%#2+61.7.+

35,1&,3,,/(25*$1,= 5,,$'0,1,675$ ,(,

6HF LXQHD1R LXQLJHQHUDOHDVXSUDRUJDQL] ULLDGPLQLVWUD LHLSXEOLFH

3UHOLPLQDULL

7HUPHQXO GH D RUJDQL]D RUJDQL]DUH HVWH GH RULJLQH IUDQFH] RUJDQLVHU FDUHvQVHDPQ D UHDOL]D PHWRGLF P VXULOH QHFHVDUH SHQWUX D DVLJXUD vQI SWXLUHD UD LRQDO LHILFLHQW DXQHLDF LXQLQWRDWHDF LXQLOHUD LRQDORUJDQL]DWHVHXUP UHWHFDHIRUWXULOHVILHvQFRQFRUGDQ FXUH]XOWDWHOHV QXH[LVWHGLVSURSRU LLQHMXVWLILFDWHS JXELWRDUHFKLDUSHQWUXDF LXQLOHXPDQHvQWUHSULQVH

3ULQRUJDQL]DUHUD LRQDO VHXUP UHWHREXQ GR]DUHDHIRUWXOXLXPDQILQDQFLDUL

PDWHULDO6DUHPDUFDWF vQDF LXQLOH ORUQXUHXHVFFHLPDL LQWHOLJHQ L WDOHQWD L LELQHSUHJ WL LSURIHVLRQDORDPHQLFLDFHLDFDUHVXQWPDLUD LRQDORUJDQL]D LFDUHLGHVI RDUDF LXQLOHvQWURRUGLQHORJLF ILUHDVF LQHFHVDU vQUDSRUWFXVLWXD LDGHIDSWFDUHWLXVvPELQHPLMORDFHOHFXHIRUWXULOHL WLPSXOGHFDUHGLVSXQ2UJDQL]DUHDSUHVXSXQHRUGLQHvQ JkQGLUH SURJUDPDUH SUHYL]LXQH DQDOL]D PDL vQDLQWH GH D vQFHSH RULFH DF LXQH&XYkQWXO RUGLQH SURYLQH GLQ ODWLQHVFXO RUGR FDUH vQVHDPQ R DUDQMDUH PHWRGLF

2UJDQL]DUHDUHSUH]LQW RFDOHUD LRQDO HFKLOLEUDW QHFRQWHQLWDQDOL]DW LUHHYDOXDW LvQFRQVHFLQ DGDSWDW FHULQ HORUORFXOXLLWLPSXOXL

&HD PDL VLPSO DF LXQH XPDQ QHFHVLW RUJDQL]DUH FHUH DF LXQH L XQ VFRSGHWHUPLQDW QHFHVLW R FXDQWLILFDUH D QHFHVLW LORU L SRVLELOLW LORU GH FDUH GLVSXQH FHOFKHPDWV vQWUHSULQG DF LXQHDUHVSHFWLY

'HDVHPHQHDRUJDQL]DUHDSUHVXSXQHFRPDQG GHFL]LHDF LXQH1XvQWkPSO WRUVHVSXQHF XQGHVXQWGRX SHUVRDQHLRDFWLYLWDWHXQDGLQFHOHGRX SHUVRDQHWUHEXLHV VHRFXSHGHRUJDQL]DUHLGHFRPDQG SHQWUXF DOWIHOVH ODV ORFKD]DUGXOXLGH]RUGLQLL LLQHILFLHQ HLQDFWLYLWDWHDSUDFWLF GHPXOWHRULVHRSHUHD] FXWHUPHQLLQH[DF LDVWIHOVHXWLOL]HD] FRQFRPLWHQWLFXDFHHDLYDORDUHQR LXQLOHGHRUJDQL]D LHLFHDGHRUJDQL]DUH$RUJDQL]DvQVHDPQ DFUHDDSURGXFHRUJDQL]D LL6RFLHWDWHDRPHQHDVF HVWHHDvQV LRRUJDQL]D LH XQRUJDQLVP6RFLHWDWHD QX HVWH XQ VLVWHPGH H[LVWHQ SUHFXPRUJDQLVPXOXPDQLQGLYLGXDOFLXQVLVWHPGHFRH[LVWHQ DPDLPXOWRURUJDQLVPHLQGHSHQGHQWHFDUHvL GHVI RDU DFWLYLWDWHD vPSUHXQ vQ FDGUXO XQRU UDSRUWXUL FH IDFLOLWHD] DFHDVW&RQYLH XLUHSULQFRRSHUDUH

2DPHQLLQXVXQWFHOXOHDOHVRFLHW LLFLILLQ HFDSDELOHvQSULQFLSLXV RFXSHRULFH

ORFvQRUJDQL]D LDVRFLDO V vQGHSOLQHDVF RULFHIXQF LHvQFDGUXOVRFLHW LLV S U VHDVF

0LKDL 7 2URYHDQX7UDWDW GH GUHSW DGPLQLVWUDWLY 8QLYHUVLWDWHD &UHWLQ 'LPLWULH &DQWHPLU %XF S

,GHPS

7UDLDQ+HUVHQL5HDOLWDWHDVRFLDO vQFHUFDUHGHRQWRORJLHUHJLRQDO %XFFLWDWGH072URYHDQX vQRSFLWS

RUJDQL]D LDGLQFDUHIDFSDUWHODXQPRPHQWGDWSHQWUXRDOW RUJDQL]D LHH[LVWHQW GHMDH[HPSOX LPLJUD LD VDX V FUHH]H R QRX RUJDQL]D LH YH]L VLWXD LD IRUP ULL XQRU

FROHFWLYLW LXPDQHvQHSRFDPRGHUQ SHWHULWRULXODFWXDODO68$HWFQ HWDSD RUJDQL] ULL RUJDQL]D LD HVWH FRQVLGHUDW FD XQ PHFDQLVP FDOFXODELO L

UHDOL]DELO vQ FRQFRUGDQ FX UD LXQHD L YRLQ D RDPHQLORU GH DL vPEXQ W L H[LVWHQ DVRFLDO LDFWLYLWDWHDGHJUXS

2UJDQL]DUHD vQVHDPQ DF LXQHD GH D RUJDQL]D L UH]XOWDWXO HL(D DUH XQ FDUDFWHUGLQDPLF ILLQG HIHFWXDW QHFRQWHQLW DWXQFL FkQG SURJUHVXO WLLQ LILF L WHKQLF D GHS LW

RUJDQL]DUHD DQWHULRDU VLWXD LH VDX HWDS FH VH QXPHWH UHRUJDQL]DUH 2UJDQL]DUHD FDDFWLYLWDWHFRQWLHQW LYROXQWDU PHUHXDUHDQFRUDW vQUHDOLWDWHDRELHFWXOXLHLSUDFWLFVH

WUDQVIRUP vQWUR UHRUJDQL]DUH SHUSHWX PDL DOHV vQ SUH]HQW FkQG SURJUHVXO WHKQLFFXQRDWHRPRELOLWDWH L R GLQDPLF QHPDL vQWkOQLWH$F LXQHD GH RUJDQL]DUH VH vQVFULH

vQWUXQ ODUJ SURFHV VRFLDO GH UD LRQDOL]DUH VLPSOLILFDUH L HILFLHQWL]DUH GH WUHFHUH GH ODDF LXQLOHVSRQWDQHGHFRQMXQFWXU QDWXUDOHDOHRPXOXLODDF LXQLUD LRQDOH

6WDWXOXL FD RUJDQL]D LD FHD PDL HYROXDW D VRFLHW LL XPDQH vL UHYLQH PLVLXQHDRUJDQL] ULL IXQF LLORU OHJLXLWRDUHH[HFXWLYDGPLQLVWUDWLYHLD IXQF LHL MXGHF WRUHWLSULQ

DFHDVWD UHDOL]kQGXVH vQ OLQLLPDUL WRFPDLREXQ RUJDQL]DUH DPLVLXQLORU VDOH vQ FDGUXOXQHL VRFLHW L GDWH ILLQGF 6WDWXO H[LVW XQHRUL SULQ UDSRUWDUH FRQWLQX OD R DQXPLW

VRFLHWDWH XPDQ DH]DW SH XQ DQXPLW WHULWRULX (O 6WDWXO QHH[LVWkQG vQ JHQHUDO FL vQFRQFUHWGHWHUPLQDWGHWHULWRULXSRSXOD LHLVXYHUDQLWDWHSXWHUH

$FFHS LXQLDOHQR LXQLLGHRUJDQL]DUH

1R LXQHDGHRUJDQL]DUHFXQRDWHPDLPXOWHDFFHS LXQLLDQXPHD2UJDQL]DUHFD VWUXFWXU FHHD FH GHVHPQHD] PRGXO vQ FDUH HVWH FRQVWLWXLW

6WDWXO RUJDQHOH VDOH FHQWUDOH L ORFDOH PRGXO GH FRQVWLWXLUH D VLVWHPXOXL RUJDQHORUVWDWXOXL DGLF RUGLQHDHOHPHQWHORUDFHVWXLD DWULEX LLOH UHVSRQVDELOLW LOH UHOD LLOHGLQWUH

DFHVWHHOHPHQWHDVWIHOvQFkWV ILHFXSULQVHWRDWHFRPSRQHQWHOHDF LXQLLSXEOLFHQHFHVDUHvQGHSOLQLULLPLVLXQLORUVWDWXOXLS VWUkQGXVHXQLWDWHDLDUPRQLDVLVWHPXOXL'HDVHPHQHD

QX WUHEXLH SLHUGXW GLQ YHGHUH DWXQFL FkQG VH UHDOL]HD] RUJDQL]DUHD VWDWDO IDSWXO FDQXPLWH QHYRL VRFLDOH HVHQ LDOH VDX QRUPDOH V QX U PkQ QHFXSULQVH vQ FDGUXO

DWULEX LLORUDFRPSHWHQ HORURUJDQHORUVWDWXOXL

E2UJDQL]DUHDFDDFWLYLWDWHFDUHXUP UHWHUHDOL]DUHDXQHLDF LXQLUD LRQDOHLHILFLHQWH Q SULQFLSLX WHUPHQXO GH RUJDQL]DUH SXU L VLPSOX SULYHWH RUJDQL]DUHD FD R

DFWLYLWDWH

$VWIHODFWLYLWDWHDGHRUJDQL]DUH vQDF LXQHDSXEOLF SULYHWHSDUFXUJHUHDPDLPXOWRU HWDSH ORJLFH L QHFHVDUH 6H LPSXQH R JkQGLUH SURIXQG DQWHULRU DF LXQLL L vQ

DFHODLWLPSFUHDUHDFRQGL LLORUGHXWLOL]DUHDXQRUPHWRGHLPLMORDFHFXVFRSXOUHDOL] ULLXQHLDF LXQLUD LRQDOHLFXPD[LP HILFLHQ

)LQDOLWDWHDDFWLYLW LLGHRUJDQL]DUHFRQVW

072URYHDQXRSFLWS

,GHP

vQDUHXQLLXWLOL]DUHVXUVHOHXPDQHPDWHULDOHLILQDQFLDUHGHFDUHGLVSXQH$GPLQLVWUD LDSHQWUXvQGHSOLQLUHDVDUFLQLORUSULPLWH

7HRULD RUJDQL]D LHL 6HFROXO ;; VH FDUDFWHUL]HD] GLQ SXQFWXO GH YHGHUH DO

DGPLQLVWUD LHL SULQWUR H[SOR]LH RUJDQL]D LRQDO GH]YROWkQGXVH R PXOWLWXGLQH GHRUJDQL]D LL D OXDW DPSORDUH IHQRPHQXO DGPLQLVWUDWLY VD H[WLQV VSD LXO DGPLQLVWUD LHL

XUP ULQGXVH VSRULUHD HILFLHQ HL DFWLYLW LORU GHVI XUDWH GH $GPLQLVWUD LH 6D DMXQV ODFRQFOX]LDF HILFLHQ DvQDGPLQLVWUD LHGHSLQGHPDLPXOWGHPRGXOWLLQ LILFGHRUJDQL]DUHD

PXQFLLGHFkWGHH[LVWHQ DXQRUUHVXUVHILQDQFLDUHLPDWHULDOHQHOLPLWDWH$FWLYLWDWHDRPXOXLD IXQF LRQDUXOXL SXEOLF GHVI XUDW GXS UHJXOL WLLQ LILFH vQWUXQ FOLPDW RUJDQL]D LRQDO

UD LRQDOIRUPXODWSRDWHVXSOLQLvQPDUHP VXU LQVXILFLHQ DXQRUPLMORDFHILQDQFLDUH$XDS UXWDVWIHOWLLQ HQRLFXPHVWHWLLQ DVDXWHRULDRUJDQL] ULLDRUJDQL]D LHL

FHHDFHDFRQGXVODvPEXQ W LUHDDFWLYLW LL$GPLQLVWUD LHLVF GHUHDFRVWXULORUVRFLDOHvQUDSRUW FX FUHWHUHD LQWHUYHQ LHL$GPLQLVWUD LHL vQYLD D VRFLHW LL$X IRVW IRUPXODWHPDL

PXOWH WHRULL JHQHUDOH DOH RUJDQL]D LHL VDX FUHDW VWUXFWXUL GH FHUFHWDUH D DGPLQLVWUD LHLWRDWHDFHVWHDDYkQGGUHSWILQDOLWDWHHILFLHQWL]DUHDDGPLQLVWUD LHLDUPRQL]DUHDDF LXQLORUFX

PLMORDFHOHXPDQHILQDQFLDUHPDWHULDOHLFXFHULQ HOHQHYRLOHVRFLDOH'HLUROXO6WDWXWXOXLDFXQRVFXWSHULRDGHGHUHVWUkQJHUHvQFDGUXOVRFLHW LLRULGH

VSRULUHvQVSHFLDOvQWLPSXOSHULRDGHORUGHFUL] SROLWLF RULHFRQRPLF $GPLQLVWUD LDLDFRQWLQXDWRFXUE DVFHQGHQW vQFHHDFHSULYHWHDVXPDUHDGHUHVSRQVDELOLW LGHVDUFLQL

QRLSHFDUHOHDGXFHODvQGHSOLQLUHQXvQWRWGHDXQDSULQLQWHUPHGLXOSURSULLORUVWUXFWXULFLvQGHVWXOGHPXOWHFD]XULSULQFRQFHVLXQHDDFHVWRUDFWLYLW LSDUWLFXODULORUGDUVXEGLUHFWD

VDVXSUDYHJKHUHLUHVSRQVELOLWDWH$FHVWPRGGHDERUGDUHDDF LXQLLDGPLQLVWUD LHL LQHGHRDQXPLW RS LXQHDDIDFWRULORUSROLWLFLLGHGHFL]LHGHPRGXO vQFDUHVH vQ HOHJHODXQ

PRPHQWGDWLQWHUYHQ LDVWDWXOXLvQ6RFLHWDWH7HRULDRUJDQL]D LHLSUHVXSXQHVWXGLXOLQWHUGLVFLSOLQDUDOVRFLRORJLORUSVLKRORJLORU

MXULWLORUVSHFLDOLWLORUvQWLLQ DDGPLQLVWUD LHLvQUDSRUWFXIHQRPHQHOHVRFLDOHJHQHUDOHGLQDPLFDVFKLPE ULORUVRFLDOHDPRGXOXLGHIXQF LRQDUHFXUHQW DGLIHULWHORURUJDQL]D LL

GLQ DU L GLQ H[WHULRU0HWRGHOH GH FHUFHWDUH VH GLIHUHQ LD] vQ IXQF LH GH QLYHOXO GHDERUGDUH D SUREOHPDWLFLL GH GRPHQLXO GH UHIHULQ L QX vQ XOWLPXO UkQG GH LQWHUHVXO

PDQLIHVWDO6WDWXOXL vQDERUGDUHDODXQPRPHQWGDWDXQHLFKHVWLXQL6WXGLXORUJDQL] ULL$GPLQLVWUD LHL6WDWXOXLQXSRDWHILUHDOL]DWQXPDLGHRVLQJXU WLLQ SHQWUXF DDFXP

DPPDLDU WDWFRPSOH[LWDWHDIHQRPHQXOXLDGPLQLVWUDWLYGLQDPLFDVFKLPE ULORUDFHVWXLDQHFHVLW DDERUGDUHGLIHUHQ LDW vQWLPSLVSD LXFHHDFHSUHVXSXQHLLPSOLF SDUWLFLSDUHD

XQRUGLVFLSOLQHGLYHUVH ODDFHVWVWXGLX1HYRLDDERUG ULL UHDOLVWHDSUREOHPHLRUJDQL] ULLWLLQ LILFH D DGPLQLVWUD LHL D FRQGXV OD FRQVWLWXLUHD vQ FDGUXO XQRU PLQLVWHUH VDX DOWH

RUJDQH DOH DGPLQLVWUD LHL D VHUYLFLLORU DXWRQRPHGH 2UJDQL]DUH LPHWRGH FDUH DX FDRELHFW FHUFHWDUHD SHUPDQHQW D vPEXQ W LULL VWUXFWXULL L DFWLYLW LL RUJDQHORU

DGPLQLVWUD LHL SRUQLQG GH OD GLPHQVLRQDUHD FRPSDUWLPHQWHORU FLUFXLWXO OXFU ULORUUHOD LLOHFXSXEOLFXOGRWDUHDFXPLMORDFHPRGHUQHGHOXFUXLQIRUPDWL]DUHFLEHUQHWL]DUH

LDF URUDFWLYLWDWHWUHEXLHV VHPDWHULDOL]H]HSULQIRUPXODUHDXQRUSURSXQHULDGHFYDWHF WUHVWUXFWXULOHGHGHFL]LHLQWHUQ RULH[WHUQ HWF

2UJDQL]DUHDVLVWHPDWLF FRQVWLWXLHRFHULQ DDGPLQLVWUD LHLPRGHUQH5HOD LLOH vQFDUH LQWU RDPHQLL VH UHDOL]HD] SULQ PDQLIHVWDUHD vQ YLD D VRFLDO D XQRU VLVWHPH

DXWRUHJODWRDUH6XEVLVWHPHOHVHDXWRUHJOHD] FXDMXWRUXOUHWURDF LXQLLIHHGEDFN(OHVXQWFDSDELOHGHDGDSWDUHDYkQGSRVLELOLWDWHDV L UHDOL]H]H vQWURDQXPLW P VXU VLQJXUH

VWDELOLWDWHDLILQDOLWDWHDORUvQGHSOLQ FRQFRUGDQ FXVLVWHPXOJOREDOVRFLDO

0HWRGRORJLDFXQRDWHULLDGPLQLVWUDWLYH

0HWRGDVDXPHWRGRORJLDFXQRDWHULLDGPLQLVWUDWLYHVHvQI LHD] FDXQDQVDPEOX

GH PLMORDFH L SURFHGHH XWLOH SHQWUX FHUFHWDUHD VWUXFWXULL L DFWLYLW LL DGPLQLVWUD LHL$SOLFDUHDXQHLPHWRGHWLLQ LILFH vQDGPLQLVWUD LDGH VWDW ULGLF PXOWHSUREOHPHGDWRULW

FRPSOH[LW LLDFWLYLW LORUDGPLQLVWUDWLYH0HWRGRORJLDDSOLFDW vQDGPLQLVWUD LHSUHVXSXQHSHUFHSHUH L vQ HOHJHUH D $ SHUFHSH VWUXFWXUD L DFWLYLWDWHD DGPLQLVWUD LHL GH VWDW

SUHVXSXQH GHOLPLWDUHD DULHL GH VWXGLX D RELHFWLYXOXL GH FHUFHWDUH FHHD FH LPSOLFLQYHQWDULHUHD WXWXURU HOHPHQWHORU FRPSRQHQWH RUJDQH FRPSHWHQ H VDUFLQL QLYHO GH

VLWXDUHDMRFXOXLLQFDGUXOVLVWHPXOXLPLMORDFHXWLOL]DWHHWFE$ vQ HOHJH XUPHD] SHUFHSHULL L VH PDWHULDOL]HD] SULQ FRQFHSWXDOL]DUHD L

JHQHUDOL]DUHDIDSWHORULIHQRPHQHORU(VWHWLXWIDSWXOF DFWLYLWDWHDWLLQ LILF FRQGXFHODJHQHUDOL]DUH LDU vQ DFWLYLWDWHD GH FHUFHWDUH D FRPSOH[LW LL DGPLQLVWUD LHL WUHEXLH V VH

DMXQJ ODVLVWHPDWL]DUHODIRUPXODUHDXQRUUHJXOLSUHFLVHDOHPHWRGRORJLHLDGPLQLVWUDWLYHvQLQWHUHVXOSXEOLFJHQHUDO

2UJDQL]DUHD$GPLQLVWUD LHL6WDWXOXL'LQDQDOL]DVDUFLQLORUDGPLQLVWUD LHLVH

REVHUY H[LVWHQ D XQRU VDUFLQL GH LQWHUHV JHQHUDO QD LRQDO L D DOWRUD GH LQWHUHV ORFDO]RQDOWHULWRULDOFHHDFHSUHVXSXQHQHPLMORFLWFDDGPLQLVWUD LDSXEOLF V VHRUJDQL]H]HSH

GHRSDUWHFDDGPLQLVWUD LHSXEOLF FHQWUDO LFDDGPLQLVWUD LHSXEOLF ORFDO WHULWRULDO FRUHVSXQ] WRUQLYHOXOXLGHUHIHULQ DOVDUFLQLORU

$GPLQLVWUD LDFHQWUDO F UHLDvLUHYLQFHOHPDLLPSRUWDQWHVDUFLQLFDUH LQWHUHVHD]vQWUHDJDVRFLHWDWHvLGHVI RDU DFWLYLWDWHDvQVSHFLDOSULQLQWHUPHGLXO*XYHUQXOXLRULSULQ

RUJDQH DIODWH vQ VXERUGLQHD VDX VXEDXWRULWDWHD *XYHUQXOXL $FWLYLWDWHD DGPLQLVWUD LHLFHQWUDOH FXSULQGH DWkW DF LXQHD JXYHUQDPHQWDO SULQ*XYHUQPLQLVWHUH HWF FkW L FHD D

RUJDQHORU WHULWRULDOH DOH DFHVWRUD GDU L H[LVWHQ D L DFWLYLWDWHD XQRU DXWRULW L SXEOLFHDXWRQRPHFHQWUDOH

/D QLYHO ORFDO IXQF LRQHD] RUJDQH L DXWRULW L SXEOLFH DGPLQLVWUDWLYH DOHVH &RQVLOLLOHMXGH HQH&RQVLOLLOHORFDOHLSULPDULLSULQLRUJDQHFRQVWLWXLWHGHF WUHDFHVWH

