.BOVBM EF VTP Z NBOUFOJNJFOUP $POTVMUBS MBT TJHVJFOUFT JOTUSVDDJPOFT BOUFT EF VUJMJ[BS MB NÈRVJOB -FFS DPO BUFODJØO MBT OPSNBT EF TFHVSJEBE .
¶/%*$& 13&$"6$*0/&4 *.1035"/5&4 "1"3"50 "$$&403*04 */45"-"$*»/ 16&45" &/ 4&37*$*0 %& -" .
¶/%*$& $*$-0 -"7"%0 -&$)& $*$-0 %& %&4$"-$*'*$"$*»/ $0/'*(63"$*»/ 3&-0+ $0/'*(63"$*»/ )03"
13&$"6$*0/&4 *.
*/4536$$*0/&4 40#3& &- $"#-& &-²$53*$0 t 4F TVNJOJTUSB VO DBCMF FMÏDUSJDP CBTUBOUF DPSUP QBSB FWJUBS RVF TF FOSPTRVF P USPQJF[PT t 5BNCJÏO TF QVFEFO VUJMJ[BS BMBSHBEPSFT QFSP TF EFCF UFOFS NVDIP DVJEBEP 4J TF VUJMJ[B VO BMBSHBEPS TF EFCF DPNQSPCBS RVF B FM WPMUBKF JOEJDBEP FO FM NJTNP DPSSFTQPOEB DPO FM EFM FMFDUSPEPNÏTUJDP C UFOHB VO FODIVGF EF USFT UFSNJOBMFT Z QVFTUB B UJFSSB TJ FM DBCMF EFM FMFDUSPEPNÏTUJDP FT EF FTUF UJQP D FM DBCMF OP DVFMHVF EF MB NFTB QBSB
"1"3"50 $POUFOFEPS EF DBGÏ FO HSBOP #PUØO EF BQFSUVSB EFM DPOUFOFEPS EF DBGÏ FO HSBOP 5BQB EFM DPOUFOFEPS EF DBGÏ FO HSBOP 4VQFSm DJF DBMJFOUBUB[BT $PNQBSUJNJFOUP QBSB DBGÏ QSFNPMJEP 1BOFM EF NBOEPT *OUFSSVQUPS HFOFSBM 4#4 1PSUF[VFMB EF TFSWJDJP &SPHBEPS $VCFUB EF HPUFP SFKJMMB Z n PUBEPS $BKØO EF SFDPHJEB EF QPTPT #PUØO QBSB TVCJS CBKBS MB DVCFUB EF HPUFP $PNQBSUJNJFOUP QBSB DPOUFOFEPS EF MFDIF 5VCP CPRVJMMB EF TVNJOJTUSP BHVB DBMJFOUF %FQØTJUP EF BHVB (SVQP FSPHBEPS $VCFUB EF SFDPH
*/45"-"$*»/ 16&45" &/ 4&37*$*0 %& -" .
*/45"-"$*»/ $0/'*(63"3 &- *%*0.
'*-530 i"26" 13*.
%*41-": "DDFEFS BM NFOÞ EF QSPHSBNBDJØO DURPD IXHUWH FDIË H[SUËV 1BTBS VO EFEP TPCSF FM EJTDP QBSB TFMFDDJPOBS FM UJQP EF QSPEVDUP B FSPHBS 5FDMB EF DPOm SNBDJØO 5FDMB EF TFMFDDJØO EF TVNJOJTUSP EF BHVB DBMJFOUF 4FMFDDJPOBS FM BSPNB EFM DBGÏ t 1VMTBS WFDFT MB UFDMB FM NPMJEP 4FMFDDJPOBS MB FSPHBDJØO EF CFCJEB DPO MFDIF QBSB PCUFOFS UB[BT &TUB PQFSBDJØO TF QVFEF SFBMJ[BS IBTUB RVF UFSNJOF DURPD IXHUWH FDIË H[SUËV QVMTBS WFDFT DURPD IXHUWH FDIË H[SUË
3&(6-"$*0/&4 %&/4*%"% %&- $"'² &M EJTQPTJUJWP 4#4 IB TJEP EJTF×BEP FTQFDÓm DBNFOUF QBSB QFSNJUJS EBSMF BM DBGÏ MB EFOTJEBE Z MB JOUFOTJEBE EF TBCPS RVF TF EFTFB #BTUB HJSBS FM NBOEP QBSB OPUBS DØNP FM DBGÏ DBNCJB EF DBSÈDUFS EF BDVFSEP DPO WVFTUSP HVTUP 4#4 o 4"&$0 #3&8*/( 4:45&. 1BSB SFHVMBS MB EFOTJEBE EFM DBGÏ FSPHBEP -B SFHVMBDJØO TF QVFEF SFBMJ[BS JODMVTP EVSBOUF MB FSPHBDJØO EFM DBGÏ &TUB SFHVMBDJØO QSPEVDF VO FGFDUP JONFEJBUP FO MB FSPHBDJØO TFMFDDJPOBEB $"'² .
