Instalaciones de GLP para sistemas residenciales, comerciales e industriales.pdf

1. !
#
$ % !
!
' ( $)* *+, -+- *- .
' #
! '
!
' !
!
/ 0 0' 1(- , ' , -
- $2 / *
- 3*,, 453,, 45
-,- * / 3 6 7
'
$)*89

3. !
# $ % ' (
)
*+% $ $ +*,-.%
/0 1 1!
/ 2-*+ # $ % '
( )
$ 3$ 2-*+

4. )$'
*8I8 '@:8C8 (@:FCSJ P *8FC8 GFI JI D@ =LEK ; @EJG@I8:@WE
G8I8J8C@I8;C8EKELEG8UJOKI8VFPGFIHL@EJEKIFD@
M@;8 D@J G8;IJ '@LC P !L8;8CLG GFI KF;F JL IJG8C;F P
8DFI D@?ID8E8.8K@8E8PJL9CC8=8D@C@8GFIKF;FJL8GFPF
@F
D@JGFJ8%8I@E8;FLI;JD@J?@A8J%8IE$LC@8E8P(8K8C@8
%8I@E8G8I8HL@EJ;;@:FJK8F9I88D@JG8;IJ$LC@FTJ8IP
(FI8#ETJ8CFJG8;IJ;D@JGFJ8L@JEKFE@FP'8I:@8LQ
;'8IU8JF9I:LPFJG@C8IJ?:FEJKIL@;FD@=8D@C@8
TJ8I

5. '#)$
/E8I8;:@D@EKFJG:@8C8CFJGIF=JFIJ^J:8I 8IU8J,8XC
E8MEK '8E8C8I8A8 0@JN8E8K?8E P '8IK8 WGQ ; C8
/E@MIJ@;8;;FE:G:@WE?@CGFIKF;FJLIJG8C;F
JK8F9I8?8J@;FGFJ@9CI8:@8J8C8GFPFP=8:@C@;8;JGIJK8;8J
GFI C G8IK8DEKF ; #EE@IU8 ':SE@:8 ; C8 J:LC8
*FC@KT:E@:8(8:@FE8C;+L@KF:L8;FI
!I8:@8J8C8GFPF;*CFG@EJ8*8E8DSJG:@8CDEK8'8I@JFC
IIF:?8
+LIDFJ ;8I LE JEK@;F 8I8;:@D@EKF 8 IE8E;F -SE:?Q
!-!8E@C0@QLK'8JKI:FEKIFCE@EI@E@8K;8P
8C LIGF ; FD9IFJ ; 8K8:LE8 :L8;FI GFI C8J
8LKFI@Q8:@FEJ :FE:;@;8J G8I8 C8 GL9C@:8:@WE ; M8I@8J ; C8J
@DSEJHL@CLJKI8EJKKI898AF
+LIDFJ8I8;:I8KF;8J8HLCC8JGIJFE8JHL:FC89FI8IFE
:FEJLJ@;8J:FE:GKFJPJLIE:@8JG8I8?8:IGFJ@9CJK8
F9I8

6. T#
%'U!$$
#)'$*U#
=CA3D228N=
@JKFI@8
)9KE:@WE
*IFG@;8;J
*LEKF;9LCC@:@WEPGIJ@WE;M8GFI
8G8:@;8;;M8GFI@Q8:@WE
EJ@;8;P;EJ@;8;IC8K@M8
*F;I:8CFIU=@:F
UD@K;@E=C8D89@C@;8;
FD9LJK@WE
*IJ@FEJDSJLJL8CJ;LK@C@Q8:@WE;C!*
FIIFJ@WE
.FO@:@;8;
)CFIP:FCFI
FEK8D@E8:@WE
C8J@=@:8:@WE;I@JFJ;C!*
/JFJP8GC@:8:@FEJ
0EK8A8J
JMEK8A8J
?=4=C4B34B8BC40B?0A060B;82D0334?4CAN;4
=@E@:@FEJ
,:@G@EKJ
*8IKJ;CFJI:@G@EKJK8EHLJ

7. *8IKJ;CFJ:@C@E;IFJ
::JFI@FJ;CFJI:@G@EKJ
FID8J;@EJK8C8II:@G@EKJ
.L9IU8J
'8KI@8CJ8:GK8;FJG8I8KL9IU8J
'8KI@8CJEF8:GK8;FJEJ@JKD8J;!*
FID8J;@EJK8C8IKL9IU8J;!*
IL:J:FEKL9IU8J;FKIFJJIM@:@FJ
'TKF;FJ;LE@WE;KL9IU8J:FE8::JFI@FJ
*IL98JG8I8KL9IU8J
.L9IU8J;CCE8;F
I@KI@FJG8I8JC::@FE8IKL9IU8J
,LC8;FIJ
K8G8J;ILC8:@WE
0EK8A8J;M8I@8JK8G8J;ILC8:@WE
0SCMLC8J
/9@:8:@WE;MSCMLC8J
.@GFJ;MSCMLC8J
';@;FIJF:FEK8;FIJ
'8ELI8J
08GFI@Q8;FIJ
,HLI@D@EKFJ;M8GFI@Q8:@WE8IK@=@:@8C
.@GFJ;M8GFI@Q8;FIJ
*8JFJG8I8@EJK8C8:@WE;M8GFI@Q8;FIJ
.I8DG8J;:FE;EJ8;FJ
FDGIJFIJP9FD98J
J;2D;H384=B8=084=C348=BC0;028=4B?0A0!%
*FKE:@8@EJK8C8;8
8L;8CDSO@DFE@EJK8C8:@FEJ@E;@M@;L8CJ
8:KFI;J@DLCK8E@;8;

8. CD8:E8D@EKF
08GFI@Q8:@WEG8I8K8EHLJJF9IJLGI=@:@LJF@EKID@KEK
08GFI@Q8:@WEG8I8K8EHLJJF9IJLGI=@:@LJF:FEK@ELF
08GFI@Q8:@WEG8I8K8EHLJ98AFJLGI=@:@LJF@EKID@KEK
LKFEFDU8
@SDKIF;KL9IU8
FE@KL;HL@M8CEK;KL9IU8
FE@KL;HL@M8CEK;@I:K8
'TKF;F;GTI;@;8;:8I8;,EFL8I;
'TKF;F;GTI;@;8;:8I8;,EFL8I;:L8;ISK@:8
OGIJ@WE;*FC
OGIJ@WE;*FCP=CF
OGIJ@WE;'LCCI
,LC8:@WE;GIJ@WE
_E@:8K8G8;ILC8:@WE
FJK8G8J;ILC8:@WE
ADGCF;;@DEJ@FE8D@EKFG8I8LE8@EJK8C8:@WE
FEJLDF
8G8:@;8;;M8GFI@Q8:@WE
LKFEFDU8
FE@KL;HL@M8CEK;KL9IU8
@DEJ@FE8D@EKF;KL9IU8
-C::@WE;ILC8;FIJ
(46DA83034=8=BC0;028=4B34!%
,:@G@EKJ
-@JKD8;E=I@8D@EKF
*LJK88K@II8
]EF;FJ;J8:I@=@:@F
*8I8II8PFJ
8III8J:FEKI8:?FHLJ
E:C8AJ

9. OK@EKFIJ
-V8C@Q8:@WE
0EK@C8:@WEESI8;HL@GFJ;:FEJLDF
HL@GFJ;;K::@WE;=L8J
HL@GFJ;:FEJLDF;C:FD9LJK@9C
0I@=@:8:@FEJEI8CJGIM@8C8GLJK8ED8I:?8;LE
J@JKD8
'8EKE@D@EKFE@EJK8C8:@FEJ;!*
.8EHLJ;8CD8:E8D@EKF
@C@E;IFJ
.L9IU8J
'8EKE@D@EKF;ILC8;FIJ
HL@GFJCT:KI@:FJP;OKI8::@WE;I8J8J
'8EKE@D@EKF;M8GFI@Q8;FIJ
OK@EKFIJ
,JGFEJ89@C@;8;ECD8EAF;C!*
LKFI@;8;:FDGKEK
DGIJ8:FDI:@8C@Q8;FI8
,JGFEJ89C;C;@DEJ@FE8D@EKFDFEK8APGIL98J
/JL8I@F=@E8C
#-$(
/E@;8;J;D;@;8
.89C8J;:FEMIJ@WE;LE@;8;J
'F;CF;?FA8;GIL98;?IDK@:@;8;

10. %'U!$$
CFHL;9DFJKF;FJM8CFI8IJC8FJ8;U8;CGIF=J@FE8C;
GFEIGFIJ:I@KFJLJ:FEF:@D@EKFJOGFE@TE;FJ8C8:IUK@:8P8
C8;@=8D8:@WE .FD8E;FE:LEK8HL8C8I8ED8PFIU8;CFJ
@EE@IFJ EF CJ LJK8 J:I@9@I C JWCF GC8JD8I JLJ
:FEF:@D@EKFJ ; =FID8 FI8E@Q8;8 :FDGCK8 JE:@CC8 P
EKE;@9CP8JLE@DGFIK8EKCFIF ;DSJ;:FEJK@KL@ILE8
=LEK ; @E=FID8:@WE MI8Q P 8::J@9C JF9I @EJK8C8:@FEJ ;
!*JKC@9IFJLEC8;F8C8GIJEKP=LKLI8EI8:@WE;
@EE@IFJ J M@K8 KEI HL IM@J8I DXCK@GCJ GL9C@:8:@FEJ
G8I8 CC8I 8 C8 D@JD8 :FE:CLJ@WE JKF J M@;E:@8 E C8
GCLI8C@;8;;I=IE:@8J9@9C@FIS=@:8JLK@C@Q8;8J
8PHLI:FEF:ICJ=LIQFI8C@Q8;FGFICFJ8LKFIJ;JK
C@9IFHL:FDGE;@8C8@E=FID8:@WE@CLJKI8:@FEJHL=8:@C@K8EC
8GIE;@Q8A ;C KD8 JC::@FE8;F P C8 8:K@KL; 8CKIL@JK8 ;
:FDG8IK@I :FE FKIFJ GIF=J@FE8CJ E CL8I ; IJIM8IJ JLJ
:FEF:@D@EKFJ JWCF G8I8 JU D@JDFJ ;@=LE;@E;F :WDF ;9E
?8:IJ C8J @EJK8C8:@FEJ ; !* ; D8EI8 =@:@EK P
:FEWD@:8 HL :LEK :FE JLI@;8; @E;LJKI@8C GIFK::@WE
:FEKI8;8VFJF:8J@FE8;FJGFI8::@;EKJFGFIC8D9@EKPC8
JL=@:@EK8LKFEFDU8G8I89I@E;8ILEJIM@:@F8;:L8;F8C:C@EK
=@E8C
*FIJLEF9CQ889LE;8E:@8EC8E8KLI8CQ898AF:FJKF=8:@C@;8;
;D8EAFPKI8EJGFIKPJLDUE@D88=:K8:@WE8C8D9@EKEF
;L;8DFJHLCLJF;!*@ISE=I8E:F:I:@D@EKFEDL:?FJ

11. ; ELJKIFJ G8UJJ E 8K@EF8DTI@:8 GFI CF :L8C J ; M@K8C
@DGFIK8E:@8 HL C8J @EJK8C8:@FEJ HL LK@C@:E JK :FD9LJK@9C
J8E;@JV8;8J@EJK8C8;8J;C8DAFI=FID8GFJ@9CKI8K8E;F
; M@K8I C8 F:LIIE:@8 ; ;J8JKIJ F =8K8C@;8;J 8KI@9L@9CJ 8
TJK8J
C@:@KF8CFJ8LKFIJ;JKC@9IFPI:FD@E;FJLC:KLI88CFJ
GIF=J@FE8CJ@EMFCL:I8;FJEJKKD8;K8EK88:KL8C@;8;PJL
JKL;@F E C8J 8LC8J ; C8J J:LC8J ; K:EFCFU8 P JKL;@FJ
JLGI@FIJ;#EE@IU8':SE@:8P8=@EJ
#E '8I:F ?E

12. #)'$*U#
C GIJEK KI898AF ?8 J@;F C89FI8;F :FE C =@E ; GIJEK8I
M8I@8J ; C8J G8IK@:LC8I@;8;J ; JK:FD9LJK@9CK8E 8D@89C
:FDFJC8JC@:L8;F;GKIWCF!*
-FE M8I@FJ CFJ 8VFJ ; OGI@E:@8 E C D8EAF ;@JVF P
;@DEJ@FE8D@EKF ; ELMFJ J@JKD8J D8EKE@D@EKF
@EJG::@WE JLGIM@J@WE ; 8CLEFJ ; CFJ DSJ @DGFIK8EKJ
J@JKD8J :EKI8C@Q8;FJ ; !* E :L8;FI P *8E8DS 8;DSJ
;DL:?8JOGI@E:@8J:FDG8IK@;8J:FEGIF=J@FE8CJ;*IX
FCFD9@8 ?@C IEK@E8 *8E8DS ,GX9C@:8 FD@E@:8E8
'TO@:F L98 FJK8 ,@:8 FC@M@8 JG8V8 P :L8;FI ;LI8EK
8CLEFJ ; CFJ FEIJFJ FE=IE:@8J P -D@E8I@FJ HL ?8E
GID@K@;F GC8JD8I E JK8 F9I8 8CLE8J ; C8J GIS:K@:8J DSJ
JE:@CC8JHLDI:EJIKFD8;8JE:LEK8:L8E;FJKI898A8
:FEJK?@;IF:8I9LIF
JK8 F9I8 GIKE; JI LE KOKF ; :FEJLCK8 G8I8 8HLCCFJ HL
JKSE @E:LIJ@FE8E;F :FE C !* F 8HLCCFJ HL KI898A8E :FDF
@EJG:KFIJ JLGIM@JFIJ E F9I8J :@M@CJ P 8HLCCFJ HL J
E:8I8E;FKFI8IGID@JFJ;=LE:@FE8D@EKF:FDFLKFI@;8;
FDGKEK .8D9@TE GIKE; JI LE KOKF ; :FEJLCK8 P ;
I=IE:@8 G8I8 JKL;@8EKJ ; 8J@E8KLI8J :FDF ':SE@:8 ;
CL@;FJ .IDF;@ESD@:8 -LI@;8; P -8CL; -FC;8;LI8
-C::@WE;'8KI@8CJ+LUD@:8EKIFKI8J
-@ED98IFPDSJ@DGFIK8EK8XE:FEJK8F9I8GIKE;DFJ
CC8I 8 CFJ HL CC8D8DFJ ³XVXDULRV´ J ;:@I 8 KF;8J 8HLCC8J

