$11$/(6©6HUKLVWVRFLRO©©© 3252à,/$,12&(1(5(/$=,21,(5(&(16,21,5(32576$1'5(9,(:6  QDNOMXáMHGDVHMHDYWRULFDRGORáLOD]DGHVHWSRJODYLMNL QDVSRSHOMHMRQDSRWRYDQMHPHG]HPOMRLQQHERP -XUH*RPEDÞ /RM]ND%UDWXÊ XU 5(%8/29=%251,. 7UVW0ODGLNDVWU 9 VRQáQHP OHWX  VH MH QD 6ORYHQVNHP ]YUVWLOR NDU QHNDM VUHáDQM RE SULORÌQRVWL REOHWQLF URMVWYD SR PHPEQLK PRÌ VORYHQVNH NQMLÌHYQRVWL ]DáHQÊL V VWR OHWQLFR URMVWYD 6UHáND .RVRYHOD 3ROHJ QMHJD VR VH 6OR YHQFL NL ÌLYLMR Y ,WDOLML SRVHEHM VSRPQLOL WXGL RVHP GHVHWOHWQLFH URMVWYD $ORM]D 5HEXOH NL MH VNXSDM ] %RULVRP3DKRUMHP ÊH YHGQR VWHEHU VORYHQVNH ]DPHMVNH OLWHUDWXUHSDáHSUDY MHRQMHP9LQNR2ÊODN]DSLVDOGD QL ¡WUÊDÈNL SLVDWHOM¢ NDNRU JD UDGL QDVODYOMDMR QHSUH PLÈOMHQL ßDVQLNDUML Y VORYHQVNHP WLVNX WHPYHß MH VYH WRYQL SLVDWHOM Y SULVWQHP JRHWKHMDQVNHP SRPHQX WH VLQWDJPHSLVRßY HQHPQDMEROM L]EUDQLK MH]LNRY VDM MH PDMKQRVW YHGQR ]QDPHQMH L]EUDQRVWL UD]PLÈOMXMRß SR JUÈNRGLVFLSOLQLUDQSRULPVNRYHUXMRßSDOHVWLQVNRßXWHß VORYHQVNR UHVQLßHQ SUDYLßHQ LQ GHMDYHQ REßHßOR YHÈNR'DMH]DQLPDQMH]D5HEXORUHVL]MHPQRWXGLY RVUHGQMHP VORYHQVNHPSURVWRUX SULáD GHMVWYR GD VH MH QD YDELOR 6ODYLVWLáQHJD GUXÊWYD 7UVW *RULFD 9LGHP QD 3ULPRUVNH VORYHQLVWLáQH GQHYH RG]YDOR NDU OHSR ÊWHYLOR SUHGDYDWHOMHY L] RVUHGQMH PDWLáQH GRPRYLQH 1D GYR GQHYQHP VUHáDQMX NL MH ELOR SRVYHáHQR WDNR .RVRYHOX NRW5HEXOLVRQDVWRSLOL0DULMD3LUMHYHF.DMHWDQ*DQWDU ,JRU ÉNDPSHUOH -RÌH +RUYDW 1DGD XNLá LQ 'LRPLUD )DEMDQ %DMF =EUDQD EHVHGLOD RPHQMHQLK SUHGDYDWHOMHY SDVRSUHGQHNDMPHVHFL L]ÊOD WXGLY]ERUQLNXNL VRJD RERJDWLOL ÊH SULVSHYNL +HOJH *OXÊLá -DGUDQNH &HUJRO 0DMGH$UWDá6WXUPDQLQ0DUWLQH2ÌERW=ERUQLNMHXUH GLOD/RM]ND%UDWXÌL]ÊHOSDMHSUL]DORÌEL0ODGLNDYVR GHORYDQMX ]*RULÊNR0RKRUMHYRGUXÌER LQ 6ODYLVWLáQLP GUXÊWYRP7UVW*RULFD9LGHP 5HEXORY RSXV YVHELQVNR ERJDW LQ PQRJRVWUDQVNL MH]LNRYQR LQ VORJRYQR L]YLUHQ LQ ]DKWHYHQ MH ÊH GH VHWOHWMD SUHGPHW OLWHUDUQR]JRGRYLQVNLK LQ MH]LNRYQRVWL OLVWLßQLKSUHXßHYDQM5D]NULYDQDPVDPRELWQRXPHWQLÈNR RVHEQRVW SLVDWHOMD NL VXYHUHQR LQ SURGRUQR REUDYQDYD L]EUDQR WHPDWLNR LQ NL MH Y VYRMLK SULSRYHGQLK GHOLK