎB'FEFSBMMB-FZEF&YUJODJÓOEF%P NJOJPFMQBRVFUFEFSFGPSNBTBMBTMFZFT EF"ERVJTJDJPOFT "SSFOEBNJFOUPTZ4FS WJDJPTEFM4FDUPS1ÙCMJDPMB-FZEF0CSBT 1ÙCMJDBTZ4FSWJDJPT3FMBDJPOBEPTDPOMBT .JTNBTMB-FZ'FEFSBMEF3FTQPOTBCJMJ EBEFT "ENJOJTUSBUJWBT EF MPT 4FSWJEPSFT 1ÙCMJDPTZEFM$ÓEJHP1FOBM'FEFSBM ZMB -FZ'FEFSBMEF%FSFDIPT -BQSJNFSBEFMBTJOJDJBUJWBTNFODJPOB EBTGVFMBNÃTDPOUSPWFSUJEBZGPSNÓQBS UFEFMBTRVFTFWPUBSPOFOQBRVFUFFM EFBCSJM -B QFSSFEJTUB7BMFOUJOB #BUSFT  RVJFO GPSNBQBSUFEFMB$PNJTJÓOEF4FHVSJEBE 1ÙCMJDBFO4BO-Ã[BSP FOMBDVBMTFEJT DVUJÓJOJDJBMNFOUFFMEPDVNFOUP EFUBMMB FOFOUSFWJTUBRVFFMQVOUPDPOUSPWFSUJEP GVFFMEFMBTJOUFSDFQDJPOFTEFMBTMMBNB EBTUFMFGÓOJDBT i&TUBMFZMFPUPSHBGBDVMUBEFTBMBQP MJDÎBQBSBRVFQJEB BUSBWÊTEFVOKVF[ FT QJBSMBTMMBNBEBTIBTUBQPSVOQFSÎPEPEF TFJTNFTFT-PBCTVSEPFTRVFMBJOJDJBUJ WBOPUSBÎBFMSFRVFSJNJFOUPEFMBBVUPSJ[B DJÓOEFMKVF[&TBGVFMBQSJNFSB[BOBIPSJB RVFOPTQVTJFSPOFM1"/BDFQUÓJODMVJSMB BVUPSJ[BDJÓOFYQSFTBEFVOKVF[ i/PTPUSPT OPT QSFHVOUÃCBNPT DVÃMFT FSBOMBTSB[POFTQBSBRVFVOKVF[BVUPSJ[B SBFTUBTJOUFSWFODJPOFTDVBOEPUPEBWÎBOP TFDPNFUÎBVOEFMJUP4JOFNCBSHP FOFTUF

QVOUPOPQVEJNPTHBOBSMBEJTDVTJÓOZÊT UBTFMMFWÓBMQMFOP EPOEFTFBQSPCÓQFTFB MPTDJODPWPUPTFODPOUSBEFM13% i4F WPUÓ DPO FTF BCTVSEP QVFT OP TF EJTDVUJÓ  ZB RVF FM EÎB BOUFSJPS MPT DPPS EJOBEPSFT QBSMBNFOUBSJPT IBCÎBO BDPSEB EPRVFTFTPNFUFSÎBOBWPUBDJÓOMBTJOJDJB UJWBTRVFOPUFOÎBOQSPCMFNBTu-BTFTJÓO BQFOBT EVSÓ EPT IPSBT DPO  NJOVUPT  TPTUJFOF#BUSFT :BVORVFMPTDPPSEJOBEPSFTFTQFSBCBO VOBTFTJÓOUFOVFQBSBFMEFBCSJM VOEÎB BOUFT FOMBQMFOBSJBEFMHSVQPQBSMBNFOUB SJPEFM1"/ TFFNQF[ÓBHFTUBSVOBSFCF MJÓOEFMPTEJQVUBEPTEFFTFQBSUJEP &M  EF BCSJM MPT QBOJTUBT FMJHJFSPO B TVT SFQSFTFOUBOUFT BOUF MB $PNJTJÓO 1FS NBOFOUF FOUSFFMMPTBMUBCBTRVFÒP(FSBSEP 1SJFHP5BQJB RVJFOSFMBUBBFTUBSFQPSUF SBRVFFMDPPSEJOBEPSEFTVGSBDDJÓO )ÊD UPS-BSJPT MFTBWJTÓRVFBMTJHVJFOUFEÎBTF BQSPCBSÎBO EJWFSTBT SFGPSNBT FO NBUFSJB EFOBSDPNFOVEFP i/PTQJEJÓOPMFFSMBTJOJDJBUJWBTFOMB NBUFSJBZWPUBSMBTBGBWPSBMTJHVJFOUFEÎB  DPNPMPIBCÎBOIFDIPFOMB$PNJTJÓOEF +VTUJDJBMPTSFQSFTFOUBOUFTQBOJTUBTu EJDF /BEJFTFPQVTP1FSPFOMBTQSJNFSBT IPSBTEFMEFBCSJM FOTVSFVOJÓOQSJWB EB1SJFHP5BQJBQJEJÓBTVDPPSEJOBEPSVOB iQFRVFÒB FYQMJDBDJÓO TPCSF MBT SFGPSNBT FONBUFSJBEFOBSDPNFOVEFPu $BSMPT /BWBSSP 4VHJDI  TFDSFUBSJP EF MB$PNJTJÓOEF+VTUJDJB Z.BSÎBEFM1JMBS 0SUFHB.BSUÎOF[ JOUFHSBOUFEFMBNJTNB  IJDJFSPOVOCSFWFSFTVNFOTPCSFMPTDBN CJPTBMBTMFZFTi&MFTDÃOEBMPTFEFTBUÓu  SFDVFSEBFMQBOJTUB i5VWJNPTNVDIBTEVEBTZEFTQVÊTEF NVDIPEJTDVUJSTPNFUJNPTBWPUBDJÓOMPT DBNCJPT(BOBNPTMPTRVFQFEÎBNPTRVF OPTFBQSPCBSBO%FBDVFSEPBMBQSÃDUJDB QBSMBNFOUBSJBEFMQBSUJEP MBGPSNBFORVF WPUBNPTFOMBGSBDDJÓOFTDPNPOPTNB OJGFTUBNPTFOFMQMFOP"TÎFTRVFTVQVTJ NPTRVFUPEPTÎCBNPTBWPUBSFODPOUSBEF MBMFZIPSBTEFTQVÊTu SFMBUB1SJFHP5BQJB -B NBÒBOB EF FTF  EF BCSJM IBCÎB BQSPYJNBEBNFOUFEFMPTJOUFHSBO

10-¶5*$" UFTEFMBGSBDDJÓOQBOJTUB"OUFFMEFTDPOPDJ NJFOUPUPUBMEFMBMFZEFOBSDPNFOVEFPZMBT EVEBTTPCSFTVTFGFDUPT 1SJFHP5BQJBQSP QVTPVOQFSÎPEPFYUSBPSEJOBSJPQBSBRVFÊM ZTVTDPNQBÒFSPTUVWJFSBOUJFNQPEFBOB MJ[BSMB-BSJPTSFDIB[ÓMBQSPQVFTUBZQFTF BRVFTVHJSJÓWPUBSMBBOJWFMJOUFSOPFOFTF NPNFOUP QFSEJÓMBWPUBDJÓOi-BNBZPSÎB MBSFDIB[BNPTu DVFOUBFMUBCBTRVFÒP "VOBTÎ MPTQBOJTUBTEFDJEJFSPODPOUJ OVBSMBEJTDVTJÓOSFMBUJWBBMOBSDPNFOVEFP -BSJPTBQSPWFDIÓMBTJUVBDJÓOQBSBMMBNBS BGVODJPOBSJPTGFEFSBMFTZDPOWPDBSMPTBMB $ÃNBSBEF%JQVUBEPTQBSBRVFMFBZVEBSBO BTVCTBOBSTVJNQFSJDJBQPMÎUJDB &OUSF MPT GVODJPOBSJPT RVF BDVEJFSPO B4BO-Ã[BSPFTUBCBOFMTVCTFDSFUBSJPEF %FSFDIPT )VNBOPT EF MB 4FDSFUBSÎB EF (PCFSOBDJÓO  %BOJFM $BCF[B EF7BDB FM EJSFDUPS EFM $POTFKP /BDJPOBM DPOUSB MBT "EJDDJPOFT $POBEJD

$BSMPT+PTÊ3PESÎ HVF["KFOKPVOGVODJPOBSJPEFMB1SPDVSB EVSÎB(FOFSBMEFMB3FQÙCMJDB ZVONJFN CSPEFMB+VEJDBUVSB'FEFSBM &M QVOUP EF EFTFODVFOUSP FOUSF BMHV OPTMFHJTMBEPSFTQBOJTUBTZTVDPPSEJOBEPS TFSFMBDJPOBDPOEPTBTQFDUPTEFMBTEJTQP TJDJPOFTEFMB-FZ(FOFSBMEF4BMVEFMSF MBUJWPBMBFMJNJOBDJÓOEFMBQSPQVFTUBmFO WJBEB PSJHJOBMNFOUF BM 4FOBEPm TFHÙO MB DVBMMPTBEJDUPTTFSÎBOFOWJBEPTBVODFO USPEFSFIBCJMJUBDJÓOBDBNCJP FOMBJOJDJB UJWBRVFTFEJTDVUJÓFO4BO-Ã[BSP TFNFO DJPOBCBTÓMPVOQBESÓOEFJOTUJUVDJPOFTZ PSHBOJTNPTQÙCMJDPTZQSJWBEPTFOMPTRVF TFSFBMJ[BOBDUJWJEBEFTiEFQSFWFODJÓO USB UBNJFOUP BUFODJÓOZSFJOTFSDJÓOTPDJBMFO NBUFSJBEFGBSNBDPEFQFOEFODJBu &MTFHVOEPBTQFDUP FMNÃTJNQPSUBO UF FSBFMSFMBUJWPBMFTUBCMFDJNJFOUPEFVO DBUÃMPHPEFESPHBTZFMQFSNJTPEFMBDBO UJEBEEFESPHBRVFQVFEFQPSUBSVOJOEJWJ EVPiQBSBDPOTVNPQFSTPOBMu TJORVFQPS FMMPTFMFDPOTJEFSFOBSDPNFOVEJTUB %FMPTQBOJTUBTQSFTFOUFTFOFMSF DJOUPQBSMBNFOUBSJPFOFMNPNFOUPEFMB WPUBDJÓO  NÃT EFM  TF PQPOÎB BM DB UÃMPHPEFIFDIPWPUBSPOFODPOUSBFOTV SFVOJÓO QMFOBSJB *ODMVTP EJTDVUÎBO RVF NJFOUSBTFOQBÎTFTEF&VSPQBBMPTBEJDUPT TF MFT BVUPSJ[B FM DPOTVNP EF ESPHB  MPT HPCJFSOPTTFMBTQSPQPSDJPOBODPNPQBSUF EFTVSFIBCJMJUBDJÓO &O.ÊYJDP QPSFMDPOUSBSJP iFTMBQFS NJTJÓOUPUBMFMJNJOBOEPBEFNÃTMBMJHBDMÎ OJDB MBBUFODJÓONÊEJDBu TPTUJFOF1SJFHP 5BQJB  RVJFO KVOUP DPO TVT DPNQBÒFSPT $BSMPT#SBDIPZ+BWJFS#PMBÒPTDBCJMEFB SPOFOUSFMPTEFNÃTMFHJTMBEPSFTEFTVQBS UJEPQBSBJNQFEJSFMWPUPBGBWPSEFMBJOJ DJBUJWBJNQVMTBEBQPSTVDPPSEJOBEPS

TPRVFQBSBNVDIPTEFTVTDPNQBÒFSPTEF QBSUJEPBDFQUBSMBQPSUBDJÓOZUSBTMBEPEF MBESPHBmiOPJNQPSUBTJFTNVDIBumBCSF MB MFHBMJ[BDJÓO  iRVFSÃNPTMP P OPu 1PS FTP EJDF iBMHVOPTWPUBNPTFODPOUSBu &MEFBCSJMBDVEJFSPOB4BO-Ã[BSP EFMPTMFHJTMBEPSFTEFM13*&OMBQMF OBSJBPQUBSPOQPSMBBQSPCBDJÓO FODBCF [BEPTQPSTVDPPSEJOBEPS &NJMJP(BNCPB MPTSFTUBOUFTWPUBSPOFODPOUSB &O FM 13%  EF MPT  EJQVUBEPT TÓ MPBTJTUJFSPOBMBQMFOBSJB%FFMMPT  SFTQBMEBCBO MBT SFGPSNBT FO NBUFSJB EF OBSDPNFOVEFPZTFNPTUSBCBOJOEFDJ TPTPFSBOQBSUJEBSJPTEFMOP "OUFMBGBMUBEFBDVFSEPFOMBTGSBDDJP OFT MPTDPPSEJOBEPSFTQJEJFSPOVOSFDFTP BMBTIPSBTRVFDPODMVJSÎBEPTIPSBT ZNFEJBNÃTUBSEF%VSBOUFFTFMBQTP MPT GVODJPOBSJPTDPOWPDBEPTQPSFMDPPSEJOB EPS EFM 1"/  )ÊDUPS -BSJPT  IJDJFSPO TV MBCPSEFDPOWFODJNJFOUPFOUSFMPTQBOJT UBTJODPOGPSNFT "SHVNFOUBSPOBGBWPSEFRVFiMPTBEJD UPTuQVFEBOUFOFSFOTVQPEFSHSBNPTEF PQJP  EFNBSJHVBOB BTÎDPNPNJMJ HSBNPTEFIFSPÎOB EFDPDBÎOB  EF-4% ZEFDSJTUBMPEFNFUBOGFUBNJ OBTFODÃQTVMBT*ODMVTPEJKFSPOBMPTMF HJTMBEPSFTRVFTFUSBUBCBEFVOBJOJDJBUJWB EF'FMJQF$BMEFSÓOMFTBTFHVSBSPORVFMPT NVOJDJQJPT Z FTUBEPT QBSUJDJQBSÎBO UBN CJÊOFOFMDPNCBUFBMOBSDPUSÃGJDPw -PTSFCFMEFTQBOJTUBTBDPSEBSPOWPUBS BGBWPSEFMBJOJDJBUJWBFOMPHFOFSBM QFSP OP FO MP QBSUJDVMBS UBNCJÊO QSPQVTJFSPO FMJNJOBSFMDBUÃMPHPEFESPHBTZMBTDBO UJEBEFT QFSNJUJEBT QBSB TV QPTFTJÓO 4JO FNCBSHP  )ÊDUPS -BSJPT DBCJMEFÓ DPO FM SFTUPEFMPTDPPSEJOBEPSFTQBSBRVFOPTF BDFQUBSBOWPUBDJPOFTFOMPQBSUJDVMBS &O MB ÙMUJNB SFDUB EF MBT WPUBDJPOFT  MPTQBOJTUBTSFDPSEBSPOUBNCJÊOMBTFSJFEF BHSBWJPTDPNFUJEPTEFTEFGVFSBEF$ÃNB SBZBMPTRVFTFMFTIBCÎBPCMJHBEPBWPUBS BGBWPSTJOEJTDVTJÓOBMHVOB DPNPMBSFGPS NBGJTDBM MBSFGPSNBFMFDUPSBMPFMBVNFO UPBMBHBTPMJOB 'JOBMNFOUF NÃTEFMBNJUBEEFMPTJO DPOGPSNFTGVFSPODPOWFODJEPTQPSMPTGVO DJPOBSJPT  TÓMP  WPUBSPO FO DPOUSB P TF BCTUVWJFSPO -P NJTNP PDVSSJÓ FO FM 13* ZFM1"/-BTSFGPSNBTFONBUFSJBEFOBS DPNFOVEFPTFBQSPCBSPODPOWPUPTB GBWPS &TFEFBCSJMTFBWBMBSPOUBNCJÊOMPT DBNCJPT FO NBUFSJB EF PCSBT  MPT DVBMFT QFSNJUFO MB QBSUJDJQBDJÓO EF MPT QSPZFD UJTUBTFOMJDJUBDJPOFT MPRVFQPOFFOEFT WFOUBKBBQSPWFFEPSFTRVFEFTDPOPDFOMBT FOUSBÒBT EF MBT MJDJUBDJPOFT  "TÎ NJTNP  TFJODMVZÓVOBQBSUBEPQBSBMPTDPOUSBUPT &MSVJEPQSJJTUB NVMUJBOVBMFT MPRVFDPNQSPNFUFFMHBTUP  QÙCMJDPZBCSFMBQVFSUBBMBQBSUJDJQBDJÓO &O FM 13* FM BNCJFOUF TF UFOTÓ UBNCJÊO EFFNQSFTBTFYUSBOKFSBTDPONÃTEFM QPSMBTEFTBWFOFODJBT&MEJQVUBEP$BSMPT EFBDDJPOFTFOVOBFNQSFTBZFOVOBMJDJ 3PKBT RVJFOWPUÓFODPOUSB EJDFB1SPDF UBDJÓOHVCFSOBNFOUBM EFNBZPEF

&OFMCPSEF

EFM .BSDFMB5VSBUJ

-

DBPT

BFQJEFNJBEFMWJSVTEFJOGMVFO[B ")/OPIBUFSNJOBEPZSFDP SSFBTVTBODIBTFMQBÎT"SSBODB WJEBTFOFTUBEPTBOUFTDPOTJEFSB EPT iMJNQJPTu EF MB FOGFSNFEBE ZPCMJHBBHPCJFSOPT DPNPFMEF )JEBMHP P +BMJTDP  B BMBSHBS FM FODJFSSP EFMBQPCMBDJÓO0 EFQMBOP BSFDPOPDFS NVFSUPTPFOGFSNPTRVFIBCÎBOQFSNBOF DJEPPDVMUPT -B BQBSJDJÓO SFQFOUJOB EF DBEÃWFSFT OP QBSFDF DBTVBM $PJODJEF DPO FM WJBKF RVFFNQSFOEJFSPONÊEJDPT FMQSJNFS GJOEFTFNBOBEFNBZP RVFTBMJFSPOEFM %JTUSJUP'FEFSBMDPOMBNJTJÓOEFJOWFTUJ HBSDÓNPFTUBCBOPQFSBOEPMPTIPTQJUBMFT FTUBUBMFTBOUFMBFQJEFNJBZQPOFSPSEFO &MQBTBEPWJFSOFT FOFMFEJGJDJPEFMB 4FDSFUBSÎBEF4BMVE MPTWJBKFSPTSFDJCJFSPO MBFODPNJFOEBEFMTFDSFUBSJPEFM$POTFKP EF 4BMVCSJEBE (FOFSBM  &OSJRVF 3VFMBT  RVJFOMFTQJOUÓVOQBOPSBNBJORVJFUBOUF TV BZVEB FSB JOEJTQFOTBCMF QPSRVF OP TF UJFOFDPOGJBO[BFOMPTSFQPSUFTRVFFTUÃO FOWJBOEPMPTFTUBEPT



EFNBZPEF

"FTBTBMUVSBTFMNBOPTFPEFMBTDJGSBT FSBFTDBOEBMPTPZMPTOÙNFSPTRVFFOUSF HBCBFMTFDSFUBSJP+PTʦOHFM$ÓSEPWBFO MBTDPOGFSFODJBTEJBSJBTFSBOSJEÎDVMPT6O EÎB MPT NVFSUPT FSBO NÃT EF   MVFHP  BMTFQBSBSMPTFOiDPOGJSNBEPTuZiQSPCB CMFTu  CBKBCBO B TJFUF  BM PUSP TV QSPQJP FRVJQPMPDPOUSBEFDÎBZDPOUBCB1SPO UP FOFTUBEPTiTBOPTuDPNFO[BCBFMFTDV QJEFSPEFDBTPT &MEFTBTFPDPMNÓBMB6OJÓO&VSPQFB  RVF SFDMBNÓ USBOTQBSFODJB &M QSPQJP TF DSFUBSJP FOVOBSSBORVF DVMQÓBMPTFTUB EPTEFMBPQBDJEBE ZFMQSFTJEFOUF'FMJQF $BMEFSÓOTVHJSJÓMPNJTNPFOVOBFOUSF WJTUBEFUFMFWJTJÓO -BTPMVDJÓORVFJEFÓ3VFMBTGVFDSFBS VOB FTUSVDUVSB QBSBMFMB MPT  NÊEJDPT VOHJEPT DPNP iFOWJBEPT FTQFDJBMFT EFM TFDSFUBSJPumFMFHJEPTQPSTVMJEFSB[HP TV SFDPOPDJNJFOUP FO FM NVOEP NÊEJDP  TV EFTWJODVMBDJÓODPOFMÃSFBFQJEFNJPMÓHJ DBEFMBTFDSFUBSÎBZTVTEPUFTEFPSBUPSJB  TFHÙOTFMFTFYQMJDÓmGVFSPOBTJHOBEPTB VOPPEPTFTUBEPTQBSBMFWBOUBSVONVFT

USFPSÃQJEPZVOJGPSNBSDSJUFSJPTEFBUFO DJÓOFOUPEBMB3FQÙCMJDB 4V NJTJÓO FSB EBS B DPOPDFS MB &T USBUFHJB %53  DVZP OPNCSF PGJDJBM FT i*NQBDUP *ONFEJBUP FO MPT )PTQJUBMFT %JBHOPTUJDBS5SBUBS3FQPSUBSu  RVF UFOÎB DPNP QSJODJQBM PCKFUJWP MPHSBS RVF MPT TFDSFUBSJPT EF TBMVE FTUBUBMFT OPNCSBSBO QÙCMJDBNFOUFBVOSFTQPOTBCMFEFMNBOFKP EFMBFQJEFNJBZBVOPQPSIPTQJUBM &M MVOFT   3VFMBT DPNFO[Ó B SFDJCJS MPTEBUPT&MNJÊSDPMFTSFVOJÓBMPTFO WJBEPT QBSB QSFTFOUBSMFT MPT QPDP BMFO UBEPSFT SFTVMUBEPT QSFFMJNJOBSFT EF  FTUBEPT DPNQVUBEPT TÓMP FO DVBUSP TF DVNQMJÓMBFTUSBUFHJB -BTWJTJUBT TJOFNCBSHP TJSWJFSPOQB SBUPNBSFMQVMTPOBDJPOBMEFMPRVFPDVSSF QVFSUBTBEFOUSPEFMPTIPTQJUBMFT4FEFT DVCSJÓ  QPS FKFNQMP  RVF QPS ÓSEFOFT EF BMHVOPT TFDSFUBSJPT MPDBMFT  Z RVJ[ÃT EFM NJTNP HPCFSOBEPS  MPT DPNQJMBEPSFT EF DJGSBTOPSFQPSUBONVFSUPT i2VF SBTVSBO MPT DBTPT  RVF NBM VUJ MJ[BO MPT BOUJWJSBMFT Z MPT GPOEPT  OP NF

)VHP$SV[1SPDFTPGPUP

RVFEÓ MB NFOPS EVEB -PT SFQPSUFT RVF FOWJBSPOMPTFTUBEPTSFTQPOEFOBMPTJOUF SFTFTMPDBMFT&TJOGBNF ZMPQFPSFTRVF DPNP FTUÃO EFTDFOUSBMJ[BEPT OP SJOEFO DVFOUBTu TFRVFKBVOPEFMPTEPDUPSFTFO WJBEPTRVFQJEJÓFMBOPOJNBUP &YQMJDB B FTUF TFNBOBSJP RVF MB NB ZPSÎB EF MPT TFDSFUBSJPT EF 4BMVE MPDBMFT OJOHVOFBSPO B MPT SFQSFTFOUBOUFT EFM TF DSFUBSJP WBSJPT TF PGFOEJFSPO QPSRVF OP IBCÎB BDVEJEP $ÓSEPWB FO QFSTPOB

 Z DPNPGBMUBSPOBMBSFVOJÓOOPEFTJHOBSPO SFTQPOTBCMFTBOUFMBGFEFSBDJÓO &OMBTWJTJUBT RVFEÓFYQVFTUPRVFOP UPEPTMPTSFTQPOTBCMFTEFOPUJGJDBSBMBGF EFSBDJÓODPOPDFOFMTJTUFNBQBSBIBDFSMP  RVFTJMBSFTQPOTBCJMJEBEFTUBUBMSFDBFFO WBSJPTOPTFDPNVOJDBOFOUSFTÎPUBNQPDP TFQSFTFOUBOFOFMIPTQJUBMEPOEFPDVSSJÓ FMEFDFTPQBSBQFEJSEBUPT &OVOBTDJVEBEFTBEFNÃTTFMFTPCMJ HB B MMFOBS GPSNBUPT FTQFDJBMFT EJSJHJEPT QSJNFSP B EJTUJOUBT BVUPSJEBEFT MPDBMFT JODMVJEP FM SFQSFTFOUBOUF EFM 1SPHSBNB 0QPSUVOJEBEFT 

-"&1*%&.*"10-¶5*$" 4PSQSFTB$POGVTJØO%FTPSEFO:EFTQVÏT JOFWJUBCMF FM DBPT"OUFMBDSJTJTFQJEÏNJDBRVFUPNØNBMQBSBEPBM HPCJFSOPEF'FMJQF$BMEFSØOZ DPOTFDVFOUFNFOUF BUP EPFMBQBSBUPTBOJUBSJPEFMQBÓT MBQSVFCBEFGVFHPTJHVF TJOTVQFSBSTF&T MBBDUVBM VOBIJTUPSJBRVFIBCMBEFMNB OFKPUPSQFPBSCJUSBSJPEFMBFNFSHFODJBQPSQBSUFEFMPT HPCJFSOPTFTUBUBMFT EFDJGSBTDPOUSBEJDUPSJBTFJNQSFDJ TJØOEJBHOØTUJDB EFFNQJSJTNPDMÓOJDP GBMUBEFMJEFSB[HP ZEFTDPPSEJOBDJØOFOUSFMBGFEFSBDJØOZMPTFTUBEPT .ÃTBMMÃEFMOVEPCVSPDSÃUJDP TFFO DPOUSÓ RVF MPT BOUJWJSBMFT TPO SFDFUBEPT TJODSJUFSJPBFOGFSNPTTJOTÎOUPNBTEFJO GMVFO[BZRVFWBSJPTDBSHBNFOUPTEFM5B NJGMVRVFJOUFHSBCBOMBSFTFSWBFTUSBUÊHJDB FTUÃOQPSDBEVDBSFONBZPBDUVBM TJOPFT RVFZBDBEVDBSPO -BFODVFTUBBQMJDBEBBMPTNÊEJDPTZ FOGFSNFSBTQSFTFOUFTSFWFMÓUBNCJÊORVF MBNBZPSÎBTFTJFOUFOUFNFSPTPTEFMDPOUB HJPZEFTBQSVFCBOFMEFTBCBTUPEFNBUFSJBM EFQSPUFDDJÓO MBEFTPSHBOJ[BDJÓO MBGBMUB EF JOGSBFTUSVDUVSB Z MB QPDB JNQPSUBODJB RVFFOTVFOUJEBEZFOTVIPTQJUBMMFEBO BMBFQJEFNJB 7BSJPT FOWJBEPT FTQFDJBMFT DPOTVMUBEPT QPS1SPDFTPOPRVJTJFSPOQSPQPSDJPOBSJO GPSNBDJÓO&MEPDUPS(BCSJFM$PSUÊT(BMMP  UJUVMBSEFM4FHVSP.ÊEJDPEFMB/VFWB(F OFSBDJÓO OFHÓRVFTVWJBKFB0BYBDBIBZB TJEPQBSBFWBMVBSFMEFTFNQFÒPFTUBUBMZFY QMJDÓi4ÓMPMMFWBNPTVOTBMVEP VONFOTBKF EFMTFDSFUBSJP$ÓSEPWB GJMNBEPFOWJEFP Z QMBUJDBNPTEFMBFTUSBUFHJBQBSBFMDPSSFDUP EJBHOÓTUJDP USBUBNJFOUPZSFQPSUFu -PT SFTVMUBEPT SFDPQJMBEPT OP TPSQSFO EJFSPO B MPT FOWJBEPT TPO TÎOUPNBT EF MB NBM JOTUSVNFOUBEB EFTDFOUSBMJ[BDJÓO EFM TJTUFNBEFTBMVE EFMRVFTFEFTFOUFOEJÓMB GFEFSBDJÓOZDVZBPQFSBDJÓOEFQFOEFEFMPT HPCFSOBEPSFT BRVJFOFTOBEJFQJEFDVFOUBT "OUFMBDSJTJT DBEBVOPBDUVÓDPNPRVJ TP"HVBTDBMJFOUFTTFSFTJTUJÓIBTUBFMGJOBMB DMBVTVSBSMB'FSJBEF4BO.BSDPT#BKB$B MJGPSOJB SFQBSUJÓ UBSEF DVCSFCPDBT $IJBQBT QBHÓBNFEJPTOBDJPOBMFTQBSBQVCMJDJUBSTF DPNPiFTUBEPTBOPuIBTUBRVFUVWPRVFFT UBCMFDFS DFSDPT TBOJUBSJPT FO DBTBT EF JO GFDUBEPT&M&TUBEPEF.ÊYJDPOVODBDFSSÓ SFTUBVSBOUFT BEJGFSFODJBEFTVWFDJOP FM%JT USJUP'FEFSBM RVFTÎMPIJ[P:FM%' BVORVF DFSSÓDPNFSDJPT OPTVTQFOEJÓFMUSBOTQPSUF QÙCMJDP EPOEFNÃTTFBQSFUVKBMBHFOUF

UFNFOUFEFTQVÊTEFMBWJTJUBDPNFO[BSPOB GMVJSMPTEBUPTFTUBUBMFTEFDPOUBHJBEPT &O+BMJTDP DVZPHPCFSOBEPSBDIBDBCB BMHPCJFSOPGFEFSBMFMSFUSBTPEFMPTBOÃMJ TJTEFMBCPSBUPSJPZOFHBCBGBMMFDJNJFOUPT BVORVF MPT QSPQJPT NÊEJDPT SFQPSUBCBO QÙCMJDBNFOUF MB PMB EF DPOUBHJPT  EF VO EÎBQBSBPUSPUVWPRVFSFDPOPDFSUSFTEFDF TPTZWBSJPTJOGFDUBEPT &OMBTMJTUBTPGJDJBMFTQSPOUPFNQF[B SPOBBQBSFDFSDVFSQPTEFNVFSUFBOUJHVB RVFOPIBCÎBOTJEPSFQPSUBEPT%FMGBMMF DJNJFOUPEFMQSJNFSUMBYDBMUFDB QPSFKFN QMP  TF FOUFSÓ QSJNFSP MB 4FDSFUBSÎB EF 4BMVEGFEFSBMRVFMBTBVUPSJEBEFTMPDBMFT /P UPEP FM EJBHOÓTUJDP GVF NBMJHOP 4JOBMPBQVTPVOBMFDDJÓOEJHOBEFDPQJBS BMSFDJCJSMBBMFSUBTBOJUBSJBBDUJWÓNJM CSJHBEBT RVF  DBTB QPS DBTB  QSFHVOUBSPO TJIBCÎBBMHÙOFOGFSNPZFOVOQBSEFEÎBT IBCÎBOQFJOBEPUPEPFMFTUBEPZUFOÎBOVOB SBEJPHSBGÎBQSFDJTB 0USPFKFNQMPEFPSHBOJ[BDJÓOQPTFQJ EFNJBFTFMEFMHPCJFSOPEFGFÒP RVFMBO[Ó BMBDBMMFBMPTPQFSBEPSFTEFMB4FDSFUBSÎB EF %FTBSSPMMP 4PDJBM MPDBM mMPT NJTNPT RVFNBOFKBOMPTTVCTJEJPTBBODJBOPT NB ESFT TPMUFSBT Z EFTFNQMFBEPTm QBSB RVF TVNBSBOBTVTQBESPOFTBMBTGBNJMJBTFO MVUBEBT BMBTDVBMFTFTUÃOWJTJUBOEP &OPUSPTDBTPT DPNPFMEF;BDBUFDBTP 5BCBTDP MPTHPCFSOBEPSFT"NBMJB(BSDÎB Z"OESÊT(SBOJFSBUFOEJFSPOQFSTPOBMNFO UFMBSFVOJÓOZDJUBSPOBMPTNÊEJDPTQBSB RVFFTDVDIBSBO"VORVF FTPTÎ MBNBZP SÎBEFMQFSTPOBMTFUSBHÓTVTPQJOJPOFT &OWBSJPTFTUBEPTMBQPCMBDJÓOOJTJRVJF SBFTUBCBFOUFSBEBEFMWJSVT.VFTUSBEFFMMP TPOMPTSFTVMUBEPTEFMBFODVFTUBRVFBQMJ DÓMBPSHBOJ[BDJÓO.FMFM9PKPCBMFODJODP DPMPOJBTEF4BO$SJTUÓCBMEFMBT$BTBT FO $IJBQBT MPTDVBMFTBSSPKBORVF VOBTFNBOB EFTQVÊT EF MB EFDMBSBUPSJB EF FNFSHFODJB  EFMPTFOUSFWJTUBEPTBÙOiOPIBCÎBFT /VEPCVSPDSÈUJDP DVDIBEPEFMBFOGFSNFEBEuZEFTDP OPDÎBTÎOUPNBTZNFEJEBTEFQSFWFODJÓO 4J CJFO FO QPDPT FTUBEPT TF BNBSSBSPO -BTFYQFSJFODJBTNÃTMBNFOUBCMFT TF DPNQSPNJTPTDPOMBGFEFSBDJÓO DPJODJEFO HÙOJOGPSNÓVOiFOWJBEPFTQFDJBMuB1SP EFNBZPEF

- "  & 1 * % & . * "  1 0 - ¶ 5 * $ " DFTP  GVFSPO MBT SFVOJPOFT EF $IJBQBT Z 0BYBDB BMBTRVFBTJTUJÓQVSPGVODJPOBSJP EFCBKPOJWFM&OMBFOUJEBEEF6MJTFT3VJ[  QPSFKFNQMP FOWF[EFMMFHBSEJSFDUJWPTEF IPTQJUBMFTBDVEJFSPOPQFSBEPSFTEFM4FHV SP1PQVMBS %FTQVÊTEFMB&TUSBUFHJB5%3QPDP DBNCJÓFOMPTFTUBEPT BVORVFFOBMHVOPT DBTPTBZVEÓBEFTUBQBSMBTDBÒFSÎBTQPMÎ UJDBT Z CVSPDSÃUJDBT RVF FOUSBNQBCBO MBT DJGSBTZTFUPNÓDPNPVOiCPSSÓOZDVFOUB OVFWBuEFOVNFSBDJÓO &TUPDPJODJEJÓUBNCJÊODPOMBJODPSQP SBDJÓOBMHBCJOFUFEF$ÓSEPWBEFMFYQFSUP FQJEFNJÓMPHP 1BCMP ,VSJ  RVJFO GVF SF DPOUSBUBEPEFTQVÊTEFRVFRVFEÓFYQVFTUP RVFFMTVCTFDSFUBSJP.BVSJDJP)FSOÃOEF[ MFZÓBUJFNQPMPTSFQPSUFTEFMPTQSJNFSPT CSPUFTEFMBFQJEFNJBRVFTFBWFDJOBCB i{2VJÏONBOEBBRVÓ w

"1QIPUP"MFYBOESF.FOFHIJOJ

&TBOPGVFMBÙOJDBQSVFCBEFMBGBMUBEF NÙTDVMPRVFTVGSFMB4FDSFUBSÎBEF4BMVE  RVF UJFOF RVF DSFBS FTUSVDUVSBT QBSBMFMBT QBSBJOGPSNBSTF"OUFTEFMBEFDMBSBUPSJB EFFNFSHFODJBZBIBCÎBEBEPPUSBTNVFT USBTEJHOBTEFMBCPSBUPSJP &TUPMPSFMBUBVONÊEJDPRVFMBUBSEF EFMEPNJOHPEFBCSJMIBDÎBHVBSEJBFO TV IPTQJUBM Z SFDJCJÓ MB JOVTVBM WJTJUB EF USFTCVSÓDSBUBTEFMBEJSFDDJÓONÊEJDBHF OFSBMEFM*4445& DPORVJFOFTFOUBCMÓVO JORVJFUBOUFEJÃMPHP m%PDUPS yUJFOFNVDIBTQFSTPOBTIPT QJUBMJ[BEBTQPSJOTVGJDJFODJBTSFTQJSBUPSJBT BHVEBT m/P yQPSRVÊ m)BZVOBBMFSUBEFJOGMVFO[B OPTJO GPSNBSPOBZFS -F EJKFSPO FOUPODFT RVF FO 0BYBDB IBCÎBNVFSUPVOBNVKFS GBMMFDJÓFMEF BCSJM BVORVFTVTUFKJEPTGVFSPOFOWJBEPTB

BOÃMJTJTEFMBCPSBUPSJPB$BOBEÃFMEÎB  DPOTÎOUPNBTEFVOBSBSBJOGMVFO[B&MNÊ EJDPTFRVFEÓDPOMBJEFBEFRVFIBCÎBMMF HBEPMBHSJQFBWJBSB.ÊYJDP&TPQBSFDÎB &TF GJO EF TFNBOB FO MB RVF MPT FQJ EFNJÓMPHPT SFDPSSJFSPO  IPTQJUBMFT  BM *OTUJUVUP /BDJPOBM EF &OGFSNFEBEFT 3FT QJSBUPSJBT */&3  JOHSFTBCBO KÓWFOFT TB OPTRVFMMFHBCBOFDIBOEPMPTQVMNPOFTFO GMFNBT4JOBJSF)FDIPTVOUJ[ÓOEFGJFCSF $POMBTBOHJOBTNPSBEBT FMQFDIPDBOTBEP QPSMBUPT$VFSQPBHPUBEP"QVOUPEFQFS EFSMBDPODJFODJB$POTÎOUPNBTRVFZBOP UFOÎBOQJOUBEFTFSHSJQFTNBMDVJEBEBT %FTQVÊTEFTFSFOUVCBEPT BWBSJPTEF FMMPTMPTWJTJUÓMBNVFSUF &MNJTNPGJOEFTFNBOBDJODPQFSTP OBTGBMMFDJFSPOQPSJOGMVFO[BFOMBDBQJUBM EPTFOFM*/&3 EPTFO*[UBQBMBQB VOPFO FM¦OHFMFT ZIPTQJUBMJ[BEPT ZQPTJ CMFNFOUFNÃTGVFSPONBMEJBHOPTUJDBEPT &OIPTQJUBMFTDPNPFMEF*[UBQBMBQBTF QFHÓVOBWJTP QFSP DPNPFOMBNBZPSÎB EFMPTDFOUSPTNÊEJDPT MBBMFSUBGVFEFQB QFMZOPTJHOJGJDÓDBNCJPTEFSVUJOBIBTUB RVFMBSFBMJEBE BHPMQFTNPSUBMFT PCMJHÓ B JODPSQPSBS NFEJEBT FMFNFOUBMFT  DPNP BJTMBSBMPTFOGFSNPTEFJOGMVFO[BQBSBOP DPOUBHJBSBMSFTUP &MKVFWFTEFBCSJM BFTPEFMBTUSFT EFMBUBSEF FOFM%' MPTEJSFDUJWPTEFMPT IPTQJUBMFTEFM*.44SFVOJFSPOBTVQFSTP OBMQBSBBWJTBSMFRVFBOEBCBTVFMUPFMDPO UBHJPTPWJSVT)PSBTEFTQVÊT $BMEFSÓOTF SFVOÎBDPOTVHBCJOFUFZNÃTUBSEFDPOMPT EVFÒPTEFWBSJPTNFEJPTEFDPNVOJDBDJÓO QBSBQFEJSMFTBQPZP $BTJBNFEJBOPDIF FMTFDSFUBSJP$ÓS EPWB DPODBSBMBSHB BOVODJBCBFMDFTFEF DMBTFT -PRVFPDVSSJÓEFTQVÊTEFMBBMFSUBOP GVFDBMDBEPEFMNBOVBMEFQSPDFEJNJFOUPT FMBCPSBEP Z FOTBZBEP FM TFYFOJP QBTBEP

0BYBDB%PMPS



EFNBZPEF

QBSBVTBSTFFODBTPTEFVOBHSJQFBUÎQJDB  DPNPMBBWJBSPMBQPSDJOB i/PUFOÎBNPTOBEBQSFQBSBEP OPIB CÎBOIFDIPDBNCJPTu EJDFFMNÊEJDPRVF FMEPNJOHPFTUBCBFOHVBSEJBZWJWJÓ UPEPFMQSPDFTP ­M UPEBWÎB TF QSFHVOUB QPS RVÊ OP TF SFTQFUÓFMNBOEPRVFTFIBCÎBFTUBCMFDJEP FOMBTQSÃDUJDBTEFM&TDVEP$FOUJOFMBQBSB DPSUBSFQJEFNJBT&OMBUFPSÎB FODBEBDFO USPEFTBMVEUPNBCBOFMNBOEPVONÊEJDP ZVOBFOGFSNFSB5BNCJÊOFDIBEFNFOPT BMPTFOWJBEPTEFMBTFDSFUBSÎB RVFFOFQJ EFNJBTDPNPMBEFMDÓMFSBFSBOBTJHOBEPT QBSBIBDFSTFDBSHPEFVOIPTQJUBM BDPQJBS EBUPT Z FTUBCMFDFS QSPDFEJNJFOUPT &TUÃ TFHVSPEFRVFMBTNVFTUSBTEFTBOHSFRVF UPNÓBTVTQBDJFOUFT QPSMBCVSPDSBDJB MMF HBSPOFDIBEBTBQFSEFSBMPTMBCPSBUPSJPT 4FQSFHVOUBUBNCJÊOEÓOEFRVFEBSPO MPTEPTUSBKFTFTQFDJBMFTEFDVFSQPFOUFSP  DPOUPEPZFTDBGBOESB RVFIBCÎBSFDJCJEP DBEBIPTQJUBMQBSBVTBSTFFODBTPTEFWJSVT DPOUBHJPTPT &OBMHVOPTOPTPDPNJPTMBTJUVBDJÓOOP TFOPSNBMJ[ÓIBTUBFMEÎB DVBUSPEÎBT EFTQVÊT EF EFDSFUBEB MB BMFSUB OBDJPOBM  ZHSBDJBTBMBTJOJDJBUJWBTEFMQFSTPOBMEF CBTF)BTUBBIPSB QPSFKFNQMP OPQBSFDF IBCFSVOMJOFBNJFOUPSFTQFDUPEFRVÊIB DFSDPOMPTNVFSUPT2VFEBBMJCSFBSCJUSJP EFMPTNÊEJDPTPSEFOBSMFBMBTGBNJMJBTFO UFSSBSMPT WFMBSMPTPJODJOFSBSMPT &TPT DVFMMPT EF CPUFMMB RVFEBSPO FY QVFTUPTUBNCJÊOFOMBFODVFTUBRVFMPTiFO WJBEPTFTQFDJBMFTuBQMJDBSPOTPCSFUFSSFOP -PTNÊEJDPTQSFTFOUFTFOMBTSFVOJPOFT  RVFFOMBNBZPSÎBEFMPTDBTPTTPOMPTRVF FTUÃOFOMBUSJODIFSBDPOUSBFMWJSVT QMBOUFB SPOTFSJBTEVEBTTPCSFMBFOUPODFTMMBNBEB iJOGMVFO[B QPSDJOBu y2VÊ EPTJT TF UJFOF RVF SFDFUBS B OJÒPT  y$ÓNP TF QVFEF EBS QSFWFODJÓOBNVKFSFTFNCBSB[BEBTZSFDJÊO OBDJEPT y2VÊEPTJTBMPTGBNJMJBSFTEFMPT RVF OP QSFTFOUBO TÎOUPNBT  y-PT NÊEJDPT EFCFOSFDJCJSVOBTPMBWF[USBUBNJFOUPP EÎBTEFTQVÊTEFRVFWJFSPOTVÙMUJNPDBTPP WBSJBTWFDFT 1SFHVOUBTRVFQVFEFOIBDFSMB EJGFSFODJBFOUSFMBWJEBZMBNVFSUFZDVZBT SFTQVFTUBTOPBQBSFDFOFOOJOHÙONBOVBM i &O MB 44"  OVODB TF IBCÎB QVFTUP B QSVFCBMBFTUSVDUVSB OVODBMFTJOUFSFTÓQSP CBSMB OPTFHBSBOUJ[ÓMBDBQBDJUBDJÓOOJTF WBMJEÓOJTFIJ[PTFHVJNJFOUPu DPODMVZFVOP EFMPTNÊEJDPTDFSDBOPTBMQSPDFEJNJFOUP &TPRVFEÓFWJEFODJBEP-PTIPTQJUBMFT DPNFO[BSPOBBSNBSTVTQBCFMMPOFTBJTMBO UFT BTVQSPQJPUJFNQP DBQBDJEBEZSFDVS TPT7BSJPTFOGFSNPTJOHSFTBEPTQPSPUSBT SB[POFT TF DPOUBHJBSPO FO FTB DVSWB EF BQSFOEJ[BKF%FQFSTPOBTRVF TFTPTQF DIB NVSJFSPODPOUBHJBEBTOVODBTFTBCSÃ TJMBTNBUÓFMOVFWPWJSVTQPSRVFOPTFMFT UPNBSPONVFTUSBT5PEBWÎBIPZOPTFUJFOF MBDFSUF[BEFMOÙNFSPEFNVFSUPT 6OPEFMPTFOWJBEPTFTQFDJBMFTDPNFOUB i:TJHVFOTJOMMFHBSNVDIPTNVFSUPTuL

-PTNBUØFMWJSVT ZMB (MPSJB-FUJDJB%ÓB[

QPCSF[B

-

B DSJTJT FDPOÓNJDB Z MB VSHFODJB EFDPOTFHVJSFMTVTUFOUPDPUJEJBOP GVFVOBEFMBTDBVTBTRVFMMFWÓBMB NVFSUFBWBSJBTQFSTPOBTRVFQSF TFOUBSPO TÎOUPNBT EF JOGMVFO[B  DPODMVZÓ FM USBCBKP SFBMJ[BEP QPS MB $PPSEJOBDJÓO EF "UFODJÓO 1TJDPTPDJBM FO4JUVBDJÓOEF$SJTJTDPOCBTFFOMPTEBUPT SFDBCBEPTFOMBSFEIPTQJUBMBSJBEFMHPCJFS OPEFM%JTUSJUP'FEFSBMEVSBOUFMBBUFODJÓO BMPTEFVEPTEFGBMMFDJEPTQPSMBFQJEFNJB %JDIBDPPSEJOBDJÓOQFSUFOFDFBMB$P NJTJÓOEF"QPZPBMBT7ÎDUJNBTEFMB*O GMVFO[BQPSFM7JSVT")/ DSFBEBQPS FMKFGFEFHPCJFSOP.BSDFMP&CSBSEDPOVO GPOEPEFNJMMPOFTEFQFTPTZRVFFTUÃ BDBSHPEF1BUSJDJB1BUJÒP'JFSSP EJSFDUPSB FKFDVUJWBEF"UFODJÓOBMB/JÒF[EFM%*' -BGVODJPOBSJBDPNFOUB i-P RVF OPT IFNPT FODPOUSBEP FO MB NBZPSÎB EF MPT DBTPT FT RVF CVTDBSPO MB BUFODJÓONÊEJDBZBFOMBÙMUJNBFUBQB4F FNQF[BSPOBTFOUJSNBM UVWJFSPOEPMPSFT P GJFCSFT  UVWJFSPO MPT TÎOUPNBT  QFSP OP EFKBSPOEFJSBUSBCBKBS&TUPFTUÃWJODVMB EPDPOTVEFQFOEFODJBEFMJOHSFTPQBSBMB NBOVUFODJÓOEFMBGBNJMJBu 1BUJÒP'JFSSPFODBCF[BBVOFRVJQPEF  JOUFHSBOUFT   EF FMMPT TJDÓMPHPT "MHVOPTEFFMMPTTFFODBSHBSPOEFWJTJUBS B MPT GBNJMJBSFT EF MBT WÎDUJNBT EF MB JO GMVFO[B UBOUPMPTRVFNVSJFSPODPNPMPT RVFQFSNBOFDJFSPOIPTQJUBMJ[BEPT DPOFM GJOEFFMBCPSBSVOQBESÓORVFQFSNJUBBM HPCJFSOPDBQJUBMJOPEBSMFTBFTUBTGBNJMJBT BQPZPGJOBODJFSPZCFOFGJDJBSMBTDPOQSP HSBNBT TPDJBMFT  BEFNÃT EF DBOBMJ[BSMBT QBSB MB BUFODJÓO TJDPMÓHJDB Z BDPNQBÒB NJFOUPFNPDJPOBMRVFSFRVJFSBO &TFQBESÓOFTUÃGPSNBEPQPSMBTGBNJ MJBT EF  GBMMFDJEPT Z EF  FOGFSNPT  BTÎDPNPQPSTVTQBSJFOUFTIPTQJUBMJ[BEPT FO JOTUJUVDJPOFT EFM HPCJFSOP DBQJUBMJOP mEFBDVFSEPDPOiJOGPSNBDJÓOQSPQPSDJP OBEBQPSFMTFDSFUBSJPEF4BMVEuEFM%JTUSJ UP'FEFSBM BDMBSB1BUJÒP'JFSSPm BQFTBS EFRVFOPFOUPEPTFTUPTDBTPTTFDPOGJSNÓ MB QSFTFODJB EFM WJSVT ")/ OJ UPEPT



EFNBZPEF

UJFOFOTVEPNJDJMJPFOFM%JTUSJUP'FEFSBM  DPNPJOEJDBFMBDVFSEPQPSFMRVFTFDSFB MBDPNJTJÓO i5FOFNPT VO BSUÎDVMP FO FM DPOWFOJP RVFQFSNJUFRVFDVBMRVJFSBTVOUPOPQSF WJTUP TFB SFTVFMUP QPS MB EJSFDDJÓO B NJ DBSHP QPSMPRVF BUFOEJFOEPBMKFGFEFHP CJFSOP  TF JODMVZÓ DPNP DSJUFSJP BVYJMJBS B MBT QFSTPOBT RVF TF IBZBO BUFOEJEP FO JOTUBMBDJPOFT NÊEJDBT EFM %JTUSJUP 'FEF SBMu BQVOUB )BTUBFMWJFSOFT FMTFDSFUBSJPEF4BMVE  "SNBOEP"IVFE SFQPSUÓRVFMBTQSVFCBTEF MBCPSBUPSJPBQMJDBEBTFOMBSFEIPTQJUBMBSJB EFM%JTUSJUP'FEFSBMDPOGJSNBSPORVFEF

NVFSUFT SFHJTUSBEBT  DJODP QSFTFOUBCBO FM OVFWPWJSVTEFMBJOGMVFO[B %FMBCBTFUPUBM BQVOUB IBTUBFMNJÊSDP MFT MPTTJDÓMPHPTEFMBDPNJTJÓOWJTJUBSPO BGBNJMJBSFTEFWÎDUJNBTGBUBMFTZBMPTEF EFMPTQBDJFOUFTIPTQJUBMJ[BEPT EB UPTIBTUBFMEFNBZP -PTGBNJMJBSFTEF DJODPGBMMFDJEPTNÃTiOPGVFSPOMPDBMJ[BEPT PGVFJOTVGJDJFOUFMBJOGPSNBDJÓOu 6OBUBSKFUBJOGPSNBUJWBEFMBEFQFOEFO DJBFTUBCMFDFRVF TFHÙOMPTEBUPTSFDBCBEPT QPSMB$PPSEJOBDJÓOEF"UFODJÓO1TJDPTP DJBMFO4JUVBDJÓOEF$SJTJT EFMBT GBNJMJBT  FT EFDJS  EF FMMBT  iWJWFO FO DPOEJDJPOFTEFQPCSF[BZNBSHJOBDJÓOu

- " & 1 * % & . * " 1 0 - ¶ 5 * $ "

#FOKBNÎO'MPSFT

&OFM%JTUSJUP'FEFSBM MBFQJEFNJBEFJOGMVFO[BBUÓQJDB ZFMNJFEPBMDPOUBHJPTFDFCBSPOFOMPTNÈTQPCSFT UBOUP RVFVOBJNQPSUBOUFQSPQPSDJØOEFMPTGBMMF DJEPTBDVEJØEFNBTJBEPUBSEFBMNÏEJDPQPSRVFMF EJPQSJPSJEBEBMUSBCBKP BGJOEFBTFHVSBSFMTVTUFOUP EFTVTGBNJMJBT&TUBTJUVBDJØOEFTBUØMBEFNBOEBEF BUFODJØONÏEJDB BTÓDPNPEFBQPZPTJDPMØHJDPZFDP OØNJDPQBSBMPTGBNJMJBSFTEFMBTWÓDUJNBT

"TÎNJTNP PDIPEFMPTGBMMFDJEPTUFOÎBO TV EPNJDJMJP FO MB EFMFHBDJÓO *[UBQBMBQB DJODP FO ¦MWBSP 0CSFHÓO EPT FO $VBKJ NBMQBEPTFO(VTUBWP".BEFSPVOPFO $VBVIUÊNPDPUSPFO7FOVTUJBOP$BSSBO[B ZVOPNÃTFOFM&TUBEPEF.ÊYJDP &M SFTUP iOP TF FODPOUSBSPO EFCJEP B RVFTFEFTQMB[BSPOBTVMVHBSEFPSJHFOQBSB SFBMJ[BSTVTFQFMJPu4FPCUVWPJOGPSNBDJÓO EFRVFVOBEFFTBTQFSTPOBTGVFUSBTMBEBEB B0BYBDBZPUSBBM&TUBEPEF.ÊYJDP &OMPTDBTPTBCPSEBEPTQPSMBDJUB EBDPPSEJOBDJÓO VOBNJUBEFSBOIPNCSFT ZMBPUSBNVKFSFTTFJTFTUBCBOFOFMSBOHP EFBBÒPTDJODPFOFMEFB

USFTFOUSFZEPTFOUSFZTJFUFBÒPT PUSPTEPTFOFMEFBVOPFOFMSBOHP EFPDIPBBÒPTPUSPEFBVOP NÃTEFB ZPUSPEFB &M EPDVNFOUP EF MB $PPSEJOBDJÓO EF "UFODJÓO1TJDPTPDJBMFO4JUVBDJÓOEF$SJTJT SFTBMUBRVFFOMBTWJTJUBTBMBTGBNJMJBTEFMPT GBMMFDJEPT TF FODPOUSÓ RVF FO DVBUSP DBTPT iIBZVONBZPSJNQBDUPFDPOÓNJDPEFCJEPB RVFFMGJOBEP B BQPSUBCBBMHBTUPGBNJMJBSu "EFNÃT FODJODPDBTPTiMBTGBNJMJBT FYQSFTBOIBCFSTJEPWÎDUJNBTEFEJTDSJNJ OBDJÓOBMJOUFSJPSEFTVGBNJMJB QPSQBSUF EFTVTWFDJOPTZPFOFMFTQBDJPMBCPSBMu -BTFOUSFWJTUBTTFBQMJDBSPOFOUSFFM

EFBCSJMZFMEFNBZP ZFOUSFPUSPTSFTVM UBEPTTFFTUBCMFDJÓRVFDJODPGBNJMJBTiEF UFDUBSPOTÎOUPNBT EFJOGMVFO[B FOBMHVOP EFTVTJOUFHSBOUFTu QPSMPRVFTFTPMJDJUÓMB JOUFSWFODJÓOEFMB4FDSFUBSÎBEF4BMVE %FJHVBMGPSNB FODVBUSPDBTPTMPTQB SJFOUFTEFQFSTPOBTJOGFDUBEBTiSFRVJSJFSPO VONPOJUPSFPWÎBUFMFGÓOJDBQBSBEFUFDUBS TJUVBDJPOFTEFBOTJFEBE EFQSFTJÓOZQÃOJ DPu FOUBOUPRVFGBNJMJBTGVFSPODBOB MJ[BEBTBiUFSBQFVUBTQBSBJOJDJBSQSPDFTPT EFBDPNQBÒBNJFOUPFNPDJPOBMu 4F SFQPSUÓ BTÎ NJTNP RVF DVBUSP OÙ DMFPTGBNJMJBSFTTPMJDJUBSPOiBQPZPKVSÎEJDP QBSBUSÃNJUFTEFFTDSJUVSBDJÓO EFVEBTCBO DBSJBTQFOEJFOUFT SFHVMBSJ[BDJÓOEFQMBDBT Z DVTUPEJBEFTPCSJOPZPUSPTIJKPTu $PNP QBSUF EF MB FNFSHFODJB TBOJUB SJB MB$PNJTJÓOEF"QPZPBMBT7ÎDUJNBT EF MB *OGMVFO[B QPS FM 7JSVT")/ TF DPPSEJOÓDPOFM$POTFKP$JVEBEBOPQBSB MB4FHVSJEBEZ1SFWFODJÓOEFM%FMJUPEFM %JTUSJUP'FEFSBMQBSBJOTUBMBSVODBMMDFO UFSBGJOEFRVFMBQPCMBDJÓOBDMBSBSBWÎB UFMFGÓOJDBTVTEVEBTTPCSFMBFOGFSNFEBE %F BDVFSEP DPO FM FTUVEJP EF MB DPPS EJOBDJÓO FOFTFDFOUSPTFIJ[PFMiTFHVJNJFO UP TJDPMÓHJDP EF DVBUSP DBTPT EF QFSTPOBT RVFNBOJGFTUBSPOTFOUJSTFBGFDUBEBTBOÎNJ DBNFOUFQPSFMDBNCJPFOMBTBDUJWJEBEFTDP UJEJBOBT%FQSJNFSBJOTUBODJBTFCSJOEBSPO QSJNFSPTBVYJMJPTTJDPMÓHJDPTWÎBUFMFGÓOJDB ZTFDBOBMJ[BSPOBMBTUFSBQFVUBTQBSBJOJDJBS VOQSPDFTPEFBDPNQBÒBNJFOUPu &M$POTFKP$JVEBEBOPFMBCPSÓTVQSP QJPJOGPSNFTPCSFMBBDUJWJEBEEFMDBMMDFO UFSEFMEFBCSJMBMEFNBZPSFDJCJÓ NJMMMBNBEBTQFSTPOBTGVFSPODB OBMJ[BEBTQBSBSFDJCJSBQPZPNÊEJDPZ EFFMMBTQSFTFOUBSPOTÎOUPNBTEFJOGMVFO[B %F  MMBNBEBT QSPWFOJFOUFT EF  FTUBEPT   DPSSFTQPOEFO BM &TUBEP EF .ÊYJDP SFBMJ[BEBTFO.PSFMPT ZFOUSF DVBUSPZDJODPBDBEBVOPEFMBTTJHVJFOUFT FOUJEBEFT (VFSSFSP  (VBOBKVBUP  +BMJTDP  0BYBDB 7FSBDSV[  )JEBMHP Z .JDIPBDÃO %F $IJIVBIVB  /VFWP -FÓO  2VFSÊUBSP  $IJBQBT  "HVBTDBMJFOUFT  $PBIVJMB  4JOB MPB 4POPSBZ5BCBTDPTFIJDJFSPOFOUSFVOP ZUSFTUFMFGPOFNBTBMDBMMDFOUFS 1BUSJDJB 1BUJÒP SFTBMUB RVF FO FM DPO KVOUP EF MBT MMBNBEBT iIBO QSFWBMFDJEP JOUFSSPHBOUFTTPCSFMPTTJUJPTEFBUFODJÓO Z TVNJOJTUSP EF NFEJDJOBT 0USP CMPRVF JNQPSUBOUFFTFMEFQFSTPOBTBGFDUBEBTRVF TPMJDJUBO BQPZP PUSBT TJNQMFNFOUF QBSB FYUFSOBSTVEPMPS ZVOPNÃTEFBRVFMMBT RVF MMBNBO QBSB NBOJGFTUBS TV NPMFTUJB QPSVOBNBMBBUFODJÓO TPCSFUPEPEFJOTUJ UVDJPOFTGFEFSBMFTPEFPUSPTFTUBEPT i&TUP ÙMUJNP FT DPNQMJDBEP  QPSRVF IBZOJWFMFTEFHPCJFSOP ZMPÙOJDPRVFQP EFNPTIBDFSFTQBTBSMBRVFKBBMTFDSFUBSJP EF4BMVEZRVFÊMMBDBOBMJDFBTVIPNÓMPHP GFEFSBM  BVORVF UBNCJÊO MFT PGSFDFNPT MB BMUFSOBUJWBEFTFSBUFOEJEPTFOJOTUJUVDJPOFT EFMHPCJFSOPEFMBDJVEBEu FYQMJDB EFNBZPEF

)VHP$SV[1SPDFTPGPUP

4JO FNCBSHP  FO MBT FTUBEÎTUJDBT EFM DBMM DFOUFS OP BQBSFDFO EBUPT TPCSF MBT RVFKBTSFDJCJEBT 1BUSJDJB1BUJÒPmBRVJFOUBNCJÊOMFUP DÓBUFOEFSFOTVNPNFOUPBGBNJMJBSFTEF WÎDUJNBT EF MB FTUBNQJEB FO MB EJTDPUFDB /FXT%JWJOFmFYQMJDBDÓNPTFPSHBOJ[Ó MBBUFODJÓOBMBQPCMBDJÓO i&TUBCMFDJNPTUSFTOJWFMFTFMQSJNFSPFT MBWÎDUJNBEJSFDUB MBQFSTPOBFOGFSNBPMB GBNJMJBEFRVJFOGBMMFDJÓFMTFHVOEPTPOMBT WÎDUJNBTJOEJSFDUBT FTEFDJSMBTGBNJMJBTRVF DPOWJWFODPOMBTQFSTPOBTRVFGVFSPOBGFD UBEBTEFNBOFSBEJSFDUB ZFMUFSDFSOJWFMMP FTUBCMFDJNPTFOFMÃNCJUPDPNVOJUBSJP i&TUFÙMUJNPUJFOFEPTWFSUJFOUFTHF OFSBS DPOEJDJPOFT QBSB RVF FM TFSWJEPS P MBTFSWJEPSBQÙCMJDBRVFUVWJFSBMBSFTQPO

"VHFZDBÓEB

EFMDBTUJMMPEFMBQVSF[B

'BCSJ[JP.FKÓB.BESJE

7JFSOFTBMVOFTEFNBZP  MBWJEBFOFMDPOWFOUP

-

MBNBSMBiGJFCSFQPSDJOBwEBMBBQB SJFODJBEFTFSVOQSPCMFNBNÈTEFMPT QVFSDPTRVFEFMPTIVNBOPT:BNF WFPZPFOTF×BOEPBMPTNÓPTBMBWBSTF MBTNBOPT BOPNFUFSMBOBSJ[FOMBUJFSSB  ZEFTJOGFDUÈOEPMPTDPOXIJTLZ DPNPIBHP DPONJTTPCSJOPT1PSRVF FO&VSPQB IBO EFDSFFSRVFUFOHPQVFSDPTZTPCSJOPTFO NJDBTB&TUPZBCVSSJEP FOFMFODJFSSPEF TFJTEÓBTRVFEFDSFUØFM&TUBEP4BOJUBSJP Z NJJOUFSMPDVUPSUFMFGØOJDP EFEFTFTQFSBDJØO QPSOPDPOUBSDPONF[DBMTVGJDJFOUF IVZØB "DBQVMDP%FDJEPTBMJSBEBSVOBWVFMUB UP NPFMDVCSFCPDBT QFSPEFKPMBTMMBWFTEFMB DBTBBEFOUSP)BZVOBWFDJOBRVFUJFOFVOB DPQJBEFNJTMMBWFT QFSPOPUFOHPDMBSPFO DVÈMEFQBSUBNFOUPWJWF BTÓRVFUPDPBMB[BS FOMBTQVFSUBTEFUPEPFMQJTP-PTQFSSPTDP NJFO[BOBMBESBS-BHFOUFTBMF FTQBOUBEB IBOPÓEPRVFBMHVJFOUPDBCBFOUPEPTMBEPT ZIBOQFOTBEPMPQFPSRVFMMFHØFMJOTUBOUF EFMÏYPEP EFSFVOJSMPTPCKFUPTJOEJTQFOTB CMFT MBTGPUPTEFMBGBNJMJB ZTBMJSSVNCPBM HVFUPEF7BSTPWJB1PSVONPNFOUPMBBMFSUB TFEJTUJFOEFEFVOEFQBSUBNFOUPTBMFOVOPT OJ×PTRVFMFQJEFOQFSNJTPBTVQBQÈEF iJSBWFSMPTHBUPTEFMBEFFOGSFOUFBIPSB RVFFTUÈBCJFSUBTVQVFSUBwFMQBQÈEFFMMPT TBMFFODBM[POFTZNFBCPSEBi5BQBCPDBTZ DMBTFTTPDJBMFT%FFTPEFCFSÓBTEFFTDSJCJSw :BTVTIJKPTi/J×PT NÏUBOTF4FTVQPOF



EFNBZPEF

RVFOPEFCFSÓBNPTOJTJRVJFSBFTUBSIB CMBOEPw-BTF×PSBEFMPTHBUPTTFMMFWBVOB NBOPBMBCPDBQBSBEFDJSBMHPRVFOPTF FOUJFOEFZDJFSSBTVQVFSUB&ODVFOUSP QPS GJO BMBWFDJOBEFMBTMMBWFTRVFSFTVMUBRVF OPWJWÓBFOFTFQJTPQFSPRVFTBMJØBMBSNBEB QPSFMNJTUFSJPEFMBTWPDFTIVNBOBT DPNP MBQSJNFSBWF[RVFMBTNPOKBTDPOWPUPT EFTJMFODJPDPOUBSPOVODIJTUF4PS'JMPUFB FSB FOSFBMJEBE 4FMP'JMFUFP4FWFRVFNJ WFDJOBOPTFIBCB×BEP RVFFTUBCBUJSBEB  DPNPUPEPT FTQFSBOEPFM4FHVOEP"EWF OJNJFOUP2VJFSFQMBUJDBS:PBQFOBTBCSPMB CPDB/PRVJFSPDPOUBHJPT.FQSFHVOUBFO RVÏDPOTJTUFMBGBTFEFBMFSUBEFMB0.4  BMJTÈOEPTFFMDBCFMMP o4FQSPIÓCFOMBTNVDPTBToMFSFTQPOEPo 5PEBTMBTNVDPTBT

"DVBMRVJFSIPSB UPEBTTPOJHVBMFTMFOUBT

5FSNJOPFOVOBDPNJEBJOGBOUJM-PEJHPQPS MPTJOWJUBEPTRVFDPSSFOFNQVKÈOEPTFZQPS MBFEBENFOUBMEFTVTQBESFT6OPEFFMMPT UJFOFHSJQFZMFFTUPSOVEBBMPTQMBUPTDVBO EPBZVEBBQPOFSMBNFTB/BEJFMPOPUB  FYDFQUPZP RVFSFDJCPMBCSJTB"QBSUJSEF FTFNPNFOUPMBDPNJEBTFDPOWJFSUFFOVOB QSVFCBEFGBRVJSTJFOUPBMWJSVTCBKBOEP QPSNJHBSHBOUBDPNPTJGVFSBVOBBOUPSDIB FODFOEJEB$PNPVOBCSPNBTFTJSWFDIJ DIBSSØO/PMPDPNP.FDSJUJDBOQPSNBM JOGPSNBEP1FSPFTUPZCJFOJOGPSNBEPWJ

DØNPVOPEFMPTOJ×PTTFTBDØFMDIJDIBSSØO EFMBUSPNQBZMPSFHSFTØBMQMBUP"MBNJUBE EFMBDPNJEBMBDSJBEBEJDFTFOUJSTFNBM DPO GJFCSF-PRVFRVJFSFFTJSTFDPOFMOPWJPRVF MFTJMCBEFTEFMBDBMMF&OVOSBQUPNÓTUJDP o{RVÏPUSPTFQVFEFUFOFSFOFMEFDSFUP TBOJUBSJPRVFOPTPCMJHBBTFSNPOKBTEFTDBM [BT o WFPFMGVUVSPEFMBDSJBEBZTVOPWJP 4VIJKBTFMMBNBSÈ8FOEZ*OGMVFO[BZGPSNBSÈ VOHSVQPEFSPDLQFTBEP1BOEFNJB5SBTFM QPTUSF MBDIBSMBTFEFTCBMBHB o:PDSFPRVFUPEPFTUPFTVOBTVOUPQP MÓUJDP{0QPSRVÏMPTUBQBCPDBTTPOB[VMFT  o/P ZPDSFPRVFFTVOBDPTBEFM1"/ QBSBFMJNJOBSMPTCFTPT o7BOIBTUBBQSPIJCJSRVFVOPCBCFF EPSNJEP o)BCSÈDÈSDFMQBSBRVJFOUFIBHBNBOJUB EFQVFSDP

{&TEPNJOHPPMVOFT "MBJOGMVFO[BTFMFJOWFOUBOPUSPTOPNCSFT  QFSPOJOHVOPGVODJPOB)/QBSFDFVODBOBM EFWJEFPTEFSPDLBMUFSOBUJWP 7*1 WJSVTEFMB JOGMVFO[BQPSDJOB EBMBJNQSFTJØOEFRVFB VOPMPDPOUBHJØ&MUPO+PIO iJOGMVFO[BIVNB OBwFYDVTBEFSFTQPOTBCJMJEBEBMBTEFNÈT DFQBT&O&VSPQBDPNJFO[BBMMBNBSTFMBiGJF CSFNFYJDBOBw1PSFMWJSVT $VCBTVTQFOEF TVTWVFMPTB.ÏYJDPoOPTPUSPTEFCFSÓBNPT QSPIJCJSMFMBFOUSBEBB7JSVMPoZ$IJOBQPOF FODVBSFOUFOBBNFYJDBOPT"SHFOUJOBTF TVNBBMCPJDPU FTFQVFCMPFYUSB×PRVF DVBO EPEJDFiWBDÓPw TFSFGJFSFBLJMPZNFEJPEF SFTFTFQVFCMPFYUSB×PRVF DVBOEPDJFSSBTVT GSPOUFSBT TØMPQSPIÓCFFMQBTPBMPTVSVHVB ZPT:TÓ TFSFOVFWBOMPTDIJTUFTEFBSHFOUJOPT "EJGFSFODJBEFMTJEB RVFDPOEFOØ FO VOJOJDJP BVOBQSFGFSFODJBTFYVBM MBQMBHB EFMTF×BMBVOBQSPDFEFODJBHFPHSÈGJDB oMB$JVEBEEF.ÏYJDP 1FSPUFFO7FSBDSV[ SFCBVUJ[BEPDPNP1SF#SPUF