13. GIJFE8JHLEFK@EEE@EXE:FEF:@D@EKFJF9ICD8EAF;
JK?@;IF:8I9LIFPHLELEDFDEKF;KID@E8;FGL;EMI
JLJM@;8J:FDGIFDK@;8JGFIC8=8CK8;GIM@J@WEF;J:L@;FE
8CXE8JG:KF9SJ@:F;CD8EAF;C:FD9LJK@9C
*8I8 GIJEK8I JK KI898AF ?8E J@;F :FEJLCK8;FJ ;F:LDEKFJ
:@EKU=@:FJG8GIJW;@FJP(FID8J.T:E@:8JJK89C:@;FJGFI
FI8E@JDFJ ; I:FEF:@;F GIJK@@F @EKIE8:@FE8C K8CJ :FDF
( * -' #-# *# EKI FKIFJ ,C8DEKFJ ; M8I@FJ
G8UJJ;?89C8?@JG8E8:8KSCFFJ;=89I@:8EKJPOGI@E:@8J
:FDG8IK@;8JGFIM8I@8JGIJFE8C@;8;J:FE8VFJ;OGI@E:@8
ECD8EAF;C!*
JKKOKFJ?8;@M@;@;FE:@E:F:8GUKLCFJECFJ:L8CJJ?8:
LE I:FII@;F GFI C8 ?@JKFI@8 ³GHVFXEULPLHQWR´ GHO */3 VH
DLJKI8E C8J GIFG@;8;J =UJ@:8J P HLUD@:8J DSJ @DGFIK8EKJ
MEK8A8JP;JMEK8A8JECD8EAF;C?@;IF:8I9LIFP8CLE8J
; C8J DSJ @DGFIK8EKJ 8GC@:8:@FEJ ; JK :FD9LJK@9C E C
8GUKLCF
C 8GUKLCF DLJKI8 CFJ CDEKFJ DSJ @DGFIK8EKJ HL J
;9EKEIE:L8EK88CDFDEKF;GIFP:K8IC8I8C@Q8:@WE;
LEJ@JKD8;!*
E C 8GUKLCF J @E;@:8E CFJ 8JG:KFJ DSJ @DGFIK8EKJ HL
;9EKEIJE:LEK88CDFDEKF;;@DEJ@FE8I;@JV8I
@EJK8C8ILEJ@JKD8G8I8JK?@;IF:8I9LIF
-@E;FLE:FD9LJK@9CJ;9EKEIE:LEK8M8I@FJ8JG:KFJ
;JLI@;8;EC8@EJK8C8:@WE;JKK@GF;J@JKD8JCFJ:L8CJ

14. JFE 89FI;8;FJ E C 8GUKLCF ;FE; K8D9@TE J @E;@:8E C8J
IJGFEJ89@C@;8;J;:8;8LEF;CFJ8:KFIJEKF;8C8:8;E8
HL IGIJEK8 C D8EAF ; LE8 @EJK8C8:@WE ;J; C8
JLGIM@J@WE GFI G8IK ; C8 LKFI@;8; FDGKEK ?8JK8 C
LJL8I@F=@E8C
C8GUKLCF;EOFJGIJEK88CLE8JK89C8J;:FEMIJ@WE
; LE@;8;J HL JISE ; DL:?8 LK@C@;8; 8C DFDEKF ;
;@DEJ@FE8I J@JKD8J ; 8CD8:E8D@EKF P KI8EJGFIK G8I8 C
:FD9LJK@9CPJDLJKI88;DSJLE=FID8KFG8I8C8GIL98;
?IDK@:@;8;
@E8CDEK?8PHLIJ8CK8IHL8GJ8IHLJK8F9I8?8J@;F
@EJG@I8;8EM8I@8J;C8J(FID8J.T:E@:8J;G8UJJ;?89C8
?@JG8E8 P JF9I KF;F J ?8 KFD8;F :FDF I=IE:@8 E M8I@FJ
8JG:KFJ;C8(FID8( *:L9I@E;FLE8DGC@FJG:KIF;
CFJJ@JKD8J;8CD8:E8D@EKF;@JKI@9L:@WEP:FEJLDF;C8J
C@:L8;F ; GKIWCF 8HLC HLGIKE;8 I8C@Q8I LE8 @EJK8C8:@WE
G8I8C:FD9LJK@9C;9IS8:L;@I8C8(FID8F=@:@8C;CKII@KFI@F
;FE;JC8DGC8:
FJLKFIJ

15. =CA3D228N=
*34/2*
FJ ?@;IF:8I9LIFJ J =FID8IFE 8 G8IK@I ; I8E;J D8J8J ;
D8KI@8CJFISE@:FJHLHL;8IFE8KI8G8;8J98AFC8K@II8PGFI
C8 8::@WE ; C8 GIJ@WE P KDGI8KLI8 =LIFE KI8EJ=FIDSE;FJ
?8JK8 CC8I 8 C8 8:KL8C@;8; E ;FE; JFE OKI8U;FJ G8I8 JI
LK@C@Q8;FJ:FDF=LEK;EIU8GFICJI?LD8EF
/EF;JKFJ?@;IF:8I9LIFJJC8JC@:L8;F;GKIWCF!*
:LPFJCDEKFJ:FEJK@KLK@MFJGI@E:@G8CJJFEGIFG8EFP9LK8EF
.89C8 P E DEFI GIFGFI:@WE J GL;E E:FEKI8I
@JL9LK8EFJGIFG@CEFJP9LKEFJ

16. )01;0 NAD;0@DL82034;B2?=4=C4B34;!%
%A?0= DC0=
FIDLC8HLUD@:8
E 18CKI -ECC@E ;DFJKIW HL C8 M8GFI8:@WE E C8
8JFC@E8 J ;9U8 8C GIFG8EF P 9LK8EF P ;J8IIFCCW LE DTKF;F
GIS:K@:F G8I8 JG8I8I JKFJ M8GFIJ ; C8 8JFC@E8 CUHL@;8
FDGIF9W 8;DSJ HL JKFJ M8GFIJ GF;U8E JI C@:L8;FJ 8
GIJ@FEJ I8QFE89CJ P HL CCFJ J M8GFI@Q898E =S:@CDEK
:L8E;FJI;L:U8C8GIJ@WE8:FE;@:@FEJ8D9@EK8CJ5 6
*8I8=@EJ;CFJ8VFJ O@JKU8EM8I@8JDGIJ8JHLM@IFEC8J
9LE8J GIFG@;8;J P :8I8:KIUJK@:8J ; JK ?@;IF:8I9LIF P
;@IFE @DGLCJF 8 JL DI:8;F 38 J GF;U8E MI CFJ GI@DIFJ
M8FEJ G8I8 KI8EJGFIK ; ! * GFI =IIF:8II@C P J ?89U8E
JK89C:@;F GC8EK8J ; CCE8;F ; 9FKCC8J GFI KF;F JK8;FJ
/E@;FJ5 6
-L@EKIF;L::@WEELIFG8M@EFG8I8 :FEC8MEK8;CGI@DI
:@C@E;IFE I8E:@8J@ED98IFP;9@;F8C8-LE;8!LII8
'LE;@8C E CFJ 8VFJ JL9J@L@EKJ EF KLMF D8PFI ;J8IIFCCF P
OG8EJ@WE
*8I8CFJ8VFJ C;J8IIFCCF;C8@E;LJKI@8;C!*M@EF;C8
D8EF ;C DFEK8A ; I=@EIU8J C8J :L8CJ J MFCM@IFE

17. ELDIFJ8J E LIFG8 :FE CF :L8C J ;@F @DGLCJF 8 ELMFJ
DI:8;FJ:8;8MQDSJ@DGFIK8EKJEEXDIFPEK8D8VF
8;T:8;8;C =L@DGFIK8EKG8I8C8OG8EJ@WE;C!*E
-L;8DTI@:8JF9IKF;FGFIC8@DGFIK8:@WE;C:FD9LJK@9C;J;
/-GI@E:@G8CDEK;J;CFJJK8;FJ;C8QFE8;C!FC=F;
'TO@:F
FJ 8VFJ D8I:8IFE C8 ;=@E@K@M8 OG8EJ@WE ;C DI:8;F ;
!* 8 E@MC DLE;@8C :FE LE :I:@D@EKF E C8 :8G8:@;8; ;
GIF;L::@WE C8 :L8C J DLCK@GC@:W E JK GI@F;F E M:J
DI@E;F DI:8;FJ CU;IJ 8 E@MC DLE;@8C E C8 @E;LJKI@8
:FDF JFE CFJ G8UJJ ; )I@EK ';@F P J@8 ;@:@FE8CDEK
DI:8;FJEFKI8;@:@FE8CJ:FDFLJKI8C@80EQLC8#E;FEJ@8
IC@8G8UJJ;C'8I;C(FIK=LIFE:C8MJEC;J8IIFCCF;
C8@E;LJKI@8;JK:FD9LJK@9C5 6
ECGI@F;F:FDGIE;@;FEKI P C8F=IK8DLE;@8C
;C 8J C@:L8;F ; GKIWCF J ?8 @E:IDEK8;F E GIFD;@F
8EL8C GFI E:@D8 ; C8 ;D8E;8 :LP8J K8J8J ;
:I:@D@EKF FJ:@C8E E 8C:8EQ8E;F LE MFCLDE ;
D@CCFEJ ; 98II@CJ GFI ;U8 ;C :L8C C J F9KLMF :FDF
IJLCK8;F ;C GIF:JF ; KI8EJ=FID8:@WE ;C 8J E8KLI8C P C
IJK8EK:FDFGIF;L:KF;C8I=@E8:@WE;C:IL;F56
FJXCK@DFJ8VFJ?8EJ@;FD8I:8;FJGFIC8:FEK@EL8GC8EKI
C8JGFKE:@8JGFIF9KEIC :FEKIFC ;CFJDI:8;FJDLE;@8CJ
; CFJ :FD9LJK@9CJ :FDF =LEKJ ; EIU8 CF :L8C ?8

19. 2/0*%%3
EKI C8J GIFG@;8;J HL K@E JK ?@;IF:8I9LIF C8J DSJ
@DGFIK8EKJJFEC8JJ@L@EKJ
5.4/%#5,,*$*.8023*.%60/2
E:FE;@:@FEJ8D9@EK8CJ YP 8KD ;GIJ@WEC!*
J E:LEKI8 E =8J 8JFJ8 *8I8 HL GL;8 JI =S:@CDEK
KI8EJGFIK8;F P 8CD8:E8;F J CF CCM8 8 JK8;F CUHL@;F 56
DF;@=@:8E;F;FJ;JLJGIFG@;8;J=UJ@:8J
,;L:@E;FJLKDGI8KLI8F
#E:IDEK8E;FJLGIJ@WE
8.89C8 DLJKI8CGLEKF;9LCC@:@WEPC8GIJ@WE;M8GFI
;CFJ:FDGFEEKJ;C!*
)01;0 %A?843034B34;!%
%A?84303 *=8303 %A?0= DC0=
*LEKF;9LCC@:@WE %*8 Y
*IJ@WE;M8GFIY B*8

20. FDFJ?89U8DE:@FE8;F8EKI@FIDEKC!*JCCM8;F8
JK8;FCUHL@;FG8I8=8:@C@K8IJLKI8EJGFIKP8CD8:E8D@EKFPJ
;GFJ@K8;FEI:@G@EKJK8EHLJF:@C@E;IFJ;FE;JGIF;L:
LE=EWDEF=UJ@:F;M8GFI@Q8:@WEJ;:@IC:8D9@F;=8J;
CUHL@;F8M8GFIHLJCJK8;F=UJ@:FECHLJCFLK@C@Q8E
CFJHL@GFJ;:FEJLDF56
*8I8HLJGIF;LQ:8JK=EWDEF;M8GFI@Q8:@WECCCE8;F
;CFJI:@G@EKJEF;9JID8PFI;C;JLMFCLDEKFK8C
5656 :FE C =@E; M@K8I JF9ICCE8;F P HL O@JK8 LE JG8:@F
;FE;M8GFI@:
/EIHFLSLHQWH³OOHQR´GHOFRPEXVWLEOHWLHQHXQDSUHVLyQFHUFDQDD
CFJ %*8 GJ@C8:L8CDGQ8IS8;@JD@EL@I:FE=FIDJ
GIF;LQ:8 C :FEJLDF ; CFJ HL@GFJ :L8E;F JKFJ J8E
E:E;@;FJ P JKTE FGI8E;F RJK8 GTI;@;8 ; GIJ@WE J
:FDGEJ8;8:FEC?IMFI;C8=8JCUHL@;8HL:;:8CFIG8I8
JK8M8GFI@Q8:@WEGFICF:L8CC8KDGI8KLI8;C!*EJK8;F
CUHL@;F98A8
C :8CFI HL G@I; C CUHL@;F GFI =:KF ; C8 M8GFI@Q8:@WE J
:FDGEJ8;FGFIC:8CFI;C8@IHLIF;88C;GWJ@KFHLJ
KI8EJD@K?8:@8C@EKI@FI8KI8MTJ;C8JG8I;J;CI:@G@EK
8JLGI=@:@;CI:@G@EK;C@D@K8;8GFIC!*HLJKSCUHL@;F
VH FRQRFH FRPR ³]RQD PRMDGD´ PLHQWUDV PDRU VHD HVWD]RQD
DFA8;8D8PFIJISC8:8G8:@;8;;M8GFI@Q8:@WE;CI:@G@EK
56

21. 0$*%%%60/2*9$*.
8:8G8:@;8;M8GFI@Q8:@WEJGL;;=@E@I:FDFC8:8EK@;8;;
:FD9LJK@9C !* D;@;8 E 5% ?6 F LE@;8;J HL@M8CEKJ
HLGL;EKI8ILEI:@G@EK8LE8;KID@E8;8:FE;@:@WE;
CCE8;FP8LE8:@IK8KDGI8KLI88D9@EK8C
O@JKE;FJ=8:KFIJHL;KID@E8EF@E=CLPEEC8:8G8:@;8;
;M8GFI@Q8:@WE;LEI:@G@EKELE;KID@E8;FDFDEKFP
JKFJJFE
8 KDGI8KLI8 ;C 8@I OKI@FI 8C I:@G@EK 8 D8PFI
KDGI8KLI8 OKI@FI D8PFI ;@=IE:@8 ; KDGI8KLI8 :FE
C:FD9LJK@9CCUHL@;FGFIK8EKF?89ISD8PFIKI8EJ=IE:@8
;:8CFI?8:@8TCPGFICFK8EKF?89ISD8PFI:8G8:@;8;;
M8GFI@Q8:@WE
C GFI:EK8A ; CCE8;F ; LE I:@G@EK D@EKI8J DSJ
CCEFJKTCK8EHLFC:@C@E;IFC8JLGI=@:@DFA8;8JIS
D8PFIPGFIK8EKF?89ISDSJ:8G8:@;8;;EKI8IM8GFI
?8:@8C:FEJLDF
L8E;FLEI:@G@EKEFCFI8M8GFI@Q8IKF;FC:FD9LJK@9CHL
UHTXLHUHQ ORV HTXLSRV pVWH HPSLH]D D ³VXGDU´ OXHJR VXV
G8I;JDG@Q8E8:L9I@IJ;J:8I:?8:FDFJGL;MIE
C8 @LI8

