1474

  • April 2020
  • PDF

This document was uploaded by user and they confirmed that they have the permission to share it. If you are author or own the copyright of this book, please report to us by using this DMCA report form. Report DMCA


Overview

Download & View 1474 as PDF for free.

More details

  • Words: 18,009
  • Pages: 57
,QV WLWXO GH0HPRULH &XOWXUDO ± F,0H& ±  GXS

5(92/8,,/(9$/$+,(, '(

$17210$5,$ '(/&+,$52 ),25(17,12

GXS WH[WXOUHHGLWDWGH1LFRODH,RUJD vQURPkQHúWHGH 6&ULV&ULVWLDQ FXRLQWURGXFHUHGH1LFRODH,RUJD ,DúL± 9LD D5RPkQHDVF ± 

,1 752'8& (5 (

8QXO GLQ FHOH PDL SUH LRDVH GDUXUL SH FDUH QL OHD IFXW ,WDOLD vQ GRPHQLXO FXQRDúWHULL WUHFXWXOXL QRVWUX H FDUWHD VHFUHWDUXOXL EUkQFRYHQHVF 'HO &KLDUR SH FDUH DFXPUkYQDGOXL&ULVWLDQRVWU PXW  vQUR PkQHúWH $YHPDIDFHFXDOWFHYDGHFkWDUDW  W LWOX O ÌQ VH FROXO DO ;9,,,OHD LVWRULDVH SUH]HQWDDGHVHDVXSW LQIOXHQ DFXUHQWXOXLÄ ILORVRILF³GHSUHVFKLPEDUHFD Ä5HYROX LL³ , VDS UXWDFHVWXL )ORUHQWLQ F  OXFUD UHD OX L YD vQWkOQ L PDL PXO L FHWLWRUL GDF  R YD vQWLWXODÄ5HYROX LLOH 9DODKLHL 'H IDSW H úL R LVWRULH D HULL PDL VFXUW  vQWLX GDU SH XUP D MXQJkQG OD DPQXP LPL SHQWUX 'RPQLLOH SH FDUH OHD DSXFDW RUL GHVSUH FDUH L VH SXWHD GD OPXULULRUDOH1XHGH QHYRHV  VXEOLQLH]LPSRU WDQ DDFHVWRUSDJLQLFDUHVvQWDGHY UDWH PHPRULLDOH XQXLRPLQWHOLJHQWúLFDSDELOGHQHS UWLQLUH 'DU FX WRDW  YDORDUHDHL QX SDUWHD LVWRULF  H FHD PD L vQVHPQDW  3H DFHVW VWULQFDUH QHvQ HOHJHúL QHLXEHúWH±FHUDUQHDPvPS UWúLWQRLGHLXELUHD DFHORUDSH FDULLD vPEU  LúDW ODUJDQDLYDQRDVWU  RVSLWDOLWDWH vO LQWHUHVHD]  WRDW YLD D GHOD QRL  7RDW ±GHODFHUHPRQLLOH&XU LLGHODSHWUHFHULOHHLVLP SOHSkQ  ODF VX D HUDQXOXLSH FDUHRODXG  SHQWUXFXU HQLHSkQ  ODHOHPHQWHOHGHFUHGLQ úLVXSHUVWL LHDOHVXIOHWXOXL DFHVWXLD 2SHUDFRUHVSXQGHDVWIHOSHQWUX DUD 5RPkQHDVF  SHQWUX SULQFLSDWXO PXQWHDQ DFHOHLDSHFDUHFXPDL PXOW  vQY  WXUGDUQXFXPDLSXWLQ  VLPSDWLHúL SULFHSHUHD vQFKLQDWR 0ROGRYHL GRPQHVFXO DXWRU FDUH H 'LPLWULH &DQWHPLU Ä'HVFULHUHD 0ROGRYHL³  $PELLSDUDYHQLFDV  vQVHPQHSHSDJLQLOHORU DVSHFWXO HULORUQRDVWUH vQQDLQWH GHHSRFDIDQDULRW FDUHúLQXSHQWUXFDUDFWHUXOHL SUHWLQV JUHFHVFFL SHQWUXPHWRGHOH HLúLWXUFHúWLúL Ä ILORVRILF³DSXVHQH DLQWURGXVVFKLPE ULGH VXSUDID  DúD GH PDUL GDUúLSULQHOHWUDQVIRUP ULGHSULQFLSLLDúDGHDGkQFL ùL DGDXJ D O WXUL GH DFHúWL GRL FHO PDL vQY  DW ERLHU PXQWHDQ DO YUHPLL &RQVWDQWLQ6WROQLFXO&DQ WDFX]LQRFHOFUHVFXWúLOD 9HQH LD úL 3DGRYD vQFHUFD WRW vQ DFHO PRPHQW FDUDFWHULVWLF RGHVFULHUH vQ URPkQHúWH D DFHOHLDúL HUL URPkQHúWL GH OD 'XQ UHGHVFULHUHGLQFDUH V D XVDOYDW±FXO PXULULOHvQLWD OLHQHúWHSHQWUXFRQWHOH 0DUVLJOL SXEOLFDWHvQRSHUHOH 6WROQLFXOXLHGL LDPHD±SDJLQLOHSHFDUHOHDPWLS ULW vQYROXPXO ,,,GLQ 6 WX GLLOHú L'RFXPHQWHOH PH OH &DXQXLDFDUHDPUHHGLWDWWH[WXOLWDOLDQDO OXL 'HO &KLDUR vQ  WUDGXF WRUXO vPLFHUHFkWHYDUkQGXUL GHLQWURGXFHUH6XQWEXFXURVV  OHGDX'OXL&ULVWLDQ FDUHIU D ILXQSURIHVRUúLXQHUXGLWDSXVDWkWD PXQF  úLDWkWDGUDJRVWH DGDXJ úL R RDUHFDUH MHUWI EQHDVF vQFDUWHDSHFDUHRRIHU  SXEOLFXOXL URPkQHVF 1,RUJD



$OWH HL6DOH6HUHQLVVLPH$QWRQLR)HUGLQDQGR*RQ]DJD 'XFHGH*XDVWDODúL6DELRQHWD3ULQFLSHGH%R]RORHWF

$/7( 6 (5(1 ,66 ,0

9HFKLL ORFXLWRUL DL $UFDGLHL SHQWUX DúL DS UD GH IXULLOH IXUWXQLORU úL DOH YkQWXULORU FRSDFLL FHL HUDX PD L GUDJL RELFLQXLDX V  vQFUHVWH]H vQ FRDMHOH DFHVWRU FRSDFL QXPHOH XQHL ]HLW  L ELQHYRLWRDUH FUH]kQG F  DFHDVW  LQYRFDUH vQGDWRUHD]  GLY LQLWDWHD GH DúL vQVXúL DUERUHOH vQFUHVWDW úL DO DS UD vQ PRG SXEOLF GH RULFH SHULFRO &XWRDW  VXSHUVWL LDHLDFHDVW  GDWLQ  DYHFKLL SJkQ W LP vQGHDPQ FXGUHSW FXYkQW $OWH  6HUHQLVVLPª GH D vQVFULH QXPHOH 'RPQLHL 9RDVWUH vQ IUXQWHD F U LL PHOH ,V WRULDP RGHUQHORUUHYROX LL DOH 9 DO DKLHL  $FHDVW  SURYLQFLH FDUH GH WUHL YHDFXUL JHPH VXE JUHXO MXJ DO ÌPS U LH L RWRPDQHVHPkQJkLHGHWUH FXWHOHHLUHVWULúWLY ]kQGRSDUWHGLQS PkQWXOHL FXSULQV  vQ SXWHUHD &H]DUXOXL úL VH vQI LúD] DSRL YRLRDV  úL PXO XPLW  QX QXPDL F  SULQ DFHDVWDD PHD,VWRULHQHVFULV  vQF  GHQLPHQLDOWXOHDHVFRDV  GLQ vQWXQHULFXO XLW ULL GDU úL SULQ IDSWXO F  ,VWRULD DFHVWHL UL U PkQH PRELODW  úL DS UDW GH DXWRULWD WHD RFURWLWRDUHD $OWH HL9RDV WUH ùLvQWUDGHY U,V WRULDDFHVWHLSURYLQFLLFDUHQXDvQFHWDW V  UkYQHDVF  PRPHQWXOIHULFLWGHDVHSXWHDDG SRVWLVXEDULSHOH 9XOWXUXOXL$XVWULDFFXL DOWXO VDU SXWHD vQFKLQD GHFkW $OWH HL 9RDVWUH 6HUHQLVVLPH FDUH SULQ OHJ WXUL GH UXGHQLHVXQWH LDWkWGHDSURDSHGH$XJXVWD &DV  'RPQLWRDUH$XVWULDF " 6HFROXOWUHFXWFDúLFHOHYLLWRDUHDJORULILFDWúL YRUJORULILFDLOXVWUHOHvQVXúLUL DOHvPS UWHVHL(OHRQRUD*RQ]DJDSHFDUH$WRWSXWHUQLFXODvQYUHGQLFLWR VRvQDO HSH WURQXO &KHV UHVFSHQWUXDRvQFRURQDDSRLFXJORULH R FUHGHP FX HYODYLH  vQ &HU XQLW  DFRORFXQHQXP UD LLHUR LD L 6 HUHQLVVLPHL9RDV WUH )DPLOLL FDULUHYDUV FDúL VWHOHOHVWU OXFLWRDUHQH FRQWHQLW  VSOHQGRDUH2ULFLQHYDFHWLDWk LDDXWRUL YHVWL LFDULDX VFULV vQ GLIHULWH WLPSXUL ,VWRULD 6HUH QLV VLPHL &DV H *RQ]DJD  OHVQH YD DIOD F  OD JHQH UD LLOH DFHVWHL &DVH VDX FXOWLYDW FX IDO  úL I U vQ WUHUXSHUH HYODYLD YLUWX LOH PLOLWDUHúLFHOHPDLIUX PRDVHúWLLQ H 6HFXYLQHGHFLFXGHSOLQ  GUHSWDWHFDDFHDVW  ,VWRULHvQWRFPLW  GHPLQHGXS  VWUXLWRDUH vQGHPQXUL GLQ SDUWHD DWkWRU OLWHUD L FRQVDFUD L GLQ ,WDOLD V  ILH vQFKLQDW  'RPQLHL9RDVWUHFDUHFXDWkWDUHQXPHúL vQDGPLUD LDWXWXURUDvQWUXQHúWHFHOHPDLDOHVH vQVXúLULD OH ,OXú WULORU9 Rú WUL6 WU  PRú L FDULVHSRW PkQGULF  XUPDúXOORUvQWUXQHúWH WRDWHDFHOHFDOLW  LFDUHvPS U LWHVWUOXFHDXvQHLvQúLúL'LQWUHDFHúWLD ILHPL vQJ GXLWV  SURVOYHVFQXPDLXQXO FHOPDL PUH FF LHFHOPDLUDUvQYHDFXOQRVWUX SURPR WRUXO úWLLQ HORU úL SURWHJXLWRUXO F UWXUDULORU 0LDU U PkQH PXOWH GH VSXV GHVSUH HORJLLOH 'RPQLHL9RDVWUH $OWH  6 HUHQLV V LP  GDUvQ D IDU  F  P V LPWFX  WRWXOQHYUHGQLF ID GHRDWDUH VDUFLQ HDvPLHVWH LQWHU]LV  úLGHXQDGLQYLUWX LOH'RPQLHL9RDVWUH± PRGHVWLD $úD GDUX PLOD PHD W FH UHYD  vQYHGHUD  OX PLL WRDW  PUWXULDVPH ULWHLPH OH VXSXúHQLLúLV  SRWVSHUDvQXUP GHDSXWHDRE LQHGHRVHELWDRQRDUH GHD U PkQH vQ YHFLFHLD FHVXQWFXFHOPD LSUR IXQGUHVSHFW $O$OWH HL9RDVWUH 6HUHQLVVLPH &HOPD LXPLOPD LFUHGLQFLRVúL PDLvQGDWRUDWVHUYLWRU $QWRQPDULD GHO&KLDUR 9HQH LD$XJXVW



&/(0(16 3$3$;,

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úWUL DQQRGHFLPRRFWDYR )&DU GLQDOLV 2OLYHULXV 



vQ,XOLH6 HQDWXO

'XS  FHOH H[SXVH GH UHIRUPDWRULL VWXGLXOXL GLQ 3DGRYD DVXSUD SHWL LHL OXL $QWRQPDULD GHO &KLDUR DX WRULWDWHDDFHVWXLFRQVLOLXFRQFHGH OXL$QWRQLR %RUWROLWLSRJUDI VXSXVXOQRVWUXSULYLOHJLXOGHDWLS ULúLYLQGH FDUWHD,VWRULDUHYROX LLORU 9DODKLHLSHWLPSGH DQLQHDYkQGDO LLvQDFHVWWLPSGUHSWXOGHDUHWLS ULDWkWFDUWHDFkWúLKDUWDJHRJUDILF  VXESHGHDSVDOHJLORU %DUWRODPLR *LDFRPD]]L

1RLUHIRUPDWRULLV WXGLXOXLGLQ 3DGRYD

$YkQGvQYHGHUHF  GXS  UHYL]XLUHDúLDSUREDUHD 3ULQWHOXL 7RPDVR0DULD *HQQDUL LQFKL]LWRUDOH F U LL LQWLWXODWH ,VWRULD UHYROX LLORU 9DODKLHL FRPSXV  GH $QWRQPDULD GHO &KLDUR )ORUHQWLQ QX VH J VHúWH QLPLF FRQWUDVILQWHL FUHGLQ HFDWROLFHGH DVHPHQHD GXS  DUWDUHDVHFUHWDUXOXLQRVWUXQLPLFFRQWUDSULQ FLSLLORUúLEXQHORUPRUDYXULDFRUG P OXL$QWRQLR %RUWROLWLSRJUDIGUHSWXOGHDWLS ULFDUWHDREVHUYkQG RUGLQHOH vQ PDWHULHGH WLS ULWXULúLSUH]HQWkQGFX YHQLWHOHH[HPSODUHSHQWUXELEOLRWHFLOHSXEOLFHGLQ 9HQH LD úL 3DGRYD 'DW vQ,XOLH )UDQFHVFR 6RUDQ]R =3LHUR3DVTXDOLJR 0LFKDHO0RURVLQL $JHVOLQR &DGDOGLQLVHFUHWDU )UDQFHVFR )DUQHVHS ULQJ UD LD OXL']HX 'XFHGH3DUPDGH3LDFHQ]DGH &DVWURHWF &RQIDORQLHUSHUSHWXXDO6ILQWHL%LVHULFLHWF

)LLQGJDWDV  DSDU FDUWHDLQWLWXODW  ,VWRULD PR GHUQHORU UHYROX LL DOH 9DODKLHL FRPSXV  GH$QWRQLR0DULDGHO&KLDUR)ORUHQWLQúLWLS ULW SHVSH]HOHDXWRUXOXLvQ9HQH LD FXDSUREDUHúLSULYLOHJLXGH FWUH$QWRQLR%RUWROLvQEXFXURVLQWHU]LFHP vQYLUWXWHD DFHVWXLSULYLOHJLXRULF UXLWLSRJUDIDWkWGLQ RUDúXO 3DUPDFkWúLGLQRULFDUHDOW  ORFDOLWDWH GLQ6WDWHOHQRDVWUHWLS ULUHDVDXUHWLS ULUHDVXV]LVHL FU LSHWLPSGH]HFHDQLQHvQWUHUXS L VXE SHGHSVHOHFHYRP KRW Uv vQ DIDU  GH SLHUGHUHD YROXPHORU WL SULWH 2UGRQ PGHFL SUHúHGLQ LORU úL PDJLVWUD LORU &DPHUHORU QRDVWUH GLQ 3DUPD úL 3LDFHQWD V  GLVSXQ  REVHUYDUHDFXVILQ HQLHDDFHVWXLSULYLOHJLXDFRUGDWGH QRLSHQWUXWRDW  GXUDWDGHPDL VXVúLDVHXUPD vQWRFPDLFHOHDFRUGDWHSULQHO &FLDúDHYRLQ DQRDVWU  'DW vQ&RORUQR$XJXVW  )UDQFHVFR )DUQHVH /RFXOúWDPSLOHORU



3$57($,17,,$ &$3,72/8/,

$OFWXLUHDVLWXD LXQHDúLSURGXVHOHSURYLQFLHL

2ULFH HYHQLPHQW LPSRUWDQW úL YUHGQLF GH UH LQXW VXUYHQLW vQ XOWLPXO WLPS vQ SULQFLSDWXO 9DODKLHLDGLF  vQ DFHO WLPSSHWUHFXWGH PLQH ILHGLQGRUGHVWXGLXVDXGLQ vQGHOHWQLFLUHDVOXMEHLSHOkQJ  FHLGRLGLQXUP  GRPQLWRUL DLSURYLQFLHL DPKRW UkWGHD vQUHJLVWUDFXEXQ  FUHGLQ úLIU QLFLRSDWLP VSUHúWLLQ DXUPDúLORUVSHUkQGF RSHUD PHDQXYDILQLFLSUHDQHSO FXW QLFLSUHDLQXWLO  SXEOLFXOXL$PVW UXLWDVXSUDDF LXQLORUúL HYHQLPHQWHORULPSRUWDQWHúLQXDVXSUDLQWULJLORUúLúWLULORURFXOWHFHVDXLYLWúLvPSU úWLDW SULQWUHQD LXQLOHVWU LQH9RLVSULMLQLGHVFULHUHDPHDSHFRQúWLLQ  LQkQGVHDP  úLGHFHLD FHDPY ]XWúLGHFHLDFHPLDXvQFUHGLQ DWSHUVRDQHFDUHDX OXDWSDUWH OD HYHQLPHQWHOH DFHVWHL UL 3HQWUXR PDLEXQ  vQ HOHJHUH vQV  vPL YRLSHUPLWHXQHOH vQVHPQ UL DVXSUD DOFWXLULL ULLDVXSUDRELFHLXULORUULWXULORUúLUHOLJLHLORFXLWRULORUDVXSUDIHOXOXLRFkUPXLULL SROLWLFH úL D GHSHQGHQ HL HL GH 3RDUWD 2WRPDQ  FDUH HVWH VW SkQ  DEVROXW  D DFHVWHL SURYLQFLL 7RDW vQWLQGHUHDGHS PkQWFHDVW ]L VHQXPHúWH 9DODKLD HR SDUWH GLQ YHFKHD 'DFLH vQ FDUH VH FXSULQGHDX SURYLQFLLOH GHQXPLWH GH JHRJUDILL GH D]L 7UDQVLOYDQLD 9DODKLDúL0ROGRYD$UPHOHURPDQHOHDXFXFHULWGHVWXOGH WvU]LXF FLQXPDLOXL7UDLDQIX VRUWLW  JORULDGHDFXFHUL'DFLDúLGHRDDQH[DODFHOHODOWHSURYLQFLLDOH,PSHULXOXLURPDQ RE LQkQGSRUHFODJORULRDV  GH'DFLFXO&kQGDF SWDW DUDQXPHOHGH 9DODKLD HJUHXGH DIODWúLQDUILSRDWHGHXOWLP  LPSRUWDQ LQWHUHVXOGHDODIOD8QLLvQV SULQWUHFDUL (QHD 6LOYLRGL 3LFFRORPLQL PDLWkU]LX 3DSD 3LXV ,,  DXVFULVF GXS  VXSXQHUHD HLGH F WUH URPDQL'DFLDDIRVWUHGXV  ODUDQJXOGHFRORQLHGHF WUHDFHúWLDVXEXQRDUHFDUHF SLWDQGH RúWL )ODFFR GH XQGH GHQXPLUHD GH )ODFKLD úL F  RGDW   FX VFXUJHUHD WLPSXOXL SULQ FRUXS LXQHDFXYkQWXOXLIXQXPLW 9DODKLDGXS FXPYDODKLORFXLWRULLHLvQORFGH IODFKL $QWRQLR %XRQILQL vQV YHVWLWXO LVWRULFDO 8QJDULHL GH SH WLPSXO OXL 0DWHL &RUYLQ QX vPS UWúHúWHS UHUHDOXL 3LFFRORPLQLúLFUHGHPDLFXUkQGF 9DODKLDvúLWUDJHQXPHOHGHOD FXYkQWXOJUHFFH vQVDPQ DUWDGHDWUDJH FXV JHDWD vQ FDUHDFHúWL ORFXLWRULHUDX IRDUWH GLEDFL 1LFLS UHUHD DFHDVWDQD IRVW vPS UWúLW vQ PRG GHILQLWLY FD úL DOWD FDUH I U VSULMLQXOYUHXQXLGRFXPHQWDQWLFDUYUHDV QHvQFUHGLQ H]HF DFHLDúLSURYLQFLHIXFKHPDW  9DODKLDGXS QXPHOHXQHLILLFHDOXL 'LRFOH LDQGDW GHVR LHSULQFLSHOXLFDUHGRPQHDDFL 'DUHGHSULVRVDVW UXLSUHDPXOWvQ DWDULLQYHVWLJD LL 9RPVSXQHQXPDLF WXUFLLDXGDWSURYLQFLHLQXPHOHGH .DUD 9ODKLDFDUHvQOLPED QRDVWUvQVHDPQ  9DODKLDQHDJU 0ROGRYDDXGDWQXPHOHGH %RJGDQLD DGLF  vQ OLPED VODY GUXLW GH']HXGLQFDX]DIHUWLOLW  LLSPvQWXOXLFDUHHPDLPDUHGHFvWD 9DODKLHL 3URYLQFLDDFHDVWDVHvPSDUWHvQS U LVDXWHULWRULLFDUHVXQWQXPLWHGHYDODKLvQ OLPED ORU MXGH HDGLF  MXGHF WRULLVDXYLFDULDWHVDXDXWRULW  L úL QXPHOH ORU VXQW 2OW 5LEQLF%X]X$UJHú7HOHRUPDQ 9ODúFD,OIRY,DORPL D 6FXUHQL3UDKRYD'kPERYL D 0XVFHO-LXOGHVXV-LXOGHMRV9kOFHD0HKHGLQ LúL 5RPDQD LDFHVWHGLQXUP MXGH H VXQWDFWXDOPHQWH vQSXWHUHDQHP LORU FDULSUHWLQG úLQX I U PRWLYH WHPHLQLFH F  GLQ YUHPXULIRDUWHYHFKLDFHVWHMXGH HDXDSDU LQXW7UDQVLOYDQLHLGHFLUHJDWXOXL8QJDULHL 8QJXULLúLWUDQVLOY QHQLLDXGDW 9DODKLHLQXPHOHGH7UDQVDOSLQD ÌQSDUWHDHL FHD PDL VHSWHQWULRQDO  9DODKLD VH DIO  SH DO  JUDG GH ODWLWXGLQH úL vQ S U LOH HL PDL PHULGLRQDOHvQVSUH'XQ UHDSHJUDGXOúLMXP WDWH6SUHPLD] QRDSWHVHP UJLQHúWHFX 7UDQVLOYDQLDVSUHU V ULWFX0ROGRYDVSUHDSXVúLPLD] ]LDUH'XQ UHDFDUHRvQFRQMRDU  úLRVHSDU GH6HUELDúL%XOJDULDFHLDFHVHSRDWHXúRUYHGHDSHKDUWDJHRJUDILF DQH[DW OD vQFHSXWXODFHVWHLF U LFDUHYDILVSHUVSUHXúXUDUHDFHWLWRUXOXLFXDWkW PDL PXOWFXFvW GXS  FHUFHWDUHD FHORU PDL EXQL FXQRVF WRUL HD QX SXWHD IL PDL H[DFW  úL PDL ILGHO  W



/XQJLPHDvQFRQMXU WRDUHD 9DODKLHLDIRVWVRFRWLW ODPLOHLWDOLHQH 3PvQWXO ULLHWRW FHSRDWHvLPDLIHUWLO úL PDL GHVI WWRU 'H OD'XQ UHSkQ  OD %XFXUHúWL FDUHVHDIO  vQ PLMORFXO 9DODKLHL úLGHOD%XFXUHúWLSkQ OD7kUJRYLúWHFDUHVHDIO ODRGHS UWDUHGH RUHGHGUXPQXVHYHGHGHFvWRYDVW úLGHOLFLRDV FkPSLHvQFDUHQXVHJ VHúWHQLFLFHD PDLPLF SLDWU6HY GPXOWHúLIRDUWHIUXPRDVHS GXULPDLDOHVGHVWHMDULDúH]D LFXDWkWD VLPHWULHúL S VWUDWHDWkWGHFXUDWHF  GH ODXQFDS W ODFHOODOW DO S GXULL VH SRW XúRU GHVFRSHULSHUVRDQHDVFXQVH'HDLFLSUHFXPúLGLQRULFDUHDOW  UDPXU GHDFWLYLWDWHVH SRDWHGHGXFHJHQLXOLQFRPSDUDELODO3ULQFLSHOXL&RQVWDQWLQ%UkQFRYHDQX'HFvWEHOúXJH vQ DUDMXQJHFRQVWDWDUHDF GLQ7UDQVLOYDQLDVHWULPHWODS úXQDWvQ 9DODKLD WXUPHGHFDL GHSRUFLúLGHRL'LQ 9DODKLDVHvQGHVWXOHD] 9HQH LDFXFHDU YLWHSUHFXPúLGHSR]LWHOH VXOWDQXOXLFXXQWúLPLHUHFXSULVRVLQ  ÌQ 9DODKLD DOELQ ULWXO H IRDUWH U VSkQGLW LDU VWXSLL VH DúHD]  vQ DQXPLWH ORFXUL GHVIWWRDUHIHUL LGHYkQWúLH[SXúLODVRDUH7LPSXOKRW UkWSHQWUXVFRDWHUHDDO ELQHORUGLQ VWXSLHGXS 0DUWLHI UvQV V ILHR'XPLQHF &DPSHWLPSXO V UEWRDULLvQ O DUHD 'RPQXOXLVHQDVFQRLOHDOELQHFDUHS UVLQGPDPHOHORUvúLLDX ]ERUXO úL LQWU  vQVWXSL QRLSUHJ WL LDQXPHSHQWUXHOHGHFXOWLYDWRULLFDULVWURSHVFVWXSLLFXDS V UDWSHQWUXFD QRLOHDOELQHV UPkLHvQHL'XS FHDOELQHOHQDVFDWUHLDRDU vQJULMLWRUXOORUWDLHIDJXULL GLQVWXSúLDVWIHODFHOHDOELQHQXPDLSURGXFúLVXQW O VDWHDVWIHOSkQ  OD  6HSWHPEULH &kQGVWXSLLVXQWSOLQLGH IDJXULSURSULHWDUXO ORUXFLGHDOELQHOH O VkQGWRWXúL vQYLD   SkQ ODGHILHFDUHVWXSH[SXúLODDHUSkQ OD2FWRPEULHGXS FDUHVXQWDG SRVWL LvQ ORFXULPDLFDOGHúLIHUL LGHIULJXOLHUQLL 1HJXVWRULLFXPS UvQVSUHWRDPQ PLHUHDFDUHVHYLQGHFXR P VXUQXPLW  vQ OLPEDYDODK  YDGU úL FDUH HFKLYDOHD]  FX  OLYUH LWDOLHQH 3UH XO XQHLYHGUH H GH XQ JDOEHQFHOPXOWXQJDOEHQúLXQVIHUW1HJXVWRULLVHRFXS DSRLFXPLHUHDVHSDUkQGRGH FHDUHWF ÌQVIkUúLWFHDPDLPDUHSDUWHD7UDQVLOYDQLHLVH vQGHVWXOHD] GLQ 9DODKLDFXFHOH PDLEXQHYLQXULDOEHúLURúLLFXJXVWGHOLFDWúLV QWRVSHQWUXVWRPDF &DLL GHDLFLVXQW LDUúLIRDUWHF XWD LQXQXPDLGHRIL HULGLQ7UDQVLOYDQLDFLúLGHQHJXVWRULGLQ3RORQLD DFHúWLDvLGUHVHD] vQ ULOHORUGHEDUDVkQGXLGHQ UDYXULOHúLGHGHIHFWHOHFHDYHDXvQ DUD GHRULJLQH9kQ WRULLJ VHVFGLQDEXQGHQ PLVWUH LFDSUHV OEDWHFHFHUELF SULRDUHOXSL XUúLYXOSLHWFSUHFXPúLS V ULV OEDWHFHúLGRPHVWLFH$PREVHUYDWFX PDUHFXULR]LWDWH FXPDSDUEHU]HOHSULP YDUDIFkQGvQJUXSHRFROSULQ DHUFHUFHWkQGSDUF  ORFXO F XWDW SHQWUXDúH]DUH vúL UHSDUWL]HD]  DSRL ORFXULOHúL SHUHFKLSHUHFKL ±E UEDW úL IHPHLH ±VH DG SRVWHVFSULQVDWH OLQLúWLWHGHSDUWHGH ]JRPRWúL SHYkUIXUL GHFDVH UQHúWL UHvQYLH YHFKLOHFXLEXULVDXFO GHVFDOWHOHQRL1XRGDW DPREVHUYDWHXvQVXPLOXFUXYUHGQLFGH Y]XWFXPEDU]DDUXQF DIDUXQXOGLQSXLLPHGLDWFH LHV GLQRX &HLODO LVXQWFUHVFX L DSRL FX PDUHJULM  SkQ  vQFHSD VEXUD úLDWXQFLSULQ6HSWHPEULHSOHDF FX WRDWHOH V  LHUQH]HvQ ULPDLFDOGH 6SXQ UDQLLGLQ 9DODKLDF vPSUHXQ FXEHU]HOHSOHDF  DWXQFL úL UkQGXQHOHOH LDU FkQGDFHVWHDRERVHVFVXQWOXDWHvQVSDWHGHEHU]HSkQ vúLSRWUHOXDGLQQRX]ERUXO1XSRW DVLJXUDFHUWLWXGLQHDDFHVWXLOXFUXIRDUWHFXULRVFXWRDWHUHSHWDWHOHP UWXULL $QLPDOHOHGHYkQDWVXQWO VDWHvQWRDW YRLDGHF WUHORFXLWRULL ULLGRULWRULGHWUDL OLQLúWLWQXvQV SkQ vQWUDWkWFDYDODKLLV ILHOLSVL LGHFXUDMXOúLYUHGQLFLDFDV  LHSLHSW RULF UHLQD LXQLU]ERLQLFHGDUDVXSULULOHúLG ULOHQHFRQWHQLWHFHSO WHVFGHFkWHYDRULSH DQvQWUDWkWLDGHSULPDWF GLQYHFKHD IDLP  URPDQ QX OHD U PDVGHFkWQXPHOH ÌQ OLPEDORUHLvúL]LF URPkQLSDWULHLORUDGLF 9DODKLHL DUDURPkQHDVF LDUOLPELL OLPED URPkQHDVF úL FX GUHSW FXYkQW F FL GDF  H YUHR vQGRLDO  F YDODKLL VXQW XUPDúLL FRORQLúWLORUURPDQLOLPEDORUvQO WXUDFHDvQGRLDO úLFRQYLQJHF YDODKDQXHVWHDOWDGH FvWRGLUHFW úLFXUDW GHULYD LHGLQLGLRPXO ODWLQ /LPEDYDODK  WRWXúL FRQ LQHúL FXYLQWH U



WXUFHúWLJUHFHúWLVODYHXQJXUHúWLHWFGDUWUHEXLH LQXWVHDP GHYHFLQ WDWHD ULORUúLGH UHOD LLOHFHDXDYXWYDODKLLFXDFHOHSRSRDUH /DVIkUúLWXODFHVWHLGHVFULHULYRLDG XJDXQPLFDOIDEHWGHFXYLQWHYDODKHODWLQHúL LWDOLHQHFDDGDXVODDFHOHFXYLQWHQRWDWHGH *LRYDQQL/XFLRvQRSHUDVD 'H UHJQ GDOP OLEFXSS(GLW$PVWHORGDPLDSXG-RDQ%ODHXSHFDUHOHDFRSLDWGXS  FXP VSXQH GXS  IUDWHOH )UDQFLVF ùROPLURXLFL HSLVFRSXO EXOJDU RFKULGDQ 'LQ FDX]D FRQWLQXHORU DVXSULUL DX GHYHQLW DWkW GH GHSULPD L úL QHS V WRUL F  R EXQ  SDUWH GLQ ORFXLWRULL ULLGLVSHUD LDXS UVLWFPLQXULOHJ VLQGXúLDG SRVWvQ7XUFLDGHGLQFRORGH 'XQ UHVDXvQ7UDQVLOYDQLDXQGHQXP UXOORUHFKLDUPDLPDUHGHFvWDO ULL URPkQHúWL 7UHFHUHDvQ7UDQVLOYDQLDSULQWUHF WRDUHOHPXQ LORUQXHSUHDJUHDGDUF GHUHDXQXLUHIXJLDW IU SDúDSRUW vQ PkQLOH S ]LWRULORU FDUL vQ 9DODKLD VH QXPHVF SOLHúL DU vQVHPQD LQHYLWDELODSLHUGHUHDYLH LL7RDW 9DODKLDHR DUGHVFKLV IUvQW ULULIUFHW  LúLIU vQFRQMXUGH ]LGXUL %XFXUHúWLXO HVWH DFWXDOPHQWH UHúHGLQ D RELFLQXLW  D SULQFLSHOXL úL H RUDúXOFHO PDL IUHFYHQWDW (O HVLWXDW vQWUXQ ORF IRDUWH MRVúL PRFLUORVúL DU IL FXWRWXO LPSUDFWLFDELOGLQFDX]DQRURLXOXLGDF GHRSDUWHúLGHDOWDDOHVWU ]LORUVDOHSULQFLSDOHQX VDUILSXVVFkQGXULJURDVHGHVWHMDUvQIRUP GHSXQWH&DVHOHSULQFLSDOHGLQ 9DODKLDDXvQ MXUXOORUJDUGXULGLQEkUQHGHVWHMDUJURDVHúLURWXQGHELQHvQO Q XLWHvQWUHHOHvQDOWHGHOD SkQ ODFR LúLvQVWDUHV GXUH]HSkQ ODGHDQL 1XPDL FXUWHD 3ULQFLSHOXL GLQ %XFXUHúWL H vQFRQMX UDW FX ]LG ULGLFDW GH 3ULQ XO %UkQFRYHDQXFXFkWHYDOXQLvQDLQWHDPD]LOLULLVDOH&XUWHDGLQ7kUJRYLúWHHvQFRQMXUDW FXR FHQWXUvQW ULWGLQS PkQWúLSLHWURDLHFDUHVHQXPHVFvQ 9DODKLD ERORYDQL %XFXUHúWLXO H DSURDSH URWXQG DYkQG R FLUFRQIHULQ  GHVWXO GH PDUH QXP UXO ORFXLWRULORUvQV ±FDUHQXWUHFHGH±QXFRUHVSXQGHvQWLQGHULLORFXOXLF FLFDVHOH VXQWUDUHúLL]RODWHXQHOHGHDOWHOHvQIRUP GHLQVXOHFXFkWHRFXUWHEXF WULHJUDMG úL GHRVHELWJU GLQ FX DUERUL IUXFWLIHUL FHLDFHG XQDVSHFWSO FXW úLYLRL &LúPHOHQXVH JVHVFFLQXPDLFkWHYDIkQWkQLFXDSDUHDvQVFKLPE'vPERYL DFDUHXG %XFXUHúWLXOSULQ UDPLILFD LLFRQ LQHRDS XúRDUúLV QWRDV $FHVWUkXL]YRU úWHGLQPXQ LL 5XF UXOXL OkQJ KRWDUXO7UDQVLOYDQLHLúLDSHOHVDOHFULVWDOLQHFDUHXG SRDOHOHDFHVWRUPXQ LFRQ LQ SVWUYL IRDUWH JXVWRúL 0DL VXQW úL DOWH UkXUL FXQRVFXWH FDUH L]YRUkQG GLQ PXQ LL 7UDQVLOYDQLHL VWU EDW 9DODKLD úL VH YDUV  vQ 'XQ UHD -LXO 2OWXO ,DORPL D 3UDKRYD $UJHúXO úL %X] XO 7RDWH DFHVWH UkXUL FRQ LQ GHVWXOH YDULD LL GH SHúWL GDU QX DWkW GH DEXQGHQWFvWQHQXP UDWHOHLD]XULF FLQXHGRPHQLXERLHUHVFFDUHV QXúLDLE KHOHúWHXO V XúLFDUHGHVIDFHSHúWHOHvQ]LOHOHGHSRVWFDUHVXQWIRDUWHGHVHODYDODKLGXS FXPYRP DUWD OD ORFXO ORU 'LQ 'XQ UH VH DGXF vQ %XFXUHúWL FDQWLW  L GH SHúWL GH P ULPL QHRELFLQXLWHPDLDOHVFHJDúLPRURQXOGLQFDULVHVFRWLFUHOHIRDUWHPXOWJXVWDWHGHERLHUL FDULOHPQkQF SURDVSHWHSUHSDUDWHFXXQWGH OHPQSLSHUúL]HDP GHOPkLH 0XQ LLPDLFXQRVFX LGLQ9DODKLDVXQW %XFHFLXOIRDUWHUHQXPLWvQSRSRUúLGHXQGH L]YRUúWHUkXO3UDKRYDFXGRX UDPLILFD LL XQDFXUJH vQ8QJDULD úL FHDODOW  vQ 9DODKLD YUVkQGXVHDSRLvQUkXO,DORPL DFDUHúLHOL]YRU úWHGLQPXQWHOH%REXO8QDOWPXQWHVH QXPHúWH/ XWDDOSDWUXOHD3LHWURDVDúLDOFLQFLOHDPXQWHOH&UDLXOXLVHFXQRVFDSRLPXQ LL %X]XOXLúLvQVIkUúLWPXQWHOH ,VWUL D'H 5XF UDPDPLQWLWPDLVXV7R LDFHúWLPXQ LVXQW YHFLQLHYHU]L úL DFRSHUL L GHEUD]L 6DUHD VH J VHúWH vQ FDQWLW  L HQRUPH vQ DGkQFLPHOH PLQLHUHDOHDFHVWHL ULúLVHH[SRUW vQ ULOHGHSHVWH'XQ UH0LQHGHDXUDUJLQWúLDOWH PHWDOH]DFvQDGkQFLPLOHS PkQWXOXLvQPDULFDQWLW  LDVFXQVHGHRFKLLO FRPLHLWXUFHúWL QXPDLREúWLD LJDQLORUHREOLJDW GH&UFLXQV DGXF  GRPQLWRUXOXL vQ ORFGHWULEXW  RFDOHGHDXUVFRDVHGLQQLVLSXULOH UkXOXL$UJHúGHRVHELW R OLYU  PDUHOXL DUPDú DXUXO WUHEXHV DLE YDORDUHDGHJDOEHQLGUDPXO LDUGDF  vQWkPSO WRUQX DXY UVDWFXYHQLWD FDQWLWDWHGHDXU LJDQLL WUHEXLH V  R FRPSOHFWH]H FXPS UkQGR GXS  FXP úL SULVRVXO UPkQHvQEHQHILFLXOORUGDF FDQWLWDWHDVFRDV GLQUkXHPDLPDUH0LQHOHGHDUDP VXQW GH DVHPHQHDSH vQWLQGHUL PDUL LDU ORFXO GHXQGHVHVFRDWH DUDPD VH QXPHúWH PDGDQ 

FXYkQWWXUFHVFFHvQVHDPQ PLQ DSRLPLQHGHIHUFDUHVHY GSHGUXPXOFHGXFHGH OD %UGLFHQLOD7kUJRYLúWH 6QHvQWRDUFHPSULYLUHDF WUH%XFXUHúWLODFO GLULOHPDLLPSXQ WRDUHDOHSDODWHORU úLELVHULFLORUFXWRDWHF DUFKLWHFWXUD ORUQXH WRFPDLGHVDP  3DODWXO 3ULQFLSHOXLHGH SLDWUFXRLPSR]DQW VFDUGHPDUPRU FXV OLPDULEROWLWHGDUGHVWXOGHMRDVHGLQFDUH SULPD±SULGYRUXO±HVXV LQXW ODPLMORFGHXQUkQGGHFRORDQH$GRXDVHUYHúWHGH 'LYDQ GHMXGHFDW XQGHDXORFúLEDQFKHWHOHGH]LOHPDUL$OWHOHVXQWV OLGHDXGLHQ FDUHGXFvQ DSDUWDPHQWXO3ULQFLSHOXLúLGHDFLvQDO3ULQFLSHVHLFDULVHUHGXFHDODGRX RG LúLXQLDWDF SkQ FH3ULQFLSHOHùWHIDQ&DQWDFX]LQRFO GLVHGHFkWHYDOXQLXQPLFSDODWFXRG LvQWU XQFRO  DO JUGLQLL FDUHHGHWRDW  IUXPXVH HD úL DUH IRUPD S WUDW  vQ VWLO LWDOLDQ ÌQ PLMORFXOHL3ULQFLSHOH&RQVWDQWLQ %UkQFRYHDQXFO GLVHXQ IRLúRUXQGH OXDSUkQ]XO úLúL IFHDVLHVWDGXS PDV vQPLMORFXOVWUDWXULORUGHIORUL 7RDWHFOGLULOHGLQ 9DODKLDVXQWDFRSHULWHFXúLQGULOD QHILLQGRELFHLXO LJOHORUÌQWUH DOWH ELVHULFL GLQ %XFXUHúWL VH DIO  WUHL SH FXOPHD XQXL GHDO ELVHULFD úL P QVWLUHD 0LWURSROLHL ELVHULFLOH 5DGX9RG  úL 0LKDL 9RG  'RX  KDQXUL PDUL úL IUXPRDVH VXQW GHPQHGHY ]XW vQ %XFXUHúWL +DQXOHXQ ORF vQFRQMXUDWFX ]LGXUL I FXW GXS  PRGHOXO PDULORUP QVWLULFDWROLFH,DUvPSUHMXUVXQWGXJKHQLEROWLWHGHDS UDUHFRQWUD IRFXOXL úL LQXWHGHQHJXVWRULFUHúWLQLVDXWXUFLFDULSO WHVFRFKLULHOXQDU LQWHQGHQWXOXLFDUHDUHúL vQV UFLQDUHDV vQFXLHVDU SRU LOHKDQXOXLSHQWUXVLJXUDQ DPUIXULORU3ULPXOKDQSRDUW  QXPHOHIRQGDWRUXOXLùHUEDQ9RG LDUYHQLWXULOHVDOHVXQWG UXLWHPQVWLULL &RWURFHQLORU ]LGLW GHDFHODúFWLWRUODRPLO úLMXPWDWHGH%XFXUHúWL$OGRLOHDHKDQXO 6IW*KHRUJKH ]LGLWGH3ULQFLSHOH%UvQFRYHDQX DYvQGODPLMORFRIRDUWHIUXPRDV ELVHULF SXUWkQG DFHODú QXPHLDUYHQLWXULOHKDQXOXLVXQWG UXLWH3DWULDUKLHLGLQ (UXVDOLP 1DúLYUHDV RERVHVFFHWLWRULLFXGHVFULHUHDDP QXQ LWDWRSRJUDILHL 9DODKLHLXQ UH]XPDWDUILWRWXúLQHFHVDUSHQWUXORFXULOH PDL UHQXPLWH7kUJRYLúWHDD IRVW vQYHFKLPH UHúHGLQ DGRPQLWRULORUvQWURYUHPHFkQGDFHúWLDQXVHSUHDWHPHDXGHWXUFLGDUPDLWkU]LX DIRVWPXWDW GLQRUGLQXOVW SkQLWRULORUOD%XFXUHúWLFDUH PDL DSURDSHGH 'XQ UH úLGH JUDQL DORU7RWXúL3ULQFLSHOH%UvQFRYHDQXORFXLDOD DUFHOSX LQOXQLSHDQFHLDFHQX FRQYHQHDERLHULORUQLFLQHJXVWRULORUF FLWUHEXLDXV XUPH]H&XUWHDFX PDUHFKHOWXLDO  7XUFLLSULYHDXúLHLFXRFKLU LDFHDVW SUHIHULQ D 9RHYRGXOXLF FL7kUJRYLúWHDHUD PDL DSURDSHGHPXQ LGHFkWGHPDOXULOH'XQ UHLúLYRPYHGHDPDLGHSDUWHHIHFWXOFDWDVWURIDO DODFHVWRUQHPXO XPLUL /DGLVWDQ GHR]LGHGUXPGH7kUJRYLúWHF WUHJUDQL HOH7UDQVLOYDQLHLVHJ VHúWH &kPSXOXQJXORUDúUHQXPLWSHQWUXEkOFLXODQXDOFHDUHORFSHODPLMORFXOOXL,XOLHúLODFDUH LDXSDUWHQHJXVWRULGLQWRDWHS U LOHvQVSUHúHVVHDIO RUDúXO3LWHúWLUHQXPLWSHQWUXYLQXULOH VDOHDOEHúLGXOFLGHDLFLHXQGUXPVSUH 5LEQLFFDUHHUHúHGLQ HSLVFRSDO 0DLHXQRUDú FX DFHODúQXPH 5LEQLF SH OLQJ  %X]X &UDLRYD H XQ RUDú PDUH VLWXDW vQWUH &HUQH  H[WUHPLWDWHD ULL úL %XFXUHúWL úL H UHúHGLQ D %DQXOXL FDUH H SULPD GHPQLWDWH GXS  'RPQLWRU 6H DIO  DFL vQ SDUWHD SULQFLSDO  D RUDúXOXL XQ KDQ IUXPRV ]LGLW DFXP GRLVSUH]HFHDQLGHVWDUH XOPQVWLULL +RUH]SHQWUXYHQLWXUL %X] XO FDUHSRDUW QXPHOH UkXOXLFHFXUJHDFRORHWRWUHúHGLQ HSLVFRSDO 8UPkQGDFHLDúFDOHG PGH)RFúDQLFDUH HXGDWGHUkXO 0LOFRYúLGHVSDUWH 9DODKLDGH0ROGRYDLDUSHDPEHOHS U LDOHSRGXOXLGH SHVWH0LOFRYVXQWSXQFWHOHGHYDPD2UDúHOHPDLSULQFLSDOHFDUHVXQWRFkUPXLWHGH F WUH FSHWHQLLOHDOHVHGLQWUHPDULLERLHULVXQW7kUJRYLúWH&HUQH )RFúDQL3ORLHúWL *KHRUJKL D 5RúLRULLGH9HGH0LQHOHGHVDUHPDLFXQRVFXWHVXQW 5LEQLF 7HOHJD úL 6OQLFXO 3HQWUX GHOLFWHJUDYH3ULQFLSHOHWULPHWHSHFRQGDPQD LODVDOLQHvQYDODK  RFQH úLXQGHPRUXQLL GLQFRQGDPQD LIUDVHPDLFHUFHWD FDX]D 6XQWFD]XULGHFRQGDPQ UL OD PRDUWH FkQG 'RPQLWRUXOSULQWUXQDFWGHFOHPHQ VFKLPE  DFHDVW SHGHDSV FXRFQDGXS  FHWDLH vQWkLXUHFKLOHFRQGDPQDWXOXL&UHGF  DFHVWVXSOLFLXV  ILH DFHLDúSHFDUHO vQWUHEXLQ DX URPDQLL FXFRQGDPQD LL DG PHWDOOD SUHFXP úL FX SULPLL PDUWLUL DL ELVHULFLL SULPLWLYH 

