Egipte - Cultura Entretenida

Cultura Entretenida S.L. Fernando el Católico 13, oficina 7 28015 Madrid Email: [email protected] Tel: 91 444 03 48 Fax: 91 447 52 78 LA TOMBA EGÍPCIA. UNA CASA PER A L’ETERNITAT EL MITE D’OSIRIS. LA PRIMERA MOMIFICACIÓ &HJQUF &MQBTBMµFUFSOJUBU &HJQUF &MQBTBMµFUFSOJUBU 4VIWMHIRX +EFVMIP*IVVEXq4EWGYEP (MVIGXSVKIRIVEP 6EJEIP.IRq:MPPEKVEWE (MVIGXSVHIP«3FVEWSGMEPMGSQYRMGEGMz *YRHEGMz'EM\E8EVVEKSRE <EZMIV&EW7EVVk )\TSWMGMz 3VKERMXÊGMzMTVSHYGGMz *YRHEGMz'EM\E8EVVEKSRE 'SP·PIGGMz 1YWIY)KMTGMHI&EVGIPSRE 'SQMWWEVMEX 0YMW1ERYIP+SR^jPZI^ 'SSVHMREGMz 2ERHS3XIVMRS 1EVXE:MPPERYIZE 'SR\MXE3PMZIV (MWWIR]MQYRXEXKI )UYMT.SVHM8SPSWE %GXMZMXEXWTIHEK{KMUYIW &IVRE1EVMRE %YXSVW 0YMW1ERYIP+SR^jPZI^ 2YVME'EWXVS +EFVMIP*IVVEXq .SVHM'PSW (IP«HIHIWIQFVIHIEPHIQEVpHI 'EXkPIK )HMXE *YRHEGMz'EM\E8EVVEKSRE 8I\XSW 0YMW1ERYIP+SR^jPZI^M2VME'EWXVS 'SVVIGGMzHIGEXEPkMGEWXIPPk 6EQSR:MHEP -QEXKIW 'EVPIW*EVKEW 1EUYIXEGMzMMQTVIWWMz -RH+VkJ+EFVMIP+MFIVX7% 8EVVEKSRE (MT{WMX0IKEP8 -7&2 ÀRHI\ )KMTXIIPZMEXKIIXIVR +%&6-)0*)66%8f4%7'9%0 4EWWMzTIV)KMTXI .36(-'0370031&%68 'VSRSPSKMEHIP«ERXMG)KMTXI 'SRWXVYGGMSRWTIVEP«IXIVRMXEX 09-71%29)0+32>½0:)> 'EXkPIK &MFPMSKVEÉ 8I\XSWIRGEWXIPPERS +%&6-)0*)66%8f4%7'9%0 4VIWMHIRXHIPE*YRHEGMz'EM\E8EVVEKSRE )KMTXIIPZMEXKIIXIVR 0E GYPXYVE HI P«)KMTXI JEVE{RMG ZSPME TIV PPSRKEV XERX PE ZMHE UYI HIWMXNk ZMYVI IXIV REQIRX (YVERX QMP·PIRRMW KIRIVEGMz VIVI KIRIVEGMz IPW IKMTGMW RS ZER IWGEXMQEV IW JSVpSW TIV E EGSRWIKYMV P«IXIVRMXEX XSQFIW QMXIW VMXYEPW Q{QMIW EM\SZEVW JYRIVEVMW IXG WzR IP XIWXMQSRM HI PE WIZE IWTIVERpE IRYREI\MWXrRGMEUYIHIWMXNEZIRUYIJSWMP PMQMXEHE)PWIKMTGMWZERMHIEVYRQqWIRPPk QSPX WIQFPERX E PE ZMHE XIVVIREP M IR YRE IXIVRMXEXH«EUYIWXIWGEVEGXIVuWXMUYIWIVEMQ TVIWGMRHMFPI PE TIVHYVEFMPMXEX HI PE MHIRXMXEX HIPETIVWSRE(«EUYuZEWSVKMVPERIGIWWMXEX HI QSQM´GEV IP GSW UYI IVE GSRWMHIVEX IP WYTSVX HI PIW IRIVKMIW RIGIWWkVMIW TIV E PE WYTIVZMZrRGMEIXIVREGSQEVEIPFEMIPOE %NYHEXWTIVPEQkKMEHIPWPPMFVIWTIPTSHIV TVSXIGXSV HIPW EQYPIXW M HI PIW MQEXKIW QM XSP{KMUYIW IPW IKMTGMW ZER MRXIRXEV WYTIVEV PIWFEVVIVIWHIPEQSVX-IRGIVXEQERIVE HIWTVqWHIQMPIVWH«ER]WEPKYREGSWEH«IPPW WIQFPE VIEPQIRX ZMZE VIVI PIW QkWGEVIW IR IPWSQVMYVIWIVrHIPWWIYWWEVG{JEKWMIRPE WSPIQRMXEXHIPIWQ{QMIW 0«I\TSWMGMz ¨)KMTXI )P TEW E P«IXIVRMXEX© GSSVKERMXÊHETIVPE*YRHEGMz'EM\E8EVVEKS RE M PE *YRHEGMz %VUYISP{KMGE 'PSW ETPIKE YRE ZYMXERXIRE HI TIGIW WSFVI VMXYEPW JYRI VEVMWHIP«ERXMG)KMTXIEQFYREERXMKYMXEXHI ´RW E ER]W EFERW HI 'VMWX EP GSWXEX HIPIWVIZIPEHSVIWJSXSKVEÍWHIPTVSGqWHI HIWGSFVMQIRXHIPEXSQFEHI8YXEROLEQSR 0«kQFMX HIHMGEX EPW VMXYEPW JYRIVEVMW GSRXq TIGIW GSQ EVE ´KYVIW WEVG{JEKW QkWGEVIW JYRIVkVMIWIWGYPXYVIWIWXEXYIXIWHMZMRIWIW XIPIWJYRIVkVMIWSFNIGXIWPMXVKMGWMHIPEZMHE UYSXMHMERE IR KIRIVEP UYI IW GSRWIVZIR EP 1YWIY)KMTGMHI&EVGIPSRE0«EPXVIkQFMXHI P«I\TSWMGMz IRW TIVQIX VIZMYVI IP HIWGSFVM QIRXHIPEXSQFEHI8YXEROLEQSRTIVQMX Nk H«YR GSRNYRX H«MQEXKIW UYI ZE GETXEV IP JSX{KVEJS´GMEPHIP«I\GEZEGMz,EVV]&YVXSR P«ER] UYER P«EVUYI{PIK ,S[EVH 'EVXIV M IP WIY IUYMT ZER XVSFEV PE JEQSWE XSQFE H«EUYIWXQMXM´GEXJEVEz 0EQSWXVEIRWSJIVIM\P«STSVXYRMXEXHIGS RrM\IVQqWkQTPMEQIRXYREGMZMPMXÊGMzUYI HIWHIWIQTVILEJEWGMREXIPQzRMHIVI ZMYVI EQF IPW RSWXVIW YPPW E XVEZqW HI PIW JSXSKVEÍW HI ,EVV] &YVXSR PE QMVEHE WSV TVIWE H«EUYIPPW LSQIW UYI HIWGSFVMIR ¨GS WIWQIVEZIPPSWIW©IRP«I\GEZEGMzHIPEXSQFE HI8YXEROLEQSR)VEPETVMQIVEZIKEHEIRPE LMWX{VME HI P«EVUYISPSKME UYI YRE I\GEZEGMz IVE JSXSKVEÉHE HI QERIVE XER I\LEYWXMZE 7IKYMRX IP HMEVM H«I\GEZEGMz HI 'EVXIV P«IW TIGXEHSVTEVXMGMTEHIPWHIWGSFVMQIRXWHYF XIWMQMWXIVMWHIPEQkHIP«IUYMTUYIEZER pEZE TIV P«MRXIVMSV HI PE XSQFE *MREPQIRX P«I\TSWMGMz IW VIGVIE IR PE XSQFE HIP VIM M IW HIWZIPE PE QEKRMXYH HIPW XVIWSVW EPPu HM TSWMXEXW *YRHEGMz 'EM\E 8EVVEKSRE ZSP GSRXVMFYMV EQFEUYIWXEMRMGMEXMZEEPGSRIM\IQIRXH«YRE GMZMPMXÊGMz UYI E XVEZqW HI HMREWXMIW M ER]WH«LMWX{VMEZEWIVTVSXEKSRMWXEHI QSQIRXW JSREQIRXEPW HI PE GYPXYVE YRMZIV WEP .36(-'0370031&%68 4VIWMHIRXHIPE*YRHEGMz%VUYISP{KMGE'PSW 1YWIY)KMTGMHI&EVGIPSRE 4EWWMzTIV)KMTXI 4IVEQSPXIWTIVWSRIWUYIHIHMUYIRKVER TEVXHIPWIYXIQTWMPIWWIZIWIRIVKMIWEYRE E´GMz WSZMRX qW HMJuGMP XVSFEV IP QSQIRX IR UYrZERqM\IVEUYIPPEMRUYMIXYHUYIQqWXEVH EGEFEVMESGYTERXKVERTEVXHIPEWIZEZMHE )RIPQIYGEWRSqWTEWEM\uNEUYIVIGSVHS TIVJIGXEQIRXUYER¦XSXTEVEJVEWINERX)QQE RYIPHI6SYKq¦ZEMKWIVQSWWIKEXTIVTVMQIV GST TIV P«¨kRIG HIPW XI\XSW NIVSKPu´GW© HIP UYEPqWQSPXHMJuGMPHIWTVIRHVI«W)PTVSJIWWSV H«,MWX{VMEZETVSTSWEVPEVIEPMXÊGMzH«YRXVI FEPPWSFVIYREGMZMPMXÊGMzHIP«%RXMKYMXEXMNS ZEMKIWGSPPMV)KMTXI%QFHSXÎER]WXSQFIW XVIWSVW QEPIHMGGMSRW JEVESRW IQFPIQkXMGW HqYWLEZMIRGETXMZEXPEQIZEEXIRGMzH«YRE JSVQE TYRXYEP M HMWTIVWE XSX M UYI EUYIPP XVIFEPP RS EREZE QqW IRPPk H«YRE HIWGVMTGMz KIRIVEPMRGSRWGMIRXQIRXZEMKUYIHEVMQQIVW IRIPQIYZMEXKIWIRWITYRXHIHIWXuHI´RMX IRUYrHIQERIVEMRIZMXEFPIYRXIQEIWTI Gu´GIQGSRHYxEEYREPXVI0IWXSQFIWMPIW TMVkQMHIW IQ TSVXEZIR EPW VMXYEPW JYRIVEVMW EUYIWXWEPIWQ{QMIWPIWQ{QMIWEPWTIVWS REXKIWH«YRELMWX{VMEXVIWZIKEHIWQMP·PIRkVME EQF PE WIZE IWXVYGXYVE IGSR{QMGE M WSGMEP PIW WIZIW VIPEGMSRW EQF TSFPIW ZIxRW 'VIG UYI JSY EUYu SR IQ ZEMK EHSREV HI PIW MR I\LEYVMFPIWTSWWMFMPMXEXWUYISJIVIM\EUYIWXE GMZMPMXÊGMzTIVEPWWIYWIWXYHMSWSW )P EQF RSQqW ZMRX ER]W ZEMK IQ TVIRHVIIPQIYTVMQIVZMEXKIE)KMTXI0EGMY XEXHIP'EMVIEQFIPWIYHIWGSQYREP1YWIY )KMTGMPIWRIGV{TSPMWHI+YMÊM7EUUEVEEP WYH0Y\SVEQFIPWXIQTPIWH«%QSRPE:EPP HIPW6IMWMP«,SXIP;MRXIV4EPEGIUYI¦HIPE QEXIM\EQERIVEUYI,S[EVH'EVXIV¦ZEMKYXM PMXÊVIQSGMSREHEQIRXGSQEFEWIH«STIVEGM SRW)RGMWEXTIPWQSRYQIRXWQEMLEYVMEIR HIZMREXPEWIRWEGMzUYIIQGEYWEVMEXVEZIW WEVIP2MPIRXVIPIWGMYXEXWHI0Y\SVM%WWYER UYERIPZMEXKIVTSXKEYHMVH«YRHIPWTEVEXKIW QqW FIPPW HIP QzR % %WWYER JVSRXIVE LMW X{VMGE M KISKVk´GE HI P«)KMTXI JEVE{RMG ZEMK XIRMV IP TVMZMPIKM HI ZIYVILM IPW QSRYQIRXW HIP«MPPEHI*MPIWXSXNYWXEFERWHIPWIYXVEWPPEX E P«IQTPEpEQIRX EGXYEP RS WYGGIu IP QEXIM\ EQFIPWXIQTPIWH«%FY7MQFIPWEPZEXWHIPIW EMKIW TSG XIQTW EFERW 4IV{ TIV HEQYRX HIXSXEUYIWXZMEXKITVMQIVIRGJSYP«IWGIREVM IRUYrZEXIRMVPPSGYRIWHIZIRMQIRXGEFHEP E PE QIZE ZMHE PE TVMQIVE EHUYMWMGMz H«YRE TIpEEVUYISP{KMGE)REUYIPPQSQIRXIRGEVE IVETSWWMFPIEGSRWIKYMVPIKEPQIRXEPKYREER XMKYMXEXJEWGMREXTIVEUYIPPESTGMzZEMKTEW WEVHMZIVWSWHMIW¨XERGEX©IRYRERXMUYEVMHI 0Y\SV´RWUYI´REPQIRXYRYM\IFXMHIJERK GYMX UYI GSRXIRME E PE TEVX JVSRXEP YR XI\X LMIVkXMGTMRXEXXMRKYqIPTVMZMPIKMHIGSRZIVXMV WIIRPETVMQIVETIpEHIPEQIZEGSP·PIGGMz H«EVUYISPSKME IKuTGME («EPIWLSVIW IRpk ER XMUYEVMWMGEWIWHIWYFLEWXIWHITVIWXMKMMR XIVREGMSREPLERIWXEXIPWPPSGWHITVSGIHrRGME HI QqW HI QMP TIGIW VIYRMHIW IR YRE GSP PIGGMzSRIWXVSFIRVITVIWIRXEHIWPEQENSVME HI GEXIKSVMIW H«SFNIGXIW GVIEXW TIPW IKMTGMW IRIPHIGYVWHIPWWIYWQqWHIXVIWQMPER]W H«LMWX{VME )RUYEPWIZSPGEWPEQIZEWEXMWJEGGMzQqW KVER LE IWXEX TSWEV E P«EFEWX HIP TFPMG PIW GVIEGMSRW HI PE GMZMPMXÊGMz UYI XERX EHQM VS GSQTEVXMV EQF IPW EPXVIW YRE TEWWMz TIV UYIPGSQUYIIRFSREQIWYVEJSVQETEVXHI PERSWXVEIWWrRGMELMWX{VMGEMGYPXYVEP)RYR TVMRGMTMPEWEPEIKuTGMEHIP«,SXIP'PEVMWIQ FPIQE HI PE RSWXVE GSQTER]ME M EP GET HI TSGXIQTWIPIPREM\IQIRXHIP1YWIY )KMTGMHI&EVGIPSRELERJIXTSWWMFPIEUYIWX HIWMK(IWHIPEWIZESFIVXYVEIP1YWIYLE VITVIWIRXEX PE GEWE HI XSXW EUYIPPW TIV EPW UYEPW)KMTXIJSVQETEVXHIPEWIZEZMHE0«I\ TSWMGMz TIVQERIRX LE IWXEX ZMWMXEHE TIV QM PMSRWHITIVWSRIWIWTIGMEPQIRXKVYTWIWGS PEVWHIPWUYEPWRSTYGIZMXEVWIRXMVYREGIVXE IRZINETIPJIXHIXIRMVEPWIYEFEWXEPP{UYI NS XER WSPW TSHME GSRGIFVI IR WSQRMW 4 FPMGHIXSXIWPIWIHEXWTEVXMGMTEXEQFqIRIP RSWXVIEQTPuWWMQZIRXEPPH«EGXMZMXEXWHSGIRXW MHMZYPKEXMZIWUYIGSQTVIRIRHIWHIGSRJI VrRGMIWH«YRELSVE´RWEWIQMREVMWMGYVWSW HIHMZIVWIWWIWWMSRWEM\uGSQ¦HIWHIP«ER] ¦P«)WGSPEH«)KMTXSPSKMESRIPWEPYQRIW STXIREYRHMTPSQEMYRQkWXIVIR)KMTXSPS KMETVMZEXWHIWTVqWHIXVIWER]WHIJSVQEGMz MIWXYHM0E*YRHEGMzXEQFqLEVIEPMXÊXGEQ TER]IW EVUYISP{KMUYIW S LM LE GSP·PEFSVEX E)KMTXIMIP7YHERIRIPWNEGMQIRXWH«3\MV VMRG1IMHYQ(NIFIP&EVOEPM7LEVYREEQqW H«SVKERMXÊVI\TIHMGMSRWGYPXYVEPWEPTEuWHIPW JEVESRW %M\u HSRGW IP 1YWIY M PIW TIGIW UYI I\ LMFIM\RSW«LERPMQMXEXEVSQERHVIVSHINEHIW HIPIWUYEXVITEVIXWHIP«IHM´GMUYIPIWEGYPP 0IWTSUYIWTSWWMFMPMXEXWH«EGGIHMVESFNIGXIW JEVE{RMGWUYIXIRIRIPWLEFMXERXWHIPRSWXVI TEuWIRWZERERMQEVHIWH«YRFSRTVMRGMTME HYVEXIVQII\TSWMGMSRWMXMRIVERXW%PEQSW XVE¨)KMTXI)PTEWEP«IXIVRMXEX©YRGIRXIREV H«SFNIGXIWHIPERSWXVEGSP·PIGGMzMP·PYWXVIRIP TFPMG WSFVI IPW EWTIGXIW TVMRGMTEPW HI PIW GVIIRGIWVIPMKMSWIWMPIWTVkGXMUYIWJYRIVkVMIW HIPWIKMTGMW )WXMGGSRZIRpYXUYITIVEQSPXWEUYIWX WIVkIPQSQIRXIRUYrEPKYRHMEGSQIRpE VEREI\TPMGEVP«SVMKIRHIPWIYMRXIVrWTIVPE GMZMPMXÊGMzJEVE{RMGE Cronologia de l’antic Egipte 5750 aC 5500 aC 5500 aC 5250 aC 5000 aC NEOLÍTIC 4750 aC 4500 aC 4250 aC 4000 aC 4000 aC 3750 aC PERÍODE PREDINÀSTIC 3500 aC 3250 aC 3000 aC 3200 aC 3065 aC Període Protodinàstic Dinastia 0 Període Dinàstic Antic Dinasties I-II REGNE ANTIC Dinasties III-VIII Primer Període Intermediari Dinasties IX-XI REGNE MITJÀ Dinasties XI-XIV Segon Període Intermediari Dinasties XV-XVII REGNE NOU Dinasties XVIII-XX Tercer Període Intermediari Dinasties XXI-XXIV BAIXA ÈPOCA Dinasties XXV-XXXI 2750 aC 2649 aC 2500 aC 2250 aC 2134 aC 2000 aC 2040 aC 1750 aC 1500 aC 1640 aC 1550 aC 1250 aC 1000 aC 750 aC 1070 aC 715 aC 500 aC 250 aC 0 332 aC 304 aC Dinastia Macedònica Període Ptolemaic 30 aC Domini Romà 250 dC 395 dC Època Bizantina 500 dC 640 dC 750 dC 09-71%29)0+32>½0:)> 'SRWIVZEHSVHIP1YWIY)KMTGMHI&EVGIPSRE 'SRWXVYGGMSRWTIVEP«IXIVRMXEX ¨0EQIZEQqWKVERRSFPIWEJSYGSRWXVYMVYREXSQFEVYTIWXVINEUYIXSXLSQILEH«MQMXEV EPP{UYIJEIPWIYTEVI)PQIYTEVIIWGSRWXVYuYREGEWETIVEPOEEPEGMYXEXHI1IVRSJVIXEQF FSRETIHVEH«%]ERE´HITIVTIXYEVIPWIYRSQTIVWIQTVIMIWXEFPMVPSIXIVREQIRXTIVUYrIP WIYRSQTSKYqWZMYVIIRFSGEHIPEKIRXMVSQERHVIIRFSGEHIPWZMYWWSFVIPEWIZEXSQFEE PERIGV{TSPMWEPEWIZEI\GIP·PIRXGEWEH«IXIVRMXEXPEWIZEWIYHITIVTIXYxXEX© 8I\XFMSKVk´GHI'RYQLSXIT--&IRM,EWWER(MREWXME<-- % )KMTXI PIW GVIIRGIW VIPMKMSWIW HI GEVkGXIV JYRIVEVM TVSTMGMEVIRPEGVIEGMzJEFVMGEGMzMEHIUYEGMzH«YRRSQFVI QSPXZEVMEXHIJSVQIWMQEXIVMEPW4IVTSWWMFMPMXEVPEZMHE IXIVREIPWMRHMZMHYWUYIHIWTVqWHIPEQSVXWYTIVEZIR JEZSVEFPIQIRXIPNYHMGMHIPEWIZEkRMQELEZMIRHIHMW TSWEVH«YREMRWXEP·PEGMzEHIUYEHETIVGSRWIVZEVMRXEGXIW PIW WIZIW VIWXIW QSVXEPW M IP WIY IUYMTEQIRX JYRIVEVM E QqW H«YR PPSG SR IW HYKYIWWMR E XIVQI PIW EGXMZMXEXW VIPEGMSREHIWEQFIPGYPXIHIWXMREHIWFkWMGEQIRXEPWYF QMRMWXVEQIRXHIPIWTVSZMWMSRWRIGIWWkVMIWTIVEPEWIZE QERYXIRGMz IR IP QqW IRPPk%M\u HIW H«YR TVMQIV QS QIRX PE XSQFE IKuTGME JSY HMWWIR]EHE IWXVYGXYVEPQIRX XIRMRXIRGSQTXIEUYIWXWHSWTVST{WMXWMWzRTSUYIWPIW XSQFIWQSRYQIRXEPWUYIRSWIKYIM\IREUYIWXERSVQE 0ETEVXHIHMGEHEEPEGSRXIRGMzHIPGEHkZIVQSQM´GEXM IPWIYIUYMTEQIRXIVEMREGGIWWMFPIQEPKVEXUYISGEWMS REPQIRX IW TSHME VISFVMV IR GEWSW H«IRXIVVEQIRXW QP XMTPIW0«IWTEMHIHMGEXEPGYPXIRSVQEPQIRXTV{\MQEPIW HITIRHrRGMIW JYRIVkVMIW W«YXMPMXÊZE TIV E PIW TIVWSRIW TVSTIVIWEPHMJYRXSTIVEPWJYRGMSREVMWVIMEPWIRGEVVIKEXW HIP WIY QERXIRMQIRX )PIQIRXW XER GEVEGXIVuWXMGW HI PE XSQFEIKuTGMEGSQEVEP«IWXIPEHIJEPWETSVXEPIWVITVI WIRXEGMSRWTEVMIXEPWIWXkXYIWHIWYFWXMXYGMzP«EPXEVSPE XEYPEH«SJVIRIWWSPIRGSQTPIXEVP«IWGIRSKVEÉH«EUYIWXE ^SREHIGYPXI )PWGERZMWI\TIVMQIRXEXWIREPKYRWGSRGITXIWVIPMKMS WSWPEHMWTSRMFMPMXEXSRSHIHIXIVQMREXWQEXIVMEPWPIW HMJIVrRGMIWSVSKVkÚYIWMKISP{KMUYIWIPTSHIVIGSR{QMG HIPTVSTMIXEVMIRHI´RMXMZEPEHMZIVWMXEXKISKVk´GEMWS GMEPNYRXEQFPEKVERHYVEGMzHIPEGMZMPMXÊGMzJEVE{RMGE HSREVIRGSQEVIWYPXEXYREZEVMEHEXMTSPSKMEH«IWXVYGXY VIWJYRIVkVMIW1EWXEFIWTMVkQMHIWMLMTSKIYWTVMZEXWS VIMEPWWzRIPWXMTYWQqWGSQYRWHIXSQFEQSRYQIRXEP 4EXMMEGGqWEPEGETIPPETVMRGMTEPHIPEXSQFEHIPZMWMV6EQSWI8IFIW 3IWXVIKREXH«%QIRLSXIT---GMVGEE'*SXS01+P«EYXSV 0EQEWXEFE 0E TEVEYPE QEWXEFE qW H«SVMKIR kVEF PPIRKYE IR PE UYEPWIVZIM\TIVHIWMKREVYRTIXMXFERGHIXSZSXWIQFPERX EPEWYTIVIWXVYGXYVEHIHIXIVQMREHIWXSQFIWIKuTGMIW)P XIVQI EGGITXEX WIRWI GET SFNIGGMz TIPW IKMTX{PIKW IR WIRXMXIWXVMGXIHI´RIM\RSQqWYREHIPIWWIZIWTEVXWNE UYIPEXSQFEqWQSPXQqWGSQTPI\E)RP«kQFMXHIP«EV UYMXIGXYVEJYRIVkVMEIWXVEGXETSXWIVHIPEGVIEGMzIKuTGME QqWSVMKMREP´KYVERXGSQETYRXHITEVXMHEIRIPTVSGqW UYITSVXkEPEGSRWXVYGGMzHIPIWTMVkQMHIW%PEQEWXEFE TSHIRHMWXMRKMVWIHYIWTEVXWTVMRGMTEPWPEWYTIVIWXVYGXY VEIHM´GEHEETEVXMVHIPEWYTIVJuGMIHIPXIVVIR]EQFYRE ^SREHIGYPXIQqWSQIR]WHIWIRZSPYTEHEMPIWMRWXEP PEGMSRW WYFXIVVkRMIW *SVIR YXMPMXÊHIW HYVERX IP 4IVuSHI %VGEMGMIP6IKRI%RXMGI\TIVMQIRXERXHMZIVWSWGERZMWUYI EJIGXEVIRPEWIZEJYRGMzMGSRXMRKYX 0IW TVMRGMTEPW EKVYTEGMSRW HI QEWXEFIW HIP 4IVuSHI %VGEMGHMREWXMIW-M--IWXVSFIREPIWRIGV{TSPMWH«%FMHS M7EUUEVEMIRWzRIPWTVSTMIXEVMWIPWQSREVUYIWHIPIW HYIWTVMQIVIWHMREWXMIWPPIZEXH«EPKYRIWI\GITGMSRW0E GEVEGXIVuWXMGEQqWWMRKYPEVTVSZqHIPQEXIVMEPYXMPMXÊXIR PEWIZEGSRWXVYGGMzIPXSZSXWSFVIXSXWMIWXqIRGSQTXI P«WUYIIPWIKMTGMWJEVERHIPETIHVEIRrTSUYIWTSWXI VMSVW0IWHITIRHrRGMIWJYRIVkVMIWIRYRTVMRGMTMIWXEZIR WIKIPPEHIW TIV PE WYTIVIWXVYGXYVE IRGEVE UYI TSWXIVMSV QIRX QMXNERpERX YRE VEQTE EQF P«IRXVEHE WMXYEHE JSVE H«EUYIWXEP«EGGqWIWJqYTSWWMFPI´RWMXSXEQFPEXSQFE GSQTPIXEQIRXGSRWXVYxHE%%FMHSRSQqWW«LERGSRWIVZEX PIWTEVXWWYFXIVVkRMIWQIRXVIUYIE7EUUEVEPIWVIWXIW TVSTSVGMSRIR YRE MHIE ETVS\MQEHE HI P«EWTIGXI I\XIVR H«EUYIWXIWGSRWXVYGGMSRW)PWQYVWVITVSHYMRXIPWHIPE VIWMHrRGMEHIPVIMTVIWIRXEZIRPEJSVQEHI¨JEpEREHITE 4PERXEMWIGGMzH«YREQEWXEFEEVGEMGE7EUUEVE(MFYM\1SRXWI-RqW PEY©JIXUYITSWEHIQERMJIWXPEGSRGITGMzHIPEXSQFE GSQYREZIVMXEFPIGEWE)RPEHMREWXME--IPWQYVWXIRHMVIR EWIVGSQTPIXEQIRXPPMWSWEQFI\GITGMzHIPWHSWRuR\SPW HIPGSWXEXIWXHIWXMREXWEPGYPXI0«IPIZEXZSPYQHIP«IUYM TEQIRXJYRIVEVMTVSTMGMkP«EHIUYEGMzHIHITEVXEQIRXWJY RIVEVMWIRPEWYTIVIWXVYGXYVEHMWTSWEXWWIKSRWYRIWUYI QEHIVIXuGYPEVIKYPEV%UYIWXIWTVMQIVIWQERMJIWXEGMSRW JYRIVkVMIWQSRYQIRXEPWW«LEREVVMFEXEMHIRXM´GEVEQFIP ¨XYVzTVMQMKIRM©HIPIWTVMRGMTEPWGSWQSKSRMIWIWGIREVM SRIWTVSHYIM\PEKIWXEGMzHIPQzRMIPREM\IQIRXHIPE ZMHE%M\uHSRGWP«IPIGGMzH«YREGSRWXVYGGMzEVUYMXIGX{RMGE EWWSGMEFPIQSVJSP{KMGEQIRXEEUYIWXEqWQSPXZkPMHEGSQ EIPIQIRXTVSTMGMEXSVMHIPVIREM\IQIRXUYIW«IWTIVETIV EPHMJYRX %TEVXMVHIPEHMREWXME---PETMVkQMHIIWGSRZIVXuIRIP QSRYQIRXJYRIVEVMHIPVIMTIVI\GIP·PrRGMEQIRXVIUYI PEQEWXEFEIWGSRWXMXYuGSQPEGSRWXVYGGMzQqWYXMPMXÊ HETIPWTIVWSREXKIWTVMZEXW1IMHYQHMREWXME-:+YMÊ HMREWXMIW-::M:-M7EUUEVEHMREWXMIW:M:-WzRPIW TVMRGMTEPW RIGV{TSPMW 0IW QqW ERXMKYIW IW HMJIVIRGMIR TSGHIPIWHIP4IVuSHI%VGEMGTIV{IRPE(MREWXME-:NE ETEVIM\IREPKYRWGERZMWWYFWXERGMEPWPIWHITIRHrRGMIW WYFXIVVkRMIW WI WMQTPMÚYIR GSRWMWXMRX IR YRE WMQTPI GEQFVEJYRIVkVMEEGGIWWMFPITIVYRTSYMIRPEWYTIVIW XVYGXYVEPETIHVEEHUYMVIM\PEGEXIKSVMEHITVSXEKSRMWXE EFWSPYXEGSQEQEXIVMEPGSRWXVYGXMY8EQFqPE^SREHI GYPXI TEXIM\ QSHM´GEGMSRW MQTSVXERXW IPW RuR\SPW HIP GSWXEXIWXIWXVSFIREVEHMRWH«YRETIXMXELEFMXEGMzEHSW WEHEEPETEVIXI\XIVRE%UYIWXELEFMXEGMzIWZEWMXYEV EZMEXHMRWIPGSWQEWWuWHIPEQEWXEFEHSRERXSVMKIRE YRGSRGITXIHMJIVIRXH«IWTEMHIGYPXIUYIEVVMFkESGYTEV PEQENSVTEVXHIPRYGPMIREPKYRIWXSQFIWHIPIWHMREW XMIW : M :-%UYu PE HIGSVEGMz TEVMIXEP HI PIW HMJIVIRXW HITIRHrRGMIWEHUYMVuPEWIZEQqWKVERI\XIRWMzMUYE PMXEXYXMPMXÊRXIPVIPPIYTMRXEXGSQEXrGRMGEH«I\TVIWWMz LEFMXYEP)RXVIIPWIPIQIRXWGSQYRWTVIWIRXWEPE^SRE HIGYPXIHIWXEGEP«IWXIPEHIJEPWETSVXEQMXNkHIGSQY RMGEGMzHIPHMJYRXEQFIPWZMYW%XVEZqWH«IPPEP«IWTIVMX HIPHMJYRXTSHMEIRXVEVMWSVXMVTIVKEYHMVHIPIWSJVIRIW GSP·PSGEHIW HEZERX WIY 0IW QEWXEFIW QqW MQTSVXERXW WSPMIRIWXEVHSXEHIWH«YRWIVHEFSWEPEHIP«IWXkXYEHIP OEVITVIWIRXEGMzIWGYPX{VMGEHIPHMJYRXGSRWMHIVEHEGSQ YRIPIQIRXHIWYFWXMXYGMzHEZERXPETSWWMFMPMXEXUYIPE Q{QMETSKYqWTEXMVEPKYRQEP%TEVXMVHIP4VMQIV4IVuS HI-RXIVQIHMEVMPEQEWXEFEZEHIM\EVHIWIVYXMPMXÊHEE GEYWETVMRGMTEPQIRXHIPXVEWPPEXHIPIWRIGV{TSPMWTVMZE HIWHIQqWGEXIKSVMEEPIWTVSZuRGMIWSRPIWIWXVYGXYVIW JYRIVkVMIW IW HIWZMRGYPEVIR H«EUYIWXE TVSHYGGMz XuTMGE QIRXQIQ´XE 1EWXEFEHI2MEROLOLRYQM/RYQLSXIT7EUUEVEHMREWXME:*SXS01+ )WUYIQEH«YREQEWXEFEXuTMGEHIPEHMREWXME-:%7YTIVIWXVYGXYVE &4SY''EQFVEJYRIVkVME(MFYM\1SRXWI-RqW 4PERXEHIPEQEWXEFEH«%ROLQELSV7EUUEVEHMREWXME:- (MFYM\1SRXWI-RqW 0ETMVkQMHI )WXVEGXEWIRWHYFXIHIPEGSRWXVYGGMzQqWGEVMWQkXM GEPPIKEHETIPWIKMTGMW)PWIYWHYVERXIPWVIKRIW%RXMG M1MXNkJSYQSRSTSPMHIPWJEVESRWMHIPIWWIZIWIWTSWIW UYIPIWIVMKMVIRFkWMGEQIRXEPIW^SRIWTVSTIVIWE1IQ ´WGETMXEPHIPTEuWHYVERXEUYIPPTIVuSHI0ETMVkQMHIRS IWGSRGIFMEGSQYRIPIQIRXExPPEXNEUYIJSVQEZETEVX H«YREQTPMGSQTPI\IRIPUYEPMRXIVZIRMIREPXVIWIWXVYGXY VIW)JIGXMZEQIRXEPGSWXEXHIPETMVkQMHIUYIGSRXIRME S GSFVME PIW HITIRHrRGMIW HIWXMREHIW EP GSW M P«IUYMTE QIRX HIP HMJYRX IPW VIGMRXIW JYRIVEVMW VIMEPW GSRWXIR E QqWH«EPXVIWIWXVYGXYVIWIPXIQTPIEPXEPEGEVEIWXHI PETMVkQMHIIPXIQTPIFEM\SH«EGSPPMHEP«EZMRKYHETVS GIWWMSREPMEZIKEHIWJSWWIWTIVEPEGSP·PSGEGMzHIPIW FEVUYIW WSPEVW RIGIWWkVMIW GSQ E QMXNk HI XVERWTSVX EP QqW IRPPk 0PIZEX H«EPKYRIW TMVkQMHIW HIP 6IKRI 1MXNk PETIHVEJSYIPQEXIVMEPTVIJIVMXTIVEPEGSRWXVYGGMzHIPW IPIQIRXWEVUYMXIGX{RMGWHIPVIGMRXIJYRIVEVM%UYIWXJIXIW HSGYQIRXEHIWHIPEHMREWXME---GSRGVIXEQIRXHYVERXIP VIKREXHI(]IWIVXKVkGMIWEPKIRMHIPWIYZMWMVMEVUYMXIGXI -QLSXITUYMZEYXMPMXÊVPETIHVEGEPGkVMETIVGSRWXVYMVPE TVMQIVETMVkQMHIHIJSVQEIWKPESREHE )PGEQuWIKYMXTIPWGSRWXVYGXSVWIKMTGMW´RWEPEVIEPMX ÊGMzHIPIWERSQIREHIWTMVkQMHIWTIVJIGXIWW«LEH«IR XIRHVIGSQYRTVSGqWIZSPYXMY(IWHIPENEERSQIREHE TMVkQMHIIWKPESREHE´RWEPIWXVIWTMVkQMHIWHIP«EPXMTPk HI+YMÊUYIEWWIR]EPIRIPTYRXkPKMHH«EUYIWXEIZSPYGMz )WUYIQEH«YRGSRNYRXTMVEQMHEP%4MVkQMHI&8IQTPIEPX'%ZMRKYHETVSGIWWMSREP(8IQTPIFEM\(MFYM\1SRXWI-RqW PIWGEVEGXIVuWXMUYIWXrGRMUYIWMGSRWXVYGXMZIWW«EREVIRQM PPSVERXKVEHYEPQIRX9REQSWXVEH«EM\{WzRIPWGSRNYRXW JYRIVEVMWHI1IMHYQS(EM\YVEXVMFYxXIPTVMQIVH«IPPWE ,YRMSE)WRSJVYMIPWHSWHI(EM\YVTMVkQMHIWVSQFSxHEP MZIVQIPPEEPJEVEz)WRSJVY%TEVXMVH«EUYIPPQSQIRXHI Qk\MQ HIWIRZSPYTEQIRX IPW GSQTPI\SW TMVEQMHEPW I\ TIVMQIRXEVIRHMZIVWSWGERZMWMQTSVXERXWUYIXVEHMGMSREP QIRX W«LER MRXIVTVIXEX GSQ IP VIWYPXEX H«YRE TrVHYE HI TSHIVTIVTEVXHIPJEVEz0«IWXVYGXYVETMVEQMHEPZEQMRZEV HI QERIVE UYEPMXEXMZE M UYERXMXEXMZE VIW XIRIR E ZIYVI TIVI\IQTPIIPRYGPMHIJVEKQIRXWHITIHVEMG{HSPWMIPW QH«EPpEHEHIPETMVkQMHIH«9WrVUYIVIWHMREWXME: EQFIPWQMPEVSFYWXIWEMVIKYPEVMXEXIRGEVEETVIGM EFPIWEPEHI5YrSTWHMREWXME-:'EPEJIKMVLMP«ETEVMGMz HIWHIPVIKREXH«9REWHIPW8I\XSWHIPIW4MVkQMHIWWSFVI PIWTEVIXWHIPIWGEQFVIWJYRIVkVMIWJzVQYPIWTVSTMGMEX{ VMIWHIPFIRIWXEVHIPVIMIRIPQqWIRPPkMRRIGIWWkVMIWIR rTSUYIWHIQqWTSHIVQSRkVUYMG 1EPKVEXPETVIWYQMFPIMRZMSPEFMPMXEXHIPWIPIQIRXWTVS XIKMXW TIV EUYIWXIW MQTVIWWMSRERXW IHM´GEGMSRW RM XER 'SQTPI\ JYRIVEVM HIP JEVEz (]IWIVX 7EUUEVE 'ETIPPIW HIP TEXM HIP ,IF7IHMTMVkQMHIIWKPESREHEEPJSRW*SXS01+ 'SRNYRXHITMVkQMHIWEP«EPXMTPkHI+YMÊ(«IWUYIVVEEHVIXE5YrSTW 5YIJVr1MGIVuMTMVkQMHIWHIPIWVIMRIW*SXS01+ WSPWEGYVXXIVQMRMIWZETSHIVIZMXEVPETVSJEREGMzHIPIW GEQFVIW JYRIVkVMIW M P«EFERHSREQIRX HI PIW IWXVYGXYVIW HIGYPXI%M\uEPGSQTPI\JYRIVEVMHIPJEVEz%QIRIQLEX - E 0MWLX IW VIYXMPMXÊVIR FPSGW HIGSVEXW TVSGIHIRXW HI PIW XSQFIW HIPW WIYW TVIHIGIWWSVW 7IWSWXVMW -- IPYHMRX MRGPW IP WMKRM´GEX VIPMKMzW MQTPuGMX E P«EGGqW WITXIRXVMS REPHIPEXSQFEGSRWXVYuP«IRXVEHEEPGSWXEXWYHEQFIP TVST{WMXHIHM´GYPXEVPEXEWGEHIPWWEUYINEHSVW9REPXVI I\IQTPI H«EUYIWXE MRXIRGMz qW PE HMWTSWMGMz PEFIVuRXMGE HIPIWKEPIVMIWWYFXIVVkRMIWUYIGSQTXEZIREQqWEQF RSQFVSWSWHMWTSWMXMYWMEGGMSRWHI¨GEQYµEXKI©)RPIW PXMQIWTMVkQMHIWHIP6IKRI1MXNkIWZETVSHYMVPEWYFW XMXYGMzHIPETIHVETIPXSZSXGSQEQEXIVMEPGSRWXVYGXMY )PW VIZIWXMQIRXW SVMKMREPW HI GEPGkVME TVkGXMGEQIRX LER HIWETEVIKYXMIPWWIYWIVSWMSREXWMMVVIKYPEVWRYGPMWIWXER QSPXPPYR]HIWIQFPEVWIEPIWIWGEPIWSVEQTIWMHIEHIW TIVGSRHYMVIPQSREVGEGETEPHSQMRMHIPWHqYW(IWTVqW H«YRPPEVKTIVuSHIH«EFERHSREQIRX´REPQIRXW«LEH«IW QIRXEVP«IWTSVkHMGVIWWSVKMQIRXHIP«IWXVYGXYVETMVEQMHEP HYVERXPEHMREWXME<<:rTSGEIRPEUYEPIPWJEVESRWH«SVM KIRRYFMPEMRGSVTSVEVIRGSQETEVXHIPWIYQSRYQIRX JYRIVEVMEPWGIQIRXMVMWHI2ETEXE 8IQTPIMTMVkQMHIHI7ELYVI%FYWMVHMREWXME:1EPKVEXPEQENIWXYS WMXEXHIPWWIYWXIQTPIWPIWHEVVIVIWTMVkQMHIWHIP6IKRI%RXMGWzRHI HMQIRWMSRWQqWVIHYxHIWUYIPIWERXIVMSVW*SXS01+ ,MTSKIYWSXSQFIWVYTIWXVIW % HMJIVrRGME HI PE QEWXEFE PE XSQFE VYTIWXVI IW ZE JIVWIVZMVHYVERXXSXEPELMWX{VMEH«)KMTXIWYFWXMXYMRX´RW MXSXPETMVkQMHIGSQEQSRYQIRXJYRIVEVMVIMEP)WXVEG XE HI GSRWXVYGGMSRW GSQTPIXEQIRX I\GEZEHIW E PE VSGE GSRGIFYHIWTIVEYRQMPPSVETVS´XEQIRXHIPWXIVVIR]WIR TIRHIRX%PGSQIRpEQIRXJSYYREEPXIVREXMZEEPEQEW XEFE TIV{ QqW IGSR{QMGE M HYVEHSVE UYI EUYIWXE )PW TVMQIVW I\IQTPIW IW VIQYRXIR EP 6IKRI%RXMG M IRGEVE UYIE+YMÊM7EUUEVEZERGSRZMYVIEQFPIWQEWXEFIWWM FqIRGPEVEMRJIVMSVMXEXRYQrVMGEqWEPIWRIGV{TSPMWTVS ZMRGMEPWSRIWXVSFIRPIWTVMRGMTEPWEKVYTEGMSRW5YERXE PEWIZEJYRGMzMGSRGITGMzHIP«IWTEMPEXSQFEVYTIWXVI qWWMQMPEVEPEQEWXEFE0ETEVXTFPMGEGSRWMWXIM\IRYR T{VXMGI\GEZEXSWIQMI\GEZEXEPEVSGEMIRYRE^SREHI GYPXI HSXEHE EQF P«IWXIPE HI JEPWE TSVXE M P«IWXkXYE HI WYFWXMXYGMz0ETEVXTVMZEHEqWEHMVPEHIWXMREHEEGSR XIRMVPEQ{QMEMP«IUYMTEQIRXJYRIVEVMqWEGGIWWMFPIHIW HIPEGETIPPEEXVEZqWH«YRTSYSYREVEQTE0EZEVMIXEX HITPERXIWqWIRSVQITIV{KIRIVEPQIRXWzRXSQFIWEQF HIWIRZSPYTEQIRXPSRKMXYHMREPIRWIRXMXTIVTIRHMGYPEVE PE JEpERE 0«W HI P«EHNIGXMY VYTIWXVI GSQ E UYEPM´GEXMY H«EUYIWXIWXSQFIWqWIRWIRXMXIWXVMGXINEUYIIPIQIRXW GSQEVEPIWGSPYQRIWSTMPEVWP«IWXIPEHIJEPWETSVXES ´RW M XSX P«IWXkXYE HI WYFWXMXYGMz RS IVIR I\IQTXW WMRz 0IW 8SQFIW HIPW 2SFPIW E 5YFFIX IP,E[E %WWYER WzR YRE FSRE QSWXVEHIPXMTYWHIXSQFEQqWLEFMXYEPEPIWTVSZuRGMIWHIWHIP´REP HIP6IKRI%RXMG´RWEP´REPHIP6IKRI1MXNk*SXS1ERYIP+SR^jPZI^ %VGSW UYIIWQSHIPEZIRUYEWMWIQTVIIRIPWYFWXVEXKISP{KMG HYVERXIPTVSGqWH«I\GEZEGMzHIPEXSQFE 1EPKVEXUYIIPWLMTSKIYWHIP6IKRI%RXMGWzRIWXVYG XYVIWHIHMQIRWMSRWMUYEPMXEXGSRWMHIVEFPIWEPIWRIGV{ TSPMWTVSZMRGMEPWHIP6IKRI1MXNkEHUYMVMVIRYRHIWIRZSPY TEQIRXQqWMQTSVXERX%KVYTEGMSRWGSQEVEPIWHI&IRM ,EWWER1IMV%WMYXS%WWYEREQFXSQFIWI\GEZEHIWE PIWTEVIXWVSGSWIWUYIµERUYIKIRIP2MPIRWQSWXVIRPE MQTSVXkRGMEHMRWP«EHQMRMWXVEGMzIKuTGMEHIPWRSQEVUYIW TVSZMRGMEPW M IP WIY WIKYMGM 0IW TEVIXW HI PIW GETIPPIW WSPIRWIVZMVHIWYTSVXMKYEPUYIEPIWQEWXEFIWHIVI TVIWIRXEGMSRWIRVIPPIYTMRXEX1IMV%WMYXS%WWYERSIR TMRXYVE&IRM,EWWERH«IWGIRIWVIPEXMZIWEPGYPXIJYRIVEVM GSQIPWIVZIMH«SJVIRIWSEPEZMHEUYSXMHMERE 0«IZMHIRXHIWGIRXVEPMXÊGMzETVIGMEFPIEPIWRIGV{TSPMW HIP6IKRI1MXNkHIWETEVIKYqHYVERXIP6IKRI2SYM8IFIW GETMXEPH«)KMTXIEGSPPuEPWWIYWGIQIRXMVMWPEQENSVTEVX HIPIWXSQFIWMQTSVXERXWHIPTEuW0EXSQFEVYTIWXVIXI FEREMRGSVTSVEIPIQIRXWNEGSRIKYXWTIV{EHUYMVIM\YRE JSVQEQSPXTIGYPMEVMTVkGXMGEQIRXRSVQEXMZEPEHIPE8 MRZIVXMHEHIWH«YRT{VXMGMEXVEZqWH«YRETSVXEIWTEWWE EYREGEQFVEXVERWZIVWEPMH«EUYuEYREKEPIVMETIVTIR HMGYPEVEEUYIWXEHEVVIVEWMXYEHEHEZERXHIPETSVXE%P JSRWIWXVSFEPE^SRETVMRGMTEPHIGYPXIWSZMRXEQFPIW IWXkXYIWHIWYFWXMXYGMz%PWQYRXERXWHIPETSVXEH«EGGqW WIWSPIRYFMGEVPIWVITVIWIRXEGMSRWVIPEXMZIWEP«SJVIREE PETVMQIVEWEPEIWGIRIWHIPEZMHEUYSXMHMEREMEPETEVX QqW TVSJYRHE PIW HI GEVkGXIV VIPMKMzW )R EUYIWX TYRX HIWXEGEPEFSREETPMGEGMzUYIIPWIKMTGMWZERJIVHIP«W HI PE TMRXYVE IR XSQFIW GSQ EVE PIW HI 2EOLX 1IRE 6EQSWIS2IFEQSRSREXVEZqWH«YRKVERHIWTPIKEQIRX GVSQkXMGMXIQkXMGW«EGSRWIKYuYRHIPWGSRNYRXWEVXuWXMGW M HSGYQIRXEPW QqW MQTSVXERXW HIP QzR ERXMG 1IRGMz E TEVXQIVIM\IRPIWXSQFIWVEQrWWMHIWHI(IMVIP1IHMRE RIGV{TSPMWHIPWEVXIWERWIRGEVVIKEXWHIPEGSRWXVYGGMzHI PIWXSQFIWXIFERIW)REUYIWXGEWPE^SREHIGYPXIVI EPMXÊHE IR XSZSX M TIHVE GSRWMWXME IR YR TEXM XERGEX EQFPIWGETIPPIWHIPJSRWGSVSREHIWTIVYRETIXMXETMVk QMHI)REUYIWXXMTYWHIXSQFETSXIRUYEHVEVWIPEHI 7IRRIHNIQXVSFEHEMRXEGXEMI\GEZEHETIPG{RWSPIWTE R]SP)HYEVH8SHEM+IPPP«ER]UYIIRWSJIVIM\YR FSR I\IQTPI TIV MP·PYWXVEV IPW GSWXYQW JYRIVEVMW IKMTGMW H«EUYIPPErTSGE 0EXSQFEVIMEPXIFERE 4PkRSPHIPEXSQFEHI7MVIRTYX-%WWYER6IKREXHI7IWSWXVMW-GMVGE E'(MFYM\1SRXWI-RqW %P6IKRI2SYPEVIKMzHI8IFIW3IWXIWGSRZIVXuIR PE RIGV{TSPMW HI PE QENSV TEVX HIPW VIMW VIMRIW M TVuR GITW H«)KMTXI )R IP GEW HI PIW XSQFIW HI PE :EPP HIPW 6IMWQEPKVEXUYIIPXMTYWH«LMTSKIYYXMPMXÊXRSqWQqW UYI IP TVSHYGXI H«YR EQTPM HIWIRZSPYTEQIRX HI QS HIPW TVII\MWXIRXW PE XSQFE VIMEP XIFERE TVIWIRXE YRE GEVEGXIVuWXMGE IWTIGMEP GSRWMWXIRX IR PE KVER WITEVEGMz I\MWXIRX IRXVI PE ^SRE HI GYPXI M P«kVIE H«IRXIVVEQIRX )RIJIGXIIPWXIQTPIWHIGYPXIJSVIRIHM´GEXWIRP«IWTEM UYI W«IWXqR IRXVI IP 2MP M IP GSWXEX IWX HI PE QYRXER]E XIFEREQIRXVIUYIIPWLMTSKIYWIWXVSFEZIREKVYTEXW EP«MRXIVMSVH«YREZEPPMRZMWMFPIHIWHIPEGMYXEXHI8IFIW )W GVIY UYI EUYIWXE EGXMXYH VIWTSR EP JIX HI RS ZSPIV SJIVMV IZMHrRGMIW EPW TVSJEREHSVW HI XSQFIW NE UYI PE GVMTXEUYIHEZEGSQTPIXEQIRXSGYPXEHIWTVqWHIPWJYRI VEPW )R WMKYM S RS PE VEz TVMRGMTEP EUYIWXE HIGMWMz IW ZIMqVIGSQTIRWEHETIVPEWEPZEKYEVHE´RWEPHIPE XSQFEH«YRH«EUYIWXWQSREVUYIW8YXEROLEQSRHSXEHE EQF XSX EPP{ GSRWMHIVEX RIGIWWEVM TIV E PE XSQFE H«YR VIM 0«W HI P«LMTSKIY UYI IR EPKYRW GEWSW W«IRHMRWE QqWHIGIRXQIXVIWEP«MRXIVMSVHIPEQYRXER]EXEQFq EGSWXEZEQqWIPHMJYRXEPQzRHIPIWXIRIFVIWMPEJSW GSVMTIVXERXEPHSQMRMH«%QSRHqYREGMSREPH«)KMTXI IREUYIPPWQSQIRXW&kWMGEQIRXIPTPkRSPHIPEXSQFE XIFEREEHSTXkHYIWJSVQIW´RWEPEHMREWXME<-<IWHMW TSWIRWIKSRWYRIM\GSPÊXqWEHMVEQFYREMRµI\MzHI ETVS\MQEHEQIRXEQIMXEXHIPVIGSVVIKYXHIPEWIZE KEPIVMEH«EGGqW)RPIWHMREWXMIW<-<M<<IPTPkRSPqWQqW PMRIEPMW«LMETVIGMEMRXIRXHIHMWTSWMGMzWMQrXVMGEHIPIW GEQFVIWVIWTIGXIEP«IM\TVMRGMTEP0EMP·PYWXVEGMzEQFPIW VITVIWIRXEGMSRWTEVMIXEPWIWHIWIRZSPYTkEPPPEVKHIXSXE PE XSQFE VIGSPPMRX IWWIRGMEPQIRX IWGIRIW VIPEGMSREHIW EQFIPZMEXKIHIPHqY7SPEXVEZqWHIPQzRH«YPXVEXSQFE I\XVIXWHIXI\XSWVIPMKMSWSWGSQTPI\SWGSQEVEIP0PMFVI HI P«%QHYEX S IP 0PMFVI HI PIW 4SVXIW %UYIWXW XIQIW IWXEZIREGSQTER]EXWH«EPXVIWHIQqWGSQYRWIRXVIIPW UYEPWTVIHSQMREPEVITVIWIRXEGMzHIPVIMHEZERXIPWHMJI VIRXWHqYWHIPTERXIz 5YERXEPIW^SRIWHIGYPXIQEPKVEXUYIPIWTVMQIVIW RS IVIR HI KVERW HMQIRWMSRW TSWXIVMSVQIRX IW GSRZIV XMVIRIREYXrRXMGWXIQTPIWEWIQFPERpEHIPWHIHMGEXWE 'ETIPPE HI GYPXI EQF JSVQE HI TMVkQMHI 8SQFE HI 7IRRIHNIQ (IMVIP1IHMRE*SXS01+ 4PERXEHIPEXSQFEHIPZMWMV6EQSWI8IFIW3IWXVIKREXH«%QIRLSXIT--- GMVGEE'(MFYM\1SRXWI-RqW 4ERSVkQMGEHIPE:EPPHIPW6IMW*SXS01+ 4PERXEHIPEXSQFEH«%QIRLSXIT--EPE:EPPHIPW6IMW(MREWXME<:--- (MFYM\1SRXWI-RqW -RXIVMSVHIPEXSQFEHI7IXM--EPE:EPPHIPW6IMW(MREWXME<-< *SXS01+ PIW HMZMRMXEXW 7zR IPW ¨XIQTPIW HI QMPMSRW H«ER]W© KE VERXW HIP QERXIRMQIRX HIP GYPXI VIMEP M WSFVIXSX IWGI REVMWETVSTMEXWTIVTVSGYVEVIPPPIKEXHIPEWIZEMQEXKI EPETSWXIVMXEX)PWWIYWIPIQIRXWQqWGEVEGXIVuWXMGWWzR PIW IWXkXYIW GSPSWWEPW HIP JEVEz IPW VIPPIYW HI GEVkGXIV LMWX{VMG FEXEPPIW QEWWEGVIW H«IRIQMGW I\TIHMGMSRW GS QIVGMEPWEPIWWYTIVJuGMIWI\XIVRIWMPIWIWGIRIWH«EHS VEGMzHIPVIMEPWHqYWEPIWTEVXWQqWWEKVEHIW)PWERXYEVM TVMRGMTEPHIPVIMIWXVSFEZEEP«MRXIVMSVIRYRETIXMXEWEPE HSXEHEEQFYREIWXIPEMYREXEYPEH«SJVIRIW)PW'SPSW WSW HI 1rQRSR WMXYEXW HEZERX IP HIWETEVIKYX XIQTPI JYRIVEVMH«%QIRLSXIT---IP6EQIWWIYQ6EQWrW--IP XIQTPIHI1IHMRIX,EFY6EQWrW---SP«SVMKMREPIWXVYG XYVEIRXIVVEWWIWYXMPMXÊHETIVPEVIMRE,EX\ITWYXE(IMV IP&ELEVMWzRGPEVWI\TSRIRXWHIPIWTVIGEYGMSRWTVIWIW TIPWJEVESRWTIVEWWIKYVEVIPWIYFIRIWXEVEPQqWIRPPk VIµI\HIP«IXIVRERIGIWWMXEXEWWSGMEHEEPIWGVIIRGIWJY RIVkVMIWIKuTGMIW 4EXM HIP XIQTPI JYRIVEVM HI 6EQWrW --- 1IHMRIX ,EFY (MREWXME << *SXS01+ )UYMTEQIRXJYRIVEVMHIPEXSQFE IKuTGME ¨% UYEPWIZSP LSQI UYI IRXVM IR EUYIWXE XSQFE M IPW WIYWFqRWJYRIVEVMWP«EKEJEVqGSQEYRkRIGWEPZEXKIWIVk NYXNEXTIVEM\{TIPKVERHqY© 8I\XTVSGIHIRXHIPE8SQFEHI,IVNYJ%WWYERHMREWXME:- 0EQENSVTEVXHIPWSFNIGXIWIKMTGMWI\TSWEXWEPWQY WIYW TVSGIHIM\IR HI GSRXI\XSW JYRIVEVMW % QqW HI PE GSRWXVYGGMz H«YRE XSQFE UYI GSRXIRME IPW HMZIVWSW IPI QIRXW VIPEGMSREXW EQF IP GYPXI IPW IKMTGMW GEHEWGYR HMRWHIPIWWIZIWTSWWMFMPMXEXWHSXEVIRPEWIZEVIWMHrRGME IXIVREEQFYRKVERRSQFVIH«YXIRWMPMWTIVEPEZMHEEP QqWIRPPk8IRMRXIRGSQTXIPEYFMGEGMzEPEXSQFEIW TSXTEVPEVHIHSWXMTYWH«SFNIGXIWSFZMERXREXYVEPQIRX UYEPWIZSPMRXIRXHIWMWXIQEXMXÊGMzI\LEYWXMZETIPJIXUYI PEZEVMIXEXMPIWQSHM´GEGMSRWI\TIVMQIRXEHIWEPPPEVKHIP XIQTWVIUYIVMVMIRYRIWTEMQqWKVER 3FNIGXIW M IPIQIRXW TVSTMW HI PE ^SRE HIGYPXI )RP«ERXIVMSVHIWGVMTGMzHIPIWIWXVYGXYVIWJYRIVkVMIWIVE MRIZMXEFPIIWQIRXEVIPWQqWGSQYRW4IVEM\{RSQqWIRW PMQMXEVIQESJIVMVEPKYRIWHEHIWGSQTPIQIRXkVMIW0«IWXI PEHIJEPWETSVXEW«YFMGEZEEPGSWXEXSIWXHIPIWGETIPPIW EP PPSG QqW ETVSTMEX TIV E PE GSQYRMGEGMz EQF IP QqW IRPPk)PWI\IQTPEVWHIPWVIKRIW%RXMGM1MXNkWSPIRIWXEV VIEPMXÊXWIRVIPPIYMqWGEVEGXIVuWXMGEPEVITVIWIRXEGMzIR PETEVXGIRXVEPHIPHMJYRXEWWIKYXHEZERXYREXEYPETPIRE H«SJVIRIW0«IWGIREW«EGSQTER]EEQFXI\XSWIWGVMXWMHIR XM´GEXMYWHIPTVSTMIXEVMRSQMXuXSPWMJzVQYPIWJYRIVkVMIW EHVIpEHIWEPWHqYWE´H«SFXIRMVTIVWIQTVIIPWYFQMRMW XVEQIRXRIGIWWEVMfWXEQFqIPPPSGTIPUYEPIWTSWWMFMPMXE PEGSQYRMGEGMzIRXVIIPHMJYRXMIPWZMYW(EZERXP«IWXIPE WSZMRXWSFVIYREPXEVMGSQEGSQTPIQIRXHIP«EGXMZMXEXHI GYPXIWIWSPMEHMWTSWEVPEXEYPEH«SJVIRIW6IEPMXÊHEIR TIHVEPEWYTIVJuGMIGSRXIRMEKVEZEXWIPRSQMIPWXuXSPWHIP HMJYRX GSQFMREXW E ZIKEHIW EQF YRE VITVIWIRXEGMz HI PIWSJVIRIWQqWGSQYRIW(«EUYIWXEQERIVEQMXNERpERX PE TPEWQEGMz IR TIHVE S TMRXYVE H«EUYIWXW GSRGITXIW M KVkGMIWEP«I\MWXrRGMEHIXI\XSWQkKMGWUYIEM\uLSKEVER XMIRIPWIKMTGMWW«EWWIKYVEZIRIPWYFQMRMWXVEQIRXIXIVR HITVSHYGXIWFkWMGW 