FRQVLOLL

0LKDL72URYHDQX2UJDQL]DUH LPHWRGH vQ DGPLQLVWUD LD GH 6WDW (GLW WLLQ LILF L (FQFLFORSHGLF %XFS

,GHPS

,GHPS

7RWvQSODQWHULWRULDOIXQF LRQHD] RUJDQHLDXWRULW LFUHDWHGHDXWRULW LOHFHQWUDOHGH*XYHUQ GHPLQLVWHUH SULQ OHJH VDX vQ DOWHPRGXUL FXPHVWH FD]XO3UHIHFWXOXL D

VHUYLFLLORUSXEOLFHGHVFHQWUDOL]DWHVDX&RPLVLDDGPLQLVWUDWLY

6HF LXQHD5HJLPXULDGPLQLVWUDWLYH

3UHOLPLQDULL 2UJDQL]DUHD DGPLQLVWUD LHL vQ 6WDW SRDWH OXD IRUPH GLIHULWH vQ

IXQF LHGHLQWHUHVHPDMRUHSROLWLFHRULVRFLDOHGH WUDGL LHGHJUDGXOGHGHPRFUDWL]DUHDOULL 'LQ DFHVW SXQFW GH YHGHUH 6WDWXO SRDWH SURFHGD OD RUJDQL]DUHD FHQWUDOL]DW D

DGPLQLVWUD LHL OD GHVFHQWUDOL]DUHD DGPLQLVWUDWLY OD GHVFRQFHQWUDUH OD DFRUGDUHDDXWRULW LORUORFDOHDOHVHDXQHLDXWRQRPLLSURQXQ DWHHWF

$FHVWH IRUPH GH RUJDQL]DUH D DGPLQLVWUD LHL GHVHPQHD] FHHD FH VH QXPHWHUHJLPXULDGPLQLVWUDWLYHVDXPRGXULUHDOHGHRUJDQL]DUHDDGPLQLVWUD LHLFHUH]XOW GLQ

DFWHQRUPDWLYHGLQGHFODUD LLSROLWLFHHWF

%D]D FRQVWLWX LRQDO D RUJDQL] ULL DGPLQLVWUD LHL L VWDELOLUHD UHJLPXOXL

DGPLQLVWUDWLY

$UW GLQ &RQVWLWX LD 5RPkQLHL GLVSXQH F DGPLQLVWUD LD SXEOLF GLQ XQLW LOHDGPLQLVWUDWLYWHULWRULDOH VH vQWHPHLD] SH SULQFLSLXO DXWRQRPLHL ORFDOH L SH FHO DO

GHVFHQWUDOL] ULLVHUYLFLLORUSXEOLFHLDUDUWVWDELOHWHF 3UHIHFWXOvQFDOLWDWHDVDGHUHSUH]HQWDQW DO *XYHUQXOXL SH SODQ ORFDO DUH REOLJD LD GH D FRQGXFH VHUYLFLLOH SXEOLFH

GHVFHQWUDOL]DWH DOH PLQLVWHUHORU L DOH FHORUODOWH RUJDQH FHQWUDOH GLQ XQLW LOHDGPLQLVWUDWLYWHULWRULDOH

'LQ FHOH GRX WH[WH FRQVWLWX LRQDOH UH]XOW PRGXO vQ FDUH HVWH RUJDQL]DWDGPLQLVWUD LD SXEOLF vQ UDSRUW FX WHULWRULXO QD LRQDO L FXP VH UHDOL]HD] XQLWDWHD L

DUPRQLDVLVWHPXOXLRUJDQHORUDGPLQLVWUD LHLSXEOLFHQ DSOLFDUHD QRUPHORU FRQVWLWX LRQDOH FLWDWH SULQ /HJHD QU SULYLQG

DGPLQLVWUD LD SXEOLF ORFDO SULQ /HJHD QU SULYLQG LPSR]LWHOH L WD[HOH ORFDOHSUHFXP L SULQ DOWH DFWH QRUPDWLYH VDX VWDELOLW vQ GHWDOLX OLPLWHOH UDSRUWXULORU GLQWUH

DGPLQLVWUD LD FHQWUDO L FHD ORFDO vQWLQGHUHD DXWRQRPLHL ORFDOH UROXO ILHF UXL RUJDQDGPLQLVWUDWLY vQ VLVWHPXO DGPLQLVWUD LHL 7RW DVWIHO WUHEXLH UHPDUFDW vQ DFHVW FRQWH[W

GLVSR]L LDFRQVWLWX LRQDO DDUWGLQSRWULYLWF UHLD*XYHUQXODVLJXUDUHDOL]DUHDSROLWLFLLLQWHUQHLH[WHUQHD ULLLH[HUFLW FRQGXFHUHDJHQHUDO DDGPLQLVWUD LHLSXEOLFH

&HQWUDOL]DUHD3URIHVRUXO3DXO1HJXOHVFXSUHFL]DF UHJXOLOHGHGUHSWFDUH

DOF WXLHVFRUGLQHDOHJDO SRWV DLE DSOLFD LXQHSH vQWUHJWHULWRULXO6WDWXOXLDVWIHOFXPVXQW OHJLOHGDUSXWHPJ VLQRUPHREOLJDWRULLQXPDL vQWURUHJLXQHVDXQXPDL

vQWUR FRPXQ vQ VFKLPE DGDXJ DFHODL UHPDUFDELO DXWRU FkQG vQWUR DU WRDWHQRUPHOH I U QLFL R H[FHS LH VXQW YDODELOH SH vQWUHJ WHULWRULX DYHP R FHQWUDOL]DUHFRPSOHW LDU GDF WRDWH QRUPHOH VXQW YDODELOH I U QLFL R H[FHS LH QXPDL SHQWUX R

UHJLXQH

QHJ VLPvQWUXQUHJLPGHGHVFHQWUDOL]DUHFRPSOHW $VHPHQHDUHJLPXULQXVHJ VHVF vQV vQ UHDOLWDWH ILLQGF HVWH LPSRVLELO GH UHDOL]DW vQ PRG SUDFWLF 3ULQWUR

FHQWUDOL]DUH H[FHVLY 6WDWXO GHYLQH XQ RUJDQLVP VXSUDELURFUDWLF L DVWIHO DFWLYLWDWHD vQWHULWRULX HVWH SDUDOL]DW vQ DWHSWDUHD GHFL]LLORU &HQWUXOXL LDU vQ FD]XO XQHL

GHVFHQWUDOL] ULWRWDOHHIHFWLY6WDWXODUGHYHQLI U VHQVDSURDSHILLQGF UROXOV XGHYLQHVLPEROLFQXRSHUD LRQDOHIHFWLY

&HQWUDOL]DUHD VWDELOLW SH ED] GH QRUPH OHJDOH LPSHUDWLYH SUHLD vQ VDUFLQDDXWRULW LORU SXEOLFH FHQWUDOH R VHULH GH VDUFLQL VSHFLILFH QX QXPDL vQWUHJLL FROHFWLYLW L

QD LRQDOHFLFKLDUVSHFLILFHFROHFWLYLW LORUORFDOHFHHDFHFRQGXFHODGHJUHYDUHDDFHVWRUDGLQ XUP GH PLVLXQHD GH D GHFLGH HOH QHDYkQG DOWFHYD GH I FXW GHFkW V H[HFXWH

0LVLXQHD DXWRULW LORU ORFDOH vQWUXQ DVWIHO GH UHJLP DGPLQLVWUDWLY GREkQGHWH FDUDFWHUWHKQLFSURQXQ DW

,QL LDOFHQWUDOL]DUHDLGHVFHQWUDOL]DUHDQXDX IRVWQR LXQL MXULGLFH HOHH[SULPkQGQXPDL RULHQW UL FRQMXQFWXUDOH DOH SROLWLFLL DGPLQLVWUDWLYH SURPRYDWH GH *XYHUQ GH

FHULQ HOHSUDFWLFH ODXQPRPHQWGDW6WDWXOSXWkQG vQFUHGLQ DDQXPLWHVDUFLQLRUJDQHORUORFDOHQXPDLSHSHULRDGHOLPLWDWHGHWLPSFRQGMXQFWXUDOHWF

QPRPHQWXOFHQWUDOL] ULLRUJDQXOVXSUHPFHQWUDOvQUHJLPXOQRVWUXFRQVWLWX LRQDO*XYHUQXOLDGHFL]LLOHLPSRUWDQWHLFRQGXFHLDURUJDQHOHORFDOHH[HFXW DFHVWHGHFL]LL

LLQIRUPHD] *XYHUQXO&HQWUDOL]DUHDQXUHFXQRDWHFROHFWLYLW LORUORFDOHGUHSWXOGHDDGPLQLVWUDDFHVWHDGLQ

XUP QX SRW DYHD YHQLWXUL SURSULL GHFkW vQ PRG H[FHS LRQDO YHQLWXULOH ILLQGXOH DVWIHOUHSDUWL]DWH SULQ EXJHWXO GH VWDW $FHVW VLVWHP GH FHQWUDOL]DUH QX H[FOXGH RUJDQL]DUHD

WHULWRULXOXLvQFLUFXPVFULS LL WHULWRULDOH UHJLXQL LQXWXUL MXGH HRUDHFRPXQHVHFWRDUHHWF1XWUHEXLHV VHFRQIXQGHFLUFXPVFULS LLOHDGPLQLVWUDWLYHGHOLPLW ULWHULWRULDOHGHVWLQDWH

V SHUPLW VWDELOLUHDUD LRQDO DVHUYLFLLORUSXEOLFHDOH6WDWXOXLSHDQVDPEOXWHULWRULXOXLVWDWDOSULQ UHSDUWL]DUHD DFHVWRU VHUYLFLL IXQF LRQDULORU SXEOLFL L FROHFWLYLW LOH ORFDOH FDUH VXQW

FRPXQLW LXPDQHSUHH[LVWHQWHLGRWDWHFXRYLD MXULGLF SURSULH

QDFWLYLWDWHD VWDWDOWUHEXLH LQXWVHDPDGHUHDOLW LOHVRFLDOHLDQXPHGHH[LVWHQ DFRPXQLW LORUXPDQHUXUDOHVDX

XUEDQH LVWRULF FRQVWLWXLWH L GH]YROWDWH GH UHDOLWDWHD VRFLRORJLF SH FDUH UHJLPXODGPLQLVWUDWLY XUPHD] V R VHUYHDVF

6WDWXO UHFXQRDWH H[LVWHQ D FROHFWLYLW LORU XPDQH

ORFDOH FD SHUVRDQH MXULGLFH DYkQG FHULQ H VSHFLILFH L UHVXUVH SURSULL GDU HO QXPHWH LFRQGXFHIXQF LRQDULLSXEOLFLFDUHFRQGXFLDGPLQLVWUHD] LQWHUHVHOHORFDOLW LORU

&HQWUDOL]DUHD FD VLVWHP GH RUJDQL]DUH D DGPLQLVWUD LHL HVWH FRPSOHPHQWDUSUREOHPHL UDSRUWXULORU GLQWUH 6WDW L FROHFWLYLW LOH XPDQH ORFDOH L DPEHOH HOHPHQWH

FDUDFWHUL]HD] QR LXQHDGHFHQWUDOL]DUH

QFDGUXOUHJLPXOXLGHFHQWUDOL]DUHDGPLQLVWUDWLY H[LVW RLHUDUKL]DUHDVWUXFWXULORU

LDFRPSHWHQ HORUILHF UHLDGHDDQDWXU vQFkWDXWRULW LOHORFDOHGHYLQGRDUJHVWLRQDUHGH

3DXO1HJXOHVFX7UDWDWGHGUHSWDGPLQLVWUDWLYYRO,3ULQFLSLLJHQHUDOH(GLWXUD(0DUYDQ(GL LDD,9D%XFS

0LKDL72URYHDQX7UDWDWRSFLWS

,GHP

SUREOHPHGHFHULQ HVRFLDOHSHFDUHWUHEXLHV OHvQDLQWH]HDXWRULW LORULHUDUKLFRUGRQDWHFDUH SRW GHFLGH VDX QX GHFL]LD DFHVWRUD vQWRUFkQGXVH OD RUJDQHOH ORFDOH FDUH WUHEXLH

DVWIHO V VH VXSXQ HL L DWXQFL FkQG DQXPLWH SXWHUL GH GHFL]LH VXQW vQFUHGLQ DWHDXWRULW LORU ORFDOH UHJXOLOH JHQHUDOH DOH FHQWUDOL] ULL VH PHQ LQ DXWRULW LOH LHUDUKLF

VXSHULRDUH SXWkQGXVH VXEVWLWXL RULFkQG FHORU LQIHULRDUH FRQIRUP XQXL SULQFLSLX FLQHSRDWHPXOWSRDWHLSX LQ

'HVFRQFHQWUDUHDRFHQWUDOL]DUHvPEXQ W LW

$DFXPSUH]HQWDPPDLvQDLQWHRFHQWUDOL]DUHWRWDO vQFDUH6WDWXODXWRULW LOHVDOHFHQWUDOH V GHFLG SHQWUX WRDWH SUREOHPHOH ILHF UHL FROHFWLYLW L ORFDOH QX H[LVW L HVWH

JUHXGHLPDJLQDWvQFRQGL LLQRUPDOH8Q DVWIHO GH UHJLP QLFL FKLDU vQWUR GLFWDWXU QX SRDWH VXE]LVWD R YUHPH PDL

vQGHOXQJDW 'H DFHHD FHQWUDOL]DUHD PDL WROHUDQW ODV L DXWRULW LORU ORFDOH DQXPLWHFRPSHWHQ H DQXPLWH GRPHQLL GH GHFL]LH OLPLWkQGXVH OD GLIHULWH IRUPH GH FRQWURO L

vQGUXPDUH VDXSDUWLFLSkQG OD DFWXO GH GHFL]LHSULQ LQWHUPHGLXO DYL]HORU DFRUGXULORUVDXFHDODSURE ULLXOWHULRDUH

QV GLQUD LXQLSUDFWLFHVDXSROLWLFHODXQPRPHQWGDWUHJLPXOFHQWUDOL]DWSRDWHILDWHQXDWSULQVSRULUHDDULHLGHFRPSHWHQ HDRUJDQHORUORFDOHGLPLQXDUHDVXSUDYHJKHULL

L D VLVWHPXOXL GH DYL]H L DFRUGXUL VSRULQGXVH SULQ DFHDVWD FKLDU UHVSRQVDELOLWDWHDRUJDQHORUORFDOH$FHVWUHJLPGHUHOD[DUHDFHQWUDOL] ULLGHvQGXOFLUHDDFHVWHLDDIRVW

GHQXPLWUHJLPXOGHVFRQFHQWU ULL3XWHPGHILQLGHVFRQFHQWUDUHFDXQUHJLPDGPLQLVWUDWLYLQWHUPHGLDU vQWUH FHQWUDOL]DUH L GHVFHQWUDOL]DUH vQ FDUH DXWRULW LOH ORFDOH SRW DYHD

LQL LDWLYHSURSULLSRWGHFLGHvQIXQF LHGHLQWHUHVHOHFROHFWLYLW LORUSHFDUHOHUHSUH]LQW LvQFDUHIXQF LRQDULLGHGHFL]LHLQFOXVLYFHLFDUHFRPSXQDFHVWHDXWRULW LDGPLQLVWUDWLYH

VXQW QXPL L GH DXWRULWDWHD SXEOLF LHUDUKLF VXSHULRDU F UHLD L VH VXERUGRQHD] GDU vQUDSRUWFXFDUHVHEXFXU GHRRDUHFDUHVWDELOLWDWHvQIXQF LH

&DIRUPDGLPLQXDW DUHJLPXOXLFHQWUDOL]DWGHVFRQFHQWUDUHDIDFHV FUHDVF YLWH]DGH UHDF LH D DXWRULW LORU VWDWXOXL ID GH QHYRLOH FROHFWLYLW LORU WHULWRULDOH L V

UHVSRQVDELOL]H]HDXWRULW LOHORFDOHQ DUD QRDVWU XQ DVWIHO GH UHJLP DGPLQLVWUDWLY GH GHVFRQFHQWUDUH D H[LVWDW vQ

SHULRDGDGHOD5HYROX LDGLQGHFHPEULHSkQ ODFRQVWLWXLUHDQRLORUDXWRULW LSXEOLFHORFDOHDOHVHGHPRFUDWLFvQIHEUXDULHvQED]D/HJLLQULD/HJLLQU

QDFHDVW SHULRDG DXH[LVWDWGRX DFWHQRUPDWLYHGHRVHELWGHLPSRUWDQWHUHVSHFWLY'/ L /HJHD QU SULYLQG DGPLQLVWUDUHD MXGH HORU PXQLFLSLLORU RUDHORU L

FRPXQHORU SkQ OD RUJDQL]DUHD DOHJHULORU ORFDOH

Q SHULRDGD GH UHIHULQ FLWDW DXWRULW LOH ORFDOH HUDX QXPLWH GH FHOH MXGH HQH FDUH OD UkQGXO ORU HUDX QXPLWH GH F WUH

*XYHUQ $FHVWH DXWRULW L VDX EXFXUDW GH R DXWRQRPLH OLPLWDW GDU H[LVWDX GHVWXOHGRPHQLL vQ FDUH SXWHDX GHFLGH DXWRQRP I U DFRUGXUL DSURE UL HWF GH OD DXWRULWDWHD

,ELGHP

/HJHDQUDIRVWSXEOLFDW vQ02SDUWHD,QUGLQLXOLH

LHUDUKLFVXSHULRDU 'HVFRQFHQWUDUHD UHSUH]LQW XQ PRG GH DGPLQLVWUDUH D WUHEXULORU SXEOLFH ORFDOH

SUHIHUDELOvQSHULRDGHGHWUDQ]L LHGHRDUHFHOLSVDGHH[SHULHQ DDXWRULW LORUORFDOHSRDWHFRQGXFH OD SUHMXGLFLHUHD LQWHUHVHORU FROHFWLYLW LORU SH FDUH OH UHSUH]LQW GDU L D

LQWHUHVXOXLJHQHUDO'HDOWPLQWHULH[SHULHQ D ULLQRDVWUHvQSULPLLDQLGXS 5HYROX LDGLQ'HFHPEULHGHPRQVWUHD] FXSULVRVLQ DILUPD LDGHPDLVXV

3URFHVXOGH WUHFHUHGH OD FHQWUDOL]DUH OD GHVFHQWUDOL]DUH WUHEXLH I FXW FXPD[LPSUXGHQ GHVFRQFHQWUDUHDUHSUH]HQWkQGRVROX LHWHPSRUDU

'HVFHQWUDOL]DUHD (VWH XQ PRG GH RUJDQL]DUH DGPLQLVWUDWLY FDUH SHUPLWH

FROHFWLYLW LORU XPDQH VDX VHUYLFLLORU SXEOLFH V VH DGPLQLVWUH]H VLQJXUH VXE DXWRULWDWHD6WDWXOXL FDUH OH FRQIHU SHUVRQDOLWDWH MXULGLF OH SHUPLWH FRQVWLWXLUHD XQRU DXWRULW L

SURSULLLOHGRWHD] FXUHVXUVHOHQHFHVDUH

Q FD]XO GHVFHQWUDOL] ULL FDUH VH UHDOL]HD] SH ED]D GLVSR]L LLORU OHJLL DUH ORF R

UHQXQ DUHGLQSDUWHDDXWRULW LORUFHQWUDOHODDQXPLWHFRPSHWHQ HSUHURJDWLYHLWUDQVIHUXODFHVWRUD F WUH DXWRULW LOH ORFDOH VDX F WUH VHUYLFLLOH SXEOLFH GHVFHQWUDOL]DWH DOH

DXWRULW LORUFHQWUDOHVHUYLFLLFDUHIXQF LRQHD] vQMXGH HRUDHHWF3ULQDFHVWSURFHGHXDGPLQLVWUD LD GREkQGHWH HILFLHQ RSHUDWLYLWDWH VH UHGXFH ELURFUD LD FRVWLVLWRDUH L

RERVLWRDUH L FUHWH FRQVLGHUDELO UHVSRQVDELOLWDWHD DGPLQLVWUD LHL GHVFHQWUDOL]DWH ID GHFHLDGPLQLVWUD L

2SRUWXQLWDWHD GHFL]LHL DGPLQLVWUDWLYH VH WUDQVIHU vQ vQ HOHJHUHD L YRLQ DDXWRULW LORUWHULWRULDOHVHUHQXQ ODDYL]HOHLDFRUGXULOHWUDGL LRQDOHFHQWUDOL] ULL

'HVFHQWUDOL]DUHD DGPLQLVWUDWLYD VH SUH]LQW VXE GRX YDULHW L L DQXPHRGHVFHQWUDOL]DUHDGPLQLVWUDWLY WHULWRULDO LRGHVFHQWUDOL]DUHWHKQLF

$ 'HVFHQWUDOL]DUHD DGPLQLVWUDWLY WHULWRULDO WUHEXLH SULYLW L DQDOL]DW vQ

VWUkQV FRUHODUH FX UHFXQRDWHUHD GUHSWXOXL FROHFWLYLW LORU ORFDOH GH D VH DGPLQLVWUDVLQJXUHGHDGLVSXQHGHDQXPLWHFRPSHWHQ HSURSULLLH[FOXVLYH

&RQGL LLOH PLQLPH QHFHVDUH UHDOL] ULL GHVFHQWUDOL] ULL WHULWRULDOH SRW ILFRQVLGHUDWH

D FROHFWLYLWDWHD ORFDO V EHQHILFLH]H GH SHUVRQDOLWDWH MXULGLF 6H SRUQHWH GH ODUHFXQRDWHUHD XQRU LQWHUHVH SURSULL DOH FROHFWLYLW LORU ORFDOH FD HOHPHQWH LQWHJUDWH

RUJDQLF vQFROHFWLYLWDWHDQD LRQDO GDUFDUHVHGHRVHEHVFSULQDQXPLWHVSHFLILFLW LSULQSUREOHPH ORFDOH SURSULL GLIHULWH GH DOH DOWRUD 6H SOHDF GH OD SUHPLVD YHULILFDW F

GDWRULW FRPSOH[LW LLSUREOHPHORUVSHFLILFHILHF UHLFROHFWLYLW LORFDOHDIDSWXOXLF SULQ/HJHD IXQGDPHQWDO VXQW UHFXQRVFXWH R VHULH GH GUHSWXUL L OLEHUW L IXQGDPHQWDOH

FHW HQLORU 6WDWXO QX DU SXWHD IDFH ID DFHVWRU QHYRL VSHFLILFH FHHD FH DU FRQGXFH ODSUHMXGLFLHUHD GUHSWXULORU L LQWHUHVHORU FHW HQLORU QWUR DVWIHO GH VLWXD LH 6WDWXO FD

GH LQ WRU DO SXWHULL SXWHULORU VDOH VWDELOHWH SULQ LQWHUPHGLXO LQVWUXPHQWXOXL MXULGLF

&KDUOHV'HEEDVFKRSFLWS

OHJHDFHDQXPHVDUFLQLSRDWHvQGHSOLQLGLUHFWDGPLQLVWUD LDORFDO WHULWRULDO DFRUGkQGXOH DVWIHO DXWRULW LORU ORFDOH VHUYLFLLORU SXEOLFH GHVFHQWUDOL]DWH FRPSHWHQ HOH SXWHULOH