6DOLQHOHVHDUHQGHD] FHOXLFHRIHU PDLPXOW3ULQFLSHOXLF UXLDSDU LQDUHQGHOHFDUHDMXQJ SkQ ODVXPDGH JDOEHQLSHDQ vQ FDUHVH FXSULQG vQV  úL WXWXQ ULWXORLHULWXO úL WD[HOH GH H[SRUW SHQWUX 7UDQVLOYDQLD SHQWUX DFHVW VFRS VXQW GHVWLQDWH GRX  WUHF WRUL &vPSLQD úL 'UDJRVODYHOH LDU R SDUWH GLQ WD[HOH FH VH SHUFHS OD 'UDJRVODYHOH DSDU LQ PQVWLULL 6IW ,OLHGLQ &kPSXOXQJXQGH DUH ORF YHVWLWXO EkOFL DQXDO GH FDUH DP PDL SRPHQLW ÌQFHSULYHúWHEkOFLXOGLQ&kPSXOXQJWUHEXLHSRPHQLWYHFKLXOSULYLOHJLXGHFDUHV DXEXFXUDWDFLSUHR LLIUDQFLVFDQL FDULYHQHDX DFLGLQ %XOJDULDV VXSUDYHJKH]HSDURKLD FDWROLFLORUvQPDMRULWDWHQHJXVWRULGLQ &KLSURYDFLúL &RSLORYDFLúLFDULWU LHVFvPSU úWLD LvQ GLIHULWHRUDúHDOH 9DODKLHL$FHúWLSUHR LIUDQFLVFDQLDYHDXDFHVWSULYLOHJLXvQW ULWFXSHFHWH GRPQHDVF  GH XQ YRHYRG DO 9DODKLHL vQ YLUWXWHD F UXLD vQFDVDX R DQXPLW  GDUH GLQ PUIXULOH FHVH DGXFHDXDQXDO OD &vPSXOXQJ úL FDUHVHUYHDSHQWUX vQWUH LQHUHD ORU GDU SULYLOHJLXOFXVLJLO FDúL DOWH PXOWHKULVRDYHGH PDUHLPSRUWDQ VDSLHUGXW vQXOWLPXO U]ERLGLQWUHQHP L úL WXUFL FkQG W WDULL DX MHIXLW 7kUJRYLúWHD úL PDL DOHV P QVWLUHD IUDQFLVFDQLORUGLQFDULXQLLDXIRVWOXD LFDVFODYLGDU U VFXPS UD L GLQ PLOD 3ULQFLSHOXL %UvQFRYHDQX6HY GSkQ D]LUPúL HOHXQHLELVHULFLFXFORSRWQL DHLFDUHDIRVWDVDúLORU FDWROLFLFDULWU LDXDWXQFLvQ 9DODKLDúLOXFUXSUREDELOF FLDPY ]XW OD LQWUDUHDELVHULFLL QRDVWUHD6I,RQFHO0DUHGLQ&kPSXOXQJXUP WRDUHDLQVFULS LHVHSXOFUDO  KLFUHTXLHVFLW LQSDFHJHQHURVXVGRPLQXV-RKDQHV3  KXMXV VD[RQLFDOLV HFFOHVWDH FXVWRV TXL RELLW 0&&&/;;,,,$OWHXUPHVDX LQVFULS LL QXVHJ VHVF  vQ 9DODKLDGLQFDX]DFRQWLQXHORU SHUWXUE UL úL XQGH ERJ  LD ULL QD IRVW XOWLPXO PRWLY DO UXLQLL VDOH ÌQ FH SULYHúWH IHUWLOLWDWHDS PkQWXOXLHGHQRWDWF QWRDPQ VHIDFDU WXULúLDSRLVH VDPQJUkXOFDUH FUHúWHGHRMXP WDWHGHSDOP vQ O LPHSkQ ODF GHUHD]SH]LL GXS FDUH vQSULP YDU LHV GLQQRXSkQ VHFRDFH 0HLXOVHVDPQSULPYDUDúLVHFXOHJHvQ,XOLHSRUXPEXOWRWvQSULP YDUGDUVH FXOHJH vQ$XJXVW 9L D GHYLHVH vQJURDS GXS  FXOHVXOYLLORU úL U PkQHDVWIHO SkQ  OD WLPSXOULGLF ULL 6QHvQWRDUFHPODSUHR LLIUDQFLVFDQL(LWU LHVFúLGLQYHQLWXOFkWRUYDWHUHQXULPLFL úLPDLDOHVGLQYkQ]DUHDXQHLFDQWLW  LRDUHFDUHGHYLQGLQSRPHQLOHFDWROLFLORUúLGLQWUR FDQWLWDWH GH JUkX FH OH G UXLHúWH vQ ILHFDUH DQ 'RPQLWRUXO FDUH GHRVHELW PDL YDUV  JDUGLDQXOXLIUDQFLVFDQGLQ7kUJRYLúWHúLRSDUWHGLQYLQ ULWúLGLQDOWHLPSR]LWH 6HúWLHF PQVWLUHDúLELVHULFDGLQ7kUJRYLúWH DX IRVW ]LGLWHGH6IkQWXO ,RDQGH &DSLVWUDQR %LVHULFDFDWROLF GLQ%XFXUHúWLHRELDW FDV GHOHPQvQFKLQDW 6I)HFLRDUHDF UHL LFRDQ FXFRSLOXOvQEUD HIUXPRVSLFWDW vQVWLOJUHFHVFHDúH]DW vQWUHDOWHGRX LFRDQH GDUVFDQGDORV]XJU YLWH8QDHLFRDQD6IùWHIDQúLDOWDDO 6IW 6L[W 3DS  úL0DUWLU GDU FDUHHOHJDW úLGHQXPHOHOXLùWHIDQ 6LVWRXQFKLUXUJVDVFXQRVFXWGHPLQHFDUHDI FXWSH FKHOWXLDODVDDOWDUXOELVHULFLLvQFLPLWLUXOF UHLDHúLvQPRUPkQWDW%LVHULFDSRVHG RGRDUH VDFUHFDQGHODEUHFXFUXFHúLSLHGHVWDOHF GHOQL úLODPS WRWXOvQDUJLQW úLFDUH IXU  DSRLWRDWHWUDQVSRUWDWHVSUHPDLEXQ VLJXUDQ vQ7UDQVLOYDQLDGHF WUHS ULQWHOH %LDJLR 0DULQRYLFL vPSUHXQ  FXDUJLQW ULDFDSHOHL GLQ %UGLFHQL GH DLFL RDUHFDUL QHvQ HOHJHUL DFXPDQLvQWUH]LVXOS ULQWHúLQHJXVWRULFDWROLFL GLQ &KLSURYDFL úL &RSLORYDFLFDULVH SOkQVHU 3DSLLGDURGRDUHOHQDXIRVWvQF vQDSRLDWHGLQFDX]D DFWXDOHORU vPSUHMXU ULGH U]ERL ÌPS UDWXO /HRSROG GH YHFLQLF  úL JORULRDV  DPLQWLUH G UXL SUHRWXOXL (OLD 0HWWHMDQLFLJDOEHQLGH DXUSHQWUX FO GLUHDELVHULFLL GLQ %XFXUHúWLGDURSDUWHGLQ VXPDIRVWvQWUHEXLQ DWvQDOWHVFRSXULU PkQkQGXQUHVWGHJDOEHQLvQPkQLVLJXUH SkQ FHvQGXUDUHDGLYLQ YDvQJ GXLV VHvQGHSOLQHDVF GRULQ D$XJXVWXOXL%LQHI FWRU ÌQS U LOHXQGHORFXLHVFIDPLOLLGHQHJXVWRULFDWROLFLVHDIO  XQSDURKDOHVGLQWUH IUD LLIUDQFLVFDQLvQ%XFXUHúWL7kUJRYLúWHúL&kPSXOXQJvQV HLVHvQWLWXOHD] JDUGLDQLFX 

WRDWHF QXPDLFHOHGLQXUP GRX RUDúHSRVHG ELVHULFLSURSULX]LVHFXDOWDUHúLFORSRWH FXF OXJ ULFXSDUDFOLVHGXS PRGHOXOPLFLORUP QVWLULÌQELVHULFDGLQ7kUJRYLúWHVHDIO  úLRRUJ FDUHDWUDJHvQWLPSXO VOXMELLFXULR]LWDWHDYDODKLORUFDULQDXvQELVHULFLOHORUQLFL XQIHOGHLQVWUXPHQWHPX]LFDOH ÌQ&UDLRYD %UGLFHQL 6X HWHúWL5LEQLF3ORLHúWL $QLQRDVDúL 3HULHQLVHDIO FkWHR PLF FDSHOLDUVOXMEHOHELVHULFHúWLVXQWvQGHSOLQLWHGHvQúLúLFUHGLQFLRúLL 3UHRWXOFDUHHVFKLPEDWODILHFDUHWUHLDQLFDS WWDLQ]LOQLFSODW SHQWUXOLWXUJKLH DIDUGHXQHOHDYDQWDMHGLQSDUWHDDXWRULW  LLSDURKLDOH&XWRDWHDVWHDHLWU LHVFvQPL]HULH úLOXFUXJUDYHF ELH LLFDWROLFLVXQWFkWHRGDW OLSVL LV SWPkQLvQWUHJLGHVOXMEDOLWXUJKLHL FXPQLVDvQWkPSODWDQXOWUHFXWvQ%XFXUHúWLFkQG PDLELQHGH WUHL OXQLD OLSVLWSUHRWXO JDUGLDQ 0LFKHO ,DYLFKIRVWFXVWRGHDOSURYLQFLHL vQV UFLQDW ILLQG FXR vQDOW  PLVLXQH vQ 8QJDULDGLQSDUWHD3ULQFLSHOXL 1LFRODL0DYURFRUGDWúLQXPDLvQGXUDUHD'RPQXOXLDFUX DW GHERDOVDXGHPRDUWHSHHQRULDúLLFRPXQLW  LLFDWROLFHU PDV IUDVLVWHQ UHOLJLRDV úL HYLWkQGDVWIHOLQGLJQDUHDYDODKLORUULJXURúLREVHUYDWRULDLSXUW ULORUQRDVWUHPDLDOHVvQFH SULYHúWHUHOLJLDFDWROLF  6XQWFLQFLDQLFkQGFKLDU6IkQWXO0LUOLSVHDSkQ FHS ULQWHOH$QWRQLH *XQJKLFLSH DWXQFLúHIXOFDWROLFLORUGLQ 9DODKLDDDU WDW3DSLLSULQWURVFULVRDUHVWDUHDUHDDFDWROLFLORU GLQ DUXQGHVXQWFk LYDWLQHULFRQYHUWL LIUDSRVHGD8OHLXO6IkQWSHQWUXPLUXLUHDORU 3DSD DH[SHGLDW UHSHGHGRX  HSLVWROH 0RQVLJQRUXOXL 3DXO ,RVLFL DUKLHSLVFRSGH 6RILD SRUXQFLQGXL±vQSULPD±V WUHDF 'XQ UHDvQ 9DODKLDúL7UDQVLOYDQLDúLFXGHOHJDWXO6I 6FDXQ$SRVWROLFV YL]LWH]HPQVWLULOHúLSDURKLLOHSUHR LORUIUDQFLVFDQLFHLDFHQXL IX vQJ GXLWGHDFHúWLD SvQ DWXQFLÌQDGRXDvODXWRUL] GkQGXLGHSOLQHSXWHULGHDH[HUFLWD IXQF LXQLOHDUKLHSLVFRSDOHXQGHYDFUHGHQHFHVDUVSUHPkQWXLUHDVXIOHWHORUúLSHQWUXDVHUYL 6I6FDXQ ÌQ DFHODú DQ  FDP SULQ PLMORFXO SRVWXOXL 3DúWHOXL HO DMXQVH vQ %XFXUHúWL vQWRY UúLWGH0DUFRGL 5DJXúLYLFDUXOV XúLGH PRQVLJQRUXO3DXO ,RVLFLYUHGQLFDSRVWRO DO YUHPXULORUQRDVWUHFDUH vQIUXQW  SHUVHFX LL FRQWLQXHGLQSDUWHD WXUFLORU GLQ 1LFRSRO 6RILDVDX )LOLSRSROFX YHFLQLFLOHORUVWRDUFHULGHEDQLGHODFDWROLFLRUL GH FvWHRUL OL VH SUH]LQW RFD]LD $UKLHSLVFRSXOIXSULPLWGHQRLWR LFXPDUHEXFXULHúLYHQHUD LHFXYHQLWHXQXLDWDUH SUHODW3ULQFLSHOHùWHIDQ&DQWDFX]LQRFDUHvLDFRUG PDLWkU]LXDXGLHQ V UXWkQGXLFKLDU PkQDPvQV UFLQ DLXUDEXQYHQLWúLvQWRWWLPSXOúHGHULLVDOHOD%XFXUHúWLvOvQWUH LQXFX DOLPHQWHúLYLQXULDOHVHÌQV SWPkQD3DWLPLORUVDDPHQDMDWSDUDFOLVXOQRVWUXULGLFkQGX VHWURQXODUKLHSLVFRSDOFXEDOGDFKLQúLWRDWHFHOHQHFHVDUHSHQWUXVILQ LUHD6I0LUGH-RLD 0DUH LDU VOXMED IX RILFLDW  FX SRPS  GH vQVXúL $UKLHSLVFRSXO vQFRQMXUDW GH SUHR LL IUDQFLVFDQLÌQ]LOHOHXUP WRDUH3DúWHOXLDYXORFFHUHPRQLDPLUXLULLGHvQVXúL 0RQVLJQRUXO FDUHSOHF DSRLvQFHOHODOWHRUDúHGLQ 9DODKLDúL7UDQVLOYDQLDSHQWUXH[HFXWDUHDSRUXQFLL6I 6FDXQ 5HúHGLQ DDUKLHSLVFRSXOXLGH6RILDHDFWXDOPHQWH vQ )LOLSRSROH LDU vQDLQWH HUD vQ &KLSURYDFLXQGHOR FXLDXFDWROLFLvQQXP UGHVWXOGHPDUHDYkQGRPDUHP QVWLUHDORU DúH]DW vQWURSR]L LHvQFkQW WRDUHFXDOWHWUHLVFKLWXULDO WXULGDU WRDWHIXU  SUHIFXWH vQ FHQXú GHF WUHWXUFLvQXOWLPXOU ]ERLFkQGPXO LGLQWUHDLQRúWUL DX IRVW P FHOUL L LDU DO LLOXD LFDVFODYL&XWRDWHDVWHD]HORúLLSUHOD LGLQ%XOJDULDvQWUH LQPLVLRQDULvPEU FD L WXUFHúWHSHQWUXDSXWHDPDLXúRUDVLVWDSHELH LLFUHúWLQL6XQWvQGUHSW  LWHUXJLOHFUHúWLQLORU FWUH']HXSHQWUXDVF SDFUHúWLQ WDWHDGHDS V WRUXOMXJRWRPDQúLDUkYQLODSURWHF LD DXVWULDF 'DF vQDFWXDOXOU ]ERLDUPHOHFUHúWLQHYRULHúLYLFWRULRDVHHOXFUX QHvQGRHOQLF FPDMRULWDWHDEXOJDULORUúLDVkUELORUQXYRUPDLUHFXQRDúWHFDVW SkQGHFvWSHvPS UDWXO úLSH6IW3DSD&LWSULYHúWHGHFRQYHUWLUHDYDODKLORUYRLYRUELFXSULOHMXOGHVFULHULLUHOLJLHL ORU 

&$3,72/8/,,

2ELFHLXULOHúLPRUDYXULOHYDODKLORU

9DODKLLVXQWGHXQWHPSHUDPHQWYLRLYRLQLFLúLUH]LVWHQ LODRERVHDO  úL RELúQXL L GLQFRSLO ULHFXF OULD 'H PXOWH RUL DP UHPDUFDW FXULRVXO VSHFWDFRO FXP E LH L vQWUH  DQL F OUL FRQGXFHDXJUXSHGHFDLODDG SDWLDUGDF YUHXQFDOVHDE WHDGLQJUXSE LDWXOvOVWULJD UHFKHPvQGXOFXvQMXU WXULWULYLDOHLDUGDF QXL]EXWHDvQFHSHDV SOkQJ FRQWLQXkQGWRWXúL SRPHOQLFXOGHvQMXU WXULREVFHQHI UvQV V FXQRDVF vQ HOHVXOORUÌQSRSRUS ULQ LLvQV  úLGHSULQGFRSLLLFX vQMXU WXUL úLVHGHOHFWHD]  FkQGDFHúWLDGHVFXUF SULPHOHVLODEHGLQ H[SUHVLLWULYLDOHP JXOLQGXVHFKLDUFkQGFRPELQ QRLvQMXU WXULÌQWLPSXOFHORUDQLGH úHGHUHvQ 9DODKLDQDPDYXWRFD]LDV DXGFDFLQHYDV ILIRVWSHGHSVLWSHQWUXvQMXU WXULILH GH F WUH LQVWDQ HOH MXGLFLDUH VDX GH FHOH ELVHULFHúWL ÌQ JHQHUDO YDODKLL QX SUHD VXQW HYODYLRúLWRWXúLQXXLW V úLIDF FUXFHRULGHFkWHRUL WUHFGLQDLQWHDXQHLELVHULFLRUL D XQHLLFRDQHúLVXQWDWkWGHULJXURúLREVHUYDWRULDL]LOHORUGHSRVWF QLFLQXYRUV DXG GH VFXWLUHDORUvQWLPSXOXQHLEROLVDXDOWHLQHYRLGHDLFLFRQYLQJHUHDORUF QHSRWDWDFDSH QRL FDWROLFL LPSXWkQGXQHXúXULQ  vQ QHS ]LUHD SRVWXULORU úL FRQVLGHUkQGXVH GH EXQL FUHúWLQLF vQSRVWXO 3DúWHOXLQXP QkQF GHFvWGHGRX RULSHúWHDGLF  SULPDúL XOWLPD V SWPkQ FHHLQXPHVF 6SWPkQD 0DUH DE LQkQGXVHGH ODYLQ úLGH OD PkQF UXULFX XQWGHOHPQGDUFXPDLSX LQULJRDUHvQFHOHODOWH]LOHDOH 3UHVLPLLÌQ 9DODKLDQXVHDIO  RVS WDULLFDvQFHOHODOWH ULGLQ(XURSDPDLDOHVFDvQ,WDOLDDVWIHOF GDF FLQHYDYUHDV  FDSHWHYLQWUHEXLHV O FXPSHUHGH ODQLúWHFDQWLQHVXEWHUDQHQXPLWH FUkúPH 9LQXO H YkQGXWGHIHPHLGHVIUkQDWHúLGHDLFLUXúLQHDPDUHSHQWUXXQVWU LQF V LQWUHvQ FUvúP XQGHO DúWHDSW  EH LD GHVIUkQDUHD úL FKLDU IXUWXO 3HUVRDQH YUHGQLFH GH FUH]XW PLDX SRYHVWLWF VH vQWkPSO  FDXQ UDQV  YLH OD RUDú vQDLQWH GH V UEWRDUH V úL GHVIDF  SURGXVXOPXQFLLSHQWUXvQWUH LQHUHDIDPLOLHLVDOHVDXSODWDG ULORUúLV VHDEDW ODDFHOH FUkúPHvQPLMORFXODFHVWRUIHPHLúLDOWRULQGLYL]LFDULODQWUHQHD] ODEH LHSkQ vQQRDSWH LDUDGRXD]LFkQGVH GHVPHWLFHúWHvúLYHGHEDQLLIXUD LLDUSHQWUXSODWDFKHIXOXLPDLODV  KDLQDDPDQHWEOHVWHPkQGPRPHQWXOvQFDUHDSXVSLFLRUXOvQFUkúP $VHPHQHFD]XULVXQW vQV SX LQIUHFYHQWHúLQXPDLSHDORFXULúLWUHEXLHV UHFXQRDúWHPF YDODKLLVXQWLXELWRUL GHVWULQLRVSLWDOLHULúLYUHGQLFLGHODXG  6SXQHDPPDLVXVF Q9DODKLDQXVHJ VHVFRVS WULLWRWXúLFkQGXQVWU LQDMXQJH QRDSWHD ODYUHR FUkúP GHWDU GHRELFHLXQERUGHLJD]GD vL FHGHD] EXFXURVSDWXO vO RVS WHD]FXFHDUHvQJULMHúWHGHFDLLV LúLODXUP VHPXO XPHúWHFXSODWDSHQWUXYLQúL ILQIUDSUHWLQGHFHYDSHQWUXJ ]GXLUH'DF VRVHúWHXQVWU LQvQYUHXQRUDúúLPDLDOHV vQ%XFXUHúWLHSULPLWFXPXOW FXUWRD]LHGXS LPSRUWDQ DVDFKLDUFkQGQXSRVHG VFULVRUL GH UHFRPDQGD LH (J ]GXLW IUSODW  LDU GDF  UPkQH SHQWUX XQ WLPS PDL OXQJ úL H FXQRVF WRUDOXQHLDGLQWUHOLPELOHLWDOLDQ ODWLQ JHUPDQ HWFJ VHúWH ORFSH ODYUHXQ ERLHUSHQWUXLQVWUXF LXQHDILLORUV L&XDWkWPDLPXOWGDF VWULQXOHVWHFKHPDWDQXPHvQ DU ILH GHGRPQVDXYUHXQ PDUHERLHU vQDFHVWFD]HVWHSULPLWFKLDUGH F SLWDQXO GH JUDQL FDUHHSUHYHQLWSULQRUGLQvLVH DWDúD]RF OX]FDUHVHQXPHúWH LPLUDúDGLF XQ VROGDWJU QLFHUFDUHSRDUW RSODF GHDUJLQWDYkQGVWHPD 9DODKLHLSHHD)LHFDUHVDWVDX RUDúGHSRSDVHGDWRUV DVFXOWHGHDFHVW LPLUDúúLV DLE JULMGHJ ]GXLUHSURYL]LLFDLúL FUX SkQ ODHWDSDXUP WRDUHSkQ DMXQJODORFXOGHUHúHGLQ DO3ULQFLSHOXL$LFLVHLDX PVXUL SHQWUX J ]GXLUHD VWU LQXOXL GkQGXLVH LPHGLDW WDLQ ]LOQLF GH FDUQH SkQH úL OXPkQ ULVDXFKLDU SkQH úLYLQGH OD &XUWH úL FKLDUSODW  OXQDU GH OD 9LVWHULHGDF  H SHUVRDQ FXYD]$IDUGHGDUXULOHFH RELFLQXHúWH3ULQFLSHOHV IDFGH]LOHPDULVWU LQXO FKHPDWvQ DUFDS WGH3DúWLSRVWDYúLDWODVSHQWUXDVHvPEU FDGXS RELFHLXO ULLVSUHD ILIHULWGHSULYLUHDGXúP QRDV DWXUFLORUFH]LOQLFYLQvQ DUúLFDULQXSULYHVFFXRFKLEXQL 

SRUWXO úL RELFHLXULOHVWU LQHGH HL FX WRDWH DVWHD  VDX  GLQWUH QRL VWU LQL FH DYHP DFWXDOPHQWHVHUYLFLL OD &XUWHFXWRDW  vPEUFPLQWHDYDODK SXUW P SHUXF  úL SDODQH FUDYDW úLEDVWRQGH ,QGLD vPEU FPLQWHDYDODKLORUH DFHLDúLFDúL DWXUFLORUH[FHSWkQG FFLXODvQIRUP  SRORQH] DGLF  DYkQG vQ MXUXO HLREDQG  GLQEODQ GH DVWUDKDQGH  GHJHWHO LPHFHVHLPSRUW GLQ5XVLDLDUFHOHPDLVFXPSHVXQWSXUWDWHGHERLHUL%RLHULL GHUDQJXOvQWkLSRDUW vQORFGHDVWUDKDQVDPXU/RFXLWRULL ULLSRDUW SUXOVFXUWvQVFKLPE SUHR LLúLF OXJ ULLvOSRDUW OXQJGXS GDWLQHOH%LVHULFLL 2UWRGR[H0DMRULWDWHDYDODKLORU SRDUW EDUE FDúLFHOHODOWHSRSRDUHRULHQWDOHLDUDO LLSRDUW QXPDL PXVWH LvPEUFPLQWHD IHPHLORUHXQDPHVWHFGHPRG JUHFHDVF úLWXUFHDVF IUID DDFRSHULW &HOHPULWDWHvúL DFRSHU FDSXODGRXD]LGXS QXQW FXRPDUDP DOE DGXV vQMXUXOE UELHL úL OHJDW  OD VSDWHvQFR]LOXQJLDWkUQDWH)HWHOHvúLJ WHVFFDSXOFXS UXOSURSULXvPSOHWLWvQFRVL GLQ FDUHDSRLIRUPHD] XQFRFSULQVvQDFHÌQ]LOHGHV UEWRDUHVHJ WHVFFXKDLQHERJDWHúL MXYDLHUXULVFXPSHFXVDOEHGH PRQHWHGHDXUGHGLIHULWHP ULPLSkQ ODYDORDUHDGH JDOEHQL)HWHOHPDLV UDFHSRDUW VDOEHGHDUJLQWGXS SXQJDORU -XS QHVHOHVHSOLPE  vQ RUDúvQU GYDQHWUDVHGHFkWHGRLFDLFXYDOWUDSXULGHFXORDUHYHUGHVDXDOEDVWU GDUQLFL RGDW  URúLH FXORDUH UH]HUYDW  QXPDL IDPLOLHL GRPQLWRUXOXL 9L]LWLXO QX úDGH vQ ID  SH FDSUFD ODQRL FL F ODUH SH FDOXO GLQ VWkQJD ÌQOXQWUXO WU VXULL FkQG QX H GH PRG  QHP HDVF QXVHDIO ORFXULGHúH]XWGDUVHLPSURYL]HD] XúRUFXFRYRDUHúLSHUQHPDUL DFRSHULWHFXFDWLIHD6HUYLWRDUHDGHRELFHLIHPHLHE WUkQ FDUHvQVR HúWH MXS QHDVDúDGH vQGRVXOVW SkQHLSHVFkQGXUDI USHUQH%RLHULLXPEO vQRUDúF ODUHvQVR L LGHXQDODLGH VOXJLGXS GHPQLWDWHDFHRFXS LDUODLQWUDUHDvQFXUWHDSDODWXOXLGHVF OHFúLvQDLQWHGHD VXLVFDUD&XU LLvúLVFRWJKHWHOHSXQkQGvQSLFLRDUHQLúWHSDQWRILQXPL L WXUFHúWH SDSXFL DFHODúRELFHLUHVSHFWXRVVHvQWUHEXLQ HD]ODYL]LWHOHvQWUHERLHUL'DF YL]LWDWRUXOHVXSXVXO XQHLQD LXQLRULHQWDOHvLVHRIHU ORFGHúHGHUHODFDS WXOGLYDQXOXLORFGHFLQVWHXQGHVH DúHD] FXSLFLRDUHOH vQFUXFLúDWHVXEHOGXS  RELFHLXORULHQWDO úLFXVSDWHOH UH]HPDW GH SHUQH FDUH VXQW vQúLUDWH GHDOXQJXO SHUHWXOXL vQ WRDW  OXQJLPHD GLYDQXOXL FDUH QX H PLúF WRUFLIL[DWGHSHUHWH3DWXOQXVHGHVIDFHGHFkWQRDSWHDSHQWUXGRUPLWDúD vQFkW VDOWHOHOHXPSOXWHFXEXPEDFúL SODSXPHOHVXQWVWUkQVHvQIRLDWúLvQGRLWHODFDSHWHIRUPkQG RPDV SDWUDW úL vQDOW  úL DFRSHULW FXXQ FHDUúDI DOE úLVXE LUHFX IORUL GH P WDVH úO WHUPLQDW DSRLFXSHUQHGLQDFHLDúLSkQ]  )LHFDUHRGDLHDUHFkWHXQF PLQFDUHVHQXPHúWHvQOLPEDYDODK  VREFXRSRUWL  RYDOSULQFDUHVHEDJ OHPQHOHúLR HúLUHSHQWUXIXPLDUSDUWHDLQIHULRDU WUDQVPLWHF OGXUD SULQXQDVDXFRORDQHS WUDWHVDXURWXQGHOXFUDWHFXVWXKúLFDUHvQF O]HVFRGDLD7DSL HULL VDXDOWHRUQDPHQWHQXVHY GvQFDVHOHGLQ 9DODKLDGHFLWGRDUYUHR LFRDQ  vQFDGUDW  úL DWkUQDW vQWUXQORFvQDOWSHSRVWDYGH'DPDVFVDX EURFDUG0 VX D FkQGQXHGH OHPQ VFXPS HWRWGHDXQDDFRSHULW FXXQFRYRUDúúLDúH]DW vQWUXQFRO DORG LHLVFDXQHQXVH vQWUHEXLQ HD] vQVFKLPEVXQWE QFL IL[DWH vQ MXUXOSHUH LORU úLDFRSHULWH FX SRVWDY FH QXPDL OD &XUWH HGH FXORDUH URúLH  FDUH vPEUDF  úL SHUH LL SkQ  OD RDUHFDUH vQ O LPH VHUYLQGGH UD]LP 2GDLDGH PkQFDUHVHQXPHúWH FDVDPDUH &DVHOHERLHUHúWL vQV DX úL WHUDVHVSUHJU GLQLXQGHVHLDPDVDvQWLPSXOYHULLODU FRDUH0DVDSHFDUHVHP QkQF H vQIHOXOFHORUGLQV OLOHGHPkQFDUHGLQP QVWLULOHFDWROLFH QHX]LWkQGXVHODYDODKLPHVH RYDOHVDXURWXQGHvQPLMORFXO RG LHL&RPHVHQLLVHDúHD] GHRSDUWHúLGHDOWDDPHVHLSH EQFLOXQJLFXVS WDUHDFRSHULWHFXO LFHUH&DSXOPHVHLH UH]HUYDWVW SkQXOXLFDVHLVDX XQHLSHUVRDQHFXYD] )D DGHPDV HGLQSkQ] GHFDV OXFUDW GLQLQIRDUWHVXE LUHFDúL úHUYHWHOHGDUFkQGDFHVWHDQXDMXQJSHQWUXQXP UXOFRPHVHQLORUDWXQFLVHVHUYHVFGHXQ úWHUJDUOXQJFXFDUHVHDFRSHU GHRELFHLIDUIXULLOHúLWDFkPXULOHúLFXFDUHFRPHVHQLLvúL SRWULYHVFFkWHRSRU LXQH vQ ORFGHúHUYHW 3kQ VHVHUYHúWH PDVD LQYLWD LL VH vQWUH LQFX JD]GDvQRGDLDVDXQGHVHVHUYHúWHYXWF úLVHDGXFHDS SHQWUXVS ODWXO PkQLORUvúLVFRW DSRLDQWHUHHOHSHFDUHOHSULQGQXPDLvQWURFRSF ODJXOHU UPQkQGPkQLFLOHDWkUQDWHvQ OXQJODVSDWH$FHVWDHXQDFWGHEXQ FXYLLQ SHQWUXLQYLWD L3UHRWXOFDUHGH RELFHLXQX 

OLSVHúWHVSXQHXQ 7DWOQRVWUXvQJUHFHúWHVDXVODYRQHúWHúL ELQHFXYLQWHD] PDVD)LHFDUH VHDúHD]DSRLGXS UDQJúLGXS FH SUHRWXOPRDLHREXFDW GHSkQHvQPkQFDUHDDGXV  FHLODO LvúLIDFFUXFHúLvQFOLQkQGXVHXúRUVSUHJD]G vQFHSHPDVD'DF H]LGHV UEWRDUH vúLXUHD]UHFLSURFV QWDWHúLDFHLDúLvQWkOQLUHSHQWUXDQXOYLLWRUGXS FDUHVW SkQXOFDVHL GXS FHúLIDFHGLQQRXFUXFHEHDSULPXOSDKDUFXYLQ/DYDODKLQXHRELFHLXOV VHFHDU  GHE XWFLVHDúWHDSW LQYLWD LDJD]GHLFDUHRIHU  GHE XW vQ DFHODúSDKDUFDUHWUHFHGLQ PkQ vQPkQ VWULQXOGHSULQVFXDOW LJLHQ VHDFRPRGHD] FXJUHXODDFHVWRELFHL 0HVHOHORUVXQWIRDUWHvPEHOúXJDWHGDU PkQF UXULOHQXVXQWELQHJ WLWHúLFHHDFHH PDLUXHF VXQWVHUYLWHGHVWXOGHUHFLF FLvQ 9DODKLDEXF WULLOHVXQWvQIXQGXOFXU LORU úL GHFLGHSDUWHGHFDV  9DODKLL DXRURDUHGH PkQFDUHGHEURDúWH EURDúWH HVWRDVH VDX PHOFLVDXLQWURGXVvQV vQXOWLPXOWLPSPHOFLLFDULVHP QkQF FXPXOW SRIW PDLDOHVvQ SRVWXO 3DúWHOXUúLVHWULPLWFKLDUVROGD LOD7kUJRYLúWHvQORFXULOHXQGHVHDIO  PQVWLUHD IUDQFLVFDQLORUFDV FDXWH PHOFL SHQWUX PDVD 'RPQLWRUXOXL 'XS  PDV WRDW  OXPHDVH vQWRDUFHvQRGDLDXQGHVDVHUYLWYXWFDúLDFRORvúLVSDO  GLQQRX PkQLOH úLJXUD 3HQWUX DFHVWVFRSDSDHDGXV vQOLJKHQHWXUFHúWLGHDUDP VSRLW FXFDSDFHJ XULWH OXFUDWH FX PXOW DUW úLDGXVHVSHFLDOGLQRUDúXO6HUDLGLQ%RVQLDXQGHPDPRSULWV SWPkQLvQ 0DUWLHvQF OWRULDPHDSULQ%HOJUDGVSUH 9DODKLD'XS VS ODWVHDGXFFDIHOHXQLL PDL EHDX vQDLQWHXQSDKDUFXYLQ LDUQDUJKLOHDXD HRIHULW RGDW FX FDIHDXD ÌQVIkUúLW ERLHULLvúLSXQDQWHUHHOHúLGXS PXO XPLULOHFXYHQLWHvQFDOHF ILHFDUHúLVH vQWRUFDFDV  SHQWUXVRPQXOGHGXS PDV RELFHLFHH[LVW QXQXPDLvQ]LOHOHOXQJLGHYDU FLúLvQFHOH GHLDUQ 6RPQXOHXúXUDWúLGHYLQXULOHVHUYLWHGLQEHOúXJODPDV IUvQV V ILDPH LWSH LQYLWD L&XFRDQHOHVXQWVXSHUVWL LRDVHúLQXP SRWRSULGHDQXQRWDFXULRVXORELFHLFkQG VHLYHúWHRERDO FRQWDJLRDV 6HDGXQ XQQXPUGHIHPHLúLWLPSGHRUH HV WRUFúL FRDV RF PDúGH FkQHS  FUHL vL GDX IRF vQ PLMORFXO FXU LL úLQ IHOXODFHVWDFUHGF  vPSUHXQ FXF PDúDDDUVúLHSLGHPLD &RSLLLVXQWvPE LD L]LOQLFSvQ ODYUvVWDGHDQL'RLFDQXXLW V IDFFRSLOXOXL XQVHPQQHJUXSHIUXQWHFRQWUD GHRFKLXOXLOHDJ QHOHVXQWQHFXQRVFXWHvQ 9DODKLDGDUVH vQWUHEXLQ HD]XQIHOGHFXWLHGHOHPQS WUDW FXIXQGGHSkQ] WDUHSHVWHFDUHHDúWHUQXW XQSRVWDYURúDSRLSHUQDúLvQYHOLWRDUHDFRSLOXOXL&XWLDHSULQV GHXQSLURQvQWDYDQSULQ SDWUXFRDUGHURúLLvQIRUP GHSLUDPLG LDUG GDFDGLQSDWXOHLOHDJ QFXWLDFkQGFRSLOXO VHGHúWHDSW &DVHOHVXQWIRDUWHFXUDWHúLSULQRG LVXQWvPSU úWLDWHLHUEXULPLURVLWRDUHFD SHOLQUXW MDOHúPLQW FLPEUXùLDOWHLHUEXULFDUHvPSU úWLHXQPLURVSO FXWúLV QWRV 9DODKLLGHWHVW RELFHLXOGHD LQHvQFDV YDVHSHQWUXQHFHVLW  LGHQRDSWHúLvQWRLXOLHUQLL VHGXFODORFXOFRPXQVLWXDWGHSDUWHODH[WUHPLWDWHDFO GLULL 'HDVHPHQHVXQW LQGLJQD L FRQWUDFKLUXUJLORUFDULVHVHUYHVFGHFDGDYUHRPHQHúWLSHQWUXDQDWRPLHFKLUXUJLLDXDS UXW vQXOWLPXOWLPSvQ 9DODKLDúL WUHEXHV ILHDWHQ LID GHDFHDVW SUHMXGHFDW DYDODKLORU FDUHPHUJHSkQ DLQXPL FRQWDPLQD L vQ OLPED ORU VSXUFD L úL vQ DFHVW FD] PHGLFXOH ERLFRWDWFKLDUvQFD]XULXUJHQWHFDOXDUHGHVkQJHVDXDOW RSHUD LHFKLUXUJLFDO  9DODKLL PDLDOHVIHPHLOHSUHWLQGDFXQRDúWH PDLVLPSOH úL PDLSUDFWLFH OHDFXUL PHGLFDOHSHQWUX YLQGHFDUHDEROQDYLORUFDUL PRUFUHG HLQXPDL vQXUPD LQWHUYHQ LHL PHGLFLORU2DPHQLL vQ HOHJ WRULvQV UHVSHFW SHPHGLF0HGLFXO3ULPHIRDUWHELQHSO WLWGH 9LVWHULH 7H]DXUXO SXEOLF FXGRX PLLGHJDOEHQLSHDQDIDU GH WDLQ ]LOQLFGH SkQHSHQWUXVHUYLWRUL GH FDUQHOXPkQ ULGHV XúLGHFHDU HWFGHRVHELWGDUXULGLQWRDWHS U LOHPDLDOHVPHGLFXOXL FDUHDUHXúLWV UHGHDV QWDWHDYUHXQXLERLHUEROQDYU VSODWDHFXDWkWPDLPDUHvQEDQLúL XQFDOGHSUH  9DODKLLVXQWGHFL P ULQLPRúL PDLFXVHDP  ID GHVWULQL GDUVXQW úL UVEXQ WRULúLQXXLW LQVXOWDQLFLRGDW QLFLID GHSURSULLS ULQ L6XQWSOLQLGHFXUWRD]LH vQWUHHLúLvQFHSXWXOúLVIkUúLWXOXQHLXU ULHV QWDWHDFkQGVHvQWkOQHVFYDODKLGHDFHLDúL VLWXD LHVRFLDO vúLVWUkQJPkQDGUHDSW VFR kQGS OULLOHúLIDFJHVWXOVLPXOkQGV UXWDUHD UHFLSURF  D PkQLL  &kQGXQXOHGHRVLWXD LHVRFLDO  LQIHULRDU V UXW PkQDERLHUXOXL DWLQJkQGDSRLFXIUXQWHDPkQDV UXWDW )HPHLOHGLQFODVDGHPLMORFVXQW GHDVHPHQHDIRDUWH 



UHVSHFWXRDVHV UXWúLHOHPkQDERLHUXOXLSHFDUHRDWLQJDSRLGHREUD]XO ORU &XFRDQHOH GLQFODVDERLHUHDVF WULHVFIRDUWHUH]HUYDWH QHDYkQG UHOD LXQLVRFLDOH6HUYLWRUXOSHGHSVLW GHERLHUFXE WDLDYLQHúL HOGHV UXW PkQDERLHUXOXL SURPL kQGF  QXYD PDL UHSHWD JUHúDODI FXW)HPHLOHODWUHFHUHDXQHLSHUVRDQHPDLGHVHDP VHULGLF UHSHGHvQVHPQ GHUHVSHFW2FXSD LDRELFLQXLW DIHPHLORUvQ 9DODKLDH HVXWXO5 ]ERDLHOHGH HVXWVH LQvQ VXEVROXULOHFDVHORUERLHUHúWL LDUGLQSkQ]D OXFUDW  FDUHH vQJXVW  GH GHFRWVH IDF FPúLFDULVHSRDUW OXQJLSkQ ODS PkQWúLVXQWEURGDWHFXIORULGH PDWDV úL LVPHQHFX EUkXEURGDWGHFDUHQLPHQLQXVHSRDWH OLSVLQLFL ]LXDQLFLQRDSWHD)HWHOH úL LJDQFHOH URDEHOXFUHD] vQRGDLDMXSkQHVHLQ IUDPHEURGDWHFXIORULGH PDWDV úLFXILUHGHDXUFDUH VHRIHU DSRL ODRFD]LLVROHPQHVDX ODYL]LWH GH IH H ELVHULFHúWL FkQG MXSkQHDVD RIHU  SUHRWXOXLQ IUDPD úLL V UXW PkQD 2 FUHGLQ  VXSHUVWL LRDV  GH FDUH LQ úL FDWROLFHOH QVFXWHvQ 9DODKLDHVWHF 9LQHUHD0DUHHRSULW RULFHOXFUDUHFXDFXOF FLvQDFHD]L)LXO 'RPQXOXLDVXIHULW DWvWHDvQSXQV WXUL 9DODKLLVXQWIRDUWHPHúWHULvQRULFDUH PHVHULH6XQWVSULQWHQL OD F OULH DJHUL vQ PkQXLUHDV ELHLúLDUFDúLGLEDFLGDF DUILLQVWUXL LvQúWLLQ DPLOLWDU DUIDFHPDULSURJUHVH &kWSULYHúWHGHPHVHULLPHFDQLFHHLUHXúHVFDGPLUDELO 'HSULQGXúRUWRW FHY G úLQX H OXFUDUHPDQXDO SHFDUHV QRLPLW ILHGHLQGXVWULHWXUF VDXYHQH LDQ DPY ]XWXQWkQ U VHUYLWRUGLQFDVD &DQWDFX]LQLORU FDUHGHSULQVHVHDWkWGHELQHGHVHPQXO F  OXFUULOHVDOH SUHDXFOLúHLHvQDUDP 8QDOWXOIUDWHOHXQXLQHJXVWRUFXQRVFXW vQ 9HQH LDGLQ DFHL FH LPSRUWHD]  DFL PUIXULGLQ 9DODKLD D FRSLDW DWkW GH ELQH XQHOH SLFWXUL ELVHULFHúWL GLQ 9HQH LDF vQWRUFkQGXVH vQ DU DSLFWDWGLYHUVH LFRDQH vQWUHFDUHSHVIkQWXO )UDQFLVF vQJHQXQFKLDWSULPLQGVWLJPDWL]DUHDFDUHVHSRDWHYHGHDSH DOWDUXOELVHULFLL FDWROLFHGLQ 7kUJRYLúWH &kWSULYHúWH LQGXVWULDVWLFO ULHL HUDR IDEULF  OD  PLOH LWDOLHQH GHSDUWH GH 7kUJRYLúWHFDUHSURGXFHDRVWLFO IRDUWHWUDQVSDUHQW úLFXUDW FXWRDWHF HUDGHFXORDUH DOEDVWUVHDGXFHDGLQ3RORQLDRVWLFO PDLDOE GDUSOLQ GHSHWHúLDOWHGHIHFWHFDUHQX VXSRUWD FRPSDUD LDFXFHD IDEULFDW  vQ 9DODKLD %RLHULL vQV  FD úLVWU LQLLRELúQXL L FX ULVLSDLPSRUWDXFULVWDOXULGLQ8QJDULDúLGLQ %RHPLDFDUHHUDXDGXVHGHGRX RULSHDQGH QHJXVWRULFHYLQGLQ /LSVFDúLFXDOWHP UIXUL'DUVW UXLPDLDOHVDVXSUDGLE FLHLFXFDUH YDODKLLL]EXWHVFvQRULFHPHúWHúXJGHSURYHQLHQ  LWDOLDQ QHP HDVF  IUDQFH] HWF PDL FXUkQGFDvQFHDWXUFHDVF $PY ]XWFOLúHLHvQOHPQúLDUDP SHQWUXWUHEXLQ HOHWLSRJUDILHL DFUXLGLUHFWRUSHWLPSXOPHXHUD $QWLP0LWURSROLWXO 9DODKLHLGHQD LRQDOLWDWHJHRUJLDQ  FDUHVFODYvQ WLQHUH DMXQVHJUD LHWDOHQWXOXLFHLG UXLVH ']HXSkQ  ODFHD PDL vQDOW  WUHDSW  HFOHVLDVWLF GHXQGH PDLDSRL DYXXQVIkUúLW WUDJLFFXPYRP YHGHD OD ILQHOH DFHVWHLOXFU UL7LSRJUDILDHLQVWDODW vQ0 QVWLUHD0LWURSROLHL 9DODKLHLúLSRVHG  OLWHUH DUDEHJUHFHúWLURPkQHúWLúLVODYH/XFU WRULLWLSRJUDILVXQWYDODKLLQVWUXL LvQDFHDVW DUW  GHPHúWHULHOHYLDLvQVXúL0LWURSROLWXOXL $QWLP ÌQWUHDOWHOXFU ULWLS ULWHSkQ D]LvQ9DODKLDVXQWúLXUP WRDUHOH 9HFKLXOúLQRXO7HVWDPHQWGXS YHUVLXQHDFHORUWUDGXVHvQYDODK GHGRLERLHUL IUD L *UHFHDQX XQXOGLQHL IX WDW O 3ULQFLSHVHL 3 XQDFDUH WU LHúWH DFXP vQ 9HQH LD  7LSULUHDDFHVWHLRSHUHVD vQFHSXWVXEGRPQLD OXL ùHUEDQ &DQWDFX]LQR FDPSH OD DQXO  úL VDWHUPLQDWGXS  Fk LYDDQLVXEGRPQLD OXL %UkQFRYHDQX 2SHUD IRUPHD] XQ YROXPvQIROLRSHKkUWLHEXQ  FX PDUJLQHD ODW FX FRSHUWDDUWLVWLFWLS ULW GXS FDUH XUPHD]SSDJLQ FXVWHPD 9DODKLHLDGLF RSDV UHFXDULSHOHGHVI FXWHFXFUXFHDvQSOLVF DYkQGODGUHDSWDúLODVWkQJDVRDUHOH úL OXQDXUPHD]  DSRLGHGLFD LD DGUHVDW  3ULQFLSHOXL &RQVWDQWLQ%UvQFRYHDQX (SLVWROHúL/LWXUJKLLSHQWUXX]XO%LVHULFLLWLS ULWHvQYDODK  3VDOWLUHDvQVODYRQHúWHúLYDODK  9LH LOH6IP LORUGH6,RQ 'DPDVFKLQWUDGXVHúLWLS ULWHvQYDODK  $QWLIRDQH7URSDUHúL,PQXUL SHQWUXWRWDQXOWLS ULWH vQWLvQVODYRQHúWHúLDSRLvQ JUHFHúWH 

'LYHUVHF U LGH 5XJFLXQLWLS ULWHvQJUHFHúWHúLYDODK  $OH[DQGULLOHVDX,VWRULDOXL$OH[DQGUX 0DFKHGRQvQYDODK $FHDVW ,VWRULHHvQWU DGHY UIRDUWHLQWHUHVDQW SULQPXOWHOHúLYDULDWHOHOHJHQGHFHFRQ LQH 3LOGHOH2ULHQWDOLORUWUDGXVHGLQIUDQFH] vQLWDOLDQ GHPLQHúLGHGLFDW 3ULQFLSHOXL &RQVWDQWLQ%UvQFRYHDQXFDUHvQV UFLQDSHS ULQWHOH ,RDQ $EUDPL SUHGLFDWRU vQVHUYLFLXO 'RPQLWRUXOXLDOHWUDGXFHvQJUHFHúWH0LWURSROLWXO $QWLPOHWUDGXVHGLQJUHFHúWHvQYDODK  FXvQVHPQDWHVFKLPE ULúLWLS UL DSRLXOWLPHOHGRX WUDGXFHUL SHFKHOWXLDOD OXL$SRVWRO 0DQRvQ%XFXUHúWLvQDQXO 3DQHJLULFH GLYHUVHGHVSUH 6IWùWHIDQúLÌPS UDWXO&RQVWDQWLQFHO0DUH FRPSXVH GHSUHRWXO 0DLRWD&DQGLRWXOFDUHHUDSURIHVRUXOGHJUHDF DOOXL&RQVWDQWLQúLùWHIDQFHL GRL ILL DL OXL %UvQFRYHDQX 3DQHJLULFLOH HUDX UHFLWDWH SHGHURVW GH ILLL 'RPQLWRUXOXL vQ SUH]HQ DWDW OXLORUvQ]LOHOHGHSDWURQúLHUDXvQ DFHODúWLPSXQH[HUFL LXúLXQH[DPHQGH FHOHvQY  DWH3UHRWXOSURIHVRUHUDDSRLU VSOWLWGH'RPQLWRUFXEDQLúLRQRUXULFHLDFHQD vPSLHGLFDWFDvQVFKLPE 0DLRWDV VHDUDWHYDMQLFGXúPDQ DO OXL %UvQFRYHDQXSH OkQJ  WXUFLLGLQ &RQVWDQWLQRSROH ,VWRULD-XGHLORUvQJUHFHúWHRSHU SRVWXPDIDLPRVXOXL$OH[DQGUX 0DYURFRUGDW WLS ULW vQ 0LWURSROLD GLQ %XFXUHúWL FX VSH]HOH 3ULQFLSHOXL 1LFRODL 0DYURFRUGDW 'RPQLWRUXO 9DODKLHL ILXO DXWRUXOXL vQDQXO  OXQD $XJXVW &RQ LQH úL R VFULVRDUH vQFKLQDW  6ILQWHL7UHLPL GLQFDUH VH GLVWLQJH PDUHD vQ HOHSFLXQH D 3ULQFLSHOXL 1LFRODL 0DYURFRUGDWFDUHVHDIO D]LSUL]RQLHUGHU ]ERLvQ7UDQVLOYDQLDGXS FXPYRPYHGHDPDL GHSDUWH 6DU F GHD FD SH OkQJ  DFHDVW  vQúLUDUH GH F U L WLS ULWH V  ILH úL R ,VWRULH D GRPQLWRULORUYDODKLGDUQXHGHPLUDUHOLSVDHLF FLFXWRDW XúXULQ DWLSDUXOXLRDVWIHOGH ,VWRULHRELHFWLY HJUHXGHvQFKLSXLWF FLILHFDUHERLHUSRVHG FkWHRFURQLF IFXWGXS  SODFXOV XvQFDUHODXG VDXSRQHJUHúWH YRHYR]LLWUHFXWXOXLGXS ELQHOHVDXU XOFHDYXVHVH IDPLOLDERLHUXOXLGHODDFHúWLD 8QLL ERLHUL S WUXQG SH ILLL ORU GLQ FRSLO ULH FX DFHVW VRL GH LVWRULL DVWIHO F  FRQ LQXWXO]LVHORUFURQLFLGHYLQHWUDGL LHvQIDPLOLLOHORU 5LWXULOHYDODKLORU

&$3,72/8/,,,

6QXVHSDU GHSULVRVFHWLWRUXOXLF YRLGHVFULHMRFXULOHFRSLO UHúWLDOHYDODKLORU FFLYDYHGHDvQHOHvQF RGRYDG F HLVXQWXUPDúLL YHFKLORU FRORQLúWL O VD L GH 7UDLDQ GXS  FXFHULUHD 'DFLHL úL FDUL DXWUDQVPLVJHQHUD LLORUSkQ  vQ ]LXD GH DVW ]L DFHOHDúL MRFXULPLQJHDWLWLUH]XOQXFLOHEk]kLWDGH DFDLL VFUkQFLREXOEDEDRDUEDúL DOWHOH WRDWH vQWUHEXLQ DWH OD DQRWLPSXO ORU $X FRSLLL úL DOWH MRFXUL WXUFHúWL GHSULQVH GH OD FRSLLL QHJXVWRULORUWXUFLVWDELOL L vQ 9DODKLD %RLHULL MRDF  WDEOHOH úL DP UHPDUFDWF  QXPU SXQFWHOHGHOD]DUXULvQOLPEDSHUVLDQ 8OWLPDVDU GH FDUQDYDO OD RUWRGR[L 'XPLQHF  ERLHUXORIHU IDPLOLHLúLFRPHVHQLORURGLVWUDF LHODVIkUúLWXOPHVHL$GXF LJDQLUkQGDúL GHEXF WULHXQúLFXIXQLQJLQHSHREUD]úLVW SkQXOSXQHvQDLQWHDORURIDUIXULHFXI LQvQ FDUHVXQWE JDWHFkWHYD PRQHWH LJDQLL FX PkLQLOH ODVSDWHVXQWSXúLV VFRDW FXGLQ LL PRQHWHOHúLVWkUQHVFPDUHYHVHOLHSULYLQGIH HOHORUFXIXQLQJLQHúLI LQ 8UPHD]úLDOWHGLVWUDF LLV SULQ]FXJXUDDOHUJkQGXQRXVXVSHQGDWvQDHUVDXV  WUDJ FXGLQ LLRPRQHW vQILSW vQWUROXPkQDUHOkQJ IODF UIUV RDWLQJ (YLGHQWF VH DOHJFXS UXODUVúLEX]HOHIULSWH6HPDLSXQHDROXPkQDUHDSULQV vQPLMORFXOXQHLJU PH]L GHILQvQFDUHHUDXDVFXQúLEDQLúLSHFDUL LJDQXOWUHEXLDV LVFRDW FXGLQ LLVWLQJkQG OXPkQDUHDFXQ ULOH)ODF UDVXIODW DSULQGHDI LQDúLDSULQGHDúLS UXO LJDQXOXL 

