GESTIÓN SOSTENIBLE DE LOS ECOSISTEMAS FORESTALES EN EL MARCO DE ACTUACIÓN DE MEJORA DE LA BIODIVERSIDAD

10 

Texto completo

(1)

01234567

2823164917

17

827

18242312

8123127

167

187

17

34567

1

1817

9484124

77777

!"#$%&'#(')$*#(&+,-('*#.'/#$$,%0$,0'1'2#*,0&34,#(%#5' !"#$%0'#('/$&(6"0$%#65'7#-8$&9&5':#"&$%&3#(%0 *#'7#08$&9;&5'<(,=#$6,*&*'*#'>&6'?&.3&6'*#'7$&('@&(&$,&5' *,9,+,0'AB3&(,*&*#65'+C*#'?D$#E'*#.'/0$0'F5 GHIIGJ>KL'?K>2KL': '7MKN'@KNKMOKP 6"&Q&R

ST7

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`abcbd]^efghbij_]^eaklbmnopapfghbaqrf]heaklbs]^a__jkkjbkjpak

2344456

>&'ZB6%,9,+&+,-('"$,(+,"&.'*#.'#6%B*,0'6# #(+B#(%$&'#('.&'#=,*#(%#'"D$*,*&'*#'4,0*,=#$6,J *&*'*#.'".&(#%&U'*0(*#'#.'"&%$,30(,0'(&%B$&. *#+$#+#'+0(6%&(%#3#(%#5'

tuabjpovapfghbapeoakbn]bkj^b]pj^f^e]qa^

ij_]^eak]^b^ovjh]bohj^bwxyzzbqfkkjh]^bn]b{]pe|_]} a^lbpa^fbohabe]_p]_abva_e]bn]bka^bef]__a^b]q]_df} na^bn]kbvkah]ealbkjb~o]b]~of`ak]babkabqfeanbn]bka ^ov]_ifpf]b~o]bjpovarahb{ap]bohj^byxba€j^t5 :#'.0'XB#'(06'XB#*&'*#'6B"#$9,+,#'90$#6%&. 0$,8,(&.U'6-.0'.&'XB,(%&'"&$%#'W&'..#8&*0'W&6%& (B#6%$06'*;&6'#('B('#6%&*0'*#'+0(6#$=&+,-('9&=0J $&4.#U'.0'XB#'"0*$;&306'*#(03,(&$'+030'9$0(%#J $&6'90$#6%&.#6U'.%,306'406XB#6'6,('&.%#$&+,-( WB3&(&'6,8(,9,+&%,=&5

>&'+0(=#$6,-('90$#6%&.'#6'#.'"$0+#60'*# %$&(690$3&+,-('*#'.06'#+06,6%#3&6'90$#6%&.#6 (&%B$&.#6'&'0%$06'B606'P&8$,+B.%B$&U'8&(&*#$;&U ".&(%&+,0(#6'90$#6%&.#6U',(9$&#6%$B+%B$&6'1'*#6J &$$0..0'B$4&(0R5

L0.&3#(%#'#('.&'"&6&*&'*D+&*&'6#'"$0*BZ0 B(&'"D$*,*&'(#%&'*#'6B"#$9,+,#'90$#6%&.'*#'‚GU‚ 3,..0(#6'*#'W#+%V$#&65':B$&(%#'#6%#'"#$,0*0'6# %$&(690$3&$0('406XB#6'(&%B$&.#6'&'0%$06'B606 &8$;+0.&6U'8&(&*#$06'0'90$#6%&.#6',(%#(6,=06'&'B( $,%30'*#'FƒUF'3,..0(#6'*#'W#+%V$#&6'&.'&Q0U'#.'‚„ "0$'+,#(%0'#('406XB#6'%$0",+&.#6U'6,#(*0'.&'*#90J $#6%&+,-('&8$;+0.&'1'8&(&*#$&'.&'$#6"0(6&4.#'*#. …I†'*#'#6%&'%$&(690$3&+,-('P‡KN@)2<N:OK>U

ONL/O/</): M @<ML)L2<N:OK> LU'ˆIIIR5'

K"#6&$'*#'XB#'#.'B60'*#'3&*#$&'#6'"$#9#$,J 4.#'&.'*#'0%$06'3&%#$,&.#6'+030'.06'".V6%,+06U

ˆƒ… OLLN['FH…HJˆ„FI

(2)

3#%&.#6'0'+#3#(%06U'P"$0*B+%06'&34,#(%&.3#(%# %-!,+06R'#.'8$&(',(+$#3#(%0'XB#'6#'"$#=D'#('.&6 +,9$&6'*#'+0(6B30'3B(*,&.'*#'3&*#$&'1'"&"#. (06'04.,8&'&'&*0"%&$'3#*,*&6'B$8#(%#6'"&$& $#*B+,$'(B#6%$&'WB#..&'#+0.-8,+&'604$#'.06'406J XB#65'K*XB,$,#(*0'#6"#+,&.',3"0$%&(+,&'#.'"&"#. XB#'%03#('.&6'&*3,(,6%$&+,0(#6'.0+&.#65

6%&'#!".06,-('#('#.'+0(6B30'04.,8&'&'.& 60+,#*&*'&+%B&.'#('6B'+0(ZB(%0'&'&".,+&$'3#*,*&6 #9#+%,=&6'#('3&%#$,&'*#'$#B%,.,E&+,-(U'$#+,+.&Z#'1 #9,+,#(+,&'#('.&'8#6%,-('90$#6%&.'6,'XB#$#306'XB# (B#6%$06'406XB#6'"B#*&('604$#..#=&$'+0('D!,%0 #6%#',$$#3#*,&4.#',(+$#3#(%0'*#'.&'*#3&(*&'*# 3&*#$&'6,('XB#'6#'=#&('*#%#$,0$&*06'6B6'&%$,4BJ %06'#+0.-8,+065'

–&'XB#'6#'"$#6#(%&(U'#('#.'#6+#(&$,0'"$#6#(J %#'1'9B%B$0'*#(%$0'*#.'+0(%#!%0'"0.;%,+0J+,#(%;9,J +0',(%#$(&+,0(&.'+030U'#+06,6%#3&6'6#$,&3#(%# &3#(&E&*06'&'.&'=,6%&'*#'.06'*&%065

>&'#!".0%&+,-('90$#6%&.'%&34,D('W&'+&B6&*0 ,3"0$%&(%#6'+&34,06'#('.06'406XB#65' ('.& &+%B&.,*&*U'#.'H†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–U'#.'&4&(*0(0'#',(9$&B%,.,J E&+,-('*#'.06'"$0*B+%06'1'6#$=,+,06'&34,#(%&.#6U +B.%B$&.#6'1'60+,&.#6'*#'.06'30(%#6'3V6'3#*,%#J $$V(#065'/&(%0'#('B(0'+030'#('0%$0'+&60U'*#6%&J +&'.&'+&$#(+,&'*#'".&(,9,+&+,-('%#$$,%0$,&.'1'.& &B6#(+,&'*#'8#6%,-('90$#6%&.U'*#'W#+W0'3#(06'*#. FG†'*#'.&'6B"#$9,+,#'90$#6%&.'+B#(%&'+0('B( *0+B3#(%0'*#'8#6%,-('%&.'1'+030'*#3&(*&'.& >#1'*#'20(%#6U'(,'6,XB,#$&'.06',(+.B,*06'#('#6"&J +,06'*#'.&'M#*'N&%B$&'ˆIII5'@B&(*0U'B('…H†'*# .06'%#$$#(06',(+.B,*06'#('.&'$#*'N&%B$&'ˆIII'*#. 6%&*0' 6"&Q0.'60('“0$#6%&.#65

(' 6"&Q&'XB#*&'#.'ˆI†'*#'.&6'3&6&6'90$#6%&J .#6'0$,8,(&.#65'@&*&'=#$&(0'#.'9B#80'&$$&6&'B(&

6B"#$9,+,#'3#*,&'*#'FHI5III'W#+%V$#&6U'&'.&'=#EU'#. ˆI†'*#.'%#$$,%0$,0'(&+,0(&.'6B9$#'$,#6806'#!%$#306 *#'#$06,-(U'(&*&'"06,%,=0'"&$&'&6#8B$&$'.&'3#Z0$& *#'(B#6%$&6'3&6&6'90$#6%&.#6'P'W%%"[CC———5——95#6R5

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–U'B(& 3#%0*0.08;&'4&6&*&'#('#.'&(V.,6,6':K“)5

4638456

<('˜™Sš7#6'B('V$#&'+0('B(&'&.%&'*#(6,*&* *#'V$40.#65' 6%&6'+03B(,*&*#6'*#'".&(%&6'9B(J +,0(&('+030'WV4,%&%6U'30*B.&*0$#6'*#'9.BZ06 W,*$0.-8,+06'1'+0(6#$=&*0$#6'*#.'6B#.0U'+0(6%,J %B1#(*0'B(0'*#'.06'&6"#+%06'3V6',3"0$%&(%#6'*# .&'4,069#$&'*#'.&'/,#$$&5'>06'406XB#6'3&*B$06 ZB#8&('B(',3"0$%&(%#'"&"#.'#('#.'+,+.0'8.04&.'*#. +&$40(0U'+030'$#6#$=0$,06'*#'+&$40(0'#6%&4.#6'1 6B'#.,3,(&+,-('+0(..#=&'B(',(+$#3#(%0'*#'.06 (,=#.#6'&%3069D$,+06'*#.'*,-!,*0'*#'+&$40(05

