$QGUp0DXURLV,VWRULD$QJOLHL+LVWRLUHG$QJOHWHUUHYRO&$57($$&,1&($75,80)8/3$5/$0(178/8,

,,$&2%,678$57,352%/(0$5(/,*,2$6, 5HJLL GLQDVWLHL 7XGRU IXVHVHU QLWH ]HL QD&LRQDOL &D V OH ILH SH SODF

VXSXLL ORUFOHUXOFKLDULHSLVFRSLLLDXVFKLPEDWGHPDLPXOWHRUL UHOLJLD/DXQ FXYkQW GHDO ORU VHQLRULL LPLQLWULL vL SXQHDX IU vPSRWULYLUH FDSHWHOH SHEXWXF 3DUODPHQWXO vQWkPSLQD GRULQ&HOH ORU XQHRUL FX XPLOH FULWLFL DOWHRULPRUPLQG GDU QX OH UHVSLQJHD QLFLRGDW $P DUWDW FDUH DX IRVW UHVRUWXULOHDFHVWHL XLPLWRDUH SXWHUL GXS R OXQJ SHULRDG GH DQDUKLH VXSXLL VLP&HDX RDSULJQHYRLHGHDXWRULWDWH+HQULFDO9+OHDL(OLVDEHWDDYHDXJHQLXOUHJDOLW&LLLXQWDFWFDUHOHDSHUPLVVSUHYDGvQFHDPDLPDUHSDUWHDFD]XULORUUHDF&LLOHRSLQLHL SXEOLFH 1XPDL FRQVLP&PkQWXO DFHVWHLD D IFXW SRVLELO SDUDGR[DODYLJRDUH D XQHL PRQDUKLL QHvQDUPDWH 'DF EHHIHDWHULL SDODWXOXL SXWHDXDVLJXUD SD]D XQHL FRUELL vQ FDUH YUHXQ QRELO U]YUWLW VDX YUHXQ PLQLVWUXvQGHSUWDWGHODSXWHUHHUDFRQGXVOD7XUQDFHDVWDVHGDWRUDIDSWXOXLFXFHQLFLLGLQ/RQGUDQXvQFHUFDXVOHVPXOJSUL]RQLHUXO1LFLVXYHUDQXOQLFL

&RQVLOLXO SULYDW QDU IL SXWXW FRQVWUkQJH OD VXSXQHUH R SRSXOD&LH GH FLQFL

PLOLRDQHGHVXIOHWHRELQXLWGHVHFROHVSVWUH]HDUPHvQFDVLDQWUHQDWvQPkQXLUHDDUFXOXLLDVELHL'H ODXUFDUHDSHWURQD OXL+HQULFDO9,,OHD IRU&DGLQDVWLHL 7XGRU QX D IRVW R IRU& PLOLWDU FL XQD SVLKRORJLF L VHQWLPHQWDO$FHVWVXFFHVGHGXUDWFkWLVXSXQHUHDYROXQWDUDSRSRUXOXLHQJOH]DYHDXVGHDQDWHUHvQPLQWHDVXFFHVRULORU(OLVDEHWHLXQRUSHULFXORDVHLOX]LL

,,Q]LXDPRU&LLUHJLQHLPDUWLHRPDUHQHOLQLWHFXSULQVHVH&DUD

6WU]LOH /RQGUHL HUDX VWUEWXWH GH SDWUXOH 0DULQDUL SURWHVWDQ&L SUVLVHUSRUWXULOHSHQWUXDRSULvQFD]XOFkQGVDUILSURGXVRLQYD]LHSDSLVWYHQLWGLQ)ODQGUD QGDW FH VH DIO F ,DFRE DO 9OOHD FDOYLQLVWXO XUPD V GHVFLQG GLQUHJDWXOVXVFR&LDQSHQWUXDGHYHQL,DFRE,DO$QJOLHLLDXQLFHOHGRXFRURDQHVH UHVWDELOL FDOPXO &OWRULD QRXOXL UHJH vQFHSkQG GH OD IURQWLHU L SkQ OD/RQGUDD IRVWXQQHvQWUHUXSW WULXPI Q WRDWHVDWHOH VXQDXFORSRWHOH vQRUDHRPXO&LPH HQWX]LDVW vO DWHSWD SH VXYHUDQ vQ SLD&D FHQWUDO vQ FDVWHOH ,DFRE ,RELQXLWFXVUFLDVFR&LDQVHPLQXQDGHVSOHQGRDUHDVHUEULORU8QJHVWDOVXQXIXSHSODFXOSRSRUXOXLLSURGXVHQHOLQLWH,DFRELJQRUkQGOLEHUW&LOHHQJOH]HSRUXQFL V ILH VSkQ]XUDW IU MXGHFDW XQ KR& SULQV GH HVFRUW SH GUXP 'DUvQDLQWHGHDvQWkOQLYUHRUH]LVWHQ&HOSXWHDVHSXL]H]HYDVWXOIRQGGHvQFUHGHUHSHFDUHLOOVDVHUPRWHQLUHSUHGHFHVRULLVL

,,,(UDXQEUEDWGHWUHL]HFLLDSWHGHDQL'HVWXOGHULGLFROFDvQI&LDUHL

0kQFWRULGHFDUQHGHYLWvQOLPEDHQJOH]SRUHFODJDUGLHQLORUGHOD7XUQXO/RQGUHL 'HQXPLUHD GH 0DUHD %ULWDQLH GHVHPQkQG XQLUHD $QJOLHL D 6FR&LHL L D %ULL *DOLORU D IRVWIRORVLWSHQWUXvQWkLDRDU vQPRGRILFLDO vQGDUXQLLVFULLWRULRIRORVLVHUFXPXOW vQDLQWHDDFHVWHLGDWHQD

PDQLHUHOLSVLWGHRULFHGLVWLQF&LHYRUEHDPXOWGDUJUHRLLOLPEDLVHvPSOHWLFHDvQJXU0RGXOVXULGLFROGHDYRUELPDVFDVXEVWDQ&DFHORUVSXVHFDUHQXHUDQLFLRGDWOLSVLWGHVDYRDUH6DVSXVFHQJOH]LLSURFODPkQGXOSH,DFRE6WXDUWXUPDXO(OLVDEHWHL7XGRUDXXUFDWSHWURQXQFDUDFWHUIHPLQLQvQORFXOXQXLFDUDFWHUPDVFXOLQQWUDGHYUSHWUHFkQGXLFRSLOULDvQPLMORFXODVDVLQDWHORULDOFRPSORWXULORU,DFRE6WXDUWUPVHVHFXJURD]DGHRDPHQLvQDUPD&L%HDWLSDFLILFLHUDGHYL]DVD3XUWDKDLQHYWXLWHSHQWUXDVHIHULGHORYLWXULGHSXPQDOLFkQGYHGHD R VDELH VH vPEROQYHD 'HVWXO GH FXOWLYDW HUD vQV PDL FXUkQG XQLQWHOHFWXDOGHFkWXQRPLQWHOLJHQW$GROHVFHQWSUHFRFHVFULVHVHYHUVXULWUDWDWHGHWHRORJLH L GRX FU&L GH GRFWULQ SROLWLF%DVLOLNRQ 'RURQ L 7UXH /DZ RI )UHH0RQDUFKLHV vQ FDUH GHPRQVWUD F UHJLL VXQW GHVWLQD&L GH 'XPQH]HX VJXYHUQH]H LDU VXSXLL V DVFXOWH GH HL 5HJHOH HUD DDGDU GHDVXSUD OHJLL GDUWUHEXLDVLVHVXSXQLHOFDVILHXQH[HPSOXSHQWUXFHLODO&LvQDIDUGRDUGHFD]XULH[FHS&LRQDOHSHFDUHHUDVLQJXUvQPVXUVOHDSUHFLH]H

,9 'RFWULQ RUJROLRDV FDUH VH GRYHGLVH XWLO vQ 6FR&LD SHQWUX D &LQH OD

UHVSHFWXQFOHUDURJDQWLUHGXWDELO,DFRE,YHQHDvQ$QJOLDSULPHMGLRVGHFRQYLQVGHVXSHULRULWDWHD OXL L vQFKLSXLD vQPRGVLQFHUF HVWHXQ WHRORJJHQLDOPHQLWVLGXFSHHQJOH]LLUWFL&LSHGUXPXODGHYUXOXL1XWLDDSURDSHQLPLFGHVSUHFDUDFWHUXOQRLORUVLVXSXLLQLFLQXFXWDVL vQ&HOHDJ&XPYHQL vQFHSXVSHURUH]HvQDGXQULOHORUVVSXPHJHVVHEkOEkLHDPX]kQGXLDXGLWRULLIUVL GHD VHDPD FX DFFHQWXO VX VFR&LDQ (O VH DWHSWD V ILH vQO&DW SkQ ODFHUXULFXODXGHSHQWUXHORFYHQ&DLHUXGL&LDVD'DUDYHDGHDIDFHFXXQSRSRUFDUHQXHUDGLVSXVVDVFXOWHFXUHVSHFWXQPRUDOLVWVWULQ

9 'HL D IRVW FUHVFXW vQ UHOLJLD FDOYLQ QRXO UHJH D IFXW FDV EXQ FX

ELVHULFD DQJOLFDQ (O VXIHULVH vQ 6FR&LD GLQ FDX]D OLEHUW&LL GHPRFUDWLFH DSUHVELWHULHQLORUQXOVXSUDIDSWXOFDJVLWvQ$QJOLDRELVHULFFHUHFXQRWHDRLHUDUKLH vQ YkUIXO FUHLD VH DIOD UHJHOH (OLVDEHWD LPSXVHVH VXSXLORU VL XQFRQIRUPLVPODIHOGHULJXURVFDRGLQLRDUELVHULFDURPDQ7R&LWUHEXLDXVIDFRPUWXULH GH FUHGLQ& FX SULYLUH OD FHOH WUHL]HFL L QRX GH DUWLFROH FOHUXO QXSXWHDIRORVLGHFkW&DUWHDGHUXJFLXQLRILFLDOFRPLVLLOHHFOH]LDVWLFHVHGRYHGHDXWRWDWkWGHVHYHUHFDRGLQLRDUWULEXQDOHOHURPDQHvQRFKLLDGHYUDWXOXLDQJOLFDQ5HIRUPD QD vQVHPQDW R UXSWXU FX WUHFXWXO L ELVHULFD OXL UPkQHD SHQWUXGkQVXO FDWROLF DGLF XQLYHUVDO 3URWHVWDQWXO PLMORFLX VFULH ODG\+XWFKLQVRQ UHQXQ&DVH OD SDSLVP SHQWUX F QX PDL HUD OD PRG GDU vQDGkQFXOLQLPLLVDOHvQFOLQDGHSDUWHDDFHDVWD'RFWULQDDQJOLFDQFDUHHUDDFHHDD VWDWXOXL VH YHGHD DWDFDW SH DPEHOH IODQFXUL L GH FDWROLFLL URPDQL L GHSXULWDQL

9, Q SDUWHD D GRXD D GRPQLHL (OLVDEHWHL FDWROLFLL URPDQL VXIHULVHU GLQ

SULFLQD SULJRDQHL SH FDUH U]ERLXO FX 6SDQLD L FRQVSLUD&LLOH LH]XL&LORU DX vQVSULWR1XDYHDXDFFHVODQLFLRIXQF&LHORFDOVDXQD&LRQDOQXDYHDXYRLHVVHvQGHSUWH]HGHSPkQWXOORUIUXQSHUPLVVHPQDWGHMXGHFWRUXOGHSDFH(UDXVXSXLODDPHQ]LIRDUWHJUHOHFDUHvQUHDOLWDWHQXHUDXSHUFHSXWHGDFQXDVLVWDX'DUXOVXYHUDQXOXLvQOLPEDJUHDFL$GHYUDWDOHJHDPRQDUKLLORUOLEHUHvQOLPEDHQJOH]D /XF\ $SVOH\ VR&LD RPXOXL SROLWLH DQWLUHJDOLVW -RKQ +XWFKLQVRQ IHPHLHLQWHOLJHQWLFXOWFDUHDOVDWYDORURDVHPHPRULLXQHOHVXEIRUPDELRJUDILHLVR&XOXLHL

OD VOXMED UHOLJLRDV DQJOLFDQ 8Q SUHRW FDUH FHOHEUD OLWXUJKLD L FHL FDUHODGSRVWHDXSXWHDX IL FRQGDPQD&L ODPRDUWHDJURD]QLF D WUGWRULORUGDUDPHQLQ&DUHD HUD UDUHRUL SXV vQ SUDFWLF L vQ PXOWH FDVWHOH VH PDL JVHD SULQSRGXULFkWHXQFDSHODQFDWROLF/DvQFHSXWXOGRPQLHLOXL,DFRE,DGHS&LLELVHULFLLURPDQHQXPDLDOFWXLDXGHFkWDGRX]HFHDSDUWHDSRSXOD&LHL8UFDUHDSHWURQDILXOXL0DULHL6WXDUWOHLQVSLUPDULVSHUDQ&H6HWLDFvQWUH&LQXVHFRUHVSRQGHQ&FXSDSDLFHUDSDUWL]DQXOWROHUDQ&HLQWUDGHYUHOVHRIHULVVXSULPHDPHQ]LOHSHQWUXGHOLFWHUHOLJLRDVHGDUSXVHGRXFRQGL&LLFDWROLFLLVGHFODUHORLDOLWDWHID& GH UHJH LQX ID& GHSDS V UHQXQ&HD IDFHSUR]HOL&L&RQGL&LLOHQX HUDXFRPSDWLELOH FX R FUHGLQ& VLQFHU L FXUkQG GHFHS&LD FDWROLFLORU GHYHQL DWkW GHPDUHvQFkWPXO&LGLQWUHHLvQFHSXUVFRPSORWH]HvPSRWULYDUHJHOXL

9,,'LQWUH DFHVWH FRPSORWXUL FHOPDL SHULFXORV D IRVW FHOHEUXO FRPSORW DO

SUDIXOXLGHSXF6FRSXOHUDVXFLGvQDFHODLWLPSSHUHJHSHORU]LLSHPHPEULL&DPHUHL&RPXQHORUFDUHVDUILDIODWDFRORDUXQFkQGvQDHU&DPHUD/RU]LORUvQFOLSDFkQGVHYRUILDGXQDWWR&L3URWHVWDQ&LLILLQGOLSVL&LDVWIHOGHHILLORU R UVFRDO FDWROLF DU IL DYXW DQV GH UHXLW &LQkQG VHDPD GH LQHU&LDPDVHORU 3ULQ FDOLWDWHD YLQRYD&LORU L SULQ PHWRGHOH IRORVLWH FRPSORWXO QHDPLQWHWH GH WHURULWLL UXL GH OD VIkULWXO VHFROXOXL DO ;O;OHD &RQMXUD&LL HUDXJHQWLORPL &HO PDL FHOHEUX GLQWUH HL *X\ )DZNHV PLOLWDQW FDWROLF vQY&DVH vQWLPSXO FDPSDQLHL GLQ )ODQGUD PHWHXJXO GH D VSD WUDQHH L WXQHOXUL *X\)DZNHVLSULHWHQLL VL vQFHSXU SULQD vQFKLULDRSLYQL& vQ ID&DSDUODPHQWXOXLGDU FXUkQG GHVFRSHULU GLQ vQWkPSODUH R vQFSHUH VLWXDW H[DFW VXE &DPHUD/RU]LORUFHHDFHLVFXWHDSHHLVPDLVDSHRJDOHULH'XSFHvQFKLULDUvQFSHUHDDFHHDDGXVHU RPXO&LPHGHEXWRLDHFXSUDIGHSXFSHFDUH OHDFRSHULU FXYUHDVFXULLDWHQWDWXODU IL UHXLWFXVLJXUDQ&GDFFRQVSLUDWRULLQDU ILVRFRWLWQHFHVDU V DYHUWL]H]H SH Fk&LYD GLQWUH SDUWL]DQLL ORU SHQWUX D RUJDQL]D UVFRDODFDUH XUPD V DLE ORF GXS H[SOR]LH 8QXO GLQ FHL FURUD OL VD vQFUHGLQ&DWVHFUHWXO VH JkQGL F HUD GH D VD GDWRULH V LQIRUPH]H VWSkQLUHD *X\ )DZNHVUPDVH VLQJXU SOLQ GH FXUDM FD V DSULQG ILWLOXO OD PRPHQWXO VWDELOLW HO IXDUHVWDW OD QRLHPEULH L H[HFXWDW 2 GDW FX HO SLHULU L FRPSOLFLL VLSUHFXPLVWDUH&XOLH]XL&LORUHQJOH]L*DUQHWFDUHIXDFX]DWFDGDWLGHHDFULPHL6H SDUH F DFX]D&LD QX HUD vQWHPHLDW +HQU\ *DUQHW QX SFWXLVH GHFkW SULQWFHUHGDU LQGLJQDUHDVWkUQLWGHGHVFRSHULUHDXQXLDWHQWDWDWkWGHJUDYLFDUHHUD FkWSHDFL V UHXHDVF vL IFXSH WR&L FDWROLFLLPDL VXVSHF&L FD RULFkQG1XQXPDL F DX IRVW GHF]X&L GLQ GUHSWXULOH ORU FLYLFH GDU DX L IRVW GHFODUD&LQHGHPQL V H[HUFLWH SURIHVLXQLOH GH DYRFDW LPHGLF L FKLDU V JLUH]H EXQXULOHFRSLLORU ORUPLQRUL &RPSORWXO SUDIXOXL GH SXF D DWUDV GXS VLQH SHQWUX RYUHPH vQGHOXQJDW SUEXLUHD FDWROLFLVPXOXL vQ $QJOLD Q PLQWHD RDPHQLORUSDSLVPXO VH DVRFLD FX VXPEUHOH LPDJLQL DOH FRPSORWXOXL FRQWUD VLJXUDQ&HLVWDWXOXL WLPSGHXQVHFRORULFHRPSROLWLFRULFHVXYHUDQVXVSHFWDWFDUHYUHROHJWXUFX5RPDHUDFRQGDPQDWGHRSLQLDSXEOLF

9,,, 'DF ELVHULFD DQJOLFDQ WUHEXLVH SH XQXO GLQ IODQFXULOH VDOH V VH

DSHUHGHFDWROLFLSHFHOODOWDYHDGHvQGXUDWDVDOWXOSXULWDQLORU3XULWDQLVPXOHUDPDL SX&LQ R GRFWULQ L PDL FXUkQG R VWDUH GH VSLULW D DFHORUD FDUH YRLDX VSXULILFH ELVHULFD QX QXPDL GH RULFH FRQWDFW FX 5RPD FL L GH RELFHLXULOHURPDQHQGDWGXSYHQLUHDOXL,DFRE,SDVWRULLSXULWDQLLDXSUH]HQWDWRSHWL&LH(L FHUHDX GUHSWXO SHQWUX ILHFDUH RP DO ELVHULFLL GH D KRWUv HO vQVXL GDF V

SRDUWHXQVWLKDUDOEVXSULPDUHDVHPQXOXLFUXFLLODERWH]XULDvQFOLQULLFDSXOXLFkQGVHSURQXQ&DQXPHOHOXL,LVXVDJHQXIOH[LXQLL vQID&DDOWDUXOXLDYHULJKHWHLOD FHOHEUDUHD FVWRULHL L vQ VIkULW VWULFWD UHVSHFWDUH D GXPLQLFLL $O&LL PDLUDGLFDOL GRUHDX GHVILLQ&DUHD HSLVFRSLORU L FUHDUHD XQHL ELVHULFL SUHVELWHULHQHGXSPRGHOXOELVHULFLLVFR&LHQH8QDOWUHLOHDJUXSHUDFRPSXVGLQLQGHSHQGHQ&LFDUHFHUHDXGUHSWXOSHQWUXILHFDUHRPVLDOHDJVLQJXUGRJPHOH7R&LDYHDXFDWUVWXU FRPXQ R SURIXQG DYHUVLXQH SHQWUX YHVHOLH R GUDJRVWH SDVLRQDWSHQWUX OLEHUW&LOH FLYLFH JXVWXO YLH&LL VLPSOH L DO XQXL FXOW IU VWUOXFLUH 3XULWDQLL DYHDX RURDUH GH SRH]LD LWDOLHQL]DW L VHQ]XDO D 5HQDWHULL HOLVDEHWDQH(UD GH YLQ VkQJHOH VD[RQ" &OLPDWXO" 9HVHOLDPHGLWHUDQHDQ HUD SHQWUX HL XQPRWLYGHPLUDUHLGHVFDQGDO1XFQDUILIRVWVHQVLELOLODRDQXPLWSRH]LHGDUSUHIHUDX SRH]LD (FOH]LDVWXOXL L D SVDOPLORU FHOHL D OXL 6SHQVHU L D OXL6KDNHVSHDUH'GHDX FRSLLORU ORUQXPHGHSDWULDUKL VDXGH U]ERLQLFL HEUHL vL]LFHDXXQXODOWXLDIUDWHFXWDUHVDXVRUFXWDUHLFUHGHDXDILQRXOSRSRUDOOXL'XPQH]HX vQVUFLQDW VL H[WHUPLQH SH DPDOHFL&LL GH OD FXUWH &LWLUHDSHUPDQHQW D%LEOLHL vL IFHD V WULDVF vQWUXQ YLV FROHFWLY L VXPEUX DGHVHDQRELO(LFRQGDPQDXWHDWUXODYHDXRURDUHGHSFDWPDLDOHVGHFHO WUXSHVFVHvPEUFDX FX R PRGHVWLH YRLW GHPRGDW L VH UGHDX SH FDS FD VL DUDWHGLVSUH&XO ID& GH FXUWH]DQLL FX SHUXFLOH EXFODWH 3H VFXUW HUDX WULWL RQHWLLQVXSRUWDELOLLGkUML

,; /D vQFHSXWXO GRPQLHL OXL ,DFRE SXULWDQLL IFHDX SDUWH GLQ ELVHULFD

QD&LRQDO L VSHUDX VL LPSXQ GRFWULQD ORU 6D RUJDQL]DW R FRQIHULQ& OD+DPSWRQ&RXUWVXESUHHGLQ&LDUHJHOXLSHQWUXDH[DPLQDSHWL&LDORU,DFRE,OXSDUWH FX SOFHUH OD DFHDVW GLVFX&LH WHRORJLF SkQ vQ FOLSD FkQG DX IRVWSURQXQ&DWHFXYLQWHOHSUHVELWHULDQLVLQRG(OHWUH]HDXSHQLELOHDPLQWLULvQPLQWHDOXL'DFGRUL&LRELVHULFSUHVELWHULDQVSXVHHOHDVHSRWULYHWHWRWDWkWGHELQHFXPRQDUKLDFD'XPQH]HXFXGLDYROXO2ULFH-DFN:LOOVDX7RPYDSXWHDV FULWLFH DFWHOHPHOH -DFN YD VSXQH $D WUHEXLH V ILH L:LOO YD UVSXQGH1XDUWUHEXLVDILHvQIHOXOVWDLOXkQGXLSOULDFDVULGLFHHGLQ&D&LS6H WLH FXP DX WUDWDWR SH ELDWD GRDPQ PDPD PHD L SH PLQH vQVXPL vQWLPSXOPLQRULW&LLQFKHLGHFLIUHSLVFRSLQLFLUHJH'DFDVWDLWRWFHDUHGHVSXVSDUWLGDYRDVWUDPVRVLOHVFVVHFRQIRUPH]HVDXDPVRDOXQJGLQ&DU3ULQ GLVFXUVXO DFHVWD HO D WUDQVIRUPDW FHDUWD UHOLJLRDV vQWUR FHDUW SROLWLF3XULWDQLL vQY&DVHU GLQ %LEOLH F FHL FUHGLQFLRL WUHEXLH V PLOLWH]H SHQWUXFUHGLQ&D ORULFGDWRULD ILHFUXLRPFDUHFXQRDWHDGHYUXOHVWHGHDO IDFHVvQYLQJ L SHQWUX F vL FRQVWUkQJHD VR IDF R YRU vQFHUFD SkQ L vPSRWULYDYRLQ&HLUHJHOXLQHODWUHEXLWVSRUXQFHDVFH[SXO]DUHDGLQELVHULFDWUHLVXWHGHSDVWRULSXULWDQLFDUHUHIX]DXVUHVSHFWHULWXDOXODQJOLFDQ