2GDW WHUPLQDWHGLVWUDF LLOH vQDLQWH GH FXOFDUH FRPHVHQLL vúL FHU LHUWDUH SHQWUX JUHúHOLOHI FXWHXQXODOWXLDvQFXUVXODQXOXLúLvúLXUHD] UHFLSURFV DMXQJ V QWRúL3DúWHOH $FHLDúLXUDUHVH RELFLQXHúWHOD&XUWHFXRDUHFDUHVROHPQLWDWHvQDFHLDúLVDU GH'XPLQHF  6HDGXQ DFRORERLHULLúLIH HOHELVHULFHúWLvQQXPHOHF URUD0DUHOH/RJRI WFLWHúWHRPLF  DORFX LXQH3ULQFLSHOXLFHUkQGXLLHUWDUHLDUDFHVWDU VSXQGHÄGRULPWXWXURUV QWDWHSHQWUX 3DúWHOHYLLWRU´GXS FDUHvLFRQFHGLD]  3DúWHOH VHFHOHEUHD] FXPDULSHWUHFHULúLPXOWHGLVWUDF LL FDVFUkQFLREXO GHSLOG  FDUHVHULGLF QXQXPDLvQILHFDUHVDWGDUúLvQSLD DGH OkQJ  3DODWXOGRPQHVFXQGHVH LQVWDOHD]úLDOWHGLVWUDF LLVXEFHUXOOLEHUSO WLQGXVHGRLJRORJDQLGHSHUVRDQ SHQWUXXQ ORF$FHúWLEDQLVHvPSDUWDSRLvQWUH SDLFL VOXMLWRULFHDXvQV UFLQDUHDGHDVXV LQHGHEUD SH3ULQFLSHFkQGVXLHVF ULOHVDXYUHRSHUVRQDOLWDWH WXUF  FkQGYLQH vQDXGLHQ  3DLFLL VXQWvQQXP UGHVDXPDLPXO LGXS YRLQ D'RPQLWRUXOXLúLVXQWDOHúLGLQWUHE UED L vQDO LúLELQHI FX LÌQV SWPkQD3DúWHOXLSDLFLLVWU EDWRUDúXOFXPLFLYDVHGHDUJLQWVDXGH SRUFHODQILQFRQ LQkQGDS PLURVLWRDUHFXFDUHVWURSHVFSH WUHF WRULSH ID  úLSH PkQL VSXQkQGXOH &KULVWRVDQHVWL(YUHGQLFGHQRWDWDFHVWRELFHLS VWUDWODWRDWHQD LXQLOHGHULW RUWRGR[F GLQ3DúWL  SkQ ODvQ O DUHD 'RPQXOXLQXVHVDOXW DOWIHO GHFkWFX &KULVWRV DQHVWLODFDUHVHU VSXQGH DOLWRVRQHVWLLFHHDFHvQVHDPQ &ULVWRVDvQYLDW$GHYUDWFD vQYLDW $FHL FH QX úWLX JUHFHúWH VH VHUYHVF GH VODYRQHVFXO &ULVWRV YDVFULV YDLVVHQD XDVFULV 7RDWHDFHVWHGLVWUDF LL MRFXUL FD úL GDWLQD FX DS  SDUIXPDW  VXQW vQ SURILWXO SDLFLORUúLDOFHORUODO LVOXMLWRULDL3ULQFLSHOXLFDULvQ]LOHOHGH3DúWLPDLvQWLQGXQFRYRUvQ DQWLFDPHUDúLV OLOH 3DODWXOXL SHQWUXGHPQLWDULL úL IXQF LRQDULL FDUL YLQ GH V UXW PkQD 'RPQLWRUXOXLúLFDULVRVHVFFXILúLFXULFXEDQLSHFDUHvLvPSDUWvQGUHDSWDúLvQVWkQJD 0DLDOHVQRLVWU LQLLWUHEXLHV ILPPDLGDUQLFLSHQWUXDQXQLVHLPSXWD VJkUFHQLD 7UHEXLHSRPHQLWúLGHVSUHGDUXULOHFHUHYDUV 3ULQFLSHOHFXRFD]LD 3DúWHOXL%RLHUXO FDS WREODQ GHVREROSDWUXMXP WDWHFR LGHSRVWDYúLFR LGHDWODV6WU LQLLvQV UFLQD L FXLQVWUXF LDILLORU'RPQLWRUXOXLVDXVHFUHWDULLDFHVWXLDvQORFGHEODQ FDS WSRVWDYDWODV úLRVXPGHEDQLSkQ ODJDOEHQLúLDFHúWLEDQLRELFLQXLD3ULQFLSHOHùWHIDQ &DQWDFX]LQRDLG UXLFXVDX]LOHvQDLQWHGH3DúWLSHQWUXFDSURILWRULLV úL vQJULMDVF  GLQWLPSGHFHOHQHFHVDUH3ULQFLSHVDG UXLDLQVWUXFWRUXOXLFRSLLORUV LRF PDúOXQJ SkQ  ODS PkQWGXS PRGDWXUFHDVF FXVXW FXIORULGH PDWDV DOE RSHUHFKHGHLQGLVSHQVDELOL FXEUkXFRORUDWúLREDVPDGHDVHPHQLFXIORULGH PDWDV 3ULQFLSHVD0DULD%UkQFRYHDQX VR LDIRVWXOXL'RPQLWRU&RQVWDQWLQ%UkQFRYHDQXGHFDSLWDWDFXPWUHLDQLOD &RQVWDQWLQRSRO RELFLQXLDV vQIúXUHvQEDWLVW XQQXPUGHJDOEHQLXQJXUHúWLGHDXU-XSkQHVHOHG UXLHVF GH3DúWLREDWLVW úLGRX RX vQFRQGHLDWHDUW vQFDUHYDODKHOHVXQWIRDUWH LQVFXVLWHúLDFHVW RELFHLVH vQWUHEXLQ HD] úL vQWUH UXGH úL DPLFL ÌQ VSHFLDO VXQW IRDUWH DWHQ L YDODKLL FX VWULQLLSHFDUHQXLXLW FkQGHYRUEDGHGDUXULúLPDLDOHVID GHDFHLFHVXQWvQVHUYLFLXO ERLHULORU$IDU GHGDUXULOHDSURDSH]LOQLFHVWU LQLLFDS WGH3DúWLGHODERLHULXQPLHOVDX XQLHGYLX ODWRDPQ XQYDVFXYLQúL GH &U FLXQXQSRUFYLXJ LQL úL YkQDWDúDF  VWULQXOvúLVWUkQJHXúRUXQPLFGHSR]LWGLQFDUHV WULDVF IUPDUHFKHOWXLDO  *VHVFXWLOV GHVFULXPDVDRIHULW ERLHULORUGH 3DúWL GHF WUHGRPQLGXS  FDUH FHWLWRUXOYDSXWHDGHGXFHGHVSUH FKHOWXHOLOHFHORUODOWHIHVWLYLW  LGHOD&XUWH 'XS VOXMEDUHOLJLRDV ODRUDPHVHLWUkPEL DúLLGDXVHPQDOXOúLVHDGXFvQVDODFHD PDUH PkQF UXULOH %RLHULL GHSULPXO UDQJ vPSUHXQ  FX 'RPQLWRUXO VXQW VHUYL L vQWUR RGDLHYHFLQ  FXYXWF  úL GXOFHD  GXS  FDUH vúL VSDO  vQ RUGLQH PkQLOH vúL GHVEUDF  KDLQHOHFDUHU PkQSULQVHOD JvWQXPDLvQFRSF FXPkQLFLOHDWkUQDWHODVSDWHGXS FDUH SUkQ]XOHVWHDQXQ DW ÌQ IUXQWHFX 3ULQFLSHOHVH vQGUHDSW  WR LVSUHVDODGH PkQFDUH vúL RFXS  ORFXULOH GXS  GHPQLWDWHD ILHF UXLD DIDU  GH FHL FH VWDX vQ SLFLRDUH OD VSDWHOH 3ULQFLSHOXLSHQWUXDOVHUYL'HVHvQWkPSO XQ3DWULDUKODPDV  FXPDIRVWFD]XOSHWLPSXO PHX FX FHO GLQ (UXVDOLP VDX $OH[DQGULD  DFHVWD RFXS  FDSXO PHVHL OD GUHDSWD 3ULQFLSHOXLÌQOLSVD3DWULDUKXOXL0LWURSROLWXOXL 9DODKLHLRFXS XQIRWROLXFXVS WDUOkQJ  

'RPQLWRUvQFDSXOPHVHL8UPHD] DSRLPDULLGUHJ WRULGXS UDQJXQXOvQID DDOWXLDvQ RUGLQHDXUP WRDUH %DQXOFDUHHSULPDGHPQLWDWHGXS 'RPQLWRUúLJXYHUQHD] DSURDSHMXP WDWHGLQ DUIFvQGúLMXGHF  LOH 9RUQLFXODGLF SULPXOMXGHF WRU /RJRIWXOSULPXOPLQLVWUX 6SWDUXOFRPDQGDQWDOFDYDOHULHL /D EDQFKHWH 6S WDUXOVW  vQ SLFLRDUH LQvQGVDELD úL FXFD GRPQHDVF  ÌQ DWDUH RFD]LXQHHOFDúLFHLODO LERLHULFDULVHUYHVFvQDVWIHOGH ]LOHSRDUW FDIWDQH 'HPQLWDWHD VS WULHLVHRIHU IUDWHOXLGRPQLWRUXOXLVDXvQOLSVDDFHVWXLDFHOHLPDLDSURSLDWHUXGH 9LVWLHUQLFXO0LQLVWUXOGHILQDQ H &OXFHUXOFRPLVDUXOSURYL]LLORU 3RVWHOQLFXO0DUHúDOXO&XU LL6W úLHOvQSLFLRDUHJDWDDGDRUGLQHvQ&XUWH 3DKDUQLFXOFDUHWRDUQ YLQGRPQLWRUXOXL 6WROQLFXOFDUHVHUYHúWHEXFDWHGRPQLWRUXOXL &RPLVXOVXSUDYHJKHWRUXOJUDMGXULORUGRPQHúWL 6OXJHUXOvQV UFLQDWFXDSURYL]LRQDUHDDUPDWHLúLD&XU LLFXFDUQH 0HGHOQLFHUXOVHUYHúWHSULQFLSHOXLOLJKHDQXOSHQWUXVS ODWPLQHOH 6HUGDUXOFRPDQGDQWGHFDYDOHULH 3LWDUXOFDUHDUHJULMDU GYDQHORU&XU LL &DPDUDúXOGHRFQHLQVSHFWRUJHQHUDOSHVWHPLQHOHGHVDUH $JDJHQHUDOGHLQIDQWHULHVW QSLFLRDUHJDWDDGDRUGLQHPLOL LHLúL $UPDúXOFRPDQGDQWXOGRUREDQ LORUúLD]ELULORU %RLHULL vQV UFLQD L DVHUYLSHGRPQLWRU GXS  XQ FHDV GH VHUYLFLX OD PDV  FDUH GXUHD]RUHVHUHWUDJvQDOW RGDLHXQGHODUkQGXOORUVXQWVHUYL LFXDFHOHDúLRQRUXULúL FXDFHOHDúLEXFDWHúLVHUHvQWRUFODPDVDGRPQLWRUXOXLFkQGvQFHSWRDVWXULOHvQVR LWHPHUHX GHVORER]LULGHWXQXUL ÌQDSDUWDPHQWXOGRDPQHLDUHORF DFHLDúPDV FXDFHLDúLRUkQGXLDO FX MXS QHVHOH FDUHRFXS ORFXULOHVDXVHUYHVFFDúLUHVSHFWLYLLORUE UED LvQGDW FHGRPQLWRUXOvúLRFXS  ORFXOODPDV RUFKHVWUDFRPSXV GLQWUkPEL HúLWREHFkQW  vQFXUWHSkQ  FHSULQFLSHOH UGLFSULPXOWRDVWDVFXOWDWvQSLFLRDUHGHWR LDIDUGHPLWURSROLWFDUHGHRELFHLvQFKLQ  vQDLQWHDGRPQLWRUXOXLvQV QWDWHDDFHVWXLD3ULQFLSHOHEHDvQV QWDWHD ILHF UXLERLHU vQ SDUWH úL WRDVWXULOH FRQWLQX  WUHL RUH vQ úLU 3DKDUQLFXO WRDUQ  GLQ QRX FkWH XQ SDKDU GRPQLWRUXOXLúLPLWURSROLWXOXLFDUHURVWHúWHXUP WRDUHDUXJ FLXQHDVFXOWDW vQSLFLRDUH ÌQRQRDUHDúL VODYD OXL 'XPQH]HX FDUH SULQ PLOD VD DP DMXQV VQWRúL DFHDVW VIkQW]LQHUXJDPVDMXQJHPODDQXODFHLDúL]LVIkQWkFXVQWDWHúLSDFH VHVORERG FHOHWXQXULvQWRY UúLWHGHVDOYHGHSXúWLFDUH vQWLPSXO OXL &RQVWDQWLQ %UkQFRYHDQQ HUDX vQQXP U GH  úL PDLELQH'XS VDOYHVHSRUQHVF PX]LFHOHDGLF  WUkPEL LOH WREHOH LPEDOHOHIODXWHOHHWFLDUvQ XQWUXFkQW PX]LFDELVHULFHDVF 6HG SRUXQF úLFHOHL LJQHúWLFXYLRDU úLFRE]úLVHFkQW úLGLQJXU GXS GRULQ DSULQFLSHOXL$OGRLOHDWRDVW HSHQWUX ÌPS UDW WHUPLQHFKLYRF FX FDUH WXUFLL vQ HOHJ SH 6XOWDQ LDU GRPQLWRUXO SH vPS UDWXOFUHúWLQ HXUPDWLDU úLGHWXQXULVDOYHúLPX]LFL$OWUHLOHDWRDVWHFHOULGLFDWGH SDWULDUKSHQWUXGRPQLWRUDSRLSHQWUXERLHULL ULLHWF $FHVWEDQFKHWVH UHSHW OD ]LOH PDULFX PLFDGHRVHELUHF  OD  ,DQXDULHGH 6IW 9DVLOHGDF VWUQXW XQERLHULVHRIHU UHSHGHXQSDKDUFXYLQLDUGRPQLWRUXOvLG UXLHúWH SRVWDYúLDWODVSHQWUXKDLQH LDUGDF  GRPQLWRUXOVWU QXWYLVWHULD vL RIHU  EURFDUG DXULW SHQWUXKDLQ &DGHVHUWVHVHUYHúWHSO FLQW vQFDUHVXQWE JD LEQLúLELOHWHFXFRQ LQXW DPX]DQW)LHFDUHERLHUHGDWRUV FHWHDVF  WDUHFRQ LQXWXO IRDLHL VDOH GH SO FLQW  úL VH QLPHUHVFFXYLQWHOH EH LH vQJkPIDUH I UQLFLH UkYQLWRU GH GRPQLH OD FDUHGRPQLWRUXO DG RJD FkWHXQFXYkQW GH GXK FDUH VWkUQLD HQWX]LDVPXO FRPHVHQLORU $FHLDú PDV  FX 



DFHOHDúLDPX]DPHQWHHvQDSDUWDPHQWXOGRDPQHLFXMXSkQHVHOHSRPHQLWH2GDW WHUPLQDWH WRDVWXULOHúLVDOYHOHDUPDWDSOHDF VSUHF]UPLILHFDUHFRPSDQLHFXVWHDJXOHL0DVDvQV  XUPHD] WRW PDL DSULQV  GH YLQXULOH FHOH PDL EXQH úL OLFKHUXULOH FDUH OD PHVHOH OXL &RQVWDQWLQ%UvQFRYHDQXHUDXGLQFHOHPDLDOHVHGLQ(XURSD 0kQFUXULOHHUDXJXVWRDVHúL SUHSDUDWHGXS EXFWULD IUDQFH]  QHP HDVF  úL LWDOLDQ  (UDRYHFKHGDWLQ  FD OD ]LOH VROHPQHVDXODQXQW ERLHUHDVF IDUIXULLOHV QXVHULGLFHGHSH PDV  FLVHSXQHDXXQD SHVWHDOWDúLVHIRUPDXFRORDQHGHIDUIXULLDWkWGHvQDOWHF ERLHULL FKLDU vQSLFLRDUHQX YHGHDXSHFHLGHFHDODOW SDUWHDPHVHL'RPQXOúLFKLDUERLHULLWULPLWHDX]LOQLFGHODPDVD ORU&kWHXQXLSURWHMDWPDLDOHVVWU LQLORUFkWHXQIHOGHPkQFDUHVDXFkWHYDVWLFOHFXYLQ 'LQ3DúWLSkQ ODvQ O DUHD'RPQXOXLvQILHFDUH-RLE LH LvPEUFD LGLQFDSSkQ Q SLFLRDUHFXSLUVDXDOWHLHUEXULSHFDUHOH ]PXOJFXS PkQWXOSULQVGH U GFLQL MRDF  úL FkQW vQID DXúLORUORFXLWRULORUúLQXSOHDF SkQ FHJRVSRGLQDQXLXG FX FRIDFX DS  &kQWHFXOORUYHVHOúLJOXPH VHFKHDPvQURPkQHúWH 3DSDUXGHOH ÌQV SWPkQD 5XVDOLLORUFHWHGH LJDQLFROLQG  WkUJXO PDVFD L úL FX IRL GH WDEO  VXQ WRDUHODFOFLFDUHSURGXFXQVXQHWEL]DUvQWLPSXOGDQVXOXLFXV ULWXULFDUH LQSkQ  FHFDG OHúLQD L GHRERVHDO  úL IDFVSXP  ODJXU$FHúWL GDQVDWRUL VH QXPHVF GH F WUH URPkQL FOXúDUL ,QWHUHVDQW HVWH LDU úL UHSUH]HQWD LDGH 6I ,RQ %RWH] WRUXOFkQG IHWHOH vPEU FDWH EUEWHúWHLDUXQDGLQHOHFXRVDELHvQPkQ XPEOSHODFDVHOHRDPHQLORUXQGHMRDF úL UHSUH]LQW SH,URGLDGDFXF OXOFDUHWDLHFDSXO 6IW3UHFXUVRUFHHDFHPDLFXUkQGDUWUHEXL SRWULYLWSH]LXDGH$XJXVW)DWDFDUHGDQVHD] FXVDELHvQPkQ HQXPLW GHURPkQL 'UJDLFD 0DLDUHORFvQ'HFHPEULHRDOW UHSUH]HQWD LHFXPúWLUHVSLQJ WRDUHWROHUDW úLvQ FDVHOHERLHUHúWL$F LXQHDHUHSUH]HQWDW GHSHUVRQDMHXQXOFXXQSOLVFGHEDU] FXFDUH LQHWDFWXOPX]LFLLFDXQIHOGH FDVWDQHWHúLV ULQGGLQFkQGvQFkQGSHVSDWHOHFHOXLODOWFDUH SRDUW RPDUHEDUE IDOú3ULPXOH FORDQ DLDUDOGRLOHDFHOFXEDUEDH XQFKLDúXO 'H &UFLXQGHPQLWDULL DGXF OD &XUWH vQVHPQGHRPDJLXGDUXUL FRQVWkQG GLQ FRYRDUH SHUVLDQHVDXSRWLUHWXUFHúWLFXFDSDFHGHDUJLQWDXULWOXFUDWHDUWLVWLFFX IORUL vQ ILOLJUDQ &HUHPRQLDvQPkQ ULLGDUXULORUOXL9RG HvQWRY UúLWGHGLVFXUVXO ORJRI WXOXL FDUH vQQXPHOHWXWXURU OXkQGFDWHP  XQSDVDM GLQ (YDQJKHOLH UHIHULWRU OD V UEWRDUHD &UFLXQXOXL XUHD]  3ULQFLSHOXL úL IDPLOLHL VDOH WRDWH IHULFLULOH SHQWUX ELQHOH SDWULHL JXYHUQDW GHHOFXGUHSWDWHúLS ULQWHDVF PLO'XS GLVFXUVERLHULLV UXWSHUkQGPkQD 9RHYRGXOXLFDUHOHPXO XPHúWHvQSX LQHFXYLQWHDVLJXUkQGXLGHGRULQ DVDGHDJXYHUQD SDWULDFDS ULQWHúLQXFDVW SkQGXS FDUHFHUHPRQLDLDVIkUúLW 'H &UFLXQGH$QXO 1RX úL GH %RERWHD]  FDVHOH VXQW FXWUHHUDWH GH VHUYLWRULL &XU LLFXXU ULGHV UEWRULIHULFLWHúLVWUkQJkQGEDFúLúXULF OUH LFXKDUDSQLFHOHUkQGDúL GHJUDMGFX HVDOHOHFHLGHEXF WULHFXPLFLSLXOL HúLSLOXJH vQVIkUúLWGDUDEDQLWUkPEL DúL FRE]DULúLDO LPX]LFDQ LFUHúWLQLúL WXUFLDVWIHOF WUHEXH LQXW VDXXúDvQFXLDW VDXSXQJD GHVFKLV  %RERWHD]FDUHH]LIRDUWHVROHPQ SHQWUX%LVHULFD2ULHQWDO SHQWUXERWH]XOOXL &ULVWRV SDLFLLVWURSHVFFXDS PLURVLWRDUHREUD]XOFHORUvQVWDUHDPXO PLFXEDFúLúúLFKLDUvQ]LXD XUPWRDUHGH6I,RDQvQFHOPDLVWUDúQLFJHUPXO LPHDVHvPEUkQFHúWHvQUkXFDUHvQDFHD ]LVLPEROL]HD] -RUGDQXOXQLLDPLFLPLDXSRYHVWLWF SHQWUXDVHU ]EXQDvPSRWULYD FXLYDVHSOWLDV ILHDUXQFDWvQDS LDUGDF DGYHUVDUXORIHUHDPDLPXOWVHDUXQFDFHO ODOW vQDS  7RDWHDFHVWHDGHVFULVHvQFHSULYHúWHGDWLQLOHYDODKLORUODGLYHUVHOHRFD]LLvQFXUVXO DQXOXLVHFXYLQHDVSXQHFHYDGHVSUHQXQ LOHORUDúDF FLQHYDFHWLGHVFULHUHDQRDVWU V  UPkLHFRQYLQVGHJULMDGHDQXILQHJOLMDWWRWFHDUSXWHDLQWHUHVDSHFLWLWRU



&$3,72/8/,9

6 ROHPQLWDWHDQXQ LORUODURPkQL

ÌQ9DODKLDQXQXPDLF QXHRELFHLXOFDXQ WvQ UV ILHvQGUDJRVWHFXRIDW SHQWUX DROXDDSRLvQF V WRULHFXPVH RELFLQXHúWHODQRLFLvQFHOHPDLPXOWHFD]XULPDLDOHVvQ IDPLOLLOHERLHUHúWLSDUWLGDHKRW UkWGHF WUHS ULQ LLWLQHULORUI UFDDFHúWLDV VHILY ]XW YUHRGDW úLDFHVWRELFHLO XGDELOVHRELFLQXLDDOW GDW úLvQXQHOHRUDúHGLQ,WDOLDúLSkQ  vQ]LXDGHD]LVHPHQ LQHvQF vQFHOH PDL vQVHPQDWH IDPLOLL QRELOHGLQ 9HQH LD 3ULQ LL FRQYLQ DVXSUD ]HVWUHL úL SUHSDU  FHOH QHFHVDUH SHQWUX QXQW  FDUH WRWGHDXQD YD FDGH 'XPLQLF VHvQWLQGPHVHPDULWUHL]LOHvQDLQWHGHQXQW vQFDVHOHDPELORUORJRGQLFLFkWH ]LOQLFXQDSHQWUXE UED LúLDOWDSHQWUXFXFRDQH-RLDvQDLQWHDQXQ LLvQ]RULGH]L WDUDIH GHOXWDULFkQW vQFXU LOHORJRGQLFLORUWLPSGHDSURDSHRRU úLFRQWLQX ]LOQLFvQ]RULGH ]L SkQ  'XPLQLF  ]LXDQXQ LL /DQXQW GHYOVWDUGRPQHVFEDQFKHWHOH vQFHSGH /XQL vQDLQWHDQXQ LL'XS FRQFHUWHOHGH PDLVXVXUPHD]  DOWHOH vQFXUVXOV SWPkQLL FXDO L OXWDULFXYLRULFXFRE]HúLDOWHLQVWUXPHQWHÌQDFHOH]LOHVHLQYLW FRPHVHQLLvQDúDIHOF  vQFHOHWUHL]LOHFHSUHFHGQXQWDV QXILHRPLVQLFLXQLQYLWDWODXQDGLQFHOHGRX FDVHDOH ORJRGQLFHORU &XFRDQHOHQRELOHILHUXGHVDXDPLFHVHGXF ODQXQW  vQ UGYDQHSUHFHGDWHGHR QXPHURDV FHDW GHVOXJLFXGDUXULGHQXQW GLQSDUWHDVW SkQLORU 8QPDUHEHUEHFYLXSXUWDWSHXPHULLXQXLVHUYLWRU 'RLPLHLVDXLH]L GHDVHPHQHDYLLSXUWD LvQEUD H 2FXúF PDUHSXUWDW GHGRLVHUYLWRULSHVWLQJKLLFXJ LQLFXUFDQLúLJkúWHWRDWH YLL 8QDVDXGRX EDOHUFHFXYLQDOHV8QXOVDXFRúXOH HURWXQGHFXFR]RQDFLJXVWRúL IFX LGLQ QLúHúWHD ODSWH ]DK U úL J OEHQXú GH RX  DOWH FRúXOH H FX IUXFWH GH VH]RQ &RúXOH HOHVXQWDFRSHULWHFXFkWHREDVPDGH PWDV FXGHOLFDWHIORULEURGDWHSHODFRO XUL ÌQJHQHUDOVXQWVXUSULQ] WRUGHPDULGDUXULOHvQ PkQF UXULFHVHUHYDUV GLQWRDWH SU LOHDIDUGHSORFRDQHOHFHVRVHVFGLQVDWHOHGHSHPRúLLOHvQVXU  HLORU0DUHHvQV úL QXPUXOLQYLWD LORUFDúLDEXFDWHORUFDUHDMXQJODúLFKLDUGHIHOXUL 6ROHPQLWDWHD QXQ HLDUHORFvQVDODPDUHGDUYDUDHDVHVHUEHD] vQWURSDODWF PDUH vPSRGRELW FXUDPXULúLIUXQ]HvQPLMORFXOFXU LLVDXDJU GLQLLvQWUXQGHFRUDGPLUDELO $P DVLVWDW SHUVRQDO FD LQYLWDW OD PXOWH RFD]LXQL GH DFHVWHD ÌQDLQWH GH vQFHSHUHD EDQFKHWXOXLODXQVHPQDO GHWUkPEL  úL vQ WLPS FH IHFLRULL vQWLQG IDUIXULLOHVHVHUYHVF LQYLWD LORU OLFKHUXUL úLGXOFHD  ERLHULL vúLVFRWDQWHUHHOH úLVH DúHD]  ILHFDUHGXS  UDQJ 'DFVHDIO YUHXQ ILXGHGRPQLWRUHO LD ORF vQ FDSXO PHVHL GDF  H XQ SDWULDUK VDX DUKLHSLVFRSDFHVWDvQSLFLRDUHFXWR LDVLVWHQ LLSHODPLMORFXOPHVHLURVWHúWHUXJ FLXQHD DPLQWLW ODEDQFKHWHOH &XU HLGHDVW GDW IUGHVF UFULGHWXQXULQLFL GHSXúWL vQV  vQ FXUWHUVXQ WDUDIHGHO XWDULQHP LVDXWXUFLLDUvQVDODEDQFKHWXOXL FvQWHFGHSVDO L7UHL FHDVXUL LQPHVHOHGH-RLúL9LQHUL DFHDVWDGLQXUP HVHUYLW FX PvQFDUHGHSHúWH GDUFHO GH6kPE WVHSUHOXQJHúWHGLQFDX]DXQHLIUXPRDVHFHUHPRQLLDF UHLGHVFULHUHVSHUF  QXYDILGLVSO FXW &DP SH ODVIkUúLWXO FHOXL GHDO GRLOHDEDQFKHW vQFDVD ORJRGQLFXOXL R UXG  VDX SULHWHQGHDODFHVWXLDvQVR LWGHDPLFLúLGHVOXJLFXO XWDULvQIUXQWHVHSRUQHVFVSUHFDVD ORJRGQLFHLGXFkQGXLGXS GDWLQD ULLvQQXPHOHYLLWRUXOXLVR RIUXPRDV EURERDG GH FDSRUQDW  FXSLHWUHVFXPSH úLEURGHULL GHRVHELWXQ LQHO GH SUH  R FHQWXU  EWXW vQ PRQHGHGHFkWHúL  JDOEHQLXQJXUHúWL SUHFXP úL RSHUHFKHGHSDQWRILGHDWODVDOE RUQD LFXSHUOHúLFXIORULEURGDWH DFHúWLSDQWRILVXQWGHVFKLúL OD PLMORFFX FWUPL úL EXWRQDúLILQLvQVWLOWXUFHVFúLvQFDO SLFLRUXOSkQ ODWDOS  

0LUHDVDúDGHSHFHYDPDLULGLFDWvQIRUP GHSDWGHQXQW DYkQGGHDPEHOHS U L úDVHIHWL HvQKDLQHYDSRURDVHvQFKLSGHvQJHUDúLFXFXQXQHvQFDS ÌQWLPSXOPHVHLvQPLMORFXOYHVHOLHLvúLIDFHDSDUL LD FO XQDUXOSULPLWFXDFODPD LL GHERLHULLYHVHOLSHFDULvLDPX] FXFkWHXQFRPSOLPHQWSRWULYLWvQVFKLPELVHU VSXQGH FXFkWHXQWRDVWLDUHOHGDWRUV JROHDVF GHILHFDUHGDW XQSDKDUPDUHFXYLQÌQDLQWHGH VIkUúLWXOPHVHLGH6kPE WGLQFDVDPLUHOXLDYkQGvQFDSF FLXODFXSDQDúúLvQWRY UúLWGH DPLFLPLUHOHvQIUXQWHFXO XWDULVHSRUQHúWHVSUHFDVDFXVFUXOXLXQGHHSULPLWvQVDORQ(O vLV UXWPkQDvQFKLQkQGXVHúLvLSUH]LQW vQGDUGRX SLHLGHOXSúLXQFRYRUSHFDUHVH DúHD]FXWR LLúLVHFLQVWHúWHFkWHXQSDKDUFXYLQWUHFXWGLQPkQ vQPkQ GXS FDUHVH vQWRUFDFDV vQIHOXOFXPDXYHQLW 'XPLQLFD]LXDQXQ LLGHGLPLQHD GUXPXOGHODFDVDPLUHOXLVSUHFHDDPLUHVHLúL DSRLVSUHELVHULF HJ WLWFX UDPXULGH EUDG ÌQFXUWHD PLUHOXLVHVWUkQJIHWHGLQSRSRU JWLWHúLQFkQWHFXOO XWHLúLDFRE]HLVHSULQGvQKRU úLVPHULWHFXRFKLLvQMRVGDQVHD]  OLQQHPLúFDWHSDUF  GLQ ORF6RVHúWHúL RFRPSDQLHVDX FKLDUGRX  GHVROGD L FOUL vQ XQLIRUPURúLHQXPL LVHLPHQLFDULVXQWSO WL LGH6XOWDQúLFDULVHUYHVFGHJDUG SHUVRQDO  D'RPQLWRUXOXLÌQIUXQWHFXVHLPHQLLúLWR LERLHULLPLUHOHFXF FLXOGHSUH úLGXODPSH XPHULF OULSHFDLVXSHUELúLVFXPSLPHUJGHULGLF SHFXVFUXF UXLPLUHOHV UXWPkQDúL vQPLMORFXODODLXOXLFXFXVFUXOvQGUHDSWDúLDOWERLHU vQVWkQJDFRUWHJLXO DMXQJH ODFDVD PLUHVHLXQGHDúWHDSW vQWUVXUDFXúDVHFDLPDPD PLUHOXL 7R L DIDU GH PLUHFDUHVW  FODUHvQFXUWHLQWU vQFDV XQGHDúWHDSW PLUHDVDFXXQYRDOGH PWDV EURGDW VRDFUDR FRQGXFHGHPkQ MRVvQFXUWHF WUH PLUH úLDWXQFLVHYDUV RFRI FXDS  vQDLQWHD OXL 0LUHOHGHVFDOLF úLDPELLVHvQWRUFvQFDV  LQX LGHPkQ GHS ULQ LúL vQJHQXQFKLDVFXOW  RUXJ FLXQHúLSULPHVFELQHFXYkQWDUHDSUHRWXOXLFDUHvúLSULPHúWHvQGDUQ IUDPDGHSUH  0LUHDVDVHULGLF DSRLvúLLDU PDVEXQGHODS ULQ LYUVkQGODFULPLFDUHvQGXLRúHD] SH DVLVWHQ LúLDODLXOvQDFHLDúLRUGLQHFXVHLPHQLLvQIUXQWH LQkQGILHFDUHRUDPXU GHEUDGvQ PkQ  VH vQGUHDSW  VSUH ELVHULF  ÌQ ELVHULF  VRFULL LQ OXPkQ UL DSULQVH vQ PkQ  LDU SUHRWXOGXS UXJ FLXQLOHFRQIRUPULWXOXLRUWRGR[vPSUHXQHD] PkQHOHPLULORUvQIRUP GH FUXFHúLOHSXQHFkWHRFXQXQ SHFDS6HDUXQF DSRLEDQLSULQELVHULF LDUGDF PLULL VXQW GH FRQGL LHPDLPRGHVW VHDUXQF QXFL DOXQHFDVWDQHHWF 2GDW  WHUPLQDW FXQXQLD vQ ELVHULF PLUHDVDHFRQGXV vQFDVDVR XOXLXQGHOXPHDLDORFODRPDV ERJDWJ WLWDIDU GHvQVXU  HLFDULVHUHWUDJILHFDUHvQDOW RGDLHvQWRY UúL LGHUXGH /DQXQ LOHFHORUPDLQHYRLDúLúLFKLDUODQHJXVWRULFkQGVHVHUYHúWHODPDV IULSWXUD VHRELúQXLHúWHDVHvPS U LLQYLWD LORUFkWHREDVPDFHOLVHSXQHSHXP U $WXQFL ILHFDUH FRPHVDQDUXQF  vQ IDUIXULH FkWHRVXP GHEDQLSH FDUH vL VWUkQJHDSRLFXVFUXO vQWUR EDVPDOHJDW úLRvQFUHGLQ HD]PLUHVHLFDUHHDGXV vQVDODGHPDV FXID DDFRSHULW úL XQGHV UXW PkQDFXVFUXOXL 6H vQDSRLD]  DSRL vQRGDLDHL ILLQG WRWWLPSXOQHOLSVLW GH VRDFU$FHODúRELFHLHvQX]úLODERLHULvQVSUHVHDU FkQGFKHIXOFRQWLQX vQF VHDGXFH ]HVWUHDPLUHVHLDúWHUQXWXOGHSDWKDLQHOH OLQJHULDELMXWHULLOHúLDOWHOH0DVDFHDGLQXUP  WHUPLQDW LQYLWD LLVHvQWRUFDFDV LDUPLUHDVDGRDUPHSHQWUXSULPDRDU vQFDVDPLUHOXL /XQLvQDLQWHDSUkQ]XOXLWRWFXDODLvQVXU  HOXOIDFHYL]LW QDúXOXLXQGHHSULPLWFX WR L DL OXL úL FLQVWLWFX OLFKHU FR]RQDFúL GXOFHD  GXS FDUH VH vQWRDUFH DFDV  XQGH H DúWHSWDWFXPDVDvQWLQV  OD FDUH LDXSDUWHQXPDL vQVXU  HLL úL S ULQ LL ORU 6R LD DUH ID D GHVFRSHULW úLSHQWUXvQWkLDRDU WHVWHPHOSHFDSVHPQXO IHPHLHLP ULWDWHvQ 9DODKLDL ÌQWLPSXODFHVWXLSUkQ]LQWLPVRVHVFVHUYLWRULFXDODLGHO XWDULGLQSDUWHDVRFUXOXL úLvQF UFD LFXUHVWXO]HVWUHLFXDUJLQW ULHVWLFOULHVHUYLFLLGHPDV YDVHGHDUDP vQWRDWH PULPLOHSOLQHFXEXFDWHVWLFOHFXYLQúLYXWF úLDOWHOH -RLDFHXUPHD] VR XOFXQHYDVWDLDXGHMXQXOvQFDVDVRFUXOXLV XFDUHLGUXHúWHXQ FDOGHSUH GH FDUHVHVHUYHúWHSHQWUX vQWkLDRDU  OD vQWRDUFHUHDVSUHFDV  LDUVR LDVD FDS WFDUHW FXúDVHFDLFDUHU PkQHSHQWUXX]XOHLSHUVRQDO 

&HOFHFXQXQ VHFKHDPvQOLPEDYDODK  QDúVDX QXQLDUFXFRDQDVD QDúVDX QXQFXQXQDWXOVHQXPHúWH JLQHUH GHODODWLQHVFXO JHQHU LDUWRYDU úDVDPLUHDV 'XS GHVFULHUHD QXQ HLODYDODKLU PkQHDPDLDPLQWL RDUHFDULGDWLQLGHERWH] 1DúLL VXQW GHRELFHL úL FXPWULL OD SULPXO Q VFXW ÌQ FH SULYHúWH GHVFULHUHD FHUHPRQLHL UHOLJLRDVHFHWLWRUXORSRDWH YHGHD OD ELVHULFD JUHFHDVF  6I *KHRUJKH GLQ 9HQH LD YRL DPLQWL QXPDL F  FRSLOXO GXS  FkWHYD OXQL GH OD ERWH] H DGXV vQ FDVD FXPWUHLFXXQGDUGLQSDUWHDOXLFRQVWkQGGLQFDIHD QHUúQLW FR]RQDFúLDOWHOH&XP WU vOSULPHúWHvQEUD HvOGHVEUDF úLvOvPE LD]DvQDS FOGX vOúWHUJHúLvOJ WHúWHFXK LQX H QRLÌLWDLHFkWHRúXYL GHS UGLQWUHLS U LDOHFDSXOXLvQID úLODWkPSOHvLSXQHDSRLR VFXIL QRX FXFkWHYDPRQHGHGHDXUFXVXWHúLO UHWULPHWHS ULQ LORU &RSLOXOERWH]DWHQXPLWGHF WUHFXPWULL ILQ VDX ILQ FDUHFXYkQWSDUHV úLWUDJ  RULJLQDGLQODWLQHVFXO DIILQLV ÌQPRUPkQW ULOHODYDODKL

&$3,72/8/9

$úLGHVFULHvQSULPXOORFvQPRUPkQW ULOHODERLHULúLvQXUP ODRDPHQLGHUkQGI U DPvQWLQGHSUHDPXOWGDUUH LQkQGH[DFWFHHDFHSRDWHLQWHUHVDSHFHWLWRUL ÌQWPSOkQGX VHvQV PRDUWHDXQHLSULQFLSHVHGRPQLWRDUH FHHDFHGHPXOWQXVDY ]XWvQ 9DODKLD FUHG FQXSRWWUHFHSHVWHDFHVWHYHQLPHQWI UDOSRPHQL ÌQ9LQHUHDvQDLQWHD 'XPLQLFHL5XVDOLLORUvQIDSWXO]LOHLPXUL vQ %XFXUHúWL SX LQH]LOHGXS QDúWHUH'RPQL D3XOKHULDQ VFXW OD &RQVWDQWLQRSROúLDGRXDVR LHDOXL 1LFRODL$OH[DQGUX 0DYURFRUGDWIRVWvQGRX UkQGXUL'RPQXO0ROGRYHLúLDSRLDO 9DODKLHL LDU DFWXDOPHQWHSUL]RQLHUGH UVERLX OD QHP L vQ 6LELX 0RDUWHD D IRVW DQXQ DW SULQ VXQHWHOHFORSRWHORUWXWXURUELVHULFLORULDUFRQGDPQD LLFLYLOLúLFKLDUXQLLFULPLQDOLOLEHUD L GLQ vQFKLVRULVSUH DVH UXJDGHVXIOHWXO FHOHL PRDUWH FHDFHVH RELFLQXLHúWH OD PRDUWHD RULF UHL UXGHDSURSLDWHGHGRPQ $FHODú OXFUX D I FXW úL 3ULQFLSHOH ùWHIDQ OD PRDUWHD IUDWHOXLV X6S WDUXO 5DGX &DQWDFX]LQR vQ )HEUXDULH  &RUSXO 3ULQFLSHVHL IUXPRV JWLWDIRVWvQWLQVSHRPDV DFRSHULW FXFRYRDUHvQWUXQDGLQV OLOHGHDXGLHQ DYkQGvQ MXUOXPkQ ULPDULDSULQVH$YHDSHSLHSWRLFRDQ D 6IW)HFLRDUHFXFRSLOXOvQEUD H6DOD HUDSOLQ  FXVR LLOH PDULORUERLHUL YHQLWHV  IRUPH]H FRUWHJLXOGHIXQFWHL ORU 'RDPQHúL SVWUDXRDWLWXGLQH PDLHVWRDV GHDGkQF WFHUH6kPE WGLPLQHD vQPRUPkQWDUHDDDYXW ORFFXPDUHSRPS vQELVHULFDPLWURSROLWDQ GLQ%XFXUHúWLvQRUGLQHDXUP WRDUH /DRUDWRDW JDUGDVHLPHQLORUFDUHDúWHSWDvQFXUWHDSDODWXOXLvQGRX úLUXULVH SRUQHúWHSHMRVvQUkQGFkWHGRLI UDUPH LQkQGILHFDUHFkWHROXPkQDUHDSULQV  'XS JDUG XUPDRWUXS GHFD]DFLvQ DFHLDúRUkQGXLUHGXS FDUHYHQHDXEUHVOHOH GHPHVHULDúLúLvQXUP FRUSXOQHJX LWRULORU 8UPDXSUHR LL WXWXURUELVHULFLORUGLQ %XFXUHúWL vQSDWUDILUHGH DVHPHQHD VWDUH LL PQVWLULORUFX SUDSXUHOH GHVI úXUDWH &RUSXO GHIXQFWHL FDUH IXVHVH SXV LQWUXQ VLFULX FSWXúLWFXDWODVURúIXULGLFDWúLSXUWDWGHGLQWUHSULPLLPDULGHPQLWDULDL ULLDGLF GH 0DUHOH %DQ0DUHOH 9RUQLF 0DUHOH /RJRIW 0DUHOH 6SWDU 0DUHOH 9LVWLHU úL 0DUHOH &OXFHUVFKLPED LGLQWLPSvQWLPSFXDO LERLHULFDUHOHOXDXORFXO/DVFRERUkUHDGHSH VFDU 'RPQLWRUXO DS UXW GLQWUR RGDLH XQGH VH vQWUH LQHD FX 3DWULDKXO $OH[DQGULHL úL DYkQGXOSHDFHVWDODGUHDSWD OXDVH ORF vQXUPDVLFULXOXL úL vO XUP  SH MRV vPEU FDW vQ XQLIRUPURúLHFDúLILXOV XGHODSULPDVR LH8UPDRF PUúL EWUkQ FXID DDFRSHULW  GHXQOXQJYRDOQHJUXDSRLMXSkQHVHOHERLHULORUXUPDWHGHVDXURDEHGHVSOHWLWHFDUL ERFHDXGXS VWSkQDORU/DXUP YHQHDXU GYDQHOHGHIXQFWHLWUDVHGHFkWHúDVHFDLDOEL ÌQVXQHWHOH FORSRWHORUSURFHVLXQHD DMXQJH OD0LWURSROLHXQGH vQFHSH VOXMED UHOLJLRDV  WHUPLQDW FXUXJ FLXQHDIXQHEU IFXWGH0LWURSROLWXO 9DODKLHLFDUHGLQFDX]DSRGDJUHL 

QXSXWXVHXUPDSURFHVLXQHDGXS  FDUH3DWULDUKXO úL vQDO LL SUHOD L V UXW LFRDQD GH SH SLHSWXOPRDUWHL/DXUP 'RPQLWRUXOXUPDWGHILXOV XVHDSURSLHV úLLDUPDVEXQGHOD IRDVWDVDWRYDU ú FHHDFHVWkUQL SOQVHWHOH úL ERFHWHOH vQWUHJHL DVLVWHQ H FDUL DVXU]LU  XUHFKLOHÌQVIkUúLWVLFULXOIXULGLFDWGHSULPLLúDVHPDULGHPQLWDULúLDGXVOkQJ FDYRXIX DFRSHULWFXFDSDFXOFHQWLPSXO SURFHVLXQHLHUDGXVSHXPHULGHXQRIL HUúLDSRLGHSXVvQ JURSQL 3DWULDUKXODSXF FXRVDS SPkQWGLQSDWUXS U LvQIRUPGHFUXFHúLODUXQF  SHVWHVLFULXLQWRQkQGSVDOPXODOOHD3ULQFLSHOH vQJHQXQFKLHFDúLILXOV XDUXQF úLHO FkWHXQSXPQGH DULQ GXS FDUHúLDO LLXUPDU ODIHOSkQ VHXPSOXJURSQL  'XS WHUPLQDUHDVOXMEHORUSUHR LLFSWDUFkWHRQ IUDPGHSUH LDUFHL PDL GH IUXQWHDYkQGúLEDQLvQI úXUD LvQWUkQVD'RPQLWRUXOvQF OHFDSRL úL XUPDWGHERLHULVH vQWRDUFHOD&XUWHXQGHERJDWHSRPHQLVWDXSUHJ WLWHSHQWUXV UDFLGHVXIOHWXOGHIXQFWHL 'LQGHVFULHUHDvQPRUPkQW ULLDFHVWHL3ULQFLSHVHFHWLWRUXOYDSXWHDFXQRDúWH IHOXO DFHVWHLFHUHPRQLLODERLHULQRWkQGQXPDLF ODFXFRDQHVLFULXOHDúH]DWSHWU VXU5XGHOH PRUWXOXLILHERLHULVDXVHUYLWRULQXRELFLQXLHVFDOXDSDUWHODvQPRUPkQWDUHFDQDOWH UL vQKDLQHQHJUHI FXWHDQXPHSHQWUXDFHDVW RFD]LXQHFLvúLYRSVHVFvQQHJUXKDLQHOHX]DWH 'XS vQPRUPkQWDUHDXORFSUD]QLFHFRSLRDVHúLVHvPSDUWV UDFLORUSRPHQL=LOHOHKRW UkWH DFHVWRUSRPHQLVXQWDWUHLDDQRXDD SDWUX]HFHDDSRLDWUHLDDúDVHDúLDQRXDOXQ úLXQ DQGXS PRDUWHÌQILHFDUHGLQDFHVWH]LOHVHWULPLWHODELVHULF XQFRODFPDUHROXPkQDUH GHFHDU úLRIDUIXULHPDUHFX JUX FRSW vQ DS GLQ FDUH DSRL ILHFDUH LDFkWHR OLQJXU  DG XJkQGvQOLPEDYDODK ']HXVLLHUWHVXIOHWXO $FHOHDúLFXYLQWHUHSHW úLV UDFLLFDUL FDS WFkWHROXPkQDUHXQFRYULJRF QL FXYLQúLEDQL 'HRVHELWVHVOXMHúWHGH F WUH SDWULDUKPLWURSROLWVDX HSLVFRSR OLWXUJKLH OD  ]LOH FDUHVHQXPHúWH VDUDQGDU GH OD FXYvQWXOJUHF VDUDQGDFH vQVDPQ LDUVOXMLWRUXOSULPHúWHGXS LPSRUWDQ DJUDGXOXLR EDVPDGHSUH vQFDUHHVWUkQV RVXPGHJDOEHQL&HLQHYRLDúLIDFúLHLGXS SXWHUHDúL FUHGLQ D ORUFDDPLQWLUHDFHORU PRU L V QX ILH GDW  XLW ULL ÌPL DPLQWHVF F Q WLPSXO úHGHUHLPHOHOD7kUJRYLúWHORFXLQ DPHDVHvQYHFLQDFXRELVHULF vQFLPLWLUXOF UHLD HUD vQPRUPkQWDWSUHRWXODFHOHLELVHULFLÌQILHFDUHGLPLQHD WLPSGHXQDQGH]LOHSUHRWHDVD YGXY YHQHDV DSULQG WPkLHvQMXUXOPRQWDQWXOXLúLSXQHDROXPkQDUHDSULQV ODSDUWHD XQGHHUDFDSXOPRUWXOXLúLúH]kQGODS PkQWERFHDSHFHOPRUWúLSRYHVWHDFkQWkQGYLD D GHIXQFWXOXL LDU vQ ]LOH GH V UEWRDUH QX XLWD V  DGDRJH vQ OXQJXO HL SRPHOQLF FXP RELFLQXLDU SRVDWXOV úLSHWUHDF DFHD]L&DOLFLPHDFDUHQXSRDWHDGXFH]LOQLFQLFLW PkLH QLFL OXPLQ ULXúXUHD] VXIOHWHOH FHORU PRU LSULQGLYHUVHS WLPLUL WLPSGH XQ DQ vQWUHJ XPEOkQGFXFDSXOJROSHSORDLHQLQVRDUHVDXVXEDUúL DVRDUHOXL )LLQGF HYRUEDGH PRU L YRLSRPHQL úLGHQHQRURFL LL FDUL VXQW FRQGDPQD L OD PRDUWHSULQ VSvQ]XUWRDUH 6SkQ]XU WRDUHDVHDIO  vQWUXQ ORF ODR MXP WDWHGHSRúW DIDUGLQ RUDú QXPLW 7kUJXO GH DIDU úL DFL VH LQH EkOFL GH GRX  RUL SH V SWPkQ  0HUFXUL úL 6kPE W &RQGDPQDWXOHFRQGXVSHMRVSkQ ODDFHOORFLDUFHORUvQWkOQL LvQFDOHOHVWULJ  LHUWD L PIUD LORULDUDFHúWLDvLU VSXQG LHUWDWVILL'LQ FUúPHIHPHLOHvL LHV vQFDOHFXYLQ vQGHPQkQGXOV EHDSHQWUXDQXVLP LWRUWXUDPRU LL LDU PDPDVDXVR LD FRQGDPQDWXOXL FDUHOvQVR HVFúLDVLVW ODPRDUWHDOXLvOvQGHDPQ úLHOHDúDF QHQRURFLWXOQXúLSUHDG  VDPODFHPRDUWHHVRUWLW &HLFRQGDPQD LSHQWUXIXUWVXQWSXUWD LSULQXOL HOHSRSXODWHúLFXGXJKHQL OHJD L FvWHGRLGHEUD HEWX LFXELFLXOúLREOLJD LV VWULJH Ä DúD VH FXYLQH FHOXL FH IXU´ úL V  VWULJHVLQJXULGHOLFWXOFRPLV