>06'406XB#6'"B#*#('6#$'#(+0(%$&*06'#( %0*&6'.&6'$#8,0(#6'+&"&+#6'*#'3&(%#(#$'#.'+$#+,J 3,#(%0'*#'V$40.#6U'W&6%&'.&'k›h]abn]b|_rjk]^U #!+#"%0'*0(*#'.&'9$#+B#(+,&'*#'9B#80'(&%B$&.'#6 *#3&6,&*0'&.%&U'0'*0(*#'#.'&34,#(%#'W&'6,*0'"#$J ZB*,+&*0'"0$'"$0+#606'(&%B$&.#6'0'"0$'&+%,=,*&J *#6'WB3&(&65'?0$'$#8.&'8#(#$&.U'.06'406XB#6 *03,(&*06'"0$'&(8,06"#$3&6'P˜™SšS77œ™S TžœSR'60('3V6'$,+06'*#'#6"#+,#'XB#'&XB#..06 *03,(&*06'"0$'8,3(06"#$3&6'P˜™SšS7 ž™TŸSU'7™T ¡U'0'7œ™S7Ÿ¢TSRU'&B(J XB#'W&1'#!+#"+,0(#6'P"0$'#Z#3".0U'.&6'E0(&6'*# &4#*B.#6'1'V.&306'%#34.0(#6'*#'.&6'.&%,%B*#6 40$#&.#6U'XB#'%,#(#('3B1'"0+&6'#6"#+,#6R5'>06 406XB#6U'&'=#+#6U'+0(%,#(#('3B+W&6'#6"#+,#6'*# V$40.#6'*#(%$0'*#'B(&'"#XB#Q&'V$#&'P+030'#( ..B=,&'%$0",+&.'1'406XB#6'%#3".&*06'+&*B+06RU'0 $#.&%,=&3#(%#'"0+&6'#6"#+,#6'#('V$#&6'8$&(*#6 P"0$'#Z#3".0U'406XB#6'V$,*06'30(%&Q0606'+0(;J 9#$06R5'>06'406XB#6'60('&'3#(B*0'W08&$'*#

(3)

3B+W06'&(,3&.#6'1'#6"#+,#6'*#'".&(%&65'–U'.& 4,03&6&'"0$'V$#&'*#'B(,*&*'#6'&.%&'+03"&$&*&'& 0%$&6'+03B(,*&*#6'*#'=#8#%&+,-(5'>&'3&10$ "&$%#'*#'#6%&'4,03&6&'0+B$$#'6B4%#$$V(#&3#(%# #('.06'6,6%#3&6'*#'$&;E'1'+030'#.'*#%$,%0'*#'".&(J %&' "&$+,&.3#(%#' *#6+03"B#6%0' P“B#(%#[ W%%"[CC#65—,§,"#*,&50$8C—,§,C406XB#R5

>06'406XB#6'60('#+06,6%#3&6',3"$#6+,(*,J 4.#6'"&$&'.&'=,*&5'L0('#.'WV4,%&%'*#'3B.%,%B*'*# 6#$#6'=,=06U'$#8B.&('#.'&8B&U'+0(6#$=&('#.'6B#.0 1'.&'&%3-69#$&'1'6B3,(,6%$&('3B.%,%B*'*#'"$0*B+J %06'%,.#65'

>&'=,*&'WB3&(&'W&'3&(%#(,*0'B(&'#6%$#+W0 $#.&+,-('+0('#.'406XB#5'2B+W&6'+B.%B$&6'6#'W&( &"01&*0'#('"$0*B+%06'XB#'04%#(;&('*#.'406XB#[ 3&*#$&'"&$&'B6&$.&'+030'+034B6%,4.#'0'#('.& +0(6%$B++,-(U'+&$4-('=#8#%&.',3"$#6+,(*,4.#'#( .&'"$,3#$&',(*B6%$,&'*#.'W,#$$0U'+&E&U'$#6,(&6U'9$BJ %06U'3#*,+,(&6U'#%+5'?#$0'&'.&'=#E'"$0*B+,$'3V6 &.,3#(%06'#!,8,-'%&.&$'406XB#6'"&$&'+0(=#$%,$.06 #('%,#$$&6'*#'+B.%,=0'P@AKMMOU'ˆII„R5

Tž¢™TS7˜¢T S77™S7˜™SšS

L#'*#4#'W&+#$'B('B60'$&+,0(&.'*#.'=&.0$'(&%BJ $&.'*#'.06'406XB#6U'1&'XB#'+B3".#(',3"0$%&(%#6 9B(+,0(#6'#+0.-8,+&6U'#(%$#'.&6'XB#'#6%V('6#8( P@AKMMOU'ˆII„R5

¨ ©ª«¬­®¯°±²³´ª­³®«¬®µ¶>&6'3&6&6'90$#6%&.#6 $#%,#(#('#.'&8B&'*#'..B=,&5'K6;'9&+,.,%&('XB# 6#',(9,.%$#'&.'6B46B#.0'1'6#'$#+&$8B#('.06 &+B;9#$065'K6,3,630'*,63,(B1#('.&'#$06,-( &.'$#*B+,$'.&'=#.0+,*&*'*#.'&8B&'1'6BZ#%&$'.& %,#$$&U'1'$#4&Z&('#.'$,#680'*#',(B(*&+,0(#6U %&(%0'"0$'.&'$#%#(+,-('*#'&8B&'XB#'W&+#( +030'&.',3"#*,$'#.'&$$&6%$#'*#'6#*,3#(%06 XB#'&B3#(%&('#.'=0.B3#('*#'.&6'&=#(,*&6'*# &8B&'1'.&6'W&+#('3V6'"#.,8$06&65'L,#(*0 ,3"0$%&(%#'.&6'#6%$&%#8,&6'*#'8#6%,-(',(%#8$&. *#'+B#(+&6U'&'%0*&6'.&6'#6+&.&65'

¨ ·²¸­¬ª²¯°®³ª²³ª­³¯­°¹®µ¶ ('.&6'E0(&6'+0(%,J (#(%&.#6'3V6'*#.'HI†'*#'.&'WB3#*&*'*#.'&,$# #6%V'0+&6,0(&*&'"0$'#.'&8B&'4034#&*&'"0$'.&6 $&;+#6'1'%$&(6",$&*&'"0$'.&6'W0Z&6'*#'.&'=#8#J %&+,-(5'@B&(*0'6#'%&.&('.06'406XB#6'0'6#.=&6 *#'V$#&6'#!%#(6&6'#.'+.,3&'6#'W&+#'3V6'6#+05'

¨ º»¼½¾»ª²³´°±¿°´½³´ª³¯®¾»½²½³ÀÁÂÃij´ª³­®

®Å¹±¼¸ª¾®µ¶ ('#.'"$0+#60'*#'90%06;(%#6,6'.06 V$40.#6U'+030'%0*&6'.&6'".&(%&6U'%03&('@)ˆ

*#'.&'&%3-69#$&'1'*#=B#.=#(')ˆ5' ('#.

303#(%0'&+%B&.'#6%&'9B(+,-('%,#(#'#6"#+,&.

,(%#$D6'"0$XB#'+0.&40$&'&'9$#(&$'.06'#9#+%06 (#8&%,=06'*#.'#!+#60'*#'#3,6,0(#6'*#'@)ˆ*#

0$,8#('WB3&(0'XB#'#6%V('"$0=0+&(*0'#.'#9#+J %0',(=#$(&*#$05'L#'6B#.#'*#+,$'XB#'.06'406J XB#6'60('6B3,*#$06'*#'*,-!,*0'*#'+&$40(0'0U %&34,D(U'.06'Æ"B.30(#6Æ'*#'.&'/,#$$&U'"0$'#6%# "&"#.'XB#'+B3".#('#('#.'+,+.0'*#.'+&$40(05' ¨ ©ª¼ª¾Ç®¼³´ª³«¾®²³²È¹ª¾½³´ª³ª¼Éª¯°ª¼xJ'>06

406XB#6'(&%B$&.#6'09$#+#('3B.%,%B*'*#'WV4,J %&%6'*,6%,(%06'"0$'.0'XB#'#('#..06'6#'"B#*# #(+0(%$&$'B(&'8$&('=&$,#*&*'*#'#6"#+,#6'*# %0*0'%,"0'*#'6#$#6'=,=065'?0$'#60'6#'*,+#'XB# 60('.&6'"$,(+,"&.#6'$#6#$=&6'*#'4,0*,=#$6,*&*U #6"#+,&.3#(%#'.&'6#.=&'%$0",+&.'1U'+030'=#$#J 306U'%,#(#'3B+W0',(%#$D6U'*#6*#'3B1'*,=#$606 "B(%06'*#'=,6%&U'+0(6#$=&$'.&'3V!,3&'4,0*,J =#$6,*&*'#('(B#6%$0'".&(#%&5'?0$'#Z#3".0U'"$0J 30=#$'.&'$#6%&B$&+,-('*#'406XB#6'*#8$&*&*06U #('#6"#+,&.'#('..&(B$&6',(B(*&4.#6'1'+&4#+#J $&6'*#'+B#(+&'"&$&'3#Z0$&$'.06'#+06,6%#3&6 &+BV%,+06U'$#*B+,$'.&6',(B(*&+,0(#6U'+0(6#$=&$ .&'4,0*,=#$6,*&*'1'"$0%#8#$'#.'6B#.05

