Tapatio 15 de abril 2018

Page 1

'6/%"%03&4 +FT·T ~MWBSF[ EFM $BTUJMMP 7 +PSHF ~MWBSF[ EFM $BTUJMMP ;

Ah ao_nepkn Fko I]jqah ?q hh]n Iknajk nao_]p] h] ^ekcn]b ] ejpaha_pq]h `a Aiehek Qn]jc]( ]np be_a k_qhpk `ah Ǘeafk lne

&%*503 %*3&$503 $BSMPT ~MWBSF[ EFM $BTUJMMP (

"º0 $* /Á.&30

#

4&$$* /

ENCUENTRA CADA DOMINGO

'050 t 58*55&3 !+.$6&--"3.

En las páginas de

ESTA SECCIÓN 1ÈHJOB EPT

?Q=@ANJK @A HA?PQN=

(6"%"-"+"3" +"- %0.*/(0 %& "#3*- %&

-Õ«iÀÛ Ã À\Ê >À Ê >ÃÌ Ê >À °V>ÃÌ J v À >` À°V ° ÝÉÊ iÀ>À` Ê Ã«>Àâ>Ê}iÀ>À` °ië>Àâ>J v À >` À°V ° Ý

&- */'03."%03 t . 7"3("4

&M DBSJDBUVSJTUB 4B°M )FSSFSB 4B°M )FSSFSB Â2VDIPÃ DFMFCSB Â2VDIPÃ DFMFCSB EPT E DBEBT EF EPT E DBEBT EF DSFBS WJ¨FUBT DSFBS WJ¨FUBT DBQBDFT EF IBDFS SF¤S P NPMFTUBS SF¤S P NPMFTUBS B N T EF VOP B N T EF VOP FT VOP EF MPT SFGFSFOUFT BDUVBMFT EFM DBSUªO NFYJDBOP

I Z JP

O F H JO

1PS /PSNB (VUJ¹SSF[

JDFO RVF OP IBZ NFKPS PCSB RVF MB RVF OP TF UJFOF RVF FYQMJDBS Z i2VDIPw FT VOP EF FTPT BSUJTUBT RVF RVJ[² QPDBT WFDFT IB UFOJEP RVF IBDFSMP 4VT USB[PT JN QSFHOBEPT EF DPMPSFT D²MJ EPT TF IBO DPOWFSUJEP FO SFGFSFODJB EFM BDPOUFDFS UBQBU½P Z NFYJDBOP EF TV DVMUVSB EFQPSUF QPM½UJDB Z TPDJFEBE &O MPT ÈMUJNPT BÁPT i2VDIPw IB EJCVKBEP EF UPEP Z B MB QSJNFSB WJTUB TVT WJÁFUBT TPO DBQBDFT EF IBDFS TPOSF½S P NPMFTUBS B VOP RVF PUSP GVODJPOBSJP QÈCMJDP RVF IB TJEP FYQVFTUP CBKP FM JOHFOJP EF FTUF NPOFSP RVF NVZ B TV FTUJMP IB JOZFDUBEP EF GSFTDV SB DS½UJDB Z SFGMFYJÂO BM DBSUÂO NFYJDBOP DPOUFNQP S²OFP %FUS²T EF MB GJSNB EF i2VDIPw FTU² 4BÈM )FSSF SB Z EFUS²T EF ¹M VOB IJTUPSJB EF DBTVBMJEBEFT EF SF UPT Z QBTJPOFT RVF MP IBO BOJNBEP B OP UJSBS MPT M² QJDFT Z BDVBSFMBT DVBOEP OP IBZ OJ CVFOB QBHB EF QPS NFEJP Z NVDIP NFOPT EPOEF QVCMJDBS "VORVF QPES½B QFOTBSTF RVF MB IJTUPSJB EF i2V DIPw FT MB DM²TJDB FO EPOEF MBT JOGMVFODJBT GBNJMJBSFT BS U½TUJDBT SFQFSDVUFO DPO GVFS[B FO MB WPDBDJÂO GVUVSB QB SB FTUF DSFBUJWP WJTVBM FM EFTUJOP Z MB DBTVBMJEBE IBO TJEP QVOUP Z BQBSUF EF MP RVF IB DPTFDIBEP FO TV USBZFDUP SJB QPS N¹SJUP QSPQJP DPNP DBSJDBUVSJTUB EPOEF FM IV NPS Z MB TPMJEBSJEBE TJFNQSF WBO EF MB NBOP i4JFNQSF UVWF GBDJMJEBE QBSB EJCVKBS OP TBC½B RVF NF JCB B EFEJDBS B FTUP &O NJ GBNJMJB IBC½B BOUFDFEFO UFT EF DBSJDBUVSJTUBT NJ CJTBCVFMP Z VO U½P UBNCJ¹O MP IBD½BO .F NFU½ B MB FTDVFMB EF BSUF QBSB FTUVEJBS QJO UVSB ZP RVFS½B IBDFS QBJTBKFT QFSP TJFNQSF UVWF FTB JO RVJFUVE QPS MB DBSJDBUVSBw SFDVFSEB 2VDIP RVF BVO TJFOEP FTUVEJBOUF EFDJEJÂ MMFWBS VOB DBSQFUB EF EJCVKPT B MP RVF FOUPODFT FSB FM QFSJÂEJDP i4JHMP 99*w TJO FY QFDUBUJWB BMHVOB EF TFS BDFQUBEP i.F TPSQSFOEJÂ RVF NF BDFQUBSBO 5FO½B TÂMP BÁPT EFTEF FOUPODFT IF FTUBEP QVCMJDBOEP &M EJ CVKP ZB FSB BMHP RVF USB½B QFSP RVF UBNCJ¹O MP GVJ CVTDBOEPw FYQMJDB i2VDIPw RVF BDUVBMNFOUF FT FM DBSUPOJTUB QSPUBHPOJTUB EF &- */'03."%03 Z IB

%

T P [ B S U VNPS

F E

WB EJGFSFOUF TP CSF UV DBSUÂOw CSF UV DBSUÂOw $VBOEP 2VDIP DPNFO[BCB QFSTPOBKFT JDÂOJDPT DPNP 3JVT MJEFSBCBO FM DBSUÂO QPM½UJDP JDÂOJDPT DPNP 3JVT MJEFSBCBO FM DBSUÂO QPM½UJDP DPMBCPSBEP FO PUSPT NFYJDBOP Z FSBO SFGFSFODJB JOUFSOBDJPOBM UBN PUSPT NFYJDBOP Z FSBO SFGFSFODJB JOUFSOBDJPOBM UBN NFEJPT DPNP i.FEJP 5JFNQPw 'BMDÂO 5JFNQPw CJ¹O FTUBCB 3PEPMGP $BMPDB Z .BOVFM 'BMDÂO i1SPDFTPw Z i&M 5SFOw FM RVF DPOTJEFSB IB TJEP FM i1SPDFTPw Z i&M 5SFOw FM RVF DPOTJEFSB IB TJEP FM NJFOUSBT 5SJOP +JT Z 0TXBMEP .POPT UBNCJ¹O DPOTPMJEBCBO TV QBTP NFEJP HSBUVJUP FO FM RVF N²T UJFNQP IB FTUBEP DPOTPMJEBCBO TV QBTP :B FTUBOEP FO TV QSJNFS USBCBKP GPSNBM DPNP i:P WF½B MFKBOP GPSNBS QBSUF EF FTP 2VJ[² TF i:P WF½B MFKBOP GPSNBS QBSUF EF FTP 2VJ[² TF DBSUPOJTUB i2VDIPw UPQÂ DPO MB SFBMJEBE EF MPT NF FTDVDIF DSVFM QFSP QFOTBCB P NF UFOHP RVF FT EJPT EF DPNVOJDBDJÂO EF DÂNP FSB USBCBKBS EF QMBO QFSBS B RVF BMHVJFO TF NVFSB QBSB ZP QPEFS QVCMJ UB DPO DBSUPOFT RVF DVNQMJS BM E½B FTUBS BM JOUFSJPS DBS P RVF TF BCSJFSB PUSP QFSJÂEJDP Z FTP QBTÂ MPT EF VOB SFEBDDJÂO BM TFSWJDJP EF MBT OPUJDJBT Z QSJODJ RVF FTUBCBO FO A4JHMP 99* TF GVFSPO B GVOEBS A1È QBMNFOUF DPNQSFOEFS RVF EF TV DSFBUJWJEBE EFQFO CMJDP BIPSB A.JMFOJP Z EFKBSPO VO FTQBDJP RVF EFS½B FM TBMBSJP DPO FM RVF UPEP OPWBUP TVFÁB BQSPWFDIBNPT WBSJPT NPOFSPT BT½ GPSNBNPT i.F EJ DVFOUB EF MP RVF FO SFBMJEBE UJFOF RVF IB PUSB HFOFSBDJÂOw DFS VO DBSUPOJTUB RVF OP TPMP FT IBDFS VO EJCVKP QPS "VORVF 2VDIP DPOTJEFSB RVF FM HSFNJP EF MB IBDFSMP UJFOFT RVF KVTUJGJDBSMP UFOFS VOB QSFQBSB JMVTUSBDJÂO Z MB DBSJDBUVSB BM NFOPT FO (VBEBMBKB DJÂO QSFWJB FO MPT UFNBT RVF BCPSEBS²T %FD½BO RVF SB FTU² EJTQFSTP SFDPOPDF RVF MB FNQBU½B RVF FM TJ UF EFEJDBT B FTUP P B MB QJOUVSB UF JCBT B NPSJS EF QÈCMJDP UJFOF IBDJB FM USBCBKP IFDIP MPDBMNFOUF FT IBNCSF Z FO MPT DBSUPOFT MF CBUBMMBT CBTUBOUF SFDPOGPSUBOUF QBSB FNQSFO QFSP ZP TJFNQSF IF SFDJCJEP VO TBMB EFS QSPZFDUPT RVF IBO EBEP VO WBMPS SJPw EFUBMMB i2VDIPw BM SFDPSEBS RVF N²T QSPGFTJPOBM Z SFNVOFSBEP BM QSJODJQJP QPS TV USBCBKP MF QBHB "(²/%"-0 i$SFP RVF T½ IBDF GBMUB VO QPDP N²T CBO NJM QFTPT BM NFT &YQPTJDJØO i2VDIP B×PTw EF VOJEBE QBSB IBDFS QSPZFDUPT QB i)BZ DBSUPOFT RVF IF SFTVFMUP FO FO (BMFSÓB $IBQVMUFQFD EFM ESFT DPNP VO MJCSP OP IBZ VOP RVF TF VOB IPSB Z SFTVMUBO CVFOBT JEFBT Z IBZ EF BCSJM BM EF NBZP FO FOGPRVF B MPT DBSJDBUVSJTUBT EF +BMJT PUSPT B MPT RVF MFT EFEJDP IBTUB DJODP FM DPSSFEPS $IBQVMUFQFD B TV DP Z NF HVTUBS½B IBDFS FTPw IPSBT Z OP TPO FYJUPTPT %FTQV¹T EF DSVDF DPO DBMMF .POUFOFHSP i2VDIPw OP UJFOF QJOUB EF SPDLT BÁPT IF MMFHBEP B MB DPODMVTJÂO Z *OBVHVSB IPZ IPSBT UBS BVORVF TF IB EBEP FM MVKP EF SFDIB BQSFOEJFOEP RVF FOUSF N²T MP QJFOTFT [BS QSPZFDUPT RVF MP BUBS½BO DPNP VO FDIBT B QFSEFS MBT DPTBT FOUSF N²T FT iEJCVKBOUF (PE½OF[w DPO IPSBSJP FT QPOU²OFBT TFBO NFKPSw UBCMFDJEP Z VO CVFO TVFMEP QBDUBEP TJO FNCBSHP UBNCJ¹O IBO FYJTUJEP ¹QPDBT FO MBT RVF MB GSVTUSBDJÂO Z FM IBSUB[HP MP IJDJFSPO SFQMBOUFBSTF 5BMFOUP EF FNQBUªB " EJGFSFODJB EF PUSPT DBSUPOJTUBT EJCVKBOUFT F TPCSF TV GVUVSP FO MB DBSJDBUVSB i)BDF BÁPT TÂMP UFO½B VOB QVCMJDBDJÂO TÂ JMVTUSBEPSFT i2VDIPw TF IB DBSBDUFSJ[BEP QPS TFS VO DSFBUJWP RVF FTDVDIB B TVT TFHVJEPSFT RVF JOUFSBD MP IBD½B VOB DBSJDBUVSB B MB TFNBOB OP UFO½B NV UÈB DPO FMMPT RVF TF EFKB BDPOTFKBS TPCSF MPT UFNBT DIBT PQDJPOFT Z QFOTBCB FO SFDVSSJS B PUSP UJQP EF P TJUVBDJPOFT RVF QVFEF SFJOUFSQSFUBS B TV FTUJMP 4J JOHSFTPT P BDUJWJEBE QBSB TPMWFOUBS NJT HBTUPT CJFO BHSBEFDF MPT BQMBVTPT Z IBMBHPT IBDJB TVT WJÁF QFSTPOBMFT Z GBNJMJBSFT QFSP DPNFOD¹ B NBOEBS UBT UBNCJ¹O SFTQFUB Z BUJFOEF BRVFMMPT NFOTBKFT Z NJ DVSS½DVMP BCS½ NJ CMPH NF BEFOUS¹ B MP EJHJUBM DS½UJDBT OFHBUJWBT RVF MF IBDFO BUFSSJ[BS MPT QJFT FO Z FTP NF GVODJPOÂw Z BT½ i2VDIPw DPNFO[Â B QV CMJDBS GVFSB EF (VBEBMBKBSB QBSB JMVTUSBS MJCSPT FO MB UJFSSB i6O BNJHP NF IB EJDIP RVF FT NFKPS WPMUFBS B 5JKVBOB QPS FKFNQMP WFS B MPT AIFBUFST B MPT RVF UF UJSBO EVSP Z UBNCJ¹O MPT UFOHP /P NF MBUF RVF UPEP TJFNQSF GVFSB EF &M ÂDIJWBIFSNBOPÍ BQMBVTP FTP NF QPES½B IBDFS DBFS FO VOB [POB EF -B GBDFUB EFQPSUJWB IB TJEP QJF[B DMBWF FO MB DPOGPSU 4JFOUP RVF TJFNQSF IF TJEP NJ N²T TFWFSP QPQVMBSJEBE EF i2VDIPw QBSB JEFBS DBSUPOFT RVF DS½UJDP DBTJ OVODB NF HVTUBO NJT DBSUPOFT -PT RVF JMVTUSBO MBT QFOBT HMPSJBT SJWBMJEBEFT Z EJTQBSB N²T NF HVTUBO OBEJF MPT QFMÂ QFSP DBSUPOFT RVF OP UFT EF MPT FRVJQPT MPDBMFT DPNP FM $MVC (VBEBMB NF HVTUBO Z TF QVCMJDBO MB HFOUF MPT BDFQUB DBEB DB KBSB "UMBT -FPOFT /FHSPT Z MPT 5FDPT EF MB 6"( CF[B FT VO NVOEP Z DBEB RVJFO UPNB VOB QFSTQFDUJ Z UBNCJ¹O TVCJSTF BM MMBNBEP iUSFO EFM NBNFw TP

