,VWRULDSROLWLFDPRGHUQDVLFRQWHPSRUDQD/HFWRU$GULDQ1LFXOHVFX

7HPD,

3URFHVHLIHQRPHQHSROLWLFHvQHSRFD5HQDWHULLVIkULWXOVHFROXOXLDO;9OHD

'XSSDUFXUJHUHDDFHVWHLWHPHYHLvQYD 3UREOHPDvQFHSXWXULORUHSRFLLPRGHUQH 3URFHVHOHFHQWUDOL]ULLSROLWLFH )HQRPHQHDOH5HQDWHULLSROLWLFH ([SDQVLXQHDRWRPDQL(VWXO(XURSHL&XUVXOGHLVWRULHSROLWLFXQLYHUVDOPRGHUQLFRQWHPSRUDQvLSURSXQHDRIHUL XQ FDGUX IXQGDPHQWDO SHQWUX VLWXDUHD vQWUR SHUVSHFWLY GLDFURQLF DSURFHVHORULIHQRPHQHORUSROLWLFHDOHOXPLLRFFLGHQWDOHGHODLSkQvQ]LOHOH QRDVWUH 6FRSXO FXUVXOXL QX HVWH DFHOD GH D RIHUL R LQIRUPDLHHQFLFORSHGLF VXSHUIOX R FROHFLH GH GDWH OLSVLWH GH VHPQLILFDLH UHDOSHQWUX FHL FDUH VWXGLD] WLLQHOH 3ROLWLFH FL GH D LQWHJUD GHPHUVXOLVWRULRJUDILF vQ VFKHPD GH DQDOL] SH FDUH DFHWLD R YRU DSOLFD UHDOLWLORUFRQFUHWH3DUDIUD]kQGXOSH'XUNKHLPDPSXWHDVSXQHF,VWRULDHVWHWLLQDSROLWLFDSOLFDW

VDX"&kQGLFXPvQFHSHPRGHUQLWDWHD"0XOWYUHPHLVWRULFLLDXSODVDWQXIUQDLYLWDWHvQFHSXWXULOHPRGHUQLWLLvQDQXO SXQFW WHUPLQXV FH DYHD PFDU PHULWXO VLPSOLILFULLLQWHUSUHWULORU OD FGHD&RQVWDQWLQRSROXO FHHD FH vQVHPQD VIkULWXOSXWHULLEL]DQWLQHFHGRPQHDGHXQPLOHQLXSHVWHED]LQXOPHGLWHUDQHDQLDUvQYHVWOXDVIkULW5]ERLXOGHGHDQLPDUFkQGDVWIHOQDWHUHDvQ)UDQDL $QJOLD D PRQDUKLORU QDLRQDOH FH YRU GHYHQL QRLL DFWRUL DL VFHQHLHXURSHQHQDFHODLWLPSRGDWFXVIkULWXO%L]DQXOXLFUWXUDULLJUHFLVDUIL UHIXJLDW vQ ,WDOLD DGXFkQG FX HL VHPLQHOH 5HQDWHULL $VWIHO OD WRDWHQLYHOXULOH IXUQL]DXQ VIkULWQHFHVDU L vQDFHODL WLPSGUDPDWLF OXPLLPXULEXQGHD(YXOXL0HGLX$VW]LPHWRGHOHLLQWHUSUHWULOHLVWRULRJUDILFHPXOWPDLUDILQDWHQHvQJGXLHVSWUXQGHPGLQFRORGHFRPRGLWDWHDLQVWLWXLULLFXSUHWHQLLXQLYHUVDOLVWHDXQXLDVHPHQHDPRPHQWDOPRGHUQLWLL9RPYHGHDvQDFHVWFXUVFOD5HQDWHUHD PHUJHD GHMD FWUH DPXUJXO HL EDURF F SURFHVHOH FHQWUDOL]ULLSROLWLFH vQPDULOH VWDWH QDLRQDOH GLQ(XURSD DX IRVWPXOWPDL FRPSOH[H LPDLGLILFLOGHGHOLPLWDW vQ ILQHFVIkULWXO&RQVWDQWLQRSROXOXLQXD IRVWXQPRPHQW FUXFLDOQLFLPFDUSHQWUX(XURSD2ULHQWDO FLGRDUXQHYHQLPHQWGHDOWIHOSUHYL]LELOGLQWUROXQJFRQWLQXLWDWHLVWRULFDOHFUXLFRQVHFLQHVDX UHYHODW DELD SH WHUPHQ OXQJ $QXO QX DUH GHFL QLFL HO FXP VFRQVWLWXLH XQ UHSHU DEVROXW DOHJHUHD VD HVWH SXU FRQYHQLRQDO LPSXV GHFRPRGLWDWHD vPSULULL GLVFXUVXOXL LVWRULF vQ HWDSH vQFDGUDWH GH MDORDQHWHPSRUDOH IL[DWH PDL GHJUDE GH XQ FRQVHQV DO LVWRULFLORU GHFkW GH R

VHPQLILFDLH RELHFWLY GHFHODELO$PSUHIHUDW vQV D GD R OLPLW LQIHULRDUPRGHUQLWLLPDLGHJUDEODGHFkWODSHQWUXFPDULOHIHQRPHQHLSURFHVHSROLWLFHFHRFDUDFWHUL]HD]WLQGDVHDJUHJDVSUHVIkULWXOVHFROXOXL;9 HOH QX DSDU H[ QLKLOR LPHGLDW GXS FGHUHD &RQVWDQWLQRSROXOXL LVIkULWXO 5]ERLXOXL GH GH DQL FL VXQW UH]XOWDWHOH XQRU HYROXLL VDXDGHVHD LQYROXLL GHGXUDW QDFHODL WLPSPDUFKHD] GHVFRSHULUHD$PHULFLL SXQFW QRGDO vQ H[SDQVLXQHD HXURSHDQ LDU FRORQLDOLVPXO LPDLWkU]LXLPSHULDOLVPXOYRUFRQVWLWXLSHUPDQHQWXQSDQGDQWDOLVWRULHLPRGHUQHLFRQWHPSRUDQHD(XURSHL$PXUJXO (YXOXL 0HGLX FXP vO QXPHD PDUHOH LVWRULF - +XL]LQJD D IRVWHSRFDXQRUFUL]HFXPXOWPDLSURIXQGHGHFkWFHOHvQSODQSROLWLFVDXFXOWXUDOSH FDUH FX PXOW LQJHQXLWDWH OH LGHQWLILFD R LVWRULRJUDILH SR]LWLYLVW LSURJUHVLVW/DXQVHFROGXS0DUHD&LXPGHODPLMORFXOVHFROXOXL;,9RJUDY GHSUHVLXQH GHPRJUDILF FRQWLQXD vQF V DIHFWH]H (XURSD&RQVHFLQHOH VDOH vQ SODQ HFRQRPLF HUDX H[WUHP GH DFXWH SURJUHVHOHvQUHJLVWUDWH vQ VHFROHOH ;,,;,9 IXVHVHU SLHUGXWH FX WRWXO DWkW GLQ OLSVDPkLQLL GH OXFUX FkW L D HSXL]ULL ]FPLQWHORU GH PHWDOH SUHLRDVH GLQ2FFLGHQWLQXvQXOWLPXOUkQGDGLVWUXJHULORUSURYRFDWHGHU]ERDLHPDLDOHV vQ )UDQD L vQ 6SDQLD0DQLIHVWULOH XQHL GH]YROWUL HFRQRPLFH GH WLSFDSLWDOLVWQXDSDUGHFkWvQFD]XULOHH[FHSLRQDOHDOHULORUGH-RVLRUDHORUGLQQRUGXOLFHQWUXO,WDOLHL&RQVHFLQHOH vQSODQSROLWLFDOHXQRUGH]HFKLOLEUHGHDVHPHQHDSURSRULLQXSXWHDX IL PDL SXLQ VHPQLILFDWLYH 3XWHUHD GHVFHQWUDOL]DW L DXWDUKLF DIHXGDOLORUFHFDUDFWHUL]DVHvQWUHJXO(Y0HGLXDGHF]XWUDSLGvQOLSVDED]HLVDOHHFRQRPLFHSURSULHWDWHD IXQFLDUDIHFWDWGHFUL]D IRUHLGHPXQFLGHFRQVHFLQHOHGHIODLHL(LVDXY]XWQHYRLLVLQWUHvQVOXMEDVXYHUDQLORUWHULWRULDOL FH GLVSXQHDX GH VXPHOH QHFHVDUH PHQLQHULL DSDUDWXOXLDGPLQLVWUDWLYLPLOLWDUFDUDFWHULVWLFSXWHULLSROLWLFHPRGHUQH&HLFHGRUHDXFX RULFH SUH VL SVWUH]H LQGHSHQGHQD VDX UHRULHQWDW FWUH YHQLWXULOHRELQXWH GLQ U]ERDLHOH SULYDWH IRUP VHPLRILFLDO GH EDQGLWLVP VSHFLILFPDL DOHV PLFLL QRELOLPL JHUPDQH 5LWWHUWXP VDX DX GHYHQLW PHUFHQDULSUHFXPFRQGRWLHULLGLQ,WDOLDQVFKLPEODQLYHOXOVWDWHORUSURFHVHOHSROLWLFHFDUDFWHULVWLFHDXGHYHQLWFXPXOW vQDLQWHGHPLMORFXOVHFROXOXL;9FHOHDOHXQLILFULL L FHQWUDOL]ULL SROLWLFH vQ MXUXO SHUVRDQHL VXYHUDQXOXL 'DFFHQWUDOL]DUHD UHSUH]LQW R XQLILFDUH DGPLQLVWUDWLY L MXULGLF LQWHUQXQLILFDUHDHVWHRFHQWUDOL]DUHSROLWLFLPLOLWDUH[WHUQDXQRUUHJLXQLLQkQGGH DFHHDL QDLXQH DWkW FkW SRDWH IL GH UHOHYDQW DFHDVW QRLXQH ODvQFHSXWXULOH PRGHUQLWLL &HOH GRX SURFHVH VXQW SUDFWLF LQGLVROXELOH LDUWHUPHQXOFHOHXQHWHHVWHSXWHUHDPRQDUKXOXL$FHDVWILJXUDSULQFLSHOXLRFXS vQHSRFDPRGHUQ ORFXOFHQWUDOGHLQXWSkQDWXQFL vQYLDDSROLWLFGH VHQLRUXO IHXGDO 7UHEXLH vQV UHPDUFDW F DGHVHD FHQWUDOL]DUHD FD LXQLILFDUHD SROLWLF VXQW PRGHUQH PDL GHJUDE SULQ FRQVHFLQHOH ORU GHFkW

SULQ PLMORDFHOH GH UHDOL]DUH $VWIHO PRQDUKLD GH OD 3DULV GHYLQH VXSUHPDLQVWDQ SROLWLF SH vQWUHJ WHULWRULXO )UDQHL SULQ UHXQLUHD PDULORU IHXGH ODGRPHQLXOUHJDOFDXUPDUHDDOLDQHORUGLQDVWLFHQPRGVLPLODUXQLILFDUHDLFHQWUDOL]DUHD DGPLQLVWUDWLY VSDQLRO HVWH SURGXVXO PHGLHYDOHL XQLXQL vQWUHUHJDWHOH&DVWLOLHLL$UDJRQXOXL3ULYLOHJLLLLQVWDQHGHQDWXUIHXGDOVXQWLHOHXWLOL]DWHvQVFRSXOHOLPLQULLFHQWUHORUFRQFXUHQWHGHSXWHUHGHSLOGvQXPEUDPRQDUKLHL R LQVWLWXLH GHVWLQDW XQXLPDUH YLLWRU VH FULVWDOL]HD] vQDFHVW DPXUJ DO (YXOXL 0HGLX DGXQULOH GH VWUL DO FURU FDUDFWHU HVWHFRUSRUDWLY SUHJWLQG vQV LQVWLWXLLOH UHSUH]HQWDWLYH PRGHUQH Q $QJOLD3DUODPHQWXO HVWH LQVWLWXLW vQ vQ 6SDQLD &RUWHVXULOH DSDU OD 6WULOH*HQHUDOHIUDQFH]HVXQWvQILLQDWHODQWUHDJD(XURSGLQ3UXVLDSkQ vQULOH5RPkQH DGRSW DVHPHQHD LQVWLWXLL FDSHXQ VFXW vPSRWULYDDEX]XULORU UHJDOH SULQ UROXO ORU GH DSUREDUH D GHFL]LLORU PRQDUKLFHH[FHSLRQDOHLFRQWUDUHFXWXPHL$UPDSULQFLSDOSHFDUHLR vQVXHVFHVWHvQVOHJDWGHLPSR]LWHFUHDLHDILVFDOLWLLPRQDUKLFHGLQVHFROXO;,,,DFURUDSUREDUHLSHUFHSHUHLQWUvQDWULEXLLOHDGXQULORUGHVWULRIHULQGXOHXQPLMORFGHSUHVLXQHDVXSUDUHJLORUQSURFHVXOFHQWUDOL]ULLVXYHUDQLLvQLLLOHYRUDOWXUDvQSULPXOUkQGSHQWUXDRELQHVXEVLGLLOHQHFHVDUHGDULFDDOLDW vPSRWULYD IHXGDOLWLL FFL WRDWH DFHVWH DGXQUL DX vQ FRPSRQHQ RFDPHULQIHULRDUEXUJKH]&DPHUD&RPXQHORUvQ$QJOLD6WDUHDD,,,DvQ)UDQD L 6SDQLD FDUH DGHVHD GREkQGHWH SUHHPLQHQD DVXSUD FOHUXOXL LQRELOLPLL FD vQ ULOH GH -RV VDX vQ :XUWHPEHUJ DOWHRUL vQV DGXQULOHRVWLOH YRU IL UHGXVH OD XQ URO VLPEROLF GH DXWRULWDWHD PRQDUKLF FD]XO6SDQLHL3URFHVHOHSROLWLFHDOHFHQWUDOL]ULLPRQDUKLFHvQ)UDQD/DLXOLHvQEWOLDGHOD&DVWLOORQFRPDQGDQWXOHQJOH]-RKQ7DOERWYHWHUDQ D ]HFL GH FDPSDQLL vPSRWULYD IUDQFH]LORU SLHUL vQ PRG ODPHQWDELOOXkQGFXDVDOWRSR]LLHvQWULWDSUDWGHDUWLOHULH$VWIHOOXDVIkULW5]ERLXOGH GH DQL FH RSXQHD GLQ )UDQD L $QJOLD L GDF OD vQFHSXWXOFRQIOLFWXOXL DFHVWHD PDL HUDX vQF VWDWH IHXGDOH vQ XOWLPD MXPWDWH DVHFROXOXL;9 FHOH GRX UHJDWH JVLVHU OLDQWXO QHFHVDU FRQVWUXLULL XQXL VWDWPRGHUQvQVHQWLPHQWXOSDWULRWLFJHQHUDWGHDFHDVWQHvQFHWDWVWDUHGHU]ERL'DF IUDQFH]XO GH OD QX VH FRQVLGHUD VXSXVXO UHJHOXL )UDQHL FL DOVHQLRUXOXLORFDOLSULQXUPDUHDOVX]HUDQXOXLDFHVWXLDILHHOHQJOH]EXUJXQGVDXJHUPDQXQYHDFPDLWkU]LXDFHVWHOHJWXULIHXGDOHIXVHVHUvQORFXLWHGHXQVWDWFRQFHQWUDWvQMXUXOVXYHUDQXOXLRPRQDUKLHFHQWUDOL]DWLSDWULRWLFGDUQX vQFQDLRQDO QSOXV IUDQFH]LL vQYDVHU WRDWH OHFLLOHPLOLWDUHDOHU]ERLXOXLLDUOD&DVWLOORQFDLOD)RUPLJQ\vQHQJOH]LLIXVHVHUEWXLFX DFHOHDL WDFWLFL FX FDUH vQYLQVHVHU OD UkQGXO ORU PDL vQDLQWH OD &UHF\3RLWLHUV RUL$]LQFRXUW GHIHQVLYD SH SR]LLL IRUWLILFDWH HILFLHQWL]DUHD WLUXOXLLQIDQWHULHL DUMHOH RUGRQDWH L H[WUHPD PRELOLWDWH D FDYDOHULHL OD FDUHIUDQFH]LLDGDXJLXWLOL]DUHDDUWLOHULHLGHFkPSQVPDUHDLQRYDLHDHSRFLL

D FUHL LPSRUWDQ SROLWLF PLOLWDU L HFRQRPLF HVWH LQFDOFXODELO HUDLQWURGXFHUHD DUPDWHL SHUPDQHQWH vQ )UDQD OD RSHU D UHJHOXL &DURO9,, 8Q DVHPHQHD LQVWUXPHQW GH SROLWLF LQWHUQ L H[WHUQ QX HUD vQV ODGLVSR]LLDPDMRULWLLPRQDUKLORUHXURSHQLFFLHOGHSLQGHDGHH[LVWHQDXQHLVWUXFWXULSROLWLFHFHQWUDOL]DWHXQRULQVWLWXLLPLOLWDUHUHJXODWHLXQRUYHQLWXULLPSRUWDQWHDOH&RURDQHL3kQODVIkULWXOVHFROXOXL;9GRDU9HQHLDL%XUJXQGLDvLSXWXUSHUPLWHDUPDWHSHUPDQHQWH(DVHUYLvQVPDLDOHVSROLWLFLLILXOXLOXL&DURO/XGRYLF;,DGHYUDWXODUWL]DQDOXQLWLL 5HJDWXOXL )UDQHL /D vQFHSXWXO GRPQLHL VDOH QRELOLPHD DQDUKLFvQILLQDVH vPSRWULYD DXWRULWLL PRQDUKLFH /LJD %LQHOXL 3XEOLF UHXQLQGSHVWHMXPWDWHGLQWHULWRULXO)UDQHLGRPHQLLOHDPDULFDVHIHXGHOHLDOHYDVDOLORU DFHVWRUD VXE SDWURQDMXO GXFHOXL %XUJXQGLHL &DURO 7HPHUDUXOSULQFLSDOXOFRQFXUHQWDOPRQDUKLHLIUDQFH]H)RUHOHUHJDOHIXUvQYLQVHLGRDUJUDLHDMXWRUXOXLYHFKLXOXLGXPDQ$QJOLD/XGRYLFVHSXWXUHGUHVD SH SODQ LQWHUQ L H[WHUQ &DURO 7HPHUDUXO vQ VFKLPE UPVHVH XQVXYHUDQ PHGLHYDO WULQG GH SH XUPD U]ERLXOXL FkQG DPELLLOH VDOH vQ*HUPDQLDvODGXVHUvQFRQIOLFWFXHOYHLHQLLLQIDQWHULDDFHVWRUDvQ]HVWUDWFXDUPH GH IRF vO ]GUREL vQ EWOLLOH GH OD *UDQVRQ L 0RUDW QWURXOWLPWHQWDWLYGHUHGUHVDUH&DUROSLHULODDVHGLXORUDXOXL1DQF\vQ)UDQDHUDDVWIHOGHEDUDVDWGHPDUHOHHLULYDOLIUSURWHFWRUXOORUVHQLRULLUHEHOL IXU GHSRVHGDL SH UkQG GH GRPHQLLOH ORU vQWUH L LDU vQSULQ WUDWDWXOGH OD$UUDV/XGRYLF vL vPSUL%XUJXQGLD FX vPSUDWXOJHUPDQ Q DFHODL WLPS HO FRQILVF FRPSOHW IHXGDOLWLL JXYHUQDUHD LDGPLQLVWUDLD UHJDWXOXL L UHOX H[SDQVLXQHD HFRQRPLF VWRSDW GH U]ERLSULQWUR SROLWLF SURWHFLRQLVW GH VWDW &URQLFDUXO &KDVWHOODLQ QLO GHVFULHDVWIHOSHDFHVWSULQFLSHPRGHUQ9URLDVYDGWRDWHSLHHOHLJUDQLHOHUHJDWXOXLVXVFXQRDVFWRWLWRDWH9URLD V IDF WRWXO GXS FDSXO VX L VH DPHVWHFD vQ FHOH PDLPUXQWH WUHEXUL DOH UHJDWXOXLQ UHDOLWDWH SUHD PDL GHJUDE IFXWSHQWUXDGRPQLDVXSUDOXPLLGHFkWSHVWHXQUHJDW

7RWXLFkQGILXOVXPLQRU&DURO9,,,XUFSHWURQvQPDULLVHQLRULvQIUXQWHFXGXFHOHGH2UOHDQV VHRSXVHU UHJHQHLL vQFHUFDUV UHvQWURQH]HDQDUKLD IHXGDO 1HUHXLQG VL VXVLQ SR]LLD vQ $GXQDUHD 6WULORU*HQHUDOH XQGH 6WDUHD D ,,,D SURFODP SULQFLSLXO VXYHUDQLWLL SRSRUXOXLQRELOLPHDUHFXUVHODDUPHLIXvQYLQVvQ5]ERLXOQHEXQ&DXUPDUHXOWLPXOPDUHGRPHQLXIHXGDO%UHWDQLDWUHFXvQPkLQLOHFRURDQHLLDVWIHOvQDMXQXOU]ERDLHORULWDOLHQH)UDQDHUDGHVWXOGHSXWHUQLFSHQWUXDUVWXUQDFXRULFHPLFDUHvQH[WHULRUIUDJLOXOHFKLOLEUXFHGRPQHDvQWUHVWDWHOHHXURSHQH&HQWUDOL]DUHDSROLWLFvQ$QJOLD6XFFHVHOHRELQXWHGH+HQULF9vQ5]ERLXOGHGHDQLSUHDXDDPHQLQDOLEHUWLOH WUDGLLRQDOH DOH SRSRUXOXL HQJOH] DSUDWH GH 3DUODPHQW FFL

PRQDUKXOJXYHUQDPDLGHJUDEGHOD3DULVGHFkWGHOD/RQGUD&kQG+HQULFPXUL SH QHDWHSWDWH vQ vQVL XQLWDWHD UHJDWXOXL D IRVW DPHQLQDW GHDFHODL SDUODPHQW FRQWURODW GH PDULOH IDPLOLL DULVWRFUDWLFH L FDUH QX PDLUHSUH]HQWDGHFkW LQWHUHVHOHDFHVWRUDRUQRXOVXYHUDQ+HQULF9,HUDVODELDSURDSH QHEXQ QHSXWkQG FRQVWLWXL FRQWUDSRQGHUHD QHFHVDU OD LPHQVDSXWHUHDIHXGDOLORU/DDQLGXSVIkULWXOU]ERLXOXLvQYHULLGLQFDVDGH

LQWHULRUXO FkW L OD JUDQLHOH &DVWLOLHL L GRDU LQWHUYHQLD OXL )HUGLQDQG vLVDOYHD] WURQXO GDU SULQ &RQYHQLD GH OD 6HJRYLD ,VDEHOD HVWH REOLJDW VDFFHSWHHJDOLWDWHDLUHFLSURFLWDWHDXQLULLFX$UDJRQXOvQFLXGDVXSHULRULWLLWHULWRULDOHLHFRQRPLFHDFDVWLOLHQLORU&RPSURPLVXOVHGRYHGLvQVGXUDELOJUDLHDWkWH[FHOHQWHLFRODERUULvQWUHFHLGRLVXYHUDQLFkWLFDSWULLQRELOLPLLvQDGPLQLVWUDLDVWDWXOXLQWUXQ VLQJXU DQ VH YD VFULH vQWUHJ GHVWLQXO SXWHULL VSDQLROH /D LDQXDULH HPLUXO *UDQDGHL SUHG RUDXO VSDQLROLORU GXS DQL GH OXSWHDVWIHO vQWUHDJD 3HQLQVXO ,EHULF DSDULQH FUHWLQWLL 3H PDUWLH5HJLL&DWROLFL FXP DX IRVW QXPLL GH SDS SHQWUX FUHGLQD ORU GHFUHWHD]H[SXO]DUHDHYUHLORUFHUHIX]VVHFRQYHUWHDVFvQGHFXUVGHOXQL*HVWXOWkU]LXvQUDSRUWFXFHOHODOWHUHJDWHRFFLGHQWDOH$QJOLDvLH[SXO]DVHvQ)UDQD vQ D XUPULW GHSLUHD FRQGLLHL GH DU PDUJLQDO FKLDUHUHWLFODJUDQLHOHFUHWLQWLLUH]XOWDWDOWROHUDQHLUHOLJLRDVHGLQSHULRDGD5HFRQTXLVWHLQVXL(UDVPXVLQYLWDWvQ6SDQLDSHODUHIX]VYLQvQDFHVWUHJDWH[FHQWULFVXSXVDFXOWXUDLHLDUDEHLLXGDLFH3HQWUXDVHGHEDUDVDGHDFHDVWUHSXWDLH5HJLL&DWROLFLDXLQWURGXVGXSOXQJLH]LWUL,QFKL]LLDH[SXO]DUHD HYUHLORU GHYHQLQG DVWIHO XQ JHVW LQHYLWDELO 0XOW PDL WkU]LX)HUGLQDQGVHMXVWLILFDSHQWUXDFHVWJHVW1H HUD LPSRVLELO V DFLRQP DOWIHO 1L VDX VSXV DWkW GHPXOWH OXFUXULGHVSUHHYUHLLGLQ$QGDOX]LDvQFkWFKLDUGDFHUDYRUEDGHSURSULXOQRVWUXILXQXDPILSXWXWvPSLHGLFDFHVDvQWkPSODW