¨ º¯¯°±²³´ªÉ¬¾®´½¾®xJ':,6%,(%06'+0(%&3,(&(J %#6'*#'.&'&%3-69#$&'1'.&6'&8B&6'60('$#%#(,*06 1'9,.%$&*06'"0$'.06'6#$#6'=,=06'*#.'406XB#5'–U +0(6,*#$&(*0'%&34,D('+030'+0(%&3,(&+,-( .06'$B,*06'1'.&'&8,%&+,-('XB#'8#(#$&306'#( (B#6%$&'+,=,.,E&+,-(U'60('%&34,D('9B#(%#'*# "&E'"&$&'#.'#6";$,%B'WB3&(0'1'.B8&$'*#'$#"0J 60'"&$&'3B+W&6'"#$60(&65'

6™ ¢Ê

>&'8#6%,-('90$#6%&.'6#'$#&.,E&'*#(%$0'*#'B( 3&$+0'*#'"$0",#*&*#6'1'*#$#+W06'+.&$&3#(%# #6%&4.#+,*06'1'*#'B(&'.&$8&'W,6%0$,&'*#'.#1#6'1 (0$3&6'4&6&*&6'#('.&'".&(,9,+&+,-('&'.&$80 ".&E05'?0$'%&(%0U'#.'+0(+#"%0'*#'606%#(,4,.,*&* %,#(#'B(&'.&$8&'%$&*,+,-('90$#6%&.'#(' B$0"&5'L,( #34&$80U'#.'6,8(,9,+&*0'*#'d]^efghb^j^e]hfrk]bn] kj^brj^~o]^6#'W&'*#6&$$0..&*0'&'.0'.&$80'*#. %,#3"0'*#'&+B#$*0'+0('.&6'+&34,&(%#6'(#+#6,*&J *#6'*#'.&'60+,#*&*5')$,8,(&.3#(%#U'.&'606%#(,4,J .,*&*'#('.&'8#6%,-('90$#6%&.'#$&'+0(6,*#$&*& "$,(+,"&.3#(%#'+030'#.'$#(*,3,#(%0'606%#(,*0 *#'3&*#$&'"&$&'&+&4&$'+0('+&$#6%;&6'W,6%-$,+&65 L,('#34&$80U'.&',3"0$%&(+,&'*#'0%$&6'*#'.&6'3.J %,".#6'9B(+,0(#6'*#.'406XB#'6#'W&',*0'8$&*B&.J 3#(%#',(+.B1#(*0'#('6B'8#6%,-(5'

:B$&(%#'.06'&Q06'£IU'.&'+0(+,#(+,&'&+#$+&'*#. *#%#$,0$0'*#'.06'406XB#6'&'%$&=D6'*#' B$0"&'+0(J

(4)

*BZ0'&'&B3#(%&$'.&'+0(6+,#(+,&'604$#'.06'=&.0$#6 #+0.-8,+06U'#+0(-3,+06'1'+B.%B$&.#6'*#'.06'406J XB#6'#('.&'60+,#*&*5'K+%B&.3#(%#U'&.8B(06 &6"#+%06',3"0$%&(%#6'*#'.&'8#6%,-('606%#(,4.#'*# .06'406XB#6'#6%V('$#8B.&*06'3#*,&(%#'.#1#6'1 0%$06',(6%$B3#(%06'(&+,0(&.#6'-'$#8,0(&.#6U'1'1& 6#'$#&.,E&'B('6#8B,3,#(%0'"#$,-*,+0'*#'.06'3,6J 306'P“B#(%#['2,(,6%#$,0'*#'2#*,0&34,#(%#'1

2#*,0'MB$&.'1'2&$,(05'/ M@ MK @)N“ J

M N@OK 2ONOL/ MOK> L)‡M

?M)/ @@O¤N': '‡)LË< L' N' <M)?K

>OL‡)KU'ˆJ„': 'Ì<NO)': 'F‚‚£R5

K #9#+%06'*#'.&'M#60.B+,-('%03&*&'#('.&

L 7<N:K @)N“ M N@OK 2ONOL/ MOK>

L)‡M '?M)/ @@O¤N': '‡)LË< L' N

<M)?KU'A >LONÍO'ZB(,0'*#'F‚‚GU'#.'+0(+#"%0 *#'t8#6%,-('606%#(,4.#Î'6#'*#9,(#'+030'kabanqfhf^} e_apfghbcbo^jbn]bkj^brj^~o]^bcbef]__a^bij_]^eak]^bn] ij_qab]bfhe]h^fnanbeak]^b~o]bqahe]hdahb^obrfjnf} `]_^fnanlbv_jnopef`fnanlbpavapfnanbn]b_]d]h]_a} pfghlb`feakfnanbcb^obvje]hpfakbva_abae]hn]_lba{j_a cb]hb]kbioeo_jlbka^biohpfjh]^b]pjkgdfpa^lb]pjhgqf} pa^bcb^jpfak]^b_]k]`ahe]^bab]^pakabkjpaklbhapfjhakbc dkjraklbcb~o]bhjbpao^ahbna€jbabje_j^5'/0*0'#..0 &"01&*0'3#*,&(%#'#.'B60'*#'+$,%#$,06'#',(*,+&*0$#6 #('.&'8#6%,-('606%#(,4.#'*#'.06'406XB#65

!,6%#('*,=#$6&6'*,$#+%$,+#6'#(+&3,(&*&6'& .&'3#Z0$&'*#'.&'+0(6#$=&+,-('*#'.&'*,=#$6,*&* 4,0.-8,+&'*#'.06'406XB#6U'"#$0U'XB,EV6U'60('.&6 &*0"%&*&6' #(' .&' L#8B(*&' @0(9#$#(+,& 2,(,6%#$,&.'604$#'?$0%#++,-('*#'‡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

>&'"&$%#'&".,+&%,=&'"$,3#$&'*#'#6%&6'*,$#+%$,J +#6'*,6"0(#'XB#U'.&'+0(6#$=&+,-('1'3#Z0$&'&"$0J ",&*&'*#'.&'4,0*,=#$6,*&*'*#4#$;&'6#$'B( #.#3#(%0'0"#$&%,=0'#6#(+,&.'*#'.&'8#6%,-('90$#6J %&.U'ZB(%0'+0('0%$06'04Z#%,=06'*#'.06'406XB#6'#( .&6'"0.;%,+&6'1'.#8,6.&+,0(#6'90$#6%&.#65'K6;'+030 .&'+0(6#$=&+,-('1'.&'3#Z0$&'&"$0",&*&'*#'.&'4,0J *,=#$6,*&*'*#'.06'406XB#6'*#4#$;&'4&6&$6#U'%&(%0

#('6,6%#3&6'*#'#=&.B&+,-('*#'.&'4,0*,=#$6,*&* #6"#+;9,+06U'"$V+%,+06U'$#(%&4.#6'1'#9,+&+#6U +030'#('3D%0*06'*#'#=&.B&+,-('*#.',3"&+%0'*# .&6'%D+(,+&6'*#'8#6%,-('1'*#6&$$0..0'90$#6%&.'#.#J 8,*&6'604$#'.&'*,=#$6,*&*'4,0.-8,+&5

>&'"&$%#'6#8B(*&'*,6"0(#'&++,0(#6'9B%B$&6 +030'.&'+0(6,*#$&+,-('*#'"$0%#++,-('*#'#6"#+,#6 &3#(&E&*&6U'6#8('.,6%&6'(&+,0(&.#6'0'.0+&.#6U #('.&'90$3B.&+,-('*#'"0.;%,+&6'90$#6%&.#6U'+0('#. 9,('*#'+0(6#$=&+,-('*#'.06'$#+B$606'8#(D%,+06'*# .06'%&!0(#6'90$#6%&.#6'B%,.,E&*06'"0$'30%,=06 #+0(-3,+065'K6;'.06' 6%&*06'6,8(&%&$,06'1'.& @03B(,*&*' B$0"#&'#6%&4.#+#$V('&'#6+&.& (&+,0(&.'0'$#8,0(&.'B(&'$#*'#+0.-8,+&'+0W#$#(%# *#'406XB#6'+.,3V+,+06U'"$,3&$,06'0'#6"#+,&.#6U +0('#.'9,('*#'3&(%#(#$'0'$#6%&4.#+#$'#+06,6%#3&6 XB#'60('$#"$#6#(%&%,=06'0'#6%V('&3#(&E&*065

>&' 6%$&%#8,&'?&(#B$0"#&'"&$&'.&':,=#$6,*&* ‡,0.-8,+&'1'?&,6&Z;6%,+&'P? ‡>:LR'+0(6%,%B1#'#. 3&$+0'"&$&'.&'+00$*,(&+,-('*#'.06'$#+B$606'#(+&J 3,(&*06'&'+0(6#$=&$'.&'*,=#$6,*&*'4,0.-8,+&'1 "&,6&Z;6%,+&'#(' B$0"&U',(+.B1#(*0'.&'4,0*,=#$6,J *&*' 90$#6%&.5' P“B#(%#[' 2,(,6%#$,0' *# 2#*,0&34,#(%#'1'2#*,0'MB$&.'1'2&$,(05 @<KM/K @)N“ M N@OK 2ONOL/ MOK>

