FRQFLHUWRVUHVHÅDVGLVFRVGYGFLQHFRPLFURO 086,&$_&,1(_$57(_/,7(5$785$_&,(1&,$62&8/7$6 / (3"56*50 :::/$(67$'($&20 "º0 ª%BOB'SBOL"MMSJHIUTSFTFSWFE HGLWRULDO / OHJyHOYHUDQR\FRQpOODVYDFDFLRQHVHOGHVFDQVR\HOEXHQWLHPSR3HURSRUHQFLPDGH WRGRODOOHJDGDFDORUQRVSUHVHQWDXQDpSRFDUHSOHWDGHIHVWLYDOHVH[SRVLFLRQHV\DFRQWH FLPLHQWRVUHODFLRQDGRVFRQODVDUWHV(QPHGLRGHWRGDHVWDYRUiJLQHHVWLYDOQXHVWURUHSRUWHUR &DUORV$UHQDVVHGHVSOD]yKDVWDODSUHFLRVD9LHQDSDUDDVLVWLUDXQDGHODVH[SRVLFLRQHVGH DUWHFRQWHPSRUiQHRPiVLQTXLHWDQWHV\IDVFLQDQWHVTXHVHSXHGHQYLVLWDUHQODDFWXDOLGDGODGHO DUWLVWDVXL]R+5*LJHU 6LQGXGDDODPD\RUtDRVVRQDUiGHDOJRHVWHQRPEUHQRHQYDQR*LJHUKDFRODERUDGR HVWUHFKDPHQWHFRQHOPXQGRGHOFLQHODP~VLFDHODUWH\ODOLWHUDWXUD(ODPSOLRHVSHFWURGH DFWLYLGDGHVTXHDEDUFDDVtFRPRODVIDQWiVWLFDVFUHDFLRQHVTXHKDDSRUWDGRHQHVWRVFDPSRV QRKDFHQVLQRFRQYHUWLUORHQXQDSHUVRQDPX\HVSHFLDO3DGUHGH$OLHQ5LGOH\6FRWWHVFXOWRU \GLVHxDGRUGHLQILQLGDGGHSRUWDGDVWDQWRGHGLVFRVFRPRGHYLGHRMXHJRVODSHUVRQDOLGDGGHO VXL]RQRKDGHMDGRGHVHUSUHVDGHHQVD\RV\WUDEDMRV $VtSXHVRVGHMRGHODPDQRGH&DUORVHQODFDSLWDODXVWULDFDFRQHVWHHVSHFLDO³*LJHULQ:HLQ´ 1DGDPHMRUSDUDHVWDVFDOXURVDVWDUGHVGHYHUDQRTXHXQUHIUHVFDQWHYLDMHDORPiVUHFyQGLWR GHODPHQWHKXPDQD'LVIUXWDGPLVTXHULGDVDOPDVGHODSHFXOLDUYLVLyQTXHQRVRIUHFH*LJHUGH VXPXQGR 'LUHFFLyQ0LJXHO1HLUD 0DTXHWDFLyQ+XPEHUWR0DUWLQH] 5HGDFFLyQ&DUORV$UHQDV 1"35&* (JHFSFO7JFOBSFQPSUBKFTPCSFMBSFUSPTQFDUJWBFOMBDBQJUBMBVTUSJBDB &OUSFWJTUBDPOFMNBFTUSPTVJ[P ]&MNBFTUSPEFMIPSSPS 1PDPTBSUJTUBTEFTQJFSUBOUBOUBGBTDJOBDJØODPNP)3(JHFS&TUFBSUJTUBTVJ[PIBEFTBSSPMMB EPVOBJOUFOTBDBSSFSBEFTEFMPTB×PTTFTFOUBIBTUBMBBDUVBMJEBE4VQFDVMJBSPCSBHSÈmDBZ QJDUØSJDBNFOPTDPOPDJEBRVFTVTDPOTUBOUFTDPMBCPSBDJPOFTSFBMJ[BEBTFOFMNFEJPDJOFNB UPHSÈmDPTFDPOmHVSBDPNPMBQMBTNBDJØOEFVOVOJWFSTPQFSTPOBMFOFMRVF(JHFSTFFSJHF DPNPEJTF×BEPSEFGPSNBTJNQPTJCMFTZEFNVOEPTGBOUÈTUJDPTQSPQJPTEFVOBQFTBEJMMB 4JOEVEB(JHFSFTVOPEFMPTBSUJTUBTNÈTTVHFSFOUFTZBUSBDUJWPTEFMPTÞMUJNPTUJFNQPT DVZBPCSBEFTQJFSUBVOBFOPSNFGBTDJOBDJØOFOMPTTFDUPSFTBSUÓTUJDPTEFMVOEFSHSPVOE EPOEFTFEFTBSSPMMBOMBTJEFBTNÈTSBEJDBMFTZWBOHVBSEJTUBTEFMBSUFZEFMBDVMUVSBBDUVBM "SUJTUBTJOHVMBSZNVMUJGBDÏUJDPDPOVOBQFSTPOBMJEBENVZNBSDBEBTVTDSFBDJPOFTBCBSDBO