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VGNGXKUKÎPRCTCNCUCNCFGUGTXKFQTGU +ORNGOGPVCT PWGXC KPHTCGUVTWEVWTC RCTC DCUGFGFCVQU 4GCUKIPCTNQIKP[RCUUYQTFCNQUWUWCTKQU FGNCU¶TGCUFGKPHQTOCEKÎPETKVKEC #FSWKTKTWPUKUVGOCFG#FOKPKUVTCEKÎPFG TGF (QTVCNGEKOKGPVQ .C HQTOCEKÎP FG NC 5WDIGTGPEKC FG KPUVKVWEKQPCN FG NC &GUCTTQNNQ 6GEPQNÎIKEQ [ NC 5WDIGTGPEKC 1HKEKPC 4GIKUVTCN FG2TQFWEEKÎP[5QRQTVG FG.KOC[%CNNCQ .C EQPUVTWEEKÎP FG NC +PVTCPGV +PUVKVWEKQPCN %TGCEKÎP FG PQTOCU RCTC GN WUQ FG NQU UGTXKEKQUFGNC+PVTCPGV /GLQTCFGN2QTVCN+PUVKVWEKQPCN ,QVWLWXWR1DFLRQDOGH(VWDGtVWLFDH,QIRUPiWLFD *XtDSDUDODHODERUDFLyQ\HYDOXDFLyQGHO3ODQ2SHUDWLYR,QIRUPiWLFRHQODV(QWLGDGHVGHOD$GPLQLVWUDFLyQ3~EOLFD 8 'UVTCVGIKCURCTCGNNQITQFGNCUOGVCUFGN2NCP1RGTCVKXQ .CU'UVTCVGIKCUUQPNCUNÈPGCUOCGUVTCUFGCEEKÎPFGEQTVQQOGFKCPQRNC\QCVTCXÃUFGNC EWCN WP ÎTICPQ KPHQTO¶VKEQ C RCTVKT FG UW /KUKÎP +OCIGP #EVWCN VTCVCFG CNECP\CT UW 8KUKÎP +OCIGP (WVWTC OGFKCPVG GN NQITQ FG NQU 1DLGVKXQU [ /GVCU 'URGEKHKECU +PHQTO¶VKECUEQPVGORNCFQUGPGN2NCP1RGTCVKXQ+PHQTO¶VKEQ 'UVCU GUVTCVGIKCU RWGFGP UGT GPWOGTCFCU RCTC GN ECUQ FGN UKIWKGPVG GLGORNQ UGT¶P CITWRCFCUFGCEWGTFQCNQUUKIWKGPVGUÈVGOU 2CTCGNHQTVCNGEKOKGPVQFGN¦TICPQ+PHQTO¶VKEQ+PUVKVWEKQPCN x &KXGTUKHKECEKÎP FG NCU VCTGCU KPHQTO¶VKECU GP GN RGTUQPCN FGN ¶TGC FGURGTVCPFQ [ x %CRCEKVCPFQCNRGTUQPCNFGKPHQTO¶VKECGPNCEWNVWTCFG%CNKFCF6QVCN OQVKXCPFQGNKPVGTÃURQTCURGEVQUVÃEPKEQUSWGPQUQPFGUWTWVKPC 2CTCGNFGUCTTQNNQGKORNGOGPVCEKÎPFGUKUVGOCUUKUVGOCUKPVGITCFQU[FGEQPUWNVCCN UGTXKEKQFGNRÕDNKEQ x +ORNGOGPVCTNCKPVGITCEKÎPFGNQUUKUVGOCUCFOKPKUVTCVKXQU[FGÃUVQUEQPGN5+4 x 2TQOQXGT[EQPUQNKFCTNQUUGTXKEKQUFGEQPUWNVCCVTCXÃUFG&#6#(101 x x +ORNGOGPVCTGNUGTXKEKQFG)TCPFGU7UWCTKQUCVTCXÃUFG+06'40'6 &GHKPKTGKORNGOGPVCTNQUUGTXKEKQUFGDÕUSWGFCCVTCXÃUFG+PVGTPGV 2CTCNCEQPUVTWEEKÎPFG$CPEQU[$CUGUFG&CVQUKPUVKVWEKQPCNGU x %QPUVTWEEKÎPFGNC$CUGFG&CVQUFG+PXGPVCTKQFGNCU2CTVKFCU4GIKUVTCNGU x +ORNGOGPVCTNC$CUGFG&CVQUFG PFKEGUFG6QOQU x x &KIKVCEKÎP[XCNKFCEKÎPFGNQU PFKEGUFG6QOQU &GHKPKTNCOGLQTGZRNQVCEKÎPFGNQU PFKEGUFG6QOQU[(KEJCU 2CTC NC KORNGOGPVCEKÎP [ CORNKCEKÎP FGN JCTFYCTG FG NCU TGFGU KPUVKVWEKQPCNGU [ 5KUVGOCUFG%QOWPKECEKQPGU x #FSWKUKEKÎP FG GSWKRQU FG EÎORWVQ SWG RGTOKVCP OGLQTCT NCU VCTGCU FG x #FSWKUKEKÎP FG )TWRQ 'NGEVTÎIGPQ SWG RGTOKVC UWOKPKUVTCT GPGTIÈC GNÃEVTKEC C NCU x x XKUWCNK\CEKÎPFGKO¶IGPGU ¶TGCU FG (TQPV 'PF FG OCPGTC VCN SWG NC 14.