L)‡M '?M)/ @@O¤N': '‡)LË< L' N

<M)?KÏO NKU'ˆ£JGI': 'K‡MO>: 'ˆIIGR5

Áª¾Å°¸°¯®¯°±²³ ¸½¾ª¼Å®­ “L@' P“0$#6%

L%#—&$*6W,"'@0B(+,.R'#6'B(',(6%$B3#(%0'"&$& 8&$&(%,E&$'#.'0$,8#('606%#(,4.#'*#'.06'"$0*B+%06 90$#6%&.#65'>&'+#$%,9,+&+,-('90$#6%&.'8&$&(%,E& XB#'.&'#!".0%&+,-('90$#6%&.'+B3".&'B(06'#6%V(*&J $#6'60+,&.#6'1'&34,#(%&.#6'#!,8#(%#6'XB#'W&( 6,*0'+0(6#(6B&*06'"0$'.06'$#"$#6#(%&(%#6'*#'.06 ,(%#$#6#6'60+,&.#6U'&34,#(%&.#6'1'#+0(-3,+06'*# .&'8#6%,-('90$#6%&.5'>&'&*XB,6,+,-('*#'B('"$0*B+J %0'+#$%,9,+&*0'"0$'“L@'8&$&(%,E&'&.'+0(6B3,*0$ .&'+0(%$,4B+,-('&'.&'+0(6#$=&+,-('*#'.06'406XB#6 1'*#'.06'=&.0$#6'60+,&.#6U'+B.%B$&.#6'1'&34,#(%&J .#6'&60+,&*06'&'#6%065':#'.&'3,63&'90$3&U'“L@ "#$3,%#'&'.06'8#6%0$#6'1'"$0",#%&$,06'90$#6%&.#6 $#6"0(6&4.#6'*,9#$#(+,&$'6B6'"$0*B+%06'#('#. 3#$+&*0'9$#(%#'&'.06'"$0+#*#(%#6'*#'%&.#6',.#8&J .#6'0',(606%#(,4.#65

?&$&',(%#(%&$'*#%#(#$'6B'*#8$&*&+,-('1'+0(J 6#$=&$'.06'#+06,6%#3&6'90$#6%&.#6'#.'?$08$&3&'*# ‡06XB#6'*#'ÐГCK*#(&'#6%V'%03&(*0'.&6 6,8B,#(%#6'3#*,*&6['

¨ ?$03B#=#'#.'+0(6B30'.#8&.'1'$#6"0(6&4.#'*# "$0*B+%06'90$#6%&.#65'

(5)

¨ K"01&'.&'+#$%,9,+&+,-('90$#6%&.'“L@'XB# 8&$&(%,E&'#.'B60'606%#(,4.#'*#'.06'406XB#65 ¨ ?.&(%&'3,.#6'*#'V$40.#6'+&*&'&Q0'$#+B"#$&(J

*0'406XB#6'*#'$,4#$&'1'E0(&6',(+#(*,&*&6'*# &.%0'=&.0$'#+0.-8,+05'

¨ M#&.,E&'B('%$&4&Z0'+0(%,(B&*0'*#'$#"04.&J +,-('90$#6%&.'+0('*,=#$6&6'0$8&(,E&+,0(#6U P#3"$#6&6' "$,=&*&6U' 0%$&6' )N7U K*3,(,6%$&+,0(#6'?4.,+&6ÑRU'#('.&6'XB# +0.&40$&('B(&'8$&('+&(%,*&*'*#'=0.B(%&$,065 ¨ >08$&'.&'"$0%#++,-('*#'3,..0(#6'*#'W#+%V$#&6 #('.06'"$,(+,"&.#6'406XB#6'*#6"$0%#8,*06'*#. ".&(#%&U'+030'.06'*#'.&'+B#(+&'*#. K3&E0(&6'0'‡0$(#05'

:#(%$0'*#'.&6'V$#&6'*#8$&*&*&6'"$#0+B"&( #6"#+,&.3#(%#'.06',(+#(*,06'90$#6%&.#6'&'%$&=D6 *#'B(&'.;(#&'*#'%$&4&Z0'XB#',(+.B1#',(=#6%,8&J +,-(U'"$#6,-('"0.;%,+&'1'.&'$#6%&B$&+,-('*#'E0(&6 ,(+#(*,&*&65

8˜ ¢Ê™S7Ò7ÓS77žž¢T77™Ô7

˜™SšS

.'"$08$&3&'*#'406XB#6U'*#'K*#(&U'6#'+#(%$& #('.&'*#9#(6&'1'3#Z0$&'*#'.06'#+06,6%#3&6'90$#6J %&.#6'#6"&Q0.#6'1'*#'.&6'V$#&6'*#.'".&(#%&'*0(*# #.'+0(6B30'#6"&Q0.'8#(#$&'B(&'WB#..&'#+0.-8,+&5'

(' 6"&Q&U'K*#(&'%$&4&Z&'"$,(+,"&.3#(%# ,*#(%,9,+&(*0'.&6'+&$#(+,&6'%D+(,+&6'1'"0.;%,+&6 XB#'&3#(&E&('(B#6%$06'406XB#6'&'%$&=D6'*#'"$0J 4.#3&6'+030'.06',(+#(*,06'90$#6%&.#6'1'.&'&B6#(J +,&'*#'8#6%,-('90$#6%&.5

K*#(&'%$&4&Z&'"0$'.&'3#Z0$&'*#'.&'8#6%,-('*# .&6'3&6&6'90$#6%&.#6'3#*,&(%#',(6%$B3#(%06 +030'.&'+#$%,9,+&+,-('90$#6%&.'“L@'1'*#9,#(*#'#. B60'1'&"$0=#+W&3,#(%0'606%#(,4.#'*#'"$0*B+%06 90$#6%&.#6'3#*,%#$$V(#06'+030'#.'+0$+W05

.'+0(6B30',$$#6"0(6&4.#'*#'3&*#$&'1'"&"#. #(' 6"&Q&'#6'B(&'8$&=#'&3#(&E&'"&$&'3B+W06 406XB#6'%$0",+&.#6'1'40$#&.#6U'*0(*#'.&'#!".0%&J +,-('90$#6%&.'#6'9$#+B#(%#3#(%#',.#8&.'#',(606%#J (,4.#5'?0$'#..0U'K*#(&',3"B.6&'3#*,*&6'"0.;%,+&6 *#'+0(6B30'$#6"0(6&4.#'#('.&6'K*3,(,6%$&+,0(#6 "4.,+&6'#6"&Q0.&6'1'#('#.'6#+%0$'"$,=&*0U'1'"$0J 3B#=#'B('3#$+&*0'*#'.06'"$0*B+%06'90$#6%&.#6 XB#'*#'"$,0$,*&*'&'.06'+#$%,9,+&*06'"0$'6,6%#3&6

+030'#.'“L@5

.'#6%&*0'*#'*#8$&*&+,-('*#.'#6"&+,0'90$#6J %&.'#(' 6"&Q&'$#XB,#$#'&++,0(#6'%D+(,+&6'1'"0.;J %,+&6'+.&$&6'1'+0(%B(*#(%#6'XB#'9$#(#('.&6'+&B6&6 *#'*#6%$B++,-('*#'.&'+B4,#$%&'=#8#%&.'1'&6#8B$#(

6B'$#+B"#$&+,-('*#.'#6%&*0'3V6'"$-!,30'&.'#6%&J *0'*#'3&*B$#E'#+0.-8,+&5

:#6*#'F‚£‚U'K*#(&'%$&4&Z&'#('.&'$#6%&B$&+,-( *#'WV4,%&%6'90$#6%&.#6',*#(%,9,+&*06'+030'"$,0$,J %&$,06U'4,#('"0$'.&'6,%B&+,-('*#'*#%#$,0$0'#('.&'XB# 6#'#(+B#(%$&('0'4,#('"0$'6B',(%#$D6'#+0.-8,+0[ %&.#6'+030'$;06'1'$,4#$&6U'V$#&6'*#'&.%0'=&.0$'*# +0(6#$=&+,-('&9#+%&*&6'"0$',(+#(*,06'0'"&$&'.& +0(6#$=&+,-('*#'#6"#+,#6'*#.'406XB#'0$,8,(&.5'

6%0'6-.0'#6'"06,4.#'+0('.&'&1B*&'*#'+,#(%06 *#'=0.B(%&$,06U'#3"$#6&6'1'K*3,(,6%$&+,0(#6 "4.,+&65'>06'"$01#+%06'+0(6,6%#('#('$#"04.&$ .&6'E0(&6'&9#+%&*&6'+0('=&$,&6'*#+#(&6'*#'3,.#6 *#'".&(%&6'*#'#6%06'WV4,%&%6'90$#6%&.#6'6,(8B.&$#65 :#'#6%&'90$3&'.&'0$8&(,E&+,-('+0(%$,4B1#'&'$#+BJ "#$&$'.06'=&.0$#6'&34,#(%&.#6'*#%#$,0$&*06'&'.& =#E'XB#'&6#60$&'1'&"0$%&'B(&',(90$3&+,-('%D+(,J +&'=&.,06&'"&$&'.06'8#6%0$#6'*#'.06'#6"&+,06'(&%BJ $&.#6'PW%%"[CC———5——95#6R5

>&'$#6%&B$&+,-('*#'.06'AV4,%&%6'“0$#6%&.#6 6#$V'#!,%06&'+B&(*0'6#'+0(0+#'#',3".,+&'&'%0*06 .06'&8#(%#6'XB#'&+%&('#('#.'%#$$,%0$,0U'+0(%&(*0 +0('6B'&"010'1'+0.&40$&+,-(5