CSF FM BDPOUFDFS EF MPT PUSPT FRVJQPT OBDJPOBMFT Z CSF FM BDPOUFDFS EF MPT PUSPT FRVJQPT OBDJPOBMFT Z MPT QFSTPOBKFT RVF NBOFKBO MPT IJMPT EFM GVUCPM NFYJDBOP NFYJDBOP -B QBTJÂO RVF i2VDIPw UJFOF QPS MBT $IJWBT FT JOOFHBCMF Z i$IJWJUw FT VOP EF TVT QFSTPOBKFT N²T FNCMFN²UJDPT Z RVFSJEPT RVF MP IBO BSSBJHB N²T FNCMFN²UJDPT Z RVFSJEPT RVF MP IBO BSSBJHB EP DPO NBZPS DBSJÁP FO FM DPMFDUJWP EF MPT BGJDJP OBEPT SPKJCMBODPT Z IBTUB VOP RVF PUSP BUMJTUB UBNCJ¹O TF TJFOUF IBMBHBEP DVBOEP FM [PSSJUP SP KJOFHSP IBDF QSFTFODJB MPT DIJTUFT Z SFGMFYJPOFT HS²GJDBT EFM UBQBU½P HS²GJDBT EFM UBQBU½P i4JFNQSF IF TJEP BGJDJPOBEP NF HVTUBCB KV HBSMP 4PZ NVZ BQBTJPOBEP BM GVUCPM Z ZP FTUBCB NVZ DFSSBEP B TFS TÂMP DBSUPOJTUB QPM½UJDP QFSP FM RVF TBCF EJCVKBS EFCF EJCVKBS EF UPEP Z FO BMHÈO NPNFOUP UF WBO B QFEJS BMHP EF GVUCPM -MFHV¹ B VO QVOUP BM RVF TPMBNFOUF EJCVKBCB GVUCPM TFOU½B HBDIP QPSRVF FTUBCB PMWJEBOEP MB QBSUF QPM½UJDB DPO MB RVF IBC½B JOJDJBEPw "VORVF MB GJEFMJEBE EF i2VDIPw IBDJB MBT $IJ WBT OP DBEVDB MP DJFSUP FT RVF DVBOEP MPT SPKJCMBO DPT IBO FTUBEP BM SBT EFM EFTDFOTP MBT HBOBT EFM NPOFSP UBQBU½P QPS EJCVKBSMBT UBNCJ¹O TF IBO IF DIP QSFTFOUFT DPOUSBSJP BM DBTJ NFT RVF EVSÂ SFT USFHBOEP B PUSPT BGJDJPOBEPT DVBOEP FM FRVJQP EF +PSHF 7FSHBSB TF IJ[P DBNQFÂO i$VBOEP DBTJ EFTDFOE½BO FTUBCB QFOTBOEP TFSJBNFOUF FO NBUBS B NJ DIJWB ZB OP MB RVFS½B EJ CVKBS %JDFO BVORVF FT GBMTP RVF VOB WF[ 2VJOP NBUÂ B .BGBMEB Z ZP QFOTBCB RVF RVJ[² B NJ DIJ WB VO DBNJÂO EF DFSWF[B MB QPES½B BUSPQFMMBS IBT UB RVF WPMWJFSBO B 1SJNFSB %JWJTJÂO MB WPMWFS½B B EJCVKBS 1FSP DVBOEP HBOBSPO NF EJKFSPO RVF ZP BOEBCB JOTPQPSUBCMF MB JEFB FSB EJCVKBSMB DBTJ VO NFT QFSP BM "UMBT UBNCJ¹O MF IF BHBSSBEP DBSJÁPw

|Â2VDIPÍ QBSB QPMªUJDP i2VDIPw TF IB DPOWFSUJEP FO VOB WP[ QÈCMJDB QB SB NVDIPT UBQBU½PT 4VT EJCVKPT MMFHBO B FYQSFTBS Z B JEFOUJGJDBSTF DPO FM FOPKP MB NPMFTUJB MB JNQPUFODJB P BMFHS½BT EF MPT DJVEBEBOPT SFTQFDUP B TJUVBDJPOFT QPM½UJDBT TJO FNCBSHP {FTBT SFGMFYJPOFT DS½UJDBT P QSPQVFTUBT RVF i2VDIPw QMBTNB FO QBQFM BOJNBS½BO BM NPOFSP B CSJODBS B MB QPM½UJDB EF DBSOF Z IVFTP i/P DSFP FTUPZ NVZ B HVTUP DPO MP RVF IBHP FO MPT NFEJPT DÂNP MP IBHP TFS½B NVZ QPDP ÈUJM TJ MP IBHP RVJ[² DPO NJT DBSUPOFT MP TPZ "MHVOB WF[ UVWF MB PQPSUVOJEBE EF USBCBKBS FO FM 4*"1" NF JOWJUBSPO DPO VO TVFMEP NVZ CVFOP QFSP MB DPOEJDJÂO FSB RVF EFKBSB EF QVCMJDBS FTUBS½B FO VOB PGJDJOB EJCVKBOEP Z EJKF RVF OP FTB OP FSB MB CPS EF A2VDIP OP NF FRVJWPRV¹ QFTF B RVF FO FTF ¹QPDB OP UFO½B NVDIP USBCBKP FTUVWF UFOUBEP QF SP MP N½P TPO MPT DBSUPOFTw


1~(*/" #

&- */'03."%03 &- */'03."%03

%PNJOHP EF BCSJM EF

&/53&7*45"

+04² ."/6&- $6²--"3 .03&/0 &4$3*503

6O DBQ©UVMP FO MB IJTUPSJB

JEFPM¯HJDB EFM 13* 1PS +PSHF 1¹SF[

'050 t 58*55&3 !+.$6&--"3.

/

BSSBEPS GJMÂTPGP F IJTUPSJBEPS +PT¹ .BOVFM $V¹MMBS .PSFOP QSFTFOUB i-B SFWPMVDJÂO JODPODMVTB MB GJMPTP G½B EF &NJMJP 6SBOHB BSU½GJDF PDVMUP EFM 13*w &O FEJDJÂO EF "SJFM FTUF MJ CSP QSPQPOF SFTDBUBS MB CJPHSBG½B JO UFMFDUVBM EF 6SBOHB QPM¹NJDP BSUJ DVMJTUB DPO GPSNBDJÂO EF GJMÂTPGP RVF FTUVWP EFUS²T Z BM MBEP EFM EJTDVSTP PGJDJBM EFM 13* FO MPT UJFNQPT DFS DBOPT B MB DFMFCSBDJÂO EFM "OJWFSTBSJP EF MB 3FWP MVDJÂO 1BSB JOWJUBS B MPT MFDUPSFT B DPOPDFS FTUB OPWFEBE FEJUPSJBM QMBUJDBNPT W½B UFMFGÂOJDB DPO +PT¹ .BOVFM RVJFO OPT IBCMÂ EF TV QSJNFS FODVFOUSP DPO MB GJHVSB EF &NJMJP $VBOEP EFTDVCS½ B &NJMJP 6SBOHB FTUBCB NVZ EFTFODBOUBEP DPO FM OJWFM JOUFMFDUVBM EF MPT EFCBUFT IPZ FO E½B %FTDVCS½ B VO QFOTBEPS RVF GVF BTFTPS EF QSFTJEFOUFT DPNP -ÂQF[ .BUFPT DPNP %½B[ 0SEB[ JORVJFUBOUFNFOUF DFSDBOP B %½B[ 0SEB[ B &DIFWF SS½B Z -ÂQF[ 1PSUJMMP -F UPDÂ FTUBS BM MBEP EF MPT AQS½O DJQFT DVBOEP FM QSFTJEFODJBMJTNP FTUBCB FO QMFOP &T VOB GJHVSB RVF MB UFOFNPT NVZ PMWJEBEB P N²T FTU² PDVMUBEB /P FT DBTVBMJEBE FNQF[BS B RVJUBS MPT WF MPT EF &NJMJP 6SBOHB FT SFNPWFS GJCSBT TFOTJCMFT BEFOUSBSTF B MPT TÂUBOPT EF MB QPM½UJDB NFYJDBOB &DIBS VO WJTUB[P B FTB MBCPS UFÂSJDB RVF TF IBD½B USBT CBTUJEPSFT &M BVUPS EFTUBDÎ FM QBQFM EF &NJMJP DPNP VO FYÀHFUB Z QFOTBEPS BMSFEFEPS EFM (PCJFSOP &SB VO HSBO BSU½GJDF EF FTPT EJTDVSTPT DPOT USV½B BSNB[POFT UFÂSJDBT BSHVNFOUPT QBSB MFHJUJNBS MBT EFDJTJPOFT HVCFSOBNFOUBMFT 1FSP UFO½B VO QBTB EP GJMPTÂGJDP UFO½B VOB GPSNBDJÂO FO MB 6/". Z GVF QBSUF EF VO NPWJNJFOUP OBDJPOBMJTUB FO MB GJMPTPG½B RVF EJP DPNP SFTVMUBEP UFYUPT DPNP i&M MBCFSJOUP EF MB TPMFEBEw EF 0DUBWJP 1B[ P i"O²MJTJT EFM TFS EFM NF YJDBOPw EF 6SBOHB "EFNµT EF SFGMFYJPOBS TPCSF RVÀ FT FM NFYJ DBOP 6HBOEB UBNCJÀO BCVOEÎ FO FM TJHOJGJDBEP EF MB 3FWPMVDJÎO -ÂQF[ .BUFPT MP DPOWPDÂ Z GVF BTFTPS FKFDVUJ WP .¹YJDP FT VO BÁP DSVDJBM DPZVOUVSBM B PDIP BÁPT EF 5MBUFMPMDP &T VO BÁP RVF EFCFNPT FTUVEJBS QBSB DPNQSFOEFS NVDIP EF MP RVF QBTB IPZ FO E½B &O FM USJVOGÂ MB 3FWPMVDJÂO $VCBOB MP DVBM FT VO EVSP HPMQF QBSB FM EJTDVSTP EF MB 3FWPMVDJÂO .FYJDB OB MB OVFTUSB ZB OP FT FM NPEFMP EF MB 3FWPMVDJÂO MB UJOPBNFSJDBOB FYJUPTB &O MB JTMB ZB FTU² VOB 3FWPMV DJÂO RVF IBDF DPTBT OP TPMP EJDF RVF MBT IBS² &TP IBDF RVF TF SFDPOGJHVSF MB J[RVJFSEB FO .¹YJDP 5BN CJ¹O IVCP VO NPWJNJFOUP IVFMHVJTUB FO FM QB½T DPO MPT GFSSPDBSSJMFSPT FMFDUSJDJTUBT QJMPUPT BWJBEPSFT FT UVEJBOUFT 5PEB FTUB QPCMBDJÂO PDVQB MBT DBMMFT Z TF RVFKB RVF MPT DBOBMFT EF SFQSFTFOUBDJÂO FTU²O BUSPGJB EPT &O FTBT DJSDVOTUBODJBT FM QSFTJEFOUF TVFMUB VOBT EFDMBSBDJPOFT FO (VBZNBT 4POPSB SBS½TJNBT i.J HPCJFSOP FT EF FYUSFNB J[RVJFSEBw QFSP BDPUB i%FO USP EF MB DPOTUJUVDJÂOw &TP RVF TPMUÂ RVF QBSFD½B FM FOJHNB EF MB FTGJOHF GVF JOUFSQSFUBEP EF NVDIBT NB OFSBT MPT FNQSFTBSJPT N²T SFBDDJPOBSJPT QVTJFSPO FM HSJUP FO FM DJFMP QFOTBOEP RVF FSB OFPDBSEFOJTNP TP DJBMJTNP RVF JCB B FYQSPQJBS -B OVFWB J[RVJFSEB TF FOPKÂ QPS DPMHBSTF MB NFEBMMB EF MB J[RVJFSEB &T DVBO

"6503 &M UFYUP RVF QSFTFOUB BCPSEB MB VSHFODJB EF SFWJWJS MB GJMPTPGÓB EF MP NFYJDBOP BOUF MB DSJTJT EF JEFOUJEBE

EJEBE EF UFOFS VO WJMMBOP FTUF HFOJP NBMJHOP BM RVF TF MF BEKVEJDBO NVDIBT SFTQPOTBCJMJEBEFT 1BSB FM BVUPS EF i-B SFWPMVDJÎO JODPODMVTBw MB WJHFODJB EF SFGMFYJPOBS FO UPSOP B VO QFSTPOBKF IJTUÎSJDP DPNP &NJMJP 6SBOHB TJSWF UBNCJÀO QBSB DPOUSBTUBS FO MB BDUVBMJEBE MPT SPMFT FO MB QPMÅUJDB {2VJ¹OFT TPO MBT NFOUFT EFUS²T EFM (PCJFSOP RVJ¹OFT FTU²O FO TV MVHBS FO MB BDUVBMJEBE {$V²M FT FM QSPZFDUP EF OBDJÂO IBZ VO SVNCP QPS USBOTJUBS 1B SFDJFSB RVF WBNPT B UJFOUBT Z FTUP OP FSB BT½ IBC½B VO EJTDVSTP N²T P NFOPT GVOEBEP FO MB 3FWPMVDJÂO .F YJDBOB RVF OP TF FOUFOE½B DPNP VO TVDFTP IJTUÂSJDP TJOP BMHP RVF FTUBCB TFÁBMBOEP FM GVUVSP &TUP ZB FWJ EFOUFNFOUF OP FTU² &TUBNPT BOUF EJTDVSTPT EPOEF FTDBTFBO MBT JEFBT &NJMJP 6SBOHB FSB VO FYQFSUP FO HFTUBSMBT )FNPT QFSEJEP FO FM EFCBUF FM TVFMP EF MB IJTUPSJB Z FM EF MB GJMPTPG½B &M MJCSP FT VOB JOWJUBDJÂO B IBDFS VO FTGVFS[P EF MB NFNPSJB Z SFDPSEBS FM QBTB EP EFUFOFSOPT FO MB E¹DBEB MPT TFTFOUB FO -ÂQF[ .B UFPT RVF GVF VO HSBO IPNCSF EF &TUBEP VOP RVF RVJ [² OP WPMWBNPT B UFOFS

$035&4¶"

EP TBMF FO FTDFOB Z EFCVUB FO FM QFSJPEJTNP &NJMJP 6SBOHB DPNP JOU¹SQSFUF EF FTUF PS²DVMP EFM QSFTJEFO UF i-B 3FWPMVDJÂO FO PUSPT QB½TFT QPES² TFS VO NPWJ NJFOUP BOUJTJTU¹NJDP TVCWFSTJWP RVF TF FOGSFOUB BM QPEFS QFSP FO .¹YJDP OP QBTÂ BT½ -B 3FWPMVDJÂO MB EF RVFEÂ QMBTNBEB FO VO UFYUP MB $POTUJUVDJÂO EFM RVF EFWJOP FO VO &TUBEPw &NJMJP 6SBOHB DPO DMVZÂ RVF MB WFSEBEFSB J[RVJFSEB TPMP QPE½B EBSTF DP NP VO NPWJNJFOUP EFOUSP EFM 13* BMHP RVF BOUJDJQÂ MP RVF JCB B TVDFEFS FO FM %F BMHVOB NBOFSB EFT MFHJUJNB PUSPT NPWJNJFOUPT EF J[RVJFSEB QBSB EFTBV UPSJ[BS MBT DS½UJDBT EF $PT½P 7JMMFHBT 1PS TVT PQJOJPOFT &NJMJP TF HBOÎ MB BOJNBEWFS TJÎO EF NVDIPT MFDUPSFT Z PUSPT QFOTBEPSFT &TUBNPT BOUF VO QPMFNJTUB RVF UJFOF VO FTUJMP EPOEF DPNQJMB FM FMPHJP DPO MB DS½UJDB &T VO QFOTBEPS MÈDJEP RVF UPDB MBT GJCSBT TFOTJCMFT :P FO FM UFYUP MP DJ UP QBSB RVF FM MFDUPS QVFEB TBCPSFBS FTUF FTUJMP 4F MBT WJP DPO $²SEFOBT DPO $PT½P 7JMMFHBT DPO $BSMPT 'VFOUFT 0DUBWJP 1B[ 4F FOFNJTUÂ DPO NFEJP NVOEP FT QBSUF EF TV EFTDS¹EJUP "DVTÂ EF WFEFUJTNP B 'VFO UFT EF AIBDFSMF BM CPPN " 1B[ MP DSJUJDÂ DVBOEP SF