&30("$*»/ %& 130%6$50 $"%" 7&; 26& 4& 16-4" -" 5&$-" 4& */5&336.1& &- 46.*/*4530 %& $"'² "(6" $"-*&/5& : -&$)& -" -&$)& 46.*/*453"%" 16&%& "-$"/;"3 &-&7"%"4 5&.1&3"563"4 3*&4(0 %& 26&."%63"4 /0 50$"3-" %*3&$5".&/5& $0/ -"4 ."/04 -" -&$)& 65*-*;"%" 4& %& )"#&3 $0/4&37"%0 $033&$5".&/5& /0 4& %& 65*-*;"3 %&416²4 %& -" '&$)" %& $"%6$*%"% */%*$"%" &/ &- &.
&30("$*»/ %& #*%"4 $0/ $"'² .0-*%0 &M DBGÏ QSFNPMJEP TF EFCF DPMPDBS FO FM DPNQBSUJNJFOUP TJUVBEP BM MBEP EFM DPOUFOFEPS EF DBGÏ FO HSBOP $PMPDBS TØMP DBGÏ NPMJEP QBSB NÈRVJOBT EF DBGÏ FYQSÏT Z OVODB DBGÏ FO HSBOP P TPMVCMF WFS DBQÓUVMP i1SPHSBNBDJØO EF CFCJEBTw QÈH `"5&/$*»/ 4»-0 $6"/%0 4& %&4&" &30("3 6/ 130%6$50 $0/ $"'² 13&.0-*%0 4& %& $0-0$"3 &/ &- $0.1"35*.*&/50 &45& 5*10 %& $"'² $0-0$"3 6/ 40-0 %04*'*$"%03 %& $"'² .0-*%0 $"%" 7&; /0 4& 16&%&/ &30("3 %04 $"'²4 4*.6-5«/&".
&30("$*»/ %& 130%6$50 46.*/*4530 %& "(6" $"-*&/5& "- */*$*0 4& 16&%&/ 130%6$*3 #3&7&4 $)03304 %& "(6" $"-*&/5& 26& 16%*&3"/ 13070$"3 26&."%63"4 -" #026*--" 1"3" &- 46.*/*4530 %& "(6" 16&%& "-$"/;"3 5&.1&3"563"4 &-&7"%"4 /0 50$"3-" %*3&$5".&/5& $0/ -"4 .
&O FTUF DBTP FM VTVBSJP QPESÈ DPOUJOVBS DPO MB QSFQBSBDJØO EF PUSPT QSPEVDUPT Z MB NÈRVJOB NBOUJFOF BDUJWB MB JOEJDBDJØO QBSB MBWBS MPT DJSDVJUPT EF MFDIF 1BTBEPT NJOVUPT EF JOBDUJWJEBE MB NÈRVJOB PCMJHB BM VTVBSJP B SFBMJ[BS VO DJDMP EF MBWBEP DPNP TF EFTDSJCF FO FM QVOUP TJ MB NÈRVJOB TF BQBHB EFTQVÏT EF IBCFS TVNJOJTUSBEP VO QSPEVDUP DPO MFDIF DVBOEP TF WVFMWF B FODFOEFS PCMJHB BM VTVBSJP B SFBMJ[BS FM DJDMP EF MBWBEP EF MPT DJSDVJUPT EF MFDIF /PUB BOUFT EF SFBMJ[BS FTUB GVODJØO BTFH
&30("$*»/ %& 130%6$50 $"'² $035"%0 -MFOBS FM DPOUFOFEPS EF MFDIF DURPD IXHUWH FDIË H[SUËV 1VMTBS MB UFDMB DURPD IXHUWH FDIË FRUWDGR 1BTF VO EFEP TPCSF FM EJTDP QBSB TFMFDDJPOBS VO DBGÏ DPSUBEP DÓDGLU OHFKH" FDIË FRUWDGR DURPD IXHUWH OHFKH PDQFKDGD VOB P EPT 1VMTBS MB UFDMB WFDFT $PNJFO[B MB FSPHBDJØO DURPD IXHUWH FDIË FRUWDGR VOB P WBSJBT 1VMTBS MB UFDMB WFDFT QBSB TFMFDDJPOBS FM BSPNB $VBOEP FM NFOTBKF iFOKVBHVF DJSD
130(3"."$*»/ %& #*%" -BT CFCJEBT TF QVFEFO QSPHSBNBS TFHÞO MPT HVTUPT QFSTPOBMFT 130(3".
130(3".
130(3"."$*»/ %& -" .
130(3"."$*»/ %& -" .«26*/" $0/'*(63"$*»/ .
.&/Á i461&3'*$*& $"-*&/5"5";"4w FRQILJXUDFLÕQ PÃTXLQD VXSHUILF FDOLHQWDWD]DV 1BSB SFHVMBS FM GVODJPOBNJFOUP EF MB TVQFSm DJF DBMJFOUBUB[BT TJUVBEB FO MB QBSUF TVQFSJPS EF MB NÈRVJOB FRQILJXUDFLÕQ PÃTXLQD FRQILJXUDFLÕQ PÃTXLQD VXSHUILF FDOLHQWDWD]DV 4F QVFEF DPOm HVSBS VLHPSUH HQFHQGLGD VLHPSUH DSDJDGD DSDJDGD HQ VWDQGE\ .