<(&'*#'.&6'"$,3#$&6')N7'#6"&Q0.&6U'6,( V(,30'*#'.B+$0U'*#*,+&*&'#!+.B6,=&3#(%#'&'.& "$0%#++,-(U'3#Z0$&'1'$#6%&B$&+,-('*#'.06'#+06,6%#J 3&6'(&%B$&.#65'?0$'0%$0'.&*0U'&'#6+&.&',(%#$(&+,0J (&.U'º¯¯°±²®Å¬¾®..#=&'&'+&40'"$01#+%06'#('"&;6#6 #('=;&6'*#'*#6&$$0..0U'"$01#+%06'XB#'+034,(&('.& +0(6#$=&+,-('*#'.&'4,0*,=#$6,*&*'1'#.'B60'606%#(,J 4.#'*#'.06'$#+B$606'(&%B$&.#6'+030'4&6#'*#.'4,#(J #6%&$'#+0(-3,+0'*#'.&'"04.&+,-('.0+&.5

)2@U'#3"$#6&'#6"#+,&.,E&*&'#('.&'*,6%$,4BJ +,-('*#'3&XB,(&$,&U'+0(6B3,4.#'1'#XB,"06'"&$& .&'O(*B6%$,&'7$V9,+&'#(' 6"&Q&U'W&'..#8&*0'&'B( &+B#$*0'+0('K++,-(&%B$&'"&$&'+0.&40$&$'#('.& $#6%&B$&+,-('&34,#(%&.'*#'(B#6%$06'406XB#65'

@0('#6%&',(,+,&%,=&U')2@'+0.&40$&$V'#('#. 3&(%#(,3,#(%0'*#'".&(%&+,0(#6'$#&.,E&*&6'#( *,9#$#(%#6'"B(%06'*#'.&'8#08$&9;&'#6"&Q0.&5' ( +0(+$#%0U'K++,-(&%B$&'$#,(=#$%,$V'.06'4#(#9,+,06 04%#(,*06'#('.&'$#6%&B$&+,-('&34,#(%&.'*#.'M;0 Ì&$&3&'PL&('2&$%;('*#'.&'Ï#8&U'2&*$,*RU'#('.& $#+B"#$&+,-('*#'.&'M,#$&'*#'K$4+,#6'PA06%&.$,+U ‡&$+#.0(&R'1'#('.&'$#+B"#$&+,-('*#.'M;0 Ï,(&.0"-'PN0=#.*&U'K.,+&(%#R5'@0('#6%#'&+B#$*0U &*#3V6'*#'%$&(63,%,$'6B'9,.0609;&'1'"$,(+,",06U )2@'"$#%#(*#',3".,+&$'&'6B6'+.,#(%#6'#('.&'$#+BJ "#$&+,-('*#'.06'406XB#6U'W&+,D(*0.#6'"&$%;+,"#6 *#.'"$01#+%0'PW%%"[CC———5&++,0((&%B$&50$8R5

(6)

812717827982Õ12

>06'406XB#6'%,#(#('B(&'6#$,#'*#'=&.0$#6 3#*,0&34,#(%&.#6U'60+,0#+0(-3,+06'0'+B.%B$&J .#6U'+03"&%,4.#6'#('#.'B60'*#'*,6%,(%&6'&+%,=,*&*#6 6,#3"$#'XB#'#!,6%&'B('$#6"#%0'W&+,&'.06'3,63065 >&',(=#6%,8&+,-('#6'9B(*&3#(%&.'"&$&'"$09B(*,J E&$'#('#.'&(V.,6,6'*#'#6%06',3"0$%&(%#6'&+%,=06'*# .&'(&%B$&.#E&'3#*,&(%#'6B'B60'".B$,9B(+,0(&.'1 .06'4#(#9,+,06'#+0(-3,+06'XB#'&"0$%&(5'

2™ž¢S7Ò7 S

>&'$#.&+,-('#!,6%#(%#'#(%$#'.&6'"#$60(&6'1'.06 406XB#6'%,#(#('B(&'*,3#(6,-('60+,&.'0'+B.%B$&.U $#9.#Z&*&'#('#.'"&,6&Z#U'W#$#(+,&'+B.%B$&.U'#('.&6 "$V+%,+&6'%$&*,+,0(&.#6'$#.&%,=&6'&'.06'406XB#6'1'&. #3".#0'*#'.&'3&*#$&U'*#'0%$06'4,#(#6'1'6#$=,+,065 ('*#9,(,%,=&Y'.06'+0(0+,3,#(%06'&".,+&*06'#('#. *#6&$$0..0'$B$&.'1'.&'#+0(03;&'*#'.&'60+,#*&*[ Ï&.0$#6'60+,&.#6'1'+B.%B$&.#6'XB#'+&34,&('+0('#. %,#3"0U'6#8('.&6'60+,#*&*#6'6#'=&('*#6&$$0..&(J *0'1'$#+0(0+,#(*0'XB#'.&'8.04&.,E&+,-('1'.&'B$4&J (,E&+,-('%,#(#('#9#+%06'604$#'.&'6#.=,+B.%B$&5

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

1ž™T¢ž™S

Ï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

('.&'ËB,(%&'@0(9#$#(+,&'2,(,6%#$,&.'+#.#J 4$&*&'#('Ï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

?0$'0%$0'.&*0U'#.'=&.0$'#+0(-3,+0'*#'.06'6#$J =,+,06'XB#'"$0"0$+,0(&('.06'406XB#6'$#.&%,=06'& .&'+&(%,*&*'1'+&.,*&*'*#.'&8B&'1U'.&'&%#(B&+,-('*# ,(B(*&+,0(#6'1'*#'.06'XB#'.&'60+,#*&*'6#'=# 4#(#9,+,&*&5

K".,+&+,-('*#'3#*,*&6U'XB#'"B#*#(',(+.B,$ ,(6%$B3#(%06'#+0(-3,+06'+030'#.'"&80'"0$'6#$J =,+,06'&34,#(%&.#6'P? LR'+0('#.'9,('*#'&3".,&$ 1'*,=#$6,9,+&$'.&'4&6#'9,(&(+,#$&'*#'.&'8#6%,-( 90$#6%&.'606%#(,4.#'1'*#'3&(%#(#$'.&6'9B(+,0(#6 "$0%#+%0$&6'*#'.06'406XB#65'?&80'"0$'6#$=,+,06 &34,#(%&.#6'P? LR'Ö'/$&(6&++,-('+0(%$&+%B&.'*# +03"$&J=#(%&'*#'6#$=,+,06'&34,#(%&.#6'&'+&3J 4,0'*#'"$V+%,+&6'*#'B60'0'8#6%,-('*#.'6B#.0'XB# "$#6B3,4.#3#(%#'&6#8B$&('*,+W06'6#$=,+,06'P*# tM#+03#(*&+,0(#6'604$#'"&80'"0$'6#$=,+,06 &34,#(%&.#6'#('7#6%,-('O(%#8$&.'*#'M#+B$606 A;*$,+06ÎU'@0(=#(,0'*#.'K8B&'*#'.&'@ ? U ˆIIƒR

01234567×862145671782

982Õ12

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

(7)

E&$'&++,0(#6U'"0$'#Z#3".0U'#('$;06'P$#6%&B$&+,-( *#'.&6'+03B(,*&*#6'=#8#%&.#6U'#.,3,(&+,-('*# #6"#+,#6',(=&60$&6'1'3&(%#(,3,#(%0'*#'.&6 $#".&(%&+,0(#6'$#&.,E&*&6RU'#('406XB#6'P8#6%,-( *#.'#6"&+,0'(&%B$&.R'1'#('WB3#*&.#6'P6#8B,3,#(J %0'*#'.&'4,0*,=#$6,*&*'*#'.&'9.0$&'1'9&B(&U'8#6%,-( *#.'#6"&+,0'(&%B$&.555R5

™˜ž¢T؟™S ž¢T

@0('#.'%D$3,(0'Æ$#"04.&+,-('90$#6%&.ÆU'6# W&('*#(03,(&*0'%$&*,+,0(&.3#(%#'&'.&6'&+%B&J +,0(#6'*#'$#"04.&+,-('90$#6%&.'P".&(%&+,-('#( %#$$#(06'XB#'#('.&'3#30$,&'*#'.&'.%,3&'8#(#$&J +,-('(0'606%#(;&('V$40.#6RU'$#90$#6%&+,-('P".&(J %&+,-('#('B('%#$$#(0'+0('0%$&6'#6"#+,#6'*,6%,(%&6 *#'.&6'XB#'.0'W&4,%&(R'1'$#8#(#$&+,-('&$%,9,+,&. P".&(%&+,-('#('B('%#$$#(0'90$#6%&.'+0('.&'3,63& #6"#+,#'XB#'.0'W&4,%&R5'

L#'#(%,#(*#'+030'ÆM#6%&B$&+,-('90$#6%&.Æ'B( "$0+#60'".&(,9,+&*0'XB#'&1B*&'&'$#+04$&$'.&',(%#8$,J *&*'#+0.-8,+&'1'3#Z0$&$'.&'+&.,*&*'*#'=,*&'*#'.06 WB3&(06U'#('.06'.B8&$#6'*#90$#6%&*06'0'*#8$&*&*065'

.'"$,(+,"&.'04Z#%,=0'(0'#6'#.'*#'$#"04.&$ (,+&3#(%#'6,(0'#.'*#'$#6%&B$&$5'N0'9,Z&$6#'6-.0 #('.06'&6"#+%06'&34,#(%&.#6U'6,(0'%&34,D('#('.06