* , Ê Ê/"+1 >À Ê6>À}>ÃÊ Ã> 2VF -VMB FM FYQSFTJEFOUF EFM #SBTJM IBZB FOUSBEP B VOB QSJTJÂO EF $VSJUJCB B DVNQMJS VOB QFOB EF EPDF BÁPT EF D²SDFM QPS DPSSVQDJÂO IB EBEP PSJHFO B QSPUFTUBT NBTJWBT PSHBOJ[BEBT QPS FM 1BSUJEP EF MPT 5SBCBKBEPSFT Z IPNFOBKFT EF HPCJFSOPT MBUJOPBNFSJDBOPT UBO QPDP EFNPDS²UJDPT DPNP MPT EF 7FOF[VFMB P /JDBSBHVB BMHP RVF FSB QSF WJTJCMF 1FSP MP FT NFOPT RVF NVDIB HFOUF IPOFTUB TPDJBMJTUBT TP DJBMEFNÂDSBUBT Z IBTUB MJCFSBMFT DPOTJEFSFO RVF TF IB DPNFUJEP VOB JOKVTUJDJB DPOUSB VO FYNBOEBUBSJP RVF TF QSFPDVQ NVDIP QPS DPN CBUJS MB QPCSF[B Z SFBMJ[ MB QSPF[B EF TBDBS BM QBSFDFS B DFSDB EF NJMMPOFT EF CSBTJMFÁPT EF MB FYUSFNB QPCSF[B DVBOEP FTUVWP FO FM QPEFS 2VJFOFT QJFOTBO BT½ FTU²O DPOWFODJEPT QPS MP WJTUP RVF TFS VO CVFO HPCFSOBOUF UJFOF RVF WFS TÂMP DPO MMFWBS B DBCP QPM½UJDBT TP DJBMFT EF BWBO[BEB Z RVF FTUP MP FYPOFSB EF DVNQMJS MBT MFZFT Z EF BDUVBS DPO QSPCJEBE 1PSRVF -VMB OP IB FOUSBEP B MB D²SDFM QPS MBT CVFOBT DPTBT RVF IJ[P EVSBOUF TV HPCJFSOP TJOP QPS MBT NBMBT Z FO USF ¹TUBT GJHVSB QPS FKFNQMP MB FTQBOUPTB DPSSVQDJÂO EF MB DPNQB Á½B FTUBUBM EF 1FUSPCSBT Z TVT DPOUSBUJTUBT RVF DPTU BM EJF[NBEP QVF CMP CSBTJMFÁP OBEB NFOPT RVF USFT NJM NJMMPOFT EF EÂMBSFT EPT NJM NJMMPOFT EF FMMPT FO TPCPSOPT %F PUSP RVJFOFT QJFOTBO UBO CJFO EF -VMB PMWJEBO FM GFP QB QFM EF DPSSF WF Z EJMF RVF KVH DPNP FNJTBSJP Z DÂNQMJDF FO WBSJBT PQFSBDJPOFT EF 0EFCSFDIU FO FM 1FSÈ FOUSF PUSPT QB½TFT DPSSPN QJFOEP DPO NJMMPOFT EF EÂMBSFT B QSFTJEFOUFT Z NJOJTUSPT QBSB RVF GBWPSFDJFSBO B BRVFMMB USBOTOBDJPOBM DPO NVMUJNJMMPOBSJPT DPOUSB UPT EF PCSBT QÈCMJDBT &T QPS FTUB SB[ÂO Z PUSPT DBTPT RVF -VMB UJFOF OP VOP TJOP TJFUF QSPDFTPT QPS DPSSVQDJÂO FO NBSDIB Z RVF EFDFOBT EF TVT DPMBCPSBEPSFT N²T QSÂYJNPT EVSBOUF TV HPCJFSOP DPNP +PBP 7BDDBSJ P +PT¹ %JSDFV TV KFGF EF HBCJOFUF IBZBO TJEP DPOEFOB EPT B MBSHBT QFOBT EF D²SDFM QPS SPCPT FTUBGBT Z PUSBT PQFSBDJP OFT EFMJDUVPTBT &OUSF MBT ÈMUJNBT BDVTBDJPOFT RVF TF DJFSOFO TP CSF TV DBCF[B FTU² MB EF IBCFS SFDJCJEP EF MB DPOTUSVDUPSB 0"4 B DBNCJP EF DPOUSBUPT QÈCMJDPT VO EFQBSUBNFOUP EF USFT QJTPT FO MB QMBZB EF (VBSVK² 4BP 1BVMP -BT QSPUFTUBT QPS MB QSJTJÂO EF -VMB OP UJFOFO FO DVFOUB RVF EFTEF RVF TF QSPEVKP MB HSBO NPWJMJ[BDJÂO QPQVMBS DPOUSB MB DPSSVQ DJÂO RVF BNFOB[BCB DPO BTGJYJBS B UPEP FM #SBTJM Z FO HSBO QBSUF HSB

OVODJÂ B MB FNCBKBEB EF /VFWB %FMIJ Z FTDSJCJÂ FM QPF NB QPS MB NBTBDSF EFM EF PDUVCSF -P BDVTÂ EF IB DFS VO QFSGPSNBODF QPM½UJDP EF TBDBSMF SBKB B MPT JO NPMBEPT 1PS FMMP MB GJHVSB EF 6SBOHB GVF DBZFOEP FO FM PMWJEP JODMVTP BOUFT EF TV NVFSUF 6SBOHB GBMMFDF FO FM QPCSF TPMP DPO VO GVOFSBM TJO TVOUVPTJEBEFT &O QBSUF QPSRVF OP NBOUVWP BNJTUBEFT TFS BNJHP TVZP FSB DPSSFS FM SJFTHP EF TFS VOB EF TVT W½DUJNBT /P TF QSFPDVQÂ QPS EFKBS EJTD½QVMPT RVF DVJEBSBO EF TV MFHBEP .²T CJFO TF FOFNJTUÂ DPO MB ¹MJUF 4F DPOWJSUJÂ FO VO QFS TPOBKF NVZ JODÂNPEP Z EFTQSFTUJHJBEP 4PCSF UP EP EFTQV¹T EFM TF MF WBO B BEKVEJDBS NVDIPT FT DSJUPT DPMVNOBT BOÂOJNBT P i&M .ÂOESJHPw VO EJBSJP BQÂDSJGP EF VO FTUVEJBOUF EPOEF QJOUB B MPT FTUVEJBOUFT DPNP VO HSVQP SBEJDBM Z WJPMFOUP RVF EJTQBSÂ B MPT NJMJUBSFT -P JNQPSUBOUF OP FT TJ MP FT DSJCJÂ P OP MP RVF MMBNB MB BUFODJÂO FT RVF TF MF BE KVEJDÂ TJO QSVFCBT /P T¹ TJ EF BMHVOB NBOFSB &NJMJP 6SBOHB GVF VOB FTQFDJF EF DIJWP FYQJBUPSJP DPO VOB MFZFOEB OFHSB B TV BMSFEFEPS QPS MB DPNP

Õ >Êi ÌÀiÊÀi >Ã DJBT B MB WBMFOU½B EF MPT KVFDFT Z GJTDBMFT FODBCF[BEPT QPS 4¹SHJP .P SP KVF[ GFEFSBM EF $VSJUJCB DFOUFOBSFT EF QPM½UJDPT FNQSFTBSJPT GVODJPOBSJPT Z CBORVFSPT IBO JEP B MB D²SDFM P FTU²O TJFOEP JOWFT UJHBEPT Z UJFOFO QSPDFTPT BCJFSUPT .²T EF DJFOUP PDIFOUB IBO TJEP ZB TFOUFODJBEPT Z IBZ WBSJBT EFDFOBT EF FMMPT RVF MP TFS²O FO VO GV UVSP QSÂYJNP +BN²T FO MB IJTUPSJB EF "N¹SJDB -BUJOB IBC½B PDVSSJEP OBEB QBSFDJEP VO MFWBOUBNJFOUP QPQVMBS BQPZBEP QPS UPEPT MPT TFDUPSFT TPDJBMFT RVF QBSUJFOEP EF 4BP 1BVMP TF FYUFOEJÂ MVFHP QPS UPEP FM QB½T OP DPOUSB VOB FNQSFTB VO DBVEJMMP TJOP DPOUSB MB EFTIPOFT UJEBE MBT NBMBT BSUFT MPT SPCPT MPT TPCPSOPT UPEB MB HJHBOUFTDB DP SSVQUFMB RVF HBOHSFOBCB MBT JOTUJUVDJPOFT FM DPNFSDJP MB JOEVTUSJB FM RVFIBDFS QPM½UJDP FO UPEP FM QB½T 6O NPWJNJFOUP QPQVMBS DVZB NFUB OP FSB OJ MB SFWPMVDJÂO TPDJBMJTUB OJ EFSSJCBS B VO HPCJFSOP TJ OP MB SFHFOFSBDJÂO EF MB EFNPDSBDJB RVF MBT MFZFT EFKBSBO EF TFS MF USB NVFSUB Z TF BQMJDBSBO EF WFSEBE B UPEPT QPS JHVBM SJDPT Z QPCSFT QPEFSPTPT Z HFOUFT EFM DPNÈO -P FYUSBPSEJOBSJP FT RVF FTUF NPWJNJFOUP QMVSBM FODPOUSÂ KVFDFT Z GJTDBMFT DPNP 4¹SHJP .PSP RVF FOWBMFOUPOBEPT DPO BRVF MMB NPWJMJ[BDJÂO MF EJFSPO VO DBVDF KVEJDJBM JOWFTUJHBOEP EFOVO DJBOEP FOWJBOEP B MB D²SDFM B VO BCBOJDP EF FKFDVUJWPT DPNFSDJBO UFT JOEVTUSJBMFT QBSMBNFOUBSJPT BVUPSJEBEFT IPNCSFT Z NVKFSFT EF UPEB DPOEJDJÂO NPTUSBOEP RVF FT SFBMJ[BCMF RVF DVBMRVJFS QB½T QVFEF IBDFSMP RVF MB EFDFODJB Z MB IPOFTUJEBE TPO QPTJCMFT UBNCJ¹O FO FM UFSDFS NVOEP TJ IBZ MB WPMVOUBE Z FM BQPZP QPQVMBS QBSB IBDFS MP $JUP TJFNQSF B 4¹SHJP .PSP QFSP TV DBTP OP FT ÈOJDP FO FTUPT ÈM UJNPT BÁPT IFNPT WJTUP FO #SBTJM DÂNP TV FKFNQMP FSB TFHVJEP QPS JODPOUBCMFT KVFDFT Z GJTDBMFT RVF TF BUSFW½BO B FOGSFOUBS B MPT TVQVFT UPT JOUPDBCMFT BQMJDBOEP MB MFZ Z EFWPMWJFOEP QPDP B QPDP BM QVFCMP CSBTJMFÁP VOB DPOGJBO[B FO MB MFHBMJEBE Z FO MB MJCFSUBE RVF DBTJ IB C½B QFSEJEP )BZ NVDIBT HFOUFT BENJSBCMFT FO #SBTJM HSBOEFT FTDSJUP SFT DPNP .BDIBEP EF "TTJT (VJNBS·FT 3PTB P NJ NVZ RVFSJEB BNJ HB /¹MJEB 1JÁPO QPM½UJDPT DPNP 'FSOBOEP )FOSJRVF $BSEPTP RVF EVSBOUF TV QSFTJEFODJB TBMWÂ EF MB IFDBUPNCF B MB FDPOPN½B CSBTJ MFÁB F IJ[P VO NPEFMP EF HPCJFSOP EFNPDS²UJDP TJO TFS BDVTBEP KB N²T EF VOB BDDJÂO QVOJCMF Z BUMFUBT Z EFQPSUJTUBT DVZPT OPNCSFT IBO EBEP MB WVFMUB BM NVOEP 1FSP TJ UVWJFSB RVF FTDPHFS VOP EF FMMPT

0#3" 6OB SFDPQJMBDJØO EF MP IFDIP QPS FM 13* FO MPT B×PT TFTFOUB EFTEF MB PSBUPSJB EF &NJMJP 6SBOHB

LH;K> >E MãMNEH Â6SBOHB DPNQBSBCB MB 3FWPMV DJ°O .FYJDBOB DPO MB 4JOGPOªB JO DPODMVTB EF 4DIVCFSU RVF RVFE° USVODB MPT PZFOUFT RVFEBNPT FY QFDUBOUFT 5FOFNPT RVF FTDV DIBS OVFTUSB JNBHJOBDJ°O QBSB TB CFS D°NP IVCJFTF UFSNJOBEP MB TJOGPOªB &T MB DMBWF EF MB HFOJBMJ EBE OPT EFKB FO BTDVBT Z OPT JO DJUB -B 3FWPMVDJ°O UBNCJ¦O FT JO DPODMVTB UFOESªB RVF TFS QPS FOEF MB HVªB EFM QBªTÍ DPNQBSUF FM IJT UPSJBEPS

DPNP NPEFMP FKFNQMBS QBSB FM SFTUP EFM QMBOFUB OP WBDJMBS½B VO TF HVOEP FO FMFHJS B 4FSHJP .PSP FTF NPEFTUP BCPHBEP OBUVSBM EF 1B SBO² RVF MVFHP EF SFDJCJSTF EF BCPHBEP FOUSÂ B MB NBHJTUSBUVSB IB DJFOEP PQPTJDJPOFT FO 4FHÈO IB DPOGFTBEP MP PDVSSJEP FO *UBMJB FO MPT BÁPT OPWFOUB FM GBNPTP QSPDFTP EF .BOJ 1VMJUF MF EJP JEFBT Z FM FOUVTJBTNP OFDFTBSJP QBSB DPNCBUJS MB DPSSVQDJÂO FO TV QB½T VUJ MJ[BOEP JOTUSVNFOUPT QBSFDJEPT B MPT EF MPT KVFDFT JUBMJBOPT EF FO UPODFT FT EFDJS MB QSJTJÂO QSFWFOUJWB MB EFMBDJÂO QSFNJBEB Z MB DPMB CPSBDJÂO EF MB QSFOTB EF MPT NFEJPT EF DPNVOJDBDJÂO B DBNCJP EF MB SFEVDDJÂO EF MB QFOB )BO USBUBEP EF DPSSPNQFSMP QPS TVQVFTUP Z TJO EVEB FT VO NJMBHSP RVF FTU¹ UPEBW½B WJWP FO VO QB½T EPOEF MPT BTFTJOBUPT QPM½UJDPT OP TPO QPS EFTHSBDJB FYDFQDJPOBMFT 1FSP BMM½ FT U² GPSNBOEP QBSUF EF MP RVF WJFOF TJFOEP VOB WFSEBEFSB BVORVF OB EJF MB IBZB EFOPNJOBEP UPEBW½B BT½ SFWPMVDJÂO TJMFODJPTB FM SFUPS OP EF MB MFHBMJEBE FM JNQFSJP EF MB MFZ FO VOB TPDJFEBE B MB RVF MB DPSSVQDJÂO HFOFSBMJ[BEB FTUBCB EFTJOUFHSBOEP F JNQJEJ¹OEPMF QBTBS EF TFS FM iHSBO QB½T EFM GVUVSPw RVF IB TJEP TJFNQSF B TFS FM HSBO QB ½T EFM QSFTFOUF &M HSBO FOFNJHP EFM QSPHSFTP MBUJOPBNFSJDBOP FT MB DPSSVQ DJÂO &MMB IBDF FTUSBHPT FO MPT HPCJFSOPT EF EFSFDIB P EF J[RVJFSEB Z VO FOPSNF OÈNFSP EF MBUJOPBNFSJDBOPT IB MMFHBEP B DPOWFODFSTF EF RVF BRVFMMB FT JOFWJUBCMF BMHP BT½ DPNP MPT GFOÂNFOPT OBUVSBMFT DPOUSB MPT RVF OP IBZ EFGFOTB MPT UFSSFNPUPT MBT UPSNFOUBT MPT SB ZPT 1FSP MB WFSEBE FT RVF T½ MB IBZ Z QSFDJTBNFOUF #SBTJM FTU² EFNPT USBOEP RVF FT QPTJCMF DPNCBUJSMB TJ TF UJFOFO KVFDFT Z GJTDBMFT HBMMBS EPT Z SFTQPOTBCMFT Z QPS TVQVFTUP VOB PQJOJÂO QÈCMJDB Z VOPT NFEJPT EF JOGPSNBDJÂO RVF MPT BQPZFO 1PS FTP FT CVFOP QBSB MB "N¹SJDB -BUJOB RVF HFOUFT DPNP .BSDFMP 0EFCSFDIU P -VMB EB 4JMWB IBZBO JEP B MB D²SDFM MVFHP EF TFS QSPDFTBEPT DPODFEJ¹OEPMFT UPEPT MPT EFSFDIPT EF EFGFOTB RVF FYJT UFO FO VO QB½T EFNPDS²UJDP &T NVZ JNQPSUBOUF NPTUSBS FO U¹SNJOPT QS²DUJDPT RVF MB KVTUJDJB FT JHVBM QBSB UPEPT MPT QPCSFT EJBCMPT EFM NPOUÂO RVF TPO MB JONFOTB NBZPS½B Z BRVFMMPT QPEFSPTPT RVF FT U²O FO MB DÈTQJEF HSBDJBT B TV EJOFSP P B TVT DBSHPT : TPO QSFDJTB NFOUF ¹TUPT ÈMUJNPT MPT RVF UJFOFO NBZPS PCMJHBDJÂO NPSBM EF BDB UBS MBT MFZFT Z NPTUSBS FO TV WJEB EJBSJB RVF OP IBDF GBMUB USBOTHSFEJSMBT QBSB PDVQBS FTBT QPTJDJPOFT EF QSFTUJHJP Z QPEFS RVF IBO BMDBO[BEP RVF FMMBT TPO QPTJCMFT EFOUSP EF MB MFHBMJEBE &T MB ÈOJDB NBOFSB FO RVF VOB TPDJFEBE DSFB FO MBT JOTUJUVDJPOFT SFDIB DF FM BQPDBMJQTJT Z MBT GBOUBT½BT VUÂQJDBT TPTUFOHB MB EFNPDSBDJB Z WJWB DPO MB TFOTBDJÂO EF RVF MFT MFZFT FYJTUFO QBSB QSPUFHFSMB Z IV NBOJ[BSMB DBEB E½B N²T .BESJE BCSJM EF %FSFDIPT NVOEJBMFT EF QSFOTB FO UPEBT MBT MFOHVBT SFTFSWBEPT B &EJDJPOFT &- 1"¡4 4 - Ï .BSJP 7BSHBT -MPTB