FMQBTBQPSUF NFYJDBOPoZTFWBFTUBCMFDJFOEPVOFTUJH NBQVFSDPTQPCSFTNFYJDBOPT-BPUSBJEFB FTRVFMPTDPOPDJEPTOPUJFOFOFMWJSVTFM

-"&1*%&.*"10-¶5*$" TBCJMJEBE EF BUFOEFS B QPCMBDJÓO BCJFSUB DPOTJEFSBSB FM GBDUPS EF DSJTJT FNPDJPOBM EFMBHFOUF ZFMPUSP MPTIBCJUBOUFTEFMBT DPMPOJBTFOEPOEFVCJDBNPTBMBTGBNJMJBT DPNPWÎDUJNBTEJSFDUBT TJOTFÒBMBSMBT FJS DBTBQPSDBTBQBSBFYQMJDBSRVÊQBTBZDÓ NPSFBDDJPOBSBOUFFTUBTJUVBDJÓOu &M HPCJFSOP DBQJUBMJOP DPOUSBUÓ B MBT PSHBOJ[BDJPOFT TPDJBMFT ,JOBM"OU[FUJL Z $PSB[POBSQBSBDBQBDJUBSBMPTTFSWJEPSFT QÙCMJDPT Z DPNVOJUBSJPT FO MBT UBSFBT EF BUFODJÓOBWÎDUJNBT BTÎDPNPB5FDI1B MFXJQBSBMBUFSBQJBJOEJWJEVBMZEFHSVQP 'VFDPOFMUSBCBKPEFDBNQP iCVTDBOEP BMBTWÎDUJNBTNÃTRVFFTQFSBSBRVFFMMBT OPTMMBNFOQBSBFYQMJDBSOPTDVÃMFTTPOTVT OFDFTJEBEFTu  RVF TF DPOTJHVJÓ iVCJDBS TJUVBDJPOFTEFEJTDSJNJOBDJÓO w RVFTF

FYQMJDBOTJOPIBZJOGPSNBDJÓOQSFDJTB EF DÓNPFOUFOEFSMBDSJTJT FMGFOÓNFOPRVFTF FTUÃWJWJFOEP ZOPUJFOFTMBTIFSSBNJFOUBT QBSBBDFQUBSZOPDPOEFOBS&OUPODFTUFEB NJFEP OPUFRVJFSFTBDFSDBSPOPRVJFSFT EBSFMQBTPw&TUPOPTFDPNCBUFDPOEJT DVSTPTEFSFQVEJPBMBEJTDSJNJOBDJÓOu $PNPFMTFDUPSBMRVFTFBUFOEJÓNB ZPSJUBSJBNFOUFDPSSFTQPOEFBGBNJMJBTEF FTUSBUPTPDJBMNVZCBKP EJDF1BUSJDJB1B UJÒP TPOiQFSTPOBTRVFEFKBOMBBUFODJÓO IBTUBBMGJOBMQPSRVFUJFOFORVFJSBUSBCB KBS RVFTFWJFSPOFOHSBWFTFTUBEPTEFBO HVTUJBQPSRVFOPTBCÎBOEÓOEFEFKBSBTVT IJKPT ZRVFTJGBMUBCBOMPTJCBOBDPSSFSu 1PSFTPMBFTUSBUFHJBEFMBDPPSEJOBDJÓO GVFMBEFiEBSIFSSBNJFOUBTBMBQPCMBDJÓO Z EFTBSSPMMBS VO QSPHSBNB JOUFHSBM  QPS

RVFQPSNÃTRVFMFEJHBTBVOBNBESFEF GBNJMJBRVFSFTUBCMF[DBMBSFMBDJÓODPOTV TFSFTRVFSJEPT TJOPUJFOFHBSBOUJ[BEPFM BMJNFOUPFTVOBCVSMBu -BGVODJPOBSJBBTFHVSBRVFMPTEFVEPT EF MPT  QFSTPOBT RVF GBMMFDJFSPO iGVF SPOBUFOEJEPTFOVOFOMBFNFSHFO DJBu MPRVFJODMVZÓBQPZPQBSBMPTHBTUPT GVOFSBSJPT "ÒBEJÓ RVF TV DPNJTJÓO FTUÃ USBCBKBOEP DPO FTBT GBNJMJBT Z DPO MBT EF IPTQJUBMJ[BEPTQBSBEFUFSNJOBSMBDMBTFEF BQPZPT TPDJBMFT RVF SFRVJFSFO iQBSB TBMJS BEFMBOUFuFOVOQMB[PEFVOPBUSFTNFTFT &MTFDSFUBSJPEF'JOBO[BTEFMHPCJFSOP DBQJUBMJOP .BSJP%FMHBEP JOGPSNÓRVFEJ DIPTBQPZPTFDPOÓNJDPTTFFTUJNBOFOUSF NJMZNJMQFTPT EFBDVFSEPDPOFMUJFNQP EFIPTQJUBMJ[BDJÓOEFMBGFDUBEP

HPCJFSOPNPDIPEF$BMEFSØOBMCFSHBMBGBO UBTÓBEFRVF TJFTQBSUFEFUVGBNJMJB OPUF QVFEFDPOUBHJBS1PSFTPMPTMMBNBEPTBRVF 1FESP*OGBOUFQBTFFTUFQVFOUFWBDBDJPOBM DPO4BSB(BSDÓB BVORVFUPTBDPNPNJOFSP 1BSBFMJNBHJOBSJPDPOWFOUVBM MPTFYUSB×PT TPODPOUBHJPTPT/PMPEVEP1FSP {QPSRVÏ NJTUÓBTOPJCBOBFTUBSJOGFDUBEBT {1PSRVÏ TFBMJFOUBFMDPOUBDUPGBNJMJBS UBOTPTQFDIP TPDPNPFMBMFBUPSJP {1PSRVÏFMWJSVTEF $BMEFSØOZTVTTFDSFUBSJPTOPDPOUBHJBEF QBESFTBIJKPT &MWJSVTEF$BMEFSØOSFTQFUBB MBGBNJMJB FTQBOJTUB FTSFTQFUVPTPEFMBNB EFDBTBBOUFTEFMQTJDPBOÈMJTJT FTFM$BTUJMMP EFMB1VSF[BFOFM#PTRVFEFMB*OGMVFO[B&T MBJNBHJOBDJØOEFVOHBCJOFUFRVFOPTBMF EFTVTPGJDJOBT{0DVÈOUBTWFDFTIBTBMJEP $BMEFSØOBTVQFSWJTBSMPTUSBCBKPTEFMBBMFS UB 4ØMPBQBSFDFFOUFMFWJTJØO2VJ[ÈTZBMF HVTUBSPOMBTDÈNBSBT-BTJHVJFOUFWF[BMP NFKPSIBTUBTBMFQSFQBSBOEPVOQPMMP

DPOPDJEPIBJOHSFTBEPFOVOIPTQJUBMQPS QSPCMFNBTSFTQJSBUPSJPT FMHPCJFSOPFYBHFSØ -BPCFEJFODJBRVFIBDÓBTPOSFÓSB$BMEFSØO FOUFMFWJTJØOTFEJGVNJOBDPOFMTFOUJEPDP NÞOOPOPTDPOUBHJBNPTZ BEFNÈT TJMP IBDFNPT TFDVSB &TFTUFNBSUFTRVFNFEPZDVFOUBEFRVF IFNPTFTUBEPIBCMBOEPEFEPTWJSVTEJTUJO UPT"DBTPQPSFTPOPMFQVEJNPTOVODBQP OFSVOTPMPOPNCSF-BJOGMVFO[BEFMBHFOUF NFUBGPSJ[BUPEBTMBTBOHVTUJBTDJVEBEBOBTMB QPMÓUJDBUFOFCSPTB MBTSFBDDJPOFTJOBEFDVB EBTEFMPTHPCJFSOPT DJFSUBJEFBEFRVFMB FOGFSNFEBEFTWPMVOUBSJB-B$VNCJBEFMB *OGMVFO[BTVFOBFOMPTSBEJPTi:BNFKPSRVF UFEÏTJEB DÈODFSPDPNF[ØOIPZNÈTWBMF TFSTVJDJEBDPOVOPTUBRVJUPTBMQBTUPS1PS RVFEJDFORVFFTMBHSJQFQFSGFDUBQPSRVF EJDFORVFFTMBHSJQFQFSGFDUBZOPTBCFO RVFFMDIJMBOHPWJWFBCBKPEFMFTNPHw4BMJS TJOUBQBCPDBTEFNVFTUSBGPSUBMF[BGÓTJDB VO TJTUFNBJONVOFBMB$JVEBEEF.ÏYJDP:RVF OVODBMPRVFEJDFMBBVUPSJEBEFTSFBM4JTF JOTJTUFFOMBTDPNQBSBDJPOFTDPOFMUFSSFNPUP EF BRVÓFTUÈVOBMPTDJVEBEBOPTTB CFNPTNÈT-BBVUPSJEBE TJFNQSFMFKBOB OP DPOPDFMBTGPSUBMF[BTEFTVTHPCFSOBEPT -BJOGMVFO[BEFM&TUBEPOPFTNFOPTNÈHJ DBMBGBNJMJBOPQVFEFDPOUBHJBSUFZ BEFNÈT  FMQBÓTMFIBIFDIPVOTFSWJDJPBMQMBOFUB $BMEFSØOTFQPOFBTÓNJTNPFOMBQPTJDJØOEF IÏSPFJODPNQSFOEJEPZMBO[BVOBWJØORVF WBZBQPSMPTNFYJDBOPTB$IJOB -PTUJOUSBOT MBUJPO QFSPTJO4DBSMFUU+PIBOTTPO"VORVFTÓ JSÈBWFSDØNPCBKBOEFMBFTDBMFSBEFMBWJØO  MB1SJNFSB%BNB TJODVCSFCPDBT SFDJCJFOEPB QBTBKFSPTRVFMBQBTBOEFMBSHP USBTIPSBT EFWVFMP.ÈTUBSEF'FMJQF$BMEFSØOEJSÈRVF iIFNPTEFGFOEJEPBMB)VNBOJEBEw DVBOEP MB)VNBOJEBEWJTJCMFFTTØMPMBEFMTFDSFUBSJP EF)BDJFOEB: DPNPUPEPTMPTQSFTJEFOUFT TF WPMWFSÈMPDPDPOTVTQSPQJBTUÈDUJDBTEFWJPMFO DJBWFSCBMIBCMBEFMPDVMUBNJFOUPEF$IJOB EFMBTWÓDUJNBTEFMBHSJQFBWJBS EFMBTEF "SHFOUJOBQPSFMEFOHVF EF)BJUÓiRVFOPTF NVFSFEFMWJSVTTJOPEFIBNCSFw&OMBDMÈTJDB

GØSNVMBEFiNJQBQÈFTCPSSBDIPZUFWPNJUBw  MBBVUPSJEBEFKFDVUJWBDPOWJFSUFBMQMBOFUBFO FMQBUJPEFMLÓOEFS4JMPTDJVEBEBOPTNFUBGPSJ [BNPTFOMBJOGMVFO[BFMHSBEVBMEFTDSÏEJUPEF MBQBMBCSBPGJDJBM MBBVUPSJEBEUFNFBMBTNVM UJUVEFT4FBDV×BFMiEJTUBODJBNJFOUPTPDJBMw DPNPNÏUPEPEFDPOUSPMOBEJFBUVFTQBMEB OJFOGSFOUF VONFUSPZDFOUÓNFUSPTEFBJSF FOUSFUÞZVOEFTDPOPDJEP-BJNBHFOFT EF OVFWP SJTJCMF TPCSFUPEPTJTFQJFOTBFOFM .FUSPEFMB$JVEBEEF.ÏYJDP EPOEFTFQPOF FOEVEBRVFEPTDVFSQPTQVFEBODPNQBSUJSFM NJTNPFTQBDJPNPMFDVMBS

EFNBZPMPT[BDBQPBYUMBT TFRVJUBOMBNBTDBSJMMB /PGVFVOBSFCFMJØOQFSPTÓVOEFTEÏOQPS FMQÈOJDPEFMPTHPCJFSOPTMBHFOUFTBMFBMB DBMMFTJOUBQBCPDBT"TÓ EFQSPOUP FOFTUBN QJEB BTÓDPNPEFDJEJFSPORVFEBSTFFOTVT DBTBTTJONÈTJOGPSNBDJØORVFMBTEVEPTBT DJGSBTEFNVFSUPTQPSJOGMVFO[B VOCVFOEÓB EFDJEFORVFMBBMFSUBIBUFSNJOBEP-BNBZP SÓBTBMFBMBDBMMFTJOUBQBCPDBT WFPBOPWJPT CFTÈOEPTFFOFMQBSRVF ZIBTUBVOQPMJDÓB FTDVQJFOEP/PIBZOBEBDPNPFTBJNBHFO QBSBTFOUJSTFEFWVFMUB-BJEFBEFMBFOGFSNF EBEOVFWBIBWBSJBEPFOUSFMBTDVBUSPQBSF EFTEFM$BTUJMMPEFMB1VSF[B BRVFMMBDJOUBEF 3JQTUFJODPOHVJØOEF+PTÏ&NJMJP1BDIFDPFO MBRVF$MBVEJP#SPPL (BCSJFM-JNB NBOUJFOF BTVGBNJMJBFODFSSBEBGBCSJDBOEPVOWFOFOP QBSBSBUBT NJFOUSBTÏMEJTGSVUBEFMNVOEPFY UFSJPSZIBTUBTFFDIBTVTUBRVJUPTBMQBTUPS Z FTVODÈMDVMPFOUSFFMQÈOJDPJOJDJBMZFMIFDIP EFRVFOPDBÓNPTNVFSUPTDPNPNPTDBT 4JEFMPTFODVFTUBEPTEJDFRVFOJOHÞO

4PCSFMBTSVJOBTEFMDBTUJMMP -BJODSFEVMJEBEPDVQBTVMVHBSIBCJUVBMDPO MBSFBQFSUVSBEFSFTUBVSBOUFT DJOFT HJNOB TJPT FTDVFMBT&OMB6/".FMCFTJUPoPFMGBKF NÈTPNFOPTEJTGSB[BEPEFBNJTUBEQSPGVO EBoOPTFSFUJSB-BBMFSUBTFSFEVDFBSFDJCJS VOBTHPUBTEFHFMBOUJCBDUFSJBMo{QVFTOPRVF FSBVOWJSVT oZBBUFOEFSMBWJHJMBODJBBPKPT EFMB1PMJDÓB4BOJUBSJBVOBWF[EFOUSPEFMDJOF ZDPOMBTMVDFTBQBHBEBT OBEJFQVFEFFWJUBS RVFMBHFOUFTFKVOUF TFUPRVF TFMBNB-B IJTUPSJBEFMBQMBHBDVFOUBFMFQJTPEJPEF VOPTNVFSUPTRVFGVFSPONBMBUFOEJEPTQPS MPTIPTQJUBMFT-BSFTQPOTBCJMJEBEGJOBM MB RVFJNQPSUBoMBJNBHJOBSJBo OPFTEFMWJSVT  TJOPEFMTJTUFNBEFTBMVEZTVTQPCSF[BT-B NFUÈGPSBRVFQSJWB USBTMBFNFSHFODJB FTMB JODSFEVMJEBE"TÓDPNPMBGBNJMJBFODFSSBEB EVSBOUFB×PTQPSFMQBESFFOMBDBTBEF -JOEBWJTUBFO FTUFDBTUJMMPEFMBQVSF[B TFEFTNPSPOØBHPMQFTEFTBMVENFOUBM o{2VÏFTUÈTPZFOEP oMFEJHPBNJJOUFS MPDVUPSUFMFGØOJDP RVFZBSFHSFTØEF"DB QVMDPQFSPUPEBWÓBOPBEBSDMBTFT o{1VFTRVÏNÈTTFQVFEFPÓS "IÓWJFOF MBQMBHB o.FIFMBWBEPUBOUPMBTNBOPTRVFZB UFOHPQF[V×BToMFEJHP 3FTQPOEFBMHPTPCSFUPTUBEBTEFQBUB  QFSPZBOPMFPJHP&TUÈOUPDBOEPBMBQVFS UB-FDVFMHP&TQFSPRVFTFBMBWFDJOBL

EFNBZPEF

.JHVFM%JNBZVHB

-BDPOUJOHFODJBTBOJUBSJB UFSNJOØQPSFWJEFODJBSMP RVFFMHPCJFSOPGFEFSBMWF OÓBOFHBOEPEFTEFIBDÓB NFTFT-BSFDFTJØOFTUÈBRVÓ -BTFTUBEÓTUJDBTUBNCJÏO NVFTUSBORVFFMDSFDJNJFOUP QBSBTFSÈOVMPZRVFFM QSØYJNPB×PTFSÈMBEFCBDMF &MJNQBTJCMFTFDSFUBSJPEF )BDJFOEBZBMPBENJUJØTJ MBFDPOPNÓBOPTFSFBDUJWB  BMHPCJFSOPDBMEFSPOJTUB TØMPMFRVFEBSÈSFDVSSJSB MBEFVEB BMPTSFDPSUFTEF HBTUPQÞCMJDPZBVONBZPS DPCSPEFJNQVFTUPT/PQBTØ NVDIPUJFNQPCSJODBSEFM iDBUBSSJUPwBMBQVMNPOÓB GJOBODJFSB

1VMNPOÓB

GJOBODJFSB

$BSMPT"DPTUB$ØSEPWB

%

FTEF IBDF NFTFT MPT TÎOUPNBT FSBO DMBSPT EFTFNQMFP DSF DJFOUF TBMBSJPTSFBMFTBMBCBKB  NFOPSDPOTVNP DBSUFSBWFODJ EBBMBM[B NFOPTDSÊEJUP QSP EVDDJÓO JOEVTUSJBM FO QJDBEB  TFDUPSNBOVGBDUVSFSPEFTQMPNBEP JOGMB DJÓO RVF OP DFEF  DPNFSDJP Z TFSWJDJPT EFSSVNCBEPT  FYQPSUBDJPOFT EFDMJOBOUFT Z  FO HFOFSBM  VOB BDUJWJEBE FDPOÓNJDB RVFDBFNFTUSBTNFT 

EFNBZPEF

1FSP IBTUB RVF FDIÓ NBOP EFM NB OVBMJUP CÃTJDP EF UFPSÎB FDPOÓNJDB  FM TFDSFUBSJPEF)BDJFOEB "HVTUÎO$BSTUFOT  SFDPOPDJÓQÙCMJDBNFOUFmFMKVFWFTmRVF iFTUBNPTFOSFDFTJÓOu QVFTBRVÊMTFÒBMB RVF USBT EPT USJNFTUSFT DPOTFDVUJWPT EF EFDSFDJNJFOUPFDPOÓNJDPVOQBÎTFOUSBFO SFDFTJÓO : FOFGFDUP DVNQMJEPFTUÃMPRVFEJDF FMSFDFUBSJPFOFMÙMUJNPUSJNFTUSFEF MBFDPOPNÎBSFHJTUSÓVOBDBÎEBEFZ

FOFMQSJNFSPEF EF"VORVFFM #BODPEF.ÊYJDPEJDFRVFQPESÎBTFSEF IBTUB&MEFNBZP )BDJFOEBEBSÃ MBDJGSBEFGJOJUJWB EJKP$BSTUFOTBDPSSFT QPOTBMFTFYUSBOKFSPT 1FSPBVODVBOEPJOUSPEVKPZBFOFMEJT DVSTP PGJDJBM FM UÊSNJOP SFDFTJÓO mBM RVF TFIBCÎBSFTJTUJEPPCTUJOBEBNFOUFm FMTF DSFUBSJPEF)BDJFOEBTJHVFTJOBDFQUBSRVF MB FDPOPNÎB QPESÎB DBFS FTUF BÒP FO VOB DJGSBDFSDBOBBPNÃT DPNPTFÒBMBO

- "  & 1 * % & . * "   & $ 0 / 0 . ¶ " FM#BODPEF.ÊYJDP MPTHSVQPTEFBOÃMJTJT OBDJPOBMFTZFYUSBOKFSPTRVFÊTUFDPOTVM UBDBEBNFT DÃNBSBTFNQSFTBSJBMFTZBVO PSHBOJTNPTJOUFSOBDJPOBMFT "VODVBOEPFTBFTUJNBDJÓOEF EFDBÎEBEFM1SPEVDUP*OUFSOP#SVUPQBSB FTUFBÒPTFBMBNÃTPQUJNJTUBEFDVBOUBT TF IBO EJGVOEJEP  FT VO DBNCJP ESBNÃUJ DP SFTQFDUP EF MB FTUJNBDJÓO RVF IJ[P FM QSPQJP$BSTUFOTBQSJODJQJPTEFBÒP EFVO iDSFDJNJFOUPuOVMPEFM1*#QBSB $VBUSP QSPHSBNBT IB BOVODJBEP FM QSFTJEFOUF'FMJQF$BMEFSÓO DPOCPNCPZ QMBUJMMPmBMHVOPTFOTPMFNOFTDFSFNPOJBT SFQVCMJDBOBTm  QBSB SFTHVBSEBS MB FDPOP NÎB OBDJPOBM EF MPT FNCBUFT EF MB DSJTJT FDPOÓNJDBJOUFSOBDJPOBM QBSBBQPZBSBMBT GBNJMJBTNFYJDBOBTZQSPUFHFSFMFNQMFP -B CBTF EF FTPT QSPHSBNBT  TF EFDÎB  FSBVOBBDPNFUJEBFTQFDUBDVMBSQPSWÎBEF MBJOGSBFTUSVDUVSB"USBWÊTEFMBDPOTUSVD DJÓO MBFEJGJDBDJÓOZFMNBOUFOJNJFOUPEF PCSBTTFEJOBNJ[BSÎBMBFDPOPNÎBTFDSFB SÎBONJMFTEFFNQMFPTZ QPSFOEF IBCSÎB NÃTDPOTVNP NÃTBDUJWJEBEFNQSFTBSJBM  NÃTSFDBVEBDJÓOw 1FSP MB SFBMJEBE FT PUSB &M ESBNÃUJ DPDBNCJPFOMPTQSPOÓTUJDPT EFB  EBDVFOUBEFRVFMPTQSPHSBNBTHV CFSOBNFOUBMFTTJHVFOFOFMQBQFMZCSJMMBO QPSTVBVTFODJBMPTFGFDUPTFTQFSBEPT -B FTQFSBEB DPNQFUJUJWJEBE Z EJOB NJTNP EF MB FDPOPNÎB RVF USBFSÎBO MBT QPMÎUJDBT BOUJDÎDMJDBT OP TF WFO QPS OJO HÙOMBEPZQPDPTDSFFOFOTVTCPOEBEFT MBT ÙMUJNBT FTUJNBDJPOFT PGJDJBMFT BQVO UBO B VOB QÊSEJEB EF FNQMFPT GPSNBMFT  FOFMBÒP DFSDBOBBMNFEJPNJMMÓO5PEBT MBT BDUJWJEBEFT FDPOÓNJDBT TF IBO EFT QMPNBEP MB QSPEVDDJÓO BHSPQFDVBSJB   MB JOEVTUSJBM   NBOVGBDUVSBT  DPOTUSVDDJÓO HFOFSBDJÓO EF FMFDUSJDJEBE   TFSWJDJPT Z DP NFSDJP  1PSFMMBEPEFMBEFNBOEBBHSFHBEB QFPS FOFMQSJNFSUSJNFTUSF MBTFYQPSUBDJPOFTEF NFSDBODÎBT DBZFSPO  MBT FYQPSUB DJPOFT QFUSPMFSBT   MBT FYUSBDUJWBT  ZMBTNBOVGBDUVSFSBT  %JBHOØTUJDPTFRVJWPDBEPT

DPOFMVTPEFTVFMP DPOMBTDPOWPDBUPSJBT ZMBTMJDJUBDJPOFT DPOMBJOPQFSBODJBEFMB 4FDSFUBSÎBEFMB'VODJÓO1ÙCMJDB RVFNÃT QBSFDFEFMB%JTGVODJÓO1ÙCMJDBu i5BNQPDPTFIBOQPEJEPFOGSFOUBSDPO FGJDJFODJBMPTHSBWFTQSPCMFNBTEFGJOBO DJBNJFOUPZQPSFMMPOPQVFEFJNQVMTBSTF MBJOWFSTJÓOJOEVDJEB DPOUSBDÎDMJDBu&TB FTVOBEFMBTDBVTBTEFRVFFTUÊOEFUFOJ EPTPTFIBZBOSFEVDJEPHSBOEFTQSPHSB NBTEFJOGSBFTUSVDUVSBu 4FIBCÎBQSPZFDUBEPRVF1VOUB$PMP OFU FO&OTFOBEB #BKB$BMJGPSOJB GVFSBFM QVFSUPDPNFSDJBMNÃTHSBOEFEFMQBÎT RVF BCBSDBSÎBNJMIFDUÃSFBTEFUFSSFOP DPO DBQBDJEBE QBSB NPWJMJ[BS  NJMMPOFT EF DPOUFOFEPSFTBMBÒP ZRVFTFDPOTUSVJSÎB DPO VOB JOWFSTJÓO QSJWBEB TVQFSJPS B MPT NJMNJMMPOFTEFQFTPT-BMJDJUBDJÓOTF IBQPTQVFTUPUSFTWFDFTZOPIBZGFDIBQB SBVOBQSÓYJNB %FIFDIP MB4FDSFUBSÎBEF$PNVOJDB DJPOFTZ5SBOTQPSUFTSFDPOPDJÓMBTFNBOB QBTBEB RVF  BQBSUF EF $PMPOFU  UPEBT MBT MJDJUBDJPOFTQBSBMBBNQMJBDJÓOEFQVFSUPT NFYJDBOPT mRVF SFRVJFSFO VOB JOWFSTJÓO NBZPSBMPTNJMNJMMPOFTEFQFTPTZRVF EBSÎBOVOPTNJMFNQMFPTEJSFDUPTm IBOGSBDBTBEP 1FSPOPTÓMPMBTHSBOEFTPCSBTEFJO GSBFTUSVDUVSBFTUÃOQBSBEBT$SJUJDB4VÃSF[ %ÃWJMBi/JTJRVJFSBTFIBJNQVMTBEPBMHP RVFUBNCJÊOWJFOFFOMPTQSPHSBNBTHVCFS OBNFOUBMFT ZQBSBMPDVBMTFIBOEFTUJOB EPNJMNJMMPOFTEFQFTPT ZRVFFTNÃT TFODJMMPZDSFBFNQMFPTNÃTSÃQJEBNFOUF MBSFBDUJWBDJÓOEFDBNJOPTZWJBMJEBEFTFO MBTDJVEBEFTZFMDBNQP FMNBOUFOJNJFO UP RVF VSHFOUFNFOUF SFRVJFSFO FTDVFMBT  IPTQJUBMFT PGJDJOBTQÙCMJDBTwu &OFMMPDPJODJEF.BSJP%FMHBEP$BSSJ MMP  TFDSFUBSJP EF 'JOBO[BT EFM (PCJFSOP EFM%JTUSJUP'FEFSBM FDPOPNJTUBFHSFTBEP EFM*5". DPONBFTUSÎBFOMB6OJWFSTJEBE EF&TTFY *OHMBUFSSBi-BTNFEJEBTBOUJDÎ DMJDBTOVODBMMFHBSPO PTJHVFOTJOMMFHBS &MHBTUPFOJOGSBFTUSVDUVSBOPTFIBFDIB EP B BOEBS &M 'POBEJO 'POEP /BDJPOBM EF *OGSBFTUSVDUVSB  TJHVF TJO FTUSFOBSTF  BVODPOMPTNJMNJMMPOFTEFQFTPTRVF EJDFORVFUJFOF&OTVNB FMUFNBEFJOGSB FTUSVDUVSBOPKBMÓu &MFOUSFWJTUBEPTPTUJFOFRVFiBMHPCJFS OPGFEFSBMMFIBGBMUBEPTFOUJEPEFVSHFO DJB QVFTPQFSBDPNPTJOPFTUVWJÊSBNPT FO VOB TJUVBDJÓO FDPOÓNJDB FYUSBPSEJOB SJBu&MHPCJFSOPEF'FMJQF$BMEFSÓO EJDF  SFBDDJPOB UBSEF Z NBM  DPO EJBHOÓTUJDPT FRVJWPDBEPTi/PBQSPWFDIBMBFYQFSJFO DJBEFMBFQJEFNJBQBSB QPSFKFNQMP FDIBS BBOEBSMPTQMBOFTBOUJDÎDMJDPTJNQVMTBO EP QFSPZB MBJOGSBFTUSVDUVSBIPTQJUBMBSJB  FTDPMBSZUFDOPMÓHJDBu

'SBODJTDP 4VÃSF[ %ÃWJMB  RVJFO GVF TVC TFDSFUBSJPEF)BDJFOEBFOFMHPCJFSOPEF .JHVFMEFMB.BESJEmFTEFDJS TBCFMPRVF TPOMBTDSJTJTFDPOÓNJDBTm FYEJQVUBEPGF EFSBMZVOPEFMPTFDPOPNJTUBTNÃTSFQV UBEPTEFMQBÎTTPTUJFOF i-BTNFEJEBTBOUJDÎDMJDBTEFMHPCJFSOP GFEFSBM BEFNÃTEFTFSDMBSBNFOUFJOTVGJ DJFOUFT TPOVOBNBSBÒBEFQPMÎUJDBTSFQFUJ UJWBT TVQFSQVFTUBT RVFZBOBEJFFOUJFOEF -PRVFTFRVFSÎBIBDFSFOJOGSBFTUSVDUVSB TFIBUPQBEPDPOHSBOEFTEJGJDVMUBEFTQBSB MBFKFDVDJÓOEFMHBTUPDPOPCTUÃDVMPTMF -BDBÓEB HBMFTFJOTUJUVDJPOBMFTGBMUBEFQSPZFDUPT FKFDVUJWPTZBVOEFJOHFOJFSPTQSPCMFNBT -BT EFDMBSBDJPOFT EFM TFDSFUBSJP EF )B

DJFOEBBOUFDPSSFTQPOTBMFTFYUSBOKFSPT FM KVFWFT EFKÓFOUSFWFSUBNCJÊOMPTUFNP SFTEFMHPCJFSOPSFTQFDUPEFMBTGJOBO[BT QÙCMJDBTFMBÒPQSÓYJNP &TUFBÒP FOFMRVFUPEPNVOEPDPJO DJEFRVFTFSÃFMQFPS IBCSÃVOEFTQMPNF OVODBWJTUPEFMPTJOHSFTPTQÙCMJDPT TF HÙOQSPOPTUJDBMBQSPQJB4FDSFUBSÎBEF)B DJFOEBFOMBTQSFWJTJPOFTQSFMJNJOBSFTEFM QSPHSBNBFDPOÓNJDPRVFFOUSFHÓBM $POHSFTPBQSJODJQJPTEFBCSJM %F FOUSBEB  FTUJNB RVF MPT JOHSFTPT QFUSPMFSPTTFSFEVDJSÃOFONJMNJ MMPOFTEFQFTPT BDPOTFDVFODJBEFMBDBÎEB FOFMQSFDJPEFMQFUSÓMFP FMDPOHFMBNJFOUP EFMQSFDJPEFMBTHBTPMJOBTZEFMHBT-1Z FMNFOPSEFTMJ[EFMQSFDJPEFMEJFTFM "EJDJPOBMNFOUFFTUJNBVOBDBÎEBEF NJMNJMMPOFTEFQFTPTFOMBSFDBVEB DJÓOUSJCVUBSJBOPQFUSPMFSB DPNPFGFDUPEF MBNFOPSBDUJWJEBEFDPOÓNJDB"VORVFUP EPBQVOUBBRVFTFSÃNBZPSMBEJTNJOVDJÓO EFFTPTJOHSFTPTUBOTÓMPFOFMQSJNFSUSJ NFTUSFMBSFDBVEBDJÓOUPUBMDBZÓFO QBSUJDVMBS MBEFM*7"TFEFTQMPNÓ  ZMBEFM*43ZFM*&56 FO -B TVNB EF BNCBT EJTNJOVDJPOFT FT EFNJMNJMMPOFTEFQFTPT 4JO FNCBSHP  HSBDJBT B MB DPCFSUVSB QFUSPMFSBmCFOEJUPTFHVSPRVFQFSNJUJSÃBM HPCJFSOPTFHVJSSFDJCJFOEPEÓMBSFTQPS CBSSJMFTUFBÒPmQPESÃDPNQFOTBSTFMBCBKB FOMPTJOHSFTPTQSFTVQVFTUBSJPT-BDPCFS UVSBHBSBOUJ[BFTUFBÒPVOJOHSFTPBEJDJP OBMEFNJMNJMMPOFTEFQFTPT "EFNÃT )BDJFOEBFTQFSBPUSPTNJM NJMMPOFTEFQFTPTQPSJOHSFTPTOPSF DVSSFOUFT  EF MPT DVBMFT  NJM NJMMPOFT TFSÃOFMSFNBOFOUFEFPQFSBDJÓOEFM#BO DPEF.ÊYJDP &TEFDJS MBSFEVDDJÓOEFMPTJOHSFTPT QSFTVQVFTUBSJPT TFSÃO NFOPSFT FO iBQF OBTuNJMNJMMPOFTEFQFTPTSFTQFDUP EFMPQSFWJTUPFOFMQSPHSBNBFDPOÓNJDP EFBQSPCBEPFOEJDJFNCSFQBTBEP "EJDJPOBMNFOUF  FM HPCJFSOP UJFOF BCJFSUB MB MÎOFB EF DSÊEJUP DPOUJOHFOUF QPS  NJM NJMMPOFT EF EÓMBSFT RVF MF BCSJÓFM'POEP.POFUBSJP*OUFSOBDJPOBM UBNCJÊO MPT  NJM NJMMPOFT EF EÓMBSFT EFMBMÎOFBTXBQDPOMB3FTFSWB'FEFSBM DVFOUB BEFNÃT DPO DSÊEJUPT ZB BDPSEB EPTQPSNJMNJMMPOFTEFEÓMBSFTZ NJMNJMMPOFT DPOFM#BODP.VOEJBMZ FM #BODP *OUFSBNFSJDBOP EF %FTBSSPMMP  SFTQFDUJWBNFOUF &MUFNPSRVFFYQSFTÓ"HVTUÎO$BSTUFOT MBTFNBOBQBTBEBFTRVFQBSBIBCSÃ NVZQPDPEFFTP/JDPCFSUVSBTQFUSPMFSBT OJDSÊEJUPTDPOUJOHFOUFT QPSMPNFOPT : FOUPODFT  B TVGSJSw NÃT 4J OP TF SFBDUJWBMBFDPOPNÎBZTFTJHVFOEFTQMP NBOEP MPT JOHSFTPT QÙCMJDPT  EJKP $BST UFOT IBCSÃRVFFDIBSNBOPEFNFEJEBTZB FYQFSJNFOUBEBT ZQBEFDJEBT QPSHFOFSB DJPOFTEFNFYJDBOPTNÃTEFVEB SFDPSUFT BMHBTUPQÙCMJDPZNÃTJNQVFTUPTL EFNBZPEF

&MWJSVT EFTDPOGJBO[B

"MGSFEP(VFSSFSP

EFMB



EFNBZPEF

- "  & 1 * % & . * "   * / 5 & 3 / " $ * 0 / " %FTQVÏT EF RVF $VCB DBODFMØ UFNQPSBMNFOUF MPT WVFMPT QSPDFEFOUFT EF .ÏYJDP Z EF RVF TPNFUJØ B DJVEBEBOPT EF FTUF QBÓT B SFWJTJPOFT ZiCÞTRVFEBT FQJEFNJPMØHJDBTw FO BFSPQVFSUPT  IPUFMFT Z DBTBT QBSUJDVMBSFTEFMBJTMB MBTSFMBDJPOFTFOUSFMPTHPCJFS OPTEF'FMJQF$BMEFSØOZ3BÞM$BTUSPTFUFOTBSPO%F IFDIP MBWJTJUBEF$BMEFSØOB$VCBoRVFEFNBOFSB TJNCØMJDBDPOGJSNBSÓBMBOPSNBMJ[BDJØOEFMPTWÓODVMPT CJMBUFSBMFToTFQPTQVTPQPSUJFNQPJOEFGJOJEP +VBO#BMCPBZ)PNFSP$BNQB

-

")"#"/"$*6%"%%& .²9*$0 &M WJSVT EF MB JOGMVFO[B")/EBÒÓMB CVFOBTBMVEEFMBTSFMBDJP OFTFOUSF.ÊYJDPZ$VCB :ZBUVWPVOBWÎDUJNBMB WJTJUBEFMQSFTJEFOUF'FMJQF $BMEFSÓOBMBJTMB %F BDVFSEP DPO GVFOUFT EJQMPNÃUJDBT FO .ÊYJDP Z -B )BCBOB  EJDIB WJTJUB TF QPTQVTPQPSUJFNQPJOEFGJOJEP &O.ÊYJDP MBDBODJMMFSÎBZ-PT1JOPT UFOÎBOQSFWJTUPFMWJBKFEF$BMEFSÓOB$V CBQBSBMBUFSDFSBTFNBOBEFNBZP&O-B )BCBOB MP FTQFSBCBO QBSB MB QSJNFSB TF NBOBEFKVOJP -B WJTJUB UFOÎB VO TJHOJGJDBEP TJNCÓ MJDPDPOGJSNBSÎBRVFMBTSFMBDJPOFTFOUSF MPTEPTQBÎTFTmEFUFSJPSBEBTBMQVOUPEFM SPNQJNJFOUPEVSBOUFMBBENJOJTUSBDJÓOEF 7JDFOUF'PYmTFIBCÎBOOPSNBMJ[BEPDPN QMFUBNFOUF 4JOFNCBSHP BOUFMBFQJEFNJBEFJO GMVFO[BRVFTVSHJÓFO.ÊYJDP FMHPCJFSOP EF$VCBEFDJEJÓ FMEFBCSJM iTVTQFOEFS UFNQPSBMNFOUFu MPT WVFMPT FOUSF BNCPT QBÎTFT'VFMBQSJNFSBOBDJÓORVFUPNÓFT UBNFEJEB-FTJHVJFSPO"SHFOUJOB 1FSÙ  &DVBEPS $IJOBZ4JOHBQVS " QBSUJS EF FMMP  UBOUP FM HPCJFSOP EF .ÊYJDPDPNPFMEF-B)BCBOBBOBMJ[BSPO QPSTVDVFOUBQPTQPOFSMBWJTJUBEF$BMEF SÓO B MB JTMB 1FSP BSHVNFOUBSPO SB[POFT EJTUJOUBT -B )BCBOB DPOTJEFSB OFDFTBSJP SF QMBOUFBS FM WJBKF QPSRVF BÙO EFTDPOPDF MBGFDIBFORVFMFWBOUBSÃMBTNFEJEBTEF DPOUFODJÓOEFMBJOGMVFO[BZEFiWJHJMBO DJBDMÎOJDPFQJEFNJPMÓHJDBu i)BTUBFMNPNFOUPOPIBZGFDIBTQB SB DBODFMBS FO TV UPUBMJEBE MB DVBSFOUFOB RVF TF EFTQMFHÓ EFTEF FM QBTBEP  EF BCSJMQBSBFWJUBSMBQSPQBHBDJÓOEFMWJSVT ")/BOVFTUSPQBÎTu DPOGJÓFMTÃCBEP

VOBGVFOUFEFMBDBODJMMFSÎBDVCBOBBMB RVFTFMFDPOTVMUÓTPCSFMBHJSBEFMQSFTJ EFOUF$BMEFSÓO "EFNÃT BVOFOFMDBTPEFRVFFMHP CJFSOPEFMBJTMBMFWBOUFMBTVTQFOTJÓOEF WVFMPTFONBZP UJFOFQSFWJTUPNBOUFOFS  EVSBOUF KVOJP  VO NPOJUPSFP FQJEFNJPMÓ HJDP TPCSF MPT WJBKFSPT QSPWFOJFOUFT EF .ÊYJDP "TÎ TFHÙOFTBGVFOUF OPFYJTUFODPO EJDJPOFTEFTBOJEBEQBSBRVFFMNBOEBUB SJPNFYJDBOPZTVDPNJUJWBQVFEBOWJBKBS BMBJTMB /PUBTEJQMPNÈUJDBT -PT NPUJWPT EFM HPCJFSOP NFYJDBOP TPO PUSPT FM EFTDPODJFSUP Z MB NPMFTUJB QSP WPDBEPT QPS MBT NFEJEBT BEPQUBEBT QPS $VCB &M  EF BCSJM  MB 4FDSFUBSÎB EF 3FMB DJPOFT &YUFSJPSFT 43&  DPOWPDÓ B VO HSVQP EF FNCBKBEPSFT MBUJOPBNFSJDBOPT BDSFEJUBEPTFO.ÊYJDPBVOBSFVOJÓORVF TFFGFDUVÓFOFMQSJNFSQJTPEFMFEJGJDJPEF MB DBODJMMFSÎB  FO BWFOJEB +VÃSF[ &O BV TFODJBEFMTVCTFDSFUBSJP4BMWBEPS#FMUSÃO EFM 3ÎP mRVJFO TF FODPOUSBCB FO /JDBSB HVBFOVOFODVFOUSPEFNJOJTUSPTEF4B MVEEF$FOUSPBNÊSJDBm FMEJSFDUPSHFOFSBM QBSB"NÊSJDB-BUJOBZFM$BSJCF +PTÊ*H OBDJP1JÒB FYQMJDÓBMPTEJQMPNÃUJDPTMBT NFEJEBTBEPQUBEBTQPSFMHPCJFSOPGFEFSBM QBSBDPOUFOFSMBQSPQBHBDJÓOEFMWJSVTEF MBOVFWBJOGMVFO[B %FBDVFSEPDPOEJQMPNÃUJDPTRVFFT UVWJFSPO FO FM FODVFOUSP  FM FNCBKBEPS DVCBOP.BOVFM"HVJMFSBEFMB1B[QJEJÓ MBQBMBCSB%FFOUSBEBFYQSFTÓTVTPMJEB SJEBEDPOFMQVFCMPNFYJDBOP-VFHPEJKP RVFBOUFFTUBFNFSHFODJBFMHPCJFSOPEF .ÊYJDP FTUBCB UPNBOEP NFEJEBT ESÃTUJ DBT QPSMPRVFÊTUFUFOÎBRVFDPNQSFOEFS RVFPUSPTQBÎTFTUBNCJÊOQVEJFSBOUPNBS

MBT4VTQBMBCSBTQSPWPDBSPONJSBEBTEF FYUSBÒF[B 6OBTIPSBTNÃTUBSEF "HVJMFSBDPNV OJDÓQPSUFMÊGPOPB1JÒBRVFFMHPCJFSOP EF$VCBIBCÎBEFDJEJEPTVTQFOEFSiUFN QPSBMNFOUFuMPTWVFMPTFOUSF.ÊYJDPZMB JTMBZRVFTPNFUFSÎBBSFWJTJÓODMÎOJDBBMPT DJVEBEBOPTEFDVBMRVJFSOBDJPOBMJEBEQSP DFEFOUFTEF.ÊYJDP1BSBFTFNPNFOUP MB DBODJMMFSÎBNFYJDBOBZBMPTBCÎBUFOÎBFO TVQPEFSFMUFYUPEFMDPNVOJDBEPDPOKVO UPFNJUJEPFTFNJTNPEÎBQPSMB"VUPSJEBE /BDJPOBMEF4BMVE1ÙCMJDB FM&TUBEP.B ZPS/BDJPOBMEFMB%FGFOTB$JWJMZMB"F SPOÃVUJDB$JWJMEF$VCBRVFEBCBDVFOUB EFFTBNFEJEB i&MHPCJFSOPDVCBOPSPNQJÓVOBDVFS EP %FTEF RVF .ÊYJDP Z $VCB GJSNBSPO  FOPDUVCSFQBTBEP FM.FNPSBOEPEF&O UFOEJNJFOUPFONBUFSJBNJHSBUPSJB BNCPT HPCJFSOPT DPOWJOJNPT RVF FO BEFMBOUF OJOHVOP EF MPT EPT UPNBSÎB VOB NFEJ EB RVF BGFDUBSB BM PUSP TJO DPOTVMUBSMP Z QMBUJDBSMP QSFWJBNFOUF "DPSEBNPT RVF OPBDUVBSÎBNPTVOJMBUFSBMNFOUF&MMPTOP DVNQMJFSPOu DPOUÓB1SPDFTPVOBGVFOUF EFMHPCJFSOPNFYJDBOP i&O SFBMJEBE mBÒBEJÓm  TVTQFOEFS MPT WVFMPT DPO .ÊYJDP OP FWJUB FM SJFTHP EF DPOUBHJP QVFTFMWJSVTZBFTUÃFOVOBWFJO UFOBEFQBÎTFTZ$VCBNBOUJFOFMPTWVFMPT EJSFDUPT DPO NVDIPT EF FMMPT  JODMVJEPT &TUBEPT 6OJEPT TV USBEJDJPOBM FOFNJ HP

$BOBEÃZ&TQBÒB EPOEF EFTQVÊTEF .ÊYJDP  TF IBO SFQPSUBEP MB NBZPSÎB EF MPTDBTPTEFJOGMVFO[B")/u "MEÎBTJHVJFOUFmEFBCSJMmFMTVC TFDSFUBSJP#FMUSÃOEFM3ÎPDPOWPDÓBMFN CBKBEPS "HVJMFSB Z MF FOUSFHÓ VOB OPUB EJQMPNÃUJDB EF QSPUFTUB &O EJDIP EPDV NFOUP FMHPCJFSOPEF$BMEFSÓONBOJGJFTUB BMEF3BÙM$BTUSPTViFYUSBÒF[BuBOUFMBT NFEJEBTRVFÊTUFBEPQUÓ MBTDVBMFT EJDF  BGFDUBOB.ÊYJDPZBMPTNFYJDBOPT4FÒB EFNBZPEF

"1QIPUP+BWJFS(BMFBOP

- "  & 1 * % & . * "  * / 5 & 3 / " $ * 0 / " -

.FYJDBOPTFO$VCB3FWJTJPOFT

MBRVFGVFSPOUPNBEBTTJODPOTVMUBQSFWJB DPO MBT BVUPSJEBEFT NFYJDBOBT Z BGJSNB RVF TPO DPOUSBSJBT B MPT UÊSNJOPT EF MBT SFDPNFOEBDJPOFTFNJUJEBTQPSMB0SHBOJ [BDJÓO.VOEJBMEFMB4BMVE 0.4  &TFNJTNPEÎB MB43&FOUSFHÓTJNJMBSFT OPUBTEJQMPNÃUJDBTEFQSPUFTUBBMFNCBKBEPS EF"SHFOUJOB ZBMEÎBTJHVJFOUFmEFBCSJMm BMPTEF1FSÙZ&DVBEPS&MWJFSOFTFTUBMMÓ FM FTDÃOEBMP QPS FM USBUP EJTDSJNJOBUPSJP B MPTNFYJDBOPTRVFWJBKBSPOB$IJOB &M KVFWFT   FOUSFWJTUBEP QPS +PBRVÎO -ÓQF[%PSJHBQBSBFMOPUJDJBSJPOPDUVSOP EF5FMFWJTB FMQSFTJEFOUF$BMEFSÓOBENJ UJÓRVFEFCJEPBMBTNFEJEBTBEPQUBEBTQPS $VCBiBMBNFKPSZBOPWPZBQPEFSJSu )BTUB MB TFNBOB QBTBEB  FM HPCJFSOP EF 3BÙM $BTUSP HVBSEBCB TJMFODJP BOUF MPT SFDMBNPT QÙCMJDPT EF MBT BVUPSJEBEFT NFYJDBOBT4JOFNCBSHP GVODJPOBSJPTEFM TFDUPSTBMVEEFMBJTMBEFDMBSBSPOBMBQSFO TB DVCBOB RVF TV HPCJFSOP SFBDDJPOÓ FO FKFSDJDJPEFMBTGBDVMUBEFTRVFMFPUPSHBO MBTMFZFTJOUFSOBDJPOBMFTEFCJEPBMSJFTHP EFVOBTJUVBDJÓOTBOJUBSJBEFTDPOUSPMBEB i&TF FT OVFTUSP FTDVEP GVOEBNFOUBM IPZQBSBFWJUBSFOMPQPTJCMFMBJOUSPEVD DJÓOEFMBFQJEFNJB FMFWBEBBMOJWFMEF VOB FTDBMB EF  QPS MB 0.4u  BGJSNÓ  FM TÃCBEP   BM QFSJÓEJDP (SBONB -VJT &T USVDI 3BODBÒP  WJDFNJOJTUSP EFM ÃSFB EF )JHJFOF  &QJEFNJPMPHÎB Z .JDSPCJPMPHÎB EFM.JOJTUFSJPEF4BMVE1ÙCMJDB -B JOWJUBDJÓO EF 3BÙM $BTUSP B $BM EFSÓO QBSB WJTJUBS $VCB TF GPSNBMJ[Ó FM QBTBEP  EF PDUVCSF  FO FM NBSDP EF MB GJSNBEFM.FNPSBOEPEF&OUFOEJNJFOUP &MFOUPODFTDBODJMMFSDVCBOP 'FMJQF1ÊSF[ 3PRVF WJBKÓB.ÊYJDPZFOUSFHÓB$BMEF SÓOMBJOWJUBDJÓOPGJDJBM 

EFNBZPEF

-VFHP FMEFEJDJFNCSF $BMEFSÓOZ 3BÙM$BTUSPTPTUVWJFSPOVOBSFVOJÓOEF NJOVUPTFO4BO4BMWBEPSEF#BIÎB #SBTJM  BEPOEFBNCPTBTJTUJFSPOQBSBQBSUJDJQBSFO MB$VNCSFEF"NÊSJDB-BUJOBZ&M$BSJCF TPCSF*OUFHSBDJÓOZ%FTBSSPMMP3BÙM$BT USPSBUJGJDÓMBJOWJUBDJÓOi:PWPZQSJNFSP B$VCBZMVFHPUÙWJFOFTB.ÊYJDPFOFM NJTNPBÒP  u MFQMBOUFÓ$BMEFSÓO 3BÙMFTUBCBFODBOUBEP "IPSB MBTNFEJEBTEFiWJHJMBODJBDMÎ OJDPFQJEFNJPMÓHJDBuBEPQUBEBTQPS$VCB OPTÓMPEFKBOMBWJTJUBFOMBJOEFGJOJDJÓO  TJOPRVFUFOTBSPOMBTBQBSFOUFNFOUFSFT UBVSBEBTSFMBDJPOFTCJMBUFSBMFT i#ÞTRVFEBFQJEFNJPMØHJDBw &O FM DJUBEP DPNVOJDBEP EFM QBTBEP  EF BCSJM  MBT BVUPSJEBEFT DVCBOBT JOGPS NBSPOTPCSFiMBHSBWFTJUVBDJÓOSFHJPOBMu QSPWPDBEBQPSFMCSPUFFQJEFNJPMÓHJDPEF JOGMVFO[B ")/  FM DVBM  TPTUVWJFSPO  UFOÎBiJNQSFWJTJCMFTDPOTFDVFODJBTu "OUF FMMP  BOVODJBSPO RVF MMFWBSÎBO B DBCPUSFTNFEJEBT -B QSJNFSB FTUBCMFDÎB FM JODSFNFOUP EF MB WJHJMBODJB FQJ[PPUJPMÓHJDB Z FQJEF NJPMÓHJDBFOUPEPFMQBÎT FTQFDJBMNFOUF FOMBDJVEBEEF-B)BCBOB BTÎDPNPMBT NFEJEBTEFiDPOUSPMTBOJUBSJPJOUFSOBDJP OBMFOMBTGSPOUFSBTu FOQBSUJDVMBSFOMPT BFSPQVFSUPT NBSJOBTZQVFSUPT -B TFHVOEB QFEÎB B MBT "TBNCMFBT 1SPWJODJBMFT EFM 1PEFS 1PQVMBS UPNBS NFEJEBTEFWJHJMBODJBZDPOUSPMTBOJUBSJP JOUFSOBDJPOBM -BUFSDFSBPSEFOBCBMBTVTQFOTJÓOUFN QPSBMEFMPTWVFMPTSFHVMBSFTZDIBSUFSTFOUSF $VCBZ.ÊYJDP BQBSUJSEFMBTIPSBT

EFMEFBCSJM:BEWJSUJÓRVFTÓMPTFQFSNJ UJSÎBBMBTMÎOFBTBÊSFBTSFBMJ[BSWVFMPTDPOFM QSPQÓTJUPEFSFDPHFSBTVTQBTBKFSPTFO$V CBRVFUVWJFSBOB.ÊYJDPDPNPEFTUJOP 6OEÎBBOUFTmEFBCSJMmFMHPCJFSOP DVCBOP EFTQMFHÓ iQFSTPOBM FTQFDJBMJ[BEPu EFMB"VUPSJEBE/BDJPOBMEF4BMVE1ÙCMJDB FOMBUFSNJOBMEFMBFSPQVFSUP+PTÊ.BSUÎ  BOUFSJPSNFOUFSFTFSWBEBQBSBWVFMPTEF.JB NJZBQBSUJSFTBGFDIBEFTUJOBEBBMPTBWJP OFTQSPDFEFOUFTEF.ÊYJDP-PTFNQMFBEPT EFMBEFQFOEFODJBBQMJDBSPODVFTUJPOBSJPTZ SFBMJ[BSPOSFWJTJPOFTQBSBEFUFDUBSBQBTBKF SPTDPOTÎOUPNBTEFJOGMVFO[B i/VODBNFIBCÎBOSFWJTBEPDPOUBOUB NJOVDJPTJEBEOJUBNQPDPIBCÎBFTQFSBEP UBOUP DJODP IPSBT  QBSB QPEFS EFKBS VO BFSPQVFSUPu TFRVFKÓ+PTÊ-ÓQF[ VOPEF MPTDJFOUPTEFQBTBKFSPTRVFTVGSJFSPOMBT QSJNFSBTSFWJTJPOFT "M NJTNP UJFNQP  MBT BVUPSJEBEFT EF TBMVEJOJDJBSPOVOBiCÙTRVFEBFQJEFNJP MÓHJDBBDUJWBuEFTPTQFDIPTPTEFQBEFDFS JOGMVFO[B")/(SVQPTEFFTQFDJBMJT UBTEFMTFDUPSTBMVETFEJFSPOBMBUBSFBEF MPDBMJ[BSFOIPUFMFTZDBTBTQBSUJDVMBSFTB QFSTPOBT EF DVBMRVJFS OBDJPOBMJEBE RVF WJBKBSPOBMBJTMBEFTEF.ÊYJDPBQBSUJSEFM EFBCSJM1BSBGBDJMJUBSTVMBCPS MBTBVUP SJEBEFTEF.JHSBDJÓOMFTGBDJMJUBSPOMJTUBT DPO OPNCSFT EF QBTBKFSPT &YUSBPGJDJBM NFOUFTFFTUJNBRVFVOPTNFYJDBOPT GVFSPO PCKFUP EF SFWJTJPOFT FYIBVTUJWBT /JOHVOPEFFMMPTTFRVFKÓFOMBFNCBKBEB EF .ÊYJDP FO -B )BCBOB QPS NBMUSBUP P WJPMBDJÓOEFTVTEFSFDIPTIVNBOPT &MWJDFNJOJTUSPEF4BMVE1ÙCMJDB -VJT &TUSVDI  EFDMBSÓ FM  EF NBZP BM EJBSJP (SBONBRVFFOMPTFYÃNFOFTDMÎOJDPTZEF MBCPSBUPSJPBQMJDBEPTBMPTiTPTQFDIPTPTu  OPTFFODPOUSÓVOTPMPDBTPEFJOGMVFO[B ")/ &MEFBCSJMZFMEFNBZP OPIVCP WVFMPBMHVOPFOUSF.ÊYJDPZ$VCB&M EFNBZP FMHPCJFSOPEF3BÙM$BTUSPBDFQ UÓRVFMBBFSPMÎOFB.FYJDBOBEF"WJBDJÓO WPMBSBB$VCB QFSPTÓMPQBSBSFHSFTBSBMPT NFYJDBOPT RVF IBCÎBO RVFEBEP WBSBEPT FOMBJTMB.FYJDBOBJOJDJÓDPOEPTWVFMPT EJBSJPT QFSPFMNBSUFTVOPEFÊTUPTTF DBODFMÓEFCJEPBMBGBMUBEFQBTBKFSPT 1PSTVQBSUF $VCBOBEF"WJBDJÓOSFB MJ[ÓFMZFMEFNBZPEPTWVFMPTEFMB $JVEBEEF.ÊYJDPZEF$BODÙOB-B)B CBOBQBSBUSBOTQPSUBSBDVCBOPTRVFEFTFB CBOWPMWFSBTVQBÎT&MMVOFTTVTQFOEJÓ UPUBMNFOUFTVTPQFSBDJPOFTFO.ÊYJDP MBT DVBMFT QPESÎB SFTUBCMFDFS FO MB TFHVOEB RVJODFOBEFNBZP TFHÙOEJKPB1SPDFTP VOBGVFOUFEFMBBFSPMÎOFB -BNBZPSÎBEFNFYJDBOPTEFCBKPTSF DVSTPTRVFWJTJUBO-B)BCBOBTFIPTQFEBO FOIPUFMFTEFUSFTFTUSFMMBT DPNP&M7FEB EPZ4BJOU+PIOT-BTFNBOBQBTBEBBN CPTIPUFMFTQFSNBOFDÎBODPONFOPTEFMB NJUBEEFTVTIBCJUBDJPOFTPDVQBEBT-PT NFYJDBOPTIBCÎBOEFTBQBSFDJEPL

&MEFOHVF MB

iNBMBJNBHFOw 4BOUJBHP*HBSUÞB

EF"SHFOUJOB

#

6&/04 "*3&4 "SHFOUJOB TVGSF VOB FQJEFNJB EF EFO HVF)BZNJMQFSTPOBT JOGFDUBEBT  EF MBT DVBMFT  QFSEJFSPO MB WJEB 4FHÙO FM .JOJTUFSJPEF4BMVE FOEF MBT  QSPWJODJBT EFM QBÎT TF IBOQSFTFOUBEPDBTPTEFMBFOGFSNFEBE &MWJSVTEFMEFOHVFTFQSPQBHBDPONB ZPSGBDJMJEBEFOMPTQPCMBEPTSVSBMFTZFO MPTCBSSJPTVSCBOPTNBSHJOBMFT1PSFKFN QMP EFTEFGFCSFSPQBTBEPNJMQFSTPOBT IBO SFTVMUBEP JOGFDUBEBT FO MB QSPWJODJB



EFNBZPEF

EFM$IBDP FOFMOPSUFEFMQBÎT RVFFOMBT FTUBEÎTUJDBT EFM *OTUJUVUP "SHFOUJOP QBSB FM%FTBSSPMMP&DPOÓNJDP *"%& BQBSFDF DPNPMBNÃTQPCSFEFMBOBDJÓO &MEFBCSJM FMEJBSJP$SÎUJDBSFQPSUÓ RVF EPT CFCÊT OBDJFSPO JOGFDUBEPT FO FM QPCMBEP NBSHJOBM EF 0SÃO  FO MB QSPWJO DJBEF4BMUB UBNCJÊOFOMBQBSUFOPSUF&M EFOHVFmUSBOTNJUJEPQPSFMNPTDP"FEFT BFHZQUJ  RVF QSPMJGFSB EVSBOUF MB UFNQP SBEBEFDBMPSFO[POBTEPOEFFYJTUFBHVB DPOUBNJOBEBm FT VOB FOGFSNFEBE RVF FT NBSDBEFQPCSF[B

&MEFBCSJMQBTBEP +VBO$BSMPT#PT TJP EJSFDUPSEF&QJEFNJPMPHÎBEFM.JOJT UFSJP EF 4BMVE  MB DBMJGJDÓ DPNP FM iQFPS CSPUFuEFEFOHVFFOMBIJTUPSJBEF"SHFO UJOB&ODPOGFSFODJBEFQSFOTB TFÒBMÓTV PSJHFOVOBFYQBOTJÓOEFMBFQJEFNJBRVF B[PUÓB#PMJWJBBQSJODJQJPTEFFTUFBÒP /P PCTUBOUF  FM JOUFOEFOUF EFM NVOJ DJQJPDIBRVFÒPEF$IBSBUB .JHVFM¦OHFM 5FKFEPS MPSFGVUBi/PFTVOCSPUFDPNP EJDFO&TUPFTVOBFQJEFNJBRVFMBHFOUF EFBRVÎTVGSFDBEBEÎBu &OUSFWJTUBEP QPS 1SPDFTP FOUSF DVMUJ

"OUFMBFQJEFNJBEFM EFOHVFFO"SHFOUJOB oRVFIBJOGFDUBEPB NÈTEFNJMQFSTP OBTo FMHPCJFSOPEF $SJTUJOB'FSOÈOEF[OP UPNØNFEJEBTQBSB QSFWFOJSZNJUJHBSTV QSPQBHBDJØO.ÈTBÞO  CMPRVFØFOFM$POHSF TPVOBJOJDJBUJWBQBSB EFDMBSBSMBiFNFSHFO DJBTBOJUBSJBwDPOFM BSHVNFOUPEFRVFFM QBÓTQSPZFDUBSÓBVOB iNBMBJNBHFOwFOFM FYUFSJPS"TÓ VOPEF MPTHPCJFSOPTRVFDBO DFMØMPTWVFMPTEFTEF .ÏYJDPQPSUFNPSBMB FQJEFNJBEFJOGMVFO[B ")/ TFSFIÞTBB BENJUJSZBQSFWFOJS FTBFOGFSNFEBE UBN CJÏOWJSBMZFQJEÏNJDB  QFSPiBVUØDUPOBw

"1QIPUP+PSHF4BFO[

- "  & 1 * % & . * "   * / 5 & 3 / " $ * 0 / " -

WPTEFBMHPEÓOZQPMWBSFEB 5FKFEPSEFT DSJCFBTVNVOJDJQJPDPNPVOMVHBSiFOFM PMWJEPuRVFTFCBUFBNBOPMJNQJBDPOUSB FMWJSVTZiMBTJOSB[ÓOu $VFOUBi/POPTCBTUBNPTQBSBBUFOEFS BMPTFOGFSNPT IBTUBBIPSBNJM TFHÙO EBUPT EFM NVOJDJQJP  &O   ,JSDIOFS /ÊTUPS FOUPODFTQSFTJEFOUFEFMBOBDJÓO  QSPNFUJÓRVFFMHPCJFSOPJCBBUSBFSBHVB QPUBCMFZNFKPSBSFMESFOBKF/PMPIBIF DIP/JÊMOJMBNVKFS $SJTUJOB'FSOÃOEF[  BDUVBM QSFTJEFOUB  IBO WFOJEP OVODB"DÃ OPIBZMPGVOEBNFOUBMQBSBRVFMBDMBTFUSB

CBKBEPSB WJWB EJHOBNFOUF -B HFOUF UJFOF RVFTBDBSBHVBEFMMVWJBEFMPTQP[PTu -BMBSWBRVFEBPSJHFOBMNPTDPQPS UBEPS EFM EFOHVF TF GPSNB FO TJUJPT FY QVFTUPT BM BNCJFOUF Z EPOEF TF BDVNVMB FM BHVB"TÎ  MPT QP[PT TF DPOWJFSUFO FO DSJBEFSPTJEFBMFTEFM"FEFTBFHZQUJ &O$IBSBUB TFHÙO5FKFEPSmVOPEFMPT QPDPTHPCFSOBOUFTRVFIBQSPUFTUBEPDPO USB TVT HPCJFSOPT FTUBUBM Z OBDJPOBMm  MB EFTJHVBMEBETPDJBMIBNBSDBEPBTVNVOJ DJQJPi5FOFNPTDVBUSPDMÎOJDBTQSJWBEBTZ TÓMPVOIPTQJUBMQÙCMJDP RVFOPEFQFOEF EFOPTPUSPT TJOPEFMHPCJFSOPEFMFTUBEPu ­TUF  EJDF FM JOUFOEFOUF  BUJFOEF B DBTJ EFMBQPCMBDJÓO QFSPTÓMPEJTQPOFEF DBNBTZOPDVFOUBDPODJSVKBOPTi%PT NÊEJDPTEFHVBSEJBTFMBTUJFOFORVFBSSF HMBSQBSBPGSFDFSNÃTEFDPOTVMUBTBM EÎBu BGJSNB 5FKFEPSUPNBVOSFTQJSPEFTQVÊTEFSF WJTBSEPDVNFOUPTDPOMBTDJGSBTRVF GSÎBT  EJCVKBOMBTJUVBDJÓOEFTVNVOJDJQJP "ÒBEFi:IBCMBOEPEFMIPTQJUBM BDÃ MMFHÓVONFNPSÃOEVNRVFMFTQSPIJCÎBB MPTNÊEJDPTIBCMBSEFEFOHVFu&MEPDV NFOUPFTUÃGJSNBEPQPS4BOESB.FOEP[B  NJOJTUSBEF4BMVEEFM$IBDPZFTQPTBEFM HPCFSOBEPSEFMBNJTNBQSPWJODJB +PSHF .JMUPO$BQJUBOJDI 1BSBFMJOUFOEFOUFEF$IBSBUBFTNVZ DMBSPRVFMBFQJEFNJBEFMEFOHVFOPTÓMP TF QSPQBHÓ IBDJB"SHFOUJOB EFTEF QBÎTFT BMFEBÒPT  TJOP RVF UBNCJÊO TVSHJÓ FO FM QBÎT%FIFDIP MBTBVUPSJEBEFTDPOGJSNB SPONJMFTEFDBTPTiBVUÓDUPOPTu HFTUBEPT FONFEJPEFMPTBCVTPTEFFNQSFTBTGBS NBDÊVUJDBTZEFGVNJHBDJÓO EFMBGBMUBEF JOGPSNBDJÓOTPCSFNFEJEBTQBSBQSFWFOJS Z DPNCBUJS MB FOGFSNFEBE Z EFM TJMFODJP PGJDJBMTPCSFMBFQJEFNJB 0SJHFOBVUØDUPOP )BTUBFMNJÊSDPMFT FOFMDPOVSCBEPEFMB DJVEBEEF#VFOPT"JSFTTFIBOSFHJTUSBEP DBTPTEFiEFOHVFBVUÓDUPOPu BTÎDPNP DJFOUPTEFDBTPTFOMPTRVFTFTPTQFDIBMB QSFTFODJBEFMEFOHVF -B.BUBO[BFTVOPEFFTPTNVOJDJQJPT DPOVSCBEPT-BTBVUPSJEBEFTEFUFDUBSPOBRVÎ EPTEFFTUPTDBTPTEFEFOHVF&OVOPEFTVT CBSSJPTm&M5BNCPmQVFEFWFSTFBOJÒPTKV HBSBMBQFMPUBFOMPTCPSEFTEFSJBDIVFMPT UFÒJEPTEFNBSSÓOQPSMBUJFSSBZMBTVDJFEBE &OFMGPOEPBQBSFDFONBOUBTDPMPDBEBTFO SFKBT Z WFOUBOBT  EJGÎDJMFT EF JHOPSBS i/P RVFSFNPTNPSJSu TFMFFFOFMMBT-BGBMUBEF JOGPSNBDJÓOTPCSFNFEJEBTEFQSFWFODJÓOZ FM BCBOEPOP EF MBT BVUPSJEBEFT IBDFO NÃT QFMJHSPTPFMGPDPEFJOGFDDJÓO $BSPMJOB -ÓQF[  EF DJODP BÒPT  MMFHÓ B-B.BUBO[BQBSBWJWJSFOMBDBTBEFTV BCVFMB 1SPWJFOF EF MB 1SPWJODJB EF $P SSJFOUFT  EPOEF TF DPOUBHJÓ &OGVOEBEB FO VO WFTUJEP WFSEF NBODIBEP EF UJFSSB  SFMBUB i.F EPMÎBO NVDIP MPT PKPT Z MPT

IVFTPT  FSB DPNP RVF TF SPNQJFSBOu 4V BCVFMBBQVOUBi5VWPVOBGJFCSFSFBMUBu 4JB$BSPMJOBMBWVFMWFBQJDBSVO"FEFT BFHZQUJ JOGFDUBEP  DPSSF FM SJFTHP EF NPSJS FO MB TFHVOEB GBTF EF FTUB FOGFSNFEBE  FM EFOHVFIFNPSSÃHJDPi1VFEFTFSNPSUBMQPS IFNPSSBHJBJOUFSOBPQPSVOTIPDLRVF JO DSFÎCMFNFOUF FTMPNÃTDPNÙOu FYQMJDBB 1SPDFTPFMJOGFDUÓMPHP4FCBTUJÃO#POIFWJ 6OB WF[ DPOUSBÎEP FM WJSVT  FM ÙOJDP NFEJDBNFOUP DBQB[ EF DPOUSBSSFTUBSMP FT FM QBSBDFUBNPM %FTEF FM ÃNCJUP GBSNB DÊVUJDP  UBNCJÊO MMFHÓ FM BCVTP TFHÙO EPDVNFOUÓFMQBTBEPEFBCSJMFMEJBSJP $SÎUJDB  FM GÃSNBDP TF WFOEJÓ FO NBS[P IBTUBNÃTDBSPRVFFOFOFSP 4FHÙOMB$ÃNBSBEF$POUSPMBEPSFT"S HFOUJOPTEF1MBHBT MBBMBSNBZVOBQTJDP TJTHFOFSBMUBNCJÊOFMFWBSPOFOUSFZ MPTDPTUPTEFMPTSFQFMFOUFTRVÎNJ DPTEFNPTDPT NPTRVJUFSPT JOTFDUJDJEBT ZUSBCBKPTEFGVNJHBDJÓO 6OHSVQPEFDJFOUÎGJDPTZBDUJWJTUBTEF MB 6OJWFSTJEBE EF #VFOPT "JSFT 6#"