Y HVHMLVWLNL LQ Y GQHYQLÈNLK ]DSLVLK QHSRQRYOMLY 9 QMHJR YHP SLVDQMX MH YHOLNR PLOLQH SD WXGL RVWULQH YHOLNR VHQF SD WXGL VYHWOREH YHUH LQ XSDQMD OMXEH]QL LQ ]YHVWREH 9VHVNR]L VYRERGQL EHVHGQL XVWYDUMDOHF LÈßH UHVQLFR LQ ML SRGUHMD YVH GUXJR MH VYHWRYOMDQVNL LQ REHQHPVORYHQVNLJUÈNLLQREHQHPSUHÈHUQRYVNLSRNRQ ßHQNRWßORYHN LQ NRW XPHWQLN SLÊH Y XYRGXXUHGQLFD /RM]ND %UDWXÌ $ORM] 5HEXOD MH QD VORYHQVNL OLWHUDUQL VFHQLVDPRKRGHFQHGDVHJDXYUVWLWLYQREHQRSRVHEQR OLWHUDUQR VWUXMR LQ WRSUHGYVHP]DUDGL ÌLYOMHQMVNLK RNR OLÊáLQ NL VR PX GRGHOLOH ]LEHONR QD 7UÌDÊNHP SUDY Y áDVX RVWUHJD IDÊLVWLáQHJD WHURUMD LQ JD SULSHOMDOH Y VDP YUK VRGREQH VORYHQVNH SUR]H 6DP 5HEXOD MH QHNRá L]MDYLO GD LWL VH QLáHMDQVWYD Y 7UVWX DOL &HORYFX EL ELOR PDORGDQH VNRUDM JURWHVNQR VDM ÌH PLOMHMVNL YSOLY SR JRMXMHáORYHND WUGQR]DVLGUDQHJDYVYRMSURVWRU LQáDV VNR]L NDWHUHJD VH V VDPRQLNORVWMR SUHELMD WHU LÊáH VYRM VNRVW ODVWQHJD L]UD]D SUL ]DVOHGRYDQMX UHVQLFH ,] WHK Y]JLERY MH WDNR Y]NOLOD VDPRVYRMD OLWHUDUQD EHUD NL MH SULWHJQLOD SR]RUQRVW ÊWHYLOQLK UD]LVNRYDOFHY 1HNDWHUL PHGQMLPLVRL]VOHGNHVYRMLKUD]LVNDYDOLUD]PLÊOMDQMDRE EUDQMX5HEXORYLKGHOSUHGVWDYLOLY5HEXORYHP]ERUQLNX 7D MH YVHELQVNR ]HOR SHVWHU LQ VPLVHOQR XUHMHQ VDM SUHKDMDRG]DáHWQHVSORÊQHÊWXGLMH+HOJH*OXÊLáQDEROM SRVHEQD VSHFLILáQD YSUDÊDQMD5HEXORYHJD RSXVD WHU VH ]DNOMXáXMH]REVHÌQRLQL]áUSQRELEOLRJUDILMR5HEXORYLK GHO 8YRGQD ÊWXGLMD L]SRG SHUHVD ]QDQH UD]LVNRYDONH +HOJH *OXÊLá SUHGVWDYOMD QHNROLNR EROM GRSROQMHQR SRJODYMH L] DYWRULáLQHJD GHOD 6ORYHQVND SULSRYHGQD SUR]D Y GUXJL SRORYLFL GYDMVHWHJD VWROHWMD *OXÊLáHYD Y ]DRNURÌHQHP UD]PLÊOMDQMX XWHPHOMXMH YVH QDMSRPHPE QHMÊH SRVWRMDQNH 5HEXORYHJD ELRVD LQ RSXVD WHU SUH SULáOMLYRL]SRVWDYOMDQMHJRYHHWLáQHYUHGQRWHLQOLWHUDUQR VSRURáLOR 'ROJROHWQD SURXáHYDOND ]DPHMVNH OLWHUDWXUH 0DULMD 3LUMHYHF SD VH Y VYRMHP SULVSHYNX RSLUD QD GXKRYQR RV 5HEXORYH SUR]H LQ SRXGDUMD WHPHOMQH SR $11$/(6©6HUKLVWVRFLRO©©© 3252à,/$,12&(1(5(/$=,21,(5(&(16,21,5(32576$1'5(9,(:6  VWDMHDYWRUMHYHJD LVNDQMD UHVQLFHNL L]KDMD L] VSR]QDQMD