QHFHVDUH QV DFHVWHFRPSHWHQ HQXSRW IL UHDOL]DWHGHFkW vQP VXUD vQ FDUH DXWRULW LOHORFDOHEHQHILFLD] LGHPLMORDFHPDWHULDOH ILQDQFLDUHXPDQHQHFHVDUH FXSRVLELOLWDWHD

GH DL UHDOL]D DFHVWH UHVXUVH SULQ IRU H SURSULL ([LVW GH DVHPHQHD XQ FRUS GHIXQF LRQDULSURSULXFROHFWLYLW LOHORFDOHVHSRWPDQLIHVWDDXWRQRPvQUHOD LLOHMXULGLFHFX

DOWHDXWRULW LDOHVWDWXOXLSRWSDUWLFLSDODFLUFXLWXOFLYLOvQQXPHSURSULX3URI3DXO1HJXOHVFXDU WDFkQGvQV UHJLPXODGPLQLVWUDWLYDGPLWHFDvQJULMLUHDL

UH]ROYDUHDLQWHUHVHORU ORFDOHVDXVSHFLDOHV ILHvQFUHGLQ DWHODDXWRULW LDLF URU WLWXODULDOHLGHFRUSXOHOHFWRUDOORFDOSRWV VWDELOHDVF QRUPHYDODELOHSHQWUXORFXLWRULLGLQDFHD

ORFDOLWDWHDWXQFLDYHPGHVFHQWUDOL]DUH

$FHODLDXWRUH[HPSOLILF SULQVLWXD LDFkQGDXWRULWDWHD ORFDO SHQWUX IDFHUHD XQXL SRG SHVWH R DS VDX RULFH DOW QHYRLH VRFLDO

VSHFLILF ORFDO DUH QHYRLH V UDSRUWH]H OD FHQWUX L V DWHSWH RUGLQHOH DXWRULW LORUFHQWUDOHvQSULYLQ DP VXULORUFHXUPHD] DILOXDWHvQWURDVWIHOGHVLWXD LHQHJ VLPvQWU

XQUHJLPDGPLQLVWUDWLYGHFHQWUDOL]DUH

3RWULYLW OHJLL DGPLQLVWUD LHL SXEOLFH ORFDOH QU PRGLILFDW SULQ /HJHD

QULUHSXEOLFDW vQ

FRPXQHOHRUDHOHL MXGH HOHVXQWSHUVRDQHMXULGLFHvQILLQ DWHSULQ OHJHRUJDQLF LDU FRQIRUP&DUWHL(XURSHQHSULYLQG H[HUFL LXO DXWRQRPDO

SXWHULLORFDOHDGRSWDW GH&RQVLOLXO(XURSHLODRFWLUDWLILFDW GH5RPkQLDSULQ/HJHDQUPRGLILFDUHD OLPLWHORU WHULWRULDOHDOHFRPXQHORURUDHORU L MXGH HORU

GHFLDSHUVRDQHORUMXULGLFHSROLWLFRWHULWRULDOHVHIDFHSULQOHJHQXPDLGXS FHP VXUDFDDWDUHDIRVWVXSXV XQXLUHIHUHQGXP

E$XWRULW LOH ORFDOH vQ HOHVH FD HOHPHQWH DOH GHVFHQWUDOL] ULL DGPLQLVWUDWLYH VXQWFHOH FDUH VROX LRQHD] vQ XQLW LOH DGPLQLVWUDWLYWHULWRULDOH SUREOHPHOH VSHFLILFH

FROHFWLYLW LORUORFDOH

6HFHUHFDDFHVWHDXWRULW LORFDOHV ILHDXWHQWLFHUHSUH]HQWDQWHDOHFROHFWLYLW LORUORFDOHILLQGDOHVHGHF WUHDFHVWHFROHFWLYLW LDDFXPHVWHFD]XOSULPDUXOXL

LD&RQVLOLXOXLORFDOVDXD&RQVLOLXOXLMXGH HDQQUDSRUWFXDFHVWHDXWRULW L ORFDOHDOHVH3UHIHFWXOUHSUH]LQW DXWRULWDWHDSXEOLF FHQWUDO FDUHvLGHVI RDU DFWLYLWDWHDvQWHULWRULX

F 'H DOWIHO 3UHIHFWXO DUH UROXO GH D VXSUDYHJKHD PRGXO FXP VH GHVI RDUDFWLYLWDWHDDXWRULW LORUORFDOHDXWRQRPH

'HVFHQWUDOL]DUHDDGPLQLVWUDWLY QXvQVHDPQ LQGHSHQGHQ DWRWDO DFROHFWLYLW LORUORFDOH ID GH 6WDW Q YLUWXWHD GHSHQGHQ HL ILUHWL OHJDOH IDW GH DXWRULW LOH SXEOLFH

FHQWUDOHDFHVWHDGLQXUP VXSUDYHJKHD] vQWUXQPRGVDXDOWXODFWLYLWDWHDFROHFWLYLW LORUORFDOH H[HUFLWkQG DVXSUD ORU XQ GUHSW GHQXPLW WXWHO DGPLQLVWUDWLY

7XWHOD

DGPLQLVWUDWLY SUHVXSXQH R SXWHUH GH FRQWURO DVXSUD SHUVRDQHORU FH GH LQ IXQF LL GH

$QGUHGp/DXEDGHUH7UDLWHGHGURLWDGPLQLVWUDWLY+XLWLHPHHGLWLRQ/*'-3DULVS

3DXO1HJXOHVFX7UDWDWYRO,RSFLWS

,GHP

/HJHDDIRVWSXEOLFDW vQ02SDUWHD,QGLQ;,LUHSXEOLFDW vQ02S,QDSULOLH

/HJHDQUFXSULYLUHODUHIHUHQGXPDIRVWSXEOLFDW vQ02GLQ$VHYHGHDLDUWGLQ/HJHD

,RDQ9LGD3XWHUHDH[HFXWLY LDGPLQLVWUD LDSXEOLF %XF0RQLWRUXO2ILFLDOS

,GHP

FRQGXFHUHLGH UHSUH]HQWDUH vQFDGUXODXWRULW LORUFROHFWLYLW LORU ORFDOHGHVFHQWUDOL]DWHFX SRVLELOLWDWH GH UHYRFDUH VDX VXVSHQGDUHD GLQ IXQF LH FkW L DVXSUD DFWHORU HPLVH GH

DXWRULW LOHORFDOHFDUHSRWILUHYRFDWHVXVSHQGDWHDQXODWHHWF7XWHODDGPLQLVWUDWLY vQVLVWHPXODGPLQLVWUDWLYMXULGLFURPkQQXHVWHUHJOHPHQWDW

H[SUHVHDVHGHGXFHGLQDQXPLWHWH[WHOHJDOHLDIRVWHYRFDW vQGRFWULQDDGPLQLVWUDWLY Q OHJLVOD LD UHFHQW VH YRUEHWH GH XQ FRQWURO MXULVGLF LRQDO GH XQ FRQWURO LHUDUKLF

VXSHULRU I U FD SULQ DFHVWD V VH SRDW DSUHFLD DVXSUD RSRUWXQLW LL DFWHORUDGPLQLVWUDWLYH

% 'HVFHQWUDOL]DUHD WHKQLF HVWH XQ UHJLP GH DGPLQLVWUDUH D XQXL VHUYLFLXSXEOLF FRQIHULQGXL DFHVWXLD SHUVRQDOLWDWH MXULGLF DD FXP HVWH FD]XO XQLYHUVLW LORU

SXEOLFHDDOWRUVHUYLFLLSXEOLFHRUJDQL]DWHFDVWDELOLPHQWHSXEOLFH'HVFHQWUDOL]DUHDWHKQLF VHUHDOL]HD] LSULQFRQVWLWXLUHDXQRULQVWLWX LLGHXWLOLWDWH

SXEOLF F URUDOLVHDFRUG SHUVRQDOLWDWHMXULGLF ED]DWHSHSURSULHWDWHDSULYDW DVWDWXOXLVDX D FHORUODOWH FLUFXPVFULS LL SROLWLFRWHULWRULDOH MXGH H RUDH FRPXQH ILH D XQRU

SHUVRDQHIL]LFHFD]XOXQLYHUVLW LORUSDUWLFXODUHVDXDDOWRUSHUVRDQHMXULGLFHFD]XOIXQGD LLORU DVRFLD LLORU FDUH DX SHUVRQDOLWDWH MXULGLF L vQILLQ HD] HOH FD SHUVRDQH

MXULGLFHXQLYHUVLW LSULYDWH'HVFHQWUDOL]DUHD VHUYLFLLORU SXEOLFH SUHVXSXQH DFRUGDUHD SHUVRQDOLW LL MXULGLFH

VFRDWHUHD DFHVWRUD GH VXE FRQWUROXO LHUDUKLF L SODVDUHD ORU VXE UHJXOLOH WXWHOHLDGPLQLVWUDWLYH

&RQWUROXOLHUDUKLFvQUHJLPXOFHQWUDOL] ULL

QRULFH UHJLPDGPLQLVWUDWLY H[LVW R IRUP VDX DOWDGH FRQWURO SHQWUX F ILHFDUHVWUXFWXU DGPLQLVWUDWLY VHJ VHWHODUkQGXOHLvQWURRDUHFDUHSR]L LHvQFDGUXOVLVWHPXOXL

RUJDQHORUDGPLQLVWUD LHL Q UHJLPXO FHQWUDOL] ULL VH VXV LQH vQGRFWULQD VWU LQ GDU L vQFHD DXWRKWRQ VH HIHFWXHD] XQ FRQWURO LHUDUKLF LDU vQ UHJLPXO GHVFHQWUDOL] ULL VH

HIHFWXHD] XQFRQWURODGPLQLVWUDWLY

&RQWUROXO LHUDUKLFSUHVXSXQHGUHSWXO IXQF LRQDUXOXL VXSHULRUGHDGD LQVWUXF LXQL VXERUGRQD LORUFXPLFH V IDF DQXPLWH DFWH V OH

PRGLILFHRULFKLDUV DQXOH]HDFWHOHDWkWSHQWUXUD LXQLGHQHOHJDOLWDWHFkWLSHQWUXUD LXQLGHQHRSRUWXQLWDWH$FHVWHP VXULSHFDUHOHSRDWHOXDVXSHULRUXOQXWUHEXLHQHDS UDWV ILH

SUHY ]XWHvQWUXQDFWQRUPDWLYvQWUXFkWDFHVWHDVXQWLQHUHQWHFDOLW LLLJUDGXOXLSHFDUHvO RFXSD vQ LHUDUKLD DGPLQLVWUDWLY

Q UHJLPXO GHVFRQFHQWU ULL VH HIHFWXHD] GRDU R

GLPLQXDUHOLPLWDW DXWRULWDWHDDGPLQLVWUDWLY VXERUGRQDW ILLQGREOLJDW V VHFRQIRUPH]HDFWHORUVXSHULRUXOXLLHUDUKLFLFRQWUROXOXLV X

$QGUHGH/RXEDGLUH-HDQ&ODXGH9

%#2+61.7.++

$'0,1,675$ ,$38%/,& &(175$/

6HF LXQHD&RQVLGHUD LLDVXSUDQR LXQLLGHRUJDQVDX

DXWRULWDWHSXEOLF DGPLQLVWUDWLY

&RQVLGHUD LLJHQHUDOH

$GPLQLVWUD LDSXEOLF VH UHDOL]HD] SULQDXWRULW LSXEOLFHRUJDQHDGPLQLVWUDWLYHLQVWLWX LL VHUYLFLL SXEOLFH HWF $VWIHO DUW GLQ &RQVWLWX LH GLVSXQH *XYHUQXO L

FHOHODOWHRUJDQHDOHDGPLQLVWUD LHLSXEOLFHvQFDGUXOFRQWUROXOXLSDUODPHQWDUDODFWLYLW LLORU VDX DUW DOLQ YRUEHWH GHVSUH DXWRULW L DGPLQLVWUDWLYH DXWRQRPH 'H

DVHPHQHD OHJHD IXQGDPHQWDO YRUEHWH GHVSUH ,QVWLWX LLOH UHSXEOLFLL H[LVWHQWH OD GDWDLQWU ULL vQ YLJRDUH D SUH]HQWHL&RQVWLWX LL U PkQ vQ IXQF LXQH SkQ OD FRQVWLWXLUHD FHORU

QRL DUWDOLQ VDXDUWDOLQFDUHGLVSXQH F vQ WHUPHQGH OXQLGH ODGDWDLQWU ULL vQ YLJRDUH D &RQVWLWX LHL VH vQILLQ HD] &XUWHD &RQVWLWX LRQDO L &XUWHD GH

&RQWXUL $FHVW XOWLP DUWLFRO FLWDW FDUH HVWH L XOWLPXO GLQ &RQVWLWX LH HVWH LQWLWXODW,QVWLWX LLOHYLLWRDUH

'LQ FHOH SUH]HQWDWH UH]XOW IDSWXO F LQVWUXPHQWHOH SULQ FDUH DF LRQHD]$GPLQLVWUD LD 6WDWXOXL DGPLQLVWUD LD SXEOLF VXQW GHQXPLWH GLIHULW L SHQWUX WRDWH

vQWUHEXLQ kQGXVH JHQHULF GHQXPLUHD GH LQVWLWX LL SXEOLFH DXWRULW L SXEOLFH RUJDQHDGPLQLVWUDWLYH HWF FHHD FH HYLGHQ LD] F XWLOL]DUHD XQHLD GLQWUH DFHVWH GHQXPLUL

GHVHPQHD] SkQ OD XUP DFHOHDL OXFUX L DQXPH PRGDOLW L GH DF LXQH VWUXFWXULRUJDQL]DWRULFHDOH$GPLQLVWUD LHL

2UJDQHOHVWDWXOXLDOH$GPLQLVWUD LHLSXEOLFHvQVSH VXQWSUHY ]XWHFXIXQF LRQDULSXEOLFLFXRFRPSHWHQ IRUPDW GLQWRWDOLWDWHDDWULEX LLORUDGUHSWXULORULREOLJD LLORUD

SXWHULORU GH FDUH GLVSXQH UHVSHFWLYXO RUJDQ SHQWUX D SXWHD DF LRQD FD DJHQW D SXWHULL6WDWXOXLFXWRDWHFRQVHFLQ HOHFHGHFXUJGLQDFHDVWD

7U V WXULOHFDUDFWHULVWLFHDOHRUJDQHORUDGPLQLVWUD LHLSXEOLFHD VXQWSUHY ]XWHFXFRPSHWHQ OHJDO LQHFHVDU SXQHULLvQDSOLFDUHLH[HFXW ULL

GLVSR]L LLORU GLQ OHJL L DOWH DFWH QRUPDWLYH HPLVH GH DXWRULW LOH LHUDUKLFVXSHULRDUH

E SRW HPLWH DFWH DGPLQLVWUDWLYH FX FDUDFWHU QRUPDWLY VDX LQGLYLGXDO vQ VFRSXO

DGXFHULL OD vQGHSOLQLUH D FRPSHWHQ HORU VWDELOLWH Q DFHVW VHQV DYkQG LSRVLELOLWDWHDGHDUHYHQLDVXSUDDFWHORUHPLVHvQDQXPLWHFLUFXPVWDQ H

F DF LRQHD] QHFRQWHQLW GLQ RILFLX VSRQWDQ vQ IXQF LH GH LQWHUHVHOH VRFLDOHFXUHQWHLYLLWRDUH

G VH VXSXQ FRQWUROXOXL LHUDUKLF H[HUFLWDW DWkW vQ FDGUXO VLVWHPXOXL RUJDQHORUDGPLQLVWUD LHL SXEOLFH FkW L GLQ SDUWHD 3DUODPHQWXOXL VDX D RUJDQHORU

MXGHF WRUHWLH DF LRQHD] DXWRQRP vQ OLPLWHOH FRPSHWHQ HL VSHFLDOH VWDELOLWH I U FD DOWH

RUJDQHV OL VHSRDW VXEVWLWXLGHFkW vQFD]XUL H[FHS LRQDOH L H[SUHV VWLSXODWHSULQOHJH

I QXSRWUHJOHPHQWDvQGRPHQLLUH]HUYDWHOHJLGHFLDUHJOHPHQW ULORUSULPDUHFXH[FHS LD*XYHUQXOXLFDUHSRDWHHPLWH2UGRQDQ HvQWHPHLXOXQHLOHJLVSHFLDOH

GH DELOLWDUH vQ OLPLWHOH L vQ FRQGL LLOH SUHY ]XWH GH DFHDVWD DUW DOLQFRURERUDW FX DUW DOLQ GLQ &RQVWLWX LH VDX vQ FD]XUL H[FHS LRQDOH

*XYHUQXOSRDWH DGRSWDRUGRQDQ H GH XUJHQ $FHVWHD LQWU vQ YLJRDUH QXPDLGXS GHSXQHUHDORUVSUHDSUREDUHOD3DUODPHQW'DF 3DUODPHQWXOQXVHDIO vQ

VHVLXQHHOVHFRQYRDF vQPRGREOLJDWRULXDUWDOLQ

6HF LXQHD3UHHGLQWHOH5RPkQLHL

(YROX LDLQVWLWX LHLHIXOXLVWDWXOXL

,QVWLWX LDHIXOXLVWDWXOXLDDS UXWRGDW FXVWDWXOLDHYROXDWSHUPDQHQWvQUDSRUWFXLQVWLWX LLOHVLPLODUHGLQDOWHVWDWHLFXFRQGL LLOHSROLWLFHHFRQRPLFHVRFLDOHGLQ DUD

UHVSHFWLY ,QVWLWX LDHIXOXLVWDWXOXLDFXQRVFXWGHDOXQJXOWLPSXOXLGLIHULWHPRGDOLW LGHH[SULPDUH L GH FRQVWLWXLUH ILLQG FXQRVFXWH GHQXPLULOH UHJH GRPQ DU HLF vPS UDW

SULQFLSH GRPQLWRU FRQGXF WRU 3UHHGLQWH 3UH]LGLXO 5HSXEOLFLL &RQVLOLX 3UH]LGHQ LDO&RQVLOLX GH VWDW 5HJHQ D GXS FXP QH DIO P vQ SUH]HQ D XQXL RUJDQ FROHJLDO VDX

XQLSHUVRQDODFHVWDGLQXUP ILLQGFHOPDLDGHVHDvQWkOQLWQ VWDWHOH ED]DWH SH SULQFLSLXO VHSDUD LHL SXWHULORU HIXO VWDWXOXL LQGLIHUHQW FH

GHQXPLUHSRDUW HVWHvQFDGUDWvQVIHUDRUJDQHORUSXWHULLH[HFXWLYH'HDFHHDVHVXV LQHFvQDFHVWHVWDWH([HFXWLYXOHVWHELFHIDOILLQGIRUPDWGLQHIXO6WDWXOXLLGLQ*XYHUQ

Q DUD QRDVWU LQVWLWX LD HIXOXL VWDWXOXL D FXQRVFXW R HYROX LH DSUR[LPDWLYDVHP Q WRDUHDOWRUVWDWHDVWIHO

/DvQFHSXWXULUHJHPDLDSRLvQHYXOPHGLXYRLHYRGGRPQI U V H[LVWHROHJHIXQGDPHQWDO FDUHV VWDELOHDVF DVWIHOFLED]kQGXVHSHRWUDGL LH

QDGRXDMXP WDWHDVHFROXOXL;,;RGDW FXSULPDQRDVWU &RQVWLWX LHGHQXPLW6WDWXWXOGH]YROW WRUDO&RQYHQ LHLGHOD3DULVVDX6WDWXWXOOXL&X]DSXWHULOHSXEOLFH

HUDXvQFUHGLQ DWHGRPQXOXLXQHLDGXQ ULSRQGHUDWLFHLXQHLDGXQ ULHOHFWLYH

'HQXPLUHDGHGRPQHVWHXWLOL]DW LGHF WUH&RQVWLWX LDGLQDGRSWDW GXS

IRU DUHDGRPQLWRUXOXL$OH[DQGUX,RDQ&X]DV UHQXQ HODWURQFRQVWLWX LHFDUHSULQDUWDFRUGD GRPQXOXL SXWHUL FRQVWLWX LRQDOH HUHGLWDUH LDU SXWHUHD OHJLVODWLY VH H[HUFLW

FROHFWLYGHF WUHGRPQLUHSUH]HQWDQWDQD LRQDO DUWQDQXO5RPkQLDVD

,RDQ0XUDUX'UHSWFRQVWLWX LRQDOLLQVWLWX LLSROLWLFH(GLWXUD$FWDPL%XFS

SURFODPDWUHJDWHIXOVWDWXOXLILLQGUHJHOHL&RQVWLWX LDGLQUHLWHUHD] GHQXPLUHDDQWHULRDU GHUHJHSHQWUXDGHVHPQD

LQVWLWX LD HIXOXL VWDWXOXL DD FXP YRU UHJ VL L vQ &RQVWLWX LD GLQ DUW FDUHOGHFODU SHUHJH&DSXO6WDWXOXLDUW

Q SHULRDGD VHSWHPEULH DXJXVW SUHURJDWLYHOH UHJDOH VHGLPLQXHD] vQIDYRDUHD&RQGXF WRUXOXL6WDWXOXL GHLUHJHOHU PkQHFDHIDOVWDWXOXL

SkQ ODGHFHPEULH3ULQ/HJHDGLQGHFHPEULHDWULEX LLOHGHHIGHVWDWVXQWvQFUHGLQ DWH

3UH]LGLXOXL 5HSXEOLFLL FDUH GHYLQH DVWIHO HI GH VWDW FROHJLDO $FHVW 3UH]LGLX DO5HSXEOLFLLDIRVWRUJDQL]DWFDRUJDQDODGPLQLVWUD LHLGHVWDWRUJDQVXSUHPH[HFXWLY'H

DOWIHO/HJHDFRQVHPQHD] GLQSXQFWGHYHGHUHLVWRULFGDULMXULGLFUHQXQ DUHDODSULQFLSLXOVHSDUD LHLSXWHULORUvQVWDWvQIDYRDUHDSULQFLSLXOXLXQLFLW LLSXWHULL

3RWULYLW&RQVWLWX LHL5HSXEOLFLL3RSXODUH5RPkQHGLQDSULOLH IXQF LDGH HIGHVWDWHVWHH[HUFLWDW GH3UH]LGLXO0DULL$GXQ UL1D LRQDOHFDRUJDQVXSUHPDOSXWHULLGH

VWDWPHQ LQXWLSULQXUP WRDUHD&RQVWLWX LHGLQSkQ vQFkQGVHvQORFXLHWHFX&RQVLOLXOGH6WDWRUJDQFROHJLDOUHJOHPHQWDWLSULQ&RQVWLWX LDGLQ