5YERXEPIWIWXkXYIWHIWYFWXMXYGMzSHIPOEPEJVEKM PMXEXHIPGSWQSQM´GEXHEZERXPEJVIUIRXTVSJEREGMzHI PIWXSQFIWEXSVKkKVERTEVXHIPEVIWTSRWEFMPMXEXWSFVI 6ITVIWIRXEGMzHIPTVSTMIXEVMH«YREXSQFEEPGSWXEXHIPETSVXEH«EGGqW )PW XI\XSW NIVSKPu´GW MRHMUYIR IP WIY RSQ M IPW WIYW XuXSPW 1EWXEFE H«%ROLQELSV7EUUEVEHMREWXME:-*SXS01+ )WGIRIWTEVMIXEPWM¨JEPWIWTSVXIW©EPEGETIPPEHIGYPXIHI2IJIV 7EUUEVEHMREWXME:*SXS2EVGuW:EPXMIVVE PEZMHEIXIVREEEUYIWXIWQERMJIWXEGMSRWIWGYPX{VMUYIW% XEPPH«I\IQTPIRSQqWEPXIQTPIFEM\HI5YIJVrLMLEZME EPQIR]WIWXkXYIWHIKVERZSPYQ%M\uQEXIM\XEQFq PIW XSQFIW TVMZEHIW TSHMIR GSQTXEV EQF HMZIVWIW )R EUYIWXE GPEWWI HI IWXkXYIW IW XVSFIR IPW QMPPSVW I\TS RIRXWHIPETVSHYGGMzIWGYPX{VMGEI\IQTXEEQFPE´KYVE LYQEREGSQETVSXEKSRMWXE *MREPQIRX PIW VITVIWIRXEGMSRW TEVMIXEPW NYKYIR FkWM GEQIRX IP TETIV H«EGXYEV GSQ E IPIQIRXW TVSTMGMEXSVMW HIXSXEPP{UYIMP·PYWXVIREPIWGEQFVIWJYRIVkVMIWVIMEPW WIVZIM\IRHIKYMEMENYHETIVEPXVkRWMXHIPQSREVGEEPW ¨XIQTPIW HI QMPMSRW H«ER]W© PIW XIQkXMUYIW EP·PYHIM\IR EPW IWHIZIRMQIRXW HI PE ZMHE XIVVIREP EQF MRXIVZIRGMz HMVIGXE HIP JEVEz M E PIW TVMZEHIW KYEVHIR QqW VIPEGMz EQFPEZMHEUYSXMHMEREHIWXEUYIRPIWIWGIRIWH«MRWTIG GMzGEpESFERUYIXEQFIPTVSTMIXEVMHIPEXSQFEGSQ ETVSXEKSRMWXETVMRGMTEP%UYIWXWWzREPKYRWHIPWXIQIW QqWJVIUIRXWIRGEVEUYIPEZEVMIXEXqWXEPUYIIPWGSR ZIVXIM\IRIPWHSGYQIRXWQqWEFYRHERXWMGSQTPIXWTIV EPGSRIM\IQIRXHIP«ERXMG)KMTXI 3FNIGXIW GEVEGXIVuWXMGW HI PIW GEQFVIW JYRIVkVMIW 4IP WIY WMKRM´GEX M JYRGMz PE Q{QME qW IP QqW MQ TSVXERX IRXVI IPW GSQTSRIRXW LEFMXYEPW HI PIW GEQFVIW JYRIVkVMIWMIPGIRXVITIVI\GIP·PrRGMEHIPIWGVIIRGIWUYI JSREQIRXIR M TSWWMFMPMXIR PE ZMHE IXIVRE % PIW XSQFIW IKuTGMIWEQqWHIPWHMWTSWMXMYWHIWIKYVIXEXHIWXMREXWE KEVERXMVRIPETVIWIVZEGMzPIWVIWXIWQSVXEPWIVIRSFNIGXI HIP«ETPMGEGMzH«YRIWQIWYVIWHITVSXIGGMzIWTIGuÚYIW 7SFVIPEQ{QMEMIRXVIPIWFIRIWUYIP«IQFSPGEPPIRW«LER HSGYQIRXEXYREkQTPMEKEQQEH«EQYPIXWGSP·PSGEXWEQF ´REPMXEX TVS´PkGXMGE )R EUYIWX kQFMX IPW IKMTGMW EGSR WIKYMVIR YRE HMZIVWMXEX HI JSVQIW QEXIVMEPW M JYRGMSRW HMKRE H«EHQMVEGMz ´RW EP TYRX UYI EGXYEPQIRX IRGEVE RSIWXqYRGSRIM\IQIRXGSQTPIXHIPEUIWXMz9RHIPW EQYPIXWHIQqWWMKRM´GEXqWP«IWGEVEFEXHIPGSVWMXYEXEP GSWXEXH«EUYIWX{VKERGSQEWuQFSPHIZMHEUYILEZMEHI TVSTMGMEVIPWIYGSVVIGXIGSQTSVXEQIRXIRIPNYHMGMHIGM WSVMWSFVIP«EGGqWSRSHIPHMJYRXEPQqWIRPPk .YRXEQIRXEQFIPWEQYPIXWIPVIGMTMIRXUYIGSRXqPE Q{QME TSXWIV qW IP UYI EWWYQIM\ YR GEVkGXIV TVSXIGXSV TVMRGMTEP)PWEVG{JEKIVEGSRWMHIVEXGSQIP¨WIR]SVHIPE ZMHE©XIVQIUYIIZMHIRGMEIPKVERZEPSVUYIPMEHNYHMGE ZIRIPWLEFMXERXWHIP2MP0IWJSVQIWMQEXIVMEPWZEVMEVIR H«EGSVHEQFP«rTSGESIPVERKHIPTVSTMIXEVM6IEPMXÊXIR TIHVESJYWXE´RWEGSQIRpEQIRXWHIP6IKRI2SYIVEHI 0PMWXEH«SJVIRIWGSQTXEHIWTIVQMPIVWHIQEREHIWTIVP«IWTIVMXOE H«YRTIVWSREXKIERSQIREX-L]6IKRI1MXNk7EUUEVE*SXS01+ 6ITVIWIRXEGMzTEVMIXEPEQFIPTVSTMIXEVMHIPEXSQFEMPEWIZEHSREIR YREIWGIREHIGEGIVE8SQFEHI7IRFM1IMVHMREWXME<-- *SXS0PYuW1EYVM 7EVG{JEKW E P«MRXIVMSV H«YRE GEQFVE WITYPGVEP H«rTSGE 4XSPIQEMGE )\GEZEGMSRWHIP1YWIY)KMTGMHI&EVGIPSREE7LEVYRE)KMTXI1MXNk *SXS01+ JSVQE KISQrXVMGE QIRXVI UYI E TEVXMV H«EUYIWXE rTSGE IW ZE JIV LEFMXYEP IP WEVG{JEK ERXVSTSQSVJ )R EQFHzW GEWSWPIWTEVIXWW«YXMPMXÊZIRGSQEWYTSVXHIXI\XSWNI VSKPu´GWUYIJIMIRVIJIVrRGMEEPRSQMIPWXuXSPWHIPHMJYRX JzVQYPIW IWGVMXIW EHVIpEHIW EPW HqYW S VITVIWIRXEGMSRW ´KYVEHIWHIPIWHMZMRMXEXWQqWVIPEGMSREHIWEQFPETVS XIGGMzHIPWQSVXW )PGSRIM\IQIRXHIPGSWLYQkMIPWIYTVSGqWHITY XVIJEGGMzHIWTVqWHIPEQSVXTVSTMGMkUYIQSPXEZMEXIPW IWTIGMEPMWXIWIRQSQM´GEGMzZIMIWWMRRIGIWWkVMEPEVkTMHE I\XVEGGMz HI PIW ZuWGIVIW TIV XEP GSQ IVIR PIW TVMQIVIW EHIWGSQTSRHVI«WMTSHMIREJIGXEVH«EUYIWXEQERIVEPE GSRWIVZEGMzHIPEVIWXEHIPGSW(IWHIP6IKRI%RXMGVI FIVIRYRXVEGXEQIRXTEVXMGYPEVNEUYIIVIRKYEVHEHIWIR GSRXIRMHSVWIWTIGMEPWERSQIREXWZEWSWGERSTMW)PGSR XMRKYXHIGEHEWGYRHIPWUYEXVIZEWSWGERSTMWIWXEZEWSXE PEXYXIPEH«YRHIPW´PPWH«,SVYWMYREHMZMRMXEXJIQIRMRE MXEQFqW«EWWSGMEZIREYRHIPWTYRXWGEVHMREPW)RQSPXW GEWSWWSFVIXSXIRPE&EM\E¿TSGEPIWZuWGIVIWIVIRQS QM´GEHIWMVIXSVREHIWEPGSWSFqW«MRGSVTSVEZIR¨TWIY HSGERSTMW©qWEHMVTIGIWEQFEWTIGXIHIZEWGERSTM TIV{GSQTPIXEQIRXQEWWMWWIW 1{QMEH«rTSGEVSQERE1YWIY)KMTGMHI&EVGIPSRE *SXS.SWIT'EWERSZEW *MPPH«,SVYW :uWGIVE 4YRX (IIWWE GEVHMREP %QWIXGETLYQk ,ET]GETHIFEFYu (YEQYXIJGETHI\EGEP 5IFILWIRYJGETHIJEPGz *IXKI 4YPQSRW )WXzQEG -RXIWXu 7YH 2SVH )WX 3IWX -WMW 2IJXMW 2IMX 7IPOIX :EWSWGERSTMWHIP6IKRI%RXMG1YWIY-QLSXIT7EUUEVE*SXS01+ 7IKSRW IP GETuXSP :- HIP 0PMFVI HIPW 1SVXW IP HMJYRX TSHMEGSQTXEVEQFYREENYHEWYTPIQIRXkVMETIVEPWIY FIRIWXEVIXIVR0EQERIVEH«SFXIRMVEUYIWXFIRI´GMGSR WMWXMEEMRGSVTSVEVIRIPWIYIUYMTEQIRXJYRIVEVMYRWSF NIGXIWERSQIREXWYM\IFXMW)WXVEGXEH«YREVITVIWIRXEGMz LYQEREHSXEHEEQFPIWIMRIWFkWMUYIWTIVEPXVIFEPPHI GEQT)PWIYRSQHIVMZEHIPZIVFIKMTGMYWLIFGSRXIW XEVP«YM\IFXMqWEUYIPPUYIGSRXIWXEMWYFWXMXYIM\IPWIY WIR]SV UYER EUYIWX qW GVMHEX E GSQTPMV EQF PIW WIZIW SFPMKEGMSRW 4IP WIY IWGkW GSWX HI TVSHYGGMz M P«IPIZEX RSQFVIEQFUYrIWTSHMEHSXEVYREXSQFEqWYRHIPW SFNIGXIWIKMTGMWQqWEFYRHERXWMXMTSP{KMGEQIRXZEVMEXW )WTIGMEPQIRGMzQIVIM\IRXEQFqPIWQEUYIXIWJYRIVkVM IW%TEVXMVHI´REPWHIP6IKRI%RXMGMHYVERXIP6IKRI 1MXNkEUYIWXIWTIXMXIWVIGVIEGMSRWVIEPMXÊHIWIRJYWXE IWXYGEHEMTMRXEHEW«YXMPMXÊVIRGSQYREZIVWMzQqWIGS R{QMGEHIPWVIPPIYWMPIWTMRXYVIWTEVMIXEPW0EJYRGMzIP WMKRM´GEX M PE XIQkXMGE IWXER QSPX TVSTIVW E PIW SFWIV ZEHIW TIV E EUYIPPW RMGEQIRX IP WIY GEVkGXIV JVkKMP M TSVXkXMPTVSTMGMkPEWIZEGSP·PSGEGMzEPE^SRERSTFPMGE HIPEXSQFE *MRWEVEW«LERZMWXEPKYRWHIPWSFNIGXIWQqWGEVEGXI VuWXMGWHIPIWGEQFVIWWITYPGVEPWWzREQqWIPWHIQqW WMKRM´GEXVIPMKMzWSHIZMRGYPEGMzQqWHMVIGXEEPIWGVIIR GIW JYRIVkVMIW 5YERX E PE VIWXE HI P«IUYMTEQIRX TSHME WIV XER ZEVMEX M EFYRHERX GSQ LS TIVQIXqW P«IWXEXYW S PEZSPYRXEXHIPTVSTMIXEVMHIPEXSQFE%PEXSQFEXIFE 1EUYIXEJYRIVkVMEUYIVITVIWIRXEYREFEVGEMPEWIZEXVMTYPEGMz1YWIY)KMTGMHI&EVGIPSRE(MREWXME<-- *SXS.SWIT'EWERSZEW REHI7IRRIHNIQHIWGSFIVXEMRXEGXEUYER)HYEVH8SHE HIWGVMYPIWXVSFEPPIWVIEPMXÊHIWIRWSJIVIM\YRHSGYQIRX HMVIGXIMVIEPWSFVIPEUIWXMz7«LMZERXVSFEVHSWHIPW GEVVSWQSVXYSVMWYXMPMXÊXWEPETVSGIWWzJRIFVIHMZIVWSW QSFPIWIMRIWVIPEGMSREHIWEQFP«S´GMHIPHMJYRXTIGIW HIZIWXMVVIWXIWHMZIVWIWH«EPMQIRXWW{PMHWWSFVIWEJEXIW M TPEXW S PuUYMHWHMRWHIKIVVIWMXIREPPIWMRSQFVSWIW GEM\IW HI JYWXE XSXIW FYMHIW TIV{ HIWXMREHIW WIKYVE QIRXEPEGSRXIRGMzSPEWMQYPEGMzHIPETVIWrRGMEH«EPXVIW IPIQIRXWHIP«EM\SZEV%UYIWXWSFNIGXIWNYRXEQFIPWZMRX GEHkZIVWXVSFEXWHMZIVWSWWEVG{JEKWIWXkXYIWHIWYFWXM XYGMzMYM\IFXMWQEPKVEXPEWIZEMQTSVXkRGMEWzRUYERXMXE XMZEQIRXMUYEPMXEXMZEQIRXMRJIVMSVWEPWYXMPMXÊXWTIVGSFVMV PIW RIGIWWMXEXW H«YR JEVEz .YRXEQIRX EQF PE RIGV{TSPMW HI8ERMWSRW«IRXIVVEVIREPKYRWWSFMVERWHIPIWHMREWXMIW <<-M<<--PEXSQFEHI8YXEROLEQSRMIPWIYGSRXMRKYXqW IPQMPPSVI\IQTPITIVZIYVIP«IRSVQIHMJIVrRGMEI\MWXIRX IRXVIIPTVSTMIXEVMHIXSXIPXIVVMXSVMIKMTGMMPEVIWXEHIPW QSVXEPWIRJYRGMzHIPEUYERXMXEXUYEPMXEXMZEVMIXEXHIPW GSQTSRIRXWEQFUYrIWTVSZIuPEWIZEXSQFE '%8¡0)+ 0%831&%)+À4'-% 9REGEWETIVEP«IXIVRMXEX 0EGYPXYVEHIP«)KMTXIJEVE{RMGIWXMQEZEXERXPEZMHEUYIHIWMXNEZE ZMYVITIVWIQTVI(YVERXQMP·PIRRMWKIRIVEGMzVIVIKIRIVEGMzIPW IKMTGMWRSZERIWXEPZMEVIWJSVpSWTIVKEVERXMVWIP«IXIVRMXEXXSQFIW QMXIWVMXYEPWQ{QMIWEM\SZEVWJYRIVEVMWWzRIPXIWXMQSRMHIPE WIZEIWTIVERpEIRYREI\MWXrRGMEUYIHIWMXNEZIRUYIIWTVSPSRKYqW IXIVREQIRX 4IV{IPWIKMTGMWMHIEVIRYRQqWIRPPkQSPXWMQMPEVEPEZMHEXIVVIREP M IR YRE IXIVRMXEX H«EUYIWXIW GEVEGXIVuWXMUYIW IVE MQTVIWGMRHMFPI PE TIVHYVEGMz HI PE MHIRXMXEX HI PE TIVWSRE («EUYu ZE WSVKMV PE RIGIWWMXEX HI QSQM´GEV IP GSW UYI IVE GSRWMHIVEX IP WYTSVX HI PIWÏRIVKMIW©RIGIWWkVMIWTIVEPEWYTIVZMZrRGMEIXIVREGSQEVE IPFEMIPOE%UYIWXGSWRIGIWWMXEZEEPEZIKEHERSXERWSPWYRE XSQFEWMRzYRZIVMXEFPIIWXEXKIH«IXIVRMXEXTIVVIWMHMVLMIUYMTEX EQF XSX EPP{ UYI IW TSKYqW HIWMXNEV 8EQFq LM LEZME PE GVIIRpE UYI QMXNERpERX PE VITIXMGMz HIP RSQ M PE MQEXKI EGSRWIKYMVMIR P«IXIVRMXEX%M\uHSRGWIPGYPXIEPEQIQ{VMEHIPHMJYRXSGYTEZEYR PPSGHIWXEGEXIRPIWIWXVYGXYVIWJYRIVkVMIW %NYHEXW TIV PE QkKME HIPW PPMFVIW WEKVEXW M TIP TSHIV TVSXIGXSV H«EQYPIXWMH«MQEXKIWQMXSP{KMUYIWIPWIKMTGMWMRXIRXEVIRWYTIVEV PIW FEVVIVIW HI PE QSVX - IR GIVXE QERIVE HIWTVqW HI QMPIVW H«ER]W EPKYRE GSWE H«IPPW WIQFPE VIEPQIRX ZMZE HEVVIVI HI PIW WIZIW QkWGEVIW IR IP WSQVMYVI WIVr HIPW WIYW WEVG{JEKW M IR PE GSQQSZIHSVEWSPIQRMXEXHIPIWWIZIWQ{QMIW ¨(IWMXKIQVITSWEVNYRXW (qYRSTSXWITEVEVRSW 8ERGIVXGSQIPUYIHMYWNSRSX«EFERHSREVq EFERWUYIHIQMX«LEKMWGERWEX 2SZSPIQQqWUYIIWXEVEWWIKYXWGEHEHMEIRTEY WIRWIUYIGETQEPW«IWHIZMRKYM .YRXWERMVIQEPTEuWHIP«)XIVRMXEX TIVUYrIPWRSWXVIWRSQWRSWMKYMRSFPMHEXW 5YrFSRMGUYIWIVkIPQSQIRXUYERZIMIQPEPPYQHIP7SP IXIVREQIRXGSQE7IR]SVWHIPE2IGV{TSPMW© )01-8)(«37-6-70%46-1)6%131-*-'%'-Ä 7IKSRW PE PPIKIRHE 3WMVMW IVE YR VIM FSRHEHzW M EHQMVEX TIPW WIYW WFHMXW2SSFWXERXEM\{PEWIZEZMHEIWZIMEXSVFEHETIVP«IRZINEHIP WIY TIVZIVW KIVQk FIWWz 7IXL 0IW WIZIW XIVVMFPIW MRXVMKYIW TV{TMIW H«YRHqYIQFPIQEHIPIWJSVGIWRIKEXMZIWHIPGSWQSWGYPQMREVIREQF YREPPYMXEJVEXVMGMHEIRUYr3WMVMWJSYIWUYEVXIVEXMIPWWIYWJVEKQIRXW HMWTIVWEXW TIV XSXE PE KISKVEÉ H«)KMTXI -WMW PE HIWGSRWSPEHE ZuHYE ZMEXNk TIP 2MP FYWGERX IPW JVEKQIRXW HIP WIY QEVMX QIRXVI HI QMGE IR QMGEEREZEVIGSRWXVYMRXIPGSWMGVIERXYREQ{QME5YER3WMVMWZEIWXEV GSQTPIXEQIRXVIGSRWXVYxXMKVkGMIWEPEMRXIRWMXEXHIPWIYTSHIVQkKMG PE HIIWWE EGSRWIKYu XSVREVPM PE VIWTMVEGMz EQF IP QSZMQIRX HIPW WIYW FVEpSWXVERWJSVQEXWIREPIWGSRZIVXMRXPSIRIPVIMHIPEYPXVEXSQFEMIR IP7IR]SVHIP1qW)RPPk %UYIWX QMXI HI GEVkGXIV TSTYPEV PE ZIVWMz QqW GSQTPIXE HIP UYEP PE HIZIQ E 4PYXEVG SFVME EPW QSVXEPW P«IWTIVERpE UYI IQYPERX IP HqY EGSRWIKYMVMIR IP WIY QEXIM\ HIWXu («EUYu ZI UYI IP QMXI H«3WMVMW JSW IWWIRGMEPIRPIWGSRGITGMSRWJYRIVkVMIWHIP«ERXMG)KMTXINEUYIPEQ{QME QuXMGEH«3WMVMWIWXVERWJSVQkIRP«EVUYIXMTEMQMXEV EL MITE D’OSIRIS. LA PRIMERA MOMIFICACIÓ *4*4*04*3*4 (MREWXME<<:-E'&VSRÎ%PpEHEGQ )"31Ñ$3"5&4 &EM\E¿TSGEE'&VSRÎ%PpEHEGQ 1BSBMÁMFMT &IR8SV´KM6SIHIVPkQ #JCMJPHSB¾B %PIKVI+SR^jPZI^'EWXVS'SXI*E VESRW0zTI^+VERHIM7SXLIF]«W0SRHVIW PSX &YQPTJDJPOT 4EWMzRTSVIP%RXMKYS)KMTXS&EVGIPSRE*EVEzRHI )KMTXS6I]IWHIPEIXIVRMHEH+VEREHE0E1{QME H«SV)PVIXSVREPEZMHE1YWIY)KMTGMHI&EVGIPSRE (EQEW HIP 2MPS &EVGIPSRE 8YXERO LEQzR-QjKIRIWHIYRXIWSVSFENSIPHIWMIVXSIKMTGMS7ER4I HVS HIP 4MREXEV M 7ERXMPPERE HIP 1EV )KMTXS)PTEWSEPEIXIVRMHEH&SKSXk 8IVVEWWEM%RHSVVEM)KMTXI9RZM EXKIEP«IXIVRMXEX)P\ 1BSBMÁMFMT 6SIHIVPkQ #JCMJPHSB¾B 'PSW+SR^jPZI^ 'SXI M 7SXLIF]«W 0SRHVIW PSX &YQPTJDJPOT *EVEzR HI )KMTXS 6I]IW HI PE IXIVRMHEH +VEREHE 0E1{QMEH«SV)PVIXSVREPEZMHE1YWIY)KMTGMHI &EVGIPSRE8YXEROLEQzR-QjKIRIWHIYR XIWSVSFENSIPHIWMIVXSIKMTGMS8SVVSIPPEHI1SRXKVu M1IPMPPE)KMTXS)PTEWSEPEIXIVRMHEH&SKSXk 8IVVEWWEM%RHSVVEM )KMTXI9RZMEXKIEP«IXIVRMXEX)P\ 3WMVMWIWXVSFEHIQTIYWIRTSWMGMzQSQMJSVQIMTSVXERXPEGSVSRE EXIJWYFNIGXEEQFPIWQERWPEKEMEXELIOEMIPJYIXRINENE-WMW IWXkHEVVIVIWIYEQFIPWFVEpSWEPEXWIWXIWSWEEQFHYIWFERHIW H«3WMVMWIRWIR]EPHITVSXIGGMz%PWUYEXVIGSWXEXWHIPETPEXEJSVQE IWXVSFEIPXI\XNIVSKPu´GWIKIRX¨3WMVMW9RRIJIV+VER(qY7IR]SV H«%FMHSW7IR]SVHIP«)XIVRMXEX7SFMVk)XIVRNYRXEQIRXEQF-WMW +VER 1EVI (MZMRE 7IR]SVE HIP 'IP© )R GSRXI\XSW JYRIVEVMW -WMW XIRMEYRTETIVJSREQIRXEPNEUYIW«IRGEVVIKEZEHIVIGYTIVEVIP GSW HIP WIY HMJYRX IWT{W M XSVREVPM PE ZMHE QMXNERpERX IPW WIYW TSHIVWQkKMGW 6ITVIWIRXEGMzHIPHqY,EVT{GVEXIWRYMEWWIKYX4SVXEPEGSVSRE LIQLIQEQFP«YVIYEPEFEWI4IVVYGEXVMTEVXMHEEQFPE¨XVIRE HIPENSZIRXYX©EPWIYGSWXEXHVIX8qIPHMXuRHI\HIPEQkHVIXE EP«EPXYVEHIPEFSGEPEQERIVELEFMXYEPHIVITVIWIRXEVIPWRIRW ,EVT{GVEXIWJSYIPJVYMXHIPEYRMzIRXVIYR3WMVMWHMJYRXMPEWIZE IWTSWE-WMW)PRIR,EVT{GVEXIWZEWIVGVMEXH«EQEKEXHIPWIRIQMGW UYI TVIXIRMIR PE WIZE HIWXVYGGMz 5YER JSY EHYPX ZE PPYMXEV GSRXVE7IXL¦P«EWWEWWuHIPWIYTEVI¦EUYMZEZrRGIVMTSKYqEM\u VIGYTIVEV IP XVSR H«)KMTXI IP UYEP PM GSVVIWTSRME GSQ E PIKuXMQ WYGGIWWSVH«3WMVMW EGIPTE. EL PAS A L’ETERNITAT 04*3*4 (MREWXME<<:-E'&VSRÎ%PpEHEGQ #JCMJPHSB¾B 7SXLIF]«W0SRHVIWPSXM7SXLIF]«W2SZE=SVO PSX &YQPTJDJPOT )KMTXI )P TEW E P«IXIVRMXEX 8IVVEWWE M %RHSVVE M )KMTXI 9R ZMEXKI E P«IXIVRMXEX )P\ *MKYVEHIPHqY3WMVMWHIQTIYW4SVXEPEGSVSREEXIJEQFP«YVIYE PEFEWI0EFEVFETSWXMWWELEHIWETEVIKYXKEMVIFqGSQTPIXEQIRX 'IPPIW M XMVIW HI WYFNIGGMz HI PE FEVFE TSWXMWWE WIR]EPEHIW IR RIKVI 9PPW VIEPMXÊXW QMXNERpERX PE MRGVYWXEGMz HI TIXMXIW TIGIW QIXkP·PMUYIW 9R GSPPEV YWINIX JSVQEX TIV UYEXVI ´PIVIW HI HIRIW GSFVIM\ TEVX HIP TMX 7YFNIGXE IPW WIYW HSW EXVMFYXW GEVEGXIVuWXMGWKEMEXEMJYIX0ETSWWMFMPMXEXHIZMHEHIWTVqWHIPE QSVXGSRGVIXEHEIR3WMVMWJSYPEFEWITVMRGMTEPHIPIWGVIIRGIW VIPMKMSWIW M HI PIW TVkGXMUYIW JYRIVkVMIW 3WMVMW EWWEWWMREX TIP WIY KIVQk 7IXL XSVRk E PE ZMHE KVkGMIW E PE WIZE IWTSWE -WMW VIWWYWGMXERXIRIPQzRHIPWQSVXW 09*33*/$ &EM\E¿TSGEE'&VSRÎ%PpEHEGQ 1BSBMÁMFMT &VYRRIV8VEYX&VYRRIVPkQTIpEM+IVQSRH0MZIX #JCMJPHSB¾B 'SXIM'LVMWXMI«W0SRHVIWPSX &YQPTJDJPOT )KMTXS)PTEWSEPEIXIVRMHEH&SKSXk8IVVEWWE M %RHSVVE M )KMTXI 9R ZMEXKI E P«IXIVRMXEX)P\ 6ITVIWIRXEGMz HIP TIM\ S\MVVMRG WSFVI YRE TIXMXE TPEXEJSVQE VIGXERKYPEV 4SVXE YRE GSVSRE JSVQEHE TIV HYIW FER]IW EQF IP HMWGWSPEVIRXVIIPPIWMP«YVIYEPEFEWI%RIPPEHIWYWTIRWMzWSFVIIP HSVW1EPKVEXP«S\MHEGMzHIPFVSRÎTSHIRETVIGMEVWIPEQENSVTEVX HIPWHIXEPPWHIPGSWMRHMGEXWQMXNERpERXPuRMIWMRGMWIWFSGEYPPW FVkRUYMIWEPIXIWPEXIVEPWMEPIXEHSVWEP0«S\MVVMRGqWYRTIM\EQF IPQSVVSIRJSVQEHIXVSQTEH«IPIJERX)PWTIM\SWIVIRGSRWMHIVEXW ERMQEPWMQTYVWMEQFP«I\TERWMzHIPGYPXIH«3WMVMWJSVIRMHIRXM´GEXW EQF7IXL7IKSRWPEXVEHMGMzVIGSPPMHETIV4PYXEVGIPW´HIPWGVIMIR UYIP«S\MVVMRGW«LEZMEQIRNEXIPJEP·PYWHIPHIWQIQFVEX3WMVMW («EPXVEFERHEIPWTIM\SWXEQFqIVIRGSRWMHIVEXWERMQEPWWEKVEXW 0«S\MVVMRG VIFq IWTIGMEP EXIRGMz QEPKVEX PE XVEHMGMz IWQIRXEHE ERXIVMSVQIRX*SYYRERMQEPSWMVMkREWGYXHIPIWJIVMHIWHIPHqY %UYIWXTIM\XEQFqJSYEWWSGMEXEQF,EXLSVE)WREMIRSGEWMSRW IWTIGMEPWGSQqWIPRSWXVIGEWWI«PVITVIWIRXEEQFPEGSVSRE H«EUYIWXEHMZMRMXEX #JCMJPHSB¾B %PIKVITSVXEHEMT&SRLEQWPSX'EWXVS 'PSW+SR^jPZI^'SXIMM+EVGuE'EW XVS &YQPTJDJPOT 4EWMzR TSV IP %RXMKYS )KMTXS &EVGIPSRE *EVEzR HI )KMTXS 6I]IW HI PE IXIVRMHEH +VEREHE )KMTXS )P TEWS E PE IXIVRMHEH &SKSXk 8IVVEWWE M%RHSVVEM)KMTXI9RZMEXKIEP«IXIV RMXEX)P\ 6ITVIWIRXEGMz HIP HqY ,SVYW )W XVEGXE H«YRE ´KYVE ERXVSTSQSVJE EQFGETHIJEPGzHIQTIYWEQFIPWFVEpSWIRKER\EXWEPGSWMPE GEQEIWUYIVVEEZERpEHE8qIPWTYR]WXERGEXWWSWXIRMRXYRIPIQIRX HI JSVQE GMPuRHVMGE 4IVVYGE XVMTEVXMHE VIQEXEHE EQF PE GSVSRE TWUIRXHSFPIGSVSREEQFYREMRWIVGMzHIFVSRÎUYIHIYXVEGXEVWI H«YREVITVIWIRXEGMzHIPEGSFVEWEKVEHESYVIY:IWXIM\YREJEPHMPPE GYVXEGIR]MHEEPEGMRXYVE4MPEWXVEHSVWEP1ERGEPETEVXMRJIVMSVHI PETIpEETEVXMVHIPWKIRSPPWMXqEPKYRTIXMXXVIRGEQIRXGSQEVEIP UYIIWTSXETVIGMEVEPTYR]IWUYIVVI ,SVYWqWNYRXEQIRXEQF3WMVMWYRHIPWHqYWQqWMQTSVXERXWHIP TERXIzIKMTGM'SQELIVIYMWYGGIWWSVHIPWIYTEVI3WMVMWJSYHIW HIP TVMQIV QSQIRX IP HqY XYXIPEV HI PE QSREVUYME JEVE{RMGE 0E GSVSREUYITSVXEIPTWUIRXS¨HSFPIGSVSRE©qWYRHIPWWuQFSPW QqWGEVEGXIVuWXMGWHIPEQSREVUYME)RPE´KYVEH«,SVYWIWGSRGVIXIR PIW JSVGIW TSWMXMZIW M FIRrÚYIW HI P«YRMZIVW UYI GSRXVEVIWXIR IPW GSRGITXIWGSQTPIXEQIRXSTSWEXWVITVIWIRXEXWTIV7IXL '"3"Î&/'03."%µ&4'*/9 4IVuSHI4XSPIQEMGE'4IHVEGEPGkVME%PpEHEGQ 1BSBMÁMFMT /VEYWTIPkQ4IVRMKSXXMPkQ'<---M7SXLIF]«W 2SZE=SVOPSX #JCMJPHSB¾B 7SXLIF]«W2SZE=SVOPSX &YQPTJDJPOT 4EWMzR TSV IP %RXMKYS )KMTXS &EVGIPSRE *EVEzR HI )KMTXS6I]IWHIPEIXIVRMHEH+VEREHE1MW XIVMSW HI )KMTXS -1%< 4SVX :IPP &EVGIPSRE M -1%< 1EHVMH 8YXEROLEQzR -QjKIRIW HI YR XIWSVS FENS IP HIWMIVXS IKMTGMS 1IPMPPE M )KMTXS )P TEWS E PE IXIVRMHEH&SKSXk8IVVEWWEM%RHSVVE 6ITVIWIRXEGMzH«YREIW´R\ENEKYHE'SWHIPPIzMGETLYQkHIJEVEz EQFIPXSGEXRIQIWMEQFFEVFETSWXMWWE8VIXWJEGMEPWQSPXHIXIVMSVEXW %PETEVXJVSRXEPTVIWIRXEYRETIVJSVEGMzTIVPEMRWIVGMzHIPETIpE UYIGSRXIRMEPIWTSXIWHEZERXIVIWHIPE´KYVE%XVEZqWH«,SVYWIPW JEVESRWIWGSRWMHIVEZIRHIWGIRHIRXWH«3WMVMWIPVIMQuXMGHIPWHqYW )PJEVEzVITVIWIRXEZEIPKVEYQqWIPIZEXHIPETMVkQMHIWSGMEPGSQ ETSVXEHSVHIPEWERKHMZMREIVEIPWYQQIWEGIVHSXUYILEZMEHI GSRWXVYMV XIQTPIW M QERXIRMV IP GYPXI EPW HqYW GSQERHERX IR GET HIPWI\rVGMXWIKMTGMWNYXKIWYTVIQIRHI´RMXMZEKEVERXHIP«SVHVI G{WQMGUYIEWWIKYVEZEIPGSVVIGXIJYRGMSREQIRXHIP«YRMZIVW EL MITE D’OSIRIS. LA PRIMERA MOMIFICACIÓ )0364 (MREWXME<<:-E'+VIW%PpEHEGQ EGIPTE. EL PAS A L’ETERNITAT .Ñ.*"%&("5 4IVuSHI4XSPIQEMGE'6SFEHIPPMTMRXEHE %PpEHEGQ 1BSBMÁMFMT &VYRRIV8VEYX&VYRRIVPkQTIpE #JCMJPHSB¾B 8SQjW&SRLEQWPSXM'SXI &YQPTJDJPOT 0E 1{QME H«SV )P VIXSVR E PE ZMHE 1YWIY )KMTGM HI &EV GIPSRE )KMTXS )P TEWS E PE IXIVRM HEH &SKSXk 8IVVEWWE M %R HSVVE )KMTXI 9R ZMEXKI E P«IXIVRMXEX )P\ M)WUYIPIXWQEPEPXW1YWIY)KMTGMHI&EVGI PSRE +EX QSQM´GEX VIGSFIVX EQF HMZIVWIW GETIW HI FIRIW 0IW SVIPPIWHIP«ERMQEPIWHIM\IRZIYVIIRXVIPIWFIRIW%PETEVX GSVVIWTSRIRXEPGETW«LERVITVIWIRXEXHIJSVQEIWUYIQkXMGE IPW XVIXW JEGMEPW EQF TMRXYVE ZIVQIPPE M RIKVE M IPW FMKSXMW W«LER EWWIR]EPEX EQF PuRMIW LSVMX^SRXEPW 0E QSQM´GEGMz XIRME GSQ E SFNIGXMY TVMRGMTEP PE GSRWIVZEGMz HIP GSW TIV XEP UYI P«IWWrRGME IWTMVMXYEP UYI JSVQk TEVX HI P«qWWIV ZMY XMRKYqWPETSWWMFMPMXEXHIVIMRXIKVEVWIIRIPUYIYRHMEJSYIP WIYGSW-KYEPUYIIPWqWWIVWLYQERWEPKYRWERMQEPWXEQFq JSVIR QSQM´GEXW TIP JIX HI WIV GSRWMHIVEXW QERMJIWXEGMSRW XIVVIREPW HI HIXIVQMREXW HqYW 1EPKVEX UYI IP GYPXI EPW ERMQEPWIWVIQYRXEEPIWEPFSVWHIPEGMZMPMXÊGMzJEVE{RMGE EPE&EM\E¿TSGEGSFVkYREYKIIWTIGXEGYPEVHIQERIVEUYI IW GSQTXIR TIV QMPIVW PIW Q{QMIW UYI W«LER PSGEPMXÊX IR I\XIRWuWWMQIWRIGV{TSPMW%M\uIPKEXIVEP«ERMQEPWEKVEXHIPE HIIWWE&EWXMWP«MFMWHI8LSXIPGSGSHVMPHI7SFIOMIPJEPGz H«,SVYWTIVIWQIRXEVRSQqWEPKYRIWEWWSGMEGMSRW 5"f5%µ*$/É6.0/ (MREWXME<<:-E'*YWXETMRXEHE%PpEHEGQ 1BSBMÁMFMT 1IWWMLE)P,MXXEPkQ--RQM:ER,EEVPIQ TIpEMTIpE #JCMJPHSB¾B (VSYSXPSXM+SR^jPZI^ &YQPTJDJPOT )KMTXI )P TEW E P«IXIVRMXEX 8IVVEWWE M %R HSVVE M )KMTXI 9R ZMEXKI E P«IXIVRMXEX )P\ 4IXMXE GEM\E HI JYWXE JSVQEHE TIV GMRG IPIQIRXW YRMXW EQF GPEYW HI JYWXE %M\u QEXIM\ W«LM ETVIGMIR XVIW HI PIW UYEXVI TIVJSVEGMSRW UYI W«LEYVMIR IQTVEX TIV E PE ´\EGMz HI PE GSFIVXE 4PEJSRW PEXIVEPW HMZMHMXW IR HSW VIKMWXVIW IP WYTIVMSVSGYTEXTIVYREWIVTMP«MRJIVMSVTIVYRMGRrYQSRS QERKSWXE EPW TPEJSRW GYVXW W«ETVIGME PE VITVIWIRXEGMz H«YR TMPEVHNIHMHIPHqY,SVYW)PGEVkGXIVWEKVEXHIP«MGRrYQSR IWXkHSGYQIRXEXHIWHIP6IKRI1MXNk0EWIZELEFMPMXEXTIV GEpEVWIVTWZEJIVUYIJSWEWWSGMEXEQFPEHMZMRMXEXWSPEVNE UYIIVIRPIWIRIQMKYIWUYITVIXIRMIRHIWXVYMVIPWSPHYVERX IPWIYVIGSVVIKYXRSGXYVR 1BSBMÁMFMT .SWITLWSR)PHEQEX] ´K RQ 7IMTIPFTIpEM7SXLIF]«W 2SZE=SVOPSX #JCMJPHSB¾B 'SXI &YQPTJDJPOT 8YXEROLEQzR-QjKIRIWHIYRXIWSVSFENSIP HIWMIVXS IKMTGMS WIX MXMRIVkRGMIW )KMTXS )P TEWS E PE IXIVRMHEH &SKSXk 8IVVEWWE M %RHSVVE M )KMTXI 9R ZMEXKI E P«IXIVRMXEX )P\ 6ITVIWIRXEGMzH«YRLSQIHIQTIYWWSFVIYRE TPEXEJSVQE 'SQTXE XEQFq EQF YRE TMPEWXVE HSVWEP (IWXEGE TVMRGMTEPQIRX IP JIX UYI IP TIVWSREXKIqWTSVXEHSVH«YREIWXkXYEHIPHqY 3WMVMW UYM EP WIY XSVR VIWXE HVIX WSFVI YR TSHM 0«IWXEX MREGEFEX HI PE TIpE RS TIVQIX TVIGMWEV KEMVIW HIXEPPW WSFVI IPW SVREQIRXW M PEGSR´KYVEGMzHIPE´KYVELYQERE0ETMIXEX TIVWSREPIRZIVWIPWHqYWIWTSWEZEHIQERMJIWX EQF IP PPMYVEQIRX H«SJVIRIW EPW XIQTPIW IR EUYIWX GEW P«EGXI HI P«SJVIRE IW VITVIWIRXE HIQERIVETVIGMWEPPMYVEQIRXUYIIWVIQEVGE EQFPETSWMGMzEZERpEHEHIPEGEQEIWUYIVVE HI P«MRHMZMHY )P KVER TVSXEKSRMWQI H«3WMVMW IR PE VIPMKMz IKuTGME I\TPMGE PIW MRRSQFVEFPIW VITVIWIRXEGMSRW H«EUYIWXE HMZMRMXEX YXMPMXÊHIW GSQESFNIGXIWZSXMYW EL MITE D’OSIRIS. LA PRIMERA MOMIFICACIÓ &45«56" %µ6/ 1&340/"5(& 26& 1035" 6/"*."5(&%&-%c604*3*4 (MREWXME <<:-- GMVGE E' 1EKRIWMXE %PpEHEGQ )0'908)%0713687 %P«ERXMG)KMTXII\MWXMEPEGVIIRpEUYIQMXNERpERXPEVITIXMGMzHIPRSQM PE MQEXKI W«EGSRWIKYMVME P«IXIVRMXEX%M\u HSRGW W«IWJSVpEVIR IR JIVRSW EVVMFEVIPWXIWXMQSRMWIWGVMXWM´KYVEXWHIPIWWIZIWJEWGMRERXWZMHIW 1ERXIRMVIPVIGSVHH«EUYIPPWUYITEVXMVIRGETIP1qW)RPPkIVEIPHIYVI HIPW WIYW HIWGIRHIRXW % PIW QEWXEFIW TVMZEHIW M IPW LMTSKIYW YRE ^SRE HI GYPXI ¦RIGIWWkVMEQIRX EGGIWWMFPI EPW ZMYW¦ IWTIVEZE PE ZMWMXE H«EUYIPPWUYIEQFPEVITIXMGMzHIPRSQMPIWTVIKkVMIWMRWGVMXIWIRPIW IWXIPIWJYRIVkVMIWHSXEVMIRHIRSZEZMHEEPHMJYRX )PW LEFMXERXW HI PIW VMFIW HIP 2MP UYI XER WMQMPEV MQEKMREVIR PE ZMHE YPXVEXIVVIRE E PE UYI LEZMIR KEYHMX E )KMTXI RS GSRGIFMIR P«IXIVRMXEX WIRWIP«EPMQIRXXERXJuWMGGSQIWTMVMXYEP)PWWIYWHIWGIRHIRXWSIRIP WIYHIJIGXIPIWTIVWSRIWHIWMKREHIWTIVEEM\{LEZMIRHIJIVSJVIRIW EPMQIRXkVMIWHEZERXPIWERSQIREHIWÏWXIPIWHIJEPWETSVXE©GSP·PSGERX PIWWSFVIPE¨XEYPEH«SJVIRIW©TVITEVEHETIVEUYIWXTVST{WMX%XVEZqWHI P«IWXIPEIPOEHIPHMJYRXEGGIHMEHIWHIPVIJYKMHIPEQ{QMEEPEGEQFVE WITYPGVEP´RWIPPPSGHIGYPXITIVEVIFVIPIW (EZERX PE TSWWMFMPMXEX UYI PE Q{QME WSJVuW EPKYR HER] S ´RW M XSX HIWETEVIKYqWW«STXEZETIVHMWTSWEVYREIWXkXYEEQFIPRSQMP«EWTIGXI HIP HMJYRX TIV XEP UYI EPPSXKqW EP WIY MRXIVMSV IP OE )W XVEGXEZE H«YRE RSZESTSVXYRMXEXTIVEYREWIKSREZMHE ¨5YIJEGMHYVEVIPQIYRSQGSQPIWIWXVIPPIWHIPGIP UYIHSRMJIVQIWEEPEQIZEIWXkXYEGSQPEH«YREHIPWWIYWWIKYMHSVW UYIVIGSVHMIPQIYTSHIVGVIEHSVIRIPWIYXIQTPIHMEMRMX UYIPEQIZENSZIRXYXIWVIRSZMGSQPEPPYRE UYIIPQIYRSQRSWMKYMSFPMHEXTIVP«IXIVRMXEX© )P'EMVIIWXkXYE EL CULTE ALS MORTS &45&-"'6/&3«3*" 6IKRI2SYHMREWXMIW<-<<<E'4IHVEGEPGkVME%PpEHEGQ 1BSBMÁMFMT &VIWGMERMM,SHNEWL&IVPIZM #JCMJPHSB¾B 'EWXVS 'PSW+SR^jPZI^ 'SXI 'LVMWXMI«W 0SRHVIW PSX M +SR^jPZI^ &YQPTJDJPOT 1«IWGVMYVkWYREGEVXE#'IRXVI'YPXYVEP'EM\EHI+MVSRE+MVSRE)KMTXS)PTEWSEPE IXIVRMHEH&SKSXk8IVVEWWEM%RHSVVEM)KMTXI9RZMEXKI EP«IXIVRMXEX)P\ 0ETEVXWYTIVMSVHIP«IWXIPEQSWXVE,SVYWIP&ILIHMXEIRJSVQEHIHMWGWSPEVEPEXEPUYEPWIPMHMY ¨KVERHqYNEWTMEXHITPSQIWEQFGEWEEP«LSVMX^zTIVUYr)PPHSRMZMHEIWXEFMPMXEXMHSQMRM©% PE TEVX MRJIVMSV ETEVIM\ YR TIVWSREXKI ERSQIREX 4EHuWIX HEZERX HIPW HqYW 3WMVMW M -WMW MHIRXM´GEFPIWXEQFqTIPWWIYWRSQW0EMRWIKYVIXEXHIPWQSVXEPWHEZERXYRETVIXIWEZMHEIXIVREqW PEGEYWEUYI3WMVMWWMKYMIPTVSXEKSRMWXELEFMXYEPHIPIWIWXIPIWM%FMHSWWERXYEVMTVMRGMTEPH«EUYIWXE HMZMRMXEXIPPPSGHITVSGIHrRGMEHIQSPXIWH«IPPIW)REUYIWXEYXrRXMGGIRXVIHITIPIKVMREXKILERIWXEX XVSFEHIWQMPIVWH«IWXIPIWM´RWMXSXXSQFIWWMQF{PMUYIWSGIRSXE´WUYIRSJERQqWUYIGSR´VQEV PETSTYPEVMXEXMIPJIVZSVVIPMKMzWUYIGSRGIRXVkIPHqYHIPWQSVXW EGIPTE. EL PAS A L’ETERNITAT &45«56"%&46#45*56$*Î%&1&/5"63 6IKRI2SYHMREWXME<-<E'4IHVEGEPGkVME%PpEHEGQ 1BSBMÁMFMT &MIVFVMIVPkQWM'LETTE^.0M7SXLIF]«W 2SZE=SVOPSX #JCMJPHSB¾B %PEZIHVEIXEPM'PSW+SR^jPZI^'SXI M7SXLIF]«W2SZE=SVOPSX &YQPTJDJPOT 4EWMzR TSV IP %RXMKYS )KMTXS &EVGIPSRE 1«IWGVMYVkW YRE GEVXE# 'IRXVI 'YPXYVEP 'EM\E HI +MVSRE +MVSRE 8YXEROLEQzR -QjKIRIW HI YR XIWSVS FENS IP HIWMIVXS IKMTGMS SRÎ MXMRIVkRGMIW )KMTXS )P TEWS E PE IXIVRMHEH &SKSXk 8IVVEWWEM%RHSVVEM)KMTXI9RZMEXKIE P«IXIVRMXEX)P\ )WXkXYEGYF HI 4IRXEYV ¨7SXWHMVIGXSV HIP 8VIWSV© EWWIKYX IR YR GSM\u WSFVI YRE TPEXEJSVQE 8q IPW FVEpSW IRGVIYEXW WSFVIIPWKIRSPPWWSWXIRMRXEQFPIWQERWHYIWJYPPIWH«IRGMEQ4IVVYGE FMTEVXMHEEQFYRTIRXMREXQMRYGMzW%PETEVXHEZERXIVEHEQYRXHIP QERXIPP IW TSX ETVIGMEV PE VITVIWIRXEGMz IR FEM\ VIPPIY HI XVIW HqYW EWWIKYXW)WXVEGXEHIPEXVuEHESWMVMERE3WMVMW,SVYWM-WMW%PHEVVIVI WSFVI PE TMPEWXVE HSVWEP LM LE YRE MRWGVMTGMz NIVSKPu´GE HMWTSWEHE IR HSW VIKMWXVIW ZIVXMGEPW )PW XI\XSW H«EUYIWXE TIpE JER EP·PYWMz E PE MRXIVZIRGMzHIPJEVEzTIVUYrIPHMJYRXTYKYMSFXIRMVTEGIVZIWEEYWZM PEVIZMZM´GEHSVEFVMWEHIPRSVHZMHETVSWTIVMXEXMWEPYXTIVTEVXH«3WMVMW MHIHYIWJSVQIWHIPHqY,SVYW,EVIRHSXIWM,EVWMIWMW7IKSRWPIW GVIIRGIWIKuTGMIWHIWTVqWHIPEQSVXPETEVXIWTMVMXYEPHIPHMJYRXFE WIWITEVEZEHIPGSW%ÚYIPETVIXIWEI\MWXrRGMEIXIVREJSWTSWWMFPI W«LEZMEHITVSGYVEVUYIEUYIWXIWTEVXWTSKYIWWMRYRMVWIHIRSYEM\{ I\TPMGEPEGYVEMP«EXIRGMzUYIIPWIKMTGMWHSREVIREPEGSRWIVZEGMzHIP GSWGSRGVIXERXWIIRPEQSQM´GEGMzHIPWGEHkZIVW)PJIXUYIPEQ{QME JSWYRIPIQIRXJVkKMPMZYPRIVEFPISVMKMRkPEGVIEGMzHIPIWÏWXkXYIWHI WYFWXMXYGMz©UYILEZMIRHIVIIQTPEpEVPEQ{QMEIRGEWUYIEUYIWXE TEXuWEPKYRQEP EL CULTE ALS MORTS &45«56"%&46#45*56$*Î%µ)6: (MREWXME<-<TSWWMFPIQIRXVIKREXHI6EQWrW--GMVGE E'4IHVEGEPGkVME%PpEHEGQ #JCMJPHSB¾B (VSYSXPSXM+SR^jPZI^ &YQPTJDJPOT 4EVEYPIWHMZMRIW1YWIY)KMTGMHI&EVGIPSRE M'EWXIPPzHIPE4PERE)KMT XI)PTEWEP«IXIVRMXEX8IVVEWWEM%RHSVVE M )KMTXI 9R ZMEXKI E P«IXIVRMXEX )P\ )WXkXYEGYF TIVXER]IRX E YR TIVWSREXKI ERSQIREX ,Y])WXVSFEEWWIKYXIRPETSWXYVEXuTMGEH«EUYIWXIW IWXkXYIW WSFVI YRE TIXMXE TPEXEJSVQE UYI Xq XVIRGEX IP GERXz TSWXIVMSV IWUYIVVI 8VIXW JEGMEPW FIR HI´RMXW 4SVXETIVVYGEVSHSREHIPSRKMXYHQMXNEREEQFHSFPI IWGEPEX:IWXMXEQFXRMGEPPEVKEHIPEUYEPRMGEQIRX WSFVIWYVXIR IPW TIYW M PIW QERW EQF PE Qk HVIXE WYFNIGXEYRETPERXEH«IRGMEQ4MPEWXVEHSVWEPIRJSVQE H«IWXIPE EQF PE TEVX WYTIVMSV EVVSHSRMHE )PW XI\XSW VIHEGXEXWEPETEVXERXIVMSVHIPE´KYVEGSQIRGIRTIV PEXuTMGEJzVQYPEHITIXMGMzH«SJVIRIWTIVTEVXHIPVIM E PE HMZMRMXEX WMRGVrXMGE 4XEL7{GEV3WMVMW M E XSXW IPW HqYWHIPERIGV{TSPMWTIVUYrIPPWTVSTSVGMSRMRSJVIRIW EPOEH«,Y]9REEPXVEMRZSGEGMzEHVIpEHEE3WMVMWHI GEVkGXIVQqWIWTMVMXYEPHIQERE¨+PSVM´GEGMzIRIP'IP *SVpEEPE8IVVE.YWXM´GEGMzIRIP&IPP3GGMHIRXMIPWSVXMV GSQ YRE ¡RMQE :MZIRX TIV EP OE HI P«3WMVMW ,Y]© )W XVEGXE H«YRE TIpE QSPX IQSXMZE NE UYI JSY HIHMGEHE TIVYR´PPYRIWGVMFEERSQIREX-R]EPWIYHMJYRXTEVI EGIPTE. EL PAS A L’ETERNITAT 1*/563".63"6IKRI2SYHMREWXME<:---E'%PpEHEGQ #JCMJPHSB¾B %PIKVI+SR^jPZI^ %PIKVI+SR^jPZI^ M («%QMGSRI(VSYSXPSXM)P5LEQMH8SPIHERS &YQPTJDJPOT (EQEWHIP2MPS1YWIY)KMTGMHI&EVGIPSRE.SMIWHI JEVESRW8VIWSVWHIQkKMETSHIVMFIPPIWE1YWIY)KMTGMHI&EVGIPSRE M 7EVG{JEKW H«)KMTXI 1YWIY )KMTGM HI &EVGIPSRE *VEKQIRX HI TMRXYVE TEVMIXEP TVSGIHIRX H«YRE XSQFE XIFERE EQF PE VITVIWIRXEGMzHIHYIWHSRIWNSZIWZMRGYPEHIWTSWWMFPIQIRXEPWEGIVHSGM H«%QSR%QFHYIWTSVXIRZIWXMXWHIPPMEQFYRWSPXMVERXUYITEWWETIV WSFVIHIP«IWTEXPPEHVIXEYRFVEpEPIXHEYVEXEPFVEpHVIXMYRGSPPEV0IW TIVVYUYIW WzR WIRWMFPIQIRX HMJIVIRXW PE UYI LM LE EP HEZERX WIQFPE H«YRVERKQqWEPXTIVPETSWMGMzMIPXSGEX0ERSMEUYIIWXVSFEIR WIKSR XIVQI WSWXq E PE Qk HVIXE YR TSQ HI µSVW HI PSXYW XERGEHIW M SFIVXIW QIRXVI UYI E PE UYI qW EP HEZERX PM JEPXE PE Qk 7SXE IP FVEpHIPETVMQIVEHSRELM´KYVEPEVITVIWIRXEGMzH«YRNITIWLTSWWMFPI TEVX MRXIKVERX H«YRE XEYPE H«SJVIRIW EQF HMJIVIRXW TVSHYGXIW 6IVI PE WIKSRE RSME WIQFPE ETVIGMEVWI PE TEVX WYTIVMSV H«YR VIGMTMIRX TMRXEX HIZIVQIPP (IWHIP6IKRI%RXMGPIWWYTIVJuGMIWTEVMIXEPWHIPIW^SRIWHIHMGEHIW EPGYPXIHIPHMJYRXJSVIRSGYTEHIWTIVVITVIWIRXEGMSRWTMRXEHIWSIR VIPPIY%PGSWXEXH«MRXIVQMREFPIW´PIVIWHITIVWSREXKIWUYITSVXIRXSXE QIREHIFqRW´KYVIRIWGIRIWUYIVIGYPPIRQSPXIWHIPIWEGXMZMXEXWUYI IWHYMIREXIVQIEPEZEPPHIP2MP%KVMGYPXYVEVEQEHIVMETIWGEGEpE MIPEFSVEGMzH«IWXVMWHSQrWXMGWMJYRIVEVMWWzRIPWXIQIWJSREQIRXEPW 8SXEM\{HEZERXPEWYTIVZMWMzMIPTVIHSQMRMHIPTVSTMIXEVMHIPEXSQFE MIPWWIYWJEQMPMEVW EL CULTE ALS MORTS &45&-"%&'"-4"1035"%&-$*65"%«** 4VMQIV4IVuSHI-RXIVQIHMEVMTVMRGMTMWHIP6IKRI1MXNkGMVGEE' 4IHVEGEPGkVMETMRXEHE%PpEHEGQ 1BSBMÁMFMT .SVKIRWIR #JCMJPHSB¾B 'LVMWXMI«W0SRHVIWPSX &YQPTJDJPOT 4EVEYPIWHMZMRIW1YWIY)KMTGMHI&EVGIPSREM'EW XIPPzHIPE4PERE)KMTXI)PTEWEP«IXIVRMXEX8IVVEWWE M%RHSVVEM)KMTXI9RZMEXKIEP«IXIVRMXEX )P\ )WXIPEIRTIHVEHIJSVQEVIGXERKYPEVHIPXMTYWHIJEPWETSVXEHIKIRIVEHE 6IQEXEHETIVYREGSVRMWEGEZIXQSPXIWUYIQkXMGEEQFPIWJYPPIWHI TEPQEMRGPMREHIWGETEPEHVIXE7SXEPEGSVRMWEIWXVSFEYREQSXPPYVE EVVSHSRMHEUYIW«IWXqRXEQFqEPWPEXIVEPWHIPETIpEJSVQERXEM\uIP QEVGTIVEP«IWGIREMIPWXI\XSWNIVSKPu´GWHIPTPEJz)PHIWXMREXEVMHIPIW SJVIRIWMTVSTMIXEVMHIP«IWXIPEERSQIREX-MIWXVSFEHIQTIYWZIWXMX EQFYREETEVEXSWEJEPHMPPEHSFPIWYFNIGXEYRETPERXEHITETMVHIPE UYEPEWTMVEP«EVSQE(EZERXWIYYREHSREEQFIPGkVVIGHIWIVZIRXE ERSQIREHE 7IRIF PM SJIVIM\ YR ZEW LIWIX )RXVI XSXW HSW IW TSHIR ETVIGMEVHMZIVWIWSJVIRIWHMTSWMXEHIWWSFVIYREXEYPEMYRWYTSVXEQF YRVIGMTMIRXIRJSVQEHIFSP 0IW IWXIPIW JYRIVkVMIW PSGEPMXÊHIW IR XSQFIW ZSXMZIW HMTSWMXEHIW IRXIQTPIWSH«kQFMXHSQrWXMGTPEWQIRGSQGETEPXVETVSHYGGMzHI P«ERXMG)KMTXIPERIGIWWMXEXHIGSQYRMGEGMzIRXVIIPQzRHIPWZMYWMPE HMQIRWMzLEFMXEHETIPWHqYWMIPWHMJYRXWHMZMRMXÊXW%QqWHIWIVZMVHI GSRRI\MzIRXVIIPQqWIRPPkMIPQzRHIPWZMYWP«IWXIPEHIJEPWETSVXE Xq PE JYRGMz FkWMGE HI KEVERXMV PE TVSZMWMz IXIVRE HI FqRW RIGIWWEVMW TIVEPHMJYRXPEVITVIWIRXEGMzHIPUYEP¦NYRXEQIRXEQFIPWIYRSQM IPWWIYWXuXSPW¦EGSWXYQEESGYTEVPEQENSVTEVXHIP«IWTEMHMWTSRMFPI IRPEWYTIVJuGMIHIPETIpE)REUYIWXGEWWIPMHIQEREEPHqY%RYFMW UYI HSXM IP GMYXEHk -M ´PP HI 5YIV] HI TE GIVZIWEGEVRHIFSZuEYWMXSXEPP{UYIqWFSMTYVTIVEPMQIRXEVYR HqY EGIPTE. EL PAS A L’ETERNITAT 0#&-*4$1&35"/:&/5")&.3& (MREWXME:-E'4IHVEGEPGkVME %PpEHEGQ #JCMJPHSB¾B &EGL&IVOIP 'SXI M 7SXLIF]«W 2SZE=SVOPSX &YQPTJDJPOT 4EWMzRTSVIP%RXMKYS)KMTXS&EVGIPSRE )PW VEWXVIW HI P«EPJEFIX*YRHEGMz 0E 'EM\E WIYW HI 0PIMHE+MVSRE8EVVEKSREM7EFEHIPP 4EVEYPIW HMZMRIW 1YWIY )KMTGM HI &EVGIPSRE )KMTXS )P TEWS E PE IXIVRMHEH &SKSXk8IVVEWWEM%R HSVVEM)KMTXI9RZMEXKIEP«IXIVRMXEX )P\ 7zR QSPXW IPW SFNIGXIW S IPIQIRXW HI PE GETIPPE HI GYPXI UYI WSPIR GSRXIRMV IP RSQ M IPW XuXSPW HIP TVSTMIXEVMHIPEXSQFE)RXVIIPPWIWXVSFIREUYIWXIW TIGIWGEVEGXIVuWXMUYIWHIP«-QTIVM%RXMGERSQIREHIW SFIPMWGWTIVPEWIZEJSVQETIV{UYIFqTSHVMIRWIV VITVIWIRXEGMSRWIWXMPMXÊHIWH«YRHIXIVQMREXXMTYWHI TEHIJIXQSPXIWLERIWXEXPSGEPMXÊHIWWSFVIXEYPIW H«SJVIRIW PPSG SR LEZMIR H«YFMGEVWI EPKYRW HIPW TVSHYGXIWRIGIWWEVMWTIVEPEWYFWMWXrRGMEHIPHMJYRX )P XI\X NIVSKPu´G IW XVEHYIM\ HI PE QERIVE WIKIRX ¨ZIRIVEX EQF%RYFMW EUYIPP UYI