%PNJOHP EF BCSJM EF

&- */'03."%03

1~(*/" #

IFNCSB IBTUB RVF ¹TUB SFTQPOEF PSJOBOEP Z FOUPODFT FM QSFUFO EJFOUF QBMBEFB FM M½RVJEP QBSB DPNQSPCBS TJ FMMB FT EF WFSEBE TV NFEJB OBSBOKB TF MP MF½ B "MCFSUP #BSCJFSJ FO -B 7BOHVBSEJB {: RV¹ IBDFNPT MPT IVNBOPT DVBOEP OPT QPOFNPT B DPRVFUFBS Z RVFSFNPT MMBNBS MB BUFODJÂO EF VO FYUSBÁP 1VFT OP MMFHBNPT B PSJOBS OPT FODJNB RVF ZP TFQB QFSP TF EJS½B RVF OPT GBMUB QPDP )BDF BÁPT FT UBCB FO VOB QFMVRVFS½B EF NVKFSFT KVOUP B PUSBT DMJFOUBT FO FTB IVNJMMBO -BT BOTJPTBT UPOUVOBT RVF MBT DSJBUVSBT EF UPEP UJQP IBDFNPT QB RVF QPS MP HFOFSBM TPO MPT NBDIPT RVJFOFT N²T TF FTGVFS[BO )BZ UF TJUVBDJÂO FO MB RVF VOB TF TVFMF FODPOUSBS FO MB QFMVRVFS½B DPO MB DBCF[B DPSUFKPT HMPSJPTBNFOUF CFMMPT Z FOUSF FMMPT FM N²T GBNPTP FT FM MMFOB EF QBQFM EF QMBUB P EF VOB QMBTUB EF UJOUF SFQVHOBOUF P DPO SVMPT SB TFS TFYVBMNFOUF QSFGFSJEBT SFDJCFO FM OPNCSF EF ADPSUFKP EFM QBWP SFBM DVZPT NBDIPT EFTQMJFHBO TVT GBTDJOBOUFT DPMBT FO DPO QJO[BT DPO VOB DPGJB EF QM²TUJDP FO GJO FTQBOUPTBT UPEBT OPTPUSBT B )BDF VOBT TFNBOBT FTUBCB FO 4IBOHI²J DFOBOEP TPMB FO VO SFT VO BMBSEF EF FTQMFOEPS EF BRV½ WJFOF MB QBMBCSB QBWPOFBS .V N²T OP QPEFS : EF QSPOUP FOUS JOFTQFSBEBNFOUF FO FM MPDBM VO NBDIP UBVSBOUF UVSDP -B OPDIF FSB IFMBEPSB Z NJ NFTB TF FODPOUSBCB DIPT PUSPT CJDIPT BMHVOPT FO BQBSJFODJB UBO EFTBQBTJPOBEPT DP KPWFO VO BNJHP EF MB QFMVRVFSB RVF WFO½B B DPSUBSTF Z RVF WJPM MB JOUJNJ KVOUP B MB QVFSUB KVOUP B N½ UBNCJ¹O TPMP IBC½B VO IPNCSF EF NP MPT JOTFDUPT DBOUBO TF FTQPOKBO CFSSFBO DBNCJBO EF DPMPS EBE EF OVFTUSP TBOUVBSJP GFNFOJOP 1VFT CJFO GVF TPSQSFOEFOUF WFS MB WB QFMFBO DPOTUSVZFO PCKFUPT EBO[BO P VOPT BÁPT UBM WF[ UVSDP Z TJO EVEB BUSBDUJWP -B DB QPSPTB BHJUBDJÂO RVF OPT FOUS B UPEBT MB JODPNPEJEBE Z JODMVTP BCBOEPOBO TV FMFNFOUP OBUV NBSFSB VOB DIJOB KPWFO Z NVZ CFMMB FOUSFBCSJ MB FM OFSWJPTJTNP OVFTUSP NPEP EF FOEFSF[BSOPT FO MPT BTJFO SBM MBT NBOUBSSBZBT HJHBOUFT RVF TPO QVFSUB VOPT NJOVUPT QBSB WFOUJMBS FM BNCJFOUF Z VO UPT Z TPOSF½S B NBOTBMWB DPO FM WBOP FTGVFS[P EF JOUFOUBS >ÊiëiV iʵÕiÊÃiÊ QBSFDFS NFOPT IPSSFOEBT Z UPEP FMMP TJO UFOFS OJOHVOB BN MPT QFDFT DPO FM DFSFCSP N²T HSBOEF EFM DVDIJMMP EF BJSF QPMBS FOUS FO FM MPDBM -B DIJOB TPM½ DJUB TF EJSJHJ BM IPNCSF FO JOHM¹T QBSB QSFHVOUBSMF TJ Ê·9ʵÕjÊ >Vi ÃÊ ÃÊ NVOEP SFBMJ[BO BTPNCSPTPT WVFMPT i À}Õ iViÊ`iÊi V ÌÀ>ÀÊ CJDJÂO SFBM EF MJHBS DPO ¹M TJOP QPS QVSP Z DJFHP JOTUJOUP .F MF NPMFTUBCB TF EFNPS VO CVFO SBUP SFWPMPUFBOEP Õ > ÃÊVÕ> ` Ê ÃÊ GVFSB EFM BHVB FMFWBO TVT EPT UPOFMBEBT i ÊL à Ê`iÊ }}ÃÊ Ê DIPD UBOUP RVF FTDSJC½ VO BSU½DVMP TPCSF FMMP EF QFTP IBTUB USFT NFUSPT EF BMUVSB QF KVOUP B ¹M QJEJFOEP FYDVTBT Z HPSKFBOEP MJOEF[BT DP /P T¹ TJ B MBT MFTCJBOBT Z B MPT HBJT MFT QBTBS² JHVBM i}>ÀÊ>Ê >Ê Õ >Ê Ê ZP BQPTUBS½B RVF T½ QFSP NF DPOTUB RVF MPT WBSPOFT IF NP VO HPSSJÂO BGBOPTP " N½ RVF FTUBCB BM MBEP Z FO « i ÃÊ>ÊV µÕiÌi>ÀÊÞÊ H²OEPTF EFTQV¹T VOBT TPOPSBT Z FTQV MBT NJTNBT DJSDVOTUBODJBT OJ NF NJS .F QPE½B IB µÕiÀi ÃÊ > >ÀÊ >Ê NPTBT USJQBEBT DPOUSB FM NBS : MP N²T «Õi`iÊiÛ Ì>ÀÊ i i>ÀÊi Ê UFSPT TVGSFO FM NJTNP UFSSFNPUP CJPMÂHJDP )F WJTUP B QSPCBCMF FT RVF MP IBHBO QBSB TFS RVF CFS BUSBWFTBEP FM QFDIP VOB OFVNPO½B GBUBM TJO RVF B NVDIBDIPT BEVMUPT Z BODJBOPT IBDFS FM N²T DPNQMFUP ÌÀ>ÃiÀ Ê> ÊV Ì>VÌ ÊV Ê EF MPT SJE½DVMPT FO DVBOUP VOB NVKFS BQFUFDJCMF QBTB DFS MB CFMMB DIJOB MF UFNCMBSB VOB QFTUBÁB 1FSP `RV¹ DB½ >Ìi V Ê`iÊÕ ÊiÝÌÀ> ¶ SJEPT 1PS DJFSUP RVF FOUSF MPT NBN½GFSPT Õ ÊÌÕv Ê`iÊviÀ >à DB EF FMMPT -B NJTNB FTQFDJF RVF TF FOPSHVMMFDF TF QB EBT EF PKPT BOUF FM HBM²O RV¹ BHJUBDJÂO DJMJBS *HOPSP IBZ VO DVSJPTP FMFNFOUP EF DPSUFKP RVF TJ FM DPRVFUFP MMFH B QVFSUP QPSRVF NF GVJ QSPOUP WPOFB EF FODPOUSBS FM CPTÂO EF )JHHT P MMFHBS B MB -V TF SFQJUF B NFOVEP MB PSJOB &M QVFSDP DPOHFMBEB 1FSP QVFEF RVF MB DIJDB OJ TJRVJFSB QSF OB OP QVFEF FWJUBS NFOFBS FM USBTFSP BM DPOUBDUP DPO VO FTQ½O PSJOB TPCSF MB IFNCSB RVF B DPO UFOEJFSB MJHBS DPOTDJFOUFNFOUF UVGP EF GFSPNPOBT 4J TF QJFOTB CJFO SFTVMUB DPONPWF &TF GSFOFT½ BVUPN²UJDP FTF EFTQFOEPMF QPS HVTUBS FT VOB UJOVBDJÂO EFDJEF TJ BDFQUB MB JOWJUBDJÂO P TJ MF BSSFB VO NPSEJTDP EPS Z FYQMJDB FO OVFTUSB QSJNBSJFEBE CBTUBOUFT DPTBT SFBMJEBE BNQMJBNFOUF EPDVNFOUBEB FO FM SFJOP BOJNBM :B TBCFO FM NPOP DFCÈ TF NFB MBT NBOPT Z MVFHP TF SFGSPUB UPEP FM DVFSQP RVF MBT BOTJPTBT UPOUVOBT RVF MBT DSJBUVSBT EF UPEP UJQP IBDFNPT DPNP TJ GVFSB DPMPOJB QPSRVF B MBT NPOBT MFT QBSFDF VO BSPNB Ï 304" .0/5&30 &%*$*0/&4 &- 1"¡4 4- QBSB TFS TFYVBMNFOUF QSFGFSJEBT SFDJCFO FM OPNCSF EF DPSUFKP Z JSSFTJTUJCMF MBT KJSBGBT NBDIP QPS TV QBSUF MF EBO DBCF[B[PT B MB 5PEPT MPT EFSFDIPT SFTFSWBEPT

, -Ê Ê6 6 , , Ã>Ê ÌiÀ

, "Ê Ê1 Ê -* / ", Õ> Ê*> >À "UNPTG¹SJDBT &M BJSF TF WVFMWF N²T EFOTP NJFOUSBT MB DBSSFUFSB RVF TF SFUVFSDF WB DBNCJBOEP TVT EFDP SBEPT 1BTB MB NBSBWJMMPTB FSNJUB EF MBT FTDBMFSBT RVF HVBSEB B TV WJSHFO NVMUJDPMPS "QBSFDFO MPT UÈ OFMFT WFSEFT EF MB TFMWB VOB QFRVFÁB ²HVJMB DSV[B DPNP VO SFM²NQBHP "M GJOBM MB #BI½B EF MBT #BOEF SBT SFDJCF B RVJFO QBTB DPO VO BCSB[P B[VM F JOGJOJ UP 7VFMWF MB UFOUBDJÂO EF TJFNQSF OP IBZ N²T RVF WJWJS BRV½ EFKBS EF VOB WF[ QPS UPEBT MB DJVEBE GSB HPSPTB Z NF[RVJOB F JOTUBMBSTF EF QPS WJEB B JOUFO UBS EJTUJOHVJS MBT OPUBT FMVTJWBT EFM DPODJFSUP EFM BHVB &O MB PSJMMB NJMFOJPT N²T NJMFOJPT IBO USB[B EP TPCSF MB SPDB MB EJSFDDJÂO FYBDUB EF MBT NBSFBT Z MBT QJFESBT QVMJEBT QPS MB TBM TPO VO WBTUP NVTFP EFM QSPEJHJP 1PDP B QPDP TF BM[B VOB DBTB FTQFSBO[BEB Z MB NVDIBDIB JUBMJBOB DPOTJEFSB DPO UPEP DVJEBEP MPT QMBOPT JOUSJODBEPT i5F SFDVQFS¹ BQFOBT FO PD UVCSFw EJKP MB NVTB EF MBT BEJWJOBO[BT $PSSFO MPT E½BT DPSSF FM FRVJMJCSJTUB TPCSF FM UFOTP GJMP EF MB OB WBKB 3FWJFOUBO MBT PMBT Z SFTUBMMB FM TPM -B WJEB FT CVFOB 1SFDJPTB Z FM BJSF -B UBSEF FOUFSB FT DPNP VOB NBHEBMFOB RVF SFWJWF FM TBCPS MFKBOP EFM U¹ EF MB JO GBODJB 3VFEBO MBT QBMBCSBT NPSPTBT SFHSFTBO MPT SFDVFSEPT EF BOUJHVBT DBCBMHBUBT EF MJWJBOBT GBUJ HBT DPNQBSUJEBT EF MBT IVFSUBT EF EPOEF MPT KJOFUFT TBM½BO DIPSSFBOEP BHVB EFTQV¹T EF BUSBWFTBS MPT DB GFUBMFT EF MB DBTB FODFOEJEB RVF BHVBSEBCB BM GPO EP EF MB UBSEF &T BIPSB PUSP KBSE½O Z PUSPT MPT UJFN QPT -B NVDIBDIB RVF GVF DPOTFSWB MB NJTNB MP[BO½B NBEVSB MB NJSBEB RVF TVQP BUSBWFTBS NF EJP NVOEP MB TPOSJTB EJTQMJDFOUF EF RVJFO EF UBOUBT DPTBT SFHSFTB Z TJHVF BQPTUBOEP JNQBTJCMF QPS MPT E½BT RVF WJFOFO "MHP TF EJDF EF BSSFHMBS VO QBUJP NB SSPRV½ EF BSSFNBOHBS MB FOPSNF DBTB B TV FTFODJB EFM NBHOPMJP RVF QSPEJHB TV TPNCSB EF MBT BHVBT EF MB BMCFSDB JNQFDBCMF EPOEF OBEJF TF CBÁB 6O SF USBUP RVF BMHVOB WF[ TBMVEÂ EFTEF FM BQBSBEPS EF VO GPUÂHSBGP B MB NPEB EB DVFOUB EF MB EJTUBODJB Z MPT BÁPT -B NVTB TJHVF IBCMBOEP Z FM UPOP EF TV WP[ FTP EFCF TFS DPOUJOÈB BUSBZFOEP B MPT Q²KBSPT DVSJP TPT %F SFQFOUF TF DBMMB Z MFWBOUB BT½ DPNP MPT HVF SSFSPT RVF MFWBOUBO TV DBNQBNFOUP FM TJUJP WFSUJHJ OPTP /P RVFEB N²T RVF JSTF FM BMNB IJQOPUJ[BEB " CBZPOFUB DBMBEB %FTDBOTB QM²DJEBNFOUF TP CSF FM NVFCMF EF MPT MJCSPT 2VJ¹O EJS½B %FCF EF UF OFS B MP NFOPT EPTDJFOUPT BÁPT "MDBO[BS½B UBM WF[ QBSB IBCFS CSJMMBEP TPCSF FM DBNQP EF CBUBMMB EF VOB GVMHVSBOUF WJDUPSJB OBQPMFÂOJDB EF IBCFS TJEP IV NJMMBEB FO MBT HVFSSBT DBSMJTUBT %F BMHÈO NPEP EF SJWÂ BM GJO IBTUB FTUPT E½BT /P DFKÂ TJO FNCBSHP FO TV WPDBDJÂO MFWBOUJTDB 7FJOUF BÁPT MMFWB FO QB[ QF SP BOUFT EF MB USFHVB TJSWJÂ QBSB MJNQJBS EF FOFNJHPT FM DBNJOP SVNCP B MB BMUJWB -PT DJFMPT OVCMBEPT EF #BSDFMPOB MB WJFSPO QBTBS USFNPMBOUF Z TFEJFOUB DP NP VO MPCP QFSEJEP FOUSF MBT DBMMFT HSJTFT F JOEJGF SFOUFT 1BTÂ EFTQV¹T EF DPOUJOFOUF PSHVMMPTB EFM EFCFS DVNQMJEP EF MB CSBWVSB Z MB TBOHSF OVODB NF KPS EFSSBNBEB 4J TF MB EFTFOWBJOB TBCF DPOUBS IJT UPSJBT UFSSJCMFT Z NBHO½GJDBT FT QFMJHSPTB $VJEB TJO IBDFS BMBSEF EF MB DBTB Z TJ TF PGSFDF TBMES² JOFMVD UBCMFNFOUF BM RVJUF 3FDVFSEB QPS TV QSPQPSDJÂO Z TV GJMP BM WJFKP DVDIJMMP EF DB[B NPOUFSB RVF EFTEF TJFNQSF UVWP VO TFÁPS RVF ZB OP FTU² 4J TF RVFEB FM DVBSUP B TPMBT TJ FM TJMFODJP FT BMUP TF PZF VO SVNPS RVF FOUPOB 4BOHSF CSBWB Z QFOEFODJFSB DPNP VO GJMP EF QV ÁBM 6OB CBOEB EF 4JOHBQVS 1BJOU UIF TLZ SFE .È TJDB FOUSF BUNPTG¹SJDB Z TJEFSBM /P DBOUBO OBEB UP EP TF SFTVFMWF FO DJFSUBT HVJUBSSBT RVF FOUPOBO BM HVOPT IJNOPT USJVOGBMFT RVF NVTJUBO ½OUJNBT USJCVMBDJPOFT EJMBUBEPT HP[PT &M ²MCVN FO DVFTUJÂO TF MMBNB BUFOEJFOEP MBT TFOUFODJBT EF +33 5PMLJFO /PU BMM XIP XBOEFS BSF MPTU %JWJTB QSPQÂTJUP HV½B OP UPEPT MPT FYUSBWJBEPT JHOPSBO TV SVNCP OP UPEPT MPT RVF WBHBO DBSFDFO EF VO PSJFOUF 5BM WF[ TFB VOB EJTDSFUB PSEFO EFKBSTF MMFWBS QPS MBT EFSJWBT EF MPT E½BT BCBOEPOBSTF B MB DPSSJFOUF RVF OPT BMFKB EF MB PSJMMB TBCJFOEP RVF BM GJOBM DPNQBTJWB OPT DPOEV DJS² B VOB QMBZB EJTUBOUF FTQFSBS MBT TFÁBMFT EFM BJ SF NJSBS DPNP MB NVDIBDIB EFM QFMP SPKP WVFMB Z SF HSFTB BDBUBS FM JNQMBDBCMF EFTJHOJP EF MPT OJÁPT RVF WBO BMFHSFNFOUF EFKBOEP BUS²T MPT VNCSBMFT EF TV FYJTUFODJB 5PEP FTUP Z NVDIP N²T TF QVFEF QFOTBS NJFOUSBT MPT RVF QJOUBO FM DJFMP EF SPKP DPOUJOÈBO TVT FYQMPSBDJPOFT " MP MFKPT VO WFMFSP EB VOB CPSEBEB Z BCBKP MBT TJSFOBT TF EFTMJ[BO FOUSF MBT BHVBT MFWF NFOUF UBNCJ¹O SPKJ[BT 6OB TBMF EFM BHVB JOWFSP T½NJMNFOUF TF QPOF VO TPNCSFSP EF QBKB NJSB TV SFJ OP $POUJOVBDJÂO FO XXX JOGPSNBEPS DPN NY