130(3"."$*»/ %& -" .«26*/" .&/Á i&/+6"(6&w FRQILJXUDFLÕQ PÃTXLQD FLFOR GH HQMXDJXH 1BSB MJNQJBS MPT DPOEVDUPT JOUFSOPT Z BTÓ HBSBOUJ[BS RVF MB FSPHBDJØO EF MBT CFCJEBT TF SFBMJDF TPMBNFOUF DPO BHVB GSFTDB &TUB GVODJØO TF FODVFOUSB ZB BDUJWBEB FO UPEPT MPT BQBSBUPT OVFWPT FRQILJXUDFLÕQ PÃTXLQD 4F QVFEF DPOm HVSBS VL QR FRQILJXUDFLÕQ PÃTXLQD FLFOR GH HQMXDJXH /PUB FTUF FOKVBHVF TF SFBMJ[B DBEB WF[ RVF TF BDUJWB MB NÈRVJOB EFTQVÏT EF MB GBTF EF DBMFOUBNJFOUP .
.&/Á i"-"3.
130(3"."$*»/ %& -" .«26*/" .&/Á i."/5&/*.
$JDMP MBWBEP DBGÏ FRQILJXUDFLÕQ PÃTXLQD PDQWHQLPLHQWR FLFOR HQMXDJXH FDIË 1BSB MJNQJBS MPT DJSDVJUPT JOUFSOPT EF MB NÈRVJOB RVF TJSWFO QBSB FSPHBS FM DBGÏ 4F BDPOTFKB SFBMJ[BS FTUF DJDMP EF MBWBEP DBEB NFT /PUB BOUFT EF SFBMJ[BS FTUB GVODJØO BTFHVSBSTF EF RVF TF IBZB DPMPDBEP VO SFDJQJFOUF EF EJNFOTJPOFT BEFDVBEBT EFCBKP EFM FSPHBEPS FO FM HSVQP FSPHBEPS TF IBZB JOUSPEVDJEP MB QBTUJMMB EF MJNQJF[B FTQFDÓm DB FM EFQØTJUP EF BHVB DPOUFOHB VOB DBOUJEBE EF BHVB TVm DJFOUF &- $*$-0 %
130(3"."$*»/ %& -" .
HVSHUDU SRU IDYRU FLFOR ODYDGR OHFKH SXOVDU 2. FLFOR ODYDGR OHFKH &TQFSBS $PMPDBS VO SFDJQJFOUF EFCBKP EF MB CPRVJMMB EF TVNJOJTUSP EF BHVB 1VMTBS MB UFDMB BDUJWBS QBSB HQ FXUVR FLFOR ODYDGR OHFKH &TQFSBS B RVF UFSNJOF FM MBWBEP OOHQDU GH DJXD FLFOR ODYDGR OHFKH HQMXDJDU FLFOR ODYDGR OHFKH $VBOEP UFSNJOB FM MBWBEP BQBSFDF &YUSBFS FM DPOUFOFEPS EF MFDIF &OKVBHBS FM DPOUFOFEPS Z MMFOBSMP EF BHVB GSFTDB SXOVDU 2.
130(3"."$*»/ %& -" .
1BSB MMFWBS B DBCP MB EFTDBMDJm DBDJØO BOUFT EF RVF MB NÈRVJOB TF CMPRVFF P JOEJRVF MB OFDFTJEBE EF FGFDUVBSMB FRQILJXUDFLÕQ PÃTXLQD PDQWHQLPLHQWR PDQWHQLPLHQWR FLFOR GHVFDOFLILFDFLÕQ VL FLFOR GHVFDOFLILFDFLÕQ *OUSPEVDJS FM QSPEVDUP EFTDBMDJm DBOUF Z QVMTBS MB UFDMB QBSB DPNFO[BS $VBOEP MB TPMVDJØO UFSNJOB FO FM EJTQMBZ BQBSFDF GHVFDOFLILFDQGR FLFOR GHVFDOFLILFDFLÕQ -B NÈRVJOB DPNJFO[B B TVNJOJTUSBS MB TPMVDJØO EFTDBMDJm DBOUF B USBWÏT EF MB CPRVJMMB EF BHVB
130(3"."$*»/ %& -" .«26*/" $0/'*(63"$*»/ 3&-0+ FRQILJXUDFLÕQ PÃTXLQD FRQILJXUDFLÕQ UHORM 1BSB SFHVMBS MB IPSB DPSSJFOUF MB GFDIB Z FM GPSNBUP EF MB IPSB RVF TF EFTFB WJTVBMJ[BS FRQILJXUDFLÕQ PÃTXLQD FRQILJXUDFLÕQ UHORM &O FTUF NFOÞ TF QVFEF DPOm HVSBS MB IPSB DPSSJFOUF IPSB Z NJOVUPT FM GPSNBUP EF MB IPSB IPSBT ". 1.
