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5HGH&UHGHQFLDGD&DEHVS&RQYrQLRGH5HFLSURFLGDGH!

$FRPRG,QGLYLGXDO

%5(120217$1$5,5$026 36,48,$75,$
6­23$8/2 8) 75$9(66$5,$&+8(/2$&(1752
7HO   )(51$1'2'(0285$6&+0,('/
$0(5,&$1$ $9$1&+,(7$&(1752
&$&$3$9$ 7HO  

&2168/7Ï5,26( &$7$1'89$
&/Ë1,&$60e',&$6( &2168/7Ï5,26(
7(5$3,$6 &/Ë1,&$60e',&$6(
7(5$3,$6 &2168/7Ï5,26(
36,48,$75,$
&/Ë1,&$60e',&$6(
36,48,$75,$ 7(5$3,$6
('62102,6(632/(=,
58$$1*(/225/$1'29,/$ )/$9,26$1726'$&267$ 36,48,$75,$
0('21 5358'(17('(025$(6
7HO   &(1752 3$8/25$0,520$'(,5$
7HO  
0$1$86&(1752
$5$5$48$5$ 7HO  
&$03,1$6
&2168/7Ï5,26(
(63,5,726$172'2
&/Ë1,&$60e',&$6( &2168/7Ï5,26( 3,1+$/
7(5$3,$6 &/Ë1,&$60e',&$6(
7(5$3,$6 &2168/7Ï5,26(
36,48,$75,$ &/Ë1,&$60e',&$6(
36,48,$75,$ 7(5$3,$6
)$7,0$0$5,$'266$1726
9,&725,2 -25*(0$7680272
$9358'(17('(025$,6 56$/867,$123(17($'2 36,48,$75,$
&(1752 %27$)2*2
7HO   7HO   3/,1,29(5*8(,521(9(6
5;$9,(55,%(,52&(1752
0$5&2$1721,2%(//8==2
%$858 7HO  
58$&$0$5*23,0(17(/
-$5',0*8$1$%$5$
7HO   )(51$1'232/,6
&2168/7Ï5,26(
&/Ë1,&$60e',&$6( 0$852%,/+$5,1+21$9(6
7(5$3,$6 5)5(,0$12(/'$5(6685(,&$2 &2168/7Ï5,26(
-$5',0*8$1$%$5$ &/Ë1,&$60e',&$6(
7HO  
36,48,$75,$ 7(5$3,$6
521$/'6&277%5812
&/,1,&$0(',&$0$5&869 $9(1,'$%$5$2'(,7$385$ 36,48,$75,$
)5$1&2/7'$ 7$48$5$/
58$75(=('(0$,29,/$ 7HO  
-2$2'(/,0$67()$1,1,
12(0<
:2/*5$1'$/9(69,/(/$ 58$5,2'(-$1(,52&(1752
7HO  
58$'21$526$'(*860$2 7HO  
-$5',0*8$1$%$5$
%5$*$1&$3$8/,67$ 7HO   )5$1&$

&2168/7Ï5,26( &$5$*8$7$78%$
&2168/7Ï5,26(
&/Ë1,&$60e',&$6(
&/Ë1,&$60e',&$6(
7(5$3,$6 &2168/7Ï5,26( 7(5$3,$6
&/Ë1,&$60e',&$6(
36,48,$75,$ 7(5$3,$6 36,48,$75,$

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$1$&5,67,1$0$&+$'2'(3$'8$
&2168/7Ï5,26( &2168/7Ï5,26(
58$92/817$5,26'$)5$1&$
ž$1'$5&-(GLItFLR'RP3HGUR &/Ë1,&$60e',&$6( &/Ë1,&$60e',&$6(
&(1752 7(5$3,$6 7(5$3,$6
7HO  

36,48,$75,$ 36,48,$75,$
*8$58/+26
0$5&,28('$ -2$2/8,=&(&&+(772
$9&20$1'$17(9,'(/02081+2= $9(1,'$$50,1,2'($558'$
&2168/7Ï5,26( $1+$1*$%$8 &$0$5*2129$0$7$2
&/Ë1,&$60e',&$6( 7HO   7HO  
7(5$3,$6
/,0(,5$ 02&2&$
36,48,$75,$

*8$58/,)(6(590('6&/7'$
&2168/7Ï5,26( &2168/7Ï5,26(
58$-25*(675((7-$5',0 &/Ë1,&$60e',&$6( &/Ë1,&$60e',&$6(
*80(5&,1'2 7(5$3,$6 7(5$3,$6
7HO  