% RWGFC FCT WP UGTXKEKQ KPKPVGTTWORKFQCUWUWUWCTKQU #FSWKUKEKÎPGKORNCPVCEKÎPFG725EQPVGEPQNQIÈCFGRWPVC /GLQTCTGNVT¶HKEQFGNCTGFKPUVKVWEKQPCNKORNGOGPVCPFQNCVTCPUOKUKÎPC/DU ,QVWLWXWR1DFLRQDOGH(VWDGtVWLFDH,QIRUPiWLFD *XtDSDUDODHODERUDFLyQ\HYDOXDFLyQGHO3ODQ2SHUDWLYR,QIRUPiWLFRHQODV(QWLGDGHVGHOD$GPLQLVWUDFLyQ3~EOLFD 2CTCNCGUVCPFCTK\CEKÎP[CFSWKUKEKÎP[WUQFGUQHVYCTG x 'UVCPFCTK\CEKÎPFG9+0&195EQOQRNCVCHQTOC%NKGPVG x %CRCEKVCEKÎPCNRGTUQPCNFG14.%GP1HHKEG x x 'UVCPFCTK\CEKÎP FG1((+%'QRQUVGTKQTGUEQOQUQHVYCTGFGQHKO¶VKEC 'UVCPFCTK\CEKÎP[CFSWKUKEKÎPFG8KUWCN5VWFKQRCTCGNFGUCTTQNNQFG+PVTCPGV 2CTCNCKPVGITCEKÎPKPVGTKPUVKVWEKQPCNCVTCXÃUFGNCUTGFGU x +ORNGOGPVCT [ RTQOQXGT GN WUQ FGN UGTXKEKQ FG ITCPFGU WUWCTKQU C PKXGN x %QQTFKPCTEQPGNUKUVGOC0CEKQPCNFGNQU4GIKUVTQU2ÕDNKEQUCGHGEVQUFGGUVCDNGEGT x KPVGTKPUVKVWEKQPCN NC$CUGFG&CVQUEGPVTCNK\CFCFGN5KUVGOC0CEKQPCNFGNQU4GIKUVTQU2ÕDNKEQU %QQTFKPCT EQP GN UKUVGOC 0CEKQPCN FG NQU 4GIKUVTQU 2ÕDNKEQU NQU UGTXKEKQU FG EQPUWNVCEGPVTCNK\CFC 2CTCNCECRCEKVCEKÎPGPPWGXCUVGEPQNQIÈCUFGNCKPHQTOCEKÎP x x x %CRCEKVCTCNRGTUQPCNFGKPHQTO¶VKECCVTCXÃUFGNCUKPUVKVWEKQPGUO¶UTGRTGUGPVCVKXCU FGN RCÈU GP GN EQPQEKOKGPVQ FG NCU VGEPQNQIÈCU SWG FQOKPCP GN OGTECFQ KPHQTO¶VKEQ %CRCEKVCEKÎPCNRGTUQPCNFG14.%GP9KPFQYU[1HHKEG %CRCEKVCEKÎPCNRGTUQPCNFG14.%GPJGTTCOKGPVCUFGFGUCTTQNNQ+PVTCPGV 2CTCNCFKHWUKÎPFGNCUPWGXCUVGEPQNQIÈCUFGNCKPHQTOCEKÎPGPVTGNQUWUWCTKQU x 2TQOQXGT NC KORNCPVCEKÎP GP VQFCU NCU ¶TGCU FG NC KPUVKVWEKÎP FGN WUQ FG NQU x 'UVGRWPVQFGDGT¶VGPGTTGNCEKÎPFKTGEVCCNQU QDLGVKXQUGURGEÈHKEQUFGHKPKFQUGPGN UGTXKEKQUFGKPVTCPGV RWPVQ CPVGTKQT VQOCPFQ EQOQ RWPVQ FG RCTVKFC NCU OGVCU FG ECFC QDLGVKXQ RTGUWRWGUVCFQ GP GN RGTKQFQ [ GN PKXGN FG EQORNGLKFCF [ GN PÕOGTQ FG RTQ[GEVQUCEVKXKFCFGUKFGPVKHKECFCU ,QVWLWXWR1DFLRQDOGH(VWDGtVWLFDH,QIRUPiWLFD *XtDSDUDODHODERUDFLyQ\HYDOXDFLyQGHO3ODQ2SHUDWLYR,QIRUPiWLFRHQODV(QWLGDGHVGHOD$GPLQLVWUDFLyQ3~EOLFD 8+ (QTOCVQU['LGORNQU (14/#610 (+%*#6%0+%#2#4#.#241)4#/#%+¦0&'#%6+8+&#&'5;241;'%615+0(14/6+%15 + &GPQOKPCEKÎPFGNCCEVKXKFCFÎRTQ[GEVQ ++ &CVQU)GPGTCNGU 7PKFCF'LGEWVQTC &WTCEKÎP GZRTGUCFCGPOGUGUKPFKECPFQNCHGEJCFG+PKEKQ[FG6GTOKPQ %QUVQ6QVCN GPPWGXQUUQNGU +++ &GNCCEVKXKFCFQRTQ[GEVQ &GUETKREKÎP 1DLGVKXQU +8 /GVC#PWCN 5QPNQUNQITQUSWGUGGUVCDNGEGPGPGNRTQ[GEVQRCTCGNCÌQHKUECN8GTOGVC(ÈUKEC[ EQPUKFGTCTUWGZRTGUKÎPGPXCNQTGUPWOÃTKEQUQFGUETKVCUUKPWVKNK\CTRQTEGPVCLGU 8 %QDGTVWTCFG#EEKÎP +PFKECTUKNCCEVKXKFCF[QRTQ[GEVQVKGPGWPCEQDGTVWTCFG¶ODKVQKPUVKVWEKQPCNTGIKQPCN