22. 86DA0 8;8=3A34!%2DH020?02830334E0?A8I028N=
4B4=A0;2=BD34;B4@D8?B
.3*%%8%.3*%%2,4*6
.8EKF C8 ;EJ@;8; :FDF C8 ;EJ@;8; IC8K@M8 JFE GIFG@;8;J
DLP@DGFIK8EKJHL;9EKEIJE:LEK8G8I8C!*JF9I
KF;F;J;CGLEKF;M@JK8;C8JLI@;8;
8 .89C8 DLJKI8 CFJ M8CFIJ ; ;EJ@;8; IC8K@M8 ; CFJ
:FDGFEEKJ ;C !* IJG:KF 8C 8@I C GJF JG:U=@:F ;C
CUHL@;FPCGJFGFI8CWE;CUHL@;F

23. )01;0 4=B8303A4;0C8E0?4B4B?42L58234;L@D83H
?4B?A60;N=34;L@D8334;B2?=4=C4B34;!%5 6
%A?84303 %A?0= DC0=
EJ@;8;IC8K@M8
*JFJG:U=@:F;CCUHL@;F Y
*JFGFI8CWE;CUHL@;F8 Y 5C96
FDFJF9JIM8C8;EJ@;8;;C!*JD8PFIHLC8;EJ@;8;
;C8@IDSJFDEFJC;F9CJGFIJFHLE:8JF;LE8
=L8FJ:8GJK:FD9LJK@9CK@E;8;@J:LII@IGFIC8JG8IKJ
98A8J
C!*EJK8;FCUHL@;FGJ8C8D@K8;HLC8L8JGFICCFP
:FDF J MIS DSJ 8;C8EK E CFJ IHLI@D@EKFJ ;
@EJK8C8:@FEJ;I:@G@EKJEKII8Q8JF8QFK8JJJFC@:@K8HL
C :SC:LCF ; IJ@JKE:@8 ; C8 CFJ8 ;FE; JIS @EJK8C8;F ;@:?F
I:@G@EK J8 :8C:LC8;8 E =LE:@WE ;C GJF ; JK CCEF ;
8L8 P8 HL LE8 ; C8J GIL98J JFC@:@K8;8J :FDF G8IK ;C
D8EKE@D@EKF E:J8I@F E J@JKD8J HL D8EA8E C
:FD9LJK@9CJK8C8GIL98?@;IFJKSK@:88CK8EHL
8 ;EJ@;8; ;C !* K8EKF E C8 =8J CUHL@;8 :FDF E C8 =8J
8JFJ8 M8IU8 E =LE:@WE ; C8 KDGI8KLI8 JXE :FDF J
GL;8GI:@8IEC8 @LI8

24. 86DA0 4=B830334;?A?0=. 6 /?0A0;B4BC03B
34;L@D83HE0?A4=4@D8;81A856
/%2$,/2'*$/
- ;=@E :FDF GF;I :8CFIU=@:F 8 C8 :8EK@;8; ; :8CFI HL
EKI8 LE B@CFI8DF F LE DKIF :X9@:F ; :FD9LJK@9C 8C
FO@;8IJE=FID8:FDGCK8 J;:@I:L8E;FC:8I9FEFG8J8
8E?U;I@;F:8I9WE@:F
8.89C8 DLJKI8CFJGF;IJ:8CFIU=@:FJJLGI@FI@E=I@FI
;CFJ:FDGFEEKJ;C!*

25. )01;0 %34A20;AL58234;!%
%A?84303 *=8303 %A?0= DC0=
*F;I:8CFIU=@:FJLGI@FI %:8C %
*F;I:8CFIU=@:F@E=I@FI %:8C %
C !* J IHLI@;F :FDF =LEK ; EIU8 E DXCK@GCJ
8GC@:8:@FEJ JF9I KF;F GFIHL JL GF;I :8CFIU=@:F J CM8;F
IJG:KF 8 FKIFJ :FD9LJK@9CJ 8 .89C8 DLJKI8 C GF;I
:8CFIU=@:F ; FKIFJ :FD9LJK@9CJ LK@C@Q8;FJ :FDF =LEKJ ;
EIU8
)01;0 ?0A028N=34?34A20;AL58234;!%A4B?42C
0CA0B5D4=C4B344=4A6L05 65 6
0C4A80; %34A20;AL582.:20; 6/
*8GC
'8;I8
!8JFC@E8
'K8EF
C:F?FCDKUC@:F

26. 0C4A80; %34A20;AL582.:20; 6/
C:F?FCKUC@:F
EQFC
@TJC
-*4%*.',-#*,*%%
8 @E=C8D89@C@;8; J C8 D;@;8 ; C8 =8:@C@;8; HL GIJEK8 LE
:FD9LJK@9C G8I8 E:E;IJ P ;C8 I8G@;Q :FE HL LE8 MQ
E:E;@;FJ;@JD@E8ISEJLJCC8D8J56
FJ CUD@KJ ; @E=C8D89@C@;8; CC8D8;FJ K8D9@TE CUD@KJ ;
OGCFJ@M@;8; JFE @DGFIK8EKJ G8I8 EKE;I :FDGCK8DEK C
:FDGFIK8D@EKF;C=LF L8E;FJGIF;L:LE@E:E;@FLE8
D8J88JFJ8;:FD9LJK@9CJ=FID8;9@;F8C8G@IWC@J@J
JKFJ 8JJ ; G@IWC@J@J GL;E DQ:C8IJ :FE FKIFJ 8JJ ;
JLJ 8CI;;FIJ -@ J ?8E =FID8;F JL=@:@EKJ 8JJ
@E=C8D89CJJ8C:8EQ8CCUD@K@E=I@FI;OGCFJ@M@;8;
C CUD@K @E=I@FI ; OGCFJ@M@;8; # P C CUD@K @E=I@FI ;
@E=C8D89@C@;8; ## JFE ;FJ :FE:GKFJ ;@JK@EKFJ G8I8 C D@JDF
GI@E:@G@F
8 @LI8 DLJKI8 C I8EFE C :L8C CFJ :FDGFEEKJ ;C
8J C@:L8;F ; GKIWCF JFE @E=C8D89CJ :L8E;F JKSE
:FD9@E8;FJ:FEC8@I

27. 86DA0 !L8C4B348=5;0018;830334;B2?=4=C4B34;
!%5 6
/-#534*.
8:FD9LJK@WEJLE8I8::@WE=UJ@:FHLUD@:8OFKTID@:8;LE8
JLJK8E:@8 ;EFD@E8;8 :FD9LJK@9C HL J :FD9@E8 :FE LE
:FD9LIEKFOUEF5 6PHLEGIJE:@8;LE8=LEK;
@E@:@WEI8::@FE8E:FE;JGIE;@D@EKF;EIU8CLQF:8CFI
=FID8E;FCCC8D8;FKI@SELCF;C=LF @LI8

28. 86DA0 )A8J=6D;34;5D46
O@JKE KIJ =FID8J :FDF J GL; :FD9@E8I C !* :FE C
FOUEF;C8@IG8I8=FID8IC8:FD9LJK@WEPJK8JJFE
01DBC8N==4DCA04BC4@D8KCA820
-GIF;L::L8E;FC8@IDGC8;F8GFIK8C8:8EK@;8;ALJK8;
FOUEF G8I8 HL KF;FJ CFJ I8:K@MFJ J KI8EJ=FIDE E
GIF;L:KFJ 5 6 RJK8 I8::@WE K@E CL8I :L8E;F F:LII LE8
:FD9LJK@WE :FDGCK8 J@E O:JF ; 8@I )OUEF *FI
:FEJ@L@EK EF ;9 8G8I:I FOUEF JF9I8EK E CFJ
GIF;L:KFJ;C8:FD9LJK@WE5 6
EC8:L8:@WE JDLJKI8C8I8::@WE;:FD9LJK@WEELKI8
FJKHL@FDTKI@:8;CGIFG8EF

29. o
11DBC8N=2=4G24B3408A4
JC8I8::@WEHLJGIF;L::FELE8:8EK@;8;;8@IJLGI@FI
8CDUE@DFE:J8I@F
L8E;F J K@E LE O:JF ; 8@I C8 :FD9LJK@WE K@E; 8 EF
GIF;L:@IJLJK8E:@8J:FD9LJK@9CJECFJ8JJ;I8::@WEPJ
KUG@:8C8GIJE:@8;FOUEFECFJ?LDFJ
-@ 9@E C8 @E:FIGFI8:@WE ; 8@I GID@K M@K8I C8 :FD9LJK@WE
@E:FDGCK8 P C8 =FID8:@WE ; @EHLD8;FJ KI8 :FDF
:FEJ:LE:@8C8GTI;@;8;:8CFIECFJGIF;L:KFJ;:FD9LJK@WE
I;L:@E;F C8 KDGI8KLI8 ; :FD9LJK@WE C8 =@:@E:@8 P C8
CFE@KL;;CC8D85 6
8I8QWEGFIC8:L8CJLK@C@Q8EFID8CDEKLEO:JF;8@IJ
?8:II8::@FE8I:FDGCK8DEKC:FD9LJK@9C;@JGFE@9CEC
GIF:JF5 6
L8E;FCFOUEFJK8GFIO:JFC8=FID8;C8 I8::@WE;
:FD9LJK@WE J C8 D@JD8 GIJEK8;8 G8I8 C8 I8::@WE ELKI8 F
JKHL@FDTKI@:8

30. 21DBC8N=2=34542C3408A4
ETJK8:FD9LJK@WEC8@I;@JGFE@9CJDEFIHLCE:J8I@F
G8I8HLJGIF;LQ:8C8FO@;8:@WEKFK8C;C:FD9LJK@9C -@EFJ
GIF;L:LE8:FD9LJK@WE:FDGCK8:FDFGIF;L:KF;:FD9LJK@WE
JK@ECDFEWO@;F;:8I9FEF)C:L8CJLE8J@E:FCFIF
@EF;FIF@EJUG@;FPDLPKWO@:F
JK 8J I;L: C8 :8G8:@;8; ; 89JFI:@WE ; FOUEF GFI C8
J8EI 8C F:LG8I C JG8:@F ; TJK E C8 ?DFCF9@E8
;@JD@ELPE;FGFICCFC:FEKE@;F;CFOUEFEC8J8EI -L
KFO@:@;8;JK8ECM8;8HLJFCFLE ;)EC8@IJ
JL=@:@EK G8I8 F:8J@FE8I C8 DLIK E D@ELKFJ 5 6 8 JK
IHQyPHQRVHORFRQRFHFRPROD³PXHUWHGXOFH´P8HL8HLCC8
GIJFE8HLJKSOGLJK88JK88J:FDFEFCFJ@EKGL;
CC8I8DFI@IJ@E;8IJ:LEK8
8:FD9LJK@WE;CGIFG8EF:FE=8CK8;FOUEFJGIF;L:;C8
J@L@EK=FID856
o
*FICGC@IFHL:FECCM8JL@E?8C8:@WEECFJJIJ?LD8EFJJ
HLJI:FD@E;8MEK@C8ICFJJG8:@FJ;FE;JK8ECFJHL@GFJ
; :FEJLDF ; !* F @EJK8C8ICFJ E JG8:@FJ OKI@FIJ :FE
MEK@C8:@WEE8KLI8C5 6K8C:FDFJDLJKI8EC8 @LI8

31. 86DA0 *182028N=3420;45N=2=E4=C8;028N==0CDA0;
23*/.3-:3535,3%54*,*9$*.%,
8.89C8DLJKI8C8JGIJ@FEJDSJLJL8CJG8I8CFJHL@GFJ;
:FEJLDF:FEC8JHLJFELK@C@Q8;FJCFJ:FDGFEEKJ;C!*
)01;0 %A4B8=4BJBDBD0;4B34?4A028N=34;B
2?=4=C4B34;!%56
?=4=C4 %A4B8N=34B4AE828
.10A/
*IFG8EF
LK8EF

32. /22/3*.
C !* EF :FIIF 8C 8:IF E@ 8C :F9I P JLJ 8C8:@FEJ P EF
;@JLCMCFJ:8L:?FJJ@EKTK@:FJJGFICCFHLJKFJD8KI@8CJ
JFECFJI:FDE;8;FJG8I8JL:FE;L::@WE
*FIC:FEKI8I@FC!*;@JLCMC8JI8J8JP8C:8L:?FE8KLI8C
56
/7*$*%%
C !* EF J KWO@:F J@E D98IF C8 8::@WE =@J@FCW@:8 HL J
GIF;L:ECFI8E@JDF:L8E;FJCF@E?8C8GIF;L:LE=:KF
8EJKTJ@:F56
,/28$/,/2
E JK8;F E8KLI8C C !* EF K@E FCFI E@ :FCFI P 8C JI LE
:FD9LJK@9C E :8JF ; LE8 =L8 G8I8 GF;I ;K:K8ICF J C
8V8; GHLV8J :8EK@;8;J ; JLJK8E:@8J HL C ;8E LE FCFI
:8I8:KIUJK@:F=LIKPEFK8E8I8;89CCC8D8;8JDI:8GK8EFJ
/.4-*.$*.
C!*EF:FEK8D@E8C88KDWJ=I8PJ:FEJ@;I8;F:FDFLE8
=LEK;EIU8C@DG@8P8D@89C -LJ8JJJKSEOEKFJ;
8QL=I GCFDF P JLJ WO@;FJ EF J ;@JLCME E 8L8 E@ C8
:FEK8D@E8EGFICFHLJGL;LK@C@Q8IED98I:8:@FEJ:FDF
:8I9LI8EKJP:FDF:FD9LJK@9CJ56

