-BWBEPSB NBOVBM EFM VTVBSJP JNBHJOF MBT QPTJCJMJEBEFT (SBDJBT QPS BERVJSJS FTUF QSPEVDUP 4BNTVOH 4J EFTFB SFDJCJS VO TFSWJDJP NÈT DPNQMFUP SFHJTUSF FM QSPEVDUP FO XXX TBNTVOH DPN HMPCBM SFHJTUFS
DBSBDUFSÓTUJDBT t 4JTUFNB 4JMWFS 8BTI &T VO TJTUFNB EF DPOUSPM EFM MBWBEP RVF QFSNJUF FMJNJOBS MB CBDUFSJBT PDVMUBT FO MPT UFKJEPT EVSBOUF FM MBWBEP P FM FOKVBHBEP QBSB QSPUFHFS MB QJFM EF CBDUFSJBT QFSKVEJDJBMFT NFEJBOUF VO SFWFTUJNJFOUP BOUJCBDUFSJBM DPOTFHVJEP DPO FM MBWBEP FO QMBUB 4JMWFS 8BTI Z QBSB SFBMJ[BS VOB GÈDJM FTUFSJMJ[BDJØO $PO FTUF TJTUFNB UBNCJÏO TF QSFWJFOF MB QSPQBHBDJØO EF MBT CBDUFSJBT QPS MB SPQB EF MB DPMBEB HSBDJBT BM SFWFTUJNJFOUP BOUJCBDUFSJBM t 4JTUFNB .
JOTUSVDDJPOFT EF TFHVSJEBE -BT TJHVJFOUFT QSFDBVDJPOFT EF TFHVSJEBE USBUBO EF FWJUBS SJFTHPT Z QSFWFOJS EB×PT Z MF BZVEBSÈO B IBDFS VO VTP DPSSFDUP Z TFHVSP EF MB NÈRVJOB $VBOEP VUJMJDF BHVB DBMJFOUF BM MBWBS BTFHÞSFTF EF RVF MB UFNQFSBUVSB OP TPCSFQBTF MPT $ t -BT QJF[BT EF QMÈTUJDP TF QVFEFO EFGPSNBS P EB×BS Z DBVTBS VOB EFTDBSHB FMÏDUSJDB P VO JODFOEJP "%7&35&/$*" "%7&35&/$*" 4J OP IBDF DBTP EF FTUBT JOTUSVDDJPOFT TF QVFEF QSPEVDJS VO BDDJEFOUF GBUBM P VOB MFTJØO HSBWF t 4J TF EB×B FM F
JOTUSVDDJPOFT EF TFHVSJEBE 13&$"6$*0/&4 13&$"6$*»/ 4J OP IBDF DBTP EF FTUBT JOTUSVDDJPOFT TF QVFEFO QSPEVDJS EB×PT P MFTJPOFT MFWFT t /P JOTUBMF MB NÈRVJOB FO VOB [POB IÞNFEB OJ FO FM FYUFSJPS EPOEF MMVFWF P OJFWB ¦ 1VFEF QSPEVDJSTF VOB EFTDBSHB FMÏDUSJDB P VO JODFOEJP t %FTDPOFDUF FM DBCMF EF BMJNFOUBDJØO FMÏDUSJDB TJ OP VUJMJ[B MB NÈRVJOB ¦ 1VFEF QSPEVDJSTF VOB EFTDBSHB FMÏDUSJDB P VO JODFOEJP t 4J IBZ QPMWP P BHVB FO FM FODIVGF EF BMJNFOUBDJØO FMÏDUSJDB Z FO MB QJF[B DPOFDUBEB SFUÓSFMPT DP
ÓOEJDF */45"-"$*»/ %& -" -"7"%03" '6/$*0/&4 ."/6"-&4 FTDSJQDJØO EF MBT QJF[BT % $PNQSPCBDJØO BOUFT EFM MBWBEP Z DVJEBEP EF MBT QSFOEBT -BWBEP BVUPNÈUJDP TFHÞO FM UJQP EF QSFOEB 1BOFM EF DPOUSPM 'VODJPOFT NBOVBMFT */45"-"$*»/ : ."/5&/*.*&/50 40-6$*»/ %& 130#-&.
JOTUBMBDJØO EF MB MBWBEPSB %&4$3*1$*»/ %& -"4 1*&;"4 &M NBOVBM EFM VTVBSJP TJSWF QBSB WBSJBT NÈRVJOBT 4JHB MBT JOTUSVDDJPOFT EFM NBOVBM EFM VTVBSJP EF BDVFSEP DPO FM NPEFMP EF TV MBWBEPSB 5BQB "TFHÞSFTF EF DFSSBS MB UBQB EVSBOUF FM MBWBEP Z FM DFOUSJGVHBEP 'JMUSP 4JMWFS 8BTI .BOHVFSB EF TVNJOJTUSP EF BHVB DBMJFOUF .BOHVFSB EF TVNJOJTUSP EF BHVB GSÓB .