i i>ÀÊi ÊÌÀ>ÃiÀ


1~(*/" #

&- */'03."%03 &- */'03."%03

%PNJOHP EF BCSJM EF

&/3*26& 50644"*/5 "/"-*45" 10-ยถ5*$0

"/ยซ-*4*4

*-6453"$*ยป/ t &- */'03."%03 + -ยป1&;

-B SFGVOEBDJยชO RVF QSPQPOF &OSJRVF "MGBSP FT IPZ QPS IPZ VOB IPKB FO CMBODP

{3FGVOEBS

BSB OBEJF FT VOB TPSQSFTB &OSJ RVF "MGBSP UJFOF BMUBT QPTJCJMJEB EFT EF DPOWFSUJSTF FO HPCFSOBEPS /P IBZ FODVFTUB OJ FTUVEJP EF NPTDร QJDP NFEJBOBNFOUF TFSJP RVF MFT PUPSHVF VOB WFOUBKB NFOPS B QVOUPT QPS EFMBOUF EFM TFHVOEP MVHBS *ODMVTP FO MB PQJOJร O Qร CMJDB IBZ VOB TFOTBDJร O EF RVF MB HVCFSOBUVSB FTUยฒ DBTJ EFDJEJEB Z MBT JOUFSSPHBOUFT TF USBTMBEBO B PUSPT FTQBDJPT MB DBSSFSB QPS FM 4FOBEP MPT FRVJ MJCSJPT FO FM $POHSFTP Z MBT QSFTJEFODJBT NVOJDJQB MFT 1PS FMMP MB JEFB FKF EF MB DBNQBร B EF &OSJRVF "MGBSP TF IB DPOWFSUJEP FO FM DFOUSP EFM EFCBUF Qร CMJDP Z IB HFOFSBEP UBNCJยนO TVT TJNQBUยฝBT Z BOUJ QBUยฝBT $VBOEP &OSJRVF "MGBSP IBCMB EF SFGVOEBS +BMJTDP {B RVยน TF SFGJFSF {2Vยน TVQPOF SFGVOEBS +B MJTDP 3FGVOEBS UJFOF EPT BDFQDJPOFT EF BDVFSEP DPO MB 3FBM "DBEFNJB &TQBร PMB MB PCWJB ย WPMWFS B GVOEBS BMHPย Z MB TFHVOEB SFWJTBS MB NBSDIB EF VOB JOTUJUVDJร O P FOUJEBE QBSB IBDFSMB WPMWFS B TVT QSJODJQJPT PSJHJOBMFT P QBSB BEBQUBS ยนTUPT B MPT OVF WPT UJFNQPT &T EFDJS QBSB MB "DBEFNJB SFGVOEBS FT VO DPODFQUP RVF TF NVFWF FOUSF EPT UJFNQPT FM QBTBEP Z FM GVUVSP 5JFOF VOB EJNFOTJร O EF WVFMUB BUSยฒT ย SFDVQFSBS MPT QSJODJQJPT PSJHJOBMFTย Z PUSB EF FTDBQF BM GVUVSP ย BEBQUBS B MPT OVFWPT UJFN QPTย &TUB TFHVOEB BDFQDJร O FT MB NยฒT DPNQBUJ CMF DPO MP RVF QVFEF QSPQJDJBS VO (PCJFSOP

1

-B DBNQBร B EF &OSJRVF "MGBSP TPT UJFOF RVF SFGVOEBS FT BMHP BTยฝ DPNP SF EFGJOJS MBT SFMBDJPOFT FOUSF MPT HPCJFSOPT Z MB TPDJFEBE Z FOUSF MPT QPEFSFT 1PS MP RVF IF MFยฝEP Z FTDVDIBEP EFM QSPQJP DBOEJEBUP SFGVOEBS TJH OJGJDB VO OVFWP BDVFSEP P QBDUP TPDJBM 4F BMFKB EFM SF GPSNJTNP QPS TV BNCJDJร O QFSP TF BTVNF NยฒT DPO TFSWBEPS RVF MB SVQUVSB 6OB FTQFDJF EF UFSDFSB WยฝB FOUSF MPT DBNCJPT HSBEVBMFT RVF TVQPOF FM SFGPSNJT NP Z MB FTUSJEFODJB RVF JNQMJDB MB SVQUVSB DPO FM TJT UFNB 4VFOB CJFO FM EFCBUF QFSP RVFEBO EVEBT "RVยฝ FYQPOHP USFT -B QSJNFSB RVยน OPT HBSBOUJ[B DPNP TPDJF EBE RVF MB SFGVOEBDJร O RVF QSPNFUF &OSJRVF "M GBSP Z .PWJNJFOUP $JVEBEBOP OP FT VO NFSP SFB DPNPEP EF ยนMJUFT &T EFDJS RVยน HBSBOUJ[B NยฒT BMMยฒ EF QPOFS CV[POFT EF TVHFSFODJBT QBSB RVF MPT DJVEBEBOPT FYQSFTFO TV PQJOJร O RVF MB SF GVOEBDJร O WFOESยฒ EFTEF MB TPDJFEBE NJTNB Z RVF UPEPT DBCSยฒO FO FM OVFWP QBDUP TPDJBM +BMJTDP IB FTUBEP MMFOP QPS EยนDBEBT EF iHSBOEFT BMJBO[BTw iQBDUPTw iTVQVFTUPT DPOTFOTPTw : BM GJOBM FSBO TJNQMFT BDUPT IJTUSJร OJDPT EF MPT HPCFSOBOUFT FO BDVFSEP DPO MPT QPEFSFT NยฒT JOGMVZFOUFT EFM &TUBEPย TJOEJDBUPT FNQSFTBSJPT VOJWFSTJEB EFTย QBSB JOTUBVSBS FM HBUPQBSEJTNP DPNP BQVFTUB WFMBEB 4JNVMB RVF RVJFSFT DBNCJBS UP EP DPNP DPBSUBEB QBSB QSPUFHFS FM FTUBUVT RVP &KFSDJDJPT EF TJNVMBDJร O RVF Tร MP CVTDBCBO SF QSFTFOUBS MPT JOUFSFTFT EF VOPT DVBOUPT FYDMV ZFOEP B MB DJVEBEBOยฝB FO TV DPOKVOUP -B UFOUBDJร O EF VO HPCFSOBOUF RVF MMFHB DPO BM

8* ", "ร ร 1 " ร ย ย ย iร ย ย ร iย ย >ย >ร ร &T VOB WJFKB DPOTJHOB QBSB MPT OPWJPT DVBOEP TF WBO B DBTBS JOEJDB RVF FM NBUSJNPOJP FT VO QBTP IBDJB MB GPSNBDJร O EF VO OVFWP IPHBS EF VOB SFMBDJร O FTUSFDIB F JNQPSUBOUF DPO MB QBSFKB Z MPT IJKPT EF KBOEP ZB FO VO TFHVOEP QMBOP B MPT QBESFT Z B MPT IFSNBOPT 1VFT FTUF QVOUP UBO USBTDFOEFOUF FO MB WJEB DPOZVHBM OPT DPO EVDF B RVF TFBNPT GJFMFT B EBSMF MB NBZPS JNQPSUBODJB B FTUB SFMB DJร O QPS FODJNB EF DVBMRVJFS PUSB : FM OP DVNQMJS DPO FTUF EFCFS TVFMF IFSJSMB Z BGFDUBSMB %JHBNPT RVF TF QVFEF DPOWFSUJS FO VO BDUP EF JOGJEFMJEBE FM OP DVNQMJS DPO EBSMF JNQPSUBODJB QSJPSJUBSJB B MB OVFWB SFMBDJร O Z TF HVJS WJODVMBEP DPO MPT QBESFT Z IFSNBOPT DPNP TJ OP TF IVCJFSB IF DIP VOB OVFWB FMFDDJร O &M NBUSJNPOJP FYJHF FTB MFBMUBE FTB GJEFMJEBE FTF DPNQSP

UPT OJWFMFT EF BQSPCBDJร O FT USBOTGPSNBS MBT SFHMBT EFM KVFHP QFSP OP QBSB CFOFGJDJP EF MBT NBZPSยฝBT TJOP QB SB HBSBOUJ[BS MB IFHFNPOยฝB EF TV QSPZFDUP QPMยฝUJDP $VBMRVJFS BQVFTUB EF USBOTGPSNBDJร O JOTUJUVDJPOBM TFB SFGVOEBDJร O SFEFGJOJDJร O P SFFTUSVDUVSBDJร O ย DPNP MF RVFSBNPT MMBNBSย Tร MP UJFOF TFOUJEP TJ FT SFT QBMEBEB QPS BNQMJBT DBQBT EF MB TPDJFEBE DJWJM /P Tร MP EF MBT PSHBOJ[BDJPOFT TPDJBMFT NยฒT SFDPOPDJEBT TJOP UBNCJยนO EF MPT WFDJOPT MPT QVFCMPT MBT DPNVOJ EBEFT MPT JOEยฝHFOBT MBT NJOPSยฝBT EJTDSJNJOBEBT MBT NVKFSFT MPT Kร WFOFT /P IBZ iSFGVOEBDJร Ow DPNP UBM TJ FM BDVFSEP OP OBDF FO MB TPDJFEBE &M QBDUP FOUSF ยนMJ UFT TF EFTNPSPOB FO VO JOTUBOUF 4FHVOEP RVยน NFDBOJTNP MF EBSยฒ MFHJUJNJEBE BM QSPDFTP EF SFGVOEBDJร O : FT BRVยฝ EPOEF QFSDJCP MBT BVTFODJBT NยฒT OPUBCMFT /J FM DBOEJEBUP OJ MPT IPN CSFT EF NยฒT QFTP FO .PWJNJFOUP $JVEBEBOP TBCFO RVยน JOTUSVNFOUP TF EFCF QPOFS FO NBSDIB QBSB SFGVO EBS +BMJTDP %JDFO RVF FTP TF EFGJOJSยฒ EFTQVยนT &NQF SP FM JOTUSVNFOUP MP FT UPEP 4J EFUSยฒT EF MB QSPQVFT UB EF SFGVOEBDJร O FYJTUF MB JEFB EF VO DPOTUJUVZFOUF {RVJยนOFT MPT JOUFHSBSยฝBO {Dร NP MP IBSยฒO SFQSFTFOUB UJWP {IBCSยฒ VO SFGFSยนOEVN QPTUFSJPS BM DPOTUJUVZFO UF QBSB SBUJGJDBS MPT BDVFSEPT &M JOTUSVNFOUP QBSB WB MJEBS FM QSPDFTP EF SFGVOEBDJร O OP FT VOB OJNJFEBE TJOP RVF EFUFSNJOB MB FGJDBDJB Z MB MFHJUJNJEBE QSFTFO UF Z GVUVSB EFM DBNCJP 6O FKFSDJDJP EF SFGPSNJTNP ย FOWJBS JOJDJBUJWBT BM $POHSFTPย OP UFOESยฝB OBEB RVF WFS DPO FM DPODFQUP SFGVOEBDJร O &M SFGPSNJTNP GVF MB FTUSBUFHJB EF 1Fร B /JFUP QPS FKFNQMP : UFSDFSP MB BNQMJUVE EF MB DPBMJDJร O RVF TPTUJF OF B &OSJRVF "MGBSP )BZ BMHP RVF QPEFNPT EBS QPS

iย >ร ?ร ร >ร ร ร ร ยซ>`ร iร ร ร ร ร ร ร ย >`ร i NJTP EF IBDFSTF TFOUJS MP NยฒT JNQPSUBOUF RVยน IBZ FO MB WJEB Z OP BDBCBS QPS EFNPTUSBS RVF MB QBSFKB TJHVF TJFOEP VO iQMBUP EF TF HVOEB NFTBw -B GJEFMJEBE FT DVNQMJS UBNCJยนO DPO MB JNQPSUBODJB QSJNPSEJBM FO MB QBSFKB Z OP FO MPT QBESFT OJ IFSNBOPT 6O IFDIP RVF FO NV DIBT QBSFKBT BVO FYJTUF DPO GSFDVFODJB TF DBTBO QFSP TJHVFO BUBEPT B NBNยฒ Z QBQยฒ /P DPSUBO FM DPSEร O VNCJMJDBM Z TF TJHVF VO WยฝODVMP UBO FTUSFDIP RVF B MB QBSFKB TF MF MMFHB B IBDFS TFOUJS RVF MB GBNJMJB EF PSJHFO TJHVF TJFOEP NยฒT JNQPSUBOUF RVF MB OVFWB SFMBDJร O RVF TF FT Uยฒ DPOTUSVZFOEP /P TF USBUB EF EFKBS EF BNBS RVFSFS Z BUFOEFS B MPT QBESFT Z IFSNBOPT NVDIP NFOPT EFKBS EF DPOWJWJS DPO FMMPT TJOP RVF QPS FODJNB EF UPEP EFCF EF FTUBS MB QBSFKB Z EBSMF FM MVHBS NBT JNQPS