60+,0#+0(-3,+065'

('*#9,(,%,=&U'.0'XB#'6#'"$#%#(*#'$#3&$+&$ #6U'.&'*,9#$#(+,&'#(%$#'.&'$#6%&B$&+,-('90$#6%&.'#6 &.80'6B46%&(+,&.3#(%#'*,9#$#(%#'&'B(&'".&(%&J +,-(5'Ù6%&'6B#.#'W&+#$6#'&.,(#&*&'1'+0('B(&'60.& #6"#+,#'&$4-$#&Y'6B'04Z#%,=0'"$,30$*,&.'#6'.& "$0*B++,-('*#'3&*#$&'1'$#+,4#('B('%$&%&3,#(%0 ,(%#(6,=0'PB%,.,E&+,-('*#'3&XB,(&$,&RU'3B+W&6 =#+#6'6,('"$#6%&$'&%#(+,-('&'6B'#(0$3#',3"&+%0 &34,#(%&.U'#('.&'"$#"&$&+,-('*#.'%#$$#(0U'.&'$#8#J (#$&+,-('&$%,9,+,&.U'.,3",#E&'(0'6#.#+%,=&'*#. 60%0406XB#'6,'#6'XB#'#!,6%#U'#%+5':#'&W;'.&'(#+#J 6,*&*'*#'XB#'"0.;%,+&6'*#'90$#6%&+,-('(0'+&$#E+&( *#'.&'6#(6,4,.,*&*'&34,#(%&.'1'60+,&.'(#+#6&$,&5' P“B#(%#[W%%"[CC———5——95#6CXB#W&+#306C40 6XB#6C(B#6%$&660.B+,0(#6C$#6%&B$&+,0(406XB#6R5 L0('&+%,=,*&*#6'*#'8#6%,-('*#.'406XB#'"&$& 3#Z0$&$'.&'+0(6#$=&+,-('*#.'"&%$,30(,0'(&%B$&. P"0*&U'6#.#++,-('*#'",#6'1'$#%,$&*&'*#'$&3&6'+&;*&6R5

4065234871287×012345671

827982Õ12

.'6,8B,#(%#'*,&8(-6%,+0'$#9.#Z&'.&6'"$,(+,"&.#6 *#4,.,*&*#6U'&3#(&E&6U'90$%&.#E&6'1'0"0$%B(,*&*#6 *#'.06'406XB#6U'*#$,=&*&6'*#'6B'B60'1'8#6%,-(5

(%$#'#6%&6'.%,3&6U'$#"$#6#(%&('90$%&.#E&6U #.'B60'*#'"$0*B+%06'90$#6%&.#6'P3&*#$&U'"&"#.'1 +0$+W0R'9$#(%#'&'.06'"$0*B+%06'6B6%,%B%,=06U'6,(%DJ %,+06'1'3B+W0'3V6'+0(%&3,(&(%#65

>&'"$04.#3V%,+&'&34,#(%&.'*#%#$3,(&*&'1'6B6 +0(6#+B#(+,&6'#6%$,4&(U'9B(*&3#(%&.3#(%#U'#( .06',(+#(*,065'@0(6%,%B1#('W01'#('*;&'.&'3&10$ TXB#'6B9$#('.&6'3&6&6'90$#6%&.#6'#6"&Q0J .&65'>&3#(%&4.#3#(%#U'&'"#6&$'*#'.06'#69B#$E06 *#'.&'60+,#*&*'#('8#(#$&.'"0$'#=,%&$'#6%&6'+&%V6J %$09#6U'(B#6%$06'30(%#6'+0(%,(&('6,#(*0'3B1 =B.(#$&4.#6'&'B('"$04.#3&'+03".#Z0'1&'#(*D3,J +0'XB#U'#('3V6'*#.'‚ƒ†'*#'.06'+&606U'%,#(#'&.'6#$ WB3&(0'+030'$#6"0(6&4.#'*,$#+%0U'1'#('#.'H£† *#'.&6'=#+#6U'&*#3V6U'*#'90$3&',(%#(+,0(&*&5'

K*#3V6U'.&'#=0.B+,-('*#'.06'¢TžT¢™S7Ÿ™S ¶ S7#('.06'.%,306'F…'&Q06'(06'3B#6%$&'XB#U'&'"#6&$ *#'.&6'3#Z0$&6'%D+(,+&6'1'"$#6B"B#6%&$,&6'#('#!%,(J +,-(U'(0'6#'W&'+0(6#8B,*0'3#Z0$&$'.&6'#6%&*;6%,+&6 *#',(+#(*,06U'6&.=0'"0$'#.'W#+W0'*#'XB#'&90$%B(&*&J 3#(%#'(0'6#'W&('=B#.%0'&'$#"#%,$'.06'T ˜S

ʙS77ÚÛÛÚ7Ò7ÚÛÛÜÝ7™T7¢™T7ÞßÛàáßÚ

Ò7ÜâãàßÛã7œž ÓS7Sž ¢ÊT 5'L,('#34&$J 80U'*#4#306'6#$'3B1'+0(6+,#(%#6'*#'XB#'6,'#('#606 *06'&Q06'6#'WB4,#$&('XB#3&*0'B(&6'+,9$&6U'.&6'#6%&J *;6%,+&6'(06'306%$&$;&('+.&$&3#(%#'XB#'#('F…'&Q06U .&6'"0.;%,+&6'*#'.B+W&'+0(%$&',(+#(*,06'(0'6-.0'(0 W&('$#*B+,*0'#.',3"&+%0'*#.'9B#80'6,(0'XB#'D6%#'6# #6%V',(+$#3#(%&(*0'PO(+#(*,-3#%$0'ˆII£U ÐГCK*#(&R5' ('#6%#'6#(%,*0U'#.'B60'*#'.&'4,03&J 6&'90$#6%&.'ZB#8&'B('"&"#.',3"0$%&(%#'#('.&'$#*B+J +,-('*#'$,#680'*#'.06',(+#(*,06'90$#6%&.#65

KB(XB#'8#(#$&.3#(%#'6#',*#(%,9,+&'+030'B( "$04.#3&'*#'.06'406XB#6'%$0",+&.#6U'.&' 7¢Ô %&34,D('6#'*&'#('"&;6#6'*#6&$$0..&*06'1'#('#+0J (03;&6'#('%$&(6,+,-(U',(+.B60'&9#+%&(*0'&'(B3#J $0606'406XB#6'"$,3&$,06'1'V$#&6'"$0%#8,*&65

?#$0'#6%#'%,"0'*#'*#.,%0'90$#6%&.'(0'#6'6-.0'B( "$04.#3&'&34,#(%&.5'>&6'+03B(,*&*#6'WB3&(&6 %&34,D('6#'=#('6#$,&3#(%#'&9#+%&*&6'*#4,*0'&'.& "D$*,*&'*#'.06'$#+B$606'(&%B$&.#6'"$0+#*#(%#6'*#

.06'406XB#65

>06'+,#(%06'*#'3,..0(#6'*#'#B$06'*#',(8$#606 9,6+&.#6'XB#'6#'",#$*#('#('%0*0'#.'3B(*0'+030'+0(J

(8)

6#+B#(+,&'*#'.&6'%&.&6',.#8&.#6'1'.06'*#.,%06'90$#6%&J .#6'%,#(#('%&34,D('B(',3"0$%&(%#',3"&+%0'60+,&.5'

.'+03#$+,0'3B(*,&.'*#'3&*#$&'#!%$&;*&',.#J 8&.3#(%#'#6'B('(#80+,0'XB#'3B#=#'8$&(*#6'+&(J %,*&*#6'*#'*,(#$05' .'9Tž™7T¢7#6%,3& XB#'.&6'%&.&6',.#8&.#6'6B"0(#('&'.06'"&;6#6'"$0J *B+%0$#6'"D$*,*&6'*#'FI5III'3,..0(#6'*#'#B$06'&. &Q0['#('%0$(0'&.'ƒ†'*#'#6%&'+,9$&'"B#*#'*#4#$6# &.'3#$+&*0'#6"&Q0.5'

(' 6"&Q&U'#.'3#$+&*0'*#'.&'3&*#$&'1'"&"#. +0(6B3#'&(B&.3#(%#'+#$+&'*#'HI'3,..0(#6'*# 3#%$06'+4,+06'#XB,=&.#(%#6'*#'3&*#$&U'.0'XB# #XB,=&.#'&'%#(#$'B('406XB#'*#'B(06'FI'3,..0(#6 *#'W#+%V$#&6'4,#('8#6%,0(&*05':#'#6%#'=0.B3#(U .&6'*06'%#$+#$&6'"&$%#6'#6'"$0*B+%0',3"0$%&*0'1 *#'D6%06'Fƒ†'"$0+#*#'*,$#+%&3#(%#'*#'"&;6#6 *0(*#'.&6'%&.&6',.#8&.#6'60('"$V+%,+&6'$#+0(0+,J *&6',(%#$(&+,0(&.3#(%#5' ('0%$&6'0+&6,0(#6U'&B( "$0+#*,#(*0'*#'%&.&6'.#8&.#6U'(0'6,#3"$#'"0*#J 306'8&$&(%,E&$'B('0$,8#('606%#(,4.#'*#'.&'3&*#J $&5'L,8B,#(*0'#.'#Z#3".0'#6"&Q0.U'*0(*#'&"#(&6U #.'FG†'*#'.&'6B"#$9,+,#'90$#6%&.'+B#(%&'+0('B( ".&('*#'8#6%,-('PW%%"[CC———5——95#6CXB#W&+#J 306C406XB#6C"$04.#3&6C%&.&6,.#8&.#6CR5