PCEKQPCNQINQDCN 8+ +PUVKVWEKQPGU+PXQNWETCFCU 'PWOGTCT NCU KPUVKVWEKQPGU KPXQNWETCFCU FKTGEVC Q KPFKTGEVCOGPVG EQP GN RTQ[GEVQ Q CEVKXKFCF 8++ 2TQFWEVQU(KPCNGU &GHKPKTNQURTQFWEVQUHKPCNGUQGPVTGICDNGUFGECFCRTQ[GEVQ[QCEVKXKFCF 8+++ 7UWCTKQUFG2TQFWEVQU(KPCNGU +PFKECTNQUWUWCTKQUQITWRQUFGWUWCTKQUDGPGHKEKCFQUEQPGNRTQFWEVQHKPCNFGNRTQ[GEVQ 0QVC .QUGLGORNQUPQPGEGUCTKCOGPVGUGCLWUVCPCNCTGCNKFCFCEVWCNUQPFGECT¶EVGTFKF¶EVKEQ GKNWUVTCVKXQ ,QVWLWXWR1DFLRQDOGH(VWDGtVWLFDH,QIRUPiWLFD *XtDSDUDODHODERUDFLyQ\HYDOXDFLyQGHO3ODQ2SHUDWLYR,QIRUPiWLFRHQODV(QWLGDGHVGHOD$GPLQLVWUDFLyQ3~EOLFD 241)4#/#%+10&'#%6+8+&#&'5;241;'%615 +0(14/6+%15 %QPHQTOG CN RNCP QRGTCVKXQ GUVCDNGEKFQ UG FGUCTTQNNCT¶ NC RTQITCOCEKÎP FG CEVKXKFCFGU [ RTQ[GEVQUKPHQTO¶VKEQU 'LGORNQUFGN7UQFGNHQTOCVQ (14/#610u #%6+8+&#&'5;1241;'%615+0(14/6+%15 + &GPQOKPCEKÎPFGNCCEVKXKFCFÎ2TQ[GEVQ ++ &CVQU)GPGTCNGU 7PKFCF'LGEWVQTC)GTGPEKCFG+PHQTO¶VKECK 7PKFCFFG5QRQTVG[2TQEGUCOKGPVQ &WTCEKÎP (GDTGTQK #DTKN %QUVQ6QVCN 5 +++ +8 8 8+ 8++ #%67#.+<#%+¦0&'9+0&195#9+0&195;&'5+56'/#5+081.7%4#&15 &GNC#EVKXKFCFQ2TQ[GEVQ &GUETKREKÎP 5GNNGXCT¶CECDQNCCEVWCNK\CEKÎPFG9KPFQYUC9KPFQYUGPVQFCUNCU2%U 'UVC CEVWCNK\CEKÎP KPENW[G C VQFQU NQU UKUVGOCU KPXQNWETCFQU RTKPEKRCNOGPVG GN 5KUVGOCFG+PHQTOCEKÎP4GIKUVTCN 1DLGVKXQU #NECP\CT WPC EQORCVKDKNKFCF EQP NCU CRNKECEKQPGU CEVWCNGU FGUCTTQNNCFCU GP UW OC[QTÈCRCTC9+0&195QDVGPKGPFQWPOGLQTVKGORQFGTGURWGUVC /GVC#PWCN #NECP\CTNCOKITCEKÎPFGNCVQVCNKFCFFGGSWKRQUCPVGUFGNRTKOGTUGOGUVTG %QDGTVWTC +PUVCNCEKÎP GP NC 5GFG %GPVTCN EQOQ GP VQFCU NCU FGO¶U 1HKEKPCU 2TQXKPEKCNGU %CNNCQ %CÌGVG$CTTCPEC*WCEJQ*WCTCN +PUVKVWEKQPGU#TGCU+PXQNWETCFCU 5WDIGTGPEKCFG2TQFWEEKÎP[5QRQTVGEQPGNCRQ[QFG1RGTCFQTGU*GNR&GUM[6ÃEPKEQU GPEQORWVCEKÎP &KXKUKÎPFG%QPVTQNFG+PUVTWEEKQPGU 2TQFWEVQU(KPCNGU 5G NQITCT¶ GN HWPEKQPCOKGPVQ FGN 5KUVGOC FG +PHQTOCEKÎP 4GIKUVTCN GP GPVQTPQ 9KPFQYU EQPNCHCEKNKFCFFGEQPVCTEQPVQFQGNUQRQTVGSWGCEVWCNOGPVGUGEWGPVCRCTCGUVG UKUVGOC 8+++ 7UWCTKQUFG2TQFWEVQU(KPCNGU 4GIKUVTCFQTGU6ÃEPKEQU4GIKUVTCNGU[2WDNKEKFCF ,QVWLWXWR1DFLRQDOGH(VWDGtVWLFDH,QIRUPiWLFD *XtDSDUDODHODERUDFLyQ\HYDOXDFLyQGHO3ODQ2SHUDWLYR,QIRUPiWLFRHQODV(QWLGDGHVGHOD$GPLQLVWUDFLyQ3~EOLFD (14/#610u #%6+8+&#&'5;1241;'%615+0(14/6+%15 + &GPQOKPCEKÎPFGNCCEVKXKFCFÎ2TQ[GEVQ +06'4%10':+¦01(+%+0#%'064#.%104')+5641&'2412+'&#&8'*+%7.