33. ,3*'*$$*.%2*3(/3%,
C D8EAF ;C !* EI8 I@JFJ GFI JL LK@C@Q8:@WE 8C JI LE
:FD9LJK@9C ( * ?8 JK89C:@;F LE J@JKD8 G8I8
@;EK@=@:8:@WE;CFJGC@IFJ; LED8KI@8CEKTID@EFJ;KIJ
:8KFIU8JGI@E:@G8CJJ8CL;@E=C8D89@C@;8;@EJK89@C@;8;5 6
8@;EK@=@:8:@WE;JKFJGC@IFJ?8:@8CJI?LD8EFIJGFE;
8 LE J@JKD8 ; :F;@=@:8:@WE HL M8 D;@8EK JV8CTK@:8 E
I:@G@EKJ ; 898JK:@D@EKF P ;@JKI@9L:@WE ; JLJK8E:@8J
GC@IFJ8J5 6
8 @LI8 DLJKI8 C8 @;EK@=@:8:@WE JXE CF JK89C:@;F E
( *
86DA0 34=C8582028N=34BDBC0=280B?4;86AB0B#%
. /

34. *8I8C:8JF;C!*JK@EEC8JJ@L@EKJ:8C@=@:8:@FEJG8I8
C8:C8J@=@:8:@WE;I@JFJ5 6
*C@IF;-8CL;M
*C@IF;#E=C8D8:@WEJLE8J@E=C8D89C
*C@IF;#EJK89@C@;8;
*C@IFJJG:@8CJ(@ELEF
FDF IJLDE ; KF;F CF 8EKI@FI 8C !* C :FIIJGFE; LE
IFD9F;JLI@;8;JXECFHLJDLJKI8EC8 @LI8 C
:L8C JIS I:FDE;89C L9@:8ICF E CFJ I:@G@EKJ ;
8CD8:E8D@EKF :FDF JV8CTK@:8 ; JLI@;8; :FE C =@E ;
8CIK8I8OKI8VFJC8GIJE:@8;C:FD9LJK@9CPJLGC@IF
86DA0 34=C8582028N=34BDBC0=280B?4;86AB0BB46O=;0
#% 5 65 6

35. 3/380,*$$*/.3
C!*JLEF;CFJ:FD9LJK@9CJDSJMIJSK@CJ8CI;;FI;
8GC@:8:@FEJJCFLJ8ELE8I8E:8EK@;8;;HL@GFJ
E IJ@;E:@8J :FDI:@FJ @E;LJKI@8J EKIC8J HLJGL;E
DE:@FE8I5 65 6
F::@WE;8C@DEKFJ @LI8 8
8CEK8D@EKF;8L8 @LI8 9
-:8;F;IFG8
HL@GFJ @E;LJKI@8CJ ; :F::@WE ; 8C@DEKFJ E :8;E8J
DLCK@E8:@FE8CJ
FIEFJ;G8E8;IU8
I@;FI8J
-:8;F;?FA8J;K898:F @LI8 :J:8;F;D8UQ
J:8;F;8IIFQ
#E;LJKI@8 8MU:FC8 J @;8C G8I8 D8EKEI :8C=8::@FE8;FJ
8D9@EKJHLJ@IME;:I@8;IFJ;GFCCFJ @LI8 ;
8C=8::@WE
!EI8:@WE;M8GFI
!*M?@:LC8I @LI8
'FEK8:8I8J @LI8 =
FIEFJ@E;LJKI@8CJ
8C;I8J
-:8;F;D8;I8
IFJFCJ
-LJK@KLKF;GIF;L:KFJHLUD@:FJEF:@MFJ:FDF?I9@:@;8

36. 86DA0 ?;82028=4B34;!%02228N=340;84=CB
120;4=C084=C3406D02B420334790B34C01025 6
38=3DBCA800EL2;05 648=3DBCA800DCCA8I5
=C020A60B

37. !.4+3
.@E M8I@8J MEK8A8J :FDF LE8 =LEK ; 898JK:@D@EKF ;
EIU8E8GC@:8:@FEJIJ@;E:@8CJ:FDI:@8CJ@E;LJKI@8CJ
EKIC8JHLJGL;EDE:@FE8I5 65 65 6
9 CKF GF;I :8CFIU=@:F :FDG8I8;F :FE FKI8J =LEKJ ;
EIU8
9 @DG@FEKTID@EFJ;D@J@FEJ;8JJ:FEK8D@E8EKJ
9 -:FD9LJK@FE8:FDGCKFGFIJFEFGIF;L:?FCCUECFHL
GID@K LE8 D8PFI ;LI89@C@;8; ; JLJ 8IK=8:KFJ 8 8J P
DFKFIJ;JLM?U:LCF
9 J=S:@C;KI8EJGFIK8ICFP8CD8:E8ICFGFICCFJCFC@:L8
P8HL8:FE;@:@FEJ8D9@EK8CJC!*JE:LEKI8E
=8JM8GFI
9 -L D8E@GLC8:@WE J DLP JLI8 J@ J CF D8EA8
KT:E@:8DEK
9 (FJKWO@:FG8I8CJI?LD8EF
9 FDF LE8 JFC8 =LEK ; EIU8 GL; J8K@J=8:I M8I@8J
E:J@;8;JEITK@:8J
9 D@89C:FECD;@F8D9@EKP8HLI;L:ELE
C8J D@J@FEJ ; WO@;F ; E@KIWEF P E LE C8J
D@J@FEJ;;@WO@;F;:8I9FEF
9 -I;L:ECFJ:FJKFJ;D8EKE@D@EKF;CFJHL@GFJ;
:FEJLDF
9 E 8GC@:8:@FEJ M?@:LC8IJ :FEKI@9LP E C8 ;LI8:@WE ;C
DFKFIP8HLEF;J8JK8K8EKFCFJ:@C@E;IFJPJDEKFJ

38. ;CDFKFI:FDFFKIFJ:FD9LJK@9CJ8;DSJHLEFGFJ
:FDGFEEKJ:8IFJP:FDGCAFJ
9 8J 8MIU8J ; J@JKD8J P HL@GFJ ; !* EF JFE K8E
=I:LEKJ P C8J IG8I8:@FEJ ; JKFJ J@JKD8J JFE DLP
JE:@CC8JP=S:@CJ;=:KL8I
9 J LE :FD9LJK@9C :FEWD@:F @E:CLJF E 8CLEFJ G8UJJ
CFJF9@IEFJ?8EFGK8;FGFIEKI8IJL9J@;@FJPGI:@FJ
JG:@8CJG8I8=FDEK8IJLLK@C@Q8:@WE5 65 6
36.4+3
-@E D98IF 8 GJ8I ; KF;8J JK8J GIFG@;8;J P
:8I8:KIUJK@:8J DLP MEK8AFJ8J J ?8E ;K:K8;F M8I@FJ
GIF9CD8J HL @E:IDEK8E C I@JF GFI JL D8EAF E C8J
@EJK8C8:@FEJ :L8E;F EF J KFD8E C8J GI:8L:@FEJ ;9@;8J
EKIC8JHLJGL;EDE:@FE8I5 65 6
™-@JCFD8EA8KT:E@:8DEKJDLPJLIFCF:L8CEI8
O:JF;:FE=@8EQ8EJLD8EAF
™J:FEF:@D@EKF;(FID8J.T:E@:8JM@EKJ8CDFDEKF
; GIFP:K8I ;@JV8I GC8E@=@:8I @EJK8C8I P D8EKEI
J@JKD8J;!*CF:L8C;I@M8ED8C8J8GC@:8:@FEJ
™ 8CK8 ; GIM@J@WE E C ;@JVF FI@@E8C ; ELM8J
@EJK8C8:@FEJG8I8CJG8:@F;JK@E8;F8C8CD8:E8D@EKF
GFI CF HL CFJ I:@G@EKJ JFE @EJK8C8;FJ E J@K@FJ GF:F
JLIFJ

39. ™ 8CK8 ; GIFK::@WE 8 CFJ I:@G@EKJ HL :FEK@EE C
:FD9LJK@9C
™FDF CFJ J@JKD8J IHL@IE GF:F D8EKE@D@EKF J
GIF;L:;J:L@;F;CFJLJL8I@FJCFJ:L8CJ?8:ECC8I8C
CUD@K ; C8 M@;8 XK@C 8 CFJ CDEKFJ ; LE8 @EJK8C8:@WE
GIFMF:8E;F8::@;EKJ
™ 8CK8 ; @EJG::@WE GFI G8IK ; C8J 8LKFI@;8;J
:FDGKEKJ
'454A4=280B
5 6 26,1(5*0,1 ³+LVWRULD FRPSRVLFLyQ REWHQFLyQ GHO JDV
OLFXDGRGHSHWUyOHR´
5 6 -)UDQFLVFR³/DVHJXULGDGHQODGLVWULEXFLyQPDQLSXODFLyQ
GHO*/3´
56 /E@;8;;GC8E8:@WED@EIFEIK@:8(*(+,4(+,2(9
0*;(+5+,2 ,:8D2,5,45253)0(
56 KI@LD;@:@FEJ0)205:,*(:80;3+,2(949:(2(*054,9(9
2,*:80*0+(+49:(2(*054,9#0659+,(9EF ±
56 -6WDZF]N³([SHULPHQWDOHYDOXDWLRQRI/3*WDQNH[SORVLRQ
KD]DUGV´YROSS ±

40. 56 * 5 $VWEXU ³$ UHYLHZ RI WKH SURSHUWLHV DQG KD]DUGV RI
VRPH DOWHUQDWLYH IXHOV´ YRO QR $8EL8IP GG ±
56 (/ySH]6RSHxD³0DQXDOGHLQVWDODFLRQHVGH*/3´
5)EC@E6 M8@C89C
?KKG NNN 9C8E:F8J :FD JK@CF EFID8J 9 CG
:GJ8 G;=
56 ,48,0( $UJHQWLQD ³%/(9( 3UHYHQFLyQ 5HVSXHVWD´
5)EC@E6 M8@C89C
?KKG NNN :@HL@D FI 8I =@CJ 8K G;=
56 - * %LD8I 0 - - - *I8J8;! 0EB8K8I8K?E8D%
5DPDPXUWKL DQG 6 6 0XUWK ³,QIOXHQF F= JLI=8:
M8GFI8K@FE FE JKI8K@=@:8K@FE @E C@HL@; ?P;IFE K8EBJ F=
GLIIHUHQWDVSHFWUDWLRV´4:+85.,44,8.MFC GG
±
5 6 ( * D+0.5 +,2 (9 0*;(+5 +, ,:8D2,5
+0*0D4 (8K@FE8C @I*IFK:K@FEJJF:@8K@FE
5 6 (# !,)/* $*,3 ³9 6HPLQDULR GH *DV /LFXDGR GH
3HWUyOHR$*,3´
5 6 - C@2*5/52*535*53);9:0)2,(2:,84(:05,435:58,9+,
*53);9:05404:,84(
5 6 , )HUQDQGH] 6 3HUH] DQG 5HQHGR ³7HUPRGLQiPLFD
0iTXLQDV7pUPLFDV´

41. 5 6 - 'RPtQJXH] HUGHLUD ³RQFHSWRV GH FRPEXVWLyQ
FRPEXVWLEOHV´LQ(2+,8(,-0*0,4:,9685*,95904+;9:80(2,9
GG ±
5 6 * 6ROHU 6 )DRV DQG $ $FRVWD ³5HDFFLyQ GH
RPEXVWLyQ´
5 6 %HQLWH]DOGHURQDQG(VFDWHV³3URFHVRGHFRPEXVWLyQ´LQ
#,835+04(30*( GG ±
5 6 I@QLC88E;- ,FD8EF53);9:0D4
5 6 2'DQLOLQ³RPEXVWLRQ´/D3ODWD
5 6 #(( :L8;FI # $95 , 049:(2(*0D4 +,
*(2,4:(+58,9+,(.;((.(9+,6(95*54:04;5(*;3;2(:05
5 6 0 DOOH ³,QWURGXFFLRQ DOD LQGXVWULDGH ORV KLGURFDUEXURV´
5 6 ' 6LOYD 9iVTXH] ³0DQXDO GH 6XVWDQFLDV 3HOLJURVDV
ODVLILFDFLyQH,QIRUPDFLyQGH5LHVJRV´
5 6 3HPH[ 0p[LFR ³+RMD GH 'DWRV GH 6HJXULGDG 3DUD
-LJK8E:@8J +XtPLFDV *DV /LFXDGR 'HO 3HWUyOHR´
5)EC@E6 M8@C89C
?KKG NNN 8J GDO :FD (, I;FECPIJ
FA8-LI@;8;!8J*7M G;=
5 6 $EDVWLEOH ³)LFKD GH GDWRV GH VHJXULGDG GHO FRPEXVWLEOH´

42. 5)EC@E6 M8@C89C
?KKG NNN 898JK@9C :C :FIGFI8K@MF ELJKIF
8J :8I8:KI@JK@:8JCG .@KC
5 6 :RUOG/3*$VVRFLDWLRQ³/3*H[FHSWLRQDOHQHUJ´
5 6 *$6129$³*DV/LFXDGRGH3HWUyOHR±!*)GFIKLE@;8;J
SDUDRORPELD7UDQVSRUWHHLQGXVWULD´
5 6 '8JKIRQWUROLD/WGD³0DVWHUFRQWURO(QJLQHHULQJ´
5)EC@E6 M8@C89CNNN D8JKI:FEKIFC :FD :
5 6 ) KLFD ) (VSLQR]D DQG 1 5LYHUD ³*DV OLFXDGR GH
GKIWCF :FDF :FD9LJK@9C 8CKIE8K@MF G8I8 DFKFIJ ;@JC
:FE C8 =@E8C@;8; ; I;L:@I C8 :FEK8D@QDFLyQ GHO DLUH´
4.,40;9!,0,4*#,*452MFC GG ±
5 6 $'¶6DDQG.910XUWK³/3*DVDFRRNLQJIXHORSWLRQ
IRU ,QGLD´ 4,8. ;9:(04 , MFC EF GG ±
5 6 . 7URQFRVR DQG $ 6RDUHV ³/3* IXHO VXEVLGLHJ @E 8K@E
$PHULFDDQGWKHXVHRIVROLGIXHOVWRFRRN´ 4,8. 520*
MFC EF $8EL8IPGG ±
5 6 -0RQFDGD³5LHVJRRSHOLJUR´ (:045(3 MFC
EF GG ±
5 6 ' 9HQHJDV ³6HJXULGDG HQ OD LQVWDODFLRQ GH JDVHV
@EGXVWULDOHV */3 ´LQ54.8,954:,84(*054(2+,4,8.B(
!,6E)20*(53040*(4( G

43. ?=4=C4B34
B8BC40B?0A060B
;82D0334?4CAN;4
CLJF;C!*:FDF:FD9LJK@9CJDLP=I:LEKG8I8M8I@8J
8GC@:8:@FEJ E J@JKD8J IJ@;E:@8CJ :FDI:@8CJ
@E;LJKI@8CJ JF9I KF;F GFIHL J :FEJ@;I8;F LEF ; CFJ
JLD@E@JKIFJ;EIU8DSJJLIFJ5 6
*8I8HLGL;8CC8I?8JK8CFJHL@GFJ;:FEJLDFJIHL@I
;I:@G@EKJG8I8JL8CD8:E8D@EKFPKI8EJGFIKJ@JKD8J;