$POGJHVSBDJØO GFDIB FRQILJXUDFLÕQ PÃTXLQD FRQILJXUDFLÕQ UHORM FRQILJXUDFLÕQ IHFKD 1BSB SFHVMBS MB GFDIB EÓB NFT B×P EÓB EF MB TFNBOB 4FHVJS FM NJTNP QSPDFEJNJFOUP QBSB UPEPT MPT QBSÈNFUSPT FRQILJXUDFLÕQ PÃTXLQD FRQILJXUDFLÕQ UHORM FRQILJXUDFLÕQ UHORM FRQILJXUDFLÕQ IHFKD FRQILJXUDFLÕQ IHFKD GÏD 4FMFDDJPOBS FM QBSÈNFUSP B DPOm HVSBS QPS FK iEÓBw $POm SNBS DPO MB UFDMB GÏD -B NÈRVJOB NFNPSJ[B FM WBMPS TFMFDDJPOBEP WVFM
130(3"."$*»/ %& -" .«26*/" $0/'*(63"$*»/ 45"/%#: FRQILJXUDFLÕQ PÃTXLQD FRQILJXUDFLÕQ VWDQGE\ FRQILJXUDFLÕQ PÃTXLQD FRQILJXUDFLÕQ VWDQGE\ &O FTUF NFOÞ TF QVFEF FRQILJXUDFLÕQ VWDQGE\ DKRUUR GH HQHUJÏD FRQILJXUDFLÕQ VWDQGE\ FRQILJXU WHPSRUL]DGRU FKFDVUBS MB DPOm HVSBDJØO EF MPT UFNQPSJ[BEPSFT BDUJWBDJØO EF MPT IPSBSJPT EF FODFOEJEP BQBHBEP DPOm HVSBDJØO VOP QPS EÓB EF VO IPSBSJP EF FODFOEJEP BQBHBEP DPOm HVSBS FM NPEP EF BIPSSP EF FOFSHÓB UJFNQP RVF EFCF USBOTDVSSJS BOUFT EF RVF MB N
$POGJHVSBDJØO EF VO JOUFSWBMP EF FODFOEJEP $BEB EÓB EF MB TFNBOB TF QVFEF DPOm HVSBS VO IPSBSJP EF FODFOEJEP Z VO IPSBSJP EF BQBHBEP FO FTUF DBTP TF NVFTUSB DØNP DPOm HVSBS VO JOUFSWBMP VO MVOFT FRQILJXUDFLÕQ VWDQGE\ FRQILJXU WHPSRUL]DGRU FRQILJXU WHPSRUL]DGRU OXQHV OXQHV HQFHQGLGR K DP HQFHQGLGR OXQHV PLQ HQFHQGLGR OXQHV OXQHV HQFHQGLGR 1BTBS VO EFEP TPCSF FM EJTDP EF TFMFDDJØO QBSB SFHVMBS MB IPSB EF FODFOEJEP
130(3"."$*»/ %& -" .
$"'² &/ &- .
-*.1*&;" : ."/5&/*.*&/50 -*.1*&;" (&/&3"- %& -" .
-*.
-*.1*&;" : ."/5&/*.*&/50 ."/5&/*.*&/50 .
$»%*(04 %& "7&3¶" .&/4"+& (6¶" 26& "1"3&$& $».0 3&45"#-&$&3 &- .
%"504 5²$/*$04 %"504 5²$/*$04 5FOTJØO OPNJOBM 1PUFODJB OPNJOBM "MJNFOUBDJØO .BUFSJBM DVFSQP %JNFOTJPOFT B Y B Y Q 1FTP -POHJUVE EFM DBCMF 1BOFM EF NBOEPT %FQØTJUP EF BHVB $POUFOFEPS EF MFDIF $BQBDJEBE EFM DPOUFOFEPS EF DBGÏ 1SFTJØO EF MB CPNCB $BMEFSB .
/03."4 %& 4&(63*%"% 404 &/ $"40 %& &.&3(&/$*" %FTDPOFDUBS JONFEJBUBNFOUF FM FODIVGF EF MB UPNB EF BMJNFOUBDJØO 65*-*;"3 &9$-64*7".&/5& &- "1"3"50 t &O VO MVHBS DFSSBEP t 1BSB MB QSFQBSBDJØO EF DBGÏ BHVB DBMJFOUF Z QBSB NPOUBS MFDIF t 1BSB FNQMFP EPNÏTUJDP t 1PS BEVMUPT FO CVFOBT DPOEJDJPOFT QTJDPGÓTJDBT 13&$"6$*0/&4 1"3" -" 65*-*;"$*»/ %& -" .
/03.
/05&
¶/%*$& 13&$"6±¿&4 *.1035"/5&4 "1"3&-)0 "$&44»3*04 */45"-"±°0 -*("±°0 %" .
¶/%*$& $*$-0 %& -"7"(&.
13&$"6±¿&4 *.