5HOLJLDYDODKLORU

&$3,72/8/9,

9DODKLL FD úL PROGRYHQLL LQ GH %LVHULFD 2ULHQWDO  QXPLW  GH HL RUWRGR[  GHRVHELQGXVHGHODWLQLFDULúL]LFFDWROLFL(SRFDFUHúWLQ ULLORUHJUHXGHDIODW8QLLVXV LQ FGDWHD]GLQYUHPXULIRDUWHvQGHS UWDWHvQDLQWHFDEXOJDULLVkUELLúLDOWHSRSRDUHYHFLQH V ILvPEU LúDWUHOLJLDFUHúWLQ  FHHDFHGXS  SUHUHD PHDQXH I U WHPHLGDF  LQHP VHDPDF YDODKLLvQWUHEXLQ HD]DOIDEHWXOFKLULOLFúLPDLDOHVF WHUPHQLLELVHULFHúWLQXVXQW OXD LGLQOLPEDORUúLQLFLGLQFHDJUHFHDVF FLGLQFHD LOLULF úLVXQWvQWUHEXLQ D LDSURDSHvQ WRDWHELVHULFLOHODVHUYLFLLGLYLQHúLOLWXUJKLLÌQXQHOHELVHULFLVHVOXMHúWHúLvQOLPEDYDODK  úLODVXUSULQGHUHDPHDGH ID  FXXQLL ERLHUL PLVD U VSXQV F DFHDVW  LQRYD LH D IRVW LQWURGXV vQWLPSXOGLQXUP FFLSUHR LLFHLWLQHULQXFXQRVFDOW OLPE GHFkWYDODKD úL VXV LQF  DVLVWHQ LL vQ HOHJ PDL ELQH VOXMEHOH vQ OLPED ULL GH FkW vQ FHD VODYRQ  VDX JUHFHDVF FXWRWXOVWU LQHGHHL$FHVWDHúLPRWLYXOSHQWUXFDUH0LWURSROLWXO 9DODKLHLVD KRWUkWDWLS ULvQOLPED ULLFkWHYDF U LELVHULFHúWLGHFDUHDPSRPHQLWPDLVXV $O LLVXV LQvQV FYDODKLLVDXFUHúWLQDWSH WLPSXFUHúWLQ ULLXQJXULORUGXS SLOGD 5HJHOXLORU$SRVWROLF6IkQWXOùWHIDQ&kWSULYHúWHGHvQWUHEXLQ DUHDOLPELLJUHFHúWLvQXQHOH ELVHULFLQXY GDOW H[SOLFD LHGHFkWF RGDW FXVW SkQLUHDWXUFLORUVDXLYLWF OXJ ULL úL SUHR LLJUHFLFDULQDXYHQLWvQDFHDVW ERJDW SURYLQFLHQXPDLFXJkQGXOGH D LQWURGXFH OLPEDORUFLFXPHQRWRULXGHDVHVXVWUDJHWULEXWXOXLúLLPSR]LWHORUFHLVXIRF vQ7XUFLD $UKLHSLVFRSXO 9DODKLHLSRDUW WLWOXOGH0LWURSROLWHDOHVGH'RPQúLGH6IDWXO'RPQHVFúL FRQILUPDWGH3DWULDUKXOGLQ &RQVWDQWLQRSRO(ODUHVXEDVFXOWDUHDVD HSLVFRSLSHFHOGH %X]XúL5LEQLF$FWXDOXOHSLVFRSGH 5LEQLFHFHOFHDIRVWDQXOWUHFXWvQVROLHOD 9LHQDFX DO L  ERLHUL OD 0DHVWDWHD 6D vPS UDWXO FDUH LD G UXLW R FUXFH GH DXU vQFUXVWDW  FX GLDPDQWH 0LWURSROLWXO 9DODKLHL SUHWLQGH D DYHD MXULVGLF LH VSLULWXDO  úL vQ 8QJDULD ÌQ VHUYLFLLOHGLYLQHQXPHOHOXLHSRPHQLWFXWLWOXOGH$UKLHSLVFRS0LWURSROLWDO 8QJUR9ODKLHL ÌQWLPSXOVOXMEHLSRDUW QFDSRPLWU VFXPS SXUWDW QXPDLGHHOúLFHL3DWULDUKL 6HUYLFLLOHGLYLQHVHIDFvQ 9DODKLDFXPDUHIDVWúLGHRVHELW VWUOXFLUHPDLDOHVvQ SUH]HQ D'RPQLWRUXOXL%LVHULFLOHPDLWRDWHGHDFHLDúLDUKLWHFWXU WUHEXLHV DLE DOWDUXOFX ID DVSUH2ULHQWFXPVHSRDWHYHGHDúLvQ9HQH LDvQELVHULFDGXFDO  6DQ0DUF úLQ 6IW *KHRUJKHDJUHFLORUVDXDOWHPXOWHELVHULFLYHFKLGLQGLIHULWH ULFUHúWLQH)LHFDUHELVHULF  DUHXQDOWDULDUVOXMEHOHDXORFFHOSX LQRGDW SH]L 5LWXDOXOFHUHPRQLDOXOXLvQELVHULFLOHYDODKHJ VHVFGHSULVRVDOGHVFULHF FLHVWHOD IHOvQWRDWHELVHULFLOHGHULWJUHFHVFúLGHVWXOGHFXQRVFXWSULQF U LOHGHUXJ FLXQHWLS ULWH vQJUHFHúWHúL ODWLQHúWH7RDWHELVHULFLOHVHDIO  L]RODWH QHILLQG OLSLWH GH QLFL XQ IHO GH FOGLUHDIDU GRDUGHYUHR P QVWLUH ÌQ 9DODKLDELVHULFLOHVXQW ]XJU YLWH vQ LQWHULRUFX FKLSXULOH6ILQ LORUúLXQHOHGLQDFHVWHLFRDQHVXQWDGPLUDELOHILLQGOXFUDWHGHPHúWHULFDUL DXGHSULQVDUWDGHODSLFWRULLPRVFRYL LFDULVXQWGHV YkUúL LvQDFHDVW DUW )D DGHOHVXQWOD IHOSHGLQDIDU 3DUWHDVXSHULRDU DUH]XJU YLW6IkQWD7UHLPHDGLF ']HXDúH]DWSHWURQ )LXOODGUHDSWDúL6IkQWXO'XKvQIRUP GHSRUXPEL  GHDVXSUD LDUGHDPEHOHS U L DOH 'RPQXOXLúL 6IW'XKDOWHWURQXUL PDL PLFL FXFHL $SRVWROL DYkQG ODVSDWHOH ORU vQJHULFXFkWHR ODQFLHvQPkQ /DGUHDSWDúLODVWkQJDLPHGLDWGXS &ULVWRVVXQWLFRDQHOH 6IW)HFLRDUHúL 6IW,RDQDPELL vQSLFLRDUH /D LQWUDUHD vQELVHULF SHVWkQJD ID DGHL H vQI LúDW3DUDGLVXOFXvQFRQMXUGH]LGúLFXRVLQJXU SRDUW vQFXLDW LDU6IW3HWUXJDWDVR GHVFKLG DUH vQG UkWXOOXLQHQXP UD L6ILQ LúL6ILQWHFDULVWDXV LQWUHvQVODYDFHUHDVF  GXS FUHGLQ DRUWRGR[FFHLGUHS LQXYRULQWUDvQ&HUQLFLS FWRúLL vQ ,QIHUQSkQ Q ]LXD-XGHFDWHLFkQG0kQWXLWRUXOYDSURQXQ DVHQWLQ DFXFXYLQWHOH(YDQJKHOLVWXOXL YHQL L FHLELQHFXYkQWD LúLFHLSFWRúL3HXQORFFDUHFRUHVSXQGHFX3DUDGLVXODGLF ODGUHDSWD 

LQWUULL vQ ELVHULF  H ]XJUYLWREDOHQ  FDUHDUXQF  IOFUL GLQWUR JXU  GH LQIHUQ úL SURYHQLWHGLQWUXQ IXOJHUFDUHSRUQHúWHGH OkQJ  SLFLRDUHOH$WRWSXWHUQLFXOXLXQGHDSDUH GHDVHPHQHDXQ úDUSH FXFRDGD vQJXU  FDUHVLPEROL]HD]  9HFLQLFLD $SURDSH GH JXUD EDOHQHLVWDXGLDYROLL FX IXUFLOH vQ PkQ  ]PXOJkQGVXIOHWHOH SH FDUH OH DUXQF  vQ JXUD LQIHUQDODEDOHQHL&HYDPDLMRVVXQWvQI  LúDWHFkWHYD3 FDWHPRUWDOHGLQDFHOHFHWULPHW SH ISWXLWRUL vQ ,QIHUQ LDUGHSDUWHDRSXV  9LUWX L SULQ FDUH VH GREkQGHúWH 3DUDGLVXO 6ILQWHOHLFRDQHOXFUDWHvQUHOLHIVDXvQEDVUHOLHIVXQWDWkWGHGHWHVWDWHGHYDODKLF OHSULYHVF FKLDUFDVHPQGHLGRODWULHÌPLDPLQWHVFF OD7kUJRYLúWHQLúWHYDODKLYHQL LGLQFXULR]LWDWH vQELVHULFDQRDVWU  úL DSURSLLQGXVH FD V  DVFXOWH PDL ELQH RUJD DX UHIX]DW V  V UXWH ,PDJLQHD6IkQW GHSHXQPLFFUXFLIL[vQUHOLHIDúDF SHQWUXYLLWRUSHQWUXHYLWDUHDXQRU DVWIHO GH LQFRQYHQLHQWH VD KRW UkW vQWUHEXLQ DUHD XQHL FUXFL RELFLQXLWH ÌQ SULYLQ D PkQF ULL VXQW IRDUWH ULJXURúL vQ DE LQHUHD GH OD RULFH IHO GH FDUQH GH DQLPDO PRUW DYHUVLXQHDvQV SHQWUXEURDúWHúLSHQWUXFHLFHOHP QkQF HGHQHvQFKLSXLW'HDVHPHQHD DXJURD]GHEURDúWHOH HVWRDVHILHGHXVFDWVDXGHDS LDUFHOFHOHP QkQF HQXPLWGH YXOJÄVSXUFDWúLQHYUHGQLFV SULPHDVF 6IkQWD*ULMDQLH $FHLDúDYHUVLXQHDYHDXúLSHQWUX PHOFLGDUDXvQFHSXWDVHRELFLQXLGXS FXPDPDPLQWLWPDLVXV 'HV SUHSRV WXULOHYDODKLORU

&$3,72/8/9,,

3DWUXSRVWXULSHDQVXQWREVHUYDWHGHYDODKL3RVWXOFHOPDUHQXPLW 3UHVLPHFDUH VH LQH]LOHúLSRVWXO6I3HWUXFDUHvQFHSHGXS 'XPLQLFD 6IW7UHLPLúLQDUH]LOHIL[H GHFDOHQGDUÌQDFHVWSRVWVHSRDWHPkQFDSHúWHDIDU GH0HUFXULúL9LQHULH[FHSWkQG]LXD GH6IW,RQ%RWH] WRUXOGDF FDGHvQXQDGLQDFHVWH]LOH$OWUHLOHDSRVWHFHODO$GRUPLULL 3UHD&XUDWHLúL LQH]LOHI U PkQF UXULGHSHúWH H[FHSWkQG ]LXD 6FKLPE ULL OD )D  3UHR LLIUDQFLVFDQLFDúLPXO LFDWROLFLGLQ 9DODKLD%XOJDULDúL7UDQVLOYDQLDS ]HVFSRVWXO DFHVWRU  ]LOH vPSUHXQ  FX RUWRGRFúLL ÌQ VIUúLW DO SDWUXOHD SRVW H FHO vQDLQWHD &UFLXQXOXLGH]LOHFkQGVHP QkQF SHúWHDIDU GH0HUFXULúL9LQHULH[FHSWkQGvQV  V UEWRULOH 6IW 1HFXODL úL 6IW 6SLULGRQ 'H DMXQXO &U FLXQXOXLFDúL DO %RERWH]HL DOWH SRVWXULFkQGVHP QkQF RVLQJXU GDW VDUWkU]LXGDUI USHúWH'HDVHPHQHDPDLVXQW DOWH]LOHvQFDUHVHDE LQHúLGHODSHúWHFXVkQJHDGLF vQ$XJXVW 7HUHD&DSXOXL 6IW ,RQúLvQ6HSWHPEULHvQ O DUHD6IW&UXFL ÌQVFKLPERUWRGR[LLGHFLúLYDODKLLVSUHGHRVHELUHGHQRLFDWROLFLLDX PXOWH ]LOH FkQGPQkQF FDUQHFDGHSLOG GLQ]LXD&U FLXQXOXLSkQ vQDMXQXO%RERWH]HL'HPQLW  LOH HFODVLDVWLFHSRW ILRFXSDWHQXPDL GHSUHR L FOXJ UL L 3UHR LL VHSRW vQVXUDGDU PXULQG VR LDDFHúWLDU PkQFHOLEDWDUL0LUHQLLU PDúLY GXYLGXS DGRXDF V WRULHFXJUHXFDS W GLVSHQV SHQWUXRDWUHLDÌQP QVWLULOHGHF OXJ ULQXHRSULW LQWUDUHDIHPHLORUÌQFHOHGH FOXJ UL HQXVXQWFDODFDWROLFL IHWHWLQHUH FL IHPHLYUkVWQLFHFDUH U PDVHY GXYHVH UHWUDJODP QVWLULúLSRWLHúLFkQGYRUILHSHQWUXLQWHUHVHSURSULLVDXDOH PQVWLUHLÌQFD] GHGHOLFWHJUDYHVHWDLHS UXOF OXJ UXOXLFDUHHH[FOXVGLQWDJPD PRQDVWHF  &HOH  7DLQH VH GHRVHEHVF SX LQ GH FHOH DOH FDWROLFLORU %RWH]XO VH IDFH FXIXQGkQGXVHGHRULúLSRPHQLQGXVHGHILHFDUHGDW FkWHXQQXPHGLQ 6IW7UHLPHOD FDUHDVLVWHQ DUVSXQGH DPLQ 0LWXLUHDVHIDFHúLGHF WUHSUHR LLRELFLQXL LGDUFXDXWRUL]DUHD 3DWULDUKXOXLFDUH SUHSDU8OHLXO6IkQWFXPDUHVROHPQLWDWHSHFDUHvOvPSDUWHDSRLELVHULFLORU 6IkQWDvPS UWúDQLHSHQWUXWRWDQXOQXVHIDFHGHFkWvQGLPLQHD D -RLHL 6ILQWH LDU SUHVFXULOHDQXOXLWUHFXWVHGDXFHORUFHVHvPS UWúHVFvQDFHD]L 6SRYHGDQLDVHIDFHvQSLFLRDUHúLQXvQJHQXQFKLFD ODFDWROLFLGXS VSRYHGDQLH FUHGLQFLRVXOG FRQIHVRUXOXLRVXP GXS  SXWHUHDSXQJLL úL vPSDUWHSRPHQL OD V UDFL 

3ULQ XO &RQVWDQWLQ %UvQFRYHDQX FvQG VH VSRY GXLD GH 3DúWL G GHD FRQIHVRUXOXL V X $UKLHSLVFRSXO 1LVLVDFWXDOPHQWH0LWURSROLWXO 9DODKLHLGHJDOEHQLLDUvQ]LXD -RLHL 6ILQWHDFRUGDRODUJ DPQLVWLHúL FX JHQHURVLWDWHFUHúWLQHDVF  LHUWDSH ERHULL GLVJUD LD L vQDLQWHDJULMDQLHLRUWRGR[XO LQHSRVWFkWHYD]LOHDE LQkQGXVHGHODYLQ PkQF UXULGHSHúWH úLFXXQWGHOHPQúLI FkQG]LOQLFVXWHGH PWQLvQDLQWHDXQHLLFRDQHúLUXJkQGXVHSHQWUX LHUWDUHDS FDWHORU 6IW0DVOXHI FXWGHRULFDUHSUHRWLDUXQJHUHDVHIDFHFXUXJ FLXQLGLQ SDUWHDFOHUXOXLGXS FDUHSURQXQ FXYvQWXO JUHFHVF D[LRVFHHDFH vQVDPQ YUHGQLF 9DODKLL DU IL PDL EOkQ]L ID  GH ELVHULFD FDWROLF  GDF  QDU IL vQYHQLQD L FX vQY WXULOHXQRUUHIXJLD LXQJXULHUHWLFLFDULúLFkúWLJ H[LVWHQ DDFLSUHGkQGOLPEDODWLQ  ILLORUGHERLHUL $QXPLWHVROHPQLW  LUHOLJLRDVHVXQWFHOHEUDWHFXDWkWDIDVWúLVWU OXFLUHvQ 9DODKLD FvQDIDUGH0RVFRYLDQLFLR DUFUHúWLQ RULHQWDO QXRHJDOHD]  6UEWRULOHORUVHFHOHEUHD] GXS FDOHQGDUXOYHFKL]LOHGXS FHOFDWROLFúLYRP GHVFULHXQHOHFHUHPRQLLUHOLJLRDVHvQFHSkQGFX%RERWHD] Y]XWGHPLQHOD7kUJRYLúWH DQLFRQVHFXWLYLSHFkQGWU LD3ULQFLSHOH&RQVWDQWLQ%UvQFRYHDQXDGLF vQDQLL úL 

&$3,72/8/9,,,

&HUHPRQLLOH HFOHVLDV WLFHvQ 9DODKLD

ÌQFXUWHDFHDPDUHDSDODWXOXLvQID DELVHULFLL LHUDLPSURYL]DWXQDOWDUFXVIHúQLFH FUXFH úLFHOHQHFHVDUHERWH]XOXL DSHL ÌQ ID D DFHVWXL DOWDU OD  GH SDúL SH R HVWUDG  H[DJRQDO FXWUHLWUHSWH DFRSHULW  FXSRVWDY URúVHDIODWURQXO 3ULQFLSHOXL vPEU FDW vQ FDWLIHDURúLHFXIUDQMXULGHDXUúLE WXWFX LQWHPDULGHDUJLQWDXULW/DVWkQJDDFHVWXLWURQ VWDXDOWHPDLPLFLGHVWLQDWHFHORUSULQ L%UkQFRYHQLDGLF OXL&RQVWDQWLQùWHIDQ5DGX úL0DWHLDú'XS DFHVWHXUPDFHODODUKLHSLVFRSXOXLFDUHVOXMHDúLHUDQXPDLFXWUHSWH /D GUHDSWD 'RPQLWRUXOXL GDU SHUSHQGLFXODU SH R EDQFD OXQJ  FX VS WDU DFRSHULW  FX FRYRDUHúHGHDX HUDUKLFGHPQLWDULL ULLúLF SLWHQLLOH RDVWHLÌQID  GHFHDODOW SDUWHR DOWEDQF ODIHOSHQWUXSUHOD LLVWULQLúLSHQWUXHJXPHQLLSULQFLSDOHORUP QVWLULGLQ DU GXS  FDULYHQHDX F OXJ ULL SUHR LL úL SVDO LL WR L vQ RG MGLL /kQJ  'RPQLWRU VWDX vQ SLFLRDUHvQ FDIWDQODVWkQJD 3RVWHOQLFXO LQkQGEDVWRQXOOXQJGHDUJLQWvQIRUPD FUMLLGH SHOHULQODGUHDSWD 0DUHOH6SWDUFDUH LQHDDWkUQDWSHXP ULDWDJDQXO6W SkQXOXLLDUSH SDOPDGUHDSW DYHDvQWLQV RQ IUDPEURGDW SHFDUH3ULQFLSHOHSXQHDFXFDRULGHFkWHRUL RVFRWHDGLQFDS 0LWURSROLWXO vQRG MGLLSRQWLILFDOHGXS  FH FRUXO SVDO LORU D LQWRQDW DQWLIRQHOH ERWHD] DSD FXRFUXFH PLF GXS  FDUHSRUQHúWH vQ SURFHVLXQH VSUH UkXO ,DORPL D QX GHSDUWHGH&XUWHSUHFHGDWGH SUDSXUHOHP QVWLULORUúLDOHELVHULFLORUúLXUPDWGHFOHUÌQ XUPYHQHDDUPDWDFXVWHDJXULOHGHVI úXUDWH&UHGLQFLRúLLvQWkOQL LvQFDOHvQJHQXQFKHDXvQ ID DFRUWHJLXOXLSOHFkQGVPHUL LFDSXOSkQ ODS PkQW0LWURSROLWXOFXIXQG FUXFHDvQDS  VHFXIXQG DSRLúLSUDSXUHOHúLGUDSHOHOHPLOLWDUH ÌQDSRLDW OD&XUWHSURFHVLXQHD0LWURSROLWXOVHvQGUHDSW GHODDOWDUF WUH'RPQLWRU FDUH VH JU EHúWH DL HúL vQ FDOH 0LWURSROLWXO vL DWLQJH IUXQWHD FX DJKLDVPDWDUXO LDU 'RPQLWRUXOvLV UXWPLQDúLDSRLFUXFHD ÌQ DFHVW WLPSVHVORERG  WXQXUL úLVDOYHGH SXúWLGXS FDUHvQFHSHPX]LFDFXWUkPEL HWLPSDQHFRE]HúL IODXWHHWFFDUH LQHSkQ  vQFHSHV UXWDWXOFUXFLL ÌQWLVHvQGUHDSW VSUHHDFHLILLDL'RPQLWRUXOXLDSRLFOHUXOúLvQ VIkUúLW ERLHULL ILHFDUH GXS  LPSRUWDQ D UDQJXOXL 0LWURSROLWXO vúL UHRFXS  ORFXO úL vQ SLFLRDUH LQkQGDJKLD]PDWDUXOXUP UHúWHGHILODUHDILLORUGHERLHULvQDLQWHD'RPQLWRUXOXL FOULSHFDLGRPQHúWLÌQúLUFkWHXQXOFXFDSXOGHVFRSHULW úLQXPDL vQGXODPDVFXPS  DFHVWPkQGUXFRUSGHFDYDOHULDMXQVvQGUHSWXO 'RPQLWRUXOXL IDFHRSURIXQG  UHYHUHQ  

SOHFkQG UHVSHFWRV FDSXO LDU DMXQV vQ GUHSWXO 0LWURSROLWXOXL DFHVWD vL ELQHFXYkQWHD]  VWURSLQGXLFX DJKLD]PDWDUXO/DXUP WRWF ODUHúLvQFDIWDQGHILOHD] úL0DUHOH0DHVWUX GHF OULHvQ9DODKLD &RPLVXO0DUHGXS FDUHXUPDWGH DFHODúFRUWHJLX3ULQFLSHOHLQWU  vQELVHULF SHQWUXVOXMEDVROHPQ LDUODRUDGHMXQXOXLvQFHSHEDQFKHWXOFXDFHOHDúLGHWDOLL DPLQWLWHGHQRLPDLVXV 9RLWUHFHDFXPODGHVFULHUHDVOXMEHLGH -RLD0DUHFkQGVHIDFHVS ODUHDSLFLRDUHORU $SRVWROLORU&DPSHDPLD] WRDW DVLVWHQ DGHODVROHPQLWDWHD%RERWH]HLPDLVXVGHVFULV  VH DIO SUH]HQW  vQ FXUWHD 3DODWXOXL vQ DFHLDúL RUGLQH $FHL FH UHSUH]LQW  SHUVRDQHOH $SRVWROLORUWUHEXLHV ILHVWDUH LLFHORUPDLvQVHPQDWHP QVWLULGLQ DUúLGDF HGH ID  XQXOGLQWUHFHLGRL (SLVFRSL VXIUDJDQ LDO 5LEQLFXOXLúL%X] XOXLDFHVWDUHSUH]LQW SH6I 3HWUX úL vQVFKLPE ORFXO OXL ,XGD H RFXSDW GH XQ SUHRW FDUH QX VOXMHúWH &RUXO FkQW  DQWLIRDQHOHúLYHUVHWHOHQHFHVDUHGXS FDUHSULPXO FDSHODQ DOELVHULFLL &XU LL FHWHúWHGLQ (YDQJKHOLH $SRL 3DWULDUKXO VDX 0LWURSROLWXO FDUH VOXMHúWH vQFHSH V  GHSXLH VILQWHOH RG MGLLSkQ ODVWLKDUDVWIHOFXPGXS (YDQJKHOLHDUILI FXW &ULVWRVFXDFHD RFD]LXQHúL vQFLQVFXXQ úWHUJDUYDUV DS  vQWUXQ OLJKLDQGHDUJLQW úL vQFHSkQG FX ,XGD XUPHD]  VS ODUHDSLFLRDUHORU$SRVWROLORUSkQ DMXQJHOD6I3HWUX FDUH ]LFH 'RDPQH WX vPL VSHOL PLHSLFLRDUHOH"ODFDUH0LWURSROLWXOVDX3DWULDUKXOFDUHUHSUH]LQW SH&ULVWUVSXQGHFXPH VFULVvQ(YDQJKHOLHSHQWUXDFHDVROHPQLWDWH'XS VS ODUHSUHODWXOvúLSXQHVILQWHOHRG MGLL úLUHRFXSkQGXúLORFXO LQHRPLF SUHGLF SHQWUXGLVFLSROL$SRL FOHUXOSUH]HQW vúL XQJH IUXQWHDFXDS GLQOLJKHDQI FkQGVHPQXOFUXFLL DFHODúOXFUXIDFHúL'RPQLWRUXOúLERLHULL úL VH vQWU DSRL vQELVHULF SHQWUXVHUYLFLXOVROHPQ 8]XOGHDQXVHWUDJH FORSRWHOH OD OLWXUJKLDGH-RLD0DUHSkQ ODDFHDGH6kPE WD0DUHFDODQRLFDWROLFLLQXHVWHvQ 9DODKLD FDúLSUHWXWLQGHQLXQGHVHSUDFWLF ULWXORUWRGR[GHDVHPHQHDHGHQRWDWF  RUWRGR[LL QX RPLWQLFLRGDW vQVOXMEHOHORUUHOLJLRDVHÄ 6ODY7DWOXL´úL$OHOXLDILHvQ6 SWPkQD0DUH FDúLvQVOXMEHOHIXQHEUHÌQGLPLQHD D6kPEHWHL0DULvQ]RULL]LOHLvQSDUDFOLVXO&XU LLFD úLvQWRDWHFHOHODOWHELVHULFLVHIDFHSURFHVLXQHDIXQHUDU FXLFRDQD0kQWXLWRUXOXLPRUWúL VHWUDJWRDWHFORSRWHOHvQRUDú&HHDFHLPSUHVLRQHD] vQVFKLPEHGDWLQDYHFKHFXODUPD DVXU]LWRDUHFH IDFE LH LL WRDW QRDSWHDVSUH'XPLQLFD 3HúWHOXLXPSOkQG FORSRWQL LOH úL WUJkQGFORSRWHOHSHQWUXJU ELUHD3DúWHOXLFDUHVW JDWDV VRVHDVF  ÌQGLPLQHD D3DúWHOXLvQ]RULL]LOHLVHIDFHDFHLDúLSUHJ WLUHvQFXUWHD3DODWXOXLFX DFHLDúLDVLVWHQ FXPDLPXOWIDVWvQV FDGHSLOG vQWLPSXOúHGHULLPHOHFkQGOXDVHSDUWH úL 3DWULDUKXOGH (UXVDOLP 3H DOWDU HUD DúH]DW  R LFRDQ  D ÌQYLHULL úL R HYDQJKHOLH FX vQFKHHWRDUH/RJRI WXOvPS U LDVLVWHQ HLOXPkQ ULGHFHDU RIHULWHGH 'RPQLWRU3UHODWXO FDUHVOXMHDDSURSLLQGXVHGHDOWDUvúLIDFHFUXFHúLVSXQHFXYRFHWDUH 3UH7DW OSUH)LXOúL 7UHLPHDFHDGHRILLQ úLQHGHVS U LWGXS FDUHFkQW  &ULVWRVDvQYLDWXUPDWGHUHSOLFD FRUXOXLLDU3UHODWXOFXF GHOQL DvQPkQ WPLD]SH'RPQLWRUúLDSRLvQWUHDJDDVLVWHQ  'XS DFHDVWD0LWURSROLWXOULGLF FXDPEHOHPkQLHYDQJKHOLDúLRGXFHF WUH3ULQFLSHFDUH R vQWkPSLQ  úLRV UXW úL SULPHúWHELQHFXYkQWDUHD vQWLPSFHVHVORERG WXQXUL LDU PX]LFLOHvQFHSDFkQWD)LHFDUHvúLUHRFXS DSRLORFXO& PUDúXOvQFKLQkQGXVHDGkQFúL V UXWkQG PkQD'RPQLWRUXOXL vL RIHU R FUXFH PLF  EWXW vQGLDPDQWH úL FXRQ IUDP DWkUQDW ODFDS WXOGHMRV$UKLHSLVFRSLLúLHSLVFRSLLFXFkWHRFUXFHvQPkQ VHvQGUHDSW  VSUHDOWDUV V UXWH(YDQJKHOLDúLVH vQWRUFDSRL FX0LWURSROLWXOVSUH'RPQLWRU FDUH vQ SLFLRDUHvQWLQGHFUXFHDGHRV UXW ILHFDUH 'RPQLWRUXOV UXW úL HO FUXFHD úL DSRL PkQD 0LWURSROLWXOXLFDUHLvQWRDUFHV UXWXOSHIUXQWH $FHLDúIUXPRDV FHUHPRQLHVHIDFHúL FX ILLL'RPQLWRUXOXL6WDUH LLYLQúLHLvQRUGLQHDDPLQWLW SHQWUX DFHODúVFKLPEGHV UXWULFX GLIHUHQ DF'RPQLWRUXOQXOHV UXWPkQDFLQXPDLFUXFHDúLDúH]kQGXVHvúLSXQHFXFD GHVDPXUFX VXUJXFLXvQGUHDSWDIRUPDWGLQWUXQSDQDúGHSHQHGHEkWODQúL RUQDW FXR UR]HW GHGLDPDQWHúLSHFDUHSHUVRDQHGHvQFUHGHUHODXHYDOXDWODJDOEHQL'XS  VWDUH LYLQHUkQGXOERLHULPLLúLVOXMEDVHWHUPLQ LDU'RPQLWRUXOVHXUF vQSDODWúLvQVDOD GHDXGLHQ SHWURQSULPHúWHV UXWXOPkQLLGHODSHUVRDQHOHFXYD]  vQVSHFLDOGHODVWU LQL 

FDUHQXOXDVHU SDUWHMRVvQFXUWHD3DODWXOXL 3ULQFLSHVDSULPHúWHúLHDvQDSDUWDPHQWXOHL SHSUHOD LFURUDOHV UXWPkQDVWkQGvQSLFLRDUHúLOH GUXHúWHFkWHRQ IUDPEURGDW FD úL VWULQLORU FXYD]  úH]kQG vQV  %RLHULORUFDúL MXS QHVHORUFDULYLQ GH V UXW PkQD 'RDPQDOHGUXHúWHFkWHXQRXURúVDXvQFRQGHLDWFXIORULúLDOWHGHVHQHEL]DUH 'XS WRDWH DFHVWHGDWLQLYRP WUHFH ODGHVFULHUHD OLWXUJKLHLVROHPQHGLQELVHULFD &XU LLFDUHvQFHSHGRX RUHGXS VOXMEDPDLVXVGHVFULV  ÌQVXQHWXOFORSRWHORU3DWULDUKXOVDX0LWURSROLWXOXUPDWGHFOHUvQWUkQGvQELVHULF  VFRERDU úL'RPQLWRUXOXUPDWGHERLHULPHúLVHDúHD] SHWURQXOV XGLQID DDOWDUXOXLOD GUHDSWDvQVSUHVWUDQ 7URQXODUHGRX WUHSWHúLHI FXWGLQOHPQFX GDQWHOHULLúLvQIORULWXUL VFXOSWDWH DUWLVWLF LDU YkUIXO VH WHUPLQ  vQ IRUP GH EDOGDFKLQ ÌQ ID  QX H ORF GH vQJHQXQFKLDUHF FLRUWRGR[LLVWDXvQSLFLRDUHvQELVHULF úLQXvQJHQXQFKL/DGUHDSWDHXQ DOWWURQ PDL PLFGHVWLQDWSUHODWXOXL FDUHVOXMHúWH OkQJ  FDUH VWDX vQúLUD L FHOHODOWH IH H ELVHULFHúWLÌQUkQGFXFOHUXOVWDX0DUHOH9LVWLHUQLFSULPXOPHGLFDO'RPQLWRUXOXLFDUHSH DWXQFLHUD %DUWRORPHR)HUUDWLFRQWHGH8QJDULDúL/RJRI WXOGXS FDULYHQHDXSVDO LL/D VWkQJD 3ULQFLSHOXL VWDX vPEU FD L vQ FDIWDQ 0DUHOH 6S WDU LQkQG VDELD SH XP U úL EX]GXJDQXOU ]LPDWGHPkQDVWkQJ DPEHOHDOH'RPQLWRUXOXLLDUFHDGUHDSW DFRSHULW FX RQ IUDP LQHDFXFDGRPQHDVF  /DVWkQJD PDUHOXL 6S WDUVW WHD0DUHOH 3RVWHOQLFFX EDVWRQXOGHDUJLQWGXS FDUHVWDXvQúLUD LDO L3RVWHOQLFHLWR LERLHULWLQHUL LQkQGILHFDUH FkWHXQEDVWRQGHOHPQúLRFXSDXVSD LXOvQWUHGUHDSWDúLVWkQJDVWUDQHL/DFDS WXOVWUDQHL VWDXFHLILLDL'RPQLWRUXOXLDSRLFHLODO LERLHULúLODXUP FRUXOSVDO LORU/DXúDELVHULFLL VXQW SRVWD L vQGDW  GXS  LQWUDUHD 'RPQLWRUXOXL  VXOL DúL SHQWUX D RSUL vPEXO]HDOD SRSRUXOXLúLDO LVROGD LODLQWUDUHDvQVWUDQ vQG UkWXOSDMLORUúLODFKHLORUGRPQHúWL ÌPEUFD LvQKDLQHOHVDFHUGRWDOHVHDIODX3DWULDUKXODUKLHSLVFRSLLHSLVFRSLLSUHR LL úLGLDFRQLLFDULYRURILFLDvPSUHXQ LDUFHOFHYDVOXML6IkQWD/LWXUJKLHvQDLQWHDDOWDUXOXLXQ GLDFRQVSXQHFXYLQWHOHÄ ELQHFXYkQWHD]'RDPQHOD FDUH 3DWULDUKXO U VSXQGHFXYRFH WDUH /XGDWILHÌPSU LD7DWOXLúL)LXOXLúL6I'XKDFXPúLSXUXUHDúLvQYHFLLYHFLORU $PLQ 8UPHD] DSRL 6I /LWXUJKLH FX UXJ FLXQLOH úL VWLKXULOH FkQWDWH vQ ELVHULFLOH RUWRGR[H SkQ  OD (YDQJKHOLH FDUH vQ ]LXD GH 3DúWL H XUP WRDUHD ÄOD vQFHSXW HUD &XYkQWXO´ 3DWULDUKXOVW  OD DOWDU LDUSUHOD LL FDULRILFLD]  vPSUHXQ VWDX vQ RUGLQH XQXO OD VSDWHOH FHOXLODOW SkQ  OD XúD GH LQWUDUH D ELVHULFLL FX ID D VSUH DOWDU /D FHWLUHD GLQ (YDQJKHOLHILHFDUHVWLKvQFHSXWGH3DWULDUKH UHSHWDWGH ILHFDUHSUHODW vQSDUWHSkQ  OD XOWLPXOGHODXú 6HSRDWHFHWLvQDFHDVW ]L(YDQJKHOLDvQ OLPEHOHDUDE JUHDF VODYRQ  ODWLQ  úL YDODK GDF SULQWUHFOHUXORILFLDQWVXQWGLQWUHDFHL FHFXQRVF DFHVWH OLPEL ÌQ WLPSXODFHVWHLOLWXUJKLLWUHL GLDFLGH&XUWHYLQvQVSDWHOHWURQXOXLúLVFULXSHvQWUHFXWHVXV ]LVD (YDQJKHOLH ÄOD vQFHSXW HUD &XYkQWXO &HO FH D WHUPLQDWR vQWkL R SUH]LQW  'RPQLWRUXOXLFXRSURIXQG UHYHUHQ úLFDS WFDUHFRPSHQV REXFDW  GHSRVWDYGH  FR LúLMXPWDWHFDUHVHG DSRLúLFHORUODO LGRLGLDFLGDUGHRFDOLWDWHPDLLQIHULRDU 'XS  OLWXUJKLHSUHRWXOFXWDUHGLQFRUV UXW LFRDQD vQYLHULL DúH]DW  vQWUXQGXO SLRUWDSLVDWFX EURFDWFHLDFHIDFHDSRLúL'RPQLWRUXOFXFHLILLDLV LúLSUHR LLGLQFRUFDULvQDLQWHD]  VSUHLFRDQ vQFKLQkQGXVHODGXFHUH úL vQWRDUFHUH vQ ID D'RPQLWRUXOXL úLD 3ULQFLSLORU 3DWULDUKXOGXS  RILFLDUH vúL UHRFXS  WURQXOGHXQGH vPSDUWHDQDIXUDSUHR LORUFHQDX RILFLDWFXHOSUHFXPúL'RPQLWRUXOXL$SDUHúL0DUHOH3DKDUQLFFXRFXS GHDUJLQWDXULW DFRSHULW FXRQ IUDPEURGDW ÌQFXS  HYLQ úL IHOLL GH SkQHGLQFDUHJXVW HO LQWvLXO SHQWUXvQFUHGLQ DUHD'RPQLWRUXOXLF RSRDWHPkQFDFHLDFHúLIDFHvPSUHXQ FXILLLV LúL ERLHULLGLQMXUXOORU3DWULDUKXOGHSXQHDSRLRG MGLLOH ODDOWDU LDUFRUXO FkQW GXS  FDUH 3DWULDUKXO ELQHFXYLQWHD]  SH 'RPQLWRU SH 3ULQFLSL úL UHVWXO DVLVWHQ HL ÌQ WLPSXO ELQHFXYkQW ULL FRUXOGLQ VWUDQD GUHDSW  LQWRQHD] vQ JUHFHúWH R UXJ FLXQH SHQWUX YLD D 'RPQLWRUXOXLúLDIDPLOLHLVDOHLDUFHOGLQVWkQJDSHQWUXYLD D3DWULDUKXOXLFXFDUHVHUYLFLXO VROHPQGLQDFHD]LDOXDWVIkUúLWúL HúLUHDGLQELVHULF vQFHSHvQRUGLQHDXUP WRDUH 

3UHR LLVHvQúLU SHVWkQJDO VkQGLQWUDUHDOLEHU  ,HV vQWLL vQDOWHOH IH HELVHULFHúWL FDUH UPkQDSRL SH ORFDIDU  SkQ  WUHFH3ULQFLSHOH úL 3DWULDUKXO VXV LQX L DPkQGRL OD VFRERUkUHDGHSHWUHSWHGHSDLFL'HSHSULPDWUHDSW 'RPQLWRUXOVDOXW SOHFkQGFDSXOGH  RUL FOHUXO ERLHULPHDúL DUPDWD vQ LQXW  GH SDUDG  LDU 3DWULDUKXO vL ELQHFXYkQWHD]  'RPQLWRUXOVHXUF FXDFHVWDvQVDODGHDXGLHQ XQGHVRVHVFúL FHLODO L SUHOD L FDULVXQW WUDWD LFXFDIHDVHvQWUH LQHFXHLSkQ ODRUDPHVHLODFDUHLDXSDUWHSkQ ODLQYLWD L GLQWUHFOHU úLERLHULPH 'XS  PDV  WR L VFRERDU  GLQ QRX vQ ELVHULF  XQGH VH FHWHúWH /LWXUJKLDvQYLHULLGXS FDUHOXPHDVHVDOXW FX8QÄ&ULVWRVDvQYLDW´úLVHvQWRDUFHDFDV  ERLHULLFXPX]LFDvQIUXQWH3DWULDUKXOVHvQDSRLD] vQUGYDQGH&XUWHFXúDVHFDLvQFDUH LDORFvQIXQGúLXQSRVWHOQLFGH&XUWHLDUGHDPEHOHS U LvQFDGUDWFXFkWHXQOXQJúLUGH VHLPHQL vQXQLIRUP  URúLHFXVDELDSH IODQF úL EX]GXJDQ vQ PkQ  &HLODO L SUHOD L VH vQDSRLD]vQDOWHWU VXUL $GRXD]LGH3DúWL/XQLDUHORFDOGRLOHDEDQFKHWODFDUHLDXSDUWHERLHULLGHPkQD DGRXDúLDFHLFHQ]LXDvQWkLDDXVHUYLWvQ FDIWDQ 1XVHVORERGWXQXULOHFLQXPDLVDOYHGH SXúWLÌQ-RLD 3DúWHOXLVHIDFHvQFXUWHD3DODWXOXLERWH]XODSHLRELFLQXLWvQWRDWHELVHULFLOHGH ILHFDUH ]LQWkLDOOXQLLFkQGSDURKXOYL]LWHD] FDVHOHHQRULDúLORUSHFDULL DJKH]PXLHúWH ÌQ WRDWH]LOHOHGH-RLGLQ3DúWLSkQ vQ5XVDOLLVHIDFSURFHVLXQLUHOLJLRDVHLPSORUkQGFHUXO SHQWUXUHFROW ERJDW úLFvQWLQGXVHDQXPLWHOLWDQLL &LWSULYHúWHGHVSUHDOWHQD LRQDOLW  LGHDOW UHOLJLHGHFkWFHDRUWRGR[ úLFDWROLF  PDLVXQWPXOWHIDPLOLLGHHYUHL7U LHVFGHVWXOGHSURVWRFXSkQGXVHFXYkQ]DUHDUDFKLXOXL úLFXDOWHOHSHQWUXDúLVXV LQHH[LVWHQ D ÌQ DIDU GH OLPEDYDODK YRUEHVFJHUPDQD úL SRORQH]D 1XDXYRLHV SRDUWHKDLQHGH FkWGHFXORDUH QHDJU  VDX YLROHW  QLFL JKHWH JDOEHQHVDXURúLLFLQXPDLQHJUH0DLVXQWFkWHYDIDPLOLLGHVDúLWUDQVLOY QHQLGH UHOLJLH OXWHUDQ XQLLGHSURIHVLXQHDUJLQWDULVDXQHJXVWRULGHEUDúRYHQLLSHFDUHOH LPSRUWHD] GLQ %UDúRY vQQHP HúWH&URQúWDGW $FHVWRUVDúLSUHFXPúLXQJXULORUFDOYLQLúWLQXOHHSHUPLV V DLE ELVHULFLVDXYUHXQDOW ORFGHDGXQDUHSHQWUXSUDFWLFD UHOLJLHL ORU0DLVXQWGDU QXPDLvQWUHFHUHúLQHJXVWRULDUPHQLGDUFHLPDLPXO LQHJXVWRULVXQWJUHFLúLFKLDUWXUFL GLQWUHFDULXQLLIRDUWHERJD L9kQGGLYHUVHP UIXULvQVSHFLDOFRORQLDOHSHFDUH DUDQXOH SURGXFHGHDVHPHQHVWRIH DWODVXULFRYRDUH SHUVLDQHLPSRUWDWHGLQ &RQVWDQWLQRSRO 6HSXQPXOWHSLHGLFLWXUFLORUSHQWUXDúH]DUHD ORU vQ 9DODKLDúLVWDX PDL PXOWFD VWULQLGH FkW FDVW SkQLDL ULL 3URFHVHOH ORU FLYLOH úL FULPLQDOH VXQW VXSXVH MXGHF  LL 'LYDQXOXLÌQFHOHUHOLJLRDVHVXQWMXGHFD LGH %HVOLDJDúL &DGLX ÌQ WRDW  9DODKLD FD úL vQ 0ROGRYD QX VH J VHúWH QLFL R PRVFKHLH FkW GH QHvQVHPQDW DúDF SHQWUXUXJ FLXQLOHORUWXUFLLVXQWQHYRL LDVHDGXQD vQWUXQ ORF PDL UHWUDVXQGH úL OH IDF FXWRDW GLVFUH LD'H DLFL VH SRDWH GHGXFH UDILQDPHQWXO SROLWLFLL ,PSHULXOXL2WRPDQSHQWUXDFkúWLJDGHYRWDPHQWXOSRSRDUHORUVXSXVHúLDOHXúXUDXLWDUHD OLEHUW  LLSLHUGXWH



3$57($'28$ &$3,72/8/,

7UHFHU HD 9 DODKLHLV X EGRPL Q D L DWXUFLORU 

9DODKLLHUDXWULEXWDULLXQJXULORUúLJUD LHERJ  LHL ULLWULDXvQSDFHúLQLPLFQXL IFHDVDUkYQHDVF ODRIHULFLUHPDLGHSOLQ GDUQHVWDWRUQLFLDúLGLVFRUGLLOHORULQWHUQHDX IRVWFDX]DQHQRURFLULORUúLDX D  DWSRIWDYHFLQLORUGHDLVW SkQL7UHFXWXOúLKULVRDYHOHORU DOHF URUYHUDFLWDWHVXQW vQXQHOH SULYLQ L VXVSHFWHVXQW P UWXULDYLQRY  LHL ORU3HQWUX FRQILUPDUHDFHORUGHPDLVXVYRLSRPHQLVFULVRDUHDOXL 0LFKHO %RFLJQROLGLQ 5DJXVLF WUH *HUDUGR 3ODQLR VHFUHWDUXOvPS UDWXOXLGDWDW vQDQXO,XQLH$FHDVW VFULVRDUHH vQWUR IUXPRDV  ODWLQHDVF  úL SHQWUX VFRSXO DU WDW R YRL WUDGXFH FX WRDW  H[DFWLWDWHD FXYHQLW  Ä1D LXQH VSXQHHOGHVSUHYDODKL  SULPLWLY  úL LQFXOW QHGHRVHELQGXVHGHYLWHOH VDOHQHFXQRVFkQGDUWDPLOLWDU QLFLDIDFHULOHSXEOLFHLXELWRULGHJkOFHDYDúLGLVFRUGLHQX úRY LHVFGHDúLDVDVLQDGRPQLWRULLLDUXUPDUHDDFHVWRUDSXF WXULHF GHUHDORUVXE MXJXO RWRPDQGLQVLPSOLWULEXWDULDLXQJXULORU,DUFHYDPDLGHSDUWHVFULVRDUHDXUPHD] ÄDYXW DXHLXQSULQFLSH vQOLPEDORU YRHYRG SHFDUHOFKHPD'UDFXORPFXUDMRVúLIRDUWHLVFXVLW vQ úWLLQ D PLOLWDU QXQXPDL F DFHVWD vúL DS U DUD YLWHMHúWH GDU LDUQD FkQG vQJKH D 'XQ UHDDWDFDPDUJLQLOH7XUFLHLSHFDUHOH WUFHDSULQ IRF úLVDELH 0DKRPHWVWU EXQXO DFWXDOXOXLVXOWDQ PkQLDW SHQWUX D UVEXQD LQVXOWD WUHFkQG 'XQ UHD LQWU  vQ 9DODKLD 'UDFXOHYDFXDVHGLQFDOHDQ YOLWRUXOXLQXQXPDLRDPHQLLúLYLWHOHGDURULFHLDUSXWHDIL IRORVLWRUúL VH UHWUDVH vQ S GXUL GHVH vQFRQMXUDWH FX VPkUFXUL DVWIHO F  WXUFLL SHQWUX vQWUH LQHUHDRúWLORU HUDXQHYRL L V úL DGXF GHDLXUHDSURYL]LLOH 'UDFXO FX R FHDW  GH FOUH LvQWLPSXOQRS LLúLFKLDUDO ]LOLLSHGUXPXULúLSRWHFLFXQRVFXWHQXPDLOXLLHúHDGLQ SGXUHúLDWDFDFHWHOHGHWXUFLFHVHvQGHS UWDXGHWDE UDORUvQF XWDUHGHQXWUH $OWHRUL DWDFD vQSOLQSULQVXUSULQGHUHXFLJkQG PXO L GLQ HLGXS  FDUHVH UHWU JHDFX DLV L vQ SGXUL QHGkQG U JD] GXúPDQXOXL GH DO DWDFD vQ DFHOHDúL FRQGL LL 0DKRPHW Y ]kQG SLHUGHULOHGHRDPHQL úL OLSVLWGHDOLPHQWH QHvQGU]QLQG V  DWDFH SH 'UDFXO DVFXQV vQ SGXULIXQHYRLWV VHUHWUDJ FXRúWLOHVDOHSHDFHLDúLFDOHI USUDG úLIUYLFWRULH'DU ERLHULLYDODKLVF SD LGHSHULFROXOQ YOLWRULORUúLXLWkQGIRORDVHOHDGXVHGH'UDFXOXQHOWLU  SULQ FRQVSLUD LL SHUYHUVH XFLGHUHD DFHVWXLD GHI LPkQG IDSWHOH VDOH O XGDX SH WXUFL úL VXV LQHDXF YLFWRULDOHYDDGXFHLQWUR]LPDLPXOW SDJXE GHFkWvQYLQúLORU6XV LQHDXF  QXSRWDYHDGHGXúPDQLSHWXUFLúLKRW UkUV OHJHSULHWHQLHFXHLSO WLQGFKLDUXQWULEXW 'UDFXOGLQFRQWUDVHVLOLDLFRQYLQJHV QXFHDU SDFHDGH OD vQYLQúL FLV úL DSHUHFX DUPHOHOLEHUWDWHDúLF DWkWFkWYDWU LHOQXYDSHUPLWHQLFLRGDW FD DUDV ILHWULEXWDU  WXUFLORU 3HU]LVWkQG vQ DFHDVW  KRWUkUH ERLHULL vO DWUDVHU  vQWUR FXUV  úLO PFHOULU SXQkQGSHDOWXOvQGRPQLH1RXO YRHYRGFXPS USDFHDGHOD WXUFL FXSUH XO XQXLWULEXW DQXDOGHJDOEHQLXQJXUHúWL)LLLOXL'UDFXOFXPXO LGLQSDUWL]DQLLV LVHUHIXJLDU OD WXUFLXQGHIXU ELQHSULPL LúLDYHDXSHUPLVLXQHDGHDWU LvQUHOLJLDFUHúWLQ ILLQGGHDOWIHO GH ULW FDWROLF 'DU YDODKLL YHFLQLF QHPXO XPL L QX VXIHULU  PXOW WLPS GRPQLD QRXOXL YRHYRG úL XFLVHU  úL SH DFHVWD GDU QHvQ HOHJkQGXVH vQ DOHJHUHD XQXL QRX SULQFLSH vQFUHGLQ DU WXUFLORU DFHDVW  DOHJHUH $FHúWLD DOHVHU  SH XQXO GLQ DFHL FUHVFX L OD &RQVWDQWLQRSROúLvPSXWHUQLFLQGXOFXLQVLJQHOHGRPQLHLvOWULPLVHU vQQRXDSURYLQFLHúL KRWUkUFQLPHQLQXPDLSRDWHILGRPQLWRUvQ 9DODKLDGHFkWDOHVVDXFRQILUPDWGHF WUH GkQúLL0DL PXOWFKLDUF  RULGH FkWHRULQRXOGRPQLWRUYDSULPL RUGLQGH D PHUJH OD &RQVWDQWLQRSRO VH YD VXSXQH I U vQWkU]LHUH FD úL JXYHUQDWRULL FHORUODOWH SURYLQFLL 8UPDUHDDFHVWHLKRW UkULIXF YDODKLLF ]XUFXWRWXOVXE GRPLQD LXQHDWXUFLORU&XWLPSXO VXOWDQXOFXFHUL úL %HOJUDGXO %DVDUDE 3ULQFLSHOHYDODKLORUSHFDUH vO FXQRVFXL FDERLHU SULYDWSHFkQGHUDPvQ 9DODKLDPXULO VkQGXQILXvQHWDWHGHDQL 