QDQXO&RQVWLWX LDGLQDXJXVWHVWHPRGLILFDW FUHkQGXVH IXQF LDGH3UHHGLQWHDO5HSXEOLFLLFDRUJDQXQLSHUVRQDOPHQ LQkQGXVHL&RQVLOLXOGH6WDWvQV

DFHVWDGLQXUP QXPDLvQGHSOLQHWHDWULEX LLOHGHHIGHVWDWGHL3UHHGLQWHOH5HSXEOLFLLvQGHSOLQHDLDWULEX LLOHGH3UHHGLQWHDO&RQVLOLXOXLGH6WDW

3ULQ FRPXQLFDWXO F WUH DU DO &RQVLOLXOXL )URQWXOXL 6DOY ULL 1D LRQDOH GLQ GHFHPEULH VDGHFODUDWGL]ROYDUHDVWUXFWXULORUGHSXWHUHDOHUHJLPXOXLGLFWDWRULDO

GHPLWHUHD *XYHUQXOXL vQFHWDUHD DFWLYLW LL &RQVLOLXOXL GH 6WDW L D LQVWLWX LLORU VDOH LSUHOXDUHDSXWHULLGHVWDWGHF WUH)URQWXO6DOY ULL1D LRQDOH

3ULQ'HFUHWXO/HJHQUGLQ

GHFHPEULH VD VWDELOLW GHQXPLUHD ULL 5RPkQLD IRUPD GH JXYHUQ PkQW UHSXEOLF SULQDFHVW'HFUHW/HJHVDUHJOHPHQWDWLQRXOHIDOVWDWXOXLILLQG3UHHGLQWHOH

&RQVLOLXOXL )61 LDU XOWHULRU GXS WUDQVIRUPDUHD &RQVLOLXOXL )61 vQ &RQVLOLXO3URYL]RULXGH8QLWDWH1D LRQDO PHQ LQkQGXVHFDHIDOVWDWXOXL3UHHGLQWHOH&381

'XS DOHJHULOHGLQPDLvQED]D'HFUHWXOXL/HJHIXQF LDGHHIDOVWDWXOXL HVWH H[HUFLWDW GH3UHHGLQWHOH5RPkQLHL DD FXPHVWH UHJOHPHQWDW vQ SUH]HQW

SULQ&RQVWLWX LDGLQWLWOXO,,,FDSLWROXO,,DUW

5ROXO3UHHGLQWHOXL5RPkQLHL3UHHGLQWHOH5RPkQLHLUHSUH]LQW VWDWXOURPkQL HVWH JDUDQWXO LQGHSHQGHQ HL QD LRQDOH DO XQLW LL L DO LQWHJULW LL WHULWRULDOH D ULL

3UHHGLQWHOH YHJKHD] OD UHVSHFWDUHD &RQVWLWX LHL L OD EXQD IXQF LRQDUH D DXWRULW LORUSXEOLFH (O H[HUFLW IXQF LD GH PHGLHUH vQWUH SXWHULOH VWDWXOXL SUHFXP L vQWUH VWDW L

VRFLHWDWHDUWGLQ&RQVWLWX LH3UHHGLQWHOH5RPkQLHLIDFHSDUWHGLQSXWHUHDH[HFXWLYHVWHXQXOGLQFHLGRLHILDLH[HFXWLYXOXL

)XQF LD GH HI GH VWDW VH FDUDFWHUL]HD] SULQ UHSUH]HQWDUHD VWDWXOXL URPkQ vQ

3XEOLFDWvQ02QGHFHPEULH

LQWHULRUXO ULL L vQ H[WHULRU Q DFHDVW FDOLWDWH vQFKHLH WUDWDWH LQWHUQD LRQDOH vQ QXPHOH5RPkQLHL FDUH DX IRVW QHJRFLDWH GH *XYHUQ DFUHGLWHD] L UHFKHDP UHSUH]HQWDQ LL

5RPkQLHLQ FDOLWDWH GH HI DO H[HFXWLYXOXL DF LRQHD] SHQWUX JDUDQWDUHD LQGHSHQGHQ HL

QD LRQDOHDXQLW LLLLQWHJULW LLWHULWRULDOHD ULLSRWULYLWDUWDOLQLDUWGLQ&RQVWLWX LH

$WULEX LLOH3UHHGLQWHOXL5RPkQLHL

Q FDOLWDWH GH HI GH VWDW VDX GH HI DO H[HFXWLYXOXL 3UHHGLQWHOH 5RPkQLHLvQGHSOLQHWHPDLPXOWHFDWHJRULLGHDWULEX LLGXS FXPXUPHD]

$$WULEX LLvQUDSRUWXULOHVDOHFX3DUODPHQWXOFDHIGHVWDW

D 3RWULYLW WH[WXOXL FRQVWLWX LRQDO DUW HIXO VWDWXOXL DGUHVHD] 3DUODPHQWXOXL5RPkQLHLPHVDMHFXSULYLUHODSULQFLSDOHOHSUREOHPHDOHQD LXQLL3DUODPHQWXOvQWUXQLW

vQ HGLQ FRPXQ D FHORU GRX FDPHUH FRQIRUP DUW DOLQ SULPHWH PHVDMXO FHOHGRX GLVSR]L LL FRQVWLWX LRQDOH FRURERUDWH HYLGHQ LD] F GUHSWXOXL 3UHHGLQWHOXL GH D

DGUHVDPHVDMHvLFRUHVSXQGHREOLJD LD3DUODPHQWXOXLGHDUHXQLvQHGLQ FRPXQ SHQWUXDSULPLPHVDMXO0HVDMXOFDDFWSXEOLFDO3UHHGLQWHOXL5RPkQLHLDIRVWFDOLILFDWGHF WUH

&XUWHD&RQVWLWX LRQDO FDXQDFWH[FOXVLYXQLODWHUDODO3UHHGLQWHOXLFDUHQXSURGXFHHIHFWH MXULGLFHSUHFXPXQ'HFUHW

GHRDUHFH DFHVWXL GUHSWGH D SURGXFHPHVDMH DOH

3UHHGLQWHOXLQXLFRUHVSXQGHGHFkWREOLJD LDXQHLVLQJXUHDXWRULW L3DUODPHQWXOGHDOSULPL $FWHOH XQLODWHUDOH FKLDU L FHOH FX FDUDFWHU SROLWLF VXQW DGUHVDWH XQRU VXELHF L

GHWHUPLQD L L vQPXOWH VLWXD LL HOHQXSRW IL H[HFXWDWHSHFDOH VLOLW GHVWLQDWDUXODFWXOXLQHVXSXQkQGXVH FRQ LQXWXOXL DFHVWXLD H[ FD]XO XQHL SHUVRDQH FDUH HVWH QXPLW vQWUR

IXQF LH GH GHPQLWDWH SXEOLF L FDUH UHIX] V SULPHDVF vQV UFLQDUHD Q FD]XO GH ID&RQVWLWX LDQXVWDELOHWHFDUHVXQWFRQVHFLQ HOHUHIX]XOXL3DUODPHQWXOXLGHDVHvQWRFPLvQ

HGLQ FRPXQ SHQWUXSULPLUHDPHVDMXOXLHIXOXL6WDWXOXL/LSVDXQHLVDQF LXQLSHVHDPD3DUODPHQWXOXLvLDUHVRUJLQWHDvQDFHHDF DPEHOH$XWRULW L3DUODPHQWXOL3UHHGLQWHOH

VXQWVLQJXUHOHDXWRULW LDOHVHSULQYRWGLUHFWHJDOVHFUHWHWFF DPEHOHDXXQUROHVHQ LDOvQEXQDIXQF LRQDUHD6WDWXOXLvQVSHFLDOvQDFWLYLWDWHDGHOHJLIHUDUHF ED]DGHIRUPDUH

L GH PDQLIHVWDUH vQ SODQ LQWHUQ L LQWHUQD LRQDO D 6WDWXOXL R UHSUH]LQW 3DUODPHQWXO L3UHHGLQWHOH5HSXEOLFLL

'HFL]LD &XU LL &RQVWLWX LRQDOH DPLQWLWH PDL VXV SUHFL]HD] F 3DUODPHQWXOSULPLQGPHVDMXO3UHHGLQWHOXLSRDWHV GH]EDW RSUREOHP SUHY ]XW vQPHVDMLFKLDUV

WUHDF ODDGRSWDUHDXQHLVDXXQRUP VXULSHED]DDFHVWHLSURSXQHULE'L]ROYDUHD3DUODPHQWXOXLGHF WUH3UHHGLQWH

$UW GLQ &RQVWLWX LH VWDELOHWH F 3UHHGLQWHOH GXS FRQVXOWDUHD SUHHGLQ LORU6HQDWXOXL L FHO DO &DPHUHL 'HSXWD LORU L D OLGHULORU JUXSXULORU SDUODPHQWDUH SRDWH

'HFL]LD&XU LL&RQVWLWX LRQDOHQUSXEOLFDW vQ02S,QRFW

GL]ROYD 3DUODPHQWXO GDF DFHVWD QX D DFRUGDW YRWXO GH vQFUHGHUH SHQWUX IRUPDUHD*XYHUQXOXLvQWHUPHQGHGH]LOHGHODSULPDVROLFLWDUHLQXPDLGXS UHVSLQJHUHDDFHO

SX LQGRX VROLFLW ULGHvQYHVWLWXU $FHVWGUHSWDO3UHHGLQWHOXLHVWHOLPLWDWODIDSWXOF vQFXUVXO XQXL DQ FDOHQGDULVWLF 3DUODPHQWXO SRDWH IL GL]ROYDW R VLQJXU GDW L GH

DVHPHQHD QX SRDWH IL GL]ROYDW vQ XOWLPHOH OXQL DOH PDQGDWXOXL 3UHHGLQWHOXL VDX SHWLPSXOVW ULLGHDVHGLXVDXGHXUJHQ $FHVWHOLPLW ULH[SUHVHDOHGUHSWXOXL3UHHGLQWHOXL

5RPkQLHLvQFHHDFHSULYHWHGL]ROYDUHD3DUODPHQWXOXLSRUQHVFGHODLGHHDGHVWDELOLWDWHSROLWLF GRULW GHOHJLXLWRUXOFRQVWLWXDQWLGHODHYLWDUHDXQRUDEX]XULGLQSDUWHDHIXOXL

VWDWXOXL DWXQFL FkQG VXV LQHUHD DFHVWXLD SROLWLF HVWH GLIHULW GH JUXSDUHD SROLWLF FHIRUPHD] PDMRULWDWHDSDUODPHQWDU LDOWHFRQVLGHUHQWH

F$WULEX LDGHSURPXOJDUHDOHJLORU3URLHFWXOGHOHJHLQGLIHUHQWGHFLQHDIRVWSURPRYDWVSUHGH]EDWHUHDOHJLVODWLYXOXL

GXS DGRSWDUHD OXL GH F WUH DPEHOH&DPHUH vQWUXQ WH[W FX FRQ LQXW LGHQWLF QX GHYLQHOHJH L QX SURGXFH HIHFWH MXULGLFH GHFkW GXS SURPXOJDUHD VD GH F WUH 3UHHGLQWH

,QVWLWX LDMXULGLF DSURPXOJ ULLHVWHRSHUD LXQHDILQDO DSURFHGXULLOHJLVODWLYHLHD

SHUPLWH HIXOXL VWDWXOXL V LQYHVWHDVF OHJHD FX IRUPXO H[HFXWRULH REOLJkQG

DXWRULW LOH SXEOLFH V WUHDF OD H[HFXWDUHD SUHYHGHULORU DFHVWHLD

2EOLJD LD GHSURPXOJDUH WUHEXLH H[HFXWDW vQGHSOLQLW vQ FHO PXOW ]LOH GH OD SULPLUHD OHJLL

3UHHGLQWHOHSULPLQGOHJHDVSUHSURPXOJDUHSRDWHFHUH&XU LL&RQVWLWX LRQDOHV YHULILFHFRQVWLWX LRQDOLWDWHDXQRUSUHYHGHULGLQOHJHDUW([DPLQkQGSUHYHGHULOHOHJLLSXVH

VXE VHPQXO QHFRQVWLWX LRQDOLW LL GH F WUH HIXO 6WDWXOXL &XUWHD SULQ 'HFL]LD VD OXDWGHvQGDW SRDWH VWDELOL F OHJHD HVWH FRQVWLWX LRQDO vQ LQWHJUDOLWDWHD VD L vQ DFHVW FD]

3UHHGLQWHOHWUHEXLHV SURPXOJHOHJHDvQFHOPXOW]LOHGHODSULPLUHDGHFL]LHL&XU LLQ FD]XO FkQG &XUWHD &RQVWLWX LRQDO DMXQJH OD FRQYLQJHUHD FD OHJHD DUH DQXPLWH

SUHYHGHUL QHFRQVWLWX LRQDOH WULPLWH GHFL]LD VD 3DUODPHQWXOXL SHQWUX D UHH[DPLQD DFHOHSUHYHGHUL QHFRQVWLWX LRQDOH 3DUODPHQWXO FX RPDMRULWDWH FDOLILFDW GH GLQ QXP UXO

PHPEULORU ILHF UHL FDPHUH SRDWH DGRSWD OHJHD vQ IRUPD LQL LDO GHFL vQO WXUkQGFRQFOX]LLOHGHQHFRQVWLWX LRQDOLWDWHDOH&XU LL LDUvQDFHVWFD]3UHHGLQWHOHHVWHREOLJDWD

VHVXSXQHKRW UkULL3DUODPHQWXOXLGXS YRWXOGHUHH[DPLQDUHVLV SURPXOJHOHJHDvQ]LOH

%$WULEX LLOH3UHHGLQWHOXL5RPkQLHLvQFDOLWDWHGHHIDO([HFXWLYXOXLDDWULEX LLvQUHOD LLOHFX*XYHUQXO7UHEXLHSUHFL]DWIDSWXOF GHL([HFXWLYXOQRVWUXHVWHFRQVLGHUDWFDILLQGELFHIDO

3UHHGLQWH*XYHUQFHOHGRX DXWRULW LDXUHJLPXULMXULGLFHDSOLFDELOHvQSDUWHGLIHULWHSHFkQG3UHHGLQWHOHHVWHDOHVGHSRSRU*XYHUQXOHVWHQXPLWGH3UHHGLQWH5 VSXQ]kQG

SUREOHPHLDWULEX LLORU3UHHGLQWHOXLFDXQXOGLQFHLGRLFDSLDLH[HFXWLYXOXLYRPH[DPLQDPDLvQGHWDOLXDFHVWHDVSHFWH

&RQVWLWX LD5RPkQLHLFRPHQWDW LRUGRQDW GH0&RQVWDQWLQHVFX$,RUJRYDQ)O9DVLOHVFX,9LGDLDO LL(GLW0RQLWRUXO2ILFLDO%XFS

3UHHGLQWHOH 5RPkQLHL GHVHPQHD] FDQGLGDWXO SHQWUX IXQF LD GH SULP

PLQLVWUX L QXPHWH *XYHUQXO SH ED]D YRWXOXL GH vQFUHGHUH DO

3DUODPHQWXOXL 'HVHPQDUHD FDQGLGDWXOXL SHQWUX IRUPDUHD *XYHUQXOXL L FDDWDUH SHQWUX QXPLUHD FD SULPPLQLVWUX QX HVWH R DWULEX LH GLVFUH LRQDO D

3UHHGLQWHOXLILLQGF DFHVWDWUHEXLHV VHFRQVXOWHPDLvQWkLFXSDUWLGXOFDUHDUHPDMRULWDWHD DEVROXW vQ 3DUODPHQW RUL GDF QX H[LVW R DVHPHQHDPDMRULWDWH

SDUWLGHOHUHSUH]HQWDWHvQ3DUODPHQWDUWDOLQ&RQVWLWX LH 3UHHGLQWHOH UHYRF L QXPHWH OD SURSXQHUHD SULPXOXLPLQLVWUX SH XQLL

PHPEULLDL*XYHUQXOXL vQFD]GH UHPDQLHUHJXYHUQDPHQWDO (VWHVXILFLHQWSURSXQHUHD SULPXOXLPLQLVWUX I U FD V VH LD L DSUREDUHD 3DUODPHQWXOXL /D

QRL vQ OHJLVODWXU VDSURFHGDW vQVHQVXOGHPDLVXVUHPDQLHULOHJXYHUQXOXL HIHFWXkQGXVH QXPDL SH UHOD LD SULPPLQLVWUX 3UHHGLQWHOH

5RPkQLHLRSR]L LDSDUODPHQWDU GLQDFHOWLPSFULWLFkQGYHKHPHQWDFHVWPRGQHGHPRFUDWLF L GLFWDWRULDO DO SXWHULL 'LQ S FDWH GXS QRLHPEULH

FULWLFLOH IRVWHL RSR]L LL SDUODPHQWDUH GHYHQLW PDMRULWDWH SDUODPHQWDU vQOHJLVODWXUDFXUHQW VDXGRYHGLWGXS QLFLXQDQGHDFWLYLWDWHDIL

VLPSOH MRFXUL SROLWLFLDQLVWH vQ VHQVXO F VD UHQXQ DW VXELW OD PRUDODWUHFXWXOXL L vQFHSkQG FX WRDPQD DQXOXL UHPDQLHULOH DX ORF QXPDL SH

UHOD LD 3ULPXOPLQLVWUX 3UHHGLQWHOH 5RPkQLHL I U FD 3DUODPHQWXO V PDLSDUWLFLSH OD DFHVW DFW 0DL PXOW VD DMXQV FD vQWUR VLWXD LH QHIHULFLW GLQ

UD LXQL GH VWDW FD 3UHHGLQWHOH V vQFDOFH vQ FHO PDL JURVRODQ OHJHDIXQGDPHQWDO UHYRFkQGXO SH SULPXO PLQLVWUX vQFHUFkQG XOWHULRU V

GHPRQVWUH]H FRQVWLWX LRQDOLWDWHD GHPHUVXOXL V X DFW GHRVHELW GH JUDY GLQSDUWHDDXWRULW LLVXSUHPHFKHPDW V YHJKH]HODUHVSHFWDUHD&RQVWLWX LHLQXOD

vQF OFDUHD HL 'LQ IHULFLUH'HFUHWXO 3UHHGLQWHOXL vQ GLVFX LH D GHYHQLW FDGUXGXS FH SULPXOPLQLVWUX GH DWXQFL D GDW GRYDG GH vQ HOHSFLXQH L LD

SUH]HQWDWGHPLVLD 3UHHGLQWHOH5RPkQLHLFRQVXOW *XYHUQXOFXSULYLUH ODSUREOHPHXUJHQWHL

GHLPSRUWDQ GHRVHELW 'LQFRQVLGHUHQWHGHRSRUWXQLWDWHDOX ULLXQRUP VXULXUJHQWHLLPSRUWDQWH3UHHGLQWHOHSRDWHFRQYRFD*XYHUQXOSHQWUXDOFRQVXOWD

3R]L LD H[SULPDW GH PHPEULL *XYHUQXOXL DUH URO FRQVXOWDWLY GHFL]LD LU VSXQGHUHDDSDU LQkQGvQILQDOHIXOXL6WDWXOXL'HFXUkQG3UHHGLQWHOHDFHUXW

*XYHUQXOXL D VH SURQXQ D vQ SUREOHPHOH FH LQ GH SURJUDPXO GH DGHUDUH D5RPkQLHLOD8QLXQHD(XURSHDQ GXS FHvQOXQDGHFHPEULHOD+HOVLQNL

5RPkQLDDIRVWLQYLWDW LLQFOXV vQSURFHVXOGHDGHUDUHOD8QLXQHD(XURSHDQ

E FD HI DO ([HFXWLYXOXL Q DFHDVW FDOLWDWH 3UHHGLQWHOH 5RPkQLHL HVWHFRPDQGDQWXO IRU HORU DUPDWH L 3UHHGLQWH DO &RQVLOLXOXL 6XSUHP GH $S UDUH D

ULL

&$WULEX LLDOH3UHHGLQWHOXL5RPkQLHLvQVLWXD LLH[FHS LRQDOHQDFHDVW SRVWXU 3UHHGLQWHOXLvLUHYLQRVHULHGHDWULEX LLRSHUD LRQDOHFHDXUROXO

GH D SUHvQWkPSLQD DIHFWDUHD XQRU LQWHUHVH IXQGDPHQWDOH DOH 6WDWXOXL L QD LXQLL URPkQHFXPDUIL

PRELOL]DUHDSDU LDO VDXJHQHUDO DIRU HORUDUPDWHFXDSUREDUHDSUHDODELO D3DUODPHQWXOXLLDUvQVLWXD LLH[WUHPH'HFUHWXOGHPRELOL]DUHVHVXSXQHXOWHULRU

DSURE ULL3DUODPHQWXOXL'DF 3DUODPHQWXOUHIX] DDSURED'HFUHWXODFHVWDVHFRQVLGHU QXOLvLvQFHWHD] HIHFWHOHGXFkQGODGHPRELOL]DUHDIRU HORUDUPDWH

DUWDOLQ

OXDUHD XQRU P VXUL XUJHQWH SHQWUX UHVSLQJHUHD DJUHVLXQLL DUPDWH vQGUHSWDWvPSRWULYD ULLDUWDOLQQWURDVWIHOGHVLWXD LH3UHHGLQWHOHYDWUDQVPLWH

QHvQWkU]LDW OD FXQRWLQ 3DUODPHQWXOXL P VXULOH GLVSXVH SULQWUXQ PHVDM'DF 3DUODPHQWXOVHJ VHWHvQYDFDQ HOVHFRQYRDF GHGUHSWvQRUHGHOD

GHFODQDUHDDJUHVLXQLL&RQYRFDUHDGHGUHSWSUHVXSXQHF QXPDLHVWHQHFHVDUHPLWHUHDXQHLKRW UkULDSUHHGLQ LORUFHORUGRX FDPHUHDOH3DUODPHQWXOXL

LQVWLWXLUHDVW ULLGHDVHGLXVDXGHXUJHQ vQvQWUHDJD DU VDXvQXQHOHORFDOLW LQWUR DVHPHQHD VLWXD LH GXS OXDUHD P VXULL 3UHHGLQWHOH YD VROLFLWD

3DUODPHQWXOXL vQFXYLLQ DUHD P VXULL OXDWH vQ WHUPHQ GH ]LOH 'DF3DUODPHQWXOQXVHJ VHWHvQVHVLXQHHOVHFRQYRDF GHGUHSWvQGHRUHGHOD

LQVWLWXLUHDP VXULLLVHPHQ LQHvQVHVLXQHSHWRDW GXUDWDVW ULLGHDVHGLXVDXGHXUJHQ

'$WULEX LLOH3UHHGLQWHOXL5RPkQLHLvQGRPHQLXOSROLWLFLLH[WHUQHQDFHVWGRPHQLX3UHHGLQWHOHDUHFRPSHWHQ HFRQVWLWX LRQDOHGHDvQFKHLDWUDWDWH