*/4536±¿&4 40#3& 0 $"#0 &-²$53*$0 t ² GPSOFDJEP VN DBCP FMÏDUSJDP CBTUBOUF DVSUP QBSB FWJUBS FOSPMBNFOUPT PV EF USPQFÎBS OFMF t ² QPTTÓWFM VUJMJ[BS DPN NVJUP DVJEBEP FYUFOTÜFT 2VBOEP GPS VUJMJ[BEB VNB FYUFOTÍP DFSUJmRVF TF EF RVF B B WPMUBHFN JOEJDBEB OB FYUFOTÍP DPSSFTQPOEB Ë WPMUBHFN FMÏDUSJDB EP FMFDUSPEPNÏTUJDP C FTUFKB FRVJQBEB DPN VNB mDIB EF USÐT QJOPT F DPN MJHBÎÍP Ë UFSSB TF P DBCP EP FMFDUSPEPNÏTUJDP GPS EFTUF UJQP D P DBWP OÍP QFOEB EB NFTB QBSB FWJUBS EF U
"1"3&-)0 #PUÍP EF BCFSUVSB EFQØTJUP DBGÏ FN HSÍPT %FQØTJUP EF DBGÏ FN HSÍPT 5BNQB EFQØTJUP DBGÏ FN HSÍPT 1MBDB BRVFDFEPSB EF DIÈWFOBT $PNQBSUJNFOUP QBSBDBGÏ QSÏ NPÓEP 1BJOFM EF DPNBOEP *OUFSSVQUPS HFSBM 4#4 1PSUJOIPMB EF TFSWJÎP (SVQP EF EJTUSJCVJÎÍP #BOEFKB EF MJNQF[B HSBEF F CØJB (BWFUB EF SFDPMIB EBT CPSSBT 5FDMB QBSB MFWBOUBS BCBJYBS B CBOEFKB EF MJNQF[B $PNQBSUJNFOUP QBSB EFQØTJUP MFJUF 5VCP CJDP EFEJTUSJCVJÎÍP EF ÈHVB RVFOUF %FQØTJUP EF ÈHVB (SVQP EF EJTUSJCVJÎÍP %FQØTJUP EF SF
*/45"-"±°0 -*("±°0 %" .
*/45"-"±°0 4&-&$$*0/"3 0 *%*0.
'*-530 i"26" 13*.
7*403 &OUSF OP NFOV EF QSPHSBNBÎÍP DURPD IRUWH FDIË H[SUHVVR 4FMFDDJPOF B EJTUSJCVJÎÍP EF CFCJEBT DPN MFJUF 4FMFDDJPOF P UJQP EF QSPEVUP B EJTUSJCVJS WJSBOEP VN EFEP OP EJTDP EF TFMFDÎÍP 5FDMB EF DPOm SNBÎÍP 4FMFDDJPOF P BSPNB EP DBGÏ 5FDMB EF TFMFDÎÍP EF EJTUSJCVJÎÍP EF ÈHVB RVFOUF t 1BSB PCUFS DIÈWFOBT QSFTTJPOF WF[FT B UFDMB EB NPBHFN DURPD IRUWH FDIË H[SUHVVR &TUB PQFSBÎÍP Ï QPTTÓWFM BUÏ P DPNQMFUBNFOUP QSFTTJPOF WF[FT DURPD IRUWH H[SUHVVR GXSOR
"+645&4 $0/4*45³/$*" %0 $"'² 0 EJTQPTJUJWP 4#4 GPJ SFBMJ[BEP EF QSPQØTJUP QBSB EBS BP DBGÏ B DPOTJTUÐODJB F B JOUFOTJEBEF EF HPTUP EFTFKBEB $PN VNB TJNQMFT SPUBÎÍP EP CPUÍP TFSÈ QPTTÓWFM BEBQUBS P DBSÈDUFS EP DBGÏ B TFV HPTUP 4#4 o 4"&$0 #3&8*/( 4:45&. 1BSB QSPHSBNBS B DPOTJTUÐODJB EP DBGÏ EJTUSJCVÓEP 0 BKVTUF QPEF TFS FGFDUVBEP UBNCÏN EVSBOUF B EJTUSJCVJÎÍP EP DBGÏ &TUF BKVTUF UFN VN FGFJUP JNFEJBUP OB EJTUSJCVJÎÍP TFMFDDJPOBEB $"'² .
%*453*#6*±°0 %0 130%650 " %*453*#6*±°0 %& $"'² %& «(6" 26&/5& & %& -&*5& 10%& 4&3 */5&330.1*%" " 26"-26&3 .0.&/50 13&44*0/"/%0 /07".&/5& " 5&$-" 0 -&*5& %*453*#6¶%0 10%& "-$"/±"3 5&.1&3"563"4 &-&7"%"4 1&3*(0 %& 26&*."%63"4 /°0 5026& /&-& %*3&$5".&/5& $0. "4 .°04 0 -&*5& 65*-*;"%0 %&7& 5&3 4*%0 $0/4&37"%0 $033&$5".&/5& /°0 65*-*;& 0 "1»4 " %"5" %& 7&/$*.&/50 */%*$"%" /" &.#"-"(&.
%*453*#6*±°0 %& #*%" $0. $"'² .0¶%0 0 DBGÏ QSÏ NPÓEP EFWF TFS EFJUBEP OP DPNQBSUJNFOUP BQSPQSJBEP QPTJDJPOBEP BP MBEP EP EFQØTJUP EF DBGÏ FN HSÍPT %FJUF BQFOBT DBGÏ QBSB NÈRVJOBT EF DBGÏ FYQSFTTP NPÓEP F OVODB DBGÏ FN HSÍPT PV TPMÞWFM WFKB DBQÓUVMP i1SPHSBNBÎÍP CFCJEBw QÈH "5&/±°0 26"/%0 %&4&+"3 %*453*#6*3 "1&/"4 6. 130%650 $0. $"'² 13² .0¶%0 %&*5& /0 $0.1"35*.&/50 &45& 5*10 %& $"'² */530%6;" 4» 6. .&%*%03 %& $"'² .0¶%0 103 $"%" 7&; /°0 ² 1044¶7&- %*453*#6*3 %0*4 $"'²4 $0/5&.103"/&".