44. KL9IU8J8::JFI@FJJ@JKD8J;:FEKIFCILC8:@WE;GIJ@WEP
:8L;8CP=@E8CDEK:FDFJLD8E@GLC8:@WEEI8I@JFJHLEF
GL;E JI C@D@E8;FJ G8I8 CFJ LJL8I@FJ 5 6 J ;9E KEI
GIM@JKFJJ@JKD8J;GIME:@WEGIFK::@WEP:FEKIFC
E C D8I:F ILC8KFI@F ; C8J @EJK8C8:@FEJ ; 8J C@:L8;F ;
GKIWCF O@JKE FI8E@JDFJ 8 E@MC @EKIE8:@FE8C :FDF C8
(8K@FE8C @I*IFK:K@FEJJF:@8K@FE( *HLJE:8I8E;
C89FI8IEFID8JPIC8DEKFJ:FECFJC@E8D@EKFJDUE@DFJHL
J ;9E :FEKDGC8I E C GC8E8D@EKF ;@DEJ@FE8D@EKF
A:L:@WEPD8EKE@D@EKF;J@JKD8JPHLJFE8GIF98;FJGFI
C8LKFI@;8;FDGKEKE:8;8LEF;CFJG8UJJC8:L8CJ
;J@E8;8GFICFJF9@IEFJE8:@FE8CJ565656
8LKFI@;8;FDGKEKG8I8GF;I8GIF98ILEJ@JKD8;JK
:FD9LJK@9C ;9IS MI@=@:8I C8 @;FE@;8; ; CFJ :FDGFEEKJ
HLJDLJKI8EEC8 @LI8
86DA0 ?=4=C4B34D=B8BC403460B;82D0334
?4CAN;4
!
!
!
#!
!
# !
! !
!
# !
$#!
!
!
!
! !
#!
!#
!!
$

45. .F;FJ JKFJ :FDGFEEKJ ?8E J@;F ;=@E@;FJ E CFJ D8I:FJ
ILC8KFI@FJPJK8J;=@E@:@FEJJ@E;@:8E8:FEK@EL8:@WE:FEC
=@E ; =8D@C@I@8I@Q8I KF;FJ CFJ KTID@EFJ HL J D8EA8E E JK8
F9I8
'*.*$*/.3
=J;8B8B 34 A84B6 J C JKL;@F G8I8 M8CL8I CFJ GC@IFJ
GFKE:@8CJ P JLJ GFJ@9CJ :FEJ:LE:@8J E LE8 @EJK8C8:@WE
O@JKEKFELEGIFP:KF:FECF9AKF;JK89C:ID;@;8J
;GIME:@WEPGIFK::@WE56
=4GB 34; 2=C4=43A CDEKFJ 8:FGC8;FJ 8 C8 EKI8;8 P
J8C@;8;C:FEKE;FIP;JK@E8;FJ88I8EK@Q8IJL?IDK@:@;8;
EKIFKIFJJE:LEKI8ECFJ;@JGFJ@K@MFJG8I88C@M@F;GIJ@WE
C8JMSCMLC8J;:@IIC8JMSCMLC8J;IKE:@WEMSCMLC8J:?HL
; I=CLAF C8J MSCMLC8J ; IKE:@WE ; JF9I=CLAF MSCMLC8J
:?HL; =CLAF O:J@MF P C8J MSCMLC8J @EKIE8J D;@;FIJ ;
E@MCD;@;FIJ;GIJ@WEPK8GFEJ56
S=3 34B02A85828 -FE8::JFI@FJ DKSC@:FJ HL?8:E C8J
M:J ; SEF;FJ :FE:K8;FJ 8C K8EHL F 8 C8 KL9IU8 8
GIFKIJ ;8E;F FI@E 8C J8:I@=@:@F ; ;@:?FJ DK8CJ GFI
=:KF;:FIIFJ@WE56

46. EC8 @LI8 JDLJKI8ECFJSEF;FJ;J8:I@=@:@FHLJM8E
8:FCF:8IALEKF8K8EHLJ;8CD8:E8D@EKFEKII8;FJ
86DA0 S=3B34B02A85828?0A0C0=@D4B34!%
4=C4AA03B
FJ SEF;FJ JFE CDEKFJ I:FDE;8;FJ E C8 @EJK8C8:@WE ;
I:@G@EKJEKII8;FJG8I8HL8CJ8:I@=@:8IJJ8ECCFJCFJHL
J:FIIF8EPEFCFJDE:@FE8;FJI:@G@EKJ
DCA8303 ?4C4=C4 )I8E@Q8:@WE F=@:@E8 F @E;@M@;LF
IJGFEJ89C;?8:IM8CICFJIHL@J@KFJ;LE:W;@FFEFID8F
; 8GIF98I HL@GFJ D8KI@8CJ LE8 @EJK8C8:@WE F LE
GIF:;@D@EKF56

47. 0?028303 34 0;024=084=C 0FCLDE =UJ@:F KFK8C ; CFJ
I:@G@EKJ JK8:@FE8I@FJ ;@JGLJKFJG8I8 C 8CD8:E8D@EKF ;
!*P F;CFJI:@G@EKJGFIKSK@CJ8CD8:E8;FJ56
8;8=3A ,:@G@EK :FEJKIL@;F E :FE=FID@;8; :FE C8J
JG:@=@:8:@FEJ ;C / - G8IKDEK F= .I8EJGFIK8K@FE
-G:@=@:8K@FEJ.@KLCFW;@F;,LC8:@FEJ ;I8CJ56
FJ :@C@E;IFJ JFE 8HLCCFJ I:@G@EKJ :LP8 :8G8:@;8; ;
8CD8:E8D@EKFJCFJL=@:@EKDEKGHLV8G8I8HLGL;8
JI DFM@;F P 8CQ8;F GFI LE8 GIJFE8 P :L8E;F C :FD9LJK@9C
HL8CD8:E8JKID@E8K@EHLJI:8D9@8;FPJLCCE8;FJ
GIF;L:EGC8EK8 @LI8
86DA0 8;8=3AB34!%0=C4B34BD38BCA81D28N=

48. 4A280;8I03A0HA8BC0*IJFE8=UJ@:8FALIU;@:8HLME;
!*8FKIFJ8EKJ 88LKFI@Q8:@WEG8I8;J8IIFCC8IC88:K@M@;8;
; :FDI:@8C@Q8:@WE D8PFI@JK8 ?89@C@K8 8C K@KLC8I 8 I8C@Q8I
KI8EJGFIK;!*56
=42CA 5;4G81;4 CDEKF ; CFE@KL; I;L:@;8 HL EF
O:;C8JGC D ELEJ@JKD8;KL9IU8J=89I@:8;F;
D8KI@8C =CO@9C GFI ADGCF LE8 D8ELI8 :FE :FEO@FEJ
8;:L8;8J E 8D9FJ OKIDFJ FDF D8KI@8C G8I8 JL
:FEJKIL::@WE J GL; DGC8I :8L:?F IJ@JKEK 8C !* KC8
DK8CFLE8:FD9@E8:@WE;8D9FJ JKFJ:FE:KFIJ=CO@9CJJ
LK@C@Q8E :L8E;F J GIJEK8 C8 E:J@;8; F C8 GFJ@9@C@;8; ; LE
DFM@D@EKFIC8K@MFEKIC8JG8IKJHLJLEED8PFIHLC
8:GK8;FE:8JF;KL9IU8JIU@;8J56
=34=B03B -FE CUHL@;FJ =FID8;FJ GFI :FE;EJ8:@WE E C8
:FII@EK;8J;9@;F8;J:FDGFJ@:@WEHLUD@:8:8D9@FJ;
KDGI8KLI8P FGIJ@WE5 6
8BC0=28034B46DA8303JC8;@JK8E:@8DUE@D8HL?8;O@JK@I
EKI ;FJ CDEKFJ HL J HL@IE GIFKI ; C8 @E=CLE:@8
GC@IFJ8;LEF;CCFJJF9ICFKIF

49. ?CA03 L8E;F CFJ CDEKFJ ; C8 @EJK8C8:@WE J
E:LEKI8E;EKIF;G8IKJJKIL:KLI8CJ;CFJ;@=@:@FJ5 6
E:8JF;;K:K8IJLE8=L8ELEKI8DFDGFKI8;FPG8I8
8::;I 8 JL @EJG::@WE P D8EKE@D@EKF J ;9 ;JKIL@I C8
JKIL:KLI8 HL CF IF;8 :FDF J C :8JF ; C8 @LI8 E
;FE; C LJL8I@F EF GL; J89I GFI ;WE; JKS @EJK8C8;8 C8
KL9IU8HL:FE;L:C:FD9LJK@9C?8JK8C:8C=WEPE:8JF;
=L8FIG8I8:@WE;9IS;JKIL@IC8G8I;HLC8F:LCK8
86DA0 )D14AL034!%4?CA0304=;0?0A43
=BC0;028N=BC028=0A80=BC0;028N=?4A0=4=C4 #EJK8C8:@WE
;I:@G@EKJKL9IU8JPHL@GFJ;!8J*G8I8LJF@E;=@E@;F
E LE8 L9@:8:@WE G8IK@:LC8I @EJK8C8:@WE HL EFID8CDEK J
JGI8HLEF:8D9@JL:8KFIU8:FE;@:@WEFL9@:8:@WE56

50. 8 @LI8 DLJKI8 KIJ K8EHLJ JK8:@FE8I@FJ ; D
;
:8G8:@;8; :8;8 LEF CFJ :L8CJ M8E 8 D8EKEIJ =@AFJ E JL
L9@:8:@WE
86DA0 =BC0;028N=4BC028=0A8034!%
=BC0;028=4B ?0A0 BD8=8BCA 34 60B FEALEKF ; KL9IU8J
HL@GFJ K8EHLJ ILC8;FIJ :FEK8;FIJ K: P 8::JFI@FJ
IHLI@;FJ G8I8 C8 :FE;L::@WE ;C 8J 8 ;@=@:8:@FEJ ; LJF
IJ@;E:@8C:FDI:@8C@E;LJKI@8C5 6
%A4B8N= 34 B4AE828 J C8 GIJ@WE 8 C8 :L8C KI898A8 LE8
@EJK8C8:@WE I:GKFI8 E LE DFDEKF ;KID@E8;F -L M8CFI EF
GL;O:;I8C8GIJ@WEDSO@D8;JIM@:@F5 6

51. '428?84=C4 L8CHL@I ;GWJ@KF @E:CL@;FJ :@C@E;IFJ K8EHLJ
DWM@CJGFIKSK@CJP=@AFJLK@C@Q8;FG8I8KI8EJGFIK8IF8CD8:E8I
8J:FD9LJK@9C5 6
(8BC40 34 0B !% FEALEKF HL :FEJ@JK E LEF F DSJ
I:@G@EKJ:FELED;@FG8I8CCM8I!8J*;J;LEI:@G@EK
?8:@8 CFJ ;@JGFJ@K@MFJ JLIK@;FIJ F ; :FEJLDF HL @E:FIGFI8
:FDGFEEKJ G8I8 :FEKIFC8I C8 :8EK@;8; C =CLAF C8 GIJ@WEF C
JK8;F=UJ@:FCUHL@;FFM8GFI;C!8J*56
(;303DA0 1;0=30 J 8HLCC8 JFC;8;LI8 E C8 HL C8
KDGI8KLI8 ; =LJ@WE ;C DK8C ; 8GFIK J @E=I@FI 8 Y
5 6
(;303DA05D4AC4³(VDTXHOODVROGDGXUDHQODTXHODWHPSHUDWXUD
GHIXVLyQGHOPHWDOGHDSRUWHHVLJXDORVXSHULRUDƒ´ 5 6
JK:FE:GKFJ@IMG8I8;=@E@ICK@GF;JFC;8;LI88LK@C@Q8IJ
ELE@WE;:F9I:FEJLJ8::JFI@FJ
*8I8 @;EK@=@:8I J@ LE8 JFC;8;LI8 E LE8 KL9IU8 ; :F9I J
=LIKF9C8E;8J;9EJL@ICFJJ@L@EKJG8JFJ5 6
‡/LPSLDU SURIXQGDPHQWHHO iUHD D LQVSHFFLRQDU RUHSDUDU 3DUD
JKFJI:FD@E;8LK@C@Q8ILE;KIEK;:F:@E8CLFC8M8IP
J:8I

52. ‡RQXQILCFGLEK@8L;F@EKEK8IF9KEIM@ILK8J;CD8KI@8C;
8GFIKHLJKS8C8M@JK8
‡ 6L HV IiFLO OD REWHQFLyQ GH YLUXWDV GH FRORU SORPR EULOODQWH OD
LE@WE=L?:?8:FEJFC;8;LI89C8E;8
‡ 6L UHVXOWD GLItFLO REWHQHU YLUXWDV VyOR VH FRQVLJXH UDDU OD
JLGI=@:@ ;C 8GFIK C8 ALEK8 =L I8C@Q8;8 :FE LE D8KI@8C ;
8GFIK ; JFC;8;LI8 =LIK C D8KI@8C ; 8GFIK JIS LE8
8C8:@WE :F9I =FJ=WI@:8 J@ C8 ?LCC8 HL ;A8 JL @EJKILDEKF
8L;@Q8;FJ;:FCFI8:I8;F9I@CC8EK
)0=@D4%( ,:@G@EK:FEJKIL@;FE:FE=FID@;8;:FEC
:W;@F;I:@G@EKJ8GIJ@WE;J8IIFCC8;F:FEALEK8DEKGFIC
DI@:8E *KIFCLD #EJK@KLK *# P C8 DI@:8E -F:@KP F=
':?8E@:8CE@EIJ-'56 @LI8
86DA0 )0=@D4B4BC028=0A8B34!%

53. )0=@D4 34 0A60 ,:@G@EK HL J LK@C@Q8;F G8I8 KI8EJGFIK8I
!8J*:FDF:8I8CUHL@;8 PHL JDFEK8;FELE:?8J@J;
:8D@WE:FEME:@FE8CFHL=FID8G8IK@EKI8EK;LEM?U:LCF
;KI8EJGFIK;:8I856
EC8 @LI8 JGL;MILEK8EHL;:8I8G8I8!*
86DA0 )0=@D4A3420A603421DBC81;4
)D14AL0 34 E4=C4 .L9IU8J :FE:K8;8J 8C FI@=@:@F ; C8J
MSCMLC8J;8C@M@FILC8;FIJMSCMLC8JLJ8;8JG8I8:FE;L:@I8
C8 8KDWJ=I8 F 8 J@K@FJ MEK@C8;FJ CFJ GFJ@9CJ J:8GJ ; 8J
GIF;L:@;FJGFILE8JF9IGIJ@WEECJ@JKD85 6
CMEKF;ILC8;FIJ;FDTJK@:FJ;9EJI@EJK8C8;FJ:FEC
MEKF8GLEK8E;F?8:@8898AF5 6:FDFJDLJKI8EC8 @LI8