QVFHOPDLLPSRUWDQWHYHQLPHQWDSURDSHQHOXDWvQVHDPGHFRQWHPSRUDQLDYHDORFODDSULOLHFkQG5HJLL&DWROLFLVHPQDU&DSLWXODLOHGHOD6DQWD)HDSUREkQGSURLHFWXOH[SHGLLHLVSUH,QGLLDOXL&ULVWRIRU&ROXPE5HQDWHUHDLSROLWLFDLWDOLDQ5HQDWHUHDDIRVWvQJHQHUDOSULYLWFDXQIHQRPHQFXOWXUDOGLQFDUHDXGHFXUVFRQVHFLQHOHQXPLWHUHQDWHUHSROLWLFHFRQRPLF MXULGLFHWF2DVHPHQHDLQWHUSUHWDUH QH DUXQF vQ FDSFDQD XQXL GHWHUPLQLVP PHFDQLFLVW HOXGkQGHYLGHQD VWUkQVHL OHJWXUL GLQWUH PDQLIHVWULOH VSLULWXOXL L H[LVWHQD XQHLLQIUDVWUXFWXUL SROLWLFH FDSDELOH V OH VXSRUWH 5HGHVFRSHULUHD DQWLFKLWLLvQODUHD DUWHORU L OLWHUHORU SH FHOPDL vQDOW SLHGHVWDO FD LPDULOH SURJUHVHWHKQRORJLFHFXOPLQkQGFXLQYHQWDUHDWLSDUXOXLDXIRVWvQEXQPVXUHIHFWXOVWDELOL]ULL SROLWLFH L UHYLULPHQWXOXL HFRQRPLF L DYHP H[HPSOXO XQXLIHQRPHQFXOWXUDOVLPLODUHXDWFDXUPDUHDDEVHQHLDFHVWRUFRQGLLLvQFD]XOUHQDWHULLIUHGHULFLHQHGHODvQFHSXWXOVHFROXOXL;,,,,QIOXHQHOHUHQDWHULLDVXSUDSROLWLFXOXLVXQWvQVODIHOGHLPSRUWDQWHQVLFRQFHSLDDVXSUDVWDWXOXLLD UHODLLORUDFHVWXLDFXFHWHDQXOLFXFHOHODOWHVWDWHDIRVWFRPSOHWWUDQVIRUPDW&HYDQRXDSUXLSULQVHYLD vQ LVWRULH VWDWXOFDRFUHDLHFRQWLHQWYRLWLFKLE]XLWVWDWXOFDDUWLILFLXLVFXVLWFDRSHUGHDUW

$VWIHO GHVFULD -DFRE %XUFNKDUGW vQPRQXPHQWDOD &XOWXU D 5HQDWHULL vQ,WDOLD QRXD IRUP D VWDWXOXL UHQDVFHQWLVW /XGRYLF ;, +HQULF 9,, VXQWPRGHOHOH DFHVWRU DUWL]DQL DL SROLWLFXOXL vQ PDULOH PRQDUKLL FHQWUDOL]DWH GLQ2FFLGHQW vQ WLPS FH vQ FHQWUXO 5HQDWHULL vQ ,WDOLD SDUDGLJPD HVWHUHSUH]HQWDWGHPUXQLLWLUDQLORFDOLDFURUVWSkQLUHVHOLPLWHD]DGHVHDODRUDXO IRUWLILFDW L vPSUHMXULPLOH VDOH GDU FDUH SRDUW R SROLWLF PXOW PDLFDOFXODW L PDL HODERUDW GHFkW RULFDUH GLQ PDULL VXYHUDQL HXURSHQL8WLOL]DUHD UDLRQDO D WXWXURU UHVXUVHORU SXWHULL OXFLGLWDWHD FLQLF D SROLWLFLLLQWHUQHLH[WHUQHGDULYRFDLDPHFHQDWXOXLGHYLQFRPSRUWDPHQWXOLGHDODOQRLL JHQHUDLL GH FRQGXFWRUL FDUH VH LPSXQ vQ D GRXD MXPWDWH D VHFROXOXL;9 2QRUDELOD GDU IDOLPHQWDUD SROLWLF D XQXL VXYHUDQ PHGLHYDO SUHFXP&DURO7HPHUDUXOQXSRDWHSULPLGHFkWEODPXODFHVWRUD(OYHLHQLL QX VXQW GHFkW QLWH VLPSOL UDQL L FKLDU GDF LDU RPRUv SHWRLDVWDQXDUGDQLFLRVDWLVIDFLHPDJQDLORUEXUJXQ]LFDUHDUSLHULvQOXSW&KLDUGDFGXFHOHDURFXSD(OYHLDIUUH]LVWHQYHQLWXULOHVDOHDQXDOHQDUFUHWHQLFLPFDUFXGHGXFDL

MXGHF FX UFHDO DPEDVDGRUXO PLODQH] DYHQWXUD KHOYHWLF D OXL &DURO3ULQFLSHOHOXL0DFKLDYHOOLFDL,QVWLWXWLRSULQFLSLVFKULVWLDQLDOXL (UDVPXV QX VXQW GHFkW UHIOHFLD WHRUHWLF D SUDFWLFLORU QRLLJHQHUDLL GH SROLWLFLHQL UHIOHFLH SHVLPLVW vQ FD]XO VHFUHWDUXOXL IORUHQWLQSWUXQV vQ VFKLPEGH RSWLPLVPXO LGHDOXOXL SULQFLSHOXL FUHWLQ OD DXWRUXO(ORJLXOXL1HEXQLHLFHvQFHDUFVGHWXUQH]HVSUHHOXULXPDQLVWHSROLWLFDUDLRQDOL]DWFDLSULHWHQXOVX7KRPDV0RUXVvQ8WRSLD&HDODOW ILJXU HPEOHPDWLF D SROLWLFLL UHQDVFHQWLVWH HVWH FRQGRWLHUXO FRPDQGDQWDOXQHL WUXSHGHPHUFHQDULDQJDMDWFXFRQWUDFW FRQGRWWDGHXQVWDW LWDOLDQ (O WUDQVIRUP DQDUKLFHOH GXHOXUL LQGLYLGXDOH DOH U]ERLXOXLPHGLHYDOvQWURRSHUGHDUWQVHFROXO;9U]ERDLHOHFRQGRWLHULORUVXQWSXUWDWHGXSWRDWHUHJXOLOHDUWHLPLOLWDUHUHGHVFRSHULWHvQFODVLFLLDQWLFKLWLLLDU vQYLQJWRUXO HVWH HORJLDW GHSRHL L XPDQLWL 3HGH DOW SDUWH U]ERLXOHVWHRDIDFHUHLFRQGRWLHULLVHIHUHVFVLLURVHDVFFDSLWDOXOXPDQvQOXSWHVkQJHURDVH LDU QHVIkULWXO LU GH U]ERDLH DO5HQDWHULL LWDOLHQH QX VXQW FHOPDL DGHVHD GHFkW DUDQMDPHQWH UHFLSURFH vQWUH FSLWDQLL GH PHUFHQDUL&RQGRWLHUXO HVWH L H[SUHVLD XQHL XOXLWRDUH PRELOLWL VRFLDOH DVWIHO)UDQFHVFR 6IRU]D GHYLQH GXFH DO 0LODQXOXL GHL WDWO VX D IRVW XQ UDQVUDFvQDLQWHGHDDMXQJHPHUFHQDU7RWXLPDMRULWDWHDFRQGRWLHULORUVXQWGHRULJLQH QRELO GHL DGHVHD EDVWDU]L SHQWUX F U]ERLXO DFHVWD VDYDQW GHPDQHYUH FH FDXW FX RULFH SUH V HYLWH EWOLD GHFLVLY FHUH R H[FHOHQWFXQRDWHUH D WDFWLFLL L VWUDWHJLHL PDUL DELOLWL GLSORPDWLFH L VWSkQLUHDPLMORDFHORU SURSDJDQGHL FDUH V vQORFXLDVF UHDOL]ULOHPLOLWDUH HIHFWLYH(LGLVSDU vQV OD VIkULWXO VHFROXOXL ;9 vQFHSXWXO VHFROXOXL ;9, FkQGU]ERDLHOH LWDOLHQH LQWURGXF DUPDWHOH SHUPDQHQWH L DUWD XFLGHULL vQ PDV

XOWLPXOFRQGRWLHUYDILLOXVWUXO&DVWHODQGH0XVVRFHLFURLHWHXQSULQFLSDWvQQRUGXO,WDOLHLOD7LUDQXOLFRQGRWLHUXOVXQWSURWDJRQLWLLFHOHLGHDGRXDMXPWLDVHFROXOXL;9 vQ ,WDOLD 3ROLWLF SHQLQVXODPDQLIHVW WHQGLQD RSXV FHOHL DPRQDUKLHLIUDQFH]H VDXHQJOH]H UHIX]kQGXQLILFDUHD vQ IDYRDUHDFRQFHQWUULL vQFkLYDPDUL SROL GH SXWHUH UHJDWXO 1HDSROH PDUH PRQDUKLH IHXGDO FRQGXV GHVXYHUDQL VSDQLROL GXFDWXO 0LODQR UHSXEOLFLOH DULVWRFUDWLFH DOH 9HQHLHL L)ORUHQHL L VWDWXO SRQWLILFDO FRQVWLWXLW GLQ LPHQVHOH GRPHQLL DOH SDSDOLWLL/D SDFHD GH OD /RGL vQFKHLH FRQIOLFWXO GH GHFHQLL GLQWUH 0LODQR L9HQHLD L VWDELOHWH EDODQD GH SXWHUH vQ ,WDOLD DPELLLOH SROLWLFLHQLORU5HQDWHULLVWULFvQVSHUPDQHQWHFKLOLEUXOIUDJLODODFHVWHLDLSkQODLVWRULDSHQLQVXOHLQXHVWHGHFkWLVWRULDLQWHUPLQDELOHORUU]ERDLHGLQWUHPDULOHVWDWH VHFRQGDWHGHSXWHUL GHPkQD DGRXD)HUUDUD*HQRYD0DQWRYD Q EWUkQXO FRQGRWLHU )UDQFHVFR 6IRU]D DFXP GXFH DO 0LODQXOXL UHLDRVWLOLWLOHFX9HQHLDLRFXS*HQRYDDPHQLQDUHDXQHLGRPLQDLLPLODQH]HvQQRUGXO,WDOLHLGXFHUDSLGODIRUPDUHDDGRXEORFXULGHVWDWH)HUUDQWH,GH1HDSROH VH DOLD] FX SDSDOLWDWHD LDU /RUHQ]R GH 0HGLFLFRQGXFWRU LQIRUPDO DO )ORUHQHL GLQ vL DOWXU 0LODQR 9HQHLD)HUUDUD L 0DQWRYD (HFXO FRQMXUDLHL 3D]]L FH XUPUHD OLFKLGDUHD OXL/RUHQ]RLLQVWDODUHDXQXLJXYHUQSURQDSROHWDQOD)ORUHQDGHFODQHD]vQXQU]ERLGHVFKLVvQWUHFHOHGRXFRDOLLL)ORUHQWLQLLSUVLLGHDOLDLLORU VXQW vQYLQL vQ DQXO XUPWRU GH FRQGRWLHULL )HGHULJR GD0RQWHIHOWUR L$OIRQVR GH &DODEULD GDU /RUHQ]R SOHDF OD 1HDSROH SHQWUX D QHJRFLD FX)HUUDQWH L RELQH R SDFH DYDQWDMRDV vQ vQWULQGXL vQ DFHODL WLPSSR]LLDvQLQWHULRUXO)ORUHQHL'RLDQLPDLWkU]LXSDSDDOLDWDFXPFX9HQHLDDWDF )HUUDUD VXVLQXW GH IORUHQWLQL L GH QRLL ORU DOLDL QDSROHWDQLL FXPVWDWXOSRQWLILFDOWUHFHGHSDUWHDDFHVWRUDLQWHUYHQLDPLODQH]GXFHODRSDFHIRUDWUXSWvQFkQGIHXGDOLLQDSROHWDQLVHUHYROWvPSRWULYDGRPQLHLWLUDQLFH D OXL )HUUDQWH QRXO SDS ,QRFHQLX 9,,, VSULMLQ UHEHOLXQHD L vQUHSOLFQDSROHWDQLLLIORUHQWLQLLvLLQYDGHD]VWDWHOHVLOLQGXOVFHDUSDFHD'XSDFHVW U]ERL)ORUHQDGREkQGHWHSR]LLD FHQWUDO vQ VLVWHPFFL DWkW)HUUDQWH L6IRU]D FkW LSDSD VXQW vQFHOHPDLEXQH UHODLL FX/RUHQ]RGH0HGLFL LDU FkQG vQ DFHVWD HVWH DWDFDW GHJHQRYH]L0LODQXO vL VDUH vQDMXWRUVWDELOLQGSDFHDvQ,WDOLDSkQOD2ULFkWGHLQVWDELODUSUHDDFHDVWEDODQGHSXWHUHUH]XOWDWHOHU]ERDLHORUQX DIHFWDX QLFLRGDW IXQGDPHQWDO VWDWHOH LWDOLHQH vQ EXQ PVXU GDWRULWSUXGHQHLOXL/RUHQ]RFDUHHYLWRULFHDSHOODIRUHH[WHUQHLDUFkQG/XGRYLF;,vLRIHULDMXWRUXOVXHOUVSXQVHPLHVWHSHVWHSXWLQVMHUWIHVFVLJXUDQDvQWUHJLL,WDOLLLQWHUHVXOXLPHXVGHD'XPQH]HXFDUHJLORU)UDQHLVQXOHYLQvQJkQGYUHRGDWVLvQFHUFHSXWHULOHFXDFHDVWDUFFLDWXQFL,WDOLDYDILSLHUGXW

2UH[DFWDFHVWOXFUXVHvQWkPSOGXSPRDUWHDOXL/RUHQ]RvQYUHPHFH OD )ORUHQD FOXJUXO *LURODPR 6DYRQDUROD vL L]JRQHD SH 0HGLFLLQVWDXUkQG XQ UHJLP WHRFUDWLF X]XUSDWRUXO PLODQH] /XGRYLF 0DXUXOFRQWHVWDW GH)HUUDQWH GHFLVH VO FKHPH vQ DMXWRU SH&DURO9,,, DO)UDQHLVXE SUHWH[WXO UHYHQGLFULL WURQXOXL QDSROHWDQ GH FWUH DFHVWD FD XUPD DOGLQDVWLHLGH$QMRXLDVWIHOvQFHSHDDFHOLUGHU]ERDLHFHYRUUXLQD,WDOLDLLYRUFRPSURPLWHSHQWUXVHFROHXQLWDWHDSROLWLFQDLQWDUHDRWRPDQvQ6XG(VWXO(XURSHL/D PDL GXS DSURDSH GRX OXQL GH DVHGLX VXOWDQXO0DKRPHG ,,FXFHUL &RQVWDQWLQRSROXO PHWURSROD VSLULWXDO D OXPLL HVWHXURSHQHSURYRFkQG R LPHQV VSDLP vQ VkQXO FUHWLQWLL DWkW UVULWHQH FkW LDSXVHQH&RQWHPSRUDQFXWUDJLFXOHYHQLPHQWLVWRULFXOEL]DQWLQ'XFDVVFULD7RDW&RQVWDQWLQRSROHDHUDGHY]XWvQFRUWXULOHGLQWDEUDWXUFLORULDURUDXO SXVWLX L PRUW JRO L IU GH JODV QHDYkQG QLFL FKLS QLFLIUXPXVHH

&XULD URPDQ vQ IUXQWH FX XPDQLVWXO (QHDV 6LOYLR 3LFFRORPLQL SUHGLF RQRXFUXFLDGSHQWUXHOLEHUDUHDFHWLLLDOXQJDUHDWXUFLORUGLQ(XURSDGDUUH]XOWDWHOH IXUSUDFWLF LQH[LVWHQWH QVXGHVWXO(XURSHL WHPkQGXVHFYRUFXQRDWH VRDUWD %L]DQXOXL VWDWHOH FUHWLQH VH JUELU D VH VXSXQH SXWHULLRWRPDQH 0DKRPHG ,, DFXP vQVFXQDW SH WURQXO GHIXQFWXOXL ,PSHULX%L]DQWLQLHULMkQGXVHvQPRWHQLWRUDODFHVWXLDQXVHSXWHDPXOXPLGRDUFXDWkW FRQWLHQW GH LPSRUWDQD JHRSROLWLF D ,VWDPEXOXOXL HO LD LPSXVFRQWUROXOGHSOLQDVXSUDVWUkPWRULORUQXUPWRULLDQLGRUQLFGHDLDVLJXUDVWSkQLUHD vQ %DOFDQL IU WHDPD GH SRVLELOH GHIHFLXQL DOH YDVDOLORU VLFUHWLQLDGHVHDWHQWDLGHDOLDQDFX9HQHLDVDX8QJDULDFXFHULvQvQWUHJLPH6HUELDvQDIDUGH%HOJUDGFHUH]LVWHURLFvQDSUDWGHIRUHOHPDJKLDUH VXEFRPDQGD OXL ,DQFXGH+XQHGRDUDDSRLVXGXO*UHFLHL 7UDSH]XQWXO LQXW GH GLQDVWLD EL]DQWLQ &RPQHQ LQVXOD /HVERVVWSkQLW GH XOWLPLL XUPDL DL IDPLOLHL LPSHULDOH L %RVQLD 7XUFLL QX UHXLU vQ VFKLPE V VH LPSXQ OD QRUG GH 'XQUH XQGHVX]HUDQLWDWHDORUGHLYHFKHGHDSURDSHMXPWDWHGHYHDFUH]LVWDGRDUSkQODDSURSLHUHDDUPDWHORUPDJKLDUHGHKRWDUHOHULL5RPkQHWLPDLDOHV9ODGHSH OH RSXVH vQWUH R vQYHUXQDW UH]LVWHQ vQ DOLDQ FX8QJDULD QFHOHGLQXUPvQV0DKRPHG,, vO LPSXVHSHFDQGLGDWXOVXODWURQXO PXQWHDQ 5DGX FHO )UXPRV 8Q DOW FRQIOLFW GH GXUDW vL RSXVH vQ*UHFLD vQWUH LSHRWRPDQLYHQHLHQLORU FDUH QXVHPXOXPLUGRDU VO VSULMLQH SH UHEHOXO DOEDQH] 6NDQGHUEHJ FL vQFHUFDU V vQFKHLH RDOLDQLFXSULQFLSDOXOULYDODOWXUFLORUvQ2ULHQW8]XQ+DVDQ0DKRPHG,,vL vQYLQVH vQV SH UkQG GXPDQLL$OEDQLD F]X FX XXULQ vQ PkLQLOH ORUGXSPRDUWHD OXL6NDQGHUEHJ8]XQ+DVDQ IX]GURELWGHRWRPDQLFLQFLDQLPDLWkU]LXLDUYHQHLHQLLvQFKHLDULHLSDFHDvQvQVFKLPEXOOLEHUWLLFRPHUXOXL3XWHUHDWXUFLORUHUDDWkWGHPDUHvQFkWvQHLGHEDUFDUFKLDU

vQ VXGXO ,WDOLHL LDU 3DSD VH SUHJWL V HYDFXH]H 5RPD FkQG0DKRPHG ,,PXULSHQHDWHSWDWH OVkQGXL LPSHULXOHSXL]DWGHQHvQFHWDWHOHFDPSDQLLLSUDG U]ERLXOXL FLYLO vQWUH ILL VL (O D IRVW vQV DGHYUDWXO IRQGDWRU DO,PSHULXOXL 2WRPDQ VWSkQ DO FHORU GRX UHJLXQL >$QDWROLD L 3HQLQVXOD%DOFDQLF@LDOFHORUGRXPUL>0HGLWHUDQDL0DUHD1HDJU@GHVFKLV vQDFHODL WLPS LQIOXHQHORU XPDQLVPXOXL RFFLGHQWDO GDU L RUWRGR[LHL LDU ODVIkULWXOVHFROXOXL;9,PSHULXOGHYHQLFHDPDLPDUHSXWHUHHXURSHDQ&UL]DFDUHXUPPRULLOXL0DKRPHG,,GGXvQFHOHGLQXUPFkWLJGHFDX]HOHPHQWHORU FRQVHUYDWRDUH FH UHLQVWLWXLU UHJLPXO MXULGLF DO VKDULHL OHJHDUHOLJLRDVD,VODPXOXLGDUU]ERLXOFLYLOJHQHUSULQLPSOLFDUHDDOWRUSXWHULLVODPLFH FRPSOLFDLL SH SODQ H[WHUQ $FHDVWD D GDW XQ UJD] (XURSHL L DSHUPLV JUDLH SHUVRQDOLWLL OXL WHIDQ FHO 0DUH DVFHQVLXQHD 0ROGRYHL ODUDQJXOGHSXWHUHUHJLRQDO6XFFHVHOHGRPQLHL OXLWHIDQFHO0DUH DX IRVW FHOPDLDGHVHDGHWHUPLQDWH GH YLFLVLWXGLQLOH SROLWLFLL RWRPDQH 3ULQWUR GLSORPDLHFRQMXQFWXUDORVFLOkQGvQWUH3RORQLDL8QJDULDEHQHILFLLQGGHPDULYHQLWXULGHSHXUPDFRPHUXOXLHVWHXURSHDQDOHFUXLGUXPXULVWUEWHDX0ROGRYDGRPQLWRUXO DSXWXW V UH]LVWHFX VXFFHVDSURDSHR MXPWDWHGHYHDF WXWXURUWHQWDWLYHORUGHFXFHULUHLFKLDUVLLPSXQSROLWLFDvQ0XQWHQLDYHFLQ3HWHUPHQ OXQJ WXUFLL VDX GRYHGLW vQV vQYLQJWRUL L vQ DFHVW FRQIOLFW vQWUHLHLLDXUHDOL]DWYHFKLXOORUHOGHDLLQVWLWXLFRQWUROXODVXSUD0ULL 1HJUH FXFHULQG SH UkQG WRDWH SRUWXULOH FRPHUFLDOH FUHWLQH LDU vQ vQ XUPD DQH[ULL VXGXOXL %DVDUDELHL 0DUHD 1HDJU GHYHQL XQ ODFRWRPDQ LQWHU]LV QHJXVWRULORU RFFLGHQWDOL $FHDVWD D vQVHPQDW LHLUHDPULLGLQ FLUFXLWHOH FRPHUXOXL HXURSHDQ L LQWHJUDUHD HL vQ HFRQRPLD UHJLRQDO D,PSHULXOXL L vQ DFHODL WLPS GHFGHUHD SXWHULL FHQWUDOH vQ ULOH vQ FDUHDFHDVWDvLWUJHDIRUDGLQVXPHOHUH]XOWDWHGLQDFHVWFRPHU0ROGRYDDUD5RPkQHDVFLFHYDPDLWkU]LX3RORQLDQSOXVSHWHUPHQOXQJFHUHUHDWRWPDLPDUH DSLHHL ,PSHULXOXL2WRPDQ L vQ VSHFLDO D ,VWDPEXOXOXL DGXVQXGRDU OD FUHWHUHD FRQWUROXOXL SROLWLF WXUFHVF DVXSUD ULORU ULYHUDQH 0ULL1HJUH FL L OD R VSHFLDOL]DUH D HFRQRPLLORU DFHVWRUD FRQVWLWXLQG XQ IDFWRUPDMRUGHVXEGH]YROWDUH2UWRGR[LDRDOWOXPHHXURSHDQ"'LQ SXQFW GH YHGHUH SROLWLF LPSHULXO %L]DQWLQ FH VH SUEXLVH GHILQLWLY ODHUDFRPSOHWQHVHPQLILFDWLY UHGXFkQGXVHSUDFWLF OD&RQVWDQWLQRSROLKLQWHUODQGXODFHVWXLD6HPQLILFDLDVDIXQGDPHQWDOHUD vQVDFHDVSLULWXDOFHO IFHD HJDOXO 5RPHL vQ (VWXO RUWRGR[ LPSRUWDQD VD HUD vQV LQYHUVSURSRULRQDO FX PLMORDFHOH GH FDUH %L]DQXO GLVSXQHD HIHFWLY SHQWUX DLVXVLQH SR]LLD 6LQJXUD VROXLH vQWUHY]XW GH vPSUDLL FRQIUXQWDL FXDFHDVWVLWXDLHDIRVWDSHOXOODFUHWLQWDWHDRFFLGHQWDOvQFRQGLLLOHvQFDUHQLFL XQD GLQWUH ULOH RUWRGR[H QX HUD VXILFLHQW GH SXWHUQLF DFHVW JHVW HUDvQVH[WUHPGHGHOLFDWFFLLPSOLFDVIkULWXOVFKLVPHLFHGHVSUHDGHOD