%*453*#6*±°0 %0 130%650 %*453*#6*±°0 %& «(6" 26&/5& /0 */¶$*0 10%&. 4& 7&3*'*$"3 #3&7&4 +"$504 %& «(6" 26&/5& $0. 1&3*(0 %& 26&*."%63"4 0 #*$0 %& %*453*#6*±°0 %& «(6" 10%& "-$"/±"3 5&.1&3"563"4 &-&7"%"4 /°0 5026& /&-& %*3&$5".&/5& $0. "4 .
/FTUF DBTP P VUJMJ[BEPS QPEFSÈ DPOUJOVBS DPN P QSFQBSP EF EFNBJT QSPEVUPT F B NÈRVJOB EFJYBSÈ BDUJWP P BWJTP EF FOYÈHàF EPT DJSDVJUPT EP MFJUF %FQPJT EF NJOVUPT EF JOBDUJWJEBEF B NÈRVJOB PCSJHBSÈ P VUJMJ[BEPS B SFBMJ[BS VN DJDMP EF FOYÈHàF DPNP EFTDSJUP OP JUFN TF B NÈRVJOB GPS BQBHBEB MPHP EFQPJT EF UFS EJTUSJCVÓEP VN QSPEVUP DPN MFJUF EVSBOUF B MJHBÎÍP TFHVJOUF B NÈRVJOB PCSJHBSÈ P VUJMJ[BEPS B SFBMJ[BS P DJDMP EF FOYÈHàF EPT DJSDVJUPT EP MFJUF /PUB BOUFT EF SFBMJ[BS FTUB GVOÎÍP DFSUJm
%*453*#6*±°0 %0 130%650 ("3050 &ODIB P EFQØTJUP EF MFJUF DURPD IRUWH FDIË H[SUHVVR 1SFTTJPOF B UFDMB DURPD IRUWH JDURWR &TDPMIB P HBSPUP WJSBOEP P EJTDP EF TFMFDÎÍP DPN VN EFEP DGLFLRQDU OHLWH" JDURWR DURPD IRUWH JDURWR VNB PV 1SFTTJPOF B UFDMB EVBT WF[FT " EJTUSJCVJÎÍP JOJDJBSÈ DURPD IRUWH JDURWR 4FMFDDJPOF P BSPNB QSFTTJPOBOEP VNB PV NBJT WF[FT B UFDMB 2VBOEP B FTDSJUB iFOYÈHàF DJSD MFJUFw MBNQFKBS
130(3"."±°0 %" #*%" 2VBMRVFS CFCJEB QPEF TFS QSPHSBNBEB B TFV HPTUP 130(3"."±°0 103 "650 "13&/%*;"(&.
130(3".
130(3"."±°0 %" .
130(3"."±°0 %" .«26*/" 130(3"."±¿&4 %" .
.&/6 i1-"$" "26&$&%03" %& $)«7&/"4w SURJUDPDÉ PÃTXLQD SODFD DTXHF FKÃYHQDV 1BSB QSPHSBNBS P GVODJPOBNFOUP EB QMBDB BRVFDFEPSB EF DIÈWFOBT QPTJDJPOBEB OB QBSUF TVQFSJPS EB NÈRVJOB SURJUDPDÉ PÃTXLQD SURJUDPDÉ PÃTXLQD SODFD DTXHF FKÃYHQDV ² QPTTÓWFM QSPHSBNBS VHPSUH OLJDGD VHPSUH DSDJDGD DSDJDGD HP VWDQGE\ .
130(3"."±°0 %" .«26*/" .&/6 i&/9«(Ã&w SURJUDPDÉ PÃTXLQD FLFOR GH HQ[ÃJÞH 1BSB B MJNQF[B EPT DPOEVUPT JOUFSOPT B m N EF HBSBOUJS RVF B EJTUSJCVJÎÍP EF CFCJEBT TFKB SFBMJ[BEB BQFOBT DPN ÈHVB GSFTDB &N UPEPT PT BQBSFMIPT OPWPT FTUB GVOÎÍP Ï KÈ BDUJWBEB QFMP GBCSJDBOUF SURJUDPDÉ PÃTXLQD ² QPTTÓWFM QSPHSBNBS VLP QÅR SURJUDPDÉ PÃTXLQD FLFOR GH HQ[ÃJÞH /PUB FTUF FOYÈHàF TFSÈ SFBMJ[BEP B DBEB MJHBÎÍP EB NÈRVJOB BQØT B GBTF EF BRVFDJNFOUP .
.&/6 i"-"3.
130(3"."±°0 %" .«26*/" .&/6 i.