 EFM $POTFKP /BDJPOBM EF *OWFTUJHBDJPOFT $JFOUÎGJDBT Z 5ÊDOJDBT $POJDFU  Z EF MB PGJDJOB EF MB PSHBOJ[BDJÓO .ÊEJDPT EFM .VOEP FO"SHFOUJOB  QSFTFOUÓ FM QBTBEP EFBCSJMVOJOGPSNFFOFMRVFFYJHFBM HPCJFSOPEFDMBSBSMBiFNFSHFODJBOBDJPOBM QPSMBFQJEFNJBEFEFOHVFu &MJOGPSNFTPTUJFOFRVFFMQBÎTFOGSFO UBVOBFQJEFNJBDPOiJOOVNFSBCMFTuDB TPT RVFEPTUFSDJPTEFMBQPCMBDJÓOFTUÃO QSPQFOTPTBFOGFSNBSZRVF QFTFBUPEP FTUP iOPTFIBJNQMFNFOUBEPVOBQPMÎUJDB EF&TUBEPuQBSBDPNCBUJSFMWJSVT i/PTPUSPT BEWFSUJNPT IBDF NFTFT RVF WFOÎBVOCSPUFZOPTFIJ[POBEB/PTEJKFSPO RVFOPTMMBNBSÎBOu EJKPFMQBTBEPEFBCSJM (PO[BMP#BTJMF QSFTJEFOUFEFMBPGJDJOBEF .ÊEJDPTEFM.VOEPFO"SHFOUJOB EVSBOUF VOBFOUSFWJTUBDPO3BEJPEFM1MBUB &M JOGPSNF BQVOUB RVF FM EFOHVF FT QSPQJP EF VO QBÎT FO FM RVF FYJTUF VOB iFOPSNFEFTJHVBMEBETPDJBMuZEPOEFiMB DMBTFUSBCBKBEPSBFTMBNÃTEFTQSPUFHJEBu  QVFTCSPUBFOMVHBSFTRVFOPUJFOFOBHVB QPUBCMFZEPOEFFYJTUFOCBTVSFSPTBDJFMP BCJFSUP"EFNÃT FTUFTFDUPSEFMBQPCMB DJÓOUJFOFWJWJFOEBTTVNBNFOUFQSFDBSJBT ZDBTJOPDVFOUBDPOBDDFTPBTFSWJDJPTEF TBMVEOJBDVJEBEPTTBOJUBSJPT "TÎ  TFÒBMB  iMPT NÃT BGFDUBEPT QPS FTUBFOGFSNFEBETPOQSFDJTBNFOUFMBTWÎD UJNBTEFMBJOJRVJEBETPDJBMJNQFSBOUFFO OVFTUSPQBÎTu -PTEFTQSPUFHJEPT /PIBZWBDVOBRVFBUBKFMBNJTFSJB5BN QPDPMBIBZDPOUSBFMEFOHVF&MJOGFDUÓMP HP4FCBTUJÃO#POIFWJ DPONÃTEFBÒPT EFUSBCBKPEFDBNQPQBSBMB0SHBOJ[BDJÓO 1BOBNFSJDBOBEFMB4BMVE 014

TPTUJFOF RVFMBiÙOJDBuQPTJCJMJEBEEFDPOUSBSSFTUBS FMEFOHVFFTMBQSFWFODJÓO EFNBZPEF

"1QIPUP/BUBDIB1JTBSFOLP

6&/04"*3&43BGBFM"MGBSPUSBCBKB EFTEFIBDFDBTJUSFTNFTFTFO-B 'ÈCSJDBEFM5BDP VOMPDBMEFDPNJEB NFYJDBOBVCJDBEPFOFMCBSSJPEF 1BMFSNP-MFHØBFTUBDJVEBEDPOVOBPGFSUB

#

EFFNQMFPQPSTFJTNFTFT TVGJDJFOUFTQBSB MMFWBSEJOFSPBTVGBNJMJBFO.POUFSSFZ 3BGBFMDVFOUBRVFIBDFVOPTEÓBTDBNJ OBCBQPSMBTDBMMFTEFMUVSÓTUJDPCBSSJPEFM 4PIP BVOBTDVBESBTEFTVMVHBSEFUSBCBKP

4JOSB[ØOBQBSFOUFEFQPSNFEJPoRVJ[È QPSFMUPOPEFTVQJFMDPCSJ[Bo VOQPMJDÓBMF PSEFOØJEFOUJGJDBSTF²MTBDØEFMCPMTJMMPTV QBTBQPSUFNFYJDBOPZMPFOUSFHØBMBHFOUF &ODVBOUPÏTUFWJPFMEPDVNFOUPMPTPMUØ  DVBMIJFSSPRVFBSEF ZQJEJØB3BGBFMRVFTF NBSDIBTF i4FOUÓRVFNFEJTDSJNJOØEPTWFDFTw  SFMBUBDPOVOBTPOSJTBRVFTFEFTEJCVKB DVBOEPNFODJPOBRVFFOMBUBRVFSÓBEPOEF USBCBKBMBBGMVFODJBEFDPNFOTBMFTIBEJTNJ OVJEPiGÈDJMwVOEFTEFRVFMPTUJUVMBSFT EFQFSJØEJDPTZOPUJDJBSJPTBMFSUBOBMPTBS HFOUJOPTTPCSFMBiHSJQFNFYJDBOBw "OB$FDJMJB WFOEFEPSBFOVOBUJFOEB EFBOUJHàFEBEFTFOFMQPSUF×PCBSSJPEF 4BO5FMNP EJDFBMSFQPSUFSPRVFTFTJFOUF iQBSBOPJDBw$VFOUBRVFVOUJQPRVFFOUSØ BMMPDBMDPNFSDJBMMBFTDVDIØIBCMBSDPOTV UÓQJDPBDFOUPNFYJDBOP-BBHSFEJØWFSCBM NFOUFi/PTVQFRVÏIBDFSZNFQVTFB MMPSBSw SFDVFSEBFMMB "MFKBOESP FTUVEJBOUFEFBSRVJUFDUVSBFO MB6OJWFSTJEBEEFM4BMWBEPS UBNCJÏOBGJSNB RVFIBTFOUJEPMBEJTDSJNJOBDJØOFOTVDPO USB4FNVFTUSBJOTFHVSPZBMIBCMBSTVWP[TF SFEVDFBVONVSNVMMP &OVOBFTUBDJØOEFTFSWJDJPEFUBYJT FM SFQPSUFSPQSFHVOUBBMPTDIPGFSFTRVF TFFODVFOUSBOSFVOJEPTTJTVCJSÓBOBTVT WFIÓDVMPTBVONFYJDBOPi/PMPQPESÓB MMFWBSw DPOUFTUB.BUÓBT-PNCBSEP VO IPNCSFDVBSFOUØO :FYQMJDBi/PRVJFSPDPOUBHJBSNFOJ DPOUBHJBSBNJGBNJMJB6OPTFJOGPSNB.JSP FOUFMFWJTJØORVFVTUFEFT FO.ÏYJDP QSPIJ CJFSPOMBFOUSBEBBMPTQBSUJEPTEFGVUCPM B

&O FOUSFWJTUB DPO 1SPDFTP  #POWFIJ EJDFi-PTTFDUPSFTNÃTEFTQSPUFHJEPTOP UJFOFOBDDFTPBMBJOGPSNBDJÓOUFMFWJTBEB PEFQSFOTBu1PSFTP BGJSNB MBDBNQBÒB QSFWFOUJWBEFMHPCJFSOPGVFiQSÃDUJDBNFO UFJOFYJTUFOUFu MPRVFEFSJWÓFOVOEFTFO MBDFiEFTBTUSPTPu &YQMJDB i4F IVCJFSBO EFUFDUBEP MPT QSJNFSPTFOGFSNPTZIFDIPDJOUVSPOFTEF QSPUFDDJÓOFOMBT[POBTBGFDUBEBT BTÎDP NP EFTJOGFDDJÓO EF MBT ÃSFBTu .ÃT BÙO  EJDF  iTJ TF IVCJFSB EFDMBSBEP VOB FNFS HFODJB TBOJUBSJB TF IBCSÎB SFDVSSJEP B VO GPOEPEFEFTBTUSFTu 1FSPOPTFIJ[PZMBFQJEFNJBDSFDJÓEF HPMQF4FHÙOEBUPTEFM.JOJTUFSJPEF4B MVEEFMB1SPWJODJBEF#VFOPT"JSFT DBEB TFHVOEPTVOBQFSTPOBTFJOGFDUBDPOFM WJSVTEFMEFOHVF 1FSP MBT DJGSBT RVF QSPQPSDJPOBO MPT HPCJFSOPT OBDJPOBM Z QSPWJODJBMFT EJTUBO EFMBTRVFNBOFKBOMBTPSHBOJ[BDJPOFTOP HVCFSOBNFOUBMFT 1PS FKFNQMP  .ÊEJDPT EFM.VOEPFTUJNBFOOPNFOPTEFNJM MPTJOGFDUBEPT FMEPCMFRVFMBTDJGSBTPGJ

DJBMFT-PTBDUJWJTUBTBSHVNFOUBORVFMPT GVODJPOBSJPTFTUÃONVZMFKPTEFMBHFOUF &OFOUSFWJTUBDPOFMEJBSJP-B/BDJÓO  "MGSFEP 4FJKP  KFGF EFM ÃSFB EF [PPOPTJT EFM)PTQJUBM.VÒJ[ MBNFOUÓFMEFBCSJM MBFTDBTBDBQBDJEBEEFBUFODJÓODMÎOJDBFO FMQBÎTi4FQVEPEJTNJOVJSMBMFUBMJEBEEF MBFOGFSNFEBEBNFOPTEF QPSDFOUB KFRVFQPESÎBZEFCFSÎBTFSBMDBO[BEPTJFM TJTUFNBEFTBMVEFTUVWJFSBQSFQBSBEPFOMB WJHJMBODJBDMÎOJDBEFMBFOGFSNFEBEu :BFMEFBCSJMFMEJBSJP$SÎUJDBIBCÎB QVCMJDBEPVOUFYUPEFMFYNJOJTUSPEF4BMVE BSHFOUJOP)ÊDUPS-PNCBSEP RVJFOSFGVUÓMB UFPSÎBHVCFSOBNFOUBMEFRVFiFMCSPUFFQJEÊ NJDPuTFQSPQBHÓEFTEFQBÎTFTWFDJOPT &TDSJCJÓiy1PSRVÊFOUSFZOP UVWJNPTVOTPMPDBTPEFEFOHVFBVUÓDUPOPFO "SHFOUJOB NJFOUSBTRVFIBCÎBVOBFQJEFNJB EFNJMDBTPTFO1BSBHVBZ )JDJNPTMP RVFEFCÎBNPTHSBOEFTDBNQBÒBTJOGPSNBUJ WBTZ TPCSFUPEP OPNFOUJNPTFOFMOÙNFSP EFDBTPT QPSRVFFTPFTVOEFMJUPEFMFTBIV NBOJEBE/PIBZRVFBTVTUBSBMBQPCMBDJÓO  QFSPTÎEFDJSMFRVÊFTMPRVFQBTBu

&MZBNFODJPOBEPJOGPSNFEFMB6#"  FM$POJDFUZ.ÊEJDPTEFM.VOEPGVFNÃT MFKPT TFÒBMÓ RVF MB QSFTJEFOUB $SJTUJOB 'FSOÃOEF[ZMBNJOJTUSBEF4BMVE (SBDJFMB 0DBÒB NPTUSBSPOJOEFDJTJÓOQBSBFOGSFO UBSMBFQJEFNJB 6OBTFNBOBBOUFT 0DBÒBEFDMBSÓRVF iFMEFOHVFWJOPQBSBRVFEBSTFu TFHÙOQV CMJDÓFMEFBCSJMFMEJBSJP&M"SHFOUJOP "MSFTQFDUP FMJOGPSNFTFÒBMBRVFiFTUBT QBMBCSBT DPOMMFWBO VO FTUBEP EF SFTJHOB DJÓOJOBDFQUBCMFZBCSFOFMDBNJOPQBSBMB JOBDDJÓOQSFTFOUFZGVUVSB-BTFQJEFNJBT EFEFOHVFTPOVOTÎOUPNBEFRVFOPTFIJ [PVOBBEFDVBEBQSFWFODJÓOu : TF BGJSNB i&YJTUF VOB FWJEFOUF NBOJQVMBDJÓO ZP PDVMUBNJFOUP EF MB JO GPSNBDJÓO FQJEFNJPMÓHJDB FO MBT QSPWJO DJBTu BTÎDPNPiVOBQPMÎUJDBEFBCBOEPOP EFMBTBMVEDPMFDUJWBu 4FHÙOQVCMJDÓFMEJBSJP$SÎUJDBFMQB TBEP  EF BCSJM  MB 'FEFSBDJÓO 4JOEJDBM EF 1SPGFTJPOBMFT EF MB 4BMVE 'FTQSPTB  UBNCJÊOTFQSPOVODJÓEVSBNFOUFFODPO USBEFMBTiEFTJEJPTBTuNFEJEBTHVCFSOB

'FSOÈOEF[%FDSFUPQSFTJEFODJBM

1SFUFYUPQBSB

EJTDSJNJOBS

4BOUJBHP*HBSUÞB



EFNBZPEF

- "  & 1 * % & . * "   * / 5 & 3 / " $ * 0 / " MPTUFBUSPT DJOFT SFTUBVSBOUFTZCBSFT{1PS RVÏQBSBBMMÈFTBTÓZTJWJFOFOBDÈFTEJTUJO UP :PNFDVJEP QFSPTJFTEJTDSJNJOBDJØOFT JHVBMBMMÈRVFBDÈw

6TPQPMÓUJDP *ODBQB[EFDPOUFOFSMBFQJEFNJBEFMEFO HVFFO"SHFOUJOB FMHPCJFSOPEF$SJTUJOB 'FSOÈOEF[TFMBO[ØiBEFGFOEFSwBTVTDPN QBUSJPUBTEFMBiHSJQFNFYJDBOBwFNJUJØFM EFDSFUPRVFDBODFMØMBMMFHBEBEF WVFMPTEJSFDUPTEF.ÏYJDPBFTUFQBÓT 1BSUJEPTEFPQPTJDJØOFJOUFMFDUVBMFT DSÓUJDPTEFMHPCJFSOPEF'FSOÈOEF[DBMJGJDB SPOMBNFEJEBDPNPEJTDSJNJOBUPSJBDPOUSB .ÏYJDPZDPOTJEFSBSPORVFMBNBOEBUBSJBJO UFOUBTVCTBOBSFMEB×PFOMBJNBHFOQÞCMJDB RVFFMPGJDJBMJTNPTVGSJØDPNPDPOTFDVFODJB EFMBQSPQBHBDJØOEFMEFOHVF:FMMPKVTUP FOUJFNQPTFMFDUPSBMFTFOKVOJPQSØYJNPTF SFBMJ[BSÈODPNJDJPTQBSBFMFHJSMFHJTMBEPSFT 1FSPBOUFMBTDSÓUJDBT FMHPCJFSOPEF 'FSOÈOEF[HVBSEØTJMFODJP%FCJEPBFMMP FM KVFWFT .JHVFM#POBTTP QSFTJEFOUFEFMB $PNJTJØOEF3FDVSTPT/BUVSBMFTZ$POTFS WBDJØOEFM"NCJFOUF)VNBOPEFMB$ÈNBSB EF%JQVUBEPT QSFTFOUØBOUFFM$POHSFTP VOQSPZFDUPEFSFTPMVDJØOFOFMRVFQJEFBM 1PEFS&KFDVUJWPFYQMJDBSMBTSB[POFTQPSMBT RVFTVTQFOEJØMPTWVFMPTEF.ÏYJDP i&TVOBDUPEJTDSJNJOBUPSJP:MPDSJUJDP OPFOVOBPQJOJØOTVCKFUJWB QFSTPOBM&T VOBPQJOJØORVFTFSFTQBMEBFOMPEJDIPQPS /BDJPOFT6OJEBTZQPSMPRVFEJDFMB0SHBOJ [BDJØO.VOEJBMEFMB4BMVE 0.4

MPTDVB MFTEFTFTUJNBOFMDJFSSFEFGSPOUFSBTDPNP

NFOUBMFT &OUSF PUSBT DPTBT  FYQSFTÓ RVF i0DBÒB EFCF SFOVODJBS BM NBOFKP EFM .JOJTUFSJPEF4BMVEDPNPVOBPGJDJOBBE NJOJTUSBUJWB RVFTÓMPEJTUSJCVZFSFDVSTPT EF QSPHSBNBT DPO GJOBODJBNJFOUP JOUFS OBDJPOBMu ZMBJOTUÓBBEPQUBSVOBBDUJUVE NÃTBDUJWBBOUFMBQSFTFOUFDSJTJTTBOJUBSJB $VFTUJØOEFJNBHFO &M  EF NBS[P  FM $POHSFTP BSHFOUJOP EJPFOUSBEBBVOBJOJDJBUJWBRVFUFOÎBQPS PCKFUJWP EFDMBSBS MB FNFSHFODJB TBOJUBSJB BOUF FM FNCBUF EFM WJSVT EFM EFOHVF &T UPPDVSSJÓFOFMDPOUFYUPEFMBTDBNQBÒBT FMFDUPSBMFT ZBRVFFMQSÓYJNPEFKVOJP FMQBÎTDFMFCSBSÃDPNJDJPTQBSBSFOPWBSMB MFHJTMBUVSB&MFYQSFTJEFOUF/ÊTUPS,JSDI OFSFTVOPEFMPTDBOEJEBUPT -BQSFOTBBSHFOUJOBEJGVOEJÓFMQBTBEP EFBCSJMRVFMBQSFTJEFOUB$SJTUJOB'FS OÃOEF[ CMPRVFÓ FO FM $POHSFTP MB WPUB DJÓOEFMBNFODJPOBEBJOJDJBUJWB Z.JHVFM ¦OHFM1JDIFUUP MÎEFSEFMBCBODBEBPGJDJB MJTUBFOFM4FOBEP EFDMBSÓBMSFTQFDUPQBSB

VOBNFEJEBFGJDB[DPOUSBFMDPOUBHJPw EJDF #POBTTPB1SPDFTP &MNJTNPKVFWFT (SBDJFMB0DB×B NJOJT USBEF4BMVE JOGPSNØFODPOGFSFODJBEFQSFO TBEFMQSJNFSDBTPEFJOGMVFO[B")/FO FMQBÓT4FUSBUBEFVODJVEBEBOPBSHFOUJOP oDVZBJEFOUJEBEOPEJPBDPOPDFSoRVFJOHSF TØBMQBÓTQSPDFEFOUFEF.ÏYJDPFMQBTBEP EFBCSJMZBRVJFOZBiTFMFEJPEFBMUB NÏEJ DB ZTFFODVFOUSBQFSGFDUBNFOUFCJFOw 1FSTFHVJEPQPSMBPSHBOJ[BDJØOQBSBNJMJ UBS5SJQMF"EVSBOUFFMHPCJFSOPEF*TBCFM1F SØOZNÈTUBSEFQPSMBEJDUBEVSBNJMJUBSRVF FODBCF[Ø3BGBFM7JEFMB #POBTTPFODPOUSØ EVSBOUFB×PTSFGVHJPFO.ÏYJDP UBMDP NPMPFODPOUSBSPOiUBOUÓTJNPTBSHFOUJOPTw 1PSFMMP EJDF FMQVFCMPNFYJDBOP NFSFDFVOBEJTDVMQBQPSMBGPSNBFORVF "SHFOUJOBSFBDDJPOØBOUFMBQSPQBHBDJØOEF MBJOGMVFO[B")/ZNFSFDFBEFNÈTRVF FMHPCJFSOPEF'FSOÈOEF[TFSFUSBDUFEFMB NFEJEBRVFBEPQUØ #POBTTPDPOTJEFSBRVFFMBDUPEJTDSJ NJOBUPSJPDPNJFO[BDVBOEPÏTUFOPFT FYQMJDBEPi&MHPCJFSOPOPIBUFOJEPMB IJEBMHVÓBEFEFDJSMFBMQVFCMPNFYJDBOPoFM DVBMOPTIBEBEPPQPSUVOJEBEFTEFSFGVHJP ZEFWJEBoRVFMBNFEJEBOPFTFODPOUSB TVZB TJOPRVFFOUPEPDBTPOPIFNPTQPEJ EPIBDFSMPTDPOUSPMFTOFDFTBSJPTZDPMPDBS OJVONJTFSBCMFIPTQJUBMEFDBNQB×BFOFM BFSPQVFSUPw )BDFOPUBSRVFFMUFNBFTUÈQPMJUJ[BEP &YQMJDBRVFBFMMPTFEFCFRVFFMHPCJFSOP TØMPDBODFMØMPTWVFMPTEJSFDUPTEF.ÏYJDPZ OPMPTRVFIBDFOFTDBMB BVORVFWFOHBOEF FTFQBÓT

&MQSFTUJHJBEPDSPOJTUB.BSUÓO$BQBSSØT FTDSJCJØFMNJÏSDPMFTFOFMEJBSJP$SÓUJDB RVF BOUFMBGBMUBEFJOGSBFTUSVDUVSBQBSB EFUFOFSFMDPOUBHJP iMPÞOJDPRVFTFMFT PDVSSFFTQBSBSBWJPOFTw"QVOUØRVFFMMP FTiUBQBSFMTPMDPOMBTNBOPTMBRVJNFSB EFRVFBMDBO[BDPOFODFSSBSTFFOFMDVBS UJUPEFMGPOEPQBSBRVFFMNVOEPOPOPT MMFHVF y w #POBTTPSFDIB[BRVFFYJTUBFOMBTPDJF EBEBSHFOUJOBVOTFOUJNJFOUPEFYFOPGPCJB IBDJB.ÏYJDP"ENJUFRVFiTJFNQSFIBZBM HÞOEFTVCJDBEPw:SFTQPOTBCJMJ[BBMHPCJFS OPQPSMPTBDUPTiBJTMBEPTwEFEJTDSJNJOBDJØO QSPWPDBEPTQPSFMUFNBEFMBJOGMVFO[B FM DVBMFTVUJMJ[BEPQBSBEFTWJBSMBBUFODJØOEF MPTQSPCMFNBTJOUFSOPT 1PSTVQBSUF MBEJQVUBEBPGJDJBMJTUB "EFMB4FHBSSB QSFTJEFOUBEFMB$PNJTJØO EF"NJTUBEDPO.ÏYJDP BQPZBMBTNFEJ EBTEFMHPCJFSOP&OFOUSFWJTUBDPO1SP DFTP EJDFi/PFTUPZEFBDVFSEPFORVF TFIBCMFEFEJTDSJNJOBDJØO&TBOPFSBMB WPMVOUBE TJOPMBQSFTFSWBDJØOEFMBTBMVE 5VWPRVFWFSDPOHBSBOUJ[BSBMFYUSFNPMBT NFEJEBTQSFWFOUJWBT$VBOEPIBZVOSJFT HPFTQSFGFSJCMFVOFYDFTPEFQSFWFODJØO RVFVOEFTDVJEPw &OUSFWJTUBEPQPSFMSFQPSUFSP FMDØOTVM EF.ÏYJDPFO#VFOPT"JSFT +VBO.JHVFM 1PODF BGJSNBRVFIBTUBMBTFNBOBQBTBEB OPIBCÓBSFDJCJEPVOBTPMBRVFKBPEFOVODJB GPSNBMQPSBDUPTEFEJTDSJNJOBDJØODPOUSB NFYJDBOPTFOFTUFQBÓTi4ØMPTBCFNPTEF MPTDBTPTRVFTFIBOQVCMJDBEPFOMPTNF EJPTZEFBMHVOPRVFPUSPTVDFEJEPBQFSTP OBTDPOPDJEBTw DPNFOUBL

$SÎUJDBi/PWBZBBTFSRVFDPMPRVFNPTB MB"SHFOUJOBFOFMNBQBSPKPEFMNVOEPZ MBTDPOTFDVFODJBTTFBOQFPSFTu %FFTBGPSNB MBJOJDJBUJWBQBSBEFDMB SBSMBFNFSHFODJBTBOJUBSJBOPWJPMBMV[  BVORVFFMQBSMBNFOUPZBMBIBCÎBBDPSEB EPDPOMBNJOJTUSB0DBÒBi&MLJSDIOFSJT NPTFEJTDJQMJOÓZWPUÓQPSTVTQFOEFSFM EFCBUFu JOUFSQSFUÓFMEJBSJP-B/BDJÓO 1JDIFUUPSFDPOPDJÓFOSVFEBEFQSFOTB RVFIBCMÓDPOMBQSFTJEFOUBZRVFUBOUPÊM DPNP FM HPCJFSOP FTUBCBO QSFPDVQBEPT i2VFSFNPT SFWJTBS MB EFDMBSBDJÓO EF MB BMFSUBFQJEFNJPMÓHJDBOBDJPOBMQPSRVFUJF OFVOWPMUBKFDPNQMFKPZESBNÃUJDPu EJKP 1FSP TFHÙO-B/BDJÓO 'FSOÃOEF[JNQJEJÓ RVFTFEFDMBSBSBMBFNFSHFODJBEFCJEPBMB iNBMBJNBHFOuRVFFMQBÎTQPEÎBQSPZFDUBS &OVOBDPNQBSFDFODJBBOUFFM4FOBEP MB NJOJTUSB0DBÒBIJ[PVOMMBNBEPBOPQPMJUJ [BSFMUFNBEFMEFOHVFi%FUFOFSTFBEJTDVUJS TJTFFTUÃGSFOUFBVOBFQJEFNJBPGSFOUFBVO CSPUFFQJEÊNJDPFTVOBDVFTUJÓOTFNÃOUJDB  QPSRVFMBTJUVBDJÓOFTHSBWFu DPNFOUÓ FO VOJOUFOUPQPSDFSSBSMBEJTDVTJÓO

%FTQVÊT EF FTB TFTJÓO  FM TFOBEPS PQPTJUPS (FSBSEP .PSBMFT PQJOÓ RVF MB EFDMBSBDJÓO EF 0DBÒB GVF iFM QBTP OFDFTBSJPQBSBEFGJOJSVOQMBODPOQSF TVQVFTUP QSPQJP RVF GJOBODJF MB FNFS HFODJB EF MB FOGFSNFEBEu 4VCSBZÓ RVF  EVSBOUF FM UJFNQP RVF MMFWBCB MB DPOUJOHFODJB  FM HPCJFSOP IBCÎB HBTUB EPWFDFTNÃTFODBNQBÒBTEFQVCMJ DJEBERVFFOEJGVOEJSJOGPSNBDJÓOQBSB QSFWFOJSFMEFOHVF -B EJTDVTJÓO QPMÎUJDB mUBO MFKBOB EF QVFCMPTDPNP$IBSBUBP-B.BUBO[BmBDB QBSÓMBBUFODJÓOEFMPTNFEJPT ZMBQBMB CSBiFQJEFNJBuOPGJHVSÓFOMPTEJTDVSTPT OJFOMBTJOGPSNBDJPOFTPGJDJBMFT 4JO FNCBSHP  FM JOGFDUÓMPHP #POIFWJ BEWJFSUF RVF iTJ FO VO QFSÎPEP EF DJODP BÒPT BMHVJFO FT QJDBEP EPT WFDFT  DPO USBFSÃ FM EFOHVF IFNPSSÃHJDP Z NPSJSÃu :BVORVFMBMMFHBEBEFMPUPÒPBVTUSBMDP NJFO[BBBQMBDBSMBFQJEFNJB FMFTQFDJB MJTUBTFQSFHVOUBRVÊTVDFEFSÃFMQSÓYJNP BÒP-BMBSWBEFMNPTDPEFMEFOHVFZMB QPCSF[BQFSNBOFDFOBRVÎL EFNBZPEF

"OOF.BSJF.FSHJFS

1

"3¶4y4FEFTBUBSÃBMHÙOEÎB MBQBOEFNJBEFHSJQF")/  UBO UFNJEB QPS MB DPNVOJEBE DJFOUÎGJDB  &T EJGÎDJM TBCFSMP -PRVFTÎFTVOIFDIPFTRVF FM DÙNVMP EF SVNPSFT Z WFS TJPOFT DPOTQJSBDJPOJTUBT HF OFSBEBTQPSFMCSPUFEFFTBFOGFSNFEBETF FYQBOEJÓZBQPSUPEPFMQMBOFUB 5BOTÓMPVOBTIPSBTEFTQVÊTEFMBQSJ NFSBBQBSJDJÓOEFFTUFOVFWPWJSVTNVUBO UF  MBT QÃHJOBT FMFDUSÓOJDBT DPNFO[BSPO B MMFOBSTFEFNFOTBKFTRVFJCBOEFTEFDIJTUFT JOHFOVPTIBTUBMBTUFPSÎBTEFMDPNQMPU BMBT RVFMPTJOUFSOBVUBTTPOUBOBGJDJPOBEPT )PZSFTVMUBJNQPTJCMFIBDFSVOBMJTUB FYIBVTUJWBEFMBTIJTUPSJBTRVFMMFOBOMPT TJUJPT WJSUVBMFT  MPT DPSSFPT Z MPT CMPHT #BTUFNFODJPOBSMBTTJHVJFOUFT 6OB  QPS FKFNQMP  TPTUJFOF RVF FM OVFWPWJSVTQVEPTFSFMBCPSBEPQPSCJPUF SSPSJTUBTQBSBBTFTJOBSBMQSFTJEFOUFEF&T UBEPT6OJEPT #BSBDL0CBNB EVSBOUFTV FTUBODJBFO.ÊYJDP EPOEFFTUVWPEFWJTJ



EFNBZPEF

"1QIPUP4FCBTUJBO4DIFJOFS

.JFOUSBTMPTDJFOUÓGJDPTTF FTGVFS[BOQPSEFUFSNJOBS EFEØOEFTVSHJØFMWJSVTRVF QSPWPDBMBHSJQF")/QB SBFMBCPSBSVOBWBDVOBRVF MPDPOUSBSSFTUF FOJOUFSOFU QSPMJGFSBOMBTQÈHJOBTXFCZ MPTCMPHTEPOEFTFBMJNFO UBOIJTUPSJBTRVFWBOEFTEF MPTSJQJPTIBTUBMBTUFPSÓBT DPOTQJSBUJWBT&YQFSUPTJO UFSOBDJPOBMFTFOUFDOPMPHÓBT EFMBJOGPSNBDJØODPOTVMUB EPTQPS1SPDFTPTPTUJFOFO RVFTJUVBDJPOFTDPNPÏTUB TFNBOJGJFTUBODVBOEPMB HFOUFDPNÞODBSFDFEF EBUPT MPRVFQSPWPDBJODFS UJEVNCSFZ QPSFOEF MBQSP MJGFSBDJØOEFSVNPSFTRVF  BMEJGVOEJSTFQPSJOUFSOFU  DSFBOVOBWFSEBEFSBQBOEF NJBWJSUVBM

UBPGJDJBMFMZEFBCSJM0USBWFSTJÓO MPT CJPUFSSPSJTUBT FTUBSÎBO VTBOEP B MPT JONJHSBOUFTNFYJDBOPTDPNPWFDUPSFTEF DPOUBNJOBDJÓOEFMQVFCMPFTUBEVOJEFOTF %FMBTUFPSÎBTEFMDPNQMPU VOBEFMBT NÃTFYJUPTBTJOEJDBRVFVOBCPNCBWJSBM GVFDPODFCJEBFOiMBCPSBUPSJPTTFDSFUPTuB QFEJEPFYQSFTPEFiDJFSUPTHPCJFSOPTu4V QSPQÓTJUP FOGSFOUBS MPT DBNCJPT DMJNÃUJ DPTBQPDBMÎQUJDPTRVFHFOFSBMBTPCSFQP CMBDJÓOEFMQMBOFUB -B FTUSBUFHJB TFSÎB JNQMBDBCMF  TFHÙO TVT EJWVMHBEPSFT BOJRVJMBS B HSBO QBSUF EFMBIVNBOJEBEQPSNFEJPEFFTFiWJSVT NPSUÎGFSPu RVF TF QSPQBHB BMSFEFEPS EFM NVOEP 4FHÙO FTF NBRVJBWÊMJDP QMBO  MB QSÓYJNBFUBQBDPOTJTUJSÎBFOJNQPOFSVOB iMFZNBSDJBMHMPCBMuBMPTTPCSFWJWJFOUFT 0USB WBSJBOUF EF FTUB WFSTJÓO JOEJDB RVF MB BQBSJDJÓO EFM WJSVT ")/ Z MB QBOEFNJB RVF QPESÎB EFTFODBEFOBS TPO UBOTÓMPVOCFUBUFTUQBSBQSFQBSBSVOGVUV SPBUBRVFEFDJTJWP %JWFSTBT DPSSJFOUFT DPOTQJSBDJPOJTUBT TPTUJFOFORVFMPTEJSFDUJWPTZBDDJPOJTUBT EF HSBOEFT MBCPSBUPSJPT GBSNBDÊVUJDPT QSPWPDBSPO FTUB TJUVBDJÓO DBÓUJDB QBSB

DPOUBNJOBSBNFEJBIVNBOJEBEDPOFMGJO EFWFOEFSNJMMPOFTEFWBDVOBTZBOUJWJSB MFT6OBTPMVDJÓOJOGBMJCMFQBSBFTDBQBSB MBSFDFTJÓONVOEJBM &O FTUF FTDFOBSJP  FM DPNQMPU EF VOB UFOFCSPTBZQPEFSPTBÊMJUFNVOEJBMRVFBD UÙBUSBTCBNCBMJOBTQBSBJNQPOFSFM/VFWP 0SEFO .VOEJBM /80  QPS TVT TJHMBT FO JOHMÊT  UJFOF NVDIÎTJNP NÃT QBSUJEBSJPT B OJWFMJOUFSOBDJPOBMRVFMBIJQÓUFTJTEFMBiMV DIBGJOBMuEFMPTOBSDPUSBGJDBOUFTNFYJDBOPT DPOUSBFMHPCJFSOPEF'FMJQF$BMEFSÓO "TVWF[ FOQÃHJOBTXFCJTMÃNJDBTFM NFOTBKFFTRVFFMCSPUFEFJOGMVFO[BIVNB OBFTVODBTUJHPEJWJOPEJSJHJEPBRVJFOFT EFTPCFEFDFOB.BIPNBBMDPNFSDBSOFEF QVFSDP:FOTJUJPTFMFDUSÓOJDPTEFQBÎTFT FVSPQFPT BTÎDPNPFO&TUBEPT6OJEPT TF BGJSNBRVFMBQSFOTBFTDSJUB HPMQFBEBQPS MBDSJTJTGJOBODJFSBEFTEFIBDFWBSJPTNF TFT BQSPWFDIBMBDPOGVTJÓOQBSBFYQMPUBS FMUFNBEFMBOVFWBHSJQFQBSBMVDSBS %F JHVBM NBOFSB  FM iDPNQMPU EFM (u  RVF DPOUBSÎB DPO MB DPNQMJDJEBE EF MB 0SHBOJ[BDJÓO .VOEJBM EF MB 4BMVE 0.4

FTUÃTFEVDJFOEPBVOOÙNFSPEF JOUFSOBVUBTDBEBWF[NBZPS

- "  & 1 * % & . * "   * / 5 & 3 / " $ * 0 / " -

$POKVSBT

FTUJMPJOUFSOFU .ÃT-PTSFQSFTFOUBOUFTEFMPTHP CJFSOPTSFVOJEPTFO-POESFTFMQBTBEP EFBCSJMTFQVTJFSPOEFBDVFSEPQBSBEFT WJBSMBBUFODJÓOEFMBDBUÃTUSPGFFDPOÓNJDB NVOEJBMDPOMBBNFOB[BUFSSPSÎGJDBEFVOB OVFWBQFTUFHSJQBMw 'FOØNFOPTDÓDMJDPT -PTSVNPSFTZMBTUFPSÎBTEFMDPNQMPUTPO GFOÓNFOPT BOUJHVPT Z SFDVSSFOUFT  TÓMP RVF EFTEF IBDF EPT EÊDBEBT JOUFSOFU MFT QFSNJUFQSPQBHBSTFBVOBWFMPDJEBEFYQP OFODJBMQPSUPEPFMNVOEP&TUPMFTDPO GJFSFVOBGVFS[BZVOJNQBDUPJOÊEJUPT +FGF EF SFEBDDJÓO EF MB SFWJTUB FMFDUSÓ OJDB GSBODFTB BVUPNBUFTJOUFMMJHFOUTCMPH MFNPOEFGS +FBOm1BVM#BRVJBTU FYQFSUPFO UFDOPMPHÎBT EF MB JOGPSNBDJÓO  BOBMJ[Ó MB QSPCMFNÃUJDB EF MB DJSDVMBDJÓO EF SVNPSFT QPSJOUFSOFUFOVOFOTBZPUJUVMBEP5FPSÎBEFM DPNQMPUZBOÃMJTJTDJFOUÎGJDP&MFTQFDJBMJTUB EJTUBEFUPNBSFMGFOÓNFOPBMBMJHFSB &O FOUSFWJTUB DPO MB DPSSFTQPOTBM  #B RVJBTU SFDBMDB RVF QVFEFO TBDBSTF NVDIBT FOTFÒBO[BTEFMÊYJUPDSFDJFOUFRVFUJFOFOMBT UFPSÎBT DPOTQJSBDJPOJTUBT i&O QSJNFSB JOT

UBODJBOPTSFDVFSEBORVFFMDFSFCSPIVNBOP OPBDFQUBMPRVFOPDPNQSFOEF-BTUFPSÎBT EFMDPNQMPUSFBQBSFDFODBEBWF[RVFFTUBNPT DPOGSPOUBEPTBSFBMJEBEFTRVFOPTSFCBTBO i%FTEF GJOBMFT EF BCSJM  MB DPNVOJ EBE DJFOUÎGJDB NVOEJBM OPT EJDF RVF MB NVUBDJÓOEFMPTWJSVTFTBMHPTVNBNFOUF DPNQMFKP  JNQSFWJTJCMF Z QPUFODJBMNFOUF NPSUÎGFSP RVFOPIBZGPSNBEFQSFWFOJSMB Z RVF TÓMP TF QVFEF JOUFOUBS FOGSFOUBSMB "MFYQMJDBSOPTRVFFTUBNPTTPNFUJEPTBMB MÓHJDBQSPQJBEFMPTWJSVTZRVFFTBMÓHJDB TFOPTFTDBQB MPTDJFOUÎGJDPTOPTPCMJHBOB FODBSBSOVFTUSBFYUSFNBWVMOFSBCJMJEBE i1BSB MB NBZPSÎB EF MB HFOUF  TFNF KBOUFWFSEBEFTJOUPMFSBCMF&MTFSIVNBOP OFDFTJUBVOBFYQMJDBDJÓORVFMFEÊTJRVJFSB VOB JMVTJÓO EF TFOUJEP -PT TJDPBOBMJTUBT MMBNBOASBDJPOBMJ[BDJÓOBFTBUFOEFODJBB JOWFOUBSPBDFQUBSFYQMJDBDJPOFTQPSNVZ EFTDBCFMMBEBTRVFTFBOu my-MFOBOVOWBDÎP y1FSNJUFOFTDBQBS BVOBFTQFDJFEFWÊSUJHPFYJTUFODJBM mTFMF QSFHVOUBB#BRVJBTU m&GFDUJWBNFOUF &T FM QBQFM RVF BTV NFOMPTSVNPSFTZMBTUFTJTEFMDPNQMPU *OUSPEVDFOTFOUJEP

)BDF NFEJP TJHMP  )BOOBI "SFOEU  MB GJMÓTPGBBMFNBOBRVFTFSFGVHJÓFO&TUBEPT 6OJEPTUSBTTVIVÎEBEFMPTOB[JT FTDSJCJÓFO TVTUFYUPTTPCSFFMUPUBMJUBSJTNPRVFMBTNB TBTDSFFOFOMBTUFPSÎBTEFMDPNQMPUQPSRVF ÊTUBTMFEBODPIFSFODJBBMDBPTEFMNVOEP -P NJTNP TVCSBZBO OVNFSPTPT QP MJUÓMPHPT  DPNP FM GSBODÊT 1JFSSFm"OESÊ 5BHVJFGG BVUPSEF-JNBHJOBJSFEV$PN QMPU.POEJBM -PJNBHJOBSJPEFMDPNQMPU NVOEJBM  i&M NFHBDPNQMPU NVOEJBM QFSNJUF DPOTUSVJS VOB FTQFDJF EF GJMPTPGÎB EF MB IJTUPSJBQBSBMBPQJOJÓOQÙCMJDB VOBWVM HBSJ[BDJÓOEFHSBOEFTSFMBUPTFYQMJDBUJWPT &MEFTBSSPMMPEFMPTNFEJPTEFDPNVOJDB DJÓONBTJWBEJPBÙONÃTGVFS[BBMBVUPQÎB EFUSBOTQBSFODJBZBHVEJ[ÓFMEFTFPEFMB HFOUFEFUFOFSADMBWFTEFDPNQSFOTJÓOZ EPNJOJPEFMNVOEP w

i"VOTJFODPOUSBNPTUFPSÎBTEFMDPN QMPUFOMB&EBE.FEJB GVFFOSFBMJEBEB QBSUJSEFMB3FWPMVDJÓO'SBODFTBRVFFN QF[BSPOBDSFDFS-PTBDPOUFDJNJFOUPTEF OPTIJDJFSPOFOUSBSFOMBFEBEEFMBT JODFSUJEVNCSFTZEFMBSVQUVSBDPOMBDPO DFQDJÓOQSPWJEFODJBMJTUBEFMBIJTUPSJBu 4FHÙO FM KFGF EF SFEBDDJÓO EF MB SF WJTUB FMFDUSÓOJDB BVUPNBUFTJOUFMMJHFOUT CMPHMFNPOEFGS iFTFMEFTBTPTJFHPEFMB HFOUFBOUFMPJOFYQMJDBCMFMPRVFDPOGJFSF DSFEJCJMJEBEBMPTSVNPSFTZBMBTUFTJTEFM DPNQMPU 1FSP OP FT TPMBNFOUF FTP -BT NÙMUJQMFTUFPSÎBTRVFDPSSFOTPCSFFMWJ SVT")/ MPTBUFOUBEPTEFMEFTFQ UJFNCSFEFPFMBDDJEFOUFEFDPDIF RVFDPTUÓMBWJEBB-BEZ%J QBSBDJUBSTÓMP VOPTFKFNQMPT TPONVZSFWFMBEPSBTEFMB QPDB DPOGJBO[B RVF JOTQJSBO HPCJFSOPT F JOTUJUVDJPOFTBMPTDJVEBEBOPTu : QSFDJTB i2VJFOFT QBSUJDJQBO FO MB FMBCPSBDJÓO EF MBT UFPSÎBT EFM DPNQMPU Z RVJFOFTDSFFOFOFMMBTDPOTJEFSBORVFEF USÃT EF UPEBT MBT FYQMJDBDJPOFT PGJDJBMFT TPCSFBDPOUFDJNJFOUPTJNQPSUBOUFTFYJTUFO NBOJQVMBDJPOFTEFMBPQJOJÓOZRVFTJFN QSFTFCVTDBEJTJNVMBSMBTDBVTBTWFSEBEF SBTEFUBMFTBDPOUFDJNJFOUPT&MGFOÓNFOP TFEBUBOUPFO.ÊYJDPDPNPFO'SBODJB FO +BQÓODPNPFO"VTUSBMJB&TNVOEJBM m.VDIBT WFDFT  TJO FNCBSHP  TF IB DPNQSPCBEP RVF FYJTUFO NBOJQVMBDJPOFT mTFMFQMBOUFBB#BRVJBTU m"TÎFT"IÎSBEJDBFMQSPCMFNB5BN CJÊOIBIBCJEPZTJHVFIBCJFOEPDPNQMPUT #BTUBSFDPSEBSFMDBTP8BUFSHBUF%FIFDIP MPT DPOTQJSBDJPOJTUBT BQSPWFDIBO IÃCJM NFOUFIFDIPTSFBMFTZMBGBMUBEFJOGPSNB DJÓO P MB EFTJOGPSNBDJÓO QSPQJDJBEBT QPS MBT BVUPSJEBEFT -B EJGJDVMUBE FT QSFDJTB NFOUFBQBSUBSFMHSBOPEFMBQBKB &OCVTDBEFOVFWBTIJQØUFTJT #BRVJBTUSFUPNBFMUFNBEFMPTBUFOUBEPT EFMEFTFQUJFNCSFEF RVFDPOTJ EFSBDPNPBSRVFUÎQJDP EFNBZPEF

- "  & 1 * % & . * "  * / 5 & 3 / " $ * 0 / " -

(SVQPEFMPTi$PNQMPUwEFMPTSJDPT



EFNBZPEF

SVNPSFT %POBME 3VNTGFME  TFDSFUBSJP EF %FGFOTB EVSBOUF MBT BENJOJTUSBDJPOFT EF (FSBME 'PSE Z (FPSHF8 #VTI  TÎ FT BDDJPOJTUBEFMPTMBCPSBUPSJPT3PDIF4B OPGJ1BTUFVS GJSNÓ BDVFSEPT DPNFSDJBMFT DPO MPT MBCPSBUPSJPT #JSNFY QBSB MB FMB CPSBDJÓOEFMBWBDVOBDPOUSBMBJOGMVFO[B IVNBOBFTDJFSUPRVFUPEPTMPTHPCJFSOPT FTDBQBSPOEVSBOUFEPTTFNBOBTBMBTQSF TJPOFT EFM EFTDPOUFOUP QPQVMBS DPOUSB MB DSJTJTFDPOÓNJDBw i`1FSPEFBIÎBJNBHJOBSVOBDPBMJDJÓO DSJNJOBMuwFYDMBNB#BRVJBTU&OFMDBTP EF4BOPGJ1BTUFVS MÎEFSNVOEJBMFONBUF SJBEFWBDVOBT OPIBZRVFPMWJEBSRVFFTB FNQSFTBFTUÃJOTUBMBEBEFTEFIBDFUJFNQP FO.ÊYJDPZRVFMMFWBCBNFTFTOFHPDJBO EPFTFBDVFSEPRVFFMQSFTJEFOUF/JDPMBT 4BSLP[ZTFMJNJUÓBPGJDJBMJ[BSEVSBOUFTV CSFWFWJTJUBPGJDJBM i&OSFBMJEBEOPIBZRVFPMWJEBSUBN QPDPRVFFMTFSIVNBOPFTQBSBOPJEFFT EFDJS RVFUJFOEFBJOWFOUBSQPEFSFTPDVM UPTRVFCVTDBOEFTUSVJSMPu -PTBOÈMJTJT y$ÓNP OBDFO MPT SVNPSFT y$ÓNP TF QSPQBHBO y$ÓNPFOGSFOUBSMPT %BWJE4UFWFO FEJUPSEFMBQÃHJOBFMFD USÓOJDB (MPCBM%BTICPBSE  FTQFDJBMJ[BEB FOSJFTHPTHMPCBMFTZQPMÎUJDBJOUFSOBDJP OBM  SBEJPHSBGJÓ EF NBOFSB TJTUFNÃUJDB Z BHVEB FM OBDJNJFOUP EF VOB EF MBT UFTJT DPOTQJSBDJPOJTUBTTPCSFFMWJSVTEFMBHSJ QF")/-PTSFTVMUBEPTEFTVBOÃMJTJT  BMRVFUJUVMÓ4XJOFGMVDPPLFEVQJOBMBC (SJQFQPSDJOBFMBCPSBEBFOVOMBCPSBUP SJP

GVFSPOQVCMJDBEPTFMEFBCSJMFOFM TJUJP(MPCBM%BTICPBSE 4UFWFOTJHVJÓQBTPQPSQBTPMBUSBZFD UPSJBEFMSVNPSRVFTFGVFBNQMJBOEP FO SJRVFDJFOEP Z NPEJGJDBOEP FO MB NFEJEB FORVFQBTBCBEFVODPSSFPFMFDUSÓOJDPB PUSP EFVOCMPHBPUSPZRVFDJSDVMBCBFO GPSPTEFEJTDVTJÓO +FBOm1BVM#BRVJBTU QPSTVQBSUF SFDV SSFBMBNFNÊUJDBQBSBEFTDSJCJSMBHÊOFTJT ZFMEFTUJOPEFVOSVNPS "1QIPUP8PMGHBOH,SVNN 1PPM

&YQMJDBi5JFOFODBEBWF[NÃTJNQBDUP UFTJTRVFDVFTUJPOBOMBWFSTJÓOPGJDJBMEFMPT IFDIPT1BSUFEFMBPQJOJÓOQÙCMJDBNVOEJBM FTUÃDPOWFODJEBEFRVFMPTBUFOUBEPTOPGVF SPOQFSQFUSBEPTQPS"M2BFEB TJOPQPSVO FRVJQPTFDSFUPRVFPCFEFDÎBBMQSFTJEFOUFEF &TUBEPT6OJEPT (FPSHF8#VTI u ­MDPOTJEFSBRVFMPTPCKFUJWPTEFMB$B TB #MBODB GVFSPO NÙMUJQMFT i"QPEFSBSTF EFMQFUSÓMFPEF.FEJP0SJFOUFZSFEJCVKBS FMNBQBEFMBSFHJÓO DPOWFSUJSB"M2BF EB FO FM QSJODJQBM FOFNJHP QBSB SFGPS[BS MBDPIFTJÓOOBDJPOBMBMSFEFEPSEF(FPSHF 8#VTI KVTUJGJDBSFMJODSFNFOUPEFMQSF TVQVFTUPNJMJUBSZFOSJRVFDFSBMBJOEVTUSJB BSNBNFOUJTUB4POUBOUBTMBTEFGJDJFODJBT EF MB JOGPSNBDJÓO RVF EJGVOEJFSPO MBT BVUPSJEBEFT FTUBEVOJEFOTFT RVF EFKBO MB QVFSUBBCJFSUBBUPEBTMBTIJQÓUFTJTu 1JFSSFm"OESÊ 5BHVJFGG SFDBMDB &YJTUFO UFÓSJDPTEFMDPNQMPURVFTPONVZJOUFMJHFO UFT%BWJE(SJGGJO DBUFESÃUJDPEFGJMPTPGÎBEF MBTSFMJHJPOFTZEFUFPMPHÎBEFMB6OJWFSTJEBE EF$MBSFNPOU FO$BMJGPSOJB ZBVUPSEFDJO DPMJCSPTTPCSFFMEFTFQUJFNCSF FTVOP EFFMMPT BGJSNB­MTFBQPZBFOMBTMBHVOBT EFMBWFSTJÓOPGJDJBMTPCSFFMQBSBDVFT UJPOBSMBFOGPSNBSBEJDBMZBQBTJPOBOUF %JDF 5BHVJFGG i&T QSFDJTP NFODJP OBS UBNCJÊO FM FOUVTJBTNP RVF EFTQJFS UB FO JOUFSOFU VOB DJFSUB SFCFMJÓO DPOUSB MPT AFYQFSUPT SFDPOPDJEPTDPOTJEFSBEPT DPNP ANBOJQVMBEPT QPS FM TJTUFNB -PT JOUFSOBVUBTQSFGJFSFOCVTDBSOVFWBTJOUFS QSFUBDJPOFTZDBFOBTÎFOMBTSFEFTEFMPT DPOTQJSBDJPOJTUBT&TBNF[DMBEFWFSEBEZ NFOUJSB RVFTFHÙOFMQPFUB1BVM7BMÊSZFT BVOQFPSRVFMBTPMBNFOUJSB FTFMQSFDJP EFMBEFNPDSBUJ[BDJÓOEFJOUFSOFU i-PTUFÓSJDPTEFMDPNQMPUTFJOTUBMBO FO FTB [POB EF BNCJHÛFEBEFT " WFDFT IBDFOTVHFSFODJBTEFFYQMJDBDJPOFTBMUFS OBUJWBT RVF QVFEFO SFTVMUBS JOUFSFTBOUFT  QFSPUBNCJÊODBFOFOFYUSFNPT"MHVOPT MMFHBO B EFGFOEFS EPHNBT OFHBDJPOJTUBT UFPSÎBTRVFOPSFDPOPDFOMBSFBMJEBEEFM IPMPDBVTUP u &OFMDBTPEFMWJSVTEFMBHSJQF")/ BMHVOPT IFDIPT PCKFUJWPT BMJNFOUBO MPT

&YQMJDBi-BNFNÊUJDBFTVOBDJFODJB SFDJFOUF QFSP NVZ BNCJDJPTB &M UÊSNJOP NFNFBQBSFDJÓQPSQSJNFSBWF[FOFMMJCSP 5IF4FMGJTI(FOF &MHFOFFHPÎTUB QVCMJ DBEP FO  QPS 3JDIBSE %BXLJOT  VO FUÓMPHPCSJUÃOJDP UFÓSJDPEFMBFWPMVDJÓOZ EFGFOTPSFNQFEFSOJEPEFMBUFÎTNP-BNF NÊUJDB FTUVEJB MB DSFBDJÓO  SFQSPEVDDJÓO Z EJGVTJÓO FO MBT TPDJFEBEFT IVNBOBT EF DPNQPSUBNJFOUPTZFMFNFOUPTEFMMFOHVB KFmNFNFTmEPUBEPTEFBVUPOPNÎBFOSFMB DJÓODPOMPTPSHBOJTNPTRVFMPTTFDSFUBO  MPTSFDJCFOZMPTUSBOTGPSNBO i5PNBNPTVOBJEFBTJNQMFA-PTBUFO UBEPTEFMEFTFQUJFNCSFGVFSPOQFSQF USBEPTQPSMB$*"&TBTFVEPJEFBOBDJÓFO FMDFSFCSPEFVOJOEJWJEVPRVFMBUSBOTNJ UJÓBPUSP RVJFOBTVWF[MBDPNFOUÓDPO UFSDFSPT-BJEFBTFFYQBOEJÓSÃQJEBNFOUF BUSBWÊTEFDPSSFPTFMFDUSÓOJDPTZDPOWFSTB DJPOFT&OFMDBNJOPTFGVFEJWFSTJGJDBOEP ZBQBSFDJÓFOBSUÎDVMPT MJCSPT FOUSFWJTUBT  QPMÊNJDBTZEFCBUFT1VEPIBCFSEFTBQBSF DJEPQPDPUJFNQPEFTQVÊTEFTVOBDJNJFO UP4JOPGVFBTÎTFEFCJÓBRVFFODPOUSÓ GBDUPSFTGBWPSBCMFTQBSBTPCSFWJWJSu #BRVJBTU DPNQBSB MPT NFNFT DPO MPT WJSVT i6O WJSVT CJPMÓHJDP RVF OBDF QPS NVUBDJÓOTÓMPQVFEFDPOUBNJOBSBVOPS HBOJTNP TJ FODVFOUSB FO MBT DÊMVMBT EF FTUF ÙMUJNP FMFNFOUPT OFDFTBSJPT QBSB TV TPCSFWJWFODJB1FSPTÓMPPSJHJOBSÃVOBFQJ EFNJBTJMBFTQFDJFDPOUBNJOBEBMFCSJOEB VOFDPTJTUFNBGBWPSBCMF:VOBWF[MBO[B EBMBFQJEFNJBTFSÃEJGÎDJMDPOUSPMBSMB i-PT WJSVT  BVO TJ OP TPO PSHBOJTNPT WJWPTFOFMTFOUJEPFTUSJDUPEFMBQBMBCSB TF EFTBSSPMMBO NVUBOPTFEFTWBOFDFOPCFEF DJFOEPBMÓHJDBTQSPQJBT-BFQJEFNJBQPESÃ FNQFPSBSTF BERVJSJSPUSBTGPSNBTTJOUPNÃ UJDBTPJODMVTJWFBQBHBSTF TPTUJFOF : DPODMVZF i-P NJTNP IBDFO MPT NFNFT/P TPO WJSVT  QFSP TF DPNQPSUBO EF MB NJTNB GPSNB &T JNQPSUBOUF BOBMJ [BSTVWJEBDBTJCJPMÓHJDBFOFMTFOPEFMBT TPDJFEBEFTIVNBOBTSFDVSSJFOEPBMPTNÊ UPEPT VTBEPT FO CJPMPHÎB Z WJSPMPHÎB -B NFNÊUJDB QVFEF BSSPKBS MV[ TPCSF FM PSJ HFO FMÊYJUPZMBEJOÃNJDBEFQSPQBHBDJÓO EFDJFSUBTUFPSÎBTEFMDPNQMPUu -VDIBSDPOUSBMPTSVNPSFTEJTUBEFTFS VOBUBSFBGÃDJM0QPOFSFMSBDJPOBMJTNPB UFTJTDPOTQJSBDJPOJTUBTFTBNFOVEPJOÙUJM  ZBRVFMBTUFPSÎBTEFMDPNQMPUTFBQPZBO FOTVQVFTUBTWFSEBEFTPDVMUBT i/PTFQVFEFNBUBSBMPTSVNPSFT4JFN QSFIBCSÃFQJEFNJBTWJSBMFTZTJFNQSFIBCSÃ QBOEFNJBTEFSVNPSFT%FTNFOUJSBMPTUFÓ SJDPTEFMDPNQMPUFTEJGÎDJM QPSRVFOPTGBMUBO IFDIPT  QSVFCBT  JOGPSNBDJPOFT 1PS BIPSB TÓMP QPEFNPT PQPOFSMFT PUSB MÓHJDB  DPNP MPIBDFOMPTFYQFSUPTRVFEJTFÒBOZFEJUBO QÃHJOBTXFCZCMPHTu TPTUJFOF#BRVJBTU 1FSPOPQBSFDFIBDFSTFNBZPSFTJMVTJP OFTMBGBTDJOBDJÓOQPSMPPDVMUPZMBTDPO KVSBTTVFMFTFSNVDIÎTJNPNÃTGVFSUFRVFFM EJTDSFUPFODBOUPEFMDBSUFTJBOJTNPL

"/«-*4*4 %&/*4&%3&44&3

"VUPFMPHJP{NFSFDJEP .

ÊYJDPDFMFCSBFMSFHSFTPBMBOPSNB MJEBE&MQSFTJEFOUFEFTDSJCFDÓNPFMQBÎT TBMWÓBMQMBOFUBFOUFSP4FFTDVDIBOBQMBV TPTQPSEPRVJFSBOUFMBSFTQVFTUBGJSNF MB DJVEBEBOÎB DPNQSPNFUJEB  FM TJTUFNB EF TBMVERVFTBMJÓBJSPTP:TJOEVEBIBZBM HVOPTNPUJWPTQBSBDFMFCSBS TPCSFUPEPB MBMV[EFMPRVFQVEPIBCFSTJEPZOPGVF MBQBOEFNJBQSPOPTUJDBEBRVFOPPDVSSJÓ &OMVHBSEFQFMFBSFOUSFTÎDPNPBDPTUVN CSBOIBDFSMP FMHPCJFSOPGFEFSBMZFMDB QJUBMJOPMPHSBSPODPPSEJOBSTF&OWF[EFM QBTNPTFJNQVTPMBBDDJÓO-BTFODVFTUBT SFWFMBOBVOBQPCMBDJÓONBZPSJUBSJBNFOUF TBUJTGFDIBDPOMPRVFTFIJ[P DPOMPRVFTF EFDJEJÓ DPOFMDÙNVMPEFNFEJEBTJOTUSV NFOUBEBT.ÊYJDPSFTQPOEJÓDPODPOUVO EFODJBZNFSFDFTFSSFDPOPDJEPQPSFMMP -BVSJF (BSSFUU  FYQFSUB FO TBMVE QÙCMJDB HMPCBM Z BVUPSB EF 5IF $PNJOH 1MBHVF /FXMZ&NFSHJOH%JTFBTFTJOB8PSMEPVU PG#BMBODF IBTVHFSJEPi$SFPRVFUPEP FMNVOEPEFCFSÎBFTUBSEJDJFOEPAHSBDJBT  BNJHPT BMPTNFYJDBOPT QPSFMUSFNFOEP TBDSJGJDJPRVFIBOIFDIPu 1FSP FOUSF FTQBMEBSB[P Z FTQBMEBSB[P TFSÃDSVDJBMRVFFMQBÎTOPQJFSEBEFWJTUB MBOFDFTJEBEEFMQPTUNPSUFNCBMBODFBEP -BJNQPSUBODJBEFMBTQSFHVOUBTJODÓNP EBT&MSFDPOPDJNJFOUPEFMPTFSSPSFTDP NFUJEPTZMBTDBSFODJBTSFWFMBEBT1PSRVF FTUBDSJTJTQSPEVDFNPUJWPTQBSBDFMFCSBS QFSPUBNCJÊOSB[POFTQBSBMBNFOUBS)B CSÃRVFJSNÃTBMMÃEFMBTBSFOHBTOBDJP OBMJTUBT Z BQSPWFDIBS MB DPZVOUVSB QBSB EFUFDUBSMPRVFOPGVODJPOÓ MPRVFOPPDV SSJÓ MPRVFOPEFCFQSPQJDJBSFMBVUPFMPHJP TJOPMBBVUPDPSSFDDJÓO0KBMÃRVFFMWJSVT TJSWJFSB DPNP DBUBMJ[BEPS QBSB MB DSÎUJDB DPOTUSVDUJWB PKBMÃ GVFSB WJTUP DPNP VOB PQPSUVOJEBEQBSBDPMPDBSB.ÊYJDPCBKPFM NJDSPTDPQJPZBTÎEFUFDUBSMPNVDIPRVF



EFNBZPEF

UPEBWÎBFTUÃNBM1PSRVFFTQSPCBCMFRVF  DPOGPSNFNÃTJOGPSNBDJÓOWBZBTBMJFOEP B MB MV[  .ÊYJDP TFSÃ PWBDJPOBEP QPS MP RVFIJ[PDVBOEPMBDSJTJTWJSBMGVFEFUFDUB EB QFSPDSJUJDBEPQPSUPEPBRVFMMPRVFOP IJ[PBUJFNQPQBSBQSFWFOJSMB )BZVOBSFBMJEBEJODPOUSPWFSUJCMFRVF UBOUPFMHPCJFSOPDPNPMBDJVEBEBOÎBEF CFO DPOPDFS Z FODBSBS -B 0SHBOJ[BDJÓO .VOEJBMEFMB4BMVEIBSFWFMBEPRVFEFTEF FMEFBCSJMBMFSUBB.ÊYJDPTPCSFDBTPT JOVTVBMFTEFOFVNPOÎBBUÎQJDB QFSPFMHP CJFSOPNFYJDBOPOJFHBMBHSBWFEBEEFMP OPUJGJDBEP&TVOBJODÓHOJUBTJMBJOGPSNB DJÓOOPGMVZÓEFNBOFSBBEFDVBEBQPSQBS UFEFMPTFTUBEPTBMHPCJFSOPGFEFSBM TJMB EFTDFOUSBMJ[BDJÓODPOUSJCVZÓBMBGBMUBEF DPPSEJOBDJÓO TJMPTFODBSHBEPTEFSFQPS UBSDBTPTEFJOGMVFO[BEFTDPOPDÎBOFMQSP UPDPMPDPSSFTQPOEJFOUF-PDJFSUPFTRVFMB EFNPSBUJFOFVOJNQBDUPZFWJEFODJBRVF FM QBÎT BÙO OP TBCF JOWFTUJHBS  QSPDFTBS ZBWJTBSTPCSFFTUFUJQPEFFOGFSNFEBEFT DPOCBTFFOMBTNFKPSFTQSÃDUJDBTBOJWFM JOUFSOBDJPOBM &M  EF BCSJM MB 0.4 QJ EFNÃTJOGPSNBDJÓOBSBÎ[EFSFQPSUFTRVF IBOTVSHJEPFOMPTNFEJPT'JOBMNFOUF FM EFBCSJMDPNJFO[BVOBFTUSBUFHJBHVCFS OBNFOUBM EF iBQBHBJODFOEJPTu m CBTBEB FOMBDMBVTVSBEFMBTFTDVFMBTmRVFQSPCB CMFNFOUFQVEPIBCFSTJEPNFOPTESÃTUJDB TJ TF IVCJFSB EFUFDUBEP FM QSPCMFNB DPO BOUFSJPSJEBEZBDUVBEPWFMP[NFOUF %FIBCFSFYJTUJEPMBCPSBUPSJPTNFYJ DBOPT FTQFDJBMJ[BEPT  QSPCBCMFNFOUF TF IVCJFSBHBOBEPUJFNQPWBMJPTP%FIBCFS TFBTVNJEPDPONBZPSTFSJFEBEMPTCSPUFT JOGFDDJPTPTDFSDBEFMBHSBOKBQPSDJOBFO 7FSBDSV[ QSPCBCMFNFOUFFMHPCJFSOPIV CJFSBDPOUBOEPDPONÃTJOGPSNBDJÓOEFMB RVFUVWPDVBOEPUPNÓMBEFDJTJÓOESÃTUJDB EF DMBVTVSBS MPT FTQBDJPT QÙCMJDPT FO FM

%JTUSJUP'FEFSBMZBMPMBSHPEFMQBÎT%F IBCFS JOTUJUVDJPOBMJ[BEP NFEJEBT QBSB MB EFUFDDJÓOUFNQSBOBEFFOGFSNFEBEFTFQJ EFNJPMÓHJDBT RVJ[ÃTUBOUP'FMJQF$BMEF SÓODPNP.BSDFMP&CSBSEIVCJFSBOUFOJEP NÃTNBSHFOEFNBOJPCSBBOUFFMNJDSPCJP NVUBOUF%FFYJTUJSNFKPSFTDPOUSPMFTTB OJUBSJPTZBNCJFOUBMFTTPCSFHSBOKBTDPNP MBEF&M1FSPUFFO7FSBDSV[ RVJ[ÃT.ÊYJ DPOPQBEFDFSÎBMPRVFQBEFDFBIPSB%F IBCFSDPOUBEPDPOIFSSBNJFOUBTNÃTQSF DJTBT  FM HPCJFSOP OP IVCJFSB UFOJEP RVF SFTQPOEFSBNBDBOB[PT1FSPMBTEFNPSBT  MPTSVNPSFT MBJOGPSNBDJÓOJODPNQMFUB MB DPMVTJÓO FOUSF HPCFSOBEPSFT Z HSBOKFSPT  MPTEJBHOÓTUJDPTJODPOTJTUFOUFTZMBTDJGSBT EBO[BOUFTTJOEVEBDPOUSJCVZFSPOBBHSB WBSMBTJUVBDJÓO1SPWPDBOEPVOHPMQFCSV UBMBMBBDUJWJEBEFDPOÓNJDB BMUVSJTNP BM FNQMFP BMBJOWFSTJPO BM1*# BMBJNBHFO EFVOQBÎTRVFZBFSBWJTUPDPOTPTQFDIP TJTNPFOFMÃNCJUPJOUFSOBDJPOBM  1FSP NÃT JNQPSUBOUF BÙO &M )/ QPOF BM EFTDVCJFSUP VO TJTUFNB EF TBMVE RVF  TFHÙO VO NBHOÎGJDP SFQPSUBKF FO &M 1BÎT TFWVFMWFiDÓNQMJDFEFMWJSVTu1PS RVF QPS VO MBEP FTUÃ FM DBTP EF .BOVFM $BNBDIP mQPMÎUJDP QSPNJOFOUF BUFOEJEP JONFKPSBCMFNFOUFFOVOIPTQJUBMQSJWBEPm

RVJFOTPCSFWJWFBMBJOGFDDJÓO1FSP QPS PUSP FTUÃFMDBTPEF¶TDBS.BOVFMmOJÒP EFDJODPBÒPTQSPWFOJFOUFEFVOBGBNJMJB TJOSFDVSTPT SFDIB[BEPFOEPTPDBTJPOFT QPSVOIPTQJUBMQÙCMJDPm RVJFOTVDVNCF BOUFFMMB&MQSJNFSPFTUSBUBEPDPOHVBO UFTEFTFEBFMTFHVOEPSFDJCFTÓMPQVOUB QJÊT &M QSJNFSP UJFOF BDDFTP B DVJEBEPT NÊEJDPTEF1SJNFS.VOEP NJFOUSBTRVF FMTFHVOEPTFFOGSFOUBBMBSFBMJEBEEFVO TJTUFNB EFTWFODJKBEP -BT FTQFSBT FUFS OBT  MBT DJUBT FTQPSÃEJDBT  MBT NFEJDJOBT JODPOTFHVJCMFT P FYDFTJWBNFOUF DBSBT 

/BSBOKP

%FSFDIPEFSÏQMJDB

MPT USÃNJUFT JOUFSNJOBCMFT  MPT NÊEJDPT BVTFOUFT MPTEJBHOÓTUJDPTUBSEÎPT MPTBO UJWJSBMFTBHPUBEPT MBEFTDPOGJBO[BEFUBO UPTGSFOUFBJOTUJUVDJPOFTRVFOPGVODJPOBO DPNPEFCJFSBO-BMBSHBMJTUBEFSB[POFT RVFFYQMJDBQPSRVÊIBZNVFSUPTFO.ÊYJ DPQFSPOPFOPUSBTQBSUFT  &M HPCJFSOP TF WBOBHMPSJB EFM JODSF NFOUPFOMPTSFDVSTPTEFTUJOBEPTBMTFDUPS TBMVE QFSPBOUFMBTDJGSBTPTUFOUBEBTFNFS HFOMBTJOUFSSPHBOUFTJOFWJUBCMFTy$VÃOUPT SFDVSTPT TF EFTUJOBO BM QBHP TF TVFMEPT TJOEJDBMFT Z BM NBOUFOJNJFOUP EF iEFSF DIPTBERVJSJEPTu y$VÃOUPTTFDBOBMJ[BOB BNQMJBSMBDPCFSUVSB NFKPSBSMPTTFSWJDJPT  QSPNPWFSMBJOWFTUJHBDJÓO JOTUBMBSOVFWPT MBCPSBUPSJPT  FOUSFOBS JOWFTUJHBEPSFT EF DMBTFNVOEJBM :TJMPTTFSWJDJPTEFTBMVE TPOUBOCVFOPT yQPSRVÊMBDMBTFQPMÎUJDB OPMPTVTB y1PSRVÊTJmDPNPBSHVNFOUB FMQSFTJEFOUF$BMEFSÓOmFMTJTUFNBEFTBMVE iFTUÃSFTQPOEJFOEPEFNBOFSBBEFDVBEBu  .ÊYJDPTFWFPCMJHBEPBTPMJDJUBSGPOEPTEF FNFSHFODJBBM#BODP.VOEJBM BQFEJSBQP ZPTBM#*% BSFDJCJSFMEPOBUJWPEFUBQBCP DBTDIJOPTFOFMBFSPQVFSUPEFMB$JVEBEEF .ÊYJDPBMBBN -BSFTQVFTUBBFTUBTJOUFSSPHBOUFTOP EFCFTFSMBBVUPDPNQMBDFODJB TJOPMBDP SSFDDJÓOEFMPTFSSPSFT-BSFTQVFTUBBOUF MBT TFNBOBT RVF WJWJNPT FO QFMJHSP OP QVFEFTFSUBOTÓMPVOEJTDVSTPFOFMDVBM TF DFMFCSB MB WBMFOUÎB EF MPT NFYJDBOPT  TJOPMBSFNPEFMBDJÓOEFVOTJTUFNBEFTB MVERVFOPMPTDVSBBUJFNQP-BSFTQVFTUB GSFOUFBMPTGÊSFUSPTOPEFCFTFSVOBDPO EFDPSBDJÓO OBDJPOBM QPS iIBCFS TBMWBEP BMBIVNBOJEBEu TJOPFMDPNQSPNJTPEF TBMWBSBNÃTNFYJDBOPT4JFTDJFSUPmDP NP TVHJFSF 'FMJQF $BMEFSÓOm RVF MB BE WFSTJEBEGPSKBFMDBSÃDUFS FOUPODFTFMEFM HPCJFSOPNFYJDBOPBÙOFTUÃBQSVFCBL EFNBZPEF