; QFHSkQG GLQ DFHVW PRPHQW WUHEXLH V VH GLVWLQJ vQ FOHUXO HQJOH] WUHL

JUXSULRJUXSDUHDvQDOWHLELVHULFLFHDPDLSX&LQvQGHSUWDWGHELVHULFDURPDQL FDUH DFFHSW ULWXDOXO LPSXV GH GLQDVWLD 7XGRULORU R JUXSDUH SUHVELWHULDQQHFRQIRUPLVW FDUH UPkQH vQ VkQXO ELVHULFLL GDU GRUHWH VR UHIRUPH]H L RJUXSDUH LQGHSHQGHQW VDX FRQJUHJD&LRQDOLVW FDUH FRQGDPQ vQ DFHODL WLPSHSLVFRSDWXODQJOLFDQLVLQRGXOSUHVELWHULDQ,QGHSHQGHQ&LLUHIX]DXVUHFXQRDVFRELVHULFGHVWDW ILHGH WLSHQJOH] ILHGH WLSVFR&LDQ%LVHULFDHUDSHQWUXHLXQJUXSGHFUHWLQLXQL&LQXPDLGLQSURSULDORUYRLQ&8QLLGLQWUHHLGLQUHVSHFWID&3RSRUDPLQWLWvQ9HFKLXOWHVWDPHQWGXPDQDOHYUHLORU

GHOLEHUWDWHDLQGLYLGXDOPHUJHDXSkQ ODVXSULPDUHDERWH]XOXLFRSLLORUSHQWUXDQXPDLERWH]DGHFkWDGXO&LvQVWDUHVFUHDGDFHWLDHUDXEDSWLWLL

;,( LPSRUWDQWVVH vQ&HOHDJFSHQWUXSURWHVWDQ&LL LQGHSHQGHQ&LQXPDL

H[LVWDDWXQFLQLFLRVSHUDQ&VPDLSUDFWLFHvQOLQLWHFUHGLQ&DORUGDFUPkQHDXvQ$QJOLD0XO&LDOHVHUH[LOXOLvQHPLJUDUvQ2ODQGDGDULDFRORHUH]LDGLQ MXUXO ORU vL QHOLQLWL SH FHL PDL H[LJHQ&L Q Fk&LYD VH vQWRDUVHU GLQ2ODQGDLYHQLU OD6RXWKDPSWRQSHQWUXDVH vPEDUFDGH vQGDWSH0D\IORZHUFDUHWUHEXLDVLWUDQVSRUWHvQ$PHULFD3ULPLLSHOHULQLDXIRVWvQQXPUGHRVXWGRL6HJkQGHDXVVHVWDELOHDVFSHODIURQWLHUDGHQRUGDWHULWRULXOXL&RPSDQLHL9LUJLQLDYkQWXULOHLFXUHQWHOHPDULQHvLVLOLUVGHEDUFHPDLODQRUGvQUHJLXQHDFDUHVHQXPHWHDVW]L1RXD$QJOLH QDQLLFDUHDXXUPDWLFDUHDXIRVWSX&LQIDYRUDELOLSHQWUXSXULWDQLvQ$QJOLDPLLGHHPLJUDQ&LDXYHQLWGXSHLLvQQRXDORU&DURDPHQLLDFHWLDFDUHDXSUHIHUDWH[LOXOvQORFXOHUH]LHLDXvQWHPHLDWGXSFXPHUDGHDWHSWDWRWHRFUD&LH

,,35,0(/(&21)/,&7(',175(5(*(,3$5/$0(17, QWUH FXUWHD OXL ,DFRE , L SDUODPHQWXO VX QX H[LVWD QLFL R WUVWXU

FRPXQ&XUWHDIULYROGHVIUkQDWFROFLDGHVFDQGDOXULSULQWUHFDUHDGXOWHUHOHHUDXFHOHPDLPUXQWH5HJHOHRPVODEL WDQGUXQXVHSXWHD OLSVLGH IDYRUL&LDOHLPDLFXUkQGGXSIDUPHFXOREUD]XOXLGHFkWGXSFDOLW&LOHORUGHRDPHQLGHVWDW7UDWDFXHLWUHEXULOHFHOHPDLVHULRDVHQXODPDVD&RQVLOLXOXLFLODVIkULWXOXQXL VXSHX VDX DO XQHL SDUWLGH GH YkQWRDUH /D vQFHSXWXO GRPQLHL VDOH DYXvQ&HOHSFLXQHD VO SVWUH]H SH OkQJ HO SH5REHUW&HFLO SH FDUHO IFX FRQWH GH6DOLVEXU\ L Fk&LYD GLQWUH FHL PDL EXQL VIHWQLFL DL (OLVDEHWHL GDU vQFHW vQFHWSXWHUHDWUHFXvQPkLQLOHIDYRULWXOXL5REHUW&DUUFDUHGHYHQLFRQWHGH6RPHUVHWDSRL LD *HRUJH 9LOOLHUV ELDW GH GRX]HFL L GRL GH DQL vQFkQWWRU VUDF GHIDPLOLHEXQDOHVvQWUXQPRGIRDUWHFLQLFGHFWUHDUKLHSLVFRSXOGH&DQWHUEXU\LDOLD&LLVLFDVLDORFXOOXL6RPHUVHW9LOOLHUVDWUDVHLPHGLDWSULYLULOHOXL,DFRE3DKDUQLF JHQWLORP DO &DPHUHL FDYDOHU DO 2UGLQXOXL -DUHWLHUHL EDURQ YLFRQWHPDUFKL] ORUGPDUHDPLUDODSUWRUXOFHORU&LQFL3RUWXULGXFHGH%XFNLQJKDPPLQLVWUXIDYRULWDOOXL,DFRE,DSRLDOILXOXLVX&DURO,QLFLRGDWQXVDY]XWVSXQH&ODUHQGRQXQEUEDWFDUHVIDFDWkWGHUHSHGHFDULHUQLFLVVHULGLFHDVWIHO SULQ VLPSOD VD IUXPXVH&H OD FHOH PDL vQDOWH IXQF&LXQL vQ VWDW &RUHVSRQGHQ&DGLQWUH%XFNLQJKDPL,DFRE,DUDWXLPLWRDUHDIDPLOLDULWDWHFXFDUHVXSXVXO vO WUDWHD]SHVXYHUDQ(XRUGHLPDJLQDWJURD]DSHFDUHWUHEXLHVRILLQVSLUDW DFHDVW FXUWH YHVHO L SXWUHG JUDYLORU FDYDOHUL FDUH FD L SH YUHPHD(OLVDEHWHLUHSUH]HQWDXDWXQFLvQSDUODPHQWSH\HRPHQLLSHRUHQLLGLQ$QJOLD$FHWLGHSXWD&LGHSURYLQFLHQXIXVHVHUFRUXS&LGHYLD&D/RQGUHL(LHUDXVSXQH7UHYHO\DQXUPDLLQHQXPUDWHORUJHQHUD&LL FDUHDXGXVRYLD&VQWRDV OD&DUFDUHDXFXQRVFXWFXOWXUDHOLVDEHWDQLDXIRVWLQVSLUD&LGHUHOLJLDSXULWDQ$VXSUDORUFXUWHDQXDYHDQLFLRLQIOXHQ&(LQXUkYQHDXSRVWXULWLDXFUHJHOHQDUH DOW IRU& DUPDW GHFkW FHWHOH DQWUHQDWH VDX PLOL&LLOH FRPLWDWHORU FDUH*HRUJH07UHYHO\DQLVWRULFHQJOH]GHRULHQWDUHOLEHUDO

vPSUWHDX SUHULOH SDUODPHQWXOXL ,QVHQVLELOL OD IDYRUXUL L QHWHPWRUL HLIRORVHDXFXPkQGULHSULYLOHJLXOGHDEODPDDGPLQLVWUD&LDUHJDOLGXSRHGLQ&vQ FDUH VSXVHVHU vQ WRDW OLEHUWDWHD FHHD FH JkQGHDX GHVSUH GXFH L FKLDUGHVSUH UHJH VH vQWRUFHDX DFDV SH MRV IU IULF GH OD :HVWPLQVWHU vQ &LW\SHQWUX F VH VLP&HDX DSUD&L vPSRWULYD U]EXQULORU FXU&LL GHPXWD GDU DFWLYDFRPSOLFLWDWHDRUHQLORULDXFHQLFLORUGLQ/RQGUD

,,8QXLSDUODPHQWDWkWGHFRQWLHQWGHGDWRULLOHLGHIRU&DVD,DFRE,YRLDvQ

PRGQDLYVL LPSXQ LGHLOHVDOHFXSULYLUHODGUHSWXOGLYLQLHUHGLWDUDOUHJLORU7HRULHQRXvQ$QJOLDvQFDUHRULGHFkWHRULRFHUHDVDOYDUHDSDWULHLDOHJHUHDGHFWUH&RQVLOLXDSRLGHFWUHSDUODPHQWWUHFHDSHVWHSULQFLSLXOHUHGLW&LL,DFRE,VSLULW ORJLF YRLD V IDF GLQ PRQDUKLH XQ VLVWHP FRHUHQW vQ DFHDVWELQHFXYkQWDW &DU D LQFRHUHQ&HL HUD XQ PLMORF VLJXU GH D IDFH PRQDUKLDLPSRSXODU'DF L VDUGDFUH]DUH UHJHOXL WHRORJQXQXPDLFXQ UHJHXQVLvQFRURQDWGHYHQHDXQSHUVRQDMVDFUXGDUWR&LYLLWRULLUHJLILLQGDOHLGLQDLQWHLFRQVDFUD&L GH 'XPQH]HX SDUODPHQWXO QX PDL DYHD DOWFHYD GH IFXW GHFkW VvQUHJLVWUH]HKRWUkULOHGLYLQH5HJHOHHUDUVSXQ]WRU ID&GH'XPQH]HXGDUQXID&GHVXSXLL VL(OQXHUDVXSXV OHJLLSHQWUXF OHJHDHUDHO 5H[HVW/H[$FHDVW GRFWULQ SH FDUH ,DFRE , R RSXVHVH RGLQLRDU FX VXFFHV SUHWHQ&LLORUELVHULFLLVFR&LHQHMLJQL&DPHUD&RPXQHORU

,,,&DPHUD&RPXQHORURSXVHVLVWHPXOXLDEVWUDFWDOUHJHOXLWUDGL&LDHQJOH]

(D QX SUHWLQGHD vQF V H[HUFLWH FRQWUROXO DVXSUD DFWHORU SXWHULL H[HFXWLYH QDIDUGHFD]XULOHGHWUGDUHPLQLWULLQXIXVHVHUQLFLRGDWUVSXQ]WRULvQID&DSDUODPHQWXOXL DFWHOH ORU GH DGPLQLVWUD&LH QX GHSLQGHDX GH SDUODPHQW 'DUSULQFLSLLOHJHQHUDOHGXSFDUHYDILJXYHUQDWQD&LXQHDDGLFOHJLOHQXWUHEXLDXVILHHQXQ&DWHGHFkWGH&RURDQvQ3DUODPHQWXOVXDFHVWHOHJLILLQGREOLJDWRULLSHQWUXUHJHOH vQVXLSHQWUXPLQLWULLVLLSHQWUX&RQVLOLXOVX%LQkQGVHDPDQXPDL GH FRQVLGHUD&LL GH GUHSW WHRUHWLF FHOH GRX WH]H DWkW DFHHD DPRQDUKLFLDEVROXWHFkWLDFHHDDPRQDUKLHLOLPLWDWHSXWHDXILVXV&LQXWH3DUODPHQWXOFDLFRURDQD FRQVWLWXLD R UHSUH]HQWDQ& D VXYHUDQLW&LL SRSXODUH L VXE GLQDVWLD7XGRULORUPRQDUKXOH[SULPDVHDGHVHDPDLELQHSUHULOHSRSRUXOXLGHFkW&DPHUD&RPXQHORUQSUDFWLFvQVHUDQHFHVDUFDDFHVWFRQIOLFWVILHUH]ROYDW8QUHJLPSROLWLFQXHVWHYLDELOGHFkWGDFOVkQGIRU&HORUUHDOHDOH&ULLSRVLELOLWDWHDGHDVHH[SULPD FRQVDFU vQ DFHODL WLPS R SXWHUH VXSUHP vQ VWDW FDUH V SRDW ODPRPHQWXOGHFLVLYVDLEXOWLPXOFXYkQW6XYHUDQLWDWHDYDVSXQHPDLWkU]LX+REEHVQXSRDWHILGLYL]DW

,9&kUPXLUHDUHVSHFWOLEHUWDWHDFHW&HQLORUvQPVXUDvQFDUHDUHQHYRLHGH

FRQVLP&PkQWXO ORUSHQWUXSHUFHSHUHD YHQLWXULORU VDOH5HJHOH)UDQ&HL DGHYHQLWXQ VXYHUDQ DEVROXW SHQWUX F D SXWXW VWDWRUQLFL XQ ELU SHUSHWXX (OLVDEHWDIXVHVH FX DWkW PDL SXWHUQLF FX FkW UHXLVH V ILH PDL HFRQRDP L FX FkWUHDOL]DVHPDLPXOWH UHVXUVH H[FHS&LRQDOH GDWRUDWH LVSUYLORU OXL'UDNH L MHIXLULLFRPRULORUVSDQLROH,DFRE,FDUHvQWUH&LQHRFXUWHSUHDVWUOXFLWLLFRSOHHWHFXGDUXUL SH IDYRUL&LL VL QX SRDWH IL GHFkW XQ VXYHUDQ FKHOWXLWRU GHFL YXOQHUDELO7R&LUHJLLVSXQHXQFRQWHPSRUDQDUXQFEDQLLSHIHUHDVWUvQ]LXDvQFRURQULLORU DFHVWD H SULPXO FDUHL DUXQF vQ ILHFDUH ]L *XVWXO VX FX WRWXO IHPLQLQ7KRPDV+REEHVFHOHEUXILOR]RIPDWHULDOLVW

SHQWUXELMXWHULL vOFRVWXQHRULSkQ OD WUHL]HFLLDSWHGHPLLGH OLYUHSHDQ vQWLPS FH QX FRQVDFU GHFkW GRX]HFL L DSWH GHPLL GH OLYUH SHQWUX DUPDW Q vL WUHEXLHR VXW FLQFL]HFL L FLQFLGHPLLGH OLYUHSHQWUXFKHOWXLHOLOH FDVHL(OLVDEHWDvQVHPXO&XPLVHFXGRX]HFLLDSWHGHPLL&KLDUGDFDUILIRVWHFRQRPFUHWHUHDSUH&XULORUDUILIRVWVXILFLHQWFDVOSXQvQvQFXUFWXU8QGLQHXDO&DPHUHLvQVWHODWHFRVWYLVWLHULDSHQWUXDFHODLQXPUGHRDVSH&LGRXOLYUHvQGRX]HFLGHOLYUHvQODFRE,FKHOWXLHWHHYLWkQGRULFHU]ERLDVHVXWHGHPLLGH OLYUHSHDQ LDUYHQLWXOVXQXVHULGLFGHFkWODFLUFDSDWUXVXWHFLQFL]HFLGHPLLGHOLYUHGLQFDUHRVXWSURYLQGLQ7XQQDJHDQG3RXQGDJHGUHSWXULIL[HDVXSUDOkQLLLDSLHLORUSHFDUHSDUODPHQWXOLDOXDWRELFHLXOGHDOHYRWDSHQWUXvQWUH&LQHUHDUHJHOXL&XPVFRPSOHWH]LDFHVWYHQLW"5HJHOH vQFHDUFH[SHGLHQWH VROLFLW GDUXUL YROXQWDUH FRQVWUkQJH SH SURSULHWDULL FDUH UHIX] VLQWUH vQ FDWHJRULD FDYDOHULORU GLQ FDX]D REOLJD&LLORU SH FDUH OH LQFXPE VLYHUVHRVXPPDUHSHQWUXD ILVFXWL&LYLQGHSXQLYLQGH OHPQHOHGLQSGXULOHVWDWXOXL Q VIkULWSURSXQHSDUODPHQWXOXL WKH*UHDW&RPSDFW0DUHOH&RQWUDFWSRWULYLWFUXLDUHJHOHDUUHQXQ&DODWRDWHYHFKLOHVDOHSULYLOHJLLIHXGDOHvQVFKLPEXOYRWULL SH YLD& D GRX VXWH GH PLL GH OLYUH 3DUODPHQWXO UHIX] FRPSURPLVXOUHJHOHvOGL]ROY7LPSGH]HFHDQLGLQSkQvQSDUODPHQWXOQXYDPDLILFRQYRFDWvQDIDUGHFkWHYDVSWPkQLvQ&RURDQDYDSXWHDWULIUHO"6ROX&LDSUREOHPHLVXYHUDQLW&LLGHSLQGHGHUVSXQVXOODDFHDVWvQWUHEDUH

9&DVWULDVFIUEDQLXQUHJHWUHEXLHVWULDVFvQSDFH$FHDVWDHUD

L GRULQ&D FHD PDL ILHUELQWH D SDQLFXOXL ODFRE , Q D vQFKHLDW SDFH FX6SDQLD R SDFH IU JORULH GDU L IU XPLOLQ& 6SDQLD UHFXQRWHD HQJOH]LORUvQWUHDJD OLEHUWDWH GH QDYLJD&LH SH PULOH HXURSHQH HQJOH]LL QX UHQXQ&DX ODOLEHUWDWHD RFHDQHORU 1LPLF QX HUD UH]ROYDW QLPLF QX HUD FRPSURPLV &kQGORUGXO&HFLOPXUL vQ R GDW FX HO GLVSUXGLQ&RQVLOLXO UHJDO L SUXGHQ&DHOLVDEHWDQ1LPHQLQXPDLSUHDV FRQFHDS F HUDSRVLELOSURPRYDUHDXQHLSROLWLFLGHPLMORF FDUHVQX ILHQLFL VILGDUHGDUQLFL VXSXQHUH ID&GH6SDQLD7LPSGHFk&LYDDQLSDUWLGXODQWLVSDQLROFUH]XFELUXLH$IRVWHOLEHUDWGLQ7XUQXO/RQGUHL XQXO GLQ YHWHUDQLL U]ERDLHORU HOLVDEHWDQH VLU :DOWHU 5DOHLJK SH FDUH,DFRE , vO vQFKLVHVH SHQWUX XQ LPDJLQDU FRPSORW 'XS WUHLVSUH]HFH DQL GHFDSWLYLWDWH 5DOHLJK FDUH GRULVH GLQWRWGHDXQD SHQWUX &DUD VD XQ LPSHULX WUHFXGHRGDW GLQ vQFKLVRDUHSHSXQWHDXQHLQDYH L GLQRUGLQXO UHJHOXL VH vQGUHSWVSUH*X\DQDGHXQGHWUHEXLDVDGXFDDFXPIFXVHRGLQLRDU'UDNHQLWHFRPRULIDEXORDVH'DU5DOHLJKSURVWHFKLSDWOLSVLWGHVSULMLQVHULRVIXvQYLQVGHVSDQLROL DSRL GXS FH DELD WUVHVH R JXU GH DHUPDULQ vQ SLHSW SH GUXPXOGLQWUH WHPQL& L PRDUWH IX GHFDSLWDW GH UHJH SHQWUX D OLQLWL 6SDQLD *HRUJH9LOOLHUVGXFHGH%XFNLQJKDPFDUHXUPDVHOXL6RPHUVHWvQJUD&LLOHUHJHOXLVHOVVHGXV OD UkQGXOVXGHDPEDVDGRULL(VFXULDOXOXL3ULQ&XO+HQULFPXULLQRXOPRWHQLWRUDOWURQXOXL&DUROSUHDXQSURWHVWDQWPDLSX&LQIHUP

9,/XSWHOH UHOLJLRDVHGHSHFRQWLQHQW WUH]HDXSHDWXQFL ODSXULWDQLL HQJOH]L

YLROHQWHOHSDVLXQLSHFDUHOHVXVFLWWRWGHDXQDvQWUR&DUDIDFHULOHH[WHUQHDWXQFLQVHFROXODO;9,,OHDFDYDOHULvQVHPQDFDWHJRULDSRVHVRULORUGHPRLLYDVDOLGLUHF&LDLVXYHUDQXOXL$FHDVWDSUHFLHUHvQJGXLWRDUHDVXSUDSFLLGLQQXHVWHXQDQLP&RQWHPSRUDQLLFDLPXO&LLVWRULFLDXMXGHFDWRFDRDEDQGRQDUHDLQWHUHVHORUFRPHUFLDOHIXQGDPHQWDOHDOH$QJOLHL

FkQGSDUWLGHOHvLvQFKLSXLHFGHVFRSHUvQDFHVWHDLPDJLQHDOXSWHORUORULQWHUQHQDvQFHSXWvQ(XURSDFHQWUDOPDUHOHU]ERLGHQXPLWPDLWkU]LXU]ERLXOGHWUHL]HFLGHDQLSULQFDUHFDVDGH$XVWULDVSULMLQLWGH6SDQLDVHVWUGXLDVUHVWDELOHDVF XQLWDWHD LPSHULXOXL L KHJHPRQLD ELVHULFLL URPDQH +XVL&LL GLQ%RHPLDDVXSUL&LVHSXVHVHUVXEDVFXOWDUHDWkQUXOXLHOHFWRUSDODWLQFDUHVHFVWRULVHFX IHUPHFWRDUHD ILLFD OXL ,DFRE,SULQ&HVD(OLVDEHWD$WDFDW vQFHOHGRXUHJDWHDOHVDOHGHSULQ&LLFDWROLFLHOHFWRUXOFHUXDMXWRUVRFUXOXLVX2SLQLDSXEOLFHQJOH]vOVXV&LQHDLUHFODPDVROGD&LSHQWUX3DODWLQDW&kWSULYHWHSXULWDQLLHLDUILH]LWDWVDQJDMH]H$QJOLDvQWURFDPSDQLHvQ%RHPLD&DUFDUHOLVHSUHD FDP RULHQWDO GHSUWDW QHFXQRVFXW 'DU HUDX JDWD V DSHUH 5LQXO3HQWUXDFHDVWDDUILWUHEXLWPDLvQWkLVvPSLHGLFHSHVSDQLROLVGHEDUFHvQ%ULOHGH-RVGHFLVSRVHGHRIORWWRWDWkWGHSXWHUQLFFXPIXVHVHRGLQLRDUFHDDOXL'UDNH2U,DFRE,QHJOLMDVHVLSUHJWHDVFIRU&H)USDUODPHQWIUEDQLHUDOLSVLWLGHQDYH2GUDJRVWHSUHDQDLYSHQWUXSDFHODGXVFXVDXIUYRLDOXLV IDF MRFXO SULQ&LORU PDL SX&LQ SDQLFL 3HQWUX D SUHJWL XQ U]ERL vPSRWULYD6SDQLHLVDXPDLFXUkQGSHQWUXDGDLPSUHVLDVSDQLROLORUFOSUHJWHWH,DFRE,WUHEXLvQVIkULWvQVFRQYRDFHSDUODPHQWXO