-26(0$5,$/25$ 36,48,$75,$ 36,48,$75,$


58$35(6,'(17(358'(17(
-$5',06$23$8/2 3$8/2-26(*5$&,2//, 3$8/2&(=$51$*/,23$//$',1,
7HO   5$7,/,2%2572/$19,/$$1,7$ 58$$/(;$1'5(&81$/,-$5',0
7HO   6$17$0$5,$
7HO  
,7$3(7,1,1*$
/,16
02*,0,5,0
&2168/7Ï5,26(
&/Ë1,&$60e',&$6( &2168/7Ï5,26(
&/Ë1,&$60e',&$6( &2168/7Ï5,26(
7(5$3,$6
7(5$3,$6 &/Ë1,&$60e',&$6(
36,48,$75,$
7(5$3,$6
36,48,$75,$
$5785$1721,2&+$*$60217(,52 36,48,$75,$
58$(;3(',&,21$5,26 &5,67,$1,%(5(1,&(%85/,1
,7$3(7,1,1*$126&(1752 &$9$&$ )(51$1'2&$0326$1*(5$0,
7HO   53('52'(72/('2&(1752 58$'58/+2$&,175$&(1752
7HO   7HO  
-$/(6
0$5,/,$ 3,5$&,&$%$
&2168/7Ï5,26(
&/Ë1,&$60e',&$6( &2168/7Ï5,26( &2168/7Ï5,26(
7(5$3,$6 &/Ë1,&$60e',&$6( &/Ë1,&$60e',&$6(
7(5$3,$6 7(5$3,$6
36,48,$75,$
36,48,$75,$ 36,48,$75,$
/8,6$8*8672*6,&2/,
58$48$752&(1752 0$5,2387,1$7,-81,25 &$5/26$/%(572*$5&,$
7HO   58$&$5$-$66(1$'25 58$'203('52,&(1752
6$/*$'2),/+2 7HO  
7HO  
-81',$, 0$5,$&$1','$$/9(6'$6,/9$
&+,&$1(//,
0$7$2 58$$48,/,123$&+(&2$/72
7HO  

*HUDGRHP $WXDOL]HDVXDSHVTXLVDDFHVVDQGRR3RUWDO&DEHVS
5HGH&UHGHQFLDGD&DEHVS&RQYrQLRGH5HFLSURFLGDGH!$FRPRG,QGLYLGXDO

35(6,'(17(358'(17( 36,48,$75,$ &2168/7Ï5,26(


&/Ë1,&$60e',&$6(
0$5/,&+$3(9$/
7(5$3,$6
&2168/7Ï5,26( 58$&(1752
7HO  
&/Ë1,&$60e',&$6(
36,48,$75,$
7(5$3,$6
6$172$1'5(
-26(('8$5'25$1*(/'(
36,48,$75,$ 2/,9(,5$
&2168/7Ï5,26( 35$&$&2521(/-26(3,5(6
&(1752
&$50252%(572&255($/$1=(77$ &/Ë1,&$60e',&$6( 7HO  
$9:$6+,1*721/8,=-$5',0
3$8/,67$
7(5$3,$6
7HO   6$2-26('25,2
+(/,2$1721,26&$5$%2772/2
36,48,$75,$ 35(72
62%5,1+2
('621/8,=%2572/277,
$9(1,'$:$6+,1*721/8,=6$/$
&(1752 58$;$9,(5'(72/('2$1'$5 &2168/7Ï5,26(
6$/$&(1752
7HO  
7HO  
&/Ë1,&$60e',&$6(
7(5$3,$6
5,%(,5$235(72
6$1726
36,48,$75,$