+0)/."$,&3."/

$BMEFSØOFODBNQB×B &

MUSJVOGBMJTUBEJTDVSTPRVF'FMJQF$BM EFSÓOQSPOVODJBSBFODBEFOBOBDJPOBMFM QBTBEPMVOFTEFNVFTUSBTVTDMBSBTJO UFODJPOFT QPS JOUFSWFOJS QFSTPOBMNFOUF FO MBT DBNQBÒBT FMFDUPSBMFT  VUJMJ[BOEP QPMÎUJDBNFOUF MB DSJTJT TBOJUBSJB QBSB GB WPSFDFSBTVHPCJFSOPZBM1BSUJEP"DDJÓO /BDJPOBM 'SFOUF B FMMP  MB TVNJTJÓO Z DPNQMJDJEBEEFM*OTUJUVUP'FEFSBM&MFDUP SBM *'& QPOFFOFWJEFODJBVOBWF[NÃT TVGBMUBEFBVUPOPNÎB PCKFUJWJEBEFJN QBSDJBMJEBE 6OP EF MPT MPHSPT NÃT JNQPSUBOUFT EF MB SFGPSNB DPOTUJUVDJPOBM FO NBUFSJB FMFDUPSBMEFGVFMBFYQSFTBQSPIJCJ DJÓOEFMBEJGVTJÓOEFQSPQBHBOEBHVCFS OBNFOUBMEVSBOUFMBTDBNQBÒBTQPMÎUJDBT &MOVFWPUFYUPEFMB$BSUB.BHOBTFÒBMB RVF iEVSBOUFFMUJFNQPRVFDPNQSFOEBO MBTDBNQBÒBTFMFDUPSBMFTGFEFSBMFTZMPDB MFTZIBTUBMBDPODMVTJÓOEFMBSFTQFDUJWB KPSOBEBDPNJDJBM EFCFSÃTVTQFOEFSTFMB EJGVTJÓOFOMPTNFEJPTEFDPNVOJDBDJÓO TPDJBMEFUPEBQSPQBHBOEBHVCFSOBNFO UBMu4VQVFTUBNFOUFEFTEFFMQBTBEPEF NBZP B OJOHVOB FOUJEBE HVCFSOBNFOUBM TFMFEFCFSÎBQFSNJUJSVUJMJ[BSMPTNFEJPT QBSBEBSBDPOPDFSTVTBDDJPOFTPQSPNP WFSTVTMPHSPT 4JO FNCBSHP  OP IBCÎBO QBTBEP TJ RVJFSBIPSBTDVBOEP$BMEFSÓOEFDJEJÓ WJPMBSFTUBEJTQPTJDJÓODPOTUJUVDJPOBMDPO TVNFOTBKFBMBOBDJÓO1BSBKVTUJGJDBSTV BCJFSUPBUSPQFMMPEFMBMFZ FMQSFTJEFOUF SFDVSSF B VOB FYDFQDJÓO QSFWJTUB QBSB iDBNQBÒBT EF JOGPSNBDJÓOw SFMBUJWBT B TFSWJDJPT FEVDBUJWPT Z EF TBMVE  P MBT OFDFTBSJBTQBSBMBQSPUFDDJÓOFODBTPTEF FNFSHFODJBu  4JO FNCBSHP  FM EJTDVSTP



EFNBZPEF

EF $BMEFSÓO EF OJOHVOB NBOFSB QVFEF TFS DPOTJEFSBEP QBSUF EF VOB iDBNQBÒB EFJOGPSNBDJÓOuZUBNQPDPGVFVOBBMP DVDJÓOiOFDFTBSJBuQBSBBUFOEFSMBFNFS HFODJBTBOJUBSJB -B BQBSJDJÓO EF $BMEFSÓO FO MB UF MFWJTJÓO GVF VO WJM BDUP EF QSPQBHBOEB HVCFSOBNFOUBM EJTFÒBEP QBSB BQVOUBMBS QPMÎUJDBNFOUFBMQBSUJEPFOFMQPEFS5PEP FMEJTDVSTPFTUVWPBEFSF[BEPEFBGJSNBDJP OFTDPNPMBTTJHVJFOUFTiIFNPTBDUVBEP GJSNFNFOUFu iIFNPTIFDIPMPDPSSFDUPu  iUPNBNPTMBTNFEJEBTDPSSFDUBTuPiOVFT USBFTUSBUFHJBFTUÃGVODJPOBOEPCJFOu&T UBT GPSNVMBDJPOFT SFQFUJEBT BE OBVTFVN OPUJFOFOOBEBRVFWFSDPOVOBDBNQBÒB EFJOGPSNBDJÓOOFDFTBSJBQBSBBUFOEFSMB DSJTJTTBOJUBSJBZDBCFOQFSGFDUBNFOUFEFO USPEFMBEFGJOJDJÓOEFiQSPQBHBOEBuRVF OPTPGSFDFFM%JDDJPOBSJPEFMB3FBM"DB EFNJB&TQBÒPMBi"DDJÓOPFGFDUPEFEBSB DPOPDFSBMHPDPOFMGJOEFBUSBFSBEFQUPTP DPNQSBEPSFTu &T NVZ FYUSBÒP RVF OJOHÙO QBSUJEP QPMÎUJDPTFIBZBBUSFWJEPBEFOVODJBSFTUB FWJEFOUF JMFHBMJEBE 1FSP MP RVF SFTVMUB BÙO NÃT FYUSBÒP FT FM UPUBM TJMFODJP EFM *'&FOFTUBNBUFSJB&TPTÎ MPTDPOTFKFSPT FMFDUPSBMFTZBTFGSPUBOMBTNBOPTGSFOUF B MB PQPSUVOJEBE EF TBODJPOBS B"OESÊT .BOVFM -ÓQF[ 0CSBEPS QPS MB TVQVFTUB WJPMBDJÓOBMBTNFEJEBTTBOJUBSJBTFOVOB SFVOJÓOEFBQFOBTQFSTPOBTSFBMJ[B EB SFDJFOUFNFOUF FO5BCBTDP 1FSP BOUF MB PCWJB Z QÙCMJDB WJPMBDJÓO B MB QSPQJB $POTUJUVDJÓO QPS QBSUF EF $BMEFSÓO  MPT HVBSEJBOFTEFMBMFHBMJEBEFMFDUPSBMHVBS EBOVOTJMFODJPWFSHPO[PTP &OHFOFSBM BOUFMBDSJTJTTBOJUBSJBFM

*'& IB BCEJDBEP EF TV SFTQPOTBCJMJEBE DPNP NÃYJNB BVUPSJEBE BENJOJTUSBUJWB FONBUFSJBFMFDUPSBM&OMVHBSEFDPOWP DBS B UPEPT MPT BDUPSFT SFMFWBOUFT QBSB BOBMJ[BS MBT JNQMJDBDJPOFT EF MB OVFWB DPZVOUVSBQPMÎUJDBZFMEFTBSSPMMPEFMBT QSÓYJNBTFMFDDJPOFTGFEFSBMFT MBBVUPSJ EBEFMFDUPSBMTFIBDPOWFSUJEPFOTJNQMF DPSSFBEFUSBOTNJTJÓOQBSBMBTEFDJTJPOFT UPNBEBTFO-PT1JOPTZ#VDBSFMJ 5BMZDPNPPDVSSJÓDPOMBOFHPDJBDJÓO EFMBTNVMUBTQPSFMEFTBDBUPEF5FMFWJTB Z57"[UFDB  VOB WF[ NÃT FM DPOTFKFSP QSFTJEFOUF  -FPOBSEP 7BMEÊT  BDVEJÓ B MB 4FDSFUBSÎB EF (PCFSOBDJÓO QBSB SF DJCJS JOTUSVDDJPOFT &O MVHBS EF DJUBS B 'FSOBOEP (ÓNF[ .POUU  +PTÊ $ÓSEPWB 7JMMBMPCPTZMPTQBSUJEPTQPMÎUJDPTFOMBT JOTUBMBDJPOFT EFM *'& 7BMEÊT BDFQUÓ TFS VOJOWJUBEPNÃTFO#VDBSFMJQBSBDPOWFS TBS TPCSF MB QPTJCJMJEBE EF NPEJGJDBS MB GFDIBEFMBFMFDDJÓO"TÎNJTNP FM*'& BDFQUÓTJODPNFOUBSJPBMHVOPMBJNQPTJ DJÓO VOJMBUFSBM EF QBSUF EF MB 4FDSFUBSÎB EF4BMVEEFVOPT-JOFBNJFOUPTTBOJUBSJPT QBSBMPTQFSÎPEPTEFDBNQBÒBTFMFDUPSB MFTZDBQBDJUBDJÓORVFTPOJNQPTJCMFTEF JNQMFNFOUBSZBEFNÃTJOUSPEVDFOGVFSUFT EFTFRVJMJCSJPTFOMBDPOUJFOEBFMFDUPSBM 5BNCJÊO WBMF MB QFOB SFDPSEBS RVF FMTFDSFUBSJPEF4BMVEOPUJFOFGBDVMUBE BMHVOB QBSB SFHVMBS MBT DBNQBÒBT FMFD UPSBMFT"VO BDFQUBOEP TJO DPODFEFS MB MFHBMJEBEEFMEFDSFUPEFMEFBCSJMRVF TVQVFTUBNFOUF MP IBCJMJUB DPO QPEFSFT FYUSBPSEJOBSJPT DBTJ EJDUBUPSJBMFT  OJO HÙOEFDSFUPQSFTJEFODJBMQVFEFDPMPDBS TF QPS FODJNB EFM UFYUP DPOTUJUVDJPOBM RVFTFÒBMBTJOUJUVCFPTRVFFM*'&FOMB

4"#*/"#&3."/

ÙOJDB BVUPSJEBE BENJOJTUSBUJWB SFT QPOTBCMFFONBUFSJBFMFDUPSBM 6SHFRVFFM*'&QPOHBVOBMUPBMB VUJMJ[BDJÓOQPMÎUJDBEFMBDSJTJTTBOJUBSJB -BBVUPSJEBEFMFDUPSBMEFCFSÎBQSPIJCJS UBKBOUFNFOUF DVBMRVJFS NBOFKP QFSTP OBMJ[BEPEFMBTBDDJPOFTFTUBUBMFTFOMB NBUFSJB BTÎDPNPBTFHVSBSRVFMPTBOVO DJPT NFOTBKFTZDPOGFSFODJBTEFQSFOTB UFOHBOVODBSÃDUFSQMVSBMRVFSFQSFTFOUB MBEJWFSTJEBEEFMBTFYQSFTJPOFTQPMÎUJ DBT EFM QBÎT -PT DPOTFKFSPT UBNCJÊO EFCFSÎBO JOWFTUJHBS MBT WJPMBDJPOFT ZB DPNFUJEBTBTÎ DPNPEFGFOEFSTVBVUP OPNÎBBOUFMBTJNQPTJDJPOFTEFMHPCJFS OPGFEFSBM%FMPDPOUSBSJP QPESÎBNPT FODPOUSBSOPTEFOVFWBDVFOUBBOUFVOB FMFDDJÓO EF &TUBEP DPO DPOTFDVFODJBT OFGBTUBTQBSBFMGVUVSPEFMBDPOWJWFODJB EFNPDSÃUJDBFOFMQBÎT 1% -B 4VQSFNB $PSUF EF +VTUJDJB EFMB/BDJÓOVOBWF[NÃTTFIBOFHBEP BSFWJTBSMBTPMJDJUVEEFBDDFTPBMBTCP MFUBTFMFDUPSBMFTEF4JOFNCBSHP  TJHVFQFOEJFOUFMBSFTPMVDJÓOEFMB$PSUF *OUFSBNFSJDBOBEF%FSFDIPT)VNBOPT 5BNCJÊOGBMUBRVFFM5SJCVOBM&MFDUPSBM WVFMWBBSFWJTBSFMDBTP BIPSBBMBMV[ EFMBTSFGPSNBTDPOTUJUVDJPOBMFTBMBSUÎ DVMPFONBUFSJBEFUSBOTQBSFODJBZBM BSUÎDVMPDPOSFTQFDUPBMBTGBDVMUBEFT EFJOUFSQSFUBDJÓOEFMUSJCVOBM5PEPDJV EBEBOPRVFTJHBQSFPDVQBEPQPSDPOP DFSMBWFSEBEIJTUÓSJDBEFCFSÎBEBSVOB NVFTUSBEFTVJOUFSÊTZEFTEFIPZTPNF UFSBM*'&OVFWBTTPMJDJUVEFTEFBDDFTPB MBEPDVNFOUBDJÓOFMFDUPSBML XXXKPIOBDLFSNBOCMPHTQPUDPN

-PRVFMBJOGMVFO[B OPTEJDF &

NQFDFNPT DPO MBT PCWJFEBEFT NB DSPZEFTDFOEBNPTBMBTNJDSP 2VFTPNPT/BUVSBMF[B2VFBÙOTJWJ WJNPTSPEFBEPTEFDPTBTZOPUJDJBTTPMP IVNBOBT MPOPIVNBOPOPTBDFDIBGVFSB ZEFOUSPEFOVFTUSPSFEPOEFMBVUJTUB BWF DFTQBSBEFQSPOUPBSSBTBSDPOOPTPUSPT FO GPSNBEFUFSSFNPUPT IVSBDBOFTPQMBHBT 2VFTPNPT/BUVSBMF[BRVFBHSFEFEF GPSNBEJBSJBZNFUÓEJDBBPUSBTFTQFDJFT &TDMBWJ[BNPTZIBDJOBNPTBMPTDFSEPT  BMBTBWFT BMBTSFTFT BDVBOUPNBNÎGF SPDVBESÙQFEPFYJTUF FJODMVTPBMPTQF DFTZMPTNPMVTDPT QBSBUSP[BSTVDBSOF  FNQBRVFUBSMB GSJHPSJ[BSMBZEJTUSJCVJSMB 

UPEP FTP FO DBOUJEBEFT Z DPO QSPDFTPT JOEVTUSJBMFT $SFBNPTBTÎDBMEPTEFDVMUJWPEFUB NBÒP JOEVTUSJBM QBSB FM TVSHJNJFOUP EF QMBHBT DPNPMPGVFFMNBUBEFSPEFDFS EPTFO1FSPUF 7FSBDSV[ FODVZBTJONF EJBDJPOFTTFEJFSPOMPTQSJNFSPTDBTPTEF JOGMVFO[BIBDFDFSDBEFVOBÒP BVORVF OJOHÙONÊEJDP BMNFOPTVONÊEJDPDB QB[ZSFTQPOTBCMF FTUVWPBIÎQBSBEJBH OPTUJDBSMP 2VFFOMBHVFSSBEJBSJBRVFTPTUFOF NPTDPOUSBMB/BUVSBMF[BTFTJHVFDVN QMJFOEPMBNJMFOBSJBTFOUFODJBQFSTB-PT QFDFTHSBOEFTTFDPNFOBMPTQFRVFÒPT 

EFNBZPEF

FYDFQUPDVBOEPMPTQFRVFÒPTTPONJMMB SFTZWBODPOUSBMPTHSBOEFT 2VFFOFMNBUBEFSPEF1FSPUF ZBFO GFCSFSPEFM DVBOEPFOTVTBMFSUBT SVUJOBSJBTMB0.4QSFWFÎBVOBOVFWBQMB HB MPTEVFÒPT HFSFOUFTZGVODJPOBSJPT QÙCMJDPTDPNFUJFSPOFMQFDBEPIBSUPDP NÙOEFQPOFSFOVOQMBUJMMPEFMBCBMBO[B MBHBOBODJBEFEJOFSPZFOFMPUSPQMBUJMMP MBNVFSUFEFHFOUFQPCSFZTFEFDJEJFSPO QPSOPDFSSBSOJTBOFBSFMNBUBEFSPZQPS OPQFSEFSTVTHBOBODJBT "M UJFNQP WFSFNPT TJ BMHÙO QFSJP EJTUBEFTFOUJFSSBFTUBIJTUPSJB QSPCBCMF NFOUFDSJNJOBM 2VFMPTIVNBOPTWJWJNPTFOMBTDJVEB EFTNVZKVOUPTZSFTQJSBNPTNVZUFYUVBM NFOUFFMNJTNPBJSF BVORVFOPTEJWJEBO EFMHBEBTQBSFEFT1FSPMPRVFOPTFQBSBO MBTQBSFEFTTÎMPTFQBSBFMEJOFSP &MEJOF SP PUSBWF[IBZRVFIBCMBSEFMEJOFSP  4J MB JOGMVFO[B OPT VOJÓ  FM EJOFSP OPTEJWJEJÓFOQPCSFTZFOSJDPT$JFSUP IBZQPCSFTZSJDPTFOUPEBTQBSUFT QFSP FO.ÊYJDPMBEJWJTJÓOFOBCJTNBM ZTV TVQVFTUP SFNFEJP  MPT TFSWJDJPT QÙCMJ DPT TPOVOBCVSMBDSVFM -PTQPCSFTTVNBODBTJUPEPTMPTNVFS UPTEFFTUBDSJTJTEFJOGMVFO[B QPSRVFMPT IPTQJUBMFTQÙCMJDPTOPTÓMPOPGVFSPOTV GJDJFOUFT QBSB SFDJCJS DBEB DBTP GVFSPO OFHMJHFOUFTZUBNCJÊODSJNJOBMFT&OEÎBT QSÓYJNPT WFSFNPT NVMUJQMJDBEBT FO MB QSFOTB TJMBQSFOTBTJHVFIBDJFOEPTVUSB CBKP MBTIPSSJCMFTIJTUPSJBTEFOJÒPTJOGFD UBEPTRVFSFDJCJFSPOVOBBTQJSJOBZGVFSPO FOWJBEPT B DBTB EF MB BODJBOB DPO HSJQF RVFGVFEFKBEBTFOUBEBFOMBTBMBEFFTQFSB FOUSFEPTTFÒPSFTDPOJOGMVFO[B ZBTÎTF DPOUBHJÓ EFM JOGFDUBEP RVF GVF BDPTUBEP FOUSFNVKFSFTQBSUVSJFOUBT ZBTÎQVEPIB CFSNBUBEP TJORVFSFSMP BVOBEPDFOBEF NBESFTZCFCÊTEFMQPCSFUJQPRVFSFDP SSJÓZBFOGFSNPWBSJPTIPTQJUBMFTEPOEFOP MPSFDJCJFSPOZNVSJÓFOVOBDBNBBSSJODP OBEBEFVOIPTQJUBMBUFTUBEPNBMEJDJFOEPB .ÊYJDP DPNPMPSFQPSUÓ1SPDFTP  1FSP TJO EVEB MP RVF OP GBMMÓ FO .ÊYJDP GVF MB DPNVOJDBDJÓO  BM NFOPT MBFNJUJEBEFDÓNPDPNCBUJSFMEFTBTUSF &MHPCJFSOPGFEFSBMZFMEFMB$JVEBEEF .ÊYJDPIJDJFSPOVTPDPOUJOVPEFMPTNF EJPTNBTJWPT MBUFMFWJTJÓOZMBSBEJP RVF FO OVFTUSP QBÎT BMDBO[BO BM  EF MB QPCMBDJÓO:BMBJOGPSNBDJÓOZMBTNF EJEBT PCMJHBUPSJBT PGJDJBMFT  MPT NFEJPT



EFNBZPEF

NBTJWPTZMBQSFOTBBÒBEJFSPONÃTJOGPS NBDJÓOZNÃTNFEJEBTPQUBUJWBTÙUJMFT )VCPJOGPSNBDJÓOQBSBUPEPT FTPTÎ 5BNCJÊOIVCPEFDJTJPOFTQSPOUBTEF HPCJFSOP RVF  HSBDJBT B MPT NFEJPT EF DPNVOJDBDJÓO Z B RVF UFOFNPT JOTUJUV DJPOFTBNQMJBTZEJTDJQMJOBEBT BMDBO[B SPOBQBSBSFMDSFDJNJFOUPHFPNÊUSJDPEF MBQMBHB4FEFUVWJFSPOMBTDMBTFTFTDP MBSFTZCVFOBQBSUFEFMBBDUJWJEBEFDP OÓNJDB&MQSFDJPEFRVFFTUPOPIVCJFSB TVDFEJEPFTQBOUB -PRVFUBNCJÊOMBJOGMVFO[BOPTSFEFT DVCSJÓFTRVFFOMPTÙMUJNPTBÒPTMPT HPCJFSOPT IBO EFTNBOUFMBEP B MB DJFODJB NFYJDBOB 4JFOEP MB OPWFOB FDPOPNÎB NVOEJBM  EFCFNPT BWFSHPO[BSOPT EF RVF OVFTUSPTDJFOUÎGJDPTOPDVFOUFODPOMPTJOT USVNFOUPTEFQVOUBQBSBTFSFMMPTMPTRVF EFOTFHVJNJFOUPBMBFWPMVDJÓOEFMWJSVTZ CVTRVFOFMSFNFEJPEFVOBWBDVOB 4PNPTMBOPWFOBFDPOPNÎBEFMNVO EPBIPSBTÎRVFEFNJMBHSP DPONÃTQSF DJTJÓO EFCJEP BM NJMBHSP EFM QFUSÓMFP

 QPSRVFOVFTUSPTHPCJFSOPTIBOEFKBEPTJO IFSSBNJFOUBTBMBJOUFMJHFODJBEFMQBÎT 1PSGJO MBJOGMVFO[BOPTSFEFTDVCSJÓMB DSVFMEBEJOIVNBOBEFMBTGBSNBDÊVUJDBT USBTOBDJPOBMFT&M5BNJGMV FMGÃSNBDPRVF FT UBM WF[ QSPGJMÃDUJDP EF MB FOGFSNFEBE QFSPEFTFHVSPFTTVBOJRVJMBEPS TVCJÓFO OVFTUSBTGBSNBDJBTEFBNJMQFTPT FOVOTPMPEÎB yBVNFOUPPSEFOBEPQPSMB FNQSFTBRVFQSPEVDFFM5BNJGMV 3PDIF  PQPSMPTEVFÒPTEFMBTGBSNBDJBT

MVFHP EFTBQBSFDJÓ  BM QBSFDFS SFRVJTBEP QPS FM HPCJFSOPQBSBVTPFYDMVTJWPFOMPTIPTQJ UBMFT QFSPFOFMNFSDBEPOFHSPTFWFOEF IPZFONJMQFTPT &M HPCJFSOP IJ[P CJFO FO SFRVJTBSMP  QFSPFTPZBEBEBMBDJSDVOTUBODJBEFRVF FO .ÊYJDP FYJTUÎBO  NJMMÓO EF EPTJT  NJFOUSBTFO&TUBEPT6OJEPTNJMMPOFT -PRVFQBSFDFIBTUBBIPSBTFHVSPFT RVFFTUFBÒP3PDIFNVMUJQMJDBSÃQPS TVTHBOBODJBTHSBDJBTBM5BNJGMV DPNP MPSFQPSUÓ1SPDFTP TJORVFBOVFT USPHPCJFSOPTFMFPDVSSBJOUFSWFOJSQBSB RVFBCBUBTVQSFDJPPTFBUSFWBBQSPEVDJS VOGÃSNBDPHFOÊSJDPRVFMFTEFSSVNCFFM NBDBCSPOFHPDJP 4JFMHPCJFSOPOPJOUFSWJFOF QBSBMPT BDDJPOJTUBT EF 3PDIF MPT NFYJDBOPT TP NPT BIPSB MPT DFSEPT NJMMPOFT EF DSJB UVSBTBNFOB[BEBTQPSMBNVFSUFRVFFMMPT USBEVDFOFOHBOBODJBTJOEVTUSJBMFTL

"

 VO BÒP EF MBT FMFDDJPOFT RVF MP DPOWJSUJFSPOFOQSFTJEFOUFEF1BSBHVBZ  MBTJNQMJDBDJPOFTEFMBFTDBOEBMPTBQB UFSOJEBEEF'FSOBOEP-VHPFTUÃOFOFM DFOUSPEFMEFCBUFQPMÎUJDP$VBOEP-V HP RVFGVFPCJTQPFOVOBEFMBTSFHJPOFT NÃTQPCSFTEFTVQBÎT BDFQUÓQÙCMJDB NFOUFFMIJKPRVFTFMFJNQVUBCB TBMUÓ PUSB EFOVODJB  RVF UPEBWÎB OP IB TJEP BDMBSBEBy2VÊTJHOJGJDBRVFVOPCJTQP IBZBTFEVDJEPBEPTKPWFODJUBT MBTIBZB FNCBSB[BEPZTFIBZBEFTFOUFOEJEPEFM BTVOUP    %F FOUSBEB  FO VO QBÎT EPOEF MB JSSFTQPOTBCJMJEBE QBUFSOB FT FM QBO EF DBEBEÎB BQBSFOUFNFOUFTFJOTDSJCFB EF DBEB  DSJBUVSBT DPNP EF iQBESF EFTDPOPDJEPu

 B QPDPT UPNB QPS TPS QSFTB MP PDVSSJEP -B BDUJUVE EF PUSP TBDFSEPUF BM FYDMBNBS i`FTBT DPTBT QBTBOuSFQSFTFOUBFMTFOUJSEFVOBN QMJP TFDUPS EF MB QPCMBDJÓO -VHP  TFS IVNBOP B GJO EF DVFOUBT  USBOTHSFEJÓ VO NBOEBUP JNQPTJCMF EF DVNQMJS  MP RVF QPOF FO FWJEFODJB MP BCTVSEB RVF FT MB SFHMB EF DBTUJEBE JNQVFTUB QPS MB*HMFTJBDBUÓMJDB&OTVNPNFOUP MB SFBDDJÓO EFM BIPSB QSFTJEFOUF BOUF FM iEFTMJ[uGVFPDVMUBSMPFOMVHBSEFFODB SBSTVTDPOTFDVFODJBTy$ÓNPBMHVJFO BRVJFOMBJOKVTUJDJBTPDJBMMFQSFPDVQB OPUVWPFMNÎOJNPHFTUPEFSFTQPOTBCJ MJEBEDPOMBTNBESFTEFTVTIJKPT )PZ -VHP TF EFTMJOEB EF MB JNQVUBDJÓO EF

"/«-*4*4

."35"-"."4

-VHPQBUFSOJEBEJSSFTQPOTBCMF

iBCVTPTFYVBMuRVFWBSJPTNJFNCSPTEFTV *HMFTJBIBOWVFMUPGBNPTB ZBGJSNBRVFmFO FMQSJNFSDBTPmTFUSBUÓEFVOBiIJTUPSJBEF BNPSu%FMTFHVOEPBTFHVSBRVFOPIVCP iSFMBDJÓOTFOUJNFOUBMu -PTFOFNJHPTQPMÎUJDPTEF-VHPQMBO UFBORVFMBFEBEEFMBDIJDBDVBOEPJOJDJÓ MBSFMBDJÓOJNQMJDBRVFIVCPFTUVQSP RVF FOFM$ÓEJHP1FOBMEF1BSBHVBZTFEFGJOF DPNP MB DPOEVDUB EFM iIPNCSF RVF QPS NFEJPEFMBQFSTVBTJÓOMPHSBSBSFBMJ[BSFM DPJUPFYUSBNBSJUBMDPOVOBNVKFSEFB BÒPTu*ODMVTPEJQVUBEPTEFM1BSUJEP$PMP SBEPUSBUBSPOEFJOJDJBSVOKVJDJPQPMÎUJDPFO TV DPOUSB Z NVDIPT BEWFSTBSJPT QPMÎUJDPT IBOTPMUBEPEJTDVSTPTTPCSFFMBCVTPDPOUSB FTUBTNVKFSFT FYJHJFOEPRVFMBTGFNJOJT UBTmRVFMPBQPZBSPOFOTVDBNQBÒBmBIPSB DPOEFOFOBMFYPCJTQP /PPCTUBOUFMBEJWFSTJEBEEFFTUFNPWJ NJFOUPTPDJBMFO1BSBHVBZ MBTPSHBOJ[BDJP OFTZNVKFSFTGFNJOJTUBTTFIBOQSPOVODJBEP VOÃOJNFNFOUFTFÒBMBOEPRVF DPNPDJVEB EBOPQBSBHVBZP -VHP OP FTUÃ QPSFODJNB EFMBTMFZFTZEFCFDVNQMJSDPOTVTEFCFSFT EFSFDPOPDJNJFOUP DVJEBEPZBMJNFOUBDJÓO EFRVJFOFTSFTVMUFOTFSTVTIJKPT1FSPUBN CJÊOJOTJTUFOFORVFMPTVTUBOUJWPFTIBDFS DBNCJPTEFDJTJWPTFOMBMFHJTMBDJÓO-B$P PSEJOBDJÓOEF.VKFSFTEFM1BSBHVBZ $.1

 VOBSFEEFPSHBOJ[BDJPOFTRVFMMFWB BÒPT USBCBKBOEP QPS MPT EFSFDIPT EF MBT NVKFSFT IBTFÒBMBEPRVFOPTFUSBUBEFVO iBTVOUPQSJWBEPuZRVF TJCJFOFMDBTPUJFOF

DBSÃDUFSQPMÎUJDP OPEFCFTFSVUJMJ[BEPIJ QÓDSJUBNFOUFQPSRVJFOFTUSBEJDJPOBMNFO UFTFIBOPQVFTUPBMBTSFJWJOEJDBDJPOFTEF MBMVDIBEFMBTNVKFSFT "HSFHBORVFTJ-VHPGVFSBDVMQBCMF EF FTUVQSP  TFHÙO MP QSFWJTUP QPS FM $Ó EJHP1FOBM BMRVFDBMJGJDBOEFNBDIJTUB ZEJTDSJNJOBUPSJP

UFOESÎBRVFQBHBSVOB NVMUB Z BTVOUP UFSNJOBEP: EFOVODJBO MBIJQPDSFTÎBZFMPQPSUVOJTNPEFQPMÎUJ DPTRVFEFTEFTVTDBSHPTMFHJTMBUJWPTOP BUFOEJFSPOFMSFDMBNPGFNJOJTUBTPCSFMB NPEJGJDBDJÓOEFM$ÓEJHP1FOBM OJTPCSF MBBQSPCBDJÓOEFVOBMFZEFQSPUFDDJÓOB WÎDUJNBT EF EFMJUPT DPOUSB MB BVUPOPNÎB TFYVBM ZRVFBIPSBFYJHFORVFMBTGFNJ OJTUBTIBCMFOFODPOUSBEF-VHPZTVHP CJFSOP -B $.1  RVF SFQVEJB MB BDUJUVE JSSFTQPOTBCMF Z NBDIJTUB EFM QSFTJEFOUF 'FSOBOEP-VHPZFYJHFRVFBTVNBZSF QBSFTVTFSSPSFT QMBOUFBRVFBEFNÃTEF CFO QSPNPWFSTF DBNCJPT MFHJTMBUJWPT Z QPMÎUJDBTQÙCMJDBT1BSBMB$.1IBZRVF DPMPDBSFOFMDFOUSPEFMBHFTUJÓOQÙCMJDB MPTEFSFDIPTEFMBTNVKFSFTZEFMBOJÒF[Z BEPMFTDFODJB KVOUPDPOMBQBUFSOJEBESFT QPOTBCMF "OUFT EF MB QSVFCB EFM "%/  MPT IPNCSFT QPEÎBO FWBEJS MB SFTQPOTBCJMJ EBEQBUFSOB DBSHBOEPBMBTNVKFSFTUPEP FM DPTUP mFNPDJPOBM Z FDPOÓNJDPm EF MBDSJBO[B)PZHBOBSFMKVJDJPQPSGJMJB DJÓO PCMJHB BM iSFDPOPDJNJFOUPu EF MBT DSJBUVSBT  RVF TJSWF OP TÓMP QBSB QBMJBS

MPTHBTUPTEFNBOVUFODJÓO TJOPUBNCJÊO QBSBHBSBOUJ[BSFMEFSFDIPBMBJEFOUJEBE RVFUJFOFOUPEBTMBTQFSTPOBT:BVORVF TPMWFOUBSHBTUPTOPFTTVGJDJFOUFQBSBFM EFTBSSPMMPJOUFHSBMEFVOBDSJBUVSB RVF SFRVJFSFSFDJCJSBNPSZDVJEBEPT FTVO BWBODFJOEVEBCMF-VHP RVJFOSFOVODJÓ BTVTBMBSJPQSFTJEFODJBMZMPEPOÓBM*OT UJUVUPEFM*OEÎHFOB UFOESÃRVFTPMJDJUBSMP EF SFHSFTP QBSB QBHBS MB T  QFOTJÓO FT  BMJNFOUBSJB T DPSSFTQPOEJFOUF T  -B T  QBUFSOJEBE FT  EF 'FSOBOEP -VHPTFIB O WVFMUPVOBTVOUPQÙCMJDP  OPTÓMPQPSRVJÊOFTFMQSPUBHPOJTUB TJOP QPSFMFTDBCSPTPDPOUFOJEPRVFSPEFBBM DBTPVOPCJTQPNBEVSPRVFFOBNPSBB KPWFODJUBTZMBTBCBOEPOBDVBOEPRVFEBO FNCBSB[BEBT EFTFOUFOEJÊOEPTFEFMB T  DSJBUVSB T SFTVMUBOUF T :QFTFBRVFFT NVDIP MP DPOEFOBCMF  FTUP OP TJHOJGJDB RVFMBBQVFTUBQPMÎUJDBRVFFODBCF[BTFB QPSDPNQMFUPJOWÃMJEB -P RVF TÎ FT VO IFDIP FT RVF QBSB RVFTVUFSSJCMFJODPOHSVFODJBÊUJDB BWB MBEBQPSMBDVMUVSBQBUSJBSDBMDBUÓMJDB OP EFTDBMJGJRVF MB UPUBMJEBE EF TV QSPZFDUP QPMÎUJDP FTJNQSFTDJOEJCMFRVFMBSFDUJGJ DBDJÓOEF-VHPWBZBNÃTBMMÃEFVOBDUP EF DPOUSJDJÓO Z TF USBEV[DB FO QPMÎUJDBT QÙCMJDBTRVFJNQVMTFOVODBNCJP PSJFO UBEPIBDJBMBQMFOBDPSSFTQPOTBCJMJEBEEF NVKFSFTZIPNCSFTFOMBQSPDSFBDJÓOZMB DSJBO[B)FDIPTTPOBNPSFT ZOPCVF OBTSB[POFTL

EFNBZPEF

"/«-*4*4

*OUFSÏT1ÞCMJDP

.*(6&-«/(&-(3"/"%04$)"1"

&TQJPOBKFDPOUSBMBQB[ 6

O JOUSVTP BTBMUÓ FM CV[ÓO FMFDUSÓOJDP EF 4FSWJDJPT Z"TF TPSÎBQBSBMB1B[ "$ 4FSBQB[

 ZSPCÓZEFTUSVZPJOGPSNBDJÓOFO DVSTPZEFQPTJUBEBFOMPTBSDIJ WPTEFFTBPSHBOJ[BDJÓODJWJM6O BDUP EF FTUB OBUVSBMF[B OP TÓMP JNQMJDB FM BQPEFSBNJFOUP JMFHBM EFEBUPTQSJWBEPT TJOPRVFDPOT UJUVZFVOBBNFOB[B IBDFSFDBQB DJUBSBMBWÎDUJNBTPCSFMBGSBHJMJ EBEEFTVFTUSVDUVSBZUBNCJÊOMB IBDFDPOTDJFOUFEFRVFVOQPEFS MBIBDPMPDBEPFOFMGPDPEFTV BUFODJÓOZQPSMPUBOUPQVFEFJO GFSJSMFNBZPSEBÒPBVO &MEFNBZP4FSBQB[FNJ UJÓ VO DPNVOJDBEP FO FM RVF iJOGPSNB Z EFOVODJB BOUF MB PQJOJÓO QÙCMJDB RVF IB TJEP WÎDUJNB FO MPT ÙMUJNPT EÎBT EF FTQJPOBKFFMFDUSÓOJDPZEFTUSVD DJÓOEFDPSSFPTFMFDUSÓOJDPTEF TVDVFOUBJOTUJUVDJPOBM i&M EÎB EF IPZ DPO MB BZV EBEFVOFYQFSUPGVFSPOJEFOUJ GJDBEBTFOUSBEBTEFJOUSVTPTFO FMTFSWJEPSEPOEFTFFODVFOUSB MB DPSSFTQPOEFODJB FMFDUSÓOJDB JOTUJUVDJPOBM EF 4FSBQB[  TFÒB MBOEP DMBSBNFOUF MBT IPSBT EF FOUSBEB MBDBOUJEBEEFDPSSFPT TVTUSBÎEPTZMBEJSFDDJÓOBMBDVBMGVF SPOFOWJBEPT&TUBEJSFDDJÓOFTVODP SSFPRVFTJSWFEFQBOUBMMBQBSBFWJUBS JEFOUJGJDBSBMBHSFTPSu -BDPNJTJÓOEFVOEFMJUPJOGPSNÃ UJDPFTHSBWFEFTVZP1FSPMPFTNÃTTJ TFDPOTJEFSBDVÃMFTFMCJFOQÙCMJDPBUB DBEP  FM WBMPS TPDJBM QVFTUP FO KBRVF 4FSBQB[FTVOBPSHBOJ[BDJÓODJWJMiTJO GJOFT EF MVDSP RVF USBCBKB QBSB MB QB[ ZMBSFDPODJMJBDJÓONFEJBOUFFTGVFS[PT EFNFEJBDJÓOZUSBOTGPSNBDJÓOQPTJUJ WBEFDPOGMJDUPTu&TBFTMBUBSFBBGFD UBEBQPSFMFTQJPOBKF ZEFFMMPTFEFSJWB MBQFMJHSPTJEBEEFMBUBRVF4FUSBUBEF 

EFNBZPEF

VOBBHSFTJÓOZVOBNBHPBFTGVFS[PTRVF  FOTFOUJEPDPOUSBSJPBMBDSJTQBDJÓOTPDJBM QSFWBMFDJFOUF CVTDBOFMJNQFSJPEFMBDPO WJWFODJBSFTQFUVPTBZFMEJÃMPHPDPNPWÎB EF FOUFOEJNJFOUP FO TJUVBDJPOFT DSÎUJDBT /PFTFYBHFSBEPDPOTJEFSBSRVFFMIBDLFP B4FSBQB[TFJOTDSJCFFOMBHSBWFUFOEFODJB BDSJNJOBMJ[BSMBQSPUFTUBTPDJBM EBEBTMBT JOJDJBUJWBTBRVFFTUÃZIBFTUBEPWJODVMB EBFTUBCFOFNÊSJUBPGJDJOB 4FSBQB[ OBDJÓ B QBSUJS EF MB FYQFSJFO DJB EF MB $PNJTJÓO /BDJPOBM EF *OUFSNF EJBDJÓO RVFFOUSFZQSPNPWJÓ MBTDPOWFSTBDJPOFTEFQB[FO$IJBQBT FO USFFM&KÊSDJUP;BQBUJTUBEF-JCFSBDJÓO/B

DJPOBMZFMHPCJFSOPGFEFSBM1PDP EFTQVÊTEFMBM[BNJFOUPJOEÎHFOBZ QPSMPTNVDIPTUÎUVMPTRVFMPDBMJ GJDBCBOQBSBFTBNJTJÓO FMPCJTQP EF4BO$SJTUÓCBMEFMBT$BTBT EPO 4BNVFM 3VJ[  GVF MMBNBEP B NF EJBSFOUSFMBTQBSUFTEFMNÃTHSBWF EFTBGÎP BM &TUBEP NFYJDBOP $PO IVNJMEBE Z DMBSJWJEFODJB  FM QSF MBEP DPNQSFOEJÓ MB OFDFTJEBE EF JOTUJUVDJPOBMJ[BS MB NFEJBDJÓO Z  BVORVFTFNBOUVWPFOFMDFOUSPEF FTBUBSFB DPOWPDÓBDJVEBEBOBTZ DJVEBEBOPTFNJOFOUFTBRVFDPO USJCVZFSBO DPOVOBBVUPSJEBENP SBMTFNFKBOUFBMBTVZB BMEJÃMPHP RVFQVEPMMFWBSTFBDBCPFOTVQSP QJB TFEF FQJTDPQBM  FO MB TFMWB Z FO4BO"OESÊT"MNJTNPUJFNQP MB$POBJHFOFSÓVOQFRVFÒPQFSP FGJDB[BQBSBUPRVFOPTÓMPTFPDV QBCB EF MB MPHÎTUJDB  TJOP EF QSP WFFSTFOUJEPQPMÎUJDPFIJTUÓSJDPB TVTUBSFBT"MDPODMVJSMBNJTJÓOEF MB $POBJ  TV TFDSFUBSJP FKFDVUJWP  .JHVFM¦MWBSF[ (ÃOEBSB  PSHBOJ [Ó4FSBQB[ QSFTJEJEBQPSFMQSPQJP EPO4BNVFM"MMÎTVUBMFOUPZEFEJ DBDJÓOIBDPOUBEPDPOMBDPMBCP SBDJÓOJOWBMVBCMFEF%PMPSFT(PO [ÃMF[4BSBWJB TVBDUVBMEJSFDUPSB  Z EF 1BCMP 3PNP  RVF EJSJHJÓ FO BRVFMMBEJÓDFTJTFM$FOUSPEF%FSFDIPT)V NBOPT'SBZ#BSUPMPNÊEFMB$BTBT 4FSBQB[ SFBMJ[B  DBMMBEB Z FGJDB[NFO UF UBSFBTQFSNBOFOUFT DPNPMB&TDVFMBEF 1B[ZFM0CTFSWBUPSJPEFMB$POGMJDUJWJEBE 4PDJBMFO.ÊYJDP ZQSPNVFWFiMBUSBOT GPSNBDJÓOEFDPOGMJDUPTBUSBWÊTEFMBQSP NPDJÓO Z BSUJDVMBDJÓO EF QSPDFTPT F JOJ DJBUJWBTDJWJMFTu0SHBOJ[BiQSPDFTPTRVF DPOUSJCVZBOBMBDPOTUSVDDJÓOEFMBQB[uZ TFPDVQBEFUBSFBTEFJOWFTUJHBDJÓOZQSP EVDDJÓOFEJUPSJBMFOFMNJTNPTFOUJEP &OUSF MBT JOJDJBUJWBT RVF 4FSBQB[ BSUJ DVMB TF FODVFOUSB FM NPWJNJFOUP 1B[ DPO %FNPDSBDJB  FM 'SFOUF /BDJPOBM DPOUSB MB

3FQSFTJÓOZ%JÃMPHP/BDJPOBM RVFEFEJT UJOUBTNBOFSBTQSPDVSBOMBJOTUBVSBDJÓOEF VOBTPDJFEBEEPOEFTFSFTQFUFOMPTEFSF DIPTIVNBOPTZFMHPCJFSOPFKFS[BVOBQP MÎUJDBRVFCFOFGJDJFBMBTQFSTPOBT -PTCVFOPTPGJDJPTEF4FSBQB[TFIBO IFDIPOFDFTBSJPTFODPOGMJDUPTFOMPTRVF BDUÙBDPNPJOTUBODJBNFEJBEPSB4POJO DPOUBCMFTTVTBQPSUBDJPOFTFOFTFUFSSFOP 1BSBTÓMPDJUBSBMHVOBTEFMBTDPZVOUVSBT FORVFIBBDUVBEP DBCFDJUBSRVFFO DPOUSJCVZÓBRVFMB"TBNCMFB1PQVMBSEF MPT1VFCMPTEF0BYBDBGVFSBSFDPOPDJEB QPS FM HPCJFSOP GFEFSBM Z EJBMPHBSB DPO FMMB "MHVOPT EF TVT NJFNCSPT SFBMJ[B SPOUBSFBTEFDPODJMJBDJÓOFOFMDPOGMJD UP NBHJTUFSJBM EF .PSFMPT  FM BÒP QBTB EP:FTUÃFODVSTPTVQBSUJDJQBDJÓOFOMB CÙTRVFEBEFTPMVDJPOFTBMHSBWFDPOGMJD UPHFOFSBEPFO;JNBQÃO )JEBMHP QPSMB DPOTUSVDDJÓOEFVOBQMBOUBSFDFQUPSBEF SFTJEVPTUÓYJDPT SFDIB[BEBQPSMBQPCMB DJÓOQPSTVQSPQJBQFMJHSPTJEBEZMBTFY QFSJFODJBTBEWFSTBTRVFFTBDJVEBEIBTV GSJEP QPS MB FYQMPUBDJÓO NJOFSB RVF OP DPOTJEFSBFMEBÒPRVFTVTQSÃDUJDBTDBV

TBOBMBTPDJFEBE"TÎNJTNP FOFTUFNP NFOUP4FSBQB[FTFMNPUPSEFMBDBNQBÒB -JCFSUBEZ+VTUJDJBQBSB"UFODP VONPWJ NJFOUPEFHSBOQSFTFODJBQÙCMJDBEFTUJOB EPBPCUFOFSMBFYDBSDFMBDJÓOEFDJVEBEB OPTRVF BEFNÃTEFIBCFSTJEPWFKBEPTZ HPMQFBEPTFONBZPEF FTUÃOQBHBO EPDPODÃSDFMOPTVTQSPQJBTDVMQBT TJOP MBTEFTVTBHSFTPSFT QPMJDÎBTGFEFSBMFTZ FTUBUBMFT  OJOHVOP EF MPT DVBMFT IB TJEP TPNFUJEPBQSPDFTP )BTUB FM SFDJFOUF  EF BCSJM  Z QPS MBHFOFSPTBEJTQPTJDJÓOEFTVTBOJNBEP SFT 4FSBQB[GVFMBTFEFEFMB$PNJTJÓO EF.FEJBDJÓO $PNFE GPSNBEBVOBÒP BUSÃT BGJOBMFTEFBCSJMEF BJOTUBO DJBTEFM&KÊSDJUP1PQVMBS3FWPMVDJPOBSJP QBSBRVFQPSTVDPOEVDUPFMHPCJFSOPGF EFSBMBDDFEJFSBBQSFTFOUBSDPOWJEBB&E NVOEP3FZFT"NBZBZ(BCSJFM"MCFSUP $SV[4ÃODIF[ NJMJUBOUFTEFFTBPSHBOJ [BDJÓO BSNBEB IFDIPT EFTBQBSFDFS FO 0BYBDB QSPOUP IBSÃ EPT BÒPT"M EPNJ DJMJPEF4FSBQB[BDVEJFSPONÃTEFVOWF[ MPTEFMFHBEPTEFMB4FDSFUBSÎBEF(PCFS OBDJÓOFOMPTUVSOPTEFDPOWFSTBDJÓORVF

OPTFFGFDUVBCBOFO#VDBSFMJ:BMMÎTFSF VOÎBOMPTNFEJBEPSFTQBSBMBSFBMJ[BDJÓO EFTVTUBSFBT RVFJODMVZFSPOFODVFOUSPT DPOMBTGBNJMJBTEFMPTEFUFOJEPTEFTBQB SFDJEPTZQFSTPOBTRVFBUÎUVMPPJOEJWJ EVBMPDPNPSFQSFTFOUBOUFTEFJOTUJUVDJP OFT DPNQBSUÎBO FM JOUFSÊT EF MB $PNFE QPSDVNQMJSFMPCKFUJWPRVFQSPNPWJÓTV DPOTUJUVDJÓO "MPMBSHPEFDBTJVOBÒP IBTUBRVF TVT NJFNCSPT SFTPMWJFSPO EJTPMWFSMB  GSFOUFBMBGBMUBEFWPMVOUBEQPMÎUJDBHV CFSOBNFOUBM  MB $PNFE TF CFOFGJDJÓ EF MBIPTQJUBMJEBEBMNJTNPUJFNQPFGJDB[Z HSBUBEF4FSBQB[&OQSFWFODJÓOEFMBDV SJPTJEBENBMTBOBRVFTVTBDUJWJEBEFTTVT DJUBOFOMPTÓSHBOPTEFTFHVSJEBEOBDJP OBM  MPT UFMÊGPOPT EF MPT NFEJBEPSFT TF FOUSFHBCBOFOEFQÓTJUPNJFOUSBTDPOWFS TBCBO  B GJO EF RVF MPT BQBSBUPT OP TJS WJFSBOQBSBDBQUBSJOGPSNBDJÓORVFOVO DBGVFTFDSFUBQFSPQFSUFOFDÎBBMEPNJOJP QSJWBEPEFMB$PNJTJÓO6OBQSFDBVDJÓO DPNPFTBOPMPHSÓ QPSEFTHSBDJB FWJUBS FMBTBMUPJOGPSNÃUJDPBFTFEPNJDJMJPEPO EFTFUSBCBKBBGBWPSEFMBQB[L

EFNBZPEF

1"3"4"-7"3"-1-"/&5"%&-015*.*4.0 4&$$*»/i"-46#*3-"#"3$".&%*+0&-#"326&30i-04 303304#0/*504/01"("/%*/&30wi:0/040:#0/*50  /*-026*&304&3 10326&-04#0/*5047"/""6%*$*0/"3w



.«4#0/*5"26&/*/(6/" 40:%&-$"45*/(-".&+03

i-BEJSJHFODJBOBDJPOBMEFM13*EFDJEJØQSPNPDJPOBSDPOTQPUTB TØMPOVFWFEFTVTDBOEJEBUPTBEJQVUBEPTGFEFSBMFT4FDPOWPDØ BDFSDBEFBTQJSBOUFTBMFHJTMBEPSFTQBSBIBDFSQSVFCBTEFJNBHFO ZEJDDJØO DPNPFOVODBTUJOHEFUFMFOPWFMB5SFTTFNBOBTBOUFTEFM BSSBORVFEFMBTDBNQB×BTFMFDUPSBMFT MPTDBOEJEBUPTSFDJCJFSPOMMB NBEBTEFM$&/QBSBTFSJOWJUBEPTBAVOFKFSDJDJPEFDPNVOJDBDJØO -B3 JNBHJOBMBFTDFOBio-FMMBNBOQBSBFMDBTUJOHo{%FWFSBT  {"NÓ 4JFNQSFMPTVQVTF NJEFTUJOPFSBMBUFMFOPWFMB OPMBQJODIF QPMÓUJDB$POFTUPTMPPLTOPUFOHPQPSRVÏEFTQFSEJDJBSNFDPOMPT OBDPTEFMB$ÈNBSB FTPTOPTBCFOBQSFDJBSMBCFMMF[B OJMPTDVFSQPT RVFTØMPMFEFCFOBMPTHJNOBTJPTBMHVOBTDVSWBTZVOBRVFPUSBEFTJ OFODJBo/P OP NBOJUB OP NBOP&TVOBBVEJDJØOQPMÓUJDB-PTRVF %JPTBSSFHMØNÈTPNFOJMMPTEFCFOEBSFKFNQMPEFMPPCWJPMBTVFSUF EFMBGFBOBEJFMBEFTFBo#VFOP VOBEJQVUBDJØOOPFTMPNJTNPRVF VOFTUFMBS QFSPNJFOUSBTIBZBDMPTFVQTIBCSÈÏYJUPw

i-PTAFMFHJEPTWJBKBSPOBM%JTUSJUP'FEFSBMQBSBTFSFWBMVBEPTQPS VOEJSFDUPSEFBDUVBDJØORVFTFMFDDJPOØBMPTRVFTFDPOWJSUJFSPOFO MBJNBHFOEFM13*BMBDPOUJFOEBGFEFSBM :BTFDPNFOUBFMTMPHBO OBDJPOBMi-PNÈTCPOJUPDFSDBEFUJFTOBEBNFOPTRVFFM13*w-B 3 %FMPTDPOWPDBEPT TØMPMPHSBSPOQBTBSFMQSJNFSGJMUSP QBSB RVFTVTSPTUSPTQPSMPNFOPTBQBSFDJFSBOFOMPTTQPUT BVORVFVOPT TFHVOEPTZTJOEFDJSQBMBCSB /PJNQPSUB .BSMFOF%JFUSJDIFNQF[Ø DPNPFYUSB$BSMPT4BMJOBTEF(PSUBSJ DPNPQSFTJEFOUFEFMB3FQÞCMJ DB ZZBWFOMVFHPMPRVFQBTØ-B3 5PEPTUSBCBKBSPONÈTEFPDIP IPSBT MMFWBSPOTVQSPQJPWFTUVBSJPZGVFSPONBRVJMMBEPTFOFMTFUEF HSBCBDJØO -B3 DBOUBi&NQF[ØQPSVOEFEJUPZMBNBOPBHBSSØ  TFUSFQØQPSVOCSBDJUPZTFNBRVJMMØw A&MQBSUJEPOPTDJUØ OPT EJFSPOFMHVJØO FMBCPSBEPQPSFM$&/ZMPTDSFBUJWPTDBEBVOPMFZØ TVTGSBTFT ZBIÓNJTNPEJKFSPORVJÏOFTTÓTBMESÓBOIBCMBOEPZRVJÏOFT OP SFMBUØVOPEFMPTDBOEJEBUPTDPOWPDBEPT 4JIBZKVTUJDJBTPCSFMB UJFSSB EFJONFEJBUPMMBNBSPOBMPTEFMEPCMBKF&M4JDRVFZBTFFOUSF OBQBSBGVUVSBTBVEJDJPOFT

iA6OEJSFDUPSEFBDUVBDJØOMFTIJ[PQSVFCBTEFEJDDJØO EFJNB HFO ZBQBSUJSEFFTPTFMFDDJPOØBMPTNÈTBQUPTQBSBFTP&MDSJUFSJP



EFNBZPEF

GVOEBNFOUBMGVFRVFFOMBTQSVFCBTEFEJDDJØOZEFJNBHFOTBMJFSBO NFKPS BDFQUØFMTFDSFUBSJPEF&TUSBUFHJB 1SPNPDJØOZ1SPQBHBO EBEFM$&/ *HOBDJP$BCSFSBA/PTTBMJØUPEPNVZCBSBUPQPSRVF OPTPUSPTOPQBHBNPTBDUPSFT FMFRVJQPFTEFMQBSUJEP MBTDÈNBSBT TPOEFMQBSUJEPZMPTDSFBUJWPTUBNCJÏO FYQMJDØ$BCSFSBw "IPSBMP TBCFNPTUPEPFO FO2VFSÏUBSP FM1/3TFUBSEØUBOUPFOMB DFSFNPOJBEFGVOEBDJØOQPSRVFOPMMFHBCBOMBTDÈNBSBT

/PUBEF$MBVEJB(VFSSFSP 3FGPSNB EFNBZPEF

4&$$*»/i6/"'0504*/$0/5&950&4$0.06/5&950 4*/$0."4 4*/16/504:4*/1"-"#3"4w



.*3& .*(»#&3 )":6/"'3"4&#¶#-*$"26&645&%/0 16&%&/&("3i-0$«*%0$«*%0w

i 'JEFM)FSSFSB HPCFSOBEPSEF7FSBDSV[ BMTFSEFTDVCJFSUPQPSVO GPUØHSBGPFOUSFHÈOEPMFNJMQFTPTBVOIBCJUBOUFEF-B(MPSJB FO 1FSPUF A/PWJFOFBMDBTPFTBGPUP"WFS{6TUFEFTEFEØOEFTPO   FYJHJØ:EFJONFEJBUPTFEJSJHJØBMTF×PS.FOEP[BA/P NFKPSSF HSÏTFNFFMEJOFSP MVFHPWBOBQPOFSBIÓRVFZPBOEPEBOEP `: RVFFMSFHBMBEPOPUSBÓBUBQBCPDBT-B3 BSBTEFDVBSFOUFOB :P UFOHPEJOFSPQBSBSFHBMBS&TUPFTQBSUFEFMHBTUPEFMHPCJFSOPQBSB MBDPOUFODJØOEFMBDSJTJTw .JFTUJNBEP OPDPOGVOEBMBDSJTJTDPOFM DPOUSPMEFEB×PT

/PUBEF&OSJRVF.ÏOEF[Z"OESÏT5JNPUFP -B+PSOBEB  EFNBZPEF

4&$$*»/i50%04-0413&1"3"5*704&/&-.6/%040/ "1045&3*03*w



)&-1.& 0#*8"/,&/0#*:063&5)&0/-:0/&8)0 $"/)&-1.&

i"GPSUVOBEBNFOUF MB'FEFSBDJØOZMPTFTUBEPTEFMB3FQÞCMJDBTF FTUBCBOQSFQBSBOEPQBSBMBFWFOUVBMMMFHBEBEFVONBMTFNFKBOUF 5BOQSFQBSBEPTRVFZBUFOÓBOFMDPOUSBUPEFMPTDVCSFCPDBT MB3  &OMBQSJNFSBMÓOFBEFEFGFOTB FOFMQSJNFSDBNQPEFCBUBMMBDPOUSB FTUFOVFWPNBMQBSBMBIVNBOJEBE IBOFTUBEPMPTIPTQJUBMFT MPT NÏEJDPTZFOGFSNFSBTNFYJDBOBT&MGSFOUFEFCBUBMMBIBTJEP.ÏYJDP ZBRVÓIFNPTEFGFOEJEPBUPEBMBIVNBOJEBEEFMBQSPQBHBDJØOEFM WJSVTy &TUPOPFTFYBHFSBDJØO OJBVUPBMBCBO[BOJEJTMPDBDJØOEFMB SFBMJEBE FTTJNQMFNFOUF4UBS8BST7**-BEFGFOTBOFUBEFMQMBOFUB -B3 )FNPTTVQFSBEPJOWBTJPOFTFYUSBOKFSBT HVFSSBTDJWJMFT DB

UÈTUSPGFTOBUVSBMFT DSJTJTFDPOØNJDBTZQPMÓUJDBT ZOJOHVOBEFFTUBT BNFOB[BTIBQPEJEPRVFCSBOUBSMBWPMVOUBEEFMPTNFYJDBOPTEF DPOTUJUVJSOPTFOVOBOBDJØOMJCSF EFNPDSÈUJDBZTPCFSBOB :RVF OPVTBDPSCBUBTQBSBOPDSFBSMFBMWJSVTFMFRVJWBMFOUFEFFNCBKBEBT EPOEFSFGVHJBSTF&M4JD &TUBOPFTMBQSJNFSBWF[RVF.ÏYJDPTFIB WJTUPTPNFUJEPBVOBQSVFCBUBOEJGÓDJM OJTFSÈMBÞMUJNB1FSPTPOMBT BEWFSTJEBEFTMBTRVFGPSKBOFMDBSÈDUFSEFMPTQVFCMPTZEFMBTQFS TPOBT&TUPZDPOWFODJEPEFRVFDVBOEPQBTFFTUBTJUVBDJØO .ÏYJDP TFSÈNVDIPNÈTGVFSUFw :BMRVFMPEVEFTFMFSFHBMBSÈOMPTEJTDVS TPTDPNQMFUPT

'FMJQF$BMEFSØO)JOPKPTB QSFTJEFOUFEFMNVOEP EVSBOUFMB DPONFNPSBDJØOEFMBOJWFSTBSJPEFMB#BUBMMBEF1VFCMB 7FSTJØOFTUFOPHSÈGJDB EFNBZPEF

KPSQSPQVFTUBRVFIBOVTBEPIBTUBBIPSB BGFEFM4JD FTi.VFSBO UPEPTNFOPTZPw $POMBTNFKPSFTDBOEJEBUBTZDBOEJEBUPT DPNP +PTFGJOB7È[RVF[.PUB RVJFOIPZNFBDPNQB×By&MHPCJFSOPEF 'FMJQF$BMEFSØOBDUVØDPOEFUFSNJOBDJØO TJOFMVEJSTVSFTQPOTBCJ MJEBEZTJOTJNVMBDJPOFT1PSFTP TVEFTFNQF×PIBTJEPNPUJWPEF SFDPOPDJNJFOUPJOUFSOBDJPOBMw (FSNÈO.BSUÓOF[ QSFTJEFOUFOBDJPOBMEFM1"/ BMEBS FMiCBOEFSB[PwQBSBMBDBNQB×BFMFDUPSBMEF /PUBEF)PSBDJP+JNÏOF[ &M6OJWFSTBM NBZPEF

4&$$*»/i"7&$&4 6/""$$*»/)6."/*5"3*"$0/4*45& &/&-&/7¶0%&"(0/¶"43"1*%*5"4w

4&$$*»/i-"(&/5&36(& 40#3&&-&/5"3*."%0-04 5²$/*$044&"#"-"/;"/$0/53"-0436%0426&130.&5&/ */(3&4"3"6/$0/7&/50 -"(&/5&/0-&4$3&&/"%"  -0436%044&"330%*--"/:&-4105 "16/50%&&91*3"3  4&%""4¶.*4.01*26&5&4%&0+04.*&/53"44&"1-*$"-" 5"1"5¶"w





&-$0.&/5"3*0/0&4.6:%*1-0.«5*$0 /0"#6/%" &/465*-&;"4 10%3¶"40/"36/10$0%&413&$*"5*70  1&30$0.050%0&/&45&4&9&/*04&$*5"'6&3"%& $0/5&950 /013&(6/5&/$».04&--"."&-$0/5&950  i&TFMQBÓTNÈTQPCSFEF"NÏSJDB EPOEFMBHFOUFWFSEBEFSBNFOUFTF FTUÈNVSJFOEP OPEFMWJSVT TFFTUÈNVSJFOEPEFIBNCSFw 'FMJQF$BMEFSØO QSFTJEFOUFEFMBIVNBOJEBE BMDPNFOUBS FMSFDIB[PEF)BJUÓBVOCBSDPEFBZVEBFOWJBEPQPS.ÏYJDP /PUBEF$MBVEJB)FSSFSB -B+PSOBEB EFNBZPEF

4&$$*»/i36&%"/$0/&33&-"436&%"4%&-$"330%&- '&330$"33*-{:&4026²5*&/&26&7&3 10/("645&%26& /"%" 1&30103-0.&/044*/04&&/5*&/%&4&0:&#*&/w



&/53&$&1":$&1"4&"$"#".*7*%" --03"/%0 #033"$)0561²3'*%04*$

i&MMBCPSBUPSJP */%3&

FOMBTQSVFCBTEFSVUJOB JEFOUJGJDØVOWJSVT ")/ EFBCSJM -PRVFTFEFTDVCSFDPOMPTDBTPTEF$BMJGPSOJB EFBCSJM FTVOBOVFWBDFQBRVFJHVBMNFOUFUJFOFFMUJQP")/ "TÓRVFBMHVOBTEFFTUBTNVFTUSBTRVFOPTPUSPTUFOÓBNPTDPNP" )/IVNBOB FOSFBMJEBEDPSSFTQPOEÓBOBMB")/OVFWB/PMP TBCÓBNPT i&OUJFOEPRVFTFQSFTUBVOQPDPBDPOGVTJØO0TFB MPTEPTTF MMBNBO1FESP1FSPVOPFT1FESP-ØQF[ZPUSPFT1FESP1ÏSF[ `$MBSÓ TJNP DPNPMBEJGFSFODJBFOUSF1FESP*OGBOUFZ1FESP7BSHBTZ1FESP "SNFOEÈSJ[Z1FESP.BSÓB"OBZB MB3 BMBRVFMFTPCSBJOGPSNBDJØO POPNÈTUJDB 1FSPMPTEPTTFMMBNBCBO1FESP%FDÓBNPTACVFOP  UFOFNPTB1FESPBRVÓ TBCFTRVFZBFTUÈDJSDVMBOEP QFSPMPRVFOP TBCÓBNPTFTRVFUFOFNPTBMPUSP1FESPw 1BSBJEFOUJGJDBSMP QÓEBOMF RVFDBOUF"NPSDJUP$PSB[ØO

.JHVFM«OHFM-F[BOB EJSFDUPSEFM$FOUSP/BDJPOBMEF 7JHJMBODJB&QJEFNJPMØHJDB BMFYQMJDBSDØNPTFEFTDVCSJØ FMOVFWPWJSVT&OUSFWJTUBDPO3PCFSUP;BNBSSJQB  3FGPSNB EFNBZPEF

4&$$*»/i-"/03."-*%"%7&3%"%&3"&4-"3*'"%&-"*%&" %&/03."-*%"%w



%&"-"#¶0"-"#"05&7&/(0"7&3$6«/%04&3« %0.*/(0 &-0(*0.¶0 1"3"70-7&3

i)PZ BGPSUVOBEBNFOUF EJWFSTPTJOEJDBEPSFTPGJDJBMFTTF×BMBO RVFFTUBNPTTVQFSBOEPMBFNFSHFODJBTBOJUBSJBZRVFQSPOUPWPM WFSFNPTBMBOPSNBMJEBE 4JQPSOPSNBMJEBETFFOUJFOEFMBGJFCSF EFMBVUPFMPHJPHVCFSOBNFOUBM OVODBTFIBTBMJEPEFFMMB-B3  7BNPT QVFT BVOBDBNQB×BSFTQPOTBCMFZEFQSPQVFTUBT -BNF

-0#6&/0%&-"4.&5«'03"4&426&/6/$"1*&3%&/&/ -"4#"5"--"4$".1"-&4{26*²/-"4&/5*&/%&

i.VDIBHFOUFEJDFRVFMBMVDIBDPOUSBFMOBSDPUSÈGJDPZFMDSJNFOPS HBOJ[BEPOVODBTFIBCÓBQVFTUPUBOSVEBDPNPBIPSBMBOFUBFTRVF EVSBOUFB×PTOBEJFIBCÓBMVDIBEPDPOUSBFMMPT"IPSBFMQSFTJEFOUF ZFM1"/TÓMFFTUÈOFOUSBOEPDPOUPEPZUFOFNPTRVFBQPZBSMPTw {: 7JDFOUF'PY /POPTEJHBORVFBMBTQSJNFSBTEFDBNCJPCFTØMBMPOB

4QPUEFQSPNPDJØOEFM1"/DPO.ÓTUJDP SFQSFTFOUBOUF EFMBMVDIBMJCSF/PUBEF$MBVEJB4BMB[BSZ$BSPMF4JNPOOFU  3FGPSNB EFNBZPEF

4&$$*»/i-".":037&/5"+"%&-5"1"#0$"4&426&&7*5"3« -"4*/5&37&/$*0/&4&/-"$«."3"%&%*165"%04:&/&- 4&/"%0)"#3«103'*/&-$0/530-&1*%&.*0-»(*$0 %&-04%*4$63404w



/0.&4*("/&/#0-"26&.&*/'&$5"/

i"GPSUVOBEBNFOUF MBJOGMVFO[BWBBBZVEBSBNPEFSOJ[BSMBT DBNQB×BTZBFWJUBSMBTDPODFOUSBDJPOFTRVFGPSNBOQBSUFEFJOFSDJBT BOBDSØOJDBTw "IPSBTØMPDPOWPDBSÈOBDPODFOUSBDJPOFTFO4FDPOE -JGFPFO'BDFCPPL

$BSMPT'MPSFT3JDP EJSJHFOUFOBDJPOBMEFM.PWJNJFOUP 5FSSJUPSJBMEFM13*ZDBOEJEBUPBEJQVUBEPGFEFSBM /PUBEF3FGPSNB EFNBZPEF

4&$$*»/i-013*.&30&4-013*.&30 :-0%&$*.04 %&4%&&-Á/*$01"35*%026&5*&/&#6&/04$"/%*%"504  26&)"4"-7"%0"-1-"/&5" 26&)"4"-7"%0-"7*%" %&.*-.*--0/&4%&1&340/"4:26&("/"3«10326& 4"#&&41&3"3-045*&.104&-&$503"-&4w



&-130#-&."%&-$*/*4.0&426&&45"/$0/7*/$&/5& 26&26*&/&4-064"/-0$0/4*%&3"/6/"'03."%& */%6-(&/$*".&%*&7"- i"ÞOOPTFMFWBOUBMBBMFSUBTBOJUBSJBZZBRVJFSFOIBDFSDBNQB×BT /PTPUSPTOPBDFQUBNPTFTPZDPOTJEFSBNPTRVFFTOFDFTBSJP QSJNF SP BQPZBSMBTNFEJEBTEFQSPUFDDJØOTBOJUBSJB ZEFTQVÏTEFEJDBSOPT BMBTDBNQB×BTFMFDUPSBMFTw (FSNÈO.BSUÓOF[ QSFTJEFOUFOBDJPOBMEFM1"/ BMFYJHJSMF BM*'&RVFQPTQVTJFSBFMBSSBORVFEFMBTDBNQB×BTZFM QSPTFMJUJTNPFMFDUPSBM BMRVFÏMTFIBEFEJDBEPQPSFOUFSP 3FGPSNB EFNBZPEF "QSPCBDJØOEFMSFTVMUBEPEFMBTFMFDDJPOFTEFKVMJPUBMZDPNPZBDJSDV MBFOMBTFODVFTUBT$.Z+7

EFNBZPEF

IUUQXXXEPDUPSTJFHFMDPN

.BSD,4JFHFM FYQFSUPFQJEFNJØMPHPFTUBEVOJ EFOTF BGJSNBRVFWJSVTDPNPFM")/TF EFCJMJUBOBMQBTBSEFMPTBOJNBMFTBMPTTFSFT IVNBOPTZTPOSFMBUJWBNFOUFGÈDJMFTEF EFUFDUBSZDPOUSPMBS1PSFTP BGJSNB FM HPCJFSOPNFYJDBOPTFFRVJWPDØBMGBWPSFDFS MBFYBHFSBDJØOZFMNJFEPBMBFQJEFNJB EFJOGMVFO[B DVBOEPEFCJØFOGPDBSTF FOEJGVOEJSNFEJEBTQSFWFOUJWBTNÈT QSFDJTBTZFMFGFDUJWPUSBUBNJFOUP NÏEJDP&TUBGBMMBEFUFSNJOØFM BMUPDPTUPTPDJBMZFDPOØNJDP EFMNBM