LQWHUQD LRQDOHLvQSULYLQ DDVLJXU ULLOHJ WXULORUGLSORPDWLFHLGHDOW QDWXU FXFHOHODOWHVWDWHvQSULQFLSLXFXRULFHDOWVWDW

FkWSULYHWHDWULEX LDGHDvQFKHLDWUDWDWHWUHEXLHSUHFL]DWF WUDWDWHOHVHQHJRFLD] GH*XYHUQ VH vQFKHLH GH 3UHHGLQWH vQ QXPHOH 5RPkQLHL L XOWHULRU VH VXSXQ VSUH

UDWLILFDUH3DUODPHQWXOXL vQ WHUPHQGHGH]LOHGH ODVHPQDUHFRQIRUPDUWDOLQGLQ &RQVWLWX LH

QWUXFkW 3UHHGLQWHOH UHSUH]LQW 6WDWXO 5RPkQ vQ UHOD LLOH H[WHUQH

SHQWUXFRQVLGHUHQWHGHWHKQLF OHJLVODWLY GLSORPDWLF LGHUHVSRQVDELOLWDWHSROLWLF D*XYHUQXOXLOHJHDIXQGDPHQWDO DFRUG *XYHUQXOXLSUHURJDWLYDQHJRFLHULLWUDWDWXOXLL

3UHHGLQWHOXLVHPQDUHDDFHVWXLD

DWULEX LDGHDFUHGLWDUHVLFHDGHUHFKHPDUHDUHSUH]HQWDQ LORUGLSORPDWLFLDL5RPkQLHLvQ DOWH VWDWH SUHFXP L FHD GH SULPLUH D VFULVRULORU GH DFUHGLWDUH D UHSUH]HQWDQ LORU

GLSORPDWLFLDL WHU HORUVWDWHDFUHGLWD L vQ5RPkQLD&XSULYLUH ODDFHWLDGLQXUP vQSULQFLSLXHVWHYRUEDGHDPEDVDGRULH[WUDRUGLQDULLSOHQLSRWHQ LDOLDL VWDWHORUFXFDUH

5RPkQLD DUH VWDELOLWH UHOD LL GLSORPDWLFH VDX GH UDQJ HFKLYDOHQW FDUHL vQFHS

$VXSUDQR LXQLLGH7UDWDWLQWHUQD LRQDOYH]L,RQ0$QJKHO'UHSWXOWUDWDWHORUYRO,HG/XPLQD/H[%XFSDJL

PLVLXQHD vQ DUD QRDVWU L FDUH SRWULYLW X]DQ HORU GLSORPDWLFH WUHEXLH V SUH]LQWHVFULVRDUHDGHDFUHGLWDUHDVWDWXOXLWULPL WRU

$FWHOH3UHHGLQWHOXL5RPkQLHL

3UHHGLQWHOH HPLWH DFWH FX FDUDFWHU MXULGLF L FX FDUDFWHU SROLWLF 1H LQWHUHVHD]FHOHFXFDUDFWHUMXULGLFGDWRULW HIHFWHORUFRQFUHWHSHFDUHDFHVWHDOHSURGXFQFDWHJRULD

GHDFWHFXFDUDFWHUMXULGLFvQSULPXOUkQGDYHPvQYHGHUH'HFUHWHOH3UHHGLQWHOXL LDUQXGHFUHWH SUH]LGHQ LDOH FXP GLQ HURDUH VH IRORVHWH XQHRUL vQ OLWHUDWXUD GH VSHFLDOLWDWH

&RQVWLWX LD OH GHQXPHWH 'HFUHWH FKLDU GDF QXPDL 3UHHGLQWHOH HPLWH GHFUHWH vQ5RPkQLD HOH QX vQVHDPQ F GHYLQ DXWRPDW GHFUHWH SUH]LQGHQ LDOH &RQVWLWX LD GLQ

DXJXVWPRGLILFDW vQFkQGVDLQVWLWXLWIXQF LDGH3UHHGLQWHFDHIDOVWDWXOXLvQWUDGHY U XWLOL]D IRUPXOD GH 'HFUHW SUH]LGHQ LDO GDU SHQWUX FD DFHVWH DFWH V ILH

GLIHUHQ LDWH GHGHFUHWHOH&RQVLOLXOXLGH6WDW5H]XOW F vQ WLPSXO UHVSHFWLYHUDXGRXDXWRULW LSXEOLFHFHQWUDOHDOHF URUDFWHMXULGLFHSXUWDXGHQXPLUHDGHGHFUHWHFHHDFHQX

PDLHVWHFD]XOvQSUH]HQW1DWXUD MXULGLF D GHFUHWHORU 3UHHGLQWHOXL 5RPkQLHL $FHVWHD VXQW DFWH

DGPLQLVWUDWLYHXQLODWHUDOHLFXFDUDFWHUH[HFXWRULX(OH SRW DYHD FDUDFWHU QRUPDWLY VDX LQGLYLGXDO vQ IXQF LH GH QDWXUD UHJOHPHQW ULL

VDX D RELHFWXOXL DFHVWRUD &X WLWOX GH H[HPSOX DYHP vQ YHGHUH vQ FDWHJRULD GHFUHWHORUQRUPDWLYH SH DFHOHD FDUH VXQW HPLVH vQ DSOLFDUHD GLVSR]L LLORU DUW DOLQ L GLQ

FRQVWLWX LHVDXGLVSR]L LLOHDUWDOLQvQFHHDFHSULYHWHFDUDFWHUXOLQGLYLGXDOUHVSHFWLYGHFUHWHOH GH DFUHGLWDUH VDX GH UHFKHPDUH D XQXL DPEDVDGRU VDX DOW UHSUH]HQWDQW

GLSORPDWLFDO5RPkQLHLQSULYLQ DPRPHQWXOXLGHODFDUHGHFUHWHOHvQFHSV SURGXF HIHFWHMXULGLFHDFHVWD

HVWHFHOGHODGDWDSXEOLF ULLGHFUHWXOXLvQ0RQLWRUXO2ILFLDODO5RPkQLHLSDUWHD,DDDFXP VH SUHYHGH L vQ DUW DOLQ GLQ &RQVWLWX LH FDUH vQ IUD]D ILQDO VWDELOHWH F

QHSXEOLFDUHDDWUDJHLQH[LVWHQ DGHFUHWXOXL7UHEXLHSUHFL]DWF SXEOLFDUHDGHFUHWXOXLvQWUXQ]LDUGHPDUHWLUDMRULSUHFL]DUHDFRQ LQXWXOXLDFHVWXLDSHSRVWXOQD LRQDOGHWHOHYL]LXQH

RUL SULQ RULFH DOW PLMORF 0HGLD QX SRW VXSOLQL GLVSR]L LD FRQVWLWX LRQDO LPSHUDWLY DSXEOLF ULL vQ 02ILFLDO FD PRPHQW DO vQFHSHULL H[LVWHQ HL L DO SURGXFHULL GH HIHFWH

MXULGLFH8QHOH GHFUHWH DOH 3UHHGLQWHOXL 5RPkQLHL DFUHGLWDUHD L UHFKHPDUHD

UHSUH]HQWDQ LORU GLSORPDWLFL DL 5RPkQLHL vQFKHLHUHD GH WUDWDWH OXDUHD P VXULORU GHUHVSLQJHUH D XQHL DJUHVLXQL DUPDWH vQGUHSWDWH vPSRWULYD 5RPkQLHL LQVWLWXLUHD VW ULL GH

DVHGLXVDXGHXUJHQ FRQIHULUHDGHGHFRUD LLWLWOXULGHRQRDUHDJUDGXOXLGHJHQHUDOVDXDPLUDO RUL DFRUGDUHD JUD LHULL LQGLYLGXDOH VH FRQWUDVHPQHD] GH 3ULPXOPLQLVWUX DO

*XYHUQXOXL5RPkQLHL3ULYLWRU OD QDWXUD MXULGLF L HIHFWHOH FRQWUDVHPQ ULL GDWH GH 3ULPXOPLQLVWUX OD

FDWHJRULD GH GHFUHWH DU WDWH PDL vQDLQWH VD H[SULPDW RSLQLD FD OLSVD FRQWUDVHPQ ULLDWUDJH QXOLWDWHD GHFUHWXOXL GHRDUHFH 3ULPXOPLQLVWUX SULQ FRQWUDVHPQDUH vL DQJDMHD]

U VSXQGHUHDSROLWLF ID GH3DUODPHQW

QWUXFkW3UHHGLQWHOH5RPkQLHLFDDXWRULWDWHSXEOLF IDFHSDUWHGLQ([HFXWLY LDU

DFWHOH VDOH VXQW DFWH DGPLQLVWUDWLYH VD SXV SUREOHPD FRQWUROXOXL DFWHORU 3UHHGLQWHOXL(VWH YRUED GH DSOLFDUHD SULQFLSLXOXL JHQHUDO DO FRQWUROXOXL MXULVGLF LRQDO DO DFWHORU

DGPLQLVWUDWLYHQGRFWULQDUHFHQW VDXHPLVSXQFWHGHYHGHUHFRQWUDUH8QLLDXWRULFRQVLGHU F

GHFUHWHOH3UHHGLQWHOXL5RPkQLHLSRW LQWUDVXEFRQWUROXO MXULVGLF LRQDO

LDURDOW S UHUHPHUJH SH OLQLD QHFRPSHWHQ HL LQVWDQ HORU GH FRQWHQFLRV DGPLQLVWUDWLY /HJHD

$UW GLQ/HJHD FRQWHQFLRVXOXL DGPLQLVWUDWLY VWDELOHWH FDWHJRULD GH DFWH DGPLQLVWUDWLYHFDUH QX SRW IL DWDFDWH vQ MXVWL LH SULQWUH FDUH L FHOH FDUH SULYHVF UDSRUWXULOH GLQWUH

3DUODPHQW L3UHHGLQWH H[ SRWULYLW DUW GLQ&RQVWLWX LH 3UHHGLQWHOH5RPkQLHLGXS FRQVXOWDUHDSUHHGLQ LORU FHORU GRX FDPHUH L D OLGHULORU JUXSXULORU SDUODPHQWDUH

SRDWHV GL]ROYH3DUODPHQWXO$FWXOGHGL]ROYDUHHVWHILUHVF'HFUHWXOFDUHQXSRDWHILVXSXVFRQWUROXOXLMXULVGLF LRQDOGHFRQWHQFLRVDGPLQLVWUDWLY&RQVLGHU PF H[FHSWkQG

VLWXD LLOHH[SUHVSUHY ]XWHGHDUWGLQOHJHDFRQWHQFLRVXOXLDGPLQLVWUDWLYWRDWHFHOHODOWHFDWHJRULLGHGHFUHWHSRWILVXSXVHDFHVWXLFRQWUROMXULVGLF LRQDO

5 VSXQGHUHD3UHHGLQWHOXL5RPkQLHL

3RWULYLWDUWDOLQGLQ&RQVWLWX LHHIXO6WDWXOXLVHEXFXU GHLPXQLWDWHDFHVWDQHSXWkQG IL WUDV OD U VSXQGHUH MXULGLF SHQWUX RSLQLLOH SROLWLFH H[SULPDWH vQ H[HUFLWDUHD

PDQGDWXOXLDUW,PXQLWDWHDGHFDUHVHEXFXU HIXO6WDWXOXLSULYHWHDFWHOHLIDSWHOHV YkULWHvQH[HFLWDUHDIXQF LHLSHQWUXFHOHODOWHDFWHLIDSWHU VSXQGHFDRULFHFHW HDQvQ

FRQGL LLOH GUHSWXOXL FRPXQ

&D L vQ FD]XO DOWRU DXWRULW L DOH 6WDWXOXL L 3UHHGLQWHOH5HSXEOLFLLU VSXQGHSROLWLFLMXULGLF

$5 VSXQGHUHDSROLWLF)LLQGRDXWRULWDWHDOHDV SULQYRWXOQD LRQDOXQLYHUVDOGLUHFWLVHFUHWLvQDFHODL

WLPSFRQVWLWXLQGSULPDPDJLVWUDWXU vQ6WDW3UHHGLQWHOH5RPkQLHLU VSXQGHID GHFHL

FDUH ODX DOHV LDU vQ FRQFUHW DFHDVWD VH PDQLIHVW SULQ QHDOHJHUHD VD GH F WUH FRUSXOHOHFWRUDO'HL DFHDVW VDQF LXQH QX HVWH H[SUHV UHJOHPHQWDW vQWUXQ WH[W FRQVWLWX LRQDO

VDXOHJHHDUHSUH]LQW RUHDOLWDWHFRQVDFUDW vQWUXQVWDWGHPRFUDWLFXQGHODXUQ SRSRUXODSUHFLD] SUHVWD LDSHUVRDQHLFDUHDPDL vQGHSOLQLW IXQF LDSHQWUX FDUHFDQGLGHD] LDUR

SUREOHP QHWUDWDW vQ GRFWULQD URPkQHDVF GXS WLLQ D QRDVWU HVWH L FHD OHJDWD GHvPSUHMXUDUHD F SRWULYLW &RQVWLWX LHL DUW DOLQ QLFL R SHUVRDQ QX SRDWH vQGHSOLQL

IXQF LDGH3UHHGLQWHDO5RPkQLHLGHFkWSHQWUXFHOPXOWGRX PDQGDWH$FHVWHDSRWILLVXFFHVLYHDVWIHOF GXS FHOGHDOGRLOHDPDQGDWRDVWIHOGHIRUP DU VSXQGHULLQXDU

PDLILSRVLELO &RQVLGHU PF RDVWIHOGH vPSUHMXUDUHQXODV vQ WRWDOLWDWH vQFKLV FDOHD

$,RUJRYDQ7UDWDWYRO,RSFLWSDJ

,GHP

$,RUJRYDQ7UDWDWRSFLWSDJ

U VSXQGHULLSROLWLFHGDF LQHPVHDPDF vQ5RPkQLDFDQGLGDWXUDSHUVRDQHLFDUHGHYLQH3UHHGLQWHDO5RPkQLHLHVWHVXV LQXW GHXQXOVDXPDLPXOWHSDUWLGHSROLWLFHLF GHMDVD

FRQWXUDWRUHDOLWDWHGXS vQFKHLHUHDPDQGDWXOXL3UHHGLQWHOHUHYLQHvQFDGUXOSDUWLGXOXLUHVSHFWLY FDUH YD IL DVWIHO VDQF LRQDW SHQWUX SUHVWD LD GLQ WLPSXO PDQGDWXOXL IRVWXOXL

3UHHGLQWH $VHU LXQHD QRDVWU SRUQHWH GH OD vPSUHMXUDUHD vQ FDUH GXS FH D vQFHWDWSRVLELOLWDWHDFRQVWLWX LRQDO GHPDLFDQGLGDFHOFDUHD vQGHSOLQLWIXQF LDGH3UHHGLQWHDO

5RPkQLHLDUILWUHEXLWVDQF LRQDWSROLWLFQXvQRULFHvPSUHMXUDUH

%'HPLWHUHD3UHHGLQWHOXL5RPkQLHL GLQ IXQF LH HVWH FHDPDLJUDY VDQF LXQHSROLWLF SHQWUXF RDVWIHOGHvPSUHMXUDUHSUHVXSXQHvQIUkQJHUHDXQXLUDSRUWGHGHPQLWDWH

vQ GHVI XUDUH vQDLQWH GH GDWD vQFKHLHULL DFHVWXLD 'HPLWHUHD QHFHVLW PDL vQWkLVXVSHQGDUHD GLQ IXQF LH 3RWULYLW DUW GLQ &RQVWLWX LH GDF SUHHGLQWHOH V YkUHWH

XQHOH IDSWH JUDYH SULQ FDUH vQFDOF SUHYHGHULOH &RQVWLWX LHL HO SRDWH IL VXVSHQGDW GLQIXQF LHGHF WUH3DUODPHQWUHXQLWvQHGLQ DFRPXQ DFHORUGRX &DPHUH3kQ DMXQJHP

vQDFHVWSXQFWDOVXSXQHULLODYRWDP VXULLGHVXVSHQGDUHGLQIXQF LHOHJHDIXQGDPHQWDOLPSXQHGHVI XUDUHDXQRUDFWHLIDSWHSUHDODELOHREOLJDWRULLLFURQRORJLFHDVWIHO

3ULPDRSHUD LXQHFXFDUDFWHU MXULGLFSROLWLFRUHSUH]LQW SURSXQHUHDGHVXVSHQGDUHGLQ IXQF LH (D SRDWH IL LQL LDW GH FHO SX LQ R WUHLPH GLQ QXP UXO GHSXWD LORU L

VHQDWRULORU GLQ ILHFDUH FkWH R WUHLPH QX R WUHLPH GLQ QXP UXO WRWDO DOSDUODPHQWDULORU 3URSXQHUHD DVWIHO IRUPXODW VH FRPXQLF 3UHHGLQWHOXL DVWIHO

SRVLELOLWDWHD GH D VH DS UD DWkW vQ FRQGL LLOH DUW DOLQ GLQ &RQVWLWX LH FkW L vQWHPHLXO XQRU SULQFLSLL JHQHUDOH SULYLQG GUHSWXULOH RPXOXL SRWULYLW F URUD RULFHSHUVRDQ FDUH HVWH vQYLQXLW GH V YkULUHD XQHL IDSWH WUHEXLH V L VH DVLJXUH

SRVLELOLWDWHDUHDO GHDGHPRQVWUDFRQWUDULXOGHDVHDS UD

6ROLFLWDUHD XQXLDYL] FRQVXOWDWLY &XU LL &RQVWLWX LRQDOH FX SULYLUH OD SURSXQHUHD GH

VXVSHQGDUH

3UH]HQ D vQ ID D 3DUODPHQWXOXL D 3UHHGLQWHOXL 5RPkQLHL GDF DFHVWD FRQVLGHUQHFHVDUSHQWUXDGDH[SOLFD LLLSHQWUXDVHDS UDvQFRQGL LLOHPDLVXVDU WDWH

'H]EDWHUHD SURSXQHULL GH VXVSHQGDUH GH F WUH FHOH GRX FDPHUH DOH 3DUODPHQWXOXLUHXQLWHvQHGLQ FRPXQ FDUHSRWKRW UvILHUHVSLQJHUHDSURSXQHULLGHVXVSHQGDUHGLQ

IXQF LHILHVXVSHQGDUHDQ FD]XO vQ FDUH VH DGRSW VXVSHQGDUHD GLQ IXQF LH vQ FHO PXOW GH ]LOH VH

RUJDQL]HD] XQUHIHUHQGXPSHQWUXGHPLWHUHD3UHHGLQWHOXLSULQKRW UkUHD3DUODPHQWXOXLvQ FRQGL LLOH DUW GLQ &RQVWLWX LH &HW HQLL FDUH SDUWLFLS OD YRW DX GUHSWXO V VH

SURQXQ H SULQ '$ VDX 18 OD XUP WRDUHD vQWUHEDUH vQVFULV SH EXOHWLQXO GH YRW6XQWH LGHDFRUGFXGHPLWHUHD3UHHGLQWHOXL5RPkQLHLDUWGLQOHJHDQ

'DF

U VSXQVXO '$ SURYLQH GH OD PDMRULWDWHD FHW HQLORU vQVFULL SH OLVWHOH HOHFWRUDOHSUHHGLQWHOH HVWH GHPLV 6SUH H[HPSOX SH OLVWHOH HOHFWRUDOH VXQW vQVFULL

/HJHDQSULYLQGRUJDQL]DUHDLGHVI XUDUHDUHIHUHQGXPXOXLDIRVWSXEOLFDW vQ02DO5RPkQLHLSDUWHD,QGLQIHEUXDULH

FHW HQLFXGUHSWGHYRW3HQWUXFDUHIHUHQGXPXOV ILHYDODELOHVWHQHFHVDUDVHSUH]HQWDOD XUQHOH GH YRW FHW HQL PLQLP L WR L DFHWLD V ILH GH DFRUG FX U VSXQVXO

'$ODvQWUHEDUHDGHSHEXOHWLQXOGHYRW5H]XOWDWXO UHIHUHQGXPXOXL FHQWUDOL]DW OD %LURXO (OHFWRUDO &HQWUDO FRQVWLWXLW VH

vQDLQWHD] OD&XUWHD&RQVWLWX LRQDO FDUHFRQILUP VDXLQILUP SULQWUXQUDSRUWSUH]HQWDW3DUODPHQWXOXL UHVSHFWDUHD SURFHGXULL GH GHVI XUDUH D UHIHUHQGXPXOXL QD LRQDO L

UH]XOWDWHOH DFHVWXLD 0 VXUD GHPLWHULL GLQ IXQF LH D 3UHHGLQWHOXL 5RPkQLHL LQWU vQYLJRDUH OD GDWD SXEOLF ULL HL vQ 0RQLWRUXO 2ILFLDO DO 5RPkQLHL SDUWHD , L vQ SUHV

3XEOLFDUHDLvQSUHV SUHY ]XW GHDOLQDODUWGLQ/HJHDHVWHRQRXWDWHLDUH GUHSW VFRS FUHDUHD SRVLELOLW LORU HIHFWLYH L UHDOH SHQWUX WR L FHW HQLL GH D OXD

FXQRWLQ GHP VXUDGHRVHELWGHJUDY DGHPLWHULLHIXOXL6WDWXOXL3XEOLFDUHD vQSUHVSUHVXSXQHDWkWSUHVDVFULV FkWLFHDDXGLRYL]XDOVDXPDLUHFHQWSULQ,QWHUQHW

& ,QWHULPDWXO IXQF LHL GH 3UHHGLQWH DO 5RPkQLHL 3RWULYLW DUW GLQ

&RQVWLWX LHRGDW FXVXVSHQGDUHDGLQIXQF LHD3UHHGLQWHOXLGHF WUH3DUODPHQWDFHVWDQXL PDL SRDWH H[HUFLWD IXQF LD VXSUHP vQ VWDW HO DWHSWkQG DVWIHO UH]XOWDWXO

5HIHUHQGXPXOXLSHQWUXGHPLWHUH,QWHULPDWXO IXQF LHL FXSULQGH GRX HWDSH GLVWLQFWH L DQXPH LQWHULPDWXO SH

SHULRDGD GH OD VXVSHQGDUHD GLQ IXQF LH SkQ OD SXEOLFDUHD vQ 0RQLWRUXO 2ILFLDO DO5RPkQLHLDUH]XOWDWXOXLUHIHUHQGXPXOXLFDUHSRDWHILGHFHOSX LQGH]LOH

$ GRXD HWDS GDF 3UHHGLQWHOH HVWH GHPLV LQWHULPDWXO VH SUHOXQJHWH SkQ ODDOHJHUHD XQXL DOW 3UHHGLQWH FDUH SUHVXSXQH RUJDQL]DUHD GH DOHJHUL DQWLFLSDWH SHQWUX