#4 ++ &CVQU)GPGTCNGU 7PKFCF'LGEWVQTC )GTGPEKCFG+PHQTO¶VKECK 7PKFCFFG4GFGU[%QOWPKECEKQPGU &WTCEKÎP /C[Q ,WPKQ %QUVQ6QVCN 5 +++ &GNC#EVKXKFCFQ2TQ[GEVQ &GUETKREKÎP 5G NNGXCT¶ C ECDQ NC KPVGTEQPGZKÎP GP #6/ FG NC QHKEKPC EGPVTCN EQP GN TGIKUVTQ FG RTQRKGFCFXGJKEWNCT 1DLGVKXQU 2GTOKVKTCNQUWUWCTKQUFGCODCUQHKEKPCUCEEGFGTGPHQTOCETW\CFCCNQUUKUVGOCU KPUVCNCFQU (CEKNKVCT GN CEEGUQ FG 428 C +PVGTPGV OGFKCPVG GN CEEGUQ KPUVCNCFQ GP NC 5GFG %GPVTCN 2GTOKVKT GN UGTXKEKQ FG )TCPFGU 7UWCTKQU [ EQPUWNVCU FGUFG +PVGTPGV C NC DCUG FG FCVQUFG428 +PEQTRQTCEKÎPFGECPCNGUFGXQ\ EQPHKIWTCFQUEQOQCPGZQUGZVGPFKFQ +8 /GVC#PWCN +PUVCNCEKÎPGPGNRTKOGTUGOGUVTGFGNCÌQ 8 %QDGTVWTC 5GFGEGPVTCNFG.KOC[UWUFGO¶UQHKEKPCUTGIKUVTCNGU %CNNCQ%CÌGVG$CTTCPEC*WCEJQ *WCTCN 8+ +PUVKVWEKQPGU#TGCU+PXQNWETCFCU )GTGPEKCFG+PHQTO¶VKEC )GTGPEKCFG$KGPGU+POWGDNGU )GTGPEKCFG2TGUWRWGUVQ[&GUCTTQNNQ 8++ 2TQFWEVQU(KPCNGU +PUVCNCEKÎPFGN5KUVGOCFG+PHQTOCEKÎP4GIKUVTCNGP428 /ÎFWNQFG)TCPFGU7UWCTKQURCTC428 8+++ 7UWCTKQUFG2TQFWEVQU(KPCNGU )GTGPEKCU[TGCU4GIKUVTCNGU 2GTOKVKT¶GNCEEGUQFG0QVCTÈCU$CPEQU[EQPEGUKQPCTKQUCN/ÎFWNQFG)TCPFGU7UWCTKQU FG428 ,QVWLWXWR1DFLRQDOGH(VWDGtVWLFDH,QIRUPiWLFD *XtDSDUDODHODERUDFLyQ\HYDOXDFLyQGHO3ODQ2SHUDWLYR,QIRUPiWLFRHQODV(QWLGDGHVGHOD$GPLQLVWUDFLyQ3~EOLFD (14/#610u #%6+8+&#&'5;1241;'%615+0(14/6+%15 + &GPQOKPCEKÎPFGNCCEVKXKFCFÎ2TQ[GEVQ ++ &CVQU)GPGTCNGU 7PKFCF'LGEWVQTC &WTCEKÎP %QUVQ6QVCN +++ &'5#441..1 ' +/2.'/'06#%+¦0 &' 70 #2.+%#6+81 2#4# .# %1057.6# 5+/7.6#0'# &' +0&+%'5 &'. 4')+5641 &' 2'4510#5 ,74+&+%#5 # 0+8'. &' .# 5'&' %'064#. ; 575 2418+0%+#5 %#..#1%#¤'6'$#44#0%#*7#%*1*7#4#. )GTGPEKCFG+PHQTO¶VKECK 7PKFCFFG&GUCTTQNNQ+PHQTO¶VKEQ /CT\QK /C[Q 5 &GNC#EVKXKFCFQ2TQ[GEVQ &GUETKREKÎP 5GNNGXCT¶CECDQGNFGUCTTQNNQFGWPCRNKECVKXQSWGRGTOKVKT¶EQPUWNVCNQUÈPFKEGUFGN TGIKUVTQFGRGTUQPCULWTÈFKECUCPKXGNFGNCUGFG EGPVTCN[UWURTQXKPEKCU 1DLGVKXQ 6GPGTCEEGUQEQPUQNKFCFQCNCKPHQTOCEKÎPGPVTGNCUGFGEGPVTCN[NCUFGO¶UQHKEKPCU TGIKUVTCNGU %CNNCQ%CÌGVG$CTTCPEC*WCEJQ*WCTCN +8 /GVC#PWCN +ORNGOGPVCEKÎP CFOKPKUVTCEKÎP [ OCPVGPKOKGPVQ FGN UKUVGOC FG EQPUWNVCU RQT RGTUQPCU LWTÈFKECU 8 %QDGTVWTC[Q4CFKQFG#EEKÎP 5GFGEGPVTCNFG.KOC[UWUFGO¶UQHKEKPCUTGIKUVTCNGU %CNNCQ%CÌGVG$CTTCPEC*WCEJQ *WCTCN 8+ +PUVKVWEKQPGUTGCU+PXQNWETCFCU )GTGPEKCFG2TQRKGFCF+POWGDNG )GTGPEKCFG2GTUQPCU,WTÈFKECU )GTGPEKCFG2GTUQPCU0CVWTCNGU )GTGPEKCFG+PHQTO¶VKEC )GTGPEKCFG2TGUWRWGUVQ[&GUCTTQNNQ )GTGPEKCFG#FOKPKUVTCEKÎP[ 1VTCUQHKEKPCUTGIKUVTCNGUFG.KOC %CNNCQ%CÌGVG$CTTCPEC*WCEJQ*WCTCN 8++ 2TQFWEVQU(KPCNGU /ÎFWNQFGEQPUWNVCUCPKXGNFG2GTUQPCU0CVWTCNGU[,WTÈFKECURCTCNCUFKHGTGPVGUQHKEKPCU