54. 86DA0 )D14AL034E4=C4?0A0A46D;03A34?A4B8N=
3KBC825 6
)D14AL0 E8BC0 .L9IU8 @EJK8C8;8 J@E GIFK::@WE 5 6 JK8J
KL9IU8JGL;EJI:FEKDGC8;8J8J@DGCM@JK8 @LI8
86DA0 )D14AL0E8BC0342=3D228N=34!%5 6

55. )D14AL0 4141830 .L9IU8 ; 8J :FD9LJK@9C @EJK8C8;8 E
G@JFJ P G8I;J ?FID@WE F D8DGFJKIU8 I:L9@IK8J :FE
D8KI@8C;=S:@CIDF:@WE5 6
EC8 @LI8 JF9JIM8LECDEKF=S:@CDEKIDFM@9C
HLF:LCK8KL9IU8;!*
86DA0 )D14AL04141830
)D14AL04=C4AA030.L9IU8@EJK8C8;898AFJLCFPI:L9@IK8:FE
D8KI@8CJ;=S:@CIDF:@WEPHLEF:8LJ8K8HLJ:FIIFJ@MFJ8
TJK85 6
E C8 @LI8 J DLJKI8 GFI LE C8;F LE8 KL9IU8 ;
GFC@K@CEFP8L9@:8;8EC8=FJ8;FE;JISEKII8;8PGFIFKIF
LEIFCCF;KL9IU8;GFC@K@CEF8JI:FCF:8;FPC@JKFG8I8JI
EKII8;F

56. 86DA0 )D14AL034?;84C8;4=4=C4AA030
)D14AL0 ?A 3D2C .L9IU8 @EJK8C8;8 E C @EKI@FI ; ;L:KFJ
O:CLJ@MFJFEI8CJ5 6
)D14AL0 2D;C0 J 8HLCC8 KL9IU8 JF9I C8 :L8C EF ?8P LE8
GI:G:@WEM@JL8C;@I:K8 *L;JID99@;8EKII8;8FGFI
;L:KFJ5 6
8 @LI8 DLJKI8LE8KL9IU8F:LCK8ELE8:8D@J8C8:L8C
J LE8 KL9IU8 ; D8PFI ;@SDKIF P ; DAFIJ GIFG@;8;J
D:SE@:8JIJ@JKE:@88C@DG8:KFIJ@JKE:@88C8KI8::@WEHL
EFGID@KLE8M@JL8C@Q8:@WE;@I:K8;C8KL9IU8;:FE;L::@WE
;8J

57. 86DA0 )D14AL04=208B030
*BD0A8 *IJFE8 E8KLI8C F ALIU;@:8 HL J 9E=@:@8 :FE C8
GIJK8:@WE ;C JIM@:@F ; ;@JKI@9L:@WE ; 8J 9@E :FDF
GIFG@K8I@F;C@EDL9CF:FDFI:GKFI;@I:KF;CJIM@:@F5 6
$*0*.43
-FE8HLCCFJCDEKFJECFJ:L8CJJ8CD8:E8PKI8EJGFIK8
C!* *8I8=:KF;CFJJ@JKD8JIJ@;E:@8CJ:FDI:@8CJ
@E;LJKI@8CJ J ;=@EE ;FJ K@GFJ ; I:@G@EKJ :@C@E;IFJ
8HLCCFJHL=@E8C@Q8;FC:FD9LJK@9CK@EEHLJI:8D9@8;FJ
PK8EHLJ8HLCCFJHLJFE@EJK8C8;FJGID8EEKDEKELE
CL8IPG8I8IGFEIC:FD9LJK@9CK@EEHLJI898JK:@;FJ
GFILEK8EHL;:8I8F898JK:@D@EKF

58. -@E@DGFIK8IJL:8G8:@;8;:@C@E;IFJFK8EHLJECCFJJL:;
C =EWDEF =UJ@:F CC8D8;F M8GFI@Q8:@WE HL J C :8D9@F ;
JK8;F ;C :FD9LJK@9C ; CUHL@;F 8 M8GFI :FE LE8 IC8:@WE
MFCLDTKI@:8 8CI;;FI ; 5 6 JK M8GFI J@IM G8I8
898JK:ICLF8CFJHL@GFJ;:FEJLDF
38J8E:@C@E;IFJFK8EHLJPG8I8GID@K@IC8M8GFI@Q8:@WE5 6
JKFJ EF ;9E CCE8IJ DSJ ;C ; JL MFCLDE KFK8C 5 6
5 6
L8E;FJE:LEKI8ECCEFJC8GIJ@WE8C@EKI@FIJ:I:8E88
GJ@8 ;KDGI8KLI8OKI@FI@IS98A8E;F:FE=FID
JGIF;LQ:8C:FEJLDF
8M8GFI@Q8:@WE;GE;;C8KDGI8KLI88D9@EKHLIF;8
8CI:@G@EK8D8PFIKDGI8KLI8OKI@FID8PFIM8GFI@Q8:@WE
C E:FEKI8IJ C !* E JK8;F CUHL@;F 8C @EKI@FI ; CFJ
I:@G@EKJJLL9@:8:@WEJ:C8MG8I8I;L:@ICI@JF?8:@8C8J
GIJFE8J P ;@=@:8:@FEJ :@I:LE;8EKJ P :FDF :I@KI@FJ 9SJ@:FJ
; JLI@;8; CFJ I:@G@EKJ ;9E L9@:8IJ 8CA8;FJ ;
GIJFE8JHLEFK@EEE@ELE8IC8:@WEETCP;GLEKFJHL
GL;E @E:IDEK8I C I@JF P D8E@=@:8I LE MEKF :FE =LF
E:8JF;F:LIIE:@85 6
8 @LI8 DLJKI8 C8J :FEJ@;I8:@FEJ HL ;9E KEIJ
E :LEK8 8C DFDEKF ; @EJK8C8I LE I:@G@EK ; !*
FKFISE;FC LE8 ;@JK8E:@8 ; JLI@;8; I8QFE89C IJG:KF 8
KI:IFJ

60. 20?D27N=34?AC4228N=
JLE8G@Q8HLJ@IMG8I8GIFKICFJ8::JFI@FJ;CK8EHL
; FCGJ @EKDGI@ @EKIFD@J@WE K@E =FID8 ; :8JHLK P
JK8JLAKF8CK8EHLGFILEA?FI@QFEK8CF9@J8I8HLGID@K
KEI 8::JF 8 CFJ 8::JFI@FJ ; :8I8 D;@:@WE :FEKIFC P
JLI@;8;
E C8 @LI8 J JV8C8E C8J G8IKJ :FDGFEEKJ ; LE
K8EHL
86DA0 %0AC4B34D=A428?84=C4C0=@D4
243%,/3$*,*.%2/3
C@L8CHLCFJK8EHLJCFJ:@C@E;IFJJFE:FDGLJKFJ;C:LIGF
CFJ:8JHLKJC8J98JJP8;@:@FE8CJK@EEECCFJC8J8J8J
HLJFECFJ;@JGFJ@K@MFJHLJDGC8EG8I8JFJKEI:8I8ICFJ

61. PKI8EJGFIK8ICFJ EC8 @LI8 JGL;EMIC8J8J8J;;FJ
:@C@E;IFJG8I8!*
86DA0 8;8=3AB2=BDB0B0B
$$3/2*/3%,/32$*0*.43
-FEM8I@8JC8J:FE=@LI8:@FEJHLJGL;EE:FEKI8IJF9ICFJ
8::JFI@FJ HL :FDGFEE LE K8EHL G8I8 !* @E:CLJF E
I8E;J:8G8:@;8;JJF9IKF;FE8HLCCFJK8EHLJHLJISE
@EJK8C8;FJ E GC8EK8J ; 8CD8:E8D@EKF J :FCF:8ISE
8::JFI@FJ8;@:@FE8CJ;GIME:@WEPJLI@;8;
FDFDUE@DFELEK8EHLJK8:@FE8I@F=89I@:8;F98AFCW;@F
-'0###JGL;EE:FEKI8ICFJJ@L@EKJ8::JFI@FJ

62. 0+J;ED;034;;4=03
C8::JFI@FGFI;FE;JCCE8CK8EHL .@E@E:FIGFI8;88JL
MQ ;FJ MSCMLC8J ; IKE:@WE HL EF GID@KE C @EIJF ;
CUHL@;F @LI8
86DA0 +J;ED;034;;4=03?0A0C0=@D4B4BC028=0A8B
10=N4CA
#E;@:8 C8 GIJ@WE @EKIE8 ; M8GFI ;C 8J HL J E:LEKI8 8C
@EKI@FI;CK8EHL -L=LE:@WEJ?8:E:J8I@8EK8EHLJ;
I8E:8G8:@;8;;FE;J;@=@:LCK88::;I8CD;@;FI;E@MC
2+J;ED;034B4AE828
J8HLCC8HLJ@IMG8I8EKI8IC8J8C:FEJLDF;CLJL8I@F
@LI8

63. 86DA0 +J;ED;034;;4=03?0A0C0=@D44BC028=0A85 6
3+J;ED;034A4CA=34E0?A
#L8C8 C8J GIJ@FEJ EKI C K8EHL JK8:@FE8I@F P C :8D@WE
I8ECIFG8I8=8:@C@K8ICCCE8;F;CK8EHL @LI8
86DA0 +J;ED;034A4CA=34E0?A

64. 4=38203A34=8E4;589
FEJ@JKELEKL9F;GIF=LE;@;8;=@AF:FELE8MSCMLC8;GLI8
HL8C;JG;@I8JCUHL@;FCFM8GFI@Q8P:FE;EJ8C8?LD;8;
;C8@IE=FID8;E9C@E8:FEJK@KLPE;FJK8LE8M@JFM@JL8C
;HLCK8EHL?88C:8EQ8;FJLGFI:EK8ADSO@DF;CCE8;F
@LI8
86DA0 +J;ED;034A4CA=34E0?A
5 =38203A34=8E4;06=KC82
#EJKILDEKFHL:FEJ@JKELE@DSE:FE:K8;F8LE=CFK8EKC
:L8C8CIFK8I8::@FE8LE88LA8D8ETK@:8ELE;@8COKIEFP
J@IMG8I8:FEF:IC:FEKE@;F;C8JCUHL@;FELEK8EHLE
KTID@EFJGFI:EKL8CJ @LI8

65. 86DA0 =38203A06=KC8234=8E4;
0+J;ED;034B46DA8303
-L9@:8ECOKIDFJLGI@FI;CK8EHLPE:FEK8:KF;@I:KF
:FE C8 QFE8 ; M8GFI E :8JF ; C@9I8:@WE ;C 8J GFI
JF9IGIJ@WE C J:8G EF ;9 JI F9JK8:LC@Q8;F GFI E@EXE
CDEKF @LI8
86DA0 +J;ED;034B46DA8303

66. /2-3%*.34,22$*0*.43
O@JKE ;FJ =FID8J ; @EJK8C8I I:@G@EKJ JF9I JLGI=@:@ F
8TIFJP98AFJLGI=@:@FEKII8;FJ
0)0=@D4BB1A4BD?4A58284
HLCCFJK8EHLJHLJFE@EJK8C8;FJ8C8M@JK8F9M@8DEKP8
I:FDE;8:@WE ;C @EJK8C8;FI C LJL8I@F ;9IS 9I@E;8I
GIFK::@FEJG8I8IJKI@E@IC8::JF8;J:FEF:@;FJ5 6 @LI8
86DA0 )0=@D4BB1A4BD?4A58284
1)0=@D4B4=C4AA0I0B
( *GID@KC8@EJK8C8:@WE;I:@G@EKJK8EHLJEKII8Q8J
F8QFK8JGIFG8I8CCFJ;9E:LDGC@I:@IKFJC@E8D@EKFJ
;JLI@;8;K8CJ:FDF

67. /EGIF=J@FE8CE:8I8;F;C8ESC@J@JJKIL:KLI8C;C8F9I8
;9 :IK@=@:8I HL C JG8:@F ; C8 KII8Q8 ;JK@E8;F 8C
I:@G@EK GL; JFGFIK8I C GJF ; JK CCEF :FE 8L8
GFI C8 GIL98 ?@;IFJKSK@:8 DSJ C GJF ; C8J GIJFE8J
HLGL;@I8EJK8IGIJEKJE;@:?8GIL985 6
- ;9 GIFMI ; J@JKD8J ; GIFK::@WE K8CJ :FDF
J@JKD8J ; E=I@8D@EKF 5 6 HL GID@K8E D8EKEI
JK89CC8KDGI8KLI8;CI:@G@EKE:8JF;=LF8JL
8CI;;FI ?8JK8 HL CCLE C8J 8LKFI@;8;J ; :FEKIFC P
D@K@8:@WE @LI8
8KL9IU8;CCE8;F;CK8EHL;9JK8I:FCF:8;8EC8
G8IKOKI@FI;C8;@=@:8:@WEPC8LE@WE;C8KL9IU8:FE
JLJ8::JFI@FJ;9ISJIJFC;8;8
E QFE8J :FE 8CK8 GIF989@C@;8; ; KFIDEK8J CT:KI@:8J J
;9:FCF:8IJ@JKD8J;G8I8II8PFJHL:L9I8ECSI8;
@E=CLE:@8;CI:@G@EK
86DA0 )0=@D44=C4AA0I05 6

68. 2)0=@D4B4=C4AA03B
HLCCFJK8EHLJHLJFE@EJK8C8;FJELE8Q8EA8FELE=FJFP
HLJFE:L9@IKFJ;K@II8LFKIFD8KI@8C;CHLJKS:FEJK@KL@;F
C KIIEF ;FE; J CF ?8 L9@:8;F *8I8 JK GIFGWJ@KF M@EE
GIG8I8;FJ ; =S9I@:8 :FE GIFK::@WE 8EK@:FIIFJ@M8 8 KI8MTJ ;
G@EKLI8 JG:@8C P JLJ 8::JFI@FJ ?8E J@;F DFEK8;FJ P
GIFK@;FJ:FED:8E@JDFJ;=S:@C8::JF8CCFJ8CDFDEKF
;JLLK@C@Q8:@WE @LI8
86DA0 )0=@D434!%?0A04=C4AA0A5 6
5#23
-FECFJCDEKFJHLJ@IMEG8I8CKI8EJGFIK;C:FD9LJK@9C
;J;C898JK:@D@EKF?8JK8CFJHL@GFJ;:FEJLDF
FDF :FE;@:@FEJ EI8CJ G8I8 @EJK8C8I KL9IU8J J GL;E
DE:@FE8IC8JJ@L@EKJ5 6