IXQF LD GH3UHHGLQWH L GHSXQHUHD MXU PkQWXOXL GH FUHGLQ GH QRXO 3UHHGLQWH DOHV vQID D3DUODPHQWXOXL

,QWHULPDWXO IXQF LHL GH 3UHHGLQWH DO 5RPkQLHL HVWH DVLJXUDW vQ RUGLQH GH3UHHGLQWHOH6HQDWXOXLVDXGLQPRWLYHWHKQLFHGHSUHHGLQWHOH&DPHUHL'HSXWD LORU

,QWHULPDWXO IXQF LHL GH3UHHGLQWH DO5RPkQLHLPDLSRDWH LQWHUYHQL L GLQPRWLYHRELHFWLYH FXPDU IL LPSRVLELOLWDWH WHPSRUDU GH DL H[HUFLWD DWULEX LLOH VDX vQ FD] GH

GHFHV3UHHGLQWHOHLQWHULPDUDO5RPkQLHLDUHWRDWHDWULEX LLOH3UHHGLQWHOXL5RPkQLHLPDLSX LQ FHOH SUHY ]XWH GH DUW DGUHVDUHD GH PHVDMH 3DUODPHQWXOXL GL]ROYDUHD

3DUODPHQWXOXLDUWVDXRUJDQL]DUHDXQXLUHIHUHQGXPSHQWUXFRQVXOWDUHDSRSRUXOXLFXSULYLUHDOSUREOHPHGHLQWHUHVQD LRQDODUW

2UJDQL]DUHD DOHJHULORU SHQWUX XQ QRX 3UHHGLQWH VH YD IDFH vQ OXQL GH ODYDFDQWDUHDIXQF LHLGH3UHHGLQWHLFDGHvQVDUFLQD*XYHUQXOXLDUWDOLQ

' 5 VSXQGHUHD MXULGLF D 3UHHGLQWHOXL 5RPkQLHL 3HQWUX PDJLVWUDWXUDVXSUHP vQ VWDW 3UHHGLQWHOH 5RPkQLHL FXP DP PDL DU WDW U VSXQGHUHD MXULGLF VH

OLPLWHD] OD IRUPD DFHVWHLD FHD PDL JUDY L DQXPH U VSXQGHUHD MXULGLF SHQDO L HDSRDWHILDQJDMDW SHQWUXvQDOW WU GDUH1XPDLvQDFHVWFD]SRDWHILSXVVXEDFX]DUHHIXO

6WDWXOXL'HL&RGXO3HQDO5RPkQQXUHJOHPHQWHD] LQIUDF LXQHDGHvQDOW WU GDUH vQGRFWULQ VDX H[SULPDW PDL PXOWH RSLQLL PHUJkQGXVH SH LGHHD F VLQWDJPD vQDOW

WU GDUH DSDU LQH DWkW GUHSWXOXL FRQVWLWX LRQDO L GUHSWXOXL DGPLQLVWUDWLY FkW L GUHSWXOXLSHQDOFHHDFH LPSOLF RDULHPDL ODUJ GHVLWXD LL vQFDUH3UHHGLQWHOHV VHJ VHDVF L

SULQ FDUH DFHVWD V IL SXV vQ SHULFRO HOHPHQWH IXQGDPHQWDOH DOH 6WDWXOXL L LQWHUHVH DOHQD LXQLLURPkQHFRQWUDU OHJLLIXQGDPHQWDOHL MXU PkQWXOXLSUHY ]XW ODDUWDOLQGLQ

&RQVWLWX LD5RPkQLHL3XQHUHDVXEDFX]DUHD3UHHGLQWHOXL5RPkQLHLVHSRDWHKRW UvGHF WUHFHOHGRX

FDPHUHDOH3DUODPHQWXOXLvQHGLQ FRPXQ ILLQGQHFHVDUYRWXODFHOSX LQGRX WUHLPLGLQQXP UXOGHSXWD LORULDOVHQDWRULORU$FWXOGHSXQHUHVXEDFX]DUHHFKLYDOHD] FX

VXVSHQGDUHDGLQ IXQF LHSUHY ]XW GH DUW GLQ&RQVWLWX LH L FRQVWLWXLUHD LQWHULPDWXOXLIXQF LHLFRQIRUPDUWGLQ&RQVWLWX LH

&XU LL6XSUHPHGH -XVWL LH vL UHYLQHFRPSHWHQ D MXGHF ULL3UHHGLQWHOXL VXVSHQGDWGLQIXQF LHDVWIHOF MXGHFDUHDWUHEXLHV VHIDF FXFHOHULWDWHvQFkWLQWHULPDWXOIXQF LHLV

QX VH SUHOXQJHDVF 3UHHGLQWHOH 5RPkQLHL VXVSHQGDW GLQ IXQF LH L WULPLV vQ MXGHFDWSHQWUXvQDOW WU GDUHYDSXWHDILGHPLVQXPDLGHODGDWDU PkQHULLGHILQLWLYHDKRW UkULL

SHQDOHGHFRQGDPQDUHQDFHVWFD]VXSXQHUHDGHPLWHULLXQXLUHIHUHQGXPQD LRQDOQXPDLHVWH QHFHVDU GHL WH[WXO FRQVWLWX LHL QX SUHYHGH H[SUHV R DVWIHO GH VLWXD LH GHRDUHFH

KRW UkUHD MXGHF WRUHDVF SHQDO GHFRQGDPQDUHHVWHSULQ HD vQV L H[HFXWRULH LQXPDLSRDWHILVXSXV XQHLDOWHIRUPHGHFRQWUROVRFLDOVDXSROLWLFFXPDUILUHIHUHQGXPXO'LQ

DFHVWPRPHQW LQWHUYLQH YDFDQW IXQF LHL L VH QDWH REOLJD LD*XYHUQXOXL GH D RUJDQL]DDOHJHULSHQWUXXQQRX3UHHGLQWHDUWDOLQ

%#2+61.7.+++

*89(518/,$'0,1,675$ ,$38%/,& &(175$/

6HF LXQHD*XYHUQXO5RPkQLHL

6FXUWLVWRULFDVXSUDLQVWLWX LHL*XYHUQXOVDX&RQVLOLXOGHPLQLWULDDS UXWRGDW FX SULPHOH FRQVWLWX LL PRGHUQH L FX GLVFLSOLQD L FX UDPXUD GH GUHSW GUHSWXODGPLQLVWUDWLY

2ULJLQHD VD SURYLQH vQ PXOWH FD]XUL GLQ YHFKLOH &RQVLOLL DOH UHJHOXL

GHQXPLWHFXULDUHJLV&RUSXO GH FRQVLOLHUL DL PRQDUKXOXL SH P VXU FH VRFLHWDWHD D HYROXDW VD

WUDQVIRUPDW vQWUXQ FRUS GH VSHFLDOLWL IRUPkQG FODVD PDULORU GUHJ WRUL D PDULORUIXQF LRQDULVDXPLQLWULFXPVXQWGHQXPL LPRGHUQ

&XULDOHJLVDGHYHQLWFXWLPSXOXQYHULWDELO&RQVLOLXLDUFRQVLOLHULLVSHFLDOL]D LDXGHYHQLW PLQLWUL DVWIHO F D OXDW QDWHUH &RQVLOLXO GH PLQLWUL &kW SULYHWH QDWXUDMXULGLF D6IDWXOXLGRPQHVFGLQ ULOH5RPkQHvQSHULRDGDIHXGDOLVPXOXLVHVXV LQHFDFHVWDQXDUILFRQVWLWXLWXQDSDUDWDGPLQLVWUDWLYFLPDLGHJUDE XQPLQL3DUODPHQW

8QYHULWDELO*XYHUQURPkQ vQWkOQLPVXEGRPQLDSULPXOXLGRPQLWRUDO5RPkQLHLPDL vQWkL 3ULQFLSDWHOH URPkQH XQLWH $OH[DQGUX ,RDQ &X]D GDU DSDUL LD IXQF LHL GH

PLQLVWUX L LPSOLFLW D PLQLVWHUHORU vQ DFFHS LXQHD PRGHUQ SUHFHGH *XYHUQXO FDDXWRULWDWH VDX RUJDQ DO 6WDWXOXL FD VXELHFW GH GUHSW SXEOLF 2 vQWkOQLP SULPD RDU

UHJOHPHQWDW vQ5HJXODPHQWHOHRUJDQLFH

$VWIHOSULQ5HJXODPHQWXO2UJDQLFVDVWDELOLWXQQXP UGHPLQLVWHUHLLPSOLFLWPLQLWULLUHVSHFWLYvQ0XQWHQLD0LQLVWUXO7UHELORU

GLQ / XQWUX PDUHOH 9RUQLF 0LQLVWUXO )LQDQ HORU 9LVWLHUXO 0DUHOH 3RVWHOQLF6HFUHWDUXOGH6WDWRUL0LQLVWUXOGH([WHUQHDFWXDOPHQWH/RJRI WXO 0LQLVWUXOGUHSW LL

VDXDFXPDO-XVWL LHL/RJRI WXOSULFLQLORU%LVHULFHWL6S WDUXOPLQLVWUXORUGLQLL7RW 5HJXODPHQWHOH RUJDQLFH UHJOHPHQWHD] DD QXPLWXO 6IDW DO PLQLWULORU L

6IDWXODGPLQLVWUDWLY6IDWXODGPLQLVWUDWLYHVWHRLQVWLWX LHLQWHUPHGLDU vQWUHWUDGL LRQDOFXULD OHJLV L *XYHUQ

+RW UkULOH 6IDWXOXL DGPLQLVWUDWLY GHYHQHDX H[HFXWRULL QXPDL

GXS DSUREDUHDORUGHF WUH'RPQ(YROX LD LQVWLWX LHL *XYHUQXOXL vQ DFFHS LXQH SUH]HQW UHSUH]LQW R LVWRULH

LQWHUHVDQW D YLH LL SROLWLFH GLQ ILHFDUH DU UH]XPkQGXQH GUHSWXO FD vQWUR OXFUDUHXOWHULRDU V QHRSULPPDLSURIXQGvQDFHDVW GLUHF LH'DUUHIHULQGXQH OD*XYHUQXO vQDFFHS LXQHDGHDVW ]L WUHEXLHDU WDW IDSWXOF SRWULYLW&RQVWLWX LHLGLQHVWHRUJDQXO

FHQWUDO DO SXWHULL H[HFXWLYH FDUH SH ED]D SURJUDPXOXL VDX GH JXYHUQDUH GH]E WXW vQ

3HQWUXDP QXQWH$,RUJRYDQ7UDWDWYRO,,SDJLXUP WRDUHDFXWULPLWHULOHFRQH[H

LGHPSDJ

3HQWUXDP QXQWHYH]L$,RUJRYDQ7UDWDWYRO,,SDJLXUP WRDUHD

,GHPSDJ

HGLQ FRPXQ DFHORUGRX FDPHUHDOH3DUODPHQWXOXLLDFFHSWDWGH3DUODPHQWDVLJXUDUHDOL]DUHD SROLWLFLL LQWHUQH L H[WHUQH D ULL L H[HUFLW FRQGXFHUHD JHQHUDO D

DGPLQLVWUD LHLSXEOLFH'XS DQXODIRVWDGRSWDW OHJHDGHRUJDQL]DUHDD*XYHUQXOXL OHJH

FDUH D IRVW LPSOLFLW PRGLILFDW FD XUPDUH D DGRSW ULL XOWHULRDUH D DFWXDOHL &RQVWLWX LL$FHDVW OHJH QX UHJOHPHQWHD] vQ DP QXQW RUJDQL]DUHD L IXQF LRQDUHD*XYHUQXOXL QX

OLPLWHD] QXP UXOPLQLPVDXFHOPD[LPDOPLQLVWHUHORUVDXDOPHPEULORU*XYHUQXOXLDDFXP SUHYHGHD /HJHD SHQWUX RUJDQL]DUHD PLQLVWHUHORU GLQ LXOLH SXEOLFDW vQ

0RQLWRUXO2ILFLDOQUGLQDXJXVW

QFRQGL LLOHSHULRDGHLGHWUDQ]L LHSHFDUHRSDUFXUJHP DFXP R OHJH GH QDWXUD FHOHL GLQ DU IL PDL SX LQ EHQHILF vQ RSLQLD

QRDVWU ILLQGF HD DU FRQGXFH OD XQ DQXPLW FRQVHUYDWRULVP vQ DGDSWDUHD FRQWLQX DVWUXFWXULORU JXYHUQDPHQWDOH OD GLQDPLFD UHOD LLORU VRFLDOH 'H DFHHD DFWXDOD OHJH GH

RUJDQL]DUHLIXQF LRQDUHD*XYHUQXOXLQUQXDSUHY ]XWROLPLWDUHDQXP UXOXLGHPLQLVWHUH/DILQHOHDQXOXLSULQWUR2UGRQDQ GHXUJHQ VDVWDELOLWF QXP UXO

PD[LPGHPLQLVWHUH V ILHGH LDU QXP UXOPHPEULORU*XYHUQXOXLGH FX H[FHS LD3ULPXOXLPLQLVWUXH[LVWkQGLXQPLQLVWUXGHVWDWI U SRUWRIROLXFXUROGHFRRUGRQDUHD

PLQLVWHUHORUHFRQRPLFH

6HF LXQHD)RUPDUHD*XYHUQXOXL

3URFHGXUD GH FRQVWLWXLUH GXS DOHJHUL 'XS FRQVWLWXLUHD 3DUODPHQWXOXL LGHSXQHUHDMXU PkQWXOXLGHLQYHVWLUHGHF WUH3UHHGLQWHOHDOHVDO5RPkQLHLSRWULYLWOHJLLURPkQHLDSUDFWLFLLXOWLPLORUDQLDOHJHULOHSUH]LGHQ LDOHLFHOHSDUODPHQWDUHDXORF

FRQFRPLWHQWDFHVWD3UHHGLQWHOH5RPkQLHLGXS FRQVXOWDUHDSDUWLGXOXLVDXIRUPD LXQLLSROLWLFH FDUH DUH PDMRULWDWHD DEVROXW vQ 3DUODPHQW VDX vQ FD] FRQWUDU D SDUWLGHORU

SDUODPHQWDUHGHVHPQHD] XQFDQGLGDW OD IXQF LDGHSULPPLQLVWUX&DQGLGDWXOGHVHPQDWDUH REOLJD LD GH D FHUH YRWXO GH vQFUHGHUH DO 3DUODPHQWXOXL DVXSUD SURJUDPXOXL GH

JXYHUQDUHLDOLVWHLFXPHPEULLGRUL LDL*XYHUQXOXL7HUPHQXOSHQWUXYRWXOGHvQFUHGHUHHVWHGH]LOHGHODGDWDLQYHVWLULL3URJUDPXOLOLVWDVHGH]EDWGHFHOHGRX FDPHUHDOH

3DUODPHQWXOXL FDUH DFRUG vQFUHGHUH *XYHUQXOXL FX YRWXO PDMRULW LL GHSXWD LORU LVHQDWRULORU

2 GDW RE LQXW YRWXO GH vQFUHGHUH DO 3DUODPHQWXOXL 3UHHGLQWHOH 5RPkQLHL SULQGHFUHWQXPHWH*XYHUQXOvQLQWHJUDOLWDWHDVD0HPEULL*XYHUQXOXLGXS QXPLUHGHSXQH

MXU PkQWXO GH FUHGLQ L GHYRWDPHQW PRPHQW FH FRQVWLWXLH vQFHSHUHD H[HUFL LXOXLPDQGDWXOXL*XYHUQXOXL

YH]L &RGXO$GPLQLVWUDWLYFXOHJHUHGHDFWHQRUPDWLYHGHUHJOHPHQWDUHDDGPLQLVWUD LHLLFRPHQWDULLOHSURI3DXO1HJXOHVFX5RPXO%RLOD*K$HH[LDQX%XF,QVWLWXWXOGHDUWHJUDILFH9UHPHDVWU&DUROQU

+RW UkUHD3DUODPHQWXOXL5RPkQLHLQUSULYLQGDFRUGDUHDQHvQFUHGHULL*XYHUQXOXLvQ02Q

&RPSRQHQ D*XYHUQXOXL/HJHDIXQGDPHQWDO &RQVWLWX LDSUHYHGHvQDUWDOLQF *XYHUQXOHVWHIRUPDWGLQ3ULPXOPLQLVWUXPLQLWULDLDO LPHPEULVWDELOL LSULQ

OHJHRUJDQLF /HJHDYRUEHWHLGHPLQLWULGHVWDWPLQLWULLVHFUHWDULGHVWDW$FWXDOXO *XYHUQ FRQVWLWXLW vQ GHFHPEULH HVWH FRPSXV GLQ SULPXOPLQLVWUX SDWUX

PLQLWULGHVWDWGLQFDUHWUHLVXQWWLWXODULGHSRUWRIROLLLPLQLWULQHH[LVWkQGLVHFUHWDULGHVWDWFDPHPEULDL*XYHUQXOXL

&RQGL LLOHOHJDOHSHQWUXDILPHPEUXDO*XYHUQXOXL

3RDWH ILPHPEUXDO*XYHUQXOXLSHUVRDQD FH DUH FDSDFLWDWHDGH H[HUFL LXGHSOLQ HVWH QXPDL FHW HDQ URPkQ L DUH GRPLFLOLXO vQ 5RPkQLD L H[HUFL LXO GUHSWXULORU

HOHFWRUDOH $UW GLQ &RQVWLWX LH VWDELOHWH LQFRPSDWLELOLW LOH IXQF LHL GH PHPEUX DO*XYHUQXOXL L DQXPHFXH[HUFLWDUHDDOWHL IXQF LLSXEOLFHGHDXWRULWDWHSUHIHFW SULPDU

FRQVLOLHUORFDOVDXMXGH HDQ3UHHGLQWHDO&RQVLOLXOXL-XGH HDQ3UHHGLQWHDO&RQVLOLXOXLGH $GPLQLVWUD LH DO 6RFLHW LL GH 5DGLRGLIX]LXQH HWF 1X H[LVW LQFRPSDWLELOLWDWH vQWUH

FDOLWDWHDGHPHPEUXDO*XYHUQXOXLLFHDGHGHSXWDWVDXVHQDWRU3ULQOHJHVHSRWVWDELOLLDOWHVLWXD LLGHLQFRPSDWLELOLW L

QFHWDUHD IXQF LHL GH PHPEUX DO *XYHUQXOXL DUH ORF FD XUPDUH D SLHUGHULLGUHSWXULORUHOHFWRUDOHSULQUHYRFDUHSULQGHPLVLHSULQGHFHVVDXDOWHVLWXD LLVWDELOLWHGH

OHJHQFD]GHGHPLVLH3UHHGLQWHOH5RPkQLHLLDDFWGHGHPLVLDUHVSHFWLYXOXLPHPEUXDO*XYHUQXOXLLFRQVWDW YDFDQWDUHDSRVWXOXLQXFXPVH vQWkPSO GH UHJXO FkQGGHFUHWXO

SUHHGLQWHOXL LDLDFWGHGHPLVLHL vQDFHODL WLPSvOHOLEHUHD] GLQIXQF LH9DFDQWDUHDSRVWXOXLREOLJ SHSULPXOPLQLVWUXV IDF SURSXQHUH3UHHGLQWHOXL5RPkQLHLGHQXPLUHD

XQXLQRXPHPEUXDO*XYHUQXOXL QFD]GH UHPDQLHUHJXYHUQDPHQWDO vQORFXLUHDXQXLDVDX PDL PXOWRU PHPEUL DL *XYHUQXOXL VH IDFH GXS DFHHDL SURFHGXU GHPLVLRQDUXO

SUH]LQW FHUHUHDGHGHPLVLH3ULPXOXL0LQLVWUXFDUHRvQDLQWHD] 3UHHGLQWHOXLLvQDFHODLWLPSSURSXQHXQQRXWLWXODUSHQWUXIXQF LDU PDV DVWIHOYDFDQW

2UJDQL]DUHD LQWHUQ VDX VWUXFWXUD IXQF LRQDO D *XYHUQXOXL 6H UHDOL]HD]SULQ KRW UkUH D *XYHUQXOXL XUP ULQGXVH FD vQ UDSRUW FX QXP UXO PLQLVWHUHORU FX

FRQ LQXWXO SURJUDPXOXL GH JXYHUQDUH DFFHSWDW GH 3DUODPHQW L DOWH FRQVLGHUHQWH V VHUHDOL]H]HRVWUXFWXU IOH[LELO RSHUD LRQDO LHILFLHQW 6SUHH[HPSOXODvQFHSXWXODFHVWXL

DQ *XYHUQXO D DGRSWDW PDL PXOWH KRW UkUL vQ DFHDVW GLUHF LH UHGXFkQGXVHQXP UXOIXQF LRQDULORULDOFHOXLODOWSHUVRQDODQJDMDWvQVWUXFWXULOH*XYHUQXOXLGDULvQ

GLUHF LDUHGXFHULLQXP UXOXLGHGHSDUWDPHQWHDJHQ LLQD LRQDOHGLUHF LLHWFXUP ULQGXVHSULQDFHVWHP VXULvQO WXUDUHDXQRUVWUXFWXULSDUDOHOHVDXDXQRUVWUXFWXULI U RVXILFLHQW

vQF UF WXU DRELHFWXOXLGHDFWLYLWDWH'LQS FDWHDFHVWSURJUDPvQFHSXW vQPDUHIRUQXDIRVWILQDOL]DWLDPSXWHDVSXQHFKLDUDEDQGRQDWGLQPRWLYHGHQHvQ HOHVSULQWUHFDUH

DOJRULWPXOSROLWLFSULRULWDWHvQDOWHGRPHQLLLDVWIHOOLSVDGHWLPSLDOWHOHSHFDUHOHYRPDQDOL]DvQYLLWRUXOFXUVFHYLOSURSXQHP

6HF LXQHD0RGXOGHOXFUXDO*XYHUQXOXL

3UHOLPLQDULL

*XYHUQXO UHSUH]LQW DXWRULWDWHD FHQWUDO FHD PDL LPSRUWDQW vQ GRPHQLLOHDGPLQLVWUD LHL HO U VSXQGH GH vQWUHDJD DGPLQLVWUD LH D ULL LQGLIHUHQW F R DQXPLW

VWUXFWXU LQVWLWX LH DGPLQLVWUDWLY IXQF LRQHD] vQ VWUXFWXUD PDUH D DGPLQLVWUD LHL*XYHUQDPHQWDOHVDXIDFHSDUWHGLQDXWRULW LOHDXWRQRPHFHQWUDOHVDXORFDOHDUWGLQ

&RQVWLWX LHODFDUHDPPDLI FXWUHIHULUHREOLJkQGXOvQDFHVWVHQV*XYHUQXO HVWH R DXWRULWDWH SXEOLF FROHJLDO D F UHL DFWLYLWDWH VH GHVI RDU vQ