FUHWLQWDWHD UVULWHDQ RUWRGR[ GH FHD RFFLGHQWDO FDWROLF L XQLUHDFHORUGRXELVHULFL LGHHUHVSLQVFXKRWUkUHGHHOLWHOHHVWHXURSHQHDWDDWHGH LGHRORJLD FH]DURSDSLVPXOXL DILUPkQG VXERUGRQDUHD FOHUXOXLFRQGXFWRULORU ODLFL L RVWLOH GHFL SULPDWXOXL VXYHUDQXOXL SRQWLI FH DU ILGHFXUV GLQWUR XQLUH D ELVHULFLORU QF GH OD vPSUDWXO 0LKDLO 9,,,UHFXQRVFXVH OD &RQFLOLXO GH OD /\RQ VXSUHPDLD SDSHL GDU FOHUXO RUWRGR[UHVSLQVH IHUP DFHDVW WHQWDWLY GH XQLUH DELD vQ IDD LPLQHQHL SHULFROXOXLRWRPDQ,RDQ9,,,vQVRLWGHRGHOHJDLHGHvQDOLSUHODLJUHFLGHFLVHXQLUHDFX5RPD OD&RQFLOLXOGH OD)ORUHQD)HUUDUD /D vQWRDUFHUHDGLQ,WDOLDGHOHJDLDVHL]ELGHXQYDOGHRVWLOLWDWHGLQSDUWHDRUWRGRFLORUFHGHFODUDU FL SUHIHU SH WXUFL FDWROLFLORU GHWHUPLQkQG UXSHUHD XQLULL L RDFXW GH]ELQDUH SROLWLF OD &RQVWDQWLQRSRO /D UkQGXO HL FUHWLQWDWHDRFFLGHQWDO QXL vQGHSOLQL SUHD HQHUJLF SURPLVLXQLOH VLQJXUD WHQWDWLY GHFUXFLDG FRQGXV GH ,DQFX GH+XQHGRDUD ILLQG ]GURELW OD9DUQD 'XSQXPDL H[LVWD QLFL XQ FHQWUX DO RUWRGR[LHL vQ FLXGD VHFXODUHORUWHQWDWLYH DOH VWDWHORU VXGHVW HXURSHQH GH DL DILUPD YRFDLD LPSHULDO SHIRQGXO FUL]HL ILQDOH EL]DQWLQH DUD 5RPkQHDVF %XOJDULD L 6HUELD vQVHFROXO ;,9 0ROGRYD OD vQFHSXWXO YHDFXOXL XUPWRU 0DKRPHG ,, DU ILSXWXW OXD XRU ORFXO vPSUDLORU %L]DQXOXL GDU R QRX SXWHUH D FUHLFUHWLQDUH IXVHVH RSHUD JUHFLORU SUHWLQVH PRWHQLUHD DFHVWRUD DURJkQGXLWLWOXOGHDWUHLD5RPLHOXOPHVLDQLFGHUHIDFHUHDFUHWLQWLLvQVSLULWXORUWRGR[LHL0DUHOH&QH]DWDO0RVFRYHL%LVHULFDUXVQXVHOVDVHDWUDVGHLVSLWHOHXQLRQLVWHPRVFRYLLLUHSUH]HQWDXVLQJXUDSXWHUHSROLWLFLPSRUWDQWDOXPLLRUWRGR[HLDUPDULLFQHMLVHvQUXGHDXFXIDPLOLDLPSHULDOEL]DQWLQHUDGHFLILUHVFFD0DUHOXL&QH]DWVLUHYLQPLVLXQHDGHFDUH&RQVWDQWLQRSROXOQXVHDUWDVHGHPQ6XE9DVLOH,,L,YDQ,,,VWDWHOHUXVHWL PDL VODEH DX IRVW DQH[DWH GH PRVFRYLL vQ PDUH PVXU SHQWUX DOHJLWLPD DFHVWH DFLXQL ,YDQ ,,, D SURFODPDW OD GXS FVWRULD FX RSULQFLSHV EL]DQWLQ D WUHLD 5RP L D DGRSWDW YXOWXUXO ELFHIDO FDHPEOHP &RPELQDW vQV FX vQFKLGHUHD GH FWUH WXUFL D 0ULL 1HJUH LLHLUHD HVWXOXL (XURSHL GLQ FLUFXLWHOH FRPHUXOXL LQWHUQDLRQDO DFHDVWUHRULHQWDUH D OXPLL RUWRGR[H FWUH XQ SRO H[FHQWULF D VHSDUDWR FRPSOHW GHRFFLGHQW GHILQLWLYkQG XQ FOLYDM FDUH GH XQ PLOHQLX QX vQFHWD V VHDGkQFHDVF$VWIHO GLQ VHFROXO;9 LVWRULD (XURSHL GHYLQH SUDFWLF LVWRULD DGRXOXPLVHSDUDWHLGLIHULWHQFHSXWXULOHFRORQLDOLVPXOXLHXURSHDQ([SDQVLXQHD ,PSHULXOXL2WRPDQ QX D GXV OD R UHRULHQWDUH GRDU vQ SROLWLFDHVWHXURSHDQ 2FFLGHQWXO GHYHQLVH FRQWLHQW GH LPLQHQD FXFHULULL0HGLWHUDQHLGHFWUHWXUFLDFURUIORWPLOLWDUHUDODVIkULWXOVHFROXOXL;9FHDPDLSXWHUQLFGLQ(XURSD/HJWXULOHFRPHUFLDOHDOHYHVWXOXLFX2ULHQWXOVWDELOLWH vQ WLPSXO FUXFLDGHORU L PHQLQXWH SULQ QHJXWRULL YHQHLHQL LJHQRYH]L HUDX DFXP GHILQLWLY WLDWH HFRQRPLD ,PSHULXOXL 2WRPDQ

PHQLQkQGXL FX VWULFWHH WUDGLLRQDOXO FDUDFWHU DXWDUKLF L UHJLRQDO6WDWHOHRFFLGHQWDOH VDX Y]XW GHFL VLOLWHPDL DOHV FD XUPDUH D SHQXULHL GHPHWDOHSUHLRDVH FX HIHFWH GHIODLRQLVWH V FDXWH DFFHVXO OD DOWH SLHH H[WUDHXURSHQH,QLLDWRULLDFHVWHLvQWUHSULQGHULDXIRVWSRUWXJKH]LLFDUHODvQFHSXWXOVHFROXOXL;9 HUDX SRDWH VLQJXULL GHLQWRUL DL WHKQRORJLHL L H[SHUWL]HL QHFHVDUHUHDOL]ULLXQRUPDULH[SHGLLLQDYDOH6XEvQDOWDSURWHFLHDLQIDQWHOXL+HQULF1DYLJDWRUXO FH D SXV OD GLVSR]LLH UHVXUVHOH 2UGLQXOXLWHPSOLHULORU QDYLJDWRULL SRUWXJKH]L DX XUPULW XQ SODQ JUDQGLRV FH YL]DFXFHULUHD $IULFLL GH 1RUG GHVFRSHULUHD GH QRL WUkPXUL RFFLGHQWDOH LH[SORUDUHD YHVWXOXL $IULFLL L D ,QGLHL L vQ DFHODL WLPS FXWD DOLDQDvPSRWULYD,VODPXOXLFXPLVWHULRDVHOHUHJDWHFUHWLQHGLQ$VLDLDIULFD'HMDOD R SULP H[SHGLLH PLOLWDU D VWDELOLW XQ FDS GH SRG OD &HXWD vQ0DURF FkLYD DQL PDL WkU]LX DX IRVW RFXSDWH DUKLSHODJXULOH 0DGHLUD L$]RUH YLLWRDUH HVFDOH SHQWUX H[SHGLLLOH DIULFDQH 3H OD 3RUWXJDOLDFRQVWUXLD SULPHOH FDUDYHOH vQ DQWLHUXO QDYDO GLQ 6DJUHV LQLLDW GH +HQULF1DYLJDWRUXO L FDUH D UHXQLW HOLWD QDYLJDWRULORU L FDUWRJUDILORUFRQWLQHQWXOXL Q XUPWRDUHD MXPWDWH GH YHDF IORWD OXVLWDQ SULPD GLQ(XURSDDH[SORUDW vQWUHJXO OLWRUDOYHVWLFDO$IULFLL vQGHVFRSHUHD5LRGH2UR vQ*XLQHHDGHFHQLLPDL WkU]LX'LHJR&RH[SORUDHVWXDUXOIOXYLXOXL &RQJR L UPXULOH $QJROHL FX DMXWRUXO PDUHOXL JHRJUDI 0DUWLQ%HKDLPvQ3HURGD&RYLOKDRFOWRULQGvQVHFUHWvQ$UDELDGHVFRSHUHD(WLRSLDFUHWLQHOXOXWRSLFHORUFXWULDOHLQIDQWHOXL+HQULFvQILQHOD%DUWRORPHX 'LD] RFROHD &DSXO %XQHL 6SHUDQH GHVFKL]kQG XQ QRX GUXPVSUHSLHHOH2ULHQWXOXLQGHSUWDW LQWHU]LVHSkQDWXQFLGHEDULHUDRWRPDQ'XSQXPDLDQL9DVFRGD*DPDDWLQJHD OD UkQGXOVX UPXULOH ,QGLHLGHFODUkQGJD]GHLVDOHPRQDUKXOGLQ&DOLFXW&GHGHDQLUHJLL3RUWXJDOLHL WULPLWHDXDQXDOFRUELLvQFOWRULLGHGHVFRSHULUHFWUHPHOHDJXULOHDVWHDWLLQGFDLFLH[LVWUHJLFUHWLQLFDLHLLGLQDFHDVWFDX]WULPLWHDXVVHGHVFRSHUHPHQLRQDWHOHWHULWRULLQXILLQGFOHDUWUHEXLDXULDUJLQW

$FHVWDDYHDVILHvQVFkQWHFXOGHOHEGDOHURLFHLHSRFLLQLLDWHGH+HQULF1DYLJDWRUXO0DLUHDOLWLXUPDLLVLVHVXSXVHULPSHUDWLYHORUSROLWLFHLHFRQRPLFH 'HMD DXUXO L VFODYLL $IULFLL UHFRPSHQVDVHU GHFHQLLOH GHH[SORUULLH[SORDWULPHWRGLFH5RDGHOHFOWRULHLOXL9DVFRGD*DPDVHY]XU FkQG UHJHOH 0DQXHO , WULPLVH R QRX H[SHGLLH PLOLWDU GH GDWDDFHDVWD L vL LQVWLWXL FRQWUROXO DVXSUD FRDVWHORU ,QGLHL Q9DVFRGD*DPDvQVXLSHGHSVLFXFUX]LPHRUDXOUVFXODW&DOLFXW vQWRUFkQGXVHFXRSUDGFRORVDOGRDUFkLYDDQLPDLWkU]LXVXYHUDQXOSRUWXJKH]QXPLSULPXOYLFHUHJHDO,QGLHL6HQWHDDVWIHOSULPXOLPSHULXFRORQLDOPRGHUQFHDYHDV IDF GLQ3RUWXJDOLD SHQWUX R YUHPH FHDPDL SXWHUQLF HFRQRPLH GLQ2FFLGHQW

1RXDOXPHVHDQXQDvQVDWkWGHERJDWvQFkWQXSXWHDXvQWkU]LDVDSDUQRLFRPSHWLWRUL3ULPXOGLQWUHDFHWLDHUDFHOODOWVWDWLEHULF6SDQLD(SXL]DWGHFRVWXULOH FHQWUDOL]ULL SROLWLFH DFHDVWD QX FXWD GHFkW XQ GHEXHX SHQWUXQRELOLPHDVDUPDVIURFXSDLHLPDLDOHVXQLPSHULXFRORQLDOFDUHVRDGXF OD QLYHOXO 3RUWXJDOLHL DVWIHO F OD 5HJLL &DWROLFL DFFHSWDUSURLHFWXO QDYLJDWRUXOXL JHQRYH] &ULVWRIRU &ROXPE GH D FXWD R UXWRFFLGHQWDO FWUH ,QGLD SHQWUX D FRQFXUD FRPHUXO OXVLWDQ Q VFKLPEFDUDYHOHOH OXL &ROXPE GHVFRSHULU LQVXOHOH 0ULL &DUDLEHORU LDU vQXUPWRDUHOH H[SHGLLL H[SORUDU DUKLSHODJXO $QWLOHORU L DWLQVHU UPXULOHFRQWLQHQWXOXLDPHULFDQHOXULOHOXL&ROXPEQXPDLHUDXvQVFRPHUFLDOHFDvQ SULPD VD FOWRULH LQWHUHVHOH QHJXWRULORU GLQ 6HYLOOD L DOH FRURDQHLVSDQLROH LPSXQHDX FRORQL]DUHD L H[SORDWDUHD QRLORU WHULWRULL FKLDU L FXSUHXOH[WHUPLQULL LQGLJHQLORUSHQWUXDSULQGHGLQXUPGHFDODMXO IDGHSRUWXJKH]L 5HJLL &DWROLFL vQWUHY]XVHU LPHQVHOH SRVLELOLWL SH FDUH OHGHVFKLGHDXERJLLOHFRORQLLORUDPHULFDQHvQFRPSDUDLHFXUHVXUVHOHVUDFHDOH 6SDQLHL $VWIHO VH GHVFKLGHDX DSHWLWXULOH KHJHPRQLFH DOH PRQDUKLORUVSDQLROL vQ(XURSD'DF VHFROXO;9VH vQFKHLD FXGRPLQDLD HFRQRPLFD3RUWXJDOLHLFHOFHLXUPDVHDQXQDDDSDULQHSXWHULLSROLWLFHD6SDQLHLQWUHEULGHYHULILFDUH&XPVDGHVIXUDWSURFHVXOGHXQLILFDUH L FHQWUDOL]DUHSROLWLF vQYHVWXO(XURSHLvQDGRXDMXPWDWHDVHFROXOXL;9"&DUHVXQWGLPHQVLXQLOHSROLWLFHDOH5HQDWHULL"&DUH DX IRVW vQ HVWXO L vQ YHVWXO (XURSHL FRQVHFLQHOH H[SDQVLXQLLRWRPDQH"%LEOLRJUDILH*KHRUJKH,%UWLDQX$GXQULOHGHVWUL vQ(XURSDL vQULOH5RPkQHvQ(YXO0HGLX(G(QFLFORSHGLF%XFXUHWL-DFRE%XUFNKDUGW&XOWXUD5HQDWHULLvQ,WDOLD(G0LQHUYD%XFXUHWL-RKDQ+XL]LQJD$PXUJXOHYXOXL0HGLX(G0HULGLDQH%XFXUHWL+DOLO ,QDOFLN ,PSHULXO 2WRPDQ (SRFD FODVLF (G (QFLFORSHGLF%XFXUHWL333DQDLWHVFX,QWHUSUHWULURPkQHWL(G(QFLFORSHGLF%XFXUHWL6WHYHQ 5XQFLPDQ &GHUHD &RQVWDQWLQRSROXOXL (G (QFLFORSHGLF%XFXUHWL

7HPD,,(SRFD5HIRUPHL'XSSDUFXUJHUHDDFHVWHLWHPHYHLvQYD /XSWD VWDWHORU HXURSHQH vPSRWULYD PRQDUKLHLXQLYHUVDOHKDEVEXUJLFH

5HIRUPDLFRQVHFLQHOHHLSROLWLFH ([SDQVLXQHDRWRPDQVXE6ROLPDQ0DJQLILFXO,PSHULLOHFRORQLDOHLvPSULUHDOXPLL&UHDUHD SULPHORU LPSHULL FRORQLDOH JHQHU OD VIkULWXO YHDFXOXL DO ;9OHD RSUREOHP IXQGDPHQWDO GH QDWXU SROLWLF L MXULGLF FLQH DYHD DXWRULWDWHD GH DDUELWUDFRQIOLFWHOHGLQLGLQWUHHOHDWkWDWLPSFkWQXDSDULQHDXHIHFWLYXQLYHUVXOXLSROLWLF HXURSHDQ L VWUXFWXULORU QRUPDWLYH DOH DFHVWXLD" 3DSDOLWDWHD VH JUEL VLDURJHDFHVWUROFRQVLGHUkQGFJHVWXODSRVWROXOXL3HWUXGHDFOWRULSHPDUHDH[SULPDWSULYLOHJLXOSRQWLILFDWXOXLFHvLGGHDGUHSWXOGHDVWSkQLvQWUHDJDOXPH$FLXQL HIHFWLYH vQWULU DFHVWH SUHWHQLL GHMD OD SDSD (XJHQ ,9 FRQILUPSRUWXJKH]LORUSRVHVLXQHD FRDVWHORUGHYHVW DOH$IULFLL LDU OD VXFFHVRUXO VX OHUHFXQRVFXDWkWWHULWRULLOHFHXUPDXDILGHVFRSHULWHXOWHULRUFkWLGUHSWXOGHDVXSXQHSRSRDUHOHQHFUHWLQH([SORUULOHOXL&ROXPELQWURGXVHUvQVFHQXQQRXFRPSHWLWRU6SDQLDDFUHLSR]LLHSUHDH[WUHPGHIUDJLOvQIDDSULPDWXOXLFRORQLDOSRUWXJKH]1RXO SDS VSDQLROXO $OH[DQGUX 9, %RUJLD FRQILUP vQV IU H]LWDUHWHULWRULLOHDPHULFDQH5HJLORU&DWROLFLFKLDUGLQ'XSQHJRFLHULODLXQLH3RUWXJDOLD UHXL V RELQ R SR]LLH FHYD PDL DYDQWDMRDV SULQ WUDWDWXO GH OD7RUGHVLOODVFDUHLQVWLWXLDROLQLHGHGHPDUFDLHvQWUHHPLVIHUDRFFLGHQWDOVSDQLROLFHDRULHQWDOOXVLWDQSULQWUXQPHULGLDQVLWXDWODGHOHJKHYHVWGHLQVXOHOH$]RUH([WLQGHUHDLPSHULXOXLFRORQLDOVSDQLROvQ2FHDQXO3DFLILFXUPDUHDFOWRULHLOXL0DJHOODQ vQ MXUXO OXPLL DGXV ODRGHOLPLWDUH VLPLODUDVIHUHORUGHLQIOXHQ vQ DFHVW VSDLX SULQ WUDWDWXO GH OD 6DUDJRVD FRQIHULQG DVWIHOvQWUHSULQGHULLFRORQLDOHXQFDUDFWHUGHPRQRSROVDFUDOL]DWGHFRQILUPDUHDSRQWLILFDO5HIRUPDYDRIHULvQVLDOWRUVWDWHOHJLWLPLWDWHDQHFHVDULQWHUYHQLHLvQDFHVWVLVWHP5]ERDLHOHLWDOLHQHSkQODvQFRURQDUHDOXL&DURO4XLQWXO$YHQWXUDU]ERDLHORULWDOLHQHDDYXWHIHFWXOGHDWUDQVSXQHSROLWLFDEDODQHLGHSXWHUHFH GRPLQD UDSRUWXULOH GLQWUH VWDWHOH SHQLQVXOHL OD QLYHOXO vQWUHJLL (XURSH 'HMD vQVHFROXO;9,,,LVWRULFXOLILORVRIXO&RQGLOODFFRQVLGHUDFLQWHUYHQLDIUDQFH]vQ,WDOLDDVFKLPEDWIDD(XURSHL3kQDWXQFLQDLXQLOHVHRFXSDVHUVHSDUDWGHWXOEXUULOHORU vQ FOLSD DFHHD ,WDOLD *HUPDQLD )UDQD $QJOLD L 6SDQLD vQFHSXU V VHREVHUYHLVIRUPH]HOLJLvPSRWULYDSXWHULLFDUHOHSUHDFHDPDLGHWHPXW&DURO9,,, VXYHUDQXWRSLFFHYLVD OD UHFXFHULUHD%L]DQXOXL L ,HUXVDOLPXOXL VH OVH[WUHPGH XRU DWUDV GH/XGRYLF0DXUXO vQ UHYHQGLFDUHD SDWULPRQLXOXL QDSROHWDQ DODQJHYLQLORUFDUHQXLDSUHDGHDOWIHOGHFkWFDRHVFDOvQPDUXOVSUH/RFXULOH6ILQWH$UPDWDVDvQVFKLPEDIRVWSUREDELOSULPDDUPDWPRGHUQIRUPDWGLQWUHLDUPHLQIDQWHULHFDYDOHULHLDUWLOHULHSOWLWGLQILQDQHOHVWDWXOXLIUDQFH]LOXSWkQGSHQWUXEDQLLQXSHQWUXXQVHQLRUVDXSHQWUXRQRDUHDIHXGDO3HIHEUXDULHGXSXQ