WUDJLáQRVWLáORYHÊNHHNVLVWHQFH=DXVWDYLODVHMHWRUHMRE HQHPELVWYHQLK HOHPHQWRY5HEXORYH SUR]H LQ VLFHU RE WHVQREL ]DUDGL QH]DGRÊáHQRVWL V VDER LQ NR]PRVRP 1DVOHGQMD GYD SULVSHYND SUDY WDNR VHJDWD QD HQR WUHK JODYQLKRVLYSUHSOHWDQMXNDWHULKVHJLEOMH5HEXORYDIRU PD PHQWLV R]LURPD OLWHUDUQL UD]YRMQL LWHU QMHJRYHJD RSXVD0QRJLVRQDPUHá]DSLVDOLGDVRWULJODYQHSUHG SRVWDYNHQMHJRYHJDRSXVDDQWLNDNUÊáDQVWYRVORYHQVWYR =ERUQLN MH WDNR XUHMHQ GD VOHGL UDYQR WHM RVL WDNR GD QDVOHGQML SULVSHYNL REUDYQDYDMR QDMSUHM DQWLNR QDWR NUÊáDQVWYR Y SUHSOHWDQMX ] ELEOLMVNLPL LQ PLWRORÊNLPL WHPDPLVOHGLSDÊHREUDYQDYDSRVDPH]QLKGHO=ERUQLN VNOHQHMRSULVSHYNL NL SUHGVWDYOMDMR VSHFLILNR MH]LNRYQR VWLOQHSODWL5HEXORYHJDSLVDQMD .DMHWDQ *DQWDU LQ -DGUDQND &HUJRO XVPHUMDWD VYRMH UD]PLÊOMDQMH Y WHPDWLNR DQWLNH NL SR VYRMH SUHGVWDYOMD ]DáHWQL Y]JLE DOL L]KRGLÊáH ]D QDGDOMQMR QDGJUDGQMR 5HEXORYHJD PLVHOQHJD VYHWD 3UYL MH VYRMR DQDOL]R SRGNUHSLO V SUHGVWDYLWYLMR WLVWLK RGORPNRY Y NDWHULK VH 5HEXODRSLUDQDDQWLáQRPLVHOQRVW DOL MR Y SRVDPH]QLK RGORPNLKNDUQDUDYQRVWRPHQMD'UDJRFHQRVWVOHGQMHJD ]DSLVD MH ÊH Y WHP GD VH *DQWDU VSRPLQMD WXGL SURIH VRUMHY RE NDWHULK VWD VNXSDM ] 5HEXOR ÌLYHOD LQ VH L] REUDÌHYDOD QD OMXEOMDQVNL NODVLáQL ILORORJLML 9 GUXJHP áODQNXSDDYWRULFD JOHGD QHNROLNR EROM RGPDNQMHQRQD DYWRUMHYR GHOR LQ VH RVUHGRWRáD SUHGYVHP QD DQWLáQH ILOR]RIVNH NDWHJRULMH NL QHGYRPQR ]D]QDPXMHMR 5HEX ORYRSXVR]LURPDL]NDWHULKDYWRU]DMHPDWLVWHYUHGQRWH NLYRGLMRáORYHÊWYRNRGNULYDQMXRVQRYQLKHWLáQLKVLOQLF =DQWLáQLPLILOR]RIVNLPLNDWHJRULMDPLVRWHVQRSRYH]DQH WXGL ELEOLMVNH LQ PLWRORÊNH WHPH NL MLK QDND]XMH ,JRU ÉNDPSHUOH$YWRU VHRPHMXMH QDDQDOL]R GYHKGHO -XWUL áH] -RUGDQ LQ 9 6LELOLQHP YHWUX WHU SUHSULáOMLYR XJR WDYOMD GD GDQDÈQMHJD ßORYHND QDJRYDUMDWD WDNR2GLVHM NRWRßDN$EUDP/DKNRUHßHPRGDSUDYQMXQDQDSHWRVW QMXQDQHSRPLUOMLYDUD]NODQRVWNLMRVSUHPOMDWHVQREDLQ WLKR D QHPLUQR QRVWDOJLßQR KUHSHQHQMH XVWYDUMDWD ßOR YHND1DSHWRVWNLQDV YRGLQDPQRJRWHUH QRYH SRWL LQ QDYGLKXMH]XSDQMHP1HGDQHVMXWULßH]-RUGDQ 0HGWHPNRVRRPHQMHQLSLVFL ]DMHOLFHORWHQ VSHNWHU 5HEXORYHJD RSXVD LQ Y QMHP