$0.
JOTUBMBDJØO EF MB MBWBEPSB $VJEBEP EF MB SPQB BOUFT EF MBWBSMB 4BRVF MPT FGFDUPT QFSTPOBMFT EF MPT CPMTJMMPT t 1SFDBVDJØO DPNQSVFCF MPT CPMTJMMPT -BT IPSRVJMMBT Z MBT NPOFEBT QVFEFO EB×BS MB SPQB Z MB MBWBEPSB 1VFEFO QSPEVDJS SVJEP Z QSPCMFNBT FO MB NÈRVJOB %FCF DPNQSPCBS MPT CPMTJMMPT 4J MBT DSFNBMMFSBT EF MPT QBOUBMPOFT FTUÈO BCJFSUBT EVSBOUF FM MBWBEP FM UBNCPS EF DFOUSJGVHBEP QVFEF EB×BSTF "OUFT EF MBWBS EFCF DFSSBS MB DSFNBMMFSB Z GJKBSMB DPO VO DPSEØO t -BT QJF[BT EF NFUBM EF MB SPQB Q
-"7"%0 "650.
JOTUBMBDJØO EF MB MBWBEPSB 1"/&- %& $0/5301BSB PCUFOFS NÈT EFUBMMFT DPOTVMUF FM QBOFM EF DPOUSPM EF MB MBWBEPSB #05»/ &/$&/%&3 #05»/ .&.
'6/$*»/ %& #-026&0 1"3" /*º04 5*&.10 3&45"/5& )03" %&- */*$*0 3&5"3%"%0 1"/5"--" %& &3303&4 #05»/ 3&.0+"3 #05»/ .
JOTUBMBDJØO EF MB MBWBEPSB $JDMP 'V[[Z 4FMFDDJPOB BVUPNÈUJDBNFOUF FM NFKPS DJDMP EF MBWBEP 1VMTF FM CPUØO &ODFOEFS QBSB RVF TF BDUJWF 1VMTF FM CPUØO *OJDJP 1BVTB &M OJWFM EF BHVB TF TFMFDDJPOBSÈ BVUPNÈUJDBNFOUF " DPOUJOVBDJØO WFOESÈO FM MBWBEP FM FOKVBHBEP Z FM DFOUSJGVHBEP 4J EFTFB EFUFOFS FM QSPDFTP QVMTF EF OVFWP FM CPUØO *OJDJP 1BVTB $VBOEP TF EFUFOHB FM QSPDFTP QPESÈ DBNCJBS FM DJDMP $JFSSF MB UBQB Ú 4FMFDDJPOF FM CPUØO 4JMWFS 8BTI QBSB SFBMJ[BS VO MBWBEP BOUJCBDUFSJBT $JDMP
$JDMP "IPSSP $JDMP %FQPSUFT 8BTI 1FSV 4FMFDDJPOF FTUF DJDMP QBSB MBWBS SPQB EFQPSUJWB 4J TF TFMFDDJPOB FTUF DJDMP EF NBOFSB QSFEFUFSNJOBEB TF TFMFDDJPOB 4JMWFS 8BTI 1VMTF FM CPUØO &ODFOEFS QBSB RVF TF BDUJWF 1VMTF FM CPUØO EF TFMFDDJØO $JDMPT DVBUSP WFDFT 1VMTF FM CPUØO *OJDJP 1BVTB &M OJWFM EF BHVB TF TFMFDDJPOBSÈ BVUPNÈUJDBNFOUF " DPOUJOVBDJØO WFOESÈO FM MBWBEP FM FOKVBHBEP Z FM DFOUSJGVHBEP 4J EFTFB EFUFOFS FM QSPDFTP QVMTF EF OVFWP FM CPUØO *OJDJP 1BVTB $VBOEP TF EFUFOHB FM
JOTUBMBDJØO EF MB MBWBEPSB $JDMP 1FTBEP 1SFOEBT EF HSBO WPMVNFO DPNP NBOUBT Z SPQB EF DBNB 1VMTF FM CPUØO &ODFOEFS QBSB RVF TF BDUJWF 1VMTF FM CPUØO EF TFMFDDJØO $JDMPT TJFUF WFDFT 1VMTF FM CPUØO *OJDJP 1BVTB &M OJWFM EF BHVB TF TFMFDDJPOBSÈ BVUPNÈUJDBNFOUF " DPOUJOVBDJØO WFOESÈO FM MBWBEP FM FOKVBHBEP Z FM DFOUSJGVHBEP 4J EFTFB EFUFOFS FM QSPDFTP QVMTF EF OVFWP FM CPUØO *OJDJP 1BVTB $VBOEP TF EFUFOHB FM QSPDFTP QPESÈ DBNCJBS FM DJDMP $JFSSF MB UBQB t %PCMF MB QSFOEB EF HSBO W
GVODJPOFT NBOVBMFT &T QPTJCMF TFMFDDJPOBS MB GVODJØO QBSB DBEB DJDMP &KFNQMP 1BSB VO MBWBEP TFODJMMP DPNP VO DJDMP EF QPDB TVDJFEBE &ODFOEFS Æ 4FMFDDJPOF FM DJDMP EF SPQB QPDP TVDJB Æ -BWBS Æ *OJDJP 1BVTB 4»-0 &/+6"("3 1VMTF FM CPUØO &OKVBHBS 1VMTF FM CPUØO *OJDJP 1BVTB &M FOKVBHBEP TF SFBMJ[B WFDFT $VBOEP FM CPUØO &OKVBHBS TF QVMTB EVSBOUF FM FOKVBHBEP FT QPTJCMF BKVTUBS FTUF QSPDFTP QBSB RVF TF SFBMJDF EF B WFDFT 4»-0 $&/53*'6("3 1SF 4FDBS 1VMTF FM CPUØO $FOUSJGVHBS 1VMTF FM CPUØO *OJDJP
JOTUBMBDJØO Z NBOUFOJNJFOUP &M .BOVBM EFM VTVBSJP TJSWF QBSB WBSJBT NÈRVJOBT 4JHB MBT JOTUSVDDJPOFT EFM .