VO IFDIP &OSJRVF "MGBSP FO DBTP EF RVF MMFHVF B TFS HPCFSOBEPS OP QPESยฒ SFGPSNBS MB DPOTUJUVDJร O EF +B MJTDP TJO BMJBEPT 5FOESยฒ RVF CVTDBO DPOTFOTPT DPO FM 13* FM 13% MPT 8JLJT FM 1"/ P BMHร O PUSP DPNQBร F SP EF WJBKF 4F OFDFTJUBSยฒO EJQVUBEPT QBSB IBDFS DBNCJPT FO MB $BSUB .BHOB : TJ B FTP MF Bร BEJNPT MPT BDVFSEPT RVF IB IFDIP &OSJRVF "MGBSP UBOUP B OJWFM OBDJPOBM DPNP B OJWFM MPDBM MB DPBMJDJร O EF JOUFSFTFT RVF SPEFB BM DBOEJEBUP FT FOPSNF %JDF MB NยฒYJNB FO $JFODJB 1PMยฝUJDB MB BNQMJUVE EF MB DPBMJDJร O EF JOUFSF TFT RVF MMFWBO B VO QPMยฝUJDP BM (PCJFSOP FT JOWFSTBNFO UF QSPQPSDJPOBM BM NBSHFO EF NBOJPCSB RVF UJFOF QB SB IBDFS DBNCJPT {&T QPTJCMF RVF &OSJRVF "MGBSP TF DPNQSPNFUB B SFGVOEBS +BMJTDP JODMVZFOEP B NVDIPT EF MPT BDUPSFT RVF IBO SFTJTUJEP BM DBNCJP EVSBOUF Eยน DBEBT -B UFPSยฝB BM NFOPT OPT EJDF RVF OP .ยฒT BMMยฒ EF HSBOEJMPDVFODJBT MB SFGVOEBDJร O DP NP DPODFQUP OPT QFSNJUF SPNQFS MPT DBOEBEPT EF DVBMRVJFS EJTDVTJร O Z FTP FO DBNQBร B UJFOF TV WBMPS /PT QFSNJUF DPMPDBS TPCSF MB NFTB EJTDVTJPOFT RVF DPNQFUFO B EFSFDIPT MJCFSUBEFT FYDMVTJPOFT DPPQ UBDJPOFT EJTGVODJPOBMJEBE JOPQFSBODJB $PNP DVBM RVJFS SFGPSNB QPMยฝUJDB FO FM DFOUSP FTUยฒ FM QPEFS 2VJยนO MP UJFOF Z Dร NP TF VTB 2Vยน UBO EJTUSJCVJEP FTUยฒ Z RVยน UBOUPT DPOUSBQFTPT FYJTUFO -B SFGVOEBDJร O QVFEF TFS PUSB NBSPNB EF MBT ยนMJUFT FO UVSOP QBSB TJNVMBS FM DBN CJP NJFOUSBT BGJOBO TVT JOTUSVNFOUPT EF DPOUSPM P CJFO VOB PQPSUVOJEBE QBSB DPOTUSVJS DPOTFOTPT IP SJ[POUBMFT Z EJTUSJCVJS FM QPEFS &TP EFUFSNJOBSยฒ TJ MB SFGVOEBDJร O TFSยฒ VO NFSP FTMPHBO EF DBNQBร B P VO BVUยนOUJDP QSPZFDUP EFNPDSยฒUJDP BM RVF TF DPOWPDB B UPEB MB DJVEBEBOยฝB

UBOUF FO MB WJEB Z IBDยนSTFMP TFOUJS FO UPEP NPNFOUP &O DBNCJP DVBOEP VOP EF MPT EPT P JODMVTP BNCPT MF TJHVFO EBOEP NยฒT JNQPSUBODJB B MB GBNJMJB EF PSJHFO SFHVMBSNFOUF TF EFKB TFOUJS VO NFOTBKF EF RVF TJHVFO FMMPT TJFOEP MPT NยฒT JNQPSUBOUFT QFS TPOBKFT FO MB WJEB Z OP MB QBSFKB "Tยฝ DPNJFO[B VOB EF MBT DJODP NBOFSBT EF TFS JOGJFM QVFT OP TF MF EB FM MVHBS DPSSFDUP Z NBT JNQPSUBOUF B MB FTQPT! QPS TFHVJS BUB EP B MPT QBESFT 1PS MP RVF NVDIBT QBSFKBT TF TJFOUFO PCMJHBEBT B BTJTUJS B DP NJEBT Z B FWFOUPT EF MPT QBESFT FO MPT RVF TF EB UFTUJNPOJP EF RVF TJHVFT TJFOEP VO iQMBUP EF TFHVOEBw .BNJ P QBQJ TPO MPT NยฒT JN QPSUBOUF FO MB WJEB EF UV Dร OZVHF Z UV FSFT NFOPT JNQPSUBOUF RVF FMMPT .VDIBT WFDFT BM QSJODJQJP FTUP OP SFTVMUB USBTDFOEFOUF QBSB MB WJEB EF MB OVFWB QBSFKB QFSP BM QBTBS MPT Bร PT TF BDBCB QPS DPOWFS UJS FO VOB FWJEFODJB EF RVF OP TF IB DVNQMJEP QMFOBNFOUF DPO MB DPO TJHBO EF EFKBSMPT Z EF FOUSFHBSTF QMFOBNFOUF BM RVF TF TVQPOF EFCF EF TFS FM TFS NยฒT JNQPSUBOUF EF UV WJEB &M NBUSJNPOJP FYJHF VO BNPS QMFOP Z UPUBM TJO EFKBS EF BNBS B MPT EFNยฒT


%PNJOHP EF BCSJM EF

Ê /1, -ÊÊ 6 , >À >Ê*> >À

&M BÁP RVF DPSSF NBSDB BM NJTNP UJFNQP FM TFTRVJDFOUFOBSJP EFM OBDJNJFOUP EFM FTDSJUPS &ENPOE 3PTUBOE Z FM DFOUFOBSJP EF TV NVFSUF &O 'SBODJB TF DFMFCSBO FTUBT FGFN¹SJEFT DPO EJTUJOUPT GFT UJWBMFT FYQPTJDJPOFT QVFTUBT FO FTDFOB Z DPODVSTPT B MP MBSHP EF /BDJEP FM EF BCSJM FO .BSTFMMB 3PTUBOE IJ[P BI½ MPT QSJ NFSPT FTUVEJPT Z MVFHP FM CBDIJMMFSBUP FO FM MJDFP 4UBOJTMBT EF 1BS½T EPOEF UBNCJ¹O DVSTÂ MB DBSSFSB EF EFSFDIP RVF OVODB FKFSDJÂ 'VF TJO MVHBS B EVEBT FM ESBNBUVSHP N²T JNQPSUBOUF Z DFMFCSBEP EF 'SBODJB B GJOBMFT EFM TJHMP 9*9 Z QSJODJQJPT EFM 99 4V GBNB DPNFO[Â EFTEF DPO FM FTUSFOP EF -B 1SJODFTB MF KBOB N²T UBSEF -B 4BNBSJUBOB &M "HVJMVDIP Z $IBOUFDMFS DPOGJSNBS½BO TV ¹YJUP QFSP OJOHVOB EF TVT PCSBT SFDJCJÂ MB EFMJSBOUF BDMBNBDJÂO EF UPEPT MPT QÈCMJDPT DP NP $JSBOP EF #FSHFSBD RVF BEFN²T MF BCSJÂ MBT QVFSUBT EF MB "DBEFNJB 'SBODFTB $PO $JSBOP EF #FSHFSBD Z N²T BMM² EF TV FYUSBPSEJOBSJP UB

6 - $ ÊÊ 9Ê - $

>À ÃÊ ÀÌjÃÊ6?âµÕiâ

1~(*/" #

&- */'03."%03

` `Ê, ÃÌ> `ÊÊ ­£nÈn £ £n®

-B DPNFEJB IFSPJDB $JSBOP EF #FSHFSBD DPOWJSUJ B 3PTUBOE FO VO BVU¹OUJDP QPFUB EFM QVFCMP DVZPT WFSTPT IBO TJEP BENJSB EPT DPOPDJEPT Z DJUBEPT EFTEF FOUPODFT -P N²T OPUBCMF GVF RVF MB QJF[B SFDJCJ VO BQMBVTP JHVBM NFOUF DMBNPSPTP FO FM SFTUP EFM NVOEP &O FM ²NCJUP IJTQ²OJDP MB BDUSJ[ .BS½B (VFSSFSP Z TV NBSJEP 'FSOBOEP %½B[ EF .FOEP MFOUP QP¹UJDP DPOGJSNBEP QPS UPEPT MPT DS½UJDPT 3PTUBOE TVQP [B PUVWJFSPO EF JONFEJBUP MPT EFSFDIPT QBSB RVF TV DPNQBÁ½B UPDBS MBT GJCSBT N²T TFOTJCMFT EFM HSBO QÈCMJDP DPO SFQSFTFOUBSB MB PCSB FO DBTUFMMBOP &M FTUSFOP UBO TP VOB PCSB RVF SFTVDJUBCB FM UFBUSP SPN²OUJDP EF DB OBEP DPNP FM EF 1BS½T GVF FM EF GFCSFSP EF FO QB Z FTQBEB DPO TV BMJFOUP IFSPJDP Z TV FYBMUBDJÂO FM NBESJMFÁP 5FBUSP &TQBÁPM -B FOUVTJBTUB DSÂOJDB >ÊV i` >Ê iÀ V>Ê EFM TVDFTP MB SFEBDU QBSB -B /BDJÂO EF #VFOPT "J EFM FTQ½SJUV Z FM JOHFOJP GSBOD¹T FO NPNFOUPT FO RVF FM QB½T TF MFWBOUBCB EFTQV¹T EF MB EFSSPUB FO º À> Ê`iÊ iÀ}iÀ>V»Ê SFT OJ N²T OJ NFOPT RVF 3VC¹O %BS½P " MB WVFMUB EFM MB HVFSSB DPO "MFNBOJB DPO MB Q¹SEJEB EF "MTBDJB TJHMP GVF UBNCJ¹O FTB DPNQBÁ½B MB RVF QVTP FO FTDF V Û ÀÌ Ê>Ê, ÃÌ> `Êi Ê OB MB PCSB FO MB DJVEBE EF .¹YJDP Z -PSFOB Z MPT TBOHSJFOUPT E½BT EF MB $PNVOB EF 1BS½T 3PTUBOE SFDVSSF B VO QFSTPOBKF IJTUÂSJDP Õ Ê>ÕÌj Ì V Ê« iÌ>Ê`i Ê 2VJFOFT IBO DPOPDJEP FM $JSBOP FO FTQBÁPM HVBS VO QPFUB OBSJ[ÂO RVF WJWJ EVSBOUF FM (SBO 4JHMP EBO FUFSOP BHSBEFDJNJFOUP B TVT USBEVDUPSFT USFT DB «ÕiL ]ÊVÕÞ ÃÊÛiÀà ÃÊ FM EF NBZPS FTQMFOEPS FO 'SBODJB Z MP DPOWJFSUF UBMBOFT -VJT 7½B +PT¹ 0SJPM .BSU½ Z &NJMJP 5JOUPSFS FO VO I¹SPF FOUSBÁBCMF FTDSJCF FO FM TJTUFNB EF > Êà ` Ê>` À>` Ã]Ê RVF QFTF B IBCFS USBCBKBEP BM WBQPS MPHSBSPO QSP WFSTJGJDBDJÂO USBEJDJPOBM EFM UFBUSP DM²TJDP Z SP V V ` ÃÊÞÊV Ì>` à EVDJS BMHVOPT WFSTPT UBO NFNPSBCMFT Z CSJMMBOUFT DP N²OUJDP GSBOD¹T MB TFSJF EF QBSFBEPT EF BMFKBOESJ NP MPT EFM PSJHJOBM BVO DVBOEP %BS½P FT N²T SFUJDFO OPT DPO BMUFSOBODJB EF SJNBT NBTDVMJOBT Z GFNF UF iMPT DBUBMBOFT IBO MMFOBEP CJFO TV UBSFB IBTUB OJOBT &M FTUSFOP GVF FM EF EJDJFNCSF EF FO EPOEF FT QPTJCMF FO FM NFEJP FO RVF UFO½BO RVF QSF FM UFBUSP EF MB 1PSUF 4BJOU .BSUJO TFOUBSTF w

ÛiÀÃ ]Ê Ê}>ÃÌ

/BEB FT JOWPMVOUBSJP TJO FM FTGVFS[P GJOBMNFOUF DVSB FO MB QSÂYJNB BENJOJTUSBDJÂO HVCFSOBNFO BENJSBCMF EF TFHVJS MB NFUB QSPQVFTUB : MB FEV UBM RVF QPS NVDIBT DBVTBT TF DPOUFNQMB DPNQMJ DBDJÂO FT QPEFSPTP BDUJWP EF MB TPDJFEBE Z MBT DBEB -B EFDJTJÂO EF QVFTUPT EFTEF FM N²T SFMF VOJWFSTJEBEFT UJFOFO BM GSFOUF FTUB NJTJÂO EF DVM UJWBS UBMFOUP FO NFOUFT CSJMMBOUFT -PT KÂWFOFT WBOUF QPS MB QSFTJEFODJB EF MB 3FQÈCMJDB IBTUB FM N²T NPEFTUP FO FM HPCJFSOP NVOJDJQBM SFDMBNBO UJFOFO FM SFUP -B BQVFTUB FTU² FO MB NFTB EF MB UFDOPMPH½B WPMVOUBE SFTQPOTBCMF N²T BMM² EF QSPNFTBT PSB Z FO MPT NFEJPT FO MB SJRVF[B SFHJPOBM DPO EFGJ MFT EF DBNQBÁB 2VJFOFT SFTVMUFO FMFDUPT EFCFO OJUPSJB EJHOJEBE &T UJFNQP EF BMJNFOUBS MBT TFS JOWFSTJÂO OP TJNQMF HBTUP FO FM FNQMFP EF MB JEFBT DPO JOUFMJHFODJB QSPQJB DBQUBOEP EF MP BKF CPMFUB DPO TV OPNCSF EFCFO TFS QFSTPOBT EPUB OP MPT BTQFDUPT BQMJDBCMFT B OVFTUSB JEFOUJEBE EBT EF BOUFDFEFOUFT IPOFTUPT Z DBQBDJEBE DPN $IJOB FT VO FKFNQMP B TFHVJS DPO TV DPOWFSTJÂO QSPCBEB EF MB DBQBDJEBE NFSFDFEPSB EF DPOGJBO [B EF OVFTUSP CJFOFTUBS EF JNQPSUBEPS B QSPEVDUPS *OWFSTJÂO OP HBTUP FT FM JEFBM -BT QSPQVFTUBT FMFDUPSBMFT FT EFNPDS²UJDP EF MB DPOTVMUB DJVEB U²O GJODBEBT FO MP HFOFSBM TJO QSP EBOB B USBW¹T EFM WPUP DPO NBZPS½B GVOEJ[BS FO FM GPOEP QBSB EBSMFT KVT >ÃÊ«À «ÕiÃÌ>ÃÊ MJCSF TFDSFUB Z EJ²GBOB FYQVFTUB UP FTQBDJP FO FM SJDP FOUPSOP i iVÌ À> iÃÊiÃÌ? Ê QPS MB $POTUJUVDJÂO DPO MPT QSPUPDP OBUVSBM B TV WF[ DPOEJDJPOBEP B MB WPMVOUBE EFUFSNJOBOUF EF MPT TFSFT v V>`>ÃÊi Ê Ê}i iÀ> Ê MPT DPSSFTQPOEJFOUFT JOTUJUVJEPT FO IVNBOPT IBCJUBOUFT Z TV FOUPSOP à ʫÀ vÕ ` â>ÀÊi Êi Ê FM *OTUJUVUP /BDJPOBM &MFDUPSBM WJ HFOUF BDUPS DPO FM SFTQBMEP EF MB 4V OBUVSBM EF WBMPSFT QSPQJPT EJTQPOJ CMFT -B TJNQBU½B QFSTPOBM FT JOTVGJ v ` Ê«>À>Ê`>À iÃÊ ÕÃÌ Ê QSFNB $PSUF EF +VTUJDJB EF MB /B DJFOUF N²T RVF MB QVSB TJNQBU½B FY ië>V ]Êi Êi ÊÀ V Ê DJÂO $PNJTJÂO EF %FSFDIPT )VNB QVFTUB FO MB TPMB OFDFTJEBE MB QPCSF[B Z IBTUB MB NJTFSJB VF BSSPKB i Ì À Ê >ÌÕÀ> ]Ê>ÊÃÕÊÛiâÊ OPT FT NVDIP N²T RVF VO FNCMFNB &T MB BTQJSBDJÂO BVU¹OUJDB QPS VOB IBDJB MB DSJNJOBMJEBE DPO SFQSFTJÂO V ` V >` Ê>Ê >Ê WJEB QMFOB EF KVTUJDJB Z UBMFOUP BQMJ TJO QSFWJTJÂO $POHSVFODJB TF JNQPOF QBSB MP Û Õ Ì>`Ê`iÌiÀ > ÌiÊ DBEP DPO TBCJEVS½B -BT GVUVSBT BE HSBS BWBODFT DPO MB PCTFSWBDJÂO EF `iÊ ÃÊÃiÀiÃÊ Õ > ð°° NJOJTUSBDJPOFT FO UPEPT TVT OJWFMFT EF HPCJFSOP Z BVUPSJEBE UJFOFO FM BQPSUBDJPOFT EF UFDOPMPH½B GJODBEB EFCFS EF EBS SFTQBMEP FGFDUJWP Z WJO FO MPT BWBODFT EF MB DJFODJB DPOUFN QPS²OFB FYQVFTUB DPO SFMJFWF FO EJWFSTBT SFHJP DVMBDJÂO EF BDVFSEP B MB MFHBMJEBE DPO MJCFSUBE OFT EFM NVOEP $BSP FT BRVFMMP QPS MP RVF QBHB QB[ Z USBORVJMB TFHVSJEBE B MB QPCMBDJÂO RVF TV NPT Z BM GJOBM OP KVTUJGJD DPNP JOWFSTJÂO GSF Z OP TJFNQSF FT BUFOEJEB FO GPSNB BUFOUB BHJM MM²NFTF BT½ BMHÈO PCKFUP UJFNQP P WPUP QFSP TP Z FYQFEJUB %JPT OPT HVBSEF EF MB EJTDPSEJB CSF UPEP DPOGJBO[B FO MB IPOFTUB DBQBDJEBE EFM DJVEBEBOP P DJVEBEBOB RVF QSPQPOF TV JOUFO TJDQN!JOGPSNBEPS DPN NY DJÂO EF TFSWJS Z OP TFSWJSTF EFM QVFTUP RVF QSP