$JDMP EF MBWBHFN EP DBGÏ SURJUDPDÉ PÃTXLQD PDQXWHQÉÅR FLFOR HQ[ÃJÞH FDIË 1BSB SFBMJ[BS B MJNQF[B EPT DJSDVJUPT JOUFSOPT EB NÈRVJOB EFTUJOBEPT Ë EJTUSJCVJÎÍP EF DBGÏ "DPOTFMIBNPT B SFBMJ[BS NFOTBMNFOUF FTUF DJDMP EF MBWBHFN /PUB BOUFT EF SFBMJ[BS FTUB GVOÎÍP DFSUJm RVF TF EF RVF VN EFQØTJUP EF EJNFOTÜFT BQSPQSJBEBT UFOIB TJEP QPTJDJPOBEP QPS CBJYP EP HSVQP EF EJTUSJCVJÎÍP OP HSVQP EF EJTUSJCVJÎÍP UFOIB TJEP JOUSPEV[JEB B QBTUJMIB BQSPQSJBEB EF MJNQF[B P EFQØTJUP EF ÈHVB DPOUF
130(3"."±°0 %" .
DJXDUGH SRU IDYRU FLFOR ODYDJHP OHLWH SUHVVLRQDU RN FLFOR ODYDJHP OHLWH "HVBSEFy 1PTJDJPOF VN EFQØTJUP QPS CBJYP EP CJDP EF EJTUSJCVJÎÍP EF ÈHVB 1SFTTJPOF B UFDMB JOJDJBS QBSB HP FXUVR FLFOR ODYDJHP OHLWH "HVBSEF BUÏ B MBWBHFN UFSNJOBS HQFKHU FRP ÃJXD FLFOR ODYDJHP OHLWH HQ[DJXDU FLFOR ODYDJHP OHLWH 2VBOEP B MBWBHFN UFSNJOBS BQBSFDFSÈ 3FNPWB P EFQØTJUP EF MFJUF &OYBHÞF P EFQØTJUP F FODIB P DPN ÈHVB GSFTDB SUHVVLRQDU RN FLFOR ODYDJHP OHLWH HQ[
130(3"."±°0 %" .«26*/" $JDMP EF EFTDBMDJGJDBÎÍP SURJUDPDÉ PÃTXLQD PDQXWHQÉÅR FLFOR GHVFDOFLILFDÉÅR 1BSB SFBMJ[BS P DJDMP BVUPNÈUJDP EF EFTDBMDJm DBÎÍP " EFTDBMDJm DBÎÍP Ï OFDFTTÈSJB B DBEB NFTFT RVBOEP B ÈHVB TBJS NBJT MFOUBNFOUF RVF EF DPTUVNF PV RVBOEP B NÈRVJOB BWJTBS " NÈRVJOB EFWF FTUBS MJHBEB F EJSJHF BVUPNBUJDBNFOUF B EJTUSJCVJÎÍP EP EFTDBMDJm DBOUF 6." 1&440" %&7& &45"3 13&4&/5& %63"/5& " 01&3"±°0 "5&/±°0 %& ."/&*3" /&/)6." 65*-*;& 0 7*/"(3& $0.
1BSB SFBMJ[BS B EFTDBMDJm DBÎÍP BOUFT EB NÈRVJOB TF CMPRVFBS PV BWJTBS EB OFDFTTJEBEF EF SFBMJ[È MB SURJUDPDÉ PÃTXLQD PDQXWHQÉÅR PDQXWHQÉÅR FLFOR GHVFDOFLILFDÉÅR VLP FLFOR GHVFDOFLILFDÉÅR *OUSPEV[B P EFTDBMDJm DBOUF F QSFTTJPOF B UFDMB QBSB JOJDJBS 2VBOEP B TPMVÎÍP UFSNJOBS BQBSFDFSÈ OP WJTPS D GHVFDOFLILFDU FLFOR GHVFDOFLILFDÉÅR " NÈRVJOB JOJDJBSÈ QPS EJTUSJCVJS B TPMVÎÍP EFTDBMDJm DBOUF BUSBWÏT EP UVCP EF EJTUSJCVJÎÍP EF ÈHVB RVFOUF " EJTUSJCVJÎÍP BDPOU
130(3"."±°0 %" .«26*/" "$&350 %0 3&-»(*0 SURJUDPDÉ PÃTXLQD DMXVWDU UHOÕJLR 1BSB BDFSUBS B IPSB DPSSFOUF B EBUB F TFMFDDJPOBS P GPSNBUP EB IPSB B TFS WJTVBMJ[BEP SURJUDPDÉ PÃTXLQD DMXVWDU UHOÕJLR /FTUF NFOV TFSÈ QPTTÓWFM QSPHSBNBS B IPSB DPSSFOUF IPSBT F NJOVUPT P GPSNBUP EB IPSB IPSBT ". 1.
