&*UHJRULR*HD 9$/e1&,$ 5HJLVWUH*HQHUDO 'DWD (,;,'$ -2$10$5725(// &/128' 2&78%5( *$1',$ 9DOqQFLD ODV PRGLILFDFLRQHV RSRUWXQDV (IHFWXDGHVOHVPRGLILFDFLRQVRSRUWXQHVFRUUHVSRQHQWVD (IHFWXDGDV OHVHVPHQHVLUHFODPDFLRQVWUDPLWDGHVSHUOHVIDPtOLHVHQ FRUUHVSRQGLHQWHV D ODV VXEVDQDFLRQHV \ UHFODPDFLRQHV UHODFLy DPE OHV VROÂOLFLWXGV G DMXGHV DVVLVWHQFLDOV GH WUDPLWDGDV SRU ODV IDPLOLDV HQ UHODFLyQ FRQ ODV PHQMDGRUHVFRODUSHUDOFXUVSUHVHQWDGHVGLQV VROLFLWXGHV GH D\XGDV DVLVWHQFLDOHV GH FRPHGRU HVFRODU GHOWHUPLQLRUGLQDULOLFRPXQLTXHTXHHOGLUHFWRUJHQHUDO SDUD HO FXUVR SUHVHQWDGDV GHQWUR GHO SOD]R GH&HQWUHV'RFHQWVKDGLFWDWDPEGDWDGH6HWHPEUH RUGLQDULR OH FRPXQLFR TXH HO 'LUHFWRU *HQHUDO GH GH XQD 5HVROXFLy HQ TXq HVWDEOL[ OD SXQWXDFLy &HQWURV 'RFHQWHV KD GLFWDGR FRQ IHFKD GH PtQLPD D SDUWLU GH OD TXDO VHUj EHQHILFLDUL GH OD GLWD 6HSWLHPEUHGHXQD5HVROXFLyQHQODTXHHVWDEOHFH DMXGD O DOXPQDW VROÂOLFLWDQW GH OD PDWHL[D GXUDQW HO FXUV OD SXQWXDFLyQ PtQLPD D SDUWLU GH OD FXDO VHUi EHQHILFLDULRGHGLFKDD\XGDHODOXPQDGRVROLFLWDQWHGH HVFRODU OD PLVPD GXUDQWH HO FXUVR HVFRODU %HQHILFLDULVJUXS$RPHVSXQWV GHODDMXGD %HQHILFLDULVJUXS%RSXQWV GHODDMXGD %HQHILFLDULRVJUXSR$RPDVSXQWRV GHODD\XGD %HQHILFLDULRVJUXSR%RSXQWRV GHODD\XGD $L[t GH FRQIRUPLWDW DPE HO TXH GLVSRVD O DSDUWDW $Vt GH FRQIRUPLGDG FRQ OR GLVSXHVWR HQ HO DSDUWDGR GHOD5HVROXFLyGHGH-XQ\GHGHOD'LUHFFLy GH OD 5HVROXFLyQ GH GH -XQLR GH GH OD *HQHUDO G 2UGHQDFLyL&HQWUHV'RFHQWVSHUOD TXDOHV 'LUHFFLyQ *HQHUDO GH2UGHQDFLyQ \ &HQWURV 'RFHQWHV FRQYRFD OD FRQFHVVLy G DMXGHV GH PHQMDGRU HVFRODU HQ SRU OD TXH VH FRQYRFD OD FRQFHVLyQ GH D\XGDV GH HOVFHQWUHVHGXFDWLXVQRXQLYHUVLWDULVGHWLWXODULWDWGHOD FRPHGRU HVFRODU HQ ORV FHQWURV HGXFDWLYRV QR *HQHUDOLWDW SHU DO FXUV HVFRODU HOOD XQLYHUVLWDULRV GH WLWXODULGDG GH OD *HQHUDOLWDW SDUD HO 'LUHFWRUDD 7HUULWRULDO KD GLFWDW OD FRUUHVSRQHQW FXUVR HVFRODU HOOD 'LUHFWRUDD 7HUULWRULDO 5HVROXFLyGHILQLWLYDTXHGHWDOODHOVEHQHILFLDULVLHOVQR