9,,QWUHXQSDUODPHQWFDUHWLDFLFRQYRFDWFXSUHUHGHUXLXQUHJH

FDUH QX FUHGHD vQ GUHSWXULOH SDUODPHQWXOXL FRQIOLFWHOH HUDX LQHYLWDELOH3DUODPHQWXOVXERUGRQ YRWDUHDVXEVLGLLORU UHSDUULLSUHMXGLFLLORU6HFRPLVHVHUQHQXPUDWH DEX]XUL YkQ]UL GH PRQRSROXUL FRPHUFLDOH L GH IXQF&LL SXEOLFHPLWXLUHD MXGHFWRULORU &DQFHODUXO %DFRQ XQ EUEDW H[WUHP GH FDSDELO GDUILUHVODEIFXW&DSLVSLWRUVHUHFXQRVFXYLQRYDWGHFRUXS&LHIXFRQGDPQDWODVHFKHVWUDUHDWXWXURUEXQXULORUVDOHLGL]JUD&LDW(UDSULPXOLPSHDFKPHQWDOXQXLPDUH RP GH VWDW GH OD SkQ DWXQFL L R GRYDG FODU D LQGHSHQGHQ&HL&DPHUHL &RPXQHORU (D YRLD V LQWHUYLQ L vQ DIDFHULOH H[WHUQH )RDUWHSURWHVWDQW &DPHUD GRUHD GLQ SDVLXQH UHOLJLRDV U]ERL FX 6SDQLD L RFDPSDQLH vQ 3DODWLQDW 5HJHOH QX YRLVH GHFkW V DPHQLQ&H 6SDQLD LDU IL IRVWJURD] VL SXQ DPHQLQ&DUHD vQ SUDFWLF PSUHXQ FX IDYRULWXO VX%XFNLQJKDPSUHJWHDXQQRXSURLHFWGHFVWRULHVSDQLROGHDVWGDWSHQWUXILXO VX &DURO L VSHUD F XQXO GLQ DUWLFROHOH FRQWUDFWXOXL YD IL UHVWLWXLUHD3DODWLQDWXOXL JLQHUHOXL VX 3DUODPHQWXO H[SULPkQGXL JURD]D ID& GH DFHDVWSROLWLFGHFRPSURPLVUHJHOHvLDGXVHODFXQRWLQ&FvQDOWHOHDIDFHULGHVWDWQXVXQW GH UHVRUWXO VX /D FDUH SDUODPHQWXO vL UHSOLF OLEHUW&LOH LPXQLW&LOH LSULYLOHJLLOH SDUODPHQWXOXL VXQW R YHFKH L LQGLVFXWDELO PRWHQLUH D VXSXLORUHQJOH]LLWUHEXULOHJUHOHLXUJHQWHUHIHULWRDUHODUHJHVWDWDSUDUHDUHJDWXOXLLDELVHULFLL$QJOLHL FRQVWLWXLH VXELHFWH FHL UHYLQ LXUPHD] D IL SXVH vQGLVFX&LDOXL 3UHWHQ&LLOH DFHVWHD vO FRQWUDULDU DWkW GH PXOW SH UHJH vQFkW UXSVH GLQUHJLVWUXO GH GHOLEHUUL IRDLD SH FDUH HUD FRQVHPQDW WH[WXO DFHVWD DOXQJSDUODPHQWXOLSRUXQFLDUHVWDUHDDDSWHGLQWUHPHPEULVLSULQWUHFDUHL-RKQ3\P XQXO GLQ DXWRULL IRLL UXSWH L XQXO GLQWUH DFHLD FDUH FkWLJDVHU FHDPDLPDUH DXWRULWDWH vQ &DPHU 'XS FDUH WULPLVH SH &DURO L SH %XFNLQJKDP vQ6SDQLDVRFXFHUHDVFSHLQIDQWIHEUXDULH

9,,, 1X H[LVW OHFWXU PDL XOXLWRDUH GHFkW VFULVRULOH FRPXQH DGUHVDWH GH

&DURO L %XFNLQJKDP OXL ,DFRE , vQ WLPSXO FOWRULHL ORU 6H SRDWH REVHUYD)UHGHULFDO9OHDSULQFLSHHOHFWRUDO3DODWLQDWXOXL5HQDQ(VWHYRUEDGH)UDQFLV%DFRQFHOHEUXOILOR]RI

FDUDFWHUXOSHUVRQDOLSXHULODORULFUHLSROLWLFLGHIDYRULW&HLGRLELH&LURPDQ&LRLSOHFDVHU GHJKL]D&L ,L VFULDX UHJHOXL 'HDU 'DG DQG *RVVLS L VHPQDX

GHFDUHQDUILIRVWFDSDELOHOvQVXL,,%XFNLQJKDP IXDFHOD FDUH GXS SURLHFWXO FVWRULHL VSDQLROH VXJHU L

QHJRFLH SHQWUX UHJHOH VXR FVWRULH IUDQFH] FX+HQULHWD0DULD ILLFD FHDPDLWkQU D OXL +HQULF DO ,9OHD 0DUH HURDUH GH D DGXFH vQWUR &DU FDUH QX VHOLQLWLVH vQFGXS FRPSORWXOSUDIXOXLGHSXFRUHJLQFDWROLFXUPDWGHRVXLW VWULQ 6D REVHUYDW F R UHJLQ IUDQFH] QD DGXV QLFLRGDW R PDUHIHULFLUH $QJOLHL VFULDX SURWHVWDQ&LL &DURO D DYXW GHVLJXU JULM V GHFODUH FYLLWRDUHDUHJLQQXYDDYHDOLEHUWDWHUHOLJLRDVGHFkWSHQWUXHDLVOXMLWRULLHLLFQLPLFQXVHYDVFKLPEDvQVLWXD&LDUHFX]DQ&LORUHQJOH]LGDUSULQWUXQSDUDJUDIVHFUHW GLQ FRQYHQ&LD GH FVWRULH UHJHOH VH DQJDMDVH VL SURWHMH]H SH FDWROLFLvQFHSXWXULOHDFHVWHLYLH&LFRQMXJDOHIXUQHQRURFLWH0LFDUHJLQGHFLQFLVSUH]HFHDQL OXDSDUWHVXLWHL VDOH vPSRWULYDHQJOH]LORU6HGXFHDV VH URDJH ODSLFLRDUHOHVSkQ]XUWRULORU GLQ7\EXUQSHQWUXPDUWLULL FDWROLFL&DURO VFULD OXL%XFNLQJKDPFWUHEXLDVILHvQOWXUD&LGHXUJHQ&OHVPRQVLHXUVSHQWUXDVXVWUDJHSHVR&LDVDGHVXELQIOXHQ&HSHULFXORDVHFXUkQGHORUGRQVILHUHWULPLLvQ&DUDORUSULQEXQ vQYRLDO GDF HUD SRVLELO FX IRU&D GDF HUD QHFHVDU'XS DFHDVW FUL]PHQDMXOUHJDOHUDGHVWLQDWVGHYLQXQXOGLQWUHFHOHPDLWDQGUHLPDLXQLWHGLQLVWRULHGDUvQFHSXWXULOHVDOHQHQRURFLWHvQGHSUWDVHUXQDGHDOWDFHOHGRXFXU&LD$QJOLHLLD)UDQ&HLvQGHSUWDUHSULPHMGLRDVSHQWUX%XFNLQJKDPFDUHYRLVHVVHDVLJXUHGHDOLDQ&DFX)UDQ&DvPSRWULYD6SDQLHL

,,, 3ROLWLFD H[WHUQ D OXL %XFNLQJKDP FDUH QX HUD QLFL GLSORPDW QLFL

JHQHUDOIXSHFkWGHLQFRHUHQWSHDWkWGHLPSUXGHQWQPRPHQWXOvQYUMELULLFX6SDQLDVHFRPSOFXVHFkWYD WLPS vQ UROXOGHFDPSLRQDOQD&LXQLORUSURWHVWDQWHFHHD FHL DWUDVH GLQ SDUWHD /RQGUHL YLL DFODPD&LL 'DU SHQWUX D MXFD UHDOPHQWHUROXODFHVWD vQ(XURSD HUDQHYRLHGHRDUPDWSXWHUQLF2U$QJOLDHUDR &DUPLF L QX YRLD V ILH R QD&LXQH PLOLWDU ([SHGL&LLOH SH FDUH OHD vQFHUFDW%XFNLQJKDPvQ2ODQGDLOD&DGL[VDXWHUPLQDWWRDWHGLQOLSVGHRUJDQL]DUHvQPRG GH]DVWUXRV 2 SROLWLF GH DOLDQ& FX )UDQ&D FDWROLF QDU IL IRVW GHQHFRQFHSXW SHQWUX F XUD ID& GH FDVD GH $XVWULD SXWHD VO GHWHUPLQH SH5LFKHOLHXVLFDXWHDOLD&LSkQLvQWDEUDUHIRUPD&LORU'DUVLVHSURPLWOXL5LFKHOLHX FXP D DYXW vQGU]QHDOD VR IDF %XFNLQJKDP VSULMLQXO PDULQDULORUSURWHVWDQ&LHQJOH]LvPSRWULYDUHEHOLORUKXJKHQR&LGHOD/D5RFKHOOHHUDRQHEXQLH&kQGDvQ&HOHVvQVIkULWFQXYDUHXLVvQQRDGHRDOLDQ&VWUkQVvQWUH&DURO,L/XGRYLFDO;,,,OHD%XFNLQJKDPVHU]EXQvPSRWULYDDFHVWXLDGLQXUPGHLFXWRWXOQHYLQRYDWGHGRULQ&HOHHQJOH]LORUIFkQGvQPRGSXEOLFFXUWHVR&LHLVDOH$QQDGH$XVWULD$SRLDVLJXUkQGXLRVWLOLWDWHDDPEHORUPDULSXWHULRFFLGHQWDOH6SDQLD L )UDQ&D L ILLQG OLSVLW GH EDQL SHQWUX D VXV&LQH R DVWIHO GH OXSW VDY]XWFRQVWUkQVVVHDGUHVH]HSDUODPHQWXOXL

,9 3DUODPHQWHOH OXL &DURO , VXQW PDL LQGHSHQGHQWH GHFkW FHOH FDUH OHDX

SUHFHGDW2DPHQLLGLQFDUHVHFRPSXQDSURDSHWR&LVTXLUHLFXOWLYD&LLUHOLJLRLFXQRVFLYHQHUHD] OHJHDFRPXQ3ULQWUHHLVHDIOXQPDUH MXULVWVLU(GZDUG&RNH IRVW MXGHFWRU FDUDFWHU YLROHQW GDU FDUH D WLXW V DSHUH FX VXFFHVvPSRWULYD OXL ,DFRE , SULQFLSLXO VXSHULRULW&LL OHJLL DVXSUD UHJHOXL $FHWLSDUODPHQWDUL UHVSHFW IRUPHOH WUDGL&LRQDOH HL vQJHQXQFKHD] UHVSHFWXRV vQ ID&DVXYHUDQXOXLGDUvQ&HOHJFDvQXOWLPLQVWDQ&VvQYLQJYRLQ&DSDUODPHQWXOXL

2 QRX WHRULH DFHHD D UHVSRQVDELOLW&LL PLQLVWHULDOH vQFHSH V VH FRQWXUH]H vQPLQWHD ORU5HJHOHQXSRDWH V JUHHDVF GDF VH vQDO VLQJXUXO YLQRYDW HVWHPLQLVWUXOFDUHDUILWUHEXLWVOOPXUHDVFLXQDVHPHQHDPLQLVWUXFKLDUGDFUHJHOHODDSUREDWPHULWLPSHDFKPHQWXOUH]HUYDWRGLQLRDUWUGWRULORU&HOPDLPDUH SDUODPHQWDU GH SH DWXQFL 6LU -RKQ(OLRW VXV&LQX DFHDVW WH] FX RFD]LDQHEXQHVFXOXLDWDFDOOXL%XFNLQJKDPvPSRWULYDRUDXOXL/D5RFKHOOH0\/RUGVGHFODU HO FHUkQG vQ QXPHOH &DPHUHL &RPXQHORU SXQHUHD VXE DFX]DUH DPLQLVWUXOXLvQID&D&DPHUHL/RU]LORUYRLVSXQHFGDFvQVL0DLHVWDWHDVDDFRQVLP&LW VDX D RUGRQDW DWDFXO DFHVWD FHHD FH QX SRW FUHGH GXFHOH QDU IL FXQLPLFH[RQHUDWLIDSWXOQDUFRQVWLWXLPFDURDWHQXDUHDFULPHLVDOHFFLDUILIRVWGHGDWRULDOXLVVHRSXQSULQUXJPLQ&LLVLQWHUYLQSHOkQJ0DLHVWDWHDVDFDVOIDFVLGHDVHDPDGHSHULFROXOLGHXUPULOHQHSOFXWHFDUHDUSXWHDUH]XOWD GLQWUR DWDUH LQWHQ&LH &DURO , FDUH DGPLUDVH FXUWHD )UDQ&HL L DFHHD D6SDQLHLLFUHGHDFDLWDWOVXvQGUHSWXOGLYLQQXDGPLWHDDFHDVWGRFWULQLUHYHQGLFD UHVSRQVDELOLWDWHD VDGH VXYHUDQ 1XYRL vQJGXL&DPHUHL V SXQ vQGLVFX&LHSHVOXMLWRULLPHLLPDLSX&LQSHDFHODFDUHvPLHVWHDWkWGHDSURSLDW'DUFXP V VH IDF DVFXOWDW" 'XS FH vO WULPLVH SH (OLRW OD vQFKLVRDUH vQ XUPDLQWHUYHQ&LHLHQHUJLFHDSDUODPHQWXOXLDUHVWDWXOIXSXVvQOLEHUWDWH3XWHDUHJHOHVJXYHUQH]H IU SDUODPHQW SULPLQG GDUXUL YROXQWDUH VDX IFkQG XQ vPSUXPXWIRU&DW"3ULQDVHPHQHD H[SHGLHQWHQXVHPDL UHDOL]DXGHFkW VODEH YHQLWXUL vQWURYUHPH FkQG FKHOWXLHOLOH HUDX vQ FUHWHUH'XS XPLOLWRDUH vQIUkQJHUL vQ U]ERLXOvPSRWULYD )UDQ&HL L vQ VSHFLDO DFHHD GLQ LQVXOD5H IX QHDSUDW QHFHVDU FRQYRFDUHDGLQQRXD&DPHUHL&RPXQHORU

93DUODPHQWXOGLQDOHV vQWURDWPRVIHU vQYUMELW OXKRWUkUHDGH

DLUHDPLQWLUHJHOXLFDHUDGDWRUVUHVSHFWHOHJLOHUHJDWXOXL3DUODPHQWXOvQWRFPLFHOHEUD3HWL&LHD'UHSWXULORUUHGDFWDWvQPDUHSDUWHGHVLU(GZDUG&RNHLFDUHHUDRDGRXDDILUPDUHPDLOLPSHGHDFHHDFHVHFUHGHDFVXQWSULQFLSLLOH0DUHL&DUWH2ULJLQDOLWDWHD3HWL&LHL'UHSWXULORUFRQVWvQIDSWXOFHDvQFHDUFVVWDELOHDVF R OLPLW SUHFLV vQWUH SXWHUHD UHJDO L SXWHUHD OHJLL 5HJHOH H]LW WLPSvQGHOXQJDW ,L HUDJURD]GH LGHLOHVXV&LQXWH vQDFHVWGRFXPHQWGDU LOSUH]HQWDFKLDU&DPHUD/RU]LORU vPSUHXQFX&DPHUD&RPXQHORU6IkULSULQDUVSXQGHDD FXP YRLD SDUODPHQWXO )DFVH GUHSWDWH GXS FXP H GRULQ&D L SHWL&LDGHYHQLXQDGLQ OHJLOH IXQGDPHQWDOHDOH UHJDWXOXL(DUHVWUkQJHDH[WUHPGHPXOWSUHURJDWLYHOH UHJHOXL Q VSHFLDOQXLPDL vQJGXLD vQ IDSW GDF QX vQGUHSW VvQWUH&LQ R DUPDW SHUPDQHQW SHQWUX F vL UHIX]D PLMORDFHOH GH FD]DUH L GHPHQ&LQHUHDGLVFLSOLQHL

9,3DUODPHQWXOGDFDYHDGUHSWDWHDWXQFLFkQGFHUHDUHVSHFWDUHDOHJLORUVH

GRYHGHDHOvQVXLOLSVLWGHUD&LXQHvQDIDFHULOHH[WHUQHOLFHUHDUHJHOXLVLVSULMLQHSH SURWHVWDQ&LL GLQ 3DODWLQDW GDU vL UHIX]D VXEVLGLLOH QHFHVDUH *HQWLORPLL GH OD&DU L MXULWLL FDUH DOFWXLDX &DPHUD &RPXQHORU QX FXQRWHDX (XURSD L QXvQ&HOHJHDXQLPLFGLQXUFDUHDSUH&XULORU/LSVL&LGHH[SHULHQ&DDIDFHULORUHLGGHDXORFODXQFRQIOLFWLQHYLWDELOFXPRQDUKXO$UILGHFLQHGUHSWVVHDWULEXLHUXSWXUDQXPDLUHJHOXLLLQWUDQVLJHQ&HLVDOH0DFDXOD\DVSXVGHVSUH&DURO,FLQIDWXDWGHPDLHVWDWHDVDFUHGHDFRQRDUHDvOREOLJVLSVWUH]HWRQXOGHWLUDQFKLDULDWXQFLFkQGFHUHDDMXWRUSDUODPHQWXOXL&LQHFHUFHWHD]WH[WHOHRULJLQDOHYHGHF

UHJHOHQXOXDVHDWXQFLXQWRQGHWLUDQLFSDUODPHQWXOvLUHIX]DVHDMXWRUXOVX'XSFHFHGDVH vQSULYLQ&D3HWL&LHL&DURO ,HUD vQGUHSW&LWVVSHUHF LPSR]LWXO7XQQDJH DQG 3RXQGDJH vL YD IL DFRUGDW FD L SUHGHFHVRULORU VL 1D IRVW DD0RDUWHDOXL%XFNLQJKDPDVDVLQDWGHXQORFRWHQHQW)HOWRQvQDXJXVWQXDGXVH QLFL R GHVWLQGHUH 5HJHOH GH OD IHUHVWUHOH SDODWXOXL VX Y]X YHVHOLDPXO&LPLLGLQ/RQGUDLEUED&LLEkQGvQVQWDWHDXFLJDXOXL'XFHOHDWUHEXLWVILH vQPRUPkQWDW vQ VHFUHW SHQWUX D HYLWD FD WUXSXO OXL V ILH EDWMRFRULW GHPXO&LPH&DUROHUDSUHDGHPQFDVLVHSRDWFLWLVHQWLPHQWHOHSHID&GDUHOQDXLWDWQLFLRGDWDFHDVWGHPRQVWUD&LHGHXU/DVHVLXQHDXUPWRDUHFRQIOLFWXOFXSDUODPHQWXOUHvQFHSX'HDVWGDWDYXvQPDUHPVXUXQFDUDFWHUUHOLJLRV

9,,3XULWDQLLLULWXDOLWLLFRQWLQXDXVLGLVSXWHGRPLQD&LDDVXSUDELVHULFLL

$QJOLHL &DURO IDYRUL]D FOHUXO vQDOW FHOPDL SX&LQ vQVWULQDW GH ULWXULOH URPDQHGHRDUHFHHUDVXELQIOXHQ&DVR&LHLVDOHLGHDVHPHQHDSHQWUXIDSWXOFDFHVWFOHUDFFHSWD L FKLDU VROLFLWD LQWHUYHQ&LD UHJHOXL vQ DIDFHULOH HFOH]LDVWLFH 2 PDUHGH]RUGLQH GRPQHD vQ PLQ&LOH SUHR&LORU 8Q SDVWRU FDOYLQLVW DH]D PDVD GHvPSUWDQLHvQPLMORFXOFRUXOXLYHQHDDSRLXQVDFUDPHQWDOLVWFDUHRGXFHDODORFXO XQGH IXVHVH vQDLQWH 8QXO ]YkUOLVH VWLKDUXO DOE XQ DOWXO vO SXUWD /DXGHSLVFRSXO/RQGUHLDSRLDUKLHSLVFRSGH&DQWHUEXU\vLOXRELFHLXOGHDOFRQVXOWDSH UHJH vQ WRDWHSULYLQ&HOH FKLDU L DVXSUDSHGHSVHORU GH DSOLFDW SFWRLORU(OvQWRFPLSHQWUX UHJH R OLVW DSUHR&LORUQRWLQG vQGUHSWXO ILHFUXLQXPH OLWHUD2VDX 3 RUWRGR[ VDX SXULWDQ W GLQ DFHD FOLS QXPDL FHL QRWD&L FX 2 RE&LQHDXPDULOH IXQF&LL ELVHULFHWL 2U PDMRULWDWHD SRSRUXOXL L D SDUODPHQWXOXL HUDFDOYLQLVW /DXG L FXUWHD DFFHSWDX GRFWULQD HSLVFRSXOXL RODQGH] $UPLQLXV LFUHGHDX vQ OLEHUXO DUELWUX /RQGUD L SDUODPHQWXO FUHGHDX vQ SUHGHVWLQD&LHQY&FHLL FDOYLQLWL L FXUWHQLL DUPLQLDQLWL VH vQMXUDX vQ SOLQ VWUDG &DX]DOLEHUXOXL DUELWUX VFULH 7UHYHO\DQ VH FRQIXQGD FX DFHHD D JXYHUQULL GHVSRWLFHDFHHDDSUHGHVWLQD&LHLFXDSUDUHDSULYLOHJLLORUSDUODPHQWXOXL&LQHQXYUHDVILHJXYHUQDWGHFkWGHOHJLVSXQHDXQGHSXWDWHVRFRWLWSXULWDQDFHOFHUHIX]VIDF WRWFHHDFHDLYUHDVOVLOHWLV IDF HVWHXQSXULWDQ7HRORJLDSROLWLFDLILVFDOLWDWHD HUDX DPHVWHFDWH vQ PRG LQH[WULFDELO 3HQWUX FD UHJHOH V QX DLESXWHUHD GH D LPSXQH SRSRUXOXL VX DOWDUXO LD UVULW VWLKDUXO DOE LVDFUDPHQWHOHWUHEXLDV LVHUHIX]HDFHO7XQQDJHDQG3RXQGDJHvQ OLSVDFURUDGHSLQGHDGHXQSDUODPHQWSXULWDQ