&2168/7Ï5,26(
&2168/7Ï5,26( &$5/26'$5,2%(572
&/Ë1,&$60e',&$6(
&/Ë1,&$60e',&$6( 48,1=('(129(0%52&-
7(5$3,$6 &(1752
7(5$3,$6 7HO  
36,48,$75,$ +8%(57(/2<5,&+$5'3217(6
36,48,$75,$
58$58%,$2-81,25&(1752
+(/2,6$0,$1 7HO  
0$5,$,6$%(/),6&+(5&$5'262
58$9,6&21'('(,1+$80$
&21-8172&(1752 58$'28725/8,6683/,&<
-26(5$)$(/$/9$5(=&+$''$'
*21=$*$
7HO   58$,03(5,$/9,/$,03(5,$/
7HO  
7HO  
/,$)$7,0$&+5,6729$2
358'(17('(025$,66$/$ 6$2%(51$5'2'2 3$8/252%(572%25*(6
&(1752
7HO   &$032 '287255$8/'(&$59$/+2
6$1726'80217
7HO  
0$5&,$5(*,1$5$*$==2
58$&$6(0,52'($%5(89,/$ &2168/7Ï5,26(
6(,;$6 &/Ë1,&$60e',&$6( 6$2-26('26&$0326
7HO  
7(5$3,$6
0$8529$6&21&(/265(,6 &2168/7Ï5,26(
58$2/$92%,/$&9,/$6(,;$6 36,48,$75,$ &/Ë1,&$60e',&$6(
7HO  
7(5$3,$6
$/0$&/,1'('2(1&$61(5926$6
027,9$5&/,1,&$0(',&$( /7'$
36,&2/2*,&$66
5'200,*8(/-$5',0129$ 36,48,$75,$
58$*$5,%$/',&(1752 3(75232/
7HO   7HO   )/$9,26$1726'$&267$
$9$1&+,(7$-$5',0129$
3520(166$1$&/,136,4(
5,2&/$52 36,&2/6&/7'$
$0(5,&$
7HO  
$9,1',&2-$5',0'20$5
7HO  
&2168/7Ï5,26( 1(8529,77$&/,1'(1(852/2*,$
1(852&,585*,$/7'$
&/Ë1,&$60e',&$6(
7(5$3,$6
6$2-2$2'$%2$ 0(/9,1-21(6-$5',06$2
',0$6
9,67$ 7HO  

*HUDGRHP $WXDOL]HDVXDSHVTXLVDDFHVVDQGRR3RUWDO&DEHVS
5HGH&UHGHQFLDGD&DEHVS&RQYrQLRGH5HFLSURFLGDGH!$FRPRG,QGLYLGXDO

:$/7(5)(5/,1* *,/%(572/$%21,$ 0$5,$62/$1*(0$&('2


58$5,%(,5$29(50(/+29,/$ 58$&$/,)251,$&,'$'( %$5&$52//2
(0$ 021&2(6 58$385385,1$&21-9,/$
7HO   7HO   0$'$/(1$
7HO  
*,/%(572/$%21,$
6$23$8/2 &$,2:$$680$5( 021,&$'($/0(,'$02*$'2852
7HO   58$$558'$$/9,03,1+(,526
7HO  
&2168/7Ï5,26( +$756(59,d260(',&26/7'$
&/Ë1,&$60e',&$6( &/2'20,52$0$=21$6&- 3('52'(%5,72%5$*$
9,/$129$&21&(,&$2 58$52'29$/+2-81,253(1+$
7(5$3,$6 '()5$1&$
7HO  
7HO  
36,48,$75,$ ,5,6,167'(5($%,/,7$d$2
,17(*5$/'$6$8'(/7'$ 52*(5,2$/2,6,2./(,18%,1*
$&9,6(59,&260(',&,1$/7'$ ,6,'527,12&27$78$3( 58$6$2-25*(3$548(6$2
7HO   -25*(
92/817$5,26'$3$75,$ž
$1'$56$17$1$ 7HO  
,6$$&()5$,0
7HO  
58$0$5$1+$2$1'$5&- 58%(16'(&$0326),/+2
$1*(/$5(*,1$&217$'25 +,*,(1232/,6 $9(1,'$32578*$/%522./,1
7HO   3$8/,67$
58$&,1&,1$72%5$*$%(/$
9,67$ 7HO  
-$1($3$5(&,'$/,0$
7HO  
58$3(,;272*20,'(&- 58%(16+,56(/%(5*(/
$1721,2-2$20(/*(6 -$5',03$8/,67$ 5&$5'262'($/0(,'$
7HO   680$5(
56$2-25*(3$548(6$2-25*(
7HO  
7HO  
-26(0$5,$/25$
57$&,72'($/0(,'$680$5( 6(5*,2'(%$5526&$%5$/
$67,50$5,$'$6,/9$
7HO   $9(1,'$(8523$-$5',0
%25*(6/$*2$&-9,/$
(8523$
&/(0(17,12
-26(0285$1(9(6),/+2 7HO  
7HO  
58$&$&$3$9$&--$5',0
3$8/,67$ 6,/9,2-26('(2/,9(,5$
&(17527(5$3(87,&2,17(*5$'2
5$)$(/6&/7'$ 7HO   53('52'(72/('2&21-
9,/$&/(0(17,12
58$&216(/+(,526$5$,9$
6$17$1$ -26().,-1(5 7HO  
7HO   58$$/0,5$17(3(5(,5$*8,0$5$(6
3$&$(0%8 9(5$+(/(1$$6+&$5
&/,1,&$'5('621'$+(5-81,25 7HO   58$3(,;272*20,'(&-
-$5',03$8/,67$
58$&8%$7­29,/$0$5,$1$
-8&(/<%(1)$77,&2,0%5$ 7HO  
7HO  
51$32/($2'(%$55269,/$
&/(0(17,12 9,&725,$5(*,1$%(-$5
'5*(5$/'2648,/$66,
36,48,$75,$(36,&2/2*,$/7'$ 7HO   58$0$5$1+­2&21-
+,*,(1232/,6
58$'28725-(68,120$&,(/
&$032%(/2 .$=8727$%$7$+$0$=$., 7HO  
7HO   $9(1,'$-2$23$8/2,6$/$
3$548(0217(,5262$5 :$/'20$5&26)(55(,5$181(6
('8$5'2*$/9$2%$5%$1 7HO   58$6(5*,3(&21-
&2162/$&$2
$93$8/,67$&21-%(/$
9,67$ /285(1&20$57,1(//,-81,25 7HO  
7HO   58$3$5$&2162/$&$2
7HO   6252&$%$
(/,=$%(7+'(2/,9(,5$1(9(6
58$&$5'262'($/0(,'$&$6$ /8,=&$5/26$,(;$/9(6
3(5',=(6 3('52'(72/('2FM9,/$ &2168/7Ï5,26(
7HO   &/(0(17,12
7HO   &/Ë1,&$60e',&$6(
)5$1&,6&2$66,6'(6286$/,0$ 7(5$3,$6
58$,7$3(9$&-%(/$
9,67$
36,48,$75,$
7HO  