1BOEFNJB



NFEJÈUJDB

++FTÞT&TRVJWFM

8

"4)*/(50/ &O .ÊYJDP iFMWJSVT")/OPIBQSP WPDBEP OJOHVOB QBOEFNJB BTFTJOBu  BGJSNB FM EPDUPS .BSD , 4JFHFM  FTQFDJBMJ [BEPFOMBJOWFTUJHBDJÓOEF MB JOGMVFO[B: BHSFHB i&T NÃT QFMJHSPTB MBFQJEFNJBEFMNJFEPRVFTFIBOFODBSHB EPEFQSPQBHBSFMHPCJFSOPNFYJDBOPZMB QSFOTBu 4JFHFM QSPGFTPSBTPDJBEPEFMB'BDVMUBE EF .FEJDJOB EF MB 6OJWFSTJEBE EF /VFWB :PSL TFNBOUJFOFFODPOUBDUPDPOFM$FO USPQBSBFM$POUSPMZ1SFWFODJÓOEF&OGFS 

EFNBZPEF

NFEBEFT $%$ QPSTVTTJHMBTFOJOHMÊT EF &TUBEPT6OJEPTQBSBFMNPOJUPSFPJOUFSOB DJPOBMEFMWJSVT")/%JDFRVFFMHP CJFSOP EF 'FMJQF $BMEFSÓO IB NBOFKBEP iFSSBEBNFOUFuBOUFMPTNFEJPTEFDPNVOJ DBDJÓOFMB[PUFEFMBJOJDJBMNFOUFMMBNBEB iJOGMVFO[B QPSDJOBu  QPSRVF IB TPTUFOJEP RVFFMWJSVTRVFQSPQJDJÓFTUBFQJEFNJBGVF USBOTNJUJEBEFVODFSEPBVOTFSIVNBOP &O FOUSFWJTUB UFMFGÓOJDB DPO 1SPDFTP  FYQMJDBi&TVOWJSVTEÊCJMZOPUBONPS UBMQPSVOBTJNQMFZTFODJMMBSB[ÓOMBUSBOT NJTJÓOEFMBFOGFSNFEBETFEFCJMJUBEJBSJB NFOUFQPSRVFFMWJSVTQJFSEFDPOTJTUFODJB

DPOGPSNF TF USBOTNJUF EF VO TFS IVNBOP B PUSP 1PS FTP MBT QFSTPOBT RVF QBEFDFO FMNBMTVGSFOEFGJFCSFTNPEFSBEBTRVFTF QVFEFODPOUSPMBSZDVSBSDPONFEJDJOBTTJ TFUSBUBOBUJFNQPu &M NÊEJDP  RVF DPMBCPSB FO NÃT VOB EFDFOBEFQFSJÓEJDPTZSFWJTUBTFTQFDJBMJ [BEBTFOUFNBTEFTBMVE TPTUJFOFRVFiFM FSSPSFO.ÊYJDPFTRVFFMHPCJFSOPIBDF EFNBTJBEPÊOGBTJTFOEBSDPOGFSFODJBTEF QSFOTBRVFMVFHPMPTNFEJPTEFDPNVOJDB DJÓOTFFODBSHBOEFFYBHFSBS&MSFTVMUBEP EFFTUPFTRVFFOUSFMPTNFYJDBOPTIBZVOB QBOEFNJB QFSPEFNJFEPu

- "  & 1 * % & . * "   $ * & / $ * " QBSBCMFBMBQBOEFNJBEFJOGMVFO[BRVFTF SFHJTUSÓFO MBDVBM TFHÙOFTUJNBDJP OFTPGJDJBMFT DPTUÓMBWJEBEFFOUSFZ NJMMPOFTEFQFSTPOBTFOFMNVOEP i&TUFFTVOWJSVTNPEFSBEPZMJNJUBEP  RVFIBQSPWPDBEPVOBQSFPDVQBDJÓONVO EJBMHSBDJBTBMBPCTFTJÓOEFMBQSFOTBZEF BMHVOPTHPCJFSOPTQPSMBNBOFSBFORVFMB NBOFKBO-PRVFEFCFSÎBOIBDFSMPTRVFTF IBOFODBSHBEPEFFYBHFSBSMBTDPOTFDVFO DJBTEFMBJOGMVFO[BAQPSDJOBFTQSFQBSBS TFQBSBFMGVUVSPu JOEJDB4JFHFM my$VÃMFT TPO MPT FTDFOBSJPT QSFWJTJ CMFTTPCSFFTUFWJSVT m)BZRVFFTUBSQFOEJFOUFTEFTVSFTVS HFODJB BIPSB RVF MMFHVF FM JOWJFSOP /P QBSBFMDBTPEF.ÊYJDP QPSRVFBIÎMBFQJ EFNJBIBQFSEJEPQPEFSIBZRVFFTUBSPC TFSWBOEPEFRVÊGPSNBZDPORVÊOJWFMEF GVFS[BQPESÎBTVSHJSFO"VTUSBMJB *OEPOF TJB MPTQBÎTFTBTJÃUJDPTZFO4VEBNÊSJDB -BT NFEJEBT QSFWFOUJWBT TPO MB DMBWF QBSBFWJUBSRVFMBSFTVSHFODJBEFMBOVFWB WBSJFEBE EF JOGMVFO[B BMDBODF OJWFMFT EF QBOEFNJB  BQVOUB FM FTQFDJBMJTUB  Z SFJUF SBRVFMBTBVUPSJEBEFTEFTBMVEEFUPEPFM NVOEPEFCFSÎBOTFSUSBOTQBSFOUFTBMEBSB DPOPDFSMPTDBTPTEFDPOUBHJPZQSFDJTBTBM JOGPSNBSTPCSFFMUSBUBNJFOUPNÊEJDPBEF 1SFWFODJØO OPBMBSNJTNP DVBEP QBSB DPOUFOFS MB QSPQBHBDJÓO EF MB FOGFSNFEBE 5BNCJÊOJOGPSNBRVFMPTFQJEFNJÓMPHPTEFM i-PTHPCJFSOPTmSFDBMDB4JFHFMmQJTBO $%$FO"UMBOUB (FPSHJB FTUÃODPODFOUSB VOUFSSFOPNVZSFTCBMPTPDVBOEPOPTPO EPTFOEFUFSNJOBSFMMVHBSFYBDUPEPOEFTF USBOTQBSFOUFTTPCSFMBWFSEBEFSBNBHOJUVE PSJHJOÓFMCSPUFEFJOGMVFO[B")/:DP EFVOBFQJEFNJBDPNPMBEFMBJOGMVFO[B NP4JFHFMDPMBCPSBDPOFM$PNJUÊEF'JOBO AQPSDJOB ZBVODVBOEPTPOMPTHPCJFSOPT [BTEFM4FOBEPFTUBEVOJEFOTFDPNPJOWFTUJ MPTRVFDPNFUFOMPTFSSPSFT ZOPMBTBVUP HBEPSTPCSFCJPUFSSPSJTNP TFMFQSFHVOUB SJEBEFTEFTBMVE MBDVMQBTJFNQSFSFDBFFO my&T .ÊYJDP FM QBÎT NÃT TPTQFDIPTP MPTNÊEJDPTu EFTFSFMPSJHFOEFFTFWJSVT  m/P FYBDUBNFOUF &M DFSEP FOGFSNP 7BDVOBGBDUJCMFZDBSB QVEP FTUBS FO &TUBEPT 6OJEPT -B USJTUF SFBMJEBEFTRVF.ÊYJDPGVFFMGPDPEFMB &MEPDUPS.BSD,4JFHFMFYQMJDBDPOSF BUFODJÓOJOUFSOBDJPOBMZFTUÃQBHBOEPMBT DPOTFDVFODJBTFDPOÓNJDBTZTPDJBMFTQPS MPTFSSPSFTRVFDPNFUJÓFMHPCJFSOPZRVF ZB NFODJPOÊ5BOUB QVCMJDJEBE OP BZVEB FOOBEBBMBDBVTB m4J OP FT UBO NPSUBM FTUB JOGMVFO[B  yQPSRVFFOUPODFTIBONVFSUPNÃTNFYJ DBOPTRVFFTUBEVOJEFOTFT m1PSEPTSB[POFTVOB QPSRVFMPTNFYJ DBOPTFTUÃOBDPTUVNCSBEPTBOPBUFOEFSTF DPO VO NÊEJDP BOUF DVBMRVJFS TÎOUPNB EF GJFCSFPEFHSJQF&TUFUJQPEFJOGMVFO[BDP NJFO[BDPOVOBGJFCSFNPEFSBEBZMPTNFYJ DBOPTRVFMBQBEFDJFSPOZRVFIBONVFSUP EFKBSPOQBTBSFMUJFNQP BDVEJFSPOBMEPDUPS DVBOEPZBFSBEFNBTJBEPUBSEF$POFTUPOP RVJFSPPGFOEFSBOJOHÙONFYJDBOP i%PT MPT QSJNFSPT DBTPT EF JOGMVFO [BAQPSDJOBFO.ÊYJDPTFSFHJTUSBSPOFO QPCMBDJPOFTQPCSFTZBHSÎDPMBTRVFUJFOFO DPOUBDUP DFSDBOP DPO FM HBOBEP QPSDJOP &MWJSVTNVUBOUFTVSHJÓEFVODFSEPu &OTVPQJOJÓO .ÊYJDPFTUÃMFKPTEFQB EFDFSVOBFYQBOTJÓOEFMBFOGFSNFEBEDPN

GFSFODJBTIJTUÓSJDBTFMIFDIPEFRVFMBJO GMVFO[B")/ IBZB BUBDBEP QSJODJQBM NFOUFBKÓWFOFT UBOUPFO.ÊYJDPDPNPFO &TUBEPT6OJEPT i-BTWÎDUJNBTEFMBGJFCSFQPSDJOBOB DJFSPOEFTQVÊTEF BÒPFORVFBQBSF DJÓQPSQSJNFSBWF[MBHSJQFBWJBS-BFY QMJDBDJÓODMÎOJDBFTRVFUPEBQFSTPOBRVF OBDFEFTQVÊTEFMB[PUFEFVOWJSVTOVFWP TFSÃ NBT WVMOFSBCMF BM DPOUBHJP EF DVBM RVJFS FOGFSNFEBE OVFWB  QSPWFOJFOUF EF WJSVTBOJNBMFTu 1PS FTB SB[ÓO  EJDF  MPT FQJEFNJÓMP HPT EFM $%$ ZB USBCBKBO FO MB FMBCPSB DJÓO EF MPT BOUJDVFSQPT OFDFTBSJPT QBSB EFTBSSPMMBSZQSPEVDJSWBDVOBTDPOUSBUP EBDMBTFEFJOGMVFO[B %FIFDIP BGJSNBRVFMBUSBOTNJTJÓOEF WJSVTEFBOJNBMFTBTFSFTIVNBOPTQSPWP DBRVFMBTFOGFSNFEBEFTTFBONÃTTFWFSBT  QFSPUBNCJÊOIBDFNÃTGÃDJMTVQFSWJTBSMPT  DPNPFOFMDBTPEFM")/ i-BTFOGFSNFEBEFT[PPOÓUJDBTmRVFTF USBOTNJUFOEFMPTBOJNBMFTBMPTTFSFTIV NBOPTm UJFOEFO B SFHJTUSBS NJDSPPSHBOJT NPT FYÓUJDPT DPO VO BMUP OJWFM EF DPOUB HJPQFSP DPNPFOFTUFDBTPEFMBJOGMVFO[B AQPSDJOB FTPTWJSVTOPTPOUBOMFUBMFT TF QVFEFODPOUSPMBSZDVSBSGÃDJMNFOUFTJMPT QBDJFOUFTOPTFBVUPSSFDFUBOZTFBUJFOEFO BUJFNQPFOVOIPTQJUBMPDPOVONÊEJDPu  QVOUVBMJ[B /PPCTUBOUFRVFMBQSPQBHBDJÓOEFMB JOGMVFO[BBGFDUBNÃTBMBQPCMBDJÓOEFMPT QBÎTFTQPCSFT MBFMBCPSBDJÓOZQSPEVDDJÓO EFVOBWBDVOBDPOUSBFMWJSVT")/TÓ MPFTUBSÎBBMBMDBODFEFOBDJPOFTDPNP&T UBEPT6OJEPT (SBO#SFUBÒBZ"VTUSJB FO USFPUSBT &MQFSJÓEJDPFTUBEVOJEFOTF5IF8BTIJOH UPO1PTUQVCMJDÓFMKVFWFTVOBSUÎDVMPFO FMRVFTFDJUBBGVODJPOBSJPTEFMB0SHBOJ [BDJÓO.VOEJBMEFMB4BMVE 0.4

RVJF

0DUBWJP(ÓNF[

&M UBNCJÊO BVUPS EF MPT MJCSPT 'BMTB BMBSNB-BWFSEBETPCSFMBFQJEFNJBEFM NJFEPZ(SJQFBWJBS5PEPMPRVFOFDFTJ UB TBCFS TPCSF MB QSÓYJNB FQJEFNJB  BE NJUF RVF FM HPCJFSOP NFYJDBOP BDFSUÓ BM UPNBS DPO TFSJFEBE FM TVSHJNJFOUP EF MB GJFCSFQPSDJOB i4FMFEFCFSFDPOPDFS QPSRVFMBTBV UPSJEBEFTEFTBMVEBJTMBSPOJONFEJBUBNFO UFBMBTQSJNFSBTQFSTPOBTRVFSFHJTUSBSPO MPT TÎOUPNBT NÃT DMBSPT EF MB JOGMVFO[B  PSEFOBSPO FM DJFSSF EF FTDVFMBT Z DBODF MBSPOMBTBDUJWJEBEFTFOMVHBSFTQÙCMJDPT 'VFDPSSFDUBTVBDUVBDJÓO QFSPTÓMPFOFT UFBTQFDUPu FOGBUJ[B4JFHFM my&TUÃSFBMNFOUFEJTNJOVJEBMBQSPQB HBDJÓOEFMBJOGMVFO[BFO.ÊYJDP m4Î FMWJSVTFTUÃBIPSBBEBQUBEPBMPT IVNBOPTZIBQFSEJEPQPEFS&TUBFTVOB SFHMBCÃTJDBRVFEFCFDPOPDFSUPEPFQJEF NJÓMPHPZFTKVTUBNFOUFMPRVFOPJOGPS NB FM HPCJFSOP EF .ÊYJDP"M DPOUSBSJP  DPO UBOUB DPOGFSFODJB EF QSFOTB RVF EBO EFTEFFMQSFTJEFOUF $BMEFSÓO IBTUBFMNJ OJTUSPEF4BMVE +PTʦOHFM$ÓSEPWB

EBO MBJNQSFTJÓOEFRVFOPUJFOFOFMDPOUSPMEF MBFQJEFNJB1PSMPNFOPTBTÎMPQFSDJCP ZP RVFUBNCJÊOTPZQFSJPEJTUB

EFNBZPEF

-BWBDVOB BTVOUPEF

TFHVSJEBEOBDJPOBM &EVBSEP.JSBOEB

+PTÏ(JM0MNPT

1PODFEF-FØO3FTQVFTUBFKFNQMBS

&

MCSPUFFQJEÏNJDPEFMWJSVT")/QV TPFOFWJEFODJBMBNBHSBJOWFSTJØOQÞ CMJDBZFMBCBOEPOPFORVFTFFODVFO USBMBJOWFTUJHBDJØODJFOUÓGJDBOBDJPOBM  BMBRVFEFTEFOPTFMFIBEFTUJOBEPVO QSFTVQVFTUPNBZPSBMEFM1*# "MHPTJNJMBSPDVSSFDPOMBQSPEVDDJØOEF WBDVOBT BMHSBEPEFRVFFMEJSFDUPSEFMBJO EVTUSJBQBSBFTUBUBM-BCPSBUPSJPT#JPMØHJDPTZ 3FBDUJWPTEF.ÏYJDP #JSNFY

4BNVFM1PO DFEF-FØO TPTUJFOFRVFMMFHØFMNPNFOUP EFDBOBMJ[BSNÈTGPOEPTBFTUFSVCSP4VBS HVNFOUPFTRVFMBQSPEVDDJØOEFWBDVOBTFT VOBTVOUPEFTFHVSJEBEOBDJPOBM )BTUBIPZ FMQBÓTTØMPDVFOUBDPOMPTTFS WJDJPTEF#JSNFYQBSBMBFMBCPSBDJØOEFWB DVOBT TVFSPT JONVOPHMPCVMJOBTZSFBDUJWPT EFEJBHOØTUJDPRVFSFRVJFSFOMPTPSHBOJT NPTEFTBMVEQÞCMJDPTGFEFSBMFT FTUBUBMFTZ EFTDFOUSBMJ[BEPT &OSFBMJEBEMBQBSBFTUBUBMNBRVJMBMBTTVT UBODJBTCBTFPHSBOFMQBSBFMBCPSBSWBDVOBT QBSBFOGFSNFEBEFTDPNPMBQPMJP JOGMVFO[B FTUBDJPOBSJBZUVCFSDVMPTJT FOUSFPUSBT RVF



EFNBZPEF

MFTVSUFOFNQSFTBTGBSNBDÏVUJDBTUSBTOBDJP OBMFT FOQBSUJDVMBSFMHSVQP4BOPGJ"WFOUJT  BMRVFDPNQSØIBDFEPTB×PTTVQMBOUBEF $VBVUJUMÈO &TUBEPEF.ÏYJDP FONJMMP OFTEFQFTPT &ONBS[PQBTBEP EVSBOUFMBWJTJUBEFM QSFTJEFOUF/JDPMBT4BSLP[ZB.ÏYJDP FTF DPOHMPNFSBEPGSBODÏTBOVODJØRVFDBOBMJ[B SÈNJMMPOFTEFFVSPTBMBDPOTUSVDDJØOEF VOBGÈCSJDBEFWBDVOBTDPOUSBMBHSJQFFTUB DJPOBMZQBOEÏNJDB RVFTFVCJDBSÈFO0DP ZPBDBD &TUBEPEF.ÏYJDP:#JSNFYBQSPWF DIØQBSBGJSNBSVODPOWFOJPEFDPMBCPSBDJØO QBSBQBSUJDJQBSFOEFUFSNJOBEBTFUBQBTEF MBFMBCPSBDJØOZEJTUSJCVDJØOEFMPTSFBDUJWPT DPOUSBMBHSJQFFOFMQBÓT 1PODFEF-FØOTPTUJFOFRVFNFEJBOUFFT UFDPOWFOJP.ÏYJDPQPESÈDPOUBSDPOMBWB DVOBDPOUSBFMWJSVT")/ RVFFTUBSÈMJTUB FOPDIPNFTFT4FUSBUB EJDF EFVOQSPDF TPEFFMBCPSBDJØONVZDPNQMFKPEFCJEPBMBT NVUBDJPOFTRVFUJFOFFMWJSVT &MEJSFDUPSEF#JSNFYSFDPOPDFRVFMB QSFTFODJBEFMWJSVTEFJOGMVFO[BIVNBOBQV TPFOFWJEFODJBMBMJNJUBEBJOWFSTJØOFOFM ÈSFBEFTBMVEZFOFMEFTBSSPMMPDJFOUÓGJDPZ UFDOPMØHJDPEFMQBÓT1BSBFTQFDJBMJTUBTDP NP3PTBVSB3VJ[ QSFTJEFOUBEFMB"DBEFNJB .FYJDBOBEF$JFODJBT FMHPCJFSOPEFCFJO WFSUJSBMSFEFEPSEFMEFM1*#FOFTUBNBUF SJB DBTJFMUSJQMFEFMRVFBIPSBTFEFTUJ OBBFTUFSVCSP "TÓNJTNP BTFHVSBRVFEFTEFFM HPCJFSOPGFEFSBMIBQSPQPSDJPOBEPSFDVSTPT B#JSNFY HSBDJBTBMPTDVBMFTMBQBSBFTUB UBMDPNQSØMBQMBOUBEF$VBVUJUMÈOB4BOPGJ 1BTUFVS/PPCTUBOUF BENJUF MPTGPOEPT TPOJOTVGJDJFOUFT :FYQMJDB1BSBDVMNJOBSFMQSPZFDUPEFMB QSPEVDDJØOEFMBWBDVOBEFJOGMVFO[BFTUB DJPOBSJBFOTFSFRVJFSFEFNJMNJMMP OFTEFQFTPTPUSPTNJMMPOFTQBSBEFTB SSPMMBSEFNBOFSBJONFEJBUBMPTQSPHSBNBT FNFSHFOUFTQBSBMBWBDVOBEFMBFQJEFNJB ")/NJMMPOFTQBSBMBFMBCPSBDJØOEF MBWBDVOBUSJQMFWJSBM TBSBNQJØO QBQFSBTZ SVCÏPMB

ZPUSPTNJMMPOFTQBSBFMQSPHSB NBEFJOWFTUJHBDJØOSFHVMBS &OUSFWJTUBEPFOTVTPGJDJOBTEF#JSNFY  1PODFEF-FØOBENJUFRVFEVSBOUFBMHVOPT B×PTMBQSPEVDDJØOEFWBDVOBTFO.ÏYJDP GVFBCBOEPOBEB :BVORVFBTFHVSBRVFOPTBCFDØNPFY QMJDBSFTUBTJUVBDJØO SFGJFSFRVFOPTFBDUVB MJ[ØMBDBQBDJEBEEFQSPEVDDJØOOJTFQVTP ÏOGBTJTFOFMEFTBSSPMMPUFDOPMØHJDP%FIF

DIP JOTJTUF iEFKBNPTEFQSPEVDJSMBWBDVOB DPOUSBMBUVCFSDVMPTJTQPSRVFOPTFJOWJSUJØ FOVOBOVFWBQSFTFOUBDJØORVFFMNFSDBEP SFRVFSÓBw :QPOFPUSPFKFNQMPi"OUFToEJDFoQSP EVDÓBNPTMBWBDVOBEFMTBSBNQJØO QFSPDP NPSFBDUJWPNPOPWBMFOUF:EFSFQFOUFFM QSPHSBNBOBDJPOBMBOVODJØRVFDPNQSBSÓB WBDVOBUSJWBMFOUF QBSBDPNCBUJSTBSBNQJØO  QBQFSBTZSVCÏPMB &TPEFKØBOVFTUSBWBDV OBGVFSBEFMBKVHBEB)PZZBOPFTDPTUFBCMF TFHVJSIBDJÏOEPMBw

6OBSFBDDJØOFmDB[ 1PODFEF-FØO RVJFOGVFEJSFDUPSEF$POB TJEBFOFMQFSÓPEP SFMBUBi)V CPVOBTFSJFEFEFDJTJPOFTRVFGVFSPOEF KBOEPGVFSBEFMBKVHBEBMPRVFQSPEVDÓBMB HFSFODJBEF#JSNFYBFMMPTFTVNØMBGBMUB EFJOWFSTJØOFOEFTBSSPMMPUFDOPMØHJDPQBSB TFHVJSTVSUJFOEPEFNBOFSBØQUJNBFMNFS DBEPOBDJPOBMw "DMBSBRVFOPTØMPTFOFDFTJUBEJOFSPQB SBMBJOWFTUJHBDJØOZMBQSPEVDDJØOEFMBTWB DVOBT TJOPUBNCJÏODPOTPMJEBSMBFTUSVDUVSB EFQFSTPOBMFTQFDJBMJ[BEPoRVÓNJDPT CJØMP HPT MBCPSBUPSJTUBT BTÓDPNPEFNBFTUSPTEF DJFODJBTo%FTEFMBGVOEBDJØOEF#JSNFYFO  MBQMBOUBMBCPSBMIBWBSJBEP)PZDVFO UBDPOFNQMFBEPT o{"QSPWFDIBSÈ#JSNFYFTUBDPZVOUVSB QBSBQFEJSNÈTBQPZPTFOFTFTFOUJEP o4Ó%FIFDIPEFCFNPTBQSPWFDIBSFTUB PQPSUVOJEBEQBSBRVFOPTFTDVDIFOZRVFTF QBOEFOVFTUSBTOFDFTJEBEFT&TUFFTFMNP NFOUPFORVFMBHFOUFQFSDJCFRVFOFDF TJUBNPTIBDFSVOBJOWFSTJØODVBOUJPTBFO FNQSFTBTDPNP#JSNFY VOBQBSBFTUBUBMEFMB 4FDSFUBSÓBEF4BMVERVFIBTFSWJEPBMQBÓTEV SBOUFNVDIÓTJNPUJFNQPZFTFMQSJODJQBMTPT UÏOEFMQSPHSBNBOBDJPOBMEFWBDVOBDJØO 1PODFEF-FØOSFJUFSBRVFFMQSPZFDUPEF #JSNFYFTSFDVQFSBSMBDBQBDJEBEEFQSPEVD DJØOEFWBDVOBTQPSRVFBIPSBTFIBDPOWFS UJEPFOVOBTVOUPEFTFHVSJEBEOBDJPOBM ZB RVFJOWPMVDSBMBTBMVEEFMQBÓT &YQMJDBi&OFMDBTPEFMBJOGMVFO[BFTUB DJPOBSJB IBDFDJODPB×PTIVCPVOEÏGJDJUJN QPSUBOUFFOMBTWBDVOBTQPSRVFTFDPOUBNJ OØVOBQMBOUBFOFM3FJOP6OJEP&TPNPUJWØ RVFOPIVCJFSBSFBDUJWPTTVGJDJFOUFTQBSB DPOUSBSSFTUBSFTFUJQPEFFOGFSNFEBEFOFM NVOEPZFWJUBSRVFMBHFOUFNVSJFSB TPCSF UPEPFOUFNQPSBEBEFJOWJFSOPw "MQSPEVDJSTVTQSPQJBTWBDVOBT EJDF FM QBÓTTFQSPUFHFEFDPOUJOHFODJBTDPNPMBEF IBDFVOMVTUSP:DJUBVODBTP FMEFMTBSBN QJØO RVFTJCJFOTFFSSBEJDØFO.ÏYJDP BÞO TFQSFTFOUBFO&TUBEPT6OJEPTZ$BOBEÈ &JOTJTUF&MDBTPEFMBJOGMVFO[B")/ FTVOBTVOUPEFTFHVSJEBEOBDJPOBM4JMMFHB SBBQSFTFOUBSTFVOBQBOEFNJBZ.ÏYJDPOP DVFOUBDPOMBWBDVOB MBTJUVBDJØOTFDPNQMJ DBSÓBQVFTUPRVFMBEFNBOEBEFMCJPMØHJDPTF EJTQBSBSÓBFOUPEPFMQMBOFUB i-BQSPEVDDJØONVOEJBMFTEFNJMMP

- " & 1 * % & . * " $ * & / $ * " OFTEFWBDVOBTQBSBMBJOGMVFO[BFTUBDJPOB SJB QFSPBIPSBOFDFTJUBNPTEFVOBWBDVOB NPOPWBMFOUFQBSBVONVOEPEFCJMMPOFT EFIBCJUBOUFT1PSFTPFTJNQPSUBOUFUFOFS VOBQMBOUBFO.ÏYJDPZMBFTUBNPTIBDJFO EPw TPTUJFOF o{/PTBHBSSØNBMQBSBEPTFMWJSVTEFMB JOGMVFO[BIVNBOB o4Ó BMJHVBMRVFB&TUBEPT6OJEPT &MIFDIPEFRVFOPIBZBIBCJEPUBOUPT NVFSUPTBMMÈOPTJHOJGJDBRVFFMMPTFTUVWJF SBONFKPSQBSBEPTRVFOPTPUSPT-PRVF QBTBFTRVFTFUSBUBEFVOWJSVTJOTØMJUP 6OBTFNBOBBOUFTEFMCSPUFFQJEÏNJDPTØ MPTFIBCÓBOSFQPSUBEPFO&TUBEPT6OJEPT EPTPUSFTDBTPT/BEJFFTUBCBQSFQBSBEP *OTJTUFFORVFMBFQJEFNJBEFJOGMVFO[B EFMUJQP")/BHBSSØNBMQBSBEPBUP EPFMNVOEPZEFGJFOEFMBTEFDJTJPOFTRVF UPNØFMHPCJFSOPEF'FMJQF$BMEFSØO%JDF RVFMBSFTQVFTUBFO.ÏYJDPGVFiFKFNQMBSw ZSFDIB[BRVFTFIBZBBDUVBEPUBSEF4JOP TFIVCJFSBOEFUFDUBEPMPTDBTPTEFDPOUB HJPZMBTBVUPSJEBEFTOPIVCJFSBOUPNB EPMBTNFEJEBTQFSUJOFOUFT EJDF FTTFHVSP RVFFMWJSVTIVCJFSBCSJODBEPBMVHBSFTDPO VOBHSBODPODFOUSBDJØOEFHFOUF i-PTEB×PToQVOUVBMJ[BoIVCJFSBOTJ EPHSBWÓTJNPT)BZRVFSFDPOPDFSRVFTF BDUVØBUJFNQP RVFTFJEFOUJGJDØBUJFNQP FMWJSVT4JCJFOOPUFOFNPTMBTDPOEJDJP OFTJEFBMFT TÓDPOUBNPTDPOMPTFTQFDJBMJT UBTDMÓOJDPT FQJEFNJØMPHPT MBCPSBUPSJTUBT BEFNÈT DSFPRVFMBSFTQVFTUBQPMÓUJDBEFM &TUBEPGVFFOUJFNQPZGPSNB4FSFBDDJP OØNVZCJFOw :TFEFGJFOEFEFMPTDPNFOUBSJPTBE WFSTPTFOFMTFOUJEPEFRVFMBTBVUPSJEBEFT OPTPCSFSSFBDDJPOBSPO MPRVFQSPWPDØBM HVOBTNVFSUFT&TP BGJSNB iFTWFSEBEFSB NFOUFJODPNQSFOTJCMF2VJ[ÈTMBHFOUFFTUÈ BDPTUVNCSBEBBMPRVFWFOFOMBTQFMÓDVMBT TPCSFMBTEFCBDMFTFQJEÏNJDBTw 5BNCJÏOSFDIB[BRVFTFDPNQBSFMB SFTQVFTUBEF.ÏYJDPDPOMBEF&TUBEPT 6OJEPT QVFTBTFHVSBRVFMBTTJUVBDJPOFT FOVOPZPUSPQBÓTTPODPNQMFUBNFOUFEJ GFSFOUFTEFTEFDBQBDJEBEEFSFTQVFTUB QPSFTUBEPT IBTUBMBDBOUJEBEEFQFSTP OBTRVFUJFOFOJONVOJ[BEBTDBEBB×PFO DPOUSBEFMBJOGMVFO[B:DJUBFMSFDPOPDJ NJFOUPEFMB0SHBOJ[BDJØO.VOEJBMEFMB 4BMVE 0.4 ZEFMB6OJØO&VSPQFBBMB SFTQVFTUBEF.ÏYJDPFOFTUBDPOUJOHFO DJBTBOJUBSJB 3FJUFSBi2VJFOFTEJHBORVFTFTPCSF SSFBDDJPOØQPSRVFIBZQPDPTNVFSUPTTF EFCFBRVFUJFOFOVOBWJTJØONVZMJNJUBEB EFOVFTUSBSFBMJEBEw o&MQVOUPFTRVFMPEJDFMBHFOUFFOMBT DBMMFT o"TÓFT&OFTUFTFOUJEPEFQFOEF NPTNVDIPEFMPTNFEJPTEFDPNVOJDB DJØO5VWJNPTVOQSPCMFNBZMPDPSUBNPT BUJFNQP1PSEFTHSBDJBMPTNÏEJDPTTBCF NPTBUFOEFSTØMPMPTQSPCMFNBTEFTBMVE  OPMPTEFDPNVOJDBDJØOL

OFTBENJUFORVFMBQSPEVDDJÓOEFVOBWB DVOBFGJDB[QBSBDPOUFOFSMBFQJEFNJBTFSÃ MJNJUBEBZRVFZBFTUÃDPNQSPNFUJEBQBSB MPTHPCJFSOPTEFQBÎTFTSJDPT $POVOBQPCMBDJÓONVOEJBMFTUJNBEB FO  NJM  NJMMPOFT EF IBCJUBOUFT  iMB DBQBDJEBE JOUFSOBDJPOBM QBSBEFTBSSPMMBS VOBWBDVOBQBOEÊNJDBFTEFNJMNJMMP OFTEFEPTJTDPNPNÃYJNP ZEFNJMNJ MMPOFTEFEPTJTDPNPNÎOJNPu TFHÙOMBT BVUPSJEBEFTEFMB0.4NFODJPOBEBTQPS FMEJBSJP i&M HPCJFSOP EF &TUBEPT 6OJEPT ZB UJFOF DPOUSBUPT DPO MPT MBCPSBUPSJPT RVF UJFOFOMBDBQBDJEBEEFQSPEVDJSMBWBDV OB  MP DVBM MF QFSNJUJSÎB DPNQSBS QPS MP

NFOPT  NJMMPOFT EF EPTJT  FT EFDJS  DBTJ EPT WBDVOBT QBSB DBEB VOP EF MPT NJMMPOFTEFFTUBEVOJEFOTFTu EFTUB DBFMSPUBUJWP 4BOPGJ1BTUFVS (MBYP4NJUI,MJOFZ/P WBSUJT MBCPSBUPSJPTRVFUJFOFOMBDBQBDJEBE DPOKVOUBQBSBQSPEVDJSFMEFMBWBDV OBDPOUSBMBJOGMVFO[B ZBUJFOFOVODPOUSB UPQSFFYJTUFOUFDPOFMHPCJFSOPEF&TUBEPT 6OJEPT:#BYUFS*OUFSOBDJPOBM RVFUJFOF VOBDBQBDJEBENFOPSQBSBFMBCPSBSVONF EJDBNFOUPEFFTBTDBSBDUFSÎTUJDBT UJFOFZB GJSNBEPTBDVFSEPTQBSBWFOEFSTVQSPEVD DJÓO FODBTPTEFQBOEFNJB BMPTHPCJFSOPT EF"VTUSJBZ(SBO#SFUBÒB FOUSFPUSPTQBÎ TFTEFTBSSPMMBEPT

EFNBZPEF

3FDJCFVOKVF[FMDBTP

5FPUJIVBDÈO +VEJUI"NBEPS5FMMP

-

BTVTQFOTJÓOQPSTFJTNFTFTEF MPTUSBCBKPTQBSBFMFTQFDUÃDV MPEFMV[ZTPOJEP3FTQMBOEPS UFPUJIVBDBOP  TVHFSJEB QPS FM (SVQP 5ÊDOJDP &WBMVBEPS (5& FMQBTBEPEFNBS[P  OPFYJTUFFOUÊSNJOPTMFHBMFT 4JOFNCBSHP FM$PMFHJP.FYJDBOPEF "OUSPQÓMPHPT "$ $." JOUFSQVTPBO UFFMKVF[EF%JTUSJUPEF"NQBSPFO.BUF SJB"ENJOJTUSBUJWB FO5VSOP FO FM %JTUSJ UP'FEFSBM VOBNQBSPRVF BIPSBTÎ IBTUB TV SFTPMVDJÓO  NBOUFOESÃ TVTQFOEJEP FM QSPZFDUPEFJMVNJOBDJÓOQBSBMB[POBBS RVFPMÓHJDB EF 5FPUJIVBDÃO  FO FM &TUBEP EF.ÊYJDP &MSFDVSTPCVTDBJSNÃTBMMÃEFMBTVT QFOTJÓO QSPWJTJPOBM 5JFOF DPNP GJO SF DVQFSBS MB MFHBMJEBE OP TÓMP FO FM DBTP FTQFDÎGJDPEF5FPUJIVBDÃO TJOPFOMPDPO DFSOJFOUFBMBQPMÎUJDBEFQSFTFSWBDJÓOEFM QBUSJNPOJP DVMUVSBM EF MB OBDJÓO  WJPMFO UBEB QPS MBT QSPQJBT BVUPSJEBEFT EFM *OT



EFNBZPEF

UJUVUP /BDJPOBM EF"OUSPQPMPHÎB F )JTUP SJB */")  $PNPSFQSFTFOUBOUFMFHBMEFM$." FM BOUSPQÓMPHP#PMGZ$PUUPN FTQFDJBMJTUBFO MFHJTMBDJÓODVMUVSBMZEFMQBUSJNPOJP PGSF DF FO FOUSFWJTUB DPO 1SPDFTP MPT QPSNF OPSFTEFFTUFBNQBSP RVFZBGVFBENJUJ EPQPSFMKVF[ &OQSJNFSUÊSNJOP FYQMJDBMBTSB[POFT QPS MBT DVBMFT FM DPMFHJP EF FTQFDJBMJTUBT EFDJEJÓBDUVBSQPSFTUBWÎBDPOUSBFMFTQFD UÃDVMP RVF  EVSBOUF NFTFT  IB QSPWPDB EP FODPOBEPT EFCBUFT FOUSF FTQFDJBMJTUBT ZBVUPSJEBEFTEFM*/")ZQBSBFMDVBMTF QFSGPSBSPOMBTQJSÃNJEFTEFM4PMZMB-VOB  DBVTÃOEPMFTEBÒPJSSFWFSTJCMF -BQSJNFSBEFFMMBTGVFMBiDFSSB[ÓOu EFMBTBVUPSJEBEFTEFM*/")QBSBFTDVDIBS MBTDSÎUJDBTZDPOTVMUBSBTVTQSPQJPTFTQF DJBMJTUBTRVFIVCJFSBOBNQMJBEPMBWJTJÓO QBSBUPNBSVOBNFKPSEFDJTJÓODPOSFTQFD UPBMTIPX-VFHP QPSDPOTJEFSBSDPNPVO BHSBWJPRVFMBEJSFDDJÓOHFOFSBMEFM*/")

DPOWPDBSB BM (5&  iVOB DPNJTJÓO FYUSB MFHBMBNPEPu: GJOBMNFOUF QFSPMPNÃT TFSJP MBBDUVBMQPMÎUJDBEFQSFTFSWBDJÓOEF MPTNPOVNFOUPT i&TFMQSPCMFNBEFGPOEP4FIBOPMWJ EBEPEFEJTQPTJDJPOFTMFHBMFTRVFHBSBOUJ [BOFMTFSWJDJPQÙCMJDP FMJOUFSÊTTPDJBMZ OBDJPOBMEFFTPTCJFOFTTFIBOPMWJEBEP RVFFTPTCJFOFTTPOJOFNCBSHBCMFTFJN QSFTDSJQUJCMFTFTUÃOGVFSBEFDPNFSDJPZ FTFDBSÃDUFSOPWBBDBNCJBSIBTUBRVFOP DBNCJFOMFHBMNFOUFMBTEJTQPTJDJPOFTu "ÒBEFRVFUPEPTFTPTFMFNFOUPTFTUB CBOTJFOEPWJPMBEPTQPSMBWÎBEFMPTIF DIPTZiEFNBOFSBBSCJUSBSJBuQPSMBBVUP SJEBEEFM*/") MPDVBMQSPWPDÓFMFOPKP EFBSRVFÓMPHPTDSÎUJDPTEFEFOUSPZGVFSB EF MB JOTUJUVDJÓO RVF TF TJFOUFO EFTFTQF SBO[BEPT Z EFTFTQFSBEPT BM OP FODPOUSBS NBOFSBEFIBDFSMFFOUFOEFSRVFFTBWJTJÓO BDBCBSÃDPOFMQBUSJNPOJPBSRVFPMÓHJDP "OUFFTFQBOPSBNBZiBVUPSJUBSJTNPu  MPTJOUFHSBOUFTEFMDPMFHJPTFQMBOUFBSPO

1PESÓBDBODFMBSTF

EPT BMUFSOBUJWBT#VTDBS MBT WÎBT JOTUJUV DJPOBMFTMFHBMFTQFSNJUJEBTQPSFMNBSDP KVSÎEJDP P SFTJHOBSTF B MB MVDIB NFSB NFOUF QPMÎUJDB 0QUBSPO QPS MB QSJNFSB  DPOWFODJEPTEFRVFDVNQMÎBODPOVOSF RVJTJUPJOEJTQFOTBCMFQBSBRVFMBEFNBO EBEFBNQBSPQSPDFEJFSBEFNPTUSBSBOUF FMKV[HBEPSFMiJOUFSÊTKVSÎEJDPu%FNPT USBSRVFTFMFFTUÃOWJPMBOEPTVTHBSBOUÎBT DPOTUJUVDJPOBMFT &M DPMFHJP JOUFSQVTP MB EFNBOEB BM DPOTJEFSBS RVF FO MPT USBCBKPT BVUPSJ[B EPTQPSMBTBVUPSJEBEFTEFM*/")FO5FP UJIVBDÃO iTFPNJUJÓMBQSFTFSWBDJÓOEFMPT EPDVNFOUPTuZ QPSUBOUP TFFTUÃBGFDUBO EPFMJOUFSÊTOBDJPOBM FMJOUFSÊTEFMQVF CMPNFYJDBOP %FUBMMB$PUUPNRVF FOBQFHPBMBSUÎDVMP DPOTUJUVDJPOBMZBUSBUBEPTJOUFSOBDJPOB MFTDPNPMB$POWFODJÓOQBSBMB1SPUFDDJÓO EFM1BUSJNPOJP.VOEJBM$VMUVSBZ/BUVSBM EFMB6/&4$0 MB$POWFODJÓO*CFSPBNF SJDBOBTPCSFMPT%FSFDIPT)VNBOPT FMEB

"OUFMBiDFSSB[ÓOuEFM*/") FM$PMFHJP.FYJDBOPEF "OUSPQÓMPHPT "$ DPOTJHVJÓRVFVOKVF[EJFSBFOUSB EBBMBNQBSPQBSBEFUFSNJOBSTJFMTIPXEFMV[ZTPOJ EPFOMB[POBBSRVFPMÓHJDBTFEFUJFOF#PMGZ$PUUPN  SFQSFTFOUBOUFMFHBMEFMPSHBOJTNPZFTQFDJBMJTUBFONB UFSJBEFCJFOFTDVMUVSBMFT FYQMJDBMPTBMDBODFTEFFTUB BDDJÓORVFQPESÎBSFWFSUJSMPTJOUFSFTFTEFVOUVSJTNP DVMUVSBMNBMFOUFOEJEPQPSFM&TUBEP ÒPFO5FPUJIVBDÃOFTUÃWJPMBOEPiOPTÓMP OVFTUSPTEFSFDIPTDPNPHFOFSBDJÓORVFIB IFSFEBEPMPTCJFOFTBSRVFPMÓHJDPT TJOPFM EFSFDIPEFGVUVSBTHFOFSBDJPOFTBEJTGSVUBS EFFTBIFSFODJBu &O FOFSP QBTBEP  MB EFMFHBDJÓO TJO EJDBMEFJOWFTUJHBEPSFTZBDBEÊNJDPTEFM */")JOUFSQVTPUBNCJÊOVOBEFNBOEBEF BNQBSP RVFFM+V[HBEP4FYUPEF%JTUSJUP DPO TFEF FO $JVEBE /F[BIVBMDÓZPUM  &T UBEPEF.ÊYJDP DPOTJEFSÓJNQSPDFEFOUF "OUF FMMP MPT JOWFTUJHBEPSFT PQUBSPO QPS VOBEFOVODJBEFIFDIPTBOUFMB1SPDVSBEV SÎB(FOFSBMEFMB3FQÙCMJDBQPSMPTEBÒPTB MPTNPOVNFOUPTUFPUJIVBDBOPT iQSFTVNJ CMFNFOUFDPOTUJUVUJWPTEFEFMJUPu my1PSRVÊEFDJEFFM$."TPMJDJUBSVO BNQBSPZOPQSFTFOUBSVOBEFOVODJBQPS EBÒPT m1SJNFSP  QPSRVF ZB FYJTUFO EFOVO DJBTQPSEBÒPT IBTUBEPOEFFOUJFOEPIBZ QPSMPNFOPTEPT MPRVFOPEFTDBSUBRVFTJ FMDPMFHJPMPEFDJEFQVFEBJOUFSQPOFSVOB

"RVÎMBQSJPSJEBEFTBDUVBSFODVFTUJPOFT EF GPOEP SFTQFDUP EF MB DPODFQDJÓO Z MB JNQMFNFOUBDJÓO EF VOB QPMÎUJDB EF &TUB EPmTJFTRVFFYJTUFmEFQSFTFSWBDJÓOEF FTPTCJFOFT "ÒBEFRVFBMPTJOWFTUJHBEPSFTTFMFT OFHÓFMBNQBSPQPSQSFTFOUBSMPFOGPSNB FYUFNQPSÃOFB:TJOEFUBMMBSTVTBSHVNFO UPTKVSÎEJDPTQBSBOPEFTDVCSJSMPTBOUFTV DPOUSBQBSUF  BTFHVSB RVF FO FM DBTP RVF ÊMSFQSFTFOUBTFDVJEBSPOMPTUJFNQPTZMB DVFTUJÓOEFMJOUFSÊTKVSÎEJDP

1BTPBQBTP my2VÊPCUFOESÃOTJFMKVF[MFTDPODFEJF SBFMBNQBSP m-BTDPOTFDVFODJBTKVSÎEJDBTTPO"M EBSMFFOUSBEBBMBTPMJDJUVEEFBNQBSP JO NFEJBUBNFOUF TF PCUJFOF MB TVTQFOTJÓO QSPWJTJPOBM 4JHOJGJDB RVF  IBTUB RVF TF EJDUFTFOUFODJB OPIBCSÃNBOFSBEFMMFWBS B DBCP OJOHÙO USBCBKP NÃT FO 5FPUJIVB 0DUBWJP(ØNF[

.JHVFM%JNBZVHB

$6-563"

$PUUPN-VDIBEFGPOEP

EFNBZPEF

$6-563"

-BQSPQVFTUBEF

MV[ZTPOJEP 3PCFSUP1PODF 4VBVUPS 8FJOHBSUTIPGFSEFM4PSEP

&

M EJTF×P EF QSPEVDDJØO QBSB FM FT QFDUÈDVMP 3FTQMBOEPS 5FPUJIVBDBOP MFGVFFODBSHBEPQPSFMHPCJFSOPEFM &TUBEP EF .ÏYJDP BM DJOFBTUB  QSP EVDUPS EF DJOF Z UFMFWJTJØO  Z GPUØHSBGP "O UPOJP'FEFSJDP8FJOHBSUTIPGFSEFM4PSEP %'  EFNBS[PEF

RVJFOTFOFHØBPGSF DFSVOBFOUSFWJTUBB1SPDFTPQPSWÓBUFMFGØOJ DB BSHVNFOUBOEP i/PNFHVTUBSÓBIBCMBSBDFSDBEF3FT QMBOEPS5FPUJIVBDBOPQPSRVFNFTJFOUPFO VOBQPTJDJØOCBTUBOUFJODØNPEB FTVOQSP ZFDUPRVFNFPGSFDJFSPOQPSFODBSHPZOP

FTBMHPRVFBDPTUVNCSFIBDFSBNFOVEPw &TUFSFQPSUFSPJOTJTUJØFOMBDIBSMB NFO DJPOÈOEPMFRVF1SPDFTPIBCÓBPCUFOJEP DPQJBEFMHVJØOEFMFTQFDUÈDVMPNVMUJNFEJB 3FTQMBOEPS5FPUJIVBDBOPFOUPUBM BMSFEF EPSEFQÈHJOBTFOUSFMBTRVFTFDVFOUBO NFEJPDFOUFOBSTPCSFJMVNJOBDJØOBDBSHP EF1IJMJQTZMBQSPQVFTUBDSFBUJWBEFMEJTF ×PEFQSPEVDDJØOGJSNBEBQPS8FJOHBSUTIP GFSEFM4PSEP $POVOMFOHVBKFNÈTRVFGMPSJEP FMGP UØHSBGPEFMEPDVNFOUBM&MHSJUPFOUPSOPBMB NBTBDSFEF5MBUFMPMDP FWJEFODJØTVNP

DÃO)BCSÎBVOBTVTQFOTJÓOQSPWJTJPOBM i1PTUFSJPSNFOUF FTUBSFNPTCVTDBOEP  PCWJBNFOUF MBTVTQFOTJÓOEFGJOJUJWB4F SÎBVOBCVFOBSB[ÓOQBSBFOUPODFTEFNB OFSB NVZ TFSJB  DPO MB QBSUJDJQBDJÓO EF UPEPTMPTFTQFDJBMJTUBTZEFMBQSPQJBJOT UJUVDJÓO EFGJOJSMBQPMÎUJDBTPCSFMBQSFTFS WBDJÓOZFMVTPTPDJBMEFFTPTCJFOFT i&TUBNPT BQPTUBOEP B RVF IBZB VOB SB[ÓOMFHBM QPEFSPTB QBSBEFDJSMFBM&T UBEP%FCFTDVNQMJSDPOUVPCMJHBDJÓOEF QSFTFSWBSFTPTCJFOFTFOUBOUPRVFTPOQB USJNPOJPEFMBOBDJÓOZTFUJFOFORVFIFSF EBSBMBTGVUVSBTHFOFSBDJPOFTu 1PS SFDPNFOEBDJÓO EFM (5&  FM QSP ZFDUPEFMV[ZTPOJEPZBFTUÃTVTQFOEJEP EFTEF NBS[P QBTBEP  QVFT TF EFUFSNJOÓ EBSVOQMB[PEFTFJTNFTFTQBSBFMBCPSBS VOQMBOEFNBOFKPQBSBMB[POBBSRVFPMÓ HJDBZSFQMBOUFBSFMHVJÓODJFOUÎGJDP " EFDJS EF $PUUPN  FM $." OP QVF EFQBSUJSEFFTBTVTQFOTJÓOFOQSJNFSMV HBSQPSRVFFM(5&FTiFYUSBMFHBMu OPUJF OFGBDVMUBEFTEFEFDJTJÓO QBSBFMMPFYJTUF FM $POTFKP EF"SRVFPMPHÎB  Z BENJUJS MP DPOUSBSJPTFSÎBBDFQUBSRVFFOBEFMBOUFFM */")iWBBDPOWPDBSDPNJTJPOFTBEIPD EFNBOFSBJMFHBM FTPTJHOJGJDBEFTBSUJDVMBS BMJOTUJUVUPZRVJUBSMFTVTBUSJCVDJPOFTu :FOGBUJ[B i&O UÊSNJOPT MFHBMFT  QBSB OPTPUSPT FTBEFDJTJÓOOPFYJTUF&T BEFNÃT VOBBS

CJUSBSJFEBE BIÎIBZNVDIBTBOPNBMÎBTMF HBMFT 6OP UFOESÎB RVF QSFHVOUBSTF RVÊ TJHOJGJDBMBBVUPSJ[BDJÓOPMBPQJOJÓOPMP RVF IBZB TJEP EFM $POTFKP EF"SRVFPMP HÎBy%ÓOEFRVFEÓ my-FFONFOEBSPOMBQMBOB m&YBDUBNFOUF&TPQPSTVQVFTUPOPMP QPEFNPTBDFQUBS FTBUFOUBSDPOUSBMBQSP QJBJOTUJUVDJÓO1PSPUSPMBEP IBCSÃRVFFT QFSBSQBSBUFOFSFMEPDVNFOUPPGJDJBM QBSB WFSTJFMEJSFDUPSHFOFSBM "MGPOTPEF.B SJBZ$BNQPT EFDJEJÓQPTQPOFSMBFKFDV DJÓOEFFTPTUSBCBKPT DVÃMFTTPOMPTGVO EBNFOUPT FORVÊTFCBTÓQBSBUPNBSFTB EFDJTJÓO"OUFFTUBDJSDVOTUBODJB QBSBOP TPUSPTFTDPNPTJUPEPTJHVJFSB EFIFDIP IBOEJDIPRVFFMQSPZFDUPWB &OFGFDUP DVBOEPTFEJFSPOBDPOPDFS MBTPQJOJPOFTEFM(5& 1SPDFTP

OP TF IBCMÓ OVODB EF MB DBODFMBDJÓO EFGJOJ UJWBEFMQSPZFDUPEFMV[ZTPOJEP TJOPEF EBSTFJTNFTFTQBSBTVSFFTUSVDUVSBDJÓO&M $POTFKPEF"SRVFPMPHÎBBENJUJÓBIÎDPNP TVZPTMPTQMBOUFBNJFOUPTEFM(5&ZFMEJ SFDUPSHFOFSBMEFM*/")UBNCJÊO i)BZBDUPTEFWJPMBDJÓO`1PSTVQVFT UP RVF MPT IBZ &OUPODFT  RVFSFNPT KVT UBNFOUF RVF TF FOEFSFDF FM DBNJOP FO UÊSNJOPTMFHBMFTZTFBDUÙFEFNBOFSBSFT QFUVPTBDPOFM&TUBEPEFEFSFDIPu &OUBOUPRVFMBTPMJDJUVEEFBNQBSPFT UÃQMBOUFBEBQBSBFMDBTPEF5FPUJIVBDÃO 



EFNBZPEF

MFTUJBQPSQPTFFS1SPDFTPUBMFTEPDVNFOUPT ZFTUBMMØTVBMBSJEP i`.FWBMFNBESFTMBQSFOTB NFWBMFNB ESFT1SPDFTPZNFWBMFNBESFTMPRVFQJFO TFOBMMÈFO5FPUJIVBDÈO {PLFZ `7ÈZBOTFUP EPTBMBNyw :DPMHØ

#PSSÓOB/PWP 4JFMBOUJHVPFTQFDUÈDVMPEFMV[ZTPOJEPQPS 4BMWBEPS/PWPUFBUSBMJ[BCBFOTVQBSUFGVOEB NFOUBMMB-FZFOEBEFM2VJOUP4PMFO5FPUJIVB

MB QSFHVOUB FT TJ QPESÎB TFOUBS VO QSFDF EFOUFQBSBPUSPTTJUJPT &O PQJOJÓO EF $PUUPN  TÎ TFOUBSÃ VO QSFDFEFOUF ZBEFNÃTFM$."FWBMVBSÃTJ TJHVFFMNJTNPDBNJOPMFHBMFOPUSBT[P OBTBSRVFPMÓHJDBTDPNP5VMVN 6YNBMZ 5VMB ZPUSPTBTVOUPTDPNPFMEFTNBOUF MBNJFOUPEFMB1JOBDPUFDB7JSSFJOBMFOMB $JVEBEEF.ÊYJDP 1SPDFTP  i)BZWBSJPTDBTPT1PSFTPMFEFDÎBRVF MB QSFPDVQBDJÓO FT 5FPUJIVBDÃO  QFSP FM GPOEPWBNÃTBMMÃ&TMBQPMÎUJDBSFTQFDUP EFMVTP EFMUSBUP RVFTFMFTFTUÃEBOEPB FTPTCJFOFTDVMUVSBMFTu -PPDVSSJEPFO5FPUJIVBDÃOUJFOFRVF WFSDPORVFEFTEFFM&KFDVUJWP FM1MBO/B DJPOBMEF%FTBSSPMMPZFM1SPHSBNB/BDJP OBM EF $VMUVSB  TF QMBOUFB FM BQSPWFDIB NJFOUPEFMBiSJRVF[BDVMUVSBMuDPOGJOFT UVSÎTUJDPT4FMFQSFHVOUBFOUPODFT m4J PCUJFOFO FM BNQBSP  yMPHSBSÎBO DBNCJBSFTPTQSPQÓTJUPT m-PRVFFTUBNPTCVTDBOEPFTTJNQMF ZTFODJMMBNFOUFRVFIBZBVOBHBSBOUÎBEF QBSUF EFM &TUBEP EF VO USBUP BM QBUSJNP OJPUBMDVBMMPFTUBCMFDFOMBTEJTQPTJDJP OFTMFHBMFT2VFTFSFTQFUFRVFFTEFVTP DPNÙO  BETDSJUP B VO TFSWJDJP QÙCMJDP  RVFFTFEVDBUJWP EFJOUFSÊTTPDJBMZOB DJPOBM SFMFWBOUFQBSBMBIJTUPSJBEFMBOB DJÓO&TFFTFMQMBOUFBNJFOUPQVOUVBMRVF RVFSFNPTTFSFTQFUF

#FOKBNÓO'MPSFT

DÈO DPOMBWP[EF7JODFOU1SJDFFOTVWFSTJØO BMJOHMÏTFOPGG

FMHVJØOBDUVBMEF3FTQMBOEPS 5FPUJIVBDBOPEFTUBDBMPTTBDSJGJDJPTIVNBOPT DPOGPSNFBSFDJFOUFTIBMMB[HPT &OTFHVJEB BMHVOPTDPODFQUPTEF8FJO HBSUTIPGFSRVFJODMVZFTVUFYUP FODPQJBTEF 1SPDFTP &MSPKPFTFMDPMPSFNCMFNÈUJDPEFMBBSRVJUFD UVSBUFPUJIVBDBOBFTUF TJD EFCFTFSFMDPMPSGBWP SFDJEPDPOMBNBZPSDBOUJEBEEFNBUJDFT y

-BUFDOPMPHÓBOPTQFSNJUFUBNCJÏOIBDFS TÓOUFTJTEFJNÈHFOFTRVFTFVUJMJ[BSÈOQBSBEBS ÏOGBTJTESBNÈUJDP FTFMDBTPEFMiNPSGJOHwRVF

TFVUJMJ[BSÈQBSBDPOWFSUJSVOBNÈTDBSBFOPUSB VUJMJ[BOEPWFDUPSFTZQVOUPTEFSFGFSFODJBRVF IBDFORVFVOSPTUSPTFUSBOTGPSNFFOPUSP y

&OUPEBOBSSBDJØOFTDPOWFOJFOUFUFOFSVOB JOUSJHB VOBJODØHOJUBRVFSFTPMWFS FOFTUFDB TPQPESÓBFTUBSEBEBQPSMPTEFTDVCSJNJFOUPTZ MPTFTUVEJPTRVFMBDJFODJBDPOUFNQPSÈOFBIPN CSFZNVKFSFT  TJD BSRVFØMPHPT FUOØMPHPT IJT UPSJBEPSFTIBOIFDIPTJTUFNÈUJDBNFOUF BQBTJP OBEBNFOUFBUSBWÏTEFNJMFTEFIJQØUFTJTRVFFO NVDIPTDBTPTBDFSUBEBT QFSPUBNCJÏOFRVJWP DBEBT OPTIBOMMFWBEPBMDPOPDJNJFOUPEFFTUB DVMUVSB EFFTUBJNQSFTJPOBOUFDJWJMJ[BDJØO y

i&WJEFOUFNFOUF FT DPNCBUJS UPEP MP RVFTJHOJGJRVFBDDJPOFTSBQBDFTPEFTNBO UFMBEPSBTEFFTPTCJFOFT4JFOFTPDBCFMB QSÃDUJDBEFVOUVSJTNPJSSFTQPOTBCMFPEF QPMÎUJDBTUVSÎTUJDBTRVFFTUÃOEBÒBOEPFTPT CJFOFT QPSTVQVFTUPRVFMBDSÎUJDBJSÃFO FTFTFOUJEPZMPRVFTFCVTDBSÎBFTQSFDJTB NFOUFDBNCJBSFTFQSPZFDUP i1PSRVF  BEFNÃT  OP FT DPNQMJDBEP EFNPTUSBSRVFRVJFOFTTFCFOFGJDJBOEFMPT EJWJEFOEPTEFFTFUJQPEFUVSJTNPNBTJGJ DBEPS EFQSFEBEPS JSSFTQPOTBCMF TPOKVT UBNFOUF MPT JOWFSTJPOJTUBT EF DBQJUBM DB EFOBT IPUFMFSBT  DBEFOBT SFTUBVSBOUFSBT -BDPNVOJEBESFBMNFOUFFTUÃTJFOEPNBS HJOBEB Z TJ BDBTP MF EFKBSÃO WFOEFS DIÃ DIBSBTPMFEFKBSÃOBMHVOBPUSBDPTJMMBu /PPCTUBOUFRVFFMFGFDUPEFMBSFTPMV DJÓOTFBQMJDBSÃTÓMPFO5FPUJIVBDÃOZQB SBJODJEJSFOPUSPTTJUJPTUFOESÎBORVFUP NBSTF BDDJPOFT MFHBMFT QPS DBEB DBTP  FM FTQFDJBMJTUBDPOGÎBFORVFDBVTBSÃJNQBDUP FOMBQPMÎUJDBJOTUJUVDJPOBMQPSUSBUBSTFEF MBPQJOJÓOEFM1PEFS+VEJDJBM iRVFTJOEV EBBMHVOBMMBNBSÃBBDBUBSMBTEJTQPTJDJP OFTMFHBMFTRVFFYJTUFOZBSFTQFUBSFMFKFS DJDJPEFMBTHBSBOUÎBTDPOTUJUVDJPOBMFTRVF FOFTUFDBTPTFEFNBOEBOu my1PS RVÊ DPNP DJVEBEBOPT  DPNP $." TFWFOPSJMMBEPTBQSFTFOUBSVOKVJ DJPEFBNQBSP y/PUFOESÎBTJNQMFNFOUF RVFBQMJDBSTFMBMFZEFQBUSJNPOJP

m"TÎFT-PRVFVTUFEQMBOUFBOPTSF NJUFQSFDJTBNFOUFBVOBEJTDVTJÓODPOTUJ UVDJPOBM*NBHJOFNPTRVFMFQSFHVOUBNPT BVOKVF[i4FÒPSKVF[ TJFMFODBSHBEPEFM &TUBEPEFQSFTFSWBSFTPTCJFOFTOPMPIB DF yRVJÊOEFCFIBDFSMP u :SFQJUFMBTEPTPQDJPOFTPTFSFTJH OBOBRVFBTÎFTUÃFMBTVOUPZOPTFQVFEF IBDFSNÃT PTJHVFOFMSFDVSTPEFBNQBSP RVFIBOJOUFSQVFTUP i-PRVFFTUBNPTIBDJFOEPOPFTNÃT RVFFYJHJSFMDVNQMJNJFOUPEFVOEFSFDIP DPOTUJUVDJPOBMu

1BQFMFTJOWFSTPT "TÎDPNPFOFM1MBO/BDJPOBMEF$VMUVSB BQBSFDFVOSVCSPQBSBQSPNPWFSFMUVSJTNP  FM*/")JODMVZFFOUSFTVTPCKFUJWPTFMiQSP NPWFSZDPOTPMJEBSMPTNFSDBEPTEFUVSJT NP DVMUVSBM FYJTUFOUFT F JNQVMTBS OVFWBT SVUBTFJUJOFSBSJPTUVSÎTUJDPTFO.ÊYJDPu my1PSRVÊFM*/")UJFOFRVFQSPNP WFSFMUVSJTNP y/PUFOESÎBNÃTCJFORVF FTUBCMFDFSMFBMB4FDSFUBSÎBEF5VSJTNPMBT EJTQPTJDJPOFTQBSBQSFTFSWBSFMQBUSJNPOJP DVMUVSBMWJODVMBEPBMUVSJTNP m4Î MPRVFQBTBFTRVFMBTQSJPSJEBEFT FOUÊSNJOPTEFMBWJTJÓOEF&TUBEPIBOJO WFSUJEPMPTQBQFMFT4JFOVONPNFOUPGVF QSJPSJUBSJP MB QSFTFSWBDJÓO  MB DPOTFSWB DJÓO MBJOWFTUJHBDJÓOEFFTPTCJFOFT BIP

&MQSJNFSWBMPSFTUSVDUVSBMFTMBJMVNJOBDJØO EFMBTQJSÈNJEFTZMBDBMMFEFMPTNVFSUPTQPSMP UBOUPMBBQFSUVSBZFMGJOBMEFCFSÈOEFTFSMV[ "MJOJDJPZDPOMBGJOBMJEBEEFJSiFODSFDIFOEPw TFEFCFVUJMJ[BSMBJOUFOTJEBEMVNJOPTBBTVNÓ OJNBFYQSFTJØODPOUPEBMBDPCFSUVSBMVNÓOJDB  FTEFDJSUPEBTMBTMVDFTQSFOEJEBT DPODPMPSFT DÈMJEPTQFSPDPOQPDBJOUFOTJEBE &OMBNFEJEBRVFBWBO[BFMFWFOUPMBJMV NJOBDJØOTFWVFMWFGVODJPOBMIBTUBRVFOBSSB UJWBNFOUFTFMMFHBBMFTQMFOEPSFOEPOEFMBJO UFOTJEBEEFCFTVCJSBMDJFOQPSDJFOUPQFSPOP FOUPEBMBDPCFSUVSB QPSTFDDJPOFTPQPSQBS UFT MBQJSÈNJEFEFM4PM EFMB-VOBZMVFHPMB DBMMFPWJDFWFSTB&TUBTGBDFT TJD TPODPOMBGJ OBMJEBEEFSFTFSWBSQBSBFMHSBOGJOBMUPEBMB JOUFOTJEBEZMBDPCFSUVSB 6UJMJ[BOEPMBNFUÈGPSBNVTJDBMEFVOBTJO GPOÓBMBFTUSVDUVSBESBNÈUJDBEFMBJMVNJOBDJØO DPOUBSÈDPODVBUSPNPWJNJFOUPT FMQSJNFSP VO BMMFHSPFOGPSNBEFTPOBUBRVFEFVOBNBOFSBTF EVDUPSBOPTNPTUSBSÈMBNBKFTUVPTJEBEEFMPTFEJGJ DJPT FMTFHVOEPNPWJNJFOUPTFSÈMFOUPEFTDSJQUJWP  FOGPSNBEFBEBHJP SPNÈOUJDP TPCSFFTUFFTUB SÈODPOTUSVJEBTGVOEBNFOUBMNFOUFMBTFYQMJDBDJP OFTEJEÈDUJDBT  y IBTUBMMFHBSBTVFTQMFOEPS FM UFSDFSNPWJNJFOUPFOGPSNBEFTDIFS[PDPOFMRVF TFFTUBCMF[DBMBEFDBEFODJBZFMDVBSUPNPWJNJFOUP OVFWBNFOUFVOBMMFHSPRVFOPTQFSNJUBSFDBQJUV MBSZDFSSBSDPOVOHSBOGJOBM y L

SB OP P MP FT FO UBOUP TPO ÙUJMFT QBSB MB QSÃDUJDB EF VO UVSJTNP NBTJWP  VO UVSJT NPRVFOPTHVTUFPOPFTUÃPDVQBOEPFM UFSDFSMVHBSQPSMPNFOPTFOMBHFOFSBDJÓO EFEJWJTBTFOFMQBÎT$MBSP FOFMDPOUFY UPEFMBDSJTJTGJOBODJFSB FTPTFIBSFEV DJEPJHVBMRVFMPTQSFDJPTEFMQFUSÓMFPP MBTSFNFTBT i&OFTBDJSDVOTUBODJB EBEPFMBMUPOJ WFMEFEFTFNQMFP FMBMUPOJWFMEFQPCSF[B ZFTFUJQPEFQSPCMFNBTFTUSVDUVSBMFT IBO WPMUFBEPIBDJBFTFUJQPEFCJFOFTQBSBFY USBFSEFFMMPTMBNBZPSQBSUFEFFMFNFOUPT FDPOÓNJDPTRVFQVFEBOBZVEBSBNJUJHBS FTPTQSPCMFNBT)BTUBQBSFDJFSBRVFRVJF SFOSFTPMWFSMBQPCSF[BZFMEFTFNQMFPB USBWÊTEFMBT[POBTBSRVFPMÓHJDBTPEFVOB QSÃDUJDBEFMUVSJTNPMMBNBEPDVMUVSBMu :OPOJFHBMBBTPDJBDJÓOFOUSFUVSJTNP ZQBUSJNPOJPDVMUVSBM QVFTFTBUSBWÊTEFM QSJNFSPDPNPTFDPOPDFFMTFHVOEP QFSP BTVKVJDJPFMUVSJTNPEFCFBQFHBSTFFOFTUF DBTPBMJOUFSÊTTPDJBMZOBDJPOBMZTFSSFT QFUVPTPEFMVTPDPNÙOZEFTFSWJDJPQÙCMJ DPRVFQSFTUBOMPTCJFOFTDVMUVSBMFT%FMP DPOUSBSJPFTVOBGPSNBEFQSJWBUJ[BDJÓO i$POUPEBQSPQPSDJÓOHVBSEBEB QFSP IBTUBDJFSUPQVOUP IBZVOBTJNJMJUVEDPO MPRVFEFOVODJBCBFMTFOBEPS.BOVFM#BS UMFUU EF MPT DPOUSBUPT EF TFSWJDJPT NÙMUJ QMFTFO1FNFY QPSRVFNFEJBOUFMBBVUPSJ [BDJÓOEFFTQFDUÃDVMPTEFMV[ZTPOJEPTF EFNBZPEF

FTUÃMJNJUBOEPFMVTPDPNÙO QVFTOPWBB BDDFEFSDVBMRVJFSB IBZRVFQBHBSDPOUSB QSFTUBDJPOFT"EFNÃT TFMFTFTUÃDFEJFO EP B FNQSFTBT QSJWBEBT  OP TBCFNPT TJ NFEJBOUFBTJHOBDJÓOEJSFDUBPMJDJUBDJÓO Z FTPTJHOJGJDBRVFMBTJOTUJUVDJPOFTQÙCMJDBT RVFEBOBVOMBEPZMBTQSJWBEBTQBTBOEF

GBDUPBPDVQBSVOMVHBS&TBIÎEPOEFFTUÃ FMQSPCMFNBNÃTHSBWFFOFTUFTFOUJEPu 4VCSBZB i&OFMGPOEPIBZBIÎUBNCJÊOVODPO GMJDUPFOUSFFMJOUFSÊTQÙCMJDPZFMQSJWBEP 1BSFDFRVFMBTJOTUJUVDJPOFTQÙCMJDBTBMMB OBOUPEPFMUFSSFOPQBSBRVFFMJOUFSÊTQSJ

-PTSFDJOUPTDVMUVSBMFT

FOEÓBTEFJOGMVFO[B +VEJUI"NBEPS5FMMP

-

1PSFMMPOPMFSFTVMUØFYUSB×PRVFMBSFBD DJØO USBOTNJTJØOZBQSPQJBDJØOEFMBJOGPS NBDJØO BTÓDPNPBMHVOBTBDUJWJEBEFTQSP EVDUJWBT BDBEÏNJDBTZIBTUBSFDSFBUJWBT GVFSBOBDPSEFT &MFTQBSDJNJFOUPDVMUVSBMWÓBJOUFSOFUOP TFIJ[PFTQFSBSFYQPTJDJPOFT GSBHNFOUPTEF MJCSPT NÞTJDB DPOGFSFODJBTZEFNÈTGVFSPO MBPGFSUBQBSBMPTBDJBHPTEÓBT "IPSBTFWVFMWFQPDPBQPDPBMBOPSNB MJEBE:NJFOUSBTBMHVOBTJOTUJUVDJPOFTCVT DBOBQFHBSTFBQJFKVOUJMMBTBMBTNFEJEBTTB OJUBSJBTJNQVFTUBTQPSMB4FDSFUBSÓBEF4BMVE IBTUBJODMVZFSPOFOTVMJNQJF[BMBTiJOUPDB CMFTwQJF[BTBSRVFPMØHJDBT

PUSPTQSFGJFSFO FTQFSBSMBSFBQFSUVSBIBTUBMBTJHVJFOUFTFNB OBQBSBOPIBDFSTFOUJSBTVQÞCMJDPIPTUJHB EPDPOMBTNFEJEBT %POEFTÓIBZDPJODJEFODJBTFTFOMBGBM .BVSJDJP.BSBU*/")

VFHPEFMJOÏEJUPDJFSSFEFFTQBDJPT DVMUVSBMFTBRVFPCMJHØMBBMFSUBTB OJUBSJBQPSMBFQJEFNJBEFJOGMVFO[B IVNBOB DPNFO[BSPOMBTSFBQFSUV SBTFMQBTBEPNJÏSDPMFTEFMBT[POBTBS RVFPMØHJDBT ZVOEÓBEFTQVÏTEFMPTNVTFPT EFMPTJOTUJUVUPTOBDJPOBMFTEF"OUSPQPMPHÓB F)JTUPSJB */") ZEF#FMMBT"SUFT */#"  /JMPTUFSSFNPUPTEF QVFTBGFDUB SPOTØMPBMHVOBT[POBTEFMB$JVEBEEF.ÏYJ DP OJMB3FWPMVDJØO.FYJDBOB QPSRVFOP IBCÓBUBMOÞNFSPEFSFDJOUPTDVMUVSBMFT DPO MMFWBSPOVOBQBSBMJ[BDJØOEFMBTBDUJWJEBEFT DVMUVSBMFTEFEJWFSTBTJOTUJUVDJPOFTQÞCMJDBTZ QSJWBEBTFOUPEPFMQBÓTDPNPBIPSB 'VF BEFDJSEFMFDPOPNJTUBEFMBDVMUV SB&SOFTUP1JFESBT iFMQSJNFSGFOØNFOPEF TBMVEQÞCMJDBFOMBFSBEFMBTUFDOPMPHÓBT EFMBJOGPSNBDJØOZMBTDPNVOJDBDJPOFTw



EFNBZPEF

WBEPTFBQSPWFDIFEFMPTCJFOFTEFEPNJ OJPQÙCMJDPu m4FIBTFÒBMBEPB.ÊYJDPDPNPVO&T UBEP GBMMJEP  QFSP MBT BVUPSJEBEFT SFTQPO EFORVFOPMPFTQPSRVFMBTJOTUJUVDJPOFTTJ HVFOGVODJPOBOEP1FSPTJMBTJOTUJUVDJPOFT OPDVNQMFOTVTQSPQÓTJUPTZIBTUBTFQPOFO

UBEFEBUPTTPCSFMPTJNQBDUPTFDPOØNJDPT RVFUVWPFMDJFSSFEFDBTJEÓBT$POTVMUBEP BMSFTQFDUPQPS1SPDFTP 'SBODJTDPEF"OEB $PSSBM TVCEJSFDUPSEF*OGPSNBDJØOZ1SFO TBEFM*/") FYQMJDBRVFFTiNVZEJGÓDJMwDBM DVMBSFTBDJGSBQBSBFMDBTPEFMPTNVTFPTZ [POBTBSRVFPMØHJDBTEFMJOTUJUVUP QVFTiFO QSJODJQJPOPGVODJPOBOFOMBMØHJDBEFHB OBODJBQÏSEJEBw %FUBMMBRVFOPSNBMNFOUFQBHBCPMF UPTØMPVOBUFSDFSBQBSUFEFMQÞCMJDP QVFTFM SFTUPTPOFTUVEJBOUFT BEVMUPTNBZPSFT EJT DBQBDJUBEPTPNBFTUSPTEFM4JTUFNB&EVDBUJ WP/BDJPOBM QPSMPDVBMFTUÈOFYFOUPT-VF HP DPOUJOÞB MPRVFJOHSFTBBMPTSFDJOUPT TFWBBMBDBKBDPODFOUSBEPSBEFMB4FDSFUB SÓBEF)BDJFOEBZ$SÏEJUP1ÞCMJDP ZTØMPIBT UBFMDJFSSFEFMFKFSDJDJPBOVBMQPESÈOWFSDPO FYBDUJUVETJIVCPQÏSEJEBT PoUBMWF[oIBTUB IBZBVOBSFDVQFSBDJØOFOMPTEÓBTQPSWFOJS "MBQSFHVOUBEFTJIBZBMHVOBFYQPTJ DJØORVFQPSUFOFSQJF[BTQSFTUBEBTEFMFY USBOKFSPOPQVFEBFYUFOEFSTVQMB[PEFFY QPTJDJØOQBSBSFDVQFSBSMPTEÓBTQFSEJEPT  JOEJDBRVFMBÞMUJNBEFDBSÈDUFSJOUFSOBDJPOBM GVF;BSFT NBSBWJMMBTEFMB3VTJBJNQFSJBM QSF TFOUBEBFOFM.VTFP/BDJPOBMEF"OUSPQPMP HÓBEFMEFEJDJFNCSFEFBMEFNBS [PEF &MSFTUPEFMPTNVTFPTQSFTFOUBCBNVFT USBTEFTVTDPMFDDJPOFTQFSNBOFOUFT&OFM .VTFP/BDJPOBMEFM7JSSFJOBUP QPSFKFN QMP TFPGSFDÓB+FTVJUBT7JEBZFYQVMTJØOEF5F QPU[PUMÈO RVFGJOBMJ[BCBZBEFTVZPFMEF BCSJM"TÓRVFBEFDJSEFMGVODJPOBSJP OPIBZ BGFDUBDJØOBMPTDBMFOEBSJPTZTFNBOUFOESÈO MBTQSPHSBNBDJPOFTDPNPFTUBCBOQSFWJTUBT EFUJFNQPBUSÈT "OUJDJQBUBNCJÏORVFMBFYQPTJDJØO5FP UJIVBDÈO$JVEBEEFMPTEJPTFT DVSBEBQPSFM SFDJÏOGBMMFDJEP'FMJQF4PMÓT TFJOBVHVSBSÈDP NPFTUBCBZBQSFWJTUPFMEFNBZPQSØYJ NPFOFM.VTFP/BDJPOBMEF"OUSPQPMPHÓB -BBQFSUVSBTFSÈUBNCJÏOPDBTJØOQBSBSFOEJS IPNFOBKFBMBSRVFØMPHP EFRVJFOTFMMFHØB EFDJSRVFNVSJØQPSJOGMVFO[B%F"OEBEFT NJFOUFDBUFHØSJDP ZBGJSNBRVFOPIBZOJO HÞOQBSUFNÏEJDPQBSBTPTUFOFSFTFSVNPS  QPSFMDPOUSBSJPiFTNVZDMBSPFOFMTFOUJEP EFRVFUVWPVODVBESPEFOFVNPOÓBRVFTF DPNQMJDØDPOQBUPMPHÓBTBOUFSJPSFTw -BTNFEJEBTQBSBJOHSFTBSBMBT[POBTBS RVFPMØHJDBTZNVTFPTEFM*/")TPOMBTFTUJ QVMBEBTQBSBFMSFTUPEFMPTFTQBDJPTQÞCMJ DPTDPOUSPMBSRVFOPIBZBBHMPNFSBDJPOFT  TVHFSJSFMVTPEFMDVCSFCPDBTZEFMHFMBOUJ CBDUFSJBM FWJUBSRVFBTJTUBOQFSTPOBTFOGFS

$6-563" HVFEFGFOEJFOEPZEBOEPMBCBUBMMBQPSFM QBUSJNPOJP FMBOUSPQÓMPHPDPODMVZF i4FSÎBHSBWÎTJNPTJMMFHÃSBNPTBVO &TUBEPGBMMJEP TJHOJGJDBSÎBRVFMBTJOTUJ UVDJPOFTZBOPTPODBQBDFTEFHBSBOUJ[BS FTPTFMFNFOUPTFMVTPDPNÙO FMTFSWJ DJP QÙCMJDP Z FM JOUFSÊT TPDJBM Z OBDJP

OBMTPCSFFMVTPEFFTPTCJFOFT/P ZP DSFP RVF FTUBSÎBNPT FO SJFTHP Z IBCSÎB RVFSFQMBOUFBSTFMBGVODJÓOEFMBTJOTUJ UVDJPOFT"GPSUVOBEBNFOUF DSFP RVF FT VOBGVFSUFUFOTJÓO VOBMVDIBFOMBEFGJ OJDJÓOEFRVFFTPTFTJHVFFKFSDJFOEPQPS QBSUFEFM&TUBEPuL

NBT MJNQJF[BDPOTUBOUFEFQBTBNBOPT QJ DBQPSUFT JOTUBMBDJPOFTTBOJUBSJBT FUDÏUFSB Z RVFFMQFSTPOBMDPOUSBUPEJSFDUPDPOFMQÞ CMJDPMMFWFDVCSFCPDBTZHVBOUFTEFMÈUFY %FJHVBMGPSNBTVDFEFFOMPTSFDJOUPTEFM */#"1FSPBRVÓTÓFMTVCEJSFDUPSHFOFSBM 3J DBSEP$BMEFSØO BDMBSØBMPTNFEJPTRVFMBT PCSBTOPTFMJNQJBOEFOJOHÞONPEP QVFT UBNQPDPUJFOFODPOUBDUPDPOFMQÞCMJDP&M GVODJPOBSJPJOGPSNBB1SPDFTPRVFFTUÈO IBDJFOEPiVOBOÈMJTJTNJOVDJPTPwEFMBTFY QPTJDJPOFTQBSBEFUFSNJOBS QPSDBTP DVÈMFT OPTPOOFDFTBSJPNPEJGJDBSZDVÈMFTUFOESÈO OFDFTBSJBNFOUFRVFSFDBMFOEBSJ[BSTF $PNPFKFNQMPDJUBMBNVFTUSBJOUFSOBDJP OBMEFMBQJOUPSBEFPSJHFOQPMBDP5BNBSBEF -FNQJDLB 

QSFWJTUBQBSBBCSJSTF EFMEFNBZPBMEFBHPTUPFOFM1BMBDJPEF #FMMBT"SUFT"EFDJSEF$BMEFSØO TFQPTQVTP QPSEÓBTZiFTFFTFMNÈYJNPEFMPTQSPCMF NBTw QFSPJHVBMNFOUFTFBMBSHBSÈQPSPUSPT -BTFYQPTJDJPOFTQSØYJNBTBJOBVHVSBSTF TFSÈOBCJFSUBTBMQÞCMJDP QFSPTJOBDUPTQSPUP DPMBSJPTQBSBFWJUBSMBTBHMPNFSBDJPOFT 4FBOBMJ[BUBNCJÏOTJTFBMBSHBMBNVFT USB1MVNBT MBOBZQFMBKFBCJFSUBFMQBTBEP EFBCSJMFOFM.VTFP/BDJPOBMEF4BO$BSMPT  BTÓDPNP.BUFSJBZTFOUJEP&MBSUFNFYJDBOP FOMBNJSBEBEF0DUBWJP1B[ JOBVHVSBEBFO FM.VTFP/BDJPOBMEF"SUFFMEFBCSJM FO USFPUSBT1BSBFMMPEFCFSÈOOFHPDJBSDPOMPT DPMFDDJPOJTUBTRVFQSFTUBSPOPCSBTVPCKFUPT 1FSPFMGVODJPOBSJPBDMBSBRVFOPTFSÈGBDUJ CMFSFQSPHSBNBSUPEPZFOTVPQPSUVOJEBETF JOGPSNBSÈEFDBEBDBTP &ODVBOUPBMPTJNQBDUPTFDPOØNJDPT  $BMEFSØOUBNQPDPEBDJGSBT TØMPEJDFRVF FTUÈOiPCMJHBEPTBIBDFSVOFKFSDJDJPEFDPO DJFODJBw EPOEFTFJODMVJSÈOMBTDBODFMBDJP OFTFOBDUJWJEBEFTFTDÏOJDBTZPUSBTiNÈTEJT DSFUBTwDPNPMFDUVSBTEFQPFTÓBQBSBFWBMVBS MPTFGFDUPT)BCSÈBDUPTRVFTFSFQSPHSBNFO DPNPFMIPNFOBKFB'FSOBOEP(BNCPBZ PUSPTTFIBCSÈOQFSEJEPQBSBTJFNQSF 3FTQFDUPBMB6OJWFSTJEBE/BDJPOBM"V UØOPNBEF.ÏYJDP OPSFJOJDJBTVTBDUJWJEB EFTDVMUVSBMFTFTUFGJOEFTFNBOB TJOPIBT UBMBTJHVJFOUF$PNFO[BSÈFMNBSUFTDPOMPT SFDJOUPTNVTFPHSÈGJDPTDPNPFM.VTFP6OJ WFSTJUBSJPEF$JFODJBTZ"SUFT .6$" ZFM $FOUSP$VMUVSBM6OJWFSTJUBSJP5MBUFMPMDP&M .VTFP6OJWFSTJUBSJPEF"SUF$POUFNQPSÈOFP .6"$ BCSJSÈFMNJÏSDPMFT QVFTTVIPSBSJP EFWJTJUBTOPSNBMFTEFNJÏSDPMFTBEPNJOHP &ODVBOUPBMSFJOJDJPEFBDUJWJEBEFTFTDÏ OJDBTZDJOFNBUPHSÈGJDBT TFJOGPSNØFYUSBPGJ DJBMNFOUFRVFMPTEJSFDUJWPTEFMB$PPSEJOB

DJØOEF%JGVTJØO$VMUVSBM FTUÈOUFOJFOEPSFVOJPOFT QBSBBKVTUBSMPTQSPUPDP MPTEFTFHVSJEBEDPNPMP FYJHFOMBTSFDPNFOEBDJP OFTPGJDJBMFT QFSPiDPOVO FTQÓSJUVNÈTGMFYJCMFwDPO FMGJOEFRVFFMQÞCMJDPOP TFTJFOUBQSFTJPOBEPPWJ HJMBEP -B4FDSFUBSÓBEF$VM UVSBEFM%JTUSJUP'FEFSBM BOVODJØUBNCJÏOMBSF BQFSUVSBEFMPTNVTFPT EFMB$JVEBEEF.ÏYJ DP /BDJPOBMEFMB3F WPMVDJØO EFMPT'FSSP DBSSJMFSPT FMEF"SDIJWP EFMB'PUPHSBGÓB FM$FO USP$VMUVSBM+PTÏ.BSUÓ ZMBT'ÈCSJDBTEF"SUFTZ 0GJDJPT 'BSP EF0SJFO 5FNQMP.BZPS6OBMJNQJBEJUBNÈT UFZ5MÈIVBD&MEF.JM QB"MUBBCSJSÈFMNBSUFT ZMBSFQPTJDJØOEF&EVBSEP**FOFM5FBUSP+J EFNBZP:MBQSØYJNBTFNBOBTFJOGPS NBSÈTPCSFFMSFJOJDJPEFBDUJWJEBEFTFOMPT NÏOF[3VFEB 3FOÏ)FSOÈOEF[ EJSFDUPSEFDPNVOJDB UFBUSPTEFMB$JVEBE #FOJUP+VÈSF[Z4FS DJØOTPDJBMEFM$POBDVMUB TF×BMØB1SPDFTP HJP.BHB×B BTÓDPNPFOFM$FOUSP$VMUV RVFiUPEBTTVTBDUJWJEBEFTFOGPSPTGVFSPO SBM0MMJO:PMJ[UMJ i-BEBO[BFTFMBSUFRVFIBUFOJEPNBZPS DBODFMBEBTZFMEÏGJDJUFDPOØNJDPFTUBCBBÞO TJFOEPDVBOUJGJDBEPw EFTDBMBCSPw BQVOUØ3JDBSEP$BMEFSØOB3P -PTHSVQPTFOUFNQPSBEBFOFMUFBUSP TBSJP.BO[BOPT TF×BMBOEPRVFTØMPQPSQBS )FMÏOJDPQBSBSPOZFOHFOFSBMMBTBHSVQBDJP UFEFM*/#"GVFSPODBODFMBEBTUPEBTMBTGVO OFTUFBUSBMFTZEBODÓTUJDBTRVFTØMPSFDJCFOMP DJPOFTEFMB$PNQB×ÓB/BDJPOBMEF%BO[B RVFTFSFDBVEBFOUBRVJMMBRVFEBSPOQSÈDUJ i-BTGVODJPOFTEF-B#FMMB%VSNJFOUFFO FM"MDÈ[BSEFM$BTUJMMPEF$IBQVMUFQFDRVFOP DBNFOUFFOCBODBSSPUB "SUJTUBTDPNP3BÞM1BSSBP $FDJMJB-VHP TFEJFSPO OPTFWBOBSFQPOFS MBUFNQPSBEB Z+PSHF$IBOPOBDJSDVMBSPOVOBDBSUBSFDBV EF$SJ$SJFTUBNPTWJFOEPTJTFSFQSPHSBNB  DSFPRVFBSSBODBSÓBNPTFOFM5FBUSP)JEBMHP  EBOEPGJSNBTFOMBRVFTF×BMBSPORVFTVMB CPS iMFKPTEFMBTDPOUSBEJDDJPOFTEFMPTEJT QFSPIBZRVFDPOTJEFSBSRVFMPTCBJMBSJOFT DVSTPTPGJDJBMFTPEFMPTQBSUJEPTQPMÓUJDPT TF EFKBSPOEFFOUSFOBSTFQPSEPTTFNBOBT SFBMJ[BDPUJEJBOBNFOUFEFOUSPEFMBTFYJHFO i:MPQFPSEFUPEPFTRVFTFDBODFMØFM DJBTNÈTBMUBTEFDBMJEBEZCBKPMBTPNCSBEF %ÓB*OUFSOBDJPOBMEFMB%BO[BFOFM$FOUSP VOBHSBOEFTQSPUFDDJØO DBSFDFNPTEFTFHV /BDJPOBMEFMBT"SUFT FTUBCBOJOWPMVDSB SJEBETPDJBMZEFMPTNÈTNÓOJNPTCFOFGJDJPT EPTDFSDBEFNJMBSUJTUBT-PWBNPTBEF EFDVBMRVJFSDPOUSBUBDJØOw KBSQBSBGVUVSP ZTJOPWBNPTBMMFHBSBMB "MTF×BMBSRVFMBDPOUJOHFODJBHFOFSBEB NFKPSEFMBTOFHPDJBDJPOFTQPTJCMFTDPOMPT QPSMBFQJEFNJBMPTBGFDUØiGVFSUFNFOUFw MPT JOWPMVDSBEPTw USBCBKBEPSFTEFMBSUFTPMJDJUBSPOBMHPCJFSOP %FGPSNBQBSBMFMBWBSJPTGFTUJWBMFTGVF GFEFSBMZBMEFM%' iTFSDPOTJEFSBEPTEFOUSP SPODBODFMBEPT6O%FTJFSUPQBSBMB%BO EFMHSVQPEFNFEJEBTDPNQFOTBUPSJBTRVF [B FO)FSNPTJMMP 4POPSBFM'FTUJWBMEF4BO QMBOUFBOQBSBPUSPTTFDUPSFTw QVFTiFTEF -VJT1PUPTÓFM'FTUJWBM"NBEP/FSWPEF/B TVNBJNQPSUBODJBRVFEFOBMBDVMUVSBFMQB ZBSJU ZMPTDPODJFSUPTEFMB0SRVFTUB4JOGØOJ QFMRVFMFDPSSFTQPOEFEFOUSPEFMBFDPOP DB/BDJPOBMFOFM5FBUSP)JEBMHP-BUFNQP NÓBEFMQBÓTw QPSFKFNQMPPUPSHBSTVCTJEJPT SBEBEFMB$PNQB×ÓB/BDJPOBMEF5FBUSPFO QPSFMDJFSSFEFMPTUFBUSPTZMBDBODFMBDJØOEF FM5FBUSPEFMBT"SUFTTFTVTQFOEJØ UBNCJÏO FTQFDUÈDVMPTL FMFTUSFOPEF&EJQPEF'MBWJP(PO[ÈMF[.FMMP

.BVSJDJP.BSBU*/")

BMTFSWJDJPEFMPTJOUFSFTFTFDPOÓNJDPT yTF QVFEFIBCMBSEFVO&TUBEPGBMMJEP 5SBT IBDFS VOB TFQBSBDJÓO FOUSF VOB JOTUJUVDJÓOZTVTBVUPSJEBEFT ZFOFMDB TP EFM */") VOB EJGFSFODJBDJÓO DPO TV DPNVOJEBERVFFTUÃFYJHJFOEPFMDVNQMJ NJFOUPEFMBTEJTQPTJDJPOFTMFHBMFT ZTJ

EFNBZPEF

&MDBUÈMPHP

-BNJSBEBTPDJBM FOMB#JFOBMEF-B)BCBOB

"SNBOEP1PODF

-

")"#"/""MFOUSFHBSFM

FOPSNFDBUÈMPHPEFMBFEJDJØO 9EFMB#JFOBMEF-B)BCBOB  DVZPFKFUFNÈUJDPHJSØFOUPS OPEFMBi*OUFHSBDJØOZSFTJTUFODJBFOMB FSBHMPCBMw TVEJSFDUPS 3VCÏOEFM7BMMF  IBDFVOCBMBODFBMUJFNQPRVFMBDBSBD UFSJ[BDPNPMBNÈTHSBOEFEFMBIJTUPSJB  DPOMBiQBSUJDJQBDJØOMJCSFwEFBSUJT UBTEFMBTNÈTEJWFSTBTMBUJUVEFT UFOEFO DJBT HÏOFSPTZFEBEFT 0USBTEFTVTQFDVMJBSJEBEFTGVFSPOTV EVSBDJØO EFMEFNBS[PBMEFBCSJM  ZTVQSPZFDDJØO QVFTOPTFMJNJUØBMB FYQPTJDJØODFOUSBMFOFM.VTFPEF#FMMBT "SUFT TFEFEFMBSUFDVCBOP TJOPBCBSDØ FYQPTJDJPOFTFOSFDJOUPTZMVHBSFT BCJFSUPT MBTEFÏTUPTSPUBUPSJBT EFNB OFSBRVFFMQÞCMJDPEFUPEBMBDJVEBE QVEPUFOFSBDDFTPBFMMBTHSBUVJUBNFOUF &OTVTPmDJOBTEFM$POTFKP/BDJPOBM EF"SUFTEFMBT"SUFT1MÈTUJDBT RVFQSF TJEFoVOBDBTJUBFOFMCBSSJPSFTJEFODJBM EF.JSBNBS RVFFTUBNCJÏOHBMFSÓBo FM IJTUPSJBEPSEFBSUFSFTVNF i"OUFTRVFOBEB FTUBCJFOBMGVFVO IPNFOBKFBTVTB×PTZOVFWFCJFOBMFT BOUFSJPSFT EPOEFIJDJNPTVOBFTQFDJF EFTÓOUFTJTEFTVIJTUPSJB&TUBCMFDJNPT MPTNJTNPTNPEFMPTEFPSHBOJ[BDJØO  UBMMFSFTEFDSFBDJØO FYQPTJDJPOFTZQSP ZFDUPTEFMBDPNVOJEBE DPNPFMEF4BO "HVTUÓO RVFFTVOSFQBSUP VOJEBEIBCJ UBDJPOBM FOMBQFSJGFSJBPFTUF EPOEFFT UBCMFDJNPTVOMBCPSBUPSJPEFBSUF&TUB CJFOBMIBTJEPMBEFNBZPSJNQBDUPFOMB TPDJFEBE/PMPIFNPTNFEJEPDJFOUÓm DBNFOUF QFSPFTFWJEFOUFMBQSFTFODJB



EFNBZPEF

EFMQÞCMJDPFOMPTFTQBDJPT BTÓDPNP MPTSFTVMUBEPTFOMPTNFEJPTEFDPNV OJDBDJØO SBEJP QSFOTBZUFMFWJTJØOw -VFHPFOMJTUBBMHVOPTEFMPTBDUPT NÈTJNQPSUBOUFT DPNPMBTFDDJØO EFOPNJOBEB*OWJUBEPT&TQFDJBMFT FO USFTFTDFOBSJPT$FOUSPEF"SUF$PO UFNQPSÈOFP8JGSFEP-BN /VFWB #JCMJPUFDBZ$BTBEFMBT"NÏSJDBT  i4FUSBUBEFBSUJTUBTRVFIBOUFOJEP VOBFTUSFDIBSFMBDJØODPO$VCB&TUVWPFM QSPZFDUPEFMBSUJTUBBSHFOUJOP-FØO'FSSB SJZFMEFMCSBTJMF×P1BVMP#SVTDLZEFBSUF DPODFQUVBMFOMBHBMFSÓB7J×FSB4FIJ[PMB FYQPTJDJØOQØTUVNBEFMHSBOEJTF×BEPSEF BSUFDPOUFNQPSÈOFP4IJHFP'VLVEB RVJFO JCBBWFOJSQFSPNVSJØFOGFCSFSP-BEFM VSVHVBZP-VJT$BNOJU[FS VOBSFnFYJØO TPCSFVOHSVQPEFDPOEFOBEPTBNVFS UFFO5FYBT &TUBEPT6OJEPT FOFM$FOUSP -BN ZUBNCJÏOBIÓMBEF)FSWÒ'JTDIFS EF $BOBEÈ 3FUPSOPQBSBEØKJDPEFMBQJOUVSBFO MBFSBEJHJUBM-BEPDVNFOUBDJØOGPUPHSÈ mDBEFMTVEBGSJDBOP4VF8JMMJBNTPO:MB EFMUBNCJÏOGPUØHSBGPDPMPNCJBOP'FSOFMM 'SBODP RVJFOEVSBOUFMBQSJNFSBCJFOBM SFDJCJØVOQSFNJPQPSVOBGPUPHSBGÓBRVF TFFYIJCFFOMB'PUPUFDBEF$VCB-BTEFM FTDVMUPSFJOTUBMBDJPOJTUBQPSUPSSJRVF×P 1FQØO0TPSJPZMBEFMNFYJDBOP(VJMMFSNP (ØNF[1F×Bw 4PCSFFTUFÞMUJNPTFMFFFOFMDBUÈMPHP CJMJOHàF FTQB×PMFJOHMÏT

EFQÈ HJOBTJMVTUSBEBTBDPMPSDPOUFYUPTTPCSF DBEBBSUJTUB i/BDFFOMB$JVEBEEF.ÏYJDPFO "SUJTUBJOUFSEJTDJQMJOBSJPZFTDSJUPS RVFFNJHSBB&TUBEPT6OJEPTFO  EPOEFSFTJEFZUSBCBKBIBTUBIPZ%FTEF FOUPODFTIBFYQMPSBEPUFNÈUJDBTSFGFSFO UFTBMBTSFMBDJPOFTOPSUFTVS ZDVFTUJPOFT TPCSFMBJEFOUJEBE MBQPMÓUJDBEFMMFOHVBKF  MBHMPCBMJ[BDJØOZMBTOVFWBTUFDOPMPHÓBT  VUJMJ[BOEPEJWFSTPTNFEJPT DPNPQFSGPS NBODF SBEJPBSUF MJCSPTEFBSUJTUBT QPFTÓB CJMJOHàF QFSJPEJTNP WJEFP JOTUBMBDJPOFT  GPUPHSBGÓBZBSUFEJHJUBM  %FTEF EJSJHFFMDPMFDUJWPEFQFSGPSNBODF-B1P DIB/PTUSB SBEJDBEPFO4BO'SBODJTDP IBQVCMJDBEPTFJTMJCSPTFOJOHMÏTZEPTFO FTQB×PM&OUSFPUSPTQSFNJPT SFDJCJØMPT

QSFTUJHJPTPTSFDPOPDJNJFOUPT1SJYEFMB 1BSPMF FOFM*OUFSOBUJPOBM5IFBUSF'FTUJWBM PG"NFSJDBTFO.POUSFBM .BD"SUIVS'P MMPYTIJQZ"NFSJDBO#PPL"XBSEw 1BTBMVFHPBDPNFOUBSVOBiHSBOFY QPTJDJØOwFOFM.PSSP$BCB×BTEFBS UJTUBTTPCSFFMUFNBEFMBCJFOBM i*OUFHSB DJØOZSFTJTUFODJBFOMBFSBHMPCBMw

DPO WBSJPTTVCUFNBT i5PEPMPSFMBDJPOBEPDPOMPTGFOØNF OPTIJTUØSJDPT FDPOØNJDPTZEFJEFOUJEBE  DPNPEFTFNQMFP NBSHJOBDJØOZWJPMFO DJB DPOMBDBSBDUFSÓTUJDBEFDØNPEFTEFFM BSUFTFQVFEFBQSFDJBSMBSFBMJEBEDPNQMJ DBEBEFMPTQBÓTFT OPFMBSUFDPNPFTQFD UÈDVMP TJOPDSÓUJDPZDVFTUJPOBEPS TJFNQSF EFTEFMBNÈTFTUSJDUBWBOHVBSEJBFTUÏUJDB BTÓNJTNP MPTBTQFDUPTFDPMØHJDPTZMB NJHSBDJØO%FBIÓMBTFDDJØOEF1SPZFDUPT $PMFDUJWPT CBTBEPTFOQSPQVFTUBTRVFMPT BSUJTUBTIJDJFSPOBMFRVJQPEFDVSBEPSFT 1PSFKFNQMP FMEF(ÏOFSP USBOT HÏOFSPZ MPT EFT HFOFSBEPT RVFBCPSEBCBMPTHÏ OFSPTBSUÓTUJDPT QFSPUBNCJÏOTFYVBMFTQPS FMBTQFDUPEFMBEJWFSTJEBE:PUSBFYQPTJ DJØO EFMPNÈTJOUFSFTBOUFEFMBCJFOBM &M NBÓ[FTOVFTUSBWJEB EF.ÏYJDP RVFSF VOJØBMDPMFDUJWPGFNFOJOPJOUFHSBEPQPS BSUJTUBT ."."; ZBBNBTEFDBTBFO UPSOPBMNBÓ[BNFOB[BEPQPSMPTUSBOTHÏ OJDPT FMFUBOPMw &MDBUÈMPHPFYQPOFRVFBMQSPZFDUP NFYJDBOP RVFDPNFO[ØFO0BYBDBFO  TFIBOJEPJOUFHSBOEPNVKFSFTEPO EF."."; EJSJHJEPQPS.BSJFUUB#FSOT UPSGG FYQPOFZHFOFSBUBMMFSFT &TBZPUSBNVFTUSBNFYJDBOB #JTBHSB  SFGFSFOUFBMBWJPMFODJBFJOTVCPSEJOBDJØO QPQVMBSFO0BYBDBFO TFFOTF×Ø FOFMFYDPOWFOUPEF4BO'SBODJTDPEF-B )BCBOB7JFKB&YQVTJFSPO"OUPOJP5VSPL  'SBODJTDP5PMFEP 4FSHJP)FSOÈOEF[ %F NJÈO'MPSFT "OB4BOUPT (BCSJFMB-FØO  "TBSP (VJMMFSNP0MHVÓO #SVOP7BSFMB %S -BLSBZMPTDPMFDUJWPT"SUF+BHVBS -BQJ[UPMB Z(SVQP4VNB "NCBTGPSNBSPOQBSUFEFVOBUFO EFODJBEFMBCJFOBM FYQPOF3VCÏOEFM 7BMMF iOPFOGPDBEBTØMPBMBTCFMMBTBSUFT  TJOPUBNCJÏOBPUSBTNBOJGFTUBDJPOFTOP MFHJUJNBEBTwL

"SUF N"35 #-"/$"(0/;«-&;304"4

1

PSTFHVOEBPDBTJØO MB 'VOEBDJØO.VSSJFUB  "$ FEJUBFMDBUÈMPHP N"35 4FMFDDJØOEFBSUJTUBT FNFSHFOUFTQBSBOVFWPTDPMFD DJPOJTUBT*OJDJBEBFOQPS JOJDJBUJWBEFTVQSFTJEFOUFFKFDV UJWP .BSDP"OUPOJP)FSOÈOEF[ .VSSJFUB MBQVCMJDBDJØOGPSNB QBSUFEFVOQSPZFDUPNÈTBN QMJPZBDFSUBEPRVFUJFOFDPNP PCKFUJWPMBQSPNPDJØOEFVO NFSDBEPMPDBMQBSBFMBSUFFNFS HFOUFQSPEVDJEPFO.ÏYJDP $PODFCJEPDPNPVOBHVÓB QBSBRVFMPTJOUFSFTBEPTFOFM BSUFDPOUFNQPSÈOFPBERVJFSBO iIFSSBNJFOUBTwRVFMFTQFSNJUBO VCJDBSMPTWBMPSFTDPNFSDJBMFTEF MBTPCSBT FMDBUÈMPHPEFTUBDBQPS MBJOTJTUFODJBEFTVTPSHBOJ[BEP SFTFOEFmOJSDSJUFSJPT USBOTQB SFOUBSQSFDJPTZMPHSBSFWBMVBDJP OFTNFEJCMFTFJNQBSDJBMFT 3FBMJ[BEPDPOCBTFFOVOB EFmOJDJØORVFDPOTJEFSBDPNP BSUJTUBFNFSHFOUFUBOUPBBRVFM RVFTFJOJDJBiFOFMQSPDFTPEF CÞTRVFEBEFVOFTUJMPQSPQJPw  DPNPBMRVFZBUJFOFiVOBFY QSFTJØODPOTJTUFOUFQFSPDVZBT PCSBTUPEBWÓBOPFTUÈODPOTP MJEBEBTFOFMNFSDBEPw FMDB UÈMPHPCVTDBMBQSPNPDJØOEF BSUJTUBTJOOPWBEPSFT OPNVZ WBMPSBEPTFOFMNFSDBEPZDPO VOQSFDJPEFWFOUBNÈYJNPEF NJMEØMBSFTBVOBDPUJ[BDJØO EFQFTPTQPSVOEØMBS 1BSBMPHSBSVOBTFMFDDJØOJN QBSDJBMEFMPTBSUJTUBTTFFTUBCMF DJØVOBMJTUBEFTJFUFFMFNFOUPTB DBMJmDBSDPOVOQPSDFOUBKFFTQF DÓmDPTPMJEF[DPODFQUVBM  UÏDOJDB DPOHSVFODJBFOUSF FMDPODFQUPZMBFKFDVDJØO  SFMBDJØOQSFDJPPCSB QFST QFDUJWBEFNFSDBEP JNQBD UPEFMBPCSB DBMJEBEEFMB PCSB FRVJMJCSJPFOUSFMPTQVOUPT FWBMVBEPT

$SJUFSJPTRVF  TJCJFOGVFSPOEFmOJEPTFOMB NFUPEPMPHÓBEFMBTFMFDDJØO MB NFOUBCMFNFOUFOPBQBSFDFOFO FMDBUÈMPHPFOSFGFSFODJBBDBEB VOPEFMPTBSUJTUBTQBSUJDJQBOUFT

$POVOBQBSUJDJQBDJØOEF DPOWPDBOUFT EFMPTDVBMFT TØMPTFFMJHJØB FTUBFEJDJØO EFN"35 NFSDBEPEFMBSUF DPO UØDPOMBDPMBCPSBDJØOEFEPT DPNJUÏTEFTFMFDDJØODVZPTJO UFHSBOUFT QSPWFOJFOUFTEFEJ GFSFOUFTTFDUPSFTEFMNFSDBEPZ EFMTJTUFNBJOTUJUVDJPOBM DPJODJ EFOFOHSBOQBSUFQPSTVTQSF GFSFODJBTFTUÏUJDBTEFQSFTFODJB HMPCBM&OUSFFMMPTMPTHBMFSJTUBT 1BUSJDJB0SUJ[.POBTUFSJP EFMB 0.3 Z3PESJHP&TQJOPTB EFMB (BMFSÓB(BSBHFMBFYDVSBEPSBZ DSFBEPSBEFMB$PMFDDJØO+VNFY  1BUSJDJB.BSUÓOFMDVSBEPSZGVO DJPOBSJPNVTFÓTUJDP&SZ$BNBSB  ZMPTBSUJTUBT&EVBSEP"CBSPB EFM FTUBCMPEFMB(BMFSÓB,VSJNBO[V UUP Z.FMBOJF4NJUI EFMB0.3 $POVOQSPZFDUPEFDPOT USVDDJØOEFNFSDBEPNÈTJOUF SFTBOUFRVFFMDPOUFOJEPEFMB TFMFDDJØO FMDBUÈMPHPFWJEFODJB MBDSJTJTEFDSFBUJWJEBEZQFOTB NJFOUPRVFFYJTUFFOOVNFSP TPTBSUJTUBTEFOVFTUSPQBÓTFM BHPUBNJFOUPEFMBTQSPQVFTUBT DPODFQUVBMFTo0NBS"HVBZP  .BVSJDJP.BSUÓOF[ /FMJ3V[JDo  MBFYDFTJWBBQSPQJBDJØOEFMBT FTUÏUJDBTVSCBOBTo5BOJB$BOEJB OJ 3PESJHP4BTUSFo MBCBOBMJ[B DJØOEFTFWFSBTQSPCMFNÈUJDBT TPDJBMFTo$PMFDUJWP.BSDFMBZ HJOBo MBJOUFSQSFUBDJØOTVQFS nVBEFWBMPSFTTJNCØMJDPTEF IBCJUBOUFTEF[POBTEFQSJNJEBT o"MGPOTP;ÈSBUFo MBQSFTFODJB DPOTUBOUFEFPUSPTBVUPSFTo)J TBF*LFOBHBo MBSFQFUJDJØOEF QPÏUJDBTBCZFDUBTEFUFNÈUJDB JOGBOUJMo.BSJBOB.BHEBMFOPoZ MBFYDFTJWBTJNQMJDJEBEEFMPT SFBMJTNPTQJDUØSJDPTo.BSÓB(BS DÓB*CÈ×F[ 4BNVFM.FMÏOESF[  ,BSMB)FSOBOEP (BCSJFM$BSSJMMP  &MJ[BCFUIEF+FTÞT&TQJOPTB &OUSFMBTQBSUJDJQBDJPOFTNÈT QSPQPTJUJWBTEFMDPOKVOUPEFTUB DBOMBTQSPQVFTUBTUSJEJNFOTJP OBMFT.BSJBOB(VMMDP DPOFTDVM UVSBTFJOTUBMBDJPOFTSFBMJ[BEBT BQBSUJSEFNBUFSJBMFTDPUJEJBOPT

EFEFTIFDIP DPNPCPMTBTEFUÏ ZmMUSPTEFDBGÏ.BSÓB&TDVSSB  DPOTVTFYQBOTJPOFTUFYUJMFT*WÈO 1VJH DPOTVTPCKFUPTNFDÈOJDPT ZTPOPSPT.BVSP(JBDPOJ DPO TVTPCKFUPTSFJOUFSQSFUBEPT Z+PTÏ -VJT3PKBT DPOTVTmHVSBTEFOB DJNJFOUPJOUFSWFOJEBTZUSBOTGPS NBEBTFOQFSTPOBKFTCÏMJDPT&O MPRVFBQJOUVSBTFSFmFSF .BOVFM .BUIBSTPCSFTBMFDPOQBJTBKFTBU NPTGÏSJDPTRVFTJSWFOEFFOUPSOP BQSPUBHPOJTUBTIVNBOPTZBOJ NBMFTEFGVFSUFDBSHBTJNCØMJDB :QPSÞMUJNP MPTQSFDJPTEF MBTPCSBT%FmOJEPTQPSMPTBS UJTUBTFOVOSBOHPFOUSFNJMZ NJMQFTPT FOOVNFSPTPTDB TPTTPOEFNBTJBEPBMUPTZOPDP SSFTQPOEFOOJBMBUSBZFDUPSJBEFM BSUJTUBOJBMBDBMJEBEEFMBQSP QVFTUB4JOFNCBSHP ZFOMPRVF BMDBUÈMPHPTFSFmFSF FTFWJEFOUF RVFTVBQPSUBDJØONÈTSFMFWBOUF FTMBQPTJCJMJEBEEFDPNCBUJSMB PQBDJEBEEFQSFDJPTRVFDBSBD UFSJ[BBMNFSDBEPNFYJDBOPEFM BSUFDPOUFNQPSÈOFPL

.ÞTJDB

1PTUFSJPSNFOUF TVDPMFHBZ DPNQBUSJPUB+PIO$BHF  

RVJFOMMFHØBTFSVOIJUP FOMBNÞTJDBBQBSUJSEFMBTF HVOEBNJUBEEFMTJHMPQBTBEP EFCJEPBTVTmMPTPGÓBTZQPTUVMB EPTBQMJDBEPTFOPCSBTDPNPTV  ZFOTVTQJF[BTQBSBQJB OPNPEJmDBEP GVFNÈTMFKPTBM BmSNBSRVFMBNÞTJDBFTUÈFOFM QSPQJPDVFSQPEFMIPNCSF .VDIPUJFNQPBOUFT 1JUÈ HPSBTIBCMØBDFSDBEFMBTFO GFSNFEBEFTNFOUBMFTDPNPVO SFTVMUBEPEFEFTØSEFOFTBSNØ OJDPTPNVTJDBMFTEFOUSPEFM BMNBEFMTFSIVNBOP$POFMMP DPOmSJØBMBNÞTJDBQPTJCMFTDB QBDJEBEFTEFDVSBDJØO %FUBMNPEP EFTEFUJFNQPT CBTUBOUFMFKBOPTTFIBBUSJCVJEP BMBNÞTJDBFMQPEFSEFTBOBS F JODMVTPEFQSFWFOJSDJFSUPTEFTØS EFOFT FGFDUJWBNFOUF EFTBMVE BMJOUFSJPSEFMPTTFSFTWJWPT -PTFTQFDJBMJTUBTFOOVFTUSBT DVMUVSBTQSFIJTQÈOJDBTIBOEBEP DPODJFSUPTIBMMB[HPTRVFQFS NJUFOTVQPOFSMBBQMJDBDJØOEF MBNÞTJDBDPOmOFTDVSBUJWPTFO DPOUFYUPT JODMVTJWF FOFMPSEFO EFDSFFODJBTSFMJHJPTBT &O FOMBDJVEBEEF /BIVN 1FUSJFEFTDVCSJØVOPT QBQJSPTFHJQDJPTRVFEBUBO BQSPYJNBEBNFOUFEFMB×P B$DPOTUJUVZFOMPTQSJNFSPT NBOVTDSJUPTFOEPOEFTFIBDF SFGFSFODJBBMBNÞTJDBSFTQFDUP EFTVTQPTJCJMJEBEFTDVSBUJWBT  BTÓDPNPQBSBQVSJmDBSFMBMNB %FFMMPEFSJWØMBUFPSÓBEFM &UIPTPNÞTJDBRVFQSPWPDBEJ

"OUFMBFOGFSNFEBE  MBNÞTJDB &%6"3%04050.*--«/ 1BSBFM%S&SOFTUP3VJ[3VFEB

&

MQSØYJNPEFNBZP TFSÈFM-7BOJWFSTBSJP MVDUVPTPEFMDPNQPTJUPS FTUBEVOJEFOTF$IBSMFT&EXBSE *WFT   4VPCSBNÈTSFQSFTFOUBUJWB FJNQPSUBOUFUBOUPQPSTVUSBUB NJFOUPJOUSÓOTFDBNFOUFNVTJDBM DPNPQPSTVDPODFQDJØOZBQMJ DBDJØOEFMBFTQBDJBMJEBEFT TJO EVEB 5IF6OBOTXFSFERVFTUJPO  RVFDPNQVTPFO1BSBÏM MBNÞTJDBIBFTUBEPÓOUJNBNFO UFMJHBEBBMTFSIVNBOP

EFNBZPEF

4PMOBDJFOUF

ÈHVJMBBUØOJUB ,BPSJ4BLBLVSB:BNBIBB×PT 4BMB/F[BIVBMDØZPUM

"M%S+FTÞT,VNBUF

$

POVOBBZVEBFOFTQFDJFEF NJMMPOFTEFZFOT FMHPCJFSOP KBQPOÏTTFIJ[PQSFTFOUFFOFTUPT EÓBTFOMPTRVFFMWJSVT")/TF DPMØDPNPTJMCJEPNBMJHOPQPSMBTSFOEJKBT EFOVFTUSBDPODJFODJB5BQBCPDBT HVBOUFT  CPUFMMBTEFTPMVDJØOBOUJTÏQUJDB HBGBTZDÈ NBSBTUÏSNJDBTTPOMBEÈEJWBOJQPOB3B[ØO TVmDJFOUFQBSBFYQSFTBSOVFTUSPBHSBEFDJ NJFOUP BVORVFIVFMHBONPUJWPTEFÓOEPMF FEVDBUJWBQBSBTFOUJSOPTFOEFVEBDPOFTUB OBDJØORVF USJTUFTFBMBQBSBEPKB BMHVOB WF[RVJTPFNVMBSOPTy "OUFTEFBCPSEBSMBTWJSUVEFTEFMPTNÏ UPEPTEFFOTF×BO[BNVTJDBMKBQPOFTBRVFTF JNQMBOUBSPOFO.ÏYJDPNFEJPTJHMPBUSÈT FT DPOWFOJFOUFUFOFSBMBNBOPBMHVOPTEBUPT TPCSFTVTDPORVJTUBT+BQØOQPTFFMBTFHVOEB FDPOPNÓBNÈTHSBOEFEFMPSCF UJFOFSFTVFMUP FMBOBMGBCFUJTNP EFTVTFTUVEJBOUFTBTJT UFOBMBVOJWFSTJEBE QSFTVNFFMQSPNFEJPEF WJEBNÈTMBSHPEFMQMBOFUB B×PT

EFTUJOB BOVBMNFOUFCJMMPOFTEFEØMBSFTBMBJO

GFSFOUFTFTUBEPTEFÈOJNP FOMB RVF WJODVMBEBQSJODJQBMNFOUF BMBTFTDBMBTZNPEPTNVTJDB MFT ÏTUPTFKFSDÓBOFGFDUPTTPCSF MBmTJPMPHÓBZTUBUVTFTQJSJUVBMFT oFNPDJPOBMFToEFMIPNCSF "MPMBSHPEFMBIJTUPSJBEF MBIVNBOJEBE WBSJPTFTUVEJPTZ USBUBEPTFOUPSOPEFMBNÞTJDB ZTVTQPEFSFTEFDVSBDJØOIBO TJEPEBEPTBDPOPDFS6OPEF FMMPTFTBRVFMNFEJFWBM%FJOT USVNFOUPTNÞTJDB EFMUFØSJDP 4FWFSJOP#PFDMP FOEPOEFDMBTJ mDØMBNÞTJDBFOUSFTBQBSUBEPT TFHÞOMBGPSNBEFVUJMJ[BDJØO ZTVTFGFDUPTCFOÏmDPTZDPO USBSJPTBMCJFOFTUBS.ÞTJDB NVOEBOB.ÞTJDBJOTUSV NFOUBM Z.ÞTJDBIVNBOB MPTTPOJEPTEFOVFTUSPJOUFSJPS  )BDJBMBÏQPDBCBSSPDB"UB OBTJP,JSDIFSFTDSJCJØTV.JTVS HJBVOJWFSTBMFOUPSOPEFTP OJEPTBDPSEFTZEJTDPSEFTFO EJGFSFOUFTUJQPTEFNÞTJDBZTV JODJEFODJBFOMBTBMVE QFSPZB FOFMTJHMP97***VONÏEJDPJO



4BNVFM.ÈZOF[$IBNQJPO

WFTUJHBDJØODJFOUÓmDB ZTVTUSBCBKBEPSFT BEF NÈTEFEJTQPOFSEFFNQMFPWJUBMJDJPHBSBOUJ [BEP QFSDJCFOFMJOHSFTPQPSIPSBNÈTBMUP EFMNVOEP BEFNÈTEFRVFMPTDPOTVNJEPSFT QBHBOTPMBNFOUFEF*7" NJFOUSBTRVFMPT JNQVFTUPTBQMJDBEPTBMBTFNQSFTBTTPOQSP QPSDJPOBMFTBMNPOUPEFTVTHBOBODJBT {2VFSFNPTIBDFSVOBDPNQBSBDJØODPO MBTDJGSBTEFMBSFBMJEBEOBDJPOBMPOPTFWJUB NPTFMCPDIPSOP &TNFKPSSFIVJSMBT TPCSF UPEPEFTQVÏTEFIBCFSWJTMVNCSBEPFOFM IPSJ[POUFBVOKJOFUFEFM"QPDBMJQTJTWFTUJEP EFDIJOBDP7BZBNPTQVFTBMBBOVODJBEB NFUPEPMPHÓBRVFEJTF×BSPOMPTKBQPOFTFT QBSBMBFOTF×BO[BEFMBSUFTPOPSPFVSPQFP IFDIPOPUBCMFFOTÓ ZBRVFMBBTJNJMBDJØO EFVOBNÞTJDBEFTDPOPDJEBQBSBFMMPTEV SBOUFNJMFOJPTJMVTUSBTVTBCJEVSÓBQBSBJO DPSQPSBSMPNFKPSEF0DDJEFOUFDPOMBT WJSUVEFTEFTVQSPQJBDVMUVSB8BLPOZPTBJ FTFMUÏSNJOPEFFTUBmMPTPGÓBRVFTFUSBEV DFDPNPMBJNCSJDBDJØOEFMFTQÓSJUVKBQPOÏT DPOFMDPOPDJNJFOUPPDDJEFOUBM"MDPODMVJS TVTFTUVEJPTFO#FSMÓO FMWJPMJOJTUB4IJOJDIJ 4V[VLJ  DBZØFOMBDVFOUBEFM

HMÏT 3JDIBSE#SPXO FOGPDØFO TV.VTJDBMNFEJDJOFMBBQMJDBDJØO NÏEJDBEFMBNÞTJDBQBSBQSP CMFNBTSFTQJSBUPSJPT $PODJFSUBTSFDPNFOEBDJP OFTNVTJDBMFT #SPXOTVTUFOUØ NFKPSÓBTFOFOGFSNPTDSØOJDPT EFBTNBMPTBUBRVFTFSBONF OPTGSFDVFOUFT &OTFMMFWØBDBCPFO 1BSÓTFM1SJNFS$POHSFTP.VOEJBM EF.VTJDPUFSBQJB RVFBSSPKØ  FOUSFPUSPTSFTVMUBEPT FMJODFOUJ WPQBSBDSFBSMBDBSSFSBEF.VTJ DPUFSQJBFOMBTVOJWFSTJEBEFT 1PSTVQBSUF FMDPNQPTJUPS BMFNÈO$BSM0SGG 

 SFMFWBOUFUBNCJÏOQPSTVTDPOUSJ CVDJPOFTFOFMDBNQPEFMBQF EBHPHÓBNVTJDBM BTFWFSØRVFMB NÞTJDBQFSNJUFVOBNFKPSTPDJB MJ[BDJØOEFMJOEJWJEVPZBVNFOUP EFMBBVUPFTUJNBZDPOmBO[B&MMP WJFOFBJODJEJS EFBMHVOBGPSNB  FOVONFKPSFTUBEPEFTBMVE "OUFMBBMBSNBFO.ÏYJDP QPSFMWJSVT" )/

{IBCSÈ QSPOUPOVFWBTPCSBTEFBMHVOPT

EFNBZPEF

QBSBMFMJTNPRVFFYJTUFFOUSFFMBQSFOEJ[BKF EFMBMFOHVBNBUFSOBZFMMFOHVBKFNVTJ DBM{1PSRVÏOPBQMJDBSVODSJUFSJPBOÈMPHP  &GFDUJWBNFOUF BOUFTEFIBCMBS FMOJ×PFT DVDIBQSJNFSPMPTTPOJEPT NÈTBEFMBOUFMPT JNJUBZDPNPDPSPMBSJPEFMQSPDFTPBQSFOEF BMFFSZFTDSJCJS FTEFDJS MBDMBWFEFTVEF TBSSPMMPSFTJEF NÈTRVFFOMBWJTUBPMBSB [ØO FOFMDVMUJWPEFMBTGBDVMUBEFTBVEJUJWBT EFNBOFSBJODPOTDJFOUF$POFTBQSFNJTB  4V[VLJDSFØTVQSPQJPNÏUPEPFOEPOEFFM BDFSDBNJFOUPBMBNÞTJDBIBEFJOJDJBSTFFO MBFEBENÈTUJFSOB EFMPTEPTBMPTDVBUSP B×PT ZVOBWF[RVFTFUJFOFTPMUVSBDPOFM JOTUSVNFOUPTFBCPSEBMBUFPSÓBNVTJDBM  RVFEBOEPJNQMÓDJUBMBQBSUJDJQBDJØOBDUJWB EFMPTQBESFT-PTSFTVMUBEPTTPOSFDPOP DJEPTQPSEPRVJFS BMQVOUPRVFFMFYJNJP DIFMJTUB1BCMP$BTBMTEFDMBSØUSBTMBFKFDV DJØOEFVOBPSRVFTUBKBQPOFTBGPSNBEBQPS OJ×PTi2VJ[ÈTFBÏTUBMBNÞTJDBRVFTBMWBSÈ BMNVOEPw *SØOJDBNFOUF FMTJTUFNBJEFBEPQPS4V [VLJTFFNQMFBIPZFOMPTQBÓTFTEFNBZPS USBEJDJØONVTJDBM DPNP*UBMJBZ"MFNBOJB 

EFOVFTUSPTDPNQPTJUPSFTJN QVMTBEBTQPSUBMDSJTJT JOEFQFO EJFOUFNFOUFEFTVTQPTJCJMJEB EFTDVSBUJWBTPOP L

5FBUSP "VHVTUP#PBM &45&-"-&º&30'3"/$0

"

VHVTUP#PBM ESBNBUVS HP EJSFDUPSZUFØSJDP UFBUSBMCSBTJMF×P NBSDØ OVFWPTSVNCPTQBSBFMUFBUSP NPEFSOP-BQVCMJDBDJØOEF TVMJCSP5FBUSPEFMPQSJNJEP FO  IJ[PWJTJCMFTVQSPQVFTUB UFØSJDBZQSÈDUJDBEFMUFBUSPJO WJTJCMFZDPOWJSUJØBMFTQFDUBEPS FOQBSUFBDUJWBEFMFTQFDUÈDVMP -BJOnVFODJBEFTVTFOTF ×BO[BTZTVBDUJWJTNPTFWJT MVNCSBFOMBBDUVBMJEBEUBOUP FO"NÏSJDB-BUJOBDPNPFO

&VSPQB OPTPMBNFOUFQPSMPT $FOUSPT5FBUSBMFTEFM0QSJNJ EPGVOEBEPTQPSÏM MB0SHBOJ [BDJØO*OUFSOBDJPOBMEFM5FBUSP EFM0QSJNJEP RVFBHMVUJOBB HSVQPTEFNÈTEFQBÓTFT MB FGFSWFTDFODJBEFMUFBUSPQPQVMBS BQBSUJSEFMPTTFUFOUB ZMBJEFB EFMUFBUSPDPNPBHJUBEPSTPDJBM  TJOPUBNCJÏOQPSMBTIFSSBNJFO UBTUFØSJDBTZQFEBHØHJDBTRVF EFTBSSPMMØQBSBRVFVOTJOOÞ NFSPEFHSVQPTEJFSBOSJFOEB TVFMUBBTVJNBHJOBDJØO DPODJ CJFOEPBMFTQBDJPFTDÏOJDPTJOMB MÓOFBEJWJTPSJBFOUSFFTQFDUBEPS BDUPS NÈTBMMÈEFMDPODFQUPEF MBDVBSUBQBSFE 1PSTVQVFTUPRVF#FSUPME #SFDIUFTVOHSBOJOTQJSBEPS QBSBFTUBTOVFWBTDPSSJFOUFTEF MPTTFUFOUBFO"NÏSJDB-BUJOB "VHVTUP#PBM FO#SBTJM Z&OSJ RVF#VFOBWFOUVSB FO$PMPNCJB  DPOFM5FBUSPEF$SFBDJØO$P MFDUJWB QPSNFODJPOBSVOQBS "VHVTUP#PBMEBVOBWVFMUBEF UVFSDBBMUFBUSPÏQJDPZBMFGFDUP

ZMBFTDFOBJOUFSOBDJPOBMDVFOUBDPONV DIPTNÞTJDPTGPSNBEPTCBKPFTUBÏHJEB&O .ÏYJDP DPNPFTEFTVQPOFSTF OPTFIBO BDFQUBEPPmDJBMNFOUFTVTNÏSJUPTQFEBHØ HJDPT 4FSÈQSFGFSJCMFOPNFODJPOBSMBTFEB EFTFORVFMMFHBOBBENJUJSTFBFTUVEJBOUFT TJOJOTUSVDDJØOQSFWJBFOOVFTUSBTFTDVFMBT EFNÞTJDB QPSRVFOVFTUSPTJTUFNBJONVOJ UBSJPQPESÓBCBKBSTVTEFGFOTBT

"NFEJBEPTEFMBDFOUVSJBQBTBEBIJ [PTVBQBSJDJØOFMTJTUFNBNVTJDBM:BNBIB  RVFJHVBMNFOUFQSPNVFWFFMBQSFOEJ[BKF FOFEBEQSFDP[QFSPQPOFNÈTÏOGBTJTFOFM FTUVEJPEFMBNÞTJDBDPNPKVFHPDSFBUJWP 1SVFCBEFFMMPFTRVFBTVTJOTDSJUPTTFMFT IBDFDBOUBSZTFMFTNPUJWBQBSBRVFDPN QPOHBOTVTQSPQJBTNFMPEÓBTBMUJFNQPRVF DJNFOUBOTVTGBDVMUBEFTJOTUSVNFOUBMFTZ BERVJFSFODPOPDJNJFOUPTUFØSJDPT1BSBFM TJTUFNB:BNBIBFMBSUFEFJNQSPWJTBSFTVO SFRVJTJUPJOEJTQFOTBCMFQBSBMBGPSNBDJØO EFMNÞTJDPZ IVFMHBEFDJSMP FTBMHPPCWJP RVFIBRVFEBEPSFMFHBEPFOMBDVSSÓDVMBEF MPTDPOTFSWBUPSJPTPDDJEFOUBMFTEFCJEPBTV FOGFSNJ[BOFDFTJEBEEFGBCSJDBSWJSUVPTPT %FTEFTVEFGPSNBEBØQUJDB FTPTFMPHSB DPOMBSFQFUJDJØOJODFTBOUFEFFKFSDJDJPTUÏD OJDPT FTDBMBTZFTUVEJPTQSFQBSBUPSJPT BMHP TJNJMBSBRVFSFSRVFFMOJ×PBQSFOEBBIB CMBSPCMJHÈOEPMPBIBDFSFKFSDJDJPTEFMFO HVBZNBOEÓCVMB FMCJFOFTUBSFTQJSJUVBMZ FMSFHPDJKPEFIBDFSNÞTJDBTFTPTMBZBO ZBM EFTEJDIBEPFEVDBOEPRVFDBFFOMBTSFEFT EFFTBNBOÓBTFMFSFNBDIBRVF QBSBUPDBS FOQÞCMJDP IBZRVFFTUVEJBSIBTUBRVFFM DVFSQPDFEB RVFFTBDPOTFKBCMFTFOUJSQÈ OJDPFTDÏOJDPQBSBEBSMPNFKPSEFTÓNJTNP

EFEJTUBODJBNJFOUPJNQVMTBEP QPS#SFDIUQBSBRVFFMFTQFDUB EPSFOUSFBMBmDDJØOUFBUSBMTJO PMWJEBSTVDPODJFODJBDSÓUJDB#PBM DPOWJFSUFBMFTQFDUBEPSFOBDUPS QBSBRVFTVDPODJFODJBTFWVFM WBBDDJØOZEFTFSVOFTQFDUBEPS QBTJWPBDUÞFGSFOUFBMBTJUVB DJØORVFTFMFQMBOUFB"NCPT RVJFSFOSFNPWFSMBTDPODJFODJBT 5FBUSPEFMBMJCFSBDJØO

QFSP EFTEFEJGFSFOUFTUSJODIFSBT RVF SFTQPOEFO DMBSP BMBÏQPDBIJT UØSJDBFORVFTFEBO #PBM DPNPFOMBHVFSSBEF HVFSSJMMBTPMBEFMNPTRVJUP QJ DBZÏDIBUFBDPSSFS

BEFOUSBB 4VUFBUSPJOWJTJCMF

ZRVFMPTDPNQB×FSPTEFEFTWFOUVSBTPO SJWBMFTBWFODFS 6SHFBDMBSBSRVFOJFMTJTUFNB4V[VLJOJ FM:BNBIBQSFUFOEFORVFTVTBMVNOPTTF DPOWJFSUBOFOTVQFSFTUSFMMBT TFSÓBVOBDPO TFDVFODJBGPSUVJUB TJOPFOTFSFTIVNBOPT QMFOPTRVFEFTBSSPMMBSPOTVTDBQBDJEBEFT JOOBUBTNFSDFEBMPTJONFOTPTCFOFmDJPT RVFMBNÞTJDBDPOMMFWB/PIBZRVFPMWJEBS RVFFOUPEPCVFOTJTUFNBMPTZFSSPTTFPSJ HJOBOFOTVBQMJDBDJØONBTOPFOTVTQPT UVMBEPT-PTNJMFTEFJOGBOUFTJOJDJBEPTFO TVFMPNFYJDBOPQPSMPTNÏUPEPTDJUBEPTTPO VOBSFBMJEBERVFIJMWBOBFTQFSBO[BT&OTVT OPNCSFTFTUÈFMFMPHJP"ÏTUPTIBCSÓBRVF B×BEJSMFFMEFMB"DBEFNJB,VSPOVNB RVF DPNCJOBFMTBCFSEFDBOUBEPEF4V[VLJDPO MPTGSVUPTEFTVQSPQJBFYQFSJFODJB )BHBNPTVOTBMUPFOFMUJFNQPQBSB BDPNQB×BSBVOHSVQPEFBTUSØOPNPTNFYJ DBOPTQSFTJEJEPTQPS'SBODJTDP%ÓB[$PWBSSV CJBTFOTVBDDJEFOUBEPWJBKFBM*NQFSJPEFM4PM /BDJFOUF$PSSFFMB×PEFZFMQBÓTRVF FODVFOUSBOBDBCBEFEFDSFUBSRVFMBFEVDB DJØOFTFMÞOJDPWFIÓDVMPQBSBTBMJSEFTVNJ TFSJBZPTUSBDJTNP&OMBTDPTUBTKBQPOFTBTJCB BPCTFSWBSTFFMUSÈOTJUPEF7FOVTQPSFMEJTDP TPMBS PDBTJØOFYDFQDJPOBMRVFPGSFDÓBMBQPTJ CJMJEBEEFDBMDVMBSMBEJTUBODJBRVFTFQBSBCBB MB5JFSSBEFM4PM-BTNFEJDJPOFTEFMPTNFYJ DBOPTTPOBDFSUBEBTZTVGBNBTFDPOTPMJEB" %ÓB[$PWBSSVCJBTTFMFQJEFRVFPQJOFTPCSF MPTSVEJNFOUBSJPTPCTFSWBUPSJPTOJQPOFTZRVF BMFDDJPOFBMPTKØWFOFTTPCSFMPTBEFMBOUPT EFMBDJFODJBRVFTFIBDFFO.ÏYJDP OBDJØO FKFNQMBSRVFOPFTDBUJNBCBSFDVSTPTQBSB RVFTVTNFKPSFTIPNCSFTQVEJFSBOQSFTFODJBS

TVTBDUPSFTFOVOFTQBDJPSFBM  QPOHBNPTFMFKFNQMPEFMBTDB KBTEFVOTVQFSNFSDBEP ZÏTUPT QSPUFTUBOZBMFHBOGSFOUFBVO QSPCMFNBRVFTFTVTDJUB1SP WPDBOZDSFBOSFWVFMPIBDJFOEP QBSUJDJQBSBMPTRVFIVTNFBO QPSBIÓZFOVONPNFOUPEB EPMPTBDUPSFTEFTBQBSFDFOZFM DPOnJDUPQFSNBOFDF WPMWJFOEP QSPUBHPOJTUBTBMPTFTQFDUBEP SFT&TUPNJTNPMPFTUBCBJNQMF NFOUBOEPFO$IJMF FO  FM5FBUSPFM"MFQI EJSJHJEPQPS »TDBS$BTUSP JOUSPEVDJFOEPB BDUPSFTFOMBTMBSHBTDPMBTRVF TFIBDÓBOGSFOUFBMBFTDBTF[EF

VOGFOØNFOPDFMFTUJBM"MDBCPEFVOFNP UJWPIPNFOBKF FMUJUVMBSEFMSFDJÏOGVOEBEP .JOJTUFSJPEF&EVDBDJØO1ÞCMJDBDPEJmDBTV BHSBEFDJNJFOUPWBDVOÈOEPOPTDPOUSBFMEFT DSFJNJFOUPi7VFTUSBQSFTFODJBOPTIBTJEPUBO HSBUBDPNPQSPWFDIPTB QPSRVFIBCÏJTEBEP BOVFTUSBKVWFOUVEMBJOTUSVDDJØORVFOPUFOÓB "EJGFSFODJBEFMPTFVSPQFPT OPOPTIBCÏJT USBÓEPFMFTUSVFOEPEFMBTBSNBT TJOPMBGSBUFS OJEBEEFMBTDJFODJBTywL &RVJWBMFOUFTBNJMMPOFTEFQFTPT 3FGFSFODJBFYQMÓDJUBBMDØEJHPEFDPOEVDUBEF MPTTBNVSBJTRVFTFNBOJmFTUBFOMPTTJHVJFOUFT QSJODJQJPTSFDUJUVE IPOPSBCJMJEBE WBMFOUÓB CFOF WPMFODJB TJODFSJEBE DPSUFTÓBZMFBMUBE &MNÏUPEPOPFYDMVZFBMBEVMUP BVORVFTFIBDF MBNJTNBTBMWFEBESFTQFDUPEFMBJOTUSVDDJØOEF VOTFHVOEPJEJPNBQPESÈBQSFOEFSMPFODVBM RVJFSFEBEQFSPMFTFSÈNVZEJGÓDJMIBCMBSMPTJO BDFOUPZMFDPTUBSÈNÈTGBUJHBTRVFBMNBESFMFO HVB 4FSFDPNJFOEBMBBVEJDJØOEFMBTJOUFSQSFUBDJP OFTEFMBWJPMJOJTUB.JEPSJ EFMBTQJBOJTUBT.JUTVLP 6DIJEBZ.B[BLP&TBLJ ZEFMEJSFDUPSEFPSRVFTUB 4FJKJ0TBXB 1PSDJUBSVOFKFNQMPQPEFNPTEFDJSRVFMBWFMP DJEBEEFMFDUVSBZMBDPNQSFOTJØOEFÏTUBTPOTV QFSJPSFTFOMPTOJ×PTRVFTÓIBOUFOJEPJOTUSVDDJØO NVTJDBM:MPNJTNPWBMFQBSBMBDPODFOUSBDJØOZ MBNFNPSJB $BEBB×P:BNBIBPSHBOJ[BDPODJFSUPTFOEJGF SFOUFTSFHJPOFTEFMHMPCPFOEPOEFTFQSFTFOUBO MBTDPNQPTJDJPOFTEFTVTBMVNOPT&MB×PQBTBEP GVFSPONJM FOUSFMBTRVFIVCPNVDIBTIFDIBT QPSOJ×PTZKØWFOFTNFYJDBOPTEFBTPNCSPTBDB MJEBEBSUÓTUJDB

BMJNFOUPT QBSBIBDFSWFSRVFFM CMPRVFPOPSUFBNFSJDBOPFSBFM DBVTBOUFZOPFMHPCJFSOPQFSP MBMMFHBEBEF1JOPDIFURVFCSØMB JOJDJBUJWBZMPTNBOEØBMFYJMJP &MBDUJWJTNPEF"VHVTUP#PBM UBNCJÏOMPMMFWØBMFYJMJPZBMB UPSUVSBFOZEJTFNJOØTV TFNJMMBFOMPTQBÓTFTRVFFTUVWP FO1FSÞJNQMFNFOUØVOBDBN QB×BEFBMGBCFUJ[BDJØO FO"S HFOUJOBNPOUØPCSBTEFUFBUSP  FO'SBODJBEJPDMBTFTFO-B4PS CPOBJHVBMRVFFO/PSUFBNÏ SJDB&OUSFNVDIBTPUSBTBDDJP OFT&OMPTPDIFOUB #PBMWVFMWF B#SBTJMZTJOEFTDBOTPFTDSJCF  NPOUBPCSBTZUSBCBKBDPOTV HSVQPKVOUPBPSHBOJ[BDJPOFT RVFMVDIBOQPSMBMJCFSUBEZMB JHVBMEBE-BDPNFEJBNVTJDBM GVFVOHÏOFSPRVFDVMUJWØNV DIPDPNPFMFNFOUPEFBHJUB DJØO RVÏEJGFSFOUFDPODFQUPBM RVFTFUJFOFBRVÓFO.ÏYJDPEF MBDPNFEJBNVTJDBM ZHSVQPTFO &VSPQBTJHVJFSPOTVTQBTPT%F MPTDBTPTNÈTSFQSFTFOUBUJWPT