HGLQ HSHULRGLFHvQSOHQVDXvQELURXOH[HFXWLYHGLQ HOHvQSOHQDOH*XYHUQXOXLSRWULYLWPRGXOXLGHOXFUXDGRSWDWGHDFHVWDDXORFV SW PkQDO

QWUXQDVWIHOGHPRGGHOXFUX*XYHUQXODGRSW KRW UkULFXFDUDFWHUQRUPDWLYFXFDUDFWHULQGLYLGXDOVDXDFWHFXFDUDFWHUSROLWLFFXPDUILVROLFLWDUHDXQXLYRWGHvQFUHGHUH

DIRUP ULLXQHLFRPLVLLGHDQFKHW HGLQ D GH *XYHUQ VH FRQYRDF GH SULPXOPLQLVWUX LDU vQ OLSVD DFHVWXLD GH

PLQLVWUXO GH VWDW GHVHPQDW GH SULPXOPLQLVWUX 3HQWUX FD*XYHUQXO V SRDW OXD GHFL]LLHVWH QHFHVDU SUH]HQ D D FHO SX LQ MXP WDWH SOXV XQXO GLQWUH PHPEULL V L /D HGLQ HOH

V SW PkQDOHDOH*XYHUQXOXLSRWSDUWLFLSDLDOWHSHUVRDQHFXPDUILVHFUHWDULGHVWDWGHODGLIHULWH PLQLVWHUH SUHHGLQ LL $XWRULW LORU QD LRQDOH GLQ GRPHQLXO FRPXQLFD LLORU

WXULVPXOXLHWFVDXVSHFLDOLWLvQIXQF LHGHRELHFWXOGH]EDWHULORU/LVWDSHUVRDQHORUDOWHOHGHFkWPHPEULL*XYHUQXOXL VHVWDELOHWHGHSULPXOPLQLVWUXRULGH6HFUHWDUXO*HQHUDODO

*XYHUQXOXLGXS FD]'H]EDWHULOHDVXSUDSURLHFWHORUGHDFWHQRUPDWLYHRULLQGLYLGXDOHFDUHIDFSDUWHGLQ

RUGLQHDGH]LD*XYHUQXOXLVHFRQVHPQHD] vQVWHQRJUDPDGHHGLQ D*XYHUQXOXLFDUHODVIkULWXOHGLQ HLHVWHFHUWLILFDW GH6HFUHWDUXO*HQHUDODO*XYHUQXOXL

*XYHUQXOVHSRDWHvQWUXQLLvQHGLQ H[WUDRUGLQDU ODLQL LDWLYDSULPXOXLPLQLVWUXRULGHFkWHRULHVWHQHYRLHDSOLFkQGXVHDFHOHDLUHJXOLvQFHHDFHSULYHWHGH]EDWHULOHL

PRGXOGHDGRSWDUHDKRW UkULORU3UHHGLQWHOH5RPkQLHLSRDWHOXDSDUWHODHGLQ HOH*XYHUQXOXLvQFRQGL LLOHDU WDWH

ODFDSLWROXOUH]HUYDW3UHHGLQWHOXL5RPkQLHL

%LURXOH[HFXWLYDO*XYHUQXOXLHVWHRVWUXFWXU UHVWUkQV D*XYHUQXOXLIRUPDWGLQSULPXOPLQLVWUXPLQLWULGHVWDWLPLQLVWUXOILQDQ HORUDYkQGFDPLVLXQHUH]ROYDUHD

RSHUDWLY DFKHVWLXQLORUFXUHQWH VDXGLVFXW ULL L DUPRQL] ULLSR]L LLORUSHQWUX HGLQ D vQSOHQD*XYHUQXOXL'HDVHPHQHD%LURXOH[HFXWLYXUP UHWHPRGXOvQFDUHVXQWH[HFXWDWH

KRW UkULOH *XYHUQXOXL 3ULQ +RW UkUHD GH *XYHUQ FH VWDELOHWH FRPSHWHQ HOH %LURXOXLH[HFXWLY VH SRW VWDELOL L DOWH DWULEX LL DOH DFHVWXLD SUHFXP L PRGXO GH OXFUX $WkW

&RQVWLWX LDFkWLOHJHDGHRUJDQL]DUHD*XYHUQXOXLQXSUHY GSRVLELOLWDWHDSHQWUX%LURXOH[HFXWLYGHDHPLWHDFWHMXULGLFHFXFDUDFWHUQRUPDWLYVDXLQGLYLGXDO7RWXLFRQVLGHU PF P VXULOH VWDELOLWH GH %LURXO H[HFXWLY SRW vPEU FD vQ DQXPLWH VLWXD LL IRUPD XQRU

GHFL]LLDOHSULPXOXLPLQLVWUXRULSRWFRQVWLWXLRVDWXUDKRW UkULORUGLQSOHQXO*XYHUQXOXL$FWLYLWDWHD *XYHUQXOXL VH GHVI RDU vQ ED]D SURJUDPXOXL GH JXYHUQDUH FH UHSUH]LQW

IXQGDPHQWXO SROLWLF DO DF LXQLORU VDOH 'H DFHHD UHVSRQVDELOLWDWHD SHQWUX QHvPSOLQLUHDSURJUDPXOXLSROLWLFDFFHSWDW GH3DUODPHQW UHYLQH vQ vQWUHJLPH*XYHUQXOXL QSULQFLSLX

PDQGDWXO*XYHUQXOXL HVWH GH DQL GDU HO SRDWH vQFHWD L vQDLQWH GH WHUPHQ0DQGDWXOvQFHSHRGDW FXQXPLUHD*XYHUQXOXLSULQGHFUHWDO3UHHGLQWHOXL5RPkQLHLLGHSXQHUHD

GH F WUH WR L PHPEULL *XYHUQXOXL D MXU PkQWXOXL GH FUHGLQ vQ ID D HIXOXL VWDWXOXL LvQFHWHD] ODGDWDYDOLG ULLDOHJHULORUSDUODPHQWDUHJHQHUDOHQWUHGDWDYDOLG ULLDOHJHULORU

JHQHUDOH L GDWD QXPLULL QRXOXL JXYHUQ*XYHUQXO SUHFHGHQW YD FRQWLQXD V IXQF LRQH]HDYkQG FD DWULEX LL SULQFLSDOH JHVWLRQDUHD FXUHQW D WUHEXULORU SXEOLFH I U D PDL SXWHD

HPLWH DFWH FX FDUDFWHU GH UHJOHPHQWDUH LPSRUWDQW DD FXP VD vQWkPSODW UHFHQW vQGHFHPEULHFkQGSHIRQGXOXQRUJDIHPDMRUHSHOkQJ DEX]XO3UHHGLQWHOXLGHD

VHVXEVWLWXL3DUODPHQWXOXLLDOUHYRFDGLUHFWSH3ULPXOPLQLVWUXFHHDFHDGXVSUDFWLFODvQFHWDUHDPDQGDWXOXL*XYHUQXOXL5DGX9DVLOHDXUPDWXQQRXDEX]vQVHQVXOF DQXPLW

XQ SULPPLQLVWUX LQWHULPDU DO XQXL *XYHUQ FRPSXV GLQ IRWLL PLQLWUL DL FDELQHWXOXLDQWHULRU *XYHUQ FH D DGRSWDW DFWH QRUPDWLYH LPSRUWDQWH LQFOXVLY RUGRQDQ H GHXUJHQ FHHDFHUHSUH]LQW OLSV GHSURIHVLRQDOLVPLQHVRFRWLUHDJUDY LFRQGDPQDELODOHJLLIXQGDPHQWDOH2ULFXPVLWXD LDGLQGHFHPEULHVSHU PF YDUHSUH]HQWDvQWU

DGHY URH[FHS LHVLQJXODU LGHQHUHSHWDWYUHRGDW

3ULPXO PLQLVWUX DO *XYHUQXOXL GHL GH PXOWH RUL VH XWLOL]HD] VLQWDJPD3ULPXOPLQLVWUXDO5RPkQLHLvQUHDOLWDWHvQFRQIRUPLWDWHFXOHJHDIXQGDPHQWDO LOHJHD

SULPXOPLQLVWUXHVWHDO*XYHUQXOXL5RPkQLHLFHHDFHHYLGHQ LD] F DXWRULWDWHDH[HFXWLY VXSUHP RUHSUH]LQW DO WXULGH3UHHGLQWHOH5RPkQLHL*XYHUQXOLQX3ULPXO

0LQLVWUXFDUHFRQVWLWXLHFHHDFHVHFKHDP FHLGRLFDSLDL([HFXWLYXOXLELFHIDO3ULPXOPLQLVWUX HVWH HIXO JXYHUQXOXL LO UHSUH]LQW vQ UHOD LL H[WHULRDUH FX 3UHHGLQWHOH

5RPkQLHL 3DUODPHQWXO &XUWHD 6XSUHP GH -XVWL LH &XUWHD &RQVWLWX LRQDO &XUWHD GH&RQWXULSDUWLGHOHSROLWLFHVLQGLFDWHHWF

3ULPXOPLQLVWUX QX HVWH WLWXODUXO XQXL SRUWRIROLXPLQLVWHULDO HO DYkQG UROXO GH DFRRUGRQD DFWLYLWDWHD PHPEULORU *XYHUQXOXL GDU vQ SHULRDGH GH FUL] RUL GLQ PRWLYH

WHKQLFHLRSHUDWLYHSRDWHSHQWUXRSHULRDG GHWLPSV GH LQ LXQDQXPLWSRUWRIROLXFRQVWLWX LDVDXOHJHDRUJDQLF QHLQWHU]LFkQGXLDFHVWIDSW

3ULPXOPLQLVWUX HVWH DMXWDW GH XQ DSDUDW GH OXFUX SURSULX IRUPDW GLQ FRQVLOLHULSXUW WRUL GH FXYkQW FRUS GH FRQWURO DOWH VWUXFWXUL QHFHVDUH XQHL EXQH LQIRUP UL L

FRQVXOW UL DVXSUD GHFL]LLORU FH XUPHD] D IL VXSXVH DSURE ULL*XYHUQXOXL HWF 6WUXFWXUDDFHVWXL DSDUDW VH DSURE SULQ KRW UkUH GH JXYHUQ LDU QXPLUHD VH IDFH SULQ GHFL]LH DSULPXOXLPLQLVWUX

6HFUHWDULDWXO *HQHUDO DO *XYHUQXOXL UHSUH]LQW R VWUXFWXU LPSRUWDQW D*XYHUQXOXL6HFUHWDUXO*HQHUDODUHUDQJGHPLQLVWUXI U DIDFHSDUWHGLQ*XYHUQ5ROXO

6HFUHWDUXOXL *HQHUDO L DO 6HFUHWDULDWXOXL *HQHUDO DO *XYHUQXOXL VH VWDELOHWH SULQKRW UkUHD GH *XYHUQ LQkQG VHDPD F vQWUHDJD DFWLYLWDWH WHKQLFROHJLVODWLY L

RUJDQL]DWRULF D*XYHUQXOXLWUHEXLHV VHGHVI RDUHvQFRQGL LLGLQWUHFHOHPDLEXQHLVDVLJXUH FRQWLQXLWDWHD DFHVWHL DFWLYLW L Q RSLQLD QRDVWU IXQF LD GH 6HFUHWDU*HQHUDO DO

*XYHUQXOXLDUWUHEXLV ILHRIXQF LHGHUHSUH]HQWDUHSURIHVLRQDO LQXXQDSROLWLF FXPVHvQWkPSO vQSUH]HQW

$WULEX LLOH*XYHUQXOXL

$WULEX LLOH*XYHUQXOXLOHUHJ VLPvQSULPXOUkQGvQOHJHDRUJDQLF GHRUJDQL]DUHLIXQF LRQDUH QU vQ &RQVWLWX LD 5RPkQLHL vQ DOWH OHJL RUJDQLFH VDX RUGLQDUH FH

SUHY GILHFDUHDQXPLWHDWULEX LLLQFOXVLYvQ$FRUGXOHXURSHDQLQVWLWXLQGRDVRFLHUHvQWUH5RPkQLDSHGHRSDUWH&RPXQLW LOHHXURSHQHLVWDWHOHPHPEUHDOHDFHVWRUDSHGHDOW

SDUWHVHPQDWOD%UX[HOOHVODIHEUXDULHLLQWUDWvQYLJRDUHODIHEUXDULHvQXUPDUDWLILF ULLOXLGH3DUODPHQWXO5RPkQLHLSULQ/HJHDQGLQDSULOLHSXEOLFDW

vQ02DO5RPkQLHLSDUWHD,QDSULOLH3ULQFLSDOHOHDWULEX LLDOH*XYHUQXOXLSULYHVFGRPHQLLSUHFXP

SROLWLFDLQWHUQ

SROLWLFDH[WHUQ LQFOXVLYvQGRPHQLXOLQWHJU ULLHXURDWODQWLFH

DOWHGRPHQLL

QFHHDFHSULYHWHSROLWLFDLQWHUQ *XYHUQXODVLJXU H[HFXWDUHDOHJLORUFRQGXFHFRRUGRQHD] L FRQWUROHD] DFWLYLWDWHD PLQLVWHUHORU L D DOWRU DXWRULW L LQVWLWX LL DOH

DGPLQLVWUD LHL SXEOLFH FHQWUDOH VDX ORFDOH vQ OLPLWHOH GLVSR]L LLORU OHJDOH FX UHVSHFWDUHDDXWRQRPLHL FHQWUDOH VDX ORFDOH D GHVFHQWUDOL] ULL L GHVFRQFHQWU ULL DGPLQLVWUDWLYH Q

FDGUXO FRQWUROXOXL LHUDUKLF GH VXERUGRQDUH*XYHUQXO DUH FRPSHWHQ D GH D DQXOD DFWHOHDXWRULW LORU VXERUGRQDWH P VXU FH QX PDL SRDWH IL DSOLFDW vQ FD]XO FRQWUROXOXL GHDXWRULWDWH FkQG *XYHUQXO SRDWH vQ DQXPLWH FD]XUL V VXVSHQGH DFWHOH DXWRULW LORU vQ

FDX] XUPkQG FD RUJDQHOH GH MXULVGLF LH V VH SURQXQ H 2 SUDFWLF GH GDW UHFHQW H[WUHPGHSHULFXORDV SHQWUXGHPHUVXOGHPRFUDWLFFHVHFDXW DILLQVWDXUDWvQ5RPkQLDR

UHSUH]LQW DF LXQHD *XYHUQXOXL SH FDOHD RUGRQDQ HORU GH XUJHQ VLWXD LL vQ FDUH*XYHUQXO DQLPDW GH VHQWLPHQWH QX WRFPDL GHPRFUDWLFH LD P VXUL FX FDUDFWHU XUJHQW

VXEVWLWXLQGXVH 3DUODPHQWXOXL FXP VD vQWkPSODW UHFHQW vQ FD]XO &RPLVLHL 1D LRQDOH D9DORULORU 0RELOLDUH

$VWIHO SRWULYLW DUW GLQ /HJHD VD vQILLQ DW &RPLVLD

1D LRQDO D 9DORULORU 0RELOLDUH DXWRULWDWH DGPLQLVWUDWLY DXWRQRP FX SHUVRQDOLWDWHMXULGLF FHLH[HUFLW DXWRULWDWHDSHvQWUHJWHULWRULXQD LRQDO$UWVWDELOHWHF &190

HVWHFRPSXV GLQPHPEULLQFOXVLYSUHHGLQWHOHLYLFHSUHHGLQWHOHFDUHVXQWQXPL LLSRW IL UHYRFD L GH F WUH 3DUODPHQW vQ HGLQ FRPXQ D FHORU GRX &DPHUH 3ULQWURUHFHQW 2UGRQDQ GH8UJHQ *XYHUQXO LD VWDELOLWFRPSHWHQ H[FHS LRQDO vQWUXQGRPHQLXUH]HUYDWUHJOHPHQW ULLSULQOHJHRUJDQLF SHQWUXDLPRWLYDP VXUDQHOHJDO GH

/HJHDQSULYLQGYDORULOHPRELOLDUHLEXUVHOHGHYDORULDIRVWSXEOLFDW vQ02SDUWHD,QUGLQ

GHPLWHUHDPHPEULORU&RPLVLHL1D LRQDOHD9DORULORU0RELOLDUH

$WULEX LLSULYLQGFRQGXFHUHDLFRQWUROXODXWRULW LLPLQLVWHUHORULFHORUODOWHDXWRULW LDGPLQLVWUDWLYH

Q FDWHJRULD GH RUJDQH DGPLQLVWUDWLYH SH FDUH OH SRDWH FRQGXFH L FRQWUROD

*XYHUQXO WUHEXLH I FXW GLVWLQF LD GXS FXP DFHVWHD VH J VHVF XQHRUL VXE DXWRULWDWHD*XYHUQXOXL VDX vQ VXERUGLQHD OXL UHVSHFWLY GXS FXP VXQW RUJDQL]DWH FD VWUXFWXUL

PLQLVWHULDOHJXYHUQDPHQWDOHVDXFDVWUXFWXULDXWRQRPHQIXQF LHGHDFHDVW VLWXD LHGHSR]L LDRUJDQHORUvQFDGUXOVLVWHPXOXLDGPLQLVWUD LHLSXEOLFHVHSXQHLSUREOHPDJUDGXOXL

GHVXERUGRQDUHLvQFRQVHFLQ DVSD LXOXLDGPLQLVWUDWLYGHFRQWUROQWHPHLXODUWGLQ&RQVWLWX LH*XYHUQXOXLvLUHYLQHPLVLXQHDDVLJXU ULLFRQGXFHULLJHQHUDOHDDGPLQLVWUD LHL

SXEOLFH L HIHFWX ULL XQXL FRQWURO DVXSUD DFHVWHLD vQ P VXUD vQ FDUH SULQ OHJHD GHRUJDQL]DUH D DXWRULW LL UHVSHFWLYH V QX VH SUHYDG F QXPDL 3DUODPHQWXO VDX3UHHGLQWHOH5RPkQLHLSRWFRQWURODDFHDDXWRULWDWHFXPHVWHFD]XO6RFLHW LL5RPkQHGH7HOHYL]LXQHD&RPLVLHL1D LRQDO D9DORULORU0RELOLDUHLDOWHOH

'HDVHPHQHDFRQWUROXO*XYHUQXOXLVHvQWLQGHLDVXSUDDXWRULW LORUDXWRQRPHDOHDGPLQLVWUD LHLSXEOLFHORFDOHSULQLQWHUPHGLXOSUHIHF LORUFDUHH[HUFLW DWULEXWHOHGHWXWHO

DGPLQLVWUDWLY I U D SXWHD DQXOD DFWHOH QHOHJDOH VDX DSDUHQW QHOHJDOH DOH DFHVWRUD FLDYkQGFRPSHWHQ DGHDFHUHLQVWDQ HORUGHFRQWHQFLRVDGPLQLVWUDWLYV VHSURQXQ HDVXSUD

OHJDOLW LL DFWHORU DGPLQLVWUDWLYH /HJHD PDL SUHYHGH F GLQ PRPHQWXO vQ FDUH DFWXODGPLQLVWUDWLYHVWHDWDFDWODLQVWDQ DGHFRQWHQFLRVDGPLQLVWUDWLYDFHVWDHVWHVXVSHQGDWGH

GUHSWDUWDOLQGLQ/HJHDDGPLQLVWUD LHLSXEOLFHORFDOHQUUHSvQ$FWLYLWDWHD GH FRQWURO DVXSUD DFWLYLW LL DXWRULW LORU DGPLQLVWUD LHL SXEOLFH ORFDOH

H[HUFLWDW GHF WUH*XYHUQXUP UHWHDVLJXUDUHDXQLW LLGHDF LXQHDvQWUHJXOXLVLVWHPGHRUJDQHDGPLQLVWUDWLYH HYLWDUHDGXEOHL vQWUHEXLQ UL DGLF DSDUDOHOLVPHORUXQRU VWUXFWXUL

DGPLQLVWUDWLYHH[HPSOX*DUGD)LQDQFLDU VWUXFWXULOHSROL LHL HFRQRPLFH L VWUXFWXULOHFRQWUROXOXL ILQDQFLDUGH VWDW GLQ FDGUXO'LUHF LLORU MXGH HQH DOH)LQDQ HORUSXEOLFH DX vQ

PDUHSDUWHDWULEX LLSDUDOHOHFHHDFHGXFHODVF GHUHDHILFLHQ HLFRQWUROXOXL

,QL LDWLYDOHJLVODWLY DWULEX LHPDMRU D*XYHUQXOXL

&RQIRUP/HJLL GH RUJDQL]DUH D*XYHUQXOXL L D&RQVWLWX LHL DFHVWD DUHGUHSW GH

LQL LDWLY OHJLVODWLY DWULEX LHFHDMXW ODSXQHUHDvQSUDFWLF DSURJUDPXOXLGHJXYHUQDUHSULQDVLJXUDUHDFDGUXOXLQRUPDWLYJHQHUDOvQGRPHQLX,QL LDWLYDOHJLVODWLY D*XYHUQXOXL

WUHEXLH V LQ VHDPD GH R VHULH GH HOHPHQWH REOLJDWRULL VSHFLILFH WHKQLFLL OHJLVODWLYHSHQWUXHODERUDUHDDFWHORUQRUPDWLYH

,QL LDWLYD OHJLVODWLY WUHEXLH V FRQGXF OD FUHDUHD

FDGUXOXLQRUPDWLYJHQHUDOXQHLEXQHJHVWLRQ ULDQHYRLORULLQWHUHVHORU ULL3URLHFWHOH GH OHJH HODERUDWH GH*XYHUQ DYL]DWH GH&RQVLOLXO OHJLVODWLY VH WULPLW

VSUHDGRSWDUH3DUODPHQWXOXL'HDVHPHQHD*XYHUQXODUH LPSRUWDQWHDWULEXWH vQSULYLQ DDFWLYLW LL HFRQRPLFR

ILQDQFLDUH vQGRPHQLXO VRFLDO DO SURWHF LHLPHGLXOXL vQFRQMXU WRU FX SULYLUH OD RUGLQHD

SXEOLF LGHDS UDUHD ULLDVLJXUDUHDXQXLQLYHOGHWUDLGHFHQWSHQWUXWR LFHW HQLLHWFQ GRPHQLXO UH]HUYDW SROLWLFLL H[WHUQH *XYHUQXO SDUWLFLS OD QHJRFLHUHD GH

WUDWDWH DFRUGXUL L FRQYHQ LL LQWHUQD LRQDOH FH DQJDMHD] 5RPkQLD SH FDUH OH WULPLWH3UHHGLQWHOXL5RPkQLHL SHQWUX VHPQDUH FDUH XUPHD] D IL VXSXVH UDWLILF ULL XOWHULRDUH D

3DUODPHQWXOXL 'H DVHPHQHD *XYHUQXO DSURE DFRUGXULOH LQWHUJXYHUQDPHQWDOH FDUH VHVHPQHD] QXPDLGLQvPSXWHUQLFLUHD3ULPXOXLPLQLVWUX