IWXk WSFVI PE WIZE QYRXER]E %QMG ÈRMG ,IQ6I © #JCMJPHSB¾B J 'LVMWXMI«W 0SRHVIW PSX M +SR^jPZI^ +SR^jPZI^ &YQPTJDJPOT J 8YXEROLEQzR -QjKIRIW HI YR XIWSVS FENS IP HIWMIV XS IKMTGMS HMZYMX MXMRIVkRGMIW TIV )WTER]E M 4SVXYKEP )KMT XI )P TEW E P«IXIVRMXEX 8IVVEWWE M%RHSVVE M)KMTXI9RZMEXKIEP«IXIVRMXEX)P\ )KMTXI)PTEWEP«IXIVRMXEX8IVVEWWE 0EXEYPEH«SJVIRIWIVEGSP·PSGEHEHEZERXP«IWXIPEHIJEPWETSVXE EQF PE ´REPMXEX UYI IP HMJYRX TSKYqW XVSFEVLM IPW EPMQIRXW RIGIWWEVMWTIVWYFWMWXMVIRIPQqWIRPPk(EZERXPETSWWMFMPMXEX UYI IP TVSTMIXEVM HI PE XSQFE JSW SFPMHEX TIPW LYQERW IPW XI\XSWHITIXMGMzH«SJVIRIWEHVIpEXWEPWHqYWMPEVITVIWIRXEGMz H«EPMQIRXWEPETEVXWYTIVMSVHIPETIpEEWWIKYVEZIRQkKMGEQIRX P«EZMXYEPPEQIRX)RPIWXVIWTIGIWIWVITVSHYIM\IPJSVQEXQqW GEVEGXIVuWXMG H«EUYIWXE GPEWWI H«SFNIGXIW JSVQE VIGXERKYPEV S UYEHVEHEEQFYRZIWWEHSV4SHIRETVIGMEVW«LMHSWVIGITXEGPIW TVSJYRHWMPEVITVIWIRXEGMzHIZEWSWLIWIXYXMPMXÊXWLEFMXYEPQIRX GSQ E WuQFSP HI PIW SJVIRIW PuUYMHIW M HYIW TVSXYFIVkRGMIW GMVGYPEVWUYITSHVMIRWIV´KYVIWQSPXIWUYIQkXMUYIWHITERW EL CULTE ALS MORTS 5"6-&4%µ0'3&/&4 4IVuSHI4XSPIQEMGE'4IHVEGEPGkVME0SRKMXYH GQGQMGQ 0%'%1&6%7)490'6%06IT{WIXIVRHIPEQ{QME 0«qWWIVLYQkKEYHMEHIPETSWWMFMPMXEXHIVIXSVREVEPEZMHEKVkGMIWEPE GSRWIVZEGMzHIPEWIZEMQEXKIMHIPWIYRSQ(SWGSQTSWXSWIWTMVMXYEPW IPFEMIPOERIGIWWMXEZIRYRPPSGSRTSKYIWWMRXSVREVIPGSWJuWMGUYI YRGSTQSQM´GEXVSQERHVMEIXIVREQIRXEPEGEQFVEWITYPGVEPHIWXMREHE EGSRXIRMVIPWEVG{JEKTVkGXMGEQIRXMREGGIWWMFPIHIWTVqWHIPWJYRIVEPW 4IVEYREVkTMHEMHIRXM´GEGMzHIPGSWIVERIGIWWkVMEYREMQEXKINEJSWE P«I\XIVMSVHIPWEVG{JEKSIRYREQkWGEVEUYIGSP·PSGEHEWSFVIPEQ{QME IQFIREHEJIWTSWWMFPIPEWIZEPSGEPMXÊGMz 4IVEPEGSRWIVZEGMzHIPGSWIVETVMSVMXEVMEGSRWIKYMVRIPEHIWLMHVEXEGMz UYI W«SFXIRME JSREQIRXEPQIRX EQF YR GSQTSWX WEPu ERSQIREX REXVz )PW TVSGIHMQIRXW UYI QqW IRGEVMIR PE QSQM´GEGMz IVIR P«I\XVEGGMz HI PIWZuWGIVIWMIPXVEGXEQIRXEQFWYFWXkRGMIWEVSQkXMUYIWMVIWMRIW0IW ZuWGIVIWIVIRMRXVSHYxHIWTIVEPEWIZEGSRWIVZEGMzHIWTVqWHIPTVSGqW HIQSQM´GEGMzHMRWH«YRWVIGMTMIRXWERSQIREXWZEWSWGERSTMW 8ERQEXIM\RSQFVSWSWTIVMPPWEQIREpEZIRPEGSRWIGYGMzHIPEZMHEIXIVRE )PWIKMTGMWMRXIRXEZIRTVSXIKMVWIQMXNERpERXHMZIVWSWEQYPIXWGSP·PSGEXW WSFVIPIWQ{QMIWMVITVIWIRXEXWEPWWEVG{JEKW4IVTSHIVEGXMZEVIPWWIYW TSHIVW IW VIGMXEZIR PIW MRZSGEGMSRW HIP 0PMFVI HIPW 1SVXW VIJIVIRXW E EPKYRWH«EUYIWXWEQYPIXWGSQSIPOLITVMSIWGEVEFEXWEKVEXIPHNIHS GSPYQREH«3WMVMWP«EROLSGVIYHIPEZMHEIXG 1BSBMÁMFMT )WXVEHE #JCMJPHSB¾B %PEZIHVEIXEPM'PSW+SR^jPZI^ 'SXIM(VSYSXPSXM+EVGuE 'EWXVS &YQPTJDJPOT 8YXEROLEQzR-QjKIRIWHIYRXIWSVSFENSIPHIWMIVXS IKMTGMSZMRXMXVIWMXMRIVkRGMIWTIV)WTER]EM4SVXYKEP )KMTXS)PTEWSEPEIXIVRMHEH&SKSXk 8IVVEWWE M %RHSVVE M )KMTXI9RZMEXKIEP«IXIVRMXEX)P\ 8ETE HI WEVG{JEK ERXVSTSMHI 0«IWXVYGXYVE FkWMGE JSY VIEPMXÊHEETEVXMVHIPEYRMzHIXEYPIWHIJYWXEEPE UYEP IW ZER EJIKMV IPIQIRXW MRHMZMHYEPW GSQ EVE PE TIVVYGE PE GEVE M IPW TIYW 0E WYTIVJuGMI I\XIVMSV JSY ´REPQIRXIWXYGEHEMTMRXEHEQIRXVIUYIEP«MRXIVMSVIW ZEHIM\EVPEJYWXEEPHIWGSFIVX%P«I\XVIQMRJIVMSVHIPE XETETSHIRETVIGMEVWIQSVXEPPIWMJSVEXWH«EGSFPEQIRX EM\uGSQIWTMKYIWH«YRMzYXMPMXÊXWTIVENYWXEVPEXETE E PE HIWETEVIKYHE FEWI HIP WEVG{JEK )P HMJYRX W«LE VITVIWIRXEX IR TSWMGMz QSQMJSVQI WSFVI YRE TIXMXE TPEXEJSVQE S W{GSP )PW XVIXW JEGMEPW WzR IP VIWYPXEX H«YR XVIFEPP FEWXERX HIWGYVEX HI TSGE UYEPMXEX EQF MQTSVXERXW EWMQIXVMIW IR IP HMFYM\ HIPW YPPW S IR PE GSP·PSGEGMzHIPIWSVIPPIW)PVSWXVIIWXkVSHINEXTIVYRE IPEFSVEHE TIVVYGE XVMTEVXMHE GSFIVXE TEVGMEPQIRX TIP HIWTPIKEQIRXH«YRHMWGWSPEVEQFPPEVKYIWEPIWIWXIWIW )RXVIPIWXVIRIWHIPETIVVYGEW«ETVIGMEYRGSPPEVJSVQEX TIV UYEXVI ´PIVIW HI HIRIW GMPuRHVMUYIW M GMVGYPEVW EPXIVREXMZEQIRX4SVXEXEQFqYRMQQIRWGSPPEVYWINIX VIQEXEX TIV HSW GETW HI JEPGz GSVSREXW EQF IP HMWG WSPEVEPWI\XVIQWIPGSPPEVIWXkJSVQEXTIVHIY´PIVIW HI HIRIW XYFYPEVW GMVGYPEVW M SZSMHIW )PW IKMTGMW IW VIJIVMIREPWEVG{JEKMEPXEXGSQIP¨7IR]SVHIPE:MHE© %QqWHITVSXIKMVIPGSWQSQM´GEXP«IWTIVMXHIPHMJYRX TSHME XVEZIWWEV PIW TEVIXW 2SVQEPQIRX PE WYTIVJuGMI IWXEZESGYTEHETIVVITVIWIRXEGMSRWHIGEVkGXIVVIPMKMzW M XI\XSW VIPEGMSREXW EQF UIWXMSRW HI GEMVI JYRIVEVM )R EUYIWX GEW IP HqY \EGEP %RYFMW GSQ E ZMKMPERX HIPWGIQIRXMVMWMIPW5YEXVI*MPPWH«,SVYW´KYVIRGSQ EHMZMRMXEXWTVSXIGXSVIW)PWXI\XSWNIVSKPu´GWGSRXIRIR YRE ZIVWMz HI PE XuTMGE JzVQYPE HI TIXMGMz H«SJVIRIW ¨3JVIREUYIIPVIMJEE3WMVMWIPUYITVIWMHIM\P«LSVMX^z KVER HqY WIR]SV H«%FMHSW TIVUYr )PP HSRM YRE FIPPE XSQFE E 3WMVMW© )R EUYIWX TYRX IP XI\X UYIHE MRXIVVSQTYXXSXMUYIHIWTVqWTVSTSVGMSREIPRSQHI PEQEVI2IJIVuWIX LA CAMBRA SEPULCRAL I 5"1"%&4"3$Ñ'"( 4IVuSHI4XSPIQEMGE'*YWXEIWXYGEHEMTMRXEHE %PpEHEGQ EGIPTE. EL PAS A L’ETERNITAT 1"35461&3*03%&-"5"1"%µ6/4"3$Ñ'"( (MREWXME<<:-E'*YWXEIWXYGEHEMTMRXEHEFVSRÎMMZSVMS SW%PpEHEGQ .«4$"3" 4IVuSHI4XSPIQEMGE'0PMIWXYGEXMTMRXEX %PpEHEGQ 1BSBMÁMFMT %VXSJXLI%RGMIRX;SVPHTIpE&SXXM´K 7GLYPX^M7SXLIF]«W0SRHVIWPSX #JCMJPHSB¾B %PEZIHVE IX EP %PIKVI+SR^jPZI^ M &VSO 'EWXVS'SXIM+SR^jPZI^M 7SXLIF]«W0SRHVIWPSX &YQPTJDJPOT 8YXEROLEQzR-QjKIRIWHIYRXIWSVSFENSIPHIWMIVXSIKMTGMSUYEXVI MXMRIVkRGMIW )KMTXS )P TEWS E PE IXIVRMHEH &SKSXk 8IVVEWWEM%RHSVVEM)KMTXI9RZMEXKI EP«IXIVRMXEX)P\ #JCMJPHSB¾B 'PSW+SR^jPZI^'SXIMTSVXEHE'LVMWXMI«W0SRHVIW PSX +SR^jPZI^ M 7SXLIF]«W 0SRHVIW PSX &YQPTJDJPOT 8YXEROLEQzR-QjKIRIWHIYRXIWSVSFENSIPHIWMIVXSIKMTGMSXVIRXE WIX MXMRIVkRGMIW TIV )WTER]E M 4SVXYKEP )KMTXS )P TEWS E PE IXIV RMHEH &SKSXk 8IVVEWWE M %RHSVVE M)KMTXI9RZMEXKIEP«IXIVRMXEX)P\ 4EVXWYTIVMSVHIPEXETEH«YRWEVG{JEK)WXkXEPPEHEIRYREWSPETIpE E I\GITGMz HI PE GEVE PE TIVVYGE M PE TIpE UYI XERGE P«SFVE TIV PE TEVXWYTIVMSVUYIIWZEREJIKMVEPJVEKQIRXTVMRGMTEPQMXNERpERXXEGW HIJYWXE%PPPEVKHIPEFEWIGSRWIVZEHMZIVWIWQSVXEPPIWVIGXERKYPEVW VIEPMXÊHIW TIV JEGMPMXEV P«IRGEM\ EQF IP GSRXIRMHSV HIP WEVG{JEK IR EPKYRIWIRGEVEUYIHIRVIWXIWHIPIWIWTMKYIWHI´\EGMz4IVHMRXVIPE WYTIVJuGMIHIPEJYWXEW«LEHIM\EXEPHIWGSFIVXQIRXVIUYITIVHEZERX W«LEIRPPYxXEQFIWXYG%PETEVXJVSRXEPIWVITVIWIRXEIPGETHIPHMJYRX EQFTIVVYGEXVMTEVXMHEWSFVIPEUYEPLMLEYRIWGEVEFEXTMRXEXHIGSPSV RIKVI)PWXVIXWJEGMEPWWzRJSVpEVIIM\MXWPIWPuRMIWHIPWYPPWMPIWGIPPIW WzRHIFVSRÎPIWTYTMP·PIWHITIHVERIKVEMIPFPERGHIPWYPPWH«MZSVM SH«SW)RXVIPIWHYIWXVIRIWIWTSXZIYVIYRGSPPEVEQFGMRG´PIVIW HIHIRIWMWSXEWIYYRIWGEVEFEXEPEX7SFVIIPTMXMPIWIWTEXPPIWIW XVSFEIPTIGXSVEPVIQEXEXEPWI\XVIQWEQFGETWHIJEPGz % P«ERXMG )KMTXI PIW µSVW IVIR YR GSQTSRIRX MQTSVXERX HIPW VMXYEPW JYRIVEVMW%M\u W«LER PSGEPMXÊX IR QSPXIW XSQFIW GSPPEVW VIEPMXÊXW E TEVXMVHIPEGSQFMREGMzHIKVEREHYVIWHITEWXEZMHVEHEJYPPIWMµSVW 0«EQTPMGSPPEVVITVIWIRXEXEPETIpEYWIOLIX¨P«EQTPI©TIVTIXYEHI QERIVEQqWHYVEHSVEP«IJIGXITVIXrWEQFP«SJVIREµSVEP 1kWGEVEJYRIVkVME8VIXWJEGMEPWQSHIPEXWXSWGEQIRXIWTIGMEPQIRXPE FSGE 4SVXE YRE TIVVYGE XVMTEVXMHE GIR]MHE EP JVSRX QMXNERpERX YRE FERHEHEYVEHEPPMKEHEEPETEVXTSWXIVMSVHIPGETEQFYRRYWIRJSVQE HIWuQFSPWEHITVSXIGGMz7SFVIEUYIWXEYRIWGEVEFEXEQFPIWEPIW HIWTPIKEHIWUYIIQTIR]YRHMWGWSPEV)RXVIPIWXVIRIWHIPETIVVYGE TSX ETVIGMEVWI YR GSPPEV JSVQEX TIV ZYMX ´PIVIW HI HIRIW GMVGYPEVW XVMERKYPEVWMSZSMHIW0EQkWGEVEJYRIVkVMEGSFVMEHMVIGXEQIRXIPGETM IPXSVWHIPEQ{QME0EWIZEJYRGMzQqWHIWXEGEHEIVEPEHIJEGMPMXEV PEMHIRXM´GEGMzHIPHMJYRXETEVXMVHIPEVITVSHYGGMzHIPWXVIXWJEGMEPW 7SFVIPIWQkWGEVIWETEVIM\MIREQqWHMZIVWSWIPIQIRXWSVREQIRXEPW M HMZMRMXEXW TVSXIGXSVIW IRXVI IPW UYEPW HIWXEGE P«IWGEVEFEX EPEX HIP GETUYIIQTIR]IPHMWGWSPEVQEXYXuTIVUYrEUYIWXXSVRMEPEZMHE fWWMKRM´GEXMZEPEYXMPMXÊGMzHIPGSPSVHEYVEXTIVEPVSWXVIHIPHMJYRX EM\uGSQIPGSPSVFPEYHIPETIVVYGEP«YRMP«EPXVIWzRXEQFqIPWGSPSVW ETPMGEXWEPEHI´RMGMzHIPWqWWIVWHMZMRWPEGEVRHIPWUYEPWIVEH«SVM IPWGEFIPPWHIPETMWPkX^YPM 1BSBMÁMFMT &SVKPkQWMM(S\MEHMW´K #JCMJPHSB¾B 'EWXVSM'LVMWXMI«W0SRHVIWPSX &YQPTJDJPOT 0E 1{QME H«SV )P VIXSVR E PE ZMHE 1YWIY )KMTGM HI &EVGIPSRE )KMTXI )P TEW E P«IXIVRMXEX %RHSVVE M)KMTXI9RZMEXKIEP«IXIVRMXEX)P\ 6IXVEXH«YRLSQINSZIEQFGEFIPPRIKVIEVVMWWEXMYREXVIREPEXIVEPHI GEFIPPPPMW:IWXIM\YREXRMGEFPERGEEQFGPEZMEWWIR]EPEXWIRZIVQIPPM YRTEPPMYQGSFVMRXIPFVEpHVIX4SVXEYREGMRXEEPGSPPHIPEUYEPTIRNE YR EQYPIX VIGXERKYPEV UYI WIQFPE GSRXIRMV WMKRIW IWGVMXW MRHI´RMXW 0E TPER\E qW H«YRE WSPE TIpE M R«LE HIWETEVIKYX YRE TEVX HIP PuQMX WYTIVMSVHVIX)PWPuQMXWMRJIVMSVMWYTIVMSVW«LERGSRWIVZEXIPWYTIVMSV TEVGMEPQIRX M IPW PEXIVEPW QEPKVEX RS XVEGXEVWI HIPW PuQMXW SVMKMREPW RSWIQFPEUYIIWXVSFIWWMRKEMVIQqWIRPPkHIPETEVXGSRWIVZEHEEG XYEPQIRX0EXVIRETSXLEZIVIWXEXMRWTMVEHEIRPEUYITSVXEZE,SVYW JVIUIRXIRPIWVITVIWIRXEGMSRWHIRIRWMRIRIW)WXEPPEZEEP«EVVMFEV PETYFIVXEXIRYREGIVMQ{RMEERSQIREHEQEPPSGSYVME(IXSXIWQERI VIWIPWTEVEP·PIPWI\MWXIRXWTIPUYIJEEP«ETEVMGMzHITIVWSREXKIWEQF EUYIWXEXVIRERSWzRKEMVIEFYRHERXW )PW VIXVEXW HIP *EMYQ W«YFMUYIR GVSRSP{KMGEQIRX IRXVI IPW WIKPIW - M -:H'0EWIZEHIRSQMREGMzH«SVMKIRVIWTSREP«kVIEKISKVk´GEHIPE UYEP TVSGIHIM\IR PE QENSVME P«SEWM HIP *EMYQ 7zR YRE QSWXVE HI PE GSRXMRYxXEX HI PIW TVkGXMUYIW JYRIVkVMIW JEVE{RMUYIW M HI P«EHETXEGMz UYIEUYIWXIWI\TIVMQIRXEVIRIRrTSGEVSQERE0EXVEHMGMSREPQkWGEVE UYI GSFVME PE Q{QME JSY WYFWXMXYxHE TIV YR VIXVEX HI GEVkGXIV QqW VIEPMWXE VIEPMXÊX WSFVI YRE TPER\E HI JYWXE 5YEPM´GEXW H«IRMKQkXMGW QMWXIVMSWSW S WSVTVIRIRXW IPW VIXVEXW HIP *EMYQ IRW TIVQIXIR QMVEV GEVEEGEVETIVWSREXKIWLMWX{VMGWGETXEXWIRYRMRWXERXHIPEWIZEZMHE IRYREI\TVIWWMzTIVWSREPHITSWETIVEPETSWXIVMXEXYREFYVPEEPUYI XqH«MRJVERUYINEFPIPEFEVVIVEHIPXIQTW $0/+6/5%&7"404$"/01*4 (MREWXME <<:- E' 4IHVE GEPGkVME%PpEHE M GQ #JCMJPHSB¾B 'SXIM(VSYSXPSX &YQPTJDJPOT 8YXEROLEQzR-QjKIRIWHIYRXIWSVSFENSIPHIWMIVXSIKMTGMS8SVVS IPPE HI 1SRXKVu 1IPMPPE M &MPFES )KMTXS )P TEWS E PE IXIVRMHEH &SKSXk 8IVVEWWEM%RHSVVEM)KMTXI9RZMEXKIE P«IXIVRMXEX)P\ :EWSWGERSTMWHITIHVEGEPGkVMEPEXETEHIPWUYEPWGSVVIWTSREPGETHI GEHEWGYRHIPWUYEXVI´PPWH«,SVYW)PWZEWSWGERSTMWIVIRIPWVIGMTMIRXW HMWWIR]EXW TIV GSRXIRMV PIW ZuWGIVIW HIP HMJYRX I\XVIXIW HYVERX PE QSQM´GEGMz )VIR UYEXVI M GEHEWGYR IWXEZE WSXE PE TVSXIGGMz H«YRE HIIWWEXYXIPEVMH«YRKIRMJYRIVEVM%UYIWXWKIRMWIVIRIPWERSQIREXW ¨5YEXVI*MPPWH«,SVYW©VITVIWIRXEXWEQFGETLYQkHIJEPGzHI\EGEP MHIFEFYu *MPPH«,SVYW (YEQYXIJ\EGEP 5IFILWIRYJJEPGz %QWIXLSQI ,ET]FEFYu 4YRXGEVHMREP )WX 3IWX 7YH 2SVH ÇVKER )WXzQEG -RXIWXu *IXKI 4YPQSRW (IIWWE 2IMXL 7IPUYMW -WMW 2IJXMW LA CAMBRA SEPULCRAL I 3&53"5%&-'"*6. *MREPWHIPWIKPI-----H'*YWXETMRXEHE%PpEHEGQ EGIPTE. EL PAS A L’ETERNITAT 3&5'6/&3«3*" &EM\E¿TSGEE'4EWXEZMHVEHE%PpEHEGQ 1BSBMÁMFMT (SREHSRMIXEPEM+YFIPTIpE #JCMJPHSB¾B %PIKVI+SR^jPZI^M'LVMWXMI«W0SRHVIWPSX &YQPTJDJPOT .SMIWHIJEVESRW8VIWSVWHIQkKMETSHIVMFIPPIWE1YWIY)KMTGMHI&EVGIPSRE M)KMTXI)PTEWEP«IXIVRMXEX8IVVEWWEM%RHSVVE 6IX JYRIVkVME GSQTSWXE TIV KVEREHYVIW HI HMJIVIRXW JSVQIW M GSPSVW )P QSXMY VITVIWIRXEX GSVVIWTSREYRVSWXVILYQkSRW«MRHMUYIRIPWWIYWIPIQIRXWIWWIRGMEPWQMXNERpERXPEZEVMEGMz HIP GSPSV HI PIW KVEREHYVIW UYI MRXIKVIR PE QEPPE fW MRXIVIWWERX PE TVIWrRGME HI PE FEVFE TSWXMWWE% TEVXMV HI PE HMREWXME <<:- qW JVIUIRX P«ETEVMGMz WSFVI PIW Q{QMIW E P«EPXYVE HIP VSWXVI H«EUYIWXIW IPEFSVEHIW VITVIWIRXEGMSRW JEGMEPW VIEPMXÊHIW EQF QMPIVW HI KVEREHYVIW 4SHMIRIWXEVExPPEHIWSJSVQEVTEVXH«YREFSWWEHIQEPPEQqWkQTPMEUYIGSFVMEXSXEPEQ{QME 7«LERMRXIVTVIXEXGSQYRWYFWXMXYXHIPVSWXVIEQERIVEHIQkWGEVESGSQYREVITVIWIRXEGMz HIPVSWXVIH«,SVYW0ETVIWrRGMEH«,SVYWWSFVIPEQ{QMEMHIRXM´GEHEEQF3WMVMWRSJEVMEQqW UYITVSTMGMEVIPGMGPIQSVXZMHEUYIIPHMJYRXIWTIVEZEI\TIVMQIRXEV 0«YM\IFXM qW YRE VITVIWIRXEGMz LYQERE HI QMHE TIXMXE H«IWXMPW JSVQIW M QEXIVMEPW HMZIVWSW )W GSP·PSGEZE E PE XSQFEEQFPE´REPMXEXUYIIRIPQqWIRPPkTSKYqWVIEPMXÊV IPW XVIFEPPW TIV EPW UYEPW IVE VIUYIVMX IP HMJYRX 9R HIPW WMKRM´GEXWHIPETEVEYPEYM\IFXMqWÏPUYIGSRXIWXE©EM\u UYER IP HMJYRX IVE GVMHEX TIV XVIFEPPEV WI WYTSWEZE UYI P«YM\IFXMLEZMEHIGSRXIWXEV¨WzGEUYu©MIRGSRWIUrRGME TSHME WYFWXMXYMVPS )PW YM\IFXMW WSPIR VITVIWIRXEVWI IR TSWMGMzQSQMJSVQIEQFPIWIMRIWGSVVIWTSRIRXWEPEXEWGE UYILEZMIRHIVIEPMXÊVEM\EHIWHIHMJIVIRXWXMTYWMFSWWE TIVEPXVERWTSVXHIWSVVESPIWPPEZSVWTIVWIQFVEVMXI\XSW NIVSKPu´GWUYITVSTSVGMSRIRIPRSQMIPWXuXSPWHIPHMJYRX )PWXI\XSWQqWPPEVKWWzRUYEWMWIQTVIZIVWMSRWHIPGETuXSP WMWrHIP0PMFVIHIPW1SVXWUYIGSRXqP«I\TPMGEGMzHIPEJYRGMz UYILERHIHYVEXIVQIIPWYM\IFXMWTIVEPHMJYRX 6*9&#5*%&-13Ê/$&1,)"&.6"4&5 6IKRI 2SY HMREWXME <-< VIKREX HI 6EQWqW -- E'4EWXEZMHVEHE%PpEHEGQ 1BSBMÁMFMT %VX SJ XLI %RGMIRX ;SVPH ´K 'IRMZEP 'SYXEKRIM'LVMWXMI«W2SZE=SVOPSXW M #JCMJPHSB¾B %PIKVI+SR^jPZI^]'SXI &YQPTJDJPOT 8YXEROLEQzR -QjKIRIW HI YR XIWSVS FENS IP HIWMIVXS IKMTGMSGMRGMXMRIVkRGMIW(EQEWHIP2MPS&EVGIPSRE )KMTXS )P TEWS E PE IXIVRMHEH &SKSXk M%RHSVVEM)KMTXI9RZMEXKIE P«IXIVRMXEX)P\ &VEpSW IRGVIYEXW TIV HEZERX HIP TMX WYFNIGXERX EQF PIW QERWHYIWEM\EHIWTMRXEHIWHIRIKVIFSWWEEP«IWUYIRE 4IVVYGE GYVXE EQF PE XVIRE HI PE NSZIRXYX EP GSWXEX HVIX &EVFETSWXMWWE(IWHIPIWQERW´RWEPWTIYWIRYRVIKMWXVI ZIVXMGEP EQF JSRW FPERG GSRXq IP WIKIRX XI\X NIVSKPu´G ¨-P·PYQMREGMz TIV E P«3WMVMW 7EGIVHSX *MPP 6IMEP TVuRGIT /LEIQYEWIX NYWXM´GEX© /LEIQYEWIX JSY IP UYEVX ´PP HI 6EQWrW--IPWIKSRXMRKYXEQFPEWIZEIWTSWE-WMWRSJVIX )RXVIIPWER]WMHIPVIKREXHIPWIYTEVIZEIWHIZIRMV LIVIYEPXVSRHIWTVqWHIPEQSVXHIPWWIYWKIVQERWKVERW *SYWEGIVHSXHI4XELE1IQ´W^SRESRPEWIZEEGXMZMXEX IW GSRGVIXk IR PE GVIEGMz H«YR RSY GSRGITXI HI XSQFE TIV E P«IRXIVVEQIRX HIPW FSYW %TMW IP WIVETIY M IR PE VIWXEYVEGMz H«EPKYRW QSRYQIRXW VIMEPW HIP 6IKRI %RXMG XEQFqJSYIPVIWTSRWEFPIH«ERYRGMEVTIVXSX)KMTXIGMRGHI PIWXVIXÎJIWXIW7IXLHIPWIYTEVI/LEIQYEWIXMRGPWZE UYIHEV MQQSVXEPMXÊX IR PE PMXIVEXYVE GSQ E TVSXEKSRMWXE HIHMJIVIRXWREVVEGMSRWIRPIWUYEPWIWTSWIRHIQERMJIWX PIW WIZIW ZMVXYXW GSQ E QEK M WEZM 0E MHIRXM´GEGMz HI PE WIZE XSQFE qW YR HIPW HIFEXW QqW GSRXVSZIVXMXW QEPKVEX IP HIWGSFVMQIRX VIEPMXÊX TIV 1EVMIXXI IP E P«MRXIVMSV HIPWIVETIYYRWEVG{JEKMYREQ{QMEEQFQkWGEVEH«SVEP GSWXEXH«SFNIGXIWEQFIPWIYRSQRSQFVSWSWYM\IFXMWHIP TVuRGIT XVSFEXW IR EUYIWX QEXIM\ GSRXI\X EZYM HME IWXER VITEVXMXWTIVHMJIVIRXWQYWIYWHIPQzR LA CAMBRA SEPULCRAL I 6*9&#5*4 LA TOMBA EGÍPCIA. UNA CASA PER A L’ETERNITAT 6*9&#5*%&4)"565" (MREWXMIW<-<<<E'*YWXEIW XYGEHEMTMRXEHE%PpEHEGQ 1BSBMÁMFMT 7GLRIMHIV´KWM &YQPTJDJPOT )KMTXI )P TEW E P«IXIVRMXEX 8IVVEWWE M%RHSVVE 4IVVYGE XVMTEVXMHE M GSPPEV JSVQEX TIV HMZIVWIW ´PIVIW HI HIRIW %QF PIW QERW WYFNIGXE IPW MRWXVYQIRXW HI GSRVIY HYIW EM\EHIWMEPEQkHVIXEW«ETVIGMEXEQFqPE GSVHEHIPEFSWWEUYIXqWSFVIP«IWUYIRE 8I\XNIVSKPu´GEPPPEVKH«YRVIKMWXVIZIVXMGEP JVSRXEP UYI TSX XVEHYMVWI GSQ ¨0«3WMVMW KVERHIPEGEWE7LEXYXE© 6*9&#5*%&-"$"/503"%µ".0/ "/0.&/"%"5"© 8IVGIV4IVuSHI-RXIVQIHMEVMHMREWXME<<- E'4EWXEZMHVEHE%PpEHEGQ 6*9&#5*%&1","© 8IVGIV4IVuSHI-RXIVQIHMEVMHMREWXME<<-E' 4EWXEZMHVEHE%PpEHEGQ 1BSBMÁMFMT 'LEVPIW)HI0MQMXIH´K #JCMJPHSB¾B 'EWXIPEM(VSYSXPSX &YQPTJDJPOT )KMTXI)PTEWEP«IXIVRMXEX8IVVEWWEM %RHSVVE #JCMJPHSB¾B 'PSW+SR^jPZI^ &YQPTJDJPOT 4EWMzR TSV IP %RXMKYS )KMTXS &EVGIPSRE 8YXEROLEQzR-QjKIRIWHIYRXIWSVS FENS IP HIWMIVXS IKMTGMS 8IRIVMJI M )KMTXI)PTEWEP«IXIVRMXEX8IVVEWWEM %RHSVVE &VEpSWIRGVIYEXWTIVHEZERXHIPTMXEQFPIWQERW UYIWSFVIWYVXIRTIVWSXEHIPEQSVXEPPEMWYFNIGXIR YRWHIWHMFYM\EXWMRWXVYQIRXWTIVEPGSRVIYFSWWE E P«IWUYIRE 4IVVYGE FMTEVXMHE TMRXEHE HI RIKVI 8VIXW JEGMEPW VYHMQIRXEVMW IR IPW UYEPW RSQqW W«EWWIR]EPIR IPW YPPW )P XI\X NIVSKPu´G IW XVEHYIM\ GSQ ¨0«3WMVMW (EQE HI PE 'EWE 'ERXSVE H«%QSR 8E© 4SWMGMz QSQMJSVQI 4IVVYGE XVMTEVXMHE 8q YR PPEp TMRXEX HI GSPSV RIKVI GIR]MX EP JVSRX M PPMKEX E PE TEVX TSWXIVMSV HIP GET &VEpSW IRGVIYEXW WSFVI IP TMX0IWQERWWSWXIRIRIPWMRWXVYQIRXWEKVuGSPIWM EP«IWUYIREW«ETVIGMEPEFSWWETIVEPEWSVVESPIW PPEZSVW(IWHIPZIRXVI´RWEPWTIYWIQQEVGEXIR YR VIGXERKPI TMRXEX HI GSPSV RIKVI ETEVIM\IR IPW WMKRIWUYIGSRJSVQIRIPRSQHIPHMJYRX4EOE EL MITE D’OSIRIS. LA PRIMERA MOMIFICACIÓ 6*9&#5*%µ*36356 (MREWXME<<:-E'4EWXEZMHVEHE %PpEHEGQ 6*9&#5*%&-(&/&3"-1","4 (MREWXME<<:-E'4EWXEZMHVEHE %PpEHEGQ 1BSBMÁMFMT &SRLEQWPSX #JCMJPHSB¾B &SRLEQW0SRHVIWPSX &YQPTJDJPOT )KMTXI)PTEWEP«IXIVRMXEX8IVVEWWEM %RHSVVE #JCMJPHSB¾B 'PSW+SR^jPZI^ 'SXI ] M (YVjR1EHVMHPSX &YQPTJDJPOT 8YXEROLEQzR -QjKIRIW HI YR XIWSVS FENS IP HI WMIVXSIKMTGMSWIXMXMRIVkRGMIWM)KMTXS)PTEWSE PE IXIVRMHEH &SKSXk 8IVVEWWE M%RHSVVE 4SWMGMzQSQMJSVQIHIQTIYWWSFVIYRETPEXEJSVQE VIGXERKYPEV 4IVVYGE XVMTEVXMHE M FEVFE TSWXMWWE XVIREHE%QFPIWQERWUYIWSFVIWYVXIRTIVWSXEHI PEQSVXEPPEWYFNIGXEIPWMRWXVYQIRXWEKVuGSPIWYRE EM\EHEHIJYPPEGYVXEEQFP«IWUYIVVEMYREEM\EHEHI JYPPEPPEVKEMPEGSVHEHIPEFSWWEUYITSVXEWSFVI P«IWUYIREEQFPEHVIXE4MPEWXVEHSVWEPERITMKVk´GE 8I\X NIVSKPu´G IR HIY VIKMWXVIW LSVMX^SRXEPW UYI GSRXqYREZIVWMzHIPGETuXSP:-HIP0PMFVIHIPW1SVXW MIPRSQHIPHMJYRX 4SWMGMz QSQMJSVQI 4IVVYGE XVMTEVXMHE M FEVFE TSWXMWWE )PW FVEpSW IWXER IRGVIYEXW WSFVI IP TMX WYFNIGXERX YR MRWXVYQIRX EKVuGSPE EQF GEHE Qk 7SFVI P«IWTEXPPE IWUYIVVE TEWWE PE GSVHE UYI WYFNIGXE PE FSWWE UYI TSVXE WSFVI P«IWUYIRE )P XI\XNIVSKPu´GIWXVEHYIM\GSQ¨5YIWMKYMMP·PYQMREX P«3WMVMW+IRIVEP4EOEW© 6*9&#5*%&-461&3*03%&-4130'& 5&4%µ04*3*4)03 (MREWXME<<<E'4EWXEZMHVEHE %PpEHEGQ 1BSBMÁMFMT &SRLEQW PSX M 2IPWSR PkQ #JCMJPHSB¾B (VSYSXPSX &YQPTJDJPOT )KMTXI )P TEW E P«IXIVRMXEX 8IVVEWWE M%RHSVVE &VEpSW IRGVIYEXW TIV HEZERX HIP TMX WYFNIGXERX EQF PIW QERW YR MRWXVYQIRX EKVuGSPE M IP WEG HI PPEZSVW 4IVVYGE XVMTEVXMHEMFEVFETSWXMWWE8VIXWJEGMEPWQSPX FIRMRHMGEXWIRVIPPIY)PXI\XNIVSKPu´GIW XVEHYIM\ GSQ ¨)P WYTIVMSV HIPW 4VSJIXIW H«3WMVMW 7IKYMHSV GSQTER] HIP 7SFMVk 'ET HIPW 4VSJIXIW ,SV REWGYX H«-WIXYVIX NYWXM´GEX© EGIPTE. EL PAS A L’ETERNITAT ".6-&54 )PW EQYPIXW TSHMIR XIRMV YRE JYRGMz TVSXIGXSVE HI TSWWMFPIW QEPW TIV{ XEQFq TSWWIxIR PE JEGYPXEX HI HSXEV IP WIY TSVXEHSV HI HIXIVQMREHIW GEVEGXIVuWXMUYIW UYI PM VITSVXEVMIR YR FIRI´GM 4SHMIR WIV YXMPMXÊXW XERX TIPW ZMYW GSQ TIPW QSVXW NE UYI EUYIWXW XEQFq W«IRJVSRXEZIR E KVERW TIVMPPW IR IP WIY GEQu ZIVW P«YPXVEXSQFE H«EUYu ZI UYI IRXVI PIW FIRIW HIPW GSWWSW QSQM´GEXW W«MRXVSHYxWWMR HMJIVIRXW EQYPIXW EQF PE ´REPMXEX HITVSXIKMVIPGSWHIP´REXHIJIVUYIXSXWIPWWIYWWIRXMXWHIWTIVXIWWMR IRIPQSQIRXIRUYrIPWRIGIWWMXqWH«EGSRWIKYMVIRHI´RMXMZEUYIIP HMJYRX XSVRqW E PE ZMHE YR GST WYTIVEX IP XVkRKSP HI PE QSVX JuWMGE 0E MQTSVXkRGMEHIPEJYRGMzHIPWEQYPIXWEP«EM\SZEVJYRIVEVMUYIHEXIWXM´GEHE TIPJIXUYIR«ETEVIM\MIRYRWUYERXWEP0PMFVIHIPW1SVXW¦ZIVMXEFPI¨QERYEP H«MRWXVYGGMSRW©TIVEPHMJYRXUYIP«ENYHEZEEEVVMFEVEPQqWIRPPkWEMIWXEPZM¦ EQFMRWXVYGGMSRWTVIGMWIWHIPQEXIVMEPEQFUYrLEZMIRH«IWXEVJIXWIPWIY GSPSVIPPPSGHIPGSWSRLEZMIRHIWIVGSP·PSGEXWMPIWTEVEYPIWUYILEZMIR HITSVXEVMRWGVMXIWPIWQEXIM\IWUYILEZMEHIVITIXMVIPWEGIVHSXHYVERX IPWEGXIWTVIZMWEP«IRXIVVEQIRXTV{TMEQIRXHMX &4$"3"#"5%&-$03 &EM\E¿TSGEE'7IVTIRXMRE%PpEHEGQ #JCMJPHSB¾B %PEZIHVEIXEP'EWXVSM'LVMWXMI«W0SRHVIW PSX &YQPTJDJPOT 0E 1{QME H«SV )P VIXSVR E PE ZMHE 1YWIY )KMTGM HI &EVGIPSRE M)KMTXI)PTEWEP«IXIVRMXEX 8IVVEWWEM%RHSVVEM)KMTXI9RZMEXKI EP«IXIVRMXEX)P\ 0«IWGEVEFEXHIPGSVqWYRXMTYWQSPXIWTIGMEPH«EQYPIX)WHMTSWMXEZE EP GSWXEX HIP GSV HI PE Q{QME TIVUYr TSKYqW WIVZMV H«ENYHE EP HMJYRXIRIPNYHMGMEUYrIVEWSXQrWTIPXVMFYREPH«3WMVMW%UYIWX NYHMGMSTWMG{WXEWMWSPWIVVITVIWIRXEXTIVYREFEPERpEEQFYRW TPEXIXWSRLM´KYVIRVIWTIGXMZEQIRXYRGSVLYQkMPEHIIWWE1EEX SVHVI M NYWXuGME%PKYRW I\IQTPEVW TSHMIR XIRMV MRWGVMX EP VIZIVW IP GETuXSP & HIP 0PMFVI HIPW 1SVXW E ´ M IJIGXI HI TVSTMGMEVYR NYHMGMJEZSVEFPITIVEPHMJYRX)REUYIWXGEWIPWWMKRIWNIVSKPu´GW TVkGXMGEQIRXLERHIWETEVIKYX 1BSBMÁMFMT M&IR8SVM´K #JCMJPHSB¾B %PIKVI+SR^jPZI^M'LVMWXMI«W0SRHVIWPSX J'LVMWXMI«W0SRHVIWPSX &YQPTJDJPOT )KMTXI)PTEWEP«IXIVRMXEX8IVVEWWEM%RHSVVE M)KMTXI9RZMEXKIEP«IXIVRMXEX)P\ 8VIWHIPW´PPWH«,SVYW,ET]FEFYu%QWIXLSQIM5YIFILWIRYJJEPGz JSVQEVIR TEVX H«YR QEXIM\ GSRNYRX )W XVSFIR HIQTIYW ZIWXIM\IR YRE QSVXEPPE M WYFNIGXIR EQF PIW QERW IP WuQFSP WE HI TVSXIGGMz (YEQYXIJ EQF GET HI \EGEP GSQTPIXE IP UYEVXIX%UYIWX XMTYW IWTIGMEP H«EQYPIXW JYRIVEVMWWSPETEVrM\IVGSWMXEPIWFIRIWHIPEQ{QMEQMXNERpERXIPWJSVEXW VIEPMXÊXWEPIWTIGIW LA CAMBRA SEPULCRAL I 1-"26&4".#-"3&13&4&/5"$*Î%&-426"53&'*--4%µ)0364 &EM\E¿TSGEE'4EWXEZMHVEHE%PpEHEGQGQ GQMGQ EGIPTE. EL PAS A L’ETERNITAT %04%*54 4IVuSHI4XSPIQEMGE'4EWXEZMHVEHE %PpEHEGQ 1BSBMÁMFMT +EFSPHI´K #JCMJPHSB¾B &SRLEQWPSXTEVXM'SXI &YQPTJDJPOT )KMTXS)PTEWSEPEIXIVRMHEH&SKSXk 8IVVEWWE M %RHSVVE M )KMTXI9RZMEXKIEP«IXIVRMXEX)P\ 6ITVIWIRXEGMz HIPW HMXW uRHI\ M GSV H«YRE Qk HVIXE %UYIWX EQYPIX UYI TSHVME VITVIWIRXEV IPW HMXW HI P«IQFEPWEQEHSV WSPME GSP·PSGEVWI WSFVI PE MRGMWMz EFHSQMREPVIEPMXÊHETIVEP«I\XVEGGMzHIPIWZuWGIVIW HIPW HMJYRXW E ´ HI TVSXIKMVPE S TIV GSR´VQEV PE VIEPMXÊGMzH«EUYIWXETEVXHIPTVSGqWHIQSQM´GEGMz ".6-&56%+"5 &EM\E¿TSGEE'4EWXEZMHVEHE %PpEHEGQ #JCMJPHSB¾B %PEZIHVE IX EP 'SXI M (YVjR PSX &YQPTJDJPOT 0E 1{QME H«SV )P VIXSVR E PE ZMHE 1YWIY )KMTGM HI &EVGIPSRE8YXEROLEQzR-Qj KIRIW HI YR XIWSVS FENS IP HIWMIVXS IKMTGMS GMRG MXMRIVkRGMIW )KMTXS )P TEWS E PE IXIVRMHEH &SKS Xk 8IVVEWWE M %RHSVVE M )KMTXI 9R ZMEXKI E P«IXIVRMXEX )P\ 0«YHNEXYPPH«,SVYWJSYYRHIPWEQYPIXWQqWYXMPMXÊXW GSQETVSXIGXSVHIXSXWIPWQEPW0«YPPPYREVVIGYTIVEX HIWTVqWUYI7IXP«LEKYqWVSFEXJSYGYVEXTIPHqY8LSX H«EUYuZIUYIJSWERSQIREX¨P«MP·PrW©:EWIVIPWuQFSP HIP TSHIV HIP HqY HI PE PPYQ M TIV XERX YR EQYPIX TSTYPEV0«YHNEXZEWIVYWEXGSQETVSXIGGMzGSRXVEIP QEPH«YPP(IWHIP´REPHIP6IKRI%RXMGEPETSVXEHI PIWXSQFIWIWGSP·PSGEZIRHSWYHNEXWIPWUYEPWXIRMIR YRWMKRM´GEXETSXVSTEMGGSQXEQFqIPWUYIIWWSPMIR VITVIWIRXEVEPWPEXIVEPWHIPWWEVG{JEKW 1BSBMÁMFMT 4EKI+EWWIV;MIWI1EMR^ #JCMJPHSB¾B 'SXIM &YQPTJDJPOT 8YXEROLEQzR -QjKIRIW HI YR XIWSVS FENSIPHIWMIVXSIKMTGMSZMRXMXMRIVkRGMIW TIV)WTER]EM4SVXYKEP)KMTXS)PTEWS E PE IXIVRMHEH &SKSXk 8IVVEWWE M %RHSVVE M)KMTXI9RZMEXKIEP«IXIVRM XEX)P\ %QYPIXGSQTSWX0«YPPWEKVEXIWXkGSVSREX TIVYRJVMWJSVQEXTIVXVIWYHNEXWWSFVI IPWUYEPW´KYVEYRPPIzEWWIKYX)PJSVEX HI WYWTIRWMz XVEZIWWE XVERWZIVWEPQIRX IPWXVIWYPPW 1*-"3%+&% &EM\E¿TSGEE'4EWXEZMHVEHE %PpEHEGQ #JCMJPHSB¾B 'EWXVS'SXIM4LM PPMTW0SRHVIWPSX &YQPTJDJPOT 0E1{QMEH«SV)PVIXSVREPEZMHE1Y WIY )KMTGM HI &EVGIPSRE 8YXEROLEQzR-QjKIRIWHI YRXIWSVSFENSIPHIWMIVXSIKMTGMSUYEXVI MXMRIVkRGMIW )KMTXS )P TEWS E PE IXIV RMHEH &SKSXk 8IVVEWWE M%RHSVVE M)KMTXI9RZMEXKIEP«IXIVRMXEX)P\ )P TMPEV HNIH qW YR JIXMX\I TVILMWX{VMG IP WMKRM´GEX HIP UYEP IRGEVE RS LE IWXEX I\TPMGEX EQF KEVERXMIW 0E MRXIVTVIXEGMz QqW IWXIWE qW PE UYI GSRWMHIVE UYI IW XVEGXEH«YREIWXEGEHIPEUYEPIWTIRNEZIR PIWIWTMKYIWHIGIVIEPYRWuQFSPHIPE JIVXMPMXEXIRP«IRXSVRVYVEP)WHIZMRKYqYR WuQFSPSWMVMkMHIRXM´GEXGSQPEGSPYQRE ZIVXIFVEP HIP HqY M E TEVXMV H«EUYu YR WuQFSPH«IWXEFMPMXEX LA CAMBRA SEPULCRAL I 6%+"5.Ò-5*1-& &EM\E¿TSGEE'4EWXEZMHVEHE %PpEHEGQ EGIPTE. EL PAS A L’ETERNITAT ".6-&56"%+ (MREWXME<<:-E'4EWXEZMHVEHE%PpEHEGQ ".6-&5%&-%c6#&4 &EM\E¿TSGEE'4EWXEZMHVEHETMRXEHE%PpEHEGQ #JCMJPHSB¾B %PIKVI+SR^jPZI^M&SRLEQWPSX'PSW +SR^jPZI^M'SXI &YQPTJDJPOT &EVRENS]E2SZE.SME&EVGIPSRE0E1{QMEH«SV)PVI XSVR E PE ZMHE 1YWIY )KMTGM HI &EVGIPSRE 8YXEROLEQzR-QjKIRIWHIYRXIWSVSFENSIPHIWMIVXSIKMTGMSGMRG MXMRIVkRGMIW )KMTXS )P TEWS E PE IXIVRMHEH &SKSXk 8IVVEWWEM%RHSVVEM)KMTXI9RZMEXKI EP«IXIVRMXEX)P\ #JCMJPHSB¾B 'SXIM'LVMWXMI«W0SRHVIWPSX &YQPTJDJPOT )PTMIVGMRKYRRSYPPIRKYEXKIIWXrXMG#&EVRENS]E2SZE.SME&EVGIPS RE8YXEROLEQzR-QjKIRIWHIYRXIWSVSFENSIPHIWM IVXSIKMTGMSZMRXMYREMXMRIVkRGMIWTIV)WTER]EM4SVXYKEP)KMTXS)P TEWS E PE IXIVRMHEH &SKSXk 8IVVEWWE M%RHSVVEM)KMTXI9RZMEXKIEP«IXIVRMXEX)P\ 6ITVIWIRXEGMzH«YRETPERXEHITETMVWSFVIPEUYEPIWXVSFEP«ERIPPEHI WYWTIRWMz0ETPERXEHITETMVYEHNGSRJIVMEPEJVIWGSVMIPZMKSVHIPE NSZIRXYXEPWIYTSVXEHSV)PGSPSVZIVHIWVIPEGMSREEQFIPGSRGITXI HIZMHE 6ITVIWIRXEGMzHIPHqY&IWHIQTIYWWSFVIYRTIXMXTIHIWXEPVIGSPÊX IR YRE TMPEWXVE HSVWEP )WXk GSQTPIXEQIRX RY EQF PIW GEQIW EVUYINEHIWMWSWXqYRVIGMTMIRXGMPuRHVMGIRXVIPIWQERW4SVXEYRKVER TPSQEPPWSFVIIPGET*SVEXWHIWYWTIRWMzEPETMPEWXVEHSVWEP1EPKVEX RSGSQTXEVEQFXIQTPIWIWTIGu´GWTIVEPWIYGYPXI&IWJSYYREHI PIWHMZMRMXEXWQqWTSTYPEVWIRPE&EM\E¿TSGEMWSFVIXSXIRIPTIVuSHI KVIGSVSQk)WTIGMEPQIRXYXMPMXÊXTIVHSRIWMRIRW LA CAMBRA SEPULCRAL I ".6-&5%&-/"/1"5&$ &EM\E¿TSGEE'4EWXEZMHVEHE%PpEHEGQ ".6-&5%&-"%&&44"56&3*4 &EM\E¿TSGEE'4EWXEZMHVEHE%PpEHEGQ #JCMJPHSB¾B 'SXI &YQPTJDJPOT 0E 1{QME H«SV )P VIXSVR E PE ZMHE 1YWIY )KMTGM HI &EVGIPSRE 8YXEROLEQzR-QjKIRIWHIYRXIWSVSFENSIP HIWMIVXSIKMTGMSZMRXMXMRIVkRGMIWTIV)WTER]EM4SVXYKEP)KMTXS)P TEWS E PE IXIVRMHEH &SKSXk 8IVVEWWE M%RHSVVEM)KMTXI9RZMEXKIEP«IXIVRMXEX)P\ #JCMJPHSB¾B 'SXI &YQPTJDJPOT 0E 1{QME H«SV )P VIXSVR E PE ZMHE 1YWIY )KMTGM HI &EVGIPSRE 8YXEROLEQzR -QjKIRIW HI YR XIWSVS FENS IPHIWMIVXSIKMTGMSUYEXVIMXMRIVkRGMIW)KMTXS)PTEWSEPEIXIVRM HEH &SKSXk 8IVVEWWE M %RHSVVE M)KMTXI9RZMEXKIEP«IXIVRMXEX)P\ %QYPIX EQF PE VITVIWIRXEGMz H«YR RER TEXIG HIQTIYW WSFVI YRE TPEXEJSVQEVIGXERKYPEV%RIPPEHIWYWTIRWMzEP«EPpEHEHIPGPEXIPP)PW RERWTEXIGWIVIRGSRWMHIVEXWGSQIPW´PPWHI4XELIRPEWIZEJYRGMz GSQEHqYHIPWEVXIWERW-KYEPUYI&IWWSPIWXEVEWWSGMEXEPETVSXIGGMz HIRIRWMEZIKEHIWETEVIM\HVIXWSFVIHSWGSGSHVMPWQIRXVIEPLSVE WYFNIGXEHYIWWIVTWEQFPIWQERW%UYIWXEVITVIWIRXEGMzJEVIJIVrRGME E PE TVSXIGGMz HMZMRE UYI VIFq ,SVYW IR PE WIZE MRJkRGME UYER IPW TIVMPPWHIPIWXIVVIWHIP(IPXEEQIREpEZIRPEWIZEI\MWXrRGME )PWXVIXWEREX{QMGWGSWH«LMTST{XEQTSXIWHIPPIzMGETHIGSGSHVMP IWXERTIVJIGXEQIRXHI´RMXW%RIPPEHIWYWTIRWMzEP«EPpEHEHIPGPEXIPP 8YIVMW NYKEZE YR MQTSVXERX TETIV E P«LSVE HI JEGMPMXEV IP TEVX E PIW HSRIWIQFEVEWWEHIW EGIPTE. EL PAS A L’ETERNITAT ".6-&5%&-%c65)05 &EM\E¿TSGEE'4EWXEZMHVEHE%PpEHEGQ .*$0 &EM\E¿TSGEE'4EWXEZMHVEHE%PpEHEGQ &YQPTJDJPOT 0E 1{QME H«SV )P VIXSVR E PE ZMHE 1YWIY )KMTGM HI &EVGIPSRE M .SMIW HI JEVESRW 8VIWSVW HI QkKMETSHIVMFIPPIWE1YWIY)KMTGMHI&EVGIPSREM )KMTXI)PTEWEP«IXIVRMXEX8IVVEWWE 1BSBMÁMFMT 4IXVMIPkQ<<<-: #JCMJPHSB¾B %PIKVI+SR^jPZI^M7SXLIF]«W2SZE=SVOPSX TEVX %QYPIXEQFPEVITVIWIRXEGMzHIPHqY8LSX'SWLYQkMGETH«MFMW)WXk HIQTIYWWSFVIYRETIXMXETPEXEJSVQEVIGXERKYPEV4MPEWXVEHSVWEPEQF JSVEX HI WYWTIRWMz 0E ´KYVE HIP HqY8LSX GSQ E EQYPIX IZSGE IP TETIVH«EUYIWXHqYIRPEVIWXMXYGMzHIP«YPPHMZuH«,SVYWMPEGETEGMXEX H«EUYIWXYPPTIVTVSTMGMEVPEVIWYVVIGGMzH«3WMVMWMTIVXERXHIXSXqWWIV UYILMEWTMVM 6ITVIWIRXEGMz H«YR 'IVGSTMXLIGYW EIXLMSTW QMGS ZIVH HIQTIYW WSFVIYRETPEXEJSVQE8qP«ERIPPEHIWYWTIRWMzWSFVIP«IWUYIRE0«W H«EUYIWX EQYPIX ZMRGYPEX XEQFq EP HqY 8LSX TSHVME IWXEV HIWXMREX EPETSXIRGMEGMzHIP«EGXMZMXEXWI\YEPXIRMRXIRGSQTXIIPWLkFMXWHI P«ERMQEPVITVIWIRXEX LA CAMBRA SEPULCRAL I &305*$0/4 4IVuSHI4XSPIQEMGE'4EWXEZMHVEHE%PpEHEGQGQM GQ &YQPTJDJPOT 8YXEROLEQzR-QjKIRIWHIYRXIWSVSFENSIPHIWMIVXSIKMTGMS4EPQEHI 1EPPSVGEM)KMTXI)PTEWEP«IXIVRMXEX8IVVEWWE 8YXEROLEQzR-QjKIRIWHIYRXIWSVSFENSIPHIWMIVXSIKMTGMSUYEXVIMXM RIVkRGMIW M )KMTXS )P TEWS E PE IXIVRMHEH &SKSXk M 8IVVEWWE M8YXEROLEQzR-QjKIRIWHIYRXIWSVSFENSIPHIWMIVXSIKMT GMSHMZYMXMXMRIVkRGMIWTIV)WTER]EM4SVXYKEPM)KMTXS)PTEWSEPEIXIVRMHEH &SKSXkM8IVVEWWE 1BSBMÁMFMT %YJVrVIM+YFIP´KW #JCMJPHSB¾B %PIKVI+SR^jPZI^M'LVMWXMI«W2SZE=SVOPSXM )P5LEQMH8SPIHERSJ'SXIM'LVMWXMI«W2SZE=SVO PSX )PW ERSQIREXW IVSXMGSRW WzR ´KYVIXIW LYQERIW QEWGYPMRIW TVIWIRXEHIW QENSVMXkVMEQIRXEQFIPJSVQEXH«EQYPIX1SWXVIREXVMFYXWKIRMXEPWLMTIVXV{´GW IRQSPXWGEWSW´RWEYRTYRXH«I\EKIVEGMzMRZIVWIQFPERX)VIRQSPXYXMPMXÊXW GSQESFNIGXIWZSXMYWVIPEGMSREXWEQFPEJIVXMPMXEXMPETSXrRGMEWI\YEP EGIPTE. EL PAS A L’ETERNITAT &4$"3"#&64 0«IWGEVEFEXTMPSXIVJSYYRHIPWERMQEPWUYIZEETSVXEVQqW WMQFSPSKMEEPEGYPXYVEIKuTGME%M\uPEFSPEHIJIQWUYI EVVSWWIKEZEZEWIVEWWSGMEHEEQFP«EWXVIWSPEVEQqWIP JIXUYIP«IWGEVEFEXW«IRXIVVqWEQFPEWIZEPEVZEMPEFSPE HI JIQW M UYI EP GET HI TSG XIQTW IR WSVXuW YR TIXMX IWGEVEFEX E P«I\XIVMSV ZE JIV UYI XEQFq JSW GSRWMHIVEX GSQ YR WuQFSP HI VIKIRIVEGMz S H«EYXSGVIEGMz :E WIV WIRWHYFXIP«EQYPIXQqWIWXrWIRXVIIPWERXMGWIKMTGMW XERX IR PE ZMHE XIVVIREP GSQ IR GSRXI\XSW JYRIVEVMW%P TSHIVWMQF{PMGMQTPuGMXHIP«ERMQEPW«LEH«EJIKMVIPTSHIV HIPW IPIQIRXW UYI RSVQEPQIRX ETEVIM\IR VITVIWIRXEXW IR IP VIZIVW H«EUYIWX XMTYW HI TIGIW RSQW HI JEVESRW MQTSVXERXW S HqYW WuQFSPW S IWGIRIW ´KYVEXMZIW HI WMKRM´GEXZEVMEFPI LA CAMBRA SEPULCRAL I &4$"3"#&64 &EM\E¿TSGEE'4EWXEZMHVEHE0SRKMXYHIRXVIMGQ #JCMJPHSB¾B 'SXI &YQPTJDJPOT 0E1{QMEH«SV)PVIXSVREPEZMHE1YWIY)KMTGMHI&EVGIPSRE 8YXEROLEQzR-QjKIRIWHIYRXIWSVSFENSIP HIWMIVXSIKMTGMSGMRGMXMRIVkRGMIW)KMTXS)PTEWSEPEIXIVRMHEH&S KSXk8IVVEWWEM%RHSVVE M )KMTXI 9R ZMEXKI E P«IXIVRMXEX )P\ 0E 1{ QMEH«SV)PVIXSVREPEZMHE1YWIY)KMTGMHI&EVGIPSRE M8YXEROLEQzR-QjKIRIWHIYRXIWSVSFENS IPHIWMIVXSIKMTGMSSRÎMXMRIVkRGMIWTIV)WTER]EM4SVXYKEP)KMTXS )PTEWSEPEIXIVRMHEH&SKSXk8IVVEWWE M%RHSVVE M )KMTXI 9R ZMEXKI E P«IXIVRMXEX )P\ )PW GMRG I\IQTPEVW QSWXVIR IWUYIQIW HSVWEPW FEWXERX WMQMPEVW 0E ZEVMIXEX HI QSXMYW IW XVSFE EP VIZIVW SR R«LM LE XVIW UYI GSRXIRIR WMKRIWNIVSKPu´GWUYIGSRJSVQIREPKYRHIPWRSQWHIPWJEVESRW6EQWrW --M8YXLQSWMW---MEPWIKSRIPJEVEzVITP«ITuXIXÏWXMQEX H«%QSR6E© 0E TIpE TVIWIRXE YRE GSQTSWMGMz QqW GSQTPI\E MRXIKVEHETIVHYIWHIIWWIWUYIWSWXIRIRIPGITXVIYEWMWSXEIPPIW HSWFEFYxRWEWWIKYXWEWTMVERXP«EVSQEH«YREµSV0ETIpEGSQTXE EQF HMJIVIRXW WMKRIW H«IPIZEX TSHIV WMQF{PMG GSQ EVE IP GITXVI YEW TSHIVIPTMPEVHNIHIWXEFMPMXEXSPEFEVGEWSPEV EGIPTE. EL PAS A L’ETERNITAT &45"56&5"04*3*"/"5*16415")4Ñ$"304*3*4 &EM\E¿TSGEE'*YWXEIWXYGEHEMTMRXEHE %PpEHEGQ #JCMJPHSB¾B 'SXIM'LVMWXMI«W0SRHVIWPSX &YQPTJDJPOT )KMTXS )P TEWS E PE IXIVRMHEH &SKSXk 8IVVEWWEM%RHSVVEM)KMTXI9R ZMEXKIEP«IXIVRMXEX)P\ )WXEXYIXE HIP HqY 3WMVMW IR TSWMGMz QSQMJSVQI HIQTIYW WSFVIYRETPEXEJSVQEIRJSVQEHITEVEP·PIPITuTIHI4IVVYGE XVMTEVXMHEUYIPMHIM\EPIWIWTEXPPIWEPHIWGSFIVX4SVXEYRGSPPEV HIWIX´PIVIWHIHIRIWHIJSVQIWZEVMEHIW4VIWIRXEXI\XSW NIVSKPu´GWEPETEVXJVSRXEPMEPETMPEWXVEHSVWEP7SFVIPEFEWI W«ETVIGMEYREGEZMXEXSRTVSFEFPIQIRXIWGSP·PSGEVMEPE´KYVE HIP JEPGz XEP GSQ TSX ETVIGMEVWI IR QSPXIW TIGIW WMQMPEVW E EUYIWXE 7SFVI IP GET Xq YR JSVEX HI JSVQE VIGXERKYPEV UYI HIKYq WIVZMV TIV IRGEM\EVLM PE GSVSRE HI PE HMZMRMXEX )WXVEGXEH«YRHIPWSFNIGXIWGEVEGXIVuWXMGWUYIETEVIM\IREPW IUYMTEQIRXWJYRIVEVMWHIPIWXSQFIWHIPE&EM\E¿TSGEfW YRE HMZMRMXEX WMRGVrXMGE UYI GSRNYQMRE PIW JYRGMSRW H«3WMVMW HqYHIPWQSVXWMHIPWHqYWQIQ´XIW4XELM7{GEV%PKYRIWHI PIW´KYVIWHI4XEL7{GEV3WMVMWTVIWIRXIRYRETIXMXEGEZMXEX EP«IWUYIRESRIWGSP·PSGEZIRJVEKQIRXWHITETMVEQFXI\XSW HIGEVkGXIVQkKMG 3&13&4&/5"$*Î%&-%c64Ñ$"3&/'03."