PDUWULXPIDO&DUROLQWUvQ1HDSROHODPDLSUVLRUDXOvQIDDFRDOL]ULLVWDWHORULWDOLHQHFX,PSHULXO*HUPDQLFX6SDQLDLLFURLFXJUHXGUXPVSUH)UDQDvQOXSWDGH OD )RUQRYR &D XUPDUH IUDQFH]LL HYDFXDU SHQLQVXOD GDU SDWUX DQL PDL WkU]LXU]ERDLHOH UHvQFHSXU VXE QRXO UHJH /XGRYLF ;,, FDUH UHQXQkQG OD vQGRLHOQLFDDOLDQFX0DXUXOvLDOWXU9HQHLDvQUHYHQGLFDUHD0LODQXOXL'XFHOHIXL]JRQLWGHWUXSHOHIUDQFH]H LDU vQWURvQFHUFDUHGLVSHUDWGHDUHYHQLFXDMXWRUXOHOYHLHQLORUIXSULQVLGXVvQFDSWLYLWDWHvQ)UDQD/XGRYLF;,,QXVHPXOXPLGRDUFXDWkWLSULQWUXQ WUDWDW VHFUHW LO DOWXU SH )HUGLQDQG GH $UDJRQ 7UXSHOH IUDQFH]H L VSDQLROHLQYDGDUVXGXO,WDOLHLLDU/XGRYLFVHvQFRURQODDXJXVWUHJHDO1HDSROHOXL'HVFRSHULUHD,WDOLHLOHOXDVHPLQLOHIUDQFH]LORUQXHUDXGHVWXOGHWDULSHQWUXDUH]LVWDIDUPHFXOXL ULL&XYkQWXOGHVFRSHULUHHVWHFHOPDLSRWULYLW QVRLWRULL OXL&DURO9,,,QXDXIRVWPDLSXLQXLPLLGHFkWFHLDLOXL&ROXPEVFULH0LFKHOHWvQ,VWRULD)UDQHL/XGRYLFQXLSXWXvQVSVWUDWURQXOGHFkWSkQvQFkQGVSDQLROLLvQVSLPkQWDLGHGH]HFKLOLEUXOEDODQHLGHSXWHUHvOWULPLVHUSHPDUHOHJHQHUDO*RQ]DOYRGH&RUGREDVUHFXFHUHDVF1HDSROH/D&HULJQRODLOD*DULJOLDQRFHOHEUHOHUHJLPHQWHVSDQLROHGHLQIDQWHULHWHUFLRVvL]GURELUSHIUDQFH]LLDU)HUGLQDQGVHSURFODPUHJHDO1HDSROHOXLLQVWDXUkQGXLODUkQGXOVXGRPLQDLDvQ ,WDOLD )DPLOLD %RUJLD L 9HQHLD XOWLPHOH SXWHUL LQGHSHQGHQWH GLQ SHQLQVXO VHSUEXLUODUkQGXOORUVXEORYLWXULOHSDSHL,XOLX,,QFDOHD6SDQLHLPDLUPkQHDXGRDUIUDQFH]LLGLQ0LODQRvPSRWULYDORUSDSDRUJDQL]R6IkQW/LJFXWRDWHPDULOHSXWHULHXURSHQHQFLXGDYLFWRULHLGHOD5DYHQQDDVXSUDWUXSHORU/LJLL/XGRYLF;,,DWDFDWSHWRDWHIURQWXULOHDEDQGRQ0LODQXOLDUXOWLPDUH]LVWHQDUHSXEOLFDQLORUIORUHQWLQLDOLDLFX)UDQDF]XVXEORYLWXULOHOXL*RQ]DOYRGH&RUGREDFDUH UHLQVWDXU GLQDVWLD GH 0HGLFL 0DL PXOW VXFFHV DYX VXFFHVRUXO OXL /XGRYLF)UDQFLVF,FDUHGXSFHvQFHUFIUQLFLXQVXFFHVVUHFXSHUH]H0LODQRSHFDOHGLSORPDWLFVHFLRFQLFXWUXSHOHHOYHLHQHFHDSUDXGXFDWXOSURYRFkQGXOHRUVXQWRDUH vQIUkQJHUH OD0DULJQDQR VHSW Q ILQH SULQ WUDWDWXO GH OD1R\RQ )UDQFLVF RELQX 0LODQXO vQ VFKLPEXO UHQXQULL OD SUHWHQLLOHQDSROHWDQH PSUDWXO0D[LPLOLDQ FDUH IXVHVH LQLPD /LJLL IX SUVLW GH DOLDLL VLVLWXDLDGLQ,WDOLDvQFOLQkQGDVWIHOGLQQRXvQIDYRDUHD)UDQHL

&DURO4XLQWXOvQWUH,PSHULXO*HUPDQLPRQDUKLDXQLYHUVDO

/DVIkULWXOVHFROXOXL;9,PSHULXO5HLFKJHUPDQVHvQILDFDXQPR]DLFGHVWDWH

LQGHSHQGHQWHDFURUFRH]LXQHHUDYDJDVLJXUDWGHvPSUDLLGLQFDVDGH+DEVEXUJ

%XODGHDXUGDWvQGH&DURO,9SUHYHGHDDOHJHUHDvPSUDWXOXLSULQYRW

PDMRULWDUGHFWUHXQFROHJLXIRUPDWGLQHOHFWRULDUKLHSLVFRSLLGH0DLQ]7ULHUL

.|OQFRQWHOHSDODWLQUHJHOH%RHPLHLGXFHOH6D[RQLHLLPDUNJUDIXOGH%UDQGHQEXUJ

QVFKLPEVXYHUDQXOSRQWLIHUDH[FOXVGHODDFHDVWDOHJHUH0D[LPLOLDQ,DvQFHUFDWV

GHDRRUJDQL]DUHDFHVWXLFRQJORPHUDWSROLWLFGHVRUJLQWHIHXGDOvQWULQGDXWRULWDWHD

vPSUDWXOXLLGLHWHL5HLFKXOXLvQIDDSULQFLSLORUQHOvQFHUFFKLDUVLQVWLWXLH

XQJXYHUQDO,PSHULXOXLPDLXRUGHFRQYRFDWGHFkWGLHWDFRPSXVGLQQHQXPUDLL

VHQLRULJHUPDQLGDUDFHVWDIXGHVILLQDWGRLDQLPDLWkU]LX6LQJXUXOUH]XOWDWHIHFWLYDO

UHIRUPHORUVDOHDIRVWvPSULUHDDGPLQLVWUDWLYD*HUPDQLHLvQFHUFXULLFUHDUHD

XQXLRUJDQMXULGLFVXSUHP&DPHUDLPSHULDO3HSODQH[WHUQGXSLQVXFFHVHOH

LWDOLHQHXOWLPLLDQLDLGRPQLHLOXL0D[LPLOLDQDXIRVWGHGLFDLFRQVROLGULLSXWHULL

FDVHLGH+DEVEXUJvQ(XURSD1HSRWXOVX&DUROGRPQHDGHMDGLQDVXSUD

6SDQLHLLULORUGH-RV0D[LPLOLDQVHVWUGXLVOXUFHLSHWURQXOLPSHULDO

(OHFWRULLVHWHPHDXvQVSUHDWDUHGHFDVDGH$XVWULDHLSUHDXDLOSUHIHUDOXL&DURO

SH)UDQFLVF,VDXSH)UHGHULFGH6D[RQLD6XVLQXWILQDQFLDUGHEDQFKHULL)XJJHUL

SVLKRORJLFGHIUDQFRIRELDHOHFWRULORUFDQGLGDWXOGH+DEVEXUJVHLPSXVHvQFHOHGLQ

XUPvQGDXQDFHOXLIUDQFH]ILLQGDOHVODLXQLH)UDQFLVFWUDQVIRUPvQV

HHFXOVXLPSHULDOvQWURULYDOLWDWHGHQHVWLQVIDGH&DURO94XLQWXOLvQFHUF

VODWUDJGHSDUWHDVDSH+HQULF9,,,DO$QJOLHLFDUHDUILSXWXvQFOLQDEDODQDvQ

IDYRDUHDIUDQFH]LORUIXvQVOLSVLWGHVXFFHVFDLSHIURQWXOLWDOLDQXQGHU]ERLXO

UHvQFHSXDGXFkQGPDULYLFWRULLLPSHULDOLORUFDUHLODOWXUDVHUSHFHOPDLEXQ

JHQHUDOIUDQFH]FRQHWDELOXOGH%RXUERQQFHUFkQGVUHFXFHUHDVF0LODQXO)UDQFLVF

vQVXLIXFDSWXUDWGXSGH]DVWUXOGHOD3DYLD

$UILSXWXWILvQFHSXWXOGRPLQDLHLKDEVEXUJLFHvQ(XURSDFFLQLPLFQXPDLSUHDDVWD vQ FDOHD OXL &DURO 4XLQWXO GDU WRFPDL SURLHFWHOH GH PRQDUKLH XQLYHUVDO DOHvPSUDWXOXL IXUSULQFLSDOHOHREVWDFROH vQUHDOL]DUHDDFHVWXL HO&XPXOkQGGRPHQLLOH+DEVEXUJLORULFHOHVSDQLROHVWSkQLUHDOXL&DUROHUDLPHQVXQLPSHULXSHVWHFDUHVRDUHOH QX DSXQHD QLFLRGDW L GLQ DFHDVW FDX] LPSRVLELO GH JXYHUQDWDGPLQLVWUDLDVDHUDDWkWGHGHELOvQFkWvPSUDWXODIRVWQHYRLWVFOWRUHDVFR]LGLQSDWUXvQOXQJDVDGRPQLHSHQWUXDDVLJXUDJXYHUQDUHDSRVHVLXQLORUVDOHGLVSHUVDWH'H RUL DP IRVW vQ*HUPDQLD GH 6XV GH RUL DP WUHFXW vQ 6SDQLD GH RUL vQ,WDOLDGHRULDPYHQLWvQ)ODQGUDGHRULDWkWSHWLPSGHSDFHFkWLSHWLPSGHU]ERLDPSLWSHSPkQWXO)UDQHLGHRULSHFHODO$QJOLHLGHDOWHRULDP

vQDLQWDWvPSRWULYD$IULFLLFHHDFHvQWRWDODUIDFHGHFOWRULLIUDOHVRFRWLLSHFHOHGHPDLPLFLPSRUWDQ

GHFODUD &DURO 4XLQWXO vQ WHVWDPHQWXO VX SROLWLF Q DFHODL WLPS GLPHQVLXQLOH,PSHULXOXL vOREOLJDXSH+DEVEXUJVSRDUWH U]ERDLHSHPDLPXOWHIURQWXULGHRGDWvPSRWULYD IUDQFH]LORU vQ ,WDOLD vPSRWULYD WHQGLQHORU FHQWULIXJH DOH VXYHUDQLORUWHULWRULDOL vQ*HUPDQLD vPSRWULYD WXUFLORU vQ8QJDULD L vQ0HGLWHUDQD &DXUPDUHIUDWHOH VX )HUGLQDQG SULPL vQ FRQGXFHUHD SRVHVLXQLORU JHUPDQH DOH FDVHL GH$XVWULD LDU vQ IX DOHV VXFFHVRU OD WURQXO LPSHULDO FD XUPDUH HO WUHFX ODUHRUJDQL]DUHD WHULWRULLORU VDOH FRQWLQXkQG RSHUD OXL 0D[LPLOLDQ , vQWUXQ VSLULWFHQWUDOL]DWRUPDLPRGHUQGHVFKLVFWUHFRODERUDUHDFXSULQFLSLLFKLDUSHVWHFDSXOOXL&DURO1X DFHODL OXFUX VHSXWHD vQV VSXQH L GHVSUH vPSUDW$GHYUDW VXYHUDQPHGLHYDO&DURO HUD JKLGDW vQ SROLWLFD VD HXURSHDQ GH HOXO UHVWDXUULL ,PSHULXOXL FUHWLQXQLYHUVDO vQ GDXQD IDFWRULORU FHQWULIXJL UHSUH]HQWDL GH PRQDUKLLOH QDLRQDOH L GH5HIRUPvQVOXMEDDFHVWXLLGHDOHORUJDQL]DVHSHvQWUHJXOFRQWLQHQWXQSLHQMHQLGHFVWRULLGLQDVWLFHPHQLWD LQVWLWXLVXSUHPDLDFDVHLGH+DEVEXUJGLQ3RUWXJDOLDSkQvQ 'DQHPDUFD Q DFHODL WLPS SHUVRQDOLWDWHD VD D IRVW L FHD D XQXL FRQGXFWRUPRGHUQ X]kQG GH WRDWH PLMORDFHOH SROLWLFH LQWHUQH L H[WHUQH DOLDW FX LQVWLWXLLOHEDQFDUHLIDYRUDELODSDULLHLFDSLWDOLVPXOXLFUHDWRUXQHLDUPDWHSHUIHFLRQDWHFDUHvQXOWLPLQVWDQYDILPDUHOHLQVWUXPHQWDOSROLWLFLLKDEVEXUJLFH

5]ERDLHOHLWDOLHQHSkQODSDFHDGHOD&DWHDX&DPEUpVLV

3ULQWUDWDWXOGHOD0DGULG)UDQFLVF,IXHOLEHUDWvQVFKLPEXODEDQGRQULL,WDOLHLL%XUJXQGLHLQWRUVvQSDWULHHOUHIX]VVHFRQIRUPH]HDFHVWRUSUHYHGHULLGHFODQXQQRX U]ERL vQ DOLDQ FX VWDWHOH LWDOLHQH /LJDGH OD&RJQDF$UPDWHOH VDOHQXDYXU vQV VXFFHV Q IUXQWHD WUXSHORU LPSHULDOH FRQHWDELOXO GH %RXUERQ LQYDGSHQLQVXODLQHDYkQGFXFHVLSOWHDVFVROGDLLOHSHUPLVHVMHIXLDVF5RPDLVOUVFXPSHUH SH SDS GDU IX HO vQVXL XFLV vQ DFHVWH WXOEXUUL 3DFHD GH OD&DPEUDLFRQVILQLvQvQIUkQJHUHDOXL)UDQFLVFGDUHOQXDEDQGRQVSHUDQDGHDSXQHPkQDSH,WDOLDSRDUWDVSUHLQLPD(XURSHLFHQWUDOH$OWHGRXU]ERDLHvQLvQQXUHXLUVPRGLILFHVXEVWDQLDOVLWXDLD)UDQDQXHUDGHVWXOGHSXWHUQLFLDU,PSHULXODYHDGHOXSWDWLSHDOWHIURQWXULXQUH]XOWDWGHFLVLYSUkQGSUDFWLF LPSRVLELO 6XFFHVRUXO OXL )UDQFLVF +HQULF ,, VH DOLH FX SULQFLSLL UHIRUPDLJHUPDQLLPXWFRQIOLFWXOODIURQWLHUDUHQDQFXFHULQGRUDHOHVWUDWHJLFH0HW]7RXOL9HUGXQ&DURO4XLQWXOvQFHUFIUVXFFHVVUHLD0HW]vQLIXvQYLQVGRLDQLPDLWkU]LXOD5HQW\U]ERLXOFRQWLQXIUYUHXQUH]XOWDWDWkWSH5LQFkWLvQQRUGXO,WDOLHL SkQ vQ FkQG IRUHOH SUHDX FRPSOHW HSXL]DWH GDU GXS XQ VFXUWDUPLVWLLX)LOLS,,ILXOOXL&DUROLVXFFHVRUXOVXSHWURQXO6SDQLHLUHOXRSHUDLXQLOH)URQWXOLWDOLDQIXVHVHDEDQGRQDWGHWHDWUXOGHU]ERLVHPXWvQQRUGXO)UDQHLXQGHvQ FLXGDXQHLPDUL YLFWRULL WHUFLRVXULOH VSDQLROHQX UHXLU V FXFHUHDVF IRUWUHDD6DLQW4XHQWLQ 1LFL DOLDLL ORU HQJOH]L QX DYXU PDL PXOW VXFFHV SLHU]kQGSRUWXO&DODLVvQXQDQPDLWkU]LX)LOLSVHPQSDFHDOD&DWHDX&DPEUpVLVDSULOLH)UDQFH]LLUHQXQDXGHILQLWLYOD,WDOLDSVWUkQGvQVFKLPE&DODLVLFHOHWUHLRUDHDVWIHOOXDUVIkULWU]ERDLHOHLWDOLHQH

5HIRUPDOXWHUDQ/DvQFHSXWXOYHDFXOXLDO;9,OHD%LVHULFD&DWROLFFRQWLQXDVILHFHDPDLLQIOXHQWSXWHUHSROLWLFGDUGLVHQVLXQLOHLQWHUQHDXDIHFWDWJUDYXQLWDWHDHLQWUHL%LVHULFD&DWROLFDIRVWGLYL]DWvQWUHSDSLOD5RPDLOD$YLJQRQGLQLXQDOWUHLOHDOD3LVDDFHDVWFUL]DIRVWQXPLW0DUHD6FKLVPHDDJHQHUDWGHPHUVXULUHIRUPDWRDUHSUHFXPFHODOOXL-DQ+XVvQ&HKLDVDX-RKQ:\FOLIvQ$QJOLD3ULQ&RQFLOLXOGHOD.RQVWDQ]VDSXVFDSWDFHVWHLGLYL]ULDOXPLLFDWROLFHGDULWHQGLQHORUUHIRUPDWRDUH+XVvQVXLDIRVWDUVSHUXJvQUHSOLFGLVFLSROLLVLDXGHFODQDWRVWLOLWLOHUH]LVWkQGDUPDWHORUFDWROLFHSkQvQ'HLJUDYVOELWGHGLVHQVLXQLOH0DULL6FKLVPHSDSDOLWDWHDQXLSLHUGXVHvQFUROXOGHDFWRUFHQWUDOvQVLVWHPXOSROLWLFDO(XURSHLDOLDQDVDFX,PSHULXOJHUPDQvLDWDDVHvQVHWLFKHWDGHFRQVHUYDWRULVPvQRFKLLIRUHORUPRGHUQL]DWRDUHDOHPRQDUKLLORUQDLRQDOHFHQWUDOL]DWHQFHUFULOHQHQXPUDWHORUFRQFLOLLGHDUHIRUPDFDWROLFLVPXOvQFDSXOLvQPHPEULLVLQXPDLVDWLVIFHDXQLFLGRULQHOHELVHULFLORUQDLRQDOHLQLFLSHFHOHDOHPXOLPLLFUHGLQFLRLORU3DUDGR[DO5HIRUPDDDSUXWSHQWUXSULPDRDUvQ*HUPDQLDEDVWLRQDOPRGHUQL]ULLFDWROLFHLQXvQWUXQDGLQYHULJLOHVODEHDOHVLVWHPXOXLLDFHDVWDSHQWUXFDWHSWULOHFOHULFLORULPLUHQLORUJHUPDQLHUDXPXOWPDLPDULGHFkWvQRULFHDOWUHJLXQHDOXPLLFDWROLFH/DRFWRPEULHFOXJUXO0DUWLQ/XWKHUDILDSHXDFDWHGUDOHLGLQ:LWWHQEHUJFHOHGHWH]HGHQXQkQGDEX]XULOH5RPHL*HVWXOvQVLQHQXHUDQRXGDULPSOLFDLLOHVDOHIXULPHQVHDGXFkQGSUDFWLFSUREOHPHOHFDWROLFLVPXOXLvQIDDWULEXQDOXOXLVWDWHORUJHUPDQH&RQIUXQWDWFXXQSRQWLILFDWUHEDUEDWLY/XWKHUVHUDGLFDOL]UDSLGFRQWHVWkQGSULPDWXOSDSHLDXWRULWDWHDFRQFLOLLORUGDULVXSHULRULWDWHD%LVHULFLLvQUDSRUWFXSXWHUHDSROLWLFQHOFKHPQRELOLPHDJHUPDQVvQWUHSULQGUHIRUPDUHDFDWROLFLVPXOXLFRQYRFDWGH&DURO4XLQWXOvQIDDGLHWHLLPSHULDOHGHOD:RUPVUHIX]VLUHWUDFWH]HRSLQLLOHLIXFRQGDPQDW

FDHUHWLF'LQDFHVWPRPHQW5HIRUPDGHYHQLXQIHQRPHQSROLWLFFXLPSOLFDLLLPHQVH

5HIX]XO DXWRULWLL LPSHULDOH SH FDUH &DURO L )HUGLQDQG vQFHUFDX V R LPSXQ FXPLMORDFH DXWRULWDUH vL FRQGXVH SH SULQFLSLL JHUPDQL VSUH /XWKHU vQVXL HOHFWRUXO)UHGHULFGH6D[RQLDGHYHQLSURWHFWRUXOUHIRUPDWRUXOXL&kQGSDSDVHSOkQVHGLHWHLGHOD 1UHPEHUJ QRELOLPHD ,PSHULXOXL vL UVSXQVH SULQWUXQ PHPRULX FDUH UHOXDDFX]DLLOHOXL/XWKHU3RQWLIXOQXSXWXvQVDSHODQLFLOD&DURO4XLQWXOFFLDFHVWXLDvLFRQYHQHDvQIRQG5HIRUPDFDVXUVGHGLYL]ULSROLWLFHvQWUHGXPDQLLVLRSXQkQGXVHGHFLFRQYRFULLXQXLFRQFLOLX6LWXDLDQXHUDPDLSXLQGLILFLOQLFLSHQWUX/XWKHUPLFDQRELOLPHvQIUXQWHFX8OULFKYRQ+XWWHQLFXFRQGRWLHUXO)UDQ]YRQ6LFNLQJHQLQWHQLRQD V IRORVHDVF5HIRUPD FD XQ LQVWUXPHQW vQ OXSWD VD vPSRWULYD FOHUXOXL LSULQFLSLORU GLVFLSROLL UDGLFDOL SUHFXP7KRPDV0Q]HU OXDVHU FRQGXFHUHDPDUHOXLU]ERL UQHVF FH L]EXFQL vQ *HUPDQLD vQ DUXQFkQG EODPXO UDGLFDOLVPXOXLHJDOLWDUDVXSUD5HIRUPHL/XWKHUIXDVWIHOREOLJDWVIDFRRSLXQHSROLWLFvQIDYRDUHDSULQFLSLORUJHUPDQL7UDWDWXODVXSUDDXWRULWLLWHPSRUDOHLOLPLWHORUVXSXQHULLFHLVHFXYLQ L EURXUD PSRWULYD KRDUGHORU FULPLQDOH L SUGWRDUH GH UDQL GHILQHVFSR]LLDVDvQUDSRUWFXGHYLDQHOHIDGH5HIRUPGH]DYXkQGUHEHOLXQLOHLMXVWLILFkQGFRHUFLLDHWDWLFIUDLLPSXQHOLPLWH&RQWLLQDHVWHOLEHUQXLH[SULPDUHDHLFDUHGHSLQGHGHGHFL]LDVXYHUDQXOXLDXWRULWDWHDEVROXWvQPDWHULHGHFUHGLQDVXSXLORUVL%XQXOFUHGLQFLRVXUPHD]vQVIHUDSULYDWvQYWXUD(YDQJKHOLHLGDUvQVSDLXOSXEOLF HO DUH REOLJDLD GH D VH VXSXQH IU vPSRWULYLUH SXWHULORU LQVWLWXLWH SHQWUX FOLEHUWDWHD H[WHULRDU QX DUH QLFL R YDORDUH vQ UDSRUW FX FHD LQWHULRDU FUHWLQ3ULQFLSLLJHUPDQLVHYRUUDOLDFXXXULQDFHVWHLGRJPHFDUHDILUPFGDW ILLQG F VDELD D IRVW GDW GH 'XPQH]HX SHQWUX DL SHGHSVL SH FHL UL DLSURWHMDSHGUHSLLDSVWUDSDFHDDFHDVWDGRYHGHWHFIDSWXOGHDIDFHU]ERLLDPFHOULHVWH LQVWLWXLWGH'XPQH]HXFDL WRWFHHDFHXUPHD]GLQFDPSDQLLLGLQGUHSWXOU]ERLXOXL

(UD DVWIHO OHJLWLPDW QX GRDU DXWRULWDWHD SULQFLSLORU JHUPDQL FL L SHUSHWXD VWDUH GHU]ERL FH GRPQHD vQ UHODLLOH GLQWUH HL FD L vQVXLUHD LPHQVHORU DYXLL DOH%LVHULFLLFDWROLFH 3URSDJDUHD OXWHUDQLVPXOXL D FRQVWLWXLW GHFL SHQWUX VSDLXO 5HLFKXOXL XQYHFWRUFHQWULIXJFRQWUDUFHQWUDOL]ULLSROLWLFH9RPYHGHDvQVFXPvQDOWHUHJLXQLDOH(XURSHL5HIRUPDDDYXWvQVFRQVHFLQHGLIHULWH$YDWDUXULOH5HIRUPHLvQ$QJOLD'RJPHOHOXWHUDQHDXJVLWvQ$QJOLDXQWHUHQSULHOQLFSUHJWLWGH:\FOLIDLFUXLDGHSLDXIRVWDSURDSHLPHGLDWLQWHJUDLvQPLFDUHD5HIRUPHL+HQULF9,,,QXHUDRVWLODFHVWHLWHQGLQHHODGHFLVvQVVRFDQDOL]H]HDWkWSHQWUXDVHHOLEHUDGHLQVXSRUWDELODDXWRULWDWHSRQWLILFDOFRQWURODWGH&DURO4XLQWXOFkWLSHQWUXDGLYRUDGHRVRLHFHQXLGGXVHQLFLXQPRWHQLWRUGHVH[PDVFXOLQLFDUHvQSOXVHUDLPWXDvPSUDWXOXL9HFKLXOVXPLQLVWUXFDUGLQDOXO:ROVH\HUDLQFDSDELOVPDLPHQLQEDODQDGHSXWHUHFHFDUDFWHUL]DVHGLSORPDLDHQJOH]vQUHODLLOHFX&DUROLFX)UDQFLVF,1HUHXLQGVVROXLRQH]HQLFLFKHVWLXQHDGLYRUXOXL