EJGFSFOUFTEJTDJQMJOBTBSUÓTUJDBTFOUSFMBTRVFEFTUBDBOFMEJCVKPFMEJTF×PMBQJOUVSBZMB FTDVMUVSB(JHFSFTDPOPDJEPGVOEBNFOUBMNFOUFQPSTVTUSBCBKPTQBSBMBQFMÓDVMB"MJFOFMPD UBWPQBTBKFSP3JEMFZ4DPUU QFSPBMPMBSHPEFTVDBSSFSBTFIBDPOTBHSBEPDPNPVO BSUJTUBJOOPWBEPSZPSJHJOBMFOTVTEJGFSFOUFTGBDFUBTBSUÓTUJDBTZIBQBSUJDJQBEPFOOVNFSPTBT QFMÓDVMBTDSFBOEPQFSTPOBKFTZFTDFOPHSBGÓBTEFTEFFMDPODFQUPIBTUBTVNBUFSJBMJ[BDJØO GÓTJDB 4VTEJTF×PTIBOBQBSFDJEPFOVOBEPDFOBEFQFMÓDVMBTEFMHÏOFSPPCJFOIBOWJTUPTVFTUJMP QMBHJBEPFOPUSBTUBOUBT%FIFDIPTFHÞOMBDSÓUJDBFTQFDJBMJ[BEB(JHFSUSBOTGPSNØQPS &MNBFTUSPEFMIPSSPS] ª)3(*(&34JMMB)BSLPOOFO$BQP DPNQMFUPFMMPPLEFMBDJFODJBmDDJØOZSFWJUBMJ[ØFMHÏOFSPFOMPTB×PTTFUFOUBZPDIFOUB *OTQJSBEPFOIVFTPTZDBMBWFSBTFOMPNØSCJEPEFMBFYJTUFODJBFOMBBSRVJUFDUVSBEFMDVFSQP IVNBOPZFOFMQSPHSFTPUFDOPDJFOUÓmDP(JHFSIBDSFBEPVOBFTUÏUJDBIJQFSSFBMJTUBEFMP NPOTUSVPTPZVOFTUJMPHSÈmDPZDPODFQUVBMNJMWFDFTJNJUBEPMBCJPNFDÈOJDB4VFTUJMPFTJO DPOGVOEJCMF$POÏMTJOUFUJ[BGPSNBTEFPSJHFOOBUVSBMCJPMØHJDP ZBSUJmDJBMNFDÈOJDP "TÓIB FMBCPSBEPVOJNBHJOBSJPTVCZVHBOUFQMBHBEPEFDZCPSHTNPOTUSVPTEFNPOJPTZEJPTBTTB UÈOJDBTGFUJDIFTCJPNFDÈOJDPTZQBTBKFTHØUJDPT1FSPTVPCSBOPTFEFUJFOFFOMPTVQFSmDJBM TJOPRVFQSPGVOEJ[BFOMPTMVHBSFTNÈTSFDØOEJUPTEFOVFTUSBNFOUF1BJTBKFTHJOFDPMØHJDPT ZWJTJPOFTJOUSBVUFSJOBTJNÈHFOFTJOGFSOBMFTNPOTUSVPTBNFOB[BOUFTQBOEFNJBTZBCFSSB DJPOFTTFYVBMFTDPFYJTUFOFOVODPOUFYUPWJTJPOBSJPGVUVSJTUBDPOTFSFTFTDMBWJ[BEPTQPS MBTNÈRVJOBT&OUSFMPTUFNBTNÈTTJHOJmDBUJWPTRVFIBEFTBSSPMMBEPEFTUBDBOMBDPOFYJØO OBDJNJFOUPWJEBNVFSUFMBFOGFSNFEBEMBTVQFSQPCMBDJØOMBmHVSBEFMNPOTUSVPZMBNBHJB (JHFSTFIBDPOTBHSBEPDPNPFMBSUJTUBVOEFSHSPVOEQPSFYDFMFODJB/PFOWBOPFTDPO UPEBTFHVSJEBEVOPEFMPTNÈTJNJUBEPTQPSMPTBSUJTUBTBMUFSOBUJWPTZTVSFQFSDVTJØOIB WJBKBEPEFTEFFMEJTF×PHSÈmDPZFMNVOEPEFMSPDLQBTBOEPQPSMPTFTUVEJPTEF)PMMZXPPE ZMMFHBOEPJODMVTPIBTUBMBNJTNÓTJNBQJFMEFTVTBDÏSSJNPTGBOTRVFTFUBUÞBOJNÈHFOFTEF TVTPCSBTZIBTUBFMSFUSBUPEFMBSUJTUB ]&MNBFTUSPEFMIPSSPS &MQBQFMEF(JHFSFOMBDVMUVSBDPOUFNQPSÈOFBIBTJEPNVZJNQPSUBOUFQVFTUPRVFIBJOnVJEP FOEJGFSFOUFTNBOJGFTUBDJPOFTUBMFTDPNPFMBSUFGBOUÈTUJDPFMDJOFEFUFSSPSZEFDJFODJB mDDJØOFMUBUVBKFFMDØNJDZFMEJTF×PHSÈmDP"MHVOBTDPSSJFOUFTEFWBOHVBSEJBBDUVBMFTMP DPOTJEFSBOVOBSUJTUBEFDVMUPZMPWBMPSBODPNPVOPEFMPTBSUÓmDFTEFMBFNFSHFOUFFTUÏUJDB