69. 9EJFGFIK C8 8::@WE ;C D;@F 8D9@EK;FE;JISE
L9@:8;8J
9EJFGFIK8IC8JGIJ@FEJ;KI898AFP;GIL98J
FJD8KI@8CJPDTKF;FJ;LE@WE;C8JKL9IU8J:FEJLJ
8::JFI@FJ ;9E JI 8GIF98;FJ GFI C8 LKFI@;8;
FDGKEK;CKII@KFI@FHLIEK8
42*,3$04%/30245#23
FJD8KI@8CJ;9EJK8I8:FI;:FECF@E;@:8;FEC8J(FID8J
.T:E@:8J HL 8:GK C8 LKFI@;8; FDGKEK 8 .89C8
DLJKI8 CFJ D8KI@8CJ I:FDE;8;FJ GFI ( * G8I8
:FE;L::@FE;!*
)01;0 0C4A80;4B?0A0CD14AL0BB46O=#%5 6
)D14AL0 #A034A454A4=28034;0CD14AL0
@IIFD8C89C -' '5 6
:IF
-.'5 6
-.' 5 6
IFE: -.'5 6
F9I -.'5 6
*FC@K@CEF -.' 5 6

70. E M8I@FJ G8UJJ C8J (FID8J ( * JKSE J@E;F 8;FGK8;8J
UEKI8DEK:FDF;F:LDEKFF9C@8KFI@FG8I8JL:LDGC@D@EKF
PEFKIFJJK8J(FID8JJFE8;8GK8;8JJXEC8I8C@;8;GIFG@8
; :8;8 KII@KFI@F 5 6 J GFI CCF HL E 8CLEFJ G8@JJ J
8:GK8E D8KI@8CJ G8I8 :FE;L::@WE ; !* 8;@:@FE8CJ 8 CFJ
HLJI:FD@E;8E( *:FDFGFIADGCF
:IF@EFO@;89CC@JFF:FIIL8;F8:FI;8(-# 5 6
*FC@K@CEF 8CLD@E@F GFC@K@CEF :FEF:@;8 :FDF *C* F
KL9IU8D@OK8:FIIL8;8;GFC@K@CEF8CLD@E@F5 6
42*,3./$04%/3.3*34-3%
(@ELE8KL9IU8HLEFJ88GK8G8I8:FE;L::@WE;!*;9
@EJK8C8IJELEJ@JKD8:FEJK:FD9LJK@9CEKIC8JHLJ
GL;EDE:@FE8I
.L9IU8;?@IIF=LE;@;F56
.L9IU8;GCFDF56
/2-3%*.34,245#23%
O@JKE;FJ=FID8J8:GK8;8JG8I8L9@:8IKL9IU8J;:FE;L::@WE
;!*M@JK8JLF:LCK8J56
0)D14AL0BE8BC0B
J C8 DAFI P DSJ :FEME@EK 8CKIE8K@M8 G8I8 @EJK8C8I LE8
KL9IU8 ; !* P8 HL =8:@C@K8 K8I8J ; @EJG::@WE P

71. D8EKE@D@EKF *8I8GF;IC8J;@JK@EL@I;FKIFJJIM@:@FJJK8J
;9EJIG@EK8;8JJXECF@E;@:8;FEC8.89C8
)01;0 ;A4B34834=C8582028N=34CD14AL0B?0A0
2=3D228N=34!%5 6
;D83 ;A
!*M8GFI D8I@CCFF:I
!*CUHL@;F C8E:F
L8:FEKI8@E:E;@FJ ,FAF;JLI@;8;
8 @LI8 DLJKI88;FJK8EHLJ;!*EKII8Q8:FEC8J
KL9I@8J;M8GFI8D8I@CCF:8I8;CUHL@;F9C8E:FPJ@JKD8
;E=I@8D@EKFIFAF
86DA0 ;A4B34834=C8582028N=34CD14AL0B5 6

72. L8E;FLE8KL9IU8M@JK8;9G8J8IGFILE8CFJ8FM@8;LE8
:FEJKIL::@WE J GL; :FCF:8I LE8 KL9IU8 ; ;@SDKIF D8PFI
HL =LE:@FE :FDF LE G8JF C :L8C EF GID@K@IS C :FEK8:KF
;@I:KFEKIC8KL9IU8PC8CFJ8 @LI8 8
*8I8M@K8IG8IJ8CMSE@:FJEKL9IU8JDKSC@:8JHLGL;E
GIF;L:@IJ GFI C :FEK8:KF :FE DK8CJ E G8JFJ ; CFJ8J F
G8I;JTJK8J;9EJI:L9@IK8J:FED8KI@8C8@JC8EK @LI8
9
86DA0 )D14AL0BE8BC0B34!%5 60?0B0=3;B01
?0B0=3?0A43
1)D14AL0B2D;C0B
*FIJKTK@:8?@@EJGL;FGK8IGFI@EJK8C8ILE8KL9IU8;
:FE;L::@WE;!*F:LCK85 6
EC8 @LI8 J@E;@:8EC8J=FID8J:FII:K8J;F:LCK8ILE8
KL9IU8;!*

73. 86DA0 A0B2AA42C0B?0A02D;C0ACD14AL0B34!%
*8I8 EKII8I LE8 KL9IU8 ; !* J ;9ISE JL@I CFJ
J@L@EKJG8JFJ
$QWHVGHFRORFDUODWXEHUtDVHGHEHXELFDUXQ³FROFKyQ´GH
8IE8=@E8;IUF; :D
-OK@E;C8KL9IU8
-F:LCK8C8KL9IU8:FELE8:8G8;8IE8=@E8;I@F;
:D JF9IJK8
FCF:8I E:@D8 ; CC8 LE CDEKF ; IJ@JKE:@8
D:SE@:8 8CK8 ; K8C JLIK HL J@ 8CL@E OKI8VF 8 C8
@EJK8C8:@WE HL@I ?8:I LE8 GI=FI8:@WE J E:LEKI8
GI@DIF:FEJKCDEKF
FCF:8I LE8 :@EK8 GCSJK@:8 :FE 8;MIKE:@8 ; GC@IF
@LI8
FCF:8ICD8KI@8C;CJLCFHL=LIDFM@;FG8I8?8:IC8
Q8EA8
.L9IU8JF:LCK8J
EKII8;8J D99@;8J
E;L:KFF
:8E8C
E:8D@J8

74. *IM@F8F:LCK8IC8KL9IU8;9ISI8C@Q8IJLE8GIL98;
?IDK@:@;8; P JFC8DEK J EKII8IS J@ C IJLCK8;F ;
;@:?8GIL98JJ8K@J=8:KFI@F
86DA0 )D14AL04=C4AA0302=B4M0;8I028N=H?AC4228N=
2=CA06;?4B
-@LE8KL9IU8;!*J@EJK8C8F:LCK8;EKIF;LE;L:KFECF
GFJ@9C JK ;9 JI O:CLJ@MF G8I8 CCM8I C :FD9LJK@9C C
;L:KF ;9 JI MEK@C8;F P J@ E :8JF :FDG8IK LJF :FE FKIFJ
JIM@:@FJ C8 KL9IU8 ; !* ;9 JI 8@JC8;8 ; JIM@:@FJ
CT:KI@:FJ
25$3$/.45#23%/42/3326*$*/3
GI=IE:@8 LE8 KL9IU8 ; !* ;9 @I C@9I E KF;F JL
KI8P:KFPEF:FDG8IK@IJG8:@F:FEKL9IU8J;FKIFJJIM@:@FJ

75. JF9I KF;F :FE KL9IU8J HL :FE;L:E C:KI@:@;8; P =CLU;FJ 8
8CK8JKDGI8KLI8JJ@ED98IFEDL:?8JF:8J@FEJJKFEFJ
GFJ@9CJF9IKF;FE8GC@:8:@FEJ@E;LJKI@8CJ;FE;ELEJFCF
JG8:=@FJGL;EKEIM8I@FJJIM@:@FJ;KL9I@8JJXECFJ
IHLI@D@EKFJ;CFJHL@GFJ
C @EJK8C8;FI ;9 GIF:LI8I 8@JC8I 8 C8J KL9IU8J ; !* ;
KL9IU8J ; FKIFJ JIM@:@FJ P IJGK8I C8J ;@JK8E:@8J DUE@D8J
K8EKF G8I8 :IL:J :FDF JIM@:@FJ E G8I8CCF K8C :FDF J
DLJKI8EC8.89C8
)01;0 8BC0=280B34B4?0A028N=34CD14AL0B34!%2=
CD14AL0B3438BC8=CBB4AE828B56
(4AE828
%0A0;4;
2
AD24
2
FE;L::@WE;8L8
:8C@EK
FE;L::@WECT:KI@:8
FE;L::@WE;M8GFI
?@DE8JP;L:KFJ;
OKI8::@WE;8JJ;
:FD9LJK@WE
-LCFGFI;FE;;@J:LIIE

76. ;4/%/3%5.*.%45#23$/.$$3/2*/3
0)D14AL0B34024A
8 KL9IU8 ; 8:IF GL; JI JFC;8;8 J@E;F C DTKF;F DSJ
:FEWD@:FGFGLC8IPJ@DGC;LE@WE;KL9IU8J:FE8::JFI@FJ
C-?@C;;DK8C8I:NC;@E-'156
L8E;FC8GIJ@WE;FGI8:@WE;CJ@JKD8JDEFI8 GJ@C8
KL9IU8GL;@EJK8C8IJIFJ:8;8
C JCCF G8I8 LE8 KL9IU8 IFJ:8;8 ;9 I8C@Q8IJ :FE LE
CDEKF8E8IW9@:F:FDFCHLJDLJKI8EC8 @LI8
86DA0 (4;;0=C40=04AN182?0C0CD14AL0AB2030

77. 1)D14AL0B34024A8=G8301;4
8KL9IU8;8:IF@EFO@;89CGL;LE@IJ:FE.LEJKE@EIK
8J .#! P 'K8C #EIK !8J '#! 56 CFJ :L8CJ =LE;E LE
PDWHULDOGHDSRUWHTXHVH³ULHJD´EKICKL9FPC8::JFI@FGFI
:8G@C8I@;8; G8I8 CCF J E:J@K8 LE JFC;8;FI 8CK8DEK
:8C@=@:8;FCF:L8CE:8I:CGIF:JF56
/QSURFHGLPLHQWRVHQFLOORHFRQyPLFROODPDGR³SUHVVLQJILW´HQ
C:L8CJLK@C@Q8LE;@JGFJ@K@MFHLK@ELEKID@E8CE=FID8;
KE8Q8J C8J :L8CJ 8C 8GIK8IJ =FID8E C GI@DI JCCF @LI8
8 P LE JLE;F JCCF HL :FEJ@JK E LE 8E@CCF GC8JK@:F
8CI;;FI;CKID@E8C;C8::JFI@F @LI8 9
CTO@KFG8I8C8?IDK@:@;8;;C8ALEK8JCFI8:L8E;FJ?8:
G8J8I 8 WUDYpV GH OD XQLyQ OD JDOJD ³SDVD QR SDVD´ VL SDVD
:FDGCK8DEKC8ALEK8?8J@;FA:LK8;8:FII:K8DEK56
86DA0 0)4=0I0B70284=34;0?A84C44=D=0CD14AL0
8=G8301;4561224BA834D=8N=34CD14AL0B34024A
8=G8301;4?0A0?A4BB8=658C5 6

78. 2)D14AL0B3421A4
*8I8C8LE@WE;KL9IU8J;:F9I:FEJLJ8::JFI@FJJLK@C@Q8
CGIF:;@D@EKF;JFC;8;LI8=LIKGFI:8G@C8I@;8;5 6:FEC8
8J@JKE:@8;FO@8:K@CEF:FE8GFIK;8C8:@WE;GC8K8GFICF
DEFJ8C @LI8
8 M8I@CC8=LE;@;8J;GFJ@K8EKIC8KL9IU8PC8::JFI@F E
KF;F JL :FEKFIEF G8I8 =@E8CDEK JFC@;@=@:8IJ P :FEJL@I C8
?IDK@:@;8;5 6
86DA0 )D14AL03421A4B;3030
3)D14AL0B34?;84C8;4=
OK@JKE;FJDTKF;FJGFICFJ:L8CJGL;ELE@IJC8JKL9IU8J
GCSJK@:8J ; GFC@K@CEF P JLJ 8::JFI@FJ C:KIF=LJ@WE P
KIDF=LJ@WE56 @LI8
JK DTKF;F @EMFCL:I8 C :8CEK8D@EKF J@DLCKSEF ; C8
JLGI=@:@OKIE8;C8KL9IU8GI@=I@8;CKL9FPC8JLGI=@:@

79. @EKIE8 ;C 8::JFI@F ?8JK8 HL J 8C:8E: C8 KDGI8KLI8 ;
=LJ@WE;CD8KI@8C L8E;FJF9K@EC8=LJ@WE;CD8KI@8CJ
GIF:;8@EKIF;L:@ICKL9FEC8::JFI@FG8I8I8C@Q8IC8LE@WE
8J :FEO@FEJ JFE =89I@:8;8J ; D8EI8 K8C HL C KL9F J8
@EKIF;L:@;F;EKIF;CC8JE:8C@EKGIFJKFEF JL:;E
=IUFP8HLCKL9FEFGEKI8EC8J:FEO@FEJGFIJITJK8J;
=FID8:WE@:8EJL@EKI@FI8I8EK@Q8E;F8JUC9LE:FEK8:KFLE8
MQHLCFJD8KI@8CJJE:LEKI8EEJLGLEKF;=LJ@WE56
86DA0 *=8N=34CD14AL034?;84C8;4=?AC4A5DB8N=
25#30245#23
*IM@F 8C JLD@E@JKIF ;C :FD9LJK@9C CLF ; @EJK8C8;8J C8J
KL9IU8JJ;9MI@=@:8IJL?IDK@:@;8;
JK8 GIL98 ; ?IDK@:@;8; J I8C@Q8 :FEJ@;I8E;F CFJ
J@L@EKJ8JG:KFJ