KDGLFWDGRODFRUUHVSRQGLHQWH5HVROXFLyQGHILQLWLYDTXH EHQHILFLDULV MD VLJD SHU QR DFRQVHJXLU OD SXQWXDFLy GHWDOOD ORV EHQHILFLDULRV \ ORV QR EHQHILFLDULRV \D VHD LQGLFDGDRSHULQFyUUHUHQDOJXQPRWLXG¶H[FOXVLy SRU QR DOFDQ]DU OD SXQWXDFLyQ LQGLFDGD R SRU LQFXUULU HQDOJ~QPRWLYRGHH[FOXVLyQ (QFRQVHTqQFLDDGMXQWHVUHPHWODGRFXPHQWDFLyTXH (Q FRQVHFXHQFLD DGMXQWR VH UHPLWH OD GRFXPHQWDFLyQ HVUHODFLRQDDFRQWLQXDFLy/DLQIRUPDFLyKDXUjGHVHU TXHVHUHODFLRQDDFRQWLQXDFLyQ/DLQIRUPDFLyQGHEHUi WUDVOODGDGDDOHVIDPtOLHVHQHOPRGHTXHV LQGLFDDPE GHWUDVODGDUVHDODVIDPLOLDVHQHOPRGRTXHVHLQGLFD FDUjFWHUG XUJqQFLD FRQFDUDFWHUGHXUJHQFLD /OLVWDW GH EHQHILFLDULV TXH LJXDOHQ R VXSHUHQ OD /LVWDGR GH EHQHILFLDULRV TXH LJXDODQ R VXSHUDQ OD SXQWXDFLyPtQLPDHVWDEOLGD SXQWXDFLyQPtQLPDHVWDEOHFLGD 6 HQYLD HQ GRV IRUPDWV HO SULPHU FRQWp ~QLFDPHQW OD 6H UHPLWH HQ GRV IRUPDWRV HO SULPHUR FRQWLHQH OOLVWDG DOXPQDW EHQHILFLDULTXHVHUjODTXHV H[SRVDUj ~QLFDPHQWH OD UHODFLyQ GH DOXPQDGR EHQHILFLDULR HQHOWDXOHUG DQXQFLVXQDVHJRQDOOLVWDTXHKDXUjGH OLVWDGR TXH VHUi HO TXH VH H[SRQGUi HQ HO WDEOyQ GH VHUFXVWRGLDGDSHUODGLUHFFLyGHOFHQWUHRQHVGHWDOOD DQXQFLRV XQ VHJXQGR OLVWDGR TXH GHEHUi VHU ODSXQWXDFLyLTXHSRGUjVHUFRQVXOWDGDSHOVVROÂOLFLWDQWV FXVWRGLDGRSRUODGLUHFFLyQGHOFHQWURGRQGHVHGHWDOOD LQGLYLGXDOPHQWHOVTXDOVWHQHQGUHWDFRQpL[HUHOVSXQWV OD SXQWXDFLyQ \ SRGUi VHU FRQVXOWDGR SRU ORV REWLQJXWVSHUzQRHOVDVVLJQDWVDOVDOWUHVVROÂOLFLWDQWV VROLFLWDQWHV LQGLYLGXDOPHQWH TXLHQHV WLHQHQ GHUHFKR D FRQRFHU ORV SXQWRV REWHQLGRV SHUR QR ORV DVLJQDGRV D ORVGHPiVVROLFLWDQWHV /OLVWDWGHQREHQHILFLDULVMDVLJDSHUQRDFRQVHJXLUOD /LVWDGRGHQREHQHILFLDULRV\DVHDSRUQRDOFDQ]DUOD SXQWXDFLy PtQLPD R SHU LQFyUUHU HQ DOJXQ PRWLX SXQWXDFLyQ PtQLPD R SRU LQFXUULU HQ DOJ~Q PRWLYR GH G H[FOXVLy H[FOXVLyQ (VWD OOLVWD V HQYLD DL[t PDWHL[ HQ GRV IRUPDWV HQ HO SULPHU ILJXUD ~QLFDPHQW OD UHODFLy G DOXPQHV OD VROÂOLFLWXG G DMXGD GHOV TXDOV KD VLJXW