HOIXvQORFXLWFX7KRPDV&URPZHOOGLVFLSRODOWHRULLORUPDFKLDYHOOLFHFHIRU3DUODPHQWXO5HIRUPHLVDSUREHUXSWXUDFXSDSDOLWDWHDLLQVWLWXLUHD%LVHULFLL$QJOLFDQHSULQ$FWXOGH6XSUHPDLHGLQ&OHUXODFFHSWDDVWIHODXWRULWDWHDPRQDUKXOXLGHYHQLWXQLFXOLVXSUHPXOHISHSPkQWDOELVHULFLL$QJOLHLHUDVWLVP+HQULFFRLQWHUHV3DUODPHQWXOvQSUREOHPD5HIRUPHLSULQVHFXODUL]DUHDDYHULORUPQVWLUHWLFDUHIXUDSRLYkQGXWHSXEOLFXOXLvQIRQGFKHVWLXQHDUHOLJLRDVHUDSHQWUXHOXQPLMORFGHDLDEVROXWL]DDXWRULWDWHDPRWLYSHQWUXFDUHDQJOLFDQLVPXOvLSHUVHFXWDWkWSHFDWROLFLFkWLSHUHIRUPDLFDUHEHOLIDGHSXWHUHDPRQDUKLFvQVXLFDQFHODUXO0RUXVIXH[HFXWDWvQ0VXULOHOXDWHGH&URPZHOOvQWULUDFHDVWWHQGLQLQVWLWXLQGRVWULFWUHJOHPHQWDUHHWDWLFvQPDWHULHGHFUHGLQVWDWXOLPSXVHFKLDUWH[WXOFULLGHUXJFLXQL3UD\HU%RRNDDUKLHSLVFRSXOXL&UDQPHU5HIRUPDHQJOH]DDYXWDVWIHOXQFDUDFWHUPDLGHJUDESROLWLFGHLQVWUXPHQWDODEVROXWLVPXOXLvQGHSUWkQGXVHGHWHQGLQDOXWHUDQVSUHFDUH&UDQPHUL&URPZHOOYURLDXVOGLULMH]HvQIDYRDUHDXQXLFDWROLFLVPFXGLPHQVLXQLQDLRQDOHLHUDVWLFH/DPRDUWHDOXL+HQULF9,,,ILXOVX(GXDUGSDUWL]DQDORULHQWULLUHIRUPDWRDUHVDFRQIUXQWDWFXJUDYHWXOEXUULSURGXVHGHFDWROLFLFXOPLQkQGFXUVFRDODOXL5REHUW.HWW(GXDUGVHVWLQVHFXUkQGOVkQGWURQXOVRUHLVDOH0DULDDFUHLGRPQLHDYHDVVHUHPDUFHSULQWULXPIXOWHPSRUDUDOUHDFLXQLLFDWROLFH&VWRULWvQFXILXOOXL&DURO4XLQWXO)LOLSGHYHQLWDSRLUHJHDO6SDQLHL0DULDVHLPSOLFDOWXULGHDFHVWDvQU]ERLXOvPSRWULYD)UDQHL$QJOLDGHYHQLSUDFWLFYDVDODSXWHULLVSDQLROHLDUSHUVHFXLLOHvPSRWULYDDQJOLFDQLORUVHVROGDUFXSHVWHGHYLFWLPHvQWUHSULQWUHDFHVWHDQXPUkQGXVHFKLDU&UDQPHU(IRUWXULOH0DULHLIXUvQVYDQHGXSPRDUWHDHLvQQRLHPEULHRDOWILLFDOXL+HQULF(OLVDEHWDXUFSHWURQLUHVWDELOLDQJOLFDQLVPXO3DUODPHQWXORVWLOFDWROLFLORUYRWDWkW$FWXOGH6XSUHPDLHFkWL$FWXOGH8QLIRUPLWDWHFDUHIFHDGLQ3UD\HU%RRNVLQJXUDIRUPGHFXOWDGPLV5HIRUPDHQJOH]vLUHOXDDVWIHOFDUDFWHUXOGHUHYROXLHODLFvQWUHSULQVGHFRURDQLvQDFHODLWLPSVHUDOLDUHIRUPHLHXURSHQH,PSHULXOJHUPDQL5HIRUPD

&RQYLQJHULOH FDWROLFH DOH +DEVEXUJLORU VDX GRYHGLW GH QHVWUPXWDW vQ FLXGDLPSHUDWLYHORUSROLWLFHFDUH OHFHUHDXFHOSXLQIOH[LELOLWDWH vQUDSRUWFX OXWHUDQLVPXO)RUDW GH vPSUHMXUUL &DURO IX REOLJDW V DFRUGH SULQFLSLORU OLEHUWDWHD UHOLJLRDV ODGLHWDGH OD6SH\HU GDU WUHL DQLPDL WkU]LX vQ FRQGLLLPDL IDYRUDELOH UHYRFGHFL]LD SURYRFkQG SURWHVWXO QRELOLPLL L RUDHORU OXWHUDQH 'H DLFL YHQL QXPHOH GHSURWHVWDQL GDW DGHSLORU5HIRUPHL FDUH SkQ DWXQFL vL VSXQHDX HYDQJKHOLFL (LvQDLQWDU vPSUDWXOXL R SURIHVLXQH GH FUHGLQ &RQIHVLXQHD GH OD $XJVEXUJ MXVWLILFkQGSR]LLDUHIRUPDWLDFFHQWXkQGSXQFWHOHFRPXQH&DUROUHIX]vQVDFHDVWSR]LLHPRGHUDW vQUHSOLFSULQFLSLLLRUDHOHOXWHUDQHIRUPDU/LJDGHOD6FKPDONDOGHQvPSRWULYDFDWROLFLVPXOXLLvPSUDWXOXLVSULMLQLLILLQGGH$QJOLDLGH)UDQD SULPXO ORU VXFFHV IX FXFHULUHD:UWHPEHUJXOXL&DURO DWHSW FD VLWXDLD VDH[WHUQ V VH DPHOLRUH]H SHQWUX D GHFODQD DWDFXO DVXSUD SURWHVWDQLORU DFHDVWD VHvQWkPSODELDvQFkQGFXDMXWRUXOSDSHL/LJDIXvQYLQVOD0KOEHUJLDUFDSLLHLGXFHOH6D[RQLHL L ODQGJUDIXOGH+HVVDF]XU vQPkLQLOH vPSUDWXOXL$FHVWDDEX]vQV GH VXFFHV L SURYRF R QRX UHYROW D SULQFLSLORU UHIRUPDL JUXSDL DFXP vQ8QLXQHDGH OD7RUJDXFRQGXVGHXQ IRVWDOLDW DO OXL&DURO0DXULFLXGH6D[RQLD5VWXUQDUHDVLWXDLHLvOOXSULQVXUSULQGHUHSHvPSUDWFkWSHFHVILHOXDWSUL]RQLHUGHGXPDQLLVLHOVHJUELVSURFODPHWROHUDQDUHOLJLRDVFRQILUPDWWUHLDQLPDLWkU]LXSULQSDFHDGHOD$XJVEXUJ3DFHDUHOLJLRDVGHOD$XJVEXUJVHSWDDVLJXUDWSURWHVWDQLORUGUHSWXOODOLEHUWDWHDFXOWXOXLLGUHSWXULHJDOHFXFDWROLFLLLDVDQFLRQDW VHFXODUL]ULOH GLQ SULQFLSDWHOH UHIRUPDWH (D FRQWUDYHQHD vQ UHDOLWDWHOLEHUWLLGHFUHGLQDGRSWkQGIRUPXODFXLXVUHJLRHLXVUHOLJLRSULQFDUHVXYHUDQXOGHFLGH FUHGLQD VXSXLORU VL &DURO 4XLQWXO DEGLF vQ UHIX]kQG SUDFWLF VDFFHSWH VFL]LXQHD UHOLJLRDV D (XURSHL L FRQVHFLQHOH VDOH FDUH IFHDX SUDFWLFLPSRVLELOPRQDUKLDXQLYHUVDOFDWROLF(OQXUHXLQLFLPFDUVOLPSXQSHILXOVX)LOLSSHWURQXOLPSHULDOSULQFLSLLJHUPDQLFDLSDSDvOVXVLQXUSH)HUGLQDQGFDUHDYHDRUHSXWDLHGHPRGHUDW6XFFHVRUXODFHVWXLD0D[LPLOLDQ,,VHIFXFKLDUFXQRVFXWFDSURPRWRUXOXQHLSROLWLFLGHWROHUDQDWkWvQWHULWRULLOHKDEVEXUJLFHFkWLvQ,PSHULX&HQWUDOL]DUHDSROLWLFLOXWHUDQLVPXOvQ6XHGLD'HODVIkULWXOYHDFXOXLDO;,9OHDULOHVFDQGLQDYHHUDXUHXQLWHSULQ8QLXQHDGHOD.DOPDUFDUHIDYRUL]DvQVvQPRGYGLW'DQHPDUFDvQGDXQD6XHGLHLL1RUYHJLHLDVWIHOFvQWUHJXOVHFRO;9DIRVWPDUFDWGHOXSWDDFHVWRUDSHQWUXHOLEHUDUHDGHVXEWXWHOD UHJLORU GDQH]L 'RPQLD OXL &KULVWLDQ ,, D FRQVWLWXLW SXQFWXOFXOPLQDQW DO DFHVWXL SURFHV ILQDOL]DW SULQ LQGHSHQGHQD L FHQWUDOL]DUHD SROLWLF D6XHGLHL $XWHQWLF SULQFLSH DO 5HQDWHULL &KULVWLDQ ,, LD ELQHPHULWDW SRUHFOD GH1HURDO1RUGXOXLGXSFHFXVSULMLQXOSDSHLLDOOXPLLFDWROLFHDvQOWXUDWGHODSXWHUH IDPLOLD 6WXUH FH DGPLQLVWUD 6XHGLD GH GH DQL L D PFHOULW FDSLLSDUWLGXOXL QDLRQDO VXHGH] IUXQWDLL QRELOLPLL L EXUJKH]LHL GLQ 6WRFNKROP H[WLQ]kQGDSRLPDVDFUXOODVFDUDvQWUHJLLUL7kQUXO*XVWDY:DVDGLQWURIDPLOLHGH IUXQWHDSDUWLGXOXLQDLRQDO OXFRQGXFHUHD OXSWHLGHHOLEHUDUHLFXDMXWRUXOJHUPDQLORUUHXLVODOXQJHSH&KULVWLDQ,,vQSHQWUXFDXQDQPDLWkU]LX6WULOH*HQHUDOHGDQH]HVOGHSXQSHWLUDQLFXOORUPRQDUKGL]ROYkQGDVWIHOXQLXQHD$OHVUHJHvQ:DVDDYHDvQVGHOXSWDWFXHOHPHQWHOHORLDOHIRVWXOXLVXYHUDQ vQ SULQFLSDO %LVHULFD &DWROLF DOH FUHL DYHUL IXU vQ FHOH GLQ XUPFRQILVFDWHGHVWDWSULQGHFL]LD$GXQULL6WULORUVXHGH]HLQIOXHQDWGHSUHGLFDWRULL

OXWHUDQL QDFHVWHFRQGLLLDGRSWDUHD&RQIHVLXQLLGH OD$XJVEXUJGHFWUH6WULvQDSUXFDRRSLXQHSROLWLF&HFRQILUPDvQDFHODLWLPSLQGHSHQGHQD6XHGLHL GDU L DXWRULWDWHDPRQDUKXOXL FDUH VH SURFODP FDSXO %LVHULFLL OXWHUDQH3kQODDEGLFDUHDVDvQ*XVWDY:DVDUHDOL]FRPSOHWDFHQWUDOL]DUHDVWDWXOXLL vQEXLXOWLPHOH WHQGLQHVHFHVLRQLVWH LDUGLSORPDLDVXHGH]VH UHRULHQWFWUHDOLDQD FX)UDQD&D L vQ$QJOLD SURWHVWDQWLVPXO FRQVWLWXLPDUHOH LQVWUXPHQW DOSROLWLFLL UHJDOH HUDVWLVPXO FRQIHUHD PRQDUKXOXL VXYHUDQLWDWHD VSLULWXDO DVXSUDVXSXLORU VL LDU FRQILVFDUHD DYHULORU %LVHULFLL &DWROLFH vL RIHUHD DWkW R ED]HFRQRPLFH[WLQVFkWLPLMORFXOGHDVDWLVIDFHSRIWHOHPDULORUVHQLRUL8QSURFHVVLPLODU VH GHVIXU L vQ'DQHPDUFDGXS FH vQ 6WULOHGHFUHWDU OLEHUWDWHDUHOLJLRDVDUXQFkQGDVWIHODUDvQEUDHOH5HIRUPHL3HSODQH[WHUQSULQSVWUDUHDL1RUYHJLDFDUHLSLHUGXRULFHDXWRQRPLHDGPLQLVWUDWLYVXYHUDQLLGDQH]LUHXLUVVHLPSXQFDDUELWULSROLWLFLvQ%DOWLFDSkQvQSULPHOHGHFHQLLDOHVHFROXOXL;9,,'LPHQVLXQLSROLWLFHDOH5HIRUPHL&DOYLQLVPXO(VWH LQFRQWHVWDELO OHJWXUD VWDELOLW GH 0D[ :HEHU vQWUH 5HIRUP L HFRQRPLDFDSLWDOLVWGDUODIHOGHDGHYUDWHVWHL WH]DXOWHULRDUD OXL(7URHOWVFKSHQWUXFDUH 5HIRUPD D IRVWPDL GHJUDE XQ YHFWRU DO XQRU SURFHVH SROLWLFH HFRQRPLFHVRFLDOH L FXOWXUDOH FH JHUPLQDVHU VSUH VIkULWXO VHFROXOXL;9 vQPHGLXO FDWROLF7RWXLRRSLQLHFRPXQSULQWUHLVWRULFLDVXVLQXWPXOWYUHPHFSURWHVWDQWLVPXODDGXVSHQWUXSULPDRDUOLEHUWDWHDSROLWLFQDLXQLORU(XURSHLFKLDUL0RQWHVTXLHXOD FRQVLGHUDW R UHOLJLH SRWULYLW UHSXEOLFLORU PDL GHJUDE GHFkW XQHL PRQDUKLL)DSWHOHQHSUH]LQWvQVRVLWXDLHGLIHULWLPXOWPDLFRPSOH[QVWDWHOHJHUPDQHSDFHDGH OD$XJVEXUJDFRQILUPDWDXWRULWDWHDSULQFLSLORUDVXSUDYLHLL VSLULWXDOHDVXSXLORU Q QRUGXO (XURSHL OXWHUDQLVPXO D IRVW SULQFLSDOXO LQVWUXPHQW DOFHQWUDOL]ULL L DEVROXWLVPXOXL PRQDUKLF GLQ $QJOLD SkQ vQ 3UXVLD &KLDU LSURWHVWDQLL IUDQFH]L QX DX vQFHUFDW GHFkW V UHSURGXF VWUXFWXUD FRQIHGHUDWLY GHVRUJLQWH IHXGDO D ,PSHULXOXL*HUPDQ'RDUULOHGH -RV DX UHDOL]DW R UHSXEOLFEXUJKH]FDOYLQGDUVWUXFWXUDDFHVWHLDHUDDQWHULRDUUHIRUPHLYHQLQGGLQHSRFDGRPLQDLHLEXUJXQGH&KDWHDXEULDQGDILUPDFXMXVWHHFSURWHVWDQWLVPXOQXDVFKLPEDWQLPLFODQLYHOXOLQVWLWXLLORUDFRORXQGHDJVLWRPRQDUKLHUHSUH]HQWDWLYVDXUHSXEOLFLDULVWRFUDWLFHFDvQ$QJOLDLvQ(OYHLDOHDDGRSWDWXQGHD vQWkOQLWJXYHUQPLQWHPLOLWDUHFD vQQRUGXO(XURSHL VDDFRPRGDWLOHDIFXWFKLDUPDLDEVROXWH

L WRWXL GDF /XWKHU L OXWHUDQLVPXO DX IXUQL]DW GRDU R H[FHOHQW MXVWLILFDUHHVWDEOLVKPHQWXOXL SULQFLSDWHORU JHUPDQH DOWH FXUHQWH SURWHVWDQWH DX LQWURGXVUHIRUPH LQVWLWXLRQDOH VHPQLILFDWLYH Q DO WUHLOHD GHFHQLX DO VHFROXOXL ;9, 8OULFK=ZLQJOLDSXVvQSUDFWLFXQLGHDOFUHWLQSXULILFDWOD=ULFKOHJkQGVWUkQVELVHULFDGHSXWHUHD FLYLO GLQWUH SDUWL]DQLL VL VD GHVSULQV PLFDUHD DQDEDSWLVW vQ IUXQWH FX7KRPDV 0Q]HU GXFkQG ]ZLQJOLDQLVPXO OD XOWLPD VD FRQVHFLQ HOLPLQDUHDDXWRULWLL SROLWLFH FUHDLH D 'LDYROXOXL L vQORFXLUHD HL FX R VRFLHWDWH vQ VSLULWXO(YDQJKHOLHL$QDEDSWLWLLVHDOWXUDUUDQLORUUVFXODLvQGH]DYXDLFKLDULGH=ZLQJOLIXUvQYLQLOD)UDQNHQKDXVHQLDU0Q]HUOXDWSUL]RQLHUIXGHFDSLWDW1LFL=ZLQJOLQXDYXR VRDUWPDLEXQFDQWRDQHOHHOYHLHQHFDWROLFH vO vQYLQVHU vQEWOLDGHOD.DSSHOXQGHvQVXLUHIRUPDWRUXOvLJVLVIkULWXO'LVFLSROLDLVLGLIX]DUvQVPRGHOXOSROLWLF]ZLQJOLDQOD%DVHOLOD%HUQDFDLvQUHJLXQHDUHQDQ1LFL UDGLFDOLVPXO OXL0Q]HU QX GLVSUX FXQRVFkQG R HIHPHU vQIORULUH OD0QVWHU

vQWUH/DvQFHSXWXODQXOXLOLGHULLDQDEDSWLWLGLQ*HUPDQLDL2ODQGD-DQ0DWWKLMV0HOFKLRU+RIIPDQ-DQGH/H\GDVHUHXQLUOD0QVWHULQVWDXUkQGXQUHJLPWHRFUDWLFDXWRULWDU2UDXOGHYHQLDVWIHO1RXO,HUXVDOLPXQGHSURSULHWDWHDHUD GHVILLQDW VH LQVWLWXLD XQ SURJUDP VHYHU GH PXQF YLDD SULYDW HUD VHYHUUHJOHPHQWDW 3URFODPDW UHJH -DQ GH /H\GD GHFUHW FKLDU SROLJDPLD OXkQGXL HOvQVXL VRLL GDU YLROHQD L GHVIUkQDUHD FHWLL DQDEDSWLVWH DWUDVH RVWLOLWDWHDSULQFLSLORU YHFLQL DWkW FDWROLFL FkW L SURWHVWDQL 8Q DVHGLX GH SHVWH XQ DQ GXVH ODFGHUHD 0QVWHUXOXL vQ L OD H[HFXWDUHD FDSLORU PLFULL =ZLQJOLDQLVPXO vQYDULDQWD SDFLILVW SURSRYGXLW GH 0HQQR 6LPRQV VD UVSkQGLW XOWHULRU vQ PLFLOHFRPXQLWL UXUDOH GLQ 2ODQGD L YHVWXO *HUPDQLHL FHD PDL FXQRVFXL XUPDLFRQWHPSRUDQLDLPHQQRQLLORUGDULFHLPDLFRQVHUYDWRULVXQWDPLVKLLDPHULFDQL7RWvQULOHUHQDQHOD6WUDVERXUJ0DUWLQ%XFHULQVWLWXLvQQXPHOHDXWRQRPLHLLSUHSRQGHUHQHLELVHULFLLvQUDSRUWFXVWDWXOXQUHJLPSROLWLF WROHUDQW,GHLOHVDOHODX LQVSLUDW IXQGDPHQWDO SH &DOYLQ -HDQ &DXYLQ vQ HODERUDUHD XQXLQRX PRGHO DO 5HIRUPHL &RQYHUWLW vQ REOLJDW V SUVHDVF )UDQD HO IXFKHPDW OD *HQHYD GH UHIRUPDWRUXO *XLOODXPH )DUHO QFHSkQG GLQ &DOYLQWUDQVIRUP RUDXO vQWUR FHWDWHPRGHO D OXPLL SURWHVWDQWH $GPLQLVWUDLDPXQLFLSDO VH VXERUGRQD FRQVLVWRULXOXL DOFWXLW GLQ SDVWRUL SURWHVWDQL D FUXLMXULVGLFLHD IRVWH[WLQVGH ODFHDDXQXL WULEXQDO UHOLJLRV ODFHQ]XUDPRUDYXULORUJHQHYH]H Q IRQG HO UHVSLQJHD DXWRULWDWHD VXSHULRDU D LQVWDQHORU FLYLOHvQGHSUWkQGXVHWRWPDLPXOWGHGRJPDOXWHUDQ'HRDUHFH SUHRLL VXQW SXL V DGPLQLVWUH]H V YHVWHDVF V SURSRYGXLDVFPHVDMXO GLYLQ HL VXQW GDWRUL V vQGU]QHDVFRULFH L VL VLOHDVFSH WRL FHLPDULLVXSXLDFHVWHLOXPLDVHvQFKLQD'RPQXOXL/RUOHHGDWVSRUXQFHDVFWXWXURUGHODFHOPDLvQDOWODFHOPDLGHMRVHLWUHEXLHVFUXHPLHLLLVXFLGOXSLL HL YRU DGPRQHVWD LL YRU SRYXL SH FHL DVFXOWWRUL YRU DFX]D L YRUQLPLFLSHFHLSRWULYQLFL(LSRWOHJDLGH]OHJDFRQIRUP&XYkQWXOXL'RPQXOXL

VFULH &DOYLQ vQ ,QVWLWXWLR UHOLJLRQLV FKULVWLDQDH DVXSUD UROXOXL SROLWLF DOFOHULFLORU 6XSUDYHJKHUHD LQFKL]LWRULDO D YLHLL SXEOLFH L SULYDWH FDUH FRQVWLWXLHSULQFLSDODFDUDFWHULVWLFDUHJLPXOXLSROLWLFLQVWLWXLWGH&DOYLQQXvQWkU]LHVQDVFRSR]LLLFHDPDLFHOHEUILLQGDWHRORJXOXLLPHGLFXOXL0LJXHO6HUYHWDUVSHUXJOD vQ 0RGHOXO DFHVWD FDOYLQLVW DO RUDXOXLELVHULF DO VWDWXOXL SRVHVRU GHYDORDUHVSLULWXDOHUDWRWFHSXWHDILPDLGLIHULWGHELVHULFDGHVWDWOXWHUDQVXSXVSULQFLSLORUOXPHWLRUDFHVWIDSWHUDGHVWLQDWVDFFHQWXH]HGLYHUJHQHOHvQWUHFHOHGRXFRQIHVLXQLUHIRUPDWH3HSODQH[WHUQvQVVXFFHVHOHDXIRVWLPHQVHGHYHQLW5RPDSURWHVWDQWLVPXOXL*HQHYDWULPLWHDvQvQWUHDJD(XURSPLVLRQDULSUHJWLLvQFHOHEUD$FDGHPLHFRQGXVGH7KpRGRUHGH%q]HFDUHYHQLODFkUPDFHWLLvQ &RQWLQXkQGXO SH&DOYLQ LGHLOH VDOH SROLWLFH DWLQJHDX SUDFWLF UDGLFDOLVPXOPRQDUKRPDKLORU$ILUP F SRSRDUHOH QX VXQW IFXWH GH PDJLVWUDL FL SRSRDUHOH FURUD OHDFRQYHQLWVVHODVHJXYHUQDWHGHXQSULQFLSHVDXGHVHQLRULDOHLVXQWPDLYHFKLGHFkWPDJLVWUDLL ORU GHFL QX SRSRDUHOH VXQW FUHDWH SHQWUXPDJLVWUDL FL GLQFRQWUPDJLVWUDLLSHQWUXSRSRDUH

8Q IDU FDUH OXPLQHD] WRDWH ELVHULFLOH UHIRUPDWH DVWIHO QXPHD&DOYLQ RUDXOELVHULFvQFDUHVHWUDQVIRUPDVH*HQHYD5DGLDLDLQWHOHFWXDODDFHVWHLDYDDWLQJHvQWUHDJD(XURSLvQWLPSFHQRUGXOLFHQWUXOFRQWLQHQWXOXLYRUUPkQHILGHOHOXL