%&'"-$Î &EM\E¿TSGEE'*YWXEIWXYGEHEMTMRXEHE %PpEHEGQ 1BSBMÁMFMT %JJLSPHIV+qVEVH'SVRMG ´KW M %VEYNS %YJVrVI ´K &IVPIZ,SHNEWL :-M:-'LIZEY\IXEPTIGIWM (VSWXI´KWM/VEYWTI PjQW4IVHY6MGOEPTIpEM6EXMq M &YQPTJDJPOT )KMTXI )P TEW E P«IXIVRMXEX 8IVVEWWE M%RHSV VEM)KMTXI9RZMEXKIEP«IXIVRMXEX)P\ 6ITVIWIRXEGMzH«YRJEPGzEQFIPHMWGWSPEVTMRXEXWSFVIIPGET *MKYVIWH«EUYIWXXMTYWZERWIVYXMPMXÊHIWGSQEGSQTPIQIRX HI PIW VITVIWIRXEGMSRW HI 4XEL7{GEV3WMVMW WMXYEHIW P«YRE HEZERX HI P«EPXVE 8EQFq ETEVIM\ WSFVI XEXW S GSRXIRMHSVW XEVHERWHIZEWSWGERSTMW 1BSBMÁMFMT («%YVME´K #JCMJPHSB¾B (VSYSXPSX &YQPTJDJPOT )KMTXI )P TEW E P«IXIVRMXEX 8IVVEWWE )WXEXYIXEHIJYWXEIRTSWMGMzQSQMJSVQI)WXVSFE HIQTIYWWSFVIYRETIXMXETPEXEJSVQEEPEFEWI HIPEUYEPqWETVIGMEFPIYRETrRHM\GFMGHIWXMREX E PE WYFNIGGMz HI PE TIpE WSFVI YRE TPEXEJSVQE GSQIRPIWIWXkXYIWHI4XEL7{GEV3WMVMW4SVXE TIVVYGE XVMTEVXMHE YR GSPPEV JSVQEX TIV UYEXVI ´PIVIW HI HIRIW M P«YVIY WSFVI IP JVSRX 2S Xq TMPEWXVEHSVWEP7SFVIHMJIVIRXWTEVXWHIPGSWWzR ETVIGMEFPIWVIWXIWHIP«IWXYGUYIHIKYqWIVZMVHI WYTSVX EPW IPIQIRXW TMRXEXW H«EUYIWXW UYIHIR QSWXVIWHIPIWPuRMIWRIKVIWUYIHI´RMVIREPWIY HMEPETIVVYGE4EVXMRJIVMSVXVIRGEHEMVIMRXIKVEHE 4IpEHIHMJuGMPEHWGVMTGMzXMTSP{KMGENEUYITSHVME XVEGXEVWI H«YR YM\IFXM S H«YRE ZEVMERX HI PIW GEVEGXIVuWXMUYIW´KYVIWHI4XEL7{GEV3WMVMW LA CAMBRA SEPULCRAL I &45"56&5" 6IKRI2SYHMREWXME<-<E'*YWXE %PpEHEGQ 0%'%1&6%7)490'6%0-)UYMTEHEEQFXSXEPP{UYIIWTSXHIWMXNEV TIVEXSXEYREIXIVRMXEX ¨:MYPEZMHENEUYIZIVMXEFPIQIRXRSQSVWPEQSVX© 8I\XSWHIPIW4MVkQMHIWGE' 7I R«LE TEVPEX QSPX HI PE WYTSWEHE SFWIWWMz HI PE GYPXYVE JEVE{RMGE TIV PE QSVX 6IW QqW IVVSRM TIV{ UYI EUYIWXE E´VQEGMz )R VIEPMXEX IPWERXMGWIKMTGMWIWXEZIRSFWIWWMSREXWTIVPEZMHEMGVIMIRJIVQEQIRX IRYREZMHEIXIVREIRIPQqWIRPPkQSPXWMQMPEVEPEZMWGYHEEPEVMFE HIP2MP4IVEUYIWXQSXMYIRIPWWIYWVIGMRXIWJYRIVEVMWZIVMXEFPIWGEWIW TIV E P«IXIVRMXEX IW VSHINEZIR HI XSXW IPW SFNIGXIW H«W UYSXMHMk UYI TSKYIWWMRRIGIWWMXEVIRPEWIZEZMHEH«YPXVEXSQFEZEM\IPPIWHITIHVE HIHYVEHEMR´RMXEQSFPIWVITVIWIRXEGMSRWHIWIVZIRXWUYIGSFVEVMIR ZMHE QkKMGEQIRX TIV XVIFEPPEV TIV EPW WIYW TVSTMIXEVMW TIV WIQTVI IPIQIRXWHITVIWXMKMMHMZIVWMzGSQEVEFSRMGWZIWXMXWFIPPuWWMQIWNSMIW EQFEQYPIXWHITSHIVWQMWXIVMSWSWGSWQrXMGWTIVRSHIWGYMHEVIPWIY EWTIGXIRMXERWSPWHIWTVqWHIPEQSVXEM\uGSQSFNIGXIWTIVEPIWWIZIW IWXSRIWH«SGMNSGWMRWXVYQIRXWQYWMGEPWEQqWH«EVQIWTIVI\IVGMXEV WIMPPYMXEVGSRXVETSWWMFPIWTIVMPPW 1BSBMÁMFMT &VIEWXIHPkQW #JCMJPHSB¾B %PIKVI%PIKVI+SR^jPZI^&SRLEQW PSXM'SXIM &YQPTJDJPOT (EQEW HIP 2MPS &EVGIPSRE )KMTXS )P TEWS E PE IXIVRMHEH &SKSXk 8IVVEWWE M %RHSVVE M )KMTXI 9R ZMEXKI E P«IXIVRMXEX )P\ )WXEXYIXE HI JYWXE HIQTIYW QYRXEHE WSFVI YRE TPEXEJSVQE QSHIVREPMJEPXIRIPWTIYW&VEpHVIXEPPPEVKHIPGSWEQFPEQk TIVJSVEHETIVEPEMRWIVGMzH«EPKYRSFNIGXI&VEpIWUYIVVIEM\IGEX TIVWYFNIGXEVYRGMWXIPPUYITSVXEEPGET4IVVYGEEWWIR]EPEHEIR RIKVIMYPPWIRFPERG'SRWIVZEYRZIWXMXGSRWMWXIRXIRYRETIpE HIVSFEHIPPM(YVERXIP4VMQIV4IVuSHI-RXIVQIHMEVMMP«6IKRI1MXNk PIW QEUYIXIW UYI VITVSHYIM\IR RSQFVSWIW EGXMZMXEXW HI PE ZMHE UYSXMHMEREZERWIVYXMPMXÊHIWEFYRHERXQIRX'SQTPIQIRXEZIRS WYFWXMXYxIRIPWVIPPIYWSTMRXYVIWTEVMIXEPWHIPEGETIPPEHIGYPXI M XIRMIR GSQ EUYIWXIW IP TVST{WMX HI TIVTIXYEV TIV EP HMJYRX IPWEWTIGXIWQqWHIWXEGEFPIWHIPQzRXIVVIREP9RIWHIPIWQqW GSQYRIW WzR IPW TSVXEHSVW H«SJVIRIW LSQIW M HSRIW IPW UYEPW TSVXIR WSFVI IP GET YR GMWXIPP UYI EKEJIR EQF PE Qk IWUYIVVE 7SPIRVITVIWIRXEVWIEGYVEHEQIRXZIWXMHIWTIRXMREHIWIRNSMEHIW MQEUYMPPEHIW LA CAMBRA SEPULCRAL II 1035"%03"%µ0'3&/&4 4VMQIV4IVuSHI-RXIVQIHMEVMHMREWXME<-E'*YWXEIWXY GEHEMTMRXEHEPPM%PpEHEGQ EGIPTE. EL PAS A L’ETERNITAT '*(63&4130$&%&/54%µ6/"."26&5"'6/&3«3*" 6IKRI 1MXNk E' *YWXE IWXYGEHE M TMRXEHE%PpEHE GQ GQ MGQ #JCMJPHSB¾B J4LMPPMTW0SRHVIWPSX+SR^jPZI^M(YVjRPSX &YQPTJDJPOT 8YXEROLEQzR -QjKIRIW HI YR XIWSVS FENS IP HIWMIVXS IKMTGMS 4EPQE HI 1EPPSVGE M8IRIVMJI )RXVI PIW QEUYIXIW JYRIVkVMIW QqW GEVEGXIVuWXMUYIW HIWXEUYIR PIW UYI VITVSHYIM\IR IQFEVGEGMSRW HI XSXE QIRE TIWGE XVERWTSVX HI QIVGEHIVMIW H«IWFEVNS S JYRIVkVMIW qW YREGSRWIUrRGMEP{KMGEWMIWXqIRGSQTXIP«IRXSVRµYZMEPIRIPUYEPIWZEHIWIRZSPYTEVPE GMZMPMXÊGMzJEVE{RMGE(SXEHIWH«YRKVERVIEPMWQIW«LMMRGPSYIRQIQFVIWHIPEXVMTYPEGMz STIVWSREXKIWHIVERKQqWIPIZEXTVSTMIXEVMSGPMIRXUYIWSPWIVHIQMHEQqWKVERUYIPIW EPXVIWMEHSTXEVYREEGXMXYHQqWTEWWMZEM 1BSBMÁMFMT (VSYSXPSX #JCMJPHSB¾B &SRLEQWPSX'SXIM+SR^jPZI^ &YQPTJDJPOT )KMTXS )P TEWS E PE IXIVRMHEH &SKSXk 8IVVEWWEM%RHSVVEM)KMTXI 9RZMEXKIEP«IXIVRMXEX)P\ %FTDSJQDJw 6ITSWEGETW JSVQEX TIV XVIW TIGIW 9RE FEWI TWIYHSVIGXERKYPEV YR WYTSVX LI\EKSREP QqW KVYM\YX E PE TEVXMRJIVMSVUYIEPEWYTIVMSVMYRWYTSVXGYVZMPMRMTIVEP GET)PVITSWEGETWZEWIVMRXIVTVIXEXIRYRTVMRGMTMGSQH«W IWXVMGXEQIRX JYRIVEVM%UYIWXW IPIQIRXW WzR LEFMXYEPQIRX HIQEXIVMEPWHYVWGSQEVEJYWXEEPEFEWXVISMZSVM1EPKVEX PEWIZEETEVIRXMRGSQSHMXEXRSQFVSWIWGYPXYVIWERXMKYIW MEGXYEPWP«LERYXMPMXÊXGSQE¨GSM\u©HYVERXPPEVKWTIVuSHIW HI PE LMWX{VME )P VITSWEGETW XEQFq XIRME YR WMKRM´GEX WMQF{PMGGSQEEQYPIXHITVSXIGGMzHIWXMREXEWEPZEKYEVHEV IPGETHIPHMJYRXQMXNERpERXPEWIZEMHIRXM´GEGMzEQFIPWSP WYWXIRXEXWSFVIP«LSVMX^zTIV7LYHqYHIP«EMVI 3&104"$"14 6IKRI2SYE'*YWXEIWXYGEHE%PpEHE GQMGQ #JCMJPHSB¾B (VSYSXPSX'SXIM(VSYSX PSX &YQPTJDJPOT 8YXEROLEQzR-QjKIRIWHIYRXIWSVSFENSIPHIWMIVXS IKMTGMS UYEXVI MXMRIVkRGMIW )KMTXI )P TEW E P«IXIVRMXEX 8IVVEWWEM%RHSVVEM)KMTXI 9R ZMEXKI E P«IXIVRMXEX )P\ 8YXERO LEQzR -QjKIRIW HI YR XIWSVS FENS IP HIWMIVXS IKMTGMS 8SVVSIPPEHI1SRXKVuM1IPMPPE )KMTXS)PTEWSEPEIXIVRMHEH&SKSXk8IV VEWWEM%RHSVVEM)KMTXI9R ZMEXKIEP«IXIVRMXEX)P\ 6ITSWEGETW *SVQEXW TIV XVIW TIGIW FEWI GSPYQRE M WYTSVX'SRWIVZIRVIWXIWTEVGMEPWH«IWXYGFPERUYMRzW LA CAMBRA SEPULCRAL II 3&104"$"14 6IKRI1MXNkE'%PEFEWXVI%PpEHEGQ EGIPTE. EL PAS A L’ETERNITAT 0IW NSMIW IVIR GPEVW MRHMGEHSVW HIP VERK HIPW WIYW TSVXEHSVW %M\u IPW TIVWSREXKIW QqW FIR WMXYEXW TSHMIRPPYMVNSMIWVIEPMXÊHIWEQFSVTPEXEGSVREPMRE PETMWPkX^YPM QIRXVI UYI IPW QIR]W EJSVXYREXW W«LEZMIR HI GSRJSVQEV EQF SFNIGXIW JEFVMGEXW IR TEWXE ZMHVEHE IP GSPSVMX HI PE UYEP MQMXEZE IPW QEXIVMEPW QqW PY\SWSW %QF IP GEVkGXIV QkKMG HI PIW NSMIW EQF HMWWIR]W MRWTMVEXW RSVQEPQIRX IR WuQFSPWMTIVWSREXKIWHMZMRWIPWIKMTGMWIWTIVEZIR TVSTMGMEV PE QMPPSVE S IP FSR HIWIRZSPYTEQIRX HI PIW UIWXMSRW VIPEXMZIW E PE ZMHE XIVVIREP M PE H«YPXVEXSQFE 9RE HI PIW NSMIW TVIJIVMHIW HIPW IKMTGMW IVIR IPW GSPPEVW HI KVEREHYVIW UYI IVIR QSPX ZEVMEXW TIP UYI JE E PE JSVQE IPW QEXIVMEPW YXMPMXÊXWMIPWMKRM´GEXHIPWIPIQIRXWVITVIWIRXEXW $0--"3 6IKRI2SYHMREWXMIW<:---<-<E''SVREPMRESVNEWTMTEWXEZMHVEHE0SR KMXYHGQ 1BSBMÁMFMT %RHVI[W´KR'LVMWXMI«W2SZE=SVOPSX(SREHSRMIXEPF (SREHSRMIXEPG*VIIHM4IXVMIPkQ<0---´K #JCMJPHSB¾B %PIKVI+SR^jPZI^M'EWXVSE*EVESRW'SXI M'LVMWXMI«W0SRHVIWPSX &YQPTJDJPOT &EVRENS]E2SZE.SME&EVGIPSRE4EWMzRTSVIP%RXMKYS)KMTXS&EVGIPSRE 8YXEROLEQzR-QjKIRIWHIYRXIWSVSFENSIPHIWMIVXSIKMTGMS7EFEHIPP 8EVVEKSRE M PE 'SVYR]E )KMTXS )PTEWSEPEIXIVRMHEH&SKSXk8IVVEWWEM%RHSVVE M)KMTXI9RZMEXKIEP«IXIVRMXEX)P\ 'SPPEV JSVQEX TIV YRE ´PIVE HI KVEREHYVIW HI TEWXE ZMHVEHE M SV )PW EQYPIXW W«LER MHIRXM´GEXGSQEVITVIWIRXEGMSRWHIPPEZSVWSHIPJVYMXHIPEQEKVEREIRUYEPWIZSPGEW WuQFSPWHIPETSWWMFMPMXEXHIPEVIRSZEGMzHIPEZMHEMHIPµSVMQIRXGSRGITXIWFkWMGWTIV WEXMWJIVIPWHIWMXNSWHIWYTIVZMZrRGMEIXIVREHIP«qWWIVLYQk LA CAMBRA SEPULCRAL II $0--"34 (MZIVWIWrTSUYIW4EWXEZMHVEHEMGSVRE PMRE0SRKMXYHGQMGQ #JCMJPHSB¾B %PIKVI+SR^jPZI^ M 'EWXVS E 'LVMWXMI«W 0SRHVIW PSXM*EVESRW &YQPTJDJPOT .SMIWHIJEVESRW8VIWSVWHIQkKME TSHIV M FIPPIWE 1YWIY )KMTGM HI &EV GIPSREM)KMTXI)PTEW E P«IXIVRMXEX 8IVVEWWE M %RHSVVE 0E 1{QME H«SV )P VIXSVR E PE ZMHE 1YWIY )KMT GM HI &EVGIPSRE .SMIW HI JEVESRW 8VIWSVW HI QkKME TSHIV M FIPPIWE 1YWIY )KMTGM HI &EVGIPSRE M)KMTXI)PTEWEP«IXIV RMXEX8IVVEWWEM%RHSVVE 'SPPEVW QYRXEXW IR rTSGE QSHIVRE E TEVXMV H«YRE WIUrRGME JSVQEHE TIV KVEREHYVIWHITEWXEZMHVEHEEPXIVREHIW EQFRSQFVSWSWEQYPIXWHITEWXEZMHVEHE MGSVREPMRE)RXVIIPWEQYPIXW´KYVIRIP WuQFSPRIJIVFIPPIWEIWGEVEFIYWµSVW HI PSXYW YPPW YHNEXW IP TMPEV HNIH YRE XEYPEH«SJVIRIWPETPERXEHITETMVYEHN ERMQEPWGSGSHVMPKSWM´KYVIWHMZMRIW 8YIVMW7LY%RYFMW&IW EGIPTE. EL PAS A L’ETERNITAT 3&$*1*&/51&3",0)06IKRI2SYHMREWXME<:---E'4IHVEGEPGkVME%PpEHE GQ 1BSBMÁMFMT +EFSPHITIpE4IXVMIPkQ-M:ERHMIVH«%FFE HMITIGIW #JCMJPHSB¾B %PIKVI+SR^jPZI^M(VSYSXPSX &YQPTJDJPOT (EQEWHIP2MPS&EVGIPSREM)KMTXI)PTEWEP«IXIVRM XEX8IVVEWWEM%RHSVVE 0ETIpEGSRWMWXIM\IRPEVITVIWIRXEGMzH«YRQMGSEWWIKYXWSFVIYRE TPEXEJSVQE UYI WYFNIGXE EQF PIW QERW YR GSRXIRMHSV GMPuRHVMG )P GSRXIRMHSVXqYRETIVJSVEGMzETVSTHIPEZSVEMYREEPXVETSWWMFPI TIVJSVEGMzEPGSWXEXSTSWEXLEHIWETEVIKYXEGEYWEH«YRXVIRGEQIRX 7SXE PE TPEXEJSVQE HI JSVQE SZEPEHE W«ETVIGME YR XI\X NIVSKPu´G IQQEVGEXIRYREPuRMEMRGMWEUYIIWXVEHYIM\GSQ¨%QIRLSXITZMY© 9RKIRXW TIVJYQW M TMRXYVE TIV EPW YPPW IVIR TVSHYGXIW kQTPMEQIRX YXMPMXÊXW TIPW IKMTGMW )PW TETMVW QrHMGW IRYQIVIR PPEVKYIW PPMWXIW HI WYFWXkRGMIW HIWXMREHIW E ´REPMXEXW HMZIVWIW IPMQMREGMz HI P«SPSV GSVTSVEP LMHVEXEGMz HI PE TIPP XVEGXEQIRX H«EVVYKYIW M TMKYIW TVIZIRGMzHIPEGEMKYHEHIPWGEFIPPW)PTVSHYGXIQqWIWXrWJSYIP OSLSPQIWHIQIXIRIKMTGM 105%&,0)0(MREWXME<:---E'*YWXEMMZSVM%PpEHEGQ 1BSBMÁMFMT 4EKI+EWWIV;MIWI´K%T #JCMJPHSB¾B &SRLEQWPSXM%PPEVH4MIVWSR1YWIYQTIpE &YQPTJDJPOT )K]TXI)IRHIVIR%RHIVW%PPEVH4MIVWSR1YWIYQRQ1EMR^ 6IGMTMIRXYXMPMXÊXTIVGSRXIRMVLMOSLSP)PGSRXIRMHSVGSRWMWXIM\IRYR XYFHSFPIXEPPEXMTIVJSVEXIRYRERMGETIpEPETVSJYRHMXEXMRXIVMSV HIPWXYFWqWHIMGQVIWTIGXMZEQIRX9RTIXMXJSVEXEPETEVX TSWXIVMSV HIZME WIVZMV TIV E PE WYFNIGGMz M IP QSZMQIRX KMVEXSVM HI PE XETE QIRXVI UYI PE TIVJSVEGMz ZMWMFPI E PE TEVX JVSRXEP IRXVI IPW HSWXYFWLEYVMEEPPSXNEXIPTEPYXMPMXÊXTIVEP«ETPMGEGMzHIPTVSHYGXI (MZIVWIW MRGVYWXEGMSRW VIEPMXÊHIW IR JYWXE HMWTSWEHIW ZIVXMGEPQIRX HIGSVIRPETEVXJVSRXEPHIPETIpE #JCMJPHSB¾B 'SXI &YQPTJDJPOT 0E1{QMEH«SV)PVIXSVREPEZMHE1YWIY)KMTGMHI &EVGIPSRE 8YXEROLEQzR -QjKIRIWHIYRXIWSVSFENSIPHIWMIVXSIKMTGMSZMRX MYREMXMRIVkRGMIWTIV)WTER]EM4SVXYKEP)KMTXS)P TEWSEPEIXIVRMHEH&SKSXk8IVVEWWE M%RHSVVEM)KMTXI9R ZMEXKIEP«IXIVRMXEX)P\ 1MVEPPHIJSVQESZEP%PETEVXMRJIVMSVXqYRTIHYRGPI VIGXERKYPEV EQF YRE TIVJSVEGMz YXMPMXÊX TIV E PE MRWIVGMzHIPETIpEIRYRQkRIG)PWQMVEPPWIKMTGMW XIRMIR PE WYTIVJuGMI HI QIXEPP KIRIVEPQIRX GSYVI FVSRÎ S TPEXE 4IV PE WIZE JSVQE M PPYIRXSV IWXEZIR EWWSGMEXW WMQF{PMGEQIRX EP WSP 1SPXIW H«EUYIWXIW TIGIW IVIR PPMYVEHIW GSQ E SFNIGXIW HI GYPXI E HMZMRMXEXWJIQIRMRIW 1"-&5"%&$04.É5*$4 4IVuSHI4VIHMRkWXMG2EKEHE-E'+VEYZE GE0SRKMXYHGQ 1BSBMÁMFMT 4IXVMIPkQ<0---´K24IXVMIPkQ<0 :--´KWMM:ERHMIV´KW ] #JCMJPHSB¾B %PIKVI+SR^jPZI^ M 'LVMWXMI«W 0SRHVIW PSX &YQPTJDJPOT .SMIW HI JEVESRW 8VIWSVW HI QkKME TSHIV M FIPPIWE 1YWIY)KMTGMHI&EVGIPSRE 4EPIXE HI KVEYZEGE EQF JSVQE H«YR ERMQEP MRHIXIVQMREX%PETEVXTSWXIVMSVTVIWIRXEYRIPIQIRX UYI TSHVME XVEGXEVWI HI PE GYE QIRXVI UYI E PE HEZERXIVE IP WIGXSV JVEKQIRXEX TSX MRXIVTVIXEVWI GSQ IP GSQIRpEQIRX HIP GSPP HI P«ERMQEP IP GET LE IWXEX VIWXMXYxX VIGIRXQIRX 8q YRE TIVJSVEGMz GMVGYPEV E PE TEVX WYTIVMSV HI PE TIpE )W HMJIVIRGME GPEVEQIRXPEWYTIVJuGMIHIXVIFEPPKVkGMIWEYRETIXMXE HITVIWWMz YWEHE TIV E PE TVITEVEGMz HIP TVSHYGXI 0IWTEPIXIWZERWIVYXMPMXÊHIWGSQEWYTIVJuGMIWTIV E PE TVITEVEGMz HI GSWQrXMGW UYI E QqW HI XIRMV YRE´REPMXEXGPEVEQIRXIWXrXMGEIVIRETPMGEXWTIVPIW WIZIWUYEPMXEXWQIHMGMREPW2SqWIWXVER]P«WKEMVIFq I\GPYWMYHIPEKVEYZEGETIVEPEJEFVMGEGMzH«EUYIWXW SFNIGXIW NE UYI IP WIY GSPSV ZIVH WMQFSPMXÊZE PE JVIWGSVMPEZMHE LA CAMBRA SEPULCRAL II .*3"-&EM\E¿TSGEE'&VSRÎ%PpEHEGQ EGIPTE. EL PAS A L’ETERNITAT 3&$*1*&/51&3"6/(f&/54 &EM\E¿TSGEE'4EWXEZMHVEHE %PpEHEGQ &YQPTJDJPOT 0E1{QMEH«SV)PVIXSVREPEZMHE1YWIY)KMTGMHI &EVGIPSREM)KMTXI)PTEWEP«IXIVRMXEX 8IVVEWWEM%RHSVVE 6IGMTMIRX HI TEWXE ZMHVEHE YXMPMXÊX TIV GSRXIRMVLM EPKYR XMTYW HI TVSHYGXI GSWQrXMG &EWI GSRZI\E MRIWXEFPI'SWSZSMHIEQFZSVEI\ZEWEHEMPPEZMTPE% PETEVXMRXIVMSVTVIWIRXEYREPPIYKIVEZSVE7YTIVJuGMI I\XIVMSV HIGSVEHE EQF TMRXYVE RIKVE UYI QSWXVE QSXMYWµSVEPWTEPQMJSVQIWGSP·PSGEXWZIVXMGEPQIRXM WITEVEXWTIVVIKMWXVIW 5"1"*$"*9"%&'645" 6IKRI2SYHMREWXME<-<E'*YWXEMZSVMM GSRUYMPPE%PpEHEGQRSQqWPEXETE #JCMJPHSB¾B %PIKVI+SR^jPZI^(SREHSRMIXEPG M(VSYSXPSXTEVX &YQPTJDJPOT (EQEW HIP 2MPS &EVGIPSRE .SMIW HIJEVESRW8VIWSVWHIQkKMETSHIVMFIPPIWE1Y WIY)KMTGMHI&EVGIPSREM)KMTXI)P TEW E P«IXIVRMXEX 8IVVEWWE M%RHSVVE 8ETEH«YREGEM\EVIGXERKYPEVHITIXMXIWHMQIRWMSRW 8q YR EKEJEHSV XVSRGSG{RMG IR YR HIPW I\XVIQW 0E XETE IWXk JSVQEHE TIV HSW JVEKQIRXW HI JYWXE IRGEM\EXW PEXIVEPQIRX \ETEXW E PE WYTIVJuGMI EQF PkQMRIWHIJYWXE´RE´\EHIWQMXNERpERXP«WHIGPEYW H«MZSVM)WXkHIGSVEHEEQFQEVUYIXIVMEH«MZSVMJYWXEM GSRUYMPPEUYIGSRJSVQIRYRIWTEMHIXVIWVIGXERKPIW GSRGrRXVMGW M YRE VIXuGYPE VSQFSxHEP EP QqW MRXIVR HIPWXVIW%PETEVXMRJIVMSVWzRETVIGMEFPIWPIWHYIW TIGIWUYIEQqWHIVIJSVpEVP«IWXVYGXYVEHIPEXETE JEGMPMXIR P«IRGEM\ H«EUYIWXE EQF IP GSRXIRMHSV YRE H«IPPIWMRGPWHMWTSWEHIXVIWGPEYWHI´\EGMz0EGEM\E HIJYWXEqWQSHIVREVIEPMXÊHETIVGSQTPIQIRXEVPE TIpE LA CAMBRA SEPULCRAL II ."26&5"%&3&$*1*&/54%µ6/(f&/54 &EM\E¿TSGEE'4EWXEZMHVEHE%PpEHEGQ 1BSBMÁMFMT %VXSJXLI%RGMIRX;SVPH´K'LEVPIW)HI0MQMXIH ´K'LVMWXMI«W2SZE=SVOPSXM 2EK] #JCMJPHSB¾B (VSYSXPSX &YQPTJDJPOT )KMTXI )P TEW E P«IXIVRMXEX 8IVVEWWE M%R HSVVE 'SRNYRX HI HIY ZEWIXW HI JEMERpE HMWTSWEXW TIV TEVIPPIW WSFVIYRETIXMXETPEXEJSVQEVIGXERKYPEV0EGSP·PSGEGMzqW YREQMGEEWMQrXVMGEMHIWGIRXVEHE8qHMZIVWSWWIR]EPWHI VIWXEYVEGMzUYILERIWXEXQSPXFIRHMWWMQYPEXW EGIPTE. EL PAS A L’ETERNITAT $"14%&."b" 4IVuSHI4VIHMRkWXMG´REPWHIPE'&EWEPX (MkQIXVIGQMGQ 1BSBMÁMFMT 2IIHPIVM)QIV] ´KFM2IIHPIV #JCMJPHSB¾B 'SXI 'LVMWXMI«W 0SRHVIW PSX 1EVXuRI^ E M 7GLSWOI;MP HYRKTIGIWGMI &YQPTJDJPOT 8YXEROLEQzR-QjKIRIWHIYRXIWSVSFENSIP HIWMIVXSIKMTGMS7ERXMPPEREHIP1EV M1IPMPPE)KMTXS)P TEWS E PE IXIVRMHEH &SKSXk 8IVVEWWE M %RHSVVE M )KMTXI 9R ZMEXKI E P«IXIVRMXEX )P\ 'ETW HI QEpE HI JSVQE HMWGSxHEP M TMVMJSVQI 0IWQEGIWWzRPIWEVQIWQqWERXMKYIWHIPE GYPXYVE JEVE{RMGE 'SRWMWXMIR IR YR TIVGYWWSV HITIHVEMRWIVMXIRYRFEWXzHIJYWXESH«MZSVM 8MTSP{KMGEQIRXIPWQSHIPWHMWGSxHEPWWzRQqW ERXMGW UYI IPW TMVMJSVQIW 4SWXIVMSVQIRX IP JEVEzEWWMQMPkEUYIWXMRWXVYQIRXGSQEEXVMFYX HIPEWIZEJSVpEMHIPWIYTSHIV 1BSBMÁMFMT &IHQER ´K M (VSYSX PSX #JCMJPHSB¾B %VXSJXLI%RGMIRX;SVPHPSX'SXI 1EVXuRIÊM1EVXuRI^F &YQPTJDJPOT 8YXEROLEQzR-QjKIRIWHIYRXIWSVSFENSIPHIWMIVXS IKMTGMSWMWMXMRIVkRGMIW)KMTXS)PTEWSEPEIXIVRMHEH &SKSXk 8IVVEWWE M %R HSVVE M )KMTXI 9R ZMEXKI E P«IXIVRMXEX )P\ (IWXVEPHIFVSRÎIRJSVQEHIGVIM\IRXPYREV%P«I\XVIQ IWXkVIQEXEHETIVYRTIXMXTIHYRGPIXMPTIVJIVHIXSTEPP EPIWGSVHIWUYIEWWIKYVEVMIRPE´\EGMzHIPETIpEHI FVSRÎEPQkRIGHIJYWXEUYIGSQTPIXEP«EVQE(IWHIP TYRXHIZMWXEEVQEQIRXuWXMGIWTSXE´VQEVUYI)KMTXI RSZEKEYHMVQEMH«YREWYTIVMSVMXEXGPEVEWSFVIIPWWIYW IRIQMGW 0E QENSV TEVX HI PIW MRRSZEGMSRW XrGRMUYIW M QEXIVMEPWZERWIVEGSRWIKYMHIWTIVPEMRµYrRGMEH«EPXVIW GYPXYVIW 0«r\MX HI PIW XVSTIW JEVE{RMUYIW IR IPW WIYW QSQIRXWQqWKPSVMSWSWW«LEH«MRXIVTVIXEVTVMRGMTEPQIRX GSQIPVIWYPXEXHIP«SVKERMXÊGMzHIP«I\rVGMXMPEHMWGMTPMRE MPEJSVQEGMzHIPWWSPHEXW %&453"-%&'645&3 6IKRI1MXNkE''SYVI0SRKMXYHGQ 1BSBMÁMFMT (VSYSXPSX #JCMJPHSB¾B (VSYSXPSX &YQPTJDJPOT )KMTXI)PTEWEP«IXIVRMXEX8IVVEWWEM%R HSVVE M )KMTXI 9R ZMEXKI E P«IXIVRMXEX )P\ *YPPEHIHIWXVEPHIJSVQEEVVSHSRMHE8qHSWETrRHM\W VIGXERKYPEVWTIVJEGMPMXEVIPWIYIQQERIKEQIRX)PXEPP TVIWIRXE HMZIVWIW SWUYIW 0IW HIWXVEPW HI JYWXIV IVIR YXMPMXÊHIWTIVEHMZIVWIWXEWUYIWXEPGSQQSWXVIRPIW QEVUYIWXVSFEHIWWSFVIJVEKQIRXWHIJYWXEMWSFVIXSX PIW VITVIWIRXEGMSRW TEVMIXEPW HI PIW XSQFIW TVMZEHIW 7zRFEWXERXGSQYRIWPIWIWGIRIWUYIQSWXVIRPEXEPE H«EVFVIW S IP XEPP HI JYWXIW E PIW HVEWWERIW TIV E PE JEFVMGEGMzHIZEM\IPPW LA CAMBRA SEPULCRAL II %&453"-%&$0.#"5 6IKRI1MXNkE'&VSRÎ 0SRKMXYHGQ EGIPTE. EL PAS A L’ETERNITAT 1-"$"%µ&/53&90$ 6IKRI1MXNkE'3W 0SRKMXYHGQ 1BSBMÁMFMT 7IMTIPETIpE #JCMJPHSB¾B &SRLEQWPSXM'SXI &YQPTJDJPOT 8YXEROLEQzR -QjKIRIW HI YR XIWSVS FENS IP HIWMIVXS IKMTGMS 8SVVSIPPE HI 1SRXKVu M )KMTXS )P TEWS E PE IXIVRMHEH &S KSXk 8IVVEWWE M %RHSVVE 4PEGEH«YREGEWXER]SPE8qJSVQEHIQk0ETEVXTSWXIVMSVqWXSXEPQIRX PPMWE)RYRI\XVIQHIPETEVXWYTIVMSVIWVITVIWIRXEPEQkTV{TMEQIRX HMXE%PGERIPPPPYIM\YRETSPWIVEEQFYREVIXuGYPEVSQFSxHEPQIRXVIUYI PETEVXGSVVIWTSRIRXEPFVEpQSWXVEHIYQSXMYWHIGSVEXMYWGSRWMWXIRXWIR GIVGPIWGSRGrRXVMGW9RETIVJSVEGMzVIEPMXÊHEEPETEVXWYTIVMSVH«EUYIWXE GEVE WIVZME TIV QERXIRMV YRMHIW PIW HYIW TPEUYIXIW UYI GSQTSRMIR P«MRWXVYQIRX QYWMGEP 0E QWMGE ZE WIV YR HIPW IPIQIRXW GYPXYVEPW QqW MQTSVXERXW HI P«ERXMG )KMTXI GSQ LS HIQSWXVE P«EPX RMZIPP WSGMEP HIPW QWMGW0IWKVERWHEQIWXSGEZIRIPWMWXVIQIQFVIWHIPEJEQuPMEVIMEP XIRMIRXuXSPWGSQIPHI¨'ETHIPW'ERXERXW©MPEVIMREIVEGSRWMHIVEHEPE TVMQIVEMRWXVYQIRXMWXEH«)KMTXI0EQWMGEIVETVIWIRXIRXSXWIPWkQFMXW HIPEZMHEGSQEWMQTPIHMZIVWMzTIVHSREVVMXQIEPWXVIFEPPWUYSXMHMERW SPPMKEHEEPGYPXIIRIPWXIQTPIW .«/&$%&4*453& &EM\E¿TSGEE'&VSRÎ%PpEHEGQ 1BSBMÁMFMT %JJLSPHIV+qVEVH'SVRMG´K #JCMJPHSB¾B 'EWXVS F 'EWXIP F 'PSW+SR^jPZI^ 'SXI 7SXLIF]«W2SZE=SVOPSXM7SXLIF]«W0SRHVIW PSX &YQPTJDJPOT 8YXEROLEQzR-QjKIRIWHIYRXIWSVSFENSIPHIWMIVXSIKMTGMS8SVVSIPPE HI1SRXKVu)KMTXS)PTEWSEPEIXIVRMHEH&SKSXk 8IVVEWWEM%RHSVVEM)KMTXI9R ZMEXKIEP«IXIVRMXEX)P\ 1kRIGHIWMWXVI0ERERWEqWHIJSVQEGMPuRHVMGEEQFYREQSXPPYVEEPE FEWI%PETEVXWYTIVMSVLMLEYREVITVIWIRXEGMzFMJVSRXHIPEHIIWWE,EXLSV GET LYQk M SVIPPIW HI ZEGE EQF YR EQTPM GSPPEV EQF HMZIVWIW ´PIVIW HIHIRIWEWWIR]EPEHIWQMXNERpERXMRGMWMSRW0EHIIWWETSVXEYRETIVVYGE XVMTEVXMHEEQFPIWXVIRIWEGEFEHIWIRVuR\SPW%EQFHzWGSWXEXWHIPGET LM LE HSW YVIYW GSVSREXW EQF IP HMWG WSPEV 7SFVI IPW GETW H«,EXLSV M IPW YVIYW WIQFPE VITVIWIRXEVWI YR RESW WIRWI WSWXVI M UYI GSRXq PE ´KYVE H«YR KEX EWWIKYX («IRXVI IPW MRWXVYQIRXW QYWMGEPW QqW TSTYPEVW EP«ERXMG)KMTXIIPWMWXVIQIVIM\YRETEVXEXIWTIGMEP)PWMWXVIYPXVETEWWk P«kQFMX QIVEQIRX QYWMGEP IR WIV TVMRGMTEPQIRX YXMPMXÊX E PE PMXVKME HIPWXIQTPIWWSFVIXSXEUYIPPWHIHMGEXWEPEHIIWWE,EXLSVNEUYIIPWS H«EUYIWXMRWXVYQIRXPMEKVEHEZEIWTIGMEPQIRX7IKYVEQIRXIPWIYSVMKIR IPXVSFIQIRIPGSWXYQH«EKMXEVVEQWHITETMVHEZERXHIPWREHSRWTIV IRXVIXIRMVPSWMEPLSVEIWTERXEVPIWQSWUYIW%QFP«EWWMQMPEGMzTSWXIVMSV H«EUYIWXEHIIWWEEQF-WMWIPWMWXVIZEWIVXEQFqYXMPMXÊXIRPEPMXVKME H«EUYIWXEPXMQEMIPWIYWIWZEIWXIRHVITIVXSXIP1IHMXIVVERMMKYEP UYIIPGYPXIMWuEG 1BSBMÁMFMT &SRLEQWPSXM(SREHSRMIXEP´K #JCMJPHSB¾B &SRLEQWPSX'EWXVSFM'SXIM &YQPTJDJPOT )KMTXS)PTEWSEPEIXIVRMHEH&SKSXk8IVVEWWE M%RHSVVE 'SRWXEHIUYEXVIGEVIWUYITVIWIRXIRTVkGXMGEQIRXIPQEXIM\EWTIGXI PPIZEXHIPIWHMJIVrRGMIWTVSHYxHIWTIVUIWXMSRWHIGSRWIVZEGMz)R PEQqWGSQTPIXEqWETVIGMEFPIPETEVXWYTIVMSVHIPTMPEVSGXSKSREPE GSRXMRYEGMzYREVITVIWIRXEGMzHIPGETH«,EXLSVVSWXVIMTIVVYGEHI HSREMSVIPPIWHIZEGEUYIPPYIM\YRGSPPEVHIKVEREHYVIWGMVGYPEVW )PGETIWXkVIQEXEXTIPWIPIQIRXWGEVEGXIVuWXMGWH«YRWMWXVIHIRESW ´PJIVVSEQFZSPYXIWEPWI\XVIQWRESWGIRXVEPMRuR\SPUYIGSRXqPE VITVIWIRXEGMzH«YRYVIYHVIXGSVSREXEQFIPHMWGWSPEV8ERXEPETEVX WYTIVMSV GSQ E PE MRJIVMSV PE TIpE QSWXVE WIR]EPW HI XVIRGEQIRX WIRWIUYIWIR«ETVIGMxIPPuQMXSVMKMREP '*59&4%&+0$ 6IKRI 2SY E'%PEFEWXVI M MTIHVEGEPGkVMEM%PpEHE IRXVIMGQ 1BSBMÁMFMT 8EMXPkQW<M<--M;MIWI&VSH FIGO%RHVIY %VEYNS &SYVVMEY *VI IH7IXXKEWXTIpE ;MIWI&VSHFIGOM>MIKPIV TIpE #JCMJPHSB¾B &SRLEQWPSX %FTDSJQDJw 0IW TIGIW H«EPEFEWXVI IWXER TIVJSVEHIW ZIVXMGEPQIRX4SHVMIRLEZIVIWXEXYXMPMXÊHIW GSQE´X\IW7«LERHSGYQIRXEXUYEXVINSGW HI XEYPE EQF UYr IPW IKMTGMW SGYTEZIR IPW WIYW QSQIRXW H«SGM IP NSG HIPW ¨ZMRX UYEHVIW©IPQILIRIPQIRMIPQqWGSRIKYX HI XSXW IP WIRIX )PW XEYPIVW HI NSG M PIW WIZIW TIGIW ´KYVIR IRXVI IPW IUYMTEQIRXW JYRIVEVMW QqW VMGW EM\u GSQ IR IWGIRIW IR UYr YR TIVWSREXKI ETEVIM\ VITVIWIRXEX NYKERX YRE TEVXMHE WIRWI YR EHZIVWEVM ETEVIRXEUYIWXEPXMQEW«MRXIVTVIXEGSQYR IRJVSRXEQIRXIRXVIIPHMJYRXMPEQSVXIRUYr P«qWWIVLYQkIWNYKEPIWWIZIWTSWWMFMPMXEXW HIZMHEIXIVRE LA CAMBRA SEPULCRAL II "44"*(%µ&4$6-503&/'03."%&$0-6./")"5)Ñ3*$" 4IVuSHI4XSPIQEMGE'4IHVEGEPGkVME%PpEHEGQ EGIPTE. EL PAS A L’ETERNITAT %"6 4IVuSHI4XSPIQEMGE'-ZSVM%PpEHEGQ 1BSBMÁMFMT %JJLSPHIV+qVEVH'SVRMG´KM(IGOIV #JCMJPHSB¾B +SR^jPZI^ 8q QEVGEX EQF TYRXW EVVSHSRMXW TIV YR GIVGPI MRGuW IP ZEPSV HI GEHEWGYREHIPIWGEVIW2SIWXqGSRWXkRGMEHIP«WH«EUYIWXXMTYW HIHEYE)KMTXI´RWEP«rTSGEKVIGSVSQERE (&33"%µ&.."("5;&.".&/5 (MREWXME<:---GMVGEE''IVkQMGETMRXEHE%PpEHEGQ 1BSBMÁMFMT &SWXSRM)P/LSYPMIXEPPkQE #JCMJPHSB¾B &SRLEQWPSXM'SXI &YQPTJDJPOT 8YXEROLEQzR-QjKIRIWHIYRXIWSVSFENSIPHIWMIVXSIKMTGMSZMRX MWIXMXMRIVkRGMIWTIV)WTER]EM4SVXYKEP)KMTXS)PTEWSEPEIXIV RMHEH &SKSXk 8IVVEWWE M %RHSVVE M )KMTXI 9R ZMEXKI E P«IXIVRMXEX )P\ +IVVE HI GIVkQMGE VIEPMXÊHE E XSVR 'SGGMz S\MHERX 7YTIVJuGMI I\XIVRETMRXEHEEFERHIWHIHMJIVIRXWGSPSVWWITEVEHIWTIVPuRMIW ZIVQIPPIW M RIKVIW &EWI MRIWXEFPI GSRZI\E GSW SZSMHI M ZSVE I\ZEWEHEEQFIPPPEZMEVVSHSRMX0IWXSQFIWTSHMIRHSXEVWIEQFIPW IPIQIRXWRIGIWWEVMWTIVEPEWYFWMWXrRGME)RIPGEWHIPWEPMQIRXW RSVQEPQIRXIVIRGSP·PSGEXWIRVIGMTMIRXWHITIHVESGIVkQMGESIR GMWXIPPIWMGEM\IW%PEXSQFEHI8YXEROLEQSRIWZEXVSFEVYREKIVVE TVkGXMGEQIRXMHrRXMGEEPEHIWGVMXE LA CAMBRA SEPULCRAL II ."26&5&4%&7"404%µ0'3&/&4 6IKRI%RXMGHMREWXMIW-::-E'8IVVEGSXE%PpEHEGQ #JCMJPHSB¾B 'LVMWXMI«W0SRHVIWPSX &YQPTJDJPOT )KMTXI)PTEWEP«IXIVRMXEX8IVVEWWE 6IGMTMIRXWGIVkQMGWVIEPMXÊXWEXSVR)WXVEGXEHITVSHYGGMSRWIRQMRMEXYVE H«SFNIGXIW HI QMHE QqW KVER )PW HSW ZEWSW VITVSHYIM\IR IP GEVEGXIVuWXMG ZEWLIWQIRXVIUYIIPWTPEXWWzRH«YREJSVQEQIR]WTIGYPMEV%PIW^SRIW HIGYPXIHIXSQFIWTVMZEHIWMVIMEPWHIP6IKRI%RXMGW«LERPSGEPMXÊXHMT{WMXW ZSXMYWEQFQMPIVWH«SFNIGXIWH«EUYIWXXMTYW BIBLIOGRAFIA %JJLSPHIV+qVEVH & M 'SVRMG 1 . %RKIVW 1YWqI 4MRGq 'SPPIGXMSRWqK]TXMIRRIW4EVuW %PEZIHVE.IXEP)KMTXS0PEQEHEEP1jW%PPj1EHVMH %PIKVI7HMV*EVEzRHI)KMTXS6I]IWHIPEIXIVRMHEH1EHVMH 'EXkPIKH«I\TSWMGMz %PIKVI7¨(EQIWHIP2MP(SRIWMHIIWWIWHIP«ERXMG)KMTXI© %VUYIS'PYF&EVGIPSRE %PIKVI7M+SR^jPZI^01(EQEWHIP2MPS1YNIVIW]HMSWEW HIPERXMKYS)KMTXS&EVGIPSRE %PIKVI 7 M +SR^jPZI^ 0 1 .S]EW HI JEVESRIW 8IWSVSW HI QEKMETSHIV]FIPPIÊ&EVGIPSRE %PPEVH4MIVWSR1YWIYQ%PPEVH4MIVWSR1YWIYQ)K]TXI)IRHIV IR%RHIVW1EMR^ %RHVIY+HMV0IWEVXMWXIWHI4LEVESR4EVuW %RHVI[W'%QYPIXW0SRHVIW %VEYNS01%RXMKYMHEHIWIKuTGMEW0MWFSE %VX SJ XLI %RGMIRX ;SVPH 6S]EP%XLIRE +EPPIVMIW %VX SJ XLI %RGMIRX ;SVPH2SZE=SVO%RXMUYEVM %YJVrVI7'SPPIGXMSRWqK]TXMIRRIW1YWqIWHqTEVXIQIRXEY\HI 7IMRI1EVMXMQI6SYIR &EGL * M &IVOIP 6 )PW VEWXVIW HI P«EPJEFIX )WGVMTXYVE M EVX &EVGIPSRE &IHQER8%^YPIWIKMTGMSW&EVGIPSRE &IR8SV(8LI-QQSVXEPWSJ%RGMIRX)K]TX.IVYWEPIQ &IVPIZ3M,SHNEWL7'EXEPSKYISJXLI1SRYQIRXWSJ%RGMIRX )K]TX JVSQ XLI 1YWIYQW SJ XLI 6YWWMER *IHIVEXMSR 9OVEMRI &MIPSVYWWME'EYGEWYW1MHHPI%WMEERHXLI&EPXMG7XEXIW3&3 &MIVFVMIV 1 0 ,MIVSKP]TLMG 8I\XW JVSQ )K]TXMER 7XIPEI IXG TEVX8LI&VMXMWL1YWIYQ0SRHVIW &SRLEQW&SRLEQW%RXMUYMXMIW0SRHVIW'EXkPIKHIWYFLEWXE &SVK&1YQMIRTSVXVmXW1EMR^ &SWXSR 1YWIYQ SJ *MRI%VXW )K]TX«W +SPHIR %KI 8LI %VX SJ 0MZMRKMRXLI2I[/MRKHSQ&'&SWXSR &SXXM+0IGEWWIHMQYQQMIIMWEVGSJEKMHE)P,MFIL7XYHM *PSVrRGME &SYVVMEY.4LEVESLWERH1SVXEPW)K]TXMER%VXMRXLI1MHHPI /MRKHSQ'EQFVMHKI &VIEWXIH.,)K]TXMERWIVZERXWXEXYIW;EWLMRKXSR &VIWGMERM)0IWXIPIIKM^MERIHIP1YWIS'MZMGS%VGLISPSKMGSHM &SPSKRE&SPSR]E &VSO7YFEWXEW&VSO&EVGIPSRE'EXkPIKHIWYFLEWXE &VYRRIV8VEYX ) M &VYRRIV , (MI cK]TXMWGLI 7EQQPYRK HIV 9RMZIVWMXmX8FMRKIR1EMRÊQ6LIMR 'ERXMPIRE 6 M 6YFMRS 4 0E 'SPPI^MSRI IKM^MERE HIP 1YWIS %VGLISPSKMGS2E^MSREPIHM2ETSPM2kTSPW 'EWXIP)E¨)PGPIVSJIQIRMRS©E%PIKVI7M+SR^jPZI^01 (EQEWHIP2MPS&EVGIPSRE 'EWXIP)F¨)PTERXIzRJIQIRMRS©E%PIKVI7M+SR^jPZI^0 1(EQEWHIP2MPS&EVGIPSRE 'EWXVS 2 GSSVH 0E 1SQME HI 3VS )P VIXSVRS E PE ZMHE &EVGIPSRE 'EWXVS2E¨:MHEGSXMHMEREHIYREHEQEHIP2MPS©E%PIKVI7M +SR^jPZI^01(EQEWHIP2MPS&EVGIPSRE 'EWXVS 2 F ¨,EXLSV IR IP 1YWIY )KMTGM HI &EVGIPSRE© %VUYIS'PYF&EVGIPSRE 'IRMZEP.0HI0IPMZVITSYVWSVXMVEPINSYV4EVuW 'LETTE^ .0 ¨fGVMXYVIW HI P«fK]TXI TLEVESRMUYI© E 7SVXMV EY NSYV %VX qK]TXMIR HI PE *SRHEXMSR 1EVXMR &SHQIV 'ELMIVW HI PE 7SGMqXqH«fK]TXSPSKMIZSP+MRIFVE 'LEVPIW)HI0MQMXIH'LEVPIW)HI0MQMXIH)K]TXMER%RXMUYMXMIW0SRHVIW 'LIZEY\1IXEP0IWGSPPIGXMSRWqK]TXMIRRIWHERWPIW1YWqIW HI7E|RIIX0SMVI%YXYR 'LVMWXMI«W0SRHVIW'LVMWXMI«W%RXMUYMXMIW0SRHVIW'EXkPIKHIWYFLEWXE 'LVMWXMI«W 2SZE =SVO 'LVMWXMI«W %RXMUYMXMIW 2SZE =SVO 'EXkPIK HI WYFLEWXE 'PSW.M+SR^jPZI^010SW8IWSVSWHIP'PEVMW1EHVMH 'SXI6IH)KMTXSIPTEWSEPEIXIVRMHEH&SKSXk 'SYXEKRI(IXEP1YWqI+VERIX'SPPIGXMSRqK]TXMIRRI%MW HI4VSZIRpE («%QMGSRI)7EVGzJEKSWHIPERXMKYS)KMTXS&EVGIPSRE («%YVME71YQQMIW QEKMG&SWXSR (IGOIV;7TSVXWERHKEQIWSJ%RGMIRX)K]TX0SRHVIW (SREHSRM % 1 IX EP E 0E GMZMPMÊGMzR HI PSW IKMTGMSW 0EW GVIIRGMEWVIPMKMSWEW1MPk (SREHSRM% 1 IX EP F -P 1YWIS )KM^MS HM 8SVMRS 2SZEVE T (SREHSRM % 1 IX EP G 'MZMPMÊGMzR HI PSW IKMTGMSW 0E ZMHE GSXMHMERE1MPkT (SREHSRM%1IXEP'MZMPMÊGMzRHIPSWIKMTGMSW0EWEVXIWHI PEGIPIFVEGMzR1MPk´K (S\MEHMW)8LI1]WXIVMSYW*E]YQ4SVXVEMXW0SRHVIW (VSWXI::IXEP7XEXYIXXIR+IJmWWIYRH+IVmXI0MIFMIKLEYW 1YWIYQ%PXIV4PEWXMOcK]TXMWGLI&MPH[IVOI&ERH1IPWYRKIR (VSYSX,SXIP(VSYSX%RXMUYMXqW4EVuW'EXkPIKHIWYFLEWXE (YVjR7YFEWXEW(YVjR1EHVMH'EXkPIKHIWYFLEWXE )P/LSYPM%IXEP7XSRIZIWWIPWTSXXIV]ERHWIEPMRKWJVSQXLI 8SQFSJ8YXEROLEQYR3\JSVH )P5LEQMHM8SPIHERS.)VSXMWQS]WI\YEPMHEHIRIPERXMKYS )KMTXS&EVGIPSRE )QIV];&%VGLEMG)K]TX0SRHVIW )WXVEHE*¨'SQSYRZMENIIRIPXMIQTS©6IZMWXEHI%VUYISPSKuE 1EHVMH *EVESRW *YRHEGMz &ERGEM\E *EVESRW :EPIRGME 'EXkPIK H«I\TSWMGMz *IGLLIMQIV,/PIMRTPEWXMOHIVcK]TXIV&IVPuR *VIIH6))K]TX«W+SPHIR%KI&SWXSR +EFSPHI 1 'EXEPSKYI HIW ERXMUYMXqW qK]TXMIRRIW HY 1YWqI .SWITL(qGLIPIXXI6SERRI +EVGuE 'EWXVS . % ¨1YWIS 'PEVMW &EVGIPSRE© 6IZMWXE HI %VUYISPSKuE1EHVMH +IVQSRH4LM0MZIX.&IWXMEMVIqK]TXMIR4EVuW +SR^jPZI^ 0 1 ¨'SPIGGMzR .SVHM 'PSW HI%VUYISPSKuE )KMTGME &EVGIPSRE©2MPYW&EVGIPSRE +SR^jPZI^01¨)P1YWIS)KMTGMSHI&EVGIPSRE©6IZMWXEHI %VUYISPSKuE1EHVMH +SR^jPZI^01¨1jWHIYRGIRXIREVHIRYIZEWEHUYMWMGMSRIW© %VUYIS'PYF&EVGIPSRE +SR^jPZI^ 0 1 ¨)P 1YWIY )KMTGM RYIZEW EHUYMWMGMSRIW© %VUYIS'PYF&EVGIPSRE +SR^jPZI^01¨)P1YWIY)KMTGMVIWXEYVEGMzRI\TSWMGMSRIW IWXYHMSW]RYIZEWEHUYMWMGMSRIW©%VUYIS'PYF&EVGIPSRE +YFIP)GSSVH(Y2MPkP«)WGEYX&VYWWIP·PIW ,SHNEWL7M&IVPIZ38LI)K]TXMER6IPMIJWERH7XIPEIMRXLI 4YWLOMR1YWIYQSJ*MRI%VXW1SWGS[0IRMRKVEH .SVKIRWIR12]'EVPWFIVK+P]TXSXIO'EXEPSKYI)K]TX- &''STIRLEKYIR .SWITLWSR .