80. 8 GIL98 ;9 I8C@Q8IJ :FE 8@I F 8J @EIK :FDF
8E?U;I@;F:8I9WE@:FFE@KIWEFA8DSJ:FEFOUEFE@:FE
C8J:FD9LJK@9C56
8J MSCMLC8J P LE@FEJ D:SE@:8J J IM@J8E 8C D@JDF
K@DGF HL C8J KL9IU8J P E C8J D@JD8J :FE;@:@FEJ
MSCMLC8J @EKID;@8J ;9E D8E@F9I8IJ E C8 GFJ@:@WE
89@IK8P:II8;8
CK@DGFG8I8C8I8C@Q8:@WE;C8GIL98JDLJKI8EC8
.89C8
)01;0 )84?L=834?AD4103474A4C8283035 6
%A4B8N=34?4A028N=
$%
%0
%A4B8N=
%0
)84?
8=
')* ')*
')* ')*
')* ')*
8GIL98;9I8C@Q8IJ:FELED8EWDKIF:LP8J:8C8
J88:FI;8C8GIJ@WE;GIL98PJL:8ISKLC8J8;LE8
;@DEJ@WEJL=@:@EKG8I8JL=S:@CC:KLI8 @LI8
8 JL=@:@EK G8I8 GF;I 8GI:@8I JK8 GIL98 C8 ;9
I8C@Q8IC@EJK8C8;FIEGIJE:@8;LEIGIJEK8EK;

81. C8 DGIJ8 :FDI:@8C@Q8;FI8 ;C :FD9LJK@9C C LJL8I@F P
;JIGFJ@9CC88LKFI@;8;:FDGKEK
C :FEJK8K8I C8 J8K@J=8::@WE ; C8 D@JD8 J ;9
;F:LDEK8I JK8 GIL98 :FE =@ID8 ; IJGFEJ89@C@;8; ;
HL@EJ C8 MI@=@:8IFE 56 /E ADGCF ; LE 8:K8 G8I8
GIL98;?IDK@:@;8;JGL;MIECEOF
E KL9IU8J F:LCK8J J E:J8I@F GIF98I C KI8DF P JFCF
:L8E;F C IJLCK8;F ; C8 GIL98 J O@KFJF J GL;
GIF:;I8F:LCK8IC8
FDF:FDGCDEKF8C8GIL98;?IDK@:@;8;JGL;
:FCF:8I8L8A89FEFJ8EC8JALEK8J
*IL98J JLGCDEK8I@8J ; MI@=@:8:@WE K@GF EF ;JKIL:K@MF
:FDFG8IKU:LC8JD8ETK@:8J LCKI8JFE@;F I8;@FI8=U8 EKI
FKI8JJI8C@Q8ISEXE@:8DEK:L8E;FJKTJG:@=@:8;8E
8CLE8G8IK;CGIF:JF;;@JVF56
86DA0 4A4C82830334D=0CD14AL034!%

82. 5#23%,,.%/
L8E;FCI:@G@EKEFJKS8C8C:8E:;CK8EHL;:8I8PC
898JK:@D@EKF EF J GL; I8C@Q8I ;@I:K8DEK J IHL@I
:FCF:8I LE8 KFD8 ;JGC8Q8;8 :FE LE8 KL9IU8 ; CCE8;F RJK8
KL9IU8;9JIJFC;8;8EKF;FJLKI8P:KFP;9J@KL8IJE
C8G8IKOKI@FI;C8;@=@:8:@WE @LI8
8J:FEJ@;I8:@FEJ;JLI@;8;EC8KI8EJ=IE:@8;CUHL@;F
E KL9IU8J ;9E JI J@D@C8IJ 8 C8J HL J K@EE HL
:FEKDGC8I8C8J:FEJ@;I8:@FEJ;JLI@;8;HLJK@EEE
LE K8EHL ; 8CD8:E8D@EKF 56 E CFJ OKIDFJ ; C8
@EJK8C8:@WE :FE KFD8 ;JGC8Q8;8 J :FCF:8IS LE8 MSCMLC8 8EK@
IKFIEF C8 :L8C @DG@; J8C@;8 J@E :FEKIFC ;C GIF;L:KF 8 C8
8KDWJ=I8
86DA0 )D14AL034;;4=032D0=34;A428?84=C4=4BCJ
0;0;20=2434;C0=@D43420A60

83. 2*42*/3023,$$*/.245#23
8PM8I@FJ=8:KFIJHLJ;9EKFD8IE:LEK88CDFDEKF;
I8C@Q8I LE8 @EJK8C8:@WE ; !* ;J; C GLEKF ; M@JK8 ; CFJ
D8KI@8CJ8DGC8IEKL9IU8JP8::JFI@FJ:FDFGFIADGCF
;@JGFE@9@C@;8; ; ?II8D@EK8 G8I8 I8C@Q8I C8J LE@FEJ GI:@F
8GC@:8:@WE GIJFE8C @;WEF G8I8 I8C@Q8I C8J ALEK8J
:8I8:KIUJK@:8JPGIFG@;8;J;:8;8K@GF;KL9IU8EKIFKIFJ
8.89C8 I:F:I@KI@FJHLGL;EJIM@I:FDFLU8JG8I8
JC::@FE8IKL9IU8J;!*
)01;0 ;6D=B2A8C4A8B34B4;4228N=34CD14AL0B
5 6565 6
A8C4A8 24A =G8301;
4
1A4 %;84C8;4=
/9@:8:@WEM@JK8 -@ -@ -@ (F
/9@:8:@WEF:LCK8 -@ -@ -@ -@
.@DGF;@EJK8C8:@WE CKF 8AF ';@F 'LP98AF
,J@JKE:@8D:SE@:8 CKF CKF ';@F 8AF
89@C@;8;;C@EJK8C8;FI CKF 8AF CKF ';@F
FE;L::@WE;CUHL@;F -@ -@ (F (F
,J@JKE:@88C
(@ELE8 'LP8CK8 CK8 (@ELE8

84. A8C4A8 24A =G8301;
4
1A4 %;84C8;4=
:I:@D@EKF;98:KI@8J
,J@JKE:@88C=LF 'LP8CK8 CK8 CK8 (LC8
FJKFJ;
D8EKE@D@EKF
CKF 'LP98AF CKF CKF
*IFK::@WE8EK@:FIIFJ@M8 -@ (F -@ (F
,J@JKE:@88C8
:FIIFJ@WE
'LP98A8 'LP8CK8 ';@8 'LP8CK8
,J@JKE:@88I8CC8;LI8J 'LP8CK8 'LP8CK8 CK8 8A8
,J@JKE:@88@DG8:KFJ 'LP8CK8 'LP8CK8 ';@8 'LP98A8
,J@JKE:@88
DFI;;LI8J;IF;FIJ
CK8 CK8 CK8 8A8
*JF CKF 8AF 8AF 'LP98AF
JKK@:@;8; 8AF CKF CKF (F8GC@:8
(5,%/23
-FE :FEJ@;I8;FJ C :FI8QWE ; C8 @EJK8C8:@WE 5 6 P8 HL
JFGFIK8E C8J M8I@8:@FEJ ; GIJ@WE GIFME@EKJ ;C

85. 8CD8:E8D@EKF P EKI8E C :FD9LJK@9 :FE C8 GIJ@WE P
:8L;8CHLJIHL@IELEHL@GF
8 ILC8:@WE J ?8: 8 KI8MTJ ; LE D:8E@JDF K@GF IJFIK
@LI8 C:L8CJ8ALJK8;FJXEC8JE:J@;8;J
86DA0 B@D4034A4BAC44=D=A46D;03A?0A0!%
5 6
403%2(5,$*.
8J K8G8J ; ILC8:@WE JKSE ;KID@E8;8J 9SJ@:8DEK GFI
C8JE:J@;8;J;I;L::@WE;GIJ@WEHLJGIJEKEEC8
@EJK8C8:@WE GFI C8J :FE;@:@FEJ G8IK@:LC8IJ ; :FEJLDF P G8I8
8I8EK@Q8ILEJLD@E@JKIFJLIF;C8J:FD9LJK@9CPJGL;E
:C8J@=@:8IJXEC8 @LI8

86. 86DA0 C0?0B34A46D;028N=34?A4B8N=
0'46D;028N=34O=8204C0?0
FJ J@JKD8J ; XE@:8 K8G8 ; ILC8:@WE J E:LEKI8E
EI8CDEKE8GC@:8:@FEJIJ@;E:@8CJ:FE:@C@E;IFJ;FE;
C898JK:@D@EKFJ:FE:K8;@I:K8DEK8CHL@GF;:FEJLDF
8 @LI8 DLJKI8 LE ILC8;FI ; XE@:8 K8G8 G8I8
:FEJLDF;!*ELE:8C=WE
86DA0 V=8204C0?034A46D;028N=
K8G8J;
ILC8:@WE
,LC8:@WEE
XE@:8K8G8
,LC8:@WEE
;FJK8G8J
,LC8:@WEE
DXCK@GCJK8G8J

87. 1'46D;028N=343B4C0?0B
*8I8 LE J@JKD8 ; ILC8:@WE ; ;FJ K8G8J @LI8 C8
GI@DI8K8G8;ILC8:@WEJKS:FDGIE;@;8;J;C8J8C@;8;C
K8EHL ?8JK8 C8 EKI8;8 ; :8;8 HL@GF ; :FEJLDF F 8 C8
CC8;88CFJ:FEK8;FIJFD;@;FIJ
86DA0 (8BC4034!%343B4C0?0B34A46D;028N=5 6
C ILC8;FI ; GI@DI8 K8G8 JIS 8HLC HL :FDGEJ C8J
M8I@8:@FEJ ; GIJ@WE HL J ;8E E C 8CD8:E8D@EKF P
EKI8 LE8 GIJ@WE LE@=FID JK89C P :FEK@EL8 8 C8 CUE8 ;
;@JKI@9L:@WE ?8JK8 C8 CC8;8 8 CFJ HL@GFJ ; :FEJLDF F 8C
D;@;FIE:8JF;@EJK8C8:@FEJ;DXCK@GCJLJL8I@FJ
CILC8;FI;JLE;8K8G8JISCE:8I8;F;EKI8IC8
:8EK@;8;;:FD9LJK@9C8C8GIJ@WEHLIHL@IC HL@GF;
:FEJLDFG8I8JLGI=:KF=LE:@FE8D@EKF

88. 8 @LI8 DLJKI8LEILC8;FI;JLE;8K8G8K8G8HL
CLFJ:FE:K8IS8LEHL@GF;:FEJLDF;98A8GIJ@WE
86DA0 '46D;03A34?A4B8N=34B46D=304C0?0
2'46D;028N=34O;C8?;4B4C0?0B
JK K@GF ; ILC8:@WE J K@E E @EJK8C8:@FEJ ; G8K@FJ ;
:FD@;8J;FE;C8GI@DI8K8G8JKS8C8J8C@;8;CK8EHLC8
JLE;8K8G88C8EKI8;8;CFJD;@;FIJPC8KI:I8K8G8
8CG@;8HLCCFJHL@GFJHLGFIJLJ:FE;@:@FEJC8E:J@KE
!.4+3%62*3403%2(5,$*.
O@JKE M8I@8J MEK8A8J G8I8 @EJK8C8I J@JKD8J :FE ;FJ F DSJ
K8G8J;ILC8:@WEEKIC8JHLJGL;EDE:@FE8I5 6

89. 0%A4B8N=D=85A44=;B0?0A0CB
8 GI@DI8 K8G8 JLD@E@JKI8 LE8 GIJ@WE ; EKI8;8 :8J@
:FEJK8EK 8C ILC8;FI ; JLE;8 K8G8 8C @EKI@FI ; C8
;@=@:8:@WECFHLF:8J@FE8HLCILC8;FI;JLE;8K8G8
GL;D8EKEIC8GIJ@WEDSJ=S:@CDEKEC8G8I8KFJXEC
IHLI@D@EKF;CHL@GF;:FEJLDFDAFI8E;FC8=@:@E:@8E
C8EKI8;C:FD9LJK@9C8CJ@JKD8
14=A2BC348=BC0;028N=
-GL;LK@C@Q8IKL9IU8;DEFI ;@SDKIFEKIC8 ILC8:@WE
;GI@DI8PJLE;8K8G8;9@;F8HLC8GIJ@WEJD8PFICF
HL I;L: CFJ :FJKFJ ; @EJK8C8:@WE P ; CFJ D8KI@8CJ ;
KL9IU8
24;030B
- I;L:E CFJ GIF9CD8J GFI C :FEC8D@EKF ;C ILC8;FI
GIF;L:KF;CO:JF;8L8EC8J
FJFI@=@:@FJ;D8PFIK8D8VF;@=@:LCK8EC8=FID8:@WE;?@CFPJ
GFIK8EKFDSJ;@=U:@CHLJ9CFHLCSI8;G8JF
8OG8EJ@WE;C8JE;FJFI@=@:@FJ;@=IEKJELEJ@JKD8;
GRV HWDSDV UHGXFH HQ JUDQ PHGLGD HO ³HIHFWR GH UHIULJHUDFLyQ´
GIF;L:KF;C8J?C8;8J

90. 3;4G818;83034=;08=BC0;028N=
/EILC8;FI;8CK8GIJ@WEGL;8C@DEK8IM8I@FJILC8;FIJ
;98A8GIJ@WEGID@K@E;FC88;@:@WE;8G8I8KFJ8=LKLIF:FEC8
D@JD8CUE8;GIJ@WEJ@E8=:K8IJL;JDGVF@E;@M@;L8C
44=B;;0030B?0A0B;D28=0A?A1;40B
FEC8ILC8:@WE;;FJK8G8JLJK;KE;ISDEFJCC8D8;FJ
; JIM@:@F GFIHL J 8G88 C G@CFKF F GFI 8ALJKJ E CFJ
HLD8;FIJJKFJ@E@=@:8LE8D8PFI=@:@E:@8ECFJ8G8I8KFJ
DEFI:FJKF;JIM@:@FPLE8DAFIIC8:@WE:FEJLJ:C@EKJ
!:,65,3
-FE8HLCCFJCDEKFJD:SE@:FJ:FECFJHLJGL;@E@:@8I
;KEI F ILC8I C8 :@I:LC8:@WE G8JF ; CUHL@;FJ
F8JJD;@8EKLE8G@Q8DFM@9CHL89I:@II8LF9JKILP
E=FID8G8I:@8CLE:FE;L:KF5 6
ECFJJ@JKD8J;!*C8JMSCMLC8JM8E8JICFJCDEKFJHL
GID@K8E89I@IP:II8I:FE:K8IP;J:FE:K8IILC8IDF;LC8I
F8@JC8ILE8J::@WE;FKI8
#*$$*.%6:,65,3
*I@E:@G8CDEKC8JMSCMLC8JJL9@:8EE
C8J8C@;8;CI:@G@EK @LI8 8