9,,, 'H DLFL FLXGDWHOH L FHOHEUHOH WUHL UH]ROX&LL SH FDUH OHD YRWDW

SDUODPHQWXOvQ(OHGHFUHWDXFRULFLQHYDvQFHUFDVLQWURGXFvQ$QJOLDSDSLVPXOVDXDUPLQLDQLVPXOYDILFRQVLGHUDWLQDPLFSXEOLFRULFLQHYDvQGHPQDVVHSHUFHDSLPSR]LWHQHDFRUGDWHGHSDUODPHQWYDILFRQVLGHUDWLQDPLFSXEOLF RULFH QHJX&WRU VDX RULFH DOW SHUVRDQ FDUH YD SOWL DVWIHO GH LPSR]LWHQHYRWDWH GH SDUODPHQW YD IL FRQVLGHUDW WUGWRU L LQDPLF SXEOLF 6SHDNHUXOvQVSLPkQWDWGHFDUDFWHUXODFHVWRUUH]ROX&LLGHFODUFDSULPLWRUGLQGHODUHJHVULGLFHHGLQ&DvQDLQWHGHYRWDUHDORU'RLPHPEULDLSDUODPHQWXOXLDSXFkQGXOQDUKLWHFWXUDELVHULFLORURFFLGHQWDOHFRUXOHVWHSDUWHDGLQVSUHUVULWGHIRUPDSUR[LPDWLYVHPLFLUFXODU Q UHDOLWDWH FHOH WUHL UH]ROX&LL DX DYXW XQ FDUDFWHU SROLWLF ELQH GHILQLW XUPULQG V SUHYLQGL]ROYDUHDSDUODPHQWXOXLGHFWUHUHJHLVLSURYRDFHDFHVWXLDFkWPDLPDULJUHXW&LvQFD]XOvQFDUHDUILIFXWR

ILHFDUHGHXQEUD& vO &LQXU QHPLFDWSH VSHDNHU vQ IRWROLXO OXL 3H'XPQH]HXOQRVWUXvLVSXVHUHLYH&LUPkQHDLFLDWkWDWLPSFkWYDGRUL&DPHUD8QDOWXOvQFXLHXDLYkUvFKHLDvQEX]XQDU&kQGXQXLHUEWXODXvQQXPHOHUHJHOXLQLPHQL QX GHVFKLVH0R&LXQHD IX DGRSWDW $ IRVW R VFHQ UHYROX&LRQDU &DUROUVSXQVH SULQWUXQ DFW UHYROX&LRQDU DUHVWkQG OD WHUPLQDUHD VHVLXQLL L vQSRILGD 3HWL&LHL 'UHSWXULORU SH QRX PHPEUL DL &DPHUHL &RPXQHORU &HO PDLLOXVWUXGLQWUH HL(OLRWPXUL vQ7XUQ WUHL DQLPDL WkU]LX&D WR&LPDUWLULL DFHVWPDUHSDUODPHQWDUD IFXWGLQFDX]DSXULWDQ R FDX] VIkQW&DUROHUDKRWUkWDFXP V VH OLSVHDVF GH SDUODPHQW 'LQDVWLD 7XGRULORU QX IFXVH OD IHO WLPSvQGHOXQJDW" 5PkQHD HWHUQD vQWUHEDUH 5HJHOH vL YD SXWHD SURFXUD EDQL" 'HDFHDVWvQWUHEDUHGHSLQGHvQXOWLPDQDOL]VWDELOLWDWHDRULFUHLJXYHUQUL

,95(*(/()53$5/$0(17,,DWOSH&DURO,VLQJXUvQ:KLWHKDOOFXWkQUDVDUHJLQIUDQFH]SHFDUH

DFHVW WLPLG R LXEHWH DFXP FX R GUDJRVWH VHQ]XDO L WDQGU L FDUH FDSWDVXSUD OXLR LQIOXHQ&PXOWPDLPDUHGHFkWSHYUHPHDFkQG WULD%XFNLQJKDP/LSVLW GH FRQWDFWXO FX RSLQLD SXEOLF SH FDUH L ODU IL SXWXW DVLJXUD FRQYRFDUHDDQXDO D SDUODPHQWXOXL SH FLQH VH YD VSULMLQL vQ JXYHUQDUHD OXL" $ JVLW GRLRDPHQLFDUHLvPSUWHVFJXVWXOSHQWUXDXWRULWDWHLFDUHFUHGFDLGkQVXOFIRORVLUHDIHUPDSUHURJDWLYHORUUHJDOHSRDWHDGXFHIHULFLUHDSRSRUXOXLXQXOHVWH/DXGFDUHDUKLHSLVFRSGLQFRQGXFH WUHEXULOHHFOH]LDVWLFH ODFDUHDGDXJDSRLSHFHOH ILQDQFLDUHFHOODOWHVWHXQ IRVWPHPEUXDOSHULFXORVXOXL3DUODPHQWGLQ7KRPDV:HQWZRUWKSHFDUHUHJHOHvOYDIDFHvQFRQWHGH6WUDIIRUG

,,1DH[LVWDWRPPDLFDORPQLDWGHFkW6WUDIIRUG3HQWUXFDIRVWSULHWHQFX

SDUODPHQWDULLUHEHOLFX3\PFX-RKQ(OLRWFX+DPSGHQDFHWLDFRQVLGHUFDRWUGDUHUDOLHUHD OXL ODFDX]DUHJDO 1DPV vQFHWH]GHDYXUPULDWkWD WLPSFkWYH&LDYHDFDSXOSHXPHULLDGHFODUDW3\P&XYLQWHFUXGHLGDFQHJkQGLPODFHDXUPDWSURIHWLFH'DUvQFHFRQVWWUGDUHD"'HODvQFHSXWXOFDULHUHLVDOH:HQWZRUWK LD DILUPDW LGHLOH 3ULQFLSLXO PHX HVWH V QX OXSW vPSRWULYDSUHURJDWLYHORUUHJDOHvQDIDUDSDUODPHQWXOXL(OFRQVLGHUDvQFUHGHUHDSRSRUXOXLLDXWRULWDWHDUHJDOFDGRXHOHPHQWHLQGLVSHQVDELOHDOHRULFUHLSROLWLFLVQWRDVHUHJHOH ILLQG FKHLD GH EROW GH FDUH QLPHQL QX VH SRDWH DWLQJH IU D ]GUXQFLQDHGLILFLXO&DUROLDGDWLPHGLDWVHDPDGHSUSDVWLDFDUHGHVSU&HDSHRSR]DQ&LLGHSURIHVLH GH DFHVW EUEDW GH VWDW :HQWZRUWK UHPDUFDVH HO H XQ JHQWLORPFLQVWLW&kQG vODYX vQVOXMEDVD vL vQFUHGLQ&DPLVLXQLOHFHOHPDLGLILFLOH vO IFXSUHHGLQWHOH &RQVLOLXOXL 1RUGXOXL DSRL vL GGX VDUFLQD GH D SDFLILFD ,UODQGD'DF ODUIL IRORVLWGHvQGDW vQ$QJOLDSRDWHF6WUDIIRUGDUILDOFWXLWRDUPDW'HIDSWXQDFWDEX]LYGHVSRWLFLDUQXXQXOUHYROX&LRQDU&RQVLOLXO1RUGXOXLFUHDWSHYUHPHDOXL,DFRE,HUDXQGHSDUWDPHQWvQVUFLQDWFXUHOD&LLOHGLQWUH$QJOLDL&ULOHGLQQRUGXO(XURSHLLQFOXVLY)UDQ&D([LVWDLXQ&RQVLOLXDO6XGXOXLRFXSkQGXVHGHUHOD&LLOHFX6SDQLD)ODQGUDL,WDOLD$PEHOHDX IXQF&LRQDW SkQ OD FkQG GLQ &RQVLOLXO 1RUGXOXL VD FRQVWLWXLW'HSDUWDPHQWXO ([WHUQHORU )RUHLJQ 2IILFH LDU GLQ &RQVLOLXO 6XGXOXL FHO DO ,QWHUQHORU+RPH2IILFH

SHUPDQHQWvQOLSVDFUHLDHUDLPSRVLELOVVHPHQ&LQSUHURJDWLYHOHFRURDQHLLSRDWHFGHVWLQHOH$QJOLHLDUILVHPQDWPDLPXOWFXDFHOHDDOH)UDQ&HLOXL/XGRYLFDO;O9OHD'DU&DURO vPSUWHDGRFWULQD OXL6WUDIIRUG IU V DLE IRU&D OXL GHFDUDFWHUQLFLJHQLXOVXGHRUJDQL]DUH&kQGVDKRWUkW vQVIkULWVOSODVH]HvQUDQJXOvQWkLSDUWLGDHUDGHMDSLHUGXWSHQWUXDPkQGRL

,,, /DXG FD L 6WUDIIRUG HUD XQ RP DVSUX GDU GH EXQFUHGLQ& $FHVW

DUKLHSLVFRSDXWRULWDUSUHDSX&LQ IFXWSHQWUXDL JXYHUQDSHHQJOH]L FRQVLGHUDF vQ FDGUXO ELVHULFLL IHUPLWDWHD GRFWULQHL YDORUHD] PDL PXOW GHFkW OLEHUWDWHDRSLQLHL (O GRUHD V LPSXQ SULQ IRU& R SHUIHFW XQLIRUPLWDWH D FUHGLQ&HL L DFHUHPRQLDOXOXL'DFSXWHDFRQVWUkQJHUHQXQ&DGHDPDLFRQYLQJH7RDWYLD&DVDDXUPDWDFHDVW OLQLHULJLGGHFRQGXLW QF OD2[IRUGILLQG vL LQGLJQDVHSHWHRORJLL FDOYLQL VSXQkQGXOH F SUHVELWHULHQLL VXQW WRW DWkW GH SHULFXORL FD LSDSLWLL 'HRDUHFH VH vQFOLQD vQ ID&D DOWDUXOXL L DSOHFD FDSXO GH FkWH RUL VHSURQXQ&D QXPHOH OXL ,LVXV +ULVWRV vQ WLPSXO VOXMEHL SDSD vQFXUDMDW GH DFHVWHVLPSWRPHOLQLWLWRDUHvLRIHULSOULDGHFDUGLQDO5VSXQVXOPHXHVWHQXDWkWDWLPSFkW5RPDYDILFHHDFHHVWHULSRVW/DXG'LVFLSRODOOXL$ULVWRWHOHOHUDGHSUHUH F RELQXLQ&D HVWH D GRXD QDWXU L VRFRWHD F XQLIRUPLWDWHDFHUHPRQLDOXOXLGXFHQHJUHLW ODXQLWDWHDFUHGLQ&HL6HVWUGXLDV OH LPSXQSHDPkQGRX1HILLQGXQ RPFUXG QX IRORVHD DUGHUHDSH UXJ L QLFL WRUWXUD GDUH[HUFLWDDVXSUDELVHULFLLRWLUDQLHDGPLQLVWUDWLY

,9 6SULMLQLQGXVH SH FXU&LOH HFOH]LDVWLFH L vQ VSHFLDO SH FXUWHD vQDOWHL

FRPLVLXQL HSXUD XQLYHUVLW&LOH L FOHUXO 6XSUDYHJKHD SUHGLFLOH SUHD SURWHVWDQWH L LPSXQHD VFXUWDUHD ORU ,QWHU]LFHD FRPXQLW&LORU QHPXO&XPLWH V DGXFOHFWRUL SHQWUX D vQORFXL SUHGLFLOH DQJOLFDQH QFKLGHD FDSHOHOH SDUWLFXODUH DOHSXULWDQLORU L OH LQWHU]LFHD DGXQULOH ORU HYODYLRDVH ,DFRE , SXEOLFDVH vQ R&DUWHDVSRUWXULORUSULQFDUHvLvQGHPQDVXSXLLvQGLVSUH&XOVDEDWXOXLSXULWDQVLFRQWLQXHMRFXULOHGHGXPLQLF$GXVHVHvQIDYRDUHDDFHVWHLWH]HPRWLYHH[FHOHQWHRVWULFWH&HSUHDPDUHULVFVvQGHSUWH]HVSLULWHOHGHUHOLJLHVSRUWXULOHVXQWXWLOH SHQWUX VQWDWHD FRUSXOXL L FRQVWLWXLH RSUHJWLUH DEUED&LORU vQ YHGHUHDU]ERLXOXL$FHDVWGHFODUD&LHvLvQJUR]LVHSHSXULWDQLFDUHUHIX]DVHUVRFLWHDVFvQ ELVHULFLOH ORU ,DFRE QX VWUXLVH /DXG YRLD VL FRQVWUkQJ $GHYUD&LLSURWHVWDQ&L Y]XU FX WULVWH&H F JUD&LH LQIOXHQ&HL UHJLQHL FDWROLFLL VH EXFXUDXDFXP GH RDUHFDUH WROHUDQ& SH FkQG HL vQLL HUDX SHUVHFXWD&L 3H FRQWLQHQWU]ERDLHOH GXFHDX OD YLFWRULD SXWHULORU FDWROLFH 0XO&L SXULWDQL GHVSHUD&L VHKRWUkUDWXQFLV VHH[SDWULH]H V VHGXF V WULDVF vQ$PHULFDGHSDUWHGH/DXGLGH5RPD0DLPXOWGHGRX]HFLGHPLLGLQWUHHLVHDOWXUDUSHOHULQLORUGHSH0D\IORZHU L IRUPDU QXFOHXO 1RLL$QJOLL XQGH LQWURGXVHU LQVWLWX&LLOH FHOHPDLFDUDFWHULVWLFHDOH$QJOLHLGLQDFHDYUHPH)UULJRULOHOXL/DXGHSUREDELOFFLYLOL]D&LD $PHULFLL GH 1RUG QDU IL IRVW QLFLRGDW R FLYLOL]D&LH DQJORVD[RQ 'DUDFHDVW vQGHSUWDWFRQVHFLQ&DSULJRDQHORUHUDLPSUHYL]LELODWXQFLL vQPLLOHGH FPLQH HQJOH]H vQ FDUH IDPLOLLOH SXULWDQH VH VWUGXLDX SULQ FLWLUHD ]LOQLF D%LEOLHLVLPHQ&LQFUHGLQ&DWUHD]UHVHQWLPHQWXOHUDYLXLVSDLPD]LOQLF

9 &H LPSR]LWH SXWHD V SHUFHDSPRQDUKXO GDF UHVSHFWD IRUPHOH OHJDOH"

7ULEXQDOH[FHS&LRQDOvQVUFLQDWFXXUPULUHDLMXGHFDUHDGHOLFWHORUUHOLJLRDVH

7XQQDJH DQG 3RXQGDJH" 5DQGDPHQWXO DFHVWXL LPSR]LW GHSLQGHD GH YROXPXOWUDQ]DF&LLORUFRPHUFLDOHL WLPSGHDVH OXQLFRPHUFLDQ&LLGLQ/RQGUDSHQWUXDSURWHVWDvPSRWULYDDUHVWULLDUELWUDUHDOXLVLU-RKQ(OLRWVHDE&LQXUVYkQGLVFXPSHUH1HJXVWRULFDUHUHIX]DXVIDFQHJR&"(UDXQVHPQDOLPSRUWDQWGDUFDUH QX IX vQ&HOHV $MXWDW GH MXULWLL VL FDUH JVLU QLWH GUHSWXUL DUKDLFH vQKULVRDYH YHFKL UHJHOH UHVWDELOL XQHOH WD[H F]XWH vQ GHVXHWXGLQH GDUXUL9ROXQWDUHREOLJD&LDSHQWUXFHLFDUHFXVHFROHvQXUPVHVWDELOLVHUvQSGXULOHUHJDOHVUVFXPSHUHWHUHQXULOHGHODUHJHYkQ]DUHDGHWLWOXULGHQREOH&HVHUYLFLXOGH FDYDOHULH REOLJDWRULX WD[H SHQWUX vQWUH&LQHUHD PLOL&LHL FRDW DQG FRQGXFWPRQH\ WD[ DVXSUD WUVXULORU GH SLD& KDFNQH\ FRDFKHVR LQRYD&LH D YUHPLLYkQ]DUHDGHPRQRSROXULFXUWHQLORUFHHDFHvPERJ&HDvQDFHODLWLPSLYLVWHULDLSHFRQFHVLRQDULvQGDXQDSRSRUXOXL&DURODYXSUHWHQ&LDVREOLJHSHVXSXLLVLV IRORVHDVFXQDQXPLW VSXQSURVW IDEULFDWGHRFRUSRUD&LHGH PRQRSROLWL6SXQXODFHVWDFDUHWLDOHQMHULDLOHSURYRFDVSOWRUHVHORUDUVXULSHPkQLIXERWH]DWSRSLVKVRDSVSXQSDSDO*RVSRGLQHOHGLQ/RQGUDVHJkQGHDXFUQLOHSHFDUHOHSURGXFHDHUDXVLPEROLFHLFIRORVLUHDOXLDUGHDLVXIOHWHOH

9, ,QWUH SHUHFKHD UHJDO vQFKLV vQ:KLWHKDOO vQPLMORFXO XQRU IUXPRDVH

SLFWXUL RODQGH]H L LWDOLHQH FXPSUDWH OD SRUXQFD UHJHOXL SH FRQWLQHQW LvQFRQMXUDWGHFXUWHQLFXSUOXQJLEXFODWFXJXOHUHGHGDQWHOSOULLGHIHWUXFXERUXULODUJLvPSRGRELWHFXFkWHRSDQLQHJXVWRULLGLQ/RQGUDFXXFHQLFLLORUWXQLVFXUWFXJUDYHOHORUQHYHVWHSXULWDQHvQURFKLLFHQXLLVHULGLFDDWXQFLXQ ]LGGHSUHMXGHF&L GH UDQFKLXQHLGH WFHUL2SLQLDSXEOLF RVWLOQXPDLDYHDQLFLRVXSDS1XPDLH[LVWDSDUODPHQWSULQXUPDUHQLFLGLVFXUVXULSXEOLFHVFULHULOHHUDXFHQ]XUDWHSUHGLFLOHVFUPQDWHGH/DXGvQWUXQLULOHLQWHU]LVH'DUFXWRDWQHSRSXODULWDWHDDWkWRUPVXULPXOWYUHPHQXVDSURGXVQLFLRUHYROWVHULRDV $FHVWXL SRSRU DWkW GH SUHRFXSDW GH OHJDOLWDWH L RELQXLW vQ VHFROXOGLQDVWLHL 7XGRU VO UHVSHFWH SH VXYHUDQ FD SH XQ SHUVRQDM VIkQW R UVFRDOvPSRWULYDUHJHOXLLVHPDLSUHDvQFXQDFWPRQVWUXRV

9,,3ULQWUHYHFKLOHLPSR]LWHSHFDUHOHUHvQYLDVHURDPHQLLUHJHOXLHUDLDFHOD

QXPLW VKLS PRQH\ LPSR]LWXO QDYDO ([LVWDVH GLQWRWGHDXQD RELFHLXO FD RUDHOHPDULWLPH V ILH VROLFLWDWH V SDUWLFLSH OD DSUDUHD FRDVWHORU IXUQL]kQG QDYHvPSUHXQFXHFKLSDMHOHORU&DURO,H[WLQVHVHDFHDVWREOLJD&LHOD&DUDvQWUHDJLFHUX QX YDVH FL EDQL SHQWUX FRQVWUXLUHD ORU &HUHUHD QX HUD DEVXUG 'H SHYUHPHDOXL,DFRE,GLQFDX]DOLSVHLXQHLIORWHHILFLHQWHPDULQDFRPHUFLDOHQJOH]HUD OD FKHUHPXO SLUD&LORU 3LUD&LL GLQ %DUEDULD vQGU]QHDX V YLQ SkQ L vQDSHOH HQJOH]H FD V DWDFH QDYHOH L V USHDVF VFODYL GH SH FRDVWHOH ,UODQGHL&kQG6WUDIIRUGVDGXVvQ,UODQGDVLSUHLDFRPDQGDHIHFWHOHOXLSHUVRQDOHLDXIRVW MHIXLWHGHXQSLUDW2VFULVRDUHD OXL&DURO FWUHRUDXO VX/RQGUDGHVFULHMDIXULOH WXUFLORU L DOH DOWRU SLUD&L FDUH USHVF FX IRU&D YDVHOH EXQXULOH LPUIXULOHVXSXLORUQRWULLFHUHRUDXOXL/RQGUDVLIXUQL]H]HXQYDVGHU]ERLGHQRXVXWHGHWRQHDOWHSDWUXGHFkWHFLQFLVXWHGHWRQHLXQXOGHWUHLVXWHGHWRQH WRDWH FX DUWLOHULH SUDI GH SXF L HFKLSDMH 'DU FD XQ LPSR]LW V ILHDFFHSWDWGHHQJOH]LQXHUDGHDMXQVVILHXWLOPDLWUHEXLDVILHYRWDWLGHXQSDUODPHQW$DVSXQHD&DUWD OLEHUW&LORUHQJOH]HDFHDVWDD IRVW WH]DSHFDUHDXVXV&LQXWR Fk&LYD FHW&HQL GLQWUH FDUH FHO PDL LOXVWUX HVWH -RKQ +DPSGHQ6XEDFHVWQXPHHUDXGHVLJQDWHPDLDOHVvQVHFROHOH;9,;9,,UHJLXQLOHGHFRDVWDOH0DURFXOXLL$OJHULHLGHDVW]L

6KHULIIXO GLQ FRPLWDWXO VX LD SUHWLQV GUHSW VKLSPRQH\ SHQWUX XQXO GLQWUHGRPHQLLOHVDOHWUHL]HFLLXQXGHLOLQJLLDVHSHQFHLSHQWUXXQDOWXOGRX]HFLGH LOLQJL +DPSGHQ D UHIX]DW SLD&D QX GLQ SULFLQD VXPHL DYHD R DYHUHPDUHFLGLQSULQFLSLX'RX]HFLGHLOLQJLODUILUXLQDWSH+DPSGHQ"1XGDULSODWDXQHLMXPW&LGLQDFHDVWVXPvQFRQGL&LLOHvQFDUHHUDFHUXWDUILIFXWGLQ HO XQ VFODY 6D OVDW WkUkW vQ ID&D WXWXURU LQVWDQ&HORU L GDF vQ FHOH GLQXUP D IRVW FRQGDPQDW GH &XUWHD HLFKLHUXOXL SULQ DSWH YRWXUL FRQWUD FLQFLRSLQLD SXEOLF vQV OD DFKLWDW (QJOH]LL vQFHSHDX V GHVFRSHUH F vQVL UHVSHFWDUHDOHJLORUSRDWHGXFHVXIOHWHOHPDULODUHEHOLXQH