7UHEXLHV QRWH]FHWLWRUXOXLF GLQDFHVW%DVDUDEGHFDUHPHQ LRQHD]%RFLJQROLvQ VFULVRDUHDVDVFRERDU IDPLOLD3ULQFLSHOXL&RQVWDQWLQ%UkQFRYHDQX%DVDUDEDFHODFDUHvQ DQXO  OD $XJXVW IX PLúHOHúWHGHFDSLWDW vQ &RQVWDQWLQRSRO GXS FHDDVLVWDW OD PFHOULUHDFHORUILLDLV LGXS FXPYRPSRPHQLPDLGHSDUWH)DPLOLDWRWXúLQXHVWLQV  ILLQG vQ YLD  DFWXDOPHQWH vQ 1RHPEULH  3ULQFLSHOH &RQVWDQWLQ %DVDUDE GH %UkQFRYHDQXDYkQGWLWOXOGH3ULQ DO6IkQWXOXL,PSHULX5RPDQXQLFXO QHSRW DOFHOXLGH PDLVXVvQYUkVW GHDQL úL ORFXLHúWH vQ %XFXUHúWL vPSUHXQ  FX 3ULQFLSHVHOHY GXYH PDPDúLEXQLFD 6XUPPFXWUDGXFHUHDVFULVRDUH $FHVWXLXQLFGHVFHQGHQWDOIRVWXOXLGRPQLWRUWXUFLLvQFUHGLQ HD] WURQXO 9DODKLHL QXPLQGXLWXWRULWXUFLSHQWUXJXYHUQDUHD ULLSkQ ODPDMRUDWXOV XúLDFHDVWDFXVFRSXO DVFXQVGH DGHSULQGH DU FXSULQ L GH DL ORU úLGHDRRFXSDFXWRWXO OD SULPXO SULOHM 2FXSDUHD ULLWUHEXLDV XúXUH]HúLWUHFHUHDRúWLORUWXUFHúWLFRQWUDXQJXULORUFXFDULWXUFLL vQFHSXVHU  U]ERLXO SUHFXP úL GH L]YRU GH DSURYL]LRQDUH FD RULFDUH DOW  SURYLQFLH D LPSHULXOXL'DUYDODKLLQXDFFHSWDU vQWURQDUHD QHYULVWQLFXOXLSULQ QLFLDWXWRULORUWXUFLúL WULPL kQGVROLH OD 6XOWDQ vO UXJDU V  FRQILUPHSH 'RPQLWRUXODOHVGHHL vQ ORFXO FHOXL GHFDSLWDWLQYRFkQGF FHOQXPLWGHWXUFLQXDUHQLFLYUkVWDQHFHVDU XQHL JXYHUQ ULQLFL WUDGL LD ULL QX vQJ GXLHSUHGDUHDHL vQ PkQHOHWXUFLORUFHLD FHQLFL VWU PRúLL ORU QDX vQJ GXLWYUHRGDW 6XOWDQXOPkQLDWRUGRQ FRQWUDUGUHSWXOXLúLOHJLORUVSkQ]XUDUHDVROLORU YDODKLLDUVXLWHLORUOHWDLHXUHFKLOHúLLvQWRDUFHvQ 9DODKLD2UGRQ GHDVHPHQHD SDúDOHORU GLQ 1LFRSROH 9LGLQúL 6LOLVWUDV VWUkQJ RDVWH úLV SXVWLDVF  9DODKLD $IOkQG GHVSUH DFHDVWD YDODKLL FKHPDU  vQ DU SH ,RDQ &RQWH GH 6HSXVLR >=DSROLD@ YRHYRGXO 7UDQVLOYDQLHLúLvQFUHGLQ kQGXLFDX]DORUVHU VFXODUSHID FRQWUDWXUFLORU,RDQVWUkQVH RúWLUHLQWU LQ9DODKLDúLUHVSLQVHSHWXUFLLFDULVHSUHJ WLVHUDMHIXL DUD6XOWDQXOODDX]XO DFHVWHLúWLULWHPkQGXVHFDXQJXULLV QXRFXSHSURYLQFLDvQFHSXDWUDWDSDFHDFXYDODKLL RIHULQGXOHYHFKLOHFRQGL LL9DODKLLSULPLU EXFXURVSDFHDGXS VIDWXOFRQWHOXLFDUHQXVH vQFUH]XvQVWDWRUQLFLD ORU ILLQG YHFLQLF vQFOLQD LVSUH U VFRDO 6HVWDELOLVHU  XUPWRDUHOH FRQGL LL GH SDFH WXUFLL V  SURFODPH GRPQLWRU SH XQXO GLQ YDODKLL DIO WRUL OD &XUWHD 6XOWDQXOXLLDUYDODKLLV SOWHDVF WULEXWXOFDúLvQDLQWHSUHFXPúLFHOHU PDVHvQXUP LDU WXUFLLQHPDLDYkQGDOWGUHSWDVXSUD 9DODKLHL1RXO YRHYRGWULPHVGH6XOWDQVRVL vQ DU SULPLWGHERLHULLDUFRQWHOHGH 6HSXVLRVHvQDSRLvQ7UDQVLOYDQLD'DUYDODKLLQHPXO XPL L FXQRXDVWDUHGH OXFUXUL F XWDU DRVFKLPEDúL DOXQJDU SHGRPQXOWULPHVGH 3RDUW  SXQkQGvQVFDXQSHXQ DOWXO FHHDFH vQIXULHSH 6XOWDQFDUHWRWXúL vúL DVFXQVH PkQLD úL WULPHVHFKLDUvQ DUXQDPEDVDGRUFXF OUH LFXLQVLJQHOHGRPQLHLSHQWUXQRXODOHV DGHF EX]GXJDQXO LQWXLWVWLQGDUGXO FH VH vQWUHEXLQ HD] vQ WLPS GH U ]ERL GH F WUH JXYHUQDWRULLFXWLWOXOGH 6DQJLDFL FXFRDGDGHFDOGHRVHELWFXFDGRPQHDVF  FXVXUJXFL $MXQVvQ DUWULPLVXO6XOWDQXOXLIXSULPLWFX FLQVWHGHQRXO YRHYRGGDU vQWLPSFHVH SUHIFX GH ID  FX ERLHUL úL SRSRU GH D SXQH FXFD SH FDSXO QRXOXL DOHV vL L]EL FX EX]GXJDQXO vQ FDS úLOXFLVH GXS  RUGLQXO 6XOWDQXOXL 6ROGD LL WXUFL UHSH]LQGXVH DSRL DVXSUDERLHULORUXFLVHU  PXO L GLQ HL úL I U D vQWkPSLQD YUHR UH]LVWHQ  vQF OHFDU úL SOHFDUvQVSUHFHWDWHD*LXUJLXOXLGHSHPDOXO'XQ UHLODRUHGHS UWDUHGH%XFXUHúWLSH FDUHYDODKLL GXS  PRDUWHD OXL 'UDFXOGHYHQL L WULEXWDUL RSUHGDU  WXUFLORU &RQWHOH GH 6HSXVLR 3ULQFLSHOH7UDQVLOYDQLHLDIOkQGGHVSUH DFHDVWD VRVL vQ JUDE  vQ DMXWRUXO ULL SHQWUX D SUHvQWkPSLQD SHULFROXO FRPXQ F FL SULQ RFXSDUHD 9DODKLHL SLHUGHUHD 7UDQVLOYDQLHLHUDGH QHvQOWXUDW $FHDVWDHVFULVRDUHD OXL %RFFLJQROL vQFHSULYHúWHSH YDODKL úL DP PHQ LRQDWR SHQWUXDVHUYLFDED]DLIXQGDPHQWDO ODFHOHFHYRUXUPD



&$3,72/8/,,

3ROLWLFD7XUFLHLID GH3ULQFLSDWXO 9DODKLHL

0ROGRYDúL 9DODKLDWUHEXLHVFSULYLWHFDGRX FRUELLSHRPDUHIXUWXQRDV XQGHUDUH RULVHEXFXU FLQHYDGHOLQLúWHúLRGLKQ  3ULPDVHP UJLQHúWHFX3RORQLDLDUFHDODOW FX7UDQVLOYDQLD) UvQGRLDOFDFHVWH SURYLQFLLDUILXQDG SRVWVLJXUSHQWUXXQGRPQLWRUFDUHDUGRULV VFXWXUHMXJXOWXUFHVFGDU vQFHUFDUHDXQHLDVWIHOGHvQWUHSULQGHULDUvQVHPQDH[SXQHUHDODPDUHSHULFROGHQHQRURFLUL 8FLGHUHDXQRUDGLQSULQ LvQVSHFLDODL 9DODKLHLDXGHVFKLVGLQQHIHULFLUHRFKLL WXUFLORU FDULFXQRVFkQGLPHQVHOHERJ  LLDOH ULLDXJ VLWF WULEXWXOHSUHDPLFID GHYHQLWXULOH WRW PDL PDUL DOH 9DODKLHL$FHVWHERJ  LL D k DXSRIWHOH ORU úLúL vQW UHDX WRW PDL PXOW RFXSD LDvQDFHDVW SURYLQFLHWULEXWDU  FXDWkW PDL PXOW FX FkWDFHDVW VWSkQLUHXúXUD SUHJ WLULOHORUFRQWUD8QJDULHL7XUFLLQXXLWDVHU vQF OXQJXOúLFUkQFHQXOU ]ERLFH0LKDL 9LWHD]XOvQDOLDQ FXSULQ XO0ROGRYHLúLFHODO7UDQVLOYDQLHLLDI FXWV VXSRUWHúLFDUH QXVDU ILVIkUúLW I U UXLQD ORUGDF SDVLXQLOH LQWHUQH úL QHVWDWRUQLFLD YDODKLORU QDU IL vQWUHUXSW DFHO U ]ERL GLQFDUH DUDVDU ILGHVF WXúDW GH ODQ XULOH VFODYLHL RWRPDQH 'H DVHPHQHDHYHVWLWvQ,VWRULD 9DODKLHLQXPHOHOXL0DWHL%DVDUDEFDUHDGRPQLWvQSDFHSHVWH DQL XQHOHFURQLFLYDODKHVSXQ úLFDUHFXQXPHURDVHRúWLGHEXOJDULúLVkUELDWDFDVH YLWHMHúWHSHWXUFLLDMXWD LGHW WDULúLQXPDLS UVLWGHRúWLOHVDOH0DWHLIXQHYRLWV VHGHD vQYLQV 8QLL VSXQ F  D SOWLW FX SUH XO YLH LL FXWH]DQ D VD DO LL VXV LQ vQV  F JUD LH ERJ  LLORUVDOHúLDSULHWHQLHLFXXQLLGLQPLQLúWULL3RU LLRE LQXLHUWDUHD(OIXvQPRUPkQWDW vQPQVWLUHD$UQRWD]LGLW SHXQORFUkSRVXQGHQXSRWDMXQJHQLFLWU VXULOHQLFLFDLLGH FWUH1HJUX9RG FDUHRvQ]HVWUDVHFXERJDWHYHQLWXUL $FHVW0DWHL9RG ]LGLúLHOP QVWLULFD3OXPEXLWDvQPDUJLQHD %XFXUHúWLXOXLOD GHS UWDUHGHRRU GHGUXP%UHEXOQXGHSDUWHGH&kPSLQDXQGHVSXQHDPF VHDIOXQD GLQY PLOHVSUH7UDQVLOYDQLDPDL]LGLP QVWLUHD6WUHKDLDRUHGHS UWDUHGH&HUQH FDUH HSULPXOSXQFWGHJUDQL ODGLVWDQ GHRUHGH2UúRYD0DL]LGL +RWUDQLLOkQJ 2OWúL PDLvQ]HVWU FXPDULYHQLWXULYHVWLWDP QVWLUHGHOD 6IHWDJRUDDGHF  6I0XQWHGHOkQJ  6DORQLF0DLHVWHúWLXWF SHQWUXU VFRDODOXL0DWHL%DVDUDE DUDDIRVWLPSXV ODXQWULEXW XUFDWODSXQJLDGHF GHJDOEHQLSHQWUXDILVFXWLW GHMDIúLUXLQ 'HDWXQFL XUPDúLL OXL0DWHL DXWUHEXLWV  UHQXQ H OD7kUJRYLúWH FD UHúHGLQ GHVFDXQSHQWUXDR VWDELOLOD%XFXUHúWL1XHGHFLGHPLUDUHF QK U LOHJHRJUDILFHPDL DOHV FHOHYHFKLQX DSDUH %XFXUHúWLXOFLQXPDL7kUJRYLúWHFXGHQXPLUHD 6HGHV9RHYRGDH0LVHSRYHVWLGH FWUHSHUVRDQHGHPQHGHvQFUHGHUHF GXS SUVLUHD7kUJRYLúWHLFDUHúHGLQ GRPQHDVF  ORFDOLWDWHDVHSUHI FXvQWUXQIHOGHS GXUHV OEDWHF GHXQGHQXVHPDL] UHDXFDVHOHGH RGLQLRDU FHHDFHFUHGDU IL DGHY UDW FXQRVFkQG IDSWXOGHVFULV PDLVXVF FDVHOHGLQ %XFXUHúWLIRUPHD] PLFLLQVXOH vQFRQMXUDWHFXDUERUL IUXFWLIHUL IRDUWHSO FXWH vQ WLPSXO YHULL &KLDUDFXP GRX ]HFLGHDQL FkQG &RQVWDQWLQ %UkQFRYHDQX D KRW UkW V  YLQ  OD 7kUJRYLúWHSHQWUXYLOHJLDWXU DUILJ VLWvQSLYQL D&XU LLGRPQHúWLXQFXLEGHXUúLPDULúL PLFLSU VL LúLFUHVFX LDFROR6HVSXQHLDU úLFvQWUXQORFDVFXQVDO &XU LL VDJ VLW vQ WLPSXOUHVWDXU ULLRSLDWU FXLQVFULS LDXUPWRDUH )DF9RHYRGXO0DWHLVFDGEOHVWHPXO FHUHVFDVXSUDRULFUXLSULQ FHYDJVLDFHDVWSLDWUGDFQXYDUHFOGL7kUJRYLúWHDúL UHSRSXODFDRGLQLRDU'HDLFLúLOHJHQGDF 3ULQFLSHOH&RQVWDQWLQ%UkQFRYHDQXDUILJ VLW PDULJU PH]LGH PRQHWH'DUO VkQGGRPQLWRULLFDULDXXUPDWOXL0DWHL %DVDUDE FXDWkW PDLPXOWFXFkWQXDYHPQLPLFGHRVHELWGHODGkQúLLYRPDPLQWLvQV GHVSUHXQRDUHFDUH *UD LDQ3ULQFLSHGH 9DODKLDúL0ROGRYDFDUHHSRPHQLWGH 8EHUWR 0LUHR DXWRUXO F U LL LQWLWXODWH 'H%HOOR%RKHPLFR)HUGLQDQG,,FDHVDULVDXVSLFLXVIHOLFLWHUJHVWRFRPHQWDULXV HFF$FHVWHVXQWFXYLQWHOHVDOHWUDGXVHGHPLQHvQOLPEDLWDOLDQ  

7RDPQDDQXOXLWUHFXWD IRVW IXQHVW SRORQHMLORU $FHúWLD DX IRVW FKHPD L vQ DMXWRU FRQWUD WXUFLORU úL WWDULORU GH FWUH *UD LDQ 3ULQFLSH FUHúWLQ DO 0ROGRYLL úL DO 9DODKLHL'XSSULPDúLDGRXDOXSWYLFWRULDvQFOLQDVHVSUHSDUWHD OXL 6FDQGHU  3DúD 7XUFXOúLDOXL*DOJD6XOWDQXOWWDULORU$XIRVWXFLúLvQDFHVWHOXSWHGRXPLL FLQFLVXWH SRORQLvQWUHFDULIORDUHDQRELOLPLLORUúLIXXFLVGHDVHPHQHúL*UD LDQvQVúLHFF &XWRDW VLOLQ DPHDQXDPSXWXWGDGHXUPDDFHVWXLSULQ vQKULVRDYHOHYDODKLORUúL FkWHGHJUHXDIODUHDXQRUúWLULPDLYHFKLFkQGQXVHSRWJ VLDFHOHGHXQVHFROvQFRDFH &$3,72/8/,,,

$QWRQLH*ULJRUH5DGXOúL'XFD'RPQLDL 9DODKLHL

$QWRQLH9RG VWUPRúGLQSDUWHDWDW OXLDO3ULQFLSHVHL0DULDY GXYD3ULQFLSHOXL &RQVWDQWLQ%UkQFRYHDQXDIRVWXQGRPQLWRUEODMLQúLLXELWRUGHSDFH'XFHDRYLD IRDUWH VLPSO úL GHSDUWH GH XQHOWLULOH ERLHULPHL VDOH FHLD FH vQWUDGHY U H OXFUX UDU vQ YLD D GRPQLWRULORUGLQ DFHVWH SURYLQFLL 0XUL GXS  R GRPQLH OLQLúWLW  OVkQG SRSRUXOXL V X GRULQ DXQXLXUPDúODIHO'LQQHIHULFLUHVH vQYHGHUDU  GLQQRXFXQRVFXWHOHWXOEXU UL GH RDUHFHSHODDQXO*ULJRUH 9RHYRGGHRULJLQ JUHF QD LXQHYHFLQLFIDWDO 9DODKLHL  SULQSXWHUHDEDQLORUúLDSULHWHQLLORURE LQXWURQXOQXDWkWGLQDPEL LDGHDGRPQLFLWGLQ GRULQ DGHDVHU ]EXQDFRQWUDXQRUERLHULvQVSHFLDOFRQWUD &DQWDFX]LQHúWLORUXQDGLQFHOH PDLSXWHUQLFHúLvQVHPQDWHIDPLOLLFDUHWU LVHDWXQFLvQ 9DODKLD 7R LLVWRULFLLFDULDPLQWHVFGHvPS UD LLJUHFLSRPHQHVFIDPLOLD &DQWDFX]LQHúWLORU YHVWLW PDLDOHVSULQvPS UDWXO,RDQ&DQWDFX]LQRFDUHVHF OXJ UL úL FDUH IXVHVHDXWRUDO FkWRUYDRSHUHHUXGLWH$FWXDOLL &DQWDFX]LQLSUHWLQGDILGHVFHQGHQ LLDFHVWXLDFXWRDWHF  EOD]RQXOORUUHSUH]LQW 9XOWXUXO,PSHULDOvQW ULWGHGLSORPDvPS UDWXOXL /HRSROGFDUHOH RIHUWLWOXOGH&RQWHDO6IkQWXOXL,PSHULX5RPDQ 'LQRUGLQXO DFHVWXL$QWRQLH 9RG  EWUkQXO &RQVWDQWLQ &DQWDFX]LQR IX vQFKLV vQ PQVWLUHD6QDJRYXQGH IXXFLV (O ]LGLYHVWLWDúL ERJDWD P QVWLUH0 UJLQHQL DF UHL ELVHULF SRDUW KUDPXO6I$UKDQJKHOL0LKDLOúL *DYULOúLDYHDRELEOLRWHF IUXPRDV FDUH QXúWLXvQV GDF FRQ LQHDFHYDSULYLWRUODXUP ULOHIDWDOHWXUEXU ULORUGLQ 9DODKLD 'H OD DFHVW &DQWDFX]LQR DX U PDV  ILL DGLF  ùHUEDQ FDUH DMXQVH 3ULQFLSHOH 9DODKLHL 'UJKLFL 6S WDUXO ,RUGDFKH0DWHL WDW O OXL7RPD &DQWDFX]LQR FDUH ORFXLHúWH DFXP vQ0RVFRYD &RQVWDQWLQ 6WROQLFXO úL 6S WDUXO0LKDL$FHúWLGRLXOWLPL IUD L ELQH FXQRVFX LGHPLQHúLFDULGHPXOWHRULDX GHJQDWV PLQYLWHODPDVDORUDXIRVWvQDQXO OXQD ,XQLHXFLúLSULPXO vPSUHXQ  FXSULQ XO ùWHIDQ ILXOV X vQ &RQVWDQWLQRSRO OkQJ  %RVWDQJL3DúD LDU FHO ODOW vQ $GULDQRSRO GXS  SX LQH ]LOH vPSUHXQ  FX 5DGX 'XGHVFXOFDUHDYHDGHVR LHRVRU DVXV]LVXOXLSULQ ùWHIDQ3ULQ XO*ULJRUHGLQRUGLQXO 6XOWDQXOXLSRUQL XQFRUSGH DUPDW  ODDWDFXO FHW  LL 1HXKHLVHO +XL:DU  vQ 8QJDULD FRQWUD QHP LORU GHS UWkQGXVH vQV  GH OD JURVXO DUPDWHL 9L]LUXOXL I U SHUPLVLXQHD DFHVWXLDWUXSHOHVDOHDXIRVWFRPSOHFWQLPLFLWHGHQHP LGXS FDUHGHIULF VHUHIXJLDVHvQ ULOH vPS UWHúWL )XJD VD D IRVW vQGHPQDW  úL GH XQ 'XPLWUX &DQWDFX]LQR GLQ &RQVWDQWLQRSROFDUHHUDPDUH YLVWHUQLFvQ 9DODKLDDFHVWDFXYLFOHQLHvL GDVHDvQ HOHJHF  9L]LUXOIXULRVF VDGHS UWDWPLúHOHúWHDMXUDWV LWDLHFDSXOúLV IXJ GHFLFkWWLPSPDL DUHSXWLQ D6HDG SRVWLVHXQWLPS vQ 9LHQDGHXQGHSOHF DSRLVSUH 9HQH LDXUPULQG GHVIúXUDUHDHYHQLPHQWHORUÌQDFHVWWLPSXQRDUHFDUH 5DGXOSRUHFOLW 6WULGLDJLXO DGLF  YkQ]WRUGHVWULGLLJUHFGLQ (SLUOXkQGFXFDP WRPDUHVXP GHEDQLDQXPHGH JDOEHQLRE LQXFXHLWURQXO 9DODKLHL 3HQWUXDSXWHDSO WLDFHDVW GDWRULHSXVHPDULELUXULSH DUFDUHQXPDLSXWHDIDFH ID DWkWRUDQJDUDOHDVWIHOF ILLQGUXLQDW VHSOkQVH3RU LL 

$FHDVWDDYXORFvQDQXOSHWLPSXOvQYHUúXQDWXOXLDVHGLXDO &DQGLHLGHF WUH WXUFL 3RDUWDDYHD ID  GH QD LXQHOH VXEMXJDWH PDL DOHV vQ WLPS GH U ]ERL R DQXPLW  SROLWLF DGLF GHDúLWXQGHWXUPHOHGDUDQXOHMXSXLGHD LQHVHDPGHQHYRLOHYDVDOLORU SHQWUXDHYLWDU VFRDOHúLvQVIkUúLWGHDWUDJHIRORDVHGLQGLVFRUGLLOHLQWHUQHDOHVXSXúLORU V LPDLDOHVDOHYDODKLORUúLPROGRYHQLORUFDULvúLVFKLPE vQWUXQDGRPQLLI UDREVHUYD UXOFHSULFLQXHVFW ULL 9RHYRGXO*ULJRUHUHIXJLDWvQ,WDOLDSULQOHJ WXULOHVDOHFX SDúDOHOHúLXQLLPLQLúWUL DL3RU LLGLQ&RQVWDQWLQRSROúL &DQGLHLúWLXV VHGHVYLQRY  HDVF FXDWkWDvQGHPkQDUHF  IXVHVHUHFKHPDWGH3RDUW úLQXPLWGLQQRXvQVFDXQXO 9DODKLHL&XQRVFXVHHOGLQDLQWHúL DIODVHúLSULQDPLFLLV LWXUFLLQWULJLOHXQRUERLHULvQVFRSXOGHDOGLVWUXJHGDUSULPXOOXL JkQGHUDVXSULPDUHDFHORUIUD L&DQWDFX]LQLILLLE WUkQXOXLFDUHIXVHVHXFLVGLQRUGLQXO V XvQPQVWLUHD6QDJRYùHUEDQXQXOGLQDFHúWLIUD LIXJLODDX]XOvQWRDUFHULLOXL*ULJRUH 9RHYRGGDUDFHVWDLPSXVH FHORUODO L  IUD L SODWDXQHLHQRUPH VXPLGHEDQLGXS  FDUH SRUXQFLVH vQFKLGHUHD ORU úL E WDLD ,Q 9DODKLD VH vQWUHEXLQ HD] EWDLD GXS  VLVWHPXO WXUFHVFDGLF ODW OSLFXY UJLOXQJLúLYHU]L2V SWPkQ DXIRVWE WX LODW OSLFX FkWH ORYLWXUL]LOQLFH&RQVWDQWLQ&DQWDFX]LQRFHOFHDIRVWXFLVFXILXOV XùWHIDQvQ PLúFDWGHIUDWHOHV XPDL PLF úLSO SkQG DFHUXWJUD LDGH DVXSRUWDHO úL EDVWRQDGHOH DFHVWXLDFHHDFH L VD DGPLV DFHVW IDSW JHQHURV PL VD FRPXQLFDW GH F WUH SHUVRDQH YUHGQLFHGHvQFUHGHUHFDUHHUDXGHID ODDFHOVSHFWDFRO$VXSRUWDWE WDLDIUDVFRDWHXQ JHDPWVDXRODFULP 0LQXQDWH[HPSOXGHP ULQLPLHFDUHGLVWLQJHLQLPLOHQRELOHGHFHOH MRVQLFH'DUXUDQHVWLQV DOXL*ULJRUH 9RHYRGQXVHRSULDFLFLFRQWLQX UVEXQDUHDSULQD VWRDUFHEDQLúLDSHGHSVLSHDFHLFHHUDXVXVSHFWD L GH HO 6XUJKLXQLVH DSRL vQVDWHOH ORU PXO LERLHULFHLDFHvQ 9DODKLDHOXFUXRELFLQXLWF FLODVXLUHDSHWURQD3ULQFLSHOXLùWHIDQ &DQWDFX]LQRFDUHXUPDVHOXL&RQVWDQWLQ%UkQFRYHDQXDXDS UXWOD&XUWHERLHULúLVWU LQL GHVDPIRúWLH[LOD LFHQXY ]XVHPSkQ DWXQFL6XQWGHDOWIHOERLHULYUHGQLFLV RFXSH vQDOWHSRVWXULOD&XUWHGDUFDULSUHIHU V GXF RYLD OLQLúWLW SHPRúLLOHORURFXSkQGXVH GHJRVSRG ULH 1HvQWRDUFHPOD &DQWDFX]LQL vQFHSkQG  FX ùHUEDQFDUH IXVHVHH[LODW vQ &DQGLD FXFHULW DFXPGHWXUFL)LLQGIRDUWHPDQLHUDWúLGHRVWDWXU IUXPRDV úLLPSR]DQW DúWLXW V úL FúWLJHJUD LDXQRU vQVHPQDWH SDúDOH úLV RFXSH PDLWkU]LX WURQXO 9DODKLHL VSUH OLQLúWHDIDPLOLHLVDOHFDUHvQFHSXVHDUHVSLUDGHFkQG vQ ORFXOSHUVHFXWRUXOXL ORU *ULJRUH 9RHYRG IX QXPLW SH WURQXO UHL 'XFD9RG  $FHVW 'XFD D IRVW GH QHDP SURVW GDU PXO XPLW LPHQVHLVDOHDYHULDMXQVHODVWU OXFLWDVLWXD LHGHDRFXSDWURQXO 9DODKLHLFDUH QXDPDLIRVWRFXSDWGHSHUVRDQHGHQHDPDWkWGHPLF(UDDOEDQH]FUHúWLQQ VFXWvQVDWXO 3ROLGDQL$ IRVWXQWkQ U GHWRDW  IUXPXVH HD LQWHOLJHQW úL LVFXVLW úL IXVHVH WULPHV GH SULQ LLV LvQ9DODKLDSHQWUXDvQY  DRPHVHULH$MXQVHvQ%XFXUHúWLXQGHVHE JDE LDWGH SUYOLHODXQQHJXVWRUGHSRVWDYXUL6HSRYHVWHúWHF vQWURQRDSWHL]EXFQLQGIRFXOODR FDV YHFLQ GH&XUWH3ULQFLSHOHFDUHHUDWUHD]vQFHSXV GHDDODUPDúLLQWUkQG LQ RGDLD SDMLORUFDULOLSVHDXILLQGGXúLvQRUDúODSHWUHFHUL'RPQLWRUXOIXULRVDRUGRQDWSHGHSVLUHD úL DOXQJDUHD ORUGH OD &XUWH LDU vQ ORFXO ORUV  ILHQXPL L WLQHULGHRULFHFRQGL LH GDU FKLSHúLODYHGHUHÌQWUHDFHúWLDDIRVWDOHVúL'XFDFDUHVHvPSRWULYLODvQFHSXW SUkQGXLVH PDLSURILWDELO PHVHULDVD1RURFXOVH LQXVH vQV GHGkQVXOSkQ DMXQVHSHWURQXO ULL $GXVHDWXQFLvQ DUFkWHYDUXGHF URUOHvQFUHGLQ DGLIHULWHSRVWXUL vQDOWH LDUDOWRU UXGH WULPLVHGDUXULvQWUHFDUHúLFRVWXPHQD LRQDOHGXS SRUWXO MXS QHVHORUYDODKHúLGHDWXQFL DFHVWSRUWVDvQWLQVúLvQ DUDORU&XPJXYHUQD DUDHXúRUGHvQ HOHV7UHPXUDXGHPkQLH ERLHULLY ]kQGXVHVXEVWLWXL LFXVWU LQLFDULRFXSDXSULPHOHGHPQLW  LOD&XUWHSHFkQGHL IXULPSXúLODELUXULJUHOHÌQWUHDO LLIFHDvQV XPEUOXL'XFD9RG ùHUEDQ&DQWDFX]LQR vQWRUVGLQH[LOúLFXPDULOHJ WXULGHSULHWHQLHFXSXWHUQLFLLGHOD &RQVWDQWLQRSRO3XVHVHOD FDOH'XFD9RG VXSULPDUHDDFHVWXLùHUEDQSULQGLIHULWHSODQXULFDUHVH] GUQLFHDXvQV  FFLùHUEDQIXVHVHWRWGHDXQDDYHUWL]DWGHVR LDOXL'XFD9RG FXFDUHvQWUH LQHDOHJ WXULGH 

GUDJRVWH PDL DOHV vQ OLSVD OXL 'XFD 9RG SOHFDW OD U ]ERL FX SRORQLL DO WXUL GH WXUFL ùHUEDQFDUHHUD0DUH /RJRI W úLVXSUDYHJKHDQLúWHFRQVWUXF LL OD &XUWHDYXSULOHMXOV  UkYQHDVF QXQXPDLODGRDPQDOXL'XFDFLúLODWURQXOV X 9RHYRGXODIOkQGGHXQHOWLULOH GXEOXOXLV XULYDOWULPLVHRUGLQV ILHDUHVWDWFXJkQGXOGHDOVSkQ]XUD'RDPQDOXL'XFD DIOkQG vQV GHDFHVWRUGLQ vO FRPXQLF  OXL ùHUEDQ FDUHVH KRWUkV  IXJ  (UD vQ ]LXD $GRUPLULL 0DLFLL 'RPQXOXLFkQG ùHUEDQ LQYLWDVH ODSUkQ] PDL PXO L ERLHUL ÌQ WLPSXO PHVHL VH UHIXJLDVH OD &RWURFHQL GRX  PLOH GH %XFXUHúWL XQGH VH YHGH IUXPRDVD PQVWLUH]LGLW DSRLGHHOODVXLUHDVDSHWURQ FKHP VHUYLWRULGLQFHLPDLFUHGLQFLRúL úLvQGU]QH LúLELQH vQDUPD L IXJLU FOUL úL WUHFXVHU  'XQ UHDXUPkQGFDOHDSkQ  OD $GULDQRSROXQGHVHJ VHDDWXQFL6XOWDQXOúL&XUWHDVD &$3,72/8/,9

ùHUEDQ&DQWDFX]LQRRE LQHWURQXO 9DODKLHL

&XDMXWRUXOSURWHFWRULORUV LSXWHUQLFLVXV LQXWúLGHPXOWHSXQJL GHEDQL ùHUEDQ RE LQHWURQXO 9DODKLHLúLPD]LOLUHDOXL'XFD9RG ÌQDPLQWLUHDvQV DVHUYLFLLORUDGXVHGH VR LDDFHVWXLDUHXúLFD'XFD9RG V ILHQXPLWSHWURQXO 0ROGRYLLvQORFXOXQXLGRPQLWRU FDUHQXSUHDHUDSULHWHQXO &DQWDFX]LQLORU,VHvQFUHGLQ GHFLLQVLJQHOHGRPQLHLúLOXkQGX úLUPDVEXQGHOD9L]LUELQHI FWRUXOV XDFHVWDVHUHWUDVHvQFDPHUDXQGHHUDúL6XOWDQXO FDUHSULYLQGGHODIHUHDVWU FXFkW DELOLWDWHvQF OHFDVHùHUEDQFXWRDW VWDWXUDVDPDVLY  DWUDVHDWHQ LD 9L]LUXOXL FXDFHVWHFXYLQWHGH DGPLUD LH &DQWDFX]LQ ùHUEDQ2JOX DGLF  &DQWDFX]LQRHILXOGLDYROXOXLQXPHFHDU PDVODWXUFLSkQ D]LDFHVWHLIDPLOLL3RUHFOD HUDSRWULYLW FFLvQ]HFHDQLGHGRPQLHùHUEDQ9RG GGXVHGHJkQGLW3RU LLFDQLFLRGDW  GHFkQG 9DODKLDHWULEXWDU WXUFLORU$MXQVHvQ%XFXUHúWL GHXQGHSOHFDVHVSUH0ROGRYDFX FkWHYD ]LOH PDL vQDLQWH 'XFD 9RG   XQGH vúL IDFH LQWUDUHD vQ DFODPD LLOH SRSRUXOXL EXFXURVGHDYHGHDSHXQXOGHDO OXLSH WURQúL vQFHSHDSXQHRUGLQH vQDIDFHULOH ULL 8UPUHDFXVWU úQLFLHvPS U LUHDGUHSW  LLvQGU]QH vQKRW UkULúLQHPLORVOD QHH[HFXWDUHD RUGLQHORUWUHFHDFKLDUSHVWHVW UXLQ HOHPDPHLVDOH3HFkWGHVHYHUFXFHLYLQRYD LSHDWkW GHPULQLPRVHUDFXFHLYUHGQLFL$VWIHOvúL DVLJXU  FUHGLQ D úLGUDJRVWHD PLQLúWULORUV L PDLDOHVDFDSLFKLKDLHORUFH LQHDOD3RDUW GRLERLHULvQUXGL LGHDSURDSHFXHO3HQWUXDúL SXWHD VHUYL GRPQXO úL DO VDOYD OD QHYRLH HUD QHFHVDU  R YLJLOHQ  GHRVHELW  úL R VXSUDYHJKHUHODFHOHFHVHSHWUHFvQMXUXODIDFHULORU3ULQ XOXLúLDOH UHL3HQWUXDO LQHDvQ FXUHQWH[SHGLDXúWLULOHSULQFXULHULQXPL LFOUDúLvPEU FD LWWUHúWHúLSUHY ]X LFX FDL EXQL úL vQDUPD L FXVDELH DUF úLV JHDW  &XQRVFkQGELQHRDPHQLL úL RELFHLXULOH GH OD &XUWHD6XOWDQXOXL3ULQFLSHOHùHUEDQSXQHDSUH SHWRWFHVHSHWUHFHDOD &RQVWDQWLQRSROúL SHOkQJ FDSLFKHKDLHOHFDUHGLVSXQHDXGHvQVHPQDWH VXPLGHEDQLSHQWUXPLWXLUHDFHORUGLQ MXUXO9L]LUXOXLFXOWLYDOHJ WXULOHFXYHFKLLSURWHFWRULúLF XWDIDYRDUHDDOWRUDPDLQRL 7XUFLL vQV  FX WRDW  UHSXWD LD GH EDUEDUL DX WRWXúL PDUHOH PHULW GH D S VWUD UHFXQRúWLQ  DPLFLORU I UGHRVHELUHGH UHOLJLH úL DL DS UD OD QHYRLH FX SUH XO YLH LL 3ULQ XOùHUEDQDYHDGHSURWHFWRUSHOkQJ 0DUHOH9L]LUFDUHHUDSHDWXQFL &DUD0XVWDID 3DúDúLSH 6XOWDQD9DOLGHDGLF SHPDPD6XOWDQXOXL(UDSHWLPSXODVHGLXOXL 9LHQHLFkQG ùHUEDQSULPLVHRUGLQXOFDúL 9RHYRGXO0ROGRYLLGHDSRUQLvQIUXQWHDXQXLFRUSGHSkQ  ODGHYDODKLFHHDFHH[HFXW vQJUDE úLúLVWDELOLODJ UXOvQPDUJLQHD 9LHQHLXQGHVH YHGHSkQ  D]LR FUXFH FDUH DPLQWHúWHGHDFHVW3ULQFLSH P ULQLPRVFDUH WULEXWDU 3RU LL vPEU LúDVHFDX]DFUHúWLQ 7XQXULOHVDOHQXúLWULPHWHDXJKLXOHOHOH vQ ODJ UXO FUHúWLQ LDU DFWLYLWDWHDVD PLOLWDU  FRQWUDQHP LORU úWLDVRQHXWUDOL]H]H 6XE SUHWH[WXO GH D WULPLWH VSLRQLV  FHUFHWH]HVLWXD LDDVHGLD LORUHO FRPXQLF FUHúWLQLORUúWLUL GLQ ODJ UXO WXUFHVF 7RDWHDFHVWHVHUYLFLLDXIRVWDSUHFLDWHGHvPS UDWFDUHFRQIHULOXLúLXUPDúLORUV LWLWOXOGH &RQWHDO 6IW,PSHULX5RPDQ$PY ]XWFkWHYDWXQXULúLXQFORSRWFXPS UDWHGH3ULQ XO 

ùHUEDQGHODW WDULLvQWRUúLGHODDVHGLXO 9LHQHL úLDGXVHSH'XQ UHQ 9DODKLDSHQWUXD vQFUHGLQ DSHWXUFLF úLDLV LVDXGLVWLQVSULQSU GDUHDQHP LORU &$3,72/8/9

3ULQFLSHOHùHUEDQvQIULFRúHD] SHWXUFL

ÌQWRUVGLQ U ]ERL ùHUEDQ &DQWDFX]LQR J VL DUD vQ RUGLQH úL GLQ vQY  PLQWHOH FXOHVHGLQFHOHY ]XWHDWkWGHODWXUFLFLWúLGH ODQHP LVHKRW Uv GHDSXQHvQDSOLFDUH JUDQGLRVXOV XSODQSROLWLF6WUkQVHSHFKHOWXLDODVDYUHRVkUELúLEXOJDULYLWHMLúL U]ERLQLFLFDULFX WRDW VXSXúHQLDWXUFHDVF  IFHDXGHVHRUL DWDFXULFRQWUD ORU ÌL LQHD DIDUGH DUJDWDODSULPXOVHPQDO3HQWUXvQWUH LQHUHDDFHVWHL DUPDWH ùHUEDQ FDV QX SXLHQRLELUXULSH DUUHFXUVHODXUP WRUXOPLMORF WULEXWXOVHWULPHWHD 3RU LL HVFRUWDWGH VROGD LGHDL ULLSkQ OD'XQ UHGHXQGHVHvQWRUFHDXFXFKLWDQ GHSULPLUHGLQSDUWHD WXUFLORU vQV UFLQD L V  GXF  WULEXWXO SkQ  OD ORFXO GHVWLQDW ÌQ GUXP VSUH $GULDQRSRO KDLGXFLLVkUELSO WL LGHùHUEDQDWDFDXFRQYRLXOúLOSU GDXGHSXQJLOHFXEDQL5HSHWkQGX VHDFHVWVLVWHPWXUFLLDPHQLQ DXSH ùHUEDQGDUDFHVWD U VSXQGHD U VSLFDW F RULFHVDU vQWkPSODSHWHULWRULXOWXUFHVFSULYHúWHQXPDL3RDUWD 2WRPDQ 7XUFLLYHQL L OD %XFXUHúWL SHQWUXDFHUHO PXULULvQDFHDVW SULYLQ DXSOHFDWDWkWGH vQVS LPkQWD LGH ùHUEDQFDUH UFQHD ODHL F QXVHSUHD ]RULDXD PDLYHQL OD %XFXUHúWL 3H FkQG vQDLQWH DJDOHOH VH vPEXO]HDXDYHQLvQ DUFXGLYHUVHWUHEXULGLQSDUWHD3RU LLúWLLQGF YRHYR]LLVXQWGDUQLFL úLQXVHvQWRUFHDXFX PkQLOHJRDOHVXEùHUEDQOXFUXULOHVDXVFKLPEDW2GDW ILLQGQHYRLH GHDWULPLWHXQRUGLQOD%XFXUHúWLSHQWUXDSUHJ WLFDUHFXSURYL]LLQXVHJ VHDQLPHQLV VH JUEHDVF DSULPLVDUFLQD8QDJ PDLFXUDMRVVHRIHULHOV vQIUXQWHSHQHvQIULFDWXOùHUEDQ FDUHDIOkQGSULQDJHQ LLV LGHVRVLUHDOXL GDVHRUGLQHF SLWDQLORUGHOD'XQ UHV ILHSULPLW úLHVFRUWDWGHRFRPSDQLHGHF OUDúLSkQ vQ%XFXUHúWLSHGUXPXUL vQWRUWRFKLDWHSHQWUXD LOXQJLFkWPDLPXOWFDOHD7XUFXODMXQVHOD%XFXUHúWLúLVHDúWHSWDVHV ILHSULPLWOD&XUWHúL SXVODWDLQ2IL HULGHDLOXLùHUEDQvQV ± 3RUWDULL± vQV UFLQD L FXSULPLUHDVWU LQLORU vO YL]LWDUSHQWUXDLXUDEXQYHQLWúLDOvQWUHEDGHVFRSXOVRVLULLVDOH$JDYHQLWFX ILUPDQ DPHQLQ DFHUkQGV ILHSULPLWvQDXGLHQ GDUSULPLU VSXQVF VHYDDYHUWL]DSH9RG GH VRVLUHDVD úL HOYDGDRUGLQHOHFXYHQLWHGXS RELFHLXO &XU LL ùHUEDQ 9RG  vL SXVH OD GLVSR]L LHFXDUWLUúLWDLQúLLWULPLWHYRUE FQXYDSXWHDILSULPLWGHFkWDGRXD]L%RLHULL VHDIODXSUH]HQ LOD&XUWHLDUSRSRUXOXPSOXVHvPSUHMXULPLOH3DODWXOXLSHQWUXDDIODVFRSXO YHQLULL7XUFXOXL8QFRUWHJLXGH SDLFLúL VXOL DULDGXVHU SHDJ SHXQFDOVXSHUEDOHVGLQ JUDMGXULOHOXL9RG FDUHDúWHSWDvQVDODGHDXGLHQ  vQ PLMORFXOERLHULORU /D LQWUDUHD DJ L9RG vQSLFLRDUHQXULGLF SULYLUHDVSUHHOGHFkWGXS FHWHUPLQ UH]ROYDUHDFkWRUYD KkUWLLFDUHLVHS UXUPDLLPSRUWDQWHVHvQWRDUVHDSRLGHXUHD] EXQYHQLWDJ LúLOSRIWLV  úD]SRUXQFLQGV VHDGXF FDIHDúHUEHWúLRGRJDFLGXS PRGDWXUFHDVF 6HvQWRDUVHDSRL FWUHERLHULúLSUHI FkQGXVHDQXIL PXO XPLWGHH[HFXWDUHDXQRURUGLQH vQFHSXD U FQL FWUHHLFXDWkWDVWU úQLFLHvQFkW7XUFXOFDUHúL SXVHVHFDSXO OD &RQVWDQWLQRSRO F HO YD vQVS LPkQWDSH9RG ODYHGHUHDDFHVWXL3ULQ GHRVWDWXU XULDú FXRFKLLPDULúLYRFHDGH WLJUX vQWUDWkWD WUHPXUD GH IULF  FúL IULSVH GHJHWHOH FX FDIHDXD IHUELQWH úL F XWD V  VFXUWH]H UHSHGH DXGLHQ D ùHUEDQ 9RG  DWHQW OD DFHDVW VFHQ  vO vQWUHE  DSRL GH URVWXO YHQLULL$FHVWDVFRDVHGLQVkQILUPDQXOúLvOvQPkQ OXL9RG FDUHV UXWKkUWLDúLRGXFHOD IUXQWH ÌQ SLFLRDUH 9RG  úL ERLHUL DVFXOWDU FHWLUHD GH F WUH 'LYDQ(IIHQGL úL DIOkQG FRQ LQXWXO RUGLQXOXL ùHUEDQ vQFHSXVH GH DVW  GDW  D  UFQL F WUH 7XUF LPSXWkQGXL vQGU]QHDODGHDILDGXVRUGLQXO6XOWDQXOXLFXDWkWDvQWkU]LHUHRUGLQH[HFXWDWGHF WUH DU GH]LOHúLYDFRPXQLFD3RU LLLQFDSDFLWDWHDVDSHQWUXFDUHYDSO WLFXFDSXO)X UHFRQGXV vQXUPOD FXDUWLUFX DFHODúFHUHPRQLDOFXRELFLQXLWXOGDURVXP GHEDQLREXFDW  GH SRVWDYúLDWODVLDUDGRXD]LvOSRUQLGLQ DUVSHULDWúLFRQIX]GHFHOHS  LWH 

$úDYHDPXOWHGHUHODWDWGHDVSULPHDFXFDUHùHUEDQ9RG JXYHUQD DUDGDUILLQG vQFvQYLD SHUVRDQHOHFDUHPLOHDXFRPXQLFDWQXYRLQRWDGHFkWIDSWXOF vQDLQWHGHD FHUHDXGLHQ úLDLQWUDOD'RPQERLHULLRELFLQXLDXDGDEDFúLúSDMXOXLGHODXú SHQWUXD DIODGDF 9RG HELQHGLVSXVúLDWXQFLvQDLQWHGHDLQWUDvúLI FHDXFUXFHFDV SRDW WUHFH VSDLPDGLQFDUHXQLL LHúHDXFKLDUEROQDYL 3DWLPDVDúWLXV  ORYHDVF  úL vQGXúPDQLLGH GHSDUWH$úWLXWV FRQYLQJ SH,RDQ 6RELHVFKL5HJHOHSRORQLORUPkQLDWSH'XFD9RG DO 0ROGRYHLIRVWXOV XSHUVHFXWRUFDV ILHULGLFDWFKLDUvQ]LXD&U FLXQXOXLGLQ0LWURSROLD GLQ,DúLFDSLWDOD 0ROGRYLLúLGXVvQ3RORQLDFDSUL]RQLHUGHU ]ERLXQGHPXULGXS FkWYD WLPSOD /HPEHUJ6 UHFXQRDúWHPvQV úLSDUWHDEXQ DOXLùHUEDQ9RG FDUHQXFRQGDPQD OD PRDUWH I U MXGHFDWD'LYDQXOXL úL I U FRQVLP LPkQWXOERLHULORU (UDXQRP YHVHO úL FLYLOL]DWúLLXELWRUGHVWU LQLSHQWUXFDULHUDIRDUWHJHQHURVvQWUH LQHDúLvQFXUDMDWDOHQWHOHúL DUWHOHIUXPRDVH$MXWDSHGDVF OLLGHOLPEDJUHDF vQFDUHILLGHERLHULvQY  DXJUDPDWLFD UHWRULFDúLILOR]RILD,QWURGXVHOD&XUWHXQVLVWHPGHYLD PDLFLYLOL]DWDIRVWSULPXOFDUH vQWUHEXLQ D WDFkPXUL GH DUJLQW OD PDV  =LGL vQ %XFXUHúWL XQ KDQ SHQWUX WRW IHOXO GH QHJXVWRULFDUHSRDUW QXPHOH+DQXOOXL ùHUEDX9RG  úL DOH F UXLYHQLWXULVXQWGHVWLQDWH PQVWLULL&RWURFHQL]LGLW úLvQ]HVWUDW FXPDUHFKHOWXLDO WRWGHGkQVXO3HORFXODFHVWHL PQVWLUL &RWURFHQL VH DIOD vQDLQWH R ELVHULFX  FX KUDPXO 6ILQ LORU 0DUWLUL &R]PD úL 'DPLDQúLXQGHùHUEDQ9RG VHDVFXQVHGHRUGLQXOGHDUHVWDUHDOOXL 'XFD9RG ILLQGF  DFHD]LVHvQWkPSODVHDIL$XJXVWFOHUXOFDUHDYHDV VILQ HDVF PQVWLUHDDFRQYLQVSH ùHUEDQV RvQFKLQH$GRUPLULL0DLFLL'RPQXOXLFHHDFHI FXÌQJHQHUDOIDSWHOHVDOHHUDX FOX]LWHGHLGHLJHQHURDVH,QWURGXVHvQ DURUGLQH úL OLQLúWHGRULWHGH PXOW YUHPHGH ORFXLWRUL vQWUH LQHDFRUHVSRQGHQ VHFUHW  FXGLYHUúL SULQ L FUHúWLQL úL PDLHX VHDP  FX vPS UDWXO/HRSROGDO$XVWULHLF UXLDWULPLVvQPLVLXQHVHFUHW OD 9LHQDR GHSXWD LXQHGH ERLHULFXGDUXUL$PXULWùHUEDQ9RG SX LQH]LOHGXS DVWDRWU YLWGHDLV LFXPVXV LQ XQLLGXS RGRPQLHGH DQL$XU PDVY GXYDFDUHWU LHúWHúLDVW ]LFXWUHLFRSLLGRX  IHWHúLXQILXDGLF 3ULQFLSHOH*KHRUJKH&DQWDFX]LQRFDUH ORFXHúWHFXQRELODVDIDPLOLHvQ %UDúRY RUDú vQ 7UDQVLOYDQLD LXELW úL UHVSHFWDW GH WRDW  OXPHD vQ VSHFLDO GH RIL HULL DXVWULDFLSHQWUXPHPRULDS ULQWHOXLV XFDúLSHQWUXFDOLW  LOHVDOHFXDGHY UDWSULQFLDUH O