EFMPTJOJFTUSPEFMFTUJMPEBSLZEFMBBQBSJDJØOEFVOOVFWPHØUJDPmOEFTJHMP1FSPRVJ[È NÈTJOUFSFTBOUFBÞOFTFMDBSÈDUFSWJTJPOBSJPEF(JHFSQVFTZBEFTEFTVTJOJDJPTBSUÓTUJDPT QMBOUFBCBMBQSPCMFNÈUJDBEFMDZCPSHZTVTJNQMJDBDJPOFTNÏEJDBTZmMPTØmDBT"EFNÈTTFMF DPOTJEFSBDPNPJOJDJBEPSEFDPSSJFOUFTZTFOTJCJMJEBEFTQPTNPEFSOBTDPNPMB/VFWB$BSOF UPEPVOHÏOFSPRVFEFTBSSPMMBMBSFMBDJØOUFDOPDJFOUÓmDBDPOFMDVFSQPIVNBOPMBNPOTUSVP TJEBEZFMTBEPNBTPRVJTNP )FNPTQSFQBSBEPVOFTQFDJBMBNPEPEFIPNFOBKFQBSBFTUFBSUJTUBRVFOPTGBTDJOBEFTEF IBDFB×PTZRVFFTQFSFNPTRVFPTJOUFSFTF -BQSJNFSBQBSUFDPOTUBEFVOSFQPSUBKFTPCSFMBÞMUJNBFYQPTJDJØOEF(JHFSFO7JFOBRVF IFNPTUFOJEPFMQMBDFSEFWJTJUBSZVOBFOUSFWJTUBFOFYDMVTJWBDPOFMQSPQJPBSUJTUBFOMB DBQJUBMBVTUSJBDB &MNBFTUSPEFMIPSSPS] (*(&3&/7*&/"3&1035"+&40#3&-"3&53041&$5*7"&/-"$"1*5"-"6453*"$" ]&MNBFTUSPEFMIPSSPS 7JFOBTFSÈEVSBOUFFMWFSBOPMBDBQJUBMNVOEJBMEFMBDVMUVSB ZOPTØMPQPSRVFTFDFMFCSBODPONFNPSBDJPOFTDFOUFOBSJBT DPNPFMB×P.P[BSUZFMDVNQMFB×PTEF4JHNVOE'SFVE -BPGFSUBDVMUVSBMFTJNQSFTJPOBOUFZBCBSDBUPEPTMPTHVT UPTNÞTJDBBSUFØQFSBFYQPTJDJPOFTFWFOUPTBMBJSFMJCSF RVFDPOWJFSUFOBFTUBDBSJTNÈUJDBDJVEBEEFQBTBEPJNQFSJBM DPNPSFnFKBOTVTJNQPOFOUFTFEJmDJPTFOVOBWJTJUBPCMJHBEB 1BSBMPTBNBOUFTEFMBSUFIBZNVDIPEPOEFFMFHJSEFTEFMBT NFKPSFTQJOUVSBTEF,MJNUZ4DIJFMFBFYQPTJDJPOFTUFNQPSBMFT DPNPMBEFM"DDJPOJTNPWJFOÏTFOFM.6.0,ZMBNVFTUSB UFNÈUJDBTPCSFMBQTJDPEFMJBFOMB,VOTUIBMMF ª,VOTUIBVTXJFOWJTUBEFMNVTFPEF)VOEFSUXBTTFS 1PSTJGVFSBQPDPMMFHØB7JFOBMBPCSBEFMHFOJBM)3(JHFS RVFTFQPESÈWJTJUBSIBTUBFMEFPDUVCSF&MQBTBEPEF NBZPTFJOBVHVSBCBFO7JFOBMBÞMUJNBFYQPTJDJØOEF)3(JHFS FOFM,VOTU)BVT8JFOVOFNCMFNÈUJDPFEJmDJPUSBOTGPSNBEP QPSFMBSUJTUB'SJFEFOTSFJDI)VOEFSUXBTTFSRVFDPOUJFOFVOB NVFTUSBQFSNBOFOUFEFTVTQSPQJBTPCSBT "EFNÈTDVFOUBDPOVOBTBMBQBSBFYQPTJDJPOFTUFNQPSBMFTRVF FTEPOEFTFIBMMBMBNVFTUSBTPCSF(JHFS &MNBFTUSPEFMIPSSPS] (JHFSmSNBOEPDBUÈMPHPTª'PUP"MJOF#FSTFUI &MMVHBSFTFTQFDJBMVOIFSNPTPFEJmDJPDPOTVQFSmDJFTNVM UJDPMPSFTZGPSNBTJSSFHVMBSFTQPDPDPOWFODJPOBMFOFMFTUJMP QFDVMJBSEFFTUFBSUJTUB1BSFDFTBDBEPEFVODVFOUPDPO TVFMPTEFTJHVBMFTGPSNBTFYVCFSBOUFTBEPSOBEPDPOWJESJP NFUBMZB[VMFKPTEFDPMPSFTBMFHSFT ª"MJOF#FSTFUI ]&MNBFTUSPEFMIPSSPS :BFOMBSVFEBEFQSFOTBRVFGVFBMBTEFMBUBSEFOPDBCÓBO