*HUDGRHP $WXDOL]HDVXDSHVTXLVDDFHVVDQGRR3RUWDO&DEHVS
5HGH&UHGHQFLDGD&DEHVS&RQYrQLRGH5HFLSURFLGDGH!$FRPRG,QGLYLGXDO

&/,1,&$'5$1721,20$8$1(72
6&/7'$ 9$/,1+26
58$'28725$57+85*20(6
&(1752
7HO   &2168/7Ï5,26(
&/Ë1,&$60e',&$6(
,17(50(',&$6,67(0$'(6$8'(
6$ 7(5$3,$6
$9(1,'$$50$1'26$//(6'(
2/,9(,5$9,/$758-,//2
36,48,$75,$
7HO  

7+<5625$026),/+2 0$5&26/((&,77,
58$&$3,7$2*5$1',12-$5',0 -2$48,0$/9(6&255(,$
3$8/,67$12 -$5',0129$68,&$
7HO   7HO  

68=$12 9,1+('2

&2168/7Ï5,26( &2168/7Ï5,26(
&/Ë1,&$60e',&$6( &/Ë1,&$60e',&$6(
7(5$3,$6 7(5$3,$6

36,48,$75,$ 36,48,$75,$

&/,1,&$6$17$&$7$5,1$/7'$ 0$5/</(026'(3$8/$&$0326
5'21$$8*867$$3$5(&,'$'( $9526$=$1(77,)(55$*87,
&$59$/+2'(-$5',06$17$ &(1752
+(/(1$ 7HO  
7HO  
9278325$1*$
7$%2$2'$6(55$
&2168/7Ï5,26(
&2168/7Ï5,26( &/Ë1,&$60e',&$6(
&/Ë1,&$60e',&$6( 7(5$3,$6
7(5$3,$6
36,48,$75,$
36,48,$75,$
0,*8(/=(,781(/($2
521$/'2-80.2%$<$6+, 58$58,%$5%26$-$5',0
58$'$6526$63$548( %20&/,0$
$6681&$2 7HO  
7HO  
21',1$&267$3,0(17(/)5(,7$6
'(*5$1'(
7$78, 58$-26e$%'20$5­2
-$5',00$5,1
7HO  
&2168/7Ï5,26(
&/Ë1,&$60e',&$6(
7(5$3,$6

36,48,$75,$

6,021(5(*,1$025$(6'(
$/0(,'$
$9(1,'$&21(*2-2$2&/,0$&2
$1'$5&(1752
7HO  

*HUDGRHP $WXDOL]HDVXDSHVTXLVDDFHVVDQGRR3RUWDO&DEHVS

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