"DFSUP EB EBUB SURJUDPDÉ PÃTXLQD DMXVWDU UHOÕJLR DMXVWDU GDWD 1BSB BDFSUBS B EBUB EJB NÐT BOP EJB EB TFNBOB 0 QSPDFTTP Ï P NFTNP FN UPEPT PT QBSÉNFUSPT SURJUDPDÉ PÃTXLQD DMXVWDU UHOÕJLR DMXVWDU UHOÕJLR DMXVWDU GDWD DMXVWDU GDWD GLD GLD " NÈRVJOB NFNPSJ[BSÈ P WBMPS TFMFDDJPOBEP WPMUBSÈ Ë WJTVBMJ[BÎÍP BOUFSJPS F QFSNJUJSÈ BDFSUBS VN PVUSP QBSÉNFUSP 4FMFDDJPOF P QBSÉNFUSP B BDFSUBS QPS FY iEJBw $POm SNF DPN B UFDMB "
130(3"."±°0 %" .«26*/" 130(3"."±°0 %0 45"/%#: SURJUDPDÉ PÃTXLQD SURJUDPDÉ VWDQGE\ SURJUDPDÉ PÃTXLQD SURJUDPDÉ VWDQGE\ /FTUF NFOV TFSÈ QPTTÓWFM SURJUDPDÉ VWDQGE\ SRXSDQÉD HQHUJLD SURJUDPDÉ VWDQGE\ SURJUDPDÉ WHPSRU QSPHSBNBS B NPEBMJEBEF EF QPVQBOÎB FOFSHJB UFNQP RVF EFWF QBTTBS BOUFT EB NÈRVJOB TF DPMPDBS QBSB B QPVQBOÎB FOFSHJB EFTEF B ÞMUJNB EJTUSJCVJÎÍP FYFDVUBS BT QSPHSBNBÎÜFT EPT UFNQPSJ[BEPSFT BDUJWBÎÍP EPT IPSÈSJPT EF MJHBÎÍP EFTMJHBNFOUP o QSPHSBNBÎÍP VN QPS EJB EF VN IPSÈS
1SPHSBNBÎÍP EF VN JOUFSWBMP EF MJHBÎÍP ² QPTTÓWFM QSPHSBNBS QPS DBEB EJB EB TFNBOB VN IPSÈSJP EF MJHBÎÍP F VN IPSÈSJP EF EFTMJHBNFOUP OFTUF DBTP Ï NPTUSBEP DPNP QSPHSBNBS VN JOUFSWBMP QBSB B TFHVOEB GFJSB SURJUDPDÉ VWDQGE\ SURJUDPDÉ WHPSRU SURJUDPDÉ WHPSRU VHJXQGD IHLUD VHJXQGD IHLUD OLJDÉÅR K DP OLJDÉÅR VHJXQGD IHLUD PLQ OLJDÉÅR VHJXQGD IHLUD VHJXQGD IHLUD OLJDÉÅR "DFSUF B IPSB EF MJHBÎÍP WJSBOEP P EJTDP EF TFMFDÎÍP D
130(3"."±°0 %" .«26*/" '6/±¿&4 &41&$*"*4 &TUF NFOV QFSNJUF FOUSBS OBT GVOÎÜFT FTQFDJBJT QSFTFOUFT OB NÈRVJOB 1BSB FOUSBS QSFTTJPOF B UFDMB FTDPMIB iIXQÉ×HV HVSHFLDLVw 7JSF P EJTDP EF TFMFDÎÍP DPN P EFEP QBSB IXQÉ×HV HVSHFLDLV DSDJDU SURJUDPDÉ IXQÉ×HV HVSHFLDLV FDIË QR PXQGR SFTUBCFMFDFS PT QBSÉNFUSPT CÈTJDPT EF GVODJPOBNFOUP EB NÈRVJOB QSFQBSBS P DBGÏ EF BDPSEP DPN BT SFDFJUBT NBJT GBNPTBT EP NVOEP "1"("3 50%"4 "4 130(3".
$"'² /0 .
-*.1&;" & ."/65&/±°0 -*.1&;" (&3"- %" .
-*.
-*.1&;" & ."/65&/±°0 ."/65&/±°0 %"4 .
$»%*(04 %& "7"3*"4 .&/4"(&. (6*" 26& 7"* "1"3&$&3 $0.0 3&45"#&-&$&3 " .&/4"(&.
%"%04 5²$/*$04 %"%04 5²$/*$04 5FOTÍP OPNJOBM 1PUÐODJB OPNJOBM "MJNFOUBÎÍP .BUFSJBM EP DPSQP %JNFOTÜFT D Y B Y Q 1FTP $PNQSJNFOUP EP DBCP 1BJOFM EF DPNBOEP %FQØTJUP EF ÈHVB %FQØTJUP MFJUF $BQBDJEBEF EFQØTJUP EF DBGÏ 1SFTTÍP EB CPNCB $BMEFJSB .
/03."4 %& 4&(63"/±" 404 &. $"40 %& &.&3(³/$*" 3FUJSF JNFEJBUBNFOUF B mDIB EB UPNBEB EF SFEF 65*-*;& &9$-64*7".&/5& 0 "1"3&-)0 t &N MVHBS GFDIBEP t 1BSB QSFQBSBS DBGÏ ÈHVB RVFOUF F QBSB BRVFDFS P MFJUF t 1BSB VTP EPNÏTUJDP t 1PS BEVMUPT FN DPOEJÎÜFT QTJDP GÓTJDBT OÍP BMUFSBEBT 13&$"6±¿&4 1"3" 0 640 %" .
/03.
/05&
7JB 5PSSFUUB * (BHHJP .