GHQHJDGD TXH VHUjODTXHV KDXUjG H[SRVDU/DVHJRQDOOLVWDGHWDOODHO PRWLX GH OD GHQHJDFLy L SRGUj VHU FRQVXOWDGD SHOV VROÂOLFLWDQWV LQGLYLGXDOPHQW L UHVSHFWH D OD LQIRUPDFLy TXHHOVDIHFWDH[FOXVLYDPHQW (VWH OLVWDGR VH HQYtD DVLPLVPR HQ GRV IRUPDWRV HQ HO SULPHURILJXUD~QLFDPHQWHODUHODFLyQGHDOXPQRVFX\D VROLFLWXG GH D\XGD KD VLGR GHQHJDGD eVWH VHUi HO TXH GHEHUi VHU H[SXHVWR (O VHJXQGR OLVWDGR GHWDOOD HO PRWLYRGHODGHQHJDFLyQ\SRGUiVHUFRQVXOWDGRSRUORV VROLFLWDQWHVLQGLYLGXDOPHQWH\UHVSHFWRDODLQIRUPDFLyQ TXHOHVDIHFWDH[FOXVLYDPHQWH 3XEOLFDWVHVWRVOOLVWDWVGHILQLWLXVGHVROÂOLFLWXGVG DMXGHV 3XEOLFDGRV HVWRV OLVWDGRV GHILQLWLYRV GH VROLFLWXGHV GH GHPHQMDGRUVLHVSURGXw[ODSUHVHQWDFLySHUSDUWGHOV D\XGDV GH FRPHGRU VL VH SURGXFH OD SUHVHQWDFLyQ SRU LQWHUHVVDWV G DOJXQ UHFXUV G DOoDGD HQ HL[H FHQWUH SDUWHGHORVLQWHUHVDGRVGHDOJ~QUHFXUVRGHDO]DGDHQ KDXUDQ GH UHPHWUHKR D HVWD 'LUHFFLy 7HUULWRULDO MXQW HVH FHQWUR GHEHUiQ UHPLWLUOR D HVWD 'LUHFFLyQ DPE XQ LQIRUPH GHO FRQVHOO HVFRODU VREUH OHV 7HUULWRULDO MXQWR FRQ XQ LQIRUPH GHO FRQVHMR HVFRODU FLUFXPVWjQFLHV L DOÂOHJDFLRQV SODQWHMDGHV HQ O HVPHQWDW DFHUFD GH ODV FLUFXQVWDQFLDV \ DOHJDFLRQHV SODQWHDGDV UHFXUV HQHOFLWDGRUHFXUVR $JUDwPHQFDULGDPHQWODVHXDFROÂODERUDFLy $JUDGHFHPRVHQFDUHFLGDPHQWHVXFRODERUDFLyQ 9DOqQFLDGH2FWXEUHGH 6XEGLUHFWRUD7HUULWRULDOGH(GXFDFLyQ )UDQFLVFD6XVDQD=DUDJR]i%DOOHVWHU &2/(*,3Ò%/,& &2/(*,23Ò%/,&2 -2$10$5725(// &2',&Ï',*2 32%/$&,Ï32%/$&,Ï1 *$1',$ //,67$7 '( %(1(),&,$5,6 ' $-8'$ $66,67(1&,$/ '( 0(1-$'25(6&2/$53(5$/&856 3(5 $ /$ 6(8$ 38%/,&$&,Ï 7(50,1,25',1$5, /,67$'2 '( %(1(),&,$5,26 '( $<8'$$6,67(1&,$/'(&20('25 (6&2/$53$5$(/&8562 3$5$6838%/,&$&,Ï1 3/$=225',1$5,2 (67( //,67$7 +$85¬ '( 6,78$56( (1 (/ 7$8/(5 ' $181&,6 '(/ &(175( 3(548Ê 38*$ 6(5&2168/7$73(57276(/6,17(5(66$76 (67( /,67$'2 '(%(5È 6,78$56( (1 (/ 7$%/Ï1 '( $181&,26 '(/ &(1752 3$5$ 48( 38('$ 6(5 &2168/7$'2 325 72'26 /26 ,17(5(6$'26 %(1(),&,$5,6' $-8'$$66,67(1&,$/'(0(1-$'25&8567(50,1,25',1$5, %(1(),&,$5,26'($<8'$$6,67(1&,$/'(&20('25&85623/$=225',1$5,2 %HQHILFLDULRVJUXSR$RPDVSXQWRVFRQFHVLyQGHODWRWDOLGDGGHODD\XGDGHFRPHGRUHVFRODU %HQHILFLDULRVJUXSR%RSXQWRVFRQFHVLyQGHOGHODD\XGDGHFRPHGRUHVFRODU¼GtD 2UGHDOIDEqWLF 2UGHQDOIDEpWLFR 1RPGHO DOXPQH 1RPEUHGHODOXPQR $%$'38,*$/(-$1'52 $1'5((9$*(25*,(9$$1'5($ $%$'38,*'$9,' $3$5,6,0$548,1$+8*2 $3$5,6,48(7,1&$5/$0$5,$$1'5($ $5&26&2175(5$6/$85$ $5/$1',6085,//2$1$0$5,$ %$48('$12/8&$6'2/25(6 %('2<$3,=$552-8$1-$&2%2 %(/=81&()(51$1'(=/8,6 %(1(',&7262/,6$1$ %(1(',&7262/,6'$1,(/ %/$1&20,f$55212$ %2558//3(,5Ï)5$1&,6&2 %285('21'2-21$7+$1 %8//Ï10,5$.(9,1 &$%$//(52$3$5,6,$1'5($ &$,5(/,2/,9(5$0$7,$6$*867,1 &$/9,//2$*8$'2$'5,È1 &$/9,//2$*8$'2'$1,(/ &$12'(/$02-25*( &$67(//¬&$0326,.(5 &$67(//¬&$0326,10$&8/$'$ &(521&$032(0$18(/ &+$5.$28,6(55$12(/,$6 &+$5.$28,6(55$1220$5 &+$5.$28,6(55$126$0,5 &,17$6-,0(1(=21$ &257e6&257e6-8$1 &257e6&257e6-8/,$ &257e6&257e65(0(',26 &257(6*21=$/(=$1721,2 &257(6*21=$/(=)5$1&,6&2 '(528(=+(51$1'(=0$5,$-26( '(528(=+(51È1'(=0,5,$0 '5$0(',$%<6$0%$628$5( '85$13(5(,5$%5812 (6&8'(525,2667(<66,*$%5,(/$ (63,126$*$5&,$58%(1 (63,126$*$5&Ë$0,5,$0 (6758&+=$5528.0$5& )(51È1'(=$1$<$&$5/26 *UXSGH%HQHILFLDUL *UXSRGH%HQHILFLDULR % % % &XUV &XUVR 35, 35, ,1) % 35, % ,1) % 35, % 35, % 35, $ % % % 35, 35, 35, ,1) % 35, % 35, % % $ % % % % % 35, 35, 35, 35, 35, 35, 35, ,1) % 35, % 35, % ,1) % % ,1) 35, % 35, $ 35, $ $ $ 35, 35, ,1) $ 35, % 35, % % % % % % % % 35, 35, 35, 35, 35, 35, 35, 35, %(1(),&,$5,6' $-8'$$66,67(1&,$/'(0(1-$'25&8567(50,1,25',1$5, %(1(),&,$5,26'($<8'$$6,67(1&,$/'(&20('25&85623/$=225',1$5,2 %HQHILFLDULRVJUXSR$RPDVSXQWRVFRQFHVLyQGHODWRWDOLGDGGHODD\XGDGHFRPHGRUHVFRODU %HQHILFLDULRVJUXSR%RSXQWRVFRQFHVLyQGHOGHODD\XGDGHFRPHGRUHVFRODU¼GtD 2UGHDOIDEqWLF 2UGHQDOIDEpWLFR 1RPGHO DOXPQH 1RPEUHGHODOXPQR )(51$1'(=%$48('$12-26($1721,2 )(51$1'(=6$17,$*2)5$1&,6&2 )(51$1'(=6$17,$*2$1$ )(51$1'(=6$17,$*2-8$1 )(55(5$3$5,&,2-21$7+$1 )(55(5$3$5,&,21(5($ ),/,329(1&+(90$; )867(5021//25,5(1( *$5&,$$/9$5(=&(/,$0$5,$ *$5&,$$/9$5(=0,*8(/ *$5&,$$/9$5(=<$1,5$ *$5&Ë$&2/48(%(51$7 *$5&,$&2175(5$60$5 *$5&,$&2175(5$66(5*,2 *$5&,$(1*8,;625$<$ *$81$3,1(//,0,/$*5269$/(17,1$ *(25*,(91,.2/291,.2/$6 *,/3$8/$&$0,/$0$5,$ *20$5,=32/21$,0 *21=$/(=%2558//625$//$ *21=$/(=&$51,&(5/,/,$1$ *21=È/(=&$51,&(5%5<$1 *21=È/(=&$51,&(56$/9$'25 *21=È/(=/848(*,29$11$ *21=$/(=6$1&+(=12(/,$&$5,'$' *8=0$1$1*(/-21+$7$1 +$--,,/($6 +(51$1'(=+(51$1'(==28/,.+$ +267$/(7)(51È1'(=-26e0$5Ë$ +8$5,=$0%5$1$9,&725$/)2162 -$9$/2<(6*8(55(520,*8(/È1*(/ -$9$/2<(6*8(55(52185,$$1$,6 -,0e1(=48(52<(16, /21'2f23(/È(=-2+1(67(9$1 /23(=0$57,1(=(81,&( /848(0('(/$'5,$1 /848(0('(/)5$1&,6&2 0È548(=0(//$'20('($ 0È548(=0(//$'20,1$<$ 0È548(=0(//$'20,1(59$ 0È548(=0(//$'202,6e6 0$57,&+80,//$6'$1,(/$ *UXSGH%HQHILFLDUL *UXSRGH%HQHILFLDULR $ $ $ $ &XUV &XUVR 35, 35, 35, ,1) % 35, % 35, % 35, % % % % % ,1) 35, 35, ,1) ,1) % 35, % ,1) % 35, % 35, $ 35, % % % $ $ $ % $ % 35, 35, 35, 35, 35, 35, 35, 35, ,1) % 35, % 35, % 35, % 35, % ,1) % % % $ % ,1) ,1) ,1) 35, ,1) % 35, % ,1) % 35, % 35, % ,1) % 35, %(1(),&,$5,6' $-8'$$66,67(1&,$/'(0(1-$'25&8567(50,1,25',1$5, %(1(),&,$5,26'($<8'$$6,67(1&,$/'(&20('25&85623/$=225',1$5,2 %HQHILFLDULRVJUXSR$RPDVSXQWRVFRQFHVLyQGHODWRWDOLGDGGHODD\XGDGHFRPHGRUHVFRODU %HQHILFLDULRVJUXSR%RSXQWRVFRQFHVLyQGHOGHODD\XGDGHFRPHGRUHVFRODU¼GtD 2UGHDOIDEqWLF 2UGHQDOIDEpWLFR 1RPGHO DOXPQH 1RPEUHGHODOXPQR 0$57Ë//23,6)5$1&,6&2-26e 0(/Ï*$5&Ë$&+5,67,$16$/9$'25 0$57Ë1(=0,5$'$9,' 0(5&$'20217$f2$/%(5721,&2/$6 0,5(7025$17&/$8',$ 0,5(7025$179(5$ 0,5(752'5,*8(=6(/(1,$ 0,5(752'5Ë*8(=%5,$1 0,5(7725026$,1$ 0,526/$9297=9(7.2969(726/$9 02/,1(5)5$1&2$/%$ 02/,1(5)5$1&2$/(;$1'5$ 0217$/%$152'5,*8(=&+5,67,$1 0217$/%$152'5,*8(=,5$,'$ 0217$1(50217(/(*5,12/($1'526(5*,2 025$026&262$/(-$1'52520È1 025(12520(52$'(/$,'$ 025(12520(52&2168(/2 025(12520(520$5,$-(686 025(129,//$5'$9,' 1$9$552$/0(1'52-8$10$18(/ 1$9$552)(51È1'(=-8/,$ 1$9$552)(51È1'(=62),$ 2/$<$)5$1&2-(5(0< 2/$<$)5$1&235,6&,/$ 27(5262/$1(6$/%$ 3$3<$1+$0/(7 3$7,f2È/9$5(=,.