/XWKHU vQ YHVW PRGHOXO FDOYLQLVW GHYHQHD IRUPD GHILQLWRULH D 5HIRUPHL 'RJPDJHQHYH]LUDGLHGLQQRUGXO)UDQHLLULORUGH-RVSkQvQvQGHSUWDWD6FRLHXQGH-RKQ .QR[ IRUPDW vQ $FDGHPLD FDOYLQLVW SURSRYGXL XQ SURWHVWDQWLVPLQWUDQVLJHQWVWULQGHOD[LWDWHDDQJOLFDQ&RQWUD5HIRUPD5VSXQVXOFDWROLFLVPXOXLOD5HIRUPIXVXUSULQ]WRUGHOHQW3DSDOLWDWHDHUDH[WUHPGHVOELW DWkW FD XUPDUH D SLHUGHULORU VXIHULWH vQ IDD SURWHVWDQWLVPXOXL FkW L D FUL]HLLQWHUQHDFFHQWXDWGHSR]LLDHFKLYRFD,PSHULXOXL8QFRQFLOLXFDUHDUILPHGLDWvQWUHFDWROLFL L UHIRUPDL LDU IL USLW OXL &DURO4XLQWXO SUHWH[WXO SHQWUX D FRQWLQXD OXSWDvPSRWULYD SULQFLSLORU JHUPDQL DVWIHO vQFkW HO WHPSRUL] FkW SXWX GH PXOW $ELD vQGHFHPEULH SDSD 3DXO ,,, UHXL V FRQYRDFH OD 7UHQWR XQ FRQFLOLX vQ VFRSXOUH]ROYULL GLVSXWHORU GRFWULQDUH L LQLLHULL XQHL FUXFLDGH DQWLRWRPDQH 3URWHVWDQLLUHIX]DUVSDUWLFLSHLDUvPSUDWXOFRQVLGHUkQGF%LVHULFDDFLRQDSUHDLQGHFLVGGXvQ XQ LQWHULP SUHY]kQG DUWLFROHOH GH FUHGLQ vQ YLJRDUH SkQ OD DGRSWDUHDGHFL]LLORUFRQFLOLXOXLFHHDFHQXvQWkU]LHVLQHPXOXPHDVFDWkWSHSURWHVWDQLFkWLSH FDWROLFL 3DSDOLWDWHD UHFXUVHVH vQWUH WLPS OD DOWH PLMORDFH GH DFLXQH FHO PDLLPSRUWDQWILLQGvQILLQDUHDRUGLQXOXLLH]XLW&RPSDQLDOXL,VXVDIRVWIRQGDWGH ,JQDLX GH /R\ROD FX DSUREDUHD OXL 3DXO ,,, RUJDQL]DW vQ VSLULWXO UDLRQDOLWLLSROLWLFH L DO GLVFLSOLQHL TXDVLPLOLWDUH HD D vQFHUFDW VJVHDVF VROXLL SHQWUX FUL]DFRQWLLQHL HXURSHQH SURGXV GH 5HIRUP 1XPHOH SHLRUDWLY GH LH]XLL OHD IRVW GDWPHPEULORU HL FD XUPDUH D IUHFYHQWHL LQYRFUL D QXPHOXL 0kQWXLWRUXOXL VXFFHVHOH&RPSDQLHL DWkW vQ FRPEDWHUHD SURWHVWDQWLVPXOXL FkW L vQ PLVLRQDULDWXO FDWROLFSURYRFkQG RVWLOLWDWHD SXWHULL SROLWLFH SH FDUH DGHVHD LH]XLLL DX vQFHUFDW V RFRQWUROH]HODvQVXLSRQWLIXODGHVILLQDWWHPSRUDU&RPSDQLD$WkW ODQLYHOXOPDVHORUFkWLDOHOLWHORUDFHVWDDUHXLWVGHYLQPRWRUXO&RQWUD5HIRUPHLQWLPSFHYHFKLXOFOHULXPDQLWLLVHGRYHGHDXLQFDSDELOLGHDJHVWLRQDFUL]D LH]XLLL DX SXV vQ DFLXQH FHOH PDL YDULDWH PLMORDFH GH OD PLVWLFLVP LH[DFHUEDUHD UHOLJLR]LWLL SRSXODUH SkQ OD FRQWUROXO VWDWXOXL GH FWUH %LVHULF5HVWXO FOHUXOXL OL VD DOWXUDW vQ OXSWD FRQWUDUHIRUPDWRDUH RGDW FX WHUPLQDUHDOXFUULORU &RQFLOLXOXL GH OD WUHQWR 'RJPHOH HQXQDWH GH DFHVWD DWLQJHDXSUDFWLF WRDWH GRPHQLLOH vQ vQFHUFDUHD GH D UHDFWLYD FDWROLFLVPXO HOH QX DX UHXLWvQV UHIDFHUHD XQLWLL DFHVWXLD DWkWD WLPS FkW QXPHURL VXYHUDQL DX UHIX]DW VDSOLFHGHFL]LLOHWULGHQWLQHWHPkQGXVHGHFRQFXUHQDSXWHULLFOHULFDOH3HQWUXDOLLvQVFKLPE PDL DOHV SHQWUX +DEVEXUJLL DXVWULHFL L VSDQLROL &RQWUD5HIRUPD DIXUQL]DW DWkW PLMORDFHOH HIHFWLYH FkW L LGHRORJLD QHFHVDU DILUPULL LQWHUQH LH[WHUQH GHYHQLQG SUDFWLF R LQVWLWXLH SROLWLF 6XFFHVHOH HL DX IRVW vQV UHODWLYHGDFvQVXGXO(XURSHLSURWHVWDQWLVPXODIRVWFRPSOHWH[WLUSDW vQ*HUPDQLDPDULOHFHQWUHDOH&RQWUD5HIRUPHL$XVWULDL%DYDULDQXDXUHXLWV vQYLQJUH]LVWHQHSULQFLSLORUUHIRUPDLYRPYHGHDvQFXUVXOXUPWRUFXPDFHDVWRIHQVLYSROLWLFDFXOPLQDWFX5]ERLXOGHGHDQL$SRJHXOSXWHULLVSDQLROHQ SRILGD DPELLLORU IUDQFH]H RUL JHUPDQH 6SDQLD D IRVW GH OD5HJLL &DWROLFL OD)LOLS ,, SULPD SXWHUH HXURSHDQ L SULQFLSDOXO DVSLUDQW OD UROXO GH KHJHPRQ vQVLVWHPXOFRQWLQHQWDOPL]DU]ERDLHORULWDOLHQHvQXOWLPLQVWDQ'XSvQFKHLHUHDFHQWUDOL]ULLLXQLILFULLSROLWLFHODvQFHSXWXOVHFROXOXL)HUGLQDQGDSXWXWGHFODQDH[SDQVLXQHDFRORQLDOVSDQLROODVFDUPRQGLDORSULQGvQDFHODLWLPSWHQWDWLYHOH

GH vQDLQWDUH DOH WXUFLORU vQ QRUGXO $IULFLL 1HSRWXO VX &DURO 4XLQWXO D XUPDWDFHHDLOLQLHSROLWLFVHFRQGDWGHFDQFHODUXO*DWWLQDUDDFUXLDELOLWDWHLDSHUPLVV LQWHJUH]H vQ VLVWHPXO DGPLQLVWUDLHL FHQWUDOL]DWH VSDQLROH L SRVHVLXQLOH GLQ,WDOLD 3UDFWLF vQ XOWLPLL VL DQL GH GRPQLH UHJDWXO LEHULF D GHYHQLW LQLPDSRVHVLXQLORU KDEVEXUJLFH FHL WUJHDX GH DLFL JURVXO UHVXUVHORU PLOLWDUH LILQDQFLDUH LDU SH SODQ HXURSHDQ DUELWUXO SROLWLFLL FRQWLQHQWDOH L QXFOHXO OXPLLFDWROLFH'HLQXDUHXLWVVHLPSXQLvQ,PSHULXXQGHHUDSULYLWGHHOHFWRULFDXQVWULQ)LOLS ,,DSVWUDWDFHODL UROFHQWUDODO6SDQLHL vQ(XURSDSULQGHLQHUHDXQRUSXQFWHVWUDWHJLFHULOHGH-RV0LODQR1HDSROHL6LFLOLDFRQVWLWXLQGXQFRULGRU VSDQLRO vQWUH )UDQD L *HUPDQLD )DFWRULL FDUH DX SURGXV GRPLQDLDLEHULFLORU DX IRVW vQV YLQRYDL L GH GHFOLQXO ORU 3H SODQ HFRQRPLF ERJLLOHLPSHULXOXLFRORQLDOVSDQLROQXSXWHDDFRSHULFRVWXULOHSROLWLFLLHXURSHQHDWkWDWLPSFkWQXVHGH]YROWDLRLQGXVWULHLQWHUQ6SDQLDHUDUHGXVDVWIHOODUROXOGHSLDSHQWUX FHOHODOWH VWDWH HXURSHQH ,PHQVLWDWHD VWSkQLULORU VSDQLROH DIHFWD JUDYJXYHUQDELOLWDWHDORUvQDFHODLWLPSUROXOGHLQLPDOXPLLFDWROLFHGXFHD0DGULGXOVSUHRSROLWLFIDQDWLFLFRQVHUYDWRDUHRGLRDVVXSXLORUVLQILQHGH]YROWDUHDPLOLWDUDYHDHIHFWHSHUYHUVH'XSFXPVFULDXQDPEDVDGRUYHQHLDQ5HJHOH 6SDQLHL GHLQH R HOLW GH RDPHQL UH]LVWHQL GLVFLSOLQDL DSL SHQWUXFDPSDQLL PDUXUL DVHGLL GDU VXQW DWkW GH LQVROHQL GH ODFRPL OD EXQXO LRQRDUHDVHPHQLORUFQHSXWHPvQWUHEDGDFDFHWLVROGDLDXIRVWFXDGHYUDWXWLOL VXYHUDQLORU ORU&FLDDFXPHLDX IRVW LQVWUXPHQWHOHYLFWRULLORU ORU WRWDDLDXIFXWVLSLDUGDWDDPHQWXOLEXQYRLQDSRSRDUHORUPDOWUDWkQGXOH

([SDQVLXQHD,PSHULXOXL2WRPDQVXE6ROLPDQ0DJQLILFXO)LXO L QHSRWXO OXL0DKRPHG ,, DX FRQWLQXDW RSHUD DFHVWXLD GH XQLILFDUH D OXPLLLVODPLFH DQH[kQG ULOH DUDEH OD ,PSHULX vQV DELD VWUQHSRWXO VX 6ROLPDQ ,0DJQLILFXOLDUHOXDWSURJUDPXOSROLWLFH[WLQVGHODVFDUDPRWHQLULLYHFKLXOXL %L]DQ OD SURSRULLOH UHYHQGLFULL WHULWRULLORU ,PSHULXOXL 5RPDQFDOLIDWXOXL DUDE L KDQDWXOXL PRQJRO &RQVLGHUkQGXVH SH GH R SDUWH FDOLIXOVXSUHP DO OXPLL LVODPLFH HO LD UHIX]DW vQ DFHODL WLPS vQ(XURSD UHFXQRDWHUHDWLWOXOXLLPSHULDOOXL&DURO4XLQWXO0DUHOHYL]LUOHGHFODUDvQVROLORUDXVWULHFLFGLQ VHFROXO , GH OD $XJXVWXV vQ (XURSD QX H[LVW GHFkW R VLQJXU FRURDQLPSHULDODFHDVWDHVWHFRURDQDSHFDUHRSRDUWvPSUDWXOQRVWUXPRWHQLWRUDO WURQXOXL&H]DULORU'HDFHHDDD]LVXO LPSHULXDO OXL&DURO4XLQWXOQXHVWHGHFkWRQVFRFLUH

3URILWkQG GH GLYL]DUHD (XURSHL LQFDSDELO GH D VXVLQH XQ HIRUW DQWLRWRPDQ vQFRQGLLLOHvQFDUHIRUHOHVWDWHORUFUHWLQHVHHSXL]DXvQU]ERDLHOHLWDOLHQH6ROLPDQFXFHUL vQ %HOJUDGXO SRDUWD GH DFFHV VSUH FHQWUXO FRQWLQHQWXOXL LDU ODvQFHSXWXO DQXOXL XUPWRU LQVXOD 5KRGRV FKHLD 0HGLWHUDQHL RULHQWDOH F]X vQPkLQLOH WXUFLORU QVXL )UDQFLVF , F]XW SUL]RQLHU OD 3DYLD GHFLVH V DSHOH]H vQYHGHUHDUHVWDELOLULLHFKLOLEUXOXLFRQWLQHQWDOODVXOWDQFRQVLGHUkQGXOVLQJXUDSXWHUHFDSDELOVDSHUHVWDWHOHHXURSHQHvQIDDPRQDUKLHLXQLYHUVDOHDOXL&DURO4XLQWXO6ROLPDQvLFRQILUPSHGHSOLQSUHVWLJLXOSULQFDPSDQLDvPSRWULYD8QJDULHLFDUHLVH RIHUHD FD R SUDG XRDU GXS FGHUHD %HOJUDGXOXL Q EWOLD GH OD0RKiFV UHJHOH PDJKLDU F]X vQ OXSW LDU WXUFLL RFXSDU WHPSRUDU %XGD ,QWHQLD

VXOWDQXOXL HUD GH D WUDQVIRUPD8QJDULD vQWUXQ VWDW YDVDO DXWRQRP DD FXPHUDXGHMDULOH5RPkQHGDU vPSRWULYDFDQGLGDWXOXL OD WURQDOHVGH'LHWDPDJKLDULVXVLQXWGH WXUFL ,RDQ=DSRO\D)HUGLQDQGGH+DEVEXUJ vLVXVLQHD OD UkQGXOVXSUHWHQLLOH OD FRURDQD XQJDU VSULMLQLWH GH JHUPDQLL GLQ UHJDW L GH R IUDFLXQH DQRELOLPLL PDJKLDUH GDU PDL DOHV GH UHVXUVHOH ,PSHULXOXL $FHVWHD VH GRYHGLUFRPSOHWLQVXILFLHQWHRQRXFDPSDQLHRWRPDQvOvQVFXQSH=DSRO\DOD%XGDLDVHGLH FKLDU 9LHQD WLPS GH WUHL VSWPkQL &RQIOLFWXO QX vQFHW vQVVXFFHVHOH DOWHUQkQG GH SDUWHD FHORU GRL SUHWHQGHQL OD FRURDQDPDJKLDU GDU ODPRDUWHDOXL=DSRO\D6ROLPDQLQYDGGLQQRX8QJDULDWUDQVIRUPkQGRvQSURYLQFLHRWRPDQ 2 vQJXVW IkLH vQ YHVWXO ULL UPDVH vQPkLQLOH +DEVEXUJLORU7UDQVLOYDQLD vLPHQLQX OD UkQGXOHLDXWRQRPLDVXEFDVD=DSRO\D&DURO4XLQWXOVXIHUL LQVXFFHVH L SH DOWH IURQWXUL vQ IDD RWRPDQLORU vQ HO UHXL V RFXSH7XQLVXOGDU WUHLDQLPDL WkU]LXDPLUDOXO WXUF%DUEDURVVD]GUREHDIORWDFUHWLQ OD3UHYH]D LQVWDXUkQGXL VXSUHPDLD vQ 0HGLWHUDQD vQ DFHODL WLPS )UDQFLVF ,vQFKHLH R DOLDQ IRUPDO FX VXOWDQXO vQ XUPkQG FD WXUFLL V LQWHUYLQ vQU]ERDLHOH LWDOLHQH 6ROLPDQ H[HUFLW FKLDU SUHVLXQL DVXSUD ,PSHULXOXL*HUPDQ vQIDYRDUHD SURWHVWDQLORU LDU SROLWLFD VD GH GLYL]DUH L VOELUH D SXWHULORU FUHWLQHGGXURDGH/DDXJXVW)HUGLQDQGHUDQHYRLWVVHPQH]HXQDUPLVWLLXSULQFDUHvLSVWUDSDUWHDRFFLGHQWDOD8QJDULHLvQVFKLPEXOSOLLXQXLWULEXW&kWLJDUHD OXSWHLSHQWUXGRPLQDLD vQ(XURSDFHQWUDOGHFWUH WXUFLDDYXWJUDYHUHSHUFXVLXQLSHQWUXULOH5RPkQHQGHFHQLXO0XQWHQLDDIRVWDPHQLQDWFXDQH[DUHDOD,PSHULXO2WRPDQFRPSOLFDLLOHSROLWLFHJHQHUDWHFDXUPDUHDDOLDQHLGRPQXOXL 5DGX GH OD $IXPDL FX 8QJDULD DX RSULW DFHVW SURLHFW 0ROGRYDLPSOLFDWPDL SURIXQG vQ UHODLLOH HXURSHQH D DYXW OD UkQGXO HL GH VXIHULW GH SHXUPD FGHULL UHJDWXOXL PDJKLDU 6ROLPDQ XUPULQG V UHGXF LQGHSHQGHQD ULL7RWXL VXE 3HWUX5DUH PROGRYHQLL DXPDL MXFDW XQ UROLPSRUWDQW vQ FRQIOLFWXO GLQ 8QJDULD vQV XOWHULRU L]RODUHD GLSORPDWLF D GXV ODvQFKLQDUHD ULL FWUH 6ROLPDQ RGDW FX SLHUGHUHD XOWLPHORU GHEXHH OD 0DUHD1HDJU5XSWHDVWIHOGHDOLDQHOHFXFUHWLQWDWHDDSXVHDQULOH5RPkQHDXIRVWDVHUYLWH3RULLFDUHvQDIDUDSOLLWULEXWXOXLLREOLJDLLORUGHQDWXUPLOLWDUL HFRQRPLF D LPSXV SUDFWLF L QXPLUHD GRPQLORU GH FWUH VXOWDQ /LSVLW GHVWDELOLWDWH L GH IRU SXWHUHD FHQWUDO VD SUEXLW UDSLG vQ IDYRDUHD ERLHULPLLGHLQWRDUHDPDULORUSURSULHWLIXQFLDUHIDYRUL]DWDVWIHOGHLQWHJUDUHDvQFLUFXLWXOHFRQRPLHLRWRPDQH/DVIkULWXOYHDFXOXLDO;9,OHDYHFKLOHGLQDVWLLVDXVWLQVVDXDXIRVWvQOWXUDWHGLQ GUHSWXULOH ORU3XWHUHD GRPQHDVF D F]XW L GRPQ SXWHD DMXQJH RULFHERLHUVDXRULFHSUHWHQGHQWFDUHDILUPDGH IRUPFDU ILGHYLGRPQHDVFGDUFXFRQGLLDVVHEXFXUHGHIDYRDUHDERLHULORU

DILUPD 3 3 3DQDLWHVFX $VLVWP DVWIHO OD XQ SURFHV RSXV FHQWUDOL]ULL GLQ2FFLGHQW vQ ULOH 5RPkQH vQ 3RORQLD vQ 8QJDULD VWDWXO HYROXHD] VSUHIUkPLDUHD SROLWLF IDYRUDELO SXWHULL DULVWRFUDLHL vQ VFKLPE FDUDFWHUXO ORFDO LDXWDUKLFDOFRPHUXOXLUVULWHDQUXSHUHDDFHVWXLDGHPDULOHFLUFXLWHLQWHUQDLRQDOHvPSLHGLFDSDULLDDWkWDEXUJKH]LHLFkWLDSULPHORUIRUPHDOHFDSLWDOLVPXOXLQDGRXDMXPWDWHDVHFROXOXL7UDQVLOYDQLDDGHYHQLWSULQFLSDOXOVSDLXGHPDQHYUDOFHORUGRXLPSHULLFDUHVHFRQIUXQWDXvQHVWXO(XURSHL&DVD=DSRO\DDvQFHUFDWIUPDUHVXFFHVVHFKLOLEUH]HFRQVWUXFLDSROLWLFDDXWRQRPLHLSULQFLSDWXOXLFX

WHQGLQHOHFHQWULIXJHDOHQRELOLPLLSUHWHQLLOHHLODFRURDQPDJKLDUDXJHQHUDWLPDL PXOW FRQIX]LH DELD vQ =DSRO\D UHQXQkQG OD DFHDVW UHYHQGLFDUH vQIDYRDUHD+DEVEXUJLORU8QDQPDL WkU]LXSH WURQXODUGHOHDQVHULGLF vQVIDPLOLD%iWKRU\ILGHO3RULLSXQkQGPkQDLSHFRURDQDSRORQH]HLUHXLUVUHGXFODPD[LPLQIOXHQD9LHQHL0DLPXOWHVXFFHVHDYXDFHDVWDvQ0HGLWHUDQDXQGHGXSPRDUWHDOXL6ROLPDQ9HQHLDGHFODUDVHU]ERL,PSHULXOXLRWRPDQQUHSOLFWXUFLLFXFHULUSULQWURLPHQVRSHUDLXQHDPILELHLQVXOD&LSUXDFHVWDDIRVWvQV XOWLPXOPDUH VXFFHV DO3RULL 3LHUGHUHD&LSUXOXL JHQHUR LPHQVSDQLF vQUkQGXULOH FUHWLQWLL RFFLGHQWDOH GXFkQG OD XQLUHD SXWHULORU PDULWLPHPHGLWHUDQHQHvQWUR6IkQW/LJ)ORWDFUHWLQFRQGXVGHGRQ-XDQGH$XVWULDvL]GURELSHWXUFLOD/HSDQWRvQWURLPHQVEWOLHQDYDORFW'HL/LJDVHGL]ROY UDSLG LDU 9HQHLD VH Y]X VLOLW V vQFKHLH SDFHD vQ FRQGLLL H[WUHP GHGH]DYDQWDMRDVHHUDFODUFVLWXDLDSROLWLFHFRQRPLFLPLOLWDUQXPDLvQFOLQDvQIDYRDUHD,PSHULXOXL2WRPDQ5HIRUPDvQULOH5RPkQH3URWHVWDQWLVPXOVDUVSkQGLWIRDUWHGHYUHPHvQ7UDQVLOYDQLDvQUkQGXULOHSRSXODLHLJHUPDQHEXUJKH]H/D%UDRYXPDQLVWXO-+RQWHUXVDUHIRUPDWELVHULFDVVHDVFvQ VSLULW OXWHUDQ vQ GHFHQLXO 1RELOLPHD FDWROLF PDJKLDU VH RSXQHD YLROHQWDFHVWHL PLFUL PDL DOHV F HD D IRVW vQVRLW GH GLIX]DUHD DQDEDSWLVPXOXL LDQWLWULQLWDULVPXOXL UHDFLH XPDQLVW vPSRWULYD %LVHULFLL FDWROLFH FXQRVFXW L FDXQLWDULDQLVP Q FRQGLLLOH RFXSDLHL WXUFHWL VLWXDLD VD VFKLPEDW PDJKLDULLWUHFkQGPDVLY OD FDOYLQLVP DVWIHO F LHUDUKLD FDWROLF D IRVW GHVILLQDW vQ 3RSXODLDURPkQHDVFvQVFKLPEQXDDGHUDWOD5HIRUP'HLvQ'LHWDGHOD6LELXDGHFLVWUHFHUHDFOHUXOXLURPkQODSURWHVWDQWLVPHIHPHUDELVHULFUHIRUPDWURPkQHDVF D GLVSUXW GXS XQ GHFHQLX &X WRDWH DFHVWHD RUWRGR[LD QX D IRVWUHFXQRVFXW GUHSW FRQIHVLXQH vQ $UGHDO FHOH UHOLJLL UHFHSWH FDWROLFLVPOXWHUDQLVP FDOYLQLVP L XQLWDULDQLVP ILLQG H[SUHVLD UDSRUWXULORU GH IRUH GLQWUHSULQFLSH QRELOLPHD PDJKLDU L SDWULFLDWXO VVHVF 1LFL vQ 0ROGRYD GRPQLWRUXOOXWHUDQ ,DFRE+HUDFOLW 'HVSRW9RG QX D UHXLW V LQWURGXF5HIRUPD vQ FLXGDvQILLQULL XQHL DFDGHPLL SURWHVWDQWH OD &RWQDUL Q VFKLPE DFHDVWD D DYXW XQRDUHFDUHHIHFWSULQLQLLHUHDSULPHORUWUDGXFHULGHWH[WHELVHULFHWLvQOLPEDURPkQWLSULWHGHSURWHVWDQWXO&RUHVL5HYROXLDGLQULOHGH-RV3ULQ FVWRULD YLLWRUXOXL vPSUDW 0D[LPLOLDQ FX 0DULD GH %XUJXQGLD ERJDWDUHJLXQH DULORU GH -RV FRUHVSXQ]kQG D]L%HOJLHL2ODQGHL /X[HPEXUJXOXL LXQHLSULGLQQRUGXO)UDQHLUHYHQLVH+DEVEXUJLORU/DPRDUWHDOXL&DURO4XLQWXOHOH LQWUDU vQPRWHQLUHD OXL)LOLS,,RUSROLWLFDUHOLJLRDV DFHVWRUVXYHUDQLHUD vQSHUIHFW FRQWUDGLFLH FX FDUDFWHUXO FHORU SURYLQFLL QHHUODQGH]H /D PLMORFXOYHDFXOXLDO;9,OHDDFHVWHDFRQVWLWXLDXFHDPDLSURVSHULPDLXUEDQL]DWUHJLXQHD(XURSHLLDUH[SOR]LDSUHXULORUFDUHDIHFWHFRQRPLDFRQWLQHQWDOGHSHODGGXXQDYkQWLPDLPDUHFRPHUXOXLULORUGH-RVFHQWUDWvQRUDXO$QYHUV'HODvQFHSXWXOVHFROXOXL;9,DFHVWDGHYHQLVHFHQWUXOHFRQRPLHLPRQGLDOHDFDSDUkQGYHFKLXO QHJR DO +DQVHL FUXLD L VD DGXJDW WUDQ]LWXO ERJLLORU FRORQLDOH DOH6SDQLHLL3RUWXJDOLHL2DVHPHQHDVLWXDLHHUDGLQFHvQFHPDLPXOWLQFRPSDWLELOFX GHVSRWLVPXO JXYHUQULL +DEVEXUJLORU 'HMD OD vQFHUFkQG V LPSXQDXWRULWDWHD FRQVLOLLORU UHJDOH &DURO 4XLQWXO VH L]ELVH GH UH]LVWHQD SULYLOHJLLORU