NÈTQFSJPEJTUBTMBNBZPSÓBEFMPTDVBMFTTFUVWPRVFRVFEBS EFQJF:FTRVFMBFYQFDUBDJØOBEFNÈTEFMPTNBHOÓmDPT PSJHJOBMFTDPORVFDVFOUBMBFYQPTJDJØOFSBTJOEVEBMBQSF TFODJBEFMQSPQJPBSUJTUB(JHFSSFDBMDBCBFMUFNBEFMIVNPSFO TVPCSBRVFDSFFRVFQPDBHFOUFWFSFDPNFOEBOEPRVFiMB FYQPTJDJØOOPTFEFCFUPNBSNVZFOTFSJPTJOPDPOIVNPSwZ USBUBCBEFEFKBSDMBSPRVFÏMFTVOUJQPOPSNBMiMBHFOUFQJFOTB RVFTPZSBSPPQSPCMFNÈUJDPBMWFSNJTPCSBTQFSPOBEBEF FTPTPZNVZOPSNBMWFPMBUFMFSJTBT MBWFSEBEFTRVFTPZ NVZGFMJ[OJEFQSFTJWPOJOBEBQPSFMFTUJMPw:FTDJFSUPRVF (JHFSDPNPCVFOTVSSFBMJTUBRVFFTFNQMFBFMIVNPSOFHSPZ BWFDFTNBDBCSPFOTVTPCSBTQFSPQSFDJTBNFOUFQPSRVFFT VOBQFSTPOBEJWFSUJEB5SBTDPODMVJSDPOMBQSFOTBVOBOVCFEF GBOTMFFTQFSBCBOQBSBTPMJDJUBSMFVOBVUØHSBGPFJODMVTPVOB &SOTU'VDITZ)3(JHFSª.BUUIJBT#FM[ GPUP -BJOBVHVSBDJØOGVFUPEPVOFWFOUPFOMBOPDIFWJFOFTB%FTEF /VFWB:PSL1BSÓT-PT«OHFMFT;VSJDI(SVZÒSFT7BMFODJBZ 'SBOLGVSUBDVEJFSPODPMFDDJPOJTUBTNFEJPTEFDPNVOJDBDJØOZ BNJHPTEFMBSUJTUBRVFTVFMFOFTUBSTJFNQSFRVF(JHFSJOBVHVSB VOBFYQPTJDJØO"FMMPTTFVOJØFMOVNFSPTPQÞCMJDPWJFOÏTRVF BCBSSPUBCBFMSFDJOUP$POPDJEPTBSUJTUBTBVTUSÓBDPTUBNCJÏO FTUVWJFSPOQSFTFOUFT&SOTU'VDITNBFTUSPEFMSFBMJTNPGBOUÈT UJDPWJFOÏTZ(àOUFS(SVTVOPEFMPTNJFNCSPTEFM"LUJPOJTNVT OPTFRVJTJFSPOQFSEFSMBDJUB&MFNCBKBEPSEF4VJ[BFO"VTUSJB EBCBQPSJOBVHVSBEBMBFYQPTJDJØOEFNBOFSBPmDJBM -BNVFTUSBQSPQPOFVOSFDPSSJEPQPSFMJNBHJOBSJPGBOUÈTUJDP RVF(JHFSIBDSFBEPFOMBTÞMUJNBTDVBUSPEÏDBEBTEFTEF TVTQSJNFSPTEJCVKPTBUJOUBDIJOBFOQFRVF×PTGPSNBUPTDPO TFSFTHSPUFTDPTQBTBOEPQPSTVTFYQFSJNFOUPTDPOMBQJOUVSB BMØMFPZFMHSBOOÞNFSPEFQJOUVSBTSFBMJ[BEBTBMBFSØHSBGP BMHVOBTEFMBTDVBMFTIBOTJEPVUJMJ[BEBTQBSBQPSUBEBTEF EJTDPTDBSUFMFTJMVTUSBDJPOFTEFMJCSPTWJEFPKVFHPTZVOTJOGÓO EFQSPEVDUPTEFMBDVMUVSBQPQVMBSSFDJFOUF &OUPUBMIBZNÈTEFDJFOPCSBTPSJHJOBMFTEFEJWFSTPTQFSJP &MNBFTUSPEFMIPSSPS] 'PUPHSBGÓB$BSMPT"SFOBT EPTDSFBUJWPTEF(JHFSZFOEJGFSFOUFTTPQPSUFTSFQBSUJEBTFO EPTQJTPTFTDVMUVSBTEJCVKPTGPUPHSBGÓBTNVFCMFTZVOHSBO OÞNFSPEFQJOUVSBT &YJTUÓBOEJWFSTPTBNCJFOUFTEFOUSPEFMBFYQPTJDJØONBSDBEPT QPSMBQFDVMJBSJEBEEFMBTPCSBTFYQVFTUBTDPNPMBTJOJFTUSB BUNØTGFSBRVFDSFBOMBTTJMMBT)BSLPOOFOEJTF×BEBTQBSB MBQFMÓDVMB%VOFEF+PEPSPXTLZRVFOVODBTFSFBMJ[ØPMBT JNQBDUBOUFTFTDVMUVSBTFOBMVNJOJPDPNPMPTCJPNFDBOPJEFT