FTUÈFMHSVQPDBUBMÈO-B$VCB OB EJSJHJEPQPS+PSEJ.JMÈO RVF EFTEFMPTPDIFOUBDBVTØTFOTB DJØODPOTVUFBUSPJOWJTJCMFFO MBTDBMMFT&OMPT+VFHPT0MÓNJ QJDPTEF#BSDFMPOBTPSQSFOEJØ DPO$VCBOBNBSBUIPOEBODJOH  VOFTQFDUÈDVMPDPONÈTEF BDUPSFTZNÈTEFDVBUSPIPSBT EFEVSBDJØO4VTQSPQVFTUBTTF GVFSPOBMFKBOEPEFMPQPMÓUJDP ZBDFSDÈOEPTFBMPQPQVMBS"TÓ UBNCJÏOMFTVDFEJØB-BGVSBEFMT #BVT RVFEÈOEPTFFOVOUFBUSP EFMBQSPWPDBDJØO :MBTFNJMMBEF"VHVTUP#PBM GVFHFSNJOBOEPFONFEJPEFJO UFSFTFTEJTÓNCPMPT NF[DMÈOEPTF DPOFMQFSGPSNBODFZPUSBTGPSNBT EFUFBUSPBMUFSOBUJWP4VUFBUSP JOWJTJCMFQBSFDFFTUBSNÈTWJTJCMF RVFOVODB$PNPTF×BMØ"SJFM %PSGNBOBOUFTVEFDFTP FMQBTB EPEFNBZPi4VNVFSUFFTJO WJTJCMFQPSRVFTJHVFÏMEFOUSPEF NJMFTZNJMFTEFIPNCSFTZNV KFSFTZOJ×PTRVFFODPOUSBSPOFO TVTPCSBTZTVTEJDIPTZTVWJEB

EFNBZPEF

MBJMVNJOBDJØOQBSBIBDFSTFFMMPT NJTNPTMPTNVZWJTJCMFTQSPUBHP OJTUBTEFTVEFTUJOPwL

$JOF +BDLJF$IBOZMB SFWPMVDJØODVMUVSBM +"7*&3#&5"/$0635

)

0/(,0/(&OFTUF NPNFOUPQBSFDFSÓBRVF QBSBFMHPCJFSOPDIJOP TFSQPSUBEPSEFVOQBTBQPSUF NFYJDBOPFRVJWBMFBTFSQPS UBEPSEFMWJSVT" )/

QPDP JNQPSUBRVFTFUSBUFEFDJV EBEBOPTNFYJDBOPTTBOPTFM FNCBKBEPSEF.FYJDPFO#FJKJO EFOVODJBRVFNVDIPTIBOTJEP QVFTUPTFODVBSFOUFOBTØMPQPS MMFWBSFMQBTBQPSUFSFMBDJPOBEP DPOFMWJSVT.BEFJO.FYJDP 2VFZPSFDVFSEF EVSBOUFMB FQJEFNJBEFM4"34FMHPCJFSOP NFYJDBOPOVODBEJTDSJNJOØB MPTDJVEBEBOPTDIJOPTRVFJO HSFTBCBOBMQBÓT ZFTPRVFTF EFDÓBFO)POH,POHRVFVOB EFMBTDBVTBTEFMBFQJEFNJBTF EFCÓBBMTFDSFUJTNPEFMBTBVUP SJEBEFTEFMB$IJOBDPOUJOFOUBM 4FFOUJFOEFRVFBSBÓ[EFM FQJTPEJP EJHOPEFM#SBTJMEF .POUZ1ZUPO RVFQSPWPDØBRVÓ FO)POH,POHFMNFYJDBOP WÓDUJNBEFJOnVFO[B" )/  FOFMIPUFM.FUSPQBSLEF8BO $IBJ DFSDBEFMDFOUSPEFMBDJV EBE

FMHPCJFSOPDIJOPFDIBTF NBOPBNFEJEBTQSPmMÈDUJDBT FYUSFNBT QFSPFMMPOPKVTUJmDB MBGBMUBEFUBDUPOJFMUSBUPEJTDSJ NJOBUPSJP&MDBTPFTRVFOVFT USPDPNQBUSJPUBEFB×PTTF %ÓBTTJODJOF*OHSBUJUVEDIJOB

SFDVQFSBCJFO B%JPTHSBDJBTZ BMBFYQFSJFODJBFOFQJEFNJBT EFMPTNÏEJDPTEF)POH,POH MPTRVFQBEFDFOBIPSBTPOMPT JOEJWJEVPT FOUSFIVÏTQFEFT  FNQMFBEPTEFMIPUFMZHFOUFRVF TØMPBOEBCBQPSBIÓ BUSBQBEPT FOMBDVBSFOUFOB-PQFPS TFMB NFOUBOBMHVOPT FTRVFMBDP NJEBRVFSFDJCFOOPUJFOFOBEB RVFWFSDPOMBTEFMJDJBTDBOUPOF TBTMPDBMFT &TUBNB×BOBFTDVDIÏBOÏD EPUBTEJHOBTEFDJOUBTEFDJFO DJBmDDJØOFOUSFMPTNFYJDBOPT RVFIBDÓBODPMBQBSBTFSBUFO EJEPTFOFM$POTVMBEPEF+B QØO EFUSBUPJNQFDBCMF VOP SFMBUBCBMBDBSBEFUFSSPSEFMB FNQMFBEBEFVOBDPNQB×ÓB BÏSFBFOFMBFSPQVFSUPEF)POH ,PHDVBOEPWJPFMEPDVNFOUP ZHSJUØi`6OQBTBQPSUFNFYJDB OPw&MPGFOEJEPTFMPBSSFCBUØ ZMBQPMJDÓBJOUFSWJOPPUSP RVF QSFUFOEÓBIBDFSFTDBMBFO5P LJPSVNCPB.ÏYJDP GVFCBKBEP TJD EFMBWJØO BQFOBEP IVNJ MMBEPEJSÓBZP GSFOUFBMPTEF NÈTQBTBKFSPTVONBUSJNPOJP UVWPRVFSFHSFTBSEFMBFSPQVFS UPQPSRVFMBDPNQB×ÓBOPMFT QFSNJUJØWJBKBS EFSFHSFTPBTV IPUFM FODVBOUPNPTUSBSPOFM QBTBQPSUF EFTQVÏTEFQBTBS IPSBTFOFMBFSPQVFSUPZBOP IBCÓBMVHBS QBSBNFYJDBOPT  &OTVDPMVNOB1PMÓUJDBNFO UFJODPSSFDUP FMQFSJPEJTUB$IJQ 5TBPTBUJSJ[BMPTEFTDBCFMMBEPT DPNFOUBSJPTEF+BDLJF$IBOQB SBMBFTUSFMMBEFMLVOHGV $IJOB FTVOBOBDJØOEFNBSJPOFUBT RVFOFDFTJUBOTFSDPOUSPMBEBT  EFPUSBGPSNBFTUBSÓBOQBEF DJFOEPFMEFTPSEFOEFNPDSÈUJDP EF)POH,POHZ5BJXÈO'SFOUF BMBBWBMBODIBEFDSÓUJDBT +BDLJF  BMHVJFORVFOVODBIBMFÓEPNV DIPTMJCSPT TFHÞOTVTBEWFSTB SJPT UFSNJOØQPSEJTDVMQBSTF .ÈTBMMÈEFMBSFBDDJØOFYB HFSBEBEFM.FUSPQBSL MBFY DPMPOJBCSJUÈOJDBQBSFDFCJFO FRVJQBEBQBSBVOBDPOUJOHFODJB NBZPSMPTDJVEBEBOPTEF)POH ,POHTFNVFTUSBOTFSFOPT FM 4"34GVFVOBEVSBMFDDJØORVF EFKØIVFMMBFOMBFDPOPNÓBZFO FMDJOF DPNPMPNVFTUSBMBDJOUB EF$IFO8BJ.BO $JUZPG4BST "EJGFSFODJBEFMBTQFMÓDVMBT EFBDDJØOZEFNFMPESBNB QP DPTFDPOPDFBDFSDBEFMDJOFEF BOJNBDJØOEF)POH,POH&O

+&1

1BDIFDP

MBQPFTÓB QSFNJBEB

-BOPUJDJBFTUÈFOUPEPTMBEPTVOOVFWPQSF NJPJOUFSOBDJPOBMTFTVNBBMPTSFDPOPDJNJFO UPTRVFWJFOFBDVNVMBOEPMBPCSBQPÏUJDBEF +PTÏ&NJMJP1BDIFDPFM3FJOB4PGÓBEF1PFTÓB *CFSPBNFSJDBOB EF&TQB×B-PBOUFDFEJFSPO FM+PTÏ"TVODJØO4JMWB $PMPNCJB 

0D UBWJP1B[ .ÏYJDP 

1BCMP/FSVEB $IJMF  

(BSDÓB-PSDB &TQB×B   3BGBFM7BSHBT

&

O BMSFDJCJSFM1SFNJP/PCFMEF-JUFSBUVSB FMQPF UBSVTP+PTFQI#SPETLZIJ[PIJODBQJÏFORVFSBSBWF[FO FMDVSTPEFMBIJTUPSJBIBFYJTUJEPVOQÞCMJDPOVNFSPTP QBSBMBQPFTÓB4JOFNCBSHP SFDPOPDJØRVFFM/PCFMUJF OFFMFGFDUPEFIBDFSRVFNVDIBTQFSTPOBTMBMFBO &TBFT QSPCBCMFNFOUF MBNBZPSWJSUVEEFMPTQSFNJPTEF QPFTÓBZ FOFTQFDJBM EFBRVFMMPTRVFUJFOFODBSÈDUFSJOUFSOBDJP

.Z-JGFBT.D%VMM FMIÏSPFFTVO DFSEJUPRVFWJWFDPOTVNBESF .D%VMMFTVODIBWPDPTNPQP MJUB EFQPSUJTUBZHPVSNFU"MJDF .BL,BCJL VOBEFMBTDSFBEPSBT EFMBTFSJF PGSFDFQSFTUBSMBGSBO RVJDJBQBSBRVF.D%VMM RVJFO EJPMFDDJPOFTEFIJHJFOFEVSBOUF MBFQJEFNJBEF BOJNFBM QFSTPOBMNÏEJDPZUSBORVJMJDFB MPTDJVEBEBOPTQFSP TPCSFUP EP MBBOJNBEPSBBCPHBQPSPUSP OPNCSFQBSBFTUBJOnVFO[BRVF EFTQSFTUJHJBBMPTDFSEPTL

.FEJPT -BJOnVFO[B '-03&/$&50644"*/5

)

BDFEPTTFNBOBTRVF MPTNFEJPTFMFDUSØOJDPT TBUVSBOTVTFTQBDJPTZ TVTUJFNQPTDPOOPUJDJBT EJT DVTJPOFT EBUPT FOUSFWJTUBT  DIJTUFTZSFDPNFOEBDJPOFT

TPCSFMBFQJEFNJBEFJOnVFO[B ")/ DPNPTFMFMMBNBBIP SBFO.ÏYJDPQBSBRVJUBSMFMB EFOPNJOBDJØOEFPSJHFORVFTF MFFTUÈEBOEPFOPUSPTQBÓTFT HSJQFNFYJDBOB WJSVTNFYJDBOP  JOnVFO[BNFYJDBOB&MSFTUPEF MPTUFNBTIBQBTBEPBTFHVOEP QMBOPPIBEFTBQBSFDJEP &TUFDPNQPSUBNJFOUPOP FTOVFWP TFUSBUBEFVOQBUSØO NFEJÈUJDPRVFTFIBJOTUBMBEP FOMBGPSNBEFIBDFSQFSJPEJT NP4FEFTBSSPMMBBQBSUJSEFMB DBÓEBEFMBTUPSSFTHFNFMBTFO /VFWB:PSL BRVFMGBUBMEF TFQUJFNCSF5PEBWÓBOPTFCP SSBOEFMBNFNPSJBMBTQBOUBMMBT TBUVSBEBTZSFJUFSBUJWBT FMDBTJ DJFOUPQPSDJFOUPEFMPTUJFNQPT EFEJDBEPTBMBTVOUPQBSB VOB WF[QBTBEBMBFNFSHFODJB EF KBSMPFOFMPMWJEP:SFDPNFO[BS DPOVOBTVOUPEJGFSFOUF &OFMQBÓT BOUFTEFMEF BCSJM OPUJDJBSJPT QPSUBEBT QÈ HJOBTEFJOUFSOFUZNFTBTEF EJTDVTJØOTFPDVQBCBOQSPGVTB NFOUFEFVOUFNBTFMFDUPMBT NBUBO[BTEFCJEBTBMOBSDP$PO

'PSNBTEFMNBS OBMTVSFTPOBODJBFOMPTNFEJPTJOGPSNBUJWPTZ BUSBWÏTEFFMMB MB DVSJPTJEBERVFEFTQJFSUBOIBDJBPCSBTRVFEFPUSPNPEPTFSÓBOEFT DPOPDJEBTGVFSBEFMQBÓTFOFMRVFTFQSPEVKFSPO &OUÏSNJOPTHFOFSBMFT MPTQSFNJPTUBNCJÏOFYQSFTBORVFMBQPF TÓBUPEBWÓBDVFOUBDPOVOBQSFDJPTPDJBMJNQPSUBOUF RVFUJFOFVO WBMPSFTQFDÓmDPFOMBWJEBEFVOBDPNVOJEBEZRVF BVODVBOEPTV QSFTFODJBFOFMNVOEPFEJUPSJBMQBSF[DBSFEVDJSTFTØMPBMPTNÈSHF OFT TJHVFTJFOEPDPOTJEFSBEBDPNPVOBEFMBTNÈTSFmOBEBTBSUFT 1PSUPEPMPRVFTJHOJmDBQBSBMBWJEBEFMJEJPNBZ QPSFOEF EF MBTPDJFEBEQPSMBNBOFSBFORVFFOSJRVFDFMBJNBHJOBDJØOJOEJ WJEVBMZDPMFDUJWBQPSTVDBQBDJEBEQBSBUSBOTGPSNBSMBTNBOFSBT EFQFOTBSZEFTFOUJS MBQPFTÓBFTJOEJTQFOTBCMF FJODMVTPRVJFOFT OPMBMFFOEJTGSVUBOEFTVTCFOFmDJPTTJOTPTQFDIBSMP EFVOBVPUSB GPSNB%FBMMÓRVFUPEPQSFNJPBVOQPFUBTFBTJFNQSFDFMFCSBCMF  QVFTTFQSFNJBBMBQPFTÓBDFMFCSBOEPBRVJFOMBDVMUJWB 1PDPTQPFUBTIBOIFDIPUBOUPQPSFMDVMUJWPEFMBQPFTÓBFO MFOHVBFTQB×PMBDPNP+PTÏ&NJMJP1BDIFDP OPTØMPDPNPBVUPSEF FTQMÏOEJEPTQPFNBT TJOPDPNPFEJUPSZDSÓUJDPEFQPFTÓB DPNP JOWFTUJHBEPSFIJTUPSJBEPSEFQPFTÓB DPNPBOUØMPHP DPNPEFTDV CSJEPS ZBTFBBUSBWÏTEFFOTBZPTPEFUSBEVDDJPOFT EFMBTPCSBT EFPUSPTQPFUBT&TQPDPEFDJSRVFFTUFOVFWPSFDPOPDJNJFOUPBTV USBCBKPBUSBWÏTEFM1SFNJP3FJOB4PGÓBFTBCTPMVUBNFOUFNFSFDJEP &OFTUBIPSB OJOHÞOEJBSJPPSFWJTUBJODMVZFOPUJDJBTNÈTBDUVBMFTF JNQPSUBOUFTRVFMBTRVFDPOUJFOFOTVTQPFNBT &ODPJODJEFODJBDPOFMTFQUVBHÏTJNPBOJWFSTBSJPEF1BDIFDP  FEJDJPOFT&SBSFFEJUBSÈQSPOUPEPTPCSBTEFMBBVUPSÓBEF1BDIFDP  EVSBOUFMBSHPUJFNQPBHPUBEBTMB"OUPMPHÓBEFMNPEFSOJTNP QVCMJ DBEBPSJHJOBMNFOUFQPSMB6/".FO

ZTVUSBEVDDJØOEFMB DPNQMFKBOPWFMBEFMFTDSJUPSJSMBOEÏT4BNVFM#FDLFUU$ØNPFT JN QSFTBQPS+PBRVÓO.PSUJ[FO "EFNÈT EPTOVFWPTMJCSPTTVZPTBQBSFDFSÈOFOKVOJPQSØYJNP CBKPFMTFMMPEFMBNJTNBFEJUPSJBM-BFEBEEFMBTUJOJFCMBT QPFNBT FOQSPTB Z$PNPMBMMVWJB QPFNBTFOWFSTP "FTUFÞMUJNPQFSUFOF DFFMQPFNBJOÏEJUPRVF DPOBVUPSJ[BDJØOEFMQPFUBZTVTFEJUPSFT  TFSFQSPEVDFFOTFHVJEBL

MVKPEFEFUBMMFTNPSCPTPT OJO HVOBFTQFDJFFSBNÈTTPDPSSJEB :FOGFCSFSPZNBS[PMBTBUVSB DJØOTFEJPFOGPSNBEFTQPUT EFM*'&ZMPTQBSUJEPTQPMÓUJDPTFO SFMBDJØODPOMBTFMFDDJPOFTEF FTUFB×P6OBWF[RVFQBTFFTUB PMFBEBSFMBUJWBBMBJOnVFO[B MB BVEJFODJBTFWFSÈFOGSFOUBEBB VOUTVOBNJNBZPSMPTNJMMPOFT EFTQPUTEFMBDBNQB×BQPMÓUJDB ZTVTEFSJWBDJPOFTFOMPTHÏOF SPTJOGPSNBUJWPTZEFPQJOJØO "MBTBUVSBDJØONFODJPOBEB TFBHSFHBPUSBDVBMJEBEFMUSBOT GPSNBSMBOPUJDJBFODBNQB×BZ ÏTUBFOQSPQBHBOEB&OUPEPTMPT DBTPTMPTHPCFSOBOUFTTFNPOUBO FOMBDSFTUBEFMBPMB ZDVBOEP WJFOFFMEFTDFOTPRVJFSFOBQBSF DFSDPNPMPTTBMWBEPSFTEFMNVO EP"TÓTVDFEJØDPO#VTIDVBOEP TFEFDMBSØMBHVFSSBDPOUSB"GHB OJTUÈOQPSFMEFTFQUJFNCSF  ZIBFTUBEPQBTBOEPDPO$BMEF SØOSFTQFDUPEFMDPNCBUFDPO USBFMOBSDPUSÈmDPZIPZGSFOUFB MBFQJEFNJBEFJOnVFO[B$VBM RVJFSQSPCMFNBHSBWFDPOTUJUVZF VOCVFOQSFUFYUPQBSBBDBQBSBS

NFEJPT QBOUBMMBT GPUPTZIBDFS TFQSPQBHBOEB1BSBBMDBO[BS DSFEJCJMJEBETFVTBFMBMBSNJTNP %FTQFSUBOEPFMQÈOJDPFOUSFMB QPCMBDJØOZBTFIBIBCMBEPEF MBEPDUSJOBEFMTIPDL FTNÈTGÈDJM MMFWBSMBBEPOEFVOPQSFUFOEF RVFWBZB%FFTFNPEPHPCFS OBOUFTJOFmDJFOUFT JMFHÓUJNPTZ BVUPSJUBSJPTQSFUFOEFOEBSMFMB WVFMUBBMBSFBMJEBEZBQBSFDFSDP NPMPTiQBESFDJUPTEFMB1BUSJBw  iMPTTBMWBEPSFTEFUPEBMBIVNB OJEBEw iMPTMÓEFSFTNÈYJNPTFO MBCBUBMMBDPOUSBFMNBMw&OFTUB FTUSBUFHJB MPTNFEJPTTPOTVTBS NBT ZoDPOTVTFYDFQDJPOFToQF SJPEJTUBT DPOEVDUPSFT JOUFMFD UVBMFTBMTFSWJDJPEFMSÏHJNFO TV FKÏSDJUPEFTQMFHBEP -PNÈTHSBWFEFMBTVOUPFTMB DPOGVTJØODSFBEB$PNPMBTBVUP SJEBEFTDBSFDFOEFDSFEJCJMJEBE  TVTDPNVOJDBEPTPmDJBMFTJODPN QMFUPTZDPOUSBEJDUPSJPTTPODPO UJOVBNFOUFDPOGSPOUBEPT-BWÓB QBSBIBDFSMPIBTJEPIBTUBIPZMB SFEEFJOUFSOFU/PUBT BSUÓDVMPT EFPQJOJØO DIJTNFT WBOZWJFOFO QPSMPTDPSSFPTFMFDUSØOJDPT(SBO

-BTOVCFTZMBTPMBT 1BSBRVÊMBJOàOJUBWBSJFEBE EFMBTGPSNBTFOFTUFNÎOJNPGSBHNFOUP EFMNVOEPJOBCBSDBCMF -BTRVFBTVNFOMBTSPDBTEFTEFDVÃOEP MPTUSB[PTSFODPSPTPTEFMPTÃSCPMFT MBTRVFBSSPKBOMPTNBSFTFOMBQMBZB MBTOVCFTZMBTPMBTOVODBJHVBMFT MBTàHVSBTIVNBOBT RVFQBTBOQPSBRVÎTJONJSBSOBEB 1BSBRVÊUBOUBTDBSBTEJGFSFOUFT UBOUPTEFTUJOPTÙOJDPTRVFSBSBWF[TFFOUSFDSV[BO UBOUPTEÎBTKBNÃTJOUFSDBNCJBCMFT QPSRVFOJOHVOPTFQBSFDFBPUSP .VFMMF %FTEFBRVÎMBO[PBMNBSVOMFWFHVJKBSSP RVFTFQJFSEFFOFMMFDIPEFBSFOBZMJNP /BEJFMPFODPOUSBSÃCBKPFTUFNBHNB FOEPOEFBDBCBUPEP /PIBZKVTUJàDBDJÓOEFNJBSSPHBODJB BMIBDFSVOQPFNBDPNPTJGVFSBJNQPSUBOUF ZEFTEFFMNVFMMFTJOFTQFSBO[BBSSPKBSMP BMBCJTNPTJOGPOEP

DBOUJEBEEFDPNFOUBSJPT TFHFOFSBOFOMBTQÈHJOBT ZTJUJPTXFC MBNBZPSÓB TJOCBTFDJFOUÓmDBBMHVOB "MJOHSFTBSBMDPSSFP UP EPTMPTTFSWJEPSFTPGSFDFO VOMJTUBEPEFOPUJDJBTB MBTDVBMFTBDDFEFS-BJO nVFO[BIBFTUBEPQSFTFO UFDPODBCF[BTBMBSNJTUBT CBTBEBTUBOUPFOEBUPT EFMHPCJFSOPNFYJDBOP DPNPEFMB0.4 :TFTJHVFFMNJTNP QBUSØORVFFOMBQBO UBMMBDIJDBFOPSNFT DBOUJEBEFTEFJOGPSNB DJPOFTRVFEFVOEÓBB PUSPTFDPOUSBEJDFOZB MBTDVBMFTOPTFMFTEB TFHVJNJFOUPOJTFPSEF OBOQBSBRVFMPTVTVBSJPTQVF EBOFOUFOEFSFMQSPCMFNB:BM MBEPEFMPTEBUPTEFMBQBOEF NJB MBWJEBQSJWBEBEFBDUPSFT ZBDUSJDFT1VSPZCBOBMFOUSF UFOJNJFOUP1FTFBMBDBOUJEBE EFNFEJPTZWFIÓDVMPTUSBOTNJ TPSFTEFEBUPT MBTPDJFEBEFTUÈ UBONBMJOGPSNBEBDPNPIBDF

B×PT:BOUFMBDSJTJTFDPOØ NJDBRVFIBDFRVFCSBSBMPT QFSJØEJDPT FTQSPCBCMFRVFVO NFEJPDPNPJOUFSOFUBVNFOUF TVJOnVFODJBFOUSFMPTIBCJUBO UFT BVORVFUPEBWÓBFMOÞNF SPEFMPTRVFUJFOFOBDDFTPFT SFEVDJEPL

EFNBZPEF

&MDJFSSFEFMPTDJOFTEFDSFUBEPFOFMQBÓTZMBTNFEJEBT SFTUSJDUJWBTEFMHPCJFSOPDBQJUBMJOPBOUFFMCSPUFEFJO GMVFO[B BGFDUBSPOFDPOØNJDBNFOUFEFNBOFSBESÈTUJDB BTVTEVF×PT QFSPUBNCJÏOBMBTQFMÓDVMBTEFFTUSFOP:B MPTGFTUJWBMFT&MEF"DBQVMDPZFM'PSP*OUFSOBDJPOBMEFMB $JOFUFDBGVFSPOBQMB[BEPT $PMVNCB7ÏSUJ[EFMB'VFOUF

&

M JNQBDUP FDPOÓNJDP FO MBT FNQSFTBT FYIJCJEPSBT EF DJOF  QPS FM DJFSSF EF  NJM  TBMBT RVF FYJT UFO FO UPEB MB 3FQÙCMJDB .FYJDBOB  FT EF NÃT EF NJMMPOFTEFQFTPT %FCJEPBMWJSVT")/ MB4FDSFUBSÎB EF 4BMVE EJTQVTP EFTEF FM  EF BCSJM FM DJFSSFEFMBTTBMBTEFDJOFFOUPEPFMQBÎT &MEFNBZPTFBCSJFSPONJMDJOFT  TÓMPGBMUBCBOMPTEFM%JTUSJUP'FEFSBM  QFSPBMPUSPEÎBUBNCJÊOGVFSPOMJCFSBEPT 3BNÓO3BNÎSF[(V[NÃO EJSFDUPSEF .FSDBEPUFDOJB EF $JOÊQPMJT Z WPDFSP EF MB$ÃNBSB/BDJPOBMEFMB*OEVTUSJB$JOF NBUPHSÃGJDBZEFM7JEFPHSBNB $BOBDJOF

 NFODJPOB RVF MB QÊSEJEB FDPOÓNJDB EF MBTDBEFOBTEFDJOF $JOÊQPMJT $JOFNFY  $JOFNBT-VNJÍSF ..$JOFNBTZ$JOF NBSL QVFEFSFQFSDVUJSFOVODSFDJNJFOUP OPUBOBDFMFSBEPFOOVFWPTDPOKVOUPT i4FQBTBSPOEÎBTEPOEFOPTFHFOFSBCB OJOHÙOJOHSFTPZTÎHFOFSBNPTFHSFTPTu $JOÊQPMJT FT MB DBEFOB EF DJOFT NÃT HSBOEFEFMQBÎT DPONJMTBMBT ZFTEJ SJHJEB QPS "MFKBOESP 3BNÎSF[ .BHBÒB  UBNCJÊOQSFTJEFOUFEF$BOBDJOF1SPDFTP MF QJEJÓ VOB FOUSFWJTUB QBSB IBCMBS TPCSF MBTJUVBDJÓOEFMBTQBOUBMMBTHSBOEFT QFSP SFNJUJÓMBDIBSMBDPO3BNÎSF[(V[NÃO "SSJCBEFNJMMPOFTEFQFTPTQFS EJÓ$JOÊQPMJT JOGPSNB3BNÎSF[ i&MSFUPFTWPMWFSBMBOPSNBMJEBE&TB DVFTUB UBNCJÊO WB B UFOFS VO DPTUP Z VO JNQBDUP EF JOEVTUSJB RVF UPEBWÎB OP TF

'SBODP-ÈTUJNB

QVFEFNFEJS QPSRVFOPTBCFNPTDÓNPMB TPDJFEBEWBBSFBDDJPOBSBMSFUPNBSTVWJ EBDPUJEJBOBFOMBTDBMMFTu &YQMJDB RVF MBT DPNQBÒÎBT EF DJOFT FNQMFBO BMSFEFEPS EF  NJM QFSTPOBT Z IBTUB BIPSB FTF NJTNP OÙNFSP DPOUJOÙB FOOPNJOBT

-BTQSFDBVDJPOFT &OMB(BDFUB0GJDJBMEFM%JTUSJUP'FEFSBM EFMEFNBZP MB4FDSFUBSÎBEF4BMVEEFMB $JVEBEEF.ÊYJDPJOGPSNBEFMBTNFEJEBT QBSBFWJUBSMBQSPQBHBDJÓOEFMWJSVTEFJO GMVFO[B")/FODJOFT UFBUSPT DBCBSFU  EJTDPUFDBT DFOUSPTOPDUVSOPT FOGJO *$PMPDBSFOMVHBSWJTJCMFZEJTUSJCVJS JOGPSNBDJÓO TPCSF MBT NFEJEBT QSFWFOUJ WBTZEFQSPUFDDJÓODPOUSBMBJOGMVFO[B **4PMJDJUBSBMBTQFSTPOBTRVFJOHSF TFO B TVT FTUBCMFDJNJFOUPT FM MBWBEP EF NBOPTZPQSPQPSDJPOBSMFTHFMBOUJCBDUF SJBOPDPOBMDPIPM *** 4VQFSWJTBS RVF MPT WJTJUBOUFT Z FNQMFBEPTOPJOHSFTFOBMFTUBCMFDJNJFO UPDPOTJHOPTFWJEFOUFTEFBMHVOPEFMPT TÎOUPNBTEFMBJOGMVFO[B *7 %FTJOGFDUBS QFSJÓEJDBNFOUF UPEPT BRVFMMPTFMFNFOUPTEFDPOUBDUPGSFDVFOUF  UBMFTDPNPUFMÊGPOPT NFTBT TJMMBT CBÒPT  JOUFSSVQUPSFTEFFMFDUSJDJEBE FMFWBEPSFT  QVFSUBT NBOJKBT UFDMBEPTEFDPNQVUBEP SBTFJNQSFTPSBT 7 %FTJOGFDUBS MB DBSUB EF BMJNFOUPT  NFOÙT Z DSJTUBMFSÎB JONFEJBUBNFOUF EFT QVÊTEFRVFMPTVTFVODPNFOTBMVUJMJ[BS

4BMBTDFSSBEBT-PTFTUSBHPT

FOMBNFEJEBEFMPQPTJCMFDPOEJNFOUPTFO TPCSFTJOEJWJEVBMFT 7*&YJHJSBUPEPFMQFSTPOBMEFMFTUBCMF DJNJFOUP B 2VFOPVUJMJDFOKPZBTZDPSCBUBTEF WFTUJS C &MVTPEFDVCSFCPDBTZ D -BWBSTFMBTNBOPTDBEBIPSB 7**.BOUFOFSVOFTUSJDUPDPOUSPMEFMB IJHJFOFFOTBOJUBSJPTZÃSFBTRVFUFOHBO DPOUBDUPDPOFMQÙCMJDP 7***%JTQPOFSEFTVGJDJFOUFKBCÓOMÎ RVJEP ZP HFM BOUJCBDUFSJBM FO TBOJUBSJPT ZDPDJOB *9 &MJNJOBS UPEPT MPT PCKFUPT EF PS OBUPZQVCMJDJEBEFOMBTNFTBT 9 7FOUJMBS TVGJDJFOUFNFOUF MPT FTUB CMFDJNJFOUPTZQFSNJUJSMBFOUSBEBEFTPM TJ FYJTUF BJSF BDPOEJDJPOBEP TF EFCFSÃ SFBMJ[BSFMNBOUFOJNJFOUPEFMTJTUFNB FO FTQFDJBMMBMJNQJF[BEFGJMUSPT "EFNÃT MB4FDSFUBSÎBEF4BMVEGFEF SBMJOEJDÓRVFBOUFTEFFOUSBSBMDJOFPBM UFBUSPTFEFCFEFTJOGFDUBSFMJONVFCMFDPO DMPSP RVF TF QVFEF DPOWFSTBS DPO PUSBT QFSTPOBTBVOBEJTUBODJBEFNFUSPT  EFCFIBCFSEPTCVUBDBTWBDÎBTDPNPNÎOJ NPFOUSFVOPZPUSPVTVBSJP BTÎDPNPEPT

4ØMPVOBDJOUBNFYJDBOBB$BOOFT $PMVNCB7ÏSUJ[EFMB'VFOUF

-

BQFMÓDVMB%BOJFMZ"OB EF.JDIFM 'SBODP FTFMÞOJDPMBSHPNFUSBKF NFYJDBOPRVFDPNQFUJSÈFOFM 'FTUJWBMEF$BOOFT*OUFSWJFOFFOMB HSBOTFDDJØO OPPGJDJBM 2VJODFOBEFSFB MJ[BEPSFTEFMFODVFOUSPDJOFNBUPHSÈGJDP B FGFDUVBSTFEFMBMEFNBZP 'SBODP EFB×PTEFFEBE EFQMPSB



EFNBZPEF

QBSB1SPDFTPRVFOPIVCJFSBBIPSBNÈT MBSHPTEFMQBÓT iQPSRVFDSFPRVF$BOOFTFT FMGFTUJWBMNÈTJNQPSUBOUFEFDJOF ZFMDJOF NFYJDBOPIBUFOJEPBMMÓCVFOBQSFTFODJBFO MPTÞMUJNPTB×PT FOUPODFTFTVOBMÈTUJNBw -BQFMÓDVMBEFNJOVUPTUSBUBMBIJT UPSJBEFEPTIFSNBOPTRVFBUSBWJFTBOQPS NPNFOUPTDMBWFFOTVTWJEBTZTFBQPZBO

%ÓBTTJODJOF

&41&$5«$6-04

4BÞM-ØQF[DVBSUPTDVSPDPN

QÏSEJEBTNJMMPOBSJBT

GJMBTEFTPDVQBEBTBMGSFOUFZBUSÃT4ÓMPTF PDVQBSÃEFVOBTBMBPUFBUSP "EFDJSEF3BNÎSF[(V[NÃO UPEBTMBT DBEFOBT iFTUBNPT DVNQMJFOEP BM  MPT MJOFBNJFOUPTu -PT NJFNCSPT EF $B OBDJOF FTUBCBO FO QMÃUJDBT DPO MB 4FDSF UBSÎBEF4BMVEQBSBGMFYJCJMJ[BSFMUFNBEF MBTEPTCVUBDBTRVFFTUÃONBSDBOEPDPNP EJGFSFODJBFOUSFQFSTPOBZQFSTPOB

-BTQFMÎDVMBT

EF&MMJCSPEFQJFESB EF+VMJP$ÊTBS&TUSB EB Z"NBSBNPSJS EF'FSOBOEP-FCSJKB "DMBSBRVFFOQSPHSBNBDJÓOTFFTUÃSFUP NBOEPMPRVFTFUFOÎBEFTEFFMEFBCSJM i/PTFFTUÃORVJUBOEPEFDBSUFMFSBu *DVOBDVSZ"DPTUB EFHSVQP0NOJMJGF  FYQSFTBRVFMPTFYIJCJEPSFTOPRVJFSFOUP NBSDPNPSFFTUSFOP$PDIPDIJ iNÃTCJFO DPNPVOBDPOUJOVBDJÓOEFMBQSJNFSBTF NBOBu&TPFTNBMP EJDF iOPTDPOWJFOF NÃTFNQF[BSEFDFSPu *TSBFM $ÃSEFOBT  EFTEF 3FQÙCMJDB %PNJOJDBOB NFODJPOBRVFFMFTUSFOPEF $PDIPDIJGVFVOQPDPEFTBGPSUVOBEP QF SPQSFGJFSFOPDPNFOUBSOBEBTPCSFMBJO GMVFO[BZFMDJFSSFEFDJOFT iMPNFKPSFT TFHVJSBEFMBOUFu &MQBTBEPEFNBZP TFFTUSFOÓFMMBS HPNFUSBKF NFYJDBOP 1VSHBUPSJP  EF 3P CFSUP3PDIÎO ZFMEPDVNFOUBMNFYJDBOP 5SB[BOEP"MFJEB EF$ISJTUJBOF#VSLIBSE 4ÓMP*HOBDJP0SUJ[OPQBSÓFMSPEBKFEF TVDJOUB&MNBSNVFSUPFOFM%'

UPS4PUPNBZPS UBNCJÊOGVFBGFDUBEPQPS MBJOGMVFO[BIVNBOB&TUBCBQSPHSBNB EPEFMBMEFNBZP ZTFQPTQVTPEFM BM 4PUPNBZPS NFODJPOB FO FOUSFWJTUB RVFUVWPVOBQÊSEJEBEFFOUSFB NJMQFTPT i:B UFOÎBNPT NBUFSJBMFT JNQSFTPT  QSPQBHBOEBT  UPEP MP RVF FT FM NBUFSJBM EF EJGVTJÓO Z QVCMJDJEBE  FO BMHVOPT DB TPT BMDBO[BNPT B QBSBS BMHVOPT EF MPT FMFNFOUPT  QFSP FO PUSPT WBNPT B NFUFS SFJNQSFTJÓOFOMBTGFDIBTu my2VÊQBTBSÃDPOMBTQFMÎDVMBTRVFQJ EJFSPOBEJTUSJCVJEPSBT m&TUBNPTWJFOEPTJNBOUFOFNPT EFOVFTUSPDPOUFOJEP &M5FSDFS'FTUJWBMEFMB.FNPSJB%P DVNFOUBM *CFSPBNFSJDBOP  B SFBMJ[BSTF EFMBMEFNBZP TFDBNCJÓEFMBM EFKVOJP4VTFEFFT5FQP[UMÃO%FTEF BMMÎ QPSUFMÊGPOP "MFKBOESB*TMBT MBSFT QPOTBCMF  NFODJPOB RVF UPEP FM USBCBKP FT WPMVOUBSJP  iFOUPODFT  QFEJS VO NFT NÃTEFUSBCBKPBMBTQFSTPOBTRVFFTUBCBO MBCPSBOEPDPOOPTPUSPTIBTJEPNVZDPN QMJDBEP  QPSRVF UPEP NVOEP TF IB WJTUP BGFDUBEP FO MP QFSTPOBM Z MP FDPOÓNJDP QPSRVFOPDPOUBNPTDPOVOQSFTVQVFTUP  UFOFNPT NVDIPT BQPZPT Z QBUSPDJOJPT  QFSPFOFTQFDJF FOFTUFBÒPOPDPOUBNPT DPOEJOFSPFOFGFDUJWPu *TMBT EFTUBDB RVF UFOÎBO QBSB NBZP MB DPOGJSNBDJÓO EF UPEPT MPT SFBMJ[BEPSFT NFYJDBOPTRVFJOUFSWJFOFOFOMBTFDDJÓOPGJ DJBMZEFWBSJPTFYUSBOKFSPTiRVFIBCÎBNPT MPHSBEP RVF TVT FNCBKBEBT Z PSHBOJTNPT DVMUVSBMFT EF TV QBÎT QBHBSBO TVT QBTBKFT  DPNP&TQBÒB $IJMF #SBTJMZ$VCB FTUFÙM UJNPFSBFMQBÎTJOWJUBEP ZDSFPRVFUPEBWÎB OPSFBOVEBOTVTWJBKFTB.ÊYJDPu "EFNÃT  FM  'PSP *OUFSOBDJPOBM EF MB $JOFUFDB /BDJPOBM  FM DVBM JOJDJBSÎB FM KVFWFTEFNBZP DPNFO[BSÃFMEFKVOJP QSÓYJNP

my2VÊWBBQBTBSDPOMBTQFMÎDVMBTRVFTF JCBOBFTUSFOBSFOMPTEÎBTEFDJFSSF m)VCP VOB SFDBMFOEBSJ[BDJÓO EF FT USFOPTZTFFTUÃOIBDJFOEPBKVTUFTQBSBFM DBNCJPEFGFDIBT&OMPTDJOFT FMWFSBOP JOJDJB BOUFT EF RVF FNQJFDF ÊTUF GPSNBM NFOUFQPSRVFTFFTUSFOBONVDIPTGJMNFT BOUFTEFRVFMPTKÓWFOFTTBMHBOEFWBDB DJPOFT &TPT FTUSFOPT RVF FSBO QBSB MPT JOJDJPTEFNBZP TFFTUÃODPMPDBOEPIBDJB MBTFHVOEBZUFSDFSBTFNBOBEFFTUFNFT $BSMPT$VBSÓO 7BSJBT QFMÎDVMBT NFYJDBOBT GVFSPO QFSKVEJDBEBT  DPNP $PDIPDIJ 1SPDFTP -PTGFTUJWBMFT &O WBSJPT NFEJPT JNQSFTPT TF QVCMJDÓ 

EF*TSBFM$ÃSEFOBTZ-BVSB"NFMJB RVF FM DJOFBTUB $BSMPT $VBSÓO  RVJFO (V[NÃO RVFTÓMPUVWPVOEÎBZNFEJPEF &M2VJOUP'FTUJWBM*OUFSOBDJPOBMEF$JOF BDVEJÓB-PT¦OHFMFTQBSBQSPNPDJPOBS DBSUFMFSBTFJOUFSSVNQJÓFMÊYJUPUBRVJMMFSP EF"DBQVMDP '*$"

QSFTJEJEPQPS7ÎD TVQFMÎDVMB3VEPZ$VSTJ GVFNBMUSBUBEP "MMMFHBSBMBFSPQVFSUPEFFTBDJVEBE VO WJHJMBOUF MF QJEJÓ TV QBTF EF BCPSEBS Z MFQSFHVOUÓTVOBDJPOBMJEBE TFDVCSJÓMB NVUVBNFOUFFMMBFTUÈBQVOUPEFDBTBSTF  TFDFOTVSBZSFQSJNF QPSRVFTPDJBMNFOUF CPDBDPOTVDBNJTBDVBOEPFMSFBMJ[BEPS ÏMTFFODVFOUSBFOQMFOBBEPMFTDFODJB6O OPEFCFTFS SFTQPOEJÓ iEF .ÊYJDPu  Z BM FOUSFHBSMF FWFOUPESBNÈUJDPMPTPCMJHBBDPOGSPOUBS &MGJMNFGVFQSPEVDJEPQPS%BOJFM#JS FM QBTBQPSUF MF FYJHJÓ FO JOHMÊT RVF ÊM TVTEFTFPTZNJFEPT NBO3JQTUFJOZDPQSPEVDJEPQPS"MBNFEB NJTNPMPBCSJFSB TJOEFKBSEFUBQBSTFMB o{1PSRVÏDFOUSBTVDJOUBFOMPTEPT 'JMNT 1PQ'JMNT -PCPGJMNT .PSFOB'JMNT  CPDBZMBOBSJ[ IFSNBOPT #PSTBMJOPZ'JEFDJOF &O FTB DJVEBE  MPT QSPUBHPOJTUBT EFM o&OPUSPTDBTPTTÓTFIBCMBEFMBSFMBDJØO &OMB4FNBOBJOUFSOBDJPOBMEFMBDSÓUJDB GJMNF %JFHP-VOBZ(BFM(BSDÎB#FSOBM  EFIFSNBOPT QFSPSBSBWF[TFIBCMBEFMB QBSUJDJQBOMPTDPSUPT+BDJOUB EF,BSMB DPOEFOBSPOMBYFOPGPCJBDPOUSBMPTNFYJ BUSBDDJØOTFYVBM JODMVTPFOUSFIFSNBOPT $BTUB×FEB3PNB EF&MJTB.JMMFS RVJFOFO DBOPTQPSFMCSPUF 4FOBSSBNÈTEFMDPNQMFKPEF&EJQP ZDSFP HBOØFOFTUFGFTUJWBMMB1BMNBEF0SP "VORVFMBFTQPTBEF$VBSÓOEJKPBFT RVFFTNVDIPNÈTJOUFSFTBOUFMBSFMBDJØO QPSFMDPSUP7FSMMPWFS -BDBODJØOEFMPT UFTFNBOBSJP DVBOEPTFCVTDÓBMEJSFDUPS  FOUSFBNCPTIFSNBOPTQPSMBDFSDBOÓBEF OJ×PTNVFSUPT EF%BWJE1BCMPT ZFMEPDV RVFiOPGVFQBSBUBOUPuL FEBE MPTDFMPTFOUSFFMMPT DMBSP UPEPFTUP NFOUBM;PPHPDIP EF#FSOBSEP"SFMMBOPL EFNBZPEF

3JDBSEP3VÓ[

%HDWUL]3HUH\UD

&

*6%"% +6«3&;  $)*) "M

UÊSNJOPEFMUPSOFP"QFSUV SBRVFKVHÓBQSÊTUB NPDPOMPT*OEJPT FMGVUCP MJTUBEFPSJHFODPMPNCJBOP "OESÊT$IJUJWBTFGVFB1B DIVDBQBSBFYQMPSBSPUSBTPQDJPOFTEFFRVJ QPT4VGBNJMJBTFRVFEÓFO$JVEBE+VÃSF[ Z VOEÎB TVFTQPTBSFDJCJÓQPSFTDSJUPVOB BNFOB[BEFTFDVFTUSP %FJONFEJBUPFMMBTFDPNVOJDÓDPOFM KVHBEPS RVJFOMMBNÓBMPTFMFNFOUPTEFMB FNQSFTB2VBMJUZ4FDVSJUZ4FSWJDFmRVJF OFTDVJEBCBOMBFOUSBEBEFMGSBDDJPOBNJFO UPEPOEFSFTJEÎBmQBSBQFEJSMFTQSPUFDDJÓO BTVNVKFS.JFNCSPTEFMB1PMJDÎB.VOJ DJQBMGVFSPOBMEPNJDJMJPZBMBFTDVFMBQB SBTBDBSBMBTFÒPSBZBMBOJÒBCBKPVOGVFSUF EJTQPTJUJWPEFTFHVSJEBE RVFMBTDPOEVKP IBTUBFMBFSPQVFSUPÙOJDBNFOUFDPOMPRVF USBÎBOQVFTUP 5SBTFMJODJEFOUF MPTKVHBEPSFTFYUSBO KFSPT+VBO3BNÓO$VSCFMPZ&[FRVJFM.B HHJPMPEFDJEJFSPONBOEBSBTVTFTQPTBTFIJ KPTB6SVHVBZZ"SHFOUJOB SFTQFDUJWBNFOUF  NJFOUSBTMBTIJTUPSJBTTFNVMUJQMJDBO m$JSJMP4BVDFEPDJSDVMBFOTV"VEJ" QPSVOBEFMBTQSJODJQBMFTBWFOJEBTEFFTUB DJVEBEGSPOUFSJ[B6OBDBNJPOFUBMPSFCB



EFNBZPEF

TB MVFHPMFJNQJEFFMQBTPZEFFMMBEFTDJFO EFOVOPTUJQPTRVFBQVOUBEFNFUSBMMFUB MPEFTQPKBOEFMWFIÎDVMP3ÃQJEBNFOUF FM QPSUFSPEF*OEJPTNJSBBTVBMSFEFEPSZEJT UJOHVFVOBQBUSVMMBEF4FHVSJEBE1ÙCMJDB NVOJDJQBMBMBRVFQJEFBVYJMJP -PTQPMJDÎBTIBDFODPNPRVFMPBUJFO EFOQFSP FOMVHBSEFTFHVJSBMPTBTBMUBOUFT  FOMBQSJNFSBFTRVJOBEPCMBOFOPUSPTFOUJ EPi5FEBQBWPSQPSRVFOPUJFOFTNBOFSBEF IBDFSOBEBTJNFBSSBODP NFEBOVOCBMB[P TJNFCBKP JHVBMTJNFMMFWBO MPNJTNPNF QBTBBMHP7JWFTDPONJFEPu TFÒBMB "M QSFTFOUBSTF FO MB 1SPDVSBEVSÎB EF +VTUJDJBQBSBQPOFSTVEFOVODJB TFRVFEB BUÓOJUP/PQVFEFEFKBSEFNJSBSVOQJ[B SSÓOEFDPSDIPBUFTUBEPEFGPUPHSBGÎBTEF NVKFSFTEFTBQBSFDJEBTMBTNVFSUBTEF+VÃ SF[ $PO VO OVEP FO MB HBSHBOUB QJFOTB iy2VÊIBSÎBZPTJVOBEFFMMBTGVFSBNJFT QPTB NJIFSNBOBPNJNBNÃ u m%FQSPOUP &EXJO)FSOÃOEF[ KVHBEPS EFMDMVCEFGVUCPM*OEJPT DPNJFO[BBFTDV DIBSMPRVFQBSFDFMBIÊMJDFEFVOIFMJDÓQUF SPWPMBOEPNVZCBKP4BDBMBDBCF[BQPSMB WFOUBOJMMBEFTVDPDIFZCVTDBMBBFSPOBWF  QFSPOBEB"MSFHSFTBSMBWJTUBBMGSFOUF OP FOUJFOEFQPSRVÊ TJFMTFNÃGPSPFTUÃFOWFS EF MPTBVUPTOPBWBO[BO5PEPFTDPOGVTJÓO ZTJMFODJP1PSGJO FOVOBDBNJPOFUBRVF BDBCBEFTFSSBGBHVFBEBEJTUJOHVFFMDVFSQP

BHVKFSBEPZTJOWJEBEFVOIPNCSF"MGVU CPMJTUBMFUJFNCMBUPEP&MNJFEPMPQBSBMJ[B i:POJTBCÎBDÓNPFTFMSVJEPEFMPTEJTQB SPT ZGVFBQMFOBMV[EFMEÎBu DVFOUB m5SFTEFMBNBÒBOB"MBFTQPTBEFMNF EJPDBNQJTUB+PSHF3PESÎHVF[MBEFTQJFSUB FMSVJEPEFVOPTJOUSVTPTFOFMQBUJPEFTV DBTB4FNJEPSNJEP -B1VMHBCBKBBJOWFT UJHBS4FRVFEBQFSQMFKPDVBOEPEFTDVCSF VODPNBOEPEFTVKFUPTWFTUJEPTDPNP NJMJUBSFT FODBQVDIBEPTZBSNBEPT RVJF OFTMFEJDFORVFUJFOFOSFQPSUFTEFRVFFO FTBDBTBIBZWFOUBEFESPHBZBDPQJPEFBS NBTi*EFOUJGÎDBUFu MFFYJHFOi-FTEJKFNJ OPNCSFZRVFTPZKVHBEPSEFGVUCPMEFMPT *OEJPTEF$JVEBE+VÃSF[/PMPTEFKÊQBTBS "TÎDPNPMMFHBSPOTFGVFSPOu SFDVFSEB 4FS KVHBEPS EF MPT *OEJPT EF $JVEBE +VÃSF[JNQMJDBOPTÓMPMVDIBSFOFMUFSSF OPEFKVFHPQBSBQFSNBOFDFSFOMB1SJNF SB%JWJTJÓOUBNCJÊOIBZRVFMJEJBSDPOMB JOTFHVSJEBE MBWJPMFODJBZFMOBSDPUSÃGJDP RVFGMBHFMBOBFTUBMPDBMJEBE-BTJUVBDJÓO TFQSFTUBIBTUBQBSBRVFVOBEFMBTQPSSBT EFMFRVJQPTFMMBNF&M$ÃSUFMZTVMÎEFSTFB DPOPDJEPDPNP&M$BQP i"DÃIBZRVFTPCSFWJWJSUBNCJÊOFOMB WJEBSFBM OPTÓMPFOMB1SJNFSB%JWJTJÓOu  BEWJFSUFFM[BHVFSP&EXJO)FSOÃOEF[ "EJGFSFODJBEFPUSBTQMB[BT EPOEFMPT KVHBEPSFTTFNVFWFOMJCSFNFOUFZDPOEV

%&1035&4

,QGLRVMXJDUFRQ

PLHGR $ODVSHQXULDVGHSRUWLYDVTXHSDVDWRGRHTXLSRTXHOXFKDFRQ WUDHOGHVFHQVRORV,QGLRVGH-XiUH]VXPDEDQOD]R]REUDGH VREUHYLYLUHQPHGLRGHODYLROHQFLDTXHD]RWDDHVWDFLXGDG GRQGHYDULRVGHVXVMXJDGRUHVKDQUHFLELGRDPHQD]DVGHVH FXHVWURRKDQVLGRYtFWLPDVGHURERVGHDXWRRGRPLFLOLDULRV $QJXVWLDGRVHQPHGLRGHYHUVLRQHVGHTXHDOJXQRGHVXVFRP SDxHURVKDVLGRGHFDSLWDGRWUDQVLWDQSRUODVFDOOHV±UHSOHWDV GHVROGDGRV±HQVXVQXHYRVDXWRVDXVWHURV\DODYXHOWDGHOD HVTXLQDDYHFHVVRQWHVWLJRVGHXQDHMHFXFLyQ«

DFOWFIÎDVMPTEFMVKP FMQMBOUFMEF*OEJPT FTUÃPCMJHBEPBTFHVJSVOBTFSJFEFQSFDBV DJPOFT FO VOB DJVEBE EPOEF EJBSJBNFOUF NVFSFOFOQSPNFEJPQFSTPOBTQPSDSÎ NFOFTSFMBDJPOBEPTDPOFMOBSDP"VORVF FTDPOTUBOUFNFOUFQBUSVMMBEBQPSNJMJUBSFT  BHFOUFTGFEFSBMFTZQPMJDÎBTNVOJDJQBMFT  FOMPTQSJNFSPTEPTNFTFTEFFTUFBÒPTV NÓFKFDVDJPOFT i1BSFDFRVFGVFSBVOBDJVEBEFOHVF SSBu TVFMUB+BWJFS4BBWFESB RVJFOFOMBKPS OBEBNBSDÓFMHPMDPOFMRVF*OEJPTTFTBM WÓEFEFTDFOEFSBMB1SJNFSB%JWJTJÓO" i&ODVBMRVJFSFTRVJOBWFTBMPTTPMEBEPT  FOMPTDFOUSPTDPNFSDJBMFT FOUPEPTMBEPT  QFSPFTFOUFOEJCMF QPSUPEPMPRVFIBQBTBEP BRVÎ-BTFTUBEÎTUJDBTEJDFORVFIBOCBKBEPMB EFMJODVFODJBZMBTFKFDVDJPOFT"MPNFKPSFT JODÓNPEP QFSPEBUSBORVJMJEBEWFSBMPTTPM EBEPTFOMBDJVEBEu FYQMJDBFMKVHBEPS 4BBWFESB RVJFOEVSBOUFMPTÙMUJNPT BÒPTWJWJÓFO.POUFSSFZ BGJSNBRVFEFTEF RVFGVFQSFTUBEPQPSFMDMVC5JHSFTQBSBSFGPS [BSB*OEJPTMFDPTUÓUSBCBKPEFDJEJSNVEBSTF DPOTVFTQPTBB+VÃSF[6OBWF[RVFMMFHBSPO  UVWJFSPORVFBKVTUBSTVFTUJMPEFWJEBTFEFT QJEJFSPOEFMBTDFOBTGVFSBEFDBTB EFMBTJEBT BMDJOFZDPNQSBSPODPDIFBVTUFSP i$BNCJÓUPUBMNFOUFOVFTUSBWJEB"DÃ OPTMBQBTBNPTNVDIPFOMBDBTBBIÎDPNF NPTZWFNPTNVDIPMBUFMF QFSPFWJUBNPT

MPTDBOBMFTMPDBMFTQPSRVFFTEPOEFNÃTUF FOUFSBTEFUPEPMPRVFQBTBBRVÎ5BNQPDP MFFNPTQFSJÓEJDPT$VBOEPNJTDPNQBÒF SPTWJFSPOFMBVUPRVFNFUSBKFEF.POUF SSFZNFEJKFSPOA.FKPSOPBOEFTDPOFTF DPDIF MBTJUVBDJÓOFTUÃNVZDPNQMJDBEB -P SFHSFTÊ Z NF DPNQSÊ VOB DBNJPOFUB GSPOUFSJ[B)BZRVFTFSMPNÃTEJTDSFUPRVF TFQVFEB QFSPZPQJFOTPRVFDVBOEPUFWBB QBTBSBMHP BTÎTFSÃ DPOPTJOTFHVSJEBEu "QFTBSEFUPEP 4BBWFESBRVJFSFRVF EBSTFFO$JVEBE+VÃSF[4VDBSUBQFSUFOFDF B5JHSFT FRVJQPDPOFMRVFEFCFSÃBDUVBS FOFMQSÓYJNPUPSOFP DPOMBQPTJCJMJEBEEF RVFFOUPODFTIBZBEFTDFOEJEPBMB1SJNF SB" "MDJSDVMBSQPSMBDJVEBE MPTKVHBEPSFT TPOGSFDVFOUFNFOUFQBSBEPTQPSFMFNFOUPT EFM&KÊSDJUPNFYJDBOPBQPTUBEPTFOMPTEJ WFSTPTSFUFOFTNJMJUBSFT&MIPUFMEPOEFTF DPODFOUSBOBOUFTEFMPTQBSUJEPTFODBTBMFT UPDBDPNQBSUJSMPDPOMPTBHFOUFTGFEFSBMFT RVFMMFHBSPOFMBÒPQBTBEPQBSBSFGPS[BSFM 0QFSBUJWP$POKVOUP+VÃSF[ i&OFMFMFWBEPSWBTDPOFMUJQPRVFUSBF NFUSBMMFUB %FTQVÊT UF BDPTUVNCSBT Z MP QMBUJDBTDPNPTJOBEB QFSPFOFMNPNFOUP EJDFTA/PTFUFWBZBBEJTQBSBS PABQÙOUB MFQBSBPUSPMBEPu EJDF4BVDFEP i5PEPT OPT IFNPT BDPTUVNCSBEP .J IJKBUJFOFDJODPBÒPTZTFMFIBDFOPSNBMWFS

BMPTNJMJUBSFTZBMPTQPMJDÎBTFOMBDBMMF"MP NFKPSPUSPOJÒPEFFTBFEBEOJTJRVJFSBDPOP DFBVONJMJUBS QFSPQBSBNJGBNJMJBZBTFIJ [POPSNBM&OMBTSFWJTJPOFTOPTQBSBO QFSP DPNPOPTPUSPTOPFTUBNPTNFUJEPTFOFTPT QSPCMFNBT OPQBTBOBEB"NÎNFHVTUBRVF FTUFNPTSPEFBEPTEFFTBHFOUFRVFEBUSBO RVJMJEBE&O+VÃSF[OPTIFNPTBDPTUVNCSB EPBWJWJSSPEFBEPTEFFTPu SFGJFSFBTVWF[ FMEFGFOTB+VBOEFMB#BSSFSB RVJFOSBEJDB BRVÎEFTEFIBDFUSFTBÒPT 5BNCJÊOIBOUFOJEPRVFIBCJUVBSTFBOP TBMJSBMBDBMMFEFTQVÊTEFMBTOVFWFEFMBOP DIF BMMBNBSQPSUFMÊGPOPBTVTGBNJMJBSFT WBSJBTWFDFTBMEÎBDVBOEPFTUÃOGVFSBEFDB TB BDJSDVMBSQPSEJTUJOUBTWÎBTZOPVTBSVOB SVUBGJKB BWJWJSDFSDBQBSBQSFTUBSTFBQPZP FODVBMRVJFSNPNFOUP BUSBFSBNBOPMPT UFMÊGPOPTEFMBQPMJDÎB BRVFTVTFTQPTBTOP BOEFOTPMBTw 1FSPMB[P[PCSBBWFDFTMPTSFCBTB1PS FTPFMEÎBRVFDPSSJÓMBJOGPSNBDJÓOEFRVF iFMQPSUFSPEF*OEJPTGVFFKFDVUBEPu UPEPT TFBMBSNBSPO /ODPDGDVLQWLPLGDWRULDV

i6OEPNJOHPDPNPBMBTPDIPEFMBOPDIF WJRVFUFOÎBMMBNBEBTQFSEJEBTEF&VHVJ  &EXJO4BOUJCÃÒF[ FM5SJQB1ÊSF[ )VNCFSUP )FSOÃOEF[ 3BNÓO.PSBMFT EFQSFOTB

EF EFNBZPEF

%&1035&4 VOEJSFDUJWPZIBTUBEFMEVFÒPEFM$BOBM .FBMBSNÊ&NQFDÊBMMBNBSMFT ZUPEPTNF EFDÎBOAy2VÊUFQBTÓ :ZPA/BEB FTUPZFO MBDBTBA&TRVFOPTEJKFSPORVFIBCÎBOFKFDV UBEPBMQPSUFSPEFMPT*OEJPT4BMJÓFOMBQSFO TB:BIBCÎBOIBCMBEPDPOMPTPUSPTQPSUFSPT ZUPEPTFTUBCBOCJFO QFSPBNÎ DPNPOPNF FODPOUSBCBO QFOTBSPORVFTÎNFIBCÎBQBTB EPBMHP0USBTWFSTJPOFTEFDÎBORVFBMQPSUFSP EFMPT*OEJPTMFIBCÎBODPSUBEPMBDBCF[B/P TÊDÓNP QFSPBMHVJFOMFEJKPFTPBMBQSFOTB BEFNÃTEFRVFBDÃQBTBBMHPDIJTUPTPDVBO EPFKFDVUBOBBMHVJFO QSJNFSPMMFHBMBQSFOTB RVFMBQPMJDÎBu OBSSB$JSJMP4BVDFEP %FTEFRVFGVFEFTQPKBEPEFTVBVUP 4BV DFEPTFDPNQSÓPUSPUBOBVTUFSPRVFOJBJSF BDPOEJDJPOBEPUJFOF/PDPNQSFOEFDÓNPFT RVFBQFTBSEFRVFWJPTVDPDIFFOMBDBMMFWB SJBTWFDFTZQJEJÓBVYJMJP MPTQPMJDÎBTTJFNQSF MFEFDÎBORVFRVJFOFTNBOFKBCBOFTF"VEJSF QPSUBEPDPNPSPCBEPFTUBCBOiFOSFHMBu i&ODPOUSBNPTFMDBSSPWBSJBTWFDFTFO BMHVOPTMVHBSFT-MBNBCBBMBQPMJDÎBZMPT EFKBCBOJS%FOVODJÊ MFWBOUÊFMBDUB6OB WF[VOQPMJDÎBQMBUJDÓDPORVJFOUSBÎBNJDP DIF ZMVFHPNFEJKPA:BNFFOTFÒÓMPTQB QFMFTZUPEPFTUÃFOSFHMB:ZPEJHPy$Ó NPRVFFOSFHMB TJFTNÎP 0CWJP FMMPT UBNQPDPTFWBOBBSSJFTHBSQPSBMHPBTÎ FTB FTMBWFSEBE%FTQVÊTFODPOUSBSPOFMBVUP DPOESPHBTZBSNBTZIFDIPQFEB[PT UPEP DIPDBEP ZFTIPSBEFRVFFMTFHVSPUBNQP DPNFQBHBu TFRVFKB %FTQVÊTEFMBTBMUP $JSJMP4BVDFEPEJP JOTUSVDDJPOFTBMQFSTPOBMRVFMBCPSBFOTV DBTBEFOPDPOUFTUBSMPTUFMÊGPOPTi$VBO EPFNQF[ÓBJODSFNFOUBSTFMBWJPMFODJBNF EJPNJFEPIVCPDPNPNVFSUPTFOVO NFTZIBCÎBUPRVFEFRVFEB"IÎEJKF4JSF DJCPDVBMRVJFSUJQPEFBNFOB[B BHBSSPNJT DPTBTZNFWPZ/PUFOHPOFDFTJEBEEFRVF BNJGBNJMJBMFQBTFOBEBu  my&T EJGÎDJM TFS GVUCPMJTUB FO $JVEBE +VÃSF[ m4PNPTVOPNÃT/PTFUJFOUBOFMDPSB [ÓOQBSBIBDFSEBÒP4PNPTQBSUFEFMBFT UBEÎTUJDB"DÃUPEPTDPOPDFNPTBBMHVJFO BMRVFMFQBTÓBMHP)BZWBSJPT KVHBEPSFT  RVFIBOWJWJEPFTUFUJQPEFDPTBT QFSPOP MPIBDFNPTQÙCMJDPQPSMBNJTNBTFHVSJ EBE4JOFNCBSHP UBNCJÊOUFQVFEPEFDJS RVFFMGFOÓNFOPOPFTFYDMVTJWPEF+VÃSF[ OJEFFTUFFRVJQP4ÊEFPUSPTDPNQBÒFSPT RVFUBNCJÊOIBOTJEPBNFOB[BEPT %FTQVÊTEFMSPCPBMBSRVFSPEFMFRVJ QP MBEJSFDUJWBEF*OEJPTSFVOJÓBUPEPFM DMVCDPOVOHSVQPEFFMFNFOUPTEFMB1PMJ DÎB.VOJDJQBMQBSBUSBORVJMJ[BSMPTZFYQMJ DBSMFTDÓNPEFCFODVJEBSTFGJKBSTFRVFOP MPTTJHBOZFTQFKFBSDPOUJOVBNFOUFFOCVT DBEFBVUPTTPTQFDIPTPT i&OFMNPNFOUP yRVÊIBDFNPT &OFM QFSJÓEJDPIBCÎBTBMJEPRVFBMPTNJTNPTQP MJDÎBTMFTEBNJFEPMPRVFQBTBFOMBDJVEBE  ZFM.BMFOP %BOJFM'SÎBT MFTEJKPAy4JVT UFEFTRVFFTUÃOBSNBEPTZTBCFOEFFTUPUJF 

EFNBZPEF

OFONJFEP DSFFORVFOPTPUSPTOP /PUF OFNPTOJVOBSNB i/PT EJKFSPO AEFCFO USBORVJMJ[BSTF 1VFTTÎ DPNPBVTUFEOPMFQBTÓ OJFTGJHV SBQÙCMJDBDPNPVOPRVFBOEBFOUPEPTMB EPTZEBOEPBVUÓHSBGPTwu i7JWJNPTDPOFTFUFNPSQPSRVFWBNPT BOVFTUSBTVFSUFZTBMJNPTBMBDBMMFQJEJFO EPRVFOPQBTFTQPSEPOEFFTUÃOCBMBDFBO EPBBMHVJFOZUFUPRVFVOBCBMBBUJu FY QSFTB &EXJO )FSOÃOEF[  B DVZB DBTB TF NFUJFSPOMPTNJTNPTiNJMJUBSFTuRVF QP DPEFTQVÊT JSSVNQJFSPOFOFMEPNJDJMJPEF TVWFDJOP -B1VMHB3PESÎHVF[2VJUBSPO MPTNPTRVJUFSPTEFMBTWFOUBOBTZFOUSBSPO BSPCBSUSFTJ1PET i:POPDSFPRVFFSBONJMJUBSFTQJFO TPRVFFSBHFOUFRVFTFEJTGSB[ÓQPSRVFTF CSJODBSPOEFNBESVHBEB FODBQVDIBEPT Z IBTUBJCBVOBNVKFS DVBOEPTBCFNPTRVF OPIBZNVKFSFTNJMJUBSFT5FQPOFBQFO TBSu BHSFHB+PSHF3PESÎHVF[ my$SFFT RVF QPS IBCFSUF JEFOUJGJDBEP DPNPKVHBEPSOPUFIJDJFSPOEBÒP m1VFEFTFS QFSPFTHFOUFBMBRVFMFWBMF NBESFMPRVFUFOHBT TFMMFWBOUPEPZUFNB UBO4ÊRVFIBZNVDIBTEFOVODJBTQPSFTUFUJ QPEFQFSTPOBTRVFTFDVFTUSBOBMBHFOUFTJO RVFQVFEBIBDFSOBEB:P DPNPOPTVQFOJFO RVÊDBNJPOFUBJCBO QPSRVFQPSFMNJTNPUF NPSOJTBMÎ QVFTOPEFOVODJÊ-VFHPTFGVF SPOBNFUFSBMBDBTBEF&EXJO)FSOÃOEF[ my6TUFEFT QPSTFSGVUCPMJTUBT TPOVO CMBODPGÃDJM m1BTBFOUPEPFMQBÎTZFOUPEPTMPTFRVJ QPT-BHFOUFTBCFRVFTFHBOBCVFOEJOFSP FOFMGVUCPM-FQBTÓB3PNBOPFO.ÊYJDP  QFSPQVFEFPDVSSJSFODVBMRVJFSFTUBEP&M USBCBKPRVFUFOFNPTBDÃMPEJTGSVUBNPT Z MPRVFQBTBBGVFSBEFMBDBODIB DPNPFTUP  QVFTDPNPRVFOPFTUÃTQSFQBSBEPw&O UPODFT DVBOEPUFUPDB UFQSFPDVQBT-BWJ EBTJHVF:POPEFCPOBEB QPSFTPOPUFNP /JWPZBTBMJSDPSSJFOEP i'VJNPTBRVFKBSOPTDPOMBQPMJDÎBZOPT QJEJFSPOEFTDSJCJSFMVOJGPSNFEFMPTEJ[RVF NJMJUBSFT.JFTQPTBZZPQSFHVOUBNPTBMPT TPMEBEPTEFMBDBMMFZEFMBFSPQVFSUPTJBOEBO FOUSBOEPBTÎBMBTDBTBT ZEJKFSPORVFOP RVF FMMPTMMFWBOÓSEFOFTZUPDBOBOUFTEFJOHSF TBSFOUPODFTMFIBCMPBMBQPMJDÎB ZOPTBCF OBEB ZMPTNJMJUBSFTUBNCJÊOEJDFOA/PTP USPTOPGVJNPTu BCVOEB)FSOÃOEF[ /RVDVDOWRV

1PDPT EÎBT EFTQVÊT EF FTUF JODJEFOUF  FM DMVC*OEJPTEJTQVUÓEPTQBSUJEPTTFHVJEPT GVFSBEFDBTB DPOUSB1VFCMBZ$SV["[VM -PTKVHBEPSFTTFBVTFOUBSPOEFTVTDBTBT QPSNÃTEFVOBTFNBOB1PSVOMBEP MJEJB CBODPOMBQSFTJÓOEFOUSPEFMDBNQPQPSMP HSBSMBTBMWBDJÓOQPSPUSP UFOÎBOMBBOHVT UJBEFIBCFSEFKBEPBTVTGBNJMJBT i$VBOEP FTUÃT FO MB DBODIB ZB TÓMP QJFOTBTFOFMKVFHP QFSPUFWBTZEJDFTBMPT

EFTFHVSJEBEA"IÎUFFODBSHPBNJGBNJMJB ­DIBNFVOHSJUPTJQBTBBMHP/PUJFOFT DPOGJBO[B&TUÃOMPTTPMEBEPT QFSPOPTB CFTTJEFWFSEBEWBOBBZVEBS QPSRVFMVF HPUPEPTFTUÃOSFMBDJPOBEPT DPOMPTEFMJO DVFOUFT :BOPTÊOJBEÓOEFTBMJS FOEÓOEF QBSBSNFPTJBMMBEPEFNJDBTBQVFEFWJWJS BMHVJFORVFTFEFEJDBBFTP OBSDPUSÃGJDP  i$VBOEPMFMMFHÓMBDPTBFTBBMBFTQPTBEF "OESÊT $IJUJWB