&$3,72/8/9,

&RQV WDQWLQ%UkQFRYHDQXHDOHV3ULQFLSHDO 9DODKLHL

0RDUWHDQHDúWHSWDW DOXLùHUEDQ9RG SXVHSHERLHULvQIULFDGHDQXVHWUH]LFXXQ VWULQSHWURQXO ULL3HGHDOW SDUWHSRSRUXOGHIULFDQ YOLULLRúWLORUKDLGXFHúWLvQWUH LQXWH GHGHIXQFWXO 'RPQ vQFHSXV DFODPHSH VWU ]L SH &RQVWDQWLQ &DQWDFX]LQR IUDWHOH OXL ùHUEDQFHUkQGXOGH'RPQDFHVWDvQV UHIX]FXKRW UkUHQHYRLQGV DWUDJ XUJLD3RU LL FRQWUDVDúLD ULL'DUGRULQ DJHQHUDO GHDYHGHDSH WURQXQ &RQVWDQWLQ I FX FDQRXO 'RPQLWRU V  ILH DOHV vQ SHUVRDQD OXL &RQVWDQWLQ %UkQFRYHDQX XQ QHSRW GH VRU  DO GHIXQFWXOXL 9RHYRG (UD DWXQFL vQ YkUVW  GH  DQL E UEDW IUXPRV úL LXELW GH SRSRU 2FXSDVHvQDLQWHGHPQLWDWHDGH0DUH6S WDUúLvQXUP GH0DUH/RJRI WúLGXFHDRYLD  IDVWXRDV DYkQGvQMXUXOV XvQDLQWHGHGRPQLHRVXLW GH±ERLHULGHSULPXO UDQJ 8QFKLXOV XùHUEDQvOLXEHDPXOWSHQWUXFDUDFWHUXOúLGLVWLQF LDPDQLHULORUVDOHúLOO XGD ID GHERLHULVXV LQkQGF QLPHQLQXLDUSXWHDFRQWLQXDGRPQLDFXDFHLDúLSULFHSHUH6H VXV LQHFKLDUF vQXOWLPHOHFHDVXULùHUEDQ9RG ODUILFKHPDWODSDWXOV XGHPRDUWHúL vQFUHGLQ kQGXL SHFHWHD GRPQHDVF  ODU IL UXJDW V úL DVXPH VDUFLQD GRPQLHL SHQWUX OLQLúWHDVDúLD ULL$FHLDúLUXJ PLQWHLRI FXUúLERLHULLVWUkQúLODVIDWvQ0LWURSROLDGLQ %XFXUHúWL%UkQFRYHDQXvLUHIX] FXWRDW KRWUkUHDúLVHUXJ GHDIL OVDW vQSDFHF FL VLWXD LDúLYHQLWXULOHVDOHvLSHUPLWV GXF RYLD SULQFLDU SH FkQGVSOHQGRULOHGRPQLHL VXQWYHFLQLFVXSXVHSU EXúLULL%LHWXOSULQ FDUHDDYXWSUHVLP LUHDWUDJLFXOXLV XVIkUúLWD 

FHGDWLQVLVWHQ HORUUXGHORUSULHWHQLORUúL DFODPD LXQLORUSRSRUXOXLFDULLDXMXUDWFUHGLQ úL DVFXOWDUH ,QWUDUGHFLWR L vQELVHULF  XQGH0LWURSROLWXO vO vQFLQVH FX VDELD vL SXVH FXFD GRPQHDVF SHFDSúLvPEU FDWvQKODPLG GRPQHDVF IXFRQGXVSHWURQXQGHLVHG GX SULPXORPDJLXV UXWDWXOPkQLL 'XS  FHUHPRQLHXUPDU  IXQHUDULLOH OXL ùHUEDQ   ]LOH GXS PRDUWHXUPDWGHERLHULPHúL GHQRXO 'RPQSH MRVSkQ  OD &RWURFHQLXQGH IX vQJURSDW LDUSH PRUPkQW VH vQILSVH XQ VWHDJ URú FH VH YHGH SkQ  D]L 6IDWXO ULL D FRPXQLFDW 3RU LL DOHJHUHD OXL &RQVWDQWLQ %UkQFRYHDQXFHUXWGHSRSRU úL UXJ  FD WRDWH SUHURJDWLYHOHGRPQLHLV ILHUHFXQRVFXWHGH3RDUW FUHLDDWkW DUDFvWúLQRXO'RPQU PkQ FUHGLQFLRúLPDLDOHVvQDFHOHYUHPXULGHU ]ERL7XUFLLDSUREDU DOHJHUHDúL WULPLVHU  OXL &RQVWDQWLQ%UkQFRYHDQXLQVLJQHOHGRPQLHL3HGHDOW SDUWH %UkQFRYHDQX vQúWLLQ HD] GH VXLUHDVDSHWURQúLSHvPS UDWXO/HRSROGDO$XVWULHLSULQWURVFULVRDUHRPDJLDO H[SHGLDW  vQJUDE FXGRLERLHULFXRUGLQXO GHD DMXQJHSHFHL SDWUXERLHUL WULPHúL vQ PLVLXQHGH ùHUEDQ9RG $FHúWLDDXIRVWDMXQúLQXGHSDUWHGH %XGDXQGHOLVHFRPXQLF PRDUWHDOXL ùHUEDQ úLRUGLQXO OXL %UkQFRYHDQXGH D LLVH UHPLWH ORU GDUXULOH FH YRU IL GXVH GH HL vPS UDWXOXLvQQXPHOHQRXOXLGRPQ /DvQFHSXWVROLLOXLùHUEDQRSXVHU vPSRWULYLUHGDUDMXQúLOD 9LHQDSUHGDU GDUXULOH FHORUERLHULLDUHLVHvQWRDUVHU úLUPDVHUvQ7UDQVLOYDQLDGHIULFDOXL%UkQFRYHDQXFD ILLQGSDUWL]DQLLOXLùHUEDQ 3ULQFLSHVDY GXY FXILLHLFDUHOXDVHSDUWHODvQPRUPkQWDUHDVR XOXLDU PDVOD 0QVWLUHD &RWURFHQLSHQWUXDvQJULMLGHVOXMEHOHUHOLJLRDVHGDU%UkQFRYHDQXRSXVHVXE VXSUDYHJKHUHDXQHLJ U]L GH VROGD L úLL FHUX  SXQJL SHQWUX SURSULD HL VDOYDUH %UkQFRYHDQXLQWHQ LRQDV vQWUHEXLQ H]HDFHúWLEDQLSHQWUXDWHPSHUDSHSXWHUQLFLL GH OD 3RDUW FDULF XWDXFXWRWGLQDGLQVXOV SXLHPkQDSHSULQ XO*KHRUJKHILXOOXLùHUEDQFDUH HUDDWXQFL vQ YUkVW  GH  DQL 9GXYD OXL ùHUEDQ FHUXVH DWXQFL vQ JUDE  DMXWRU GH OD &RQVWDQWLQ %OFHDQXJLQHUHOHHL FDUHVH DIOD vQ7UDQVLOYDQLDúL FDUH I FXVHSDUWHGLQ SULPDVROLHDFHORUERLHULÌOLQIRUP SULQHPLVDULGHSHULFROXOvQFDUHVHJ VHVFDWkWHLFvW úLERJ  LLOHORUGDF YRUF GHDvQPkQDWXUFLORUFDULFRQVLGHUDXSHùHUEDQFDUHEHOID GH 3RDUW  %OFHDQXDYHDGHVR LHSHR ILLF  D OXL ùHUEDQ úLQX HUD GHFL SDUWL]DQXO QRXO 'RPQUHXúLVHFKLDUV FRQYLQJ SHQHP L GHDWULPLWH vQ 9DODKL D    UHJLPHQWHVXE FRPDQGD*HQHUDOXOXL +HLVOHUFDUHHOLEHU SH3ULQFLSHVDY GXY FXILLHLúLU GLFDYX LLOH FDUHQXSUHDHUDXGHGLVSUH XLW úLL FRQGXVHSkQ  OD %UDúRYXQGHVH J VHVF SkQ  D]L %UkQFRYHDQXVWUkQVHRúWLUHGDUQXVHJU ELV GHDSLHSWFX UHJLPHQWHOHQHP HúWL FLVH UHWUDVHvQ DUGkQG vQV GH úWLUHWXUFLORUGH LQWUDUHD ORU /D DIODUHDDFHVWHL úWLUL WXUFLL IRDUWHIXULRúLvQYLQXLU SH%UkQFRYHDQXGHLQFDSDFLWDWHGDUDFHVWDVHDS UFXDELOLWDWHF  QXVHSXWHDRSXQHXQXL GXúPDQVXSHULRU FDQXP U ùDVHV SWPkQL UPDVHU QHP LL vQ %XFXUHúWLGDUDIOkQGGHDSURSLHUHDXQHLDUPDWHGHGHWXUFLúLW WDULSUHFXPúLGH DMXWRUXOGHXQJXUL UVYUWL LVXEFRPDQGDFRQWHOXL 7HNHOLSURFODPDWGHWXUFL OD $OED,XOLD3ULQFLSHDO7UDQVLOYDQLHLQHP LLVHUHWUDVHU vQPXQ LL9DODKLHLúLFHUXVHU DMXWRU GLQ7UDQVLOYDQLD $MXQúLvQV vQPXQ LL %UDQXOXLQHP LL VHY ]XU DQWLFLSD LGHWXUFL FDULVRVLVHU  vQDLQWHDORUSHXQGUXPPDLVFXUWGDUPDL USRVGDUI UDúLSLHUGHFXPS WXOúLFXWRDW  LQIHULRULWDWHDQXPHULF QHP LLG GXUSLHSWFXWXUFLLúLYLFWRULDDUILIRVWGHSDUWHDORUGDF  XQJXULLVRVL LvQDMXWRUXOORUQDUILIXJLWFKLDUODvQFHSXWXOOXSWHL*HQHUDOXO +HLVOHUIXI FXW SUL]RQLHU LDU %OFHDQXSH FkQGVHVLOLV  GHVFDOLFHGHSH FDO FDUH VH DIXQGDVH vQWUR PRFLUOIXXFLVùWLUHDILLQGDGXV OXL%UkQFRYHDQXFDUHXUP UHDOXSWDvPSUHXQ FXFk LYD RIL HULWXUFLGHSHYkUIXOXQXLPXQWHYHFLQHORUGRQ V LVHDGXF FDSXOOXL %OFHDQX)X DGXVvQDLQWHDVDúLJHQHUDOXO +HLVOHUF UXLWULPLVHvQV YRUE vQWDLQ V ILHvQFUHGLQ DWF SULQ XO %UkQFRYHDQXYD OXFUDSHQWUX HOLEHUDUHDVDFHHDFHúL I FX7XUFLLVHPH LQGXVH 

GXS YLFWRULHvQDLQWDU vQ7UDQVLOYDQLDúLLQWUDU vQ$OED,XOLDXQGHSURFODPDU GH3ULQFLSH DO7UDQVLOYDQLHLSH 7HNHOL'DUEXFXULDORUQXIXGHOXQJ GXUDW FFLODúWLUHDF XQFRUS GHDUPDW DXVWULDFVHDIODvQDSURSLHUHROXDU ODIXJ vQDSRLFXDWkWDLX HDOFDMXQVHU vQ )JUDúFDUHIXVHVHDWXQFLvQSXWHUHDORUGXS R]LúLRQRDSWHvQORFGHFHOSX LQ]LOH 7XUFLLúL W WDULLVH vQDSRLDU DSRL vQ ULOH ORU LDU %UkQFRYHDQX úL 7HNHOL FXXQJXULLV L UPDVHU vQ 9DODKLDXQGH IXU  FDUWLUXL L SULQVDWHXQGHVHSXUWDU  FD vQ DUGXúPDQ  FDX]kQG PDUL QHDMXQVXUL SRSXOD LHL $LFL DU WDVH %UkQFRYHDQX LVWH LPHD VD SROLWLF  UHFXQRVFXW GHWXUFLFDúLGHQHP LFvWúLGHSRSXOD LD ULLFDUHVHY ]XOLEHUDW GHRDVSH LL XQJXUL6HSOkQVH3RU LLFWHNHOLDQLLUXLQHD]  DUDSULQ MDIXULOH ORU úLF VXSXúLLV L IXJ SHVWHJUDQL  úL GDF VWDUHDDFHDVWDYDFRQWLQXD vL YD IL LPSRVLELO V SOWHDVF WULEXWXO 5VSXQVXO3RU LLVRVLF  &LQHVXESUHWH[WGH UHIXJLX SULHWLQHVF VH SRDUW RVWLO vQ DUD YRDVWU PHULW V ILH WUDWDW FD LQDPLF DYH L DXWRULWDWHD úL DSOLFD LR GXS QHYRLH %UkQFRYHDQXVFULVHvQVHFUHWúLQHP LORUF YDH[WHUPLQDSHUHEHOLLXQJXULúLYDvQGHS UWD SH7HNHOLvPS U LVHGHFLRúWLUHSULQVDWHOHXQGHVHDIODXXQJXULLúLXFLVHRPDUHSDUWHGLQ HL LDU UHVWXOVF S SULQ IXJ  vQ0ROGRYDVDX 7XUFLD 7HNHOL Y ]kQGXVH VLQJXU úL I U SXWHUH SOHF  OD &RQVWDQWLQRSRO GH XQGH 3RDUWD vO vQGUXPHD]  FX IDPLOLD VD VSUH 1LFRPHGLDXQGHúLVIkUúL]LOHOHXLWDWGHOXPH5HVWDELOLQGOLQLúWHDvQ DUVSUHPXO XPLUHD FHOSX LQDSDUHQW  DWXUFLORU %UkQFRYHDQX FXOWLY  UHOD LLOH FX DXVWULDFLL úL FX SRWHQWD LL FUHúWLQLvQWUH LQkQG FXHL LQWLP  FRUHVSRQGHQ  úL LQIRUPkQGXL GHSODQXULOHWXUFLORU ÌQ DFHVWVFRSHO LQHDOD &RQVWDQWLQRSROGRLGLQFHLPDLILGHOLERLHULDIDU GHDO LSDUWL]DQL FDULOFRVWDX VXPLFRQVLGHUDELOH 9DODKLDHVLWXDW vQWUHGRX vPS U LLFXFDUHIRUPHD] REDODQ 3ULQFLSHOHWUHEXLH V GXF RSROLWLF GHHFKLOLEUX3OHFkQGEDODQ DSHVWHvQGDWRULULOHVWULFWHF WUHWXUFL ULVF  SHULFROXO GHDSLHUGH DUD úL OLEHUWDWHDGLQVSUHSDUWHDQHP HDVF  GXS SLOGD FX 1LFRODL 0DYURFRUGDWGHFDUHYRPYRUELPDLGHSDUWHÌQVFKLPEDSOHFkQGRVSUHQHP L VDXDOWH SXWHULFUHúWLQHYDSLHUGHGRPQLDúL YLD DGLQVSUH SDUWHD WXUFLORU ( YLH vQF  DPLQWLUHD WUDJLFXOXLVIkUúLWGLQDQXOWUHFXWDO3ULQFLSHOXLùWHIDQ&DQWDFX]LQRúLGRLDQLPDLvQDLQWH FHODOOXL%UkQFRYHDQX'HWURQDUHDDFHVWXLDVD PDL SXWXW HYLWDRGDW  QXPDL FXSXWHUHD DXUXOXLGLVWULEXLWDWXQFLSXWHUQLFLORUGHOD&XUWHD2WRPDQ  &$3,72/8/9,,

&KHPDUHDOXL%UkQFRYHDQXOD $GULDQRSRO

/D UHODWDUHDDFHVWXL IDSWWUHEXLHVF LQXWH vQ VDP  LQIRUPD LLOH SURFXUDWH GH 'O ,DFRSR 3LODULQR  FHW  HDQ DO UHSXEOLFLL YHQH LHQH  IRVW 3ULP PHGLF vQ 9DODKLD DO 3ULQFLSHOXL ùHUEDQ &DQWDFX]LQR úLDSRL DO OXL %UkQFRYHDQX ÌQ DQXO  OXQD $SULO VRVHúWHOD'XQ UHXQ ,PEURKRUWULPLVGH6XOWDQ6RVLUHDVDQHDúWHSWDW VXUSULQVHSHWRDW  OXPHD úL PDL DOHV SH 9RG  FDUH QX IXVHVH LQIRUPDW GH &DSLFKLKDHOHOH VDOH GH OD $GULDQRSROXQGHVHDIODDWXQFL UHúHGLQ D &XU LL ,PSHULDOH /D PDUJLQHD %XFXUHúWLXOXL vO vQWkPSLQ %UkQFRYHDQXFXFXYHQLWHOHRQRUXULúLvOFRQGXVHSkQ OD3DODWXQGH,PEURKRUXO vL SUH]LQW  ILUPDQXO GHDSRUQL I U ]EDY OD $GULDQRSRO SHQWUX D SUH]HQWD RPDJLLOH FXYHQLWH6XYHUDQXOXLV X$GRXD]LvQV 3ULQFLSHOHvPEROQ YLQGXVHFDS WIHEULDUD WUHLD]LID DLVHXPIO 'RFWRUXO 3LODULQRFXH[SHULHQ DVDY ]XLPHGLDWF HYRUEDGHXQ HUL]LSHOúLvQVFXUWWLPSvQGRX V SWPkQLYLQGHF  WXPRDUHD úLGXUHULOH 3ULQFLSHOXLSH FDUHOXPHDvOFUHGHDSLHUGXWLDUGXS DOWHGRX GHFRQYDOHVFHQ %UkQFRYHDQXHUDJDWDGH GUXPÌQDFHVWWLPS,PEURKRUXOvQFXUFDWGHVLWXD LHúLE QXLQGF ERDODHVLPXODW FHUXVH V  YD] SH 3ULQ  GDU UPDVH XLPLW Y ]kQGXO XPIODW OD FDS REUD] úL JkW GH DELD UHFXQRVFkQGXO 2GDW  UHVWDELOLW %UkQFRYHDQX XUPDW GH VXLW  SRPSRDV  FRPSXV  GLQ 

RúWHQLERLHULPHVOXJLúL DO L FXUWHQL I FXVHGUXPXO GXS  LQGLFD LLOH PHGLFXOXL 3LODULQR FDUH vO vQWRY UúLVHFX PDUH E JDUHGHVHDP  vQ WLPS GH  ]LOH vQ ORF GH FHOH  RELFLQXLWH6FRSXO WUJkQ UHLvQV HUDV FkúWLJHWLPSXOQHFHVDUvQFDUHDPLFLLV LV RE LH OD3RDUW FDWRWXOV VHVIkUúHDVF FXELQH 'DU 0DUHOH 9L]LU 5DPL 3DúD úL VIHWQLFXO V X IDYRULW E WUkQXO 0DYURFRUGDW GXúPDQLLV LQHvPS FD LQXVHOVDXvQGXSOHFD LGHQLPLFúL LQWHDXODPDUHDDYHUHD OXL %UkQFRYHDQX úL ODGHSXQHUHDVDGHSHWURQXO 9DODKLHL %UkQFRYHDQX FXQRúWHD GH PXOW JkQGXOU XDO9L]LUXOXLúLXQHOWLULOHOXL 0DYURFRUGDWúLQXVHKRW UvDH[HFXWDILUPDQXOGHD SOHFDGLQ%XFXUHúWLGHFvWGXS FHSULPLVHVFULVRULGHvQFXUDMDUHGLQSDUWHDDOWRUSXWHUQLFL GLQMXUXO6XOWDQXOXLFD PXIWLXO.LVODU$JD$OL6LOLFWDU$JD PDLWkU]LXPDUHYL]LU  +DVDQ 3DúDFXPQDWFX6XOWDQXOFDULOvQGHPQDXV YLHQHDS UDWOD$GULDQRSROvQFUH]kQGXVHvQ SXWHUHDORU%UkQFRYHDQXDMXQVHOD $GULDQRSROúLúLvQWLQVHFRUWXULOHODGRX PLOHGHRUDú $LFL SULPL YL]LWD OXL 0DYURFRUGDW úLGXS  OXQJL FRQYRUELUL %UkQFRYHDQX UHXúHúWH V O FkúWLJHGHSDUWHDVD$SRLFXFk LYDERLHULVHPXW vQRUDúvQFDVD0LWURSROLWXOXLJUHFLDU GXS ]LOHHSULPLWvQSULP DXGLHQ GH0DUHOH9L]LUFDUHGXS VIDWXOOXL 0DYURFRUGDWvO vPEUDF FXFDIWDQvPSUHXQ FXSULQFLSDOLLERLHULGLQVXLWDVDúLODVLJXU GHUHFRQILUPDUHD WURQXOXL &XQRúWHD 9L]LUXO GLVSR]L LD 6XOWDQXOXL vQ XUPD LQWHUYHQ LLORU PXIWLXOXL úL DOH FHORUODO LELQHYRLWRULDLOXL%UkQFRYHDQXúLIXVLOLWV úLDVFXQG  JkQGXO úLV  DVLJXUHSH %UkQFRYHDQXF FKHPDUHDVDOD $GULDQRSROQXDYHDDOWVFRSGHFkWGHDFRQYLQJHSHUVRQDO SH 6XOWDQGHQHDGHY UXULOH LQDPLFLORU FDUYODFX]DU  GHQHVXSXQHUH ID GH3RDUW  )X LQWURGXVDSRLvQDXGLHQ OD6XOWDQFDUHvLFRQILUP WURQXOúLOvPEUDF FDúLSHERLHULFX FDIWDQúLIXFRQGXVFXPDUHSRPS ODORFXLQ DVDSHXQFDOGH UDV DOHVGLQJUDMGXULOH vPS UWHúWLúLFXVXUJXFLXOSHFDSVHPQXOGHPQLW  LLúLDOLQYHVWLULL 6H FXYLQH D UHDPLQWL F  3RDUWD H[HUFLW  GUHSWXUL DEVROXWH DVXSUD 9DODKLHL úL 0ROGRYLLDVXSUDGRPQLWRUXOXLúLDERLHULORUGLVSXQkQGGHYLD DúLDYHULOHORU'HQRWDWF  QXPDL3ULQFLSHOHDUHYRLHV vQWUHEXLQ H]HVLJLOLXOFXFHDU URúLHLDUVFULVRULOHDGUHVDWHOXL ILHFKLDUGHPLQLúWULLV LWUHEXLHV DLE SHSOLFFkWHRFUXFHvQ FHOHSDWUX FRO XUL úL RD FLQFHDODPLMORF %UkQFRYHDQXRGDW UHFRQILUPDWVHJU ELDVHvQWRDUFHvQ DUIFkQGGUXPXOQXPDL vQúDVH]LOHSHQWUXDúLUHYHGHDFkWPDLUHSHGHIDPLOLDúLVXSXúLLV LúLDHúLGLQSDLQMHQLúXO GHLQWULJLFDUHDYHDV OFRVWHDYHUHDOLEHUWDWHDúLFKLDUYLD DvQGDW GXS SOHFDUHDVDvQV  L]EXFQL UHYROWD LHQLFHULORU vQ &RQVWDQWLQRSRO FDUL SRUQLU  vQ PDUúVSUH $GULDQRSROVXE SUHWH[WXOGHD vQORFXL SHQRL PLQLúWULL PDL FXVHDP SH PXIWLXSUHFXP úL SH 6XOWDQXO 0XVWDID5HYROWDVHvQWLQVHúLvQUkQGXULOHJ U]LL6XOWDQXOXLFDUHFXVWHDJXULOHGHVI úXUDWH LQWUDUvPSUHXQ vQ$GULDQRSRODVHGLDU 3DODWXOúLSXVHU ODvQFKLVRDUHSH6XOWDQXQGHúL PXULGXS SX LQYUHPHLDUvQORFXOOXLIXVFRVGLQvQFKLVRDUHIUDWHOHDFHVWXLD $KPHWFDUH IXSURFODPDWvPS UDW'DF 3ULQFLSHOHDUILIRVWVXUSULQVGHDFHVWHHYHQLPHQWHVIkUúLWXOV X HUDLQHYLWDELOFDSDUWL]DQDOOXL 0XVWDID'DUDMXQVvQ DUúLDIOkQGGHVFKLPE ULOHGH OD 3RDUW VFULVHFDSLFKLKDHORUGHDVHDGDSWDQRLLVLWXD LLúLvQORFXOIRúWLORUSURWHFWRULV úL SURFXUHDO LLPDLFXVHDP V FkúWLJHIDYRDUHD6XOWDQHL9DOLGH3HQWUXFXPS UDUHDQRLORU SRWHQWD L LPSXVH ULL QRL ELUXUL GDU VXSRUWDELOH FHHD FH I FX SRSRUXO V  VSXLH F  Ä3ULQFLSHOH&RQVWDQWLQ%UkQFRYHDQXMXPXOHúWH DUHD IUVRIDFV LSH ´0DLVW UXLvQ SROLWLFDH[WHUQ GHDSURSULHUHFXVXYHUDQLL FUHúWLQL vQWUH LQkQGFXHL FRUHVSRQGHQ  SULQ VHFUHWDULSHQWUXOLPELOHLWDOLDQ ODWLQ JHUPDQ úLSRORQ DIDUGHJUHFHúWHúLWXUFHúWH 6HFUHWDULL HUDX SXúL VXE RUGLQHOH OXL &RQVWDQWLQ &DQWDFX]LQR XQFKLXO OXL %UkQFRYHDQX FDUH GLULMD FRUHVSRQGHQ D FX WRDW  IULF LXQHD vQWUH DFHVWH GRX  IDPLOLL vQWUH LQXW GHXQHOWLULOHXQRUERLHULFDULDX GXV OD UXLQ  DPEHOH GLQDVWLL )DSW HVWH F  3ULQFLSHOH%UkQFRYHDQXDFRUG &DQWDFX]LQLORUFHOHPDLGHVHDP GHPQLW  L úL S VWUDXQ UHVSHFW GHRVHELW SHQWUX FHL GRL XQFKL DL V L &RQVWDQWLQ úL 0LKDL IUD LL OXL ùHUEDQ 

&DQWDFX]LQR FDUL IXU  VSkQ]XUD L vQ DQXO  XQXO ,D &RQVWDQWLQRSRO úL FHO ODOW OD $GULDQRSROGXS FXPYRPDU WDPDLGHSDUWH 'LQFDX]D DFHVWHL GLVFRUGLL PRVFRYL LL FDUL DMXQVHU  vQ  SkQ  OD KRWDUHOH 9DODKLHLVDXY ]XWvQúHOD LvQVSHUDQ DORUGHDF SWDSURYL]LLOHSURPLVHGHF WUH DU&X RFD]LD DFHVWHL LQWU UL D UXúLORU 3RDUWD RUGRQ  OXL %UkQFRYHDQX V  ILH JDWD GH U ]ERL &RPDQGDQWDORúWLORUIXQXPLW6S WDUXO 7RPD &DQWDFX]LQRQHSRWGH IUDWHDO OXL ùHUEDQ 9RG FDUHúLVWDELOHúWHWDE UD OD *XUD8UOD LORU RUHGHGUXPGH 7kUJRYLúWH (UDDFHO VS WDURPDOHVúL FXUDJLRVFXQRVFkQGODSHUIHF LHOLPELOHODWLQ úLLWDOLDQ úLSRVHGkQGR FXOWXU YDULDW  $LFL OD *XUD 8UOD LORU LQX %UkQFRYHDQX VIDW FX ERLHULL vQ SULYLQ D DSURYL]LRQ ULLUXúLORU6HKRW UvV OLVHFRPXQLFHF QXOLVHSRDWHGDPHULQGHGHFkWGXS  RFXSDUHD ULLúLDS UDUHDHLFRQWUDWXUFLORUFDULDUSXVWLLRvQFD]GHDMXWRUDUHDLQDPLFXOXL ORU5XúLLOLSVL LGHFHOHQHFHVDUHvQFKHLDU SDFHDFXPSXWXU 'LPLWULH&DQWHPLU'RPQXO 0ROGRYLLWUHFXVHGHSDUWHDUXúLORULDUVS WDUXO7RPD&DQWDFX]LQRVXESUHWH[WXO GHDVH RGLKQLQRDSWHDvQFRQDFXOV XGHSHRFROLQ vQYHFLQDW OVDVHRUGLQHOHQHFHVDUHRIL HULORU V LúLS UVLQGXúLVR LDF UHLOVDVHDQXPHLQVWUXF LXQLWUHFXFXFk LYDSDUWL]DQLIURQWXO SXQkQGXVH OD RUGLQHOH DUXOXL XQGH IX SULPLW úL U VSOWLW SHQWUX  GHYRWDPHQWXO V X %UkQFRYHDQXFRQVWHUQDWGHIDSWD QHE QXLW DVS WDUXOXLSOkQJHDGHGXUHUHDúWHSWkQGXVH ODU]EXQDUHDWXUFLORU'HIULFDXQHLQHQRURFLULRE LQXSULQFDSLFKLKDHOHOHGHOD $GULDQRSRO FXSUH XOXQHL VXPLFRQVLGHUDELOHSHUPLVLXQHDGHDPHUJHOD 7kUJRYLúWHXQGHDMXQVH vQ DMXQXO6IW3HWUXGXS VWLOXOYHFKL 1HQRURFLWHOH vPSUHMXU UL DOHXOWLPXOXL WLPS vO I FXU V  VH JkQGHDVF  VHULRV OD JVLUHDXQXL DG SRVW PDLVLJXUXQGHV VH UHWUDJ  FX QXPHURDVD VD IDPLOLH ,QYHVWLVH GLQDLQWHRSDUWHGLQDYHUHDVDODE QFLOHGLQ 9LHQDúL9HQH LDúLFXPS UúLvQ7UDQVLOYDQLD PRúLL vQWUHFDUL GRX  FDUL VH QXPHVF 6kPE WD XQGH vQFHSX FO GLUHD XQXL SDODW F FL DPLQWLUHDJURD]HLGLQDQXOFkQGIXFKHPDWOD $GULDQRSROQXLG GHDOLQLúWHúL LQWHD OD XQLFXOVFRSGHD IXJL 7RWXúLQXVHSXWHDKRW UvV SUVHDVF  DUD úL LPHQVD DYHUH VWUPRúHDVF SHQWUXDWU LvQ ULVWULQHFXVDUFLQDXQHLJUHOHIDPLOLLFRPSXV GLQVR LH SDWUXILLúLúDVHILLFHWRDWHP ULWDWHDIDU GHSULPDFDUHHUDY GXY $UILSXWXWWRWXúLELUXL JUHXW  LOHGDF DYHDPDLEXQLPLQLúWULúLPDLSX LQLGXúPDQL vQOXQWUXO ULLFkWúLvQDIDU  FDULLQWULJDVHU SkQ ODH[WHUPLQDUHDVD %UkQFRYHDQXHUDGHRILUHDWkWGHQDLY FQXFUHGHDvQSRVLELOLWDWHDXQHLWU GUL 2EVHUYDLFXVXUSULQGHUHF OD&XUWHDVDQXVHúWLDFHHVHFUHWGH6WDW'HDELDGHVF OHFDX FXULHULLVRVL LGLQ&RQVWDQWLQRSROúLVHúLFROSRUWDXSULQGXJKHQLOHRUDúXOXLQRLOHúWLULYHQLWH GHOD3RDUW LDU]YRQXULOHVHvQWLQGHDXSkQ SHVWHKRWDUHvPLDPLQWHVFV ILFHWLWHXvQVX PLOD7kUJRYLúWHXQGHVHDIOD3ULQ XORJD]HW  vQ WLS ULW OD   FXXUP WRDUHD úWLUH $IOPGLQ9DODKLDF vQ&RQVWDQWLQRSROHWF HWF 2 úWLUHGH PLF  LPSRUWDQ  GDU XUPULIXQHVWHDXGRYHGLWvQV FWXUFLLF URUGXúPDQLLOXL %UkQFRYHDQXWULPHWHDX DFHOH JD]HWHG GHDXWRDW DWHQ LXQHDDFHORUúWLUL'DUDFHVWHDQXvQVHPQDXPDUHOXFUXSHOkQJ  FXUVHOHvQWLQVHGHDFHLFHURGFDYLHUPLLU GFLQD ULLúLFDULHUDXLQYLGLRúLGHP ULQLPLDúL VWUOXFLUHDOXL%UkQFRYHDQX(UDDSURDSHGHDOOHDDQDOYLH LLúLDOOHDDOJXYHUQ ULL VDOHFkQGKRW UkVHF V WRULDFHOXLGHDOWUHLOHDILXDOV XSULQ XO5DGXFXIDWDOXL $QWLRK IRVWXO'RPQLWRUDO0ROGRYHLFDUH WU LD OD &RQVWDQWLQRSRO úL IUDWHFX 'LPLWULH &DQWHPLU FDUHD IXJLW OD UXúL 3ULQWURVFULVRDUH UHVSHFWXRDV FRPXQLF  KRWUkUHDVD OXL $OL 3DúD 0DUHOH9L]LUFDUHF ]XDSRLvQOXSWDGHOD 3HWHUYDUDGLQXFLVGHQHP LOD$XJXVW]L JORULRDV SHQWUXOXPHDFUHúWLQ  úL WULXPI WRDUHSHQWUX 6HUHQLVLPXO 3ULQFLSH (XJHQ ,DW  FRQ LQXWXOÄ &GLQJUD LDGLYLQDYkQGSDWUXILLúLILLQGKRWUkWGHVR LHGHPXOWYUHPH FHOXL GH DO WUHLOHD ILX ILLFD OXL $QWLRK &DQWHPLU GH RDUHFH vQV 'LPLWUL 3ULQFLSHOH 0ROGRYHLXQFKLXO HLVDGHFODUDWUHEHO ID GH 3RDUWSUVLQG DUD úL WUHFkQG OD UXúL GHFLILGHOLWDWHDVDIUSULKDQID DGH6XOWDQ6XYHUDQXOVXvOIDFHFXGUHSWFXYkQWVVH 

WHDPFDDFHDVWFVWRULHSURLHFWDWVQXSULFLQXLDVFYUHREQXLDO'DFDVWIHOHVWH FD]XOHJDWDVDQXOH]HFRQWUDFWXOGHFVWRULHFXWRDWHFHFRQWUDGDWLQLORU´ 6FULVRDUHDHUDvQWRY UúLWGHXQGDUGHJDOEHQLúLRIUXPRDV EODQ GHVDPXU 7XUFXOU PDVHVXUSULQVGHDWkWDJHQHUR]LWDWHúLGLVFXWkQGFXXQVXEDOWHUQvL]LVH© (XQX úWLXFHWUHEXLHVFUHGGH9RHYRGXO9DODKLHL %UkQFRYHDQX WUHEXHVODSUHFLH]FDSHXQ RPEXQGHYUHPHFHDGHVHDvPLWULPLWHGDUXULvQDIDUGHWULEXWXOSOWLW ODWLPSvQJULMHúWH DSRLGHFDUHGHSURYL]LLúLWRWFHLFHUHVWSkQXOQRVWUXSHGHDOWSDUWHDPúLPRWLYHVO FUHG GH RP UX FRQVWDWkQG DFX]ULOH FHPL SDUYLQ GLQ 9DODKLD 9D WUHEXL GHFL VXSUDYHJKLDW ELQH SHQWUX  D  SXWHD OXD PVXUL SRWULYLWHª 1X DFFHSW  GHFkW EODQD DVLJXUkQGSH%UkQFRYHDQXGHVROLFLWXGLQHDúLSURWHF LDVDÌQSULYLQ DFV WRULHL9L]LUXOvL WULPLWHRVFULVRDUHGHIHOLFLWDUHVSXQkQGXL© &DVWULPHDWFXFHDPDLPDUHSRPSFXP VHFXYLQHXQXLSULQ GHUDQJXOVXDVHOXDVR LDFDUHVILHFRQGXVGLQ&RQVWDQWLQRSRO SkQvQ9DODKLD FX XQ FRUWHJLX PUH  V FHOHEUH]H QXQWD FX IDVWXO úL YHVHOLD FXYHQLW FFLSULQJUD LDOXL'XPQH]HX3RDUWDILLQGvQSDFHFX WRDWOXPHDVHSRDWHEXFXUDúLHO GHDFHLDúLOLQLúWHvQ DUDVDIUDVHWHPHGHU]ERLª &LQH H[DPLQHD]  ELQH VHQ]XO DFHVWHL VFULVRUL úL FHLD FH VH vQWkPSO  OXL %UkQFRYHDQXFkWHYDOXQLPDLWkU]LXXúRUYD DSUH LDVLVWHPXOSROLWLFHLWXUFHúWL0HPRULDOXL ùHUEDQ&DQWDFX]LQRHvQF YLHvQPLQWHDORU0D[LPDORUSROLWLF HSUHIFWRULDGHFDUHDX X]DW úL OD vQWURQDUHD OXL %UkQFRYHDQX DOHV I U DYL]XO 3RU LL úL GDF  QD IRVW GHSXV OD FKHPDUHDVDvQ $GULDQRSROODVLQJXUXO PRWLYD IRVW F WXUFLL DúWHSWDU GH ODHO R DFXPXODUHGHPDLPDULDYHUL/ FRPLDI UVD D6XOWDQXOXL $FKPHWQXSLHUGHDGLQYHGHUH SH %UkQFRYHDQXVXSXVXO OXLSRUHFOLWGHSRSRU $OWLQ%HL DGLF  3ULQ XO $XUXOXL QXPLW DVWIHOSHQWUXG UQLFLDID GHRULFDUHWXUFFDUHRE LQHDIDYRDUHDV  ILHWULPLV vQ 9DODKLD SHQWUXDSXWHDVWUkQJHDYHUHÌQVFKLPEVHLPSXWDOXL%UkQFRYHDQX]JkUFHQLDDFRORXQGH QXHUDQHYRLH6 QHvQWRDUFHPOD $OL3DúDPDUHOHYL]LUFDUHOXDVHWRDWHP VXULOHFDV ILH vQOWXUDWRULFHREVWDFROvQYHGHUHDU ]ERLXOXLFHSXVHVHODFDOHFRQWUDSULQFLSLORU FUHúWLQL 6HúWLDGHSHUVRDQHLQL LDWHF vQGDW GXS SDFHDFXUXúLLvQ6XOWDQXOGHDFRUGFX 0DUHOH 9L]LU D KRW UkW R QSUD]QLF  H[WHUPLQDUH D DPEHORU IDPLOLL %UkQFRYHDQX úL &DQWDFX]LQR úLF  SUHJ WLVH OLVWDFHORUD FH WUHEXLDX V  SLDU FD UHEHOL ID  GH 3RDUW  9HVWLWHOHERJ  LLDOHOXL%UkQFRYHDQXúLSROLWLFDUDILQDW D &DQWDFX]LQLORUHUDXXQREVWDFRO SHQWUXVXFFHVXOU ]ERLXOXLSUHJ WLW vQVHFUHWFRQWUD YHQH LHQLORU QXHUDXVLJXU WXUFLL GH VLQFHULWDWHDULYDOLW  LLvQWUHDFHVWHGRX IDPLOLL3XVHU GHFLWRWXOvQPLúFDUHSHQWUXDXUP UL DFWLYLWDWHDORU1XDIRVWSUHDJUHX9L]LUXOXLV DIOHFKLDUPDLPXOWGHFkWVSHUD&XQRVFXWD QHVWDWRUQLFLHDYDODKLORUU PDV DSURDSHHUHGLWDU ODXQHOHIDPLOLL GLQXHúWHSkQ  D]L úL QXPDLGLQUHVSHFWSHQWUXHOHWUHFQXPHOHORUVXEW FHUH0DUHOHYL]LUSO QXLDV ILHUHDGXVH vQ9DODKLDERJ  LLOHOXL%UkQFRYHDQXúLDOHERLHULORUFDUHDXIRVWHYDFXDWHvQ7UDQVLOYDQLD GHIULFDWXUFLORUúLDW WDULORUvQU ]ERLXOORUFXUXúLL $FHO FH D SURFXUDW WRDWH LQIRUPD LLOH 9L]LUXOXL DVXSUD ERJ  LLORU HYDFXDWH HUD SHUVRDQ  GLQVIHUHOH vQDOWH úL VH DIOD UHIXJLDW vQ 7UDQVLOYDQLD vQ XUPD HYHQLPHQWHORU UXVHúWLQXHUDYDODKGDUQXPHOHOXLVHWUHFHDVXEW FHUH(OSULPHDLQVWUXF LXQLGLQ 9DODKLD SHQWUXXU]LUHD LQIDPHLVDOH WU GUL $ FRPDQGDW VXE SUHWH[WXO XQHL vQV UFLQ UL FkWHYD VLJLOLLGHDOHPDULORUERLHULGH FDUHVHVHUYL PDL WkU]LXFDV SRDW  GRYHGLXUP WRDUHOH DFX]ULFRQWUDELHWXOXL3ULQFLSH%UkQFRYHDQX



&$3,72/8/9,,,

&DSHWHOHGHDFX]DUHWULPLVH3RU LL2WRPDQHFRQWUD3ULQFLSHOXL%UkQFRYHDQX

ÌQWkLXO& vQWUH LQHDFRUHVSRQGHQ VHFUHW FXÌPS UDWXO$XVWULHLFX0RVFRYDFX 3RORQLDúLFX5HSXEOLFD9HQH LHLF URUDSURFXUDúWLULSULYLWRDUHODWXUFL $OGRLOHD& vPS UDWXO /HRSROGSULQGLSORPDGDW OD 9LHQDLQ,DQXDULH GHFODUDvQWRDW IRUPDSH%UkQFRYHDQXFXVXFFHVRULLV LvQOLQLHE UEWHDVF FD3ULQ DO6I ,PSHULX5RPDQSHQWUXVHUYLFLLOHvQVHPQDWHDGXVH0DLHVW  LL6DOH &KHVDULHQH $OWUHLOHD & SHQWUXDFXPXODUHGH FRQVLGHUDELOH DYHUL DV UFLW DUDSULQJUHOH DVXSULULúLLPSR]LWH QHDIOWRDUHSHWLPSXOSUHGHFHVRULORUV L $OSDWUXOHD &DVXESUHWH[WXO GH D VFKLPED DLHUXO ORFXLD  SkQ  OD  OXQL OD 7kUJRYLúWHDGXFkQGSULQDFHDVWDSDJXEHDWkWVXSXúLORUV LFvWúLWUDILFXOXLGLQ%XFXUHúWLúL DFHDVWDSHQWUXDSXWHDPDLXúRUIXJLvQWUREXQ  ]L FXWRDW  IDPLOLD úL ERJ  LLOH VDOH vQ 7UDQVLOYDQLDXQGHVSUHDFHVWVFRS $OFLQFLOHDDFXPS UDW PXOWH PRúLLSHXQDGLQ HOHSUHJ WLQGXVHFKLDUFO GLUHD XQXLPDUHSDODW $OúDVHOHD& DGHSXVVXPLPDULQXQXPDLOD 9LHQDGDUúLOD9HQH LD LQkQGDJHQ L vQDPEHOHDFHVWHORFXUL $O úDSWHOHD &  IXJD OXL 7RPD &DQWDFX]LQR OD 0RVFRYD vQ  D IRVW FX FRQVLPWLPvQWXOV X $ORSWXOHD& úLDSURFXUDWGLQ 9LHQDWLPSDQHúL WULPEL HGHDUJLQWFHLD FHHUD LQVROHQWF FLvQV úL0DUHOH6XOWDQQXOHSRVHGD $OQRX OHD&DE WXWvQ7UDQVLOYDQLD PRQHWHGHDXU vQ IRUP GH PHGDOLL GHR YDORDUHGHOD SLQ ODJDOEHQLXQD «««««««««««« 'LQDFHVWH PRQHWHVDWULPLVXQDOD &RQVWDQWLQRSROSHQWUXGRYHGLUHDH[LVWHQ LLORU 5HVWXO PRQHWHORUDIRVWJ VLWvQWH]DXUXOOXL%UkQFRYHDQXGXS GHSXQHUHDVDvPSUHXQ FX PXOWH MXYDLHUXULGHRYDORDUHFRQVLGHUDELO  3HQWUXVFRSXO DFHVWRU PHGDOLL S UHULOHVXQW GLIHULWHGDUFHDPDLFXUHQW HXUPWRDUHD vQ ]LXD$GRUPLULL0DLFLL 'RPQXOXL vQDQXO LQWUkQGvQDO2OHD DDGHYUkVW  úL DO OHDGHGRPQLH %UkQFRYHDQXSURLHFWDVH SHQWUXDFHD]LXQEDQFKHWVROHPQODVIkUúLWXOF UXLD DYHDV RIHUH IORDUHLQRELOLPLL VDOH PHGDOLLOHGHPDLVXVGDUYDLH[DFWvQDFHD]L Y ]XFGHUHD FDSHWHORUFHORU  ILL DLV L GXS FDUHF ]XúLFDSXOV XODSLFLRDUHOHF OXOXLFXPYRPYHGHDvQFDSLWROXO;, $FHVWHD DX IRVW SULQFLSDOHOH FDSHWH GH DFX]DUH WULPLVH 3RU LL FX VFRSXO GH D H[WHUPLQDvPSUHXQ FXWRDW IDPLOLDVDSHXQXOGLQFHLPDLEXQLGRPQLFHDDYXW 9DODKLD 0DUHOH9L]LUúWLDF %UkQFRYHDQXWULPLVHOD &RQVWDQWLQRSROSHXQDGLQILLFHOHVDOHFXVR XO HLV DGXF vQ9DODKLDSH'RDPQDVDúLSHQWUXDQXSLHUGHWLPSXOOXDVHWRDWHP VXULOHFD FHOvQV UFLQDWFXGHWURQDUHDFDSXJLXOV DMXQJ OD%XFXUHúWLvQ6 SWPkQD6IkQW FkQG FUHúWLQLLVXQWRFXSD L FXVOXMEHOHELVHULFHúWL &X WRDW  WLQXLUHD0DUHOXL 9L]LU XQ JUHF SULHWHQDOOXL%UkQFRYHDQXDIO GHFHOHSXVHODFDOHúLLDW FXP 8QWXUFGLQIDPLOLDFDLPDFDPXOXLGLQ &RQVWDQWLQRSRO vPEROQ YLQGXVH IXYL]LWDW GHXQSULHWHQVHFUHWDUDO 9L]LUXOXL 'LVFXWkQGGHQRXW  LOH ]LOHL VHFUHWDUXO vPS UWúHúWH EROQDYXOXLvQWUHDOWHOH F  9ODFKEHLXO  3ULQ FLSHOH 9DODKLHL D IRVWGHFODUDW UHEHO úL vQ VFXUWWLPSYDILDGXVOD &RQVWDQWLQRSROFXIDPLOLDVDLDULPHQVHOHVDOHDYX LLYRUILGHSXVH vQWH]DXUXO6XOWDQXOXL5 PDVHQXPDLGHVHPQDUHDFDSXJLXOXLSHQWUXH[HFXWDUHDRUGLQXOXL /DDFHDVW PUWXULVLUHDIRVWGHID úLPHGLFXOWXUFXOXLGRFWRUXO$QWRQLR &RUHFWFDUHD WULWvQ 9DODKLDDFXPFk LYDDQL úL FDUH PLDGHFODUDW F DVWXGLDW OD 5RPDúL FXQRDúWH OLPELOHODWLQ úLJUHDF 'RFWRUXOVHSUHI FXDQXE JDvQVHDP FRQYRUELUHDGLQWUHWXUFLúL SUHSDUDXQPHGLFDPHQWSHQWUXEROQDY,HúLQGGHODEROQDYJ VLSHFHO ODOWJUHFDPLFXOV X 