LVNDOL DOL UD]áOHQMHYDOL WH PDWLNH NL VR SULVRWQH Y YVHK GHOLK VR Y QDGDOMHYDQMX ]ERUQLND Y JODYQHP REUDYQDYH SRVDPH]QLK GHO NL MLK XYDMD-RÌH+RUYDWVSULVSHYNRPRGYHKGQHYQLÊNLKWLSLK ]QDáLOQLK]DDYWRUMHYRSLVDQMH$ORM]5HEXOD VHQDPUHá ÌH FHOR ÌLYOMHQMH SRVYHáD WXGL GQHYQLÊNLP ]DSLVRP NL L]KDMDMR ] UD]PDKRP GHVHWLK OHW 7DNLK SULPHURY Y VORYHQVNLOLWHUDWXULVNRUDMGDQHSR]QDPRáHL]Y]DPHPR VHYHGD .RFEHNRYH GQHYQLNH LQ VR ]DWR SRPHPEHQ SULáHYDOHFQDÊHSROSUHWHNOH ]JRGRYLQH1DGD XNLá SD MHPOMH Y SUHWUHV WUL 5HEXORYH SVLKRORÊNH QRYHOH NL VH NDÌHMR NRW VYRMHYUVWQH  ]ODVWL WHPDWVNR NR VH UHOLJL R]QR QDFLRQDOQR LQ SDWRORÈNR XWHPHOMXMHMR Y DUKH WLSVNHP QHßHP SUYRELWQHP 0DMGR $UWDß 6WXUPDQ MH SULWHJQLOD QRYHOD .UDOMLFD 9HQXV L] QDMQRYHMÈH ]ELUNH $UKLSHO NL SRQD]DUMD UD]JLEDQR XPHWQLÈNR SORYER Y YLKDUQLK PRUMLK VORYHQVNH ]JRGRYLQH Y NDWHULK VH SLVDWHOMNRWSUDYLPRUQDUGXKD]DWHNDLQUHÈXMHQDRWRNH HWLßQLKYUHGQRW =DGQMD GYD SULVSHYND SD VHJDWD QD MH]LNRYQRVWLOQR SODWREUDYQDYH'LRPLUD)DEMDQ%DMFSUHYDMDONDQDMEROM REVHÌQHJD 5HEXORYHJD GHOD 9 6LELOLQHP YHWUX Y LWD OLMDQÊáLQRVSUHJRYRULRVYRMLKGLOHPDKSUL L]ELULEHVHG QLK L]UD]RY LQ ]YH] Y VNORSX SUHYDMDQMD 5HEXORYHJD GHOD 7R L]MHPQR GHOR MR MH NDVQHMH XVPHULOR QD SUH YDMDOVNRSRWWDNRGDVHMHŸNRWVDPDSUDYLŸXVXOSOD]L] YHOLNH VQHÌQHNHSHNDU VH ODKNR]JRGL OH áH VHQHNGR SUHSXVWL 6LELOLQHPX YHWUX =HOR WHKWHQ LQ VWURNRYQR XWHPHOMHQ MH SULVSHYHN 0DUWLQH 2ÌERW R URPDQVNLK MH]LNRYQLK HOHPHQWLK Y 5HEXORYHP GHOX 1RNWXUQR ]D 3ULPRUVNR6DPDSLÊHGDMHDQDOL]DVWYDULWHYVORYHQVNLK SLVDWHOMHY]GYRMH]LáQLKREPRáLMSRVHEQR]DQLPLYDVDM QXGL PRÌQRVW ]D RGNULYDQMH LQ UD]LVNRYDQMH SRVHEQH MH]LNRYQHSROLIRQLáQRVWL5HEXORYMH]LNMHUD]áOHQMHQWD NRQD OHNVLNDOQL LQ IUD]HRORÊNL UDYQL NRW WXGL QD VLQWDJ PDWLáQHPLQVLQWDNWLáQHPQLYRMX =ERUQLN ]DNOMXáXMH REVHÌQD ELEOLRJUDILMD 5HEXORYLK GHO WHU OLWHUDWXUD R DYWRUMX LQ QMHJRYLK GHOLK 7DNR UD]YHMDQHYVHELQVNH]DSLVHERJDWLQDVNOHSQLKVWUDQHKÊH VOLNRYQR JUDGLYR L] GUXÌLQVNHJD DOEXPD NL GRSROQMXMH 5HEXORYRSRGRERQH OH Y EHVHGQL WHPYHá WXGL Y IRWR JUDIVNLJRYRULFL -DGUDQND&HUJRO