NJFOUSBTTFJOWFTUJHBTJFT CSPNBPOP QVFTBIÎOPTWFNPT-FMMFHÓVOB DBSUBRVFEFDÎBA$VÎEBUFQPSRVFWBNPTBTF DVFTUSBSBUVGBNJMJB"OPTPUSPTOPTEJKFSPO A5SBORVJMPT OPTFQSFPDVQFO4JMBIVCJFSBO RVFSJEPTFDVFTUSBSMPIVCJFSBOIFDIP/PTP USPTEFDJNPTA:RVÊUBMRVFTÎ:BIPSBRVJÊO TJHVFu QSFHVOUB&EXJO)FSOÃOEF[ .BMFOP 'SÎBT FT PSJHJOBSJP EF $JVEBE +VÃSF[)BWJTUPDÓNPFTUFMVHBSQBTÓEFTFS VOUFSSJUPSJPB[PUBEPQPSMBTQBOEJMMBTBPUSP RVFTVGSFMPTFNCBUFTEFMPTDÃSUFMFTEFMBESP HB"TFHVSBRVFNJFOUSBTVOPOPTFNFUBDPO MBHFOUFFRVJWPDBEB MPTSJFTHPTTFSFEVDFO &MKVHBEPSFTUÃDPOTDJFOUFEFRVFNV DIPT GVUCPMJTUBT OP RVJTJFSPO SFGPS[BS FM FRVJQPQPSUFNPSBWJWJSFO+VÃSF[DPOTVT NVFSUPTZTVTNVFSUBTi/PRVJTJFSPOQPS UFNPS7FÎBO MB JOTFHVSJEBE Z QSFGJSJFSPO JSTFBPUSPTMBEPT QFSPMPTRVFWJOJFSPOZ TFRVFEBSPOWJFSPORVFBRVÎQVFEFTFTUBS USBORVJMP&TQFSFNPTRVFFMQSÓYJNPUPS OFPMPTKVHBEPSFTRVFRVJFSBDPOUSBUBSFM FRVJQPQVFEBOWFOJSBFDIBSMBNBOP"RVÎ  NJFOUSBTOPFTUÊTUÙNFUJEPFOQSPCMFNBT  OPQBTBOBEBu BTFHVSBFMEFMBOUFSP 'SÎBTFTUÃDPOWFODJEPEFRVFFMBTDFOTP EF*OEJPTBMB1SJNFSB%JWJTJÓOmQPTJDJÓO RVFOPTFUFOÎBEFTEFRVFFOMBT$P CSBTEFTDFOEJFSPOBMB4FHVOEBmMMFHÓQBSB BMJWJBSFMÃOJNPEFMPTKVBSFOTFT i-BHFOUFFTUÃNVZDPOUFOUBZTPNPT VOBQPTJCJMJEBEEFEJTUSBDDJÓOQBSBRVJFOFT FTUÃOWJWJFOEPFOUSFFKFDVUBEPTZNVFSUBT -BHFOUFFTQFSBRVFMMFHVFFMGJOEFTFNB OBQBSBBQPZBS&TPTFBHSBEFDFQPSRVFDB EBQBSUJEPRVFUFOFNPTFTVOMMFOPUPUBM"M RVFEBSOPTFOMB1SJNFSBMFEJNPTBMFHSÎBB MBHFOUFEF+VÃSF[u BGJSNB &MDBQJUÃO&EXJO4BOUJCÃÒF[DPJODJEF 'FTUFKBRVF BMDBNJOBSQPSMBDBMMF MBHFO UFTFBDFSDBQBSBBHSBEFDFSBMPTKVHBEPSFT FMFTGVFS[PRVFIBDFO ZEJDFRVFMPT*OEJPT BTVNFOFTBSFTQPOTBCJMJEBETPDJBM i2VFDSF[DBOMPTOJÒPTDPOVOBJEFBEFM EFQPSUF4JOGVUCPMTÓMPWFOMBTOPUJDJBT MB WJPMFODJB MBESPHB-BTGBNJMJBTUFBHSBEF DFOFMFTGVFS[PQPSRVFOPTÓMPFOMPEFQPS UJWP TJOPUBNCJÊOFOMPTPDJBMFTJNQPSUBO UFMPRVFIFNPTMPHSBEPQBSBFTUBDJVEBE %BOHSBDJBTQPSRVFTVTOJÒPTTFNPUJWBOB IBDFSEFQPSUF QVFTTFMBQBTBCBOKVHBOEP BGVFSBEFMBDBTBZBHBSSBCBOWJDJPT&TP OPTEBMBUSBORVJMJEBEEFRVFIFNPTIFDIPT MBTDPTBTCJFO:PTPZEF5PSSFÓO QFSPBDÃ OBDJFSPONJTEPTIJKBTZZPDPOHVTUPNF RVFEPBWJWJSBRVÎu DPODMVZFL

.JHVFM%JNBZVHB

/DPiVJUDQGHREUDGH SRUWLYDGHOVH[HQLRIR[LV WDQRKDFRQFOXLGR(O &HQWUR1DFLRQDOGH'HVD UUROORGH7DOHQWRV'HSRU WLYRV\$OWR5HQGLPLHQWR TXHWDPELpQLQDXJXUy )HOLSH&DOGHUyQDUUDVWUD SUREOHPDVGHFRQVWUXF FLyQ\DFDEDGRVSULQFL SDOPHQWHHQODDOEHUFD TXHPDQWLHQHHQOLWLJLRV DOJRELHUQRIHGHUDO\D GLYHUVDVFRQVWUXFWRUDV

$OEHUFD

KXQGLGD 5D~O2FKRD

7

SBTEPTBÒPTZNFEJPEFTV EPCMF JOBVHVSBDJÓO  FGFD UVBEBQPSFMQSFTJEFOUF7J DFOUF'PYZQPSTVTVDFTPS 'FMJQF$BMEFSÓO MBTJOTUB MBDJPOFTEFM$FOUSP/BDJP OBMEF%FTBSSPMMPEF5BMFOUPT%FQPSUJWPT Z"MUP3FOEJNJFOUP $OBS TFNBOUJFOFO JODPODMVTBT &TUFTFNBOBSJPUVWPBDDFTPBJOGPSNB DJÓOEJSFDUBEFMBFOUSFHBSFDFQDJÓOEFMBT SFGFSJEBT JOTUBMBDJPOFT QPS MB 4FDSFUBSÎB EF&EVDBDJÓO1ÙCMJDBBMB$PNJTJÓO/B DJPOBMEF$VMUVSB'ÎTJDBZ%FQPSUF $POB EF

DVBOEPFMFODBSHBEPFSBFMFYGVUCP MJTUB$BSMPT)FSNPTJMMP-PTEPDVNFOUPT SFWFMBORVFMBBMCFSDBTJHVFBSSBTUSBOEPMPT NBZPSFTiEFGFDUPT WJDJPTPDVMUPTZDVBM RVJFSPUSBSFTQPOTBCJMJEBEFOMBFKFDVDJÓOu EFMBPCSB DPOTJEFSBEBMBNBZPSEFTVHÊ OFSPDPODFCJEBFOFMTFYFOJPGPYJTUB DPO VODPTUPEFNJMNJMMPOFTEFQFTPT &MBTVOUPEFMIVOEJNJFOUPEFMBBMCFS DB BEFNÃTEFPUSBTÃSFBTEFM$OBS IBOEF UPOBEPMBSHPTMJUJHJPTFOUSFFMHPCJFSOPGF EFSBMZVOBEFMBTFNQSFTBTDPOTUSVDUPSBT 

*OHFOJFSPT$JWJMFT"TPDJBEPT 4"EF$7 *$"

BMHSBEPEFRVF QBSBFWJUBSFMEFUF SJPSPEFFTUBTJOTUBMBDJPOFT MBJOTUBODJBGF EFSBMUVWPRVFFNQSFOEFSEJSFDUBNFOUFMBT MBCPSFTEFTBOFBNJFOUPDPOMPTSFTQFDUJWPT HBTUPTBEJDJPOBMFTBDVFOUBEFMFSBSJP 5PEP FMMP B QFTBS EF MPT SFDMBNPT EF GJBO[B RVF FM SFTQPOTBCMF DPOUSBUBOUF EF MBPCSB FM$PNJUÊ"ENJOJTUSBEPSEFM1SP HSBNB'FEFSBMEF$POTUSVDDJÓOEF&TDVF MBT $"1'$& BIPSBEFOPNJOBEP*OTUJUVUP /BDJPOBMEFMB*OGSBFTUSVDUVSB'ÎTJDB&EV DBUJWB

EFQFOEJFOUFEFMB4&1 NBOUJFOF DPO BM NFOPT TJFUF DPOTUSVDUPSBT JOWPMV DSBEBTFOMBFEJGJDBDJÓOEFM$OBS:FTUÃO

FOKVFHPNJMMPOFTEFQFTPTUBOTÓMPQPS DPODFQUPEFFTUBTSFDMBNBDJPOFT -BTEPTDPNQBÒÎBTRVFNÃTSFDVSTPT FDPOÓNJDPTSFDJCJFSPOBUSBWÊTEFMB4&1 TPO*$"Z.FYJDBOBEF1SFTGVFS[P 4"EF $7"MBQSJNFSB MBEFQFOEFODJBMFFYJHF  QPSNFEJBDJÓOEFM$"'1$& IBDFSFGFDUJ WBMBGJSNBFOHBSBOUÎBRVFPUPSHÓBUSBWÊT EF'JBO[BT.POUFSSFZ 4" QPSVONPO UPEFNJMMPOFTNJMQFTPTDPO DFOUBWPT EFSJWBEPEFMiJODVNQMJNJFO UPEFMBPCMJHBDJÓOHBSBOUJ[BEBu FOUBOUP RVFFMNPOUPEFSFDMBNBDJÓOB.FYJDBOB EF1SFTGVFS[PBTDJFOEFBNJMMPOFT NJMQFTPT EFNBZPEF

%&1035&4 %FBDVFSEPDPOFMDPOUSBUPEFPCSBQÙ CMJDB OÙNFSP $"1'$&  DVZB DPQJBUJFOFFTUFTFNBOBSJP B*$"TFMFFO USFHBSPONJMMPOFTNJMQFTPTDPO DFOUBWPT EFMPTDVBMFTPCUVWPVOBOUJDJ QPEFNJMMPOFTZNFEJPEFQFTPT FRVJWB MFOUFBEFMJNQPSUFUPUBMEFMBPCSB&TF EPDVNFOUPGVFGJSNBEPFMEFEJDJFNCSF EFQPS0TXBMEP$FSWBOUFT3PESÎHVF[ Z4FSHJP1ÊSF[-FÓO TVCEJSFDUPSFTBENJ OJTUSBUJWPZUÊDOJDPEF$"1'$& SFTQFDUJ WBNFOUF ZQPSMBDPOUSBUJTUBEF*$" MBJO HFOJFSB"MNB3PTB(BSDÎB3PNFSP &OFTBGFDIBFM$"1'$&FSBEJSJHJEP QPS 'FSOBOEP -BSSB[ÃCBM #SFUÓO  BDUVBM DBOEJEBUPQPSFM1"/BMBBMDBMEÎBEF.PO UFSSFZ 4V MVHBS MP PDVQB BIPSB 0TXBMEP $FSWBOUFT3PESÎHVF[ VOPEFMPTSFTQPOTB CMFTFOMBGJSNBEFMDPOUSBUPRVFFTBEFQFO EFODJBFTUBCMFDJÓDPO*$" *OHFOJFSPT$JWJMFT"TPDJBEPTFTMBNJT NBDPNQBÒÎBRVFFTUVWPJOWPMVDSBEBFOMB FEJGJDBDJÓOEFMMMBNBEPNFHBGSBVEFEFMB CJCMJPUFDB+PTÊ7BTDPODFMPTZFTMBSFTQPO TBCMFUBNCJÊOEFMBDPOTUSVDDJÓOEFMFTUBEJP +7$mQSPQJFEBEEFMDPOUSPWFSUJEPFNQSF TBSJP+PSHF7FSHBSB.BESJHBMm RVFQSÓYJ NBNFOUFTFSÃMBOVFWBNPSBEBEFMFRVJQP EFGVUCPM$IJWBTEF(VBEBMBKBSB -B SFGFSJEB DPOTUSVDUPSB Z .FYJDBOB EF1SFTGVFS[P 4"EF$7 HBOBSPO KVO UPDPOPUSBTDJODPFNQSFTBT MBTMJDJUBDJP OFTQÙCMJDBTEFMBSFGFSJEBCJCMJPUFDB BTÎ DPNPMBTEFM$OBS-BTPUSBTFNQSFTBTJN QMJDBEBTFOFMDBTPEFM$OBSTPO%JTFÒP  *OHFOJFSÎBZ.BOVGBDUVSBT 4"EF$7 $POTUSVDUPSB(BMMP.FEB%JTFÒP .BOUF OJNJFOUPZ1MBOFBDJÓO 4"EF$7$POT USVDUPSBZ&EJGJDBEPSB(*" BTÎDPNPFMBS RVJUFDUP%BWJE+BWJFS$BOPEF.JFS (QJDxRV\FRPSOLFLGDGHV

-PT WJDJPT EFUFDUBEPT UBSEÎBNFOUF QPS FM FOUPODFT $"1'$& mEF BDVFSEP DPO TVT PDIPSFDMBNPTEFàBO[B FOUSFTFQUJFNCSF ZEJDJFNCSFEFmFWJEFODJBOVOBTFSJF EFJSSFHVMBSJEBEFTZWJDJPTPDVMUPT -B SFDMBNBDJÓO EF GJBO[B OÙNFSP   DPO GFDIB EF  EF EJDJFNCSF EF  QPSFKFNQMP EFTDSJCFDPOMVKPEFEF UBMMFTFMJODVNQMJNJFOUPEFMBPCMJHBDJÓO HBSBOUJ[BEBQPS*$" &MJODJTP$EFMDPOUSBUP QPSFKFNQMP  QVOUVBMJ[Bi&MGJBEP *$" TFPCMJHÓBDPOT UJUVJSZBTPTUFOFSFOMBGPSNBZUÊSNJOPTFT UBCMFDJEPTQPSMB-FZEF0CSBT1ÙCMJDBTZ 4FSWJDJPT3FMBDJPOBEPTDPOMBTNJTNBTTV SFHMBNFOUPZEFNÃTEJTQPTJDJPOFTBENJOJT USBUJWBTBQMJDBCMFT ZFOUÊSNJOPTEFMNJT NPDPOUSBUP MBHBSBOUÎBEFEFGFDUPT WJDJPT PDVMUPTZDVBMRVJFSPUSBSFTQPOTBCJMJEBE i"TÎNJTNP TFPCMJHÓBRVFMPTNBUFSJB MFTZFRVJQPTRVFTFVUJMJ[BSÃOFJOTUBMBSÃO FOMPTUSBCBKPT PCKFUPEFMBPCSBNPUJWPEFM DPOUSBUPDVNQMJFSBODPOMBTOPSNBTEFDBMJ 

EFNBZPEF

EBEDPSSFTQPOEJFOUFTZBRVFMBSFBMJ[BDJÓO EFUPEBTZDBEBVOBEFMBTQBSUFTEFEJDIPT USBCBKPTTFFGFDUVBSÎBOBTBUJTGBDDJÓOEF$" 1'$& BTÎDPNPBSFTQPOEFSQPSTVDVFO UBZSJFTHPEFMPTEFGFDUPTZWJDJPTPDVMUPT EFMBNJTNB EFMPTEBÒPTZQFSKVJDJPTRVF QPSJOPCTFSWBODJBPOFHMJHFODJBEFTVQBS UFTFMMFHBSBOBDBVTBSBMIPZCFOFGJDJBSJPPB UFSDFSPT FODVZPDBTPTFFTUBCMFDJÓTFIBSÃ FGFDUJWBBMBHBSBOUÎBEFWJDJPTPDVMUPTu &MJODJTP%BTJFOUBRVFDPOGFDIBEF EJDJFNCSFEF ZNFEJBOUFBDUBBENJ OJTUSBUJWB iTFEJPMBSFDFQDJÓOEFMPTUSBCB KPTEFPCSBQÙCMJDB RVFEBOEPTVCTJTUFOUF MBHBSBOUÎBTPCSFMPTEFGFDUPT WJDJPTPDVM UPTZDVBMRVJFSPUSBSFTQPOTBCJMJEBEQPSFM AGJBEPDPOSFMBDJÓOBMBPCSBDPOUSBUBEBu -PTEFGFDUPTZWJDJPTPDVMUPTRVFTFBS HVNFOUBOFOMPTSFDMBNPTDPOTJTUFOFOMP TJHVJFOUF -BSFTQPOTBCJMJEBEEF*$"iQPSMB NBMBFKFDVDJÓOEFMPTUSBCBKPTEFDPOTUSVD DJÓOEFMBBMCFSDBZGPTBEFDMBWBEPTEFM $FOUSP/BDJPOBMEF%FTBSSPMMPEF5BMFOUPT Z"MUP3FOEJNJFOUP MBTDVBMFTQSFTFOUBO VOBJODMJOBDJÓOQPSQSFTVOUPTBTFOUBNJFO UPT EJGFSFODJBMFT EF IBTUB USFT DFOUÎNF USPTFOBNCBTPCSBT4FBUSJCVZFFMEFGFD UPBRVFFMAGJBEPOPSFBMJ[ÓMPTUSBCBKPTEF DPOTUSVDDJÓODPOMBDBMJEBEZFTQFDJGJDB DJPOFTSFRVFSJEPT OJUBNQPDPDPOUFNQMÓ VOFTUVEJPEFNFDÃOJDBEFTVFMPT i$BCFTFÒBMBSRVFMPTUSBCBKPTTFSFBMJ [BSPOFOCBTFBVOQSPZFDUPQSPQPSDJPOB EPQPSFM$"1'$& FOFMDVBMTFJOEJDBVO OJWFMÙOJDPQBSBMBBMCFSDB ZFOFTUFDBTP  DPOUSBSJBNFOUFTFUJFOFOOJWFMFTEJGFSFOUFT EFFWJEFOUFJEFOUJGJDBDJÓO ZBRVFMBBMCFS DBZGPTBEFDMBWBEPTTFEFTCPSEBOÙOJDB NFOUFQPSVOBDBCFDFSBu i w FYJTUFOGJMUSBDJPOFTEFBHVBT GSFÃUJDBTBMBTDFMEBTEFDJNFOUBDJÓOEFMB GPTBEFDMBWBEPT MPDVBMFTUÃPDBTJPOBO EPRVFEJDIBTDFMEBTTFMMFOFOEFFTBBHVB  TJFOEPRVFFOFMQSPZFDUPUBMFTFMFNFOUPT TFJOEJDBODPNPFTUBODPT1PSMPUBOUPFYJT UFVOBBOPNBMÎBEFFKFDVDJÓORVFEFCFTFS TPMVDJPOBEBEFNBOFSBVSHFOUFu -PDJFSUPFTRVFMPTUSBCBKPTFGFDUVBEPT QPSMBTDPOTUSVDUPSBTFOMBTGMBNBOUFTJOT UBMBDJPOFTEFM$OBSFTUÃOMMFOBTEFJSSFHV MBSJEBEFTGJMUSBDJPOFTFOBMHVOPTFEJGJDJPT  EFGFDUPTFOMPTCBÒPTZEPSNJUPSJPT BHSJF UBNJFOUPTFOQBSFEFT GBMUBEFMTJTUFNBEF QBSBSSBZPT EFTQFSGFDUPTFOMBQJTUBEFMWF MÓESPNPZPCSBTJODPODMVTBTQPSFMJODVN QMJNJFOUPEFMBTOPSNBTEFDBMJEBEDPSSFT QPOEJFOUF&MDPMNPFMFRVJQPEFDÓNQVUP FTEFNFOPSDBQBDJEBEBMRVFEFCJÓIBCFSTF FOUSFHBEPBMBEFQFOEFODJB 5PEBTMBTBOPNBMÎBTGVFSPOEFUFDUBEBTFO QMFOBHFTUJÓOEF$BSMPT)FSNPTJMMPFOMB$P OBEF-PQBSBEÓKJDPFTRVFFTUFFYGVUCPMJTUB GVFFMSFTQPOTBCMFEFMBJOGSBFTUSVDUVSBEFQPS UJWBFOFMTFYFOJPGPYJTUB KVOUPDPO&EVBSEP 4ÃODIF[6SSVUJB RVJFOTFEFTFNQFÒBCBDPNP

EJSFDUPSEFM4JTUFNB/BDJPOBMEFM%FQPSUF 4J OBEF ZFSBTVCSB[PEFSFDIP)PZ 4ÃODIF[ 6SSVUJBFTTVCEJSFDUPSHFOFSBMEFMB$POBEF 1BSUFEFFTBTJSSFHVMBSJEBEFTGVFSPOEFT DVCJFSUBTBNFEJBEPTEFQPSFMQSPQJP $"1'$&1PSFMMP MB$POBEFEFUFSNJOÓGJS NBSQPSQBSUFTMBTDBSUBTEFFOUSFHBSFDFQDJÓO EFMBTJOTUBMBDJPOFTEFM$OBS&TEFDJS QPSQB CFMMPOFTmDPNPTFSFGJFSFOBDBEBÃSFB ZEF BDVFSEPBMBEJTDJQMJOBBTJHOBEB"TÎ EFTEF KVOJPEFTFGJSNBSPOMBTFOUSFHBTEFMPT QBCFMMPOFTEFHJNOBTJB DPNCBUFZBUMFUJTNP %ÎBTBOUFTEFRVF)FSNPTJMMPBCBOEPOBSBMB %JSFDDJÓO(FOFSBMEFMB$POBEFMB4&1SFDJ CJÓMBTBDUBTEFMBTÃSFBTEFMWFMÓESPNP UJSP DPOBSDPZFMDFOUSPBDVÃUJDP (OGHVOLQGH

&OTVEFTDBSHP FMFYEJSFDUPSEFMB$POBEF  /FMTPO7BSHBT  BOUFDFTPS EF )FSNPTJMMP Z QSJODJQBM QSPNPUPS EFM QSPZFDUP EFQPSUJWP EFOPNJOBEP$OBS BSHVNFOUBRVFFOEJDJFN CSFEF BMSFDJCJSGPSNBMNFOUFQBSUFEF MBTJOTUBMBDJPOFTEFMDFOUSP ÙOJDBNFOUFPC TFSWÓFMIVOEJNJFOUPEFMBBMCFSDB my/PEFUFDUÓOJOHVOBPUSBJSSFHVMBSJ EBEFOMBTPCSBTEFM$OBS m`+BNÃT"NÎNFFOUSFHBSPO MPTUSBCB KPT FOEJDJFNCSF EF

BOUFTEFJOBV HVSBSMBTJOTUBMBDJPOFT&MÙOJDPDBTPGVFMB BMCFSDB RVFUFOÎBVOIVOEJNJFOUPEFDJO DPDFOUÎNFUSPT Z MBSFTQPOTBCJMJEBE FTEF *$"$POUPEPTVEFSFDIP$"1'$&UJFOF RVFSFDMBNBSw1PSTVQVFTUPRVFVOIVOEJ NJFOUPEFDJODPDFOUÎNFUSPTOPFTDPSSFDUP FTUÊUJDBNFOUFTFWFGFP &OUSFWJTUBEPQPS1SPDFTP 7BSHBTBSHV ZFi&TUPMPUFOÎBRVFIBCFSTVQFSWJTBEPZSF TVFMUPFMRVFFOUSÓBEJSJHJSMB$POBEFEFTQVÊT EFNÎ $BSMPT)FSNPTJMMP

RVJFOBEFNÃTGVF FMFODBSHBEPEFJOGSBFTUSVDUVSBEFQPSUJWB.F GVJZFTUFTFÒPSTFRVFEÓÊMEFCJÓEBSMFTFHVJ NJFOUPBUPEBMBQSPCMFNÃUJDBu *NQBDJFOUF FMFYEJSFDUJWPTPTUJFOFRVF ZBUSBOTDVSSJFSPOEPTBÒPTZNFEJPEFTEF RVFEFKÓTVDBSHPFOMB$POBEFi:BOPTPZ GVODJPOBSJPQÙCMJDPu :GJKBTVQPTJDJÓOi"IPSBMBSFTQPOTB CJMJEBESFDBFFOMBHFOUFRVFFTUÃBMGSFOUF EFMB$POBEF4JZPUFOHPBMHVOBSFTQPOTB CJMJEBE ZBNFFTUBSÃDJUBOEPMB"VEJUPSÎB 4VQFSJPSEFMB'FEFSBDJÓOPMBBVEJUPSÎBJO UFSOBEFMB$POBEF)BTUBBIPSBOPIFSFDJ CJEPOJOHÙODJUBUPSJPu &TBTDPTBT EJDF iEFCJÓSFTPMWFSMBT$BS MPT)FSNPTJMMP4JOPMPIJ[P OPUFOHPMB DVMQB"EFNÃT ÊMFTUBCBNÃTFOUFSBEPRVF ZP QPSRVFFTUVWPBDBSHPEFMBJOGSBFTUSVD UVSB EFQPSUJWBu 4FHÙO7BSHBT  TV TVDFTPS USBCBKÓFOPUSBTDPTBT OPFOMPRVFiTFSF RVFSÎBFOMBBENJOJTUSBDJÓOQÙCMJDBu -B-FZEF4FSWJEPSFT1ÙCMJDPTNFODJP OBRVFMBSFTQPOTBCJMJEBEEFVOGVODJPOBSJP UFSNJOBDJODPBÒPTEFTQVÊTEFIBCFSDPO DMVJEPTVDBSHP

1 " - " # 3 "  % & - & $ 5 0 3

4PCSFi1BTUBEF$PODIPT JODVNQMJNJFOUPPGJDJBMw %F+PSHF3PESÓHVF[$BTUB×FEB 4F×PSEJSFDUPS

& OSFMBDJØODPOFMBSUÓDVMP1BTUBEF$PODIPT JODVNQMJNJFOUPPGJDJBM FTDSJUPQPS.JHVFM«OHFM (SBOBEPT$IBQBFO1SPDFTP EFMEF BCSJMQBTBEP NFQFSNJUPIBDFSMBTQSFDJTJPOFT RVFBDPOUJOVBDJØOTFQSFTFOUBO -B4FDSFUBSÓBEFM5SBCBKPZ1SFWJTJØO4PDJBM 4514  OPDPNQBSUFMBWJTJØOTFTHBEBZQBSDJBMDPOMBRVF FMDPMVNOJTUBEFFTUBQVCMJDBDJØOTFSFGJFSFBMUSBUB NJFOUPEFMBJOGPSNBDJØOIFDIBQPSFTUBTFDSFUBSÓB FOTVCPMFUÓOEFQSFOTBEFMQBTBEPEFNBS[P BM DBMJGJDBSMBDPNPNVUJMBEBZUPSDJEB SFTQFDUPEFMBT SFDPNFOEBDJPOFTIFDIBTFOFMJOGPSNFFNJUJEPQPSMB 0SHBOJ[BDJØO*OUFSOBDJPOBMEFM5SBCBKP 0*5  $PNPZBFTTVDPTUVNCSF EFNBOFSBJOUF SFTBEBZQPDPPCKFUJWB .JHVFM«OHFM(SBOBEPT $IBQBOVFWBNFOUFTFFRVJWPDBFOTVTBQSFDJB DJPOFTTPCSFFMBDUVBSEFMB4514FOFMUFNBSFMB DJPOBEPDPOFMMBNFOUBCMFBDDJEFOUFEFMBNJOB 1BTUBEF$PODIPT &OQSJNFSMVHBS ZVUJMJ[BOEPTVTQSPQJBT QBMBCSBT NVUJMBZUVFSDFMBTSFDPNFOEBDJPOFT GPSNVMBEBTQPSFM$PNJUÏ5SJQBSUJUPBM$POTFKPEF "ENJOJTUSBDJØO ZTF×BMBRVFMBTNJTNBTGVFSPO IFDIBTBMB4514&OFGFDUP EJDFRVFMB4514 OPDVNQMJØDPOMBSFDPNFOEBDJØOIFDIBQPSFM PSHBOJTNPFOFMTFOUJEPEFiEBSBDPOPDFSQÞCMJ DBNFOUFFMQSFTFOUFJOGPSNFw QFSPPNJUFTF×BMBS  QPSEPMPPEFTDPOPDJNJFOUP RVFFMQÈSSBGP EFMJOGPSNFDJUBEPTF×BMBUFYUVBMNFOUF &M$PNJUÏSFDPNJFOEBBM$POTFKPEF "ENJOJTUSBDJØORVFBQSVFCFFMQSFTFOUFJOGPSNFZ RVF BMBMV[EFMBTDPODMVTJPOFTRVFGJHVSBOFOMPT QÈSSBGPTB UFOHBBCJFOyG EBSBDPOPDFS QÞCMJDBNFOUFFMQSFTFOUFJOGPSNFZEFDMBSBSDFSSBEP FMQSPDFEJNJFOUPEFSFDMBNBDJØOJODPBEPQPSMBT PSHBOJ[BDJPOFTSFDMBNBOUFT -PBOUFSJPSSFGMFKBDPOBCTPMVUBDMBSJEBERVF MBSFDPNFOEBDJØOFTUBCBEJSJHJEBBM$POTFKPEF

"ENJOJTUSBDJØOEFMB0*5ZOP BMB4514/PPCTUBOUFRVF FTUBTFDSFUBSÓBOPFTUÈPCMJHBEB BIBDFSQÞCMJDPTMPTJOGPSNFT EFMB0*5 DPNPNB×PTBNFOUF (SBOBEPT$IBQBMPTF×BMB QPS DPOWJDDJØODPOMBUSBOTQBSFODJB FOFMBDUVBSFTRVFTFFNJUJØ  QPSVOMBEP FMCPMFUÓOEFQSFOTB RVFUBOUPDSÓUJDB ZQPSPUSP TF FOWJBSPOFMQBTBEPEFBCSJM  EÓBTBOUFTEFTVDPMVNOB TFOEPT PGJDJPTBMPTQSFTJEFOUFTEFMBTDPNJTJPOFTEFM 5SBCBKPFOMBTDÈNBSBTEFEJQVUBEPTZTFOBEPSFT  BTÓDPNPBMB4FHVOEB7JTJUBEVSÓBEFMB$PNJTJØO /BDJPOBMEF%FSFDIPT)VNBOPT"TÓNJTNP FM JOGPSNFDPNQMFUPQVFEFTFSDPOTVMUBEPFOMBEJ SFDDJØOIUUQXXXTUQTHPCNYQBTUBEFDPODIPT P@JOGPSNF@DPNQMFNFOUBSJPQEG 1PSPUSPMBEP FTGBMTPRVFMBSFDMBNBDJØO QSFTFOUBEBBOUFMB0*5TFIBZBIFDIPBMFHBOEP FMJODVNQMJNJFOUPEFMHPCJFSOPNFYJDBOPEFEPT DPOWFOJPTJOUFSOBDJPOBMFT ZBRVFMBTPSHBOJ[BDJP OFTRVFSFMMBOUFTBMFHBCBOFMJODVNQMJNJFOUPEF NÈTDPOWFOJPT4JOFNCBSHP MBNJTNBGVFBENJ UJEBFYDMVTJWBNFOUFQPSMB0*5FOSFMBDJØODPOMB BQMJDBDJØOEFMPTDPOWFOJPTOÞNFSPT Z SBUJGJDBEPTQPS.ÏYJDP UBMZDPNPTFTF×BMB FOFMQÈSSBGPEFMSFGFSJEPJOGPSNF 0USBNVFTUSBDMBSBEFMBGBMUBEFSJHPS RVFNBOFKBFMDPMVNOJTUBFOTVTBSUÓDVMPTFT MBGPSNBDPNPDPOGVOEFBMB4FDSFUBSÓBEFM 5SBCBKPZ1SFWJTJØO4PDJBMDPOMB4FDSFUBSÓBEF $PNVOJDBDJPOFTZ5SBOTQPSUFT NJTNBRVFOP UJFOFSFMBDJØOBMHVOBDPOMBSFDMBNBDJØOBOUFMB 0*5 Z TJOFNCBSHP QVFEFMMFHBSBDPOGVOEJSB MPTMFDUPSFTEFMBSFWJTUBRVFVTUFEEJSJHF %FJHVBMNBOFSB OPDBVTBFYUSB×F[BMBNBMB GFDPOMBRVFTFNBOFKBFMDPMVNOJTUBBMEFKBS QBUFOUFMBBGJSNBDJØOEFMBJOEJTQPTJDJØOEFMHP CJFSOPNFYJDBOPBBDFQUBSMBTSFDPNFOEBDJPOFT IFDIBTQPSMB0*5FJHOPSBEBTFOFMCPMFUÓOEF

"DFSDBEFi$FTBFM*/#"B$SV["SWFBw %F-VJT3JVT$BTP 4F×PSEJSFDUPS

-

FTPMJDJUPQVCMJDBSMBT TJHVJFOUFTMÓOFBTTPCSF MBTEFTBGPSUVOBEBTEF DMBSBDJPOFTRVF$BSMPT #MBT(BMJOEP BDUVBM EJSFDUPSEFM$FOUSP /BDJPOBMEF*OWFTUJHBDJØO  %PDVNFOUBDJØOF*OGPSNBDJØOEF"SUFT1MÈTUJDBT EFM*/#" $FOJEJBQ

IJ[PFO1SPDFTP .FTPSQSFOEFRVF EFBDVFSEPDPOMBOPUB

UJUVMBEB$FTBFM*/#"B$SV["SWFB #MBT(BMJOEP TVHJFSBJODBQBDJEBEZDPSSVQDJØOEFMPTBOUF SJPSFTEJSFDUPSFTEFEJDIPDFOUSPQPSOPIBCFS iEBEPFMQBTPwEFEFOVODJBSB3BGBFM$SV["SWFB ZMPHSBSTVDFTFDPNPJOWFTUJHBEPSEFM$FOJEJBQ  MPRVFBDBCBEFTVDFEFSUSBTVOMBSHPZDPNQMF KPQSPDFTPRVFDVMNJOØDPOMBJOUFSWFODJØOEF MPTUSJCVOBMFTGFEFSBMFTDPNQFUFOUFT -BBDUVBMJEBEEFMQSPCMFNBBUB×FBMB QSFTFOUFEJSFDDJØOEFM$FOJEJBQ FOMBRVF#MBT (BMJOEPMMFWBDJODPB×PT ZOPUJFOFQPSRVÏ JOWPMVDSBSBFYEJSFDUPSFTRVFIJDJFSPOMPDPOEV DFOUFBQSPQØTJUPEFÏTUFZPUSPTUFNBT FOTVT SFTQFDUJWBTHFTUJPOFT

QSFOTB&TUPFTDPNQMFUBNFOUFGBMTP ZBRVFFM HPCJFSOPEF.ÏYJDPBDPHJØDPOSFTQPOTBCJMJEBE ZDPNQSPNJTPMBTSFDPNFOEBDJPOFTEFMB0*55BM DPNPTFNFODJPOBFOFMQSPQJPCPMFUÓO MBTSFDP NFOEBDJPOFTEFMDPNJUÏTPO DPJODJEFOUFTDPOMBTBDDJPOFT FNQSFOEJEBTEFTEFFMJOJDJPEF MBBDUVBMBENJOJTUSBDJØOGFEF SBM FTUSBUFHJBRVFTFEFTBSSPMMØ BQBSUJSEFDJODPHSBOEFTMÓOFBT EFBDUVBDJØO1PSMPRVFMB 4514OPFMJNJOØGSBTFTZNV DIPNFOPTMBTQBSDJBMJ[Ø TJOP RVFTØMPIJ[PVOBSFTF×BEFM JOGPSNFQBSBQSPOUBSFGFSFODJB EFMQÞCMJDPFOHFOFSBM "TÓNJTNP FTFWJEFOUF RVFFMTF×PS(SBOBEPT$IBQBJHOPSB MPTQSPDFEJNJFOUPTEFMPSHBOJTNPJOUFSOBDJPOBM  SB[ØOQPSMBDVBMJODVSSFFOFSSPSFTEFBQSFDJBDJØO ZMMFHBBUFSHJWFSTBSFMTFOUJEPEFMBTSFDPNFOEB DJPOFTEFMB0*5BMTF×BMBSRVFFMHPCJFSOPNFYJ DBOPMBTSFDIB[B BVORVFSFTVMUBBCTVSEPQFOTBS FOFMMP ZBRVFFTBMB$PNJTJØOEF&YQFSUPTFO "QMJDBDJØOEF$POWFOJPTZ3FDPNFOEBDJPOFTEF MB0*5BMBRVFTFEFCFJOGPSNBSTPCSFFMDVNQMJ NJFOUPEFMBTSFDPNFOEBDJPOFTDPOUFOJEBTFOFM JOGPSNFFNJUJEPQPSFM$PNJUÏ5SJQBSUJUP MPDVBM TJOEVEBTFSFBMJ[BSÈFOFMNPNFOUPPQPSUVOP 1PSÞMUJNP FTNFOUJSBRVFMB4514OPRVJFSB BDVTBSEFSFDJCPMBTSFDPNFOEBDJPOFTIFDIBTQPS FM$PNJUÏ5SJQBSUJUPEFMB0*5 ZBRVF DPNPTF EJKP EFTEFFMEFBCSJMTFIJ[PEFMDPOPDJNJFOUP EFMBTDÈNBSBTEFEJQVUBEPTZTFOBEPSFT BTÓ DPNPEFMB$PNJTJØO/BDJPOBMEFMPT%FSFDIPT )VNBOPT NVDIPBOUFTEFRVFMBTPSHBOJ[BDJP OFTRVFSFMMBOUFTMPIJDJFSBOEFMDPOPDJNJFOUPEFM 1PEFS-FHJTMBUJWP QPSMPRVFEFOJOHVOBNBOFSB IBFYJTUJEPVONVUJTNPPGJDJBM DPNPFOHB×PTB NFOUFMPRVJFSFIBDFSWFSFMDPMVNOJTUB &OFTUFTFOUJEP RVFEBEFNBOJGJFTUPRVFFM TF×PS(SBOBEPT$IBQBOPMFZØFMJOGPSNFZÞOJ DBNFOUFVUJMJ[BFTUFNFEJPDPOPUSPTGJOFT BKFOPT BMBWFSEBE "UFOUBNFOUF +03(&30%3¶(6&;$"45"º&%" +FGFEFMB6OJEBEEF"TVOUPT*OUFSOBDJPOBMFT 4FDSFUBSÓBEFM5SBCBKPZ1SFWJTJØO4PDJBM

%VSBOUFDBTJUPEPNJQFSÓPEPEJSFDUJWPFOFM $FOJEJBQ 

MBDVFTUJØOEFMPTSFHJTUSPT EFPCSBZMBQSPCMFNÈUJDBSFMBDJPOBEBDPO$SV[ "SWFBJOWPMVDSØEFNBOFSBJONFEJBUBZEJSFDUBB PUSPTGVODJPOBSJPTEFMJOTUJUVUP QVFTFMJOWFTUJHBEPS FTUBCBDPNJTJPOBEPFOEJWFSTBTEFQFOEFODJBTEFM */#" DPNPFM$FOUSP/BDJPOBMEF$POTFSWBDJØOZ 3FHJTUSPEFMB0CSB"SUÓTUJDB.VFCMF $FODPB ZMB 4BMBEF"SUF1ÞCMJDP4JRVFJSPT &OPDBTJPOFTTFNFQVTPBMUBOUPEFEFUFSNJ OBEBTJOWFTUJHBDJPOFTTPCSFFMEFTFNQF×PEF$SV[ "SWFBFOSFMBDJØODPOFMVTPEFEPDVNFOUBDJØO PGJDJBM QFSPMBTHFTUJPOFTZSFTQPOTBCJMJEBEFTGVFSPO BTVNJEBTQPSMBTJOTUBODJBTDPNQFUFOUFT DPNPDP SSFTQPOEÓBFM%FQBSUBNFOUP+VSÓEJDPZMB%JSFDDJØO (FOFSBMEFM*/#"&TUBÞMUJNBFYQJEJØVOBDBSUBNVZ DMBSB DPODMVTJWB FOBHPTUPEF MBEF(FSBSEP

EFNBZPEF

&TUSBEBRVFNFODJPOB#MBT(BMJOEP

FOFMNPNFO UPFORVFSFHSFTBCBFMJOWFTUJHBEPSBM$FOJEJBQ "DMBSP BTÓNJTNP RVFBMGSFOUFEFMDFOUSP OVODBNFUPDØBUFOEFSVOBEJMJHFODJBPGJDJBM WJODVMBEBDPOPQJOJPOFTFOUPSOPBMBBVUFOUJDJ EBEEFVOBPCSBEFBSUF&TBOPFSBVOBBUSJCV DJØOEFMEJSFDUPSEFM$FOJEJBQ OJDSFPRVFEFCB TFSMP QPSTBMVEJOTUJUVDJPOBM  $VBOEPBMHVJFOTPMJDJUBCBVOEJDUBNFOEFBV UFOUJDJEBE FSBJOWJUBEPBBDVEJSBM-BCPSBUPSJPEF %JBHOØTUJDPEF0CSBTEF"SUFEFMB6/".P FO DBTPTFORVFTFKVTUJGJDBCB BMB%JSFDDJØO(FOFSBM EFMJOTUJUVUP RVFTÓUJFOFMBBUSJCVDJØO5BNQPDP BQPZÏOVODBEJDUBNJOBDJPOFTEJSFDUBTPJOEJSFDUBT EFPCSB OJTFNFPGSFDJØKBNÈTBMHVOBSFUSJCVDJØO QPSBMHPSFMBDJPOBEP OJQPSOJOHVOBPUSBDPTB 4BMFTPCSBOEPSFGFSJSTFBMBTFTUSBUFHJBTZQPSDFO UBKFTEFHBOBODJBTQPTJCMFT DPOMBTRVF#MBT(BMJOEP GVOEBNFOUBTVKVFHPEFFTQFDVMBDJPOFT.FMJNJUP BTF×BMBSRVFFTFUJQPEFQSÈDUJDBTTPOQPSDPNQMFUP BKFOBTBNJTJOUFSFTFTQSPGFTJPOBMFTZQFSTPOBMFT  DPNPTJOEVEBBMHVOBMPTPOUBNCJÏOEF"MCFSUP "SHàFMMP(SVOTUFJOZEFMDPOKVOUPEFBDBEÏNJDPTEFM $FOJEJBQ RVJFOFTQFOPTBNFOUFSFDJCFOBNFOB[BT EFMEJSFDUPSRVFMPTSFQSFTFOUB "UFOUBNFOUF -6*43*64$"40

%F"MCFSUP"SHàFMMP(SVOTUFJO 4F×PSEJSFDUPS

- FPDPOEFDFQDJØOZEFTBHSBEPMPTDPNFOUBSJPT RVF#MBT(BMJOEPFOEFSF[BHSBUVJUBNFOUFZTJO

%F.BSJP$BTBTÞT FOUPSOP Bi$IÈWF[ 0CBNB (BMFBOPyw 4F×PSEJSFDUPS

-

FÓDPONVDIPJOUFSÏTFMFOTBZP$IÈWF[ 0CBNB  (BMFBOPMBJOGMVFODJBEFMPTMJCSPT 1SPDFTP

 FTDSJUPQPSFMQPFUB3BGBFM7BSHBT TJFNQSFBDV DJPTPZFYBDUPFOTVTEBUPTCJCMJPHSÈGJDPT4ØMP IBCSÓBRVFEBSMFNÏSJUPBMBQSJNFSBFEJDJØOEF-BT WFOBTBCJFSUBTEF"NÏSJDB-BUJOB QVCMJDBEBQPSMB 6OJWFSTJEBEEFMB3FQÞCMJDB ZUBMWF[SFDPSEBSRVF $VCBEFTFDIØQSFNJBSZFEJUBSFMMJCSPFO &EVBSEP(BMFBOP FOFOUSFWJTUBDPO$MBSÓO DM NFEJKPi$VBOEPFTDSJCÓ-BTWFOBTBCJFSUBTEF "NÏSJDB-BUJOBMBQSFTFOUÏBMDPODVSTPEF$BTB EFMBT"NÏSJDBTZQFSEJØFMKVSBEPOPMPDPOTJ EFSØVOMJCSPTFSJP RVJ[ÈTQPSRVFFOFTBÏQPDB UPEBWÓBTFDSFÓBRVFVOMJCSPRVFOPFSBBCVSSJEP OPQPEÓBTFSTFSJPTFJEFOUJGJDBCBMBTFSJFEBEDPO FMBCVSSJNJFOUP ZRVJ[ÈTQPSFTP QPSRVFOVODB FTDVDIÏEFQBSUFEFVOPEFMPTKVSBEPTOJOHVOB PUSBPCKFDJØO NÈTRVFFTFUJQPEFDPTBTACVF OP OPFSBVOMJCSPQSPGVOEP ZBFTUÈ FMMJCSP QFSEJØ ZBSSFHMÏVOBFEJDJØOFO6SVHVBZDPOMB 6OJWFSTJEBEEFMB3FQÞCMJDBQFSPZPRVFSÓBVOB FEJDJØOJOUFSOBDJPOBMZMFNBOEÏFMMJCSPBEPO "SOBMEP0SGJMB y BMMJCSPMFGVFCBTUBOUFNBMFM QSJNFSB×PoOPWFOEJØDBTJOBEBo y EFTQVÏT IJ[PTVDBNJOPCVFOP GVFTPCSFUPEPNVZJN



EFNBZPEF

GVOEBNFOUPDPOUSBNJQFSTPOBZUBNCJÏODPOUSB -VJT3JVT$BTP RVJFONFBOUFDFEJØFOMBEJSFD DJØOEFM$FOJEJBQ-BNFOUPRVFFMBDUVBMEJSFDUPS TVHJFSBMBTEPTDPTBTRVF FOTVPQJOJØO iTF QJFOTBOwFOBTVOUPTDPNPÏTUFRVFGVJTVGJDJFOUF NFOUFJOFQUPQBSBOPEBSNFDVFOUBPRVFSFDJCÓ QBSUFEFMEJOFSPRVFTVQVFTUBNFOUFTFHFOFSØ QPSBVUFOUJGJDBDJPOFTIFDIBTJMFHBMNFOUF4JUJFOF QSVFCBTFONJDPOUSB RVFMBTQSFTFOUFP FODBTP DPOUSBSJP RVFTFSFUSBDUFQÞCMJDBNFOUF $PNPDBOEJEBUPBEJSFDUPSEFM$FOJEJBQ  GVJFOUFSBEPEFÏTUFZPUSPTQSPCMFNBTRVFMP BRVFKBCBO&TNÈT FMEPDVNFOUPRVFTFJOEJDB FOMBQSPQJBFOUSFWJTUBEF+VEJUI"NBEPS GJSNB EPQPSFMFOUPODFTEJSFDUPSHFOFSBMEFM*/#"  (FSBSEP&TUSBEB GVFBNQMJBNFOUFEJGVOEJEPFO FM$FOJEJBQFOZ TJFOEPZPEJSFDUPS  

MPSFQSPEVKFZQVCMJDJUÏEFOVFWBDVFOUB FOFMQSPQJPDFOUSPEFUSBCBKP1PSMPUBOUP OBEJF QPESÓBEFDJSTFJHOPSBOUFEFFTUBEJTQPTJDJØOJOT UJUVDJPOBM NVDIPNFOPTFMEJSFDUPS QPSJOFQUP RVFGVFTF $BCFBHSFHBSRVFFMEJSFDUPSEFÈSFB FTÏTUB MBDBUFHPSÓBEFMEJSFDUPSEFM$FOJEJBQ DBSFDFEF MBFTUSVDUVSB MBTJOTUBODJBTZMPTPCKFUJWPTQBSB FODBCF[BSVOBJOWFTUJHBDJØODPNPMBRVFTFQVTP FONBSDIB EFTEFIBDFNVDIPTB×PT DPOUSBFMJO WFTUJHBEPS3BGBFM$SV["SWFB FTEFDJS EFDBSÈDUFS KVSÓEJDPQPMJDJBDB FOMBRVFIBTUBFM'#*JOUFSWJOP  DPNPTFBQSFDJBFO1SPDFTP  %FTEFMVFHPRVFZP DPNPEJSFDUPS ZMB QSPQJBDPNVOJEBEEFJOWFTUJHBEPSFT TBCÓBNPT EFMPTTF×BMBNJFOUPTZTPTQFDIBTRVFQFTBCBO JOTUJUVDJPOBMNFOUF ZGVFSBEFMQSPQJP*/#" DPOUSB FMJOWFTUJHBEPS$SV["SWFB QFSPBNÓOVODBTFNF

NPTUSBSPOQSVFCBTEFOJOHÞOUJQPRVF EFNBOFSB DPOUVOEFOUF MPSFTQPOTBCJMJ[BSBOEFVOEFMJUP RVJFSPTVQPOFSRVFIPZFOEÓBTÓUJFOFOFTBTQSVF CBT QBSBRVF#MBT(BMJOEPIBZBiEBEPFMQBTPw  DPNPÏMEJDF 1SVFCBTRVFEFCFOTFSSFTVMUBEP EFQFTRVJTBTSFBMJ[BEBT TVQPOHP QPSFM+VSÓEJDP EFM*/#"ZMB$POUSBMPSÓB*OUFSOB RVFDVFOUBODPO BUSJCVDJPOFTNÈTBQSPQJBEBTQBSBFMDBTP .JMBCPSBMGSFOUFEFM$FOJEJBQGVFBENJOJT USBUJWBZBDBEÏNJDB DPOMBTBUSJCVDJPOFTQBSB TVQFSWJTBSZFODBV[BSMBTBDUJWJEBEFTEFMPTJOWFT UJHBEPSFT JODMVJEP3BGBFM$SV["SWFB FOGVODJØO EFMBTJOTUBODJBTRVFQPTFFFMEJSFDUPSEFMDFOUSP TVTÈSFBTEFJOWFTUJHBDJØO EPDVNFOUBDJØO EJGV TJØOZBENJOJTUSBDJØO .FEJBOUFFTUBFTUSVDUVSB ZMBOPSNBUJWJEBE EFM*/#" DVJEÏRVFFOUPEPNPNFOUPMBTBDUJ WJEBEFTGPSNBMFTEFMPTJOWFTUJHBEPSFTTFEJFSBO EFOUSPEFMPTDBVDFTJOTUJUVDJPOBMFTZMFHBMFT FO MPBDBEÏNJDPZMPMBCPSBM QBSBDVNQMJSDPOMPT QSPQØTJUPTDFOUSBMFTEFM$FOJEJBQSFTDBUBS QSPEV DJS EPDVNFOUBSZEJGVOEJSFMDPOPDJNJFOUPTPCSF FMDBQJUBMBSUÓTUJDPEF.ÏYJDPEFTEFFMTJHMP99

QVMTBEPQPSMBTEJDUBEVSBTNJMJUBSFTMBTRVFNÈT BZVEBSPOBRVFFTFMJCSPTFEJGVOEJFSBGVFSPOMBT EJDUBEVSBTRVFMPQSPIJCJFSPOZRVF QSPIJCJÏOEP MP MPFMPHJBSPOw   "IPSB)VHP$IÈWF[MPTVHJFSFDPNPMFDUVSB PCMJHBEBQBSB0CBNBZTFEJTQBSBOMBTWFOUBT4JHMP 99*&EJUPSFTSFQPSUBRVFFO.ÏYJDPTFBHPUBSPO NJMFKFNQMBSFTEVSBOUFUSFTEÓBT 1SPDFTP  "IPSB&EVBSEP(BMFBOPDVFOUBDPOEPT QSFNJPT$BTBEFMBT"NÏSJDBT Z

Z-BT WFOBTBCJFSUBTyTFIBUSBEVDJEPBJEJPNBT 4JOFNCBSHP UPEPJOJDJØDPOFMBUSFWJNJFOUP ZQMVSBMJEBEEFMBNBZPSVOJWFSTJEBEQÞCMJDBEF 6SVHVBZ ZFTPFTEJHOPEFSFDPSEBS

BMMFDUPSJOUFSFTBEPBMBFYUFOTBFOUSFWJTUBRVF $BTBTÞTIJ[PB(BMFBOP BTFRVJCMFFOFMTJHVJFOUF FOMBDFXXXFMDMBSJODMJOEFYQIQ PQUJPODPN@DPOU FOUUBTLWJFXJE*UFNJE 2VJ[ÈWBMHBMBQFOBB×BEJSUBNCJÏOMPRVF (BMFBOPEJKPFOPUSBFOUSFWJTUB DPODFEJEBFMEF PDUVCSFEFMB×PBMQFSJPEJTUBFTUBEVOJEFOTF 4DPVU4IFSNBOQBSBMBSFWJTUB5IF"UMBOUJD BQSP QØTJUPEFMBSFEBDDJØOEF-BTWFOBTBCJFSUBTy i&TVOMJCSPFTDSJUPDPNPVOQBOGMFUPQPMÓUJ DP ZNFQBSFDJØRVFQPESÓBTPCSFWJWJSEPTPUSFT B×PT3FTVMUØTFSVOMJCSPQFSEVSBCMF&ODJFSUP TFOUJEP FSBVOMJCSPEFQSPQBHBOEB4Ó MPFSB %FTQVÏTUSBUÏEFFTDSJCJSDPTBTEJGFSFOUFT QBSBOP SFQFUJSNF y QFSPUPEBWÓBTPZGJFMBMBTJEFBTRVF DPOUJFOFFTFMJCSP&TUPZPSHVMMPTPEFÏM/PNF BSSFQJFOUPEFIBCFSMPFTDSJUPw y

io)PZFOEÓB-BTWFOBTBCJFSUBTyFTDPO TJEFSBEPDPNPVODMÈTJDPFO"NÏSJDB-BUJOB {$VÈOUPTFKFNQMBSFTIBWFOEJEP io&TPFTBMHPRVFOPNFJOUFSFTB y )BZ DPTBTRVFOFDFTJUPEFDJS1FSPOP NFJOUFSFTBTBCFSDVÈOUPTMJCSPT WFOEPOJFMMVHBSRVFPDVQBOFO MBTMJTUBTEFWFOUBT/PNFJNQPS UBFOBCTPMVUPw

"UFOUBNFOUF ."3*0$"4"4Á4 1FSJPEJTUBEF&M$MBSÓOEF$IJMF

3FTQVFTUBEFMSFQPSUFSP 4F×PSEJSFDUPS

"

HSBEF[DPBMDPMFHB .BSJP$BTBTÞTTVBNBCMF DBSUB BTÓDPNPMBWBMJPTB JOGPSNBDJØORVFFOFMMB CSJOEB ZBQSPWFDIPMB PQPSUVOJEBEQBSBSFNJUJS

"UFOUBNFOUF ."&4530"-#&350"3(Ã&--0(36/45&*/

%F&EVBSEP$.BSHPMJT4PCPM 4F×PSEJSFDUPS

& OSFMBDJØODPOMBSFWJTUBRVFVTUFEEJSJHF NF QFSNJUPNBOJGFTUBSMFRVFFOFMOÞNFSPDPSSFT QPOEJFOUFBMBTFNBOBEFMEFBCSJM BQBSFDFVOB

"UFOUBNFOUF 3"'"&-7"3("4

1 " - " # 3 "  % & - & $ 5 0 3 OPUBGJSNBEBQPS)PNFSP$BNQBEFMQBTBEPEF BCSJM UJUVMBEB3FMBDJØOUVSCVMFOUB*TSBFM7BMMBSUB FO FMDVBMTFSFBMJ[BOBMHVOBTJNQVUBDJPOFTTPCSFNJ QFSTPOB %FBDVFSEPBMEFSFDIPEFSÏQMJDB MFNBOJ GJFTUPRVFEJDIBTJNQVUBDJPOFTTPOGBMTBT UPEB WF[RVFOPDPOP[DPBMTS*TSBFM7BMMBSUB ZFO DPOTFDVFODJB OPIFUFOJEPOJOHVOBSFMBDJØOEF BNJTUBEPEFOFHPDJPDPOEJDIBQFSTPOB QPS MPRVFTVTJUVBDJØOKVSÓEJDBTFSÈSFTVFMUBQPSMPT 5SJCVOBMFTEFMB'FEFSBDJØO 1PSÞMUJNPMFBGJSNP RVFOPTPZKFGFEFTFHV SJEBEEFOJOHVOBDPNVOJEBE ZBRVFNFEFEJDPB FKFSDFSFMDPNFSDJPEFNBOFSBMÓDJUB -FBHSBEF[DPMBQVCMJDBDJØOEFMBQSFTFOUF DPNVOJDBDJØOFOFMTFNBOBSJPEFJOGPSNBDJØOZ BOÈMJTJTRVFVTUFEEJSJHF "UFOUBNFOUF &EVBSEP$.BSHPMJT4PCPMw /EFMB3&TUBDBSUBGVFUSBOTDSJUBMJUFSBMNFOUF

3FTQVFTUBEFMSFQPSUFSP 4F×PSEJSFDUPS

3

FTQFDUPBMBDBSUBFOWJBEBQPSFMTF×PS&EVBSEP $.BSHPMJT4PCPM EFTFPQSFDJTBSRVFMPTTF×B MBNJFOUPTTPCSFTVQFSTPOBOPGVFSPOSFBMJ[BEPT QPSFMSFQPSUFSP TJOPRVFFTUÈODPOUFOJEPTFOMB BWFSJHVBDJØOQSFWJB1(34*&%06&*4 oSFMBUJWBBMPTDBTPTEF'MPSFODF$BTTF[F*TSBFM 7BMMBSUBoZRVFTFSFQSPEVKFSPOTJOFNJUJSKVJDJPT -BJOGPSNBDJØOTPCSFMBTVQVFTUBSFMBDJØO FOUSF.BSHPMJTZ7BMMBSUBMBEFTDSJCJØFTUFÞMUJNP FOMBEFDMBSBDJØOQSFQBSBUPSJBRVFSJOEJØFMEF NBS[PEFZRVFGPSNBQBSUFEFMSFGFSJEP FYQFEJFOUFKVEJDJBM EFMDVBM1SPDFTPUJFOFVOB DPQJB 1VOUVBMJ[PBEFNÈTRVFMBOPUBBMBRVFBMVEF FMTF×PS.BSHPMJTTFUJUVMB6OiUISJMMFSwMMFOPEF USBNQBTZOP3FMBDJØOUVSCVMFOUB*TSBFM7BMMBSUB RVFBQBSFDJØFO1SPDFTPZOPFOFMOÞNF SP ZRVFFOFMUFYUPOVODBTFBGJSNBRVFÏM TFBiKFGFEFTFHVSJEBEwEFBMHVOBDPNVOJEBE "UFOUBNFOUF )0.&30$".1"

%F$BSMPT)FWJBEFM1VFSUP1VFOUF

)JTUØSJDBNFOUF  MBGJMPTPGÓBIBTJEPMB EJTDJQMJOBEFEJDBEBB MBSFGMFYJØO BMBOÈMJTJT ZBMEJTDVSTPEFMQFO TBNJFOUPTPCSFMBSFB MJEBE FOUSFPUSPTNV DIPTUFNBT"WBODFT TJHOJGJDBUJWPTFOUPEPT MPTÈNCJUPTIVNBOPT TFIBOHFTUBEPZSFWJTBEPFOMBGJMPTPGÓB-BQSÈDUJDB HFOFSBMJ[BEBEFQFOTBNJFOUPDSÓUJDPEFMBSFBMJEBE FORVFTFEFTBSSPMMBVOBTPDJFEBESFTVMUBJNQSFT DJOEJCMFQBSBTVDPOTUSVDDJØOQPSTVOBUVSBMF[B FT EFTFBCMFMBJODMVTJØOEFMBTBTJHOBUVSBTGJMPTØGJDBT FOMPTQSPHSBNBTEFFTUVEJPQBSBMBDPOTUSVDDJØO EFMQFOTBNJFOUPDSÓUJDPFOMPTDJVEBEBOPT "VORVFSFWJTBOEPFMDPOUFOJEPEFMBSFGPSNB FEVDBUJWB FYQMÓDJUBNFOUFOPTFMFFOMBTDBODFMBDJP OFTEFMFTUVEJPEFBTJHOBUVSBTGJMPTØGJDBTFOMPTQSP HSBNBTEFFTUVEJPEFMTJTUFNBEFFEVDBDJØONFEJB TVQFSJPS TÓSFTVMUBQSFPDVQBOUFRVFOPFYJTUBVOB QSPNPDJØOEFBTJHOBUVSBTDPNPMØHJDB ÏUJDBPFT UÏUJDB RVFBQPZBSÓBOEJSFDUBNFOUF TVNJOJTUSBOEP DPOUFOJEPDPODFQUVBMZNFUPEPMØHJDP MBGPSNB DJØOEFFTBTDPNQFUFODJBTUSBOTWFSTBMFTEFMBTRVF TFIBCMBFOMBSFGPSNBBEFNÈTEFRVFBQPZBSÓBOMB GPSNBDJØOJOUFHSBMEFDPNQFUFODJBTFOMJOHàÓTUJDB  NBUFNÈUJDBT DJWJTNPPBSUFT/PRVFEBDMBSPFO OJOHVOBQBSUFEFMBJOGPSNBDJØOSFGFSJEB OJFOMPT EPDVNFOUPTOJFOMBOPUB DØNPTFDPOTUSVJSÈOMBT DPNQFUFODJBTNFODJPOBEBT &TQPSFMMPRVFFYIPSUPBMPTBVUPSFTEFMUFYUP FODVFTUJØOBRVFDPOUJOÞFOFOMBJOWFTUJHBDJØOZ BRVFQSPGVOEJDFOFOMBBDMBSBDJØOEFMPFTUJQVMBEP FOMPTEPDVNFOUPTZFOMBTEFDMBSBDJPOFTEFMPT GVODJPOBSJPT RVFNVFTUSBO QPSMPNFOPT EFTQSF DJPFOMBTFYQMJDBDJPOFTRVFPGSFDJFSPOB1SPDFTP 1PSÞMUJNP JOWJUPBMBDJVEBEBOÓBBDPOUJOVBS FOMBSFGMFYJØOZEJTDVTJØOEFOVFTUSBSFBMJEBE "UFOUBNFOUF $"3-04)&7*"%&-16&35016&/5& 1PTUTDSJQUVN5BNCJÏOSFTVMUBQSFPDVQBOUFMB EFEJDBUPSJBFYQMÓDJUBEFMBSFGPSNBQBSBPCMJHBSB MB6/".BDF×JSTFBMPTNÏUPEPTEFFWBMVBDJØOZ WBMJEBDJØOIPNPMPHBEPTQBSBMB&.4QPSMB4&1  RVFFTVOUFNBEFEJTDVTJØODPOFYP

$FMFCSBRVFMB4VQSFNB$PSUF BUSBJHBEFNBOEBDPOUSBi1SPDFTPw

4F×PSEJSFDUPS

4 PMJDJUPBUFOUBNFOUFMBQVCMJDBDJØOEFMBTTJ HVJFOUFTSFGMFYJPOFTSFMBDJPOBEBTDPOMBOPUB &OFSWBFMEFDSFUPBOUJGJMPTØGJDPEFMB4&1 QVCMJDBEB FO1SPDFTP $PODFQUPTDPNPiEFNPDSBDJBw iEFSFDIPw  iMJCFSUBEwr iJHVBMEBEwPiQSPHSFTPwSFTVMUBO BKFOPT PQPSMPNFOPTDPOGVTPT BMBDPODJFODJB JHOPSBOUFZFOBKFOBEB EFMNJTNPNPEPFORVF UÏSNJOPTDPNPiGVODJØOw iEFSJWBEBw iDÈMDVMPw PiNFEJBwMPTPOQBSBRVJFOOPUJFOFVOBTØMJEB GPSNBDJØOFONBUFNÈUJDBT

4F×PSEJSFDUPS

. FEJBOUFMBGØSNVMBIÓCSJEBEFDPOKVHBSEJTMBUFT ZDIBCBDBOFSÓBT 7JDFOUF'PYWJUVQFSØFMFKFSDJDJP EFMBMFDUVSB3FDPSEFNPTDVBOEPTFDPOHSBUVMØ EFMBOBMGBCFUJTNPEFVOBNVKFSDBNQFTJOB&MBUB RVFB1SPDFTPFOMPTUSJCVOBMFTQPSQBSUFEFMB FTQPTBEFMFYQSFTJEFOUFFTVOBEFMBTGPSNBTNÈT FYBDFSCBEBTEFFTBBOJNBEWFSTJØOIBDJBMBTMFUSBT  MBJOGPSNBDJØO MBJOUFMJHFODJB MBPCKFUJWJEBE FM QFSJPEJTNP MBMJCFSUBEEFFYQSFTJØO "IPSB FONFEJPEFMBDJBHPFTDÈOEBMPQPSMB

BQBSJDJØOEFMWJSVTEFMBGJFCSFQPSDJOBZEFTBDVEJEBT UFMÞSJDBT SFTVMUBVOBMJDJFOUFRVFMB4VQSFNB$PSUF BUSBJHBIBDJBTVGÏSVMBFMDBTPEFMBEFNBOEBDPOUSB 1SPDFTP"TJTUJNPTBVOBFOPSNFPQPSUVOJEBEQBSB KVTUJQSFDJBSBMBMV[EFDSJUFSJPTBDUVBMJ[BEPTMBFONP IFDJEBUSBEJDJØOKVSÓEJDBFONBUFSJBEFMJCFSUBEEF FYQSFTJØO "UFOUBNFOUF 30#&3503".04536+*--0

%FOVODJBJSSFHVMBSJEBEFTDPOTV DSÏEJUPEF*OGPOBWJUFO%VSBOHP 4F×PSEJSFDUPS

-

FTVQMJDPQVCMJDBSFTUBDBSUBTPCSFBOPNBMÓBT QSFTFOUBEBTFO*OGPOBWJU :PUFOÓBFOFTBJOTUJUVDJØOVODSÏEJUPEF NJMQFTPTRVF DPOVOTVCTJEJPEFNJM IBDÓB VOUPUBMEFNJMQFTPT"DVEÓBMBJONPCJMJBSJB EFMBTF×PSB$MBVEJB"(BZUÈOZFMMBNFPGSFDJØ VOBDBTBEFDPNQSBTBUFSDFSPTFONJMQFTPT &MQSPCMFNBFTRVF EFTQVÏTEFIBDFSUPEPT MPTUSÈNJUFTTJOEBSNFDPQJBEFOJOHÞODPNQSP CBOUF MBTF×PSB(BZUÈONFWFOEJØVOBDBTBDPO QBSFEFTEFBEPCFZDPOUSBUØBMQFSJUPWBMVBEPS  (PO[BMP1FESP$BMEFSØO1VFOUF DMBWF4)' 

DVBOEPFSBZPRVJFOUFOÓBRVFIBDFSMP .FIJ[PGJSNBSVOEPDVNFOUPQBSBRVFFO USFTNFTFTOPDBODFMBSBNJUSBUPDPOFMMB QVFTEF TFSBTÓNFRVJUBSÓBFMEFNJDSÏEJUP.FMMFWØ DPOFMOPUBSJP +PTÏ"OUPOJP"MWBSBEP3VJ[ QBSB GJSNBSVOEPDVNFOUPEFNJMQFTPTRVFNFEB SÓBEFMNJTNPDSÏEJUPBDBNCJPEFMBDPNQSBEFMB DBTB RVFUFSNJOØDPTUBOEPNJMQFTPT "VORVFZPIBCÓBBDVEJEPBMBJONPCJMJBSJB FMNBSUFTEFKVMJPZ$MBVEJB(BZUÈOSFBMJ[ØMPT USÈNJUFTFMEFOPWJFNCSFEF MBWJWJFOEB OPNFGVFFOUSFHBEBQPSMPTEVF×PTTJOPIBTUBFM EFBCSJMEF "DUVBMNFOUFMBDBTBTFIBMMBTPMBQPSRVFOP FTIBCJUBCMF ZZPRVFEÏDPNQSPNFUJEPBQBHBS NJMQFTPTQPSVOJONVFCMFRVFFO$BUBTUSP FTUÈWBMVBEPDPNPUFSSFOPFONJM %FCJEPBMPBOUFSJPS GVJBM*OGPOBWJUZMFTFY QMJRVÏRVFMBDBTBFTUÈTPCSFWBMVBEBZRVFFTEF BEPCF&MEFPDUVCSFEF MPTJOHFOJFSPT +PSHF-VJT)FSOÈOEF["HVJMBSZ4FSWBOEP3PDIB *CBSSB BTÓDPNPFMMJDFODJBEP-FPQPMEP$SV[ 3PNFSP SFQSFTFOUBOUFTEF*OGPOBWJU NFBDPNQB ×BSPOBJOTQFDDJPOBSMBWJWJFOEBZNFFOUSFHBSPO VOBDPOTUBODJBRVFDPOGJSNBMPTIFDIPTNFODJP OBEPT QFSPOPIJDJFSPOOBEBFONJGBWPS "OUFFTUP FOWJÏVODPSSFPFMFDUSØOJDPEPOEF FYQPOÓBNJRVFKBBMB4FEFTPM ZFMQBTBEPEF NBS[PMB4FDSFUBSÓBEFMB'VODJØO1ÞCMJDBNF NBOEØVOBDBSUBEPOEFEJDFRVFNJRVFKBGVF SFNJUJEBBMB$POUSBMPSÓB*OUFSOBEFM*OGPOBWJU 4JHPFOFTQFSBEFVOBTPMVDJØO $BSUBSFTVNJEB

"UFOUBNFOUF ."3$0"/50/*03&/5&3¶""3$& .ÈSUJSFTEF5MBUFMPMDP $PMPOJB+VBO-JSB %VSBOHP %VSBOHP

EFNBZPEF

Related Documents

Ensayo Sobre El Libro
June 2020 15
El Libro De Los Mantras
May 2020 15
El Libro De Los Muertos
November 2019 48
El Libro De Los Muertos
November 2019 26
El Libro De Los Secretos
May 2020 15
El Libro De Los Injertos
June 2020 11

More Documents from ""

Informe Huata.docx
May 2020 13
Camelidos Y Cambio Climatico.pdf
May 2020 15
Constitucionpolitica De Mexico 060608
November 2019 27
May 2020 16
Resumen De Inclusion Tim V.xlsx
May 2020 11
Influenzaanalisiscompleto
April 2020 13

Copyright © 2024 PDFCOKE.