FUXLvPS UWúLWRWFHDX]LVHFRQMXUkQGXODQXGHVW LQXLQXPHOHV X$FHVWDVFULVHvQWRDW  JUDED OXL %UkQFRYHDQX LQIRUPvQGXOGH WRDWHFHOH SXVH OD FDOH SHQWUX D OXD P VXULOH QHFHVDUHVLWXD LDVD ILLQG IRDUWHJUDY  3ULQFLSHOH FHWLVH VFULVRDUHD vQ SUH]HQ D FkWRUYD PLQLúWULúLOHFHUXS UHUHDGDF VFULVRDUHDWUHEXLHOXDW FDDWDUHvQWUXFkW9L]LUXOvLVFULVHVH GHFXUkQGvQGHPQkQGXODWULPLWHGXS PLUHDV úLDFHOHEUDQXQWDvQWRDW YRLD8QLLGLQWUH DFHúWLPLQLúWULvQWUHFDULXQXOFDUHPXULGHFDSLWDWVXERFKLL 9RHYRGXOXLU VSXQVHU  Ä$OWH 3DVWHOHHDSURDSH *UHFXO QHDYkQGEDQLGHV UEWRULVDVHUYLWGHDFHVW SUHWH[W LSRFULW úL ]HORV FD V  VWRDUF  EDQL $WXQFL 3ULQFLSHOH DUXQFkQG VFULVRDUHD FX GLVSUH ]LVHGXF VHGUDFXOXLDFHVWFRELWRUGHYHúWLUHOH'DF QDJ VLWGHFkWXQDVWIHOGH SUHWH[WQXYDF SWDQLFLXQEDQ 3ULQFLSHOHDYHDPRWLYGHDQXGDFUH]DUHúWLULLPDLDOHVF QXSULPLVHFRQILUPDUHD HLGHODDJHQ LLV LGLQ &RQVWDQWLQRSRO'RDPQD0 ULD vQV HUDGHS UHUHFDRDVWIHO GH YHVWHWUHEXLH V  DLE  R ED] DGHY UDW úL SURSXVH PXWDUHD ORU SHQWUX FkWYD WLPS OD 7kUJRYLúWH GH XQGH VRVLVHU  GH DELD FkWHYD V SWPkQL  vQDLQWH  DúWHSWkQG DFROR GHVIúXUDUHD OXFUXULORU *UHFXO VFULVH GLQ QRX 3ULQFLSHOXL GDU I U IRORV F FL YLFOHDQD VFULVRDUHD 9L]LUXOXL DGRUPLVHYLJLOHQ D 3ULQFLSHOXLSkQ  QXVLP L VDELD W LQG FDSHWHOH FHORUSDWUXQHYLQRYD L IHFLRUL DLV L úL DFHLDúVDELHSHJUXPD]XOV X ÌQ DFHVWH ]LOH GH QHKRW UkUHF ]XEROQDY  ILLFD PDL PDUHD 9RHYRGXOXL 'RDPQD6WDQFDFDUH vQDJRQLH FKHPSH'RDPQDPDPDHLúLVXURULOHHLDU WkQGXOH KDOXFLQkQGRFHDW GH WXUFLFDUH ]PXQFHúWHGHJUXPD]SHWDW OHLYURLQGV OGXF OD&RQVWDQWLQRSRO&XJUHXIXOLQLúWLW GH FHLGLQMXUXOHL GDU PXUL GXS FkWHYDRUH$FHVW IDSW PLDXSRYHVWLWVXURULOHGHIXQFWHL vQDLQWHGHGHWURQDUHDWDW OXLORUÌQ]LXD vQPRUPkQW UHL3ULQFLSHVHLFDUHDYXORFvQELVHULFD PHWURSROLWDQ GLQ%XFXUHúWLDIODLGHXQDOWFD]PHPRUDELOYUHGQLFGHDILQRWDW0LWURSROLD HSHYkUIXOXQXLGHDOÌQYDOHHSDODWXO %UkQFRYHQHVF ÌQDIDUDSRU LL SDODWXOXLVHDIO  R FUXFHGHSLDWU DOE FXRLQVFULS LHvQOLPEDYDODK FQ DFHODúORFWDW O3ULQFLSHOXLDIRVW WLDWvQEXF  LGHGRUREDQ LLUVFXOD LFRQWUDVD3ULQFLSHOH&RQVWDQWLQVFRERUkQGF ODUHGH OD0LWURSROLHFXWRWDODLXOSRPSRVvQGUHSWXODFHOHLDúLFUXFLRJ LQvL]EXUSHEUD DFHVW VHPQ D IRVW DWULEXLW XQHL LPLQHQWH QHQRURFLUL F FL vQWkPSO ULOH FHOH PDL VLPSOH VXQW HIHFWHOHPLVWHULRDVHDOH3URYLGHQ HL &$3,72/8/,;

'HWURQDUHD3ULQFLSHOXL&RQVWDQWLQ%UkQFRYHDQXGHFODUDWUHEHOID 2WRPDQ 

GH3RDUWD

(UDvQ]LXDGH0DU L$SULOLHD DQXOXL  DWUHLD ]L GH 3DúWLGXS  FDOHQGDUXO QRVWUXODWLQúLvQ0DUWLHGXS FHOYHFKLvQ 0DU LD6IkQW  OD RUWRGR[L FkQGDMXQVH vQ %XFXUHúWLGHOD &RQVWDQWLDRSRO FDSXJLXO0XVWDIDDJD(UDXQXOGLQFHLPDLYHFKLDPLFLDL OXL%UkQFRYHDQXDOHVDQXPHGH0DUHOH9L]LUSHQWUXFDVRVLUHDVDV QXvQVS LPkQWHSH 'RPQLWRU$FHVWDvLWULPHVHGXS RELFHLRIL HULSHQWUXDOVDOXWDúLDvQJULMLGHWRWFHDYHD QHYRLHvQWUHEvQGXOGDF GRUHúWHDILSULPLWLPHGLDWOD&XUWHvQDXGLHQ 7XUFXOU VSXQVH FXILQH FQXDUHQLFLRDIDFHUHXUJHQW ILLQGvQV vQWUHFHUHVSUH +RWLQúLILLQGRERVLWLDU ]LXDILLQGVSUHVIkUúLWHDUGRULV YDG SH3ULQFLSHDGRXD]LGLPLQHD $GRXD]L 0HUFXUL RELFLQXLWXODODLFRQGXVHSHFDSXJLX OD &XUWH DúWHSWDWGH %UkQFRYHDQX vQ PDUHDVDO  GH DXGLHQ  XQGH VRVLQG 7XUFXO 'RPQLWRUXO VH ULGLF  GH SH WURQ vO vQWkPSLQ  SkQ  OD MXPWDWHDRG LHLúLXUkQGXLEXQYHQLWvOSRIWHúWHV úDG 7XUFXOU VSXQVHF QXHVWHWLPS GHúH]XWúLILLQGXLYHFKLSULHWHQUHJUHW DLILDGXVRúWLUHUHDGDUV DLE UEGDUHúLV VH VXSXLH YRLQ LLGLYLQHúLV DVFXOWHGHRUGLQHOH6XOWDQXOXLúLVFR kQGRQ IUDPGH PWDV  QHDJURSXVHSHXQXP U DO 3ULQFLSHOXLVSXQkQGXL PD]LO FHHD FH vQVHDPQ  GHWURQDW %LHWXO 3ULQFLSH VXUSULQV vQFHSX V  GHWHVWH QHUHFXQRúWLQ D V OEDWLF  D WXUFLORU FDUL 

UVSOWHVFvQDúDIHOVHUYLFLLOHDGXVHvPS U LHLvQúLPDLELQHGHDQLúLYRLQGDVHDúH]D SHWURQIXvPSLQVODRSDUWHGHWXUFFDUHLVSXVHF ORFXOV XQXPDLHVWHSHWURQ )XUFKHPD LvQJUDE SULQFLSDOLL ERLHUL úL0LWURSROLWXO úLQSUH]HQ D ORU IXFLWLW ILUPDQXOvQYLUWXWHDF UXLD 9RHYRGXO&RQVWDQWLQ%UkQFRYHDQXHGHFODUDWFXWRDW IDPLOLD VDKDLQDGLF UHEHOúLGHFLGHWURQDW 'HQRWDW F 0XVWDIDDJD vQDLQWHGHDSOHFDGH OD 0DUHOH 9L]LU vO vQWUHE  XPLO FH P VXUL VH LD vQ FD]XO XQHL SURYRF UL GH UVYUWLUH D SRSRUXOXLGHF WUH%UkQFRYHDQXSULQDUXQFDUHGHEDQLSULQIHUHVWUHvQ PRPHQWXO FHWLULL ILUPDQXOXLGHGHWURQDUH9L]LUXOvLSXVHODGLVSR]L LH Fk LYDVOXMLWRULGLQFHL PDL ILGHOL úL FXUDMRúLúLELQHvQDUPD LFDULYRUS ]LODXúDV OLLGHDXGLHQ vQWLPSXOFHWLULLILUPDQXOXL úLFDULODFHOPDLPLFWXPXOWYRUXFLGHSH3ULQFLSHúLSHWR LDFHLFHYRUvQFHUFDV ODSHUH $PY ]XWHXvQVXPLúDVHGLQVOXMLWRULLFDULQXO VDXSHQLPHQLV SWUXQG vQVDO FDV QXFRPXQLFHFXELHWXO%UkQFRYHDQXúLQXSOHFDU GHODXú SkQ FHDFHVWDQXIXGDW vQSD]DERLHULORUFDUL DYHDX2UGLQVWUDúQLFGLQSDUWHD 6XOWDQXOXL FDSULQ VHPQ WXU FX VLJLOLXOORUV VHGHFODUHU VSXQ]WRULFXYLD DúL DYHUHDGH IXJD OXL %UkQFRYHDQX ÌQWU DWkWDHUDJULMDWXUFLORU3HQWUXPDLPDUH SUHFDX LXQHIXFKHPDWFRUSXOQHJXVWRULORUF UXLVH DGXVHODFXQRúWLQ SULQIRUPXO VROHPQ FDV VHFRQVWLWXLHJDUDQWSHQWUXERLHULÌQXUPD DFHVWRUSUHFDX LXQLFDSXJLXOSRUQLV VLJLOH]HYLVWLHULDúLDSRLWH]DXUXOSULYDWDO3ULQFLSHOXL DGHF &PDUDúLGXS FHPDLG GXVHDQXPLWHRUGLQHVHvQDSRLD] ODORFXLQ DVD %LHWXO3ULQFLSHVHUHWUDVHvQRG LOHVDOHFXVXIOHWXODJLWDWGHJkQGXULWULVWHvQGRLDO  JHOR]LHIULF úLVSHUDQ HvúLDPLQWLGHVFULVRDUHDDPLFXOXLV XGLQ &RQVLDQWLQRSROúLVHF L GHDQXOILDVFXOWDW1HVIkUúLW HUDvQV MDOHDFkQGVH vQDSRLU DFDV 'RDPQDVDFXFHLILL úLWRWDWkWHDILLFHFDUHHUDXFRQVWHUQDWH QHúWLLQGXQGHVHYDWHUPLQDQHQRURFLUHD3OkQJHDX GHFRPS WLPLUHDORUúLSHUVRDQHOHFDULGLQFXULR]LWDWHLQWUDU vQRG LOHORU ÌQ %XFXUHúWLHUD PDUHDJLWD LH )HOGH IHOGHYHUVLXQL FLUFXODX 6H  ]YRQHDGHR vQFHUFDUHGHIXJ DOXL%UkQFRYHDQXFHHD FHQXFRUHVSXQGHDDGHY UXOXL F FL vQVXúL HO FRQYLQVH SH ILXO V X 3ULQ XO ùWHIQL  GH D UHQXQ D OD LQWHQ LXQHD VD GH D IXJL vQ 7UDQVLOYDQLDLDUGHDFRORSULQ 9LHQD vQ  ,WDOLDF FL IU vQGRLDO WXUFLL DXGDWRUGLQH ULJXURDVHWXWXURUSXQFWHORUGHJUDQL  SHQWUXDRSUL SHRULFLQHYD vQFHUFDV  WUHDF  IU SDúDSRUWLDUUHXúLWDIXJLLDUvQGkUMLúLPDLPXOWSHWXUFL,QDPLFLLOXL%UkQFRYHDQXSHGH DOWSDUWHSHQWUXDLVXJHUDF IXJDLDUIL LPSRVLELO  úL SHQWUX D vQIULFRúDSRSXOD LD DX ODQVDWúWLUHDvQ%XFXUHúWLF XQFRUSGHWXUFLVW JDWDGHPDUúSHQWUXDWUHFH DUDSULQ IRFúLVDELHvQFD]XOXQHLvQFHUF ULGHUHEHOLXQH $GHY UXOHUDF YHQHDLPEURKRUXODGHF úHIXOJUDMGXULORUvPS UWHúWLFXRDUHúLFDUH VXLW SHQWUXDDVLVWDODDOHJHUHDQRXOXL'RPQLWRU3ULPLVHúWLUHDGLQSDUWHDFDSXJLXOXLF  GHWURQDUHDVDV YkUúLWIUQLFLXQLQFLGHQWúLSRDWHSRUQLVSUH%XFXUHúWLSHQWUXDH[HFXWD RUGLQHOH3RU LLÌQGLPLQHD D]LOHLXUP WRDUHFDUHHUDGHGRX RULVROHPQ ILLQG-RLD0DUH úL%XQD9HVWLUHERLHULLLHúLU FOULvQvQWkPSLQDUHDLPEURKRUXOXLFDUHIXVDOXWDW UHVSHFWRV úLFRQGXVODORFXLQ DSUHJ WLW$LFLvQDLQWHGHDVHGHVS U LGHERLHULvL RUGRQ  vQ PRG VHYHU FD OD RUD SUkQ]XOXL V  ILH GLQ QRX SUH]HQ L SHQWUX D VH SXQH GH DFRUG DVXSUD SHUVRDQHLQRXOXLDOHV &$3,72/8/;

ù WHIDQ&DQWDFX]LQRDOHV 3ULQFLSHDO 9DODKLHL

/DRUDIL[DW ERLHULLVHDGXQDU ODORFXLQ DFDSXJLXOXLFDUHVHLQWHUHV GHQXPHOHúL WLWOXOILHF UXLvQSDUWHvQFHUFDU HLV DOHDJ SHXQXOGLQWUHDLORUGDU QLFLXQXOQXIXDSUREDW GH 7XUF /D XUP  DGUHVkQGXVH ERLHULORU vQWUHE  FDUH GLQ HL H 0DUHOH 6S WDU ùWHIDQ &DQWDFX]LQRúLSXQkQGPkQDSHXP UXODFHVWXLDvOGHFODU 'RPQLWRUDO 9DODKLHLúLRUGRQ  

ERLHULORUV vQFDOHFHúLV OFRQGXF OD&XUWH8QLLvQFHSXU DE QXLF WRWXODIRVWSXVOD FDOHvQ DUGH&DQWDFX]LQLúL vQISXLWDSRLOD &RQVWDQWLQRSRO 1HDYkQGSH ORFFDIWDQXOGHGRPQLWRUFDUHVHDIODVXEVLJLOLX vQ WH]DXU 7XUFXO VFRDVHSURSULDOXLKDLQ SHFDUHRSXVHSHXPHULLOXL&DQWDFX]LQR'DUvQDLQWHGHDVHSRUQL DODLXOVHDGXVHFDIWDQXOGHPDUHVS WDUGHFDUHQRXO YRHYRGVHVHUYLDvQDLQWHvQIXQF LXQLOH VROHPQHúLODVXQHWXOPX]LFLLúLFXXQFHUHPRQLDOUHSHGHLPSURYL]DWIXFRQGXVOD&XUWH )XSULPLWvQELVHULF GHF WUH0LWURSROLWúLSUHOD LFDULRILFLDU VOXMEDFXYHQLW VLWXD LXQLLúL FRQGXVDSRLVXVvQSDODWvQPDUHDVDO D'LYDQXOXLúLDúH]DWSHWURQXODFRSHULWFXFDWLIHD URúLH7XUFXOFHWLILUPDQXOFDUHGHFODU SHùWHIDQ&DQWDFX]LQR'RPQDO9DODKHLvQORFXOOXL &RQVWDQWLQ%UkQFRYHDQXGHFODUDWUHEHOID GH3RDUWD2WRPDQ 6HVORER]LU  úL WXQXULOH LDUERLHULPHDvLSUH]LQW RPDJLLOHFXV UXWDWXOPkQLL &HSULYHOLúWHUDU FHVFKLPEDUHXQLF vQDFHODúWLPSGRL 9RHYR]LvQDFHLDúL&XUWH XQXOGHSXVLDUDOWXOFXPVXV LQHWRDW OXPHDLPSXV3H DFHODúWHDWUXGRX VFHQHFXWRWXO RSXVHDFHLDD3ULQFLSHOXL&DQWDFX]LQRSOLQ GHYHVHOLHúLMXELODUHILHFDUHGLQDGHUHQ LLV L KUQLQGVSHUDQ HGLQFRORWULVWH úLFRQVWHUQDUHFXQHVIkUúLWHJkQGXULQHJUH 3ULQFLSHOHùWHIDQGXS SULPLUHDRPDJLLORUWUHFX,QDSDUWDPHQWXOOXL%UkQFRYHDQX SH FDUHO DVLJXU  GH VXUSULQGHUHD vQWURQ ULL VDOH I U YRH SUHFXP úL GH FDOLW  LOH FH UHFXQRDúWHIRVWXOXL 9RHYRGÌQWLPSXODFHVWHLvQWUHYHGHULDPUHPDUFDWF &DQWDFX]LQRVWD vQSLFLRDUH LDU %UkQFRYHDQXFDUH úHGHDDYkQG FXFDSHFDS vL U VSXQVH FX SROLWH D VD FXQRVFXW F HPDLELQHFGRPQLDD IRVWvQFUHGLQ DW OXLGHFkWXQXLVWULQ 'XS  DFHVW VFKLPEGHSROLWH H3ULQFLSHOHùWHIDQVHUHWUDVHvQDSDUWDPHQWXOV XúLDúH]kQGXVHSHWURQ vQFHSXvPS U LUHDGHPQLW  LORUFDUHHUDXSkQ DFXPRFXSDWHGHRDPHQLLOXL%UkQFRYHDQX FHLDFH LPSUHVLRQD QHSO FXW SH PXO L FXYHQLQGXVH FD FHO SX LQ SkQ  OD SOHFDUHD OXL %UkQFRYHDQXúLvQYHGHUHDUXGHQLHLFXHOV QXILIFXWQLFLRVFKLPEDUH $GRXD]L9LQHUHD0DUHODRUDVDU  3ULQFLSHOH %UkQFRYHDQX FXFHL  ILL IXU  GXúLOD &RQVWDQWLQRSROF WUHRPRDUWHI UPLO1XSXWXVHRE LQHDPkQDUHDSOHF ULLSkQ  GXS V UEWRUL ,QDPLFLLV LVXJHUDU  LPEURKRUXOXL SHULFROXOXQHLDVWIHOGH DPkQ UL SULQ VRVLUHDQHP LORUFDULODUSXWHDHOLEHUD3ULQFLSHOHùWHIDQvOFRQGXVHFXFDSXOJROSkQ OD FDUDW /DVFRERUkUHDVF ULLGLQ&XUWH%UkQFRYHDQXvLDGUHV XUPWRDUHOHFXYLQWHSUHFLVH )LQXOHùWHIDQGDFDFHVWHQHQRURFLULVXQWGHOD'XPQH]HXSHQWUX SFDWHOH PHOH IDFVH YRLDOXL'DFvQVVXQWIUXFWXOUXW LLRPHQHúWLSHQWUXSLHLUHDPHD'XPQH]HXVLHUWH SHGXúPDQLLPHLGDUS]HDVFVHGHPkQDWHULELOúLUVEXQWRDUHDMXGHF LLGLYLQH 3RUQLGHFLELHWXO3ULQFLSHFX'RDPQDVDFXFHLILL'RDPQDFHOXLPDLYUkVWQLFFX XQ EH DúDO ORUSUHFXP úL JLQHUL U PkQkQG vQ %XFXUHúWL VR LLOH DFHVWRUD FX FRSLLL &DSXJLXOFRQGXVH FRQYRLXO FDUHSDUFXUVHGUXPXO QRDSWHDSkQ  OD 5XVFLXFGLQFRORGH 'XQ UHXQGHDMXQVHDGRXD]LGLPLQHD SULPD]LGH3DúWL ÌQDFHLDúL]LGH3DúWLDYX ORF OD &RQVWDQWLQRSRODUHVWDUHD ILLFHL OXL %UkQFRYHDQX FDUHVRVLVHGHFXUkQGFXVR XOHLV FRQGXF vQ9DODKLDIDWDOXL&DQWHPLUORJRGQLFDIUDWHOXL HL 1HúWLLQGGHGHWURQDUHDS ULQWHOXLHLúWLUHSDUYHQLW OD &RQVWDQWLQRSROGXS  SDWUX ]LOH 3ULQFLSHVDvQDSRLDW GHOD3DWULDUKLHXQGHDVFXOWDVHOLWXUJKLDGH3DúWLJ VLFDVDSOLQ  GH WXUFL FDUL R GHVSRLDU  GH WRDWH ELMXWHULLOH U GLFDU WRW FH J VLU úL R vQFKLVHU  vQ DSDUWDPHQWXOIHPHLORUGLQvQFKLVRDUHD &HDXú(PLQLLDUSHVR XOHLOD %DúEDFOQFXOLDGLF OD H[HFXWRUXOGHELWRULORU6XOWDQXOXL 'XS DSURDSHWUHLV SWPkQLGHGUXPDMXQVHOD &RQVWDQWLQRSROúL%UkQFRYHDQXFX WRDW IDPLOLDVDúLvQORFGHDILFRQGXVODXQXOGLQSDODWHOHVDOHFXPVSHUD IXFRQGXV GLUHFWOD vQFKLVRDUHD Ä&HOH úDSWHWXUQXUL´ vQWUXQ ORF vQWXQHFRVH[FHSWkQGSH 'RDPQD QRUDFXFRSLOXOúLILLFDFDUHIXU vQFKLVHvQWUXQORFPDLvQDOWúLPDLOXPLQRV %DJDMHOHDX IRVWGHSXVHvQDOW SDUWHGLQRUGLQXO WHIWHUGDUXOXL ùLLDW GHFLXQSULQ ERJDWRELFLQXLWGLQFRSLO ULHFXIDVWúLVWU OXFLUHUHGXVGXS  DQLGHGRPQLHODRKDLQ PL]HUDELOFFLWXUFLLODXGH]EU FDWGHFHOHGRPQHúWLFXFDUH 

SOHFDVHGLQ%XFXUHúWL3HUFKH]L LLVHYHUHVHI FXUWXWXURUSHQWUXDJ VLOXFUXULGHSUH LDU LPEURKRUXOU PDVvQDFHVWVFRSvQ 9DODKLDGDVHVHYHUHvQúWLLQ ULSXEOLFHGHDVHGHQXQ D VXE SHGHDSV  GH PRDUWH SkQ  OD GDWD FXWDUH RULFH FXQRúWLQ  GHVSUH DYHUHD OXL %UkQFRYHDQX 0XO LVHVXSXVHU SURFODPD LHLXQLLSHQWUXDLQWUDvQJUD LLOHQRXOXLGRPQLWRUVDXGH IULFDSHGHSVHLDO LL vQ ILQHGLQGRULQ DGH DJU ELGHVILLQ DUHD OXL %UkQFRYHDQX 'LQWUH ERLHULL PDL LQWLPL IXU  DUHVWD L úL WULPLúL OD &RQVWDQWLQRSRO YLVWLHUQLFXO VHFUHW DO OXL %UkQFRYHDQXúLSULPXOV XPLQLVWUX9 FUHVFXF UXLDVHW LHFDSXO vQSUH]HQ D IRVWXOXL V XGRPQLWRULDUFHO ODOWIXWULPHVvQH[LOvPSUHXQ FX'RDPQDGXS FHUPDVHY GXY úL FXJLQHULLHL ,PEURKRUXO GHVFKLVH OD %XFXUHúWL WH]DXUXO SULYDW DO OXL %UkQFRYHDQX VLJLODW GH FDSXJLX úL I FX LQYHQWDUXO ERJ  LLORU J VLWH EDQL ELMXWHULL GH PDUH YDORDUH YHVWPLQWH VXSHUEH vQ PDUHSDUWHF SWXúLWH FXVRERO úL DOWH EO QXUL GH SUH  DGXVH GLQ 0RVFRYD 7DFkPXULOHPRELOHOHúLWRDWHGHDOHFDVHLIXU YkQGXWHODPH]DWGH F WUH WXUFLVXERFKLL 3ULQFLSHVHORUU PDVHLDUQRXOGRPQLWRUJ VLVHFXFDOHV LQWHU]LF SULQRUGLQVHYHURULFH DMXWRUILHFKLDUDOPHGLFLORUvQFD]GHERDO GDWIDPLOLHLFHOXLGHWURQDW ÌQ GH]DVWUXO ORU 3ULQFLSHVHOH U PDVH L]RODWH J VLU XQ PDUH DMXWRU vQ DVLVWHQ D GRFWRUXOXL *KHRUJKH 7UDSH]XQGXO XQ IRVW EXUVLHU DO S ULQWHOXL ORU FDUHO vQWUH LQX OD 3DGRYDSkQ  ODWHUPLQDUHDVWXGLLORUVDOH PHGLFDOH VXE GLUHF LXQHD IDLPRVXOXL $QWRQLR 9DOOLVQLHUL$FHVW*KHRUJKH 7UDSH]XQGXOFXSHULFROXOYLH LLVDOHvúLDU WUHFXQRúWLQ DID  GHIDPLOLDELQHI FWRUXOXLV XLDUODvQWRDUFHUHDvQ DUGLQH[LO'RDPQDOXL%UkQFRYHDQX vLvQFUHGLQ DPLVLXQHDGHDSOHFDOD9HQDúL9HQH LDXQGHGHYLQHDJHQWXOHLSHQWUXDIDFHULOH HLSULYDWHÌQWUHFHUHDLPEURKRUXOXLSULQVDWHOHOXL%UkQFRYHDQXSHQWUXDOHOXDvQSULPLUH LQDPLFLLOXL%UkQFRYHDQXSXVHU SH UDQLV LDV vQFDOHD7XUFXOXLúLV VWULJHU ]EXQDUHúL GUHSWDWH FRQWUD OXL %UkQFRYHDQX FDUH HUD QHQRURFLUHD ULL 7XUFXO VH SUHI FX DL FRPS WLPLGDUvQ HOHVHGHFLQHVHSXVHODFDOH7HUPLQkQGXúLPLVLXQHD7XUFXOVHvQDSRLD OD &RQVWDQWLQRSROGXFkQGFXVLQHERJ  LLOHFRQILVFDWHFDUHXOXLVHU SH6XOWDQ úLL D k DU PDLPXOWSRIWDGHDOHSRVHGD 

&$3,72/8/;,

'HFDSLWDUHD3ULQFLSHOXL%UkQFRYHDQXúLDFHORUILLDLV L

,PEURKRUXO GXS  FH FRPXQLF  OXL %UkQFRYHDQX JUDYHOH DFX]D LXQL GLQ SDUWHD 6XOWDQXOXLDVFXOWDWHFXGHPQLWDWHGHHORUGRQ VXSXQHUHDOXLFDúLDILXOXLFHOPDUHODJUHOH WRUWXULSHQWUXD ]PXOJH PUWXULVLUHD DYHULL ORU 'XS FH PUWXULVLU  WRDWHGXS   ]LOH 'XPLQHF  vQ $XJXVW$GRUPLUHD 6IW )HFLRDUH vQSUH]HQ D6XOWDQXOXL FDUH VWD OD R DQXPLW GLVWDQ LPEURKRUXOVXSXVHSH 9RHYRGODXQQRXLQWHURJDWRUODFDUH%UkQFRYHDQX UVSXQVHI UIULFGXS FDUHODXQVHPQVHDSURSLHJHDODWXO&kQG%UkQFRYHDQXLLY ]X F VH DSURSLH FX VDELD vQ PkQ  IFX R VFXUW  UXJ FLXQH úL VH DGUHV  ILLORU V L FX XUPWRDUHOHFXYLQWH ILLPHLIL LFXUDMRúLDPSLHUGXW WRWFHDPDYXWvQ DFHDVW OXPH FHO SX LQVVDOYPVXIOHWHOHQRDVWUHúLVQHVSOPSFDWHOHFXVkQJHOHQRVWUX 3ULPXOGHFDSLWDWIX9 FUHVFXDSRL SULQ LúRUXO FHO PLF 0DWHLDúúL DO WUHLOHD ILX 5GXFDQX FDUHXUPDV IDFQXQWDGXS  vQYRLUHD 9L]LUXOXL GXS  FDUH IXU  GHFDSLWD L ùWHIQL úL&RQVWDQWLQFHOPDLPDUHLDUODXUP QHQRURFLWXO 9RHYRGS ULQWHOHORUFDUHD IRVWVSHFWDWRUODDFHDVW FUX]LPHúLEDUEDULH 'XS WUDJHGLH6XOWDQXOVHvQGHS UWLDUFDSHWHOHFHORUXFLúLIXU SXUWDWHSULQRUDúSH SUMLQL6HVWUkQVHOXPHPXOW vQMXUXODFHVWRUFDGDYUHLDU0DUHOH9L]LUWHPkQGXVHGHYUH R UVFRDO FFL vQV úL WXUFLL VH vQJUR]LVHU  GH DWkWD QHGUHSWDWH RUGRQ  DUXQFDUHD 

FDGDYUHORUvQPDUHGHXQGHSHDVFXQVIXU SHVFXLWHGHFk LYDFUHúWLQLúLvQJURSDWHvQWUR PQVWLUHQXPLW &DOFKLQXGHSDUWHGH &RQVWDQWLQRSRO ÌQFHFKLQXULVH]E WHDQHQRURFLWD'RDPQ FkQGLVHDGXVHYHVWHDXFLGHULLLXELWXOXL HLVR úLDVFXPSLORUHLILLvúLSRDWHRULFLQHLPDJLQD(XFDUHDQL QHvQWUHUXS L DP DYXW RQRDUHDGHDILvQLQWLPLWDWHDDFHVWRUSULQ LQXPLSRWDPLQWLDFHDVW WHULELOFDWDVWURI IU DYUVDODFULPL'RDPQD0 ULDVHJ VHDDWXQFLvQFKLV FXQHSRWXOQRUDúLJLQHULLHL&k LYD ELQHYRLWRULVH vQWHUSXVHU SHQWUXDRE LQHGHOD9L]LUvQVFKLPEXOVXPHLGHJDOEHQL HOLEHUDUHDDFHVWRUQHQRURFL LVSHUkQGF VkQJHOHY UVDWYDILVO ELWIXULDWXUFLORU%DQLLIXU  vPSUXPXWD LFXHQRUPDGREkQG GH ƒ 'DUFkW HURDUH 1HvPS FD LL ORUGXúPDQL GLQ 9DODKLDJ VLQGQRLFDORPQLLWULPLVHU 9L]LUXOXLJDOEHQLSHQWUXDQXODUHD OLEHU ULL FHORUvQFKLúLFDULIXU H[LOD LOD .XWDMHKGHXQGHGXS DQLIXU OLEHUD LúLvQDSRLD L vQ 9DODKLDFkWHYDOXQL GXS XFLGHUHDGHF WUHQHP L OD 3HWHUYDUDGLQD DFHOXLDúYL]LU $OL 3DúD 6 QH vQWRDUFHP vQ 9DODKLD SHQWUX D XUP UL SXUWDUHD 3ULQFLSHOXL ùWHIDQ &DQWDFX]LQR 3X LQGXS vQWURQDUHDVDWULPHWHERLHULFDDJHQ LOD &RQVWDQWLQRSROúLRE LQH vQ VFKLPEXOXQHLPDULVXPHGHEDQLFRQILUPDUHDDOHJHULL VDOH ÌúL IDFH LQWUDUHDVROHPQ  vQ ]LXDGH 6IW *KHRUJKH vQWUR 9LQHULGLPLQHD  DYkQG PDUHOH SHQDFLSH FDS úLFHOHODOWH vQVHPQHSHQWUXDVWIHOGH RFD]LXQLWULPHVHGH3RDUW (UDVXUSULQ] WRUIDSWXOF 3ULQFLSHOH ùWHIDQDOHVHvQWUHDJHQ LLV LSHXQERLHUGLQWURIDPLOLHDF UHLGHVFHQGHQ LDXIRVWID D GH WR LGRPQLWRULL LQWULJDQ L úL QHVWDWRUQLFL ) U vQGRLDO F vPSUHMXU ULOH SROLWLFH ODX vQGHPQDW OD DFHD DOHJHUH SHQWUX D JU EL H[WHUPLQDUHD %UkQFRYHQLORU FHLD FH DFHO UHSUH]HQWDQW vQGHSOLQL I U JUHú &DQWDFX]LQR SH GH DOW  SDUWH YRLD V úL LQDXJXUH]H GRPQLD FX R DF LXQH vQVHPQDW  FDUH V  SUHRFXSH SRSXOD LD úL V  R GLVWUDJ  GH OD FRQYLQJHUHDREúWHDVF  GHYLQDVD vQ GHVWLWXLUHD OXL %UkQFRYHDQX $GXQ  GHFL D WUHLD 'XPLQHF GXS 3DúWLvQ0LWURSROLDGLQ%XFXUHúWLERLHULPHDFOHUXOPRQDVWLFVLPLUHDQúL SRSXOD LDúLGXS OLWXUJKLHVHFRPXQLF DVLVWHQ HLGHFUHWXOSULQFDUHVXEVHYHUHDIXULVHQLL FRQILUPDWHGH3DWULDUKXOGLQ &RQVWDQWLQRSROFDúLGH0LWURSROLWXO ULLHLQWHU]LVRULF UXL YRHYRGGHDPDLSXWHDLPSXQHvQYLLWRUGDUHDQXPLW YFULWXOFDúLRULFXLYDFXWH]DV  PDL SURSXLHDFHVWLPSR]LW9 FULWXODIRVWRGDMGLHGHRWUHLPHGHJDOEHQGHILHFDUHFDO VDXYLW LQWURGXV FXPXOWvQDLQWHDOXLùHUEDQ&DQWDFX]LQRúLFDUHSURGXFHDDQXDORPDUH VXPGHEDQLFXQRVFkQGQHQXP UDWHOHFLUH]LúLKHUJKHOLLGLQ 9DODKLD6FXWLDSRLGHRULFH LPSR]LWSUHR LPHDFXLPSXQHUHDvQV GHDFHOHEUDvQILHFDUHDQROLWXUJKLHSHQWUXGRPQ -XELODVHFXGUHSWFXYkQWFOHUXOSHQWUXDFHDVW RSHUHYODYLRDV úLELQHFXYkQWDSHùHUEDQ GDUVHIRORVLSUHDSX LQGHHDFXPYRPDU WDPDLGHSDUWH0DLRUGRQ GUkPDUHDVLQDJRJLL HYUHLORUFXWRDWHF VHDIODSHXQ ORF UHWUDV LQWHU]LFkQGXOHGHDVH PDL SXWHD UXJD vQ DGXQ UL $VWIHO GH GHPRQVWUD LXQL ]HORDVH ID  GH FHOH UHOLJLRDVH HUDX GH QDWXU  V  LPSUHVLRQH]HPLQWHDSRSRUXOXL6HDU WDVHIRDUWHGU JVWRV úL ID  GHSUHR LL IUDQFLVFDQL PUWXULVLQGXPLFKLDUvQWURGLPLQHD FkQGDYXLRQRDUHDGHDOXDPDVDFXHOFHHDFHVH vQWkPSODRULGHFkWHRULOXDPDVDvQPRGSULYDW LQWHQ LXQHDGHDG UXLPDWHULDOXOQHFHVDU UHVWDXU ULL ELVHULFX HL QRDVWUHGLQ %XFXUHúWL FDUHVWDV VHG UkPH FXFRQGL LDGHDQX ULGLFDFORSRWQL SHQWUXDQX LVELvQRFKLLWXUFLORUÌLU VSXQVHLF YDIDFHRIDSW SLRDV FX DWkWPDL PXOWFXFvWELVHULFDHvQFKLQDW 6IWùWHIDQ3ULPXO0DUWLUDOF UXLQXPHSRDUW úL vQO LPHD6D $YHDvQVIkUúLWSODQXULPDUL QHvQGRLQGXVHF GRPQLDDYHDV LILHGHOXQJ GXUDW  2ELFLQXLDRGDW SHV SWPkQ  FHOSX LQV YL]LWH]HSHS ULQWHOHV X &RQVWDQWLQ 6WROQLFXOFXFDUHVHvQWUH LQHDSkQ vQPLH]XOQRS LLvQWUH LQHDFRUHVSRQGHQ  FXQHP LL PRVFRYL LL úL SRORQLL GLQRUGLQXO0DUHOXL 9L]LU FDUH VRFRWHD V  DIOH SH DFHDVW  FDOH DFWLYLWDWHDDFHVWRUWUHLSXWHUL 





2SULPDLFXVHDP SHQRLVWU LQLLVXEVWUDúQLFHSHGHSVHúLVXERULFHSUHWH[WGHD FRUHVSXQGHFXDPLFLLQRúWUL$LQWHU]LVLQWUDUHDvQ DUD IRJOLHWHORU JD]HWH WLS ULWHSHQWUX DIODUHD úWLULORU úL OXFUX FXULRV RSULVH FKLDU LQWUDUHD FDOHQGDUHORU GLQ 9HQH LD (UD R SURYRFDUHLHúLW GLQWUR PLQWH FRQIX]  úL FRUXSW VRFRWLW  GUHSWVLVWHPSROLWLFFDUHQX DYHDDOWVFRSGHFkW LQWHQ LD XUFLRDV GH D WUDGXFH JD]HWHOH GLQ OLPED LWDOLDQ  vQ FHD JUHFHDVF úLDUHGDGXS FDSULFLXOV XFKLDUvQPRGIDOúDFHOHúWLULFDULSXWHDXLQIOXHQ D PLQWHDFHWLWRULORU ÌQDFHVWWLPS0DUHOH9L]LUSUHJ WLJUDEQLF úL vQ WDLQ  U]ERLXO 0RUHLHL 3RUXQFL 3ULQFLSHOXLùWHIDQFDVXESHGHDSV GHPRDUWHV SUHJ WHDVF vQFXWDUHWHUPHQGRX PLL GHFDUHFXFkWHSDWUXERLúLWRWDWk LRDPHQLGHILHFDUHFDUGHRVHELWDWkWHDPLLGHVDFLGH ILQGHRU]SUHFXPúLXQWúLPLHUHvQPDUHFDQWLWDWHÌQSOXVFHUXVHúLSODW DQWLFLSDW D WULEXWXOXL SHXQDQ 'H OD vQFHSXWXO GRPQLHL vQF  3ULQFLSHOH ùWHIDQ vQFKLGH DJHQ LL OXL %UkQFRYHDQXFDULDGPLQLVWUDXLPHQVHOHVDOHYHQLWXULúLSULQE WLúLDOWHPDOWUDW UL LVEXWL V  OH VWRDUF  PDUL VXPL GH EDQL 7RWXúL VXPHOH DFHVWHD QHDMXQJkQG V  DVWkPSHUH QHFRQWHQLWHOH FHUHUL GH EDQL GLQ SDUWHD WXUFLORU 3ULQFLSHOH ùWHIDQ GHFUHWHD]  FkWHYD vPSUXPXWXULFDUHDYHDXV ILHDFRSHULWHGHF WUHERLHULúLQHJXVWRULvPSUXPXWXULSLHUGXWH FFL]LOHOHJXYHUQ ULLFDúLDOHYLH LLVDOHHUDXQXP UDWH &UXGXO9L]LUQXVHGDvQO WXULGHODRULFHDU IL SXWXWVDWLVIDFH O FRPLDúL DPEL LD 6XOWDQXOXL (O GHFODU  vQWUR ]L DFHVWXLDF YUHDV  IDF U]ERLFUHúWLQLORUI U D DWLQJH WH]DXUXOvPS UWHVF'HPQLWDULLWXUFLFDULVHvQWRDUVHU GLQFDPSDQLDGH OD 3HWHUYDUDGLQ vPLFRPXQLFDU vQWUHFHUHDORUSULQ 9DODKLDF QLFLXQDOW9L]LUQD ]XJUXPDWDWkWHD SDúDOH vQVFRSXOGHDOHFRQILVFDDYHULOH)DSWXOGHDILERJDWHUDGHDMXQVPRWLYSHQWUXSLHUGHUHD YLH LLúLDYHULLFXDWkWPDLPXOWFkQGFLQHYDHUDvQJUD LLOH6XOWDQXOXL8QXOGLQDFHúWLDD IRVW LPEURKRUXO vQV UFLQDW FX DGXFHUHD ERJ  LLORU OXL %UkQFRYHDQX OD &RQVWDQWLQRSRO 9L]LUXOFXQRúWHDGUDJRVWHD6XOWDQXOXLSHQWUXDFHVWDDF UHLILLF  vQHWDWHGH DQLHUD FUHVFXW  OD &XUWHD vPS UDWXOXL úLGHVWLQDW DL IL VR LHFkQGYD DMXQJH YUkVWD QHFHVDU  ÌPS UDWXORELFLQXLDV YL]LWH]H vQDFHVWVFRSSH LPEURKRUGHGRX  RULSHV SWPkQ  úL WRWXúL9L]LUXOSXVHODFDOHSLHULUHD OXL 6H vQWkPSODVH OD %HQGHUR U VFRDO FDUH UHFODPD SUH]HQ DXQXLúHILVFXVLWFDUHV RvQ EXúHúL9L]LUXOvQVHPQGHPDUHFLQVWHQXPLVHSDú  GH %HQGHUSH LPEURKRUFXJkQGXOYLFOHDQGHDVF SDGHXQ ULYDO 1RXOSDú  vúL RFXS  SRVWXOOD %HQGHUGDUGXS FkWHYDOXQL9L]LUXORUGRQ vQWDLQ XQRUGHPQLWDULGHDFRORGH DL WULPLWHRSOkQJHUH FX GLIHULWH DFX]D LXQL FRQWUD SDúHL 3OkQJHUHD DMXQVH vQ PkQLOH 6XOWDQXOXLFDUHFKHP  SH 9L]LU V  RFHWHDVF  9LFOHDQXO 9L]LU VHSUHI FXD ILXLPLW GH FRQ LQXW]LFkQGF QXVHvQGRLVHQLFLRGDW GHILGHOLWDWHD SDúHLúLGHPHULWXOV XGH DVH EXFXUDGH vQDOWD IDYRDUHD 6XOWDQXOXLGDUFHHDFHH UHJUHWDELO HF  SDúD vPSUHXQ  FX 3ULQFLSHOHùWHIDQúLDXvQVXúLWPXOWHELMXWHULLGLQLQYHQWDUXOOXL%UkQFRYHDQXFHLDFHúWLHvQ PRGFHUWGHODFk LYDERHULGLQ 9DODKLD6XOWDQXODWLQV vQ O FRPLDVD IXULRVSRUXQFHúWH XFLGHUHDORU9L]LUXOG GXDWXQFLRUGLQJUDEQLFGHVSkQ]XUDUHD SDúHLGH %HQGHULDUFDSXO V XV ILHWULPHVOD &RQVWDQWLQRSROÌQDFHVWIHOVFDS GHXQULYDOGDUOLSVHúWHSH3ULQFLSHOH ùWHIDQGHXQSXWHUQLFSURWHFWRU 'RPQLWRUXOIXvQWULVWDWODDIODUHDúWLULLGHSLHUGHUHDDPLFXOXLV XGDUQXVHJkQGHD QLFLGHFXPODRHYHQWXDO SLHUGHUHDWURQXOXLúLDYLH LLFXWRDWHF XQDPLFFUHGLQFLRV úL DPIRVWSHUVRQDOPDUWRUODDFHDVWD vLDWUDVHDWHQ LDvQPRGFXUDMRVF DVWIHOGHvPSUHMXU UL WUHEXLHV LVHUYHDVF GHvQY  PkQWSHQWUXSURSULDVDFDX] 7RWXOHUDvQV GHSULVRVF FL GHSXQHUHDOXL&DQWDFX]LQRHUDKRW UkWGH9L]LU UPQkQGQXPDL DOHJHUHDQRXOXLGRPQ vQWURSHUVRDQ GHvQFUHGHUH&kWHYDUXGHDSURSLDWHGHDOH3ULQFLSHOXLùWHIDQvPSUHXQ FX R SDUWH GLQ ERLHULPH OXFUDVHU  VRWWR PDQR vQ IDYRDUHD QXPLULL OXL 0LKDL 5DFRYL  GHWURQDWXO 'RPQDO0ROGRYHL 'DU 9L]LUXO vQ XUPD U ]ERLXOXL QHGUHSW úL FUXG FRQWUD 0RUHHLFRQVLGHUkQGLQHYLWDELOU ]ERLXOFXQHP LLJ VLVHFXFDOHV QXPHDVF  vQVFDXQXO 

9DODKLHLSH3ULQFLSHOH 1LFRODL'RPQXO 0ROGRYLLILXOYHVWLWXOXL$OH[DQGUX 0DYURFRUGDW úLWULPHWHUHDvQ0ROGRYDvQORFXODFHVWXLDSH0LKDL 5DFRYL DFWXDOXO'RPQLWRU &$3,72/8/;,,

'HWURQDUHDOXLù WHIDQ&DQWDFX]LQRúLvQORFXLUHDVDFX 1LFRODL0DYURFRUGDW

0DU L vQ  ,DQXDULH DQXO VRVL vQ %XFXUHúWLXQFDSXJLXSHQWUX H[HFXWDUHD GHVWLWXLULL 3ULQFLSHOH ùWHIDQ QHILLQG DYL]DW GH DJHQ LL V L GLQ &RQVWDQWLQRSRO VRFRWL YHQLUHD7XUFXOXLvQVFRSXOGHDFHUHEDQLDVXSUDWULEXWXOXL&KHP DWXQFLSH0DUHOH6S WDU 5DGX 'XGHVFXOFXPQDWXOV XúLSH0DUHOH 9LVWLHUQLF úL OHSRUXQFHúWHSUHJ WLUHD VXPLL DFHúWLD vQV  VIWXLU SH 'RPQ V  DIOH PDL vQWkL VFRSXO YHQLULL FDSXJLXOXL 'LPLQHD D XUPWRDUH 7XUFXO DSDUH vQDLQWHD 'RPQXOXL úL GXS  FXYHQLWHOH SROLWH H VFKLPEDWH vO vQWUHDE  GDF  VH YD VXSXQH EXFXURV YRLQ LL VXYHUDQH D 6XOWDQXOXL 'RPQXO U VSXQVH DILUPDWLY7XUFXOVFRDWHDWXQFLILUPDQXOúLLOvQPkQHD] 'RPQXOV UXWILUPDQXOvOGXFH ODIUXQWHúL WUHFH OXL 'LYDQ(IHQGLVSUHDO FLWL &RQ LQXWXOHUDXUP WRUXOGHRDUHFHD RFXSDWvQGHDMXQVWURQXO 9DODKLHLYRLQ D0DUHOXL6XOWDQHVWHvQORFXLUHDVDFX 0DYURFRUGDW 'RPQXO 0ROGRYLLLDU3ULQFLSHOHùWHIDQYDSOHFDOD &RQVWDQWLQRSROXQGHYDWU L vQWLKQ  GLQPLOD0 ULHL6DOH6XOWDQXO 'XS DFHDVW VROHPQLWDWHVHDOHVHU vQJUDE FDLPDFDPLDGLF ORF LLWRULFDULV  JXYHUQH]H DUDSkQ  ODVRVLUHDQRXOXL GRPQ ÌQRUDúFLUFXODX IHOGH IHO GH ]YRQXUL VH DUWDVHPDUHQHPXO XPLUHPDLFXVHDP GHF WUHDFHLFDULDFRSHULVHU vPSUXPXWXOIRU DW 'HDOWIHO3ULQFLSHOHùWHIDQS UHDDQXvQ HOHJHFDX]DGHVWLWXLULLVDOHúLF XWDFKLDUDJU EL SOHFDUHDFDUHXUPDVHvQGXS DPLD]D]LOHLD6kPEHWHLXUP WRDUHvQ,DQXDULHÌQDFHDVW  FOWRULHHUDvQVR LWGHWDW OV X&RQVWDQWLQ6WROQLFXOGH'RDPQDVD3 XQDFXFHLGRLILL 5DGX úL &RQVWDQWLQ FDUL GLQ FDX]D WLPSXOXL DVSUX VH vPEROQ YLVHU JUDY SH GUXP vQWkU]LLQGF OWRULDOD &RQVWDQWLQRSROXQGHDMXQJDELDGXS SDWUXV SWPkQL ,VHSHUPLVHV GHVFLQG vQSDODWXOSURSULHWDWHD ULLVDOHXQGHvOYL]LWDU QHFRQWHQLW SULHWHQLúLFUHúWLQLúLWXUFLI JGXLQGXLILHFDUHvQSDUWHVSULMLQXOV XúLIFkQGSH 9RHYRG V DLE WRDW QGHMGHDGHDúLvQWRFPLGLQQRXVLWXD LDQHúWLLQGF YRLQ D9L]LUXOXLFDUHL KRWUkVH SLHLUHDHUD vQGHPQDW  úLGHDQXPLWH UXGHDSURSLDWH FDUHQX HUDX SRDWH GHFkW XQHOWHDOH-XVWL LHL'LYLQHFXPvLSUHYHVWLVH%UkQFRYHDQXODSOHFDUHDGLQ%XFXUHúWL /D  )HEUXDULH  3ULQFLSHOH 1LFRODL 0DYURFRUGDW FDUH VRVLVH UHSHGH GLQ 0ROGRYDvúLIDFHLQWUDUHDVROHPQ vQ%XFXUHúWLFXRELFLQXLWXOFRUWHJLXGHERLHULPHLHúLW  vQvQWkPSLQDUHDVDXQGHIXSULPLWFXVDOYHGHWXQXULvQI  LúDUHDVDP UHD úLMRYLDOGGX FUHGLQ WXWXURUDGHDILXQVW SkQEXQGUHSWúLLXELWRUGHOLQLúWHSHQWUXDFHDVW  DUFDUHGH ODGHWURQDUHDOXL%UkQFRYHDQXGHF ]XVHFXWRWXOGLQVLWXD LDHLvQIORULWRDUH3XVHvQDGHY U WRDW VLOLQ DSHQWUXDUHSXQHvQRUGLQHDIDFHULOHHFRQRPLFHúLSROLWLFHGLQ DUDMXWDWúLGH ]HOXO úLVIDWXO ERLHULPHLELQHYRLWRDUH vQFHSXU  vQV  V  FXUJ  úL SkULOH ERLHULORU FRQWUD 9RHYRGXOXL GHWURQDWQXPLQGXOWLUDQ úL GLVWUXJ WRU GH DU úL FHUXU  FD DFX]ULOH ORU SUHFXPúLXQHOHVFULVRULGLQSDUWHD*HQHUDOXOXL &RPDQGDQWDO 7UDQVLOYDQLHLFDULDX IRVW LQWHUFHSWDWHGHERLHULV ILHGHQXQ DWH3RU LL)LLQGF DFHVWHVFULVRULQXFRQ LQHDX OXFUXUL JUDYHFRQWUD3ULQFLSHOXL ùWHIDQVHWLFOXL RWUDGXFHUH I FXW GHRDQXPLW  SHUVRDQ FX DG XJLULDJUDYDQWHFDUHIDFHSH0HUHOH9L]LUV  GHDJUDEQLF  SRUXQF  FDLPDFDQXOXLGLQ &RQVWDQWLQRSROV VSkQ]XUHDWkWSH'RPQFvWúLSHWDW OV X %LH LL RDPHQLFDULHUDX vQFKLúL OD %DúEDFKLFXOL IXU  FRQGXúL vQ FDUFHULOH GH OD %RVWDQJL%DúLXQGHvQ'XPLQLFD6ILQWHL7UHLPLvQ,XQLHODRUDSDWUXGHQRDSWH IXUVSkQ]XUD LvQWkL3ULQFLSHOHùWHIDQúLDSRLS ULQWHOHV X LDUFDSHWHOH ORU W LDWHDSRL JROLWHúLXPSOXWHFXFkO LVHWULPLVHU 0DUHOXL9L]LUOD $GULDQRSRO 