9,,,&XWRDWVHYHULWDWHDFHQ]XULLFLUFXODXSDPIOHWHvPSRWULYDFXU&LL:LOOLDP

3U\QQHSDPIOHWDUSXULWDQ vQWUHSULQVHVHUHIRUPDUHDPRUDYXULORUGLQYUHPHD OXL6FULVHVHvPSRWULYDSUXOXLOXQJDOFXUWHQLORUFRQWUDUOHJLORUOXL+ULVWRVQDSXEOLFDWXQSDPIOHWFXSULYLUHODWHDWUX'LQQHIHULFLUHSHQWUXHOUHJLQDvQVLvPSUHXQ FX GRDPQHOH HL GH RQRDUH WRFPDL UHSHWDX R SDVWRUDO &DPHUDQVWHODW VRFRWLQG F SDPIOHWXO HUD XQ DWDF vPSRWULYD UHJLQHL vO FRQGDPQ SH3U\QQH OD R DPHQG GH FLQFL PLL GH OLYUH L OD WLHUHD XUHFKLORU $ IRVW SXV ODVWkOSXO LQIDPLHL L FOXO LD WLDW XUHFKLOH $FHDVW FUXG SHGHDSVQHvPSLHGLFkQGXO V VFULHGHDVW GDW vPSRWULYD OXL/DXG vQ IXSXVGLQQRXODVWkOSXOLQIDPLHLvQDFHODLWLPSFXXQSDVWRUSURWHVWDQWLXQGRFWRULVDPDL WLDW L FH LD UPDVGLQXUHFKL L L VDX LPSULPDW SH REUD] FX ILHUXO URXGRX OLWHUH6/ 6HGLWLRXV/LEHOOHU3XEOLFXOGLQ/RQGUDDSULYLWFX vQGUHSW&LWRURDUH WUDWDPHQWXOEDUEDUDSOLFDWFHORU WUHLJHQWOHPHQL QFOLSDFkQGFOXOVDDSURSLDWGHHLXQLPHQVVWULJWGH IXULHVDULGLFDWGLQPXO&LPH&UHWHDPkQLDSRSRUXOXLHQJOH] IHQRPHQJUDY vQWUXQVWDW vQFDUHVLQJXUD IRU&DVXYHUDQXOXLFRQVWDvQGUDJRVWHDSRSRUXOXLID&GHHO

,; 6XSUHPD QHEXQLH D IRVW SUHWHQ&LD GH D OH LPSXQH VFR&LHQLORU DWkW GH

vQGkUML&L vQ DL DSUD ELVHULFD ORU SUHVELWHULDQ .LUN UXJFLXQLOH L ULWXDOXODQJOLFDQ &DURO UHJHOH $QJOLHL L DO 6FR&LHL FXQRWHD LPDL SX&LQ 6FR&LD GHFkW$QJOLD'HLUHJHOH,DFREWDWOVXQXPLVHvQ6FR&LDHSLVFRSLELVHULFDUPVHVHGH HVHQ& SUHVELWHULDQ &kQG /DXG vL GGX VHDPD VH VFDQGDOL]D %LVHULFD6FR&LHLQXHVWHUHIRUPDWHDHVWHGHIRUPDW'DUFkQG vQXUPDRUGLQXOXLVXHSLVFRSLL LQWURGXVHU vQ6FR&LDQRXOULWXDOFUHGLQFLRLLQXL OVDUVL WHUPLQHVOXMED 1RELOLL RUHQLL L &UDQLL VFR&LHQL VHPQDU XQHRUL vQ FLUFXPVWDQ&HURPDQWLFH SHPRUPLQWH vQ ELVHULFL XQ SDFW VDX&RYHQDQW VROHQQHOSULQ FDUHIJGXLDX V UUQkQ FUHGLQFLRL ELVHULFLL ORU &DURO VH SRUQL V ]GUREHDVFDFHDVWOLJUHOLJLRDVFXDUPHOH'DUHSHULFXORVVUHFXUJLLDGUDJRQDGHFkQGQXDLGUDJRQL&UHLDUPDWHDUILSXWXWVLvQFUHGLQ&H]HUHJHOHFDX]DVD"&HWHORUDQWUHQDWHDOHPLOL&LHL"'DUHOHQXHUDXDQWUHQDWH*HQWLORPLORUGH OD&DU"(UDXGHSDUWHGHDILGHDFRUGFXHO&kQGUHJHOHRSXVHSHFHLFk&LYDRVWDLSHFDUHLDSXWXWVWUkQJHH[FHOHQWHLDUPDWHVFR&LHQHGRX]HFLGHPLLGHRDPHQLGLQWUHFDUHPXO&LVHUYLVHUSHFRQWLQHQW vQDUPDWDSULQ&LORUSURWHVWDQ&LSHFDUHRFRPDQGDXQORFRWHQHQWDOOXL*XVWDY$GROIWUXSHOHFHORUGRXWDEHUHSDFWL]DU'DFDFHVWSULP U]ERL DO HSLVFRSLORU QX VD WHUPLQDW SULQWUXQ GH]DVWUX IDSWXO VHGDWRUHD]QXPDLQHJRFLHULORUFDUHDXSXVFDSWvQDLQWULLDUPDWHLVFR&LHQH

$OX]LH OD GUDJRQDGHOH OXL/XGRYLFDO;O9OHDSHUVHFX&LL vPSRWULYDSURWHVWDQ&LORUGLQ)UDQ&DGXSUHYRFDUHDvQHGLFWXOXLGHWROHUDQ&UHOLJLRDVGHOD1DQWHV

;5HJHOXLvLUPkQHDRVLQJXUVSHUDQ&6WUDIIRUG$FHVWDHUDVLQJXUXORP

SXWHUQLFDOUHJLPXOXLQ,UODQGDHODSOLFDVHGHYL]D7KRURXJKSkQODFDSW,VD UHSURDW GXULWDWHD GDU GRPROLVH &DUD vQWUXQLVH R IDQWRP GH SDUODPHQWRE&LQXVH WUXSH EDQL ,D SXWXW FKLDU WULPLWH UHJHOXL GRX]HFL GH PLL GH OLYUHSHQWUX U]ERLXO VX GLQ 6FR&LD &kQG &DURO vL FHUX VIDWXO HO vL SURSXVH VSURFHGH]H vQWUR PDQLHU IRUWH 7UHEXLD FRQYRFDW SDUODPHQWXO WUHEXLD V VHRE&LQ VXEVLGLL GH]YOXLQG PDLQD&LLOH SXVH OD FDOH GH VFR&LHQL vPSUHXQ FX5LFKHOLHXDSRLWUHEXLDGXVU]ERLXOSkQODFDSW6WUDIIRUGvQVXLVHUHSH]LvQ,UODQGDvQURODRSWPLLGHRDPHQLLVHvQWRDUVHEROQDYGDUKRWUkW3DUODPHQWXOFRQYRFDW GH &DURO SULPXO GXS GRLVSUH]HFH DQL QX XLWDVH QLPLF GLQUDQFKLXQLOH GH RGLQLRDU 'HSDUWH GH D DFRUGD VSULMLQXO VX vQ IDYRDUHD XQXLU]ERL &DPHUD &RPXQHORU FHUX UHSDUDUHD SUHMXGLFLLORU FH L VDX DGXV 3\PUHDPLQWL WRDWHJUHHOLOH OXL&DUROLSDUODPHQWDULLQHJRFLDUFXVFR&LHQLL'XSRVHVLXQH GH QXPDL RSWVSUH]HFH ]LOH DFHVW 3DUODPHQW VFXUW DSULOLHPDL WUHEXL V ILH GL]ROYDW 6WUDIIRUG IX GH SUHUH F UHJHOH VD SXV vQWUR DVHPHQHDVLWXD&LH vQFkWGDFPDLSXWHDILVDOYDWFHHDFHHUD vQGRLHOQLF OXFUXOHUDSRVLELOQXPDL SULQWUXQ GHVSRWLVP QHPLORV QHVXSXV RELQXLWHORU UHJXOL GHJXYHUQPkQW3OkQJH&LPVFULDHOXQXLDGLQWUHSULHWHQLLVLFFLQLFLRGDWYUHXQRPQDIRVWFKHPDWVVHRFXSHGHQLWHWUHEXULDWkWGHGHVSHUDWH$UPDWDDUH PDUL QHYRL L QXL FX QLPLF DSURYL]LRQDW &DYDOHULD QRDVWU H OLSVLW GHFXUDM%DUDGHOD%HUZLFNOD

,, 0DL PXOW GHFkW GH UHJH OXL 3\P L SDUODPHQWDULORU OH HUD WHDP GH

6WUDIIRUGWLDXFvQWUHHLL6WUDIIRUGOXSWDHSHYLD&LSHPRDUWH6DX3\PYDSXQHSH6WUDIIRUGFXFDSXOSHEXWXFVDX6WUDIIRUGYDSRUXQFLV ILHVSkQ]XUDW3\P8QDGLQWUHSULPHOHDF&LXQLDOHQRXOXL3DUODPHQWDIRVWSXQHUHDVXEDFX]DUHD OXL6WUDIIRUGSHQWUX vQDOW WUGDUHSULQ LPSHDFKPHQW vQ ID&D&DPHUHL /RU]LORU6WUDIIRUG WLD vQF GH FkWHYD VSWPkQL F GDF VH YD SUH]HQWD vQ ID&DSDUODPHQWXOXL HUD SLHUGXW L R VSXVH OXL &DURO DFHVWD vL UVSXQVH F vQFDOLWDWHDOXLGHUHJHDO$QJOLHLSXWHDVORFURWHDVFvPSRWULYDRULFUXLSHULFROLF SDUODPHQWXO QX VH YD DWLQJH GH XQ ILU GH SU GH SH FDSXO OXL 6WUDIIRUG VHSUH]HQW GHFL OD &DPHUD /RU]LORU FKLDU vQ FOLSD vQ FDUH 3\P vQ IUXQWHD XQHLGHOHJD&LLD&DPHUHL&RPXQHORUYHQLVHVFHDUDUHVWDUHDOXL6WUDIIRUGLQWUDVHFXFDSXOVXVWUHEXLVvQJHQXQFKH]HODEDUFDVDVFXOWHDFX]DUHDLLHLGHDFRORSUL]RQLHU -XGHFLQG GUHSW SXWHD IL VDOYDW $FHVW LPSHDFKPHQW QDYHD QLFL RYDORDUHOHJDO&XPVODFX]LvQPRGVHULRVGHvQDOWWUGDUHGHFULPvPSRWULYDUHJHOXL SH FHO PDL ILGHO VOXMED DO UHJHOXL" 'DU X]DQ&HOH FRQVWLWX&LRQDOH QXRIHUHDXSDUODPHQWXOXLQLFLXQDOWPLMORFGHDVHGHEDUDVDGHXQPLQLVWUXVXV&LQXWGH VXYHUDQ 6D vQFHUFDW FRPSURPLWHUHD OXL 6WUDIIRUG FLWLQG GLQ FXYkQWULOH OXL&LQXWH OD&RQVLOLXO SULYDW VH VSXQHD F DU IL VXJHUDW LGHHDGHD IRORVL R DUPDWLUODQGH]SHQWUXDFRWURSL$QJOLD1DSXWXWILDGXVGHFkWXQVLQJXUPDUWRUVLU+HQU\9DQHLDFHODIRDUWHGXELRV3\PLSULHWHQLLVLvLGGXUVHDPDSOLQLGHIXULH F QX VH YD JVL vQ &DPHUD /RU]LORU RPDMRULWDWH FDUH VO FRQGDPQH SH6WUDIIRUGDFHVWDGHLVXEPLQDWGHERDOVDDSUDWvQIUXPRVXOVXVWLOVFXUWLWLRVFDUHLHUDSURSULX6IkULWXOSOHGRDULHLvLPLFSHWR&LFHLFDUHODVFXOWDVHULDFXPP\ORUGVFXWRDWXPLOLQ&DLOLQLWHDVXIOHWHDVFPVXSXQFXPLQWHDOLPSHGHL vQPRG OLEHU MXGHF&LLYRDVWUH ILHFDFHDVW MXVW MXGHFDWYDDGXFHGXS VLQH YLD&D ILH F YDDGXFHPRDUWHDPHD7H'HXP ODXGDPXV WH'RPLQXPFRQILWHPXU

,,,$FX]DWRULLvQJULMRUD&LUHFXUVHUODSURFHGXUDPDLVLPSOLPDLEUXWDOD

XQXLELOORIDWWDLQGHUYRWDWGHSDUODPHQWLVDQF&LRQDWGHFRURDQ3ULQDFHDVWSURFHGXUDFX]DWXOSLHUGHDWRDWHJDUDQ&LLOHSHFDUHOHSUH]HQWDRFXUWHGHMXVWL&LH'DF VH LDX vQ FRQVLGHUD&LH QXPDL SUREHOH OHJDOH FRPSRUWDUHD OXL 3\P L DSULHWHQLORUVLQXSRDWHILMXVWLILFDW/DXDVDVLQDWSH6WUDIIRUGFXRDUHFDUHIRUPHMXGLFLDUH7UHEXLHDGXJDWVSUHGH]YLQRY&LUHD ORUFGDF6WUDIIRUGDU IL WULWLLDU ILUHFkWLJDW OLEHUWDWHDQDUILH]LWDWQLFLHOVLGLVWUXJPHUJkQGSkQ ODFDSW 3RDWH F DU IL IRVWPDL ELQHSHQWUX3\P L SULHWHQLL VL V ILPUWXULVLWFLQVWLW F vQFHSXVH XQ U]ERL FLYLO L V UHQXQ&H OD LSRFUL]LD OHJDOLW&LL /RUGXO'LJE\ vQWUXQGLVFXUV FDUH vL IDFH FLQVWH DGHFODUDW F HOQXSRDWH YRWDELOOXO'XPQH]HXVPS]HDVFVFRQGDPQXQRPODPRDUWHGXSR OHJH IFXWDSRVWHULRUL WLX GRPQXOH VSHDNHU F SDUODPHQWXO H vQYHVWLW FX SXWHUH MXGHFWRUHDVF L FX SXWHUH OHJLVODWLY 8QD VWDELOHWH FHHD FH HVWH OHJDOPHQWH MXVWFHDODOW FHHD FH FRQYLQH SROLWLFHWH VSUH ELQHOH FRPXQLW&LL 'DU DFHVWH GRXSXWHULQXWUHEXLHFRQIXQGDWHLQDYHPGUHSWXOVDFRSHULPXQDFWGHSUXGHQ&SROLWLFSULQWURSDUDGJRDOGHMXVWL&LHOHJDO6HSRDWHDSUHFLDYLROHQ&DODFDUHDXDMXQVSDWLPHOHGDFVH&LQHVHDPDGHIDSWXOFDFHVWDGPLUDELOGLVFXUVDIRVWDUVGHFOXLUHJHOHDIRVWUXJDWVQXPDLFRQIHUHQLFLRRQRDUHORUGXOXL'LJE\LVQXOPDLIRORVHDVFvQQLFLXQIHO/HJHDGHDWWDLQGHUDIRVWYRWDWvQ&DPHUD

&RPXQHORU FX YRWXUL SHQWUX L FRQWUD QXPHOH DFHORUD FDUH DX YRWDWFRQWUDDXIRVWDILDWHvQRUDFDILLQGVWUDIIRUGLHQLLLQDPLFLDLSDWULHLORUGHLUHJXODPHQWXO LQWHU]LFHDV VHSXEOLFHQXPHOHRSR]DQ&LORU3UYOLLOHRUDXOXLDXIRVW vQFKLVH 0DLWULL L XFHQLFLL YHQLU OD :HVWPLQVWHU VL DPHQLQ&H SHVWUDIIRUGLHQL 6XE SUHVLXQHD SRSXOD&LHL FKLDU L ORU]LL DX YRWDW PRDUWHD FXGRX]HFLLDVHGHYRWXULFRQWUDQRXVSUH]HFH

,95HJHOH&DUROFDUHLMXUDVHOXL6WUDIIRUGFSDUODPHQWXOQXVHYDDWLQJHGH

XQ ILUGHSUGHSHFDSXO OXL YDVDQF&LRQD OHJHD"(SLVFRSLL FXSULQLGHSDQLFDJHQHUDOYHQLUVLVSXQOXL&DUROFWUHEXLHVDLEFDUHJHGRXFRQWLLQ&HXQD SXEOLF L DOWD SULYDW 0XO&LPLOH GLQ /RQGUD VH DGXQDU vQ MXUXO:KLWHKDOOXOXL L GHYHQLU DWkW GH DPHQLQ&WRDUH vQFkW FXUWHQLL FDWROLFL VHVSRYHGLULDUFHLPDLFXUDMRLFSLWDQLVHSUHJWHDXVPRDUDSUkQGVFULOHLFXORDUHOHYHFKLXOXLFDVWHO'XPLQLFDYDFDUPXOFUHVFXLPDLPXOWSHODRUDQRXVHDUD UHJHOH VHPQ 'DF QLPLF DOWFHYD GHFkW YLD&D OXL QX SRDWH VDWLVIDFHSRSRUXOPHX WUHEXLH V VSXQ )LDW -XVWL&LD 6WUDIIRUG GHL VXUSULQV F D IRVWSUVLWGHUHJHDYXQREOH&HDVLVFULHFLGEXFXURVYLD&DSHQWUXHO'DUVHVSXQHFDPXUPXUDW1XYEL]XL&LSHSULQ&LQLFLSHILLLRDPHQLORUFFLODHLQXYH&LJVLVDOYDUHD&kQGWUHFXSHGUXPXOVXSOLFLXOXLEWUkQXODUKLHSLVFRS/DXGHO vQVXL SUL]RQLHU VH DSURSLH GH IHUHDVWU VL ELQHFXYLQWH]H SULHWHQXO FDUH DPXULW FXXQFXUDMDWkWGHVLPSOX vQFkWXFHQLFLLGLQ/RQGUDDXSVWUDWR WFHUHUHVSHFWXRDV $VWIHO D GLVSUXW XQ RPPDUH D FUXL FULP D IRVW F D GRULW FDPRQDUKLDV ILHDVLVWDWLQXGRPLQDWGHSDUODPHQW QFHSkQGGH ODDFHVWSURFHV VHSRDWHVSXQHF vQ$QJOLD UHJHOHD vQFHWDW VPDL vQWUXFKLSH]HVWDWXOGHRDUHFHGLQFDX]DORLDOLVPXOXLVXID&GHVXYHUDQ6WUDIIRUGDIRVWFRQVLGHUDWXQWUGWRUGH&DU

9&RQGDPQkQGXOSH6WUDIIRUGSDUODPHQWXOvQOWXUDVHVLQJXUXORPFDSDELO

V WUDQVIRUPH PRQDUKLD HQJOH] vQWUR IRU& GH JXYHUQDUH DXWRULWDU DVHPQWRDUH DFHORUD SH FDUH 6SDQLD L )UDQ&D OHDX GDW GUHSW PRGHO (XURSHL3HQWUXDIDFHLPSRVLELOSHQWUXWRWGHDXQDWULXPIXODEVROXWLVPXOXLWUHEXLDDFXPVVHLQWHU]LFUHJHOXLGHDJXYHUQDIUSDUODPHQWDDFXPIFXVHPXOWYUHPHSULQWHOHVXLHOvQVXL3DUWHDVODEDDGXQULORUDOHVHvQFD]XOFkQGLQWUvQFRQIOLFW FX SXWHUHD H[HFXWLY SHUPDQHQW HVWH F DFHDVWD SRDWH V OH UHYRFH6LQJXUXOORUPLMORFGHDSUDUHHVWHVLPSXQSXWHULLH[HFXWLYHPRGDOLW&LLGDWHIL[HGHFRQYRFDUH3\PLSULHWHQLLVLvOFRQVWUkQVHUSHUHJHVDSUREHXQDFWDVLJXUkQGFRQYRFDUHDUHJXODWDSDUODPHQWXOXLFHOSX&LQRGDWODWUHLDQLGDFvQFHOGHDO WUHLOHDDQUHJHOHVHPDLDE&LQHDFRQYRFDUHDVHSXWHDIDFH IUDVHUHFXUJH OD HO QLFL XQ SDUODPHQW QX YD SXWHD IL GL]ROYDW vQDLQWH GH D IL WULWFLQFL]HFLGH]LOHQLFLSURURJDWPDLPXOWGHFkWWUHLDQLXQDFWUHWUJkQGUHJHOXLGUHSWXO GH D SHUFHSH LPSR]LWH IU YRWXO SDUODPHQWXOXL 1LFL WXQQDJH DQGSRXQGDJH QLFL VKLS PRQH\ vQ JHQHUDO QLFL XQ IHO GH LPSR]LW QHFRQVLP&LW SXWHULOH UHJHOXL vQ &RQVLOLXO VX HUDX PXOW PLFRUDWH L FXU&LOH SULYLOHJLDWH&DPHUDvQVWHODW&RQVLOLXOQRUGXOXLHWFFHGDXORFXOFXU&LORUGHGUHSWFRPXQQVSHFLDOHUDXVXSULPDWHFXU&LOHHFOH]LDVWLFHDOH vQDOWHL&RPLVLLGHFDUHVH IRORVLVH/DXGvPSRWULYDSXULWDQLORU/HJHDGHYHQHDPDLWDUHGHFkWUHJHOH

-XGHFDWSUHDLQGXOJHQWvQWUHL6WUDIIRUGDFRQFOXFUDWODVXSULPDUHDGHIDSWDSDUODPHQWXOXL

9, 3UREOHPD UHOLJLRDV HUDPDL FRPSOH[ GHFkW SUREOHPD SROLWLF $VXSUD

XQXL VLQJXU SXQFW FHD PDL PDUH SDUWH D SDUODPHQWDULORU HUDX GH DFRUG ILLQGSURWHVWDQ&L VH WHPHDXGHSDSLVP'DUPXO&L vLXUDXSHHSLVFRSLL OXL/DXG FDUHvQFHUFDVHU VL UHDGXF SH HQJOH]L OD ULWXDOLVP DO&LL HUDX OHJD&L GH YHFKLOHLHUDUKLL 3ULPLL YRLDX VL VPXOJ ELVHULFLL HSLVFRSDWXO FX UGFLQL L UDPXULFHLODO&LSDUWL]DQLDL HSLVFRSLORU VDXHSLVFRSDOLHQLL DYHDXDYDQWDMXO F HUDXPDLXQL&L GHFkW DGYHUVDULL ORU 3ULQWUH DGYHUVDULL HSLVFRSLORU VH GLVWLQJHDX HUDVWLHQLLGLVFLSROLL WHRORJXOXL JHUPDQ 7KRPDV (UDVW FDUH vQ SUREOHPHOHOXPHWL VXERUGRQDX ELVHULFD ID& GH VWDW LL vQORFXLDX SH HSLVFRSL FX FRPLVDULODLFLSUHVELWHULHQLLSDUWL]DQLLXQHLGHPRFUD&LLUHOLJLRDVHvQIHOXOFHOHLVFR&LHQHVDXJHQHYH]H FX SUHVELWHUL L VLQRGXUL vQ VIkULW VHFWDULHQLL FRQJUHJD&LRQDOLWL VDXLQGHSHQGHQ&L VXV&LQkQG F 'XPQH]HX LQVSLU ILHFDUH JUXS GH FUHGLQFLRLGHYHQHDXDVWIHOFXWRDWH[WUHPDORUvQJXVWLPHGHVSLULWSUHFXUVRULLLQFRQWLHQ&LDLOLEHUW&LLFRQWLLQ&HL