"-Ê " ", -ÊÊ

Ê/ *"

À > ` Ê â? iâÊ ÃV Ì

>Ê « ÀÌ> V >Ê`i Êà ÃÌi > &O NBUFN²UJDBT B JHVBMFT GBDUPSFT TVNBEPT JHVB EP B TVT BODIBT MB SJRVF[B QSPWFSCJBM EF TV UFSSJUP MFT SFTVMUBEPT FO MB TPDJFEBE OP TVDFEF BT½ &YJT SJP FO CFOFGJDJP QSPQJP MP DVBM GPSUBMFDF FM TJTUFNB UFO FO FM TVEFTUF BTJ²UJDP EPT OBDJPOFT RVF DPNQBS DPSSVQUP FO FM RVF TF NVFWFO QPSRVF TBDBO CFOF UFO MB NJTNB IJTUPSJB MB NJTNB HFPHSBG½B MB NJTNB GJDJP EF ¹M &M QBSFDJEP DPO MBT SFBMJEBEFT MBUJOPBNFSJDB SJRVF[B EF UJFSSBT Z BHVBT MB NJTNB GF SFMJHJPTB NV TVMNBOB N²T P NFOPT MB NJTNB HFO¹UJDB Z VO TJ OBT TBMUB B MB WJTUB &O OVFTUSP QB½T BM JHVBM RVF FO NJMBS QBTBEP DPMPOJBM QFSP NJFOUSBT RVF .BMBTJB MB MFKBOB :BLBSUB MP RVF JNQFSB FT VO TJTUFNB QP FT VOB EF MBT HSBOEFT QPUFODJBT EF MB SFHJÂO *OEP M½UJDP DPOTUSVJEP QPS MB DMBTF HPCFSOBOUF OP FO CF OFTJB QFSNBOFDF FO FM TVCEFTBSSPMMP TVT DBQJUBMFT OFGJDJP EFM QB½T TJOP EF MB QFSQFUVBDJÂO EF VOB FT USVDUVSB EF QPEFS RVF TPMBNFOUF ,VBMB -VNQVS Z :BLBSUB OP QPES½BO BQSPWFDIB B MPT QPM½UJDPT 5BM WF[ TFB TFS N²T EJTUJOUBT Z PQVFTUBT ,VBMB FTB MB SB[ÂO EF RVF FO MB BDUVBM DBN -VNQVS FT VOB DJVEBE FTQM¹OEJEB Õ> >Ê Õ «ÕÀÊiÃÊÕ >Ê QBÁB FMFDUPSBM UPEPT MPT DBOEJEBUPT NPEFSOB WFSUJDBM EPUBEB EF NBHO½GJ DBT DPNVOJDBDJPOFT DPO VO PSEFO TP V Õ`>`Êië j ` `>]Ê IBCMFO EF SFTPMWFS MPT QSPCMFNBT RVF DJBM BENJSBCMF MJNQJF[B FO UPEPT TVT `iÀ >]ÊÛiÀÌ V> ]Ê UJFOF .¹YJDP QFSP OJOHVOP TF DPN QSPNFUB B TPMVDJPOBS MB DBVTB EF GPO FTQBDJPT JOUFHSBDJÂO Z TPMJEBSJEBE EJTDJQMJOB BTFSUJWJEBE IPOFTUJEBE Z ` Ì>`>Ê`iÊ >} v V>ÃÊ EP EF UPEPT FMMPT FT EFDJS FM TJTUFNB QVOUVBMJEBE :BLBSUB FT VOB DJVEBE V Õ V>V iÃ]ÊV ÊÕ Ê QPM½UJDP NFYJDBOP RVF EFCF TFS SFGPS NBEP P TVTUJUVJEP DPNP DPOEJDJÂO TJO DBÂUJDB IPSJ[POUBM BDFDIBEB QPS MB CBTVSB EFTJHVBM EFTPSEFOBEB DPO À`i Êà V > Ê>` À>L i]Ê MB DVBM OP TF QPES² SFTPMWFS OJOHVOB BMUPT ½OEJDFT EF QPCSF[B Z EFTCBSBKVT « iâ>Êi ÊÌ ` ÃÊÃÕÃÊ EF MBT HSBWFT DPOEJDJPOFT RVF IPZ WJ WF MB OBDJÂO UF TPDJBM DPSSVQDJÂO F JNQVOJEBE {&O RV¹ SBEJDB MB EJGFSFODJB RV¹ GBD ië>V Ã]Ê Ìi}À>V ÊÞÊ 1SPNFUFS BCBUJS UBM P DVBM TJUVB UPS OP TF PCTFSWB Z QSPEVDF VO SFTVM DJÂO USBFS MB QSPTQFSJEBE QBSB UP à `>À `>` UBEP UBO EFTJHVBM EPT BDBCBS DPO MB DPSSVQDJÂO Z MB 4JO MVHBS B EVEBT FM TJTUFNB QP JNQVOJEBE OP TPO TJOP QBSDIFT P M½UJDP RVF FT NVDIP N²T RVF VO OPNCSF DPNP QP SFNJFOEPT RVF TF RVJFSFO QPOFS B VOB UFMB ZB ES½B TFS NPOBSRV½B P EFNPDSBDJB .BMBTJB MF IB UBO EFTFDIB RVF TF WVFMWF JODBQB[ EF SFDJCJSMPT BQPTUBEP DPO WFSBDJEBE Z TPCSF UPEP DPO IFDIPT B -P RVF VSHF FT DBNCJBS EF UFMB FT EFDJS DBNCJBS MB DPOTUSVDDJÂO EF VOB TPDJFEBE EFNPDS²UJDB Z EJT FM TJTUFNB RVF IB QFSNJUJEP UPEP DVBOUP IFNPT DJQMJOBEB BQVFTUB RVF IB DPNFO[BEP QPS FM MJEF WJTUP Z WJWJEP IBTUB FM QSFTFOUF BMHP RVF MPT DBO SB[HP EF QPM½UJDPT WJTJPOBSJPT MPT DVBMFT DPOTPMJEB EJEBUPT OP TF BUSFWFO B QSPNFUFS QSJNFSP QPS SPO VO FTUBEP EF EFSFDIP SFDPOPDJEP BWBMBEP Z RVF UBM WF[ OJ FMMPT BEWJFSUFO DVBM FT FM QSPCMF BTVNJEP QPS UPEB MB TPDJFEBE QPSRVF FM QSPQJP HP NB EF GPOEP Z FO TFHVOEP MVHBS QPSRVF TJ MP CJFSOP FT FM QSJNFSP FO IBDFSMP WJEB Z PCTFSWBSMP TBCFO OP TF BUSFWFS½BO B IBDFSMP QVFT FO FMMP MFT :BLBSUB IB QBTBEP EF VOB EJDUBEVSB B PUSB CBKP VO WB TV QSPQJP GVUVSP Z FM EF MPT HSVQPT EF QPEFS DBSJT EFNPDS²UJDP FO FM RVF OBEJF DSFF QSPDSFBO RVF MPT BWBMBO {2V¹ FT FOUPODFT MP RVF EFCF EP VO TJTUFNB EF QPM½UJDPT DPSSVQUPT BNQBSBEPT NPT IBDFS DPNP DJVEBEBOPT QPS MB JNQVOJEBE PGJDJPTB EFM FTUBEP BQSPWFDIBO BSNBOEP HPO!VOJWB NY

9 ,ÊÊ

" >À ÃÊ À }Õi /P T¹ RV¹ PQJOF NJ TPMJUBSJP MFDUPS SFTQFDUP EF MB VOJGPSNJEBE RVF QBSFDF QSPEVDJS MB NPEFS OJEBE WFB VTUFE DBEB WF[ RVF VTUFE WJTJUB BM HVOB MPDBMJEBE FT N²T EJG½DJM FODPOUSBS BMHP EJ GFSFOUF DPNP CVFO WJFKP SFDPSEBS¹ RVF BOUFT VTUFE TJ FSB USBHÂO QPE½B FODPOUSBS NVMUJUVE EF QMBUJMMPT B EFHVTUBS FM FKFNQMP N²T TFODJMMP RVF TF NF PDVSSF TPO MPT GSJKPMFT OVFTUSB USBEJDJP OBM CBMB SBTB FO DBTJ UPEBT MBT DBTBT EFM QB½T MPT FMBCPSBO EF NPEP QBSUJDVMBS Z FO MB NBZPS½B TPO NVZ CVFOPT TJO FNCBSHP IBTUB VOP EF OVFTUSPT QSPEVDUPT N²T FOUSBÁBCMFT IB TJEP PCKFUP EFM GVSJPTP BUBRVF EF MB SB[B EF MPT TBMV EBCMFT /P FYUSBÁBS¹ BRVFMMPT GSJKPMFT DIJOPT DPO NBOUFDB MPT BNBOUFT EF MB TBMVE GBOBUJ[B EPT IBTUB FM RVFRVF )BO EFDMBSBEP MB HVFSSB DPOUSB MB HSBTB Z QSFUFOEFO RVF VTUFE Z ZP UFS NJOFNPT DPNJFOEP VOPT GSJKPMJBOPT RVF OP QVFEF EJTUJOHVJSTF TJ FTU² VTUFE DPNJ¹OEPTF FO /BUJPOBM (FPHSBGJD P MB TFDDJÂO BNBSJMMB FO VOB FEJDJÂO BOUJHVB FTP T½ TBO½TJNPT .J RVFSJEP BCVFMP EFD½B P TJ OP MP EJKP MP EF CJÂ IBCFS EJDIP RVF FO FTUB WJEB IBZ RVF DPNFS GVFSUF CFCFS GVFSUF GVNBS GVFSUF Z FTQFSBS MB NVFSUF FT UBM FM BUBRVF EF MPT TBMVEBCMFT RVF FN QJF[BO B JOGFDUBS B MPT OJÁPT EFTEF TV N²T UJFSOB FEBE &O NJ DBTP UFOHP RVF SFDPOPDFSMP TPZ W½D UJNB EF VO OJÁP NBSBWJMMPTP QBSB MPT BCVFMPT UP EPT MPT OJFUPT TPO NBSBWJMMPTPT FM N½P UJFOF DP NP TFJT BÁPT Z VOB HSBWF JOGFDDJÂO EF GFMJ[PMPH½B VO CVFO E½B FM RVF FTUP FTDSJCF P TFB ZP NF FO

º iÊ > i Ì>V » DPOUSBCB GVN²OEPNF VO QVSP EF UPSPT P TFB VOP NVZ HSBOEF Z MMFHÂ FM DIJRVJMMP B EFDJSNF RVF MP BQBHBSB TFHVJEP EF VOB DPOGFSFODJB TPCSF MB TBMVE Z MPT EBÁPT RVF DBVTB MB JOHFTUB EF SBEJDB MFT MJCSFT RVF OP T¹ OJ DSFP ¹M TVQJFSB MP RVF TJH OJGJDB MP FTDVDIF DPO QBDJFODJB ZB RVF NJ BNBEP UPSNFOUP BT½ NF MP IB JOEJDBEP Z ZP TPZ NVZ PCF EJFOUF :B RVF MP FTDVDI¹ DPNP NF HVTUB NVDIP EJBMPHBS MF QFE½ NF BDPNQBÁBSB B MB FOUSBEB EF MB DBTB EPOEF NBSBWJMMPTBNFOUF IBZ VO MBESJMMP JODSVTUBEP DPO VO MFUSFSP RVF EJDF i &O FTUB DBTB TF GVNB Z RVF TF IBHB MB WPMVOUBE EF %JPTw VO CVFO EJBMPHP "IPSB MB DPNJEB TVQPOF TFS NVZ TBOB MPT OVFWPT QSPEVDUPT TJO HSBTB FM PUSP E½B NJ BNB EB FTQPTB DPNQSÂ VO RVFTP RVF TF DBZÂ FO FM QBUJP Z TF GVF CPUBOEP TPO RVFTPT RVF EFCFO TFS EF QM²TUJDP QPSRVF OVODB TF NBEVSBO MBT OPSNBT EF TBMVCSJEBE TPO UFSSJCMFT QPSRVF OP EJBHOPTUJDBO QPSRVF TFQBO MP IBDFO QPSRVF UF NFO IBHB EBÁP "T½ QVFT EFCFNPT FTUBS QMFOBNFOUF DPO TJFOUFT TJ VTUFE FT BGJDJPOBEP B MB JOHFTUB EF GSJ UBOHBT TJ OP MF JNQPSUB QBSBSTF GSFOUF VO BOBGSF Z EFMFJUBSTF DPO TPQFT FODIJMBEBT HPSEBT EF NBOUFDB I²HBOMP Z EJTGSVUFO EF FMMP TJO PMWJEBS OJ QPS VO NPNFOUP RVF JSSFNFEJBCMFNFOUF VTUFE UFOES² RVF NPSJS FTP FT TFHVSP BVORVF UBNCJ¹O MPT RVF DPNFO EF NBOFSB NVZ TBOB UBNCJ¹O NP SJS²O FTP T½ FO QMFOP FTUBEP EF TBMVE !FOSJHVF@[VMPBHB


1~(*/" #

&- */'03."%03 &- */'03."%03

%PNJOHP EF BCSJM EF

Ü" N© NF IB TFSWJEP

NVDIP WJWJS TPMPÝ '0504 t &- 6/*7&34"-

&O . YJDP DSFDF FM O°NFSP EF IPHBSFT JOUFHSBEPT QPS VOB TPMB QFSTPOB MP RVF FO PQJOJªO EF BMHVOPT FYQFSUPT QVFEF QFSGJMBS VO EFUFSJPSP FO FM UFKJEP TPDJBM

%"/*&- 7&(" 3&:/" )B WJWJEP FO TPMFEBE MPT ÞMUJNPT TFJT B×PT

1PS 5FSFTB .PSFOP "MFKBOESB 3JRVFMNF Z 3PCFSUP "HVJMBS &M 6OJWFSTBM

% 40/*" 3"/(&- -B EPDUPSB FO 'JMPTPGÓB BUSJCVZF MB TPMFEBE B MB QÏSEJEB EF MBT SFMBDJPOFT

$3&$&/ &/ . 9*$0 )0("3&4 &/ 40-&%"% &M GFOÂNFOP EF QFSTPOBT RVF WJ WFO TPMBT TF SFHJTUSB N²T FOUSF MPT BEPMFTDFOUFT MB HFOUF RVF BUSBWJFTB QPS MBT DSJTJT EF MPT P MPT BÁPT Z FM TFDUPS EF MB UFS