% M )PHEQEX] 1 1 7XEXYIW SJ XLI <<:XL ERH <<:-XL(]REWXMIWRVW'+'IP'EMVI /VEYWTI 6 /EXEPSK cK]TXMWGLIV 7EQQPYRKIR MR 0IMT^MK 7XEXYIRYRH7XEXYIXXIR1EMRÊQ6LIMR 0zTI^ +VERHI 1 . (EQEW EPEHEW HIP ERXMKYS )KMTXS &EVGIPSRE 1EVXuRI^.E,MWXSVMEQMPMXEVHI)KMTXSHYVERXIPE(MREWXuE<:--- &EVGIPSRE 1EVXuRI^.F¨(SWLSNEWHILEGLEHIKYIVVETIVXIRIGMIRXIWEP 1YWIY©%VUYIS'PYF&EVGIPSRE 1IWWMLE,M)P,MXXE1%1EPPE[M%RXMUYMXMIW1YWIYQ-% FVMIJHIWGVMTXMSRIP'EMVI 2EK]-1YWIYQSJ*MRI%VXW&YHETIWX8LI)K]TXMER'SPPIGXMSR &YHETIWX 2IIHPIV ; 4VIH]REWXMG ERH %VGLEMG )K]TX MR XLI &VSSOP]R 1YWIYQ2SZE=SVO 2IPWSR 1 'EXEPSKYI HIW %RXMUYMXqW fK]TXMIRRIW JVSQ XLI 'SPPIGXMSRSJXLI%VGLEISPSKMGEP1YWIYQSJ1EVWIMPPIW1EVWIPPE 4EKI+EWWIV 1 M ;MIWI % & cK]TXIR %YKIRFPMGOI HIV )[MKOIMX&EWMPIE 4IVHY 3 M 6MGOEP ) 0E GSPPIGXMSR qK]TXMIRRI HY 1YWqI HI 4MGEVHMI4EVuW 4IVRMKSXXM70EWXEXYEVMEIKM^MERERIP1YWIS'MZMGS%VGLEISPSKMGS HM&SPSKRE1MPk 4IXVMI;1*+MÎLERH6MJILI\GQIQ0SRHVIW 4IXVMI;1*%QYPIXW0SRHVIW 4IXVMI;1*6MUUILERH1IQTLMW:-)6%0SRHVIW 4IXVMI;1*4VILMWXSVMG)K]TX0SRHVIW 4IXVMI;1*2EKEHEERH&EPPEW;EVQMRWXIV 4LMPPMTW0SRHVIW4LMPPMTW%RXMUYMXMIW0SRHVIW'EXkPIKHIWYFLEWXE 6EXMq 7 %RRIG] QYWqIGLlXIEY 'LEQFqV] QYWqIW H«EVX IX LMWXSMVI%M\PIW&EMRWQYWqIEVGLqSPSKMUYI'SPPIGXMSRWqK]TXMIRRIW 4EVuW 6SIHIV+cK]TXMWGLI&VSRÎ[IVOIR,EQFYVK 6SIHIV+cK]TXMWGLI&VSRÎ´KYVIR&IVPuR 7GLSWOI 7 M;MPHYRK ( )RXHIGOYRKIR cK]TXMWGLI /YRWX MR 7HHIYXWGLPERH1YRMG 7GLYPX^6cK]TXMWGLIV1YWIYQ&IVPMR1EMR^ 7GLYP^ 6 M 7IMHIP 1 )KMTXS )P QYRHS HI PSW JEVESRIW 'SP{RME 7GLRIMHIV,(7LEFXMW0IMHIR 7IMTIP;E+}XXIV1IRWGLIR4LEVESRIR:MIRE 7IMTIP;F(EW:IVQmGLXRMWHIV4LEVESRIR>YVMG 7IXXKEWX.:SR8VSNEFMW%QEVRE1EMRÊQ6LIMR 7SXLIF]«W 0SRHVIW 7SXLIF]«W %RXMUYMXMIW 0SRHVIW 'EXkPIK HI WYFLEWXE 7SXLIF]«W 2SZE =SVO 7SXLIF]«W %RXMUYMXMIW 2SZE =SVO 'EXkPIK HI WYFLEWXE 8EMX ; . +EQIFS\IW ERH EGGIWWSVMIW JVSQ XLI 8SQF SJ 8YX«EROLEQYR8873\JSVH 8SQjW * . ¨0EW QSQMEW ERMQEPIW HIP 1YWIY )KMTGM HI &EVGIPSRE)WXYHMSVEHMSPzKMGS©E'EWXVS2GSSVH0E1SQMEHI 3VS)PVIXSVRSEPEZMHE&EVGIPSRE :ERHMIV.1ERYIPH«%VGLqSPSKMIfK]TXMIRRIXSQ-4EVuW :ERHMIVH«%FFEHMI.0IWSFNIXWHIXSMPIXXIqK]TXMIRWEY1YWqI HY0SYZVI4EVuW :ER ,EEVPIQ ; 7EVGSTLEKM ERH VIPEXIH SFNIGXW '%%%PPEVH 4MIVWSR1YWIYQ%QWXIVHEQ%QWXIVHEQ ;MIWI % M &VSHFIGO % 8SYXEROLEQSR 0«SV HI P«%Y(IPk 4EVuW >MIKPIV'L>MIKPIV'LIH8LI4LEVESLW1MPk 8I\XSWIRGEWXIPPERS +%&6-)0*)66%8f4%7'9%0 4VIWMHIRXIHIPE*YRHEGMz'EM\E8EVVEKSRE )KMTXSIPZMENIIXIVRS 0E GYPXYVE HIP )KMTXS JEVEzRMGS UYIVuE TVSPSRKEV XERXS PE ZMHE UYI HIWIz ZMZMV IXIVREQIRXI (YVERXI QMPIRMSW KIRIVEGMzR XVEW KIRIVEGMzR PSW IKMTGMSW RS IWGEXMQEVSR IWJYIV^SW TEVE EPGERÊV PE IXIVRMHEH XYQFEW QMXSW VMXYEPIW QSQMEW ENYEVIW JYRIVEVMSW IXG WSR IP XIWXMQSRMS HI WY IWTIVERÊ IR YRE I\MWXIRGME UYI HIWIEFER UYIJYIVEMPMQMXEHE0SWIKMTGMSWMHIEVSRYRQjWEPPjQY]WIQINERXI E PE ZMHE XIVVIREP ] IR YRE IXIVRMHEH HI IWXEW GEVEGXIVuWXMGEW IVE MQTVIWGMRHMFPI PE TIVHYVEFMPMHEH HI PE MHIRXMHEH HI PE TIVWSRE (I ELuWYVKMzPERIGIWMHEHHIQSQM´GEVIPGYIVTSUYIIVEGSRWMHIVEHS IP WSTSVXI HI PEW IRIVKuEW RIGIWEVMEW TEVE PE WYTIVZMZIRGME IXIVRE GSQSIPFE]IPOE%]YHEHSWTSVPEQEKMEHIPSWPMFVSWTSVIPTSHIV TVSXIGXSVHIPSWEQYPIXSW]HIPEWMQjKIRIWQMXSPzKMGEWPSWIKMTGMSW MRXIRXEVSR WYTIVEV PEW FEVVIVEW HI PE QYIVXI = IR GMIVXE QIHMHE HIWTYqWHIQMPIWHIEySWEPKSHIIPPSWTEVIGIVIEPQIRXIZMZSXVEWPEW QjWGEVEWIRPEWSRVMWEWIVIREHIWYWWEVGzJEKSW]IRPEWSPIQRMHEH HIPEWQSQMEW 0EI\TSWMGMzR¨)KMTXS)PTEWSEPEIXIVRMHEH©GSSVKERMÊHETSV PE*YRHEGMzR'EM\E8EVVEKSRE]PE*YRHEGMzR%VUYISPzKMGE'PSWVIRI YREWSGLIRXETMIÊWWSFVIVMXYEPIWJYRIVEVMSWHIPERXMKYS)KMTXSGSR YRE ERXMKIHEH HI LEWXE EySW ERXIW HI 'VMWXS NYRXS E PEW VIZIPEHSVEWJSXSKVEJuEWHIPTVSGIWSHIHIWGYFVMQMIRXSHIPEXYQFEHI 8YXEROLEQzR )P jQFMXS HIHMGEHS E PSW VMXYEPIW JYRIVEVMSW GSRXMIRI TMIÊW GSQS ´KYVEW WEVGzJEKSW QjWGEVEW JYRIVEVMEW IWGYPXYVEW IWXEXYMPPEWHMZMREWIWXIPEWJYRIVEVMEWSFNIXSWPMXVKMGSW]HIPEZMHE GSXMHMEREIRKIRIVEPUYIWIGSRWIVZERIRIP1YWIS)KMTGMSHI&EVGIPSRE )PSXVSjQFMXSHIPEI\TSWMGMzRRSWTIVQMXIVIZMZMVIPHIWGYFVMQMIRXS HIPEXYQFEHI8YXEROLEQzRTSVQIHMSHIYRGSRNYRXSHIMQjKIRIW UYIGETXzIPJSXzKVEJSS´GMEPHIPEI\GEZEGMzR,EVV]&YVXSRIRIPEyS GYERHSIPEVUYIzPSKS,S[EVH'EVXIV]WYIUYMTSIRGSRXVEVSRPE JEQSWEXYQFEHIIWXIQMXM´GEHSJEVEzR 0EQYIWXVERSWSJVIGIPESTSVXYRMHEHHIGSRSGIVQjWEQTPMEQIRXI YRE GMZMPMÊGMzR UYI HIWHI WMIQTVI LE JEWGMREHS EP QYRHS ] HI VIZMZMVGSRRYIWXVSWSNSWEXVEZqWHIPEWJSXSKVEJuEWHI,EVV]&YVXSR PE QMVEHE WSVTVIRHMHE HI EUYIPPSW LSQFVIW UYI HIWGYFVuER ¨GSWEW QEVEZMPPSWEW© IR PE I\GEZEGMzR HI PE XYQFE HI 8YXEROLEQzR )VE PE TVMQIVE ZI^ IR PE LMWXSVME HI PE EVUYISPSKuE UYI YRE I\GEZEGMzR IVE JSXSKVEÉHE HI QERIVE XER I\LEYWXMZE 7MKYMIRHS IP HMEVMS HI I\GEZEGMzRHI'EVXIVIPIWTIGXEHSVTEVXMGMTEHIPSWHIWGYFVMQMIRXSW HYHEW]QMWXIVMSWHIPEQERSHIPIUYMTSUYIEZERÊFETSVIPMRXIVMSV HIPEXYQFE*MREPQIRXIPEI\TSWMGMzRWIVIGVIEIRPEXYQFEHIPVI]] WIHIWZIPEPEQEKRMXYHHIPSWXIWSVSWEPPuHITSWMXEHSW *YRHEGMzR'EM\E8EVVEKSREUYMIVIGSRXVMFYMVGSRIWXEMRMGMEXMZEEP GSRSGMQMIRXSHIYREGMZMPMÊGMzRUYIEXVEZqWHIHMREWXuEW] EySWHILMWXSVMEJYITVSXEKSRMWXEHIQSQIRXSWJYRHEQIRXEPIWHIPE GYPXYVEYRMZIVWEP .36(-'0370031&%68 4VIWMHIRXIHIPE*YRHEGMzR%VUYISPzKMGE'PSW 1YWIS)KMTGMSHI&EVGIPSRE 4EWMzRTSV)KMTXS 4EVEQYGLEWTIVWSREWUYIHIHMGERKVERTEVXIHIWYXMIQTS]WYW IRIVKuEWEYREE´GMzREQIRYHSIWHMJuGMPIRGSRXVEVIPQSQIRXSIR UYIREGMzEUYIPPEMRUYMIXYHUYIQjWXEVHIEGEFEVuESGYTERHSKVER TEVXIHIWYZMHE)RQMGEWSRSIWEWuIREFWSPYXS]EUYIVIGYIVHS TIVJIGXEQIRXI GYERHS ¦TEVEJVEWIERHS E )QQERYIP HI 6SYKq¦ JYM QSVHMHSTSVTVMQIVEZI^TSVIP¨TEXSHIPSWXI\XSWNIVSKPu´GSW©HIP UYI IW QY] HMJuGMP HIWTVIRHIVWI )P TVSJIWSV HI ,MWXSVME TVSTYWS PE VIEPMÊGMzRHIYRXVEFENSWSFVIYREGMZMPMÊGMzRHIPE%RXMKIHEH]]S IWGSKu)KMTXS'SRHSGIEySWXYQFEWXIWSVSWQEPHMGMSRIWJEVESRIW IQFPIQjXMGSWHMSWIWLEFuERGEYXMZEHSQMEXIRGMzRHIYREJSVQE TYRXYEP ] HMWTIVWE EYRUYI EUYIP XVEFENS RS MFE QjW EPPj HI YRE HIWGVMTGMzR KIRIVEP MRGSRWGMIRXIQIRXI UYIHq MRQIVWS IR QM ZMENI WMR TYRXS HI HIWXMRS HI´RMHS IR IP UYI HI QERIVE MRIZMXEFPI YR XIQEIWTIGu´GSQIGSRHYGuEESXVS0EWXYQFEW]PEWTMVjQMHIWQI PPIZEFEREPSWVMXYEPIWJYRIVEVMSWIWXSWEPEWQSQMEWPEWQSQMEWE PSWTIVWSRENIWHIYRELMWXSVMEXVIWZIGIWQMPIREVMEGSRWYIWXVYGXYVE IGSRzQMGE]WSGMEPWYWVIPEGMSRIWGSRTYIFPSWZIGMRSW'VISUYIJYI ELuHSRHIQITIVGEXqHIPEWMREKSXEFPIWTSWMFMPMHEHIWUYISJVIGIIWXE GMZMPMÊGMzRTEVEWYWIWXYHMSWSW )RGSRWSPSZIMRXIEySWIQTVIRHuQMTVMQIVZMENIE)KMTXS 0EGMYHEHHI)P'EMVSGSRWYHIWGSQYREP1YWIS)KMTGMSPEWRIGVzTSPMW HI+YMÊ]7EUUEVEEPWYV0Y\SVGSRPSWXIQTPSWHI%QzRIP:EPPI HI PSW 6I]IW ] IP ,SXIP ;MRXIV 4EPEGI UYI ¦HIP QMWQS QSHS UYI ,S[EVH'EVXIV¦YXMPMGqIQSGMSREHEQIRXIGSQSFEWIHISTIVEGMSRIW 4VIRHMHSTSVPSWQSRYQIRXSWRYRGELYFMIWIEHMZMREHSPEWIRWEGMzR UYIQIGEYWEVuEEXVEZIWEVIP2MPSIRXVIPEWGMYHEHIWHI0Y\SV]%WYjR GYERHSIPZMENIVSTYIHIKSÊVHIYRSHIPSWTEVENIWQjWFIPPSWHIP QYRHS)R%WYjRJVSRXIVELMWXzVMGE]KISKVj´GEHIP)KMTXSJEVEzRMGS XYZIIPTVMZMPIKMSHIZIVPSWQSRYQIRXSWHIPEMWPEHI*MPINYWXSERXIW HIPXVEWPEHSEWYIQTPEÊQMIRXSEGXYEPRSWYGIHMzPSQMWQSGSRPSW XIQTPSW HI%FY 7MQFIP WEPZEHSW HI PEW EKYEW TSGS XMIQTS ERXIW 4IVSTSVIRGMQEHIXSHSIWXIZMENIXIQTVERIVSJYIIPIWGIREVMSIR UYI XYZS PYKEV YR EGSRXIGMQMIRXS TVMQSVHMEP IR QM ZMHE PE TVMQIVE EHUYMWMGMzR HI YRE TMIÊ EVUYISPzKMGE )R EUYIP QSQIRXS ER IVE TSWMFPIGSRWIKYMVPIKEPQIRXIEPKYREERXMKIHEHJEWGMREHSTSVEUYIPPE STGMzRTEWqZEVMSWHuEWÏRGIVVEHS©IRYRERXMGYEVMSHI0Y\SVLEWXE UYI´REPQIRXIYRYWLIFXMHIFEVVSGSGMHSUYIGSRXIRuEIRWYTEVXI JVSRXEPYRXI\XSLMIVjXMGSTMRXEHSXYZSIPTVMZMPIKMSHIGSRZIVXMVWIIRPE TVMQIVETMIÊHIQMGSPIGGMzRHIEVUYISPSKuEIKMTGME(IWHIIRXSRGIW ERXMGYEVMSW ] GEWEW HI WYFEWXEW HI TVIWXMKMS MRXIVREGMSREP LER WMHS PSW PYKEVIW HI TVSGIHIRGME HI QjW HI QMP TMIÊW VIYRMHEW IR YRE GSPIGGMzRHSRHIWIIRGYIRXVERVITVIWIRXEHEWPEQE]SVuEHIGEXIKSVuEW HISFNIXSWGVIEHSWTSVPSWIKMTGMSWIRIPXVERWGYVWSHIWYWQjWHI XVIWQMPEySWHILMWXSVME )RGYEPUYMIVGEWSQMQE]SVWEXMWJEGGMzRLEWMHSTSRIVEPEPGERGI HIPTFPMGSPEWGVIEGMSRIWHIPEGMZMPMÊGMzRUYIXERXSEHQMVSGSQTEVXMV GSRPSWHIQjWYRETEWMzRTSVEPKSUYIIRFYIREQIHMHEJSVQETEVXI HIRYIWXVEIWIRGMELMWXzVMGE]GYPXYVEP)RYRTVMRGMTMSPEWEPEIKMTGME HIP ,SXIP 'PEVMW IQFPIQE HI RYIWXVE GSQTEyuE ] EP TSGS XMIQTS IR IP REGMQMIRXS HIP 1YWIS )KMTGMS HI &EVGIPSRE LER LIGLS TSWMFPIIWXIHIWIS(IWHIWYETIVXYVEIP1YWISLEVITVIWIRXEHSPE GEWEHIXSHSWEUYIPPSWTEVEPSWUYI)KMTXSJSVQETEVXIHIWYZMHE 0EI\TSWMGMzRTIVQERIRXILEWMHSZMWMXEHETSVQMPPSRIWHITIVWSREW IWTIGMEPQIRXI KVYTSW IWGSPEVIW HI PSW UYI RS TYIHS IZMXEV WIRXMV GMIVXEIRZMHMETSVIPLIGLSHIXIRIVEWYEPGERGIPSUYI]SXERWSPS TSHuE GSRGIFMV IR WYIySW 4FPMGS HI XSHEW PEW IHEHIW TEVXMGMTE XEQFMqR IR RYIWXVS EQTPuWMQS EFERMGS HI EGXMZMHEHIW HSGIRXIW ] HMZYPKEXMZEWUYIGSQTVIRHIRHIWHIGSRJIVIRGMEWHIYRELSVELEWXE WIQMREVMSW]GYVWSWHIZEVMEWWIWMSRIWEWuGSQS¦HIWHIIPEyS¦ PE)WGYIPEHI)KMTXSPSKuEHSRHIPSWEPYQRSWSTXEREYRHMTPSQE]YR QjWXIVIR)KMTXSPSKuETVMZEHSWHIWTYqWHIXVIWEySWHIJSVQEGMzR] IWXYHMS0E*YRHEGMzRXEQFMqRLEVIEPMÊHSGEQTEyEWEVUYISPzKMGEW SLEGSPEFSVEHSIRIPPEWIR)KMTXS]7YHjRIRPSW]EGMQMIRXSWHI 3\MVVMRGS 1IMHYQ (NIFIP &EVOEP ] 7LEVYRE EHIQjW HI SVKERMÊV I\TIHMGMSRIWGYPXYVEPIWEPTEuWHIPSWJEVESRIW %WuTYIWIP1YWIS]PEWTMIÊWUYII\LMFIRSWILERPMQMXEHSE TIVQERIGIVVSHIEHEWHIPEWGYEXVSTEVIHIWHIPIHM´GMSUYIPEWEGSKI 0EWTSGEWTSWMFMPMHEHIWHIEGGIHIVESFNIXSWJEVEzRMGSWUYIXMIRIR PSWLEFMXERXIWHIRYIWXVSTEuWRSWERMQEVSRHIWHIYRFYIRTVMRGMTMS EPPIZEVEGEFSI\TSWMGMSRIWMXMRIVERXIW)RPEQYIWXVE¨)KMTXS)PTEWS EPEIXIVRMHEH©YRGIRXIREVHISFNIXSWHIRYIWXVEGSPIGGMzRMPYWXVER EPTFPMGSWSFVIPSWEWTIGXSWTVMRGMTEPIWHIPEWGVIIRGMEWVIPMKMSWEW] PEWTVjGXMGEWJYRIVEVMEWHIPSWIKMTGMSW )WXS]GSRZIRGMHSHIUYITEVEQYGLSWIWXIWIVjIPQSQIRXSIR UYI EPKR HuE IQTIÊVjR E I\TPMGEV IP SVMKIR HI WY MRXIVqW TSV PE GMZMPMÊGMzRJEVEzRMGE Cronología del antiguo Egipto 5750 a. C. 5500 a. C. 5500 a. C. 5250 a. C. 5000 a. C. NEOLÍTICO 4750 a. C. 4500 a. C. 4250 a. C. 4000 a. C. 4000 a. C. 3750 a. C. PERÍODO PREDINÁSTICO 3500 a. C. 3250 a. C. 3000 a. C. 3200 a. C. 3065 a. C. Período Protodinástico Dinastía 0 Período Dinástico Antiguo Dinastías I-II REINO ANTIGUO Dinastías III-VIII Primer Período Intermedio Dinastías IX-XI REINO MEDIO Dinastías XI-XIV Segundo Período Intermedio Dinastías XV-XVII REINO NUEVO Dinastías XVIII-XX Tercer Período Intermedio Dinastías XXI-XXIV BAJA ÉPOCA Dinastías XXV-XXXI 2750 a. C. 2649 a. C. 2500 a. C. 2250 a. C. 2134 a. C. 2000 a. C. 2040 a. C. 1750 a. C. 1500 a. C. 1640 a. C. 1550 a. C. 1250 a. C. 1000 a. C. 750 a. C. 1070 a. C. 715 a. C. 500 a. C. 250 a. C. 0 332 a. C. 304 a. C. Dinastía Macedónica Período Ptolemaico 30 a. C. Dominio Romano 250 d. C. 395 d. C. Época Bizantina 500 d. C. 640 d. C. 750 d. C. 09-71%29)0+32>½0:)> 'SRWIVZEHSVHIP1YWIY)KMTGMHI&EVGIPSRE 'SRWXVYGGMSRIWTEVEPEIXIVRMHEH ¨1MQE]SVRSFPIÊJYIGSRWXVYMVYREXYQFEVYTIWXVITYIWXSHSLSQFVIHIFIMQMXEVPSUYILEGIWY TEHVI1MTEHVIWIGSRWXVY]zYREGEWETEVEIPOEIRPEGMYHEHHI1IVRSJVIXGSRFYIRETMIHVEHI%]ERE ´RHITIVTIXYEVWYRSQFVITEVEWMIQTVI]IWXEFPIGIVPSIXIVREQIRXITEVEUYIWYRSQFVITYHMIWIZMZMVIR FSGEHIPEKIRXI]TIVQERIGIVIRFSGEHIPSWZMZSWWSFVIWYXYQFEIRPERIGVzTSPMWIRWYI\GIPIRXIGEWE HIIXIVRMHEHWYWIHIHITIVTIXYMHEH© 8I\XSFMSKVj´GSHI'RYQLSXIT--&IRM,EWER(MREWXuE<-- )R )KMTXS PEW GVIIRGMEW VIPMKMSWEW HI GEVjGXIV JYRIVEVMS TVSTMGMEVSRPEGVIEGMzRJEFVMGEGMzR]EHIGYEGMzRHIYRRQIVSQY] ZEVMEHS HI JSVQEW ] QEXIVMEPIW 4EVE TSWMFMPMXEV PE ZMHE IXIVRE PSW MRHMZMHYSWUYIXVEWPEQYIVXIWYTIVEFERJEZSVEFPIQIRXIIPNYMGMSHI WYEPQEHIFuERHMWTSRIVHIYREMRWXEPEGMzREHIGYEHETEVEGSRWIVZEV MRXEGXSWWYWVIWXSWQSVXEPIW]IUYMTSJYRIVEVMSEHIQjWHIYRPYKEV IRIPGYEPWIPPIZEVEREGEFSPEWEGXMZMHEHIWVIPEGMSREHEWGSRIPGYPXS HIWXMREHEW FjWMGEQIRXI EP WYQMRMWXVS HI PEW TVSZMWMSRIW RIGIWEVMEW TEVEWYQERYXIRGMzRIRIPQjWEPPj%WuHIWHIYRTVMQIVQSQIRXS PE XYQFE IKMTGME JYI HMWIyEHE IWXVYGXYVEPQIRXI XIRMIRHS IR GYIRXE IWXSWHSWTVSTzWMXSW]WSRTSGEWPEWXYQFEWQSRYQIRXEPIWUYIRS WMKYIRIWXERSVQE0ETEVXIHIHMGEHEEPEGSRXIRGMzRHIPGEHjZIVQS QM´GEHS]WYIUYMTEQMIRXSIVEMREGGIWMFPIEYRUYISGEWMSREPQIRXI WITSHuEVIEFVMVIRGEWSWHIIRXIVVEQMIRXSWQPXMTPIW)PIWTEGMSHIHM GEHSEPGYPXSRSVQEPQIRXITVz\MQSEPEWHITIRHIRGMEWJYRIVEVMEWWI YXMPMÊFETEVEPEWTIVWSREWTVz\MQEWEPHMJYRXSSTEVEPSWJYRGMSREVMSW VIEPIWIRGEVKEHSWHIWYQERXIRMQMIRXS)PIQIRXSWXERGEVEGXIVuWXMGSW HIPEXYQFEIKMTGMEGSQSPEIWXIPEHIJEPWETYIVXEPEWVITVIWIRXEGMS RIWTEVMIXEPIWIWXEXYEWHIWYWXMXYGMzRIPEPXEVSPEQIWEHISJVIRHEW WYIPIRGSQTPIXEVPEIWGIRSKVEJuEHIIWXE^SREHIGYPXS 0SWGEQFMSWI\TIVMQIRXEHSWIREPKYRSWGSRGITXSWVIPMKMSWSWPE HMWTSRMFMPMHEHSRSHIHIXIVQMREHSWQEXIVMEPIWPEWHMJIVIRGMEWSVS KVj´GEW ] KISPzKMGEW IP TSHIV IGSRzQMGS HIP TVSTMIXEVMS IR HI´ RMXMZEPEHMZIVWMHEHKISKVj´GE]WSGMEPYRMHEEPEPEVKEHYVEGMzRHI PEGMZMPMÊGMzRJEVEzRMGEHMIVSRGSQSVIWYPXEHSYREZEVMEHEXMTSPSKuE HIIWXVYGXYVEWJYRIVEVMEW1EWXEFEWTMVjQMHIWILMTSKISWTVMZEHSWS VIEPIWWSRPSWXMTSWQjWGSQYRIWHIXYQFEQSRYQIRXEP -BNBTUBCB 0E TEPEFVE QEWXEFE IW HI SVMKIR jVEFI PIRKYE IR PE UYI WMVZI TEVE HIWMKREV YR TIUYIyS FERGS HI EHSFI TEVIGMHS E PE WYTIVIW XVYGXYVEHIGMIVXEWXYQFEWIKMTGMEW)PXqVQMRSEGITXEHSWMRVITEVSW TSVPSWIKMTXzPSKSWIRWIRXMHSIWXVMGXSHI´RIWSPEQIRXIYREHIWYW TEVXIW]EUYIPEXYQFEIWQYGLSQjWGSQTPINE7IXVEXEUYM^jWHI PEGVIEGMzRIKMTGMEQjWSVMKMREPIRGYERXSEEVUYMXIGXYVEJYRIVEVMEWI VIÍVI´KYVERHSGSQSTYRXSHITEVXMHEIRIPTVSGIWSUYIPPIZzEPE GSRWXVYGGMzRHIPEWTMVjQMHIW)RPEQEWXEFEWITYIHIRHMWXMRKYMVHSW TEVXIWTVMRGMTEPIWPEWYTIVIWXVYGXYVEIHM´GEHEETEVXMVHIPEWYTIV´ GMIHIPXIVVIRSGSRYRE^SREHIGYPXSQjWSQIRSWHIWEVVSPPEHE]PEW MRWXEPEGMSRIWWYFXIVVjRIEW*YIVSRYXMPMÊHEWHYVERXIIP4IVuSHS%VGEM GS]IP6IMRS%RXMKYSI\TIVMQIRXERHSGEQFMSWHMZIVWSWUYIEJIGXEVSR EWYJYRGMzR]GSRXIRMHS 0EWTVMRGMTEPIWEKVYTEGMSRIWHIQEWXEFEWHIP4IVuSHS%VGEMGSHM REWXuEW-]--WIIRGYIRXVERIRPEWRIGVzTSPMWHI%FMHS]7EUUEVEWMIR HSWYWTVSTMIXEVMSWPSWQSREVGEWHIPEWHSWTVMQIVEWHMREWXuEWWEPZS EPKYREWI\GITGMSRIW0EGEVEGXIVuWXMGEQjWWMRKYPEVZMIRIHEHETSVIP QEXIVMEPIQTPIEHSIRWYGSRWXVYGGMzRIPEHSFIWSFVIXSHSWMWIXMIRI IRGYIRXEIPYWSUYIPSWIKMTGMSWLEVjRHIPETMIHVEIRqTSGEWTSW XIVMSVIW0EWHITIRHIRGMEWJYRIVEVMEWIRYRTVMRGMTMSIWXEFERWIPPEHEW TSVPEWYTIVIWXVYGXYVEEYRUYITSWXIVMSVQIRXIQIHMERXIYREVEQTE GSRPEIRXVEHEWMXYEHEJYIVEHIqWXEIPEGGIWSWILM^STSWMFPIEYRGSR PEXYQFEGSQTPIXEQIRXIGSRWXVYMHE)R%FMHSWSPSWILERGSRWIVZEHS PEWTEVXIWWYFXIVVjRIEWQMIRXVEWUYIIR7EUUEVEPSWVIWXSWTVSTSVGMS RERYREMHIEETVS\MQEHEHIPEWTIGXSI\XIVRSHIIWXEWGSRWXVYGGMSRIW 0SW QYVSW VITVSHYGMIRHS PSW HI PE VIWMHIRGME HIP VI] TVIWIRXEFER PE JSVQE HI ¨JEGLEHE HI TEPEGMS© LIGLS UYI TSRI HI QERMÍWXS PE GSRGITGMzRHIPEXYQFEGSQSYREZIVHEHIVEGEWE)RPEHMREWXuE--PSW QYVSWXIRHMIVSREWIVGSQTPIXEQIRXIPMWSWGSRI\GITGMzRHIPSWHSW RMGLSWHIPPEHSIWXIHIWXMREHSWEPGYPXS)PIPIZEHSZSPYQIRHIPIUYM TSJYRIVEVMSTVSTMGMzPEEHIGYEGMzRHIHITEVXEQIRXSWJYRIVEVMSWIRPE WYTIVIWXVYGXYVEHMWTYIWXSWWIKRYRIWUYIQEHIVIXuGYPEVIKYPEV)W XEWTVMQIVEWQERMJIWXEGMSRIWJYRIVEVMEWQSRYQIRXEPIWWILERPPIKEHS EMHIRXM´GEVGSRPE¨GSPMRETVMQMKIRME©HIPEWTVMRGMTEPIWGSWQSKSRuEW IWGIREVMSHSRHIWITVSHYGIPEKIWXEGMzRHIPQYRHS]IPREGMQMIRXS HIPEZMHE4SVXERXSPEIPIGGMzRHIYREGSRWXVYGGMzREVUYMXIGXzRMGE EWSGMEFPIQSVJSPzKMGEQIRXIEIWXEIWQY]ZjPMHEGSQSIPIQIRXSTVS TMGMEXSVMSHIPVIREGIVUYIWIIWTIVETEVEIPHMJYRXS %TEVXMVHIPEHMREWXuE---PETMVjQMHIWIGSRZMVXMzIRIPQSRYQIRXS JYRIVEVMSHIPVI]TSVI\GIPIRGMEQMIRXVEWUYIPEQEWXEFEWIGSRWXM XY]zGSQSPEGSRWXVYGGMzRQjWYXMPMÊHETSVPSWTIVWSRENIWTVMZEHSW 1IMHYQHMREWXuE-:+YMÊHMREWXuEW-::]:-]7EUUEVEHMREWXuEW :]:-WSRPEWTVMRGMTEPIWRIGVzTSPMW0EWQjWERXMKYEWTSGSWIHMJI VIRGMERHIPEWHIP4IVuSHS%VGEMGSTIVSIRPEHMREWXuE-:]EETEVIGIR EPKYRSWGEQFMSWWYWXERGMEPIWPEWHITIRHIRGMEWWYFXIVVjRIEWWIWMQ TPM´GER GSRWMWXMIRHS IR YRE WMQTPI GjQEVE JYRIVEVME EGGIWMFPI TSV YR TS^S ] IR PE WYTIVIWXVYGXYVE PE TMIHVE EHUYMIVI PE GEXIKSVuE HI TVSXEKSRMWXE EFWSPYXE GSQS QEXIVMEP GSRWXVYGXMZS 8EQFMqR PE ^SRE HI GYPXS WYJVI MQTSVXERXIW QSHM´GEGMSRIW PSW RMGLSW HIP PEHS IWXI WIIRGYIRXVERELSVEHIRXVSHIYRETIUYIyELEFMXEGMzREHSWEHEEPE TEVIH I\XIVRE )WXE LEFMXEGMzR TVSRXS WI WMXYz IR IP GYIVTS QEGM^S HIPEQEWXEFEHERHSSVMKIREYRGSRGITXSHMJIVIRXIHIIWTEGMSHI GYPXSUYIPPIKzESGYTEVPEQE]SVTEVXIHIPRGPISIREPKYREWXYQFEW HI PEW HMREWXuEW: ]:-%UYu PE HIGSVEGMzR TEVMIXEP HI PEW HMWXMRXEW HITIRHIRGMEW EHUYMVMz WY QE]SV I\XIRWMzR ] GEPMHEH YXMPMÊRHS IP VIPMIZITMRXEHSGSQSXqGRMGEHII\TVIWMzRLEFMXYEP)RXVIPSWIPIQIR XSWGSQYRIWTVIWIRXIWIRPE^SREHIGYPXSHIWXEGEPEIWXIPEHIJEPWE TYIVXEQIHMSHIGSQYRMGEGMzRHIPHMJYRXSGSRPSWZMZSW%XVEZqWHI IPPEIPIWTuVMXYHIPHMJYRXSTSHuEIRXVEV]WEPMVTEVEHMWJVYXEVHIPEW SJVIRHEW GSPSGEHEW ERXI IPPE 0EW QEWXEFEW QjW MQTSVXERXIW WSPuER IWXEVHSXEHEWHIYRWIVHEFSWEPEHIPEIWXEXYEHIPOEVITVIWIRXEGMzR IWGYPXzVMGEHIPHMJYRXSGSRWMHIVEHEGSQSYRIPIQIRXSHIWYWXMXYGMzR ERXIPETSWMFMPMHEHHIUYIPEQSQMETYHMIWIWYJVMVEPKRHEyS%TEVXMV HIP4VMQIV4IVuSHS-RXIVQIHMSPEQEWXEFEHINzHIWIVYXMPMÊHEHIFMHS TVMRGMTEPQIRXIEPXVEWPEHSHIPEWRIGVzTSPMWTVMZEHEWHIQE]SVGEXIKS VuEEPEWTVSZMRGMEWHSRHIPEWIWXVYGXYVEWJYRIVEVMEWWIHIWZMRGYPEVSR HIIWXETVSHYGGMzRXuTMGEQIRXIQIR´XE -BQJSgNJEF 7IXVEXEWMRHYHEEPKYREHIPEGSRWXVYGGMzRQjWGEVMWQjXMGEPI KEHE TSV PSW IKMTGMSW 7Y YWS HYVERXI PSW VIMRSW %RXMKYS ] 1IHMS JYI QSRSTSPMS HI PSW JEVESRIW ] HI WYW IWTSWEW UYI PEW IVMKMIVSR FjWMGEQIRXIIRPEW^SREWTVz\MQEWE1IR´WGETMXEPHIPTEuWHYVERXI IWITIVuSHS0ETMVjQMHIRSWIGSRGIFuEGSQSYRIPIQIRXSEMWPEHS TYIWJSVQEFETEVXIHIYRZEWXSGSQTPINSIRIPUYIMRXIVZMIRIRSXVEW IWXVYGXYVEW)JIGXMZEQIRXINYRXSEPETMVjQMHIUYIGSRXIRuESGYFVuE PEWHITIRHIRGMEWHIWXMREHEWEPGYIVTS]IPENYEVHIPHMJYRXSPSWVIGMR XSWJYRIVEVMSWVIEPIWGSRWXEREHIQjWHISXVEWIWXVYGXYVEWIPXIQTPS EPXSNYRXSEPEGEVEIWXIHIPETMVjQMHIIPXIQTPSFENSSHIEGSKMHE PEEZIRMHETVSGIWMSREP]IRSGEWMSRIWJSWEWTEVEPEGSPSGEGMzRHIPEW FEVGEWWSPEVIWRIGIWEVMEWGSQSQIHMSHIXVERWTSVXIIRIPQjWEPPj )\GITXYERHSEPKYREWTMVjQMHIWHIP6IMRS1IHMSPETMIHVEJYIIPQE XIVMEPTVIHMPIGXSIRPEGSRWXVYGGMzRHIPSWIPIQIRXSWEVUYMXIGXzRMGSW HIPVIGMRXSJYRIVEVMS)WXILIGLSWIHSGYQIRXEHIWHIPEHMREWXuE--- GSRGVIXEQIRXIIRIPVIMREHSHI(]IWIVXKVEGMEWEPKIRMSHIWYZMWMV] EVUYMXIGXS-QLSXITUYIYXMPM^zPETMIHVEGEPMÊTEVEGSRWXVYMVPETVMQI VETMVjQMHIHIJSVQEIWGEPSREHE )P GEQMRS WIKYMHS TSV PSW GSRWXVYGXSVIW IKMTGMSW LEWXE PE VIEPM ÊGMzR HI PEW HIRSQMREHEW TMVjQMHIW TIVJIGXEW LE] UYI IRXIRHIVPS GSQSYRTVSGIWSIZSPYXMZS(IWHIPE]EGMXEHETMVjQMHIIWGEPSREHE LEWXEPEWXVIWTMVjQMHIWHIPEQIWIXEHI+YMÊUYIWIyEPERIPTYRXS jPKMHS HI IWXE IZSPYGMzR PEW GEVEGXIVuWXMGEW XqGRMGEW ] GSRWXVYGXMZEW WIJYIVSRQINSVERHSTEYPEXMREQIRXI1YIWXVEHIIPPSWSRPSWGSRNYR XSWJYRIVEVMSWHI1IMHYQS(ELWLYVEXVMFYMHSIPTVMQIVSHIIPPSWE ,YRMSE)WRSJVY]PSWHSWHI(ELWLYVTMVjQMHIWVSQFSMHEP]VSNE EP JEVEzR )WRSJVY % TEVXMV HI IWI QSQIRXS HI Qj\MQS HIWEVVSPPS PSW GSQTPINSW TMVEQMHEPIW I\TIVMQIRXEVSR EPKYRSW GEQFMSW VIWIyE FPIWUYIXVEHMGMSREPQIRXIWILERMRXIVTVIXEHSGSQSIPVIWYPXEHSHI YRE TqVHMHE HI TSHIV TSV TEVXI HIP JEVEzR 0E IWXVYGXYVE TMVEQMHEP WYJVMzYREQIVQEGYEPMXEXMZE]GYERXMXEXMZEREHEXMIRIRUYIZIVTSV INIQTPSIPVIPPIRSHIGEWGENS]KYMNEVVSW]PSWQHIEPXYVEHIPE TMVjQMHI HI 9WqVUYIVIW HMREWXuE: GSR PSW Q ] PE VSFYWXI^ ] VIKYPEVMHEHXSHEZuEETVIGMEFPIWIRPEHI5YqSTWHMREWXuE-:%IWXS LE]UYIEyEHMVPEETEVMGMzRHIWHIIPVIMREHSHI9REWHIPSW8I\XSWHI PEW4MVjQMHIWWSFVIPEWTEVIHIWHIPEWGjQEVEWJYRIVEVMEWJzVQYPEW TVSTMGMEXSVMEW HIP FMIRIWXEV HIP VI] IR IP QjW EPPj MRRIGIWEVMEW IR qTSGEWHIQE]SVTSHIVQSRjVUYMGS 4IWIEPETVIWYQMFPIMRZMSPEFMPMHEHHIPSWIPIQIRXSWTVSXIKMHSW TSVIWXEWMQTVIWMSRERXIWIHM´GEGMSRIWRMWMUYMIVEEGSVXSTPE^SWI TYHSIZMXEVPETVSJEREGMzRHIPEWGjQEVEWJYRIVEVMEW]IPEFERHSRS HIPEWIWXVYGXYVEWHIGYPXS%WuIRIPGSQTPINSJYRIVEVMSHIPJEVEzR %QIRIQLEX-IR0MWLXWIVIYXMPMÊVSRFPSUYIWHIGSVEHSWTVSGIHIRXIW HIPEWXYQFEWHIWYWTVIHIGIWSVIW7IWSWXVMW--IPYHMIRHSMRGPYWSIP WMKRM´GEHS VIPMKMSWS MQTPuGMXS EP EGGIWS WITXIRXVMSREP HI PE XYQFE GSRWXVY]zPEIRXVEHEIRIPPEHSWYVGSRIPTVSTzWMXSHIHM´GYPXEVPE XEVIEHIPSWWEUYIEHSVIW3XVEQYIWXVEHIIWXEMRXIRGMzRIWPEHMWTS WMGMzRPEFIVuRXMGEHIPEWKEPIVuEWWYFXIVVjRIEWUYIGSRXEFEREHIQjW GSRRYQIVSWSWHMWTSWMXMZSW]EGGMSRIWHI¨GEQYµENI©)RPEWPXMQEW TMVjQMHIW HIP 6IMRS 1IHMS WI PPIKz E TVSHYGMV PE WYWXMXYGMzR HI PE TMIHVETSVIPEHSFIGSQSQEXIVMEPGSRWXVYGXMZS0SWVIZIWXMQMIRXSW SVMKMREPIWHIGEPMÊTVjGXMGEQIRXILERHIWETEVIGMHS]WYWIVSWMSRE HSWIMVVIKYPEVIWRGPISWIWXjRQY]PINSWHITEVIGIVWIEPEWIWGEPIVEW SVEQTEWMHIEHEWTEVEGSRHYGMVEPQSREVGELEGMEIPHSQMRMSHIPSW HMSWIW (IWTYqW HI YR PEVKS TIVuSHS HI EFERHSRS ´REPQIRXI LE] UYIGMXEVIPIWTSVjHMGSVIWYVKMVHIPEIWXVYGXYVETMVEQMHEPHYVERXIPE HMREWXuE<<:qTSGEIRPEUYIPSWJEVESRIWHISVMKIRRYFMSPEMRGSV TSVEVSRGSQSTEVXIHIWYQSRYQIRXSJYRIVEVMSIRPSWGIQIRXIVMSW HI2ETEXE )JQPHFPTPUVNCBTSVQFTUSFT %HMJIVIRGMEHIPEQEWXEFEPEXYQFEVYTIWXVIWIYXMPM^zHYVERXI XSHE PE LMWXSVME HI )KMTXS PPIKERHS E WYWXMXYMV E PE TMVjQMHI GSQS QSRYQIRXSJYRIVEVMSVIEP7IXVEXEHIGSRWXVYGGMSRIWGSQTPIXEQIRXI I\GEZEHEWIRPEVSGEGSRGIFMHEWTEVEYRQINSVETVSZIGLEQMIRXSHI PSWXIVVIRSWIRTIRHMIRXI%PTVMRGMTMSJYIYREEPXIVREXMZEEPEQEWXEFE TIVSQjWIGSRzQMGE]HYVEHIVEUYIIWXE0SWTVMQIVSWINIQTPSWWI VIQSRXEREP6IMRS%RXMKYS]EYRUYIIR+YMÊ]7EUUEVEGSRZMZMIVSR GSR PEW QEWXEFEW WM FMIR IR GPEVE MRJIVMSVMHEH RYQqVMGE IW IR PEW RIGVzTSPMWTVSZMRGMEPIWHSRHIWIIRGYIRXVERPEWTVMRGMTEPIWEKVYTEGMS RIW)RGYERXSEWYJYRGMzR]GSRGITGMzRIWTEGMEPPEXYQFEVYTIWXVI IWWMQMPEVEPEQEWXEFE0ETEVXITFPMGEGSRWMWXIIRYRTzVXMGSI\GE ZEHSSWIQMI\GEZEHSIRPEVSGE]IRYRE^SREHIGYPXSHSXEHEGSRPE IWXIPEHIJEPWETYIVXE]PEIWXEXYEHIWYWXMXYGMzR0ETEVXITVMZEHEIW HIGMVPEHIWXMREHEEPEGSRXIRGMzRHIPEQSQME]IPIUYMTSJYRIVEVMS IW EGGIWMFPI HIWHI PE GETMPPE E XVEZqW HI YR TS^S S YRE VEQTE 0E ZEVMIHEHHITPERXEWIWIRSVQITIVSKIRIVEPQIRXIWSRXYQFEWGSR HIWEVVSPPSPSRKMXYHMREPIRWIRXMHSTIVTIRHMGYPEVEPEJEGLEHE)PYWS HIPEHNIXMZSVYTIWXVIGSQSGEPM´GEXMZSHIIWXEWXYQFEWIWIRWIRXMHS IWXVMGXS]EUYIIPIQIRXSWGSQSPEWGSPYQREWSTMPEVIWPEIWXIPEHI JEPWE TYIVXE S LEWXE PE IWXEXYE HI WYWXMXYGMzR RS IVER I\IRXSW WMRS UYI WI QSHIPEFER GEWM WMIQTVI IR IP WYWXVEXS KISPzKMGS HYVERXIIP TVSGIWSHII\GEZEGMzRHIPEXYQFE %YRUYI PSW LMTSKISW HIP 6IMRS %RXMKYS WSR IWXVYGXYVEW HI HM QIRWMSRIW]GEPMHEHGSRWMHIVEFPIWIRPEWRIGVzTSPMWTVSZMRGMEPIWHIP 6IMRS1IHMSEHUYMVMIVSRYRQE]SVHIWEVVSPPS%KVYTEGMSRIWGSQSPEW HI &IRM ,EWER 1IMV %WMYX S %WYjR GSR XYQFEW I\GEZEHEW IR PEW TEVIHIWVSGSWEWUYIµERUYIERIP2MPSRSWQYIWXVERPEMQTSVXERGME HIRXVSHIPEEHQMRMWXVEGMzRIKMTGMEHIPSWRSQEVGEWTVSZMRGMEPIW]WY WqUYMXS0EWTEVIHIWHIPEWGETMPPEWWYIPIRWIVZMVHIWSTSVXIEPMKYEP UYI IR PEW QEWXEFEW HI VITVIWIRXEGMSRIW IR VIPMIZI TMRXEHS 1IMV %WMYXS%WYjRSIRTMRXYVE&IRM,EWERHIIWGIREWVIPEXMZEWEPGYPXS JYRIVEVMSGSQSIPWIVZMGMSHISJVIRHEWSEPEZMHEGSXMHMERE 0E IZMHIRXI HIWGIRXVEPMÊGMzR ETVIGMEFPI IR PEW RIGVzTSPMW HIP 6IMRS 1IHMS HIWETEVIGMz HYVERXI IP 6IMRS 2YIZS ] 8IFEW GETMXEP HI)KMTXSEGSKMzIRWYWGIQIRXIVMSWPEQE]SVTEVXIHIPEWXYQFEW MQTSVXERXIWHIPTEuW0EXYQFEVYTIWXVIXIFEREMRGSVTSVEIPIQIRXSW ]EGSRSGMHSWTIVSEHUYMIVIYREJSVQEQY]TIGYPMEV]TVjGXMGEQIRXI RSVQEXMZE PE HI PE8 MRZIVXMHE HIWHI YR TzVXMGS ] E XVEZqW HI YRE TYIVXE WI TEWE E YRE GjQEVE XVERWZIVWEP ] HI EUYu E YRE KEPIVuE TIVTIRHMGYPEVEIWXEPXMQEWMXYEHEJVIRXIEPETYIVXE)RIPJSRHSWI LEPPEPE^SRETVMRGMTEPHIGYPXSJVIGYIRXIQIRXIGSRPEWIWXEXYEWHI WYWXMXYGMzR)RPEWNEQFEWHIPETYIVXEHIEGGIWSWIWYIPIRYFMGEVPEW VITVIWIRXEGMSRIWVIPEXMZEWEPESJVIRHEIRPETVMQIVEWEPEIWGIREWHI PEZMHEGSXMHMERE]IRPETEVXIQjWTVSJYRHEPEWHIGEVjGXIVVIPMKMSWS )RIWXITYRXSHIWXEGEPEFYIREETPMGEGMzRUYIPSWIKMTGMSWLMGMIVSR HIPYWSHIPETMRXYVEIRXYQFEWGSQSPEWHI2ENX1IRE6EQSWIS 2IFEQzRHSRHIEXVEZqWHIYRKVERHIWTPMIKYIGVSQjXMGS]XIQjXM GSWIGSRWMKYMzYRSHIPSWGSRNYRXSWEVXuWXMGSW]HSGYQIRXEPIWQjW VIWIyEFPIW HIP QYRHS ERXMKYS 1IRGMzR ETEVXI QIVIGIR PEW XYQFEW VEQqWMHEWHI(IMVIP1IHMRERIGVzTSPMWHIPSWEVXIWERSWIRGEVKEHSW HIPEGSRWXVYGGMzRHIPEWXYQFEWXIFEREW)RIWXIGEWSPE^SREHI GYPXSVIEPMÊHEIREHSFI]TMIHVEGSRWMWXuEIRYRTEXMSZEPPEHSGSR PEWGETMPPEWHIPJSRHSGSVSREHEWTSVYRETIUYIyETMVjQMHI)RIWXI XMTSHIXYQFEWITYIHIIRGYEHVEVPEHI7IRRIH]IQIRGSRXVEHEMR XEGXE]I\GEZEHETSVIPGzRWYPIWTEySP)HYEVH8SHEM+IPPIRIPEyS UYI RSW SJVIGI YR FYIR INIQTPS TEVE MPYWXVEV PEW GSWXYQFVIW JYRIVEVMEWIKMTGMEWHIIWEqTSGE -BUVNCBSFBMUFCBOB )RIP6IMRS2YIZSPEVIKMzRHI8IFEW3IWXIWIGSRZMVXMzIRPERI GVzTSPMWHIPEQE]SVTEVXIHIPSWVI]IWVIMREW]TVuRGMTIWHI)KMTXS )RIPGEWSHIPEWXYQFEWHIP:EPPIHIPSW6I]IWETIWEVHIUYIIP XMTSHILMTSKISYXMPMÊHSRSIWQjWUYIIPTVSHYGXSHIYREQTPMS HIWEVVSPPS HI QSHIPSW TVII\MWXIRXIW PE XYQFE VIEP XIFERE TVIWIRXE YREGEVEGXIVuWXMGEIWTIGMEPGSRWMWXIRXIIRPEKVERWITEVEGMzRI\MWXIRXI IRXVIPE^SREHIGYPXS]IPjVIEHIIRXIVVEQMIRXS)RIJIGXSPSWXIQ TPSWHIGYPXSJYIVSRIHM´GEHSWIRIPIWTEGMSUYIWII\XMIRHIIRXVIIP 2MPS]IPPEHSIWXIHIPEQSRXEyEXIFEREQMIRXVEWUYIPSWLMTSKISW WI LEPPEFER EKVYTEHSW IR IP MRXIVMSV HI YR ZEPPI MRZMWMFPI HIWHI PE GMYHEHHI8IFEW7IGVIIUYIIWXEEGXMXYHVIWTSRHIEPLIGLSHIRS UYIVIV SJVIGIV IZMHIRGMEW E PSW TVSJEREHSVIW HI XYQFEW ]E UYI PE GVMTXEUYIHEFEGSQTPIXEQIRXISGYPXEXVEWPSWJYRIVEPIW7IESRSPE VE^zRTVMRGMTEPIWXEHIGMWMzRWIZMSVIGSQTIRWEHETSVPEWEPZEKYEVHE LEWXE HI PE XYQFE HI YRS HI IWXSW QSREVGEW 8YXEROLEQzR HSXEHEGSRXSHSEUYIPPSGSRWMHIVEHSRIGIWEVMSTEVEPEXYQFEHIYR VI])PYWSHIPLMTSKISUYIIREPKYRSWGEWSWWIEHIRXVEQjWHIGMIR QIXVSWIRIPMRXIVMSVHIPEQSRXEyEXEQFMqREGIVGEFEQjWEPHMJYRXS EPQYRHSHIPEWXMRMIFPEW]PESWGYVMHEH]TSVXERXSEPHSQMRMSHI %QzR HMSW REGMSREP HI )KMTXS IR IWSW QSQIRXSW &jWMGEQIRXI IP TPERSHIPEXYQFEXIFEREEHSTXzHSWJSVQEWLEWXEPEHMREWXuE<-< WIHMWTSRIRWIKRYRINIEGSHEHSIWHIGMVGSRYREMRµI\MzRHI ETVS\MQEHEQIRXIEQMXEHHIPVIGSVVMHSHIWYKEPIVuEHIEGGIWS)R PEWHMREWXuEW<-<]<<IPTPERSIWQjWPMRIEP]WIETVIGMEYRMRXIRXS HIHMWTSWMGMzRWMQqXVMGEHIPEWGjQEVEWGSRVIWTIGXSEPINITVMRGMTEP 0E MPYWXVEGMzR GSR PEW VITVIWIRXEGMSRIW TEVMIXEPIW WI HIWEVVSPPz E PS PEVKS HI XSHE PE XYQFE VIGSKMIRHS IWIRGMEPQIRXI IWGIREW VIPEGMS REHEW GSR IP ZMENI HIP HMSW 7SP E XVEZqW HIP QYRHS HI YPXVEXYQFE I\XVEuHSWHIXI\XSWVIPMKMSWSWGSQTPINSWGSQSIP0MFVSHIPE%QHYEX SIP0MFVSHIPEW4YIVXEW)WXSWXIQEWIWXEFEREGSQTEyEHSWHISXVSW QjWGSQYRIWIRXVIPSWUYITVIHSQMREPEVITVIWIRXEGMzRHIPVI]ERXI PSWHMJIVIRXIWHMSWIWHIPTERXIzR )RGYERXSEPEW^SREWHIGYPXSEYRUYIPEWTVMQIVEWRSIVERHI KVERHIW HMQIRWMSRIW TSWXIVMSVQIRXI WI GSRZMVXMIVSR IR EYXqRXMGSW XIQTPSW E WIQINERÊ HI PSW HIHMGEHSW E PEW HMZMRMHEHIW 7SR PSW ¨XIQTPSWHIQMPPSRIWHIEySW©KEVERXIWHIPQERXIRMQMIRXSHIPGYPXS VIEP]WSFVIXSHSIWGIREVMSWETVSTMEHSWTEVETVSGYVEVIPPIKEHSHI WYMQEKIREPETSWXIVMHEH)RIPPSWPSWIPIQIRXSWQjWGEVEGXIVuWXMGSW WSRPEWIWXEXYEWGSPSWEPIWHIPJEVEzRPSWVIPMIZIWHIGEVjGXIVLMWXzVMGS FEXEPPEWQEWEGVIWHIIRIQMKSWI\TIHMGMSRIWGSQIVGMEPIWIRPEW WYTIV´GMIWI\XIVREW]PEWIWGIREWHIEHSVEGMzRHIPVI]EPSWHMSWIW IRPEWTEVXIWQjWWEKVEHEW)PWERXYEVMSTVMRGMTEPHIPVI]WILEPPEFE IRIPMRXIVMSVIRYRETIUYIyEWEPEHSXEHEGSRYREIWXIPE]YREQIWE HISJVIRHEW0SW'SPSWSWHI1IQRzRWMXYEHSWERXIIPHIWETEVIGMHS XIQTPSJYRIVEVMSHI%QIRLSXIT---IP6EQIWIS6EQWqW--IPXIQ TPSHI1IHMRIX,EFY6EQWqW---SPESVMKMREPIWXVYGXYVEIRXIVVEÊW IQTPIEHETSVPEVIMRE,EXWLITWYXIR(IMVIP&ELEVMWSRGPEVSWI\TS RIRXIWHIPEWTVIGEYGMSRIWXSQEHEWTSVPSWJEVESRIWTEVEEWIKYVEVWY FMIRIWXEVIRIPQjWEPPjVIµINSHIPEIXIVRERIGIWMHEHEWSGMEHEEPEW GVIIRGMEWJYRIVEVMEWIKMTGMEW &26*1".*&/50'6/&3"3*0%&-"56.