TGIKUVTCNGUFGNFGRCTVCOGPVQFG.KOC %CNNCQ%CÌGVG$CTTCPEC*WCEJQ*WCTCN 8+++ 7UWCTKQUFG2TQFWEVQU(KPCNGU 5GFGEGPVTCNFG.KOCQHKEKPCUTGIKUVTCNGUFG.KOC[RÕDNKEQGPIGPGTCN ,QVWLWXWR1DFLRQDOGH(VWDGtVWLFDH,QIRUPiWLFD *XtDSDUDODHODERUDFLyQ\HYDOXDFLyQGHO3ODQ2SHUDWLYR,QIRUPiWLFRHQODV(QWLGDGHVGHOD$GPLQLVWUDFLyQ3~EOLFD (14/#610u #%6+8+&#&'5;1241;'%615+0(14/6+%15 + &GPQOKPCEKÎPFGNCCEVKXKFCFÎ2TQ[GEVQ ++ &CVQU)GPGTCNGU 7PKFCF'LGEWVQTC &WTCEKÎP %QUVQ6QVCN +++ +06'4%10':+¦0%10'06+&#&'5&'.'56#&11757#4+15':6'4015 )GTGPEKCFG+PHQTO¶VKECK 7PKFCFFG4GFGU[%QOWPKECEKQPGU ,WPKQK ,WNKQ 5 &GNC#EVKXKFCFQ2TQ[GEVQ &GUETKREKÎP 5G NNGXCT¶ C ECDQ NC KPVGTEQPGZKÎP EQP GPVKFCFGU FGN GUVCFQ Q WUWCTKQU GZVGTPQU CRTQXGEJCPFQNQUUGTXKEKQUFGNCVGEPQNQIÈC+PVGTPGV 1DLGVKXQU $TKPFCTKPHQTOCEKÎPCOCPGTCFGEQPUWNVCCWUWCTKQUGZVGTPQUCNCUGFGEGPVTCN +8 /GVC#PWCN +PVGTEQPGZKÎPEQPWUWCTKQUGZVGTPQUSWGTGSWKGTCPFGGUVGUGTXKEKQ 8 %QDGTVWTC 5KGPFQ+PVGTPGVGNOGFKQFGEQPUWNVCNCEQDGTVWTCUGTÈCFGOCPGTCINQDCN 8+ +PUVKVWEKQPGUTGCU+PXQNWETCFCU )GTGPEKCFG2TQRKGFCF+POWGDNG )GTGPEKCFG2GTUQPCU,WTÈFKECU )GTGPEKCFG2GTUQPCU0CVWTCNGU )GTGPEKCFG+PHQTO¶VKEC )GTGPEKCFG2TGUWRWGUVQ[&GUCTTQNNQ )GTGPEKCFG#FOKPKUVTCEKÎP 7UWCTKQU'ZVGTPQU 8++ 2TQFWEVQU(KPCNGU +ORNGOGPVCEKÎP FGN UKUVGOC FG EQPUWNVCU XCTKCU RCTC NQU ITCPFGU WUWCTKQU Q WUWCTKQU GZVGTPQU 8+++ 7UWCTKQUFG2TQFWEVQU(KPCNGU 7UWCTKQUFGNQURTQFWEVQUHKPCNGUFGNCCEVKXKFCF 5GFGEGPVTCNFG.KOC[)TCPFGU7UWCTKQUÎ7UWCTKQU'ZVGTPQU ,QVWLWXWR1DFLRQDOGH(VWDGtVWLFDH,QIRUPiWLFD *XtDSDUDODHODERUDFLyQ\HYDOXDFLyQGHO3ODQ2SHUDWLYR,QIRUPiWLFRHQODV(QWLGDGHVGHOD$GPLQLVWUDFLyQ3~EOLFD (14/#610u #%6+8+&#&'5;1241;'%615+0(14/6+%15 + &GPQOKPCEKÎPFGNCCEVKXKFCFÎ2TQ[GEVQ ':2.16#%+¦0&'.+08'06#4+1&'.#52#46+&#54')+564#.'5 ++ &CVQU)GPGTCNGU 7PKFCF'LGEWVQTC &WTCEKÎP %QUVQ6QVCN +++ &GNC#EVKXKFCFQ2TQ[GEVQ &GUETKREKÎP 5G TGCNK\CT¶ NC GZRNQVCEKÎP FGN KPXGPVCTKQ GZKUVGPVG FG NCU RCTVKFCU TGIKUVTCNGU CRTQXGEJCPFQRCTCGNNQNQUCTEJKXQUKOCIGPGZKUVGPVGU )GTGPEKCFG+PHQTO¶VKECK 7PKFCFFG4GFGU[%QOWPKECEKQPGU (GDTGTQ ,WPKQ 5 1DLGVKXQU %TGCT WP RTQEGFKOKGPVQ SWG RGTOKVC KFGPVKHKECT NQU HQNKQU SWG UGCP RCTVG FG WPC RCTVKFC TGIKUVTCN EQP NC HKPCNKFCF FG RQFGT XKUWCNK\CT VQFCU CSWGNNCU KO¶IGPGU SWG EQPHQTOGPNQUCUKGPVQUTGIKUVTCNGUFGVQOQU +8 /GVC#PWCN 6GPGTKPUVCNCFQGNOÎFWNQFGEQPUWNVCFGRCTVKFCUTGIKUVTCNGUFGPVTQFGNRTKOGTUGOGUVTG 8 %QDGTVWTC 5GFGEGPVTCNFG.KOC[2TQXKPEKCU %CNNCQ%CÌGVG$CTTCPEC*WCEJQ*WCTCN 8+ TGCU+PXQNWETCFCU )GTGPEKCFG2TQRKGFCF+POWGDNG )GTGPEKCFG2GTUQPCU,WTÈFKECU )GTGPEKCFG2GTUQPCU0CVWTCNGU )GTGPEKCFG+PHQTO¶VKEC )GTGPEKCFG2TGUWRWGUVQ[&GUCTTQNNQ 8++ 2TQFWEVQU(KPCNGU +ORNGOGPVCEKÎPFGNUKUVGOCFGEQPUWNVCUFGRCTVKFCUTGIKUVTCNGU 8+++ 7UWCTKQUFG2TQFWEVQU(KPCNGU 5GFG EGPVTCN FG .KOC [ 2TQXKPEKCU %CNNCQ %CÌGVG $CTTCPEC *WCEJQ *WCTCN )TCPFGU 7UWCTKQUÎ7UWCTKQU'ZVGTPQU ,QVWLWXWR1DFLRQDOGH(VWDGtVWLFDH,QIRUPiWLFD *XtDSDUDODHODERUDFLyQ\HYDOXDFLyQGHO3ODQ2SHUDWLYR,QIRUPiWLFRHQODV(QWLGDGHVGHOD$GPLQLVWUDFLyQ3~EOLFD (14/#610u + ++ +++ #%6+8+&#&'5;1241;'%615+0(14/6+%15 &GPQOKPCEKÎPFGNCCEVKXKFCFÎ2TQ[GEVQ 5+56'/#&'+0(14/#%+¦0;'56#& 56+%##0+8'.0#%+10#. &CVQU)GPGTCNGU 7PKFCF'LGEWVQTC &WTCEKÎP %QUVQ6QVCN )GTGPEKCFG+PHQTO¶VKECK 7PKFCFFG&GUCTTQNNQ+PHQTO¶VKEQ 'PGTQ ,WNKQ 5 &GNC#EVKXKFCFQ2TQ[GEVQ &GUETKREKÎP 5G FGUCTTQNNCT¶ NC RTQITCOCEKÎP G KORNGOGPVCEKÎP FGN UKUVGOC FG KPHQTOCEKÎP [ GUVCFÈUVKECCPKXGNPCEKQPCN 1DLGVKXQU +PVGITCTNCKPHQTOCEKÎPFG'ZRGFKGPVGUC0KXGN0CEKQPCN 2TQEGUCT[QDVGPGTGUVCFÈUVKECFGNQU'ZRGFKGPVGURCTCNCVQOCFGFGEKUKQPGU 4GGORNC\CTGNUKUVGOCFGIGUVKÎPFGGZRGFKGPVGUGPWUQGPNCCEVWCNKFCF +8 /GVC#PWCN 8 %QDGTVWTC 8+ 8++ 6GPGT WP 5KUVGOC +PVGITCFQ C PKXGN PCEKQPCN EQP WPC DCUG FG FCVQU EQPUQNKFCFC GP NC UGFGEGPVTCNRCTCRQFGTCUÈQHTGEGTGNCEEGUQCNCKPHQTOCEKÎPFGUWUGZRGFKGPVGUCVQFQU NQUEKWFCFCPQUGPHQTOC¶IKN[GHKEKGPVG #PKXGNPCEKQPCN TGCU+PXQNWETCFCU )GTGPEKCFG+PHQTOCEKÎP[5KUVGOCU #FLWPVCU 'URGEKCNK\CFCU &GTGEJQU *WOCPQU 5GTXKEKQU 2ÕDNKEQU #FOKPKUVTCEKÎP 'UVCVCN &GHGPUQTÈCU'URGEKCNK\CFCU #UWPVQU%QPUVKVWEKQPCNGU/WLGT 2TQFWEVQU(KPCNGU 5KUVGOCUFG+PHQTOCEKÎP['UVCFÈUVKECUFG'ZRGFKGPVGUCPKXGNPCEKQPCN 8+++ 7UWCTKQUFG2TQFWEVQU(KPCNGU 6QFCUNCUFGRGPFGPEKCU[QHKEKPCUFGNC&GHGPUQTÈCFGN2WGDNQCPKXGNPCEKQPCN ,QVWLWXWR1DFLRQDOGH(VWDGtVWLFDH,QIRUPiWLFD *XtDSDUDODHODERUDFLyQ\HYDOXDFLyQGHO3ODQ2SHUDWLYR,QIRUPiWLFRHQODV(QWLGDGHVGHOD$GPLQLVWUDFLyQ3~EOLFD (14/#610u #%6+8+&#&'5;1241;'%615+0(14/6+%15 + &GPQOKPCEKÎPFGNCCEVKXKFCFÎ2TQ[GEVQ ++ &CVQU)GPGTCNGU +++ &GNC#EVKXKFCFQ2TQ[GEVQ 5+56'/#&'#4%*+81 7PKFCF'LGEWVQTC &WTCEKÎP %QUVQ6QVCN )GTGPEKCFG+PHQTO¶VKECK 7PKFCFFG&GUCTTQNNQ+PHQTO¶VKEQ #DTKN ,WNKQ 5 &GUETKREKÎP 5GFGUCTTQNNCT¶NCRTQITCOCEKÎPGKORNGOGPVCEKÎPFGNUKUVGOCFGCTEJKXQ 1DLGVKXQ /CPVGPGT WP EQPVTQN FG NQU FQEWOGPVQU SWG UG OCPVKGPGP GP GN #TEJKXQ %GPVTCN VGPKGPFQWPUGIWKOKGPVQFGNQURTÃUVCOQUSWGUGTGCNKEGP +8 /GVC#PWCN 8 %QDGTVWTC 8+ TGCU+PXQNWETCFCU )GUVKÎPFGGZRGFKGPVGU #PKXGNPCEKQPCN )GTGPEKCFG6KVWNCEKÎP 8++ 2TQFWEVQU(KPCNGU 7DKECEKÎPFGFQEWOGPVQURQTVKRQRQTRTGFKQRQT2WGDNQ,QXGP 8+++ 7UWCTKQUFG2TQFWEVQU(KPCNGU )GTGPEKCFG6KVWNCEKÎP)GTGPEKCFG%CORQ[5GETGVCTÈC)GPGTCN ,QVWLWXWR1DFLRQDOGH(VWDGtVWLFDH,QIRUPiWLFD *XtDSDUDODHODERUDFLyQ\HYDOXDFLyQGHO3ODQ2SHUDWLYR,QIRUPiWLFRHQODV(QWLGDGHVGHOD$GPLQLVWUDFLyQ3~EOLFD (14/#610u #%6+8+&#&'5;1241;'%615+0(14/6+%15 + &GPQOKPCEKÎPFGNCCEVKXKFCFÎ2TQ[GEVQ %10641.&')#5615 ++ &CVQU)GPGTCNGU 7PKFCF'LGEWVQTC &WTCEKÎP %QUVQ6QVCN +++ &GNC#EVKXKFCFQ2TQ[GEVQ &GUETKREKÎP 5GFGUCTTQNNCT¶NCRTQITCOCEKÎPGKORNGOGPVCEKÎPFGNOÎFWNQFG%QPVTQNFG)CUVQU RCTCCRQ[CTCNCWPKFCFFGRTGUWRWGUVQ +8 )GTGPEKCFG+PHQTO¶VKECK 7PKFCFFG&GUCTTQNNQ+PHQTO¶VKEQ /CT\QK &KEKGODTG 5 1DLGVKXQ %QPVTQNCTNC'LGEWEKÎP2TGUWRWGUVCNFGNCÌQCPKXGN2TQITCOC /GVC#PWCN &GUCTTQNNQ[RTWGDCFGNOQFWNQFG%QPVTQNFG)CUVQU 8 %QDGTVWTC 5GFG%GPVTCN 8+ TGCU+PXQNWETCFCU )GTGPEKCFG2TGUWRWGUVQ 8++ 2TQFWEVQU(KPCNGU 4GRQTVGUFKCTKQUOGPUWCNGU[CPWCNGURQTFKHGTGPVGUTWDTQU 8+++ 7UWCTKQUFG2TQFWEVQU(KPCNGU )GTGPEKC)GPGTCN[)GTGPEKCFG2TGUWRWGUVQ ,QVWLWXWR1DFLRQDOGH(VWDGtVWLFDH,QIRUPiWLFD *XtDSDUDODHODERUDFLyQ\HYDOXDFLyQGHO3ODQ2SHUDWLYR,QIRUPiWLFRHQODV(QWLGDGHVGHOD$GPLQLVWUDFLyQ3~EOLFD (14/#610u #%6+8+&#&'5;1241;'%615+0(14/6+%15 + &GPQOKPCEKÎPFGNCCEVKXKFCFÎ2TQ[GEVQ5+56'/#&'4'%74515*7/#015 ++ &CVQU)GPGTCNGU 7PKFCF'LGEWVQTC )GTGPEKCFG+PHQTO¶VKECK 7PKFCFFG&GUCTTQNNQ+PHQTO¶VKEQ &WTCEKÎP 'PGTQK &KEKGODTG %QUVQ6QVCN 5 +++ &GNC#EVKXKFCFQ2TQ[GEVQ &GUETKREKÎP 5GFGUCTTQNNCT¶NCRTQITCOCEKÎPGKORNGOGPVCEKÎPFGN5KUVGOCFG4GEWTUQU*WOCPQU GP NGPIWCLG XKUWCN GN OKUOQ SWG CRQ[CT¶ C NC RQNÈVKEC FG OQFGTPK\CEKÎP KPUVKVWEKQPCN 1DLGVKXQ #IKNK\CTNQURTQEGUQUFGKFGPVKHKECEKÎPDÕUSWGFCECNKHKECEKÎPRNC\CU[GUECNCHÎPFG NQU 44** FG NC +PUVKVWEKÎP EQOQ RCTVG FG NC RQNÈVKEC FG OQFGTPK\CEKÎP FG UW UKUVGOCCFOKPKUVTCVKXQ +8 /GVC#PWCN 5KUVGOC FG 2NC\CU [ 'UECNCHÎP KPUVCNCFQU GP NC 5GFG %GPVTCN 4ÃRNKEC [ OQPKVQTGQ FG 5KUVGOC FG %CRCEKVCEKÎP &QEGPVG GP NQU ¦TICPQU FGUEQPEGPVTCFQU FG .KOC /GVTQRQNKVCPC 8 %QDGTVWTC 5GFG %GPVTCN FGN /KPKUVGTKQ FG 'FWECEKÎP [ ¦TICPQU FGUEQPEGPVTCFQU FG .KOC /GVTQRQNKVCPC 8+ TGCU+PXQNWETCFCU 6QFCUNCUFGRGPFGPEKCUSWGVTCDCLCPFKTGEVCOGPVGGNVGOCFG44**[%CRCEKVCEKÎPFG NC 5GFG %GPVTCN [ ¦TICPQU FGUEQPEGPVTCFQU FG .KOC /GVTQRQNKVCPC FGN /KPKUVGTKQ FG 'FWECEKÎP 8++ 2TQFWEVQU(KPCNGU 5KUVGOC2NC\CU 5KUVGOCFG'UECNCHÎP 5KUVGOCFG%CRCEKVCEKÎP&QEGPVG 8+++ 7UWCTKQUFG2TQFWEVQU(KPCNGU 6QFCU NCU FGRGPFGPEKCU FG NC 