EFMBGVFOUFEFM;PEÓBDPJODMVTPVOBSÏQMJDBEFMQJFEFNJDSP RVFEJTF×ØQBSB+POBUIBO%BWJTMÓEFSEF,PSO5BNCJÏOTF FYQPOFTVÞMUJNBDSFBDJØOMBTFTDVMUVSBTEFIJFSSPPYJEBEP RVFGPSNBOMBTFSJF1BTTBHFOSFWJTJUBOEPTVTFSJFQJDUØSJDB EFMNJTNPOPNCSFEFQSJODJQJPTEFMPTTFUFOUBRVFBCPSEBCB FMTJNCPMJTNPEFMBNVFSUFZMBEFDBEFODJBEFTEFVOQVOUPEF WJTUBFSØUJDPUFNBUSBUBEPGSFDVFOUFNFOUFQPS(JHFS -BTQJOUVSBTBMBFSØHSBGPTFMMPFTUJMÓTUJDPJODPOGVOEJCMFEF (JHFSPDVQBCBOVOBQBSUFJNQPSUBOUF"MHVOBTEFFMMBTQFSUF OFDJFOUFTBDPMFDDJPOJTUBTFVSPQFPTTØMPTFQVFEFOBENJSBS FOFTUBFYQPTJDJØODPNPFTFMDBTPEFTVGBNPTB4BUBO*&M .BFTUSPZ.BSHBSJUBZ"$SPXMFZ5IF#FBTU ]&MNBFTUSPEFMIPSSPS ª)3(*(&3.PCJMJBSJP)BSLPOOFO'PUPHSBGÓB$BSMPT"SFOBT &MDBUÈMPHPFEJUBEPQPSFMNVTFPSFDPHFJNÈHFOFTEFUPEBT MBTPCSBTFYQVFTUBTBDPNQB×BEBTQPSUFYUPTBVUPCJPHSÈmDPT EFMBSUJTUBZBMHÞODPNFOUBSJPTPCSFTVBSUF &MEÓBTJHVJFOUFBMBJOBVHVSBDJØOFOSPMBEPTZBDPOMBi(JHFS (BOHwWJTJUBNPTB&SOTU'VDITRVFOPTBCSÓBMBTQVFSUBTEFTV NBHOÓmDPNVTFPVOBBVUÏOUJDBKPZBEFMBSUOPVWFBVWJFOÏTFO MBTBGVFSBTEFMBDJVEBEFOMBWJMMB8BHOFSPCSBEFMBSRVJUFDUP 0UUP8BHOFS 'VDITFTVOPEFMPTHSBOEFTEFTDPOPDJEPTQBSB MPTBNBOUFTEFMBSUFFO&TQB×BQFSPQSØYJNBNFOUFSFBMJ[B SFNPTBMHVOBSFTF×BTPCSFTVJOUFSFTBOUÓTJNBPCSBWJTJPOBSJB 4FUSBUBEFVOPEFMPTBSUJTUBTEFMTJHMP99NÈTBENJSBEPTQPS (JHFSKVOUPB%BMÓBEFNÈTEFTFSVOHSBOBNJHPEFTEFmOBMFT EFMPTB×PTTFTFOUB 4JFTUFWFSBOPWJBKÈJTQPS&VSPQBZDBÏJTFOMBUFOUBDJØOEF QBTBSQPS7JFOBOPEVEÏJTFOWJTJUBSFTUBNBHOÓmDBFYQPTJDJØO /PPTEFGSBVEBSÈ &MNBFTUSPEFMIPSSPS] &/53&7*45"$0/&-."&453046*;0 )3(JHFSª'PUP1BOKB+àSHFOT /PTFODPOUSBNPTFO7JFOBDPOFMNBFTUSPEFMBCJPNF DÈOJDBRVFBDBCBEFJOBVHVSBSTVOVFWBFYQPTJDJØO-B FYQPTJDJØOFTUÈUFOJFOEPHSBOÏYJUPWJTUBMBBnVFODJB EFQÞCMJDPZQBSFDFRVFTFSÈVOBEFMBTNÈTJNQPSUBO UFTEF(JHFSFOMPTÞMUJNPTB×PT%FIFDIPMBDJVEBETF IBMMBCBQPCMBEBEFDBSUFMFTBOVODJBOEPMBFYQPTJDJØOZ MPTQSJODJQBMFTNFEJPTEFMQBÓTDPNPFM8JFOFS;FJUVOH %JF1SFTTFZMBUFMFWJTJØOFTUBUBM03'TFIBOIFDIPFDP EFMBDPOUFDJNJFOUP 1FTFBTVTJORVJFUBOUFTDVBESPTZmHVSBTUFSSPSÓmDBT (JHFSFTVOBQFSTPOBFODBOUBEPSBBNBCMFBDDFTJCMFZ DPOVOHSBOTFOUJEPEFMIVNPS&TUVWJNPTDIBSMBOEPDPO FMNBFTUSPTPCSF7JFOBTVFYQPTJDJØOZTVTQSPZFDUPT 5VFYQPTJDJØOFO7JFOBFTUÈUFOJFOEPVOBHSBOBDPHJEB {2VÏOPTQVFEFTEFDJSEFFTUBDJVEBEZEFMBFYQPTJ DJØO ]&MNBFTUSPEFMIPSSPS 7JFOBFTVOBDJVEBERVFTJFNQSFNFIBBUSBÓEPZRVFNFJOnV ZØNVDIPFONJFUBQBEFFTUVEJBOUF"EFNÈTNFHVTUBNVDIP )VOEFSUXBTTFSZFYQPOFSFOTVNVTFPFTVOIPOPS-BHFOUF EFM,VOUIBVTXJFOIBIFDIPVOHSBOUSBCBKPZUPEPFTUÈTBMJFOEP CJFO#VFOPFOMBJOBVHVSBDJØOIBCÓBEFNBTJBEBHFOUFNV DIPTNFQFEÓBOBVUØHSBGPTZNFDPTUBCBEFTQMB[BSNFQPSFM SFDJOUPQFSPMPDJFSUPFTRVFNFBMFHSÏNVDIPQPSMBDBOUJEBE EFBNJHPTRVFIBOBDVEJEPBMBDJUBEFTEF4VJ[B&TQB×B "MFNBOJB&TUBEPT6OJEPT&OMBTÞMUJNBTFYQPTJDJPOFTIBZVO HSBOHSVQPEFBNJHPTRVFTJFNQSFBDVEFBMBJOBVHVSBDJØOZ NFIPOSBNVDIPBNVDIPTMPTWFPTØMPFOFTUBTPDBTJPOFT &MEÓBTJHVJFOUFGVJNPTUPEPTBWJTJUBSFMNVTFPEFNJBNJHP &SOTU'VDITVOBSUJTUBJNQSFTJPOBOUFDVZPNVTFPFTJODSFÓCMF 'VFGBOUÈTUJDP2VJFOWFOHBB7JFOBOPTFEFCFSÓBEFQFSEFSMB WJTJUBBFTUFNVTFP &OMPTÞMUJNPTB×PTTFFTUÈODFMFCSBOEPJNQPSUBOUFTSF &MNBFTUSPEFMIPSSPS] USPTQFDUJWBTTPCSFUVPCSBQPSUPEB&VSPQB{OPTQVFEFT BEFMBOUBSDVBMTFSÈMBQSØYJNBDJVEBERVFUFEFEJDBSÈ VOBFYQPTJDJØO )BZWBSJPTQSPZFDUPTGBMUBWFSDVBMQVFEFDSJTUBMJ[BS1PTJCMF NFOUFTFDFMFCSBSÈFMB×PRVFWJFOFFO$IVSNJDJVEBEOBUBM VOBFYQPTJDJØOUJUVMBEB(JHFSZFMIPSSPSFOFMBSUFPBMHPBTÓ 5BNCJÏOIBZVOJOUFSÏTEFTEFIBDFB×PTFOIBDFSVOBFYQPTJ DJØOFO7BMFODJBRVFTFSÓBMBQSJNFSBWF[RVFFYQPOHPNJPCSB FO&TQB×B&O4BO1FUFSTCVSHPIBZHFOUFRVFMMFWBUJFNQPDPO MBJEFBEFRVFFYQPOHBBMMÓ1FSPEFNPNFOUPBEFNÈTEFMP EF$IVSFTUÈFMNVTFPEFMDJOFBMFNÈOEF'SBOLGVSURVFFTUÈ USBCBKBOEPFOVOQSPZFDUPFYQPTJUJWPTPCSFNÓQBSB /PTDPNFOUBCBTRVFFTUVWJTUFFMNFTQBTBEPFO&TQB ×BDPODSFUBNFOUFFO(SBOBEB{RVÏUBMGVFFMWJBKFZMB FTUBODJB ]&MNBFTUSPEFMIPSSPS -BJEFBGVFEF$BSNFONJQBSFKBEFTEFIBDFB×PTZQPS FMNPUJWPEFOVFTUSBSFDJFOUFCPEB'VJNPTQFSTPOBTB (SBOBEBZQVFEPEFDJSRVFGVFVOWJBKFGPSNJEBCMFNFHVTUØ NVDIPBVORVFBDBCÏBMHPDBOTBEPEFUBOUPBOEBSUFOÓBMPT QJFTIJODIBEPTSJTBT 1FSPWBMJØMBQFOBWJTJUBNPTMB"MBNCSB RVFNFNBSBWJMMØFTQSFDJPTBNVZFODBOUBEPSBMBWJTJUBNPT BMBUBSEFDFSQPSRVFEFEÓBIBCÓBNVDIPTWJTJUBOUFT {2VFSFMBDJØOHVBSEBTDPO&TQB×B -BWFSEBEFTRVFDPO&TQB×BOPUFOHPNVDIBSFMBDJØOTBMWP DPOFMBSUFFTQB×PM7JTJUÏFOMPTTFUFOUBB%BMÓFO$BEBRVÏT QVFTFSBNJÓEPMPZVOBEFNJTNBZPSFTGVFOUFTEFJOTQJSBDJØO -FRVFSÓBFOTF×BSNJTDVBESPTZBDBCÏFOSPMÈOEPNFFOFM NVOEPEFMDJOFQBSBUSBCBKBSFOFM%VOFEF+PEPSPXTLZRVF OVODBTFQVEPIBDFS'VFVOBMÈTUJNB"×PTEFTQVÏTFTUVWFFO .BESJEFOFM.VTFPEFM1SBEPEPOEFTFIBMMBONVDIPTEFNJT &MNBFTUSPEFMIPSSPS] BSUJTUBTGBWPSJUPTDPNPFM#PTDP(PZBZTVT1JOUVSBTOFHSBT #VFOPUBNCJÏONFJNQBDUBSPOCBTUBOUFMBTQSJNFSBTQFMÓDVMBT EF#V×VFM "QBSUFEFFTUPTBSUJTUBT{DVÈMFTUFIBONBSDBEPNÈTFO UVDBSSFSB 5SBCBKÏEVSBOUFNVDIPTB×PTBMBNBOFSBTVSSFBMJTUBJOTQJ SÈOEPNFFOTVF×PTJNQSPWJTBOEPNVDIBTWFDFTTJOJEFBT QSFWJBT&OFTUFTFOUJEP.BY&SOTUZ3FOÏ.BHSJUUFNFBUSBÓBO NVDIP5BNCJÏOUFOHPRVFEFDJSMBJOnVFODJBRVFFM+VHFOETUJM UJFOFFONJTCJPNFDBOPJEFTQPSRVFFTNVZJNQPSUBOUFQPSMB NF[DMBEFMPPSHÈOJDPFJOPSHÈOJDPDPOMBUÏDOJDB"MGSFE,VCJO FTPUSPEFNJTGBWPSJUPTTVTEJCVKPTFJMVTUSBDJPOFTEF&EHBS "MMBO1PFTPOFYDFMFOUFT$PNPEJCVKBOUFNFGBTDJOØTJFNQSF MBPCSBEF)BOT#FMMNFSVOEJCVKBOUFBMFNÈORVFFTUBCBDPO MPTTVSSFBMJTUBTFTJODSFÓCMF ]&MNBFTUSPEFMIPSSPS {)BZBSUJTUBTDPOUFNQPSÈOFPTRVFUFIBZBOJOnVJEPP DVZBPCSBUFIBZBJNQBDUBEP 4Ó&SOTU'VDITDPNPDPNFOUBCBBOUFTFTQBSBNÓVOPEF MPTNFKPSFTQJOUPSFTTVUÏDOJDBFTJOJHVBMBCMF5BNCJÏOIBZVO BSUJTUBZVHPTMBWP%BEPQPDPDPOPDJEPQFSPRVFMPDPOTJEFSP DPNP&M#PTDPEFMTJHMP99TVTDVBESPTTPOBMVDJOBOUFT &OUVPCSBTFBEWJFSUFVOUSBTGPOEPMJUFSBSJPJNQPSUBO UFEFIFDIPUVTQJOUVSBTFWPDBODJFSUPTQBTBKFTEFMB MJUFSBUVSBGBOUÈTUJDB 4ÓFTDJFSUPTJFNQSFIFMFÓEPNVDIP.JBmDJØOQPSMBMFDUVSB FTBOUFSJPSJODMVTPBNJQBTJØOQPSFMBSUF-FÓBNVDIPTLSJNJT EFQFRVF×PZEFTQVÏTFNQFDÏDPO"MMBO1PF"mOBMFTEFMPT TFTFOUBDPOPDÓMBPCSBEF-PWFDSBGUZNFFODBOUØ6OBNJHP &MNBFTUSPEFMIPSSPS] FTDSJUPS4FSHJVT(PMPXJONFTVHJSJØRVFQPSRVÏOPUJUVMBSB NJMJCSPi(JHFST/FDSPOPNJDPOwTJEFMPSJHJOBMTØMPRVFEBCBO GSBHNFOUPTZBTÓMPIJDF&OMPTTFUFOUBUBNCJÏONFBmDJPOÏ NVDIPBMBMJUFSBUVSBPDVMUJTUB$SPXMFZ-FWJZTPCSFUPEP (VTUBWF.FZSJOLRVFFTEFNJTGBWPSJUPT&OBRVFMMBÏQPDBNF JOUFSFTBCBNVDIPMBNBHJBMBTCSVKBTQFSPQPSTVDPNQPOFOUF FTUÏUJDPOVODBIFQFSUFOFDJEPBTFDUBTOJOBEBQPSFMFTUJMP NVDIBHFOUFNBMJOUFSQSFUBNJTPCSBTTPZVOBQFSTPOBNVZ OPSNBMUBOUPRVFVOPTFBCVSSJSÓBDPONJHPSJTBT 1FSPFOmO MFPEFUPEPEFTEF1IJMJQ,%JDLP8JMMJBN(JCTPOB4UFQIFO ,JOHBVORVFSFDPOP[DPRVFTJFOUPQSFEJMFDDJØOQPSMBMJUFSBUVSB EFUFSSPS "IPSBRVFMPDPNFOUBTTBMJØIBDFUSFTB×PTVOMJCSP UJUVMBEPi)3(JHFST7BNQJSSJDw 4JVOBFEJUPSJBMBMFNBOBNFQJEJØRVFIJDJFSBVOBTFMFDDJØO ]&MNBFTUSPEFMIPSSPS EFIJTUPSJBTEFWBNQJSPTZWBZBFOUPODFTNFEJDVFOUBEFRVF