#"&(*1$*" ¨%GYEPUYMIVLSQFVIUYIIRXVIIRIWXEXYQFE]WYWFMIRIWJYRI VEVMSWPSEKEVVEVqGSQSEYRTEXSWEPZENIWIVjNY^KEHSTSVIPPSTSV IPKVERHMSW© 8I\XSTVSGIHIRXIHIPE8YQFEHI,IVNYJ%WYjRHMREWXuE:- 0EQE]SVTEVXIHIPSWSFNIXSWIKMTGMSWI\TYIWXSWIRPSWQYWISW TVSGIHIRHIGSRXI\XSWJYRIVEVMSW%HIQjWHIPEGSRWXVYGGMzRHIYRE XYQFEUYIGSRXIRuEPSWHMZIVWSWIPIQIRXSWVIPEGMSREHSWGSRIPGYPXS PSWIKMTGMSWGEHEYRSHIRXVSHIWYWTSWMFMPMHEHIWHSXEVSRWYQS VEHEIXIVREGSRYRKVERRQIVSHIIRWIVIWTEVEPEZMHEIRIPQjW EPPj8IRMIRHSIRGYIRXEPEYFMGEGMzRIRPEXYQFEWITYIHILEFPEV HIHSWXMTSWHISFNIXSWSFZMERHSTSVWYTYIWXSGYEPUYMIVMRXIRXSHI WMWXIQEXMÊGMzRI\LEYWXMZEHIFMHSEUYIPEZEVMIHEH]PEWQSHM´GE GMSRIWWYJVMHEWEPSPEVKSHIPXMIQTSVIUYIVMVuERYRIWTEGMSHIQE]SV I\XIRWMzR 0CKFUPTZFMFNFOUPTQSPQJPTEFMB[POBEFDVMUP )RPEERXIVMSVHIWGVMTGMzRHIPEWIWXVYGXYVEWJYRIVEVMEWIVEMRIZM XEFPIGMXEVPSWQjWGSQYRIW4SVIPPSWSPSRSWPMQMXEVIQSWESJVI GIV EPKYRSW HEXSW GSQTPIQIRXEVMSW 0E IWXIPE HI JEPWE TYIVXE WI YFMGEFEIRIPPEHSSIWXIHIPEWGETMPPEWIRIPPYKEVQjWETVSTMEHS TEVEPEGSQYRMGEGMzRGSRIPQjWEPPj0SWINIQTPEVIWHIPSWVIMRSW %RXMKYS]1IHMSWYIPIRIWXEVVIEPMÊHSWIRVIPMIZI]IWGEVEGXIVuW XMGEPEVITVIWIRXEGMzRIRWYTEVXIGIRXVEPHIPHMJYRXSWIRXEHSERXI YRE QIWE VITPIXE HI SJVIRHEW 0E IWGIRE WI EGSQTEyE GSR XI\XSW IWGVMXSWMHIRXM´GEXMZSWHIPTVSTMIXEVMSRSQFVI]XuXYPSW]JzVQYPEW JYRIVEVMEW HMVMKMHEW E PSW HMSWIW E ´R HI SFXIRIV TEVE WMIQTVI IP WYQMRMWXVSRIGIWEVMS)WXEQFMqRIPPYKEVTSVIPUYIWITSWMFMPMXEPE GSQYRMGEGMzRIRXVIIPHMJYRXS]PSWZMZSW%RXIPEIWXIPEJVIGYIRXI QIRXIWSFVIYREPXEV]EQSHSHIGSQTPIQIRXSHIPEEGXMZMHEHHI GYPXS WI WSPuE HMWTSRIV PE QIWE HI SJVIRHEW 6IEPMÊHE IR TMIHVE PEWYTIV´GMIGSRXIRuEKVEFEHSWIPRSQFVI]PSWXuXYPSWHIPHMJYRXS GSQFMREHSW E ZIGIW GSR YRE VITVIWIRXEGMzR HI PEW SJVIRHEW QjW GSQYRIW(IIWXIQSHSQIHMERXIPETPEWQEGMzRIRTMIHVESTMRXYVE HIIWXSWGSRGITXSW]KVEGMEWEPEI\MWXIRGMEHIXI\XSWQjKMGSWUYI EWuPSKEVERXMÊFERPSWIKMTGMSWWIEWIKYVEFERIPWYQMRMWXVSIXIVRS HITVSHYGXSWFjWMGSW )RGYERXSEPEWIWXEXYEWHIWYWXMXYGMzRSHIPOEPEJVEKMPMHEHHIP GYIVTSQSQM´GEHSERXIPEJVIGYIRXITVSJEREGMzRHIPEWXYQFEWSXSV KzKVERTEVXIHIPEVIWTSRWEFMPMHEHWSFVIPEZMHEIXIVREEIWXEWQE RMJIWXEGMSRIWIWGYPXzVMGEW%QSHSHIINIQTPSWSPSIRIPXIQTPSFENS HI5YIJVqRLEFuEEPQIRSWIWXEXYEWHIKVERXEQEyS%WMQMWQS XEQFMqRPEWXYQFEWTVMZEHEWTSHuERGSRXEVGSRZEVMEW)RIWXEGPEWI HIIWXEXYEWWIIRGYIRXVERPSWQINSVIWI\TSRIRXIWHIPETVSHYGGMzR IWGYPXzVMGEI\IRXEGSRPE´KYVELYQEREGSQSTVSXEKSRMWXE 4SVPXMQSPEWVITVIWIRXEGMSRIWTEVMIXEPIWNYIKERFjWMGEQIRXIIP TETIPHIEGXYEVGSQSIPIQIRXSWTVSTMGMEXSVMSWHIXSHSEUYIPPSUYI MPYWXVERIRPEWGjQEVEWJYRIVEVMEWVIEPIWWMVZIRHIKYuE]E]YHETEVE IPXVjRWMXSHIPQSREVGEIRPSW¨XIQTPSWHIQMPPSRIWHIEySW©PEWXI QjXMGEWEPYHIREPSWEGSRXIGMQMIRXSWHIPEZMHEXIVVIREPGSRMRXIVZIR GMzRHMVIGXEHIPJEVEzR]IRPEWTVMZEHEWKYEVHERQjWVIPEGMzRGSRPE ZMHEGSXMHMEREHIWXEGERPEWIWGIREWHIMRWTIGGMzRGEÊSFERUYIXI GSRIPTVSTMIXEVMSHIPEXYQFEGSQSTVSXEKSRMWXETVMRGMTEP)WXSWWSR EPKYRSWHIPSWXIQEWQjWJVIGYIRXIWEYRUYIPEZEVMIHEHIWXEPUYI PSWGSRZMIVXIIRPSWHSGYQIRXSWQjWEFYRHERXIW]GSQTPIXSWTEVEIP GSRSGMQMIRXSHIPERXMKYS)KMTXS 0CKFUPTDBSBDUFSrTUJDPTEFMBTDgNBSBTGVOFSBSJBT 4SVWYWMKRM´GEHS]JYRGMzRPEQSQMEIWIPQjWMQTSVXERXIIRXVI PSWGSQTSRIRXIWYWYEPIWHIPEWGjQEVEWJYRIVEVMEW]IPGIRXVSTSVI\ GIPIRGMEHIPEWGVIIRGMEWUYIJYRHEQIRXER]TSWMFMPMXERPEZMHEIXIVRE )RPEWXYQFEWIKMTGMEWEHIQjWHIPSWHMWTSWMXMZSWHIWIKYVMHEHHIW XMREHSWEKEVERXMÊVWYTVIWIVZEGMzRPSWVIWXSWQSVXEPIWIVERSFNIXS HIPEETPMGEGMzRHIYREWQIHMHEWHITVSXIGGMzRIWTIGu´GEW7SFVIPE QSQME]IRXVIPEWZIRHEWUYIPEIRZYIPZIRWILERHSGYQIRXEHSYRE EQTPMEKEQEHIEQYPIXSWGSPSGEHSWGSR´REPMHEHTVS´PjGXMGE)RIWXI jQFMXSPSWIKMTGMSWPSKVEVSRYREHMZIVWMHEHHIJSVQEWQEXIVMEPIW] JYRGMSRIW HMKRE HI EHQMVEGMzR LEWXE IP TYRXS HI UYI EGXYEPQIRXI ERRSWIXMIRIYRGSRSGMQMIRXSGSQTPIXSHIPEGYIWXMzR9RSHIPSW EQYPIXSWHIQE]SVWMKRM´GEHSIWIPIWGEVEFENSHIPGSVE^zRWMXYEHS NYRXS E IWXI zVKERS GSQS WuQFSPS HI ZMHE UYI HIFuE TVSTMGMEV WY GSVVIGXSGSQTSVXEQMIRXSIRIPNYMGMSHIGMWSVMSIRGYERXSEPEGGIWSS RSHIPHMJYRXSEPQjWEPPj .YRXSGSRPSWEQYPIXSWUYM^jWWIEIPVIGMTMIRXIUYIGSRXMIRIPE QSQME IP UYI EWYQE YR QE]SV GEVjGXIV TVSXIGXSV )P WEVGzJEKS IVE GSRWMHIVEHS GSQS IP ¨WIySV HI PE ZMHE© XqVQMRS UYI IZMHIRGME IP KVER ZEPSV UYI PI EHNYHMGEFER PSW LEFMXERXIW HIP 2MPS 0EW JSVQEW ] QEXIVMEPIWZEVMEVSRHIEGYIVHSGSRPEqTSGESIPVERKSHIPTVSTMIXE VMS6IEPMÊHSIRTMIHVESQEHIVELEWXEGSQMIR^SWHIP6IMRS2YIZS IVEHIJSVQEKISQqXVMGEQMIRXVEWUYIETEVXMVHIIWEqTSGEWILM^S LEFMXYEPIPWEVGzJEKSERXVSTSQSVJS)REQFSWGEWSWPEWTEVIHIWWI YXMPMÊFERGSQSWSTSVXIHIXI\XSWNIVSKPu´GSWUYILEGuERVIJIVIRGMEEP RSQFVI]PSWXuXYPSWHIPHMJYRXSJzVQYPEWIWGVMXEWHMVMKMHEWEPSWHMS WIWSVITVIWIRXEGMSRIW´KYVEHEWHIPEWHMZMRMHEHIWQjWVIPEGMSREHEW GSRPETVSXIGGMzRHIPSWQYIVXSW )PGSRSGMQMIRXSHIPGYIVTSLYQERS]WYTVSGIWSHITYXVIJEGGMzR XVEWPEQYIVXITVSTMGMzIPUYIQY]TVSRXSPSWIWTIGMEPMWXEWIRQSQM ´GEGMzR ZMIVER RIGIWEVME PE TVSRXE I\XVEGGMzR HI PEW ZuWGIVEW EP WIV PEWTVMQIVEWIRHIWGSQTSRIVWI]TSHIVEJIGXEVHIIWXIQSHSEPE GSRWIVZEGMzR HIP VIWXS HIP GYIVTS )WXEW VIGMFMIVSR HIWHI IP 6IMRS %RXMKYSYRXVEXEQMIRXSTEVXMGYPEVWMIRHSKYEVHEHEWIRGSRXIRIHSVIW IWTIGMEPIW HIRSQMREHSW ZEWSW GERSTSW )P GSRXIRMHS HI PSW GYEXVS ZEWSWGERSTSWIWXEFEFENSPEXYXIPEHIYRSHIPSWLMNSWHI,SVYW] YREHMZMRMHEHJIQIRMRE]XEQFMqRWIEWSGMEFEREYRSHIPSWTYRXSW GEVHMREPIW)RQYGLSWGEWSWWSFVIXSHSIRPE&ENEfTSGEPEWZuWGI VEWIVERQSQM´GEHEW]HIZYIPXEWEPGYIVTSSFMIRWIMRGSVTSVEFER ¨TWIYHSGERSTSW©IWHIGMVTMIÊWGSREWTIGXSHIZEWSGERSTSEYR UYIGSQTPIXEQIRXIQEGMÊW ,MNSHI,SVYW %QWIXGEFIÊLYQERE ,ET]GEFIÊHIFEFYMRS (YEQYXIJGEFIÊHIGLEGEP 5IFILWIRYJGEFIÊHILEPGzR :uWGIVE ,uKEHS 4YPQSRIW )WXzQEKS -RXIWXMRS 4YRXS GEVHMREP 7YV 2SVXI )WXI 3IWXI (MSWE -WMW 2IJXMW 2IMX 7IPOIX 7IKR IP GETuXYPS:- HIP 0MFVS HI PSW 1YIVXSW IP HMJYRXS TSHuE GSRXEV GSR YRE E]YHE WYTPIQIRXEVME TEVE WY FMIRIWXEV IXIVRS 0E QERIVEHISFXIRIVIWXIFIRI´GMSGSRWMWXuEIRMRGSVTSVEVIRWYIUYM TS JYRIVEVMS YRSW SFNIXSW HIRSQMREHSW YWLIFXMW 7I XVEXE HI YRE VITVIWIRXEGMzRLYQEREHSXEHEGSRPEWLIVVEQMIRXEWFjWMGEWTEVEIP XVEFENSHIGEQTS7YRSQFVIHIVMZEHIPZIVFSIKMTGMSYWLIFGSRXIW XEVIPYWLIFXMIWEUYIPUYIGSRXIWXE]WYWXMXY]IEWYWIySVGYERHS IWXIIWPPEQEHSEGYQTPMVGSRWYWSFPMKEGMSRIW4SVWYIWGEWSGSWXI HI TVSHYGGMzR ] IP IPIZEHS RQIVS GSR UYI WI TSHuE HSXEV YRE XYQFE IW YRS HI PSW SFNIXSW IKMTGMSW QjW EFYRHERXIW ] XMTSPzKM GEQIRXIZEVMEHSW)WTIGMEPQIRGMzRQIVIGIRXEQFMqRPEWQEUYIXEW JYRIVEVMEW% TEVXMV HI ´REPIW HIP 6IMRS%RXMKYS ] HYVERXI IP 6IMRS 1IHMSIWXEWTIUYIyEWVIGVIEGMSRIWVIEPMÊHEWIRQEHIVEIWXYGEHE ] TMRXEHE WI IQTPIEVSR GSQS YRE ZIVWMzR QjW IGSRzQMGE HI PSW VIPMIZIW]PEWTMRXYVEWTEVMIXEPIW7YJYRGMzRWMKRM´GEHS]XIQjXMGE IWXjRQY]TVz\MQSWEPSWSFWIVZEHSWTEVEEUYIPPSWRMGEQIRXIWY GEVjGXIVJVjKMP]TSVXjXMPTVSTMGMzWYGSPSGEGMzRIRPE^SRERSTFPMGE HIPEXYQFE ,EWXEELSVEWILERZMWXSEPKYRSWHIPSWSFNIXSWQjWGEVEGXIVuWXM GSWHIPEWGjQEVEWWITYPGVEPIWWSREHIQjWPSWHIQE]SVWMKRM´GEHS VIPMKMSWSSHIZMRGYPEGMzRQjWHMVIGXEEPEWGVIIRGMEWJYRIVEVMEW)R GYERXSEPVIWXSHIPENYEVTSHuEWIVXSHSPSZEVMEHS]EFYRHERXIUYI TIVQMXMIWI IP IWXEXYW S PE ZSPYRXEH HIP TVSTMIXEVMS HI PE XYQFE )R PEXYQFEXIFEREHI7IRRIH]IQHIWGYFMIVXEMRXEGXEGYERHS)HYEVH 8SHEHIWGVMFIPSWLEPPE^KSWVIEPMÊHSWRSWIWXjSJVIGMIRHSYRHSGY QIRXSHMVIGXS]VIEPWSFVIPEGYIWXMzR)RIPPEWIIRGSRXVEVSRHSWHI PSWGEVVSWQSVXYSVMSWYXMPMÊHSWIRPETVSGIWMzRJRIFVIZEVMSWQYI FPIWLIVVEQMIRXEWVIPEGMSREHEWGSRIPS´GMSHIPHMJYRXSTVIRHEWHI ZIWXMVVIWXSWHMZIVWSWHIEPMQIRXSWWzPMHSWWSFVIFERHINEW]TPEXSW SPuUYMHSWHIRXVSHINEVVEW]XMRENEW]RYQIVSWEWGENEWHIQEHIVE XSHEWIPPEWZEGuEWTIVSHIWXMREHEWWIKYVEQIRXIEPEGSRXIRGMzRSPE WMQYPEGMzRHIPETVIWIRGMEHISXVSWIPIQIRXSWHIPENYEV)WXSWSFNI XSW NYRXS E PSW ZIMRXI GEHjZIVIW IRGSRXVEHSW EPKYRSW WEVGzJEKSW IWXEXYEW HI WYWXMXYGMzR ] YWLIFXMW E TIWEV HI WY MQTSVXERGME WSR GYERXMXEXMZE ] GYEPMXEXMZEQIRXI MRJIVMSVIW E PSW YXMPMÊHSW TEVE GYFVMV PEWRIGIWMHEHIWHIYRJEVEzR.YRXSGSRPERIGVzTSPMWHI8ERMWHSRHI WIIRXIVVEVSREPKYRSWWSFIVERSWHIPEWHMREWXuEW<<-]<<--PEXYQFE HI8YXEROLEQSR]WYGSRXIRMHSIWIPQINSVINIQTPSTEVEZIVPEIRSV QIHMJIVIRGMEI\MWXIRXIIRXVIIPHYIySHIXSHSIPXIVVMXSVMSIKMTGMS] IPVIWXSHIPSWQSVXEPIWIRJYRGMzRHIPEGERXMHEHGEPMHEH]ZEVMIHEH HIPSWGSQTSRIRXIWGSRUYIWITVSZI]zWYXYQFE 4MIWHIJSXS 4EXMS ] EGGIWS E PE GETMPPE TVMRGMTEP HI PE XYQFE HIP ZMWMV 6EQSWI 8IFEW3IWXIVIMREHSHI%QIRLSXIT---GMVGEE'*SXS01+ IPEYXSV 4PERXE]WIGGMzRHIYREQEWXEFEEVGEMGE7EUUEVE(MFYNS1SRXWI-RqW 1EWXEFE HI 2MEROLOLRYQ ] /RYQLSXIT 7EUUEVE HMREWXuE : *SXS 01+ )WUYIQE HI YR GSRNYRXS TMVEQMHEP% 4MVjQMHI & 8IQTPS EPXS ' %ZIRMHETVSGIWMSREP(8IQTPSFENS(MFYNS1SRXWI-RqW 'SQTPINSJYRIVEVMSHIPJEVEzR(]IWIVX7EUUEVE'ETMPPEWHIPTEXMSHIP ,IF7IH]TMVjQMHIIWGEPSREHEEPJSRHS*SXS01+ 'SRNYRXSHITMVjQMHIWIRPEQIWIXEHI+YMÊ(IMÛYMIVHEEHIVIGLE 5YqSTW5YIJVqR1MGIVMRS]TMVjQMHIWHIPEWVIMREW*SXS01+ 8IQTPS]TMVjQMHIHI7ELYVE%FYWMVHMREWXuE:4IWIEPEQENIWXYS WMHEHHIWYWXIQTPSWPEWPXMQEWTMVjQMHIWHIP6IMRS%RXMKYSWSRHI HMQIRWMSRIWQjWVIHYGMHEWUYIPEWERXIVMSVIW*SXS01+ 0EWXYQFEWHIPSW2SFPIWIR5YFFIXIP,E[E%WYjRWSRYREFYIRE QYIWXVE HIP XMTS HI XYQFE QjW LEFMXYEP IR PEW TVSZMRGMEW HIWHI IP ´REPHIP6IMRS%RXMKYSLEWXEIP´REPHIP6IMRS1IHMS*SXS1ERYIP +SR^jPZI^%VGSW 4PERSHIPEXYQFEHI7MVIRTYX-%WYjR6IMREHSHI7IWSWXVMW-GMVGE E'(MFYNS1SRXWI-RqW 4PERXEHIPEXYQFEHIPZMWMV6EQSWI8IFEW3IWXIVIMREHSHI%QIR LSXIT---GMVGEE'(MFYNS1SRXWI-RqW 'ETMPPEHIGYPXSGSRJSVQEHITMVjQMHI8YQFEHI7IRRIH]IQ(IMV IP1IHMRE*SXS01+ 4ERSVjQMGEHIP:EPPIHIPSW6I]IW*SXS01+ 4PERXEHIPEXYQFEHI%QIRLSXIT--IRIP:EPPIHIPSW6I]IW(MREWXuE <:---(MFYNS1SRXWI-RqW -RXIVMSVHIPEXYQFEHI7IXM--IRIP:EPPIHIPSW6I]IW(MREWXuE<-< *SXS01+ 4EXMSHIPXIQTPSJYRIVEVMSHI6EQWqW---1IHMRIX,EFY(MREWXuE<< *SXS01+ 6ITVIWIRXEGMzRHIPTVSTMIXEVMSHIYREXYQFEEPPEHSHIPETYIVXEHI EGGIWS0SWXI\XSWNIVSKPu´GSWMRHMGERWYRSQFVI]WYWXuXYPSW1EWXE FEHI%ROLQELSV7EUUEVEHMREWXuE:-*SXS01+ )WGIREWTEVMIXEPIW]¨JEPWEWTYIVXEW©IRPEGETMPPEHIGYPXSHI2IJIV 7EUUEVEHMREWXuE:*SXS2EVGuW:EPXMIVVE ¨*EPWETYIVXE©]QIWEHISJVIRHEWVIGSVXEHEWIRIPWYWXVEXSKISPzKMGS *MREPIWHIP6IMRS%RXMKYS)\GEZEGMSRIWHIP1YWIS)KMTGMSHI&EVGIPS REIR7LEVYRE)KMTXS1IHMS*SXS01+ 0MWXEHISJVIRHEWGSRXEHEWTSVQMPPEVIWTIHMHEWTSVIPIWTuVMXYOE HIYRTIVWSRENIPPEQEHS-L]6IMRS1IHMS7EUUEVE*SXS01+ 6ITVIWIRXEGMzRTEVMIXEPGSRIPTVSTMIXEVMSHIPEXYQFE]WYQYNIVIR YREIWGIREHIGEGIVuE8YQFEHI7IRFM1IMVHMREWXuE<--*SXS0PYuW 1EYVM 1SQME HI qTSGE VSQERE 1YWIS )KMTGMS HI &EVGIPSRE *SXS .SWIT 'EWERSZEW 7EVGzJEKSWIRIPMRXIVMSVHIYREGjQEVEWITYPGVEPHIqTSGE4XSPIQEM GE)\GEZEGMSRIWHIP1YWIS)KMTGMSHI&EVGIPSREIR7LEVYRE)KMTXS 1IHMS*SXS01+ )WUYIQEHIYREQEWXEFEXuTMGEHIPEHMREWXuE-:%7YTIVIWXVYGXYVE &4S^S''jQEVEJYRIVEVME(MFYNS1SRXWI-RqW :EWSWGERSTSWHIP6IMRS%RXMKYS1YWIS-QLSXIT7EUUEVE*SXS01+ 4PERXE HI PE QEWXEFE HI %ROLQELSV 7EUUEVE HMREWXuE :- (MFYNS 1SRXWI-RqW 1EUYIXEJYRIVEVMEUYIVITVIWIRXEYREFEVGE]WYXVMTYPEGMzR1YWIS )KMTGMSHI&EVGIPSRE(MREWXuE<--*SXS.SWIT'EWERSZEW 'EXjPSKS 0%891&%)+-4'-%9REGEWETEVEPEIXIVRMHEH 0EGYPXYVEHIP)KMTXSJEVEzRMGSEQEFEXERXSPEZMHEUYIHIWIEFE ZMZMVTEVEWMIQTVI(YVERXIQMPIRMSWKIRIVEGMzRXVEWKIRIVEGMzRPSW IKMTGMSW RS IGSRSQMÊVSR IWJYIV^SW TEVE KEVERXMÊVWI PE IXIVRMHEH XYQFEWQMXSWVMXYEPIWQSQMEWENYEVIWJYRIVEVMSWWSRIPXIWXMQSRMS HIWYIWTIVERÊIRYREI\MWXIRGMEUYIHIWIEFERUYIWITVSPSRKEVE IXIVREQIRXI 4IVSPSWIKMTGMSWMHIEVSRYRQjWEPPjQY]WMQMPEVEPEZMHEXIVVIREP ] IR YRE IXIVRMHEH HI IWXEW GEVEGXIVuWXMGEW IVE MQTVIWGMRHMFPI PE TIVHYVEGMzRHIPEMHIRXMHEHHIPETIVWSRE(IEUYuWYVKMzPERIGIWMHEH HI QSQM´GEV IP GYIVTS GSRWMHIVEHS IP WSTSVXI HI PEW ÏRIVKuEW© RIGIWEVMEW TEVE PE WYTIVZMZIRGME IXIVRE GSQS IP FE ] IP OE )WXI GYIVTSRIGIWMXEFEEHIQjWRSWSPSYREXYQFEWMRSYREZIVHEHIVE QSVEHEHIIXIVRMHEHTEVEVIWMHMVIRIPPEIUYMTEHEGSRXSHSPSUYI WI TYHMIVE HIWIEV 8EQFMqR I\MWXuE PE GVIIRGME HI UYI QIHMERXI PE VITIXMGMzR HIP RSQFVI ] PE MQEKIR WI GSRWIKYMVuE PE IXIVRMHEH%Wu TYIWIPGYPXSEPEQIQSVMEHIPHMJYRXSSGYTEFEYRTETIPHIWXEGEHS IRPEWIWXVYGXYVEWJYRIVEVMEW %]YHEHSW TSV PE QEKME HI PSW PMFVSW WEKVEHSW ] TSV IP TSHIV TVSXIGXSV HI EQYPIXSW ] HI MQjKIRIW QMXSPzKMGEW PSW IKMTGMSW MRXIRXEVSR WYTIVEV PEW FEVVIVEW HI PE QYIVXI = IR GMIVXE QERIVE HIWTYqWHIQMPIWHIEySWEPKSHIIPPSWTEVIGIVIEPQIRXIZMZSXVEWWYW QjWGEVEWIRPEWSRVMWEWIVIREHIWYWWEVGzJEKSW]IRPEGSRQSZIHSVE WSPIQRMHEHHIWYWQSQMEW &MFPMSKVEJuE %PIKVI+SR^jPZI^'EWXVS'SXI*EVESRW 0zTI^+VERHI]7SXLIF]«W0SRHVIW PSXI )\TSWMGMSRIW 4EWMzR TSV IP %RXMKYS )KMTXS &EVGIPSRE *EVEzR HI )KMTXS6I]IWHIPEIXIVRMHEH+VEREHE0E1{ QMEH«SV)PVIXSVREPEZMHE1YWIY)KMTGMHI&EVGIPSRE (EQEW HIP 2MPS &EVGIPSRE 8YXEROLE QzR-QjKIRIWHIYRXIWSVSFENSIPHIWMIVXSIKMTGMS7ER4IHVSHIP 4MREXEV ] 7ERXMPPERE HIP 1EV )KMTXS)PTEWSEPEIXIVRMHEH&SKSXj8IVVEWWE ]%RHSVVE])KMTXI9RZMEXKIEP«IXIVRMXEX )PGLI 3WMVMWWIIRGYIRXVEIRTMIIRTSWMGMzRQSQMJSVQI]XSGEHSGSRPEGS VSREEXIJWYNIXEGSRPEWQERSWPEGE]EHELIOE]IPµEKIPSRINENE -WMWIWXjXVEWqPGSRPSWFVE^SWEPEHSWI\XIRHMHSWEEQFSWPEHSWHI 3WMVMWIRWIyEPHITVSXIGGMzR)RPSWGYEXVSPEHSWHIPETPEXEJSVQE WIHIWEVVSPPEYRXI\XSNIVSKPu´GS¨3WMVMW9RRIJIV+VER(MSW7IySVHI %FMHSW7IySVHIPE)XIVRMHEH7SFIVERS)XIVRSNYRXSGSR-WMW+VER 1EHVI(MZMRE7IySVEHIP'MIPS©)RGSRXI\XSWJYRIVEVMSW-WMWXIRuEYR TETIPJYRHEQIRXEPEPIRGEVKEVWIHIVIGYTIVEVIPGYIVTSHIWYHMJYRXS IWTSWS]HIZSPZIVPIPEZMHEKVEGMEWEWYWTSHIVIWQjKMGSW ¨(IWIEQSWVITSWEVNYRXSW (MSWRSTYIHIWITEVEVRSW 8ERGMIVXSGSQSPSUYIHMGIW]SRSXIEFERHSREVq ERXIWHIUYIHIQuXILE]EWGERWEHS 2SUYIVIQSWQjWUYIIWXEVWIRXEHSWGEHEHuEIRTE^ WMRUYIQEPEPKYRSEGSRXI^GE .YRXSWMVIQSWEPTEuWHIPE)XIVRMHEH TEVEUYIRYIWXVSWRSQFVIWRSWIERSPZMHEHSW 5YqFSRMXSWIVjIPQSQIRXSGYERHSZIEQSWPEPY^HIP7SP IXIVREQIRXIGSQS7IySVIWHIPE2IGVzTSPMW© )"31Î$3"5&4 &ENEfTSGEE'&VSRGI%PXYVEGQ 1BSBMFMPT 6SIHIVPjQ #JCMJPHSBGrB 'PSW+SR^jPZI^ 'SXI ] 7SXLIF]«W 0SRHVIW PSXI &YQPTJDJPOFT *EVEzR HI )KMTXS 6I]IW HI PE IXIVRMHEH +VEREHE 0E1{QMEH«SV)PVIXSVREPEZMHE1YWIY)KMTGMHI&EV GIPSRE8YXEROLEQzR-QjKIRIWHIYRXIWSVS FENSIPHIWMIVXSIKMTGMS8SVVSIPPEHI1SRXKVu]1IPMPPE )KMTXS)PTEWSEPEIXIVRMHEH&SKSXj 8IVVEWWE]%RHSVVE])KMTXI9RZMEXKI EP«IXIVRMXEX)PGLI 6ITVIWIRXEGMzRHIPHMSW,EVTzGVEXIWHIWRYHS]WIRXEHS0YGIPEGSVS RELIQLIQGSRIPYVISIRWYFEWI4IPYGEXVMTEVXMXEGSRIP¨QIGLzR HIPENYZIRXYH©IRWYPEHSHIVIGLS8MIRIIPHIHSuRHMGIHIPEQERS HIVIGLEEPEEPXYVEHIPEFSGEPEQERIVELEFMXYEPHIVITVIWIRXEVE PSWRMySW,EVTzGVEXIWJYIIPJVYXSHIPEYRMzRIRXVIYR3WMVMWHMJYRXS ]WYIWTSWE-WMW)PRMyS,EVTzGVEXIWJYIGVMEHSEIWGSRHMHEWHIPSW IRIQMKSW UYI TVIXIRHuER WY HIWXVYGGMzR 'YERHS JYI EHYPXS PYGLz GSRXVE 7IX ¦IP EWIWMRS HI WY TEHVI¦ EP UYI ZIRGMz TYHMIRHS EWu VIGYTIVEV IP XVSRS HI )KMTXS IP GYEP PI GSVVIWTSRHuE GSQS PIKuXMQS WYGIWSVHI3WMVMW )01-83()37-6-70%46-1)6%131-*-'%'-Ä2 7IKR PE PI]IRHE 3WMVMW IVE YR VI] FSRHEHSWS ] EHQMVEHS TSV WYW WFHMXSW 7MR IQFEVKS WY ZMHE WI ZIuE IRXYVFMEHE TSV PE IR ZMHME HI WY TIVZIVWS LIVQERS KIQIPS 7IX 7YW XIVVMFPIW MRXVMKEW TVSTMEW HI YR HMSW IQFPIQE HI PEW JYIVÊW RIKEXMZEW HIP GSWQSW GYPQMREVSRGSRYREPYGLEJVEXVMGMHEIRPEUYI3WMVMWJYIHIWGYEVXMÊ HS ] WYW JVEKQIRXSW HMWTIVWEHSW TSV XSHE PE KISKVEJuE HI )KMTXS -WMWPEHIWGSRWSPEHEZMYHEZMENzTSVIP2MPSIRFYWGEHIPSWJVEK QIRXSWHIWYQEVMHSQMIRXVEWTSGSETSGSMFEVIGSRWXVY]IRHSIP GYIVTS]GVIERHSYREQSQME'YERHS3WMVMWIWXYZSGSQTPIXEQIRXI VIGSRWXVYMHS]KVEGMEWEPEMRXIRWMHEHHIWYTSHIVQjKMGSPEHMSWE GSRWMKYMzHIZSPZIVPIPEVIWTMVEGMzRGSRIPQSZMQMIRXSHIWYWFVE^SW XVERWJSVQEHSWIREPEWGSRZMVXMqRHSPSIRIPVI]HIPEYPXVEXYQFE]IR IP7IySVHIP1jW%PPj )WXIQMXSHIGEVjGXIVTSTYPEVGY]EZIVWMzRQjWGSQTPIXEPEHIFI QSWE4PYXEVGSEFVuEEPSWQSVXEPIWPEIWTIVERÊHIUYIIQYPERHS EPHMSWGSRWIKYMVuERWYQMWQSHIWXMRS(IEUYuUYIIPQMXSHI3WMVMW JYIVEIWIRGMEPIRPEWGSRGITGMSRIWJYRIVEVMEWHIPERXMKYS)KMTXS]E UYIPEQSQMEQuXMGEHI3WMVMWWIXVERWJSVQzIRIPEVUYIXMTSEMQMXEV -7-7=37-6-7 (MREWXuE<<:-E'&VSRGI%PXYVEGQ 4EVEPIPSW &IR8SV´K]6SIHIVPjQ 04*3*4 (MREWXuE<<:-E'&VSRGI%PXYVEGQ #JCMJPHSBGrB 7SXLIF]«W 0SRHVIW PSXI ] 7SXLIF]«W 2YIZE =SVO PSXI &YQPTJDJPOFT )KMTXI )P TEW E P«IXIVRMXEX 8IVVEWWE ] %RHSVVE ])KMTXI9RZMEXKIEP«IXIVRMXEX)PGLI *MKYVEHIPHMSW3WMVMWIRTMI0YGIPEGSVSREEXIJGSRIPYVISIRPE FEWI 0E FEVFE TSWXMÊ LE HIWETEVIGMHS GEWM TSV GSQTPIXS 'INEW ]XMVEWHIWYNIGMzRHIPEFEVFETSWXMÊWWIyEPEHEWIRRIKVS3NSW VIEPMÊHSWQIHMERXIPEMRGVYWXEGMzRHITIUYIyEWTMIÊWQIXjPMGEW 9RGSPPEVYWINIXJSVQEHSTSVGYEXVSLMPEHEWHIGYIRXEWGYFVITEV XI HIP TIGLS 7YNIXE WYW HSW EXVMFYXSW GEVEGXIVuWXMGSW GE]EHE ] µEKIPS 0E TSWMFMPMHEH HI ZMHE HIWTYqW HI PE QYIVXI GSRGVIXEHE IR3WMVMWJYIPEFEWITVMRGMTEPHIPEWGVIIRGMEWVIPMKMSWEW]HIPEW TVjGXMGEWJYRIVEVMEW3WMVMWEWIWMREHSTSVWYLIVQERS7IXZSPZMz EPEZMHEKVEGMEWEWYIWTSWE-WMWVIWYGMXERHSIRIPQYRHSHIPSW QYIVXSW 09*33*/$0 &ENEfTSGEE'&VSRGI%PXYVEGQ 1BSBMFMPT &VYRRIV8VEYX&VYRRIV PjQ TMIÊ ] +IVQSRH0MZIX #JCMJPHSBGrB 'SXI]'LVMWXMI«W0SRHVIWPSXI &YQPTJDJPOFT )KMTXS)PTEWSEPEIXIVRMHEH&SKSXj8IVVEWWE ]%RHSVVE])KMTXI9RZMEXKIEP«IXIVRMXEX )PGLI 6ITVIWIRXEGMzRHIPTI^S\MVVMRGSWSFVIYRETIUYIyETPEXEJSVQEVIG XERKYPEV0YGIYREGSVSREJSVQEHETSVHSWGYIVRSWGSRIPHMWGSWSPEV IRXVIIPPSW]IPYVISIRPEFEWI%RMPPEHIWYWTIRWMzRWSFVIIPHSVWS 4IWI E PE EPXIVEGMzR HIP FVSRGI E GEYWE HI PE S\MHEGMzR WI TYIHIR ETVIGMEVPEQE]SVTEVXIHIPSWHIXEPPIWHIPGYIVTSMRHMGEHSWQIHMERXI PuRIEWMRGMWEWFSGESNSWFVERUYMEWEPIXEWPEXIVEPIW]EPIXEHSVWEP)P S\MVVMRGSIWYRTI^GSRLSGMGSIRJSVQEHIXVSQTEHIIPIJERXI0SW TIGIWIVERGSRWMHIVEHSWGSQSERMQEPIWMQTYVSW]GSRPEI\TERWMzR HIPGYPXSHI3WMVMWPPIKEVSREWIVMHIRXM´GEHSWGSR7IX7IKRPEXVEHM GMzRVIGSKMHETSV4PYXEVGSPSWÍPIWGVIuERUYIIPS\MVVMRGSWILEFuE GSQMHSIPJEPSHIPHIWQIQFVEHS3WMVMW 4SV SXVS PEHS PSW TIGIW XEQFMqR IVER GSRWMHIVEHSW GSQS ERMQEPIW WEKVEHSW)PS\MVVMRGSVIGMFMzIWTIGMEPEXIRGMzRETIWEVHIPEXVEHMGMzR QIRGMSREHEERXIVMSVQIRXI*YIYRERMQEPSWMVMERSREGMHSHIPEWLIVM HEWHIPHMSW)WXITI^XEQFMqRJYIEWSGMEHSEPEHMSWE,EXLSVIR)WRE ]IRSGEWMSRIWIWTIGMEPIWGSQSIWRYIWXVSGEWSWIPIVITVIWIRXEGSR PEGSVSREHIIWXEHMZMRMHEH )0364 (MREWXuE<<:-E'%VIRMWGE%PXYVEGQ #JCMJPHSBGrB %PIKVITSVXEHE]T&SRLEQWPSXI'EWXVS 'PSW+SR^jPZI^'SXI]]+EVGuE'EW XVS &YQPTJDJPOFT 4EWMzRTSVIP%RXMKYS)KMTXS&EVGIPSRE*EVEzRHI)KMT XS 6I]IW HI PE IXIVRMHEH +VEREHE )KMTXS )P TEWSEPEIXIVRMHEH&SKSXj8IVVEWWE] %RHSVVE])KMTXI9RZMEXKIEP«IXIVRMXEX)PGLI 6ITVIWIRXEGMzRHIPHMSW,SVYW7IXVEXEHIYRE´KYVEERXVSTSQSVJE GSRGEFIÊHILEPGzRIRTMIGSRPSWFVE^SWTIKEHSWEPGYIVTS]PE TMIVREMÛYMIVHEEHIPERXEHE8MIRIPSWTYySWGIVVEHSWWSWXIRMIRHSYR IPIQIRXSHIJSVQEGMPuRHVMGE4IPYGEXVMTEVXMXEVIQEXEHEGSRPEGSVSRE TWGLIRXHSFPIGSVSREGSRYREMRWIVGMzRHIFVSRGIUYIHIFIXVEXEVWI HI YRE VITVIWIRXEGMzR HI PE GSFVE WEKVEHE S YVIS:MWXI YRE JEPHE GSVXEGIyMHEEPEGMRXYVE4MPEWXVEHSVWEP*EPXEPETEVXIMRJIVMSVHIPE TMIÊETEVXMVHIPEWVSHMPPEW]XMIRIEPKYRETIUYIyEVSXYVEGSQSPE UYIWITYIHIETVIGMEVIRIPTYySMÛYMIVHS ,SVYW IW NYRXS GSR 3WMVMW YRS HI PSW HMSWIW QjW MQTSVXERXIW HIP TERXIzR IKMTGMS 'SQS LIVIHIVS ] WYGIWSV HI WY TEHVI 3WMVMW JYI HIWHIIPTVMQIVQSQIRXSIPHMSWXYXIPEVHIPEQSREVUYuEJEVEzRMGE0E GSVSREUYIPPIZEIPTWGLIRXS¨HSFPIGSVSRE©IWYRSHIPSWWuQFSPSW QjWGEVEGXIVuWXMGSWHIPEQSREVUYuE)RPE´KYVEHI,SVYWWIGSRGVI XERPEWJYIVÊWTSWMXMZEW]FIRq´GEWHIPYRMZIVWSUYIGSRXVEVVIWXERPSW GSRGITXSWGSQTPIXEQIRXISTYIWXSWVITVIWIRXEHSWTSV7IX '"3"Î/&/'03."%&&4'*/(& 4IVuSHS4XSPIQEMGSE'4MIHVEGEPMÊ%PXYVEGQ 1BSBMFMPT /VEYWTIPjQ4IVRMKSXXMPjQ'<---]7SXLIF]«W 2YIZE=SVOPSXI #JCMJPHSBGrB 7SXLIF]«W2YIZE=SVOPSXI &YQPTJDJPOFT 4EWMzRTSVIP%RXMKYS)KMTXS&EVGIPSRE*EVEzRHI)KMT XS 6I]IW HI PE IXIVRMHEH +VEREHE 1MWXIVMSW HI )KMTXS -1%< 4SVX :IPP &EVGIPSRE I -1%< 1EHVMH 8YXEROLEQzR -QjKIRIW HI YR XIWSVS FENS IP HIWMIVXS IKMTGMS1IPMPPE])KMTXS)PTEWSEPEIXIVRMHEH&SKS Xj8IVVEWWE]%RHSVVE 6ITVIWIRXEGMzR HI YRE IW´RKI XYQFEHE 'YIVTS HI PIzR ] GEFIÊ LYQEREHIJEVEzRXSGEHEGSRIPRIQIW]GSRFEVFETSWXMÊ6EWKSW JEGMEPIWQY]HIXIVMSVEHSW)RPETEVXIJVSRXEPTVIWIRXEYRETIVJSVEGMzR HIWXMREHEEPEMRWIVGMzRHIPETMIÊUYIGSRXIRuEPEWTEXEWHIPERXIVEW HIPE´KYVE%XVEZqWHI,SVYWPSWJEVESRIWWIGSRWMHIVEFERHIWGIR HMIRXIWHI3WMVMWIPVI]QuXMGSHIPSWHMSWIW)PJEVEzRVITVIWIRXEFE IP KVEHS QjW IPIZEHS HI PE TMVjQMHI WSGMEP GSQS TSVXEHSV HI PE WERKVIHMZMREIVEIPWYQSWEGIVHSXIUYIXIRuEUYIGSRWXVYMVXIQTPSW ]QERXIRIVIPGYPXSEPSWHMSWIWGSQERHERXIIRNIJIHIPSWINqVGMXSW IKMTGMSWNYI^WYTVIQSIRHI´RMXMZEKEVERXIHIPSVHIRGzWQMGSUYI EWIKYVEFEIPGSVVIGXSJYRGMSREQMIRXSHIPYRMZIVWS .0.*"%&("50 4IVuSHS4XSPIQEMGSE'8IPEHIPMRSTMRXEHE%PXYVE GQ 1BSBMFMPT &VYRRIV8VEYX&VYRRIVPjQTMIÊ #JCMJPHSBGrB 8SQjW&SRLEQWPSXI]'SXI &YQPTJDJPOFT 0E 1{QME H«SV )P VIXSVR E PE ZMHE 1YWIY )KMTGM HI &EVGIPSRE )KMTXS )P TEWS E PE IXIVRMHEH &SKSXj 8IVVEWWE]%RHSVVE)KMTXI 9R ZMEXKI E P«IXIVRMXEX )PGLI ] )WUYIPIXW QEPEPXW 1YWIY)KMTGMHI&EVGIPSRE +EXSQSQM´GEHSVIGYFMIVXSGSRZEVMEWGETEWHIZIRHEW0EWSVINEWHIP ERMQEPEWSQERTSVHIFENSHIPEWZIRHEW)RPETEVXIGSVVIWTSRHMIRXIE PEGEFIÊWILERVITVIWIRXEHSHIQSHSIWUYIQjXMGSPSWVEWKSWJEGMEPIW GSRTMRXYVEVSNE]RIKVE]PSWFMKSXIWWILERWIyEPEHSGSRPuRIEWLSVM ^SRXEPIW0EQSQM´GEGMzRXIRuEGSQSSFNIXMZSTVMRGMTEPPEGSRWIVZEGMzR HIPGYIVTSTEVEUYIPEIWIRGMEIWTMVMXYEPUYIYREZI^JSVQzTEVXIHIP WIVZMZSXYZMIVEPETSWMFMPMHEHHIVIMRXIKVEVWIIRIPUYIYRHuEJYIVE WY GYIVTS -KYEP UYI PSW WIVIW LYQERSW EPKYRSW ERMQEPIW XEQFMqR JYIVSRQSQM´GEHSWEPWIVGSRWMHIVEHSWQERMJIWXEGMSRIWXIVVIREPIWHI HIXIVQMREHSWHMSWIW%YRUYIIPGYPXSEPSWERMQEPIWWIVIQSRXEEPSW EPFSVIWHIPEGMZMPMÊGMzRJEVEzRMGEIWIRPE&ENEfTSGEGYERHSGSFVE YREYKIIWTIGXEGYPEVHIQERIVEUYIWIGYIRXERTSVQMPIWPEWQSQMEW UYIWILERPSGEPMÊHSIRI\XIRWuWMQEWRIGVzTSPMW%WuIPKEXSIVEIPERM QEPWEKVEHSHIPEHMSWE&EWXMWIPMFMWHI8SXIPGSGSHVMPSHI7SFIO] IPLEPGzRHI,SVYWTSVGMXEVRMGEQIRXIEPKYREWEWSGMEGMSRIW "5"Ò%%&*$/&6.Î/ (MREWXuE<<:-E'1EHIVETMRXEHE%PXYVEGQ 1BSBMFMPT 1IWWMLE)P,MXXEPjQ--R]:ER,EEVPIQTMIÊ ]TMIÊ #JCMJPHSBGrB (VSYSXPSXI]+SR^jPZI^ &YQPTJDJPOFT )KMTXI )P TEW E P«IXIVRMXEX 8IVVEWWE ] %RHSVVE ])KMTXI9RZMEXKIEP«IXIVRMXEX)PGLI 4IUYIyEGENEHIQEHIVEJSVQEHETSVGMRGSIPIQIRXSWIRWEQFPEHSW GSR XEGSW HI QEHIVE%WMQMWQS WI ETVIGMER XVIW HI PEW GYEXVS TIV JSVEGMSRIWUYILEFVuERWIVZMHSTEVEPEŃEGMzRHIPEXETEHIVE4PEJS RIWPEXIVEPIWHMZMHMHSWIRHSWVIKMWXVSWIPWYTIVMSVSGYTEHSTSVYRE WIVTMIRXI]IPMRJIVMSVTSVYRMGRIYQzRSQERKSWXEIRPSWTPEJSRIW GSVXSWWIETVIGMEPEVITVIWIRXEGMzRHIYRTMPEVH]IH]HIPHMSW,SVYW )PGEVjGXIVWEKVEHSHIPMGRIYQzRIWXjHSGYQIRXEHSHIWHIIP6IMRS 1IHMS 7Y LEFMPMHEH TEVE GEÊV WIVTMIRXIW GSQTSVXz UYI JYIVE EWS GMEHSGSRPEHMZMRMHEHWSPEVTYIWIVERPEWIRIQMKEWUYITVIXIRHuER HIWXVYMVEPWSPHYVERXIWYVIGSVVMHSRSGXYVRS &45"56" %& 6/ 1&340/"+& 1035"/%0 6/" *."(&/ %&- %*04 04*3*4 (MREWXuE<<:--GMVGEE'1EKRIWMXE%PXYVEGQ 1BSBMFMPT .SWITLWSR)PHEQEX]´KR7IMTIPFTMI Ê]7SXLIF]«W2YIZE=SVOPSXI #JCMJPHSBGrB 'SXI &YQPTJDJPOFT 8YXEROLEQzR-QjKIRIWHIYRXIWSVSFENSIPHIWMIVXSIKMTGMSWMIXI MXMRIVERGMEW )KMTXS )P TEWS E PE IXIVRMHEH &SKSXj 8IVVEWWE]%RHSVVE])KMTXI9RZMEXKI EP«IXIVRMXEX)PGLI 6ITVIWIRXEGMzR HI YR LSQFVI IR TMI WSFVI YRE TPEXEJSVQE 'YIRXE XEQFMqRGSRYRETMPEWXVEHSVWEP(IWXEGETVMRGMTEPQIRXIIPLIGLSHI UYIIPTIVWSRENIIWTSVXEHSVHIYREIWXEXYEHIPHMSW3WMVMWUYIEWY ZIÎWXjIRTMIWSFVIYRTSHMS)PIWXEHSMREGEFEHSHIPETMIÊRS TIVQMXITVIGMWEVHIQEWMEHSWHIXEPPIWWSFVIPSWSVREQIRXSW]PEGSR´ KYVEGMzRHIPE´KYVELYQERE0ETMIHEHTIVWSREPLEGMEPSWHMSWIWWI TSRuEHIQERMÍWXSGSRPETVIWIRXEGMzRHISJVIRHEWIRPSWXIQTPSW IRIWXIGEWSIPEGXSHIPESJVIRHEWIVITVIWIRXEHIQERIVETVIGMWE IRXVIKEUYIWIVIQEVGEGSRPETSWMGMzREZERÊHEHIPETMIVREMÛYMIV HEHIPMRHMZMHYS)PKVERTVSXEKSRMWQSHI3WMVMWIRPEVIPMKMzRIKMTGME I\TPMGEPEWMRRYQIVEFPIWVITVIWIRXEGMSRIWHIIWXEHMZMRMHEHYXMPMÊHEW GSQSSFNIXSWZSXMZSW &-$6-50"-04.6&3504 )RIPERXMKYS)KMTXSI\MWXuEPEGVIIRGMEHIUYIQIHMERXIPEVITIXMGMzR HIPRSQFVI]PEMQEKIRWIGSRWIKYuEPEIXIVRMHEH%WuTYIWWIIWJSV ÊVSRIRLEGIVRSWPPIKEVPSWXIWXMQSRMSWIWGVMXSW]´KYVEHSWHIWYW JEWGMRERXIWZMHEW 1ERXIRIVIPVIGYIVHSHIEUYIPPSWUYILEFuERTEVXMHSLEGMEIPQjWEPPj IVEIPHIFIVHIWYWHIWGIRHMIRXIW)RQEWXEFEWTVMZEHEWILMTSKISW YRE^SREHIGYPXSRIGIWEVMEQIRXIEGGIWMFPIEPSWZMZSWIWTIVEFEPE ZMWMXEHIUYMIRIWGSRPEVITIXMGMzRHIPRSQFVI]PEWTPIKEVMEWMRWGVMXEW IRPEWIWXIPEWJYRIVEVMEWHSXEVuERHIRYIZEZMHEEPHMJYRXS 0SW LEFMXERXIW HI PEW SVMPPEW HIP 2MPS UYI XER WMQMPEV MQEKMREVSR PE ZMHEYPXVEXIVVIREEPEUYILEFuERKSÊHSIR)KMTXSRSGSRGIFuERPE IXIVRMHEHWMREPMQIRXSXERXSJuWMGSGSQSIWTMVMXYEP7YWHIWGIRHMIRXIW SIRWYHIJIGXSPEWTIVWSREWHIWMKREHEWTEVEIPPSXIRuERUYILEGIV SJVIRHEWEPMQIRXEVMEWERXIPEWHIRSQMREHEWÏWXIPEWHIJEPWETYIVXE© GSPSGjRHSPEWWSFVIPE¨QIWEHISJVIRHEW©TVITEVEHEEXEPIJIGXS%XVE ZqWHIPEIWXIPEIPOEHIPHMJYRXSEGGIHuEHIWHIIPVIJYKMSHIPEQSQME IRPEGjQEVEWITYPGVEPLEWXEIPPYKEVHIGYPXSTEVEVIGMFMVPEW %RXI PE TSWMFMPMHEH HI UYI PE QSQME WYJVMIVE EPKR HEyS S MRGPYWS HIWETEVIGMIVEWISTXEFETSVHMWTSRIVYREIWXEXYEGSRIPRSQFVI] IP EWTIGXS HIP HMJYRXS GSR PE ´REPMHEH HI UYI TYHMIVE EPSNEV IR WY MRXIVMSVIPOE7IXVEXEFEHIYRERYIZESTSVXYRMHEHTEVEYREWIKYRHE ZMHE ¨5YILEKEHYVEVQMRSQFVIGSQSPEWIWXVIPPEWHIPGMIPS UYIHq´VQIÊEQMIWXEXYEGSQSPEHIYREHIWYWWIKYMHSVIW UYIVIGYIVHIQMTSHIVGVIEHSVIRWYXIQTPSHuE]RSGLI UYIQMNYZIRXYHWIVIRYIZIGSQSPEPYRE UYIQMRSQFVIRSWIESPZMHEHSTEVEPEIXIVRMHEH© )P'EMVSIWXEXYE &45&-"'6/&3"3*" 6IMRS2YIZSHMREWXuEW<-<<<E'4MIHVEGEPMÊ%PXYVE GQ 1BSBMFMPT &VIWGMERM],SHNEWL&IVPIZ] #JCMJPHSBGrB 'EWXVS'PSW+SR^jPZI^'SXI'LVMWXMI«W 0SRHVIWPSXI]+SR^jPZI^ &YQPTJDJPOFT 1«IWGVMYVkWYREGEVXE#'IRXVI'YPXYVEP'EM\EHI+MVSRE+MVSRE )KMTXS )P TEWS E PE IXIVRMHEH &SKSXj 8IVVEWWE]%RHSVVE])KMTXI9RZMEXKI EP«IXIVRMXEX)PGLI 0ETEVXIWYTIVMSVHIPEIWXIPEQYIWXVEE,SVYWIP&ILIHMXEIRJSVQE HI HMWGS WSPEV EPEHS E UYMIR WI PI HMGI ¨KVER HMSW NEWTIEHS HI TPYQEWGSRGEWEIRIPLSVM^SRXITEVEUYIfPHqZMHEIWXEFMPMHEH] HSQMRMS©)RPETEVXIMRJIVMSVETEVIGIYRTIVWSRENIPPEQEHS4EHuWIX ERXIPSWHMSWIW3WMVMWI-WMWMHIRXM´GEFPIWXEQFMqRTSVWYW RSQFVIW 0E MRWIKYVMHEH HI PSW QSVXEPIW ERXI YRE TVIXIRHMHE ZMHE IXIVREIWPEGEYWEHIUYI3WMVMWWIEIPTVSXEKSRMWXELEFMXYEPHIPEW IWXIPEW ]%FMHSW WERXYEVMS TVMRGMTEP HI IWXE HMZMRMHEH IP PYKEV HI TVSGIHIRGMEHIQYGLEWHIIPPEW)RIWXIEYXqRXMGSGIRXVSHITIVIKVM REGMzRLERWMHSIRGSRXVEHEWQMPIWHIIWXIPEWIMRGPYWSXYQFEWWMQ FzPMGEWSGIRSXE´SWUYIRSLEGIRQjWUYIGSR´VQEVPETSTYPEVMHEH ]IPJIVZSVVIPMKMSWSUYIGSRGIRXVzIPHMSWHIPSWQYIVXSW &45"56"%&4645*56$*Î/%&1&/5"63 6IMRS2YIZSHMREWXuE<-<E'4MIHVEGEPMÊ%PXYVEGQ 1BSBMFMPT &MIVFVMIVPjQW]'LETTE^.0]7SXLIF]«W 2YIZE=SVOPSXI #JCMJPHSBGrB %PEZIHVEIXEP]'PSW+SR^jPZI^'SXI ]7SXLIF]«W2YIZE=SVOPSXI &YQPTJDJPOFT 4EWMzR TSV IP %RXMKYS )KMTXS &EVGIPSRE 1«IWGVMYVkW YREGEVXE#'IRXVI'YPXYVEP'EM\EHI+MVSRE+MVSRE 8YXEROLEQzR-QjKIRIWHIYRXIWSVSFENSIPHIWMIVXSIKMTGMSSRGI MXMRIVERGMEW )KMTXS )P TEWS E PE IXIVRMHEH &SKSXj 8IVVEWWE]%RHSVVE])KMTXI9RZMEXKI EP«IXIVRMXEX)PGLI )WXEXYEGYFSHI4IRXEYV ¨7YFHMVIGXSVHIP8IWSVS©WIR XEHS IR YR GSNuR WSFVI YRE TPEXEJSVQE 8MIRI PSW FVE^SW GVYÊHSW WSFVIPEWVSHMPPEWWSWXIRMIRHSGSRPEWQERSWHSWLSNEWHIPIGLYKE 4IPYGEFMTEVXMXEGSRYRIPEFSVEHSTIMREHS)RPETEVXIHIPERXIVETSV IRGMQEHIPQERXSWITYIHIETVIGMEVPEVITVIWIRXEGMzRIRFENSVVIPMIZI HIXVIWHMSWIWWIRXEHSW7IXVEXEHIPEXVuEHESWMVMERE3WMVMW,SVYW I-WMW(IXVjWWSFVIPETMPEWXVEHSVWEPLE]YREMRWGVMTGMzRNIVSKPu´GE HMWTYIWXEIRHSWVIKMWXVSWZIVXMGEPIW0SWXI\XSWHIIWXETMIÊLEGIR EPYWMzREPEMRXIVZIRGMzRHIPJEVEzRTEVEUYIIPHMJYRXSTYIHESFXIRIV TERGIVZIÊEZIWZMRSPEVIZMZM´GEHSVEFVMWEHIPRSVXIZMHETVSW TIVMHEH]WEPYHTSVTEVXIHI3WMVMW]HIHSWJSVQEWHIPHMSW,SVYW ,EVIRHSXIW],EVWMIWMW7IKRPEWGVIIRGMEWIKMTGMEWXVEWPEQYIVXI PETEVXIIWTMVMXYEPHIPHMJYRXSFEWIWITEVEFEHIPGYIVTS%´RHI UYIPETVIXIRHMHEI\MWXIRGMEIXIVREJYIVETSWMFPIWIHIFuETVSGYVEV UYIIWXEWTEVXIWTYHMIVERZSPZIVEYRMVWIHIELuWII\TPMGEIPGYMHEHS ]PEEXIRGMzRUYIPSWIKMTGMSWTVIWXEVSREPEGSRWIVZEGMzRHIPGYIVTS GSRGVIXjRHSWIIRPEQSQM´GEGMzRHIPSWGEHjZIVIW)PLIGLSHIUYI PEQSQMEJYIVEYRIPIQIRXSJVjKMP]ZYPRIVEFPISVMKMRzPEGVIEGMzRHI PEWÏWXEXYEWHIWYWXMXYGMzR©GSQSWYWXMXYXSHIPEQSQMEIRIPGEWS HIUYIIWXEWYJVMIVEEPKRHEyS &45"56"%&4645*56$*Î/%&)6: (MREWXuE <-< TSWMFPIQIRXI VIMREHS HI 6EQWqW -- GMVGE E ' 4MIHVEGEPMÊ%PXYVEGQ #JCMJPHSBGrB (VSYSXPSXI]+SR^jPZI^ &YQPTJDJPOFT 4EVEYPIW HMZMRIW 1YWIY )KMTGM HI &EVGIPSRE ] 'EWXIPPzHIPE4PERE)KMTXI)PTEWEP«IXIVRMXEX8I VVEWWE]%RHSVVE])KMTXI9RZMEXKIE P«IXIVRMXEX)PGLI )WXEXYEGYFSTIVXIRIGMIRXIEYRTIVWSRENIPPEQEHS,Y]7IIRGYIRXVE WIRXEHSIRPETSWXYVEXuTMGEHIIWXEWIWXEXYEWWSFVIYRETIUYIyE TPEXEJSVQEUYIXMIRIVSXEPEIWUYMRETSWXIVMSVMÛYMIVHE6EWKSWJEGME PIWFMIRHI´RMHSW0YGITIPYGEVIHSRHEHIPSRKMXYHQIHMEGSRHSFPI IWGEPEHS:IWXMHSGSRXRMGEPEVKEHIPEUYIRMGEQIRXIEWSQERPSW TMIW]PEWQERSWGSRPEQERSHIVIGLEWYNIXEYRETPERXEHIPIGLYKE 4MPEWXVEHSVWEPIRJSVQEHIIWXIPEGSRVIQEXIGYVZS0SWXI\XSWVIHEG XEHSWIRPETEVXIERXIVMSVHIPE´KYVEGSQMIRÊRTSVPEXuTMGEJzVQYPE HI TIXMGMzR HI SJVIRHEW TSV TEVXI HIP VI] E PE HMZMRMHEH WMRGVqXMGE 4XEL7zGEVIW3WMVMW ] E XSHSW PSW HMSWIW HI PE RIGVzTSPMW TEVE UYI IPPSWTVSTSVGMSRIRSJVIRHEWEPOEHI,Y]3XVEMRZSGEGMzRHMVMKMHEE 3WMVMWHIGEVjGXIVQjWIWTMVMXYEPTMHI¨+PSVM´GEGMzRIRIP'MIPS*YIV ÊIRPE8MIVVE.YWXM´GEGMzRIRIP&IPPS3GGMHIRXI]IPWEPMVGSQSYR %PQE:MZMIRXITEVEIPOEHIP3WMVMW,Y]©7IXVEXEHIYRETMIÊQY] IQSXMZE]EUYIJYIHIHMGEHETSVYRLMNSYRIWGVMFEPPEQEHS-R]EWY HMJYRXSTEHVI 1*/563".63"6IMRS2YIZSHMREWXuE<:---E'%PXYVEGQ #JCMJPHSBGrB %PIKVI+SR^jPZI^ %PIKVI+SR^jPZI^ ] («%QMGSRI (VSYSX PSXI ] )P5LEQMH8SPI HERS &YQPTJDJPOFT (EQEW HIP 2MPS &EVGIPSRE .SMIW HI JEVESRW 8VI WSVW HI QkKME TSHIV M FIPPIWE 1YWIY )KMTGM HI &EVGIPSRE ] 7EVG{JEKW H«)KMTXI 1YWIY )KMTGM HI &EVGIPSRE *VEKQIRXSHITMRXYVETEVMIXEPTVSGIHIRXIHIYREXYQFEXIFEREGSRPE VITVIWIRXEGMzRHIHSWQYNIVIWNzZIRIWZMRGYPEHEWTSWMFPIQIRXIEPWE GIVHSGMSHI%QzR%QFEWPYGIRZIWXMHSWHIPMRSGSRYRRMGSXMVERXI UYITEWETSVIRGMQEHIPLSQFVSHIVIGLSYRFVEÊPIXIHSVEHSIRIP FVE^SHIVIGLS]YRGSPPEV0EWTIPYGEWWSRWIRWMFPIQIRXIHMJIVIRXIW PEUYIIWXjHIPERXITEVIGIHIYRVERKSQE]SVTSVPETSWMGMzR]IP XSGEHS0EGLMGEUYIWIIRGYIRXVEIRWIKYRHSXqVQMRSWSWXMIRIYR VEQMPPIXIHIµSVIWHIPSXSGIVVEHEW]EFMIVXEWGSRWYQERSHIVIGLE QMIRXVEWUYIEPEUYIIWXjHIPERXIPIJEPXEPEQERS&ENSIPFVE^SHI PETVMQIVEQYNIV´KYVEPEVITVIWIRXEGMzRHIYRNITIWLTSWMFPITEVXI MRXIKVERXIHIYREQIWEHISJVIRHEWGSRHMZIVWSWTVSHYGXSW8VEWPE WIKYRHEQYGLEGLETEVIGIETVIGMEVWIPETEVXIWYTIVMSVHIYRVIGMTMIR XITMRXEHSIRVSNS (IWHI IP 6IMRS%RXMKYS PEW WYTIV´GMIW TEVMIXEPIW HI PEW ^SREW HI HMGEHEW EP GYPXS HIP HMJYRXS JYIVSR SGYTEHEW TSV VITVIWIRXEGMSRIW TMRXEHEW S IR VIPMIZI .YRXS E MRXIVQMREFPIW LMPIVEW HI TIVWSRENIW EGEVVIERHSXSHSXMTSHIFMIRIW´KYVERIWGIREWUYIVIGSKIRQYGLEW HIPEWEGXMZMHEHIWUYIWIPPIZEFEREGEFSIRIPZEPPIHIP2MPS%KVMGYP XYVEKEREHIVuETIWGEGEÊ]IPEFSVEGMzRHIIRWIVIWHSQqWXMGSW] JYRIVEVMSWWSRPSWXIQEWJYRHEQIRXEPIW8SHSIPPSERXIPEWYTIVZMWMzR ]IPTVIHSQMRMSHIPTVSTMIXEVMSHIPEXYQFE]WYWJEQMPMEVIW &45&-"%&'"-4"16&35"%&-$*6%"%"/0** 4VMQIV4IVuSHS-RXIVQIHMSTVMRGMTMSWHIP6IMRS1IHMSGMVGEE' 4MIHVEGEPMÊTMRXEHE%PXYVEGQ 1BSBMFMPT .SVKIRWIR #JCMJPHSBGrB 'LVMWXMI«W0SRHVIWPSXI &YQPTJDJPOFT 4EVEYPIW HMZMRIW 1YWIY )KMTGM HI &EVGIPSRE ] 'EWXIPPzHIPE4PERE)KMTXI)PTEWEP«IXIVRMXEX8I VVEWWE]%RHSVVE])KMTXI9RZMEXKIE P«IXIVRMXEX)PGLI )WXIPE IR TMIHVE HI JSVQE VIGXERKYPEV E QSHS HI JEPWE TYIVXE HI KIRIVEHE )WXj VIQEXEHE TSV YRE GSVRMWE GEZIXS QY] IWUYIQjXMGE GSR PEW LSNEW HI TEPQE MRGPMREHEW LEGME PE HIVIGLE &ENS PE GSVRMWE WIIRGYIRXVEPEQSPHYVESXSVSUYIWII\XMIRHIXEQFMqRIRPSWPEXI VEPIWHIPETMIÊJSVQERHSEWuIPQEVGSTEVEPEIWGIRE]PSWXI\XSW NIVSKPu´GSWHIPTPEJzR)PHIWXMREXEVMSHIPEWSJVIRHEW]TVSTMIXEVMSHI PEIWXIPEPPEQEHS-MWIIRGYIRXVEIRTMIZIWXMHSGSRYREETEVEXSWE JEPHEHSFPIWYNIXEYRETPERXEHITETMVSHIPEUYIEWTMVEIPEVSQE *VIRXI E qP YRE QYNIV GSR IP GEVKS HI WMVZMIRXE PPEQEHE 7IRIF PI SJVIGIYRZEWSLIWIX)RXVIEQFSWWITYIHIRETVIGMEVZEVMEWSJVIRHEW HITSWMXEHEWWSFVIYREQIWE]YRTIHIWXEPGSRYRVIGMTMIRXIIRJSVQE HIGYIRGS 0EW IWXIPEW JYRIVEVMEW PSGEPMÊHEW IR XYQFEW ZSXMZEW HITSWMXEHEW IR XIQTPSW S HI jQFMXS HSQqWXMGS TPEWQER GSQS RMRKYRE SXVE TVSHYGGMzR HIP ERXMKYS )KMTXS PE RIGIWMHEH HI GSQYRMGEGMzR IRXVI IPQYRHSHIPSWZMZSW]PEHMQIRWMzRLEFMXEHETSVPSWHMSWIW]PSW HMJYRXSWHMZMRMÊHSW%HIQjWHIWIVZMVHIGSRI\MzRIRXVIIPQjWEPPj ] IP QYRHS HI PSW ZMZSW PE IWXIPE HI JEPWE TYIVXE XMIRI PE JYRGMzR FjWMGE HI KEVERXMÊV PE TVSZMWMzR IXIVRE HI FMIRIW RIGIWEVMSW TEVE IPHMJYRXSGY]EVITVIWIRXEGMzR¦NYRXSGSRWYRSQFVI]WYWXuXYPSW¦ WYIPI SGYTEV PE QE]SV TEVXI HIP IWTEGMS HMWTSRMFPI IR PE WYTIV´GMI HIPETMIÊ)RIWXIGEWSWIPITMHIEPHMSW%RYFMW UYIHSXI EPGMYHEHERS-M LMNSHI5YIV] HITERGIVZIÊGEVRI HIFSZMRSEZIW]XSHSEUYIPPSFYIRS]TYVSUYIEPMQIRXEEYRHMSW 0#&-*4$01&35&/&$*&/5&")&.3& (MREWXuE:-E'4MIHVEGEPMÊ%PXYVEGQ #JCMJPHSBGrB &EGL&IVOIP 'SXI ] 7SXLIF]«W 2YIZE =SVO PSXI &YQPTJDJPOFT 4EWMzRTSVIP%RXMKYS)KMTXS&EVGIPSRE)PWVEWXVIWHI P«EPJEFIX*YRHEGMz0E'EM\EWIHIWHI0PIMHE+MVSRE8EVVEKSRE]7E FEHIPP 4EVEYPIW HMZMRIW 1YWIY )KMTGM HI &EVGIPS RE)KMTXS)PTEWSEPEIXIVRMHEH&SKSXj 8IVVEWWE]%RHSVVE])KMTXI 9RZMEXKIEP«IXIVRMXEX)PGLI 7SRQYGLSWPSWSFNIXSWSIPIQIRXSWHIPEGETMPPEHIGYPXSUYIWYIPIR GSRXIRIV IP RSQFVI ] PSW XuXYPSW HIP TVSTMIXEVMS HI PE XYQFE )RXVI IPPSW WI IRGYIRXVER IWXEW TMIÊW GEVEGXIVuWXMGEW HIP 6IMRS %RXMKYS HIRSQMREHEWSFIPMWGSWTSVWYJSVQETIVSUYIFMIRTSHVuERWIVVI TVIWIRXEGMSRIWIWXMPMÊHEWHIYRHIXIVQMREHSXMTSHITERHILIGLS QYGLEWHIIPPEWLERWMHSPSGEPMÊHEWWSFVIQIWEWHISJVIRHEWPYKEV IRIPUYIHIFuERYFMGEVWIEPKYRSWHIPSWTVSHYGXSWRIGIWEVMSWTEVEPE WYFWMWXIRGMEHIPHMJYRXS)PXI\XSNIVSKPu´GSWIXVEHYGIHIPEWMKYMIRXI QERIVE¨ZIRIVEHSGSR%RYFMW EUYIPUYIIWXjWSFVIWYQSRXE yE %QMKSÈRMGS ,IQ6I © .