(5$5,(/ 3(5(,5$520(52&$<(7$1$ 3e5(=520È1+e&725 3(7526<$10$5,$ 32/925('$/25$1(5($ 32/925('$/25$<$,=$ 48,/,67$55$=21$&5,67,1$ 5$0,5(=0$5&2$'5,$1 5$0Ë5(=0$5&23$8/$ 5(48(-2*$//(*20,5,$0 5,25$0,5(=9$(/,&2 5,9$6,=$$1$5$48(/ 52'5Ë*8(=)(51È1'(=-21$7+$1 52'5Ë*8(=)(51È1'(=6(5*,2$1'5e6 52'5,*8(=*21=$/(='2/25(6 *UXSGH%HQHILFLDUL *UXSRGH%HQHILFLDULR % % % % &XUV &XUVR 35, 35, 35, ,1) % 35, % ,1) % 35, % 35, % 35, % % % % % 35, 35, 35, ,1) ,1) $ 35, $ 35, % $ $ 35, 35, ,1) % 35, % 35, % % $ $ 35, 35, 35, ,1) % 35, % 35, % $ % % % 35, 35, 35, 35, ,1) % 35, % ,1) % 35, % 35, % ,1) % 35, % 35, $ 35, $ % 35, ,1) %(1(),&,$5,6' $-8'$$66,67(1&,$/'(0(1-$'25&8567(50,1,25',1$5, %(1(),&,$5,26'($<8'$$6,67(1&,$/'(&20('25&85623/$=225',1$5,2 %HQHILFLDULRVJUXSR$RPDVSXQWRVFRQFHVLyQGHODWRWDOLGDGGHODD\XGDGHFRPHGRUHVFRODU %HQHILFLDULRVJUXSR%RSXQWRVFRQFHVLyQGHOGHODD\XGDGHFRPHGRUHVFRODU¼GtD 2UGHDOIDEqWLF 2UGHQDOIDEpWLFR 1RPGHO DOXPQH 1RPEUHGHODOXPQR 52'5,*8(=*21=$/(=0$18(/ 58%,2/$1d$,5,6 58%,2/$1d$$/%$ 6$/&('2*$81$$1$0$5,$ 6$1&+(=',$=0$5,$-26( 6$16$12/23(=,.(5 6$1=)5(<5(0,48(/ 6$1=6$1&+,6-8$1 6(&.0$0()$728 6(&.:(8/7< 6(1'5$*$/,$12$,7$1$ 6(1'5$*$/,$12&/$8',$ 6,',%(,%5$+,0 6,(55$-$5$0,//2/$85$ 6,*1(6È/9$5(=(15,48( 62/(5&$/$%8,*$/(-$1'52 6263('5$&2/20,1$0,5(,$ 7255(=025$17$/(;$1'5( 78$5(=/$5526$0,5,$0$/(;$1'5$ 9$/',9,$32166$5$< 9$5*$6&(//$19,&725,$(67()$1,$ 9(5*$5$3(5(=3(3( 9(5*$5$3e5(=0,&+(/( 9,&725,$52'5Ë*8(=/8&,$ 9,//$%$5&,$',(*2 9,//$*87,(55(=',$1$ 9,//$*87,(55(=6$,2$ 9,//$18(9$9,//$/Ï1$/(-$1'52 9,//$53(7.29$&5,67,$1 9,//$53(7.29$,5(1( 9,//$55($/*$5&,$3$6&8$/$1721,2 9,//$55($/*$5&Ë$7(5(6$ <(3(=2-('$%5812*(5$5' *UXSGH%HQHILFLDUL *UXSRGH%HQHILFLDULR % % % $ &XUV &XUVR ,1) 35, 35, ,1) % 35, % 35, % % % 35, 35, ,1) % 35, % 35, % 35, % % % % ,1) ,1) 35, ,1) % 35, % 35, $ 35, % 35, % ,1) % % % % ,1) ,1) ,1) 35, % 35, % 35, % ,1) % % % % % ,1) 35, ,1) ,1) ,1) -2$10$5725(// &2/(*,3Ò%/,& &2/(*,23Ò%/,&2 &2',&Ï',*2 32%/$&,Ï32%/$&,Ï1 *$1',$ //,67$7 '( 12 %(1(),&,$5,6 ' $-8'$ $66,67(1&,$/ '( 0(1-$'25 (6&2/$5 3(5 $/ &856 3(5 $ /$ 6(8$ 38%/,&$&,Ï 7(50,1,25',1$5, /,67$'2 '( 12 %(1(),&,$5,26 '( $<8'$ $6,67(1&,$/ '( &20('25 (6&2/$53$5$(/&85623$5$ 6838%/,&$&,Ï1 3/$=225',1$5,2 (67( //,67$7 +$85¬ '( 6,78$56( (1 (/ 7$8/(5 ' $181&,6 '(/ &(175( 3(548Ê 38*$ 6(5&2168/7$73(57276(/6,17(5(66$76 (67( /,67$'2 '(%(5È 6,78$56( (1 (/ 7$%/Ï1 '( $181&,26 '(/ &(1752 3$5$ 48( 38('$ 6(5 &2168/7$'2 325 72'26 /26 ,17(5(6$'26 //,67$7'(12%(1(),&,$5,6' $-8'$$66,67(1&,$/'(0(1-$'25(6&2/$53(5$/&856 7(50,1,25',1$5, /,67$'2'(12%(1(),&,$5,26'($<8'$$6,67(1&,$/'(&20('25(6&2/$53$5$(/&8562 3/$=225',1$5,2 2UGUH2UGHQ 1RPGHO DOXPQH2UGHDOIDEqWLF 1RPEUHGHODOXPQR2UGHQDOIDEpWLFR $*8$'2/23(=0(/$1, $/&$/¬0,5(7$1$ $/%(5&$$%$'-(11,)(59$/(5,$ %25,6/$929$/,(9$0$5,(/$ &$%5(5$$/%(5&$$/(-$1'526(%$67,$1 &$%5(5$%$55$*$11$+8(/ &856&8562 35, 35, 35, ,1) ,1) ,1) &$/$%8,*&$f,=$5(6,9$1 35, &$1262%2/(9-8/,$1-26( ,1) &$/8f$*8$//3$('*8,:(67$/,1 35, &$6$129$3$/21e6-2$1 35, &+29$*$5&Ë$/,',$ 35, &+29$*$5&,$,9$1 &/,0(1738&+$'(6,7=,$5 &257e6)(51È1'(=&25$/ &257e6)(51È1'(=0$5,$ 35, 35, 35, ,1) (/.$''85,(/,$6 35, )$-$5'2)(55(5-$9,(5 35, )(51È1'(=)(51È1'(=62/('$' 35, )(55,6&$12-(11,)(5 35, (/.$''85,,60$(/ )(51$1'(=)(51$1'(=-8$1 )(55,6&$12'$9,' *$5&Ë$/$5$5$8/ *$5&,$0(/25$,021 *$5&,$0(/26$1'5$ *,/520(52$$521 *,/520(52$6,(5 ,1) ,1) 35, 35, 35, 35, 35, ,1) *21=$/(=&$6752'$5:,167(9(1 35, *5$1(52025(12$/(-$1'52 35, *21=$/(=&$6752-2+1$/(;$1'(5 *5$1(52025(12$5,$'1$ *8(''$50$<25'202$<28% *8(''$50$<25'2026$/0$ 35, 35, 35, ,1) *8,-$552$9,/$9,&(17 35, +(59$6&257(6(/,=$%(7+ ,1) *8,-$552$9,/$<$,=$ 