SURYLQFLDOH DSUDWH GH 6WULOH *HQHUDOH ,QWHULPXO GLQ GGX VHPQDOXOGH]RUGLQLORUvQULOHGH-RVvPSLQJkQGEXUJKH]LDGLQQRUGDFWXDOD2ODQGFWUHFDOYLQLVP )LOLS ,, DJUDY VLWXDLD vQFHUFkQG V RSUHDVF UVSkQGLUHDSURWHVWDQWLVPXOXL SULQ LQWURGXFHUHD ,QFKL]LLHL L PHQLQHUHD GH WUXSH VSDQLROHDPEHOH PVXUL IXU UHVSLQVH GH EXUJKH]LD 6WULORU FDUH Y]kQG FODU vQ HOHLQVWUXPHQWH DOH SROLWLFLL DXWRULWDUH KDEVEXUJLFH VH JUEL V vPEULH]H5HIRUPDFDOYLQ 1RELOLPHD GHL FDWROLF VH UDOLH DFHVWHL FDX]H vQ IUXQWH FX FRQLL GH(JPRQW+RUQL%UHGHURGHLFXSULQXO:LOKHOPGH2UDQLDSRUHFOLW7DFLWXUQXOQLLJXYHUQDWRULLVSDQLROL0DUJDUHWDGH3DUPDLFDUGLQDOXO*UDQYHOOHUHDOL]DUHHFXOLQHYLWDELODOSROLWLFLLOXL)LOLS,,)ODPDQ]LLFHUHDXWRWPDLLQVLVWHQWOLEHUWDWHDGH FRQWLLQ UHVSLQJkQG GHFL]LLOH GH OD 7UHQWR vQ (JPRQW vL vQILGROHDQHOH ORU OXL)LOLSGDUDFHVWDGHFLVHVHGHMDGXSvQWUHYHGHUHDFXIUDQFH]LL OD%D\RQQHVHOLPLQHSURWHVWDQWLVPXOGLQ(XURSD8QDQPDLWkU]LXFDSLLQRELOLPLLvL FHUXU0DUJDUHWHL vQFHWDUHD SHUVHFXLLORU UHOLJLRDVH OLEHUWDWHD GH FRQWLLQ LFRQYRFDUHD6WULORU8QFRQVLOLHU VSDQLRO vL WUDWGUHSW FDOLFL VHQLRULL IODPDQ]LDGRSWDU DFHVW QXPH FD WLWOX GH JORULH L IRUPDU R OLJ vPSRWULYD OXL )LOLS &RPSURPLVXOGHOD%UHGD0RQDUKXOVSDQLROSUXEXFXURVGHVLWXDLHFFLUHYROWDvLRIHUHDXQSUHWH[WSHQWUXDOLFKLGDOLEHUWLOHULORUGH-RVvOvQVUFLQGHFLSHGXFHOHGH$OEDFXvQEXLUHDUHEHOLXQLLFDUHvQWUHWLPSVHH[WLQVHVHvQWRDWHSURYLQFLLOHGLQQRUG$FHVWDLQVWLWXLXQUHJLPGHWHURDUHSULQ&RQVLOLXOvPSRWULYDWXOEXUULORUFDUHvQWUHLH[HFXWGHRDPHQLvQWUHFDUH(JPRQWL+RUQQDFHDVWVLWXDLH:LOKHOPGH2UDQLDFRQGXFWRUXOLQIRUPDODOULORUGH-RVVHULGLFvPSRWULYDOXL)LOLSLOD vQGHPQXULOH FDOLFLORU OX FRQGXFHUHD PLFULL GH HOLEHUDUH &KHPDW vQ IDD&RQVLOLXOXL OD vQFHSXWXO OXLVHUHWUDVHvQ*HUPDQLDGHXQGHFKHPOD OXSWSURYLQFLLOHQHHUODQGH]HLDGXQWUXSHvQYHGHUHDU]ERLXOXL5HEHOLXQHDIODPDQGSUHJWHD QDWHUHD SULPXOXL VWDW EXUJKH] YRP YHGHD FXP VD SHWUHFXW DFHDVWD vQXUPWRDUHDWHPDFXUVXOXLQWUHEULGHYHULILFDUH &XPVDPDWHULDOL]DWSURLHFWXOSROLWLFDOPRQDUKLHLXQLYHUVDOHKDEVEXUJLFHLFHRSR]LLLDvQWkPSLQDWHO" &HUHOHYDQDDYXW5HIRUPDvQSODQSROLWLF" ([SOLFDLLPSRUWDQDGRPQLHLOXL6ROLPDQ0DJQLILFXO%LEOLRJUDILH+HQUL+DXVHU/DQDLVVDQFHGXSURWHVWDQWLVPH38)3DULV+DOLO,QDOFLN,PSHULXO2WRPDQ(SRFDFODVLF(G(QFLFORSHGLF%XFXUHWL&KDUOHV 6HLJQRERV (VVDL GXQH KLVWRLUH FRPSDUpH GHV SHXSOHV GH O(XURSH(GLWLRQV5LHGHU3DULV(ULFK=|OOQHU,VWRULD$XVWULHL(G(QFLFORSHGLF%XFXUHWL

7HPD,,,

5]ERDLHOHGLQWUHFDWROLFLLSURWHVWDQLGHODLQGHSHQGHQD2ODQGHLODSDFHDGHOD:HVWIDOLD

'XSSDUFXUJHUHDDFHVWHLWHPHYHLvQYD (YROXLDPDULORUSXWHULHXURSHQHSkQOD5]ERLXOGHGHDQL 5]ERLXOGHGHDQLLSDFHDGHOD:HVWIDOLD 7HQGLQHOHDEVROXWLVPXOPRQDUKLFvQ)UDQDL$QJOLD$QJOLDHSRFLLHOLVDEHWDQH

&kQG(OLVDEHWDXUFSHWURQvQUHJDWXOVXQXPDLHUDRSXWHUHvQ(XURSD6SUHQRURFXOHLULYDOLWDWHDIUDQFRVSDQLROODvPSLHGLFDWSH)LOLS,,VDWDFH$QJOLDSkQvQFOLSDvQFDUHDFHDVWDDGHYHQLWVXILFLHQWGHSXWHUQLFQOXQJDVDGRPQLH(OLVDEHWDDWLXWFXPVUHLDSROLWLFDDEVROXWLVWGHXQGHROVDVH+HQULF9,,,IFkQGXVHvQDFHODLWLPSLXELWGHVXSXLFHHDFHWDWOHLQXDUHXLW0DULOHSHUVRQDOLWLFDUHLVDXDOWXUDWvQDGPLQLVWUDUHDDIDFHULORU$QJOLHL&HFLO:DOVKLQJKDP'UDNHQXDXSXWXWQLFLRGDWXPEULILJXUDDXWRULWDUDUHJLQHL&kQGRGHOHJDLHD3DUODPHQWXOXLDvQFHUFDWVLQVLVWHvQSUREOHPDVXFFHVLXQLLHDLDDILUPDWDVWIHOSR]LLDSROLWLF

'HLVXQWRIHPHLHDPXQFXUDMWRWDWkWGHSRWULYLWSHQWUXUVSXQGHUHDORFXOXLPHXSHFkWODDYXWLWDWOPHX6XQWUHJLQDYRDVWUXQV1XYRLILQLFLRGDWFRQVWUkQVSULQYLROHQVIDFYUHXQOXFUX

Q DFHVW VSLULW D LPSXV (OLVDEHWD DGRSWDUHD FHORU GH DUWLFROH IRUPkQG ED]DGRJPDWLFDDQJOLFDQLVPXOXLFDUHOLJLHHUDVWLFLDUFkQGDQLPDLWkU]LXIXH[FRPXQLFDWGHVXYHUDQXOSRQWLIFDUHWULPLVHPLVLRQDULLH]XLLvQ,QVXOHOHEULWDQLFH(OLVDEHWD GHFODQ R VHYHU SHUVHFXLH vPSRWULYD FDWROLFLORU vQ VSHFLDO D FHORULUODQGH]LGDUQXvQFDOLWDWHGHHUHWLFLFLGHWUGWRUL3HSODQVRFLDOGRPQLDHLVDVSULMLQLWSHPLFDQRELOLPHGHDUVTXLUHVHGXFDWLUHODWLYvQVWULWFDUHWLQGHDVDFDSDUH]H DGPLQLVWUDLD UHJDWXOXL Q HFRQRPLH (OLVDEHWD D IRVW FUHDWRDUHD SXWHULLPDULWLPHLFRPHUFLDOHDDQJOLHLH[WLQ]kQGXVHFWUHvQGHSUWDWHOHSLHHDOH$IULFLL$VLHL L $PHULFLORU SH FDUH QHJXVWRULL L FRUVDULL HQJOH]L OHDX VPXOV SXWHULORUFRORQLDOH FDWROLFH &RUVDULL HUDX SUDFWLF SLUDL RSHUkQG SHQWUX XQ JXYHUQ FDUH OHDVLJXUD SURWHFLD VD &HO PDL FHOHEUX GLQWUH HL )UDQFLV 'UDNH D IFXW vQFRQMXUXOOXPLL vQWUR H[SHGLLH vPSRWULYD VSDQLROLORU ILLQG vQQRELODW GH UHJLQ Q DFHODLWLPS (OLVDEHWD D vQFXUDMDW L QDYLJDLD SXU FRPHUFLDO FUHkQG vQ DFHVW VFRSFRPSDQLLSHDFLXQL3HSODQH[WHUQGRPLQDQWDHSRFLLHOLVDEHWDQHDIRVWSHUSHWXDVWDUHGHFRQIOLFWFX6SDQLD5]ERLXOVDGHFODQDWHIHFWLYvQOXkQGVIkULWDELDGXSPRDUWHDUHJLQHLGDUVLQJXUDRSHUDLXQHLPSRUWDQWDOXL)LOLS,,WHQWDWLYDGHDLQYDGD$QJOLDvQYDUDOXLVIkULODPHQWDELOFkQGLPHQVDIORWVSDQLRO,QYLQFLELOD$UPDGDIX]GURELWvQ0DUHD0kQHFLLLHXSHFRDVWHOHHQJOH]H2FRQVHFLQLQGLUHFWDDFHVWHLvQIUkQJHULDIRVWDQVDGDW2ODQGHLFDL)UDQHLOXL+HQULF,9GHDUH]LVWDvQIDDWHUFLRVXULORUvQVFKLPEWUXSHOHHQJOH]HDXHXDWvQLQWHUPLQDELOHOH

UHYROWHUHOLJLRDVHGLQ,UODQGDLvQvQFHUFULOHGHHOLEHUDUHDULORUGH-RV3XWHUHDPLOLWDUSHFDUHSDUWLGXOU]ERLXOXLFRQGXVGH'UDNHDVXVLQXWRFXWULHVHGRYHGLIDOLPHQWDUvQWHQWDWLYHOHHLRIHQVLYHGLQOLSVDXQHLHFRQRPLLFDSDELOHVRVXVLQ$FHDVWDDvPSLHGLFDWWUDQVIRUPDUHD$QJOLHLvQ0DUHD%ULWDQLHUHXQLUHD,QVXOHORU%ULWDQLFHvQWUXQVLQJXUVWDW+HQULF9,,,DVXSXVSDQLFDUD*DOLORUvQVFKLPE,UODQGDFRPSOHWDVHUYLWLQWHUHVHORUSLHHLHQJOH]HDUHIX]DWVVHVXERUGRQH]HSHSODQSROLWLFLUHOLJLRV/RQGUHL6FRLDLQGHSHQGHQWLODIHOGHvQDSRLDWHFRQRPLFDIRVWLHDDUXQFDWvQDQDUKLHGXSLQVWDXUDUHDFDOYLQLVPXOXLvQSULQFRQIOLFWXOGLQWUHUHJLQDFDWROLF0DULD6WXDUWDSUDWGHWUXSHOHIUDQFH]HLVXSXLLHLSURWHVWDQLDQLPDLGHSUHGLFLOHOXL-RKQ.QR[QFHOHGLQXUPvQVL(OLVDEHWDY]kQGvQUHJLQD6FRLHLRFRQFXUHQWSHULFXORDVRDUHVWLRFRQGDPQODPRDUWH6LWXDLDDvQFOLQDWDVWIHOvQIDYRDUHDSXWHULLFHQWUDOHGHOD/RQGUDFkQG,DFRE6WXDUWILXO0DULHLXUFSHWURQXOHQJOH]vQXQLQGFHOHGRXFRURDQHLSXQkQGvQDFHODLWLPSFDSWFRQIOLFWHORUGHODIURQWLHUDVFRLDQ

3HSODQLQVWLWXLRQDO$QJOLDSURJUHVDVHvQPRGSDUDGR[DOSHFDOHDSDUODPHQWDULVPXOXLvQFLXGDSROLWLFLLDEVROXWLVWHD7XGRULORU/DSXWHUHD&DPHUHORUHUDH[WUHPGHUHGXVvQUDSRUWFXVXYHUDQXOXUPDUHDQHYRLLGHDXWRULWDWHSURGXVGHU]ERL3UDFWLFGHL7XGRULLDXFRQWLQXDWVFRQYRDFHUHJXODW3DUODPHQWXOPRQDUKLDORUHUDFKLDUPDLDEVROXWGHFkWFHDIUDQFH]QVFKLPEWRWHLDXFUHDWSUHPLVHOHVOELULLDXWRULWLLUHJDOHSHQWUXDUHGXFHFRVWXULOHJXYHUQULL&RURDQDDGHVFHQWUDOL]DWDGPLQLVWUDLDvQIDYRDUHDQRELOLPLLGHDUJHQWU\LQVWLWXLQGSULQFLSXOVHOIJRYHUQPHQWXOXLLDUHIX]DWVLQRDUPDWSHUPDQHQWQOLSVDELURFUDLHLLIRUHLPLOLWDUHVXYHUDQLLHQJOH]LQXDYHDXGHFLPLMORDFHOHHIHFWLYHGHDUH]LVWDXQXLDWDFDO3DUODPHQWXOXLDVXSUDDXWRULWLLORULDUDFHVWDQXvQWkU]LHVVHGHFODQH]HVXE6WXDUL5]ERDLHOHUHOLJLRDVHGLQ)UDQD

1XPHOH GH KXJKHQRL GDW SURWHVWDQLORU IUDQFH]L UHSUH]HQWD R GHIRUPDUH DJHUPDQXOXLHLQGJHQRVVHQFRQIHGHUDL(ODIRVWFRQVHFLQDRUJDQL]ULLDGHSLORUOXWHUDQLVPXOXL GLQ )UDQD vQWUR IHGHUDLH D ELVHULFLORU UHIRUPDWH /D SULPXO VLQRGQDLRQDO GLQ DFHVWHD WUHFXU LQWHJUDO OD FDOYLQLVP GLQ UDLXQL PDL GHJUDESROLWLFHRUJDQL]DUHDIHGHUDWLYUPDVHvQVvQYLJRDUHLIXH[WLQVLODDOWHUHJLXQLSURWHVWDQWHIUDQFRIRQH)UDQFLVF,DIRVWRVWLOKXJKHQRLORUGDUSUXGHQDSROLWLFLLPSHUDWLYHOH OXSWHL DQWLKDEVEXUJLFH vO vPSLHGLFDVHU V H[FHOH]H vQ SHUVHFXWDUHDHUHWLFLORUPDLDOHVvQSULPHOHGRXGHFHQLLDOHGRPQLHL0DLGHJUDEILXOXLVXLVHFXYLQODXGHOHXQXLLVWRULRJUDILH]XLWDSRORJHWDOPRQDUKLHLFDWROLFH$ OXDW WRDWH SUHFDXLLOH SRVLELOH SHQWUX D vPSLHGLFD LQWUDUHD vQ UHJDW DQRXWLORUvQPDWHULHGHUHOLJLHDGDWWHULELOHH[HPSOHGHVHYHULWDWH

+HQULF ,, ODQV DVWIHO VHPQDOXO PDULORU SHUVHFXLL UHOLJLRDVH SULQ HGLFWHOH GH OD&KDWHDXEULDQWL&RPSLHJQH'XSvQFKHLHUHDSFLLFX6SDQLDHOVHDOWXUILOXSWHLGXVHGH)LOLS,,SHQWUXH[WHUPLQDUHDFRPSOHWD5HIRUPHLQVLPDJLVWUDWXUDIUDQFH]vQUkQGXULOHFUHLDSURWHVWDQWLVPXOIFXVHPDULSURJUHVHIXDWDFDW YLROHQW GH VXYHUDQ GRDUPRDUWHD DFHVWXLD vQ GHFHPEULH SUX D RSULWHPSRUDU SHUVHFXLLOH 6XE ILXO VX )UDQFLVF ,, KXJKHQRLL vQFHUFDU VL LDUHYDQDSULQUSLUHDUHJHOXLHHFXOFRQMXUDLHLGHOD$PERLVHDYXvQVGDUXOGHDGXFHODH[WUHPWHURDUHDFDWROLF0DLPXOWH]LOHDXIRVWRFXSDWHFXWLDWXOFDSHWHORUFXVSkQ]XUDWXOFXvQHFDWXO6WU]LOH GLQ $PERLVH HUDX vQHFDWH vQ VkQJH L SOLQH GH WUXSXUL GH PRUL DDvQFkWQXSXWHDLVWDvQRUDGLQFDX]DGXKRULLLDLQIHFLLORU

VFULH XQ FRQWHPSRUDQ DO SHUVHFXLLORU FRQGXVH GH DWRWSXWHUQLFD IDPLOLH GH *XLVHXQFKL DL UHJLQHL 6FRLHL L VRLH D OXL )UDQFLVF0DULD 6WXDUW 6LWXDLD VH VFKLPEEUXVFODPRDUWHDVXELWDPRQDUKXOXLvQDFHODLDQVXFFHVRUXODFHVWXLD&DURO,;VH

JVHD VXE WXWHOD PDPHL VDOH &DWHULQD GH 0HGLFL DOH FUHL DPELLL SROLWLFH VHFLRFQHDXGHSXWHUHDGXFHOXL)UDQoRLVGH*XLVH(UDGHFLQDWXUDOFDUHJHQWDVFDXWHRDOLDQvPSRWULYDDFHVWXLDFXQRELOLPHDKXJKHQRWFRQGXVGHUHJHOH1DYDUUHLGHIUDWHOH VX SULQXO GH &RQGp L GH DPLUDOXO GH &ROLJQ\ Q DFHVW VFRS &DWHULQDFRQYRF R DGXQDUH SHQWUX D GLVFXWD SXQFWHOH FRQWURYHUVDWH vQWUH SURWHVWDQL LFDWROLFLLDJVLXQFRPSURPLVSROLWLFLUHOLJLRV5H]XOWDWHOHHFXPHQLFHDOHDFHVWXL&RORFYLX GH OD 3RLVV\ IXU QXOH vQ EXQ SDUWH GDWRULW LUHGXFWLELOHL GXPQLLGLQWUH GXFHOH GH *XLVH L 7KpRGRUH GH %q]H vQ VFKLPE SH SODQ SROLWLF SDUWLGXOFDWROLF vL FRQFHQWU IRUHOH vQ YHGHUHD LPLQHQWXOXL U]ERL vQWUH FHOH GRX UHOLJLL$FHVWD L]EXFQL OD PDUWLH FkQGGH*XLVHPDVDFUR DGXQDUHSURWHVWDQW vQRUHOXO9DVV\&RQGpvLPRELOL]ODUkQGXOVXSHKXJKHQRLLSULPLUDSLGDMXWRDUHGH OD HQJOH]L L GH OD SULQFLSLL JHUPDQL vQV IX vQYLQV vQ EWOLD GH OD'UHX['H*XLVHSURILWkQGGHVXFFHVvQFHUFVFXFHUHDVFRUDXO2UOpDQVFDSLWDODSDUWLGXOXLSURWHVWDQWGDUIXDVDVLQDWGHXQJHQWLORPFDOYLQDVWIHO&DWHULQDSXWXLPSXQHSDFHDUHVWDELOLQG WHPSRUDU OLQLWHD vQ UHJDW Q VFKLPE HD UHIX] SXEOLFDUHD vQ )UDQD DGHFL]LLORU&RQFLOLXOXLGHOD7UHQWRDWkWSHQWUXFDUILGXVODULGLFDUHDSURWHVWDQLORUFkWPDLDOHVSHQWUXFvQFOFDXOLEHUWLOHELVHULFLLJDOOLFDQHLGHRORJLDGRPLQDQWDFDWROLFLVPXOXL IUDQFH] IRUPXOkQG FHULQD XQHL ELVHULFL QDLRQDOH SURSULLLQGHSHQGHQWHGH5RPD3R]LLDUHJHQWHLGHYHQHDDVWIHOH[WUHPGHIUDJLOvQUDSRUWFXSDUWLGXOFDWROLFLHDVHUHRULHQWVSUHDOLDQDFXDFHVWDFRQVILQLWSULQvQWkOQLUHDGHOD%D\RQQHXQGHvPSUHXQFX)LOLS,,LFXGXFHOHGH$OEDSXVHODFDOHXQSODQGHH[WHUPLQDUHDSURWHVWDQLORUGLQ(XURSDQDFHVWPRG&DWHULQDLLDSURSLHSH DOLDLL WUDGLLRQDOL DL IDPLOLHL GH *XLVH GDU FkQG DFLXQLOH GXFHOXL GH $OED vQULOHGH-RVIFXUSUDFWLFSXEOLFHGHFL]LLOHGHOD%D\RQQHKXJKHQRLLWHPkQGXVHGH XQ WUDWDPHQW VLPLODU GHFODQDU GLQ QRX U]ERLXO UHOLJLRV &RQGp IX XFLV vQEWOLD GH OD -DUQDF FX GXFHOH GH$QMRX LDU vQ IUXQWHD SDUWLGXOXL YHQL ILXOUHJHOXL1DYDUUHL+HQULFGH%RXUERQvQFLXGDVIDWXULORUDFHVWXLDKXJKHQRLLIXUGLQQRXEWXLGH$QMRXOD0RQFRQWRXU&XPDPEHOHWDEHUHDYHDXGHMDSLHUGHULHQRUPHUHFXUVHU OD DMXWRU H[WHUQ )LOLS ,, GRUQLF GH D VXEPLQD SXWHUHD IUDQFH] VUL vQVSULMLQXOSDUWLGXOXLGH*XLVHLDU(OLVDEHWDWULPLVHGLQQRXDMXWRDUHKXJKHQRLORUPDLPXOW SHQWUX DL GHVFXUDMD SH FDWROLFLL HQJOH]L *UDLH HL L SURWHVWDQLORU JHUPDQL&ROLJQ\ SXVH SH SLFLRDUH R QRX DUPDW VLOLQGXO SH UHJH V vQFKHLH R SDFHDYDQWDMRDV SHQWUX KXJKHQRL &DWHULQD WUHFX GH SDUWHD DFHVWRUD WULPLkQGFKLDUDMXWRDUHFDOLFLORUGDUvQVHFUHWFRQWLQXDVFRQVSLUHFXVSDQLROLLLFXWkQUXOGXFH +HQUL GH *XLVH Q QRDSWHD GH 6IkQWXO %DUWRORPHX D DQXOXL DXJXVW GXS FVWRULD OXL +HQULF GH %RXUERQ FX VRUD UHJHOXL &DWHULQD GGXORYLWXUD SURILWkQG GH SUH]HQD vQ FDSLWDO FX DFHDVW RFD]LH D FDSLORU SDUWLGXOXLKXJKHQRWGHRDPHQLvQWUHFDUHL&ROLJQ\IXUPFHOULLQXPDLvQ3DULVGHFWUH FDWROLFLL IDQDWLFL LDU PDVDFUXO FRQWLQX vQ WRDWH PDULOH RUDH VXE vQDOWDSURWHFLH UHJDO3DUDGR[DO SURWHVWDQLL LHLU vQWULL GLQ DFHDVW vQFHUFDUH IRUHOHORU FRQFHQWUkQGXVH vQ MXUXO FkWRUYD SXQFWH vQWULWH FHO PDL LPSRUWDQW ILLQG /D5RFKHOOH 5HIRUPDLL JHUPDQL WULPLVHU L HL DMXWRDUH DVWIHO vQFkW FRQIOLFWXO SXWXFRQWLQXD VXE QRXO VXYHUDQ +HQULF ,,, IRVWXO GXFH GH $QMRX 'RPQLD VD D IRVWPDUFDW GH LQWHQVLILFDUHD U]ERLXOXL FLYLO GHYHQLW VWDUHD RELQXLW D UHJDWXOXL)UDQHL GXS DSDULLD XQXL DO WUHLOHD SDUWLG DO QHPXOXPLLORU FDUH VXE SUHWH[WXOFXWULL SFLL vQFHUFD V vQOWXUH IRUD IDPLOLHL GH *XLVH 3UHD SXLQ vQFOLQDW VSUH