&4"4%&0'3&/%"4 4IVuSHS4XSPIQEMGSE'4MIHVEGEPMÊ0SRKMXYHGQ GQ]GQ #JCMJPHSBGrB Z'LVMWXMI«W0SRHVIWPSXI]+SR^jPZI^ +SR^jPZI^ &YQPTJDJPOFT Z8YXEROLEQzR-QjKIRIWHIYRXIWSVSFENSIPHIWMIVXSIKMT GMS HMIGMSGLS MXMRIVERGMEW TSV )WTEyE ] 4SVXYKEP )KMTXI )P TEW E P«IXIVRMXEX8IVVEWWE]%RHSVVE])KMTXI 9R ZMEXKI E P«IXIVRMXEX )PGLI )KMTXI )P TEW E P«IXIVRMXEX8IVVEWWE 0EQIWEHISJVIRHEWIVEGSPSGEHEHIPERXIHIPEIWXIPEHIJEPWETYIVXE GSRPE´REPMHEHHIUYIIPHMJYRXSTYHMIVEIRGSRXVEVELuPSWEPMQIRXSW RIGIWEVMSWTEVEWYFWMWXMVIRIPQjWEPPj%RXIPETSWMFMPMHEHHIUYIIP TVSTMIXEVMSHIPEXYQFEJYIVESPZMHEHSTSVPSWLYQERSWPSWXI\XSW HITIXMGMzRHISJVIRHEWHMVMKMHSWEPSWHMSWIW]PEVITVIWIRXEGMzRHI EPMQIRXSWIRPETEVXIWYTIVMSVHIPETMIÊEWIKYVEFERQjKMGEQIRXI IPEZMXYEPPEQMIRXS)RPEWXVIWTMIÊWWIVITVSHYGIIPJSVQEXSQjWGE VEGXIVuWXMGSHIIWXIXMTSHISFNIXSWJSVQEVIGXERKYPEVSGYEHVEHEGSR YRHIWEKI4YIHIRETVIGMEVWIHSWTVSJYRHSWVIGITXjGYPSW]PEVITVI WIRXEGMzRHIZEWSWLIWIXYXMPMÊHSWLEFMXYEPQIRXIGSQSWuQFSPSHI PEWSJVIRHEWPuUYMHEW]HSWTVSXYFIVERGMEWGMVGYPEVIWUYITSHVuERWIV ´KYVEWQY]IWUYIQjXMGEWHITERIW -"$Ç."3"4&16-$3"-* 3FQPTPFUFSOPEFMBNPNJB )PWIVLYQERSHMWJVYXEFEHIPETSWMFMPMHEHHIZSPZIVEPEZMHEKVEGMEW E PE GSRWIVZEGMzR HI WY MQEKIR ] HI WY RSQFVI (SW GSQTYIWXSW IWTMVMXYEPIWIPFE]IPOERIGIWMXEFERYRPYKEVHSRHIZSPZIVIPGYIV TSJuWMGSUYIYREZI^QSQM´GEHSTIVQERIGIVuEIXIVREQIRXIIRPE GjQEVE WITYPGVEP HIWXMREHE E GSRXIRIV IP WEVGzJEKS TVjGXMGEQIRXI MREGGIWMFPI HIWTYqW HI PSW JYRIVEPIW 4EVE YRE VjTMHE MHIRXM´GEGMzR HIPGYIVTSIVERIGIWEVMEYREMQEKIR]EJYIVEIRIPI\XIVMSVHIPWEV GzJEKS S IR YRE QjWGEVE UYI GSPSGEHE WSFVI PE QSQME ZIRHEHE LMGMIVETSWMFPIWYPSGEPMÊGMzR 4EVEPEGSRWIVZEGMzRHIPGYIVTSIVETVMSVMXEVMSGSRWIKYMVWYHIWLMHVE XEGMzR UYI WI PSKVEFE JYRHEQIRXEPQIRXI GSR YR GSQTYIWXS WEPMRS PPEQEHSREXVzR0SWTVSGIHMQMIRXSWUYIQjWIRGEVIGuERPEQSQM´GE GMzRIVERPEI\XVEGGMzRHIPEWZuWGIVEW]IPXVEXEQMIRXSGSRWYWXERGMEW EVSQjXMGEW]VIWMREW0EWZuWGIVEWIVERMRXVSHYGMHEWTEVEWYGSRWIVZE GMzRXVEWIPTVSGIWSHIQSQM´GEGMzRIRYRSWVIGMTMIRXIWHIRSQMRE HSWZEWSWGERSTSW 2S SFWXERXI RYQIVSWSW TIPMKVSW EQIREÊFER PE GSRWIGYGMzR HI PE ZMHEIXIVRE0SWIKMTGMSWMRXIRXEFERTVSXIKIVWIKVEGMEWERYQIVSWSW EQYPIXSWGSPSGEHSWWSFVIPEWQSQMEW]VITVIWIRXEHSWIRPSWWEVGzJE KSW4EVETSHIVEGXMZEVWYWTSHIVIWWIVIGMXEFERPEWMRZSGEGMSRIWHIP 0MFVSHIPSW1YIVXSWVIJIVIRXIWEEPKYRSWHIIWXSWEQYPIXSWGSQSIP OLITVMSIWGEVEFENSWEKVEHSIPHNIHSGSPYQREHI3WMVMWIPEROLS GVY^HIPEZMHEIXG 5"1"%&4"3$Î'"(0 4IVuSHS4XSPIQEMGSE'1EHIVEIWXYGEHE]TMRXEHE%PXYVE GQ 1BSBMFMPT )WXVEHE #JCMJPHSBGrB %PEZIHVEIXEP]'PSW+SR^jPZI^'SXI ](VSYSXPSXI]+EVGuE'EWXVS &YQPTJDJPOFT 8YXEROLEQzR-QjKIRIWHIYRXIWSVSFENSIPHIWMIVXSIKMTGMSZIMR XMXVqWMXMRIVERGMEWTSV)WTEyE]4SVXYKEP )KMTXS)PTEWSEPEIXIV RMHEH&SKSXj8IVVEWWE]%RHSVVE ])KMTXI9RZMEXKIEP«IXIVRMXEX)PGLI 8ETEHIWEVGzJEKSERXVSTSMHI0EIWXVYGXYVEFjWMGEJYIVIEPMÊHEETEV XMVHIPIRWEQFPENIHIXEFPEWHIQEHIVEEPEUYIWIYRMIVSRIPIQIRXSW MRHMZMHYEPIWGSQSPETIPYGEPEGEVE]PSWTMIW0EWYTIV´GMII\XIVMSV JYI´REPQIRXIIWXYGEHE]TMRXEHEQMIRXVEWUYIIRIPMRXIVMSVWIHINz PEQEHIVEEPHIWGYFMIVXS)RIPFSVHIMRJIVMSVHIPEXETETYIHIRETVI GMEVWIQSVXENEW]EKYNIVSWHIIRWEQFPENIEWuGSQSIWTMKEWHIYRMzR YXMPMÊHSWTEVEENYWXEVPEXETEEPEHIWETEVIGMHEFEWIHIPWEVGzJEKS )PHMJYRXSWILEVITVIWIRXEHSIRTSWMGMzRQSQMJSVQIWSFVIYRETI UYIyE TPEXEJSVQE S ^zGEPS 0SW VEWKSW JEGMEPIW WSR IP VIWYPXEHS HI YR XVEFENS FEWXERXI HIWGYMHEHS HI TSGE GEPMHEH GSR MQTSVXERXIW EWMQIXVuEWIRIPHMFYNSHIPSWSNSWSIRPEGSPSGEGMzRHIPEWSVINEW )P VSWXVS IWXj VSHIEHS TSV YRE IPEFSVEHE TIPYGE XVMTEVXMXE GYFMIVXE TEVGMEPQIRXITSVIPHIWTPMIKYIHIYRHMWGSWSPEVGSRPEVKEWEPEWI\ XIRHMHEW)RXVIPEWXVIRÊWHIPETIPYGEWIETVIGMEYRGSPPEVJSVQEHS TSVGYEXVSLMPEHEWHIGYIRXEWGMPuRHVMGEW]GMVGYPEVIWEPXIVREXMZEQIRXI 0YGIXEQFMqRYRMRQIRWSGSPPEVYWINIXVIQEXEHSTSVHSWGEFIÊWHI LEPGzRGSVSREHEWGSRIPHMWGSWSPEVIRWYWI\XVIQSWIPGSPPEVIWXj JSVQEHSTSVHMI^LMPEHEWHIGYIRXEWXYFYPEVIWGMVGYPEVIW]SZSMHIW 0SW IKMTGMSW WI VIJIVuER EP WEVGzJEKS ] EP EXEH GSQS IP ¨7IySV HI PE :MHE©%HIQjW HI TVSXIKIV IP GYIVTS QSQM´GEHS IP IWTuVMXY HIP HMJYRXSTSHuEEXVEZIWEVPEWTEVIHIW2SVQEPQIRXIPEWYTIV´GMIIWXEFE SGYTEHETSVVITVIWIRXEGMSRIWHIGEVjGXIVVIPMKMSWS]XI\XSWVIPEGMSRE HSWGSRGYIWXMSRIWHIGEVjGXIVJYRIVEVMS)RIWXIGEWSIPHMSWGLEGEP %RYFMWGSQSZMKMPERXIHIPSWGIQIRXIVMSW]PSW'YEXVS,MNSWHI,SVYW ´KYVERGSQSHMZMRMHEHIWTVSXIGXSVEW0SWXI\XSWNIVSKPu´GSWGSRXMIRIR YREZIVWMzRHIPEXuTMGEJzVQYPEHITIXMGMzRHISJVIRHEW¨3JVIRHEUYI IPVI]LEGIE3WMVMWIPUYITVIWMHIIPLSVM^SRXIKVERHMSWWIySVHI %FMHSWTEVEUYIfPHqYREFIPPEXYQFEE3WMVMW©)RIWXITYRXSIP XI\XSUYIHEMRXIVVYQTMHSEYRUYIHIWTYqWTVSTSVGMSREIPRSQFVIHI PEQEHVI2IJIVuWIX 1"35&461&3*03%&-"5"1"%&6/4"3$Î'"(0 (MREWXuE <<:- E ' 1EHIVE IWXYGEHE ] TMRXEHE FVSRGI ] QEV´PSLYIWS%PXYVEGQ 1BSBMFMPT %VXSJXLI%RGMIRX;SVPHTMIÊ&SXXM´K 7GLYPX^]7SXLIF]«W0SRHVIWPSXI #JCMJPHSBGrB %PEZIHVE IX EP %PIKVI+SR^jPZI^ ] &VSO 'EWXVS'SXI]+SR^jPZI^] 7SXLIF]«W0SRHVIWPSXI &YQPTJDJPOFT 8YXEROLEQzR-QjKIRIWHIYRXIWSVSFENSIPHIWMIVXSIKMTGMSGYEXVS MXMRIVERGMEW )KMTXS )P TEWS E PE IXIVRMHEH &SKSXj 8IVVEWWE]%RHSVVE])KMTXI9RZMEXKI EP«IXIVRMXEX)PGLI 4EVXIWYTIVMSVHIPEXETEHIYRWEVGzJEKS)WXjXEPPEHEIRYREWSPE TMIÊEI\GITGMzRHIPEGEVEPETIPYGE]PETMIÊUYIGMIVVEPESFVE TSVPETEVXIWYTIVMSVUYIWIYRMIVSREPJVEKQIRXSTVMRGMTEPQIHMERXI XEGSWHIQEHIVE%PSPEVKSHIPEFEWIGSRWIVZEZEVMEWQSVXENEWVIG XERKYPEVIWVIEPMÊHEWTEVEJEGMPMXEVIPIRGENIGSRPEGENEHIPWEVGzJEKS IR EPKYREW HI IPPEW ER UYIHER VIWXSW HI PEW IWTMKEW HI ŃEGMzR 4SV HIRXVS PE WYTIV´GMI HI PE QEHIVE WI LE HINEHS EP HIWGYFMIVXS QMIRXVEWUYITSVHIPERXIWILEIRPYGMHSGSRIWXYGS)RPETEVXIJVSR XEPWIVITVIWIRXEPEGEFIÊHIPHMJYRXSGSRTIPYGEXVMTEVXMXEWSFVIPE GYEP LE] YR IWGEVEFENS TMRXEHS IR GSPSV RIKVS 0SW VEWKSW JEGMEPIW IWXjRQY]FMIRGSRWIKYMHSWPEWPuRIEWHIPSWSNSW]PEWGINEWWSRHI FVSRGIPEWTYTMPEWHITMIHVERIKVE]IPFPERGSHIPSWSNSWHIQEV´P SHILYIWS)RXVIPEWHSWXVIRÊWWITYIHIZIVYRGSPPEVGSRGMRGS LMPIVEWHIGYIRXEW]FENSIWXIYRIWGEVEFENSEPEHS7SFVIIPTIGLS] PSWLSQFVSWWIIRGYIRXVEIPTIGXSVEPVIQEXEHSIRWYWI\XVIQSWGSR GEFIÊWHILEPGzR )RIPERXMKYS)KMTXSPEWµSVIWIVERYRGSQTSRIRXIMQTSVXERXIHIPSW VMXYEPIWJYRIVEVMSW%WuWILERPSGEPMÊHSIRQYGLEWXYQFEWGSPPEVIW VIEPMÊHSWETEVXMVHIPEGSQFMREGMzRHIGYIRXEWHITEWXEZMHVMEHE LSNEW]µSVIW)PEQTPMSGSPPEVVITVIWIRXEHSIRPETMIÊYWIOLIXÏP ERGLS©TIVTIXEHIQERIVEQjWHYVEHIVEIPIJIGXSTVIXIRHMHSGSR PESJVIRHEµSVEP .Ç4$"3" 4IVuSHS 4XSPIQEMGS E ' 0MRS IWXYGEHS ] TMRXEHS%PXYVE GQ #JCMJPHSBGrB 'PSW+SR^jPZI^'SXI]TSVXEHE'LVMWXMI«W0SRHVIW PSXI+SR^jPZI^]7SXLIF]«W0SRHVIW PSXI &YQPTJDJPOFT 8YXEROLEQzR-QjKIRIWHIYRXIWSVSFENSIPHIWMIVXSIKMTGMSXVIMRXE ]WMIXIMXMRIVERGMEWTSV)WTEyE]4SVXYKEP)KMTXS)PTEWSEPEIXIVRM HEH&SKSXj8IVVEWWE]%RHSVVE ])KMTXI9RZMEXKIEP«IXIVRMXEX)PGLI 1jWGEVE JYRIVEVME 6EWKSW JEGMEPIW QSHIPEHSW XSWGEQIRXI IWTIGMEP QIRXIPEFSGE0YGIYRETIPYGEXVMTEVXMXEGIyMHEEPEJVIRXIQIHMERXI YREFERHEHSVEHEERYHEHEIRPETEVXITSWXIVMSVHIPEGEFIÊGSRYR RYHSIRJSVQEHIWuQFSPSWEHITVSXIGGMzR7SFVIIWXEYRIWGEVEFENS GSRPEWEPEWHIWTPIKEHEWUYIIQTYNEYRHMWGSWSPEV)RXVIPEWXVIRÊW HI PE TIPYGE TYIHI ETVIGMEVWI YR GSPPEV JSVQEHS TSV SGLS LMPEHEW HI GYIRXEW GMVGYPEVIW XVMERKYPEVIW ] SZSMHIW 0E QjWGEVE JYRIVEVME GYFVuEHMVIGXEQIRXIPEGEFIÊ]IPXSVWSHIPEQSQME7YJYRGMzRQjW HIWXEGEHE IVE PE HI JEGMPMXEV PE MHIRXM´GEGMzR HIP HMJYRXS E TEVXMV HI PEVITVSHYGGMzRHIPSWVEWKSWJEGMEPIW7SFVIPEWQjWGEVEWETEVIGuER EHIQjWHMZIVWSWIPIQIRXSWSVREQIRXEPIW]HMZMRMHEHIWTVSXIGXSVEW IRXVIPSWUYIHIWXEGEIPIWGEVEFENSEPEHSHIPEGEFIÊUYIIQTYNE IPHMWGSWSPEVQEXYXMRSTEVEUYIIWXIZYIPZEEPEZMHE)WWMKRM´GEXMZE PEYXMPMÊGMzRHIPGSPSVHSVEHSTEVEIPVSWXVSHIPHMJYRXSEWuGSQSIP GSPSVE^YPHIPETIPYGEYRS]SXVSWSRXEQFMqRPSWGSPSVIWETPMGEHSWE PEHI´RMGMzRHIPSWWIVIWHMZMRSWGY]EGEVRIIVEHISVS]PSWGEFIPPSW HIPETMWPj^YPM 3&53"50%&&-'":6. *MREPIWHIPWMKPS-----H'1EHIVETMRXEHE%PXYVEGQ 1BSBMFMPT &SVKPjQW]](S\MEHMW´K #JCMJPHSBGrB 'EWXVS]'LVMWXMI«W0SRHVIWPSXI &YQPTJDJPOFT 0E 1{QME H«SV )P VIXSVR E PE ZMHE 1YWIY )KMTGM HI &EVGIPSRE )KMTXI )P TEW E P«IXIVRMXEX %RHSVVE ])KMTXI9RZMEXKIEP«IXIVRMXEX)PGLI 6IXVEXSHIYRLSQFVINSZIRGSRGEFIPPSRIKVSVMÊHS]YRQIGLzR PEXIVEP HI GEFIPPS PMWS :MWXI YRE XRMGE FPERGE GSR GPEZM WIyEPEHSW IRVSNS]YRTEPPMYQGYFVMIRHSWYFVE^SHIVIGLS0PIZEYREGMRXEEP GYIPPSHIPEUYIGYIPKEYREQYPIXSVIGXERKYPEVUYITEVIGIGSRXIRIV WMKRSW IWGVMXSW MRHI´RMHSW 0E TPERGLE IW HI YRE WSPE TMIÊ ] LE HIWETEVIGMHSTEVXIHIPEIWUYMREWYTIVMSVHIVIGLE0SWPuQMXIWMRJIVMSV ]WYTIVMSVWILERGSRWIVZEHSIPWYTIVMSVTEVGMEPQIRXI]PSWPEXI VEPIWTIWIERSXVEXEVWIHIPSWPuQMXIWSVMKMREPIWRSTEVIGIUYIWI IRGSRXVEVERQYGLSQjWEPPjHIPETEVXIGSRWIVZEHEEGXYEPQIRXI)P QIGLzRTYIHILEFIVWIMRWTMVEHSIRIPUYIPPIZEFE,SVYWJVIGYIRXI IRPEVITVIWIRXEGMzRHIRMySW]RMyEW7IGSVXEFEEPPPIKEVPETYFIVXEH IRYREGIVIQSRMEPPEQEHEQEPPSGSYVME(IXSHSWQSHSWPSWTEVEPIPSW I\MWXIRXIWIRGYERXSEPEETEVMGMzRHITIVWSRENIWGSRIWXIQIGLzRRS WSRHIQEWMEHSEFYRHERXIW 0SWVIXVEXSWHI)P*E]YQWIYFMGERGVSRSPzKMGEQIRXIIRXVIPSWWMKPSW -]-:H'7YHIRSQMREGMzRHISVMKIRVIWTSRHIEPjVIEKISKVj´GEHI PEUYITVSGIHIRPEQE]SVuEIPSEWMWHI)P*E]YQ7SRYREQYIWXVEHI PEGSRXMRYMHEHHIPEWTVjGXMGEWJYRIVEVMEWJEVEzRMGEW]HIPEEHETXEGMzR UYI IWXEW I\TIVMQIRXEVSR IR qTSGE VSQERE 0E XVEHMGMSREP QjWGEVE UYIGYFVuEPEQSQMEJYIWYWXMXYMHETSVYRVIXVEXSHIGEVjGXIVQjWVIE PMWXEVIEPMÊHSWSFVIYRETPERGLEHIQEHIVE'EPM´GEHSWHIIRMKQjXM GSWQMWXIVMSWSWSWSVTVIRHIRXIWPSWVIXVEXSWHI)P*E]YQRSWTIVQM XIRQMVEVGEVEEGEVEETIVWSRENIWLMWXzVMGSWGETXEHSWIRYRMRWXERXI HIWYZMHEIRYREI\TVIWMzRTIVWSREPHITSWITEVEPETSWXIVMHEHYRE FYVPEEPSUYIHIMRJVERUYIEFPIXMIRIPEFEVVIVEHIPXMIQTS $0/+6/50%&7"404$"/0104 (MREWXuE<<:-E'4MIHVEGEPMÊ%PXYVE] GQ #JCMJPHSBGrB 'SXI](VSYSXPSXI &YQPTJDJPOFT 8YXEROLEQzR -QjKIRIW HI YR XIWSVS FENS IP HIWMIVXS IKMTGMS 8S VVSIPPE HI 1SRXKVu 1IPMPPE ] &MPFES )KMTXS)PTEWSEPEIXIVRMHEH&SKSXj 8IVVEWWE]%RHSVVE])KMTXI9RZMEXKI EP«IXIVRMXEX)PGLI :EWSWGERSTSWHITMIHVEGEPMÊGY]EXETEGSVVIWTSRHIEPEGEFIÊHI GEHEYRSHIPSWGYEXVSLMNSWHI,SVYW0SWZEWSWGERSTSWIVERPSW VIGMTMIRXIWHMWIyEHSWTEVEGSRXIRIVPEWZuWGIVEWHIPHMJYRXSI\XVEuHEW HYVERXI PE QSQM´GEGMzR )VER GYEXVS ] GEHE YRS HI IPPSW IWXEFE FENSPETVSXIGGMzRHIYREHMSWEXYXIPEV]HIYRKIRMSJYRIVEVMS)WXSW KIRMSWIVERPSWHIRSQMREHSW¨'YEXVS,MNSWHI,SVYW©VITVIWIRXEHSW GSRGEFIÊLYQEREHILEPGzRHIGLEGEP]HIFEFYMRS ,MNSHI,SVYW 4YRXS GEVHMREP ÄVKERS (MSWE (YEQYXIJGLEGEP 5IFILWIRYJLEPGzR %QWIXLSQFVI ,ET]FEFYMRS )WXI 3IWXI 7YV 2SVXI )WXzQEKS -RXIWXMRS ,uKEHS 4YPQSRIW 2IMX 7IPUYMW -WMW 2IJXMW 3&%&$*--"'6/&3"3*" (MREWXuE<<:-E'4EWXEZMHVMEHE%PXYVEGQ 1BSBMFMPT (SREHSRMIXEPE]+YFIPTMIÊ #JCMJPHSBGrB %PIKVI+SR^jPZI^]'LVMWXMI«W0SRHVIWPSXI &YQPTJDJPOFT .SMIWHIJEVESRW8VIWSVWHIQkKMETSHIVMFIPPIWE1YWIY)KMTGMHI &EVGIPSRE])KMTXI)PTEWEP«IXIVRMXEX8IVVEWWE ]%RHSVVE 6IHIGMPPEJYRIVEVMEGSQTYIWXETSVGYIRXEWHIZEVMEHEJSVQE]GSPSVMHS )P QSXMZS VITVIWIRXEHS GSVVIWTSRHI E YR VSWXVS LYQERS HSRHI WI MRHMGERWYWIPIQIRXSWIWIRGMEPIWQIHMERXIPEZEVMEGMzRHIPGSPSVHIPEW GYIRXEWUYIMRXIKVERPEQEPPE)WMRXIVIWERXIPETVIWIRGMEHIPEFEVFE TSWXMÊ%TEVXMVHIPEHMREWXuE<<:-IWJVIGYIRXIPEETEVMGMzRWSFVIPEW QSQMEW E PE EPXYVE HIP VSWXVS HI IWXEW IPEFSVEHEW VITVIWIRXEGMSRIW JEGMEPIWVIEPMÊHEWGSRQMPIWHIGYIRXEW4SHuERIWXEVEMWPEHEWSJSVQEV TEVXIHIYREFSPWEHIQEPPEQjWEQTPMEUYIGYFVuEPEXSXEPMHEHHIPE QSQME7ILERMRXIVTVIXEHSGSQSYRWYWXMXYXSHIPVSWXVSEQSHSHI QjWGEVESGSQSYREVITVIWIRXEGMzRHIPVSWXVSHI,SVYW0ETVIWIRGME HI ,SVYW WSFVI PE QSQME MHIRXM´GEHE GSR 3WMVMW RS LEVuE QjW UYI TVSTMGMEVIPGMGPSQYIVXIZMHEUYIIPHMJYRXSIWTIVEFEI\TIVMQIRXEV 64)&#5*4 )P YWLIFXM IW YRE VITVIWIRXEGMzR LYQERE HI TIUYIyS XEQEyS HI IWXMPSWJSVQEW]QEXIVMEPIWHMZIVWSW7IGSPSGEFEIRPEXYQFEGSRPE ´REPMHEHHIUYIIRIPQjWEPPjTYHMIVEVIEPMÊVPSWXVEFENSWTEVEPSW GYEPIWIVEVIUYIVMHSIPHMJYRXS9RSHIPSWWMKRM´GEHSWHIPETEPEFVE YWLIFXMIWÏPUYIGSRXIWXE©EWuGYERHSIPHMJYRXSIVEPPEQEHSTEVE XVEFENEVWIWYTSRuEUYIIPYWLIFXMXIRuEUYIGSRXIWXEVËUYuIWXS]© ] IR GSRWIGYIRGME TSHuE WYWXMXYMVPS 0SW YWLIFXMW WYIPIR VITVIWIR XEVWIIRTSWMGMzRQSQMJSVQIGSRPEWLIVVEQMIRXEWGSVVIWTSRHMIRXIW EPXVEFENSUYIHIFuERVIEPMÊVEÊHEWHIZEVMSWXMTSW]FSPWETEVEIP XVERWTSVXIHIEVIRESPEWWIQMPPEWTEVEPEWMIQFVE]XI\XSWNIVSKPu´ GSWUYITVSTSVGMSRERIPRSQFVI]PSWXuXYPSWHIPHMJYRXS0SWXI\XSWHI QE]SVPSRKMXYHWSRGEWMWMIQTVIZIVWMSRIWHIPGETuXYPSWI\XSHIP0MFVS HIPSW1YIVXSWUYIGSRXMIRIPEI\TPMGEGMzRHIPEJYRGMzRUYILERHI HIWIQTIyEVPSWYWLIFXMWTEVEIPHMJYRXS 64)&#5*%&-13Ê/$*1&+"&.6"4&5 6IMRS 2YIZS HMREWXuE <-< VIMREHS HI 6EQWqW -- E ' 4EWXEZMHVMEHE%PXYVEGQ 1BSBMFMPT %VX SJ XLI %RGMIRX ;SVPH ´K 'IRMZEP 'SYXEKRI ]'LVMWXMI«W2YIZE=SVOPSXIW] #JCMJPHSBGrB %PIKVI+SR^jPZI^]'SXI &YQPTJDJPOFT 8YXEROLEQzR-QjKIRIWHIYRXIWSVSFENSIPHIWMIVXSIKMTGMSGMRGS MXMRIVERGMEW (EQEW HIP 2MPS &EVGIPSRE )KMTXS )P TEWSEPEIXIVRMHEH&SKSXj]%RHSVVE ])KMTXI9RZMEXKIEP«IXIVRMXEX)PGLI &VE^SWGVYÊHSWTSVHIPERXIHIPTIGLSWYNIXERHSGSRPEWQERSWWIR HEWEÊHEWTMRXEHEWIRRIKVSFSPWEIRPEIWTEPHE4IPYGEGSVXEGSR PEXVIRÊHIPENYZIRXYHIRIPPEHSHIVIGLS&EVFETSWXMÊ(IWHIPEW QERSWLEWXEPSWTMIWIRYRVIKMWXVSZIVXMGEPGSRJSRHSFPERGSGSRXMIRI IPWMKYMIRXIXI\XSNIVSKPu´GS¨-PYQMREGMzRTEVEIP3WMVMW7EGIVHSXI,MNS 6IEPTVuRGMTI.EIQYEWIXNYWXM´GEHS©.EIQYEWIXJYIIPGYEVXSLMNSHI 6EQWqW--IPWIKYRHSLEFMHSGSRWYIWTSWE-WMWRSJVIX)RXVIPSWEySW ]HIPVIMREHSHIWYTEHVIPPIKzEWIVLIVIHIVSEPXVSRSXVEWPE QYIVXIHIWYWLIVQERSWQE]SVIW*YIWEGIVHSXIHI4XELIR1IR´W ^SREIRPEUYIWYEGXMZMHEHWIGSRGVIXzIRPEGVIEGMzRHIYRRYIZSGSR GITXSHIXYQFETEVEIPIRXIVVEQMIRXSHIPSWXSVSW%TMWIPWIVETIYQ ]IRPEVIWXEYVEGMzRHIEPKYRSWQSRYQIRXSWVIEPIWHIP6IMRS%RXMKYS XEQFMqRJYIIPVIWTSRWEFPIHIERYRGMEVTSVXSHS)KMTXSGMRGSHIPEW XVIGIÍWXEW7IHHHIWYTEHVI.EIQYEWIXUYIHzMRGPYWSMRQSVXEPMÊHS IRPEPMXIVEXYVEGSQSTVSXEKSRMWXEHIZEVMSWVIPEXSWIRPSWUYIWITSRIR HIQERMÍWXSWYWZMVXYHIWGSQSQEKS]WEFMS0EMHIRXM´GEGMzRHIWY XYQFEIWYRSHIPSWHIFEXIWQjWGSRXVSZIVXMHSWETIWEVHIPHIWGY FVMQMIRXSVIEPMÊHSTSV1EVMIXXIIRIRIPMRXIVMSVHIPWIVETIYQ YRWEVGzJEKS]YREQSQMEGSRQjWGEVEHISVSNYRXSESFNIXSWGSRWY RSQFVIRYQIVSWSWYWLIFXMWHIPTVuRGMTILEPPEHSWIRIWIQMWQSGSR XI\XSWIIRGYIRXVERLS]HuEVITEVXMHSWTSVZEVMSWQYWISWHIPQYRHS 64)&#5*%&4)"565" (MREWXuEW<-<<<E'1EHIVEIWXYGEHE]TMRXEHE%PXYVE GQ 1BSBMFMPT 7GLRIMHIV´KW] &YQPTJDJPOFT )KMTXI )P TEW E P«IXIVRMXEX 8IVVEWWE ] %RHSVVE 4IPYGEXVMTEVXMXE]GSPPEVJSVQEHSTSVZEVMEWLMPEHEWHIGYIRXEW'SR PEWQERSWWYNIXEPSWMRWXVYQIRXSWHIPEFVERÊHSWEÊHEW]IRPE QERSHIVIGLEWIETVIGMEXEQFMqRPEGYIVHEHIPEFSPWEUYIXMIRIWS FVIPEIWTEPHE8I\XSNIVSKPu´GSEPSPEVKSIRYRVIKMWXVSZIVXMGEPJVSRXEP UYIWITYIHIXVEHYGMVGSQS¨)P3WMVMWKVERHIHIPEGEWE7LEXYXE© 64)&#5*%&-"$"/503"%&".Î/--"."%"5"© 8IVGIV4IVuSHS-RXIVQIHMSHMREWXuE<<-E'4EWXEZMHVME HE%PXYVEGQ 1BSBMFMPT 'LEVPIW)HI0MQMXIH´K #JCMJPHSBGrB 'EWXIPE](VSYSXPSXI &YQPTJDJPOFT )KMTXI )P TEW E P«IXIVRMXEX 8IVVEWWE ] %RHSVVE &VE^SWGVYÊHSWTSVHIPERXIHIPTIGLSGSRPEWQERSWUYIEWSQERHI HIFENSHIPEQSVXENE]WYNIXERPSWMRWXVYQIRXSWHIPEFVERÊETIREW VIGSRSGMFPIWFSPWEIRPEIWTEPHE4IPYGEFMTEVXMXEWIyEPEHEIRRIKVS 6EWKSWJEGMEPIWVYHMQIRXEVMSWIRPSWUYIWSPSWIWIyEPERPSWSNSW)P XI\XSNIVSKPu´GSWIXVEHYGIGSQS¨)P3WMVMW(EQEHIPE'EWE'ERXSVE HI%QzR8E© 64)&#5*%&1","© 8IVGIV4IVuSHS-RXIVQIHMSHMREWXuE<<-E'4EWXEZMHVME HE%PXYVEGQ #JCMJPHSBGrB 'PSW+SR^jPZI^ &YQPTJDJPOFT 4EWMzRTSVIP%RXMKYS)KMTXS&EVGIPSRE8YXEROLEQzR -QjKIRIWHIYRXIWSVSFENSIPHIWMIVXSIKMTGMS8IRIVMJI ])KMTXI )P TEW E P«IXIVRMXEX 8IVVEWWE ]%RHSVVE 4SWMGMzRQSQMJSVQI4IPYGEXVMTEVXMXE8MIRIYRPE^STMRXEHSHIGSPSV RIKVSGIyMHSEPEJVIRXI]ERYHEHSIRPETEVXITSWXIVMSVHIPEGEFIÊ &VE^SWGVYÊHSWWSFVIIPTIGLS0EWQERSWWSWXMIRIRPSWMRWXVYQIR XSWHIPEFVERÊ]IRPEIWTEPHEWIETVIGMEPEFSPWETEVEPEEVIRESPEW WIQMPPEW(IWHIIPZMIRXVILEWXEPSWTMIWIRQEVGEHSIRYRVIGXjRKYPS TMRXEHSIRGSPSVRIKVSETEVIGIRPSWWMKRSWUYIGSRJSVQERIPRSQFVI HIPHMJYRXS4EOE 64)&#5*%&*36356 (MREWXuE<<:-E'4EWXEZMHVMEHE%PXYVEGQ 1BSBMFMPT &SRLEQWPSXI #JCMJPHSBGrB &SRLEQW0SRHVIWPSXI &YQPTJDJPOFT )KMTXI )P TEW E P«IXIVRMXEX 8IVVEWWE ] %RHSVVE 4SWMGMzRQSQMJSVQIIRTMIWSFVIYRETPEXEJSVQEVIGXERKYPEV4IPYGEXVM TEVXMXE]FEVFETSWXMÊXVIRÊHE'SRPEWQERSWUYIEWSQERHIHIFENS HIPEQSVXENEWYNIXEPSWMRWXVYQIRXSWHIPEFVERÊYREEÊHEHILSNEGSV XEGSRPEMÛYMIVHE]YREEÊHEHILSNEPEVKE]PEGYIVHEHIPEFSPWEUYI PPIZEWSFVIPEIWTEPHEGSRPEHIVIGLE4MPEWXVEHSVWEPERITMKVj´GE8I\XS NIVSKPu´GSHIWEVVSPPEHSIRHMI^VIKMWXVSWLSVM^SRXEPIWUYIGSRXMIRIYRE ZIVWMzRHIPGETuXYPS:-HIP0MFVSHIPSW1YIVXSW]IPRSQFVIHIPHMJYRXS 64)&#5*%&-(&/&3"-1","4 (MREWXuE<<:-E'4EWXEZMHVMEHE%PXYVEGQ #JCMJPHSBGrB 'PSW+SR^jPZI^ 'SXI ] ] (YVjR 1EHVMH PSXI &YQPTJDJPOFT 8YXEROLEQzR-QjKIRIWHIYRXIWSVSFENSIPHIWMIVXSIKMTGMSWMIXI MXMRIVERGMEW])KMTXS)PTEWSEPEIXIVRMHEH&SKSXj 8IVVEWWE]%RHSVVE 4SWMGMzRQSQMJSVQI4IPYGEXVMTEVXMXE]FEVFETSWXMÊ0SWFVE^SWIW XjRGVYÊHSWWSFVIIPTIGLSWYNIXERHSYRMRWXVYQIRXSHIPEFVERÊ GSRGEHEQERS7SFVIIPLSQFVSMÛYMIVHSTEWEPEGYIVHEUYIWYNIXE PE FSPWE UYI PPIZE WSFVI PE IWTEPHE )P XI\XS NIVSKPu´GS WI XVEHYGI GSQS¨5YIWIEMPYQMREHSIP3WMVMW+IRIVEP4EOEW© 64)&#5*%&-461&3*03%&-04130'&5"4%&04*3*4)03 (MREWXuE<<<E'4EWXEZMHVMEHE%PXYVEGQ 1BSBMFMPT &SRLEQWPSXI]2IPWSRPjQ #JCMJPHSBGrB (VSYSXPSXI &YQPTJDJPOFT )KMTXI )P TEW E P«IXIVRMXEX 8IVVEWWE ] %RHSVVE &VE^SWGVYÊHSWTSVHIPERXIHIPTIGLSWYNIXERHSGSRPEWQERSWYRE TMGSPIXE]IPWEGSHIWIQMPPEW4IPYGEXVMTEVXMXE]FEVFETSWXMÊ6EWKSW JEGMEPIWQY]FMIRMRHMGEHSWIRVIPMIZI)PXI\XSNIVSKPu´GSWIXVEHYGI GSQS¨)PWYTIVMSVHIPSW4VSJIXEWHI3WMVMW7IKYMHSVGSQTEyIVSHIP 7SFIVERS.IJIHIPSW4VSJIXEW,SVREGMHSHI-WIXYVIXNYWXM´GEHS© ".6-&504 0SW EQYPIXSW TSHuER XIRIV YRE JYRGMzR TVSXIGXSVE HI TSWMFPIW QEPIW TIVSXEQFMqRTSWIuERPEJEGYPXEHHIHSXEVEWYTSVXEHSVHIHIXIVQMREHEW GEVEGXIVuWXMGEWUYIPIVITSVXEVuERYRFIRI´GMS4SHuERWIVYXMPMÊHSWXERXS TSVPSWZMZSWGSQSTSVPSWQYIVXSWHEHSUYIIWXSWXEQFMqRWIIRJVIR XEFEREKVERHIWTIPMKVSWIRWYGEQMRSLEGMEPEYPXVEXYQFEHIEUYuUYI IRXVIPEWZIRHEWHIPSWGYIVTSWQSQM´GEHSWWIMRXVSHYNIVERHMJIVIRXIW EQYPIXSWGSRPE´REPMHEHHITVSXIKIVIPGYIVTSHIP´REHSHILEGIVUYI XSHSWWYWWIRXMHSWHIWTIVXEVERIRIPQSQIRXSIRUYIPSWRIGIWMXEVE HIGSRWIKYMVIRHI´RMXMZEUYIIPHMJYRXSZSPZMIVEEPEZMHEYREZI^WY TIVEHSIPXVERGIHIPEQYIVXIJuWMGE0EMQTSVXERGMEHIPEJYRGMzRHIPSW EQYPIXSWIRIPENYEVJYRIVEVMSUYIHEEXIWXMKYEHETSVIPLIGLSHIUYI ZEVMSWHIIPPSWETEVIGuERIRIP0MFVSHIPSW1YIVXSW¦ZIVHEHIVS¨QERYEP HIMRWXVYGGMSRIW©TEVEIPHMJYRXSUYIPIE]YHEFEEPPIKEVWERS]WEPZSEP QjWEPPj¦GSRMRWXVYGGMSRIWTVIGMWEWHIPQEXIVMEPGSRUYIXIRuERUYIIW XEVLIGLSWWYGSPSVIPPYKEVHIPGYIVTSHSRHIXIRuERUYIWIVGSPSGEHSW] PEWTEPEFVEWUYIXIRuERUYIPPIZEVMRWGVMXEWPEWQMWQEWUYIHIFuEVITIXMV IPWEGIVHSXIHYVERXIPSWEGXSWTVIZMSWEPIRXMIVVSTVSTMEQIRXIHMGLS &4$"3"#"+0%&$03";Î/ &ENEfTSGEE'7IVTIRXMRE%PXYVEGQ #JCMJPHSBGrB %PEZIHVE IX EP 'EWXVS ] 'LVMWXMI«W 0SRHVIW PSXI &YQPTJDJPOFT 0E 1{QME H«SV )P VIXSVR E PE ZMHE 1YWIY )KMTGM HI &EVGIPSRE ] )KMTXI )P TEW E P«IXIVRMXEX 8IVVEWWE]%RHSVVE])KMTXI9RZMEXKI EP«IXIVRMXEX)PGLI )P IWGEVEFENS HIP GSVE^zR IW YR XMTS QY] IWTIGMEP HI EQYPIXS 7I HITSWMXEFEEPPEHSHIPGSVE^zRHIPEQSQMETEVEUYITYHMIVEWIVZMV HIE]YHEEPHMJYRXSIRIPNYMGMSEPUYIIVEWSQIXMHSTSVIPXVMFYREP HI 3WMVMW )WXI NYMGMS S TWMGSWXEWME WYIPI WIV VITVIWIRXEHS TSV YRE FEPERÊGSRYRSWTPEXMPPSWHSRHI´KYVERVIWTIGXMZEQIRXIYRGSVE^zR LYQERS]PEHMSWE1EEXSVHIR]NYWXMGME%PKYRSWINIQTPEVIWTSHuER XIRIVMRWGVMXSIRIPVIZIVWSIPGETuXYPS&HIP0MFVSHIPSW1YIVXSWE ´RHITVSTMGMEVYRNYMGMSJEZSVEFPITEVEIPHMJYRXS)RIWXIGEWSPSW WMKRSWNIVSKPu´GSWTVjGXMGEQIRXILERHIWETEVIGMHS 1-"$"4$0/-"3&13&4&/5"$*Î/%&-04$6"530)*+04%& )0364 &ENEfTSGEE'4EWXEZMHVMEHE%PXYVEGQ GQGQ]GQ 1BSBMFMPT ]&IR8SV]´K #JCMJPHSBGrB %PIKVI+SR^jPZI^]'LVMWXMI«W0SRHVIWPSXI Z'LVMWXMI«W0SRHVIWPSXI &YQPTJDJPOFT )KMTXI )P TEW E P«IXIVRMXEX 8IVVEWWE ] %RHSVVE ])KMTXI9RZMEXKIEP«IXIVRMXEX)PGLI 8VIWHIPSWLMNSWHI,SVYW,ET]FEFYMRS%QWIXLSQFVI]5YIFI LWIRYJLEPGzRJSVQEVSRTEVXIHIYRQMWQSGSRNYRXS7IIRGYIRXVER IRTMIZMWXIRYREQSVXENE]WYNIXERGSRPEWQERSWIPWuQFSPSWEHI TVSXIGGMzR (YEQYXIJ GSR GEFIÊ HI GLEGEP GSQTPIXE IP GYEVXIXS )WXIXMTSIWTIGMEPHIEQYPIXSWJYRIVEVMSWWYIPIETEVIGIVGSWMHSEPEW ZIRHEWHIPEQSQMEQIHMERXIPSWEKYNIVSWVIEPMÊHSWEPEWTMIÊW %04%&%04 4IVuSHS4XSPIQEMGSE'4EWXEZuXVIE%PXYVEGQ 1BSBMFMPT +EFSPHI´K #JCMJPHSBGrB &SRLEQWPSXITEVXI]'SXI &YQPTJDJPOFT )KMTXS)PTEWSEPEIXIVRMHEH&SKSXj8IVVEWWE ]%RHSVVE])KMTXI9RZMEXKIEP«IXIVRMXEX )PGLI 6ITVIWIRXEGMzRHIPSWHIHSWuRHMGI]GSVE^zRHIYREQERSHIVIGLE )WXI EQYPIXS UYI TSHVuE VITVIWIRXEV PSW HIHSW HIP IQFEPWEQEHSV WSPuEGSPSGEVWIWSFVIPEMRGMWMzREFHSQMREPVIEPMÊHETEVEPEI\XVEGGMzR HIPEWZuWGIVEWHIPSWHMJYRXSWE´RHITVSXIKIVPESTEVEGSR´VQEVPE VIEPMÊGMzRHIIWXETEVXIHIPTVSGIWSHIQSQM´GEGMzR ".6-&506%:"5 &ENEfTSGEE'4EWXEZMHVMEHE%PXYVEGQ #JCMJPHSBGrB %PEZIHVE IX EP 'SXI ] (YVjR PSXI &YQPTJDJPOFT 0E 1{QME H«SV )P VIXSVR E PE ZMHE 1YWIY )KMTGM HI &EVGIPSRE 8YXEROLEQzR -QjKIRIW HI YR XIWSVS FENS IP HIWMIVXS IKMTGMS GMRGS MXMRIVERGMEW )KMTXS )P TEWS E PE IXIVRM HEH &SKSXj 8IVVEWWE ]%RHSVVE ])KMTXI9RZMEXKIEP«IXIVRMXEX)PGLI )PYH]EXSNSHI,SVYWJYIYRSHIPSWEQYPIXSWQjWYXMPMÊHSWGSQS TVSXIGXSV HI XSHSW PSW QEPIW )P SNS PYREV VIGYTIVEHS HIWTYqW HI UYI7IXPSVSFEVEJYIWEREHSTSVIPHMSW8SXHIEUYuZMIRIUYIJYIVE HIRSQMREHSÏPMPIWS©*YIIPWuQFSPSHIPTSHIVHIPHMSWHIPEPY^] TSVXERXSYREQYPIXSTSTYPEV)PYH]EXJYIYXMPMÊHSGSQSTVSXIGGMzR GSRXVEIPQEPHISNS(IWHIIP´REPHIP6IMRS%RXMKYSIRPETYIVXE HIPEWXYQFEWIVERGSPSGEHSWHSWYH]EXWPSWGYEPIWXIRuERYRWMK RM´GEHSETSXVSTEMGSGSQSXEQFMqRPSWWMXYEHSWIRPSWPEXIVEPIWHI PSWWEVGzJEKSW 6%:"5.Ò-5*1-& &ENEfTSGEE'4EWXEZMHVMEHE%PXYVEGQ 1BSBMFMPT 4EKI+EWWIV;MIWI1EMR^ #JCMJPHSBGrB 'SXI] &YQPTJDJPOFT 8YXEROLEQzR-QjKIRIWHIYRXIWSVSFENSIPHIWMIVXSIKMTGMSZIMRXI MXMRIVERGMEWTSV)WTEyE]4SVXYKEP)KMTXS)PTEWSEPEIXIVRMHEH&S KSXj8IVVEWWE]%RHSVVE ])KMTXI9RZMEXKIEP«IXIVRMXEX)PGLI %QYPIXSGSQTYIWXS)PSNSWEKVEHSIWXjGSVSREHSTSVYRJVMWSJSVQE HSTSVXVIWYH]EXWWSFVIPSWUYI´KYVEYRPIzRWIRXEHS)PEKYNIVSHI WYWTIRWMzREXVEZMIWEXVERWZIVWEPQIRXIPSWXVIWSNSW 1*-"3%:&% &ENEfTSGEE'4EWXEZMHVMEHE%PXYVEGQ #JCMJPHSBGrB 'EWXVS'SXI] 4LMPPMTW0SRHVIWPSXI &YQPTJDJPOFT 0E 1{QME H«SV )P VIXSVR E PE ZMHE 1YWIY )KMTGM HI &EVGIPSRE 8YXEROLEQzR -QjKIRIW HI YR XIWSVS FENS IP HIWMIVXS IKMTGMS GYEXVS MXMRIVERGMEW)KMTXS )P TEWS E PE IXIVRM HEH &SKSXj 8IVVEWWE ]%RHSVVE ])KMTXI9RZMEXKIEP«IXIVRMXEX)PGLI )PTMPEVH]IHIWYRJIXMGLITVILMWXzVMGSGY]SWMKRM´GEHSXSHEZuERSLE WMHS I\TPMGEHS GSR KEVERXuEW 0E MRXIVTVIXEGMzR QjW I\XIRHMHE IW PE UYIGSRWMHIVEUYIWIXVEXEHIYREIWXEGEHIPEGYEPWIGSPKEFERPEW IWTMKEWHIGIVIEPYRWuQFSPSHIPEJIVXMPMHEHIRIPIRXSVRSVYVEP0PIKz EWIVYRWuQFSPSSWMVMERSMHIRXM´GEHSGSQSPEGSPYQREZIVXIFVEPHIP HMSW]ETEVXMVHIEUYuYRWuQFSPSHIIWXEFMPMHEH ".6-&506"%+ (MREWXuE<<:-E'4EWXEZMHVMEHE%PXYVEGQ #JCMJPHSBGrB %PIKVI+SR^jPZI^]&SRLEQWPSXI'PSW +SR^jPZI^]'SXI &YQPTJDJPOFT &EVRENS]E2SZE.SME&EVGIPSRE0E1{QMEH«SV)PVI XSVR E PE ZMHE 1YWIY )KMTGM HI &EVGIPSRE 8YXEROLEQzR-QjKIRIWHIYRXIWSVSFENSIPHIWMIVXSIKMTGMSGMRGS MXMRIVERGMEW )KMTXS )P TEWS E PE IXIVRMHEH &SKSXj 8IVVEWWE]%RHSVVE])KMTXI9RZMEXKI EP«IXIVRMXEX)PGLI 6ITVIWIRXEGMzRHIYRETPERXEHITETMVS7SFVIqWXEWIIRGYIRXVEPE ERMPPEHIWYWTIRWMzR0ETPERXEHITETMVSYEHNGSRJIVuEPEJVIWGYVE] IPZMKSVHIPENYZIRXYHEWYTSVXEHSV)PGSPSVZIVHIWIVIPEGMSREGSR IPGSRGITXSHIZMHE ".6-&50%&-%*04#&4 &ENEfTSGEE'4EWXEZMHVMEHETMRXEHE%PXYVEGQ #JCMJPHSBGrB 'SXI]'LVMWXMI«W0SRHVIWPSXI &YQPTJDJPOFT )PTMIVGMRKYRRSYPPIRKYEXKIIWXrXMG#&EVRENS]E2SZE.SME&EVGIPS RE8YXEROLEQzR-QjKIRIWHIYRXIWSVSFENSIPHIWMIV XS IKMTGMS ZIMRXMYRE MXMRIVERGMEW TSV )WTEyE ] 4SVXYKEP )KMTXS )P TEWSEPEIXIVRMHEH&SKSXj8IVVEWWE] %RHSVVE])KMTXI9RZMEXKIEP«IXIVRMXEX)PGLI 6ITVIWIRXEGMzRHIPHMSW&IWIRTMIWSFVIYRTIUYIySTIHIWXEPETS ]EHS IR YRE TMPEWXVE HSVWEP )WXj GSQTPIXEQIRXI HIWRYHS GSR PEW TMIVREWEVUYIEHEW]WSWXMIRIYRVIGMTMIRXIGMPuRHVMGSIRXVIWYWQERSW 0PIZEYRKVERTIREGLSHITPYQEWWSFVIPEGEFIÊ%KYNIVSWHIWYW TIRWMzRIRPETMPEWXVEHSVWEP%TIWEVHIRSGSRXEVGSRXIQTPSWIWTIGu ´GSWTEVEWYGYPXS&IWJYIYREHIPEWHMZMRMHEHIWQjWTSTYPEVIWIRPE &ENEfTSGE]WSFVIXSHSIRIPTIVuSHSKVIGSVVSQERS)WTIGMEPQIRXI YXMPMÊHSTSVQYNIVIW]RMySW ".6-&50%&-&/"/01"5&$0 &ENEfTSGEE'4EWXEZMHVMEHE%PXYVEGQ #JCMJPHSBGrB 'SXI &YQPTJDJPOFT 0E 1{QME H«SV )P VIXSVR E PE ZMHE 1YWIY )KMTGM HI &EVGIPSRE 8YXEROLEQzR-QjKIRIWHIYRXIWSVSFENSIP HIWMIVXSIKMTGMSZIMRXIMXMRIVERGMEWTSV)WTEyE]4SVXYKEP)KMTXS)P TEWSEPEIXIVRMHEH&SKSXj8IVVEWWE] %RHSVVE])KMTXI9RZMEXKIEP«IXIVRMXEX)PGLI %QYPIXSGSRPEVITVIWIRXEGMzRHIYRIRERSTEXIGSIRTMIWSFVIYRE TPEXEJSVQE VIGXERKYPEV%RMPPE HI WYWTIRWMzR E PE EPXYVE HI PE RYGE 0SWIRERSWTEXIGSWIVERGSRWMHIVEHSWGSQSPSWLMNSWHI4XELIRWY JYRGMzRGSQSHMSWHIPSWEVXIWERSW%PMKYEPUYI&IWWYIPIIWXEVEWS GMEHSEPETVSXIGGMzRHIRMySW]IRSGEWMSRIWETEVIGIIRTMIWSFVI HSWGSGSHVMPSWEPEZIÛYIWYNIXEHSWWIVTMIRXIWGSRPEWQERSW)WXE VITVIWIRXEGMzREPYHIEPETVSXIGGMzRHMZMREUYIVIGMFMz,SVYWIRWY MRJERGMEGYERHSPSWTIPMKVSWHIPEWXMIVVEWHIP(IPXEEQIREÊFERWY I\MWXIRGME ".6-&50%&-"%*04"56&3*4 &ENEfTSGEE'4EWXEZMHVMEHE%PXYVEGQ #JCMJPHSBGrB 'SXI &YQPTJDJPOFT 0E 1{QME H«SV )P VIXSVR E PE ZMHE 1YWIY )KMTGM HI &EVGIPSRE 8YXEROLEQzR -QjKIRIW HI YR XIWSVS FENS IPHIWMIVXSIKMTGMS GYEXVS MXMRIVERGMEW)KMTXS )P TEWS E PE IXIVRM HEH &SKSXj 8IVVEWWE ]%RHSVVE ])KMTXI9RZMEXKIEP«IXIVRMXEX)PGLI 0SWVEWKSWEREXzQMGSWGYIVTSHILMTSTzXEQSTEXEWHIPIzR]GEFI ÊHIGSGSHVMPSIWXjRTIVJIGXEQIRXIHI´RMHSW%RMPPEHIWYWTIRWMzR EPEEPXYVEHIPERYGE8YIVMWNYKEFEYRMQTSVXERXITETIPEPELSVEHI JEGMPMXEVIPEPYQFVEQMIRXSEPEWQYNIVIWIQFEVEÊHEW ".6-&50%&-%*04505 &ENEfTSGEE'4EWXEZMHVMEHE%PXYVEGQ &YQPTJDJPOFT 0E 1{QME H«SV )P VIXSVR E PE ZMHE 1YWIY )KMTGM HI &EVGIPSRE ] .SMIW HI JEVESRW 8VIWSVW HI QkKMETSHIVMFIPPIWE1YWIY)KMTGMHI&EVGIPSRE] )KMTXI)PTEWEP«IXIVRMXEX8IVVEWWE %QYPIXSGSRPEVITVIWIRXEGMzRHIPHMSW8SX'YIVTSLYQERS]GEFIÊ HIMFMW)WXjIRTMIWSFVIYRETIUYIyETPEXEJSVQEVIGXERKYPEV4MPEW XVE HSVWEP GSR EKYNIVS HI WYWTIRWMzR 0E ´KYVE HIP HMSW 8SX GSQS EQYPIXSIZSGEIPTETIPHIIWXIHMSWIRPEVIWXMXYGMzRHIPSNSHMZMRS HI,SVYW]PEGETEGMHEHHIIWXISNSTEVETVSTMGMEVPEVIWYVVIGGMzRHI 3WMVMW]TSVXERXSHIXSHSWIVUYIEIPPEEWTMVI .0/0 &ENEfTSGEE'4EWXEZMHVMEHE%PXYVEGQ 1BSBMFMPT 4IXVMIPjQ<<<-: #JCMJPHSBGrB %PIKVI+SR^jPZI^]7SXLIF]«W2YIZE=SVOPSXI TEVXI 6ITVIWIRXEGMzR HI YR 'IVGSTMXLIGYW EIXLMSTW QSRS ZIVHI IR TMI WSFVIYRETPEXEJSVQE8MIRIPEERMPPEHIWYWTIRWMzRWSFVIPEIWTEPHE )PYWSHIIWXIEQYPIXSZMRGYPEHSXEQFMqREPHMSW8SXTSHVuEIWXEV HIWXMREHSEPETSXIRGMEGMzRHIPEEGXMZMHEHWI\YEPXIRMIRHSIRGYIRXE PSWLjFMXSWHIPERMQEPVITVIWIRXEHS &305*$0/&4 4IVuSHS4XSPIQEMGSE'4EWXEZMHVMEHE%PXYVEGQ GQ]GQ &YQPTJDJPOFT 8YXEROLEQzR -QjKIRIW HI YR XIWSVS FENS IP HIWMIVXS IKMTGMS 4EPQE HI 1EPPSVGE ] )KMTXI )P TEW E P«IXIVRMXEX 8IVVEWWE 8YXEROLEQzR -QjKIRIW HI YR XIWSVS FENS IP HIWMIVXS IKMTGMS GYEXVS MXMRIVERGMEW ] )KMTXS )P TEWS E PE IXIVRMHEH&SKSXj]8IVVEWWE]8Y XEROLEQzR-QjKIRIWHIYRXIWSVSFENSIPHIWMIVXSIKMTGMSHMIGMSGLS MXMRIVERGMEWTSV)WTEyE]4SVXYKEP])KMTXS)PTEWSEPEIXIVRMHEH &SKSXj]8IVVEWWE 1BSBMFMPT %YJVrVI]+YFIP´KW #JCMJPHSBGrB %PIKVI+SR^jPZI^]'LVMWXMI«W2YIZE=SVO PSXI ] )P5LEQMH8SPIHERS Z 'SXI ] 'LVMWXMI«W2YIZE=SVOPSXI 0SWHIRSQMREHSWIVSXMGSRIWWSR´KYVMPPEWLYQEREWQEWGYPMREWTVI WIRXEHEWQE]SVMXEVMEQIRXIGSRIPJSVQEXSHIEQYPIXS1YIWXVEREXVM FYXSW KIRMXEPIW LMTIVXVz´GSW IR QYGLSW GEWSW LEWXE YR TYRXS HI I\EKIVEGMzR MRZIVSWuQMP )VER QY] YXMPMÊHSW GSQS SFNIXSW ZSXMZSW VIPEGMSREHSWGSRPEJIVXMPMHEH]PETSXIRGMEWI\YEP &4$"3"#&04 )PIWGEVEFENSTIPSXIVSJYIYRSHIPSWERMQEPIWUYIQjWWMQFSPSKuE ETSVXzEPEGYPXYVEIKMTGME%WuPEFSPEHII\GVIQIRXSWUYIEVVEWXVEFE JYIEWSGMEHEGSRIPEWXVSWSPEVEHIQjWIPLIGLSHIUYIIPIWGEVEFENS WIIRXIVVEVEGSRWYPEVZE]PEFSPEHII\GVIQIRXSW]UYIEPTSGSXMIQ TSWEPMIVEYRTIUYIySIWGEVEFENSEPI\XIVMSVLM^SUYIXEQFMqRJYIVE GSRWMHIVEHS GSQS YR WuQFSPS HI VIKIRIVEGMzR S HI EYXSGVIEGMzR *YIWMRRMRKYREHYHEIPEQYPIXSQjWI\XIRHMHSIRXVIPSWERXMKYSW IKMTGMSW XERXS IR PE ZMHE XIVVIREP GSQS IR GSRXI\XSW JYRIVEVMSW%P TSHIVWMQFzPMGSMQTPuGMXSHIPERMQEPWILEHIEyEHMVIPTSHIVHIPSW IPIQIRXSW UYI RSVQEPQIRXI ETEVIGIR VITVIWIRXEHSW IR IP VIZIVWS HI IWXI XMTS HI TMIÊW RSQFVIW HI JEVESRIW MQTSVXERXIW S HMSWIW WuQFSPSWSIWGIREW´KYVEXMZEWHIWMKRM´GEHSZEVMEFPI &4$"3"#&04 &ENEfTSGEE'4EWXEZMHVMEHE0SRKMXYHIRXVI] GQ #JCMJPHSBGrB 'SXI &YQPTJDJPOFT 0E1{QMEH«SV)PVIXSVREPEZMHE1YWIY)KMTGMHI&EVGIPSRE 8YXEROLEQzR -QjKIRIW HI YR XIWSVS FENS IP HIWMIVXS IKMTGMS GMRGS MXMRIVERGMEW )KMTXS )P TEWS E PE IXIVRM HEH &SKSXj 8IVVEWWE ]%RHSVVE ])KMTXI9RZMEXKIEP«IXIVRMXEX)PGLI 0E1{QMEH«SV)PVIXSVREPEZMHE1YWIY)KMTGMHI&EVGIPS RE ] 8YXEROLEQzR -QjKIRIW HIYRXIWSVSFENSIPHIWMIVXSIKMTGMSSRGIMXMRIVERGMEWTSV)WTEyE ] 4SVXYKEP )KMTXS )P TEWS E PE IXIVRMHEH &SKSXj 8IVVEWWE]%RHSVVE])KMTXI9RZMEXKI EP«IXIVRMXEX)PGLI 0SWGMRGSINIQTPEVIWQYIWXVERIWUYIQEWHSVWEPIWFEWXERXIWMQMPEVIW 0EZEVMIHEHHIQSXMZSWWIIRGYIRXVEIRIPVIZIVWSHSRHIXVIWHIIPPSW GSRXMIRIRWMKRSWNIVSKPu´GSWUYIGSRJSVQEREPKYRSHIPSWRSQFVIWHI PSWJEVESRIW6EQWqW--]8YXQSWMW---]IRIPWIKYRHSIP JEVEzRVIGMFIIPITuXIXSHIËQEHSHI%QzR6E©0ETMIÊTVIWIRXE YREGSQTSWMGMzRQjWGSQTPINEMRXIKVEHETSVHSWHMSWEWUYIWSWXMIRIR IPGIXVSYEW]FENSIPPEWHSWFEFYMRSWWIRXEHSWEWTMVERHSIPEVSQEHI YREµSV0ETMIÊGYIRXEGSRZEVMSWWMKRSWHIEPXSTSHIVWMQFzPMGS GSQSIPGIXVSYEWTSHIVIPTMPEVH]IHIWXEFMPMHEHSPEFEVGEWSPEV &45"56*--"04*3*"/"5*1015")4Î$"3&404*3*4 &ENEfTSGEE'1EHIVEIWXYGEHE]TMRXEHE%PXYVEGQ #JCMJPHSBGrB 'SXI]'LVMWXMI«W0SRHVIWPSXI &YQPTJDJPOFT )KMTXS)PTEWSEPEIXIVRMHEH&SKSXj8IVVEWWE ]%RHSVVE])KMTXI9RZMEXKIEP«IXIVRMXEX )PGLI )WXEXYMPPEHIPHMSW3WMVMWIRTSWMGMzRQSQMJSVQIIRTMIWSFVIYRETPE XEJSVQE IR JSVQE HI TEVEPIPITuTIHS 4IPYGE XVMTEVXMXE UYI PI HINE PSW LSQFVSWEPHIWGYFMIVXS0YGIYRGSPPEVHIWMIXILMPEHEWHIGYIRXEWHI JSVQEWZEVMEHEW4VIWIRXEXI\XSWNIVSKPu´GSWIRPETEVXIJVSRXEP]IRPE TMPEWXVEHSVWEP7SFVIPEFEWIWIETVIGMEYREGEZMHEHIRPEUYITVSFE FPIQIRXIWIGSPSGEVuEPE´KYVEHIPLEPGzRXEPGSQSWITYIHIETVIGMEV IRQYGLEWTMIÊWWIQINERXIWEIWXE7SFVIPEGEFIÊXMIRIYREKYNIVS HIJSVQEVIGXERKYPEVUYIHIFMzHIWIVZMVTEVEIRGENEVPEGSVSREHIPE HMZMRMHEH7IXVEXEHIYRSHIPSWSFNIXSWGEVEGXIVuWXMGSWUYIETEVIGIR IRPSWIUYMTEQMIRXSWJYRIVEVMSWHIPEWXYQFEWHI&ENEfTSGE)WYRE HMZMRMHEHWMRGVqXMGEUYIEREPEWJYRGMSRIWHI3WMVMWHMSWHIPSWQYIV XSW]HIPSWHMSWIWQIR´XEW4XEL]7zGEVIW%PKYREWHIPEW´KYVEWHI 4XEL7zGEVIW3WMVMWTVIWIRXERYRETIUYIyEGEZMHEHIRPEIWTEPHEHSR HIWIGSPSGEFERJVEKQIRXSWHITETMVSGSRXI\XSWHIGEVjGXIVQjKMGS 3&13&4&/5"$*Î/%&-%*044Î$"3&4&/'03."