DFSB FEBE BGJSNB MB TJDÂMPHB .POUTFSSBU 0TDPT i5PEPT OPT TFOUJNPT TPMPT Z FTB TJUVBDJÂO QVFEF MMFWBS B QBUPMPH½BT DPNP MB EFQSFTJÂOw BMFSUB

F MPT NJMMPOFT EF IPHB SFT SFHJTUSBEPT QPS FM */&(* FO MPT VOJQFSTPOBMFT BVNFOUBSPO BM MMFHBS B NJMMPOFT NJM %F FMMPT TPO FODBCF[BEPT QPS NVKFSFT Z QPS IPNCSFT &O $JVEBE 7JDUPSJB 5BNBVMJQBT FM DB NBSÂHSBGP Z FEJUPS %BOJFM 7FHB 3FZOB IB WJ WJEP FO TPMFEBE EVSBOUF MPT ÈMUJNPT TFJT BÁPT TJO RVF FTB TJUVBDJÂO TFB VO JNQFEJ NFOUP QBSB MPHSBS TVT SFUPT QSPGFTJPOBMFT Z DPOTJEFSBSTF VOB QFSTPOB GFMJ[ i:P FTUVWF WJWJFOEP FO QBSFKB EFM BÁP BM Z QPS VOB V PUSB SB[ÂO EFDJEJ NPT UFSNJOBS Z NF IF NBOUFOJEP BT½ JOEF QFOEJFOUFw DPNQBSUF FO FOUSFWJTUB &M DP NVOJDBEPS EF BÁPT EF FEBE EJBMPHB DPO FM SFQPSUFSP EVSBOUF VOB QBVTB FO TV USBCB KP HSBCB VO QBSUJEP EF GVUCPM FO $JVEBE 7JD UPSJB 3FMBUB RVF DPNFO[Â B USBCBKBS EFTEF NVZ KPWFO DVBOEP BCBOEPOÂ FM CBDIJMMFSB UP iNJ QBQ² FTUBCB FO VO DBOBM EF UFMFWJTJÂO Z EFTEF NVZ DIJDP NF HVTUÂ FTF SPMMP $PNP JOHFOJFSP FO FMFDUSÂOJDB ¹M EFTFBCB RVF ZP FTUVEJBSB JOHFOJFS½B UBNCJ¹O QFSP OVODB NF HVTUBSPO MBT NBUFN²UJDBTw FYQMJDB %BOJFM IBC½B IFDIP BNJTUBE DPO FM HF SFOUF EFM FOUPODFT $BOBM MPDBM B RVJFO MF QJEJÂ VOB PQPSUVOJEBE EF USBCBKP Z MB SFDJCJÂ DPNP iKBMBDBCMFTw TJO DPCSBS TVFMEP FO NBS[P EF i"QSFOE½ EF UPEP NF BWFOU¹ PDIP NFTFT BT½ TF EJP MB PQPSUVOJEBE Z NF DPOUSBUBSPO DPNP DBNBSÂHSBGP FO TFQUJFN CSF EF FTF BÁP "T½ FNQFD¹ EF DBNBSÂHSBGP MVFHP GVJ FEJUPS Z FEJUPS EF OPUJDJFSPT MVFHP GVF FM $BOBM QPS DBNCJP EF GSFDVFODJBw EF 5FMFWJTB FO FM &TUBEP SFDVFSEB &O ZB FSB SFTQPOTBCMF EF UPEB MB QSPEVDDJÂO EFM DBOBM EF FWFOUPT FTQFDJBMFT Z EFQPSUFT %FTQV¹T MP JOWJUBSPO B VOB JHMF TJB DSJTUJBOB RVF DPOTUSVZÂ VO FTUVEJP EF UF MFWJTJÂO QBSB SFBMJ[BS QSPHSBNBT Z FOWJBSMPT BM $BOBM &OMBDF RVF USBOTNJUF EF $PTUB 3J DB QBSB UPEP FM NVOEP "I½ FTUVWP EF B iFTF USBCBKP UFSNJOÂ QPS MB JOTFHVSJ EBE NJ KFGF TF UVWP RVF JS EF $JVEBE 7JDUP SJB Z OPT MJRVJEÂw BÁBEF &TUVWP FO 5W "[UFDB EPT BÁPT DPNP QSP EVDUPS EF OPUJDJFSPT Z EFTQV¹T SFHSFTÂ B 5F MFWJTB %FQPSUFT EF B Z DVCSJÂ EF QPSUFT FO &TUBEPT 6OJEPT DPNP GSFFMBODF i.F EJP MB PQPSUVOJEBE EF WJBKBS Z DPOPDFS DPTBT RVF VOP WF QPS MB UFMFWJTJÂO .F UPDÂ DVCSJS USFT TÈQFS UB[POFT Z EPT TFSJFT NVO EJBMFT BEFN²T EF MPT KVFHPT EF MB TFMFDDJÂO NFYJDBOB FMJNJOBUPSJBT $PQB EF 0SP Z UBN CJ¹O FWFOUPT OPUJDJPTPT QPSRVF OP TPMP DV CS½BNPT EFQPSUFT UBNCJ¹O DVCS½ MB QMBHB EFM ¹CPMB DPO FM Q²OJDP FO &TUBEPT 6OJEPT NF UPDÂ UBNCJ¹O MB FKFDVDJÂO DPO JOZFDDJÂO MF UBM EF EPT NFYJDBOPT FO 5FYBTw BÁBEF 7FHB

DJVEBE &T VOB DBTB DPO EPT SFD²NBSBT TB MB DPNFEPS DPDJOB Z CBÁP FO EPOEF UJFOF B TFJT QFSSPT DPNP NBTDPUBT i.PSFOBw i1V MJEPw i.JOBw i$BG¹w i.PLBw Z i1FRVFw {$ÎNP UF MBT JOHFOJBT UÞ TPMP "GPSUVOBEBNFOUF TPZ EF MB WJFKB FT DVFMB Z EFTEF NVZ DIJDP BQSFOE½ B IBDFS EF DPNFS B MBWBS MB MJNQJF[B FUD¹UFSB :P T¹ IB DFS UPEP HSBDJBT B %JPT {2VÀ FT DMBWF FO UV WJEB QBSB TFS GF MJ[ TPMP &T NVZ JNQPSUBOUF RVF OP NF BGFDUB MP RVF EJHBO MPT EFN²T )BZ RVF TFS VOP NJT NP -B GFMJDJEBE FO MB RVF ZP NF CBTP FT FO TFS GFMJ[ DPO MP RVF IBHP %BOJFM BDUVBMNFOUF USBCBKB FO MB QSP EVDDJÂO EF WJEFPT FO VOB DBNQBÁB QPM½UJDB FO $JVEBE 7BMMFT 4BO -VJT 1PUPT½ 7JBKB DPO GSFDVFODJB FOUSF FTB MPDBMJEBE EF MB )VBTUF DB QPUPTJOB Z $JVEBE 7JDUPSJB : BVORVF OP FT EF MBT QFSTPOBT RVF TF GJKBO SFUPT QSPGFTJP OBMFT T½ IBZ BMHP RVF MF HVTUBS½B DVNQMJS i.J TVFÁP EFTEF OJÁP TJFNQSF IB TJEP JS B VOB GJ OBM EF MB $IBNQJPOT -FBHVFw TFÁBMB

-PT TPMJUBSJPT 5FKJEP TPDJBM FO EFUFSJPSP VSFB %FMHBEP EF BÁPT Z EF WJ WJS TJO DPNQBÁ½B EJDF RVF EJTGSVUB FTB DPOEJDJÂO i7JBKP NF EJWJFSUP DPO NJT BNJHBT 4PMB OBD½ Z TPMB WPZ B NPSJSw " WFDFT UJFOF VO TFOUJNJFOUP EF OPTUBMHJB P USJTUF[B BM SFDPSEBS DVBOEP UPEB MB GBNJ MJB WJW½B FO DBTB QFSP TF MF QBTB QSPOUP EJ DF $PO VOB BNJHB QMBOFB SFUJSBSTF B VO BTJMP QFTF B MB JOTJTUFODJB EF TVT IJKPT QB SB RVF TF NVEF DPO FMMPT BT½ MP EFDJEJ QPS RVF EFGJFOEF TV JOEFQFOEFODJB Z TV FTQB DJP /P RVJFSF TFS iVOB DBSHBw &T UFNQSBOP Z VSFB IBCMB QPS UFM¹ GPOP DPO EPT EF TVT IJKPT &TU² MJTUB QBSB TBMJS 7JTUF VOB CMVTB FTUBNQBEB DPO GMP SFT SPKBT DPO FM DBCFMMP DVJEBEPTBNFOUF QFJOBEP $VFOUB RVF EF MPT TFJT IJKPT RVF UVWP BÈO WJWFO DVBUSP Z RVF MF EJFSPO OJFUPT Z FMMPT B TV WF[ CJTOJFUPT 4PO VOB GBNJMJB VOJEB QFSP JOTJTUF FO EJTGSV UBS EF TV JOEFQFOEFODJB i.F BDPTUVNCS¹ B WJWJS TPMB TJO IJKPT OJ OJFUPT OJ CJTOJFUPT &TUPZ NVZ BDPTUVNCSB EB B NJ QSJWBDJEBE 7PZ Z MPT WJTJUP WJFOFO Z NF WJTJUBO QFSP MP N²T RVF BHVBOUP TPO EPT P USFT E½BT FO TVT DBTBT Z NF SFHSFTP QPSRVF RVJFSP FTUBS FO NJ IPHBS "RV½ B OBEJF NP MFTUP )BHP MP RVF RVJFSPw EJDF %FTEF IBDF BÁPT WJWF TPMB FO TV EF QBSUBNFOUP EFDPSBEP DPO DVBESPT EF GMPSFT FO /POPBMDP 5MBUFMPMDP FO MB $JVEBE EF .¹

YJDP " MP MBSHP EF FTF UJFNQP IB DPMFDDJPOB EP GJHVSBT EF QPSDFMBOB Z SFDVFSEPT EF TVT WJBKFT B "DBQVMDP .BESJE $VCB Z .JBNJ 4V OVFWP QSPZFDUP FT WJTJUBS 'SBODJB %FMHBEP 'MPSFT KVCJMBEB EFM HPCJFSOP GFEFSBM QMBUJDB RVF MMFHBS B MB UFSDFSB FEBE JNQMJDB PUSB GPSNB EF WJWJS &OUSF TVT BDUJWJ EBEFT FTU² DBOUBS NÈTJDB EF NBSJBDIJ Z OPS UFÁB FO BDUPT TPDJBMFT QBSB FMMP FMJHF TVT USB KFT Z QFJOBEPT DPO DBMNB DVBOEP QVFEFO TVT IJKPT WBO B BOJNBSMB FO MPT DPODJFSUPT &O FYQPOF MB &ODVFTUB /BDJPOBM EF MPT )PHBSFT EFM */&(* QPS FOUJEBEFT FM QSJNFS MVHBS EF IPHBSFT VOJQFSTPOBMFT MP PDVQÂ DPO DBTJ EFM UPUBM 2VJOUBOB 3PP TJHVFO #BKB $BMJGPSOJB 4VS DPO DBTJ Z MB $JVEBE EF .¹YJDP DPO DBTJ QPS DJFOUP " EJGFSFODJB EF OBDJPOFT DPNP &TUBEPT 6OJEPT 'SBODJB +BQÂO Z 3FJOP 6OJEP QB½T FTUF ÈMUJNP EPOEF FO FOFSP TF DSFÂ FM .JOJT UFSJP EF MB 4PMFEBE FO .¹YJDP FTUF GFOÂNF OP BÈO OP FT DPOTJEFSBEP VO QSPCMFNB TP DJBM QPSRVF QFSTJTUF VOB JEFB GVFSUF EF MB GBNJMJB EJDF 4POJB 3BOHFM EPDUPSB FO 'JMP TPG½B &O .¹YJDP BTFHVSB BÈO OP TF QFSDJCF UBOUP MB TPMFEBE QPSRVF QFSTJTUF VOB JEFB NVZ GVFSUF EF MB GBNJMJB i/P FT UBOUP RVF JO GMVZB MB TJUVBDJÂO FDPOÂNJDB TJOP MBT GPSNBT EF USBCBKP RVF UJFOFO RVF WFS DPO MB QSFDBSJ [BDJÂO QPSRVF MP RVF PDVSSJS² FT RVF DPNP MB HFOUF OP UFOES² RVF JS B VO DFOUSP MBCPSBM FTP MB EFKBS² TJO WJEB TPDJBM QPSRVF UPEP FM UJFNQP FTUBS² MBCPSBOEP Z FTP SFQFSDVUF FO MB NBOFSB FO RVF DPOTUSVZF TVT SFMBDJPOFT GBNJMJBSFT BNPSPTBT P BNJTUPTBTw &YQMJDB i&M UFKJEP TPDJBM TF EJMVZF Z OP TF QMBOUFBO SFMBDJPOFT QSPGVOEBT P BGFDUJ WBT TJOP VUJMJUBSJBT Z EF DPNQFUFODJB FO MBT RVF OP TF CVTDB DVMUJWBS MB BNJTUBE FM BNPS P MBT SFMBDJPOFT EF TPMJEBSJEBEw

'BMUB EF UJFNQP 3BOHFM DPNFOUB RVF iBMHP RVF T½ FTUB NPT WJFOEP DBEB WF[ N²T FO .¹YJDP FT MB GBM UB EF UJFNQP QBSB UPNBS VO DBG¹ DPO BMHVJFO IBCMBS QPS UFM¹GPOP ZB FT DBTJ VO UBCÈ )BZ RVF EBSTF DVFOUB EF RV¹ FTU²T QSJPSJ[BOEP MPT BEVMUPT TBCFNPT RVF IVCP PUSBT GPSNBT EF SFMBDJPOBSOPT QFSP MPT DIJDPT OP TBCFO RV¹ FT TBMJS B KVHBS UBNQPDP FT RVF MP FYUSB ÁFO IBZ DPTBT RVF OP DPOPDJFSPO /P FT RVF OP TF SFÈOBO TJOP RVF WBO B KVHBS WJEFPKVF HPT P B WFS DPTBT FO JOUFSOFUw 4VCSBZB RVF MBT OVFWBT UFDOPMPH½BT JODJEFO FO MB TPMFEBE Z TPO VO T½OUPNB EF MB NJTNB -B HFOUF RVF TF MB QBTB QPTUFBO EP USBUB EF MMFOBS FTPT IVFDPT QFSP DIB UFBS T½ QVFEF DPOTJEFSBSTF VOB GPSNB EF JOUFSDBNCJP

4V WFOUBKB 4VT EPT NFUSPT DPO EPT DFOU½NFUSPT EF FTUBUVSB MF IBO GBDJMJUBEP NVDIP TV USBCBKP DPNP DBNBSÂHSBGP i1PS FKFNQMP FO MBT FO USFWJTUBT ACBORVFUFSBT EFKP RVF IBHBO TV CPMB ZP TPMP MMFHP FTUJSP FM CSB[P Z HSBCP 1S²DUJDBNFOUF BMDBO[P G²DJM FM SPTUSP EF MB QFSTPOB FOUSFWJTUBEB :P OP OFDFTJUP CSB[P FMFDUSÂOJDP OJ FTDBMFSBw "M QSFHVOUBSMF TPCSF MBT EJGJDVMUBEFT EF WJWJS TPMP %BOJFM 7FHB DPOTJEFSB RVF UJFOF NVDIP RVF WFS MB NFOUBMJEBE EF MBT QFSTP OBT i$BEB DBCF[B FT VO NVOEP )BZ HFOUF RVF OFDFTJUB FTUBS SFMBDJPOBEB DPO BMHVJFO P WJWJS DPO BMHVJFO TPO QFSTPOBT EJGFSFOUFT " N½ NF IB TFSWJEP NVDIP WJWJS TPMP QPSRVF FM QSJODJQBM DS½UJDP N½P TPZ ZP -BT DS½UJDBT EF UFSDFSBT QFSTPOBT OP NF BGFDUBO OJ NF PGFO EFO 4PZ VOB QFSTPOB GFMJ[w %FTEF TV EJWPSDJP WJWF TPMP FO VOB DBTB EF *OGPOBWJU RVF TF VCJDB FO FM GSBDDJPOB NJFOUP $POTUJUVZFOUFT VCJDBEP BM 4VS EF MB

«63&" %&-("%0 '-03&4 7JWF TPMB EFTEF IBDF B×PT FO TV EFQBSUBNFOUP EF 5MBUFMPMDP 5JFOF CJTOJFUPT QFSP EJTGSVUB EF TV JOEFQFOEFODJB


Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.