9,, Q FRPLWDWH FHL PDL QXPHURL HUDX FUHGLQFLRLL ELVHULFLL DQJOLFDQH

HSLVFRSDOH OD/RQGUDSUHVELWHULHQLLDYHDXVSULMLQXOVROGD&LORUVFR&LHQLFDUHGXSYLFWRULH VDX VWDELOLW vQ FDSLWDO L SH FDUH SDUODPHQWXO QX VH JUEHD VLvQGHSUWH]H FFLHUDXDOLD&LL VL vPSRWULYD UHJHOXL LQGHSHQGHQ&LL HUDXGHSUHUHFHSLVFRSDOLVPXOLSUHVELWHULDQLVPXOQXHUDXGHFkWGRXIRUPHDOHWLUDQLHL1HSXWHPLPDJLQDGLVFX&LLOHUHOLJLRDVHLSROLWLFHFDUHQXvQFHWDXGHGLPLQHD&SkQVHDUD vQPLMORFXO DFHVWXL RUDSDVLRQDW GH WHRORJLH 3DUODPHQWDULL YRUEHDX WRDW]LXD L GHPXOWH RUL L QRDSWHD OD OXPLQD OXPLQULORU 3\P+DPSGHQ L+\GHSXWHDX IL Y]X&L SOLPEkQGXVH vQ MXUXO FLPLWLUXOXL :HVWPLQVWHU VDXVWUkQJkQGXVHFXWR&LLODRODOWvQWLPSXOFLQHLSHQWUXDGH]EDWHLPSRUWDQWHOHORUSUREOHPH/DXQVHPQDOQHJXVWRULLLXFHQLFLL vQFKLGHDXSUYOLLOHLDOHUJDX OD:HVWPLQVWHUVDX:KLWHKDOO1LFLR IRU&DUPDWQXSXWHDRSULDFHDVWPXO&LPH'LPSRWULY HD HUD DFHHD FDUH DSUD SDUODPHQWXO&kW GHVSUH UHJH HO SVWUD vQSUHDMPD VD Fk&LYD RIL&HUL FX SU OXQJ EXFODW FSLWDQL vQ VHPLVROGD OXL FURUDXFHQLFLL OH VSXQHDX vQ GHUkGHUH FDYDOHUL SH FkQG UHJLQD Y]kQGXL SULQIHUHDVWU SH SXULWDQLL FX FDSHWHOH ORU UDVH vQWUHED FLQH VXQW DFHVWH FDSHWHURWXQGHQXPHFDUHOHDUPDV

9,,,$SURDSHWR&L LVWRULFLL ODXFRQGDPQDWSH&DURO,SHQWUXFRQGXLWD OXL vQ

WLPSXO 3DUODPHQWXOXL FHO OXQJ 'DU FXP SXWHD QHIHULFLWXO VL LPDJLQH]HFRPSURPLVXO FDUH DYHD V GHD QDWHUH vQ VHFROXO XUPWRU PRQDUKLHLFRQVWLWX&LRQDOH"&DURO,QXYHGHDQLFLRFDOHGHLHLUHGLQDFHDVWGLOHPVDXVUHVWDELOHDVFSULQIRU&DXWRULWDWHDVDVDXVGHYLQRXPEUGHUHJH5]ERLXOFLYLOHUDIDWDOSHQWUXFQLFLXQPLQLVWHUUHVSRQVDELOQXVHLQWHUSXQHDvQWUHUHJHLSDUODPHQWLDVWIHOFHOHGRXSXWHULVHFLRFQHDX,GHHDFRPLQRULWDWHDUSXWHDvQFD]GHQHvQ&HOHJHUHVVHvQFOLQHvQID&DPDMRULW&LLLV vQJGXLHDFHVWHLDVJXYHUQH]HQXQXPDLFQXHUDDGPLVGDUQXHUDGHFRQFHSXW'HYUHPHFH&DUDVHDIODvQWURVLWXD&LHGHSURIXQGGHVELQDUHQXH[LVWDDOWVROX&LHGHFkIFU]ERLXOFLYLO 'H DOWPLQWHUL OHJHD PDMRULW&LL QDU IL SHUPLV V VH UH]ROYH FKHVWLXQHDHVHQ&LDODDFHORUWLPSXULFDUHHUDFKHVWLXQHDUHOLJLRDV6HSRWIDFHWUDQ]DF&LLFXLQWHUHVHOHQXFXFRQWLLQ&HOH

,;7UHEXLHVVHUHFXQRDVFWRWXLFUHJHOHDDJUDYDWWXOEXUULOHIFkQGXQMRF GXEOX &DURO FRQILUPD FX GRFLOLWDWH OHJLOH YRWDWH GH SDUODPHQW LDU vQ VHFUHWFRQVSLUD vPSRWULYD OHJLORU L D SDUODPHQWXOXL (O VH FRQVLGHUD vQV vQ VWDUH GHU]ERLvQFDUHWRWXOHVWHSHUPLVLPHUVHSkQDFRORvQFkWFHUXVFR&LHQLORUFDUHUPVHVHUFHLPDLEXQLVROGD&LGHSHLQVXOVSULMLQXOORU vPSRWULYDHQJOH]LORU6FR&LHQLL vL SURPLVHU DMXWRUXO GDF DFFHSWD SHQWUX $QJOLD &RYHQDQWXOSUHVELWHULDO (SLVFRSDOLDQ FRQYLQV HO QX SXWHD V IDF DFHDVWD L WUHEXL VUHQXQ&HODDOLDQ&DORU2FOLSFUH]XFvQWUH]UHWHVFSDUHD3DUODPHQWDULLGHLXQL&LvPSRWULYDOXLHUDXFUXQWvQYUMEL&LSHFKHVWLXQLUHOLJLRDVHXQLLYRLQGVGHVILLQ&H]H FX WRWXO ULWXDOXO L V VFKLPEH SkQ L 3UD\HU %RRN DO&LL ILLQG RVWLOLHSLVFRSLORUGDUOHJD&LGHIUXPRDVHOHUXJFLXQLDQJOLFDQH*UD&LHDFHVWHLvQYUMELULVHUHFRQVWLWXLRSDUWLGPRQDUKLFLDQJOLFDQFRQGXVGHRDPHQLFD+\GHSHFDUHUHJHOHLLDUILSXWXWIDFHFRQVLOLHUL0XVWUDUHDFHD0DUHDGUHVDWOXL&DUROQDIRVWYRWDWGHFkWFXRPDMRULWDWHGHXQVSUH]HFHYRWXUL3UHVWLJLXOUHJHOXL3\PVFGHDRVWkQJFLHDUHJHOXL&DUROLOUHGGX

; /D LDQXDULH SURFXURUXO JHQHUDO DO UHJHOXL FHUX SH QHDWHSWDWH

&DPHUHL/RU]LORUXQLPSHDFKPHQWSHQWUXvQDOWWUGDUHvPSRWULYDDFLQFLPHPEULGLQ&DPHUD&RPXQHORUSULQWUHFDUH3\PL+DPSGHQ'HPHUVLOHJDOGUHSWXOGHLPSHDFKPHQWDSDU&LQkQGQXPDL&DPHUHL&RPXQHORU/RU]LL VHDUWDU RYLWRUL5HJHOH VH GXVH HO vQVXL vQ &DPHUD &RPXQHORU SHQWUX DaL DUHVWD SH FHL FLQFLPHPEUL$FHWLDIXVHVHUSUHYHQL&LLRUDXOVHvQVUFLQDVHVLDVFXQG$YXORFR VFHQ SHQLELO 5HJHOH LQWUDVH XUPDW GH FDYDOHUL L VH DH]DVH SH ORFXOVSHDNHUXOXL 0HPEULL &DPHUHL VWWHDX vQ SLFLRDUH GHVFRSHUL&L 'LQWUR RFKLUHUHJHOHY]XFSVUHOHOHDX]EXUDW3OHFvQPLMORFXOXQHLPXO&LPLRVWLOHFDUHODWUHFHUHDOXLVWULJD3ULYLOHJLXO

)XU FRQYRFDWH PLOL&LLOH RUHQHWL DOH /RQGUHL FDUH vL DVXPDU SURWHF&LDSDUODPHQWXOXL2FLRFQLUHvQWUHFHOHGRX IRU&HGHYHQHDLQHYLWDELO5HJHOHVRFRWLFLPDLvQ&HOHSWVSUVHDVF/RQGUD

9,35,08/5=%2,&,9,/,9HQLVH WLPSXOFD ILHFDUHHQJOH]V RSWH]HSHQWUXXQDGLQ WDEHUH2UFHD

PDLPDUHSDUWHGLQWUHHLQDUILGRULWVRSWH]H$FHDVWUHYROX&LHQXHUDFDDFHOHYDOXUL DGkQF UVFROLWRDUH FDUH ULGLF PDVHOH (D DGXFHD PDL FXUkQG YUDME vQVkQXOFODVHORUGHFkWOHULGLFDXQDvPSRWULYDDOWHLDWUHL]HFLGHSDLULUPVHVHUOD :HVWPLQVWHU RSW]HFL vO XUPDVHU SH UHJH GRX]HFL UPkQHDX QHXWUL &D LSDLULLVTXLUHLLL\HRPHQLLHUDX vPSU&L&L L HL vQWUHFHOHGRXDUPDWH/RQGUDRUD UHEHO L SURWHVWDQW VH DUWD IDYRUDELO SDUODPHQWXOXL GDU RUDHOHVHGLL DOHGLRFH]HORU HUDX vQ IDYRDUHD HSLVFRSLORU ORU GHFL vQ IDYRDUHD UHJHOXL &kW GHVSUH&UDQL PXO&L GLQWUH HL UPkQHDX LQGLIHUHQ&L 3X&LQ OH SDV VXE FH JXYHUQDUHWULHVF QXPDL V SRDW DUD L PHUJH OD SLD& Q XQHOH FRPLWDWH SXULWDQLL L $ILUPD&LD QX HVWH vQWUX WRWXO H[DFW LDU DUJXPHQWHOH FDUH XULQHD] GRYHGHVF IDSWXO FGHQXPLUHD XQRU FDWHJRULL VRFLDOH QXPDL DFRSHUHD R UHDOLWDWH FRQFUHW F vQ LQWHULRUXO DFHVWRUFDWHJRULLVHSURGXVHVHRGLIHUHQ&LHUHED]DWSHLQWHUHVHSROLWLFHLVRFLDOHDGYHUVH

DQJOLFDQLL UHJDOLWLL L SDUODPHQWDULL VHPQDX SDFWH GH QHXWUDOLWDWH 0DL WkU]LXFkQGRYLWRULLYRUFRQVWDWDFFHOHGRXWDEHUHvL&LQGHUXSHQHXWULYRUOXDLHLvQVLOSR]L&LHSHQWUXXQDVDXDOWDGLQSU&L8QHRULXQVLQJXUVTXLUHKRWUkWDQWUHQHD] SH WR&L JHQWLORPLL GLQ YHFLQWDWHD VD $UHQGDLL vL XUPDX SH VHQLRULLORU 3HWUHFUH&LL &LQHDX FX UHJHOH SHQWUX F SXULWDQLL UHSUH]HQWDX DXVWHULWDWHDRDPHQLL DSDU&LQkQG GLIHULWHORU VHFWH HUDX vQ IDYRDUHD SDUODPHQWXOXL SHQWUX FVSHUDX vQPRG JUHLW F OH YD DVLJXUD OLEHUWDWHD UHOLJLRDV 6H SRDWH VSXQH F1RUGXOFDWROLFL9HVWXOHUDXPDLFXUkQGDOWXULGHUHJH6XGXOL(VWXODOWXULGHSDUODPHQW GDU IURQWLHUHOH DFHVWHDQX DX IRVW QLFLRGDW ELQH GHOLPLWDWH1LFL XQPRPHQWWDEHUHOHvQOXSWQDXGHSLWDSDWUX]HFHDSDUWHGLQSRSXOD&LD&ULLLvQEWOLLOHFHOHPDLLPSRUWDQWHGLQWLPSXOU]ERLXOXLFLYLODXIRVWFHOPXOWGRX]HFLGHPLLGHFRPEDWDQ&LGHILHFDUHSDUWH

,, $U SXWHD VWkUQL PLUDUHD F R &DU FDUH vQ DOWH vPSUHMXUUL IXVHVH

IUPkQWDWGHSDWLPLDWkWGHSXWHUQLFHVHDUWDDSURDSHDSDWLFvQDFHDVWHSRFUHYROX&LRQDU'DUvQGRFWULQHOHLLQWHQ&LLOHFHORUGRXSDUWLGHHUDXFRQIX]H1LPHQLGLQ WDEUDSDUODPHQWDUQXGRUHD OD vQFHSXWXO U]ERLXOXLVOGRERDUHSH &DURO 6WXDUW 1LPHQL QXL LPDJLQD F DU IL SRVLELO V VH OLSVHDVF GH HO3DUODPHQWXO YRLD QXPDL V VH DVLJXUH GH SHUVRDQD UHJHOXL L VO GHVSDUW GHVIHWQLFLL VL UL (VVH[ JHQHUDO DO DUPDWHORU SDUODPHQWDUH UHFRPDQGD WUXSHORUVDOH V ILH SUXGHQWH FFL VSXQHD HO XQ UHJH vQYLQV UPkQH WRW UHJH GDU QRLGDF YRP IL vQYLQL QX YRP IL GHFkW QLWH U]YUWL&L L QLWH WUGWRUL ,GHHDGHVSUHFDUDFWHUXOVDFUXDOUHJDOLW&LLSHFDUHVHFROHGHDUkQGXOGHUHVSHFWID&GHHDR vQWLSULVHU vQPLQ&LOHRDPHQLORU UPkQHD LQWDFW&kQG OD vQFHSXWXO U]ERLXOXLUHJHOHULGLFVWLQGDUGXOVXDSURDSHGH1RWWLQJKDPDFHDVWFHUHPRQLHVLPEROLF D PLFDW LQLPLOH PXOWRUD FDUH vQ VLQHD ORU GGHDX GUHSWDWHSDUODPHQWXOXL

,,,L WRWXL VFHQDHXDVH3ORXD&DUROSHGDQWLPDQLDFDDFXPHUDX

WR&L GLQ IDPLOLD 6WXDUW vO FRUHFWD PHUHX SH FUDLQLFXO FDUH FLWHD SURFODPD&LD9kQWXOSUYOLVHVWLQGDUGXOvQQRURL2ULFXPvQVHUDGUDSHOXOUHJHOXL9]kQGXOPXO&LVHJkQGHDXFDVLU(GPXQG9HUQH\FRULFkWDUILHLGHSDUWHD%LEOLHLLDSDULDPHQWXOXLQXSXWHDXSUVLODQHQRURFLUHXQVXYHUDQGHODFDUHPkQFDVHUSkLQH L DVWIHO PXO&L DSUDU GLQ ORLDOLVP R FDX] FDUH QX OL VH SUHD MXVW'LQWUHFHLQHXWULXQLLHUDXGHDFRUGFXLGHLOHSROLWLFHDOHSDUODPHQWDULORUGDUQXYRLDXV VHDWLQJQLPHQLGH FDUWHD ORUGH UXJFLXQL DO&LL DGYHUVDUL DLELVHULFLLDQJOLFDQH &LQHDXFXUHJHOH$WkWDFRQIX]LHQXSXWHDGDQDWHUHQLFLXQXL IHOGHHQWX]LDVPQUHDOLWDWHHUDYRUEDvQDFHDVW&DUERJDWLUHODWLYIHULFLWQXDWkW GH R DGHYUDW UHYROX&LH FDUH H WRWGHDXQD SURYRFDW GH PDUL WXOEXUULHFRQRPLFH FL GH FHHD FH VDU FKHPD DVW]L R OXSW vQWUH SDUWLGH Q OLSVD XQXLPHFDQLVPFRQVWLWX&LRQDOGH]EDWHUHDSDUODPHQWDUOXIRUPDXQHLEWOLLFRUSODFRUS 9RU WUHEXL V YLQ FDODPLW&LOH XQXL U]ERL FLYLO SHQWUX D GD QDWHUHWROHUDQ&HLSROLWLFHDDFXPvQDOWH&ULHURULOHSHUVHFX&LLORUYRULPSXQHWROHUDQ&DUHOLJLRDV

,9 ,DX SDUWH DFWLY OD U]ERL vQ DPEHOH WDEHUH FHLPDL EXQL RDPHQL DL

QD&LXQLL$VWIHOFOXSWDYDILGHVWXOGHXPDQ%WOLLOHYRUILVkQJHURDVHSHQWUXFVROGD&LLVXQWYLWHMLGDUSUL]RQLHULLvQDIDUGHLUODQGH]LLSUHR&LLFDWROLFLYRUIL

ELQH WUDWD&L )LHFDUH GLQ FHOH GRX WDEHUH VH ODXG F HVWH R DUPDW FUHWLQQDLQWH GH LQWUDUHD vQ OXSW ILHFDUH FRPDQGDQW RUGRQ V VH IDF R VOXME UHOLJLRDVLRSDUWHLFHDODOWvLUHSURHD]DGYHUVDUXOXLSFDWHOHVDOHQDUPDWDQRDVWUVSXQHXQUHJDOLVWVHFRPLWGRDUSFDWHRPHQHWLQHSODFHYLQXOQHSODF IHPHLOH SH FLQG YRL DYH&L SFDWH GLDYROHWL VSLULWXO RUJROLRV L U]YUWLUHD'DF YLWHMLD L FUHGLQ&D OXSWWRULORU HUDX IU PDUJLQL vQ VFKLPE WLLQ&D ORUPLOLWDU HUD FHOSX&LQ OD vQFHSXWPHGLRFU QGHOXQJDSHULRDGGHSDFHGHVXEGRPQLDGLQDVWLHL7XGRUDIFXWVILHXLWDWDUWDU]ERLXOXL8QLLHILGHDUPDWFD QHSRWXO OXL &DURO 5XSHUW ILXO HOHFWRUXOXL SDODWLQ PDUH FDYDOHU GDU SURVWWDFWLFLDQDXDYXWVDUFLQLGHFRPDQGSHFRQWLQHQW$O&LL FDXQRDUHFDUH2OLYHU&URPZHOOGLQDUPDWDSXULWDQDXFLWLWGRDUOXFUULGHVWUDWHJLH&HLPDLPXO&LVHDUXQFvQOXSWODQRURF6HUYLFLLOHGHLQIRUPDUHPHUJDWkWGHSURVWvQFkWDUPDWHOHDELD GH UHXHVF V VH vQWkOQHDVF /D vQFHSXW &DURO DYHD XQ SODQ DFHOD GH DvQFRQMXUD/RQGUDSDUODPHQWXOQDUHQLFLXQXOvQDIDUGRDUGHDOSULQGHSHUHJHYLX

9 L vQ DFHVW U]ERL FDYDOHULD VH GRYHGL D IL DUPD GHFLVLY HD FRQVWLWXLD

DSUR[LPDWLY GRX WUHLPL GLQ QXPUXO RWHQLORU 3HGHVWULPHD HUD IRUPDW GLQVXOL&DLLPXFKHWDULDFHWLDGLQXUP IRDUWHYXOQHUDELOL ODDWDFXOFDYDOHULHLSHIODQFXULSHQWUXFQHILLQGvQFLQYHQWDWHQLFLEDLRQHWHOHQLFLSXWLOHFXUHSHWL&LHGXSFHL WUJHDXVDOYHOHUPkQHDXSXULVLPSOXGH]DUPD&L7DFWLFDPXFKHWDULORUFRQVWDvQDVHSXQHODDGSRVWvQWUXQFDUHXIRUPDWGHVXOL&DLSHQWUXDLSXWHD UHvQFUFD DUPHOH GDU QHDYkQG WRWGHDXQD WLPSXO WUHEXLQFLRV SHQWUXDFHDVWDDMXQJHDXVIkUWHFD&LGHVELL5XSHUWFHOGLQWkLRUJDQL]WHPHLQLFHDUMHGH FDYDOHULWL FX VELLOH vQ PkLQL 'DU 5XSHUW SUHD vQGU]QH& QHJOLMD UHVWXODUPDWHLDUMHOHHUDXYLFWRULRDVHGDUEWOLLOHSLHUGXWH Q WRW WLPSXOFDPSDQLHLSDUODPHQWXO VSULMLQLW GH QHJXVWRULL GLQ /RQGUD DYHD DYDQWDMXO F vQFDVD XRULPSR]LWHOH (UD L VWSkQ SH PDUH PDULQDULL SURWHVWDQ&L UPVHVHU FX XUDvPSRWULYD6SDQLHLvPSRWULYDDEVROXWLVPXOXLLDFDYDOHULORUHLvQOHVQLUUHEHOLORUV PHQ&LQ OHJWXUD FX FRQWLQHQWXO FHHD FH D VDOYDW FRPHU&XO ORQGRQH] LvQFDVULOHYPLORU

9, QFHSXWXO U]ERLXOXL VD DUWDW IDYRUDELO UHJHOXL FDUH vQ XUPD XQHL

EWOLL LQGHFLVH OD (GJHKLOO D SXWXW FRQFHQWUD WUHL DUPDWH vPSRWULYD /RQGUHL%LQXW vQ DK VD UHSOLDW VSUH 2[IRUG GLQ FDUH LD IFXW FDSLWDOD L DOH FUXLFROHJLLJRWLFHVDXXPSOXWGHGRDPQHIUXPRDVHLFDYDOHULFXSOHWHOXQJL,QWULJLOHDPRURDVH GLQ WDEUD UHJDO VH DPHVWHFDX FX LQWULJLOH GLQWUH SDUWLGH L FD RUHDF&LH vPSRWULYD DXVWHULW&LL SXULWDQH HUD ODPDUH FLQVWH FXUWRD]LD 'DF DU ILDYXWEDQLLGDFDUILGXVRSROLWLFPDLVLQFHU&DURODUILSXWXWvQYLQJH'DUHOvQFHUFDVQHJRFLH]HvQDFHODLWLPSLFXVFR&LHQLLLFX)UDQ&DSULQLQWHUPHGLXOUHJLQHL FDUH D WUHEXLW GXS R QDWHUH GXUHURDV V SOHFH SH FRQWLQHQW L FXSDUODPHQWXO 2IHUWHOH VDOH FRQWUDGLFWRULL VIkULU SULQ D FRQYLQJH GH UHDXD VDFUHGLQ& SH WR&L DFHL FURUD OL VH DGUHVDX 7RWXL H[LVWHQ&D XQRUPDUL GLVFRUGLLvQWUHDGYHUVDULvLXXUDPDQHYUHOH3DUODPHQWXOvQFHUFDDDFXPIFXVHLUHJHOHV RE&LQ VSULMLQXO VFR&LHQLORU GDU DFHWLD FRQVLP&HDX QXPDL FX FRQGL&LD FD$QJOLDVGHYLQSUHVELWHULDQ&DUROQXSXWXVHDFFHSWDSHQWUXFHUDDQJOLFDQFRQYLQV SDUODPHQWXO RYLD L HO SHQWUX F FHL PDL EXQL VROGD&L DL VL HUDXLQGHSHQGHQ&L L FHUHDX OLEHUWDWHD FXOWHORU 7RWXL SDUODPHQWXO FD VL DVLJXUHYLFWRULDVIkULSULQDVHPQDvQ&RYHQDQWXODFFHSWkQGULVFXOGHDYHGHDR