%&)"-$Î/ &ENEfTSGEE'1EHIVEIWXYGEHE]TMRXEHE%PXYVEGQ 1BSBMFMPT %JJLSPHIV+qVEVH'SVRMG´KW]%VEYNS %YJVrVI ´K &IVPIZ,SHNEWL :- ] :- 'LIZEY\IXEPTMIÊW](VSWXI ´KW]/VEYWTIPjQW4IVHY6MGOEP TMIÊ]6EXMq] &YQPTJDJPOFT )KMTXI )P TEW E P«IXIVRMXEX 8IVVEWWE ] %RHSVVE ])KMTXI9RZMEXKIEP«IXIVRMXEX)PGLI 6ITVIWIRXEGMzRHIYRLEPGzRGSRIPHMWGSWSPEVTMRXEHSWSFVIPEGEFIÊ *MKYVEWHIIWXIXMTSJYIVSRYXMPMÊHEWGSQSGSQTPIQIRXSHIPEWVITVI WIRXEGMSRIWHI4XEL7zGEVIW3WMVMWWMXYEHEWYREJVIRXIESXVE8EQFMqR ETEVIGIGSVSRERHSEXEHIWSGSRXIRIHSVIWXEVHuSWHIZEWSWGERSTSW &45"56*--" 6IMRS2YIZSHMREWXuE<-<E'1EHIVE%PXYVEGQ 1BSBMFMPT («%YVME´K #JCMJPHSBGrB (VSYSXPSXI &YQPTJDJPOFT )KMTXI)PTEWEP«IXIVRMXEX8IVVEWWE )WXEXYMPPEHIQEHIVEIRTSWMGMzRQSQMJSVQI7IIRGYIRXVEIRTMIWS FVIYRETIUYIyETPEXEJSVQEIRGY]EFEWIIWETVIGMEFPIYRETqRHMGI GFMGSHIWXMREHSEPEWYNIGMzRHIPETMIÊWSFVIYRETPEXEJSVQEGSQS IRPEWIWXEXYEWHI4XEL7zGEVIW3WMVMW0YGITIPYGEXVMTEVXMXEYRGSPPEV JSVQEHSTSVGYEXVSLMPEHEWHIGYIRXEW]IPYVISWSFVIPEJVIRXI'EVIGI HITMPEWXVEHSVWEP7SFVIHMJIVIRXIWTEVXIWHIPGYIVTSWSRETVIGMEFPIW VIWXSWHIPIWXYGSUYIHIFMzHIWIVZMVHIWSTSVXIEPSWIPIQIRXSWTMR XEHSWHIIWXSWUYIHERQYIWXVEWHIPEWPuRIEWRIKVEWUYIHI´RMIVSR IRWYHuEPETIPYGE4EVXIMRJIVMSVVSXE]VIMRXIKVEHE4MIÊHIHMJuGMP EHWGVMTGMzRXMTSPzKMGE]EUYITSHVuEXVEXEVWIHIYRYWLIFXMSHIYRE ZEVMERXIHIPEWGEVEGXIVuWXMGEW´KYVEWHI4XEL7zGEVIW3WMVMW VIEPMHEH PSW ERXMKYSW IKMTGMSW IWXEFER SFWIWMSREHSW TSV PE ZMHE ] GVIuER´VQIQIRXIIRYREZMHEIXIVREIRIPQjWEPPjQY]WMQMPEVEPE ZMZMHEIRPESVMPPEHIP2MPS)WTSVIPPSUYIIRWYWVIGMRXSWJYRIVEVMSW ZIVHEHIVEWGEWEWTEVEPEIXIVRMHEHWIVSHIEFERHIXSHSWPSWSFNIXSW HI YWS GSXMHMERS UYI TYHMIVER RIGIWMXEV IR WY ZMHE HI YPXVEXYQFE ZENMPPEWHITMIHVEHIHYVEGMzRMR´RMXEQYIFPIWVITVIWIRXEGMSRIWHI WMVZMIRXIWUYIGSFVEVuERZMHEQjKMGEQIRXITEVEXVEFENEVTEVEWYWTVS TMIXEVMSWIXIVREQIRXIIPIQIRXSWHITVIWXMKMS]HMZIVWMzRGSQSFS RMXSWZIWXMHSWFIPPuWMQEWNS]EWGSREQYPIXSWHITSHIVIWQMWXIVMSWSW GSWQqXMGSW TEVE RS HIWGYMHEV WY EWTIGXS RM WMUYMIVE HIWTYqW HI PE QYIVXIEWuGSQSSFNIXSWTEVEWYWQSQIRXSWHISGMSNYIKSWMRWXVY QIRXSWQYWMGEPIWEHIQjWHIEVQEWTEVEINIVGMXEVWI]PYGLEVGSRXVE TSWMFPIWTIPMKVSW 1035"%03"%&0'3&/%"4 4VMQIV4IVuSHS-RXIVQIHMSHMREWXuE<-E'1EHIVEIWXY GEHE]TMRXEHEPMRS%PXYVEGQ 1BSBMFMPT &VIEWXIHPjQW #JCMJPHSBGrB %PIKVI %PIKVI+SR^jPZI^ &SRLEQW PSXI]'SXI] &YQPTJDJPOFT (EQEW HIP 2MPS &EVGIPSRE )KMTXS )P TEWS E PE IXIVRMHEH &SKSXj 8IVVEWWE ] %RHS VVE ] )KMTXI 9R ZMEXKI E P«IXIVRMXEX )PGLI )WXEXYMPPEHIQEHIVEIRTMIQSRXEHEWSFVIYRETPEXEJSVQEQSHIV RE PI JEPXER PSW TMIW &VE^S HIVIGLS E PS PEVKS HIP GYIVTS GSR PE QERS TIVJSVEHE TEVE PE MRWIVGMzR HI EPKR SFNIXS &VE^S MÛYMIVHS PIZERXEHSTEVEWYNIXEVYRGIWXSUYIWSTSVXEWSFVIPEGEFIÊ4IPYGE WIyEPEHEIRRIKVS]SNSWIRFPERGS'SRWIVZEEQSHSHIZIWXMHS YRETMIÊHIXIPEHIPMRS(YVERXIIP4VMQIV4IVuSHS-RXIVQIHMS]IP 6IMRS1IHMSPEWQEUYIXEWUYIVITVSHYGIRRYQIVSWEWEGXMZMHEHIWHI PE ZMHE GSXMHMERE JYIVSR TVSJYWEQIRXI YXMPMÊHEW 'SQTPIQIRXEFER SWYWXMXYuERPSWVIPMIZIWSTMRXYVEWTEVMIXEPIWHIPEGETMPPEHIGYPXS ]XIRuERGSQSIWXEWIPTVSTzWMXSHITIVTIXYEVTEVEIPHMJYRXSPSW EWTIGXSWQjWHIWXEGEFPIWHIPQYRHSXIVVIREP9REWHIPEWQjWGS QYRIWWSRPSWTSVXEHSVIWHISJVIRHEWLSQFVIW]QYNIVIWUYMIRIW PPIZERWSFVIPEGEFIÊYRGIWXSUYIWYNIXERGSRPEQERSMÛYMIVHE 7YIPIRVITVIWIRXEVWIGYMHEHSWEQIRXIZIWXMHEWTIMREHEWIRNS]EHEW ]QEUYMPPEHEW '*(63"4130$&%&/5&4%&6/"."26&5"'6/&3"3*" 6IMRS1IHMSE'1EHIVEIWXYGEHE]TMRXEHE%PXYVE GQGQ]GQ #JCMJPHSBGrB Z4LMPPMTW0SRHVIWPSXI+SR^jPZI^] (YVjRPSXI&YQPTJDJPOFT 8YXEROLEQzR-QjKIRIWHIYRXIWSVSFENSIPHIWMIVXSIKMTGMS4EPQE HI1EPPSVGE]8IRIVMJI )RXVI PEW QEUYIXEW JYRIVEVMEW QjW GEVEGXIVuWXMGEW HIWXEGER PEW UYI VITVSHYGIRIQFEVGEGMSRIWHIXSHSXMTSTIWGEXVERWTSVXIHIQIVGER GuEWHIVIGVISSJYRIVEVMEWIWYREGSRWIGYIRGMEPzKMGEWMWIXMIRIIR GYIRXEIPIRXSVRSµYZMEPIRIPUYIWIHIWEVVSPPzPEGMZMPMÊGMzRJEVEz RMGE(SXEHEWHIYRKVERVIEPMWQSIRIPPEWWIMRGPY]IRQMIQFVSWHI PEXVMTYPEGMzRSTIVWSRENIWHIQE]SVVERKSTVSTMIXEVMSSGPMIRXI UYIWYIPIWIVHIQE]SVXEQEySUYIPEWHIQjW]EHSTXEVYREEGXMXYH QjWTEWMZE] -"$Ç."3"4&16-$3"-** &RVJQBEBDPOUPEPMPRVFQVFEFEFTFBSTFQBSBUPEBVOBFUFSOJEBE ¨:MZIPEZMHETYIWZIVHEHIVEQIRXIRSQYIVIWPEQYIVXI© 8I\XSWHIPEW4MVjQMHIWGE' 1YGLSWILELEFPEHSHIPEWYTYIWXESFWIWMzRHIPEGYPXYVEJEVEzRMGE TSVPEQYIVXI2SSFWXERXIREHEQjWIVVzRISUYIIWEE´VQEGMzR)R "10:"$"#&;"4 6IMRS1IHMSE'%PEFEWXVS%PXYVEGQ 1BSBMFMPT (VSYSXPSXI #JCMJPHSBGrB &SRLEQWPSXI'SXI]+SR^jPZI^ &YQPTJDJPOFT )KMTXS)PTEWSEPEIXIVRMHEH&SKSXj8IVVEWWE ]%RHSVVE])KMTXI9RZMEXKIEP«IXIVRMXEX )PGLI %FTDSJQDJwO %TS]EGEFIÊWJSVQEHSTSVXVIWTMIÊW9REFEWITWIYHSVVIGXERKYPEV YRWSTSVXILI\EKSREPQjWKVYIWSIRPETEVXIMRJIVMSVUYIIRPEWY TIVMSV]YRWSTSVXIGYVZSTEVEPEGEFIÊ)PETS]EGEFIÊWJYIMRXIV TVIXEHSIRYRTVMRGMTMSGSQSHIYWSIWXVMGXEQIRXIJYRIVEVMS)WXSW IPIQIRXSWWSRLEFMXYEPQIRXIHIQEXIVMEPIWHYVSWGSQSQEHIVEEPE FEWXVSSQEV´P%TIWEVHIWYETEVIRXIMRGSQSHMHEHRYQIVSWEWGYP XYVEWERXMKYEW]EGXYEPIWPSLERYXMPMÊHSGSQS¨GSNuR©HYVERXIPEVKSW TIVuSHSWHIPELMWXSVME)PETS]EGEFIÊWXEQFMqRXIRuEYRWMKRM´GEHS WMQFzPMGS GSQS EQYPIXS HI TVSXIGGMzR HIWXMREHS E WEPZEKYEVHEV PE GEFIÊHIPHMJYRXSQIHMERXIWYMHIRXM´GEGMzRGSRIPWSPWYWXIRXEHS WSFVIIPLSVM^SRXITSV7LYHMSWHIPEMVI "10:"$"#&;"4 6IMRS2YIZSE'1EHIVEIWXYGEHE%PXYVEGQ ]GQ #JCMJPHSBGrB (VSYSXPSXI'SXI](VSYSX PSXI &YQPTJDJPOFT 8YXEROLEQzR -QjKIRIW HI YR XIWSVS FENS IP HIWMIVXS IKMTGMS GYEXVSMXMRIVERGMEW)KMTXI)PTEWEP«IXIVRMXEX8IVVEWWE ]%RHSVVE])KMTXI9RZMEXKIEP«IXIVRMXEX)PGLI 8YXEROLEQzR-QjKIRIWHIYRXIWSVSFENSIPHIWMIVXS IKMTGMS8SVVSIPPEHI1SRXKVu]1IPMPPE )KMTXS)PTEWSEPEIXIVRMHEH&SKSXj8IVVEWWE ]%RHSVVE])KMTXI9RZMEXKIEP«IXIVRMXEX )PGLI %TS]EGEFIÊW *SVQEHSW TSV XVIW TMIÊW FEWI GSPYQRE ] WSTSVXI 'SRWIVZERVIWXSWTEVGMEPIWHIIWXYGSFPERUYIGMRS 0EWNS]EWIVERGPEVSWMRHMGEHSVIWHIPVERKSHIWYWTSVXEHSVIW%Wu PSWTIVWSRENIWQINSVWMXYEHSWTSHuERPYGMVNS]EWVIEPMÊHEWGSRSVS TPEXE GSVREPMRE PETMWPj^YPM QMIRXVEW UYI PSW QIRSW EJSVXYREHSW XIRuER UYI GSRJSVQEVWI GSR SFNIXSW JEFVMGEHSW IR TEWXE ZMHVMEHE GY]S GSPSVMHS MQMXEFE PSW QEXIVMEPIW QjW PYNSWSW 'SR IP GEVjGXIV QjKMGSHIPEWNS]EWGY]SWHMWIySWIWXEFERMRWTMVEHSWRSVQEPQIRXI IRWuQFSPSW]TIVWSRENIWHMZMRSWPSWIKMTGMSWIWTIVEFERTVSTMGMEV PEQINSVESIPFYIRHIWEVVSPPSHIPEWGYIWXMSRIWVIPEXMZEWEPEZMHE XIVVIREP]PEHIYPXVEXYQFE9REHIPEWNS]EWTVIJIVMHEWHIPSWIKMT GMSWIVERPSWGSPPEVIWHIGYIRXEWUYIIVERQY]ZEVMEHSWIRGYERXS EPEJSVQEPSWQEXIVMEPIWYXMPMÊHSW]IPWMKRM´GEHSHIPSWIPIQIRXSW VITVIWIRXEHSW $0--"3 6IMRS2YIZSHMREWXuEW<:---<-<E''SVREPMRESVSNEW TITEWXEZMHVMEHE0SRKMXYHGQ 1BSBMFMPT %RHVI[W ´K R 'LVMWXMI«W 2YIZE =SVO PSXI (SREHSRMIXEPF(SREHSRMIXEPG*VIIH ]4IXVMIPjQ<0---´K #JCMJPHSBGrB %PIKVI+SR^jPZI^]'EWXVSE*EVESRW 'SXI]'LVMWXMI«W0SRHVIWPSXI &YQPTJDJPOFT &EVRENS]E2SZE.SME&EVGIPSRE4EWMzRTSVIP%RXMKYS )KMTXS&EVGIPSRE8YXEROLEQzR-QjKIRIWHIYRXIWS VSFENSIPHIWMIVXSIKMTGMS7EFEHIPP8EVVEKSRE ]0E'SVYyE)KMTXS)PTEWSEPEIXIV RMHEH&SKSXj8IVVEWWE]%RHSVVE ])KMTXI9RZMEXKIEP«IXIVRMXEX)PGLI 'SPPEVJSVQEHSTSVYRELMPEHEHIGYIRXEWHITEWXEZMHVMEHE]SVS0SW EQYPIXSWWILERMHIRXM´GEHSGSQSVITVIWIRXEGMSRIWHIWIQMPPEWSHIP JVYXSHIPEKVEREHEIRGYEPUYMIVGEWSWuQFSPSWHIPETSWMFMPMHEHHI PEVIRSZEGMzRHIPEZMHE]HIPµSVIGMQMIRXSGSRGITXSWFjWMGSWTEVE GSPQEVPSWHIWISWHIWYTIVZMZIRGMEIXIVREHIPWIVLYQERS $0--"3&4 :EVMEWqTSGEW4EWXEZMHVMEHE]GSVREPMRE0SRKMXYHGQ] GQ #JCMJPHSBGrB %PIKVI+SR^jPZI^]'EWXVSE'LVMWXMI«W 0SRHVIWPSXI]*EVESRW &YQPTJDJPOFT .SMIWHIJEVESRW8VIWSVWHIQkKMETSHIVMFIPPIWE1YWIY)KMT GM HI &EVGIPSRE ] )KMTXS )P TEWS E PE IXIVRMHEH 8IVVEWWE]%RHSVVE0E1{QMEH«SV )PVIXSVREPEZMHE1YWIY)KMTGMHI&EVGIPSRE.SMIW HIJEVESRW8VIWSVWHIQkKMETSHIVMFIPPIWE1YWIY)KMTGMHI&EV GIPSRE ] )KMTXI )P TEW E P«IXIVRMXEX 8IVVEWWE ]%RHSVVE 'SPPEVIWQSRXEHSWIRqTSGEQSHIVREETEVXMVHIYREWIGYIRGMEJSVQE HETSVGYIRXEWHITEWXEZMHVMEHEEPXIVREHEWGSRRYQIVSWSWEQYPIXSW HITEWXEZMHVMEHE]GSVREPMRE)RXVIPSWEQYPIXSW´KYVERIPWuQFSPS RIJIVFIPPIÊIWGEVEFISWµSVIWHIPSXSSNSWYH]EXWIPTMPEVH]IH YREQIWEHISJVIRHEWPETPERXEHITETMVSYEHNERMQEPIWGSGSHVMPS TIVVS]´KYVEWHMZMREW8YIVMW7LY%RYFMW&IW 3&$*1*&/5&1"3",0)06IMRS 2YIZS HMREWXuE <:--- E ' 4MIHVE GEPMÊ %PXYVE GQ 1BSBMFMPT +EFSPHI TMIÊ 4IXVMI PjQ - ] :ERHMIV H«%FFEHMITMIÊW #JCMJPHSBGrB %PIKVI+SR^jPZI^](VSYSXPSXI &YQPTJDJPOFT (EQEWHIP2MPS&EVGIPSRE])KMTXI)PTEWEP«IXIVRMXEX 8IVVEWWE]%RHSVVE 0E TMIÊ GSRWMWXI IR PE VITVIWIRXEGMzR HI YR QSRS WIRXEHS WSFVI YRETPEXEJSVQEUYIWYNIXEGSRWYWQERSWYRGSRXIRIHSVGMPuRHVMGS )P GSRXIRIHSV GYIRXE GSR YRE TIVJSVEGMzR GIVGE HIP FSVHI ] SXVE TSWMFPITIVJSVEGMzRIRIPPEHSSTYIWXSLEHIWETEVIGMHSEGEYWEHI YREVSXYVE&ENSPETPEXEJSVQEHIJSVQESZEPEHEWIETVIGMEYRXI\XS NIVSKPu´GSIRQEVGEHSIRYREPuRIEMRGMWEUYIWIXVEHYGIGSQS¨%QIR LSXIT ZMZI© 9RKIRXSW TIVJYQIW ] TMRXYVE TEVE PSW SNSW IVER TVS HYGXSWEQTPMEQIRXIYXMPMÊHSWTSVPSWIKMTGMSW0SWTETMVSWQqHMGSW IRYQIVERPEVKEWPMWXEWHIWYWXERGMEWHIWXMREHEWEHMZIVWEW´REPMHEHIW IPMQMREGMzRHIPSPSVGSVTSVEPLMHVEXEGMzRHIPETMIPXVEXEQMIRXSHI EVVYKEW]TIGEWTVIZIRGMzRHIPEGEuHEHIPGEFIPPS)PTVSHYGXSQjW I\XIRHMHSJYIIPOSLSPQIWHIQIXIRIKMTGMS 105&%&,0)0(MREWXuE<:---E'1EHIVE]QEV´P%PXYVEGQ 1BSBMFMPT 4EKI+EWWIV;MIWI´K%T #JCMJPHSBGrB &SRLEQWPSXI]%PPEVH4MIVWSR1YWIYQTMIÊ &YQPTJDJPOFT )K]TXI )IRHIV IR %RHIVW %PPEVH 4MIVWSR 1YWIYQ R 1EMR^ 6IGMTMIRXIYXMPMÊHSTEVEPEGSRXIRGMzRHIOSLSP)PGSRXIRIHSVGSR WMWXI IR YR XYFS HSFPI XEPPEHS ] TIVJSVEHS IR YRE RMGE TMIÊ PE TVSJYRHMHEHMRXIVMSVHIPSWXYFSWIWHI]GQVIWTIGXMZEQIRXI 9RTIUYIySEKYNIVSIRPETEVXITSWXIVMSVHIFuEHIWIVZMVTEVEPEWYNI GMzR]IPQSZMQMIRXSKMVEXSVMSHIPEXETEQMIRXVEWUYIPETIVJSVEGMzR ZMWMFPIIRPETEVXIJVSRXEPIRXVIPSWHSWXYFSWLEFVuEEPFIVKEHSIPTE PMPPSYXMPMÊHSTEVEPEETPMGEGMzRHIPTVSHYGXS(MZIVWEWMRGVYWXEGMSRIW VIEPMÊHEWIRQEHIVEHMWTYIWXEWZIVXMGEPQIRXISVREQIRXERPETEVXI JVSRXEPHIPETMIÊ &41&+0 &ENEfTSGEE'&VSRGI%PXYVEGQ #JCMJPHSBGrB 'SXI &YQPTJDJPOFT 0E1{QMEH«SV)PVIXSVREPEZMHE1YWIY)KMTGMHI&EVGIPSRE 8YXEROLEQzR-QjKIRIWHIYRXIWSVSFENSIPHIWMIVXSIKMT GMS ZIMRXMYRE MXMRIVERGMEW TSV )WTEyE ] 4SVXYKEP )KMTXS )P TEWS E PEIXIVRMHEH&SKSXj8IVVEWWE]%RHSVVE ])KMTXI9RZMEXKIEP«IXIVRMXEX)PGLI )WTINSHIJSVQESZEP)RWYTEVXIMRJIVMSVXMIRIYRTIHRGYPSVIGXER KYPEVGSRYRETIVJSVEGMzRYXMPMÊHSTEVEPEMRWIVGMzRHIPETMIÊIR YRQERKS0SWIWTINSWIKMTGMSWXIRuERPEWYTIV´GMIHIQIXEPKIRIVEP QIRXIGSFVIFVSRGISTPEXE4SVWYJSVQE]FVMPPSIWXEFEREWSGMEHSW WMQFzPMGEQIRXIEPWSP1YGLEWHIIWXEWTMIÊWIVERTVIWIRXEHEWGSQS SFNIXSWHIGYPXSEHMZMRMHEHIWJIQIRMREW 1"-&5"%&$04.c5*$04 4IVuSHS4VIHMRjWXMGS2EKEHE-E'+VEYZEGE0SRKMXYH GQ 1BSBMFMPT 4IXVMI PjQ <0--- ´K 2 4IXVMI PjQ <0:-- ´KW ] ]:ERHMIV´KW] #JCMJPHSBGrB %PIKVI+SR^jPZI^]'LVMWXMI«W0SRHVIWPSXI &YQPTJDJPOFT .SMIWHIJEVESRW8VIWSVWHIQkKMETSHIVMFIPPIWE1YWIY)KMTGMHI &EVGIPSRE 4EPIXEHIKVEYZEGEGSRJSVQEHIYRERMQEPMRHIXIVQMREHS)RPETEVXI TSWXIVMSVTVIWIRXEYREQYIWGEUYITSHVuEXVEXEVWIHIPEGSPEQMIRXVEW UYIIRPEHIPERXIVEIPWIGXSVJVEKQIRXEHSTYIHIMRXIVTVIXEVWIGSQS IPEVVERUYIHIPGYIPPSHIPERMQEPPEGEFIÊLEWMHSVIWXMXYMHEVIGMIR XIQIRXI'YIRXEGSRYRETIVJSVEGMzRGMVGYPEVIRPETEVXIWYTIVMSVHI PE TMIÊ 7I HMJIVIRGME GPEVEQIRXI PE WYTIV´GMI HI XVEFENS KVEGMEW E YRETIUYIyEHITVIWMzRYWEHETEVEPETVITEVEGMzRHIPTVSHYGXS0EW TEPIXEWJYIVSRYXMPMÊHEWGSQSWYTIV´GMIWTEVEPETVITEVEGMzRHIGSW QqXMGSWUYIEHIQjWHIXIRIVYRE´REPMHEHGPEVEQIRXIIWXqXMGEIVER ETPMGEHSWTSVWYWGYEPMHEHIWQIHMGMREPIW2SIWI\XVEySIPYWSGEWM I\GPYWMZSHIPEKVEYZEGETEVEPEJEFVMGEGMzRHIIWXSWSFNIXSW]EUYI WYGSPSVZIVHIWMQFSPMÊFEPEJVIWGYVE]PEZMHE 3&$*1*&/5&1"3"6/(f&/504 &ENEfTSGEE'4EWXEZMHVMEHE%PXYVEGQ &YQPTJDJPOFT 0E1{QMEH«SV)PVIXSVREPEZMHE1YWIY)KMTGMHI&EVGIPSRE ])KMTXI)PTEWEP«IXIVRMXEX8IVVEWWE]%R HSVVE 6IGMTMIRXI HI TEWXE ZMHVMEHE YXMPMÊHS TEVE PE GSRXIRGMzR HI EPKR XMTSHITVSHYGXSGSWQqXMGS&EWIGSRZI\EMRIWXEFPI'YIVTSSZSMHI GSR FSVHI I\ZEWEHS ] PEFMS TPERS )R PE TEVXI MRXIVMSV TVIWIRXE YR PMKIVSVIFSVHI7YTIV´GMII\XIVMSVHIGSVEHEGSRTMRXYVERIKVEEFEWI HIQSXMZSWµSVEPIWHIEWTIGXSTEPQMJSVQIGSPSGEHSWZIVXMGEPQIRXI] WITEVEHSWTSVVIKMWXVSW 5"1":$"+"%&."%&3" 6IMRS2YIZSHMREWXuE<-<E'1EHIVEQEV´P]GSRGLE %PXYVEGQWSPSPEXETE #JCMJPHSBGrB %PIKVI+SR^jPZI^ (SREHSRM IX EP G ] (VSYSX PSXITEVXI &YQPTJDJPOFT (EQEWHIP2MPS&EVGIPSRE.SMIWHIJEVESRW8VIWSVW HIQkKMETSHIVMFIPPIWE1YWIY)KMTGMHI&EVGIPSRE ])KMTXI)PTEWEP«IXIVRMXEX8IVVEWWE]%RHSVVE 8ETE HI YRE GENE VIGXERKYPEV HI TIUYIyEW HMQIRWMSRIW 4SWII YR ETqRHMGIXVSRGSGzRMGSEQSHSHIEWEIRYRSHIPSWI\XVIQSW0EXETE IWXj JSVQEHE TSV HSW JVEKQIRXSW HI QEHIVE IRWEQFPEHSW PEXIVEP QIRXIGLETEHSWIRPEWYTIV´GMIGSRPjQMREWHIQEHIVE´REŃEHEW QIHMERXIIPYWSHIGPEZSWHIQEV´P)WXjHIGSVEHEGSRQEVUYIXIVuE HIQEV´PQEHIVE]GSRGLEUYIGSRJSVQERYRIWTEGMSHIXVIWVIGXjR KYPSWGSRGqRXVMGSW]YREVIXuGYPEVSQFSMHEPIRIPQjWMRXIVRSHIPSW XVIW)RPETEVXIMRJIVMSVWSRETVIGMEFPIWPEWHSWTMIÊWUYIEHIQjW HIVIJSVÊVPEIWXVYGXYVEHIPEXETEJEGMPMXERIPIRGENIHIIWXEGSRIP GSRXIRIHSVYREHIIPPEWMRGPYWSHMWTSRIHIXVIWGPEZSWHIŃEGMzR0E GENEHIQEHIVEIWQSHIVREVIEPMÊHETEVEGSQTPIQIRXEVPETMIÊ ."26&5"%&3&$*1*&/5&4%&6/(f&/504 &ENEfTSGEE'4EWXEZMHVMEHE%PXYVEGQ 1BSBMFMPT %VXSJXLI%RGMIRX;SVPH´K'LEVPIW)HI0MQMXIH´K 'LVMWXMI«W2YIZE=SVOPSXI]2EK] #JCMJPHSBGrB (VSYSXPSXI &YQPTJDJPOFT )KMTXI )P TEW E P«IXIVRMXEX 8IVVEWWE ] %RHSVVE 'SRNYRXSHIHMI^ZEWMXSWHIJE]IRÊHMWTYIWXSWTSVTEVINEWWSFVIYRE TIUYIyETPEXEJSVQEVIGXERKYPEV0EGSPSGEGMzRIWYRXERXSEWMQqXVMGE ]HIWGIRXVEHE8MIRIZEVMEWWIyEPIWHIVIWXEYVEGMzRUYILERWMHSQY] FMIRHMWMQYPEHEW $"#&;"4%&.";" 4IVuSHS4VIHMRjWXMGS´REPIWHIPE'&EWEPXS(MjQIXVS GQ]GQ 1BSBMFMPT 2IIHPIV])QIV]´KF]2IIHPIV #JCMJPHSBGrB 'SXI'LVMWXMI«W0SRHVIWPSXI1EVXuRIÊ ]7GLSWOI;MPHYRKTMIÊWG]I &YQPTJDJPOFT 8YXEROLEQzR-QjKIRIWHIYRXIWSVSFENSIPHIWMIVXSIKMTGMS7ERXM PPEREHIP1EV]1IPMPPE)KMTXS )PTEWSEPEIXIVRMHEH&SKSXj8IVVEWWE ] %RHSVVE ] )KMTXI 9R ZMEXKI E P«IXIVRMXEX )PGLI 'EFIÊWHIQEÊHIJSVQEHMWGSMHEP]TMVMJSVQI0EWQEÊWWSRPEW EVQEWQjWERXMKYEWHIPEGYPXYVEJEVEzRMGE'SRWMWXuERIRYRTIVGYXSV HITMIHVEMRWIVXEHSIRYRFEWXzRHIQEHIVESHIQEV´P8MTSPzKMGE QIRXIPSWQSHIPSWHMWGSMHEPIWWSRQjWERXMKYSWUYIPSWTMVMJSVQIW 4SWXIVMSVQIRXIIPJEVEzREWMQMPzIWXIMRWXVYQIRXSGSQSEXVMFYXSHI WYJYIVÊ]HIWYTSHIV )"$)"%&$0.#"5& 6IMRS1IHMSE'&VSRGI0SRKMXYHGQ 1BSBMFMPT &IHQER´K](VSYSXPSXI #JCMJPHSBGrB %VX SJ XLI %RGMIRX ;SVPH PSXI 'SXI 1EVXuRI^ E]1EVXuRI^F &YQPTJDJPOFT 8YXEROLEQzR-QjKIRIWHIYRXIWSVSFENSIPHIWMIVXSIKMTGMSWIMW MXMRIVERGMEW )KMTXS )P TEWS E PE IXIVRMHEH &SKSXj 8IVVEWWE]%RHSVVE])KMTXI9RZMEXKI EP«IXIVRMXEX)PGLI ,EGLEHIFVSRGIIRJSVQEHIGVIGMIRXIPYREV)RIPI\XVIQSIWXjVIQE XEHSTSVYRTIUYIySTIHRGYPSXMPTEVEWIVZMVHIXSTIEPEWGYIVHEW UYIEWIKYVEVuERPEŃEGMzRHIPETMIÊHIFVSRGIEPQERKSHIQEHIVE UYI GSQTPIXE IP EVQE (IWHI IP TYRXS HI ZMWXE EVQEQIRXuWXMGS WI TYIHI E´VQEV UYI )KMTXS RYRGE HMWJVYXz HI YRE WYTIVMSVMHEH GPEVE WSFVI WYW IRIQMKSW 0E QE]SV TEVXI HI PEW MRRSZEGMSRIW XqGRMGEW ] QEXIVMEPIWJYIVSRGSRWIKYMHEWTSVPEMRµYIRGMEHISXVEWGYPXYVEW)P q\MXSHIPEWXVSTEWJEVEzRMGEWIRWYWQSQIRXSWQjWKPSVMSWSWLEHI MRXIVTVIXEVWITVMRGMTEPQIRXIGSQSIPVIWYPXEHSHIPESVKERMÊGMzRHIP INqVGMXS]PEHMWGMTPMRE]PEJSVQEGMzRHIPSWWSPHEHSW )"$)"%&$"31*/5&30 6IMRS1IHMSE''SFVI0SRKMXYHGQ 1BSBMFMPT (VSYSXPSXI #JCMJPHSBGrB (VSYSXPSXI &YQPTJDJPOFT )KMTXI )P TEW E P«IXIVRMXEX 8IVVEWWE ] %RHSVVE ])KMTXI9RZMEXKIEP«IXIVRMXEX)PGLI ,SNEHILEGLEHIJSVQEVIHSRHIEHE8MIRIHSWETqRHMGIWVIGXERKY PEVIWTEVEJEGMPMXEVWYIRQERKYI)P´PSTVIWIRXEEPKYREWQIPPEW0EW LEGLEW HI GEVTMRXIVS IVER YXMPMÊHEW TEVE HMZIVWEW XEVIEW XEP GSQS QYIWXVERPEWQEVGEWIRGSRXVEHEWWSFVIJVEKQIRXSWHIQEHIVE]WS FVIXSHSPEWVITVIWIRXEGMSRIWTEVMIXEPIWHIPEWXYQFEWTVMZEHEW7SR FEWXERXIGSQYRIWPEWIWGIREWUYIQYIWXVERPEXEPEHIjVFSPIWSIP GSVXIHIQEHIVEWIRPSWEWXMPPIVSWTEVEPEJEFVMGEGMzRHIFEVGSW 1-"$"%&&/53&$)026& 6IMRS2YIZSE',YIWS0SRKMXYHGQ 1BSBMFMPT 7IMTIPETMIÊ #JCMJPHSBGrB &SRLEQWPSXI]'SXI &YQPTJDJPOFT 8YXEROLEQzR-QjKIRIWHIYRXIWSVSFENSIPHIWMIVXSIKMTGMS8SVVS IPPEHI1SRXKVu])KMTXS)PTEWSEPEIXIVRMHEH&SKS Xj8IVVEWWE]%RHSVVE 4PEGEHIYRGVzXEPSSGEWXEyYIPE8MIRIJSVQEHIQERS0ETEVXIXVEWI VEIWXSXEPQIRXIPMWE)RYRI\XVIQSHIPETEVXIWYTIVMSVWIVITVIWIRXE PEQERSTVSTMEQIRXIHMGLE)RPEQYyIGEPYGIYRETYPWIVEGSRYRE VIXuGYPE VSQFSMHEP QMIRXVEW UYI PE TEVXI GSVVIWTSRHMIRXI EP FVE^S IWXj WEPTMGEHE HI HMI^ QSXMZSW JSVQEHSW TSV GuVGYPSW GSRGqRXVMGSW 9RETIVJSVEGMzRVIEPMÊHEIRPETEVXIWYTIVMSVHIIWXEGEVEWIVZuETEVE QERXIRIV YRMHEW PEW HSW TPEUYIXEW UYI GSQTSRuER IP MRWXVYQIRXS QYWMGEP0EQWMGEJYIYRSHIPSWIPIQIRXSWGYPXYVEPIWQjWMQTSVXER XIWHIPERXMKYS)KMTXSGSQSPSHIQYIWXVEIPEPXSRMZIPWSGMEPHIPSW QWMGSW0EWKVERHIWHEQEWXSGEFERIPWMWXVSQMIQFVSWHIPEJEQMPME VIEPXIRuERXuXYPSWGSQSIPHI¨.IJIHIPSW'ERXERXIW©]PEVIMREIVE GSRWMHIVEHE PE TVMQIVE MRWXVYQIRXMWXE HI )KMTXS 0E QWMGE IWXEFE TVIWIRXIIRXSHSWPSWjQFMXSWHIPEZMHEGSQSWMQTPIHMZIVWMzRTEVE HEVVMXQSEPEWXEVIEWGSXMHMEREWSPMKEHEEPGYPXSIRPSWXIQTPSW ."/(0%&4*4530 &ENEfTSGEE'&VSRGI%PXYVEGQ 1BSBMFMPT %JJLSPHIV+qVEVH'SVRMG´K #JCMJPHSBGrB 'EWXVSF'EWXIPF'PSW+SR^jPZI^'SXI 7SXLIF]«W2YIZE=SVOPSXI]7SXLIF]«W0SR HVIWPSXI &YQPTJDJPOFT 8YXEROLEQzR-QjKIRIWHIYRXIWSVSFENSIPHIWMIVXSIKMTGMS8SVVS IPPEHI1SRXKVu)KMTXS)PTEWSEPEIXIVRMHEH&SKS Xj8IVVEWWE]%RHSVVE] )KMTXI9RZMEXKIEP«IXIVRMXEX)PGLI 1ERKSHIWMWXVS)PEWMHIVSIWHIJSVQEGMPuRHVMGEGSRYREQSPHYVE IRPEFEWI)RPETEVXIWYTIVMSVLE]YREVITVIWIRXEGMzRFMJVSRXIHIPE HMSWE,EXLSVGEFIÊLYQERE]SVINEWHIZEGEGSRYREQTPMSGSPPEV GSRZEVMEWLMPEHEWHIGYIRXEWWIyEPEHEWQIHMERXIMRGMWMSRIW0EHMSWE PYGITIPYGEXVMTEVXMXEGSRPEWXVIRÊWXIVQMREHEWIRFYGPIW%EQFSW PEHSWHIPEGEFIÊWIIRGYIRXVERHSWYVISWXSGEHSWGSRIPHMWGSWS PEV7SFVIPEWGEFIÊWHI,EXLSV]PSWYVISWTEVIGIVITVIWIRXEVWIYR RESWGEVIRXIHIXIGLS]UYIGSRXMIRIPE´KYVEHIYRKEXSWIRXEHS(I IRXVIPSWMRWXVYQIRXSWQYWMGEPIWQjWTSTYPEVIWIRIPERXMKYS)KMTXS IPWMWXVSQIVIGIYRETEVXEHSIWTIGMEP)PWMWXVSWSFVITEWzIPjQFMXS QIVEQIRXIQYWMGEPEPWIVTVMRGMTEPQIRXIYXMPMÊHSIRPEPMXYVKMEHIPSW XIQTPSWWSFVIXSHSEUYIPPSWHIHMGEHSWEPEHMSWE,EXLSV]EUYIIP WSRMHS HI IWXI MRWXVYQIRXS PI KYWXEFE IWTIGMEPQIRXI 7IKYVEQIRXI WYSVMKIRWIIRGYIRXVEIRPEGSWXYQFVIHIEKMXEVVEQSWHITETMVSERXI PSWFIFqWTEVEIRXVIXIRIVPSW]EPEZIÎWTERXEVEPEWQSWGEW'SR PEEWMQMPEGMzRTSWXIVMSVHIIWXEHMSWEGSR-WMWIPWMWXVSXEQFMqRJYI YXMPMÊHSIRPEPMXYVKMEHIIWXEPXMQE]WYYWSWII\XIRHMzTSVXSHSIP 1IHMXIVVjRISMKYEPUYIIPGYPXSMWuEGS &/4":0%&&4$6-503&/'03."%&$0-6./")"5)Î3*$" 4IVuSHS4XSPIQEMGSE'4MIHVEGEPMÊ%PXYVEGQ 1BSBMFMPT &SRLEQWPSXI](SREHSRMIXEP´K #JCMJPHSBGrB &SRLEQWPSXI'EWXVSF]'SXI] &YQPTJDJPOFT )KMTXS)PTEWSEPEIXIVRMHEH&SKSXj8IVVEWWE ]%RHSVVE 'SRWXEHIGYEXVSGEVEWUYITVIWIRXERTVjGXMGEQIRXIIPQMWQSEWTIG XSWEPZSPEWHMJIVIRGMEWTVSHYGMHEWTSVGYIWXMSRIWHIGSRWIVZEGMzR )RPEQjWGSQTPIXEIWETVIGMEFPIPETEVXIWYTIVMSVHIPTMPEVSGXSKS REPEGSRXMRYEGMzRYREVITVIWIRXEGMzRHIPEGEFIÊHI,EXLSVVSWXVS ]TIPYGEHIQYNIV]SVINEWHIZEGEUYIPYGIYRGSPPEVHIGYIRXEWGMV GYPEVIW0EGEFIÊIWXjVIQEXEHETSVPSWIPIQIRXSWGEVEGXIVuWXMGSWHI YRWMWXVSHIRESWEPEQFVIGSRZSPYXEWIRPSWI\XVIQSWRESWGIRXVEP ] RMGLS UYI EPSNE PE VITVIWIRXEGMzR HI YR YVIS IVKYMHS XSGEHS GSR IPHMWGSWSPEV8ERXSIRPETEVXIWYTIVMSVGSQSIRPEMRJIVMSVPETMIÊ QYIWXVEWIyEPIWHIVSXYVEWMRUYIWIETVIGMIWYPuQMXISVMKMREP '*$)"4%&+6&(0 6IMRS2YIZSE'%PEFEWXVS]]TMIHVEGEPMÊ ]%PXYVEIRXVI]GQ 1BSBMFMPT 8EMXPjQW<]<--];MIWI&VSHFIGO %RHVIY%VEYNS&SYVVMEY*VIIH 7IXXKEWX TMIÊ ;MIWI&VSHFIGO ] >MIKPIVTMIÊ #JCMJPHSBGrB &SRLEQWPSXI %FTDSJQDJwO 0EWTMIÊWHIEPEFEWXVSIWXjRTIVJSVEHEWZIVXMGEPQIRXI4SHVuERLEFIV WMHS YXMPMÊHEW GSQS ´GLEW 7I LER HSGYQIRXEHS GYEXVS NYIKSW HI QIWEGSRPSWUYIPSWIKMTGMSWSGYTEFERWYWQSQIRXSWHISGMSIP NYIKSHIPSW¨ZIMRXIGYEHVSW©IPQILIRIPQIR]IPQjWGSRSGMHS HIXSHSWIPWIRIX0SWXEFPIVSWHINYIKS]WYWTMIÊW´KYVERIRXVI PSWIUYMTEQMIRXSWJYRIVEVMSWQjWVMGSWEWuGSQSIRIWGIREWIRPEW UYI YR TIVWSRENI ETEVIGI VITVIWIRXEHS NYKERHS YRE TEVXMHE WMR YR EHZIVWEVMSETEVIRXIIWXEPXMQEWIMRXIVTVIXEGSQSYRIRJVIRXEQMIRXS IRXVIIPHMJYRXS]PEQYIVXIIRIPUYIIPWIVLYQERSWINYIKEWYW TSWMFMPMHEHIWHIZMHEIXIVRE %"%0 4IVuSHS4XSPIQEMGSE'1EV´P%PXYVEGQ 1BSBMFMPT %JJLSPHIV+qVEVH'SVRMG´K](IGOIV #JCMJPHSBGrB +SR^jPZI^ 8MIRIQEVGEHSQIHMERXITYRXSWVIHSRHIEHSWTSVYRGuVGYPSMRGMWSIP ZEPSVHIGEHEYREHIPEWGEVEW2SWIXMIRIGSRWXERGMEHIPYWSHIIWXI XMTSHIHEHSIR)KMTXSLEWXEPEqTSGEKVIGSVVSQERE +"33"%&"-."$&/".*&/50 (MREWXuE<:---GMVGEE''IVjQMGETMRXEHE%PXYVEGQ 1BSBMFMPT &SWXSR])P/LSYPMIXEPPjQE #JCMJPHSBGrB &SRLEQWPSXI]'SXI &YQPTJDJPOFT 8YXEROLEQzR-QjKIRIWHIYRXIWSVSFENSIPHIWMIVXSIKMTGMSZIMR XMWMIXIMXMRIVERGMEWTSV)WTEyE]4SVXYKEP)KMTXS)PTEWSEPEIXIV RMHEH&SKSXj8IVVEWWE]%RHSVVE ])KMTXI9RZMEXKIEP«IXIVRMXEX)PGLI .EVVEHIGIVjQMGEVIEPMÊHEEXSVRS'SGGMzRS\MHERXI7YTIV´GMII\XIV RETMRXEHEEFERHEWHIHMJIVIRXIWGSPSVIWWITEVEHEWTSVPuRIEWVSNEW ]RIKVEW&EWIMRIWXEFPIGSRZI\EGYIVTSSZSMHI]FSVHII\ZEWEHS GSR IP PEFMS VIHSRHIEHS 0EW XYQFEW TSHuER HSXEVWI GSR PSW IPI QIRXSWRIGIWEVMSWTEVEPEWYFWMWXIRGME)RIPGEWSHIPSWEPMQIRXSW RSVQEPQIRXIIVERGSPSGEHSWIRVIGMTMIRXIWHITMIHVESGIVjQMGES IRGIWXEW]GENEW)RPEXYQFEHI8YXEROLEQzRWIIRGSRXVzYRENEVVE TVjGXMGEQIRXIMHqRXMGEEPEHIWGVMXE ."26&5"4%&7"404%&0'3&/%"4 6IMRS%RXMKYSHMREWXuEW-::-E'8IVVEGSXE%PXYVE GQ #JCMJPHSBGrB 'LVMWXMI«W0SRHVIWPSXI &YQPTJDJPOFT )KMTXI)PTEWEP«IXIVRMXEX8IVVEWWE 6IGMTMIRXIW GIVjQMGSW VIEPMÊHSW E XSVRS 7I XVEXE HI TVSHYGGMSRIW IR QMRMEXYVEHISFNIXSWHIQE]SVXEQEyS0SWHSWZEWSWVITVSHYGIRIPGE VEGXIVuWXMGSZEWSLIWQMIRXVEWUYIPSWTPEXSWWSRHIYREJSVQEQIRSWTI GYPMEV)RPEW^SREWHIGYPXSHIXYQFEWTVMZEHEW]VIEPIWHIP6IMRS%RXMKYS WILERPSGEPMÊHSHITzWMXSWZSXMZSWGSRQMPIWHISFNIXSWHIIWXIXMTS &MFPMSKVEJuE %JJLSPHIV+qVEVH & ] 'SVRMG 1 . %RKIVW 1YWqI 4MRGq 'SPPIGXMSRWqK]TXMIRRIW4EVuW %PEZIHVE.IXEP)KMTXS0PEQEHEEP1jW%PPj1EHVMH %PIKVI 7 HMV *EVEzR HI )KMTXS 6I]IW HI PE IXIVRMHEH 1EHVMH'EXjPSKSHII\TSWMGMzR %PIKVI7¨(EQIWHIP2MP(SRIWMHIIWWIWHIP«ERXMG)KMTXI© %VUYIS'PYF&EVGIPSRE %PIKVI7]+SR^jPZI^01(EQEWHIP2MPS1YNIVIW]HMSWEW HIPERXMKYS)KMTXS&EVGIPSRE %PIKVI 7 ] +SR^jPZI^ 0 1 .S]EW HI JEVESRIW 8IWSVSW HI QEKMETSHIV]FIPPIÊ&EVGIPSRE %PPEVH4MIVWSR1YWIYQ%PPEVH4MIVWSR1YWIYQ)K]TXI)IRHIV IR%RHIVW1EMR^ %RHVIY+HMV0IWEVXMWXIWHI4LEVESR4EVuW %RHVI[W'%QYPIXW0SRHVIW %VEYNS01%RXMKYMHEHIWIKuTGMEW0MWFSE %VX SJ XLI %RGMIRX ;SVPH 6S]EP%XLIRE +EPPIVMIW %VX SJ XLI %RGMIRX ;SVPH2YIZE=SVO%RXMGYEVMS %YJVrVI 7 'SPPIGXMSRW qK]TXMIRRIW 1YWqIW HqTEVXIQIRXEY\ HI7IMRI1EVMXMQI6SYIR &EGL*]&IVOIP6)PWVEWXVIWHIP«EPJEFIX)WGVMTXYVEMEVX &EVGIPSRE &IHQER8%^YPIWIKMTGMSW&EVGIPSRE &IR8SV(8LI-QQSVXEPWSJ%RGMIRX)K]TX.IVYWEPqR &IVPIZ3],SHNEWL7'EXEPSKYISJXLI1SRYQIRXWSJ%RGMIRX )K]TX JVSQ XLI 1YWIYQW SJ XLI 6YWWMER *IHIVEXMSR 9OVEMRI &MIPSVYWWME'EYGEWYW1MHHPI%WMEERHXLI&EPXMG7XEXIW3&3 &MIVFVMIV10,MIVSKP]TLMG8I\XWJVSQ)K]TXMER7XIPEIIXG TEVX8LI&VMXMWL1YWIYQ0SRHVIW &SRLEQW&SRLEQW%RXMUYMXMIW0SRHVIW'EXjPSKSHIWYFEWXE &SVK&1YQMIRTSVXVmXW1EMR^ &SWXSR1YWIYQSJ*MRI%VXW)K]TX«W+SPHIR%KI8LI%VXSJ 0MZMRKMRXLI2I[/MRKHSQ&'&SWXSR &SXXM+0IGEWWIHMQYQQMIIMWEVGSJEKMHE)P,MFIL7XYHM *PSVIRGME &SYVVMEY.4LEVESLWERH1SVXEPW)K]TXMER%VXMRXLI1MHHPI /MRKHSQ'EQFVMHKI &VIEWXIH.,)K]TXMERWIVZERXWXEXYIW;EWLMRKXSR &VIWGMERM)0IWXIPIIKM^MERIHIP1YWIS'MZMGS%VGLISPSKMGS HM&SPSKRE&SPSRME &VSO7YFEWXEW&VSO&EVGIPSRE'EXjPSKSHIWYFEWXE &VYRRIV8VEYX)]&VYRRIV,(MIcK]TXMWGLI7EQQPYRKHIV 9RMZIVWMXmX8FMRKIR1EMRÊQ6LIMR 'ERXMPIRE 6 ] 6YFMRS 4 0E 'SPPI^MSRI IKM^MERE HIP 1YWIS %VGLISPSKMGS2E^MSREPIHM2ETSPM2jTSPIW 'EWXIP)E¨)PGPIVSJIQIRMRS©IR%PIKVI7]+SR^jPZI^01 (EQEWHIP2MPS&EVGIPSRE 'EWXIP)F¨)PTERXIzRJIQIRMRS©IR%PIKVI7]+SR^jPZI^ 01(EQEWHIP2MPS&EVGIPSRE 'EWXVS 2 GSSVH 0E 1SQME HI 3VS )P VIXSVRS E PE ZMHE &EVGIPSRE 'EWXVS2E¨:MHEGSXMHMEREHIYREHEQEHIP2MPS©IR%PIKVI 7]+SR^jPZI^01(EQEWHIP2MPS&EVGIPSRE 'EWXVS 2 F ¨,EXLSV IR IP 1YWIY )KMTGM HI &EVGIPSRE© %VUYIS'PYF&EVGIPSRE 'IRMZEP.0HI0IPMZVITSYVWSVXMVEPINSYV4EVuW 'LETTE^.0¨fGVMXYVIWHIP«fK]TXITLEVESRMUYI©IR7SVXMVEY NSYV%VXqK]TXMIRHIPE*SRHEXMSR1EVXMR&SHQIV'ELMIVWHIPE 7SGMqXqH«fK]TXSPSKMIZSP+MRIFVE 'LEVPIW )HI 0MQMXIH 'LEVPIW )HI 0MQMXIH )K]TXMER %RXMUYMXMIW 0SRHVIW 'LIZEY\1IXEP0IWGSPPIGXMSRWqK]TXMIRRIWHERWPIW1YWqIW HI7E|RIIX0SMVI%YXYR 'LVMWXMI«W 0SRHVIW 'LVMWXMI«W %RXMUYMXMIW 0SRHVIW 'EXjPSKS HI WYFEWXE 'LVMWXMI«W2YIZE=SVO'LVMWXMI«W%RXMUYMXMIW2YIZE=SVO'EXjPSKSHI WYFEWXE 'PSW.]+SR^jPZI^010SW8IWSVSWHIP'PEVMW1EHVMH 'SXI6IH)KMTXSIPTEWSEPEIXIVRMHEH&SKSXj 'SYXEKRI(IXEP1YWqI+VERIX'SPPIGXMSRqK]TXMIRRI%M\ IR4VSZIRGI («%QMGSRI)7EVGzJEKSWHIPERXMKYS)KMTXS&EVGIPSRE («%YVME71YQQMIW QEKMG&SWXSR (IGOIV;7TSVXWERHKEQIWSJ%RGMIRX)K]TX0SRHVIW (SREHSRM% 1 IX EP E 0E GMZMPMÊGMzR HI PSW IKMTGMSW 0EW GVIIRGMEWVIPMKMSWEW1MPjR (SREHSRM % 1 IX EP F -P 1YWIS )KM^MS HM 8SVMRS 2SZEVE T (SREHSRM% 1 IX EP G 'MZMPMÊGMzR HI PSW IKMTGMSW 0E ZMHE GSXMHMERE1MPjRT (SREHSRM%1IXEP'MZMPMÊGMzRHIPSWIKMTGMSW0EWEVXIWHI PEGIPIFVEGMzR1MPjR´K (S\MEHMW)8LI1]WXIVMSYW*E]YQ4SVXVEMXW0SRHVIW (VSWXI::IXEP7XEXYIXXIR+IJmWWIYRH+IVmXI0MIFMIKLEYW 1YWIYQ%PXIV4PEWXMOcK]TXMWGLI&MPH[IVOI&ERH1IPWYRKIR (VSYSX,SXIP(VSYSX%RXMUYMXqW4EVuW'EXjPSKSHIWYFEWXE (YVjR7YFEWXEW(YVjR1EHVMH'EXjPSKSHIWYFEWXE )P/LSYPM%IXEP7XSRIZIWWIPWTSXXIV]ERHWIEPMRKWJVSQ XLI8SQFSJ8YXEROLEQYR3\JSVH )P5LEQMH]8SPIHERS.)VSXMWQS]WI\YEPMHEHIRIPERXMKYS )KMTXS&EVGIPSRE )QIV];&%VGLEMG)K]TX0SRHVIW )WXVEHE*¨'SQSYRZMENIIRIPXMIQTS©6IZMWXEHI%VUYISPSKuE 1EHVMH *EVESRW *YRHEGMz &ERGEM\E *EVESRW :EPIRGME 'EXjPSKS HI I\TSWMGMzR *IGLLIMQIV,/PIMRTPEWXMOHIVcK]TXIV&IVPuR *VIIH6))K]TX«W+SPHIR%KI&SWXSR +EFSPHI1'EXEPSKYIHIWERXMUYMXqWqK]TXMIRRIWHY1YWqI .SWITL(qGLIPIXXI6SERRI +EVGuE 'EWXVS . % ¨1YWIS 'PEVMW &EVGIPSRE© 6IZMWXE HI %VUYISPSKuE1EHVMH +IVQSRH4L]0MZIX.&IWXMEMVIqK]TXMIR4EVuW +SR^jPZI^01¨'SPIGGMzR.SVHM'PSWHI%VUYISPSKuE)KMTGME &EVGIPSRE©2MPYW&EVGIPSRE +SR^jPZI^01¨)P1YWIS)KMTGMSHI&EVGIPSRE©6IZMWXEHI %VUYISPSKuE1EHVMH +SR^jPZI^01¨1jWHIYRGIRXIREVHIRYIZEWEHUYMWMGMSRIW© %VUYIS'PYF&EVGIPSRE +SR^jPZI^ 0 1 ¨)P 1YWIY )KMTGM RYIZEW EHUYMWMGMSRIW© %VUYIS'PYF&EVGIPSRE +SR^jPZI^01¨)P1YWIY)KMTGMVIWXEYVEGMzRI\TSWMGMSRIW IWXYHMSW ] RYIZEW EHUYMWMGMSRIW© %VUYIS'PYF &EVGIPSRE +YFIP)GSSVH(Y2MPkP«)WGEYX&VYWIPEW ,SHNEWL7]&IVPIZ38LI)K]TXMER6IPMIJWERH7XIPEIMRXLI 4YWLOMR1YWIYQSJ*MRI%VXW1SWGS[0IRMRKVEHS .SVKIRWIR 1 2] 'EVPWFIVK +P]TXSXIO 'EXEPSKYI )K]TX - &''STIRLEKYI .SWITLWSR.%])PHEQEX]117XEXYIWSJXLI<<:XLERH <<:-XL(]REWXMIWRVW'+')P'EMVS /VEYWTI 6 /EXEPSK cK]TXMWGLIV 7EQQPYRKIR MR 0IMT^MK 7XEXYIRYRH7XEXYIXXIR1EMRÊQ6LIMR 0zTI^ +VERHI 1 . (EQEW EPEHEW HIP ERXMKYS )KMTXS &EVGIPSRE 1EVXuRI^ . E ,MWXSVME QMPMXEV HI )KMTXS HYVERXI PE (MREWXuE <:---&EVGIPSRE 1EVXuRI^.F¨(SWLSNEWHILEGLEHIKYIVVETIVXIRIGMIRXIWEP 1YWIY©%VUYIS'PYF&EVGIPSRE 1IWWMLE,])P,MXXE1%1EPPE[M%RXMUYMXMIW1YWIYQ-% FVMIJHIWGVMTXMSR)P'EMVS 2EK]-1YWIYQSJ*MRI%VXW&YHETIWX8LI)K]TXMER'SPPIGXMSR &YHETIWX 2IIHPIV ; 4VIH]REWXMG ERH %VGLEMG )K]TX MR XLI &VSSOP]R 1YWIYQ2YIZE=SVO 2IPWSR 1 'EXEPSKYI HIW %RXMUYMXqW fK]TXMIRRIW JVSQ XLI 'SPPIGXMSRSJXLI%VGLEISPSKMGEP1YWIYQSJ1EVWIMPPIW1EVWIPPE 4EKI+EWWIV 1 ] ;MIWI % & cK]TXIR %YKIRFPMGOI HIV )[MKOIMX&EWMPIE 4IVHY3]6MGOEP)0EGSPPIGXMSRqK]TXMIRRIHY1YWqIHI 4MGEVHMI4EVuW 4IVRMKSXXM 7 0E WXEXYEVME IKM^MERE RIP 1YWIS 'MZMGS %VGLEISPSKMGSHM&SPSKRE1MPjR 4IXVMI;1*+MÎLERH6MJILI\GQIQ0SRHVIW 4IXVMI;1*%QYPIXW0SRHVIW 4IXVMI;1*6MUUILERH1IQTLMW:-)6%0SRHVIW 4IXVMI;1*4VILMWXSVMG)K]TX0SRHVIW 4IXVMI;1*2EKEHEERH&EPPEW;EVQMRWXIV 4LMPPMTW 0SRHVIW 4LMPPMTW %RXMUYMXMIW 0SRHVIW 'EXjPSKS HI WYFEWXE 6EXMq 7 %RRIG] QYWqIGLlXIEY 'LEQFqV] QYWqIW H«EVX IX LMWXSMVI %M\PIW&EMRW QYWqI EVGLqSPSKMUYI 'SPPIGXMSRW qK]TXMIRRIW4EVuW 6SIHIV+cK]TXMWGLI&VSRÎ[IVOIR,EQFYVKS 6SIHIV+cK]TXMWGLI&VSRÎ´KYVIR&IVPuR 7GLSWOI7];MPHYRK()RXHIGOYRKIRcK]TXMWGLI/YRWXMR 7HHIYXWGLPERH1RMGL 7GLYPX^6cK]TXMWGLIV1YWIYQ&IVPMR1EMR^ 7GLYP^ 6 ] 7IMHIP 1 )KMTXS )P QYRHS HI PSW JEVESRIW 'SPSRME 7GLRIMHIV,(7LEFXMW0IMHIR 7IMTIP;E+}XXIV1IRWGLIR4LEVESRIR:MIRE 7IMTIP;F(EW:IVQmGLXRMWHIV4LEVESRIR>VMGL 7IXXKEWX.:SR8VSNEFMW%QEVRE1EMRÊQ6LIMR 7SXLIF]«W 0SRHVIW 7SXLIF]«W %RXMUYMXMIW 0SRHVIW 'EXjPSKS HI WYFEWXE 7SXLIF]«W 2YIZE =SVO 7SXLIF]«W %RXMUYMXMIW 2YIZE=SVO 'EXjPSKS HIWYFEWXE 8EMX ; . +EQIFS\IW ERH EGGIWWSVMIW JVSQ XLI 8SQF SJ 8YX«EROLEQYR8873\JSVH 8SQjW * . ¨0EW QSQMEW ERMQEPIW HIP 1YWIY )KMTGM HI &EVGIPSRE)WXYHMSVEHMSPzKMGS©IR'EWXVS2GSSVH0E1SQME HI3VS)PVIXSVRSEPEZMHE&EVGIPSRE :ERHMIV.1ERYIPH«%VGLqSPSKMIfK]TXMIRRIXSQS-4EVuW :ERHMIVH«%FFEHMI.0IWSFNIXWHIXSMPIXXIqK]TXMIRWEY1YWqI HY0SYZVI4EVuW :ER,EEVPIQ;7EVGSTLEKMERHVIPEXIHSFNIGXW'%%%PPEVH 4MIVWSR1YWIYQ%QWXIVHEQ%QWXIVHEQ ;MIWI % ] &VSHFIGO % 8SYXEROLEQSR 0«SV HI P«%Y(IPk 4EVuW >MIKPIV'L>MIKPIV'LIH8LI4LEVESLW1MPjR Cultura Entretenida S.L. Fernando el Católico 13, oficina 7 28015 Madrid Email: [email protected] Tel: 91 444 03 48 Fax: 91 447 52 78

Egipte - Cultura Entretenida

Documentos relacionados

Productos

Apoyo

Egipte - Cultura Entretenida

Documentos relacionados

Añadir este documento a la recogida (s)

Añadir a este documento guardado

Sugiéranos cómo mejorar StudyLib