>&6'+0(6#+B#(+,&6'*#.'ž˜¢™7ž¢Ó ¢ž™U +030'60('#.'&B3#(%0'*#'.&6'%#3"#$&%B$&6'1'.& ,(%#(6,*&*'*#'.06'"#$;0*06'*#'6#XB;&U'&9#+%& *,$#+%&3#(%#'&'.06'406XB#6'#('%0*0'#.'".&(#%&'&6; +030'&'.&6'#6"#+,#6'P,(+.B,*06'.06'WB3&(06R'1'& .&'=#8#%&+,-('XB#'*#"#(*#'*#'#6%06'WV4,%&%65

>&6',(=#6%,8&+,0(#6'*#3B#6%$&('XB#'#.'+&3J 4,0'+.,3V%,+0'#6%V'6#+&(*0'(B#6%$06'406XB#6U'.0 XB#'8#(#$&'B('3&10$'$,#680'*#',(+#(*,06'90$#6J %&.#6'*&*0'#.'&B3#(%0'*#'.&6'%#3"#$&%B$&6'1'#. *#6+#(60'*#'.&'WB3#*&*5

M#+0(0+,#(*0'.&6'&3#(&E&6'XB#'#.'+&34,0 +.,3V%,+0',(*B+,*0'"0$'#.'W034$#',(*B+#'604$# .06'406XB#6U',(+.B1#(*0'.&'+&"&+,*&*'*#'D6%06'*# "$0"0$+,0(&$'3.%,".#6'4#(#9,+,06'"&$&'.&'60+,#J *&*U'1'6,#(*0'+0(6+,#(%#6'*#.'"&"#.'*#'.06'406J XB#6'#B$0"#06'#('#.'+,+.0'8.04&.'*#.'+&$40(0U

(&+#'.&'@<KM/K@)N“ M N@OK2ONOL/ J

MOK>L)‡M '?M)/ @@O¤N': '‡)LË< L

N' <M)?KU'ÏO NKU'ˆ£JGI': 'K‡MO>:

ˆIIG'$#.&%,=&'&.'@&34,0'@.,3V%,+0'1'7#6%,-( “0$#6%&.'L06%#(,4.#'#(' B$0"&5

@B&(*0'6#'*#6%$B1#('1'6#'*#8$&*&('.06'406J XB#6U'#.'+&$4-('#6'.,4#$&*0'&'.&'&%3-69#$&'#( 90$3&'*#'*,-!,*0'*#'+&$40(0U'#.'8&6'*#'#9#+%0 ,(=#$(&*#$0'3V6',3"0$%&(%#5'K 3#*,*&'XB#'6#

",#$*#('406XB#6U'6#'903#(%&'*,$#+%&3#(%#'#.'+&3J 4,0'+.,3V%,+0'6,#(*0',3"0$%&(%#'.&'$#*B++,-('*# .&6'#3,6,0(#6'*#'#9#+%0',(=#$(&*#$05'@0('#.'9,('*# &6#8B$&$'.&'8#6%,-('606%#(,4.#'*#'.06'406XB#6'1 6B6'3.%,".#6'4#(#9,+,06U'#6'+0(=#(,#(%#'#.'B60 &*#+B&*0'1'#9,+,#(%#'*#'.&'3&*#$&'1'%D+(,+&6'*# "$0*B++,-('#(#$8D%,+&3#(%#'3B1',(%#(6,=&65'?0$ #Z#3".0U'.&'4,0#(#$8;&'&'"&$%,$'*#'$#+B$606'"$0+#J *#(%#6'*#'406XB#6'8#6%,0(&*06'606%#(,4.#3#(%#U &6;'+030'*#'$#6,*B06'*#'3&*#$&5'M#+0$*&(*0'#. @0(=#(,0'*#'@0(%&3,(&+,-('K%3069D$,+& /$&(69$0(%#$,E&'*#'>&$80'K.+&(+#'*#'F‚…‚U'1'$#&J 9,$3&(*0'.&'(#+#6,*&*'*#'%#(#$'#('+B#(%&'.06'+03J "$03,606'+0(%#(,*06'#('.06'"$0%0+0.06'*# A >LONÍO'1'*#'L)“¦K+0$$#6"0(*,#(%#6'&'#6%# @0(=#(,0U'.&',3"0$%&(+,&'*#'.&'+00"#$&+,-('+0( .&6'0$8&(,E&+,0(#6',(%#$(&+,0(&.#6'XB#'1&'%$&4&J Z&('#('#.'+&3"0'*#'.&'"$0%#++,-('90$#6%&.U'0U'3V6 8#(#$&.3#(%#U'.&'"$0%#++,-('&34,#(%&.5

䮲ª­³·²Åª¾«¬»ª¾²®¹ª²Å®­³¼½»¾ª³Á®¹»°½

Á­°¹åÅ°¯½#6%,3&'XB#'&.'3#(06'B('%#$+,0'*#'.06 406XB#6'*#.'".&(#%&'"B#*#('6B9$,$'.&6'+0(6#+B#(J +,&6'&*=#$6&6'*#.'+&34,0'+.,3V%,+0U'#6"#+,&.J 3#(%#'#('.&'E0(&'40$#&.'*0(*#'#.'+&.#(%&3,#(%0 &.+&(E&$V'.&'3V!,3&',(%#(6,*&*5

>06'"$,(+,"&.#6'%,"06'*#'406XB#6'XB#'#6%V( #!"#$,3#(%&(*0'.06'#9#+%06'3V6'&*=#$606'# ,(3#*,&%06'*#.'+&34,0'+.,3V%,+0'60('.06'406J XB#6'40$#&.#6U'.06'%$0",+&.#6'*#'30(%&Q&U'.06 +06%#$06'1'.06'3&(8.&$#65

:&*0'XB#'.06'V$40.#6'%,#(#('B('.#(%0'+$#+,J 3,#(%0U'.06'406XB#6'(#+#6,%&('%,#3"0'"&$&'&*&"J %&$6#'&'.06'+&34,06'3#*,0&34,#(%&.#65'L,( #34&$80U'#.';(*,+#'#6%,3&*0'*#'+&.#(%&3,#(%0 8.04&.'1'&B3#(%0'*#.'(,=#.'*#'.06'3&$#6',3".,+& XB#'3B+W06'%,"06'*#'406XB#6'6#$V(',(+&"&+#6'*# &*&"%&$6#5'K*#3V6U'#('E0(&6'+0('&.%&'*#(6,*&* "04.&+,0(&.U'(0'W&4$V'#6"&+,0'*,6"0(,4.#'"&$& &3".,&$'.&6'E0(&6'90$#6%&.#65

('#.'2#*,%#$$V(#0U'.06'=#$&(06'+&*&'=#E 60('3V6'+V.,*06U'6#+06'1'=#(%06065' 6%06'9&+%0J $#6'+$#&('.&6'+0(*,+,0(#6',*#&.#6'"&$&'XB#'6# "$0*BE+&('3V6',(+#(*,06'90$#6%&.#65'K.&'=#E'6# "$0*B+#('3V6'..B=,&6'1'%0$3#(%&6'*B$&(%#'#. ,(=,#$(0U'.0'XB#'8#(#$&'B('&B3#(%0'*#'.&'=#8#J %&+,-('XB#U'&'6B'=#EU'6#'6#+&'#('=#$&(0'+0(=,$J %,D(*06#'#('+034B6%,4.#'"&$&'.06',(+#(*,065

>&'9&B(&'#6%V'6,#(*0'&9#+%&*&'"0$'#6%06'+&3J 4,06'#('6B'WV4,%&%'1'"0$'.&'#6+&6#E'*#'&8B&5'K 3#*,*&'XB#'&B3#(%#'.&'%#3"#$&%B$&'3#*,&U'.&6

(9)

#6"#+,#6'%#(*$V('XB#'*#6".&E&$6#'&'3&10$#6'.&%,J %B*#6'#('4B6+&'*#'WV4,%&6'3V6'&*#+B&*065':&*0 XB#'.06'+&34,06'#6%V('0+B$$,#(*0'*#'B(&'90$3& *#3&6,&*0'$V",*&'"&$&'XB#'"B#*&('&*&"%&$6#'.&6 #6"#+,#6'1'.06'#+06,6%#3&6U'6#'#6"#$&('#!%,(+,0J (#6'.0+&.#6'1'8.04&.#65'L#8('.&6',(=#6%,8&+,0J (#6U'.06'WV4,%06'3,8$&%0$,06'*#'+,#$%&6'#6"#+,#6 1&'#6%V('#3"#E&(*0'&'30*,9,+&$6#5

P“B#(%#['W%%"[CC———5——95#6CXB#W&+#306C406J XB#6C"$04.#3&6C+&34,0+.,3&%,+0R5

:#'&W;'.&',3"0$%&(+,&'*#'.06'#+06,6%#3&6 90$#6%&.#6'&6;'+030'*#'.06'"$0*B+%06'90$#6%&.#6'#( .&'+&"%B$&'*#'+&$40(0'&'.&$80'".&E0'+030'+0(%$,J 4B+,-('&'.&'3,%,8&+,-('*#.'+&34,0'+.,3V%,+0U'#('#. +0(%#!%0'*#.'3&$+0'+.,3V%,+0'*#6"BD6'*#.'ˆIFˆ5