5GFG %GPVTCN [ ¦TICPQU FGUEQPEGPVTCFQU FG .KOC /GVTQRQNKVCPCFGN/KPKUVGTKQFG'FWECEKÎP ,QVWLWXWR1DFLRQDOGH(VWDGtVWLFDH,QIRUPiWLFD *XtDSDUDODHODERUDFLyQ\HYDOXDFLyQGHO3ODQ2SHUDWLYR,QIRUPiWLFRHQODV(QWLGDGHVGHOD$GPLQLVWUDFLyQ3~EOLFD (14/#610u #%6+8+&#&'5;1241;'%615+0(14/6+%15 + &GPQOKPCEKÎPFGNCCEVKXKFCFÎ2TQ[GEVQ2)+0#9'$ ++ &CVQU)GPGTCNGU 7PKFCF'LGEWVQTC &WTCEKÎP %QUVQ6QVCN +++ &GNC#EVKXKFCFQ2TQ[GEVQ &GUETKREKÎP 5G FGUCTTQNNCT¶ GN FKUGÌQ RTQITCOCEKÎP G KORNGOGPVCEKÎP FG R¶IKPCU YGD CRTQXGEJCPFQNCRQVGPEKCNKFCFFGNPVGTPGV )GTGPEKCFG+PHQTO¶VKECK 7PKFCFFG&GUCTTQNNQ+PHQTO¶VKEQ 'PGTQK &KEKGODTG 5 1DLGVKXQ #ORNKCT NC FKHWUKÎP UQDTG NQU UGTXKEKQU SWG QHTGEG NC +PUVKVWEKÎP EQOQ OGFKQ FG KPHQTOCEKÎP 1HTGEGT WP OCPGLQ FG NC KPHQTOCEKÎP FG HQTOC GHKEKGPVG [ SWG ÃUVCHNW[C CFGEWCFCOGPVGCNQUWUWCTKQU (CEKNKVCTGNCEEGUQGNGEVTÎPKEQCNQUFCVQUXÈCEQPUWNVCU[HQTQU +8 /GVC#PWCN &GUCTTQNNCT WP GURCEKQ RCTC ECFC FGRGPFGPEKC FG NC 5GFG EGPVTCN EQP KPHQTOCEKÎP TGNGXCPVGFGUWUHWPEKQPGU[UGTXKEKQUSWGDTKPFCP /CPVGPGTNCKPHQTOCEKÎPCEVWCNK\CFCFGPVTQFGUWR¶IKPC9GD 8 %QDGTVWTC[Q4CFKQFG#EEKÎP +PVGTPGV 4GFFGEQDGTVWTCOWPFKCN 8+ TGCU+PXQNWETCFCU 6QFCUNCUFGRGPFGPEKCUFGNC5GFG%GPVTCNFGNC+PUVKVWEKÎP¦TICPQUFGUEGPVTCNK\CFQU[ QVTQU 8++ 2TQFWEVQU(KPCNGU 2¶IKPC9GD 9GD5KVGYYYPQODTGKPUVKVWEKQPIQDRG 8+++ 7UWCTKQUFG2TQFWEVQU(KPCNGU +PVGTPGV 4GFFGEQDGTVWTCOWPFKCN ,QVWLWXWR1DFLRQDOGH(VWDGtVWLFDH,QIRUPiWLFD *XtDSDUDODHODERUDFLyQ\HYDOXDFLyQGHO3ODQ2SHUDWLYR,QIRUPiWLFRHQODV(QWLGDGHVGHOD$GPLQLVWUDFLyQ3~EOLFD (14/#610u 241)4#/#%+10&'#&37+5+%+10'5+0(14/#6+%#5 'P GUVG HQTOCVQ FGDGT¶ KPENWKTUG NCU CFSWKUKEKQPGU FG UQHVYCTG JCTFYCTG [ UKUVGOCU FG EQOWPKECEKQPGUUGIÕPGNUKUVGOCFGCFSWKUKEKQPGUCPWCNGUFGNCGPVKFCF + #FSWKUKEKQPGUFG*CTFYCTG 2TGUWRWGUVQ#UKIPCFQ5 6+21&''37+21 %#06+&#& 5GTXKFQTFG$CUGFG&CVQU (KTGYCNN /1&'/ +FGPVKHKECFQTFGJWGNNCFCEVKNCT %QORWVCFQTCURGTUQPCNGU .GEVQTC(KLC/QXKDNG 6GTOKPCN4GOQVC +ORTGUQTC.¶UGT .GEVQTC 'UE¶PGT ++ #FSWKUKEKQPGUFG5QHVYCTG 6+21&'51(69#4' /QPKVQTGQ[#FOFGRCTSWG +PHQTO #FOKPKUVTCFQTFGKO¶IGPGU 2TGUWRWGUVQ#UKIPCFQ 5 01/$4'&'51(69#4' 7PKEGPVGT60)#UUGV /CPCIGOGPV 4GOQVGN[2QUUKDNG %#06+&#&&' .+%'0%+#5 -G[HKNG *GTTCOKGPVCUFG&GUCTTQNNQ &GXGNQRGT 5KUVGOC1RGTCVKXQ 9KPFQYU 5QHVYCTGFG&KUGÌQ 2TQEGUCFQTFGVGZVQ 5KUVGOC1RGTCVKXQ 5KUVGOC1RGTCVKXQ 'FKVQT2WDNKEKVCTKQ )TCHKECFQT #WVQECF /KETQUQHV1HHKEG 9KPFQYU06 0QXGNN+PVTCPGVYCTG 2CIGOCMGT 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