'XS SX LQH]LOHIXU DGXúLvQ &RQVWDQWLQRSROVXEEXQ SD]0LKDL&DQWDFX]LQR IUDWHOH6WROQLFXOXL&RQVWDQWLQ úL 5DGX 'XGHVFXOD F UXLVR LHHUDVRUD'RPQLWRUXOXL úL DPELLvúLVIkUúLU ]LOHOHSHVSkQ]XU WRDUH'RDPQD3 XQDDIOkQGGH PRDUWHDVR XOXL úL D VRFUXOXL FDV úLVDOYH]HFRSLLVHDVFXQGH vPSUHXQ  FXHL WUDYHVWL L vQWUXQ ORFVLJXU DMXWD LGHSULHWHQLFXWRDW VLOLQ DWXUFLORUGHDSXQHPkQDSHHL ÌQFKLULDSRLRFRUDELHúL SRUQLGLQ &RQVWDQWLQRSROFXPDUHSHULFROVSUHDGHEDUFDGXS SDWUXV SWPkQLOD0HVVLQD 'HDLFLWUHFXFXFRSLLLOD 1DSROLúLSULQ %RORJQD úL )HUUDUDDMXQJ OD 9HQH LDXQGH IXU  J]GXL LFXWRDW vQJULMLUHDvQFDVD'OXL 1LFRODL&DUDJLDQLúLGXS FLQFL]LOHOXDU GUXPXO VSUH9LHQD 3X LQHV SWPkQL vQ XUP  IXJLVH GLQ %XFXUHúWL úL 'RDPQD 0DULQ D OXL 7RPD &DQWDFX]LQRDFHOFDUHOXDVHYUHGQLFDKRW UkUHGHDVHSXQHvQVHUYLFLXO DUXOXLúLFDUHVH JVHúWH DFWXDOPHQWH vQ 8FUDLQD DYkQG JUDGXO GH JHQHUDO 6H WUDYHVWLVH vQ UDQF  úL vPSUHXQ FXXQ EH DúDOHLvQúHOkQGJU QLFHULLWUHFXvQ7UDQVLOYDQLDXQGHHSULPLW  FX FLQVWHDFXYHQLW GHF WUHQHP LGLQ7UDQVLOYDQLD vúLXUPHD]  DSRL FXXúXULQ  FOWRULD VSUHVR XOHLÌQDFHVWWLPSPHPEULLIDPLOLHL&DQWDFX]LQRVXQWXUP UL LFXVWU úQLFLHvQ DU /XFUXULOHORUVXQWYkQGXWHODPH]DWFDúLOD%UkQFRYHDQXLDUHLHVWRUFD LGHPDUL VXPLGH EDQLvQFKLVRDUHDúLE WDLDHUDX SHGHSVLOHFHOHPDLXúRDUH1XPHOH &DQWDFX]LQRVDX D IL UXG FXDVWIHOGHQXPHHUDXGHOLFWHVXVFHSWLELOHGHSHGHDSVDFXPRDUWHD8QLLGLQDFHúWLD Y]kQGXVHXUP UL LIUFUX DUHFXSUH XOYLH LLvQFHDUF IXJDvQ7UDQVLOYDQLD3HGHDOW  SDUWH 0DYURFRUGDW 'RPQLWRUXOGHYHQLWRW PDL DVSUXGHVWLWXLHGLQGHPQLW  L SHERLHULL IRVWXOXLUHJLPSHFDULvL vQORFXHúWHFXUXGHúLSULHWHQLFDULVHvPEXO]HDXGLQ &RQVWDQWLQRSRO V VWUkQJ DYHUH/H vQSDUWHDFHVWRUDVDWHOH &DQWDFX]LQLORU úLDOH ERLHULPHL SDUWL]DQHSH FDULvLOLSVHúWHGHRULFHYHQLWXULFXDWkWD FUX]LPH úLWLUDQLHF  PDPD3ULQFLSHOXL ùWHIDQ GXS FHSHUGXILXOúLVR XOIXUHGXV vQPL]HULHQHDYkQGFKLDUSHQWUXWUDLXO]LOQLF$PIRVW GHID úLDPVHUYLWGHWkOPDFLFkQGV UPDQD IHPHLHWULPLWH UXJ PLQWH ODXQXOGLQQRLL PLQLúWULJUHFLGH LQWRUVLOQLFDOVDWHORUHLV RPLOXLDVF FXRPLF FDQWLWDWHGHI LQ&DVD &DQWDFX]LQLORUFDUHHUD DG SRVWXOV UDFLORUVLDOVWU LQLORUDMXQVH vQWURVWDUHGHSOkQV *UHFLLPDLFXVHDP FHLGLQ &RQVWDQWLQRSRODXIRVWWRWGHDXQDIDWDOL 9DODKLHLRULGHFkWH RULGH LQHDXIUkQHOHJXYHUQ ULL$PEL LDúLRUJROLXOXQRUDGLQHLQDXVO ELWGHORF9UkQG QHYUkQG DUDVXIHUHD-DOEDOD3RDUW DUILvQ VSULWVLWXD LDFFL 'RPQLWRUXOVHEXFXUDGH WRDW vQFUHGHUHDWXUFLORU6HFHUFDVHDOW FDOHvQ HOHJHUHDFXQHP LLSULQPLMORFLUHDVHFUHW D ERLHULORUUHIXJLD LvQ7UDQVLOYDQLDvQ HOHJHUHDHUDXúRDU FFLYHFKHDDUPRQLHvQWUH$UGHDO VL9DODKLDHUDvQWUHUXSW 'DVH3ULQFLSHOH 0DYURFRUGDWXQRUGLQGXS LQVWLJDUHDYLFOHDQ D XQRUERLHULV VHFRQILúWHFLUH]LOHGHYLWHFDUHWUHFHDXPXQ LLvQ 9DODKLDSHQWUXS úXQHvQ VFKLPEXORELFLQXLWHLGLMPH&RQILVFDUHDVHI FXVHvQIRORVXOWXUFLORUFDULúLDXSRUQLWRúWLOH VSUH%HOJUDGGHXQGHDYHDV SRUQHDVF DWDFXOVSUH 3HWHUYDUDGLQ&RQILVFDUHDSULFLQXLQG PDUH OLSV GHFDPH vQ 7UDQVLOYDQLD KX]DULL vPS UWHúWL IFXU FkWHYD LQFXUVLXQL SHVWH PXQ LPDLFXVDP vQ LQXWXULOHXQGHS úXQDXFLUH]LOHFRQILVFDWHVLIXU ELQHSULPL L GH UDQLGXS SRUXQFDVHFUHW DERLHULORUSURSULHWDULLDFHORU LQXWXUL0LOL LDOXL0DYURFRUGDW WULPHDV V DOXQJHSH KX]DUL ILLQGGDW  SHVWH FDS PQLD 'RPQLWRUXOXLVH UHYDUV SHVWH FDSXOSRSXOD LHLSULQQRL ELUXUL úL DVXSULUL 0DYURFRUGDW DúWHSWD FX QHU EGDUH VXFFHVXO DUPHORU RWRPDQH FKLDU OD  SULPXO ORU DWDF DVXSUD 3HWHUYDUDGLQXOXL $IOkQG vQV  GH vQIUkQJHUHDORUOD$XJXVWFXPRDUWHDOXL $OL3DúD0DUHOH9L]LU'RPQXOVHVLOL]DGDUQLF V DVFXQG YLFWRULDFUHúWLQLORUF FLERLHULPHD ULLRDIODVHúLSXVHODFDOHRIHVW FLXGDW  9RHYRGXOXLúLJUHFLORUV LFDULRFXSDXGHPQLW  LOHSULQFLSDOHOD&XUWH



&$3,72/8/;,,,

)XJDOXL0DYURFRUGDWGLQ%XFXUHú WLV SUH'XQ UH

2FRPSDQLHDXQXLUHJLPHQWQHP HVFWUHFX2OWXOVXEFRPDQGDXQXLORFRWHQHQWúL RFXS IUUH]LVWHQ &LQHQLLVDWGHYDP úLGHKRWDUGLQFRDFHGH6LELXùWLUHDDMXQVHVXE RIRUPH[DJHUDW OD&XUWHDOXL 0DYURFRUGDW9LQHUL6HSWHPEULHRRU vQDLQWHGH DSXVGHVRDUHOXPHDDOHUJDSHXOL HOH %XFXUHúWLXOXLVWULJkQGQHP LL QHP LL 'RPQLWRUXO vQVS LPkQWDWvúLI FXvQJUDE EDJDMHOHúLvPSUHXQ FXDLV LvQFDOHFDU úLROXDU  UHSHGH VSUH*LXUJLXFHWDWHWXUFHDVF DúH]DW SHPDOXO'XQ ULLODGHS UWDUHGHRUHGHGUXPGH %XFXUHúWLFXPVHSRDWHXúRUYHGHDSHKDUWDJHRJUDILF  &WUHPLH]XOQRS LLVSUHDPDLRGLKQLFDLLVHRSULvQWUXQVDW2GDLDúLSRSRVLvQ ERUGHLXOXQXL UDQXQGHFHUXGHE XW 6H vQFLQVH DLFL R GLVFX LXQH vQWUH HO úL $QWLP 0LWURSROLWXO 9DODKLHLFDUHQXPDLYURLDV OXUPH]HVXV LQkQGF VXEQLFLXQSUH QXúL SRDWHS UVLWXUPDPDLFXVDP vQvPSUHMXU ULQHQRURFLWHFDDFHVWHDFkQGVHSXWHDLYLYUH RUVFRDOGLQOLSVD'RPQLWRUXOXLúLD0LWURSROLWXOXLÌQWLPSXO GLVFX LXQLL0LWURSROLWXOIX FKHPDWDIDU GLQERUGHLúLLVHvQPkQ RVFULVRDUHVRVLW FXSRúWDGLQ%XFXUHúWL'XS FHR FLWLLQWU vQFDV úLVHDGUHV 9RHYRGXOXLFXXUP WRDUHOHFXYLQWH $OWH QXPDLHVWHYUHPH GHSLHUGXWDFLYLQH3ULQFLSHOH*KHRUJKHILXOIRVWXOXL'RPQLWRUùHUEDQ&DQWDFX]LQRGLQ 7UDQVLOYDQLDFXGHWXUFLVRFXSH9DODKLD 0DYURFRUGDW FXSULQV GH VSDLP  SRUXQFHúWH UHSHGH SUHJ WLUHD FDLORU 'LQ QRX vQGHDPQ  SH0LWURSROLWV O XUPH]HF FL vQDSRLHUHDVD OD %XFXUHúWLQDU DYHDDOW VFRS GHFkWvQWURQDUHDQRXOXLGRPQúLODPHQLQ FSHVWHFkWHYD]LOHVHYDUHvQWRDUFHvQ DUFX R DUPDW  QXPHURDV  GH WXUFL úL W WDUL FDUH R YD GLVWUXJH FD UHEHO  ID  GH 3RDUW  0LWURSROLWXOVRFRWHDvQV F0DYURFRUGDWQXYD PDL UHYHGHD DUD úLVH vQWRDUVHGHFL OD %XFXUHúWL ÌQ GLPLQHD D XUPWRDUH ± 6kPE WD  F WUH UV ULWXO VRDUHOXL JUXSXO OXL 0DYURFRUGDWDMXQJHvQ*LXUJLX7XUFLL VXSULQúLGHQHDúWHSWD LLRDVSH LFUHGHDXSHQHP LL vQ DSURSLHUHVLVH UHWUDVHU SDUWH vQ FHWDWH LDUDO LL VH vPEXO]HDX V  WUHDF  'XQ UHD OD 5XVFLXFÌQJUDEDIXJLLFkWHYDE UFLVHvQHFDU vQ'XQ UHFXSkQ ODGHDLORULDUFHL VDOYD LEJDVHUVSDLPDvQRUDú$MXQVHúL'RPQLWRUXOFXDLV LFXPXOWHFDUHFX EDJDMH SUH LRDVHSHFDUHOH vQGUXPHD] vQJUDE VSUH&RQVWDQWLQRSRO&DGLXO PXOODOLXOúLDO LWXUFL GHVDPYHQLUV OYD]úLV DIOHPRWLYXOIXJLLVDOHJUDEQLFH ÌQ*LXUJLXFXULHULVRVL LGLQ%XFXUHúWLDGXVHU vQV úWLUHDF QLFLXQQHDP QXVHDIO  DFRORF ]YRQXOQHVRFRWLWDFDX]DWPDUHSDQLF vQSRSRUFDUHúLDS UVLWFDVHOHGHIULFD VRVLULLW WDULORUF XWkQGDG SRVWvQKDQXOOXL ùHUEDQ 9RG  vQFHO DO 6IW *KHRUJKHúL vQ PQVWLUHD &RWURFHQLORU 7XUFLL GLQ 5XVFLXF PDL DOHV FHL vQUXGL L FX EHMHQ UL LL GLQ %XFXUHúWLVHvQGkUMLU FRQWUD 9RHYRGXOXLIXJDUDFRSHULQGXOFXLQVXOWHúL DFX]kQGXOGH WLFORúLHúLWU GDUHID GH0DUHOH6XOWDQúLHUDXJDWDV O ]XJUXPHVDXV O WULPHDW OHJDW OD$GULDQRSROXQGHVHDIODVHDWXQFL3RDUWD 0DYURFRUGDW úWLXV  vPSDFHSH WXUFL H[SOLFkQG IXJDVD FD ILLQG UH]XOWDWXO XQHL DODUPH IDOúH SXVH OD FDOH GH Fk LYD UVYUWL L 7XUFLL FRQVLP LW D VH FRPXQLFD úWLUHD 6XOWDQXOXLvQWURIRUP PDLPRGHUDW LDU0DYURFRUGDWFHUXVHSHQWUXJDUGDSHUVRQDO  XQ QXPUGHWXUFLILLQGS UVLWGHVHLPHQLLV L3RVHGDVHHOXQ ILUPDQFDUHOGHFODUD VHUDVFKHU SHVWHSURYLQFLLOHYHFLQH 9DODKLHLFHUXvQED]DDFHVWXLWLWOXD LVH WULPHWHJUDEQLFFkWHYD VXWHGHW WDULúLWXUFLFXFDULSRUQLVSUH%XFXUHúWLXQGHVRVL-RLvQ6HSWHPEULH6HRSUL OD ORFXO QXPLW )QWkQD OXL 5DGX9RG  XQGHSRUXQFHúWHW LHUHD vQEXF  L D XQXL ERLHU %UH]RLDQXVXESUHWH[WF QDEVHQ DVDVHDGXQDVHFXDO LERLHULOD0LWURSROLHSHQWUXD IL DOHVGRPQúLE JDVHPDUHIULF vQORFXLWRULPDLDOHVvQERLHULLFDULQXOXUPDVHU vQWRUVOD &XUWHSRUXQFHúWHV ILHFKHPDW0LWURSROLWXO $QWLPFDUHGH IULFDWXUFLORUVHKRW UkVHV  DVFXOWHGHRUGLQúLHUDJDWDV ILHXFLVGHDFHúWLDvQPRPHQWXO VFRERUkUHLGLQU GYDQSHQWUX 

DVXLVF ULOH SDODWXOXL 1X IXGXV vQ ID D 'RPQLWRUXOXL FL IX vQFKLV VXE SD]  VWUDúQLF  vPSUHXQDFXSUHRWXO *LRYDQQL$EUDPLYHQH LDQGHULWJUHFúLSUHGLFDWRUOD&XUWHúLFHOFH DQXQ DVHSH0LWURSROLWGHVRVLUHD3ULQFLSHOXL*KHRUJKH&DQWDFX]LQR 6HOXDVHP VXULGHSD] UHSDUWL]kQGXVHSHWXUFLLVRVL LFX'RPQLWRUXOvQGLIHULWH SXQFWHDOH&XU LLúLVHVFRDVHU FHOHWXQXULDGXVHGHùHUEDQ9RG GHODDVHGLXO 9LHQHL FDUHIXU SRVWDWHFkWHODFHOHSRU LDOHSDODWXOXL3HVWHSX LQH]LOHVRVLU vQF WWDUL FDULVH vPSU úWLDUSULQ DUSkQ  ODKRWDUXO 7UDQVLOYDQLHLFHLD FH I FXSHQHP L V  ILH YHJKHWRULFXWRDW VLOLQ DOXL0DYURFRUGDWGHDLFRQYLQJHGHSULHWHQLDVD7ULPLVHFKLDUvQ DFHVW VFRS SH SUHRWXO FDWROLF 0LFKHO ,DYLFK V  QHJRFLH]H FX *HQHUDOXO 6WHLQYLOOH &RPDQGDQWXO7UDQVLOYDQLHLúLFX3ULQ XO(XJHQLXFDUHWRFPDLDVHGLD7LPLúRDUD ÌQ SXWHUHD LPSHULDOLORU F ]XVH OD 3HWHUYDUDGLQ RGDW  FX EDJDMHOH WXUFLORU úL FRUHVSRQGHQ DGHU]ERLD0DUHOXL9L]LU 6DXJ VLW DFRORVFULVRUL úL UDSRDUWHGH DOH OXL 0DYURFRUGDWF WUH0DUHOH9L]LUFRQWUDLQWHUHVHORUQHP LORUúLVDXSULQVFXULHULGHDLOXLFX VFULVRULF WUHFHLGRLYHVWL LUVFXOD LXQJXUL $UXDW)HUHQ]úL 3DSSD,DQRV 0LQLúWULLSHGHDOW SDUWHLPSXQHDXSHERLHULúLQHJXVWRULODJUHOHELUXULLDUFLQHQX OHY UVDODWHUPHQXOKRW UkWHUDFRQGDPQDWODvQFKLVRDUHúLE WDLH8QFRSLOGHDQLILXDO OXL 5DGX IUDWHOH 3ULQFLSHOXL ùWHIDQ &DQWDFX]LQR IX VPXOV GLQ EUD HOH PDPHL VDOH vQ PQVWLUHD0LKDL9RG XQGHHUDvQFKLV úLFXVDELD vQ PkQ  IXDPHQLQ DW FXXFLGHUHD FRSLOXOXLvQID DHLGDF QXYDSOWLLPHGLDWFLQFLSXQJLDGHF JDOEHQL8QPHPEUX DOIDPLOLHL %OFHDQXVXSXVWRUWXULLSHQWUXQHSODWDLPHGLDW DVXPHLLPSXVHVDUXJDWOXL ']HXvQJXUDPDUH Ä VYLH RGDW QHP LL FD V VFDSH QHQRURFLWD DU GH MXJXO DVSUX´ 3HQWUXDFHVWHFXYLQWHGLQRUGLQXOOXL 0DYURFRUGDWLVHWDLHFDSXOúLQXRE LQHDOW JUD LH GH FkW DVH VSRY GXL  úLD IL vQPRUPkQWDWFDGH PRDUWHQDWXUDO  0 DIODP vQ FDPHUD 3ULQFLSHOXLFkQG GDVHVHQWLQ DGHPRDUWHúLGLVFXWkQGFXDUPDúXOJUHFHúWHvPL WUDGXVH vQ ODWLQHúWHFRQYRUELUHDDG XJkQGXPLF FXWR LLFHLDQLWU LWRULvQ 9DODKLDQXFXQRVFvQF  ILUHDORUWLF ORDV $PGDWGLQXPHUL I U V  UVSXQGGDU P UWXULVHVFFDQXPL SXWHDP H[SOLFDFUX]LPHDDFHVWXLSULQ HUXGLWúLPDUHLXELWRUGHWDOHQWHúLPDLFXVHDPDJHQHURVFX VWULQLL ID GHFDUL DYHDRSXUWDUHDWkWGH FLYLOL]DW  úL OH SXUWD JULMD GH FHOH QHFHVDUH WUDLXOXLXQRP FDUH DU PHULWD WRDW  ODXGDGDF  QDU ILGDWDGPLQLVWUD LD ULL SH PkQD FkWRUYDPLQLúWULGXúPDQLDLSURSULHLORU ULSHFDUHRUXLQDU SXQkQGSDWLPLOHORUvQDLQWHD LQWHUHVXOXL úL OLQLúWHLSXEOLFHSHFkQGFHLODO L GUHJ WRUL FDUL QXHUDXYDODKL SUHVLP LQG SDUF FHDúWHDSW SH'RPQLWRUúLSHHL vQúLúLVH vQWUHFHDX vQDVWUkQJHDYHUHFKLDU I U úWLUHDVW SkQXOXLORUFXPDUDW FD]XOXUP WRUFXQRVFXWSHUVRQDOGHPLQH ÌQXUPD IXJLL  vQ7UDQVLOYDQLDFXWRDW  IDPLOLD HLDY GXYHL OXL 5DGX 'XGHVFXO VSkQ]XUDW OD $GULDQRSRO vPSUHXQ  FX 6S WDUXO 0LKDL &DQWDFX]LQR úL FDUH HUDVRU  FX 3ULQFLSHOH ùWHIDQ0DUHOH$UPDúXQ QHvPS FDW GXúPDQ DO FDVHL 'XGHVFXO ILHUEHD GH PkQLHGLQFDX]DDFHVWHLIXJLúLF XWD U]EXQDUHSULQRULFH PLMORF3XVH OD vQFKLVRDUHSH IRDVWHOHVOXJL vQWUH FDUH HUD úL Y WDIXO &XU LL OXL 'XGHVFXO FX WRDWH F  QXúL XUPDVH VWSkQLL úLL FHUX JDOEHQL SHQWUX HOLEHUDUHDVD ,PSORUDWGHVR LDDFHVWXLD SHQWUX D LQWHUYHQLODHOLEHUDUHDVR XOXLHLFDUHHUDDPHQLQ DWFX  ORYLWXUL ]LOQLFHSkQ  ODSODWD VXPHLúLPLúFDWGHSOkQVHWHOHHLDPLQWHUYHQLWvQIDYRDUHDDFHOXLQHQRURFLWFDUHQXDYHD DOWYLQ GHFkWGHDQXILXUPDWSHIXJDULLV LVWSkQL5XJDLSHDUPDúV IDFGLQPLOFHHD FHHGDWRUV IDFGLQGDWRULHDGHF V HOLEHUH]HSHY WDIvPLFHUXvQV SHQWUXHOLEHUDUHR JDUDQ LHSHQWUXFHLJDOEHQLFHUX LFDSUH DOUHVFXPS UULL$PSURWHVWDWDVLJXUkQGOF  YRLLQWHUYHQLLPHGLDWOD'RPQLWRUGHDF UXLvQGXUDUHQXP vQGRLHVF$UPDúXOP DVLJXU  DWXQFLUHSHGHGHHOLEHUDUHDSUL]RQLHUXOXLUXJkQGXP FD$OWH D6DV QXDIOHQLPLF 'LQ DFHVWIDSWFDúLGLQDOWHOHVHYHGH F DFHúWLDJXYHUQHD]  DUDQXPDLSHQWUXVDWLVIDFHUHD DPEL LXQLLúLDO FRPLHLORUGHFDULQDPVF SDQLFLQRLVWU LQLLGDF QDPDYHDSURWHF LD 3ULQFLSHOXL,QVROHQ DúLFUX]LPHDDMXQVHODFXOPHQXFUX DXQLFLSHFOHULFLLFDULVHEXFXU  GHRELFHLGHPDUH YHQHUD LXQHODRUWRGRFúL 

0LWURSROLWXO$QWLPvQFKLVOD&XUWHDIRVWFRQVWUkQVSULQDPHQLQ ULV UHQXQ HSULQ VFULVOD$UKLHSLVFRSDWúLvQORFXOV XDIRVWDOHVGHF WUH'RPQúLPLQLúWUL $FKLHSLVFRSXO 0LWURIDQ IRVW GXKRYQLFXO OXL &RQVWDQWLQ %UkQFRYHDQX )X DSRL GHVSRSLW DFX]DW GH YUMLWRULHúLvQúHO FLXQHúLLVHSXVHSRWFDSURúvQORFXLFHOXLGHPLWURSROLW,VH ULGLF  úL GUHSWXOGHDSXUWDQXPHOHGH $QWLP GkQGXLVHQXPHOHV X ODLF$QGUHL ,VH FHWL DSRL VHQWLQ DGHvQFKLVRDUHSHYLD vQPQVWLUHD0XQWHOXL 6LQDLúLSRUQLWvQPLH]GHQRDSWHFX FDUXO VXE SD]D FkWRUYD WXUFL DMXQVH vQ *DOLSROL OQJ  UkXO 'XOFLD FDUH WUHFH SULQ $GULDQRSROXQGHIXXFLVúLDUXQFDWvQUkX$VWIHOIXVIkUúLWXO DFHOXLDUKLHSLVFRSGHFDUH PXOWHVHVSXQHDXGDUGH FDUHQXYRLVSXQHGHFkWF  P VXSXQ -XVWL LHL 'LYLQH I U D FHUFHWD (UDGRWDWFX UDUHWDOHQWHFXQRVFkQGVFXOSWXUDSLFWXUD úL EURGHULD 5LGLFDVH OD SHUIHF LXQHDUWDWLSRJUDILHLúLvQ]HVWUDVHWLSDUQL HOHvQDIDU GHOLWHUHJUHFHúWLúLVODYRQHFX OLWHUHDUDEHFXFDUHWLS UL/LWXUJKLLOH 6IW,RDQ &ULVRVWRPDOH 6IW9DVLOHúLDOH 6IW*ULJRUH SUHFXPúL(YDQJKHOLDFDúLDOWHRSHUHELVHULFHúWL=LGLGLQWHPHOLHvQ%XFXUHúWLRP UHD  PQVWLUHFXRIUXPRDV ELVHULF vQVODYDWXWXURU6ILQ LORUvQ]HVWUkQGRFXRGRDUHSHQWUX VHUYLFLLOHSRQWLILFDOHFDUHELHWXOQXOHSXWXVH vQWUHEXLQ D ODVILQ LUHDQRLLELVHULFL XQGH VSHUDV ILHFKLDUvQPRUPkQWDW 8FLGHUHDV OEDWLFDD0LWURSROLWXOXL $QWLPSHFDUHOXPHDvOFUHGHDDMXQVOD0XQWHOH 6LQDLDUXQFDVH 9DODKLDvQWURPDUHVSDLP 3UHRWXO *LRYDQQL $EUDPL YHQH LDQXODúWHSWD V ILHúLHOXFLV 0DYURFRUGDWvO vQFKLVHvQWURFDUFHU vQWXQHFRDV vQPQVWLUHD6QDJRYGH XQGHQXVF SDQLPHQLFXYLD GDUGLQPLODOXL']HXILLQGvQF vQYLD FkQG0DYURFRUGDW IXSULQVGHF WUHKX]DULLQHP LúLDIOkQGXP DWXQFLOD7kUJRYLúWHSH OQJ 'RPQLWRUDP VWUXLWODFRPDQGDQWXOKXVDULORUGRPQXO 'HWWLQGHID ILLQGúL0LWURSROLWXO 0LWURIDQFDUH RUGRQ HOLEHUDUHDSUHRWXOXLÌQDIDU GHDFHVWDVHPDLDIODXvQFKLúLOD&XUWHDGLQ%XFXUHúWL PXO LERLHULVXEVWUDúQLF SD]FRQGDPQD LODSODW GHPDULVXPHGHEDQLLDUDO LLVHDIODX vQSHULFROGHPRDUWH0DUHOH+DQDOW WDULORUvQFDSXOXQHLDUPDWHGHGH RDPHQLYHQLQG vQ DMXWRUXO ]DGDUQLF DO7LPLúRDUHL úL vQ WUHFHUH SULQ 9DODKLD FRQIRUP RELFHLXOXL 'RPQLWRUXO vO vQWkPSLQ  SUH]HQWkQGXL RPDJLLOH úLO UXJDVH V  RSUHDVF  GXQDUHD ULL GHF WUH W WDULLV L ÌQWkOQLUHDDYX ORF vQVDWXO  &RUQ  HO OD vQFHSXWXO OXL 2FWRPEULH  XQGH LQXU VIDW DVXSUD HYHQLPHQWHORU FXUHQWH 7 WDULL vúL XUPDVHU  GUXPXOVSUH7LPLúRDUDLDU'RPQLWRUXOVHvQDSRLDOD%XFXUHúWLXQGHVRVLFXUkQGúLIUDWHOH V X,RDQ 0DYURFRUGDWPDUHOHGUDJRPDQDO3RU LL 9HQHDGLQ %HOJUDG GHDELDVF SDWFX YLD vQXUPDPRU LL0DUHOXL9L]LUúLDvQIUkQJHULLWXUFLORUOD 3HWHUYDUDGLQ'RPQLWRUXOFX WRDW ERLHULPHDvODúWHSWDU ODPLOHGLVWDQ GH%XFXUHúWLGHXQGHvOFRQGXVHU OD&XUWH XQGHUPDVH]LOHvQGHVHFRQVI WXLULFXIUDWHOHV XFUXLIFXPXVWU ULSHQWUXSXUWDUHD XQRUDGLQPLQLúWULvQDGPLQLVWUDUHD ULL3OHF DSRLVSUH$GULDQRSROGXS FHSULPLvQV GLQ SDUWHDJXYHUQXOXLVXEVLGLLvQEDQL 

&$3,72/8/;,9

3ULQFLSHOH0DYURFRUGDWSULQV GHVkUELúLFRQGXV vQ7UDQVLOYDQLD

3ULQFLSHOH0DYURFRUGDWVW UXLVHSHOkQJ IUDWHOHV XPDUHOHGUDJRPDQV UPkLHOD %XFXUHúWLFkWHYDV SWPkQLFHLDFHQXFRQVLP LFXQLFLXQSUH VSUHPDUHOHV XQRURFF FL FkWHYD]LOHGXS SOHFDUHDVD'RPQLWRUXOIXSULQVGHVkUEL8QQXP UGHVkUELvúLI FX DSDUL LD vQ %XFXUHúWL vQGLPLQHD D ]LOHL GH 0HUFXUL  1RHPEULH  VXE FRPDQGD GRPQXOXL 'HWWLQEDYDUH]GXS XQPDUúI FXWSULQVXUSULQGHUHúLW LQXLWGH UDQLLGLQFDOH úLFXDMXWRUXOF OUDúLORUYDODKLFDULVHDO WXUDVHU FWDQHORUFXVWHDJXULOHORU 'HFXQRDSWHDMXQVHU OD )HUVWUXQXGHSDUWHGH %XFXUHúWLXQGHG GXUGHXQ ODJ UGHGHW WDULSHFDUHLP FHOULUvQPDUHSDUWHLDUUHVWXOVF SSULQIXJ $YXU FWDQHOHúLPDUHOHQRURFGHDDMXQJHDFLvQXOWLPDQRDSWHGH&DUQDYDOFkQGvQFHSHSRVWXO 

&UFLXQXOXLODYDODKLDúDF ]JRPRWXOSXVWHORUORUVHFRQIXQGDFXFHODOORFXLWRULORUFDUL LQWU vQSRVW FXFKLRWH úLGHVF UFUL GHSLVWRDOHGDWLQ  RELúQXLW  úL OD FHOHODOWH SRVWXUL $MXQúLOD%XFXUHúWLVkUELLVDXvPS U LWvQGHWDúDPHQWHXQXORFXS SXQFWHOHSULQFLSDOH DOHRUDúXOXLDOGRLOHDSRUQHúWHvQF XWDUHGHFDVHúLSU YOLLWXUFHúWLXQGHPXO LGLQWXUFL IXUDUXQFD LJRLvQVWUDG LDUDOWUHLOHDGHWDúDPHQWRFXS  &XUWHD I U vPSRWULYLUH PDL DOHVF úLFHOHWXQXULGHJDUG HUDXGHFkWHYD]LOHvQFKLVHvQPDJD]LL 'RPQLWRUXOVXUSULQV vQKDLQ  GH FDV  úL JDWD GH IXJ  vQFUHPHQLVH OD YHGHUHD SLVWRDOHORUvQWLQVHVSUHHOúLvQFHUF DGHUXWDSHQ YOLWRUL DVFXQ]kQGXúL LGHQWLWDWHDGDU ]ULQG vQWUH HL Fk LYD ERLHUL GLQ FHL UHIXJLD L vQ 7UDQVLOYDQLD DYX FXUDMXO V  vQIUXQWH WUGDUHD ORU GRMHQLQGXL F  QX ÄH SULPD RDU FkQG YDODKLL vúL SkQJUHVF PkQLOH  FX VkQJHOHYRHXR]LORUORU´8QXOGLQERLHULvODVLJXU FXFXYLQWHOH $OWH D6DVQXDLEQLFLR WHDPGHYLD FFLDYHPRUGLQHVHYHUHGHDYGXFHQHYWPDWvQ7UDQVLOYDQLD9H LVWD vQFDPHUD'YRDVWUELQHS]LWúLIHULWGHRULFHLQMXULH$OWHFHWHGHQ YOLWRULMHIXLDXSULQ &XUWHIUDFUX DFHOHELVHULFLFHDPDUHúLFHDGHMRV 0DULLGUHJ WRULDL ULLJUHFL FRQVWDQWLQRSROLWDQLVHDIODXvQPDUHVSDLP XQLLVH DVFXQVHU DO LLvQWUHFDUL3RUWDUXO%HúOLDJD 'LYDQ(IIHQGLXOúLXQDOWDJ GHVDPYHQLW GHFkWHYD]LOHGLQSDUWHD6XOWDQXOXLSHQWUXFKHVWLXQLGHPDUHLPSRUWDQ IXUXFLúLLDUDO LL QXJ VLUVFSDUHGHFkWXUPkQGSH 'RPQLWRU vQ H[LO /RFXLWRULL vQVS LPkQWD L GH FHOH vQWkPSODWHVHJ VHDXQHKRW Uk LvQWUHVSHUDQ DGHDYHGHD DUD vQ PkQLGHFUHúWLQLVDX WHDPDGHDRYHGHDQLPLFLW GHW WDUL úL WXUFL ÌQWUH DFHVWH  UHOH ORFXLWRULL DOHVHU  IXJD SUVLQGXúL FDVHOHGH IULFD W WDULORU úLXUPkQG WUXSHOH Q YOLWRDUH FDUL VH UHWUDVHU  vQ DFHLDúL]LVSUHDSXVXOVRDUHOXLVSUH7UDQVLOYDQLDXQGHIXSRUQLWvQDFHLDúL]LGXS DPLD] úL3ULQFLSHOHFXWRDW IDPLOLDVD(UDXQVSHFWDFROMDOQLFFRQYRLXOGHEHM QDUL FXFRSLL vQ EUD HIFkQGGUXPXOSHMRVWLPSGH]LOHúLQRS LGLQOLSV GHF UX HúLFDLFDULQXVH JVHDXFXQLFLXQSUH úLIUPHULQGHFkQGPXO LPXUHDXGHIRDPHúLRERVHDO 1RLFDUL HUDPSUHY ]X LFXFDLDMXQVHU PGXS   ]LOH OD 7kUJRYLúWHXQGHVRVLGXS  FkWHYDRUH &RPDQGDQWXO 'HWWLQFX 9RHYRGXOSUL]RQLHUúLFXFHLILLDLV LGLQWUHFDULILLQGGHYUkVW  IUDJHG LDUWLPSXO ILLQG IULJXURV'RPQLWRUXO RE LQX IDYRDUHDFD UHVWXOGUXPXOXLV  ILH IFXW]LXDFX PLFL SRSDVXUL 'XS DPLD]D ]LOHL GH /XQL  'HFHPEULHJUXSXO GRPQHVF DMXQVH OD 6LELXHVFRUWDW GH R FRPSDQLH GH FXLUDVLHUL HúLW  vQ vQWkPSLQDUH GLQ RUGLQXO *HQHUDOXOXL ùWHLQYLOOH &RPDQGDQWXO 7UDQVLOYDQLHL , VH GHVWLQDVH DQ FXDUWLU vQ SLD D RUDúXOXLOkQJ FOGLUHDFRUSXOXLGHJDUG S]LWGHVHQWLQHOHODXúDGLQVWUDG ODLQWUDUHD úLODHúLUHDFDPHUHLSUL]RQLHUXOXLvQWUHDJDVDIDPLOLHVHEXFXUDGHWRDW OLEHUWDWHDSULQRUDú GDU3ULQFLSHOHVHPXO XPHDDOXDGLQFkQGvQFkQGSUkQ]XOvQRUDúFX*HQHUDOXO ùWHLQYLOOH úLVHEXFXUDGLQSDUWHLFDúLGLQFHDDRIL HULORUV LGHWRDWHRQRUXULOHSkQ Q]LXDGHD]L ÌQDLQWHGHDOXDGUXPXOVSUH 9LHQDDP DYXWGHFkWHYDRUL RQRDUHDV YL]LWH] SH 3ULQFLSHFDUHELQHYRLV  P SULPHDVF  FXWRDW SROLWH D (UD vQJULMDW GH VRDUWD IUD LORU 'XPLWUXúL -RDQ &ULVRVFROHRYHULLV L GXS  PDP úL QHDYkQGQLFLR úWLUH GHVSUH HL vO FRQVRODLFXVSHUDQ DGHDúL ILJ VLWVDOYDUHD vQSURYLQFLLOH WXUFHúWL vPSUHXQ  FXFHLODO L ERLHULJUHFL5HJUHWDGHDQXILIRVWXUPDWGHYHULLV LvQ7UDQVLOYDQLDXQGHYLD DOHDUILvQ VLJXUDQ SHFkQGvQ 9DODKLDVXQWH[SXúLODPRDUWHVLJXU FHLDFHVHúLvQWkPSO  'DU vQDLQWH GH D SRYHVWL DP QXQWHOH  DFHVWHL PRU L FSWDWH GH OD R vQDOW  SHUVRQDOLWDWHVRFRWHVFD DPLQWLGLQYLD D OXL ,RDQ &ULVRVFROHR úLYRL vQGU ]QLGH D P  IRORVLvQDFHVWVFRSGHLQIRUPD LLOHYUHGQLFHGHvQFUHGHUHDOHS ULQWHOXL$QWRQLR 6RIILHWWL DFWXDOXOHSLVFRSGLQ &KLRJJLD,RDQ &ULVRVFROHRGLQ &RQVWDQWLQRSROYHQLOD5RPDODYkUVWD GHDQLúLIXDGPLV vQFROHJLXO 6IW $WDQDVLHGHXQGHGXS   DQL DYkQG vQFOLQD LXQL UHOLJLRDVHIXDFFHSWDW vQRUGLQXO MHVXL LORUWUHFkQGSHVWHVW UXLQ HOH PDPHLVDOHFDUHVH vPSRWULYHD KRW UkULL VDOH $FL VWXGLDVH UHWRULFD úL ILOR]RILD 1X SUHD GRYHGLVH GHVWXO  VPHUHQLHvQYLDWDFHúLDOHVHDU WkQGFKLDUXQVHQWLPHQWGHYDQLWDWHvQOHJ WXUFXRULJLQD VDÌQDMXQVHvQ9HQH LDXQGHFXQRVFXSHS ULQWHOH 6RIILHWWLFDUHF XWDFXSUXGHQW V  

DIOHPRWLYXOSOHF ULLVDOHGLQ5RPD &ULVRVFROHRvLP UWXULVHúWH LQWHQ LXQHDGHDVHvQDSRLD OD &RQVWDQWLQRSRO SHQWUX D FRQVROD SH PDPD VD úL D SXQH vQ RUGLQH XQHOH FKHVWLXQL IDPLOLDUHFXIUD LL V LGXS  FDUHSHVWH úDVH OXQLVHYD UHvQWRDUFH OD 5RPD3 ULQWHOH vO SUHYHQLVHGHUH]XOWDWXOODFDUHVHH[SXQHS UVLQGYRFD LDUHOLJLRDV úLREOLJD LDVROHPQ  FHúL OXDVH vQDLQWHD OXL ']HX OD LQWUDUHD vQ RUGLQXO MHVXLWLORU &ULVRVFROHR SURWHVW  FX MXUPLQWHF QXDUHDOW LQWHQWLXQHGHFvWDVHvQDSRLDGXS OXQL'XS ROXQ GHvQWkU]LHUH vúLOX UPDVEXQGHODFHUFXOSUHR HVFGLQ9HQH LD]LFkQGF SOHDF VSUH 3DGRYDSHQWUXD OXDDSRLGUXPXO &RQVWDQWLQRSROXOXLGDUGXS GRX ]LOHIX]ULWvQ9HQH LDvQKDLQHGHODLF DUWkQGXúLGHFLQHVWDWRUQLFLD/D &RQVWDQWLQRSROQXJ VLvQV DYHUHDvQFKLSXLW úLGXS XQ DQVRVHúWHGLQQRXvQ9HQH LDIUDPDLGDRFKLFXS ULQWHOH6RIILHWWLVDXFXFHLODO LMHVXLWL 'HDLFLSOHDF OD3DGRYDXQGHVWXGLD] PHGLFLQDFXYHVWLWXO$QWRQLR 9DOOLVQLHUL UHFWRUXO XQLYHUVLW  LL GHDFRORúLúL LDGRFWRUDWXO OD 6LHQDGHXQGH VH vQWRDUFH SULQ /LYRUQR OD &RQVWDQWLQRSROLDUGH DLFL SOHDF VSUH 9DODKLDúL DMXQJH vQ %XFXUHúWL vQ$XJXVW  SULPLWFXGUDJRVWHGH3ULQFLSHOH 1LFRODL0DYURFRUGDWY UXOV XúLGHIUDWHOHV X'XPLWUX &ULVRVFROHRFDUHRFXSDVHDWXQFLGHPQLWDWHDGH0DUH3RVWHOQLFOD&XUWHVFKLPEDW vQXUP FXFHDGH3DKDUQLFG WWRDUHGHPDULFkúWLJXUL&HLGRL IUD LVHSXVHU V VWUkQJ DYHUH &SWDUYHQLWXULOHFkWRUYDVDWHERJDWHFDUHDSDU LQHDXGHGUHSWIDPLOLHL&DQWDFX]LQRvQWUH FDUHHUDúLVDWXO$IXPD LGHS UWDUHGHRUHGH%XFXUHúWL 6XUSULQúLvQV GHQ YOLUHDF WDQHORUQHP HúWLúLGHSULQGHUHD'RPQLWRUXOXLODFDUH QXVHDúWHSWDX úL U XVIWXL L VH UHIXJLDU  OD PQVWLUHD $UFKLPDQGULWXOXL FDUHVH DIOD OkQJ SDODWXO &DQWDFX]LQLORUGLQ%XFXUHúWLXQGHVHDVFXQVHU SkQ GXS SOHFDUHDQRDVWU  FkW úLD F WDQHORU FXSUL]RQLHUXO ORUGRPQHVF úL WUDYHUWL L DSRL vQ KDLQH UQHúWL OXDU  GUXPXOVSUH*LXUJLXSULQSRWHFLQHXPEODWH1XGHSDUWHvQV GH%XFXUHúWLDXIRVWMHIXL LúL RULELO PDVDFUD L ,DW  WUDJLFXO VIkUúLW DO OXL ,RDQ &ULVRVFROHR FDUH D QHVRFRWLW SDFHD VXIOHWHDVF  UHOLJLRDV VFKLPEkQGR FX P ULULOH úL RQRUXULOH GH OD QHVWDWRUQLFD &XUWH D 9DODKLHL 0DUHOH 6XOWDQ DIOkQG GH SULQGHUHD OXL 0DYURFRUGDW HUD IRDUWH DE WXW GDU vQ DSDUHQ vQYLQXLVHSHvQVXúL3ULQFLSHOH 0DYURFRUGDWGHDQXILGRYHGLWGHVWXO vQGHPkQDUH ID GHDFHOHvPSUHMXU UL3XVHvQORFXOV XSHVFDXQXOGRPQHVFSHIUDWHOHDFHVWXLDSH,RDQ 0DYURFRUGDWúLWULPHVHERLHULORUúLORFXLWRULORU ULLXQPDQLIHVWFDUHHUDXQDPHVWHFGH FUX]LPH úL vQGXLRúDUHGH EOkQGH  úL DPHQLQ UL FDUH vQV SH OkQJ  LQVWUXF LXQLOH GDWH QRXOXLGRPQLWRUDDYXWHIHFWXOGHDvQWRDUFHGLQSULEHJLHPXOWHIDPLOLL GLQ7UDQVLOYDQLD SUHFXPúLSH'RDPQD0 ULDY GXYDOXL%UkQFRYHDQX FXJLQHUHOH úLQHSRWXO HL FDULVH EXFXUDX GH GUDJRVWHD SRSRUXOXL FDUH P UWXULVHD F  VLQJXUD FDX]  D UHYROX LLORU úL QHQRURFLULORU 9DODKLHLDIRVWGHWURQDUHDúLXFLGHUHDOXL%UkQFRYHDQX 'DXDLFL WUDGXFHUHD ILGHO  D PDQLIHVWXOXL I FXW FX PXOW  SULFHSHUH GH GRPQXO 3DQDMRWWLILXOYHVWLWXOXL 1LFX6DUDIILFXQRVFXWvQWUHQHJXVWRULLRUDúXOXL &WUH YRL ERLHUL FSLWDQL RGGDEDúL FHDXúL úL VHLPHQL FDUL PkQFD L SkLQHD 0DUHOXL YRVWUX 6XOWDQ ,DW FH Y ]LF YRX vQWRDUFVH ILHFDUH vQ DU OD FDVD VD vQDSRLD LYúLYH LWUL vQSDFH6XQWH LLHUWD LYRLIHPHLOHYRDVWUHúLFRSLLYRúWULYVXQW LHUWDWHFDVHOHúOVDWHOHYRDVWUHYLWHOHYRDVWUHúLWRWFHDYH L9VXQWLHUWDWH WRDWHJUHúHOLOH ISWXLWH9RLDYHDvQGXUDUHSHQWUXYRL VFXWLQGXYWLPSGHXQDQGHRULFHWULEXWGMGLHúL FRQWULEX LHGHRULFHIHOGRYHGL L vQVVXSXúHQLHSRUXQFLORUPHOHúLQXDEX]D LGHPLODFH vQFHUFFXYRL $MXQV vQ %XFXUHúWL XQGH DYX ORF vQVF XQDUHD FD WRDW  VROHPQLWDWHD FXYHQLW  3ULQFLSHOH,RDQFRPXQLF *HQHUDOXOXL&RPDQGDQWDO7UDQVLOYDQLHLvQWHUPHQLFXUWHQLWRUL DOHJHUHDVDSHWURQXO 9DODKLHLvQORFXOIUDWHOXLV XSUL]RQLHU2IHULRVXP GHEDQLSHQWUX WRWWLPSXODUPLVWL LXOXLPHQ LQkQG UHOD LXQLGHEXQ YHFLQ WDWHFX7UDQVLOYDQLDFXOWLYDWH GHDPEHOHS U L&XWRDWHDFHVWHDvQWLPSGHFkWHYDOXQLELDWD DUDIRVWvQWUXQDF OFDW GH FRQWLQXHQ YOLUL ILH GLQSDUWHDQHP LORUVDXDOHWXUFLORU úL W WDULORU$FHúWLDGLQ XUP  



WUHFXUGHWUHL RUL vQ 1RHPEULH WUHFXWSULQS U LOH 2OWXOXL XQGHDUVHU VDWHOH URELVHU  ORFXLWRULLúLXFLVHU SHE WUkQL 3ULQFLSHOH,RDQXLPLWF WDUDHSU SGLWGHFHLFHWUHEXLDXV R DSHUHVWUkQVHR PLF RDVWHFXFDUHSRUQLFRQWUDW WDULORUúL GHVURELFXIRU DSHPXO L ORFXLWRUL +RW UkUHD DFHDVW  vQGU]QHD  EJDVHJURD]D vQ PXOW  OXPH GH WHDPD XQHL U ]EXQ UL GLQ SDUWHD WXUFLORUFRQWUD'RPQLWRUXOXLPDLFXVDP FIXVHVHFKHPDWOD $GULDQRSROI UDFXQRDúWH FDX]D6XV LQHDXXQLLF 0DUHOH+DQDOW WDULORUvO SUkVHODWXUFLGHS UWLQLUHFXQHP LLSULQ FXWH]DQ DVDGHDDWDFDSHW WDULGDU'RPQLWRUXOúWLXV MXVWLILFHFXDELOLWDWHvQGU ]QHDODVD úLvQ'HFHPEULHWUHFXWUHFDS WGLQQRXWURQXO 9DODKLHL ,DUHXODVIkUúLWXODQXOXL WHUPLQ ,VWRULD QHVIkUúLWHORU 5HYROX LL DOH 9DODKLHL FFLDFHDVW QHIHULFLW  DUQXúWLHvQF SHFLQHV GRUHDVF GHVW SkQSH 7XUFXOVDXSH $XJXVWXOvPS UDW 7HUPLQkQGDFHDVW ,VWRULHP YG vQGDWRUDWV VDWLVIDFFXULR]LWDWHDFHWLWRUXOXL vQ SULYLQ DOLPELLYDODKHFDUHDUHVWUkQV OHJ WXUFXFHDODWLQ GXS FXPDUDW úL -RDQ/XFLR vQ FDUWHDVDGH 5HJQR 'DOPDWLDH 'DU REVHUY FX XLPLUH F  FRQ LQH QX QXPDL FXYLQWH LWDOLHQHúWLGDUGXS RSUDFWLF GHDQLUHPDUFF úLYHUEHOHvQVSHFLDOODWUHFXWDXIRUPD H[DFW  D FHORU LWDOLHQHúWL úL F  vQWUDGHY U OLPED YDODK  VH WUDJH GLQ FHD ODWLQ  vQWUHEXLQ kQGODWUHFXWFDúLFHDLWDOLDQ YHUEXODX[LOLDUDDYHD,DW FkWHYDH[HPSOH &HDLVFULV" &KHFRVDKDLVFULWWR" 1DLIFXWELQH 1RQKDL IDWWREHQH $GDPS ULQWHOH $GDPR 3DGUHQRVWUHKDSHFFDWR QRVWUXDS FWXLW &ULVWRVDS  LW &ULVWRVKDSDWLWRSHUOL SHFFDWLQRúWUL SHQWUXSDFDWHOHQRDVWUH (WF ùLDOWHPXOWHH[HPSOHODIHO DúLSXWHDGDGDUSHQWUX DQXRERVLSHFHWLWRULYRL DGDRJ QXPDLF OLPEDYDODK FRQ LQHúLDOWHFXYLQWHVWU LQH,DW GHSLOG RIUD]VFXUW  FDUHFRQ LQHFXYLQWHGLQSDWUXOLPELJUHFHúWHODWLQ VODYRQ úLLWDOLDQD 7R LXFHQLFLLDXOVDWVLQJXUSHGDVFOXOORU ,DWúLvQFHSXWXOOXL7DW OQRVWUX 7DWOQRVWUXFDUHOHHúWLvQFHUXULVILQ HDVFVHQXPHOHWXHWF 1XPHUHOHGHODXQXSkQ OD]HFHVHSURQXQ DVWIHO 8QGRLWUHLSDWUXFLQFLúDVHúDSWHRSWQRX]HFH



Related Documents

1474
April 2020 6
1474
December 2019 5
T-1474.pdf
April 2020 7
Portaria 1474 De 2004
June 2020 5