DUPDW SUHVELWHULDQ LQVWDODW OkQJ ]LGXULOH /RQGUHL Q FH SULYHWH FKHVWLXQHDUHOLJLRDV IFXVH FkWHYD UH]HUYH 6H DQJDMD V UHIRUPH]H ELVHULFD $QJOLHL GXSSLOGDFHORUPDLEXQHELVHULFLUHIRUPDWHFHHDFHHUDRSURPLVLXQHGHGHPRFUD&LHSUHVELWHULDQ GDU L GXS FXYkQWXO 'RPQXOXL FHHD FH SHUPLWHD OD ULJRDUHDXWRUL]DUHDVHFWHORU$OLDQ&DFXVFR&LHQLLLDDGXVSDUODPHQWXOXLvQYLFWRULDGH OD 0DUVWRQ 0RRU OkQJ

SDUODPHQWXOXLUROXOSDUWLGXOXLvQUHJLPXULOHDXWRULWDUHDOHWLPSXOXLQRVWUX,; &X FkW U]ERLXO GXUD PDL PXOW FX DWkW &DUD VXIHUHD PDL FUkQFHQ L

GHYHQHDPDLQHUEGWRDUH&XFkWHYD]LOHvQDLQWHGHPRDUWH3\PRGLQLRDUDWkWGHSRSXODUD IRVWKXLGXLWGH IHPHLOHGLQ/RQGUD([HFXWDUHD OXL/DXGDVDVLQDWFXIRUPHOHJDOHFDL6WUDIIRUGODL]RODWLPDLPXOWSH&DUROGHSDUODPHQW'DFQX XUPD R YLFWRULH UDSLG PLOL&LLOH GLQ /RQGUD DU IL VIkULW SULQ D DOXQJD GLQ:HVWPLQVWHUSHWR&LFHLSHFDUHvLSURWHMDVHUDWkWDYUHPH'DUSHQWUXDRE&LQHRYLFWRULHSURPSWSDUODPHQWXODYHDQHYRLHGHRDUPDWFDUHVILHvQvQWUHJLPHGHYDORDUHD FRDVWHORU GH ILHU DOH OXL&URPZHOO&URPZHOO D DYXW FXUDMXO V VSXQSDUODPHQWDULORU IU vQFRQMXU F DUPDWD ORU QX YD IL YLFWRULRDV GHFkW vQ ]LXDFkQGYRUUHQXQ&DVPDLFRPDQGHHLvQLLWUXSHOH(UDQHYRLHGHVROGD&LLQXGHSROLWLFLHQL0VXUDFHUXWGH&URPZHOOIXYRWDWVXEGHQXPLUHDGH6HLI'HQ\LQJ2UGLQDQFH/HJHDGHUHQXQ&DUHYROXQWDULIXFUHDWRDUPDWGXSQRXOPRGHOVXE FRPDQGD OXL VLU 7KRPDV)DLUID[ 3H WLPSGH SDFH )DLUID[ IXVHVHXQ RVWDOLQLWLWLEkOEkLWGDUDSULJ vQ OXSWLUHVSHFWDWGHWR&LSHQWUX ORLDOLWDWHDVD'HDFL vQDLQWHSODWD WUXSHORU DYHD V ILH UHJXODW DUPDPHQWXO RPRJHQLXQLIRUPDVWDFRMLH REOLJDWRULH &URPZHOO GHL ORYLW OHJDOPHQWH GH SURSULD VD RUGRQDQ& DIRVWDXWRUL]DWSULQWURGLVSR]L&LHVSHFLDOVUPkQORFRWHQHQWXOOXL)DLUID[

;1RXOPRGHOUHSXUWDDVXSUDWUXSHORUUHJDOHYLFWRULDGHFLVLYGHOD1DVHE\

vQFDUH&URPZHOOY]XPkQDOXL'XPQH]HXQDQXOXUPWRU)DLUID[SRUQLvPSRWULYD2[IRUGXOXL L&DURO WUHEXL V IXJ(UDVIkULWXO UH]LVWHQ&HL UHJDOH Q]DGDU UHJLQD vL VFULVH V FXPSHUH DOLDQ&D VFR&LDQ FX SUH&XO DEDQGRQULLDQJOLFDQLVPXOXLHOQXVHSXWHDGHFLGH 6XQWGHGRXRULPkKQLWSHQWUX IDSWXOGHDILvQGH]DFRUGFXWLQHGDUVSHUFQDLVPLRLHLvQQXPHGHUXFkQGYHLvQ&HOHJH ELQH OXFUXULOH FFL WH DVLJXU F QX IDFPDUH GLIHUHQ& vQWUH VXSXQHUHDID&GHRJXYHUQDUHSUHVELWHULDQLVXSXQHUHDID&GHELVHULFD5RPHL&kQGODDSULOLHDSUVLW2[IRUGXOSULPXOVXJkQGDIRVWVVHGXFOD/RQGUD1XPLOLSVHWHVSHUDQ&DFYRLSXWHDDWUDJHGHSDUWHDPHDILHSHSUHVELWHULHQLILHSHLQGHSHQGHQ&LLDVWIHOVVFDSGHXQLLVDXGHDO&LLLVILXGLQQRXUHDOPHQWHUHJH6FULVRDUHDH[SULPSHGHDQWUHJXOFDUDFWHUXOOXL&DURODPHVWHFXOVXGHHURLVP L QDLY GXSOLFLWDWH &HL SVD OXL GDFL vQHOD vQ DFHODL WLPS L SHSUHVELWHULHQLLSHLQGHSHQGHQ&L"LGLVSUH&XLDGHRSRWULYLSHXQLLLSHDO&LLQXOWLPDFOLSVDUVJkQGLWLVDGHFLVVVHSUHGHDvQPkLQLOHVFR&LHQLORU

9,,$50$7$03275,9$3$5/$0(178/8,

7HQWD&LDGHDDUXQFDRVJHDWODDGUHVDUHJLPXULORUWRWDOLWDUHH[LVWHQWHvQ*HUPDQLDL,WDOLDOD GDWD UHGDFWULL DFHVWHL OXFUUL vO IDFH SH 0DXURLV V DOXQHFH VSUH R FRPSDUD&LH QHGUHDSWGHRDUHFH JUXSXO LQGHSHQGHQ&LORU &URPZHOO L QXFOHXO GH DUPDW UHYROX&LRQDU RUJDQL]DW GH HOUHSUH]HQWDXRIRU&FHH[SULPDLVHUYHDFDX]DSURJUHVXOXLHFRQRPLFVRFLDOLSROLWLFDOSRSRUXOXLHQJOH]HUDXH[SUHVLLDOHYRLQ&HLLDVSLUD&LLORUPDLPXOWVDXPDLSX&LQFRQWLHQWHDOHPDMRULW&LLSRSRUXOXL

,&GHUHD2[IRUGXOXLL IXJD OXL&DURODGXVHUYLFWRULDSDUODPHQWXOXL'DUYLFWRULD PLOLWDU vQWUXQ U]ERL FLYLO H GHSDUWH GH D UH]ROYD WRDWH SUREOHPHOHvQIUkQJHUHD UHJHOXL IFHD LPSRVLELO GHVSRWLVPXO VXYHUDQXOXL L QX vQJGXLDGHVSRWLVPXO SDUODPHQWXOXL %DUD UPkQHD UHJDOLVW (D GRUHD vQWRDUFHUHDYUHPXULORUFkQGVDWHOHQXHUDXLQYDGDWHGHVROGD&LUHOLJLDFXPSOLWDRDPHQLORUOXL &URPZHOO QXL HUD SH SODF 'HL vQIUkQ&L PXO&L GLQWUH SDUWL]DQLL OXL &DURODWHSWDXFXvQFUHGHUHPRPHQWXOvQFDUH$QJOLDvLYDUHJVLEXQHOHRELFHLXULGHDOWGDW YHVHOLD GH DOWGDW L ILUHD EXQ GH DOWGDW 7RWXL FKLDU vQ RFKLLFDYDOHULORULDFHORUQHXWULDUPDWDGXSPRGHOXOQRXUHSUH]HQWDRUGLQHD'DFGXSFHDLHLWYLFWRULRDVDUILDUWDWRDUHFDUHPRGHUD&LHDUILIRVWvQWkPSLQDWFXXQDVHQWLPHQWDSURDSHXQDQLP'LQQHIHULFLUHHDDWHSWDFDWULXPIXOVDGXFRHUQRX$UPDWDHUDIRUPDWvQPDMRULWDWHGLQLQGHSHQGHQ&LLVHFWDULRDPHQLSDVLRQD&L LQVSLUD&L ILHFDUH ILLQGXQSUHGLFDWRU LXQSURIHW WR&LGHPRFUD&L FDUHGXS FH LDX GDW SHVWH FDS SH FDYDOHULL UHJDOLVWL vQ OXSWH QX PDL UHVSHFWDXLHUDUKLD ED]DW SH QDWHUH Q RFKLL RIL&HULORU OXL &URPZHOO ORU]LL HQJOH]L HUDXFRORQHLL OXL :LOOLDP &XFHULWRUXO EDURQLL PDLRULL VL LDU FDYDOHULL FSLWDQLLDFHVWXLDL FHHUDSDUODPHQWXO IU DUPDW"&HDXWRULWDWHDYHDHO FDVSRDWLPSXQH R QRX ELVHULF VROGD&LORU vQYLQJWRUL FDUH FHUHDX OLEHUWDWHD FUHGLQ&HL LFDUH QX HUDX GLVSXL V DFFHSWH QLFL SUHVELWHULDQLVPXO:HVWPLQVWHUXOXL L QLFLDQJOLFDQLVPXO:KLWHKDOOXOXL"

,, QFRO&LW vQWUHXQSRSRUFRQVHUYDWRULRDUPDW UDGLFDOSDUODPHQWXOQX

vQ&HOHJHDQLFLSRSRUXOQLFLDUPDWD&DRULFHDGXQDUHFDUHUPkQHSUHDPXOWWLPSOD SXWHUH WLQGHD V GHYLQ R DXWRFUD&LH FROHFWLY Q RUJROLXO VX QHEXQHVFSDUODPHQWXOVHFUHGHDGHVWXOGHSXWHUQLFFDVSULJRQHDVFvQDFHODLWLPSLSHDQJOLFDQLLSHLQGHSHQGHQ&L3HJHQWLORPLLFDYDOHULvLD&k&DvQPRGVWkQJDFLvPSRWULYD QRLL ELVHULFL SUHVELWHULHQH DPHQLQ&kQGXL vQ EXQXULOH ORU LDU SH VROGD&LLFDSHWHURWXQGHDPHQLQ&kQGXL vQVROGDORU Q OLSVDOXL3\PLD OXL+DPSGHQSDUODPHQWXOFHOOXQJvLSLHUGXVHRFDOLWDWHIUGHFDUHQLPHQLQXSRDWHJXYHUQDLFDUHVHQXPHWHVLP&XOSRVLELOXOXL$vQFHUFDWPDLvQWkLVWUDWH]HFXUHJHOHSHFDUH VFR&LHQLL RERVL&L GH FHDUWD GLQWUH HQJOH]L vO SUHGDVHU SDUODPHQWXOXL ,DIFXW OXL&DURO SUL]RQLHUXO VXQRXVSUH]HFHSURSXQHUL GUHSW FRQGL&LL GHSDFHWUHEXLD V DFFHSWH &RYHQDQWXO V GHVILLQ&H]H HSLVFRSDWXO V FHGH]HSDUODPHQWXOXLSHWLPSGHGRX]HFLGHDQLDXWRULWDWHDVXSUHPDVXSUDDUPDWHLLDPDULQHLVvQJGXLHSDUODPHQWXOXLVQXPHDVFSHPDULLGHPQLWDULDLVWDWXOXLLV FRQVLPW ODSURVFULHUHDXQXLPDUHQXPUGHUHJDOLVWL&DUROQXVHFUHGHDREOLJDW V MRDFH FX FDU&LOH SH ID& FX QLWH UHEHOL (, QLFL QX UHIX] QLFL QXDFFHSWLFRQWLQXVQHJRFLH]HFX)UDQ&DFX6FR&LDFXSUH]ELWHULHQLLvPSRWULYDLQGHSHQGHQ&LORUFXLQGHSHQGHQ&LLvPSRWULYDSUHVELWHULHQLORU

,,, 3DUODPHQWXO FD V IL SXWXW vQFKHLD XQ WUDWDW YDODELO DU IL WUHEXLW V

GLVSXQGHSXWHUHDUHDO2USXWHUHDQRDYHDGHFkWDUPDWD7UHL]HFLGHPLLGHRDPHQLVXERUGLQHOHOXL)DLUID[L&URPZHOOVHvQWUHEDXFXQHOLQLWHFHVRDUWvLDWHDSW 'RULQ&D SDUODPHQWXOXL HUD D GH DL OVD FkW PDL UHSHGH OD YDWUSVWUkQG QXPDL WUXSHOH QHFHVDUH SHQWUX VHUYLFLLOH GH JDUQL]RDQ L SHQWUX RFDPSDQLHvQ,UODQGDSHFDUHGH]RUGLQHOHGLQDFHD&DURIFHDXGLQFHvQFHPDLQHFHVDUEVLSVWUH]HSHRIL&HULLSUHVELWHULHQLLVLHOLEHUH]HSHLQGHSHQGHQ&LFDUHL SUHDX VXVSHF&L F V QX SOWHDVF UHVWDQ&HOH GH VROG &URPZHOOSDUODPHQWDULVROGDWvQDFHODLWLPSGDUPDLPXOWVROGDWGHFkWSDUODPHQWDUHUD

IRDUWH QHOLQLWLW GH XUD SH FDUH R YHGHD FUHVFkQG OD :HVWPLQVWHU vPSRWULYDDUPDWHL(OQXvQ&HOHJHDFXPSDUODPHQWXOSRDWHUHIX]DvQYLQJWRULORUGUHSWXOGHDIL FUHWLQL vQ IHOXO vQ FDUH vQ&HOHJHD ILHFDUH FkQG HL OXSWDVHU WRFPDL vQ VFRSXORE&LQHULL DFHVWXL GUHSW 7XOEXUDW VIkLDW VXIOHWHWH QHIHULFLW vL OXDVH GUHSWFRQILGHQ&L GRL EUED&L PDL WLQHUL SH 9DQH L SH SURSULXO VX JLQHUH ,UHWRQUHYROWD&L DPkQGRL FD L GkQVXO GH LQJUDWLWXGLQHD SDUODPHQWDULORU SUHVELWHULHQL7RWXL LGHHD GH D ULGLFD DUPDWD vPSRWULYD SDUODPHQWXOXL QXL WUHFXVH QLFLRGDWSkQDWXQFLSULQFDSOXL&URPZHOOFDUHDYHDRVLQFHUUHSXOVLHID&GHU]ERLXOFLYLOLGHRULFHGLFWDWXUPLOLWDU

,9 QYUHPHDDFHHDQHPXO&XPLUHDDUPDWHLFUHWHD vQUHJLPHQWHVH IRUPDX

FRPLWHWHGHVROGD&L3DUODPHQWXOWULPLVHSDWUXGLQWUHPHPEULLVLSULQWUHFDUHSH&URPZHOO L SH ,UHWRQ SHQWUX D WUDWD FX QHPXO&XPL&LL 3RDWH F &URPZHOO DU ILUHXLW V UHVWDELOHDVF RUGLQHD GDF vQ WLPSXO QHJRFLHULORU QDU IL DIODW FSDUODPHQWDULL VH IFHDXQXPDL F DVFXOW SOkQJHULOH DUPDWHL SUHJWLQGXVH VRDWDFH3DUODPHQWXOvLvQDUPDSHORFXLWRULvQILLQ&DOD/RQGUDPLOL&LLSUHVELWHULHQHvLFKHPD vQ DMXWRU SH VFR&LHQL L SURSXQHD UHJHOXL VL UHGHD WURQXO GDF DFFHSWSUHVELWHULDQLVPXOSHRSHULRDGGHWUHLDQL6ROGD&LL OXDUKRWUkUHDVQXLODVHSDUODPHQWXOXLDWXXOGHDODYHDSHUHJHvQPLQ6WHJDUXO-R\FHSOHFFXFOUH&LLVLOD+ROPE\XQGHVHDIODUHJHOHLOUXJSH&DUROVOXUPH]H5HJHOHvLFHUXVYDGRUGLQXOGHDUHVWDUH-R\FHvLDUWSHFOUH&LLGLQVSDWHOHVX(XQRUGLQIRDUWHIUXPRVVSXVHUHJHOHLDWkWGHELQHVFULVFXPQDPPDLY]XWvQYLD&DPHD R FRPSDQLH GH JHQWOHPHQL IUXPRL L FRUHF&L 5HJHOH FDUH SUHD IRDUWHIHULFLWSOHF vPSUHXQ FX-R\FH OD1HZPDUNHW9]kQGFGXPDQLL vLGLVSXWSHUVRDQD OXL FUH]X F D VRVLW PRPHQWXO UHYDQHL &kQG SDUODPHQWXO SURSXVHDUPDWHL VR ODVH OD YDWU SOWLQGXL VROGD SH RSW ]LOH FHHD FH HUD R EDWMRFXU&URPZHOO VH KRWUv V SUVHDVF /RQGUD L V VH DOWXUH VROGD&LORU (UD JDWDDFXP V VH VHUYHDVF GH DUPDW SHQWUX D GHMXFD LQWULJLOH SDUODPHQWDULORU&RPSRUWDUHD OXL HUD FRQWUDU LGHLORU SH FDUH OH H[SULPDVH DGHVHD GDU XQHRULFRQVWLWXLH XQ DFW GH vQ&HOHSFLXQH GLQ SDUWHD XQXL RP DO RUGLQLL V VH SXQ vQIUXQWHDXQHLPLFULSHFDUHRVRFRWHWHSHULFXORDV0DLELQHVRFRQGXFLGHFkWVLWHVXSXL)UvQGRLDO&URPZHOOVHWHPHDPDLSX&LQGHUHDF&LLOHXQHLDUPDWHGLVFLSOLQDWHLFRPDQGDWHGHHOGHFkWGHFRQYXOVLLOHXQHLUHYROWHDQDUKLFH

96XEFRPDQGDOXL&URPZHOOGRX]HFLGHPLLGHRDPHQLVHvQGUHSWDUVSUH

RUD GRX]HFL GH PLL GH RDPHQL FDUH vQDLQWH GH D VH SXQH vQ PLFDUH VHUXJDVHU vQGHOXQJ'RPQXOXLGRX]HFLGHPLLGHRDPHQLFDUHHUDXGHDFRUGFXRIL&HULL ORUFDVFHDUGUHSWDWH2VFULVRDUHUHGDFWDWGH&URPZHOO IXDGUHVDWORUGXOXLSULPDUDO/RQGUHL FDUHDU ILSXWXWRSXQHUH]LVWHQ&&URPZHOO FHUHD vQDFHD VFULVRDUH OLEHUWDWHD SHQWUX VROGD&LL VL GH DL SUDFWLFD ILHFDUH UHOLJLD OXL6FULVRDUHDFLWLWvQ&DPHUD&RPXQHORUIXDVFXOWDWFXWHDPLUHVSHFW8UPRGHFODUD&LH D DUPDWHL UHGDFWDW GH ,UHWRQ 0DQLIHVWXO VSXQHD F SRSRUXO HVWHL]YRUXORULFUHLSXWHULFRROLJDUKLHDOHDVSRDWHGHYHQL WRWDWkWGHSHULFXORDVFD L XQ PRQDUK WLUDQLF GDF SUHWLQGH V ILH DEVROXWLVW L F SHQWUX DFHVWHPRWLYHDUPDWDFHUHDFDSDUODPHQWXOVILHFXU&DWGHXQVSUH]HFHPHPEULSHFDUHVROGD&LLvLVRFRWHDXLQGH]LUDELOL3DUODPHQWXOUHIX]DUPDWDVHDSURSLHGH/RQGUDFkQGIXGHVWXOGHDSURDSHFHLXQVSUH]HFHPHPEULIXJLU$JLWDWRULLPLOLWDULYRLDXV vQGUHSWHDUPDWD VSUH:HVWPLQVWHU GDU&URPZHOO SUHIHU V QHJRFLH]H 9RPHYLWDDVWIHOJUDYDRELHF&LHVSXQHDHOFDPRE&LQXWDVHQWLPHQWXOSDUODPHQWXOXL

SULQ IRU& 3DUODPHQWXO DXWRUL] DUPDWD V LQWUH vQ/RQGUD L )DLUID[ IXQXPLWFRQHWDELOXO 7XUQXOXL 'XS FkWHYD ]LOH FHDUWD GLQWUH SDUODPHQWDUL L VROGD&LGHYHQLPDLDVFX&LWFDQLFLRGDW 2DPHQLLDFHWLDQDXVSOHFHQLFLRGDWGDFDUPDWDQDUHVLVFRDWGHXUHFKLVSXVH&URPZHOO

9,&URPZHOODYHDVSLULWXOOHQWYLJXURVLVLPSOXvQWLQHUH&HDVDDYXVHVHXQ

FXOWSHQWUXSDUODPHQWGDUvLSLHUGXVHvQFUHGHUHDvQDFHDVWLQVWLWX&LHvQFHUFVFDG OD vQYRLDO FX UHJHOH /D XUPD XUPHL &DURO QX SUHD F FHUH L HO FD LDUPDWD WROHUDQ& SHQWUX WR&L FUHWLQLL" 1X DU DMXQJH RDUH SHQWUX DO IDFHLQRIHQVLYGHDFXPvQDLQWHVLVHOLPLWH]HSXWHUHD"&URPZHOOL,UHWRQUHGDFWDUSURSXQHUL vQ DFHVW VFRS SURSXQHUL FDUH GDF DU IL IRVW DFFHSWDWH GH UHJH DU ILLQVWDODW vQ $QJOLD PRQDUKLD FRQVWLWX&LRQDO 'DU &DURO LJQRUkQG FX WRWXOUHDOLW&LOHQXVHDUWDGLVSXVVWUDWH]H1DYHDQLFLUHPXFULQLFLvQJULMRUDUHL LQVWDODVHFXUWHDOD+DPSWRQ&RXUWXQGHSULPHDFXDGPLUDELODVDGHPQLWDWHSH HILL DUPDWHL SH VR&LLOH L ILLFHOH ORU )JGXLQGXL OXL &URPZHOO 2UGLQXO-DUHWLHUHLLUH]HUYkQGXLGDFVDUILLYLWSULOHMXORIXQLHGHFkQHSFRQWLQXDVVH FUHDG LQGLVSHQVDELO L V XQHOWHDVF FX WRDWH SDUWLGHOH -RFXO DFHVWD GHDHFKLOLEULVWLFDHUDSHULFXORVvLGHVFXUDMDSHSULHWHQLLUHJHOXLQDUPDWVHIRUPDRSDUWLG QRX DFHHD D OHYHOOHULORU $&k&D&L GH XQ SDPIOHWDU SXULWDQ -RKQ/LOEXUQH OHYHOOHULL VDXQLYHODWRULL UVSkQGHDXRGRFWULQ UHSXEOLFDQ 6LQJXUDSXWHUHILUHDVFYHQHDGHODSRSRUPRQDUKLDL&DPHUD/RU]LORUHUDXH[FUHVFHQ&HLQXWLOH JXYHUQDUHD WUHEXLD V FRQVWHD GLQWUR VLQJXU &DPHU DOHDV SULQ YRWXQLYHUVDOWRWXODPHVWHFDWFXQHQXPUDWHFLWDWHELEOLFH