$POFDUF MB NBOHVFSB EF TVNJOJTUSP EF BHVB BM BEBQUBEPS 5JSF EF MB QJF[B D EF MB NBOHVFSB EFM TVNJOJTUSP EF BHVB $VBOEP MB QJF[B D TF MJCFSF MB NBOHVFSB TF DPOFDUBSÈ BVUPNÈUJDBNFOUF BM BEBQUBEPS IBDJFOEP VO iDMJDw $POFDUF FM PUSP FYUSFNP EF MB NBOHVFSB EF TVNJOJTUSP EF BHVB B MB MMBWF EF QBTP EFM BHVB TJUVBEB FO MB QBSUF TVQFSJPS EF MB MBWBEPSB "QSJFUF DPNQMFUBNFOUF MB NBOHVFSB FO FM TFOUJEP EF MBT BHVKBT EFM SFMPK Ú 4J MB TBMJEB EF BHVB FT EF UJQP SPTDB NPOUF
JOTUBMBDJØO Z NBOUFOJNJFOUP 4J TF USBUB EF VOB MBWBEPSB FTUÈOEBS 3FUJSF MB NBOHVFSB EF ESFOBKF DPOFDUBEB FO MB CBTF DPNP TF NVFTUSB FO MB JMVTUSBDJØO TJHVJFOUF %FTMJDF MJHFSBNFOUF MB NBOHVFSB EF ESFOBKF IBTUB FM PSJGJDJP EF DPOFYJØO Z FODBSF MB [POB EF ESFOBKF IBDJB BGVFSB 1SFDBVDJPOFT EVSBOUF MB DPMPDBDJØO EF MB NBOHVFSB EF EFTBHàF .
&/4".#-"+& %&- 1"/&- %& 1305&$$*»/ $0/53" 30&%03&4 &ODBKF MBT SBOVSBT EF MB CBTF EFM QBOFM EF QSPUFDDJØO VOB B VOB DPNP TF NVFTUSB FO MB JMVTUSBDJØO TJHVJFOUF "OUFT EF VTBS MB MBWBEPSB DPNQSVFCF RVF FM QBOFM EF QSPUFDDJØO DPOUSB SPFEPSFT FTUÈ GJSNFNFOUF FODBKBEP $».
JOTUBMBDJØO Z NBOUFOJNJFOUP '*-530 %&- $0/&$503 %& 46.*/*4530 %& "(6" 4BRVF FM GJMUSP Z MÓNQJFMP CJFO $PMPRVF FM GJMUSP Z DPOFDUF GJSNFNFOUF MB NBOHVFSB B MB MMBWF EF QBTP EFM BHVB $PNQSVFCF RVF OP IBZB HPUFP "QSJFUF CJFO FM DPOFDUPS -*.
TPMVDJØO EF QSPCMFNBT $0.
{MB MBWBEPSB OP GVODJPOB 130#-&." $0.
130#-&." $0.
$POUBDUF DPO 4".46/( 803-% 8*%& 4J UJFOF BMHVOB QSFHVOUB P DPNFOUBSJP SFGFSFOUF B OVFTUSPT QSPEVDUPT QPS GBWPS DPOUBDUF DPO OVFTUSP 4FSWJDJP EF "UFODJØO BM $MJFOUF 1BÓT --".& 0 7*4*5& /6&453" 1«(*/" 8&# "3(&/5*/" $)*-& $045" 3*$" +"."*$" 1"/"." 16&350 3*$0 53*/*%"% 50#"(0 7&/&;6&-" $0-0.#*" 4".