86248612

>&'#!".0%&+,-('90$#6%&.'*#4#'$#&.,E&$6#'4&Z0 #6%$,+%06'+$,%#$,06'*#'8#6%,-('90$#6%&.'.#8&.'1'606%#(,J 4.#5' ('#6%#'6#(%,*0U'.06'"$08$&3&6'90$#6%&.#6'(&+,0J (&.#6'*#4#('*&$'.&6'*,$#+%$,+#6'&"$0",&*&6'"&$&'XB# .&6'90$#6%&+,0(#6'1'$#90$#6%&+,0(#6'6#'#9#+%#('+0( #.'*#4,*0'$#6"#%0'"0$'.06'=&.0$#6'&34,#(%&.#6'P#( "&$%,+B.&$'.&'4,0*,=#$6,*&*R'#+0(-3,+06'1'60+,&.#6U +0('=,6%&6'&'$#*B+,$'.06'"0%#(+,&.#6'#9#+%06'(#8&%,J =06'*#'.&6'$#"04.&+,0(#6'&'8$&('#6+&.&5'L0('3#*,*&6 (#+#6&$,&6'"&$&'.&'8#6%,-('1'+0(6#$=&+,-('&'.&$80 ".&E0'*#.'"&%$,30(,0'90$#6%&.'#(' B$0"&5

>06'"$08$&3&6'*#'#*B+&+,-('1'+0(+,#(+,&J +,-('604$#'.&'+0(6#$=&+,-('*#'.&'4,0*,=#$6,*&* 60('&6"#+%06'"06,%,=06'*#'.&'8#6%,-('90$#6%&.'606J %#(,4.#5' 6%06'"$08$&3&6'"&$&'04%#(#$'D!,%0 *#4#('+0(6%&$'*#'.&'"&$%,+,"&+,-('#9#+%,=&'*#'.&6 +03B(,*&*#6'.0+&.#6U'"$0",#%&$,06'90$#6%&.#6'1 )N76'#('.&'+0(6#$=&+,-('1'&*#+B&*&'3#Z0$&'*# .&'*,=#$6,*&*'4,0.-8,+&5

/#(#$'#('+B#(%&'.&'+#$%,9,+&+,-('90$#6%&.'“L@ +030'B(&'W#$$&3,#(%&'*#'*#6&$$0..0'$B$&.5'K.& =#EU'#.'“L@'&"0$%&'B('=&.0$'&Q&*,*0'&'.06'"$0J *B+%06'90$#6%&.#6'3#Z0$&(*0'.&',3&8#('*#'.06 "$0*B+%06'90$#6%&.#6'P3&*#$&U'"&"#.'1'+0$+W0R'#( #.'3#$+&*05'

:#(%$0'*#.'3&$+0'.-8,+0'*#')$*#(&+,-('*#. /#$$,%0$,0U'#('+B&(%0'&'.06'406XB#6U'.&'9,(&.,*&* *#4#'+0(6#$=&$'.06'=&.0$#6'(&%B$&.#6'1'"&%$,30J (,&.#6U'+03"&%,4,.,E&(*0'1'"$#6#$=&(*0'.&6'&+%,J =,*&*#6'"$0",&6'&8$&$,&6'1'8&(&*#$&6'+0('.& +0(6#$=&+,-('*#.'"&,6&Z#5'@0(6#$=&$'1'3#Z0$&$

.06'*,9#$#(%#6'#6"&+,06'(&%B$&.#6'*#'.&'9,(+&U'6B6 WV4,%&%6'1'#6"#+,#6U'W&+,D(*0.0'+03"&%,4.#'+0( .06'&"$0=#+W&3,#(%06'90$#6%&.#6'1'&8$&$,065

A&+#$'+03"&%,4.#6'.&'+0(6#$=&+,-('*#'.06 =&.0$#6'(&%B$&.#6'+0('#.'B60'"4.,+0'1'#.'&"$0=#J +W&3,#(%0'#*B+&%,=0'*#'.06'#6"&+,06'"$0%#8,*06U "$030=,#(*0'#.'#+0%B$,630'+030'W#$$&3,#(%& "&$&'.&'+0(6#$=&+,-('1'#.'*#6&$$0..0'#+0(-3,+0 *#'E0(&6'$B$&.#6'*#6"04.&*&65

6',3"0$%&(%#'#.'&.8B(06'.B8&$#6U'.&'+$#&+,-( *#'B(&'$#*'*#'#6"&+,06'(&%B$&.#6'"$0%#8,*06U 3#*,&(%#'&+B#$*06'*#'+B6%0*,&U'XB#',(+.B1#('.& +03"$&U'&$$#(*&3,#(%0'0'*0(&+,-('*#'9,(+&65

?0$'0%$0'.&*0U'6#'W&+#'9B(*&3#(%&.'#.'&"01&$ "$01#+%06'XB#'+034,(#('.&'+00"#$&+,-('&.'*#6J &$$0..0'+0('.&'+0(6#$=&+,-('*#'.&'(&%B$&.#E&U'& 9,('*#'&B3#(%&$'#.'4,#(#6%&$'*#'.&'"04.&+,-( .0+&.5':#6*#'.&'".&(,9,+&+,-(U'¢ S7

ÔS ¢T77˜™Sš77™7ž™TSʶ

ž¢T77 ¢™T¢™7T P"0*&U'6#.#++,-(

*#'",#6'1'$#%,$&*&'*#'$&3&6'+&;*&6R5'

?$030=#$'.&'8#6%,-(U'.&'".&(,9,+&+,-('1'.&6 "$V+%,+&6'90$#6%&.#6'1'.&'".&(,9,+&+,-('"&,6&Z;6%,J +&'#6"#+,&.3#(%#'"#(6&*&6'"&$&'3&(%#(#$U'+0(J 6#$=&$U'$#6%&B$&$'1'3#Z0$&$'.&'4,0*,=#$6,*&* 90$#6%&.U'#3".#&(*0'.06'"$0+#606'(&%B$&.#6'XB# %,#(#('.B8&$'#('.06'406XB#65

.'"&"#.'*#'.06'406XB#6'1'*#'.&'8#6%,-('90$#6J %&.'#('.&'"$0%#++,-('*#'.&'+&.,*&*'*#.'&8B&U'#('.& $#8B.&+,-('.06'$#+B$606'W;*$,+06U'.&'&%#(B&+,-('*# ,(B(*&+,0(#6U'.&'.B+W&'+0(%$&'.&'*#6#$%,9,+&+,-('1 .&'"$0%#++,-('*#.'6B#.0U'&6;'+030'.&',3"0$%&(+,&'*# .06'406XB#6'*#'30(%&Q&'#('.&'$#*B++,-('*#'+0$$,J 3,#(%06'*#'%,#$$&6U'#$06,-('1'#9#+%06'*#'.06'&.B*#6 P“B#(%#['2,(,6%#$,0'*#'2#*,0&34,#(%#'1'2#*,0 MB$&.'1'2&$,(05'ËB,(%&'@0(9#$#(+,&'2,(,6%#$,&. 604$#'?$0%#++,-('*#'‡06XB#6'#(' B$0"&'HJ… N0=,#34$#U'ˆII…U'Ï&$60=,&U'?0.0(,&R5

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

(10)

%&6'*#'+0(6#$=&+,-('1'$#6%&B$&+,-(U'+03"$&'*# %#$$#(06'"&$&'6B'"$0%#++,-(U'+$#&+,-('*#'B(&'$#*'*# $#6#$=&6'(&%B$&.#6'"$,=&*&6U'#%+5'>&'(#+#6,*&*'*# +03".#%&$'.&'&++,-('XB#'.&6'&*3,(,6%$&+,0(#6'$#&J .,E&('#('#.'+&3"0'*#'.&'+0(6#$=&+,-(5'K6,3,630U "$0+#*#'#('+B&.XB,#$'303#(%0U',*#(%,9,+&$'.06 "$,(+,"&.#6'$#%06'1'*#4,.,*&*#6'*#'.&6'"0.;%,+&6'=,(J +B.&*&6'&'.06',(+#(*,06'90$#6%&.#6'"&$&'3,(,3,E&$ 6B6',3"&+%06'60+,&.#6U'#+0(-3,+06'1'&34,#(%&.#65

949480æ

@AKMMOU'>5Y'ˆII„5'>,4$0'#.#+%$-(,+0'*#

Æ@,#(+,&6'*#'.&'/,#$$&'1'*#.'2#*,0

K34,#(%#Î5'/#3&'Fˆ5'<(,=#$6,*&*'*# N&=&$$&5

™žT ™S

‡&(+0' 2B(*,&.U' O(6%,%B%0' *#' M#+B$606 2B(*,&.#6U'ˆIII5

:,$#+%$,+#6' 0' (0$3&%,=&6' #B$0"#&6[ W%%"[CC———533&5#6C"0$%&.C6#++,0(#6C(0$3&J %,=&

çÓÔ¢TS7è˜S7

“L@' 6"&Q&'“L@'O(%#$(&+,0(&.'

“<N:K@O¤'NK/<MK5'?V8,(&'"$,(+,"&.'“K) W%%"[CC#65—,§,"#*,&50$8C—,§,C406XB#

W%%"[CC———5&++,0((&%B$&50$8 W%%"[CC———5——95#6'

———5"&(*&50$8C90$#6%6C$#6%0$#

Figure

Actualización...

Referencias

Actualización...

Related subjects : Ecosistemas forestales