FONJPCSBBCVOEBOFONJTDVBESPTIBZNVDIPTWBNQJSPTZOP FSBDPOTDJFOUFEFFMMP4FMFDDJPOÏDMÈTJDPTEFMHÏOFSPEFUFSSPS DPNP&M)PSMBEF(VZEF.BVQBTTBOUKVOUPBBVUPSFTNPEFS OPTDPNP/BODZ,JMQBUSJDL {2VÏQFMÓDVMBTUFIBOJNQBDUBEPNÈTFOMPTÞMUJNPTB×PT )PZFOEÓBWFPNVDIPTEPDVNFOUBMFTZUBNCJÏOQFMÓDVMBTEF UFSSPSRVFNFFODBOUBO-BÞMUJNBRVFWJRVFNFHVTUØGVF i)PTUFMw`NFQBSFDJØNVZIFBWZ5BNCJÏOSFDVFSEPVODBQÓUVMP EFMBTFSJFOPSUFBNFSJDBOB$4*EJSJHJEPQPS5BSBOUJOPFOMBRVF TFFOUFSSBCBWJWPBVOQPMJDÓBFSBNVZDMBVTUSPGØCJDP #VFOPBQBSUFWFPNVDIPDJOFEPDVNFOUBMFMRVFQBTBOQPS MBUFMFTPCSFUPEPZBRVFBMDJOFQSÈDUJDBNFOUFOPWPZ-PT EPDVNFOUBMFTTPOMPRVFNÈTNFJOUFSFTBTJFNQSFTFBQSFOEF NVDIÓTJNPTPCSFDVBMRVJFSUFNB7FPMPRVFFNJUFOMPTDBOBMFT UFNÈUJDPT &MNBFTUSPEFMIPSSPS] {$ØNPWFTFMDJOFBDUVBM {)BDBNCJBEPNVDIPEFTEFRVF UÞFNQF[BTUF 4ÓIBDBNCJBEPNVDIPEFTEFIBDFVOPTB×PTUPEPFTQPTJCMFFO MBTQFMÓDVMBT$VBOEPTFTBCFRVFUPEPFTQPTJCMFZBOPGBTDJOB EFMBNJTNBNBOFSB"OUFTMPTHBHTZMPTFGFDUPTFTQFDJBMFTFSBO SFMBUJWBNFOUFQSJNJUJWPTQFSPEBCBOMBTFOTBDJØOEFQSPDFEFSEF BMHPSFBMBIPSBUPEPTFQVFEFIBDFSWJTVBMJ[BSDPOMBJOGPSNÈUJDB MPTUSJDLTEJTF×PTFUDTPONÈTBCVSSJEPT4FDSFFFSSØOFBNFOUF RVFMPTNFKPSFTmMNTTPOMPTRVFNÈTFGFDUPTUJFOFOQFSPZP QSFmFSPMPTEPDVNFOUBMFTQPSRVFTFFYQFSJNFOUBBMHPSFBM-B FNPDJØOMBUFOTJØOZBOPFYJTUFOTFEBODVBOEPBMHPTVDFEFFO MBWJEBSFBMFOUJFNQPSFBMQPSMPRVFMBmMNBDJØOOPOFDFTJUBTFS UÏDOJDBNFOUFCSJMMBOUF1PSFKFNQMP5IF#MBJS8JUDIQSPKFDU FTEFMBTRVFNÈTNFIBHVTUBEPSFDJFOUFNFOUFZBRVFDPOUBCB DPONVZQPDPTNFEJPT&TVOPEFMPTNFKPSFTmMNTEFUFSSPS&O FTBQFMÓDVMBOPIBCÓBFGFDUPTFTQFDJBMFTOJOBEBTØMPVOBDÈNBSB NBUFSJBMmMNBEPFMCPTRVFFMMVHBSZMBUFOTJØO ]&MNBFTUSPEFMIPSSPS 5SBTUVÞMUJNPMJCSPDPO5BTDIFOi*DPOTw{DVBOEPTBMESÈVO OVFWPMJCSPUVZP 4BMJØIBDFVOPTNFTFTVOBFEJDJØOFOQFRVF×PGPSNBUPEFNJT EPTMJCSPT/FDSPOPNJDPOFO5BTDIFORVFPSJHJOBMNFOUFFSBOEF HSBOGPSNBUPZBIPSBMBTIBOSFFEJUBEP {&ORVFFTUÈTUSBCBKBOEPFOMBBDUVBMJEBE &TUPZCBTUBOUFPDVQBEPDPOFMUFNBEFMBTFYQPTJDJPOFTDPNPUF DPNFOUBCBBMQSJODJQJP&TUÈOFNJUJFOEPFTUFNFTVOEPDVNFOUBM FOFMDBOBM"35&TPCSFNJPCSB&TQPTJCMFRVFFTUFB×PTBMHBVO %7%TPCSFNJDBSSFSBSFBMJ[BEPFOMBSFQÞCMJDB$IFDB {%FTFBTB×BEJSBMHPQBSBMPTMFDUPSFTEF-B&TUBEFB 2VFNFHVTUBSÓBFYQPOFSNJPCSBFO&TQB×BZWJTJUBSMBEFOVFWP 4BMVEPTQBSBMPTMFDUPSFTFJOUFSOBVUBT &MNBFTUSPEFMIPSSPS]