9,, %XQ YRUELWRU YLROHQW FUHGXO U]EXQWRU /LOEXUQH HUD GLQWUH DFHL

RDPHQLFDUHWLXVVHIDFDVFXOWD&LGHPDVHLSHFDUHOHGXFODGH]DVWUX(OVHORYHDvQSHUVRDQDOXL)DL[ID[LDOXL&URPZHOOGHQLWHHILFDSDELOLVDSHUHFX IRU&D R SR]L&LH GH PLMORF L UH]RQDELO 'UHSWXULOH QDWXUDOH DOH RPXOXLDEVWUDF&LLOH DFHVWHD QX SXWHDX LPSUHVLRQD LQWHOLJHQ&D VLPSO L YLJXURDV D OXL&URUQZHOO&DVSRDWFUHGHL vQ&HOHJHHODYHDQHYRLHVDLE vQ ID&DRFKLORURLQVWLWX&LHUHDODDVHH[SOLFVWUGDQLDVDGHDWUDWDFXUHJHOH'DU&DURODYHDVOGHVFXUDMH]HLSH&URPZHOODDFXPLDDGXVODGHVSHUDUHSHWR&LFHLFDUHvLVSULMLQLVHU FDX]D /D QRLHPEULH GLVSUX GLQ +DPSLRQ &RXUW 6ROGD&LLFDUH HUDX GH JDUG vL JVLUPDQWLD SH FXORDU L QLWH VFULVRUL SHPDV UHJHOHIXJLVHvQWURDPEDUFD&LXQHSH7DPLVD3X&LQPDLWkU]LXVDDIODWFVHRSULVHSHLQVXOD :LJKW )XJD DFHDVWD WUH]L QHvQFUHGHUHD QLYHODWRULORU vQ &URPZHOO /D QRLHPEULHDYXUORFFkWHYDU]PHUL&HvQVkQXOUHJLPHQWHORULDUXQLLRVWDLLQWUDUvQIURQWFXSDPIOHWXOOXL/LOEXUQH$FRUGXOSRSRUXOXLvQILSWvQSOULL&URPZHOOvLWUDVHVDELDVHUHSH]LODUHEHOLLSRUXQFLXQRURDPHQLVLJXULGHDLVLVLDUHVWH]H7R&LFHLODO&LQXPDLvQGU]QLUQLFLVVHPLWH7UHLGLQWUHUHEHOLIXUWULPLLvQID&D&XU&LLPDU&LDOHXQXOGLQWUHHLDVXSUDFUXLDF]XUVRU&LLIXvPSXFDWODRUGLQXOOXL&URPZHOO5HEHOLXQHDIXVHVHvQYLQV'HODWROHYHODHJDOL]DDQLYHODvQOLPEDHQJOH]*HQHUDOL]DUHJUDWXLW1XRULFHRPFDUHWLHDVHIDFHDVFXOWDWGHPDVHOHGXFHODGH]DVWUX,DUGHVSUH /LOEXUQH FKLDU GDF QD UHXLW V LPSXQ SURJUDPXO VX L DO SDUWLGHL OHYHOOHUH QX VHSRDWHVSXQHFDGXVODGH]DVWUXPDVHOHSRSRUXOXLHQJOH]0RGXOQFDUHVDVWDWRUQLFLWvQ$QJOLDUHJLPXOSRVWUHYROX&LRQDUDvQVHPQDWHYLGHQWRUHDOL]DUHOLPLWDWDDVSLUD&LLORUPDVHORUGDUQXXQGH]DVWUXSHQWUXHOH

9,,,&DUROIXJLVHGHWHPQLFLHULLOXLSHQWUXDGDSHVWHXQDOWXO&UH]XVHFOD

FDVWHOXO &DULVEURRNH YD JVL XQ UHIXJLX L GGX SHVWH R vQFKLVRDUH0DL GXFHDFRUHVSRQGHQ& FX UHJHOH )UDQ&HL FX VFR&LHQLL GDU QX FX &URPZHOO FDUHLSLHUGXVHvQFUHGHUHDvQHO2VFULVRDUHFWUHUHJLQFDUHDIRVWLQWHUFHSWDWUHYHODF UHJHOH &DURO vQFHUFD GLQ QRX V DGXF R DUPDW VFR&LDQ vQ $QJOLD Q ID&DSHULFROXOXLXQHL LQVXUHF&LL UHJDOLVWH VSULMLQLW GH VFR&LHQLSDUODPHQWXO L DUPDWDVHDOLDUQDFHVWDOGRLOHDU]ERLFLYLO&URPZHOOUHSXUWRYLFWRULHUDSLGLFRPSOHWL vQDFHVW WULXPIDOVXHOY]XPkQD'RPQXOXL'DF'XPQH]HXVDIRORVLWGHDUPDWDOXL&URPZHOOSHQWUXDORYLvQWUXSHOHUHJHOXLQXHUDRDUHXQVHPQF(ODDOHVDUPDWDLSH&URPZHOOFDVGRERDUHRSXWHUHRGLQLRDUVDFU"7RWXL SDUODPHQWXO HOLEHUDW GH RULFH WHDP GXS YLFWRULH QHJRFLD FX &DUROVRFRWLQGXOGHDFL vQDLQWHLQRIHQVLY5HJHOHDFFHSWFHDPDLPDUHSDUWHGLQFRQGL&LLOHSUHVELWHULHQLORUIHUPKRWUkWVQXOHUHVSHFWH

,; 6LWXD&LD LQGHSHQGHQ&LORU L D DUPDWHL GHYHQHD SHULFXORDV *URVXO

QD&LXQLLQXDWHSWDGHFkWXQVHPQGHVOELFLXQHSHQWUXDVH vQWRDUFH vPSRWULYDORU /RQGUD L]YRUXO SULQFLSDO DO YHQLWXULORU VWDWXOXL L SDUODPHQWXO VLQJXUDSXWHUHOHJDOOHHUDXRVWLOHQLYHODWRULORUQXOHWUHFXVHIXULD0XO&LRIL&HULSXULWDQLvQFHSHDXVVSXQFQXHUDSRVLELORSDFHYHULWDELODWkWDWLPSFLW&DURO6WXDUWDFHVW RP FUXG QX YD IL vQOWXUDW 'DU )DLUID[ UPkQHD ORLDOLVW L &URPZHOOvQVXLRYLDVHUXJDSOkQJHD&DUHHUDYRLD'RPQXOXL"&DUHHUDGDWRULDOXL"&HV VH IDF FX UHJHOH" 6O DGXF OD /RQGUD FD vQYLQJWRU" 1X LDU IL FUX&DWDGYHUVDULL6O&LQSUL]RQLHUvQLQVXOD:LJKW"1DUILvQFHWDWV&HVHLQWULJL6OH[HFXWH"$UILVSURYRDFHSRDWHRLQYD]LHDIUDQFH]LORULDVFR&LHQLORU2ULFHDUILIRVWWUHEXLDVDF&LRQH]HVDXVSLDU$UPDWDSRUQLvPSRWULYDSDUODPHQWXOXL/D GHFHPEULH FRORQHOXO 3ULGH L PXFKHWDULL VL VH SRVWDU OD LQWUDUHD vQSDUODPHQW FX R OLVW vQ PkQ L DUHVWDU SH VXVSHF&L $FHVWD H VXVSHFW QXSRDWH V LQWUH WULPL&kQG SDWUX]HFL GLQWUH FHL PDL SHULFXORL vQWUR WDYHUQGHQXPLW,QIHUQXOLQXOVDUOD:HVWPLQVWHUGHFkWFLQFL]HFLGHRDPHQLGHDLORU'HDFLvQDLQWHHUDVLJXUFDFHDVWUPL&GHSDUODPHQWYDYRWDWRWFHLYRUFHUH HILL DUPDWHL 0DL UPkQHD UHJHOH &URPZHOO YHGHD OLPSHGH F GDFOVDFULILFSH&DURO6WXDUWPRDUWHDOXLYDFUHDRSUSDVWLHvQWUHDUPDWLQD&LXQH'HDOWPLQWHULSULQ&XOGH:DOHVDIODWvQ)UDQ&DHUDJDWDVVHGHFODUHSUHWHQGHQWOHJLWLP OD WURQDVWIHO FPRDUWHD OXL&DURO ,QLFLQX LDU IL GHVFXUDMDWPFDUSHUHJDOLWL7RWXL&URPZHOOHUDVLJXUFDWkWDWLPSFkWYDWULDFHVWSURYRFDWRUGH]k]DQLLQXYDILSRVLELOSDFHDvQ,VUDHO

;&URPZHOO OX RKRWUkUH VXELW SH FDUH R DWULEXL FD vQWRWGHDXQDXQHL

LQVSLUD&LL GLYLQH /D LDQXDULH VH GHVFKLVH SURFHVXO UHJHOXL $FX]DUHDVSXQHD &DURO 6WXDUW UHJH DO $QJOLHL SULPLQG R SXWHUH OLPLWDW DFHHD GH DJXYHUQDvQED]DLFRQIRUPOHJLORUUHJDWXOXLLQXDOWPLQWUHOHDvQPRGPLHOHVFL FX UHDYRLQ& D GHFODUDW U]ERL SDUODPHQWXOXL L FD SURYRFDWRU DO DFHVWXLU]ERLVDIFXWYLQRYDWGHWRDWHWUGULOHRPRUXULOHLMDIXULOHFRPLVHvQWLPSXO]LVXOXL U]ERL(UDR LQFXOSDUH IUYDORDUH OHJDO $YUHDVWLXD vQWUHEDW&DUROGHFHDQXPHDXWRULWDWHYUHDXVVSXQOHJDODPIRVWDGXVDLFL"([LVWPXOWHDXWRULW&L LOHJDOH vQFHSkQGFXERUIDLLLWHUPLQkQGFXWkOKDULLGHGUXPXO$OX]LHELEOLFvQWUHJOLPEDMXOSROLWLFDOSXULWDQLORUDEXQGvQDVHPHQHDPDQLHUGHH[SULPDUH

PDUH&kQGYRL WL FDUH HVWHDXWRULWDWHD YRDVWU OHJDO DWXQFL Y YRL UVSXQGH$PLQWL&LYFVXQWUHJHOHYRVWUXUHJHOHYRVWUXOHJDO*kQGL&LYODSFDWHOHFDUHVDX VWUkQV DVXSUD FDSHWHORU YRDVWUH L OD MXGHFDWD 'RPQXOXL DVXSUD &ULLDFHVWHLD*kQGL&LYELQHYVSXQ*kQGL&LYODFHYVSXQvQDLQWHGHDWUHFHGHODXQSFDWODXQSFDWLPDLPDUH1LPLFPDLHQJOH]HVFGHFkWDFHDVWPDQLHUGHDUHSHWDvQPRGVWUXLWRUFXYkQWXOOHJDO0XOWYUHPHGXSPRDUWHDOXL&DUROWRWLGHHDGHOHJDOLWDWHvOYDDGXFHSHILXOVXSHWURQ1DPOXDWQLFLRGDWDUPHOHPDLDGXJHOvPSRWULYDSRSRUXOXLFLSHQWUXOHJH&RQGDPQDWODPRDUWHLDVFULVSULQ&XOXLGH:DOHVRVFULVRDUHSOLQGHQREOH&H vQFDUHOVIWXLDV ILHPDLFXUkQGEXQGHFkWPDUHLVVHGRYHGHDVFVWDWRUQLFLFUHGLQFLRVvQPDWHULHGHUHOLJLH &FL DP REVHUYDW VSXQHD HO vQWUR OLPE H[FHOHQW F GHPRQXOU]YUWLULL VH VFKLPE EXFXURV vQWUXQ vQJHU DO UHIRUPHL 3kQ L SH HDIRG FXFkWHYDPLQXWHvQDLQWHGHPRDUWHDUHSHWDWFXRDGPLUDELOFODULWDWHLGHLOHSROLWLFHSHQWUXFDUHSLHUHD&kWGHVSUHSRSRUVSXQHDHOGRUHVFOLEHUWDWHDVDWRWDWkWFkW RULFDUH DOWXO GDU WUHEXLH V Y GHFODU F OLEHUWDWHD FRQVW vQ D DYHD XQJXYHUQPkQWOHJLPXO&XPLWFURUDYLD&DSRSRUXOXLLEXQXULOHVDOHVSRDW ILQXPLWH DOH VDOH (D QX vQVHDPQ FD SRSRUXO V H[HUFLWH HO vQVXL JXYHUQDUHD$FHDVWD QXL DSDU&LQH vQWUX QLPLF 8Q VXSXV L XQ VXYHUDQ VXQW ILLQ&H vQPRGHYLGHQWGLIHULWH$FHVWDDIRVWvQIRQGWRWSURFHVXO6HQWLQ&DSUHDDOFRQWUD]LFHSHUHJH'DUvQVHFROXOXUPWRU%ROLQJEURNHDYHDVUHLDWH]DOXL&DURO6WXDUW

9,,,&520:(///$387(5(, &URPZHOO UPL&D GH SDUODPHQW L DUPDWD UPDVHU vQ IUXQWHD XQHL

$QJOLL RVWLOH L LQGLJQDWH SH FDUH WUHEXLDX WRWXL VR JXYHUQH]H QDFHDVW &DUOHJDOLVWQXPDLH[LVWDQLFLRSXWHUHOHJDO-XGHFkQGXOSH&DURO,SDUODPHQWXODILUPDVH &RPXQHOH $QJOLHL DGXQDWH vQ SDUODPHQW DOHVH GH SRSRU LUHSUH]HQWkQGXOFRQVWLWXLHIRU&DVXSUHPLWRWFHKRWUVFHOHDUHSXWHUHGHOHJHFKLDULIUFRQVLP&PkQWXOORU]LORULDOUHJHOXL'DUDFHDVWILF&LXQHQXvQHODSHQLPHQLQFHPVXUUPL&HOHXQXLSDUODPHQWYHFKLGHQRXDQLDOHVHQXGH SRSRU FL GH VROGD&L UHSUH]HQWDX QD&LXQHD" 2DPHQLL DFHWLD VH DIODX OD:HVWPLQVWHUSHQWUXFLDPHQ&LQXWDUPDWDSRSRUXOXUDDUPDWDLDUDUPDWDGLVSUH&XLDSDUODPHQWXO1LPLFPDLWULVWGHFkWVSHFWDFROXOXQHL&ULFDUHVXSRUWGHWHDP XQ JXYHUQ GHWHVWDW ,QGHSHQGHQ&LL L &URPZHOO UHSHWDX IU vQFHWDUH FIXVHVHU DOHL GH 'RPQXO VD VSXV F QLFL XQ DOWPRG GH DOHJHUH QX OHDU ILSHUPLVVUHSUH]LQWH$QJOLD

,,QPDUWLHUPL&DGHSDUODPHQWDEROL&DPHUD/RU]LORULIXQF&LDUHJHOXL

FDLQXWLOHDSVWRDUHLSHULFXORDVHSHQWUXOLEHUWDWHDSRSRUXOXL$QJOLDWUHEXLDVILHvQYLLWRUXQ&RPPRQZHDOWKRUHSXEOLF'DUSHQWUXFDDFHVWFXYkQWVDLERDUHFDUHVHQVDUILWUHEXLWVVHIDFDOHJHULLLQGHSHQGHQ&LLQXOHSXWHDXIDFH5HJDOLWLL L SUHVELWHULHQLL VDU IL XQLW FD VL DOXQJH&RQGDPQD&L VPHQ&LQ RGLFWDWXU PLOLWDU FX WRWXO FRQWUDU SULQFLSLLORU ORU UHSXEOLFDQLL DFHWLD VHMXVWLILFDXLQYRFkQG%LEOLD)LLFDOXL)DUDRQJVLQGOHDJQXOOXL0RLVHSRUXQFLVILHFXWDWPDPDSHQWUXDFUHWHFRSLOXO1RXDUHSXEOLFWUHEXLDHGLILFDWSkQ

YD DMXQJH OD YkUVWD DGXOW GH DFHL FDUH DX DGXVR SH OXPH(UDX GH DOWIHO vQVWDUHVVHIDFGDFQXLXEL&LFHOSX&LQDVFXOWD&L&URPZHOODOFWXLXQ&RQVLOLXGHVWDW vQFDUH LQWUDU Fk&LYDVTXLUHVDYRFD&L RWHQLL FDUHDGPLQLVWUD vQWUXQPRG HILFDFH ILQDQ&HOH DUPDWD L PDULQD $PEDVDGRUXO OXL 0D]DULQ GHL RVWLODFHVWRUUHJLFL]LUHFXQRWHDvQVFULVRULOHRILFLDOHFRPSHWHQ&DORU6XQWHFRQRPLvQDIDFHULOHORUSDUWLFXODUHLGDUQLFLvQFHSULYHWHGHYRWDPHQWXOORUID&GHDIDFHULOHSXEOLFH SHQWUX FDUH ILHFDUHPXQFHWH SH EUkQFL SDUF DU IL YRUED GH SURSULLOHVDOHLQWHUHVH,DUvQILLQ&DOXL&URPZHOOvQVXLFRH[LVWDDPHVWHFIRDUWHHQJOH]XQUHDOLVPSUXGHQWvPSUHXQFXSDWLPLOHFHOHPDLYLROHQWH

,,,2GLFWDWXUPLOLWDUQXHVWHSRVLELOGHFkWGDFGLFWDWRUXODUHFHOSX&LQ

VSULMLQXO DUPDWHL 2U DUPDWD FDUH FUH]XVH F IDFH R UHYROX&LH GHPRFUDWLF VHVXSUDVH UHSHGH Y]kQG F DGXVHVH OD SXWHUH R ROLJDUKLH &RQGXFWRULL VLDOFWXLVHU R FRQVWLWX&LH UHSXEOLFDQ 7KH $JUHHPHQW RI WKH 3HRSOH DOHJHUL ODILHFDUH GRL DQL VXIUDJLX DSURDSH XQLYHUVDO OLEHUWDWHD FRQWLLQ&HL 5PL&D GHSDUODPHQW SULPLVH GRFXPHQWXO FX WRDW FXUWRD]LD GDWRUDW XQRU FHW&HQL ELQHvQDUPD&LLDSRLQLFLQXOOXvQVHDP&XUkQGRVWLOLWDWHDID&GHJXYHUQGHYHQLDSURDSH XQDQLP 5HJDOLWLL VH VLP&HDX vQF QHSXWLQFLRL GDU VSHUDX vQWURJUDEQLF UHYDQ 3UHVELWHULHQLL FRQVLGHUDX SDUODPHQWXO HUHWLF Q IUXQWHDQLYHODWRULORUGHPDJRJXO/LOEXUQHYHQLFXOQHPXO&XPLWSRUQLVVHU]ERLDVFFXQRXDFkUPXLUH&kQG-RKQ/LOEXUQHPXULFLQHYDvLFRPSXVHXQHSLWDIvQFDUHVHVSXQHD F GDF SH OXPHD FHDODOW -RKQ vO YD vQWkOQL SH /LOEXUQH FHOH GRXMXPW&L VH YRU OXD OD FHDUW 'DU DFHVW SDPIOHWDU LQVXSRUWDELO SOFHDPDVHORUFDUH vOQXPHDX FLQVWLWXO OLEHUXO-RKQ2ULFH UHYROX&LH DGXFH OD VXSUDID& GRXWLSXULGHRDPHQLFHLFDUHVXQWFRQGXFWRULGLQQDWHUHLFHLFDUHVXQWUHEHOLGLQQDWHUH &URPZHOO DSDU&LQHD SULPHL FDWHJRULL /LOEXUQH FHOHL GHD GRXD 2UJXYHUQDUHD HVWH R PHVHULH FDUHL DUH H[LJHQ&HOH HL FRQVWDQWH QRLL VWSkQLMXVWLILFDFHVWHH[LJHQ&HSULQSULQFLSLLRULJLQDOHGDUOLVHVXSXQFDLFHLGLQDLQWHDORU&URPZHOOvQWRFPDLFDRGLQLRDU&DURO,SRUXQFLVILHDUHVWDW-RKQ/LOEXUQH$FHVWDUHIX]VVHGHVFRSHUHvQID&D&RQVLOLXOXLGHVWDWFDUHVSXQHDHOQXDYHD PDL PXOW DXWRULWDWH OHJDO GHFkW HO vQVXL 1LFL XQ MXULX QX YRL VOFRQGDPQH/RQGUDHUDDFXPWRWDWkWGHRVWLO5XPSXOXLFDRGLQLRDUUHJHOXL&kQG JXYHUQXO 5HSXEOLFLL SRUXQFL H[HFXWDUHD XQXL U]YUWLW vQ ID&D FDWHGUDOHL6IkQWXO3DXOWR&LRUHQLLGLQ/RQGUDDUERUDUSDQJOLFDYHUGHDQLYHODWRULORU

,9&URPZHOOQXSXWHDILGHFkWIRDUWHvQJULMRUDWGHDFHDVWDJLWD&LHHJDOLWDU

(OFUHGHDvQQHFHVLWDWHDXQHLDULVWRFUD&LLSHFDUHGHDOWIHORGHILQHDPDLPXOWSULQFUHGLQ& GHFkW SULQ RULJLQH $YHD JURD] GH RULFH GH]RUGLQH 7UHEXLH VLGLVWUXJH&LSHRDPHQLLDFHWLDVDXYYRUGLVWUXJHHLUHSHWDHOvQ&RQVLOLXOGHVWDW'DUFRQWLLQ&DvOFKLQXLDSHYUHPHDOXL3\PLD OXL+DPSGHQHO vQVXL vLSXVHVHvQFUHGHUHDvQOHJHLvQSDUODPHQWSXWHDSUHDELQHDFXPVLPSXQGRPQLDVELHLLVLVSXQVSUHDVHOLQLWLFHUDVDELD'RPQXOXL&XWRDWHDFHVWHDQXUHXHD V VH FRQYLQJ 3HQWUX QHOLQLWHD VD VXIOHWHDVF VLQJXUXO OHDF D IRVWvQWRWGHDXQDDF&LXQHD QEWOLH VH WUH]HDXEXQXO VXVLP& L YLUWX&LOHSUDFWLFH2USULOHMXULOHGHDDF&LRQDQXOLSVHDX'HFk&LYDDQL ,UODQGDHUDFRQGXVGHXQSDUWLGFDWROLFSURWHVWDQ&LLHQJOH]L IXVHVHUPDVDFUD&a