35, +5,6729$5$',&+(9$6,021$ 35, +857$'29,/&+(=(/*$,5,6 35, -8/,$1,9$129'$9,' ,1) +857$'29,/&+(=&$50(/2 +857$'29,/&+(=-25*($57852 ,1) ,1) //,67$7'(12%(1(),&,$5,6' $-8'$$66,67(1&,$/'(0(1-$'25(6&2/$53(5$/&856 7(50,1,25',1$5, /,67$'2'(12%(1(),&,$5,26'($<8'$$6,67(1&,$/'(&20('25(6&2/$53$5$(/&8562 3/$=225',1$5,2 2UGUH2UGHQ 1RPGHO DOXPQH2UGHDOIDEqWLF 1RPEUHGHODOXPQR2UGHQDOIDEpWLFR /$+0$5%280528$1(=,1(% //23,60$/21'$-(6Ò6 //('Ï(1*8,;%25-$ //25(1602///$85$ /23(=$/0,f$1$,9$1 /Ï3(=)$86$/%$ /Ï3(=)$86%25-$ &856&8562 35, 35, 35, 35, 35, 35, ,1) /28.,/,%(/28$),$<0$1 35, 0$(&+$28,%(10$$528)0$/$.5,<$1 35, 0$5&262/9(63$8/$ 35, 0$5,10$/21'$0$5,1$ 35, 0$548(=&2175(5$6'$,5$ ,1) /28.,/,%(/28$),,60$(/ 0$5&262/9(6$/9$52 0$5,10$/21'$$1$ 0$548(=&2175(5$6$/(-$1'52 0$57Ë0(675(3$8/$ ,1) ,1) ,1) ,1) ,1) 0$57Ë1(=025(12&+5,67,$1 35, 0$6&$5(//%$5&+,1.$5(1 ,1) 0$57Ë1(=5,%(6-2$1 35, 0(+',+$'-%5$+,0 35, 021&+2*5(*25,&$5/(6 35, 02//025$7$/1Ò5,$ 0217$/%È13,5,63$8/$ 025$/(60,f$1$6$5$ 025$1025(12-81,25 35, 35, 35, ,1) 12.2/29$*2632',129$,/,$1$ 35, 3$//$5(6/23(=$,7$1$ ,1) 25'2f(=$/%(5&$&$5/263$75,&,2 35, 3$//$5(6/23(=8/,6(6 35, 3e5(=*$5&Ë$,=$1 35, 3$5'26$1)(/,;-25', 3,(5$6(55$&+5,67,$1 3,(5$6(55$'$9,' 52,*&$%$//(52&/¬8',$ 520(52/23(=26.$5 520(52/Ï3(=0$5,$'(/&$50(1 6$%$7(56,*1(6$,0$5 35, 35, 35, 35, 35, 35, ,1) 6$%$7(56,*1(6$,1+2$ 35, 6$1&+(=*20$5-8',7 35, 6$1&+(=*20$5$,12$ ,1) //,67$7'(12%(1(),&,$5,6' $-8'$$66,67(1&,$/'(0(1-$'25(6&2/$53(5$/&856 7(50,1,25',1$5, /,67$'2'(12%(1(),&,$5,26'($<8'$$6,67(1&,$/'(&20('25(6&2/$53$5$(/&8562 3/$=225',1$5,2 2UGUH2UGHQ 1RPGHO DOXPQH2UGHDOIDEqWLF 1RPEUHGHODOXPQR2UGHQDOIDEpWLFR 6$1&+(=*Ï0(=-8$1-26e 6$1726)(51È1'(=(0,/,2 6$1726)(51$'(=&5,67,1$ 6(/)$0,5$0$5,$ 6,0Ï%/$6&20$5 68$5(=*20(=%25-$ 720$6*$'($6$1'5$ &856&8562 35, 35, 35, 35, 35, ,1) ,1) 720È6*$'($$,1+2$ 35, 9$648(=&$12-2+$10,/2 35, 7255(6&$%(=$6(5*, :$771'21*2$%'28/ :$771'21*2&+(,&.280$5 35, 35, 35,