PRGHUDLH UHJHOH vQUXWL VLWXDLD SULQ QHvQFHWDWHOH VDOH PDQHYUH vQWUH SDUWLGH$VWIHOFRQIUXQWDLFXRDOLDQvQWUH+HQULFLSURWHVWDQLGH*XLVHFUHDUvQ/LJD DO FUHL VFRS DQXQDW HUD DSUDUHD UHOLJLHL FDWROLFH vQV vQ UHDOLWDWH XUPUHDDGXFHUHDSHWURQDGXFHOXLFXDMXWRUXO6SDQLHL+HQULFvQVXLDIRVWIRUDWGH6WULOH*HQHUDOHVDGHUHOD/LJGHYHQLQGIRUPDOHIXOHLFDXUPDUHKXJKHQRLLVHULGLFDUvPSRWULYDUHJHOXL$ELDvQFRQYHQLDGHOD)OHL[SXVHFDSWRVWLOLWLORUSHQWUXFLQFL DQL FkQG OD PRDUWHD PRWHQLWRUXOXL WURQXOXL +HQULF GH %RXUERQ GHYHQLVXFFHVRUXO OHJLWLP DO PRQDUKXOXL VLWXDLH LQWROHUDELO SHQWUX /LJ FDUH UHDSULQVHIODFUD U]ERLXOXL Q WLPS FH FDWROLFLL HUDX ]GURELL OD &RXWUDV EXUJKH]LDSDUL]LDQ VH ULGLF vQ IDYRDUHD GXFHOXL GH *XLVH L SXVH PkQD SH FDSLWDODOXQJkQGXOSHUHJH]LXDEDULFDGHORUPDL6WULOH*HQHUDOHIXUGLQQRXFRQYRFDWHvQVFRSXOGHSXQHULLOXL+HQULF,,,LvQFRURQULLGXFHOXL6XYHUDQXODOLDWDFXPFXSURWHVWDQLLOHROXvQDLQWHLRUGRQDVDVLQDUHDOXL+HQULGH*XLVHFHHDFH vQOWXU SHULFROXO GDU UDGLFDOL] FRQIOLFWXO 6XVLQXW GH SDS /LJD FHUXIUDQFH]LORU V ULGLFH DUPHOH vPSRWULYD VXYHUDQXOXL ORU LO SURFODP UHJHQW SH0D\HQQH IUDWHOH GHIXQFWXOXL GXFH/D vQFHSXWXO DQXOXL XQ FOXJU IDQDWLF vODVDVLQSH+HQULF,,,FDUHWRFPDLvQFHSXVHDVHGLXO3DULVXOXLU]YUWLW1RXOPRQDUK+HQULF ,9 VH YHGHD DVWIHO VWSkQ GRDU SH UHJLXQLOH SURWHVWDQWH DOH )UDQHL LFRQIUXQWDWFXRDUPDWPXOWPDLQXPHURDVGHFkWDVDQEWOLLOHGHOD$UFTXHVL,YU\ UHXL V UHVWDELOHDVF HFKLOLEUXO L SXWX vQFHSH UHFXFHULUHD UHJDWXOXL DWkW FXDUPHOHFkWLSULQSURSDJDQGQWUHWLPS0D\HQQHFRQYRFDVH6WULOHSHQWUXDDOHJHXQVXYHUDQFDWROLF$GXQDUHDVHJVLUDSLGVIkLDWvQWUHSDUWL]DQLLVLLFHLDL6SDQLHLSURILWkQGGHFRQIX]LD/LJLL+HQULFVHFRQYHUWLODFDWROLFLVPOLSVLQGXLGXPDQLLGHRULFHSUHWH[WSHQWUXDFRQWLQXDU]ERLXOLUHFXQRVFXWGHvQWUHJXOUHJDWLQWUYLFWRULRVvQ3DULVODVHSWHPEULH6SDQLROLLIFXURXOWLPvQFHUFDUHGHDL FRQWHVWD DXWRULWDWHD GDU GXS FH FKLDU 0D\HQQH VH VXSXVH IXU REOLJDL VvQFKHLH SDFHD OD 9HUYLQV FRQILUPkQG SUHYHGHULOH WUDWDWXOXL GH OD &DWHDX&DPEUHVLV &X SXLQ WLPS vQDLQWH +HQULF vQFKHLDVH L SDFLILFDUHD UHOLJLRDV vQLQWHULRUSULQHGLFWXOGHOD1DQWHVFHDFRUGDKXJKHQRLORUOLEHUWDWHDGHFRQWLLQLRODUJOLEHUWDWHDFXOWXOXLvQDIDUDFDSLWDOHL3URWHVWDQLLDYHDXGHDFXPvQDLQWHVVHEXFXUH GH GUHSWXUL FHWHQHWL HJDOH FX FDWROLFLL L EHQHILFLDX GH DFFHV HJDO ODVOXMEHOH L IXQFLLOH SXEOLFH OD vQYPkQW L DVLVWHQ PHGLFDO VH LQVWLWXLDXWULEXQDOHELSDUWLWHLDUKXJKHQRLLvLSXWHDXSVWUDORFXULOHGHVLJXUDQFHWLFXJDUQL]RDQHSURWHVWDQWH1HSDUHD]LFHOSXLQFLXGDWFGXSGHDQLGHU]ERLFLYLO)UDQDVDULGLFDWPDLVXV FD QLFLRGDW VXE +HQULF ,9 LDU XUPDLL DFHVWXLD DX LQVWLWXLW SUHSRQGHUHQDIUDQFH] vQ (XURSD 3VLKRORJLF FRVWXO U]ERDLHORU UHOLJLRDVH D IRVW HQRUP GDUSROLWLF HOH DX FRQILUPDW GHILQLWLY SXWHUHD PRQDUKLF LDU vQ SODQ HFRQRPLFLPHQVLWDWHD WHULWRULXOXL LSRSXODLHL UHJDWXOXL DX vPSLHGLFDW RFUL] UHDO VLQJXUDFRQVHFLQPDMRUILLQGGHFGHUHDYHFKLXOXLFHQWUXFRPHUFLDOGHOD/\RQFUHDLHDQHJXVWRULORU LWDOLHQL vQ IDYRDUHD3DULVXOXL GHYHQLW DGHYUDWD LQLPD)UDQHL QJHQHUDOUQLPHDLEXUJKH]LDVDXGH]JXVWDWGHILQLWLYGHDPELLLOHFHQWULIXJHDOHVHQLRULORU SUHIHUkQG V VH UDOLH]H XQHL SXWHUL FHQWUDOH SDFLILFDWRDUH FHHD FH DFRQGDPQDW OD HHF WRDWH UHYROWHOH QRELOLDUH DOH VHFROHORU XUPWRDUH QVHL HOLWHOHDULVWRFUDWLFH DXSUHIHUDW VL SVWUH]H DYDQWDMHOH GHMD RELQXWH vQ ORF V FRQWLQXHOXSWD SHQWUX D OH VSRUL JHQHUDLD FDUH D vQFHSXW FRQIOLFWXO HUD FHD D YHWHUDQLORU

U]ERDLHORU LWDOLHQH*XLVH&ROLJQ\&RQGpGDU FHDFDUH OD VIkULW VH UHJVHDPXOWPDLELQHvQ+HQULFGH%RXUERQLvQSDUWLGXORUGLQLLLDOSFLL,QGHSHQGHQD2ODQGHLQDWHUHDSULPHLUHSXEOLFLEXUJKH]HQYUHPHFH)UDQDPHUJHDGLQVSUHDQDUKLDQRELOLDUFWUHDEVROXWLVPXOPRQDUKLFvQSDUWHD VHSWHQWULRQDODULORUGH -RVEXUJKH]LDSURWHVWDQW LQVWLWXLD UHSXEOLFD&DOLFLL SXVHVHUPkQD SH JXULOH UkXOXL(VFDXW GHEXHXOPDULWLP DO UHJLXQLL vQYUHPH FH:LOKHOP GH2UDQLD WUHFHD5LQXO L LQYDGD2ODQGD 6WULOH*HQHUDOH VHJUELU VO SURFODPH JXYHUQDWRU VWDWKRXGHU GDU VXFFHVXO vQFHSX V VHvQWUH]UHDVF DELD vQ GXS YLFWRULD GH OD $ONPDDU L vQORFXLUHD GXFHOXL GH$OED&kQGQRXOJXYHUQDWRUPXUL WUXSHOHVSDQLROHUPDVHIUFRPDQGDQW MHIXLU$QYHUV L 0DDVWULFKW L PDVDFUDU SRSXODLD QJUR]LWH SURYLQFLLOH FDWROLFH GLQVXGXO ULORU GH -RV FDUH UPVHVHU ORLDOH OXL )LOLS VHPQDU FX RODQGH]LL3DFLILFDUHD GH OD*DQG QRLHPEULH RUGRQkQG H[SXO]DUHD VSDQLROLORU LUHVWDXUDUHDOLEHUWLORUWUDGLLRQDOH5HJHOHvOWULPLVHDWXQFLSHGRQ-XDQGH$XVWULDFDUH UDWLILF 3DFLILFDUHD GRDU SHQWUX DL vQFOFD DSURDSH LPHGLDW SURPLVLXQLOHFXFHULQGRUDXO1DPXUPXULXQDQPDLWkU]LXGDUGLSORPDLDVDDELOUHXLVHGHMDVGH]ELQHQRUGXOSURWHVWDQWLPDLDYDQVDWHFRQRPLFGHVXGXOFDWROLF5XSWXUDIXFRQVILQLW vQ SULQ UHDOL]DUHD 8QLXQLL GH OD $UUDV GH FWUH SURYLQFLLOHPHULGLRQDOH DOH ULORU GH -RV VXSXVH OXL )LOLS ,, FURUD OL VH RSXQHDX FHOH SURYLQFLL RODQGH]H DVRFLDWH vQ 8QLXQHD GH OD 8WUHFKW VXE FRQGXFHUHD OXL:LOKHOPDFUHL LQGHSHQGHQ IXSURFODPDW IRUPDO OD LXOLH &KLDU L vQLQWHULRUXO DFHVWHLD DSUXU GLYL]LXQLL vQ MXUXO LGHLL GH D FKHPD XQ VXYHUDQ VWULQ6HQLRULLGLQ%UDEDQWRVWLOLFDVHLGH2UDQLDDSHODUODILXOvPSUDWXOXLJHUPDQFDUHIXUHSHGHvQOWXUDWGHIUDWHOHOXL+HQULF,,, vQFHUFkQGVFRQGXFGHVSRWLFDFHVWDIX L HO GHSXV vQ 3XWHUHD UPDVH DVWIHO VWDWKRXGHUXOXL L 6WULORU FkQG:LOKHOPIXXFLVGHXQDVDVLQSOWLWvQFRQGXFHUHDvLIXRIHULWUHJLQHL$QJOLHL(OLVDEHWD UHIX] GDU vQFKHLH vQ VFKLPE R DOLDQ L vO WULPLVH SH IDYRULWXO HL/HLFHVWHU FX XQ LPSRUWDQW DMXWRU PLOLWDU vPSRWULYD WUXSHORU VSDQLROH FRQGXVH GH$OHVVDQGUR )DUQHVH H[FHOHQW JHQHUDO L RP SROLWLF FDUH UHXLVH V UHFXFHUHDVF$QYHUV /HLFHVWHU vQ VFKLPE UHXL V VH FHUWH FX 6WULOH L IX UHFKHPDW LDU ILXO7DFLWXUQXOXL0DXULFLXGH1DVVDXGHYHQLVWDWKRXGHU6HQVFXVHDVWIHO vQFRQYXOVLLOHU]ERLXOXLDQWLVSDPLROLDOH OXSWHORUGHSDUWLGHSULPD UHSXEOLF EXUJKH] 8QLXQHD GH OD 8WUHFKW HUD R DOLDQ FUHDW DG KRFSHQWUX QHFHVLWLOH U]ERLXOXL FLUFXPVWDQHOH SROLWLFH LQWHUQH L H[WHUQH DXWUDQVIRUPDWR vQ FDGUXO LQVWLWXLRQDOQHFHVDU FRQFLOLHULL OLEHUWLORU WUDGLLRQDOHDOHSURYLQFLLORUGHVRUJLQWHPHGLHYDOFXDYkQWXOHFRQRPLFPRGHUQ5HJLPXORODQGH]HUDDVWIHORGHPRFUDLHDXWRULWDUGRPLQDWGHVWDWKRXGHULLGLQIDPLOLDGH1DVVDX2UDQLD FRQWUDEDODQVDL GH 6WULOH *HQHUDOH GH OD +DJD L GH DXWRQRPLLOHSURYLQFLDOH3HEXQGUHSWDWH-+XL]LQJDFRQVLGHUDFvQQRXDUHSXEOLFVWDWXO HUD FkW VH SRDWH GH FRQVHUYDWRU FOGLW SH R REkULH YHFKH DWDDW GHWUDGLLHLGHYHFKLOHGUHSWXUL6LPXOGHOLEHUWDWHHUDYLXGDULGHHDGHOLEHUWDWHHUDFHDD(YXOXL0HGLX$ELDvQHSRFDU]YUWLULLFkQGQRLXQHDGHSDWULHLFKLDU L FXYkQWXO 2ODQGD vQFHS V DLE XQ VXQHW GH FORSRWH L WUkPELH VHEROWHWHGHDVXSUDFRQFHSWXOXL VWUkPWPHGLHYDOR LGHHGHVWUGXLQFRPXQLGHVXIHULQFRPXQ

8QVWDWH[WUHPGHVODELGHGHVFHQWUDOL]DWVHUYHDvQVH[FHOHQWLQWHUHVHOHHFRQRPLFHDOH EXUJKH]LHL FRPHUFLDOH D FUHL ERJLH FRQVWLWXLD ED]D SXWHULL RODQGH]H 3ULQFUHDUHD&RPSDQLHL ,QGLLORU2ULHQWDOH L D%QFLL GLQ$PVWHUGDP HLYRUGHYHQLVWSkQLLFRPHUXOXLPRQGLDO&RPSDQLD,QGLLORU2ULHQWDOHDIRVWIRQGDWOD LQLLDWLYD 6WULORU L D VWDWKRXGHUXOXL vQ VFRSXO FUHULL XQXL LPSHULX FRORQLDORODQGH] FX FDUDFWHU FRPHUFLDO (QRUPHOH GLYLGHQGH DOH DFLXQLORU &RPSDQLHL LFDUDFWHUXO PRQRSROLVW DX GXV OD H[SDQVLXQHD HL vQ vQWUHDJD $VLH SULQ HOLPLQDUHDFHORUODOWH SXWHUL FRORQLDOH vQ SULPD MXPWDWH D VHFROXOXL ;9,, &RPSDQLD VDWUDQVIRUPDW vQWUXQ YHULWDELO VWDW vQ VWDW PRGHO SHQWUX LQVWLWXLLOH FDSLWDOLVWHVLPLODUHGLQvQWUHDJD(XURSDELDSHODDLQWUDWvQGHFOLQGDWRULWFRQFXUHQHLHQJOH]HIDOLPHQWkQGODVIkULWXOVHFROXOXL;9,,,3URLHFWXOHXURSHDQDOOXL+HQULF,9$WkW +HQULF ,9 FkW L VXFFHVRULL VL DX WULW FX YHFKHD VSDLP D vQFHUFXLULLKDEVEXUJLFHGDWkQGvQFGHOD)UDQFLVF,LGHOD&DURO4XLQWXO+HQULFDIRVWvQVSULPXO FDUH D vQFHUFDW SHQWUX D FRQMXUD DFHDVW WHURDUH V LQVWLWXLHXQ VLVWHPGHHFKLOLEUXHXURSHDQFDUHQXGRDUVVOEHDVFSXWHUHDFDVHLGH$XVWULDFLSHWHUPHQOXQJ V vPSLHGLFH RULFH DOW VWDW VL LQVWLWXLH KHJHPRQLD GDU vQ DFHODL WLPS VUHDOL]H]HXQLWDWHD vQWUHJLL(XURSH vQWUR UHSXEOLF FUHWLQ(VWHGLVFXWDELOGDFDXWRUXOPDUHOXLSURLHFWHXURSHDQDIRVWUHJHOHvQVXLVDX6XOO\PLQLVWUXOVXGDULQFRQWHVWDELO DFHVW SODQ DQXQD QRXD YL]LXQH DVXSUD SROLWLFLL L UHODLLORULQWHUQDLRQDOH DYkQG VWDWXO QDLRQDO FD DFWRU FHQWUDO L EDODQD GH SXWHUH FDWUVWXU PRUIRORJLF YL]LXQH FDUH VH YD LPSXQH GXS SDFHD GH OD :HVWIDOLD3URLHFWXO IUDQFH] GLYL]D (XURSD vQ GRPLQDLL UHODWLY HJDOH FD SXWHUH LXQLWDUHSROLWLFLWHULWRULDOPRQDUKLLHUHGLWDUH)UDQD6SDQLD$QJOLD'DQHPDUFDL /RPEDUGLD PRQDUKLL HOHFWLYH ,PSHULXO*HUPDQ 6WDWXO 3RQWLILFDO 3RORQLD8QJDULDL%RHPLDLUHSXEOLFL 9HQHLD(OYHLDULOHGH-RVLRUHSXEOLFLWDOLDQ IRUPDW SULQ UHXQLUHD GXFDWHORU GLQ QRUGXO L FHQWUXO SHQLQVXOHL DSRL VHSUHFL]DXUDSRUWXULOHGLQWUHDFHVWHVWDWHJUXSDWHvQWURIHGHUDLHED]DWSHSULQFLSLLOHHFKLOLEUXOXL vQWUH GRPLQDLL L WROHUDQHL UHOLJLRDVH &RQVLOLXO UHSUH]HQWDWLY MXFDUROXO GH DUELWUX vQ UHODLLOH HXURSHQH L DYHD FD LQVWUXPHQW R DUPDW IHGHUDOGHVWLQDW DWkW VROXLRQULL FRQIOLFWHORU LQWHUQHFkWPDLDOHV U]ERLXOXLFX ,PSHULXO2WRPDQvQVFKLPEFRQIOLFWHOHDUPDWHvQWUHVWDWHOHFUHWLQHHUDXSURKLELWH6XOO\vLVIWXLDFKLDUVXYHUDQXOVDUDWHRH[WUHPGRULQGHDVWDELOLRVROLG OLQLWH vQWUH WRLSRWHQWDLL(XURSHL LDUDWXQFL FkQG YD DSUHD FHD PDL PUXQW GLVSXW RUL OLWLJLX vQWUH HL LQWHQLDYRDVWU V ILH FHD GH D FXWD VLQFHU WRDWH PLMORDFHOH GH DL PHQLQH vQWURFRQYLHXLUHSDQLF

+HQULF ,9 vQFHUF VH SDUH V SXQ vQ SUDFWLF SURLHFWXO SXWHULOH SURWHVWDQWHGRUQLFH V VOEHDVF SXWHUHD +DEVEXUJLORU VH DUWDX GLVSXVH V vO VSULMLQH FD LVWDWHOH LWDOLHQH &KHPDW vQ DMXWRU vQ GH 8QLXQHD (YDQJKHOLF FH JUXSDSULQFLSLL SURWHVWDQL GLQ ,PSHULX +HQULF VH SUHJWHD FKLDU V LQWHUYLQ vQSUREOHPD VXFFHVLXQLL GXFDWHORU &OHYHV L %HUJ JUXSkQG R FRDOLLH HXURSHDQvPSRWULYDFDVHLGH$XVWULDFkQGODPDLIXDVDVLQDWGH5DYDLOODF6WDWHOHHXURSHQHvQDMXQXO5]ERLXOXLGHGHDQL3ROLWLFDOXL+HQULF,9DIRVWWHPSRUDUDEDQGRQDWGHILXOVX/XGRYLF;,,,'RPLQDW GH RPDP DXWRULWDU L GHPLQLWUL LQFDSDELOL GH D XUPDR OLQLH

LQWHUQLH[WHUQFRHUHQWWkQUXOUHJHRVFLODvQWUHDOLDQDFX6SDQLDLVDWLVIDFHUHDDPELLLORUPDULORU VHQLRUL 6WULOH*HQHUDOH GLQ QX IXU FDSDELOH V UH]ROYHFUL]DJXYHUQULLLDUQRELOLPHDLKXJKHQRLLSURYRFDUQHWXOEXUDLDJLWDLHvQUHJDW2DOWSUREOHPHUDHQRUPXOGHILFLWEXJHWDUJHQHUDWGHSROLWLFDIDOLPHQWDUDELDvQFkQGFDUGLQDOXO5LFKHOLHXGHYHQLPLQLVWUXVLWXDLD)UDQHLVHVFKLPEUDGLFDOvQXQWUXOLvQDIDUDJUDQLHORU6SDQLDVHJVHD vQSOLQGHFDGHQGXSPRDUWHD OXL)LOLS,,/DvQFHSXWXOVHFROXOXL ;9,, VH PDL JVHDX vQF VFULLWRUL SUHFXP &DPSDQHOOD RUL -XDQ GH OD3XHQWHFDUHVVXVLQLGHHDVXSUHPDLHLVSDQLROH0DGULGXOHXDVHSUDFWLFSHWRDWHSODQXULOH'HLDQH[DVHL3RUWXJDOLDvQQLFLFKLDUERJLLOHFHORUGRXLPSHULLFRORQLDOH UHXQLWH QX SXWHDX IDFH ID LPHQVHORU QHYRL ILQDQFLDUH FkW WLPS OLSVDSURGX