*XYHUQXO HVWH DFHOD FDUH VWDELOHWH GDWD DOHJHULORU JHQHUDOH SUH]LGHQ LDOH VDXORFDOH DDOHJHULORUSDU LDOH ORFDOH LRUJDQL]HD] GHVI XUDUHD FRUHFW D DFHVWRUD DUW

OLWGLQ/HJHDDUWGLQ&RQVWLWX LH'H DVHPHQHD*XYHUQXO DUH L DWULEX LL vQ DOWH GRPHQLL SRWULYLW OHJLL WLXW ILLQG

IDSWXO F QXPDL SULQ OHJH VH VWDELOHWH R FRPSHWHQ SHQWUX XQ RUJDQ DO DGPLQLVWUD LHLSXEOLFH

QFHHDFHSULYHWHFRPSHWHQ D*XYHUQXOXLSXWHPDU WDF DFHVWDDUHRFRPSHWHQWHULWRULDO QD LRQDO LDU vQ SULYLQ D FRPSHWHQ HL PDWHULDOH DFHDVWD HVWH XQD JHQHUDO FH

SUHVXSXQH F WRDWH GRPHQLLOH YLH LL HFRQRPLFRVRFLDOH SROLWLFH FXOWXUDOH HWF GDF QXVXQW GDWH H[FOXVLY vQ FRPSHWHQ D XQRU DXWRULW L DGPLQLVWUDWLYH DXWRQRPH LQWU VXE

FRPSHWHQ DPDWHULDO D*XYHUQXOXL

$WULEX LLOH3ULPXOXLPLQLVWUX

QDIDUDDWULEX LLORUGHFRQGXFHUHD*XYHUQXOXLLFHDGHFRRUGRQDUHDPHPEULORU

DFHVWXLD 3ULPXOPLQLVWUX UHSUH]LQW *XYHUQXO vQ UHOD LLOH FX FDPHUHOH 3DUODPHQWXOXLLQVWLWX LLOH SXEOLFH URPkQHWL SUH]LQW UDSRDUWH L GHFODUD LL vQ ID D FDPHUHORU

3DUODPHQWXOXLFRQYRDF HGLQ HOHGH*XYHUQFRQGXFHDFHVWHHGLQ HFXH[FHS LDFD]XOXLFkQG OD HGLQ H SDUWLFLS 3UHHGLQWHOH 5RPkQLHL VLWXD LH vQ FDUH DFHVWD YD FRQGXFH

HGLQ D VHPQHD] KRW UkULOH L FHOHODOWH DFWH DGRSWDWH GH*XYHUQ FRQYRDF L FRQGXFHHGLQ HOH %LURXOXL H[HFXWLY QXPHWH L UHYRF GLQ IXQF LH SH FRQGXF WRULL VWUXFWXULORU

LQWHUQH DOH *XYHUQXOXL vQFHSkQG FX 6HFUHWDUXO *HQHUDO DO *XYHUQXOXL SH SURSULLFRQVLOLHULSHVHFUHWDULLGHVWDWFDUHQXVXQWPHPEULDL*XYHUQXOXLHWF

0LQLWULLGHVWDW$WULEX LL

5ROXO PLQLWULORU GH VWDW FX UDQJ HFKLYDOHQW GH YLFHSULPPLQLWUL vO UHSUH]LQWFRRUGRQDUHD VXE FRQGXFHUHD HIXOXL *XYHUQXOXL D SROLWLFLL JXYHUQDPHQWDOH vQWUXQ

GRPHQLXVDXDOWXOVSUHH[HPSOXDFWXDOXO*XYHUQ,V UHVFXDUHPLQLWULGHVWDWGLQWUHFDUHXQXOQXHVWHLWLWXODUDOXQXLSRUWRIROLXPLQLVWHULDOFLDUHPLVLXQHDGHFRRUGRQDUHD

PLQLVWHUHORUHFRQRPLFRILQDQFLDUHFHLODO LILLQGLWLWXODULDLFkWHXQXLPLQLVWHU

9H]L/HJHDSULYLQGQRUPHOHGHWHKQLF OHJLVODWLY SHQWUXHODERUDUHDDFWHORUQRUPDWLYH02SDUWHD,Q

$VHYHGHD/HJHDSULYLQGvQFKHLHUHDLUDWLILFDUHDWUDWDWHORUGHF WUH5RPkQLDvQ02SDUWHD,Q

$WULEX LLOHPLQLWULORU

0LQLWUL VXQW PHPEULL DL *XYHUQXOXL L vQ DFHDVW FDOLWDWH SDUWLFLS OD OXDUHD

GHFL]LLORUJXYHUQDPHQWDOH0LQLWULVXQWWLWXODULDLXQXLPLQLVWHUSHFDUHvOFRQGXFLGHDF UXL DFWLYLWDWH VXQW U VSXQ] WRUL vQ ID D vQWUHJXOXL *XYHUQ 'H DVHPHQHD PLQLWULL

U VSXQGSROLWLFLvQID DSDUWLGXOXLRULDIRUPD LXQLLSROLWLFHFDUHLDXSURSXVLVXV LQXWFHHDFHQHFRQGXFHODFRQFOX]LDF vQFD]GHUHWUDJHUHDVSULMLQXOXLSROLWLFPLQLVWUXOYD

WUHEXLV GHPLVLRQH]HRULV ILHHOLEHUDWGLQIXQF LHGHPLV

$WULEX LLOHFHORUODO LPHPEULDL*XYHUQXOXLVHFUHWDULLGHVWDWQSULQFLSLXFDOLWDWHDGHPHPEUXDO*XYHUQXOXLDXQXLVHFUHWDUGHVWDWDGMXQFWDO

PLQLVWUXOXLUHSUH]LQW RH[FHS LHvQFRQILJXUD LDXQXL*XYHUQvQSUH]HQWQHH[LVWkQGR

DVWIHOGHVLWXD LH

6HF LXQHD$FWHOH*XYHUQXOXL

Q GRFWULQ VDX FRQWXUDW GRX FDWHJRULL GH DFWH DOH *XYHUQXOXL DFWH H[FOXVLYSROLWLFHFXPVXQWPR LXQLOHGHFODUD LLOHHWFLDFWHMXULGLFH

$FWHOH MXULGLFH HPLVH GH*XYHUQ vL J VHVF UHJOHPHQWDUH vQ WRDWH ULOH $VWIHO&RQVWLWX LD)UDQ HLVWDELOHWHF *XYHUQXOHPLWHRUGRQDQ HLGHFUHWHFDUHVHVHPQHD] GH3UHHGLQWHOH5HSXEOLFLLFHOFDUHvQSULQFLSLXFRQGXFHHGLQ HOH*XYHUQXOXLDUWDOLQ

DUWGLQ&RQVWLWX LDIUDQFH] &RQVWLWX LD*HUPDQLHLSUHYHGHF *XYHUQXOIHGHUDODGRSW GHFUHWHUHJOHPHQWDUHHWF

3RWULYLW SUHYHGHULORU &RQVWLWX LHL 5RPkQLHL *XYHUQXO DGRSW KRW UkUL L2UGRQDQ H

+RW UkULOH*XYHUQXOXLVHHPLWvQYHGHUHDRUJDQL] ULLH[HFXW ULLOHJLORUHOHQXSRWYHQLvQFRQWUDGLF LHFXOHJHDVXQWVXEVHFYHQ HOHJLL+RW UkULOH*XYHUQXOXLSRWDYHDFDUDFWHU QRUPDWLY VDX LQGLYLGXDO +RW UkULOH FX FDUDFWHU QRUPDWLY SRW IL OD UkQGXO ORU

KRW UkUL FDUH VWDELOHVF QRUPH MXULGLFH SH ED]D L vQ YHGHUHD H[HFXW ULL OHJLL SUDFWLFFUHHD] FDGUXO QRUPDWLYJHQHUDO SHQWUX R EXQ L FRUHFW DSOLFDUH D OHJLL L KRW UkUL FX

FDUDFWHU QRUPDWLY FDUH SULYHVF DSUREDUHD XQRU UHJXODPHQWH QRUPH WHKQLFH LQVWUXF LXQHWF$FHVWHDIDFFRUSFRPXQFXKRW UkUHD*XYHUQXOXL

+RW UkULOH FX FDUDFWHU LQGLYLGXDO DX vQ YHGHUH QXPLULOH L HOLEHU ULOH GLQ IXQF LHVWDELOLUHD VWDWXWXOXL SURIHVLRQDO DO XQHL SHUVRDQH DSUREDUHD UHQXQ ULL OD FHW HQLH

DFRUGDUHDFHW HQLHLHWF'DU DD FXP DP SUHFL]DW KRW UkULOH GH *XYHUQ VXQW VXEVHFYHQWH OHJLORU HOH

UHSUH]HQWkQG R FDWHJRULH GLVWLQFW GH DFWH DGPLQLVWUDWLYH GHQXPLWH L GHFL]LLDGPLQLVWUDWLYH $FHVWHD VH VXSXQ FRQWUROXOXL GH OHJDOLWDWH SRWULYLW OHJLL FRQWHQFLRVXOXL

DGPLQLVWUDWLY ILH F DX FDUDFWHU QRUPDWLY VDX LQGLYLGXDO +RW UkULOH VXQW OHJDOH VDXQHOHJDOHvQQLFLXQFD]QHFRQVWLWX LRQDOH$PI FXWDFHDVW SUHFL]DUHvQWUXFkWGHVHRULVHIDFDSUHFLHULDVXSUDFRQVWLWX LRQDOLW LLXQHLKRW UkULGH*XYHUQSLHU]kQGXVHGLQYHGHUHIDSWXO

F *XYHUQXOFDDXWRULWDWHH[HFXWLY DUHRFRPSHWHQ OHJDO ELQHGHWHUPLQDW LDU OXDUHDXQHL KRW UkUL GHFODUDWH FD QHOHJDO SUHVXSXQH vQ SULPXO UkQG IDSWXO F LD GHS LW

FRPSHWHQ D DOWIHO VSXV D UHJOHPHQWDW vQWUXQ GRPHQLX QHDWULEXLW FRPSHWHQ HL VDOH 2UHFHQW 2UGRQDQ GH XUJHQ D *XYHUQXOXL UHJOHPHQWHD] F *XYHUQXO vQ VLWXD LL

H[FHS LRQDOH SRDWH V GHPLW FRQGXFHUHD &RPLVLHL 1D LRQDOH D 9DORULORU 0RELOLDUHPRGLILFkQG SULQ DFHDVWD /HJHD RUJDQLF Q SULYLQG 2UJDQL]DUHD L IXQF LRQDUHD

EXUVHL YDORULORU PRELOLDUH FHHD FH HVWH QHFRQVWLWX LRQDO SHQWUX F DYHP vQ YHGHUH2UGRQDQ DLHVWHQHOHJDOILLQGF *XYHUQXOLDDWULEXLWRFRPSHWHQ FRQWUDUOHJLLLD

SULQFLSLXOXLFRQIRUPF UXLDFRPSHWHQ DHVWHWRWGHDXQDOHJDO DGLF VWDELOLW SULQOHJH

2UGRQDQ HOH *XYHUQXO SRDWH HPLWH RUGRQDQ H vQ GRX VLWXD LL UHVSHFWLY SHED]D XQHL GHOHJ UL OHJLVODWLYH SRWULYLW DUW GLQ &RQVWLWX LD GLVSXV GH 3DUODPHQW

SULQWUROHJHVSHFLDO GHDELOLWDUHLvQOLPLWHOHLFRQGL LLOHSUHY ]XWHGHDFHDVWD/HJHDGHDELOLWDUHSUHYHGH&RQVWLWX LD WUHEXLH V VWDELOHDVF OLPLWH L FRQGL LLOH vQ FDUHSRW IL

HPLVHDFHVWHRUGRQDQ H&kQGOHJHDGHDELOLWDUHGLVSXQHDSUREDUHDRUGRQDQ HORUGHF WUH3DUODPHQWSkQ ODGDWD OLPLW VWDELOLW SHQWUXDELOLWDUH(VWHQHFHVDUFDV VHVWDELOHDVF

GDWD vQFHSHULL DELOLW ULL L FHDD vQFHW ULLSHQWUXFD*XYHUQXO V QX DEX]H]H Q FD]XO vQFDUH 2UGRQDQ HOH VXSXVH DSURE ULL 3DUODPHQWXOXL VXQW UHVSLQVH GH DFHVWD vQVHDPQ F

HIHFWHOHRUGRQDQ HLVHGHVILLQ HD] FXHIHFWUHWURDFWLYQP VXUDvQFDUHDFHVWHHIHFWHQXDX SUHMXGLFLDW LQWHUHVH PDUL FDUH QX PDL SRW IL UHSDUDWH UHVSLQJHUHD RUGRQDQ HL QX

DIHFWHD] UHOD LLOH VRFLDOH UHJOHPHQWDWH 2UGRQDQ D vL PHQ LQH QDWXUD MXULGLF GH DFWDGPLQLVWUDWLY ILLQG HPLV GH *XYHUQ FD DXWRULWDWH DGPLQLVWUDWLY FKLDU GDF

UHJOHPHQWHD] vQWUXQ GRPHQLX UH]HUYDW OHJLL vQV HOH VXQW VXSXVH FRQWUROXOXL ODFRQVWLWX LRQDOLWDWHQXGHOHJDOLWDWH

*XYHUQXO SRDWHPRGLILFD UHYRFD VDX DEURJD R2UGRQDQ SkQ OD GDWD DSURE ULLDFHVWHLDGHF WUH3DUODPHQW vQFD]XOFHORUFDUHVHVXSXQDSURE ULL3DUODPHQWXOXL LDU vQ

FD]XOFHORUODOWHFDUHQXVHVXSXQDSURE ULL3DUODPHQWXOXLDFHVWHRSHUD LXQLSRWILI FXWHQXPDLvQSHULRDGDvQFDUHH[LVW GHOHJDUHDOHJLVODWLY DPLQWLW

QVLWXD LLH[FHS LRQDOH*XYHUQXOSRDWHHPLWH2UGRQDQ HGHXUJHQ FDUHSHQWUXRLQWUDvQYLJRDUHWUHEXLHGHSXVHOD3DUODPHQWLSXEOLFDWHvQ0RQLWRUXO2ILFLDO

2UGRQDQ HOHDXvQWRWGHDXQDFDUDFWHUQRUPDWLY$GRSWDUHDDFWHORUGHF WUH*XYHUQFDUHHVWHRDXWRULWDWHFROHJLDO VH IDFHFX

PDMRULWDWHD VLPSO D FHORU SUH]HQ L GDU QXPDL SX LQ GH R WUHLPH GLQ QXP UXO WRWDO DOPHPEULORU*XYHUQXOXL

$FWHOH *XYHUQXOXL VH VHPQHD] GH 3ULPXOPLQLVWUX L VH FRQWUDVHPQHD] GHPLQLWULFDUHDXREOLJD LDH[HFXW ULLORU+RW UkULOHFXFDUDFWHUQRUPDWLYL2UGRQDQ HOHVH

SXEOLF vQ0RQLWRUXO2ILFLDODO5RPkQLHLSDUWHD,VXEVDQF LXQHDLQH[LVWHQ HL MXULGLFHDORU/LSVDVHPQ WXULLVDXDFRQWUDVHPQ WXULLGHSHDFWXO*XYHUQXOXLSRDWHDWUDJHQXOLWDWHD

DFWXOXL +RW UkULOH FX FDUDFWHU PLOLWDU VH FRPXQLF LQVWLWX LLORU PLOLWDUH LQWHUHVDWH LDUKRW UkULOHFXFDUDFWHULQGLYLGXDOVHFRPXQLF FHORULQWHUHVD L

$FWHOHSROLWLFH

*XYHUQXODGRSW LDFWHSROLWLFHSULQFDUHDFHVWDvLH[SULP SXEOLFSR]L LDVDvQOHJ WXU FXGLIHULWHHYHQLPHQWHLQWHUQHVDXLQWHUQD LRQDOH

$FWHOHSULPXOXLPLQLVWUX$DFXPDPDYXWRFD]LD V DU W P*XYHUQXOHVWHDXWRULWDWH SXEOLF UHFXQRVFXW GH &RQVWLWX LH 3ULPXOPLQLVWUX I U DL GLPLQXD GLQ

SXWHUHD VD vQ FDGUXO VLVWHPXOXL LQVWLWX LRQDO GLQ 5RPkQLD HVWH HIXO *XYHUQXOXL L vQDFHDVW FDOLWDWH HO SRDWH HPLWH DFWH FX IRU MXULGLF UHVWUkQV L vQ VSHFLDO FX FDUDFWHU

LQGLYLGXDOLPDLSX LQQRUPDWLY$FHVWHDFWHVXQWGHQXPLWHGHFL]LLLHOHSULYHVFP VXULGH RUJDQL]DUH LQWHUQ D*XYHUQXOXL GH QXPLUH vQ IXQF LH VDX GH HOLEHUDUHUHYRFDUH GLQ

IXQF LHDXQRUIXQF LRQDULGHFRQGXFHUHDLLQVWLWX LLORUSXEOLFHDIODWHvQVXERUGLQHDRULVXEDXWRULWDWHD*XYHUQXOXL$FWHOHSULPXOXLPLQLVWUXVHLDXvQQXPHOHSURSULXDOIXQF LHLQX

DO*XYHUQXOXL

6HF LXQHD5 VSXQGHUHD*XYHUQXOXL

3UHOLPLQDULL

)XQF LDGHPLQLVWUX UHSUH]LQW RPDUH UHVSRQVDELOLWDWHSHQWUXGHVWLQHOH XQHL ULVDXDXQXLGRPHQLXGHDFWLYLWDWHGLQWUR DU FHHDFHSUHVXSXQHLSRVLELOLWDWHDDQJDM ULL

U VSXQGHULLSHUVRDQHLFDUHDSULPLWRDVWIHOGHvQV UFLQDUH6XQWVHFWRDUHLPSRUWDQWHDOHYLH LL VWDWXOXL XQGH XQ PLQLVWUX SULQ GHFL]LLOH VDOH SRDWH LQIOXHQ D vQ PRG SURIXQG L

XQHRULLUHYHUVLELOvQVHQVQHJDWLYVDXSR]LWLYLQWHUHVHOHJHQHUDOHFHHDFHDFRQGXVFDvQFGH OD vQFHSXWXULOH FRQWXU ULL LQVWLWX LHL PLQLVWHULDOH V VH SXQ vQ GLVFX LH SUREOHPD

UHVSRQVDELOLW LL PLQLWULORU 5HJXODPHQWHOH RUJDQLFH VXQW SULPHOH DFWH MXULGLFHQRUPDWLYHFDUHSXQSUREOHPDUHJOHPHQW ULLU VSXQGHULLPLQLWULORU

$FHVWD HVWH vQFHSXWXO GH]YROW ULL PRGHUQH D LQVWLWX LLORU VWDWHOH vQVUHVSRQVDELOLWDWHDPLQLWULORU D IRVW GHILQLW FXPDLPXOW SUHFL]LH SULQ&RQYHQ LD GH OD

3DULVGLQ DXJXVW SHQWUX RUJDQL]DUHD GHILQLWLY D3ULQFLSDWHORU5RPkQH$VWIHOSRWULYLWDUWDOLQDO&RQYHQ LHLPLQLWULLVXQW U VSXQ] WRULGHYLRODUHD OHJLORULPDL

DOHVGHRULFHULVLS DEDQLORUSXEOLFLQFD]GHvQF OFDUHDvQGDWRULULORUPLQLWULLYRUSXWHDIL MXGHFD L GH QDOWD &XUWH GH -XVWL LH L&DVD LH DF LXQHD SXWkQG IL SXV vQPLFDUH GH

GRPQLWRU VDX GH $GXQDUHD HOHFWLY 3DUODPHQWXO FX YRWXO D GRX WUHLPL D PHPEULORUDFHVWHLD

&RQVWLWX LD5RPkQLHLGLQUHJOHPHQWHD] H[SUHVLvQGHWDOLXUHVSRQVDELOLWDWHDPLQLWULORU VWDELOLQG F ILHFDUH GLQ FHOH GRX FDPHUH DOH 3DUODPHQWXOXL 6HQDWXO RUL

&DPHUD'HSXWD LORU VDX'RPQXO SRW DL DFX]D SHPLQLWUL L DL WULPLWH vQ ID D QDOWHL&XU L GH &DVD LH L -XVWL LH SHQWUX DL MXGHFD DFHDVWD ILLQG VLQJXUD DXWRULWDWH SXEOLF

FRPSHWHQW LFDUHVHYDvQWUXQLvQHGLQ FRPXQ DVHF LLORUXQLWHDUWQDQXOVDDGRSWDWLSULPDOHJHDUHVSRQVDELOLW LLPLQLVWHULDOHFDUHH[WLQGH

GLVSR]L LLOHOHJLORUSHQDOHRUGLQDUHDSOLFDELOHIDSWHORUFRPLVHGHIXQF LRQDULLSXEOLFLvQ

H[HUFL LXO IXQF LXQLL ORUSUHFXPLFHOHDOHSDUWLFXODULORULDVXSUDPLQLWULORU3UDFWLF vLSXQHSHPLQLWULGLQSXQFWXOGHYHGHUHDOU VSXQGHULLSHSR]L LHGHHJDOLWDWHDOWIHOVSXV

OHJHD HVWH XQD SHQWUX WR L$FHDVW OHJH D UHVSRQVDELOLW LLPLQLVWHULDOH GLQ PHUJHPDLGHSDUWH UHJOHPHQWkQGSHOkQJ SHGHDSVDSHQDO SULQFLSDO GHWHQ LXQHDSUHY ]XW

GH&RGXO3HQDOLSHGHDSVDFRPSOHPHQWDU DLQWHUGLF LHLGHDRFXSDIXQF LLSXEOLFHGHODDQLSkQ ODVIkULWXOYLH LLPLQLVWUXOXLFRQGDPQDWODSHGHDSVDGHWHQ LHL

QFHSHUHD XUP ULULL SHQDOH D XQXL PLQLVWUX VH SXWHD IDFH QXPDL FX DXWRUL]DUHDSUHDODELO D &DPHUHL 'HSXWD LORU RUL D 6HQDWXOXL 'DU vQF OFDUHD OHJLORU GH F WUH XQ

PLQLVWUXDQJDMDSHOkQJ U VSXQGHUHDSHQDO DDFHVWXLDLU VSXQGHUHDFLYLO GDF FHOvQFDX] FX UHDFUHGLQ D FDX]DW R SDJXE 6WDWXOXL VDX U VSXQGHUHD FLYLO vQ IDYRDUHDSDUWLFXODULORUF URUDGHDVHPHQHDFXUHDFUHGLQ OHDFDX]DWSDJXEH

&KHVWLXQHDUHVSRQVDELOLW LLPLQLVWHULDOHRUHJ VLPUHJOHPHQWDW LSULQ&RQVWLWX LD

GLQFDUHQXD